Shopify Inc (SHOP) 2022 Q3 法說會逐字稿

Good morning, and thank you for joining Shopify's Third Quarter 2022 Conference Call. Tobi Lutke, Shopify's CEO; Harley Finkelstein, Shopify's President; Amy Shapero, our CFO; and Jeff Hoffmeister, our incoming 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 年第三季度電話會議。 Shopify 首席執行官 Tobi Lutke； Shopify 總裁 Harley Finkelstein； Amy Shapero，我們的首席財務官；我們即將上任的首席財務官 Jeff Hoffmeister 今天早上與我們同在。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測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，這些指標是非公認會計準則指標，不能替代公認會計準則財務指標。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，除非另有說明，否則今天討論的所有金額均以美元為單位。

With that, I will turn the call over to Harley.

有了這個，我會把電話轉給哈利。

Thanks, Amy, and good morning, everyone. As you can see from our Q3 performance, merchants continue to succeed on Shopify, growing sales and using more of our mission-critical tools to run their businesses.

謝謝，艾米，大家早上好。從我們第三季度的表現可以看出，商家繼續在 Shopify 上取得成功，增加銷售額並使用我們更多的關鍵任務工具來經營他們的業務。

Shopify's essential tools serve as a business' central operating system. These tools help our merchants stay ahead of the curve as commerce continues to rapidly evolve. This is particularly important today as businesses grapple with the consequences of rising interest rates and inflation. This is a key reason why merchants choose Shopify: We make the important things easy and everything else possible.

Shopify 的基本工具可用作企業的中央操作系統。隨著商業的持續快速發展，這些工具可幫助我們的商家保持領先地位。這一點在當今企業應對利率上升和通貨膨脹的後果時尤為重要。這是商家選擇 Shopify 的一個關鍵原因：我們讓重要的事情變得簡單，讓其他一切成為可能。

Later, Amy will discuss our Q3 financial performance and expectations for the rest of the year. I'm going to focus on the investments and the progress we've made in Q3 that further our competitive positioning and enable merchants to build buyer relationships to go global, to advance from first sale to full scale and simplify logistics, all of which plays a vital role in making commerce better for everyone.

稍後，艾米將討論我們第三季度的財務業績和對今年剩餘時間的預期。我將專注於我們在第三季度的投資和取得的進展，以進一步提升我們的競爭地位，並使商家能夠建立買家關係以走向全球，從首次銷售推進到全面銷售並簡化物流，所有這些都發揮著作用在使每個人的商業變得更好方面發揮著至關重要的作用。

Starting with building buyer relationships. For our merchants, discovering and connecting with more buyers and deepening relationships with existing customers are critical to a merchant's ability to create long-term success. Whether that connection is online or offline, Shopify has a suite of innovative products, like our best-in-class retail point-of-sale offering, that is rapidly becoming the solution of choice not only for SMBs, but also for large retailers.

從建立買家關係開始。對於我們的商家而言，發現並與更多買家建立聯繫並加深與現有客戶的關係對於商家創造長期成功的能力至關重要。無論這種連接是在線還是離線，Shopify 都有一套創新產品，例如我們一流的零售 POS 產品，它正迅速成為不僅是中小型企業而且是大型零售商的首選解決方案。

During the quarter, the outsized pace of offline growth on Shopify continued as we brought on 8 new merchants with over 20 locations each and 1 with over 175 locations. With our commercial teams increasingly selling to larger retailers, Plus merchants accounted for approximately 35% of all point-of-sale pro sales closed in Q3, and that's up from 14% in the same period a year ago.

在本季度，Shopify 繼續保持超快的線下增長速度，我們帶來了 8 個新商家，每個商家擁有超過 20 個地點，1 個新商家擁有超過 175 個地點。隨著我們的商業團隊越來越多地向大型零售商銷售產品，Plus 商家約佔第三季度所有銷售點專業銷售的 35%，高於去年同期的 14%。

Well-known brands, including department store, Schofields; and designer apparel, TOTEME, implemented our point-of-sale Pro solutions for their locations, driving Q3 offline GMV growth by 35% year-over-year or 41% in constant currency.

知名品牌，包括百貨公司、Schofields；和設計師服裝 TOTME 為其地點實施了我們的銷售點 Pro 解決方案，推動第三季度線下 GMV 同比增長 35% 或按固定匯率計算 41%。

Since the beginning of 2021, over half of the rapid adoption of point-of-sale Pro is being driven by new SMB retailers coming to Shopify to get their start as a new omnichannel business. Additionally, over 1/3 are from established offline retailers who are entirely new to e-commerce or selling only on point of sale. These stats demonstrate the power of our commerce platform and the breadth of capabilities we have built to make it easier for our merchants to reach customers on every surface.

自 2021 年初以來，超過一半的 POS Pro 快速採用是由來到 Shopify 的新 SMB 零售商推動的，以開始他們作為新的全渠道業務。此外，超過 1/3 來自成熟的線下零售商，他們對電子商務完全陌生或僅在銷售點銷售。這些統計數據展示了我們商業平台的強大功能以及我們為使商家更容易接觸到各個表面上的客戶而構建的廣泛功能。

In late September, we launched our new first-in-class mobile hardware device, point-of-sale Go. POS Go was developed to empower merchants to meet consumers wherever they are, however they want to purchase, from curb to counter. With POS Go, merchants can close sales anywhere and take payments securely and smoothly. POS Go is one more pathway to bring even more merchants into our flywheel. In just 3 weeks since launch, POS Go has seen enthusiastic adoption among new and existing merchants with strong performance right out of the gates.

9 月下旬，我們推出了全新的一流移動硬件設備 Point-of-sale Go。 POS Go 的開發旨在使商家能夠滿足消費者，無論他們身在何處，無論他們想購買什麼，從路邊到櫃檯。使用 POS Go，商家可以在任何地方完成銷售並安全順暢地進行付款。 POS Go 是將更多商家帶入我們飛輪的另一種途徑。自推出以來僅 3 週內，POS Go 就在新老商家中得到了熱烈的採用，並且表現強勁。

Building buyer relationships is paramount as our merchants gear up for Black Friday and Cyber Monday. Shopify is already. Our platform is equipped to handle the influx of orders and volume because we don't just do this a few times a year, we support merchants through these types of flash sales all the time.

隨著我們的商家為黑色星期五和網絡星期一做準備，建立買家關係至關重要。 Shopify 已經是。我們的平台有能力處理大量湧入的訂單和數量，因為我們不只是一年做幾次，我們一直通過這些類型的限時搶購來支持商家。

For example, last month, during New York Fashion Week, we supported a top designer during an online drop. During the flash sale, this Shopify merchant sold hundreds of thousands of units and achieved tens of millions of dollars in sales within only a few hours. Shopify made this possible.

例如，上個月，在紐約時裝週期間，我們在一次在線投放中支持了一位頂級設計師。在閃購期間，這家 Shopify 商家在短短幾個小時內就賣出了數十萬台，實現了數千萬美元的銷售額。 Shopify 使這成為可能。

Today, brands have to be more sophisticated in how they reach and sell to consumers as shopping continues to evolve. It has become critical for merchants to be discoverable across multiple platforms and services, showing up directly where their consumers are shopping.

如今，隨著購物的不斷發展，品牌必須更加複雜地接觸和銷售給消費者。商家必須在多個平台和服務中被發現，直接出現在消費者購物的地方，這一點變得至關重要。

While still very nascent, GMV through native checkout integrations on key partner services such as Facebook, Instagram and Google, more than tripled from Q3 last year. The more merchants continue to invest in multichannel sales, the more successful they become in building brand value amongst their consumers.

雖然仍處於初期階段，但通過 Facebook、Instagram 和 Google 等主要合作夥伴服務的原生結賬集成，GMV 比去年第三季度增長了兩倍多。商家越多地繼續投資於多渠道銷售，他們就越能成功地在消費者中建立品牌價值。

Another way that Shopify is enabling merchants to build buyer relationships is through Shopify Audiences, our new tool that helps Plus merchants find high-intent customers. Since launching in May of this year, Audiences is significantly improving conversion rates, return on ad spend and other important metrics for those Plus merchants who have opted in.

Shopify 使商家能夠建立買家關係的另一種方式是通過 Shopify Audiences，這是我們的新工具，可幫助 Plus 商家找到高意向客戶。自今年 5 月推出以來，Audiences 顯著提高了選擇加入的 Plus 商家的轉化率、廣告支出回報率和其他重要指標。

Last quarter, I mentioned a couple of merchants who have really benefited from Audiences. Today, I want to share a couple of additional examples. Hiya a children's wellness brand worked with Snow Agency, who is a Plus-certified partner to onboard into audiences. As a result, Hiya has seen their return on ad spend increased over 170%. Their conversion rate has increased over 150%, all while driving down cost per acquisition by 35%.

上個季度，我提到了幾個真正從受眾群體中受益的商家。今天，我想分享幾個額外的例子。兒童健康品牌 Hiya 與 Snow Agency 合作，後者是經過 Plus 認證的合作夥伴，可以吸引觀眾。結果，Hiya 的廣告支出回報率提高了 170% 以上。他們的轉化率提高了 150% 以上，同時將每次獲取的成本降低了 35%。

Fast-growing home furnishing brand, Nathan James, attributed over 500 new customers to their use of Shopify Audiences. They also saw a 200% increase in purchases, a 5.6x return on ad spend on the targeted campaign, over $100,000 in new revenue, all while customer acquisition costs declined by over 50%.

快速發展的家居品牌 Nathan James 將 500 多名新客戶歸功於他們對 Shopify Audiences 的使用。他們還看到購買量增加了 200%，目標活動的廣告支出回報率提高了 5.6 倍，新收入超過 100,000 美元，同時客戶獲取成本下降了 50% 以上。

Examples like these fuel our excitement about how audiences can drive merchant growth, especially going into the upcoming holiday season. Additionally, we're excited to continue to deepen our partnership with Google with upcoming new features for Shopify merchants to improve their impact on Google.

這些例子激發了我們對觀眾如何推動商家增長的興奮，尤其是在即將到來的假日季節。此外，我們很高興繼續深化與 Google 的合作夥伴關係，為 Shopify 商家提供即將推出的新功能，以提高他們對 Google 的影響力。

Another marketing tool that we launched in early access in mid-August is Shopify Collabs, which brings brands and creators together. It has generated approximately 50 million organic impressions across social channels in less than 2 months. Collabs allows creators to monetize their talents by discovering and partnering with independent brands and sharing their favorite products with their followers. This gives merchants yet another new channel to grow their brand reach and find new customers.

我們在 8 月中旬早期推出的另一個營銷工具是 Shopify Collabs，它將品牌和創作者聚集在一起。在不到 2 個月的時間裡，它在社交渠道上產生了大約 5000 萬次有機印象。 Collabs 允許創作者通過發現獨立品牌並與他們合作，並與他們的追隨者分享他們最喜歡的產品，從而將他們的才能貨幣化。這為商家提供了另一個擴大品牌影響力和尋找新客戶的新渠道。

We're also investing in our merchants' ability to grow by helping them go global. Shopify Markets, which launched in Q1 allows merchants to identify, set up, launch, optimize and manage their international markets from a single storefront. To date, more than 175,000 merchants across the world have used markets to help launch their international businesses.

我們還通過幫助商家走向全球來投資於他們的成長能力。第一季度推出的 Shopify Markets 允許商家從單一店面識別、設置、啟動、優化和管理其國際市場。迄今為止，全球已有超過 175,000 家商家利用市場幫助開展國際業務。

By reducing the barriers to international selling, U.S. merchants utilizing Markets now sell into an average of 14 additional countries. Shopify Markets Pro, which debuted in mid-September in early access, is our cross-border solution built on top of Markets. By combining global use features with markets capabilities such as the Translate and Adapt app, Markets Pro makes it easier for merchants to accelerate their global expansion to over 150 countries overnight without increasing their operational costs, risks or complexity.

