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。 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 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'll turn the call over to Harley.

這樣，我就把電話轉給哈利。

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.

謝謝嘉莉，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。我們正在幫助世界各地數百萬商家創辦和擴大業務。

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.

我們已經連續 4 個季度展示了大規模推動業績的能力，營收成長超過 25%（不包括物流）。正如我們在過去20 年中所證明的那樣，我們為商家解決的難題越多，我們為飛輪添加的內容就越多，今天、明天以及未來許多年，每個人的商業生活就會變得更好。

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.

我們已經談論了很多關於 Shopify 的這種新形式，以及它如何使我們能夠在更大範圍內推動更大的成長和獲利能力，而且它正在發揮作用。支付滲透率正在上升。我們在線下和企業領域取得了重大進展。我們對國際成長的努力正在取得積極成果，我們的附加率正在擴大。

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.

我們的營運紀律是成功的關鍵因素，確保我們保持效率、利用我們的優勢進行投資並在每個環節創造價值。 Shopify 在建置和運輸產品方面始終保持高容量、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 2 年的時間裡，我們在平台上推出了 400 多項新功能和更新，樹立了展示我們在建立未來方面的領導地位的步伐。在此期間，我們每年推出兩次所謂的版本，改變了我們展示和揭曉 Shopify 進展的方式。這些一年兩次的活動不僅提高了我們的商家和合作夥伴的參與度、產品採用率和知名度，而且還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中，安裝了 Shopify 訂閱的企業中有 62% 以前從未在 Shopify 上安裝過訂閱應用程序，這證明了這些關鍵的故事講述時刻對推動採用的影響。我們致力於不斷創建優秀的軟體，使品牌能夠啟動和擴展，快速直觀地找到他們想要的功能，就好像每個功能從一開始就被整合一樣。

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.

從基本元素（例如將變體限制擴展到2,000 個）以及推出我們的網路效能儀表板（可以提高儲存搜尋排名並提高轉換率），到新的支援人工智慧的編輯工具以及在銷售點內推出電子郵件擷取功能離線結帳時。我們正在不懈地努力減少摩擦，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[新增內容]已成為Shopify 和我們正在大規模推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，而且還重新定義了我們的生態系統如何與我們互動和構建。

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.

簡要介紹一下人工智慧。我們獨特的地位使我們能夠挖掘人工智慧對創業和商家的巨大潛力。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，所有這些我們一直在透過我們的人工智慧產品套件 Shopify Magic 開發更深入的功能。

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，我們只是觸及了可能性的表面，因為我們仍處於了解人工智慧對企業和商業的巨大潛力的初級階段。我們最大的產品是 Shopify Payments，已在十多年前推出。其GMV滲透率穩定上升，預計2023年達到58%，其中第一季GMV滲透率達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.

我們的無縫整合支付解決方案仍然是資本、分期付款和 Shop Pay（全球轉換率最高的加速結帳）等其他產品的關鍵網關。第一季度，Shop Pay 成長了 56%，處理的 GMV 達到 140 億美元，占我們支付總額的 39%，因為它仍然是尋求快速、安全和無憂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.

確保這些結帳快速加載、安全且合規可能很複雜，這就是 Shopify 努力使其變得簡單的原因。在 Shopify，我們始終領先商家的未來。我們本質上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合規。

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 和我們的加速結帳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。隨著我們不斷改進我們的功能和全球整合並擴展我們的離線和企業細分市場，我們預計成長和採用率將會增加。這將部分受到我們的商務組件產品提供的新途徑和靈活性的推動。

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，打算在未來幾個月內在其所有美國和加拿大直銷店業務中[主導] Shop Pay 平台外業務。這種可組合性、可靠性和速度的結合將進一步鞏固 Shopify Payments 作為商家重要工具的地位，Shop Pay 將繼續成為快速、安全和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 銷售點這個真正的全通路解決方案的價值，因為使用我們新的銷售點 Pro 的地點數量比上一年大幅增加。草稿訂單功能和完全可自訂的列印 POS 收據等關鍵功能增強功能繼續推進我們的產品。

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，尤其是大型、複雜、多地點的商家來到 Shopify。我們發現，擁有 20 家或更多門市的商家在本季的門市數量增加了 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.

我們增加了對 Shopify 銷售點績效行銷的投資以及嘗試其他收購策略，正在取得正面成果。例如，出生於蒙特婁的服裝品牌 Frank And Oak 在上個季度在十幾個零售點推出了銷售點，密西根州的食品公司 Cherry Republic 也是如此。在第一季度，我們看到了各個商家、地點和地區的成長，隨著我們繼續獲得份額，支持我們的線下 GMV 年成長 32%。

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。 Shopify 取得了長足進步，第一季 B2B 和 GMV 在 2023 年翻了一番後同比增長超過 130%。一年前還要多。

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.

那麼為什麼這很重要呢？嗯，這意味著商家使用草稿訂單輸入的手動訂單減少了，這讓商家有時間價值專注於贏得新業務。 B2B 為 Shopify 帶來了巨大的成長機會，使我們能夠進入新的垂直領域並迎合專注於 B2B 交易的商家。

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 企業的具體需求，並不斷完善我們的平台以滿足這些需求並提高效率和成長。例如，我們讓先前透過 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其整個批發業務轉移到我們的 B2B 解決方案，這是 Plus 商家的關鍵功能。

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.

