Shopify Inc. (SHOP) 2026 Q3 法說會逐字稿

Good morning, and thank you for joining Shopify's third quarter 2026 conference call. I'm Shane Kleinstein Director of Investor Relations. And joining us today are Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO.

各位早安，感謝您加入 Shopify 2026 年第三季財報電話會議。我是 Shane Kleinstein，投資人關係總監。今天與我們一同出席的還有 Shopify 總裁 Harley Finkelstein，以及我們的財務長 Jeff Hoffmeister。

After their prepared remarks, we will open it up for your questions. Today's call will include certain forward-looking statements that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected.

在他們的準備發言之後，我們將開放提問。今天的電話會議將包含若干前瞻性陳述，這些陳述係基於若干假設，因此可能受到風險與不確定性影響，導致實際結果與預期有重大差異。

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.

不應過度依賴這些前瞻性陳述。除非法律另有要求，我們不承擔更新或修訂這些陳述的義務。您可在我們今早發布的新聞稿，以及我們向美國與加拿大監管機關提交的文件中，閱讀相關假設、風險與不確定性。

We will also speak to adjusted financial measures and other non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the two are provided in our press release. And finally, we're reporting US dollars, so all amounts discussed today are in US dollars unless otherwise noted.

我們也將談及調整後財務衡量指標及其他非 GAAP 指標，這些並不能取代 GAAP 財務衡量指標。兩者之間的調節表已載於我們的新聞稿中。最後，我們以美元作為報告幣別，因此除非另有說明，今天討論的所有金額均以美元計。

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

接下來，我把電話會議交給 Harley。

Good morning, everyone. And as always, thank you for joining this call. It has been an incredible quarter for commerce. The velocity of development we are seeing across the entire industry is nothing short of remarkable. From the adoption of personal agents to the start of delegated purchasing to new tools that help entrepreneurs turn any idea into a business overnight.

各位早安。一如既往，感謝大家參與這通電話會議。這一季對商務而言是令人驚豔的一季。我們在整個產業看到的發展速度，確實令人讚嘆。從個人代理（personal agents）的採用、到委託式購買（delegated purchasing）的起步，再到協助創業者把任何想法在一夜之間變成生意的新工具。

We've seen an avalanche of new interfaces, but it's all powered by the same load bearing commerce operating system, and that is Shopify. I'll get into the numbers shortly, but I want to take a moment at the top of the call to really land the significance of all of this and why it matters so much for merchants.

我們看到大量全新的介面湧現，但它們都由同一個承重的商務作業系統所驅動，而那就是 Shopify。我稍後會談到數字，但我想在電話會議一開始先花點時間，真正讓大家理解這一切的重要性，以及為什麼它對商家如此關鍵。

Imagine for a moment that you are a retail business owner in 2026. Here are just a few things that might be on your mind today. How is your online store performing? Is ChatGPT servicing your products correctly? How can you drive up conversion in your physical retail stores is it time to start thinking about expanding into new markets.

請想像一下，你是 2026 年的一位零售企業主。以下只是今天你腦中可能在想的幾件事。你的線上商店表現如何？ChatGPT 是否正確地為你的商品提供服務？你要如何提升實體門市的轉換率？是否該開始思考拓展到新市場？

Now do it get me wrong, these are all very good problems to have. This is truly the greatest time in history to be a founder. There is opportunity everywhere. And the more opportunity there is, the more complexity there is. And the more complexity there is, the more our value goes up.

別誤會我，這些都是非常好的煩惱。這確實是歷史上最適合當創辦人的時代。機會無所不在。而機會越多，複雜度就越高。複雜度越高，我們的價值就越大。

The value of one unified commerce operating system connected to every surface area that customers want to shop on and every tool that teams want to build with. That is the real story behind this moment. For Shopify, that is what matters most. As the world is finding its feet in this new era, there is simply no better place to be than where we are, and that is everywhere.

一個統一的商務作業系統所帶來的價值：它連結到顧客想要購物的每一個觸點，以及團隊想要用來建構的每一種工具。這才是這個時刻背後真正的故事。對 Shopify 而言，這是最重要的事。當世界在這個新時代逐步站穩腳步時，沒有比我們所在的位置更好的地方了，而我們的位置就是——無所不在。

Okay. Let's talk about the numbers. Q3 was another signature Shopify quarter. GM was up 29.5% to $119 billion. Revenue was up 32% to $3.7 billion, and our free cash flow margin was 22%. And we saw more of the biggest names in retail from Balmain to Mac to Clinique to Lululemon all go live on Shopify. So we delivered exactly what we said we would, consistent, durable growth yet again.

好，我們來談談數字。第三季又是 Shopify 具有代表性的一季。GMV 年增 29.5%，達到 1,190 億美元。營收年增 32%，達到 37 億美元，而我們的自由現金流利潤率為 22%。我們也看到更多零售界的大品牌，從 Balmain、Mac、Clinique 到 Lululemon，都在 Shopify 上線。因此，我們再次交出與我們所承諾一致的成果：持續且具韌性的成長。

But the real story is hiding in between the numbers, and it is this. Shopify is uncommonly good at operating in two realities at the same time. The agenetic future we're building towards and that everyone on this call is excited about and the current reality for most of our merchants today. And here's what that looks like in practice. Since our last earnings call, personal agents hit the mainstream, Muse, Instinct Claude Duet, Grokbot, all partner with Shopify.

但真正的故事藏在數字之間，也就是這一點：Shopify 非常擅長同時在兩種現實中運作。一方面是我們正在打造、且在座各位都感到興奮的代理式（agentic）未來；另一方面則是我們多數商家今天所面對的現實。而這在實務上看起來是這樣：自從上次財報電話會議以來，個人代理進入主流；Muse、Instinct、Claude Duet、Grokbot 都與 Shopify 合作。

So our merchants checkouts are supported and buyers can use Shop Pay as their wallet. And we're powering product discovery across all major AI channels from ChatGPT to Microsoft to use. These are the things that could drive real merchant success in the future.

因此，我們商家的結帳流程獲得支援，買家也能使用 Shop Pay 作為他們的錢包。我們也在所有主要 AI 渠道上驅動商品探索，從 ChatGPT 到 Microsoft 再到其他平台。這些都是未來可能帶動商家真正成功的事情。

At the same time, we also rolled out an incredible range of new products and features across Shopify, growing our presence internationally, strengthening our offline business and making our online store builder even more powerful.

同時，我們也在 Shopify 全平台推出一系列令人驚豔的新產品與功能，擴大我們的國際布局、強化線下業務，並讓我們的線上商店建置工具更為強大。

Those are the things that drive merchant success today. And importantly, we balance both of these realities while running an exceptionally strong business. 32% revenue growth, 22% free cash flow margin at our scale. That is not common. And yet I get to repeat numbers like this every quarter. So I mentioned merchant success in the future and merchant success today.

這些則是驅動商家今天成功的事情。而且重要的是，我們在兼顧這兩種現實的同時，也經營著一個極其強健的業務。在我們這樣的規模下，營收成長 32%、自由現金流利潤率 22%。這並不常見。但我卻能在每一季重複這樣的數字。所以我提到了商家在未來的成功，以及商家在今天的成功。

Let's start by talking about the future first, specifically, a genic shopping. Now while the volume is still small here, adoption is growing and the early signals show that this is the potential to become a very powerful surface area. Here's what we're seeing. AI traffic is up 2.6x year-over-year. Orders are growing even faster at 3.3x, AI channels are setting shoppers straight to product pages at 3x the rate of organic search and shoppers are converting 64% more often.

我們先從未來談起，特別是代理式購物（agentic shopping）。雖然目前量體仍小，但採用正在成長，且早期訊號顯示，這有潛力成為非常強大的觸點。以下是我們看到的情況。AI 流量年增 2.6 倍。訂單成長更快，達到 3.3 倍；AI 渠道將購物者直接導向商品頁面的比率是自然搜尋的 3 倍，而購物者的轉換率也高出 64%。

So the numbers are certainly encouraging. But what's even more interesting is what products are being surfaced and it's not the obvious categories. AI channels are servicing highly specific products that fit specific customers with a specific need. Here is where Shopify catalog comes in. Catalog powered searches are converting at 2x the rate of general AI search.

所以這些數字確實令人鼓舞。但更有趣的是，哪些商品被呈現出來——而且並不是那些顯而易見的品類。AI 渠道正在提供高度特定的商品，以符合具有特定需求的特定顧客。這就是 Shopify Catalog 發揮作用的地方。由 Catalog 驅動的搜尋，其轉換率是一般 AI 搜尋的 2 倍。

That is because catalog is quite literally written for agents. It turns over 1 billion product pages into structured data set translating details like size, color and material into numerical values that an agent can read and understand. And it is not just a linear product feed, it is live, cross-merchant map for what is available across all of Shopify, with current pricing and inventory that helps AI channels make more accurate recommendations and that makes it insanely powerful.

這是因為 Catalog 幾乎可以說是專為代理而寫。它把超過 10 億個商品頁面轉換為結構化資料集，將尺寸、顏色與材質等細節轉譯為代理可讀、可理解的數值。而且它不只是線性的商品資料饋送；它是一張即時、跨商家的地圖，呈現 Shopify 全平台可供商品的現況，包含即時價格與庫存，協助 AI 渠道做出更精準的推薦，這讓它強大到不可思議。

And here's what is really exciting. AI is no longer just a discovery channel. As I mentioned earlier, Q3 was the first time we saw shoppers experimenting with delegated purchasing through personal agents who can also act on behalf of their users with their permission. And in order to do that, they must earn their trust, does it know what I like. Will it get my size right?

而真正令人興奮的是：AI 不再只是探索（discovery）渠道。如我先前提到的，第三季是我們第一次看到購物者開始透過個人代理嘗試委託式購買；在使用者授權下，這些代理也能代表使用者採取行動。而要做到這一點，它們必須贏得信任：它知道我喜歡什麼嗎？它會把我的尺寸選對嗎？

Can I trust it with my personal information from Muse, Instinct, Claude Duet and Grokbot, but the answer is yes. Thanks to Shop. Through your shop account, the agent knows your preferences and shopping history. Through the shop app, you can track all your orders placed by your agent listed right next to your other orders.

我可以把來自 Muse、Instinct、Claude Duet 和 Grokbot 的個人資訊交給它並信任嗎？答案是可以。這要歸功於 Shop。透過你的 Shop 帳戶，代理會知道你的偏好與購物歷史。透過 Shop 應用程式，你可以追蹤所有由你的代理下單的訂單，它們會列在你其他訂單旁邊。

And with Shop Pay as your wallet, your payment details are already saved. You stay in control of your purchases and your agent never sees your card details. And with Claude Duet, Instinct and Grokbot that reach even extends beyond stores built on Shopify.

而且以 Shop Pay 作為你的錢包，你的付款資訊已經被儲存。你仍然掌控你的購買，而你的代理永遠看不到你的卡片詳細資訊。而且透過 Claude Duet、Instinct 與 Grokbot，這種觸及範圍甚至延伸到 Shopify 以外所建置的商店。

Shoppers can now use Shop Pay as they're chosen wallet for any merchant, no extra setup required, it just works. For merchants, this means reach, a huge new pool of customers with 0 lift for them. For buyers, this means trust, a familiar way to buy in an unfamiliar channel. And for developers and AI companies, this means access to world-class infrastructure. Now all the tools they need to build a shopping experience, including catalog, checkout and the shop network are in one place. We call it shop.dev, one-stop all commerce complexity handled.

消費者現在可以將 Shop Pay 作為他們選擇的錢包，用於任何商家，無需額外設定，直接就能用。對商家而言，這代表觸及：一個龐大的全新客群池，而且他們幾乎不需要額外投入。對買家而言，這代表信任：在不熟悉的通路中，以熟悉的方式完成購買。而對開發者與 AI 公司而言，這代表可存取世界級的基礎設施。現在，他們打造購物體驗所需的所有工具——包含商品目錄、結帳以及 Shop 網路——都集中在同一處。我們稱之為 shop.dev，一站式處理所有商務複雜度。

Okay, switching gears. Now let's talk about how we're helping merchants to build and operate more effectively with AI. As we predicted in previous quarters, commerce is fragmenting. AI is not just creating new ways for buyers to shop, it is also creating new ways for merchants to operate. And that is what Shopify was built for.

好，換個話題。現在來談談我們如何透過 AI 協助商家更有效地建置與營運。正如我們在前幾季所預測的，商務正在碎片化。AI 不僅在創造買家購物的新方式，也在創造商家營運的新方式。而這正是 Shopify 打造的初衷。

We have always been an open ecosystem, and that now extends to agentic tools. We have connectors with agents like Muse, Chat GPT, Cloud, Google Gemini, giving merchants complete optionality over how and where they run their business. Now this doesn't just give our current merchant optionality it is also becoming an on-ramp for new merchants.

