(SHOP) 2023 Q1 法說會逐字稿

Good morning, and thank you for joining Shopify's First Quarter 2023 Conference Call. Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO, are with us today.

早上好，感謝您加入 Shopify 的 2023 年第一季度電話會議。 Shopify 總裁 Harley Finkelstein；和我們的首席財務官 Jeff Hoffmeister 今天和我們在一起。

After their prepared remarks, we will open it up for your questions. 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 the U.S. and Canadian regulators.

在他們準備好的發言之後，我們將打開它供您提問。我們將在今天的電話會議上做出基於假設的前瞻性陳述，因此受到可能導致實際結果與預期結果大不相同的風險和不確定性的影響。除非法律要求，否則我們不承擔更新這些聲明的義務。您可以在我們今天上午的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。

We'll also speak to adjusted financial measures, which are non-GAAP 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 GAAP 的，不能替代 GAAP 財務指標。兩者之間的對賬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, Carrie, and good morning, everyone. Before we jump into our Q1 performance, let me first touch on the announcements that we shared earlier this morning. We are changing the shape of Shopify significantly today. The decade we're in shows the speed of change accelerating beyond what anyone has ever experienced. The pace of change can never outpace our ability to adapt. So today, we announced that we are reducing our head count and leaning into our partner model ecosystem, selling the majority of our logistics business to Flexport, who will become the preferred logistics partner for Shopify.

謝謝，嘉莉，大家早上好。在我們進入我們的第一季度業績之前，讓我先談談我們今天早上早些時候分享的公告。今天，我們正在顯著改變 Shopify 的形態。我們所處的十年表明變化的速度超過了任何人所經歷過的速度。變化的速度永遠不會超過我們的適應能力。所以今天，我們宣布我們正在裁員並轉向我們的合作夥伴模型生態系統，將我們的大部分物流業務出售給 Flexport，後者將成為 Shopify 的首選物流合作夥伴。

For our team, this is an incredibly hard week. Shopify is a company that deeply values the talented builders that make it possible for Shopify to simplify operations that reduce friction and enable merchant success. We would not be the company we are today without the work and the passion that our team puts in every day to pursue our mission. We also realized that in order to adapt and stay at the forefront of commerce, Shopify must operate with even greater speed and efficiency. So we are making changes and refocusing the priorities that we believe will get Shopify to the size and the shape necessary to unlock the next era of growth and innovation, but that does not make this earnings call any easier. I will be doing this call and then quickly turning back to internal matters. And Tobi will not be joining us on the call today as he insisted on focusing his time and attention on our team.

對於我們的團隊來說，這是異常艱難的一周。 Shopify 是一家非常重視有才華的建設者的公司，他們使 Shopify 能夠簡化運營，減少摩擦並使商家取得成功。如果沒有我們的團隊每天為追求我們的使命而付出的努力和熱情，我們就不會成為今天的公司。我們還意識到，為了適應並保持在商業的最前沿，Shopify 必須以更快的速度和更高的效率運營。因此，我們正在做出改變並重新調整我們認為將使 Shopify 達到開啟下一個增長和創新時代所需的規模和形態的優先事項，但這並沒有使本次財報電話會議變得更容易。我會做這個電話，然後迅速回到內部事務。 Tobi 今天不會加入我們的電話會議，因為他堅持將時間和注意力集中在我們的團隊上。

On logistics, building logistics infrastructure is a side effort that all e-commerce entrepreneurs are eventually pulled into. Shopify decided to take this on, on behalf of every merchant because we're significantly larger and we can leverage our scale to build this on their behalf. Flexport has been a key partner throughout this journey. And given our long history of building direct integrations into powerful platforms, we believe that Flexport will be the best partner to carry this vision forward. And for our merchants, making it easier for them to access fast, reliable fulfillment from port to porch is a shared vision that Flexport will now take the lead on as our preferred logistics partner, led by world-class operators, CEO, Dave Clark and Founder Ryan Petersen, now with the leadership of Deliverr founder, Harish Abbott, this planned sale will enable Flexport to leverage their DNA in logistics and allow Shopify to focus on what we do best, designing and scaling a breadth of solutions and essential infrastructure that our merchants need to compete in an increasing digital world.

在物流方面，建設物流基礎設施是所有電商創業者最終都會被拉進去的副業。 Shopify 決定代表每個商家接受這個，因為我們的規模要大得多，我們可以利用我們的規模來代表他們建立這個。在整個旅程中，Flexport 一直是重要的合作夥伴。鑑於我們在構建直接集成到強大平台方面的悠久歷史，我們相信 Flexport 將是實現這一願景的最佳合作夥伴。對於我們的商家來說，讓他們更容易地從港口到門廊獲得快速、可靠的履行是我們的共同願景，Flexport 現在將成為我們首選的物流合作夥伴，由世界級運營商、首席執行官 Dave Clark 和創始人 Ryan Petersen，現在由 Deliverr 創始人 Harish Abbott 領導，這項計劃中的出售將使 Flexport 能夠利用他們在物流方面的 DNA，並讓 Shopify 能夠專注於我們最擅長的領域，設計和擴展我們的解決方案和基本基礎設施的廣度商家需要在日益增長的數字世界中競爭。

We know we have more work to do to achieve our goal of building a sustainable 100-year company. Our actions today should be evidence of our commitment to our mission, our merchants and our team to not just keep up, but to lead and to shape the future of commerce.

我們知道我們還有更多的工作要做，以實現我們建設一家可持續發展的 100 年公司的目標。我們今天的行動應該證明我們對使命的承諾，我們的商人和我們的團隊不僅要跟上，還要引領和塑造商業的未來。

With that said, I will now turn to our product and merchant developments for the quarter before Jeff discusses the financial results in more detail. This year has started off incredibly strong for Shopify and our merchants. In Q1, we continued to expand our merchant base with strong growth across all geographies and merchant sizes. We realized the incredible amount of trust our merchants have in Shopify, which is why we move quickly, so we can show up for our merchants consistently quarter after quarter, giving them the unified commerce solutions they need to run their business and focus on what matters most, their product and their customers. Our strong Q1 performance is evidence of our ability to continuously adapt and anticipate their future needs at every turn. This is why merchants choose us.

話雖如此，在 Jeff 更詳細地討論財務結果之前，我現在將轉向我們本季度的產品和商家開發。對於 Shopify 和我們的商家來說，今年開局非常強勁。在第一季度，我們繼續擴大我們的商戶基礎，所有地區和商戶規模均實現強勁增長。我們意識到我們的商家對 Shopify 有著難以置信的信任，這就是我們快速行動的原因，這樣我們就可以每季度一致地為我們的商家展示，為他們提供運營業務所需的統一商務解決方案，並專注於重要的事情大多數，他們的產品和他們的客戶。我們強勁的第一季度業績證明了我們有能力在任何時候不斷適應和預測他們未來的需求。這就是商家選擇我們的原因。

Let me start by discussing the progress and key accomplishments that we have made in our 3 core focus areas, which are centered around how we help merchants.

讓我首先討論我們在 3 個核心重點領域取得的進展和主要成就，這些領域圍繞著我們如何幫助商家。

First, expand from first sale to full scale; next, go global; and finally, build consumer relationships. Starting with how we think about expanding from first sale to full scale. On our last call, we talked about the launch of our enterprise retail solution, Commerce Components by Shopify or CCS. CCS is a modern composable stack where retailers can choose the Shopify components they want, integrate them with their existing systems and create incredible customer experiences using the same software and solutions that enabled Shopify to power over 10% of U.S. e-commerce. Up until the release of CCS, there has been a scarcity of modern commerce solutions for enterprise retailers that can give brands the choice, flexibility and performance from a single enterprise offering. By making the best of Shopify, such as our world-class checkout and storefront available on an individual basis, CCS is kicking down the door to conversations with retailers that previously weren't aware of the power and the versatility of Shopify.

一是從首銷向全面擴展；接下來，走向全球；最後，建立消費者關係。從我們如何考慮從首次銷售擴展到全面銷售開始。在上次通話中，我們談到了企業零售解決方案的推出，即 Shopify 或 CCS 的 Commerce Components。 CCS 是一個現代化的可組合堆棧，零售商可以在其中選擇他們想要的 Shopify 組件，將它們與現有系統集成，並使用相同的軟件和解決方案創造令人難以置信的客戶體驗，這些軟件和解決方案使 Shopify 為超過 10% 的美國電子商務提供支持。在 CCS 發布之前，一直缺乏面向企業零售商的現代商務解決方案，這些解決方案可以通過單一企業產品為品牌提供選擇、靈活性和性能。通過充分利用 Shopify，例如我們世界級的結賬和店面，CCS 正在打開與零售商對話的大門，這些零售商以前沒有意識到 Shopify 的強大功能和多功能性。

There is a perception shift happening in the marketplace as enterprises begin to realize that they are now able to combine Shopify's cutting-edge commerce solutions with their existing infrastructure, all while optimizing their operating expenses. And we are seeing success with large recently signed enterprise brands like food delivery company, Daily Harvest; the iconic Canadian coffee house chain, Tim Hortons; U.K. fashion designer, Ted Baker; Japanese retailer, Yogibo, our largest outbound deal ever in Japan, a multi-brand deal with global retail brands in Australia; and American retail giant, Zulily, which is owned by QVC that actually came to Shopify from a referral from another very large enterprise merchant we have.

隨著企業開始意識到他們現在能夠將 Shopify 的尖端商務解決方案與他們現有的基礎設施相結合，同時優化他們的運營支出，市場上正在發生觀念轉變。我們看到最近簽約的大型企業品牌取得了成功，例如食品配送公司 Daily Harvest；標誌性的加拿大連鎖咖啡店 Tim Hortons；英國時裝設計師 Ted Baker；日本零售商 Yogibo，這是我們在日本有史以來最大的海外交易，這是一項與全球零售品牌在澳大利亞的多品牌交易；和美國零售巨頭 Zulily，它歸 QVC 所有，實際上是通過我們擁有的另一家非常大的企業商家的推薦來到 Shopify 的。

All of these incredible global brands are trusting Shopify to help them grow, scale and keep their business secure. A key part for our go-to-market strategy for enterprises will come from our system integrator partnerships. Early in Q1, we signed an agreement with IBM Consulting and entered agreement with Cognizant, which is over 350,000 employees generating over $19 billion in annual revenue in 2022. Of note, Cognizant did all of the Shopify-related implementation for premier consumer products customer.

