Shopify Inc (SHOP) 2021 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Shopify First Quarter 2021 Financial Results Conference Call. As a reminder, the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎參加 Shopify 2021 年第一季度財務業績電話會議。提醒一下，會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to Katie Keita, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 Katie Keita。請繼續。

Thank you, operator, and good morning, everyone. We are glad you can join us for Shopify's First Quarter 2021 Conference Call. We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO. After their prepared remarks, we will open it up for your questions.

謝謝接線員，大家早上好。我們很高興您能加入我們的 Shopify 2021 年第一季度電話會議。今天早上，Shopify 的首席執行官 Tobi Lütke 加入了我們的行列； Shopify 總裁 Harley Finkelstein；和我們的首席財務官 Amy Shapero。在他們準備好的發言之後，我們將打開它供您提問。

We will make forward-looking statements on our call today that are based on assumptions and therefore, subject to risks and uncertainties that can cause actual results to differ materially from those projected. We undertake no obligation to update these statements, except as required by law. You can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with U.S. and Canadian regulators. Note that the adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP financial measures.

我們將在今天的電話會議上做出基於假設的前瞻性陳述，因此受到可能導致實際結果與預期結果大不相同的風險和不確定性的影響。除非法律要求，否則我們不承擔更新這些聲明的義務。您可以在我們今天上午的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。請注意，我們今天所說的調整後的財務指標是非 GAAP 指標，不能替代 GAAP 財務指標。

Reconciliations between the two can be found in our earnings press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars unless otherwise indicated. With that, I turn the call over to Harley.

兩者之間的對賬可以在我們的收益新聞稿中找到。最後，我們以美元報告，因此除非另有說明，否則今天討論的所有金額均以美元為單位。有了這個，我把電話轉給哈雷。

Thanks, Katie, and good morning. It's been more than a year since the global pandemic began, which triggered e-commerce to grow at a rate that has transformed the traditional retail model. Shopify's continued focus on bringing the best tools to our merchants to help them thrive in this environment, drove our strong performance in the first quarter.

謝謝，凱蒂，早上好。全球大流行開始已經一年多了，它引發了電子商務以改變傳統零售模式的速度增長。 Shopify 繼續專注於為我們的商家提供最好的工具，幫助他們在這種環境中茁壯成長，這推動了我們在第一季度的強勁表現。

Our GMV growth accelerated year-over-year as merchants across cohorts and geographies thrive on our platform, backed by robust consumer spending. And more entrepreneurs launch businesses on Shopify, trusting us with their livelihoods as they turn their ideas into reality. We continue to reduce friction from our merchants so they can find new buyers, build strong customer relationships and more easily manage the increasing complexity of their back-office operations as they scale.

我們的 GMV 同比增長加速，因為在強勁的消費者支出的支持下，不同群體和地區的商家在我們的平台上蓬勃發展。越來越多的企業家在 Shopify 上開展業務，將他們的想法變為現實，將他們的生計託付給我們。我們繼續減少商家的摩擦，以便他們能夠找到新的買家，建立牢固的客戶關係，並隨著規模的擴大更輕鬆地管理日益複雜的後台運營。

Discovering new buyers is a top pain point for businesses. Multichannel selling, which is one of our core value propositions is becoming more critical as the cost of customer acquisition climbs and the lines blur between online and offline commerce. Our sales and marketing channels help merchants to show up where future buyers are spending time. We are ushering in a new era of social commerce and helping more brands and consumers engage in the digital [main street.] The number of shops actively selling on Facebook shops has more than quadrupled since Q1 a year ago as well as the GMV through Facebook.

發現新買家是企業的首要痛點。多渠道銷售是我們的核心價值主張之一，隨著客戶獲取成本的攀升以及線上和線下商務之間的界限變得越來越模糊，它變得越來越重要。我們的銷售和營銷渠道可幫助商家展示未來買家會花時間的地方。我們正在開創社交商務的新時代，並幫助更多品牌和消費者參與數字 [main street]。自一年前第一季度以來，在 Facebook 商店上積極銷售的商店數量以及通過 Facebook 的 GMV 翻了兩番多.

While still small, the launch of Facebook Shops in May of last year is clearly starting to make a difference here. In Q1, we expanded our marketing partnership with Tiktok internationally to an additional 14 countries in North America, EMEA and APAC. So far, we've seen good traction in the adoption of Tiktok in the U.S. since we launched the integration last October, and we recently expanded our Pinterest channel into 27 additional markets, opening discoverability and sales opportunities worldwide. More merchants are leveraging the value of Shopify point of sale, a true omnichannel solution as the number of locations using our point-of-sale PRO increased substantially over the first 3 months of this year.

雖然規模仍然很小，但去年 5 月推出的 Facebook Shops 顯然開始在這方面產生影響。在第一季度，我們將與 Tiktok 的營銷合作夥伴關係擴大到北美、歐洲、中東和非洲以及亞太地區的另外 14 個國家/地區。自去年 10 月推出整合以來，到目前為止，我們已經看到 Tiktok 在美國採用的良好牽引力，並且我們最近將 Pinterest 渠道擴展到另外 27 個市場，在全球範圍內打開了可發現性和銷售機會。隨著今年前 3 個月使用我們的銷售點 PRO 的地點數量大幅增加，越來越多的商家正在利用 Shopify 銷售點的價值，這是一種真正的全渠道解決方案。

Businesses new to Shopify as well as existing merchants, started using Shopify point of sale, enabling them to expand their buyers universe, seamlessly bridge their online and offline operations and make shopping more convenient for their buyers. With features like curbside pickup, which is offered through our point-of-sale probe product. Driving targeted discovery and rediscovery is key for merchants trying to grow their business.

新加入 Shopify 的企業和現有商家開始使用 Shopify 銷售點，使他們能夠擴大買家範圍，無縫銜接線上和線下業務，並讓買家的購物更加方便。具有路邊取貨等功能，這是通過我們的銷售點探針產品提供的。推動有針對性的發現和重新發現是試圖發展業務的商家的關鍵。

Shop, our online shopping assistant offers both of these benefits. We found that a mobile reorder is 11% more likely when orders are tracked and shopped. This may be helped by the fact that the average buyer status checks their order in the app multiple times, vastly expanding the number of touch points for brands to connect with our customers. And we've increased potential touch points even further by adding discovery filters for local shops, black-owned businesses, Asian-owned businesses, women-owned businesses in March and most recently over Earth Week, merchants practicing and promoting sustainable commerce. Shop is one example of how we are removing the friction from commerce and helping merchants build relationships with their customers directly. In Q1, we introduced in-app buy buttons, so buyers don't have to leave the app to purchase the products that are recommended to them. Along with our accelerated wallet, Shop Pay, our buy now, pay later product, Shop Pay Installments and end-to-end order tracking. These features help merchants increase the lifetime value of their customers. Our efforts to make commerce better extend beyond our merchant stores to services outside of Shopify, such as the integration of Shop Pay as a checkout option with merchants selling on Facebook Shops and Instagram checkout.

Shop，我們的在線購物助手提供這兩種好處。我們發現，當訂單被跟踪和購物時，移動設備重新訂購的可能性要高 11%。這可能得益於以下事實：平均買家狀態會多次檢查他們在應用程序中的訂單，從而大大增加了品牌與客戶聯繫的接觸點數量。我們通過在 3 月和最近的地球週期間為當地商店、黑人擁有的企業、亞洲擁有的企業、女性擁有的企業添加發現過濾器，進一步增加了潛在的接觸點，商人實踐和促進可持續商業。 Shop 是我們如何消除商業摩擦並幫助商家直接與客戶建立關係的一個例子。在第一季度，我們引入了應用內購買按鈕，因此買家無需離開應用即可購買推薦給他們的產品。連同我們的加速錢包、Shop Pay、我們的“先買後付”產品、Shop Pay 分期付款和端到端訂單跟踪。這些功能可幫助商家提高客戶的生命週期價值。我們努力使商業更好地從我們的商家商店擴展到 Shopify 之外的服務，例如將 Shop Pay 作為結賬選項與在 Facebook 商店和 Instagram 結賬上銷售的商家集成。

Merchants in the U.S. are in the early stages of onboarding to this feature and buyers have already started to use Shop Pay on Facebook and Instagram to checkout. In Q1, Shop had more than 107 million registered users, including both buyers that have opted into Shop Pay as well as users of the app, of which more than 24 million were monthly active users. At the end of March, Shop Pay has facilitated over $24 billion in cumulative GMV since its launch in 2017. Ahead of general availability in the coming months, merchants' adoption of Shop Pay installments accelerated with the rollout of one click onboarding in Q1. We give entrepreneurs the resources traditionally reserved for big business. Shopify scale enables us to negotiate on behalf of our smaller merchants as we do with Shopify Shipping. Since its launch 5 years ago, Shopify Shipping has really come into its own for self shippers with over half our eligible merchants in the U.S. and Canada now using it.

美國的商家正處於啟用此功能的早期階段，買家已經開始使用 Facebook 和 Instagram 上的 Shop Pay 進行結賬。第一季度，Shop 擁有超過 1.07 億註冊用戶，包括選擇使用 Shop Pay 的買家和該應用程序的用戶，其中超過 2400 萬是月活躍用戶。自 2017 年推出以來，截至 3 月底，Shop Pay 已促成超過 240 億美元的累計 GMV。在未來幾個月全面上市之前，隨著第一季度推出的一鍵式入職，商家加速採用 Shop Pay 分期付款。我們為企業家提供傳統上為大企業保留的資源。 Shopify 規模使我們能夠像處理 Shopify Shipping 一樣代表我們的小型商家進行談判。自 5 年前推出以來，Shopify Shipping 已經真正成為自助托運人的專屬平台，美國和加拿大超過一半的符合條件的商家現在都在使用它。

Revenue growth from Shopify Shipping accelerated in the first quarter with label volume at nearly the same level as in Q4. We are excited to bring Shopify shipping to other parts of the world for merchants who aren't yet big enough to need to outsource fulfillment. For those who are, we are building the Shopify Fulfillment Network. Some merchants with greater volumes can trust their fulfillments will be handled with the same care as if they were doing it themselves. While this building process is not fast or easy, we are making good progress. More merchants join our fulfillment network in Q1, and we fulfilled similar volumes as in Q4, while maintaining the same high service levels.

