Overview Conclusion This quarter's results exceeded expectations. The core reason is AI deeply embedded in the platform and accelerated migration of enterprise customers, driving both GMV and revenue to new highs.

Key Data GMV $101 billion (+35%), revenue $3.2 billion (+34%), free cash flow $476 million (15% margin) – all record highs.

Business Progress AI fully empowered: Sidekick weekly active stores increased 385%, AI-driven orders increased nearly 13 times, and new buyer conversion rate is 2x that of traditional search. Enterprise customers accelerated onboarding; the number of merchants with annual GMV over $100 million doubled in two years. International GMV grew 45%, with Europe posting 48% growth. Jointly launched the Universal Commerce Protocol (UCP) with Google, securing participation from Amazon, Meta and other giants, solidifying its position as the industry standard.

Guidance & Outlook Q2 revenue expected to grow over 20% year-over-year, gross profit growth 20%-25%, free cash flow margin maintained around 15%.

Risk/Highlight Signals Management tone was highly positive, emphasizing that "AI has become Shopify's native language." Over 50% of internal code is written by AI, and employee efficiency continues to improve. No negative risks were mentioned.