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the <00:00:04.735><c>leader </c><00:00:04.790><c>of </c><00:00:04.845><c>sellers </c><00:00:04.900><c>worldwide </c><00:00:04.955><c>seeking </c><00:00:05.010><c>to </c><00:00:05.065><c>build </c><00:00:05.120><c>an </c><00:00:05.175><c>independent </c><00:00:05.230><c>entity </c><00:00:05.285><c>against </c><00:00:05.340><c>the </c><00:00:05.395><c>giant </c><00:00:05.450><c>corporation </c><00:00:05.505><c>known </c><00:00:05.560><c>as </c><00:00:05.615><c>Amazon </c><00:00:05.670><c>in </c><00:00:05.725><c>the </c><00:00:05.780><c>e-commerce </c><00:00:05.835><c>market</c>

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the leader of sellers worldwide seeking to build an independent entity against the giant corporation known as Amazon in the e-commerce market
 

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the leader of sellers worldwide seeking to build an independent entity against the giant corporation known as Amazon in the e-commerce market
.  <00:00:06.999><c>It </c><00:00:07.798><c>is</c>

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.  It is
 

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Shopify, <00:00:10.058><c>the </c><00:00:10.236><c>SaaS </c><00:00:10.414><c>tech </c><00:00:10.592><c>leader </c><00:00:10.770><c>that </c><00:00:10.948><c>has </c><00:00:11.126><c>completed </c><00:00:11.304><c>the </c><00:00:11.482><c>global </c><00:00:11.660><c>DC </c><00:00:11.838><c>ecosystem.</c>

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Shopify, the SaaS tech leader that has completed the global DC ecosystem.
 

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Shopify, <00:00:21.159><c>which </c><00:00:21.199><c>has </c><00:00:21.239><c>overcome </c><00:00:21.279><c>the </c><00:00:21.319><c>harsh </c><00:00:21.359><c>ordeal </c><00:00:21.399><c>of </c><00:00:21.439><c>struggling </c><00:00:21.479><c>with </c><00:00:21.519><c>chronic </c><00:00:21.559><c>deficits </c><00:00:21.599><c>due </c><00:00:21.639><c>to </c><00:00:21.679><c>excessive </c><00:00:21.719><c>logistics </c><00:00:21.759><c>investments </c><00:00:21.799><c>in </c><00:00:21.839><c>the </c><00:00:21.879><c>past </c><00:00:21.919><c>and </c><00:00:21.959><c>has </c><00:00:21.999><c>risen </c><00:00:22.039><c>to </c><00:00:22.079><c>become </c><00:00:22.119><c>a </c><00:00:22.159><c>software </c><00:00:22.199><c>empire </c><00:00:22.239><c>reaching </c><00:00:22.279><c>the </c><00:00:22.319><c>milestone </c><00:00:22.359><c>of </c><00:00:22.399><c>$11 </c><00:00:22.439><c>billion </c><00:00:22.479><c>in </c><00:00:22.519><c>annual </c><00:00:22.559><c>revenue </c><00:00:22.599><c>as </c><00:00:22.639><c>of </c><00:00:22.679><c>2026, </c><00:00:22.719><c>will </c><00:00:22.759><c>objectively </c><00:00:22.799><c>examine </c><00:00:22.839><c>the </c><00:00:22.879><c>management </c><00:00:22.919><c>decisions </c><00:00:22.959><c>and </c><00:00:22.999><c>financial </c><00:00:23.039><c>achievements </c><00:00:23.079><c>they </c><00:00:23.119><c>have </c><00:00:23.159><c>demonstrated</c>

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Shopify, which has overcome the harsh ordeal of struggling with chronic deficits due to excessive logistics investments in the past and has risen to become a software empire reaching the milestone of $11 billion in annual revenue as of 2026, will objectively examine the management decisions and financial achievements they have demonstrated
 

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Shopify, which has overcome the harsh ordeal of struggling with chronic deficits due to excessive logistics investments in the past and has risen to become a software empire reaching the milestone of $11 billion in annual revenue as of 2026, will objectively examine the management decisions and financial achievements they have demonstrated
through <00:00:24.439><c>proven </c><00:00:25.198><c>data</c>

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through proven data
 

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through proven data
.  <00:00:27.800><c>The</c>

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.  The
 

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.  The
formation <00:00:28.358><c>of </c><00:00:28.517><c>the </c><00:00:28.676><c>first </c><00:00:28.835><c>Banamazon </c><00:00:28.994><c>Alliance </c><00:00:29.153><c>and </c><00:00:29.312><c>[Music] </c><00:00:29.471><c>the</c>

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formation of the first Banamazon Alliance and [Music] the
 

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formation of the first Banamazon Alliance and [Music] the
fatal <00:00:30.239><c>logistical </c><00:00:30.879><c>misjudgment.  </c><00:00:31.519><c>Shopify's</c>

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fatal logistical misjudgment.  Shopify's
 

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fatal logistical misjudgment.  Shopify's
past <00:00:32.560><c>was </c><00:00:33.080><c>like </c><00:00:33.600><c>a</c>

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past was like a
 

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past was like a
weapons <00:00:34.250><c>depot </c><00:00:34.340><c>for </c><00:00:34.430><c>independent </c><00:00:34.520><c>sellers </c><00:00:34.610><c>fighting </c><00:00:34.700><c>against </c><00:00:34.790><c>the </c><00:00:34.880><c>monopoly </c><00:00:34.970><c>of </c><00:00:35.060><c>giant </c><00:00:35.150><c>platforms</c>

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weapons depot for independent sellers fighting against the monopoly of giant platforms
 

