Shopify Inc (SHOP) 2025 Q3 法說會逐字稿

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

早安，感謝您參加 Shopify 2025 年第三季電話會議。我是投資人關係總監凱莉‧吉拉德。今天和我們一起參加節目的還有 Shopify 總裁 Harley Finkelstein 和我們的財務長 Jeff Hoffmeister。在他們發言結束後，我們將開放提問環節。

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 those 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 the US and Canadian regulators.

我們將在今天的電話會議上發表一些基於假設的前瞻性聲明，因此存在風險和不確定性，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。除法律另有規定外，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發布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.

我們也會談到調整後的財務指標，這些指標屬於非公認會計準則 (非 GAAP) 指標，不能取代公認會計準則 (GAAP) 財務指標。雙方達成和解的詳情已在我們的新聞稿中公佈。最後，我們的報告以美元為單位，因此，除非另有說明，今天討論的所有金額均以美元為單位。

With that, I'll turn the call over to Harley.

接下來，我會把電話交給哈雷。

Thanks, Carrie, and good morning, everyone. It's been another strong quarter for Shopify. I'll take you through the numbers and what we've built and shipped in Q3 shortly. But first, I want to zoom out as I always do. There's a real shift happening in the world of technology right now. And I know you're all going to ask about AI and there's a lot to cover, from enabling agentic commerce with some of the biggest global leaders in conversational AI, to our AI assistant Sidekick supercharging merchants' businesses, to how we are using AI reflexively across the entire business and company to tighten our product loops and to ship world-class solutions more efficiently than ever.

謝謝你，凱莉，大家早安。Shopify 又迎來了一個強勁的季度。稍後我會帶你了解相關數據，以及我們在第三季生產和交付的產品。但首先，我想像往常一樣把鏡頭拉遠。目前科技界正在發生一場真正的變革。我知道你們都會問到人工智慧方面的問題，這方面有很多內容需要介紹，從與一些全球最大的對話式人工智慧領導者合作實現智慧商務，到我們的人工智慧助理 Sidekick 為商家業務注入強勁動力，再到我們如何在整個業務和公司中反思性地使用人工智慧來縮短產品週期，並以前所未有的效率交付世界一流的解決方案。

But here's the thing. There's a bigger story behind the updates, and it's a story of the evolution of commerce. Now evolution teaches us to adapt or die, and Shopify is built for this pace of change. It's in our DNA. So while you'll certainly see it in how we're leveraging AI, you will also see it in our international expansion. You'll see it in the development of our offline B2B channels. And you'll see it in how we've dramatically lowered the barrier to entry. Every 26 seconds, a new entrepreneur makes their first sale on Shopify. I'm going to say that again. Every 26 seconds, a new entrepreneur makes their first sale on Shopify. In fact, it's happened at least 3 times since I started talking here. That is TAM expansion at its best. And any of those merchants could easily become one of the world's biggest brands in a decade or less.

但問題是…這些更新背後有著更大的故事，那就是商業演變的故事。如今，進化告訴我們要么適應要么滅亡，而 Shopify 正是為適應這種快速變化而打造的。這是刻在我們基因裡的。因此，您不僅會在我們如何利用人工智慧方面看到這一點，也會在我們的國際擴張中看到這一點。你會在我們線下B2B頻道的發展中看到這一點。你會發現，我們已經大幅降低了進入門檻。平均每 26 秒就有一位新創業者在 Shopify 上完成他們的第一筆交易。我再說一次。平均每 26 秒就有一位新創業者在 Shopify 上完成他們的第一筆交易。事實上，自從我開始在這裡發言以來，這種情況至少發生了3次。這才是TAM擴張的最佳體現。這些商家中的任何一家都有可能在十年或更短的時間內成為世界上最大的品牌之一。

As I said before, that's what we mean when we say we're not just growing our piece of the pie, we are growing the pie itself. That is our superpower. Commerce never stands still and neither do we. We are always building for what's next. And now as we're entering what is likely to be a whole new era of agentic commerce, our scale and agility mean that Shopify is perfectly positioned to lead the way and empower more businesses using AI.

正如我之前所說，這就是我們所說的，我們不僅僅是在擴大我們自己的那份蛋糕，而是在擴大整個蛋糕。這就是我們的超能力。商業永不停​​歇，我們亦然。我們始終在為未來做準備。如今，我們即將進入一個全新的智慧商務時代，憑藉我們的規模和敏捷性，Shopify 完全有能力引領潮流，並利用人工智慧賦能更多企業。

AI is an incredible tool for us in what has always been our goal to enable more entrepreneurs in the world. More on that in just a moment. First, back to the numbers. While we're continuously evolving, the story of our results remains incredibly consistent. Normally, I hate repeating myself, but this is one place I'm very happy to do just that. For quite some time now, we've demonstrated that we can balance both growth and profitability. Well, here it is again.

人工智慧對我們來說是一個不可思議的工具，它幫助我們實現了一直以來的目標——賦能全球更多創業家。稍後會詳細介紹。首先，讓我們回到數字上來。雖然我們一直在不斷發展，但我們所取得的成果卻始終保持著驚人的一致性。通常情況下，我討厭重複自己，但在這裡我非常樂意這樣做。很長一段時間以來，我們已經證明我們能夠兼顧成長和獲利能力。好吧，它又來了。

Q3 delivered 32% GMV growth, 32% revenue growth and an 18% free cash flow margin. And this is not just a one-off. Revenue grew 27% in Q1 this year, 31% in Q2 and 32% in Q3. At the same time, free cash flow margin has held steady at 15% in Q1 to 16% in Q2 and 18% again in Q3. Consistent, strong, executing just as we said we would. We are really proud of these results. Delivering these numbers quarter after quarter at our sale is a huge achievement. And this consistency is not an accident. It's incredibly intentional. It's a direct outcome of how we operate. We build what merchants need, we ship relentlessly and we grow consistently.

第三季實現了 32% 的 GMV 成長、32% 的營收成長和 18% 的自由現金流利潤率。而且這並非個案。今年第一季營收成長27%，第二季成長31%，第三季成長32%。同時，自由現金流利潤率在第一季保持穩定在 15%，第二季為 16%，第三季再次達到 18%。始終如一，表現出色，完全按照我們承諾的那樣執行。我們對這些結果感到非常自豪。在我們的銷售業績中，每季都能達到這樣的數字，這是一項巨大的成就。這種一致性並非偶然。這是精心策劃的。這是我們運作方式的直接結果。我們打造商家所需的產品，我們堅持不懈地出貨，我們持續成長。

This is the right balance for a growth company, invest to capture opportunity, keep margins at a profitable level and deliver durable results quarter after quarter. It's how we operate, powered by a model built to accelerate merchant growth, a team built for execution and millions of businesses pushing from their first sale to full scale. And that's why you continue to see consumers' favorite brands come to Shopify to power their businesses. More on that later.

對於一家成長型公司來說，這才是正確的平衡點：投資以抓住機遇，保持利潤率在盈利水平，並逐季取得可持續的業績。這就是我們的營運方式，我們採用旨在加速商家成長的模式，組建了一支執行力強的團隊，幫助數百萬家企業從第一筆銷售發展到全面擴張。這就是為什麼你會看到消費者喜愛的品牌不斷選擇 Shopify 來支持他們的業務發展。稍後會詳細說明。

Now let me walk you through what we've built and shipped in Q3 and how it's fueling our growth. I touched on AI at the start of the call. That's because, simply put, we all recognize this could be the biggest shift in technology since the Internet, and Shopify is preparing to be at the center of it. The products we're talking about today could very well become a quintessential piece of technology that will be used by everyone, every day. That's how big this could be. And we believe Shopify is perfectly primed to help lead the way.

現在讓我帶您了解我們在第三季開發和推出的產品，以及它們如何推動我們的成長。我在通話開始時簡要地談到了人工智慧。簡而言之，我們都意識到這可能是自網路誕生以來最大的技術變革，而 Shopify 正準備成為這場變革的中心。我們今天討論的這些產品很可能成為每個人每天都會用到的必備科技產品。這件事的影響可能就是這麼大。我們相信 Shopify 已做好充分準備，引領這股潮流。

Think of it this way. If AI is fueled by data, then Shopify has a clear advantage. We power millions of merchants and billions of transactions. That gives us access to a world of data across a spectrum of commerce. And we're using that data to create better shopping experiences for both merchants and shoppers. This is the strength of our platform, massive scale paired with unmatched velocity.

換個角度想。如果人工智慧是由數據驅動的，那麼 Shopify 就擁有明顯的優勢。我們為數百萬商戶和數十億筆交易提供支援。這使我們能夠接觸到涵蓋商業各領域的大量數據。我們正在利用這些數據，為商家和消費者創造更好的購物體驗。這就是我們平台的優勢：規模龐大，速度無與倫比。

We think about the evolution of AI in three ways, how AI will help our merchants sell everywhere, how AI will help our merchants operate smarter, and how we, as a company, will use AI to build better. Sell everywhere, operate smarter and build better. Let me take each in turn.

我們從三個方面思考人工智慧的發展：人工智慧將如何幫助我們的商家在任何地方銷售產品；人工智慧將如何幫助我們的商家更聰明地運作；以及我們公司將如何利用人工智慧來建立更好的產品。全面銷售，更聰明地運營，更出色地打造。讓我逐一回答。

Let's start with how AI is helping our merchants sell everywhere, what's known as agentic commerce. Put simply, AI is able to fundamentally change how we shop, moving from search to conversation, helping all consumers purchase more efficiently. And that's why we built the Commerce for Agents tools that we introduced on our last call, Catalog, Universal Cart and Checkout Kit. These tools make it easier for agents to shop across merchant stores on a buyer's behalf.

讓我們先來看看人工智慧如何幫助我們的商家在任何地方銷售產品，這就是所謂的代理商務。簡而言之，人工智慧能夠從根本上改變我們的購物方式，從搜尋轉向對話，幫助所有消費者更有效率地購物。因此，我們開發了在上一次電話會議上推出的代理商商務工具，包括產品目錄、通用購物車和結帳工具包。這些工具使代理商能夠更輕鬆地代表買家在各個商家商店之間進行比價。

But here's the thing. Agentic commerce is so much more than just the last click. Think about it in three layers, product discovery, purchasing experience and the post-purchase journey. Now if you're only looking at the payment or checkout layer, you're missing the bigger picture of what we're building a seamless and intuitive shopping experience end to end.

但問題是…智慧商務遠不止是最後一次點擊那麼簡單。可從三個層面來考慮：產品發現、購買體驗和售後服務。如果你只專注於付款或結帳環節，你就忽略了我們正在建立的無縫、直覺的端到端購物體驗的全局。

First, let's talk discovery. We've structured data across billions of products so our partners can surface the most relevant items in seconds. It's clear where this is going. Shopping is becoming more conversational, more personalized and much more efficient. And that's why the leading AI partners are already using Catalog to power product discovery inside their experiences.

首先，我們來談談發現。我們對數十億種產品的數據進行了結構化處理，以便我們的合作夥伴能夠在幾秒鐘內找到最相關的商品。事情的走向很明顯。購物正變得越來越像對話，越來越個人化，也越來越有效率。正因如此，領先的 AI 合作夥伴已經開始使用 Catalog 來增強其使用者體驗中的產品發現功能。

I'm sure you all saw the announcement about our partnership with ChatGPT, which is a strategic play that we're really excited about. But let me be clear, we're also partnered with other leaders in conversational AI like Perplexity, and our goal is to power product discovery for all agents, making us the standard across the Internet. Up next, on purchasing experience. Once a shopper finds what they want, Universal Cart and Checkout Kit make add to cart and checkout seamless inside the conversation. ChatGPT, along with Microsoft Copilot have already partnered with us here to make in-chat shopping flows possible.

我相信大家都看到了我們與 ChatGPT 建立合作關係的公告，這是我們非常興奮的策略舉措。但我要明確一點，我們也與 Perplexity 等對話式人工智慧領域的其他領導者建立了合作關係，我們的目標是為所有代理商提供產品發現功能，使我們成為整個網路的標準。接下來，我們來談談購買體驗。一旦購物者找到他們想要的東西，通用購物車和結帳工具包就可以在對話中無縫地將商品添加到購物車中並結帳。ChatGPT 和 Microsoft Copilot 與我們合作，實現了聊天內購物流程。

And finally, post purchase. We're investing in tools that help agents keep customers engaged and informed, order status, return, support, reorder prompts, so the experience stays smooth and merchants build durable relationships with their customers. Of course, different permutations will emerge as agentic commerce evolves, and we are preparing our merchants to be well positioned for whatever path wins.