通過減少國際銷售的障礙，使用 Markets 的美國商家現在平均向另外 14 個國家/地區銷售產品。 Shopify Markets Pro 於 9 月中旬首次推出搶先體驗版，是我們建立在 Markets 之上的跨境解決方案。通過將全球使用功能與 Translate 和 Adapt 應用程序等市場功能相結合，Markets Pro 使商家更容易在一夜之間加速其全球擴張至 150 多個國家/地區，而不會增加其運營成本、風險或複雜性。

So when merchants add languages to their store, they will now be able to leverage automatic translations and create localized buyer experiences with duty prepaid Express international shipping.

因此，當商家在他們的商店中添加語言時，他們現在將能夠利用自動翻譯並通過預付關稅的國際快遞來創造本地化的買家體驗。

And this is just the beginning. Our own studies have shown that a merchant's GMV increases when customers are shown localized content. And we are confident that adoption will continue to increase as merchants look for ways to grow their businesses beyond their domestic borders.

而這僅僅是個開始。我們自己的研究表明，當向客戶展示本地化內容時，商家的 GMV 會增加。我們相信，隨著商家尋找在國內境外發展業務的方法，採用率將繼續增加。

Like everything we do, we are laser-focused on lowering the barrier to entry in entrepreneurship globally. In May, we introduced localized subscription plans in over 200 countries. International retailers outside of North America continued to grow our overall merchant mix, comprising 45% of all merchants in Q3 and demonstrating the continued success of our investments.

就像我們所做的一切一樣，我們專注於降低全球創業的門檻。 5 月，我們在 200 多個國家/地區推出了本地化訂閱計劃。北美以外的國際零售商繼續擴大我們的整體商戶組合，佔第三季度所有商戶的 45%，這表明我們的投資持續取得成功。

As we continue to expand our geographic reach, we launched Shopify Payments in Finland, Switzerland and Portugal. We launched Shopify Capital in Australia and Shopify Shipping in Italy and France. Also during the quarter, we launched Shopify point-of-sale with integrated payments in Singapore and Finland, which brings the total number of countries where merchants can use our point-of-sale offering to 14.

隨著我們繼續擴大地理範圍，我們在芬蘭、瑞士和葡萄牙推出了 Shopify Payments。我們在澳大利亞推出了 Shopify Capital，在意大利和法國推出了 Shopify Shipping。同樣在本季度，我們在新加坡和芬蘭推出了集成支付功能的 Shopify 銷售點，使商家可以使用我們的銷售點產品的國家總數達到 14 個。

Shopify is built to help merchants as they grow from first sale to full scale and everywhere in between. Solutions like Shopify Shipping and Shopify Capital help smaller businesses grow, while development features, like Shopify Functions, enables customized pricing and discounts to increase consumer engagement and loyalty. Shopify Capital has come a long way since its humble beginnings in 2016. Even back then, we had Shopify had our merchant's backs when no one else did, supported them by providing a few thousand dollars to a handful of retailers.

Shopify 旨在幫助商家從首次銷售發展到全面銷售以及介於兩者之間的任何地方。 Shopify Shipping 和 Shopify Capital 等解決方案幫助小型企業發展，而 Shopify Functions 等開發功能支持定制定價和折扣，以提高消費者參與度和忠誠度。自 2016 年起步以來，Shopify Capital 已經走過了漫長的道路。即使在那時，我們也讓 Shopify 在沒有其他人支持的情況下支持我們的商家，通過向少數零售商提供幾千美元來支持他們。

Fast forward until 2020, capital hit the $1 billion mark. And in 2021, it surpassed $2 billion in funding. At the end of August of this year, capital broke another record. We've provided cumulative funding of $4 billion since inception to our merchants. The team continues to fund and advance money to more merchants as they ramp up for Black Friday, Cyber Monday.

快進到 2020 年，資本達到 10 億美元大關。到 2021 年，它的資金超過了 20 億美元。今年8月底，資本再創新高。自成立以來，我們已累計向商家提供了 40 億美元的資金。該團隊繼續為更多商家提供資金和預付款，因為他們正在為黑色星期五和網絡星期一做準備。

Capital has made a real difference in merchant success rate, particularly as more and more banks and lenders are shutting off the spigot to smaller businesses.

資本對商家的成功率產生了真正的影響，尤其是在越來越多的銀行和貸方關閉小企業的龍頭之際。

We also continue to improve the back office experience. Earlier this year, we launched Shopify Tax, a new product that takes the stress out of sales tax for our merchants so they can focus on what matters most to them: Their products and their customers.

我們還繼續改善後台體驗。今年早些時候，我們推出了 Shopify Tax，這是一種新產品，可以為我們的商家減輕銷售稅的壓力，這樣他們就可以專注於對他們來說最重要的事情：他們的產品和他們的客戶。

Our strategy of making certain high-value features available only in our Plus package continues to pay off. In Q3, we saw our Plus base continue to expand, not only from upgrades, but also from entirely new merchants coming on to Shopify for the first time. New to Shopify Plus merchants came from a wide array of verticals, driving growth of Shopify Plus GMV in Q3, which continued to outpace overall GMV growth.

我們使某些高價值功能僅在我們的 Plus 包中可用的策略繼續得到回報。在第三季度，我們看到我們的 Plus 基礎繼續擴大，不僅來自升級，還來自首次加入 Shopify 的全新商家。 Shopify Plus 的新商家來自廣泛的垂直領域，推動了第三季度 Shopify Plus GMV 的增長，繼續超過整體 GMV 的增長。

Some examples of brands that have joined Shopify Plus during the quarter and into early October, include Beauty Care Creator, Glossier; electronics manufacturer, Panasonic Technics; footwear and lifestyle accessories maker, Cole Haan; jewelry designer, Stella & Dots; fitness apparel provider, Zumba Wear; children's toy maker, Melissa & Doug; and pet food manufacturer, Greenies.

在本季度和 10 月初加入 Shopify Plus 的一些品牌示例包括 Beauty Care Creator、Glossier；電子產品製造商松下技術；鞋類和生活方式配飾製造商 Cole Haan；珠寶設計師，Stella & Dots；健身服裝供應商 Zumba Wear；兒童玩具製造商 Melissa & Doug；和寵物食品製造商Greenies。

Our Plus team continues to gain traction outside of North America as well. International brands new to our platform included a leading athletic footwear company, Converse Japan; nutrition and vitamin supplement manufacturer, GNC India; footwear line, Superga Italy; and sports apparel designer, New Era Hong Kong.

我們的 Plus 團隊也繼續在北美以外地區獲得關注。我們平台的新國際品牌包括領先的運動鞋公司 Converse Japan；營養和維生素補充劑製造商，GNC India；鞋類生產線，Superga 意大利；香港新紀元運動服裝設計師。

The world's biggest superstars are also building their brands on Shopify Plus. In Q3, the Kardashian brand continued to build their Empire on Shopify with their latest brand, Courtney Kardashian's vitamin and supplement company, Lemme. Additionally, Food Network star, Giada De Laurentiis introduced [Jetsi] a new line of sauces and condiments. Ciara launched On Emission, her new line of clinical skinware. And homegrown Toronto celebrity, Matty Matheson, launched a new workwear brand, Rosa Rugosa.

世界上最大的超級明星也在 Shopify Plus 上建立自己的品牌。在第三季度，Kardashian 品牌繼續通過其最新品牌 Courtney Kardashian 的維生素和補充劑公司 Lemme 在 Shopify 上建立自己的帝國。此外，Food Network 明星 Giada De Laurentiis 推出了 [Jetsi] 新系列醬汁和調味品。 Ciara 推出了 On Emission，這是她的新臨床護膚品系列。本土多倫多名人 Matty Matheson 推出了一個新的工作服品牌 Rosa Rugosa。

Shopify continues to invest in global partnerships to support the adoption of Shopify by some of the world's largest brands. And during the quarter, we officially signed partnership agreements with Ernst & Young and KPMG, adding to our relationship with Deloitte. Our strategic alliance with Ernst & Young, or EY, serves and scale to the needs of the client's enterprise. EY will be training an initial cohort of 500 technical professionals across their EY Wavespace network at 50 locations globally on Shopify. And we'll further support those professionals by enabling up to 10,000 consultants through exposure to the Shopify platform.

Shopify 繼續投資於全球合作夥伴關係，以支持一些世界上最大的品牌採用 Shopify。在本季度，我們與安永會計師事務所和畢馬威會計師事務所正式簽署了合作協議，增加了我們與德勤的關係。我們與 Ernst & Young 或 EY 的戰略聯盟為客戶企業的需求提供服務和擴展。安永將在全球 50 個地點的 Shopify 上通過其 EY Wavespace 網絡培訓首批 500 名技術專業人員。我們將通過使用 Shopify 平台為多達 10,000 名顧問提供支持，從而進一步支持這些專業人士。

This access will enable co-creation of unique, immersive experiences that will help reimagine the online customer experience and unlock new markets for certain regulated industries and products.

這種訪問將能夠共同創造獨特的沉浸式體驗，這將有助於重新構想在線客戶體驗並為某些受監管的行業和產品開闢新市場。

In addition, Shopify is thrilled to announce that we signed a collaboration agreement with KPMG in Canada. As one of Canada's largest systems integrators, our collaboration will help bring Shopify solutions to KPMG's clients to enable seamless commerce on their transaction platform of choice.

此外，Shopify 很高興地宣布，我們與加拿大畢馬威會計師事務所簽署了合作協議。作為加拿大最大的系統集成商之一，我們的合作將有助於將 Shopify 解決方案帶給畢馬威的客戶，以便在他們選擇的交易平台上實現無縫商務。

On the development front, we are currently beta testing Hydrogen as a front-end web development framework or headless infrastructure. Hydrogen gives bigger retailers with in-house creators, the tooling needed to accelerate development and deploy their bespoke storefronts with just one click on a hosting solution, Oxygen.

在開發方面，我們目前正在對 Hydrogen 作為前端 Web 開發框架或無頭基礎設施進行 Beta 測試。 Hydrogen 為擁有內部創建者的大型零售商提供了加速開發和部署定制店面所需的工具，只需單擊託管解決方案 Oxygen。

With unique features such as Audiences, B2B, Hydrogen plus Oxygen, and the expansion of our partner program for ERP and systems integrators, we expect Shopify Plus' momentum with larger merchants to continue.

憑藉 Audiences、B2B、Hydrogen plus Oxygen 等獨特功能，以及我們針對 ERP 和系統集成商的合作夥伴計劃的擴展，我們預計 Shopify Plus 與更大商家的勢頭將繼續。

Last, I'll provide more context on our fourth major investment area: Simplifying logistics. The Internet has leveled the playing field for so many parts of an independent retailers business, but not for logistics. We have set out to change that paradigm with Shopify Fulfillment Network.

最後，我將提供更多關於我們第四個主要投資領域的背景信息：簡化物流。互聯網為獨立零售商業務的許多部分提供了公平的競爭環境，但物流卻沒有。我們已經著手通過 Shopify Fulfillment Network 改變這種模式。

Last quarter, we outlined the 3 complex stages of a merchant supply chain across freight, distribution and fulfillment as inventory moves from port-to-porch. Today, I'll share updates on our integration of Deliver, how we are accelerating our vision for SFN to become an end-to-end logistics platform for merchants, and most importantly, how we are shifting the logistics conversation with merchants to focus on driving value through fast and reliable fulfillment.

