Shopify Inc (SHOP) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for joining Shopify's Second Quarter 2023 Conference Call. Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO, are with us today. After their prepared remarks, we will open it up for your questions.

下午好，感謝您參加 Shopify 2023 年第二季度電話會議。 Harley Finkelstein，Shopify 總裁；我們的首席財務官 Jeff Hoffmeister 今天也與我們在一起。在他們準備好發言後，我們將開放供您提問。

We will make forward-looking statements on our call today that are based on assumptions, and therefore, are 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 afternoon as well as our filings with the U.S. and Canadian regulators. 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.

我們將在今天的電話會議上做出基於假設的前瞻性聲明，因此存在可能導致實際結果與預測存在重大差異的風險和不確定性。除法律要求外，我們不承擔更新這些聲明的義務。您可以在我們今天下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。我們還將討論調整後的財務指標，這些指標是非公認會計原則的，不能替代公認會計原則的財務指標。兩者之間的對賬情況見我們新聞稿末尾的表格。最後，我們以美元報告。因此，除非另有說明，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.

這樣，我就把電話轉給哈利。

Thanks, Carrie, and good afternoon, everyone. Back in June, Shopify entered its eighth year as a public company and 17th year in existence, an incredible testament to the resilience of our merchants who propel the economy and our team that shows up every day to help power their success. While a lot has changed since 2006 across the consumer landscape, commerce and Shopify, our commitment to solving the biggest challenges in commerce remains front and center as we ship more products and solutions to make commerce better for everyone.

謝謝嘉莉，大家下午好。早在6 月，Shopify 就進入了上市公司的第八個年頭，也是成立的第17 個年頭，這令人難以置信地證明了我們推動經濟發展的商家的韌性，以及我們每天都在幫助他們取得成功的團隊的韌性。儘管自2006 年以來消費者格局、商業和Shopify 發生了很大變化，但我們對解決商業中最大挑戰的承諾仍然是首要和中心，因為我們推出了更多產品和解決方案，讓商業更好地惠及每個人。

As a founder-led company, Shopify contains a distinctive mix of passion, vision and entrepreneurial spirit that drives innovation and a deep understanding of our customer base. In our 17-year history, we've demonstrated our commitment to investing in innovative solutions that simplify commerce and add value for merchants everywhere. Our Q2 results are clear proof points. Revenue growth accelerated to 31%. Our product attach rate continued to expand, and we delivered our third consecutive quarter of positive free cash flow, which we expect to continue to trend even higher throughout the rest of the year.

作為一家由創始人領導的公司，Shopify 融合了獨特的激情、願景和創業精神，推動創新並深入了解我們的客戶群。在我們 17 年的歷史中，我們展示了對投資創新解決方案的承諾，這些解決方案旨在簡化商務並為世界各地的商家增加價值。我們第二季度的結果是明確的證據。收入增長加速至31%。我們的產品附加率繼續擴大，我們連續第三個季度實現正自由現金流，我們預計今年剩餘時間將繼續保持更高的趨勢。

We are quickly positioning ourselves to build on the momentum we are seeing across our business, making purposeful changes that support our core focus on commerce and unlock what we believe is a new era of data-driven entrepreneurship and growth, an era where AI becomes the most powerful sidekick for business creation. Commerce is available everywhere, anywhere and always, and Shopify's cutting-edge solutions will enable more businesses, large and small, local and global to achieve even greater success.

我們正在迅速定位自己，以我們在整個業務中看到的勢頭為基礎，做出有目的的改變，以支持我們對商業的核心關注，並開啟我們相信的數據驅動創業和增長的新時代，一個人工智能成為人工智能的時代創業最有力的助手。商務無處不在、隨時隨地，Shopify 的尖端解決方案將使更多企業（無論大小、本地還是全球）取得更大的成功。

Last quarter, I talked about the evolving shape of the larger commerce ecosystem and changes we have made at Shopify to meet that moment. We are already well underway in operating within the new shape of Shopify, a shape that can execute with greater speed and agility on a much larger scale to ship products faster, to bring more merchants onto the platform and further supercharge our merchants' growth for years to come.

上個季度，我談到了更大的商業生態系統的不斷演變，以及我們在 Shopify 為迎接這一時刻所做的改變。我們已經在Shopify 的新形態中順利運營，這種形態可以在更大的範圍內以更快的速度和敏捷性執行，以更快地運送產品，將更多商家引入該平台，並進一步推動我們商家多年來的增長來。

To do this, we remain committed to the areas where we can add the most value for our merchants, including expanding from first sale to full scale, building consumer relationships and going global. So let's dive into each area and the key accomplishments we are driving to execute on the massive opportunity ahead. Starting with helping our merchants expand from first sale to full scale. We recognize the immense potential of AI to transform the consumer landscape and commerce more broadly, and we are committed to harnessing its power to help our merchants succeed. We believe AI is making the impossible possible, giving everyone superpowers to be more productive, more creative and more successful than ever before. So of course, we are building that directly into Shopify.

為此，我們仍然致力於為商家增加最大價值的領域，包括從首次銷售擴大到全面規模、建立消費者關係和走向全球。因此，讓我們深入了解每個領域以及我們在未來的巨大機遇中要實現的關鍵成就。首先幫助我們的商家從首次銷售擴展到全面銷售。我們認識到人工智能在更廣泛地改變消費者格局和商業方面的巨大潛力，我們致力於利用其力量幫助我們的商家取得成功。我們相信人工智能正在將不可能變為可能，賦予每個人超能力，使他們比以往任何時候都更有生產力、更有創造力、更成功。當然，我們正在將其直接構建到 Shopify 中。

In our additions last week, we unveiled Shopify Magic, our suite of free AI-enabled features that are integrated across Shopify's products and workflows, everything from inbox to online store builder and app store to merchandising to unlock creativity and increase productivity. One of the most exciting products we will be launching soon in early access is our new AI-enabled commerce assistant, Sidekick. Powered by Shopify Magic, Sidekick is a new chat interface packed with advanced AI capabilities purposely built for commerce.

在上週的新增內容中，我們推出了Shopify Magic，這是我們的一套免費的人工智能功能套件，這些功能集成在Shopify 的產品和工作流程中，從收件箱到在線商店構建器、應用程序商店再到推銷，以釋放創造力並提高生產力。我們即將在搶先體驗版中推出的最令人興奮的產品之一是我們全新的人工智能商務助手 Sidekick。 Sidekick 由 Shopify Magic 提供支持，是一個新的聊天界面，包含專為商業構建的高級 AI 功能。

Merchants will now have a commerce expert in their corner who is deeply competent, incredibly intelligent and always available. With Sidekick, no matter your expertise or skill set, it allows entrepreneurs to use everyday language to have conversations that jump start to creative process, tackle time-consuming tasks and make smarter business decisions. By harnessing a deep understanding of systems and available data, Sidekick integrates seamlessly with the Shopify admin enhancing and streamlining merchant operations. While we're at the very early stages, the power of Sidekick is already incredible and it's developing fast.

現在，商家將擁有一名能力超群、極其聰明且隨時待命的商務專家。借助 Sidekick，無論您的專業知識或技能如何，企業家都可以使用日常語言進行對話，從而快速啟動創意流程、解決耗時的任務並做出更明智的業務決策。通過對系統和可用數據的深入了解，Sidekick 與 Shopify 後台無縫集成，增強並簡化了商家運營。雖然我們還處於早期階段，但 Sidekick 的力量已經令人難以置信，並且正在快速發展。

By integrating AI directly into Shopify, we are providing businesses with the most modern tools that will enable them to make data-driven decisions, optimize their operations, and ultimately, achieve greater success from first sale to full scale in today's competitive market. And that's just the beginning. As commerce has continued to evolve, pushing transactions far beyond the traditional retail or online stores, we are building the right tools for commerce to be available everywhere, anywhere and always. And that is one of our superpowers and why merchants of all sizes are coming to and building their future on Shopify.

通過將AI 直接集成到Shopify 中，我們為企業提供最現代化的工具，使他們能夠做出數據驅動的決策、優化運營，並最終在當今競爭激烈的市場中從首次銷售到全面推廣取得更大的成功。而這僅僅是開始。隨著商業的不斷發展，交易遠遠超出了傳統零售或在線商店的範圍，我們正在構建合適的工具，讓商業隨時隨地可用。這就是我們的超能力之一，也是各種規模的商家紛紛來到 Shopify 並在 Shopify 上打造未來的原因。

We've enabled our merchants to reach a larger base of audiences through deep partnerships with social platforms, apps and creators. Q2 GMV through these channels nearly doubled year-over-year as merchants are adopting these new ways of reaching customers. It's really about leveraging your scale and the breadth of growing brands across the platform to unleash new opportunities that simply do not exist if you are not on Shopify. We are fueling the Shopify flywheel with things like our recently launched Shopify Collective, which creates new pathways for our merchants to not only sell their products, but also each other's products.

通過與社交平台、應用程序和創作者的深入合作，我們使我們的商家能夠接觸到更大的受眾群體。隨著商家採用這些新的接觸客戶的方式，第二季度通過這些渠道的 GMV 同比幾乎翻了一番。這實際上是利用您的規模和整個平台上不斷增長的品牌的廣度來釋放新的機會，如果您不在 Shopify 上，這些機會根本不存在。我們正在通過最近推出的 Shopify Collective 等方式為 Shopify 飛輪提供動力，它為我們的商家創造了新的途徑，不僅可以銷售他們的產品，還可以銷售彼此的產品。

Collective allows retailers to discover and sell from other top Shopify brands who will ship directly to their customers, allowing them to expand their product offering without the cost and risk of buying inventory. This seamlessly aligns with the advancements we are making in establishing our wholesale presence, which we refer to as our B2B on Shopify offering. With B2B GMV up 61% in the first half of 2023 and over 45 customizable features tailored to the unique needs of wholesale businesses launched in the past year alone, we are getting traction.

Collective 允許零售商發現並銷售其他頂級 Shopify 品牌，這些品牌將直接發貨給客戶，從而使他們能夠擴展產品供應，而無需購買庫存的成本和風險。這與我們在建立批發業務方面所取得的進步無縫契合，我們將其稱為 Shopify 上的 B2B 產品。 2023 年上半年，B2B GMV 增長了 61%，僅去年一年就推出了超過 45 種針對批發業務獨特需求量身定制的可定制功能，我們正在獲得牽引力。

Some of the most well-known consumer brands around the world, including Kraft Heinz Company, Brooklinen and Momofuku have all adopted this product. We are working hard to create advanced features for B2B that we think will change how the industry works and help merchants grow in this area. Features like volume pricing, company account request and personalized storefronts are all seamlessly integrated into our core platform. This makes the wholesale buying process better and makes it easier to find and win over potential wholesale customers.