最後是售後服務。我們正在投資開發各種工具，幫助代理商與客戶保持互動並告知客戶訂單狀態、退貨、支援、重新訂購提示，從而保持流暢的體驗，並幫助商家與客戶建立持久的關係。當然，隨著代理商業的發展，會出現不同的變化，我們正在讓我們的商家做好準備，以便無論哪種方式最終勝出都能佔據有利地位。

What all this should tell you is that our merchants are primed for success in the new world of agentic commerce, just as they will continue to be armed with the tools for their online store, physical retail stores, B2B channels or wherever commerce goes next. This is the advantage of being on Shopify, we are everywhere commerce is happening and we always aim to get there first.

這一切都表明，我們的商家已經為在代理商務的新世界中取得成功做好了充分準備，就像他們將繼續擁有各種工具來支持他們的網上商店、實體零售店、B2B渠道或未來任何商業發展方向一樣。這就是在 Shopify 上開展業務的優勢所在，我們無處不在，只要有商業活動的地方，我們就能參與其中，而且我們始終力爭第一。

Okay. Let's now talk about how merchants are using AI to operate smarter. We set an extremely high bar for every AI feature we build and ship. We're not just here to keep pace with change, we're here to set the standard for what's possible in commerce technology. Sidekick, our on-platform intelligent assistant, is a prime example of that commitment.

好的。現在我們來談談商家如何利用人工智慧來更聰明地運作。我們為開發和發布的每項人工智慧功能都設定了極高的標準。我們不僅要跟上時代的步伐，更要為商業科技領域的未來發展樹立標竿。Sidekick 是我們平台內建的智慧助手，正是這種承諾的絕佳體現。

And frankly, the rate of adoption speaks for itself. In Q3 alone, over 750,000 shops used Sidekick for the first time. And to date, Sidekick has had almost 100 million conversations with merchants, with 8 million in October alone. And it's quickly becoming the default way merchants get things done. Hundreds of thousands of merchants are running core parts of their business using Sidekick.

坦白說，採用率本身就說明了一切。光是第三季度，就有超過 75 萬家商店首次使用 Sidekick。迄今為止，Sidekick 已與商家進行了近 1 億次對話，光是 10 月就進行了 800 萬次對話。而且它正迅速成為商家完成交易的預設方式。數十萬商家正在使用 Sidekick 來運行其業務的核心部分。

In fact, conversation can go from 50 to 100 turns deep, covering everything from analytics and building new customer segments, to automating better SEO and so much more. Five years ago, none of this would have been possible. And today, it's a reflexive daily habit for many of them. At this scale, Sidekick will only get smarter and more powerful. We've been betting on this from day one, and that bet was correct and it's already paying off. Sidekick is central to how so many merchants operate their businesses.

事實上，對話可以深入 50 到 100 輪，涵蓋從分析和建立新的客戶群，到自動化更好的 SEO 等等方方面面。五年前，這一切都不可能實現。如今，這已成為他們許多人的日常習慣。以這個規模發展下去，Sidekick 只會變得越來越聰明、越來越強大。我們從一開始就押注於此，事實證明我們的押注是正確的，而且已經開始獲得回報。Sidekick 對於許多商家經營業務的方式至關重要。

Let me be clear, this is not just about automation. This is also about autonomy. This is exactly what we had hoped for when we started out on this journey. It's also something we knew we were uniquely positioned to build given everything we know about the merchants' business and commerce at large. This is what building a purpose-built agent and deeply integrating into the platform looks like, and we are just getting started.

我要明確一點，這不只是自動化的問題。這也關乎自主權。這正是我們踏上這段旅程之初所期盼的。我們也知道，鑑於我們對商家業務和整個商業領域的了解，我們擁有獨特的優勢來建立這個平台。這就是建立專用代理並將其深度整合到平台中的樣子，而我們才剛剛開始。

The last thing I'll touch on with AI is how we're using it to build better products. For years, we've been honing our internal capabilities in the same way we've been empowering our merchants, shipping fast, measuring what matters and scaling what works using AI. Shopify's founder mode mentality really comes into play here. We're turning vast amounts of raw signal into ship products and features quickly and relentlessly. This is what building with AI looks like at Shopify, using our scale to gain insights, our culture to move really fast and shipping more of what truly matters so merchants win sooner.

最後，我想談談人工智慧是如何利用它來打造更好的產品的。多年來，我們一直在不斷提升內部能力，就像我們一直在賦能商家、快速出貨、衡量重要事項以及利用人工智慧擴大有效做法一樣。Shopify的創辦人思維在這裡發揮了重要作用。我們正在快速、持續地將大量的原始訊號轉化為船舶產品和功能。這就是 Shopify 利用 AI 建立產品的方式：利用我們的規模來獲取洞察，利用我們的文化來快速行動，並交付更多真正重要的產品，從而幫助商家更快地取得成功。

Let me share one quick example to illustrate this. We have a tool affectionately known as Scout. Now Scout is an internal voice of the customer system that indexes hundreds of millions of merchant feedback items, making them searchable within our tools. Any PM, designer, engineer or, frankly, anyone at the company, including myself and Jeff, can ask a question and get grounded answers in seconds. That used to take weeks. Patterns emerge by market, vertical and merchant size, allowing us to write clear specs, prioritize better and ship with confidence.

讓我舉一個簡單的例子來說明這一點。我們有一款工具，我們親切地稱之為 Scout。現在，Scout 是一個內部客戶之聲系統，它索引了數億個商家回饋訊息，使它們可以在我們的工具中進行搜尋。任何專案經理、設計師、工程師，或坦白說，公司裡的任何人，包括我和傑夫，都可以提出問題，並在幾秒鐘內得到切實可行的答案。以前這要花好幾個星期。按市場、垂直行業和商家規模劃分，會呈現不同的模式，這使我們能夠編寫清晰的規範，更好地確定優先級，並充滿信心地交付產品。

And Scout is just one of many tools we're developing to turn our own signals, whether it's support tickets, usage data, reviews, social interactions or even Sidekick prompts into fast informed decisions. If you take away one thing from this call, let it be this, AI is not just a feature at Shopify. It is central to our engine that powers everything we build.

Scout 只是我們正在開發的眾多工具之一，這些工具可以將我們自己的訊號（無論是支援工單、使用數據、評論、社交互動，甚至是 Sidekick 提示）轉化為快速的知情決策。如果你能從這通電話中記住一件事，那就是：人工智慧不僅僅是 Shopify 的一項功能。它是我們一切產品動力引擎的核心。

Okay, that's a lot about AI, which should give you some idea about how much is happening behind the scenes over here. But now let's shift our focus to other key products and growth areas that are driving our results. Starting with Shopify Payments.

好了，以上就是關於人工智慧的大部分內容，應該能讓你對幕後發生的各種事情有所了解。但現在讓我們把注意力轉移到其他推動我們業績的關鍵產品和成長領域。首先是 Shopify Payments。

Payments continues to lead the way for driving growth, hitting 65% penetration of GMV in Q3. Shop Pay has seen significant growth as well, up 67% year-over-year to $29 billion this quarter. Now I want to underline what I just said because it's important to understand what we're building here. If there was ever one company that could own the checkout, we believe it can be Shopify. And that's no small feat. If we've made it look easy, then that means we're doing our job.

支付業務持續引領成長，第三季 GMV 滲透率達 65%。Shop Pay 也實現了顯著成長，本季年增 67%，達到 290 億美元。現在我想強調一下我剛才說的內容，因為理解我們正在建構的是什麼非常重要。如果要說哪家公司能夠主導支付領域，我們認為非 Shopify 莫屬。這可不是一件容易的事。如果我們讓這件事看起來很輕鬆，那就表示我們做得很好。

But in reality, the checkout is an incredibly complex system. It's the engine room of commerce. That one simple buy button is a contract between merchant and customer that has to cover a whole world of optionality, from taxes, shipping and inventory, to pricing and payments in any currency, to bundles and upsells and subscriptions, our checkout scales in terms of volume and functionality, all while ensuring compliance with various regulations.

但實際上，結帳是一個極為複雜的系統。它是商業的引擎。一個簡單的購買按鈕，實際上是商家和顧客之間的合同，它涵蓋了從稅收、運費和庫存，到任何貨幣的定價和支付，再到捆綁銷售、追加銷售和訂閱等一系列選擇。我們的結帳流程可以根據交易量和功能進行擴展，同時確保符合各種法規。

Think of it like a really well-made watch. The watch face or the buy button is just the tip of the iceberg. What's underneath is an intricately built network of complications that handles a world of nuance all designed to make the experience beautifully simple. And it doesn't end there. Once the sales complete, we handle refunds, exchanges, store credits, partial captures and loyalty programs, all seamlessly allowing merchants to focus on growth instead of paperwork and building trust with their customers. So why does this matter? Because it demonstrates that we execute incredibly well at scale. No one else can handle this complexity as seamlessly and with such a focus on the merchant as Shopify can.

你可以把它想像成一隻做工精良的手錶。錶盤或購買按鈕只是冰山一角。其底層是一個精心構建的複雜網絡，可以處理各種各樣的細微差別，所有這些都是為了讓體驗變得簡單而美好的。但這還沒完。銷售完成後，我們會處理退款、換貨、商店積分、部分收款和會員計劃，所有這些都能無縫銜接，讓商家能夠專注於成長而不是文書工作，並建立與客戶的信任。那麼，這為什麼重要呢？因為這顯示我們在規模化方面執行力非常強。沒有其他公司能夠像 Shopify 一樣，如此無縫地處理這種複雜性，並如此專注於商家。

And for our partners, we keep it simple as well. Platforms like Microsoft Copilot can easily plug in to activate commerce quickly embedding checkout and maintaining a native feel. And the result, we simplify online stores and check out at scale, empowering our merchants and our partners to thrive wherever commerce happens today and wherever it goes next.

對於我們的合作夥伴，我們也力求簡單易行。像 Microsoft Copilot 這樣的平台可以輕鬆接入，快速啟動電商功能，嵌入結帳流程，並保持原生體驗。最終，我們簡化了線上商店和結帳流程，大規模地賦予我們的商家和合作夥伴，使他們無論在當今的商業環境中還是在未來的商業環境中都能蓬勃發展。

So we've talked about AI, we've talked about the checkout, but you'll see this laser focus in everything we build. In Q3, every upgrade we shipped, cut friction simplified selling and put merchants within reach of new markets. I'll give you a few examples related to our payments business. Merchants, using Global-e's managed markets products can now offer Shop Pay as a payment method. Our Klarna partnership now includes local currency displays and streamlined payouts, and Shop Pay installments launched in the UK following Canada that rolled out earlier this year.

我們已經討論了人工智慧，也討論了結帳流程，但你會發現，在我們建造的每一個產品中，我們都始終保持著這種專注。第三季度，我們推出的每一次升級都減少了摩擦，簡化了銷售，使商家能夠進入新市場。我舉幾個與我們支付業務相關的例子。使用 Global-e 管理式市場產品的商家現在可以提供 Shop Pay 作為付款方式。我們與 Klarna 的合作現在包括本地貨幣顯示和簡化的付款方式，繼今年稍早在加拿大推出後，Shop Pay 分期付款服務也在英國推出。

So why am I talking to these specific rollouts? Because it shows how each integration makes it easier for merchants to convert wherever they do business. And we're not close to being done. There's significant runway ahead, especially internationally where our adoption rates are increasing but still remain lower than our core market in North America. We see that momentum continuing.

那麼，我為什麼要談這些具體的推廣活動呢？因為它表明，每項整合如何讓商家無論在哪裡開展業務，都能更輕鬆地實現轉換。我們離完成還遠著。未來還有很大的發展空間，尤其是在國際市場，我們的市場接受度正在提高，但仍低於我們在北美的核心市場。我們看到這種勢頭仍在持續。

In Europe, penetration gains for Shopify Payments in Q3 were more than 50% higher than the gains in the same quarter a year ago. This is how we continue to capture growth and drive greater payment penetration, by making the hard things simple and putting merchants at the center of every transaction.

在歐洲，Shopify Payments 第三季的滲透率成長比去年同期成長了 50% 以上。我們正是透過簡化複雜流程，並將商家置於每筆交易的核心位置，來持續實現成長並推動支付滲透率的提高。

Let's stay on international because, frankly, the results speak for themselves. International GMV grew 41% in Q3, on top of 42% in Q2 and 31% in Q1. The momentum is real, and we're still only scratching the surface. Europe's market share continues to make gains, while revenue from the region now accounts for 21% of our overall revenue in Q3, up from less than 18% two years ago.

