Shopify Inc (SHOP) 2024 Q3 法說會逐字稿

Good morning and thank you for joining Shopify's third 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 年第三季電話會議。我是投資者關係總監凱莉‧吉拉德 (Carrie Gillard)。今天加入我們的還有 Shopify 總裁 Harley Finkelstein；和我們的財務長 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 undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise these statements except as required by law.

我們將在今天的電話會議上做出前瞻性聲明，這些聲明基於假設，因此存在風險和不確定性，可能導致實際結果與預期結果有重大差異，不應過度依賴這些前瞻性聲明。除法律要求外，我們不承擔更新或修改這些聲明的義務。

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

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。我們還將討論調整後的非 GAAP 財務指標，並且不能取代 GAAP 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。這樣，我就把電話轉給哈利。

Thanks, Carrie, and thank you all for joining us today. As we say each quarter, Shopify is building for the long term. Our consistent results quarter after quarter confirm that our strategy is working incredibly well. Q3 was another amazing quarter across the board.

謝謝嘉莉，也謝謝大家今天加入我們。正如我們每季所說的那樣，Shopify 正在著眼於長期發展。我們每季的一致結果證實我們的策略運作得非常好。第三季是另一個令人驚嘆的季度。

GMV was up 24%, marking our fifth consecutive quarter where GMV growth was greater than 20%. Revenue was up 26%. Operating income more than doubled from last year, and free cash flow margin expanded to 19%. These are not just numbers. They reinforce that Shopify is an industry leader, delivering on both growth and margins, all while simultaneously creating and leaning into opportunities that bolster our growth.

GMV 成長 24%，這是我們連續第五個季度 GMV 成長超過 20%。收入增長了 26%。營業收入比去年成長了一倍多，自由現金流利潤率擴大至 19%。這些不僅僅是數字。它們強化了 Shopify 是行業領導者的地位，在實現成長和利潤的同時，創造並抓住了促進我們成長的機會。

So before we dive in, let me start by saying this: if you walk away from this call with anything, it should be these 3 things: one, entrepreneurship and commerce are growing and Shopify is capturing an increasing share of this vast and expanding market.

因此，在我們深入討論之前，我首先要說的是：如果您在結束本次電話會議後留下任何東西，那麼應該是以下三件事：第一，創業和商業正在增長，Shopify 正在這個巨大且不斷擴大的市場中佔據越來越多的份額。

Two. Shopify is increasingly the go-to platform of choice, not just for entrepreneurship, but for all of commerce. We are well positioned for extensive growth across different merchant segments, size, geographies, channels and products.

二。 Shopify 越來越成為首選平台，不僅適用於創業，也適用於所有商業。我們已做好充分準備，能夠在不同的商業領域、規模、地理、通路和產品中實現廣泛成長。

And three. As our merchants do better, Shopify does better. Our business model prioritizes merchant first, fueled by a high-velocity product innovation engine that makes the heart things easy and everything else possible.

還有三個。隨著我們的商家做得更好，Shopify 也會做得更好。我們的商業模式優先考慮商家，並由高速產品創新引擎推動，使核心事情變得簡單，讓其他一切成為可能。

Now let's quickly dive into some of the key accomplishments in the quarter. Starting off with the product. We build outstanding tools that work seamlessly together, creating a platform that is packed with value and quite frankly, just works really, really well. This is why we invest so heavily in building the most integrated platform on the planet.

現在讓我們快速了解本季的一些關鍵成就。從產品開始。我們建立了可以無縫協作的出色工具，創建了一個充滿價值的平台，坦白說，它運作得非常非常好。這就是為什麼我們投入大量資金來建構地球上最整合的平台。

And it's also why merchants come to Shopify and why they don't leave Shopify. We are shipping products and enhancements on a literal daily basis. So rather than give you a laundry list, I'd like to spend a few minutes now walking through some of the highlights from the quarter.

這也是商家來到 Shopify 不離開 Shopify 的原因。我們每天都會發布產品和增強功能。因此，我不想向您提供一份詳細清單，而是想花幾分鐘來回顧本季的一些亮點。

First, let's talk about enhancing merchant automation. Our new features are making it easier for merchants to run their businesses more efficiently because let's be honest, nobody starts a business with the goal of focusing their time on sales tax compliance or inventory management.

首先，我們來談談增強商家自動化。我們的新功能使商家能夠更輕鬆、更有效率地開展業務，因為說實話，沒有人會以將時間集中在銷售稅合規或庫存管理上為目標開展業務。

These foundational tools make the nitty-gritty stuff automatic so merchants can focus on the reason they started the business in the first place for the products they are selling.

這些基礎工具使具體的事情變得自動化，讓商家可以專注於他們開始銷售產品的初衷。

Let's start with Shopify Flow. A low-code workflow automation app that empowers merchants to build custom automations and help them run their businesses more efficiently. This includes a new automation trigger based on the merchant's custom data and newly completed admin API connector that provides an additional 304 new actions to use in their automations. And as a result, Flow has become a much more powerful tool, enabling merchants products, process customer form submissions, edit orders and so much more.

讓我們從 Shopify 流程開始。低程式碼工作流程自動化應用程序，使商家能夠建立自訂自動化並幫助他們更有效地經營業務。這包括一個基於商家自訂資料的新自動化觸發器和新完成的管理 API 連接器，該連接器提供了額外的 304 個新操作以在其自動化中使用。因此，Flow 已成為更強大的工具，支援商家產品、處理客戶表單提交、編輯訂單等等。

And within Shopify inbox, this product now uses AI to suggest replies based on each merchant's unique store information making it super easy for merchants to respond quickly and accurately to customer inquiries. In fact, on average, merchants are using the suggest replies for about half of their responses, edited or not, showing just how effective this feature has become. Replying can quickly boost conversion rates, which means more sales for our merchants and in turn for Shopify.

在 Shopify 收件匣中，該產品現在使用人工智慧根據每個商家獨特的商店資訊來建議回复，使商家可以非常輕鬆地快速準確地響應客戶的詢問。事實上，平均而言，商家大約有一半的回復使用了建議回复，無論是否經過編輯，這表明該功能已變得多麼有效。回覆可以快速提高轉換率，這意味著我們的商家以及 Shopify 的銷售額都會增加。

And finally, within Shopify Tax, we started rolling out automated filing to eligible merchants. Merchants can now automate their preparation, filing and remittance of their sales tax returns from within the Shopify admin. This saves time and simplifies one of the most complex parts of sales tax compliance.

最後，在 Shopify Tax 中，我們開始向符合資格的商家推出自動申報。商家現在可以在 Shopify 後台自動準備、提交和匯出銷售稅申報表。這節省了時間並簡化了銷售稅合規中最複雜的部分之一。

And as we know, taxes do not get simpler just because you cross borders. That's exactly why in our focus to make Shopify the best way to sell globally across all channels, we saw a clear opportunity to tackle the complexities of cross-border commerce head on. And in Q3, we successfully extended our Shopify Tax product to merchants in the U.K. and the entire EU.

眾所周知，稅收並不會因為跨國而變得簡單。這就是為什麼在我們專注於使 Shopify 成為跨所有管道進行全球銷售的最佳方式時，我們看到了一個明確的機會來解決跨境商務的複雜性。在第三季度，我們成功地將 Shopify Tax 產品擴展到英國和整個歐盟的商家。

We've automated value-added tax calculations to make them more accurate. We introduced automated VAT invoices for easy compliance in cross-border commerce, and we've developed tax liability insights that track regional and national compliance. All of this ensures our merchants can focus on growing their business.

我們已經自動計算增值稅，使其更加準確。我們引入了自動化增值稅發票，以方便跨境商務中的合規性，並且我們開發了追蹤區域和國家合規性的稅務責任見解。所有這些都確保我們的商家能夠專注於發展他們的業務。

Another product that continues to gain traction by helping our merchants sell globally is managed markets, which allows merchants to easily enter new countries and grow everywhere. For our merchants, it's proven to drive some pretty incredible results. In fact, EY recently analyzed the performance of a sample of our merchants after they adopted managed markets and found that 83% increase the number of countries they sold to. And of those merchants, their international sales growth after adoption was on average higher than 40%.

另一種透過幫助我們的商家進行全球銷售而繼續受到關注的產品是管理市場，它允許商家輕鬆進入新的國家並在各地發展。對於我們的商家來說，事實證明它可以帶來一些令人難以置信的結果。事實上，安永最近分析了我們的樣本商家在採用託管市場後的表現，發現 83% 的商家增加了銷售國家的數量。而這些商家中，採用後的國際銷售額成長平均高於 40%。

Meanwhile, if you look at the top 100 merchants, they saw an increase of greater than 200%, which is truly incredible. Managed Markets is another example of a product that is yielding incredible result for our merchants globally.

同時，如果你看看前100名的商家，他們的增幅超過200%，這確實令人難以置信。託管市場是為我們全球商家帶來令人難以置信的結果的產品的另一個例子。

Moving to off-line retail. In October, we expanded Tap to Pay across Shopify point-of-sale. Tap to Pay is now available in multiple countries, including Australia, Germany and the Netherlands and the U.K. as well as to merchants using Android devices. By utilizing the NFC chips and devices, Tap to Pay processes payments from contactless cards in digital wallets like Apple Pay via Shopify Payments.

轉向線下零售。 10 月，我們在 Shopify 銷售點擴展了 Tap to Pay。 Tap to Pay 現已在多個國家推出，包括澳洲、德國、荷蘭和英國，以及使用 Android 裝置的商家。透過利用 NFC 晶片和設備，Tap to Pay 透過 Shopify Payments 處理 Apple Pay 等數位錢包中非接觸式卡片的付款。

So why does this actually matter? Because it enables our merchants to create a truly delightful in-person experience for consumers, all powered by Shopify. For merchants using the point-of-sale app, we made significant functionality and usability improvements. Notably, we introduced off-line payment support, which ensures uninterrupted sales even during network disruptions.

那麼為什麼這實際上很重要呢？因為它使我們的商家能夠為消費者創造真正令人愉悅的親身體驗，而這一切都由 Shopify 提供支援。對於使用銷售點應用程式的商家，我們進行了重大的功能和可用性改進。值得注意的是，我們引入了離線支付支持，即使在網路中斷的情況下也能確保銷售不間斷。

We also focus on personalizing the customer experience by enabling access to customer and supporting Shopify bundles, which has seen encouraging adoption rate, especially among mid-market merchants. We also improved operational efficiency and optimized the point-of-sale app for tablet view introducing a split screen search view.

我們也專注於透過接觸客戶和支援 Shopify 捆綁包來實現個人化客戶體驗，該捆綁包的採用率令人鼓舞，尤其是在中端市場商家中。我們還提高了營運效率，並優化了平板電腦視圖的銷售點應用程序，引入了分割畫面搜尋視圖。

In retail, every second in detailed counts to drive sales, build customer affinity and foster brand loyalty. And these updates, along with others like accepting unverified returns and expanding UI extension capabilities reinforce our commitment to making in-person commerce easy and fast.

在零售業，每一秒的細節對於推動銷售、建立客戶親和力和培養品牌忠誠度都很重要。這些更新以及接受未經驗證的退貨和擴展 UI 擴展功能等其他更新強化了我們對讓面對面商務變得輕鬆快捷的承諾。

At Shopify, we do more than just help merchants sell, we also ensure they have the financial tools dated to thrive. Recently, we launched our financial services suite, Shopify Finance, which is a comprehensive package that includes products like capital, balance and bill pay all integrated through the admin for quicker access.

