Shopify Inc (SHOP) 2025 Q2 法說會逐字稿

Good morning, and thank you for joining Shopify's second quarter 2025 conference call. I'm Carrie Gillard, Director of Investor Relations. And joining us today are Harley Finkelstein, Shopify President; and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions. 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.

早安，感謝您參加 Shopify 2025 年第二季電話會議。我是投資人關係總監 Carrie Gillard。今天與我們一起的還有 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。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。

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. You can read about these assumptions, risks and uncertainties in our press release this morning as well as in our filings with US and Canadian regulators. We also speak to adjusted financial measures, which are non-GAAP and not a substitute for GAAP financial measures.

不應過度依賴這些前瞻性陳述。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。我們也談到了調整後的財務指標，這些指標是非 GAAP 的，不能取代 GAAP 財務指標。

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 good morning, everyone. Now before we get into the numbers, I want to do something a little bit different today. I want to start by looking back at Shopify's last few earnings calls.18-months ago, I said that we would power up our offline and our B2B on-ramps, creating a truly unified commerce platform. Well, fast forward to today, our offline GMV is up 29% year-over-year, our B2B GMV is up 101%, and we're bringing the biggest brands in the planet to the platform through our unified commerce offering.

謝謝，Carrie，大家早安。在我們討論數字之前，今天我想做一些不同的事情。首先我想回顧一下 Shopify 最近的幾次財報電話會議。 18 個月前，我曾說過，我們將增強線下和 B2B 業務，創造一個真正統一的商業平台。好吧，快進到今天，我們的線下 GMV 同比增長 29%，B2B GMV 增長 101%，並且我們通過統一的商業產品將全球最大的品牌引入該平台。

12-months ago, I said we would continue to deliver both growth and profitability. And this past quarter, we delivered $2.7 billion of revenue, up 31% year-over-year, and our free cash flow margin was 16%. And finally, six-months ago, we committed to expanding our reach across all geographies, and particularly in Europe. Well, our international GMV for this most recent quarter was up 42% year-over-year, accelerating from Q1 driven largely by outperformance in Europe.

12 個月前，我說過我們將繼續實現成長和獲利。上個季度，我們的營收為 27 億美元，年增 31%，自由現金流利潤率為 16%。最後，六個月前，我們致力於擴大在所有地區的影響力，特別是在歐洲。我們最近一個季度的國際 GMV 年成長 42%，較第一季有所加速，這主要得益於歐洲的優異表現。

Now the strong results you see today come from seeds we planted years ago. Past investments are now paying off. And the ones we are making today will drive results for years to come. So if you take one thing away from this call, let it be this, Shopify delivers. We do what we say we're going to do. That consistency, follow-through and durable growth that is Shopify's MO.

您今天所看到的強勁成果來自於我們多年前種下的種子。過去的投資現在正在獲得回報。我們今天所做的努力將在未來幾年產生積極的影響。因此，如果您從這通電話中了解到一件事，那就是 Shopify 做到了。我們說到做到。一致性、後續性和持久性成長就是 Shopify 的經營理念。

Now I want to call this out at the top of this call because we've had a lot of wins this quarter, which we'll get into next. But this quarter-to-quarter consistency is really what matters. This is how generational companies are built, and this is what you're seeing from Shopify. Okay. Now let's get into the wins and the progress we made in Q2 specifically.

現在我想在這次電話會議的開頭提到這一點，因為我們在這個季度取得了很多勝利，我們將在下一部分討論這些勝利。但季度間的一致性才是真正重要的。這就是世代公司建立的方式，這也是您從 Shopify 看到的。好的。現在讓我們來具體談談我們在第二季度取得的勝利和進展。

As I mentioned earlier, we delivered Q2 revenue of $2.7 billion, up 31% year-over-year, and free cash flow margin was 16%. GMV was up 31%, accelerating from Q1. And this strong GMV result was driven by continued outperformance in Europe as well as momentum in our largest market, the US. This is the outcome of a clear strategy executed really well.

正如我之前提到的，我們第二季的營收為 27 億美元，年增 31%，自由現金流利潤率為 16%。GMV 成長 31%，較第一季有所加快。這一強勁的 GMV 業績得益於歐洲的持續優異表現以及我們最大市場美國的強勁發展勢頭。這是清晰戰略得到良好執行的結果。

Agility and ease of use are now prerequisites for any modern commerce company, and that's why we've become a strategic advantage to all businesses in today's unpredictable market. This quarter, we signed up some iconic global brands, including Starbucks, Canada Goose and Burton Snowboards. And I love getting to speak to this diversity of brands, choosing Shopify because it really reflects the flexibility of the platform.

靈活性和易用性現在是任何現代商業公司的先決條件，這就是為什麼我們成為當今不可預測的市場中所有企業的策略優勢。本季度，我們簽約了一些標誌性的全球品牌，包括星巴克、加拿大鵝和 Burton Snowboards。我喜歡談論這些多樣化的品牌，選擇 Shopify 是因為它真正體現了平台的靈活性。

The world's biggest coffee chain, the biggest name in luxury outerwear and the most iconic brand in snowboarding, they're all migrating to Shopify because we give them agility, innovation, speed and exceptional value. Now speaking of innovation, let's talk about product. Shopify's superpower is that we always are at the center of where commerce is happening.

全球最大的咖啡連鎖店、奢侈外套領域最知名的品牌以及滑雪板領域最具標誌性的品牌，他們都在遷移到 Shopify，因為我們為他們提供了靈活性、創新性、速度和卓越的價值。現在說到創新，我們來談談產品。Shopify 的超能力在於我們總是處於商業發生的中心。

We've consistently proven to be experts in anticipating where consumers will be showing up next and building accordingly. That means our merchants are better prepared to stay a step ahead. Now I'll give you a few examples. We were ahead of the curve with social commerce, building early integrations for Instagram and YouTube.

我們始終致力於預測消費者下一步將出現在哪裡並據此進行建設，事實證明我們是專家。這意味著我們的商家能夠更好地做好準備，並保持領先一步。現在我給大家舉幾個例子。我們在社交商務領域處於領先地位，為 Instagram 和 YouTube 建立了早期的整合。

We saw the opportunity for commerce to meet culture, so we built a Spotify integration. And more recently, we predicted the rise of shopping in the Metaverse with a Roblox integration that's already growing quickly. So of course, Shopify has been building infrastructure to power agentic commerce. As AI platforms become the new way people discover products, consumers are not just searching, they're having conversations with agents to find what they need.

我們看到了商業與文化相遇的機會，因此我們建立了 Spotify 整合。最近，我們預測了 Metaverse 購物的興起，而 Roblox 的整合目前已在快速發展中。因此，Shopify 當然一直在建立基礎設施來支援代理商務。隨著人工智慧平台成為人們發現產品的新方式，消費者不僅僅是搜索，他們還與代理商交談以找到他們需要的東西。

But powering seamless shopping across millions of brands is a massive technical challenge, and that's where Shopify comes in. We've built a suite of products that make it easy for AI platforms to bring shopping to their agents, from discovery to checkout, and our merchants are front and center. Now let's start with discovery.

但是，實現數百萬個品牌之間的無縫購物是一個巨大的技術挑戰，而這正是 Shopify 的用武之地。我們建立了一套產品，使人工智慧平台能夠輕鬆地將購物服務帶給他們的代理商，從發現到結帳，而我們的商家則處於中心位置。現在讓我們開始發現。

We launched catalog in Q2 to give AI partners and shopping apps real-time access to millions of products from across our global merchant network, all through a single connection available as an API or an MCP server. Shopify catalog simplifies the process for apps and AI agents to search and pull product data, so the results are clear, accurate and up to date.

我們在第二季度推出了目錄，讓 AI 合作夥伴和購物應用程式能夠即時存取我們全球商家網路中的數百萬種產品，所有這些都透過 API 或 MCP 伺服器提供的單一連接實現。Shopify 目錄簡化了應用程式和 AI 代理程式搜尋和提取產品資料的過程，因此結果清晰、準確且最新。

Shopify is uniquely positioned to build this because the brands consumers love and want more of are all on Shopify. And every day, more of the world's favorite brands are joining, making our catalog the richest and the most dynamic anywhere. Now let's also talk about Universal Cart, which literally launched yesterday in early access.

Shopify 具有獨特的優勢，可以實現這一目標，因為消費者喜愛和想要更多購買的品牌都在 Shopify 上。每天都有更多全球最受歡迎的品牌加入我們，使我們的產品目錄成為最豐富、最具活力的。現在我們來談談 Universal Cart，它昨天正式以搶先體驗版的形式推出。

Universal Cart holds items from multiple stores all in one spot, so that shoppers can easily track all their items they want to buy within the chat. And when it comes time to purchase, we've built a new and improved version of Checkout Kit. And it's already being used by Microsoft Copilot, a huge player in the AI space. Checkout Kit lets partners embed the merchants' checkout right in their agent.

通用購物車將來自多個商店的商品集中在一個地方，以便購物者可以在聊天中輕鬆追蹤他們想要購買的所有商品。當需要購買時，我們會建立一個全新改進的 Checkout Kit 版本。它已經被人工智慧領域的巨頭 Microsoft Copilot 使用。Checkout Kit 讓合作夥伴能夠將商家的結帳功能嵌入到他們的代理商中。

Now we're also giving partners the power to theme the Checkout Kit, so it matches their applications' look and feel, creating the seamless experience. And they don't have to worry about payments, taxes or regulations. We take care of all the complexity for them. Let me bring this to life for you. When a shopper asks an agent for the best travel bag, it instantly searches Shopify's catalog and shows the top products, live prices, descriptions and inventory.

現在，我們還為合作夥伴提供了設置 Checkout Kit 主題的權力，使其與他們的應用程式的外觀和感覺相匹配，從而創造無縫的體驗。他們不必擔心付款、稅收或法規。我們為他們處理所有複雜的問題。讓我為您實現這一點。當購物者向代理商詢問最好的旅行包時，它會立即搜尋 Shopify 的目錄並顯示最熱門的產品、即時價格、描述和庫存。

The shopper adds their choice to the cart. They don't have to check out right away. They can keep shopping. Everything they want is pulled into a single cart. And when they're ready, the shopper completes their checkout, without ever having to leave the chat. Now this unlocks a whole new kind of commerce. For partners, we've made it easier than ever to integrate commerce without having to build the hard parts.

購物者將他們的選擇添加到購物車中。他們不必立即退房。他們可以繼續購物。他們想要的所有東西都被拉到一輛手推車裡。當購物者準備好後，他們就可以完成結帳，而無需離開聊天。這開啟了一種全新的商業模式。對於合作夥伴來說，我們讓整合商務變得比以往更簡單，無需建立困難的部分。

For our merchants, we're making sure they stay at the forefront of wherever commerce is happening. And for shoppers, we're powering conversation-driven product recommendations from all of their favorite brands. This is yet another example of how Shopify is always leading the way. Now let's talk about our most exciting AI product offering for our merchants, Sidekick.

對於我們的商家，我們要確保他們始終處於商業發展的前沿。對於購物者，我們提供他們喜愛的所有品牌的對話驅動的產品推薦。這又是 Shopify 始終引領潮流的一個例子。現在讓我們來談談我們為商家提供的最令人興奮的 AI 產品 Sidekick。

Sidekick's unique ability for data analysis continues to shine through, helping merchants address their toughest business challenges. For example, a merchant in the kids' clothing category recently shared with me that Sidekick delivers the kind of actionable insights they used to spend hours searching. Questions like, how can I optimize my inventory to avoid sellouts and boost cash flow?

Sidekick 獨特的數據分析能力繼續發揮其作用，幫助商家解決最棘手的業務挑戰。例如，兒童服裝類別的一位商家最近與我分享了 Sidekick 提供的可操作見解，他們以前需要花費數小時來搜尋。諸如，我該如何優化庫存以避免售罄並增加現金流？

Or why am I seeing more customer churn from subscriptions in the last three-months? Or even help me compare results from our last three BFCM campaigns and suggest improvements for the next one. They are all answered, explained and visualized in seconds. So instead of wrestling with spreadsheets or digging through endless tabs, merchants on Shopify get instant clarity of what's working, what's not working and where to focus next, all without having to leave Shopify.