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weapons depot for independent sellers fighting against the monopoly of giant platforms
.  <00:00:35.853><c>We </c><00:00:36.026><c>pioneered </c><00:00:36.199><c>the </c><00:00:36.372><c>DC </c><00:00:36.545><c>ecosystem </c><00:00:36.718><c>by </c><00:00:36.891><c>distributing </c><00:00:37.064><c>a </c><00:00:37.237><c>subscription </c><00:00:37.410><c>solution </c><00:00:37.583><c>that </c><00:00:37.756><c>allows</c>

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.  We pioneered the DC ecosystem by distributing a subscription solution that allows
 

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.  We pioneered the DC ecosystem by distributing a subscription solution that allows
anyone <00:00:38.158><c>to </c><00:00:38.326><c>launch </c><00:00:38.494><c>their </c><00:00:38.662><c>own </c><00:00:38.830><c>online </c><00:00:38.998><c>[music]</c>

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anyone to launch their own online [music]
 

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anyone to launch their own online [music]
brand <00:00:39.730><c>without </c><00:00:40.140><c>complex </c><00:00:40.550><c>coding </c><00:00:40.960><c>processes</c>

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brand without complex coding processes
 

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.

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.
 

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.
[Music] We have

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[Music] We have
 

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fully <00:00:46.937><c>supported </c><00:00:47.034><c>organic </c><00:00:47.131><c>integration </c><00:00:47.228><c>with </c><00:00:47.325><c>non-tech </c><00:00:47.422><c>platforms </c><00:00:47.519><c>such </c><00:00:47.616><c>as </c><00:00:47.713><c>Meta, </c><00:00:47.810><c>Google, </c><00:00:47.907><c>and </c><00:00:48.004><c>TikTok, </c><00:00:48.101><c>and </c><00:00:48.198><c>have</c>

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fully supported organic integration with non-tech platforms such as Meta, Google, and TikTok, and have
 

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firmly <00:00:52.506><c>secured </c><00:00:52.572><c>both </c><00:00:52.638><c>users </c><00:00:52.704><c>and </c><00:00:52.770><c>customers </c><00:00:52.836><c>by </c><00:00:52.902><c>establishing </c><00:00:52.968><c>ShopPay, </c><00:00:53.034><c>a </c><00:00:53.100><c>one-click </c><00:00:53.166><c>payment </c><00:00:53.232><c>system.</c>

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firmly secured both users and customers by establishing ShopPay, a one-click payment system.
 

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firmly secured both users and customers by establishing ShopPay, a one-click payment system.
However, <00:00:54.675><c>just </c><00:00:54.830><c>as </c><00:00:54.985><c>the </c><00:00:55.140><c>pandemic </c><00:00:55.295><c>boom </c><00:00:55.450><c>[in </c><00:00:55.605><c>music] </c><00:00:55.760><c>was</c>

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However, just as the pandemic boom [in music] was
 

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However, just as the pandemic boom [in music] was
passing <00:00:56.368><c>its </c><00:00:56.576><c>peak, </c><00:00:56.784><c>Shopify </c><00:00:56.992><c>ended </c><00:00:57.200><c>up </c><00:00:57.408><c>making </c><00:00:57.616><c>a </c><00:00:57.824><c>painful </c><00:00:58.032><c>mistake</c>

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passing its peak, Shopify ended up making a painful mistake
 

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passing its peak, Shopify ended up making a painful mistake
.  <00:00:58.525><c>They </c><00:00:58.651><c>made </c><00:00:58.777><c>the </c><00:00:58.903><c>misjudgment </c><00:00:59.029><c>of </c><00:00:59.155><c>attempting </c><00:00:59.281><c>to </c><00:00:59.407><c>go </c><00:00:59.533><c>beyond </c><00:00:59.659><c>being </c><00:00:59.785><c>a </c><00:00:59.911><c>simple </c><00:01:00.037><c>software</c>

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.  They made the misjudgment of attempting to go beyond being a simple software
 

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.  They made the misjudgment of attempting to go beyond being a simple software
provider <00:01:00.805><c>and </c><00:01:01.010><c>directly </c><00:01:01.215><c>build </c><00:01:01.420><c>their </c><00:01:01.625><c>own </c><00:01:01.830><c>logistics </c><00:01:02.035><c>network,</c>

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provider and directly build their own logistics network,
 

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provider and directly build their own logistics network,
SFN

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SFN
 

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SFN
.  <00:01:04.893><c>The </c><00:01:05.426><c>price </c><00:01:05.959><c>for</c>

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.  The price for
 

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undertaking <00:01:07.984><c>an </c><00:01:08.128><c>unreasonable </c><00:01:08.272><c>investment </c><00:01:08.416><c>in </c><00:01:08.560><c>logistics </c><00:01:08.704><c>infrastructure </c><00:01:08.848><c>with </c><00:01:08.992><c>thin </c><00:01:09.136><c>margins </c><00:01:09.280><c>and </c><00:01:09.424><c>astronomical </c><00:01:09.568><c>fixed </c><00:01:09.712><c>costs</c>

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undertaking an unreasonable investment in logistics infrastructure with thin margins and astronomical fixed costs
 

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was <00:01:12.162><c>a </c><00:01:12.284><c>harsh </c><00:01:12.406><c>bill </c><00:01:12.528><c>for </c><00:01:12.650><c>operating </c><00:01:12.772><c>losses </c><00:01:12.894><c>amounting </c><00:01:13.016><c>to </c><00:01:13.138><c>hundreds </c><00:01:13.260><c>of </c><00:01:13.382><c>millions </c><00:01:13.504><c>of </c><00:01:13.626><c>dollars.  </c><00:01:13.748><c>Ultimately, </c><00:01:13.870><c>this</c>

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was a harsh bill for operating losses amounting to hundreds of millions of dollars.  Ultimately, this
 

