Shopify Inc (SHOP) 2024 Q2 法說會逐字稿

Good morning and thank you for joining Shopify second-quarter 2024 conference call. I am Carrie Gillard, Director of Investor Relations and joining us today are Harley Finkelstein, Shopify's President and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions.

早安，感謝您參加 Shopify 2024 年第二季電話會議。我是投資者關係總監 Carrie Gillard，今天加入我們的還有 Shopify 總裁 Harley Finkelstein 和財務長 Jeff Hoffmeister。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. And you can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with the US 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 US dollars, so all amounts discussed today are in US 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，因此今天討論的所有金額均以美元為單位，除非另有說明。

With that, I will turn the call over to Harley.

這樣，我就把電話轉給哈利。

Good morning, everyone, and thank you for joining. We cannot wait to walk you through all the outstanding results from the last quarter. Our relentless focus on our mission has not only empowered our merchants but has also strengthened Shopify significantly. We are at our strongest yet, and we could not be more excited about the future of commerce and the future of Shopify.

大家早安，感謝您的加入。我們迫不及待地想向您介紹上一季的所有出色業績。我們對使命的不懈關注不僅增強了我們商家的能力，也顯著增強了 Shopify 的實力。我們目前正處於最強大的階段，我們對商業的未來和 Shopify 的未來感到無比興奮。

So first, let's break it down at a high level. In Q2, we saw 25% revenue growth when excluding logistics with gross profit growing faster than revenue. Operating expenses decreased quarter-over-quarter and our free cash flow margin more than doubled to 16% from last year.

首先，讓我們從高層次進行分解。第二季度，剔除物流後，我們的收入成長了 25%，毛利成長快於收入。營運費用較上季下降，我們的自由現金流利潤率比去年增加了一倍多，達到 16%。

A couple of other highlights from Q2 were the release of our latest Editions at the end of June, with over 150 new product updates and features, passing a massive milestone as we crossed the $1 trillion mark for cumulative GMV that has been processed through Shopify. And our off-line business surpassed $100 billion in cumulative GMV. These results reiterate what we've been saying all along. We are building for the long term, and our business model is working.

第二季的其他亮點是我們在6 月底發布的最新版本，其中包含150 多個新產品更新和功能，透過Shopify 處理的累積GMV 突破了1 兆美元大關，這是一個巨大的里程碑。我們的線下業務累計GMV突破1000億美元。這些結果重申了我們一直以來所說的話。我們的目標是長期發展，我們的商業模式正在發揮作用。

As you may have seen in our recent Edition, unification was the central theme. So what do we mean by that? Well, we believe that the mark of great software is that as it scales and grows, each new feature is built as if it were there from the very beginning. Everything works together harmoniously, crafting a consistent style and quality. This is a key value proposition for Shopify and something that, as we have evolved from an online store to a comprehensive unified operating system for commerce anywhere, anytime, is becoming increasingly more important.

正如您在我們最近的版本中所看到的，統一是中心主題。那我們這是什麼意思呢？好吧，我們相信偉大軟體的標誌是，隨著它的擴展和發展，每個新功能的建構就好像它從一開始就存在一樣。一切都和諧地結合在一起，打造出一致的風格和品質。這是 Shopify 的關鍵價值主張，隨著我們從線上商店發展成為隨時隨地進行商業的全面統一作業系統，這一價值主張變得越來越重要。

Whether online or offline, direct-to-consumer or B2B, domestic or global, Shopify captures at all. What makes Shopify so powerful is how seamlessly all parts of the product work together, reducing complexity at every stage of a merchant's journey. We understand that starting a business is hard, and expanding into new markets adds even more complexity. As our merchants grow, Shopify tackles these challenges, so they don't have to.

無論是線上或線下、直接面向消費者或 B2B、國內或全球，Shopify 都能佔有一席之地。 Shopify 如此強大的原因在於產品的所有部分如何無縫地協同工作，從而降低了商家旅程每個階段的複雜性。我們知道創業很困難，拓展新市場則更加複雜。隨著我們商家的成長，Shopify 會解決這些挑戰，因此他們不必這樣做。

So one of the coolest things that we rolled out at this Edition was Markets. What used to be Markets and Markets Pro are now streamlined into cross-border products, international selling and managed markets, respectively. This means our merchants no longer have to worry about juggling multiple stores or wrestling with new workflows. Whether you're aiming to sell in a new country, break into a B2B market, or launch a physical retail store, the process is straightforward. You set up a new market, you tweak it to your liking, and boom, you are good to go.

因此，我們在本次版本中推出的最酷的功能之一就是市場。先前的 Markets 和 Markets Pro 現在分別精簡為跨境產品、國際銷售和管理市場。這意味著我們的商家不再需要擔心兼顧多個商店或應對新的工作流程。無論您的目標是在新的國家/地區進行銷售、打入 B2B 市場還是開設實體零售店，流程都很簡單。你建立了一個新市場，根據自己的喜好進行調整，然後你就可以開始了。

I remember sitting down with one of our merchants in the UK about 18 months ago and discussing this exact challenge with them. And to see how quickly we moved to address it is really huge. I can't understate how big of a game changer this will be for so many merchants globally. No other platform on the planet offers merchants the opportunity to expand their reach at this scale, this speed, this efficiently with this level of seamless integration and control, all out of the box.

我記得大約 18 個月前與我們在英國的一位商人坐在一起，與他們討論了這個具體的挑戰。看看我們解決這個問題的速度有多快，這真的很重要。我無法低估這對全球眾多商家來說將帶來多大的遊戲規則改變。世界上沒有其他平台能夠為商家提供如此規模、如此速度、如此高效地擴大業務範圍的機會，並透過這種水平的無縫整合和控制，一切都是開箱即用的。

Okay. Now let's dive into how we're fueling merchant growth across off-line, B2B, international and the Shop app. Let's start with our off-line business. Our point-of-sale solution continues to rapidly gain traction, unifying online and off-line commerce in ways that no one else can match. In Q2, off-line GMV was up 27% year-over-year as we continued to attract larger global merchants with multiple store locations.

好的。現在，讓我們深入探討我們如何推動線下、B2B、國際和商店應用程式的商家成長。先從我們的線下業務開始。我們的銷售點解決方案繼續迅速獲得關注，以其他人無法比擬的方式統一線上和線下商務。第二季度，隨著我們繼續吸引擁有多個門市的大型全球商家，線下 GMV 年比成長 27%。

Two of our most recent examples of this are multinational brands, EVEREVE and Mejuri, both of whom are launching online and off-line with Shopify, which combined, includes over 130 locations across four regions.

我們最近的兩個例子是跨國品牌 EVEREVE 和 Mejuri，這兩個品牌都透過 Shopify 推出線上和線下業務，Shopify 總共在四個地區擁有 130 多個門市。

off-line commerce is still a huge deal for us -- still happening in physical stores. So we are taking advantage of this by continuing to roll out targeted marketing initiatives that target our point-of-sale offering. We're introducing the features they care about most, like improving operating efficiency, such as the new remote smart grid layout editor, omni-channel return rules, and the ability to stack multiple discounted checkouts, which makes it easier for merchants to customize their promotional strategies.

線下商務對我們來說仍然是一件大事——仍然發生在實體店。因此，我們利用這一點，繼續針對我們的銷售點產品推出有針對性的行銷舉措。我們正在推出他們最關心的功能，例如提高營運效率，例如新的遠端智慧網格佈局編輯器、全通路退貨規則以及疊加多個折扣結帳的功能，這使商家可以更輕鬆地自訂他們的產品促銷策略。

And with point-of-sale's seamless integration with markets, multinational retailers can now manage their entire omnichannel business from a single Shopify admin. Just as we've streamlined operations for SMB retailers, we are now removing barriers for global omnichannel businesses on Shopify.

透過銷售點與市場的無縫集成，跨國零售商現在可以透過單一 Shopify 管理員管理其整個全通路業務。正如我們簡化了中小型零售商的營運一樣，我們現在正在為 Shopify 上的全球全通路業務消除障礙。

Another long-term and largely untapped channel we're unlocking is B2B commerce, and we're making great progress. In Q2, we recorded our highest ever B2B GMV month with 140% year-over-year increase, fueled by the growth of our Plus merchants. Our B2B offering also saw a 6x increase in online orders compared to last year, underscoring the value of self-serve B2B purchasing.

我們正在開發的另一個長期且基本上尚未開發的管道是 B2B 商務，我們正在取得巨大進展。第二季度，在 Plus 商家成長的推動下，我們創下了有史以來最高的 B2B GMV 月度，年增 140%。與去年相比，我們的 B2B 產品線上訂單數量也增加了 6 倍，凸顯了自助 B2B 採購的價值。

We're making our B2B offering even more competitive with features like deposits at checkout and manual payment methods. This functionality, combined with our modern approach and unified back end, makes it easier for merchants to manage and track their business seamlessly across channels. Plus, we've seen a 34% increase in the number of merchants getting B2B orders on Shopify compared to last year. This is something that many large brands have been searching for and is yet another example of the work we are doing to drive our leadership position in unified commerce.

我們透過結帳存款和手動付款方式等功能，使我們的 B2B 產品更具競爭力。此功能與我們的現代方法和統一後端相結合，使商家可以更輕鬆地跨通路無縫管理和追蹤其業務。此外，與去年相比，我們發現在 Shopify 上獲得 B2B 訂單的商家數量增加了 34%。這是許多大品牌一直在尋找的東西，也是我們為提升我們在統一商務領域的領導地位所做的工作的另一個例子。

So how do we know that we're hitting the mark? Well, brands like home fragrance company, Pura; and skin care brand, Dermalogica, have recently adopted B2B, hence, attracting new brands like Progress Lighting and Therabody, who recently signed up to join Shopify because they're attracted by the ability to manage all of their channels from a single admin. Ultimately, B2B is a great example of how we're expanding our total addressable market.

那我們怎麼知道我們達到目標了呢？嗯，像家用香水公司 Pura 這樣的品牌；皮膚護理品牌 Dermalogica 最近採用了 B2B，因此吸引了 Progress Lighting 和 Therabody 等新品牌，這些品牌最近註冊加入 Shopify，因為他們被單一管理員管理所有管道的能力所吸引。最終，B2B 是我們如何擴展整個潛在市場的一個很好的例子。

Let's talk about cross-border. Cross-border sales made up about 14% of our GMV in Q2. And merchants are really eager to reach new regions, especially when they notice more and more international traffic on their sites. So just like when they branch out into social channels or B2B, they have to think about everything from pricing and localization to availability and merchandising, all tailored for the end-consumer. And that is why we've made it super easy to sell globally right from the start.

我們來談談跨境吧。第二季跨境銷售約佔 GMV 的 14%。商家確實渴望進入新的地區，尤其是當他們注意到自己網站上的國際流量越來越多時。因此，就像當他們涉足社交管道或 B2B 時，他們必須考慮從定價和本地化到可用性和銷售的一切，所有這些都是為最終消費者量身定制的。這就是為什麼我們從一開始就讓全球銷售變得超級容易。

With our new Markets feature, merchants can expand wherever they want and customize what they need really effortlessly. Take well-known baby apparel company, Caden Lane. After signing up for managed markets, Caden Lane experienced a 692% year-over-year growth in international sales. Or wine glassware merchant, Glasvin, which experienced 71% international sales growth and over 100% boost in conversion to sales in Canada and Australia. Both of these merchants signed up for managed markets and are very quickly reaping the benefits.