Shopify Shipping 的收入在第一季度加速增長，標籤數量與第四季度幾乎持平。我們很高興能將 Shopify shipping 帶到世界其他地區，供那些規模還不夠大、不需要外包履行的商家使用。對於那些有需求的人，我們正在構建 Shopify 配送網絡。一些交易量較大的商家可以相信，他們的履行將像他們自己處理一樣謹慎處理。雖然這個構建過程並不快速或容易，但我們正在取得良好進展。更多商家在第一季度加入了我們的履行網絡，我們履行了與第四季度相似的數量，同時保持了同樣高的服務水平。

We are happy with this result given the strong holiday shopping period that drove fulfillment to record levels last quarter. Once merchants start making sales, capital is a natural follow-on to continue their momentum. Shopify is creating better and faster access to capital through Shopify Capital, which has been a lifeline to our merchants during the pandemic, and it continues to be an important source of accessible funding. In our first quarter of 2021, we funded over $300 million to our merchants, up 90% year-over-year, and we are seeing larger merchants take on larger advances. This record level of funding brought us to an incredible $2 billion in cumulative capital funded since the launch of Shopify Capital in 2016.

我們對這一結果感到滿意，因為強勁的假日購物期將上個季度的訂單履行率推至創紀錄水平。一旦商家開始銷售，資本自然會繼續保持勢頭。 Shopify 正在通過 Shopify Capital 創造更好更快的資金獲取途徑，這在大流行期間一直是我們商家的生命線，並且它仍然是可獲得資金的重要來源。在 2021 年第一季度，我們為商家提供了超過 3 億美元的資金，同比增長 90%，而且我們看到更大的商家獲得了更大的預付款。自 2016 年 Shopify Capital 推出以來，這一創紀錄的融資水平使我們的累計融資額達到了令人難以置信的 20 億美元。

It took 4 years to fund the first $1 billion and just 1 quarter of that time to fund the second. Small businesses are underserved and overwhelmed by today's financial services. We know this because many of our merchants tell us they feel left out of today's banking system and many of them use their personal accounts to run their business. Through Shopify Balance, we are breaking down the barriers to entrepreneurship by providing critical business banking tools for the unbanked. Without stepping foot into a bank, a merchant can get immediate access to a no fee account to hold their funds and a card that will give them fast access to their cash. They also get monthly cash back rewards and insights into their cash flow to help them manage their money more effectively, all from directly inside the Shopify platform. More merchants join our early access program in Q1, and we plan to roll out Shopify balance to all eligible merchants in the U.S. over the coming months.

為第一個 10 億美元提供資金用了 4 年，而為第二個提供資金僅用了四分之一的時間。當今的金融服務無法為小型企業提供足夠的服務，甚至不堪重負。我們之所以知道這一點，是因為我們的許多商家告訴我們，他們感覺被排除在當今的銀行系統之外，而且他們中的許多人使用他們的個人賬戶來經營他們的業務。通過 Shopify Balance，我們通過為沒有銀行賬戶的人提供關鍵的商業銀行工具來打破創業障礙。無需踏入銀行，商家就可以立即訪問一個免費賬戶來存放他們的資金，以及一張可以讓他們快速取款的卡。他們還可以直接在 Shopify 平台內獲得每月現金返還獎勵和對現金流的洞察，以幫助他們更有效地管理資金。更多商家在第一季度加入我們的搶先體驗計劃，我們計劃在未來幾個月向美國所有符合條件的商家推出 Shopify 餘額。

Shopify Plus had another fantastic quarter, signing on a record number of high-volume brands looking to adapt to the fast-changing retail landscape. In Q1, more Shopify merchants on standard plans graduated to Shopify Plus to continue scaling their business. And our focus on bringing Shopify Plus international is gaining traction as Q1 saw a record number of brands from outside North America joined Shopify Plus. Brands that launched in Shopify Plus this past quarter include Japanese sports brand, Mizuno, Unilevers, Indian DTC store; the U Shop and LEGO. So far, we have seen a great start to our efforts internationally. And our momentum in North America is as strong as ever. Kraft Heinz launched Kraft Heinz Direct, a channel that sells directly to local retailers, convenience stores and restaurant partners following the launch last year of Heinz to home. Chrissy Teigen launched Cravings, a culinary store featuring recipes and products that inspire people to get comfortable in the kitchen and have fun cooking. WWE set up shop for their star wrestlers and the most recognizable sub-brands. Tinder set up shop for their fans, selling Tinder-made apparel and accessories. General Mills has made it easy to buy check serial recipe kits directly. And finally, Fabrica here in Canada, is capitalizing on the renaissance of selling by making their full array of fabrics and patterns available over their newly launched online store.

Shopify Plus 又迎來了一個精彩的季度，簽約了創紀錄數量的大批量品牌，以適應快速變化的零售環境。在第一季度，更多使用標準計劃的 Shopify 商家升級到 Shopify Plus 以繼續擴展他們的業務。隨著第一季度北美以外品牌加入 Shopify Plus 的數量創下歷史新高，我們對將 Shopify Plus 引入國際市場的關注也越來越受到關注。上個季度在 Shopify Plus 推出的品牌包括日本運動品牌 Mizuno、聯合利華、印度 DTC 商店； U 商店和樂高。到目前為止，我們已經看到我們在國際上的努力有了一個良好的開端。我們在北美的發展勢頭一如既往。 Kraft Heinz 推出了 Kraft Heinz Direct，這是繼 Heinz 去年推出到家後直接向當地零售商、便利店和餐廳合作夥伴銷售產品的渠道。 Chrissy Teigen 推出了 Cravings，這是一家以食譜和產品為特色的烹飪商店，可以激發人們在廚房裡舒適自在並享受烹飪的樂趣。 WWE 為他們的明星摔跤手和最知名的子品牌開設商店。 Tinder 為他們的粉絲開設商店，銷售 Tinder 製作的服裝和配飾。 General Mills 使直接購買檢查系列配方套件變得容易。最後，加拿大的 Fabrica 正在利用銷售的複興，在其新推出的在線商店中提供全系列的面料和圖案。

Department stores are brands as well, having built a special place in the hearts of shoppers for decades. And in one case, for nearly 200 years. I'm excited to share that Lord & Taylor, America's first department store, founded in 1826, has now launched on Shopify. Like so many merchants, speed to market, ease of use, integration capabilities, total cost of ownership, innovation and Shop Pay were big reasons why Lord & Taylor selected Shopify. It is exciting to see their value proposition evolve into an excellent mobile and social experience for their shoppers to find what they're looking for on a future-oriented platform on which to build experiences that haven't even been thought of yet. With the sustained shift to digital, the need for innovation has accelerated as more businesses come online and seek right fit solutions for their commerce needs. Shopify's partner ecosystem plays a critical role here, influencing the success of our merchants and Shopify.

百貨商店也是品牌，幾十年來在購物者心中建立了一個特殊的位置。在一個案例中，持續了將近 200 年。我很高興與大家分享，美國第一家百貨公司 Lord & Taylor 成立於 1826 年，現已在 Shopify 上線。與許多商家一樣，上市速度、易用性、集成能力、總擁有成本、創新和 Shop Pay 是 Lord & Taylor 選擇 Shopify 的重要原因。很高興看到他們的價值主張演變成一種出色的移動和社交體驗，讓他們的購物者可以在面向未來的平台上找到他們正在尋找的東西，並在這個平台上構建前所未有的體驗。隨著向數字化的持續轉變，隨著越來越多的企業上線並尋求適合其商務需求的解決方案，對創新的需求也在加速增長。 Shopify 的合作夥伴生態系統在這裡發揮著關鍵作用，影響著我們的商家和 Shopify 的成功。

In Q1, the number of partners setting business to us continue to expand as over 45,000 partners referred at least 1 merchant to Shopify over the last 12 months, up 73% year-over-year. The range of services our partners provide to our merchants from building apps and beautiful stores to marketing and accounting, helped our merchants drive massive volumes of economic activity in 2020. Last year, our merchants generated over $307 billion in business activity, benefiting local economies around the world. This includes our partner ecosystem, which made over $12 billion in revenue. To put this into perspective, Shopify made $2.9 billion in 2020, highlighting the amplified effect that we've had on local communities and the global economy.

在第一季度，我們的合作夥伴數量繼續增加，超過 45,000 名合作夥伴在過去 12 個月內將至少 1 家商家推薦給 Shopify，同比增長 73%。我們的合作夥伴為我們的商家提供的服務範圍從構建應用程序和漂亮的商店到營銷和會計，幫助我們的商家在 2020 年推動了大量的經濟活動。去年，我們的商家創造了超過 3070 億美元的商業活動，使周圍的地方經濟受益世界。這包括我們的合作夥伴生態系統，它創造了超過 120 億美元的收入。從這個角度來看，Shopify 在 2020 年賺了 29 億美元，凸顯了我們對當地社區和全球經濟的放大影響。

We believe that entrepreneurship is a powerful path to help people reach for economic independence. And that is why Shopify partnered with national geographic to produce the documentary film, Own the Room, which premiered on Disney+ in March. I encourage all of you to watch it, especially with your children, as it's an incredible documentary showcasing use in the relentless pursuit of entrepreneurship. It follows the journey of the next generation of young entrepreneurs, from different parts of the world who are taking ownership of their futures by building businesses. Stories like the ones told in Own the Room make entrepreneurship more relatable and inspire Shopify to continue making entrepreneurship easier for future generations. This, in a nutshell, is why Shopify exists. We are here to make it easier for anyone with an idea and ambition to launch a business. Entrepreneurship is thriving and trends like omnichannel shopping and direct-to-consumer selling offer even greater opportunities. But entrepreneurship is still harder than it needs to be and by building a future-proof retail operating system we are more committed than ever to loving the playing field for entrepreneurs and making commerce better for everyone.