上個季度，我們概述了隨著庫存從一個港口轉移到另一個港口，商家供應鏈的三個複雜階段，包括貨運、配送和履行。今天，我將分享我們與 Deliver 的整合的最新情況，我們如何加速實現 SFN 成為商家端到端物流平台的願景，最重要的是，我們如何將與商家的物流對話轉移到專注於通過快速可靠的履行來推動價值。

First, since closing the Deliver acquisition on July 8, we have developed an ambitious plan to create a new fulfillment app for Shopify merchants and also combine the Deliver and Shopify Fulfillment Networks into a single network, spanning a merchant's full supply chain. We have made significant progress in our first quarter together with lots more still to come.

首先，自 7 月 8 日完成對 Deliver 的收購以來，我們制定了一項雄心勃勃的計劃，為 Shopify 商家創建一個新的履行應用程序，並將 Deliver 和 Shopify 履行網絡合併為一個網絡，跨越商家的整個供應鏈。我們在第一季度取得了重大進展，還有更多的進展。

We've also started creating a unified network built on top of the Deliver software platform. The combined scale of SFN and Deliver allows us to consolidate volume, streamline operations and expand our carrier relationships. This unified network will enable Shopify to operate a small number of regional hubs that will serve several functions, including cross-docking, multichannel distribution, inventory balancing and some local fulfillment. These hubs will absorb as much complexity as possible for the rest of the network.

我們還開始創建一個建立在 Deliver 軟件平台之上的統一網絡。 SFN 和 Deliver 的合併規模使我們能夠整合數量、簡化運營並擴大我們的運營商關係。這個統一的網絡將使 Shopify 能夠運營少量的區域中心，這些中心將提供多種功能，包括交叉對接、多渠道分銷、庫存平衡和一些本地履行。這些集線器將為網絡的其餘部分吸收盡可能多的複雜性。

We will continue to partner with the highest-fit 3PLs around the U.S. to enable local fulfillment, leveraging our proprietary warehouse management software, FMS.

我們將繼續與美國各地最適合的 3PL 合作，利用我們專有的倉庫管理軟件 FMS 實現本地履行。

The first combined SFN and Deliver facility is already operationally functional in Atlanta and have seen a tenfold quarter-over-quarter increase in the number of merchants holding inventory in our facility. We anticipate that unifying the network will be complete in Q1.

第一個 SFN 和 Deliver 組合的設施已經在亞特蘭大投入運營，並且在我們的設施中持有庫存的商家數量環比增長了 10 倍。我們預計統一網絡將在第一季度完成。

Second, as we mentioned last quarter, we are building an end-to-end logistics platform that will connect every single part of a merchant supply chain. It enables merchants to dynamically route inventory across all their channels from B2B to D2C. Ultimately, we will create a fulfillment network that can accept orders and make customer delivery promises from the moment of merchants' goods lead their supplier.

其次，正如我們上個季度提到的，我們正在建立一個端到端的物流平台，將連接商家供應鏈的每個部分。它使商家能夠通過其所有渠道從 B2B 到 D2C 動態路由庫存。最終，我們將創建一個履行網絡，從商家的商品引領供應商的那一刻起，就可以接受訂單並做出客戶交付承諾。

Since last quarter, we have seen a threefold increase in the number of shipped containers with our freight partner, Flexport. Initial runs have shown that, as we expected, SFN merchants are experiencing up to 20% faster service from origin ports with significantly lower cost per pallet than average. This will allow SFN to guarantee that merchants' inventory is Black Friday, Cyber Monday ready, the moment it leaves a supplier's facility.

自上個季度以來，我們與貨運合作夥伴 Flexport 合作的集裝箱數量增加了三倍。初步運行表明，正如我們預期的那樣，SFN 商家從始發港獲得的服務速度提高了 20%，而每個托盤的成本明顯低於平均水平。這將允許 SFN 保證商家的庫存在離開供應商設施的那一刻起就可以在黑色星期五、網絡星期一準備就緒。

Let me share with you some of the initial stats on the rest of the supply chain. We have seen a 75% year-over-year increase in merchant inventory being received into Deliver cross docks, a nearly 80% growth quarter-over-quarter in the number of merchants using more than 1 of our logistics services across all 3 stages of the supply chain. And a 450% year-over-year increase in orders fulfilled by FMS across both Shopify and partner-run facilities.

讓我與您分享供應鏈其餘部分的一些初步統計數據。我們看到交付交叉碼頭接收的商戶庫存同比增長 75%，在所有 3 個階段使用我們的一種以上物流服務的商戶數量環比增長近 80%供應鏈。 FMS 在 Shopify 和合作夥伴運營的設施中履行的訂單同比增長 450%。

Finally and most importantly, we are shifting the conversation with merchants to focus on logistics being a tremendous value driver for their operations. When done right, fast and reliable fulfillment can significantly increase cart size, conversion rate, order value and turn buyers into repeat customers.

最後也是最重要的一點，我們正在轉變與商家的對話，將重點放在物流是他們運營的巨大價值驅動力上。如果做得好，快速可靠的履行可以顯著增加購物車大小、轉化率、訂單價值，並將買家變成回頭客。

In Q3, we completed the rollout of Shop Promise to all SFN merchants. Shop Promise is a consumer-facing badge indicating fast and reliable delivery across Shopify's online store and other popular direct-to-consumer channels. Shop Promise has already significantly boosted sales as participating merchants increased buyer conversion by up to 9% during the initial rollout.

在第三季度，我們完成了向所有 SFN 商家推出 Shop Promise。 Shop Promise 是面向消費者的徽章，表明 Shopify 的在線商店和其他流行的直接面向消費者的渠道快速可靠地交付。 Shop Promise 已經顯著提升了銷售額，因為參與的商家在最初推出期間將買家轉化率提高了 9%。

In September alone, SFN saw over 2/3 of domestic packages delivered within 2 business days, an exponential increase from less than 2% predicted delivery before SFN's software update in early 2022. All new SFN merchants are now automatically qualified to display the Shop Promise badge out of the box. We are confident that Shop Promise's impact on merchant value will continue to increase as it evolves and matures. And we believe that SFN has the opportunity to become the de facto fulfillment solution for independent merchants in the consumer packaged goods and apparel categories.

僅在 9 月，SFN 就有超過 2/3 的國內包裹在 2 個工作日內送達，較 2022 年初 SFN 軟件更新之前的不到 2% 的預計送達率呈指數增長。所有新的 SFN 商戶現在都自動獲得展示 Shop Promise 的資格開箱即用的徽章。我們相信，隨著 Shop Promise 的發展和成熟，Shop Promise 對商戶價值的影響將繼續增加。我們相信，SFN 有機會成為消費品和服裝類獨立商家事實上的履行解決方案。

The highlights I've shared so far are just skimming the surface on why we continue to increase Merchant Solutions revenue as a percentage of GMV or the Merchant Solutions attach rate, which reached an all-time high of 2.14% in Q3 compared to 1.98% in Q2 on a sequential basis, with 8 basis points in Q3 coming from Deliver.

到目前為止，我分享的重點只是略過表面，為什麼我們繼續增加商戶解決方案收入佔 GMV 的百分比或商戶解決方案附加率，第三季度達到 2.14% 的歷史新高，而第三季度為 1.98%在第二季度連續出現，第三季度有 8 個基點來自交付。

Our record-setting merchant solutions attach rate is a primary component of our total revenue attach rate of 2.96% in Q3, defined as total revenue as a percentage of GMV, compared to 2.76% last quarter.

我們創紀錄的商家解決方案附加率是我們第三季度總收入附加率 2.96% 的主要組成部分，該附加率定義為總收入佔 GMV 的百分比，而上一季度為 2.76%。

Turning now to recent leadership changes. Starting with the promotion of Kaz Nejatian in September to Chief Operating Officer. I've worked with Kaz for over 3 years and know him to be the real deal. He embodies the best of Shopify with his product-driven mindset and an uncanny ability to see the alignment between product, sales support and go-to-market strategies, all of which he oversees in his new role as COO.

現在轉向最近的領導層變動。從 9 月將 Kaz Nejatian 提升為首席運營官開始。我與 Kaz 合作超過 3 年，並且知道他是真正的交易者。他以產品驅動的心態和不可思議的能力體現了 Shopify 的精華，他能夠看到產品、銷售支持和進入市場策略之間的一致性，他在擔任首席運營官的新職位上負責監督所有這些。

Reporting to Kaz includes the newly created role of Chief Revenue Officer and Chief Growth Officer. As our new Chief Revenue Officer, Bobby Morrison comes to Shopify with more than 25 years of experience transforming multibillion-dollar enterprises. Formerly, he was the Chief Sales Officer at Intuit.

向 Kaz 報告包括新設立的首席營收官和首席增長官的角色。作為我們新任的首席營收官，Bobby Morrison 加入 Shopify 時擁有超過 25 年的轉型數十億美元企業的經驗。此前，他是 Intuit 的首席銷售官。

Luc Levesque joined Shopify in January 2020. He previously oversaw growth in Facebook and TripAdvisor. Luc is recently promoted to Chief Growth Officer, where he leads our new merchant additions and new business development efforts.

Luc Levesque 於 2020 年 1 月加入 Shopify。他之前負責監督 Facebook 和 TripAdvisor 的增長。 Luc 最近被提升為首席增長官，在那裡他領導我們的新商家添加和新業務開發工作。

And finally, the announcement of our new Chief Financial Officer, Jeff Hoffmeister. Jeff has known Shopify for many years as he has led numerous transactions for us, including our IPO during his 20-plus years at Morgan Stanley.

最後，我們宣布了新任首席財務官 Jeff Hoffmeister。 Jeff 認識 Shopify 多年，因為他為我們領導了許多交易，包括我們在摩根士丹利 20 多年期間的首次公開募股。

Let me turn the call over to Jeff to say a few words before I conclude my remarks.

在結束我的發言之前，讓我把電話轉給傑夫說幾句話。

Thanks, Harley. I am extremely excited to join the company. Thank you to Amy for all the leadership, stewardship and hard work over the past 5 years. You built a finance team that has a breadth and depth of expertise that is multiples of what you inherited. I'm proud to be able to take the baton from you and work with the team that you've built.

謝謝，哈利。我非常高興能加入這家公司。感謝 Amy 在過去 5 年中的所有領導、管理和辛勤工作。您建立了一個財務團隊，其專業知識的廣度和深度是您繼承的數倍。我很自豪能夠從你手中接過接力棒並與你建立的團隊一起工作。

To the investors, I got to know many of you during my years at Morgan Stanley and look forward to working together with you in my new role. As many of you know, I had the opportunity to work with Tobi, Harley and team on the IPO 7 years ago and on numerous projects since then, that vantage point has allowed me to understand the complexities of the business into this role with a head start, but also have an appreciation for all the incredible things that Shopify has accomplished since its IPO.

對於投資者，我在摩根士丹利工作期間認識了你們中的許多人，並期待在我的新職位上與你們一起工作。正如你們許多人所知，7 年前我有機會與 Tobi、Harley 和團隊合作進行首次公開募股，並從那時起參與了許多項目，這個有利的位置讓我能夠理解這個職位的複雜性開始，但也要感謝 Shopify 自 IPO 以來所取得的所有令人難以置信的成就。

The decision to join Shopify was an easy one, given my historical context and the tremendous potential ahead for the company. I look forward to working closely with Tobi, Harley, Kaz and the rest of the senior leadership team to support the company's mission and next phase of growth.

考慮到我的歷史背景和公司未來的巨大潛力，加入 Shopify 的決定很容易。我期待與 Tobi、Harley、Kaz 和其他高級領導團隊密切合作，以支持公司的使命和下一階段的發展。

Back to you, Harley.