借助我們新的市場功能，商家可以將業務擴展到任何他們想要的地方，並輕鬆自訂他們需要的內容。以著名嬰兒服飾公司 Caden Lane 為例。簽約託管市場後，Caden Lane 的國際銷售額年增 692%。或是酒杯商 Glasvin，其國際銷售額成長了 71%，加拿大和澳洲的銷售額轉換率成長了 100% 以上。這兩家商家都簽署了託管市場，並很快就獲得了收益。

And lastly, we know that one of the biggest challenges that merchants face when selling internationally is after they make the sale. Now they've got to actually get the purchase to the buyer. So we've added support for UPS in managed markets in Q2, which makes it even easier for merchants to get great expedited shipping rates to their international buyers. We've also made it simple to understand catalog restrictions that we automatically apply based on customs rules, which prevent packages getting stuck at customs and adds the ability to make prices inclusive of duty and tax to improve international conversion.

最後，我們知道商家在進行國際銷售時面臨的最大挑戰之一是在完成銷售後。現在他們必須將購買的產品真正送到買家手中。因此，我們在第二季度在託管市場中增加了對 UPS 的支持，這使得商家可以更輕鬆地向其國際買家獲得優惠的加急運費。我們還簡化了根據海關規則自動應用的目錄限制的理解，這些限制可以防止包裹在海關滯留，並增加了使價格包含關稅和稅費的能力，以提高國際轉換率。

Let's talk about Shopify Payments and our accelerated checkout Shop Pay, which are crucial parts of our unified commerce platform, especially as our merchant's scale globally. In Q2, Shopify Payments' penetration was 61%; and Shop Pay facilitated $16 billion in GMV, up 45% from last year. We see significant growth potential for payments through international expansion, enterprise and increasing activity in off-line B2B channels, all of which will drive higher GMV and GPV, boost merchant adoption, and ultimately strengthen our ecosystem.

讓我們來談談 Shopify Payments 和我們的加速結帳 Shop Pay，它們是我們統一商務平台的重要組成部分，尤其是考慮到我們的商家在全球範圍內的規模。第二季度，Shopify Payments 滲透率為 61%； Shop Pay 促成了 160 億美元的 GMV，比去年增長 45%。我們看到，透過國際擴張、企業化和線下B2B 通路活動的增加，支付領域具有巨大的成長潛力，所有這些都將推動更高的GMV 和GPV，提高商家採用率，並最終加強我們的生態系統。

Now whether it's merchants like Grove Collaborative or Tonal signing up or existing brands like SodaStream and Athletic Greens adopting our payment solutions, it's all fueling our growth. Recognized as the world's best converting accelerated checkout, Shop Pay is not just boosting inversion rates across our merchant stores. Time and time again, it's a major draw for enterprise brands considering Shopify.

現在，無論是 Grove Collaborative 或 Tonal 等商家的簽約，或是 SodaStream 和 Athletic Greens 等現有品牌採用我們的支付解決方案，都在推動我們的成長。 Shop Pay 被公認為世界上轉換率最高的加速結帳工具，它不僅提高了我們商店的轉換率。一次又一次，這對考慮 Shopify 的企業品牌來說是一個主要吸引力。

I can personally attest to this as I'm often on the call with the CEOs of these brands. And without fail, they cite checkout as one of the biggest historical challenges and one of the top reasons they want to move to Shopify. Our conversion rate enabled by these products is absolutely a key differentiator that helps Shopify close the deal time and time again.

我可以親自證明這一點，因為我經常與這些品牌的執行長通話。他們毫無疑問地將結帳視為史上最大的挑戰之一，也是他們想要遷移到 Shopify 的首要原因之一。這些產品帶來的轉換率絕對是幫助 Shopify 一次又一次完成交易的關鍵差異化因素。

For merchants, Shop Pay is more than just a digital wallet. It offers comprehensive order tracking via the Shop app and allows buyers to earn Shop Cash redeemable for purchases within the app. This builds greater customer engagement and unlocks additional opportunities to reach customers.

對商家來說，Shop Pay 不僅僅是一個數位錢包。它透過 Shop 應用程式提供全面的訂單跟踪，並允許買家賺取可在應用程式內兌換的 Shop Cash。這可以提高客戶參與度並釋放更多接觸客戶的機會。

During the Shop Week in early June, we teamed up with brands like Stanley and Glossier to widen their audience. Thousands of top consumer brands joined in, leveraging Shop Cash and Shop campaigns to draw in new buyers. This led to over 10,000 merchants posting their best GMV week ever on the Shop app, showcasing the solid progress we're making in helping merchants strengthen and expand their customer relationships.

在 6 月初的商店週期間，我們與 Stanley 和 Glossier 等品牌合作，擴大了他們的受眾群體。數千家頂級消費品牌加入其中，利用 Shop Cash 和 Shop 活動吸引新買家。這導致超過 10,000 家商家在 Shop 應用程式上發布了有史以來最好的 GMV 週，展示了我們在幫助商家加強和擴大客戶關係方面取得的堅實進展。

Now beyond the ways we are helping our merchants grow, which in turn fuels our own growth, let me quickly touch on the great progress we're making across two other growth strategies for Shopify: international; and enterprise. Our international GMV growth continues to outpace North America, up 27% from last year, driven by two main goals, expanding our presence and introducing more products in more markets. And in Q2, our marketing and go-to-market efforts led to a 30% increase in international merchant growth year-over-year.

現在，除了我們幫助商家發展（進而推動我們自身發展）的方式之外，讓我快速談談我們在 Shopify 的其他兩項成長策略中取得的巨大進展：國際化；和企業。在兩個主要目標的推動下，我們的國際 GMV 成長持續超過北美，比去年成長 27%，即擴大我們的影響力並在更多市場推出更多產品。在第二季度，我們的行銷和行銷工作使國際商家的成長比去年同期成長了 30%。

Notably, in Europe, where GMV grew by 32%, we welcomed major brands like UK football club, Newcastle United, and French luxury apparel company Ami Paris to Shopify. We also signed a global agreement with Luxottica, the Italian eyewear conglomerate, to launch their first of what we hope will be many brands coming to Shopify in the future. And with the recent announcement on acquiring Supreme, who is already on Shopify, we know that the best brands come and stay on Shopify.

值得注意的是，在 GMV 成長 32% 的歐洲，我們歡迎英國足球俱樂部、紐卡斯爾聯隊和法國奢侈服飾公司 Ami Paris 等主要品牌進駐 Shopify。我們也與義大利眼鏡集團 Luxottica 簽署了一項全球協議，推出他們的第一個產品，我們希望未來有許多品牌能夠登陸 Shopify。隨著最近宣布收購已經在 Shopify 上的 Supreme，我們知道最好的品牌將繼續留在 Shopify 上。

From a product standpoint, we remain obsessively focused on simplifying the sign-up process and localizing more products to enhance the user and the end-user customer experience. In Q2, we rolled out point-of-sale terminal to eight additional countries, contributing to an impressive 2.4 times increase in GMV through our point-of-sale terminal compared to Q1. And in Japan, we rolled out Shopify plans available in Japanese yen and launched our latest first-party flagship theme called Rise, which is specifically designed with unique aesthetics of Japanese e-commerce UX in mind.

從產品的角度來看，我們仍然專注於簡化註冊流程和在地化更多產品，以增強用戶和最終用戶的客戶體驗。第二季度，我們向另外 8 個國家推出了銷售點終端，與第一季相比，透過我們的銷售點終端實現的 GMV 成長了 2.4 倍，令人印象深刻。在日本，我們推出了以日元提供的 Shopify 計劃，並推出了名為 Rise 的最新第一方旗艦主題，該主題是專門根據日本電子商務用戶體驗的獨特美學而設計的。

Every market-specific product feature we launch enhances our competitiveness and helps merchants succeed locally. This relentless commitment to helping merchants start and grow in all facets of their business ultimately brings more merchants into Shopify, fueling our flywheel and extending our ability to make commerce better for everyone.

我們推出的每一項針對特定市場的產品功能都增強了我們的競爭力，並幫助商家在當地取得成功。這種致力於幫助商家在業務的各個方面起步和發展的不懈承諾，最終讓更多商家加入 Shopify，為我們的飛輪提供動力，並擴展我們為每個人提供更好的商業服務的能力。

Now within the enterprise opportunity, our flexibility, our speed and our value is strongly resonating with larger high-volume brands. And they continue to flock to Shopify. We signed new deals across a diverse set of verticals, industries and geographies. Brands like shopping channel, QVC; bookseller, Barnes & Noble; luggage brand, Away; golf apparel brand, TravisMathew; trading card company, Topps; designer footwear line, Vince Camuto; and mattress manufacturer, Casper.

現在，在企業機會中，我們的靈活性、我們的速度和我們的價值與更大的高產量品牌產生了強烈的共鳴。他們繼續湧向 Shopify。我們在不同的垂直領域、產業和地區簽署了新協議。購物頻道、QVC等品牌；書商，巴諾書店；箱包品牌Away；高爾夫服裝品牌TravisMathew；交易卡公司 Topps；設計師鞋履系列 Vince Camuto；和床墊製造商 Casper。

Additionally, the well-known toy retailer, Toys"R"Us launched on Shopify along with some incredible celebrity brands like Más+ by Lionel Messi and Dios Mio Coffee by Sofía Vergara all launched on our platform during the quarter and are now powered by Shopify.

此外，知名玩具零售商Toys"R"Us 在Shopify 上推出，以及一些令人難以置信的名人品牌，例如Lionel Messi 的Más+ 和Sofá Vergara 的Dios Mio Coffee 均於本季在我們的平台上推出，現在由購物。

Our progress in continuing to bring on these high-profile, high-volume merchants underscores the growing recognition of Shopify as the premier commerce platform. Combined with our growing partner ecosystem, including a new partnership that we announced with Oracle in the quarter, these wins not only validate our strategy, but also convey our ability to cater to the unique needs of the biggest brands on the planet.

我們在持續吸引這些高知名度、大流量的商家方面取得的進展突顯了 Shopify 作為首要商務平台的日益認可。結合我們不斷發展的合作夥伴生態系統，包括我們在本季宣布與 Oracle 建立的新合作夥伴關係，這些勝利不僅驗證了我們的策略，而且還表明我們有能力滿足全球最大品牌的獨特需求。

Now looking at our marketing strategy for this year, you can see that we are all in. It's about leading confidently, leveraging our strength, and continually adapting to stay ahead of the game. This strategy is not new, but how we implement it is continually evolving, thanks in large part to the truly sophisticated marketing platform that we've built.

現在看看我們今年的行銷策略，您可以看到我們全力以赴。這個策略並不新鮮，但我們實施它的方式正在不斷發展，這在很大程度上要歸功於我們建立的真正複雜的行銷平台。

Our aim remains clear: push the envelope, maximize returns and stay ahead of the curve. This is Shopify doing what Shopify does best, leading from the front, data informed and backed by strategies designed to maximize returns and create value.

