3. Shopify Plus: In Q1, SHOP continued to expand the Shopify Plus team including adding a senior-level sales role. New partners include: Universal Music Group (Kanye West selling his apparel and new album), Ellen Degeneres, The Golf Channel, Nescafe and Jones Soda. Taking numbers up, maintaining $34 price target. We are increasing our revenue forecast following strong 1Q results. We now forecast FY16 and FY17 revenues of $351mm (71% y/y) and $472mm (35% y/y), versus prior estimates of $330mm (61% y/y) and $436mm (32% y/y), respectively. An greater focus on sales and marketing spend has us adjusting our non-GAAP operating income forecast to - $18.2mm and -$4.3mm in FY16 and FY17, versus our prior estimates of -$17.4mm and $3.7mm respectively. We are maintaining our $34 price target derived from a 10 Year DCF. 2