回到你身邊，哈利。

Thanks, Jeff. This is my last earnings call with Amy. And before I turn it over to her, I want to say what an honor it has been to work with her over the past 5 years. Amy has been a true partner. Under her watch, she has built an incredibly talented finance team and has supported the company's rapid growth and massive scaling. On behalf of the entire Shopify leadership team, I want to thank Amy for her service and her dedication to Shopify.

謝謝，傑夫。這是我與艾米的最後一次收益電話會議。在我把它交給她之前，我想說在過去的 5 年裡與她一起工作是多麼榮幸。艾米一直是一個真正的合作夥伴。在她的領導下，她建立了一支才華橫溢的財務團隊，並為公司的快速發展和大規模擴張提供了支持。我代表整個 Shopify 領導團隊，感謝 Amy 的服務和對 Shopify 的奉獻。

To wrap it up, Shopify's commerce operating system serves as a central nervous system that powers millions of businesses all over the world. If you talk to our merchants, you will hear repeatedly that they love the simplicity of our technology and the experience it offers to their buyers.

總而言之，Shopify 的商業操作系統是一個中樞神經系統，為全球數百萬企業提供動力。如果您與我們的商家交談，您會反复聽到他們喜歡我們技術的簡單性以及它為買家提供的體驗。

As our merchants get ready for their busiest shopping season of the year, we are here to help them capture every opportunity. We remain steadfast in our mission to solve the most difficult problems facing our merchants as we continue to make commerce better for everyone.

隨著我們的商家為他們一年中最繁忙的購物季做好準備，我們在這裡幫助他們抓住每一個機會。我們將堅定不移地解決我們的商家面臨的最困難的問題，因為我們將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。

Good morning, everyone, and thank you, Harley, for your kind words and sendoff. As Harley indicated, I will first provide an overview of our Q3 results, highlighting how we are continuing to operate with discipline as we position ourselves to be a 100-year company, then provide a summary of our new compensation system and finish with our expectations for the rest of the year.

大家早上好，謝謝你，哈利，你的客氣話和送別。正如哈雷所說，我將首先概述我們的第三季度業績，強調我們如何在將自己定位為一家擁有 100 年曆史的公司時繼續遵守紀律，然後總結我們的新薪酬體係並完成我們的預期在今年剩下的時間裡。

Beginning with our Q3 results, a reminder that we closed the Deliver acquisition on July 8, and this is the first quarter of results with Deliver included.

從我們的第三季度業績開始，提醒我們在 7 月 8 日完成了對 Deliver 的收購，這是包含 Deliver 的第一季度業績。

Our total revenue for the third quarter grew to nearly $1.4 billion, 22% higher than the same period last year, driven primarily by Merchant Solutions revenue growth. On a 3-year basis, our revenue compound annual growth rate was 52%. Given the significant strengthening of the U.S. dollar relative to foreign currencies in Q3, total reported revenue growth year-over-year for Q3 was negatively impacted by approximately 2 percentage points.

我們第三季度的總收入增長到近 14 億美元，比去年同期增長 22%，這主要是受 Merchant Solutions 收入增長的推動。在 3 年的基礎上，我們的收入複合年增長率為 52%。鑑於第三季度美元相對於外幣顯著走強，第三季度報告的總收入同比增長受到約 2 個百分點的負面影響。

Next, to GMV. Last year's third quarter GMV growth was 35% year-over-year, driven by online consumer spending on goods during the pandemic. Fast forward to a year later, our total GMV in Q3 was $46.2 billion, which grew 11% year-over-year or 15% on a constant currency basis, higher than retail growth overall in the U.S. of about 9%. The challenging macro conditions we saw in Q2 persisted in Q3, with high inflation leading consumers to continue favoring discount retailers and reduced discretionary spend.

接下來是GMV。去年第三季度 GMV 同比增長 35%，這主要得益於大流行期間在線消費者在商品上的支出。快進一年後，我們在第三季度的總 GMV 為 462 億美元，同比增長 11% 或按固定匯率計算增長 15%，高於美國約 9% 的整體零售增長。我們在第二季度看到的具有挑戰性的宏觀環境在第三季度持續存在，高通脹導致消費者繼續青睞折扣零售商並減少可自由支配的支出。

Merchant Solutions revenue of $989.9 million increased 26% year-over-year, driven by GMV growth and by merchants utilizing our solutions to run greater parts of their business in this inflationary environment.

商戶解決方案收入為 9.899 億美元，同比增長 26%，這主要得益於 GMV 的增長以及商戶利用我們的解決方案在這種通脹環境中開展更多業務的推動。

Several factors drove this growth, including the increased GMV penetration of Shopify Payments, Shopify Capital and Shopify markets, greater revenue contribution from partners as well as contribution from Deliver. Excluding Deliver, Merchant Solutions revenue increased 21% year-over-year.

有幾個因素推動了這一增長，包括 Shopify Payments、Shopify Capital 和 Shopify 市場的 GMV 滲透率提高、合作夥伴的收入貢獻更大以及 Deliver 的貢獻。不包括交付，商家解決方案收入同比增長 21%。

Headwinds from significant strengthening in the U.S. dollar relative to foreign currencies was most felt here, impacting Merchant Solutions revenue growth year-over-year by approximately 3 percentage points.

美元相對於外幣大幅走強的不利因素在這裡最為明顯，對 Merchant Solutions 收入同比增長約 3 個百分點的影響。

Approximately $25 billion of GMV was processed on Shopify Payments in Q3, 22% higher than in last year's third quarter or up 26% in constant currency. Payments penetration of GMV, or gross payments volume, was 54% versus 49% in Q3 of 2021 and up 113 basis points quarter-over-quarter.

第三季度 Shopify Payments 處理了大約 250 億美元的 GMV，比去年第三季度高 22%，或按固定匯率計算增長 26%。 GMV 的支付滲透率或總支付量為 54%，而 2021 年第三季度為 49%，環比增長 113 個基點。

Over the past 6 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 ShopPay, which has facilitated nearly $66 billion in GMV since inception, and expanded availability of our POS Pro hardware in brick-and-mortar stores with integrated payments now being used in 14 countries.

在過去的 6 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，北美和國際新商家的採用，ShopPay 的滲透率提高，這促進了自成立以來，GMV 接近 660 億美元，我們的 POS Pro 硬件在實體店中的可用性得到了擴展，集成支付現已在 14 個國家/地區使用。

Subscription Solutions revenue grew to $376.3 million, which was 12% higher than a year ago, driven by growth in monthly recurring revenue and reflecting lapping of our change in terms to make selling in our app and theme stores free for partners up to their first $1 million annually, terms that we put in place in the middle of the third quarter of 2021.

訂閱解決方案收入增長至 3.763 億美元，比一年前增長 12%，這得益於每月經常性收入的增長，並反映了我們改變條款以使合作夥伴在我們的應用程序和主題商店中免費銷售最高 1 美元每年百萬，我們在 2021 年第三季度中期制定的條款。

Monthly recurring revenue was $107 million, up 8% year-over-year in Q3 versus a year ago, we saw a greater number of Shopify Plus merchants with plus increasing its share of total MRR to 33% from 28% in Q3 of last year. Additionally, thousands more retail locations began using POS Pro year-over-year, and Q3 was our first full quarter of traction for our starter plan, aimed at creators and other entrepreneurs who need a lighter offering to get started.

每月經常性收入為 1.07 億美元，第三季度同比增長 8%，與去年同期相比，我們看到更多 Shopify Plus 商家，其在總 MRR 中的份額從去年第三季度的 28% 增加到 33% .此外，與去年同期相比，還有數千家零售店開始使用 POS Pro，第三季度是我們啟動計劃的第一個完整季度，該計劃針對需要更輕量級產品的創作者和其他企業家。

Offsetting these MRR gains in Q3 were free and paid trial experiences for non-Plus plans that extend beyond our typical 14-day free trial. Entrepreneurs participating in the trials are immaterial to our MRR until they convert to one of our non-Plus subscriptions. While these factors slowed MRR growth in Q3 and will likely continue to defer near-term MRR gains, our actions have led to valuable insights as we continue to test ways to increase the top of the funnel and build a better merchant onboarding experience.

抵消第三季度這些 MRR 收益的是非 Plus 計劃的免費和付費試用體驗，超出了我們典型的 14 天免費試用期。參與試驗的企業家對我們的 MRR 無關緊要，直到他們轉換為我們的非 Plus 訂閱之一。雖然這些因素減緩了第三季度的 MRR 增長，並且可能會繼續推遲近期 MRR 的增長，但我們的行動帶來了寶貴的見解，因為我們繼續測試增加漏斗頂部和建立更好的商家入職體驗的方法。

Adjusted gross profit was $681.8 million, up nearly 11% compared with $616.4 million in the third quarter of 2021 and -- on a 3-year basis, our adjusted gross profit compound annual growth rate was 46%. Compared to the third quarter of 2021, adjusted gross profit growth was impacted by a greater mix of our lower-margin Merchant Solutions revenue, lower margins in Shopify Payments due to merchant and card mix shifts and industry-wide network cost increases, the impact of Deliver and increased investments in our cloud infrastructure.

調整後的毛利潤為 6.818 億美元，與 2021 年第三季度的 6.164 億美元相比增長近 11%，並且 - 在 3 年的基礎上，我們的調整後毛利潤複合年增長率為 46%。與 2021 年第三季度相比，調整後的毛利潤增長受到以下因素的影響：我們利潤率較低的商戶解決方案收入、由於商戶和卡組合轉變導致 Shopify Payments 利潤率下降以及全行業網絡成本增加，以及交付並增加對我們的雲基礎架構的投資。

Adjusted operating loss was $45.1 million in the third quarter compared to adjusted operating income of $140.2 million a year ago. The loss was largely driven by increased headcount, including Deliver, and our new compensation framework versus a year ago, as well as some marketing program spend.

第三季度調整後的營業虧損為 4510 萬美元，而一年前的調整後營業收入為 1.402 億美元。損失主要是由於包括 Deliver 在內的員工人數增加，以及我們與一年前相比的新薪酬框架，以及一些營銷計劃支出。

Adjusted operating loss in Q3 of this year excludes onetime charges as follows: Approximately $30 million of severance expenses related to the workforce reduction we announced in July; and accruals for 2 pending litigation cases related to patent infringement and publishing copyright infringement, which together total approximately $97 million.

今年第三季度調整後的運營虧損不包括以下一次性費用： 與我們在 7 月宣布的裁員相關的約 3000 萬美元的遣散費； 2 起與專利侵權和出版版權侵權有關的未決訴訟案件，總計約 9,700 萬美元。

Consistent with our outlook last quarter, excluding severance and other onetime items, we did see a sequential deceleration of year-over-year operating expense growth from Q2 to Q3, reflecting the streamlining of our commercial organization and other actions we took in July and continue to take to align spend for long-term success.

與我們上季度的展望一致，不包括遣散費和其他一次性項目，我們確實看到從第二季度到第三季度的同比運營費用增長連續放緩，這反映了我們在 7 月採取的商業組織的精簡和其他行動，並繼續採取調整支出以獲得長期成功。

Our Q3 adjusted operating loss was relatively flat quarter-over-quarter, driven by greater cost efficiencies realized in the quarter and lower marketing program spend while the team focused on free and paid trial experiences that I noted earlier.

我們第三季度調整後的運營虧損與季度相比相對持平，這是由於本季度實現了更高的成本效率和更低的營銷計劃支出，而團隊專注於我之前提到的免費和付費試用體驗。

Adjusted net loss for the third quarter was $30 million or a loss of $0.02 per diluted share compared with adjusted net income of $102.8 million or $0.08 per diluted share in the third quarter of 2021.