在 Shopify，我們不僅幫助商家進行銷售，我們還確保他們擁有能夠蓬勃發展的金融工具。最近，我們推出了金融服務套件 Shopify Finance，這是一個全面的軟體包，包括資本、餘額和帳單支付等產品，所有這些產品都透過管理員集成，以便更快地存取。

Each component of this suite is designed to offer unmatched financial control and efficiency with features like higher APY and next day payout in balance for Shopify plus merchants and more flexible payment options in credit to better manage cash flow.

該套件的每個組件都旨在提供無與倫比的財務控制和效率，具有為 Shopify 加商家提供更高 APY 和次日付款平衡等功能，以及更靈活的信貸支付選項，以更好地管理現金流。

Now within Shopify Payments, penetration grew to 62% and Shop Pay facilitated $17 billion in GMV, which was up 42%, highlighting the power and the strength of our payment product, which also unlocks a key gateway for merchants to leverage our other features and products only available when on Shopify Payments, like the Shop App.

現在，在Shopify Payments 中，滲透率成長至62%，Shop Pay 促進了170 億美元的GMV，成長了42%，凸顯了我們支付產品的力量和實力，這也為商家利用我們的其他功能和服務開啟了一個關鍵入口網站。

And speaking of the Shop App, this quarter, the Shop App launched a new merchant-focused home feed, showcasing the diversity and the richness of brands on shop. The experience uses new machine learning models to help buyers keep up with the brands they love and discover new brands based on their preferences.

說到商店應用程序，本季度，商店應用程式推出了新的以商家為中心的主頁，展示了商店品牌的多樣性和豐富性。該體驗使用新的機器學習模型來幫助買家了解他們喜愛的品牌，並根據他們的喜好發現新品牌。

These changes have already led to early success with an 18% increase in sessions where a buyer engaged with a recommendation. These enhancements, combined with our deep and seamless integration, helps drive higher GMV and GPV and strengthens our overall ecosystem.

這些變化已經帶來了早期成功，買家參與推薦的會話數量增加了 18%。這些增強功能與我們的深度無縫整合相結合，有助於推動更高的 GMV 和 GPV，並加強我們的整體生態系統。

On the topic of machine learning, I want to give a shout out to our new incredible CTO, who recently joined the Shopify team. spent over a decade at Microsoft, where he spearheaded AI advancements and products like Copilot. He also served as CTO at Yandex, where he developed multiple search engines and cloud services.

在機器學習這個主題上，我想向我們新的令人難以置信的技術長表示敬意，他最近加入了 Shopify 團隊。在微軟工作了十多年，他領導了人工智慧的進步和 Copilot 等產品。他還曾擔任 Yandex 的首席技術官，開發了多個搜尋引擎和雲端服務。

brings a wealth experience in AI and search technologies. And in just over 2 months since he joined us, he's already made a significant impact, enhancing our products and pushing us forward. I'm convinced that with on board, Shopify is only going to get stronger.

帶來了人工智慧和搜尋技術的豐富經驗。自從他加入我們僅僅兩個多月以來，他已經產生了重大影響，增強了我們的產品並推動我們前進。我堅信，隨著 Shopify 的加入，它只會變得更強大。

Building on that note of strengthening our bench. Let's talk about our ecosystem. We are committed to creating an ecosystem where everybody thrives, our partners, our merchants and of course, Shopify itself.

在此基礎上加強我們的替補席。讓我們談談我們的生態系統。我們致力於創造一個讓每個人、我們的合作夥伴、我們的商家，當然還有 Shopify 本身都能蓬勃發展的生態系統。

This collaborative success is by design. And as a result, we have earned the reputation as the preferred partner in the commerce world. This quarter, we became the first commerce integration partner for Roadblocks, which has on average over 88 million daily active users. We integrated with YouTube shopping affiliate program, and we diversified our payments product offering through an expanded partnership with PayPal.

這種合作的成功是有意而為之的。因此，我們贏得了商業界首選合作夥伴的聲譽。本季度，我們成為 Roadblocks 的第一個商務整合合作夥伴，該公司平均每日活躍用戶超過 8,800 萬。我們整合了 YouTube 購物聯盟計劃，並透過擴大與 PayPal 的合作夥伴關係，實現支付產品多元化。

We are increasingly close to a world where commerce flows seamlessly everywhere, and that is what we are building. It isn't just about providing tools, it's about creating an interconnected ecosystem, a system of record where businesses of all sizes can thrive, and it's working.

我們越來越接近一個商業在任何地方無縫流動的世界，而這正是我們正在建立的。它不僅僅是提供工具，而是創建一個相互關聯的生態系統，一個記錄系統，讓各種規模的企業都能蓬勃發展，並且它正在發揮作用。

Our go-to-market efforts combined with our product developments are enabling us to make incredible headway across multiple long-term growth drivers of our business, B2B, offline and international, all of which are increasingly the on-ramps into Shopify and unlocking more opportunities for us to grow our addressable market, and we've got the results to prove it.

我們的市場進入努力與產品開發相結合，使我們能夠在B2B、線下和國際業務的多個長期增長驅動力方面取得令人難以置信的進展，所有這些都越來越多地成為Shopify 的入口，並解鎖更多我們有機會擴大我們的目標市場，我們的結果也證明了這一點。

Offline GMV was up 27% year-over-year and has more than doubled in just the past 3 years. Q3 B2B GMV grew over 145% year-over-year and has now had 5 consecutive quarters of triple-digit growth. And international GMV continues to outpace the growth in North America, accelerating to greater than 30% growth in Q3 and cross-border was approximately 14% of GMV.

線下 GMV 年增 27%，在過去 3 年裡增長了一倍多。第三季B2B GMV年增超過145%，目前已連續5季實現三位數成長。國際 GMV 的成長持續超過北美，第三季加速成長至 30% 以上，跨境約佔 GMV 的 14%。

So let's dive deeper into what's really driving our success in the offline segment. Our go-to-market efforts are really paying off, especially with large complex multi-location merchants. This segment saw a 50% increase in locations year-over-year in Q3, highlighting our really strong momentum.

因此，讓我們更深入地探討真正推動我們在線下領域成功的因素。我們的市場開拓努力確實得到了回報，尤其是對於大型複雜的多地點商家。第三季度，該細分市場的營業地點年增 50%，凸顯了我們強勁的勢頭。

This quarter, established omnichannel retailers like British Clothing Company footwear store and fashion retailers, Akira and Billy Reed adopted our point-of-sale solution. In Canada, the legendary women's fashion retailer Lora, migrated their point-of-sale systems to Shopify, bringing over 130 stores in 1 of our largest point-of-sale migrations yet.

本季度，British Clothing Company 鞋店等老牌全通路零售商以及 Akira 和 Billy Reed 等時尚零售商採用了我們的銷售點解決方案。在加拿大，傳奇女裝零售商 Lora 將其銷售點系統遷移到 Shopify，在我們迄今為止最大的銷售點遷移之一中引入了 130 多家商店。

As we continue to power an increasing number of established multi-location brands, we also firmly believe that consumer favorite brands of tomorrow are being built right now on Shopify.

隨著我們繼續為越來越多的知名多地點品牌提供支持，我們也堅信，消費者喜愛的未來品牌正在 Shopify 上建立。

Take for example, a modern furniture maker that has quickly grown into a very large direct-to-consumer brand on Shopify. Now as they launched their flagship store in New York City, staying with Shopify for their off-line expansion was an obvious choice. This stickiness and trust in our platform are what truly sets us apart, ensuring that as our merchants expand online, offline and everywhere in between, they do it with Shopify.

以一家現代家具製造商為例，該製造商已迅速成長為 Shopify 上非常大的直接面向消費者的品牌。現在，當他們在紐約開設旗艦店時，留在 Shopify 進行線下擴張是一個顯而易見的選擇。對我們平台的這種黏性和信任真正使我們與眾不同，確保我們的商家在線上、線下以及其他任何地方擴張時，都透過 Shopify 來實現這一目標。

In B2B, we continue to set new records for monthly GMV highs with September marking our largest single month ever. We are positioning ourselves to keep breaking these records, especially with new enhancements like the ones I mentioned earlier, including Shopify Flow automation templates that streamline B2B workflows and improvements to tax collection and conversion tracking. While much of our growth to date stems from our existing merchant base, in Q3, we also broken new territories in industrial, hardware and automotive vehicles and parts sectors that hasn't historically considered Shopify.

在 B2B 領域，我們繼續創下月度 GMV 高點的新紀錄，其中 9 月是我們有史以來最高的單月交易額。我們的定位是不斷打破這些記錄，特別是像我之前提到的那樣的新增強功能，包括簡化 B2B 工作流程的 Shopify Flow 自動化模板以及稅收徵收和轉換追蹤的改進。雖然迄今為止我們的成長大部分來自現有的商業基礎，但在第三季度，我們也在工業、硬體和汽車及零件領域開闢了歷史上從未考慮過 Shopify 的新領域。

Now they're not just considering us, they're committing to us. We are also continuing to focus on international growth, which continues to outpace North America, especially in Europe, like key countries, Germany and France, where we're increasing our market share. We've made enhancements to localization, shipping and compliance and are pairing that with intensified marketing efforts and it's working.

現在他們不僅考慮我們，而且還向我們做出承諾。我們也繼續關注國際成長，國際成長持續超過北美，特別是在歐洲，如德國和法國等關鍵國家，我們正在增加我們的市場份額。我們已經對本地化、運輸和合規性進行了改進，並將其與強化的營銷工作相結合，並且正在發揮作用。

In Q3, international merchants increased by 36% year-over-year with top brands like watch retailer, Watches of Switzerland, and cosmetics company, the Body Shop signing with Shopify in the quarter.

第三季度，國際商家年增 36%，其中手錶零售商 Watches of Switzerland 等頂級品牌以及化妝品公司 Body Shop 在本季度與 Shopify 簽約。

Okay, so now that we've talked about product and channels, let's focus on how we're making waves up market. Q3 was an exceptional quarter in terms of new enterprise level brands coming to Shopify. For example, this quarter, we signed a luxury handbag company, Fashion File; jewelry designer, Brilliant Earth; footwear brand, Reebok; fashion apparel brand, Offwhite; cosmetics company, Beauty Counter; and Lionsgate Entertainment to name a few.

好的，既然我們已經討論了產品和管道，那麼讓我們專注於如何掀起市場浪潮。就 Shopify 的新企業級品牌而言，第三季是一個特別的季度。例如這個季度我們簽了一家奢華手袋公司Fashion File；輝煌大地珠寶設計師；鞋類品牌銳步；時尚服飾品牌Offwhite；化妝品公司、美容專櫃；獅門娛樂公司等。

We are also now powering some iconic apparel brands, including Haynes, Vera Bradley and Necessities. Our platform's composability gives large brands the flexibility to choose modular components like Onrunning, who recently adopted our checkers commerce component. One of the best things about modular components is that integration can happen fast.

我們現在也為一些標誌性服裝品牌提供支持，包括 Haynes、Vera Bradley 和 Necessities。我們平台的可組合性使大品牌能夠靈活地選擇模組化組件，例如 Onrunning，他們最近採用了我們的跳棋商務組件。模組化組件的最大優點之一是整合可以快速進行。

In fact, we recently had an outdoor gear company go from handshake to full implementation in less than 3 weeks. Seriously, in under a month, we had the Shop Pay button up and running in their check out, showcasing not only the robustness of our API, but also our team's incredible ability to make things happen faster.