我們一直是一個開放的生態系，而現在這也延伸到代理式（agentic）工具。我們與 Muse、Chat GPT、Cloud、Google Gemini 等代理建立了連接器，讓商家對於如何以及在哪裡經營業務擁有完整的選擇權。這不僅為我們現有的商家帶來選擇權，也正逐漸成為新商家進入的入口。

Imagine an aspiring entrepreneur talking to ChatGPT or cloud or muse about starting a retail business. The agents suggest they start building with Shopify. And then it helps them build their store inside the chat. And once they're ready to start selling, they sign up for Shopify account. Agents can effectively become ambassadors for Shopify connecting new entrepreneurs to the platform at precisely the right moment.

想像一位有志創業者正在和 ChatGPT 或 cloud 或 muse 討論如何開始零售事業。這些代理建議他們用 Shopify 開始建置。接著它會在對話中協助他們把商店建起來。而當他們準備好開始銷售時，就會註冊 Shopify 帳戶。代理可以有效成為 Shopify 的大使，在最恰當的時刻把新創業者連結到平台。

Now of course, this is still a small source of new merchants today relative to our scale. But as more people use more tools to turn ideas into businesses, Shopify is part of that journey right from the start. Now talking about turning ideas into businesses.

當然，以我們的規模來看，這在今天仍只是新商家來源中的一小部分。但隨著更多人使用更多工具把點子變成事業，Shopify 從一開始就會是那段旅程的一部分。說到把點子變成事業。

This quarter, we launched the biggest update to our online store builder in our 20-year history. It's called Cannabis. Cannabis lets merchants build a fully bespoke online store simply by describing what they want to sidekick, no coding or design expertise required.

本季，我們推出了 20 年來線上商店建置器最大的一次更新。它叫做 Cannabis。Cannabis 讓商家只要描述他們想要的內容，就能透過 sidekick 建立一個完全量身打造的線上商店，不需要任何寫程式或設計專業。

Now the story you can picture is the store you can build. It's only been live for about a month, but here is what we are seeing. Merchants are launching stores that are more personalized and they're doing it 20% faster.

現在，你能想像的故事，就是你能建出的商店。它上線大約才一個月，但我們看到的是：商家正在推出更個人化的商店，而且速度快了 20%。

Anecdotally, this has been one of the most exciting things for me to watch rollout in a while. I ask merchants to tag me on X with what they built using Cannabis. And the quality and the sheer variety has been truly remarkable from handmade pottery, to Petri to Panmure to vintage comment books. This is the Shopify that Tobi and I imagine almost two decades ago. Anyone selling anything from anywhere gets their own beautiful functional home on the Internet.

就我個人觀察，這是我近來看過最令人興奮的推出之一。我請商家在 X 上標記我，分享他們用 Cannabis 做出的成果。而品質與多樣性都真的非常驚人——從手工陶器，到 Petri、到 Panmure、到復古 comment 書籍。這就是 Tobi 和我在將近二十年前所想像的 Shopify。任何人在任何地方賣任何東西，都能在網路上擁有自己漂亮且功能完善的家。

Now I want to talk a bit more about Sidekick, which is still overwhelmingly the most widely used tool for our merchants to run their business. And usage continues to grow at an even faster clip in Q3. Daily active merchants are up 3.7x year-over-year and daily sessions are up 4.2x, but there's an even more important story here than adoption. And it is just how capable Sidekick is becoming. In Q3, Sidekick created around 2/3 of all Shopify flows.

接下來我想再多談一點 Sidekick；它仍然是我們商家用來經營業務、使用最廣泛的工具。而且在 Q3 的使用量以更快的速度持續成長。每日活躍商家數年增 3.7 倍、每日工作階段年增 4.2 倍，但這裡還有一個比採用率更重要的故事。那就是 Sidekick 正變得多麼有能力。在 Q3，Sidekick 產生了約 2/3 的所有 Shopify flows。

Now remember, flows are those automations merchants used to take repetitive tasks off their plates. And here's how that shows up in practice. I recently met a large furniture retailer who has built custom Sidekick flows for everything from warehouse inventory snapshots to delivery fee analysis to regional pricing checks. This is what makes Sidekick so powerful.

請記得，flows 是商家用來把重複性工作自動化、從待辦清單中移除的那些自動化流程。而這在實務上是這樣呈現的：我最近見到一家大型家具零售商，他們為從倉庫庫存快照、到運費分析、到區域定價檢查等各種事項，建立了客製化的 Sidekick flows。這就是 Sidekick 如此強大的原因。

It can be completely tailored to power a merchant's particular business. And now these flows extend beyond the admin into supported apps that merchants use to run their business. Sidekick is the only AI tool that can connect to them with the merchant having to set up manual integrations.

它可以被完全量身打造，以支援某個商家的特定業務。而現在，這些 flows 也從後台延伸到商家用來經營業務的支援型應用程式。Sidekick 是唯一一個 AI 工具，能在商家不必設定手動整合的情況下連接到它們。

We want merchants getting the benefits of AI, not spending their time figuring out how to get those benefits. This is what makes Sidekick truly feel like an extension of their team. So there are obviously a lot of tools in the market.

我們希望商家獲得 AI 的好處，而不是把時間花在搞清楚如何取得那些好處上。這就是為什麼 Sidekick 真的讓人感覺像是他們團隊的延伸。所以市場上顯然有很多工具。

And there's a lot of noise about which ones will come up on top. But here's what really matters. Shopify's critical advantage is that we do not have to choose because all of them connect back to our platform. And that is what makes our incredible growth durable in the long term.

而且關於哪些工具會勝出的雜音也很多。但真正重要的是這個。Shopify 的關鍵優勢在於：我們不必做選擇，因為它們全都能連回我們的平台。而這正是讓我們驚人成長在長期具備韌性的原因。

Now I want to bring us right back to what merchants are focused on today. I recently hosted a form for some of our largest and most active merchants alongside Summon Shopify's leadership team. And guess what? the merchants did not spend much time talking about personal agents or even AI-powered discovery or even delegating purchasing. They talked about the fundamentals, trust, growth and simplicity, and we never lose sight of that.

現在我想把話題帶回到商家今天真正關注的事情。我最近與 Shopify 領導團隊一起，為我們一些最大且最活躍的商家主持了一場論壇。你猜怎麼著？商家並沒有花太多時間談個人代理，甚至也沒有太多談 AI 驅動的探索，或是委派購買。他們談的是基本功：信任、成長與簡單，而我們從不忽視這些。

Let's first talk about how we're building trust. I mentioned earlier that Shop Pay is bringing trust to an unfamiliar surface with a genetic shopping. That trust is built on 20 years of commerce experience. And it is also why we continue to see incredible brands bringing Shop Pay into their ecosystem, including one of my favorite brands, as I mentioned earlier, Lululemon, who just selected Shop Pay for their North American online store. And as history has proven, once we have a toe in the door, the upside is clear.

我們先來談談我們如何建立信任。我先前提到，Shop Pay 正把信任帶到一個不熟悉的介面上，並結合基因式購物（genetic shopping）。這份信任建立在 20 年的商務經驗之上。這也是為什麼我們持續看到令人驚豔的品牌把 Shop Pay 納入他們的生態系，其中包括我最喜歡的品牌之一——如我先前提到的 Lululemon——他們剛為其北美線上商店選用了 Shop Pay。而歷史已經證明，一旦我們把腳伸進門檻，向上的空間就很清楚。

More broadly, in Q3, GMV accelerated with Shop Pay grew over 50% year-over-year. both the number of buyers and the number of purchases per buyer keeps growing with Shop Pay, and Shop Pay installments expanded beyond the US, Canada and the UK into Australia. Now trust also comes from the work we do in enhancing fraud detection. It is not sexy, but it is the stuff that really matters to emergence.

更廣泛來看，在 Q3，使用 Shop Pay 的 GMV 加速成長，年增超過 50%。使用 Shop Pay 的買家數與每位買家的購買次數都持續成長，而 Shop Pay 分期也從美國、加拿大與英國，擴展到澳洲。此外，信任也來自我們在強化詐欺偵測方面所做的工作。這不性感，但它才是真正對商家最重要的事情。

We draw signals across millions of businesses to help merchants spot risks. And in Q3, we added tools to automatically cancel high-risk orders even before checkout and explain why an order looks suspicious, helping merchants protect their inventory and the revenue.

我們從數百萬家企業中擷取訊號，協助商家辨識風險。而在第三季，我們新增了工具，可在結帳前自動取消高風險訂單，並說明為何某筆訂單看起來可疑，協助商家保護其庫存與營收。

And of course, trust comes from the connected shopping experience that shop has become known for. So whether you're shopping on a merchant's website, the Shop app or the newly announced shop.com your preferences, your payment and shipping information and even carts and viewed items all come together to make the shopping experience feels seamless and personalized.

當然，信任來自 Shop 一直以來著稱的互聯購物體驗。因此，無論你是在商家的網站、Shop App，或是新公布的 shop.com 上購物，你的偏好、付款與配送資訊，甚至購物車與瀏覽過的商品都會整合在一起，讓購物體驗感覺無縫且個人化。

Now speaking to shop, GMV in Q3 more than doubled year-on-year. This is shops network effect at play, more shop buyers, more seamless shopping experiences, more benefits for merchants. And we continue to invest to make the experience even better.

接著談到 Shop，第三季的 GMV 較去年同期成長超過一倍。這正是 Shop 的網路效應在發揮作用：更多 Shop 買家、更無縫的購物體驗、為商家帶來更多好處。我們也持續投資，讓體驗變得更好。

The second thing I mentioned that our merchants really care about is growth. These merchants are growing across channels. And as they grow, so do we. Let's start with our off-line business. we hit a key milestone crossing $200 billion in lifetime offline GMV this quarter. In this past quarter alone, Canada Goose, the Body Shop, BevMo, all launch retail locations powered by Shopify. SKIMS launch its first international flagship in London with us. And Mac Cosmetics, launched 84 locations, just 120 days after signing with us.

我提到的第二件商家非常在意的事是成長。這些商家正在跨通路成長。而當他們成長時，我們也跟著成長。先從我們的線下業務談起。本季我們達成一個重要里程碑：線下累計（lifetime）GMV 突破 2,000 億美元。僅在上一季，加拿大鵝（Canada Goose）、美體小舖（The Body Shop）、BevMo 都推出了由 Shopify 驅動的零售據點。SKIMS 與我們合作在倫敦開設其首家國際旗艦店。而 Mac Cosmetics 在與我們簽約後僅 120 天，就開出了 84 個據點。

That is remarkable speed. And in Q3, we made real progress on one of the oldest problems for physical retailers, not knowing their customers. We're changing that. Now when a customer taps their card in a Shopify powered store and opt in to receive a digital receipt, a customer profile has been created, so the merchant has a record of the shopper and their purchase history.

這樣的速度非常驚人。而在第三季，我們在解決實體零售商最 오래 的問題之一——不了解自己的顧客——方面取得了實質進展。我們正在改變這一點。現在，當顧客在由 Shopify 驅動的門市刷卡並選擇接收數位收據時，就會建立顧客檔案，讓商家能保留該消費者及其購買歷史的紀錄。

They can get to know them, understand what they like and they can even reach out to eligible customers to bring them back and the payoff is real. In fact, a known in-store customer has a meaningfully higher lifetime value than unknown one. This is Shopify turning point of sale from a sales channel into a growth engine, and that is a very powerful advantage for merchants.

商家可以更了解他們、理解他們喜歡什麼，甚至可以主動聯繫符合資格的顧客把他們帶回來，而回報是實實在在的。事實上，一位已知的門市顧客，其終身價值明顯高於未知顧客。這讓 Shopify 將 POS 從一個銷售通路轉變為成長引擎，對商家而言是非常強大的優勢。

Now let's talk about growth internationally. Our goal there is simple to make global and cross-border selling possible, simple and localized. And the impact is clear. International GMV grew 32% in the quarter. And the work here continues.

接著談談國際成長。我們在那裡的目標很簡單：讓全球與跨境銷售變得可行、簡單且在地化。其影響非常明顯。本季國際 GMV 成長了 32%。而這方面的工作仍在持續。

In Q3, we launched mobile-first solutions like signing with WhatsApp and WhatsApp marketing and messaging, which will be huge unlocks globally. We also launched a localized version of the Shop App in Japan, which became the number one shopping app in the Japan app store, the week after full rollout, which I think is really cool.

在第三季，我們推出了以行動優先（mobile-first）的解決方案，例如與 WhatsApp 的簽約，以及 WhatsApp 行銷與訊息功能，這些將在全球帶來巨大的解鎖效應。我們也在日本推出了在地化版本的 Shop App，在全面上線後的一週內就成為日本 App Store 的第一名購物 App，我覺得這真的很酷。

And we launched new payment offerings globally that reflect important global nuances like the rollout of OXO as another local payment method across Mexico allowing shoppers to place an order online and pay for it in cash at an OXO convenience store. There'll be a lot more of this to come in 2027.

我們也在全球推出新的支付方案，以反映重要的全球在地差異，例如在墨西哥推廣 OXO 作為另一種在地支付方式，讓消費者可以線上下單，並在 OXO 便利商店以現金付款。到 2027 年，這類方案還會有更多。

The last point I'll make on growth is about discovery. As I talked about at the top of the call, shopping is spreading across more channels, more opportunity, more complexity, more ways for Shopify to help our merchants.