我們還是繼續關注國際賽場吧，因為坦白說，結果已經說明了一切。第三季國際 GMV 成長 41%，先前第二季成長 42%，第一季成長 31%。這股動能是實實在在的，而我們目前還只是觸及了冰山一角。歐洲的市佔率持續成長，該地區的營收目前占我們第三季總營收的 21%，高於兩年前的不到 18%。

On top of the payment product enhancements I already mentioned, Q3 was packed with solutions across our business that further break down barriers and open new markets for merchants everywhere. I'm going to drill into the details here because it's important to understand the velocity of progress we are making internationally to add more products in more markets.

除了我之前提到的支付產品改進之外，第三季我們還推出了一系列貫穿整個業務的解決方案，進一步打破壁壘，為各地商家開闢新市場。我將深入探討細節，因為了解我們在國際上為更多市場增加更多產品所取得的進展速度非常重要。

In point of sale, we launched Shopify Payments for POS to three additional countries and rolled out Tap to Pay in seven more countries. Shopify Capital has now doubled its footprint from where we started the year, with Ireland and Spain launching in Q3. And Shop App expanded Track with Shop and Translations in six new markets, making it a top destination for local buyers around the world. On the cross-border front, as I mentioned earlier, Shop Pay is now available for merchants using our managed markets product.

在銷售點方面，我們向另外三個國家推出了 Shopify Payments for POS，並在另外七個國家推出了 Tap to Pay。Shopify Capital 的業務規模已比年初翻了一番，愛爾蘭和西班牙已於第三季推出。Shop App 將 Track with Shop 和 Translations 擴展到了六個新市場，使其成為全球本地買家的首選目的地。在跨境支付方面，正如我之前提到的，Shop Pay 現在可供使用我們管理市場產品的商家使用。

Let's talk about shipping and fulfillment next because we made big strides here this quarter. We expanded merchant optionality across the stack for both international and local. This quarter alone, we partnered with Amazon of multichannel fulfillment, Big Blue, DHL Fulfillment Network, Go Bolt and Mayple all to give merchants more fulfillment flexibility. We partnered with Australia Post, Royal Mail and DHL Express Canada to give more carrier diversity. And we launched DHL Express DDP, DHL e-commerce DDP and enabled Canada Post DDP, so merchants can collect duties at checkout. With a single integration, we've empowered merchants to eliminate the customs delays that kill international sales.

接下來我們來談談物流和配送，因為我們本季在這方面取得了長足的進步。我們擴大了整個技術堆疊中商戶的選擇範圍，涵蓋國際和本地市場。僅本季度，我們就與亞馬遜（多通路物流）、Big Blue、DHL 物流網絡、Go Bolt 和 Mayple 等公司建立了合作關係，旨在為商家提供更大的物流靈活性。我們與澳洲郵政、英國皇家郵政和加拿大DHL快遞公司合作，以提供更多承運商選擇。我們推出了 DHL Express DDP、DHL 電子商務 DDP，並啟用了加拿大郵政 DDP，以便商家可以在結帳時收取關稅。透過一次集成，我們幫助商家消除了阻礙國際銷售的海關延誤。

But this is not just about adding integrations. It's about giving merchants the optionality to choose the best solution for their business, whether that's the lowest cost, fastest delivery or best cross-border experience, all managed from a single platform. As regulations shift and merchants' needs evolve, this depth of choice gives our merchants even more ways to be successful, while continuing to build an ecosystem that is truly world-class.

但這不僅僅是添加整合的問題。其目的是讓商家能夠選擇最適合自己業務的解決方案，無論是最低成本、最快交付或最佳跨境體驗，所有這些都可以在一個平台上進行管理。隨著監管政策的變化和商家需求的演變，這種豐富的選擇為我們的商家提供了更多成功的方式，同時繼續建立一個真正世界一流的生態系統。

And while we're scaling horizontally across geographies, we're also growing vertically across merchant types and channels. As you know, we've built multiple on-ramps into Shopify, online, off-line, B2B and enterprise, so brands can start and scale on their terms. And that is why the biggest brands and retailers are choosing Shopify. Just last week, the Estee Lauder companies announced they're coming to Shopify. This is a global beauty Empire with 80 years of heritage and more than 20 iconic brands under 1 roof, Clinique, MAC, La Mer, Bobbi Brown and more. And now they're trusting us to power their next chapter.

在橫向拓展地域範圍的同時，我們也縱向拓展商家類型與通路。如您所知，我們已建立了多個進入 Shopify 的入口，包括線上、線下、B2B 和企業級管道，以便品牌能夠以自己的方式起步和擴展。這就是為什麼許多知名品牌和零售商都選擇 Shopify 的原因。就在上週，雅詩蘭黛公司宣布將進駐 Shopify。這是一個擁有 80 年歷史的全球美容帝國，旗下擁有 20 多個標誌性品牌，包括倩碧、魅可、海藍之謎、芭比波朗等等。現在，他們信任我們，讓我們幫助他們開啟新的篇章。

So why are industry legends like Estee Lauder, Mattel, Aldo, Hunter Douglas all moving to Shopify? Because our technology wins, on speed, on scale, on agility. And our price-to-value ratio is unmatched. But it's more than just tech. Estee Lauder is still a family-led company at heart. For them, this isn't just business, and it isn't for us either. We simply outcare everybody else. Sometimes that means me spending the weekend on calls with both potential and existing merchants.

那麼，像雅詩蘭黛、美泰兒、奧多、亨特道格拉斯這樣的產業巨頭為何都紛紛轉向 Shopify 平台呢？因為我們的技術在速度、規模和靈活性方面都更勝一籌。我們的性價比無與倫比。但這不僅僅是科技問題。雅詩蘭黛本質上仍然是一家家族企業。對他們來說，這不僅僅是生意，對我們來說也是如此。我們比其他任何人都更用心。有時這意味著我要花整個週末與潛在客戶和現有商家通話。

And sometimes, it's Tobi jumping in to explain a new feature to a merchant. But all the time, it's the roughly 8,100 people at Shopify who're relentlessly merchant-obsessed showing up every day to help them win. And that mix of world-class technology and true partnership, that's what sets Shopify apart and that's what's driving us forward.

有時候，托比會主動向商家解釋新功能。但一直以來，Shopify 大約 8,100 名員工始終不懈地為商家服務，每天努力幫助他們取得成功。世界一流的技術與真正的合作關係相結合，正是 Shopify 的獨特之處，也是推動我們前進的動力。

And you can expect to see that continue to set us apart as we scale. Every day we are seeing some of the world's biggest brands with complex, high-volume operations choose Shopify to unify it's channels, to cut complexity and to move faster. This quarter alone, we have signed an incredible mix of brands that shows just how versatile and scalable Shopify is. Affordable billion dollar beauty giant e.l.f Cosmetics, Italian luxury label TWINSET, iconic American snack brand and household staple Welch's, 3D printing company Formlabs, the sport betting company FanDuel and the 170-year-old French retailer Ladurée. And in the growing baby category, we just welcomed Stokke.

隨著我們規模的擴大，您可以預見，這將繼續使我們脫穎而出。每天，我們都能看到一些營運複雜、業務量龐大的全球知名品牌選擇 Shopify 來統一通路、降低複雜性並加快發展速度。光是本季度，我們就簽約了一系列令人難以置信的品牌，這充分展現了 Shopify 的多功能性和可擴展性。價格親民的十億美元美妝巨頭 e.l.f Cosmetics、義大利奢侈品牌 TWINSET、標誌性的美國零食品牌和家庭必需品 Welch's、3D 列印公司 Formlabs、體育博彩公司 FanDuel 以及擁有 170 年歷史的法國零售商 Ladurée。在不斷壯大的嬰幼兒產品類別中，我們剛剛迎來了 Stokke。

Anyone who has small children at home will know this company. Their signature high chair has sold over 16 million times. And just like Estee Lauder, they have an incredible heritage, a 90-year-old company, and they're bringing Shopify in to supercharge their next chapter. And I hear stories like this every day. It's one of the things I love most about what we're building, partnering with generational businesses and setting them up for future generations to come.

家裡有小孩的人都會知道這家公司。他們標誌性的高腳椅銷售量已超過1600萬把。就像雅詩蘭黛一樣，他們擁有令人矚目的歷史傳承，是一家擁有 90 年歷史的公司，他們正在引入 Shopify 來加速開啟新的篇章。我每天都能聽到類似的故事。我最喜歡的一點就是，我們正在與世代傳承的企業合作，為子孫後代奠定基礎。

Meanwhile, some of our other recent signings are now ramping up on Shopify. Since we last spoke, brands like Michael Kors, David's Bridal, Goop, Mejuri and Dooney & Bourke, they're all live on Shopify. That's a serious list of companies I just mentioned, on top of the incredibly diverse brands we mentioned last quarter, which included everything from coffee to luxury outerwear to mining equipment.

與此同時，我們最近簽約的其他一些公司也正在 Shopify 上加速發展。自從我們上次交談以來，像 Michael Kors、David's Bridal、Goop、Mejuri 和 Dooney & Bourke 這樣的品牌都已入駐 Shopify。我剛才提到的這些公司都是非常重要的，再加上我們上個季度提到的種類繁多的品牌，涵蓋了從咖啡到奢侈外套再到採礦設備等各種產品。

What's most exciting is that we're increasingly welcoming more brands from all corners of commerce. And this growing merchant diversity, both in the US and all over the world, make Shopify more resilient, expands our addressable market and it fuels our growth. No matter how the market shifts, Shopify is built to thrive. We're widening our reach, we're deepening our offerings and we're laying the groundwork for long-term success, from entrepreneur all the way to enterprise.

最令人興奮的是，我們越來越歡迎來自商業各領域的品牌。而這種不斷增長的商家多樣性，無論是在美國還是在世界各地，都使 Shopify 更具韌性，擴大了我們的潛在市場，並推動了我們的成長。無論市場如何變化，Shopify 都能蓬勃發展。我們正在擴大服務範圍，深化服務內容，並為從創業家到大型企業的長期成功奠定基礎。

Now I want to quickly touch on offline as it's one of our long-term growth drivers that is continuing to power forward. Offline GMV in Q3 was up 31%, and we welcomed a host of incredible brands to Shopify. These are retail-first brands led by in-person experiences that are expanding to more channels and looking for a unified commerce solution. Iconic names like UGG Australia, Comme des Garçons are choosing Shopify to power their stores, expand their reach and deliver seamless experiences online and offline.

現在我想快速談談線下業務，因為它是我們的長期成長驅動力之一，並且正在持續向前發展。第三季線下 GMV 成長了 31%，我們迎來了許多優秀的品牌進駐 Shopify。這些品牌以零售為先，專注於線下體驗，目前正拓展至更多管道，並尋求統一的商業解決方案。UGG Australia、Comme des Garçons 等標誌性品牌選擇 Shopify 來為其商店提供支持，擴大其業務範圍，並在線上和線下提供無縫體驗。

These are not small wins. Our progress with the retail-anchored brands is another strong signal that Shopify is becoming the platform for all brands selling everywhere, in-store, online and across countries, channels and markets.

這並非微不足道的勝利。我們在與零售品牌合作方面取得的進展，再次有力地表明 Shopify 正在成為所有品牌在實體店、線上以及跨國家、通路和市場進行銷售的平台。

Finally, a quick note on B2B. Our momentum remains strong and steady. Following two years of consistent growth over 100%, we nearly doubled B2B GMV again in Q3, up 98% year-over-year. This isn't just one cohort or one region, we're seeing broad GMV growth across both new and established merchant cohorts. For example, in Canada, Q3 B2B GMV was up over 155% year-over-year.

最後，簡單提一下B2B方面的內容。我們的發展勢頭依然強勁穩定。在連續兩年實現超過 100% 的成長後，我們在第三季再次實現了 B2B GMV 近乎翻倍的成長，年成長 98%。這並非僅限於某個群體或某個地區，我們看到新舊商家群體的GMV都出現了廣泛的成長。例如，在加拿大，第三季 B2B GMV 年成長超過 155%。

From a vertical perspective, B2B continues to deliver strong results across the board, with home and garden standing out at 150% year-over-year GMV growth in Q3. Shopify's platform is delivering for merchants no matter the size, vertical of our market.

從垂直領域來看，B2B 業務持續全面取得強勁業績，其中家居和園藝業務表現突出，第三季 GMV 年比成長 150%。無論規模大小、所屬產業，Shopify 的平台都能為商家提供優質服務。

Now before I hand it over to Jeff, I want to close out where I started. Shopify is evolving at a pace that is entirely unmatched, while maintaining consistent durable growth. We're three quarters into 2025 and we've delivered exactly what we said we would relentless growth, consistent margins and unwavering execution. We build, we ship, we grow.