我們相信，創業是幫助人們實現經濟獨立的有力途徑。這就是 Shopify 與國家地理合作製作紀錄片《擁有房間》的原因，該片於 3 月在 Disney+ 上首映。我鼓勵你們所有人觀看它，尤其是與您的孩子一起觀看，因為這是一部令人難以置信的紀錄片，展示了對創業精神的不懈追求。它跟隨來自世界不同地區的下一代年輕企業家的旅程，他們通過建立企業來掌控自己的未來。像 Own the Room 中講述的故事這樣的故事讓創業更具親和力，並激勵 Shopify 繼續讓子孫後代更容易創業。簡而言之，這就是 Shopify 存在的原因。我們在這裡是為了讓任何有想法和雄心的人更容易開展業務。創業精神正在蓬勃發展，全渠道購物和直接面向消費者的銷售等趨勢提供了更多機會。但創業仍然比需要的更難，通過構建一個面向未來的零售操作系統，我們比以往任何時候都更加致力於為創業者提供公平的競爭環境，讓商業對每個人來說都更好。

Shopify is truly becoming the world's entrepreneurship company. There's an inspirational story for as many merchants as they are in Shopify. We are sharing one today that illustrates just a profound impact we can have when we put technology in the hands of everyone. Here's (inaudible) of two brothers' farm in India. As we know, India is battling the worst of this global pandemic right now. We are telling the family story to bring some hope in a very difficult time. Here it is.

Shopify 正在真正成為世界的創業公司。對於 Shopify 中的許多商家來說，都有一個鼓舞人心的故事。我們今天要分享一個，它說明了當我們將技術交到每個人手中時我們可以產生的深遠影響。這是印度兩兄弟的農場（聽不清）。眾所周知，印度目前正在與這場全球大流行病最嚴重的時期作鬥爭。我們講述這個家庭的故事是為了在非常困難的時期帶來一些希望。這裡是。

(presentation)

（推介會）

Of the millions of stories we could have shared, this one especially shows just how irrepressible and global, the spirit of entrepreneurship is and how our merchants are persevering. And when our merchants do well, Shopify can bring more and better ways to help everyone compete and succeed. We're on the right track. Shopify experienced rapid revenue growth in our first quarter as the tailwinds from the acceleration of digital commerce continue to drive an acceleration of GMV and more merchants launch businesses on the platform and adopted more of our services.

在我們可以分享的數以百萬計的故事中，這個故事尤其展示了企業家精神是多麼的不可抑制和全球化，以及我們的商人是如何堅持不懈的。當我們的商家做得很好時，Shopify 可以帶來更多更好的方法來幫助每個人競爭並取得成功。我們走在正確的軌道上。 Shopify 在第一季度的收入快速增長，因為數字商務加速的順風繼續推動 GMV 的加速，更多商家在平台上開展業務並採用我們的更多服務。

Overall revenue growth accelerated from last quarter, up 110% year-over-year to $988.6 million in our first quarter. To put this in perspective, our first quarter revenue exceeded our fourth quarter revenue, a remarkable achievement given we typically see a seasonal decline quarter-over-quarter coming off the holiday selling season. Subscription Solutions revenue growth accelerated to 71% year-on-year in Q1 to $320.7 million largely due to strong growth in monthly recurring revenue. MRR growth accelerated to 62% year-over-year to $89.9 million in Q1 as demand for Shopify remained elevated. Q1 MRR also benefited from our first full quarter of incremental revenue from our retail POS Pro subscription, although its contribution remains relatively small. Strong app and Shopify Plus platform fee revenues contributed to the 9 percentage point difference between the growth of subscription revenue and MRR.

總體收入增長較上一季度加快，第一季度同比增長 110% 至 9.886 億美元。從這個角度來看，我們第一季度的收入超過了第四季度的收入，這是一個了不起的成就，因為我們通常會看到假期銷售旺季後的季度環比下降。訂閱解決方案收入在第一季度同比增長 71% 至 3.207 億美元，這主要是由於每月經常性收入的強勁增長。由於對 Shopify 的需求保持高位，第一季度 MRR 同比增長 62% 至 8990 萬美元。第一季度 MRR 也受益於我們零售 POS Pro 訂閱的第一個完整季度增量收入，儘管其貢獻仍然相對較小。強勁的應用程序和 Shopify Plus 平台費用收入導致訂閱收入增長與 MRR 之間存在 9 個百分點的差異。

Shopify Plus contributed $23.1 million or 26% of MRR compared with 28% in Q1 of 2020, while Shopify Plus MRR grew significantly, non Plus MRR grew faster benefiting from a significantly higher number of merchants on standard plans joining the platform in 2020 and the first quarter as well as from our first full quarter of Shopify POS Pro subscription revenue. Merchant Solutions revenue growth accelerated to 137% over the same period in 2020 to $668 million. This outstanding growth was driven primarily by merchant strong sales with GMV growth also accelerating to 114% to $37.3 billion in the first quarter alone.

Shopify Plus 貢獻了 2310 萬美元或 26% 的 MRR，而 2020 年第一季度為 28%，而 Shopify Plus MRR 增長顯著，非 Plus MRR 增長更快，這得益於 2020 年加入該平台的標準計劃商家數量顯著增加以及第一個季度以及我們第一個完整季度的 Shopify POS Pro 訂閱收入。商家解決方案收入增長加速至 2020 年同期的 137%，達到 6.68 億美元。這一顯著增長主要是由商家強勁的銷售推動的，僅第一季度 GMV 增長也加速至 114%，達到 373 億美元。

Strong Q1 GMV versus last year was the result of a greater share of retail spend going to online purchases, higher GMV per merchant and an injection from the latest round of stimulus in the United States introduced in March. While GMV growth across all regions accelerated, the strong growth in North America was outpaced by growth outside North America, which is gratifying given our focus there. The strong growth in merchant sales, combined with increased GMV penetration of Shopify Payments and merchant adoption of Shopify Capital and Shipping compared with the same period last year drove revenue from these products higher. $17.3 billion of GMV was processed on Shopify payments in Q1, an increase of 135% versus the comparable quarter last year. Payments penetration of GMV was 46% versus 42% in Q1 2020. The majority of new merchants coming on to Shopify opted to use Shopify Payments and Shopify Plus, and international merchants expanded their share of GPV year-over-year. Adjusted gross profit dollar growth accelerated to 114% over last year's first quarter to $565.1 million and outpaced revenue growth, largely due to stronger Shopify Payments margins. The combined strength in revenue, improved margin profile of Shopify Payments and lower overall OpEx spend as a percent of revenue contributed to strong adjusted operating earnings in Q1 compared to the same period last year.

第一季度 GMV 與去年相比強勁的原因是在線購買的零售支出份額更大、每個商家的 GMV 更高以及美國 3 月份推出的最新一輪刺激措施的注入。雖然所有地區的 GMV 增長都在加速，但北美以外的增長超過了北美的強勁增長，鑑於我們的重點是北美以外，這是令人欣慰的。與去年同期相比，商家銷售額的強勁增長，加上 Shopify Payments 的 GMV 滲透率的提高以及商家對 Shopify Capital 和 Shipping 的採用，推動了這些產品的收入增長。第一季度，Shopify 支付處理了 173 億美元的 GMV，與去年同期相比增長了 135%。 GMV 的支付滲透率為 46%，而 2020 年第一季度為 42%。進入 Shopify 的大多數新商家選擇使用 Shopify Payments 和 Shopify Plus，國際商家的 GPV 份額同比擴大。調整後的毛利潤美元增長率比去年第一季度加快 114%，達到 5.651 億美元，超過了收入增長，這主要是由於 Shopify Payments 利潤率更高。與去年同期相比，收入的綜合實力、Shopify Payments 利潤率的改善以及整體運營支出佔收入百分比的下降，促成了第一季度調整後的營業收入強勁。

Adjusted operating income was $210.8 million in the first quarter compared to an adjusted operating loss of $7.3 million in the first quarter of 2020 as our acceleration in revenue outpaced growth in spend. Adjusted net income for the quarter was $254.1 million or $2.01 per diluted share compared with adjusted net income of $22.3 million or $0.19 per diluted share in last year's first quarter. Adjusted net income in Q1 2021 excludes a $1.3 billion unrealized gain from our equity investment in a firm, which we wrote up to its fair value upon and subsequent to the company's IPO. Finally, our cash, cash equivalents and marketable securities balance was $7.87 billion on March 31 compared with $6.39 billion at year-end. The increase reflects $1.5 billion of net proceeds from our share offering in February. Strengthening our balance sheet and providing flexibility to fund our growth strategies. Last quarter, we outlined 3 key areas of incremental investment for 2021. I'll walk through the progress we made in our first quarter and provide an update on our outlook for the rest of the year. First is Shopify Fulfillment Network, where, as Harley laid out, we made solid progress in our first quarter. We continue to build software to make fulfillment easier for our merchants, introducing enhanced inventory management capabilities and better insights to manage orders. As we build the product market fit of Shopify Fulfillment Network, we continue to focus on optimizing our software and network for accuracy, efficiency and merchant delight.

第一季度調整後營業收入為 2.108 億美元，而 2020 年第一季度調整後營業虧損為 730 萬美元，這是因為我們的收入增長速度超過了支出增長速度。本季度調整後淨收入為 2.541 億美元或每股攤薄收益 2.01 美元，而去年第一季度的調整後淨收入為 2230 萬美元或每股攤薄收益 0.19 美元。 2021 年第一季度的調整後淨收入不包括我們對一家公司股權投資的 13 億美元未實現收益，我們將其記入公司首次公開募股時及之後的公允價值。最後，我們的現金、現金等價物和有價證券餘額在 3 月 31 日為 78.7 億美元，而年底為 63.9 億美元。這一增長反映了我們 2 月份股票發行的 15 億美元淨收益。加強我們的資產負債表並提供靈活性來為我們的增長戰略提供資金。上個季度，我們概述了 2021 年增量投資的 3 個關鍵領域。我將介紹我們在第一季度取得的進展，並提供我們對今年剩餘時間的展望的最新情況。首先是 Shopify Fulfillment Network，正如 Harley 所說，我們在第一季度取得了穩步進展。我們繼續構建軟件，讓我們的商家更輕鬆地履行訂單，引入增強的庫存管理功能和更好的洞察力來管理訂單。在構建 Shopify 配送網絡的產品市場契合度時，我們將繼續專注於優化我們的軟件和網絡，以提高準確性、效率和商家滿意度。

6 River Systems plays an important part in this process, optimizing traffic flow within our partner warehouses to balance throughput, improve safety and increase productivity. Their easy to deploy fulfillment technology is also enabling their customers to act with speed and agility, helping them scale as demand for their products has increased during the pandemic.