或者為什麼我在過去三個月中看到更多的訂閱客戶流失？或甚至幫助我比較我們最近三次黑色星期五網路星期一活動的結果並為下一次活動提出改進建議。所有問題都在幾秒鐘內得到解答、解釋和視覺化。因此，Shopify 上的商家無需費力處理電子表格或翻閱無盡的標籤，而是可以立即清楚了解哪些有效、哪些無效以及下一步需要關注的地方，而所有這一切都無需離開 Shopify。

Here's another example. A skin care merchant recently told us that in real time, Sidekick helped them pinpoint exactly where they were experiencing customer churn, down to the cohort, city and even purchase behavior in seconds. Insights like these used to take hours or days to uncover if they were found at all. Sidekick is doing exactly what we set out for it to do.

這是另一個例子。一位護膚品商家最近告訴我們，Sidekick 即時幫助他們精準定位客戶流失的位置，甚至可以在幾秒鐘內精確到群體、城市甚至購買行為。過去，人們需要花費數小時甚至數天的時間才能發現這些見解。Sidekick 正在做我們設定的任務。

Merchants are leaning in and leveraging the power of Sidekick for data analysis and performance insights, freeing them up to focus on strategic business decisions and helping them make sure those decisions are right for their business. And of course, as I've talked about on previous calls, that's on top of all the other ways Sidekick helps merchants like writing product descriptions, generating logos and images, streamlining workflows and customizing their storefronts and so much more.

商家正在依靠並利用 Sidekick 的強大功能進行數據分析和效能洞察，使他們能夠專注於策略性業務決策，並幫助他們確保這些決策適合他們的業務。當然，正如我在之前的電話會議中談到的那樣，Sidekick 還可以透過其他方式幫助商家，例如編寫產品描述、生成徽標和圖像、簡化工作流程、客製化店面等等。

In this quarter, we also launched an AI Store Builder that can create a custom online store in seconds, literally in seconds from a single phrase. Now all you need is an idea and a description of the product you want to sell, like stylish athleisure apparel for women, and Shopify will do the rest. We are continuing to make the barrier to entry lower than it's ever been in history, and we are not done.

本季度，我們還推出了 AI Store Builder，它可以在幾秒鐘內（實際上是透過一個短語在幾秒鐘內）創建一個自訂線上商店。現在您所需要的只是您想要銷售的產品的想法和描述，例如時尚的女士運動休閒服裝，Shopify 將完成剩下的工作。我們正在繼續降低進入門檻，使其低於歷史上的任何時候，但我們還沒有完成。

Okay, that was a lot on AI. As you can tell, we're really excited about the velocity of innovation happening at Shopify. Now let's turn our attention to payments. On our last call, we discussed the expansion of our payments product into more countries, 16 so far this year alone, nearly doubling the markets where it's accessible.

好的，關於人工智慧的討論已經講了很多。如您所知，我們對 Shopify 的創新速度感到非常興奮。現在讓我們把注意力轉向付款。在我們上次電話會議上，我們討論了將我們的支付產品擴展到更多國家，僅今年到目前為止擴展到 16 個國家，幾乎使可訪問的市場數量翻了一番。

Many of these new markets are in Europe and are already seeing solid adoption, contributing to our global payments penetration of 64% in Q2, up from 61% last year. At Shopify Editions in May, we also rolled out multi-entity support in Shopify Payments. Now this means that merchants can now sell from multiple business entities, all within a single shop, which is particularly valuable for our higher volume global merchants.

許多新市場都位於歐洲，並且已經獲得了穩定的採用，推動我們第二季度的全球支付滲透率達到 64%，高於去年的 61%。在 5 月的 Shopify Editions 中，我們也在 Shopify Payments 中推出了多實體支援。現在，這意味著商家現在可以在一家商店內透過多個商業實體進行銷售，這對於我們業務量較大的全球商家來說尤其有價值。

No more juggling separate stores for each country or channel. This streamlines operations, it cuts costs and it removes barriers to global growth. And I've heard directly from some of our biggest global brands that the multi-entity unlock is a breakthrough. And for those of you that have followed us for a while, you know that this was a pain point we had not yet solved until now.

不再需要為每個國家或通路開設單獨的商店。這簡化了運營，降低了成本，並消除了全球成長的障礙。我直接從一些全球最大的品牌那裡聽說，多實體解鎖是一個突破。對於那些關注我們有一段時間的人來說，你們知道這是我們至今尚未解決的一個痛點。

Now as you know, we are laser-focused on building the future of commerce, especially as cross-border transactions become more important. This quarter, we introduced a new USDC stablecoin option, giving merchants and buyers more choice and security, especially for international payments. We partnered with Coinbase to bring the core features of commerce like authorized capture, void and refunds to crypto payments.

正如你們所知，我們正專注於建立商業的未來，特別是在跨國交易變得越來越重要的情況下。本季度，我們推出了新的 USDC 穩定幣選項，為商家和買家提供更多選擇和安全性，尤其是在國際支付方面。我們與 Coinbase 合作，將授權擷取、作廢和退款等商業核心功能引入加密支付。

So in plain terms, these are the steps that make card payments safe and flexible. Now with smart contracts and blockchain, stablecoin payments can work the same way. And with a built-in off-ramp to local currency, merchants can accept USDC without dealing with new crypto friction. Payment preferences are changing fast, and Shopify is making sure our merchants are ready for what is next.

所以簡單地說，這些就是讓卡片支付安全且靈活的步驟。現在有了智慧合約和區塊鏈，穩定幣支付可以以同樣的方式運作。而且，透過內建的當地貨幣出口，商家可以接受 USDC，而無需處理新的加密摩擦。支付偏好正在快速變化，Shopify 正在確保我們的商家為接下來的變化做好準備。

Now a quick note on Shop Pay. Over the past 2.5-years, the user base has more than doubled as more buyers and merchants make it their go-to checkout. That momentum is showing up in the numbers. In fact, in Q2, Shop Pay GMV increased by 65% to $27 billion. Shop Pay is quickly becoming the standard for fast, secure, seamless payments, trusted by millions of consumers and merchants, including leading brands like Michael Kors, the latest to sign up for Shop Pay Commerce Component.

現在簡單介紹一下 Shop Pay。在過去的兩年半裡，隨著越來越多的買家和商家選擇使用支付寶結帳，其用戶群增加了一倍以上。這種勢頭已從數字上顯現出來。事實上，第二季度，Shop Pay GMV 成長了 65%，達到 270 億美元。Shop Pay 正迅速成為快速、安全、無縫支付的標準，受到數百萬消費者和商家的信賴，其中包括最新簽約 Shop Pay 商務組件的領先品牌 Michael Kors。

Honestly, most of you listening have probably used Shop Pay at least once in this past week alone. That is how deep the reach is. Now let's turn to the Shop App, the all-in-one shopping destination for the brands that buyers are passionate about. The Shop App saw 140% year-over-year growth in native GMV fueled by high-impact shopping events, including Shop Week, where sales more than doubled compared to last year's event.

老實說，大多數聽眾可能僅在過去一周就使用過至少一次 Shop Pay。其影響之深就是如此。現在讓我們轉向 Shop App，這是買家熱衷的品牌的一站式購物目的地。受購物週等高影響力購物活動的推動，Shop App 的原生 GMV 同比增長了 140%，與去年的活動相比，Shop Week 的銷售額增長了一倍多。

And sign-ins through Shop increased by 46%, thanks to improved availability and a much smoother user experience. AI-powered enhancements to Shop Search and the home feed ensure buyers see the right products at the right time, driving higher engagement and conversion. And unlike traditional marketplaces, Shop puts brands front and center, fostering genuine customer relationships without the burden of marketplace fees.

由於可用性的提升和使用者體驗的更加流暢，透過 Shop 的登入量增加了 46%。商店搜尋和主頁資訊流的人工智慧增強功能可確保買家在正確的時間看到正確的產品，從而提高參與度和轉換率。與傳統市場不同的是，Shop 將品牌放在首位，在不承擔市場費用的情況下建立真正的客戶關係。

With tools like Shop Minis, Shop Cash and Sign-in with Shop, we're helping merchants engage, convert and retain buyers seamlessly from personalized recommendations and wish list to in-app checkout in a real-time order tracking and buyer awards. And our collaborations with brands like Glossier, Summer Fridays and J Balvin are strengthening Shop's position in beauty and entertainment, pushing the boundaries of customer engagement.

透過 Shop Minis、Shop Cash 和 Sign-in with Shop 等工具，我們可以幫助商家無縫地吸引、轉換和留住買家，從個人化推薦和願望清單到應用程式內結帳，實現即時訂單追蹤和買家獎勵。我們與 Glossier、Summer Fridays 和 J Balvin 等品牌的合作正在加強 Shop 在美容和娛樂領域的地位，突破客戶參與的界限。

So mark my words, Shop is the future of direct-to-consumer shopping, and we're just getting started. Now let me speak briefly on advertising because I know you'll ask. Shopify Campaigns is opening up new ways for merchants to reach buyers and grow. We are scaling risk-free advertising across Shop, online stores, Meta and Google, giving merchants efficient access to new audiences.

所以請記住我的話，Shop 是直接面向消費者購物的未來，而我們才剛開始。現在讓我簡單談談廣告，因為我知道你會問。Shopify Campaigns 為商家開闢了接觸買家和發展業務的新途徑。我們正在 Shop、線上商店、Meta 和 Google 上擴展無風險廣告，讓商家能夠有效率地接觸新的受眾。

And the earlier results are really promising: brands like Caraway, Liquid I.V., and Kizik are seeing real impact. And as we continue to unlock more inventory and refine our recommendation algorithms, campaigns are getting more personalized and more effective. And there is a ton of excitement at Shopify on what we are building and look forward to sharing more about this on future calls.

早期的結果確實令人鼓舞：Caraway、Liquid I.V. 和 Kizik 等品牌正在看到真正的影響。隨著我們不斷解鎖更多庫存並完善我們的推薦演算法，活動將變得更加個人化和更有效。Shopify 對我們正在建立的東西感到非常興奮，並期待在未來的電話會議上分享更多相關資訊。

Okay. Now let's shift our focus to some other key growth drivers and how we're executing. First up, point-of-sale or our offline business. Q2 was another strong quarter for Shopify point-of-sale with offline GMV up 29%. We launched a newly redesigned version of our POS app, making it faster and simpler for in-store staff and enhancing the connection between in-store and online.

好的。現在讓我們將注意力轉移到其他一些關鍵的成長動力以及我們的執行情況。首先是銷售點或我們的線下業務。第二季度對於 Shopify 銷售點來說又是一個強勁的季度，離線 GMV 成長了 29%。我們推出了全新設計的 POS 應用程式版本，使店內工作人員的操作更快、更簡單，並增強了店內和線上之間的聯繫。

Retail staff are already benefiting from the new version with a more intuitive experience, faster checkout and shorter training time. This new release of our retail platform includes a suite of features that merchants requested, things like cash rounding, more granular staff permissions, more ways to build card customizations and store credit for instant customer retention.

零售員工已經從新版本中受益，獲得了更直觀的體驗、更快的結帳速度和更短的培訓時間。我們的零售平台的新版本包含了商家要求的一系列功能，例如現金四捨五入、更細粒度的員工權限、更多卡片自訂方式以及商店信用，以便立即留住客戶。

Direct API access now allows our developers and partners to customize Shopify point-of-sale workflows more efficiently. And it's these continuous enhancements that are further solidifying Shopify's reputation as the leader in the retail point-of-sale software. Shopify point-of-sale was named as a leader in retail point-of-Sale Software by IDC. And new EY report shows it's driving real revenue growth for merchants.

現在，直接 API 存取允許我們的開發人員和合作夥伴更有效地自訂 Shopify 銷售點工作流程。正是這些持續的增強進一步鞏固了 Shopify 作為零售銷售點軟體領導者的聲譽。Shopify 銷售點被 IDC 評為零售銷售點軟體的領導者。安永的新報告顯示，它正在推動商家的實際收入成長。

And the results speak for themselves, our investments are paying off, and merchants on Shopify are reaping the benefits. Q2 saw more great brands joining Shopify in part for offline offering, from swimwear to furniture, to car accessories. And I said at the start, a special newly inked deal that's very close to my heart. The iconic Canadian brand Canada Goose is making a switch.