我們的目標依然明確：挑戰極限、最大化回報並保持領先地位。 Shopify 正在做 Shopify 最擅長的事情，從前沿引領，以數據為依據，並以旨在最大化回報和創造價值的策略為後盾。

But here's where we truly excel, data-driven decision-making. We relentlessly test and optimize every single channel, keeping well within our average 18-month guardrail. Our tools and our AI models are crafted not just to operate but to excel, leveraging emerging technologies to enhance our feedback loops. These tools provide sharper, more iterative feedback, enable more precise analysis, and deliver quicker signals, letting us identify patterns faster than ever, so we can swiftly adapt and respond.

但這是我們真正擅長的數據驅動決策的地方。我們堅持不懈地測試和優化每一個管道，保持在我們平均 18 個月的護欄內。我們的工具和人工智慧模型不僅是為了操作，而且是為了卓越，利用新興技術來增強我們的回饋循環。這些工具提供更敏銳、更迭代的回饋，實現更精確的分析，並提供更快的訊號，讓我們比以往更快地識別模式，以便我們能夠快速適應和回應。

Now to give some examples of this agility and this discipline, consider this. After experimenting in a leading digital channel, a new emerging social platform in Q1, and observing substantial growth, we intensified our efforts in Q2. This led to a 51% increase in merchant acquisition quarter-over-quarter on that platform, all while staying within our financial guardrails.

現在舉一些關於這種敏捷性和這種紀律的例子，請考慮這一點。在第一季嘗試領先的數位管道（一個新興的社交平台）並觀察到大幅成長之後，我們在第二季度加大了力度。這導致該平台上的商家收購量較上季成長 51%，同時維持在我們的財務監管範圍內。

We also saw it boost our growth internationally with over 50% of the merchants that joined our platform in Q2 coming from outside the core English-speaking markets of the US, Canada, UK, Ireland, Australia and New Zealand. At the same time, we scaled back in other channels focusing on further testing and experimentation to uncover new high-return opportunities.

我們也看到它促進了我們的國際成長，第二季度加入我們平台的商家中有超過 50% 來自美國、加拿大、英國、愛爾蘭、澳洲和紐西蘭等核心英語市場之外。同時，我們縮減了其他管道的規模，並專注於進一步測試和實驗，以發現新的高回報機會。

Now for the back half of 2024, we will continue with this playbook, testing, exploring and optimizing our core performance marketing within our guardrails. By remaining flexible in our approach across our portfolio of investments, we can better target and support our growth efforts, especially in areas such as enterprise, point-of-sale and international markets. By dynamically allocating resources across all of these channels and growth areas, we believe we can continue to drive our performance from the front and redefine industry standards.

現在，在 2024 年下半年，我們將繼續執行此劇本，在我們的護欄內測試、探索和優化我們的核心績效行銷。透過在投資組合中保持靈活的方法，我們可以更好地瞄準和支持我們的成長努力，特別是在企業、銷售點和國際市場等領域。透過在所有這些管道和成長領域動態分配資源，我們相信我們可以繼續從前沿推動我們的績效並重新定義行業標準。

Now before I turn it over to Jeff, I want to briefly share my thoughts on the incredible success of our recent Shopify Summit in Toronto. This annual event brought our entire company together to discuss Shopify's future, to align as a team in our priorities, and to host our Hack Days, which have produced some of our best products over the years. The energy, optimism and enthusiasm coming out of the event were incredible, which reconfirm that this is truly the best team and the best version of Shopify yet.

現在，在將其交給 Jeff 之前，我想簡要分享我對最近在多倫多舉行的 Shopify 峰會取得的令人難以置信的成功的看法。這次年度活動讓我們整個公司聚集在一起討論 Shopify 的未來，作為一個團隊在我們的優先事項上保持一致，並舉辦我們的 Hack Days，這些年來我們已經生產了一些最好的產品。這次活動所展現的活力、樂觀和熱情令人難以置信，這再次證實了這確實是迄今為止最好的團隊和 Shopify 的最佳版本。

Before I close, I feel I need to make something really clear. Shopify is rapidly strengthening its position as a leading enabler of global commerce and entrepreneurship. We are investing in sustainable growth and driving profitability for the long term. This very unique ability that we have to serve the largest brands while also inspiring new entrepreneurs to launch and scale businesses make Shopify an incredibly durable company. We are so well positioned to power more commerce globally for the years to come.

在結束之前，我覺得我需要澄清一些事情。 Shopify 正在迅速鞏固其作為全球商業和創業領先推動者的地位。我們正在投資於永續成長並提高長期獲利能力。我們必須為最大的品牌提供服務，同時激勵新創業家創辦和擴大業務，這種非常獨特的能力使 Shopify 成為一家極其耐用的公司。我們處於有利地位，可以在未來幾年為全球更多的商業提供動力。

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

接下來，讓我把電話轉給傑夫。

Thank you, Harley. Our second quarter was incredibly strong, demonstrating the power of our business model and our ability to execute across every metric we delivered. Let's discuss our Q2 results.

謝謝你，哈利。我們的第二季表現非常強勁，展現了我們業務模式的力量以及我們執行所交付的每個指標的能力。讓我們討論一下第二季的結果。

GMV in Q2 was $67.2 billion, up 22% year-over-year. The strong Q2 GMV was driven by same-store sales growth of our existing merchants, led by our Plus merchants, continued growth in the number of merchants on our platform globally, strength in Europe, which grew 32% 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 a slightly larger contributor this quarter.

第二季 GMV 為 672 億美元，較去年同期成長 22%。第二季 GMV 的強勁成長得益於我們現有商家的同店銷售成長（以 Plus 商家為首）、我們平台上全球商家數量的持續成長以及歐洲市場的實力（年成長 32%）。商家基礎以及新商家的收購帶來了強勁的同店銷售成長，本季同店銷售成長的貢獻略大。

This quarter represents the fifth straight quarter where we have delivered GMV growth in Europe exceeding 30%. Our strength in Europe was broad-based, with growth in both our larger markets of the UK, Germany, France, Spain and Italy, as well as EMEA more broadly. And the last key driver was point of sale, which grew 27% year-over-year.

本季是我們在歐洲的 GMV 成長連續第五個季度超過 30%。我們在歐洲的實力基礎廣泛，在英國、德國、法國、西班牙和義大利等較大市場以及更廣泛的歐洲、中東和非洲地區都有成長。最後一個關鍵驅動因素是銷售點，較去年同期成長 27%。

We saw solid growth across verticals with robust performance in health and beauty and food and beverages. We also saw solid growth in our largest category, apparel and accessories. Notably, this strength in GMV came against a backdrop of mixed consumer spend. We continue to gain market share in the US e-commerce market and abroad.

我們看到各個垂直行業都實現了穩健成長，在健康與美容以及食品和飲料領域表現強勁。我們也看到我們最大的類別——服裝和配件——的穩健成長。值得注意的是，GMV 的強勁成長是在消費者支出參差不齊的背景下出現的。我們繼續在美國電子商務市場和海外獲得市場份額。

Q2 revenue was $2 billion, up 21% year-over-year, which equates to 25% year-over-year growth when excluding the logistics businesses. This marks the fifth straight quarter where our revenue growth, excluding logistics, has grown 25% or greater. Our consistency and stability of performance reflects the quality and breadth of our software solutions, the success of our merchant acquisition engine, the breadth of the industries, geographies and merchant sizes that we serve, and quite simply, our ability to execute.

第二季營收為 20 億美元，年增 21%，如果不包括物流業務，年增 25%。這標誌著我們的收入（不包括物流）連續第五個季度增長 25% 或更高。我們效能的一致性和穩定性反映了我們軟體解決方案的品質和廣度、我們商家取得引擎的成功、我們服務的產業、地理和商家規模的廣度，以及我們的執行能力。

For the quarter, the key drivers of our revenue growth were: the GMV strength I just discussed; growth in subscription solutions revenue stemming from the growth in the number of merchants on our platform; the pricing changes that have been implemented in the past year, both Standard, and to a lesser degree, Plus; and the impact of the shortened paid trials; and as a third key driver, increased payments penetration, which is at 61% for Q2.

對於本季度，我們營收成長的主要驅動因素是：我剛才討論的 GMV 實力；我們平台上商家數量的成長導致訂閱解決方案收入的成長；去年實施的定價變更（包括標準版和較小程度的附加版）；以及縮短付費試用的影響；第三個關鍵驅動因素是支付滲透率的提高，第二季支付滲透率達到 61%。

Relative to our outlook, revenue came in better than expected, primarily from stronger GMV from Plus merchants and outperformance in Europe, notably with the FX headwinds playing out largely as we anticipated. Q2 Merchant Solutions were $1.5 billion, increasing 19% year-over-year driven by the continued growth in GMV and the penetration of Shopify Payments. Those primary contributors were partially offset by the absence of the logistics business and lower noncash revenue from strategic partnerships.

相對於我們的前景，收入好於預期，主要是由於 Plus 商家的 GMV 強勁以及歐洲的表現出色，特別是外匯不利因素基本上如我們預期的那樣發揮作用。第二季商家解決方案營收為 15 億美元，在 GMV 持續成長和 Shopify Payments 滲透的推動下，年增 19%。這些主要貢獻者被缺乏物流業務和策略夥伴關係帶來的非現金收入減少所部分抵消。

As a reminder, this is the final quarter where the year-over-year revenue growth rate is impacted by the sale of our logistics business. And as noted above, the absence of logistics had an approximate 400 basis point headwind to total revenue, and all of the logistics revenue sat within Merchant Solutions.

提醒一下，這是營收年增率受到物流業務出售影響的最後一季。如上所述，缺乏物流對總收入造成約 400 個基點的不利影響，而所有物流收入都來自 Merchant Solutions。

$41 billion of GMV was processed on Shopify Payments in Q2, 30% higher than last year. The penetration rate of Shopify Payments as a percentage of GMV was 61%, compared to 58% in Q2 of 2023. Several factors powered the quarter's higher gross payments volume, 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; and greater penetration of Shop Pay, which was 39% of GPV in the quarter. 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.

第二季 Shopify Payments 處理的 GMV 達到 410 億美元，比去年成長 30%。 Shopify Payments 的滲透率佔GMV 的百分比為61%，而2023 年第二季為58%。的商家比例不斷增加哪些是 Shopify Plus；全球更多商家採用支付方式； Shop Pay 的滲透率提高，佔本季 GPV 的 39%。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。

Subscription Solutions revenue was $563 million, up 27% over Q2 of last year. The primary source of the growth was an increase in the number of merchants on our platform driven by three items: shortening the paid trial offering on our standard plans from three months to one month; strong growth internationally; and the work of our marketing initiatives. This growth in the number of merchants was complemented by the change to our pricing plans for Standard and Plus.

訂閱解決方案營收為 5.63 億美元，比去年第二季成長 27%。成長的主要來源是我們平台上商家數量的增加，這由三個因素推動：將我們標準計劃的付費試用期從三個月縮短到一個月；國際業務強勁成長；以及我們的行銷活動的工作。我們對標準版和增強版定價計畫的變更補充了商家數量的成長。

Two reminders regarding our pricing plan changes. Our existing Plus merchants had until the end of April to commit to existing rights or move to a new pricing plan. So our Q2 subscription revenue included 2/3 of quarterly impact of the Plus pricing change. As stated on our last call, we are not anticipating as much of a benefit from the pricing change on Plus as we did from the pricing change on our Standard plans.

