Shopify Inc (SHOP) 2025 Q1 法說會逐字稿

Good morning and thank you for joining Shopify's first quarter 2025 conference call. I am Carrie Gillard, Head 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 2025 年第一季電話會議。我是投資人關係主管 Carrie Gillard。今天與我們一起出席的還有 Shopify 總裁 Harley Finkelstein；和我們的財務長 Jeff Hoffmeister。在他們發表完準備好的發言後，我們將開始回答大家的提問。

We will make forward-looking statements on our call today that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected. Undue reliance should not be placed on these forward-looking statements.

我們將在今天的電話會議上做出前瞻性陳述，這些陳述基於假設，因此受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。不應過度依賴這些前瞻性陳述。

We undertake no obligation to update or revise these statements, except as required by law. You can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with the US and Canadian regulators.

除非法律要求，否則我們不承擔更新或修改這些聲明的義務。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 provided in our press release. And finally, we report in US dollars. So all amounts discussed today are in US dollars unless otherwise indicated.

我們還將討論調整後的財務指標，這些指標是非 GAAP 的，不能取代 GAAP 財務指標。我們在新聞稿中提供了兩者之間的和解。最後，我們以美元報告。因此，除非另有說明，今天討論的所有金額均以美元計算。

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

說完這些，我會把電話轉給哈雷。

Thanks, Carrie, and thanks to everyone for being here today. Let's start with the obvious. Today's market is uncertain. As the platform that powers global commerce, we're of course monitoring for potential slowdowns, but our data through April shows a little evidence of that. It's still early to assess the full impact of the current trade environment. However, Q1 saw our trend for consistent early growth continue and more on that in a minute.

謝謝，Carrie，也謝謝大家今天的到來。讓我們從顯而易見的事情開始。當今市場充滿不確定性。作為推動全球商業發展的平台，我們當然會監控潛在的經濟放緩，但截至四月的數據顯示出了一些證據。現在評估當前貿易環境的全面影響還為時過早。然而，第一季我們仍保持著持續的早期成長趨勢，稍後我們會詳細介紹。

First, I want to say this. Shopify is built for agility. And in many ways, these days are just like any other. We're here to help merchants of all sizes absorb change rapidly and at scale. This strategy does not change as the landscape underneath us continues to shift.

首先我想說的是這個。Shopify 的建置是為了實現敏捷性。從很多方面來看，這些日子和其他日子沒什麼兩樣。我們致力於幫助各種規模的商家快速、大規模地適應變化。儘管我們腳下的景觀不斷變化，但這項策略不會改變。

So as we sit here today, we cannot predict what administrations around the world will do. But what Shopify can do is continue to be the guardians of our merchants. We show up, we build, we ship and we make commerce better for everyone from entrepreneurs to the largest of enterprises.

因此，當我們今天坐在這裡時，我們無法預測世界各國政府將會採取什麼行動。但 Shopify 可以做的是繼續成為我們商家的守護者。我們出現、我們建造、我們運送，我們為從企業家到最大的企業的每個人提供更好的商業服務。

Now it is not hyperbole to say that businesses do better on Shopify. It is a fact. Since 2015, growth rates for 38 out of 39 of our quarterly merchant cohorts have outperformed the overall e-commerce market. I want to repeat that, 38 of 39 quarterly Shopify cohorts have outpaced the market when it comes to growth.

現在說企業在 Shopify 上做得更好並不誇張。這是事實。自 2015 年以來，我們 39 個季度商家群體中有 38 個的成長率超過了整體電子商務市場。我想重申一下，39 個季度 Shopify 群組中有 38 個的成長速度超過了市場。

Think about that in a relation to small and medium sized businesses that are at the backbone of every economy. We help them scale as they leverage more of our products and services over time to drive consistent performance and growth. Simply put, businesses on Shopify are more resilient than businesses that are not on Shopify.

想想與作為每個經濟體支柱的中小型企業的關係。我們幫助他們擴大規模，隨著時間的推移，他們可以利用我們更多的產品和服務來推動持續的績效和成長。簡而言之，Shopify 上的企業比未使用 Shopify 的企業更具彈性。

That merchant resiliency combined with our operational excellence will continue to set us apart as we navigate market uncertainties ahead. I need to remind everyone of this. This is where Shopify's agility really comes into play. We've built a business model that allows us to adapt very quickly and pull the right levers to manage through challenges.

在我們應對未來市場不確定性的過程中，商家的彈性與我們卓越的營運相結合將繼續使我們脫穎而出。我需要提醒大家這一點。這就是 Shopify 的敏捷性真正發揮作用的地方。我們建立了一種商業模式，使我們能夠快速適應並採取正確的措施來應對挑戰。

Those levers mean we can prioritize tools and support needed for merchants to thrive in any environment. We power adaptation at lightning speed, whether that means seizing new opportunities for growth or responding to changes like we're seeing today. Again, those building on Shopify are better prepared than those who are not.

這些槓桿意味著我們可以優先考慮商家在任何環境中蓬勃發展所需的工具和支援。我們以閃電般的速度推動適應，無論這意味著抓住新的成長機會還是應對我們今天所看到的變化。再次強調，那些在 Shopify 上進行建置的人比那些沒有這樣做的人準備得更充分。

And with that, the Q1 numbers speak for themselves. So I'll keep it brief. Coming off of a very strong 2024, in Q1 of 2025, revenue was up 27% and free cash flow margin hit 15%. We saw real strength in key growth areas with offline GMV increasing 23% and B2B GMV delivering another triple-digit quarter of growth, up 109% from last year.

因此，第一季的數據不言而喻。所以我會長話短說。繼 2024 年表現強勁之後，2025 年第一季度，營收成長 27%，自由現金流利潤率達到 15%。我們在關鍵成長領域看到了真正的實力，線下 GMV 成長了 23%，B2B GMV 再次實現了三位數的季度成長，比去年成長了 109%。

International GMV grew 31% and cross-border held steady at 15% of GMV, and we saw continued growth across our merchant GMV from entrepreneur through enterprise. Balanced across both existing and new merchants to deliver a seventh consecutive quarter of GMV growth above 20%.

國際 GMV 成長了 31%，跨境 GMV 保持穩定在 15%，我們看到從創業家到企業的商家 GMV 持續成長。現有商家和新商家之間保持平衡，連續第七個季度實現 GMV 成長 20% 以上。

This is what we mean when we say our business model is built for this. Our formula for growth remains the same. Operational discipline plus a real commitment to innovation. Look at our free cash flow profitability, look at our operational efficiencies. We can be both disciplined and innovative. This is the operating model you have come to expect from us and should continue to expect to see from us moving forward.

這就是我們所說的我們的商業模式是為此而建立的。我們的成長模式保持不變。營運紀律加上對創新的真正承諾。看看我們的自由現金流獲利能力，看看我們的營運效率。我們可以既嚴守紀律，又富有創新精神。這正是您對我們的期望，並且您應該會繼續期待我們繼續向前發展。

Okay. Now with that out of the way, let's dive into what we've built to help our merchants adapt. We've shipped a lot, and we focused on areas that we can have a more immediate impact, cross-border trade, making it easier to buy local, duties calculations and shipping.

好的。現在，既然已經解決了這個問題，讓我們深入了解我們為幫助商家適應所做的努力。我們已經運送了許多貨物，我們專注於能夠產生更直接影響的領域，即跨境貿易，使本地購買、關稅計算和運輸變得更容易。

It is incredible what our team has done in just a few short months, and this is just the beginning. Starting with cross-border trade. We've enhanced our managed markets products, giving US merchants more options with our merchant of record service for collecting and remitting duties and taxes while managing other markets independently. This means if new duties are announced, most merchants can achieve compliance within hours.

我們的團隊在短短幾個月內所取得的成就令人難以置信，而這只是個開始。從跨境貿易開始。我們增強了管理市場產品，透過我們的記錄商家服務為美國商家提供了更多選擇，以便在獨立管理其他市場的同時收取和匯出關稅和稅款。這意味著，如果宣布新的關稅，大多數商家可以在幾個小時內實現合規。

Next, let's take about making it easier to buy locally. On the Shop app, we introduced a feature that allows buyers to filter products by country. This promotes local businesses and enhances the shopping experience that's generated hundreds of thousands of unique sessions since its rollout alone.

接下來，讓我們討論如何更輕鬆地在當地購買。在商店應用程式上，我們推出了一項功能，讓買家可以按國家/地區篩選產品。此舉不僅促進了本地業務的發展，也提升了購物體驗，自推出以來，已產生了數十萬個獨立會話。

Moving on to duties calculation. In February, we made our duties calculation available at checkout for all merchants and reduce its price to just 50 basis points -- moving on to duties calculation. In February, we made our duties calculation available at checkout for all merchants and reduce its price to just 0.5%, making one of the most affordable options in the market.

繼續進行職責計算。今年 2 月，我們向所有商家開放了結帳時關稅計算功能，並將其價格降至僅 50 個基點——轉向關稅計算。今年 2 月，我們向所有商家開放了結帳時計算關稅的功能，並將其價格降至僅 0.5%，使其成為市場上最實惠的選擇之一。

By the end of March, the number of shops actively using this feature nearly doubled since January. And later this month, we'll introduce duty inclusive pricing, allowing merchants to set international prices that include duties in the product price. This ensures transparent pricing from the start and helps customers avoid surprise fees at checkout.

截至 3 月底，積極使用該功能的商店數量自 1 月以來幾乎翻了一番。本月晚些時候，我們將推出含關稅定價，讓商家可以設定包含關稅的國際價格。這確保了從一開始就透明的定價，並幫助客戶避免在結帳時產生意外費用。

And just this past week, we launched tariffguide.ai. This AI-driven tool provides duty rates based on just a product description and the country of origin. Sourcing the right products from the right country can mean the difference between a 0% and a 15% duty rate or higher and tariffguide.ai allows merchants to do this in minutes, not days.

就在上週，我們推出了tariffguide.ai。這個人工智慧工具僅根據產品描述和原產國提供關稅稅率。從合適的國家採購合適的產品可能意味著 0% 和 15% 或更高的關稅稅率之間的差異，而 taxationguide.ai 允許商家在幾分鐘內（而不是幾天）完成此操作。

Finally, shipping and fulfillment. We are simplifying international shipping for merchants by enabling them to purchase prepaid shipping labels known as delivered duty paid or DDP, directly from our platform and expect to onboard several carriers soon. Additionally, we've expanded our network of 3PL providers through the Shopify Fulfillment Network app, enabling merchants to access more local warehouses for oral fulfillment.

最後，運輸和履行。我們正在簡化商家的國際運輸流程，使他們能夠直接從我們的平台購買預付運費標籤（即完稅後交貨或 DDP），並預計很快將與多家承運商合作。此外，我們還透過 Shopify Fulfillment Network 應用程式擴展了我們的 3PL 提供者網絡，使商家能夠存取更多本地倉庫進行口頭履行。

Utilizing local warehouses, speeds of fulfillment times reduces shipping costs and simplifies returns for buyers in those markets. What all this should tell you is that Shopify moves at a pace unlike anybody else truly. Our reaction time to uncertainty is unmatched with the best engineers on the planet wanted to tackle whatever lies ahead.

利用當地倉庫，加快配送時間可降低運輸成本並簡化這些市場買家的退貨流程。所有這些都表明 Shopify 的發展速度確實與其他任何人不同。我們對不確定性的反應時間與地球上最優秀的工程師無法比擬，他們想要解決未來的一切問題。

Our obsession with unlocking every opportunity and filling every important gap in the system to give our merchants the best chance of success is one of our superpowers. Shopify is a different company, moving rapidly towards what is next. We rolled out the Shop app filter in less than a week and the duties calculation a checkout update over a weekend, literally.

我們熱衷於發掘每一個機會，填補系統中的每一個重要空白，為我們的商家提供最好的成功機會，這是我們的超能力之一。Shopify 是一家與眾不同的公司，正快速邁向未來。我們在不到一周的時間內就推出了商店應用程式過濾器，並在一個週末內完成了職責計算和結帳更新。

The weekend after the tariff changes were announced, the team got to work. And the Sunday evening, we were testing it for production. This is who we are, a company that obsesses over merchants by thriving unchanged and living at the cutting edge. This is why our merchants consistently outperform market, and this is why they trust us.