進一步驗證了我們的 B2B 產品的競爭力，兩天前，Forrester 的 2024 年 B2B 商務平台 Wave 評估出爐，Shopify 被置於領導者類別。這是我們首次出現在 B2B 排名前 2 名的企業驗證報告中，這是一個明確的信號，表明 Shopify 正在日益成為在線、離線、B2B 及其他領域統一商務的領導者。

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.

轉向國際。第一季國際 GMV 成長超過北美，歐洲持續強勁，第一季 GMV 成長 38%，標誌著我們連續第三季 GMV 成長超過 35%。去年，國際業務僅占我們收入的不到 30%，因此我們仍有很大機會為商家提供工具，讓全球銷售變得像本地銷售一樣簡單。

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.

現在，為了實現這一目標，我們專注於打造滿足國際商人獨特需求和偏好的產品和工具。本季度，我們透過在日本、西班牙和義大利運送本地化宣傳冊等工具，繼續在國際市場的本地化工作上取得進展，幫助我們的商家確保提供量身定制的體驗並擴大他們的覆蓋範圍。

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.

我們也一直致力於將更多產品推向更多國家。例如，第一季度，我們在澳洲成功推出了 Point of Sale Go 和 Point of Sale 終端，進一步增加了 Shopify 在這一關鍵市場的入口。

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，我們的市場產品比去年增加了 70%，這使得商家可以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，Markets Pro 是我們本土的一體化跨境商家記錄產品，已於 2023 年 9 月在美國全面開放。

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.

品牌正在利用 Markets Pro 在幾天內進入全球市場，並立即看到其全球銷售額的成長。以芝加哥服飾公司 Suit Shop 為例，自採用 Markets Pro 以來，該公司的國際訂單成長了 600%；而紐約護膚品牌 Beekman 1802 在 6 個月內國際銷售額成長了 137%。

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.

隨著第一季跨境 GMV 成長 15%，約佔總 GMV 的 14%，我們將繼續為商家提供更多跨境交易。正如我們在上次電話會議中提到的，我們將在 2024 年繼續積極追求企業品牌，並且我們正在看到成果。

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 和 Shoptalk 等重要活動，我們與較大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，根據我們去年在 IDC 和 Gartner 中的領先排名，最近的一項獨立研究證實，Shopify 的總擁有成本比企業領域的競爭對手高出 36%。這項研究證明，我們的統一商務平台提供了只有 Shopify 才能提供的卓越價值和成本節約。反過來，我們將我們獲得的規模經濟傳遞給我們的商人，為他們節省金錢。

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.

從與企業級品牌的對話中我們得知，其實有兩個主要原因促使他們決定遷移到 Shopify。首先是 Shopify 的卓越價值、強大且可靠的基礎設施以及提供可組合性和選擇的尖端產品，使得總擁有成本難以忽視。其次，Shopify 的核心價值主張是創新、規模化和易於發布。讓我深入探討一下關於啟動便利性的問題，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 的發展速度很快，而且肯定比競爭對手更快，但做出重新平台的決定卻非常困難，較大的品牌通常需要 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 方面。

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 天內就完成了它們的安裝並運行，考慮到其規模和複雜性，這簡直是令人驚嘆。這就是我們在 Shopify 所做的事情。

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，我們最近簽署了 Barkbox，這是一個領先的狗產品訂閱服務，擁有超過 200 萬訂閱者。他們最近決定將所有業務遷移到 Shopify。他們預計將於 2025 年在我們的平台上首次亮相，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.

雖然上市時間各不相同，但重點是我們正在透過更大、更複雜的品牌贏得業務和遷移。這些品牌的推出以及我們今天所做的工作正在建立一個可持續的基礎，該基礎將在未來幾年繼續實現成長。

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，我們還看到越來越多的大批量商家全面註冊並推出Shopify，從而增加了更多跨垂直行業、行業和地區的公司，以進一步為我們的飛輪注入活力。消費者包裝優質公司 Harry's 和 PrettyLitter 等品牌； Laura Canada 和 Intersport 等時尚服飾品牌、健身和健康公司 Juice Plus、Balance of Nature 和 SoulCycle；家居用品零售商 Rugs USA；消費性電子公司 Skullcandy；清潔設備製造商 Kärcher；健康與美容品牌，FragranceNet.com；以及Serena Williams 的美容品牌WYN BEAUTY 等名人品牌；碧昂絲的護髮品牌Cécred；以及巨石強森 (Dwayne Johnson) 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，我們可以同時滿足新創公司和大公司的需求。我們繼續對這兩個領域進行投資，以擴大我們的商業基礎。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不是短期收益。我們是一家以產品為主導的公司，我們將投資於那些最終為我們的商家以及 Shopify 提供更大價值的產品和策略。我們像對待產品一樣思考行銷，建立出色的解決方案，使用最好的內部開發和外部可用的工具，透過數據推動決策並成為世界一流的。

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.

我們的目標是始終充分利用每個現有管道（達到我們的護欄限制），並不斷尋找和試驗新管道。這就是我們建立工具和人工智慧模型的目的，我們正在利用它們創造一些令人難以置信的引人注目的機會。

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.

