Shopify Inc (SHOP) 2022 Q2 法說會逐字稿

Good morning, and thank you for joining Shopify's Second Quarter 2022 Conference Call. Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO, are with us this morning. After their prepared remarks, we will open it up for your questions.

早上好，感謝您加入 Shopify 的 2022 年第二季度電話會議。 Shopify 首席執行官 Tobi Lütke； Shopify 總裁 Harley Finkelstein；我們的首席財務官 Amy Shapero 今天早上和我們在一起。在他們準備好的評論之後，我們將打開它來回答您的問題。

We will make forward-looking statements on our call today that are based on assumptions, and therefore, subject to risks and uncertainties that could 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.

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。除法律要求外，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。

We'll also speak to adjusted financial measures, which are non-GAAP measures and not a substitute for GAAP financial measures. Reconciliations between the 2 are in the tables at the end of our press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars unless otherwise indicated.

我們還將討論調整後的財務指標，它們是非公認會計原則的指標，不能替代公認會計原則的財務指標。兩者之間的和解在我們新聞稿末尾的表格中。最後，我們以美元報告，因此今天討論的所有金額均以美元為單位，除非另有說明。

With that, I turn the call over to Harley.

有了這個，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝，凱蒂，大家早上好。

The extraordinary journey that we have been on with Merchants continues. As seen in our Q2 results, we continue to grow our merchant base and GMV, and deliver more value to merchants via our mission-critical tools that prepare them well for the future. Anticipating their future needs is a key reason merchants choose us. Our multichannel platform has prepared them for the pivots of the last few years, but we do not get the future right 100% of the time. So now, for some real talk.

我們與 Merchants 的非凡旅程仍在繼續。正如我們在第二季度的業績中所看到的，我們繼續擴大我們的商家基礎和 GMV，並通過我們為未來做好準備的關鍵任務工具為商家提供更多價值。預測他們未來的需求是商家選擇我們的一個關鍵原因。我們的多渠道平台讓他們為過去幾年的轉折做好了準備，但我們並沒有 100% 地把握未來。所以現在，來點真正的談話。

Shopify has always been a company that makes the big strategic bets our merchants demand of us. This is how we win. During the pandemic, we made a bet that retail spend would disproportionately favor e-commerce at a much higher pace than it has. Our belief was that the channel mix, the share of dollars that travel through e-commerce rather than physical retail, would permanently leap ahead. As we built for the digital leap, we stepped our efforts and we expanded the company accordingly. We couldn't know for sure at the time, but we did know that if the prediction came true, we would have to rapidly scale the company to meet that future.

Shopify 一直是一家為我們的商家要求我們做出重大戰略賭注的公司。這就是我們獲勝的方式。在大流行期間，我們打賭零售支出將以比以往更高的速度不成比例地支持電子商務。我們的信念是，渠道組合，即通過電子商務而不是實體零售的美元份額，將永遠領先。當我們為數字化飛躍而建時，我們加緊努力，並相應地擴大了公司。我們當時無法確定，但我們確實知道，如果預測成真，我們將不得不迅速擴大公司規模以迎接未來。

Fast forward to now, as things have turned out differently. While the normalized rate of spend online, which is where most of our merchants orders occur, has reset certainly higher than where it was in 2019, the rate is lower than we had planned for. In short, we overshot our prediction. Recalibrating our investments and spending, we are making sure we do not sacrifice the components we feel are critical, for Shopify remains in an enviable position in a massive growing market as enabler of multichannel commerce.

快進到現在，因為事情變得不同了。雖然我們的大多數商家訂單發生的正常在線消費率已經重置肯定高於 2019 年的水平，但低於我們的計劃。簡而言之，我們超出了我們的預測。重新調整我們的投資和支出，我們確保不會犧牲我們認為至關重要的組件，因為 Shopify 作為多渠道商務的推動者，在不斷增長的龐大市場中仍然處於令人羨慕的位置。

Amy will describe later the financial implications of how we are building for long-term success. I will speak to the investments we are making to drive top line and merchant growth by helping merchants build buyer relationships, go global, grow from first sale to full scale and simplify logistics.

艾米稍後將描述我們如何為長期成功而建設的財務影響。我將談論我們正在通過幫助商家建立買家關係、走向全球、從首次銷售到全面發展以及簡化物流來推動收入和商家增長的投資。

Let's start with building buyer relationships. We have been investing to extend ways for merchants to connect with more buyers and deepen those relationships across more channels and services. With people shopping in stores again, e-commerce is trending back to a more normalized growth curve. We've seen incredible growth in offline GMV on Shopify as more merchants come to us to modernize their point-of-sale software. Our world-class retail point-of-sale offering, which gives merchants a seamless view of their online and off-line operations, is quickly becoming the point of sale of choice.

讓我們從建立買家關係開始。我們一直在投資以擴展商家與更多買家聯繫的方式，並通過更多渠道和服務加深這些關係。隨著人們再次在商店購物，電子商務正在回歸更加正常的增長曲線。隨著越來越多的商家來找我們進行銷售點軟件的現代化改造，我們在 Shopify 上看到了線下 GMV 的驚人增長。我們世界一流的零售銷售點產品讓商家能夠無縫地了解他們的線上和線下運營，正迅速成為首選銷售點。

During the second quarter, top-tier brands, including Beyond Yoga, Our Place and James Perse implemented our point-of-sale Pro solution for their locations. June was the best month ever for merchants adding Pro, and our Q2 offline GMV grew 47% year-over-year as we continue to take market share. This growth is even more remarkable, considering it was achieved off of a 266% year-over-year growth in online GMV in Q2 of last year as the world began reopening after the COVID lockdowns. With the vast majority of all commerce in North America happening offline, the investments we are making in Shopify point-of-sale this year will increase its scalability to handle a much greater number of stores, deepen integration with more third-party apps and further improve our hardware. Tap to Pay on iPhone and Google local inventory sync are 2 more ways we are modernizing the offline retail experience for merchants and their buyers.

在第二季度，Beyond Yoga、Our Place 和 James Perse 等頂級品牌為其所在地實施了我們的銷售點 Pro 解決方案。 6 月是商家添加 Pro 的最佳月份，隨著我們繼續佔據市場份額，我們的第二季度線下 GMV 同比增長 47%。考慮到隨著全球在 COVID 封鎖後開始重新開放，去年第二季度在線 GMV 同比增長 266% 實現了這一增長，這一增長更為顯著。由於北美絕大多數商業活動都發生在線下，我們今年對 Shopify 銷售點的投資將增加其可擴展性以處理更多商店，深化與更多第三方應用程序的集成，並進一步改進我們的硬件。 iPhone 上的 Tap to Pay 和 Google 本地庫存同步是我們為商家及其買家實現線下零售體驗現代化的另外兩種方式。

Another significant opportunity lies with consumers looking to connect with brands and purchase goods across digital surfaces. While still a relatively small percentage of overall GMV, GMV through key partner services, including our native checkout integrations on Facebook, Google and Instagram, grew 5x over Q2 last year. We expect GMV growth through these integrations to continue as more channels integrate with us, making their platform stickier while enabling our merchants to show up where their buyers are.

另一個重要的機會在於消費者希望與品牌建立聯繫並通過數字表面購買商品。雖然在整體 GMV 中所佔比例仍然相對較小，但通過主要合作夥伴服務（包括我們在 Facebook、Google 和 Instagram 上的原生結賬集成）的 GMV 比去年第二季度增長了 5 倍。隨著更多渠道與我們整合，我們預計通過這些整合實現 GMV 增長將繼續，使他們的平台更具粘性，同時讓我們的商家能夠顯示他們的買家所在的位置。

For instance, we announced Twitter Shopping in late June. And just last week, we announced YouTube. Our new YouTube channel allows merchants to add a store tab to their YouTube channel that has their entire product selection and show a curated list of products below on-demand videos and to tag products during a livestream with picture-in-picture, so viewers can checkout while still watching the livestream. Best of all, shoppers can round out a great shopping experience in YouTube by quickly checking out with Shop Pay.

例如，我們在 6 月下旬宣布了 Twitter 購物。就在上週，我們宣布了 YouTube。我們的新 YouTube 頻道允許商家在其 YouTube 頻道中添加商店標籤，其中包含他們的全部產品選擇，並在點播視頻下方顯示精選的產品列表，並在直播期間用畫中畫標記產品，以便觀眾可以一邊看直播一邊結賬。最重要的是，購物者可以通過 Shop Pay 快速結帳，從而在 YouTube 上獲得絕佳的購物體驗。

It's far easier for a merchant to find new buyers when they have targeting data leading them to their brand's most likely new fans. By tapping the combined power of Shopify Plus merchants who opt in, Shopify Audiences is a tool that helps merchants find new customers. It's essentially a 3-step process. A Shopify Plus merchant selects the product they want to sell more of. Machine learning algorithms build an audience of high-intent buyers tailored for that product, and the audience list is directly and securely exported to the merchant's ad network of choice, which we are launching first with Facebook and Instagram.

當商家擁有將他們引導至其品牌最有可能的新粉絲的目標數據時，他們更容易找到新買家。通過利用選擇加入的 Shopify Plus 商家的綜合力量，Shopify Audiences 是一種幫助商家尋找新客戶的工具。它本質上是一個 3 步過程。 Shopify Plus 商家選擇他們想要銷售更多的產品。機器學習算法為該產品量身定制了高意向買家的受眾，受眾列表直接安全地導出到商家選擇的廣告網絡，我們首先與 Facebook 和 Instagram 一起推出。

Merchants are finding that audiences makes a real difference. They are seeing a meaningful increase in conversion rates and return on ad spend. For example, early access merchant, Blender Bottle, has seen its return on ad spend increasing as high as 6x. Another fast-growing merchant, L'AMARUE, saw a 48% uptick in its click-through rates, a 2.5x return on ad spend on its targeted campaign, and 73% of revenue from paid acquisition attributed to Shopify Audiences. All this, plus a 26% decline in customer acquisition costs. Audiences is off to a very promising start, and we're excited to see what it will do for merchants, especially ahead of the holiday selling season.

