Shopify Inc (SHOP) 2022 Q1 法說會逐字稿

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  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Good morning, everyone. We're glad you can join us for Shopify's First Quarter of 2022 Conference Call. We are joined this morning by Tobi Lütke, Shopify's CEO; and Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO. After their prepared remarks, we will open it up for your questions.

    大家,早安。我們很高興您能加入我們的 Shopify 2022 年第一季度電話會議。 Shopify 的首席執行官 Tobi Lütke 今天上午加入了我們的行列。 Shopify 總裁 Harley Finkelstein;和我們的首席財務官 Amy Shapero。在他們準備好的評論之後,我們將打開它來回答您的問題。

  • 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. We undertake no obligation to update 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 U.S. and Canadian regulators. Note that the adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the 2 can be found in our earnings press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars unless otherwise indicated.

    我們將在今天的電話會議上做出基於假設的前瞻性陳述,因此受到可能導致實際結果與預測結果大不相同的風險和不確定性的影響。除法律要求外,我們不承擔更新這些聲明的義務。您可以在我們今天上午的新聞稿以及我們提交給美國和加拿大監管機構的文件中了解這些假設、風險和不確定性。請注意,我們今天談到的調整後財務指標是非公認會計原則指標,不能替代公認會計原則財務指標。兩者之間的調節可以在我們的收益新聞稿中找到。最後,我們以美元報告,因此今天討論的所有金額均以美元為單位,除非另有說明。

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

    有了這個,我把電話轉給了哈利。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Good morning, everyone. For the past 2 years, we have been on an extraordinary journey with merchants, helping them sell on any and every channel as commerce shifted numerous times during the pandemic. Throughout the last 2 years, we showed up for our merchants when they needed us most, and now the trust we built with them throughout the pandemic with our platform is being rewarded with more of their business. This momentum encourages us to continue to invest for the long term.

    大家,早安。在過去的 2 年中,我們與商家一起經歷了一段非凡的旅程,幫助他們在大流行期間商業發生多次變化時在任何渠道上進行銷售。在過去的 2 年中,我們在商家最需要我們的時候出現在他們身邊,現在,我們在整個大流行期間通過我們的平台與他們建立的信任正在得到他們更多業務的回報。這種勢頭鼓勵我們繼續進行長期投資。

  • The more hard problems we solve for merchants, the more energy we add to our flywheel and the better off commerce is for everyone for years to come. As we start to put the pandemic behind us, there is yet another shift happening in commerce, and the good news is Shopify is again on the right side of that change. Beginning in February, many people, myself included, celebrated the easing of Omicron and rolling back of mandates with travel, dining out, entertainment and in-person shopping. While this new mobility moderated the explosive growth in online activity that we've seen over the last couple of years, it drove home the importance of commerce everywhere, online, in-app and in real life.

    我們為商家解決的難題越多,我們為飛輪添加的能量就越多,未來幾年每個人的商業都會變得更好。當我們開始將大流行拋在腦後時,商業領域又發生了一次轉變,好消息是 Shopify 再次站在了這種轉變的正確一邊。從 2 月開始,包括我自己在內的許多人都在慶祝 Omicron 的放寬,並通過旅行、外出就餐、娛樂和親自購物來取消任務。雖然這種新的移動性緩和了我們在過去幾年中看到的在線活動的爆炸性增長,但它使人們認識到商業無處不在,無論是在線、應用程序內還是現實生活中的重要性。

  • Brick-and-mortar merchants learned this lesson than 2 years ago when they were forced to close their doors almost overnight. Tens of thousands of physical retailers pivoted quickly and moved online using Shopify. Shopify played a mission-critical role for these businesses over the pandemic when they needed it most. And we directed all of our energy to making sure businesses could stay open when their physical presence had to immediately shut down. Everyone from mom-and-pops to merchants with large operations and considerable existing sales came fully online with Shopify, which, at the time, was the only sales channel that mattered.

    與兩年前幾乎一夜之間被迫關門的實體商家相比,他們吸取了這一教訓。數以萬計的實體零售商使用 Shopify 迅速轉型並轉移到線上。 Shopify 在這些企業最需要的時候在大流行中發揮了關鍵作用。我們將所有精力都用於確保企業在實體店不得不立即關閉時能夠保持營業。從夫妻店到擁有大量業務和大量現有銷售額的商家,每個人都通過 Shopify 完全在線,這在當時是唯一重要的銷售渠道。

  • Now that physical retail is reopening and retail in general is rebalancing, this bigger position we've earned and the trust that we've earned with our merchants represents a huge opportunity for us. The hundreds of thousands of businesses that shifted their business to Shopify during the pandemic and stayed with us since can now take advantage of our powerful retail point-of-sale offering for a unified view of their sales online and offline. Shopify has been developing the world's best point-of-sale retail software for years, and it's now at the point where all merchants who came to Shopify during the pandemic can leverage it. No need to go back to their old, dilapidated POS systems.

    現在實體零售業正在重新開放,零售業總體上正在重新平衡,我們贏得的這一更大的地位以及我們在商家中贏得的信任對我們來說是一個巨大的機會。在大流行期間將業務轉移到 Shopify 並一直與我們合作的數十萬家企業現在可以利用我們強大的零售銷售點產品來統一查看其在線和離線銷售情況。 Shopify 多年來一直在開發世界上最好的銷售點零售軟件,現在所有在大流行期間來到 Shopify 的商家都可以利用它。無需回到他們舊的、破舊的 POS 系統。

  • As we mentioned last quarter, we are growing our sales team and marketing support to help ensure that any merchant doing in-person selling on Shopify knows how much stronger the Shopify point-of-sale value proposition is relative to stand-alone offerings, and this is because we've done a great job building our point-of-sale channel. For example, luxury label, Phillip Lim adopted our point of sale for multiple retail locations this past quarter as did the clothing retailer Fear of God. As point-of-sale Pro added more merchants, locations and geographies in Q1, we grew offline GMV by nearly 80% year-over-year as we continue to gain share.

    正如我們上個季度提到的那樣,我們正在擴大我們的銷售團隊和營銷支持,以幫助確保任何在 Shopify 上進行面對面銷售的商家都知道 Shopify 銷售點價值主張相對於獨立產品有多麼強大,並且這是因為我們在構建銷售點渠道方面做得非常出色。例如,奢侈品牌 Phillip Lim 在上個季度採用了我們的多個零售點的銷售點,服裝零售商 Fear of God 也是如此。隨著 POS Pro 在第一季度增加了更多的商家、地點和地區,隨著我們繼續獲得份額,我們的線下 GMV 同比增長了近 80%。

  • Even with the current resurgence in offline retail, we still believe that e-commerce will continue to grow and take share of overall retail over the long term, and we are well positioned here with our online commerce GMV posting a 51% compound annual growth rate since the start of the pandemic in Q1 2020, faster than overall e-commerce over the same period, and we took share this past quarter as well. Our overall GMV, including offline, grew even faster at a 57% compound annual growth rate since Q1 2020, demonstrating that the opportunity for Shopify is beyond just online. It's to be the commerce platform of choice in any environment and on any surface.

    即使目前線下零售復甦,我們仍然相信電子商務將繼續增長並在長期內佔據整體零售的份額,我們在這方面處於有利地位,我們的在線商務 GMV 實現了 51% 的複合年增長率自 2020 年第一季度大流行開始以來,速度比同期的整體電子商務要快,我們在上個季度也佔有一席之地。自 2020 年第一季度以來,我們的整體 GMV(包括線下)以 57% 的複合年增長率增長得更快,這表明 Shopify 的機會不僅僅是在線。它是任何環境和任何表面上的首選商務平台。

  • The result of these past 2 years is that our trust battery with merchants is fully charged. To prove it, merchants are taking more of our offerings to compete in the fast-moving digital commerce landscape. A central value prop of our business model is that the platform gets more robust and more relevant to a merchant over time. Here, we showcase 3 merchants that illustrate a common theme: newer and smaller merchants get great value from a few features; as they become more established, they add more; and with increased volume, even more. FIGS, a publicly traded company built entirely on Shopify, started on our $79 plan. They grew into features, which help them scale and are still only just getting started.

    這2年的結果是我們與商家的信任電池充滿電。為了證明這一點,商家正在利用我們的更多產品在快速發展的數字商務環境中競爭。我們的商業模式的一個核心價值支柱是,隨著時間的推移,平台變得更加強大並且與商家更相關。在這裡,我們展示了 3 個商家,它們說明了一個共同的主題:新的和較小的商家從一些功能中獲得了巨大的價值;隨著它們變得更加成熟,它們會增加更多;並且隨著音量的增加,甚至更多。 Figs 是一家完全建立在 Shopify 之上的上市公司,它從我們的 79 美元計劃開始。他們成長為功能,這有助於他們擴展,而且還只是剛剛開始。

  • Merchants rely on Shopify for these needs not just because they trust us, but also because it's easier, more reliable and importantly, saves them money. And in the inflationary environment we're in now, this is especially important. By passing the economies of scale we capture down to our merchants, Shopify saves merchants money compared to what they would pay to secure each of those solutions separately, allowing them to free up capital to grow their businesses. We are training more of our sales and support teams to be able to highlight to merchants ways they can benefit from making fuller use of our platform. As a result, we believe there's an opportunity to deliver more services to merchants while saving them money.

