(SHOP) 2023 Q3 法說會逐字稿

Good morning, and thank you for joining Shopify's Third 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.

早安，感謝您參加 Shopify 2023 年第三季電話會議。 Harley Finkelstein，Shopify 總裁；我們的財務長 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, 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.

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有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。您可以在我們今天早上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.

我們也將討論調整後的財務指標，這些指標是非公認會計原則的，不能取代公認會計原則的財務指標。兩者之間的對帳情況請參閱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 morning, everyone. We are here to discuss our latest quarterly results, which reflect Shopify's continued growth and commitment to empowering businesses around the globe. Our Q3 results should be taken as a clear indicator of our ability to reshape Shopify, making us faster, more agile and ready for sustained profitable growth.

謝謝嘉莉，大家早安。我們在此討論最新的季度業績，該業績反映了 Shopify 的持續成長以及為全球企業提供支援的承諾。我們第三季的業績應該被視為我們重塑 Shopify 能力的明確指標，使我們更快、更敏捷，並為持續的獲利成長做好準備。

GMV was up 22%. Revenue was up 25%. Gross profit was up 36%, and free cash flow margin was 16%. Simply put, we executed extremely well in Q3, delivering results that reflect the power of our merchant-first business model and the progress we are making to further solidify Shopify's position as the global leader in commerce.

GMV 成長 22%。收入增長了 25%。毛利成長 36%，自由現金流利潤率為 16%。簡而言之，我們在第三季的表現非常出色，所取得的成果反映了我們商家至上的商業模式的力量以及我們在進一步鞏固 Shopify 作為全球商業領導者的地位方面所取得的進展。

At Shopify, we excel in the face of change. It's embedded in our DNA and inspires us to continually learn, innovate and deliver more products to make commerce better for everyone. In the past 6 months, I've talked about how the wider commerce landscape is rapidly changing and how Shopify has adapted to this, operating with greater discipline and efficiency to ensure merchants have the tools they need to navigate any macroeconomic environment.

在 Shopify，我們在面對改變時表現出色。它根植於我們的 DNA 中，激勵我們不斷學習、創新和提供更多產品，讓商業更好地惠及每個人。在過去的6 個月中，我談到了更廣泛的商業格局如何迅速變化，以及Shopify 如何適應這種變化，以更嚴格的紀律和效率運營，以確保商家擁有駕馭任何宏觀經濟環境所需的工具。

The trust we have built with our merchants, combined with our growing scale, highlights the power of our platform and gives us increasing opportunities to deliver even more value to our merchants. From small local retailers to large global corporations, Shopify is helping them achieve even greater heights of success.

我們與商家建立的信任，加上我們不斷成長的規模，凸顯了我們平台的力量，並為我們提供了越來越多的機會，為商家提供更多價值。從小型本地零售商到大型跨國公司，Shopify 正在幫助他們取得更大的成功。

So let's dive in to the key accomplishments in the quarter as we continue to execute on the massive opportunity ahead, supercharging merchants of all sizes to sell to anyone, anywhere and always. Starting with product, no other platform has built for every facet of commerce like Shopify has, whether it's online or in-person, SMB or enterprise, direct-to-consumer or wholesale, domestic or global.

因此，讓我們深入了解本季的主要成就，因為我們將繼續抓住未來的巨大機遇，為各種規模的商家提供強大的動力，使其能夠隨時隨地向任何人銷售產品。從產品開始，沒有任何其他平台能夠像 Shopify 一樣為商務的各個方面提供支持，無論是在線還是面對面、中小型企業還是企業、直接面向消費者還是批發、國內還是全球。

We are multidimensional and moving quickly to expand our unified commerce platform to not only remove barriers for merchant success, but also to help them thrive. From AI to Checkout to Shop Pay, we are making the hard things easy and everything else possible.

我們採取多維行動，迅速擴展我們的統一商務平台，不僅消除商家成功的障礙，也幫助他們蓬勃發展。從人工智慧到結帳再到商店支付，我們正在讓困難的事情變得簡單，讓一切變得可能。

At Shopify, we believe AI is for everyone, and its capabilities should be captured and embedded across the entirety of a business. We've integrated Shopify Magic, our suite of free AI-enabled features, across our products and workflows. And merchants are already finding success with unblocking productivity and creativity.

在 Shopify，我們相信人工智慧適合每個人，並且應該捕捉其功能並將其嵌入整個企業中。我們在我們的產品和工作流程中整合了 Shopify Magic，這是我們的免費 AI 功能套件。商家已經透過提高生產力和創造力取得了成功。

Shopify Magic connect the power of Shopify and a merchant's own data to make it work better for them, whether it's enabling unique personalized page and content generation like instantly crafting an About Us page in your brand voice and tone or building a custom page to showcase all the sizes available in your latest product collection. We are equipping businesses with more ways to enhance their workflow and streamline daily operations so that they can focus on what matters most: growing their business.

Shopify Magic 將Shopify 的力量與商家自己的數據連接起來，使其更好地為他們服務，無論是啟用獨特的個人化頁面和內容生成，例如立即以您的品牌聲音和語氣製作「關於我們」頁面，還是建立自訂頁面來展示所有內容您最新產品系列中提供的尺寸。我們為企業提供更多方法來增強工作流程並簡化日常運營，以便他們能夠專注於最重要的事情：發展業務。

Moving on to Shopify Checkout. We continue to invest into building the most seamless, secure and efficient checkout experience for our merchants. Since launching checkout extensibility, our new way to customize Shopify Checkout, last year, we've seen improvements across our merchant base. It is more adaptable, loads faster and converts better. Designed to handle high volumes, it is ideal for the world's largest flash sellers like the iconic brand, Supreme.

繼續使用 Shopify Checkout。我們繼續投資為我們的商家打造最無縫、安全和高效的結帳體驗。自從去年推出結帳擴充功能（我們客製化 Shopify Checkout 的新方法）以來，我們的商家群體得到了改善。它的適應性更強，載入速度更快，轉換效果更好。它專為處理大批量需求而設計，非常適合全球最大的快閃記憶體賣家，例如標誌性品牌 Supreme。

Its approach to extensibility is fully compatible with Shop Pay, making it the world's first completely customized one-click checkout. And all those customizations are upgrade-safe, so merchants never have to miss out on the latest features and optimizations we release. Since launch, we've exponentially expanded our suite of APIs, components and capabilities and seen over 400 checkout apps in the Shopify App Store that supports checkout extensibility.

其可擴展性方法與 Shop Pay 完全相容，使其成為世界上第一個完全客製化的一鍵結帳。所有這些自訂都是安全升級的，因此商家永遠不會錯過我們發布的最新功能和優化。自推出以來，我們成倍擴展了 API、組件和功能套件，並在 Shopify 應用程式商店中看到了 400 多個支援結帳可擴展性的結帳應用程式。

Throughout the quarter, more brands are using checkout extensibility to leverage its enhanced flexibility, performance and capabilities. We now have consumers' favorite brands like Ruggable, Thrive Causemetics and MrBeast and thousands of others using our checkout extensibility, with more transitioning over every day.

整個季度，越來越多的品牌正在使用結帳擴展性來利用其增強的靈活性、性能和功能。現在，我們擁有 Ruggable、Thrive Causemetics 和 MrBeast 等消費者最喜愛的品牌，以及數以千計的其他品牌使用我們的結帳擴展功能，並且每天都有更多的轉換。

In September, we launched the new one-page checkout, a significant change to our checkout experience that underscores our commitment to creating an experience that is not only fast and streamlined, but also more enjoyable for the buyer, ultimately leading to higher conversion. In just 2 months, we're already seeing one-page checkout speed up buyer completion time by an average of 4 seconds. That is a huge achievement considering its potential to boost customer acquisition, sales and brand loyalty.

9 月份，我們推出了新的單頁結帳功能，這是對結帳體驗的重大改變，強調了我們致力於創造一種不僅快速、簡化，而且讓買家更愉快的體驗，最終帶來更高的轉換率。在短短 2 個月內，我們已經看到單頁結帳將買家完成時間平均縮短了 4 秒。考慮到它在提高客戶獲取、銷售和品牌忠誠度方面的潛力，這是一項巨大的成就。

As I mentioned earlier, checkout extensibility is fully compatible with Shop Pay, making it the world's first completely customizable one-click checkout. With over 100 million buyers already using Shop Pay, it's increasingly become the go-to choice for consumers, getting popularity over guest checkout and credit cards.

正如我之前提到的，結帳可擴展性與 Shop Pay 完全相容，使其成為世界上第一個完全可自訂的一鍵結帳。已有超過 1 億買家使用 Shop Pay，它日益成為消費者的首選，比賓客結帳和信用卡更受歡迎。

In the quarter, Shop Pay facilitated $12 billion in GMV, an increase of 50% year-over-year and cumulative $110 billion since its launch in 2017. Surpassing the $100 billion mark on Shop Pay was a significant achievement for the team, but we have our sights set on further establishing Shop Pay as the preferred accelerated checkout method across commerce.

本季度，Shop Pay 實現了 120 億美元的 GMV，年增長 50%，自 2017 年推出以來累計達到 1,100 億美元。Shop Pay 突破 1000 億美元大關對團隊來說是一項重大成就，但我們我們的目標是進一步將Shop Pay 打造為跨商業領域的首選加速結帳方式。

It's a tool that retailers, large and small, on-platform and off, will continue to seek out given Shopify's overall conversion rate outpacing the competition by up to 36% and, on average, 15% more than others. From embedding AI into our solutions to optimizing checkout to expanding the availability of Shop Pay, these are just a snapshot of the wide array of ways Shopify is making it easier for merchants to not only sell locally, but globally.

鑑於 Shopify 的整體轉換率比競爭對手高出 36%，平均比其他競爭對手高出 15%，因此無論規模大小、平台內或平台外的零售商都將繼續尋求這種工具。從將 AI 嵌入到我們的解決方案中，到優化結帳，再到擴大 Shop Pay 的可用性，這些只是 Shopify 使商家不僅在本地而且在全球範圍內更容易銷售的各種方式的縮影。

Cross-border GMV was approximately 15% of total GMV in the quarter. And in late September, we successfully launched Markets Pro to general availability in the U.S., attracting thousands of merchants to this new product offering. Markets Pro takes on the most stressful and time-consuming elements of international transactions so our merchants don't have to. As a fully integrated merchant of record solution, it is built on top of markets.

跨境 GMV 約佔本季總 GMV 的 15%。 9 月下旬，我們成功在美國全面推出 Markets Pro，吸引了數千名商家使用這項新產品。 Markets Pro 承擔了國際交易中最有壓力和最耗時的部分，因此我們的商家不必這樣做。作為一個完全整合的記錄商家解決方案，它建立在市場之上。

Markets Pro is a great option for merchants looking to scale to new countries quickly without having to navigate international tax compliance or fraud while tapping into the best-in-class international shipping options with prepaid duties. Since the rollout, the product has become one of the fastest-growing e-commerce merchant of record providers, and we cannot wait to expand its accessibility to other countries beyond the U.S. in 2024.

對於希望快速擴展到新國家的商家來說，Markets Pro 是一個不錯的選擇，而無需應對國際稅務合規或詐欺問題，同時利用預付關稅的一流國際運輸選項。自推出以來，該產品已成為記錄提供者中成長最快的電子商務商家之一，我們迫不及待地希望在 2024 年將其擴展到美國以外的其他國家。

Our primary focus for international remains centered on extending Shopify's products and capabilities to enhance the merchant experience in every market. This includes things like launching shipping guidance for merchants, navigating them through streamlined privacy guidance, initiating localization experiments across various marketing channels and bringing localization tools and AI-backed language translations to the Shopify App Store.