6 River Systems 在此過程中發揮著重要作用，優化我們合作夥伴倉庫內的交通流量以平衡吞吐量、提高安全性和提高生產力。他們易於部署的履行技術也使他們的客戶能夠快速和敏捷地採取行動，幫助他們隨著大流行期間對產品需求的增加而擴大規模。

Second is Shop. The ecosystem of Shop features that Harley described is attracting an audience of engaged followers for our merchants in the app. Although early, we're seeing promising levels of engagement with buyer cohorts using the app for several months. We will continue to build more features into Shop that offer buyers a delightful shopping experience and strengthen their relationship with merchants. And third is international expansion. More international merchants are joining and succeeding on Shopify as we step up our marketing and sales efforts to introduce more entrepreneurs to Shopify and continue to localize our platform in focus countries. Rest of world GMV growth outpaced that of North America, and revenue from these international regions increased as a part of the overall mix in our first quarter. We are also expanding merchant solutions to work well for how commerce happens everywhere in the world. We have seen how merchants benefit when we make things like payments, shipping, capital and retail easily available to them.

其次是商店。 Harley 描述的 Shop 生態系統功能正在為我們的應用程序中的商家吸引大量關注者。雖然還早，但我們已經看到幾個月來使用該應用程序的買家群體的參與度很有希望。我們將繼續在 Shop 中構建更多功能，為買家提供愉快的購物體驗並加強他們與商家的關係。第三是國際擴張。隨著我們加強營銷和銷售工作以將更多企業家引入 Shopify 並繼續在重點國家對我們的平台進行本地化，越來越多的國際商家加入並在 Shopify 上取得成功。世界其他地區的 GMV 增長超過了北美，來自這些國際地區的收入在第一季度作為整體組合的一部分有所增長。我們還在擴展商家解決方案，以更好地應對世界各地的商業活動。我們已經看到，當我們讓支付、運輸、資金和零售等服務對他們來說很容易獲得時，他們是如何受益的。

So we are excited to make the full power of our platform available to Shopify merchants in more geographies. We made Shopify shipping and option to sell shippers in Australia last year and will continue to explore partners and geographies to give more merchants this option natively. And the reopening of nonessential retail businesses earlier this month in the U.K. coincided nicely with the marketing launch of our all-new POS there and in Ireland. We are eager to bring independent shops that have survived an incredibly difficult year, omnichannel capabilities as well as other cutting-edge commerce features that make them even more resilient. These longer-term investments are important to our merchant success to further future-proof our offerings and capitalize on our position at the intersection of entrepreneurship and e-commerce we are also stepping up our strategic partnerships. This includes investments in companies and technologies in our ecosystem that align with our mission and who success at scale could positively impact our merchants. We have several such investments now, Affirm being one example.

因此，我們很高興能為更多地區的 Shopify 商家提供我們平台的全部功能。我們去年在澳大利亞製作了 Shopify shipping 和 option to sell shippers，並將繼續探索合作夥伴和地理區域，為更多商家提供本地此選項。本月早些時候在英國重新開放非必要零售業務恰逢我們在英國和愛爾蘭推出全新 POS 的營銷活動。我們渴望帶來在極其艱難的一年中倖存下來的獨立商店、全渠道功能以及其他使它們更具彈性的尖端商業功能。這些長期投資對我們的商業成功很重要，可以進一步證明我們的產品面向未來，並利用我們在創業和電子商務交叉領域的地位，我們也在加強我們的戰略合作夥伴關係。這包括對我們生態系統中符合我們使命的公司和技術的投資，以及那些在規模上取得成功可以對我們的商家產生積極影響的公司和技術。我們現在有幾項這樣的投資，Affirm 就是一個例子。

Turning to our outlook. Our full year 2021 outlook is guided by assumptions that remain unchanged from February. That as countries continue to roll out vaccines in 2021 and populations are able to move about more freely. The overall economic environment will likely improve some consumer spending will likely rotate back to offline retail and services and the ongoing shift to e-commerce, which accelerated in 2020 will likely resume a more normalized pace of growth. In March 2021, the U.S. government passed a coronavirus relief package and began processing stimulus payments in early March. The benefit to Shopify's GMV from this latest brand of stimulus ended in early April.

轉向我們的前景。我們的 2021 年全年展望以自 2 月以來保持不變的假設為指導。隨著各國在 2021 年繼續推出疫苗並且人口能夠更自由地移動。整體經濟環境可能會有所改善，部分消費者支出可能會轉向線下零售和服務，而持續向電子商務的轉變（在 2020 年加速）可能會恢復更正常的增長速度。 2021 年 3 月，美國政府通過了一項冠狀病毒救助計劃，並於 3 月初開始處理刺激付款。這一最新品牌的刺激措施對 Shopify 的 GMV 的好處在 4 月初結束。

In view of these factors, we continue to expect to grow revenue rapidly in 2021, but at a lower rate than in 2020. For the full year 2021, we continue to expect the following: Subscription Solutions revenue growth to be driven by more merchants around the world joining the platform in a number lower than the record in 2020 but higher than any year prior to 2020. The growth rates of Subscription Solutions and Merchant Solutions revenues to be more similar to each other than in the recent past, as we do not expect the surge in GMV that drove Merchant Solutions in 2020 to repeat. Merchant Solutions revenue growth to be driven by continued GMV growth from existing merchants, new merchants joining the platform and expanded adoption of Shopify's growing menu of Merchant solutions, including established offerings such as Shopify Payments, Shopify Shipping and Shopify Capital, both geographically and as merchants grow into them, while newer solutions, such as Shopify Fulfillment Network and 6 River Systems contribute nascent but incremental revenue in their early stages.

鑑於這些因素，我們繼續預計 2021 年收入將快速增長，但增速低於 2020 年。對於 2021 年全年，我們繼續預計以下情況： 訂閱解決方案收入增長將由更多商家推動世界加入該平台的人數低於 2020 年的記錄，但高於 2020 年之前的任何一年。訂閱解決方案和商家解決方案收入的增長率將比最近更相似，因為我們沒有預計 2020 年推動商家解決方案的 GMV 激增將重現。現有商家的 GMV 持續增長、新商家加入該平台以及擴大採用 Shopify 不斷增長的商家解決方案菜單（包括 Shopify Payments、Shopify Shipping 和 Shopify Capital 等既定產品，無論是在地理上還是作為商家），都將推動商家解決方案收入增長成長為他們，而較新的解決方案，如 Shopify 履行網絡和 6 River Systems 在其早期階段貢獻了新生但增量的收入。

While we expect that the first quarter will likely still contribute the smallest share of full year revenue and the fourth quarter, the largest, the revenue spread may be more evenly distributed across the 4 quarters than it has been historically if the rollout of a vaccine shifts more consumer spending to services and offline shopping towards the back half of the year. 2020 catapulted commerce into a period of incredibly rapid change, presenting Shopify with unprecedented opportunities in 2021 to accelerate innovation.

雖然我們預計第一季度在全年收入中所佔的份額可能仍然最小，而第四季度所佔的份額最大，但如果疫苗的推出發生變化，這四個季度的收入分佈可能比歷史上更均勻到今年下半年，更多的消費者支出用於服務和線下購物。 2020 年使商業進入了一個難以置信的快速變化時期，在 2021 年為 Shopify 提供了前所未有的機會來加速創新。

We continue to expect rapid growth in gross profit dollars in 2021 and plan to reinvest back into our business as aggressively as we can. With the year-over-year growth in operating expenses accelerating each quarter throughout the rest of the year. We are seeing greater volume and velocity of new engineering hires over the last several weeks after putting the rails in place in Q1 to make this possible. Digital by Design, our approach to a fully remote workforce that we're eager to keep building and improving on has also been helpful to hiring. As we continue to gain steam, we expect the bulk of our spending to happen in the second half of 2021, as such, we expect full year 2021 adjusted operating income to be below the level we achieved in 2020.

我們繼續預計 2021 年毛利潤將快速增長，併計劃盡可能積極地重新投資於我們的業務。隨著營業費用的同比增長在今年剩餘時間裡每個季度都在加速。在第一季度實施軌道以實現這一目標後，我們在過去幾週內看到新工程師招聘的數量和速度都在增加。數字化設計，我們對完全遠程勞動力的方法，我們渴望繼續建設和改進，這也有助於招聘。隨著我們繼續獲得動力，我們預計我們的大部分支出將發生在 2021 年下半年，因此，我們預計 2021 年全年調整後的營業收入將低於我們在 2020 年實現的水平。

For 2021, we now anticipate stock-based compensation expenses and related payroll taxes of $425 million and amortization of acquired intangibles of $21 million. More than a year out since the onset of the pandemic, there are still many moving pieces in the commerce landscape and will be for the foreseeable future. What is apparent is that entrepreneurs are adapting and thriving. With our mission to make commerce better for everyone, our merchant-first business model and a strong balance sheet, Shopify is well positioned to execute on our portfolio of growth initiatives and give our merchants the tools they need to compete in the future of commerce.

到 2021 年，我們現在預計基於股票的補償費用和相關工資稅為 4.25 億美元，所購無形資產的攤銷為 2100 萬美元。自大流行開始一年多以來，商業領域仍有許多變化，並且在可預見的未來仍將如此。顯而易見的是，企業家正在適應並蓬勃發展。我們的使命是讓每個人的商業變得更好，我們的商家至上的商業模式和強大的資產負債表，Shopify 有能力執行我們的增長計劃組合，並為我們的商家提供他們在未來商業競爭中所需的工具。

With that, I'll turn the call back to Katie.