商家們發現，受眾真的很重要。他們看到轉化率和廣告支出回報率顯著提高。例如，搶先體驗商家 Blender Bottle 的廣告支出回報率增長了高達 6 倍。另一家快速增長的商家 L'AMARUE 的點擊率提高了 48%，其目標活動的廣告支出回報率提高了 2.5 倍，73% 的付費收購收入歸功於 Shopify Audiences。所有這一切，加上客戶獲取成本下降了 26%。 Audiences 有了一個非常有希望的開端，我們很高興看到它將為商家帶來什麼，尤其是在假日銷售旺季之前。

A second way we are investing in merchants is by helping them go global. International selling should be as simple as selling domestically. With our new cross-border management tool, Shopify Markets, merchants can identify, set up, launch, optimize and manage their international markets from a single store. Our own studies indicate that merchants can drive up to 40% higher conversion rates in the international regions by customizing their storefronts for each market to improve the buyer experience for customers. We are seeing strong engagement with Shopify Markets since launching it in Q1, with well over 100,000 merchants now offering a localized experience to their buyers.

我們投資商家的第二種方式是幫助他們走向全球。國際銷售應該和國內銷售一樣簡單。借助我們新的跨境管理工具 Shopify Markets，商家可以從一家商店識別、設置、啟動、優化和管理他們的國際市場。我們自己的研究表明，通過為每個市場定制店面，商家可以將國際地區的轉化率提高 40%，從而改善客戶的買家體驗。自第一季度推出 Shopify Markets 以來，我們看到了它的強大參與度，現在有超過 100,000 家商家為其買家提供本地化體驗。

Our team's sales and marketing activities continue to drive expansion of our international subscriptions, and we continue to expand to the feature set available to merchants everywhere. In Q2, we launched Shopify Payments and Shopify Shipping in France, and we launched Shopify point-of-sale with integrated payments in Italy in Q2, which we also brought to Singapore earlier this month. In May, we introduced localized subscription pricing plans to over 200 countries to better reflect those country's purchasing power and lower the financial barrier to access Shopify. This builds on last year's rollout of billing in certain local currencies, including British pounds in the U.K. and euros for Eurozone countries to reduce friction and encourage more international entrepreneurs to start building their businesses on Shopify.

我們團隊的銷售和營銷活動繼續推動我們國際訂閱的擴展，並且我們繼續擴展為世界各地商家可用的功能集。在第二季度，我們在法國推出了 Shopify Payments 和 Shopify Shipping，並在第二季度在意大利推出了具有集成支付功能的 Shopify 銷售點，本月早些時候我們也將其帶到了新加坡。 5 月，我們向 200 多個國家/地區推出了本地化訂閱定價計劃，以更好地反映這些國家/地區的購買力並降低訪問 Shopify 的財務障礙。這是建立在去年推出以某些當地貨幣計費的基礎上的，包括英國的英鎊和歐元區國家的歐元，以減少摩擦並鼓勵更多的國際企業家開始在 Shopify 上開展業務。

Third, we are investing to help merchants grow from first sale to full scale. Features such as Shopify Shipping and Shopify Capital make commerce easier for entrepreneurs, while features like Shopify Functions empower merchants to extend the platform through customization. With Functions, developers can help merchants build unique experiences for consumers, starting with customized discounts. Particularly important for our larger merchants, we have significantly enhanced our B2B solution. Not only does our B2B offering allow us to penetrate our merchant base more deeply, we are also able to enter a completely new market of merchants who conduct only B2B transactions. Both segments represent immense opportunities.

第三，我們正在投資幫助商家從首次銷售到全面發展。 Shopify Shipping 和 Shopify Capital 等功能使企業家的商務活動更加輕鬆，而 Shopify Functions 等功能使商家能夠通過定制來擴展平台。借助 Functions，開發人員可以幫助商家為消費者打造獨特的體驗，從定制折扣開始。對於我們的大型商家來說尤其重要的是，我們顯著增強了我們的 B2B 解決方案。我們的 B2B 產品不僅讓我們能夠更深入地滲透到我們的商戶群中，我們還能夠進入一個全新的僅進行 B2B 交易的商戶市場。這兩個部分都代表著巨大的機會。

Our existing base is significantly underpenetrated. We estimate over half of Shopify Plus merchants could utilize B2B, which now enables merchants to use the same store to sell B2B as they would for direct-to-consumer, and includes features like customer-specific pricing and assigned payment terms. For our non-Plus merchants who are also selling B2B, this could be a compelling reason to upgrade. In Q2, we continue to see evidence of merchants growing by the number of merchants upgrading to Shopify Plus as well as new merchants coming onto Plus.

我們現有的基礎嚴重不足。我們估計超過一半的 Shopify Plus 商家可以使用 B2B，這使商家現在可以使用同一家商店來銷售 B2B，就像直接面向消費者一樣，並且包括客戶特定定價和指定付款條件等功能。對於我們也銷售 B2B 的非 Plus 商家來說，這可能是一個令人信服的升級理由。在第 2 季度，我們繼續看到商家數量隨著升級到 Shopify Plus 的商家數量以及加入 Plus 的新商家而增長的證據。

New-to-Shopify Merchants came from across a broad spectrum of verticals, driving significant growth of Shopify Plus GMV in Q2, which continues to outpace overall GMV growth. Numerous household names became Plus merchants during the quarter, including popular beauty magazine, Allure, leading athletic shoemaker ASICS, furniture manufacturer, Ashley Home Store, and national fitness chain, Gold's Gym. A laptop collaboration by Hewlett Packard, HP Dev One, also joined Plus this quarter, as did leading security company, Master Lock, and century-old iconic companies looking to modernize their commerce operations such as skincare brand, Pond's, and Tetley Tea, one of the world's largest tea brands.

新加入 Shopify 的商家來自廣泛的垂直領域，推動了第二季度 Shopify Plus GMV 的顯著增長，繼續超過整體 GMV 的增長。本季度，眾多家喻戶曉的品牌成為 Plus 商家，包括流行的美容雜誌 Allure、領先的運動鞋製造商 ASICS、家具製造商 Ashley Home Store 和全民健身連鎖店 Gold's Gym。惠普與 HP Dev One 的筆記本電腦合作也於本季度加入 Plus，領先的安全公司 Master Lock 以及希望實現商業運營現代化的百年標誌性公司（如護膚品牌 Pond's 和 Tetley Tea）也加入了 Plus。世界上最大的茶葉品牌之一。

Notable wins with celebrities looking to get closer with their fans and consumers continued as well. In Q2, we welcomed Greatness Wins, a new brand of athletic wear founded by former New York Yankees player, Derek Jeter and hockey legend, Wayne Gretzky. Also joining Shopify Plus during the quarter were Gabrielle Union and Dwyane Wade with their plant-based Proudly line. In addition, Kim Kardashian launched her new SKKNBYKIM line of spa-like skin care products, joining her newly launched SKIMS shapewear apparel brand(added by company after the call). And lastly, Hailey Bieber also joined Shopify Plus with a newly launched skincare essentials line called Rhode Skin. These celebrities, as well as many others, have made Shopify Plus the de facto platform to expand their personal brands and turn them into businesses and products for their millions of fans.

希望與粉絲和消費者更親近的名人也繼續取得顯著成績。在第二季度，我們迎來了 Greatness Wins，這是一個由前紐約洋基隊球員 Derek Jeter 和曲棍球傳奇人物 Wayne Gretzky 創立的運動服新品牌。在本季度加入 Shopify Plus 的還有 Gabrielle Union 和 Dwyane Wade 以及他們基於植物的 Proudly 產品線。此外，Kim Kardashian 推出了她的新 SKKNBYKIM 系列類似水療的護膚產品，加入了她新推出的 SKIMS 塑身衣服裝品牌（電話後由公司添加）。最後，Hailey Bieber 還加入了 Shopify Plus，推出了名為 Rhode Skin 的新推出的護膚必需品系列。這些名人以及其他許多名人已使 Shopify Plus 成為擴展其個人品牌並將其轉變為數百萬粉絲的企業和產品的事實上的平台。

With the addition of B2B, expanding our partner program for ERP and systems integrators and our exceptional value proposition in an inflationary environment, we expect Shopify Plus' momentum to continue. We've also made some recent changes to our commercial organization, which tie our sales efforts more closely to our marketing investments and provide our merchants with a more consistent and intuitive growth journey. By streamlining its structure, our cross-functional groups will be better coordinated to implement a far more effective go-to-market approach. We expect that, armed with data, our teams will be better able to help merchants by selling the right solutions at the right time. We are confident these changes will generate improved cost of customer acquisition, expand merchant lifetime values, and more importantly, increase our merchants' odds of success by bringing more of Shopify to more merchants.

隨著 B2B 的加入，擴大了我們針對 ERP 和系統集成商的合作夥伴計劃，以及我們在通脹環境中的卓越價值主張，我們預計 Shopify Plus 的勢頭將繼續下去。我們最近還對我們的商業組織進行了一些更改，將我們的銷售工作與我們的營銷投資更緊密地聯繫在一起，並為我們的商家提供更一致和直觀的增長之旅。通過精簡其結構，我們的跨職能團隊將得到更好的協調，以實施更有效的上市方法。我們希望，憑藉數據，我們的團隊將能夠通過在正確的時間銷售正確的解決方案來更好地幫助商家。我們相信，這些變化將提高獲客成本、擴大商戶終身價值，更重要的是，通過將更多 Shopify 帶給更多商戶，增加商戶的成功機率。

Last, I'll give more color regarding our fourth major investment theme, which is simplifying logistics. Our vision in building Shopify Fulfillment Network for the long term starts with simplifying the end-to-end supply chain at 3 critical stages that are really hard or close to impossible for independent businesses across freight, distribution and fulfillment as inventory moves from port to porch. When this is done well, we greatly simplify logistics for merchants and enable them guaranteed delivery times, which provides a meaningful uplift to conversion. This also feeds our flywheel of lowering the barrier to entrepreneurship within this domain.