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was a harsh bill for operating losses amounting to hundreds of millions of dollars.  Ultimately, this
failure <00:01:14.396><c>became </c><00:01:14.472><c>the </c><00:01:14.548><c>fuse </c><00:01:14.624><c>that </c><00:01:14.700><c>intensified </c><00:01:14.776><c>the </c><00:01:14.852><c>tunnel </c><00:01:14.928><c>of </c><00:01:15.004><c>the </c><00:01:15.080><c>longest </c><00:01:15.156><c>restructuring </c><00:01:15.232><c>and </c><00:01:15.308><c>business </c><00:01:15.384><c>reorganization </c><00:01:15.460><c>on </c><00:01:15.536><c>the </c><00:01:15.612><c>[music] </c><00:01:15.688><c>company's </c><00:01:15.764><c>founding </c><00:01:15.840><c>day</c>

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failure became the fuse that intensified the tunnel of the longest restructuring and business reorganization on the [music] company's founding day
 

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.   <00:01:18.840><c>The</c>

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.   The
 

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.   The
second <00:01:20.167><c>explosion </c><00:01:20.494><c>of </c><00:01:20.821><c>pure </c><00:01:21.148><c>software </c><00:01:21.475><c>leverage</c>

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second explosion of pure software leverage
 

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second explosion of pure software leverage
and <00:01:22.342><c>the </c><00:01:22.565><c>building </c><00:01:22.788><c>of </c><00:01:23.011><c>a </c><00:01:23.234><c>fortress </c><00:01:23.457><c>of </c><00:01:23.680><c>profitability.</c>

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and the building of a fortress of profitability.
 

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and the building of a fortress of profitability.
As <00:01:24.640><c>of </c><00:01:25.080><c>2026, </c><00:01:25.520><c>Shopify </c><00:01:25.960><c>has</c>

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As of 2026, Shopify has
 

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As of 2026, Shopify has
coolly <00:01:26.609><c>acknowledged </c><00:01:26.818><c>past </c><00:01:27.027><c>failures </c><00:01:27.236><c>and </c><00:01:27.445><c>completed </c><00:01:27.654><c>a </c><00:01:27.863><c>complete </c><00:01:28.072><c>overhaul</c>

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coolly acknowledged past failures and completed a complete overhaul
 

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coolly acknowledged past failures and completed a complete overhaul
.  <00:01:30.280><c>By</c>

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.  By
 

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.  By
selling <00:01:30.974><c>off </c><00:01:31.068><c>the </c><00:01:31.162><c>logistics </c><00:01:31.256><c>division, </c><00:01:31.350><c>which </c><00:01:31.444><c>was </c><00:01:31.538><c>the </c><00:01:31.632><c>main </c><00:01:31.726><c>culprit </c><00:01:31.820><c>behind </c><00:01:31.914><c>chronic </c><00:01:32.008><c>deficits, </c><00:01:32.102><c>and </c><00:01:32.196><c>returning </c><00:01:32.290><c>to </c><00:01:32.384><c>its </c><00:01:32.478><c>core</c>

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selling off the logistics division, which was the main culprit behind chronic deficits, and returning to its core
 

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selling off the logistics division, which was the main culprit behind chronic deficits, and returning to its core
software <00:01:32.945><c>business </c><00:01:33.010><c>[music],</c>

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software business [music],
 

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software business [music],
the <00:01:33.700><c>company </c><00:01:33.840><c>entered </c><00:01:33.980><c>its </c><00:01:34.120><c>golden </c><00:01:34.260><c>age </c><00:01:34.400><c>where </c><00:01:34.540><c>the </c><00:01:34.680><c>corporate </c><00:01:34.820><c>operating </c><00:01:34.960><c>leverage </c><00:01:35.100><c>effect </c><00:01:35.240><c>was</c>

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the company entered its golden age where the corporate operating leverage effect was
 

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the company entered its golden age where the corporate operating leverage effect was
maximized.   <00:01:36.960><c>The</c>

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maximized.   The
 

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maximized.   The
most <00:01:37.946><c>encouraging </c><00:01:38.052><c>change </c><00:01:38.158><c>is </c><00:01:38.264><c>that </c><00:01:38.370><c>the </c><00:01:38.476><c>business </c><00:01:38.582><c>has </c><00:01:38.688><c>moved </c><00:01:38.794><c>up </c><00:01:38.900><c>a </c><00:01:39.006><c>level </c><00:01:39.112><c>with </c><00:01:39.218><c>Shopify </c><00:01:39.324><c>Plus, </c><00:01:39.430><c>where</c>

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most encouraging change is that the business has moved up a level with Shopify Plus, where
 

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global <00:01:42.112><c>mega-brands </c><00:01:42.425><c>like </c><00:01:42.738><c>Coca-Cola </c><00:01:43.051><c>and </c><00:01:43.364><c>Zinc </c><00:01:43.677><c>are</c>

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global mega-brands like Coca-Cola and Zinc are
 

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global mega-brands like Coca-Cola and Zinc are
joining <00:01:44.243><c>[music], </c><00:01:44.340><c>moving </c><00:01:44.437><c>from </c><00:01:44.534><c>a </c><00:01:44.631><c>subscriber </c><00:01:44.728><c>base </c><00:01:44.825><c>centered </c><00:01:44.922><c>on </c><00:01:45.019><c>small </c><00:01:45.116><c>businesses</c>

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joining [music], moving from a subscriber base centered on small businesses
 

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.  <00:01:48.171><c>With </c><00:01:48.462><c>the </c><00:01:48.753><c>enterprise </c><00:01:49.044><c>pipeline </c><00:01:49.335><c>with </c><00:01:49.626><c>high </c><00:01:49.917><c>payment</c>

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.  With the enterprise pipeline with high payment
 

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.  With the enterprise pipeline with high payment
telpic <00:01:50.693><c>gear </c><00:01:51.106><c>and </c><00:01:51.519><c>ShopPay's</c>

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telpic gear and ShopPay's
 

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telpic gear and ShopPay's
fee <00:01:52.126><c>revenue </c><00:01:52.252><c>running </c><00:01:52.378><c>solidly, </c><00:01:52.504><c>[music] </c><00:01:52.630><c>we </c><00:01:52.756><c>are</c>