結果不言而喻，我們的投資正在獲得回報，Shopify 上的商家也正在收穫利益。第二季度，更多優秀品牌加入 Shopify，部分原因是為了提供離線服務，包括泳裝、家具和汽車配件。我在一開始就說過，這是我非常關心的特別新協議。加拿大標誌性品牌 Canada Goose 正在轉型。

On a personal note, I've been in talks with the CEO, Dani, for a long time. And incredibly the deal actually closed on Canada day this year, which made it feel extra special. After years of building and refining our unified commerce platform, they have chosen to move to Shopify to power both their online business and about 50 physical stores beginning in 2026.

就我個人而言，我與執行長丹尼已經進行了很長時間的談判。令人難以置信的是，這筆交易實際上是在今年加拿大國慶日完成的，這讓人感覺格外特別。經過多年建構和完善我們的統一商務平台，他們選擇從 2026 年開始轉向 Shopify 來支援他們的線上業務和大約 50 家實體店。

This win is a clear signal that the leading brands trust Shopify to deliver what modern commerce demands. The progress in retail is evident, and we are confident that we are still in the early stages of what we will achieve. Moving on to international. We keep talking about our international business because the opportunity is so massive.

這場勝利清楚地表明，領先品牌相信 Shopify 能夠滿足現代商業的需求。零售業的進步是顯而易見的，我們有信心我們仍處於實現目標的早期階段。邁向國際化。我們一直在談論我們的國際業務，因為機會非常巨大。

And our team and merchants are knocking it out of the park. Our international regions are contributing more to our growth each quarter, becoming a vital part of Shopify's mission to support entrepreneurs worldwide. In Q2, Europe led the way with strong GMV growth from both new merchants joining the platform as well as our existing merchants continuing to outperform their respective e-commerce markets.

我們的團隊和商家正在大顯身手。我們的國際地區每季都為我們的成長做出更大的貢獻，成為 Shopify 支持全球企業家使命的重要組成部分。在第二季度，歐洲處於領先地位，GMV 成長強勁，這得益於新商家加入平台以及現有商家繼續超越各自的電子商務市場。

You've heard us talk about getting more of our product into more countries, and so far in 2025, we have made really great progress. Shopify capital is now available in Germany and the Netherlands, providing more merchants with access to growth funding. We also launched Shop Pay Installments into Canada, allowing more merchants to offer flexible payment options, which contributed to the strong 38% increase we saw in Q2 for our Shop Pay Installment GMV.

您已經聽到我們談論將更多產品推向更多國家，到 2025 年為止，我們已經取得了巨大進展。Shopify capital 現已在德國和荷蘭推出，為更多商家提供成長資金。我們也在加拿大推出了 Shop Pay 分期付款服務，讓更多商家能夠提供靈活的付款方式，這促使我們的 Shop Pay 分期付款 GMV 在第二季度強勁增長 38%。

At the core of our growth is our commitment to enabling merchants to sell seamlessly across borders, shown by Q2 cross-border GMV at 15% of total GMV, while also winning at home. With recent rollouts like multi-entity support and multicurrency payout, we are making this a reality. These features are now available for Plus and enterprise merchants in most countries where Shopify Payments operate.

我們成長的核心是我們致力於讓商家能夠無縫跨境銷售，第二季跨境 GMV 佔總 GMV 的 15%，同時在國內也取得了成功。隨著最近推出的多實體支援和多幣種支付等功能，我們正在將這一目標變為現實。現在，Shopify Payments 經營的大多數國家/地區的 Plus 和企業商家都可以使用這些功能。

This is big because by simplifying operations to one single shop, they avoid extra fees and the need for duplicate apps or integrations. And that's why organizations like Fiskars Group, one of Europe's oldest companies and the owner of brands like Wedgwood and Waterford, recently chose Shopify to migrate five of their distinct e-commerce businesses from multiple brands into a single one on Shopify. It is a clear signal that Shopify is the platform for global growth.

這很重要，因為透過將操作簡化為商店，他們可以避免額外的費用以及重複的應用程式或整合的需要。這就是為什麼像 Fiskars Group（歐洲歷史最悠久的公司之一，擁有 Wedgwood 和 Waterford 等品牌）這樣的組織最近選擇 Shopify 將其來自多個品牌的五個不同的電子商務業務遷移到 Shopify 上的一個業務中。這清楚地表明 Shopify 是全球成長的平台。

We got here in a very intentional and thoughtful way. The wins we see today are a direct result of the groundwork we've laid in international expansion, especially in Europe, from product development to marketing over the past few years. Our aim is to keep this momentum going and unlock even more growth opportunities in the years ahead.

我們以非常有意圖和深思熟慮的方式到達這裡。我們今天所取得的成功直接歸功於我們過去幾年在國際擴張方面，特別是在歐洲，從產品開發到行銷方面所打下的基礎。我們的目標是保持這種勢頭並在未來幾年釋放更多的成長機會。

Okay. Now onto one of my favorite parts of the call. You all know that I love talking about winning larger merchants. Our upmarket strategy is continuing to deliver results. On top of the brands I mentioned earlier, Starbucks, Burton and Canada Goose. We also signed brands like luxury skin care company owned by Unilever, Tatcha. The high-end home appliance manufacturer, Miele; Amazon's daily deal site, Woot. The leading fitness and nutrition brand, Beachbody, and one of the world's largest diamond retailers Signet Jewelers.

好的。現在來談談通話中我最喜歡的部分之一。你們都知道我喜歡談論贏得更大的商家。我們的高端策略正在繼續取得成果。除了我之前提到的品牌之外，還有星巴克、Burton 和加拿大鵝。我們也簽約了聯合利華旗下的奢華保養品公司Tatcha等品牌。高端家電製造商Miele；亞馬遜的每日特賣網站Woot。領先的健身和營養品牌 Beachbody 以及全球最大的鑽石零售商之一 Signet Jewelers。

Now there's another brand I want to highlight, and not because you'll know them, but actually because you probably don't know them. We just signed on the global leader in mining, drilling services, Boart Longyear. Now a few years ago, we wouldn't have imagined talking about drilling services and Shopify in the same breath. But that's how far we've come.

現在我想重點介紹另一個品牌，不是因為你們知道它們，而是因為你們可能不了解它們。我們剛與全球領先的採礦、鑽井服務公司 Boart Longyear 簽約。幾年前，我們無法想像會同時談論鑽井服務和 Shopify。但這就是我們所取得的進步。

Our roster keeps getting stronger, winning the brands people love across every major vertical and bringing on more names from industries you might not expect. Amongst these are the biggest brands you've never heard of. They're not household names to consumers, but they dominate their verticals. And they're choosing Shopify for our scalability, for our speed, flexibility and the tools they need to grow.

我們的陣容越來越強大，贏得了各大垂直領域人們喜愛的品牌，並帶來了更多您可能意想不到的行業的品牌。其中有一些您從未聽說過的大品牌。對於消費者來說，它們並不是家喻戶曉的品牌，但它們在其垂直領域中佔據主導地位。他們選擇 Shopify 是因為我們的可擴展性、速度、靈活性以及他們發展所需的工具。

And this diversity makes us even more resilient, and it fuels our growth, expanding our addressable market and the ways we power commerce. No matter how the market shifts, Shopify is built to thrive. We're expanding our reach. We're deepening our offerings and we're laying the groundwork for long-term success from entrepreneur to enterprise.

這種多樣性使我們更有韌性，它推動了我們的成長，擴大了我們的潛在市場和我們推動商業的方式。無論市場如何變化，Shopify 都能夠蓬勃發展。我們正在擴大我們的覆蓋範圍。我們正在深化我們的服務，並為從企業家到企業的長期成功奠定基礎。

When you look at our Q2 results and when you look at what we've achieved each quarter before, one thing should be clear, the Shopify playbook delivers. We built a product that helps every kind of merchant in every market win. We built a business model that means when our merchants win, we do too. And we've built a road map that's focused on the future of commerce. So our merchants are always a step ahead.

當您查看我們的第二季業績以及之前每季所取得的成就時，有一件事應該很清楚，Shopify 的策略確實奏效了。我們打造了一款產品，幫助各市場中各類商家取得成功。我們建立了一種商業模式，這意味著當我們的商家獲勝時，我們也會獲勝。我們制定了關注未來商業的路線圖。因此我們的商家總是領先一步。

Shopify is executing consistently. We're building the right products consistently. We're growing in the right places consistently. And we're investing for the long term consistently. Our business model is durable, our opportunity is vast, and our focus is unwavering.

Shopify 正在持續執行。我們始終如一地打造合適的產品。我們一直在正確的地方不斷成長。我們一直在進行長期投資。我們的商業模式持久，我們的機會廣闊，我們的重點堅定不移。

And with that, I'm going to turn the call over to Jeff for a deeper dive into the numbers and trends that we're seeing.

接下來，我將把電話交給傑夫，讓他更深入探討我們看到的數字和趨勢。

Thanks, Harley. Q2 was an exceptional quarter, and it represents a manifestation of the excellent product building, product market fit and go-to-market momentum that our teams set in motion many quarters ago. We're delivering in the areas that matter most for our long-term success, helping merchants grow and reach more buyers, expanding the diversity of our merchant base, and innovating continuously to provide products that help merchants run and scale their businesses.

謝謝，哈雷。第二季度是一個非凡的季度，它體現了我們的團隊在許多季度前啟動的卓越產品構建、產品市場契合度和上市勢頭。我們正在為我們的長期成功最重要的領域提供服務，幫助商家發展並接觸更多的買家，擴大我們商家群體的多樣性，並不斷創新以提供幫助商家經營和擴展業務的產品。

A few items to highlight before we dive into the numbers. First, the US delivered standout results in Q2. Year-over-year growth rates for both GMV and revenue accelerated in Q2 versus Q1. We saw growth across all major verticals and merchant segments. Second, our international regions, particularly Europe, are thriving.

在我們深入研究這些數字之前，需要強調幾點。首先，美國第二季表現突出。與第一季相比，第二季 GMV 和營收的年成長率均有所加快。我們看到所有主要垂直行業和商家領域均出現成長。第二，我們的國際地區，特別是歐洲，正在蓬勃發展。

In most countries in Europe, our merchants GMV growth continues to outpace the overall e-commerce market by an average of four times to five times, if not greater, and even accelerated in Q2 from already strong trends. This success underscores the effectiveness of our strategic investments in product expansion and localization over the past few years.

在歐洲大多數國家，我們的商家 GMV 成長持續超過整體電子商務市場平均四到五倍，甚至更高，甚至在第二季已經強勁的趨勢的基礎上有所加速。這項成功凸顯了我們過去幾年在產品擴展和在地化方面的策略投資的有效性。

Merchant GMV accelerated across all sizes and GMV bands in Q2, highlighting broad-based momentum throughout our platform. Notably, merchants above $50 million in annual GMV and those under $2 million in annual GMV showed particular acceleration in the quarter. Lastly, our products are growing and expanding, creating more opportunities to support our merchants, drive growth and unlock new verticals.

第二季度，商家 GMV 在各個規模和 GMV 區間均加速成長，凸顯了我們整個平台的廣泛發展勢頭。值得注意的是，年 GMV 超過 5,000 萬美元的商家和年 GMV 以下 200 萬美元的商家在本季度表現出了特別快的成長速度。最後，我們的產品正在不斷發展壯大，創造更多機會來支持我們的商家，推動成長並開拓新的垂直領域。

Growth is coming from every angle, offline, B2B, capital, tax and more. These areas are gaining real traction. And while still on the earlier side of their growth curves, the potential remains incredibly compelling. With that context around some key observations and trends this quarter, let's turn to our Q2 financial results. All growth rates mentioned are year-over-year unless specifically stated otherwise.

成長來自各個角度，包括線下、B2B、資本、稅收等等。這些領域正在獲得真正的發展動力。儘管仍處於成長曲線的早期階段，但其潛力仍然十分引人注目。在了解了本季的一些關鍵觀察和趨勢後，讓我們來看看第二季的財務表現。除非另有特別說明，所有提及的成長率均為年成長率。

GMV in Q2 was $88 billion, up 31% or 29% on a constant currency basis. This GMV outperformance was driven by strength in North America, with particular strength among Plus merchants, and continued strength in Europe with GMV up 49%, 42% on a constant currency basis. In both North America and Europe, we saw broad-based growth, led by our existing merchants as well as growth from adding new merchants with a tilting towards more same-store sales growth this past quarter.