最後，我將對我們的第四個主要投資主題進行更多說明，即簡化物流。我們建立 Shopify Fulfillment Network 的長期願景始於在 3 個關鍵階段簡化端到端供應鏈.如果做得好，我們將大大簡化商家的物流並確保他們的交貨時間，從而顯著提升轉化率。這也為我們降低該領域創業門檻的飛輪提供了動力。

Let's start with freight. Inbounding inventory from suppliers is incredibly difficult for independent merchants to handle on their own. Today, merchants who manufacture abroad have to work with upwards of 10 vendors to receive inventory from suppliers, ship across the ocean and receive it at ports. Even if a merchant centralizes this through a freight forwarder, many of the processes are manual and fractured, designed for big businesses with large volumes and consistent demand.

讓我們從貨運開始。獨立商家很難自行處理來自供應商的入庫庫存。如今，在國外製造的商家必須與超過 10 家供應商合作，從供應商那裡接收庫存，然後遠洋運輸，然後在港口接收。即使商家通過貨運代理將其集中起來，許多流程也是手動且分散的，專為具有大量和持續需求的大型企業而設計。

To help with this, SFN has launched a pilot program with Flexport so merchants can more easily and cost effectively inbound freight. It enables merchants to ship inventory at the pallet level versus container level, and have just-in-time access to prebook containers that deliver goods directly to an SFN hub. This prevents tying up our merchants' excess capital and inventory and allows them to remain nimble to changing buyer trends. Early pilot runs have shown that SFN merchants can expect service from origin ports up to 50% faster, with cost per pallet much less expensive than average.

為了解決這個問題，SFN 與 Flexport 一起啟動了一項試點計劃，以便商家可以更輕鬆、更經濟地進行入境貨運。它使商家能夠在托盤級別而不是集裝箱級別運送庫存，並且可以及時訪問將貨物直接運送到 SFN 樞紐的預定集裝箱。這可以防止佔用我們商家的多餘資金和庫存，並使他們能夠靈活應對不斷變化的買家趨勢。早期的試運行表明，SFN 商家可以期望從始發港更快地提供服務，速度提高 50%，每個托盤的成本遠低於平均水平。

Once their inventory arrives at domestic ports, merchants have to tackle the second challenge mentioned, distribution. Historically, preparing and routing inventory for distribution across multiple channels has been hard for independent businesses until now. In July, we closed the acquisition of Deliverr and have begun integrating SFN and Deliverr software, network and operations, which we expect we'll keep for several quarters.

一旦他們的庫存到達國內港口，商家必須解決提到的第二個挑戰，即分銷。從歷史上看，直到現在，對於獨立企業來說，準備和路由跨多個渠道分銷的庫存一直很困難。 7 月，我們完成了對 Deliverr 的收購，並開始整合 SFN 和 Deliverr 軟件、網絡和運營，我們預計我們將保留幾個季度。

Through Deliverr, we are accelerating the simplification of the distribution phase. The first example of this will be at our Atlanta Hub warehouse. Using software and machine learning, these SFN hubs, leveraging Deliverr's capabilities, will unpack, scan and inspect all inventory, then compare against metadata in Shopify's back office to route the goods to a merchants' various distribution channels as well as forward-position inventory into SFN-spoke direct-to-consumer fulfillment centers based on expected buyer demand. With this software-based approach, Deliverr is helping us expand 2-day delivery across SFN.

通過 Deliverr，我們正在加速簡化分發階段。第一個例子將在我們的亞特蘭大中心倉庫。通過使用軟件和機器學習，這些 SFN 集線器利用 Deliverr 的功能，將解包、掃描和檢查所有庫存，然後與 Shopify 後台的元數據進行比較，以將商品路由到商家的各種分銷渠道以及將庫存轉移到基於預期買家需求的 SFN 輻條直接面向消費者的履行中心。借助這種基於軟件的方法，Deliverr 正在幫助我們擴展 SFN 的 2 天交付。

Deliverr already fulfills more than 1 million orders per month, and its asset-light, technology-driven service is trusted by thousands of merchants across the U.S. We are thrilled to welcome Deliverr experienced team of software engineers, operations experts and merchant champions to Shopify.

Deliverr 每月已完成超過 100 萬份訂單，其輕資產、技術驅動的服務受到美國數千名商家的信任。我們很高興歡迎 Deliverr 經驗豐富的軟件工程師、運營專家和商家冠軍團隊加入 Shopify。

Finally, the third and most critical step is 2-day fulfillment and delivery. Affordable and timely fulfillment has been nearly impossible for independent businesses to do on their own, but it is important. Just getting buyers' confidence that an order will arrive when promised, even if it's 3 or 4 days, is enough to increase conversion.

最後，第三個也是最關鍵的步驟是 2 天的履行和交付。獨立企業幾乎不可能靠自己完成負擔得起且及時的履約，但這很重要。只要讓買家相信訂單會按承諾送達，即使是 3 或 4 天，也足以提高轉化率。

By leveraging Deliverr software in SFN hubs and SFN Spoke partner warehouses all equipped with 6 River Systems technology, we can forward position merchants inventory to support timely fulfillment with a minimal inventory commitment for merchants.

通過在配備 6 River Systems 技術的 SFN 樞紐和 SFN Spoke 合作夥伴倉庫中利用 Deliverr 軟件，我們可以提前定位商家庫存，以支持及時履行，同時為商家提供最少的庫存承諾。

We've also continued our early access to Shop Promise, which lets merchants offer 2-day delivery promises across online storefronts and channels like Google, Facebook and Instagram. Deliverr data suggests that as Shop Promise reaches scale, many merchants will be able to increase average conversion rates by more than 30%.

我們還繼續提供 Shop Promise 的早期訪問權限，讓商家可以在 Google、Facebook 和 Instagram 等在線店面和渠道中提供 2 天送達承諾。 Deliverr 數據表明，隨著 Shop Promise 的規模擴大，許多商家將能夠將平均轉化率提高 30% 以上。

SFN made other significant strides in Q2 to simplify fulfillment for our merchants. We completed our migration of SFN merchants to the updated version of our new simplified offering. We also completed our warehouse management system rollout with 100% of SFN fulfillments processed using the 6RS fulfillment system software that is highly integrated into Shopify. Orders with predicted delivery of 2 days or less have now increased from less than 2% prior to software updates to over 70% after the updates, and we are just getting started. We are really excited about the evolution that's underway in fulfillment. When merchants and brands can provide accurate delivery timing that's guaranteed, consumers gain greater confidence in independent businesses, and that is good for commerce overall.

SFN 在第二季度取得了其他重大進展，以簡化我們商家的履行。我們完成了將 SFN 商家遷移到我們新的簡化產品的更新版本。我們還完成了倉庫管理系統的部署，使用高度集成到 Shopify 中的 6RS 履行系統軟件處理了 100% 的 SFN 履行。預計在 2 天或更短時間內送達的訂單現在已從軟件更新前的不到 2% 增加到更新後的 70% 以上，而我們才剛剛開始。我們對正在實現的進化感到非常興奮。當商家和品牌能夠提供有保證的準確交貨時間時，消費者就會對獨立企業更有信心，這對整體商業來說是有利的。

I know I covered a lot here from a new product standpoint. Much of this is highlighted in our first ever Shopify Editions, which we published on June 22. Featuring more than 100 product releases, Editions is our semi-annual publication, showcasing the speed and the breadth of innovation at Shopify to build for the future of commerce.

我知道從新產品的角度來看，我在這裡涵蓋了很多內容。我們在 6 月 22 日發布的首個 Shopify 版本中突出強調了這一點。版本是我們的半年度出版物，包含 100 多個產品版本，展示了 Shopify 的創新速度和廣度，為未來的商業。

Our platform serves as the backbone for millions of merchants who depend on Shopify for their long-term growth and success. This is why every time you talk to our merchants, consistently, they tell you that they love Shopify. We are committed to solving the toughest problems facing merchants so we can continue to make commerce better for everyone.

我們的平台是數百萬依賴 Shopify 實現長期增長和成功的商家的支柱。這就是為什麼每次您與我們的商家交談時，他們都會告訴您他們喜歡 Shopify。我們致力於解決商家面臨的最棘手的問題，以便我們繼續為每個人提供更好的商業服務。

And with that, let me turn the call over to Amy.

有了這個，讓我把電話轉給艾米。

Thanks, Harley, and good morning, everyone.

謝謝，哈利，大家早上好。

Harley provided you with an overview of everything that we are doing for merchants to succeed in any cycle, including the one we now find ourselves in of high inflation. By helping merchants find more buyers on more surfaces, saving them money by passing along our economies of scale and empowering them with mission-critical tools, I will first provide an overview of our Q2 results and then talk about how we will build for long-term success with the same operating discipline that we have always demonstrated.

哈雷向您概述了我們為商家在任何週期中取得成功所做的一切，包括我們現在發現自己處於高通脹的那個週期。通過幫助商家在更多表面上找到更多買家，通過傳遞我們的規模經濟並為他們提供關鍵任務工具來為他們節省資金，我將首先概述我們的第二季度業績，然後討論我們將如何建立長期 -以我們一直展示的相同運營紀律取得長期成功。

Before turning first to our financial performance, note that our Q2 results were not impacted by the Deliverr acquisition given it closed this month on July 8.

在首先討論我們的財務業績之前，請注意，我們的第二季度業績不受 Deliverr 收購的影響，因為它本月於 7 月 8 日結束。

I'll begin with GMV. As a reminder, last year's second quarter GMV growth was 40% year-over-year, fueled by online consumer spending on goods in large part from COVID-related government stimulus checks. Fast forward to 2022, our total GMV in the second quarter was $46.9 billion, which continued to grow year-over-year and was up 11%, significantly higher than retail growth overall in the U.S. of about 7%.

我將從 GMV 開始。提醒一下，去年第二季度 GMV 同比增長 40%，這主要是由於在線消費者在商品上的支出主要來自與 COVID 相關的政府刺激檢查。快進到 2022 年，我們第二季度的 GMV 總額為 469 億美元，繼續同比增長 11%，明顯高於美國約 7% 的整體零售增長。

While the macro environment exited tough COVID year-over-year comps in mid-Q2, consumer spend on services and in-person shopping remained high and persistent inflation at 40-year highs dampened online sales globally. In the face of rapidly escalating prices for essential goods and energy, consumers have been favoring discount retailers and reducing their spend on other goods categories.