事實上，我們最近有一家戶外裝備公司從握手到全面實施只花了不到三週的時間。說真的，在不到一個月的時間裡，我們就在他們的結帳中安裝並運行了Shop Pay 按鈕，這不僅展示了我們API 的穩健性，而且展示了我們團隊令人難以置信的使事情發生得更快的能力。

And the momentum does not stop there. Victoria's Secret, Stores and Shu Conival are also coming soon to the Shop Pay Commerce component, further proof that this pathway to growth is really working.

而且勢頭還不止於此。 Victoria's Secret、Stores 和 Shu Conival 也即將加入 Shop Pay Commerce 組件，進一步證明這種成長途徑確實有效。

Enterprise brands from all verticals are making the move to Shopify. And it is clear that our platform's flexibility, speed and value are really what sets us apart. We're constantly working to make it easier for larger, more complex companies to make the switch.

所有垂直行業的企業品牌都在遷移到 Shopify。很明顯，我們平台的靈活性、速度和價值確實使我們與眾不同。我們不斷努力讓規模更大、更複雜的公司更容易轉型。

Take our new data migration tool. New merchants can now import essential data like products in as little as 4 clicks. Picture this, one merchant recently brought over 44,000 SKUs to Shopify in less than 3 minutes, a task that used to take hours, if not days.

以我們新的資料遷移工具為例。新商家現在只需點擊 4 次即可匯入產品等基本資料。想像一下，一位商家最近在不到 3 分鐘的時間內將超過 44,000 個 SKU 帶到了 Shopify，而這項任務在過去需要數小時甚至數天的時間。

This significant reduction in data migration hassle is a big deal as it removes a major friction point for merchants looking to move to Shopify. To be clear, enterprise is not a short-term play. It is a massive opportunity to build for the long term, and we are positioning ourselves well to continue to capitalize on it today and in the future.

資料遷移麻煩的顯著減少是一件大事，因為它消除了希望遷移到 Shopify 的商家的主要摩擦點。要先明確的是，企業不是一個短期遊戲。這是一個長期發展的巨大機會，我們已做好充分準備，在今天和未來繼續利用這一機會。

With 16 enterprise launches in Q3 alone, we are truly just getting started with our push into the enterprise commerce market. As we wrap up, let me circle back to how I started.

光是第三季就有 16 家企業推出，我們進軍企業商務市場才真正開始。當我們結束時，讓我回顧一下我是如何開始的。

Q3 was another standout quarter with 26% top line growth and a 19% free cash flow margin. We continue to deliver some of the strongest results in the industry quarter after quarter. I truly believe this is the best version of Shopify yet.

第三季又是表現優異的季度，營收成長 26%，自由現金流利潤率達到 19%。我們繼續每季都取得業內最強勁的業績。我堅信這是 Shopify 迄今為止最好的版本。

We are really pleased with our overall size and our shape, how we're operating and especially our free cash flow profile because it gives us the ability to grow the business and invest in the future. This is increasingly making Shopify the go-to commerce platform for merchants of all sizes.

我們對我們的整體規模和結構、我們的營運方式，尤其是我們的自由現金流狀況感到非常滿意，因為它使我們有能力發展業務和投資未來。這使得 Shopify 日益成為各種規模商家的首選商務平台。

As our merchants gear up for the busiest shopping season of the year, they can be confident that Shopify has their back equipped with the speed, reliability and tools needed to capture every sale. We are not just running a platform, we are building a future where anyone can transform an idea into a thriving business. This is the vision and the reality of Shopify.

當我們的商家為一年中最繁忙的購物季做準備時，他們可以相信 Shopify 為他們提供了獲得每筆銷售所需的速度、可靠性和工具。我們不僅僅是經營一個平台，我們正在建立一個任何人都可以將想法轉化為蓬勃發展的業務的未來。這就是 Shopify 的願景和現實。

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

接下來，讓我把電話轉給傑夫。

Great. Thank you, Harley. We had another outstanding quarter. These consistent results, delivering both growth and profitability, demonstrate the durability of our business, our numerous growth drivers and our ability to balance investing in the future with discipline, delivering double-digit free cash flow margin.

偉大的。謝謝你，哈利。我們又度過了一個出色的季度。這些一致的業績，帶來了成長和獲利能力，證明了我們業務的持久性、我們眾多的成長動力以及我們平衡未來投資與紀律的能力，從而實現了兩位數的自由現金流利潤率。

Let's dive into our Q3 results. Starting with GMV. In Q3, GMV was up 24% year-over-year as we delivered our fifth consecutive quarter of GMV growth over 20%. The same 4 consistent GMV growth drivers that we have seen delivered again this quarter.

讓我們深入了解第三季的結果。從 GMV 開始。第三季度，GMV 年成長 24%，連續第五個季度 GMV 成長超過 20%。我們在本季再次看到了相同的 4 個 GMV 成長驅動因素。

Same-store sales growth from our existing merchants, led by our Plus merchants, growth in the number of merchants on our platform, continued strong growth internationally with GMV outside North America growing 33% in Q3. European GMV grew greater than 35% as our largest markets of the U.K., Germany, France and the Netherlands continue to gain traction.

在 Plus 商家的帶動下，我們現有商家的同店銷售額增長，我們平台上的商家數量增長，國際範圍內繼續強勁增長，第三季度北美以外地區的 GMV 增長了 33%。隨著我們最大的市場英國、德國、法國和荷蘭繼續受到關注，歐洲 GMV 成長了 35% 以上。

The Netherlands was a notable source of strength, delivering year-over-year incremental GMV that outpaced France and was behind only the U.K. and Germany and demonstrating the broad base of strength that we have in Europe.

荷蘭是一個顯著的實力來源，其 GMV 逐年增量超過了法國，僅次於英國和德國，展示了我們在歐洲擁有的廣泛實力基礎。

And fourth, off-line, our point-of-sale where we had 27% GMV growth year-over-year. In terms of industry verticals, Q3 saw notable growth from health and beauty, food and beverage and apparel and accessories.

第四，線下銷售點，GMV 年成長 27%。從垂直產業來看，第三季健康美容、食品飲料、服裝配件成長顯著。

Q3 revenue was $2.2 billion, up 26% year-over-year. Q3 is the sixth consecutive quarter of revenue growth greater than 25%, excluding logistics. The key drivers of revenue growth for the quarter were: The GMV strength just discussed, growth in Subscription Solutions revenue stemming from the growth in the number of merchants on our platform and to a lesser degree, the impact of the shortened paid trials and the Plus pricing changes. And third, increased payments penetration, which hit 62% for Q3.

第三季營收為 22 億美元，年增 26%。第三季是連續第六個季度營收成長超過 25%（不含物流）。本季營收成長的主要驅動因素是：剛才討論的 GMV 實力、訂閱解決方案收入的成長源於我們平台上商家數量的成長，以及在較小程度上縮短的付費試用和 Plus 的影響定價變化。第三，支付滲透率提高，第三季達 62%。

Stronger growth across the business, led by International GMV drove our outperformance on revenue relative to our outlook. Q3 Merchant Solutions revenue increased 26% year-over-year, driven by the continued strength in GMV and the penetration of Shopify payments.

在國際 GMV 的推動下，整個業務的強勁成長推動了我們的營收表現優於我們的預期。在 GMV 持續強勁和 Shopify 支付滲透的推動下，第三季商家解決方案營收年增 26%。

These primary drivers were partially offset by lower noncash revenue from strategic partnerships which continues to be a headwind throughout the year. $43 billion of GMV was processed on Shopify Payments in Q3, 31% higher than last year and as a percentage of GMV was 62% compared to 58% in Q3 of 2023.

這些主要驅動因素被戰略合作夥伴關係的非現金收入減少所部分抵消，而戰略合作夥伴關係全年仍然是一個阻力。第三季 Shopify Payments 處理的 GMV 為 430 億美元，比去年成長 31%，佔 GMV 的百分比為 62%，而 2023 年第三季為 58%。

Several factors drove 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 40% of GPV in the quarter. These items were partially offset by the continued strength of our business in Europe, which has a lower GPV penetration than North America.

有幾個因素推動了本季總支付量的成長，包括使用 Shopify 支付的商家表現強勁，其中 Shopify Plus 的比例不斷增加；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 40%。這些項目被我們在歐洲業務的持續強勁所部分抵消，歐洲的 GPV 滲透率低於北美。

Subscription Solutions revenue was up 26% over Q3 of last year. The growth was primarily driven by an increase in the number of merchants on our platform and to a lesser degree, higher variable platform fees and the benefit from the Plus pricing change. Q3 was MRR was $175 million, up 28% year-over-year with continued growth in each of Standard, Plus and Point of Sale with all 3 categories seeing an increase in the number of merchants. Plus represented 31% of MRR for the quarter, consistent with Q2.

訂閱解決方案營收比去年第三季成長 26%。這一增長主要是由我們平台上商家數量的增加以及較小程度上的可變平台費用的增加以及 Plus 定價變化帶來的好處所推動的。第三季的 MRR 為 1.75 億美元，年增 28%，標準、Plus 和銷售點均持續成長，所有 3 個類別的商家數量均有所增加。 Plus 佔本季 MRR 的 31%，與第二季一致。

Q3 gross profit was $1.1 billion for the quarter, up 24% year-over-year. Our Q3 gross margin was 51.7% compared to 52.6% in the prior year. Subscription Solutions gross margin was 82.3%, similar to Q3 last year. Gross margin for Merchant Solutions was 39.7% compared to 41.0% in Q3 of 2023.

第三季毛利為 11 億美元，年增 24%。我們第三季的毛利率為 51.7%，而去年同期為 52.6%。訂閱解決方案毛利率為 82.3%，與去年第三季相似。 Merchant Solutions 的毛利率為 39.7%，而 2023 年第三季為 41.0%。

The decrease was driven primarily by the same factors that have been impacting us all year. The largest impact was from lower noncash revenues from certain partnerships that have now fully amortized.

這一下降主要是由全年影響我們的相同因素造成的。最大的影響來自某些合作關係的非現金收入減少，這些收入現已完全攤提。

Payments was the other key driver with 2 roughly equally sized impacts. First, payments constituted a larger percentage of our overall revenue in the quarter, given the strong growth in payments; and second, we had lower margins on payments this quarter as we saw pressure from both a higher mix of Plus merchants and a higher mix of credit card usage rather than debit card.

支付是另一個關鍵驅動因素，具有兩個大致相同大小的影響。首先，鑑於支付業務的強勁成長，支付業務在本季總收入中所佔的比例更大；其次，本季我們的支付利潤率較低，因為我們看到 Plus 商家數量增加以及信用卡而非金融卡使用數量增加帶來的壓力。

These headwinds were partially offset by the growth in our other Merchant Solutions products which have a higher gross margin rate than payments.

這些不利因素被我們其他商家解決方案產品的成長所部分抵消，這些產品的毛利率高於支付。

Now turning to operating expenses. Q3 operating expenses were $835 million for the quarter or 39% of revenues. Compared to the prior year, Q3 operating expenses were up $56 million or 7%, well below our gross profit dollar growth rate of 24%.

現在轉向營運費用。第三季營運支出為 8.35 億美元，佔營收的 39%。與去年同期相比，第三季營運費用增加了 5,600 萬美元，即 7%，遠低於我們 24% 的毛利成長率。

The largest drivers of our Q3 operating expenses compared to the prior year were higher compensation stemming from our biannual employee review process, which resulted in merit-based pay increases where appropriate. Each of the January 1 and July 1 compensation cycles this year were low single-digit percentage increases to overall compensation. We also hired some key roles within sales and R&D.