第二季的商品交易總額 (GMV) 為 880 億美元，成長 31%，以固定匯率計算成長 29%。GMV 的優異表現得益於北美市場的強勁表現，尤其是 Plus 商家的強勁表現，以及歐洲市場的持續強勁表現，GMV 成長了 49%，以固定匯率計算成長了 42%。在北美和歐洲，我們都看到了廣泛的成長，這主要得益於我們現有的商家以及新增商家的成長，並且上個季度同店銷售額的成長更為明顯。

Offline was up 29%, driven primarily by larger retailers joining the platform. And finally, while we had anticipated some benefit from FX in our outlook, the tailwind turned out to be stronger than expected as the quarter unfolded. As we continue to expand our platform's capabilities, add new products and build for our commerce is heading, Shopify is becoming even more compelling to a wider range of businesses than ever before.

線下銷售額成長了 29%，主要原因是大型零售商加入該平台。最後，雖然我們預計外匯將帶來一些好處，但隨著本季的展開，順風勢頭比預期的要強勁。隨著我們不斷擴展平台功能、添加新產品並建立我們的商業方向，Shopify 對更廣泛的企業比以往任何時候都更具吸引力。

This growth opportunity is reflected in the strength we're seeing across a diverse set of categories. In Q2, apparel and accessories, our largest and most established category, continued to perform well. At the same time, we're seeing strong momentum in health and beauty, home and garden, and food and beverage. We're also experiencing rapid growth in emerging segments such as pet supplies, furniture, and arts and entertainment.

這一成長機會體現在我們在各個類別中看到的實力。在第二季度，我們最大、最成熟的類別——服裝和配件繼續表現良好。同時，我們看到健康與美容、家居與園藝以及食品與飲料領域發展勢頭強勁。寵物用品、家具、藝術和娛樂等新興領域也正在經歷快速成長。

Revenue for the second quarter was up 31%, driven by the exceptional GMV growth across geographies. Our merchants are succeeding. These results exceeded expectations driven by the outperformance in North America and Europe. And importantly, we had factored into our guidance some potential impact from tariffs, which did not materialize.

第二季營收成長 31%，這得益於各地區 GMV 的顯著成長。我們的商家正在取得成功。在北美和歐洲優異表現的推動下，這一業績超出了預期。重要的是，我們在指導中已經考慮了關稅的一些潛在影響，但這些影響並未實現。

Looking at the two components of revenue. Merchant solutions revenue increased 37%, with the strength in GMV driving the significant majority of the growth. To a lesser extent, we also saw increased penetration of Shopify Payments, which reached 64% for the quarter. Several factors powered the quarter's higher GPV penetration, including continued adoption of payments by more merchants around the world and the strong performance of those merchants.

查看收入的兩個組成部分。商家解決方案營收成長了 37%，其中 GMV 的強勁成長推動了絕大部分成長。在較小程度上，我們也看到 Shopify Payments 的滲透率有所提高，本季達到了 64%。本季 GPV 滲透率的提高受到多種因素的推動，包括全球更多商家繼續採用支付方式以及這些商家的強勁表現。

The expanded partnerships with PayPal and Klarna, and the availability of payments in more countries. These items were partially offset by our ongoing strong performance in Europe, which accounted for a larger share of GMV but has a lower gross payments volume penetration compared to North America. Over time this should become less of an impact for payments penetration as we continue launching payments in more countries.

擴大與 PayPal 和 Klarna 的合作夥伴關係，並在更多國家提供支付服務。這些項目被我們在歐洲持續強勁的表現所部分抵消，歐洲佔 GMV 的份額較大，但與北美相比總支付量滲透率較低。隨著我們繼續在更多國家推出支付服務，這對支付滲透的影響將逐漸減少。

Subscription solutions revenue grew 17%, primarily driven by a larger percentage of subscriptions coming from higher-priced plans and, to a lesser extent, higher variable platform fees. As we have mentioned previously, in 2025, we expect subscription solutions growth to be impacted by the headwinds from extended paid trials, which affect our year-over-year growth rates.

訂閱解決方案收入成長了 17%，這主要得益於來自高價方案的訂閱比例增加，以及（較小程度）平台可變費用的增加。正如我們之前提到的，到 2025 年，我們預計訂閱解決方案的成長將受到延長付費試用的不利影響，進而影響我們的年成長率。

Q2 MRR was up 9% year-over-year, led by growth in our Plus plans, which represented 35% of MRR for the quarter. The shift back to three-month trials for Standard plans had a larger impact on Q2 than Q1 and as these changes were rolled out to North America and our largest markets in Europe at the end of Q1, meaning that, throughout most of Q2, new merchants were still within their initial three-month trial period.

第二季 MRR 年成長 9%，其中 Plus 計畫的成長最為顯著，佔本季 MRR 的 35%。標準計畫恢復三個月的試用期對第二季度的影響大於第一季度，而這些變化在第一季末推廣到北美和我們在歐洲最大的市場，這意味著在第二季度的大部分時間裡，新商家仍處於最初的三個月試用期內。

As a reminder, in Q2 of last year, MRR benefited from the move from a three-month to a one-month paid trial, which drove MRR higher. It makes for a tougher comparison this year. As a result, MRR growth for standard merchants this quarter showed only a slight increase. As we examine the data that we have regarding the efficacy of these trials, we believe that they are working well.

提醒一下，去年第二季度，MRR 受益於從三個月到一個月的付費試用期的轉變，這推高了 MRR。這使得今年的比較變得更加困難。因此，本季標準商家的 MRR 成長僅略有增加。當我們檢查有關這些試驗的功效的數據時，我們相信它們效果良好。

By giving merchants more time to explore Shopify, we increase the likelihood that they launch their businesses with a better understanding of the full capabilities of our platform and how we can help them succeed, reaching key GMV milestones earlier and enhancing their probabilities of long-term success. Gross profit grew 25%, coming in ahead of expectations driven by the outperformance in revenue.

透過讓商家有更多時間探索 Shopify，我們增加了他們在開展業務時更好地了解我們平台的全部功能以及我們如何幫助他們取得成功的可能性，從而更早地達到關鍵的 GMV 里程碑並提高他們長期成功的可能性。毛利成長 25%，受營收優異表現的推動，超乎預期。

Gross profit for subscription solutions grew 15%, slightly less than the 17% revenue growth for subscription solutions. This slightly lower growth rate vis-a-vis the revenue growth rate was from higher hosting costs needed to support higher volumes and geographic expansion. And secondly, the impact of the change back to three-month paid trials.

訂閱解決方案的毛利成長了 15%，略低於訂閱解決方案的 17% 的收入成長。與收入成長率相比，這一成長率略低，是因為支援更大數量和地理擴張所需的託管成本更高。其次，恢復三個月付費試用的影響。

While subscription solutions gross margin declined year-over-year, it remained above our 5-year historical median of 80%, plus or minus a couple of hundred basis points in any given quarter. We do not anticipate this trend changing in the near term. Gross margin for subscription solutions for the quarter was 81.6%. Gross profit for Merchant Solutions grew 32%, with gross margin coming in at 37.9% compared to 39.1% in Q2 of 2024.

雖然訂閱解決方案的毛利率年比有所下降，但仍高於我們 5 年歷史中位數 80%，且每季的增減幅度都在幾百個基點左右。我們預期這趨勢短期內不會改變。本季訂閱解決方案的毛利率為 81.6%。Merchant Solutions 的毛利成長了 32%，毛利率為 37.9%，而 2024 年第二季為 39.1%。

The decrease was primarily driven by the same factors that we have seen in the past two quarters, including the impact from the expanded partnership with PayPal where the year-over-year comparison differential will persist through Q3, and lower non-cash revenues from certain partnerships, which carry a high gross margin. This brings our overall Q2 gross margin to 48.6%, compared to 51.1% in the prior year.

下降的主要原因與我們在過去兩個季度看到的因素相同，包括與 PayPal 擴大合作夥伴關係的影響（與去年同期相比的差異將持續到第三季度），以及來自某些合作夥伴關係的非現金收入減少（毛利率較高）。這使我們第二季的整體毛利率達到 48.6%，而去年同期為 51.1%。

Operating expenses were $1 billion for the quarter or 38% of revenue, which is down from 39% in Q2 of last year on a GAAP basis or down from 42% when you exclude from the year-over-year comparison, the reversal of a $55 million legal accrual from Q2 of last year. The 400-basis points year-over-year improvement demonstrates our continued efforts to drive operational efficiencies, all while supporting our 31% topline revenue growth.

本季營運費用為 10 億美元，佔營收的 38%，以 GAAP 計算，低於去年第二季的 39%，如果從年比數據中剔除，則低於 42%，這是去年第二季 5,500 萬美元法定應計費用的逆轉。年比成長 400 個基點顯示我們不斷努力提高營運效率，同時支持我們 31% 的營業收入成長。

Our disciplined approach to head count continues to drive strong operating leverage. Our return-based strategy and marketing remains unchanged. We continue to execute with discipline using data, testing and the power of our internally-built models to adjust our investments quickly and efficiently based on clear return metrics and payback periods.

我們對員工人數的嚴格控制方法繼續帶來強勁的經營槓桿。我們的基於回報的策略和行銷保持不變。我們將繼續嚴格執行，利用數據、測試和內部建立的模型的力量，根據明確的回報指標和回報期快速有效地調整我們的投資。

Transaction loans and losses, the smallest of the operating expense categories in our income statement, was 3% of revenues. The year-over-year increase stems from higher volumes in our payments and capital businesses. Our capital business continues to grow supported by recent product innovations that enhanced our suite of credit offerings and expanded our geographic reach, including launching capital in Germany and the Netherlands.

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%。年比成長源自於我們的支付和資本業務量的增加。我們的資本業務在近期產品創新的支持下持續成長，這些創新增強了我們的信貸產品組合併擴大了我們的地理覆蓋範圍，包括在德國和荷蘭推出資本。

We've introduced new tools that give merchants more choice in how they manage and select loan options, providing greater flexibility to meet their financing needs. Note that loss rates have remained consistent with prior quarters. This is about the successful, thoughtful expansion of Capital. Operating income for the quarter was $291 million or 11% of revenue.

我們推出了新的工具，為商家提供更多管理和選擇貸款選項的選擇，從而提供更大的靈活性來滿足他們的融資需求。請注意，損失率與前幾季保持一致。這是關於資本的成功、深思熟慮的擴張。本季營業收入為 2.91 億美元，佔營收的 11%。

This 11% compares to a 9% operating income margin last year and yields a 56% year-over-year growth rate when excluding the impact of last year's legal accrual of $55 million, which was a onetime lift to last year's Q2 profit. Stock-based compensation for Q2 was $120 million, and capital expenditures were $6 million for the quarter. Q2 free cash flow was $422 million or 16% of revenue.

這一 11% 的成長率與去年 9% 的營業收入利潤率相比有所下降，如果排除去年 5500 萬美元的法定應計利潤的影響（這是對去年第二季度利潤的一次性提升），則同比增長 56%。第二季的股票薪酬為 1.2 億美元，本季的資本支出為 600 萬美元。第二季自由現金流為 4.22 億美元，佔營收的 16%。

Our commitment to operating discipline gives us the ability to achieve our desired free cash flow margins even as we periodically face gross profit pressure such as those discussed earlier regarding PayPal and the paid trials. Quarter after quarter, we continue to deliver balanced growth and profitability with investments that support long-term growth in key areas like our core platform, international expansion, enterprise, and offline.

我們對經營紀律的承諾使我們能夠實現期望的自由現金流利潤率，即使我們定期面臨毛利壓力（例如之前討論過的有關 PayPal 和付費試用的壓力）。我們每季都透過投資持續實現均衡的成長和獲利，這些投資支持我們的核心平台、國際擴張、企業和線下等關鍵領域的長期成長。

This disciplined approach works. We have driven 11 consecutive quarters of positive free cash flow, eight of which have been in the double digits. We're building for the long term, delivering results today while making Shopify stronger and more durable for the years ahead. Now shifting to the broader macroeconomic environment and tariff implications before discussing our Q3 outlook.