    商家依靠 Shopify 來滿足這些需求不僅是因為他們信任我們,還因為它更容易、更可靠,更重要的是,可以為他們省錢。在我們現在所處的通脹環境中,這一點尤為重要。通過將我們獲得的規模經濟傳遞給我們的商家,Shopify 為商家節省了資金,而不是他們為單獨保護這些解決方案所支付的費用,從而使他們能夠騰出資金來發展他們的業務。我們正在培訓更多的銷售和支持團隊,以便能夠向商家強調他們可以從更充分地利用我們的平台中受益的方式。因此,我們相信有機會為商家提供更多服務,同時為他們節省資金。

  • Our Merchant Solutions revenue expanded by 29%, driven by increased penetration of Shopify Payments and Capital as well as growth in revenue from our partners, helping to extend the value of our platform. Because we are on the same side of the table as our merchants, they can thrive in the platform and they do. Shopify Plus once again saw a large percentage of its merchant additions this past quarter come from upgrades, such as luxury menswear brand, Thom Sweeney; [Coffee House], Dogwood Coffee; and fragrance company, Ellis Brooklyn, created by New York Times Beauty Columnist, Bee Shapiro. These last several years have proved that serving both start-ups and large companies is not mutually exclusive, especially when you have an entire ecosystem of support from both ends of the market, and we continue to invest in both. For example, with our new link-in-bio tool, Linkpop, our unmatched capabilities for creators got even better.

    我們的商家解決方案收入增長了 29%,這得益於 Shopify Payments 和 Capital 的滲透率提高以及我們合作夥伴的收入增長,有助於擴大我們平台的價值。因為我們和我們的商家站在同一邊,他們可以在平台上茁壯成長,而且他們確實做到了。 Shopify Plus 在上個季度再次看到很大一部分商家增加來自升級,例如奢侈男裝品牌 Thom Sweeney; 【咖啡屋】山茱萸咖啡;和香水公司 Ellis Brooklyn 由紐約時報美容專欄作家 Bee Shapiro 創建。過去幾年證明,為初創企業和大公司提供服務並不是相互排斥的,尤其是當您擁有來自市場兩端的整個生態系統的支持,並且我們會繼續對兩者進行投資時。例如,借助我們新的生物鏈接工具 Linkpop,我們為創作者提供的無與倫比的功能變得更加出色。

  • This is only one example of how commerce can happen anywhere. What we've seen over the past 2 years throughout the pandemic has been a shift of transactions to digital venues beyond the online store, where buyers are discovering goods. For years, we've invested in APIs to more easily connect our merchants with buyers across surfaces and directly transact on partner platforms, starting with Meta and Google. Orders completed on key partner services more than quadrupled year-over-year. While it's still a small percentage of the $43 billion of GMV we did in the quarter, it indicates growing momentum on this multiyear trend towards commerce everywhere. This should not be surprising. With the shifting landscape of the digital ads industry, merchants are becoming increasingly focused on finding new ways to reach buyers, and they're finding success with commerce completed directly in the app or on the search surface itself.

    這只是商業如何在任何地方發生的一個例子。在過去 2 年的整個大流行中,我們看到的是交易轉移到了在線商店以外的數字場所,買家在那裡發現商品。多年來,我們一直在投資 API,以便更輕鬆地將我們的商家與跨平台的買家聯繫起來,並直接在合作夥伴平台上進行交易,從 Meta 和 Google 開始。關鍵合作夥伴服務完成的訂單同比增長四倍多。雖然這仍然是我們在本季度完成的 430 億美元 GMV 的一小部分,但它表明這種多年趨勢向各地商業發展的勢頭正在增長。這應該不足為奇。隨著數字廣告行業格局的變化,商家越來越專注於尋找接觸買家的新方式,他們正在通過直接在應用程序或搜索界面本身完成的商業活動取得成功。

  • For larger enterprises, Deloitte and Accenture are now officially partnering with Shopify on systems integrations to help some of their largest clients achieve and maintain marketing agility. We have already collaborated with the team at Deloitte Digital for Audi, World Vision and Inkbox. And as Fortune 500 companies move fast to keep their brands top of mind, we look forward to working with systems integrators to bring more of the world's best loved brands onto Shopify Plus. The energy at Shopify Plus right now is terrific as the team finished Q1 with their best month ever, closing 20% more deals in March than ever before.

    對於大型企業,德勤和埃森哲現在正式與 Shopify 合作進行系統集成,以幫助他們的一些最大客戶實現並保持營銷敏捷性。我們已經與 Deloitte Digital 的團隊就奧迪、世界宣明會和 Inkbox 進行了合作。隨著財富 500 強公司迅速採取行動,將其品牌放在首位,我們期待與系統集成商合作,將更多世界上最受喜愛的品牌引入 Shopify Plus。 Shopify Plus 現在的活力非常好,因為該團隊以有史以來最好的月份結束了第一季度,3 月份完成的交易比以往任何時候都多 20%。

  • The variety of merchants and ways they're using Shopify Plus continued to grow with new launches in the quarter spanning well-known brands in food, footwear, art supplies, cosmetics athletic gear, tech companies and video games, including the legendary Miami Beach restaurant, Joe's Stone Crab; Havaianas, Mexico; Crayola; Fiora Cosmetics; Bridgestone Cycle; TRX Training; Figma; and Call of Duty. The Internet's favorite influencer, MrBeast, launched his own chocolate brand on Shopify Plus this past quarter, and the NBA followed the lead of the Chicago Bulls, who launched the sale of NFTs last summer with their own all-star NFT store on Shopify in the quarter. Our track record and our momentum with merchants tell us we are on the right track, investing for the long term to solve more hard problems for them, and in doing so, energizing our flywheel.

    商家的種類和他們使用 Shopify Plus 的方式繼續增長,本季度新推出的產品涵蓋食品、鞋類、藝術用品、化妝品運動裝備、科技公司和視頻遊戲等知名品牌,包括傳奇的邁阿密海灘餐廳,喬的石蟹;墨西哥哈瓦那;繪兒樂;菲奧拉化妝品;普利司通循環; TRX 培訓;無花果;和使命召喚。互聯網上最受歡迎的影響者 MrBeast 上個季度在 Shopify Plus 上推出了自己的巧克力品牌,NBA 緊隨芝加哥公牛隊的腳步,去年夏天在 Shopify 上開設了自己的全明星 NFT 商店銷售 NFT。四分之一。我們的往績記錄和與商家合作的勢頭告訴我們,我們正走在正確的軌道上,長期投資為他們解決更多難題,並以此為我們的飛輪注入活力。

  • I'd like to double-click on what we mean when we talk about our flywheel as this approach differs from the zero-sum approach of a lot of other companies. Direct monetization from the customer in the short term is good. However, building something that may be less immediate and direct but will generate more value for the customer and for Shopify over the long run is much, much better. We have many examples of how we've applied the flywheel over the years from APIs to liquid to our app store and the long-term relationship we have with our community developers, an ecosystem built over a decade. None of these were very material in the short run, but over time, they strengthen every aspect of our platform.

    當我們談論我們的飛輪時,我想雙擊我們的意思,因為這種方法不同於許多其他公司的零和方法。短期內從客戶那裡直接獲利是好的。但是,從長遠來看,構建一些可能不那麼直接和直接但會為客戶和 Shopify 創造更多價值的東西要好得多。多年來,我們有很多例子來說明我們如何應用飛輪,從 API 到 Liquid,再到我們的應用商店,以及我們與社區開發人員的長期關係,這是一個建立了十多年的生態系統。這些在短期內都不是很重要,但隨著時間的推移,它們會加強我們平台的各個方面。

  • Keeping our momentum, our approach to investing for the long term is consistent with our continued investment in the Shopify Fulfillment Network. Supply chain management and fulfillment are some of the biggest challenges merchants face running their businesses. Millions of small merchants struggle to scale even once they've built a product they know buyers want. To actually get an order to a buyer, they have to fumble through a maze of freight providers, 3PLs and middle- and last-mile carriers. We know merchants trust Shopify to offer simple, reliable, cost-effective solutions to their biggest problems. That's why we're creating the world's most merchant-obsessed, end-to-end software and logistics platform, fully integrated into the Shopify ecosystem.

    保持我們的勢頭,我們的長期投資方法與我們對 Shopify Fulfillment Network 的持續投資一致。供應鏈管理和履行是商家經營業務面臨的一些最大挑戰。數以百萬計的小商戶即使在製造出他們知道買家想要的產品後,也難以擴大規模。為了真正向買家下訂單,他們必須在貨運供應商、3PL 以及中間和最後一英里運營商的迷宮中摸索。我們知道商家相信 Shopify 能夠為他們最大的問題提供簡單、可靠、經濟高效的解決方案。這就是為什麼我們要創建世界上最受商家青睞的端到端軟件和物流平台,並完全集成到 Shopify 生態系統中。

  • We are simplifying logistics across every stage of a merchant supply chain, from inventory inbounding to inventory distribution across all merchant channels, to fast and affordable D2C order fulfillment and returns. Making this end-to-end supply chain easier to navigate for merchants reduces the barriers to becoming a successful entrepreneur, increases their odds of success and offers a durable source of energy to the flywheel and differentiates us even more.

