Shopify Inc (SHOP) 2024 Q1 法說會逐字稿

Good morning, and thank you for joining Shopify's First Quarter 2024 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 2024 年第一季電話會議。 Shopify 總裁 Harley Finkelstein 和財務長 Jeff Hoffmeister 今天也將出席。在他們準備好的發言之後，我們將開始回答大家的提問。

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前瞻性陳述，這些陳述基於假設，因此受風險和不確定性的影響，可能導致實際結果與預期有重大差異。除法律要求外，我們不承擔更新這些陳述的義務。您可以在我們今天早上發布的新聞稿以及我們提交給美國和加拿大監管機構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 two are in the tables at the end of our press release. And finally, we report in U.S. dollars. So all amounts discussed today are in U.S. dollars unless otherwise indicated.

我們還將討論調整後的財務指標，這些指標是非公認會計準則 (GAAP)，並不能取代公認會計準則 (GAAP) 財務指標。兩者之間的對帳表已附於本新聞稿末尾的表格中。最後，我們以美元報告。因此，除非另有說明，今天討論的所有金額均以美元計算。

With that, I'll turn the call over to Harley.

說完這些，我就把電話轉給哈雷。

Thanks, Carrie, and good morning, everyone. The start of 2024 has been very strong for Shopify with more and more merchants thriving on our platform. This is the strongest version of Shopify yet. We're helping millions of merchants around the world to both start and scale their businesses.

謝謝，Carrie，大家早安。 2024 年伊始，Shopify 表現強勁，越來越多的商家在我們的平台上蓬勃發展。這是 Shopify 迄今為止最強大的版本。我們正在幫助全球數百萬商家啟動和擴展他們的業務。

For 4 straight quarters, we have demonstrated our ability to drive results at scale, growing revenue over 25%, excluding logistics. And as we have proven over the last 2 decades, the more hard problems we solve for merchants, the more we add to our flywheel and the better off commerce is for everyone today, tomorrow and for many years to come.

連續四個季度，我們展現了規模化業績驅動的能力，營收（不包括物流）成長超過25%。正如我們在過去20年所證明的那樣，我們為商家解決的難題越多，我們飛輪的動力就越強勁，每個人現在、明天以及未來許多年的商業發展也就越美好。

We've talked a lot about this new shape of Shopify and how it's enabling us to drive greater growth and profitability at a larger scale, and it's working. The penetration of payments is on the rise. We're making significant strides in our offline and enterprise sectors. Our efforts towards international growth are yielding positive results, and our attach rate is expanding.

我們已經多次討論過 Shopify 的新形態，以及它如何幫助我們在更大規模上實現更大的成長和獲利，而且效果顯著。支付滲透率正在上升。我們在線下和企業領域取得了顯著進展。我們為國際化成長所做的努力正在取得積極成果，我們的附加率也不斷提升。

Our operating discipline has been a key factor in the success, ensuring that we maintain efficiency, invest from our position of strength and deliver value at every turn. Shopify has always been high volume, high velocity when it comes to building and shipping products.

我們的營運紀律一直是成功的關鍵因素，它確保我們保持高效，立足自身優勢進行投資，並在每個環節創造價值。 Shopify 在產品建置和運輸方面始終保持高產量和高速度。

In the span of just 2 years, we've rolled out more than 400 new features and updates to our platform, setting a pace that demonstrates our leadership in building for the future. In that time, we've launched what we call Editions twice a year, changing how we present and unveil Shopify's progress. These biannual moments have not only increased engagement, product adoption and visibility with our merchants and partners, but also reinforced our leadership in commerce.

在短短兩年的時間裡，我們已為平台推出了 400 多項新功能和更新，展現了我們面向未來建設的領導力。在此期間，我們每年推出兩次「Editions」活動，改變了我們展示和揭曉 Shopify 進度的方式。這些一年兩次的活動不僅提升了我們與商家和合作夥伴的互動、產品採用率和知名度，也鞏固了我們在商業領域的領導地位。

In fact, in our recent Q1 Edition, 62% of businesses who installed Shopify subscriptions had never previously installed a subscription app on Shopify, demonstrating the impact these key storytelling moments can have on driving adoption. We're dedicated to continually creating great software that allows brands to start and scale, finding their desired features quickly and intuitively as if each feature had been integrated from the start.

事實上，在我們最近的第一季報告中，62% 安裝 Shopify 訂閱服務的商家之前從未在 Shopify 上安裝過訂閱應用，這充分錶明了這些關鍵的「故事」時刻對推動用戶採用的巨大作用。我們致力於持續打造卓越的軟體，幫助品牌快速起步並不斷擴展，並快速直觀地找到所需的功能，如同每個功能從一開始就整合到 Shopify 中一樣。

From foundational elements like expansion of variant limits to 2,000 and the rollout of our web performance dashboard, which can improve a storage search rankings and boost conversion, to new AI-enabled editing tools and within point of sale, the launch of e-mail capture at off-line checkout. We are relentlessly working to reduce friction and make it easier for merchants to run and manage their business.

從基礎元素（例如將商品種類限制擴展至 2,000 種，以及推出可提升倉儲搜尋排名和轉換率的網頁效能儀錶板），到全新的 AI 編輯工具，以及在銷售點內推出線下結帳電子郵件採集功能。我們始終致力於減少摩擦，讓商家更輕鬆地經營和管理業務。

Our [additions] have become key milestones for Shopify and the innovation engine we are powering at scale, not only extending our reach to a broader audience, but also redefining how our ecosystem engages and build with us.

我們的[新增]已成為 Shopify 和我們大規模驅動的創新引擎的關鍵里程碑，不僅將我們的影響力擴展到更廣泛的受眾，而且重新定義了我們的生態系統如何與我們互動和建立。

Touching briefly on AI. Our unique position enables us to tap into the immense potential of AI for entrepreneurship and our merchants. Currently, the most practical applications of AI are found in tools that simplify business operations and enhance productivity, all of which we've been developing deeper capabilities with our AI product suite, Shopify Magic.

簡單談談人工智慧。我們獨特的地位使我們能夠挖掘人工智慧為創業和商家帶來的巨大潛力。目前，人工智慧最實際的應用是簡化業務運作和提高生產力的工具，而我們一直在透過我們的人工智慧產品套件 Shopify Magic 開發更深層的功能。

However, we also firmly believe that we're just scratching the surface of what's possible as we're still in the nascent stages of understanding the vast potential that AI hold for businesses and commerce. Launched over a decade ago, our most scaled product is Shopify Payments. Its GMV penetration has steadily increased, reaching 58% in 2023 with Q1 achieving 60% GMV penetration. We expect it to continue to be a key contributor to our growth moving ahead.

然而，我們也堅信，我們對未來潛力的理解還只是皮毛，因為我們對人工智慧為企業和商業帶來的巨大潛力仍處於初級階段。 Shopify Payments 推出於十多年前，是我們規模最大的產品。其 GMV 滲透率穩定提升，2023 年達到 58%，第一季更是達到了 60%。我們預計它將繼續成為我們未來成長的關鍵貢獻者。

Our seamless integrated payment solution continues to be a key gateway for other product offerings like capital, installments and Shop Pay, the world's highest converting accelerated checkout. In Q1, Shop Pay increased 56%, processing $14 billion in GMV, and accounting for 39% of our gross payments volume as it continues to be the preferred choice for consumers seeking a fast, secure and hassle-free checkout.

我們無縫整合的支付解決方案繼續成為其他產品（例如資本、分期付款和全球轉換率最高的快速結帳方式）的關鍵入口。第一季度，Shop Pay 成長了 56%，處理了 140 億美元的 GMV，占我們總支付額的 39%，它仍然是尋求快速、安全、輕鬆結帳的消費者的首選。

Ensuring that these checkouts are fast loading, secure and compliant can be complex, which is why Shopify works to make it simple. At Shopify, we stay ahead of what's next for our merchants. We inherently build in potential updates to compliance, including the latest PCI security standards for payments so that merchants will be compliant with no additional work required.

確保這些結帳流程快速載入、安全合規可能非常複雜，而 Shopify 則致力於簡化流程。在 Shopify，我們始終引領商家的未來發展。我們內建了潛在的合規更新，包括最新的 PCI 支付安全標準，以便商家無需額外工作即可達到合規要求。

Shopify Payments and our accelerated checkout will continue to play a vital role in the expansion of our unified commerce platform. As we continue to improve our features and global integrations and expand our offline and enterprise segments, we anticipate increased growth and adoption. This will be partially driven by the new avenues and flexibility provided by our Commerce Components offering.

Shopify Payments 和我們的快速結帳功能將繼續在我們統一商務平台的擴展中發揮至關重要的作用。隨著我們不斷改進功能和全球集成，並拓展線下和企業業務，我們預計業務成長和採用率將進一步提升。這在一定程度上將得益於我們商務組件產品所提供的全新途徑和靈活性。

Notably, the international acclaimed fashion brand, Coach, recently committed to join Shopify via Commerce Components, intending to our [lead] Shop Pay off-platform across all of their U.S. and Canada outlet businesses in the coming months. This mix of composability, reliability and speed will further solidify the position of Shopify Payments as a crucial tool for merchants with Shop Pay continuing to become the go-to choice for quick, secure and seamless checkout at scale.

值得注意的是，國際知名時尚品牌Coach最近承諾透過Commerce Components加入Shopify，並計劃在未來幾個月內將我們領先的Shop Pay平台外服務擴展到其所有美國和加拿大門市。這種可組合性、可靠性和速度的結合將進一步鞏固Shopify Payments作為商家關鍵工具的地位，Shop Pay將繼續成為快速、安全、無縫大規模結帳的首選。

Moving to our channels and growth drivers. More merchants are leveraging the value of Shopify point-of-sale, a true omnichannel solution as the number of locations using our new point-of-sale, Pro, increased substantially over the prior year. Key feature enhancements like draft order functionality and fully customizable printed POS receipts continue to advance our offering.

轉向我們的管道和成長動力。越來越多的商家正在利用 Shopify 銷售點的價值，這是一個真正的全通路解決方案，因為使用我們全新銷售點 Pro 的商家數量較上年大幅增加。草稿訂單功能和完全可自訂的列印 POS 收據等關鍵功能的增強，持續提升著我們的產品。

As a result, more merchants, especially large, complex, multi-location merchants are coming to Shopify. We saw location growth of 52% in the quarter for merchants with 20 or more locations.

因此，越來越多的商家，尤其是規模較大、業務複雜、擁有多個門市的商家，正在選擇 Shopify。本季度，擁有 20 家或以上門市的商家門市數量增加了 52%。

Our increased investments in performance marketing for Shopify point-of-sale as well as experimenting with other acquisition tactics are yielding positive results. For example, Frank And Oak, a Montreal-born apparel brand launched our point-of-sale in more than a dozen of the retail locations in this past quarter as did Michigan-based food company, Cherry Republic. In Q1, we saw growth across merchants, locations and geographies, supporting our 32% offline GMV growth year-over-year as we continue to gain share.

我們加大了對 Shopify 銷售點效果行銷的投入，並嘗試了其他客戶獲取策略，這些措施正在取得正面成果。例如，蒙特婁服飾品牌 Frank And Oak 上個季度在十多家零售點推出了我們的銷售點，密西根州食品公司 Cherry Republic 也採取了同樣的舉措。第一季度，我們實現了商家、門市和地域的全面成長，這支撐了我們線下 GMV 年成長 32%，市佔率持續提升。

Moving to B2B. Shopify has been making significant strides with Q1 B2B and GMV growing over 130% year-over-year after doubling in 2023. B2B merchants are loving the power of self-serve purchasing by customers with a 7x increase in the number of orders coming in through the online store than a year ago.