這種嚴謹的方法是有效的。我們已經連續 11 個季度實現自由現金流為正，其中 8 個季度達到兩位數。我們著眼於長遠發展，在取得成果的同時，讓 Shopify 在未來幾年變得更加強大和持久。在討論第三季前景之前，現在轉向更廣泛的宏觀經濟環境和關稅影響。

Through Q2 and into early August, our merchant base has remained resilient. Merchants are adapting to changes in the economic landscape and continue to perform well, supported by the flexibility and capabilities of our platform. This resilience highlights the strength of our commerce solutions in helping merchants navigate challenges and pursue new opportunities.

從第二季到 8 月初，我們的商家群體依然保持韌性。商家正在適應經濟格局的變化，並在我們平台的靈活性和功能的支持下繼續表現良好。這種韌性凸顯了我們的商業解決方案在幫助商家應對挑戰和尋求新機會方面的實力。

As our merchants grow and evolve, our platform continues to support their success and scalability in a dynamic market, just as it always has. Last quarter, I shared some observations about our merchants and our business in the context of the trade environment. Fast forward to today and those same observations hold. We haven't seen any drops in US demand, whether inbound, outbound, or local.

隨著我們的商家不斷成長和發展，我們的平台將一如既往地繼續支持他們在動態市場中的成功和可擴展性。上個季度，我在貿易環境下分享了對我們的商家和業務的一些觀察。快轉到今天，同樣的觀察仍然成立。我們沒有看到美國需求有任何下降，無論是入境、出境或本地。

In fact, the US accelerated in Q2, as I mentioned previously. Cross-border GMV remained consistent at 15% of our total GMV in Q2. One change that we have seen is that many of our merchants have raised prices. We are tracking that in relation to overall inflation levels in the US. The US government's recent announcements regarding the de minimis exemption for other countries beyond China is still in the very early stages.

事實上，正如我之前提到的，美國經濟在第二季加速發展。跨境 GMV 在第二季保持穩定，佔總 GMV 的 15%。我們看到的一個變化是，許多商家都提高了價格。我們正在追蹤美國整體通膨水準的變化。美國政府近期宣布的針對中國以外其他國家的最低限度豁免政策尚處於初期階段。

Importantly, only approximately 4% of our GMV globally is currently shipped under de minimis exemptions. And we've not seen any significant changes in our GMV levels related to merchants that shipped products under the de minimis exemptions for China since those rules were changed back in May. We'll continue monitoring these trends closely, staying focused on supporting our merchants in an evolving environment.

重要的是，目前我們全球 GMV 中只有約 4% 是在最低限度豁免下運輸的。自 5 月相關規定修改以來，我們尚未發現與根據中國最低限度豁免運送產品的商家相關的 GMV 水平發生任何重大變化。我們將繼續密切關注這些趨勢，專注於在不斷變化的環境中為我們的商家提供支援。

Turning to our outlook for the third quarter. Merchant GMV remained strong and continues to reinforce our confidence in outperforming the broader market. This momentum has carried into Q3 with core trends across our merchant base remaining stable. We expect Q3 revenue growth in the mid- to high 20s year-over-year driven by the same factors that supported our strong results in the first half, led by continued growth in Merchant Solutions.

談談我們對第三季的展望。商家 GMV 保持強勁，持續增強我們超越大盤的信心。這一勢頭一直延續到第三季度，我們商家群體的核心趨勢保持穩定。我們預計第三季營收將年增 25% 左右，這得益於上半年業績強勁成長的相同因素，其中商戶解決方案的持續成長尤為突出。

While we anticipate some FX tailwinds, they are expected to be similar to what we experienced in Q2. We expect gross profit dollars to grow in the low 20s, trailing revenue growth due to the continued strength in payments, the accounting impact from PayPal, and the changes to paid trial lengths. We anticipate that our Q3 operating expenses will be 38% to 39% of revenue.

雖然我們預計會出現一些外匯順風，但預計與我們在第二季度經歷的情況類似。我們預計毛利將成長 20% 出頭，落後於營收成長，原因是支付持續強勁、PayPal 的會計影響以及付費試用期的變化。我們預計第三季的營運費用將佔營收的 38% 至 39%。

On a dollar basis, operating expenses are increasing year-over-year primarily due to three things. Higher planned marketing spend, higher compensation as a result of both mix shift to higher-paying roles like R&D and our biannual merit increases, and higher losses from the expected volume growth of payments and capital.

以美元計算，營運費用年增率主要由於以下三個原因。計劃行銷支出增加，由於人員結構向研發等高薪職位轉移以及我們每兩年一次的績效加薪，導致薪酬增加，而預期支付和資本量增長則導致損失增加。

Marketing is the largest driver year-over-year. It's important to note that our marketing investments in Q3 last year were lower than intended as we chose to focus on testing and refining new approaches. The increase this year is largely going to be in performance marketing. As we have continued to test and refine our models, we are discovering new audiences and are unlocking higher value in the merchants we bring on.

行銷是同比最大的推動力。值得注意的是，由於我們選擇專注於測試和改進新方法，因此我們去年第三季的行銷投資低於預期。今年的成長主要集中在績效行銷方面。隨著我們不斷測試和完善我們的模型，我們正在發現新的受眾，並為我們帶來的商家釋放更高的價值。

Moving to stock-based compensation. Q3 SBC is expected to be $130 million. Finally, on free cash flow. For Q3, we expect our free cash flow margin to be in the mid- to high teens. Let me repeat what I said last quarter. We continue to focus on driving growth, not optimizing for near-term margin. We believe that the free cash flow margin profile that we've achieved over the past several quarters strikes the right balance between profitability and investments in building the best products for our merchants today and into the future.

轉向股票薪酬。Q3 SBC 預計為 1.3 億美元。最後，關於自由現金流。對於第三季度，我們預計自由現金流利潤率將達到十五到十幾個百分點。讓我重複一下上個季度說過的話。我們繼續專注於推動成長，而不是優化短期利潤率。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。

There are simply too many compelling growth opportunities ahead. One other item regarding our cash flow and cash management. Our convertible note matures November 1 before our next earnings call, so a couple of things to mention. We expect to settle the $920 million principal in cash. To the extent that there is any excess value above par, we also expect that to be settled in cash.

未來有太多引人注目的成長機會。另一件事與我們的現金流和現金管理有關。我們的可轉換票據將於下次收益電話會議之前的 11 月 1 日到期，因此有幾件事需要提及。我們預計將以現金償還 9.2 億美元的本金。如果存在任何超過票面價值的超額價值，我們也希望以現金結算。

Our disciplined execution has delivered 11 consecutive quarters of positive free cash flow and the financial strength to enable us to make this choice. This decision is a clear demonstration of our belief in Shopify's long-term growth and resilience and Shopify being mindful of dilution to shareholders. Quarter-over-quarter, we're proving that our approach works, consistently executing, delivering for our merchants and maintaining double-digit free cash flow margin even as we invest for the long term. This is what sets Shopify apart durable growth, disciplined execution and a track record of results.

我們嚴格的執行已經連續 11 個季度實現了正的自由現金流和財務實力，使我們能夠做出這一選擇。這項決定清楚地表明了我們對 Shopify 長期成長和韌性的信心，並且 Shopify 注意到了股東權益的稀釋。我們每個季度都在證明我們的方法是有效的，即使在進行長期投資的同時，我們仍持續執行、為我們的商家提供服務並保持兩位數的自由現金流利潤率。這就是 Shopify 與眾不同之處：持久的成長、嚴格的執行和良好的業績記錄。

With that, I will turn the call back over to Carrie.

說完這些，我會把電話轉回給 Carrie。

(Operator Instructions) Brian Peterson, Raymond James.

（操作員指示） Brian Peterson、Raymond James。

Sorry, I tripped up by that mute button, but congrats on the really strong quarter. Jeff, I appreciate all the comments on the macro. I know you mentioned that you saw the US accelerate. How would you characterize the demand? And did you see any potential pull forward for consumers that may have wanted to take advantage of pricing before tariff increases? Would love to get any comments there.

抱歉，我被靜音按鈕絆倒了，但還是要祝賀本季業績非常強勁。傑夫，我很感謝大家對宏的評論。我知道您提到您看到美國加速發展。您如何描述這種需求？您是否看到消費者可能希望在關稅上調前享受到價格優勢的潛在推動力？非常希望得到任何評論。

Yes. No, Brian, very good question. We have not seen any real pull forward of demand. I think you can see some of that when you look at the results that we delivered in Q2. You compare that to the guidance and see that consistency of performance. And obviously, any guidance that we give is going to be reflective of the information that we have going into the call.

是的。不，布萊恩，這個問題問得非常好。我們尚未看到任何真正的需求拉動。我想，當您看到我們在第二季所取得的成果時，您就會明白其中的一些道理。您將其與指導進行比較，就會發現效能的一致性。顯然，我們提供的任何指導都將反映我們在通話中掌握的資訊。

And so as we look at what we've seen in July and the consistency of strength, the consistency of merchant success in July is kind of what we've seen in Q2. So from a tariff perspective, I also alluded to it briefly on the call, that we haven't seen any meaningful changes in the various elements in terms of cross-border activity, in terms of what we're seeing on buyer behavior.

因此，當我們回顧 7 月的表現和實力的一致性時，7 月商家成功的一致性與我們在第二季度看到的相似。因此，從關稅的角度來看，我在電話會議上也簡要地提到過，就我們看到的買家行為而言，我們還沒有看到跨境活動各個要素方面發生任何有意義的變化。

So the business remains in very good shape. I don't have anything where I have anything in our internal data which says to me, hey, there's been a pull forward. So the business is simply continuing to perform very, very well. I mentioned, obviously, the strength in Europe, the strength in North America, the strength across all the different GMV bands, the strength across the products. I think that's just our business performing at a very, very high level.

因此業務狀況仍然很好。我的內部數據中沒有任何東西告訴我，嘿，已經向前拉動了。因此，業務表現仍然非常非常好。我顯然提到了歐洲的實力、北美的實力、所有不同 GMV 頻段的實力以及所有產品的實力。我認為這只是我們的業務表現非常非常高的水平。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

I will add my congrats here and a great quarter. This might be a little bit difficult to answer, but obviously, the international growth is very strong. You have a very broad platform. But when we think about what is localized and what is available for merchants in international markets, how should we think about where we are in that journey? And is there more opportunities still to unlock internationally despite the success that we've been seeing thus far?

我要在這裡表達我的祝賀，並祝願本季一切順利。這個問題可能有點難回答，但顯然國際成長非常強勁。你的平台非常廣闊。但是，當我們思考什麼是本地化的以及什麼是可供國際市場上的商家使用的時，我們應該如何思考我們在這一旅程中處於什麼位置？儘管我們迄今為止已經看到成功，但是否還有更多的國際機會有待發掘？

Arjun, it's Harley. I'll take that question. I mean to be clear, we've been tackling some of these product updates for international for quite some time now. Obviously, there are some -- Merchant Solutions continue to expand. I mentioned that this year alone, we expanded Shopify Payments to 16 new countries. Multicurrency is now in 20-countries.

阿瓊，我是哈雷。我來回答這個問題。我的意思是說清楚，我們已經處理一些國際產品更新很長一段時間了。顯然，有一些——商戶解決方案持續擴大。我提到，光是今年，我們就將 Shopify Payments 擴展到了 16 個新國家。目前多種貨幣已覆蓋 20 個國家。

Capital has now expanded to Germany and Netherlands. So we're making really good progress here. And obviously, the international results speak for themselves. International GMV was up 42% year-over-year, obviously, Europe leading the way there. But there still are other areas for us to expand, specifically on sort of the product rollout side of things.

資本現已擴展到德國和荷蘭。所以我們在這裡取得了非常好的進展。顯然，國際結果不言而喻。國際 GMV 年增 42%，其中歐洲顯然處於領先地位。但我們還有其他領域需要擴展，特別是在產品推出方面。

I think the results you are seeing from us internationally is a combination of the product getting much better, but also the go-to-market engine becoming much stronger, much more sophisticated, whether it's through partnerships with SIS or it's with our own team understanding what product market fit looks like in those countries.