    我們正在簡化商戶供應鏈各個階段的物流,從庫存入庫到所有商戶渠道的庫存分配,再到快速且經濟實惠的 D2C 訂單履行和退貨。讓這個端到端的供應鏈更容易為商家導航,減少了成為成功企業家的障礙,增加了他們成功的機率,並為飛輪提供了持久的能源,讓我們更加與眾不同。

  • So today, we're announcing the acquisition of Deliverr, our largest acquisition yet to strengthen Shopify's Fulfillment Network and accelerate our path to an end-to-end merchant supply chain solution. Fulfilling more than 1 million orders per month, Deliverr's asset-light, technology-driven service is trusted by thousands of merchants across the U.S. to connect all stages of a merchant supply chain and manages distribution and fulfillment to all merchant channels. For the post-order phase of the merchant supply chain, SFN has made considerable progress towards our core offering, which includes inventory balancing, delivery promises and simple returns functionality. Our proprietary warehouse management system we've been developing is now running in our key warehouse locations and will handle all SFN order volume by the end of Q2 2022.

    因此,今天,我們宣布收購 Deliverr,這是我們迄今為止最大的一筆收購,旨在加強 Shopify 的履行網絡並加快我們通往端到端商家供應鏈解決方案的道路。 Deliverr 的輕資產、技術驅動的服務每月完成超過 100 萬份訂單,受到美國數千家商家的信任,可連接商家供應鏈的所有階段,並管理所有商家渠道的分銷和履行。對於商家供應鏈的訂單後階段,SFN 在我們的核心產品方面取得了長足的進步,其中包括庫存平衡、交付承諾和簡單的退貨功能。我們一直在開發的專有倉庫管理系統現在正在我們的主要倉庫位置運行,並將在 2022 年第二季度末處理所有 SFN 訂單量。

  • Combining Shopify Fulfillment Network, which delivers software, talent, data and scale, provides merchants simplified inventory management and logistic services, demand-driven inventory placement that eases minimum inventory requirements and offers highly reliable, fast and affordable delivery. We are thrilled to soon welcome Deliverr's experienced team of software engineers, operations experts and merchant champions to Shopify. While adding Deliverr this year will impact profitability in 2022, it's well worth it because it accelerates our ambitions around SFN.

    結合提供軟件、人才、數據和規模的 Shopify Fulfillment Network,為商家提供簡化的庫存管理和物流服務、需求驅動的庫存放置,從而降低最低庫存要求,並提供高度可靠、快速和負擔得起的交付。我們很高興很快歡迎 Deliverr 經驗豐富的軟件工程師、運營專家和商家擁護者團隊加入 Shopify。雖然今年添加 Deliverr 將影響 2022 年的盈利能力,但這是非常值得的,因為它加速了我們圍繞 SFN 的雄心。

  • Despite Q1 not being the easiest start to the year on the macro front, we showed an adjusted operating profit of $32 million on 22% revenue growth. This is on top of a 110% growth last year during lockdowns and boosted by stimulus. This past quarter's growth was partly driven by our Merchant Solutions revenue reaching a record high as a percentage of GMV. That means that our merchants are getting more value from our platform than ever before. It is in times like these that great companies prove themselves through a combination of strategic decisions, executed and timed right and maintaining strong operating discipline.

    儘管第一季度在宏觀方面並不是今年最容易的開端,但我們顯示調整後的營業利潤為 3200 萬美元,收入增長 22%。這是在去年封鎖期間和刺激措施推動下增長 110% 的基礎上。上一季度的增長部分是由於我們的商戶解決方案收入達到創紀錄的 GMV 百分比。這意味著我們的商家從我們的平台獲得的價值比以往任何時候都多。正是在這樣的時代,偉大的公司通過結合戰略決策、執行和時間正確以及保持強大的運營紀律來證明自己。

  • Our merchants need to be ready for whatever the future brings because they know omnichannel is more than just online versus offline. It's commerce on social platforms, in apps, in videos and it's wherever communities and creators are connecting. The surge in digital commerce pushed transactions far beyond the online store, and they're increasingly happening in app, in social, in search and even e-mail. This larger mix of channels is what makes Shopify so valuable in any environment and across every buying surface. Building all the right tools for commerce to happen on every surface where we believe the future of commerce lives is one of our superpowers and why merchants, large and small, are building their own futures on Shopify.

    我們的商家需要為未來帶來的一切做好準備,因為他們知道全渠道不僅僅是在線與離線。它是社交平台、應用程序、視頻中的商業,是社區和創作者連接的任何地方。數字商務的激增推動交易遠遠超出了在線商店,它們越來越多地發生在應用程序、社交、搜索甚至電子郵件中。這種更大的渠道組合使 Shopify 在任何環境和每個購買表面都如此有價值。在我們認為商業生活的未來是我們的超級大國之一的每個表面上構建所有正確的商業工具,以及為什麼大大小小的商家都在 Shopify 上建立自己的未來。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Thanks, Harley, and good morning, everyone. The trends Harley just talked about, how much more important omnichannel is right now, merchants making greater use of Shopify and the importance of investing now to stay ahead of the curve for merchants were clear in our financial results in Q1.

    謝謝,哈利,大家早上好。哈雷剛剛談到的趨勢,現在全渠道有多重要,商家更多地使用 Shopify 以及現在投資以保持商家領先地位的重要性在我們第一季度的財務業績中是顯而易見的。

  • But before we dig into that, I want to first speak to what we're seeing on the macro front and how it relates to what we've seen over the past 2 years because that's impacted our results in Q1. While our performance in the quarter was consistent with the guidance we provided you in February, a couple of macro factors played a larger role than expected. Before I review these factors, we reminded you in February that last year's first quarter GMV growth was 114% year-over-year as online consumer spending on goods soared, fueled by government stimulus and lockdowns. This surge was not unique to Shopify. Fast forward 12 months, our GMV growth for this year's first quarter was 16% year-over-year.

    但在我們深入研究之前,我想先談談我們在宏觀方面看到的情況,以及它與我們在過去 2 年看到的情況有何關係,因為這影響了我們在第一季度的業績。雖然我們在本季度的表現與我們在 2 月份為您提供的指導一致,但有幾個宏觀因素發揮了比預期更大的作用。在我回顧這些因素之前,我們在 2 月份提醒您,去年第一季度 GMV 同比增長 114%,原因是在政府刺激措施和封鎖措施的推動下,在線消費者對商品的支出飆升。這種激增並不是 Shopify 獨有的。快進 12 個月,我們今年第一季度的 GMV 同比增長 16%。

  • The timing of Omicron easing was also a factor with mobility resuming with vigor earlier in Q1 of this year versus Q1 of last year, causing a shift in consumer spend to offline retail and travel starting in early February this year in strong contrast to a year ago, where that shift occurred in late March and into April. Another factor that impacted year-over-year GMV growth more than expected, although to a lesser extent than mobility, was inflation at a record level, pushing more consumer spend, both online and offline, toward discount retailers in Q1 of this year as consumers' wallets were stretched from higher prices, including a surge in gas prices due to the war in Ukraine.

    Omicron 放鬆的時機也是今年第一季度較去年第一季度恢復活力的一個因素,導致消費者支出從今年 2 月初開始轉向線下零售和旅行,這與一年前形成鮮明對比,這種轉變發生在 3 月下旬到 4 月。另一個對 GMV 同比增長的影響超過預期的因素,儘管程度低於流動性,是通脹達到創紀錄水平,推動今年第一季度線上和線下的更多消費者支出流向折扣零售商,因為消費者' 錢包因價格上漲而捉襟見肘,其中包括因烏克蘭戰爭導致的天然氣價格飆升。

  • Even with these macro factors impacting year-on-year growth in the quarter, our online and offline GMV in Q1 each continued to outpace their respective markets in the U.S. In the case of offline, our retail GMV grew approximately 6x the market, underscoring our omnichannel advantage relative to online-only providers and enabling merchants to be prepared for anything. And in the context of the past 2 years, overall GMV growth of 57% compounded annually highlights just how far omnichannel has enabled independent brands to reach.

    儘管這些宏觀因素影響了本季度的同比增長,但我們在第一季度的線上和線下 GMV 均繼續超過各自在美國的市場。就線下而言,我們的零售 GMV 增長了大約 6 倍的市場,突顯了我們的相對於僅在線提供商的全渠道優勢,並使商家能夠為任何事情做好準備。在過去 2 年的背景下,每年 57% 的整體 GMV 增長突顯了全渠道使獨立品牌能夠達到的程度。

  • Our revenue for the first quarter grew to $1.2 billion, which is 22% higher than the same period last year and represents a 2-year compound annual growth rate of 60%. In addition to the macro factors that I noted earlier that affected our year-over-year comparison, revenue for Subscription Solutions was also impacted by the app and theme revenue models for partners as well as by the change in recognition of theme's revenue from gross to net, which were not yet in place in Q1 of 2021. This change in terms and treatment for apps and themes accounted for about 2 points and 7 points of headwind to our overall revenue in Subscription Solutions revenue growth in the quarter, respectively.