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fee revenue running solidly, [music] we are
 

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proving <00:01:57.147><c>qualitative </c><00:01:57.255><c>growth </c><00:01:57.363><c>with </c><00:01:57.471><c>numbers </c><00:01:57.579><c>that </c><00:01:57.687><c>remains </c><00:01:57.795><c>unwavering </c><00:01:57.903><c>even </c><00:01:58.011><c>amidst </c><00:01:58.119><c>concerns </c><00:01:58.227><c>over </c><00:01:58.335><c>macro </c><00:01:58.443><c>consumption.  </c><00:01:58.551><c>The </c><00:01:58.659><c>variable </c><00:01:58.767><c>hidden </c><00:01:58.875><c>behind </c><00:01:58.983><c>the</c>

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proving qualitative growth with numbers that remains unwavering even amidst concerns over macro consumption.  The variable hidden behind the
 

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proving qualitative growth with numbers that remains unwavering even amidst concerns over macro consumption.  The variable hidden behind the
preemption <00:01:59.497><c>of </c><00:01:59.754><c>the </c><00:02:00.011><c>third </c><00:02:00.268><c>AI </c><00:02:00.525><c>shopping </c><00:02:00.782><c>infrastructure </c><00:02:01.039><c>and</c>

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preemption of the third AI shopping infrastructure and
 

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preemption of the third AI shopping infrastructure and
omnichannel <00:02:02.520><c>expansion.</c>

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omnichannel expansion.
 

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omnichannel expansion.
Shopify's <00:02:03.693><c>future </c><00:02:04.026><c>strategy </c><00:02:04.359><c>is </c><00:02:04.692><c>to </c><00:02:05.025><c>preempt </c><00:02:05.358><c>the</c>

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Shopify's future strategy is to preempt the
 

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Shopify's future strategy is to preempt the
next <00:02:05.963><c>generation </c><00:02:06.086><c>of </c><00:02:06.209><c>AI </c><00:02:06.332><c>commerce </c><00:02:06.455><c>by </c><00:02:06.578><c>fielding </c><00:02:06.701><c>Shopify </c><00:02:06.824><c>Magic, </c><00:02:06.947><c>its </c><00:02:07.070><c>generative </c><00:02:07.193><c>AI</c>

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next generation of AI commerce by fielding Shopify Magic, its generative AI
 

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next generation of AI commerce by fielding Shopify Magic, its generative AI
.  <00:02:08.005><c>We </c><00:02:08.330><c>are </c><00:02:08.655><c>building </c><00:02:08.980><c>a </c><00:02:09.305><c>structure </c><00:02:09.630><c>where </c><00:02:09.955><c>AI</c>

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.  We are building a structure where AI
 

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autonomously <00:02:12.195><c>controls </c><00:02:12.390><c>everything </c><00:02:12.585><c>from </c><00:02:12.780><c>product </c><00:02:12.975><c>registration </c><00:02:13.170><c>to </c><00:02:13.365><c>marketing </c><00:02:13.560><c>[music] </c><00:02:13.755><c>data </c><00:02:13.950><c>analysis,</c>

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autonomously controls everything from product registration to marketing [music] data analysis,
 

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autonomously controls everything from product registration to marketing [music] data analysis,
significantly <00:02:14.524><c>reducing </c><00:02:14.648><c>the </c><00:02:14.772><c>burden </c><00:02:14.896><c>of </c><00:02:15.020><c>fixed </c><00:02:15.144><c>operating </c><00:02:15.268><c>costs </c><00:02:15.392><c>for </c><00:02:15.516><c>sellers</c>

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significantly reducing the burden of fixed operating costs for sellers
 

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significantly reducing the burden of fixed operating costs for sellers
.

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.
 

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.
In <00:02:18.117><c>addition, </c><00:02:18.234><c>we </c><00:02:18.351><c>are </c><00:02:18.468><c>accelerating </c><00:02:18.585><c>the </c><00:02:18.702><c>omnichannel </c><00:02:18.819><c>ecosystem </c><00:02:18.936><c>by </c><00:02:19.053><c>expanding </c><00:02:19.170><c>our </c><00:02:19.287><c>offline </c><00:02:19.404><c>POS </c><00:02:19.521><c>infrastructure, </c><00:02:19.638><c>which</c>

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In addition, we are accelerating the omnichannel ecosystem by expanding our offline POS infrastructure, which
 

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In addition, we are accelerating the omnichannel ecosystem by expanding our offline POS infrastructure, which
integrates <00:02:20.096><c>and </c><00:02:20.192><c>manages </c><00:02:20.288><c>payments </c><00:02:20.384><c>and </c><00:02:20.480><c>inventory </c><00:02:20.576><c>in </c><00:02:20.672><c>offline </c><00:02:20.768><c>stores </c><00:02:20.864><c>beyond </c><00:02:20.960><c>the </c><00:02:21.056><c>online </c><00:02:21.152><c>realm</c>

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integrates and manages payments and inventory in offline stores beyond the online realm
 

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.  <00:02:27.680><c>Key</c>

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.  Key
 

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.  Key
uncertainty <00:02:27.992><c>variables </c><00:02:28.064><c>that </c><00:02:28.136><c>investors </c><00:02:28.208><c>should </c><00:02:28.280><c>keep </c><00:02:28.352><c>an </c><00:02:28.424><c>eye </c><00:02:28.496><c>on.  </c><00:02:28.568><c>There </c><00:02:28.640><c>is </c><00:02:28.712><c>a </c><00:02:28.784><c>persistent </c><00:02:28.856><c>risk </c><00:02:28.928><c>that </c><00:02:29.000><c>the </c><00:02:29.072><c>pressure </c><00:02:29.144><c>on </c><00:02:29.216><c>marketing </c><00:02:29.288><c>costs </c><00:02:29.360><c>to </c><00:02:29.432><c>attract </c><00:02:29.504><c>new </c><00:02:29.576><c>sellers </c><00:02:29.648><c>will </c><00:02:29.720><c>increase </c><00:02:29.792><c>again </c><00:02:29.864><c>due </c><00:02:29.936><c>to </c><00:02:30.008><c>the </c><00:02:30.080><c>e-commerce </c><00:02:30.152><c>marketing </c><00:02:30.224><c>chicken</c>