關稅調整宣布後的週末，團隊就開始工作了。週日晚上，我們正​​在進行生產測試。這就是我們，一家始終如一、始終走在最前線、為商家著想的公司。這就是為什麼我們的商家的表現始終優於市場，這也是他們信任我們的原因。

Now before handing over to Jeff, I want to touch on some other products that are foundational to our long-term success. Let's quickly take a closer look at how we're continuing to capitalize on these opportunities, starting with payments.

現在，在交給傑夫之前，我想談談一些對我們的長期成功至關重要的其他產品。讓我們快速仔細地看看我們如何繼續利用這些機會，從付款開始。

Shopify Payments continues to be our largest product offering and a key driver. We made great progress in Q1, with payments GMV penetration hitting 64%. We launched Shopify Payments in 16 new markets, Mexico, Lithuania, Poland, Norway, Latvia, Hungary, Estonia, Malta, Croatia, Greece, Slovenia, Cyprus, Bulgaria, Liechtenstein, Luxembourg and Gibraltar. Now I know that's a lot of names, but that's the point.

Shopify Payments 仍然是我們最大的產品和關鍵驅動力。我們在第一季取得了巨大進展，支付GMV滲透率達到64%。我們在 16 個新市場推出了 Shopify Payments，包括墨西哥、立陶宛、波蘭、挪威、拉脫維亞、匈牙利、愛沙尼亞、馬耳他、克羅埃西亞、希臘、斯洛維尼亞、塞浦路斯、保加利亞、列支敦士登、盧森堡和直布羅陀。現在我知道有很多名字，但這就是重點。

At the end of 2024 and after a decade of offering payments, it was in 23 countries. With our Q1 expansion, we nearly doubled that, bringing the total to 39 countries now supported by Shopify Payments. This is important because having a key product like payments available in more markets simplifies the onboarding process.

截至 2024 年底，經過十年的支付服務，該服務已覆蓋 23 個國家。隨著第一季的擴張，我們的支援範圍幾乎翻了一番，目前 Shopify Payments 支援的國家總數達到 39 個。這很重要，因為在更多市場上提供支付等關鍵產品可以簡化入職流程。

It offers merchants a streamlined payment solution that reduces fees and enhances security, plus features like Shop Pay improve conversion rates and provide greater convenience fires. Adding more products in more markets remains a key driver of our international growth.

它為商家提供簡化的支付解決方案，降低費用並增強安全性，此外，Shop Pay 等功能還可以提高轉換率並提供更大的便利性。在更多市場增加更多產品仍然是我們國際成長的主要驅動力。

And with these country launches, even more merchants can process payments seamlessly in their home countries, which is crucial as tariffs and economic factors may complicate cross-border trade, but we did not stop there. We also launched multicurrency payouts in 20 countries across Europe, allowing merchants to receive payments in their preferred currencies, essential for operating globally and minimizing the impact of fluctuating exchange rates.

隨著這些國家的推出，更多的商家可以在其本國無縫處理付款，這一點至關重要，因為關稅和經濟因素可能會使跨境貿易複雜化，但我們並沒有止步於此。我們還在歐洲 20 個國家推出了多幣種支付服務，允許商家以其首選貨幣接收付款，這對於全球營運和最大限度地減少匯率波動的影響至關重要。

Now as we look at the success of Shopify Payments, it is clear how foundational it is to our Shop products, the buyer facing side of Shopify, that is all about making shopping simpler. One of the biggest advantages to our merchants is access to Shop Pay. And in Q1, Shop Pay GMV was up 57% from last year, processing over $22 billion in GMV.

現在，當我們回顧 Shopify Payments 的成功時，我們清楚地認識到它對我們的 Shop 產品（Shopify 面向買家的一面）有多麼重要，其宗旨就是讓購物變得更簡單。對我們的商家來說，最大的優勢之一就是可以使用 Shop Pay。第一季度，Shop Pay GMV 較去年同期成長 57%，處理總額超過 220 億美元。

Within our core pillars of shop, the Shop Pay component continues to be a key product offering that is working to drive upmarket enterprise-level growth opportunities. Businesses like mattress company Purple; lifestyle brand, Johnny Was; fashion icon, Lilly Pulitzer and footwear giant, Birkenstock are among the latest to integrate this solution into their sites.

在我們的商店核心支柱中，Shop Pay 組件繼續成為一項關鍵產品，致力於推動高端企業級成長機會。像床墊公司 Purple 這樣的企業；生活風格品牌 Johnny Was；時尚偶像 Lilly Pulitzer 和鞋類巨頭 Birkenstock 是最新將該解決方案融入其網站的品牌之一。

Just this week alone, we signed up to extend more tapestry brands on to utilize this component as well. Now they started with just coachoutlet.com, but because it worked so well. They are now rolling it out to online shops for COACH, Kate Spade and for the Kate Spade outlet. This is more than just a passing trend. It is becoming an increasingly compelling pathway for large merchants to come to Shopify.

僅在本週，我們就簽約擴展更多掛毯品牌以使用此組件。現在他們只是從 coachoutlet.com 開始，但因為它的效果非常好。他們現在正在將其推廣到 COACH、Kate Spade 的線上商店和 Kate Spade 專賣店。這不僅僅是一種暫時的趨勢。對於大型商家來說，這正成為一條越來越有吸引力的途徑來加入 Shopify。

This is where our journey may start with these large brands, but we are confident as we demonstrate success, we will unlock more opportunities to add even more of our powerful tools and solutions over time, enhancing their growth and capabilities on our platform.

我們的旅程可能從這些大品牌開始，但我們相信，隨著我們取得成功，我們將隨著時間的推移，釋放更多機會，添加更多強大的工具和解決方案，增強它們在我們平台上的成長和能力。

Moving on to the other pillars within Shop. The Shop App continued its momentum in Q1, hitting over 94% year-over-year growth in native GMV, an impressive acceleration and 84% growth last quarter, especially considering the seasonality. Shop Pay installments launch in early access to Canada, marking another important milestone in our global expansion with more countries on the horizon for later this year.

繼續討論商店內的其他支柱。商店應用程式在第一季延續了其發展勢頭，原生 GMV 同比增長超過 94%，這是一個令人印象深刻的加速，上個季度的成長率達到了 84%，尤其是考慮到季節性因素。Shop Pay 分期付款服務在加拿大率先推出，這標誌著我們全球擴張的另一個重要里程碑，今年稍後我們將在更多國家推出該服務。

Okay. Let's talk quickly about AI. AI is at the core of how we operate and is transforming our work processes. For those who have not seen it, I encourage you to check out Toby's company-wide e-mail on AI that has now been shared publicly. At Shopify, we take AI seriously. In fact, it's becoming second nature to how we work.

好的。讓我們快速談論一下人工智慧。人工智慧是我們營運的核心，並且正在改變我們的工作流程。對於那些還沒有看過的人，我鼓勵你們查看 Toby 關於 AI 的全公司電子郵件，該電子郵件現已公開分享。在 Shopify，我們非常重視人工智慧。事實上，它已經成為我們工作的第二天性。

By fostering a culture of reflexive AI usage, our team's default in AI first, reflexive being the key turn here. This also means that before requesting additional headcount or resources, teams are required to start with assessing how they can meet their goals using AI first.

透過培育反射性人工智慧使用的文化，我們的團隊首先預設使用人工智慧，反射性是這裡的關鍵轉折點。這也意味著，在請求增加人員或資源之前，團隊需要先評估如何使用人工智慧來實現他們的目標。

This approach is sparking some really fastening explorations and discussions around the company, challenging the way we think, the way we operate and pushing us to look ahead as we redefine our decision-making processes. In the past couple of weeks, we built a dozen MCP servers that make Shopify's work legible and accessible.

這種方法在公司內部引發了一些真正深入的探索和討論，挑戰了我們的思維方式和運作方式，並促使我們在重新定義決策過程時​​展望未來。在過去的幾周里，我們建立了十幾台 MCP 伺服器，使 Shopify 的工作變得清晰易懂。

And now anyone within Shopify can ask questions, find resources and leverage those tools for greater efficiency. This reflects the use of AI goes well beyond internal improvement. It supercharges our team's capabilities and drive operational efficiencies, keeping me as agile. And as we continue to innovate, AI will remain a cornerstone of how we deliver value across the board.

現在，Shopify 內的任何人都可以提出問題、尋找資源並利用這些工具來提高效率。這反映出人工智慧的用途遠遠超出了內部改進。它增強了我們團隊的能力並提高了營運效率，讓我保持敏捷。隨著我們不斷創新，人工智慧仍將是我們全面實現價值的基石。

On the merchant facing side of AI, in Q1, key developments for Sidekick included a complete re-architecture of the AI engine for deeper reasoning capabilities, enhancing processing of larger business data sets and accessibility in all support of languages, allowing every Shopify merchant to use Sidekick in their preferred language.

在面向商家的 AI 方面，第一季度，Sidekick 的主要發展包括完全重新建構 AI 引擎，以實現更深層的推理能力，增強對更大業務資料集的處理能力以及對所有語言支援的可訪問性，使每個 Shopify 商家都可以使用他們喜歡的語言使用 Sidekick。

And these changes, well, they're working. In fact, our monthly average users of Sidekick continue to climb more than doubling since the start of 2025. Now this is still really early days, but the progress we are making is already yielding some really strong results from merchants, both large and small. Sidekick is yet another reason that merchants on Shopify will have an unfair advantage for whatever lies ahead.

這些改變確實正在發揮作用。事實上，自 2025 年初以來，Sidekick 的每月平均用戶數量持續增加一倍以上。現在這還處於早期階段，但我們所取得的進展已經為大大小小的商家帶來了一些非常強勁的成果。Sidekick 是 Shopify 商家在未來將擁有不公平優勢的另一個原因。

Okay. Switching gears a little. Let's talk about the progress we are making in some of our key growth drivers, starting with international. We see the opportunity to capture market share in every European market as well as in Asia and Latin America.

好的。稍微轉換一下話題。讓我們來談談我們在一些關鍵成長動力方面取得的進展，首先是國際領域。我們看到了在每個歐洲市場以及亞洲和拉丁美洲佔領市場份額的機會。

In Q1, we saw Europe's GMV growth 36% year-over-year, which clearly shows that we are gaining traction and expanding our presence in this key region, led by the UK, Netherlands and Germany. Now I already mentioned some of the product features we are rolling out to merchants to navigate the current landscape.

在第一季度，我們看到歐洲的 GMV 同比增長了 36%，這清楚地表明我們正在獲得發展動力並擴大我們在這個以英國、荷蘭和德國為主導的關鍵地區的影響力。現在我已經提到了我們向商家推出的一些產品功能，以適應當前的情況。

But we also continue to strengthen our foundation for international specific features with improvements to AI power translations and new privacy compliance functionality. Now these enhancements to the product combined with our continued investments in marketing are helping to further grow our reach and market penetration in these really important countries.

但我們也將繼續透過改進人工智慧強力翻譯和新的隱私合規功能來加強我們國際特定功能的基礎。現在，這些產品的增強加上我們在行銷方面的持續投資正在幫助我們進一步擴大在這些真正重要的國家的影響力和市場滲透率。

In our offline business, GMV was up 23% this quarter, thanks to the continued strong growth from our mid-market and multi-location merchants. We are also bringing on more established brands onto the platform like FAO Schwarz, Just Cozy and the iconic Japanese watch company, Grand Seiko.

在我們的線下業務中，由於中端市場和多地點商家的持續強勁成長，本季 GMV 成長了 23%。我們也將更多知名品牌引入該平台，如 FAO Schwarz、Just Cozy 和日本標誌性手錶公司 Grand Seiko。

Now while this flexibility is really important, our true value goes beyond simply enabling these offline features. It lies on building trust and partnerships through our merchants unified commerce journey, online, offline and everywhere in between. And a perfect example of this is our recent partnership with Alo. The athletic apparel brand that's absolutely crushing it.

雖然這種靈活性確實很重要，但我們的真正價值不僅僅是實現這些離線功能。它在於透過我們的商家統一的商業旅程（線上、線下以及介於兩者之間的任何地方）建立信任和夥伴關係。我們最近與 Alo 的合作就是一個很好的例子。這個運動服飾品牌絕對令人震撼。

Now they wanted to implement same-day delivery. So they approach us with this idea, and we obviously were on board to make it happen. By integrating with partners like Uber and DoorDash, Alo can now offer quick same-day delivery options allowing customers near their retail stores to receive their gear, really fast.