轉向 B2B 業務。 Shopify 取得了長足進步，第一季 B2B 和 GMV 年比成長超過 130%，而 2023 年更是翻了一番。 B2B 商家對客戶自助購買的便利性青睞有加，透過線上商店下單的數量比一年前增加了 7 倍。

So why does this matter? Well, it means that there are fewer manual orders having to be entered by merchants using draft orders, which gives merchants back the value of time to focus on winning new business. B2B represents a significant growth opportunity for Shopify, allowing us to reach new verticals and cater to merchants focused on B2B transactions.

那麼，這為什麼重要呢？因為這意味著使用草稿訂單的商家需要手動輸入的訂單更少，讓商家有更多時間專注於贏得新業務。 B2B 對 Shopify 來說是一個重要的成長機會，使我們能夠觸及新的垂直領域，並滿足專注於 B2B 交易的商家的需求。

We understand the specific needs of B2B businesses and are continually refining our platform to address those needs and boost efficiency and growth. For example, we've made it easier for existing customers who previously managed B2B buyers through their DTC store front and third-party apps to move to their entire wholesale business to our B2B solution, a key feature for Plus merchants.

我們了解 B2B 企業的特定需求，並不斷完善我們的平台以滿足這些需求，提升效率和成長。例如，我們協助先前透過 DTC 店面和第三方應用程式管理 B2B 買家的現有客戶更輕鬆地將整個批發業務遷移到我們的 B2B 解決方案，這是 Plus 商家的重要功能。

Further validation of just how competitive our B2B offering is, 2 days ago, Forrester's 2024 B2B commerce platform, Wave Evaluation, came out, and Shopify was placed in the leader category. This is our first appearance on a Top 2 enterprise validation report for B2B and a clear signal that Shopify is increasingly becoming a leader in unified commerce for online, offline, B2B and everywhere in between.

兩天前，Forrester 發布了 2024 年 B2B 商務平台 Wave 評估報告，Shopify 榮登領導者之列，這進一步證明了我們 B2B 產品線的競爭力。這是我們首次登上 B2B 領域 Top 2 企業級驗證報告，這清楚地表明 Shopify 正日益成為線上、線下、B2B 及跨平台統一商務領域的領導者。

Moving to International. Q1 International GMV growth outpaced North America with continued strength in Europe, posting Q1 GMV of 38%, marking our third consecutive quarter of GMV growth above 35%. With International making up less than 30% of our revenue base last year, the opportunity remains significant for us to equip merchants with the tools to make selling globally as easy as locally.

邁向國際市場。第一季度，國際市場 GMV 成長超過北美，歐洲市場持續保持強勁成長，第一季 GMV 達 38%，這標誌著我們連續第三季 GMV 成長超過 35%。由於去年國際市場占我們收入的比重不到 30%，我們仍有機會為商家提供工具，讓他們的全球銷售如同本地銷售一樣方便。

Now to do this, we are laser-focused on building products and tools that cater to the unique needs and preferences of our international merchants. This quarter, we continued to make headway on our localization efforts in international markets with tools like shipping localized brochures in Japan, Spain and Italy, helping our merchants ensure a tailored experience and expand their reach.

為了實現這一目標，我們專注於打造滿足國際商家獨特需求和偏好的產品和工具。本季度，我們繼續在國際市場推動在地化工作，推出了在日本、西班牙和義大利發送在地化宣傳冊等工具，幫助商家確保個人化體驗並擴大覆蓋範圍。

We've also been working to get more of our products into more countries. For example, in Q1, we successfully launched our Point of Sale Go and Point of Sale terminal in Australia, further increasing the on-ramps into Shopify in this key market.

我們也一直在努力將更多產品推廣到更多國家。例如，在第一季度，我們成功在澳洲推出了 Point of Sale Go 和 POS 終端，進一步拓展了 Shopify 在這個關鍵市場的存取管道。

Enabling merchants to sell cross-border to buyers anywhere in the world has been a key focus for us. In Q1, we saw a 70% increase in our Markets product over last year, which makes it easy for merchants to sell in local currencies. We are further simplifying international expansion with Markets Pro, our native all-in-one cross-border merchant of record offering, which became generally accessible in the U.S. in September of 2023.

讓商家能夠向世界各地的買家進行跨境銷售一直是我們關注的重點。第一季度，我們的Markets產品較去年同期成長了70%，這使得商家能夠輕鬆地以當地貨幣進行銷售。我們正在透過Markets Pro進一步簡化國際擴張流程，Markets Pro是我們原生的一體化跨國商家記錄產品，已於2023年9月在美國全面上線。

Brands are leveraging Markets Pro to enter global markets within days and see immediate increases in their global sales. Take Chicago-based apparel company, Suit Shop, which grew international orders by 600% since adopting Markets Pro or New York-based skincare brand, Beekman 1802, which experienced 137% international sales growth in 6 months.

各大品牌正利用 Markets Pro 在幾天內進軍全球市場，並立即實現全球銷售額的成長。例如，總部位於芝加哥的服裝公司 Suit Shop 自採用 Markets Pro 以來，其國際訂單增長了 600%，而總部位於紐約的護膚品牌 Beekman 1802 在 6 個月內實現了 137% 的國際銷售額增長。

And with cross-border GMV up 15% in Q1, representing roughly 14% of total GMV, we will continue to enable greater cross-border transactions for our merchants. As we mentioned on the last call, we continue to aggressively pursue enterprise brands in 2024, and we are seeing results.

第一季跨境交易總額 (GMV) 成長 15%，約佔總交易總額的 14%，我們將繼續為商家提供更大規模的跨國交易。正如我們在上次電話會議上所提到的，我們將在 2024 年繼續積極拓展企業品牌，並且已看到成效。

Whether it was key events like NRF and Shoptalk, our engagements with the larger brands are escalating every single quarter with our Plus and enterprise GMV growth continuing to outpace overall GMV growth. Additionally, following our leadership rankings in IDC and Gartner last year, an independent study recently validated that Shopify's total cost of ownership is up to 36% better than competitors in the enterprise space. This study proves that our unified commerce platform offers exceptional value and cost savings that only Shopify can offer. And in turn, we pass on the economies of scale we capture to our merchants, saving them money.

無論是NRF（全美零售商聯合會）還是Shoptalk這樣的重要活動，我們與大型品牌的合作每季都在不斷升級，我們的Plus和企業GMV成長持續超過整體GMV成長。此外，繼去年我們在IDC和Gartner的領導地位之後，最近一項獨立研究證實，Shopify的整體擁有成本比企業領域的競爭對手低36%。這項研究證明了我們統一的商務平台提供了Shopify獨有的卓越價值和節省成本。反過來，我們將獲得的規模經濟效益傳遞給我們的商家，為他們節省成本。

What we are hearing from our conversations with enterprise-level brands is that there are really 2 primary reasons that are driving their decision to move to Shopify. First is the exceptional value of Shopify, the powerful and reliable infrastructure and the cutting-edge products that offer composability and choice, making the total cost of ownership hard to pass up. And second, Shopify's core value proposition of innovation, scale and ease of launch. Let me dive into that point about ease of launch as it's really important.

我們在與企業級品牌的交流中了解到，他們決定遷移到 Shopify 主要有兩個原因。首先是 Shopify 的卓越價值：強大可靠的基礎設施，以及提供可組合性和多種選擇的尖端產品，使其整體擁有成本難以忽視。其次是 Shopify 的核心價值主張：創新、規模和易於上線。關於易於上線這一點，我來深入探討一下，因為它非常重要。

While Shopify moves fast and certainly faster than the competition, making the decision to replatform is incredibly hard, and larger brands can typically take anywhere from 12 to 18 months to completely migrate over. But that is not always the case, especially when it comes to Shopify.

雖然 Shopify 的行動速度很快，而且肯定比競爭對手更快，但做出平台遷移的決定卻異常艱難，大型品牌通常需要 12 到 18 個月才能完全遷移。但情況並非總是如此，尤其是在 Shopify 身上。

Take Overstock.com, the well-known online discount retailer. We had them up and running in under 100 days, which, considering the size and complexity, is nothing short of amazing. That's what we do at Shopify.

以著名的線上折扣零售商 Overstock.com 為例。我們在不到 100 天的時間內就讓其上線運營，考慮到其規模和複雜性，這簡直令人驚嘆。這就是我們在 Shopify 所做的事。

On the flip side, we recently signed Barkbox, a leading subscription service for dog products with over 2 million subscribers. They recently made a decision to migrate all of their business to Shopify. Their debut on our platform is anticipated for 2025 and will be the largest subscription merchant to join Shopify to date.

另一方面，我們最近簽約了Barkbox，這是一家領先的狗狗產品訂閱服務商，擁有超過200萬訂閱用戶。他們最近決定將所有業務遷移到Shopify。他們預計將於2025年首次登陸我們的平台，並將成為迄今為止加入Shopify的最大訂閱商家。

While timelines to market vary, the main point is that we are winning businesses and migrations with larger, more complex brands. The launch of these brands and the work we are doing today is building a sustainable foundation that will continue to deliver growth for years to come.

雖然上市時間表各不相同，但關鍵在於，我們正在透過更大、更複雜的品牌來贏得業務並實現遷移。這些品牌的推出以及我們目前所做的工作，正在建立一個可持續發展的基礎，並將在未來幾年內持續實現成長。

Beyond the 2 brands I just mentioned, we are seeing more high-volume merchants sign up and launch with Shopify across the board, adding more companies across verticals, industries and geographies to further energize our flywheel. Brands like consumer packaged good companies Harry's and PrettyLitter; fashion apparel brands like Laura Canada and Intersport, fitness and wellness companies, Juice Plus, Balance of Nature and SoulCycle; home goods retailer, Rugs USA; consumer electronics company Skullcandy; manufacturer of cleaning equipment, Kärcher; health and beauty brand, FragranceNet.com; and celebrity brands like Serena Williams' beauty brand, WYN BEAUTY; Beyonce's hair care brand, Cécred; and Dwayne "The Rock" Johnson's skincare line, Papatui.

除了我剛才提到的兩個品牌之外，我們看到越來越多的大宗商家在 Shopify 上註冊並推出產品，這進一步增強了我們飛輪的活力。這些品牌包括消費品公司 Harry's 和 PrettyLitter；時尚服飾品牌 Laura Canada 和 Intersport；健身和健康公司 Juice Plus、Balance of Nature 和 SoulCycle；家居用品零售商 Rugs USA；消費電子產品公司 Skullcandy；清潔設備製造商 Kärcher；健康和美容品牌 FAUranceNBE.com； Cécred；以及巨石強森的護膚系列 Papatui。

The past years show that we can cater to both start-ups and large companies. And we continue to invest in both to expand our merchant base. Our business model focuses on accelerating the success of our merchants and driving long-term value rather than short-term gains. We are a product-led company, and we will invest in those products and strategies that ultimately offer greater value for our merchants and thereby for Shopify. We think about marketing the same way we think about products, build great solutions, use the best internally developed and externally available tools, drive decision through data and be world-class.

過去幾年的經驗表明，我們能夠同時滿足新創公司和大型企業的需求。我們將繼續在這兩方面進行投資，以擴大我們的商家群體。我們的商業模式專注於加速商家的成功，並推動長期價值而非短期利益。我們是一家以產品為主導的公司，我們將投資那些最終能為商家乃至 Shopify 創造更大價值的產品和策略。我們以對待產品的同樣方式看待行銷，建立卓越的解決方案，使用最佳的內部開發和外部可用工具，透過數據驅動決策，力求成為世界一流的企業。

Our goal is to always get the most out of every existing channel up to our guardrail limits and continuingly find and experiment with new channels. That is what we build our tools and our AI models to do, and we're using them to create some incredibly compelling opportunities.