關於我們的定價計劃變更的兩個提醒。我們現有的 Plus 商家必須在 4 月底前承諾保留現有權利或轉向新的定價方案。因此，我們第二季的訂閱收入包括 Plus 定價變動的季度影響的 2/3。正如我們在上次電話會議中所述，我們預計 Plus 套餐的定價變更不會像 Standard 套餐的定價變更那樣帶來那麼多好處。

Our Standard pricing changes went into effect at the end of April of last year. So for purposes of the year-over-year comparison, Q2 of this year had a full quarter of the Standard pricing change, whereas Q2 of last year had only 2/3 of a quarter. The impact of these two pricing changes, though, was a smaller contributor to this quarter's subscription revenue growth versus overall growth in the number of merchants.

我們的標準定價變更於去年四月底生效。因此，為了進行年比比較，今年第二季有整整四分之一的標準定價變化，而去年第二季只有四分之一的價格變化。不過，與商家數量的整體成長相比，這兩個定價變動對本季訂閱營收成長的貢獻較小。

Q2 MRR was $169 million, up 25% year-over-year. We saw growth both year-over-year and quarter-over-quarter in each of Standard, Plus and off-line point-of-sale. The largest driver for all three segments was the growth in the number of merchants on our platform, with growth internationally being a key component contributing to our growth in our Standard plans.

第二季 MRR 為 1.69 億美元，年增 25%。我們看到標準、Plus 和線下銷售點的年比和環比增長。所有三個細分市場的最大推動力是我們平台上商家數量的成長，國際成長是促進我們標準計畫成長的關鍵組成部分。

Standard and off-line point-of-sale benefited from the shortening of paid trials, which went into effect near the end of the first quarter and the marketing initiatives that we have discussed. For Plus MRR, the largest driver of the year-over-year increase was the acquisition of new merchants, with the change in Plus pricing providing some benefit as well.

標準和線下銷售點受益於付費試用的縮短（該試用在第一季末生效）以及我們已經討論過的行銷舉措。對 Plus MRR 而言，年成長的最大動力是新商家的收購，Plus 定價的變化也帶來了一些好處。

In Q2, our attach rate was 3.04%. As a reminder, and as we discussed back at our Investor Day, we consider attach rates an output of platform activity, not an input or metric that drives our growth strategy. Our Q2 attach rate was up year-over-year when excluding the logistics business. The key drivers of this increase were the continued gains in GPV penetration and higher subscription revenue, offset by lower noncash revenues from strategic partnerships. On a sequential quarter basis, our attach rate was down slightly as the gains in GPV penetration were offset by lower noncash revenues from strategic partnerships and lower shipping revenue.

第二季度，我們的附加率為 3.04%。提醒一下，正如我們在投資者日討論的那樣，我們認為附加費率是平台活動的輸出，而不是推動我們成長策略的輸入或指標。排除物流業務後，我們第二季的附加率年增。這一成長的主要驅動因素是 GPV 滲透率的持續成長和訂閱收入的增加，但策略合作夥伴關係非現金收入的下降抵消了這一成長。環比來看，我們的附加費率略有下降，因為 GPV 滲透率的成長被策略夥伴關係非現金收入的下降和運輸收入的下降所抵消。

Moving to gross profit. Gross profit was $1 billion for the quarter, up 25% year-over-year, growing faster than our revenue growth rate. Our Q2 gross margin was 51.1%, compared to 49.3% in the prior year. Breaking it down a bit more, gross margin for subscription solutions was 82.8%, compared to 80.9% in Q2 of 2023. The increase is primarily driven by pricing changes on Standard plans as well as the impact of merchant growth from the shortened paid trials.

轉向毛利。本季毛利為 10 億美元，年增 25%，成長速度快於我們的營收成長率。我們第二季的毛利率為 51.1%，而去年同期為 49.3%。再細分一下，訂閱解決方案的毛利率為 82.8%，而 2023 年第二季為 80.9%。

Gross margin for Merchant Solutions was 39.1%, compared to 38.1% in Q2 of 2023. Our improvement in gross margin for Merchant Solutions was primarily from the absence of logistics. When the impact of logistics, our Merchant Solutions gross margin was down year-over-year, primarily from lower noncash revenues from certain partnerships and growth in our lower margin payments business.

Merchant Solutions 的毛利率為 39.1%，而 2023 年第二季為 38.1%。受物流影響，我們的商家解決方案毛利率年減，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支付業務的成長。

Operating expenses were $804 million for the quarter, which includes a benefit of a reversal of a $55 million litigation accrual that we established in Q3 of 2022. Without this reversal, operating expenses would have been $859 million or 42% of revenues.

本季的營運費用為8.04 億美元，其中包括我們在2022 年第三季確定的5,500 萬美元訴訟應計費用的沖銷收益。 42%。

Compared to the prior year and excluding onetime items in both periods, Q2 operating expenses were up $41 million or 5% year-over-year, driven primarily by four items. Increases in marketing. We had a year-over-year increase in our affiliate partner payouts. And since these payouts happen only upon a new merchant joining, there's a clear sign of adding more merchants to the platform, and incremental marketing to support our growing enterprise and point-of-sale businesses. Secondly, our Summit event, which, as a reminder, was our first in-person Summit event since 2018.

與前一年相比，不包括兩個時期的一次性項目，第二季營運費用年增 4,100 萬美元，即 5%，主要由四個項目推動。行銷力度加大。我們的聯屬夥伴支出逐年增加。由於這些支出僅在新商家加入時才會發生，因此有明顯跡象表明將更多商家添加到平台，並進行增量行銷以支援我們不斷增長的企業和銷售點業務。其次，我們的高峰會活動，提醒一下，這是我們自 2018 年以來第一次面對面的高峰會活動。

Higher absolute dollar losses on capital loans and payments losses, simply as a result of higher volumes from both of these growth businesses. And offsetting these was the absence of the logistics business.

資本貸款和付款損失的絕對美元損失更高，這僅僅是因為這兩項成長型業務的交易量增加。而物流業務的缺失則抵銷了這些影響。

Our Q2 operating expenses came in better than expectations, driven primarily by three items. First, lower marketing expenses. Some marketing related to enterprise was shifted out of Q2 into the second half of the year, stemming largely from one campaign that we decided we will launch towards the end of Q3. We also cut back spending in a couple of channels in Q2.

我們第二季的營運支出優於預期，主要由三個項目推動。首先，降低行銷費用。一些與企業相關的行銷活動從第二季轉移到了下半年，這主要源自於我們決定在第三季末啟動的活動。我們也在第二季削減了幾個管道的支出。

We consistently run tests to assess where we can further enhance the returns of our marketing spend, implementing the learnings from these tests, and scaling back spending in some areas. We recognize that a returns-based approach to marketing can cause fluctuations in spending in any given quarter, however, it prioritizes the quality and efficacy of our spend. The second component of better-than-expected OpEx was lower compensation expense. And thirdly, we executed our extremely successful Summit event under budget. Worth noting that this 5% year-over-year growth in OpEx stands in contrast to the impressive revenue growth over that same period.

我們不斷地進行測試，以評估我們可以在哪些方面進一步提高行銷支出的回報，實施從這些測試中學到的知識，並縮減某些領域的支出。我們認識到，基於回報的行銷方法可能會導致任何特定季度的支出波動，但是，它優先考慮我們支出的品質和效率。營運支出優於預期的第二個組成部分是較低的補償費用。第三，我們在預算範圍內舉辦了極為成功的高峰會活動。值得注意的是，營運支出 5% 的年成長與同期令人印象深刻的收入成長形成鮮明對比。

Moving to operating income. For the quarter, operating income was $241 million or 12% of revenue, marking our fourth consecutive quarter of operating profit since the sale of our logistics businesses and our head count reduction in Q2 of last year. Stock-based compensation for Q2 was $109 million and capital expenditures were $7 million for the quarter.

轉向營業收入。本季營業收入為 2.41 億美元，佔收入的 12%，這是自去年第二季度出售物流業務和裁員以來我們連續第四個季度實現營業利潤。第二季的股票薪酬為 1.09 億美元，資本支出為 700 萬美元。

Q2 free cash flow was $333 million or 16% of revenue, more than doubling as a percentage of revenue versus our Q2 2023 free cash flow margin of 6%. This came in better than our expectations largely as a result of stronger GMV and the resulting flow-through to revenues and lower operating expenses.

第二季自由現金流為 3.33 億美元，佔營收的 16%，與 2023 年第二季自由現金流利潤率 6% 相比，佔收入的百分比增加了一倍多。這一結果好於我們的預期，主要是由於 GMV 的增強以及由此帶來的收入流入和營運費用的降低。

We believe that we can continue to drive operating leverage through four key things: disciplined growth in headcount, which we have kept essentially flat for five quarters and where we expect we can keep head count growth well below revenue growth; strategic returns-based marketing to support and sustain our long-term revenue growth; internal use of AI and automation to drive productivity; and leveraging and continuing to enhance our internally-built GSD and Shopify OS systems, which allow us to smartly aim the product development work and size the team for maximum impact and efficiency.

我們相信，我們可以透過四個關鍵因素繼續推動營運槓桿：員工數量的嚴格增長，我們已經連續五個季度保持基本持平，並且我們預計員工數量增長遠低於收入增長；基於策略回報的營銷，以支持和維持我們的長期收入成長；內部使用人工智慧和自動化來提高生產力；利用並持續增強我們內部建置的 GSD 和 Shopify OS 系統，這使我們能夠明智地瞄準產品開發工作並調整團隊規模，以實現最大的影響力和效率。

One other item to cover before we move to outlook. Since our last earnings call, we made three small acquisitions: The first acquisition added some enhancements to allow Plus merchants to do easier customizations of the checkout process; the second gives mid-market and enterprise merchants greater visibility into their inventory across our multiple stores and channels; the third brings a team that will enhance our abilities to get early-stage merchants on platform and ramp the success of their businesses.

在我們轉向 Outlook 之前，還需要介紹另一項內容。自從上次財報電話會議以來，我們進行了三項小型收購：第一次收購增加了一些增強功能，使 Plus 商家能夠更輕鬆地自訂結帳流程；第二個讓中階市場和企業商家更清楚地了解我們多個商店和通路的庫存；第三個團隊將增強我們吸引早期商家進入平台並促進他們業務成功的能力。

All three of these acquisitions were small in terms of dollar amount and immaterial to our financials, but are important additions to enhancing our merchant efforts. Moreover, these acquisitions bring us some great founders who were specifically drawn here by the quality of our existing team.

所有這三項收購的金額都很小，對我們的財務狀況並不重要，但對於增強我們的商業努力來說是重要的補充。此外，這些收購為我們帶來了一些偉大的創辦人，他們是被我們現有團隊的素質特別吸引到這裡的。

Let's now turn to our Q3 outlook, which as a reminder, is the first quarter where we will no longer have the impact of the sale of logistics on our business. First, on revenue. We expect Q3 year-over-year revenue growth to grow at a low to mid-20s percentage rate, driven by the same factors that have contributed to our growth throughout the first half of the year. Q3 gross margin is expected to be up approximately 50 basis points from Q2 of 2024, stemming from a higher mix of subscription solutions.