讓我舉一個最近的例子。去年年底和一月初，我們在績效行銷的一個主要管道中推動了效率的顯著提高，該管道的團隊使用人工智慧和機器學習創建並利用了先進的模型，這使我們能夠以前所未有的方式瞄準受眾。

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.

使用這些模型和策略，從第四季度到第一季度，我們的主要行銷管道內的商家廣告數量增加了近 130%，同時仍完全保持在我們的投資回報範圍內。與我們建立產品的方式類似，我們不斷評估新興技術以及如何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.

我們還與行銷數據團隊一起提高營運嚴謹性，使用我們的工具以比以往更快的速度和更精細的水平連接數據檢查。這種敏捷性讓我們能夠在別人猶豫的時候迅速抓住機遇，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 範圍內的 2 個原則：敏捷性，最後是不明顯的機會。當其他人撤退時，即使經常，尤其是因為對其他人來說，這些機會可能顯得不明顯，也要傾向於抓住這些機會。我們知道它正在發揮作用。

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.

早在 2022 年第三季度，正如我們在當年 7 月的財報中提到的那樣，我們開始了一波新的行銷工俱生產浪潮，並進一步收緊了我們的投資回報率。我們的舉措成功地推動了核心績效行銷（我們行銷投資的最大組成部分）的新商家收購和 CAC 方面的重大改進。與 2022 年第三季和 2024 年第一季相比，新商家獲取量增加了 108%，而 CAC 則提高了近 60%。您可以了解我們為何大力投資，以及為什麼我們對我們的未來以及 2025 年及以後的成長充滿信心。

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.

您應該期望每個季度都採用相同的模型，對我們知道它將對我們的成長做出巨大貢獻並保持在我們的護欄內的領域進行測試和機會主義投資。當市場機會處於平均 18 個月的投資回收期（我們現在發現很多這樣）時，我們打算繼續支出，同時越來越多地支持長期計劃，例如擴展到國際和銷售點。

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，您看到的是我們歷史上最強大的 Shopify 版本。我們看到了一個絕佳的機會，可以進一步鞏固我們在現有產品中的領先地位，並推動我們新興產品的強勁勢頭。

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。我們知道我們的團隊是我們最寶貴的資產之一。鑑於它占我們成本基礎的一半以上，我們相信我們已經將自己設計得更快、更敏捷，這使我們能夠持續實現 25% 的收入增長（不包括物流），同時保持我們的員工人數不變 3直四分之一。

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數量增長非常有限的情況下繼續運營，同時實現持續的營收成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 月的投資者日上所提到的，在過去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產品的高速發布至關重要。

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目標，該作業系統是 Shopify 每個角色和目的的基礎，它使用數據來幫助我們了解任何專案需要多少資源以及專案所需的技能集或流程。從本質上講，這些系統和基礎設施充當催化劑，使我們能夠提高營運效率和速度。因此，當我們創造一個工匠的天堂，讓團隊能夠追求他們的熱情，同時對我們的使命產生令人難以置信的影響時，我們正在以一種優化我們的才能並確保我們繼續做最重要的事情的方式來做這件事。

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，我們對第一季的進步以及我們繼續按季度持續交付的執行力感到自豪。我們業務模式的優勢、團隊的承諾以及對為商家服務的堅定不移的專注，使我們能夠抓住未來的機會並負責任地進行投資，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.

最好的公司就是這樣建立起來的，紮根於其存在的理由並致力於其使命。對於 Shopify 來說，我們團隊的奉獻精神，加上我們不斷發展的行銷策略，正在重塑公司並推動我們前進。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.

接下來，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，哈利。我們在 2023 年的勢頭基礎上，以令人難以置信的強勁勢頭開啟了 2024 年。第一季 GMV 為 609 億美元，較去年同期成長 23%。第一季GMV 的強勁成長得益於我們現有商家的同店銷售成長、我們全球商家基礎的持續成長以及EMEA 的實力（由於我們現有商家的同店銷售強勁成長，歐洲、中東和非洲地區的實力年比成長了38%）基礎和新商家收購以及同店銷售成長是本季稍大的貢獻者。最後，我們的線下業務年增 32%，這主要是由大型零售商加入該平台所推動的。

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%，若不包括物流業務，年增 29%。這代表我們的有機收入成長連續第四個季度超過 25%（不包括物流）。

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是：剛才討論的 GMV 實力；訂閱解決方案收入的成長來自於新的利潤成長和標準計劃的定價上漲；最後，支付滲透率提高，第一季達到 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、我們規模化產品（尤其是市場）的持續成長，以及我們的新興產品（包括分期付款）的日益普及和商店現金。這些貢獻被物流業務的缺失部分所抵消。

$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 Shopify Payments 處理的 GMV 為 362 億美元，比 2023 年第一季高出 32%。年相比，該季度的總支付量有所增加，包括使用Shopify Payments 的商家表現強勁，其中Shopify Plus 的比例不斷增加；全球有更多商家採用支付方式，Shop Pay 的滲透率更高，本季佔 GPV 的 39%；以及我們銷售點解決方案的持續成長。

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所部分抵消，歐洲業務佔 GMV 的比例較大，但我們的 GPV 滲透率低於北美。訂閱解決方案營收為 5.11 億美元，比 2023 年第一季成長 34%，其中兩個最大的推動因素是我們的標準計畫定價上漲的影響，該計畫於 2023 年第二季對現有商家生效；以及商戶數量的成長。這兩個因素的貢獻大致相等。

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.