我們的目標是始終在現有管道的保護範圍內，最大限度地利用每個管道，並持續探索和嘗試新的管道。這正是我們建構工具和人工智慧模型的目的，我們正在利用它們創造一些極具吸引力的機會。

Let me give you a very recent example. At the end of last year and early into January, we drove significant efficiency improvements in one of our primary channels in performance marketing, where teams have created and leveraged advanced models using AI and machine learning, which now allows us to target our audiences with unprecedented precision.

我來舉一個最近的例子。去年年底到今年1月初，我們在效果行銷的一個主要管道實現了顯著的效率提升。該管道的團隊創建並運用了人工智慧和機器學習的先進模型，這使我們能夠以前所未有的精準度定位目標受眾。

Using these models and strategies, we drove nearly 130% increase in merchant ads within our primary marketing channel from Q4 to Q1, while still remaining squarely within our payback guardrails. Similar to how we build products, we continually assess emerging technology and how we can leverage them to improve our own tools.

透過這些模型和策略，我們主要行銷管道的商家廣告數量從第四季度到第一季成長了近130%，同時仍保持在我們的投資報酬率範圍內。與我們打造產品的方式類似，我們不斷評估新興技術，並利用它們來改進我們自己的工具。

We are also advancing our operational rigor with our marketing data team using our tools to connect data inspections at a faster velocity and more granular level than ever before. This agility allows us to quickly seize opportunities and boldly move forward when others may hesitate.

我們也與行銷數據團隊合作，提升營運嚴謹性，利用我們的工具以前所未有的速度和更精細的程度連接數據檢查。這種敏捷性使我們能夠迅速抓住機遇，並在其他人猶豫不決時大膽前進。

These are 2 of our Shopify-wide principles, agility and finally, the unobvious opportunities. Leaning to those opportunities when others pull back even when and often, especially because to others, they may appear unobvious. And we know it's working.

這是我們 Shopify 的兩大原則：敏捷性，以及最終的「不明顯的機會」。即使其他人經常退縮，尤其是在其他人看來，這些機會可能並不明顯，我們也要抓住這些機會。我們知道這種方法很有效。

Back in Q3 2022, as we mentioned in our July earnings that year, we began a wave of new marketing tool production and tightened our payback guardrails even further. Our initiatives have successfully driven significant improvements in both new merchant acquisition and CAC in core performance marketing, our largest component of marketing investment. Comparing Q3 2022 to Q1 2024, new merchant acquisition has grown 108%, while CAC has improved almost 60%. You can see why we're investing heavily and why we feel confident in our future and our growth in 2025 and beyond.

正如我們在2022年7月財報中提到的，早在2022年第三季度，我們就啟動了一系列新的行銷工具的開發，並進一步強化了投資回報保障。這些措施成功地推動了核心效果行銷（我們行銷投資的最大組成部分）在新商家獲取率和CAC方面的顯著提升。將2022年第三季與2024年第一季進行比較，新商家取得率成長了108%，CAC則提高了近60%。由此可見，我們為何大力投資，以及為何我們對2025年及以後的未來發展充滿信心。

You should expect to approach every quarter with the same model, testing and opportunistically investing into the areas where we know it will contribute well to our growth and stay within our guardrails. We intend to continue spending when market opportunities are within an average 18-month payback period, which we are finding a lot of right now, along with increasingly supporting longer-term initiatives such as expanding into international and to point-of-sale.

你應該期望每個季度都採用相同的模式，測試並適時投資於那些我們確信能夠促進成長並保持在我們監管範圍內的領域。我們打算在市場機會平均回收期在18個月以內時繼續投資，目前我們發現這樣的機會很多，同時我們也會加大對長期計劃的支持力度，例如向國際市場和銷售點擴張。

Right now, you're seeing the strongest version of Shopify in our history. And we see an excellent opportunity to further our lead in our established products and fuel the strong momentum of our emerging products.

現在，您看到的是 Shopify 歷史上最強大的版本。我們看到了一個絕佳的機會，可以進一步鞏固我們在成熟產品領域的領先地位，並推動新興產品的強勁發展勢頭。

Today, we are building an even stronger Shopify. We know our team is one of our most valuable assets. And given that it makes up over half of our cost base, we believe we've architected ourselves to be faster and more agile, which has enabled us to consistently deliver 25% revenue growth, excluding logistics, all while keeping our headcount flat for 3 straight quarters.

今天，我們正在打造一個更強大的 Shopify。我們深知團隊是我們最寶貴的資產之一。鑑於團隊占我們成本基礎的一半以上，我們相信我們已經建立了更快、更敏捷的架構，這使我們能夠持續實現 25% 的收入成長（不包括物流），同時連續三個季度保持員工人數持平。

More importantly, because of the structure and the automation we have worked to put in place, we think we can continue to operate against very limited headcount growth while achieving a continued combination of consistent top line growth and profitability.

更重要的是，由於我們努力建立的結構和自動化，我們認為我們可以在員工人數增長非常有限的情況下繼續運營，同時實現持續的收入增長和盈利能力的持續結合。

As Kaz mentioned at our Investor Day in December, over the past 18 months, we've committed significant effort into building efficient infrastructure and systems, which are instrumental in streamlining our work and maintaining our high velocity product releases.

正如 Kaz 在 12 月的投資者日上提到的那樣，在過去的 18 個月裡，我們投入了大量精力來建立高效的基礎設施和系統，這對於簡化我們的工作和保持高速的產品發布至關重要。

We do this through our Shopify operating system, the foundation for every role and purpose at Shopify that uses data to help tell us how many resources we need for any project and the skill set or craft needed for the project. Essentially, these systems and this infrastructure act as catalysts, enabling us to operate with increased efficiency and speed. So as we create a crafter's paradise, empowering teams to pursue their passions while having an incredible impact on our mission, we were doing it in a way that optimizes our talent and ensures we continue to make the most important thing, the most important thing.

我們透過 Shopify 作業系統來實現這一點，它是 Shopify 所有角色和目標的基礎，它利用數據來幫助我們了解每個專案需要多少資源，以及專案所需的技能組合或流程。本質上，這些系統和基礎設施就像催化劑一樣，使我們能夠以更高的效率和速度運作。因此，當我們打造一個工匠天堂，賦能團隊追求他們的熱情，同時對我們的使命產生巨大影響時，我們這樣做是為了優化我們的人才，並確保我們繼續做最重要的事情。

To close, we are proud of the strides we've made in Q1 and the execution we continue to deliver consistently quarter-over-quarter. The strength of our business model, the commitment of our team and our unwavering focus on serving our merchants has positioned us to lean into the opportunities we see ahead and invest responsibly to sustain our long-term growth objectives.

最後，我們為第一季取得的進展以及我們持續逐季提升的執行力感到自豪。我們強大的商業模式、團隊的奉獻精神以及我們對服務商戶的堅定專注，使我們能夠抓住未來機遇，並進行負責任的投資，以維持我們的長期成長目標。

The best companies are built this way, staying grounded in their reason for being and committed to their mission. For Shopify, our team's dedication, coupled with our evolved marketing strategy, is reshaping the company and moving us forward. We look forward to sharing our journey with you in the quarters to come.

最優秀的公司都是這樣建立起來的：始終堅守存在的意義，並致力於實現使命。對 Shopify 而言，我們團隊的奉獻精神，加上我們不斷改進的行銷策略，正在重塑公司，推動我們不斷前進。我們期待在未來幾季與您分享我們的旅程。

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

說完這些，讓我把電話轉給傑夫。

Thanks, Harley. We have started off 2024 incredibly strong, building on our momentum from 2023. Let's launch into our Q1 results. GMV in Q1 was $60.9 billion, up 23% year-over-year. The strong Q1 GMV was driven by same-store sales growth of our existing merchants, continued growth in our merchant base globally, strength in EMEA, which grew 38% year-over-year from both strong same-store sales growth from our existing merchant base and new merchant acquisition with same-store sales growth being the slightly larger contributor this quarter. And finally, 32% growth year-over-year in our off-line business, driven primarily by larger retailers joining the platform.

謝謝，Harley。 2024年伊始，我們以驚人的強勁勢頭開啟了新的篇章，延續了2023年的強勁勢頭。讓我們來看看第一季的業績。第一季的GMV為609億美元，年增23%。強勁的第一季GMV得益於我們現有商家的同店銷售成長、我們全球商家群體的持續成長以及歐洲、中東和非洲地區的強勁表現。歐洲、中東和非洲地區的成長強勁，年成長38%，這得益於我們現有商家群體強勁的同店銷售額成長以及新商家的收購，其中同店銷售額的成長是本季略大的貢獻因素。最後，我們的線下業務年增32%，這主要得益於大型零售商加入平台。

Revenue for the first quarter was $1.9 billion, up 23% year-over-year, which equates to 29% year-over-year growth when excluding the logistics businesses. This represents the fourth consecutive quarter that our revenue growth has been greater than 25% on an organic basis, excluding logistics.

第一季營收為19億美元，年增23%，若不計入物流業務，則較去年成長29%。這標誌著我們連續第四個季度（不計入物流業務）實現超過25%的有機營收增幅。

The key drivers of this growth were: the GMV strength just discussed; growth in Subscription Solutions revenue from both new margin growth and the pricing increases on standard plans; and lastly, increased payments penetration, which hit 60% for Q1. Q1 Merchant Solutions revenue was $1.4 billion, increasing 20% year-over-year, fueled by growth in GMV, continued penetration of Shopify Payments, continued growth of our scaled products, most notably markets, and growing adoption of our emerging products, including installments and Shop Cash. Those contributors were partly offset by the absence of the logistics business.

這一成長的關鍵驅動因素包括：剛才討論的GMV強勁成長；訂閱解決方案收入的成長，這得益於新的利潤成長和標準套餐價格的上漲；以及支付滲透率的提高，第一季度支付滲透率達到了60%。第一季商家解決方案營收為14億美元，年增20%，這得益於GMV的成長、Shopify Payments的持續滲透、規模化產品（尤其是市場）的持續成長，以及包括分期付款和Shop Cash在內的新興產品的日益普及。物流業務的缺失部分抵消了這些貢獻。

$36.2 billion of GMV was processed on Shopify Payments in the first quarter, 32% higher than in the first quarter of 2023. The penetration rate of Shopify Payments as a percentage of GMV was 60% compared to 56% in Q1 of 2023. Several factors powered the quarter's higher gross payments volume compared to the prior year, including the strong performance of those merchants utilizing Shopify Payments, an increasing percentage of which are Shopify Plus; more merchants across the globe adopting payments, greater penetration of Shop Pay, which was 39% of GPV in the quarter; and continued growth of our point-of-sale solution.

第一季度，Shopify Payments 處理的 GMV 為 362 億美元，比 2023 年第一季高出 32%。 Shopify Payments 佔 GMV 的滲透率為 60%，而 2023 年第一季為 56%。本季總支付量較上年同期有所上升，有幾個因素推動了這一增長，包括使用 Shopify Payments 的商家表現強勁，其中 Shopify Plus 的比例不斷增加；全球越來越多的商家採用支付方式，Shop Pay 的滲透率更高，本季度佔 GPV 的 39%；以及我們的銷售點解決方案的持續增長。

These items were partially offset by the continued strength of our business in Europe, which was a larger percentage of GMV, but where we have a lower GPV penetration than North America. Subscription Solutions revenue was $511 million, up 34% over Q1 of 2023, with the 2 largest drivers being the impact from the pricing increases of our Standard Plans, which went into effect for existing merchants in the second quarter of 2023; and the growth in the number of merchants. These 2 factors were roughly equally balanced contributors.