現在他們想要實施當日送達服務。因此他們向我們提出了這個想法，而我們顯然也願意實現。透過與 Uber 和 DoorDash 等合作夥伴合作，Alo 現在可以提供快速的當日送達服務，讓零售店附近的顧客能夠非常快速地收到他們的商品。

This is exactly how we support our merchants in staying ahead of the game and seizing every opportunity to grow. No matter what you want to do in your retail business we default to yes on Shopify. Our efforts to move upmarket are paying off, fueled by strong growth from high-volume brands like (inaudible) along with more recent additions like BarkBox, Brilliant Earth and Toys "R" Us.

這正是我們支持商家保持領先地位並抓住每一個發展機會的方式。無論您想在零售業務中做什麼，我們在 Shopify 上都預設為「是」。我們進軍高端市場的努力正在獲得回報，這得益於（聽不清楚）等大品牌以及 BarkBox、Brilliant Earth 和 Toys "R" Us 等新品牌的強勁成長。

This evolving landscape paired with our powerful go-to-market strategy creates a significant opportunity for us to attract even more brands to Shopify. Our platform is designed to handle changes like navigating tariffs quickly and efficiently, making us the go to choice for merchants of all sizes facing today's challenges.

這種不斷發展的格局與我們強大的市場進入策略相結合，為我們吸引更多品牌加入 Shopify 創造了重要機會。我們的平台旨在快速有效地處理諸如關稅導航等變化，使我們成為面臨當今挑戰的各種規模商家的首選。

Agility and ease of use are now prerequisite for any modern commerce team. And Shopify is positioned not just as a tool, but as a strategic advantage in an unpredictable market. And that is why more global brands are choosing us. They value our ability to move swiftly to deliver incredible value and to provide scalable infrastructure, especially right now.

敏捷性和易用性現在是任何現代商業團隊的先決條件。Shopify 的定位不僅是一種工具，更是一種在不可預測的市場中的策略優勢。這就是越來越多的全球品牌選擇我們的原因。他們重視我們迅速行動、提供不可思議的價值和可擴展基礎設施的能力，尤其是現在。

We are in constant conversations with leadership teams and CEOs who recognize the global economy is fluid, and they're seeking solutions that enhance their agility. Across various industries, there's this renewed focus on cutting costs by eliminating inefficiencies and modernizing technology. And that is where Shopify really shines.

我們不斷與領導團隊和執行長進行對話，他們意識到全球經濟是流動的，他們正在尋求增強靈活性的解決方案。在各個行業中，人們重新專注於透過消除低效率和實現技術現代化來削減成本。這正是 Shopify 真正閃耀的地方。

Many legacy platforms are struggling. They're slow and restrictive locking consistent investment, unable to efficiently handle basic tasks like pricing updates or loyalty changes, and custom-built systems often prove just as brittle under pressure. As businesses face these challenges, Shopify is becoming the preferred choice for those looking to thrive at scale.

許多傳統平台正在苦苦掙扎。它們速度慢、限制性強，鎖定了持續的投資，無法有效地處理價格更新或忠誠度變化等基本任務，而客製化系統在壓力下往往同樣脆弱。隨著企業面臨這些挑戰，Shopify 正成為那些尋求規模化發展的企業的首選。

The diversity of businesses we are signing from computer and gaming giants to household appliance brands, sporting goods and iconic fashion label demonstrates the strength and resilience of our merchant base and the power of our platform. A

我們簽約的企業種類繁多，從電腦和遊戲巨頭到家用電器品牌、體育用品和標誌性時尚品牌，都展現了我們商家群體的實力和韌性以及我們平台的強大力量。一個

dditionally, in Q1, one of the largest apparel and footwear conglomerates, VF Corp sign up to bring eight of their well-known brands to Shopify, including Dickies, Ultra Running, Kipling and ICE Breaker. And two of their brands, JanSport and Eastpak have already launched, and we cannot wait to bring the others onto our platform.

此外，第一季度，全球最大的服裝和鞋類集團之一 VF Corp 簽約將旗下八個知名品牌引入 Shopify，包括 Dickies、Ultra Running、Kipling 和 ICE Breaker。他們的兩個品牌 JanSport 和 Eastpak 已經推出，我們迫不及待地想將其他品牌引入我們的平台。

And in the past two weeks alone, even after the tariff announcements, brands continue to sign. And one of those is Follett Higher Education group, the multibillion-dollar company managing campus bookstores at over 1,000 colleges and universities across North America.

僅在過去兩週，即使在關稅公告發布後，各大品牌仍在繼續簽約。其中之一就是 Follett 高等教育集團，這家價值數十億美元的公司管理著北美 1,000 多所學院和大學的校園書店。

And in Europe, we signed Caring Beauty, the beauty brand division of luxury fashion houses like Alexander McQueen, Balenciaga and Creed. We are incredibly proud to support to a world-renowned group as they unify the customer experience across channels, leveraging Shopify's B2B, B2C and point-of-sale solutions.

在歐洲，我們簽約了 Caring Beauty，這是 Alexander McQueen、Balenciaga 和 Creed 等奢華時尚品牌的美容品牌部門。我們非常自豪能夠支持這家世界知名集團，利用 Shopify 的 B2B、B2C 和銷售點解決方案統一各個管道的客戶體驗。

Now this broad spectrum of verticals not only strengthens our platform also reduces reliance on any single market vertical or customer allowing us to navigate market fluctuations and seize multiple growth opportunities with confidence. We've also seen a really impressive line of brands launching incredible online businesses on Shopify so far this year, including stationary company from Barnes & Noble, Paper Source, luxury fashion brand from LVMH, JW Anderson; luggage and travel business, Away; wellness technology company, Therabody; auto supply store and manufacturer, Kent Automotive and apparel and accessory retailer, Life is Good.

現在，這種廣泛的垂直領域不僅增強了我們的平台，還減少了對任何單一市場垂直或客戶的依賴，使我們能夠應對市場波動並充滿信心地抓住多種成長機會。今年到目前為止，我們還看到一系列令人印象深刻的品牌在 Shopify 上推出了令人難以置信的在線業務，其中包括文具公司 Barnes & Noble、Paper Source，奢侈時尚品牌 LVMH、JW Anderson；行李和旅行業務，Away；健康科技公司 Therabody；汽車用品商店和製造商 Kent Automotive 以及服裝和配件零售商 Life is Good。

So to close, Q1 was a testament to the sustainable business model we've built, a model is founded on supporting our merchants. Their success drives our success. This is who we are, and this is why we exist. Shopify thrives on change. It's in our DNA and it's positioned us uniquely to overcome obstacles and adapt to new climates.

總而言之，第一季證明了我們建立的可持續商業模式，該模式建立在支持我們的商家的基礎上。他們的成功推動了我們的成功。這就是我們，這就是我們存在的原因。Shopify 在變化中蓬勃發展。它存在於我們的 DNA 中，它使我們以獨特的方式克服障礙並適應新的氣候。

It is quite simple. Our success boils down to three key principles. And I can assure you that our priorities will remain just as clear in the future as they are right now. First, everything we do is merchant first. Their needs to drive product enhancement and every decision we make. Second, we have demonstrated an incredible ablate to pivot when merchants need us most, adapting swiftly to challenges. Our resilience in turn ensures our merchants remain resilient too.

這很簡單。我們的成功歸結為三個關鍵原則。我可以向你們保證，我們將來的優先事項將會和現在一樣明確。首先，我們所做的一切都以商家為先。他們的需求推動著產品的改進和我們所做的每一個決定。其次，我們展現了令人難以置信的能力，能夠在商家最需要我們的時候做出調整，迅速適應挑戰。我們的韌性反過來也確保了我們的商家也能保持韌性。

And third, our operating discipline provides the flexibility we need to deliver unmatched value while balancing profitability and long-term growth. This is a very durable business model, and it is also how the very best companies are built, by staying grounded in our purpose and committed to our mission, and we look forward to sharing our journey with you in the quarters to come.

第三，我們的營運紀律為我們提供了所需的靈活性，以便在平衡獲利能力和長期成長的同時提供無與倫比的價值。這是一個非常持久的商業模式，也是最優秀的公司建立的方式，透過堅持我們的目標並致力於我們的使命，我們期待在未來幾個季度與您分享我們的旅程。

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

說完這些，我會把電話轉給傑夫。

Thanks, Harley. Another very strong quarter for us. Q1 marks our eighth straight quarter of delivering pro forma revenue growth of 25% or greater, seventh consecutive quarter of GMV growth rate exceeding 20%, and seventh consecutive quarter of double-digit cash flow margins.

謝謝，哈雷。對我們來說又是一個非常強勁的季度。第一季是我們連續第八個季度實現預期營收成長 25% 或更高、連續第七個季度 GMV 成長率超過 20% 以及連續第七個季度實現兩位數現金流利潤率。

Before I dive into the Q1 results, I want to build on all these comments regarding our key principles and link them to the growth framework that I laid out at our Investor Day and the strong GMV results that we've been posting. At that time, we talked about growing our merchant base, expanding the breadth of merchant we serve and helping our merchants grow by giving them the tools they need to connect with and convert more buyers and run and grow their businesses, all of which are underpinned by continuous innovation.

在深入探討第一季業績之前，我想基於所有這些關於我們關鍵原則的評論，並將它們與我在投資者日上提出的成長框架以及我們發布的強勁 GMV 業績聯繫起來。當時，我們談到了擴大我們的商家基礎，擴大我們服務的商家範圍，並透過為商家提供他們需要的工具來聯繫和轉化更多買家以及經營和發展他們的業務，從而幫助他們成長，所有這些都以持續創新為基礎。

Our consistent GMV performance demonstrates that we are delivering on all of these vectors. If you recall from our Investor Day, I highlighted that we have seen our US e-commerce GMV grow approximately 2 times overall US e-commerce quarter in quarter out. That trend has continued and strengthened, in fact, exceeding 2x each of the past five quarters.

我們穩定的 GMV 表現表明我們正在實現所有這些目標。如果您還記得我們的投資者日，我曾強調，我們的美國電子商務 GMV 已實現季度環比增長，約為美國電子商務整體的 2 倍。事實上，這一趨勢一直持續並加強，在過去五個季度中每個季度都超過了 2 倍。

Another demonstration of our success is that every quarterly cohort, other than one over the past 10 years has outpaced US e-commerce since joining Shopify. Within Europe, we are outperforming the market by an even wider margin and even higher multiples of e-commerce growth.

我們成功的另一個證明是，自從加入 Shopify 以來，過去 10 年中除一個季度外，每個季度的成長速度都超過了美國電子商務。在歐洲，我們的電子商務成長幅度和倍數甚至超越市場。

We've seen robust greater than 30% GMV growth now for eight consecutive quarters with that strength being broad-based across countries and merchandises. We are executing exceptionally well, and our Q1 results reflect that. With that backdrop, let's discuss Q1 results, then some perspectives on tariffs and finally, our Q2 outlook. All growth rates mentioned are year-over-year, unless specifically stated otherwise.

我們已經連續八個季度看到 GMV 強勁增長超過 30%，這種增長勢頭在各個國家和商品中廣泛存在。我們的執行情況非常出色，第一季的業績也反映了這一點。在此背景下，讓我們討論第一季的業績，然後再討論一些關稅觀點，最後討論一下第二季的展望。除非另有特別說明，所有提及的成長率均為年成長率。

GMV in Q1 was $74.8 billion, up 23%. This strong Q1 GMV was driven by same-store sales growth of our existing merchants, growth in our merchant base globally, continued strength in Europe, which grew 36% from both strong same-store sales growth and new merchant acquisition with same-store sales growth being a larger contributor this quarter.

第一季的商品交易總額 (GMV) 為 748 億美元，成長 23%。第一季 GMV 強勁成長的推動因素包括我們現有商家的同店銷售額成長、全球商家基礎的成長以及歐洲市場的持續強勁成長，歐洲市場憑藉強勁的同店銷售額成長和新商家收購實現了 36% 的成長，其中同店銷售額成長是本季度較大的貢獻者。

And finally, offline growth of 23%, driven primarily by larger retailers joining the platform. As we build a wider array of commerce solutions, our platform has become more attractive to merchants across various industries. Apparel and accessories remains our largest category and that continues to perform well, but we are also experiencing strong growth in health and beauty, home and garden and food and beverage.