有了這個，我會把電話轉回凱蒂。

Thanks, Amy. (Operator Instructions)

謝謝，艾米。 （操作員說明）

Ariel, can we start with the first question, please?

Ariel，我們可以從第一個問題開始嗎？

Our first question comes from Thomas Forte of D.A. Davidson.

我們的第一個問題來自 D.A. 的 Thomas Forte。戴維森。

So Tobi, you wrote a very thoughtful blog post about building a company to last 1,000 years and executive turnover. How should investors think about the duration of your own tenure as CEO of Shopify?

所以托比，你寫了一篇非常有思想的博文，內容是關於建立一家可以持續 1000 年的公司和高管更替。投資者應該如何看待您作為 Shopify 首席執行官的任期？

Thanks for the question. Yes, I know I'm committed. I'm long -- I'm in for a long-term here. I'll never in my life come up with a better idea, veteran of Shopify. So I'm all in. Of course, as I said, in email, I did write this rather thoughtfully because I just wanted to -- like there's a lot of -- when people lease companies, it's also kind of a bit of hard for everyone to figure out how to react to that. I do think that it's rather something that should be celebrated because clearly, incredible things have been done together? And then if you can Shopify story, everyone sees that this team has built some really amazing things together. I'm deeply grateful to everyone who joined me on this for this part of the journey. And leaving at the right time is something world-class executives do. And so I think this is important for me, it would be way too early in the 1 to 3 way that I laid out in this post.

謝謝你的問題。是的，我知道我承諾。我很長 - 我在這里長期。 Shopify 的老手，我這輩子都想不出更好的點子了。所以我全力以赴。當然，正如我在電子郵件中所說，我寫這篇文章時考慮周到，因為我只是想——就像很多人一樣——當人們租賃公司時，這也有點困難讓每個人都弄清楚如何對此做出反應。我確實認為這是應該慶祝的事情，因為很明顯，令人難以置信的事情是一起完成的？然後，如果你可以 Shopify story，每個人都會看到這個團隊共同打造了一些非常了不起的東西。我非常感謝在這段旅程中加入我的每一個人。在正確的時間離開是世界級高管所做的事情。所以我認為這對我很重要，我在這篇文章中提出的 1 到 3 方式還為時過早。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

Just, Tobi, you talked about the sharp increase of e-commerce adoption, like you said before, it pulled forward adoption by 10 years. But how has the competitive landscape changed, mainly even from marketplaces, are you seeing consumer more attracted towards marketplaces?

只是，托比，你談到了電子商務採用的急劇增加，就像你之前說的那樣，它使採用提前了 10 年。但是競爭格局發生了怎樣的變化，主要是來自市場，您是否看到消費者更容易被市場吸引？

The growth is so big in [Internet] commerce that it really is hard to talk at all about sort of the 0 soundness of the channels. We honestly are all growing and consumer mix is changing as people are getting more comfortable just using the Internet more broadly. There are certain categories, and it's hard to know which ones might be that people love to go direct for -- because you have this direct -- I mean, we talk about the direct-to-consumer a lot. Maybe I'm not going to take this all away from the top here because I think everyone is well familiar with the dynamics behind it. But what we are finding is that I think the macro trend here is like the past -- the limited inventory that the channels in the sort of departure store (inaudible) store build could carry, this led to a very poor quality of products and very, very high turnover products and people just have to replace everything a lot.

[互聯網] 商務的增長如此之大，以至於很難談論渠道的 0 穩健性。老實說，我們都在成長，消費者組合也在發生變化，因為人們越來越習慣於更廣泛地使用互聯網。有某些類別，很難知道人們喜歡直接購買哪些類別——因為你有這種直接——我的意思是，我們經常談論直接面向消費者。也許我不會把這一切都從這裡的頂部拿走，因為我認為每個人都非常熟悉它背後的動態。但我們發現，我認為這裡的宏觀趨勢與過去一樣——離店（聽不清）商店建立的渠道可以承載的庫存有限，這導致產品質量非常差，而且非常，非常高的周轉率產品和人們只需要更換很多東西。

Now because of being able to purchase directly from makers who are now highly incentivized not to win the channel but rather make the best products. You just the quality process is going up. So I think more and more categories of products are bought at higher quality levels at -- for longer time periods. And often in a direct way directly for manufacturer. Again, I don't think that's necessarily competing with the channels because it's really, really growing the market. And the same person might buy from the marketplace, a bunch of things in -- at 9 am in the morning and then by some indirect, 9:20 that I've been thinking about for months. So like it's -- I think everyone is going to do all of it, and internet commerce has a lot of growth ahead of it.

現在因為能夠直接從製造商那裡購買，他們現在被高度激勵而不是贏得渠道而是製造最好的產品。你只是質量過程在上升。所以我認為越來越多的產品類別在更高質量水平上被購買——時間更長。並且通常以直接的方式直接面向製造商。同樣，我認為這不一定與渠道競爭，因為它確實在推動市場增長。同一個人可能會從市場上購買一堆東西——在早上 9 點，然後通過一些間接的方式，我已經考慮了幾個月的 9:20。就像它一樣 - 我認為每個人都會做所有這一切，並且互聯網商務在它之前有很多增長。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Ken Wong。

Harley, earlier, you mentioned seeing higher attach of shipping and how potentially fulfillment could kind of follow in that path. Is that 50% attached to the right level to think about what fulfillment demand could look like? And as merchants adoption increases. How are you thinking about the need to supplement the partner model with your own distribution?

哈雷，早些時候，你提到看到更高的運輸附加值以及潛在的履行方式如何遵循這條道路。這 50% 是否符合考慮履行需求的正確水平？隨著商家採用率的提高。您如何考慮用您自己的分銷來補充合作夥伴模型的必要性？

Ken, thanks for the question. A couple of things. So on the shipping -- Shopify Shipping in particular, as I said, yes, adoption has grown significantly since we launched 5 years ago, now more than half of eligible merchants in the U.S. and Canada are adopting it. And I think Shopify shipping has really proven its relevance. Now self shipping is a phase that some merchants will continue to do and others will kind of grow through, which is why things like SFN is really important. In terms of the update on SFN, I alluded to this in the opening remarks, but more merchants join SFN in Q1 and volumes fulfilled in Q1 were actually similar to Q4, which, of course, is a very strong holiday season. What we really want to do with SFN is we want to continue to build the foundation of the network itself. We want to focus on optimizing the software and the network. We want to keep introducing new features that give merchants better insights. Now you may have a merchant who may use Shopify Shipping for certain products and SFN for other products you may have certain merchants at the side, SFN is exactly where I need to be. But the SFN -- we are targeting customers in this product market phase, who are self shippers right now who are fulfilling anywhere from 10 to 10,000 orders a day, durable good is really important.

肯，謝謝你的提問。幾件事。所以在運輸方面——特別是 Shopify Shipping，正如我所說，是的，自我們 5 年前推出以來，採用率有了顯著增長，現在美國和加拿大超過一半的符合條件的商家正在採用它。而且我認為 Shopify shipping 確實證明了它的相關性。現在，自發貨是一些商家將繼續做的階段，而另一些商家會逐漸成長，這就是為什麼像 SFN 這樣的東西真的很重要。關於 SFN 的更新，我在開場白中提到了這一點，但更多商家在第一季度加入了 SFN，第一季度完成的數量實際上與第四季度相似，當然，這是一個非常強勁的假期。我們真正想用 SFN 做的是我們想繼續構建網絡本身的基礎。我們希望專注於優化軟件和網絡。我們希望不斷推出新功能，為商家提供更好的洞察力。現在，您可能有一個商家可以對某些產品使用 Shopify Shipping，對其他產品使用 SFN，您可能旁邊有某些商家，SFN 正是我需要的地方。但是 SFN——我們的目標客戶是處於這個產品市場階段的客戶，他們現在是自助托運人，每天要處理 10 到 10,000 個訂單，耐用品真的很重要。

And also brand experience is really key for their business. And so we really are narrowing down exactly who is the right customer for SFN because we want to have the best -- we want them to have the best experience possible.

而且品牌體驗對於他們的業務來說確實很關鍵。因此，我們確實在縮小誰是 SFN 的合適客戶的範圍，因為我們希望擁有最好的——我們希望他們盡可能擁有最好的體驗。

But I don't think it's going to be SFN or shipping. I think that the idea of Shopify becoming the global retail operating system is that merchants get different choices depending on what they need for their particular business.

但我認為這不會是 SFN 或運輸。我認為 Shopify 成為全球零售操作系統的想法是，商家可以根據他們對特定業務的需求做出不同的選擇。

Our next question comes from Colin Sebastian of Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

Maybe another one for Tobi here. With respect to the technology platform and using rails, I'm sure you're happy with the scalability so far. But do you have any concerns about the next stage of growth? And are you satisfied overall with the pace of product development?

也許這裡是托比的另一個。關於技術平台和使用 Rails，我相信您對目前的可擴展性感到滿意。但您對下一階段的增長有任何顧慮嗎？您對產品開發的總體速度是否滿意？

Yes. Thank you. Yes. No, it's -- I mean, part of the reason why Shopify looked really well is because we made very good assumptions about the future across business and technologies. We had a very small team for first 6 years before we took over first outside venture investment. And thanks to technologies like rails and obviously, we were able to -- with a small team to move significantly faster than much, much larger teams on worse technology stats. So getting leverage from technology is very core to Shopify. We said we are a few thousand engineers, but I think we have the same ideas about getting productivity, from using the best pieces of software, using open source as much as you can and maintaining good open source projects that help us increase the -- it is just the productivity in the company and also give back to the community that has given us so much. And we have an absolute world-class engineering team, and everyone knows exactly how to scale Shopify as far as it needs to go.