全球一些最知名的消費品牌，包括卡夫亨氏公司、Brooklinen 和 Momofuku 都採用了該產品。我們正在努力為 B2B 創建高級功能，我們認為這將改變行業的運作方式並幫助商家在該領域發展。批量定價、公司帳戶請求和個性化店面等功能都無縫集成到我們的核心平台中。這使得批發購買流程變得更好，並且更容易找到並贏得潛在的批發客戶。

Even though B2B currently makes up a small portion of our revenue, it represents a huge untapped potential for Shopify and is a channel that we know is especially important for enterprise-level merchants. It not only allows us to deepen our engagement with our existing merchants and help them grow this channel, but it also opens up opportunities to serve a new group of merchants who solely conduct B2B transactions.

儘管 B2B 目前只占我們收入的一小部分，但它代表了 Shopify 尚未開發的巨大潛力，並且我們知道這是一個對於企業級商家尤其重要的渠道。它不僅使我們能夠加深與現有商家的互動並幫助他們發展這一渠道，而且還為服務僅進行 B2B 交易的新商家群體提供了機會。

Within retail, our momentum continues. In Q2, offline GMV increased 23% year-over-year as we won larger multi-location merchants across the 14 countries where Shopify Point of Sale operates today. Compared to even a year ago, our deep investment in our point-of-sale platform, coupled with transformation in our go-to-market process are enabling us to sell our retail offering more effectively, especially with larger merchants. Among Shopify Point of Sale retailers with more than 20 locations, their Q2 GMV grew over 120% year-on-year, with more than 70% of their GMV coming through Shopify Payments, demonstrating our ability to monetize as we move upmarket.

在零售領域，我們的勢頭仍在繼續。第二季度，線下 GMV 同比增長 23%，因為我們在 Shopify 銷售點目前運營的 14 個國家/地區贏得了規模更大的多地點商家。與一年前相比，我們對銷售點平台的深度投資，加上我們進入市場流程的轉型，使我們能夠更有效地銷售我們的零售產品，尤其是向大型商家銷售。在擁有 20 多個門店的 Shopify 銷售點零售商中，第二季度 GMV 同比增長超過 120%，其中超過 70% 的 GMV 來自 Shopify Payments，這證明了我們向高端市場邁進的變現能力。

The work we have been doing to transform our go-to-market engine resulted in our Q2 retail point-of-sale business delivering the highest quarterly GMV wins ever, and we believe our momentum is only growing. In addition to bringing on more new brands to point-of-sale in the quarter, we're also seeing existing merchants expand their retail presence with brands like [REEF] adding more locations in the quarter. We are also enabling online first Shopify merchants, like Babylist, to venture into physical retail by opening their first flagship store powered by Shopify Point of Sale. Bringing all of the capabilities that we offer for online to point-of-sale remains a big opportunity for us, especially as our retail offering represents additional pathways to bring even more merchants and customers into the Shopify flywheel.

我們一直在努力轉變我們的上市引擎，使我們的零售銷售點業務在第二季度取得了有史以來最高的季度 GMV 勝利，我們相信我們的勢頭只會不斷增長。除了在本季度在銷售點引入更多新品牌之外，我們還看到現有商家擴大其零售業務，[REEF] 等品牌在本季度增加了更多門店。我們還支持 Babylist 等在線優先 Shopify 商家通過開設由 Shopify 銷售點支持的第一家旗艦店來進軍實體零售業。將我們為在線提供的所有功能帶到銷售點對我們來說仍然是一個巨大的機會，特別是因為我們的零售產品代表了將更多商家和客戶帶入 Shopify 飛輪的額外途徑。

One example of that integration is Shop Pay Installments for point-of-sale. This feature allows retailers using Shopify Point of Sale to offer their in-store shoppers the same flexible buy now pay later options that they offer their online shoppers. Early results show a 5x increase to retail average order value from installment transactions compared to standard in-store transactions. Beyond driving larger purchases, Shop Pay Installment is a major step towards increasing buyer attribution for offline sales as all in-store Shop Pay Installment orders are associated with the customer. More known buyers means more opportunity to build relationships and drive repurchase activity, which fuels our merchants growth.

這種集成的一個例子是銷售點的商店支付分期付款。此功能允許使用 Shopify 銷售點的零售商為其店內購物者提供與在線購物者相同的靈活的“先買後付”選項。早期結果顯示，與標準店內交易相比，分期付款交易的零售平均訂單價值增加了​​ 5 倍。除了推動更大的購買量之外，商店支付分期付款還是提高線下銷售的買家歸因的重要一步，因為所有店內商店支付分期付款訂單都與客戶相關聯。更多知名買家意味著有更多機會建立關係並推動回購活動，從而推動我們商家的增長。

2 years ago, we launched Hydrogen & Oxygen to give merchants that wanted to go headless, an easier development path that would help them get to market faster. Hydrogen, our React-based toolkit is a front-end web development framework used for building custom storefronts. This product just passed an incredible milestone, hitting the $1 billion in cumulative GMV mark with 2023 GMV so far this year already 2x as much as we did in all of 2022, validating Shopify as their trusted commerce partner in their shift towards headless commerce.

2 年前，我們推出了 Hydrogen & Oxygen，為那些想要無頭的商家提供一條更簡單的開發路徑，幫助他們更快地進入市場。 Hydrogen 是我們基於 React 的工具包，是一個前端 Web 開發框架，用於構建自定義店面。該產品剛剛跨越了一個令人難以置信的里程碑，累計GMV 達到10 億美元大關，2023 年迄今為止的GMV 已經是2022 年全年的2 倍，這證明Shopify 是他們向無頭商務轉型過程中值得信賴的商務合作夥伴。

Beyond shipping great products and building more products for every level of complexity from first sale to full scale, we have also been transforming our go-to-market engine. Led by Bobby Morrison, our Chief Revenue Officer, over the past year or so, our team has been working on implementing new tactics, KPIs and capabilities to accelerate sales, reduce costs and ensure merchant success, and it's working. In the past few quarters alone, we have seen sales volumes across key products like Capital, Retail and Payments, gain momentum, leading to some of the highest cross-sell volumes we have ever achieved.

除了交付優質產品並為從首次銷售到全面推廣的各個複雜程度打造更多產品之外，我們還一直在轉變我們的上市引擎。在我們的首席收入官Bobby Morrison 的領導下，在過去一年左右的時間裡，我們的團隊一直致力於實施新的策略、KPI 和能力，以加速銷售、降低成本並確保商家成功，而且它正在發揮作用。僅在過去幾個季度，我們就看到資本、零售和支付等關鍵產品的銷量增長勢頭強勁，導致我們達到了有史以來最高的交叉銷售量。

But that's not all. We're implementing an end-to-end sales process and methodology that's designed for increased effectiveness and efficiency tailored to various merchant segments and industries and consistently enabled for scalable execution throughout the revenue cycles, Shopify's go-to-market strategy is operating at an unprecedented level. Whether it's attracting new customers to the Shopify platform, delivering ongoing value to existing customers or encouraging current customers to utilize more of Shopify's offerings, our team is working tirelessly and executing effectively.

但這還不是全部。我們正在實施端到端的銷售流程和方法，旨在提高針對不同商戶細分市場和行業的有效性和效率，並在整個收入周期中始終如一地實現可擴展的執行，Shopify 的上市策略正在以前所未有的水平。無論是吸引新客戶加入 Shopify 平台、為現有客戶提供持續價值，還是鼓勵現有客戶更多地利用 Shopify 的產品，我們的團隊都在孜孜不倦地工作並有效執行。

With this powerful go-to-market engine beginning to fire on all cylinders, we are seeing more brands come to Shopify across the spectrum from entrepreneur to enterprise. In particular, we continue to bring more of consumers' favorite brands to Shopify, including recently signed deals with women's fashion apparel company, Soft Surroundings, beauty and skin care brand, JAFRA Cosmetics, boots and accessories company, Hunter, and Meta, who will sell Quest through integration Shopify has with multiple channels.

隨著這個強大的上市引擎開始全速運轉，我們看到越來越多的品牌來到 Shopify，從企業家到企業。特別是，我們繼續為 Shopify 帶來更多消費者喜愛的品牌，包括最近與女性時尚服裝公司、Soft Surroundings、美容護膚品牌、JAFRA Cosmetics、靴子和配飾公司、Hunter 和 Meta 簽署的協議，他們將通過Shopify 與多個渠道的集成來銷售Quest。

We also saw brands launched in the quarter, including subscription bellwether, Dollar Shave Club, workwear retailer for women, New York & Company, baked goods manufacturer of Mrs. Fields as well as international launches, including Paris fashion house, Nina Ricci owned by Puig, international sites for American headwear company, New Era, along with more brands from CPG giant, Nestle and Unilever. Our platform remains the go-to for top celebrities and creators to build their brands.

我們還看到本季度推出的品牌，包括訂閱領頭羊、Dollar Shave Club、女性工作服零售商、New York & Company、烘焙食品製造商 Mrs. Fields 以及國際品牌，包括巴黎時裝屋、Puig 旗下的 Nina Ricci 、美國頭飾公司New Era 的國際網站，以及來自CPG 巨頭雀巢和聯合利華的更多品牌。我們的平台仍然是頂級名人和創作者打造品牌的首選。

In July, Taylor Swift launched her Eras Tour merch shop with us experiencing unprecedented volume sales and site visitors on launch day, and we were ready for it, proving once again that our infrastructure is scalable, flexible, and most importantly, reliable. That same week, musician Drake released his new store, Drake Related, using our new product Shopify Collective that I mentioned earlier. And finally, MrBeast, one of the world's most popular YouTubers, revamped his store using one of Shopify's out-of-the-box free themes.

7 月，泰勒·斯威夫特(Taylor Swift) 推出了她的Eras Tour 商品商店，我們在推出當天就經歷了前所未有的銷量和網站訪問量，我們已經做好了準備，再次證明我們的基礎設施是可擴展的、靈活的，最重要的是，可靠的。同一周，音樂家 Drake 使用我之前提到的我們的新產品 Shopify Collective 發布了他的新商店 Drake Below。最後，世界上最受歡迎的 YouTube 主播之一 MrBeast 使用 Shopify 開箱即用的免費主題之一改造了他的商店。

This showcases the immense value, accessibility and scalability we've integrated into every facet of our business. These brands, along with many others, are recognizing that the speed at which we deliver products and innovate is unmatched. We help them prepare for the future in a world where technology, customer needs and markets are changing quickly.

這展示了我們融入業務各個方面的巨大價值、可訪問性和可擴展性。這些品牌以及許多其他品牌都認識到我們交付產品和創新的速度是無與倫比的。我們幫助他們在技術、客戶需求和市場快速變化的世界中為未來做好準備。

Next is building consumer relationships, starting with Shopify Checkout, which has proven to be the best converting checkout on the Internet. We've invested and evolved our platform because we know that not all checkouts are created equal. Ours convert better. While we have known for years that our checkout is the best, a recent external study from a leading global management consulting firm has confirmed it. In fact, Shopify's overall conversion rate outpaced the competition by up to 36%, and on average, 15% more than others.