我們在國際市場的主要關注點仍然是擴展 Shopify 的產品和功能，以增強每個市場的商家體驗。這包括為商家推出運輸指南、透過簡化的隱私指南引導他們、跨各種行銷管道啟動在地化實驗以及將在地化工具和人工智慧支援的語言翻譯引入 Shopify 應用商店。

And it's working. In Q3, similar to the first half of the year, we delivered considerable GMV and merchant growth in key European markets like Germany, France and the U.K., with GMV in these 3 markets growing greater than 2x GMV for all other geographies. With our growing international and cross-border tools, we are increasing the ways for merchants to reach customers in new markets with ease. And with our growing network of partners, merchants can offer their products on even more channels and surfaces. It is this increasing optionality and integrated ecosystem that separates us from everybody else.

它正在發揮作用。第三季度，與上半年類似，我們在德國、法國和英國等主要歐洲市場實現了可觀的 GMV 和商家成長，這三個市場的 GMV 成長超過所有其他地區 GMV 的 2 倍。隨著我們不斷成長的國際和跨境工具，我們正在增加商家輕鬆接觸新市場客戶的方式。隨著我們不斷擴大的合作夥伴網絡，商家可以在更多的管道和平台上提供他們的產品。正是這種不斷增加的選擇性和整合的生態系統將我們與其他人區分開來。

We offer an agile and scalable platform that can open and scale to 1,000 physical retail locations; turn on social channels like TikTok, YouTube and Instagram with the click of a button; expand to wholesale via Shopify Collective or our B2B solution; connect and sync data with multiple marketplaces like Walmart, Amazon and eBay through our Marketplace Connect app. And all of this can be done within Shopify, giving brands a single, centralized place to reach a larger base of customers anywhere, anytime and always.

我們提供靈活且可擴展的平台，可開放並擴展到 1,000 個實體零售點；只需點擊一個按鈕即可開啟 TikTok、YouTube 和 Instagram 等社群管道；透過 Shopify Collective 或我們的 B2B 解決方案擴展到批發；透過我們的 Marketplace Connect 應用程式與沃爾瑪、亞馬遜和 eBay 等多個市場連接並同步資料。所有這一切都可以在 Shopify 中完成，為品牌提供一個單一的集中場所，以便隨時隨地接觸更大的客戶群。

Within retail, our go-to-market efforts continue to yield strong results. Off-line GMV increased 26% year-over-year in the quarter, driven primarily by larger retailers joining the platform. Nearly 1/3 of point-of-sale GMV in Q3 came from Shopify Plus merchants. And our Point-of-Sale Pro subscriber base was up 34%, all powerful indicators that our world-class point-of-sale product is fueled by an even stronger go-to-market that is delivering results and bringing more merchants onto the platform.

在零售領域，我們的市場推廣努力持續取得強勁成果。本季線下 GMV 年成長 26%，這主要是由大型零售商加入該平台所推動的。第三季近 1/3 的銷售點 GMV 來自 Shopify Plus 商家。我們的 Point-of-Sale Pro 用戶群成長了 34%，所有這些強有力的指標都表明我們世界一流的 POS 產品受到更強大的市場進入的推動，該產品正在交付成果並吸引更多商家進入市場平台。

The strength of our unified commerce platform and scalability of our retail channel continues to draw in major omnichannel retailers like Banana Republic Home, Princess Polly and the Sacramento Kings. We have worked consistently to build out the features and functionality that larger, multi-location retailers require, including powerful, customizable staff permissions, remote management of the point-of-sale products and innovative professional payment devices like our new Point-of-Sale Go, which we brought to the U.K. and Ireland in the quarter.

我們統一商務平台的優勢和零售通路的可擴展性繼續吸引 Banana Republic Home、Princess Polly 和 Sacramento Kings 等主要全通路零售商。我們一直致力於建立大型多地點零售商所需的特性和功能，包括強大的、可自訂的員工權限、銷售點產品的遠端管理以及創新的專業支付設備，例如我們的新銷售點Go，我們在本季度將其帶到了英國和愛爾蘭。

Many of these larger merchants are using Shopify Point-of-Sale to streamline their operations, giving them a clearer view of their business and greater ability to build personalized customer relationships. Even as more and more large brands choose Shopify for our unified commerce capabilities, we remain the best commerce offering for small- and medium-sized businesses. This is evident on our ongoing partnership with Intuit as well as our newly established partnership with Faire, making them a recommended wholesale marketplace.

許多大型商家都在使用 Shopify 銷售點來簡化其運營，使他們能夠更清晰地了解自己的業務並增強建立個人化客戶關係的能力。儘管越來越多的大品牌選擇 Shopify 來獲得我們的統一商務功能，但我們仍然是中小型企業的最佳商務產品。我們與 Intuit 的持續合作夥伴關係以及我們新與 Faire 建立的合作夥伴關係證明了這一點，使它們成為值得推薦的批發市場。

As part of the partnership, Faire also recommends Shopify as the preferred provider for delivering exceptional point-of-sale experiences to their merchant base, which is hundreds of thousands of retail shops in 20 countries. This partnership further reinforces the robustness of our offering for retailers aiming to stay at the forefront of commerce.

作為合作夥伴關係的一部分，Faire 還推薦 Shopify 作為首選提供者，為其商家群（包括 20 個國家/地區的數十萬家零售商店）提供卓越的銷售點體驗。這種合作關係進一步增強了我們為旨在保持商業前沿的零售商提供的產品的穩健性。

As consumers increasingly expect to interact with their favorite local shops, both online and in-person, we spent the past year developing a plan for retailers who primarily operate in physical locations, but also desire a simple online presence. We call it our Retail Plan. Tailored for retail-first businesses for $89 a month, retailers can leverage the strength of Shopify through our point-of-sale platform to help them run and manage their brick-and-mortar stores.

隨著消費者越來越希望與他們最喜歡的當地商店進行線上和麵對面的互動，我們在過去的一年裡為主要在實體店經營但也希望有簡單的線上展示的零售商制定了一項計劃。我們稱之為零售計劃。專為零售優先企業量身定制，每月費用為 89 美元，零售商可以透過我們的銷售點平台利用 Shopify 的優勢來幫助他們經營和管理實體店。

Since its launch in early August, 16% of our Retail Pro locations growth has come from merchants subscribing to this plan. While it's still early days, the Retail Plan is just another way in which we are uniquely positioning ourselves to expand the entry points into Shopify, thereby facilitating more commerce through our platform, driving the Shopify flywheel.

自 8 月初推出以來，我們 Retail Pro 門市成長的 16% 來自訂閱該計畫的商家。雖然現在還處於早期階段，但零售計劃只是我們獨特定位的另一種方式，以擴大 Shopify 的切入點，從而透過我們的平台促進更多的商業活動，推動 Shopify 飛輪。

In addition to our success in the retail channel, the momentum in our B2B business continues to accelerate. During the third quarter, our business nearly doubled year-over-year. And by August, we already had surpassed our entire B2B GMV for all of 2022. These are strong indicators that our efforts to develop advanced features for B2B are making an impact, and we have no intention of slowing down.

除了我們在零售通路的成功外，我們的 B2B 業務的勢頭也在持續加速。第三季度，我們的業務年增近一倍。到 8 月，我們已經超過了 2022 年全年的整個 B2B GMV。這些強有力的指標表明，我們為 B2B 開發高級功能的努力正在產生影響，而且我們無意放慢腳步。

To establish ourselves as industry leaders, particularly for large enterprise merchants, we are leveraging our rapid innovation and product development muscle to bring additional wholesale features such as staff permissions for sales reps and extensible discounts to make it easier to drive sales. As more consumer-favorite brands on Shopify like Laura Mercier and bareMinerals adopt this product, we continue to tap into our immense potential of our platform to enhance our engagement with our existing merchants and support them in growing this channel.

為了確立自己作為行業領導者的地位，特別是對於大型企業商家而言，我們正在利用我們的快速創新和產品開發能力帶來額外的批發功能，例如銷售代表的員工權限和可擴展的折扣，以更輕鬆地推動銷售。隨著 Laura Mercier 和 bareMinerals 等 Shopify 上越來越多消費者喜愛的品牌採用該產品，我們將繼續挖掘平台的巨大潛力，增強與現有商家的互動，並支持他們發展這一渠道。

Beyond serving our existing merchant base, B2B is a huge growth opportunity for Shopify to tap into new verticals and cater to an entirely new cohort of merchants who exclusively conduct B2B transactions. It is a massive industry that we believe we can fundamentally transform in our efforts to continue to make commerce better for everyone.

除了為我們現有的商家群體提供服務之外，B2B 還為 Shopify 提供了巨大的成長機會，讓其能夠開拓新的垂直領域並迎合專門進行 B2B 交易的全新商家群體。這是一個龐大的行業，我們相信我們可以從根本上改變這個行業，並繼續為每個人提供更好的商業服務。

As we look to further expand and strengthen our market presence as a leader in commerce, choice and flexibility matter. We have proven that serving both start-ups and large companies is not mutually exclusive, especially when you have one of the best ecosystems on the planet to deliver at both ends of the market.

當我們希望進一步擴大和加強我們作為商業領導者的市場地位時，選擇和靈活性至關重要。我們已經證明，為新創公司和大公司提供服務並不相互排斥，尤其是當您擁有地球上最好的生態系統之一來向市場兩端提供服務時。

Our partner ecosystem is the largest ecosystem of commerce partners in the world with 4x more global partners than the next largest commerce provider. The ecosystem that we have cultivated and extended over the years includes our community of developers and partners that are dedicated to commerce; more than 10,000 apps in our App Store; top system integrators like IBM and Deloitte; as well as our recently announced partnership with multinational advertising and technology company, WPP; and strong platform partnerships like Stripe, Global-e, as well as newer partnerships like the expanded ones we are building with Flexport and Adyen.

我們的合作夥伴生態系統是世界上最大的商業合作夥伴生態系統，全球合作夥伴數量是第二大商業提供者的 4 倍。我們多年來培育和擴展的生態系統包括我們致力於商業的開發者和合作夥伴社群；我們的 App Store 中有超過 10,000 個應用程式； IBM、德勤等頂尖系統整合商；以及我們最近宣布與跨國廣告和科技公司 WPP 的合作關係；以及 Stripe、Global-e 等強大的平台合作夥伴關係，以及我們與 Flexport 和 Adyen 建立的擴展合作夥伴關係等新的合作夥伴關係。

One of Shopify's greatest strengths is creating world-class partnerships with commerce and product companies that are a win-win for both parties. This is central to the flywheel that every company tries to cultivate that we actually have and are incredibly proud of. Our ecosystem is critically important to the success of our merchants. If our partners succeed, our merchants succeed and we succeed. This is by design, and it's happening across all dimensions of our business. And in the past few months, we've had some exciting things happening for Shopify and our partners.

Shopify 的最大優勢之一是與商業和產品公司建立世界級的合作夥伴關係，這對雙方來說是雙贏的。這是飛輪的核心，每家公司都試圖培養我們實際上擁有的飛輪，並為此感到無比自豪。我們的生態系統對於商家的成功至關重要。如果我們的合作夥伴成功，我們的商家就會成功，我們也會成功。這是設計使然，而且它發生在我們業務的各個方面。在過去的幾個月中，Shopify 和我們的合作夥伴發生了一些令人興奮的事情。

For our advertising product, Audiences, we recently announced integrations with TikTok, Snap, Criteo, joining our existing roster of channel ad partners, including Meta, Google and Pinterest. On the app side, our long-term partner, Klaviyo, who officially launched their app in the Shopify App Store back in 2018, has successfully IPO-ed, which demonstrates the strength of Shopify's ecosystem in helping our partners find success. Congratulations to the entire Klaviyo team on this huge achievement.

對於我們的廣告產品 Audiences，我們最近宣布與 TikTok、Snap、Criteo 集成，加入我們現有的通路廣告合作夥伴名單，包括 Meta、Google 和 Pinterest。在應用方面，我們的長期合作夥伴Klaviyo於2018年在Shopify應用商店正式推出了他們的應用程序，並已成功IPO，這表明了Shopify生態系統在幫助我們的合作夥伴取得成功方面的實力。恭喜整個 Klaviyo 團隊取得這項巨大成就。

We announced our partnership with Amazon, which will release an app in Shopify's app ecosystem in the coming weeks, giving merchants the choice to offer Buy with Prime directly within their Shopify Checkout. This new app will give U.S.-based merchants who use Amazon's fulfillment network the option to add Buy with Prime into their Shopify Checkout, and all of it will be processed by Shopify Payments.