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uncertainty variables that investors should keep an eye on.  There is a persistent risk that the pressure on marketing costs to attract new sellers will increase again due to the e-commerce marketing chicken
 

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uncertainty variables that investors should keep an eye on.  There is a persistent risk that the pressure on marketing costs to attract new sellers will increase again due to the e-commerce marketing chicken
game, <00:02:30.573><c>competition </c><00:02:30.706><c>for </c><00:02:30.839><c>market </c><00:02:30.972><c>share </c><00:02:31.105><c>with </c><00:02:31.238><c>Amazon </c><00:02:31.371><c>as </c><00:02:31.504><c>well </c><00:02:31.637><c>as</c>

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game, competition for market share with Amazon as well as
 

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game, competition for market share with Amazon as well as
TikTok <00:02:32.107><c>Show </c><00:02:32.253><c>Effect, </c><00:02:32.399><c>which </c><00:02:32.545><c>is </c><00:02:32.691><c>aggressively </c><00:02:32.837><c>expanding </c><00:02:32.983><c>its </c><00:02:33.129><c>[music] </c><00:02:33.275><c>territory</c>

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TikTok Show Effect, which is aggressively expanding its [music] territory
 

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.  <00:02:39.799><c>Privacy </c><00:02:40.719><c>regulation</c>

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.  Privacy regulation
 

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.  Privacy regulation
variables <00:02:41.205><c>and </c><00:02:41.410><c>data </c><00:02:41.615><c>tracking </c><00:02:41.820><c>restriction </c><00:02:42.025><c>policies </c><00:02:42.230><c>of </c><00:02:42.435><c>tech </c><00:02:42.640><c>platforms</c>

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variables and data tracking restriction policies of tech platforms
 

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can <00:02:45.694><c>impair </c><00:02:45.789><c>the </c><00:02:45.884><c>efficiency </c><00:02:45.979><c>of </c><00:02:46.074><c>DC </c><00:02:46.169><c>target </c><00:02:46.264><c>advertising, </c><00:02:46.359><c>which </c><00:02:46.454><c>is </c><00:02:46.549><c>a </c><00:02:46.644><c>core </c><00:02:46.739><c>component </c><00:02:46.834><c>of </c><00:02:46.929><c>Shopify, </c><00:02:47.024><c>posing </c><00:02:47.119><c>a</c>

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can impair the efficiency of DC target advertising, which is a core component of Shopify, posing a
 

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can impair the efficiency of DC target advertising, which is a core component of Shopify, posing a
persistent <00:02:47.829><c>risk </c><00:02:48.018><c>factor </c><00:02:48.207><c>for </c><00:02:48.396><c>defending </c><00:02:48.585><c>average </c><00:02:48.774><c>revenue </c><00:02:48.963><c>per </c><00:02:49.152><c>subscriber</c>

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persistent risk factor for defending average revenue per subscriber
 

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persistent risk factor for defending average revenue per subscriber
. <00:02:50.619><c>Fourth </c><00:02:51.598><c>five-</c>

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. Fourth five-
 

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. Fourth five-
year <00:02:52.200><c>performance </c><00:02:52.560><c>analysis.  </c><00:02:52.920><c>[Music] </c><00:02:53.280><c>Shopify’s</c>

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year performance analysis.  [Music] Shopify’s
 

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year performance analysis.  [Music] Shopify’s
five <00:02:54.070><c>concepts </c><00:02:54.261><c>and </c><00:02:54.452><c>performance </c><00:02:54.643><c>results </c><00:02:54.834><c>clearly </c><00:02:55.025><c>demonstrate </c><00:02:55.216><c>how </c><00:02:55.407><c>excessive </c><00:02:55.598><c>territorial</c>

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five concepts and performance results clearly demonstrate how excessive territorial
 

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five concepts and performance results clearly demonstrate how excessive territorial
expansion, <00:02:56.300><c>the </c><00:02:56.680><c>resulting </c><00:02:57.060><c>painful </c><00:02:57.440><c>cutting,</c>

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expansion, the resulting painful cutting,
 

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expansion, the resulting painful cutting,
and <00:02:58.600><c>the </c><00:02:59.120><c>number-picking </c><00:02:59.640><c>effect</c>

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and the number-picking effect
 

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and the number-picking effect
are <00:03:00.471><c>implemented </c><00:03:00.983><c>in </c><00:03:01.495><c>numbers.  </c><00:03:02.007><c>First, </c><00:03:02.519><c>in</c>

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are implemented in numbers.  First, in
 

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2021, <00:03:04.617><c>when </c><00:03:04.715><c>the </c><00:03:04.813><c>pandemic </c><00:03:04.911><c>boom </c><00:03:05.009><c>was </c><00:03:05.107><c>at </c><00:03:05.205><c>its </c><00:03:05.303><c>peak, </c><00:03:05.401><c>we </c><00:03:05.499><c>enjoyed </c><00:03:05.597><c>a </c><00:03:05.695><c>festive </c><00:03:05.793><c>year, </c><00:03:05.891><c>recording </c><00:03:05.989><c>$4.6 </c><00:03:06.087><c>billion </c><00:03:06.185><c>in</c>

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2021, when the pandemic boom was at its peak, we enjoyed a festive year, recording $4.6 billion in
 

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2021, when the pandemic boom was at its peak, we enjoyed a festive year, recording $4.6 billion in
revenue <00:03:06.632><c>and </c><00:03:06.745><c>$269 </c><00:03:06.858><c>million </c><00:03:06.971><c>in </c><00:03:07.084><c>operating </c><00:03:07.197><c>profit, </c><00:03:07.310><c>driven </c><00:03:07.423><c>by </c><00:03:07.536><c>the </c><00:03:07.649><c>acceleration </c><00:03:07.762><c>of </c><00:03:07.875><c>the </c><00:03:07.988><c>global </c><00:03:08.101><c>shift </c><00:03:08.214><c>to </c><00:03:08.327><c>online </c><00:03:08.440><c>shopping</c>

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revenue and $269 million in operating profit, driven by the acceleration of the global shift to online shopping
 

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.