現在讓我們轉向第三季的展望，提醒一下，這是我們將不再受到物流銷售對我們業務的影響的第一季。首先，關於收入。我們預計第三季營收年增將以 20% 左右的百分比成長，其推動因素與我們上半年的成長相同。由於訂閱解決方案組合的增加，預計第三季的毛利率將比 2024 年第二季成長約 50 個基點。

Turning to operating expenses. We expect our GAAP Q3 operating expenses to be 41% to 42% of revenues, representing a 300 to 400 basis point improvement over Q3 of last year at 45%. As we stated last quarter, we believe considering operating expenses as a percentage of our revenue, especially as we lap the sale of our logistics businesses, better aligns with our goal of striking an optimal balance between growth and operational leverage to deliver improving profitability over time.

轉向營運費用。我們預計第三季 GAAP 營運支出將佔營收的 41% 至 42%，比去年第三季的 45% 提高 300 至 400 個基點。正如我們上季度所述，我們認為，考慮營運費用占我們收入的百分比，尤其是在我們出售物流業務的情況下，更符合我們在成長和營運槓桿之間取得最佳平衡的目標，以隨著時間的推移提高獲利能力。

The largest drivers of our Q3 operating expense growth compared to the prior year are marketing and compensation expenses. On marketing, we plan to continue spending on opportunities that fall within an average 18-month payback period and the opportunities to support our key growth initiatives, including international markets, enterprise and point of sale. This includes increased marketing spend to support our enterprise efforts that I mentioned earlier.

與前一年相比，我們第三季營運費用成長的最大驅動因素是行銷和薪資費用。在行銷方面，我們計劃繼續投資於平均 18 個月投資回收期的機會以及支持我們關鍵成長計畫的機會，包括國際市場、企業和銷售點。這包括增加行銷支出以支持我之前提到的我們的企業努力。

Higher year-over-year compensation expense is expected to be driven primarily by two items. First, we implemented pay increases on July 1 as part of our biannual review cycle, similar to what we discussed in Q1. This resulted in a low single-digit percentage increase across our overall employee base. Additionally, while our head count has remained essentially flat for the past five quarters, in Q3, we do plan to hire some key roles within sales and R&D. Even with these additions, we still expect to end the year with minimal head count growth compared to the 8,300 employees that we had at the end of 2023.

預計薪酬費用年增主要由兩個因素推動。首先，我們在 7 月 1 日實施了加薪，作為我們半年審核週期的一部分，類似於我們在第一季討論的內容。這導致我們整個員工群體的百分比增幅較低。此外，雖然我們的員工人數在過去五個季度基本上保持不變，但在第三季度，我們確實計劃在銷售和研發領域聘用一些關鍵職位。即使增加了這些員工，與 2023 年底的 8,300 名員工相比，我們仍預計到今年年底員工人數成長會很少。

Moving to stock-based compensation. Q3 SBC is expected to be $120 million. On CapEx, note that we will no longer guide to CapEx separately given that following the sale of logistics, CapEx has averaged over the past four quarters only $4 million, and we do not expect that to change materially.

轉向以股票為基礎的薪酬。第三季SBC預計為1.2億美元。關於資本支出，請注意，我們將不再單獨指導資本支出，因為在出售物流後，過去四個季度的資本支出平均僅為 400 萬美元，我們預計這一情況不會發生重大變化。

Finally, on free cash flow. For Q3, we expect our free cash flow margin to be similar to Q2 of 2024. We continue to expect to deliver double-digit free cash flow margin for the rest of the year. Over each of the past five quarters, we have delivered top line growth, excluding logistics of 25% or more and positive free cash flow, with our free cash flow margins consistently improving over that time and reaching double digits over the past four quarters. We have accomplished this growth while keeping our team size steady and have accomplished these margins even as we ramped up investments.

最後，關於自由現金流。對於第三季度，我們預計我們的自由現金流利潤率將與 2024 年第二季度相似。在過去的五個季度中，我們的營收均實現成長（不包括25% 或以上的物流）以及正的自由現金流，我們的自由現金流利潤率在此期間持續改善，並在過去四個季度達到兩位數。我們在保持團隊規模穩定的同時實現了這一成長，並且在我們加大投資的同時也實現了這些利潤。

This business can deliver growth and margins, all while concurrently creating and leading into opportunities that enhance our future growth. The strength of this business allows us to accomplish all three growth, margins, and investments for the future. In closing, we are showing quarter after quarter that we are executing against the plans that we have laid out and that our business model is incredibly compelling with plenty of runway ahead.

這項業務可以帶來成長和利潤，同時創造和帶來促進我們未來成長的機會。這項業務的實力使我們能夠實現未來的所有三個成長、利潤和投資。最後，我們一個又一個季度地展示了我們正在按照我們制定的計劃執行，並且我們的業務模式非常引人注目，並且有足夠的發展空間。

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。

(Event Instructions) Bhavin Shah, Deutsche Bank.

（活動說明）Bhavin Shah，德意志銀行。

Great. Thanks for taking my question. Jeff, just on the MRR growth, it was really impressive in the quarter, and it looks like a lot of the strength came from merchant adds. Can you just maybe elaborate on where you're seeing a lot of that success? What type of merchants are you now bringing to the platform? And how much of it is a function of the marketing spend that you've seen bear fruit?

偉大的。感謝您提出我的問題。傑夫，就 MRR 成長而言，本季的成長確實令人印象深刻，而且看起來很大一部分力量來自商家的增加。您能否詳細說明您在哪些方面取得了巨大的成功？您現在將什麼類型的商家引入該平台？其中有多少是您所看到的行銷支出的成果？

Yes. We're seeing a lot of strength in terms of the types of merchants that we're bringing on board, and it's really a full spectrum. And so it's been very strong, it's been very impressive in terms of what we're seeing. It is a combination, as you point out. Some of it is the marketing and some of it too, is also the paid trials, but I think -- in terms of shortening the paid trials.

是的。我們在引進的商家類型方面看到了很多優勢，而且確實是全方位的。所以它非常強大，就我們所看到的而言非常令人印象深刻。正如您所指出的，這是一個組合。其中一些是行銷，還有一些也是付費試用，但我認為——就縮短付費試用而言。

But I think the key message for us is we're seeing strength in terms of merchant additions across the board. It's been very, very healthy. So it's been very, very well received. And I don't think there's any particular spot to call out other than, in general, it's all geographies and all sizes really in terms of merchants.

但我認為對我們來說，關鍵的訊息是我們看到了全面增加商家的力量。它非常非常健康。所以它非常非常受歡迎。我不認為有什麼特別的地方值得一提，除了一般而言，就商家而言，它是所有地理位置和所有規模的。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Are you there, Ken?

你在嗎，肯？

Yes. Sorry, I was on mute. Can you hear me?

是的。抱歉，我當時處於靜音狀態。你聽得到我嗎？

Yes.

是的。

Okay, great. My question was just on take rate. Jeff, you mentioned some of the moving pieces that might have pressured it this quarter. Just wanted to get a sense for how you're thinking about take rate, attach rate going forward. Is it going to move up from the current levels now that we've accounted for in the partner deferred?

好的，太好了。我的問題只是關於採納率。傑夫，您提到了本季可能對其造成壓力的一些動態因素。只是想了解您如何看待未來的獲取率和附加率。既然我們已計入合作夥伴遞延費用，它是否會從目前的水平上升？

Yes. I think on attach rate, in terms of the overall perspective, I'd go back to a lot of the things I talked about at Investor Day in terms of the general things which help driving up attach rate and some of the things which, in general, are headwinds to attach rate. We do feel strongly that this will continue to move in the right direction given all the things we're seeing in terms of increased payments penetration, in terms of adoption of new products, in terms of pricing. All those things are helping drive attach rates.

是的。我認為就附加率而言，從整體角度來看，我會回顧一下我在投資者日討論的很多事情，包括有助於提高附加率的一般事物以及一些可以促進附加率的事物。 ，加息都是逆風。我們確實強烈感覺到，鑑於我們在支付滲透率提高、新產品採用和定價方面所看到的所有情況，這將繼續朝著正確的方向發展。所有這些都有助於提高附加率。

We will, as we do more in Europe, some of those attach rates will be a little bit lower. As we do more with some high-volume merchants, much larger enterprises, some of that will be a headwind to attach rate. But while there may be some variability quarter-to-quarter, this still is a metric for us which continues to go in the right direction.

隨著我們在歐洲做更多的事情，我們會降低其中一些附加費率。隨著我們與一些大量商家、規模更大的企業進行更多合作，其中一些將成為附加費率的阻力。儘管每個季度可能存在一些變化，但這對我們來說仍然是一個繼續朝著正確方向發展的指標。

I would say, though, and I talked about this a little bit on the earnings call, this is an output for us, it's not an input. As we think about on a daily basis how we run our business, we obviously want to have our merchants take more and more of our solutions. But this is not a metric where we track and say how do we drive up attach rate. We're trying to drive as much value to merchants as we can, and that will be reflected in the attach rate.

不過，我想說，我在財報電話會議上談到了這一點，這是我們的輸出，而不是輸入。當我們每天思考如何經營業務時，我們顯然希望讓我們的商家越來越多地採用我們的解決方案。但這不是我們追蹤和說明如何提高附加率的指標。我們正在努力為商家帶來盡可能多的價值，這將反映在附加率中。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Great. Thank you so much. Can you hear me okay?

偉大的。太感謝了。你聽得到我說話嗎？

Yes, we can.

我們可以。

Wonderful. Just a question here on some of the efforts you alluded to earlier in the call with regard to some of the testing and performance areas that you're exploring with marketing spend. You alluded to some guardrails, Harley. I'd love to get some color from you on just how you're thinking philosophically on testing effort to optimize the marketing spend. Thank you so much.

精彩的。這裡只是問一個問題，關於您在電話會議之前提到的一些工作，涉及您正在探索的營銷支出的一些測試和性能領域。你提到了一些護欄，哈雷。我很想從您那裡得到一些關於您如何從哲學角度思考測試工作以優化行銷支出的資訊。太感謝了。

Thanks for the question. Look, we built these marketing systems over a very long time. And now they're really producing the results that we need, which is we want to have highly analytical data-driven approach to how we find new customers and new areas. The other thing that's changed over the course of the years at Shopify is there's not just one on-ramp to Shopify, it's not just small businesses in the US or in North America, English-speaking world.

謝謝你的提問。看，我們花了很長時間建立這些行銷系統。現在他們真正產生了我們需要的結果，我們希望採用高度分析的數據驅動方法來尋找新客戶和新領域。 Shopify 多年來發生的另一件事是，Shopify 不僅只有一個入口，而且不僅僅是美國或北美英語國家的小型企業。

Now we have a whole different swath of types of merchants and customers that come to us now, whether it's B2B or it's point of sale, it's enterprise. It's across every geography on the planet. So we've built these marketing systems to allow us to get the most out of every single existing channel.

現在，我們有各種類型的商家和客戶來找我們，無論是 B2B 還是銷售點，都是企業。它遍布地球上的每個地理區域。因此，我們建立了這些行銷系統，以便我們能夠充分利用每個現有管道。

Now we do have guardrails in place that are important to us. We want an 18-month payback, I mentioned that a couple of times now. But we also are trying to find new channels to both experiment with, and also when they do turn out to be successful channels, to double down on.