所有這些令人難以置信的全球品牌都相信 Shopify 可以幫助他們發展、擴大規模並確保業務安全。我們的企業上市戰略的一個關鍵部分將來自我們的系統集成商合作夥伴關係。在第一季度初，我們與 IBM 諮詢公司簽署了一項協議，並與 Cognizant 達成協議，Cognizant 擁有超過 350,000 名員工，到 2022 年將產生超過 190 億美元的年收入。值得注意的是，Cognizant 為主要消費品客戶完成了所有與 Shopify 相關的實施。

So we are thrilled to have them as a partner for future opportunities. We believe these partnerships will further our efforts to not only grow our merchant base, but also expand our offering with existing merchants.

因此，我們很高興能與他們成為未來機會的合作夥伴。我們相信這些合作夥伴關係將進一步推動我們的努力，不僅擴大我們的商戶基礎，而且擴大我們與現有商戶的產品範圍。

To truly enable first sale to full scale requires us to have infrastructure and capabilities to handle massive traffic volumes at any moment in time. For Shopify, we've set a new record in Q1. We hosted the highest throughput flash sale in our company's history with Supreme's February drop, which drove orders per minute that were equivalent to our Black Friday/Cyber Monday levels, a true testament to the scale, agility and the resilience of our platform. It also highlights how the investments we have been making over the past couple of years are strengthening our commerce operating platform to power any brand on the planet.

要真正實現全面的首次銷售，我們需要具備隨時處理大量流量的基礎設施和能力。對於 Shopify，我們在第一季度創造了新記錄。我們舉辦了公司歷史上吞吐量最高的限時搶購活動，Supreme 2 月份的降價活動推動了每分鐘的訂單量，相當於我們的黑色星期五/網絡星期一水平，這真實地證明了我們平台的規模、敏捷性和彈性。它還強調了我們在過去幾年中所做的投資如何加強我們的商業運營平台，為地球上的任何品牌提供動力。

Moving on to going global. One way we are driving greater penetration internationally is by making it easy for a merchant to sell globally as they do locally. During the quarter, approximately 15% of total GMV were cross-border as our primary products that were rolled out last year, Markets and Markets Pro, continue to gain traction. Markets makes it simple to localize the buyer experience for each region a merchant sells to by enabling local currencies, which is a key determinant for consumers, offering local payment options and collecting duties and taxes at checkout to create total cost clarity. All of this can be customized in one place in the Shopify Admin with ease. When we layer on the functionality of the translate and adapt app for our merchants who use markets, our data showed meaningful improvements to conversion rates.

繼續走向全球。我們在國際上推動更大滲透的一種方式是讓商家可以像在本地一樣輕鬆地在全球範圍內銷售。在本季度，由於我們去年推出的主要產品 Markets 和 Markets Pro 繼續受到關注，因此約有 15% 的 GMV 是跨境的。 Markets 通過啟用本地貨幣（這是消費者的關鍵決定因素），可以輕鬆地為商家銷售的每個區域本地化買家體驗，提供本地支付選項並在結賬時收取關稅和稅款，以明確總成本。所有這些都可以在 Shopify Admin 的一個地方輕鬆定制。當我們為使用市場的商家添加翻譯和改編應用程序的功能時，我們的數據顯示轉化率有了顯著提高。

Shopify Markets Pro, a fully integrated merchant of record solution is built on top of Markets. Markets Pro is a great option for merchants looking to scale to new markets quickly without having to navigate international tax compliance or fraud while tapping into best-in-class international shipping options with duties prepaid. Our team has continued to make improvements to Markets Pro and is on track to fully roll out the product in the U.S. this summer and then to the U.K. later this year. We've seen considerable interest in Markets Pro and believe there's a lot of opportunity for us with this product to further unlock our merchants' ability to reach more consumers around the world.

Shopify Markets Pro 是一個完全集成的記錄解決方案商戶，它建立在 Markets 之上。 Markets Pro 是希望快速擴展到新市場而無需應對國際稅務合規或欺詐，同時利用預付關稅的一流國際運輸選項的商家的絕佳選擇。我們的團隊繼續對 Markets Pro 進行改進，並有望在今年夏天在美國全面推出該產品，然後在今年晚些時候在英國推出。我們已經看到人們對 Markets Pro 產生了濃厚的興趣，並相信我們有很多機會通過這款產品進一步釋放我們的商家接觸全球更多消費者的能力。

Finally, our third core area, building consumer relationships. One of Shopify's strengths is our comprehensive suite of innovative, unified commerce solutions that enable brands to find, engage and build relationships with consumers across every surface. As commerce is increasingly showing up everywhere, advancing our full suite of commerce solutions to stay at the forefront of our merchants' needs remains paramount for their success. Point-of-Sale, the Shop App and Audiences are 3 areas where we continued to drive meaningful product enhancements in the quarter. Our Point-of-Sale solution continued to gain traction in Q1 with offline GMV increasing 31% year-over-year. We continue to expand both the functionality of our Point-of-Sale offering and its ability to handle the needs of retailers with a large number of physical locations.

最後，我們的第三個核心領域，建立消費者關係。 Shopify 的優勢之一是我們全面的創新、統一的商務解決方案套件，使品牌能夠在各個方面尋找、參與和建立與消費者的關係。隨著商業越來越多地出現在任何地方，推進我們的全套商業解決方案以始終站在商家需求的最前沿對於他們的成功至關重要。銷售點、商店應用程序和受眾是我們在本季度繼續推動有意義的產品改進的 3 個領域。我們的銷售點解決方案在第一季度繼續獲得關注，線下 GMV 同比增長 31%。我們繼續擴展我們的銷售點產品的功能及其處理擁有大量物理位置的零售商的需求的能力。

During the first quarter, top-tier apparel brands like Kit and Ace, which was started by the founder of Lululemon, launched our Point-of-Sale Pro solution for all of their stores. And another consumer favorite Gap brand, Banana Republic Home, is planning an omnichannel launch later this year with our Point-of-Sale Pro offering across their initial retail locations. These are just 2 examples of the growing number of household name brands who are coming to Shopify for not only our online offering, but also our brick-and-mortar capabilities. Even as more and more large brands choose Shopify for our unified commerce capabilities, we remain the best commerce offering for SMBs. After Intuit made their decision to sunset their QuickBooks desktop Point-of-Sale product, they chose Shopify to be the preferred partner to migrate new retailers in need of a new Point-of-Sale solution. This partnership recognizes the depth and the quality of Shopify's Point-of-Sale offering and opens up the funnel for more SMBs and mid-market retailers to join Shopify and leverage our suite of retail solutions. We're already seeing traction from this partnership with thousands of new merchants having chosen to adopt Shopify Point-of-Sale.

在第一季度，Lululemon 創始人創立的 Kit 和 Ace 等頂級服裝品牌為其所有門店推出了我們的 Point-of-Sale Pro 解決方案。另一個消費者最喜歡的 Gap 品牌 Banana Republic Home 計劃在今年晚些時候推出全渠道產品，我們的 Point-of-Sale Pro 產品將覆蓋其最初的零售點。這些只是越來越多的家喻戶曉的品牌的兩個例子，他們來到 Shopify 不僅是為了我們的在線產品，還有我們的實體功能。即使越來越多的大品牌選擇 Shopify 來獲得我們的統一商務功能，我們仍然是中小企業的最佳商務產品。在 Intuit 決定停用其 QuickBooks 桌面銷售點產品後，他們選擇 Shopify 作為首選合作夥伴，以遷移需要新銷售點解決方案的新零售商。這種合作夥伴關係認可了 Shopify 銷售點產品的深度和質量，並為更多中小型企業和中端市場零售商加入 Shopify 並利用我們的零售解決方案套件打開了渠道。我們已經看到這種合作關係的吸引力，成千上萬的新商家選擇採用 Shopify 銷售點。

Our Shop App is another incredible opportunity for our merchants. Back in February, as part of our winter edition release, we announced some of the biggest product updates to Shop since launching in 2020. We're in the post-cookie mobile era of commerce, where brands are increasingly motivated to build their own mobile experiences to retain ownership of their customer relationships. But for most businesses, the technical and financial resources required to build and maintain their own mobile app just does not make sense. Today, Shop gives merchants an out-of-the-box mobile storefront, making it easy for them to leverage Shop's existing buyer audience to drive new and repeat customers to their brand. And of course, when you layer on Shop Pay, which continues to be the best converting checkout on the Internet, Shop is becoming one of merchants' most important channels.

我們的商店應用程序為我們的商家提供了另一個難得的機會。早在 2 月，作為我們冬季版發布的一部分，我們宣布了 Shop 自 2020 年推出以來的一些最大產品更新。我們正處於商業的後 cookie 移動時代，品牌越來越有動力構建自己的移動設備保留對客戶關係的所有權的經驗。但對於大多數企業而言，構建和維護自己的移動應用程序所需的技術和財務資源根本沒有意義。如今，Shop 為商家提供了一個開箱即用的移動店面，使他們可以輕鬆地利用 Shop 現有的買家受眾來吸引新客戶和回頭客購買他們的品牌。當然，當您使用 Shop Pay（它仍然是 Internet 上轉換率最高的結賬方式）時，Shop 正在成為商家最重要的渠道之一。

Another example of how Shopify is staying at the cutting edge of commerce is the AI shopping assistant that Shop launched in March. Shoppers tell the assistant what they are looking for, and it serves up relevant product recommendations from Shopify merchants. It's like having your own shopping concierge powered by ChatGPT, one of the most advanced technologies that we have seen in decades. We believe that we are in the early innings of unlocking the true power of AI, not only for our merchants and their customers, but also for Shopify.

Shopify 如何保持在商業前沿的另一個例子是 Shop 在 3 月份推出的人工智能購物助手。購物者告訴助手他們在尋找什麼，它會提供來自 Shopify 商家的相關產品推薦。這就像擁有由 ChatGPT 提供支持的自己的購物禮賓服務，這是我們幾十年來見過的最先進的技術之一。我們相信，我們正處於釋放人工智能真正力量的早期階段，這不僅是為了我們的商家和他們的客戶，也是為了 Shopify。

Moving to Audiences. Shopify Audiences continues to be a dynamic feature for our Plus merchants, helping drive top performance in paid advertising across meta, Google and Pinterest. The machine algorithm that powers Audiences is more effective than ever before. In the year since the product first launched, we have shipped dozens of algorithm improvements as frequently as every 2 weeks. This constant experimentation has resulted in the average return ad spend merchants see on the platform to nearly double what it was originally.