    我們第一季度的收入增長到 12 億美元,比去年同期增長 22%,兩年復合年增長率為 60%。除了我之前提到的影響我們同比比較的宏觀因素外,訂閱解決方案的收入還受到合作夥伴的應用程序和主題收入模型以及主題收入確認從總收入的變化的影響。淨額,這在 2021 年第一季度尚未到位。這種對應用程序和主題的條款和處理方式的變化分別對我們在本季度訂閱解決方案收入增長的整體收入構成了約 2 個百分點和 7 個百分點的逆風。

  • Subscription Solutions revenue of $344.8 million grew 8% year-over-year, reflecting the app and theme revenue change I just talked about as well as lower merchant adds in the quarter compared to Q1 a year ago. While increased mobility, along with a robust labor market, tempered our merchant adds in the quarter, monthly recurring revenue was up 17% year-over-year, benefiting from Shopify Plus and the addition of thousands more POS Pro retail locations.

    訂閱解決方案收入為 3.448 億美元,同比增長 8%,這反映了我剛才談到的應用和主題收入的變化,以及與一年前第一季度相比,本季度的商家增加量減少。雖然流動性的增加以及強勁的勞動力市場緩和了本季度我們的商家增加,但月度經常性收入同比增長 17%,這得益於 Shopify Plus 和增加的數千個 POS Pro 零售點。

  • Merchant Solutions revenue grew to $858.9 million in Q1, up 29% compared to the same period in 2021. This was nearly twice the growth of GMV due to the increased adoption of Shopify Payments, Shopify Capital and even Shopify Markets, which has gotten off to a strong start as well as growing revenue from partners. $22 billion of GMV was processed on Shopify Payments in Q1, an increase of 27% over last year's first quarter. Payments penetration of GMV was 51% versus 46% in Q1 2021. Over the past 4 quarters, we've seen gross payments volume benefit from strong performance by merchants on Shopify Payments, an increasing percentage of which is Shopify Plus GMV; new merchant adoption both in North America and internationally; penetration gains in Shop Pay, which has facilitated $50 billion in GMV since inception; and expanded availability of our POS Pro hardware with integrated payments now being used by merchants in 11 countries.

    第一季度商家解決方案收入增長至 8.589 億美元,與 2021 年同期相比增長 29%。由於 Shopify Payments、Shopify Capital 甚至 Shopify Markets 的採用率增加,這幾乎是 GMV 增長的兩倍良好的開端以及來自合作夥伴的不斷增長的收入。第一季度 Shopify Payments 處理了 220 億美元的 GMV,比去年第一季度增長了 27%。 GMV 的支付滲透率為 51%,而 2021 年第一季度為 46%。在過去的 4 個季度中,我們看到總支付量受益於 Shopify Payments 上商家的強勁表現,其中 Shopify Plus GMV 的比例越來越高;北美和國際上的新商家採用; Shop Pay 的滲透率提升,自成立以來已促成 500 億美元的 GMV;並擴大了我們的 POS Pro 硬件的可用性,現在 11 個國家/地區的商家正在使用集成支付。

  • Adjusted gross profit was $646.1 million compared with $565.1 million in the first quarter of 2021, reflecting a greater mix of our lower-margin Merchant Solutions revenue versus the prior year, lower margins in Shopify Payments due to mix, increased investments in our cloud infrastructure and the impact of the change in terms for our app and theme partners versus the prior year. Adjusted operating income was $31.9 million in the first quarter compared to $210.8 million a year ago as we bolstered our R&D, data and sales teams and stepped up performance marketing in both North America and internationally. Adjusted net income for the quarter was $25.1 million or $0.20 per diluted share compared with adjusted net income of $254.1 million or $2.01 per diluted share in the first quarter of 2021.

    與 2021 年第一季度的 5.651 億美元相比,調整後的毛利潤為 6.461 億美元,這反映出我們的低利潤商戶解決方案收入與上一年相比增加了,Shopify Payments 的利潤率因混合而下降,對我們的雲基礎設施的投資增加以及與上一年相比,我們的應用程序和主題合作夥伴的條款變化的影響。第一季度調整後的營業收入為 3190 萬美元,而一年前為 2.108 億美元,因為我們加強了研發、數據和銷售團隊,並加強了在北美和國際的績效營銷。本季度調整後的淨收入為 2510 萬美元或稀釋後每股收益 0.20 美元,而 2021 年第一季度調整後的淨收入為 2.541 億美元或稀釋後每股收益 2.01 美元。

  • Finally, our cash, cash equivalents and marketable securities balance on March 31 was $7.25 billion. This healthy cash balance is testament to the strength of our approach to capital allocation and operating discipline. Since day 1, we have funded our growth wisely. Over the past 7 years, we've raised $7.7 billion of funds via equity offerings in our convertible note, deployed $1.7 billion for investments in M&A as of March 31, 2022, and have conserved a strategic amount on our balance sheet for optionality. Outside of our acquisition of 6RS, all of our growth thus far has been organic, funded by redeploying gross profits back into the business to energize the flywheel.

    最後,我們在 3 月 31 日的現金、現金等價物和有價證券餘額為 72.5 億美元。這種健康的現金餘額證明了我們在資本分配和運營紀律方面的實力。從第一天開始,我們就明智地為我們的增長提供資金。在過去的 7 年中,我們通過可轉換票據的股票發行籌集了 77 億美元的資金,截至 2022 年 3 月 31 日為併購投資部署了 17 億美元,並在我們的資產負債表上保留了一個戰略金額以供選擇。在我們收購 6RS 之外,到目前為止,我們所有的增長都是有機的,資金來自將毛利潤重新部署到業務中以激發飛輪。

  • As I said in February, Shopify is focused on strategically allocating capital to 4 key investment themes in 2022, 1 of which is simplifying fulfillment for merchants. Shopify Fulfillment Network is making considerable progress against its road map. We've had great success migrating SFN merchants to the updated version of our new, simplified offering. Not only does it make fulfillment easier, SFN is designed to intelligently rebalance merchants' inventory to maximize their fast fulfillment reach with the lowest committed inventory. As Harley outlined, the acquisition of Deliverr helps Shopify Fulfillment Network accelerate its road map by assembling an end-to-end logistics platform that manages inventory from port to porch and across all sales channels for merchants of all sizes on and off Shopify.

    正如我在 2 月份所說,Shopify 專注於在 2022 年將資金戰略性地分配給 4 個關鍵投資主題,其中 1 個是簡化商家的履行。 Shopify Fulfillment Network 在其路線圖方面取得了長足的進步。我們在將 SFN 商家遷移到我們新的簡化產品的更新版本方面取得了巨大成功。 SFN 不僅使履行變得更容易,而且旨在智能地重新平衡商家的庫存,從而以最低的承諾庫存最大化他們的快速履行範圍。正如 Harley 所述,收購 Deliverr 幫助 Shopify Fulfillment Network 通過組裝一個端到端的物流平台來加速其路線圖,該平台管理從港口到門廊的庫存,並為 Shopify 內外的各種規模的商家管理所有銷售渠道。

  • Soon, merchants will have access to Shop Promise, a new benefit in early access that displays expected delivery dates on merchants' online stores and other channels and consumers will see a new badge on products they browse. This delivery promise extends beyond the online store across surfaces like Google, Facebook, Instagram and the Shop App, helping merchants improve trust and increase sales with billions of potential customers by meeting them where they like to shop. And we'll leverage SFN's and Deliverr's fast fulfillment capabilities to power 2-day and next-day delivery promises. We view simplified, fast and affordable fulfillment across all sales channels as incremental to the Shopify flywheel with the aim of helping millions of future merchants start and scale their businesses.

    很快,商家將可以使用 Shop Promise,這是搶先體驗的一項新權益,可在商家的在線商店和其他渠道上顯示預計交貨日期,消費者將在他們瀏覽的產品上看到一個新的徽章。這一交付承諾超越了在線商店,跨越了谷歌、Facebook、Instagram 和 Shop App 等平台,通過在數十億潛在客戶喜歡購物的地方與他們見面,幫助商家提高信任度並增加銷售額。我們將利用 SFN 和 Deliverr 的快速履行能力來實現 2 天和次日交付承諾。我們將所有銷售渠道的簡化、快速和負擔得起的履行視為 Shopify 飛輪的增量,旨在幫助數百萬未來的商家開始和擴展他們的業務。

  • So it is with much excitement that we announced the acquisition of Deliverr. Under the terms of the agreement, Shopify will acquire all of Deliverr's outstanding securities in a transaction valued at approximately $2.1 billion, consisting of approximately 80% in cash and 20% in Shopify Class A shares. Most of the stock-based portion of the transaction consideration will be received by Deliverr's key management, will vest subject to certain conditions and will be treated as stock-based compensation. We expect the transaction to close following regulatory review.

    因此,我們非常興奮地宣布收購 Deliverr。根據協議條款,Shopify 將在一筆價值約 21 億美元的交易中收購 Deliverr 的所有已發行證券,其中包括約 80% 的現金和 20% 的 Shopify A 類股票。交易對價的大部分基於股票的部分將由 Deliverr 的主要管理層收到,將在某些條件下歸屬,並將被視為基於股票的補償。我們預計該交易將在監管審查後完成。

  • Our financial outlook for the rest of 2022, which includes the impact of Deliverr, is as follows: our outlook for the full year is guided by the same assumptions we gave you in February; we're operating in a more measured macro environment relative to 2021, moderated by inflation; e-commerce will continue to penetrate commerce overall; and the prospects for entrepreneurship and digital commerce are greater now than at any point in our history after 2 transformational years for the industry and for Shopify.