第三季度調整後淨虧損為 3,000 萬美元或稀釋後每股虧損 0.02 美元，而 2021 年第三季度調整後淨收入為 1.028 億美元或稀釋後每股虧損 0.08 美元。

Turning to our balance sheet. Our cash, cash equivalents and marketable securities balance on September 30 was $4.9 billion, which is $2 billion lower than June 30, reflecting $1.7 billion deployed for the Deliver acquisition.

轉向我們的資產負債表。 9 月 30 日，我們的現金、現金等價物和有價證券餘額為 49 億美元，比 6 月 30 日減少 20 億美元，反映了為收購 Deliver 所部署的 17 億美元。

Our cash position continues to be strong, reflecting our approach to prudent and stringent capital allocation. We continue to place the highest importance on opportunities that we expect will significantly expand our merchants businesses accelerate our product road map and/or have strong paybacks from improved operational efficiency.

我們的現金狀況繼續強勁，反映了我們謹慎和嚴格的資本配置方法。我們繼續將最重要的機會放在我們預計將顯著擴大我們的商家業務加速我們的產品路線圖和/或從提高運營效率中獲得豐厚回報的機會上。

Before turning to our outlook, I'd like to outline our new compensation system that we implemented on September 1, 2022, called Flex Comp. It's designed to recruit, reward and retain the best talent in the world and provide greater transparency and flexibility to our employees in how they are paid. As part of opting into this new compensation system, employees received a single total compensation number and had the choice to allocate their pay between cash and newly granted equity in the form of restricted stock units and/or stock options. In addition, previously granted unvested equity was canceled, and the new quarterly equity grants will vest monthly.

在談到我們的前景之前，我想概述一下我們於 2022 年 9 月 1 日實施的新薪酬系統，稱為 Flex Comp。它旨在招聘、獎勵和留住世界上最優秀的人才，並為我們的員工在薪酬方面提供更大的透明度和靈活性。作為選擇加入這一新薪酬體系的一部分，員工獲得了一個單一的總薪酬編號，並且可以選擇將他們的薪酬分配給現金和以限制性股票單位和/或股票期權的形式新授予的股權。此外，取消了之前授予的未歸屬股權，新的季度股權授予將按月歸屬。

Employees will be able to change their allocation between cash and equity each quarter as their personal preferences change. We link Flex Comp tightly to our mission and long-term vision of building a 100-year company. So for those employees who elected extra equity above the default settings, they were given an additional 5% bonus on that equity amount.

隨著個人偏好的變化，員工將能夠在每個季度改變他們在現金和股權之間的分配。我們將 Flex Comp 與我們的使命和建立 100 年公司的長期願景緊密聯繫在一起。因此，對於那些選擇高於默認設置的額外股權的員工，他們將獲得額外 5% 的股權金額獎金。

In the future, we'll add other mission-driven elements, like charitable donations and Shop cash. All financial implications of Flex Comp are reflected in our Q3 results and full year expectations.

未來，我們將添加其他以任務為導向的元素，例如慈善捐贈和商店現金。 Flex Comp 的所有財務影響都反映在我們的第三季度業績和全年預期中。

Turning to our outlook. As we have stated since the onset of this year, we are in a transitional period in which we are investing in our core themes that Harley mentioned earlier to ensure our long-term success. We expect these investments will allow us to emerge from this macro cycle stronger and will position us well for long-term growth and sustainable profitability.

轉向我們的前景。正如我們自今年開始以來所說的那樣，我們正處於一個過渡時期，我們正在投資於哈雷早些時候提到的核心主題，以確保我們的長期成功。我們預計這些投資將使我們能夠更強大地擺脫這個宏觀週期，並使我們能夠為長期增長和可持續盈利能力做好準備。

As a reminder, our financial outlook includes the expected impact of Deliver, our new compensation system and currency headwinds from the stronger U.S. dollar, and assumes that higher inflation and rising interest rates will continue to negatively affect the consumers' purchasing power of discretionary goods and services.

提醒一下，我們的財務前景包括 Deliver 的預期影響、我們的新薪酬體系和美元走強帶來的貨幣逆風，並假設通脹上升和利率上升將繼續對消費者的可自由支配商品的購買力和服務。

In light of these assumptions, our expectations for our own results as we close out 2022 are as follows. Our GMV growth will continue to outpace the broader retail market in the fourth quarter, aided by our omnichannel capabilities. 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. Because of this larger mix of Merchant Solutions contributing to overall revenue and dilutive impact of Deliver, gross profit dollar growth will meaningfully trail revenue growth. And we continue to anticipate that operating expense growth year-over-year in Q4 will sequentially decelerate from Q3.

鑑於這些假設，我們在 2022 年結束時對自身業績的預期如下。在我們的全渠道能力的幫助下，我們的 GMV 增長將在第四季度繼續超過更廣泛的零售市場。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。2022 年的 GMV 和總收入將在 4 個季度中更均勻地分佈，與 2021 年相似。因此更大的商戶解決方案組合有助於整體收入和交付的稀釋影響，毛利潤美元增長將有意義地落後於收入增長。我們繼續預計第四季度的運營費用同比增長將比第三季度連續放緩。

From an adjusted operating loss perspective, we continue to expect a loss for the full year. For Q4, based on our updated outlook, we now expect an adjusted operating loss dollar amount that will be fairly comparable to the adjusted operating loss in Q3. Finally, the full year estimates of stock-based compensation and related payroll taxes, CapEx and amortization of acquired intangibles are now $575 million, $125 million and $55 million, respectively.

從調整後的經營虧損的角度來看，我們繼續預計全年將出現虧損。對於第四季度，根據我們更新的展望，我們現在預計調整後的經營虧損金額將與第三季度的調整後經營虧損相當。最後，基於股票的薪酬和相關工資稅、資本支出和所購無形資產攤銷的全年估計值現在分別為 5.75 億美元、1.25 億美元和 5500 萬美元。

In closing, the flexibility and scalability of our technology has proven time and time again to be a must-have for our merchants, enabling them to quickly pivot as commerce continues to evolve. The discipline and rigor that we continue to apply across the organization, beginning with software development to ultimately the commercialization of our solutions, will position us well for long-term growth and improving profitability when exiting this macro cycle.

最後，我們技術的靈活性和可擴展性已一次又一次地證明是我們商家的必備品，使他們能夠隨著商業的不斷發展而迅速轉向。我們繼續在整個組織中應用的紀律和嚴謹性，從軟件開發到最終將我們的解決方案商業化，將使我們在退出這個宏觀週期時為長期增長和提高盈利能力做好準備。

And finally, I'd like to thank Tobi, Harley and the rest of the management team, the finance team, all ShopiFolk around the world and the Board for their support and partnership. Being the CFO of Shopify will always be one of the crowning highlights of my career, and I'm so proud of my team and what we have accomplished over the years. I look forward to cheering on the company in its next chapter of growth and success as it empowers merchants across the globe.

最後，我要感謝 Tobi、Harley 和其他管理團隊、財務團隊、世界各地的 ShopiFolk 和董事會的支持和合作。成為 Shopify 的首席財務官將永遠是我職業生涯中最重要的亮點之一，我為我的團隊以及我們多年來所取得的成就感到自豪。我期待著為公司在下一章的增長和成功中加油助威，因為它為全球商家提供了支持。

I'll now turn the call back to the other Amy to open the call for your questions.

我現在將電話轉回給其他 Amy 以打開電話詢問您的問題。

Thank you, Amy. We will now open the call for your questions. Please use the raise hand feature in Zoom to ask your question. (Operator Instructions) Also, please note that Jeff Hoffmeister will not be taking any questions on this call. (Operator Instructions)

謝謝你，艾米。我們現在將打開您的問題的電話。請使用 Zoom 中的舉手功能提出您的問題。 （操作員說明）另外，請注意 Jeff Hoffmeister 不會在此電話中回答任何問題。 （操作員說明）

Our first question today will come from Brian Peterson from Raymond James.

我們今天的第一個問題將來自 Raymond James 的 Brian Peterson。

So first one, we did see a noticeable improvement in take rates, even if you exclude Deliver. Curious if you could give a little bit more color on what drove that sequentially, that would be helpful.

所以第一個，我們確實看到了接受率的顯著提高，即使你排除了交付。很好奇，如果您可以對順序驅動的原因提供更多顏色，那將很有幫助。

Yes, I'll take that one. Yes. We did see a sizable increase year-over-year in Merchant Services solutions take rate. It was largely driven by mainstays of payments and capital new products, including installments and markets, and yes, the addition of Deliver. Also additional revenue from partners contributed. It's important to also note that on an organic basis, excluding deliver, it still would have risen significantly quarter-over-quarter.

是的，我要那個。是的。我們確實看到商戶服務解決方案的使用率同比大幅增長。它主要是由支付和資本新產品的支柱驅動的，包括分期付款和市場，是的，增加了 Deliver。來自合作夥伴的額外收入也有所貢獻。還需要注意的是，在有機基礎上，不包括交付，它仍然會比上一季度顯著上升。

Our next question will come from Mark Mahaney from Evercore ISI.

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

Let me, 2 questions. There's just a small change in your commentary, your outlook commentary about merchants growth in the second half versus the first half. Just why the change in the commentary there -- and then let's talk about just the Shopify fulfillment network in the investment horizon for that. Is there any change there?

讓我，2個問題。你的評論只是一個小的變化，你對下半年商家增長的展望評論與上半年相比。只是為什麼那裡的評論發生了變化——然後讓我們談談投資範圍內的 Shopify 履行網絡。那裡有什麼變化嗎？

And do you feel like post the Deliver acquisition, do you feel like you have all the assets in place? Are there additional acquisitions or maybe areas you feel like you need to build out? Do you have the solutions that you need now? Or is it still kind of work in progress, like most things?

您是否覺得在收購 Deliver 後，您是否擁有所有資產？是否有額外的收購或您認為需要建立的領域？你有你現在需要的解決方案嗎？還是像大多數事情一樣，它仍在進行中？

Yes, I'll take the first question. So I think the important thing to note here is that our primary objective always is to get more entrepreneurs and merchants to success. And so let me just dissect our Q3 MRR, again, to kind of --

是的，我會回答第一個問題。所以我認為這裡要注意的重要一點是，我們的主要目標始終是讓更多的企業家和商人取得成功。因此，讓我再次剖析我們的第三季度 MRR，有點——

We're going to go ahead. Go ahead, sorry.

我們將繼續前進。繼續，對不起。

Sorry, we did see total MRR growth year-over-year, led by gains in Plus and POS. More Plus merchants, year-over-year, quarter-over-quarter, Plus increasing its share of MRR, as I noted earlier, to 33%. Also, thousands more retail locations adopted POS Pro.

抱歉，在 Plus 和 POS 增長的帶動下，我們確實看到了總 MRR 同比增長。正如我之前提到的，More Plus 商戶同比、環比增長，其在 MRR 中的份額增加到 33%。此外，還有數千家零售店採用了 POS Pro。

I think we're losing Amy. It's Harley here, Mark. I'll jump in on the second part of the question, and then Amy, she can jump back on when her connection is better. .

我想我們正在失去艾米。是哈利，馬克。我將進入問題的第二部分，然後是艾米，當她的連接更好時，她可以重新開始。 .

In terms of SFN, we're really happy with where we're at right now. We don't think we need to increase in terms of the overall investment. We're trying to build this -- rather than it be this cost driver, we think fulfillment can actually create huge value for our merchants. And so we think the fast, reliable fulfillment will increase their customer conversion, as I mentioned on the call.