最後，線下成長 23%，主要由於大型零售商加入該平台。隨著我們建立更廣泛的商業解決方案，我們的平台對各行業的商家變得更具吸引力。服裝和配件仍然是我們最大的類別，並且繼續表現良好，但我們在健康和美容、家居和花園以及食品和飲料領域也經歷了強勁增長。

Additionally, smaller yet rapidly growing categories like animals and pet supplies and arts and entertainment showed particularly strong growth rates in Q1. Revenue for the first quarter was up 27%. Looking at the two components of revenue. Q1 merchant solutions revenue increased 29%, driven by the same factors as Q4, including continued strength in GMV and increased penetration of Shopify Payments, which treats 64% for the quarter.

此外，動物和寵物用品以及藝術和娛樂等規模較小但成長迅速的類別在第一季表現出尤為強勁的成長率。第一季營收成長27%。查看收入的兩個組成部分。第一季商家解決方案營收成長 29%，推動因素與第四季相同，包括 GMV 持續強勁以及 Shopify Payments 滲透率上升（本季佔 64%）。

Several factors powered the quarter's higher GPV penetration, 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 expansion of payments both into more countries and through the partnership with PayPal and Klarna.

有幾個因素推動了本季 GPV 滲透率的提高，包括使用 Shopify Payments 的商家的強勁表現（其中 Shopify Plus 的比例不斷增加）、全球越來越多的商家採用支付方式，以及透過與 PayPal 和 Klarna 的合作將支付方式擴展到更多國家。

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 in North America, which should become less of a headwind to payments penetration going forward given the launch of payments in more countries in Europe.

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 GPV 的較大比例，但我們在北美的 GPV 滲透率較低，鑑於在歐洲更多國家推出支付服務，這對未來支付滲透率的阻礙應該會減小。

Subscription Solutions revenue grew 21% with the three largest drivers being an increase in the number of merchants on our platform and to a lesser degree, the benefit from the Plus pricing change and higher variable platform fees. As a reminder, the changes to plus pricing took effect in February last year for new merchants and a few months later for existing merchants.

訂閱解決方案收入成長了 21%，其中最大的三個驅動因素是平台上商家數量的增加，以及較小程度上來自 Plus 定價變化和更高的可變平台費用帶來的好處。提醒一下，加價定價的變更於去年 2 月對新商家生效，幾個月後對現有商家生效。

Given that the significant majority of the existing plus merchants chose to lock in three-year contracts at their existing rates, something that highlights the exceptional value we offer and the trust our merchants have in us, the majority of the benefit in Q1 came from new Plus merchants.

鑑於絕大多數現有的 Plus 商家選擇以現有價格鎖定三年合同，這凸顯了我們提供的卓越價值以及商家對我們的信任，第一季度的大部分收益來自新的 Plus 商家。

Q1 2025, therefore, benefited from two months of year-over-year comparability tailwinds. As I mentioned on our last call, we expect our subscription solutions growth to normalize to lower than merchant solutions in 2025, given the benefits from the Plus pricing changes tapering off and the lengthening of the paid trials.

因此，2025 年第一季受惠於兩個月的年比可比性順風。正如我在上次電話會議上提到的那樣，考慮到 Plus 定價變化帶來的好處逐漸減少以及付費試用期延長，我們預計到 2025 年，我們的訂閱解決方案增長將正常化，低於商家解決方案。

Q1 MRR was up 21% year-over-year with continued growth in each of standard, plus and offline with all three categories seeing an increase in the number of merchants. Plus plans represented 34% of MRR for the quarter. As I mentioned during our last call, in Q4 of last year, we started shifting to a three-month paid trial in certain markets, moving away from our predominantly one-month trials.

第一季 MRR 年增 21%，標準、升等和離線業務均持續成長，這三個類別的商家數量均有所增加。Plus 計劃佔本季 MRR 的 34%。正如我在上次電話會議中提到的那樣，在去年第四季度，我們開始在某些市場轉向為期三個月的付費試用，而不再主要提供為期一個月的試用。

The adjustment in trial lengths will make the quarter-over-quarter and year-over-year MRR comparisons tougher for you to assess from the outside and these comparability issues will persist throughout 2025, but it is important to point out that we continue to see the benefits of moving to the longer trial period.

試用期的調整將使您從外部評估季度環比和年度 MRR 比較變得更加困難，並且這些可比性問題將持續到 2025 年全年，但必須指出的是，我們繼續看到延長試用期的好處。

Some comparability issues aside, the trend is a good thing. Our testing has indicated that giving merchants a little more time to experiment with our platform increases the likelihood that they are setting themselves up for greater GMV success over the longer term.

拋開一些可比較性問題，這種趨勢是好事。我們的測試表明，給予商家更多一點的時間來試用我們的平台，可以提高他們在長期內實現更大 GMV 成功的可能性。

This point became clear through the testing that we did regarding how quickly merchants from various trial lengths achieved certain GMV milestones. As a reminder, paid trials are just one of our merchant acquisition tools.

透過我們對不同試用期的商家實現特定 GMV 里程碑的速度進行的測試，這一點變得清晰起來。提醒一下，付費試用只是我們的商家獲取工具之一。

Gross profit was up 22%. Gross profit for subscription solutions grew 19%, slightly less than the 21% revenue growth for subscription solutions. The lower rate was driven primarily by higher cloud and infrastructure hosting costs needed to support higher volumes and geographic expansion.

毛利成長了22%。訂閱解決方案的毛利成長了 19%，略低於訂閱解決方案的 21% 的收入成長。費率降低的主要原因是支援更大容量和地理擴展所需的雲端和基礎設施託管成本增加。

Although we are investing more in AI, it is not a significant factor in this increase. Over the past five years, the gross margin for subscription solutions has centered around 80%, plus or minus a couple 100 basis points in any given quarter, and we do not anticipate that trend changing in the near term.

儘管我們在人工智慧方面的投資正在增加，但它並不是這一成長的重要因素。在過去五年中，訂閱解決方案的毛利率一直保持在 80% 左右，每個季度的增減幅度都在幾百個基點左右，我們預計這一趨勢在短期內不會改變。

Gross profit for merchant solutions grew 24%, with gross margin coming in at 38.6% compared to 40.1% in Q1 of 2024. The decrease was primarily driven by the same factors that we saw in Q4 including non-cash revenues from certain partnerships, which carry a high gross margin, and the impact from the expanded partnership with PayPal, partially offsetting these headwinds with strong growth in our FX and tax products.

商家解決方案的毛利成長了 24%，毛利率為 38.6%，而 2024 年第一季為 40.1%。下降的主要原因與我們在第四季度看到的相同，包括來自某些合作夥伴關係的非現金收入（毛利率較高）以及與 PayPal 擴大合作夥伴關係的影響，而外匯和稅收產品的強勁增長部分抵消了這些不利因素。

This brings our overall Q1 gross margin to 49.5% compared to 51.4% in the prior year. Operating expenses were $966 million for the quarter or 41% of revenue, in line with our guidance. This 41% compares to 47% in Q1 2024 and 60% in Q1 2023. We continue to make significant strides in building a lean, flexible, highly efficient team.

這使我們第一季的整體毛利率達到 49.5%，而去年同期為 51.4%。本季營運費用為 9.66 億美元，佔營收的 41%，符合我們的預期。這一 41% 相比之下，2024 年第一季為 47%，2023 年第一季為 60%。我們在打造精幹、靈活、高效的團隊方面持續取得重大進展。

Our continued discipline on headcount across all three of R&D, sales and marketing and G&A continues to yield strong operating leverage, all while helping us move even faster on product development aided by our increasing use of AI.

我們對研發、銷售和行銷以及一般和行政三個部門的員工人數持續嚴格控制，這繼續產生強大的營運槓桿，同時幫助我們在越來越多地使用人工智慧的幫助下更快地進行產品開發。

In marketing, we continue to lean in on our returns-based approach, executing the plan and leveraging the signals and data insights we have to quickly flex up and down our investments based on specific return metrics and payback periods. This strategy has not changed, and we believe it is continuing to serve us well. Our platform has all the capabilities to grow with and accelerate merchant success.

在行銷方面，我們繼續依靠基於回報的方法，執行計劃並利用訊號和數據洞察，根據特定的回報指標和回報期快速增加或減少我們的投資。這項策略沒有改變，我們相信它將繼續為我們帶來良好的服務。我們的平台具備伴隨商家成長並加速商家成功的所有能力。

Marketing helps us get those merchants on our platform, allowing us to then grow with them for years to come. Transaction loans and losses, the smallest of the operating expense categories on our income statement was 3% of revenues consistent with Q1 of last year.

行銷幫助我們將這些商家吸引到我們的平台上，使我們能夠在未來幾年與他們一起成長。交易貸款和損失是我們損益表中最小的營運費用類別，佔收入的 3%，與去年第一季一致。

This stability is largely due to higher volumes in our growing capital business. We continue to grow our capital business and have recently introduced several product innovations that give merchants more choice for how they manage their loans and how they choose among various loan options.

這種穩定性很大程度上歸功於我們不斷增長的資本業務的增加。我們繼續發展我們的資本業務，最近推出了幾項產品創新，為商家提供更多選擇，讓他們可以管理貸款並在各種貸款方案中進行選擇。

Operating income for the quarter was $203 million or 9% of revenue compared to 5% in Q1 of last year. Stock-based compensation for Q1 was $123 million and capital expenditures were $4 million for the quarter. Q1 free cash flow was $363 million or 15% of revenue, in line with our outlook. The strength of our business enables us to achieve these attractive free cash flow margins while still importantly invested in the future.

本季營業收入為 2.03 億美元，佔營收的 9%，去年第一季為 5%。第一季的股票薪酬為 1.23 億美元，本季的資本支出為 400 萬美元。第一季自由現金流為 3.63 億美元，佔營收的 15%，符合我們的預期。我們業務的實力使我們能夠實現這些有吸引力的自由現金流利潤率，同時仍對未來進行重要的投資。

To be clear, while we will continue to drive efficiency, we are ultimately still a growth company. We will continue to prioritize investing in key areas like our core platform, international, B2B, enterprise and offline as opposed to driving for higher free cash flow margins in the near term.

需要明確的是，雖然我們將繼續提高效率，但我們最終仍然是一家成長型公司。我們將繼續優先投資核心平台、國際、B2B、企業和線下等關鍵領域，而不是在短期內追求更高的自由現金流利潤率。

It's simply the right thing to do with the immense opportunities we see ahead but delivers a profitability level that we are proud of and believe we can maintain without compromising future growth. A quick comment regarding a small but important acquisition that we close in Q1.

這只是我們利用未來巨大機會做出的正確選擇，但它帶來了令我們感到自豪的盈利水平，我們相信我們可以在不影響未來增長的情況下保持這種盈利水平。關於我們在第一季完成的一項雖小但很重要的收購，我只想簡短地評論一下。

In March, we closed the acquisition of Vantage Discovery, which helps accelerate the development of AI powered multi-vector search across our search APIs, shop and storefront search offerings. This acquisition is one piece of a broader strategy to ensure that our merchants are able to continue meeting buyers regardless of where they're shopping or discovering great products.

今年 3 月，我們完成了對 Vantage Discovery 的收購，這有助於加速我們的搜尋 API、商店和店面搜尋產品中人工智慧多向量搜尋的開發。此次收購是我們更廣泛策略的一部分，旨在確保我們的商家能夠繼續與買家見面，無論他們在哪裡購物或發現優質產品。

Given the dynamic macro and trade environment, I'd like to share some observations about our merchants and our business before we turn to our Q2 financial outlook. Starting with cross border. Cross-border GMV made up 15% of total GMV in Q1, consistent with previous quarters. Approximately half of that involves US trade, balanced between inbound and outbound, while the rest is largely interregional within Europe.