    我們對 2022 年剩餘時間的財務展望(包括 Deliverr 的影響)如下:我們對全年的展望以我們在 2 月份給您的相同假設為指導;相對於 2021 年,我們在受通脹影響的宏觀環境中運營;電子商務將繼續全面滲透商業;在行業和 Shopify 經歷了 2 年的轉型之後,現在創業和數字商務的前景比我們歷史上的任何時候都要大。

  • What these trends mean for expectations for our own results is as follows: the year-over-year growth will be lower in the first half of 2022 and highest in Q4 given the absence of stimulus payments and expected higher inflation relative to the first half of 2021, that the number of merchants joining the platform in 2022 will be comparable to 2021 and that Merchant Solutions revenue growth will be more than double that of Subscription Solutions.

    這些趨勢對我們自己的結果的預期意味著如下:由於沒有刺激支付以及相對於上半年的通脹預期較高,2022 年上半年的同比增長將較低,而在第四季度最高2021 年,2022 年加入平台的商戶數量將與 2021 年相當,商戶解決方案收入增長將是訂閱解決方案的兩倍以上。

  • Because of this larger mix of Merchant Solutions contributing to overall revenue, we expect gross profit dollar growth will trail revenue growth, which we still expect to be rapid and faster for the full year than our revenue growth in the first half. Our intention to reinvest all of our gross profit dollars back into the business this year remains intact since the pace of change independent brands need to get ahead of is not slowing down. Factoring in the effects of an inflationary environment on consumer spending, we expect our adjusted operating results to reflect the reinvestments in our 4 key themes outlined in February as well as the impact of Deliverr, which we expect to be dilutive to operating margin this year. As we help our merchants build buyer relationships, go global, grow from first sale to full scale and simplify fulfillment, we're arming them for long-term success.

    由於商戶解決方案對整體收入的貢獻更大,我們預計毛利潤美元增長將落後於收入增長,我們仍預計全年收入增長將快於上半年的收入增長。我們今年將所有毛利潤重新投資於業務的意圖保持不變,因為獨立品牌需要領先的變革步伐並未放緩。考慮到通脹環境對消費者支出的影響,我們預計調整後的經營業績將反映對 2 月份概述的 4 個關鍵主題的再投資以及交付者的影響,我們預計這將稀釋今年的經營利潤率。當我們幫助我們的商家建立買家關係、走向全球、從首次銷售發展到全面銷售並簡化履行時,我們正在幫助他們取得長期成功。

  • Finally, the estimates of stock-based compensation and related payroll taxes, CapEx and amortization of acquired intangibles incorporating the impact of Deliverr are now $800 million, $200 million and $62 million, respectively.

    最後,基於股票的薪酬和相關工資稅、資本支出和收購無形資產攤銷的估計值現在分別為 8 億美元、2 億美元和 6200 萬美元。

  • Before turning it over to Katie to start the Q&A, I want to underscore the importance of long-term thinking that underlies our capital allocation decisions is how great companies are built. In the past, we have reinvested knowing we were laying the foundation for what we expected to be a much bigger company in the future. While we're much bigger today because we reinvested, the building that lies ahead of us is considerable, and that is a good place to be. Putting technology to work to help independent brands with everything from discovery to delivery guides us as we continue to build for the future of entrepreneurship.

    在把它交給凱蒂開始問答之前,我想強調長期思考的重要性,這是我們資本分配決策的基礎,即如何建立偉大的公司。過去,我們知道我們正在為我們期望在未來成為一家更大的公司奠定基礎,因此進行了再投資。雖然我們今天的規模要大得多,因為我們進行了再投資,但擺在我們面前的建築物相當可觀,這是一個不錯的地方。將技術應用於幫助獨立品牌完成從發現到交付的所有工作,這將指導我們繼續為創業的未來而建設。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Thanks, Amy. We'll now open the call for questions. We've all had the last couple of years to get accustomed to the raise hand feature in Zoom. So you should have no problem using that. We'll take questions in the order they come in. (Operator Instructions)

    謝謝,艾米。我們現在將打開問題電話。在過去的幾年裡,我們都習慣了 Zoom 的舉手功能。所以你應該沒有問題使用它。我們將按照問題出現的順序回答問題。(操作員說明)

  • While we made our best efforts to boil down our prepared remarks to only the most relevant and we armed you with much of the content on the Events page of our Investor Relations landing page ahead of time, we still have a limited time for questions, so please ask just one very good question, so we can get to as many as possible.

    雖然我們盡最大努力將準備好的評論歸結為最相關的內容,並且我們提前為您提供了投資者關係登陸頁面的活動頁面上的大部分內容,但我們仍然有有限的時間來提問,所以請只問一個非常好的問題,以便我們盡可能多地回答。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • And our first question this morning comes from Trevor Young at Barclays.

    我們今天早上的第一個問題來自巴克萊的 Trevor Young。

  • Trevor Vincent Young - VP

    Trevor Vincent Young - VP

  • Just parsing out the GMV commentary into the key buckets, POS up nearly 80%, social, I think, quadrupling. If we assume social is like a low single-digit share, POS maybe mid-teens, that would imply the remaining 80% or 85% of e-com actually saw a very low single-digit growth year-on-year, call it, few percentage points. Is that the right way to think about it?

    僅將 GMV 評論解析到關鍵存儲桶中,POS 就增長了近 80%,社交,我認為,翻了兩番。如果我們假設社交就像一個低個位數的份額,POS 可能是十幾歲,這意味著剩下的 80% 或 85% 的電子商務實際上同比增長非常低,稱之為, 幾個百分點。這是正確的思考方式嗎?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • So we gave you a little bit of information in the prepared remarks on e-commerce. We outpaced the overall U.S. market. The U.S. market grew, according to U.S. commerce data, approximately 10%. So that should have given you some view into the online performance.

    因此,我們在準備好的電子商務評論中為您提供了一些信息。我們超過了整個美國市場。根據美國商業數據,美國市場增長了約 10%。因此,這應該讓您對在線性能有所了解。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Daniel Chan at TD Securities.

    我們的下一個問題來自道明證券的 Daniel Chan。

  • Daniel Chan - Research Analyst

    Daniel Chan - Research Analyst

  • Deliverr counts some of your competitors as customers. What are your plans on maintaining a relationship with them, considering Deliverr likely benefits from the data, but its shipping capabilities would be a differentiator for you?

    Deliverr 將您的一些競爭對手視為客戶。考慮到 Deliverr 可能從數據中受益,但它的運輸能力對你來說是一個差異化因素,你有什麼計劃與他們保持關係?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • I'll take that question. Look, the great part about Deliverr is that it accelerates what we've been planning to do with this end-to-end logistics network. It gets there faster. And the fact that they have a great experience, they have great software, great talent and scale means that we can give more of our merchants more control, more full visibility. And of course, they can own the relationship with the end consumer. So the idea here is we want to get our merchants high-reliability, fast, affordable delivery, and we think we can do that much faster with Deliverr. Now that being said, in terms of their existing businesses, obviously, we're going to adopt those businesses in. But we really are excited by the fact that Deliverr is asset-light, tech-driven, trusted by thousands of merchants. Some of those merchants are not on Shopify, some of them may come to Shopify eventually, but the idea is really about product acceleration here.

    我會回答這個問題。看,Deliverr 的偉大之處在於它加速了我們計劃用這個端到端物流網絡做的事情。它到達那裡更快。他們擁有豐富的經驗、優秀的軟件、優秀的人才和規模,這意味著我們可以給更多的商家更多的控制權,更全面的知名度。當然,他們可以擁有與最終消費者的關係。所以這裡的想法是我們希望讓我們的商家獲得高可靠性、快速、實惠的交付,我們認為我們可以使用 Deliverr 更快地做到這一點。話雖如此,就他們現有的業務而言,顯然,我們將採用這些業務。但我們真的很高興 Deliverr 是輕資產、技術驅動的,受到成千上萬商家的信任。其中一些商家不在 Shopify 上,其中一些可能最終會來到 Shopify,但這裡的想法實際上是關於產品加速。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question is from Tom Forte at D.A. Davidson.

    我們的下一個問題來自 D.A. 的 Tom Forte。戴維森。

  • Thomas Ferris Forte - MD & Senior Research Analyst

    Thomas Ferris Forte - MD & Senior Research Analyst

  • So I wanted to ask you a question that other companies such as Netflix have discussed this quarter. Given the weakness in your shares, how should investors think about your ability to attract and retain tech talent in a tight labor market?

    所以我想問你一個問題,Netflix 等其他公司在本季度討論過的問題。鑑於你的股票疲軟,投資者應該如何看待你在緊張的勞動力市場中吸引和留住科技人才的能力?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes. This is Tobi. I'll take that. Well, I mean we have amazing people coming. I think people are -- I mean this is a really good time to come to Shopify and others. We tend to not -- obviously, it comes up, the share price, obviously, people are making economic decisions in these kind of things, but maybe not quite as much as people think. Like it's not really homo economicus, who is like engaged in the job market quite as much as one might think. What we find is people who are really, really interested in finding companies that are mission aligned with what they're doing, what they want to see, the change they want to see in the world. People are extremely excited, again, like Harley speaks eloquently about the role that Shopify has played during the pandemic. And a lot of people have had personal experience helping local businesses, many family businesses setting up Shopify stores during this time and have been sort of like in the orbital pull of coming to local Shopify to help more people in the same way, but from the inside instead of from the outside. So there were factors which are much more significant.