這些項目被我們在歐洲業務的持續強勁表現部分抵銷。歐洲業務在 GMV 中的佔比更高，但其 GPV 滲透率低於北美。訂閱解決方案營收為 5.11 億美元，較 2023 年第一季成長 34%，其中兩個最大的驅動因素是：標準套餐價格上漲的影響（該價格上漲於 2023 年第二季對現有商家生效）；以及商家數量的成長。這兩個因素的貢獻大致均衡。

An increase in revenues from variable platform fees was also a contributor to the quarter. As a reminder, existing Plus merchants had until the end of April to commit to their existing rates or move to a new pricing plan. As of today, the majority of our existing Plus merchants have chosen to commit to 3-year contracts at existing 2023 rates, a clear testament to the exceptional value that we provide and the trust and confidence our merchants place in us to consistently deliver the solutions they need for their success.

浮動平台費用帶來的營收成長也是本季業績的貢獻之一。需要提醒的是，現有的 Plus 商家必須在 4 月底前選擇繼續使用現有費率或遷移到新的定價方案。截至今日，我們大多數現有的 Plus 商家已選擇以現有的 2023 年費率簽訂 3 年期合約，這充分證明了我們提供的卓越價值，以及商家對我們始終如一地提供其成功所需解決方案的信任和信心。

We expect more of the financial impact from these changes to occur in the second half of the year. We are not anticipating as much of a benefit from this pricing change as we did from the changes to standard pricing in 2023.

我們預計這些變化將在今年下半年產生更大的財務影響。我們預期此次定價調整帶來的收益不會像2023年標準定價調整帶來的效益那麼大。

MRR was $151 million, up 32% year-over-year. We saw growth year-over-year in MRR across each of Standard, Plus and offline Point of Sale. This strength stemmed from increases in the number of merchants in each of these 3 categories combined with: for Plus, growth from both new Shopify merchants joining and existing merchants upgrading from one of our standard plans with Plus; with Plus, representing 32% of MRR for Q1 of this year.

MRR 為 1.51 億美元，年增 32%。標準版、Plus 版和線下 POS 的 MRR 均較去年同期成長。這一增長源於這三個類別中商家數量的增長，以及：Plus 版的增長源於新 Shopify 商家的加入以及現有商家從我們的標準計劃升級到 Plus 版；Plus 版佔今年第一季 MRR 的 32%。

You should expect the Plus pricing changes to have more of an impact on our second quarter MRR as existing Plus merchants did not have to commit until after the end of Q1. For Point of Sale MRR, which was up 50% year-over-year, growth was driven by improvements in our go-to-market strategy and our new retail plan. And for Standard, the pricing change that we implemented last year. On a sequential quarter-over-quarter basis, MRR increased in plus, standard and point-of-sale, primarily from growth in the number of merchants in each of these groups.

您應該可以預見，Plus 版定價調整將對我們第二季的月經常性收入 (MRR) 產生更大影響，因為現有的 Plus 版商家直到第一季末才需要做出承諾。銷售點 MRR 年成長 50%，這得益於我們市場推廣策略和新零售計劃的改進。標準版 MRR 則得益於我們去年實施的定價調整。與上一季相比，Plus 版、標準版和銷售點版的 MRR 均有所成長，主要得益於各類別商家數量的成長。

It is important to note, we refined our MRR calculation for standard. We adjusted how we factor in merchants transitioning from a paid trial to full price status. Previously, we reflected an MRR the full price plan when the merchant's paid trial ended but before the first payment was received. Now we do not capture an MRR the change in the pricing until after we have received the first full price payment. We believe this approach better reflects the way we look at our business. The change does not impact revenue.

值得注意的是，我們優化了標準版 MRR 的計算方式。我們調整了商家從付費試用過渡到全價狀態的計算方式。之前，我們會在商家的付費試用結束、收到首筆付款之前，將全價方案的 MRR 納入計算。現在，我們會在收到首筆全價付款後，才將價格變動的 MRR 納入計算。我們相信這種方法更能反映我們對業務的理解。此變更不會影響收入。

In Q1, our attach rate was 3.06%, up from 3.04% in Q1 of 2023. Key drivers of attach rate expansion in the quarter were the continued gains in GPV penetration and higher subscription revenues, largely offset by the Logistics business in the prior year and lower noncash revenues from strategic partnerships.

在第一季度，我們的附加率為 3.06%，高於 2023 年第一季的 3.04%。本季附加率擴張的主要驅動力是 GPV 滲透率的持續增長和更高的訂閱收入，但這在很大程度上被上一年的物流業務和來自戰略合作夥伴關係的非現金收入的減少所抵消。

Moving to gross profit. Gross profit was $957 million for the quarter, up 33% year-over-year. Gross margin for Subscription Solutions was 81.4% compared to 78.0% in Q1 of 2023. The increase stems from pricing changes on standard plans and, to a lesser extent, continued support and hosting efficiencies.

再來看看毛利。本季毛利為9.57億美元，年增33%。訂閱解決方案的毛利率為81.4%，而2023年第一季為78.0%。毛利率的成長主要源自於標準套餐價格的調整，以及（在較小程度上）持續提升的支援和託管效率。

Gross margin for Merchant Solutions was 40.1% compared to 37.2% in Q1 of 2023. Our improvement in gross margin for Merchant Solutions was primarily due to the benefit from the absence of logistics, which was dilutive to margin. When excluding the impact of logistics, our Merchant Solutions gross margin was down year-over-year, primarily from lower noncash revenues from certain partnerships and the continued growth of our lower-margin Shopify Payments business, with these impacts partially offset by growth in the products like Shop Cash and Installments. This brings our overall Q1 gross margin to 51.4% compared to 47.5% in the prior year.

商家解決方案的毛利率為40.1%，而2023年第一季為37.2%。商家解決方案毛利率的提升主要得益於物流業務的取消，稀釋了利潤率。在剔除物流業務的影響後，商家解決方案的毛利率較去年同期下降，主要原因是某些合作關係帶來的非現金收入減少，以及利潤率較低的Shopify Payments業務的持續成長，但這些影響被Shop Cash和Installments等產品的成長部分抵銷。這使得我們第一季的整體毛利率達到51.4%，而去年同期為47.5%。

Operating expenses were $871 million for the quarter, in line with our expectations and representing 47% of revenue. Compared to Q1 of 2023, operating expenses of Q1 2024 were down 4%. The decline year-over-year was primarily due to the sale of the Logistics business and lower headcount, partially offset by increases in marketing spend. I know many of you look at operating expenses both pre and post stock-based comp. OpEx, excluding SBC and related payroll taxes or adjusted OpEx for the quarter, was 41% of revenue compared to 51% of revenues in Q1 2023.

本季營運費用為 8.71 億美元，符合我們的預期，佔營收的 47%。與 2023 年第一季相比，2024 年第一季的營運費用下降了 4%。年比下降主要由於物流業務的出售和員工人數的減少，但部分被行銷支出的增加所抵消。我知道你們很多人都會關注股票補償前後的營運費用。本季的營運支出（不包括 SBC 和相關工資稅或調整後的營運支出）佔收入的 41%，而 2023 年第一季這一比例為 51%。

We continue to remain disciplined on headcount with total headcount remaining essentially flat for the past 3 quarters, all while maintaining and, in fact, accelerating our product innovation capabilities and continuing the top line momentum of our business. How we leverage AI internally is an important element of how we are able to do that. And as an example, let's talk about how we are using AI in merchant support.

我們繼續嚴格控制員工人數，過去三個季度總員工人數基本持平，同時保持甚至加速了我們的產品創新能力，並延續了業務的營收成長勢頭。如何在內部利用人工智慧是我們實現這一目標的重要因素。舉個例子，我們來談談我們如何在商家支援中使用人工智慧。

A couple of data points for you. During Q1, over half of our merchant support interactions were assisted with AI and often fully resolved with the help of AI. AI has enabled 24/7 Live Support in 8 additional languages that previously were offered only certain hours of the day. We have significantly enhanced the merchant experience. The average duration of support interactions has decreased.

給大家分享幾個數據點。在第一季度，超過一半的商家支援互動都得到了人工智慧的協助，通常都能在人工智慧的幫助下徹底解決。人工智慧也新增了8種語言的全天候即時支持，而之前這些服務僅在一天中的特定時段提供。我們顯著提升了商家體驗。平均支持互動時長縮短。

And the introduction of AI has helped reduce the reluctance that some merchants previously had towards asking questions that they might perceive as trivial or naive. Additionally, our support staff has experienced a significant reduction in the amount of toil that is part of their jobs. We are improving the merchant support process and achieving much greater efficiency than ever before.

人工智慧的引進也幫助一些商家減少了先前不願提出他們認為瑣碎或幼稚問題的顧慮。此外，我們的客服人員的工作負擔也顯著減輕。我們正在改進商家支援流程，並實現比以往更高的效率。

Moving to operating income. For the quarter, operating income was $86 million or approximately 5% of revenue compared to an operating loss of $193 million in Q1 of 2023. Stock-based compensation for Q1 was $111 million, and capital expenditures were $6 million for the quarter. Free cash flow was $232 million or 12% of revenue, doubling as a percentage of revenue versus Q1 2023 free cash flow margin of 6%.

再來說說營業收入。本季營業收入為 8,600 萬美元，約佔營收的 5%，而 2023 年第一季營業虧損為 1.93 億美元。第一季股票薪酬為 1.11 億美元，資本支出為 600 萬美元。自由現金流為 2.32 億美元，佔營收的 12%，較 2023 年第一季 6% 的自由現金流利潤率翻了一番。

Turning to our balance sheet. Our cash and marketable securities balance was $5.2 billion as of March 31. And we had a net cash position of $4.3 billion after consideration of the outstanding convertible notes.

看看我們的資產負債表。截至3月31日，我們的現金和有價證券餘額為52億美元。扣除未償還的可轉換債券後，我們的淨現金部位為43億美元。

Before turning to our outlook, a few comments regarding the broader economy and the macroeconomic assumptions that underpin our Q2 expectations. We see consumer spend in North America remaining resilient, that we have factored in headwinds related to FX from the strong U.S. dollar and some softness in European consumer spending in our Q2 outlook. We have and expect to continue to outperform the e-commerce growth rates in North America and Europe. We otherwise assume that the macroeconomic environment remains consistent with current conditions.

在展望未來之前，我們先來談談整體經濟狀況以及支撐我們第二季預期的宏觀經濟假設。我們認為北美消費者支出仍將保持韌性，並且已將美元走強帶來的外匯逆風以及歐洲消費者支出的疲軟納入了第二季度的展望中。我們的電商業務成長速度已超過北美和歐洲，並且預計將繼續領先。除此之外，我們假設宏觀經濟環境與當前狀況一致。

Keeping all this in mind, let's now turn to outlook. Our expectations for the second quarter of 2024 are as follows. First, on revenue. We expect Q2 year-over-year revenue growth to be in the high teens on a GAAP basis, which equates to a year-over-year growth rate in the low to mid-20s, when excluding the 300 to 400 basis-point impact from the sale of our logistics business.

綜上所述，現在讓我們展望未來。我們對2024年第二季的預期如下。首先，收入方面。我們預期第二季營收年增率（以美國通用會計準則計算）將達到15%左右，若剔除出售物流業務帶來的300至400個基點的影響，則相當於同比成長率約25%。

An important dynamic to highlight is the impact of the standard and plus pricing changes and how they affect our growth rate for Q2 versus Q1. The impact of the pricing changes in standard and plus will have a smaller combined benefit in Q2 versus Q1.