可變平台費用帶來的收入增加也是本季的一個貢獻因素。提醒一下，現有的 Plus 商家必須在 4 月底之前承諾維持現有費率或轉向新的定價方案。截至今天，我們現有的大多數 Plus 商家都選擇以現有的 2023 年費率簽訂 3 年期合同，這清楚地證明了我們提供的卓越價值以及商家對我們持續提供解決方案的信任和信心他們需要成功。

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多的財務影響。我們預期這次定價變動帶來的好處不會像 2023 年標準定價變動帶來的好處那麼大。

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%。我們看到標準、Plus 和線下銷售點的 MRR 逐年成長。這項優勢源自於這 3 個類別中每一類商家數量的增加，以及： 對於 Plus，新加入的 Shopify 商家和現有商家從我們的 Plus 標準計畫之一升級帶來的成長； Plus 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.

您應該預期 Plus 定價變動將對我們第二季的 MRR 產生更大的影響，因為現有的 Plus 商家直到第一季末才必須做出承諾。銷售點 MRR 年成長 50%，成長是由我們的市場進入策略和新零售計劃的改進所推動的。對於標準版，我們去年實施了定價變更。以季度環比計算，附加、標準和銷售點的 MRR 有所增加，這主要來自於每個組別中商家數量的成長。

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，我們針對標準改進了 MRR 計算。我們調整了商家從付費試用過渡到全價狀態的考量。此前，我們在商家付費試用結束但收到第一筆付款之前反映了全價計劃的 MRR。現在，直到我們收到第一筆全價付款後，我們才會捕獲定價變化的 MRR。我們相信這種方法更好地反映了我們看待業務的方式。這項變化不會影響收入。

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.

第一季度，我們的附加費率為3.06%，高於2023 年第一季的3.04%。程度被上一年度的物流業務所抵銷策略夥伴關係帶來的非現金收入減少。

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.

轉向毛利。該季度毛利為 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%。

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.

Merchant Solutions 的毛利率為 40.1%，而 2023 年第一季為 37.2%。當排除物流的影響時，我們的商家解決方案毛利率同比下降，主要是由於某些合作夥伴關係的非現金收入減少以及利潤率較低的Shopify Payments 業務的持續增長，這些影響部分被業務增長所抵銷。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.

本季營運支出為 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%。年比下降主要是由於物流業務的出售和員工人數減少，但部分被行銷支出的增加所抵消。我知道你們中的許多人都會關注基於股票的比較前後的營運費用。營運支出（不包括 SBC 和相關工資稅或本季調整後的營運支出）佔收入的 41%，而 2023 年第一季佔收入的 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，過去三個季度的總員工人數基本上持平，同時保持並實際上加速了我們的產品創新能力，並繼續保持我們業務的頂線勢頭。我們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。作為一個例子，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.

為您提供幾個數據點。在第一季度，我們超過一半的商家支援互動都得到了人工智慧的協助，並且通常在人工智慧的幫助下得到了完全解決。 AI 啟用了另外 8 種語言的 24/7 實時支持，而以前僅在一天中的特定時段提供。我們顯著提升了商家體驗。支持互動的平均持續時間有所減少。

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.

人工智慧的引入有助於減少一些商家以前不願意提出他們認為微不足道或幼稚的問題的情況。此外，我們的支援人員的工作量也大大減少了。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%.

轉向營業收入。本季的營業收入為8,600 萬美元，約佔營收的5%，而2023 年第一季的營業虧損為1.93 億美元。美元。自由現金流為 2.32 億美元，佔營收的 12%，佔營收的百分比比 2023 年第一季的自由現金流利潤率 6% 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.

轉向我們的資產負債表。截至 3 月 31 日，我們的現金和有價證券餘額為 52 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.

在展望我們的前景之前，先對支持我們第二季度預期的更廣泛的經濟和宏觀經濟假設進行一些評論。我們認為北美的消費者支出仍保持彈性，我們在第二季展望中已考慮到美元走強帶來的與外匯相關的不利因素以及歐洲消費者支出的疲軟因素。我們已經並預計將繼續超越北美和歐洲的電子商務成長率。否則，我們假設宏觀經濟環境與當前狀況保持一致。

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.

牢記所有這些，現在讓我們轉向展望。我們對 2024 年第二季的預期如下。首先，關於收入。我們預計，以 GAAP 計算，第二季營收年增率將達到 10 左右左右，這相當於在排除 300 到 400 個基點影響的情況下，同比成長率約在 20 左右。

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和附加定價變化的影響，以及它們如何影響我們第二季與第一季的成長率。標準版和增強版定價變動的影響在第二季的綜合收益將小於第一季。

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 月生效的標準計畫進行初始定價變化，導致我們的季度營收成長遇到阻力。雖然加價計費週期今天對那些未簽署3 年期合約的現有商家生效，但考慮到這一變化的時間安排是在季度中期，而且考慮到這一變化，預計第二季度的增幅將很小。 我們的大多數商家確實選擇以現有的 2023 年價格簽訂 3 年期合約。

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.