在把它交給傑夫之前，我想先回到我最初開始的地方。Shopify 的發展速度無人能及，同時保持持續穩定的成長。2025 年已經過去了四個季度，我們完全實現了我們所謂的目標：持續成長、穩定的利潤率和堅定不移的執行力。我們建設，我們交付，我們發展。

We're also about to kick off what will be my 16th holiday season or, as we call it, BFCM here at Shopify. This moment has evolved too. It used to be a few peak sales days, but now it stretches across the whole quarter. And it's more global than ever. And more than ever before, AI will play a significant role in how shoppers discover and buy.

我們即將迎來我的第 16 個假日季，或者正如我們在 Shopify 所說的 BFCM（黑色星期五、網路星期一）。這一刻也隨之改變了。以前只是幾天銷售高峰，但現在高峰期會持續整個季度。而且它比以往任何時候都更俱全球性。人工智慧將比以往任何時候都更加深刻地影響消費者的發現和購買方式。

And we are ready for it. Our merchants are primed to win. They've got AI tools that didn't exist a year ago. They're shipping internationally with options that didn't exist a year ago. And they're doing it all on infrastructure designed to handle peak demand at global scale. This is Shopify at full speed.

我們已經做好準備了。我們的商家已做好充分準備，必將取得成功。他們擁有一些一年前還不存在的人工智慧工具。他們現在提供國際配送服務，而且提供的選擇在一年前還不存在。而且他們所有這一切都是在旨在應對全球規模高峰需求的基建設施上完成的。這就是Shopify全速運轉時的狀態。

And with that, I'll turn the call over to Jeff for a deeper dive into the numbers and trends we are seeing. Jeff, over to you.

接下來，我將把電話交給傑夫，讓他更深入分析我們看到的數據和趨勢。傑夫，該你了。

Thank you, Harley. Q3 was another exceptional quarter for Shopify, continuing the strength of what has been an impressive year. Before I dive into the numbers on a line-by-line basis, I want to examine our GMV from a few different angles in order to give you a holistic view of what we are seeing in our business. Let's examine GMV by merchant size, cohorts, geographies and channels. Note that all growth rates mentioned are year-over-year unless specifically stated otherwise.

謝謝你，哈雷。第三季度對 Shopify 來說又是一個出色的季度，延續了今年以來令人矚目的強勁勢頭。在逐行分析資料之前，我想從幾個不同的角度審視我們的GMV，以便讓您對我們業務的現狀有一個全面的了解。讓我們以商家規模、使用者群體、地理位置和管道來分析 GMV。請注意，除非另有特別說明，所有提及的成長率均為年增速。

First, regarding merchant size. We saw strong growth across all merchant sizes. In Q3, merchants with annual GMV below $25 million generated the significant majority of our GMV. And we saw a relatively equal balance between GMV from merchants in the $2 million and below band and merchants in the $2 million to $25 million band. Two trends that have been relatively consistent for a while. Merchants with GMV greater than $25 million grew at a faster pace in Q3, but admittedly, that is the smallest segment of the three bands I discussed.

首先，關於商戶規模。我們看到所有規模的商家都實現了強勁成長。第三季度，年交易總額低於 2,500 萬美元的商家貢獻了我們絕大部分的交易總額。我們看到，GMV 在 200 萬美元及以下的商家與 GMV 在 200 萬美元至 2,500 萬美元之間的商家之間保持著相對均衡的平衡。兩個持續了一段時間的相對穩定的趨勢。第三季 GMV 超過 2500 萬美元的商家成長速度更快，但不可否認，這是我討論的三個群體中最小的一個群體。

Next, looking at our cohorts. Q3 was another strong quarter where our growth was fueled by both recent quarterly cohorts and the strength and durability of previous cohorts. In fact, one of the elements of our business that I believe is frequently underestimated is the stickiness and continued growth of cohorts from two, three or more years ago. Year-over-year growth in GMV was primarily driven by the strong performance of our 2024 and 2025 cohorts. But our earlier cohorts also continue to perform well. Notably, the 2025 cohort is currently outpacing and generating more GMV than previous years' cohorts at the same age.

接下來，我們來看看我們的同儕群體。第三季業績表現強勁，這得益於近期季度新客戶的加入以及之前幾批客戶的實力和持續成長。事實上，我認為我們業務中經常被低估的一個要素是，兩三年前甚至更久以前的使用者群體的黏性和持續性成長。GMV 的年成長主要得益於 2024 年和 2025 年出生者的強勁表現。但我們早期培養的學員也持續表現優異。值得注意的是，2025 年出生的人口目前的發展速度超過了往年同齡人群，產生的 GMV 也更多。

Moving to regions. Europe continued to be a standout driving significant growth with GMV up 49% or 42% in constant currency. Approximately half of our GMV dollar growth in Q3 on a constant currency basis came from markets outside North America. We experienced stronger growth from existing merchants compared to new acquisitions in Q3 across all regions.

遷移到各個地區。歐洲持續保持強勁成長勢頭，GMV成長49%，以固定匯率計算成長42%。第三季度，我們GMV美元成長中約有一半（以固定匯率計算）來自北美以外的市場。第三季度，所有地區現有的商家成長均強於新商家成長。

In terms of channels, offline GMV increased 31% as we attract more retail-first brands globally. Our B2B GMV was up 98%, fueled by existing merchants embracing our offerings and our go-to-market initiatives targeting more B2B specific verticals and merchants. Finally, verticals. We saw strong performance in apparel and accessories, health and beauty, home and garden, and food and beverage. We also continue to experience rapid growth in emerging verticals like pet supplies, which grew over 50%, and arts and entertainment, which was up 45%.

從通路來看，隨著我們在全球吸引更多以零售為先的品牌，線下GMV成長了31%。我們的 B2B GMV 成長了 98%，這得益於現有商家接受我們的產品和服務，以及我們針對更多 B2B 特定垂直產業和商家的市場推廣措施。最後，是垂直方向。服裝及配件、健康美容、家居園藝以及食品飲料等類別表現強勁。我們在寵物用品（成長超過 50%）和藝術娛樂（成長 45%）等新興垂直領域也持續快速成長。

Our merchants have consistently delivered over 20% GMV growth for nine consecutive quarters, with Q3 GMV growth rate of 32%, representing the highest growth rate quarter that we've had since the COVID-impacted growth rates of 2021. In short, our merchants are performing well across size, cohorts, geography, vertical and channel.

我們的商家已連續九個季度實現超過 20% 的 GMV 成長，第三季 GMV 成長率達到 32%，這是自 2021 年受 COVID-19 影響的成長率以來最高的季度成長率。簡而言之，我們的商家在規模、群體、地理位置、垂直產業和通路方面都表現出色。

Let's now turn to our Q3 results. In Q3, we reached $92 billion in GMV, marking a 32% increase or a 30% increase on a constant currency basis. This strength was driven largely by North America, which outperformed our expectations, driven by an acceleration in growth rate fueled by stronger contributions from both Standard and Plus merchants. Revenue for the third quarter was up 32% or 31% on a constant currency basis. The strong GMV trends I mentioned drove this revenue growth with these results coming in ahead of expectations, largely on the backs of outperformance in North America.

現在讓我們來看看第三季的業績。第三季度，我們的商品交易總額達到 920 億美元，年增 32%，以固定匯率計算成長 30%。這一強勁勢頭主要由北美市場推動，北美市場的表現超出了我們的預期，這得益於標準商家和 Plus 商家貢獻的增加，從而推動了成長速度的加速。第三季營收成長32%，以固定匯率計算成長31%。我提到的強勁GMV趨勢推動了營收成長，這些業績超乎預期，主要得益於北美市場的優異表現。

Looking at the two components of revenue. Merchant Solutions revenue increased 38%, 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 65% for the quarter. This quarter's higher GPV penetration was driven by continued adoption of Payments by more merchants around the world and the strong performance of those merchants, and the expanded partnerships with PayPal and Klarna. These dynamics are partially offset by our continued growth in Europe, which accounted for a larger share of GMV but which has lower payments volume penetration compared to North America.

從收入的兩個組成部分來看。商家解決方案營收成長了 38%，其中 GMV 的強勁成長推動了絕大部分的成長。在較小程度上，我們也看到 Shopify Payments 的滲透率提高，本季達到 65%。本季 GPV 滲透率的提高得益於全球更多商家持續採用支付方式以及這些商家的強勁表現，以及與 PayPal 和 Klarna 擴大合作。這些動態在一定程度上被我們在歐洲的持續成長所抵消，歐洲的GMV份額更大，但與北美相比，其支付量滲透率較低。

Over time, we expect that this will become less of an impact for Payments penetration as we continue launching Payments in more countries. Subscription Solutions revenue grew 15%, primarily driven by a larger percentage of subscriptions coming from higher-priced plans and, to a lesser extent, higher variable platform fees.

隨著我們在更多國家繼續推出支付服務，我們預計這種情況對支付普及率的影響將會逐漸減少。訂閱解決方案收入成長了 15%，主要原因是價格較高的訂閱方案所佔比例增加，其次是可變平台費用增加。

Q3 MRR was up 10% year-over-year, led by growth in our Plus plans, which represented 35% of MRR for the quarter. We had two headwinds impacting our year-over-year growth rates in MRR. MRR for Q3 last year benefited from the one-month paid trial, which drove MRR higher and made for a tougher comparison this year. Second, we are also lapping the Plus pricing changes, which went into effect in Q2 of 2024. We will have some year-over-year comparability headwinds on MRR until Q2 of next year as our rollout of the three-month trials happened in Q4 of last year and Q1 of this year.

第三季每月經常性營收年增 10%，主要得益於 Plus 套餐的成長，該套餐佔本季每月經常性收入的 35%。我們面臨兩大不利因素，影響了 MRR 的年增速。去年第三季的月度經常性收入 (MRR) 得益於一個月的付費試用期，這使得今年的 MRR 更具競爭力，也使得今年的比較更加困難。其次，我們也正在應對 Plus 定價的變化，該變化於 2024 年第二季生效。由於我們三個月的試驗分別在去年第四季和今年第一季推出，因此在明年第二季之前，我們的月度經常性收入 (MRR) 將面臨一些同比可比性的不利因素。

We now have had a full quarter where all of our regions are back on three-month trials, which clears up a lot of the noise and comparability of our recent merchant acquisition efforts. We're seeing the results of these efforts settle generally in line with historical trends and are pleased with this part of our business.

現在，我們所有地區都已恢復為期三個月的試用期，這消除了近期商戶拓展工作中的許多幹擾因素，也提高了可比性。我們看到這些努力的成果總體上與歷史趨勢相符，我們對這部分業務感到滿意。

Gross profit grew 24%, coming in slightly ahead of our expectations, driven by the outperformance in revenue, primarily due to stronger growth of Payments. Gross profit for Subscription Solutions grew 14%, slightly less than the 15% revenue growth for Subscription Solutions, with gross margin coming in at 81.7%. Gross margin was down slightly year-over-year as a result of higher hosting costs needed to support higher merchant transaction volumes and our continued geographic expansion as well as higher AI usage. This downward pressure was partially offset by lower support costs. Gross margin for Subscription Solutions was almost exactly the same as last quarter and healthily above the multiyear trend line of 80%.

毛利成長了 24%，略高於我們的預期，這主要得益於營收的超預期成長，而營收超預期又主要歸功於支付業務的強勁成長。訂閱解決方案的毛利成長了 14%，略低於訂閱解決方案 15% 的收入成長，毛利率為 81.7%。由於需要更高的託管成本來支援更高的商家交易量和我們持續的地理擴張以及更高的 AI 使用率，毛利率比去年同期略有下降。較低的支援成本部分抵消了這種下行壓力。訂閱解決方案的毛利率與上一季幾乎完全相同，並且遠高於 80% 的多年趨勢線。

Gross profit from Merchant Solutions grew 33%, with gross margin coming in at 38.2% compared to 39.7% in Q3 of 2024. The decrease was primarily driven by the same factors we have seen throughout the year, including the impact from the expanded partnership with PayPal, which will become less of a headwind in Q4 and beyond as we will have now lapped the initial expansion of the partnership, and lower noncash revenues from certain partnerships, which carry a high gross margin.

商家解決方案業務的毛利成長了 33%，毛利率為 38.2%，而 2024 年第三季為 39.7%。此次下降主要受全年以來我們所看到的相同因素的影響，包括與 PayPal 擴大合作的影響，隨著我們現在已經度過了合作的最初擴張階段，這種影響將在第四季度及以後逐漸減弱，以及某些高毛利率合作帶來的非現金收入減少。

This brings our overall Q3 gross margin to 48.9%, compared to 51.7% in the prior year. This year-over-year change in gross margins is driven by the mix shift from Subscription Solutions to Merchant Solutions this year that I have mentioned above and on prior calls, coupled with the continued strength of Payments overall. Increase in Payments penetration will generally drive lower margins initially, but Payments is often the on-ramp for merchants to adopt other Merchant Solutions products. So that is a trade-off as many of you think through modeling how our business trends over time based on your assumptions regarding payments penetration levels.