就 SFN 而言，我們對目前的狀況感到非常滿意。我們認為我們不需要增加整體投資。我們正在努力建立這個——而不是成為這個成本驅動因素，我們認為履行實際上可以為我們的商家創造巨大的價值。因此，正如我在電話會議上提到的那樣，我們認為快速、可靠的履行將增加他們的客戶轉化率。

We're already increasing the number of SFN orders with predicted delivery of 2 days or less, from -- to over 65%. And so we're on track to hit over 75% by the end of the year. We're really happy with where SFN is going, and we think this will be a reason that people will not only come to Shopify, but also will give merchants on Shopify this incredible competitive advantage.

我們已經將預計交貨時間為 2 天或更短的 SFN 訂單數量從 - 增加到 65% 以上。因此，我們有望在年底前達到 75% 以上。我們對 SFN 的發展方向感到非常滿意，我們認為這將是人們不僅會來到 Shopify 的原因，還會為 Shopify 上的商家提供這種令人難以置信的競爭優勢。

And Shopcom is, in particular, is really the thing that we're really excited about. By putting all these things together this end-to-end logistics network, we now can provide this incredible tool to merchants to tell their consumers when to anticipate their packages, and we think that's going to do incredible things for conversion rate. But in terms of the investment, there is no change to it. We think we can do this on its asset-light, software-first model, and Deliver obviously helps us accelerate the product road map there.

特別是 Shopcom 確實是我們真正興奮的事情。通過將所有這些東西放在這個端到端的物流網絡中，我們現在可以為商家提供這個令人難以置信的工具，告訴他們的消費者什麼時候可以預期他們的包裹，我們認為這將對轉化率做出不可思議的事情。但在投資方面，並沒有什麼變化。我們認為我們可以在其輕資產、軟件優先的模型上做到這一點，而 Deliver 顯然可以幫助我們加速那裡的產品路線圖。

We will take our next question from Tom Forte from D.A. Davidson.

我們將向 D.A. 的 Tom Forte 提出下一個問題。戴維森。

Great. So first, Jeff, welcome to Shopify. Amy, it was a pleasure working with you, and I wish you all the best in the future. .

偉大的。首先，傑夫，歡迎來到 Shopify。艾米，很高興與您合作，祝您未來一切順利。 .

On its earnings call yesterday, when comparing and contrasting the current economic environment against the last downturn, Google's CEO discussed the emergence of mobile in the last downturn and his expectations about the emergence of artificial intelligence in the current market downturn. Tobi, can you talk about Shopify's efforts in AI and how they may advance over the next 10 years?

在昨天的財報電話會議上，谷歌首席執行官在將當前的經濟環境與上一次經濟低迷進行比較和對比時，討論了上一次經濟低迷中移動設備的出現以及他對當前市場低迷中人工智能出現的預期。 Tobi，您能談談 Shopify 在 AI 方面的努力以及未來 10 年它們將如何發展嗎？

Yes, gladly. I think AI is one of the most remarkable spots right now of inflection, like the recent months in transformers, and especially, large language models have really accelerated the space. I'm going to go fast like, I have seen my job as tracking the fastest and quickest changing fields in technology and have a very good view of where things will go because, I mean, I built -- when we make product decisions, we are building for -- like we make decisions that will take about often a year, 2 years to implement. And so we have to have a good read of the future and what will be needed by then to make these decisions well. .

是的，很高興。我認為 AI 是目前最引人注目的轉折點之一，就像最近幾個月的變形金剛一樣，尤其是大型語言模型確實加速了這一領域。我要走得很快，我認為我的工作是跟踪技術領域變化最快、變化最快的領域，並對事情的發展方向有一個很好的了解，因為，我的意思是，我建立了——當我們做出產品決策時，我們正在建設——就像我們做出通常需要一年、兩年才能實施的決定一樣。所以我們必須對未來有一個很好的了解，以及到那時需要什麼來做出這些決定。 .

AI is at this spot where there's a lot of hype, and there's a nontrivial can that the hype is underestimating how much it will affect especially the latter part of this decade. So I know it's very vague, but it's because that -- it is vague. It's kind of hard to know how these kind of millions of little things will intersect.

人工智能處於這個被大量炒作的地方，而且有一個不平凡的事實是，這種炒作低估了它的影響程度，尤其是這十年的後半部分。所以我知道它非常模糊，但這是因為——它是模糊的。很難知道這些數以百萬計的小東西將如何相交。

I mean, obviously, Shopify has a lot of efforts in machine learning. Our fraud products are powered by -- it's something we employ a lot for underwriting purposes. In Shopify payments, it's a lot of active day-to-day engineering work that's going into it is related to machine learning.

我的意思是，顯然，Shopify 在機器學習方面做了很多努力。我們的欺詐產品是由——這是我們為承保目的而大量使用的東西。在 Shopify 支付中，有很多與機器學習相關的日常工程工作。

I think this is actually a really good example of why Shopify is important here because we are looking after the small medium business space, of course. We have managed the business on Shopify.

我認為這實際上是一個很好的例子，說明為什麼 Shopify 在這裡很重要，因為我們當然在照顧中小型企業空間。我們在 Shopify 上管理了業務。

In times where there's a lot of technological advance and change. It's very hard for individual merchants to stay on top of technological developments. However, as Shopify, we can invest in this almost collectively and roll out improvements very, very quickly to everyone, often giving the SMB advances that aren't even available or the larger retails have not really developed for themselves yet already.

在有很多技術進步和變化的時代。個體商家很難掌握技術發展。然而，作為 Shopify，我們幾乎可以集體投資，並非常、非常迅速地向每個人推出改進，通常為 SMB 提供甚至不可用的進步，或者更大的零售店還沒有真正為自己開發。

I think a perfect example is our recent successes around Shopify Audiences, and where, of course, machine learning is a very important component.

我認為一個完美的例子是我們最近在 Shopify Audiences 方面取得的成功，當然，機器學習是一個非常重要的組成部分。

I think the places to monitor are really on creative. Image generation, they'll have impacts on -- a democratizing effect on marketing asset generation, which is currently -- while not expensive, it is something that is done via e-mails and sourcing and building a relationship with a designer and so on, which is all very good and valuable and presumably should be done anyways. But like getting your first version of your ad copy and other assets done by just writing a prompt is going to, again, allow more people to do early experimentation.

我認為監控的地方真的很有創意。圖像生成，它們將產生影響——對營銷資產生成產生民主化影響，目前——雖然並不昂貴，但它是通過電子郵件、採購和與設計師建立關係等方式完成的，這一切都非常好和有價值，想必無論如何都應該這樣做。但是，就像通過編寫提示來完成您的第一個版本的廣告文案和其他資產一樣，這將再次允許更多的人進行早期實驗。

I think these effects are ones we believe will be really welcome because we find that every time something that was previously difficult and sometimes byzantine, every time we can use technology to make that available and easier, this actually increases the success rates of the cohorts of merchants that sign up after.

我認為這些效果是我們認為會非常受歡迎的效果，因為我們發現每次以前困難且有時是拜占庭式的事情，每次我們可以使用技術使其變得可用且更容易時，這實際上會提高同類群組的成功率之後註冊的商家。

And I mean, this is also kind of a -- this is, from a product perspective, the most gratifying loop and impact we can have inside of Shopify. So we will use everything we got to get to these advances quickly. And as soon as something becomes practical, and we should make it available. And I think that's -- the reason why merchants tend to go to Shopify.

我的意思是，這也是一種 - 從產品的角度來看，這是我們在 Shopify 內部可以擁有的最令人滿意的循環和影響。因此，我們將利用我們所擁有的一切來快速取得這些進展。一旦某些東西變得實用，我們就應該提供它。我認為這就是商家傾向於使用 Shopify 的原因。

Our next question will come from Deepak Mathivanan from Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Deepak Mathivanan。

Great. Harley, maybe a question for you. Where do you think fulfillment adoption of SFN can reach under the current model long term, either as a percent of merchants or maybe as a percent of GMV? Any color on kind of how you're approaching it in the early days with Deliver would be super helpful.

偉大的。哈雷，也許是你的問題。您認為在當前模式下長期採用 SFN 可以達到什麼程度，無論是作為商家的百分比還是作為 GMV 的百分比？任何關於您在早期使用 Deliver 處理它的方式的顏色都會非常有幫助。

And then maybe a quick follow-up for Amy. On the SMB side, MRR was down 3% quarter-on-quarter, like my math is correct. Can you unpack the impact of sort of the local market pricing being lower than your prior levels versus merchant growth?

然後也許是對艾米的快速跟進。在 SMB 方面，MRR 環比下降 3%，就像我的數學是正確的一樣。您能否了解本地市場定價低於您之前的水平與商家增長的影響？

On the SFN side of things, we're quite clear of the type of merchants we can handle. We know, for example, we're not going to do perishables, at least no time soon. We're getting a lot more thoughtful about the exact target product-market fit that we can have and who are the target merchants. And there's a lot of merchants.

在 SFN 方面，我們非常清楚我們可以處理的商家類型。例如，我們知道，我們不會做易腐爛的，至少不會很快。我們對我們可以擁有的確切目標產品市場契合度以及目標商家進行了更多考慮。而且商家很多。

I mean, I mentioned CPGs, I mentioned apparel in my prepared remarks. Those are sort of the ideal customers, people that are selling things that are smaller than a microwave that really works well for us.

我的意思是，我在準備好的評論中提到了 CPG，我提到了服裝。這些是理想的客戶，他們銷售的東西比微波爐還小，對我們來說真的很管用。

Part of what we want to do is -- like I think the thing that often gets misformed SFN is that we're trying to make it so merchants don't have to think about logistics. So that they know that when they come to Shopify, it is one less headache for them. But at the same time, they can offer something that most consumers are beginning to expect, which is an anticipated delivery time. Whether that's 2 days or that's 3 days, we want to be able to provide merchants on Shopify, we're starting with the U.S., the ability to offer that.

我們想要做的部分事情是——就像我認為經常出現錯誤的 SFN 一樣，我們正在努力做到這一點，這樣商家就不必考慮物流。這樣他們就知道，當他們來到 Shopify 時，對他們來說就少了一件令人頭疼的事情。但與此同時，他們可以提供大多數消費者開始期待的東西，即預期的交貨時間。無論是 2 天還是 3 天，我們都希望能夠在 Shopify 上為商家提供，我們從美國開始，提供這種能力。

We think that will do wonders for things like buyer conversion. I mentioned in my remarks that Shop Promise is already significantly boosted buyer conversion simply like just with participating merchants that are just trying it now by 9% in the initial rollout. That is real business. That is real sales for them. And so we think it's a very large swath of our merchant base that we can help, but we're also not trying to be everything to everyone. We want to be specific. We want to be targeted about who this is for. And the people it is for will be delighted by this.

我們認為這將對買家轉化等事情產生奇蹟。我在評論中提到，Shop Promise 已經顯著提高了買家轉化率，就像參與的商家在最初推出時現在只是嘗試了 9%。那是真正的生意。這對他們來說是真正的銷售。因此，我們認為我們可以幫助的商家群體非常大，但我們也沒有試圖成為所有人的一切。我們想具體一點。我們希望成為針對誰的目標。它所服務的人們會為此感到高興。

We'll take our next question from Matthew Pfau from William Blair.

我們將從威廉布萊爾的 Matthew Pfau 那裡回答我們的下一個問題。

Wanted to ask about your strategy to target larger merchants. So you've been making some big changes in the strategy with Hydrogen, Oxygen, functions and partnerships. Maybe you can just discuss these changes. Because years ago, it seemed like you thought you could target that segment of larger merchants with a more packaged solution, but that seems to be changing. So just curious as to what's driving that. .