與前一年相比，我們第三季度營運支出的最大驅動因素是我們每年兩次的員工審核流程帶來的更高的薪酬，這導致了在適當的情況下基於績效的加薪。今年 1 月 1 日和 7 月 1 日的薪資週期中，整體薪資增幅均較低，僅為個位數百分比。我們也聘請了銷售和研發部門的一些關鍵職位。

Within transaction loans and losses, we had higher absolute dollar losses on both our capital loans and payments. But it's important to note that this was a function of volume increases for both of these businesses. The loss ratios remained within the consistent range.

在交易貸款和損失中，我們的資本貸款和付款的絕對美元損失較高。但值得注意的是，這是這兩項業務銷售成長的函數。損失率保持在一致的範圍內。

And finally, increases in marketing spend as we continue to invest in our core performance marketing including higher affiliate partner payouts and continued investment to support our growing enterprise and point-of-sale businesses.

最後，隨著我們繼續投資於我們的核心績效行銷，包括更高的聯盟合作夥伴支出以及持續投資以支持我們不斷成長的企業和銷售點業務，行銷支出也會增加。

Partially offsetting these in terms of year-over-year comparability was a $38 million real estate impairment expense in Q3 of last year. Our Q3 operating expenses came in lower than our outlook, primarily due to lower-than-expected marketing spend. The lower spend was primarily a nonperformance marketing for enterprise and point of sale and to a lesser degree, lower spend in brand advertising, where we don't spend much to begin with, given the overall strength of our brand.

去年第三季 3,800 萬美元的房地產減損費用部分抵銷了同比可比性。我們第三季的營運費用低於我們的預期，主要是因為行銷支出低於預期。支出減少主要是針對企業和銷售點的非績效行銷，在較小程度上是品牌廣告支出減少，考慮到我們品牌的整體實力，我們一開始並沒有花太多錢。

Performance Marketing also came in a little bit lower than planned, which was driven primarily by the decision to run some testing regarding point of sale. We remain firmly committed to carefully managing our investments and continue to operate within our guardrails.

效果行銷也比計劃略低，這主要是由於決定對銷售點進行一些測試。我們仍然堅定地致力於謹慎管理我們的投資，並繼續在我們的監管範圍內運作。

For the quarter, operating income was $283 million or 13% of revenue, with operating income dollars more than doubling compared to Q3 of last year. Stock-based compensation was $115 million for the quarter. Q3 free cash flow was $421 million or 19% of revenue, delivering an expansion of 300 basis points from Q3 of last year.

本季營業收入為 2.83 億美元，佔營收的 13%，與去年第三季相比增加了一倍多。本季以股票為基礎的薪酬為 1.15 億美元。第三季自由現金流為 4.21 億美元，佔營收的 19%，比去年第三季成長了 300 個基點。

This high-teens free cash flow margin came in better than our expectations, largely due to a stronger GMV driving revenue, combined with lower operating expenses.

這種高雙位數的自由現金流利潤率優於我們的預期，這主要是由於 GMV 推動收入成長，加上營運費用降低。

Let's now turn to our Q4 outlook. As a reminder, Q4 is seasonally our highest volume quarter of the year as it includes the key holiday selling period, including Black Friday, Cyber Monday. We expect Q4 to see similar seasonality trends than what we have seen in prior fourth quarters.

現在讓我們轉向第四季的展望。提醒一下，第四季是我們一年中銷量最高的季度，因為它包括關鍵的假日銷售期，包括黑色星期五和網路星期一。我們預計第四季的季節性趨勢將與先前第四季類似。

First, on revenues. We expect Q4 revenue to grow year-over-year at a mid- to high 20s percentage rate, driven by the same factors that have supported our strong revenue growth results so far this year. These include assumptions around the continued strength of our merchants GMV.

首先，關於收入。我們預計第四季度營收將以 20 多歲的中高百分比年增，這與今年迄今支持我們強勁營收成長結果的因素相同。其中包括關於我們商家 GMV 持續強勁的假設。

Q4 gross profit dollars are expected to grow year-over-year at a rate similar to Q3. As a reminder, consistent with prior years, Q4 sees a higher percentage of revenue from payments given the high-volume holiday selling season.

第四季毛利預計將以與第三季類似的速度年增。提醒一下，與往年一樣，鑑於假日銷售旺季，第四季度支付收入的比例更高。

Turning to operating expenses. We expect our GAAP Q4 operating expenses to be 32% to 33% of revenues, representing a 300 to 400 basis point improvement compared to Q4 of last year. Compensation and marketing are the 2 largest increases in absolute dollars year-over-year. But importantly, both of these areas as a percentage of revenues are expected to be down year-over-year.

轉向營運費用。我們預計第四季度 GAAP 營運費用將佔營收的 32% 至 33%，比去年第四季提高 300 至 400 個基點。薪酬和行銷是絕對金額較去年同期增幅最大的兩個領域。但重要的是，這兩個領域佔收入的百分比預計將比去年同期下降。

We also expect higher dollar losses on payments which is largely driven by sheer volume growth, not loss rates. Regarding compensation, we expect to keep headcount relatively flat year-over-year, but will have the impact of the merit-based pay increases that I discussed earlier in the call, and some mix shift in terms of headcount per department.

我們也預期支付方面的美元損失將會增加，這主要是由純粹的交易量成長所驅動的，而不是損失率。關於薪酬，我們預期員工人數將比去年同期保持相對平穩，但會受到我在電話會議之前討論的基於績效的加薪的影響，以及每個部門員工人數的一些混合變化。

Worth reiterating again, though, that while we have a year-over-year dollar increase in OpEx, we expect a 300 to 400 basis points decrease in OpEx as a percentage of revenues, and we continue to grow gross profit dollars much faster than operating expenses.

不過，值得再次重申的是，雖然我們的營運支出較去年同期成長，但我們預期營運支出佔收入的比例將下降 300 到 400 個基點，而且我們的毛利成長速度將繼續快於營業收入成長開支。

Moving to stock-based compensation. Q4 SBC is expected to be approximately $120 million. Finally, on free cash flow. We expect our Q4 free cash flow margin to be similar to our Q4 2023 margin of 21%, which would result in us increasing both free cash flow margin and free cash flow dollars in each successive quarter throughout the year.

轉向以股票為基礎的薪酬。第四季SBC預計約1.2億美元。最後，關於自由現金流。我們預計第四季度的自由現金流利潤率將與 2023 年第四季 21% 的利潤率相似，這將導致我們在全年連續每季自由現金流利潤率和自由現金流美元都增加。

Moreover, we have gone from negative 3% free cash flow margin in 2022 to 13% last year to being on track to deliver high-teens for full year 2024 based on our Q4 outlook. We are proud of the consistent growth and margin expansion of our free cash flow throughout both 2023 and 2024, all done while delivering exceptional top line growth at scale.

此外，根據我們對第四季的展望，我們的自由現金流利潤率已從 2022 年的負 3% 升至去年的 13%，並有望在 2024 年全年實現高雙位數。我們對 2023 年和 2024 年自由現金流的持續成長和利潤率擴張感到自豪，所有這些都是在實現卓越的規模營收成長的同時實現的。

These outcomes are a direct result of the work and disciplined decision-making we have put in place over the past couple of years. The free cash flow margin profile that we have now achieved is one we like. It strikes the right balance between profitability and investing back into the business to continue to deliver top line growth.

這些成果是我們過去幾年所做的工作和嚴格決策的直接結果。我們現在實現的自由現金流利潤率狀況是我們喜歡的。它在獲利能力和業務投資之間取得了適當的平衡，以繼續實現營收成長。

Looking ahead, we aim to stay within a similar free cash flow margin profile taking into account the typical yearly evolution of cash flow margins across quarters that we have seen in our business the past 2 years.

展望未來，考慮到過去兩年我們在業務中看到的各季度現金流利潤率的典型年度演變，我們的目標是保持類似的自由現金流利潤率狀況。

One additional topic before closing. In the coming days, Shopify Board member and Uber CFO, Prashanth Mahendra-Rajah will step into the role of Chair of the Audit Committee as part of a planned transition. Colleen Johnston, who has served on our Board and is Audit Committee Chair for over 5 years, will step down from the Board. I want to thank Colleen for all the excellent service that she has provided Shopify and all the counsel that she has given me and the Shopify leadership team as a whole. Thank you very much, Colleen. I look forward to working with Prashant more closely in his expanded role.

結束前還有一個話題。未來幾天，Shopify 董事會成員兼 Uber 財務長 Prashanth Mahendra-Rajah 將擔任審計委員會主席，作為計劃過渡的一部分。曾在董事會任職並擔任審計委員會主席超過 5 年的科琳·約翰斯頓 (Colleen Johnston) 將辭去董事會職務。我要感謝 Colleen 為 Shopify 提供的所有優質服務以及她為我和整個 Shopify 領導團隊提供的所有建議。非常感謝你，科琳。我期待在普拉尚特擴大的角色中與他更密切地合作。

In closing, it was an exceptional quarter. Shopify continues to power an increasing portion of the Internet, serving as a system of record for millions of businesses. As entrepreneurship and commerce grow, Shopify is capturing an increasing share of this expanding market, becoming the go-to platform for all of commerce. Our success is not just in our scale, but also on how well we partner and work with other technology companies in order to give merchants a seamless way to run their businesses.

最後，這是一個非凡的季度。 Shopify 繼續為越來越多的網路提供支持，成為數百萬企業的記錄系統。隨著創業和商業的發展，Shopify 在這個不斷擴大的市場中佔據了越來越大的份額，成為所有商業的首選平台。我們的成功不僅在於我們的規模，還在於我們與其他科技公司的合作和合作，以便為商家提供無縫的業務運作方式。

Thank you to all of our merchants for your trust. And thank you to the Shopify team for all the hard work done long before this quarter began, making these results and what is next to come possible.

感謝所有商家對我們的信任。感謝 Shopify 團隊在本季開始之前所做的所有辛勤工作，使這些結果和接下來的事情成為可能。

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) Brian Peterson, Raymond James.

（操作員說明）Brian Peterson、Raymond James。

Congrats on the really strong results. So I'd love to understand how the GMV came in relative to your expectations and any comments on linearity through the quarter and early thoughts on the fourth quarter?

恭喜您取得了非常強勁的成績。因此，我很想了解 GMV 相對於您的預期如何，以及對整個季度線性度的任何評論以及對第四季度的早期想法？

Yeah. Thanks for your question, Brian. I'm happy to talk through that. The GMV, and this is a little bit to some of the comments that both Harley and I have as it relates to some of the strength in Europe, that was the key element to the outperformance, and I made a brief comment about that in my comments in terms of the strength we're seeing.

是的。謝謝你的提問，布萊恩。我很高興能討論這個問題。 GMV，這是哈雷和我的一些評論，因為它與歐洲的一些實力有關，這是表現出色的關鍵因素，我在我的文章中對此做了簡短的評論。評論。

And it's pretty broad-based. I made the comment about the Netherlands. So it's not just -- a lot of times in the past calls, I've talked about Germany, France, Italy, Spain. All of Europe is performing very well for us, and that's 1 of the key elements of GMV outperformance.

而且它的基礎相當廣泛。我對荷蘭發表了評論。所以這不僅僅是——在過去的電話中，我多次談到了德國、法國、義大利、西班牙。整個歐洲的表現對我們來說都非常好，這是 GMV 表現優異的關鍵要素之一。

We're obviously -- and Harley and I both touched on this as well, we're seeing a lot of strength in Plus. We had all the success in B2B. It's really across a bunch of different fronts in addition to all the areas which have traditionally been core pockets of strength for us.