我們宣布與 Amazon 建立合作夥伴關係，亞馬遜將在未來幾週內在 Shopify 的應用程式生態系統中發布一款應用程序，讓商家可以選擇直接在其 Shopify Checkout 中提供 Buy with Prime。這款新應用程式將為使用亞馬遜配送網路的美國商家提供將 Buy with Prime 新增至其 Shopify Checkout 中的選項，並且所有這些都將由 Shopify Payments 處理。

And finally, we have signed our commercial agreement with Flexport as our preferred logistics provider. We look forward to partnering with Flexport to bring fast, affordable and reliable logistics offerings to our merchants. More choice means more opportunities to succeed, and that's what we are building at Shopify because Shopify is no longer just e-commerce in North America for small businesses.

最後，我們與 Flexport 簽署了商業協議，成為我們的首選物流提供者。我們期待與 Flexport 合作，為我們的商家提供快速、實惠且可靠的物流服務。更多選擇意味著更多成功機會，這就是我們在 Shopify 打造的目標，因為 Shopify 不再只是北美小型企業的電子商務。

We are a global unified commerce platform for merchants of all sizes. Whether it's full stack, headless or composable, we have a suite of capabilities that are built for every type of enterprise, every new entrepreneur and every SMB that is looking for a fast and scalable solution that offers incredible value. No matter what a merchant might need, Shopify has a solution that is right for them, and we are building more every day to increase the optionality and the ways in which we can help businesses succeed.

我們是一個面向各種規模商家的全球統一商務平台。無論是全端、無頭還是可組合，我們都擁有一套專為每種類型的企業、每個新企業家和每個正在尋找快速且可擴展的解決方案並提供令人難以置信的價值的中小型企業而建構的功能。無論商家可能需要什麼，Shopify 都有適合他們的解決方案，而且我們每天都在建立更多解決方案，以增加可選性以及幫助企業成功的方式。

And the best part is that every single day, consumers' favorite brands and the brands of tomorrow are all coming to Shopify. They trust us to provide them with the cutting-edge tools to not only find success today, but to build brands that thrive in the future of commerce.

最棒的是，每一天，消費者最愛的品牌和未來的品牌都會來到 Shopify。他們相信我們能夠為他們提供尖端工具，不僅能在今天取得成功，還能打造在未來商業中蓬勃發展的品牌。

Some of the brands that launched since our last earnings call include PUCCI, the well-known French fashion house and luxury retail brand owned by LVMH; Ted Baker, the U.K. fashion designer; as well as Anastasia Beverly Hills, the celebrity makeup artist and makeup brand; and JLo Beauty, the beauty skincare line by Jennifer Lopez, all highlighting our continued ability to meet the needs of merchants across verticals and geographies.

自我們上次財報電話會議以來推出的一些品牌包括 LVMH 旗下的著名法國時裝屋和奢侈品零售品牌 PUCCI；泰德貝克 (Ted Baker)，英國時裝設計師；以及Anastasia Beverly Hills，名人化妝師和化妝品牌；以及 Jennifer Lopez 的美容護膚系列 JLo Beauty，所有這些都凸顯了我們持續滿足跨行業和跨地區商家需求的能力。

Our go-to-market strategy, combined with our robust, multidimensional, unified commerce platform, is attracting more brands with established online and off-line presences to Shopify, brands like PAIGE Denim and OAK + FORT, who recently signed with Shopify because we can offer them optionality and scalability to power their businesses online, off-line and everywhere in between.

我們的市場進入策略，結合我們強大、多維、統一的商務平台，正在吸引更多擁有線上線下業務的品牌加入 Shopify，例如 PAIGE Denim 和 OAK + FORT 等品牌，這些品牌最近與 Shopify 簽約，因為我們可以為他們提供選擇性和可擴展性，以支援他們的線上、離線以及任何地方的業務。

We also saw our go-to-market efforts lead to Shopify signing deals with enterprise-level brands around the world, including luxury marketplace, Moda Operandi; footwear company, TOMS; Liberated Brands, the retail and e-commerce operator of Boardriders, which is home to brands like Quiksilver, Roxy, DC Shoes, Billabong, Element and many more; premium wine company, Treasury Wine Estates; specialty beverage marketplace, BevMo!, powered by Gopuff; our largest EMEA brand to date, Danish online and physical yarn brand, Hobbii; along with Austrian beauty brand, AMR Hair & Beauty; and Snow Peak, a Japanese design camping gear company, our largest brand signing in Japan.

我們也看到我們的市場推廣努力促使 Shopify 與世界各地的企業級品牌簽署了協議，其中包括奢侈品市場 Moda Operandi；鞋類公司TOMS； Liberated Brands，Boardriders 的零售和電子商務營運商，擁有 Quiksilver、Roxy、DC Shoes、Billabong、Element 等品牌；優質葡萄酒公司Treasury Wine Estates；特色飲料市場 BevMo!，由 Gopuff 提供支援；我們迄今為止最大的歐洲、中東和非洲品牌，丹麥線上和實體紗線品牌 Hobbii；與奧地利美容品牌 AMR Hair & Beauty 一起；還有日本露營裝備設計公司Snow Peak，這是我們在日本簽約的最大品牌。

Beyond these brands, many others continue to come to Shopify because we offer the best value for flexible, scalable infrastructure to help them succeed. And our excitement around the enterprise opportunity is only growing stronger as we engage and sign more consumers' favorite brands across geographies and channels.

除了這些品牌之外，還有許多其他品牌繼續來到 Shopify，因為我們為靈活、可擴展的基礎設施提供最佳價值，以幫助他們取得成功。隨著我們跨地域和跨渠道接觸並簽署更多消費者喜愛的品牌，我們對企業機會的興奮只會越來越強烈。

Before I hand it over to Jeff, let me just give you a quick update on how Shopify is working with brands to create incredible unique experiences that customers are absolutely raving about. Over the summer, the Shop App went on tour with Drake. It's the first time in 4 years that Drake has gone on tour, so it's a big deal for his fans all over the world. So we took the Shop App on tour with him and crafted something special for his fans that they can only get through the Shop App.

在將其交給 Jeff 之前，讓我先向您簡要介紹一下 Shopify 如何與品牌合作，打造令客戶讚不絕口的令人難以置信的獨特體驗。整個夏天，Shop App 與 Drake 一起進行了巡演。這是 Drake 四年來第一次進行巡演，所以這對他全世界的歌迷來說都是一件大事。因此，我們帶著 Shop 應用程式與他一起巡演，並為他的粉絲製作了一些只能透過 Shop 應用程式才能獲得的特別內容。

We created a QR code and geo-fences with custom radiuses to drop his fans thousands of surprise Drake-related gifts. Fans could scan the QR code at the show, head to the Drake-related shop, put in their shipping details and be sent awesome products like unreleased Nike sneakers and Champagne Hot Steps. And every drop was different with surprise products at a surprise time. These drops are creating huge hype at every tour stop with people starting to crowd around for the drop after the show.

我們創建了二維碼和具有自訂半徑的地理圍欄，向他的粉絲贈送數千件與 Drake 相關的驚喜禮物。粉絲們可以在展會上掃描二維碼，前往 Drake 相關商店，輸入發貨詳細信息，然後收到很棒的產品，例如未發布的 Nike 運動鞋和 Champagne Hot Steps。每一滴都是不同的，在驚喜的時間裡呈現出驚喜的產品。這些優惠在每個巡迴站都引起了巨大的轟動，演出結束後人們開始蜂擁而至。

It's been incredible to see and be a part of, and all of it is being done on Shopify. Our merchant obsession and powerful platform ideally positions us at the epicenter of the future of commerce, unleashing new ways for merchants to engage and drive authentic connections with their customers.

親眼目睹並參與其中真是令人難以置信，而且所有這些都是在 Shopify 上完成的。我們對商家的痴迷和強大的平台使我們處於未來商業的中心，為商家提供了與客戶互動並建立真正聯繫的新方式。

To wrap it up, millions of merchants around the world recognize and value the rich set of mission-critical solutions that we provide. Our unified commerce operating system is the backbone powering brands all over the world. We continue to make it possible for every business owner on Shopify to leverage the power of the latest technology like AI, so they can build their businesses faster and unlock a new level of creativity and productivity beyond their wildest expectations.

總而言之，世界各地數百萬商家認可並重視我們提供的豐富的任務關鍵型解決方案。我們的統一商務作業系統是為全球品牌提供動力的支柱。我們將繼續讓 Shopify 上的每個企業主都能利用 AI 等最新技術的力量，以便他們能夠更快地建立自己的業務，並將創造力和生產力提升到超越他們最瘋狂期望的新水平。

So as our merchants get ready for their busiest shopping season of the year, their next flash sale or even their very first sale, we are ready, arming them with the speed, reliability and accessibility they need across channels, partners and products to help them capture every opportunity every step of the way.

因此，當我們的商家為一年中最繁忙的購物季、下一次閃購甚至第一次銷售做好準備時，我們已做好準備，為他們提供跨通路、合作夥伴和產品所需的速度、可靠性和可訪問性，以幫助他們抓住每一步的每一個機會。

And with that, I'll turn the call over to Jeff.

然後，我會將電話轉給傑夫。

Thanks, Harley. Let's dive into our Q3 results, starting with GMV. GMV in Q3 was $56 billion, up 22% year-over-year as merchants delivered another strong quarter of growth. The 22% year-over-year growth in GMV represents the highest quarterly growth rate since the pandemic-driven growth rates of 2021. Growth in our merchant base globally was the largest contributor to our GMV growth year-over-year.

謝謝，哈利。讓我們從 GMV 開始深入了解第三季的結果。第三季 GMV 為 560 億美元，年成長 22%，商家再次實現強勁的季度成長。 GMV 年成長 22%，這是自 2021 年疫情驅動的成長率以來的最高季度成長率。全球商家基礎的成長是 GMV 年成長的最大貢獻者。

Three other key factors. Continued gains in Europe. Harley mentioned in his comments that GMV in Germany, France and the U.K., our 3 largest merchant bases in Europe, combined grew greater than 2x the GMV for all other geographies globally. The same is true for all of EMEA, GMV grew 2x the rate of the rest of the world. The GMV strength in Europe is stemming from multiple sources with the growth being driven equally by new merchant acquisition and sales growth in our existing merchant base. Secondly, same-store sales growth in our existing merchants globally. And finally, robust growth in our Point-of-Sale business, which increased 26% year-over-year for the quarter, driven primarily by larger retailers joining the platform.

其他三個關鍵因素。歐洲繼續上漲。哈雷在評論中提到，德國、法國和英國（我們在歐洲最大的三個商業基地）的 GMV 成長速度是全球所有其他地區 GMV 的 2 倍以上。整個歐洲、中東和非洲地區也是如此，GMV 成長速度是世界其他地區的 2 倍。歐洲的 GMV 實力源自於多種來源，新商家收購和我們現有商家基礎的銷售成長同樣推動了成長。其次，我們現有商家的全球同店銷售成長。最後，我們的銷售點業務強勁成長，本季年增 26%，這主要是由大型零售商加入該平台所推動的。

Turning to revenue. Revenue for the third quarter was $1.7 billion, up 25% year-over-year, which translates into a year-over-year growth rate of 30% when excluding the logistics business. The key contributors to our revenue growth included the GMV strength we just discussed, the growth in our Merchant Solutions business, which was driven by a combination of increased penetration of payments and continued growth across a broad number of solutions, including Capital, Markets and Installments; a full quarter of benefit from the subscription pricing changes on our standard plans; and growth in the number of active merchants across each of Standard, Plus and Point-of-Sale.