鑑於動態的宏觀和貿易環境，在我們轉向第二季財務展望之前，我想分享一些對我們的商家和業務的觀察。從跨境開始。第一季跨境 GMV 佔總 GMV 的 15%，與前幾季持平。其中約一半涉及美國貿易，入境和出境貿易平衡，其餘則主要是歐洲內部的跨區域貿易。

Cross-border levels have remained consistent throughout April and May to date. Turning to de minimis, the recent expiration of the de minimis exemption for goods from China is not expected to have a meaningful impact on Shopify in the near term, as only 1% of our overall GMV is related to imports from China that were subject to the exemption.

截至目前，整個四月和五月跨境水準一直保持一致。談到最低限度，針對中國商品的最低限度豁免最近到期，預計不會在短期內對 Shopify 產生重大影響，因為我們整體 GMV 中只有 1% 與受豁免的中國進口商品有關。

That said, this expired less than a week ago, and we will continue to monitor its impact on our business. The quality and diversity of our merchant base and the buyers they serve are also two key things to keep in mind and which help ensure resilience in the face of potential economic shifts.

話雖如此，但禁令已過期不到一周，我們將繼續監控對我們業務的影響。我們的商家群體及其服務的買家的品質和多樣性也是需要牢記的兩個關鍵事項，這有助於確保在潛在的經濟變化面前具有韌性。

We support millions of businesses across various industries and verticals, addressing every corner of commerce. This diverse merchant base gives us a solid foundation to navigate changing marketing conditions, providing unique stability to our business.

我們為各行各業、各垂直領域的數百萬企業提供支持，涉及商業的各個角落。這個多元化的商戶群體為我們應對不斷變化的市場環境奠定了堅實的基礎，為我們的業務提供了獨特的穩定性。

Certain sectors or segments will require more time to address their supply chains in this environment, but many others also represented on Shopify can move more quickly, mitigating some of the impact to Shopify from these disruptions.

在這種環境下，某些行業或領域將需要更多時間來解決其供應鏈問題，但 Shopify 上的許多其他公司可以更快採取行動，從而減輕這些中斷對 Shopify 的一些影響。

Merchants' pivots in response to trade concerns are wide ranging, including decisions on inventory strategies, pricing changes and sourcing selections. Consider pricing as one example. While some merchants have raised prices, we haven't seen broad-based price increases yet. However, there remains a mix of strategies at play to navigate tariffs beyond just pricing.

商家應對貿易擔憂的措施範圍很廣，包括庫存策略、價格變動和採購選擇方面的決策。以定價為例。雖然有些商家已經提高了價格，但我們還沒有看到大範圍的價格上漲。然而，除了定價之外，還有多種策略可以控制稅務。

Merchants are considering when to change sourcing countries, when to buy inventory or even adjusting product mix in their catalogs. From an end buyer perspective, in 2024, we had over 875 million unique online shoppers, spanning a broad range of income levels and brand loyalties.

商家正在考慮何時更換採購國家、何時購買庫存，甚至調整目錄中的產品組合。從最終買家的角度來看，到 2024 年，我們將擁有超過 8.75 億獨立線上購物者，涵蓋廣泛的收入水平和品牌忠誠度。

While all merchants proudly serve consumers across all income brackets, their buyer base skews towards higher income consumers, with more than half of their buyers in the US having incomes exceeding $100,000.

雖然所有商家都自豪地為各個收入階層的消費者提供服務，但他們的買家群體偏向於高收入消費者，其中超過一半的美國買家收入超過 10 萬美元。

We believe this helps insulate our merchants from some of the potential swings in pricing or other market factors as higher income consumers tend to be less price sensitive. We acknowledge the uncertainty ahead and are actively monitoring our data to help us support our merchants and adapt to whatever changes may arise.

我們相信，這有助於使我們的商家免受價格或其他市場因素的潛在波動的影響，因為高收入消費者往往對價格不太敏感。我們承認未來存在不確定性，並正在積極監控我們的數據，以幫助我們支持我們的商家並適應可能出現的任何變化。

Keeping all this in mind, let's now turn to Outlook. Our GMV data shows continued strength through April and early May, reinforcing our confidence and outperforming the market. Our expectations for the second quarter of 2025 factor in the strength of our Q1 and what we are seeing quarter to date for Q2.

記住這一切，現在讓我們轉向 Outlook。我們的 GMV 數據顯示，4 月和 5 月初 GMV 持續保持強勁，這增強了我們的信心，並且表現優於市場。我們對 2025 年第二季的預期取決於我們第一季的業績表現以及迄今為止第二季的業績表現。

First on revenue. We expect Q2 revenue growth in the mid-20s year-over-year, driven by many of the same factors that supported our strong revenue growth in Q1. This outlook takes into consideration our best estimates of our performance in the context of today's trade and macroeconomic environment with potential headwinds largely offset by FX tailwinds.

首先是收入。我們預計第二季營收將年增 25% 左右，推動因素與支持第一季營收強勁成長的許多因素相同。這項展望考慮了我們在當今貿易和宏觀經濟環境下對績效的最佳估計，潛在的不利因素在很大程度上被外匯順風所抵消。

We expect Q2 gross profit dollars to grow in the high-teens, driven by a mixed shift with more contribution expected from merchant solutions, primarily from payments followed by subscription solutions. The ongoing strength of our lower margin payment product and the accounting impact from PayPal combined with the impact from changes to the paid trial lengths are key factors in this growth.

我們預計第二季毛利將成長百分之十幾，這得益於混合轉變，預期商家解決方案將貢獻更多，主要來自支付，其次是訂閱解決方案。我們的低利潤支付產品的持續強勁表現、PayPal 的會計影響以及付費試用期變化的影響是這一成長的關鍵因素。

These dynamics in terms of gross profit dollar mix shifts are likely to persist, resulting in gross profit dollar growth at a rate lower than revenue growth. We anticipate that our Q2 operating expenses will be 39% to 40% of revenues, which represents a 200 to 300 basis points improvement over Q2 last year when excluding the reversal of the $55 million legal accrual from the prior year.

毛利結構變化的動態可能會持續下去，導致毛利成長率低於收入成長率。我們預計第二季的營運費用將佔收入的 39% 至 40%，如果不包括上一年 5,500 萬美元法定應計費用的沖銷，這將比去年​​第二季提高 200 至 300 個基點。

The factors contributing to our expense leverage in Q1 are expected to persist in Q2 as we stay vigilant on headcount, reflectively use AI to multiply our effectiveness and concurrently invest in high return areas like marketing.

由於我們密切關注員工人數，認真使用人工智慧來提高效率，同時在行銷等高回報領域進行投資，導致我們第一季費用槓桿的因素預計將在第二季度持續存在。

On a dollar basis, operating expenses are increasing both year over year and quarter over quarter, primarily driven by expectations around higher marketing spend that I just discussed.

從美元計算來看，營運費用年比和季比都在增加，這主要是受我剛才討論的對更高行銷支出的預期所致。

Moving to stock based compensation. Q2 SBC is expected to be $120 million. Finally, on free cash flow. For Q2, we expect our free cash flow margin to be in the mid-teens, similar to Q1 of 2025, as we continue to focus on driving growth, not optimizing for near-term margin.

轉向以股票為基礎的薪酬。Q2 SBC 預計為 1.2 億美元。最後，關於自由現金流。對於第二季度，我們預計自由現金流利潤率將達到十幾歲左右，與 2025 年第一季相似，因為我們將繼續專注於推動成長，而不是優化短期利潤率。

We believe that the free cash flow margin profile that we have achieved over the past several quarters strike the right balance between profitability and investments in building the best products for our merchants today and into the future. Simply too many compelling growth opportunities ahead.

我們相信，過去幾季我們實現的自由現金流利潤率狀況在盈利能力和為當前和未來商家打造最佳產品的投資之間取得了適當的平衡。未來有太多引人注目的成長機會。

To close, we are delivering growth across multiple products, multiple geographies, and multiple merchant sizes and types, all while being disciplined on expenses but thoughtfully investing for Shopify's continued growth. The more the environment changes, the clearer it becomes to businesses of all sizes that they need a platform that can adapt, scale and pivot. Shopify is that platform.

最後，我們正在多個產品、多個地區以及多種規模和類型的商家中實現成長，同時嚴格控制開支，並為 Shopify 的持續成長進行深思熟慮的投資。環境變化越大，各種規模的企業就越清楚地意識到，他們需要一個能夠適應、擴展和轉變的平台。Shopify 就是那個平台。

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

說完這些，我就把電話轉回給 Carrie。

(Event Instructions) Samad Samana, Jefferies.

（活動說明）Samad Samana，Jefferies。

Hi. Good morning and thanks for taking my question. And congrats on a really strong quarter. It's been a tough environment. Maybe Jeff or Harley, for either one of you, one of the things that we're trying to figure out is not just where what the GMV mix is for merchants, but maybe where merchants are sourcing the inventory that they're ultimately selling?

你好。早上好，感謝您回答我的問題。恭喜本季業績表現強勁。這是一個艱難的環境。也許 Jeff 或 Harley，對於你們任何一個人而言，我們試圖弄清楚的事情之一不僅僅是商家的 GMV 組合在哪裡，也許是商家從哪裡採購最終要銷售的庫存？

And I appreciate all the disclosures that you gave, but do you have any ability to map where they're currently sourcing from and how much through tariff exposure that they have? And have you factored that into -- like how are you balancing maybe potential demand destruction versus average order value going up. And I know it's not a precise question, but to the extent that you can help illuminate that for us, that would be very helpful. Thank you so much.

我感謝您提供的所有信息，但您是否能夠了解他們目前的採購來源以及通過關稅風險他們面臨多少風險？您是否考慮過這一點——例如，您如何平衡潛在的需求破壞與平均訂單價值的上升？我知道這不是一個精確的問題，但如果您能幫助我們闡明這一點，那將會非常有幫助。太感謝了。

Yeah. Maybe I'll start and then Jeff if you add something. Look, I think it's still very early and we're learning as much as -- I mean, because of our visibility, we're learning a ton. What I can tell you is that we have merchants everywhere of all sizes across pretty much every geography and pretty much every vertical.

是的。也許我會開始，然後 Jeff 如果你要添加一些東西的話。看，我認為現在還為時過早，我們正在學習很多東西——我的意思是，由於我們的知名度，我們正在學習很多東西。我可以告訴你們的是，我們在幾乎所有地區和所有垂直領域都有各種規模的商家。

I mean that is the benefit of the Shopify business model. Our merchant base is not concentrated in one area. So in terms of where they make their products exposure really does vary by merchants. Some are impacted more than others. But net-net, we're not seeing any meaningful impact on GMV. And again, it's still pretty early.

我的意思是這就是 Shopify 商業模式的好處。我們的商戶群體並不集中在一個地區。因此，就產品生產地點而言，商家的曝光度確實存在差異。有些人受到的影響比其他人更大。但總體而言，我們並未看到對 GMV 產生任何有意義的影響。再說一遍，現在還為時過早。

One thing I would add also is if you think about the buyer perspective, in 2024, we had about $875 million unique buyers purchased from a Shopify store. And while it does span a broad range of income levels and certainly brand loyalties because I think our merchants serve customers across different income bracket, more than half of the buyers in the US have incomes exceeding $100,000 to our merchants.

我還想補充一點，如果從買家的角度考慮，到 2024 年，我們將有大約 8.75 億美元的獨立買家從 Shopify 商店購買商品。雖然它確實涵蓋了廣泛的收入水平和品牌忠誠度，因為我認為我們的商家為不同收入階層的客戶提供服務，但超過一半的美國買家的收入超過 100,000 美元。

And I think the scale and that diversity does help insulate our merchants and us by extension. We'll continue to monitor that. But so far, we're not seeing any meaningful impact to GMV.

我認為規模和多樣性確實有助於保護我們和商家之間的安全。我們將繼續監控此事。但到目前為止，我們還沒有看到對 GMV 產生任何有意義的影響。

Yeah. And so, the only thing I would add, you alluded to is that incorporate into our views on guidance. It definitely is. I put some comments in the prepared remarks around how we're thinking about both overall consumer spend as well as some impact from FX. That's all factored in there.

是的。因此，我唯一要補充的是，您提到的這一點，是將其納入我們的指導方針中。絕對是。我在準備好的評論中提出了一些評論，涉及我們如何看待整體消費者支出以及外匯的一些影響。這些都已考慮在內。

And as I also mentioned, we've seen strength through April, we've seen strength in early May. So it's a continuation of all the things that we saw in Q1, which was a very good quarter and we feel good as we think about the consistency of performance when you look at what we've laid out for Q2 and think about what we did in Q1 as well as we've done over the last couple of years in terms of the consistent revenue growth in the margins and the GMV deliverance, we put all that in perspective.