轉向觀眾。 Shopify Audiences 仍然是我們 Plus 商家的一項動態功能，有助於在元、谷歌和 Pinterest 上推動付費廣告的最佳表現。為 Audiences 提供動力的機器算法比以往任何時候都更加有效。自產品首次推出以來的一年裡，我們以每 2 週的頻率發布了數十項算法改進。這種不斷的試驗導致商家在平台上看到的平均回報廣告支出幾乎是原來的兩倍。

We don't expect this trend to slow down. This performance is reflected in the product's adoption. More merchants are using Shopify Audiences than ever before. In fact, our data suggests that Audiences is now a key reason merchants choose to upgrade to Plus, averaging just over a week from upgrade to install the product. As the number of merchants who use the product grows, the algorithm gets smarter, the flywheel moves a little faster and performance improves further, a positive feedback loop.

我們預計這一趨勢不會放緩。這種性能反映在產品的採用上。使用 Shopify Audiences 的商家比以往任何時候都多。事實上，我們的數據表明，受眾現在是商家選擇升級到 Plus 的一個關鍵原因，從升級到安裝產品平均只需一周多的時間。隨著使用該產品的商家數量的增長，算法變得更智能，飛輪轉動得更快一點，性能進一步提高，形成一個正反饋循環。

Powered by our scale and the merchant trust we've earned over many years, Audiences is a unique advantage only Shopify can offer. It's an opportunity for independent merchants to join forces and help each other succeed. We could not be more excited by the trajectory of this young product.

憑藉我們的規模和多年來贏得的商家信任，Audiences 是只有 Shopify 才能提供的獨特優勢。這是獨立商家聯合起來並互相幫助取得成功的機會。我們對這款年輕產品的發展軌跡感到無比興奮。

Stepping beyond are 3 core themes: I want to talk a little more about our merchants. Earlier, I shared some of the large enterprise wins. But that, of course, is just one portion of the success we are seeing. In this past quarter, Shopify welcomed numerous notable brands representing a broad spectrum of verticals within apparel and accessories, fashion forward clothing and denim manufacturer, 7 For All Mankind, footwear brand KEEN and backpack and accessory brand Herschel Supply, all launched with Shopify in Q1.

超越是 3 個核心主題：我想多談談我們的商家。早些時候，我分享了一些大型企業的勝利。但是，當然，這只是我們所看到的成功的一部分。在上個季度，Shopify 迎來了眾多代表服裝和配飾、時尚前衛服裝和牛仔布製造商、7 For All Mankind、鞋類品牌 KEEN 以及背包和配飾品牌 Herschel Supply 的眾多知名品牌，這些品牌都在第一季度與 Shopify 一起推出.

On the international front, Japanese watch brand, Seiko, Winemaker Pernod Ricard and watchmaker, Daniel Wellington, launched sites on Shopify this quarter. And earlier this week, Lululemon Studio, formerly known as Mirror, launched on Shopify.

在國際方面，日本手錶品牌 Seiko、釀酒師 Pernod Ricard 和鍾表製造商 Daniel Wellington 本季度在 Shopify 上推出了網站。本週早些時候，Lululemon Studio（前身為 Mirror）在 Shopify 上線。

Celebrity brands continue to default Shopify to launch their businesses as well. In Q1, Mary-Kate and Ashley Olsen's luxury fashion designer brand, The Row, John Legend's Loved01 and Kendall Jenner's award-winning 818 Tequila brand all launched on Shopify.

名人品牌也繼續默認使用 Shopify 開展業務。第一季度，Mary-Kate 和 Ashley Olsen 的奢侈時裝設計師品牌 The Row、John Legend 的 Loved01 和 Kendall Jenner 的獲獎品牌 818 Tequila 均在 Shopify 上線。

In closing, Shopify continues to be the engine powering millions of merchants around the world. Our platform continues to expand, giving our merchants more of the solutions they need to run their businesses online, offline and everywhere in between. We have worked hard to earn our merchants' trust as Shopify continues to solve the industry's biggest problems to make commerce better for everyone.

最後，Shopify 繼續成為為全球數百萬商家提供動力的引擎。我們的平台不斷擴展，為我們的商家提供更多在線、離線以及介於兩者之間的任何地方開展業務所需的解決方案。我們一直在努力贏得商家的信任，因為 Shopify 繼續解決行業中最大的問題，讓每個人的商業變得更好。

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

有了這個，讓我把電話轉給傑夫。

Thanks, Harley. The investments we have made into building a powerful commerce operating system for merchants of all sizes have delivered strength across all elements of our business. Let's dive into our Q1 results, starting with GMV. .

謝謝，哈利。我們為各種規模的商家構建強大的商業操作系統所做的投資為我們業務的所有元素帶來了力量。讓我們從 GMV 開始深入研究第一季度的結果。 .

GMV in Q1 was $50 billion, up 15% year-over-year or 18% on a constant currency basis as merchants delivered another strong quarter of growth. We achieved this GMV strength primarily through more resilient consumer spend, with strength in Europe being particularly notable, existing merchant same-store sales growth and growth in our merchant base. Revenue for the first quarter was $1.5 billion, up 25% year-over-year or 27% in constant currency, driven by the GMV strength just discussed, growth in our Merchant Solutions business led by payments penetration and growth in Subscription Solutions. Our Q1 revenue came in better than our outlook, largely driven by the outperformance of GMV, strong growth across our Merchant Solutions product suite and strength in Europe from both consumer spend and more favorable exchange rates than anticipated.

第一季度的 GMV 為 500 億美元，同比增長 15% 或按固定匯率計算增長 18%，因為商家實現了又一個強勁的季度增長。我們實現這一 GMV 優勢主要是通過更有彈性的消費者支出，歐洲的實力尤為顯著，現有商家同店銷售增長以及我們商家基礎的增長。第一季度的收入為 15 億美元，同比增長 25% 或按固定匯率計算增長 27%，這得益於剛剛討論的 GMV 實力、支付滲透率帶動的商家解決方案業務增長以及訂閱解決方案的增長。我們第一季度的收入好於我們的預期，這主要是由於 GMV 的出色表現、我們的商戶解決方案產品套件的強勁增長以及消費者支出和比預期更有利的匯率在歐洲的實力。

Our total attach rate, which is defined as revenue divided by GMV, is a key performance indicator of our business and our ability to generate greater value for our merchants. In Q1, our attach rate was 3.04%, up from 2.79% in Q1 2022. Merchants continue to buy more and more solutions from us, which speaks to both attraction of new products and the trust that merchants put in us. This represents the highest attach rate in our history.

我們的總附加率定義為收入除以 GMV，是衡量我們業務和我們為商家創造更大價值的能力的關鍵績效指標。第一季度，我們的附加率為 3.04%，高於 2022 年第一季度的 2.79%。商家繼續從我們這裡購買越來越多的解決方案，這既說明了新產品的吸引力，也說明了商家對我們的信任。這是我們歷史上最高的附加率。

Moving to our revenue streams, starting with Merchant Solutions. Q1 Merchant Solutions revenue was $1.1 billion, increasing 31% year-over-year or 33% on a constant currency basis, driven by the increase in GMV, continued penetration of Shopify Payments and the contribution from Deliverr. $27.5 billion of GMV was processed by Shopify Payments in the first quarter, 25% higher than in the first quarter of 2022. The penetration rate of Shopify Payments as a percentage of GMV was 56% for the quarter versus 51% in Q1 of the prior year. Several factors drove the quarter's higher gross Payments volume, including the strong performance by those merchants utilizing Shopify Payments, an increasing percentage of which are Shopify Plus; new merchant adoption across the globe; greater penetration of Shop Pay; and continued growth of our integrated Point-of-Sale solution in physical retail stores. Subscription Solutions revenue was $382 million, up 11% over Q1 of 2022, primarily due to growth in our Plus subscriptions.

轉向我們的收入來源，從商家解決方案開始。第一季度商家解決方案收入為 11 億美元，同比增長 31% 或按固定匯率計算增長 33%，這主要得益於 GMV 的增長、Shopify Payments 的持續滲透以及 Deliverr 的貢獻。第一季度 Shopify Payments 處理了 275 億美元的 GMV，比 2022 年第一季度高出 25%。本季度 Shopify Payments 的滲透率佔 GMV 的百分比為 56%，而上一季度為 51%年。有幾個因素推動了本季度較高的總支付量，包括那些使用 Shopify Payments 的商家表現強勁，其中 Shopify Plus 的比例越來越大；全球新商戶採用； Shop Pay 的滲透率更高；以及我們在實體零售店的綜合銷售點解決方案的持續增長。訂閱解決方案收入為 3.82 億美元，比 2022 年第一季度增長 11%，這主要是由於我們的 Plus 訂閱的增長。

Moving to monthly recurring revenue, or MRR. Q1 MRR was $116 million, up 10% year-over-year. We saw strong growth across each of Plus, Standard and Point-of-Sale, with Plus being the largest contributor of growth in absolute dollars. Our Plus merchants, as a percentage of total MRR, increased to 34% from 30% in Q1 of 2022.

轉向每月經常性收入或 MRR。第一季度 MRR 為 1.16 億美元，同比增長 10%。我們看到 Plus、Standard 和 Point-of-Sale 都實現了強勁增長，其中 Plus 是絕對美元增長的最大貢獻者。我們的 Plus 商家佔總 MRR 的百分比從 2022 年第一季度的 30% 增加到 34%。

Additionally, we are beginning to see the impact from the initial cohorts that were a part of our free and promotional trials that began to roll out broadly in October 2022. We saw these cohorts convert to full-priced Standard subscriptions starting in Q1, which contributed to the acceleration in MRR growth year-over-year and quarter-over-quarter. The merchants comprising the initial cohorts from these trial experiments are demonstrating very positive results. The longer trial period has provided merchants a better onboarding experience, giving them additional time to experiment and familiarize themselves with our rich feature set and have more time to find the right product and market niche for their products. As a result of these trials, we are seeing higher weekly active sales and more merchants achieving their first sale on our platform, contributing to our GMV outperformance compared to the broader market.