顯然，哈雷和我都談到了這一點，我們在 Plus 中看到了巨大的優勢。我們在 B2B 領域取得了所有成功。除了傳統上我們的核心力量領域之外，它確實跨越了許多不同的領域。

It was in terms of linearity throughout the quarter, it was especially towards the back half that we saw some strength in Europe. But that being said, as we think about the quarter overall and we think about the strength we see in Europe and the U.S., I don't have any specific trends to call out just other than to say we feel really good about what we're doing right now with the merchants.

就整個季度的線性而言，特別是在後半段，我們看到了歐洲的一些實力。但話雖這麼說，當我們考慮整個季度以及我們在歐洲和美國看到的實力時，我沒有任何具體趨勢可以指出，只是說我們對我們的情況感覺非常好。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Really appreciate the opportunity here. You guys have positioned Shopify as the levels going up against the larger online marketplaces. But arguably, the consolidation of e-commerce market share is occurring to a smaller number of platforms, including Shopify. And so I wonder if your views of how the industry is evolving or changing, what that consolidation means for your merchant base and ultimately, how that influences product plans for things like Shop App.

真的很感謝這裡的機會。你們已經將 Shopify 定位為與更大的線上市場競爭的水平。但可以說，電子商務市場份額的整合正在發生在包括 Shopify 在內的少數平台身上。因此，我想知道您對行業如何發展或變化的看法，這種整合對您的商業基礎意味著什麼，以及最終如何影響 Shop App 等產品計劃。

Colin, Harley here, I'll take that question. A couple of things are happening, I think, when it comes to larger brands and retailers. One is all across the board they're looking for unified commerce system. They're not looking for stand-alone single-channel products anymore.

柯林，哈利在這裡，我來回答這個問題。我認為，對於較大的品牌和零售商來說，正在發生一些事情。一是他們全面尋求統一的商務系統。他們不再尋找獨立的單通道產品。

And I've used this metaphor before of the browser and the browser tabs. And what we're seeing is that these large companies, specifically complex ones that have high GMV, they want to collapse those tabs from 8 to 1. And this idea of having a modern future-proofed retail operating system that is unified across every channel like Shopify is very compelling.

我之前曾用過這個比喻來形容瀏覽器和瀏覽器標籤。我們看到的是，這些大公司，特別是具有高GMV 的複雜公司，他們希望將這些標籤從8 個折疊到1 個。作業系統像Shopify就非常引人注目。

Secondly, historically, when it came to larger brands, our focus was really on Shopify Plus. We had sort of this 1 size fits off of larger brands. But now we have an enterprise product, we have Shopify Plus, we have commerce components. And commerce components, in particular, is really compelling because I mentioned this in my prepared remarks, but we're now seeing brands that are calling us.

其次，從歷史上看，當談到較大的品牌時，我們的重點實際上是 Shopify Plus。我們有大品牌的 1 號尺寸。但現在我們有了企業產品，我們有 Shopify Plus，我們有商務組件。商業組件尤其引人注目，因為我在準備好的發言中提到了這一點，但我們現在看到品牌正在打電話給我們。

And 3 weeks later, they now have Shop Pay installed on their checkout. Or brands, for example, like Onrunning, one of my favorite brands that has Shopify's checkout as a commerce component that they've now taken. So there are all these new sort of gateways into Shopify or on-ramps to Shopify on the enterprise side.

三週後，他們的結帳台上安裝了 Shop Pay。或者像 Onrunning 這樣的品牌，這是我最喜歡的品牌之一，他們現在已經將 Shopify 的結帳功能作為商業組件。因此，在企業方面存在所有這些進入 Shopify 的新型網關或通往 Shopify 的入口。

The next thing I want to talk about is checkout. This idea that some of these large brands that are very sophisticated still don't have an optimized checkout like they would have on Shopify is becoming a competitive liability. And so that's also driving things quite a bit.

接下來我要談的是結帳。一些非常複雜的大品牌仍然沒有像 Shopify 上那樣優化結帳，這種想法正在成為一種競爭負擔。所以這也在很大程度上推動了事情的發展。

And then the third thing -- sorry, the fourth thing is total cost of ownership, TCO. The fact that we have this very transparent pricing with very large enterprise brands makes it that they understand exactly what they're getting. And when you sort of combine those things, I think you're seeing a lot of the consumers' favorite brands, especially the larger ones come to Shopify and they're coming at a faster clip and they're coming in larger volumes.

然後第三件事 - 抱歉，第四件事是總擁有成本，TCO。事實上，我們對大型企業品牌實行非常透明的定價，這使得他們能夠準確地了解自己所得到的東西。當你把這些東西結合起來時，我認為你會看到很多消費者最喜歡的品牌，尤其是較大的品牌來到 Shopify，它們的速度更快，銷量也更大。

I think that will continue to happen, especially now that our go-to-market engine has really ramped up. I think when you combine an incredible enterprise product with the right pricing that is unified and a very strong go-to-market energy and effort, you get these results.

我認為這種情況將會繼續發生，特別是現在我們的上市引擎已經真正加速。我認為，當你將令人難以置信的企業產品與統一的正確定價以及非常強大的進入市場的精力和努力結合起來時，你就會得到這些結果。

Our next question will come from DJ Hynes at Canaccord.

我們的下一個問題將來自 Canaccord 的 DJ Hynes。

Congrats on the great quarter. Harley, can you talk about what you focused on from a product perspective to drive further B2B adoption, especially in the enterprise? I mean you're obviously seeing nice momentum there, but is there any additional unlocks that you're focused on?

恭喜這個偉大的季度。 Harley，您能從產品角度談談您關注的重點是什麼，以推動 B2B 的進一步採用，尤其是在企業中嗎？我的意思是，您顯然在那裡看到了良好的勢頭，但是您是否還關注任何其他解鎖內容？

Yeah, there's a couple that have recently come out, and you're seeing us talk more of a B2B around our additions, for example. I think particularly, in Q3 alone, I think we shipped 3 or 4 new major features. I mean things like product bundles supported and draft orders. There's now improved conversion tracking and tax collection.

是的，最近推出了一些產品，例如，您會看到我們更多地圍繞我們的添加內容談論 B2B。我特別認為，僅在第三季度，我們就發布了 3 或 4 個新的主要功能。我的意思是支援的產品捆綁包和草稿訂單之類的東西。現在改進了轉化追蹤和稅收。

There's now new automation Shopify Flow templates, which means that you can actually sign a sales staff to particular B2B customers, if you're a merchant. And the result is that you're seeing companies like Dermalogica and Life Fitness and Daily Harvest and Craft come to us as well.

現在有新的自動化 Shopify Flow 模板，這意味著如果您是商家，您實際上可以與特​​定 B2B 客戶簽署銷售人員。結果是，您會看到 Dermalogica、Life Fitness 和 Daily Harvest and Craft 等公司也來找我們。

So I think we're closing those gaps fairly rapidly. I also think that historically, we really focused on existing direct-to-consumer brands on Shopify that also had a strong B2B or wholesale practice, that felt like sort of low-hanging fruit for us. We are now beginning to see merchants that are specifically and exclusively B2B wholesale merchants come to Shopify now for our B2B product.

所以我認為我們正在相當快地縮小這些差距。我還認為，從歷史上看，我們確實專注於 Shopify 上現有的直接面向消費者的品牌，這些品牌也擁有強大的 B2B 或批發業務，這對我們來說感覺像是一種唾手可得的成果。我們現在開始看到專門的 B2B 批發商家來到 Shopify 購買我們的 B2B 產品。

And eventually, in some cases, we've actually seen them begin to dip their toe in the water ongoing direct-to-consumer as well. So back to my comment earlier about this unified commerce system. The beauty of Shopify is that you come in for one particular channel, but once you're in the ecosystem, you begin to make that your -- the entirety of your retail operating system.

最終，在某些情況下，我們實際上看到他們也開始涉足直接面向消費者的領域。回到我之前關於這個統一商務系統的評論。 Shopify 的美妙之處在於，您進入一個特定管道，但一旦您進入生態系統，您就開始將其變成您的整個零售作業系統。

But specifically on your point, those gaps are getting closed pretty quickly, and we just think B2B, it is a -- I think there's like a $14 billion TAM. We're already seeing our B2B GMV doubled since last year. We think that's a great opportunity, and we're able to close these future gaps quite quickly.

但具體到你的觀點，這些差距很快就會縮小，我們只是認為 B2B，我認為 TAM 大約有 140 億美元。自去年以來，我們的 B2B GMV 已經翻了一番。我們認為這是一個很好的機會，我們能夠很快縮小這些未來的差距。

Our next question will come from Todd Coupland at CIBC.

我們的下一個問題將來自 CIBC 的 Todd Coupland。

I wanted to talk about the impact of China with the U.S. election out of the way. Can you just talk about how much of your GMV your estimation is coming from China and whether Trump tariffs will impact merchants? Is there anything you can do to help them?

我想談談中國對美國大選的影響。您能否談談您估計的 GMV 有多少來自中國以及川普的關稅是否會對商家產生影響？你能做些什麼來幫助他們嗎？

Yeah. Maybe I'll just sort of start. I mean we've been operating now for over 2 decades across multiple administrations we can't anticipate whatever presidential administration is going to do. But what we can do is armor merchants and the people that do Shopify with the tools they need to compete in any environment.

是的。也許我會開始。我的意思是，我們已經在多個政府中運作了二十多年，我們無法預測總統政府會做什麼。但我們能做的是讓盔甲商人和 Shopify 人員使用他們在任何環境下競爭所需的工具。

In COVID, for example, where everyone had to move online, we were there for them. In tough times economic cycles, we're able to provide really transparent competitive pricing. So our job is to support our merchants. Specifically, on China, it's not a huge area for Shopify. It has not been historically a big area for us. But again, back to our job is no matter what comes the way of our merchants. We provide them with tools and service and support for them to navigate it really well. And I think we've proven to do that over the last 20 years.

例如，在新冠疫情期間，每個人都必須上網，我們就在他們身邊。在經濟週期困難時期，我們能夠提供真正透明的有競爭力的定價。所以我們的工作就是支持我們的商家。具體來說，在中國，對 Shopify 來說，這並不是一個很大的領域。從歷史上看，這對我們來說並不是一個大區域。但話又說回來，無論我們的商人怎麼樣，回到我們的工作上來。我們為他們提供工具、服務和支持，讓他們能夠很好地駕馭它。我認為過去 20 年我們已經證明能夠做到這一點。

Yeah. And Todd, the only other thing I'd add, there's nothing in what we've heard from Trump nor would there have been anything from Kamala, which we think impacts the overall state of just new business formation and entrepreneurship. So we still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses, and that's obviously not going to change with the administration.

是的。托德，我唯一要補充的另一件事是，我們沒有從川普那裡聽到任何消息，也沒有從卡馬拉那裡聽到任何消息，我們認為這會影響新企業組建和創業的整體狀態。因此，我們仍然對所有商人、所有想要開辦新企業的企業家感到非常滿意，這顯然不會隨著政府的改變而改變。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特內森森。

This is for Harley. I know it's early days, but we're seeing some of the largest changes that have occurred in years to the search experience, right? AI overlays and even new search start-ups for the first time in decades. I'd love to know how you're thinking about the changing e-commerce experience, the funnel for consumers and then what it could mean for the discovery experience of some of your e-commerce merchants as search changes?