我關於成長要補充的最後一點是「發現（discovery）」。如同我在電話會議一開始提到的，購物正在擴散到更多通路——更多機會、更多複雜度，也有更多方式讓 Shopify 協助我們的商家。

Shopify campaigns offers a risk-free way to reach customers across 10 channels from shop to Instagram to ChatGPT. That means full optionality for merchants. We're not biased towards any one particular channel and they only pay when a sale happens.

Shopify Campaigns 提供一種無風險的方式，讓商家能跨 10 個通路觸及顧客，從 Shop 到 Instagram 再到 ChatGPT。這代表商家擁有完全的選擇權。我們不偏向任何特定通路，而且商家只在成交時才付費。

And the momentum there is really building. Year-to-date orders through Shop campaigns more than doubled year-over-year, accelerating in the third quarter. That means more merchants getting discovered without needing to become advertising experts. It also means more traffic coming to the Shop app.

而那裡的動能正在快速累積。年初至今，透過 Shop Campaigns 產生的訂單量較去年同期成長超過一倍，並在第三季加速。這意味著更多商家能被發現，而不需要成為廣告專家。也意味著更多流量會進入 Shop App。

Finally, I said our merchants really care about simplicity. And whether you're looking at the present reality of most merchants or the direction of travel we're heading in, in both cases, one thing becomes very clear. Our simple connected unifying operating system is the moat. No one merchant can manage the increasing volume of surface areas to build and sell across and nor should they. And that is true for merchants of all sizes, including larger merchants.

最後，我說過我們的商家非常在意「簡單」。無論你看的是多數商家當前的現實，或是我們前進的方向，在兩種情況下，有一件事都非常清楚。我們簡單、互聯、統一的作業系統就是護城河。沒有任何一家商家能夠管理日益增加、用來建置與銷售的各種觸點數量——也不應該由他們來做。這對各種規模的商家都成立，包括大型商家。

These businesses want their online stores and their physical locations to work together. They want their team spending more time improving the customer experience and less time maintaining the technology behind it. And as AI creates new ways to shop, they want a platform that keeps them ready for what comes next.

這些企業希望他們的線上商店與實體據點能協同運作。他們希望團隊把更多時間用在改善顧客體驗，而不是維護背後的技術。而當 AI 創造出新的購物方式時，他們也希望有一個平台能讓他們隨時準備好迎接下一步。

And that is why we continue to see large merchants join and scale across the platform like Balmain, Gillani, Jacamo, Chaumet and acne studios, these iconic names in luxury retail that all chose Shopify in Q3 or Alison Olivia, who scaled from a single founder to a globally recognized fashion label and who just decided to fully replatform onto Shopify after starting with Shop Pay and seeing it become their most used payment method or Omaha steaks, I love the story.

這也是為什麼我們持續看到大型商家加入並在平台上擴張，例如 Balmain、Gillani、Jacamo、Chaumet 與 Acne Studios——這些奢侈零售的經典品牌都在第三季選擇了 Shopify；或是 Alison Olivia，從單一創辦人擴張為全球知名的時尚品牌，在先採用 Shop Pay 並看到它成為最常用的支付方式後，剛決定全面遷移到 Shopify；又或者是 Omaha Steaks，我很喜歡這個故事。

This is a 109-year old company that was running on a custom stack built by their own CEO. They wanted a platform that can keep up with the pace of technology and allow them to focus on their business. So of course, Omaha stakes is coming to us as well.

這是一家有 109 年歷史的公司，過去使用的是由他們自己的 CEO 建置的客製化技術堆疊。他們想要一個能跟上科技步伐的平台，並讓他們能專注在自身業務上。所以當然，Omaha Steaks 也會加入我們。

Okay. I'll end on this note. There is a very special energy inside of Shop play right now. Tobi talks about it openly. We're giving people the tools and the room to tinker to try an idea to turn it into something useful for merchants. AI is changing what our teams can build and how quickly they can get an idea to someone's hands.

好，我就以這點作結。現在 Shopify 內部有一股非常特別的能量。Tobi 也公開談到這件事。我們給人們工具與空間去試作（tinker）、去嘗試一個想法，並把它變成對商家有用的東西。AI 正在改變我們團隊能打造什麼，以及能多快把一個想法交到他人手上。

Small teams can try more things, learn from what works and build again. That makes taste and judgment even more valuable, seeing a problem we're solving, knowing what a great solution looks like and then having the curiosity to go after it. And that mindset extends well beyond engineering.

小團隊可以嘗試更多事情，從有效的方法中學習，然後再打造一次。這讓品味與判斷變得更有價值：看見我們正在解決的問題、知道一個很棒的解法應該長什麼樣子，並且保持好奇心去追求它。而這種心態遠不只存在於工程團隊。

All across Shopify, our team is rethinking how they work and what they can accomplish with these amazing tools. Until we put it this way in a recent note. The early answer to how we make commerce common turned out to be simple, just build great products for them. This is what we continue to do every dam day.

在 Shopify 的各個角落，我們的團隊都在重新思考他們如何工作，以及能用這些驚人的工具完成什麼。我們在最近的一則備忘錄中是這樣表述的。對於我們如何讓商務變得普及（make commerce common）的早期答案，結果很簡單：只要為他們打造很棒的產品。這就是我們每天都持續在做的事。

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

接下來，我把電話會議交給 Jeff。

Thanks, Harley. Q3 was another quarter of strong, consistent execution. Before turning to the results, I'm going to step back and provide some perspectives on our addressable market as we've not discussed that in a while, and I believe that agentic Commerce will expand our market. Commerce continues to grow globally. But in addition to that, there are two important things to keep in mind regarding Shopify's role and our future opportunity.

謝謝你，Harley。第三季是另一個強勁且持續穩健執行的季度。在談到業績結果之前，我想先退一步，提供一些我們可服務市場（addressable market）的觀點——我們有一段時間沒談這個了——而我相信「代理式商務（agentic commerce）」將擴大我們的市場。商務在全球持續成長。但除此之外，關於 Shopify 的角色與我們未來的機會，還有兩件重要的事需要記住。

First, we continue to power a larger share of commerce overall. And second, we are expanding commerce itself by helping more merchants survive and thrive, helping them discover new buyers and lowering barriers to entrepreneurship.

首先，我們持續為整體商業活動提供更大占比的動能。第二，我們也在擴大商業本身：協助更多商家存活並茁壯，幫助他們發掘新買家，並降低創業門檻。

To my first point, the quality and capabilities of our solutions help our merchants drive a disproportionate share of global commerce growth. Over the last three years, our US merchants online sales grew at a compound annual growth rate of 23% compared to 8% for US e-commerce overall.

就第一點而言，我們解決方案的品質與能力，協助商家在全球商業成長中取得不成比例的貢獻。過去三年，我們美國商家的線上銷售以 23% 的年複合成長率成長，相較之下，美國整體電商僅為 8%。

In Europe, we saw a similar pattern. Our merchants grew online GMV at a compound annual growth rate of 37% compared to a market growth of 8%, doubling their share of e-commerce in just three years. And these trends have accelerated.

在歐洲，我們也看到類似的模式。我們商家的線上 GMV 以 37% 的年複合成長率成長，相較於市場 8% 的成長，僅三年就將其電商市占翻倍。而且這些趨勢正在加速。

Three years ago, Shopify merchants drove nearly 1/5 of incremental e-commerce sales in the US and nearly 1/4 in Europe. Since the start of 2025, they now capture nearly half in the US and more than 40% in Europe. To illustrate the platform scale today, in the third quarter alone, our merchants sold over $119 billion through Shopify, almost as much as they sold in all of 2020, the year everything went online due to COVID. An entire year of Shopify GMV has now become a single quarter and not even the holiday shopping quarter.

三年前，Shopify 商家在美國帶動了近五分之一的電商增量銷售，在歐洲則接近四分之一。自 2025 年初以來，他們如今在美國攫取了近一半，在歐洲則超過 40%。為了說明當今平台規模，僅第三季，我們商家透過 Shopify 的銷售額就超過 1,190 億美元，幾乎等同於他們在 2020 年全年的銷售額——那一年因 COVID 而萬事轉向線上。如今，Shopify 一整年的 GMV 已經相當於單一季度，而且還不是假日購物季度。

And to my second point, measuring our opportunity against the market potential that exists today, this is a critical component. Our products do more than help merchants compete for existing commerce. We help create newcomers. AI is an accelerant for our market, simultaneously making entrepreneurship easier to try, but also raising the stakes for what success requires.

再談第二點，以當前市場潛力來衡量我們的機會，這是一個關鍵組成。我們的產品不僅僅是幫助商家在既有商業活動中競爭。我們也在協助創造新進者。AI 是我們市場的加速器：一方面讓創業更容易嘗試，另一方面也提高了成功所需的門檻。

In that context, Shopify is a merchant's not-so-secret weapon. We make the complex simple so that our merchants can focus on what matters, building strong businesses. We have always and will continue to change the economics of entrepreneurship.

在這樣的背景下，Shopify 是商家「不那麼秘密」的武器。我們把複雜變簡單，讓商家能專注於真正重要的事：打造強健的企業。我們一直以來、也將持續改變創業的經濟學。

When your niche passion products can more easily find the customers are meant for, you're more likely to build that business. Smaller niche markets are now not only addressable. They're not so small anymore. We Shopify catalog and how it is optimized for LLMs, more long-tail merchants succeed by matching buyers specific needs, however unique with our merchants tailored solutions extending the long tail of commerce is helping create new commerce.

當你的小眾熱情產品能更容易找到其命中注定的客戶，你就更有可能把那門生意做起來。更小的小眾市場如今不僅可被觸及。它們也不再那麼小了。透過我們的 Shopify 目錄以及其針對 LLM 的最佳化，更多長尾商家能以我們商家量身打造的解決方案，去匹配買家具體需求——無論多麼獨特；延伸商業的長尾正在幫助創造新的商業活動。

In Q3, 3/4 of AI referred sales yet again came from product categories outside our top 100. And as entrepreneurship has become more accessible, that access has manifested inside our platform. Since 2018, the number of first-time sellers on Shopify has increased seven times. Moreover, we help new entrepreneurs reach that milestone faster than ever before.

在第三季，AI 導流的銷售中有四分之三再次來自我們前 100 大品類之外的產品類別。而隨著創業變得更容易，這種可及性也在我們的平台內部具體呈現。自 2018 年以來，Shopify 上首次賣家的數量增加了七倍。此外，我們也幫助新創業者比以往更快達成那個里程碑。

Last year, compared to just three years ago, 43% more stores made their first sale within a single day of signing up. We're not just finding high intent entrepreneurs. We're bending the curve for how quickly they reach early success.

去年，相較於僅三年前，有多 43% 的商店在註冊後一天內就完成了第一筆銷售。我們不只是找到高意圖的創業者。我們正在改變他們達到早期成功的速度曲線。

AI, and the AI products that we build are a rising tide lifting all boats. And we saw that wave coming a long time ago. It's why we started building catalog three years ago before agentic was ever in the lexicon of commerce to make our merchants product data reachable across all AI channels with high fidelity and high consistency.

AI，以及我們打造的 AI 產品，是一股水漲船高、帶動所有人的浪潮。而我們很早就看見那股浪潮將至。這也是為什麼我們在三年前就開始建置目錄——在「代理式（agentic）」尚未成為商業詞彙之前——以高保真與高一致性，讓商家的產品資料能在所有 AI 通路中被觸達。

It's why we co-led the creation of the universal commerce protocol because we knew that in order for our merchants to take advantage of the opportunities inside agentic commerce, [agentic] commerce needed a shared language across the Internet.

這也是為什麼我們共同主導建立通用商業協定：因為我們知道，若要讓商家把握代理式商業中的機會，[agentic] 商業需要一套跨整個網際網路的共同語言。

It's also why we're actively driving other standards like the personal agent protocol, alongside other technology and retail partners and why we have embedded Shopify into personal agents like Instinct, Muse and more.

這也同樣是為什麼我們正積極推動其他標準，例如個人代理協定（personal agent protocol），並與其他科技與零售夥伴合作；也因此我們已將 Shopify 嵌入 Instinct、Muse 等個人代理之中。

We also recently released Shop.dev and the SHOP MCP, giving developers one easy connection to add Shopify's AI tooling, sign-ins and check out into their apps or agents. We are embedding commerce across more channels and more surfaces.

我們最近也發布了 Shop.dev 與 SHOP MCP，讓開發者只需一個簡易連線，就能把 Shopify 的 AI 工具、登入與結帳整合進他們的 App 或代理中。我們正在把商業嵌入更多通路與更多觸點。

Our growing buyer network extends this leadership. With Shop Pay, customers can explore new merchants through new channels while maintaining the safety of the wallet, they already know and businesses of all sizes benefit from the complex commerce ecosystem Shopify has built at scale. You may have seen our latest addition teams was exponential. App when you reflect on the compounding return of our massive network of both merchants and buyers.