此外，我們開始看到初始隊列的影響，這些隊列是我們於 2022 年 10 月開始廣泛推出的免費和促銷試驗的一部分。我們看到這些隊列從第一季度開始轉換為全價標準訂閱，這有助於MRR 同比和環比增長加速。來自這些試驗的初始隊列中的商戶展示了非常積極的結果。更長的試用期為商家提供了更好的入職體驗，讓他們有更多時間試驗和熟悉我們豐富的功能集，並有更多時間為他們的產品找到合適的產品和市場利基。由於這些試驗，我們看到每週活躍銷售額更高，更多商家在我們的平台上實現了首次銷售，這有助於我們的 GMV 表現優於更廣泛的市場。

Separately, as previously announced in January, we introduced pricing changes to our standard subscription plans. The pricing changes had minimal impact on our Q1 financials as the full pricing changes did not take effect until about a week ago, but we anticipate that they will benefit our MRR growth more meaningfully in the second half of the year. Gross profit was $717 million for the quarter, and gross margin was 47.5% in our first quarter. Compared to Q1 2022 gross margins of 53%, our gross margin this quarter was primarily affected by the dilutive impact of Deliverr. Additionally, Q1 gross margin was also impacted by Merchant Solutions being a larger percentage of our business, driven by growth in Shopify Payments. And within our Shopify Payments business, we continued to see gross margin pressure due to the greater mix of Plus and higher mix of credit cards versus debit cards compared to Q1 last year. Operating expenses were $910 million for the quarter. This represents a sequential increase of 1% over Q4 of 2022 operating expenses of approximately $903 million, when excluding the onetime charges from Q4 of $84 million. Compared to Q1 of 2022, the primary drivers of this increase in operating expenses are related to higher compensation expense, including Deliverr.

另外，正如之前在 1 月份宣布的那樣，我們對標準訂閱計劃進行了價格調整。定價變化對我們第一季度財務狀況的影響微乎其微，因為全面的定價變化直到大約一周前才生效，但我們預計它們將在今年下半年更有意義地有利於我們的 MRR 增長。本季度毛利潤為 7.17 億美元，第一季度毛利率為 47.5%。與 2022 年第一季度 53% 的毛利率相比，我們本季度的毛利率主要受到 Deliverr 的稀釋影響。此外，在 Shopify Payments 的增長推動下，第一季度毛利率也受到商家解決方案在我們業務中所佔比例較大的影響。在我們的 Shopify Payments 業務中，我們繼續看到毛利率壓力，因為與去年第一季度相比，Plus 和信用卡與借記卡的組合更多。本季度的運營費用為 9.1 億美元。這比 2022 年第四季度約 9.03 億美元的運營費用環比增長 1%，其中不包括第四季度的 8400 萬美元一次性費用。與 2022 年第一季度相比，運營費用增加的主要驅動因素與更高的薪酬費用有關，包括 Deliverr。

As we have demonstrated over the past 3 quarters, our operating expense dollars, excluding onetime items, continue to stabilize and grow at a much slower rate. This directly reflects our focus throughout the entire organization to drive increased productivity and efficiency across our teams. We continue to rigorously evaluate all of our cost, including greater scrutiny on our cloud infrastructure spend, return on our marketing programs and their associated payback periods, and in general, an increased internal utilization of automation and technology to replace manually driven processes.

正如我們在過去 3 個季度所展示的那樣，我們的運營費用美元（不包括一次性項目）繼續穩定並以更慢的速度增長。這直接反映了我們對整個組織的關注，以提高我們團隊的生產力和效率。我們繼續嚴格評估我們的所有成本，包括更嚴格地審查我們的雲基礎設施支出、我們的營銷計劃的回報及其相關的投資回收期，以及總體上增加自動化和技術的內部利用率以取代手動驅動的流程。

Let me share a specific example of what I mean. In Q1, within sales and marketing, expenses declined both year-over-year and sequentially as we have been working to diversify our marketing mix over the past year. Prioritizing areas such as direct mail and audio, we've also optimized payback from established channels like digital search and display. As a result, in recent months, we have seen the payback period for our paid advertising improve by over 50%. There's a cross-functional team in place that's assessing the amount of value we can extract from different marketing channels as we continue to improve our paid advertising payback periods and realize even more value from each dollar we spend in this area.

讓我分享一個具體的例子來說明我的意思。在第一季度，在銷售和營銷方面，由於我們在過去一年中一直致力於使營銷組合多樣化，因此費用同比和環比都有所下降。優先考慮直郵和音頻等領域，我們還優化了數字搜索和展示等既定渠道的回報。因此，最近幾個月，我們發現付費廣告的投資回收期提高了 50% 以上。有一個跨職能團隊正在評估我們可以從不同營銷渠道中提取的價值量，因為我們將繼續改善付費廣告的投資回收期，並從我們在該領域花費的每一美元中實現更多價值。

Stock-based compensation for Q1 was $135 million compared to $118 million for the same period a year ago, primarily driven by the higher headcount from Deliverr. Adjusted operating loss for the quarter was $31 million. The decline compared to Q1 of 2022 was due to lower gross margins year-over-year and higher operating expenses, primarily driven from increased compensation expenses. Our Q1 adjusted operating loss came in better-than-expected due to stronger top line growth and lower-than-expected operating expenses.

第一季度的股票薪酬為 1.35 億美元，而去年同期為 1.18 億美元，這主要是由於 Deliverr 的員工人數增加所致。本季度調整後的運營虧損為 3100 萬美元。與 2022 年第一季度相比下降是由於毛利率同比下降和運營費用增加，這主要是由於薪酬費用增加所致。由於強勁的營收增長和低於預期的運營費用，我們第一季度調整後的運營虧損好於預期。

For the quarter, free cash flow was $86 million, representing 6% of revenue. You will hear us talk more frequently going forward about free cash flow, which we calculate as cash flow from operations minus CapEx.

本季度，自由現金流為 8600 萬美元，佔收入的 6%。您會聽到我們更頻繁地談論自由現金流，我們將其計算為運營現金流減去資本支出。

Turning quickly to our balance sheet. Our cash and marketable securities balance was $4.9 billion as of March 31.

快速轉向我們的資產負債表。截至 3 月 31 日，我們的現金和有價證券餘額為 49 億美元。

Before I get into our outlook, some additional information regarding the sale of our logistics businesses and Shopify reducing our head count. As Harley mentioned, earlier today, we announced that we reached an agreement to sell our logistics business, including most of our SFN assets and Deliverr to our trusted partner, Flexport.

在我進入我們的前景之前，一些關於出售我們的物流業務和 Shopify 減少我們人數的額外信息。正如 Harley 提到的，今天早些時候，我們宣布達成協議，將我們的物流業務出售給我們值得信賴的合作夥伴 Flexport，包括我們的大部分 SFN 資產和 Deliverr。

In connection with the transaction, Shopify and Flexport intend to deepen their partnership with Flexport becoming our official logistics partner moving forward and providing Shopify merchants with fast and reliable logistics solutions. Shopify will continue to offer the merchant-facing SFN app, which provides merchants an integrated logistics experience through Shopify, powered by Flexport. Under the terms of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport. When combined with our existing ownership, we will own a high-teens percentage in Flexport. In connection with the closing of the sale, Shopify is entitled to name a director to Flexport's Board.

就此次交易而言，Shopify 和 Flexport 打算深化合作夥伴關係，Flexport 將成為我們的官方物流合作夥伴，繼續為 Shopify 商家提供快速可靠的物流解決方案。 Shopify 將繼續提供面向商家的 SFN 應用程序，該應用程序通過由 Flexport 提供支持的 Shopify 為商家提供綜合物流體驗。根據協議條款，Shopify 將獲得代表 Flexport 13% 股權的股票。結合我們現有的所有權，我們將擁有 Flexport 十幾%的股份。就完成出售而言，Shopify 有權任命一名董事加入 Flexport 董事會。

Today, we also announced that we are making changes to our organization, reducing our overall workforce by approximately 20%, excluding employees and our logistics businesses, some of which will move to Flexport and some of which will be part of the reduction in force. While this decision to reduce the size of our team was incredibly difficult, we are moving quickly towards the ideal shape and size that will enable us to build on our momentum and power the future of commerce. We believe that our business remains incredibly strong and our opportunities for sustainable long-term growth are abundant.

今天，我們還宣布我們正在對我們的組織進行變革，將我們的整體員工人數減少約 20%，不包括員工和我們的物流業務，其中一些將轉移到 Flexport，其中一些將成為裁員的一部分。儘管做出縮減團隊規模的決定非常困難，但我們正在迅速朝著理想的形狀和規模邁進，這將使我們能夠在我們的勢頭和商業未來的基礎上再接再厲。我們相信我們的業務仍然非常強勁，我們實現可持續長期增長的機會很多。

Partnering with Flexport will allow us to focus on the areas where we as a team have the highest impact and had the most value for our merchants, helping them on some of their most critical challenges, including running and managing the business, selling wherever consumers are, discovering new customers and thriving at any stage in any market.

與 Flexport 合作將使我們能夠專注於我們作為一個團隊對我們的商家具有最大影響和最大價值的領域，幫助他們應對一些最關鍵的挑戰，包括運營和管理業務，在消費者所在的任何地方銷售，發現新客戶並在任何市場的任何階段蓬勃發展。

Keeping all this in mind, let's turn to our outlook. We anticipate that the sale of our logistics businesses will happen towards the end of the second quarter, subject to certain conditions and regulatory approvals as applicable. And accordingly, that the majority of the financial impact of these transactions will not materialize until the second half of the year.

牢記所有這些，讓我們轉向我們的前景。我們預計我們的物流業務將在第二季度末出售，但須符合某些條件和適用的監管批准。因此，這些交易的大部分財務影響要到今年下半年才能實現。

Here are our expectations for the second quarter. First, on revenue. We expect our second quarter revenues to grow at a rate similar to our Q1 year-over-year growth rate. We anticipate that the pricing changes that just went into effect will be counterbalanced by the pending sale of our logistics businesses. Q2 gross margin percentage is expected to be similar to our Q1 gross margin percentage with the expected benefit from the pricing changes to be offset by the pending sale of our logistics business and the continued growth of Shopify Payments, which is a lower-margin business.

以下是我們對第二季度的預期。首先，關於收入。我們預計我們第二季度的收入將以與第一季度同比增長率相似的速度增長。我們預計剛剛生效的價格變化將被我們物流業務的未決出售所抵消。第二季度的毛利率預計與第一季度的毛利率相似，定價變化帶來的預期收益將被待售的物流業務和利潤率較低的業務 Shopify Payments 的持續增長所抵消。

We believe that our Q2 operating expense dollars, excluding onetime items related to the pending sale of logistics and severance charges, will decrease a mid-single-digit percentage versus our Q1 operating expense dollars. Stock-based compensation is expected to be approximately $110 million. This excludes the onetime charges related to the sale of our logistics businesses. Finally, we expect free cash flow, which, as mentioned, we define as operating cash flow less CapEx, to be positive for each quarter of 2023. We, as a management team, are committed to profitability, and you will hear us talking more frequently regarding free cash flow.