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.
 

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.
However, <00:03:15.920><c>the</c>

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However, the
 

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However, the
consequences <00:03:16.294><c>of </c><00:03:16.388><c>the </c><00:03:16.482><c>misjudgment </c><00:03:16.576><c>of </c><00:03:16.670><c>overextending </c><00:03:16.764><c>logistics </c><00:03:16.858><c>infrastructure </c><00:03:16.952><c>intoxicated </c><00:03:17.046><c>by </c><00:03:17.140><c>growth </c><00:03:17.234><c>came</c>

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consequences of the misjudgment of overextending logistics infrastructure intoxicated by growth came
 

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consequences of the misjudgment of overextending logistics infrastructure intoxicated by growth came
flying <00:03:18.103><c>in </c><00:03:18.327><c>immediately.  </c><00:03:18.551><c>With </c><00:03:18.775><c>the </c><00:03:18.999><c>onset </c><00:03:19.223><c>of </c><00:03:19.447><c>the </c><00:03:19.671><c>pandemic </c><00:03:19.895><c>in </c><00:03:20.119><c>2022</c>

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flying in immediately.  With the onset of the pandemic in 2022
 

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flying in immediately.  With the onset of the pandemic in 2022
and <00:03:20.770><c>overinvestment </c><00:03:21.100><c>in </c><00:03:21.430><c>logistics </c><00:03:21.760><c>infrastructure,</c>

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and overinvestment in logistics infrastructure,
 

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and overinvestment in logistics infrastructure,
[music] <00:03:23.319><c>revenue</c>

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[music] revenue
 

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[music] revenue
increased <00:03:24.309><c>to </c><00:03:24.819><c>$5.6 </c><00:03:25.329><c>billion, </c><00:03:25.839><c>but</c>

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increased to $5.6 billion, but
 

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[music] <00:03:27.704><c>suffered </c><00:03:27.771><c>a </c><00:03:27.838><c>shocking </c><00:03:27.905><c>turnaround </c><00:03:27.972><c>with </c><00:03:28.039><c>an </c><00:03:28.106><c>operating </c><00:03:28.173><c>loss </c><00:03:28.240><c>of </c><00:03:28.307><c>$822 </c><00:03:28.374><c>million.   </c><00:03:28.441><c>In </c><00:03:28.508><c>the</c>

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[music] suffered a shocking turnaround with an operating loss of $822 million.   In the
 

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[music] suffered a shocking turnaround with an operating loss of $822 million.   In the
following <00:03:30.659><c>year, </c><00:03:31.719><c>2023,</c>

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following year, 2023,
 

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following year, 2023,
despite <00:03:32.325><c>revenue </c><00:03:32.530><c>increasing </c><00:03:32.735><c>to </c><00:03:32.940><c>$7.06 </c><00:03:33.145><c>billion, </c><00:03:33.350><c>the </c><00:03:33.555><c>company</c>

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despite revenue increasing to $7.06 billion, the company
 

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went <00:03:42.420><c>through </c><00:03:42.480><c>its </c><00:03:42.540><c>worst </c><00:03:42.600><c>tunnel, </c><00:03:42.660><c>with </c><00:03:42.720><c>operating </c><00:03:42.780><c>losses </c><00:03:42.840><c>ballooning </c><00:03:42.900><c>to </c><00:03:42.960><c>as </c><00:03:43.020><c>much </c><00:03:43.080><c>as </c><00:03:43.140><c>$1.4 </c><00:03:43.200><c>billion </c><00:03:43.260><c>due </c><00:03:43.320><c>to </c><00:03:43.380><c>massive </c><00:03:43.440><c>one-time </c><00:03:43.500><c>costs </c><00:03:43.560><c>incurred </c><00:03:43.620><c>while </c><00:03:43.680><c>restructuring </c><00:03:43.740><c>the </c><00:03:43.800><c>underperforming </c><00:03:43.860><c>logistics </c><00:03:43.920><c>division </c><00:03:43.980><c>and </c><00:03:44.040><c>carrying </c><00:03:44.100><c>out </c><00:03:44.160><c>layoffs.  </c><00:03:44.220><c>However,</c>

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went through its worst tunnel, with operating losses ballooning to as much as $1.4 billion due to massive one-time costs incurred while restructuring the underperforming logistics division and carrying out layoffs.  However,
 

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the <00:03:46.111><c>major </c><00:03:46.182><c>surgery </c><00:03:46.253><c>that </c><00:03:46.324><c>completely </c><00:03:46.395><c>restored </c><00:03:46.466><c>the </c><00:03:46.537><c>injured </c><00:03:46.608><c>[music] </c><00:03:46.679><c>finger </c><00:03:46.750><c>ultimately </c><00:03:46.821><c>turned </c><00:03:46.892><c>out </c><00:03:46.963><c>to </c><00:03:47.034><c>be </c><00:03:47.105><c>a </c><00:03:47.176><c>stroke </c><00:03:47.247><c>of </c><00:03:47.318><c>genius</c>

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the major surgery that completely restored the injured [music] finger ultimately turned out to be a stroke of genius
 