這是給哈雷的。我知道現在還為時過早，但我們正在看到搜尋體驗多年來發生的一些最大的變化，對吧？幾十年來首次出現人工智慧覆蓋甚至新的搜尋新創公司。我很想知道您如何看待不斷變化的電子商務體驗、消費者的管道，以及隨著搜尋的變化，這對某些電子商務商家的發現體驗意味著什麼？

Yeah. Thank you for the question. It's a great question. Look, I think I talked a little bit on the call about how we're using AI internally, and frankly, support engineering, sales, finance, just about every department internally is using AI in some way to get more efficient, more productive. I have also talked about the fact that from a merchant perspective, we are trying to build tools and build AI across Shopify's entire product to make their jobs way easily so that they can focus on what matters most.

是的。謝謝你的提問。這是一個很好的問題。看，我想我在電話會議上談到了我們如何在內部使用人工智慧，坦白說，支援工程、銷售、財務，內部幾乎每個部門都在以某種方式使用人工智慧來提高效率和生產力。我還談到了這樣一個事實：從商家的角度來看，我們正在嘗試在 Shopify 的整個產品中建立工具和人工智慧，以使他們的工作變得輕鬆，以便他們能夠專注於最重要的事情。

And I mentioned suggested replies and Shopify inbox, which may not seem like a big deal, but it's a huge deal because it means merchants can spend more of their time focused on the things that they need to be focused on like building our products.

我提到了建議回覆和Shopify 收件匣，這可能看起來不是什麼大不了的事，但它卻是一件大事，因為這意味著商家可以花更多的時間專注於他們需要關注的事情，例如構建我們的產品。

But in terms of where consumers find merchants or find products, yes, AI and search is going to change. But to be clear, this entire flow and discovery process has been changing for many years. It's the reason that you saw us integrate with places like YouTube or more recently, Roadblocks or TikTok or Instagram. We believe the future of commerce is happening everywhere.

但就消費者在哪裡尋找商家或尋找產品而言，人工智慧和搜尋將會改變。但需要明確的是，整個流程和發現過程多年來一直在變化。這就是您看到我們與 YouTube 或最近的 Roadblocks、TikTok 或 Instagram 等地方整合的原因。我們相信商業的未來無所不在。

And in order for us to qualify and then requalify to be the most important partner in retail for the 1 million stores on Shopify wherever consumers are looking for new products, we have to be there. And so I can't give any specifics on how we're working with some of those companies. But I will say that you can rest assured that when consumers shift their buying preferences, their discovery preferences, their search preferences, and they're looking for great products from great brands, Shopify will ensure that our merchants are able to do so.

為了讓我們有資格並重新有資格成為 Shopify 上 100 萬家商店最重要的零售合作夥伴，無論消費者在哪裡尋找新產品，我們都必須在那裡。因此，我無法詳細說明我們如何與其中一些公司合作。但我想說的是，您可以放心，當消費者改變購買偏好、發現偏好、搜尋偏好，並且他們正在尋找來自偉大品牌的優質產品時，Shopify 將確保我們的商家能夠做到這一點。

And that's the reason even some of the more nuanced or some of the more -- as you know, Shopify has an integration to Spotify. Why? Because some merchants that also have very large followings as a musician have massive followings on their artist profile, the fact that you can now show Shopify products on your artist profile means for that particular segment of merchants, they can easily -- they now have a new surface area in which to conduct business.

這就是原因，甚至是一些更細微或更細微的原因 - 如您所知，Shopify 已與 Spotify 整合。為什麼？因為一些作為音樂家也擁有大量追隨者的商家在他們的藝術家個人資料中擁有大量追隨者，因此您現在可以在藝術家個人資料中顯示Shopify 產品，這意味著對於該特定部分的商家來說，他們可以輕鬆地- 他們現在擁有開展業務的新區域。

And that's the same thing when it comes to AI and search. So we've been really talking about Shopify being the central retail operating system, where there may be 5 channels or 8 channels where commerce takes place. Over time, that channel is going to -- those channels are going to expand. Not every channel will work for every single merchant, but the idea is when a new channel exists, you're able to easily activate directly from the Shopify Admin, and that's the commitment we have to our merchants.

對於人工智慧和搜尋也是如此。因此，我們一直在談論 Shopify 作為中央零售作業系統，其中可能有 5 或 8 個管道進行商業活動。隨著時間的推移，這個管道將會擴大。並非每個管道都適用於每個商家，但我們的想法是，當存在新管道時，您可以直接從 Shopify 管理員輕鬆激活，這就是我們對商家的承諾。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

I just want to dig into the enterprise part of the business, mainly go-to-market. I know that's a displacement market and also you see some of the big vendors in that space. Help us understand like how you're -- what's your strategy for go-to-market for the penetrate there? And what kind of trends are you seeing when enterprise customer uptake? Is it like total replacement? Or it's -- or slowly they try to replace their existing solution?

我只想深入了解業務的企業部分，主要是進入市場。我知道這是一個位移市場，而且您也看到該領域的一些大型供應商。請幫助我們了解您的情況—您的進入市場滲透策略是什麼？當企業客戶吸收時，您看到了什麼樣的趨勢？是不是相當於全換了？還是他們正在慢慢嘗試更換現有的解決方案？

In some cases, it's total replacement, which obviously is the goal. In other cases, they want to begin to work with us on Checkout or on Shop Pay or 1 of the commerce components. But I would say that go-to-market execution is living across the board.

在某些情況下，它是完全替代，這顯然是我們的目標。在其他情況下，他們希望開始與我們在 Checkout 或 Shop Pay 或其中一個商務組件方面進行合作。但我想說的是，進入市場的執行力正在全面發揮作用。

And we have done a really great job of shifting this narrative that Shopify is no longer just for small businesses in North America. We're now for every sized business, everywhere in the world. And when you have these incredible brands, these iconic brands, the Reeboks and the Onrunnings and the Victoria's Secret of the world coming to us, it begins to create more -- even further momentum.

我們在改變 Shopify 不再只適合北美小型企業的說法方面做得非常出色。我們現在為世界各地的各種規模的企業提供服務。當這些令人難以置信的品牌、這些標誌性品牌、銳步 (Reeboks)、Onrunnings 和維多利亞的秘密 (Victoria's Secret) 來到我們身邊時，它開始創造更多——甚至更進一步的動力。

We're also curating a really important ecosystem where we're winning over competitors, partners and in some cases, very large SIs. But we're also -- we realize that in that world, garnering the top awards from IDC and Gartner is really important, which is what we're doing, too.

我們也正在打造一個非常重要的生態系統，在這個生態系統中我們贏得了競爭對手、合作夥伴，在某些情況下也贏得了大型系統整合商的支援。但我們也意​​識到，在這個世界上，獲得 IDC 和 Gartner 的最高獎項非常重要，這也是我們正在做的事情。

You're also seeing us increase our marketing efforts to support this go-to-market. So bringing the best sales teams with great marketing assets together has really been working. And I think the reason we're successful here is modern companies, modern brands need modern unified e-commerce architecture and commerce architecture.

您也看到我們加大了行銷力度來支持此次上市。因此，將擁有強大行銷資產的最佳銷售團隊聚集在一起確實很有效。我認為我們在這裡成功的原因是現代公司、現代品牌需要現代統一的電子商務架構和商務架構。

And I think the speed to market that we're able to provide to them is commitment to unified. The volume of innovation, I mentioned this idea of a brand with over 40,000 SKUs being able to migrate those 40,000 SKUs in less than 5 minutes, that is not something that most companies can do.

我認為我們能夠為他們提供的上市速度是對統一的承諾。創新量，我提到了一個擁有超過40,000個SKU的品牌能夠在不到5分鐘的時間內遷移這40,000個SKU的想法，這不是大多數公司可以做到的。

In fact, that's not something that any company can do, and we're really innovating to try to make that a lot better. And we're displacing the largest enterprise commerce companies in the planet, and the momentum is continuing. And the best part is, we're winning these deals and they're not leaving, they're staying with us and they're acting as references for other incredible brands, too. So it's a really important part of our business, and now they're sort of there's something for everyone when it comes to enterprise commerce on Shopify.

事實上，這不是任何公司都能做到的，我們確實在創新，試圖讓它變得更好。我們正在取代地球上最大的企業商務公司，而且這種勢頭仍在持續。最棒的是，我們贏得了這些交易，而他們並沒有離開，而是留在了我們身邊，也為其他令人難以置信的品牌提供了參考。因此，這是我們業務中非常重要的一部分，現在，當談到 Shopify 上的企業商務時，每個人都能找到適合自己的東西。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Jeff, I wanted to ask about 1 comment on guidance. You said similar free cash flow margins going forward. Can you just speak to the implications of that? And what are you guys either investing in or how do we think about that as it seems like headcount has been flat?

傑夫，我想詢問有關指導的 1 則評論。你說未來會有類似的自由現金流利潤率。您能談談這意味著什麼嗎？你們正在投資什麼，或者我們如何看待這個問題，因為員工人數似乎持平？

Yeah. I think in terms of my comments about similar cash flow margins going forward, one of the things I want to do just in terms of start from a perspective is look at both last year and this year and see how the free cash flow margins have played out throughout each of the quarters through the year.

是的。我認為，就我對未來類似現金流量利潤率的評論而言，我想做的一件事就是從一個角度出發，看看去年和今年，看看自由現金流量利潤率的表現如何全年每個季度都有。

And you can see again to my comment about us getting to free cash flow margins in Q4 of this year in the expectation of where we were last year. I think we've gotten to a very good spot, especially over the last 2 years, where we've gotten to solid free cash flow profitability and as I mentioned, I think what we -- as I mentioned on the call, I think we've now struck a very good balance in terms of where we say this feels like a good free cash flow margin where we can invest every incremental dollar back into the business and continuing to do everything we want to do to sustain the long-term growth of the business.

您可以再次看到我關於我們在今年第四季實現自由現金流利潤率的評論，這與我們去年的預期相同。我認為我們已經達到了一個非常好的位置，特別是在過去的兩年裡，我們已經實現了穩定的自由現金流盈利能力，正如我所提到的，我認為我們- 正如我在電話會議中提到的那樣，我認為我們現在已經取得了非常好的平衡，我們所說的這感覺就像一個良好的自由現金流利潤率，我們可以將每一增量的美元投資回業務，並繼續做我們想做的一切來維持長期業務的成長。

So that doesn't, in any way, shape or form mean that we're not going to slow down everything we're trying to do to continue the leverage around how we use AI, around automation, around as you alluded to, Andrew, in terms of the disciplined headcount.

因此，無論如何，形狀或形式並不意味著我們不會放慢我們正在努力做的一切，以繼續圍繞我們如何使用人工智能、圍繞自動化、圍繞你提到的安德魯，發揮槓桿作用。人員數量而言。

We talked at Investor Day, I guess, it's a little bit less than a year ago now. We talked at Investor Day about our internal proprietary systems, GST, Shopify OS, some of the things that we've built to make ourselves more efficient, really point the team in the right direction and be highly effective in everything we're doing. So we're going to continue to do all of that.

我想，我們在投資者日上進行了交談，現在的情況比一年前要少一些。我們在投資者日討論了我們的內部專有系統、GST、Shopify OS，以及我們為提高效率而構建的一些東西，真正為團隊指明了正確的方向，並使我們所做的一切都非常高效。所以我們將繼續做這一切。

But we also see the opportunity right now, and both Harley and I alluded to this in our comments, we also see the opportunity to really make sure the incremental dollar goes back into the top line growth and supporting that momentum and all the things that we've talked about, the durable elements of growth for us in terms of what we're doing on a point of sale, what we're doing in enterprise, what we're doing in international.

但我們現在也看到了機會，哈雷和我在評論中都提到了這一點，我們也看到了真正確保增量美元回到收入增長並支持這種勢頭以及我們所要做的所有事情的機會。到了我們在銷售點所做的事情、我們在企業中所做的事情以及我們在國際上所做的事情，這對我們來說是持久的成長要素。

So it's really that element of not trying to aggressively push free cash flow margins higher and instead focused on the continued growth of the business. So that's really the best context I can give you under.