這使得我們第三季的整體毛利率達到 48.9%，而去年同期為 51.7%。毛利率年比變化的主要原因是今年業務結構從訂閱解決方案轉向商家解決方案（我在上面和之前的電話會議中都提到過），以及支付業務整體的持續強勁。支付滲透率的提高通常會在初期導致利潤率下降，但支付往往是商家採用其他商家解決方案產品的入口。因此，這是一種權衡，因為你們中的許多人都在根據對支付滲透率的假設，思考如何建立模型來描述我們業務隨時間推移的發展趨勢。

Operating expenses were $1 billion for the quarter or 37% of revenue. To put this leverage into context and focusing on how Q3 has trended the past three years, we've reduced our operating expenses from 45% in 2023 to 39% last year and further down to 37% this year. Our discipline on head count has been the key force behind our increased operating leverage. For over two years, total head count has consistently been flat to down, both sequentially and year-over-year, as we redeploy talent to the highest-impact work. Our team's productivity is rising through automation, better tooling and the reflexive use of AI, so we can build, ship and deliver more for our merchants.

本季營運支出為10億美元，佔營收的37%。為了更好地理解這一槓桿作用，並著眼於過去三年第三季度的發展趨勢，我們將營運費用從 2023 年的 45% 降至去年的 39%，並進一步降至今年的 37%。我們對人員數量的嚴格控制是我們提高營運槓桿的關鍵因素。兩年多來，員工總數一直保持穩定或下降，無論是環比還是同比，因為我們將人才重新部署到最具影響力的工作中。透過自動化、更好的工具和人工智慧的靈活運用，我們團隊的生產力正在提高，因此我們可以為我們的商家建立、交付和提供更多產品。

In Q3, transaction and loan losses represented 5% of our revenue, an uptick above our historical trend line. This increase stems mostly from higher losses in our Payments business, resulting primarily from some testing and experimentation with merchant onboarding. Our Payments loss rate is already turning back towards historical levels as some recent changes have already had an impact in lowering these loss rates. We also saw an increase in capital losses driven primarily by the continued volume growth of our capital business, but with a slight increase in the loss rate for the quarter, and with Q4 trending below Q3 and year-to-date.

第三季度，交易和貸款損失占我們收入的 5%，高於我們歷史趨勢線。這一成長主要源自於我們支付業務的虧損增加，而虧損增加主要是由於我們對商家入駐流程進行了一些測試和試驗。我們的支付損失率已經開始回落到歷史水平，因為最近的一些變化已經對降低這些損失率產生了影響。我們也看到資本損失增加，這主要是由於我們的資本業務持續成長所致，但本季損失率略有上升，且第四季的趨勢低於第三季和年初至今的水平。

Operating income for the quarter was $343 million or 12% of revenue. Stock-based compensation for Q3 was $116 million and capital expenditures were $6 million for the quarter. Q3 free cash flow was $507 million or 18% of revenue, coming in slightly ahead of our outlook. For the first nine months of the year, free cash flow margin is at the same 16% as last year at this point, delivering on the consistency of free cash flow margins that I've highlighted in past calls.

本季營業收入為 3.43 億美元，佔總營收的 12%。第三季股票選擇權費用為 1.16 億美元，資本支出為 600 萬美元。第三季自由現金流為 5.07 億美元，佔營收的 18%，略高於我們的預期。今年前九個月，自由現金流利潤率與去年同期持平，為 16%，這反映了我過去在電話會議中強調的自由現金流利潤率的穩定性。

Moreover, we have done this all while accelerating our year-to-date revenue growth rate in 2025 versus 2024. Note that subsequent to the end of the quarter, our convert became due and settled on November 2. If you pro forma our September 30 cash balance for the settlement of the convert, we sit at $6 billion of cash and marketable securities and no debt.

此外，我們實現了所有這些目標，同時也提高了 2025 年迄今的營收成長率，與 2024 年相比。請注意，季度結束後，我們的轉換款項於 11 月 2 日到期並結算。如果按照我們 9 月 30 日的現金餘額進行計算，用於結算轉換，我們擁有 60 億美元的現金和有價證券，並且沒有債務。

Before we move to our outlook, an update on some of the items that I've discussed the past two quarters regarding tariffs and where we are or are not seeing an impact on our merchants businesses. In short, the trends that we are seeing remain very similar to what we have called out on our two preceding calls.

在我們展望未來之前，先更新一下我在過去兩個季度討論過的關於關稅的一些事項，以及我們是否看到關稅對商家業務產生影響。簡而言之，我們看到的趨勢與我們在前兩次電話會議中提到的趨勢非常相似。

Two items to highlight briefly. Cross-border GMV was 15% of GMV in Q3, consistent with prior quarters. The US inbound and outbound demand within that, which, as a reminder, is roughly half of the 15%, has remained relatively steady. We still see that our merchants have in the aggregate raise their prices some since the April tariff announcements in the US, but the level of pricing increases is, in fact, slightly lower than the trends that we were seeing last quarter.

簡要說明兩點。第三季跨境商品交易總額佔商品交易總額的15%，與前幾季持平。其中，美國入境和出境需求（需要提醒的是，這大約佔15%的一半）一直保持相對穩定。我們仍然看到，自美國 4 月宣布加徵關稅以來，我們的商家總體上有所提價，但實際上，價格上漲的幅度略低於我們上個季度看到的趨勢。

Turning to our outlook for the fourth quarter. We expect Q4 revenue growth to be in the mid to high 20s year-over-year. A few items for appropriate context. We were up against a high benchmark from Q4 last year, which was the highest-growth quarter in 2024. Also, as a reminder, we will lap the expanded partnership with PayPal, which benefited last year's Q4 revenue growth rate.

接下來展望第四季。我們預計第四季營收年增將達到25%至20%左右。以下幾點有助於理解背景。我們面臨的是去年第四季設定的高基準，而第四季是 2024 年成長最快的季度。另外，提醒一下，我們將延續與 PayPal 擴大合作關係的成果，這促進了去年第四季的營收成長率。

Finally, we have factored into Q4 guidance FX tailwinds that are expected to be slightly higher than what we experienced in Q3. We expect Q4 gross profit dollars to grow in the low to mid-20s. We expect Q4 gross profit to be impacted by essentially the same dynamics that I discussed earlier in the call regarding our Q3 gross profit. We anticipate that our Q4 operating expenses will be 30% to 31% of revenue. Q4 stock-based compensation is expected to be $130 million.

最後，我們已將預期比第三季略高的外匯利好因素納入第四季業績指引。我們預計第四季毛利將成長20%左右。我們預計第四季度毛利將受到與我之前在電話會議中討論的第三季毛利基本相同的因素的影響。我們預計第四季營運費用將佔營收的 30% 至 31%。預計第四季股票選擇權激勵金額為 1.3 億美元。

Finally, on free cash flow. We expect Q4 free cash flow margin to be slightly above Q3. Two items will affect Q4 margin by a couple of hundred basis points in the aggregate. One, the higher payments losses that I mentioned earlier, which are already trending back towards historical levels but which we expect will remain elevated in Q4, and some tax receivables, the timing of which are outside of our control and which we expect to negatively impact Q4 net working capital. Even with these two factors and based on the Q4 outlook that I have provided, we are on track to achieve a free cash flow margin for 2025 similar to 2024.

最後，關於自由現金流。我們預計第四季自由現金流利潤率將略高於第三季。兩項因素合計將對第四季利潤率產生數百個基點的影響。第一，正如我之前提到的，較高的支付損失已經趨向歷史水平，但我們預計第四季度仍將保持高位；第二，一些應收稅款的到賬時間不受我們控制，我們預計這將對第四季度淨營運資本產生負面影響。即使考慮到這兩個因素，並且根據我提供的第四季度展望，我們仍有望在 2025 年實現與 2024 年類似的自由現金流利潤率。

As I've mentioned consistently, we believe that these free cash flow margins strike the right balance between profitability, discipline and investment in future growth. Let me end where it matters most, merchants. We build, we ship, we grow, we execute. Our performance metrics are aligned with merchant outcomes. Our strategy remains unchanged, deliver results, elevate merchant value and foster long-term growth.

正如我一直提到的，我們認為這些自由現金流利潤率在獲利能力、紀律性和對未來成長的投資之間取得了適當的平衡。最後，我想說幾句最重要的話，各位商家。我們建置、我們交付、我們發展、我們執行。我們的績效指標與商家的經營成果保持一致。我們的策略維持不變，即取得成果，提升商家價值，促進長期成長。

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

這樣，我就把電話轉回給凱莉了。

Thanks, Jeff. We will now take your questions before turning the call back to Harley for some final words.(Event Instructions)

謝謝你，傑夫。接下來我們將回答您的問題，之後再把電話轉回給哈雷，請他作最後總結發言。 （活動須知）

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great. Good morning, and I appreciate the opportunity here. We see that the integration with OpenAI has already begun. So just curious on any initial observations from those transactions. I guess how quickly you'd expect incremental contribution from -- or versus other channels? And generally, your expectations for how volumes will originate through AI platforms would be helpful.

偉大的。早安，感謝大家給我這個機會。我們看到與 OpenAI 的整合已經開始。所以，我只是好奇大家對這些交易有什麼初步觀察。我想問您預計從其他管道（例如—）或與其它管道相比，新增貢獻的速度會有多快？一般來說，您對透過人工智慧平台產生的交易量的預期將很有幫助。

Colin, Harley. I'll take that first call. Look, I mean, if you just look at the sheer numbers outside of even OpenAI, just around agentic in general, since January, we've seen AI-driven traffic to Shopify stores up like 7x. And we've actually seen orders attributed to AI searches up like 11x since that. So the data is showing it's already growing. And we actually just recently did a survey for -- to consumers to better understand some BFCM trends, and something like 64% of shoppers told us they're likely to use AI to some extent in their buying.

科林，哈雷。我接第一通電話。你看，我的意思是，即使只看 OpenAI 以外的整體數據，只是關於智能代理的總體數據，自 1 月份以來，我們看到 Shopify 商店的 AI 驅動流量增長了 7 倍。自那以後，我們看到因人工智慧搜尋而產生的訂單量實際上增長了 11 倍左右。數據顯示它已經在成長了。我們最近也對消費者進行了一項調查，以更好地了解一些黑色星期五和網路星期一的趨勢，大約 64% 的購物者告訴我們，他們可能會在購物過程中在一定程度上使用人工智慧。

But look, we've been building and investing in this infrastructure to make it really easy to bring shopping into every single AI conversation. The fact that we're already working with the leaders in this space should, I think, be a testament to the fact that we want to make sure merchants on Shopify are better prepared than those that are not. It's still obviously very, very early. But what we're really trying to do is laying the rails for agentic commerce.

但是，我們一直在建立和投資這項基礎設施，以便讓每一次人工智慧對話都能輕鬆融入購物元素。我認為，我們已經與該領域的領導者合作這一事實，應該足以證明我們希望確保 Shopify 上的商家比那些沒有合作的商家準備得更充分。顯然，現在還為時過早。但我們真正想做的是為代理型商業鋪路。

Now in terms of how that's going to affect Shopify, that's the beauty of the business model. The business model is really -- is perfectly aligned with merchant success. The more money they make, the more money we make. And so the way we think about the agentic channel, like any other channel for that matter, whether it's a marketplace or it's social commerce, is that the more money our merchants make, the more customers they're able to sell to, we're able to obviously share in that upside through the GMV, through Payments. That's kind of the way we look at it.

至於這將如何影響 Shopify，這就是這種商業模式的妙處。這種商業模式確實與商家的成功完美契合。他們賺的錢越多，我們賺的錢也越多。因此，我們對代理商管道的看法，就像對任何其他管道的看法一樣，無論是市場還是社交電商，都是：我們的商家賺的錢越多，他們能夠銷售的客戶就越多，我們顯然可以透過 GMV 和支付來分享這部分收益。我們大致就是這麼看的。

But in particular, to your question, this partnership with OpenAI around conversational commerce is really exciting. And again, it's just one more surface area that merchants on Shopify are going to be able to service customers.

但尤其針對您的問題，與 OpenAI 在對話式商務方面的合作確實令人興奮。再說一遍，這只是 Shopify 上的商家能夠為客戶提供服務的另一個領域。

Craig Maurer, Financial Technology Partners.