是的。謝謝。是的。不，它是 - 我的意思是，Shopify 看起來非常好的部分原因是因為我們對業務和技術的未來做出了非常好的假設。在我們接手第一個外部風險投資之前的前 6 年，我們的團隊非常小。並且由於像 Rails 這樣的技術，很明顯，我們能夠 - 一個小團隊的移動速度明顯快於更糟糕的技術統計數據的大得多的團隊。因此，利用技術是 Shopify 的核心。我們說我們有幾千名工程師，但我認為我們在提高生產力方面有著相同的想法，通過使用最好的軟件、盡可能多地使用開源以及維護良好的開源項目來幫助我們增加——正是公司的生產力和回饋社區給了我們這麼多。我們擁有一支絕對世界一流的工程團隊，每個人都確切地知道如何根據需要擴展 Shopify。

So no really concerns, and I'm really, really happy with the productivity and progress on product and engineering infrastructure front.

所以不用擔心，我對產品和工程基礎設施方面的生產力和進步真的非常滿意。

Our next question comes from Trevor Young of Barclays.

我們的下一個問題來自巴克萊銀行的 Trevor Young。

You flagged some impact from the stimulus payments in March, which I think you indicated rolled off in early April. One, could you help us quantify that impact? And then how should we think about how that impacted the growth differential you mentioned between international and domestic GMV?

你在 3 月份指出了刺激付款的一些影響，我認為你表示這在 4 月初已經結束。第一，你能幫我們量化這種影響嗎？那麼我們應該如何考慮這會如何影響您提到的國際和國內 GMV 之間的增長差異？

Yes. So the U.S. stimulus did have a noticeable impact to our GMV in the quarter. But GMV was strong even without it. And let me give you a couple of data points. So looking at total GMV, we started to see the acceleration in growth in January and February before U.S. stimulus was even a factor in March. And in addition, for the quarter, our GMV outside of the U.S. accelerated at a faster pace than the U.S. So this isn't just a U.S. stimulus story. It was strength across the board in GMV across every merchant type standard and plus there was an acceleration in every geography. So strength across the board.

是的。因此，美國的刺激措施確實對我們本季度的 GMV 產生了顯著影響。但即使沒有它，GMV 也很強大。讓我給你幾個數據點。因此，從總 GMV 來看，我們開始看到 1 月和 2 月的增長加速，甚至在 3 月美國刺激措施成為一個因素之前。此外，在本季度，我們在美國以外的 GMV 的增長速度快於美國，因此這不僅僅是美國的刺激故事。它在每一個商家類型標準的 GMV 中都表現出全面的優勢，而且在每個地區都有加速。所以實力全線。

Our next question comes from Paul Treiber of RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Paul Treiber。

A question for Tobi. Just I'm curious on your thoughts on leadership and culture. In particular, can you speak about the importance of continuing to foster a culture of empowering and enabling employees against Shopify as the increasingly ability to bring in proven management from the outside.

托比的問題。我很好奇你對領導力和文化的看法。特別是，隨著越來越有能力從外部引入經過驗證的管理，您能否談談繼續培養一種授權和支持員工反對 Shopify 的文化的重要性。

Yes. I -- the way I think about it is it's not an either/or. What you need is the right balance of teachers and students. And so -- and some of the same people can be teachers in more in context and students are another and actually making this very explicit is a really, really, really important component of building a good culture like -- because, for instance, some people have been with the company for a very long time and, therefore, have been in a lot of the key situations and meetings, for instance, where very key and subtle decisions have been made.

是的。我——我的想法是它不是非此即彼。你需要的是教師和學生的適當平衡。所以——同樣的一些人可以在更多的背景下成為老師，而學生是另一個人，實際上，非常明確地表達這一點是建立良好文化的一個非常、非常、非常重要的組成部分，比如——因為，例如，一些人們在公司工作了很長時間，因此經歷過許多關鍵情況和會議，例如，在這些情況下做出了非常關鍵和微妙的決定。

This is a context that's extremely valuable for -- not for the reasons of explaining the outcome of the meeting. But rather bringing and teaching someone who might have just arrived, what was considered to make the decision, right? Because the one thing you have in a company that grows extremely quickly, like Shopify has is it's a brand or building that has a lot of things that might -- could be better in it, right? Like it's because we're in a hurry, we grew very, very fast. And very smart people come in later and join the team and say, everyone this wall over here, is this something that -- like I can't figure out by the wall there. And so the ideal thing to do then is potentially get like not have a wall there like do modify the building to be better for the purposes. Ideally, in this case, someone puts up a hand and says, actually, I remember of putting this wall up, we were in a hurry, and we just need to get something done or some puts up the hands and says, actually, that's a lot bearing. And that has a really good reason for this being there, and we don't need to actually run this experiment of removal and deal with the consequences.

這是一個非常有價值的背景，而不是為了解釋會議結果。而是帶著和教一個可能剛到的人，考慮了什麼來做出決定，對吧？因為你在一家發展極快的公司中擁有的一件事，就像 Shopify 擁有的那樣，它是一個品牌或建築，它有很多東西可能 - 可以做得更好，對吧？就像是因為我們很匆忙，我們成長得非常非常快。非常聰明的人後來進來並加入團隊，他們說，這裡的每個人，這堵牆，是不是——就像我無法通過那裡的牆弄清楚一樣。因此，理想的做法可能是那裡沒有牆，比如修改建築物以使其更好地達到目的。理想情況下，在這種情況下，有人舉起手說，實際上，我記得把這堵牆豎起來了，我們當時很匆忙，我們只需要完成某件事，或者有人舉手說，實際上，那是很多軸承。這有一個很好的理由，我們不需要實際運行這個移除實驗並處理後果。

So the way I'm thinking about this is you really want a good ratio. You want there to be people who have high potential and ideally have someone who has seen the movie before and can -- because that effect leads to fastest personnel growth, and my belief is that companies really aren't anything other than the aptitude skills of every person in the company combined potentially multiplied by alignment of direction.

所以我的想法是你真的想要一個好的比例。你希望有人有很高的潛力，理想情況下有人以前看過這部電影並且可以——因為這種效果會導致最快的人員增長，我相信公司真的就是人才的能力技能公司中的每個人都可能乘以方向一致。

And then whatever number is, that's really what the company is and how good the company is. And as long as you keep the balance I think you're building a great culture. And as long as everyone is honest, in which case, they can be the teachers. In these cases, they can be the students then I think you have a really, really good culture.

然後無論數字是多少，這才是真正的公司，以及公司有多好。只要你保持平衡，我認為你就在建立一種偉大的文化。只要每個人都誠實，那樣的話，他們就可以當老師了。在這些情況下，他們可以是學生然後我認為你有一個非常非常好的文化。

Our next question comes from Craig Maurer of Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Craig Maurer。

I wanted to come back to the discussion of Shopify Balance and its rollout. Can you talk about the long-term revenue model for financial services offered as part of a commerce platform, e-commerce platform? Is this long-term and interchange model, a credit or net interest income driven model? Just a little thoughts on how you view the future of balance would be really helpful.

我想回到對 Shopify Balance 及其推出的討論。你能談談作為商務平台、電子商務平台的一部分提供的金融服務的長期收入模式嗎？這個長期互換模型，是信用還是淨利息收入驅動的模型？關於您如何看待平衡的未來的一些想法將非常有幫助。

Craig, I'll take that question. So to be clear, Shopify Balance is really built for independent businesses. We want to act as our merchant financial partner. When a merchant signs up for Balance, they get you needed access to an integrated accounts to build their funds, they get a card to access cash fast and to be able to spend their money. They get monthly cash back awards that are relevant to their actual business but they also get these great insights in terms of the business's cash flow. We're doing this really primarily because we think that right now, business banking, particularly for small businesses, is not working. A lot of merchants, a lot of small businesses still use their personal bank accounts because it's so complicated. And so in terms of the rollout of it, we've added more merchants to the early access program in Q1.

克雷格，我來回答這個問題。所以要明確一點，Shopify Balance 確實是為獨立企業打造的。我們想充當我們的商業金融合作夥伴。當商家註冊 Balance 時，他們會為您提供訪問集成賬戶所需的權限以建立他們的資金，他們會獲得一張卡以快速獲取現金並能夠花錢。他們每月獲得與其實際業務相關的現金返還獎勵，但他們也獲得了有關業務現金流的深刻見解。我們之所以這樣做，主要是因為我們認為，目前商業銀行業務，尤其是對小企業而言，是行不通的。很多商家，很多小企業仍然使用他們的個人銀行賬戶，因為它太複雜了。因此，就它的推出而言，我們在第一季度將更多商家添加到早期訪問計劃中。

We are on track for general availability to eligible merchants later this year. But that idea, whether it's Balance or Shopify Payments or Shopify Capital, it's just another way that we're trying to look at all the different barriers to success that a traditional small business might have and reduce those barriers. You heard earlier that we've now given a more than $2 billion worth of capital to small businesses. That $2 billion mark is important because, obviously, it shows the growth of Shopify Capital. But more importantly, these are small businesses that otherwise may not have access to the capital, and they're using it to grow their business. And it's an amazing thing to watch when you can actually democratize so much of the business challenges and make it available to over 1.7 million merchants. You will see us do more of these things in the coming years.

我們有望在今年晚些時候向符合條件的商家全面開放。但這個想法，無論是 Balance 或 Shopify Payments 還是 Shopify Capital，它只是我們試圖審視傳統小企業可能面臨的所有不同成功障礙並減少這些障礙的另一種方式。你之前聽說我們現在已經向小企業提供了價值超過 20 億美元的資金。 20 億美元大關很重要，因為很明顯，它顯示了 Shopify Capital 的增長。但更重要的是，這些都是小企業，否則可能無法獲得資金，而他們正在利用這些資金來發展業務。當您真正將如此多的業務挑戰大眾化並使其可供超過 170 萬商家使用時，這是一件令人驚奇的事情。你會看到我們在未來幾年做更多這樣的事情。

But in terms of how we monetize each of those particular financial services, those will each be very different.

但就我們如何通過這些特定的金融服務獲利而言，它們各不相同。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about Shop App. Certainly, the origin seems centered around this idea of online shopping assistant. It seems like it's expanding. You talked about discovery filters to find local businesses of all sorts, which is great. But I'm just curious, what is the longer-term ambition in terms of how you see this product fitting into the broader Shopify platform?