現在我們確實有了對我們很重要的護欄。我們想要 18 個月的投資回收期，我已經多次提到這一點。但我們也在努力尋找新的管道進行試驗，當它們確實是成功的管道時，我們會加倍努力。

The example that I gave in the call, which I'll spend a second on right now, it's important, it's illustrative of exactly the way we like to run our marketing channels, which is that we leaned into a new emerging social platform in Q1. We tested, we saw a good result, and then in Q2, we doubled down. The result of that was a 51% quarter-over-quarter merchant acquisition increase for Q2. In that same channel, we also saw international growth outside our English countries grow -- it was actually over 50% of merchants that joined in Q2.

我在電話中給出的例子（我現在將花一點時間來討論）很重要，它準確地說明了我們希望經營行銷管道的方式，即我們在第一季傾向於新興的社交平台。我們進行了測試，看到了很好的結果，然後在第二季度，我們加倍努力。結果是第二季的商家收購量較上季成長了 51%。在同一通路中，我們也看到英國國家以外的國際業務成長——實際上有超過 50% 的商家在第二季加入。

So for us, it's about looking at where we can push the envelope, but it's important that we maximize returns to stay ahead of the curve. And so what I think you'll see from Shopify from a marketing, and performance marketing in particular, perspective, is that we're going to optimize our spend to focus on the most compelling opportunities, both near and also long term. And in places where we're seeing a little bit less return, we're going to pull back on that. But the idea is to have this very fluid, very dynamic marketing sophistication to allow us to double down things and stay ahead of the curve across, frankly, everyone else in our industry.

因此，對我們來說，關鍵是要考慮在哪些方面可以突破極限，但重要的是我們要最大化回報以保持領先地位。因此，我認為您會從 Shopify 的行銷（尤其是績效行銷）的角度看到，我們將優化支出，專注於最引人注目的機會，無論是近期還是長期。在我們看到回報稍少的地方，我們將減少投資。但我們的想法是擁有這種非常流暢、非常動態的行銷複雜性，讓我們能夠加倍努力，坦白說，在我們行業的其他所有人中保持領先地位。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. I wanted to ask about your progress in the enterprise market. I would love to hear, especially given those investments tend to take a little bit longer, what are some of the milestones that we can be watching from the outside. And if you could just clarify, what drove your decision to push that one campaign into the back half of the year?

早安.謝謝。我想問一下你們在企業市場的進展。我很想聽聽，特別是考慮到這些投資往往需要更長的時間，我們可以從外部觀察哪些里程碑。如果您能澄清一下，是什麼促使您決定將這項活動推遲到下半年？

Yes, data. We will obviously -- as I mentioned in the previous answer, we want to get the most bank for bucket of every single campaign. And when we know that we can get a higher return by moving it slightly by either a couple weeks or a couple of months, we're always going to take that. So it was just data, it was only one campaign.

是的，數據。顯然，正如我在先前的回答中提到的，我們希望在每個活動中獲得最多的資金。當我們知道透過稍微調整幾週或幾個月就能獲得更高的回報時，我們總是會採取這種做法。所以這只是數據，這只是一場活動。

I wouldn't read too much beyond that other than we care a lot about optimizing every single dollar we spend on marketing. In terms of enterprise, we are gaining traction. It's working really well. Marketing is really doing well there. Go-to-market is doing well there.

除了我們非常關心優化我們在行銷上花費的每一塊錢之外，我不會讀太多其他內容。在企業方面，我們正在獲得牽引力。它運作得非常好。那裡的營銷確實做得很好。進入市場的情況在那裡表現良好。

And we're seeing these big brands, some of the more established brands I mentioned, like Toys"R"Us, for example, or Barnes & Noble or QVC, but also a lot of the first-gen direct-to-consumer companies that historically built their own stacks in-house are now coming to Shopify.

我們看到了這些大品牌，我提到的一些更成熟的品牌，例如玩具「反」斗城、巴諾書店或 QVC，還有很多第一代直接面向消費者的公司過去在內部構建自己的堆棧的公司現在也來到了Shopify。

In the enterprise, in terms of the product mix that we offer, there's something for everyone now. We have headless with Hydrogen. If you want one size fits all, we have Shopify Plus. And of course, if you want to pick and choose something like Checkout or Shop Pay, we have CCS. And so the fact that I think we're offering something for everyone is very compelling.

在企業中，就我們提供的產品組合而言，現在每個人都能找到適合自己的產品。我們對氫無頭。如果您想要適合所有人的方案，我們有 Shopify Plus。當然，如果您想選擇像 Checkout 或 Shop Pay 這樣的服務，我們有 CCS。因此，我認為我們為每個人提供一些東西這一事實非常引人注目。

At the same time, I think the go-to-market transformation is really -- we've built this disciplined playbook to drive upmarket presence, and the momentum just keeps growing. We're getting much better at not only getting to the table in these negotiations, but also winning these deals.

同時，我認為進入市場的轉型確實是——我們已經制定了這個嚴格的策略來推動高端市場的存在，而這種勢頭正在不斷增長。我們不僅在參與這些談判方面做得更好，而且在贏得這些交易方面也做得更好。

And there is a little bit of -- like there is a momentum thing here, whereby the more larger brands come to us, the more other brands want to know why they're not on Shopify. The key for us, though, is the value of the enterprise offering is leaps and bounds ahead of everyone else in the market. The speed, agility, the flexibility, the fact that things like Shop Pay have a conversion rate of like something like 36% relative to our competitors and 15% better on average, it's becoming a competitive disadvantage should not be using Shopify enterprise. And that's all working really, really well.

而且有一點——就像這裡有一種勢頭，越多的大品牌來找我們，就越多的其他品牌想知道為什麼他們不在 Shopify 上。但對我們來說，關鍵在於企業產品的價值遠遠領先市場上的其他公司。速度、敏捷性、靈活性，事實上 Shop Pay 的轉換率相對於我們的競爭對手約為 36%，平均高出 15%，這正在成為競爭劣勢，不應該使用 Shopify 企業版。這一切都非常非常有效。

We're also obviously working on larger partnerships. I mentioned what we're doing with Oracle. Larger agencies are effectively building entire enterprise e-commerce practice around Shopify's enterprise offering. So all these things are working in unison. And the results of it is that whether it's your favorite brands like Gymshark, VIORI, Brooklyn or Mattel or Supreme, who are already on Shopify and staying with us for the long run, or new companies that are coming on, Vince Camuto and Topps and companies like that, these efforts are producing results.

顯然我們也在致力於建立更大的合作關係。我提到了我們正在與 Oracle 合作。較大的機構正在圍繞 Shopify 的企業產品有效地建立整個企業電子商務實踐。所以所有這些事情都是協同作用的。結果是，無論是您最喜歡的品牌，如 Gymshark、VIORI、Brooklyn、Mattel 或 Supreme（已經在 Shopify 上並長期與我們合作），還是即將出現的新公司，如 Vince Camuto 和 Topps 以及像這樣的公司，這些努力正在產生成果。

Craig Maurer, Financial Technology Partners.

克雷格·毛雷爾，金融科技合作夥伴。

Good morning. Thanks for taking the question. I wanted to ask about Shopify Payments. And considering that it is a drag on margins as you grow that business, how should we think about the yield in that business changing over time as you push upmarket into enterprise while also expanding internationally? And how those two factors play against what's already established? Thanks.

早安.感謝您提出問題。我想問有關 Shopify Payments 的問題。考慮到隨著業務的發展，利潤率會受到拖累，當您將高端市場推向企業並同時進行國際擴張時，我們應該如何考慮該業務的收益率隨時間的變化？這兩個因素如何與已建立的因素互相影響？謝謝。

Yes. To be clear, on the larger enterprise side, we're seeing expansion in enterprise and high-volume merchants adopting Shopify Payments. We're also seeing our off-line business, which we primarily monetize through payments grow as well. So it was historically true that some of the larger brands and merchants that were migrating to us didn't necessarily always take Shopify Payments. Sometimes, they came with their own.

是的。要先釐清的是，在大型企業方面，我們看到企業和大量商家採用 Shopify Payments 的規模不斷擴大。我們也看到我們主要透過支付來實現獲利的線下業務也在成長。因此，從歷史上看，一些遷移到我們的較大品牌和商家不一定總是採用 Shopify Payments。有時，他們帶著自己的東西來。

That's happening less and less. I mean, this quarter alone, Grove, Tonal, SodaStream, Athletic Greens, these were merchants that were already on Shopify but now have adopted Shopify Payments more recently. So I think you're seeing more of that.

這種情況越來越少了。我的意思是，光是本季度，Grove、Tonal、SodaStream、Athletic Greens 等商家就已經在 Shopify 上使用，但最近又採用了 Shopify Payments。所以我認為你會看到更多這樣的事。

The other thing is, remember that with things like Shop Pay, Shop Pay Installments, Shopify Balance, the Audiences product. These are all incredible features and functionality of the platform that require you to be on Payments. And so I think you're going to continue to see healthy penetration across merchant type, region and channel.

另一件事是，請記住 Shop Pay、Shop Pay 分期付款、Shopify Balance、Audiences 產品等。這些都是該平台令人難以置信的特性和功能，需要您使用付款。因此，我認為您將繼續看到跨商家類型、地區和管道的健康滲透。

Jeff, I don't know if you have anything else to add on that one.

傑夫，我不知道你還有什麼要補充的嗎？

Yes, the two things I'd add, Craig, is, and Harley just alluded to one of them. Obviously, a lot of times Payments is the first product, but that brings even though the margins on that are a little bit lower than some of our other Merchant Solutions, that will bring those other solutions along. So when you think about a blended margin, it's incremental. So it's sometimes -- a lot of times just the first step.

是的，克雷格，我要補充的兩件事是，哈利只是提到了其中一個。顯然，很多時候支付是第一個產品，但這帶來了即使其利潤比我們的其他一些商家解決方案略低一些，也會帶來其他解決方案。因此，當您考慮混合利潤時，它是增量的。所以有時候──很多時候這只是第一步。

And the same is really true of Europe. In Europe, we've got, in general, some lower attach rates. But what you're seeing is just a function as much as anything else, it's just us not having as many products available in Europe as we do in North America. So over time, we will have a lot of those products that are available in North America that will become available in Europe. And so the opportunity in Europe will continue to expand.

歐洲也是如此。一般來說，在歐洲，我們的附加費率較低。但你所看到的只是一個功能，和其他任何東西一樣，只是我們在歐洲提供的產品沒有北美那麼多。因此，隨著時間的推移，我們將擁有許多在北美銷售的產品也將在歐洲銷售。因此，歐洲的機會將繼續擴大。

When we look at the cohorts, when we look at the profiles of merchants in Europe and we compare them to what we see in North America, very, very similar. So it's not a function and somehow there's less buying power or there's less interest in getting the full functionality of Shopify. That's just a function of us, over time, rolling out more and more solutions to Europe. So it's the tip of the spear for us in many respects.

當我們觀察這些群體時，當我們觀察歐洲商人的概況時，我們將它們與我們在北美看到的情況進行比較，非常非常相似。所以它不是一個功能，不知何故，購買力較低，或者對獲得 Shopify 的全部功能的興趣較小。這只是我們的一個功能，隨著時間的推移，我們會向歐洲推出越來越多的解決方案。因此，從很多方面來說，這對我們來說都是矛尖。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent. Thank you guys for taking the question and congratulations on a really solid quarter, in an environment that I would say investors are probably getting increasingly worried about, particularly when it comes to consumer spending. Jeff, I know you said that it's still an uneven macro backdrop. I was hoping you could give us some directionality to that. Do you see it getting any worse? Do you see it getting any better? How did it trend through the quarter for you guys?