因此，這實際上是不試圖積極提高自由現金流利潤率，而是專注於業務的持續成長。這確實是我能為您提供的最佳背景資訊。

Mark Zgutowicz, Benchmark.

馬克·茲古托維奇，基準。

I appreciate it. Jeff, you've alluded to last quarter or 2 just in terms of your enterprise pipeline starting to contribute perhaps in the first half of next year. Just curious if you can maybe quantify or qualify the size of that contribution in the first half of next year?

我很感激。傑夫，您提到上一兩個季度您的企業管道可能會在明年上半年開始做出貢獻。只是好奇您是否可以量化或限定明年上半年的貢獻規模？

Yeah, Mark, I don't have any real numbers to give you where I say this is how we think about the incremental to top line growth. I would echo some of the comments which Harley made just a few moments ago in terms of what we're seeing on enterprise and go-to market and how that's playing out.

是的，馬克，我沒有任何實際數字可以告訴你，我說這就是我們對營收增量成長的看法。我同意哈雷不久前就我們在企業和進入市場方面看到的情況以及其進展發表的一些評論。

Obviously, we've been lending some marketing dollars to support enterprise and that's helping fuel the momentum in addition to all the other things we've covered. I would say, and we've talked about this a little bit in terms of just the overall selling cycle and then the implementation cycle. On average, as you know well from following things in the enterprise space, it can take 6, 9, 12 months in order sometimes in order to get through the selling cycle.

顯然，我們一直在藉出一些行銷資金來支持企業，除了我們涵蓋的所有其他內容之外，這也有助於推動這一勢頭。我想說，我們已經從整體銷售週期和實施週期的角度對此進行了一些討論。平均而言，正如您透過追蹤企業領域的情況所了解的那樣，有時可能需要 6、9、12 個月才能完成銷售週期。

Sometimes it can take an equal amount of time in terms of implementation, not because our technology can't go much faster, and we've had some instances and Harley talked about a couple of those on the last call in terms of how we can get these implementations up and running very quickly.

有時在實施方面可能需要相同的時間，並不是因為我們的技術不能走得更快，我們已經遇到了一些例子，哈雷在最後一次電話會議上談到了其中的一些例子，我們如何做到這一點快速啟動並運行這些實作。

But on average, if you say it's 6, 9, 12 months in the selling cycle, 6, 9, 12 months in the implementation cycle, you kind of stack those 2 on top of each other and say, we've really been making a push on enterprise I don't know, roughly 2 years now. And we're kind of 18 months -- kind of 9 months and 9 months and stack on top of each other, we're kind of 18 months into really having a lot of these enterprises on platform, taking volume really working with us.

但平均而言，如果您說銷售週期為 6、9、12 個月，實施週期為 6、9、12 個月，那麼您可以將這 2 個月疊加起來，然後說，我們真的一直在做我不知道對企業的推動，大約兩年了。我們花了 18 個月——大約 9 個月和 9 個月，相互疊加，我們花了 18 個月才真正在平台上擁有很多這樣的企業，真正與我們合作。

I think we're still very early in the days of this, Mark. So this is going to be more of a 2025 phenomenon than it's 2024. I just don't have any exact numbers to give you and say it's going to add X number of basis points, for example, to the next year's growth rate.

我認為我們現在還處於早期階段，馬克。因此，這將是 2025 年的現象，而不是 2024 年的現象。

Thank you for your question. Martin Toner, ATB Capital Markets. Sorry, looks like Martin dropped out of the queue. Ken Wong, Oppenheimer.

謝謝你的提問。 Martin Toner，ATB 資本市場。抱歉，馬丁似乎退出了隊列。肯·黃，奧本海默。

Fantastic. I wanted to ask about your enhancements with PayPal announced back in September? I guess, one, how does this kind of progress the platform? Any potential uplift to monetization or unit economics over time that we should anticipate?

極好的。我想問一下你們 9 月宣布的 PayPal 增強功能有哪些？我想，一，這種平台如何發展？隨著時間的推移，我們應該預期貨幣化或單位經濟效益是否有任何潛在的提升？

Yeah, let me just sort of start before we get into unit economics sort of why we did it because it's important. I mean, for us, it's all about optionality. We want to effectively -- I mentioned those browser tabs, we want to make it really easy for our merchants to conduct all their business. So for example, after this integration now, all your PayPal wallet transactions, you can be seen directly from the Shopify Admin.

是的，在我們進入單位經濟學之前，讓我先談談為什麼我們這樣做，因為它很重要。我的意思是，對我們來說，一切都與選擇有關。我們希望有效地——我提到了那些瀏覽器選項卡，我們希望讓我們的商家能夠真正輕鬆地開展所有業務。例如，現在整合後，您可以直接從 Shopify 管理員看到您的所有 PayPal 錢包交易。

So when we think about these partnerships, what you should sort of think about is what we're trying to do is make it so merchants can operate more effectively, easier with things they're already using. And that's the reason why sort of this made a lot of sense.

因此，當我們考慮這些合作關係時，您應該考慮的是我們正在努力做的是讓商家能夠更有效、更輕鬆地利用他們已經在使用的東西來運作。這就是為什麼這很有意義的原因。

Optionality really matters to them. I can take the economics 1 as well. I mean for Shopify, the biggest change is really just could be around the PayPal wallet transactions, which are moving to -- it will be gross revenue recognition at a sort of premium to typical card transactions on Shopify Payments. Jeff, I'm not sure if you want to add anything else to that?

選擇對他們來說真的很重要。我也可以選經濟學1。我的意思是，對於 Shopify 來說，最大的變化實際上可能是圍繞 PayPal 錢包交易進行的，該交易正在轉向——與 Shopify Payments 上的典型卡片交易相比，這將是總收入確認。傑夫，我不確定你是否還想補充什麼？

Yeah. It's -- and that's a function of just the level of integration we did with PayPal on these wallet transactions. And so this really specifically goes into make sure we're differentiating between situations where we would process with PayPal on the back end.

是的。這只是我們與 PayPal 在這些錢包交易中進行的整合程度的函數。因此，這確實是為了確保我們區分後端使用 PayPal 進行處理的情況。

This specific situation that Harley and I are alluding to is that the consumer chooses to effectively use our PayPal Wallet, use a PayPal button to pay than given the integration that we've done, which we really did for the sake of being able to give the merchants a more holistic view of all these transactions, so they're Shopify admin from the dashboard that they're using to run their business.

Harley 和我提到的這種具體情況是，消費者選擇有效地使用我們的 PayPal 錢包，使用 PayPal 按鈕進行支付，而不是考慮到我們已經完成的集成，我們這樣做的真正目的是為了能夠提供商家可以更全面地了解所有這些交易，因此他們可以透過用於營運業務的儀表板進行Shopify 管理員。

They have a comprehensive view of all the transactions through the orders, the payouts, the reporting, the chargebacks, all of those things. One of the outcomes of that is the revenue recognition change on those specific types of transactions, which Harley alluded to.

他們透過訂單、付款、報告、退款等所有事務全面了解所有交易。結果之一是哈雷提到的這些特定類型交易的收入確認變化。

So we're going from what in the past had been a net revenue recognition on those is now going to gross -- the gross revenue recognition. Importantly, though, while there's going to be some headwinds to margins on that, some uplift for revenues, in terms of growth rate, it's on a gross profit dollars, it's incremental gross profit dollars to us. But that will -- and we signed that agreement at the this PayPal Wallet transaction activity went into effect at the very end of September. So this will be a little bit more of a 2025 phenomenon.

因此，我們將從過去的淨收入確認轉變為毛收入確認。但重要的是，雖然利潤率會遇到一些阻力，但收入會有所提升，但就成長率而言，這是毛利美元，對我們來說是增量毛利潤美元。但這將會——我們在 PayPal 錢包交易活動中簽署了該協議，並於 9 月底生效。所以這將更像是 2025 年的現象。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Jeff, just back to your comments about feeling comfortable at this kind of high-teens, 20% free cash flow margin. Help us put that with comments earlier in the year about further room to run on optimizing your internal-facing marketing tools and adjusting spend across channels to maximize ROI and so forth. Should we assume that you might lean in on marketing heading into next year?

偉大的。傑夫，回到你的評論，關於這種 20% 的自由現金流利潤率讓你感覺很舒服。請幫助我們透過今年稍早的評論來說明這一點，即在優化面向內部的行銷工具和調整跨通路支出以最大化投資回報率等方面還有進一步的空間。我們是否應該假設您可能會在明年轉向行銷？

Well, Trevor, I don't -- there's no change in how we think about marketing, and I don't think that there's any change in terms of how we think about free cash flow. From a marketing perspective, we obviously have spent more time on that topic in the last or the prior 2 calls, but our strategy remains focused on everything we can do on both the performance marketing and the nonperformance marketing in terms of, one, supporting the core Shopify growth engines; and two, obviously, helping expand in things like point-of-sale, enterprise, B2B, et cetera.

好吧，特雷弗，我不認為——我們對行銷的看法沒有改變，我也不認為我們對自由現金流的看法有任何改變。從行銷的角度來看，我們顯然在最後一次或前兩次電話會議中花了更多的時間在這個主題上，但我們的策略仍然集中於我們在績效行銷和非績效行銷方面可以做的一切，一是支援核心 Shopify 成長引擎；顯然，其中兩個有助於在銷售點、企業、B2B 等領域進行擴張。

So there's nothing that's changed from a marketing vantage point, nothing changed in terms of our payback guardrails. I think on the free cash flow, I mean, part of the reason, obviously, why -- there's a few reasons.

因此，從行銷角度來看，沒有任何改變，我們的回報護欄也沒有任何改變。我認為關於自由現金流，我的意思是，部分原因，顯然，為什麼——有幾個原因。

One of the reasons why we can get to these free cash flow margins and I alluded to it before, is everything we're doing around disciplined headcount, around AI, automation, our internal systems. So we're going to continue to leverage those. We're going to continue to be more and more efficient in terms of our internal operations.

我之前提到過，我們能夠達到這些自由現金流利潤率的原因之一是我們圍繞著嚴格的員工、人工智慧、自動化和我們的內部系統所做的一切。所以我們將繼續利用這些。我們的內部營運將繼續變得越來越有效率。

I don't think that impacts how we think about marketing. And I don't think that in any way impacts saying, well, all right, so now we've both topped out on free cash flow margins, which is not clear, we're making -- which is not the case we're making a proactive decision in terms of how we think about these margins, so we can invest those dollars, whether it be back in marketing, whether it be upgrading in certain spots, maybe the R&D team, maybe adding to the R&D team, product development, AI, all those things. It's not a marketing specific initiative to say, "Oh, this gives us the additional dollars to go pump that back into marketing."

我認為這不會影響我們對行銷的看法。我認為這不會以任何方式影響說，好吧，所以現在我們的自由現金流利潤率都達到了頂峰，這還不清楚，我們正在做——這不是我們的情況。利潤做出積極的決定，這樣我們就可以投資這些資金，無論是重新投入行銷，還是在某些方面進行升級，也許是研發團隊，也許是增加研發團隊、產品開發、人工智慧，所有這些東西。這並不是一項專門針對行銷的舉措，而是說：“哦，這為我們提供了額外的資金，可以將其重新投入到行銷中。”

Dominic Ball, Redburn Atlantic.