轉向收入。第三季營收為17億美元，年增25%，若不包括物流業務，年成長率為30%。我們收入成長的關鍵因素包括我們剛才討論的 GMV 實力、我們的商家解決方案業務的成長，這是由支付滲透率的提高以及資本、市場和分期付款等多種解決方案的持續增長共同推動的;整整一個季​​度受益於我們標準計劃的訂閱定價變化； Standard、Plus 和 Point-of-Sale 的活躍商家數量成長。

In Q3, our product attach rate was 3.05%, up from 2.96% in Q3 of 2022. The key contributors were growth in Payments, Subscription Solutions from the pricing change, Capital, Markets, Installments and Tax.

第三季度，我們的產品附加率為 3.05%，高於 2022 年第三季的 2.96%。主要貢獻者是支付、定價變化帶來的訂閱解決方案、資本、市場、分期付款和稅收的成長。

Now to discuss our 2 revenue streams: Merchant Solutions revenue and Subscription Solutions revenue. Q3 Merchant Solutions revenue was $1.2 billion, increasing 24% year-over-year, driven by growth in GMV, continued penetration of Shopify Payments and strength in our other Merchant Solutions, particularly Shopify Capital, Markets and Installments. These partially offset by not having the logistics business in the quarter.

現在討論我們的 2 個收入來源：商家解決方案收入和訂閱解決方案收入。第三季商家解決方案營收為 12 億美元，年成長 24%，這得益於 GMV 的成長、Shopify Payments 的持續滲透以及我們其他商家解決方案（特別是 Shopify 資本、市場和分期付款）的實力。該季度沒有物流業務部分抵消了這些影響。

$32.8 billion of GMV was processed on Shopify Payments in the third quarter, 31% higher than in the third quarter of 2022. The penetration rate of Shopify Payments as a percentage of GMV was 58% compared to 54% in Q3 of 2022. 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. These partially offset by our GMV mix shifting to EMEA, where we have lower GPV penetration than our core countries.

第三季 Shopify Payments 處理的 GMV 為 328 億美元，比 2022 年第三季成長 31%。Shopify Payments 的滲透率佔 GMV 的百分比為 58%，而 2022 年第三季為 54%。與前一年相較，推動本季總支付量增加的因素包括： 使用Shopify Payments 的商家表現強勁，其中Shopify Plus 的比例不斷增加；全球新商家的採用； Shop Pay 的滲透率較高；以及我們在實體零售店的整合銷售點解決方案的持續成長。這些部分被我們的 GMV 組合轉向歐洲、中東和非洲所抵消，在這些地區，我們的 GPV 滲透率低於我們的核心國家。

Subscription Solutions revenue was $486 million, up 29% over Q3 of 2022, primarily driven by the growth in the number of merchants on both our Standard and Plus plans as well as the first full quarter of impact from the pricing increases on our Standard plans.

訂閱解決方案收入為4.86 億美元，比2022 年第三季度增長29%，這主要是由於我們的標準計劃和Plus 計劃的商家數量增長以及我們的標準計劃定價上漲帶來的第一個完整季度的影響。

Q3 MRR was $141 million, up 32% year-over-year. We saw strong year-over-year growth in MRR across each of Standard, Plus and Point-of-Sale. The year-over-year strength stemmed from increases in the number of merchants across all 3 of these categories combined with, for Standard, the pricing plan that we implemented earlier this year; for Point-of-Sale, which was up 34%, our new Retail Plan combined with improvements in our go-to-market strategy; and for Plus, continued growth in new merchants and upgrades, with Plus growing to 31% of MRR for Q3 of this year.

第三季 MRR 為 1.41 億美元，年增 32%。我們看到標準、Plus 和銷售點的 MRR 逐年強勁成長。年比成長動能源自於所有這 3 個類別的商家數量的增加，以及我們今年稍早實施的標準定價計畫；對於銷售點，成長了 34%，我們的新零售計劃結合了我們的上市策略的改進；對於 Plus 來說，新商家和升級的持續成長，今年第三季 Plus 的 MRR 成長至 31%。

Moving on to gross profit. Gross profit was $901 million for the quarter, up 36% year-over-year. Gross margin for Subscription Solutions was 81.9% compared to 78.1% in Q3 of 2022. The increase was driven primarily by a full quarter of the pricing changes as well as support efficiencies.

轉向毛利。該季度毛利為 9.01 億美元，年增 36%。訂閱解決方案的毛利率為 81.9%，而 2022 年第三季為 78.1%。這一成長主要是由整個季度的定價變化以及支援效率推動的。

Gross margin for Merchant Solutions was 41.0% compared to 37.2% in Q3 of 2022. Our Merchant Solutions gross margin improvement was primarily due to the lack of the dilutive margin impact of our logistics business in the prior year. When excluding the impact of logistics, our Merchant Solutions gross margin was down 1 point year-over-year. It's the same factors we experienced in the second quarter, including growth of our lower-margin Shopify Payments business was partially offset by growth in other higher-margin Merchant Solutions, including Capital, Installments and Markets.

Merchant Solutions 的毛利率為 41.0%，而 2022 年第三季為 37.2%。我們的 Merchant Solutions 毛利率改善主要是由於前一年沒有物流業務的稀釋利潤影響。排除物流影響後，我們的商家解決方案毛利率年減 1 個百分點。這與我們在第二季度經歷的因素相同，包括利潤率較低的 Shopify Payments 業務的成長被其他利潤率較高的商家解決方案（包括資本、分期付款和市場）的成長部分抵消。

This brings our overall Q3 gross margin to 52.6% compared to 48.5% in the prior year. Excluding the dilutive impact of the logistics business in Q3 of 2022, gross margin in Q3 was essentially flat year-over-year, driven by growth in our higher-margin Subscription Solutions business, primarily due to the pricing changes offset by continued growth in our lower-margin Payments business within Merchant Solutions.

這使得我們第三季的整體毛利率達到 52.6%，而去年同期為 48.5%。排除2022 年第三季物流業務的攤薄影響，第三季的毛利率同比基本持平，這主要是由於我們利潤率較高的訂閱解決方案業務的增長所推動，這主要是由於定價變化被我們的訂閱解決方案業務的持續成長所抵消。Merhant Solutions 內利潤較低的支付業務。

Operating expenses were $779 million for the quarter, down 23% compared to Q3 of 2022. The decline year-over-year was primarily driven by lower headcount, the sale of the logistics business and the $127 million in onetime charges, primarily pertaining to legal accruals incurred in the prior year.

本季營運費用為 7.79 億美元，比 2022 年第三季下降 23%。年減的主要原因是員工人數減少、物流業務出售以及 1.27 億美元的一次性費用（主要與法律費用有關）上一年發生的應計費用。

Compared to our second quarter operating expense of $818 million, excluding the charges from the sale of our logistics business, its related SBC and severance, our Q3 operating expenses were lower quarter-over-quarter, largely from lower compensation expense driven by a full quarter of lower headcount, partially offset by a real estate charge for the disposal of the last lease we have related to our logistics business and a reduced footprint in one of our ongoing offices as a result of lower headcount.

與第二季 8.18 億美元的營運費用相比（不包括出售物流業務、相關 SBC 和遣散費的費用），我們第三季的營運費用環比較低，這主要是由於整個季度的薪酬費用較低人員數量減少，部分被我們與物流業務相關的最後一份租約處置的房地產費用以及由於人員數量減少而減少的我們現有辦事處之一的佔地面積所部分抵消。

Relative to our outlook, 3 items drove our lower third quarter operating expenses: headcount, marketing and back office. On headcount, we are selectively hiring in key areas, but we decided to restart that process at a slower pace, so compensation expense was lower than planned. Marketing came in lower as we continue to remain disciplined in our spend. And lastly, back-office spend came in even better than expected in areas such as travel, events, legal and recruiting.

相對於我們的展望，有 3 個項目推動了我們第三季營運支出的下降：員工人數、行銷和後台。在人員編制方面，我們有選擇性地在關鍵領域進行招聘，但我們決定以較慢的速度重新啟動流程，因此補償費用低於計劃。由於我們繼續嚴格控制支出，行銷收入有所下降。最後，旅行、活動、法律和招聘等領域的後台支出甚至比預期好。

Bringing this to the bottom line, operating income was $122 million in the quarter. Stock-based compensation for Q3 was $102 million compared to $150 million for the same period a year ago, driven primarily by lower headcount.

算下來，本季營業收入為 1.22 億美元。第三季的股票薪酬為 1.02 億美元，而去年同期為 1.5 億美元，主要是由於員工人數減少所致。

Capital expenditures were $2 million for the quarter. Q3 free cash flow was $276 million or 16% of revenue. We have mentioned in our past few calls our focus on operating discipline, and you are seeing it play out in our free cash flow margins. We have delivered 4 consecutive quarters of free cash flow, generated more free cash flow in Q3 than the prior 3 quarters combined and have grown both free cash flow dollars and free cash flow margin sequentially each quarter this year. Again, all of this in line with the work that we've been doing to drive strong free cash flow margins.

該季度的資本支出為 200 萬美元。第三季自由現金流為 2.76 億美元，佔營收的 16%。我們在過去的幾次電話會議中提到了我們對營運紀律的關注，您將看到它在我們的自由現金流利潤率中發揮作用。我們已經連續 4 個季度實現自由現金流，第三季度產生的自由現金流比前三個季度的總和還要多，並且今年每個季度的自由現金流美元和自由現金流利潤率都連續增長。同樣，這一切都與我們為推動強勁的自由現金流利潤率所做的工作是一致的。

Turning to our balance sheet. Our cash and marketable securities balance was $4.9 billion as of September 30, and we had a net cash position of $4.0 billion after consideration of the outstanding convertible notes.

轉向我們的資產負債表。截至 9 月 30 日，我們的現金和有價證券餘額為 49 億美元，考慮到未償還的可轉換票據後，我們的淨現金部位為 40 億美元。

Before turning to outlook, I want to highlight the Flexport commercial agreement that has now been signed. We are excited to continue to partner with Ryan and the Flexport team to bring our merchants affordable and reliable logistics offerings. It is still very early days, and we do not expect this agreement to have a material impact on our results for the rest of the year.

在談到 Outlook 之前，我想強調一下現已簽署的 Flexport 商業協議。我們很高興繼續與 Ryan 和 Flexport 團隊合作，為我們的商家提供價格實惠且可靠的物流服務。現在還處於早期階段，我們預計該協議不會對我們今年剩餘時間的業績產生重大影響。

Let's now turn to outlook. Our expectations for the rest of the year are as follows. First, on revenue, we expect revenue for the full year to grow to mid-20s percentage rate on a year-over-year basis, driven by fourth quarter revenue growth in the high teens on a GAAP basis, which translates into a year-over-year growth rate in the low to mid-20s when excluding the 400 to 500 basis points impact from the sale of our logistics business.

現在讓我們轉向展望。我們對今年剩餘時間的預期如下。首先，在收入方面，我們預計全年收入將同比增長至 20% 左右，這是由第四季度按 GAAP 計算的收入增長推動的，這意味著同比增長 -排除物流業務出售帶來的400 至500個基點的影響，年成長率在20 多歲左右。

Our expectations for growth in Q4 reflect the continued strength of our business, and the year-over-year growth rate reflects a tougher comparison to Q4 of last year, which was our highest quarterly growth rate last year and included a particularly strong Black Friday/Cyber Monday weekend.

我們對第四季度成長的預期反映了我們業務的持續強勁，同比增長率反映了與去年第四季度的更嚴峻的比較，去年第四季度是我們去年最高的季度增長率，其中包括特別強勁的黑色星期五/網路星期一週末。

Q4 gross margin percentage is expected to be up 300 to 400 basis points over Q4 of last year, with the clear driver being the removal of the dilutive margin impact of our logistics business, which was itself approximately 300 to 400 basis points. Excluding that impact on logistics, Q4 gross margin is expected to be flat year-over-year.