Craig Maurer，金融科技合作夥伴。

I wanted to follow up on the prior question. One debate we've been having with investors is how, in an instant checkout flow, accelerated checkout solutions might get prioritized in terms of presentment. So I was curious your view on how over time when you have tons of instant checkout solutions available in the market, how those might be prioritized or presented to consumers. And at the same time, how you're positioning as the merchants platform might advantage, say, Shop Pay in that type of scenario.

我想就之前的問題做個後續說明。我們一直在與投資者討論的一個問題是，在即時結帳流程中，加速結帳解決方案在展示方面應該如何優先考慮。所以我很好奇，隨著時間的推移，市場上出現了大量的即時結帳解決方案，您認為應該如何對這些解決方案進行優先排序或向消費者展示？同時，你作為商家平台的定位方式可能會讓 Shop Pay 在這種情況下獲得優勢。

I mean, look, that's the value of Shopify and these relationships. The reason that we're able to be front and center, whether it's obviously OpenAI or it's companies like Microsoft or Perplexity, is that fundamentally what's most important is that these agentic products have the best brands, the best brands are on Shopify. Now in terms of the Shop Pay thing, I mean, look, Shop Pay in Q3 processed almost -- I think it was $29 billion in GMV, which is up like 67% year-on-year. It's now processed over $280 billion. So the fact that it is the number one accelerated checkout on Shopify means it's becoming very popular amongst consumers that are very discerning when it comes to buying from the brands they love, which again are on Shopify.

我的意思是，你看，這就是 Shopify 和這些關係的價值。我們之所以能夠處於中心位置，無論是像 OpenAI 這樣的公司，還是像微軟或 Perplexity 這樣的公司，從根本上來說，最重要的是這些智慧產品擁有最好的品牌，而最好的品牌都在 Shopify 上。現在來說說 Shop Pay，我的意思是，你看，Shop Pay 在第三季處理的交易總額接近——我認為是 290 億美元，同比增長了 67%。目前已處理超過 2800 億美元。因此，它成為 Shopify 上排名第一的加速結帳功能，這意味著它在那些對購買自己喜愛的品牌（這些品牌也都在 Shopify 上）非常挑剔的消費者中變得非常受歡迎。

So our mission is to make sure that merchants and Shopify are best set up. The way that we bring it to these partners is that we make sure that it's the easiest way for these agentic products to get access to all the brands that the consumers are looking for, but also to do it in a way where the technology stack is really simple. This idea of creating this agentic kit, which allows these partners to plug in, checkout, to plug in our Catalog means that it's kind of a no-brainer to work with Shopify.

因此，我們的使命是確保商家和 Shopify 都能得到最佳設定。我們向這些合作夥伴提供的服務是，確保這些代理產品能夠以最簡單的方式接觸到消費者正在尋找的所有品牌，同時確保技術堆疊非常簡單。創建這個代理工具包的想法，讓這些合作夥伴能夠接入、結帳、接入我們的產品目錄，這意味著與 Shopify 合作簡直是理所當然的。

In terms of which accelerated checkout they'll use, the more people that you Shop Pay, which, of course, is growing amazingly well, means that we just will have more of an advantage. Now again, this is still very, very early days for agentic. Obviously, we've been planning for this for years now, but we'll see how things progress. But we think Shopify and our merchants are incredibly well positioned here.

至於他們會使用哪種快速結帳方式，使用 Shop Pay 的人越多（當然，Shop Pay 的成長勢頭非常強勁），我們就擁有更大的優勢。不過，對於代理技術而言，這仍然還處於非常非常早期的階段。顯然，我們為此已經計劃多年，但事情進展如何，我們拭目以待。但我們認為 Shopify 和我們的商家在這方面擁有非常有利的地位。

Andrew Boone, JMP Securities.

Andrew Boone，JMP Securities。

I wanted to go back to the marketing investments and given the fact that MRR is just a little bit complicated at this moment. Can you just help us understand the guardrails and what you're seeing in terms of the efficiency of that spend? And then how should we think about that as we think about next year?

我想回到行銷投資方面，鑑於目前 MRR 的計算方式有點複雜。您能否幫我們了解相關的限制條件，以及您認為這部分支出的效率如何？那麼，當我們展望明年時，我們該如何看待這個問題呢？

Yes. Maybe I'll start there on the marketing side and then Jeff can jump in to some of the MRR stuff. Look, I think we've said it on almost every single call, but Shopify, we are a growth company, and we are focused on driving merchant growth, which leads and fuels our growth. If we see opportunities to lean in and accelerate growth in key areas, we're going to make that decision. But ultimately, marketing is an area where we have a lot of flexibility.

是的。也許我可以先從行銷方面入手，然後傑夫可以再著手處理一些月度經常性收入（MRR）方面的事情。你看，我想我們幾乎在每次電話會議上都說過，Shopify 是一家成長型公司，我們專注於推動商家成長，這引領並推動了我們的成長。如果我們發現有機會在關鍵領域加大投入並加速成長，我們就會做出這樣的決定。但歸根究底，行銷是一個我們擁有很大彈性的領域。

So let me be very clear. We really like this approach. Our investments in marketing are working really well. It's driving merchant adoption across verticals, across industries, across geos. I mean obviously, you're seeing that happen really well right now in Europe. And for Q4, we don't expect any change in the environment. So we're going to keep spending money where it makes sense.

所以，讓我把話說清楚。我們非常喜歡這種方法。我們在行銷方面的投入效果非常好。它正在推動各垂直領域、各產業、各地區的商家採用這種模式。我的意思是，很明顯，你現在在歐洲就能看到這種情況發生得非常順利。至於第四季度，我們預計環境不會有任何變化。所以我們會繼續把錢花在合理的地方。

That being said, we have very tight guardrails to make sure that where we spend marketing dollars, we do have the appropriate returns. And you guys have heard us talk about this on the previous calls, where we just see opportunities for us to double down in one particular area or one vertical, we double down on it, we see the payback from that fairly quickly. So we're going to keep doing that. But this is an area -- marketing is an area where we have a lot of levers. And when we do see opportunities, we're a growth company, we want to win.

也就是說，我們有非常嚴格的保障措施，以確保我們花在行銷上的每一分錢都能獲得相應的回報。你們在之前的電話會議上也聽我們說過，當我們發現有機會在某個特定領域或某個垂直領域加倍投入時，我們就會加倍投入，而且很快就能看到回報。所以我們會繼續這樣做。但在這個領域——行銷領域，我們有許多可以利用的手段。而且，當我們發現機會時，作為一家成長型公司，我們渴望成功。

Maybe I'll hand it to Jeff on some of the MRR side.

也許我會把MRR方面的一些工作交給傑夫。

Yes. I would add 2 points. One, Andrew, I think as we look at -- and I referenced this a little bit on our call. When we look at our merchant acquisition engine overall, we're very pleased with what it's doing. I recognize some of the noise, as you allude to, in looking at MRR in terms of some levels of comparability. I would point out, and I gave the percentage of MRR, which was Plus versus the remainder obviously being Standard and point of sale.

是的。我還要補充2分。第一，安德魯，我認為當我們審視這一點時——我在之前的通話中也稍微提到過這一點。從整體來看，我們的商家拓展引擎表現非常出色，我們對此感到非常滿意。正如您所提到的，在從某些可比性層面看待 MRR 時，我意識到其中存在一些幹擾因素。我想指出，我給出了 MRR 的百分比，其中 Plus 部分佔 MRR 的百分比，其餘部分顯然是 Standard 和銷售點部分。

And when you look at the Standard piece, this was the first quarter where we had sequential growth. We were up 4% the last few quarters. It's been flat, but that's purely a function of the paid trials, because Q3 was really the first quarter where you had a clean sequential comparison, because Q1 was when we were essentially finishing the migration back to three-month trials. So that was, in terms of looking at Q2 versus Q1, that was not a clean comparability opportunity for you when you look at Q3 versus Q2, it's up 4%.

從標準數據來看，這是我們首次實現環比成長。過去幾季我們實現了 4% 的成長。業績一直持平，但這完全是付費試用期的結果，因為第三季度是第一個真正可以進行清晰的季度環比比較的季度，因為第一季我們基本上完成了向三個月試用期的過渡。所以，從比較第二季和第一季來看，這並不是一個清晰的比較機會；而當你比較第三季和第二季時，成長了 4%。

We're still going on a year-over-year basis. We're going to still have some headwinds until we get to Q1 of next year, because of the timing of the paid trials. But we certainly expect with what the merchant acquisition engine is doing, as Harley mentioned, no change in marketing philosophy, that we feel good about what we can do in terms of merchant adds.

我們仍然是按年計算的。由於付費試用期的時間安排，直到明年第一季度，我們仍將面臨一些不利因素。但正如哈雷所提到的，鑑於商家取得引擎目前的表現，以及行銷理念的不變，我們對在增加商家方面能夠取得的成就充滿信心。

Siti Panigrahi, Mizuho Securities.

Siti Panigrahi，瑞穗證券。

I just want to dig into the enterprise business. Could you talk about the success there in changes to the go-to-market and pipeline there? And then specifically, as you're expanding in the enterprise segment, displacing some of the incumbents, how should we think about the take rate from that segment?

我只想深入了解企業業務。您能否談談在市場推廣和產品線調整方面的成功？具體來說，隨著你們在企業領域不斷擴張，取代了一些現有企業，我們該如何看待該領域的市場接受率？

Thanks, Siti. I'll take that question. Look, I mean, just to say the thing, I mean, the enterprise is migrating to Shopify. I mentioned last quarter, some of the largest companies in their respective verticals are coming. Obviously now, companies like e.l.f.

謝謝你，Siti。我來回答這個問題。聽著，我的意思是，我只是想說一下，公司正在遷移到 Shopify。我上個季度提到過，一些各自垂直領域最大的公司即將到來。顯然現在像 e.l.f. 這樣的公司

Cosmetics or Estee Lauder joining us is -- should tell you that the pipeline that we are seeing is quite incredible. Not to mention brands that we talked about a couple of quarters ago, Michael Kors, David's Bridal, Goop, Mejuri, they're now fully launching on it as well. So I think it's not just that we're winning the enterprise in one particular vertical. It's a broad spectrum verticals, and I think that strengthens our platform. We're also being able to go after more international merchants now with proper go-to-market in places like Europe, for example, obviously, our core markets, North America, Australia and New Zealand, Canada are still doing very, very well.

化妝品公司或雅詩蘭黛的加入——這足以說明我們目前的發展前景非常令人矚目。更不用說我們幾個季度前討論過的品牌，如 Michael Kors、David's Bridal、Goop、Mejuri，它們現在也全面入駐該平台了。所以我覺得，這不僅僅是我們在一個特定垂直領域贏得了企業客戶。涵蓋的垂直領域非常廣泛，我認為這增強了我們的平台實力。我們現在也可以透過適當的市場推廣策略，例如在歐洲等地，開拓更多國際商家市場。當然，我們的核心市場，北美、澳洲、紐西蘭和加拿大，仍然發展得非常好。

But it's still -- I mean, it's hard to say this because I'm mentioning all these great names, but it's still fairly early days for enterprise. I think we are the best positioned to attract merchants while making sure that the existing ones also improve efficiency. This is also we're seeing a lot more partner-led deals. We're seeing Europe and Japan do really well right now. I think a lot of these companies are -- these large enterprise, especially the more -- the older ones, the ones that have been around for decades, they're having conversations in their boardrooms talking about where do we go to future-proof platform, where do we go to make sure that we don't miss out on agentic commerce?

但是——我的意思是，這麼說有點難，因為我提到了這麼多偉大的名字，但對於企業來說，現在仍然還處於相當早期的階段。我認為我們最有能力吸引商家，同時確保現有商家也能提高效率。這也意味著我們看到越來越多的交易是由合作夥伴主導的。我們看到歐洲和日本目前發展得非常好。我認為很多公司——尤其是那些規模較大的企業，特別是那些成立幾十年的老牌企業——都在董事會上討論著如何打造面向未來的平台，如何確保我們不會錯過智慧商務的機會。

And all roads lead to Shopify. So whether it's food or manufacturing or education or even automotive, these are verticals traditionally we didn't go after, and now we're winning them. And we're winning them both from in-house built custom solutions, we're also winning them from some of the larger -- we're displacing a lot of the larger existing enterprise platforms.

而條條大路通 Shopify。所以無論是食品、製造業、教育或汽車產業，這些都是我們傳統上沒有涉足的垂直領域，而現在我們正在贏得這些領域。我們既透過自主研發的客製化解決方案贏得了這些客戶，也從一些規模更大的現有企業平台手中贏得了這些客戶——我們正在取代許多規模更大的現有企業平台。

And I think it's because of the product and, frankly, on the value side, the price-to-value of Shopify's enterprise product is simply best-in-class. And so we're going to keep winning these larger deals. I'm deeply involved in this particular area of our business. I often am and on the calls with the CEOs of these companies. And what I hear is that they're looking to future-proof their business, they want to sort of have what they call their final migration, and Shopify is that partner for them.