我們認為，我們第二季度的運營費用美元，不包括與待售物流和遣散費相關的一次性項目，將比我們第一季度的運營費用美元減少一個中個位數的百分比。基於股票的薪酬預計約為 1.1 億美元。這不包括與出售我們的物流業務相關的一次性費用。最後，我們預計 2023 年每個季度的自由現金流（如前所述，我們將其定義為運營現金流減去資本支出）為正。作為管理團隊，我們致力於實現盈利，您會聽到我們談論更多經常關於自由現金流。

With the pending sale of our logistics business, obviously, our capital expenditures are going to be a lot lower going forward. We currently expect to spend approximately $100 million for the full year of 2023, which includes 2 quarters of CapEx from logistics.

顯然，隨著我們即將出售的物流業務，我們的資本支出將會大大降低。我們目前預計 2023 年全年支出約 1 億美元，其中包括來自物流的 2 個季度的資本支出。

Finally, specifically related to the announcements today, our current expectation is at Q2, we will incur $140 million to $150 million in severance from the workforce reduction and an impairment of $1 billion to $1.5 billion in the aggregate related to the various components of our logistics businesses.

最後，特別是與今天的公告有關，我們目前的預期是在第二季度，我們將因裁員而產生 1.4 億至 1.5 億美元的遣散費，以及與我們物流各個組成部分相關的總計 10 億至 15 億美元的減值企業。

In closing, 2023 is off to a very strong start. Our financial outperformance reflects our merchants' trust in Shopify's mission-critical commerce operating system to not only run their business, but to grow it. Brands across the globe continue to turn to us for the incredibly rich feature set that we offer, which we believe continues to represent the most exceptional value in the marketplace today. Our teams are adhering to rigorous operational discipline and cost control, while achieving greater productivity and efficiencies throughout the company. We are incredibly proud of what our team has accomplished so far this year and will continue to achieve throughout 2023.

最後，2023 年開局非常強勁。我們的出色財務表現反映了我們的商家對 Shopify 的關鍵任務商務操作系統的信任，不僅可以運營他們的業務，還可以發展業務。全球各地的品牌繼續向我們尋求我們提供的極其豐富的功能集，我們相信這些功能集繼續代表著當今市場上最卓越的價值。我們的團隊堅持嚴格的運營紀律和成本控制，同時在整個公司實現更高的生產力和效率。我們為我們的團隊今年迄今取得的成就感到無比自豪，並將在 2023 年繼續取得成就。

I'll now turn the call back over to Carrie for any questions.

如果有任何問題，我現在會將電話轉回給 Carrie。

(Operator Instructions) Our first question will come from Brian Peterson at Raymond James.

（操作員說明）我們的第一個問題將來自 Raymond James 的 Brian Peterson。

So I'm curious on the timing of the decision to sell the logistics business. Why now? And maybe how should we be thinking about any changes that you may have in kind of the build by partner decision about future growth initiatives?

所以我很好奇決定出售物流業務的時機。為什麼現在？也許我們應該如何考慮您在未來增長計劃的合作夥伴決策構建方面可能會有的任何變化？

Brian, Harley, I'll take the question. Look, I think Shopify, unlike a lot of technology companies, we actually do partnerships really, really well. If you sort of go back, I don't know, 8 or 9 years ago, so when we first decided to go into the payments business, we deeply partnered with Stripe and was able to go to market much faster with an incredible product. And that partnership obviously continues. We've done the same thing with companies like Affirm when we felt that they were doing buy now, pay later better than anyone else globally on the cross-border commerce side of things. So I mean, Shopify, going back to what you heard today and Tobi's letter, but our main mission, our main quest versus side quest, we do something in the world better than anybody else, which is building commerce software. And that's what we want to be able to do. We want to focus on that. We want to execute on that. So when -- as we began to build out the logistics business, which started about 4 or 5 years ago, remember at the time, there was no one else that was helping small businesses, medium-sized businesses with logistics and shipping. And so even though we knew it was going to be an incubation period for us, we felt there was no one else doing it and better for us to do it than for our merchants to do it.

布賴恩，哈利，我來回答這個問題。看，我認為 Shopify 與許多科技公司不同，我們實際上非常非常好地建立了合作夥伴關係。如果你回到過去，我不知道，8 或 9 年前，所以當我們第一次決定進入支付業務時，我們與 Stripe 深入合作，並且能夠以令人難以置信的產品更快地進入市場。這種夥伴關係顯然還在繼續。我們對像 Affirm 這樣的公司做了同樣的事情，當我們覺得他們現在買，以後付款比全球任何其他公司在跨境商務方面做得更好。所以我的意思是，Shopify，回到你今天聽到的和 Tobi 的信，但我們的主要任務，我們的主要任務與副任務，我們在世界上做的事情比任何人都好，那就是構建商業軟件。這就是我們希望能夠做到的。我們想專注於此。我們想執行。所以當我們開始建立大約 4 或 5 年前開始的物流業務時，請記住當時，沒有其他人在幫助小型企業、中型企業進行物流和運輸。因此，儘管我們知道這對我們來說將是一個潛伏期，但我們覺得沒有其他人在做這件事，而且我們自己做比我們的商家做更好。

As things progress and we began to further and more deeply integrate with Flexport with Dave and Ryan and the team, it became clear that, that is their main quest. They are so focused on creating logistics and shipping infrastructure for small and medium-sized businesses. And this way, we get product acceleration, and we can focus on what we do best, they can focus what they do best. But again, I think we're a company that has proven that when we can build something better than anyone else, we do it, and we've done that across a whole bunch of different areas of our business. But when there's a partner that we can deeply integrate with that can get us further faster and more efficiently, we will do that, too. And that was the case here.

隨著事情的進展，我們開始與 Dave 和 Ryan 以及團隊進一步深入地整合 Flexport，很明顯，這是他們的主要任務。他們非常專注於為中小企業創建物流和航運基礎設施。通過這種方式，我們獲得了產品加速，我們可以專注於我們最擅長的事情，他們也可以專注於他們最擅長的事情。但同樣，我認為我們是一家已經證明，當我們能夠打造出比任何人都更好的東西時，我們就會去做，而且我們已經在我們業務的各個不同領域做到了這一點。但是，當有一個我們可以與之深度融合的合作夥伴可以讓我們更快、更高效地走得更遠時，我們也會這樣做。這就是這裡的情況。

Our next question will come from Josh Beck at KeyBanc.

我們的下一個問題將來自 KeyBanc 的 Josh Beck。

Are you able to hear me?

你能聽到我說話嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Yes. Sorry about that. I wanted to ask just a little bit about kind of the second half of the year and how we should obviously think about the cadence of OpEx. You obviously gave us some very helpful color around how to contemplate Q2. Should we be really thinking about that as a partial quarter reflecting the new kind of workforce footprint so as we go into Q3 and Q4, it could be a little bit different. And any other color you can provide there would be great.

是的。對於那個很抱歉。我想問一下下半年的情況，以及我們應該如何考慮 OpEx 的節奏。你顯然給了我們一些關於如何考慮第二季度的非常有用的顏色。我們是否真的應該將其視為反映新型勞動力足蹟的部分季度，以便我們進入第三季度和第四季度時，它可能會有點不同。你能提供的任何其他顏色都會很棒。

Yes. This is Jeff. I'll start on that. You're right, as it relates to timing, we mentioned that the transaction with Flexport would close. We expect it to close in Q2. There are some regulatory processes we need to go through, most likely here. We don't know, obviously, therefore, exactly when it will close. Our estimates for Q2 as we gave in guidance reflect a closing in that transaction with Flexport towards the latter half of the quarter. And yes, obviously, it's -- we're a month into the quarter when we're making this announcement today regarding our employee head count. So Q2 will not be what you would call "normalized quarter." When we get to our quarterly results next quarter, we'll obviously be able to give you some more guidance. But I think your general sentiment that this is kind of a partial impact that you'll see in this quarter is accurate.

是的。這是傑夫。我會開始的。你是對的，因為它與時間有關，我們提到與 Flexport 的交易將結束。我們預計它會在第二季度結束。我們需要通過一些監管程序，很可能在這裡。因此，我們顯然不知道確切的關閉時間。我們在指導中給出的對第二季度的估計反映了與 Flexport 的交易在本季度後半段結束。是的，很明顯，我們今天宣布有關員工人數的公告已經進入本季度一個月了。所以第二季度不會是你所說的“標準化季度”。當我們在下個季度獲得季度業績時，我們顯然能夠為您提供更多指導。但我認為您的普遍看法是您將在本季度看到的這種部分影響是準確的。

Our next question will come from Paul Treiber at Barclays.

我們的下一個問題將來自巴克萊銀行的 Paul Treiber。

Just a question on the transaction with Flexport. The letter mentioned that Shopify would -- or Flexport would be the preferred partner for logistics. Does that preferred partner mean exclusive partner? Or would like Payments, you would support other third-party logistics providers on Shopify?

只是關於與 Flexport 交易的問題。信中提到 Shopify 或 Flexport 將成為首選的物流合作夥伴。首選合作夥伴是否意味著獨家合作夥伴？或者想要付款，您會支持 Shopify 上的其他第三方物流提供商嗎？

Paul, yes, that's right. Look, we have millions of stores in the platform. We have lots of small businesses. We also have very, very large enterprises as well. Part of our role is being the centralized operating system for these millions of businesses and brands, is to enable them to bring the best products, the best infrastructure that they need to run their business. So Flexport is going to be the preferred partner. We think what they're doing is exceptional. And as I mentioned earlier, any business that grows at some point, there's sort of this massive floodlight eventually that shines on them on one of the most complex issues, which is that of logistics, and they're going to do a great job there. They've already proven to us they know what to do there. But if there is a particular logistics partner or shipping company that another merchant wants to bring along, we can integrate with that, and we have been doing that for quite some time with our shipping APIs.

保羅，是的，沒錯。看，我們平台上有數百萬家商店。我們有很多小企業。我們也有非常非常大的企業。我們的部分職責是成為這數百萬企業和品牌的集中式操作系統，使他們能夠帶來最好的產品，以及他們運營業務所需的最好的基礎設施。所以 Flexport 將成為首選合作夥伴。我們認為他們正在做的事情很特別。正如我之前提到的，任何在某個時候增長的企業，最終都會有一種巨大的泛光燈照在他們身上，解決最複雜的問題之一，即物流問題，他們將在這方面做得很好.他們已經向我們證明了他們知道在那裡該做什麼。但是，如果有其他商家想要攜帶的特定物流合作夥伴或運輸公司，我們可以與之集成，並且我們已經使用我們的運輸 API 這樣做了很長一段時間。

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

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

So Jeff, after these cost-saving initiatives that you're currently implementing, how should we think about the fixed cost growth beyond into second half and 2024? Do you feel like headcount and other fixed costs are right now at the right place with this restructuring for sort of medium-term opportunities companies see? And maybe is there a margin target or perhaps maybe relative to what you did before that we can expect going forward?