雖然宏觀環境在第二季度中期退出了艱難的 COVID 同比增長，但消費者在服務和親自購物上的支出仍然很高，並且持續處於 40 年高位的通脹抑制了全球在線銷售。面對必需品和能源的價格迅速上漲，消費者一直青睞折扣零售商並減少在其他商品類別上的支出。

Our online GMV growth year-over-year was 8%, and our offline GMV grew 47% year-over-year as we continue to take share in both, thanks to multiple channels and thousands more POS locations added in the quarter.

我們的在線 GMV 同比增長 8%，我們的線下 GMV 同比增長 47%，因為我們繼續在兩者中佔有一席之地，這要歸功於本季度增加的多個渠道和數千個 POS 位置。

Our revenue for the second quarter grew to $1.3 billion, 16% higher than the same period last year. Given the significant strengthening of the U.S. dollar relative to foreign currencies in Q2, total reported revenue growth year-over-year for Q2 was negatively impacted by approximately 1.5 percentage points.

我們第二季度的收入增長到 13 億美元，比去年同期增長 16%。鑑於第二季度美元相對於外幣顯著走強，第二季度報告的總收入同比增長受到約 1.5 個百分點的負面影響。

Revenue growth in Q2 was driven by Merchant Solutions as merchants continue to trust us with more parts of their business in this inflationary environment. Merchant Solutions revenue grew to $928.6 million, increasing 18% year-over-year, driven by increased GMV penetration of Shopify Payments, Shopify Capital and Shopify markets on the back of GMV growth, as well as by growing revenue from partners. The significant strengthening in the U.S. dollar relative to foreign currencies was most felt here, with Merchant Solutions reported revenue growth year-over-year negatively impacted by approximately 2 percentage points.

第二季度的收入增長是由 Merchant Solutions 推動的，因為在這種通脹環境下，商家繼續信任我們提供更多業務。商戶解決方案收入增長至 9.286 億美元，同比增長 18%，這得益於在 GMV 增長的支持下，Shopify Payments、Shopify Capital 和 Shopify 市場的 GMV 滲透率提高，以及合作夥伴收入的增長。美元相對於外幣的顯著走強在這裡最為明顯，Merchant Solutions 報告稱收入同比增長受到約 2 個百分點的負面影響。

Approximately $24.9 billion of GMV was processed on Shopify Payments in Q2, 23% more than in last year's second quarter. Payments penetration of GMV or gross payment volume was 53% versus 48% in Q2 2021, and up 200 basis points quarter-over-quarter. Over the past 5 quarters, we've seen GPV benefit from strong performance by merchants on Shopify Payments, an increasing percentage of which is Shopify Plus GMV; new merchant adoption both in North America and internationally; penetration gains in Shop Pay, which has facilitated $58 billion in GMV since inception; and expanded availability of our POS Pro hardware in brick-and-mortar stores with integrated payments now being used by merchants in 13 countries.

第二季度，Shopify Payments 處理了大約 249 億美元的 GMV，比去年第二季度增加了 23%。 GMV 或總支付量的支付滲透率為 53%，而 2021 年第二季度為 48%，環比增長 200 個基點。在過去的 5 個季度中，我們看到 GPV 受益於商家在 Shopify Payments 上的強勁表現，其中 Shopify Plus GMV 的比例越來越高；北美和國際上的新商家採用； Shop Pay 的滲透率提升，自成立以來已促成 580 億美元的 GMV；並擴大了我們的 POS Pro 硬件在實體店中的可用性，集成支付功能現已被 13 個國家/地區的商家使用。

Subscription Solutions revenue grew to $366.4 million, which was 10% higher than a year ago, driven by more merchants on the platform and the strong growth of Shopify Plus, offset by a 4 percentage point negative impact on year-over-year growth from the change in app and theme revenue share model for partners that we implemented in Q3 of last year.

訂閱解決方案收入增長至 3.664 億美元，比一年前增長 10%，這得益於平台上更多商家和 Shopify Plus 的強勁增長，但抵消了 4 個百分點的同比增長負面影響。我們在去年第三季度實施的合作夥伴應用和主題收入分成模式的變化。

In May, we began making a greater number of localized subscription pricing options available to provide a better experience for our international merchants, as Harley explained earlier. And while early days, we saw promising traction in select countries as we exited Q2. We expect this to pay off in terms of more merchants from outside North America on our platform, taking more of our services over time. In Q2, merchants outside of North America continued to increase as a percentage of total merchants year-over-year.

正如 Harley 之前解釋的那樣，5 月，我們開始提供更多本地化訂閱定價選項，以為我們的國際商家提供更好的體驗。在早期階段，當我們退出第二季度時，我們在特定國家看到了可喜的牽引力。我們希望這會在我們平台上更多來自北美以外的商家獲得回報，隨著時間的推移會佔用我們更多的服務。在第二季度，北美以外的商戶佔總商戶的比例繼續同比增長。

Monthly recurring revenue was $107.2 million, up 13% year-over-year on higher number of merchants on the platform year-over-year, on Shopify Plus, which increased its share of total MRR to 31% from 26% in Q2 of last year, and on an increased number of retail locations using POS Pro.

Shopify Plus 的月經常性收入為 1.072 億美元，同比增長 13%，原因是平台上的商家數量同比增加，其在總 MRR 中的份額從去年第二季度的 26% 增加到 31%年，以及越來越多的使用 POS Pro 的零售地點。

Adjusted gross profit was $665 million compared to $627 million in the second quarter of 2021. Compared to the second quarter of 2021, adjusted gross profit was affected by a greater mix of our lower-margin merchant solutions revenue, lower margins in Shopify Payments due to merchant and card mix shifts and increased investments in our cloud infrastructure. Adjusted operating loss was $41.8 million in the second quarter compared to adjusted operating income of $236.8 million a year ago, largely due to investments in talent as well as marketing program spend. The additional talent has enabled us to expand and strengthen our R&D and sales and marketing teams, significantly step up our marketing efforts internationally and initiate a new off-line performance marketing program.

調整後的毛利潤為 6.65 億美元，而 2021 年第二季度為 6.27 億美元。與 2021 年第二季度相比，調整後的毛利潤受到我們利潤率較低的商戶解決方案收入的影響更大，Shopify Payments 的利潤率較低是由於商家和卡組合發生變化，並增加了對我們雲基礎設施的投資。第二季度調整後的營業虧損為 4180 萬美元，而一年前的調整後營業收入為 2.368 億美元，主要是由於人才投資和營銷計劃支出。額外的人才使我們能夠擴大和加強我們的研發、銷售和營銷團隊，顯著加強我們的國際營銷工作，並啟動新的線下績效營銷計劃。

While we saw a sequential quarterly increase in the year-over-year growth of operating expenses from Q1 to Q2, we took measures during Q2 to slow spend that resulted in a sequential monthly deceleration of operating expense growth year-over-year as we exited the quarter.

雖然我們看到從第一季度到第二季度的運營費用同比增長環比增長，但我們在第二季度採取措施減緩支出，導致運營費用增長在退出後逐月放緩季度。

Adjusted net loss for the second quarter was $38.5 million or a loss of $0.03 per diluted share compared with adjusted net income of $284.6 million or $0.22 per diluted share in the second quarter of 2021.

第二季度調整後的淨虧損為 3850 萬美元，或攤薄後每股虧損 0.03 美元，而 2021 年第二季度的調整後淨收入為 2.846 億美元，或攤薄後每股虧損 0.22 美元。

Turning to our balance sheet. Our cash, cash equivalents and marketable securities balance on June 30 was $6.95 billion. This amount does not reflect the acquisition of Deliverr, which closed in July for approximately $2.1 billion comprising approximately $1.7 billion in cash and $400 million in Class A shares, some of which relates to post-transaction services that will be accounted for as stock-based compensation. Our strong cash position reflects our approach to prudent capital allocation and rigorous operating discipline. We allocate capital to opportunities that we expect will significantly expand the opportunity set for merchants, accelerate our product road map or have strong paybacks from improved operating efficiency.

轉向我們的資產負債表。 6 月 30 日，我們的現金、現金等價物和有價證券餘額為 69.5 億美元。該金額不反映對 Deliverr 的收購，該交易於 7 月以約 21 億美元的價格完成，其中包括約 17 億美元的現金和 4 億美元的 A 類股票，其中一些與交易後服務有關，這些服務將以股票為基礎進行核算賠償。我們強勁的現金狀況反映了我們審慎的資本配置和嚴格的經營紀律。我們將資金分配給我們預計將顯著擴大商戶機會、加快我們的產品路線圖或從提高運營效率中獲得豐厚回報的機會。

Consistent with this, we are taking actions to recalibrate our investment spending to build for long-term success. We are keenly aware of what's happening around us. We anticipate that inflation and the continued softness in consumer spending on goods will persist through the remainder of the year. Throughout the organization, our teams are mindful of the macro environment and have been rigorously evaluating and adjusting our spending priorities. And we have taken this time to also make adjustments to ensure we have an efficient, productive and highly motivated team.

與此一致，我們正在採取行動重新調整我們的投資支出，以取得長期成功。我們敏銳地意識到我們周圍發生的事情。我們預計通脹和消費者商品支出持續疲軟將持續到今年剩餘時間。在整個組織中，我們的團隊關注宏觀環境，並一直在嚴格評估和調整我們的支出優先級。我們也利用這段時間進行了調整，以確保我們擁有一支高效、富有成效和積極進取的團隊。

We began by conducting more rigorous reviews of our workforce throughout the organization with the aim of more fully maximizing our team's performance. This had the effect of slowing the number of net headcount additions to our team in Q2 versus Q1. Upon completion of a comprehensive and careful analysis of the company, we identified certain areas where we could improve our operations and team that resulted in the elimination of approximately 10% of Shopify's total headcount on July 26. This was an action we did not take lightly given its impact on people, both those leaving and those staying. We expect the streamlining of our workforce throughout the company and realigning our commercial organization, as Harley described earlier, will more effectively deliver Shopify's value to merchants.