正如我所提到的，我們在四月看到了強勁勢頭，在五月初也看到了強勁勢頭。因此，這是我們在第一季度看到的所有事情的延續，這是一個非常好的季度，當你看到我們為第二季度製定的計劃，並思考我們在第一季度所做的以及過去幾年我們在利潤率和 GMV 交付方面的持續收入增長方面所做的工作時，我們對業績的一致性感到滿意，我們將所有這些都放在了正確的角度。

Martin Toner, ATB Financial.

馬丁‧托納 (Martin Toner)，ATB Financial。

Thank you very much. Is it possible for you guys to give us some more commentary around what has happened with your China-specific merchants in early May?

非常感謝。你們能否就 5 月初發生在中國特定商家身上的情況給我們一些進一步的評論？

Yeah. As it relates to -- we alluded to both. I mentioned just a moment ago that both April and May have been strong in terms of what we've seen in GMV performance. It's obviously a dynamic environment. It's still too early to tell, I think in terms of where this is all going to play out both in terms of the quantum and the timing of the tariffs.

是的。就其相關而言——我們提到了兩者。我剛才提到，從 GMV 表現來看，4 月和 5 月都表現強勁。這顯然是一個動態的環境。我認為，就關稅的數量和時間而言，現在判斷這一切將如何發展還為時過早。

But again, I would say that we're roughly a month into the escalation of tariffs and we continue to see strength in GMV, but as we look at the guidance we gave in Q2, it obviously assumes continued strong performance. In terms of exact detail in China, we don't have anything more to give on that at the moment.

但我再次強調，關稅上調大約一個月後，我們繼續看到 GMV 的強勁增長，但當我們回顧第二季度給出的指引時，顯然我們預計該表現將持續強勁。關於中國的具體細節，我們目前還沒有更多資訊可以提供。

Rob Wildhack, Autonomous.

Rob Wildhack，Autonomous。

Hey, guys. A question on a new merchant acquisition. Harley, you highlighted a bunch of new features, tariff related and other. I imagine those serve to further differentiate Shopify and the value prop.

嘿，大家好。關於新商家收購的問題。哈雷，你強調了許多新功能，包括與關稅相關的功能和其他功能。我想這些有助於進一步區分 Shopify 和價值主張。

Against that though, I could also see a scenario where given all the uncertainty out there, merchants are reluctant to make any big switch in their systems or their infrastructure. So how is the new merchant pipeline playing out both in SMB and enterprise and how has that changed at all over the last couple of months?

儘管如此，我還是可以看到這樣一種情況：考慮到所有的不確定性，商家不願意對他們的系統或基礎設施進行任何重大的改變。那麼，新的商家通路在中小型企業和大型企業中表現如何？在過去的幾個月中，情況發生了怎樣的變化？

Yeah. I mean, SMB has been consistently very strong. We've we haven't seen any changes there. In fact, I would actually argue with you on the larger merchant side actually. I think, a lot of what we're seeing at least is that many legacy commerce platforms are actually being exposed as pretty slow and pretty restrictive.

是的。我的意思是，SMB 一直都非常強大。我們沒有看到那裡有任何變化。事實上，我實際上會站在較大的商家的角度與你爭論。我認為，我們至少看到的是，許多傳統的商業平台實際上被揭露出相當緩慢且相當受限。

Some of these older legacy platforms that large retailers are on, they can't even handle basic tasks like price updates. I heard something this week about loyalty changes being difficult or adjusting inventory on a more rapid basis. And it's not just legacy systems actually, we're also hearing from is that larger retailers and brands with custom built or in-house platforms are realizing that.

大型零售商所使用的一些較舊的遺留平台甚至無法處理價格更新等基本任務。本週我聽到一些關於忠誠度變化很困難或以更快的方式調整庫存的消息。實際上，不僅僅是遺留系統，我們聽說擁有定製或內部平台的大型零售商和品牌也意識到了這一點。

Those platforms are just as brittle and slow especially right now. So as a result, I think actually brands are moving to Shopify, larger brands are moving to Shopify at even higher clip and I think, partially it's because they want to simplify complexity, they want to improve execution speed, reduce friction, but they also are looking for lower cost of ownership.

這些平台同樣脆弱且緩慢，尤其是現在。因此，我認為實際上品牌正在轉向 Shopify，更大的品牌正在以更高的速度轉向 Shopify，我認為部分原因是他們想要簡化複雜性，他們想要提高執行速度，減少摩擦，但他們也在尋求更低的擁有成本。

One of the things that I think we have become -- a reputation I think Shopify has that it is well deserved is that our merchants are more resilient. We mentioned 38 or 39 of the merchant cohorts since the IPO 10 years ago have performed better than the broader e-commerce market.

我認為我們已經獲得的一個聲譽是 Shopify 當之無愧的，那就是我們的商家更有韌性。我們提到，自 10 年前 IPO 以來，有 38 或 39 個商家群體的表現優於更廣泛的電子商務市場。

But also, as a responsibility, we are building tools this incredible clip, whether I think as soon as any talks to tariffs came out, we created a buy local filter over a weekend in the Shop App managed markets is evolved incredibly, do these calculations, pricing transparency.

但同時，作為一項責任，我們正在建立工具，這個令人難以置信的剪輯，我認為，一旦有任何關稅談判出來，我們就會在周末在 Shop App 管理的市場中創建購買本地過濾器，這是一個令人難以置信的發展，做這些計算，定價透明度。

So I think this actually -- one of the things we're seeing is that a lot of these larger more legacy systems are using this opportunity to re-evaluate whether or not they have the right commerce partner long term. Again, not just because of the flexibility, but also because of total cost of ownership and that's been really great as I mentioned, we've had some incredible -- some of the most iconic retailers and brands on the planet come to Shopify the last quarter and that pipeline has not slowed down at all.

所以我認為實際上——我們看到的事情之一是，許多大型遺留系統正在利用這個機會重新評估他們是否擁有合適的長期商業夥伴。再次強調，這不僅是因為靈活性，還因為總體擁有成本，正如我提到的那樣，這真的很棒，我們已經有一些令人難以置信的 - 上個季度地球上一些最具代表性的零售商和品牌來到 Shopify，而且這一渠道根本沒有放緩。

Bhavin Shah, Deutsche Bank.

德意志銀行的 Bhavin Shah。

Thanks for taking my question. Jeff, Harley, you guys both alluded to on the call several times about your ability to lean into AI internally. And given this additional emphasis that you guys put on this starting this year, how is this impacting your views on overall expenses relative to the prior commentary that you guys talked about on free cash flow margins?

感謝您回答我的問題。傑夫、哈雷，你們兩個在電話中多次提到你們內部依賴人工智慧的能力。鑑於你們從今年開始對此給予了額外的重視，相對於你們先前對自由現金流利潤率的評論，這對你們對整體支出的看法有何影響？

And then Jeff, how willing are you to maybe adjust your marketing spend if you do see changes in merchant or consumer behavior?

那麼 Jeff，如果您確實看到商家或消費者行為發生變化，您願意在多大程度上調整您的行銷支出？

And maybe I'll start just on the AI internally and then Jeff can talk a bit about on the financial impacts and opportunities there. I think all of you by now have hopefully saw Toby's note. AI is being built into the culture and frankly built into the DNA of how we operate.

也許我會從內部人工智慧開始，然後傑夫可以談談那裡的財務影響和機會。我想大家現在都已經看到托比的筆記了。人工智慧正在融入我們的文化，坦白說，已經融入我們運作方式的 DNA 中。

It is now a reflex that is expected of our 8,000 people that work with us. So we're really leaning into this. Even just in the last couple of weeks, we've built roughly a dozen MCP servers that pretty much make every single corner of Shopify's work legible, which means that everyone at Shopify now has more access to more information on a much more rapid clip.

這已成為我們 8,000 名員工應盡的職責。所以我們確實傾向於此。甚至就在過去的幾周里，我們已經建立了大約十幾台 MCP 伺服器，幾乎使 Shopify 工作的每個角落都清晰可見，這意味著 Shopify 的每個人現在都可以以更快的速度獲取更多資訊。

Obviously, the Vantage team coming in who are rockstars in AI are going to help take our search capabilities to the next level. So we don't just necessarily talk about AI from the superpowers we can give with Sidekick and magic to our merchants to make them far more effective. But even in terms of how we use it internally to make Shopify more effective in during our day-to-day work, we think Shopify is best positioned to leverage that.

顯然，Vantage 團隊作為人工智慧領域的頂尖人才，將幫助我們將搜尋能力提升到一個新的水平。因此，我們不一定要談論人工智慧的超能力，我們還可以用 Sidekick 和魔法賦予我們的商家，使他們更有效率。但即使就我們如何在內部使用它來提高 Shopify 在日常工作中的效率而言，我們認為 Shopify 最有能力利用這一點。

Yeah. And as it relates to the implications on margins, obviously, AI will be one of the tailwinds that Harley just alluded to that can multiply the effectiveness of the team. But it also dovetails into your question, I think, Bhavin as you're trying to think about how does that in terms of market opportunities changes in this dynamic market, how does that all play out?

是的。至於對利潤的影響，顯然，人工智慧將成為哈雷剛才提到的順風之一，可以倍增團隊的效率。但我認為，這也與您的問題相吻合，Bhavin，當您試圖思考就這個充滿活力的市場中的市場機會變化而言，這一切將如何發揮作用？

I would say nothing's changed in our views on free cash flow margins and the power of this business. We like the free cash flow margins that we've achieved. We think this margin profile strikes the right balance of profitability and investing as we've alluded to. And we've obviously been really thoughtful and disciplined in terms of how we've gotten to this point.

我想說，我們對自由現金流利潤率和這項業務實力的看法沒有任何改變。我們喜歡我們所實現的自由現金流利潤率。我們認為，正如我們所提到的，這種利潤率狀況在獲利能力和投資之間取得了適當的平衡。顯然，我們在實現這一目標的過程中已經經過深思熟慮並且十分嚴謹。

So we will continue to exercise that discipline. But I would also say that the discipline allows us -- can lead us to both cut back if the spending returns aren't there, for example, if some of the things on the marketing front changes the function of the market overall, but also lean into it, of course, which is the right thing to do if you see compelling opportunities, which are going to get great merchants on our platform and bring all the long-term value that they would bring.

因此我們將繼續嚴格執行這項紀律。但我也想說，這種紀律允許我們——如果支出回報不存在，可以讓我們削減開支，例如，如果營銷方面的一些事情改變了整個市場的功能，但當然，如果你看到引人注目的機會，這是正確的做法，這將吸引優秀的商家到我們的平台上，並帶來他們可能帶來的所有長期價值。

So I think I fundamentally believe that companies are built on focusing on the long term and seizing these opportunities. So again, we worked hard to get here. We take that very seriously. We have guardrails and marketing spend, and we also think about guardrails on the profitability.

因此，我認為我從根本上相信公司是建立在著眼於長遠發展並抓住這些機會的基礎上的。所以，我們再次付出了巨大的努力才到達這裡。我們對此非常重視。我們有護欄和行銷支出，我們也考慮盈利能力的護欄。

But I think we are very good at finding early signal and adapting and Harley alluded to that in his comments, I think that's something we do exceptionally well. So we're going to remain focused on our merchants, getting great merchants on the platform. And again, nothing changed in our philosophy here.

但我認為我們非常擅長發現早期訊號並進行調整，哈雷在他的評論中提到了這一點，我認為這是我們做得非常好的事情。因此，我們將繼續專注於我們的商家，在平台上吸引優秀的商家。再次強調，我們的理念沒有改變。

Yeah. Let me just underline that point because I think it is a uniquely Shopify thing. This is an area where we have real flexibility given these returns-based approach to marketing. I think we are uniquely positioned with incredible visibility and signal to what's working what's on in some parts of our growth engine.

是的。我只想強調這一點，因為我認為這是 Shopify 獨有的。鑑於這些基於回報的行銷方法，我們在這個領域擁有真正的靈活性。我認為我們擁有獨特的優勢，能夠清楚地了解我們成長引擎某些部分的運作。

We can actually get a sense of changes to CAC within a week. And on the LTV side, the same type of thing. So that means we can flex up and flex in our spend based on solid data views that we can get back at this incredibly fast rate.