我想問一下 Shop App。當然，起源似乎圍繞著這個在線購物助手的想法。好像在膨脹。您談到了發現過濾器以查找各種本地企業，這很棒。但我很好奇，就您如何看待這款產品融入更廣泛的 Shopify 平台而言，長期目標是什麼？

Yes. The number one goal is just to end-to-end, tool up the process of commerce. And then this is just buying from independent stores. Pre shop, we had to rely on there sort of ad hoc organic prioritization of a process. What I mean is like after you bought something, you then had to -- you've got e-mails with updates. I mean like we were internally prebuilding Shopify by talking about imagine like Uber would work like this where you call a taxi and then they send you e-mails, every once in a while, there's a location of the cab that's supposed to pick you up. And then someone would heavily remark that that's exactly how taxi services actually work. And that seemed pretty crazy. But this is sort of the way we saw problems and we were entering computing and Shop. Want to make it so that you buy something from independent business or direct from vendors and the process of getting it to you is much clearer. And hopefully, the after-sale of care is going to be something that will look into as well in terms of reverse logistics and returns.

是的。首要目標只是端到端，完善商業流程。然後這只是從獨立商店購買。開店前，我們不得不依賴於流程的臨時有機優先級排序。我的意思是，在你買了東西之後，你必須——你會收到更新的電子郵件。我的意思是，就像我們在內部預構建 Shopify 一樣，通過談論想像 Uber 會像這樣工作，你叫出租車，然後他們給你發電子郵件，每隔一段時間，出租車的位置應該會接你.然後有人會嚴厲地說，這正是出租車服務的實際運作方式。這看起來很瘋狂。但這就是我們看待問題的方式，我們正在進入計算和商店。想要做到這一點，以便您從獨立企業購買東西或直接從供應商那裡購買東西，並且將它送到您手中的過程更加清晰。並且希望，售後服務也將成為逆向物流和退貨方面的關注對象。

And that's the primary objective. And with that, so this is a utilitarian but actually really important and very delightful as a well loved product. There are more opportunities, as you see, we have some experiments, every once in a while, there's different like pointing you to different things you might be doing or could be doing, could consider like look at shopping and supporting particular course of businesses. And we'll see where that leads.

這是主要目標。因此，這是一款實用但實際上非常重要且非常令人喜愛的產品。如您所見，我們有更多機會進行一些實驗，每隔一段時間，就會有不同的東西，比如向您指出您可能正在做或可能正在做的不同事情，可以考慮看看購物和支持特定的業務過程。我們會看到它會導致什麼。

Our next question comes from Mark Mahaney of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

This is Ben Wheeler on for Mark. Just a question on Shopify Pay, if I could. So Facebook and Instagram are the first places that Shop Pay is being used outside the Shopify ecosystem. Can you just talk about the impact that has had on sales conversion in those channels? Are you actively working on similar integrations with Shop Pay in more social and digital channels?

這是馬克的本·惠勒。如果可以的話，只是一個關於 Shopify Pay 的問題。因此，Facebook 和 Instagram 是 Shop Pay 在 Shopify 生態系統之外最先使用的地方。您能談談這些渠道對銷售轉化的影響嗎？您是否在更多社交和數字渠道中積極致力於與 Shop Pay 的類似集成？

I'll take that question. So to be clear, yes, Shop Pay is now available on Facebook checkout and Instagram, and it's available to all Shopify merchants and buyers in the U.S. We are starting to see some GMV transacted via Shop Pay on Facebook checkout, although, obviously, it's very early days. So the levels are fairly low. But really the implementation of Shopify Payments and in Shop Pay as a processor across a bunch of different services is really because so many of consumers' favorite brands and their favorite stores are powered by Shopify.

我會回答這個問題。所以要明確一點，是的，Shop Pay 現在可以在 Facebook 結賬和 Instagram 上使用，並且它可供美國的所有 Shopify 商家和買家使用。我們開始看到一些 GMV 通過 Facebook 結賬上的 Shop Pay 進行交易，儘管很明顯，它是很早的日子。所以水平相當低。但實際上，Shopify Payments 和 Shop Pay 作為處理一系列不同服務的處理器的實施實際上是因為許多消費者最喜歡的品牌和他們最喜歡的商店都是由 Shopify 提供支持的。

And so the idea of bringing Shop Pay to more services all over the Internet, feels like a really great idea. And it makes not only the conversion rate is higher for -- on the merchant side. But from a consumer perspective, you're able to check out a lot faster and a lot more seamlessly. So you will see Shop Pay pay more services. But really, what you also are seeing is that the center of gravity really for retail right now has completely shifted to online. And as you sort of think about Shopify as a retail operating system, you're going to see us find ways in other services where people are hanging out sort of the virtual town squares like Facebook and Instagram, add more functionality to make shopping in those places a lot better. And I think the advantage that, of course, we bring is not just the technology of Shop Pay, but the fact that we have 1.7 million of the greatest, most interesting and most important brands in direct-to-consumer and beyond.

因此，將 Shop Pay 引入更多互聯網服務的想法感覺真是個好主意。它不僅使商家方面的轉化率更高。但從消費者的角度來看，您可以更快、更無縫地結賬。所以你會看到Shop Pay支付更多的服務。但實際上，你也看到的是，現在零售業的重心已經完全轉移到線上。當你將 Shopify 視為零售操作系統時，你會看到我們在其他服務中找到方法，讓人們在 Facebook 和 Instagram 等虛擬城鎮廣場閒逛，添加更多功能以在這些地方購物地方好多了。我認為，當然，我們帶來的優勢不僅僅是 Shop Pay 的技術，而是我們在直接面向消費者及其他領域擁有 170 萬個最偉大、最有趣和最重要的品牌這一事實。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

I guess I wanted to follow-up on this thread here for Harley. I mean what really stood out to me this quarter was the acceleration in GMV, $20 billion higher year-over-year GMV growth accelerating. I think you talked about all merchants and geographies. Even before the stimulus kicker hit in March. So the question for you, Harley, what's driving this broad-based acceleration in GMV in January and February in particular? Is this just a broader behavioral shift in consumer preferences? Are you starting to see these social commerce tailwinds become material enough to drive an acceleration? Are we just seeing the software innovations reduce friction to buy online? Just trying to understand why now? Why would you see an acceleration in that cohort in January and February?

我想我想在這里為 Harley 跟進這個話題。我的意思是，本季度真正讓我印象深刻的是 GMV 的加速增長，GMV 增長同比增長 200 億美元。我想你談到了所有的商人和地域。甚至在 3 月份刺激措施到來之前。那麼，哈雷，你的問題是什麼推動了 GMV 在 1 月和 2 月的廣泛加速？這只是消費者偏好的更廣泛的行為轉變嗎？您是否開始看到這些社交商務順風變得足以推動加速發展？我們是否只是看到軟件創新減少了在線購買的摩擦？只是想了解為什麼現在？為什麼您會在 1 月和 2 月看到該群體的加速增長？

First of all, I think to your point, consumer preferences has shifted permanently. Again, the center of gravity was offline. It is now online. And there's no going back to the pre pandemic version of that. I also think there's still massive runway in e-commerce in general. Remember, we are still sub 30% e-commerce penetration in North America. It's only slightly higher in the U.K., but it's still -- there's so much headroom, and there's so much room for e-commerce to grow. So again, when you combine consumer preference, with making it easier to buy online and buy on your favorite surfaces of which Shopify powers most of them, if not all of them, it makes for, obviously, more people buying from great brands that are on Shopify.

首先，我認為就你的觀點而言，消費者偏好已經永久改變。同樣，重心處於離線狀態。它現在在線。並且沒有回到大流行前的版本。我還認為電子商務總體上仍有廣闊的發展空間。請記住，我們在北美的電子商務滲透率仍低於 30%。它在英國僅略高一些，但它仍然 - 有很大的上升空間，電子商務的增長空間很大。因此，再次強調，當您將消費者偏好與使在線購買和在您最喜歡的表面上購買更容易（Shopify 為其中的大部分（如果不是全部）提供支持）相結合時，顯然，這會讓更多人從優質品牌購買商品在 Shopify 上。

In terms of the pandemic and what that's caused. If you actually look at Australia and New Zealand, which is not an exact proxy for the rest of the world, but certainly provides some interesting insights. In those places where things have really opened up post pandemic. We're actually not seeing any slowdown whatsoever in terms of consumers buying from our merchants. In fact, online GMV remains an elevated level beyond -- in those places.

就大流行病及其原因而言。如果你真的看看澳大利亞和新西蘭，這並不能完全代表世界其他地區，但肯定會提供一些有趣的見解。在大流行後真正開放的那些地方。實際上，我們沒有看到消費者從我們的商家購買商品有任何放緩。事實上，在那些地方，在線 GMV 仍然處於較高水平。

So I don't think the consumer preference shift that happened through COVID was a temporary thing. Again, the center of gravity is now online. Consumers want to buy and their voting with their wallets to buy from independent direct-to-consumer brands of which Shopify has the majority of them. And I think that you're going to continue to see this trend continue well beyond the pandemic. Again, e-commerce is still really quite small relative to total retail, and it will continue to grow really nicely.

所以我不認為通過 COVID 發生的消費者偏好轉變是暫時的。同樣，重心現在在線。消費者想要購買並用他們的錢包投票從獨立的直接面向消費者的品牌購買，其中 Shopify 擁有大部分品牌。而且我認為你會繼續看到這種趨勢在大流行之後繼續下去。同樣，電子商務相對於零售總量而言仍然非常小，而且它將繼續增長得非常好。

Our next question comes from Darren Aftahi of Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Darren Aftahi。

Maybe just to piggyback on what you said Harley. I'm curious if with the rollout in North America of more vaccines in April, and this is maybe more a real-time question. I'm curious if you guys have seen any change in terms of the cadence of your merchants business, say, versus the early months of the year?

也許只是為了借用你所說的哈雷。我很好奇是否會在 4 月份在北美推出更多疫苗，這可能更像是一個實時問題。我很好奇你們是否看到你們的商家業務節奏與今年早些時候相比有任何變化？

Yes. So as I mentioned, we have not seen that at all. We have not seen a slowdown. We mentioned merchant growth remained elevated in Q1. We've seen -- as digital increasingly becomes a center of gravity. Growth is strong across all our regions. We also had record plus ads driven by both upgrades, but also new brands joining Shopify and obviously, strong international growth in Q1 as well.