第四季的毛利率預計將比去年第四季上升 300 至 400 個基點，明顯的推動因素是消除了我們的物流業務的稀釋利潤影響，物流業務本身約為 300 至 400 個基點。排除對物流的影響，第四季毛利率預計將與去年同期持平。

Other key factors contributing to our Q4 gross margin expectations are the benefit of the price increase and our standard pricing, which is offset by higher expected payments volume and penetration. As a reminder, Q4 gross margin historically has declined relative to Q3 due to the higher percentage of revenue coming from payments given the GMV volume from the holiday season. Our guidance implies that our gross margins will increase for calendar year 2023 compared to 2022.

影響我們第四季毛利率預期的其他關鍵因素是價格上漲和我們的標準定價的好處，這被預期支付量和滲透率的提高所抵消。提醒一下，從歷史上看，第四季的毛利率相對於第三季有所下降，因為考慮到假期季節的 GMV 量，來自付款的收入比例較高。我們的指導意味著我們 2023 年的毛利率將比 2022 年增加。

We believe that our Q4 operating expense dollars will be down at a low-single-digit percentage rate compared to our Q3 operating expense dollars of $779 million. Our cost base is stabilizing as we continue to lean into the new shape of Shopify. We continue to demonstrate our ability to operate more efficiently, leveraging automation and process improvements while continuing to launch new products and invest in key areas.

我們相信，與第三季 7.79 億美元的營運費用相比，第四季的營運費用將以較低的個位數百分比下降。隨著我們繼續採用 Shopify 的新形態，我們的成本基礎正在穩定下來。我們繼續展示我們更有效的營運能力，利用自動化和流程改進，同時繼續推出新產品並在關鍵領域進行投資。

Moving to stock-based compensation. SBC is expected to be approximately $100 million in Q4. We continue to 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.

轉向以股票為基礎的薪酬。 SBC 預計第四季營收約 1 億美元。我們仍預計 2023 年全年的資本支出約為 4,500 萬美元，其中包括今年前兩季與物流相關的 3,300 萬美元。

Finally, on free cash flow. Our free cash flow margin and our free cash flow dollars have both improved sequentially every quarter this year, and this trend is expected to persist into Q4. We anticipate that our Q4 free cash flow margin will be in the high teens. This continued improvement in our free cash flow should be viewed as a clear indicator of the steps that we have taken this year to drive towards greater profitability as we build for the long term.

最後，關於自由現金流。我們的自由現金流利潤率和自由現金流美元今年每季都持續改善，預計這種趨勢將持續到第四季。我們預計第四季的自由現金流利潤率將達到十幾歲。我們自由現金流的持續改善應被視為我們今年為實現長期獲利能力而採取的措施的明確指標。

Before I close out the call, and as we previously announced, we will be hosting an Investor Day for financial analysts and institutional investors on December 5 in New York. We will not be providing a long-term detailed financial model at the Investor Day. What you can expect from us is to hear from the key leaders across our business, including Tobi; Harley; Kaz, our COO; Bobby, our Chief Revenue Officer; and Glen, our Vice President of Product for Shopify Corp.

在我結束電話會議之前，正如我們之前宣布的那樣，我們將於 12 月 5 日在紐約為金融分析師和機構投資者舉辦投資者日活動。我們不會在投資者日提供長期詳細的財務模型。您可以期待從我們這裡聽到我們業務的主要領導者的意見，包括 Tobi；哈雷； Kaz，我們的營運長；鮑比，我們的首席營收長；以及 Shopify Corp 的產品副總裁 Glen。

Throughout the event, we plan to discuss the significant market opportunity ahead of us, our multiple durable growth levers and our approach to product innovation and go-to-market. More information regarding the event can be found on our corporate website, investors.shopify.com.

在整個活動中，我們計劃討論我們面臨的重大市場機會、我們的多種持久成長槓桿以及我們的產品創新和上市方法。有關活動的更多資訊可以在我們的公司網站 Investors.shopify.com 上找到。

In closing, the top line growth in our business remains very strong. Our focus on operating expenses remains unwavering, and our free cash flow generation continues to strengthen. All these factors clearly showcase the resilience of our business model, our robust market position and our capacity to generate more value for our merchants, which subsequently drives our success.

最後，我們業務的營收成長仍然非常強勁。我們對營運支出的關注依然堅定不移，我們的自由現金流產生持續加強。所有這些因素都清楚地展示了我們商業模式的彈性、我們強大的市場地位以及我們為商家創造更多價值的能力，從而推動了我們的成功。

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

現在，我會把電話轉回嘉莉，詢問你的問題。

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

我們現在將開始電話詢問您的問題。 （操作員說明）

Our first question comes from DJ Hynes at Canaccord.

我們的第一個問題來自 Canaccord 的 DJ Hynes。

Congrats on the strong results. Really nice to see. Harley, given the success you've seen with the Standard plan price increases, how does that inform your thinking on price optionality in the Plus base as you look to '24?

祝賀取得強勁的成果。真的很高興看到。 Harley，考慮到您在標準計劃價格上漲方面所取得的成功，這對您展望 24 世紀時對 Plus 基礎價格可選性的看法有何影響？

DJ, thanks for the question. Yes, I mean you said it, we saw when we increased our Standard price by about 1/3, we didn't really see any issue come from merchants. I think the price-to-value equation of Shopify is still so far on the side of value.

DJ，謝謝你的提問。是的，我的意思是你說過，我們看到當我們將標準價格提高約 1/3 時，我們並沒有真正看到商家有任何問題。我認為 Shopify 的價格與價值等式到目前為止仍然偏向價值。

And so one of the other things we think about a lot more recently, certainly than the past, is monetization in general. We're really thinking about how to monetize which products and when. And we're doing that across the board, whether it's when do we monetize audiences, when do we relook pricing on Shopify Plus or the enterprise offering, but that's something that we're taking a really hard look in. And I think the success of the Standard price change earlier this year proved to us that we can still -- we can incrementally change our pricing in the future without creating any major shift in that price-to-value ratio. So it's something we keep in mind.

因此，我們最近（當然比過去）思考得更多的其他事情之一就是整體的貨幣化。我們真正考慮的是如何在何時透過哪些產品獲利。我們正在進行這項工作，無論是何時透過受眾貨幣化，何時重新考慮 Shopify Plus 或企業產品的定價，但這是我們正在認真研究的事情。我認為成功今年早些時候的標準價格變化向我們證明，我們仍然可以——我們可以在未來逐步改變我們的定價，而不會導致價格與價值的比率發生任何重大變化。所以這是我們牢記在心的事。

On the enterprise side, certainly, right now, what we're seeing is that every enterprise needs something different. Some want headless, some want something right out of the box like Plus, others want more of a modular system like Commerce Components. And right now, no matter what you need from Shopify, we have a product and solution for you, and it's working really, really well.

當然，在企業方面，我們現在看到的是每個企業都需要不同的東西。有些人想要無頭，有些人想要開箱即用的東西，例如 Plus，有些人想要更多的模組化系統，例如 Commerce Components。現在，無論您需要 Shopify 提供什麼，我們都能為您提供產品和解決方案，而且效果非常非常好。

So we'll continue to look, relook pricing when it comes to things like enterprise, but certainly the basic price change makes us quite optimistic that there's still room there for us to change pricing in the future.

因此，當涉及企業等業務時，我們將繼續審視、重新審視定價，但基本的價格變化無疑讓我們非常樂觀，認為未來仍有調整定價的空間。

Thank you for your question. Our next question comes from Craig Maurer with Financial Technology Partners.

謝謝你的問題。我們的下一個問題來自 Financial Technology Partners 的 Craig Maurer。

Wanted to ask about your commentary regarding enterprise-level payments penetration. When I think about the competitive dynamic that you're going into, one, are you largely replacing sort of one-solution providers, meaning strictly a payments provider plus perhaps an additional website e-commerce company? And secondly, are there a lot of instances where the processor, the back-end processor might stay the same and the relationship changes from the merchant to you?

想詢問您對企業級支付滲透率的評論。當我考慮您即將面臨的競爭動態時，第一，您是否在很大程度上取代了某種單一解決方案提供商，即嚴格意義上的支付提供者加上也許是一家額外的網站電子商務公司？其次，是否有許多情況下處理器、後端處理器可能保持不變，而商家與您的關係發生了變化？

Thanks, Craig. I'll take that question as well. So in terms of Shopify Payments penetration, we're at about 58% right now. That is an all-time high penetration rate. And you're seeing us onboard new businesses to Shopify that are using Shopify Payments, Banana Republic Home, for example, or HiSmile or Anastasia, these new brands that are coming on. In some cases, these are very, very large businesses that are still opting to use Shopify Payments.

謝謝，克雷格。我也來回答這個問題。因此，就 Shopify Payments 滲透率而言，我們目前約為 58%。這是歷史最高的滲透率。您將看到我們在 Shopify 上引入了使用 Shopify Payments、Banana Republic Home 或 HiSmile 或 Anastasia 這些即將出現的新品牌的新業務。在某些情況下，這些非常非常大的企業仍然選擇使用 Shopify Payments。

We're also seeing Plus Shopify -- for the Plus merchants, SP or Shopify Payments penetration is actually higher than Standard penetration. So there's a lot of opportunity there to keep going. As we bring more merchants on, more merchants will take it. But remember, one of the things that we think is a real lever to increase more merchants using more solutions from us generally, but specifically Payments, things like Shop Pay or Shop Pay Installments or Shopify Balance or Shopify Audiences or some of the Shopify market features like foreign exchange conversion, you have to be on Shopify Payments to use that. And so we think we have a lot of opportunity there.

我們也看到 Plus Shopify——對於 Plus 商家來說，SP 或 Shopify Payments 的滲透率實際上高於標準滲透率。所以有很多機會繼續前進。隨著我們引進更多的商家，更多的商家也會接受它。但請記住，我們認為其中一件事是真正的槓桿，可以增加更多商家使用我們提供的更多解決方案，但具體來說是支付，例如Shop Pay 或Shop Pay 分期付款或Shopify Balance 或Shopify Audiences 或Shopify 市場的一些功能與外匯兌換一樣，您必須使用 Shopify Payments 才能使用它。所以我們認為我們在那裡有很多機會。

Your second part of your question in terms of where they're coming from. When we see these much larger brands come on to Shopify, in some cases, they're looking to modernize their entire technology stack, which includes their payment provider. And we are the perfect solution for that. In other cases, they may migrate over, but they -- and they may have an existing contract with the previous payment company. Eventually, when those expirations happen, we do see them, for the most part, moving on to Shopify Payments. It's a better product. The pricing is incredibly competitive. And as we scale, there's really no reason to use any other payment provider. If you can, use Shopify Payments than using it.

你問題的第二部分是關於它們來自哪裡。當我們看到這些更大的品牌進入 Shopify 時，在某些情況下，他們希望實現整個技術堆疊的現代化，其中包括他們的支付提供者。我們是這方面的完美解決方案。在其他情況下，他們可能會遷移，但他們可能與以前的支付公司簽訂了現有合約。最終，當這些到期發生時，我們確實看到他們在很大程度上轉向 Shopify Payments。這是一個更好的產品。定價極具競爭力。隨著我們規模的擴大，實際上沒有理由使用任何其他支付提供者。如果可以的話，請使用 Shopify Payments，而不是使用它。

Great. Thank you for your question. Our next question will come from Matt Pfau at William Blair.

偉大的。謝謝你的問題。我們的下一個問題將來自威廉布萊爾的馬特普福。

I wanted to just ask on the AI features that you've recently released and if you've noticed a discernible benefit to your business from these as customers have begun to leverage them. And then also, any learnings on how to potentially monetize some of these features?

我想問一下你們最近發布的人工智慧功能，以及當客戶開始利用這些功能時，你們是否注意到這些功能為你們的業務帶來了明顯的好處。還有，關於如何將其中一些功能貨幣化的任何學習？

Yes. I mean 2 ways. First of all, we ourselves are using AI inside of Shopify to make better decisions, but also for things like our support team using it so that questions like domain reconfiguration or a new password or I don't know what my password is. Those things should not necessarily require a high-touch communication. What that does is it means that our support team are able to have much higher-quality conversations and act as business coaches for the merchants on Shopify. So we're already using it ourselves.