我們持續成長的買家網路也延伸了這項領先地位。透過 Shop Pay，顧客可以在維持其熟悉錢包安全性的同時，透過新通路探索新商家；而各種規模的企業都能受益於 Shopify 以規模打造的複雜商業生態系。你可能已經看過我們最新加入的團隊呈現指數型成長。當你回顧我們龐大的商家與買家雙邊網路所帶來的複利報酬時，App（的價值）就更為明顯。

These examples are all different expressions of the same underlying business model. We build more of what merchants need expand what they can accomplish with Shopify and participate in their success alongside them.

這些例子都是同一個底層商業模式的不同展現。我們打造更多商家所需的能力，擴大他們能透過 Shopify 完成的事，並與他們一同參與其成功。

Wherever commerce happens, however, complex it becomes, we will continue to be the force behind it. Ultimately, the thesis is simple. To believe in Shopify, you really just need to believe in commerce. Now let's take a closer look at our third quarter results. Q3 GMV was $119 billion, up 30% in constant currency, our sixth consecutive quarter at these levels of growth.

無論商業發生在何處、無論它變得多麼複雜，我們都將持續成為其背後的推動力量。最終，這個論點很簡單。要相信 Shopify，你其實只需要相信商業。現在讓我們更仔細看看第三季的業績。第三季 GMV 為 1,190 億美元，以固定匯率計年增 30%，這是我們連續第六個季度維持在這樣的成長水準。

The trends across all vantage points are very consistent with recent quarters. Growth was broad-based across merchant sizes and geographies and remain evenly split among new and same-store sales, starting with merchandise. The $2 million to $25 million cohort contributed the most incremental GMV and is the largest lice.

從各個觀察角度來看，趨勢都與近幾季非常一致。成長廣泛分布於不同規模的商家與各地區，且在新店與同店銷售之間仍大致各半，先從商品面來看。2 百萬至 2,500 萬美元的族群貢獻了最多的 GMV 增量，且是最大的一塊。

Growth in this band was mostly from existing shops growing into the size. The $25 million and greater band is the fastest growing, albeit off of a smaller base. North America continues to deliver strong growth at scale with GMV growing 28% in constant currency for the third consecutive quarter.

這個區間的成長主要來自既有商店成長進入該規模。2,500 萬美元以上的區間成長最快，儘管基期較小。北美在規模化之下仍持續交出強勁成長，以固定匯率計 GMV 年增 28%，為連續第三個季度。

GMV in Europe grew 33% in constant currency, aided by our continued addition of local payment offerings across several markets. Similarly, we continue to build our presence in Asia and Latin America with more tailored local offerings like those Harley mentioned.

歐洲的 GMV 以固定匯率計成長 33%，受惠於我們在多個市場持續新增在地支付選項。同樣地，我們也持續在亞洲與拉丁美洲建立版圖，提供更多如 Harley 所提到、因地制宜的在地化方案。

We also launched local currency billing in 10 new countries over the past few months. Merchants in these markets can now pay for their Shopify subscription in their local currency, making it easier for merchants to get started on our platform.

過去幾個月，我們也在另外 10 個新國家推出以在地貨幣計費。這些市場的商家現在可以用其本地貨幣支付 Shopify 訂閱費用，讓商家更容易在我們的平台上起步。

Finally, looking by channel, beyond just online. Off-line GMV grew 30% year-over-year, consistent with last quarter's constant currency growth. Large, complex multi-location merchants continue to be our fastest-growing segment with our total locations on Shopify up 52% year-over-year.

最後，按通路來看，不僅僅是線上。線下 GMV 年增 30%，與上季以固定匯率計的成長一致。大型、複雜的多據點商家仍是我們成長最快的族群，Shopify 上的總據點數年增 52%。

Importantly, we are having greater success expanding our point-of-sale merchant base beyond just those merchants that started with us online and then adopted our off-line solutions. In Q3, 55% of merchants that added our point-of-sale were new to Shopify.

重要的是，我們在擴大 POS（銷售點）商家基礎方面取得更大成功，不再僅限於那些先從線上起步、之後才採用我們線下解決方案的商家。第三季，新增採用我們 POS 的商家中，有 55% 是首次使用 Shopify 的新商家。

And of those already selling, half are selling only in-store. B2B GMV grew 74%. We consider B2B a significant opportunity to expand the verticals that Shopify addresses. Interestingly, B2B GMV is much more distributed by industry vertical than online, and the fastest-growing verticals include home improvement and hardware, electronics and business supplies for verticals such as retail stores, laboratories and medical, food service and agriculture. These are categories that take us beyond our most prevalent online categories.

而在那些原本就有在銷售的商家中，有一半只在實體店內銷售。B2B GMV 成長 74%。我們認為 B2B 是擴大 Shopify 所能涵蓋垂直領域的一個重大機會。有趣的是，B2B GMV 依產業垂直的分布比線上更分散，而成長最快的垂直領域包括居家修繕與五金、電子產品與商用耗材（例如零售店、實驗室與醫療）、餐飲服務與農業。這些類別讓我們超越了線上最常見的品類。

Turning to revenue. Q3 revenue grew 32%, both reported and in constant currency, delivering on the expectations we laid out and accelerating on top of last year's strong 31% constant currency growth rate. Merchant Solutions revenue grew 35%, driven substantially by the strength in GMV and increased payments penetration.

接著談營收。第三季營收成長32%，無論以報告口徑或以固定匯率計算皆同樣如此，達成我們先前提出的預期，並在去年強勁的固定匯率31%成長率基礎上進一步加速。商家解決方案（Merchant Solutions）營收成長35%，主要受GMV的強勁表現與支付滲透率提升所帶動。

Our FX revenue contributed nicely this quarter again, commensurate with our increasing international scale and has consistently been a source of growth within payments. Payments penetration surpassed 68%, up 3 points year-over-year, and Shop Pay GMV grew 50% year-over-year. We also saw growth in the broader set of services merchants use on Shopify, most notably this quarter in advertising.

本季我們的外匯（FX）營收再次帶來不錯貢獻，與我們日益擴大的國際規模相匹配，並且一直是支付業務中的成長來源。支付滲透率超過68%，年增3個百分點，而Shop Pay的GMV年增50%。我們也看到商家在Shopify上使用的更廣泛服務組合持續成長，其中本季最顯著的是廣告。

Subscription Solutions revenue grew 20% led by standard plan subscriptions. Equivalent size increases in Plus subscriptions and variable platform fees rounded out the growth in subscription solutions with the variable platform fees growth balance between more merchants exceeding their minimum volume thresholds and continued sales growth among merchants already above them. Q3 MRR grew 19% year-over-year. Plus MRR represented 34% of MRR, growing 18% year-over-year. As a reminder, MRR comparatively underrepresents the impact we're seeing from larger GMV merchants.

訂閱解決方案（Subscription Solutions）營收成長20%，主要由標準方案訂閱帶動。Plus訂閱與可變平台費（variable platform fees）的同等規模增長，完善了訂閱解決方案的成長；其中可變平台費的成長，來自於更多商家超過其最低交易量門檻，以及已高於門檻的商家持續銷售成長之間的平衡。第三季MRR年增19%。Plus MRR占MRR的34%，年增18%。提醒一下，相較之下，MRR對我們從較大GMV商家所看到的影響呈現得偏低。

Turning to profitability. Gross profit grew 28%, in line with our guidance and gross margins came in at 47.6%, consistent with the second quarter. Merchant Solutions gross profit grew 37% with gross margins expanding year-over-year for the third consecutive quarter.

接著談獲利能力。毛利成長28%，符合我們的指引；毛利率為47.6%，與第二季一致。商家解決方案毛利成長37%，且毛利率連續第三季年增擴張。

Our year-over-year and sequential margin improvements were driven by margin expansion in Shopify payments from savings negotiated with partners across the full payments ecosystem. We also saw a margin uplift from increased FX activity in our advertising products. Subscription Solutions gross profit grew 16%. Gross margins were 79%.

我們的年增與季增毛利率改善，主要來自Shopify Payments的毛利率擴張，這得益於我們與支付生態系全鏈路合作夥伴協商取得的成本節省。我們也因廣告產品中的外匯活動增加而看到毛利率提升。訂閱解決方案毛利成長16%。毛利率為79%。

On a year-over-year basis, Subscription Solutions gross margins compressed primarily from incremental AI spend on Sidekick, partially offset by efficiencies and support. On a sequential basis, our margin declined mainly due to higher hosting costs as we added capacity ahead of BFCM and some enhancements to our storefront resiliency and global search capabilities.

以年增來看，訂閱解決方案毛利率下滑主要源於Sidekick的新增AI支出，部分被效率提升與支援成本效率所抵銷。以季增來看，我們的毛利率下降主要因為在BFCM前增加容量導致託管成本上升，以及我們對店面韌性與全球搜尋能力所做的一些強化。

Although Sidekick drove year-over-year pressure on margins on a sequential basis, we've been able to offset that pressure with efficiencies we've built into how we deliver Sidekick. We've made improvements in model selection, distillation and cashing to support more usage at a lower cost.

雖然Sidekick在年增層面對毛利率造成壓力，但在季增層面，我們已能透過我們在Sidekick交付方式中建立的效率來抵銷這些壓力。我們在模型選擇、蒸餾（distillation）與快取（caching）方面做了改進，以更低成本支援更多使用量。

From Q2 to Q3, merchant conversations increased 14% while cost per conversation declined 28%, and total Sidekick cost fell 18%. The cost is only one part of the Sidekick story. The more important measure is what merchants accomplish with it.

從第二季到第三季，商家對話量增加14%，而每次對話成本下降28%，Sidekick總成本下降18%。成本只是Sidekick故事的一部分。更重要的衡量指標是商家用它完成了什麼。

That is our focus. But that, of course, also translates into our financials. Sidekick attracts more merchants to Shopify, which manifest in the financials and subscription solutions, and it propels more merchant success, which materializes in merchant solutions.

這是我們的重點。但當然，這也會反映在我們的財務表現上。Sidekick吸引更多商家加入Shopify，這會在財務與訂閱解決方案中體現；同時它推動更多商家成功，這會在商家解決方案中具體呈現。

Last quarter, we shared that using Sidekick's onboarding guide results in an 8% lift in merchants reaching five sales within 15 days. This quarter, we can demonstrate benefits beyond that. after their first sales, Sidekick offers merchants a dynamic conversion guide to prompt additional conversion tactics in those critical early months as a business is launching.

上季我們分享過，使用Sidekick的上線引導（onboarding guide）可使商家在15天內達成五筆銷售的比例提升8%。本季，我們可以展示除此之外的效益。在商家完成第一筆銷售後，Sidekick會提供動態轉換引導，於企業啟動的關鍵前幾個月提示更多轉換策略。

Examples include help with answering customers' questions reaching out to customers with abandoned carts and more. This resulted in a 3% lift in merchants reaching their next five orders in 60 days after using the guide, incrementally small, but off large cohorts. That benefit makes a difference and shows the value Sidekick bring in targeted, proactive merchant communication.

例如，協助回覆顧客問題、聯繫放棄購物車的顧客等。這使得商家在使用該引導後的60天內達成接下來五筆訂單的比例提升3%；增幅看似不大，但基於龐大樣本群體。這項效益確實帶來差異，並展現Sidekick在具針對性、主動式商家溝通上的價值。

Our gross margins in the third quarter reflect our deliberate work. We maintain discipline in the quality of our spend and discipline in the long-term value that we believe will accrue to Shopify. Now turning to operating expenses.

第三季的毛利率反映了我們有意識的努力。我們在支出品質上保持紀律，也在我們相信將長期累積至Shopify的價值上保持紀律。接著談營業費用。

We continue to deliver operating leverage with operating expenses at 32% of revenue in the third quarter, down from 37% last year. Throughout the year, gross profit growth has outpaced operating expense growth by approximately 12 points each quarter.

我們持續展現營運槓桿，第三季營業費用占營收32%，低於去年的37%。今年以來，每一季毛利成長都比營業費用成長快約12個百分點。

That consistency reflects our ability to scale efficiently while continuing to invest in the platform. The year-over-year dollar increase in R&D expense this quarter reflects continued investment in AI in our infrastructure and employee costs. Sales and Marketing grew 14% year-over-year. The slightly slower Q3 growth rate resulted from testing that we did in the US.

這種一致性反映了我們在持續投資平台的同時，仍能高效率擴張的能力。本季研發費用的年增金額，反映我們持續在基礎設施AI與員工成本上的投資。銷售與行銷年增14%。第三季略慢的成長率源於我們在美國所做的測試。

We paused spending for a couple of weeks in some channels and geographies in order to test the incrementality of our marketing efforts, which allows us to drive even greater precision into how we deploy the spend. Some of the reduced spend will effectively shift to Q4, but nothing has changed about our marketing approach.

我們在部分通路與地區暫停支出數週，以測試行銷投入的增量效益（incrementality），從而讓我們在支出部署上做到更高精準度。部分減少的支出將實質上轉移至第四季，但我們的行銷方法並未改變。

Our free cash flow was $816 million, a 22% margin. I should point out that approximately 150 basis points of the year-over-year improvement in free cash flow margins stems from the structural operating discipline and expense leverage that we've been delivering.