是的。所以正如我提到的，我們根本沒有看到。我們沒有看到放緩。我們提到第一季度的商家增長仍然很高。我們已經看到 - 隨著數字越來越成為重心。我們所有地區的增長都很強勁。我們還獲得了由兩次升級驅動的創紀錄的廣告，還有加入 Shopify 的新品牌，顯然，第一季度的國際增長也很強勁。

So on the merchant side, we're not seeing any of that at all. On the GMV side, obviously, with triple-digit growth in GMV year-over-year, that certainly not -- doesn't seem to be an issue. The reason I brought up Australia and New Zealand. Again, it's not an exact proxy for the rest of the world, but it does provide some indication that this new trend that this new buying behavior in the way that retail operates is a permanent shift long after the pandemic is over.

所以在商家方面，我們根本看不到這些。在 GMV 方面，顯然，隨著 GMV 同比增長三位數，這當然不是 - 似乎不是問題。我提出澳大利亞和新西蘭的原因。同樣，它並不是世界其他地區的確切代表，但它確實提供了一些跡象表明，這種新趨勢表明，在大流行結束後很長一段時間內，零售業經營方式中的這種新購買行為是一種永久性轉變。

I think between those 2 things, it's quite clear that this is not a temporary thing. We will continue to see both merchants ads and GMV gaining to increase.

我認為在這兩件事之間，很明顯這不是暫時的。我們將繼續看到商家廣告和 GMV 都在增加。

Our next question comes from Ygal Arounian of Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Ygal Arounian。

I just wanted to ask on the drivers of merchant growth and how they've changed as you expect merchant growth to remain at a level, not as high as last year, but higher than any other year, kind of how they flowed since the beginning of the pandemic. You've seen a lot of new business creation in the U.S. Is it larger merchants that have -- were already online at this stage, right, that we're already online before and now are taking the next step in investment? I know you're still getting a lot of new merchants coming on board.

我只是想問一下商家增長的驅動因素以及它們如何變化，因為您預計商家增長將保持在一個水平，不會像去年那麼高，但會高於其他任何一年，從一開始他們就是這樣流動的大流行的。你已經在美國看到了很多新的業務創造。是不是更大的商家 - 在這個階段已經在線，對吧，我們之前已經在線，現在正在採取下一步投資？我知道您仍然有很多新商家加入。

What do you think are the big drivers as we go through the rest of this year?

您認為今年餘下時間的主要推動因素是什麼？

And what are the areas of investment that those merchants are the most looking towards for you guys to top them out with?

那些商家最期待你們在哪些方面進行投資？

I think the advantage of the Shopify business model, it's not an or, it's an and. On the early side of merchant creation, again, we've been -- we've all been watching that business registrations are increasing, both in the U.S. and around the world. Certainly, we're seeing that with more merchants joining Shopify that are first-time entrepreneurs. And one of my favorite stats to talk about is that every 28 seconds a new entrepreneur gets there first sale on Shopify. That is really important because that shows that we're not only growing our piece of the pipe, but we're growing the pipe itself.

我認為 Shopify 商業模式的優勢，不是或，而是和。在商家創建的早期，我們一直在——我們一直在關注美國和世界各地的商業登記在增加。當然，我們看到越來越多的商家加入 Shopify，他們都是首次創業者。我最喜歡談論的統計數據之一是，每 28 秒就有一位新企業家在 Shopify 上進行首次銷售。這非常重要，因為這表明我們不僅在種植我們的管道，而且還在種植管道本身。

We are growing the actual market. On the other side, when you look at some of the brands I mentioned around Plus, whether it's Kraft Heinz or WWE or Fabric Ville or some of the large retailers -- excuse me, department stores that have been around for 200 years. We are seeing people enter this digital commerce realm, in some cases, they never participated. In other cases, they migrated from some enterprise e-commerce provider that simply has not been able to be future-proofed. There's no integrations to the right platforms and services and doesn't have things like Shop Pay integrated. So it's not one of those things. I think the advantage of the Shopify business model is all of those things. We are creating new entrepreneurs, and we're trying to make it as easy as possible for them to be more successful.

我們正在發展實際市場。另一方面，當你看看我在 Plus 周圍提到的一些品牌時，無論是 Kraft Heinz、WWE、Fabric Ville 還是一些大型零售商——對不起，百貨商店已經存在 200 年了。我們看到人們進入了這個數字商務領域，在某些情況下，他們從未參與過。在其他情況下，他們從一些根本無法適應未來需求的企業電子商務提供商遷移而來。沒有與正確平台和服務的集成，也沒有集成 Shop Pay 之類的東西。所以這不是其中之一。我認為 Shopify 商業模式的優勢在於所有這些。我們正在培養新的企業家，我們正在努力讓他們盡可能容易地獲得更大的成功。

But also on the Plus side, we are seeing, for the first time, obviously, we have the upgrades, which are these homegrown success stories that start on our platform around their mom's kitchen table and grow to be category leaders. We love those stories. Those are some of our favorites, but we're also seeing very established brands, again, like Heinz or checks from General Mills for the first time ever enter the direct-to-consumer model, and they're doing it all on Shopify.

但在積極的一面，我們第一次看到，顯然，我們有升級，這些本土成功故事從我們平台上圍繞他們媽媽的廚房桌子開始，並成長為類別領導者。我們喜歡那些故事。這些是我們最喜歡的一些，但我們也看到非常成熟的品牌，例如亨氏或通用磨坊的支票首次進入直接面向消費者的模式，而且他們都在 Shopify 上做這一切。

And so I think that needs to continue. We don't just want to focus on the larger brands. We also want to help create the next larger brands with aspirational entrepreneurs that start on Shopify.

所以我認為這需要繼續下去。我們不只是想專注於更大的品牌。我們還希望幫助從 Shopify 起步的有抱負的企業家創建下一個更大的品牌。

Our next question comes from Brian Peterson of Raymond James.

我們的下一個問題來自 Raymond James 的 Brian Peterson。

So Amy, talking about the investments back into the platform. I can appreciate that GMV was above plan this quarter. But just curious, how is hiring trending the pace of investments? And can you redeploy a lot of that investment into the key growth areas in 2021?

所以艾米，談論回到平台的投資。我可以理解本季度 GMV 高於計劃。但好奇的是，招聘趨勢如何影響投資步伐？您能否在 2021 年將大量投資重新部署到關鍵增長領域？

Yes, Brian, that's certainly our aim, given the opportunities that Harley just pointed out, that's still in front of us. We see tremendous growth opportunities. And so we will continue to invest back into the business as aggressively as we can. As I said from my opening remarks, we do expect OpEx spend to accelerate each quarter for the remainder of the year. We are seeing velocity in engineering, hiring and sales and marketing hiring as we lean into the opportunities, and we resource those growth initiatives that I talked about earlier, Shopify Fulfillment Network, Shop App, International. Across the board, we have these opportunities, and we will lean into them.

是的，布賴恩，這當然是我們的目標，鑑於哈雷剛剛指出的機會，它仍然擺在我們面前。我們看到了巨大的增長機會。因此，我們將繼續盡可能積極地重新投資於該業務。正如我在開場白中所說，我們確實預計 OpEx 支出在今年剩餘時間裡每個季度都會加速。當我們抓住機會時，我們看到了工程、招聘、銷售和營銷招聘的速度，我們為我之前提到的那些增長計劃提供資源，Shopify Fulfillment Network、Shop App、International。總體而言，我們有這些機會，我們將抓住這些機會。

So yes, we did post adjusted operating income this quarter, but we fully expect to continue to invest back into the business aggressively.

所以是的，我們確實在本季度公佈了調整後的營業收入，但我們完全希望繼續積極投資於該業務。

We probably have time for only one more question, Ariel. So let's take this one last question.

Ariel，我們可能只有時間再問一個問題。那麼讓我們來回答最後一個問題。

Our final question comes from Deepak Mathivanan of Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Amy, I wanted to ask about your comments on the convergence and growth between Merchant Solutions and Subscriptions? Obviously, you're seeing penetration gains and payments continue. Plus business is very strong. And also the sales volume for the merchants are growing, like Harley just mentioned.

艾米，我想問一下您對商家解決方案和訂閱之間的融合和增長的看法？顯然，您會看到滲透收益和付款仍在繼續。加上業務非常強大。而且商家的銷量也在增長，就像剛剛提到的哈雷。

Are you thinking that volume reversal potentially from consumer spend on Shopify stores could offset some of these continued tailwinds for the growth rates to sort of converge. Can you give some additional color on that, that would be great.

您是否認為消費者在 Shopify 商店上的支出可能會導致銷量逆轉，這可能會抵消其中一些持續的順風，使增長率趨於一致。你能給它一些額外的顏色嗎，那會很棒。

Yes. I mean, that's purely driven by the fact that we don't expect the surge in e-commerce that happened in 2020 to repeat. We fully expect e-commerce to continue to grow, but at a more normalized pace. You just won't see the surge. So from a year-over-year growth perspective, that will impact the growth of Merchant Solutions. We do -- I fully expect increased adoption of our Merchant Solutions and a continued increase in our take rate for the year.

是的。我的意思是，這純粹是因為我們預計 2020 年發生的電子商務激增不會重演。我們完全預計電子商務將繼續增長，但速度會更加正常。你只是看不到激增。因此，從同比增長的角度來看，這將影響商戶解決方案的增長。我們確實 - 我完全希望更多地採用我們的商家解決方案，並且我們今年的採用率會持續提高。

This concludes the question-and-answer session. I would like to turn the conference back over to Katie Keita for any closing remarks.

問答環節到此結束。我想將會議轉回 Katie Keita 的閉幕詞。

All right. Thanks, Deepak, for that last question. And thanks, everybody, for participating today and leaving time for everyone. We might have gotten to a record number of questions, and have a great day.

好的。謝謝，迪帕克，最後一個問題。感謝大家今天的參與並為大家留出時間。我們可能已經提出了創紀錄的問題，並且度過了美好的一天。

Bye-bye.

再見。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。