想詢問您針對大型商家的策略。因此，您一直在對氫、氧、職能和合作夥伴關係的戰略進行一些重大改變。也許你可以討論這些變化。因為幾年前，您似乎認為您可以使用更打包的解決方案來瞄準大型商家的細分市場，但這種情況似乎正在發生變化。所以只是好奇是什麼推動了這一點。 .

Yes, I'll take that question here. Look, I mean, I mentioned these names on every call because more and more of these large, established brands are migrating to Shopify, either from existing -- larger -- like existing enterprise solutions their own stack they're running in-house. Shopify Plus is becoming a very, very compelling solution for them.

是的，我會在這裡回答這個問題。看，我的意思是，我在每次電話會議上都提到了這些名稱，因為越來越多的這些大型知名品牌正在遷移到 Shopify，無論是從現有的——更大的——比如現有的企業解決方案，他們自己在內部運行的堆棧。 Shopify Plus 正在成為他們非常非常引人注目的解決方案。

So I mentioned Glossier, for example, or Panasonic and then obviously, the international push as well with Converse and companies like New Era. We actually think that originally, Plus was a great migration path for our most successful merchants. More and more, it's becoming the best place to sell when you're selling at scale.

所以我提到了 Glossier，例如松下，然後很明顯，還有 Converse 和 New Era 等公司的國際推動力。實際上，我們最初認為，對於我們最成功的商家來說，Plus 是一條很好的遷移路徑。越來越多地，當您進行大規模銷售時，它正成為最好的銷售場所。

And so yes, total cost of ownership and simplicity is important. But now when you add things like Hydrogen and you add things like some of the more enterprise features like Audiences, for example, you're able to effectively build anything you want on Shopify. And I think that you're going to see more of these existing large-GMV merchants continue to come on to Shopify Plus and our enterprise offering in the coming months.

所以是的，總擁有成本和簡單性很重要。但是現在，當您添加諸如 Hydrogen 之類的東西並添加諸如 Audiences 之類的更多企業功能之類的東西時，您就可以在 Shopify 上有效地構建您想要的任何東西。而且我認為你會看到更多現有的大型 GMV 商家在未來幾個月繼續使用 Shopify Plus 和我們的企業產品。

And part of the strategy also is there are ways where these enterprises like to purchase. So for example, I mentioned a bunch of SIs on the call, whether it's Deloitte or it's KPMG, Ernst & Young, there's a lot of large brands that prefer to work through an SI when they are digitalizing or they're modernizing the retail operations. And by partnering closely with these SIs and becoming their preferred enterprise e-commerce solution, we think we can see more merchants come on faster.

戰略的一部分也是這些企業喜歡購買的方式。例如，我在電話會議上提到了一堆 SI，無論是德勤還是畢馬威、安永，有很多大品牌在數字化或零售業務現代化時更喜歡通過 SI 工作.通過與這些 SI 密切合作並成為他們首選的企業電子商務解決方案，我們認為我們可以看到更多商家更快地出現。

So again, EY alone is now training 500 technical professionals around their entire network to -- how to sell Shopify and what Shopify can do.

同樣，僅安永一家現在就在其整個網絡中培訓 500 名技術專業人員——如何銷售 Shopify 以及 Shopify 可以做什麼。

So I think when you combine flexibility, simplicity, it's still incredibly well priced relative -- to the value-to-cost equation is still very much on the side of value in terms of Shopify Plus, that's the reason why you're seeing Plus growth outpacing GMV growth over the last couple of quarters. And so you'll see a lot more merchants continue to upgrade the plus, you'll all see a lot of brands that are not currently on Shopify migrating to us to use this enterprise functionality. It will be a part of our future, and we're excited by it.

因此，我認為，當您將靈活性、簡單性結合起來時，它的價格相對來說仍然非常合理——就 Shopify Plus 而言，價值對成本等式仍然非常偏向於價值，這就是您看到 Plus 的原因過去幾個季度的增長超過了 GMV 的增長。因此，您會看到更多商家繼續升級 plus，您都會看到很多目前不在 Shopify 上的品牌遷移到我們以使用此企業功能。它將成為我們未來的一部分，我們對此感到興奮。

Our next question will come from Terry Tillman at Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Terry Tillman。

I wanted to build on that last question, Harley, and I love theory. I love to see these new logos each quarter that are really household names. I guess just a quick 2-part question, and it is a single question is first, when you have these Cole Haans and some of these other brands, is it across all of their storefronts? Or is it maybe some of their smaller GMV-producing storefront, so they want to kind of test you out on the enterprise side?

我想在最後一個問題的基礎上再接再厲，哈雷，我喜歡理論。我喜歡每個季度看到這些真正家喻戶曉的新標誌。我想只是一個快速的兩部分問題，首先是一個問題，當你擁有這些 Cole Haans 和其他一些品牌時，它是否跨越了他們所有的店面？或者可能是他們的一些較小的 GMV 生產店面，所以他們想在企業方面測試你？

I'm just trying to understand, are you kind of getting kind of wall-to-wall across all their storefronts?

我只是想了解一下，你是不是在他們所有的店面都像牆到牆一樣？

And then secondly, with some of these really big brands, what are the attach rates on some of the other products around Merchant Solutions?

其次，對於其中一些真正的大品牌，Merchant Solutions 周圍的其他一些產品的附加率是多少？

It's a great question. So when you look at companies like Glossier, for example, or Cole Haan, we now host their entire business. In other cases, part of our strategy is, come in, let us prove to you that we are the best enterprise e-commerce platform for your business. So in the case of Converse in Japan, we'd like to get the rest of Converse's business, of course, they are owned by Nike, but we're going to start by showing them proving to them that we are exceptional in what we do on the enterprise side.

這是一個很好的問題。因此，當您查看 Glossier 或 Cole Haan 等公司時，我們現在託管他們的整個業務。在其他情況下，我們戰略的一部分是，進來，讓我們向您證明，我們是您業務的最佳企業電子商務平台。因此，就日本的匡威而言，我們希望獲得匡威的其餘業務，當然，它們歸耐克所有，但我們將首先向他們展示我們在我們的在企業端做。

So in some cases, whether it's SPANX, or it's -- with Mattel, for example, we host the entire American Girl store, which is one of the largest businesses. By proving to them that we are incredible at this enterprise e-commerce thing, they will bring more stores on. And then, of course, again, with Glossier and some of the others, we have the entire business.

因此，在某些情況下，無論是 SPANX，還是美泰——例如，我們託管了整個 American Girl 商店，這是最大的企業之一。通過向他們證明我們在企業電子商務方面的表現令人難以置信，他們將帶來更多的商店。然後，當然，再一次，與 Glossier 和其他一些人一起，我們擁有整個業務。

So part of it is we want to land and expand with some merchants. In other cases, they want to bring the entire base -- their entire business on to us.

因此，部分原因是我們希望與一些商家一起登陸和擴張。在其他情況下，他們想把整個基地——他們的整個業務都交給我們。

On the Merchant Solutions point, I just want to hit this -- I want to mention this one more time. The reason that we talked about Merchant Solutions attach rate on this call is because it is a proxy for the value that we are adding to these merchants' lives. We are not just their e-commerce partner, where they're capital partner, where they're shipping partner or their payments partner. The Merchant Solutions attach rate is a proxy for the value that we create for them.

關於商戶解決方案這一點，我只想說一下——我想再提一次。我們在本次電話會議上討論商家解決方案附加率的原因是因為它代表了我們為這些商家的生活增加的價值。我們不僅僅是他們的電子商務合作夥伴，他們是資本合作夥伴，他們是運輸合作夥伴或支付合作夥伴。商戶解決方案附加率代表我們為他們創造的價值。

And the reason that it's exciting to us we're at an all-time high in the history of the company is because we're doing so by virtue of creating more features that they want. And if it's not just a small businesses, we're also seeing penetration of things like payments and capital increase with Shopify Plus merchants, the larger brands in the platform. And then obviously, with Audiences, which is now a Shopify Plus-only feature, of course, that will continue to increase the take rate.

讓我們興奮的是，我們處於公司歷史上的歷史最高水平，因為我們這樣做是因為我們創造了他們想要的更多功能。如果不僅僅是小企業，我們還看到支付和增資等方式滲透到平台中的大品牌 Shopify Plus 商家中。然後很明顯，有了 Audiences，它現在是 Shopify Plus 獨有的功能，當然，這將繼續提高采用率。

But all these things further tie Shopify and our merchants together in this wonderful partnership. And I think you'll see, again, more brands come on to the platform and more brands take more of our products and features.

但所有這些都進一步將 Shopify 和我們的商家在這種美妙的合作關係中聯繫在一起。而且我認為您會再次看到，更多品牌進入該平台，更多品牌採用我們的更多產品和功能。

We'll take our next question from Andrew Boone from JMP Securities.

我們將向 JMP Securities 的 Andrew Boone 提出下一個問題。

It sounds like Audiences is really helping merchants to improve return on ad spend. Can you just talk about what you're doing to facilitate the expansion of Audiences within your merchants?

聽起來 Audiences 確實在幫助商家提高廣告支出回報率。您能談談您正在做些什麼來促進商家內受眾的擴展嗎？

And just bigger picture, what's the role of Shopify within advertising over the next 3 to 5 years?

更大的圖景是，Shopify 在未來 3 到 5 年內在廣告中的作用是什麼？

Yes. I'll take this. I mean, I -- we don't do product announcements on these calls. So like I mean, the role is that the take out so far is we're helping bring CPAs down. We are running this on -- for our Plus customers. It is an opt-in. It takes advantage of the platform we built.

是的。我要這個。我的意思是，我 - 我們不會在這些電話中發布產品公告。所以就像我的意思一樣，到目前為止，我們正在幫助降低註冊會計師的工作量。我們正在為我們的 Plus 客戶運行它。這是一個選擇加入。它利用了我們構建的平台。

Audience is -- the way people adopt Audiences is by installing an app that is the first-party app that we created. So it's -- it really, I think, ties together the way we are thinking about the platform. Because currently, in this phase of the Internet, given the certain realities that exists right now, we can play this role. And we are intending to play it very well, like I said, we are making investments in it and our machine learning focus is with Audiences right now.

Audience 是——人們採用 Audiences 的方式是安裝我們創建的第一方應用程序。所以它 - 我認為，它真的將我們對平台的思考方式聯繫在一起。因為目前，在互聯網的這個階段，鑑於目前存在的某些現實，我們可以扮演這個角色。我們打算把它玩得很好，就像我說的那樣，我們正在對它進行投資，我們現在的機器學習重點是受眾。

Advertising is rapidly evolving, and it's hard to predict exactly where things are going, like the types of ad units that are available to small and medium businesses and enterprise businesses rapidly evolving. Sometimes certain things work really well, and the next day, they don't. And sometimes, certain things are being done for a couple of years. And through a change somewhere else entirely and deep [growth] architecture, suddenly, as things -- like certain completely unrelated things end up becoming high-converting.

廣告正在迅速發展，很難準確預測事情的發展方向，例如中小型企業和快速發展的企業業務可用的廣告單元類型。有時某些事情真的很管用，但第二天就不行了。有時，某些事情已經做了幾年。通過在其他地方徹底改變和深入 [增長] 架構，突然間，就像某些完全不相關的事物最終變得高轉化。

Again, these are great functioning growth teams can take advantage of all these kind of things. But many of our customers cannot and because they have to be focused on providing great product and great experiences. So we like to take -- wherever we become active, it's an area where we can make significant conceptual simplification improvements to our customers' businesses.