我們的自由現金流為8.16億美元，利潤率為22%。我應指出，自由現金流利潤率年增改善中，約有150個基點來自我們所展現的結構性營運紀律與費用槓桿。

The remainder of the improvement results from items that are more temporary. The marketing test that we did this past quarter, the timing of certain tax receivables and the accounting change to merchant cash advances with each of these three being roughly equally sized. The point remains a very strong quarter of profitability. With that, let's move to our fourth quarter outlook.

其餘改善則來自較為短期的因素。包括我們本季進行的行銷測試、部分稅款應收款項的時間點，以及商家現金預支（merchant cash advances）的會計變更；這三項因素的影響規模大致相當。重點仍是：本季獲利表現非常強勁。接下來，我們來看第四季展望。

We expect Q4 revenue growth in the low 30s year-over-year. Our guidance reflects less than 1 point of FX headwind. This outlook compares to a 29% constant currency growth rate last year. We expect gross profit dollars to grow in the high 20s. We expect Q4 operating expenses to be 29% to 30% of revenue, reflecting higher marketing expenses, including some initiatives in advance of BFCM.

我們預期第四季營收年增在30%出頭（low 30s）。我們的指引反映外匯逆風不到1個百分點。此展望對比去年固定匯率29%的成長率。我們預期毛利金額成長在20%高段（high 20s）。我們預期第四季營業費用占營收29%至30%，反映較高的行銷費用，其中包含部分BFCM前的計畫。

And finally, we expect free cash flow margin for Q4 to be in line with Q4 of last year. Our free cash flow performance in the fourth quarter primarily reflects a continuation of the trends we saw in Q3, but with higher taxes from the timing of payments in certain jurisdictions that get paid in the fourth quarter.

最後，我們預期第四季自由現金流利潤率將與去年第四季大致一致。我們第四季的自由現金流表現主要反映第三季所見趨勢的延續，但由於部分司法管轄區的付款時點在第四季支付，稅負將更高。

We don't expect any meaningful impact from the accounting change in merchant cash advances in Q4. A few thoughts in closing. Our opportunity remains substantial. We are serving more merchants and building more of what they need to grow. We continue to drive a larger share of commerce.

我們預期第四季商家現金預支的會計變更不會帶來任何顯著影響。最後做幾點結語。我們的機會仍然相當可觀。我們正在服務更多商家，並打造更多他們成長所需的能力。我們持續推動在商業中的更大占比。

We continue to expand commerce itself. We continue delivering top line results with proven consistency, consistency of GMV growth, consistency of revenue growth and consistency in the breadth of strength across regions, merchandises and channels.

我們也持續擴展商業本身。我們持續以經驗證的一致性帶來營收端（top line）成果——GMV成長的一致性、營收成長的一致性，以及在各地區、各品類與各通路的廣泛強勢表現的一致性。

Lastly, we continue to demonstrate strong discipline in our expenses. Our profitability is a combination of that discipline and a thoughtful, planned investment as we build for the future. It took Shopify 18 years to reach our first $1 trillion in cumulative GMV. We expect to pass the second trillion by the end of this year, less than 2.5 years later. That gives you a sense of how the scale of our merchants businesses have compounded.

最後，我們持續展現對費用的強力紀律。我們的獲利能力，是這份紀律與我們在為未來建設時所做的審慎、規劃性投資共同作用的結果。Shopify 花了 18 年才達到我們累計 GMV 的第一個 1 兆美元。我們預期在今年年底前就會突破第二個 1 兆美元，時間不到 2.5 年。這讓各位能感受到我們商家業務規模是如何複利式成長的。

With that, I'll turn the call back to Shane for your questions.

接下來，我把電話會議交回給 Shane 來進行提問。

Thanks, Jeff. We'll now take your questions before turning the call ack to Harley for some final words.(Operator Instructions)

謝謝你，Jeff。我們現在先進行提問，之後再把電話會議交回給 Harley 做最後的結語。（接線員指示）

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, good morning, and thanks for taking my questions. Congrats on another strong quarter from the team. I wanted to see Harley, if we could dig into the relationship with Meta and Muse. It's been a key investor focus how is shop working with Meta on development?

嗨，早安，謝謝讓我提問。恭喜團隊又交出一個強勁的季度。我想請教 Harley，我們能否深入談談與 Meta 和 Muse 的合作關係？投資人一直很關注 Shop 與 Meta 在開發上是如何合作的？

How does it impact the payment economics depending on whether they shop pay or Meta payor another option. And any early signals on what merchants are seeing from this channel in terms of conversion, we think it's a big focus, and it would be very helpful. Thank you for taking my questions.

另外，依據他們使用 Shop Pay 或 Meta Pay 或其他選項，對支付經濟性會有什麼影響？以及就轉換率而言，商家從這個渠道目前看到哪些早期訊號？我們認為這是很重要的焦點，如果能分享會非常有幫助。謝謝讓我提問。

Yes. So thanks for the question. Specifically on personal agent, I mean, as I mentioned in my remarks, certainly the last quarter, you've seen a lot of them, whether it's Muse or Instinct or Claude Duet and I think one of the things we're most excited about is this feels like a brand-new channel for merchants.

好的，謝謝你的問題。就個人代理（personal agent）而言，我的意思是，正如我在發言中提到的，尤其在上一季，你看到很多這類產品，不論是 Muse、Instinct，或 Claude Duet。我想我們最興奮的一點是，這感覺像是商家的全新渠道。

It feels like a new place where they can actually find new customers. And the fact that Shop Pay integrated as a wallet means that the agent knows your size, he knows your style, it knows your shopping history and then all orders get tracked by the Shop app as well.

這像是一個他們實際上可以找到新客戶的新地方。而 Shop Pay 以錢包形式整合後，代理就能知道你的尺寸、知道你的風格、知道你的購物歷史，並且所有訂單也都會由 Shop App 追蹤。

So I would say it's still quite early. Momentum is certainly strong. The quality of traffic is really, really quite high, and that we think is really, really important. But the agent is really just this new front door here. We are everything beyond that.

所以我會說現在仍相當早期。動能確實很強。流量品質非常、非常高，而我們認為這點非常、非常重要。但代理其實只是這裡的一個新「入口」。入口之後的所有事情都是我們在做。

So every new interface needs this commerce infrastructure running underneath it, and that's what we're doing. And I think the value is an enormous complexity of commerce. So the millions of lines of code that give the platform its power allows these agents to have -- provide the best experience to the new consumer and I think that will only continue as well.

因此，每一個新的介面都需要底層運行的商務基礎設施，而這正是我們在做的事。我認為其價值在於商務本身極其複雜。平台數百萬行程式碼所帶來的能力，讓這些代理能夠——為新的消費者提供最佳體驗；而我認為這也只會持續增強。

In terms of just agentic general, not just the agents I think what you're seeing is that every week or two, you're seeing a new agent or a new personal agent show up. And hopefully, you're noticing that Shopify is the commerce infrastructure behind all of them, we're partnering with all of them. Volume again is small, but traffic we saw in the last quarter was 2.6x year-on-year. Orders were up 3.3x and then Shopify Catalog is powering discovery in almost every single major AI channel.

就更廣義的 agentic 而言，不只是特定代理，我想你看到的是幾乎每一兩週就會出現一個新代理或新的個人代理。而希望你也注意到，Shopify 是它們背後的商務基礎設施，我們與它們全部合作。交易量仍然不大，但我們在上一季看到的流量年增 2.6 倍。訂單成長 3.3 倍，而且 Shopify Catalog 正在為幾乎每一個主要 AI 渠道提供探索（discovery）能力。

The other thing that's really cool is conversion from catalog is actually 2x the rate of general AI search sort of what people call scraping. Maybe the last point I'll sort of end on here is that we are seeing that these AI channels are really rewarding specificity, which is really, really important for the long tail of commerce, which is most of our merchant base.

另一個很酷的點是，來自 catalog 的轉換率其實是一般 AI 搜尋（也就是人們所說的 scraping）的 2 倍。也許我最後想總結的是：我們看到這些 AI 渠道非常獎勵「具體性」（specificity），而這對商務的長尾非常、非常重要——而長尾正是我們大多數商家的所在。

So as we said, 74% of AI attributed purchases in Q3 were from outside our top 100 categories. So we're really seeing that these more nuanced niche products are getting found and that -- we have a ton of those on Shopify. So the way that we see it is, Q3 saw personal agents hit the mainstream and all the major ones are partner with Shopify.

因此如我們所說，第三季（Q3）中 74% 的 AI 歸因購買，來自我們前 100 大品類之外。所以我們確實看到這些更細緻、更利基的產品正在被找到，而——我們在 Shopify 上有大量這類商品。因此我們的看法是，Q3 個人代理進入主流，而所有主要的代理都與 Shopify 合作。

Our merchant checkouts are supported and the fact that buyers can use a very familiar paying opportunity with Shop Pay as their wallet on an uncommon surface or a new surface, we think, is going to be a huge advantage to both merchants and consumers.

我們支援商家的結帳流程；而買家能在一個不常見的介面或新介面上，仍以非常熟悉的方式使用 Shop Pay 作為錢包完成付款，我們認為這將同時為商家與消費者帶來巨大的優勢。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

I wanted to stay on the agentic topic. As I think about the potential, and you talked about the potential agents at large of moving towards what is a headless version of commerce, can you talk about how that changes maybe the mode of Shopify? What happens to shopper the infrastructure and how you guys prioritize the road map? Thanks so much.

我想延續 agentic 這個主題。當我思考其潛力，以及你談到代理在更大範圍內可能朝向一種「無頭化（headless）」的商務版本發展時，你能談談這會如何改變 Shopify 的模式嗎？對 shopper 的基礎設施會發生什麼事？以及你們如何排定與優先排序產品路線圖？非常感謝。

Thanks for the question on that. So here's -- let me be really clear about that because I think one thing that maybe is getting missed here is that with this entrance of sort of these personal agents, and the beginning of delegated purchasing, this is where agents don't just recommend products, but they're also buying on behalf of some of the users.

謝謝你的問題。所以——我想把這點講得非常清楚，因為我認為這裡可能有一件事被忽略了：隨著這些個人代理的出現，以及「委託式購買」（delegated purchasing）的開始，代理不只是推薦商品，也會代表部分使用者完成購買。

And again, I said this in the last answer, but this is really the newest front door into commerce. This is very new behavior. Volume is, of course, small, but it's growing. But in the new world of personal agents, shop is not just a wallet. It is your complete buyer profile.

同樣地，我在上一個回答也提過，但這確實是進入商務的最新「入口」。這是非常新的行為。量當然還小，但正在成長。但在個人代理的新世界裡，Shop 不只是錢包。它是你完整的買家檔案。

So when you connect shop to Muse, Instinct, Claude Duet, the agent gets three things. First of all, it gets your entire shopping history across any Shopify merchants who can deliver these incredibly personalized recommendations. Second, with Shop Pay gets save payment details, you can pay the way you want with confidence the agent doesn't get that information.

所以當你把 Shop 連接到 Muse、Instinct、Claude Duet 時，代理會得到三樣東西。第一，它會取得你在任何 Shopify 商家之間的完整購物歷史，從而能提供極度個人化的推薦。第二，透過 Shop Pay 的已儲存付款資訊，你可以用你想要的方式安心付款，而代理不會取得那些資訊。

And then the connection to the Shop App means even afterwards, you're able to track everything you purchased. So the fact that we have 400 million shoppers already trusting Shop-in-Shop Pay, now that trust goes with them into every single agent. We think that's really, really important.

第三，連接到 Shop App 意味著即使在購買之後，你也能追蹤你買的所有東西。因此，我們已經有 4 億名 shopper 信任 Shop——以及 Shop Pay；現在這份信任會跟著他們進入每一個代理。我們認為這非常、非常重要。

So we actually think in a world of agents in a world of Agent shopping, these tools, specifically the shop tool and the tool kit that comes with Shop Pay, the Shop app, even UCP, so your checkout is exactly what you want it to be, what it is on your website, we think these become even more important.

所以我們其實認為，在代理的世界、在代理購物（Agent shopping）的世界裡，這些工具——特別是 Shop 工具，以及 Shop Pay、Shop app 甚至 UCP 所帶來的工具組——讓你的結帳能完全符合你的期待、就像你網站上的結帳一樣——我們認為它們會變得更重要。

The one thing I wanted to do up just for a sec because I suspect I may get a lot of great questions about agentic on this call. The way we think about this is that agentic ultimately is this incredible new opportunity for merchants. It is a new surface area that otherwise does not exist.

我想先補充一點，因為我猜這通電話會收到很多很棒、關於 agentic 的問題。我們看待這件事的方式是：agentic 最終會為商家帶來一個令人難以置信的新機會。這是一個原本不存在的新接觸面（surface area）。

As Jeff mentioned earlier, this is, we think, going to be an incremental increase to commerce. He mentioned on the call -- on his remarks, but since start of 2025, we've seen an average -- we've captured nearly half of all incremental e-comm in the US despite only being 14%. Part of what you're seeing is a strategy to make sure that wherever consumers our purchasing, whether online or offline or agents on social, Shopify helps merchants connect to it. So with more opportunity becomes more complexity.