接下來是建立消費者關係，從 Shopify Checkout 開始，它已被證明是互聯網上轉化率最高的結賬方式。我們投資並發展了我們的平台，因為我們知道並非所有結賬都是平等的。我們的轉換效果更好。雖然我們多年來都知道我們的結帳是最好的，但一家全球領先的管理諮詢公司最近的一項外部研究證實了這一點。事實上，Shopify 的整體轉化率比競爭對手高出 36%，平均比其他競爭對手高出 15%。

The April study also revealed the power of Shop Pay, the highest converting accelerated checkout on the Internet. The data shows that the mere presence of Shop Pay even when it is not used by a buyer can boost lower funnel conversion by 5%. And when it is used, can lift conversion by as much as 50% versus guest checkout. With our accelerated checkout outperforming all other major players by nearly 10%, it is now a competitive disadvantage not to be on Shopify. Even as powerful as our accelerated checkout has become, we know every second matters when it comes to making a sale.

四月份的研究還揭示了 Shop Pay 的強大功能，這是互聯網上轉化率最高的加速結賬方式。數據顯示，即使買家沒有使用 Shop Pay，只要存在 Shop Pay，就能將下層漏斗轉化率提高 5%。使用後，與賓客結賬相比，轉化率可提高 50%。由於我們的加速結賬表現比所有其他主要參與者高出近 10%，因此現在不在 Shopify 上就處於競爭劣勢。儘管我們的加速結帳功能已經變得如此強大，但我們知道，在銷售方面，每一秒都很重要。

And that is why we introduced Sign in with Shop. This enables customers to use their Shop account to log in to merchants' online stores. By Sign in with Shop, shoppers can access their customer account, speed through checkout with prefilled payment and address details and unlock discount codes that will automatically be applied at checkout. By lowering friction, giving faster access to payment details, Sign in with Shop is making the Internet's best converting checkout even better.

這就是我們推出“使用商店登錄”的原因。這使得客戶可以使用他們的商店帳戶登錄商家的在線商店。通過登錄商店，購物者可以訪問他們的客戶帳戶，使用預填的付款和地址詳細信息加快結賬速度，並解鎖結賬時自動應用的折扣代碼。通過減少摩擦、更快地訪問付款詳細信息，Sign in with Shop 使互聯網上最佳轉換結賬的功能變得更好。

Shopping behavior continues to shift to mobile, with over 70% of online checkouts happening on phones and other small screen devices in Q2. With this shift, we've seen major brands like Thrive Causemetics, Vessi, and Todd Snyder launched custom Shop storefronts to optimize this shift, and we can expect even more brands to follow. Not only because the Shop app offers an immediate out-of-the-box mobile storefront, but also because they can tap in the rapidly growing audience of buyers to reach and retain new customers. For the quarter, Shop Pay facilitated $11 billion in GMV. That's up 37% year-over-year and cumulatively $98 billion since its launch in 2017. As of today, we have now surpassed $100 billion in cumulative dollars through Shop Pay, which is an incredible milestone for the company.

購物行為繼續向移動設備轉移，第二季度超過 70% 的在線結賬發生在手機和其他小屏幕設備上。通過這一轉變，我們看到 Thrive Causemetics、Vessi 和 Todd Snyder 等主要品牌推出了定製商店店面來優化這一轉變，我們預計會有更多品牌效仿。不僅因為 Shop 應用程序提供了即時開箱即用的移動店面，還因為它們可以利用快速增長的買家受眾來吸引並留住新客戶。本季度，Shop Pay 促成了 110 億美元的 GMV。自2017 年推出以來，這一數字同比增長37%，累計收入達980 億美元。截至今天，我們通過Shop Pay 的累計收入已超過1000 億美元，這對公司來說是一個令人難以置信的里程碑。

Moving on to going global. Our international solutions make it easier for our merchants to take their business to any customer around the world. And we continue to invest in helping merchants of all sizes start and scale their global business, all from within their Shopify admin. During the quarter, approximately 15% of total GMV were cross-border sales, supported by the continued adoption of our Markets and Markets Pro offering.

繼續走向全球。我們的國際解決方案使我們的商家能夠更輕鬆地向世界各地的任何客戶開展業務。我們繼續投資幫助各種規模的商家啟動和擴展其全球業務，所有這些都在他們的 Shopify 後台進行。本季度，在繼續採用我們的 Markets 和 Markets Pro 產品的支持下，跨境銷售約佔總 GMV 的 15%。

In the EMEA region, the rate of new merchant growth continues to surpass that of North America, contributing to the strong growth we witnessed in Europe in the quarter. This was led by Germany, France, Spain and Italy, all of which experienced GMV growth exceeding 40%. With our Markets Pro offering, which is still an early access and slated for a rollout later this year, we make it easy to expand our merchants' business to over 150 markets, all within a single view in the Shopify admin. We are simplifying the onboarding experience, expanding shipping support and enabling Shop Pay to all international purchases to continue to enhance the product even further. As a result, more and more merchants across all sizes, from SMB to Plus are adopting it, and we are excited to bring it to all our U.S. merchants later this year.

在歐洲、中東和非洲地區，新商戶增長率繼續超過北美，為本季度歐洲的強勁增長做出了貢獻。其中以德國、法國、西班牙和意大利為首，這些國家的 GMV 增長均超過 40%。通過我們的 Markets Pro 產品（仍處於搶先體驗階段併計劃於今年晚些時候推出），我們可以輕鬆地將商家業務擴展到 150 多個市場，所有這些都在 Shopify 後台的單一視圖中進行。我們正在簡化入職體驗，擴大運輸支持，並為所有國際購買啟用 Shop Pay，以繼續進一步增強產品。因此，越來越多的各種規模的商家（從 SMB 到 Plus）都在採用它，我們很高興在今年晚些時候將其帶給所有美國商家。

On top of that, we continue to upgrade capabilities that give merchants more control when selling internationally. Merchants can now effortlessly tailor different experiences and product assortments for various markets. So an apparel merchant like Vuori can promote a summer collection in the U.S. and a winter collection in Australia at the same time, all from their online store. Our work here includes features like smart order routing, multicurrency payouts and market support for Shopify Functions. These enhancements significantly benefit our merchants, making their global expansion goals more attainable, simpler to navigate and more customized for each customer in every market that they penetrate.

最重要的是，我們不斷升級功能，讓商家在國際銷售時擁有更多控制權。商家現在可以輕鬆地為不同的市場定制不同的體驗和產品種類。因此，像 Vuori 這樣的服裝商家可以同時在美國推廣夏季系列，在澳大利亞推廣冬季系列，所有這些都可以通過他們的在線商店進行。我們在這裡的工作包括智能訂單路由、多貨幣支付和 Shopify 功能的市場支持等功能。這些增強功能使我們的商家受益匪淺，使他們的全球擴張目標更容易實現、更易於導航，並且針對他們所滲透的每個市場中的每個客戶進行更多定制。

In closing, Shopify is rapidly strengthening its position as the leading enabler of global commerce and entrepreneurship. We've successfully established and expanded our unified commerce platform that has continuously gain the trust of our merchants, attracted new merchants, sped up our momentum and broaden our market presence. The new shape of Shopify is enabling us to make faster decisions, flex with the rapid pace of technology and deliver innovative solutions that increase our merchants' odds of success. And what's most exciting is that even after 17 years and all the changes we have made recently, we know that the opportunities for Shopify are only growing, whether that's online or in person, SMB or enterprise, direct-to-consumer or wholesale, domestic or global. We are positioning ourselves to capture it all by innovating, pushing boundaries and leaning even deeper into our mission to make commerce simpler, easier, more democratized, more participatory and more common.

最後，Shopify 正在迅速鞏固其作為全球商業和創業領先推動者的地位。我們成功建立並擴展了統一的商務平台，不斷贏得商家的信任，吸引新的商家，加快我們的發展勢頭，擴大我們的市場影響力。 Shopify 的新形態使我們能夠更快地做出決策，適應技術的快速發展，並提供創新的解決方案，從而增加商家的成功機率。最令人興奮的是，即使經過17 年以及我們最近做出的所有改變，我們知道Shopify 的機會只會越來越多，無論是在線還是面對面、中小企業還是企業、直接面向消費者還是批發、國內或全球。我們的定位是通過創新、突破界限並更深入地致力於我們的使命，讓商業變得更簡單、更輕鬆、更民主、更具參與性和更普遍，從而抓住這一切。

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

接下來，讓我把電話轉給傑夫。

Excellent. Thanks, Harley. We had another quarter of strong financial results. We are shipping products faster, growing our merchant base, expanding around the world and improving our profitability. All of these factors contribute to our flywheel and ensure that we continue to build the best product in the world to make commerce better for everyone.

出色的。謝謝，哈利。我們又一個季度取得了強勁的財務業績。我們正在更快地運輸產品，擴大我們的商業基礎，在世界各地擴張並提高我們的盈利能力。所有這些因素都對我們的飛輪做出了貢獻，並確保我們繼續打造世界上最好的產品，讓每個人的商業變得更好。

Let's dive into our Q2 results, starting with GMV. GMV in Q2 was $55 billion, up 17% year-over-year as merchants delivered another strong quarter of growth. We achieved this GMV strength primarily through growth in our merchant base globally with such being the largest driver of GMV outperformance this quarter, continued resilience of our merchants' consumers with strength in Europe being particularly notable, not only in terms of the durable same-store sales strength of our existing European merchant base, but even more so on the new merchant acquisition front and same-store sales growth for our existing merchants.

讓我們從 GMV 開始深入了解第二季度的結果。第二季度 GMV 為 550 億美元，同比增長 17%，商家再次實現強勁的季度增長。我們實現這一GMV 實力主要是通過全球商戶基礎的增長，這是本季度GMV 表現出色的最大推動力，我們商戶消費者的持續彈性尤其引人注目，這不僅體現在同店的耐用性方面，在歐洲的實力尤其顯著我們現有的歐洲商家基礎的銷售實力，但更重要的是新商家的收購和我們現有商家的同店銷售增長。

Revenue for the second quarter was $1.7 billion, up 31% year-over-year. Key contributors to our revenue growth included the GMV strength just discussed, the growth in our Merchant Solutions business, which was itself driven by a combination of increased penetration of Payments and continued growth across a broad number of solutions, including capital and installments, growth in Subscription Solutions from adding more merchants, 2 months of contribution of the Deliverr revenue, which contributed approximately 3 points of the 31 points of growth in the quarter and subscription pricing changes.

第二季度收入為 17 億美元，同比增長 31%。我們收入增長的主要貢獻者包括剛才討論的GMV 實力、我們的商戶解決方案業務的增長，該業務本身是由支付滲透率的提高以及包括資本和分期付款在內的多種解決方案的持續增長共同推動的訂閱解決方案來自增加更多商家、交付者收入的 2 個月貢獻，貢獻了本季度 31 個百分點的增長中的約 3 個百分點以及訂閱定價變化。

Revenue in the second quarter outperformed our expectations primarily driven by 2 things: stronger adoption of higher attach rates across our Merchant Solutions product suite, including payments penetration and capital, and more robust merchant retention after our recent pricing change. Our product 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. 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. In Q2, our attach rate was 3.08% or 3.01% excluding Deliverr. Continued gains in GPV were the largest contributor to year-over-year growth in our attach rate, along with growth in Shopify Capital and gains in newer products, including markets, installments and our tax product.