我認為您在國際上看到的結果是產品越來越好，而且市場進入引擎也變得越來越強大、越來越複雜，無論是透過與 SIS 合作，還是透過我們自己的團隊來了解這些國家的產品市場契合度。

So I think the wins that you're seeing are a result of the groundwork that we've laid in international expansion, both on product and for marketing over the past few years. But we still have quite a bit to go there, and we think we can continue to grow internationally. Obviously, we're still going to -- we're dominant in the English-speaking world in North America, obviously, is a big -- it's a huge market for us, US specifically. But international, we still think is a strong opportunity for us going forward.

所以我認為，您所看到的勝利是我們過去幾年在國際擴張方面（包括產品和行銷）所奠定的基礎的結果。但我們還有很長的路要走，我們認為我們可以繼續在國際上發展。顯然，我們仍然會——我們在北美英語世界中佔據主導地位，顯然，這是一個很大的——這對我們來說是一個巨大的市場，特別是美國。但我們仍然認為，國際化對我們未來發展來說是一個很好的機會。

Yes. Arjun, maybe the only point I'd add, I think one of the things that Harley and I don't talk enough about is our success in Asia Pacific. I mean Europe has been going so strongly in terms of the results we're seeing. It continues to perform very well. And as we alluded to earlier, it also accelerated versus what we saw in Q1. So it's really -- international for us broadly is just doing really well.

是的。阿瓊，也許我唯一想補充的一點是，我認為哈雷和我討論得不夠多的事情之一就是我們在亞太地區的成功。我的意思是，從我們看到的結果來看，歐洲的發展非常強大。它的表現依然非常出色。正如我們之前提到的，與第一季相比，這一成長速度也有所加快。所以，整體而言，我們的國際業務表現非常好。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Congratulations on the quarter. Harley and Jeff, so much of the prepared remarks talked about the durability of growth and the compounding of your product cycles. As numbers get bigger, we as analysts, we tend to model slowing growth as companies scale. And that's really not happening when I look at your organic growth, adjusting for some of the onetime items over the past couple of years.

恭喜本季。哈雷和傑夫，許多準備好的發言都談到了成長的持久性和產品週期的複合性。隨著數字越來越大，身為分析師，我們傾向於模擬公司規模擴大後成長放緩的情況。但當我看到你們的有機成長，並根據過去幾年的一些一次性項目進行調整時，這種情況並沒有發生。

So my question for both of you is how do you think about the long-term growth algorithm? Do you think you can be in this north of 25%, close to 30% range for the next couple of years? Give us some color on how you forecast internally.

所以我想問你們兩位的是，你們如何看待長期成長演算法？您認為未來幾年您的成長率能達到 25% 以上、接近 30% 嗎？請向我們詳細介紹一下您的內部預測。

Yes. Maybe I'll start and then I'll hand it over to Jeff to talk a little bit about some of the forecasting. I think what you're seeing, Gabriela, is the result of past investments over the years. Presumably, you've picked up from the tone of both Jeff and my comments that we believe we are consistently performing quarter after quarter, both in terms of top line momentum, but also in terms of managing our expenses and how we deliver profitability.

是的。也許我會開始，然後我會把它交給傑夫來談談一些預測。加布里埃拉，我認為您所看到的是多年來投資的結果。想必你已經從傑夫和我的評論中聽出了，我們相信我們每個季度的表現都是穩定的，不僅在營收成長勢頭方面，而且在管理費用和實現盈利方面。

But in terms of our merchant acquisition, that's accelerating, especially internationally, as we mentioned. But there's also these new areas, these sort of on-ramps into Shopify, whether it's large enterprise or it's B2B, point of sale. The growth runway, we think, remains along with -- there's a number of these really durable avenues, including TAM expansion.

但就我們的商家收購而言，這一進程正在加速，尤其是在國際上，正如我們所提到的。但也有這些新領域，這些進入 Shopify 的入口，無論是大型企業還是 B2B、銷售點。我們認為，成長跑道仍然存在——有許多真正持久的途徑，包括 TAM 擴展。

I mentioned some new verticals that historically Shopify never even considered going into like the drilling -- mining/drilling companies that are very large and dominant now coming to Shopify. I think when you add that to adding more value to our subscriptions with things like audiences and plus and B2B, Payment innovation continues to lead.

我提到了一些 Shopify 歷史上從未考慮過涉足的新垂直領域，例如鑽探——現在，規模非常大且主導的採礦/鑽探公司紛紛加入 Shopify。我認為，當你透過受眾、Plus 和 B2B 等方式為我們的訂閱增加更多價值時，支付創新將繼續處於領先地位。

And then in terms of some of the more -- some of the products that are still more early in their adoption, things like tax and managed markets. We think we are really well positioned to be at the center of commerce, and certainly, these multiple levers to drive our growth, we think, are going to continue to provide for growth in the future.

然後就一些仍處於採用初期階段的產品而言，例如稅務和管理市場。我們認為，我們確實處於商業中心的有利位置，而且，我們認為，推動我們成長的這些多重槓桿將繼續為未來的成長提供動力。

So we think this is the best version of Shopify. We think we're operating on all cylinders here. And we still think there's a lot of room for us to keep it on.

所以我們認為這是 Shopify 的最佳版本。我們認為我們正全力以赴。我們仍然認為我們還有很大的發展空間。

Yes. I mean, obviously, Gabriela, I'm not going to guide you to some specific growth numbers over time, but to probably add on to some of Harley's comments, it's really the durability of growth from our vantage point is a function of all the different -- Harley alluded to what we've done over the past couple of years in terms of introducing all new products, you think over the last two years to three years in terms of what we've done with Tax, what we've done with B2B, how we've really reinvigorated point of sale, the international expansion, all of that is something which is really helping us deliver this growth.

是的。我的意思是，顯然，加布里埃拉，我不會向您介紹一些隨時間推移的具體增長數字，但可能要補充一下哈雷的一些評論，從我們的角度來看，增長的持久性實際上是所有不同因素的函數 - 哈雷提到了我們在過去幾年中在推出所有新產品方面所做的事情，你可以想想在過去的兩到三年裡我們在稅收方面所做的事情方面所做的事情，我們如何真正重振銷售點，國際擴張，所有這些都是真正幫助我們實現這一成長的事情。

And this is just in terms of the tailwinds we've talked a lot in the past about what we're seeing on entrepreneurship, more broadly. I think the velocity of change in these markets is actually driving more and more merchants to our platform given the capabilities of our platform, and we're the ones that are giving merchants the ability to adapt to this environment.

這只是就順風而言，我們過去曾多次談論過我們在更廣泛的創業方面所看到的現象。我認為，考慮到我們平台的功能，這些市場的變化速度實際上正在推動越來越多的商家加入我們的平台，而我們也正在為商家提供適應這種環境的能力。

I think the overall comments in terms of e-commerce growth rates and the penetration of e-commerce in various economies, that is obviously continuing to pick up. And we think some of the things in agentic commerce will help that, the necessity for omnichannel, kind of what we're seeing on a global basis. There are so many things that merchants need to do.

我認為，從電子商務成長率以及電子商務在各個經濟體的滲透率來看，整體情況顯然持續回升。我們認為代理商務中的某些事物將有助於實現這一點，全通路的必要性，就像我們在全球範圍內所看到的一樣。商家需要做的事情太多了。

We're expanding the products and we're expanding their capabilities to succeed in this environment. So we feel good about our durability of growth over of a multiyear period.

我們正在擴大產品範圍並增強其能力以在這種環境中取得成功。因此，我們對多年成長的持久性感到滿意。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Hopefully, you all can hear me okay. Universal Cart, the Checkout Kit, that sounds really interesting, timely, because of large language models, and that is an on-ramp for shopping. Will this be generally available in time for the holiday season? And how do you think about that as we go into the back half of the year?

希望你們都能聽到我的話。通用購物車、結帳工具包，聽起來真的很有趣，很及時，因為它有大型語言模型，而且是購物的入口。這款產品會在假期期間全面上市嗎？當我們進入下半年時，您對此有何看法？

Terry, thanks for the question. Look, we've been building infrastructure to make it easy to bring native shopping into every AI conversation for a while now. Obviously, yesterday, hopefully most of you saw Tobi's post about how we think about the future of agentic commerce and just, frankly, conversational shopping. And so we introduced three new products catalog, which was launched in Q2, that's already out there.

特里，謝謝你的提問。看，我們一直在建立基礎設施，以便將原生購物輕鬆地帶入每一次 AI 對話中。顯然，昨天，希望你們大多數人都看到了 Tobi 的帖子，關於我們如何看待代理商務以及坦率地說對話式購物的未來。因此，我們推出了三款新產品目錄，這些產品目錄於第二季推出，目前已經面世。

That really helps agents to search, but also to surface exactly what customers want in seconds. And so it uses these very specialized large language models to categorize to enrichment, but also to standardize product data at these massive volumes. The other thing is Universal Cart, which is actually part of Checkout Kit, but that really allows you to hold items from multiple stores all into one spot.

這不僅能幫助代理商進行搜索，還能在幾秒鐘內準確地找到客戶想要的內容。因此，它使用這些非常專業的大型語言模型來對豐富的內容進行分類，同時也對這些海量的產品資料進行標準化。另一件事是通用購物車，它實際上是 Checkout Kit 的一部分，但它實際上允許您將來自多個商店的商品集中到一個地方。

So that buyers can easily track all the items they want to purchase directly in the conversation. And then, of course, Checkout Kit, which you mentioned. That's out there. That was launched last year. We're really excited that Microsoft's Copilot is already using it. But that really lets partners embed the merchant checkout right in terms of their agent, and it actually works with Shop Pay.

這樣買家就可以輕鬆地直接在對話中追蹤他們想要購買的所有商品。然後，當然還有您提到的 Checkout Kit。那是在那裡。這是去年推出的。我們非常高興微軟的 Copilot 已經在使用它。但這確實讓合作夥伴能夠根據其代理商嵌入商家結帳權限，並且它實際上可以與 Shop Pay 配合使用。

But what we're trying to do here is just kind of three things. From a partnership perspective, what this means for partners is we're trying to ensure that consumers get these incredibly personalized, convo-led shopping experiences and make it really easy for these partners to get an easy integration. From the merchant perspective, of course, that means that their products and their brand is going to show up across every AI platform.

但我們在這裡嘗試做的只是三件事。從合作夥伴的角度來看，這對合作夥伴來說意味著我們正在努力確保消費者獲得這些高度個人化、以對話為主導的購物體驗，並使這些合作夥伴能夠輕鬆實現輕鬆整合。當然，從商家的角度來看，這意味著他們的產品和品牌將出現在每個人工智慧平台上。

And so we are really excited by this. Part of what we think is important if you're a merchant on Shopify is that, by virtue of being on Shopify, merchants and -- merchants are everywhere where consumers are spending time, wherever commerce is happening. And I think the unfair advantage we have in working with all of these AI companies and certainly around agentic commerce is that consumers' favored brands are all on Shopify.

因此我們對此感到非常興奮。如果您是 Shopify 上的商家，我們認為重要的一點是，透過 Shopify，商家可以出現在消費者消費的地方、有商業活動發生的地方。我認為，我們與所有這些人工智慧公司合作以及在代理商務方面擁有的不公平優勢是，消費者青睞的品牌都在 Shopify 上。

And when you couple that with an incredible technology stack, an incredible product that we've been building, I think, we become the partner that everyone wants to work with. So it's a really exciting area for us. And most of the products that we're talking about is they're already out there. And like I mentioned, companies like Microsoft are already working with some of them, including Checkout Kit.

當你將它與我們一直在建造的令人難以置信的技術堆疊、令人難以置信的產品結合時，我認為，我們會成為每個人都想合作的合作夥伴。所以這對我們來說是一個非常令人興奮的領域。我們討論的大多數產品都已經上市了。正如我所提到的，微軟等公司已經與其中一些公司合作，包括 Checkout Kit。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Okay. Great quarter. I guess a quick question for me. You guys have obviously done a great job of product innovation and consistently raising the bar. And it seems like, I guess, to this point, you haven't really priced explicitly or specifically for different product enhancements. How are you guys thinking about that longer term? Is there an opportunity to almost a la carte price for different services that you've added over the last 18 months or so? And when could that -- I think shift happened, if at all?