如 Jeff 先前提到的，我們認為這將為商務帶來增量成長。他在電話會議——在他的發言中提到，自 2025 年初以來，儘管我們只占 14%，但我們已捕捉到美國幾乎一半的電商增量。你所看到的一部分，是一項策略：確保無論消費者在哪裡購買——不論線上、線下，或是在社群上的代理——Shopify 都能幫助商家與之連結。因此，機會越多，複雜度也就越高。

And actually, that is where Shopify's value goes up by simplifying more complexity where there's more front doors that allows us to play a larger role in the lives of the merchant to use Shopify. So we think actually with more of these channels and more of these front doors, we will actually play a larger role in the lives of the merchants that use Shopify.

而且實際上，Shopify 的價值提升正是在於：在「前門」更多、複雜度更高的地方，透過簡化這些複雜性，讓我們能在商家使用 Shopify 的過程中扮演更重要的角色。因此我們認為，隨著這些渠道與「前門」越來越多，我們確實會在使用 Shopify 的商家生活中扮演更大的角色。

Mike Morton, Moffett Nathanson.

Mike Morton，Moffett Nathanson。

Good morning. Thanks for the question. Maybe just a little bit a follow-up, Jeff, on the sidekick cost -- you talked about doing a good job getting some leverage there on your token expenses. It's something that comes up a fair amount in the investor base.

早安。謝謝讓我提問。Jeff，我想就 Sidekick 成本再追問一下——你提到在代幣（token）費用上做得不錯，取得了一些槓桿效益。這在投資人圈子裡被提到的頻率相當高。

So just would love to maybe have some kind of guidance, not like the financial rate, but just -- you've talked in the past about subscription solution trend line 80% of gross margins. It's kind of two quarters in a row, it's been below that and trending down. When you look forward and you think about your ability to serve merchants with Sidekick but also get leverage on the token expenses. Has your philosophy on that 80% gross margin trend line changed at all?

所以我想請你給一些指引，不是像財務費率那種，而是——你過去談過訂閱解決方案（Subscription Solutions）的毛利率趨勢線大約在 80%。但連續兩季都低於這個水準，而且還在下滑。當你往前看，思考你們一方面用 Sidekick 服務商家、另一方面又要在代幣費用上取得槓桿效益的能力時，你們對於那條 80% 毛利率趨勢線的理念有任何改變嗎？

No. I guess, Mike, from my vantage point, what I would -- and I said this a little bit in my prepared remarks, I would go back to a couple of things. Number one, on subscription solutions. I talked about what we saw in Sidekick costs as well as also about being a blend of some of the other things we're doing from a hosting perspective, and so I feel really good in terms of what we're doing on subscription solutions.

沒有。我想，Mike，從我的角度來看——我在事先準備的發言裡也稍微提到——我會回到幾點。第一，關於訂閱解決方案。我談到我們在 Sidekick 成本上看到的情況，同時也提到從託管（hosting）角度來看，這是我們正在做的其他事情的組合，因此我對我們在訂閱解決方案上的作為感到非常有信心。

And again, I gave some detail in terms of some of the impact we're seeing on Sidekick. I really think we're doing some interesting things, and I reflect back to my comments in terms of essentially what we're doing in cost per additional inquiry versus usage.

而且我也再次提供了一些細節，說明我們在 Sidekick 上看到的影響。我真的認為我們正在做一些很有意思的事情；我也回想我先前的評論，核心在於我們在「每增加一次詢問的成本」相對於使用量方面所做的工作。

And we're really trying to drive usage on Sidekick because we see significant benefit not only -- and this is -- Sidekick maybe one of these few products, not the only product, but it's -- just from a pure accounting perspective, obviously, the costs sit within subscription solutions, but the impact is really felt on both sides of our business, both the Merchant Solutions as well as on subscription solutions.

我們確實在努力推動 Sidekick 的使用量，因為我們看到顯著的效益——而且這點是——Sidekick 也許是少數幾個產品之一（當然不是唯一的產品），但從純會計角度來看，成本確實記在訂閱解決方案裡；然而其影響其實會反映在我們業務的兩側，也就是 Merchant Solutions 以及訂閱解決方案兩邊。

So -- and I tried to do some of this in my remarks earlier in the call to just speak to you kind of the benefit we're seeing and how that value is going to accrue more and more over time in terms of in terms of the success of the business.

所以——我也試著在先前的發言中談到：我們目前看到的效益，以及這些價值將如何隨時間推移越來越多地累積，並最終體現在公司業務成功上。

You also saw from the outlook I gave when you look at the gross margin implications for Q4 of this year, and you think about what that trend looks like both on a quarter-over-quarter basis as well as a year-over-year basis. We feel really good about what we're doing here on the core elements of the business. Some of what we're seeing in Q4 is going to be -- again, I also alluded to this earlier as well.

你也從我給出的展望中看到：當你看今年第四季（Q4）的毛利率影響，並思考這個趨勢在季對季以及年對年的表現時，我們對於在業務核心要素上所做的事情感到非常有信心。而我們在 Q4 看到的一些情況會是——我之前也提到過。

Some of what we're going to see in Q4 is some infrastructure spend, which really speaks to us making sure in this super important quarter, the Q4 quarter was obviously the big holiday shopping season that we have extreme resiliency. We're ready to do everything our merchants need. So some of that's factored into the margins as well. But again, I think we feel really good about where we're heading on all this.

Q4 我們會看到的一部分是基礎設施支出，這主要是為了確保在這個極其重要的季度——Q4 顯然是大型假期購物季——我們具備極高的韌性與穩定性。我們已準備好滿足商家所需要的一切。因此其中一部分也已反映在毛利率裡。但再次強調，我們對整體走向感到非常樂觀。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

Okay. You may have just answered the question I wanted to ask, which is the -- your guidance implies this (technical difficulty)

好的。你可能剛剛已經回答了我想問的問題，也就是——你們的指引意味著（技術問題）

Mark, if you come back in the queue, we'll get you back in. Mark, you should be able to --

Mark，如果你回到排隊序列，我們會再讓你發問。Mark，你應該可以——

I'm back. Can you hear me now?

我回來了。你們現在聽得到我嗎？

Yes.

聽得到。

Sorry about that. Just a little bit more on the free cash flow margin for Q4. You typically have free cash flow margins up sequentially. And maybe you just answered it with the last question about a little bit of extra infrastructure spend in Q4, and know you had some small onetime items in to be cash flow margin in Q3. But just any more clarification on why you wouldn't have your normal sequentially up free cash flow margin in Q4. Thank you.

抱歉剛剛那樣。我想再多問一點關於 Q4 的自由現金流利潤率（free cash flow margin）。你們通常自由現金流利潤率會在序列上升（sequentially up）。也許你剛剛在上一題已經回答了：Q4 會有一些額外的基礎設施支出；另外我知道 Q3 的現金流利潤率裡也有一些小的一次性項目。

Yeah. I think there's a couple of things, Mark. I alluded to this in my comments earlier that there is some marketing spend that has shifted effectively from Q3 to Q4 in terms of some of the testing we did. But more importantly, when you look what we're doing on the performance marketing side, the returns have been very, very good.

好的。我想有幾個因素，Mark。我在先前的評論中提到：有一些行銷支出因為我們做的測試，實際上從 Q3 轉移到了 Q4。但更重要的是，當你看我們在成效型行銷（performance marketing）方面所做的事情，回報非常、非常好。

There are some opportunities just going into holiday shopping season, what we've already seen in terms of putting some marketing dollars to work in a highly effective way. And that's Shopify. We're going to lean into opportunities like that, and I think that's exactly what you would want us to do.

在進入假期購物季之際，有一些機會——從我們已經看到的情況來看，把部分行銷資金投入運作可以非常有效。這就是 Shopify。我們會加大投入（lean into）這類機會，我認為這也正是你希望我們做的事。

And even with that opportunity on the marketing side and some of the things I alluded to on the infrastructure side, we're still getting to those margins. So again, there's a little bit of timing differential between the two. But between some of the investments on the infrastructure side and some of the investments in the marketing side, we're still delivering these margins, right?

即使有行銷端的這些機會，以及我提到的基礎設施端的一些事項，我們仍然能達到那些利潤率。所以再次強調，兩者之間有一些時間點上的差異。但在基礎設施投資與行銷投資之間，我們仍然在交付這些利潤率，對吧？

So -- and when you look what that implies for where we will end for the full year, again, I think from an overall expense perspective, from a profitability perspective, nothing has fundamentally changed. We feel -- I feel very good about where we are with this business right now.

所以——當你看這對我們全年最終結果的含義時，再次強調，我認為從整體費用角度、從獲利能力角度來看，沒有任何根本性的改變。我們——我——對我們目前這門生意的狀態感到非常有信心。

Ken Gawrelski, Wells Fargo.

Ken Gawrelski，Wells Fargo。

Thank you. If I could ask just two quick, please. First is just on the industry side. There's a fair amount of debate between horizontal kind of general purpose agents and vertical agents. -- with the full acknowledgment that shop rate remains largely agnostic here, could you -- you have a unique vantage point and I would appreciate your perspective maybe Harley, on that one. And very quickly, just one more on the Subscription Solutions revenue.

謝謝。如果可以的話，我想快速問兩個問題。第一個是產業面。目前對於橫向（horizontal）的通用型代理（general purpose agents）與縱向（vertical）代理之間，有相當多的討論。——完全理解 Shopify 在這裡基本上保持中立（agnostic），但你們有獨特的視角；我想請你分享一下看法，Harley，關於這點。另外很快再補一個，關於訂閱解決方案（Subscription Solutions）營收。

Could you talk a little bit about kind of the disconnect between subscriptions revenues decelerating while GMV remains so robust. You have -- could you talk about the outlook as you think 4Q into next year for that line item? Thank you.

你能否談談：為什麼訂閱營收在放緩，但 GMV 仍然如此強勁，兩者之間似乎有落差？你們能否談談對於這個科目在第四季到明年的展望？謝謝。

Maybe take the first question. Look, I mean, I think you sort of answered the question yourself, which is our job is to be channel agnostic. The fact we -- I mentioned this in the -- in my earlier remarks, but while we're all talking and excited about agentic and what's to come, it's still -- it's -- there's so much white space here. At the same time, our merchants are still selling online, they're selling offline.

我先回答第一個問題。你看，我想你其實已經自己回答了：我們的工作就是要對渠道保持中立（channel agnostic）。我在先前的發言中也提到，雖然我們都在談論並對代理式（agentic）以及未來將發生的事情感到興奮，但目前仍然——這裡還有非常多的空白地帶（white space）。同時，我們的商家仍然在做線上銷售，也在做線下銷售。

Our job is not necessarily to predict exactly what channel will be the next big channel. Our responsibility to the merchant is Shopify is to make sure they're everywhere. So obviously, when there are some very large new agents that come out from some of the largest companies, we want to make sure we're front and center.

我們的工作不一定是精準預測下一個會成為最大的新通路是什麼。我們對商家的責任——就 Shopify 而言——是確保他們無所不在。所以很明顯地，當一些來自最大型公司的全新且規模很大的代理（agents）推出時，我們希望確保自己站在最前線、最顯眼的位置。

That's the Muse and Instinct and Cloud Duet style -- but beyond that, I mean, we're also building web MCP, which enables genetic Checkout any agent can complete a checkout with any store -- we also built Shop.dev, which are these -- and shop at MD, in fact, which are these are specifically for developers, one file that can turn any surface area into a commerce experience. Shop.md on the shopper side is one prompt that turns your agent into your personal shopper.

那就是 Muse、Instinct 和 Cloud Duet 這種風格——但除此之外，我的意思是，我們也在打造 web MCP，它能啟用通用的 Checkout，讓任何代理都能在任何商店完成結帳——我們也打造了 Shop.dev，這些——以及其實還有 shop at MD——這些是專門給開發者用的：只要一個檔案，就能把任何介面觸點變成一個商務體驗。在消費者端的 Shop.md 則是一個提示詞（prompt），就能把你的代理變成你的個人購物助理。

So you're seeing us ensure that whatever comes out, if there's commerce integration or there's a commerce component that Shopify is either directly integrated at day one or we're creating these tooling like Shop.Dev and Shop.md so that any third-party developer who wants to bring commerce into their application, whether it's a vertical agent or it's a horizontal agent is able to do so very easily.

所以你會看到我們在確保：不論未來出現什麼，只要有商務整合或包含商務元件，Shopify 要嘛在第一天就直接完成整合，要嘛我們就打造像 Shop.Dev 和 Shop.md 這樣的工具，讓任何想把商務帶進其應用程式的第三方開發者——不論是垂直型代理或水平型代理——都能非常容易地做到。

The idea really here is to be too good to ignore, whether it's UCP or its catalog or it's the Shop app or Shop Pay, make it so that any type of agent tooling that wants to incorporate commerce comes to Shopify, first and foremost.