那麼傑夫，在您目前正在實施這些節省成本的舉措之後，我們應該如何考慮下半年和 2024 年以後的固定成本增長？您是否認為這次重組對於公司看到的中期機會而言，員工人數和其他固定成本現在處於正確的位置？也許有一個保證金目標，或者也許相對於你之前所做的，我們可以期待前進？

Yes. Well, as I alluded to just a couple of questions ago, as it relates to our operating expense levels, we gave you some guidance as it relates to Q2, that will still be in flux. As it relates to gross margin, I guess what I would say, obviously, when you think about my comments about when the Flexport transaction will close, when you look at Q2, we will have partial impact from Flexport -- or I'm sorry, from Deliverr, which historically has obviously been a headwind to margins. We do have the pricing increases going into effect in Q2. Obviously, basically about a week or so when those started hitting our P&L. So that will be counterbalancing for us in there. But obviously, Shopify Payments, as that is a larger and larger mix of revenues, that, of course, has an impact on gross margins in the opposite direction. So as we think about where we are for gross margins, we gave you guidance for Q2 to basically be in line with Q1. Obviously, Q1 is up over Q4. In Q4, you may recall, we were at 46%. So we've got some forces moving in both directions on gross margins. We're obviously not ready at this point to comment on the full year. But I think it's going to be a lot of the trends that you've seen historically on the business.

是的。好吧，正如我之前提到的幾個問題，因為它與我們的運營費用水平有關，我們給了你一些與第二季度相關的指導，這仍然會不斷變化。由於它與毛利率有關，我想我會說什麼，顯然，當您考慮我關於 Flexport 交易何時結束的評論時，當您查看第二季度時，我們將受到 Flexport 的部分影響——或者我很抱歉，來自 Deliverr，從歷史上看，這顯然是利潤率的逆風。我們確實有價格上漲在第二季度生效。顯然，基本上大約一周左右，當這些開始影響我們的損益時。所以這將在那里平衡我們。但很明顯，Shopify Payments 是越來越大的收入組合，當然會對毛利率產生相反的影響。因此，當我們考慮我們的毛利率時，我們為您提供了第二季度與第一季度基本一致的指導。顯然，Q1 高於 Q4。您可能還記得，在第四季度，我們的比例為 46%。因此，我們有一些力量在毛利率方面向兩個方向發展。我們現在顯然還沒有準備好對全年發表評論。但我認為這將是你在歷史上看到的很多趨勢。

Our next question will come from Colin Sebastian at Baird.

我們的下一個問題將來自 Baird 的 Colin Sebastian。

I guess, Harley, after reading Tobi's letter, I mean, it sounds like part of the decision here was based on what you're seeing around generative AI and developments there. And obviously, you've made some iterations to the platform already. But curious to learn more about the vision of how AI or generative AI more specifically integrates. And I guess, Jeff, maybe what the investment implications of that will be from a headcount as well as infrastructure perspective.

我想，Harley，在讀完 Tobi 的信後，我的意思是，這聽起來像是這裡的決定的一部分是基於你在生成 AI 周圍看到的和那裡的發展。顯然，您已經對平台進行了一些迭代。但很想了解更多有關 AI 或生成 AI 如何更具體地集成的願景。我想，傑夫，從員工人數和基礎設施的角度來看，這可能會對投資產生什麼影響。

Colin, I'll start with that one. I think we are very fortunate to be amongst the companies with the best chances of using AI to help our customers, our merchants. And that's how we think about the usage of AI here. How do we integrate it into the tools that help us build and ship better products to our merchants. You're already seeing that in certain areas of Shopify. For example, the task of writing product descriptions is now made meaningfully easier by injecting AI into that process. And what does that -- the end result of that is merchants spend less time running product descriptions and more time making beautiful products and communicating and engaging with their customers. We also -- you're also seeing -- we announced a couple of weeks ago, Shop at AI, which is what I think is the coolest shopping concierge on the planet, whereby you as a consumer can use Shop at AI and you can browse through hundreds of millions of products and you can say things like I want to have a barbecue and here's the theme and it will suggest great products, and you can buy it right in line right through the shopping concierge. So you're already seeing this come up in a couple of different areas of Shopify. But most importantly, the way we're thinking about AI is how can we use it to accelerate the experience and the product that we deliver to our merchants. And I think that's going to make things a lot easier. It means the merchants can spend more time on the things that matter most to them.

科林，我將從那個開始。我認為我們很幸運能夠成為最有可能使用人工智能來幫助我們的客戶和商家的公司之一。這就是我們在這裡考慮人工智能使用的方式。我們如何將其集成到幫助我們構建更好的產品並將其運送給商家的工具中。您已經在 Shopify 的某些區域看到了這一點。例如，通過將 AI 注入該過程，編寫產品描述的任務現在變得更加容易。那是什麼 - 最終結果是商家花費更少的時間來運行產品描述，而將更多的時間用於製作精美的產品以及與客戶溝通和互動。我們也——你也看到了——幾週前我們宣布了 Shop at AI，我認為這是這個星球上最酷的購物禮賓服務，您作為消費者可以使用 Shop at AI，並且您可以瀏覽數以億計的產品，你可以說我想吃燒烤，這是主題，它會推薦很棒的產品，你可以直接通過購物禮賓部排隊購買。因此，您已經在 Shopify 的幾個不同領域看到了這一點。但最重要的是，我們思考人工智能的方式是我們如何使用它來加速我們向商家提供的體驗和產品。我認為這會讓事情變得容易得多。這意味著商家可以將更多時間花在對他們最重要的事情上。

Yes. And I would think to your question about how do we think about the size of the organization and the infrastructure spend we need to give or do, I think we've -- as we obviously make these moves today that is reflective of how we think about our future, and again, as we go into Q2 results here, which will be a period of a couple of intermittent changes in terms of what we're going through in terms of the financial impact of this, we'll have more clarity for you in the next quarter.

是的。我會考慮你的問題，即我們如何考慮組織的規模以及我們需要給予或做的基礎設施支出，我認為我們已經 - 因為我們今天顯然採取了這些舉措，這反映了我們的想法關於我們的未來，再次，當我們在這裡進入第二季度的結果時，就我們正在經歷的財務影響而言，這將是一段間歇性變化的時期，我們將更加清晰下個季度為您服務。

Our next question will come from Tyler Radke at Citigroup.

我們的下一個問題將來自花旗集團的 Tyler Radke。

So Harley, you talked about Shopify doing a really good job on partnerships, especially relative to other tech companies out there. I'm curious just with the exit of the logistics business here. How is that changing your view on potentially partnering with someone like Amazon with the Buy with Prime functionality. Just if you could kind of comment on your overall philosophy now that you've made this decision.

所以哈雷，你談到了 Shopify 在合作夥伴關係方面做得非常好，特別是相對於其他科技公司而言。我對這裡的物流業務退出感到好奇。這如何改變您對與亞馬遜等具有 Buy with Prime 功能的潛在合作夥伴的看法。既然你已經做出了這個決定，就好像你可以對你的整體理念發表評論一樣。

Yes. And specifically on the Buy with Prime, we will make a deal with Amazon if that's in the best interest of our merchants. All things around Buy with Prime are moving in the right direction, moving positively, so stay tuned for that. But more generally, I mean, look, Shopify is -- obviously, I mentioned some of the large partnerships like Stripe and now Flexport and Affirm and globally. But remember, I mean, a big part of the product market fit that Shopify provides to the millions of merchants is the entire app ecosystem, the thousands of apps that allow every single merchant no matter what their use case is to get exactly what they need from Shopify. And even if it's a specific use case, they're able to get 100% product market fit. So it's not just necessarily the larger partnerships that I think demonstrate that Shopify is a great partnership company. We've been at this for over a decade now in the App Store, on the Theme store. And increasingly, especially with CCS, for example, where we have much larger brands in the Mattels of the world, companies like Black & Decker and some of the ones I mentioned like Zulily, they're going to want us to integrate with their existing infrastructure. And so Shopify has always been really good on the API side of ensuring that you can get exactly what you want from us, whether it's directly from our core product or it's by leveraging some of our partners. But that's something that we're really proud of. And that's sort of on the product-enhancing side.

是的。特別是在 Buy with Prime 上，如果這符合我們商家的最大利益，我們將與亞馬遜達成交易。 Buy with Prime 周圍的所有事情都在朝著正確的方向、積極的方向發展，敬請期待。但更一般地說，我的意思是，看，Shopify 是 - 顯然，我提到了一些大型合作夥伴關係，如 Stripe，現在是 Flexport 和 Affirm 以及全球合作夥伴關係。但請記住，我的意思是，Shopify 為數百萬商家提供的產品市場適應性的很大一部分是整個應用程序生態系統，成千上萬的應用程序允許每個商家無論他們的用例是什麼，都能準確地獲得他們需要的東西來自 Shopify。即使是特定用例，他們也能夠獲得 100% 的產品市場契合度。因此，我認為證明 Shopify 是一家出色的合夥公司的不一定是更大的合作夥伴關係。我們在主題商店的 App Store 中已經這樣做了十多年。並且越來越多，尤其是 CCS，例如，我們在世界美泰公司擁有更大的品牌，像 Black & Decker 這樣的公司以及我提到的一些像 Zulily 這樣的公司，他們會希望我們與他們現有的整合基礎設施。因此，Shopify 在 API 方面一直非常出色，確保您可以從我們這裡得到您想要的東西，無論是直接來自我們的核心產品，還是通過利用我們的一些合作夥伴。但這是我們真正引以為豪的事情。這在某種程度上是在產品增強方面。

On the merchant referring side, I mean, we have this massive network, tens of thousands of these agencies and third parties and systems integrators who are constantly referring new business to Shopify as well. And I think being known and being regarded as a company that is great at partnership that allows for partners to participate in the upside of the business is very important. It's the reason why we probably have one of the most impressive developer ecosystems on the planet.