同樣，這些功能強大的增長團隊可以利用所有這些東西。但是我們的許多客戶不能，因為他們必須專注於提供出色的產品和出色的體驗。所以我們喜歡採取 - 無論我們變得活躍，這是一個我們可以對客戶的業務進行重大概念簡化改進的領域。

I don't know if this is helpful, but I think it's a good idea to explain how we are getting into these businesses because it's -- it's a different decision matrix than what's generally assumed, okay?

我不知道這是否有幫助，但我認為解釋我們如何進入這些業務是個好主意，因為它是一個不同於通常假設的決策矩陣，好嗎？

It is a focus area, though, and it's where we can probably have more than most other areas, given certain current realities. A lot of our customers have products at the intersections of several interests. So targeting, as in like finding, is the people who need those products is -- has always been very, very difficult, has recently become more difficult. We hope that we can at least backfill some of what was lost from the perspective of the merchants.

不過，這是一個重點領域，鑑於當前的某些現實，我們可能比大多數其他領域擁有更多。我們的很多客戶都擁有多個興趣交叉點的產品。所以定位，就像尋找一樣，是需要這些產品的人 - 一直非常非常困難，最近變得更加困難。我們希望我們至少可以從商家的角度來彌補一些失去的東西。

And most of the products, we have -- I mean both of the products where buyers really, really want the kind of personalization as well because, again, without advertising channels, there's no way to find out about some of these delightful products.

大多數產品，我們都有——我的意思是買家真的非常想要那種個性化的產品，因為同樣，如果沒有廣告渠道，就無法找到其中一些令人愉快的產品。

So it will remain a focus area, and we will have more products and expansions of these programs to announce in the coming year.

因此，它仍將是一個重點領域，我們將在來年發布更多產品和這些程序的擴展。

We'll take 2 more questions. Our next question comes from Jeff Cantwell at Wells Fargo.

我們將再回答 2 個問題。我們的下一個問題來自富國銀行的 Jeff Cantwell。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Okay. Great. Sorry about that. My first was on your -- just a follow-up on that. Just on your recent product launches, I still want to follow up on B2B. I'm just curious to have any updates or signs of progress there that you can talk about. We understand it's still early days, but I just want to get a feel for what excites you there and what you're seeing from that launch.

好的。偉大的。對於那個很抱歉。我的第一個是關於你的——只是對此的跟進。就您最近的產品發布而言，我仍然想跟進 B2B。我只是想知道您可以談論的任何更新或進展跡象。我們知道現在還處於早期階段，但我只是想了解一下讓您興奮的地方以及您從該發布中看到的內容。

And then second, on profitability, it does look better than expected. So can you talk about sustainability there? Because on the outside, where all trying to get comfortable with macro, and investors are clearly honed in on profitability and they've been a slowdown. So do you see yourselves becoming progressively more focused on profitability? And I guess the point of the question is to try to get a feel for how we should be thinking about your ability to improve profitability going forward.

其次，在盈利能力方面，它看起來確實好於預期。那麼你能談談那裡的可持續性嗎？因為在外部，所有人都在努力適應宏觀環境，而投資者顯然在盈利能力方面得到了磨練，而且他們一直在放緩。那麼，您是否看到自己越來越關注盈利能力？我想這個問題的重點是試圖了解我們應該如何考慮你未來提高盈利能力的能力。

.

.

I'll take the first question on B2B and wholesale generally. I mentioned on previous calls that our ambition is really to be the central nervous system of our merchants' businesses. We want to be their retail operating system, and retail is not just direct-to-consumer for all merchants, there are merchants that have wholesale and B2B businesses as well. And so the ability to actually tie that all in together and make the Shopify admin truly their central nervous system is really important to us.

我一般會回答關於 B2B 和批發的第一個問題。我在之前的電話中提到，我們的目標是真正成為我們商家業務的中樞神經系統。我們想成為他們的零售操作系統，零售不僅僅是所有商家直接面向消費者的，有些商家也有批發和B2B業務。因此，真正將所有這些聯繫在一起並使 Shopify 管理員真正成為他們的中樞神經系統的能力對我們來說非常重要。

And I think what we're doing around B2B is making it more centralized so that they have a single view of their entire business. So one is we have all these merchants on the platform that also do B2B, now we can add more value for them, and we can actually become more important in their lives. But the second thing is it also now gives us an opportunity to go to market with a strict B2B offering for B2B merchants exclusively.

而且我認為我們圍繞 B2B 所做的事情是使其更加集中，以便他們對整個業務有統一的看法。所以一個是我們平台上有所有這些也做B2B的商家，現在我們可以為他們增加更多的價值，我們實際上可以在他們的生活中變得更重要。但第二件事是，它現在也讓我們有機會通過專門為 B2B 商家提供的嚴格 B2B 產品進入市場。

Previously, if you're just selling wholesale, you may not consider Shopify, we think the B2B offering we're offering -- we're talking about here, it is going to be world-class. And what that means is that we can actually go after a new segment of the market.

以前，如果您只是批發銷售，您可能不會考慮 Shopify，我們認為我們提供的 B2B 產品——我們在這裡談論的是，它將是世界級的。這意味著我們實際上可以追求新的市場細分。

I maybe -- I don't know, Amy, if you want to jump in on the profitability.

我也許 - 我不知道，艾米，如果你想提高盈利能力。

And the only thing I just will say is that I think Shopify has been historically an operationally disciplined company. Nearly all our growth pre-Deliver has been organic. And we funded -- like all our gross profits have been redeployed back into our business. We have raised cash externally very strategically, and that's only been used accelerate our road map, and we're decelerating year-on-year operating expense growth.

我只想說的是，我認為 Shopify 在歷史上一直是一家運營紀律嚴明的公司。我們在交付前的幾乎所有增長都是有機的。我們資助了 - 就像我們所有的毛利潤都重新部署到我們的業務中一樣。我們非常戰略性地從外部籌集了現金，這只是用來加速我們的路線圖，我們正在減緩同比運營費用的增長。

And so we're a company that likes profitability. If you look over the 7 years since IPO, 5 of those years, we've been profitable. We plan on becoming profitable again. We said this year as an investment year, but this is a company that thinks deeply about managing expenses, growing revenue. But ultimately, this is a company that likes to be profitable, and we will get back there.

所以我們是一家喜歡盈利的公司。如果您回顧 IPO 以來的 7 年，其中 5 年我們一直在盈利。我們計劃再次盈利。我們說今年是投資年，但這是一家對管理費用和增加收入進行深入思考的公司。但歸根結底，這是一家喜歡盈利的公司，我們會回到那裡。

Amy, I think you're muted. I can see you speaking.

艾米，我認為你是啞巴。我可以看到你在說話。

Sorry, can you hear me? I have strange Internet problems.

對不起，你能聽到我說話嗎？我有奇怪的互聯網問題。

Yes. We show discipline in our Q3 OpEx in the face of adding major acquisition with Deliver. And our new flexible compensation system, we managed to only have a slight increase in OpEx expenses quarter-over-quarter. And you saw a sequential improvement in our subscription margin quarter-over-quarter. That's the operating discipline that we've always exhibited and will continue to exhibit into the future. As Harley said, we had increasing profitability from 2017 to 2021, we intend to get back there.

是的。面對通過 Deliver 增加重大收購，我們在第三季度運營支出中表現出紀律性。而我們新的靈活薪酬系統，我們設法僅在季度環比上略微增加了運營支出費用。您看到我們的訂閱保證金環比環比有所改善。這是我們一直展示並將繼續展示到未來的運營原則。正如哈雷所說，從 2017 年到 2021 年，我們的盈利能力不斷提高，我們打算回到那裡。

Our last question today will come from Gabriela Borges at Goldman Sachs.

我們今天的最後一個問題將來自高盛的加布里埃拉博爾赫斯。

Harley, I'd love to get an update on how negotiations integration with Amazon with going success outcome. And then help us get inside the head of a Shopify merchant a little bit. How do you think merchants will evaluate the pros and cons of buy with prime versus...

哈雷，我很想了解有關與亞馬遜的談判如何取得成功結果的最新信息。然後幫助我們深入了解 Shopify 商家。您認為商家將如何評估購買 Prime 與...

Gabriela, I'll take that one. Look, I think we said previously, any time a large company is making their infrastructure available to small businesses in a way that levels the playing field, we think is a great thing. And so Buy with Prime is no different than that, but obviously, it has been in the right way. And we have nothing to announce now, other than that we are, as we said last time we spoke, we were talking to Amazon about how we implement this in the right way.

加布里埃拉，我要那個。看，我想我們之前說過，任何時候大公司以公平競爭環境的方式向小企業提供他們的基礎設施，我們認為這是一件好事。因此，使用 Prime 購買與此沒有什麼不同，但顯然，它的方式是正確的。我們現在沒有什麼要宣布的，除了我們在上次談話時所說的那樣，我們正在與亞馬遜討論我們如何以正確的方式實現這一點。

What's important for merchants is they want to be able to manage their entire business from one centralized place. They want all the information they need to make really, really good decisions. But at a high level, at a macro level, when great companies, or any company for that matter, makes infrastructure available to small businesses and does so in a way that levels the playing fields further for small businesses, that is a very, very good thing.

對於商家來說，重要的是他們希望能夠從一個集中的地方管理他們的整個業務。他們想要做出非常非常好的決定所需的所有信息。但是在高層次上，在宏觀層面上，當偉大的公司或任何公司為小企業提供基礎設施並以進一步為小企業提供公平競爭環境的方式這樣做時，這是一個非常非常好東西。

You broke up on the second part of your question, but I think you asked about getting into the minds of merchants right now, I think, for the holiday season. Look, I think our merchants are preparing. Shopify is our partner. We want to make sure they have a very successful season. They're all ramping up right now. This multichannel strategy that we've been implementing for years is really starting to pay off because merchants want to sell wherever their consumers are, and they can do all that from Shopify. When you add our Merchant Solutions and you add the fact that we can simplify things that are usually not easy to simplify, Shopify becomes the most important piece of software that merchants use, and that's what we're thinking about going to the holiday season.

你在問題的第二部分分手了，但我想你問的是關於現在進入商人的頭腦，我想，是為了假期。看，我想我們的商人正在準備。 Shopify 是我們的合作夥伴。我們希望確保他們有一個非常成功的賽季。他們現在都在加速。我們多年來一直在實施的這種多渠道戰略真正開始獲得回報，因為商家希望在他們的消費者所在的任何地方進行銷售，而他們可以通過 Shopify 做到這一切。當您添加我們的商家解決方案並添加我們可以簡化通常不容易簡化的事情這一事實時，Shopify 成為商家使用的最重要的軟件，這就是我們正在考慮的假日季節。

I think -- and that was I think our last question. And I just wanted to quickly jump in here because I just want to personally thank Amy Shapiro for her leadership and bringing Shopify here, being a teacher to me and to the company. And like these are journeys are best done together with friends. And thank you for everything you've done and being a friend and a teacher over all the years.

我認為——這是我認為我們的最後一個問題。我只是想快速進入這裡，因為我只是想親自感謝 Amy Shapiro 的領導並將 Shopify 帶到這裡，成為我和公司的老師。像這樣的旅行最好與朋友一起完成。感謝您多年來所做的一切，感謝您成為朋友和老師。

Yes. Thank you.

是的。謝謝你。

And with that, thank you to all of you who have joined us this morning and for your questions. This concludes our earnings conference call for the third quarter of 2022. We look forward to providing our fourth quarter and fiscal year-end results next year. Thanks again, and goodbye.

藉此，感謝今天早上加入我們的所有人以及您提出的問題。我們在 2022 年第三季度的收益電話會議到此結束。我們期待在明年提供第四季度和財年末的業績。再次感謝，再見。