第二季度的收入超出了我們的預期，主要是由兩件事推動的：我們的商家解決方案產品套件更廣泛地採用了更高的附加費率，包括支付滲透率和資本，以及在我們最近的定價變化後更強勁的商家保留率。我們的產品附加率定義為收入除以 GMV，是我們業務以及我們為商家創造更大價值的能力的關鍵績效指標。商家不斷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。第二季度，我們的附加率為 3.08% 或 3.01%（不包括 Deliverr）。 GPV 的持續增長是我們附加率同比增長的最大貢獻者，此外還有 Shopify Capital 的增長以及新產品（包括市場、分期付款和我們的稅務產品）的增長。

Moving to our revenue streams, starting with Merchant Solutions. Q2 Merchant Solutions revenue was $1.3 billion, increasing 35% year-over-year with nearly half the increase due to the growth in GMV. Additionally, growth was driven by continued penetration of Shopify Payments, the partial quarter of contribution from Deliverr and strength in some of our other solutions, particularly Shopify Capital, Markets and Installments. $31.7 billion of GMV was processed on Shopify Payments in the second quarter, 27% higher than in the second quarter of 2022.

轉向我們的收入來源，從商家解決方案開始。第二季度商家解決方案收入為 13 億美元，同比增長 35%，其中近一半的增長得益於 GMV 的增長。此外，增長是由 Shopify Payments 的持續滲透、Deliverr 的部分季度貢獻以及我們其他一些解決方案（特別是 Shopify Capital、市場和分期付款）的實力推動的。第二季度 Shopify Payments 處理的 GMV 為 317 億美元，比 2022 年第二季度增長 27%。

The penetration rate of Shopify Payments as a percentage of GMV was 58% compared to 56% in Q1 of 2023. Several factors drove the quarter's higher gross payments volume compared to the prior year, 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.

Shopify Payments 的滲透率佔 GMV 的百分比為 58%，而 2023 年第一季度為 56%。有多個因素推動本季度總支付量較上一年增加，包括使用 Shopify Payments 的商家表現強勁，其中， Shopify Plus、全球新商家的採用、Shop Pay 的更大滲透以及我們在實體零售店中的集成銷售點解決方案的持續增長所佔的比例不斷增加。

Subscription Solutions revenue was $444 million, up 21% over Q2 of 2022, primarily due to the growth in the number of merchants on both our Standard and Plus plans. The increase was also driven by the price increases for the existing merchants on our Standard pricing plans that went into effect in late April and growth in our variable platform fees. Q2 MRR was $139 million, up 30% year-over-year. The pricing change was the largest contributor of growth in absolute dollars in the quarter. We saw year-over-year and quarter-over-quarter growth in MRR across each of Standard, Plus and Point-of-Sale. All 3 segments are performing well. Our Plus merchants as a percentage of total MRR decreased to 29% from 31% in Q2 of last year, but that decrease was simply a function of the growth in our Standard MRR from the pricing change.

訂閱解決方案收入為 4.44 億美元，比 2022 年第二季度增長 21%，這主要是由於我們的 Standard 和 Plus 計劃的商家數量的增長。這一增長也是由四月底生效的標准定價計劃中現有商家的價格上漲以及我們的可變平台費用的增長推動的。第二季度 MRR 為 1.39 億美元，同比增長 30%。定價變化是本季度絕對美元增長的最大貢獻者。我們看到標準、Plus 和銷售點的 MRR 均實現同比和環比增長。所有 3 個細分市場均表現良好。我們的 Plus 商戶佔總 MRR 的百分比從去年第二季度的 31% 下降到 29%，但這一下降僅僅是由於定價變化導致我們的標準 MRR 增長的結果。

Let's talk a little bit more about the pricing changes that went into effect for our existing merchants at the end of April. Merchants spoke loud and clear regarding their trust in the unmatched value that Shopify provides through our unified commerce platform. We are seeing our merchants continue to remain on the platform rather than using the price change to move off platform and largely remain on monthly plans versus moving to annual. For Shopify, it provides us with more gross profit dollars to invest back into the business balanced with improved profitability. For the rest of the year, we expect these pricing changes to continue to benefit our Subscription Solutions business and MRR.

讓我們更多地討論一下 4 月底對我們現有商家生效的定價變化。商家大聲而明確地表達了他們對 Shopify 通過我們的統一商務平台提供的無與倫比的價值的信任。我們看到我們的商家繼續留在平台上，而不是利用價格變化離開平台，並且基本上保留按月計劃而不是轉向按年計劃。對於 Shopify 來說，它為我們提供了更多的毛利潤，可用於投資回業務，同時提高盈利能力。在今年剩餘時間裡，我們預計這些定價變化將繼續有利於我們的訂閱解決方案業務和 MRR。

Moving to gross profit. Gross profit was $835 million for the quarter, up 27% year-over-year. Gross margin for Subscription Solutions was 80.9% compared to 76.7% in Q2 of 2022. Our Subscription Solutions gross margin increase was driven primarily from hosting and support efficiencies with pricing changes also having a positive impact. Gross margin for Merchant Solutions was 38.1% compared to 40.3% in Q2 of 2022. Our Merchant Solutions gross margin was primarily affected by the dilutive impact of Deliverr.

轉向毛利潤。該季度毛利潤為 8.35 億美元，同比增長 27%。訂閱解決方案的毛利率為 80.9%，而 2022 年第二季度為 76.7%。我們的訂閱解決方案毛利率增長主要來自託管和支持效率，定價變化也產生了積極影響。 Merchant Solutions 的毛利率為 38.1%，而 2022 年第二季度為 40.3%。我們的 Merchant Solutions 毛利率主要受到 Deliverr 的稀釋影響。

Excluding Deliverr, our Merchant Solutions gross margin was essentially flat year-over-year. It's the same factors we experienced in the first quarter, including growth of our lower-margin Shopify Payments business were offset by growth in other higher-margin Merchant Solutions, including Capital, Installments and FX revenue. This brings our overall Q2 gross margin to 49.3% compared to 50.7% in the prior year. Excluding the dilutive impact of Deliverr, gross margin in Q2 increased year-over-year, driven by our higher-margin Subscription Solution business.

不包括 Deliverr，我們的商家解決方案毛利率同比基本持平。這與我們在第一季度經歷的因素相同，包括利潤率較低的 Shopify Payments 業務的增長被其他利潤率較高的商家解決方案（包括資本、分期付款和外匯收入）的增長所抵消。這使得我們第二季度的整體毛利率達到 49.3%，而去年同期為 50.7%。排除 Deliverr 的攤薄影響，在我們利潤率較高的訂閱解決方案業務的推動下，第二季度的毛利率同比增長。

Operating expenses on a GAAP basis were $2.5 billion for the quarter, which includes $1.7 billion in onetime charges, comprised of $1.3 billion on the impairment on the sale of our logistics businesses, $165 million in accelerated stock-based compensation also pertaining to the sale of our logistics businesses and $148 million related to severance. When you exclude these items, our Q2 operating expenses were $818 million, down from $846 million in Q2 2022. The decline year-over-year was driven largely by lower marketing expenses this past quarter as we maintain strict discipline around returns on marketing spend.

按 GAAP 計算，本季度運營費用為 25 億美元，其中包括 17 億美元的一次性費用，其中 13 億美元為出售物流業務的減值，1.65 億美元的加速股票補償也與出售物流業務有關。我們的物流業務以及與遣散費相關的1.48 億美元。如果排除這些項目，我們第二季度的運營費用為8.18 億美元，低於2022 年第二季度的8.46 億美元。同比下降主要是由於上個季度的營銷費用下降，因為我們對營銷支出回報保持嚴格的紀律。

Moreover, the $818 million is a sequential quarterly decline of 10% compared to Q1 2023 operating expenses of $910 million, all while revenues were up 12% sequentially Q1 to Q2. We have reset the bar for the scale that we can deliver off of a more consistent operating expense base. The sequentially lower expenses are primarily a result of Q2 having only 1 month of the higher headcount and 2 months of the expenses from the logistics businesses. Operating loss was $1.6 billion, which includes $1.7 billion for impairment, SBC acceleration and severance that I just mentioned. Excluding these charges, operating income was positive for the quarter compared to a loss of $190 million in Q2 of 2022.

此外，與 2023 年第一季度 9.1 億美元的運營支出相比，8.18 億美元的運營支出環比下降了 10%，而第一季度至第二季度的收入環比增長了 12%。我們已經重新設定了我們可以在更一致的運營費用基礎上交付的規模標準。費用環比下降主要是由於第二季度只有 1 個月的員工人數增加和 2 個月的物流業務費用。運營損失為 16 億美元，其中包括我剛才提到的減值、SBC 加速和遣散費 17 億美元。排除這些費用，該季度的營業收入為正，而 2022 年第二季度則虧損 1.9 億美元。

Stock-based compensation for Q2 was $280 million or $115 million, excluding the $165 million for the SBC acceleration related to the sale of our logistics businesses. This compares to $139 million for the same period a year ago, primarily driven by the lower headcount. Adjusted operating income for the quarter was $146 million. Capital expenditures were $21 million for the quarter. We have now delivered 3 consecutive quarters of free cash flow, delivering Q2 free cash flow of $97 million or 6% of revenue. Turning to the balance sheet. Our cash and marketable securities balance was $4.8 billion as of June 30, and we had a net cash position of $3.9 billion after consideration of the outstanding convertible notes.

第二季度的股票薪酬為 2.8 億美元或 1.15 億美元，不包括與出售我們的物流業務相關的 SBC 加速的 1.65 億美元。相比之下，去年同期為 1.39 億美元，這主要是由於員工人數減少所致。該季度調整後營業收入為 1.46 億美元。本季度資本支出為 2100 萬美元。我們現已連續 3 個季度實現自由現金流，第二季度自由現金流為 9700 萬美元，佔收入的 6%。轉向資產負債表。截至 6 月 30 日，我們的現金和有價證券餘額為 48 億美元，考慮到未償還的可轉換票據後，我們的淨現金頭寸為 39 億美元。

Before moving to our Q3 outlook, some comments regarding the completed sale of our logistics businesses and what it means for us as we look ahead to the back half of 2023. We are now approximately 2 months post the closing of the transaction. We continue to work closely with Flexport and the integration in order to make it easier for our merchants to access fast and reliable logistics solutions. While we are still working through the terms of the commercial agreement, we are pleased with how the transition has gone thus far and are excited to be a part of Flexport's mission moving forward.

在展望第三季度之前，請先談談我們對物流業務的完成出售以及展望 2023 年下半年這對我們意味著什麼的一些評論。現在距離交易結束大約還有 2 個月。我們將繼續與 Flexport 密切合作並進行整合，以便我們的商家能夠更輕鬆地獲得快速、可靠的物流解決方案。雖然我們仍在研究商業協議的條款，但我們對迄今為止的過渡進展感到滿意，並很高興能夠成為 Flexport 未來使命的一部分。

Let's take a moment to discuss how the sale of the logistics businesses will impact our financials in terms of comparability for the third quarter. We expect a headwind of approximately 300 to 400 basis points of revenue growth in Q3 related to the lapping of our logistics businesses. This results in approximately 300 to 400 basis points of tailwind to our gross margin rate compared to Q3 of last year.