需要強調的一個重要動態是標準版和升級版定價變化的影響，以及它們如何影響我們第二季相對於第一季的成長率。標準版和升級版定價變動對第二季的綜合效益將小於第一季。

In Q2, we begin to lap the initial pricing changes on our standard plans that went into effect in April of 2023, resulting in a headwind to our revenue growth quarter-over-quarter. While the plus pricing billing cycle went into effect today for those existing merchants who did not sign up for the 3-year contract, this uplift is expected to be minimal in Q2, given both the mid-quarter timing of the change and the fact that the majority of our merchants did choose to opt into 3-year contracts at their existing 2023 price.

在第二季度，我們開始對2023年4月生效的標準套餐進行初步定價調整，這導致我們的營收季增遭遇阻力。雖然升級定價計費週期已於今日對未簽訂3年期合約的現有商戶生效，但考慮到該調整在季度中期實施，且大多數商家選擇以現有的2023年價格簽訂3年期合約，預計第二季度的漲幅將很小。

Q2 will simply be a quarter where the lapping effect of the Standard plan changes exceeds the initial benefit of the Plus pricing changes. We remain resolutely confident in the great products, and go-to-market initiatives fueling our continuous growth and our ability to further strengthen our position as a leader in unified commerce.

第二季度，標準套餐調整帶來的疊加效應將超過 Plus 套餐調整帶來的初始效益。我們仍然對優秀的產品和市場推廣計劃充滿信心，這些舉措將推動我們持續成長，並進一步鞏固我們在統一商務領域的領先地位。

We expect Q2 to be a continuation of our strong momentum. Q2 gross margin is expected to be down approximately 50 basis points from Q1 of 2024. The primary drivers of the decline quarter-over-quarter are the expected growth of our lower-margin payments business and lower revenue contribution from a high-margin noncash partnership revenue agreement that we'll have fully amortized. Offsetting these factors are the expected positive impacts from the Standard and Plus pricing changes that I just referenced above and the benefit from shortening our trial length from 3 months down to 1 month.

我們預計第二季將延續強勁勢頭。預計第二季毛利率將較2024年第一季下降約50個基點。環比下降的主要原因是低利潤率支付業務的預期成長，以及高利潤率非現金合作收入協議（該協議已全部攤銷）帶來的收入貢獻下降。我剛才提到的標準版和升級版定價調整帶來的預期正面影響，以及試用期從3個月縮短至1個月帶來的效益，將抵銷這些因素的影響。

Turning to operating expenses. We believe that our Q2 operating expense dollars on a GAAP basis will be up at a low to mid-single-digit percentage rate compared to our Q1 operating expenses of $871 million.

談到營運費用。我們認為，以 GAAP 計算，我們第二季的營運費用將與第一季 8.71 億美元的營運費用相比，以低至中等個位數百分比成長。

As a percentage of revenue, we expect our Q2 GAAP operating expense dollars to be approximately 45% to 46%, implying a decrease of 100 to 200 basis points versus Q1. I previously have not been guiding toward operating expense as a percentage of revenue. Q2 will mark a full year since we began to operate in the new fitter, faster shape of Shopify as well as the sale of the majority of our Logistics businesses.

我們預計第二季的 GAAP 營運費用將佔收入的百分比約為 45% 至 46%，這意味著比第一季下降 100 至 200 個基點。我之前從未對營運費用佔收入的百分比做出過預測。第二季將標誌著我們以 Shopify 更強勁、更快速的新模式運作整整一年，同時也標誌著我們大部分物流業務的出售。

Given these changes, the year-over-year comparability of operating expenses has been less telling over the past year. Hence, why I've been talking about sequential changes to OpEx dollars. Going forward, I plan to talk about operating expenses as a percentage of our revenue as it better aligns with our goal of striking the optimal balance between growth and operational leverage to deliver improving profitability over time.

鑑於這些變化，過去一年營運費用的同比可比性變得不那麼明顯。這就是為什麼我一直在談論營運支出的環比變化。展望未來，我計劃以佔收入的百分比來討論營運費用，因為這更符合我們的目標，即在成長和營運槓桿之間取得最佳平衡，從而隨著時間的推移提高盈利能力。

For this quarter, I wanted to provide you both metrics. For the second quarter, the 2 primary drivers of the operating expense dollar increase over Q1 are marketing spend and our Summit event, which will happen at the end of June, with Summit being the primary driver of the increase.

本季，我想向大家提供兩個指標。第二季度，營運費用較第一季成長的兩個主要驅動因素是行銷支出和將於6月底舉行的高峰會活動，其中高峰會是成長的主要驅動因素。

Summit is our annual event where we engage in a collaborative week dedicated to aligning on the bold ideas that we have as a company, a spotlight on our mission, our product road map and the mental models that we are using to build incredible things. We consider it a critical week for our product development efforts, the company culture and work with external developers. This will be our first completely in-person Summit since 2018, and everyone is really looking forward to it.

高峰會是我們一年一度的活動，我們將在為期一周的合作中，致力於協調我們作為一家公司的大膽構想，聚焦我們的使命、產品路線圖以及我們用於建立卓越產品的思維模式。我們認為，對於我們的產品開發工作、公司文化以及與外部開發者的合作而言，高峰會至關重要。這將是我們自2018年以來首次完全面對面的峰會，每個人都對此充滿期待。

We highly value and remain committed to our remote-first culture and concurrently believe that getting teams together periodically is a critical load-bearing element that enables our remote-first culture to thrive. This year, Summit will be aggregated into one event what in other years is multiple discrete events, including our 3-day internal Hack Day event where we ask our teams to start new projects. Our Hack Days have kickstarted many key products and features like Point of Sale and the Shop app.

我們高度重視並將繼續致力於遠距優先的企業文化，同時堅信定期召集團隊是確保遠距優先企業文化蓬勃發展的關鍵要素。今年，高峰會將整合成一項活動，而往年則將舉辦多個獨立的活動，其中包括為期三天的內部「駭客日」（Hack Day），鼓勵團隊啟動新計畫。我們的「黑客日」活動已啟動了許多關鍵產品和功能，例如銷售點和商店應用程式。

This week's work also includes a series of events for our external development partners, additions.dev, which includes hands-on technical walk-throughs and immersive workshops. Additions.dev gives us an opportunity to share our vision with our developer partners and get external feedback on our products and road map. It is one of the most highly anticipated events for developers within the Shopify ecosystem, both internal and external. And we consider it an investment in our team, our product road map and our partners.

本週的工作還包括為我們的外部開發合作夥伴舉辦一系列活動，即additions.dev，其中包括實踐技術演示和沈浸式研討會。 Additions.dev讓我們有機會與開發者合作夥伴分享我們的願景，並獲得外部對我們產品和路線圖的回饋。這是Shopify生態系統內（包括內部和外部）開發者最期待的活動之一。我們認為這是對我們的團隊、產品路線圖和合作夥伴的投資。

Regarding marketing. Harley shared with you some insights into our thinking and some of our recent successes there. We intend to continue to invest when opportunities are within an average 18-month payback period. And we are finding a lot of them right now as well as supporting longer-term initiatives such as International, Enterprise and Point of Sale. Moving to stock-based compensation. Q2 SBC is expected to be $120 million, and Q2 capital expenditures, $5 million. Finally, on free cash flow. For Q2, we expect our free cash flow margin to be similar to Q1 of 2024. We have now delivered 3 consecutive quarters of double-digit free cash flow margin with no expectation for this trend to change.

關於市場行銷。 Harley 與您分享了我們的想法以及近期取得的一些成功。我們計劃在平均 18 個月回報期內的投資機會持續投資。我們目前就發現了許多這樣的機會，同時也支持國際、企業和銷售點等長期計畫。我們將轉向股票薪酬。預計第二季的股票成本 (SBC) 為 1.2 億美元，資本支出為 500 萬美元。最後，關於自由現金流。我們預計第二季的自由現金流利潤率將與 2024 年第一季持平。目前，我們已經連續三個季度實現了兩位數的自由現金流利潤率，並且預計這一趨勢不會改變。

In summary, Q1 was a very strong start to the year. We continue to deliver on the product initiatives that we have laid out. Our merchants are performing well, and we continue to expand the value that we can provide our merchants. We are making key investments in our future and continuing to build an even stronger Shopify, all while delivering a compelling mix of both growth and profitability.

總而言之，第一季是今年非常強勁的開局。我們繼續履行已製定的產品計劃。我們的商家表現良好，我們也持續提升為商家提供的價值。我們正在對未來進行重點投資，並持續打造更強大的 Shopify，同時實現令人矚目的成長與獲利組合。

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

說完這些，我現在將電話轉回給 Carrie 來回答您的問題。

(Operator Instructions) Our first question comes from Trevor Young at Barclays.

（操作員指示）我們的第一個問題來自巴克萊銀行的 Trevor Young。

Great. Just on the core standard MRR, only up slightly Q-on-Q. Can you just give us some color on why that was up maybe a smaller amount that we would have expected seasonally? Is that just a definitional change? Or is there something going on just in terms of merchant demand?

好的。就核心標準月經常性收入 (MRR) 而言，季比僅略有成長。您能否解釋一下，為什麼環比成長幅度可能比我們預期的季度性成長幅度小？這僅僅是定義上的改變嗎？還是只是商家需求方面發生了一些變化？

Yes. No, that's just a definitional change. It would have been up 5%, if you look at it in terms of Q4 to Q1. And so it's just a function of that change. The merchant acquisition engine overall is doing really, really well right now. So there's nothing else to read into that.

是的。不，這只是定義上的變化。如果從第四季到第一季來看，成長了5%。所以這只是這種改變的結果。目前，商家獲取引擎整體表現非常非常好。所以沒有其他可以解讀的因素。

Okay. Thank you. Our next question will come from Matt Code at Autonomous. Matt, are you there?

好的。謝謝。下一個問題來自 Autonomous 的 Matt Code。 Matt，你在嗎？

I am. Sorry about that, guys. I didn't click unmute. So wanted to double-click on sales and marketing expenses. So they're increasing again at a pretty fast clip. You guys touched on that a little bit in your opening remarks. I kind of just wanted to get some incremental color on how that's translating into merchant and bookings growth. Are there any commentary that you could provide on the 2024 cohort, and how that's looking compared to 2023 would be helpful.

是的。抱歉，各位。我沒有取消靜音。所以我想雙擊一下銷售和行銷費用。它們又在快速成長。你們在開場白中稍微提到了這一點。我只是想了解這些費用是如何轉化為商家和預訂量成長的。您能否對2024年的客戶群提供一些評論，以及與2023年相比的情況，這將很有幫助。

Yes. I think from a sales and marketing perspective, and let's just talk a little bit in terms of how we think about our margins overall. I mean our sales and marketing, as Harley talked about in the broader call is going very, very well right now in terms of some of the things we've been doing recently to improve the tools and the methodologies we're using. And Harley talked through some of those results not only over the past few quarters as well as some things we've done over the past few months.

是的。我想從銷售和行銷的角度來看，我們來簡單談談我們對整體利潤率的看法。我的意思是，正如Harley在電話會議上提到的那樣，我們的銷售和行銷目前進展非常順利，因為我們最近一直在改進所使用的工具和方法。 Harley不僅談到了過去幾個季度的業績，還談到了我們過去幾個月所做的一些工作。

As it relates to margin specifically in terms of how we think about it, I'd go back to what we talked about in terms of free cash flow margins. And the guidance I gave there. We are -- let's effectively start with what we said as it relates to Q1 results and then obviously Q2. In Q1, we did 12% free cash flow margins on 29% pro forma revenue growth but I consider that a strong result. And that also gets into an uptick from Q1. We had expected an uptick from Q1 to Q2 in terms of margin. Q1 outperformed, which is great.