好的。很棒的一個季度。我想問一個簡單的問題。你們顯然在產品創新和不斷提高標準方面做得非常出色。而且我猜，到目前為止，您似乎還沒有針對不同的產品增強功能明確或具體地定價。你們對於長期發展有什麼看法？您是否有機會對過去 18 個月內添加的不同服務實施幾乎按菜單點菜的價格？我認為這種轉變什麼時候會發生，如果有的話？

Yes. Reggie, a couple of things. I'll say on that. First of all, we still believe that the business model that we've built. It's predicated on our merchants doing really well. The better that our merchants do, the better Shopify does. I mean that's the GMV-based revenue model and business model. And so we really like where that's at.

是的。雷吉，有幾件事。我就這麼說吧。首先，我們仍然相信我們所建立的商業模式。這是以我們的商家表現良好為前提的。我們的商家做得越好，Shopify 就越好。我的意思是那是基於GMV的收入模式和商業模式。所以我們真的很喜歡那裡。

In terms of sort of pricing specific products, I mean, you saw the introduction of commerce components by Shopify, which effectively allows merchants to select in a very modular fashion, different products. So they may just take checkout or they may just take Shop Pay. Part of that is obviously making sure that we have individual products in market, which have individual pricing.

就特定產品的定價而言，我的意思是，您看到 Shopify 推出了商業組件，它實際上允許商家以非常模組化的方式選擇不同的產品。因此他們可能只接受結帳或只接受 Shop Pay。其中一部分顯然是確保我們在市場上擁有單獨的產品，並有單獨的定價。

But part of that is just to create more on-ramps into Shopify. So a very large -- I mean I mentioned three very large retailers, Burton, Starbucks and Canada Goose coming, some of these brands want to come to us and use all of Shopify. But some of them may just want to start with us with something like checkout or Shop Pay for example.

但其中一部分只是為了創造更多進入 Shopify 的入口。所以非常大——我的意思是我提到了三家非常大的零售商，Burton、星巴克和 Canada Goose，其中一些品牌想要來找我們並使用 Shopify 的所有產品。但有些人可能只是想從我們這裡開始提供諸如結帳或 Shop Pay 之類的服務。

And by creating more of these on-ramps to Shopify, it means more people can come into us, and we believe, over time, will take more of our products and services. Beyond that, I mean we're not necessarily pricing individual Merchant Solutions. All of those obviously are priced on their own, but it's part of a much larger business model, which is to get as many people to use Shopify as possible, take as many of our services and products as possible.

透過創建更多此類 Shopify 入口，這意味著更多的人可以加入我們，我們相信，隨著時間的推移，他們會使用更多我們的產品和服務。除此之外，我的意思是我們不一定會為單獨的商家解決方案定價。所有這些顯然都是單獨定價的，但它是一個更大的商業模式的一部分，那就是讓盡可能多的人使用 Shopify，盡可能多地使用我們的服務和產品。

And then as they succeed, we succeed with them. And we think that particular pricing model works really well for us.

當他們成功時，我們也與他們一起成功。我們認為這種特定的定價模式對我們來說非常有效。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Fantastic. Harley, I wanted to touch on your partnership with OpenAI very exciting to see you facilitate that commerce experience. Do you see this as a new GMV opportunity or just a shift from existing buying channels over to agentic shopping?

極好的。哈雷，我想談談您與 OpenAI 的合作關係，很高興看到您促進了這種商業體驗。您是否認為這是一個新的 GMV 機會，還是只是從現有購買管道轉向代理商購物的轉變？

Yes. Well, look, we are, as you can probably tell from my tone, incredibly excited about the possibilities of AI for both discovery and for shopping. I'm not going to discuss or disclose our product road map. Obviously, we're actively working on new opportunities and partnerships, because we think that helping our merchants thrive wherever customers are is very important. We'll share those updates when we're ready.

是的。好吧，你看，正如你可能從我的語氣中聽出來的，我們對人工智慧在發現和購物方面的可能性感到無比興奮。我不會討論或透露我們的產品路線圖。顯然，我們正在積極尋找新的機會和合作夥伴關係，因為我們認為幫助我們的商家在客戶所在的任何地方蓬勃發展非常重要。當我們準備好時，我們會分享這些更新。

But we are built to partner. And I think it's -- winning alongside others is kind of part of Shopify's core DNA. And that extends our AI approach, is why I think we're one of the best partnership companies in the technology space and something we're very, very proud of. So we have great relationships with all the AI companies, and we'll continue to work with them.

但我們生來就是為了合作。我認為，與他人共同獲勝是 Shopify 核心 DNA 的一部分。這擴展了我們的人工智慧方法，這就是為什麼我認為我們是技術領域最好的合作公司之一，我們對此感到非常自豪。因此，我們與所有人工智慧公司都保持著良好的關係，並且我們將繼續與他們合作。

In terms of where it's coming from, it's a really good question. in the same way, I mentioned this in my prepared remarks, but when we were -- we began to anticipate that social commerce was going to be something that., -- some consumers may start using, we immediately integrated with companies like Instagram and Snap and TikTok.

至於它的來源，這是一個非常好的問題。同樣，我在準備好的發言中提到了這一點，但是當我們——我們開始預期社交商務將成為一些消費者可能開始使用的東西時，我們立即與 Instagram、Snap 和 TikTok 等公司進行了整合。

And obviously, when we saw that more embedded video commerce may happen, we integrated with YouTube. And when culture and music became something that where commerce was happening, same thing with Spotify. So this is another surface area where there is a very serious potential where commerce could be taking place.

顯然，當我們看到可能會出現更多嵌入式影片商務時，我們就與 YouTube 進行了整合。當文化和音樂成為商業活動的一部分時，Spotify 也發生著同樣的事情。因此，這是另一個具有巨大商業發展潛力的區域。

Whether it takes some of the market share away from search-based commerce or not, we want to be prepared for that. We want to make sure that merchants on Shopify are simply better prepared than merchants who are not, which is why we have all these incredible integrations. One thing that we do think that was really interesting about agentic commerce in particular is it's not necessarily based on who is the largest company.

無論它是否會從基於搜尋的商業中奪走部分市場份額，我們都希望做好準備。我們希望確保 Shopify 上的商家比沒有準備的商家準備得更充分，這就是我們進行所有這些令人難以置信的整合的原因。我們確實認為代理商務真正有趣的一點是，它不一定是基於誰是最大的公司。

It's based on what consumers are looking for. And back to my point earlier, the unfair advantage we have is that consumers' favorite brands, the products, the companies they love most, for the vast majority of them, they're already on Shopify. And I think that puts us in a really, really key position in terms of these partnerships with all these companies. And building these incredible products only further substantiates that.

它是基於消費者的需求。回到我之前的觀點，我們擁有的不公平優勢是，消費者最喜歡的品牌、產品和公司絕大多數已經在 Shopify 上。我認為這使我們在與所有這些公司的合作中處於非常關鍵的地位。而製造這些令人難以置信的產品也進一步證實了這一點。

Richard Tse, National Bank.

Richard Tse，國家銀行。

It was interesting to hear you talk about mining and drilling services. I'm guessing that's on the B2B side. But can you maybe help us understand the use case there and how it may be applicable to other sort of potential other customers on that side?

聽您談論採礦和鑽井服務很有趣。我猜那是在 B2B 方面。但是您能否幫助我們了解那裡的用例以及它如何適用於那邊的其他潛在客戶？

Yes. Part of the reason why I mentioned it is sort of I'd like to mention the large ones. I mean Michael Kors came to Shopify and Miele came to Shopify and Signet Jewelers came. So I like talking about obviously the brands that merchants -- that consumers know and that all of you know because it shows that the enterprise is really moving to Shopify and migrating to us in this incredible clip right now.

是的。我提到這一點的部分原因是我想提一下那些大的東西。我的意思是 Michael Kors 進駐 Shopify，Miele 進駐 Shopify，Signet Jewelers 也入駐了。因此，我喜歡談論商家、消費者以及你們所有人都知道的品牌，因為這表明企業正在以令人難以置信的速度轉向 Shopify 並向我們遷移。

But the reason I want to bring up one that you may have not heard of is because it's just -- it's a new vertical. I mean some of these industries that historically we did not play in automotive, for example, or education or food and beverage or industrial. We are now seeing merchants come to Shopify from those industries. And we just think it, number one, expands our TAM, it expands the types of merchants that can come to us.

但我之所以想提出一個你可能沒聽過的領域，是因為它只是一個新的垂直領域。我的意思是，有些行業我們歷史上沒有涉足過，像是汽車、教育、食品飲料或工業。我們現在看到來自這些行業的商家來到 Shopify。我們認為，首先，它擴大了我們的 TAM，擴大了可以與我們合作的商家類型。

But we also believe that these are opportunities for those merchants to modernize their commerce technology, whether it is direct to consumer, or in the case of mining/drilling services, on the B2B side. But it's just one new on-ramp into Shopify. And we think it's a really exciting area because, frankly, when you meet a lot of these industrial brands and these very large companies selling -- I mean, remember talking to carrier a couple of years ago who sells heating and cooling equipment on Shopify today.

但我們也相信，這些都是商家實現其商業技術現代化的機會，無論是直接面向消費者，還是在 B2B 方面提供採礦/鑽井服務。但這只是進入 Shopify 的一條新頻道。我們認為這是一個非常令人興奮的領域，因為坦白說，當你遇到很多這樣的工業品牌和這些非常大的公司銷售時 - 我的意思是，記得幾年前與開利公司交談過，他今天在 Shopify 上銷售加熱和冷卻設備。

It wasn't as if they were migrating from something good to something amazing. They were migrating from effectively a technology stack that was not existent, that was still almost archaic in some ways, to this incredibly innovative, user-friendly interface and commerce stack that allows them to be scalable and allows them to keep innovating.

這並不是說他們從好東西變成了令人驚奇的東西。他們實際上正在從一種不存在、在某些方面幾乎過時的技術堆疊遷移到這種極具創新性、用戶友好的介面和商業堆疊，這使得他們具有可擴展性並能夠不斷創新。

So we just think it's a great new opportunity for us. And Boart Longyear is not a company that many of you know, but it's a new industry and a new vertical that we can go after, and we think we can win there.

所以我們認為這對我們來說是一個很好的新機會。你們中的許多人都不了解 Boart Longyear 公司，但它是一個我們可以涉足的新行業和新垂直領域，我們認為我們可以在那裡取得成功。

Yes, Richard, the only two things I would add, obviously, and Harley alluded to the diversification and getting into new industries, that obviously helps add stability to how we think about our merchant base, how we think about our buyers. So that's one point which we really like about the success in B2B. And obviously, it helps strengthen the offering that we go to the largest enterprises, the largest global brands with in terms of all the capabilities that we have. So we're really excited about it.

是的，理查德，顯然，我只想補充兩件事，哈雷提到的多樣化和進入新行業，這顯然有助於增加我們對商家群體、對買家的看法的穩定性。這是我們真正喜歡 B2B 成功的一點。顯然，它有助於加強我們向最大的企業、最大的全球品牌提供的服務，就我們所擁有的所有能力而言。所以我們對此感到非常興奮。

Tyler Radke, Citi Investment.

泰勒·拉德克（Tyler Radke），花旗投資。

A question for Jeff. So performance marketing spend, you talked about that ramping up in the third quarter. I was wondering if you could just double-click on kind of what specifically is driving that. Are you seeing kind of improving payback trends, new logo acquisition opportunity? Or is this more upmarket?

問傑夫一個問題。您談到了績效行銷支出在第三季的增加。我想知道您是否可以雙擊看看具體是什麼導致了這種情況。您是否看到了回報趨勢的改善和新標誌的獲取機會？還是這更高檔？

And then if you could also just provide an update, obviously, as the initial ramp-up in performance marketing spend was a little over a year ago, just sort of how that's played out? Obviously, really strong GMV results, but just anything you could share on payback periods in airline?