第二季將是標準計畫變更的重疊效應超過 Plus 定價變更的初始收益的季度。我們對優秀的產品和進入市場的舉措充滿信心，這些舉措將推動我們的持續成長，並有能力進一步加強我們作為統一商務領導者的地位。

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我們的強勁勢頭。第二季毛利率預計將比2024 年第一季下降約50 個基點。較低我們將全額攤銷的收入協議。抵銷這些因素的是我上面提到的標準版和增強版定價變化的預期正面影響，以及試用期從 3 個月縮短到 1 個月所帶來的好處。

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.

轉向營運費用。我們相信，與第一季 8.71 億美元的營運支出相比，我們第二季以 GAAP 計算的營運支出將以低至中個位數的百分比成長。

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.

作為收入的百分比，我們預計第二季 GAAP 營運費用約為 45% 至 46%，這意味著比第一季下降 100 至 200 個基點。我之前並沒有指導營運費用佔收入的百分比。第二季將標誌著我們開始以更適合、更快的 Shopify 形式運作以及出售大部分物流業務以來的整整一年。

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已經不那麼明顯了。因此，這就是為什麼我一直在談論營運支出的連續變化。展望未來，我計劃討論營運費用佔收入的百分比，因為它更符合我們的目標，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.

在本季度，我想向您提供這兩個指標。對於第二季度，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我們的高峰會活動（將於 6 月底舉行），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.

高峰會是我們的年度活動，我們將在其中進行為期一周的合作，致力於協調我們作為一家公司所擁有的大膽想法，重點關注我們的使命、我們的產品路線圖以及我們用來構建令人難以置信的事物的思維模型。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人員的合作來說，這是至關重要的一周。這將是我們自 2018 年以來第一次完全面對面的峰會，每個人都非常期待。

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.

我們高度重視並持續致力於我們的遠距優先文化，同時相信定期讓團隊聚集在一起是使我們的遠距優先文化蓬勃發展的關鍵承載要素。今年的高峰會將聚合為一項活動，而在其他年份則是多項離散活動，包括我們為期 3 天的內部黑客日活動，我們要求我們的團隊啟動新專案。我們的黑客日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additions.dev 舉辦的一系列活動，其中包括實踐技術演練和沈浸式研討會。 Additions.dev 讓我們有機會與開發者合作夥伴分享我們的願景，並獲得有關我們產品和路線圖的外部回饋。這是 Shopify 生態系統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.

關於行銷。哈雷與您分享了我們的一些想法以及我們最近在這方面取得的一些成功。當機會在平均 18 個月的投資回收期內時，我們打算繼續投資。我們現在發現了很多這樣的項目，並支持國際、企業和銷售點等長期計劃。轉向以股票為基礎的薪酬。第二季 SBC 預計為 1.2 億美元，第二季資本支出為 500 萬美元。最後，關於自由現金流。對於第二季度，我們預計我們的自由現金流利潤率將與 2024 年第一季相似。

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。我們將繼續實施我們所製定的產品計劃。我們的商戶表現良好，我們不斷擴大為商戶提供的價值。我們正在對未來進行重大投資，並繼續打造​​更強大的 Shopify，同時實現令人矚目的成長和獲利能力組合。

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。

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

（操作員說明）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?

偉大的。就核心標準 MRR 而言，環比僅略有上升。您能否給我們一些解釋，說明為什麼增幅可能比我們預期的季節性增幅小？這只是定義上的改變嗎？或者只是在商家需求方面發生了一些事情？

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，這只是定義上的改變。如果從第四季到第一季來看，它會上漲 5%。所以這只是這種變化的函數。商家收購引擎目前整體表現非常非常好。所以沒有什麼好解讀的了。

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

好的。謝謝。我們的下一個問題將來自 Autonomous 的 Matt Code。馬特，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.

我是。抱歉，夥計們。我沒有點擊取消靜音。因此想雙擊銷售和行銷費用。因此，它們再次以相當快的速度增長。你們在開場白中談到了這一點。我只是想了解一下這如何轉化為商家和預訂的成長。您是否可以對 2024 年的隊列提供任何評論，以及與 2023 年相比如何，將會有所幫助。

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。我從銷售和行銷的角度來看，讓我們談談我們如何看待我們的整體利潤率。我的意思是，正如哈雷在更廣泛的電話會議中談到的那樣，我們的銷售和行銷現在進展得非常非常好，就我們最近為改進我們正在使用的工具和方法所做的一些事情而言。哈雷不僅談到了過去幾個季度的一些結果，還談到了我們過去幾個月所做的一些事情。

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.

由於它與我們如何看待它的利潤率有關，所以我會回到我們在自由現金流利潤率方面所討論的內容。以及我在那裡提供的指導。我們——讓我們有效地從我們所說的開始，因為它涉及第一季的結果，然後顯然是第二季的結果。第一季度，我們的自由現金流利潤率達到 12%，預計收入成長 29%，但我認為這是一個不錯的結果。這也比第一季有所上升。我們預計利潤率將從第一季到第二季有所上升。第一季度的表現優於大市，這很棒。

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.