我認為這是因為產品本身，坦白說，從價值方面來看，Shopify 企業產品的性價比簡直是同類產品中的佼佼者。因此，我們將繼續拿下這些大單。我深度參與了我們業務的這一特定領域。我經常參與這些公司的CEO的電話會議。我了解到，他們希望為未來的業務發展做好準備，他們想要進行所謂的最終遷移，而 Shopify 就是他們的合作夥伴。

So I think you can continue to see some of those incredible brands, consumer saver brands continue to migrate to Shopify.

所以我認為你會看到一些優秀的品牌，尤其是那些為消費者省錢的品牌，繼續遷移到 Shopify 平台。

Yes. And Siti, the only point I'd add, because you referenced the attach rate, one of the things that you see in our enterprise business, of course, is all these brands that Harley talked about, is we have more and more success bringing more and more of these large GMV brands on the platform. That obviously gives encouragement to even more brands to follow behind and continue to adopt all the great solutions we have.

是的。Siti，我唯一要補充一點，因為你提到了附加率，當然，在我們企業業務中，你會看到Harley提到的所有這些品牌，我們越來越成功地將越來越多的大型GMV品牌引入平台。這顯然會鼓勵更多品牌效仿，並繼續採用我們所有優秀的解決方案。

And so I think we're at the front end of the funnel in terms of a lot of these larger enterprises maybe starting with just Payments. But when you look at what we're seeing over time, compare that funnel to how many are also taking point of sale or taking other elements of our business, whether installments, some of the cross-border things we're doing. And so this, in a good way is a multiyear step in the right direction as we continue to have merchants take on, especially the larger merchants, take on more and more products from us. So we feel good about while there's short-term headwinds with attach rate, what that means long term for our business is a positive.

所以我認為，對於許多大型企業來說，我們正處於銷售漏斗的前端，可能一開始就只是從支付業務著手。但當你觀察我們隨著時間的推移所看到的情況，並將這個轉換漏斗與有多少人也參與銷售點或我們業務的其他方面（無論是分期付款還是我們正在進行的一些跨境業務）進行比較時，就會發現這一點。因此，從某種意義上說，這是朝著正確方向邁出的多年一步，因為我們不斷看到商家，特別是大型商家，從我們這裡購買越來越多的產品。因此，儘管短期內附加率存在一些不利因素，但我們感覺良好，因為這對我們的業務而言，從長遠來看是一個積極的信號。

It is also quite interesting to watch some of these merchants, these very large enterprises, first come to us for a very specific commerce component. So they'll come to us really just talk about Shop Pay, or just to talk about checkout. I mean our checkout, obviously, we think, is the best in the world. And frankly, checkout is so complicated. And we've really nailed checkout on a global scale and -- for scale for these massive merchants.

觀察這些商家，這些規模龐大的企業，最初是為了某個非常具體的商業功能來找我們，也挺有趣的。所以他們來找我們其實只是為了談 Shop Pay，或是只是為了談結帳。我的意思是，我們當然認為，我們的結帳系統是世界上最好的。坦白說，結帳流程太複雜了。我們已經在全球範圍內，特別是為這些大型商家，實現了規模化的結帳流程。

But it's so interesting to see them first come to talk to us about exploring, hey, we just want to talk about checkout. And then within a couple of weeks, it's a full stack. It's, hey, we want all of Shopify now. That sort of land-and-expand strategy that we've been implementing for the last couple of years, maybe the last two or three years or so, it's really starting to work out. And it's really cool to see these brands moving from just one thing to saying, yes, just give us all of Shopify.

但有趣的是，他們首先來和我們談論探索，嘿，我們只是想談談結帳。然後幾週之內，就全部組裝完畢了。嘿，我們現在想要整個 Shopify。我們過去幾年，或許是過去兩三年一直在實施的那種「佔領土地並擴張」的策略，真的開始奏效了。看到這些品牌從只做一件事發展到說“是的，把 Shopify 的所有功能都給我們”，這真的很酷。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

Harley, today, you've talked about product search. Tobi talked about it, changing on the cheeky pint. And I would love to know, I know Shopify has a model you will always be where commerce occurs. But as you see product search changing in conversational commerce, what do you envision happening for the product discovery funnel? Does that compress?

哈雷，今天你談到了產品搜尋。托比一邊喝著那杯厚臉皮的啤酒，一邊談論著這件事。我很想知道，我知道 Shopify 的商業模式是，無論哪裡有商業活動，你都能參與其中。但隨著對話式商務中產品搜尋方式的改變，您認為產品發現流程將會發生怎樣的變化？它會壓縮嗎？

And then in your world over the next several years, how do you see the winners and losers of the e-commerce landscape evolving? Is it more merit focused on brands, as Tobi referred to in the past? Anything on how you see the world playing out, not your product road map, but what you see commerce looking like several years from now, I think, would be really beneficial to investors.

那麼，在未來幾年裡，您認為電子商務領域的贏家和輸家會如何演變？是否像托比過去提到的那樣，更注重品牌價值？我認為，任何關於你如何看待世界未來發展趨勢（不是你的產品路線圖，而是你對幾年後商業格局的展望）的內容，對投資人來說都將非常有益。

Yes. Great question. We think about this a lot. Let me say this. I think there's going to be different permutations of how agentic commerce will evolve, how conversational commerce will evolve. It's really exciting. We're all talking about it, we're all excited about it. But the way that Shopify and the way that, certainly, Tobi sees it, ultimately, who's really thinking about the vision around our product he's the one that really understands more than anyone on the planet how commerce and, certainly, retail is evolving, is that whatever permutation will emerge, that we have to be prepared for whatever path wins.

是的。問得好。我們常常思考這個問題。讓我說一句。我認為智慧商務和對話式商務的發展方式將會出現不同的組合。真是太令人興奮了。我們都在談論這件事，我們都為此感到興奮。但 Shopify 以及 Tobi 最終的看法是，無論出現什麼變化，我們都必須做好準備，迎接任何最終勝出的道路。 Tobi 真正思考著我們產品的願景，他是地球上最了解商業，尤其是零售業發展的人。

That was the same thing when social commerce starts to get a lot of attention or when this idea of it's not e-commerce versus physical commerce, but it's going to be this idea of commerce everywhere. We think that one of the advantages of being on Shopify will be that we are everywhere that commerce is happening, and we always aim to get there first.

當社交電商開始受到廣泛關注，或者當人們不再將電商與實體電商對立起來，而是認為電商無所不在時，情況也是如此。我們認為，入駐 Shopify 的優勢之一在於，我們可以出現在所有發生商業活動的場所，而且我們始終力爭第一。

So in terms of exactly how these conversations are going to happen, what we're building right now are these deep connections to AI agents. So when a shopper asks, it's a Shopify merchant who appears and that is powered by our Catalog. The idea of this Catalog where buyers ask for products and the agent searches millions of items and displays interactive product cards directly in the chat, where the product is robust, it's in real time, it is accurate inventory, localized pricing, even if it like smart product clustering, that's what we're bringing to these agentic tools.

所以，就這些對話究竟將如何進行而言，我們現在正在建構的是與人工智慧代理的深度連結。所以當顧客詢問時，出現的是 Shopify 商家，而這一切都得益於我們的產品目錄。這個目錄的理念是，買家提出產品需求，代理商搜尋數百萬件商品，並在聊天中直接顯示互動式產品卡。產品功能強大、即時更新、庫存準確、價格在地化，甚至還具備智慧產品聚類功能，這就是我們為這些代理工具帶來的功能。

And I think in terms of your question around who is going to win on the brand side or the retailer side, the one thing that I will say is this has been happening for years, but you're seeing it now more than ever, is that consumers are really voting with their wallets to buy from brands that they absolutely love. And we've always said that Shopify is the place where consumers go to buy things that they want, things that they have a connection to. More and more, if not entirely, those brands are on Shopify.

至於你提出的品牌方和零售商方誰會獲勝的問題，我想說的是，這種情況已經持續多年，但現在比以往任何時候都更加明顯，那就是消費者正在用錢包投票，購買他們絕對喜愛的品牌的產品。我們一直都說，Shopify 是消費者購買他們想要的東西、與他們有情感連結的東西的地方。越來越多的品牌，甚至全部品牌，都已進駐 Shopify。

The reason that I spend time on these earnings calls and, frankly, all day long talking about all the brands coming on to Shopify is I love the fact that these brands are coming on. It's very personal and it's also -- there's a lot of pride for us at Shopify that the biggest companies on the planet are choosing us. But what I'm also trying to suggest is that consumers' favorite brands are on Shopify, and those consumers, they have a different connection with those brands than maybe they historically did where it was just some sort of staple item.

我之所以花時間參加這些財報電話會議，坦白說，整天都在談論所有進駐 Shopify 的品牌，是因為我喜歡這些品牌進駐 Shopify 這件事。這對我們來說意義非凡，而且──對 Shopify 來說，能被全球最大的公司選擇，我們感到非常自豪。但我還想表達的是，消費者最喜歡的品牌都在 Shopify 上，而且這些消費者與這些品牌之間的聯繫，可能與他們過去對這些品牌的聯繫不同，過去這些品牌只是某種必需品。

And so I think brands that have incredible product and incredible brand and incredible connection with the consumer, those are the ones that are going to win ultimately. And we're really fortunate that those are the brands that are on Shopify.

所以我認為，那些擁有出色產品、出色品牌和與消費者建立起出色聯繫的品牌，最終將會取得勝利。我們非常幸運，這些品牌都在 Shopify 上。

Todd Coupland, CIBC.

Todd Coupland，加拿大帝國商業銀行。

I'm wondering if you can talk about your view of the state of the consumer by geography and post tariffs now that we've seen a little bit of data there.

既然我們已經看到了一些數據，我想請您談談您對不同地區以及關稅調整後消費者狀況的看法。

Maybe I'll start with the consumer, and then, Jeff, you can talk a bit about tariffs. Look, consumer confidence for us is measured at checkout. That's the truth. That's what we look at. And on Shopify, shoppers keep buying, they keep returning and demand remains really resilient across channels and categories.

或許我可以先從消費者開始，然後，傑夫，你可以談談關稅問題。你看，對我們來說，消費者信心是透過結帳金額來衡量的。這是事實。這就是我們關注的重點。在 Shopify 上，購物者不斷購買，不斷回購，各個管道和類別的需求都保持著強大的韌性。

So I can only comment on what we see at Shopify, but whether it's the GMV, but like I said earlier, consumers are more selective right now and they're buying from brands they love and those brands are on Shopify. And I think even our Q4 outlook suggests that.

所以我只能評論我們在 Shopify 上看到的情況，但無論是 GMV，還是我之前說過的，消費者現在更加挑剔，他們只從自己喜歡的品牌購買商品，而這些品牌都在 Shopify 上。我認為就連我們第四季的展望也印證了這一點。

But we're not complacent. I mean this is not a place where we rest on laurels ever. We always monitor these macro factors, whether it's consumer spending, it's household savings, tariffs, frankly, even FX trends and supply chains with a lot of our partners. But the strength of our merchant cohorts are pretty clear. I think quarter after quarter, they're growing faster than the broader market.

但我們並不自滿。我的意思是，我們在這裡絕對不會止步不前，沉浸在過去的成就中。我們始終關注這些宏觀因素，無論是消費者支出、家庭儲蓄、關稅，坦白說，甚至包括外匯趨勢和供應鏈，我們與許多合作夥伴都密切關注這些因素。但我們商戶群的實力非常明顯。我認為，他們的成長速度每季都超過了整體市場。

In terms of geo, I mean, obviously, Europe is definitely gaining traction for us. I mentioned that in my prepared remarks, which we expect to continue. But again, if you look at consumer confidence measure at checkout, you saw it through the GMV this quarter, $92 billion. We see that the consumers that care about brands that are buying from brands they love, they're buying them from Shopify stores.

就地理位置而言，很明顯，歐洲對我們來說變得越來越重要。我在事先準備好的演講稿中提到了這一點，我們希望繼續下去。但話說回來，如果你看看結帳時的消費者信心指標，你會發現本季的商品交易總額達到了 920 億美元。我們發現，關心品牌、購買喜愛品牌商品的消費者，都會選擇在 Shopify 商店購買。

Yes. And Todd, on some of the tariff pieces, on my call -- sorry, on my prepared remarks, I mentioned that there's not been a whole lot of change what we've seen this quarter versus the prior quarters. There was a little bit of a downtick in what we're seeing in terms of merchants and in terms of how they're raising their prices. We've basically been tracking that since April when there was a bunch of tariff changes, obviously, in the US. It's ticked down a little bit versus what we had seen before.