這裡的核心想法其實是做到「好到讓人無法忽視」：不論是 UCP、型錄（catalog）、Shop App 或 Shop Pay，都要讓任何想把商務納入其代理工具的團隊，第一時間就先來找 Shopify。

Yeah. And I would just add to your question on the subscription solutions piece versus GMV. Obviously, most of the GMV gets manifested in the payments revenue, which ends up on the Merchant Solutions side. As I alluded to in my comments earlier, this is -- we don't try and from a pure accounting perspective, manage to one piece of the business versus the other or the subscription solutions generally captures again, the merchants, which are being added to the platform as well as variable platform fees and then everything from a payments tax, shipping, capital, et cetera, all that ends up in Merchant Solutions.

是的。我也想補充你問到的訂閱解決方案（Subscription Solutions）與 GMV 的部分。很明顯地，大部分 GMV 最終會體現在支付收入上，而這會落在 Merchant Solutions 這一側。如同我先前評論提到的——從純會計角度來看——我們不會試圖把管理重點放在業務的某一塊而非另一塊；訂閱解決方案通常再次涵蓋的是：新增到平台上的商家，以及可變的平台費用；而從支付、稅務、物流運送、資金（capital）等等，這些都會計入 Merchant Solutions。

So you see this in the MRR growth, I mentioned in my comments and you've seen in the press release that MRR was up 19% year-over-year. We talked a little bit about the marketing element of this, too. So from a merchant adds perspective, we feel really good about what we're seeing there. But this is when you look at the revenue growth in terms of what we delivered in Q3, it being 32%. The guidance we talked about low 30s.

所以你會在 MRR 成長中看到這點，我在評論裡也提過，而且你也在新聞稿中看到 MRR 年增 19%。我們也稍微談到這裡面的行銷因素。因此從新增商家（merchant adds）的角度，我們對目前看到的狀況感到非常好。但當你看我們在第三季交出的營收成長——是 32%。而我們給的指引是 30% 出頭。

This would be -- that would mark the seventh consecutive quarter of revenue in the low 30s. We feel really good about where we are. And then the only other thing I would add is you know for some of -- as we get some of the larger merchants want to just do more GMV, there's even a larger disproportionate share of value that comes on the payment side versus on the subscription solution side.

這將會——那會是連續第七個季度的營收維持在 30% 出頭的成長。我們對目前的位置感到非常好。另外我唯一想補充的是，你知道，對於某些——當一些更大型的商家想要做出更多 GMV 時，支付端所帶來的價值占比，相較於訂閱解決方案端，會呈現更大幅度的不成比例。

So when we think about these two together, and we want to add great merchants to the platform. And then obviously, over time, and we've talked about cohorts in the past, over time that continues to generate more and more revenues for us. So we feel really good about where it is.

所以當我們把這兩者一起思考時，我們希望把優質商家加入平台。然後很明顯地，隨著時間推移——我們過去也談過 cohort（同批次/同群組）——時間越久，它會持續為我們帶來越來越多的收入。所以我們對目前的狀況感到非常好。

Jim Callahan, Piper Sandler.

Jim Callahan，Piper Sandler。

Thanks for taking the questions. Just kind of curious on the marketing tests, I understand some of this will reverse in 4Q. But curious what the conclusion of the test was and maybe could this have had any top line impact in the quarter? Thank you.

謝謝讓我提問。我有點好奇關於行銷測試：我理解其中一些會在第四季回轉。但想了解測試的結論是什麼？以及這是否可能對本季的營收（top line）造成任何影響？謝謝。

No, no top line impact. This is -- this was testing in some channels in some geographies. And I would just say what we're always trying to do, Jim, is just get smarter and home, even further the accuracy of our analysis, and it gives us a lot of confidence in the returns that we're seeing.

沒有，對營收沒有影響。這是——我們在某些地區的某些通路做測試。我只想說，Jim，我們一直在做的是讓自己更聰明，並進一步提升分析的精準度，這也讓我們對目前看到的投資報酬更有信心。

No change in marketing philosophy, no change in terms of how we lean on performance marketing, we just want to always be smarter and better at what we're doing. And again, the returns have been very compelling. So every now and then you make sure you're doing your best to analyze returns and make sure that next incremental dollar of marketing spend is deployed very wisely.

行銷理念沒有改變，在我們如何倚重成效型行銷（performance marketing）方面也沒有改變；我們只是希望在做的事情上永遠更聰明、更好。而且再次強調，投資報酬非常有吸引力。所以偶爾你會確認自己是否已盡最大努力去分析回報，並確保下一筆邊際行銷支出能非常明智地投放。

One of the things that I think is most remarkable but the business model here is that our model has this breadth of growth levers it is not a single bet on one growth curve. We have sort of this portfolio of commerce and payments, international agenetic enterprise. And in any given quarter, some will be stronger than the others. But the durability, I think, of the story is the compounding strength across that sit. International, Jim was up 32%.

我認為這個商業模式最值得注意的一點是：我們的模式有非常廣泛的成長槓桿，而不是把賭注押在單一的成長曲線上。我們有一個類似投資組合的配置，涵蓋商務與支付、國際、代理式（agentic）以及企業（enterprise）。在任何一個季度，有些會比其他更強。但我認為這個故事的耐久性（durability）在於：這些板塊的複利式增強所帶來的綜合力量。國際業務，Jim，年增 32%。

B2B, so 74% growth off-lane GMV was up 30%, we crossed the $200 billion mark for off-line GMV. And then you have enterprise as well. So what we try to think about is sort of this portfolio of bets and making sure that whatever is to come, we're front and center, but also making sure that we're able to -- Shopify ultimately is a growth company, and we want to stay focused on driving merchants growth in turn that fuels our growth. But there's never necessarily one particular place we put our eggs in because we have this portfolio of opportunities. And I think that actually talks to the durability of this business model.

B2B——所以年增 74%；線下 GMV 年增 30%，我們的線下 GMV 已跨越 2,000 億美元里程碑。再加上企業業務也是如此。所以我們思考的是一個「投注組合」：確保不論未來發生什麼，我們都在最前線；同時也確保我們能夠——Shopify 終究是一家成長型公司，我們希望持續專注於推動商家成長，而商家成長反過來也驅動我們的成長。但我們從來不會把所有雞蛋放在同一個籃子裡，因為我們有一整個機會組合。我認為這其實也說明了這個商業模式的耐久性。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，Wolfe Research。

Thank you for taking my questions. Could I please follow up on agentic commerce. So when we think about the economics and how economics will evolve, where will the -- how will it work in your view? Is -- will the merchants be paying a certain take rate?

謝謝讓我提問。我想追問一下代理式商務（agentic commerce）。當我們思考經濟模型以及經濟性將如何演進時，你認為會怎麼運作？商家是否會支付某種抽成率（take rate）？

Or are you -- will you be sharing the economics with these agents? How does this evolve in the near term and maybe mid- to long term? And then how do the agents choose Shop Pay, if I, as a consumer, have set up Shop Pay and other forms of payment, how do these agents default to Shop Pay as the option. Thank you.

或者你們——會與這些代理分享經濟利益嗎？短期以及可能中長期會如何演進？另外，代理如何選擇 Shop Pay：如果我作為消費者已設定 Shop Pay 與其他付款方式，這些代理要如何預設（default）以 Shop Pay 作為選項？謝謝。

Maybe I'll take the second part of the question and then Jeff can do the first part of monetization. That's the best part of Shop Pay because we have 400 million consumers that are using it constantly across all their favorite brands.

也許我先回答問題的第二部分，然後 Jeff 可以回答第一部分的變現（monetization）。Shop Pay 最棒的地方在於：我們有 4 億名消費者持續在他們所有喜愛的品牌上不斷使用它。

We want to make sure that when the consumer is using any agent that they want and Shop Pay is available, that's the one they select. And so that's -- ultimately, this is about ensuring that consumers have an amazing experience that they have -- that they're able to get the right credit card information, the right sizing the right merchandising of the product they want and able to purchase it.

我們希望確保當消費者使用任何他們想用的代理、且 Shop Pay 可用時，他們會選擇那一個。因此——歸根結底，這是要確保消費者擁有極佳的體驗：他們能取得正確的信用卡資訊、正確的尺寸、正確的商品呈現（merchandising）以符合他們想要的產品，並且能夠完成購買。

Part of the reason why we're beginning to talk more about Shop as the suite of products with Shop Pay with your preferences, with your order tracking is that ultimately, we think that when consumers are given a number of different options, they're going to pick the option that is best for them.

我們之所以開始更多地把 Shop 談成一套產品組合（包含具備偏好設定的 Shop Pay、訂單追蹤等），部分原因在於：最終我們認為，當消費者面前有多種不同選項時，他們會選擇最適合自己的那一個。

That results with the highest -- the best experience, high security, it is fast, but it also knows the details of their purchase history, and that's what they get with Shop Pay. So this is about merit, and we believe that we can compete on merit to get more consumers to use it.

那會帶來最高——也就是最佳的體驗：高安全性、速度快，同時也能掌握他們的購買歷史細節，而這正是 Shop Pay 所提供的。因此這關乎產品力（merit），我們相信我們可以憑藉產品力競爭，讓更多消費者使用它。

Yeah. And to Harley's point on that very -- that very point he just made. What we're trying to do is make sure, of course, more and more merchants use Shopify is their core platform. If you start to your questions whether if you start for example, on use.

是的。而且呼應 Harley 剛才——他剛剛提到的那一點。我們要做的是確保，當然，越來越多商家把 Shopify 作為他們的核心平台。如果你開始回到你的問題，例如如果你開始在使用。

And if you, as a consumer, then do a search, which leads to a merchant, which is using Shopify then the economics as are exactly the same, essentially what this is another form of discovery, they're sending you to the merchant's website and everything else that you would have done and any other form of discovery ends up to the same economics back to Shopify. And then to Harley's point, what we're trying to make sure we do is get Shop Pay out there more and more in terms of a wall perspective and continue to expand the economics on that front as well.

而如果你作為消費者進行搜尋，進而導向某個使用 Shopify 的商家，那麼在經濟效益上其實完全一樣；本質上這只是另一種「發現」形式，它把你帶到商家的網站，而你在任何其他發現渠道會做的事情，最後在經濟效益上都會回到 Shopify。然後回到 Harley 的觀點，我們要確保的是，從更廣的角度讓 Shop Pay 觸及更多人，並且也持續在那一端擴大經濟效益。

Paul Treiber, RBC Capital Markets.

Paul Treiber，RBC Capital Markets。

Good morning. Thanks for taking my questions. Shopify during the quarter bought shop.com for about $100 million. It's a fairly sizable amount, how do you think about shop.com coexisting with merchant websites and other channels? And then the second question is why now, particularly in light of the rise of AI agents, what's the importance of having a centralized location?

早安。謝謝回答我的問題。Shopify 在本季以約 1 億美元收購了 shop.com。這是一筆相當可觀的金額，你們如何看待 shop.com 與商家自有網站及其他渠道的共存？第二個問題是，為什麼是現在，特別是在 AI 代理（agents）崛起的背景下，擁有一個集中式入口的重要性是什麼？

Yeah. Look, in the physical retail world, location, location, location matters, we think the same thing that applies on units well and we think shop.com is an incredible prime address for us. I think the way you should view this is this is a declaration that we're ready for more ambitious posture for Shop.

是的。你看，在實體零售世界裡，地點、地點、地點很重要；我們認為同樣的道理也適用於線上，我們認為 shop.com 對我們而言是一個極佳的黃金門牌。我認為你應該這樣看待：這是在宣告我們已準備好以更具企圖心的姿態來推進 Shop。

We wanted to make a deliberate investment to Shop's credibility and discoverability as a consumer shopping destination, not just a tracking utility. And we think this is a really convenient, very easy entry point for shoppers to discover incredible brands and products.

我們希望有意識地投資於 Shop 作為消費者購物目的地的可信度與可被發現性，而不只是追蹤工具。我們認為這是一個非常方便、非常容易的入口，讓購物者發掘很棒的品牌與商品。

The transition required no action for merchants and shopper traffic to shop is growing even faster on the web than in the app. So this was us moving basically the shop -- we were at shop. -- previously when we met shop.com. We think this is one of the most important locations on the Internet, and that really matters to us. But I think you can sort of glean from this what our ambition is with Shop.

這次轉換不需要商家採取任何行動，而且 Shop 在網頁端的流量成長甚至比 App 更快。所以這基本上是我們把 shop——我們原本在 shop。——先前當我們擁有 shop.com 時。我們認為這是網際網路上最重要的地點之一，而這對我們非常重要。但我想你也可以從中看出我們對 Shop 的企圖心。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Thanks. Good morning, and I appreciate the questions. I guess, Harley, what's helping Shopify win more of these point-of-sale merchants that didn't start with you online? And I guess, is that changing your approach to acquiring those.