是的。我的意思是有兩種方式。首先，我們自己在 Shopify 內部使用人工智慧來做出更好的決策，而我們的支援團隊也使用它來解決網域重新配置或新密碼或我不知道我的密碼是什麼等問題。這些事情不一定需要高接觸性的溝通。這意味著我們的支援團隊能夠進行更高品質的對話，並充當 Shopify 上商家的業務教練。所以我們自己已經在使用它了。

But in terms of AI for our merchants, remember, AI has really been a part of the story for a very long time here. If you kind of think about commerce and Shopify, we kind of interact at the intersection of humans and technology, and that's exactly what AI is really, really good at. So we think we're uniquely positioned to harness the power of AI, and the ultimate result of it will be these capabilities for our merchants to grow their businesses.

但就我們商家的人工智慧而言，請記住，人工智慧長期以來一直是這裡故事的一部分。如果你想想商業和 Shopify，我們會在人類和科技的交叉點互動，而這正是人工智慧真正非常擅長的。因此，我們認為我們在利用人工智慧的力量方面處於獨特的地位，其最終結果將是我們的商家利用這些能力來發展業務。

We also think that AI is for everyone, and it could add real value specifically to retail. Now unlike other AI products, the difference with Shopify Magic is it's designed specifically for commerce. And it's not necessarily just one feature or one product, it's really embedded across Shopify to make these workflows in our products just easier to use. It makes it easier for merchants to run and scale their businesses. And of course, we think it's going to unlock a ton of possibilities for not just small merchants, but merchants of all sizes. And we're going to continue to work on that over time. It's just going to get better and better.

我們也認為人工智慧適合每個人，它可以為零售業帶來真正的價值。與其他人工智慧產品不同，Shopify Magic 的不同之處在於它是專為商業而設計的。它不一定只是一項功能或一項產品，它確實嵌入到 Shopify 中，以使我們產品中的這些工作流程更易於使用。它使商家更容易經營和擴大業務。當然，我們認為這不僅會為小型商家，而且會為各種規模的商家帶來大量的可能性。隨著時間的推移，我們將繼續致力於此。它只會變得越來越好。

Thank you for your question. Our next question will come from Samad Samana at Jefferies.

謝謝你的問題。我們的下一個問題將來自 Jefferies 的 Samad Samana。

Great to see the strong results. Maybe if I could ask on Shopify Markets and Markets Pro, the 2 products, especially Markets Pro going GA. The company currently is [shooting] 15% of transactions cross-border. How much of that do you think realistically could at some point be processed through Markets or Markets Pro? And if it's not being done that way, where is that 15% being processed today? By Shopify merchants? I'm just trying to understand the opportunity and how they move over to the product to add more value for them and allow you to monetize them better as well.

很高興看到強勁的成果。也許我可以詢問 Shopify Markets 和 Markets Pro，這兩種產品，尤其是即將正式發布的 Markets Pro。該公司目前有 15% 的交易是跨國交易。您認為其中有多少實際上可以透過 Markets 或 Markets Pro 進行處理？如果不這麼做，那麼今天那 15% 的資料在哪裡處理呢？有 Shopify 商家提供？我只是想了解機會以及他們如何轉向產品，為他們增加更多價值，並讓您更好地透過它們獲利。

Thanks for the question. Look, on the international side, as Jeff mentioned in his prepared remarks, I mean we're seeing growth in the U.K., Germany, France. GMV is growing 2x faster than global GMV in Q3. We want to make selling internationally on day 1 as easy as it is to sell locally. And both Markets and Markets Pro are doing just that. And Markets Pro, as you heard, is now in GA in Q3. But the focus and the strategy is really to continue to localize products to implement these important commercial initiatives to make it much easier for merchants outside of North America also to start and scale their businesses.

謝謝你的提問。看，在國際方面，正如傑夫在他準備好的演講中提到的那樣，我的意思是我們看到英國、德國和法國的增長。第三季 GMV 成長速度是全球 GMV 的 2 倍。我們希望在第一天就實現國際銷售與本地銷售一樣簡單。 Markets 和 Markets Pro 都在這樣做。正如您所聽到的，Markets Pro 現已在第三季正式發布。但重點和策略實際上是繼續在地化產品，以實施這些重要的商業舉措，使北美以外的商家也更容易啟動和擴大業務。

And in terms of where that's coming from, I mean Markets has been out for a while. That really gives merchants the simple tools to launch localized products. And it includes really essential features for international selling. And then if you want to really -- Markets Pro is really where if you want to take one of the most stressful and time-consuming elements of international transactions out of your day-to-day, Markets Pro is the right thing for you. It's a fully integrated merchant of record solution.

就其來源而言，我的意思是市場已經退出有一段時間了。這確實為商家提供了推出在地化產品的簡單工具。它包含國際銷售真正重要的功能。然後，如果您真的想——如果您想將國際交易中最有壓力和最耗時的元素之一從日常生活中剔除出來，那麼 Markets Pro 確實適合您，那麼 Markets Pro 就是您的正確選擇。它是一個完全整合的記錄商家解決方案。

Since the rollout, the product has become one of the most -- one of the world's fastest-growing e-commerce merchant of record providers. And it's only going to get better over time. We've introduced things like foreign exchange hedging, express international shipping, tax compliance. And now merchants like MrBeast and WOLFpak and Made by Mary, very large merchants are already using it. So we'll continue to see that roll out over time.

自推出以來，該產品已成為全球成長最快的電子商務商記錄提供者之一。隨著時間的推移，它只會變得更好。我們推出了外匯對沖、國際快遞、稅務合規等服務。現在，MrBeast、WOLFpak 和 Made by Mary 等大型商家已經在使用它。因此，我們將繼續看到它隨著時間的推移而推出。

But Europe is going really well for us. The rest of the world is going well for us. And it's not just getting more merchants internationally to use Shopify, it's also getting existing merchants to increase their GMV by making it really easy to sell in every part of the world.

但歐洲對我們來說進展順利。世界其他地區對我們來說進展順利。這不僅讓更多的國際商家使用 Shopify，也讓現有商家透過在世界各地輕鬆銷售來提升 GMV。

Thank you. Our next question comes from Brad Sills at Bank of America.

謝謝。我們的下一個問題來自美國銀行的布拉德·希爾斯。

I wanted to ask about the SI channel and some of the progress you may be seeing there with Deloitte, IBM. How are some of those customers that you're targeting there are different from the traditional Shopify Plus end market? And how is the SI channel helping to customize and go after that end of the market?

我想詢問有關 SI 渠道的信息，以及您可能在德勤、IBM 那裡看到的一些進展。您的目標客戶與傳統的 Shopify Plus 終端市場有何不同？ SI 通路如何協助客製化並瞄準這款市場終端？

Thanks, Brad. Look, more large enterprise retailers are joining Shopify. It's happening every single day. And I think across the market, these large brands, these large businesses are recognizing both the value, but also the ease of combining our solutions with their existing infrastructure. They're doing it because they want a better total cost of ownership, but they also want to future-proof their business.

謝謝，布拉德。看，越來越多的大型企業零售商正在加入 Shopify。這種事每天都在發生。我認為在整個市場上，這些大品牌、這些大企業都認識到了我們的解決方案與現有基礎設施相結合的價值和便利性。他們這樣做是因為他們想要更好的總擁有成本，但他們也希望他們的業務能面向未來。

And at the start of this year, we announced, I think, January 3, our new enterprise solution. We now have something for everyone, whether it's headless or Shopify Plus or it's things like Commerce Components. And part of that is also finding new channels to get in front of those merchants. And we talked about brands like PUCCI from LVMH or Moda Operandi or Boardriders, which owns Billabong and Quiksilver and Gopuff. These are all different types of merchants in different geographies.

今年年初，我想是在 1 月 3 日，我們宣布了我們新的企業解決方案。現在，我們為每個人提供了一些東西，無論是 Headless、Shopify Plus 還是 Commerce Components 之類的東西。其中一部分還在於尋找新的管道來吸引這些商家。我們也談到了 LVMH 旗下的 PUCCI、Moda Operandi 或 Boardriders（旗下擁有 Billabong、Quiksilver 和 Gopuff）等品牌。這些都是不同地區不同類型的商人。

And so what you're seeing is a very intentional push to find better on-ramps into Shopify. And one of those on-ramps is -- are the SIs, and that is going really, really well. So we now have agreements with Deloitte, E&Y, KPMG, Accenture, IBM Consulting, Cognizant. We just announced a new one with WPP. And what it's really doing is it's helping very high-volume and high-complexity merchants and businesses that they already work with daily really migrate on to Shopify. You have companies like Accenture right now that are actually training entire teams on selling Shopify and working together on these high-revenue and high-profit projects together, and it's working.

因此，您所看到的是一種非常有意的推動，旨在尋找更好的 Shopify 入口。其中一個入口是 SI，進展非常非常順利。因此，我們現在與德勤、安永、畢馬威、埃森哲、IBM Consulting、Cognizant 簽訂了協議。我們剛宣布與 WPP 合作推出一款新產品。它真正的作用是幫助每天與之合作的大量、高複雜性的商家和企業真正遷移到 Shopify。現在像埃森哲這樣的公司實際上正在培訓整個團隊如何銷售 Shopify 並共同致力於這些高收入和高利潤的項目，而且它正在發揮作用。

But you're also seeing us, for the first time, do things like participate in the Gartner Magic Quadrant, which we are now the highest in that study in terms of ability to execute and a leader there. You're seeing us create new summits and new events for where we're bringing 600 global enterprise partners together. We had a Partner Summit a couple of weeks ago in L.A. These are things we didn't do historically. And we're doing that because we know that these sort of enterprise merchants and retailers that we want to bring on in the future, they require a different on-ramp into the business, and SIs play a big role in that, and it's working.

但您也第一次看到我們做一些事情，例如參與 Gartner 魔力像限，我們現在在該研究中的執行能力最高，並且是那裡的領導者。您將看到我們舉辦新的高峰會和新的活動，將 600 個全球企業合作夥伴聚集在一起。幾週前我們在洛杉磯舉行了一次合作夥伴高峰會。這些是我們歷史上從未做過的事情。我們這樣做是因為我們知道我們希望在未來引入這類企業商家和零售商，他們需要不同的進入業務的入口，而係統整合商在這方面發揮著重要作用，而且它正在發揮作用。

Thank you for your question. We'll now go to Clarke Jeffries at Piper Sandler.

謝謝你的問題。現在我們請教 Piper Sandler 的 Clarke Jeffries。

Jeff, I wanted to ask about the low-single-digit decline in OpEx between Q4 and Q3. What specifically is going to be the largest driver of the sequential dollar move there? And any way to think about what remains the lowest-hanging fruit for cost optimization?

傑夫，我想問一下第四季和第三季營運支出低個位數下降的情況。具體來說，美元連續走勢的最大驅動力是什麼？有什麼方法可以思考成本優化最容易達成的目標是什麼？

Yes, I think one of the things that you're going to see from us is the continued implementation of all the hard work we've been doing over the last 4 quarters, specifically to make sure we're continuing to get to the new shape of Shopify and get to an operating expense level, which we think will allow us to be disciplined on costs while we're going to continue to grow the top line.

是的，我認為您將從我們身上看到的一件事是繼續實施我們在過去 4 個季度所做的所有艱苦工作，特別是為了確保我們繼續實現新的目標Shopify 的形狀並達到營運費用水平，我們認為這將使我們能夠在繼續增加收入的同時控製成本。

The things that we've talked about, I think from a headcount perspective, I alluded to that, both as [growth] of Q3 results in terms of also how we think about Q4, stabilizing where we are from -- on a headcount perspective. We will continue to hire in select key areas. We will continue to make sure we're making investments in things like AI. We want to always be there for merchants. We will continue to invest in what we're doing on the product development front.