我們首先對整個組織的員工隊伍進行更嚴格的審查，目的是更充分地提高我們團隊的績效。與第一季度相比，這減緩了我們團隊在第二季度增加的淨員工人數。在完成對公司的全面而仔細的分析後，我們確定了我們可以改進我們的運營和團隊的某些領域，這導致 Shopify 總人數在 7 月 26 日被裁減了大約 10%。這是我們沒有輕率採取的行動考慮到它對人們的影響，無論是離開的還是留下的。正如 Harley 之前所描述的，我們希望精簡整個公司的員工隊伍並重新調整我們的商業組織，這將更有效地為商家帶來 Shopify 的價值。

For the remainder of 2022, we expect a slow hiring to only the most strategic, and with the addition of Deliverr, exit this year with only a modest increase in total headcount versus the beginning of 2022. We have recalibrated our team so we can continue to operate with rigorous discipline and invest thoughtfully into the enormous opportunity ahead of us. And we are implementing a market competitive compensation system to recruit, reward and retain the best talent in the world.

在 2022 年剩下的時間裡，我們預計只有最具戰略意義的人才招聘緩慢，並且隨著 Deliverr 的加入，今年退出，總人數與 2022 年初相比僅略有增加。我們已經重新調整了我們的團隊，因此我們可以繼續以嚴謹的紀律運作，並深思熟慮地投資於我們面前的巨大機遇。我們正在實施具有市場競爭力的薪酬體系，以招聘、獎勵和留住世界上最優秀的人才。

We believe this new framework will also better equip us to manage total compensation, both cash and equity, for our global workforce. We expect the increased cost of this new compensation system to be approximately $50 million for the remainder of 2022. While the final compensation split can only be determined after employees have made their elections with the guardrails and default settings in place, we anticipate a split between cash and stock, fairly similar to the current composition. We will provide more details next quarter after the new framework rolls out this quarter.

我們相信，這一新框架還將使我們能夠更好地管理我們全球員工的總薪酬，包括現金和股權。我們預計，在 2022 年剩餘時間內，這一新薪酬系統的成本增加約為 5000 萬美元。雖然最終的薪酬分配只能在員工在有護欄和默認設置的情況下進行選舉後才能確定，但我們預計在現金和股票，與目前的構成相當相似。在本季度推出新框架後，我們將在下個季度提供更多詳細信息。

In addition, for the remainder of 2022, we expect to reduce spend in lower priority areas and non-core activities that we do not believe would be effective in this environment, focus our sales and marketing spend on activities with shorter payback periods and realign our support teams under a more efficient operating model.

此外，在 2022 年剩餘時間內，我們預計將減少我們認為在這種環境下無效的低優先級領域和非核心活動的支出，將我們的銷售和營銷支出集中在投資回收期較短的活動上，並重新調整我們的在更高效的運營模式下支持團隊。

Turning to our outlook. Since our beginning, we have grown the business with operating discipline, allocating capital to the best opportunities to help merchants grow, and they've grown our adjusted operating income over the past 5 years through 2021. We expect 2022 will be different, more of a transition year in which e-commerce is largely reset to the pre-COVID trend line and is now pressured by persistent high inflation. We expect our multichannel superpowers and strong value proposition will continue to help our merchants in this environment, and we are excited about our critical investments like Deliverr that will position us well for the future of commerce. We believe we will emerge from 2022 and this macro cycle stronger, and our prospects for long-term growth and profitability remain significant, given the long-term growth trajectory and expansive opportunity set that commerce presents and our leading position within it, earned over years of providing the best technology that merchants and partners build their futures on.

轉向我們的前景。從一開始，我們就以經營紀律發展業務，將資金分配給幫助商家成長的最佳機會，他們在過去 5 年到 2021 年增加了我們調整後的營業收入。我們預計 2022 年將有所不同，更多電子商務在很大程度上重新回到 COVID 之前的趨勢線的過渡年，現在受到持續高通脹的壓力。我們希望我們的多渠道超級大國和強大的價值主張將繼續在這種環境下幫助我們的商家，我們對像 Deliverr 這樣的關鍵投資感到興奮，這將使我們為商業的未來做好準備。我們相信，鑑於商業呈現的長期增長軌跡和廣泛的機會組合以及我們多年來贏得的領先地位，我們將在 2022 年和這個宏觀週期變得更加強勁，並且我們的長期增長和盈利前景仍然顯著提供最好的技術，讓商家和合作夥伴建立他們的未來。

Our financial outlook for the rest of 2022, which includes the impact of Deliverr and our new compensation system, assumes that higher inflation will persist for the foreseeable future and, combined with rising interest rates, will pressure consumers' wallets for purchases of goods. In light of these assumptions, our expectations for our own results for 2022 are as follows.

我們對 2022 年剩餘時間的財務展望（包括 Deliverr 的影響和我們的新薪酬系統）假設在可預見的未來，較高的通脹將持續存在，再加上利率上升，將給消費者購買商品的錢包帶來壓力。鑑於這些假設，我們對 2022 年業績的預期如下。

Our GMV growth, though impacted by persistent inflation, will continue to outperform the broader retail market in the second half of 2022, aided by our multichannel capabilities. Merchant Solutions revenue will continue to grow as a percentage of GMV, driven by mission-critical tools like Shopify Payments, Shopify Capital, Shopify Markets, Shop Pay installments and Shopify Fulfillment, including Deliverr, and continue to benefit from the growth of partner revenue. The number of new merchants joining the platform in the second half of 2022 will be higher than in the first half of 2022 as our localized subscription pricing and other commercial initiatives gain traction. Merchant Solutions revenue growth year-over-year will be more than double that of Subscription Solutions revenue growth for the full year 2022. Both GMV and total revenue in 2022 to be more evenly distributed across the 4 quarters similar to 2021, given the increasing pressure on consumer spending on goods and currency headwinds from the stronger U.S. dollar we are expecting in the back half of this year.

儘管受到持續通脹的影響，我們的 GMV 增長將在我們的多渠道能力的幫助下，在 2022 年下半年繼續跑贏更廣泛的零售市場。在 Shopify Payments、Shopify Capital、Shopify Markets、Shop Pay 分期付款和 Shopify Fulfillment 等關鍵任務工具（包括 Deliverr）的推動下，商戶解決方案收入佔 GMV 的百分比將繼續增長，並繼續受益於合作夥伴收入的增長。隨著我們的本地化訂閱定價和其他商業舉措獲得關注，2022 年下半年加入該平台的新商家數量將高於 2022 年上半年。商戶解決方案的收入同比增長將是 2022 年全年訂閱解決方案收入增長的兩倍多。鑑於壓力越來越大，2022 年的 GMV 和總收入將在與 2021 年相似的四個季度中更均勻地分佈我們預計今年下半年會出現美元走強帶來的商品消費支出和貨幣逆風。

Because of this larger mix of Merchant Solutions contributing to overall revenue and Deliverr, which we expect to be dilutive, gross profit dollar growth will trail revenue growth. And operating expense growth, excluding severance, to meaningfully decelerate in Q3 and again in Q4.

由於商家解決方案的這種更大組合有助於整體收入和交付者，我們預計這將是稀釋性的，毛利潤美元增長將落後於收入增長。不包括遣散費在內的運營費用增長將在第三季度和第四季度顯著放緩。

Factoring in these expectations, we expect to generate an adjusted operating loss for the second half of 2022 with Q3 adjusted operating loss, excluding severance costs expected to materially increase over Q2, reflecting time needed for the streamlining of our operations to take effect, the implementation of our new compensation framework, the first quarter of Deliverr operations, including approximately 450 team members and related integration costs, and up to an estimated $50 million for certain other operating items associated with these and other areas. As we significantly decelerate operating expense growth into Q4 and with Q4's higher seasonal GMV and revenue, we expect an adjusted operating loss in Q4 that is significantly smaller than in Q3, but larger than in Q2.

考慮到這些預期，我們預計 2022 年下半年將產生調整後的經營虧損，其中第三季度調整後的經營虧損不包括預計將在第二季度大幅增加的遣散費，這反映了我們的運營精簡生效所需的時間，實施在我們新的薪酬框架中，交付者運營的第一季度，包括大約 450 名團隊成員和相關的整合成本，以及與這些和其他領域相關的某些其他運營項目估計高達 5000 萬美元。由於我們在第四季度顯著放緩運營費用增長以及第四季度較高的季節性 GMV 和收入，我們預計第四季度調整後的運營虧損將顯著小於第三季度，但大於第二季度。

Finally, the estimates of stock-based compensation and related payroll taxes, CapEx and amortization of acquired intangibles are now $750 million, $200 million and $62 million, respectively.

最後，基於股票的薪酬和相關工資稅、資本支出和收購無形資產攤銷的估計現在分別為 7.5 億美元、2 億美元和 6200 萬美元。

In closing, we're ready to keep building the future of commerce. We will continue to prioritize building the software and solutions for merchants to enable entrepreneurs and independent merchants to compete in a world that relies increasingly on technology to succeed, and we will continue to be nimble and adjust our plans to exit the cycle with improving profitability. Our investments will help independent brands get started and compete, bring more modern selling tools for our larger brands, and equip merchants around the world with a richer set of capabilities, all of which fortify our long-term competitive position and value proposition. Over time, the investments we make now will become an integral part of our commerce operating system as Shopify advances to be a 100-year company with sustainable, profitable growth.

最後，我們準備繼續建設商業的未來。我們將繼續優先為商家構建軟件和解決方案，使企業家和獨立商家能夠在日益依賴技術取得成功的世界中競爭，我們將繼續靈活調整我們的計劃，以提高盈利能力退出週期。我們的投資將幫助獨立品牌起步和競爭，為我們的大品牌帶來更現代的銷售工具，並為全球商家提供更豐富的能力，所有這些都鞏固了我們的長期競爭地位和價值主張。隨著時間的推移，我們現在所做的投資將成為我們商業操作系統不可分割的一部分，因為 Shopify 已發展成為一家擁有 100 年曆史的可持續盈利增長公司。

I'll now turn the call back to Katie.

我現在將電話轉回凱蒂。

We will now open the call for questions. (Operator Instructions)

我們現在將打開問題的電話。 （操作員說明）

Our first question comes from DJ Hynes at Canaccord Genuity.