謝謝。早安，也謝謝讓我提問。我想問，Harley，是什麼在幫助 Shopify 贏得更多這些原本不是從你們線上起步的 POS（銷售點）商家？以及，這是否正在改變你們獲取這些商家的方式？

And then maybe a follow-up on the -- all the questions around variable economics with agentic. I guess as Sidekick takes on more merchant workflows and the product catalog is now really critical for powering at agentic, are you thinking about translating that value into higher monetization? Or is it more about expanding Shopify's share of overall retail. Thank you.

然後可能再追問一下——關於大家提到的、在代理式（agentic）情境下的可變經濟效益問題。我想，隨著 Sidekick 承擔更多商家工作流程，而產品目錄現在對驅動代理式能力變得非常關鍵，你們是否在考慮把這個價值轉化為更高的變現？還是更著重於擴大 Shopify 在整體零售中的占比？謝謝。

I mean on the point of sale on the retail side, this certainly was an incredible quarter for offline. I mean, I mentioned that lifetime POS GMV crossed $300 billion in Q3. GMV was up 30%. We had Canada Goose who brought on dozens of locations, BevMo brought over 150 locations. The Body Shop, Mac Cosmetics, added 83 locations under 90 days.

就零售端的 POS 而言，這一季線下表現確實非常出色。我提到過，POS 的累計終身 GMV 在第三季突破 3,000 億美元；GMV 成長 30%。我們有 Canada Goose 一次導入數十個據點，BevMo 導入超過 150 個據點。The Body Shop、Mac Cosmetics 在 90 天內新增了 83 個據點。

So -- and what we're seeing is that offline is not a separate business. It is the same platform to say how a lot of the same buy our relationships. It's just extended into the physical world. And I think we're seeing more businesses with very established brick-and-mortar businesses, their own kind of Shopify for this unified commerce capability.

所以——我們看到的是，線下並不是一個獨立的業務。它是同一個平台，可以說很多相同的購買我們的關係。只是把它延伸到實體世界。我認為我們正看到更多擁有非常成熟實體門市業務的企業，因為這種統一商務能力而選擇 Shopify。

It's great when we get a point of sale only merchant to come on first and foremost, and expand, but also what is happening is the fact that new features. We just announced something recently at our additions, but point-of-sale now automatically recognize the customers at checkout by using Shopify payment network in the actual physical store. That's never happened before. So this brings sort of this digital style customer context to physical retail, which has never been the case.

當我們先讓一個只有 POS 的商家上線，然後再擴展，這當然很棒；但同時正在發生的是，新功能也在推動。我們最近在 Editions 上剛宣布一項功能：POS 現在可以在結帳時，透過 Shopify payment network 在實體店內自動辨識顧客。這以前從未發生過。因此這把數位化風格的顧客情境帶進實體零售，而這在過去從未存在。

And I think ultimately, whether it's expanding customer recognition and point-of-sale or it's expanding locations, we are now becoming one of the default places that retail goes, not just for online, but also for off-line as well. I think generally around enterprise, just because a lot of these very large point-of-sale installations are coming from enterprise.

我認為最終，不論是擴大顧客辨識能力與 POS，或是擴展據點，我們正在成為零售業的預設選擇之一——不只是線上，也包含線下。我想整體來說，在企業級（enterprise）方面也是如此，因為這些非常大型的 POS 導入案很多都來自企業級客戶。

Enterprise is getting some incredible momentum here. We're able to not only get some of the up and comers that are expanding sort of the home are success stories are staying with us, but the fact that we're bringing the Lululemons of the world, for example, or BURTON or Balmain or Canada Goose who all went live in Q3.

企業級業務在這裡獲得了驚人的動能。我們不僅能拿下正在崛起、持續擴張的品牌——我們的成功案例也持續留在我們平台上——同時我們也把像 Lululemon 這樣的全球品牌帶進來，例如 BURTON、Balmain 或 Canada Goose，這些都在第三季上線。

I mean the pace of that, again, it is -- it takes longer to bring enterprise merchant to migrate on, but we've really figured out how to get [more as] quickly as possible given the context and all their integrate -- so I think both point of sale and enterprise is going really, really well. And yes, what is the second part of your question? I think I missed that.

我的意思是，那個節奏——再說一次，企業級商家遷移上線確實需要更長時間，但我們已經真正摸索出如何在既有情境與他們所有整合——的前提下，盡可能快速地推進。所以我認為 POS 和企業級都進展得非常、非常好。那你問題的第二部分是什麼？我想我漏掉了。

I think you got it, Harley, I think you got it. We're now going to go to Brian Smiling at JPMorgan for a final question. Brian, your line is open.

我想你已經回答到了，Harley，我想你已經回答到了。接下來我們請 JPMorgan 的 Brian Smiling 進行最後一個提問。Brian，你的線路已開通。

Great. Thanks for taking the questions. Just curious on Sidekick, very good to see you continue to gain efficacy. Can you just talk about the product road map into '27 across analytics, cogeneration and Cannabis more broadly?

很好。謝謝讓我提問。想請教 Sidekick，很高興看到你們持續提升效能。能否談談到 2027 年在分析（analytics）、共同生成（cogeneration）以及更廣泛的 Cannabis 方面的產品路線圖？

And then Jeff, just more near term, can you just elaborate on where you're going to allocate the incremental infrastructure spend into Black Friday suffer on Monday? Will that be more across Sidekick or just broader platform volume. Thank you.

然後 Jeff，就比較近的時間點，你能否再多說明一下，你們會把 Black Friday 到 Cyber Monday 期間新增的基礎設施支出配置到哪裡？會更多投入在 Sidekick，還是更廣泛的平台流量承載？謝謝。

Yeah, it is amazing. I mean, for new merchants, Sidekick is helping that the first sale much faster continue to grow -- in Q3, we saw a 3% lift in the number of merchants reaching five orders within 60 days after using the guide. That's on a very, very large base.

是的，這真的很驚人。我的意思是，對新商家而言，Sidekick 正在幫助他們更快達成第一筆銷售並持續成長——在第三季，我們看到使用指南後，於 60 天內達到 5 筆訂單的商家數量提升了 3%。這是在非常、非常大的基數之上。

So it is becoming obviously incredibly powerful for new merchants, but also for complex tasks inside the flow of running a business, whether it's these third-party apps that are now able to integrate merchants on average, use eight apps to help them run their day-to-day business that all integrates into Sidekick.

因此，對新商家而言，它顯然正變得極其強大；同時，對於企業營運流程中的複雜任務也是如此——無論是這些第三方應用程式，如今都能整合到商家端；商家平均會使用八個應用程式來協助其日常營運，而這些都能整合進 Sidekick。

Beyond that, you're seeing these incredible examples of power users who are pushing into this advanced design, doing SEO, product creation, and so I think, generally, you're just going to see Sidekick continue to provide more value over time, both for new merchants, but I mean, 2/3 of all Shopify flows were created by Sidekick in this past quarter.

除此之外，你也會看到一些令人驚豔的重度使用者案例，他們正推進到更進階的設計、進行 SEO、商品建立等。因此我認為，整體而言，你會看到 Sidekick 隨時間持續提供更多價值——不僅對新商家如此；而且在上一季，所有 Shopify Flow 中有 2/3 都是由 Sidekick 建立的。

So the pattern should be very clear. More merchants are using it. and each merchant is finding more ways to use it over time, that value will only compound. Again, it's powered by 20 years of commerce experience. So there's that intelligence and it also knows the full context of everything about your particular store.

所以這個趨勢應該非常清楚。更多商家正在使用它。而且每位商家也會隨時間找到更多使用方式；其價值只會持續複利累積。再次強調，它是由 20 年的商業經驗所驅動。因此它具備那樣的智慧，並且也了解你特定商店的一切完整脈絡。

Yeah. And Brian, to your question about source of the spend, some of it is Sidekick. There's also some interesting things we're doing on search capabilities. We've had search capabilities for merchants for a while.

是的。而且 Brian，針對你關於支出來源的問題，其中一部分是 Sidekick。我們在搜尋能力方面也做了一些有意思的事情。我們為商家提供搜尋能力已經有一段時間了。

We're continuing to enhance that, make that even stronger and storefront resiliency, again, as I alluded to, as you go into the big holiday shopping season, we want to make sure we are extremely ready to let merchants do everything they can in terms of sell as much as possible. And so there's some things on the storefront infrastructure that we're doing.

我們會持續強化它，讓它更強大；另外還有店面韌性（storefront resiliency），正如我先前提到的，當你進入大型假日購物季時，我們希望確保我們已經做好萬全準備，讓商家在「盡可能多賣」這件事上能做到一切能做的事。因此，我們也正在店面基礎設施上做一些工作。

Thank you.

謝謝。

And then we'll go to Harley for some closing comments.

接下來我們請 Harley 做一些結語。

Yeah. Thanks, Shane. Maybe before we close, I just want to leave you all with something. First and forest, any today's results reflect decisions that we've made probably three years ago. And the work that we're doing right now, the new projects, new products, the new enhancements you're seeing coming out with things like conditions, that's going to show over the next three, six, maybe even nine years.

好的。謝謝你，Shane。也許在結束之前，我想留給各位一點想法。首先也是最重要的是，今天的任何成果都反映了我們大概三年前所做的決策。而我們現在正在做的工作——新的專案、新的產品、你們看到像是條件（conditions）這類新功能推出的各種強化——將會在未來三年、六年，甚至可能九年逐步展現出來。

Retail is obviously changing completely. New channels seem to keep emerging. All channels are becoming big again. And I think I can appreciate from the outside, it may be hard to sort of keep pace of this. But through it all, I hope it is very clear that Shopify is unequivocally at the epicenter of all of this.

零售顯然正在徹底改變。新的通路似乎不斷出現。所有通路又再次變得重要。我想我能理解，從外部看，可能很難跟上這樣的變化速度。但在這一切之中，我希望非常清楚的一點是：Shopify 毫無疑問正處於這一切的核心。

We deeply believe this is one of the most exciting times in retail and commerce in a very long time. . And as you see new companies or new technologies or even new models launched where commerce is involved, Shopify will be integrated and that is not by accident.

我們深信，這是零售與商業在很長一段時間以來最令人振奮的時刻之一。。而當你看到有新公司、新技術，甚至新模式推出、且其中涉及商業（commerce）時，Shopify 都會被整合進去——這並非偶然。

We work really, really hard to be the de facto partner for commerce on the Internet, whether that means partnering or building it ourselves or collaboration. And so for those listening, if you're a shareholder, this is what you should want from us to be the company, not just betting on commerce, but also helping architect for what is coming and executing on that vision.

我們非常、非常努力地成為網際網路商業領域的事實標準合作夥伴（de facto partner）——不論是透過合作、自己打造，或是協作。因此，對正在收聽的各位而言，如果你是股東，這正是你應該希望我們做到的：成為那家公司——不只是押注商業的成長，也協助為即將到來的未來進行架構設計，並把這個願景落地執行。

And the one that is constantly giving things hopefully that surprise you, which is how we stay ahead I said in the press release this morning that Shopify is uncommonly good at operating in two realities at the same time, the world that our merchants exist in today and the ones that they are moving towards.

並且是一家能持續帶來一些希望會讓你感到驚喜的東西的公司——這就是我們保持領先的方法。我今天早上在新聞稿中提到，Shopify 異常擅長同時在兩種現實中運作：商家今天所處的世界，以及他們正邁向的那個世界。

And we do it for both new entrepreneurs making the very first sale. You heard the call from Dell at the top of this call, who just had his first sale or the biggest brands in the world, but I think commerce of all shapes and all sizes are coming to Shopify.

而我們同時為兩端服務：從第一次成交的新創業者開始。你們在本次電話會議一開始聽到 Dell 的分享，他剛完成第一筆銷售；也包括世界上最大的品牌。但我認為，各種型態、各種規模的商業都正在走向 Shopify。

There is no floor or no ceiling. And the products we're building is not just to help them right now, but also to future proof them long into the future. Many of you have betting on Shopify for almost 12 years now since the IPO.

沒有地板，也沒有天花板。我們打造的產品不只是為了幫助他們現在，更是為了讓他們在很長的未來都能具備前瞻性、做好未來防護（future proof）。你們之中有許多人自 IPO 以來，已經押注 Shopify 將近 12 年了。

And I think in that time, we -- I believe we've earned the right to be considered a highly trusted public company because we do what we say we're going to do, and we do that reliably we do that durably, and we will absolutely keep doing that. So thanks for joining us on this call, and we will talk to you all next quarter.

我認為在這段期間，我們——我相信——已經贏得了被視為高度值得信賴的上市公司的資格，因為我們說到做到，而且我們做得可靠、做得持久，我們也絕對會持續這麼做。所以感謝各位參與本次電話會議，我們下個季度再與各位交流。

Great. Thanks, Harley. Thanks, Jeff. This wraps our third quarter 2026 conference call. Thanks, everyone, for joining, and we look forward to speaking to you all soon. Have a great day.

很好。謝謝你，Harley。謝謝你，Jeff。以上為我們 2026 年第三季電話法說會的全部內容。感謝各位參與，我們也期待很快再與各位交流。祝各位有美好的一天。