至於利潤率，特別是我們如何看待它，我想回顧一下我們之前討論過的自由現金流利潤率，以及我當時給出的指導。我們——首先從我們之前討論的第一季業績開始，然後當然是第二季。第一季度，我們的自由現金流利潤率為12%，預計營收成長29%，但我認為這是一個強勁的業績。而且，這比第一季有所上升。我們原本預期利潤率會從第一季上升到第二季。第一季度的表現超出預期，這很好。

We did, as we talked through some of the things that Harley mentioned in his script around the payback periods and kind of when this is going to hit our top line. That's a key piece in terms of how you think about the merchant acquisition engine. But also going back to just how we think about the margins. Our guidance for Q2 points to the free cash flow margins being similar to 12% that we achieved in Q1. And that is combined with the pro forma revenue growth in the low to mid-20s.

我們確實這樣做了，因為我們討論了Harley在他的腳本中提到的一些關於投資回收期以及何時會達到我們的營收水準的問題。這對於我們思考商家取得引擎至關重要。但也要回到我們如何看待利潤率的問題。我們對第二季的預期是，自由現金流利潤率與第一季的12%相似。這與預計25%左右的收入成長相結合。

So the business can deliver both growth and margins, all while we are concurrently creating and leaning into opportunities that enhance our growth. So we feel really good about the strength of this business as it allows us to accomplish all 3. And this marketing spend for us is an investment in our future and continuing to do all the things, which, again, we think will continue to strengthen the business for the long term.

因此，這項業務能夠同時實現成長和利潤，同時我們也在創造和掌握能夠促進成長的機會。我們對這項業務的實力感到非常滿意，因為它使我們能夠同時實現這三個目標。這筆行銷支出對我們來說是對我們未來的投資，也是我們繼續做好所有事情的投資，我們認為這將繼續長期增強業務實力。

And Matt, let me just take a moment just on the types of merchant that are coming to Shopify because that is really important to understand. Historically, I think it was fairly well known that in the SMB direct-to-consumer segment, we were winning these merchants.

Matt，請容許我花點時間介紹現在使用 Shopify 的商家類型，因為了解這一點非常重要。從歷史上看，我認為在中小企業直銷領域，我們贏得了這些商家的支持，這是眾所周知的。

But remember, not only do we continue to win those merchants, but now we're seeing different types of merchants, too. I mean there's some talk around the state of the consumer. We think the consumer remains resilient. We're seeing consumers buying in their favorite brands that they love and feel affinity to. Those brands are on Shopify.

但請記住，我們不僅繼續贏得這些商家的支持，現在我們還看到了不同類型的商家。我的意思是，現在有一些關於消費者狀況的討論。我們認為消費者仍然保持韌性。我們看到消費者購買他們喜愛、有好感的品牌。這些品牌都在 Shopify 上。

But we also have other brands that have recently joined that are more -- or sorry, less discretionary. I mean FIGS, for example, are [in] hospitals all of the country. [Hines], Nestlé, Staples, Barkbox, ButcherBox, these are less discretionary brands also coming to Shopify.

但我們最近也有一些其他品牌加入了Shopify，它們更——或者說，更不注重日常用品。例如，FIGS就遍布全國各地的醫院。 Hines、雀巢、史泰博、Barkbox、ButcherBox，這些不太注重日常用品的品牌也紛紛入駐Shopify。

When you add to that new brands that are coming for things like B2B, for example, which is growing beautifully, and in our view and will continue to grow, a huge opportunity there or international merchants, you're seeing all these different on-ramps into Shopify all working really, really well.

例如，當你添加那些正在進入 B2B 領域的新品牌時，B2B 領域正在蓬勃發展，並且在我們看來，B2B 領域將繼續增長，這是一個巨大的機遇，對於國際商家來說，你會看到所有這些進入 Shopify 的不同入口都非常非常有效。

Now to Jeff's point around the spend. One thing that's important to understand is think about marketing the same way we think about products. We build great solutions. We use the best internally developed tools, and we drive decisions through data. And we can be agile at times and at times that they may seem countercyclical. But what it really does is it means we can have -- we can drive sustained top line growth and be profitable. But all these different growth drivers, all these different on-ramps lead to a much stronger business long term with a variety of very, very strong different types of merchants.

現在談談 Jeff 關於支出的觀點。有一點很重要，那就是要理解行銷就像我們思考產品一樣。我們建構優秀的解決方案。我們使用最好的內部開發工具，並透過數據驅動決策。我們有時能夠靈活應對，有時看似逆週期。但真正的意義在於，它意味著我們可以實現持續的收入成長並獲利。所有這些不同的成長動力，所有這些不同的成長途徑，都將透過各種類型、非常強大的商家，帶來更強勁的長期業務成長。

We will now move to Mark Zgutowicz at Benchmark. Okay. We will put Mark back in the queue. Let's go instead to...

現在輪到 Benchmark 的 Mark Zgutowicz 發言了。好的。我們會把 Mark 放回發言隊列。接下來…

I'm here.

我在這裡。

Oh, there you are. Okay. Great.

哦，你來了。好的。太好了。

Sorry about that, Carrie. Thought I hit it. Harley, maybe just picking up on that last point. You talked a little bit about vertical expansion there on the merchant ad component. But maybe if you could talk about geo and sort of where you're seeing merchant ads from a geo perspective, sort of what the strategy is there and how that payback period, I guess, fits into that 18 months?

抱歉，Carrie。我好像說到重點了。 Harley，我可能只是在強調最後一點。你剛剛談到了商家廣告部分的垂直擴展。但你能不能談談地理位置，以及你從地理位置角度看到的商家廣告在哪裡，他們的策略是什麼，以及投資回收期是如何融入這18個月的？

Is it higher in U.S. versus some of these other geos? Is that sort of an average 18-month payback? If you look across deals, that would be helpful. And then just one other quick one, if I could, just in terms of your audience scale, just in terms of advertising scale broadly. Just trying to get a sense of how your audience target numbers will look this year scaling relative to last year.

與其他一些地區相比，美國的投資報酬率更高嗎？平均18個月的報酬週期是這樣的嗎？如果您查看交易情況，會很有幫助。然後，如果可以的話，我再快速問一個問題，就您的受眾規模，就廣義的廣告規模而言。我想了解一下，今年您的受眾目標數量相對於去年的規模會如何成長。

Yes. Let me start, Mark, with international. I mean Shopify is no longer just for small business in North America. We are seeing great, really strong revenue growth across channels, cross-sell, regional. And Q1 international GMV grow at pace North America. In fact, in particular, Europe continues to lead our growth outside North America. I think Q1 GMV growth was like 38% in that region. That's the third consecutive quarter of growth above 35% there.

是的。馬克，我先從國際業務開始。我的意思是，Shopify 不再只是針對北美的小型企業。我們看到，我們在各個通路、交叉銷售和區域的收入成長都非常強勁。第一季國際 GMV 的成長速度與北美持平。事實上，歐洲繼續引領我們在北美以外的成長。我認為該地區第一季 GMV 的成長率約為 38%。這是該地區連續第三個季度成長率超過 35%。

So there's a lot of opportunity there. I think we've captured less than 1% market share in global retail sales even as our product and geographies have expanded. If you go back to 2015, we have 5 products in 4 countries. Today, we have 20 products in more than 30 countries just on the Merchant Solutions side.

所以這裡面有很多機會。我認為，儘管我們的產品和地理都在擴張，但我們在全球零售額中的市佔率還不到1%。回顧2015年，我們在4個國家擁有5種產品。如今，僅在商家解決方案方面，我們就在30多個國家/地區擁有20種產品。

We have this massive opportunity ahead with about a $380 billion market opportunity when you just focus on our core geographies and where we operate today, which means we are significantly underpenetrated. And in particular, on the product expansion side, localization of products matters. Commercial initiatives matter. That means working with partners, working with app developers, working with large SIs on the ground in these places. That really matters. But I think we will continue to focus on the success we're seeing in Europe. And there's no reason for that to be slowing down. And then obviously, APAC and LatAm also provide some really incredible opportunities there.

我們面臨著巨大的機遇，如果只專注於我們的核心地域和我們目前的營運區域，市場規模約為3800億美元，這意味著我們的滲透率嚴重不足。尤其是在產品擴展方面，產品在地化至關重要。商業計劃至關重要。這意味著與合作夥伴、應用程式開發人員以及這些地方的大型系統整合商合作。這真的很重要。但我認為我們將繼續專注於我們在歐洲的成功。而且沒有理由放慢腳步。顯然，亞太地區和拉丁美洲也提供了一些非常寶貴的機會。

Let me also talk quickly about audiences because I think it's important. Obviously, we've been talking about advertising generally on Shopify, but audiences in particular is one that we're especially proud of. Look, this thing launched in 2022, May. It's now helping merchants get better results from the digital ads. The algorithms that this thing is getting better at every day helps with finding high-intent customers. And in some cases, we are leading -- we are seeing this lead up to 50% CAC improvements. So it is really important.

我還要簡單談談受眾，因為我認為這很重要。顯然，我們一直在討論 Shopify 上的廣告，但受眾是我們特別引以為傲的一點。這款產品於 2022 年 5 月推出，現在正在幫助商家從數位廣告中獲得更好的效果。它每天都在改進的演算法有助於找到高意向客戶。在某些情況下，我們處於領先地位——我們看到這可以帶來高達 50% 的 CAC 提升。所以這真的很重要。

It's also a key reason why merchants used to upgrade to Plus. We're now experimenting more. We just launched a free 45-day trial in April. Some merchants who are not on Shopify Plus can actually experiment with it. Of course, the goal is to get them the upgrade, but also get them to start using it. And then just in January, in the winter edition, we talked about stronger retargeting and benchmarks for ads. We target twice as many potential buyers with much better customer targeting boost list, new benchmarks for measuring ad performance.

這也是商家過去升級到 Plus 的關鍵原因。我們現在正在進行更多嘗試。我們剛剛在 4 月推出了 45 天的免費試用。一些尚未使用 Shopify Plus 的商家可以嘗試一下。當然，我們的目標是讓他們升級，但也要讓他們開始使用。就在 1 月的冬季刊中，我們談到了更強大的重新導向和廣告基準。我們瞄準的潛在買家數量增加了一倍，並提供了更優質的客戶定位提升清單和衡量廣告成效的新基準。

The audience's product is something that we're really proud of. And I think you'll see us continue to double down on it. But advertising in general, I think what differentiates Shopify is our ability to interpret data, experiment and then lean into where we see these opportunities. And everything I referenced in my prepared remarks speaks, I think, to a desire to be world-class at every aspect of our business, including marketing for ourselves and helping our merchants with marketing. And audiences is a great example of that.

我們為「受眾產品」感到自豪。我相信您會看到我們繼續加倍投入。但就廣告而言，我認為 Shopify 的獨特之處在於我們能夠解讀數據、進行實驗，並把握我們發現的機會。我認為，我在準備好的發言中提到的所有內容都體現了我們渴望在業務的各個方面都達到世界一流水平的願望，包括我們自身的營銷以及幫助我們的商家進行營銷。 「受眾」就是一個很好的例子。

The other one, of course, is Shop Campaigns, which previously known as Shop Cash Offers. Very early stage of experimenting, but we're already seeing merchants and incredible brands use it and find increased revenue through much higher visibility, much better conversions. And again, the great part about things like Audiences and Shop Campaigns is if you want to leverage these things as a brand or retailer merchant, you have to be on Shopify.