我們實際上可以在一周內了解 CAC 的變化。在 LTV 方面，也是同樣的事情。這意味著我們可以根據以極快的速度獲得的可靠數據視圖靈活地增加和調整我們的支出。

And I think that ability to allow us to play with those levers, if we see opportunities to gain market share, we'll take them. If we see the things are changed, we can pull back as well. So as it relates to Q2, more of that -- we're able to really view we're changing at a very, very fast clip and then make very good decisions on either side, whether again things are going one way or the other. I think that is a real advantage to Shopify's growth in our funnel and our business model.

我認為這種能力使我們能夠利用這些槓桿，如果我們看到獲得市場份額的機會，我們就會抓住它們。如果我們發現情況發生了變化，我們也可以撤退。因此，就第二季而言，更重要的是——我們能夠真正看到我們正在以非常非常快的速度發生變化，然後在任何一方面做出非常好的決定，無論事情是朝著一個方向發展還是另一個方向發展。我認為這對 Shopify 的管道和商業模式的成長來說是一個真正的優勢。

Michael Morton, MoffettNathanson.

麥可莫頓，莫菲特納桑森。

Good morning. Maybe a quick one for Jeff and a bigger picture one for Harley that I've asked before. Jeff with the three-month trials and the slight step up in marketing spend, just if you could maybe dig a little deeper on who you're targeting with that a certain type of merchant, a certain product, a certain geography, that would be great.

早安.也許我之前問過，對 Jeff 來說這是一個快速的問題，而對 Harley 來說則是一個更大的問題。傑夫，透過三個月的試用和略微增加的行銷支出，如果你可以更深入地了解你的目標客戶，特定類型的商家，特定產品，特定地區，那就太好了。

And then for Harley, I've asked this before, but we're seeing it develop more actually a lot of search conversation this week in the news and Shopify has some really interesting partnerships with the LLMs. I was wondering if you're seeing any change yet in traffic generation sources for your merchant base?

對於 Harley，我之前問過這個問題，但我們看到它實際上在本週的新聞中發展了很多搜尋對話，並且 Shopify 與 LLM 建立了一些非常有趣的合作夥伴關係。我想知道您是否看到您的商家群體的流量產生來源發生了任何變化？

And then maybe a slight shift of the center of gravity of the legacy ecosystem that goes like feeds people from Google Search to Amazon, maybe pointing more consumers to DTC websites. Thank you.

然後，也許傳統生態系統的重心會發生輕微轉移，就像將人們從谷歌搜尋轉移到亞馬遜一樣，也許會將更多的消費者引導到 DTC 網站。謝謝。

So thanks for your question, Michael. I'll start with your question on marketing, and I'll hand it over to Harley. In terms of our marketing spend on merchant -- again I alluded to this in my comments earlier, the merchant acquisition engine is working very well. It's executing exactly as we would be hoping.

謝謝你的提問，麥可。我先從您關於行銷的問題開始，然後交給哈雷。就我們在商家上的行銷支出而言——我之前在評論中再次提到過這一點，商家獲取引擎運作得非常好。它的執行正如我們所希望的那樣。

And that ties back into the marketing spend, but there's been no change in the marketing philosophy in terms of the segments we're trying to target. We obviously the majority of our spend as we've talked about before is performance-based marketing.

這與行銷支出有關，但就我們試圖瞄準的細分市場而言，行銷理念並沒有改變。正如我們之前所說，我們的大部分支出顯然是基於績效的行銷。

It's supporting both the areas of growth as well as all the areas that traditionally have been strongholds for us. And so, there's spend in the US, there's spend in Europe. I alluded in my comments how well I think it's working in Europe as a function of both the product market fit we have and how the marketing is dovetailing to that.

它既支持成長領域，也支持我們的傳統強項領域。因此，美國有支出，歐洲也有支出。我在我的評論中提到，我認為它在歐洲運作得很好，這既取決於我們的產品市場契合度，也取決於行銷如何與之契合。

It's supporting point of sale, it's supporting SMB. It's supporting enterprise. It's supporting all the various elements. So I'd say there's no specific segment where we feel like, hey, we really need to focus on this one at the expense of others.

它支援銷售點，它支援 SMB。它正在支持企業。它支援各種元素。所以我想說，我們並沒有覺得某個特定的部分需要我們以犧牲其他部分為代價來專注於這個部分。

It's discipline return-based marketing to support all the great things we're doing. But we really think as we think about the product S curves, the growth curves of all of our solutions, they're performing well and we're supporting them.

基於紀律回報的行銷支持了我們所做的所有偉大的事情。但我們確實認為，當我們考慮產品 S 曲線、所有解決方案的成長曲線時，它們表現良好，而且我們正在支持它們。

Yeah. Let me just talk quickly about AI and I think the question really is around AI shopping. The first thing is I just kind of want to say this because I don't think I get a chance to this very often. I think Shopify is widely recognized as one of the best companies globally for fostering like very long term, very beneficial partnerships.

是的。讓我快速談談人工智慧，我認為問題實際上在於人工智慧購物。首先，我只是想說這一點，因為我認為我沒有機會經常這樣做。我認為 Shopify 被廣泛認為是全球最善於建立長期、互惠互利的合作關係的公司之一。

You've seen that obviously with what we do with payments or some of stuff for with buy now pay later or cross border. So one of the things we think about is that wherever commerce is taking place, Shopify will be there and obviously one of the things we are seeing is that more and more searches are starting on places beyond just some search engine. That's a huge opportunity, whereby more consumers are going to be searching for great products.

您顯然已經看到了我們在付款方面所做的事情，或者一些先買後付或跨境的事情。因此，我們考慮的事情之一是，無論商業在哪裡發生，Shopify 都會在那裡，顯然我們看到的事情之一是，越來越多的搜尋開始出現在某些搜尋引擎之外的地方。這是一個巨大的機遇，更多的消費者將會尋找優質的產品。

And for us to qualify and then requalify to be the core retail operating system for the millions of stores that uses and many millions more in the future, we have to make sure they show up everywhere where commerce is happening.

為了使我們有資格並重新獲得資格成為數百萬家商店以及未來數百萬家商店的核心零售作業系統，我們必須確保它們出現在所有商業活動發生的地方。

So, obviously, we've talked about some of the partnerships in the past. You've seen we've done with Perplexity, OpenAI. We will continue doing that. We're not going to front run our product roadmap when it comes to anything, frankly, but we do think though that AI shopping in particular is a huge opportunity and you can expect that Shopify will be wherever consumers are looking to find incredible products.

所以，顯然，我們過去已經談論過一些合作關係。您已經看到我們與 Perplexity、OpenAI 合作完成的工作。我們將繼續這樣做。坦白說，我們不會在任何方面預先制定產品路線圖，但我們確實認為人工智慧購物是一個巨大的機遇，你可以期待 Shopify 會出現在消費者尋找令人難以置信的產品的任何地方。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you guys for taking the question. And really appreciate the way you guys are kind of coming at this period of uncertainty in a period of stress and highlighting the quality of Shopify, and what we've seen historically is the high-quality companies tend to pull away from the pack in periods of stress.

出色的。謝謝你們回答這個問題。非常感謝你們在這段充滿壓力的不確定時期所採取的方式，並強調了 Shopify 的質量，而我們從歷史上看到，高品質的公司往往會在壓力時期脫穎而出。

And I think you guys are doing a really good job of showing why Shopify is that high-quality company. And while you have the ability to pull away and gain market share, even in times when the macros are perhaps not a tailwind to you guys. So kudos on that. It's a great positioning.

我認為你們很好地展示了 Shopify 為何是一家高品質的公司。儘管你們有能力脫穎而出並獲得市場份額，但即使在宏觀經濟可能對你們沒有好處的時候。對此我表示讚賞。這是一個很好的定位。

On the other side of the equation, though, gross margins is a key metric that software investors definitely look to degradation in gross margins tends to break out investors to use the technical term. So can you maybe talk to us a little bit about the durability of these or how long these gross margin pressures are going to persist, particularly maybe enumerate what's happening with the PayPal accounting change.

然而，從另一個角度來看，毛利率是軟體投資者絕對關注的關鍵指標，毛利率的下降往往會讓投資者使用技術術語。那麼，您能否向我們簡單介紹一下這些因素的持久性，或者這些毛利率壓力將持續多久，特別是列舉 PayPal 會計變更帶來的影響。

Any sense you could give us like what the topline the revenue impact was there versus what the gross margin impact is? And just fundamentally, when will we see overall gross margin start to stabilize? Or will we see overall gross margins start to stabilize sometime in the not-too-distant future.

您能否告訴我們，這對總收入的影響以及對毛利率的影響分別是什麼？從根本上來說，我們什麼時候才能看到整體毛利率開始穩定？或者我們會看到整體毛利率在不久的將來開始穩定。

Yeah. Keith. Thanks for your question and thanks for your opening comments. We definitely think about equality and the opportunity for us to continue to differentiate ourselves from the pack here. On your gross margin question, let me break it into the two pieces, one, what we're seeing on the subscription solution side and then two, on the merchant solution side and dovetail into some of your other pieces there.

是的。基思。感謝您的提問，也感謝您的開場白。我們當然會考慮平等以及讓我們繼續從其他人中脫穎而出的機會。關於您的毛利率問題，讓我將其分為兩部分，第一，我們在訂閱解決方案方面看到的內容，第二，在商家解決方案方面，並與您的其他一些部分相吻合。

I alluded in my comments earlier on the subscription solution side, we've been pretty stable here in terms of how we think about it. It's been 80%-plus or minus, a couple 100 basis points, generally higher rather than lower than that 80 basis points.

我之前在訂閱解決方案方面的評論中提到過，就我們的想法而言，我們在這方面相當穩定。它一直在 80% 左右，上下浮動幾百個基點，一般會高於而不是低於 80 個基點。

But you look back several years now, and it's been pretty consistent. And I mentioned in my comments earlier that we don't see that changing. So that's something from that vantage point which I think we continue to execute on really well.

但現在回顧過去幾年，情況一直相當一致。我之前在評論中提到過，我們認為這種情況不會改變。所以從這個角度來看，我認為我們會繼續很好地執行這一點。

As it relates to the gross profit levels, the gross margin levels on merchant solutions, PayPal is a piece of it. We have not quantified it. Payments is one of the things of course that it continues to be a larger and larger percentage of revenues that has some headwinds on gross margin.

就毛利水準和商家解決方案的毛利率水準而言，PayPal 是其中的一部分。我們還沒有量化它。當然，支付是收入中佔比越來越大的因素，這對毛利率造成了一些阻力。

And as to the extent that larger merchant GMVs, that larger GMV merchants come on platform, of course, that will have some headwinds to it. Payments though is obviously a good thing because it brings along a lot of other products that generally fall in the slipstream of what we're doing on that front, and we talked about the strength of tax and capital and cross border and all those things.

至於 GMV 較大的商家，即 GMV 較大的商家進入平台的程度，當然，這會遇到一些阻力。不過，支付顯然是一件好事，因為它帶來了許多其他產品，這些產品通常與我們在這方面所做的事情息息相關，我們討論了稅收、資本、跨國等優勢。

So we did have a little bit of impact from the fall off of the non-cash revenue, as we have some partnerships where there's no cash revenue attached to those. One of those did roll off in Q4. That would be a, I guess, like a one time or just Q4 or Q1 adjustment. So the margins going forward are going to be a mix, obviously, of everything we have going on with the merchant solutions.

因此，非現金收入的下降確實對我們產生了一點影響，因為我們的一些合作關係並沒有帶來現金收入。其中一個確實在第四季推出。我想，這將是一次性的，或者只是第四季度或第一季的調整。因此，未來的利潤率顯然將取決於我們在商家解決方案方面所做的一切。

Again, we call out tax. Capital continues to grow well. Shopify FX continues to grow really well. Those are all margin accretive. So I think we're in this period of time. You go back two years, there's a lot of good products we introduced. They're continuing to ramp, they're ramping really well, just given the size of the overall business.