    是的。這是托比。我會接受的。好吧,我的意思是我們有很棒的人來。我認為人們是 - 我的意思是現在是來 Shopify 和其他人的好時機。我們傾向於不 - 顯然,它出現了,股價,顯然,人們在這類事情上做出經濟決策,但可能不像人們想像的那麼多。就像它不是真正的經濟人一樣,就像人們想像的那樣從事就業市場。我們發現的是那些真正非常有興趣找到與他們正在做的事情、他們想看到的事情、他們想在世界上看到的變化保持一致的公司的人。再次,人們非常興奮,就像 Harley 雄辯地談論 Shopify 在大流行期間所扮演的角色一樣。很多人都有幫助本地企業的親身經歷,許多家族企業在此期間開設了 Shopify 商店,並且有點像來到本地 Shopify 以同樣的方式幫助更多人的軌道拉動,但從內部而不是外部。所以有一些更重要的因素。

  • We've all seen the articles about the Great Resignation, and like I think this has been largely misreported. There has been a big shuffle in the industry as people are making different life choices or just maybe look to find something new. But we are not really seeing this. So -- in fact, I think like the company is bringing in incredibly high talented people. It's -- I'm almost humbled by the -- like the incredible people I get to work with. And the people who are coming in are coming from all over. And now that we can hire everywhere in the world, that's even more of a factor. Just some of the most talented people I've ever met and encountered. So I think this is all going really well.

    我們都看過關於大辭職的文章,就像我認為這在很大程度上被誤報了。隨著人們做出不同的生活選擇,或者只是尋找新的東西,這個行業發生了很大的洗牌。但我們並沒有真正看到這一點。所以——事實上,我認為這家公司正在引進非常優秀的人才。這 - 我幾乎被這些 - 就像我能與之共事的不可思議的人一樣。進來的人來自四面八方。現在我們可以在世界各地招聘,這更是一個因素。只是我見過和遇到的一些最有才華的人。所以我認為這一切進展順利。

  • And like retention, it's been -- again, there is more shuffling in general. And like I think locality is -- like people can now work for companies everywhere in the world, and so people are trying out what that's like. Funnily enough, we've actually seen a very large group of people coming back recently. Like that's -- I think actually my colleagues are talking about this too where this is actually almost a more notable trend right now than people like turning over quicker. It's the boomerang effect of people coming back to the companies that they started out in the pandemic.

    和保留一樣,它一直是 - 再次,一般來說有更多的洗牌。就像我認為的地方性一樣——就像人們現在可以為世界各地的公司工作一樣,所以人們正在嘗試那是什麼樣的。有趣的是,我們實際上看到最近有一大群人回來了。就像那樣——我認為實際上我的同事也在談論這個問題,這實際上幾乎是一個比人們喜歡更快翻身的趨勢更顯著的趨勢。這是人們回到他們在大流行中開始的公司的迴旋鏢效應。

  • So honestly, this is a new very dynamic labor market that has just put people in the driving seat to choose the companies to look for. I think every company needs to make sure that they are the kind of company that has the kind of challenges and the kind of talent density and the mission alignment to attract the best people or people who are most appropriate for their particular missions, and I think Shopify does this extremely well. So we see this all working out. The stock price is something that factors into this, but it's one input of many. And it's -- like most people tend to understand that, the stock price is a sort of snapshot in time in a variable where people are making more long-term choices now, I think, now that they're a bit further away from pandemic.

    老實說,這是一個充滿活力的新勞動力市場,它讓人們在選擇要尋找的公司時處於主導地位。我認為每家公司都需要確保他們是那種有挑戰、人才密度和使命一致的公司,以吸引最優秀的人或最適合他們特定使命的人,我認為Shopify 在這方面做得非常好。所以我們看到這一切都在奏效。股價是其中的一個因素,但它是許多因素之一。而且 - 就像大多數人傾向於理解的那樣,股票價格是一種時間快照,在一個變量中,我認為人們現在正在做出更多的長期選擇,因為他們離大流行有點遠了.

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Colin Sebastian at Baird.

    我們的下一個問題來自 Baird 的 Colin Sebastian。

  • Colin Alan Sebastian - Senior Research Analyst

    Colin Alan Sebastian - Senior Research Analyst

  • A question on the fulfillment initiatives and the vision for the end-to-end platform sounds quite compelling. Just hoping to dig a little bit more into how the build-out will work, in particular, given Shopify's engineering orientation, perhaps some additional context around the need to buy versus build on the software side. And then on the physical footprint, maybe help us with additional context around the scale of this operation in your vision and the potential investment required there to realize that long-term vision.

    關於端到端平台的履行計劃和願景的問題聽起來非常引人注目。只是希望更深入地了解構建將如何工作,特別是考慮到 Shopify 的工程方向,也許是一些關於購買與在軟件方面構建的需要的額外背景。然後在實際足跡方面,也許可以幫助我們了解您的願景中該業務的規模以及實現該長期願景所需的潛在投資。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Thanks, Colin. Look, I said this in the prepared remarks, but I'll repeat it again. Right now, merchants have to fumble through this maze of freight providers, 3PLs, middle- and last-mile carriers, just to name a few. And so what SFN handles is sort of that post-order phase of the merchant supply chain. So that includes new things, even like inventory balancing and delivery promise, which we've brought up and even simple returns. We also now have our proprietary warehouse management system now deployed across all warehouse locations.

    謝謝,科林。看,我在準備好的評論中說過,但我會再重複一遍。現在,商家不得不在這個由貨運供應商、3PL、中間和最後一英里承運商組成的迷宮中摸索,僅舉幾例。因此,SFN 處理的是商家供應鏈的訂單後階段。這包括新事物,甚至像我們提出的庫存平衡和交付承諾,甚至是簡單的退貨。我們現在還擁有我們專有的倉庫管理系統,現在部署在所有倉庫位置。

  • When you now add Deliverr to it, which is already fulfilling 1 million orders a month, this asset-light software product, and they already have -- they already manage distribution fulfillment for many -- across all merchant channels, it pairs perfectly together. And what we end up with in the end is this merchant-obsessed, end-to-end software and logistics platform. What we like about Deliverr and why Deliverr is such a perfect fit for Shopify is that it's software first. And the fact that it's asset-light, it's tech-driven means that we can manage our CapEx and also fit nicely into our existing product. I said this just a couple of comments ago, but this really does allow us to accelerate the product road map on delivering this end-to-end logistics network.

    當您現在將 Deliverr 添加到它時,它每月已經完成了 100 萬個訂單,這個資產輕的軟件產品,他們已經擁有 - 他們已經管理了許多人的分銷履行 - 在所有商家渠道中,它完美地結合在一起。我們最終得到的是這個痴迷於商家的端到端軟件和物流平台。我們喜歡 Deliverr 的原因以及為什麼 Deliverr 非常適合 Shopify 是因為它首先是軟件。事實上,它是輕資產、技術驅動的,這意味著我們可以管理我們的資本支出,也可以很好地融入我們現有的產品。我剛才說過這只是幾個評論,但這確實使我們能夠加速產品路線圖,以提供這種端到端的物流網絡。

  • The other thing that we just talked about is the Shop Promise. Now we can actually help consumers make better decisions by implementing Shop Promise, which shows 2-day and 1-day delivery promises to merchants' online stores and across places like Facebook, Instagram and Google, which increases consumer trust, and we think can actually really help our merchants. So like all of our acquisitions, culture fit, product fit really matters more than anything else, but also their business model and the way they think about their capital expenditure and their operating expenditure really resembles the way we think about things, which is really asset light.

    我們剛剛談到的另一件事是 Shop Promise。現在我們實際上可以通過實施 Shop Promise 來幫助消費者做出更好的決策,它向商家的在線商店以及 Facebook、Instagram 和 Google 等地方顯示 2 天和 1 天交貨承諾,這增加了消費者的信任,我們認為實際上可以真正幫助我們的商家。因此,就像我們所有的收購一樣,文化契合度、產品契合度確實比其他任何事情都重要,而且他們的商業模式以及他們對資本支出和運營支出的看法確實類似於我們對事物的看法,這確實是資產光。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Gabriela Borges from Goldman Sachs.

    我們的下一個問題來自高盛的 Gabriela Borges。

  • Gabriela Borges - Analyst

    Gabriela Borges - Analyst

  • Either for Harley or for Amy, some of the key macro dynamics that you're talking about with merchant adds and e-commerce GMV, how would you describe trends in the month of April compared to March and relative to perhaps however you think about a normal baseline for seasonality?

    對於 Harley 或 Amy,您正在談論的一些關鍵宏觀動態與商家添加和電子商務 GMV 相比,您如何描述 4 月份與 3 月份相比的趨勢,以及相對於您認為的季節性的正常基線?