我們的第一個問題來自 Canaccord Genuity 的 DJ Hynes。

With the investments you guys have earmarked for SFN, I think we've got $1 billion 5-year cash neutral plan and then now, $2 billion on Deliverr. What percent of GMV do you think that will give you the capacity to manage? I think investors are trying to wrap their arms around the full scope of potential investment here, so any color along those lines would help.

有了你們為 SFN 指定的投資，我認為我們有 10 億美元的 5 年現金中性計劃，然後是現在，20 億美元用於交付。你認為多少百分比的 GMV 會給你管理能力？我認為投資者正試圖在這裡全面投入潛在投資，因此任何顏色都會有所幫助。

Sure.

當然。

We've said from the very beginning of launching SFN, it doesn't change with Deliverr that we expected to be able to address the majority, the vast majority of our North America GMV at scale. So today, we're a subset of a subset as we build and make sure that we're focusing on merchant delight. Obviously, the Deliverr acquisition adds more fulfillment volume and more merchants starting in July, which is great. We'll continue to build the integrated network and operations and scale that over time to be able to address that GMV.

我們從推出 SFN 的一開始就說過，Deliverr 並沒有改變我們期望能夠大規模解決我們北美 GMV 的絕大多數問題。所以今天，我們是一個子集的一個子集，我們構建並確保我們專注於商家的喜悅。顯然，從 7 月開始，對 Deliverr 的收購增加了更多的履行量和更多的商家，這很棒。我們將繼續構建集成網絡和運營，並隨著時間的推移對其進行擴展，以便能夠解決 GMV。

Thanks, DJ.

謝謝，DJ。

Our next question comes from Mark Zgutowicz from Benchmark.

我們的下一個問題來自 Benchmark 的 Mark Zgutowicz。

Just regarding your commentary on second half growth in merchants over first half, I'm curious sort of what the mix looks like there? I know you had earmarked some incremental marketing spend or acquisition spend at the lower end or the entrepreneurial segment, and I just wanted to get a sense of how that has progressed? I know that has trailed. Obviously, you've had pretty strong plus growth, but just curious how that mix looks and how you're seeing or what progress you're seeing on the entrepreneurial segment and how important that still is in terms of broadening out your merchant base?

僅關於您對上半年商家下半年增長的評論，我很好奇那裡的組合是什麼樣的？我知道你已經在低端或創業領域指定了一些增量營銷支出或收購支出，我只是想了解一下進展如何？我知道那已經落後了。顯然，您已經獲得了相當強勁的增長，但只是好奇這種組合看起來如何，您看到了什麼，或者您在創業領域看到了什麼進展，以及在擴大您的商家基礎方面仍然有多麼重要？

Yes. So we talked a little bit in the opening remarks about some -- the commercial initiatives that we have been working on, namely, the localized pricing and billing in markets outside of North America. We're really excited about that launch. It was late in May, around May 25, so it's very early days. As we exited Q2, we saw good traction in select international markets. So continue to be very excited. And as I said earlier, international merchants continued to increase in the mix year-over-year. So we -- our expectations were built into our outlook for the second half because of that.

是的。因此，我們在開場白中談到了一些我們一直在開展的商業計劃，即北美以外市場的本地化定價和計費。我們對這次發布感到非常興奮。 5 月下旬，5 月 25 日左右，所以現在還很早。當我們退出第二季度時，我們在部分國際市場看到了良好的牽引力。所以繼續很興奮。正如我之前所說，國際商家的組合同比繼續增加。因此，我們 - 因此我們的預期被納入了我們對下半年的展望。

And yes, as you said, Plus continues to do extraordinarily well. And keep in mind, that's just -- that's not just new merchants coming to Plus, that's standard merchants upgrading. We're still seeing a healthy number upgrade to Plus. We expect that to continue into the back half. And then our POS Pro locations are increasing in the thousands year-over-year, and we expect that to continue to increase into the back half.

是的，正如你所說，Plus 繼續做得非常好。請記住，這只是 - 這不僅僅是新商家加入 Plus，這是標準商家升級。我們仍然看到一個健康的數字升級到 Plus。我們預計這種情況將持續到後半部分。然後我們的 POS Pro 位置每年都在增加數千個，我們預計這將繼續增加到後半部分。

One thing I would just add to that. I think some people have missed this often, but the reason that I think Plus has been successful is not just because it is the best place for existing brands to either go direct to consumer for the first time or scale or modernize their retail operations. I mentioned some big household names on -- in my opening remarks. But it's also because we have an unfair advantage that Shopify is where people go to start businesses and those that are successful, and in some cases, very successful. They migrate up to Plus and stay with us indefinitely.

我只想補充一件事。我認為有些人經常錯過這一點，但我認為 Plus 成功的原因不僅僅是因為它是現有品牌首次直接面向消費者或擴大零售業務或使其零售業務現代化的最佳場所。我在開幕詞中提到了一些家喻戶曉的名字。但這也是因為我們有一個不公平的優勢，Shopify 是人們創業的地方，也是那些成功的地方，在某些情況下，非常成功。他們遷移到 Plus 並無限期地留在我們身邊。

So the fact that we have both existing large brands coming on but also have this feeder from the small businesses that are successful, makes Plus especially compelling.

因此，我們既有現有的大品牌，也有來自成功的小企業的饋線，這一事實使得 Plus 特別引人注目。

Yes.

是的。

And I might just add one more thing on the POS side. We're seeing more merchants take POS from our existing merchant base. The majority of those -- those adds are coming from the existing base, but we're also seeing a healthy number of new merchants come to Shopify for our POS product. And so there are multiple levers there that are growing our POS business.

我可能會在 POS 端再添加一件事。我們看到越來越多的商家從我們現有的商家群中使用 POS。其中大部分——這些新增來自現有基礎，但我們也看到大量新商家來到 Shopify 購買我們的 POS 產品。因此，有多種槓桿正在發展我們的 POS 業務。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Our next question comes from Thomas Forte from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

So when you think about the long-term growth rate for your mission to enable merchants to exploit commerce-related opportunities on a global basis, how do you think about your relative growth rate for headcount? In other words, if that market is growing at a 10% CAGR, do you think you need to increase your head count at that rate or a higher one or lower one?

因此，當您考慮使商家能夠在全球範圍內利用與商業相關的機會的使命的長期增長率時，您如何看待員工人數的相對增長率？換句話說，如果該市場以 10% 的複合年增長率增長，您認為您需要以該速度增加員工人數，還是更高或更低？

Yes. Certainly, at times we are thinking about headcount this week.

是的。當然，有時我們會考慮本週的員工人數。

Well, look, I think the company wants to be highly effective. The company is not interested in having linear growth of headcount with -- at least that's not an ambition. That is -- we want this to be sublinear. And it's hard to say what, what the natural, like, size is -- that there would be some kind of formula that tells you exactly what's needed. I mean, right now, we are -- this week, we, of course, had to say goodbye to some remarkable individuals that we've been working with, partly because we got the exact number of people we need for the current situation wrong.

好吧，聽著，我認為公司想要高效。該公司對員工人數的線性增長不感興趣——至少這不是一個雄心壯志。也就是說——我們希望它是次線性的。很難說什麼是自然的，比如，大小是什麼——會有某種公式可以準確地告訴你需要什麼。我的意思是，現在，我們 - 本週，我們當然不得不告別我們一直在與之合作的一些傑出的人，部分原因是我們弄錯了當前情況所需的確切人數.

So honestly, I think the best thing to think about this is we are building capability to take advantage of opportunities. And everything a software company does is about productivity, everything that the software company does is to be able to automate things that need to be automated. And especially, like, Shopify has been the last 2 years very much heads down, lots of focus on R&D, road map shipping, as you can see with our editions release.

所以老實說，我認為最好的考慮是我們正在建立利用機會的能力。軟件公司所做的一切都是為了提高生產力，軟件公司所做的一切都是為了能夠將需要自動化的事情自動化。尤其是，Shopify 過去 2 年一直低調行事，大量專注於研發、路線圖運輸，正如您在我們的版本發布中看到的那樣。

And now we are going to take the principles of organization and tooling again to be a broader company and looking at all the systems. And, I mean, we found huge efficiencies in the past and things like underwriting for our capital product and obvious areas. And so we will -- this is what we are going to invest in now. And -- so very hard to have a specific number there, but Shopify is committed to being operationally extremely efficient.

現在我們將再次採用組織和工具的原則，成為一家更廣泛的公司，並審視所有系統。而且，我的意思是，我們在過去發現了巨大的效率，比如我們的資本產品和明顯領域的承銷。所以我們會 - 這就是我們現在要投資的東西。而且 - 那裡很難有一個具體的數字，但 Shopify 致力於提高運營效率。

There are also a bunch of things, just to add to Tobi's point on some of the automations we can do here. In May, for example, we introduced localized subscription pricing plans to over 200 countries. That automatically reflects those countries' purchasing power, and also it just makes it easier to sign up for Shopify. We added things like point-of-sale and Shopify Payments to new areas. Shopify Shipping in places like France, for example, so there's a lot we can do in terms of getting more international merchants onto the platform that don't necessarily require more headcount but rather require us to think a little bit differently about the software. And that's been -- that's something that we're currently working on. You'll see more of that in the future as well.

還有很多事情，只是為了補充 Tobi 關於我們可以在這裡做的一些自動化的觀點。例如，在 5 月，我們向 200 多個國家/地區推出了本地化訂閱定價計劃。這自動反映了這些國家/地區的購買力，而且它也使註冊 Shopify 變得更加容易。我們將銷售點和 Shopify Payments 等內容添加到了新區域。例如，在法國等地的 Shopify Shipping，我們可以做很多事情來讓更多的國際商家進入該平台，這並不一定需要更多的員工，而是需要我們對軟件進行一些不同的思考。這一直是 - 這是我們目前正在努力的事情。將來你也會看到更多。

Great. Thank you, Tom.

偉大的。謝謝你，湯姆。

Our next question comes from Colin Sebastian at Baird. Colin, are you muted? Did you mute your phone?

我們的下一個問題來自 Baird 的 Colin Sebastian。科林，你靜音了嗎？你把手機靜音了嗎？

Yes. Sorry, can you hear me now, Katie?

是的。抱歉，你現在能聽到我說話嗎，凱蒂？

Yes, we hear you, great.