讓我們花點時間討論一下物流業務的出售將如何影響我們第三季度的財務可比性。我們預計，由於物流業務的下滑，第三季度收入增長將面臨約 300 至 400 個基點的阻力。與去年第三季度相比，這導致我們的毛利率上升約 300 至 400 個基點。

With that in mind, our expectations for the third quarter are as follows: First, on revenue. We expect our third quarter revenue to grow at a low 20s percentage rate year-over-year, which translates into a year-over-year growth rate in the mid-20s when you adjust for the 300 to 400 basis points headwind from the sale of our logistics businesses. We anticipate pricing changes, along with adoption of our Merchant Solutions products, led by Payments, will continue to drive our strong top line growth.

考慮到這一點，我們對第三季度的預期如下：首先是收入。我們預計第三季度收入同比增長率將在 20 多歲左右，如果對銷售帶來的 300 至 400 個基點的逆風進行調整，則同比增長率將在 20 多歲左右我們的物流業務。我們預計價格變化以及以支付為首的商家解決方案產品的採用將繼續推動我們強勁的收入增長。

Q3 gross margin percentage is expected to be approximately 2 to 3 percentage points higher than our Q2 2023 gross margin of 49.3%, driven by a full quarter of benefit from the sale of our logistics businesses and a full quarter of benefit from the pricing changes. We believe that our Q3 operating expenses will be flat to up slightly compared to our Q2 operating expense dollars of $818 million when excluding onetime items from Q2. Lower headcount and the removal of the logistics operating expenses are expected to be counterbalanced by targeted increased investments in marketing and the impact of our standard employee compensation review cycle.

預計第三季度的毛利率將比 2023 年第二季度 49.3% 的毛利率高出約 2 至 3 個百分點，這得益於我們物流業務出售的全季度收益以及定價變化的全季度收益。我們相信，在排除第二季度的一次性項目後，第三季度的運營支出將與第二季度 8.18 億美元的運營支出持平或略有上升。減少員工人數和取消物流運營費用預計將通過有針對性地增加營銷投資和我們標準員工薪酬審查週期的影響來抵消。

Starting with marketing. I mentioned earlier in my remarks regarding the Q2 results that lower marketing spend was a leading cause for the year-over-year Q2 OpEx decrease. Over the past few quarters, we have done a lot of work analyzing our return on marketing dollars, including tightening payback periods, assessing where our marketing dollars are having the most impact, automating where possible and reducing our spend. This work has also highlighted some areas where we think we should invest more based on the strong paybacks we are seeing and the opportunity to support the success and momentum in our business.

從營銷開始。我之前在有關第二季度業績的評論中提到，營銷支出下降是第二季度運營支出同比下降的主要原因。在過去的幾個季度中，我們做了很多工作來分析我們的營銷資金回報，包括收緊投資回收期、評估我們的營銷資金在哪些方面影響最大、盡可能實現自動化並減少支出。這項工作還強調了我們認為應該根據我們所看到的強勁回報以及支持我們業務的成功和勢頭的機會進行更多投資的一些領域。

In Q3, we expect to increase marketing spending in 2 areas, in particular, where we historically spent limited amounts and where we are seeing strong returns, point-of-sale and offline marketing. For point-of-sale, Harley talked through the strength in that business, and we plan to lean in further. Regarding offline marketing, we have utilized offline marketing in North America and now seeing an opportunity to replicate that playbook in Europe, which, as I mentioned, this year has been a source of GMV strength for us.

在第三季度，我們預計將增加兩個領域的營銷支出，特別是我們歷來支出有限但回報強勁的領域，即銷售點和線下營銷。對於銷售點，哈雷談到了該業務的優勢，我們計劃進一步傾斜。關於線下營銷，我們已經在北美利用了線下營銷，現在看到了在歐洲複製這一策略的機會，正如我提到的，今年這一直是我們 GMV 實力的源泉。

Next, talent and compensation. We just went through a compensation review cycle as it had been almost a year since we lasted that process, specifically not since the Flex Comp rollout last September, and we will see some compensation increases for existing employees in Q3 as a result of that comp review. That said, we will continue to be extremely disciplined regarding our approach to talent and compensation.

其次，人才和薪酬。我們剛剛經歷了一個薪酬審查週期，因為自從我們持續這個過程以來已經快一年了，特別是自去年9 月推出Flex Comp 以來，我們將看到由於該薪酬審查，第三季度現有員工的薪酬有所增加。也就是說，我們將繼續在人才和薪酬方面嚴格遵守紀律。

Q2, excluding onetime items, achieved significant operating expense savings, largely driven by the quarter, including only 1 month of the higher headcount. Therefore, Q2's results already reflect approximately 2/3 of the impact to our OpEx base. As a reminder, the $818 million in Q2 OpEx, excluding onetime items, is a sequential quarterly decline of 10% compared to Q1, all while revenues were up 12% sequentially Q1 to Q2.

第二季度（不包括一次性項目）實現了顯著的運營費用節省，這主要是由該季度推動的，其中僅包括 1 個月的員工人數增加。因此，第二季度的結果已經反映了對我們運營支出基礎的大約 2/3 的影響。需要提醒的是，第二季度的運營支出為8.18 億美元（不包括一次性項目），與第一季度相比環比下降了10%，而第一季度到第二季度的收入環比增長了12% 。

While we expect Q3 operating expense dollars to be flat to slightly higher than Q2, our Q3 operating expenses on an absolute dollars basis are expected to be lower than Q1 of this year and each of Q2, Q3 and Q4 of last year, excluding any onetime items in those quarters, demonstrating our commitment to driving increased productivity and efficiency across our teams with a disciplined approach to our spending. Moreover, the flat to slight increase in Q3 operating expenses relative to Q2 should be kept in context with the continued growth in revenue scale.

雖然我們預計第三季度運營費用將持平或略高於第二季度，但按絕對美元計算，我們第三季度運營費用預計將低於今年第一季度以及去年第二季度、第三季度和第四季度，不包括任何一次性費用這些季度的項目，表明我們致力於通過嚴格的支出方式提高整個團隊的生產力和效率。此外，第三季度營業費用相對第二季度持平或小幅增長應該是在收入規模持續增長的背景下保持的。

Moving to stock-based compensation. SBC is expected to be approximately $110 million in Q3. We -- we now expect capital expenditures to be approximately $45 million for all of 2023, which includes $33 million that we incurred related to logistics in the first 2 quarters of the year. This reduction in capital expenditures expectation versus our previous outlook is driven by changes in our expectations related to leasehold improvements for some of our office spaces, some due to timing and some due to a reduction in total planned spend. Just as with OpEx, we continue to be diligent in our spend as we look to drive strong free cash flow. Finally, we expect free cash flow for Q3 to be higher than the entire first half of the year.

轉向基於股票的薪酬。 SBC 預計第三季度營收約為 1.1 億美元。我們現在預計 2023 年全年的資本支出約為 4500 萬美元，其中包括今年前兩個季度與物流相關的 3300 萬美元。與我們之前的展望相比，資本支出預期的減少是由於我們對某些辦公空間租賃權改善的預期發生了變化，有些是由於時間安排，有些是由於計劃總支出的減少。正如運營支出一樣，我們繼續勤奮支出，希望推動強勁的自由現金流。最後，我們預計第三季度的自由現金流將高於整個上半年。

In closing, Shopify is moving quickly to capitalize on the momentum we are seeing across our business. Our pace of new product introduction remains excellent. We highlighted some of the additions from additions, including Sidekick, Shopify Magic, Collective and the extended functionality of checkout, among others. We talked about how we continue to see success in our point-of-sale business and how we continue to enhance that solution in order to allow merchants to offer in-store shoppers the same flexibility that we offer online with the integration of Shop Pay Installments as the latest manifestation of that.

最後，Shopify 正在迅速採取行動，以利用我們在整個業務中看到的勢頭。我們推出新產品的步伐依然出色。我們重點介紹了一些新增功能，包括 Sidekick、Shopify Magic、Collective 和結賬擴展功能等。我們討論了我們如何在銷售點業務中繼續取得成功，以及如何繼續增強該解決方案，以便商家能夠通過集成商店支付分期付款為店內購物者提供與在線購物相同的靈活性作為這一點的最新體現。

We are constantly evolving to meet the changing needs of our customers, expanding our solutions across channels like B2B and point-of-sale while making it easier and faster for our merchants to make a sale with our accelerated checkout and log in with Shop features. The top line growth of our business remains very strong. Our focus on operating expenses remains unwavering, and our free cash flow generation continues to strengthen, now with 3 consecutive quarters of positive free cash flow. As we lean into the new shape of Shopify, we believe that we will be able to execute with even greater speed and agility on a much larger scale and deliver a business model that achieves a compelling combination of growth, operating leverage and free cash flow generation.

我們不斷發展，以滿足客戶不斷變化的需求，跨 B2B 和銷售點等渠道擴展我們的解決方案，同時讓我們的商家通過我們的加速結賬和商店功能登錄更輕鬆、更快捷地進行銷售。我們業務的營收增長仍然非常強勁。我們對運營支出的關注依然堅定不移，我們的自由現金流生成持續加強，目前已連續 3 個季度實現正自由現金流。隨著我們轉向Shopify 的新形態，我們相信我們將能夠以更快的速度和敏捷性在更大的範圍內執行，並提供一種業務模式，實現增長、運營槓桿和自由現金流生成的引人注目的結合。

With that, I'll now turn the call back over to Carrie for your questions.

現在，我將把電話轉回嘉莉，詢問你的問題。

(Operator Instructions) Our first question comes from Richard Tse at National Bank.

（操作員指令）我們的第一個問題來自國家銀行的理查德·謝（Richard Tse）。

Yes. In light of the recent pricing changes that have been quite successful, how do you think about extracting increasing value from your customers as you add meaningful features like Shopify Magic going forward?

是的。鑑於最近非常成功的定價變化，您如何考慮在未來添加 Shopify Magic 等有意義的功能時從客戶那裡獲取更多價值？

It's Harley. I'll take that question. Look, in terms of the pricing increase, that was -- that increase we did a couple of months ago, that was the first increase we did in a very long time, and we saw that merchants were absolutely willing to pay for it, which I think evidence is that the value to cost ratio of Shopify, the product is very much on the side of value. So certainly, there is opportunities for us to continuously review our pricing and figure out where the right pricing is and we will continue to do that.