我們確實這麼做了，因為我們討論了哈利在劇本中提到的一些關於投資回收期以及何時達到我們頂線的事情。這是您如何看待商家取得引擎的關鍵部分。但還要回到我們對利潤率的看法。我們對第二季的指導表明，自由現金流利潤率與我們在第一季實現的 12% 相似。再加上預計收入成長在 20 多歲左右。

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，業務可以實現成長和利潤，同時我們同時創造和尋求促進成長的機會。因此，我們對這項業務的實力感到非常滿意，因為它使我們能夠完成所有3 項任務。加強長期的業務。

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，讓我花點時間談談即將加入 Shopify 的商家類型，因為了解這一點非常重要。從歷史上看，我認為眾所周知，在中小型企業直接面向消費者的領域，我們贏得了這些商家。

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，而且現在我們還看到了不同類型的商家。我的意思是，有一些關於消費者狀況的討論。我們認為消費者仍然具有彈性。我們看到消費者購買他們最喜歡的品牌，他們喜歡這些品牌並且有親和力。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.

但我們也有其他品牌最近加入，這些品牌更具——或者抱歉，不太隨意。我的意思是，例如，無花果樹遍布全國各地的醫院。 [Hines]、Nestlé、Staples、Barkbox、ButcherBox，這些不太隨興的品牌也來到了 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 B2B 等新品牌時，B2B 正在蓬勃發展，在我們看來，並將繼續成長，這對國際商家來說是一個巨大的機會，你會看到所有這些不同的方面——進入Shopify 後，一切都非常非常順利。

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.

現在談談傑夫關於支出的觀點。需要理解的一件事很重要，那就是像我們思考產品一樣思考行銷。我們建立出色的解決方案。我們使用最好的內部開發工具，並透過數據推動決策。我們有時可以保持敏捷，有時它們看起來可能是反週期的。但它真正的作用是，它意味著我們可以——我們可以推動持續的營收成長並實現盈利。但所有這些不同的成長動力，所有這些不同的入口，會導致長期與各種非常非常強大的不同類型的商家的業務更加強大。

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

我們現在請 Benchmark 的 Mark Zgutowicz 負責。好的。我們會將馬克放回隊列中。讓我們去...

I'm here.

我在這。

Oh, there you are. Okay. Great.

哦，你在這兒。好的。偉大的。

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，嘉莉。還以為我打中了哈利，也許只是注意到最後一點。您談到了商家廣告組件的垂直擴展。但也許你可以談談地理以及從地理角度來看你在哪裡看到商家廣告、那裡的策略是什麼以及我想投資回收期如何適應這 18 個月？

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.

美國與其他一些地區相比是否更高？這是平均 18 個月的投資回收期嗎？如果你查看交易，那會很有幫助。如果可以的話，然後是另一個快速的問題，就您的受眾規模而言，就廣泛的廣告規模而言。只是想了解今年的受眾目標數量相對於去年的規模如何。

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，讓我從國際開始。我的意思是 Shopify 不再只適合北美的小型企業。我們看到跨通路、交叉銷售和區域的收入成長非常強勁。第一季國際 GMV 與北美同步成長。事實上，尤其是歐洲繼續引領我們在北美以外地區的成長。我認為該地區第一季的 GMV 成長率約為 38%。這是該地區連續第三個季度增長超過 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.

所以那裡有很多機會。我認為，儘管我們的產品和地理不斷擴大，但我們在全球零售銷售中所佔的市場份額還不到 1%。如果你回到 2015 年，我們在 4 個國家有 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.

當你只專注於我們的核心地區和我們今天的營運地點時，我們面臨著巨大的機會，大約有 3800 億美元的市場機會，這意味著我們的滲透率嚴重不足。尤其是在產品擴展方面，產品在地化很重要。商業措施很重要。這意味著與合作夥伴合作，與應用程式開發人員合作，與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關注我們在歐洲看到的成功。而且沒有理由放慢速度。顯然，亞太地區和拉丁美洲也提供了一些真正令人難以置信的機會。

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.

讓我也快速談談觀眾，因為我認為這很重要。顯然，我們一直在談論 Shopify 上的廣告，但我們特別引以為傲的是受眾。看，這個東西是 2022 年 5 月推出的。現在它正在幫助商家從數位廣告中獲得更好的效果。這個東西每天都在變得更好的演算法有助於找到高意圖的客戶。在某些情況下，我們處於領先地位——我們看到這使得 CAC 提高了 50%。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。我們現在正在嘗試更多。我們剛在 4 月推出了 45 天的免費試用版。一些沒有使用 Shopify Plus 的商家實際上可以嘗試一下。當然，我們的目標是讓他們升級，同時也讓他們開始使用它。然後就在一月份的冬季版中，我們討論了更強大的重定向和廣告基準。我們的目標是兩倍的潛在買家，並提供更好的客戶定位增強清單、衡量廣告效果的新基準。

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.

觀眾的產品是我們真正感到自豪的。我想你會看到我們繼續加倍努力。但總的來說，在廣告方面，我認為 Shopify 的與眾不同之處在於我們解讀數據、進行實驗並深入了解我們看到這些機會的能力。我認為，我在準備好的發言中提到的所有內容都表明我們渴望在業務的各個方面都成為世界一流，包括為自己進行行銷並幫助我們的商家進行行銷。觀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.