在商家推薦方面，我的意思是，我們擁有龐大的網絡，數以萬計的代理機構、第三方和系統集成商也不斷向 Shopify 推薦新業務。而且我認為被稱為並被視為一家擅長合作夥伴關係的公司，允許合作夥伴參與業務的好處非常重要。這就是為什麼我們可能擁有地球上最令人印象深刻的開發者生態系統之一的原因。

Our next question will come from Trevor Young at Barclays.

我們的下一個問題將來自巴克萊銀行的 Trevor Young。

Jeff, just on the 2Q rev guide of around 25%, pricing largely offsetting the logistics but also assuming that the transaction happens very late in the quarter. So just to be explicit, you're not assuming much lift in 2Q from pricing. And then relatedly, just any initial feedback following the price increase. Are more merchants flipping to annual plans to keep pricing steady versus staying month-to-month and just taking the price increase?

傑夫，僅在 25% 左右的第二季度修訂指南中，定價在很大程度上抵消了物流，但也假設交易發生在本季度末。因此，明確地說，您並沒有假設定價在第二季度有很大提升。然後相關地，只是價格上漲後的任何初始反饋。是否有更多商家轉向年度計劃以保持價格穩定，而不是按月計費並只接受價格上漲？

Yes. Trevor, to your point, your first question, we are assuming that the transaction closes towards the latter half of the year. And the price impact, just really about a week ago, went into effect. So it's too early at this stage to fully gauge that. But again, from a top line revenue growth, this would essentially be in line, obviously, for the guidance with what we did last quarter. So we feel very good about our business across all fronts as it relates to merchant additions, as it relates to success in all the different geographies. The business is doing really well. But as we think, again, there will be some lost revenue from logistics, assuming that it closes in the quarter. And so as we counterbalance all those drivers, that's how we think about the Q2 revenue guide. So that's a key piece there.

是的。特雷弗，就你的觀點而言，你的第一個問題，我們假設交易在今年下半年結束。價格影響實際上是在大約一周前生效的。因此，現階段全面評估這一點還為時過早。但同樣，從收入增長來看，這顯然與我們上個季度所做的指導基本一致。因此，我們對我們在各個方面的業務都感到非常滿意，因為它與商家增加有關，因為它與所有不同地區的成功有關。生意做得很好。但正如我們所想，假設它在本季度關閉，物流將再次損失一些收入。因此，當我們平衡所有這些驅動因素時，這就是我們對第二季度收入指南的看法。所以這是一個關鍵部分。

And then as it relates to the plan, the initial feedback on the plans, at this point, again, it's too early to tell. I would say, overall, we've been very pleased with the results. But again, when we have a full quarter of results in Q2, I think we'll be able to give you some better sense, but...

然後，由於它與計劃有關，對計劃的初步反饋，在這一點上，現在下結論還為時過早。我想說，總的來說，我們對結果非常滿意。但同樣，當我們在第二季度獲得完整季度的結果時，我認為我們能夠給你一些更好的感覺，但是......

Our next question comes from Darren Aftahi at ROTH Capital.

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

Your comments about 15% cross-border GMV, could you just kind of speak to kind of Markets and Markets Pro and kind of how fast that GMV cross-border metric has been growing, kind of where you see that going in the next 12 months?

您對 15% 的跨境 GMV 的評論，您能否談談 Markets 和 Markets Pro，以及 GMV 跨境指標增長的速度，以及您在未來 12 個月內看到的情況？

I'll take that call. Look, in both -- Shopify Markets is getting a lot of traction. In Q1 alone, around 100,000 merchants use either Markets or Markets Pro feature to make a cross-border sale. We launched Markets Pro into early access in September. We see more and more merchants that are adopting it now. But if you think about the business models of our merchants, U.S. merchants on average are selling to 14 countries. And so going back to your comment made earlier about Shopify being the essential retail operating system for our merchants, if we want to be the center of their business, which we are, we need to enable them to sell across every single geography. And obviously, there are some geographies that they have not sold to yet. Making that easier is really, really important.

我會接那個電話。看，在這兩個方面——Shopify Markets 都獲得了很大的吸引力。僅在第一季度，就有大約 100,000 名商家使用 Markets 或 Markets Pro 功能進行跨境銷售。我們在 9 月推出了 Markets Pro 的搶先體驗版。我們看到越來越多的商家現在正在採用它。但如果你考慮一下我們商家的商業模式，美國商家平均向 14 個國家/地區銷售產品。回到你之前關於 Shopify 是我們商家必不可少的零售操作系統的評論，如果我們想成為他們業務的中心，我們需要讓他們能夠在每個地理區域進行銷售。顯然，有些地區他們還沒有出售。讓它變得更容易真的非常重要。

In the case of Markets Pro, what's really interesting is that it really introduces this idea like a merchant of record solution. So you think -- you have things like tax and duty compliance, but you also were able to provide, obviously, compliant with local laws, chargeback protection. And then if they want to go sort of one step further, of course, they can always go and leverage globally as well. But we saw -- but in last year, we saw about $28 billion in cross-border sales. In Q1 of this year, we saw, as you mentioned, 15% of total GMV. And so we think the international -- the ability to help our merchants sell internationally easier with greater speed and efficiency is going to be very important. But also, remember that it also allows us to bring on new merchants from new geographies. Obviously, the majority of our merchants are still in our core geographies. But every time we make it easier to sell across the entire globe with all those features that I just mentioned, more and more merchants join Shopify and that also is a huge benefit to both these products.

就 Markets Pro 而言，真正有趣的是它真的像記錄解決方案的商人一樣引入了這個想法。所以你認為 - 你有稅收和關稅合規性，但你也能夠提供，顯然，符合當地法律，拒付保護。然後，如果他們想更進一步，當然，他們也可以隨時在全球範圍內發揮影響力。但我們看到了——但在去年，我們看到了大約 280 億美元的跨境銷售額。正如您所提到的，今年第一季度，我們看到了總 GMV 的 15%。因此，我們認為國際化——幫助我們的商家以更快的速度和效率更輕鬆地進行國際銷售的能力將非常重要。但同時請記住，這也讓我們能夠從新的地區招攬新的商家。顯然，我們的大多數商家仍在我們的核心地區。但是，每當我們使用我剛才提到的所有這些功能讓全球銷售變得更容易時，就會有越來越多的商家加入 Shopify，這對這兩種產品來說也是一個巨大的好處。

Our next question comes from Matthew Pfau at William Blair.

我們的下一個問題來自 William Blair 的 Matthew Pfau。

I wanted to ask one on the Audiences product. It seems like it's already helping you out in terms of driving more sales on the platform as well as driving some upgrades. But any other thoughts on how do you additionally monetize this product longer term?

我想問一個關於 Audiences 產品的問題。它似乎已經在推動平台上的更多銷售以及推動一些升級方面幫助您。但是關於如何從長期內通過該產品獲利還有其他想法嗎？

Yes. Look, I mean, Audiences, we continue to improve Audiences, more merchants, improving the algorithms. It's been a year since the launch. We're seeing return on ad spend nearly double, and it's becoming a driver for upgrades, as I mentioned. Just over a week after upgrades, we see merchants churning on Audiences. We're also adding new marketing platform partners. So we had Facebook and Instagram. We added Google in Q4. We just added Pinterest in Q1. And so we really are excited. I mean average -- like ensuring that our merchants are able to get the highest return on ad spend possible and -- is something that not only they really obviously want and require, but it's only something that Shopify can do given our leverage because we have 10% of our e-commerce is done -- in the U.S. is done on Shopify. That is something very specific to Shopify.

是的。看，我的意思是，觀眾，我們繼續改進觀眾，更多的商家，改進算法。自推出以來已經一年了。正如我所提到的，我們看到廣告支出的回報率幾乎翻了一番，而且它正在成為升級的驅動力。升級一周後，我們看到商家在 Audiences 上流失。我們還增加了新的營銷平台合作夥伴。所以我們有了 Facebook 和 Instagram。我們在第四季度加入了谷歌。我們剛剛在第一季度添加了 Pinterest。所以我們真的很興奮。我的意思是平均 - 比如確保我們的商家能夠獲得盡可能高的廣告支出回報 - 不僅是他們真正想要和需要的東西，而且這也是 Shopify 可以根據我們的影響力做的事情，因為我們有我們 10% 的電子商務是在 Shopify 上完成的——在美國。這是 Shopify 特有的東西。

In terms of the monetization, Audiences is currently monetized indirectly via Shopify Payments. We will revisit the monetization levers once we make that extreme -- the machine learning algorithm even more effective once we have to use more product market fit. But you will see more and more features and more functionality rollouts around audiences in the coming quarters. But again, as I said on my prepared remarks, it's an early product that is seeing incredible traction. And I think it's beloved by the people that use it. So it's a very exciting area of our business, and monetization will come in the future directly.

在貨幣化方面，Audiences 目前通過 Shopify Payments 間接貨幣化。一旦我們做到這一點，我們將重新審視貨幣化槓桿——一旦我們必須使用更多的產品市場契合度，機器學習算法就會更加有效。但在接下來的幾個季度中，您會看到越來越多的特性和更多功能圍繞受眾推出。但是，正如我在準備好的發言中所說的那樣，它是一款早期產品，受到了難以置信的關注。我認為它深受使用它的人的喜愛。所以這是我們業務中一個非常令人興奮的領域，未來將直接實現貨幣化。

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 on the 23% reduction in workforce, can you give us a sense of how much of that is related to logistics? Maybe those outside of logistics, what areas are most impacted?

就勞動力減少 23% 而言，您能告訴我們其中有多少與物流有關嗎？也許那些物流以外的人，哪些領域受影響最大？

Yes. We have not talked about specifically how many of the employees are related to logistics. I would say, as it relates to the areas which have been impacted, this is something which unfortunately has impacted our colleagues across all geographies and all levels within the organization. Tobi did make some comments in his letter regarding how we think about crafting ourselves for our future and so I would point you back to that. But this is, unfortunately, something which hits us at all perspectives. .

是的。具體有多少員工是物流相關的，我們沒有說。我想說的是，由於它涉及受影響的領域，不幸的是，這件事影響了我們所有地區和組織內所有級別的同事。 Tobi 在他的信中確實就我們如何考慮為我們的未來打造自己做出了一些評論，所以我會向你指出這一點。但不幸的是，這在各個方面都打擊了我們。 .