另一個當然是「商店廣告活動」（Shop Campaigns），之前稱為「商店現金優惠」（Shop Cash Offers）。目前還處於試驗的早期階段，但我們已經看到一些商家和知名品牌開始使用它，並透過更高的曝光度和更優的轉換率實現了收入成長。再次強調，受眾群體和「商店廣告活動」等功能的優點在於，如果您作為品牌或零售商想要利用這些功能，就必須使用 Shopify。

Our next question will come from Andrew Boone at JMP Securities.

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

Jeff, can you talk about the reaction to Plus price increases? And you laid out 2Q pretty clearly but how do we think about that flowing through the P&L in the back half of the year?

Jeff，你能談談大家對 Plus 漲價的反應嗎？你第二季的業績表現非常清晰，但我們認為這會對下半年的損益產生怎樣的影響呢？

Yes. Thanks, Andrew. A couple of things I mentioned on the call and then a couple of additional points. I did mention on the prepared remarks earlier that we've had a majority of the Plus merchants commit to 3-year contracts, which for us is really a testimony to them looking at all the value we provide and saying this is something that I want to -- this is a platform. This is a set of tools I want to continue to work with and commit to for a multiyear period, which obviously is a great testimony to what we've been doing.

是的，謝謝，安德魯。我在電話會議上提到了幾點，然後我補充幾點。我之前在準備好的發言稿中提到過，大多數Plus商家都簽訂了3年合約，這對我們來說，充分證明了他們認可我們提供的所有價值，並且認同這就是我想要的——這是一個平台。這是一套我想要繼續使用並承諾在未來幾年內持續投入的工具，這顯然是我們一直以來所做工作的有力證明。

As you know, similar to what we saw in the standard pricing changes, it's going hit MRR first, right? So we'll hit MRR in Q2 because today is essentially because today, this very day, in fact, is the first day of the billing cycle. And so it will hit MRR in Q2.

如你所知，與我們在標準定價變化中看到的情況類似，它會首先觸及MRR，對嗎？所以我們會在第二季觸及MRR，因為今天，也就是今天，其實是計費週期的第一天。所以它會在第二季觸及MRR。

It really won't hit revenue and obviously, therefore, margins really until mostly in Q3. So this will be a little bit more of a back half phenomenon than anything else. And it will track pretty similar, just in terms of timing because we implemented both of these changes. The Standard and the Plus, at pretty much the same time of the year. So it will track in a similar manner. But again, just given the fact that the majority of the Plus merchants have opted into 3-year contracts, I don't think it will have as big of an impact as Standard did for us last year.

這實際上要到第三季才會真正影響收入，因此利潤率顯然也不會真正受到影響。所以，這更像是一種下半年現象，而不是其他任何現象。而且，由於我們實施了這兩項變革，所以從時間上來看，它們的變化軌跡會非常相似。 Standard 和 Plus 的變革幾乎在一年中的同一時間進行。所以，變化軌跡會很相似。但同樣，鑑於大多數 Plus 商家都選擇了 3 年合約，我認為它不會像去年 Standard 那樣對我們產生那麼大的影響。

Our next question comes from Mark Mahaney at Evercore ISI.

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

Ian Peterson. This is Ian Peterson on for Mark. Can you help us unpack the Q2 guide a little bit more in the puts and takes in your high teens year-over-year revenue guide? How big is the FX headwind embedded in the guide? And how should we think about the balance between Subscription versus Merchant Solutions in the quarter, given the price increases flowing through more enterprise customers coming online?

伊恩彼得森。我是伊恩·彼得森，馬克的節目主持人。您能否幫助我們更詳細地解讀第二季財報，看看您發布的年收入成長了十幾個百分點的業績指引。財報中外匯方面的不利因素有多大？考慮到更多企業客戶上線導致價格上漲，我們該如何平衡本季的訂閱服務和商家解決方案？

Yes. I'll go ahead and start on that one. Thanks, Ian. So a reminder that -- and I want to go back to this as the largest impact. I mentioned this in my comments earlier. The largest impact, Ian, the comparison between Q1 and Q2 growth rates is this dynamic of the pricing changes.

是的。我先從這個開始說吧。謝謝，伊恩。所以提醒一下——我想回到這個問題，因為它是最大的影響。我之前的評論中提到過。伊恩，最大的影響在於第一季和第二季成長率之間的對比，即價格變化的動態。

And you really have Q2 this quarter, where effectively the year-over-year lift of the Standard Plan pricing changes is waning before you really get the ramp in terms of what we're seeing on the Plus pricing and before that's really kicked in. That is the biggest driver.

本季度確實已經進入第二季度，實際上，標準計劃定價變化的同比漲幅正在減弱，之後 Plus 定價才會真正出現上漲，之後才真正開始發揮作用。這是最大的驅動因素。

The other -- and really, when you take that in isolation, don't forget, obviously, all the great things that we're doing in terms of what we're seeing, Harley alluding to this in terms of the strength of all of our other products. The merchant additions are strong across all of Standard, Plus and Point of Sale, as I talked about as it relates to MRR numbers. Payments, Enterprise Plus, Point of Sale, B2B, they're all going really, really well. So those are the key takeaways.

另一點——實際上，當你單獨考慮這一點時，顯然不要忘記我們正在做的所有偉大的事情，就我們所看到的而言，Harley 指的是我們所有其他產品的強勁表現。正如我之前提到的，標準版、Plus 版和 POS 版的商家新增業務都表現強勁，這與 MRR 數據有關。付款、企業 Plus 版、POS 版、B2B 版，它們都發展得非常非常好。所以，這些就是關鍵點。

I did, obviously, as it relates to some of the broader economic factors that I mentioned in my comments earlier, there is some impact from the strengthening of the U.S. dollar. There is also, actually, when you look at the Q1 growth rate, that had a year-over-year impact from leap year, which is roughly -- just think about the number of days in the quarter is roughly 100 basis points tailwind to the growth rate. So if you want to quote normalized Q1 growth rates, that's something to keep in mind.

顯然，我確實這麼做了，因為這與我之前評論中提到的一些更廣泛的經濟因素有關，而美元走強確實帶來了一些影響。實際上，當你觀察第一季的成長率時，你會發現閏年對同比成長也產生了影響，大致相當於－－想想看，當季的天數大約為成長率帶來了100個基點的順風。所以，如果你想引用標準化的第一季成長率，這一點需要記住。

And then Europe and most specifically the U.K., where we are seeing some economic slowdown, as I mentioned earlier, but please do and keep this in perspective that -- and as you go back to our annual report last year, you noted that we mentioned for 2023, EMEA as a whole was 18% of revenues for the year. And the U.K. is just one piece of that.

然後是歐洲，尤其是英國，正如我之前提到的，我們看到了經濟放緩的跡象。但請大家務必保持客觀。回顧我們去年的年報，我們提到2023年，歐洲、中東和非洲地區（EMEA）整體收入佔全年總收入的18%。而英國只是其中的一部分。

And we've, obviously -- and Harley mentioned it just a few moments ago, we've obviously been talking in the past few quarters about the growth rates in the high 30s for EMEA. So we have been doing exceptionally well there. And we expect to continue to outgrow the market, not only in Europe, but also more importantly, North America.

顯然，正如Harley剛才提到的，我們過去幾個季度一直在談論歐洲、中東和非洲地區30%以上的成長率。所以我們在那裡表現得非常出色。我們預計不僅在歐洲，更重要的是在北美，我們的成長速度將繼續超越市場。

So it is this pricing change impact, which is the biggest factor for Q2. And again, I think our merchant acquisition engine and our product suite are performing really well. So we feel good about the strength of the business right now.

因此，定價變化的影響是第二季最大的因素。而且，我認為我們的商家獲取引擎和產品套件表現非常出色。因此，我們對目前的業務實力感到滿意。

Our next question will come from Michael Morton at MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Morton。

The #1 question we get from investors is the impact that the growth in enterprise will have on the attach rate. It's just really tricky to try to forecast it from the outside and probably not growing as quickly as some people might expect at the moment. Would just love to hear some more about the moving parts behind this as you see success in the Enterprise and how investors should think about the attach rate going forward?

投資人最常問的問題是企業級業務的成長會對配售率產生什麼影響。從外部預測這一點非常困難，而且目前的成長速度可能不如一些人預期的那麼快。您能否進一步了解企業級業務的成功背後的動因，以及投資人該如何看待未來的配售率？

Michael, I'll take that question. So first and foremost, Enterprise is really continued to gain some traction here. The way that we think about it is that there are a bunch of different ways that very large enterprises can use Shopify. And not every one of them wants -- some want headless and they can (inaudible) Hydrogen and also remix. Some want Plus, this one-size-fits-all out of the box. And those that don't want out of the box, we have CSS as well.

邁克爾，我來回答這個問題。首先，企業級應用程式確實持續受到關注。我們認為，大型企業可以透過多種方式使用 Shopify。並非所有企業都想要…有些企業想要無頭系統，他們可以（聽不清楚）使用 Hydrogen 和 Remix。有些企業想要 Plus，這種開箱即用的通用方案。而對於不想使用開箱即用方案的企業，我們也有 CSS 解決方案。

But we're now offering something for every enterprise level brand that takes all the value of Plus and wraps into the needs of very complex high-volume brands. I mentioned Everlane previously. I mentioned Coach on the call today. We're seeing more of these brands that historically didn't necessarily look to Shopify, come to us now to take one component. We believe over time, they will take more of its components.

但現在，我們為每家企業級品牌提供相應的服務，這些服務不僅吸收了 Plus 的全部價值，還能滿足非常複雜的高銷售品牌的需求。我之前提到過 Everlane，今天在電話會議上也提到了 Coach。我們看到越來越多過去不一定會選擇 Shopify 的品牌，現在也來找我們，只為了取得其中的某個元件。我們相信，隨著時間的推移，他們會獲得 Shopify 的更多元件。

Now the product attach rate is really important is because it's a proxy for the value we're adding for all the products that we have, whether it's something like capital or it's payments or any of the other Point of Sale, for example, any of the other solutions that we think are really important for merchants to be utilizing to build their business.

現在產品附加率非常重要，因為它代表了我們為所有產品增加的價值，無論是資本、支付或任何其他銷售點，例如，我們認為對商家利用來建立業務非常重要的任何其他解決方案。

But in the case of Enterprise in particular, I think the reason that you're seeing Overstock and BarkBox and Intersport and Skullcandy, all these brands coming to us at this increased clip is because this is by far, the best product. And the total cost of ownership, we just had an independent study validate this. Total cost of ownership for Shopify's enterprise offering is 36% better than competitors. That is unbelievable. I mean the value to cost ratio is so far on the side of value here. And they're choosing Shopify because it's a great product, it's a great value, and we'll continue to see that as well.

但就企業級產品而言，我認為 Overstock、BarkBox、Intersport 和 Skullcandy 等品牌之所以會以如此快的速度加入我們，是因為 Shopify 是迄今為止最好的產品。至於總擁有成本，我們剛剛進行了一項獨立研究，證實了這一點。 Shopify 企業級產品的總擁有成本比競爭對手低 36%。這真是令人難以置信。我的意思是，性價比非常高。他們選擇 Shopify 是因為它是一款優秀的產品，物超所值，而且我們會繼續看到這種情況。

Now in terms of directly answering your question on the attach rate. Over time, what we do see is that more and more merchants take more of our solutions as they fully integrate into the platform. So think about these things like CSS and Hydrogen and Plus as on ramps into the enterprise product. But once they're in the enterprise product, we have the opportunity to show them better value on things like payments, for example; better value on -- -- they can get them using audiences, for example.