是哈雷。我來回答這個問題。看，就價格上漲而言，我們幾個月前進行的上漲，這是我們很長一段時間以來的第一次上漲，我們看到商家絕對願意為此付費，這我認為證據是Shopify 的價值與成本比，該產品非常偏向價值。當然，我們有機會不斷審查我們的定價並找出正確的定價，我們將繼續這樣做。

But in terms of features like Magic and Sidekick, which we're really excited about, remember, when our merchants do better, Shopify does better, that is the business model. And so the more they can sell, the faster they can grow, the more we can share in that upside. But the other part that we talked about in the prepared remarks, it's just worthwhile mentioning again is that product attach rate. The fact that we're still -- we're growing that, that we're still above 3%, which is really high. It means that, as we introduce new products and new merchant solutions, whether it's payment solutions, shipping, things like Audiences, anything like Collabs, Collective, more of our merchants are taking more of our solutions. And that is very important because it means that Shopify is becoming the most important piece of software that the millions of merchants on the platform use. And we were happy to see that merchants felt that the additional increase in price was still really good value for the product.

但就 Magic 和 Sidekick 等功能而言，我們真的很興奮，請記住，當我們的商家做得更好時，Shopify 也會做得更好，這就是商業模式。因此，他們銷售的產品越多，增長的速度就越快，我們就越能分享到這一優勢。但我們在準備好的發言中談到的另一部分，值得再次提及的是產品附加率。事實上，我們仍然在增長，我們仍然高於 3%，這確實很高。這意味著，當我們推出新產品和新商家解決方案時，無論是支付解決方案、運輸、受眾等，還是協作、集體等，更多的商家正在採用我們的解決方案。這非常重要，因為這意味著 Shopify 正在成為該平台上數百萬商家使用的最重要的軟件。我們很高興看到商家認為價格的額外上漲對於產品來說仍然非常有價值。

Thank you for your question. Our next question comes from Gabriela Borges at Goldman Sachs.

謝謝你的問題。我們的下一個問題來自高盛的加布里埃拉·博爾赫斯。

Jeff and Harley, I wanted to follow up on how you're thinking about the long-term margin profile of this business. Given your comments on the 3 positive quarters of free cash flow and the exit of logistics. So would love to your thoughts, what sort of free cash flow or EBITDA margin profile do you think Shopify can support longer term?

傑夫和哈雷，我想跟進你們如何看待這項業務的長期利潤狀況。鑑於您對自由現金流的三個積極季度和物流退出的評論。那麼，想听聽您的想法，您認為 Shopify 可以長期支持什麼樣的自由現金流或 EBITDA 利潤狀況？

Yes, Gabriela. Thanks for the question. We obviously gave some guidance on Q3 in terms of how we think about gross margin. And you saw in terms of the movement we saw in our margins on the Subscription Solutions side, very positive, up 400 basis points over the quarter. And we talked obviously about some of the margins on the Merchant Solutions side, which with the removal of logistics, obviously, those will be some strong tailwinds for us.

是的，加布里埃拉。謝謝你的提問。顯然，我們在如何看待毛利率方面對第三季度給出了一些指導。從訂閱解決方案方面的利潤率變化來看，您看到了非常積極的變化，本季度增長了 400 個基點。我們顯然談到了商家解決方案方面的一些利潤，隨著物流的取消，顯然這些對我們來說將是一些強勁的推動力。

We haven't obviously given guidance as it relates to Q4 or long-term in terms of what the operating model looks like. You can sense clearly, though, from what we've said about margins on both of those pieces, both Subscription Solutions as well as Merchant Solutions, that we've gotten to a gross margin profile, which is more similar to where we were, for example, Q1 and Q2 of last year before we got into logistics.

我們顯然沒有給出與第四季度或長期運營模式相關的指導。不過，從我們關於訂閱解決方案和商家解決方案這兩個部分的利潤率所說的內容中，您可以清楚地感覺到，我們已經獲得了毛利率概況，這與我們之前的情況更加相似，例如，去年我們進入物流之前的第一季度和第二季度。

And our goal is to, as I alluded to when we were talking about operating expenses, continue to make sure that we stand with this, I guess, stub function, I would say, that we've done in terms of when I talked about the 10% sequential decline in operating expenses and the 12% sequential increase in revenue, talking about a new ratio between those 2 in terms of how we can sustain that going forward and continue to make sure we're doing as much as we can with every OpEx dollar. So I'd love to give you more clarity on what the long-term margin looks like. But I think as you look at Q3, that's -- it's a pretty good snapshot for what the future looks like based on the removal of logistics.

我們的目標是，正如我在談論運營費用時提到的那樣，繼續確保我們堅持這一點，我猜，存根功能，我想說，我們在我談論時已經做到了這一點運營費用環比下降10% ，收入環比增長12%，討論這兩者之間的新比率，即我們如何能夠維持這一趨勢，並繼續確保我們盡我們所能每一美元的運營支出。因此，我很樂意讓您更清楚地了解長期利潤率的情況。但我認為，當你看到第三季度時，這是一個很好的快照，展示了基於取消物流的未來的樣子。

Thank you for your question. Our next question comes from Keith Weiss at Morgan Stanley.

謝謝你的問題。我們的下一個問題來自摩根士丹利的基思·韋斯。

A really nice quarter. And maybe following on Gabriela's question, but talking more about the top line. You guys have a broad solution portfolio already, but the fulfillment business was a big initiative for you guys. And definitely, a big part, I think, of investors' models on like how take rate expands over time. Is there a replacement we should be thinking about? Is there like one initiative or new initiatives that we should think about taking into place of what we had in our model for fulfillment? Or is it just fundamentally a new type of growth profile on a go-forward basis?

一個非常美好的季度。也許接下來是加布里埃拉的問題，但更多地談論了頂線。你們已經擁有廣泛的解決方案組合，但履行業務對你們來說是一項重大舉措。我認為，投資者模型的很大一部分肯定是關於利率如何隨著時間的推移而擴大。我們是否應該考慮替代方案？我們是否應該考慮採取一項或新的舉措來取代我們在實現模型中已有的舉措？或者它只是從根本上來說是一種新型的、向前發展的增長模式？

Keith, thank you for the kind words, and good to hear from you. Look, part of the model of Shopify is that to get as many merchants using our product as possible, whether they're small merchants or they're large merchants like Mattel, (inaudible), BLACK+DECKER, Staples, Glossier, some of the ones I mentioned like Dollar Shave Club and now Meta using the product. The key, though, is that if we want to qualify and requalify to be the central nervous system of their business, we have to ensure that whatever issue they have when it comes to commerce and retail, we can serve them.

基思，謝謝你的好話，很高興收到你的來信。看，Shopify 模式的一部分是讓盡可能多的商家使用我們的產品，無論他們是小型商家還是大型商家，例如 Mattel、（聽不清）、BLACK+DECKER、Staples、Glossier 等我提到的像Dollar Shave Club 和現在使用該產品的Meta。但關鍵是，如果我們想獲得併重新獲得成為他們業務的中樞神經系統的資格，我們就必須確保他們在商業和零售方面遇到的任何問題，我們都能為他們提供服務。

So for example, we talked a little bit about Collabs and what we're doing there. This idea that we can actually match incredible audience -- content creators that have massive audiences with incredible brands, that's not going to be for every merchant or every content creator, but the ones that it is for we'll use it with great efficacy. Things like Audiences, for example, we talked about Audiences 2.0, which, in some cases, are showing a 50% lift in ROAS, Again, not every merchant is always going to use every single merchant solution. But as we build more and more, what it means is that we can help them with a larger piece of their business. And that is really what we're focused on.

例如，我們討論了一些關於協作以及我們在那裡所做的事情。我們實際上可以匹配令人難以置信的受眾——擁有大量受眾和令人難以置信的品牌的內容創作者的想法，這並不適合每個商家或每個內容創作者，但我們將非常有效地使用它。例如，我們討論了受眾 2.0，在某些情況下，廣告支出回報率 (ROAS) 提高了 50%，同樣，並非每個商家總是會使用每個商家解決方案。但隨著我們建造的越來越多，這意味著我們可以幫助他們完成更大的業務。這確實是我們關注的重點。

And then when you think about some of the new things from the new areas we're going into, for example, B2B, which historically, we really focus on the direct-to-consumer point, we know there's pent-up demand to use Shopify for B2B. And so you're seeing us introduce new things like Collective, for example. There's about 45 new features that have come out around just B2B by itself in the last 12 months. So again, there's not going to be one particular merchant solution that every merchant is going to use. I mean, obviously, Shopify Payments is one of those because everyone needs to accept payments. But the idea really is to ensure that we fix merchant pain and give them this incredibly scalable product no matter what they want to achieve on the platform.

然後，當你想到我們即將進入的新領域的一些新事物時，例如 B2B，從歷史上看，我們真正關注的是直接面向消費者的點，我們知道存在被壓抑的需求Shopify 面向 B2B。例如，您會看到我們推出像 Collective 這樣的新事物。在過去 12 個月裡，僅 B2B 領域就出現了大約 45 個新功能。同樣，不會有一種特定的商家解決方案可供每個商家使用。我的意思是，顯然，Shopify Payments 就是其中之一，因為每個人都需要接受付款。但我們的想法實際上是確保我們解決商家的痛點，並為他們提供令人難以置信的可擴展產品，無論他們想在平台上實現什麼目標。

Thanks, Keith. Our next question comes from Mark Zgutowicz at The Benchmark Company.

謝謝，基思。我們的下一個問題來自 Benchmark Company 的 Mark Zgutowicz。

Just a follow-up on the Flexport. Jeff, I know you said you haven't yet signed the commercial agreement. But maybe just 2 related questions. One, can you talk about the integration of Deliverr with Flexport right now and how much of your holiday GMV will be supported by Flexport capacity? And then at a very high level, what -- is it safe to say the considerations in terms of Flexport economics are predominantly profit versus any type of revenue share?

只是 Flexport 的後續產品。傑夫，我知道你說過你還沒有簽署商業協議。但也許只有兩個相關的問題。第一，您能談談目前 Deliverr 與 Flexport 的集成嗎？您的假期 GMV 有多少將由 Flexport 產能支持？然後，在一個非常高的層面上，可以肯定地說 Flexport 經濟方面的考慮因素主要是利潤而不是任何類型的收入份額嗎？

Yes. Thanks for your question. I think, firstly, as it relates to just the timing of the commercial agreement, to your point, these are obviously agreements which involve a lot of data flows, co-marketing, a bunch of other things just in terms of integration of the products. We want to make sure that we, of course, get that right and get our merchants up and running. I don't have guidance for you in terms of what percentage of our holiday traffic will be going through Deliverr. So I wish I could give you that perspective. We obviously just don't have that yet at this point. But we're still very excited about the partnership. We think [the world of] that team over there. We've known Ryan, the Founder, for a long, long time. Dave was a great addition. And that management team is really strong. So we think that's going to really assist our merchants and accelerating what they're trying to do. So we're excited about it. I just don't have a snapshot for you in terms of holiday traffic and how much will be going through them.

