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Shopify reported 4Q17 and full year 2017 results on February 15, 2018, before markets opened.The results were mostly well above our forecast.(+) Total revenue of $222.8 million (vs our forecast of $214.2 million)(+) Subscription Solution revenue of $93.9 million (vs $91.1 million)(+) Merchant Solution revenue of $128.9 million (vs $123.1 million)(+) Operating Loss of $6.1 million (vs $16.1 million)(+) Monthly Recurring Revenue (MRR) of $29.9 million (vs $29.7 million)( ) GMV $9.2 billion (vs $9.4 billion)Our takeaways from the Press Release, 40F, and Conference Call MRR and Subscription RevenueMRR came in at $29.9 million slightly above us at $29.7 million indicating growth is accelerating at a faster pace. This means our forecast of high margin subscription revenue gets adjusted up again. We do not forecast an acceleration of growth faster than what Shopify has executed to in the past as that is not prudent.

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