現在直接回答你關於配售率的問題。隨著時間的推移，我們確實看到越來越多的商家在完全融入平台後，會更常採用我們的解決方案。所以，可以把CSS、Hydrogen和Plus等產品視為進入企業產品的入口。一旦他們進入企業產品，我們就有機會向他們展示在支付等方面的更高價值；例如，他們可以利用受眾群體來吸引他們。

That's sort of the model here. And when you add on top of that, a much more aggressive go-to-market effort, which frankly is -- we've been working on now for, call it, 24 months, you're seeing the fruits of those labors. And so I think you'll continue to see that as well. But over time, we like that the product attach continues to grow again as a proxy for the value we create for the people that use Shopify.

這就是我們目前的模式。除此之外，我們還要進行更積極的市場推廣，坦白說，我們已經為此努力了大概24個月，現在你正在看到這些努力的成果。所以我認為你還會繼續看到這一點。隨著時間的推移，我們很高興看到產品附加價值持續成長，這代表我們為Shopify用戶創造的價值。

Okay. Thank you for your question. Our next question comes from Martin Toner at ATB Capital.

好的。謝謝你的提問。下一個問題來自ATB Capital的Martin Toner。

Free cash flow margins have been greater than adjusted op income margins last 2 quarters. Is that something we should expect will continue?

過去兩個季度，自由現金流利潤率一直高於調整後營業利益率。這種情況是否應該持續下去？

Well, yes, from a free cash flow margin perspective versus operating income, there's a few things in play. But yes, in general, it's been and we expect it to continue to be a few points higher. And that's just a function of how you think about our P&L and kind of how that flows through the P&L, but yes.

是的，從自由現金流利潤率與營業收入的角度來看，有一些因素在起作用。但總體而言，它一直在增長，我們預計將繼續增長幾個點。這只是取決於你如何看待我們的損益表，以及它如何在損益表中流動，但確實如此。

Okay. Our next question will come from Andrew Bauch at Wells Fargo.

好的。下一個問題來自富國銀行的安德魯·鮑赫。

Just wanted to unpack the Shop Pay growth. 3 straight quarters over 50%. And Harley, you mentioned the off-platform opportunity and its interplay with commerce components really starting to show traction. So can you give us a sense on what the drivers of Shop Pay's growth are at this point? And what does the pipeline look like for Shop Pay off-platform as we get into the back half of this year?

我想分析一下 Shop Pay 的成長情況。連續三個季度成長超過 50%。 Harley，您提到了平台外的機會及其與商業組件的相互作用，現在真的開始顯現出吸引力。您能否介紹一下目前 Shop Pay 成長的驅動力是什麼？進入今年下半年，Shop Pay 平台外的銷售管道是什麼樣的？

Yes. I mean simply put, Shop Pay is the highest converting [standard of] checkout on the Internet. It converts 36% better than competition and 15% more on average. There's now 150 million buyers, 150 million that have opted into Shop Pay. And for Q1 alone, we facilitated $14 billion of GMV. That's a 56% year-on-year. I think total cumulative, it's about $140 billion so far.

是的。簡而言之，Shop Pay 是網路上轉換率最高的結帳方式。它的轉換率比競爭對手高出 36%，平均高出 15%。目前有 1.5 億買家，其中 1.5 億選擇了 Shop Pay。光是第一季度，我們就促成了 140 億美元的商品交易總額 (GMV)，年增 56%。我認為累計交易總額目前約為 1400 億美元。

So I think -- I mean people are coming to shop -- people want to use Shop Pay because frankly, even the mere presence of Shop Pay on the check -- even if it's not used results in a 5% higher conversion. It's becoming a really bad idea for any brand or any retailer on the planet to not use it.

所以我認為——我的意思是，人們來購物——人們想使用Shop Pay，因為坦白說，即使帳單上只有Shop Pay——即使沒有使用，也能帶來5%的轉換率提升。對於地球上的任何品牌或零售商來說，不使用它都是一個非常糟糕的主意。

And so we like the fact that people are coming to us specifically for Shop Pay. Again, it allows us to begin a business relationship with brands that maybe historically, we had not otherwise spoken to. But we're going to continue to make Shop Pay the default checkout on the Internet. And we do that because it's faster. It reduces friction and ultimately, drives greater adoption by both merchants and ultimately for more buyers, which means merchants want it. But it's -- we think -- we're really excited about it. We are very focused on making it easier to checkout with Shop Pay and extend it to way more surfaces. And the pipeline for Shop Pay is something that is new, but very, very exciting.

所以我們很高興看到人們專門為了 Shop Pay 來找我們。這讓我們能夠與一些過去可能從未聯繫過的品牌建立業務關係。但我們將繼續將 Shop Pay 作為網路上的預設結帳方式。我們這樣做是因為它更快捷，減少了摩擦，最終推動商家和更多買家採用它，這意味著商家想要它。但我們認為，我們對此感到非常興奮。我們非常專注於讓 Shop Pay 結帳變得更簡單，並將其擴展到更多平台。 Shop Pay 的開發流程雖然很新，但非常令人興奮。

And our last question will come from Samad Samana at Jefferies.

我們的最後一個問題來自 Jefferies 的 Samad Samana。

I appreciate it. So I wanted to ask a question maybe on the Point of Sale GMV and Point of Sale MRR. Jeff, I know you guys gave off-line revenue targets last year at the Analyst Day, which is really helpful. Could you give us any sense of maybe what the MRR contribution from Point of Sale is and maybe how you're expecting the overall Point of Sale growth this year? And then not to make it a multiparter, but just trying to understand maybe what the GPV for offline merchant dynamics are versus online.

非常感謝。我想問一個關於銷售點 GMV 和銷售點 MRR 的問題。 Jeff，我知道你們去年在分析師日上給了線下收入目標，這很有幫助。您能否介紹一下銷售點的 MRR 貢獻是多少，以及您對今年銷售點整體成長的預期？另外，我不想把話題分成多個部分，只是想了解線下商家 GPV 和線上 GPV 的動態對比。

Yes, of course. A couple of things on that, Samad. In terms of some of the growth rates in some of the sizing that we talked about at the Investor Day regarding retail Point of Sale, that is consistent in terms of how that business is performing. As strong as our core business is performing, the offline piece continues to perform at an even higher level.

是的，當然。 Samad，關於這一點，我有幾個問題想說。就我們在投資者日上談到的零售銷售點業務的一些規模增長率而言，這與該業務的業績表現是一致的。我們的核心業務表現強勁，而線下業務的表現也持續保持更高的水平。

So that is something, obviously, which from our vantage point is a great thing. It's a testimony to a lot of merchants Harley talked a little bit about, especially some of the larger multi-location retail merchants that are using point-of-sale more and more. And it's also helpful from their vantage point to use our platform because obviously, they can look at one tech stack and basically say, "All right, I have the best technology, the best tech stack on the online side. And now I have the best on the offline side as well."

所以，從我們的角度來看，這顯然是一件好事。這證明了Harley剛才提到的許多商家，尤其是一些規模較大的多地點零售商，他們越來越多地使用銷售點（POS）。從他們的角度來看，使用我們的平台也很有幫助，因為他們顯然可以看看一個技術棧，然後說：“好吧，我擁有最好的技術，線上最好的技術棧。現在，我線下也擁有了最好的。”

Really I'll do that from one pane of glass, one set of data analysis, et cetera. It's been a really, really compelling value proposition, I guess, for lack of a better way of saying it. And so that's been one of the things that's been fueling the growth. And we're doing a lot, and we talked to maybe a couple of quarters ago as it relates to things like installments, where we're taking them, Samad, from our core online business and adding them to the offline offering that we're giving to retailers. And we continue to expand the countries that we're in with Point of Sale.

實際上，我會透過單一平台、一套數據分析等等來實現這一點。我想，這是一個非常非常有吸引力的價值主張，或許沒有更好的說法了。這也是推動成長的因素之一。我們正在做很多事情，大概幾個季度前我們就討論過分期付款之類的業務。 Samad，我們正在把分期付款從我們的核心線上業務中剝離出來，並添加到我們提供給零售商的線下服務中。我們將繼續擴大銷售點所涵蓋的國家。

So that being said, we don't -- in terms of the attach rate, we just don't have the number of just in terms of sheer number. We don't have the same number of offerings for Point of Sale that we also have in online, but that's also an opportunity because we're going to be able to migrate more and more functionality at the Point of Sale. And so over time, the attach rate and some of the opportunities overall are going to increase.

話雖如此，就配售率而言，我們確實沒有那麼多，只是數量上沒有那麼多。我們在銷售點提供的服務數量不如線上那麼多，但這也是一個機會，因為我們將能夠將越來越多的功能遷移到銷售點。因此，隨著時間的推移，配售率和一些整體機會都會增加。

As I believe you know, the point-of-sale, the retail piece for us is primarily a payments piece. There's, obviously, the subscription element to that. Those 2 make up the significant majority of the revenues that we get from retail.

我相信您知道，對我們來說，銷售點，也就是零售部分，主要指支付部分。當然，其中也包含訂閱部分。這兩項構成了我們零售收入的絕大部分。

We -- unfortunately, we're not breaking out as it relates to percentage of MRR what is exactly retail. But you can expect as we again, the kind of continuation of the trends, as I alluded to before. So it's doing really well, and it's a function of all the things both Harley and I have covered. So with that, maybe Harley, I'll turn it back to you.

很遺憾，我們沒有具體列出與每月經常性收入（MRR）百分比相關的零售業務。但正如我之前提到的，您可以再次期待這種趨勢的延續。所以它表現得非常好，這要歸功於我和Harley之前討論過的所有事情。好了，Harley，我把話題轉回給您。

Yes. Let me just close that before we finish the call because I just want to say one thing that I think may be getting lost here, but it's really important. We just delivered 29% pro forma revenue growth and 12% free cash flow margins. Now for Q2, our outlook points to free cash flow margin similar to the 12% we achieved in Q1. And that combined with pro forma revenue growth in the low to mid-20s, I mean this business can do something very rare and unique relative to almost every single company on the planet.

是的。在我們結束通話之前，我想先說一下，因為我只想說一件事，我覺得大家可能忽略了，但這件事非常重要。我們剛剛實現了29%的預測收入成長和12%的自由現金流利潤率。對於第二季度，我們的預期是自由現金流利潤率與第一季的12%持平。再加上25%左右的預測收入成長，這意味著這家公司幾乎可以做到世界上所有公司都無法比擬的、非常罕見和獨特的事情。

We can deliver growth and margins, all while creating and leaning into opportunities that enhance our growth in the future. And so I just -- I think it's important to say like the strength of this business means we can accomplish all 3 of those things and build stronger company longer term.

我們能夠實現成長和利潤，同時創造並抓住未來成長機會。所以，我認為，重要的是，這項業務的實力意味著我們能夠實現這三個目標，並在長期內打造更強大的公司。

This is what the best companies do. And I think this is how you achieve long-term durable growth. And I've never been more excited about Shopify, about our business, and I've never been more proud to work with this world-class team. I think this is the best version of Shopify ever, and thank you so much for joining us today on the call.

這就是最優秀的公司所做的事。我認為這也是實現長期永續成長的秘訣。我從未對 Shopify 和我們的業務感到如此興奮，也從未對能與這支世界一流的團隊共事感到如此自豪。我認為這是 Shopify 有史以來最好的版本，非常感謝大家今天參加我們的電話會議。

This concludes our First Quarter 2024 Conference Call. Thank you.

我們的2024年第一季電話會議到此結束。謝謝大家。