出色的。感謝你們提出這個問題，並祝賀這個季度的表現非常強勁，我想說的是，在投資者可能越來越擔心的環境下，尤其是在消費者支出方面。傑夫，我知道你說過宏觀背景仍然不平衡。我希望你能給我們一些方向。你看到情況變得更糟了嗎？你看到情況有好轉了嗎？你們這個季度的趨勢如何？

Yes. Keith, from our vantage point, the quarter was pretty consistent in terms of what we've seen. I do know that there are a lot of people out there talking about softening consumer spend, and we hear that, too. I think from us, the key point is we are working with our merchants to help them be very successful in this environment.

是的。基思，從我們的角度來看，本季的情況與我們所看到的情況相當一致。我確實知道有很多人在談論軟化消費者支出，我們也聽到了這種說法。我認為對我們來說，關鍵是我們正在與我們的商家合作，幫助他們在這種環境中取得非常成功。

We didn't see any significant deterioration or improvement throughout the quarter. On the last call, we talked a little bit about, from a European perspective, what we may see in terms of FX headwinds, and we talked a little bit about what we saw in terms of consumer spend. It played out essentially exactly as we expected going into the quarter.

整個季度我們沒有看到任何顯著的惡化或改善。在上次電話會議上，我們從歐洲的角度討論了我們可能會看到的外匯逆風，並討論了我們在消費者支出方面看到的情況。它的表現基本上與我們對本季的預期完全一致。

So I recognize and hear the commentary from others out there in terms of what they're seeing. I just think we're -- from our vantage point, we're not seeing that the data in terms of our merchants having issues. I think we're just simply taking share I think is the best way to say it.

因此，我認識並聽到其他人根據他們所看到的內容發表的評論。我只是認為，從我們的角度來看，我們沒有看到我們的商家有問題的數據。我認為我們只是簡單地分享我認為這是最好的表達方式。

The only thing I'll add to that, Keith, is keep in mind, we have a very diverse set of verticals and merchants across geos and merchant types. You think about like we have scrubs from FIGS; we have pet products from BarkBox; and razors from Flamingo. We have Nestlé and Heinz and Mattel and Staples.

Keith，我唯一要補充的是，請記住，我們擁有非常多樣化的垂直行業和跨地域和商家類型的商家。你想想我們有無花果的磨砂膏；我們有 BarkBox 的寵物產品；和火烈鳥的剃刀。我們有雀巢、亨氏、美泰兒和史泰博。

So the wonderful part of our business model is it's not relying on one particular type of merchant in one particular geography. We have merchants coming to us for B2B and merchants doing direct-to-consumer in one particular geography. We also have massive multinationals that are using us to sell to get in front of their consumers as well.

因此，我們商業模式的美妙之處在於它不依賴某一特定地區的某一特定類型的商人。我們有 B2B 商家來找我們，也有在某一特定地區直接面對消費者的商家。我們也有大型跨國公司利用我們進行銷售，以便在消費者面前展示。

And so I think that our merchants do seem to be outperforming and doing better than others. And I think a big part of the reason that we are not seeing the same thing that others might is because we simply have merchants across a ton of verticals and across a ton of geos.

所以我認為我們的商家確實表現得比其他商家更好。我認為我們沒有看到與其他人可能看到的相同的情況的很大一部分原因是我們的商家跨越了大量的垂直領域和大量的地理區域。

Paul Treiber, RBC Capital.

保羅‧特雷伯 (Paul Treiber)，加拿大皇家銀行資本 (RBC Capital)。

Well, thanks very much and good morning. You're seeing very good success after the changes that you made in performance marketing. The question is, why is the 12-month payback period the right return threshold, considerably you could lower the payback to drive faster growth and market share gains? And then would that view change over time as you scale and operating margins continue to rise?

嗯，非常感謝，早安。在效果行銷方面做出改變後，您看到了非常好的成功。問題是，為什麼 12 個月的投資回收期是正確的回報門檻，您可以大幅降低投資回收期以推動更快的成長和市場份額的成長？那麼，隨著規模的擴大和營業利益率的持續上升，這種觀點會隨著時間的推移而改變嗎？

Yes. From my vantage point, we've obviously talked about the 18-month payback as the guardrails that we use here, Paul. I think from our vantage point, and Harley alluded to this in terms of how we're using data to be really thoughtful in the returns we're seeing, and we continue to think about it that way.

是的。從我的角度來看，我們顯然已經討論過 18 個月的投資回收期作為我們在這裡使用的護欄，Paul。我認為從我們的角度來看，哈雷提到了我們如何使用數據來真正考慮到我們所看到的回報，我們將繼續以這種方式思考這一點。

Yes, we could adjust our paybacks. But this is something that we -- I mean, for years, we've been very mindful in terms of how we're using data, how we're using feedback loops, how we're using the technology internally that we've built to look at marketing, to figure out what the right payback periods are, where we allocate our dollars, how we support our emerging products like enterprise and international, point of sale, all those things.

是的，我們可以調整我們的投資回報。但這是我們——我的意思是，多年來，我們一直非常注意如何使用數據、如何使用反饋循環、如何在內部使用我們已經掌握的技術。我們在哪裡分配資金，我們如何支持我們的新興產品，如企業和國際、銷售點，所有這些事情。

So I hear you, that in theory, we could shorten it even more. But as I alluded to in one of the questions earlier and some of the movements in MRR, some of that has been the shortening of the paid trials. But some of that is already from some of the success we're seeing in terms of adding new merchants on the platform as a function of what we're doing on the marketing side. So from our vantage point, this feels like the right mix.

所以我聽說，從理論上講，我們可以進一步縮短它。但正如我在之前的一個問題和 MRR 的一些變動中提到的，其中一些是付費試驗的縮短。但其中一些已經來自我們在平台上添加新商家方面所取得的一些成功，這是我們在行銷方面所做的工作的一部分。因此，從我們的角度來看，這感覺是正確的組合。

I'd also say that, ultimately, what we care about from a marketing perspective is where can we push the envelope, how do we maximize returns, and how do we stay ahead of competition and ahead of the curve? We are really confident in this incredibly powerful low-latency marketing platform that we've built here. And we've optimized it around this 18-month guardrail.

我還想說，最終，從行銷的角度來看，我們關心的是我們可以在哪裡挑戰極限，我們如何最大化回報，以及我們如何在競爭中保持領先地位？我們對我們在這裡建立的這個極其強大的低延遲行銷平台充滿信心。我們圍繞這個 18 個月的護欄對其進行了優化。

Now that being said, there are some longer payback periods for things like enterprise, for example, whereby we begin to talk to a merchant, they may not only -- they may not launch for a year or two afterwards. But we think by having this guardrail and then very specifically targeting the channels and marketing that we think are going to have an outsized return, and then pivoting our spend based on that data, that allows us to keep testing, keep experimenting, but ultimately keep -- stay very disciplined in achieving and unlocking as many opportunities as we can. But that 18-month average payback period is a really good guardrail for us because it holds everyone here accountable for delivering the highest bang for buck.

話雖這麼說，對於像企業這樣的事情來說，有一些更長的投資回收期，例如，我們開始與商家交談，他們可能不僅 - 他們可能不會在一兩年內推出。但我們認為，透過建立這個護欄，然後非常具體地針對我們認為將產生巨大回報的管道和行銷，然後根據這些數據調整我們的支出，這使我們能夠繼續測試，繼續試驗，但最終保持——在在獲得和釋放盡可能多的機會時保持嚴格的紀律。但 18 個月的平均投資回收期對我們來說確實是一個很好的護欄，因為它讓這裡的每個人都有責任實現最高的回報。

Tim Chiodo, UBS.

提姆‧奇奧多，瑞銀集團。

Tim, are you there?

提姆，你在嗎？

I am. Hi. Good morning. Thank you for taking the question. I know that you mentioned some of the success that many merchants had with Shop App this past quarter, and I believe that it was in Q4 that you gave a little bit of a sense of the Shop App penetration of overall GMV. I was hoping you could give a little bit more context on how large Shop App is in terms of your overall GMV mix. And then maybe within that, how much of that volume is benefiting from shop campaigns? Thanks a lot.

我是。你好。早安.感謝您提出問題。我知道您提到了上季許多商家在 Shop App 上取得的一些成功，我相信正是在第四季度，您才對 Shop App 在整體 GMV 中的滲透率有了一些了解。我希望您能提供更多背景信息，說明 Shop App 在整體 GMV 組合中的規模有多大。然後，也許其中有多少銷售量受益於商店活動？多謝。

Yes. So as you alluded to in Q4, we talked about Shop App, has nearly reached about $100 million in GMV in a single month. We also talked about over 70% of Shopify's online checkouts in the past year were made via phones or other small devices. So obviously, we know that the consumers that buy from the merchants who use Shopify like Shop App, and this is how they prefer to do it. But Shop App is this incredibly owned first-party channel for merchants, and we know it helps them drive traffic.

是的。正如您在第四季度提到的，我們談到了 Shop App，其單月 GMV 幾乎達到了 1 億美元左右。我們也談到，去年 Shopify 超過 70% 的線上結帳是透過手機或其他小型裝置進行的。顯然，我們知道從使用 Shopify 的商家那裡購買商品的消費者喜歡 Shop App，這也是他們更喜歡的方式。但 Shop App 是商家擁有的令人難以置信的第一方管道，我們知道它可以幫助他們增加流量。

What was so interesting and neat about the Shop Week was that merchants have been using Shop App for a while, but the fact that 10,000 merchants on their own posted their best GMV week ever on the Shop App, allowed us to reintroduce the power of this incredible app and this tool to them as a main channel.

商店週的有趣之處在於，商家已經使用商店應用程式有一段時間了，但事實是，10,000 個商家自己在商店應用程式上發布了他們有史以來最好的GMV 週，這讓我們能夠重新引入這一功能的力量令人難以置信的應用程式和這個工具給他們作為一個主要管道。

So we'll continue to do that. We're unleashing new ways for merchants to engage and to drive these incredible connections. Also we think that from an advertising perspective, I mean, you mentioned shop campaigns, these are ways that we can also help merchants not only find new buyers, but also increase their -- the lifetime value or the sales and the checkout rates they have with those buyers. And so we're seeing brands like Feastables and Steve Madden and SPANX now who consistently come back to us to do this marketing, specifically on the Shop App, using Shop Cash with their audiences. And those that use it, their GMV grows and they grow their user base, they keep coming back.

所以我們將繼續這樣做。我們正在為商家提供新的方式來參與和推動這些令人難以置信的聯繫。此外，我們認為，從廣告的角度來看，我的意思是，您提到了商店活動，這些都是我們不僅可以幫助商家找到新買家，而且還可以提高他們的終身價值或銷售額和結帳率的方法。因此，我們現在看到像 Feastables、Steve Madden 和 SPANX 這樣的品牌不斷地回來找我們進行行銷，特別是在 Shop 應用程式上，使用 Shop Cash 與他們的受眾進行行銷。而那些使用它的人，他們的 GMV 會成長，他們的用戶群也會成長，他們會不斷回來。

No new data to give out just yet on the Shop App, but you can -- I mean, if you're watching things like our Edition release we did this summer and you're just looking at the tea leaves here, you see that the Shop App continuously gets better in time, both for consumers but also from a merchant perspective as this incredible channel for them to drive new traffic. And again, that is one more thing that if you want to leverage that, you want to utilize that, as a merchant, you have to be on Shopify.