多明尼克鮑爾，雷德伯恩大西洋公司。

One question on the changing nature of search discovery and the evolution of shortfall content. So can you give us a little bit more color on the Shopify YouTube integration? How is it going to about the merchant uptake? And how big do you think this can really get?

關於搜尋發現性質變化和短缺內容演變的一個問題。能為我們介紹一下 Shopify YouTube 整合嗎？商家的吸收情況如何？您認為這到底能達到多大？

Yeah. I mean, when it comes to YouTube, this isn't a new partnership for us. We've been working with YouTube and Google for a very, very long time. The relation with YouTube actually started with live selling. We were their live sell and launch partner originally. And then what we realize or I guess we realize in collaboration with them is that this idea of actually creating an affiliate program, whereby if one of their content creators is talking about doing a cooking show, for example, and also wants to use a particular product that eventually becomes for sale pretty much every one of the brands that the audience likes and wants to purchase from is on Shopify.

是的。我的意思是，就 YouTube 而言，這對我們來說並不是新的合作關係。我們與 YouTube 和 Google 合作已經很長時間了。與 YouTube 的關係實際上是從直播銷售開始的。我們最初是他們的現場銷售和發布合作夥伴。然後我們意識到，或者我想我們在與他們合作時意識到，實際上創建一個聯盟計劃的想法，例如，如果他們的內容創建者之一正在談論做烹飪節目，並且還想使用特定的最終出售的產品幾乎所有受眾喜歡並想要購買的品牌都在Shopify 上。

So it felt like a really great thing for them because it allows their creators to further monetize through affiliate fees, but it also means that Shopify merchants can now find a new sales channel through these creators across the YouTube audience, which we think is obviously always positive.

所以這對他們來說真的是一件很棒的事情，因為它允許他們的創作者透過聯盟費用進一步貨幣化，但這也意味著Shopify 商家現在可以透過這些創作者在YouTube 受眾中找到新的銷售管道，我們認為這顯然總是積極的。

But at a macro level, these -- whether it's YouTube or also I mentioned Roadblocks in my prepared remarks, any of these other channels, the idea here is to make sure that every surface area where consumers may want to purchase, they're able to do so through Shopify. And so you'll continue to see us do more of those things.

但在宏觀層面上，無論是 YouTube 還是我在準備好的發言中提到的障礙，任何其他管道，這裡的想法是確保消費者可能想要購買的每個表面區域，他們都能夠透過Shopify 來完成此操作。因此，您將繼續看到我們做更多這樣的事情。

In terms of how YouTube in particular is going to fair, that remains to be seen, it's still pretty early. What I suspect will happen similar to our other channels is that some merchants will find a lot of success there because they'll find that their audience, their core audience works really well with this particular affiliate dynamic.

尤其是 YouTube 將如何公平對待，這還有待觀察，現在還為時過早。我懷疑與我們其他管道類似的情況是，一些商家會在那裡取得很大的成功，因為他們會發現他們的受眾，他們的核心受眾與這種特定的聯盟動態配合得很好。

In other cases, it may just not be that helpful. But that's the point. The point is that we want to effectively make it so every merchant on Shopify can get in front of a new audience that otherwise they may not. And again, in order to do that, you have to be on Shopify.

在其他情況下，它可能沒有那麼有幫助。但這就是重點。重點是，我們希望有效地做到這一點，以便 Shopify 上的每個商家都能接觸到新受眾，否則他們可能無法接觸到。再說一遍，為了做到這一點，您必須使用 Shopify。

And so you'll continue to see us do more of these commerce integrations and these partnerships. And actually, 1 thing -- I'll just sort of mention this. One thing that Shopify has got really good at is we have a great reputation of being a great partner. And what that means is not just technology, not just commercial but more sort of holistically, it means that when a company of any size or in any industry is thinking about commerce, Shopify is usually the first call they make, and the integration doesn't take months or years. It often happens quite rapidly. And so I'm very proud of Shopify showing up as a great partnership company.

因此，您將繼續看到我們進行更多此類商業整合和合作夥伴關係。實際上，有一件事——我只想提一下這一點。 Shopify 真正擅長的一件事是，我們作為優秀合作夥伴享有盛譽。這意味著不僅僅是技術，不僅僅是商業，而是更全面的，這意味著當任何規模或任何行業的公司在考慮商業時，Shopify 通常是他們做出的第一個決定，而整合並不意味著。它通常發生得很快。因此，我對 Shopify 作為一家出色的合作夥伴公司感到非常自豪。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

Harley, can you give additional color on what you're seeing in terms of the consumer behavior or repeat use after all the recent product enhancements you made on the Shop App? How should we think about what informs your product strategy for this going forward, say, in the next 2 to 3 years?

Harley，在您最近在商店應用程式上進行了所有產品增強之後，您能否就消費者行為或重複使用方面所看到的情況提供更多資訊？我們應該如何思考什麼可以為您未來（例如未來 2 到 3 年）的產品策略提供資訊？

Yeah. I mean the product strategy remains the same, which is we want to create new ways for merchants to engage and to drive authentic connection with customers. We also want to make it that Shop is an owned channel for merchants that can help them drive real traffic and real sales.

是的。我的意思是產品策略保持不變，即我們希望為商家創造新的方式來參與並推動與客戶的真實聯繫。我們也希望 Shop 成為商家的自有管道，可以幫助他們推動實際流量和實際銷售。

And these enhancements are working. I mean Shop is becoming the sort of cultural force. We're seeing incredible brands, Drake, Mr. Beast, Steve Madden, all come to shop to do these incredible -- not just promotions, but also they're launching things directly on Shop.

這些增強功能正在發揮作用。我的意思是，商店正在成為一種文化力量。我們看到一些令人難以置信的品牌，Drake、Mr. Beast、Steve Madden，都來到商店做這些令人難以置信的事情——不僅僅是促銷，而且他們還直接在商店上推出東西。

We also think Search and AI together makes the Shop search way more relevant, way more personalized. That is also very compelling. And then merchant co-marketing, teaming up with these big brands to do these shop cash giveaways has become really important for some merchants, some of the time, it's one of the major drivers for them.

我們也認為搜尋和人工智慧的結合使商店搜尋方式更加相關、更加個人化。這也是非常引人注目的。然後，商家聯合行銷，與這些大品牌合作進行商店現金贈品對於一些商家來說變得非常重要，有時，這是他們的主要驅動力之一。

So in terms of where it's going, I mean, in terms of our goal here, the change that we've made, in some cases, have led to an 18% increase in sessions where a buyer engage and a recommendation with our new home feed, for example, -- so I think you'll continue to see new improvements of the Shop App, but ultimately, the idea is can we actually help increase LTV for the merchants who use it.

因此，就發展方向而言，我的意思是，就我們的目標而言，我們所做的改變在某些情況下導致買家參與和推薦我們新房的會話數量增加了 18%例如，feed，所以我認為您將繼續看到Shop 應用程式的新改進，但最終的想法是我們是否可以真正幫助提高使用它的商家的LTV。

Can we help consumers find brands have not otherwise encountered and also reengage with the brands they already love. And to my point earlier, the key here is that this is something that if you want to engage with, if you want to be a part of, you have to be on Shopify and Shop App continues to do really well.

我們能否幫助消費者找到以前沒有遇過的品牌，並重新與已經喜愛的品牌互動？就我之前的觀點而言，這裡的關鍵是，如果你想參與其中，如果你想成為其中的一部分，你必須使用 Shopify，而 Shop App 會繼續表現出色。

Richard Tse, National Bank Financial.

理查德·謝（Richard Tse），國家銀行金融部。

You talked about Shopify being a system of record for commerce. So as we look out ahead, is it fair to say that you have an opportunity beyond commerce, so to replace existing systems of records such as ERP, CRM or supply chain?

您談到 Shopify 是一個商業記錄系統。因此，當我們展望未來時，可以公平地說，除了商業之外，您還有機會取代 ERP、CRM 或供應鏈等現有記錄系統嗎？

In the case of ERP and CRM, we actually feel really good about connecting with the best ones. And so a lot of these large enterprise brands that are coming to us, they come with an ERP system already integrated across their company; in some cases, a great CRM as well. And we make it really easy to integrate.

就 ERP 和 CRM 而言，我們實際上對與最好的企業建立聯繫感覺非常好。因此，許多來到我們這裡的大型企業品牌，他們都配備了已經在整個公司整合的 ERP 系統；在某些情況下，CRM 也是很棒的。我們讓整合變得非常容易。

So ERP and CRM is not -- is not something that we focus on. We are a commerce company. We care about retail. However, it is critical that the changes we've made over the last couple of years to easily connect your existing systems into Shopify, again, back to the ERP systems, CRM and others are able to function seamlessly when you come to Shopify. We've made that really easy. But we're a commerce company. And I mentioned in previous calls, we actually have a very focused -- we're focused on our main quest. We don't like the sort of side Quest distractions. So our view is that make it really easy to bring the ERP system you prefer and integrate it to Shopify, but it's not an area that we're going to go into.

因此，ERP 和 CRM 不是我們關注的重點。我們是一家商業公司。我們關心零售業。然而，至關重要的是，我們在過去幾年中所做的更改是為了輕鬆將您的現有系統連接到Shopify，再次回到ERP 系統、CRM 和其他系統，以便您在使用Shopify 時能夠無縫運行。我們已經讓這件事變得非常簡單。但我們是一家商業公司。我在之前的電話會議中提到，我們實際上非常專注——我們專注於我們的主要任務。我們不喜歡那種支線任務的干擾。因此，我們的觀點是，讓您可以輕鬆地將您喜歡的 ERP 系統整合到 Shopify 中，但這不是我們要涉及的領域。

Thanks for your question. I'll now hand it back to Harley for some closing remarks.

謝謝你的提問。現在我將把它交還給哈雷做一些結束語。

Yeah. Thanks, Carrie. Look, you've heard a lot from Jeff and I on the call, but I just want to say this, for those of you that have been following the Shopify story for quite some time. You know that we are a company that is laser-focused on our merchants. You've heard that we have a very long-term vision that we think could help them succeed. I think you will continue to see us seize opportunities and invest, as Jeff described, with discipline to further establish ourselves as the leader in commerce. And this has enabled us to deliver, as you can see from these results, some of the strongest results in the industry quarter after quarter.

是的。謝謝，嘉莉。聽著，你們在電話會議上聽到了 Jeff 和我的許多發言，但我只想對那些關注 Shopify 故事相當長一段時間的人說這一點。您知道，我們是一家專注於我們的商家的公司。您聽說過我們有一個非常長期的願景，我們認為可以幫助他們成功。正如傑夫所描述的那樣，我認為您將繼續看到我們抓住機會並進行投資，並嚴格遵守紀律，以進一步確立我們作為商業領導者的地位。正如您從這些結果中看到的那樣，這使我們能夠逐季交付行業中最強勁的一些成果。

I also want to repeat, this is the best version of Shopify yet. We really like our size, our shape. We like how we're operating. We really think it gives us the ability to grow the business and invest in the future, and so I just wanted to finish with that point. And now for us, back to helping our merchants crush at this holiday season and well into the future. So thank you all for joining us on this call.

我還想重複一遍，這是 Shopify 迄今為止最好的版本。我們真的很喜歡我們的尺寸和形狀。我們喜歡我們的營運方式。我們確實認為它使我們有能力發展業務並投資未來，所以我只想結束這一點。現在，我們要回到幫助我們的商家在這個假期和未來的日子裡取得成功的目標。感謝大家參加我們的這次電話會議。

This concludes our third quarter 2024 conference call. Thank you for joining us. Bye-bye.

我們的 2024 年第三季電話會議到此結束。感謝您加入我們。再見。