Let me just add to that. I mean let me say the thing. This is a very difficult day for any leader, any company to go through. I mean these are not the type of things that you want to do. But these are the things -- and often, the easy thing and the right thing are not the same thing. In this case, the right thing and the hard thing are the same thing. But what we are building here is a more fit-for-purpose Shopify that is going to be centered on our main mission, our main quest. We're going to have less scope creep. We're going to have fewer meetings. We're going to have more shipping great features to our merchants. We're going to create more balance around managers and crafters and builders, which we think will be a lot healthier. But this is going to set us up to take advantage of the opportunity we see in the future.

讓我補充一下。我的意思是讓我說這件事。對於任何領導者、任何公司來說，這都是非常艱難的一天。我的意思是這些不是你想做的事情。但這些就是事情——通常，簡單的事情和正確的事情不是一回事。在這種情況下，正確的事情和困難的事情是一回事。但我們在這裡構建的是一個更適合用途的 Shopify，它將以我們的主要使命為中心，我們的主要追求。我們將減少範圍蔓延。我們將減少會議。我們將為我們的商家提供更多強大的功能。我們將圍繞管理者、工匠和建設者創造更多的平衡，我們認為這會更健康。但這將使我們能夠利用我們在未來看到的機會。

The pace of change is unlike anything I think any of us have ever seen. And this new shape of Shopify will help us to achieve and execute on what is incredibly ambitious mission. Now it doesn't make that any easier, but -- because it is a tough day for our company, but that's the reason why we're doing this.

變化的速度不同於我認為我們任何人見過的任何東西。這種新形式的 Shopify 將幫助我們實現和執行這個雄心勃勃的使命。現在它並沒有讓事情變得更容易，但是——因為這對我們公司來說是艱難的一天，但這就是我們這樣做的原因。

Our next question comes from Andrew Boone at JMP Securities.

我們的下一個問題來自 JMP Securities 的 Andrew Boone。

I wanted to go to enterprise. Can you talk a little bit about greater components adoption and what you're seeing near term in terms of merchants reacting to it? Is it driving more merchant adoption in terms of enterprise? Or is it more the plus cycle upgrade where merchants are taking all of your products?

我想去企業。你能談談更多的組件採用以及你在短期內看到的商家對此的反應嗎？就企業而言，它是否推動了更多商家的採用？或者更多的是商家拿走你所有產品的加週期升級？

Thanks, Andrew. So we announced commerce components in January. We announced it on [Sage] at the National Retail Federation conference. But really, the idea of this is that we needed something that was sort of a modern composable commerce stack. We've had incredible success with Shopify Plus. I mean, you -- obviously, you've heard me talk about all the great names that joined quarter after quarter, some of the most important brands and some of the most iconic brands in the planet using Shopify Plus. But there are other types of retailers, businesses who want something a lot more modular and composable. They want our storefront and their checkout, but they may want to use a different inventory system or they want to use their own ERP system, but they want to use us for omnichannel and data and compliance as well as checkout.

謝謝，安德魯。所以我們在一月份宣布了商業組件。我們在全國零售聯合會會議上在 [Sage] 上宣布了它。但實際上，這樣做的想法是我們需要某種類似於現代可組合商業堆棧的東西。我們在 Shopify Plus 方面取得了令人難以置信的成功。我的意思是，你 - 顯然，你已經聽過我談論過一個季度又一個季度加入的所有偉大品牌，一些最重要的品牌和地球上一些最具標誌性的品牌使用 Shopify Plus。但是還有其他類型的零售商和企業想要更加模塊化和可組合的東西。他們想要我們的店面和他們的結賬，但他們可能想使用不同的庫存系統，或者他們想使用他們自己的 ERP 系統，但他們想使用我們的全渠道、數據和合規性以及結賬。

So what we're trying to do is make it really easy. Effectively, what we're trying to do is make it so that not using Shopify as an enterprise modern, thoughtful brand that wants to be around for the next couple of decades is a bad idea. And while Shopify Plus provided this incredible robust enterprise solution, some retailers, some brands wanted to take different pieces of Shopify and combine it with their own in-house systems. This allows them to do so. So we're getting to a point now where there's fewer and fewer reasons why someone would not use Shopify to run a very large modern enterprise. And the results are already proving to be quite amazing.

所以我們要做的是讓它變得非常簡單。實際上，我們正在努力做到的是，不要將 Shopify 作為一個企業現代的、深思熟慮的品牌，希望在未來幾十年內存在是一個壞主意。雖然 Shopify Plus 提供了這個令人難以置信的強大企業解決方案，但一些零售商和一些品牌希望採用 Shopify 的不同部分並將其與他們自己的內部系統結合起來。這允許他們這樣做。所以我們現在已經到了這樣一個地步，即人們不使用 Shopify 來經營一個非常大的現代企業的原因越來越少。結果已經證明是相當驚人的。

We're seeing more of these brands who historically never really want to talk to Shopify that are now saying, actually, we now want to have those conversations. And I think it's also shifting the enterprise perception of Shopify. So the pipeline is building. We're adding more and more of those components. There's now more than 30 modular components that merchants can use or integrate with from Shopify and they can integrate with all their third-party services. But this allows us to get a larger piece of the enterprise. And remember, what we're providing them with is the same software, the same functionality infrastructure that we have been building for our own use over the last almost 20 years now that powers 10% of all U.S. e-commerce. So it's a really good product for us, but it allows us to access a different type of enterprise customer.

我們看到越來越多過去從未真正想與 Shopify 交談的品牌現在說，實際上，我們現在想要進行這些對話。我認為這也在改變企業對 Shopify 的看法。所以管道正在建設中。我們正在添加越來越多的這些組件。現在有 30 多個模塊化組件可供商家使用或與 Shopify 集成，並且他們可以與所有第三方服務集成。但這使我們能夠獲得更大的企業份額。請記住，我們為他們提供的是相同的軟件，相同的功能基礎設施，我們在過去近 20 年裡一直在為自己的使用而構建，現在為美國所有電子商務提供 10% 的支持。所以這對我們來說是一個非常好的產品，但它讓我們能夠接觸到不同類型的企業客戶。

And our last question will come from Dan Chan at TD Securities. Sorry, it looks like he just dropped out of the queue.

我們的最後一個問題將來自道明證券的 Dan Chan。抱歉，他好像剛退出隊列。

Our last question instead will come from Ken Wong at Oppenheimer.

我們的最後一個問題將來自奧本海默的 Ken Wong。

Just wanted to -- as we try to fine-tune our models here, just wondering, as we think about the back half, any help in terms of trying to calibrate what the SFN contribution to growth is, to the extent that we need to trim that down after it closes in Q2?

只是想 - 當我們在這裡嘗試微調我們的模型時，只是想知道，當我們考慮後半部分時，在嘗試校準 SFN 對增長的貢獻方面有什麼幫助，在我們需要的範圍內在第二季度關閉後削減它？

Yes. Ken, I don't have any specific guidance for you on this other than, obviously, what we said from a Q2 top line perspective. We've given a general sense for the size of the business in the past. I think, obviously, once we get -- and part of this is just us figuring out when this closes in the quarter, and that will obviously allow us to give you a better perspective into the back half of the year.

是的。肯，除了我們從第二季度頂線的角度來看，顯然，我沒有任何具體的指導給你。我們對過去的業務規模有一個大概的了解。我想，很明顯，一旦我們得到——其中一部分只是我們弄清楚這個季度何時結束，這顯然會讓我們給你一個更好的視角來看待下半年。

I think as it relates though just to Deliverr, obviously, that would be one piece of it. But keep in mind, kind of the flip side of all this in terms of all the great success we're having with all the other products and kind of what we're seeing, Harley, you talked about Markets and Markets Pro before tax, obviously, we talked in the call in the prepared remarks as it relates to our payments progress and the penetration we have there. And all the things we're doing from a geography perspective, particularly with strength in Europe, which has been really, really strong. So it is absolutely true.

我認為，儘管它僅與 Deliverr 相關，但顯然，這將是其中的一部分。但請記住，就我們在所有其他產品上取得的所有巨大成功以及我們所看到的一切而言，所有這一切的另一面，Harley，你在稅前談到了 Markets 和 Markets Pro，顯然，我們在準備好的評論中談到了電話會議，因為它與我們的支付進度和我們在那裡的滲透有關。從地理角度來看，我們正在做的所有事情，特別是在歐洲的實力，這真的非常強大。所以這是絕對正確的。

Obviously, the Deliverr will be coming out of the revenue stream for the company, but there's a lot of other things that we've seen in terms of strong momentum, including -- we had talked a little bit about the merchant adds. That is something which across the board. We're seeing a lot of strength on Plus, on standard. And obviously, Harley just finished talking about CCS and enterprise. So we're seeing strength really across all segments, all geographies of our business. And so while there will be some revenue loss from Deliverr, we feel really good about everything else going on in our business right now.

顯然，Deliverr 將從公司的收入流中脫穎而出，但我們在強勁勢頭方面看到了很多其他事情，包括——我們已經談過一些關於商家添加的內容。這是全面的事情。我們在標準版上看到了很多優勢。顯然，哈雷剛剛結束了關於 CCS 和企業的討論。因此，我們在所有業務領域、所有地區都看到了真正的實力。因此，雖然 Deliverr 會造成一些收入損失，但我們對目前業務中發生的其他一切都感到非常滿意。

Just before we end, let me just reiterate this. Again, a tough day here at Shopify. Obviously, we're seeing about the same team members that we've really enjoyed working with and it's not -- this is nothing that any leaders ever want have to do. But I can say, as I'm about to celebrate my 13th year at Shopify, this is the most optimistic and this is the most focused company that I've seen. The opportunities in the future for us are are massive. And I think this new shape of the company, despite the fact that it's a tough day for us, is exactly what we have to do to execute on that. And so I'm incredibly bullish on where we're going, and I'm excited about the future for this company. This is -- if you like what we've done in the past, you're going to love what going do in the future.

在我們結束之前，讓我重申一下。同樣，在 Shopify 度過了艱難的一天。顯然，我們看到的是我們真正喜歡與之共事的相同團隊成員，但事實並非如此——這不是任何領導者都想做的事情。但我可以說，在我即將慶祝我在 Shopify 的第 13 個年頭時，這是我見過的最樂觀、最專注的公司。我們未來的機會是巨大的。我認為公司的這種新形式，儘管這對我們來說是艱難的一天，但這正是我們必須做的事情。所以我非常看好我們的發展方向，我對這家公司的未來感到興奮。這是——如果您喜歡我們過去所做的事情，您就會喜歡未來要做的事情。

With that, this concludes our first quarter of 2023 conference call. Thank you for joining us. Goodbye.

至此，我們 2023 年第一季度的電話會議結束。感謝您加入我們。再見。