我們討論過的事情，我認為從人員數量的角度來看，我提到了這一點，無論是第三季度的[增長]結果還是我們對第四季度的看法，穩定了我們的現狀——從人員數量的角度來看。我們將繼續在選定的關鍵領域進行招募。我們將繼續確保對人工智慧等領域進行投資。我們希望永遠為商家服務。我們將繼續投資於產品開發方面的工作。

But as you heard from my comments as it relates to Q3, we've been very disciplined in the back office. We've been very disciplined on the marketing front. We will always -- Q3, I talked about leaning into what we're seeing in the marketing behind point-of-sale and also as it relates to off-line in Europe. So when we see opportunities on the marketing side, we will lean in. But also importantly, at the same time, what we're doing is we're being really disciplined across all the different markets, products, channels, geographies.

但正如您從我與第三季相關的評論中聽到的，我們在後台非常有紀律。我們在行銷方面一直非常自律。我們將始終——第三季度，我談到了我們在銷售點背後的營銷以及與歐洲線下相關的營銷中所看到的內容。因此，當我們看到行銷方面的機會時，我們會向前邁進。但同樣重要的是，同時，我們正在做的是，我們在所有不同的市場、產品、通路、地理位置上都嚴格遵守紀律。

So if we look at the returns, we as the senior management team spend a lot of time looking at the returns by channel, by segment in terms of what are the marketing dollars need to cross in terms of the threshold before we spend. And if in any given quarter we don't meet those thresholds, then obviously, we won't spend there. So I think it's going to be continued discipline on headcount, continued discipline on marketing and driving the back office largely through automation.

因此，如果我們查看回報，我們作為高階管理團隊會花費大量時間按管道、按細分市場來查看回報，以確定在我們支出之前需要跨越哪些行銷資金門檻。如果在任何特定季度我們沒有達到這些閾值，那麼顯然我們不會在那裡花錢。因此，我認為這將是對員工數量的持續約束，對行銷的持續約束以及主要透過自動化來推動後台工作。

Thanks for your question. Our next question will come from Siti Panigrahi at Mizuho Securities.

謝謝你的提問。我們的下一個問題將來自瑞穗證券的 Siti Panigrahi。

I want to ask about the Shop App traction. So it's good to see some of this marketing initiative you guys are doing like Drake's tour. But could you help us understand, like what's the adoption so far? Like what percentage of your consumer currently that purchase from Shopify merchants use Shop App? And what kind of active user you are seeing there?

我想問一下商店應用程式的吸引力。所以很高興看到你們正在做的一些行銷活動，例如德雷克的巡迴演出。但您能否幫助我們了解一下，例如目前為止的採用情況如何？例如，目前從 Shopify 商家購買商品的消費者中有多少比例使用 Shop App？您在那裡看到什麼樣的活躍用戶？

Yes, we're not talking about -- so those metrics, we're not disclosing just yet, but the Shop App is becoming much more popular. I mean when we launched it, we were very clear that the goal is really to strengthen merchant relationships and increase customer LTV. It is a new owned channel. It offers this end-to-end shopping experience for consumers. They get a real-time order tracking in a checkout with Shop Pay and Shop Pay Installments.

是的，我們不是在談論 - 所以這些指標，我們還沒有披露，但商店應用程式正變得越來越受歡迎。我的意思是，當我們推出它時，我們非常清楚我們的目標實際上是加強商家關係並提高客戶生命週期價值。這是一個新擁有的頻道。它為消費者提供端到端的購物體驗。他們透過 Shop Pay 和 Shop Pay 分期付款在結帳時獲得即時訂單追蹤。

So from the consumer perspective, it's this incredible place where some of the most favorite brands all have wonderful products listed. From a merchant perspective, what really matters is it's an owned channel that can help them drive traffic the way they want, and it's something that obviously you can only get by being on Shopify.

因此，從消費者的角度來看，在這個令人難以置信的地方，一些最受歡迎的品牌都列出了精彩的產品。從商家的角度來看，真正重要的是它是一個自有管道，可以幫助他們以自己想要的方式增加流量，而這顯然只有透過 Shopify 才能獲得。

Now in terms of some of the stuff we're doing, I mean we've been teaming up, you mentioned this earlier, but we've been teaming up with brands well beyond Drake, companies like Spanx and Feastables and Steve Madden, where we're bringing some of the biggest brands on to Shop App and providing them with opportunities like Shop Cash to give these great promotions to their audiences. It grows their GMV. It also grows their user base, and we've done about 40 of these so far with some of the largest brands.

現在就我們正在做的一些事情而言，我的意思是我們一直在合作，你之前提到過這一點，但我們一直在與 Drake 以外的品牌合作，例如 Spanx 和 Feastables 以及 Steve Madden 等公司，其中我們正在將一些最大的品牌引入Shop App，並為他們提供Shop Cash 等機會，以便向其受眾提供這些精彩的促銷活動。它增加了他們的 GMV。它還擴大了他們的用戶群，到目前為止，我們已經與一些最大的品牌合作了大約 40 個這樣的項目。

The current focus for Shop App is sort of threefold. First is enable merchants to customize the in-app shopping experience with things like [Shop Maze]. It's this beautiful mobile application that actually allows them to reflect the brand in the Shop App. The second is to build incredible brand awareness and acquire new customers. That's where Shop Cash is playing a big role. And then finally, how do they convert browsers into buyers, things like signing with shop and shop identities and obviously seamlessly transact with Shop Pay. This is getting to be a really wonderful channel for these merchants to use.

Shop App 目前的重點有三個面向。首先是讓商家能夠透過[Shop Maze]之類的東西來客製化應用程式內購物體驗。正是這個漂亮的行動應用程式實際上使他們能夠在商店應用程式中反映品牌。第二是建立令人難以置信的品牌知名度並獲取新客戶。這就是 Shop Cash 發揮重要作用的地方。最後，他們如何將瀏覽者轉化為買家，例如使用商店和商店身份進行簽名，以及顯然與 Shop Pay 進行無縫交易。這將成為這些商家使用的一個非常好的管道。

And so we'll talk a little bit more about how it's growing in terms of some of the metrics you'd ask for in the future. But generally, I mean, for anyone that uses Shop App, you know how great it's become. It's only going to get better.

因此，我們將更多地討論它如何根據您將來要求的一些指標來成長。但總的來說，我的意思是，對於任何使用 Shop App 的人來說，你都知道它變得有多棒。只會變得更好。

Thanks, Siti. Next question comes from Tim Chiodo at UBS.

謝謝，西蒂。下一個問題來自瑞銀集團的提姆·奇奧多。

I want to dig in a little bit more to some of the comments around Shop Pay moving off platform. If you could just talk a little bit about how you envision the button competing maybe with the likes of PayPal or Apple Pay across the broader retail landscape in terms of checkout share? And if there's any great early signs of, maybe example, retailers where the Shop Pay button has been added alongside those payment methods for non-Shopify merchants? And also, to the extent that this could be an opportunity to sort of get a trial with some of the more enterprise merchants, they get to work with Shopify, get a good experience with Shop Pay and then potentially move more of their e-commerce infrastructure over to Shopify.

我想深入探討 Shop Pay 離開平台的一些評論。您能否簡單談談您對按鈕在結帳份額方面如何與 PayPal 或 Apple Pay 等在更廣泛的零售領域競爭的設想？是否有任何明顯的早期跡象，例如，零售商已在非 Shopify 商家的支付方式旁邊添加了 Shop Pay 按鈕？而且，在某種程度上，這可能是與一些企業級商家進行試用的機會，他們可以與 Shopify 合作，獲得 Shop Pay 的良好體驗，然後可能會轉移更多的電子商務業務基礎設施轉移到 Shopify。

Yes. I mean you sort of nailed it, which is that this really allows us to begin a business relationship with brands and businesses and huge retailers that may not otherwise be ready to fully migrate on to Shopify enterprise, whether it's Shopify Plus or it's headless or Hydrogen product or even Commerce Components. But Shop Pay off platform, still very much in its early days, but we see that as really the tip of the spear for enterprise, and it allows us to begin that relationship.

是的。我的意思是你有點明白了，這確實讓我們能夠與品牌、企業和大型零售商建立業務關係，否則這些零售商可能還沒有準備好完全遷移到 Shopify 企業，無論是 Shopify Plus 還是 headless 或 Hydrogen產品甚至商務組件。但是 Shop Pay 平台仍處於早期階段，但我們認為這確實是企業的尖端，它使我們能夠開始這種關係。

But why is Shop Pay in particular so important? Well, right now, it is the highest converting checkout on the Internet. More than 100 million buyers have opted into Shop Pay. And it's already -- I mean, the quarter alone, it's facilitated $12 billion of GMV and $110 billion cumulative since we launched it. So we know that Shop Pay is consumers' favorite way to check out from an accelerated perspective. And now really, what we're trying to do is continue to make it easier to check out with Shop Pay, add it into things like Shopify Point-of-Sale, for example, and expand it across more surfaces.

但為什麼 Shop Pay 如此重要呢？嗯，目前，它是網路上轉換率最高的結帳方式。超過 1 億買家選擇使用 Shop Pay。我的意思是，光是這個季度，它就已經促成了 120 億美元的 GMV，自我們推出以來累計實現了 1,100 億美元。因此我們知道，從加速的角度來看，Shop Pay 是消費者最喜歡的結帳方式。現在，我們實際上正在嘗試做的是繼續讓 Shop Pay 結帳變得更加容易，將其添加到 Shopify 銷售點等內容中，並將其擴展到更多介面。

But really, making Shop Pay the preferred accelerated checkout across commerce is the goal here. And by creating this opportunity for some very large brands to use Shop Pay off-platform, again, the goal is not for them just to use Shop Pay off-platform indefinitely. It's to begin a business relationship. It's the same philosophy around Commerce Components, right? Not everyone wants to use all of Shopify.

但實際上，我們的目標是讓 Shop Pay 成為整個商業領域首選的加速結帳方式。透過為一些非常大的品牌創造在平台外使用 Shop Pay 的機會，我們的目標不僅僅是無限期地在平台外使用 Shop Pay。這是為了開始業務關係。這與 Commerce Components 的理念相同，對吧？並不是每個人都想使用 Shopify 的全部。

There are some very large brands that historically didn't consider Shopify that are now coming on because they want to use our checkout, which converts 35% better than our competitor or 15% better on average across the entire Internet. They want to use Shop Pay or they want to use something with our inventory. They want to use our Admin. They want to use Point-of-Sale. By allowing them to choose certain components of Shopify, we believe, over time, they will take more and more components to us. And that's what Shop Pay off-platform provides us with.

有一些非常大的品牌過去沒有考慮過Shopify，但現在卻出現了，因為他們想使用我們的結帳功能，我們的結帳轉換率比我們的競爭對手高35%，或者在整個互聯網上平均高出15 %。他們想要使用 Shop Pay 或他們想要使用我們庫存中的某些東西。他們想使用我們的管理員。他們想要使用銷售點。透過允許他們選擇 Shopify 的某些組件，我們相信，隨著時間的推移，他們將為我們提供越來越多的組件。這就是 Shop Pay 平台外為我們提供的功能。

Thank you for your question. Our next question will come from Martin Toner at ATB Capital Markets.

謝謝你的問題。我們的下一個問題將來自 ATB Capital Markets 的 Martin Toner。

I'd like to hear a little bit more about the commercial agreement with Flexport. Is it a -- does it include a fee as a percentage of GMV? And when do you think something like that might be material to your overall numbers?

我想了解更多有關與 Flexport 的商業協議的資訊。是否包含佔 GMV 百分比的費用？您什麼時候認為類似的事情可能對您的總體數字很重要？

Yes, I'll go ahead and start on this. We haven't disclosed all the details around the commercial agreement. I did say in my prepared remarks that it's not going to have a material impact on this year. It's still early days. Obviously, we've -- as a result of the divestiture, we've got a really strong partnership with Flexport. We will continue to expand ways to partner with them. We'll -- either at the Investor Day or early next year, we'll talk a little bit more about the financial impact it will have for us. But as of right now, there's nothing in your models I would change just based on it. It's just still too early.