然後，如果您也能提供最新消息，顯然，由於績效行銷支出的初始成長是在一年多前，那麼現在的情況如何？顯然，GMV 結果確實強勁，但您能分享航空公司的投資回收期嗎？

Yes. Well, Tyler, maybe in reverse order, as you just alluded to, we're really seeing the strength in the GMV. We're seeing the strength in the merchant base and the revenue growth. So we do believe it's working well. We have, as you correctly pointed out, roughly a year ago, we talked about some of the changes, the updates we made in performance marketing, the continued enhancements that we've made in our own internal models, how we look at the data, how we find a signal quickly from all this.

是的。好吧，泰勒，也許反過來，正如你剛才提到的，我們確實看到了 GMV 的實力。我們看到了商戶基礎的強大和收入的成長。所以我們確實相信它運作得很好。正如您正確指出的那樣，大約一年前，我們討論了一些變化，我們在績效行銷方面所做的更新，我們在自己的內部模型中所做的持續改進，我們如何看待數據，如何從所有這些中快速找到訊號。

And we have continued to improve those models, and they're just getting better and better and better, which is one of the things that gives us the belief to continue to lead in to performance marketing. I do though want to make sure, partly because -- and I alluded to this in my prepared remarks, when you compare the numbers this year versus last year in terms of growth, one of the things that we were doing this time last year was some of this testing, which you alluded to, which really helped us improve even more our models.

我們一直在不斷改進這些模型，它們也變得越來越好，這也是讓我們有信心繼續引領績效行銷的原因之一。但我確實想確認一下，部分原因是——我在準備好的發言中提到過這一點，當你比較今年與去年的增長數字時，我們去年這個時候所做的事情之一就是你提到的一些測試，這確實幫助我們進一步改進了我們的模型。

And so there's a little bit of year-over-year comparability which goes into this. And if you look at the operating expenses more broadly, you kind of look at quarter-to-quarter versus year-over-year, it's up some. I don't want to make it sound like we have some massive ramp in marketing. We are continuing to do more with marketing. We have a lot of great markets we want to support their specific products.

因此，這其中存在一些與去年同期相比的可比性。如果你更廣泛地看一下營運費用，你會發現與上一季相比，營運費用增加。我不想讓大家覺得我們在行銷方面有大動作。我們將繼續在行銷方面做更多工作。我們有許多優秀的市場，我們希望支持他們的特定產品。

When they get success, we spend behind those from a marketing perspective, that fuels more success. We really think the marketing engine is working very well. I don't have on one of your questions in terms of their specific size or segment, we talked about this a little bit last quarter too, I don't have some -- we don't have some segment where we say, hey, we really need to support this segment because it's behind.

當他們取得成功時，我們會從行銷角度為他們提供支持，以推動他們取得更多成功。我們確實認為行銷引擎運作得很好。關於您提到的他們的具體規模或細分市場，我沒有回答您的某個問題，我們上個季度也討論過這個問題，我沒有——我們沒有針對某個細分市場說，嘿，我們真的需要支持這個細分市場，因為它落後了。

We're pretty broad-based in performance marketing in terms of how we think about again, geographies, products, things we want to be doing. So we're supporting the growth of these. But I don't have some segment where I feel like we need to do some catch-up or we have some strategic agenda that we need to support. So we think our models are working very well. And so we're continuing to lean into those.

就我們如何再次思考地理、產品以及我們想要做的事情而言，我們在績效行銷方面的範圍相當廣泛。所以我們支持這些業務的成長。但我並不覺得我們需要在某些方面迎頭趕上，或是我們需要支持某些策略議程。所以我們認為我們的模型運行得很好。因此我們將繼續依賴這些。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Wonderful. I wanted to ask a question about the success you're seeing upmarket in the enterprise. Really impressive to see some of the logos that you signed this quarter. Has there been any change in go-to-market? This is really in the channel. Would love to get some color as to what's driving that success from a go-to-market standpoint. Any changes there? And with the focus on system integrators, has that been a benefit to that business as well?

精彩的。我想問一個關於您在企業高端市場所看到的成功的問題。看到您本季簽署的一些標誌確實令人印象深刻。上市方式有什麼改變嗎？這確實在頻道裡。我很想從行銷的角度了解推動這項成功的原因。那裡有什麼變化嗎？並且由於專注於系統整合商，這對該業務也有好處嗎？

Yes. I mean I don't think there's necessarily one thing that's leading to it. The product is incredible. The value-to-cost ratio is incredibly on the side of value. And more importantly, as we as we add new functionality, for example, some of the stuff we discussed around agentic commerce, for example, these are the conversations that all of these very large retailers are having in their own boardrooms, their own management teams about where is commerce going.

是的。我的意思是，我不認為一定有某件事導致了這種情況。該產品令人難以置信。價值成本比令人難以置信地高。更重要的是，當我們添加新功能時，例如，我們討論的一些有關代理商務的內容，這些都是所有這些大型零售商在自己的董事會會議室、自己的管理團隊中關於商務發展方向的對話。

And the fact that they know that if they come to Shopify, they will be future-proofed, I think, is incredible. So certainly, some of the stuff we're doing with SIs helps. The product getting much better obviously helps. But the reason they're coming is they see the value of what we're doing. I mean one of the cool parts of this commerce component play for us is that some of these -- as I said earlier, some of these merchants and these very large brands are coming to simply because they see and believe in the value of Shop Pay and they see the conversion lift and they want to have this incredible accelerated checkout experience.

事實上，他們知道，如果他們來到 Shopify，他們將能夠面向未來，我認為這是令人難以置信的。因此，我們與 SI 合作開展的一些工作確實有幫助。產品的不斷改進顯然有所幫助。但他們來這裡的原因是他們看到了我們所做的事情的價值。我的意思是，這個商業組件對我們來說很酷的一部分是，正如我之前所說，其中一些商家和這些非常大的品牌之所以選擇它，僅僅是因為他們看到並相信 Shop Pay 的價值，他們看到了轉換率的提升，他們希望擁有這種令人難以置信的加速結帳體驗。

And so that opens a conversation with Shopify to figure out whether or not we can do more with them. And once they come in the door for a commerce component for checkout, we can begin to show them what else we can do for them. But I think part of it is we have the largest ecosystem in commerce with this incredible innovation.

因此，我們與 Shopify 展開了對話，以確定我們是否可以與他們合作做更多的事情。一旦他們進門購買商務組件進行結帳，我們就可以開始向他們展示我們還能為他們做些什麼。但我認為部分原因是我們憑藉這一令人難以置信的創新擁有了最大的商業生態系統。

The network keeps getting stronger. And the more -- again, part of the reason why I love sharing these names that are joining every single quarter is because these are brands that other brands look up to and they want to know. If Miele, the high-end kitchen appliance company is using Shop, maybe we should be thinking about that as well.

網路變得越來越強大。而且——再次強調，我喜歡分享這些每個季度加入的名字的部分原因是因為這些品牌是其他品牌仰慕的並且他們想要了解的。如果高端廚房電器公司 Miele 正在使用 Shop，也許我們也應該考慮這一點。

And so I think this exceptional value they're getting, this powerful platform, this modern technology stack and this innovation that they see us coming in, the amount of velocity we're shipping product with every single quarter, I mean we ship more products at each Shopify addition than some of our competition shipping over the course of five-years, and we do two of those every single year.

因此，我認為他們獲得的這種非凡價值、這種強大的平台、這種現代技術堆疊和他們看到的我們即將推出的這種創新，以及我們每個季度發貨的速度，我的意思是，我們在 Shopify 每次新增時發貨的產品比我們的一些競爭對手在五年內發貨的產品還要多，而且我們每年都會這樣做兩次。

So I think generally, this is all leading to some of the most important, some of the largest brands on the planet, not only considering Shopify, but coming to Shopify as well. And it's an area of the business I'm incredibly excited about.

所以我認為總的來說，這一切都會導致地球上一些最重要的品牌、一些最大的品牌不僅考慮 Shopify，而且還會加入 Shopify。這是我非常興奮的一個業務領域。

Deepak Mathivanan, Cantor.

馬蒂瓦南 (Deepak Mathivanan)，領唱。

Great. Thanks, Carrie. Harley, I just wanted to ask you about the AI assistant. You have a great purview into the traffic patterns of your merchants. Can you give more color on how traffic is shifting towards AI assistance? And what are you thinking are kind of the gating factors right now for commercial use cases to grow more on AI assistants and perhaps to become a bigger channel for all your merchants.

偉大的。謝謝，嘉莉。哈雷，我只是想問你關於人工智慧助理的問題。您可以很好地了解商家的流量模式。能否詳細介紹交通如何轉向人工智慧輔助？您認為目前限制人工智慧助理在商業用例中進一步發展以及成為所有商家更大管道的限制因素是什麼？

Thanks for the question. Look, we are getting prepared that if agentic commerce and more of the more traffic is flowing towards AI, to ensure that Shopify and Shopify merchants are front and center. The reason that you're hearing about all these new innovative things we're doing, whether it's catalog, whether it's Universal Cart or checkout kit, is because we want to make sure that we become the best partner for these AI companies to work with and these agents to work with.

謝謝你的提問。看，我們正在做好準備，如果代理商務和更多的流量流向人工智慧，以確保 Shopify 和 Shopify 商家處於中心位置。您之所以聽說我們正在做的所有這些創新事情，無論是目錄、通用購物車還是結帳套件，都是因為我們希望確保我們成為這些人工智慧公司和代理商的最佳合作夥伴。

So we are preparing ourselves for it. In terms of is it taking market share from a different channel yet? Too early to tell. But like we did in historically with new areas of commerce and e-commerce, we are prepared that if something does shift, Shopify merchants are better prepared and Shopify is at the core at the center of all of that.

所以我們正在為此做好準備。它是否已經從不同的管道搶佔市場份額了？現在說還太早。但就像我們過去在新的商業和電子商務領域所做的那樣，我們已經做好準備，如果情況確實發生變化，Shopify 商家會做好更充分的準備，而 Shopify 是所有這一切的核心。

So we'll continue to see. We'll keep updating you on that. But certainly, as you're seeing the pace of innovation and products and partnerships that we're rolling out around agentic commerce is second to none. Maybe before we just close up here, I'll just finish with a couple of things. I said this earlier, but hopefully, you've all now picked up the tone of this call.

因此我們將繼續觀察。我們會持續向您通報最新情況。但可以肯定的是，如您所見，我們在代理商商務領域推出的創新、產品和合作夥伴關係的速度是首屈一指的。在我們結束之前，我可能會想先說幾件事。我之前就說過這個，但希望你們現在都已經領會了這個電話的意思。

We believe that Shopify is steady, strong and certainly built on discipline. We show up for our merchants of every size, every single day, whether it's BFCM or it's a random Wednesday in August. But we think that we can really help merchants of every size, whether it's the biggest brands or the best entrepreneurs. We're aiming very high. We're investing early. We were never going to settle.

我們相信 Shopify 是穩健、強大且建立在紀律之上的。我們每天都會為各種規模的商家提供服務，無論是黑色星期五網購星期一，還是八月的某個星期三。但我們認為我們確實可以幫助各種規模的商家，無論是最大的品牌還是最好的企業家。我們的目標很高。我們正在進行早期投資。我們永遠不會安定下來。

But we also are seeing that there's always new frontier, and you should expect and you should -- you should expect us to show up there and be the first ones to reach it. We see our channels are growing. Our roster of incredible merchants keeps growing. Our global footprint keeps growing. And we still believe there's so much left to do.

但我們也看到，總是有新的前沿，你應該期待，你應該期待我們出現在那裡，並成為第一個到達那裡的人。我們看到我們的管道正在成長。我們的優秀商家名單不斷成長。我們的全球足跡不斷擴大。我們仍然相信還有很多事情要做。

So I think you're seeing the best version of Shopify. We are really excited about where we're going. We're excited about how we're operating steady, strong and built on discipline. I just want to say thanks for joining the call. And now the team and I and Jeff, we're going to go back to shipping. So thank you so much.

所以我認為您看到的是 Shopify 的最佳版本。我們對於即將要去的地方感到非常興奮。我們很高興能夠保持穩定、強勁和紀律性的營運。我只是想感謝您參加這次電話會議。現在，我和傑夫以及團隊要回去負責運輸工作。非常感謝。

With that, this concludes our second quarter 2025 conference call. Thank you for joining us. Goodbye.

至此，我們的 2025 年第二季電話會議就結束了。感謝您加入我們。再見。