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. So I'll take that one. So let me just kind of land on Q2. So year-over-year, Q2 of 2021 still had stimulus in it, especially in the early part of the quarter, April, in particular. So there's still a year-over-year headwind with respect to that for April and Q2 of this year. Then we spoke about the shift in rebalancing and consumer spend to travel and services and in-person shopping, and we expect some of that to continue into Q2 with that normalizing into the back half. But if you look at any sort of mobility stats, it's now getting closer to what would be deemed normal, but there is still some rebalancing happening. And then the third factor that we talked about was inflationary pressure that we saw in Q1, which was not as big of a factor as the first 2 that I just talked about, but a factor. We're continuing to watch that one closely, and we expect that to ease as well into the back half of the year.

    是的。所以我會拿那個。所以讓我在第二季度登陸。因此,與去年同期相比,2021 年第二季度仍然有刺激措施,尤其是在本季度初期,尤其是 4 月。因此,與今年 4 月和第 2 季度相比,仍存在同比逆風。然後我們談到了再平衡和消費者支出向旅行、服務和親自購物的轉變,我們預計其中一些將持續到第二季度,並在後半段正常化。但是,如果您查看任何類型的移動性統計數據,它現在正越來越接近被認為是正常的水平,但仍有一些重新平衡正在發生。然後我們談到的第三個因素是我們在第一季度看到的通脹壓力,這不像我剛才談到的前兩個因素那麼大,而是一個因素。我們將繼續密切關注這一情況,我們預計這種情況也會在今年下半年有所緩解。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Samad Samana at Jefferies.

    我們的下一個問題來自 Jefferies 的 Samad Samana。

  • Samad Saleem Samana - Equity Analyst

    Samad Saleem Samana - Equity Analyst

  • So I just -- I want to think about the spending and the OpEx plans. When I think about net adds being down, I know it's tough comps in the surge of new merchant formation, but the projections kind of have sales and marketing growth being pretty dramatic in 2022. And with net adds, I expect it to be kind of consistent with 2021. Is it just getting more expensive to acquire customers? Is that sales and marketing expense more about a [4] different type of customer that you're going to acquire? Can you just help us think about what the saw means for spend and unit economics over the intermediate term?

    所以我只是 - 我想考慮一下支出和運營支出計劃。當我想到淨增加量下降時,我知道新商家形成的激增是一個艱難的補償,但預計到 2022 年銷售和營銷增長將相當顯著。隨著淨增加量,我預計它會是與 2021 年一致。獲取客戶的成本是否越來越高?銷售和營銷費用是否更多地與您要獲得的 [4] 不同類型的客戶有關?您能否幫助我們思考一下鋸子對中期支出和單位經濟的意義?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • A couple of things. In terms of -- I think in a very difficult quarter in the market, generally, we showed a profit in AOI. But more importantly, if you look over a 2-year period, 2-year CAGR on revenue was 60%, 2-year CAGR in GMV was like 57%. I think something that is getting missed here that is really, really important is that our value proposition, especially in an inflationary environment, is really unparalleled. Our Merchant Solutions revenue as a percentage of GMV was as high as it's ever been. That means that our -- more merchants are coming on, but also, more importantly, our merchants' usage of our product and solutions like Capital Payments, for example, are the highest they've ever been. And that means we're adding more value and solving more of their problems.

    有幾件事。就 - 我認為在市場非常困難的一個季度,一般來說,我們在 AOI 中顯示出盈利。但更重要的是,如果你看一下 2 年期間,2 年收入的 CAGR 為 60%,GMV 的 2 年 CAGR 為 57%。我認為這裡遺漏了一些非常非常重要的東西,那就是我們的價值主張,尤其是在通貨膨脹的環境中,真的是無與倫比的。我們的商戶解決方案收入佔 GMV 的百分比達到了前所未有的高水平。這意味著我們的 - 更多的商家正在加入,但更重要的是,我們的商家對我們的產品和解決方案(例如 Capital Payments)的使用率是有史以來最高的。這意味著我們正在增加更多價值並解決他們的更多問題。

  • So in terms of sales and marketing, we want to bring more merchants on to the platform. We're also getting more merchants from a lot -- across the globe, not just in our core geographies, but internationally. And then once they come on, we really want to be well positioned to cross-sell all our different products and solve more of their needs.

    所以在銷售和營銷方面,我們希望將更多的商家帶到平台上。我們還從很多地方獲得了更多的商家——在全球範圍內,不僅在我們的核心地區,而且在國際上。然後一旦他們出現,我們真的希望能夠很好地交叉銷售我們所有不同的產品並解決他們的更多需求。

  • What tends to happen -- the Shopify business model that really hasn't changed in a couple of years is that there are these different on-ramps at the Shopify. People come to Shopify to solve a single problem. And then once they come in, they realize we can solve more of their problems. A great example of that, by the way, is the rebalancing back to physical retail. We had all these merchants come on during the pandemic who are offline retailers, needed to come online and they came with us and they trusted us. And so now that their offline stores are reopening, their physical stores are reopening, they're now migrating over to our point of sell product.

    往往會發生的事情——Shopify 幾年來真正沒有改變的商業模式是 Shopify 有這些不同的入口。人們來到 Shopify 是為了解決一個問題。然後一旦他們進來,他們就會意識到我們可以解決他們更多的問題。順便說一下,一個很好的例子就是重新平衡到實體零售。在大流行期間,我們讓所有這些商家都來了,他們是線下零售商,需要上線,他們和我們一起來,他們信任我們。因此,現在他們的線下商店正在重新開業,他們的實體店正在重新開業,他們現在正在遷移到我們的銷售點產品。

  • This idea of becoming the most important piece of software they use isn't necessarily just online or offline, it's all of those merchant solutions as well. So part of what we're trying to do right now is really become a well-oiled machine when it comes to making sure that every merchant that comes on to the platform takes more of our products, and we solve more of their problems. That is really key here, and I think that's the reason why you're seeing these numbers.

    這種成為他們使用的最重要軟件的想法不一定只是在線或離線,所有這些商家解決方案也是如此。因此,我們現在正在嘗試做的部分工作是真正成為一台運轉良好的機器,以確保進入平台的每個商家都能獲得更多我們的產品,我們解決他們更多的問題。這真的很關鍵,我認為這就是你看到這些數字的原因。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Josh Beck at KeyBanc.

    我們的下一個問題來自 KeyBanc 的 Josh Beck。

  • Josh J. Beck - Senior Research Analyst

    Josh J. Beck - Senior Research Analyst

  • I wanted to go back to fulfillment. Certainly, it's really encouraging that you're planning on having, I believe, all of the SFN volume on your own WMS by, I believe, the end of Q2. I'm just curious, when you step back and now factor in the contribution from Deliverr, if the scale phase is still targeted for second half of '23 or '24 or if there's potential acceleration. Just curious on that transition now that we certainly have a larger team and more capabilities in this area.

    我想回到滿足感。當然,我相信您計劃在第二季度末之前在您自己的 WMS 上擁有所有 SFN 卷,這確實令人鼓舞。我只是好奇,當你退後一步,現在考慮 Deliverr 的貢獻時,規模階段是否仍針對 23 年或 24 年下半年,或者是否有潛在的加速。只是對這種轉變感到好奇,因為我們在這方面肯定擁有更大的團隊和更多的能力。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • And we did say that Deliverr does accelerate fulfillment volumes. We gave you the number. They are currently over 1 million fulfillments per month and growing. So that certainly does give us additional volume more quickly. The expectation is that scale will still be towards the back half of 2023 and into 2024, and we've always said that's where the unit economics really start to shift to favorable. So we fully expect the volumes to continue to increase into that time frame.

    我們確實說過 Deliverr 確實加快了履行量。我們給了你號碼。它們目前每月完成超過 100 萬次,並且還在不斷增長。所以這肯定會更快地為我們提供額外的音量。預計到 2023 年下半年和 2024 年,規模仍將保持不變,我們一直說,這就是單位經濟真正開始轉向有利的地方。因此,我們完全預計到該時間範圍內交易量將繼續增加。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Matthew Pfau at William Blair.

    我們的下一個問題來自 William Blair 的 Matthew Pfau。

  • Matthew Charles Pfau - Analyst

    Matthew Charles Pfau - Analyst

  • I wanted to just ask on the announcement of Amazon extending Prime to merchants' owned sites. Does that have any impact on your business or maybe perhaps more specifically on how you're thinking about your fulfillment efforts?

    我只想問一下亞馬遜將 Prime 擴展到商家擁有的網站的公告。這是否對您的業務有任何影響,或者更具體地說,可能對您如何看待您的履約工作產生影響?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes. So I think the best way to think about this is -- well, look, I know this is like people look at this and say, okay, well, what is Shopify thinking about this? And I think you're probably worth spending a second talking about this because I think it's more interesting than what people might imagine. Again, Shopify is mission-driven. What we really want to see is that the Internet is this incredible entrepreneurial canvas for people. We want to see people being able to reach the independents. When life's plan a doesn't work, they can engage in entrepreneurship to see if there's something else in store for them, quite literally. So what we get excited about is if infrastructure is shared with small businesses.