是的。謝謝你的提問。我認為，首先，因為它只涉及商業協議的時間，所以就你的觀點而言，這些協議顯然涉及大量數據流、聯合營銷以及產品集成方面的許多其他事情。當然，我們希望確保我們做到這一點並讓我們的商家正常運營。對於我們的假日流量將通過 Deliverr 的百分比，我無法為您提供指導。所以我希望我能給你這樣的觀點。顯然我們目前還沒有做到這一點。但我們仍然對此次合作感到非常興奮。我們認為那邊那個團隊的[世界]。我們認識創始人 Ryan 已經很久了。戴夫是一個很好的補充。而且這個管理團隊真的很強大。因此，我們認為這將真正幫助我們的商家並加速他們想做的事情。所以我們對此感到興奮。我只是沒有為您提供有關假日交通以及將有多少人流的快照。

Thank you for your question. Our next question comes from Andrew Boone at JMP Securities.

謝謝你的問題。我們的下一個問題來自 JMP 證券的安德魯·布恩 (Andrew Boone)。

I wanted to go back to Shopify Magic and Sidekick. I'm just asked about the near-term vision for the products. What do you think is the easiest thing that gets solved? And then what do you guys see as you guys involve your own data as well as relationships and knowledge. Where does this go over time?

我想回到 Shopify Magic 和 Sidekick。我只是被問及產品的近期願景。您認為最容易解決的問題是什麼？當你們涉及到自己的數據以及關係和知識時，你們會看到什麼。隨著時間的推移，這會走向何方？

Yes, it's a great question. Look, we're taking a very, very practical approach when it comes to AI. And we think that Shopify is uniquely positioned to harness the power of AI in order to unlock incredible capabilities that we think will help our merchants grow their business. Starting with Shopify Magic. I mean, unlike other generative AI products, Shopify Magic is specifically designed for commerce. And it's not just embedded in one place, it's embedded throughout the entire product. So for example, the ability to generate blog posts instantaneously or write incredibly high converting product descriptions or create highly contextualized content for your business. That is where we feel like AI really can play a big role here in making merchants' lives better.

是的，這是一個很好的問題。看，在人工智能方面，我們正在採取一種非常非常實用的方法。我們認為 Shopify 具有獨特的優勢，可以利用人工智能的力量來釋放令人難以置信的功能，我們認為這些功能將幫助我們的商家發展業務。從 Shopify Magic 開始。我的意思是，與其他生成式人工智能產品不同，Shopify Magic 是專門為商業而設計的。它不僅嵌入在一個地方，而且嵌入在整個產品中。例如，能夠立即生成博客文章或編寫令人難以置信的高轉換產品描述或為您的業務創建高度上下文化的內容。這就是我們認為人工智能確實可以在改善商家生活方面發揮重要作用的地方。

Built on top of that, of course, is Sidekick, which Toby announced over video about 2 weeks ago right before Editions. And that really is our -- the first of its kind AI-enabled assistant, again, built for commerce. And with Sidekick, you can do these incredible things like you can analyze sales and you can ideate on store design or you can even give instructions on how to run promotions. But when you think about these things altogether, ultimately, what we are giving merchants is a better, faster, more creative way to build businesses. And I think that it's something that only Shopify can offer and by embedding it across the entire product rather than simply one area of the product, merchants are going to see this efficacy and the speed of building and scaling only on Shopify.

當然，在此之上還有 Sidekick，托比在大約兩週前的 Editions 之前通過視頻宣布了它。這確實是我們的——同類中第一個支持人工智能的助手，同樣是為商業而構建的。借助 Sidekick，您可以做這些令人難以置信的事情，例如您可以分析銷售情況，您可以構思商店設計，甚至可以指導如何開展促銷活動。但當你綜合考慮這些事情時，最終，我們為商家提供的是一種更好、更快、更有創意的創業方式。我認為這是只有 Shopify 才能提供的東西，通過將其嵌入到整個產品而不僅僅是產品的一個區域，商家將只能在 Shopify 上看到這種功效以及構建和擴展的速度。

And again, back to that business model, a comment I made a couple of minutes ago, when our merchants succeed, we succeed. And so we think that leveraging the power of AI to get every entrepreneur incredible superpowers is going to be really incredible, and it's something we're very excited by. And you'll see more of that roll out in the next couple of weeks.

再次回到商業模式，我幾分鐘前發表的評論是，當我們的商家成功時，我們就成功了。因此，我們認為，利用人工智能的力量讓每個企業家都擁有令人難以置信的超能力，這將是非常令人難以置信的，這是我們非常興奮的事情。在接下來的幾週內，您將看到更多此類內容的推出。

Thanks, Andrew. Our next question comes from Kevin Krishnaratne at Scotiabank.

謝謝，安德魯。我們的下一個問題來自豐業銀行的 Kevin Krishnaratne。

Just on the Shop case trend, I think $11 billion of the $55 billion in GMV, it just keeps tracking higher. How do we think about the opportunity there and maybe thoughts on penetration of Plus versus SMB and how much of the GMV it can drive? It also just seems like pay is something to stimulate GMV. So also wondering how it's helping to influence a merchant same-store sales growth.

僅就 Shop 案例趨勢而言，我認為 550 億美元的 GMV 中的 110 億美元會繼續走高。我們如何看待那裡的機會，也許對 Plus 與 SMB 的滲透率以及它能帶來多少 GMV 的想法？薪酬似乎也是刺激 GMV 的一個因素。因此，我也想知道它如何幫助影響商家同店銷售增長。

Thanks for the question, Andrew. Yes, for the quarter, I mean, Shop Pay facilitated about $11 billion of GMV. That's up 37% year-on-year. And now as of today, we've now surpassed $100 billion, in cumulative dollars, which is an incredible milestone for the company. But the most important part of it is that it is the highest converting accelerated checkout on the Internet. It's also the most popular accelerated checkout on Shopify. And so actually, a study that we recently did with a big 3 consulting firm shows that the mere presence of showing Shop Pay adds a 5% boost in terms of funnel conversion. And when it is used, the conversion can be as much as 50% versus guest checkout. So it is something that a lot of merchants want. And that is not necessarily just small merchants. It is also very large merchants, large brands want that.

謝謝你的提問，安德魯。是的，我的意思是，Shop Pay 在本季度促成了約 110 億美元的 GMV。同比增長 37%。截至今天，我們的累計銷售額已超過 1000 億美元，這對公司來說是一個令人難以置信的里程碑。但它最重要的部分是它是互聯網上轉化率最高的加速結賬。這也是 Shopify 上最受歡迎的加速結賬方式。事實上，我們最近與一家三大諮詢公司進行的一項研究表明，僅顯示 Shop Pay 就可以使渠道轉化率提高 5%。當使用它時，與賓客結賬相比，轉化率可高達 50%。所以這是很多商家想要的。這不一定只是小商人。這也是非常大的商家、大品牌想要的。

One of the reasons that we think Shopify Commerce Components are so important is because it allows us -- if a large brand that's not ready to migrate entirely over to Shopify, but wants to begin a business relationship with us, things like checkout as a commerce component is a great way for us to do so. But again, this incredible way to check out for consumers around the world is only available on Shopify, which means that if you want to be able to offer that to your consumer, you have to be on our platform.

我們認為 Shopify 商務組件如此重要的原因之一是，如果一個大品牌還沒有準備好完全遷移到 Shopify，但希望與我們建立業務關係，那麼它可以讓我們將結帳作為一種商務活動組件是我們做到這一點的好方法。但同樣，這種為世界各地的消費者提供令人難以置信的結賬方式只能在 Shopify 上使用，這意味著如果您希望能夠向消費者提供這種服務，則必須使用我們的平台。

Thank you for your question. Our next question will come from Michael Morton at MoffettNathanson.

謝謝你的問題。我們的下一個問題將來自 MoffettNathanson 的 Michael Morton。

As Shopify is starting to approach the 1-year point from when you began entering the partnerships with the large system integrators. We were wondering if you could provide an update on how these relationships are materializing and if they're contributing to the funnel for enterprise commerce players. And like following through with that, like you've discussed 2023 being an investment year for the enterprise. It would be great to hear how you view the enterprise sales team and if there's an opportunity for additional investment around that channel.

隨著 Shopify 開始接近與大型系統集成商建立合作夥伴關係的一年期。我們想知道您是否可以提供有關這些關係如何實現的最新信息，以及它們是否為企業商務參與者的渠道做出了貢獻。就像您討論的那樣，2023 年是企業的投資年。很高興聽到您如何看待企業銷售團隊以及是否有圍繞該渠道進行額外投資的機會。

Yes. Thanks for the question on that. More -- unequipped, more large retailers are coming to Shopify. I mentioned some household names like Dollar Shave Club and Ricci and then Sage at Beverly Hills, but also Hunter Boots and Meta signing for the quarter. So in that way, we are certainly seeing more large brands, more large merchants come to the platform that obviously helps us sign even further. As of now, we have signed partnership agreements with Deloitte, EY, KPMG, Accenture, last earnings call, we mentioned IBM Consulting, Cognizant. So they continue to build practices around Shopify and Shopify Plus and Commerce Components inside of their own sales teams. And what we've been spending time on is training them up to how to best sell Shopify most effectively.

是的。感謝您提出這個問題。更多——更多未裝備的大型零售商正在湧入 Shopify。我提到了一些家喻戶曉的名字，比如 Dollar Shave Club 和 Ricci，然後是比佛利山莊的 Sage，還有 Hunter Boots 和 Meta 在本季度簽約。因此，通過這種方式，我們肯定會看到更多的大品牌、更多的大商家來到這個平台，這顯然有助於我們進一步簽約。截至目前，我們已經與德勤、安永、畢馬威、埃森哲簽署了合作協議，上次財報電話會議上我們提到了 IBM Consulting、Cognizant。因此，他們繼續在自己的銷售團隊內部圍繞 Shopify 和 Shopify Plus 以及商務組件構建實踐。我們一直花時間培訓他們如何最有效地銷售 Shopify。

In some cases, it's actually leading to really wonderful new brands. On the international side, like New Era, for example, or (inaudible) Israel from Nestle. So we are working hand in hand with a lot of these systems integrators. A lot of these sales cycles are a little bit longer than traditionally we are used to, but they do bring on very, very large brands and merchants to Shopify. So we're really excited about that. In terms of the go-to-market, I think it's really important. We have been transforming this go-to-market engine at Shopify for a number of years. But this is really led by Bobby, our Chief Revenue Officer. And over the past year or so, that team has been working to implement new tactics, new KPIs, but really focusing on not just bringing on large merchants to Shopify, but also ensuring that we also cross-sell.

在某些情況下，它實際上會帶來非常精彩的新品牌。在國際方面，例如 New Era 或（聽不清）雀巢的以色列。因此，我們正在與許多此類系統集成商攜手合作。很多銷售週期比我們習慣的傳統週期要長一些，但它們確實為 Shopify 帶來了非常非常大的品牌和商家。所以我們對此感到非常興奮。就進入市場而言，我認為這非常重要。多年來，我們一直在改造 Shopify 的這個進入市場引擎。但這實際上是由我們的首席營收官鮑比領導的。在過去一年左右的時間裡，該團隊一直在努力實施新的策略、新的 KPI，但真正關注的不僅僅是為 Shopify 引入大型商家，還要確保我們也能進行交叉銷售。

And this end-to-end sales process and methodology, it's really designed for us to increase the pace, and frankly, the velocity of bringing on these larger merchants. But the end result is in the last 2 quarters alone, we have seen sales volumes across key products like Capital, Retail and Payments, gain momentum, which has actually led to some of the highest cross-sell volumes we have ever achieved. So the team is working tirelessly, they're executing it really effectively. But this go-to-market engine is now starting to crank. And the results, as we mentioned today, are more merchants coming to Shopify, much larger merchants coming to Shopify.