再次，我們呼籲稅收。資本持續良好成長。Shopify FX 繼續保持良好的成長動能。這些都是可以增加利潤的。所以我認為我們正處於這個時期。回顧兩年前，我們推出了許多好產品。考慮到整體業務規模，他們的成長勢頭非常好。

It just takes a while for them to have a meaningful impact to meaningful time to move the needle, only just given the size of payments, given the size of everything else. So we feel really good about where we are in terms of delivering the gross profit dollars. The paid trial change because the last thing I would say, the temporary piece for this year for sure is going to be subscription solutions.

只是需要一段時間才能對指針產生有意義的影響，這僅僅是考慮到支付的規模，考慮到其他一切的規模。因此，就實現毛利而言，我們對自己目前的狀況感到非常滿意。付費試用發生變化，因為我最後要說的是，今年的臨時方案肯定是訂閱解決方案。

Last couple of years, we've had a little bit of an uplift as it relates to the pricing change. The paid trial change is really going to be a headwind for subscription solutions growth this year, but going into next year, that will not be an issue. And again, while there's some MRR comparability issues. There's no net merchant ad issues at all. That's going really well.

過去幾年，我們在價格變動方面取得了一些進展。付費試用的變化確實會成為今年訂閱解決方案成長的阻力，但到了明年，這將不再是問題。再次強調，存在一些 MRR 可比較性問題。根本沒有任何網路商家廣告問題。一切進展順利。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

Great. Thank you for taking the question. I want to touch a little bit on the Shopify point of sale in-store business. You mentioned some of the larger brands coming onto the platform. I was hoping we could tackle it from two angles.

偉大的。感謝您回答這個問題。我想稍微談談 Shopify 店內銷售點業務。您提到了一些進入該平台的大品牌。我希望我們可以從兩個角度來解決這個問題。

First is competitive differentiation, whether it's inventory functionality or multi-location or maybe you could expand upon that, particularly as it's relative to Clover, Square, Lightspeed, and maybe some of the other, the legacy providers, the Micros, et cetera.

首先是競爭差異化，無論是庫存功能還是多地點，或者你可以擴展這一點，特別是相對於 Clover、Square、Lightspeed 以及其他一些傳統提供者、Micros 等。

And then the second piece is around the distribution side. So Clover utilizes ISOs and bank partners and has direct sales. Square recently signed its first ISO in the US and they're hiring salespeople. Maybe you could just compare and contrast the distribution efforts behind the point of sale offering for Shopify.

第二部分是關於分銷方面。因此，Clover 利用 ISO 和銀行合作夥伴並進行直接銷售。Square 最近在美國簽署了第一份 ISO 協議，並且正在招募銷售人員。也許您可以比較和對比 Shopify 銷售點產品背後的分銷工作。

Yeah Thanks for the question. It's a great question. So first of all, I think point of sale, think about this is like this incredible multi-year growth initiative for us. I think the results for the quarter show that we're making a really great traction. I mean, Q1 offline and GMV was 23% in the quarter.

是的，謝謝你的提問。這是一個很好的問題。因此首先，我認為銷售點，想想這對我們來說就像是一個令人難以置信的多年成長計劃。我認為本季的結果表明我們正在取得巨大進展。我的意思是，Q1 線下和 GMV 佔本季的 23%。

And again, getting these brands like Just Cozy, FAO Schwarz, Grand Seiko, we're getting a lot of these much larger multi-location ones I mentioned on the enterprise side, working with these companies like Follett right now that has 1,000 stores across campus at every university campus in America.

再次，我們獲得了 Just Cozy、FAO Schwarz、Grand Seiko 等品牌的支持，我們也獲得了我在企業方面提到的許多規模更大的多地點品牌的支持，目前我們正在與 Follett 等公司合作，這些公司在美國每個大學校園都有 1,000 家商店。

So I think you'll continue to see a lot of momentum, especially with these large complex multi-location merchants, and part of the competitive advantage is just the fact that -- I mean the feature said it's amazing. You tap to pay expansion, having shipped to store capabilities. I mean, the amount of features that we're rolling out for point of sale by itself just in the last two quarters is more than any of the other companies you mentioned roll out in multiple years. So just the velocity of product expansion is incredible.

因此我認為你會繼續看到很大的發展勢頭，特別是對於這些大型複雜的多地點商家來說，而部分競爭優勢僅僅在於——我的意思是這個功能太棒了。您點擊付款擴展，擁有運送到商店的功能。我的意思是，僅在過去兩個季度，我們為銷售點推出的功能數量就比您提到的任何其他公司多年來推出的功能數量還要多。因此產品擴張的速度令人難以置信。

In terms of the go to market, there's a couple things we are doing here. So obviously we're looking at new geographies, new verticals, new segments, but it's not just necessarily us go to market on our own. We also have incredible SIs we're working with, and I've mentioned that some previous calls working with, frankly the largest SIs on the planet that are bringing us to market as well.

在進入市場方面，我們正在做幾件事。因此，顯然我們正在尋找新的地域、新的垂直領域、新的細分市場，但這不一定是我們自己進入市場。我們也與一些非常出色的 SI 合作，我之前提到過，我們之前與一些世界上最大的 SI 合作，他們也將我們推向市場。

And then I think probably the larger piece of why we're winning, when it comes to point of sale and retail is that I don't think the future of retail is going to be online versus offline where these incredible businesses think about different segments, channel conflict, they want a single place where they can view the entirety of all their business online and offline and potentially through AI and on social media platforms.

然後，我認為，當涉及銷售點和零售時，我們之所以能夠獲勝，更大的原因可能是，我認為零售業的未來不會是線上與線下之間的較量，這些令人難以置信的企業會考慮不同的細分市場、平台衝突，他們想要一個可以查看所有線上和線下業務的單一地方，並可能透過人工智慧和社交媒體管道查看。

And so, this idea of Shopify being this unified commerce system that allows you to sell across every single channel and as more channels come to play -- again, we talked about AI a little on this call that wasn't around two years ago. Now it is. The fact you can default have that with Shopify, we think is an incredible opportunity.

因此，Shopify 的理念是作為統一的商業系統，讓您可以透過每個管道進行銷售，並且隨著更多管道的加入，我們在這次電話會議上再次討論了人工智慧，而這在兩年前還不存在。現在是了。事實上，您可以使用 Shopify 預設擁有此功能，我們認為這是一個難得的機會。

The other thing is like, Alo came to us a couple weeks ago and said they actually want to offer same day delivery on their checkout, like their physical checkout. And so, we worked with Uber and DoorDash to get that going for them within a matter of weeks.

另一件事是，幾週前 Alo 來找我們說他們實際上想在結帳時提供當日送達服務，就像他們的實體結帳一樣。因此，我們與 Uber 和 DoorDash 合作，在幾週內幫助他們實現了這一目標。

That velocity, that confidence that these large and legacy brands are giving to us because they know that we can be a long-term partner is allowing us to win this market. So I know the companies you mentioned, but I think from a product perspective and from an integration perspective with unified commerce, we'll continue to win business.

這些大型傳統品牌給予我們的速度和信心，因為他們知道我們可以成為長期合作夥伴，這讓我們贏得了這個市場。我知道您提到的這些公司，但我認為從產品角度以及與統一商務的整合角度來看，我們將繼續贏得業務。

Dominic Ball, Redburn Atlantic.

多明尼克‧鮑爾 (Dominic Ball)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Hey, everyone. Hey, Harley, may be a question for yourself. You touched on it earlier. How does Shopify view the emergence of AI agents in terms of -- do you guys see this as an opportunity or more of a threat because on one hand, they could facilitate direct checkout with their own platforms.

嘿，大家好。嘿，哈雷，這可能是你自己的問題。您之前已經提到過這一點。Shopify 如何看待人工智慧代理商的出現——你們認為這是一個機會還是一個威脅，因為一方面，他們可以透過自己的平台實現直接結帳。

On the other hand, this may also unlock sort of a new sales channel for Shopify merchants very similar to what happened with social media commerce. And then one last if purchases are done automatically through AI agents, does this reduce the value proposition of Shop Pay as well? So how are you guys thinking about this dynamic?

另一方面，這也可能為 Shopify 商家開闢一種新的銷售管道，與社群媒體商務的情況非常相似。最後，如果購買是透過人工智慧代理自動完成的，這是否也會降低 Shop Pay 的價值主張？那麼你們如何看待這種動態呢？

We think it's a great opportunity. Look, the more channels that exist in the world, the more complexity it is for merchants and brands. That's where the value of Shopify really shines. So if there's a new surface area, whether it's through AI agents or through just simply LLMs and AI wrappers that consumer goes to look for a new pair of sneakers or a new a cosmetic or a piece of furniture. They want to have access to the most interesting products from the most important brands, and those are all on Shopify.

我們認為這是一個很好的機會。你看，世界上存在的管道越多，商家和品牌面臨的複雜性就越大。這就是 Shopify 真正閃耀價值的地方。因此，如果有新的表面區域，無論是透過人工智慧代理商還是透過簡單的 LLM 和人工智慧包裝器，消費者都會去尋找一雙新的運動鞋、一種新的化妝品或一件家具。他們希望能夠獲得最重要的品牌的最有趣的產品，而這些產品都在 Shopify 上。

So for us, we think that all of these new areas where commerce is happening is a great thing. It allows Shopify to increase its value, and we're working with pretty much every single company that you you have in mind to ensure that we are surfacing Shopify merchants products when people are searching for it. So we think it's a huge opportunity.

因此，對我們來說，我們認為所有這些開展商業活動的新領域都是一件偉大的事情。它可以讓 Shopify 提升其價值，而且我們正在與您想到的幾乎每一家公司合作，以確保當人們搜尋時，我們能夠展示 Shopify 商家的產品。所以我們認為這是一個巨大的機會。

One thing I will say also just before we end because I think it's important and we're getting to closing time here. I hope on this call, presumably all of you picked up the tone of Jeff and my comments, we believe that that Shopify is performing quarter after quarter, both in terms of topline momentum, but also managing expenses and delivering profitability.

在我們結束之前我還要說一件事，因為我認為這很重要，而且我們快要結束時間了。我希望在這次電話會議上，想必大家都能領會傑夫和我的評論，我們相信 Shopify 的表現逐季都有所提升，不僅體現在營收成長動能上，也體現在管理費用和獲利上。

But one thing I do want to say, just given the nature of the questions on this call that I want to reiterate, hopefully most of you already know this, but we're about to cross the 10 year mark since our IPO and one thing that I think you've most of you have come to understand on all of you is that Shopify was absolutely built for times like this, times where things seem uncertain or unclear.

但有一件事我確實想說，鑑於這次電話會議中問題的性質，我想重申一下，希望你們大多數人已經知道這一點，但我們即將跨越 IPO 以來的 10 週年，我認為你們大多數人都已經明白的一件事是，Shopify 絕對是為這樣的時代而建的，在這種時代，事情似乎不確定或不明確。

This is when we thrive, whether it was 2008, whether it was the pandemic or right now. Shopify was absolutely built for agility, and I think these days for us are just like anything else. Our objective in these times is to shoulder complexity so our merchants don't have to. It's how we build so much trust and it's why I think our merchants are so damn resilient.

這是我們繁榮昌盛的時刻，無論是 2008 年，無論是疫情時期，還是現在。Shopify 絕對是為敏捷性而構建的，我認為這些日子對我們來說就像其他任何事情一樣。我們目前的目標是承擔複雜性，以便我們的商家不必承擔。這就是我們建立如此多信任的方式，也是我認為我們的商家如此堅韌的原因。

But for us as a company, we operate very well in these environments and we have the right levers to adjust on a dime, but we can also seize huge opportunities if and when they arise and grow our business. So I think it's precisely in times like this that we can demonstrate that those building on Shopify are simply better prepared than those that are not.

但對於我們公司而言，我們在這些環境中運作得很好，我們有正確的槓桿來隨時進行調整，但我們也可以在出現巨大機會時抓住它們並發展我們的業務。因此，我認為正是在這樣的時刻，我們可以證明那些在 Shopify 上建立的人比那些沒有的人準備得更充分。

And with that, I just want to thank you all for joining the call and for us we'll get back to building the future of commerce. So thank you.

最後，我只想感謝大家參加這場電話會議，我們將繼續共同建立商業的未來。所以謝謝你。

With that, this concludes our first quarter 2025 conference call. Thank you.

至此，我們的 2025 年第一季電話會議就結束了。謝謝。