In Section 1, we analyze the performance of merchants in seven key verticals: Food & Beverage, Health & Wellness, Beauty & Personal Care, Fashion & Apparel, Home Goods, Pets & Animals, and Other (made up of a variety of items, like curated boxes of hobby items). We also study the performance of merchants who are new to subscriptions versus those who are experienced with subscriptions. In Section 2, we organize merchants into five different cohorts according to their annual gross merchandise volume.