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the major surgery that completely restored the injured [music] finger ultimately turned out to be a stroke of genius
.  <00:03:47.829><c>In </c><00:03:47.978><c>2024, </c><00:03:48.127><c>having </c><00:03:48.276><c>shaken </c><00:03:48.425><c>off </c><00:03:48.574><c>the </c><00:03:48.723><c>heavy </c><00:03:48.872><c>burden </c><00:03:49.021><c>of </c><00:03:49.170><c>[music] </c><00:03:49.319><c>and</c>

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.  In 2024, having shaken off the heavy burden of [music] and
 

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recovered <00:03:51.608><c>as </c><00:03:51.777><c>a </c><00:03:51.946><c>pure </c><00:03:52.115><c>high-margin </c><00:03:52.284><c>software </c><00:03:52.453><c>company, </c><00:03:52.622><c>it </c><00:03:52.791><c>demonstrated </c><00:03:52.960><c>a </c><00:03:53.129><c>dramatic </c><00:03:53.298><c>turnaround </c><00:03:53.467><c>to </c><00:03:53.636><c>profitability,</c>

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recovered as a pure high-margin software company, it demonstrated a dramatic turnaround to profitability,
 

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recording <00:03:56.262><c>$1.075 </c><00:03:56.365><c>billion </c><00:03:56.468><c>in </c><00:03:56.571><c>operating </c><00:03:56.674><c>profit </c><00:03:56.777><c>along </c><00:03:56.880><c>with </c><00:03:56.983><c>$8.88 </c><00:03:57.086><c>billion </c><00:03:57.189><c>in </c><00:03:57.292><c>revenue.  </c><00:03:57.395><c>In</c>

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recording $1.075 billion in operating profit along with $8.88 billion in revenue.  In
 

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2025, <00:04:01.796><c>the </c><00:04:01.912><c>year </c><00:04:02.028><c>before </c><00:04:02.144><c>last, </c><00:04:02.260><c>the </c><00:04:02.376><c>increase </c><00:04:02.492><c>in </c><00:04:02.608><c>the </c><00:04:02.724><c>influx </c><00:04:02.840><c>of </c><00:04:02.956><c>global </c><00:04:03.072><c>mega </c><00:04:03.188><c>brands</c>

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2025, the year before last, the increase in the influx of global mega brands
 

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2025, the year before last, the increase in the influx of global mega brands
and <00:04:03.800><c>the </c><00:04:04.040><c>massive </c><00:04:04.280><c>explosion </c><00:04:04.520><c>in </c><00:04:04.760><c>Shopke </c><00:04:05.000><c>payment </c><00:04:05.240><c>unit </c><00:04:05.480><c>prices</c>

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and the massive explosion in Shopke payment unit prices
 

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and the massive explosion in Shopke payment unit prices
coincided <00:04:06.368><c>perfectly, </c><00:04:06.937><c>[music]</c>

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coincided perfectly, [music]
 

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declaring <00:04:13.684><c>a </c><00:04:13.769><c>complete </c><00:04:13.854><c>revival </c><00:04:13.939><c>with </c><00:04:14.024><c>sales </c><00:04:14.109><c>of </c><00:04:14.194><c>$11.556 </c><00:04:14.279><c>billion </c><00:04:14.364><c>and </c><00:04:14.449><c>an </c><00:04:14.534><c>all-time </c><00:04:14.619><c>high </c><00:04:14.704><c>operating </c><00:04:14.789><c>profit </c><00:04:14.874><c>of </c><00:04:14.959><c>$1.468 </c><00:04:15.044><c>billion.  </c><00:04:15.129><c>It </c><00:04:15.214><c>amounts </c><00:04:15.299><c>to </c><00:04:15.384><c>instantly </c><00:04:15.469><c>erasing </c><00:04:15.554><c>the</c>

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declaring a complete revival with sales of $11.556 billion and an all-time high operating profit of $1.468 billion.  It amounts to instantly erasing the
 

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declaring a complete revival with sales of $11.556 billion and an all-time high operating profit of $1.468 billion.  It amounts to instantly erasing the
massive <00:04:16.074><c>$1.4 </c><00:04:16.189><c>billion </c><00:04:16.304><c>[music] </c><00:04:16.419><c>deficit </c><00:04:16.534><c>recorded </c><00:04:16.649><c>two </c><00:04:16.764><c>years </c><00:04:16.879><c>ago </c><00:04:16.994><c>and</c>

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massive $1.4 billion [music] deficit recorded two years ago and
 

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establishing <00:04:19.625><c>a </c><00:04:19.690><c>pillar </c><00:04:19.755><c>of </c><00:04:19.820><c>surplus </c><00:04:19.885><c>exceeding </c><00:04:19.950><c>$1.4 </c><00:04:20.015><c>billion. </c><00:04:20.080><c>This </c><00:04:20.145><c>clearly </c><00:04:20.210><c>demonstrates </c><00:04:20.275><c>in </c><00:04:20.340><c>numbers </c><00:04:20.405><c>how </c><00:04:20.470><c>dramatically </c><00:04:20.535><c>the </c><00:04:20.600><c>financial </c><00:04:20.665><c>health </c><00:04:20.730><c>of </c><00:04:20.795><c>[music] </c><00:04:20.860><c>improves </c><00:04:20.925><c>when </c><00:04:20.990><c>one </c><00:04:21.055><c>boldly </c><00:04:21.120><c>abandons </c><00:04:21.185><c>the</c>

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establishing a pillar of surplus exceeding $1.4 billion. This clearly demonstrates in numbers how dramatically the financial health of [music] improves when one boldly abandons the
 

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establishing a pillar of surplus exceeding $1.4 billion. This clearly demonstrates in numbers how dramatically the financial health of [music] improves when one boldly abandons the
physical <00:04:21.727><c>distribution </c><00:04:21.894><c>business, </c><00:04:22.061><c>which </c><00:04:22.228><c>has </c><00:04:22.395><c>thin </c><00:04:22.562><c>margins </c><00:04:22.729><c>and </c><00:04:22.896><c>high </c><00:04:23.063><c>uncertainty, </c><00:04:23.230><c>and </c><00:04:23.397><c>focuses</c>

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physical distribution business, which has thin margins and high uncertainty, and focuses
 

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influence <00:04:26.377><c>on </c><00:04:26.514><c>the </c><00:04:26.651><c>core </c><00:04:26.788><c>business </c><00:04:26.925><c>of </c><00:04:27.062><c>the </c><00:04:27.199><c>exclusive </c><00:04:27.336><c>SaaS </c><00:04:27.473><c>platform.</c>

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influence on the core business of the exclusive SaaS platform.
 