這種端到端的銷售流程和方法實際上是為了加快我們吸引這些大型商家的步伐而設計的。但最終的結果是，僅在過去兩個季度，我們就看到資本、零售和支付等關鍵產品的銷量增長勢頭強勁，這實際上導致了我們有史以來達到的最高交叉銷售量。所以團隊正在不知疲倦地工作，他們正在非常有效地執行它。但這個進入市場的引擎現在開始運轉。正如我們今天提到的，結果是更多的商家來到 Shopify，規模更大的商家來到 Shopify。

Thank you for your question. Our next question will come from Mark Mahaney at Evercore ISI.

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

This is Jocelyn asking a question for Mark. Could you hear me?

這是喬斯林在向馬克提問。你能聽見我？

Yes.

是的。

Okay. Can I ask a quick question maybe on Amazon? Just -- I know (inaudible) Flexport Amazon partnership was like on the table. So I wonder like is that still possible, not maybe -- not just in terms of Buy with Prime, but also Payments. Just kind of help us think about what are some considerations you have there?

好的。我可以在亞馬遜上問一個簡單的問題嗎？只是 - 我知道（聽不清）Flexport 與 Amazon 的合作關係已經擺在桌面上了。所以我想知道這是否仍然可能，而不是也許——不僅在 Prime 購買方面，而且在支付方面。請幫助我們思考一下您有哪些考慮因素？

Yes. I mean, conversations with Amazon remain productive, but no news to share right now.

是的。我的意思是，與亞馬遜的對話仍然富有成效，但目前沒有消息可分享。

Okay. Got it. And then maybe (technical difficulty)

好的。知道了。然後也許（技術難度）

Thank you for your question. Our next question will come from Samad Samana at Jefferies. It looks like he dropped out of the queue. Our next question will come from Paul Treiber at RBC Capital. Paul, are you there? Yes, sorry, I was muted. Just on the large enterprise, you called out a number of wins. Should we assume that most of the growth that you're seeing in large enterprise is Shopify Plus? Or are you seeing a lot of the growth and momentum pick up in Commerce Components? And is there any metrics that you can share just on the growth in Commerce Components in general?

謝謝你的問題。我們的下一個問題將來自 Jefferies 的 Samad Samana。看起來他已經退出隊列了。我們的下一個問題將來自 RBC Capital 的 Paul Treiber。保羅，你在嗎？是的，抱歉，我被靜音了。就在大型企業上，您取得了一些勝利。我們是否應該假設您在大型企業中看到的大部分增長來自 Shopify Plus？或者您是否看到商務組件的大量增長和勢頭回升？您是否可以分享有關商務組件總體增長的任何指標？

Yes. I mean, look, in terms of Shopify Plus, very strong year-on-year Plus growth in Q2. We actually outpaced GMV growth from Standard merchants and we'll continue to see that Plus business grow. The Plus merchant base saw really strong year-on-year growth as a result of both upgrades and also new brands joining, that's important to us because we want to make sure that the most successful brands, the home-grown success stories graduate on Shopify and never leave us, and we're seeing that, but we're also seeing a lot of new brands joined the platform as well. The reason that CCS or Commerce Components is important to us is, again, it starts the business relationship with businesses that aren't necessarily ready to fully migrate over. So by giving them a really a selection of 30 modular components from storefront to checkout to omnichannel capabilities, it means that we're able to begin that relationship, and over time, get more and more of their business.

是的。我的意思是，就 Shopify Plus 而言，第二季度的同比增長非常強勁。事實上，我們的 GMV 增長速度超過了標準商家，我們將繼續看到 Plus 業務的增長。由於升級和新品牌的加入，Plus 商家基礎實現了非常強勁的同比增長，這對我們很重要，因為我們希望確保最成功的品牌、本土的成功故事在 Shopify 上畢業永遠不會離開我們，我們看到了這一點，但我們也看到很多新品牌也加入了這個平台。 CCS 或商務組件對我們很重要的原因是，它與尚未準備好完全遷移的企業建立了業務關係。因此，通過為他們提供從店面到結賬再到全渠道功能的 30 個模塊化組件的選擇，這意味著我們能夠開始這種關係，並隨著時間的推移，獲得越來越多的業務。

A lot of the names that you're hearing about today, obviously, there's a little bit of a longer sales cycle with some of the large enterprise brands. A lot of them those conversations started before we announced Commerce Components. But the fact that we have this incredible enterprise solution in a box with Plus, and we also have this alternative, which is this modern composable commerce stack for enterprise retailers means that we can have conversations with, frankly, pretty much every major brand -- pretty much every retailer on the planet, and that wasn't possible years before.

顯然，您今天聽到的很多名字，一些大型企業品牌的銷售週期有點長。其中很多對話是在我們宣布 Commerce Components 之前就開始的。但事實是，我們在Plus 中擁有這個令人難以置信的企業解決方案，而且我們還有這個替代方案，即面向企業零售商的現代可組合商務堆棧，這意味著我們可以與幾乎每個主要品牌進行對話——幾乎地球上所有的零售商都參與其中，而這在幾年前是不可能的。

Thank you for your question. Our next question will come from Todd Coupland at CIBC.

謝謝你的問題。我們的下一個問題將來自 CIBC 的托德·庫普蘭 (Todd Coupland)。

I wanted to ask about your GMV strength and what you think it says about the possibility of a recession.

我想問一下你們的 GMV 強度以及您認為它對經濟衰退的可能性有何看法。

Go ahead, Jeff.

繼續吧，傑夫。

Go ahead, Harley.

加油，哈利。

I'll just kick off, and I'll hand it over to Jeff. I mean, obviously, GMV being up 70% year-on-year in Q2. We outpaced the broader U.S. retail market. In terms of trends, I mean, Shopify has so many millions of merchants and stuff. And so the one thing that connects most of the merchants -- all the merchants on the platform is that fundamentally the merchants on Shopify have consumers' favorite brands. And so we continuously see and we've seen this for a long time now that merchants are -- that consumers are voting with their wallets to buy from their favorite brands. And we are fortunate, and we work hard at this, but those favorite brands are on Shopify. So whether it's something like the Barbie effect that is happening right now, obviously, we're the commerce partner for Mattel, across the board, we're seeing doll sales up 56% and play vehicles up 70%. So ultimately, I think it's important this direct-to-consumer trend is happening. It continues to grow. But the key for us is to make sure that the best, most important and the brands that consumers love are on Shopify. Jeff, do you want to (inaudible)?

我就開始吧，然後把它交給傑夫。我的意思是，很明顯，第二季度的 GMV 同比增長了 70%。我們超越了更廣泛的美國零售市場。就趨勢而言，我的意思是，Shopify 擁有數以百萬計的商家和其他東西。因此，連接大多數商家（平台上的所有商家）的一件事是，從根本上來說，Shopify 上的商家都擁有消費者最喜歡的品牌。因此，我們不斷地看到，而且我們已經看到這一點很長時間了，商家們——消費者正在用他們的錢包投票來購買他們最喜歡的品牌。我們很幸運，我們為此努力工作，但那些最喜歡的品牌都在 Shopify 上。因此，無論是否像現在正在發生的芭比效應一樣，顯然，我們是美泰的商業合作夥伴，我們看到娃娃銷量增長了 56%，玩具車銷量增長了 70%。因此，最終，我認為這種直接面向消費者的趨勢的發生很重要。它繼續增長。但對我們來說，關鍵是確保 Shopify 上有最好、最重要和消費者喜愛的品牌。傑夫，你想（聽不清）嗎？

Yes. Todd, the only point -- I think we all see the same economic data that you're watching. We talked before, both Harley and I did talk about the strength we're seeing in Europe. I think we're doing better in Europe than others are. So I think that is one spot of particular strength for us. And what we're seeing in North America continues as it was last quarter to be a good mix in terms of same-store sales growth for our existing merchants as well as a strong merchant acquisition model. So I don't think I have anything that I can extrapolate into broader comments around the probability of a recession. I can just speak to the strength of our business, and we're really firing on all cylinders.

是的。托德，唯一的一點是——我認為我們都看到了與您所看到的相同的經濟數據。我們之前談過，哈雷和我都談到了我們在歐洲看到的實力。我認為我們在歐洲比其他國家做得更好。所以我認為這對我們來說是一個特別的優勢。我們在北美看到的情況與上季度一樣，在我們現有商家的同店銷售增長以及強大的商家收購模式方面呈現出良好的組合。因此，我認為我沒有任何可以推斷出有關經濟衰退可能性的更廣泛評論的內容。我只能說說我們業務的實力，我們確實在全力以赴。

And our final question will come from Trevor Young at Barclays.

我們的最後一個問題將來自巴克萊銀行的特雷弗·楊。

Great. Just on Audiences. Any update on whether monetization of that has moved up in terms of priority and then the possible mechanisms for monetizing that, whether it will be like a per use or subscription-type fee. So just timing and method for monetizing Audiences.

偉大的。就在觀眾身上。關於其貨幣化是否在優先級方面有所提升以及貨幣化的可能機制的任何更新，無論是按使用費用還是訂閱類型費用。所以只是通過受眾貨幣化的時機和方法。

Yes. I mean, Audiences, we've had -- we talked a bit about this at Editions, which happened last week, where we rolled out Audiences 2. The algorithm keeps getting better. We keep seeing increased adoption. Right now, the monetization is happening indirectly, obviously, through GMV, no necessarily news on that. But we feel like the better Audiences become, the more it becomes something that every merchant wants to use and effectively becomes their must-have when they're running ads across the major ad platforms, that provides us with incredible leverage. And again, that's something that's only available for -- on Shopify. So right now, we're focused on indirectly monetization for Audiences, but that obviously, that lever is available to us in the future.

是的。我的意思是，Audiences，我們在上週的 Editions 上對此進行了一些討論，我們推出了 Audiences 2。算法不斷變得更好。我們不斷看到採用率不斷提高。目前，貨幣化顯然是通過 GMV 間接發生的，這不一定是新聞。但我們覺得受眾越多，它就越成為每個商家想要使用的東西，並有效地成為他們在主要廣告平台上投放廣告時的必備品，這為我們提供了令人難以置信的影響力。再說一遍，這只能在 Shopify 上使用。所以現在，我們專注於受眾的間接貨幣化，但顯然，我們將來可以使用這個槓桿。

This concludes our second quarter of 2023 conference call. Thank you for joining us. Good bye.

我們的 2023 年第二季度電話會議到此結束。感謝您加入我們。再見。