另一種當然是商店活動，以前稱為商店現金優惠。實驗還處於早期階段，但我們已經看到商家和令人難以置信的品牌使用它，並透過更高的可見度和更好的轉換來增加收入。再說一遍，關於受眾和商店活動等內容的重要部分是，如果您想作為品牌或零售商商家利用這些內容，則必須使用 Shopify。

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

我們的下一個問題將來自 JMP 證券的安德魯·布恩 (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，您能談談對 Plus 價格上漲的反應嗎？您非常清楚地列出了第二季的情況，但我們如何看待下半年的損益表？

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。我在電話中提到了一些事情，然後是一些額外的要點。我之前在準備好的評論中確實提到，我們已經讓大多數Plus 商家簽訂了3 年期合同，這對我們來說確實是他們看到我們提供的所有價值並說這是我想要的東西的證明這是一個平台。這是一套我希望在多年時間內繼續使用和致力於使用的工具，這顯然是我們一直在做的事情的一個很好的證明。

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.

如您所知，與我們在標準定價變化中看到的類似，它首先會影響 MRR，對嗎？因此，我們將在第二季度達到 MRR，因為今天實際上是計費週期的第一天。因此，它將在第二季達到 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.

它確實不會影響收入，因此顯然，直到第三季度，利潤率才會真正受到影響。所以這更像是後半場現象。就時間而言，它的追蹤非常相似，因為我們實施了這兩項更改。標準版和增強版幾乎在一年中的同一時間推出。所以它會以類似的方式進行追蹤。但同樣，考慮到大多數 Plus 商家都選擇了 3 年期合同，我認為它不會像去年的 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.這是馬克的伊恩彼得森。您能否幫助我們在您的高青少年同比收入指南中進一步了解第二季度的看跌期權和買入指南？指南中嵌入的外匯逆風有多大？鑑於更多企業客戶上網導致價格上漲，我們該如何考慮本季訂閱解決方案與商業解決方案之間的平衡？

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。我會繼續從那一個開始。謝謝，伊恩。所以提醒一下——我想回到這個最大的影響。我之前在評論中提到過這一點。 Ian，第一季和第二季成長率之間的比較最大的影響是定價變化的動態。

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.

本季度確實有第二季度，在我們看到的 Plus 定價真正開始上漲之前，標準計劃定價變化的同比漲幅實際上正在減弱。

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.

另一個——實際上，當你孤立地看待這一點時，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，哈雷用所有人的力量來暗示這一點我們的其他產品。正如我所談到的，所有標準、Plus 和銷售點的商家添加量都很強勁，因為它與 MRR 數字相關。付款、Enterprise Plus、銷售點、B2B，它們都進展得非常非常順利。這些是關鍵要點。

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，因為這與我之前在評論中提到的一些更廣泛的經濟因素有關，美元走強會產生一些影響。實際上，當你觀察第一季的成長率時，會發現閏年對同比產生了影響，這大約是 - 只要想想該季度的天數大約是順風100個基點增長率。因此，如果您想引用標準化的第一季成長率，請記住這一點。

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，特別是英國，正如我之前提到的，我們看到了一些經濟放緩，但請正確看待這一點——當您回顧我們去年的年度報告時，您注意到我們提到了到2023 年，歐洲、中東和非洲地區佔全年收入的18%。英國祇是其中的一部分。

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，哈雷剛才提到過，我們在過去幾季中顯然一直在談論歐洲、中東和非洲地區 30 多歲的成長率。所以我們在那裡做得非常好。我們預計，成長將繼續超過市場，不僅在歐洲，更重要的是在北美。

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。再說一遍，我認為我們的商家獲取引擎和產品套件表現非常好。因此，我們目前對業務的實力感到滿意。

Our next question will come from Michael Morton at MoffettNathanson.

我們的下一個問題將來自 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?

我們從投資者那裡得到的第一個問題是企業的成長將對附加率產生影響。嘗試從外部預測它確實很棘手，並且可能不會像某些人目前預期的那樣快速增長。當您看到企業的成功以及投資者應該如何考慮未來的附加率時，我很想聽聽更多有關這背後的動態部分的資訊嗎？

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。因此，首先也是最重要的是，Enterprise 確實繼續在這裡獲得了一些關注。我們的想法是，大型企業可以透過多種不同的方式使用 Shopify。並不是每個人都想要——有些人想要無頭，他們可以（聽不清楚）氫氣並重新混合。有些人想要 Plus，這款開箱即用的通用型產品。對於那些不想開箱即用的人，我們也有 CSS。

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.

但我們現在為每個企業級品牌提供一些產品，充分利用 Plus 的所有價值，並滿足非常複雜的大量品牌的需求。我之前提到過 Everlane。我今天在電話中提到了教練。我們看到越來越多以前不一定依賴 Shopify 的品牌現在來找我們來取得其中一個元件。我們相信，隨著時間的推移，他們將採用更多的組件。

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我們擁有的所有產品增加的價值，無論是資本、付款或任何其他銷售點，例如，我們認為對於商家用來開展業務非常重要的其他解決方案。

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.

但特別是就 Enterprise 而言，我認為您之所以會看到 Overstock、BarkBox、Intersport 和 Skullcandy，所有這些品牌以如此快的速度來到我們這裡，是因為這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驗證了這一點。 Shopify 企業產品的總擁有成本比競爭對手低 36%。這是令人難以置信的。我的意思是，到目前為止，價值與成本的比率是偏向價值的。他們選擇 Shopify 是因為它是一款出色的產品，具有巨大的價值，我們也將繼續看到這一點。

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.