是的，我會繼續並開始。我們尚未透露商業協議的所有細節。我在準備好的發言中確實說過，這不會對今年產生實質影響。現在還為時過早。顯然，由於剝離，我們與 Flexport 建立了非常牢固的合作夥伴關係。我們將繼續擴大與他們的合作方式。我們將在投資者日或明年初更多地討論它對我們的財務影響。但截至目前，您的模型中沒有任何內容我會根據它進行更改。現在還為時過早。

Thank you for your question. Our next question comes from Deepak Mathivanan at Wolfe Research.

謝謝你的問題。我們的下一個問題來自沃爾夫研究中心的迪帕克·馬蒂瓦南。

Maybe for Jeff. Jeff, just following up on your 4Q OpEx guide, how much more runway do you see to optimize OpEx into 2024, specifically in areas like back office and marketing, which have been a pretty healthy source of leverage?

也許是為了傑夫。 Jeff，剛剛跟進您的第四季度營運支出指南，您認為到 2024 年優化營運支出還有多少空間，特別是在後台和行銷等領域，這些領域一直是相當健康的槓桿來源？

Yes. Thanks, Deepak, for your question. I don't want to get at this point into 2024. Obviously, I'll give you some guidance on 2020 -- the last quarter of 2023. I think when you look at both Q3 results as well as obviously in Q4, what we've talked about in terms of expectations, both of those without logistics, I think that gives you a reasonable clarity on how we think about the new shape of Shopify in terms of where we sit right now. And we talked about, in terms of the guidance, a slight downturn in terms of operating expenses for Q4.

是的。謝謝迪帕克的提問。我不想現在進入2024 年。顯然，我會給你一些關於2020 年——2023 年最後一個季度的指導。我認為，當你看看第三季度的結果以及顯然第四季度的結果時，我們會做什麼我們已經談到了期望，兩者都沒有物流，我認為這可以讓您合理地清楚地了解我們如何看待 Shopify 的新形態，就我們現在所處的位置而言。我們在指導方面談到了第四季度營運費用的小幅下滑。

So our goal is, as we've talked about and as Harley mentioned in his comments as well earlier in one of the questions, we're going to work really hard to make sure that we continue to drive the top line and do that with a very reasonable operating expense base and try and deliver that combination of strong top line growth and financial discipline on OpEx. So again, while I don't want to get into 2024 just yet, hopefully, Q3 and Q4 of 2023 give you some good indication of how we're thinking about things.

因此，我們的目標是，正如我們已經討論過的那樣，正如哈雷在他的評論中以及之前在其中一個問題中提到的那樣，我們將非常努力地工作，以確保我們繼續推動營收並做到這一點一個非常合理的營運費用基礎，並嘗試在營運支出上實現強勁的營收成長和財務紀律的結合。再說一次，雖然我還不想進入 2024 年，但希望 2023 年第三季和第四季能讓您清楚地了解我們如何思考事情。

Thank you. Our next question comes from Anna Andreeva at Needham. Anna, are you there? Anna? Okay, we'll go to the next one then. We'll take the next question instead from Bhavin Shah at Deutsche Bank.

謝謝。我們的下一個問題來自尼達姆的安娜·安德烈娃。安娜，你在嗎？安娜？好的，那我們就進入下一篇。我們將回答德意志銀行的 Bhavin Shah 提出的下一個問題。

GMV is very healthy in light of continued pressure on the consumer. Can you maybe just discuss the trends you saw and how they progressed through the quarter? And maybe any divergence you saw across verticals that your merchants play in? And how do you feel your merchants are kind of positioned into the holiday season?

鑑於消費者持續面臨的壓力，GMV 非常健康。您能否僅討論一下您看到的趨勢以及它們在本季度的進展？也許您在商家所從事的垂直行業中看到了任何差異？您認為您的商家在假期季節的定位如何？

Yes, I'll take that question. So I think, as you said, we're coming to the busiest shopping season of the year for our merchants. What we're seeing really is that the consumer is quite resilient. There's always things that are shifting, obviously, on the broader economic landscape. But I think our job, our responsibility is to adapt, expand and build over time so that no matter what happens, our merchants are really well prepared and arm them with the solutions they need to be successful. But we expect our merchants to continue to be resilient and outperform the broader U.S. retail market, as they have in the past.

是的，我會回答這個問題。所以我認為，正如你所說，我們即將迎來商家一年中最繁忙的購物季節。我們真正看到的是消費者非常有彈性。顯然，在更廣泛的經濟格局中，總有一些事情在改變。但我認為我們的工作、我們的責任是隨著時間的推移進行調整、擴展和建設，這樣無論發生什麼，我們的商家都做好了充分準備，並為他們提供了成功所需的解決方案。但我們預計我們的商家將繼續保持彈性，並像過去一樣跑贏整個美國零售市場。

I think Shopify is a product and, from a decision-making perspective, is it is such a great deal for merchants to use. The total cost of ownership is lower than on the enterprise side. In terms of modernizing your stack and making sure we arm merchants with the best products and tools, that is super helpful. When you think about things, for example, like advertising, we have things like Audiences that gets better and better. When you think about aligning all of their different channels, off-line, online, social commerce, all these things, they can do so from one centralized back office, which is Shopify.

我覺得Shopify是一個產品，從決策的角度來說，它對商家來說是不是非常划算。總擁有成本低於企業側。在實現堆疊現代化並確保我們為商家提供最好的產品和工具方面，這非常有幫助。當你思考諸如廣告之類的事情時，我們的受眾等東西會變得越來越好。當您考慮調整所有不同的管道（線下、線上、社交商務等等）時，他們可以透過一個集中的後台辦公室（即 Shopify）來實現這一目標。

But I think there's always going to be pressure points. But historically, our merchants have done really well. We also know that shoppers are staying true to small businesses. Small -- shopping small is actually very, very big from a business perspective. And most of consumers' favorite small brands are on Shopify. And more recently, a lot of the consumers' favorite larger brands are also powered by Shopify.

但我認為總是會有壓力點。但從歷史上看，我們的商人做得非常好。我們也知道，購物者仍忠於小型企業。小——從商業角度來看，小購物其實是非常非常大的。而大部分消費者喜愛的小品牌都在Shopify上。最近，許多消費者喜愛的大品牌也由 Shopify 提供支援。

So we expect that the U.S. consumer and the consumer in general around the world will be resilient and will outperform the broader -- at least the U.S. retail market as well. But this is also an opportunity for us to go to very large brands that historically either had couple of hundred engineers on their own that they were running their own technology company and stay focused on what you do best. This is the case, this is the Glossier story, focus on making great cosmetics and let us help you power incredible enterprise-grade commerce.

因此，我們預期美國消費者和世界各地的消費者將具有彈性，並將跑贏更廣泛的市場——至少是美國零售市場。但這對我們來說也是一個機會，可以去非常大的品牌，這些品牌歷史上要么擁有數百名工程師，要么經營自己的科技公司，並專注於自己最擅長的事情。情況就是如此，這就是 Glossier 的故事，專注於製作出色的化妝品，讓我們幫助您推動令人難以置信的企業級商業。

But it also means there are some -- a lot of brands that are on these sort of traditional enterprise e-commerce stacks that are just very expensive and they're not future-proofed. They're sort of living in a world 15 years ago. That is an opportunity for us as well.

但這也意味著有一些——許多品牌在這類傳統企業電子商務堆疊上，價格非常昂貴，而且無法面向未來。他們有點生活在15年前的世界。這對我們來說也是一個機會。

Thank you. And our last question will come from Andrew Bauch at Wells Fargo.

謝謝。我們的最後一個問題將來自富國銀行的安德魯·鮑赫。

Nice set of results here. I guess I'll just follow up on that question. I guess, how do you see the holiday season shopping -- or shaping up? I mean, are we kind of expecting more front-loading this year with promotions and the like? Is cross-border going to be a continued theme to think about or installments or point-of-sale? Just trying to think around the drivers of what we can look for this holiday season.

這裡有一組不錯的結果。我想我會跟進這個問題。我想，您如何看待假期購物季或即將到來的購物季？我的意思是，我們是否期待今年有更多的前期促銷活動等？跨境或分期付款或銷售點是否會成為一個持續思考的主題？只是想想這個假期我們可以尋找什麼的驅動因素。

Yes. We did a survey in partnership with Gallup recently. And actually, we found that Americans, in particular, are starting even earlier than before. 41% said that they started shopping in October, another 39% said they're going to begin shopping in November. This is for their holiday season.

是的。我們最近與蓋洛普合作進行了一項調查。事實上，我們發現，尤其是美國人，開始的時間比以前更早。 41% 的人表示他們在 10 月開始購物，另有 39% 的人表示他們將於 11 月開始購物。這是他們的假期。

We also had heard from those consumers, and nearly 3 in 4 U.S. holiday shoppers plan to spend about the same or potentially more on holiday gifts this year compared to last. And the leading sort of demographic is Gen Z, 18 to 29 years old will be the biggest spenders this year. And a lot of those -- their favorite brands are on Shopify as well.

我們也從這些消費者那裡了解到，近四分之三的美國假期購物者計劃今年在節日禮物上的花費與去年持平或可能更高。最主要的族群是 Z 世代，18 至 29 歲的人將成為今年最大的消費者。其中很多——他們最喜歡的品牌也在 Shopify 上。

So I mean, look, I -- well, it's too soon to tell. Obviously, on the international side, I mean brands need to be international -- geographically agnostic now. The reason that things like Markets and Markets Pro are so important and such a valuable asset and product inside of Shopify is that if you're going to be a leading brand merchant business in the future, you have to sell to a global audience. And on Shopify, we made that incredibly easy. Before -- go ahead, Carrie.

所以我的意思是，聽著，我——嗯，現在下結論還為時過早。顯然，在國際方面，我的意思是品牌需要國際化——現在與地理無關。像 Markets 和 Markets Pro 這樣的東西如此重要，並且是 Shopify 內部如此寶貴的資產和產品，原因在於，如果您將來要成為領先的品牌商家業務，則必須向全球受眾銷售產品。在 Shopify 上，我們讓這一切變得異常簡單。之前——繼續吧，嘉莉。

Okay, that's -- go ahead. I was going to say, I was going to hand it over to Harley for some closing comments.

好吧，那就是——繼續吧。我想說的是，我要把它交給哈雷做一些總結評論。

Just a last comment. Last quarter, we talked really about this new shape of Shopify that we are building. We also talked about on the call our road map for the future. When you fast forward to today, what I hope all of you see is that it is working as expected. We are faster, we are leaner, we are more focused on our mission in becoming this global leader in commerce. We laid out a very deliberate vision in the last couple of quarters to balance both operational ambition and financial discipline, and the results speak for themselves, delivering top line growth and profitability. And you're seeing more and more of the biggest brands in the planet join Shopify.

只是最後的評論。上個季度，我們真正討論了我們正在建立的 Shopify 的新形式。我們也在電話中討論了我們的未來路線圖。當你快進到今天時，我希望你們所有人看到的是它正在按預期工作。我們更快、更精簡、更專注於成為全球商業領導者的使命。我們在過去幾個季度製定了一個非常深思熟慮的願景，以平衡營運雄心和財務紀律，結果不言而喻，實現了營收成長和獲利能力。您將看到全球越來越多的最大品牌加入 Shopify。

So we like this new shape of Shopify, and we're ambitious about the future. And I hope you all have a great day, and thanks for joining us for this earnings call.

所以我們喜歡 Shopify 的這種新形態，並且我們對未來充滿雄心壯志。我希望大家度過愉快的一天，並感謝您參加我們的本次財報電話會議。

Thank you. That concludes our 2023 Q3 call. Bye.

謝謝。我們的 2023 年第三季電話會議到此結束。再見。