who is the chief operating officer for shopify

you beat on the quarter but it's the,outlook that investors are concerned,about what's your reaction to this,pretty big drop in the stock well let's,first just talk quickly about the,quarter because i think it's important,you know revenue for the quarter was uh,just over 130 billion 1.38 billion,that's up 41,gmv was 54 billion up 31,if you look at the year though uh,revenue was 4.6 billion which is 57 over,2020 gme was 175 billion up 47,so i think what you were seeing is that,you know the merchants on shopify we,have millions of them have proven their,resilience and and that ecommerce is,doing really really well our merchant,base has doubled since 2019 and annual,revenue 2021 annual revenue was nearly,triple what it was just before the,pandemic in 2019 as well so i think what,we are you know certainly i think the q4,earnings and the full year results show,that modern retail and e-commerce are,doing really well and if people remember,that shopify's business model is really,this virtuous cycle of entrepreneurship,we do well when our merchants do well,and then we can reinvest back in them,and so we're we're excited by by as we,come out of the quarter and we're,excited about the year ahead,so look in you know clearly,shoppers are there it's happening the,question is growth you're talking about,inflation impacting consumer habits,there's concern about people coming out,of lockdowns going back into stores,physically how are you modeling this out,and,how much growth do you actually see,ahead especially after this covid bump,well here's what here's what makes me,optimistic first of all,if you look at uh business applications,just just one single metric uh business,applications we had one million more,business applications filed in the us in,2021 versus 2020. it was 5.4 million,compared to 4.4 million now in terms of,even things like e-commerce growth,remember e-commerce is is is expected to,hit about 4.9 trillion for 2021 and grew,to 7 trillion by 2025. then you know as,your colleague just mentioned in terms,of retail i mean retail spent in january,was reported up 3.8 percent after being,down almost two percent in december and,so we are seeing which is the highest,since last march and so i think there's,a lot to be optimistic about but more,generally you know i think 2021 uh q1 in,particular you had lockdowns you had,government stimulus we're now getting,back to a point of some normalization,but the normalization is on a much,larger base and i actually think you,know when i look across our merchant,base they're going to do very well and,consumers are shifting their buying,preferences to buy from these,independent brands and away from big box,retail but what about inflation how do,you think that will impact the consumer,and that's something that you don't have,control over,that's right look,one of we don't have control over,inflation but we do monitor it and one,thing we do know is that whether it's a,pandemic or it's supply chain issues the,merchants on shopify are resilient these,are your favorite brands when when you,are buying something on the internet and,it's an amazing experience and it's not,on a big marketplace it is likely,powered by shopify so we can't control,inflation but we do see resilience what,we can do however is we can make,starting and scaling a business way,easier so whether it's shopify capital,which is now given a three billion,dollars worth of cash advances and loans,or it's the fulfillment network or,shopify balance for cash management by,reducing all the barriers to success we,can make it easier to succeed despite,whether it's inflation or supply chain,and that's what's important,so let's talk about that because a lot,of investors are concerned about,fulfillment centers and that report that,you had cut some contracts with some of,your partners,what's happening there are you preparing,for lower capacity or are you building,out your own,yeah so,shopify's entire goal is to make the,important things simple and everything,else possible and fulfillment needs to,it needs to work it needs to work really,well and so we are moving out of the,prototype phase of of the fulfillment,network moving into what we call the,build phase so we're going to be,operating more of these warehouses,ourselves we're going to unify it,through a warehouse management system um,which which we design but the goal is,for us to achieve two-day delivery,coverage for more than 90 percent of the,u.s population and now that we've had,two years worth of data and insight we,think we know exactly what we need to to,get there um but again whether it's,fulfillment or it's capital what we're,trying to do is make it so that,merchants don't have to think about,these things and so we are changing the,way we we we look at fulfillment,generally but it's not a massive change,it's simply just optimizing based on,these learnings over the last two years

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