是的，我們聽到了，太好了。

Okay. Yes. So sorry about that.

好的。是的。很抱歉。

I was just hoping you could talk a little bit more about that balance between maintaining the longer-term product initiatives while recalibrating operations. I guess the question would be, are you sacrificing anything from the road map given the adjustments you're making to the macro backdrop? Or is your view that you can still achieve these milestones even on a lower expense base?

我只是希望你能多談談保持長期產品計劃與重新調整運營之間的平衡。我想問題是，考慮到你對宏觀背景所做的調整，你是否犧牲了路線圖中的任何東西？或者您認為即使在較低的費用基礎上您仍然可以實現這些里程碑？

Yes. We're not sacrificing anything in this.

是的。我們不會在這方面犧牲任何東西。

Okay. Thank you, Colin.

好的。謝謝你，科林。

Our next question comes from Paul Treiber at RBC. Paul, you can go ahead.

我們的下一個問題來自 RBC 的 Paul Treiber。保羅，你可以繼續。

Yes.

是的。

Just in the prepared remarks, you mentioned that Shopify makes strategic bets that your merchants demand of you. What's the biggest strategic bet that the company is making right now?

就在準備好的評論中，您提到 Shopify 會根據您的商家對您的要求進行戰略性賭注。公司目前最大的戰略賭注是什麼？

Well, it's the vertical integration of logistics. It's a bet and various things that we are doing on Shop. I mean, I think it's worth saying, it's a characteristic of innovative companies that they think in bets in general. Like, I mean, every -- starting any company is a bet that you have some insights that -- some insights that, like, different from orthodoxy, but you know something better. Or you know that something is needed in the market that currently doesn't exist. That's your first bet.

嗯，這是物流的垂直整合。這是一個賭注，我們在 Shop 上做的各種事情。我的意思是，我認為值得一提的是，這是創新公司的一個特徵，他們通常認為是下注。就像，我的意思是，每一個 - 創辦任何公司都是在打賭你有一些見解 - 有些見解不同於正統，但你知道一些更好的東西。或者你知道市場上需要一些目前不存在的東西。這是你的第一個賭注。

And I think sort of found out to run companies tend -- in general, tend to be very bets-driven. And therefore, the growth patterns are different, right? Like especially this week, I feel it, why more managerial-run companies tend to not engage in bets. Mathematically, they make a lot of sense. Obviously, you ought to take a 20% chance at a 10x increase. But it's -- you feel it when they don't work, and it tends to be a somewhat public thing.

而且我認為，在某種程度上，經營公司往往——一般來說，往往是非常受賭注驅動的。因此，增長模式是不同的，對吧？尤其是這週，我感覺到了，為什麼更多由管理層經營的公司傾向於不參與賭注。從數學上講，它們很有意義。顯然，你應該抓住 20% 的機會來增加 10 倍。但它是——當它們不工作時你會感覺到它，而且它往往是一個有點公開的事情。

So I know why there's generally not a lot of appetite for this kind of risk taking, but I think our company, especially as defined by us not following some kind of orthodox playbook. There's no -- this is how we built Shopify on the shelves of Barnes & Noble, and we have to make it up on the fly. And for that, we try to have a really, really good model of the world. And macroeconomics influence and -- hopefully, a lot of data points from history that are influencing these things. Because history is -- [even behavior] rolled up in front of you for inspection and allows you to understand how things might evolve in the future. And based on this, you make choices, in our case, as it relates to retail and e-commerce.

所以我知道為什麼通常對這種冒險行為沒有太大的興趣，但我認為我們的公司，特別是按照我們不遵循某種正統劇本的定義。沒有——這就是我們在 Barnes & Noble 的貨架上構建 Shopify 的方式，我們必須在運行中進行彌補。為此，我們試圖建立一個非常非常好的世界模型。宏觀經濟學會影響，而且——希望有很多歷史數據點會影響這些事情。因為歷史是—— [甚至行為] 卷在您面前以供檢查，並讓您了解未來事情可能會如何發展。在此基礎上，在我們的案例中，您可以做出與零售和電子商務相關的選擇。

I think it's very, very -- it's a very, very, very easy bet to make that humans will be engaged in entrepreneurial activities. That there's going to be a lot of trade, a lot of retail, a lot of products that people innovate with and that other people want. So all these kind of things are long term with us no matter what happens. And so Shopify wants to make sure that we are helpful in any kind of way and shape these takes. And we would like Shopify to be ubiquitously helpful in all contexts and channels. And so this is how we make our decisions, every given one of them is one such bet, and some of them fail.

我認為這是非常非常 - 這是一個非常、非常、非常容易下注的賭注，即人類將從事創業活動。將會有大量的貿易、大量的零售、大量人們用來創新和其他人想要的產品。因此，無論發生什麼，所有這些事情對我們來說都是長期的。因此，Shopify 希望確保我們以任何方式提供幫助並塑造這些需求。我們希望 Shopify 在所有環境和渠道中都能提供無處不在的幫助。所以這就是我們做出決定的方式，每一個給定的都是這樣的賭注，其中一些失敗了。

And -- but that's -- that I would be extraordinary worried to be invested into a company that isn't sometimes failing the bet because that just means they are not totally ambitious, I would say.

而且 - 但那是 - 我會非常擔心被投資到一家有時不會失敗的公司，因為這只是意味著他們並不完全雄心勃勃，我會說。

Thank you, Paul.

謝謝你，保羅。

Our next question comes from Gabriela Borges at Goldman Sachs.

我們的下一個問題來自高盛的 Gabriela Borges。

I wanted to follow up on the commentary on the normalized trend line. Fully appreciate that Shopify can outgrow the industry. Would love to hear a little bit about your medium-term planning assumptions on what you're expecting for e-commerce industry growth? What are you hearing from your industry ecosystem partners that informs that planning assumption? And then, is there any risk that we grow below the trend line for a little bit due to macro before we come back up to trend?

我想跟進關於標準化趨勢線的評論。完全理解 Shopify 可以超越行業。想听聽您對電子商務行業增長的期望的中期規劃假設嗎？您從您的行業生態系統合作夥伴那裡聽到哪些信息來說明該規劃假設？然後，在我們回到趨勢之前，是否存在由於宏觀因素導致我們在趨勢線下方增長一點的風險？

So I think we mentioned this on the call, but what we're seeing at Shopify is both on off-line retail and in online retail, we are outgrowing from a GMV perspective year-on-year, the larger market. Shopify now is around 10% of all e-commerce in the U.S., and we continue to take a larger market share.

因此，我認為我們在電話會議上提到了這一點，但我們在 Shopify 看到的是線下零售和在線零售，從 GMV 的角度來看，我們在更大的市場上同比增長。 Shopify 現在約占美國所有電子商務的 10%，我們繼續佔據更大的市場份額。

In terms of the sort of recalibration of retail, obviously, with things reopened last year, we saw more retail shift away from e-commerce directly to physical retail. But one of the things we prepared for, and we did this pretty much when the pandemic got started was, we knew that physical retail was eventually going to reopen. And so we went to work building what we think is the best point-of-sale physical retail product in market. And we were able to add the functionality to it, we created a new hardware for it. We also were able to expand the locations so that more merchants can use our point-of-sale product in more areas.

就零售業的重新調整而言，顯然，隨著去年的重新開放，我們看到更多的零售業從電子商務直接轉向實體零售。但是，我們準備的一件事，而且在大流行開始時我們幾乎就這樣做了，我們知道實體零售最終將重新開放。因此，我們著手打造我們認為是市場上最好的銷售點實體零售產品。我們能夠為其添加功能，我們為它創建了一個新硬件。我們還能夠擴展地點，以便更多商家可以在更多地區使用我們的銷售點產品。

But even if you sort of just look back in the last couple of weeks and announcements we've made, whether it's selling across new surface areas like YouTube, for example, or increasing our partnerships with companies, with other surface areas like social media companies, what we're doing right now with TikTok and what we're doing right now with Instagram, we believe the future of retail is retail everywhere. And I think that the -- when you come to Shopify, what we are doing is we're future-proofing your business so that no matter where the additional increase in retail is coming from, where the momentum is, you can do so directly from Shopify. And so whether or not retail e-commerce in particular, obviously, is -- it continues to grow. It's still somewhere around the 15% mark of total retail in the U.S., but in places like the U.K., where you're seeing far more increase in e-commerce, and that is very, very sticky.

但是，即使您只是回顧過去幾周和我們發布的公告，無論是在 YouTube 等新領域進行銷售，還是加強我們與公司的合作夥伴關係，以及與社交媒體公司等其他領域的合作，我們現在用 TikTok 做的事情以及我們現在用 Instagram 做的事情，我們相信零售的未來是無處不在的零售。而且我認為 - 當您來到 Shopify 時，我們正在做的是讓您的業務面向未來來自 Shopify。因此，無論零售電子商務是否特別明顯，它都在持續增長。它仍然在美國零售總額的 15% 左右，但在像英國這樣的地方，電子商務的增長要快得多，這非常非常具有粘性。

But what we are trying to do is make it so when you come to Shopify, you never have to think about where to sell because you're able to sell across every single surface area where you may have customers, and that is important. That is not something you see at other companies.

但是我們正在努力做到這一點，當您來到 Shopify 時，您永遠不必考慮在哪裡銷售，因為您可以在可能有客戶的每個表面區域進行銷售，這很重要。這不是你在其他公司看到的。

Thanks, Gabriela.

謝謝，加布里埃拉。

Our next question comes from Daniel Chan at TD Securities.

我們的下一個問題來自道明證券的 Daniel Chan。

It looks like you guys have done some work on your GMV, to say that your GMV is going to outpace the growth of broad retail. Just wondering whether you could share some of the findings of what your GMV is composed of, in particular, whether you can share how much of your GMV do you think is more discretionary spending versus non-discretionary?

看起來你們已經在 GMV 上做了一些工作，說你們的 GMV 將超過廣泛零售的增長。只是想知道您是否可以分享您的 GMV 的組成部分的一些發現，特別是，您是否可以分享您認為有多少 GMV 是可自由支配的支出而不是非可自由支配的支出？

I'll take that one.