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In <00:04:32.188><c>conclusion, </c><00:04:32.536><c>a </c><00:04:32.884><c>one-line </c><00:04:33.232><c>review </c><00:04:33.580><c>for </c><00:04:33.928><c>investors: </c><00:04:34.276><c>We</c>

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In conclusion, a one-line review for investors: We
 

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are <00:04:37.013><c>not </c><00:04:37.107><c>a </c><00:04:37.201><c>boring </c><00:04:37.295><c>IT </c><00:04:37.389><c>company </c><00:04:37.483><c>that </c><00:04:37.577><c>simply </c><00:04:37.671><c>builds </c><00:04:37.765><c>shopping </c><00:04:37.859><c>mall </c><00:04:37.953><c>websites.   </c><00:04:38.047><c>It </c><00:04:38.141><c>is </c><00:04:38.235><c>the</c>

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are not a boring IT company that simply builds shopping mall websites.   It is the
 

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absolute <00:04:45.366><c>ruler </c><00:04:45.412><c>of </c><00:04:45.458><c>the </c><00:04:45.504><c>commerce </c><00:04:45.550><c>defense </c><00:04:45.596><c>ecosystem, </c><00:04:45.642><c>collecting </c><00:04:45.688><c>digital </c><00:04:45.734><c>tolls </c><00:04:45.780><c>from </c><00:04:45.826><c>independent </c><00:04:45.872><c>payment </c><00:04:45.918><c>and </c><00:04:45.964><c>infrastructure </c><00:04:46.010><c>systems </c><00:04:46.056><c>built </c><00:04:46.102><c>by </c><00:04:46.148><c>millions </c><00:04:46.194><c>of </c><00:04:46.240><c>sellers </c><00:04:46.286><c>worldwide.   </c><00:04:46.332><c>Having </c><00:04:46.378><c>successfully</c>

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absolute ruler of the commerce defense ecosystem, collecting digital tolls from independent payment and infrastructure systems built by millions of sellers worldwide.   Having successfully
 

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turned <00:04:49.426><c>around </c><00:04:49.532><c>its </c><00:04:49.638><c>overreach </c><00:04:49.744><c>in </c><00:04:49.850><c>the </c><00:04:49.956><c>logistics </c><00:04:50.062><c>business </c><00:04:50.168><c>and </c><00:04:50.274><c>proven </c><00:04:50.380><c>its </c><00:04:50.486><c>performance </c><00:04:50.592><c>with </c><00:04:50.698><c>a </c><00:04:50.804><c>revenue </c><00:04:50.910><c>wall </c><00:04:51.016><c>of </c><00:04:51.122><c>$11.5 </c><00:04:51.228><c>billion</c>

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turned around its overreach in the logistics business and proven its performance with a revenue wall of $11.5 billion
 

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turned around its overreach in the logistics business and proven its performance with a revenue wall of $11.5 billion
and <00:04:51.834><c>an </c><00:04:52.108><c>operating </c><00:04:52.382><c>profit </c><00:04:52.656><c>of </c><00:04:52.930><c>$1.4 </c><00:04:53.204><c>billion </c><00:04:53.478><c>by </c><00:04:53.752><c>2025,</c>

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and an operating profit of $1.4 billion by 2025,
 

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and an operating profit of $1.4 billion by 2025,
Shopify <00:04:54.640><c>is </c><00:04:55.320><c>fully</c>

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Shopify is fully
 

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qualified <00:05:01.556><c>to </c><00:05:01.592><c>be </c><00:05:01.628><c>evaluated </c><00:05:01.664><c>as </c><00:05:01.700><c>an </c><00:05:01.736><c>irreplaceable </c><00:05:01.772><c>premium </c><00:05:01.808><c>tech </c><00:05:01.844><c>stock </c><00:05:01.880><c>that </c><00:05:01.916><c>will </c><00:05:01.952><c>demonstrate </c><00:05:01.988><c>strong </c><00:05:02.024><c>cash </c><00:05:02.060><c>flow </c><00:05:02.096><c>in </c><00:05:02.132><c>the </c><00:05:02.168><c>upcoming </c><00:05:02.204><c>era </c><00:05:02.240><c>of </c><00:05:02.276><c>AI </c><00:05:02.312><c>commerce </c><00:05:02.348><c>and </c><00:05:02.384><c>omnichannel.</c>

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qualified to be evaluated as an irreplaceable premium tech stock that will demonstrate strong cash flow in the upcoming era of AI commerce and omnichannel.
 

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That <00:05:05.339><c>concludes </c><00:05:05.479><c>today's </c><00:05:05.619><c>analysis </c><00:05:05.759><c>of </c><00:05:05.899><c>Shopify.  </c><00:05:06.039><c>If </c><00:05:06.179><c>you </c><00:05:06.319><c>found </c><00:05:06.459><c>this </c><00:05:06.599><c>video </c><00:05:06.739><c>helpful, </c><00:05:06.879><c>please</c>

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That concludes today's analysis of Shopify.  If you found this video helpful, please
 

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That concludes today's analysis of Shopify.  If you found this video helpful, please
subscribe <00:05:08.099><c>and </c><00:05:08.478><c>like.</c>