商店應用程式上尚未發布新數據，但您可以 - 我的意思是，如果您正在觀看我們今年夏天發布的版本，而您只是在看這裡的茶葉，您就會看到商店應用程式隨著時間的推移不斷變得更好，無論是對於消費者還是從商家的角度來看，這都是他們推動新流量的不可思議的管道。再說一遍，如果你想利用它，你想利用它，作為商家，你必須在 Shopify 上。

Tyler Radke, Citi Investments.

泰勒‧拉德克，花旗投資。

There we go. Can you hear me okay?

我們開始吧。你聽得到我說話嗎？

Yes.

是的。

Awesome. Question on just how to unpack the third quarter revenue guidance. Obviously, you talked about some of the MRR moving pieces in Q2. But I'm just curious how we should be thinking about the growth of MRR in the second half of the year just given what you're seeing in terms of the pricing actions on the Plus SKU.

驚人的。關於如何解讀第三季營收指引的問題。顯然，您談到了第二季 MRR 的一些變化。但我只是好奇，鑑於您所看到的 Plus SKU 的定價行為，我們應該如何考慮下半年 MRR 的成長。

And then is the thought that still, we should expect all these performance marketing investments to be an accelerant or an incremental revenue uplift into 2025? Just give us your latest thoughts in terms of the timing of when you see those paybacks and incremental revenue streams coming into the model. Thank you.

那麼，我們是否應該期望所有這些效果行銷投資將成為 2025 年收入的加速器或增量？只需向我們提供您關於何時看到這些回報和增量收入流進入模型的最新想法。謝謝。

Yes, Tyler, a lot in there, but let me pull it apart from a couple of different pieces, maybe in reverse order. I mean we do, as we think about the marketing spend, we do, based on the 18-month average payback periods, think about this as something which drives 2025 more than it does 2024.

是的，泰勒，裡面有很多東西，但讓我把它從幾個不同的部分中拆出來，也許以相反的順序。我的意思是，當我們考慮行銷支出時，我們確實會根據 18 個月的平均投資回收期，將其視為對 2025 年的推動力大於 2024 年的推動力。

I did talk, though, before on one of the earlier questions about the impact on MRR in Q2 was indeed a strong uplift, in particular, in a couple of pieces, and some of that was the shortening of the paid trials. And so that will be this quarter. That's not a dynamic you would see next quarter. But some of that is -- some of the merchants joining the platform, the acquisition engine working, and a big piece of that is marketing.

不過，我之前確實談到過，關於第二季度對 MRR 的影響的早期問題之一確實是一個強勁的提升，特別是在幾個方面，其中一些是付費試驗的縮短。這就是本季的情況。這不是你下個季度會看到的動態。但其中一些是——一些商家加入了該平台，收購引擎正在發揮作用，其中很大一部分是行銷。

So we do think we've had a lot of success, and Q2 was particularly strong in terms of getting more platform -- excuse me, more merchants on platform. I'm not obviously going to comment in terms of what that means for Q4. I've given you guidance for Q3 in terms of the revenue growth.

因此，我們確實認為我們取得了巨大的成功，第二季度在獲得更多平台方面尤其強勁——對不起，平台上有更多商家。我顯然不會評論這對第四季度意味著什麼。我已經為您提供了第三季收入成長的指導。

I think when you look at the revenue growth over the past -- and this is reflective in the Q3 guidance, when you look at the revenue growth over the past four to six quarters, you do it on a pro forma basis ex logistics and you think about some other things around pricing changes that maybe had an impact on that, without pulling this apart too much, I think you've seen some very consistent, stable delivery revenue growth. And that's what's reflected in the Q3 numbers.

我認為，當您查看過去的收入增長時- 這反映在第三季度的指導中，當您查看過去四到六個季度的收入增長時，您是在預計的基礎上進行的，不包括物流，並且您考慮一下圍繞定價變化的其他一些事情，這些事情可能會對此產生影響，在不將其分解太多的情況下，我認為您已經看到了一些非常一致、穩定的交付收入增長。這就是第三季數據所反映的。

So I mentioned to Keith earlier some of the dynamics we're seeing from a macro perspective, that's folded in there, too. But we feel really good about what we are -- where we are in terms of adding more merchants to the platform.

因此，我之前向基斯提到了我們從宏觀角度看到的一些動態，這些動態也包含在其中。但我們對自己的現狀感到非常滿意——在為平台增加更多商家方面我們所處的位置。

And I think -- and as you know, MRR -- I guess the other piece to this too, is the pricing changes and some of the things in the marketing. Obviously, from a pricing change perspective, that's -- the Standard pricing change, of course, is well reflected in there. The Plus pricing change is reflected in MRR. They will be a little bit more incremental as you think about Q3 revenues, because obviously that was done mid-quarter. So that's not fully captured in the quarter.

我認為——正如你所知，MRR——我想這件事的另一部分也是定價變化和行銷中的一些事情。顯然，從定價變化的角度來看，標準定價變化當然在其中得到了很好的體現。 Plus 定價變動反映在 MRR 中。當你考慮第三季的收入時，它們會增加一些，因為顯然這是在季度中期完成的。因此，本季尚未完全體現這一點。

But it's the tailwinds that we see in terms of getting to the revenue guidance that we gave. Our business is simply performing well, and that's reflected in the numbers you saw.

但這是我們在達到我們給予的收入指導方面看到的順風車。我們的業務表現良好，這反映在您看到的數字中。

Richard Tse, National Bank.

理查德謝 (Richard Tse)，國家銀行。

Yes. With respect to point of sale, you seem to be getting some good momentum there. I'm just curious, are you displacing the incumbents in the market? Are these sales to vendors without a service provider, meaning they're newer enterprises?

是的。在銷售點方面，您似乎取得了一些良好的勢頭。我只是好奇，你會取代市場上的現有企業嗎？這些銷售給沒有服務提供者的供應商，意味著他們是新企業嗎？

Two sides. One is there's a lot of incumbent legacy systems that, frankly, are not very good, that a lot of retailers have. And it is high time that they look for a better solution that's future proof, that has far more functionality, that is way more of a delight to use for both their staff but also the consumers that use it.

雙方。一是許多零售商擁有的許多現有的遺留系統，坦白說，並不是很好。現在是他們尋找更好的解決方案的時候了，這種解決方案要面向未來，具有更多的功能，讓員工和使用它的消費者都更樂意使用。

And then, of course, there are -- one of the best parts of Shopify's business model is that we also create and help to incubate what will be the hottest brands tomorrow. And as they open up more stores or they enter the physical retail space, they will bring Shopify with them.

當然，Shopify 商業模式的最佳部分之一是我們還創建並幫助孵化未來最熱門的品牌。當他們開設更多商店或進入實體零售領域時，他們將帶來 Shopify。

The reason I mentioned brands like Mejuri, for example, is Mejuri has had a lot of stores for a very long time. And the fact that they're replacing their existing systems with ours both online and off-line is indicative of what we're seeing. But we are winning larger merchants. We're winning merchants now with over 100 locations, physical locations, across many regions.

例如，我之所以提到像 Mejuri 這樣的品牌，是因為 Mejuri 在很長一段時間內擁有很多商店。他們正在用我們的線上和離線系統替換現有系統，這一事實表明了我們所看到的情況。但我們正在贏得更大的商家。我們現在正在贏得遍布多個地區的超過 100 個實體地點的商家。

We now have launched point-of-sale terminal in eight additional countries across the EU and APAC. We're also finding it to be a very compelling pitch to say that there's no reason for you to have separate systems running online and off-line that are completely disconnected, but rather centralizing your business into one single place, which is this unified commerce system that Shopify provides is really helpful.

我們現在已在歐盟和亞太地區的另外八個國家推出了銷售點終端。我們還發現這是一個非常引人注目的說法，即您沒有理由讓單獨的在線和離線運行的系統完全斷開連接，而是將您的業務集中到一個地方，這就是統一的商務Shopify提供的系統確實很有幫助。

And then obviously, the results speak for themselves. I mean, Q2 GMV, growth of 27% from off-line. And we expect it will be a key driver for us, not just this year, but certainly in the future. And then we'll continue to get brands like Frank & Oak, for example, and Cherry Republic and Banana Republic Home, these really amazing brands that have tons of locations that are now using us are also becoming wonderful force multipliers to get other brands and other retailers like them. So it's a really important part of our business, and it's growing really well.

顯然，結果不言而喻。我的意思是，第二季 GMV 線下成長了 27%。我們預計這將成為我們的關鍵驅動力，不僅是今年，而且肯定是未來。然後我們將繼續獲得像 Frank & Oak 這樣的品牌，以及 Cherry Republic 和 Banana Republic Home，這些非常了不起的品牌，現在有大量的地點正在使用我們，也成為獲得其他品牌和產品的絕佳力量倍增器。其他零售商也喜歡他們。所以它是我們業務非常重要的一部分，而且發展得非常好。

All right. Thank you for that question. I'll now turn it back to Harley for closing comments.

好的。謝謝你提出這個問題。現在我將把它轉回哈雷以徵求結束意見。

Yes, just a quick word before we close. I wanted to say a couple of things here because I think it's really important, particularly right now. Those of you that have been following the company for -- since the IPO and hopefully well before that, we've always been a company that built for the long term. And I think what you're seeing today is that we are seizing these opportunities and making investments to further establish ourselves as the leader in commerce.

是的，在我們結束之前簡單說一下。我想在這裡說幾件事，因為我認為這非常重要，尤其是現在。自首次公開募股以來，希望在此之前，一直關注該公司的人，我們一直是一家著眼於長期發展的公司。我認為您今天看到的是，我們正在抓住這些機會並進行投資，以進一步確立我們作為商業領導者的地位。

We are executing on the plan that we laid out for all of you last year, and you're seeing it in our results. But I think these results, in particular, demonstrate an important trend, which is that we can achieve a seriously meaningful combination of both growth and profitability. And we continue to invest in areas that we think will be incredibly meaningful in the future.

我們正在執行去年為你們所有人制定的計劃，你們在我們的結果中看到了這一點。但我認為這些結果尤其展示了一個重要趨勢，即我們可以實現成長和獲利能力的真正有意義的結合。我們繼續投資我們認為未來將非常有意義的領域。

You're hopefully seeing this. If you're not, please do a double-click on this, but we are building the most impactful products on the planet for merchants and businesses of every size. And I know I've said this a few times on this call, but I'm going to say it again, this is by far the best version of Shopify. And thank you for joining us on this call.

希望你能看到這個。如果您不是，請雙擊此按鈕，但我們正在為各種規模的商家和企業建立地球上最具影響力的產品。我知道我已經在這次電話會議上說過幾次了，但我要再說一遍，這是迄今為止最好的 Shopify 版本。感謝您參加本次電話會議。

That concludes our call. Thank you.

我們的通話到此結束。謝謝。