我會拿那個。

So we obviously track our GMV by consumer vertical categories. Apparel, cosmetics, beauty, home goods have tended to be the mainstays in the majority of the GMV. We saw every category continue to grow in the quarter year-over-year, and what was really kind of interesting is food and beverage, which really took off during COVID, actually grew sequentially quarter-over-quarter. So you're kind of seeing the robustness of the platform's ability to sell multiple kinds of goods in different environments. And so it's the combination of those and the vast variety of merchants that we can serve successfully. I think it shows the power of the platform in addition to the multichannel capabilities that Harley just talked about.

因此，我們顯然通過消費者垂直類別來跟踪我們的 GMV。服裝、化妝品、美容、家居用品往往是大部分 GMV 的支柱。我們看到每個類別都在本季度同比繼續增長，真正有趣的是食品和飲料，它在 COVID 期間真正起飛，實際上環比增長。因此，您會看到平台在不同環境中銷售多種商品的能力的穩健性。因此，我們可以成功地為這些商家和各種各樣的商家提供服務。我認為除了 Harley 剛剛談到的多渠道功能之外，它還展示了平台的強大功能。

Thanks, Ken -- I'm sorry, thank you, Daniel.

謝謝，Ken -- 對不起，謝謝，Daniel。

Ken, our next question goes to you.

肯，我們的下一個問題要問你。

Great. Katie.

偉大的。凱蒂。

So just a question around the reduction in force. One thing I've been getting asked a lot is, should investors see it as a deeper change in management's operating philosophy, so perhaps a more balanced approach to growth? Or is this simply a rightsizing of expenses to line up with the lower revenue run rate that's expected because of the normalization?

所以只是一個關於減少力量的問題。我經常被問到的一件事是，投資者是否應該將其視為管理層經營理念的更深層次的變化，因此也許是一種更平衡的增長方式？或者這僅僅是為了與正常化而預期的較低收入運行率相一致而調整費用規模？

Well, it's -- we didn't come at this from a financial perspective or like we're trying to hit a sort of, like, this is that we built capacity for dealing with a potential growth rate like an accelerated (inaudible) a growth rate.

嗯，這是 - 我們不是從財務角度來看這個，或者我們試圖達到某種目標，比如，我們建立了處理潛在增長率的能力，比如加速（聽不清）a增長率。

In my letter, there is a chart, of course, which we share about the e-commerce penetration as a percentage of all of retail. If you look at that chart, you see why we needed to jump ahead in headcount, too, because there was just -- like Shopify helps, for instance a lot when business are created and especially in those times where everyone had millions of questions, right? So like just from customer support and like inbound and all those kind of things, you needed people to help with this. And without that demand, like, we will converge on -- if this e-commerce penetration rate having normalized back to the trend line, we are going to a staffing level where we would be if COVID wouldn't have happened.

當然，在我的信中，有一張圖表，我們分享了電子商務滲透率佔所有零售額的百分比。如果您查看該圖表，您就會明白為什麼我們也需要在員工人數方面取得領先，因為就像 Shopify 一樣，例如在創建業務時提供了很多幫助，尤其是在每個人都有數百萬個問題的時候，正確的？因此，就像客戶支持、入站和所有這些事情一樣，您需要有人來幫助解決這個問題。如果沒有這種需求，我們將集中精力——如果這種電子商務滲透率恢復正常，回到趨勢線，我們將達到如果 COVID 不會發生的情況下的人員配置水平。

So it's -- this is the reason. So it wasn't -- obviously, it hits the expenses because, of course, payroll is involved. But like, that wasn't the goal or the imperative.

所以它 - 這就是原因。所以它不是 - 顯然，它會影響費用，因為當然涉及工資單。但就像，這不是目標或命令。

Thanks, Ken.

謝謝，肯。

Our next question comes from Bhavin Shah at Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bhavin Shah。

Just following back up on SFN. Given the change in pace of headcount investments along with the evolving macro backdrop, is there any change in the amount or timing of the $1 billion in CapEx for SFN over the next few years? And along those lines, can you remind us of the other costs associated with the build out such as leases? And any change in pace of the investments for these costs as well?

只是跟進SFN。鑑於員工人數投資步伐的變化以及不斷變化的宏觀背景，未來幾年 SFN 的 10 億美元資本支出的金額或時間是否有任何變化？沿著這些思路，您能否提醒我們與擴建相關的其他成本，例如租賃？這些成本的投資步伐是否也有任何變化？

No, there's no change in the current investments that we plan for SFN and Deliverr.

不，我們為 SFN 和 Deliverr 計劃的當前投資沒有變化。

I want to just remind you that the CapEx that you referred to relates to a handful of backbone self-operated hubs in key geographies that will serve a multifunction capability that we believe actually brings operating costs down and makes the network really efficient. And with the acquisition of Deliverr and their 40 partner warehouses, we'll act as spokes -- spoke warehouses as well as sort centers. And so this is a very capital-efficient plan.

我想提醒您，您提到的資本支出與關鍵地區的少數骨幹自營樞紐有關，這些樞紐將提供多功能能力，我們認為這實際上可以降低運營成本並使網絡真正高效。隨著對 Deliverr 及其 40 個合作夥伴倉庫的收購，我們將充當輻條 - 輻條倉庫以及分揀中心。所以這是一個非常具有資本效率的計劃。

We'll have more to say in the coming quarters as we bring those networks together, but there's no current plan right now to change that view.

隨著我們將這些網絡整合在一起，我們將在接下來的幾個季度中有更多話要說，但目前還沒有改變這種觀點的計劃。

Thank you, Bhavin.

謝謝你，巴文。

Our next question comes from Josh Beck at KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask a little bit about the embedded assumptions for the second half with respect to merchant. Certainly, it sounds like you're having good momentum with some of the commercial initiatives that you've put in place, I'm sure that's part of it. But I'm also curious on how you thought about business formation and retention as we do get into a little bit of a tougher macro?

我想問一些關於下半場關於商家的嵌入式假設。當然，聽起來您已經實施了一些商業計劃，勢頭良好，我相信這是其中的一部分。但我也很好奇你是如何看待業務形成和保留的，因為我們確實進入了一個更嚴格的宏觀環境？

Yes. I think we largely answered that this question earlier with respect to the commercial initiatives and our excitement about localized pricing and billing, and some other things that we began towards the end of Q2 that we think will provide lift in the second half in addition to Plus and POS continuing to contribute significantly.

是的。我認為我們之前在很大程度上回答了這個問題，涉及商業舉措和我們對本地化定價和計費的興奮，以及我們在第二季度末開始的一些其他事情，我們認為除了 Plus 之外，這些事情將在下半年提供提升和 POS 繼續做出重大貢獻。

So I don't think our answer changes there. Really continue to believe that we'll see more merchants coming to the platform in the second half than we saw in the first half. New business formation has been shown to actually increase sometimes in recessionary environments. We don't think that would be any different. And Shopify is an amazing place for merchants to be in an inflationary or a recessionary environment because of some of the things that we said in the opening remarks about passing our economies of scale onto merchants to help them make every dollar count in that type of a market.

所以我不認為我們的答案在那裡改變。真的繼續相信我們會在下半年看到比上半年更多的商家進入該平台。事實證明，在經濟衰退的環境中，新業務的形成有時實際上會增加。我們認為這不會有任何不同。 Shopify 對於處於通貨膨脹或衰退環境中的商家來說是一個了不起的地方，因為我們在開場白中談到了一些關於將我們的規模經濟傳遞給商家以幫助他們在這種類型的市場。

The same thing goes also for the Shopify Plus merchants. The existing brands that are migrating over Shopify Plus, many of them now are using this opportunity to recalibrate and rethink exactly what they need from a commerce partner. In some cases, it's obviously cost effectiveness. In other cases, they just want to modernize our systems, and Shopify Plus is the best place to do that.

Shopify Plus 商家也是如此。遷移至 Shopify Plus 的現有品牌，其中許多現在正在利用這個機會重新調整和重新思考他們需要從商業合作夥伴那裡得到什麼。在某些情況下，這顯然具有成本效益。在其他情況下，他們只想對我們的系統進行現代化改造，而 Shopify Plus 是實現這一目標的最佳場所。

Just back to your original question, just around merchant growth. Remember, though, that it's not just more merchants coming to Shopify. It's also the merchants on Shopify are taking more of our products. We talk a lot about this sort of product usage metric, which is Merchant Solutions revenue divided by GMV. Now, that continues to increase, and we believe that you will see sequential increases from this quarter to next quarter and certainly in the next -- and certainly year-on-year. And that's not just because of Deliverr, that is happening also because of organically us adding more features and solving more problems. I mean, you've seen things like capital obviously increase in Shopify Installments, in Shopify Markets, Shopify Payments. All of these things make Shopify more and more -- the most important piece of software that these millions of merchants use.

回到您最初的問題，圍繞商家增長。但請記住，加入 Shopify 的不僅僅是更多商家。 Shopify 上的商家也在使用我們的更多產品。我們經常談論這種產品使用指標，即商家解決方案收入除以 GMV。現在，這種情況繼續增加，我們相信你會看到從本季度到下個季度的連續增長，而且肯定會在下一個季度 - 而且肯定會同比增長。這不僅是因為 Deliverr，還因為我們有機地添加了更多功能並解決了更多問題。我的意思是，您已經看到 Shopify 分期付款、Shopify 市場、Shopify 付款等資本明顯增加。所有這些都使 Shopify 越來越成為數百萬商家使用的最重要的軟件。

And so it's not just more merchants, it's also more merchants taking more from Shopify. And we are the heart of their businesses, and that matters. It allows us to not only solve more problems, but it also is very good for our business.

因此，不僅僅是更多的商家，還有更多的商家從 Shopify 中獲得了更多。我們是他們業務的核心，這很重要。它不僅使我們能夠解決更多問題，而且對我們的業務也非常有利。

Great.

偉大的。

Well, thank you very much, Josh, and everyone else for joining this morning. That does conclude our conference call for the second quarter of 2022. Thanks again all for dialing in. Bye-bye.

好吧，非常感謝喬希和其他所有人今天早上的加入。這確實結束了我們 2022 年第二季度的電話會議。再次感謝大家撥入。再見。