現在直接回答您關於附加率的問題。隨著時間的推移，我們確實看到越來越多的商家在完全整合到平台後更多地採用我們的解決方案。因此，請考慮將 CSS、Hydrogen 和 Plus 等這些東西作為進入企業產品的入口。但是，一旦他們進入企業產品，我們就有機會向他們展示支付等方面的更好價值；例如，他們可以利用受眾來獲得更好的價值。

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.

這就是這裡的模型。除此之外，當你添加更積極的進入市場的努力時，坦白說，我們現在已經努力了 24 個月，你就會看到這些努力的成果。所以我想你也會繼續看到這一點。但隨著時間的推移，我們希望產品附加繼續再次成長，作為我們為 Shopify 用戶創造的價值的代表。

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

好的。謝謝你的問題。我們的下一個問題來自 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?

過去兩季的自由現金流利潤率高於調整後的營運收入利潤率。我們應該期望這種情況會持續下去嗎？

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.

嗯，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。但是，是的，總的來說，它已經發生了，我們預計它將繼續高出幾個點。這只是你如何看待我們的損益表以及損益表如何流動的函數，但是的。

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

好的。我們的下一個問題將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?

只是想了解 Shop Pay 的成長情況。連續3季超過50%。哈雷，您提到了平台外機會及其與商業組件的相互作用真正開始顯示出吸引力。那麼您能否讓我們了解一下目前 Shop Pay 成長的驅動因素是什麼？當我們進入今年下半年時，Shop Pay 平台外的管道會是什麼樣子？

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 是網路上結帳轉換率最高的[標準]。它的轉換率比競爭對手高 36%，平均高 15%。現在有 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 GMV。較去年同期成長 56%。我認為到目前為止累計總額約為 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——人們想要使用 Shop Pay，因為坦白說，即使支票上僅僅存在 Shop Pay——即使它沒有被使用，也會導致轉換率提高 5%。對於地球上的任何品牌或任何零售商來說，不使用它都會成為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.

因此，我們喜歡人們專門來找我們購買 Shop Pay。同樣，它使我們能夠與歷史上我們從未接觸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。它減少了摩擦，並最終推動商家和更多買家的更大採用，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 結帳變得更加容易，並將其擴展到更多的介面。 Shop Pay 的管道是新的，但非常非常令人興奮。

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

我們的最後一個問題將來自 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.

我很感激。所以我想問一個關於銷售點 GMV 和銷售點 MRR 的問題。傑夫，我知道你們在去年的分析師日上給了線下收入目標，這確實很有幫助。您能否告訴我們銷售點對 MRR 的貢獻是多少，以及您對今年銷售點整體成長的預期如何？然後不是讓它成為多方合作夥伴，而是只是想了解線下商家動態的 GPV 與線上的 GPV 有何不同。

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。薩馬德，有幾件事。就我們在投資者日討論的有關零售銷售點的一些規模的增長率而言，這與該業務的表現是一致的。儘管我們的核心業務表現強勁，但線下業務仍持續保持更高水準。

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."

顯然，從我們的角度來看，這是一件偉大的事。這是哈雷談到的許多商家的見證，特別是一些越來越多地使用銷售點的大型多地點零售商。從他們的角度來看，使用我們的平台也很有幫助，因為顯然，他們可以看到一個技術堆疊，然後基本上說：「好吧，我擁有最好的技術，在線上最好的技術堆疊。

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，我會透過一個管理平台、一組資料分析等來完成此操作。我想，這是一個非常非常引人注目的價值主張，因為缺乏更好的表達方式。因此，這是推動成長的因素之一。我們正在做很多事情，我們可能在幾個季度前進行過交談，因為它涉及分期付款等事情，薩馬德，我們將它們從我們的核心在線業務中取出，並將它們添加到我們的線下產品中。我們繼續擴大銷售點所在的國家。

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，就附加率而言，我們只是沒有絕對數量。我們的銷售點產品數量與線上產品數量不同，但這也是一個機會，因為我們將能夠在銷售點遷移越來越多的功能。因此，隨著時間的推移，附加率和一些機會總體上將會增加。

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，銷售點、零售部分對我們來說主要是付款部分。顯然，其中有訂閱元素。這兩者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.

不幸的是，我們沒有突破，因為它與 MRR 的百分比（確切地說是零售）有關。但你可以像我們一樣期待這種趨勢的延續，正如我之前提到的。所以它做得非常好，這是哈雷和我所涵蓋的所有事情的功能。那麼，也許哈利，我會把它還給你。

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，讓我結束這個主題，因為我只想說一件我認為可能會被忽視的事情，但這確實很重要。我們剛剛實現了 29% 的預計收入成長和 12% 的自由現金流利潤率。現在，對於第二季度，我們的自由現金流利潤率預期與第一季的 12% 類似。再加上預計收入在 20 多歲左右的成長，我的意思是，相對於地球上幾乎每家公司來說，這項業務可以做一些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.

我們可以實現成長和利潤，同時創造並抓住機會，促進我們未來的成長。所以我只是——我認為重要的是，這個業務的實力意味著我們可以完成所有這三件事，並從長遠來看建立更強大的公司。

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.

這就是最好的公司所做的。我認為這就是實現長期持久成長的方式。我從未對 Shopify 和我們的業務如此興奮，而且我從未如此自豪能夠與這個世界一流的團隊合作。我認為這是 Shopify 有史以來最好的版本，非常感謝您今天加入我們的電話會議。

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。