是的。托德，關於一些關稅問題，在我的電話會議上——抱歉，是我事先準備好的發言稿中，我提到過，本季度與前幾季度相比，我們並沒有看到太大的變化。我們看到商家提價的趨勢略有下降。我們從四月就開始追蹤這件事了，當時美國顯然進行了一系列關稅調整。比之前看到的略有下降。

Pretty much everything else has been consistent versus last quarter. When we look at the trade routes, when we look at the percentage that is inbound versus outbound in the US, when we look at what we're seeing on de minimis, we've not seen any significant impacts on our merchants, at least from what we can tell from the data we have. We obviously put a lot of primacy in our proprietary data. We don't have as much visibility admittedly into some of the P&Ls of our merchants, so we cant see from a price perspective what they're doing. Some of them are obviously choosing to, as they think about some of these price levels, pass those on to consumers in some way. And I think others are basically choosing not to do that, and it's impacting some of their own P&Ls.

其他方面基本上與上季保持一致。當我們觀察貿易路線，觀察美國入境與出境的百分比，觀察我們在微量貿易方面所看到的情況時，我們沒有看到對我們的商家有任何重大影響，至少從我們掌握的數據來看是如此。我們顯然非常重視我們的專有數據。誠然，我們對某些商家的損益表了解得不夠清楚，所以我們無法從價格角度了解他們在做什麼。顯然，他們中的一些人考慮到這些價格水平，選擇以某種方式將這些成本轉嫁給消費者。我認為其他人基本上選擇不這樣做，這正在影響他們自己的損益表。

But you can see this in our GMV, our merchant base remains strong, they're adapting quickly. And we're trying to do everything we can to help them on cross-border. So from a tariff perspective, between the April announcements and then obviously the elimination of de minimis, things have been relatively constant from our vantage point.

但從我們的商品交易總額（GMV）可以看出，我們的商家基礎仍然強大，他們正在快速適應。我們正在盡一切努力幫助他們跨國。因此，從關稅的角度來看，從 4 月的公告到後來的最低關稅的取消，從我們的角度來看，情況一直相對穩定。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Can you expand upon Shopify campaigns? How do merchants get ramped onto campaigns? How do the economics work? And what do you foresee as the revenue opportunity from that initiative over the next few years?

偉大的。能詳細介紹一下 Shopify 的行銷活動嗎？商家如何順利參與推廣活動？經濟是如何運作的？您預計該計劃在未來幾年內能帶來怎樣的收入機會？

Yes. I mean, look, I think customer acquisition remains one of the hardest problems that merchants face. We've been working on this for quite some time now. And the way we're sort of looking at it is solving this problem in kind of two primary ways. The first is on shop campaigns, which I'll get to in a second specific to your question.

是的。我的意思是，你看，我認為客戶獲取仍然是商家面臨的最棘手的問題之一。我們已經為此努力了相當長一段時間了。我們目前解決這個問題的方法主要有兩種。首先是關於店鋪推廣活動，我稍後會專門針對你的問題來講解。

The second is on sort of discovery and merchandising enablement, which Shop app obviously plays a role in with helping merchants drive more traffic, increase lifetime value and then Shopify Collective plays a role there as well.

第二點是關於發現和商品銷售賦能，其中 Shop 應用顯然發揮了作用，可以幫助商家吸引更多流量，提高終身價值，而 Shopify Collective 也發揮了作用。

Specifically on campaigns though. I mean, what we're really trying to do is we want to run commerce-native performance ads across these high-intent services. And our strategy has been and continues to be to reinvest any gains we achieved through the ads business back into the growth. We want to ensure our advertising inventory and our scale continues to grow.

具體來說，是指競選活動。我的意思是，我們真正想做的是，我們希望在這些高意圖服務中投放電商原生效果廣告。我們的策略一直是並將透過廣告業務獲得的任何收益再投資於成長。我們希望確保我們的廣告資源和規模持續成長。

And the proof has been really great. I mean we've seen 9x year-on-year increase in budget commitments from merchants this quarter for campaigns. In fact, if you just look at Q3 2024 to Q3 2025, we've actually seen a 4x year-on-year growth in merchant adoption of campaigns. So it's going really well.

事實證明，效果非常好。我的意思是，本季商家在行銷活動方面的預算投入年增了 9 倍。事實上，如果只看 2024 年第三季到 2025 年第三季度，我們已經看到商家採用行銷活動的比例年增了 4 倍。一切進展順利。

And on the product side, this thing keeps getting better and better. We introduced Gross Sales, which is this new default high-reach objective in campaigns. We just shipped an AI-powered ranking improvement, which is showing some really good early results in terms of performance gains.

而從產品角度來看，這東西也越來越好了。我們引入了「總銷售額」這一新的預設高覆蓋率目標。我們剛剛發布了一項由人工智慧驅動的排名改進方案，該方案在效能提升方面顯示出非常好的早期效果。

But net-net, I mean, what we're trying to build with campaigns is the scaled, ROI-positive ad engine that really brings merchants more buyers and also unlocks more brand discovery to connect new to consumers. So again, this is an area that we're going to continue to work on. We think that early signs have been good. But we -- whenever there's a merchant pain point, we always much prefer to solve it for them than have them solve it themselves. And I think customer acquisition is one of those that we're going to keep working on, and it's already going pretty well.

但總而言之，我的意思是，我們試圖透過廣告活動建構的是一個規模化、投資回報率為正的廣告引擎，它能夠真正為商家帶來更多買家，同時也能解鎖更多品牌發現機會，將新品牌與消費者聯繫起來。所以，這仍然是我們將繼續努力的方向。我們認為目前的跡像是好的。但是，每當商家遇到難題時，我們總是更願意替他們解決，而不是讓他們自己解決。我認為客戶獲取是我們要繼續努力的方向之一，目前進展相當順利。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，基準。

Harley, on the last quarter's call, you mentioned more to come on advertising opportunities. And if we think about your merchant spending, roughly 20% of their GMV on advertising, is there a longer-term strategy in terms of a piece of that you want? Maybe if you could talk a little bit about that. And then specific to ChatGPT, I'm curious if there are ad rev share opportunities there with -- in the future with promoted or sponsored listings for you.

哈雷，在上個季度的電話會議上，你提到未來會有更多廣告機會。如果我們考慮一下您的商家支出，大約 20% 的 GMV 用於廣告，您是否有更長遠的策略來從中分一杯羹？或許你可以稍微談談這件事。至於 ChatGPT，我很好奇未來是否有廣告收益分成機會，例如推廣或贊助清單。

Yes. I mean I'm not going to talk about any particular economics of any particular deal. What I will say when it comes to how we make money from these channels is we've always been able to monetize when our merchants do better. So this idea that merchants sell more, Shopify makes more, we monetize through GMV, we monetize through Shopify Payments. That will always be the case across any new channel. And any specific individual deal that has additional economics, we're not -- we don't disclose.

是的。我的意思是，我不會談論任何具體交易的具體經濟細節。至於我們如何透過這些管道賺錢，我想說的是，當我們的商家表現更好時，我們一直都能獲利。所以，商家賣得越多，Shopify賺得越多，我們透過GMV和Shopify Payments獲利。在任何新管道上，情況都將始終如此。對於任何涉及額外經濟因素的具體交易，我們不會——我們不會披露。

To your first part of your question around sort of ads, as I said in the last question, it still remains one of the hardest problems merchants face. We think we can do a better job. We have a ton of data, we have a ton of scale to do this with. The goal here with -- when it comes to advertising for us is that we want to drive greater scale against this opportunity. The way that we do this is we were testing, we're measuring and we're reinvesting to drive really great outcomes for merchants in the future.

關於你提出的第一個問題，即廣告類型，正如我在上一個問題中所說，它仍然是商家面臨的最棘手的問題之一。我們認為我們可以做得更好。我們擁有大量數據，我們擁有龐大的規模來完成這項工作。我們做廣告的目標是抓住這個機會，擴大規模。我們的做法是，透過測試、衡量和再投資，為商家未來帶來真正良好的成果。

I still think it's still in early stages. I'll give you a little nod to the fact that you should tune into our next Shopify edition, if you're interested in ads because we're going to spend some time on that as well. But this idea of focusing both on campaigns and then also focusing on the discovery and the merchandising elements through the Shop App and Collective, you're already sort of seeing quite a few breadcrumbs that we're laying down here to show that this is an area that we think we can add even more value to.

我仍然認為它還處於早期階段。我還要提醒您，如果您對廣告感興趣，請關注我們的下一期 Shopify 節目，因為我們也會花一些時間討論這方面的內容。但是，我們既要專注於行銷活動，又要透過 Shop App 和 Collective 專注於產品發現和銷售環節，這種理念已經初見端倪，我們正在為此鋪墊一些線索，表明我們認為我們可以在這個領域創造更大的價值。

And again, it's one more thing that we do. We want to make sure that the relationship that we have with the millions of stores who use Shopify is way more than simply being just some software provider. We are their partner in commerce. And as commerce gets bigger and more complicated and more interesting, that they can continue to rely on us to be their partner. It's the reason why the biggest brands come to us and it's the reason why they stay with us.

再說一遍，這是我們做的另一件事。我們希望確保我們與數百萬使用 Shopify 的商店之間的關係，遠不止於提供軟體服務那麼簡單。我們是他們的商業夥伴。隨著商業規模越來越大、越來越複雜、越來越有趣，他們可以繼續依靠我們成為他們的合作夥伴。這就是為什麼眾多知名品牌選擇與我們合作，也是為什麼他們會一直與我們保持合作關係的原因。

Maybe I think it was the last question, so maybe I'll just spend a quick second or two just on some closing remarks, as I've been doing the last couple of quarters here. I just want to kind of say this in case it's not clear, but I hope what is obvious now to all of you is that we are doing exactly what we said that we'd do quarter after quarter. We built AI agent tools last year, now we're partnering with everyone that matters. We built Sidekick two years ago, well before any of the hype around that. And in Q3, 75,000 -- excuse me, 750,000 shops used it for the first time. 8 million used it, in October alone, we saw 8 million conversations happen there.

或許這是最後一個問題了，所以我就花一兩秒鐘做個總結發言吧，就像我過去幾個季度以來一直在做的那樣。我只是想說明一下，以免有人不明白，但我希望現在大家都能明白，我們正在按著每個季度都承諾要做的事情去做。我們去年開發了人工智慧代理工具，現在我們正在與所有重要人士合作。我們早在兩年前就開發了 Sidekick，那時還沒有任何相關的炒作。第三季度，有7.5萬家——不，是75萬家——店鋪首次使用該平台。光是10月份就有800萬家店鋪使用過該平台，我們看到平台上發生了800萬次對話。

So we built enterprise on-ramps into Shopify almost half a decade ago. And now the Estee Lauder Companies, David's Bridal, Aldo, Michael Kors are all choosing us. We're not guessing the future of commerce here. We're really building it.

因此，我們大約在五年前就為 Shopify 建造了企業級入口。現在，雅詩蘭黛公司、David's Bridal、Aldo、Michael Kors 等品牌都選擇了我們。我們並非在猜測商業的未來。我們正在全力建造它。

And the thing that I'm most impressed with and most proud of at Shopify is that I think we're balancing three critical things simultaneously here. You're going to see us investing aggressively to capture these opportunities. You're seeing us maintain profitable margins, I think, that demonstrate our discipline. And you're also seeing us deliver durable results quarter after quarter. And that is compound execution. And I don't think there are many companies out there that can do all three at once at this scale, and we are doing that.

在 Shopify，最讓我印象深刻和最讓我自豪的是，我認為我們在這裡同時平衡了三件至關重要的事情。你們將會看到我們積極投資，抓住這些機會。我認為，你們可以看到我們維持了獲利的利潤率，這反映了我們的自律精神。而且你們也看到我們每季都取得了持續穩定的業績。這就是複合執行。我認為目前市面上很少有公司能夠以如此大的規模同時做到這三件事，而我們正在做到這一點。

So with that, I just want to say thanks for joining the call. And on behalf of Jeff and Carrie and I and the entire Shopify team, we're back to building for our merchants. Thank you so much for joining.

最後，我只想說謝謝，感謝各位參加這通通話。我謹代表 Jeff、Carrie、我以及整個 Shopify 團隊，再次為我們的商家打造產品。非常感謝您的參與。

And that concludes our third quarter 2025 conference call.

至此，我們2025年第三季電話會議結束。