    是的。所以我認為考慮這個問題的最佳方式是——好吧,看,我知道這就像人們看到這個並說,好吧,好吧,Shopify 是怎麼想的?而且我認為你可能值得花一秒鐘談論這個,因為我認為它比人們想像的更有趣。同樣,Shopify 是任務驅動的。我們真正想看到的是,互聯網是人們難以置信的創業畫布。我們希望看到人們能夠接觸到獨立人士。當人生的計劃 a 行不通時,他們可以從事創業,看看是否還有其他東西等著他們,從字面上看。所以我們感到興奮的是,如果基礎設施與小企業共享。

  • Because a lot of what happened in the sort of few decades of -- since the '90s on the Internet is that almost all the infrastructure that was built up, digital and otherwise, really, really benefited to the already big. Like a huge factor, like we all know but here in the Software-as-a-Service space. The Software-as-a-Service space was largely something that got delivered to enterprises. In the way we sort of measured Software-as-a-Service businesses initially kind of really didn't work for people looking at Shopify because Shopify was like extending very much to people -- sometimes almost consumer level down in the market. We often are the first thing that people sign up and they incorporate and they only become a business shortly after.

    因為在 90 年代以來的幾十年中發生的很多事情是,幾乎所有建立起來的基礎設施,無論是數字的還是其他的,真的,真的讓已經很大的人受益。就像我們都知道的一個巨大的因素,但在軟件即服務領域。軟件即服務空間主要是交付給企業的東西。在我們衡量軟件即服務業務的方式中,最初對於關注 Shopify 的人來說確實不起作用,因為 Shopify 就像是在向人們延伸——有時幾乎是市場上的消費者水平下降。我們通常是人們註冊並合併的第一件事,不久之後他們才成為一家企業。

  • So we are actually thrilled with Amazon making a decision to take the amazing infrastructure that they've built because they have a second to none infrastructure and want to share this broadly with small merchants across the Internet. And so we are happy to integrate this into Shopify, just in the same way how we integrated what -- the infrastructure that Meta built, the infrastructure that Google built and the infrastructure that TikTok built and so on. So this fits perfectly into our world view. And it's not nearly as zero-sum as some people make it out to be. Whatever is good for merchants is -- that will cause more entrepreneurship, which is exactly -- helps the vision of a company.

    所以我們真的很高興亞馬遜決定採用他們建立的驚人的基礎設施,因為他們擁有首屈一指的基礎設施,並希望與互聯網上的小商家廣泛分享。因此,我們很高興將其集成到 Shopify 中,就像我們集成什麼的方式一樣——Meta 構建的基礎架構、Google 構建的基礎架構以及 TikTok 構建的基礎架構等等。所以這完全符合我們的世界觀。而且它並不像某些人所說的那樣零和。對商家有利的就是——這將導致更多的企業家精神,這正是——有助於公司的願景。

  • And from a business perspective, again, the more channels that exist that are valuable for selling, the more important Shopify tools become because managing this is a task of significant complexity and software integration can tame that complexity and create a cohesive view into the business and again, make it much more possible for small businesses to engage in very complex retail strategies that previously you would have to -- you would need a lot of head count for. So this is all -- this is actually really good news from our perspective.

    同樣,從業務角度來看,存在的對銷售有價值的渠道越多,Shopify 工具就越重要,因為管理這是一項非常複雜的任務,而軟件集成可以控制這種複雜性,並為業務和再次,讓小企業更有可能參與非常複雜的零售策略,而以前你必須這樣做——你需要大量的人手。所以這就是全部 - 從我們的角度來看,這實際上是個好消息。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Tyler Radke at Citi.

    我們的下一個問題來自花旗的 Tyler Radke。

  • Tyler Maverick Radke - VP & Senior Analyst

    Tyler Maverick Radke - VP & Senior Analyst

  • So Amy, I wanted to ask you just how we should think about the moving pieces in the guidance and specifically, kind of what has changed in terms of your assumptions. So it looks like you're calling for merchant additions for the full year to be similar to last year. I think last quarter, you'd expected a bit higher. And so just help us understand how much you're kind of revising things down, given the macro challenges that you saw out there this quarter.

    所以艾米,我想問你我們應該如何考慮指導中的移動部分,特別是你的假設發生了什麼變化。因此,您似乎要求全年的商家增加與去年相似。我認為上個季度,您的預期會更高。因此,鑑於您在本季度看到的宏觀挑戰,請幫助我們了解您對事物進行了多少修改。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • Yes. So we've already talked a little bit about GMV. So just landing on the merchant adds for the year, we did say we expect to add a number similar to 2021. Based on what we saw in the first quarter, I said in my opening remarks, we did see lower merchant adds than last year. We largely attribute that to a very tight and transitional labor market. We could draw correlation to our merchant adds to what was happening in the first quarter, not causation, but correlation. We expect that labor market will start to ease.

    是的。所以我們已經討論了一些關於 GMV 的內容。因此,僅針對今年的商家增加量,我們確實說過我們預計會增加一個類似於 2021 年的數字。根據我們在第一季度看到的情況,我在開場白中說,我們確實看到商家增加量低於去年.我們在很大程度上將其歸因於非常緊張和過渡的勞動力市場。我們可以將我們的商家與第一季度發生的事情聯繫起來,而不是因果關係,而是相關性。我們預計勞動力市場將開始緩和。

  • We're already starting to see news and information about that easing. And in addition, we have sales and marketing and commercial initiatives, growth initiatives underway that are gaining traction that we expect will continue to gain momentum through the course of the year and have a greater impact on the back half of the year. So we're very confident about the continued opportunity of more merchants around the world. The international, rest of world, outside of North America remains very robust territory for us, and so we're confident in that number.

    我們已經開始看到有關寬鬆政策的新聞和信息。此外,我們還有銷售、營銷和商業計劃,正在進行的增長計劃正在獲得牽引力,我們預計這些計劃將在今年繼續獲得動力,並對下半年產生更大的影響。因此,我們對全球更多商家的持續機會充滿信心。北美以外的世界其他地區對我們來說仍然是非常強大的領域,因此我們對這個數字充滿信心。

  • Obviously, the other change that we made was somewhat around adjusted -- or, I guess, what we said we would reinvest all of our gross profits back into the business, which we said last quarter. And then we added that Deliverr would be dilutive to our operating margin. And so what we mean by that, let me just give you a little bit of information so that you can size the Deliverr impact. We expect Deliverr to add a couple of points of growth to Shopify's top line in 2022, keeping in mind this represents approximately a half a year of ownership. We expect Deliverr to be slightly dilutive to Shopify's 2022 adjusted gross margin. And about 80% of their OpEx is head count driven, which is about 400 employees. So that gives you a really good idea of the size there. So with that information, you should be able to arrive at where we are on our operating side.

    顯然,我們所做的另一項改變在某種程度上是經過調整的——或者,我猜,我們所說的我們會將所有毛利潤再投資回業務,這是我們上個季度所說的。然後我們補充說,Deliverr 會稀釋我們的營業利潤率。所以我們的意思是,讓我給你一點信息,這樣你就可以確定 Deliverr 的影響。我們預計 Deliverr 將在 2022 年為 Shopify 的收入增加幾個增長點,請記住,這代表了大約半年的所有權。我們預計 Deliverr 將略微稀釋 Shopify 2022 年調整後的毛利率。他們大約 80% 的運營支出是由人數驅動的,即大約 400 名員工。所以這讓你對那裡的大小有了一個很好的了解。因此,有了這些信息,您應該能夠了解我們在運營方面的位置。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Paul Treiber at RBC.

    我們的下一個問題來自 RBC 的 Paul Treiber。

  • Paul Michael Treiber - Director of Canadian Technology & Analyst

    Paul Michael Treiber - Director of Canadian Technology & Analyst

  • Question for Tobi. There's various views out there on the proposed founder share. Could you provide your perspective on governance in general? And then perhaps more directly, can you just put in your own words to shareholders why you feel that shareholders should vote for the proposal?

    托比的問題。關於提議的創始人份額有各種觀點。您能否提供您對總體治理的看法?然後也許更直接地說,您能否直接向股東說明為什麼您認為股東應該投票支持該提案?

  • Tobias Lütke - Founder, Chairman & CEO

    Tobias Lütke - Founder, Chairman & CEO

  • Yes. Thank you. Well, look, this is something that our Board of Directors has been looking at for a long time. We've obviously included the B-share structure in the IPO. And the Board has seen this as a very, very positive thing for the company. It's like it's a founder-led company, and it's a structure that supports this kind of structure of the company very well. And we IPOed at a $1 billion valuation, and it's seen us well to this point. And -- but to be perfectly honest, like we were in a bit of a rush when we decided to IPO back in the day, and we took our structure basically off the shelf without contextualizing it to what we really would like. And so there's also some aspects that we'd rather like to change about it.

    是的。謝謝你。好吧,看,這是我們董事會長期以來一直在關注的問題。我們顯然在 IPO 中包含了 B 股結構。董事會認為這對公司來說是一件非常非常積極的事情。就好像它是一個創始人主導的公司,它的結構很好地支持了公司的這種結構。我們以 10 億美元的估值進行了首次公開募股,到目前為止,我們的表現很好。而且 - 但老實說,當我們決定在當天進行首次公開募股時,我們有點匆忙,我們基本上將我們的結構從貨架上拿下來,沒有將它與我們真正想要的背景聯繫起來。因此,我們還希望改變一些方面。

  • So this proposal is kind of designed to change some of those governance things. For instance, like it's going -- it's taking the B class -- like it's replacing the B class of a founder share that causes it to go from a majority control to a minority control. It's now going to be capped at [40]. It removes awkward things like intergenerational transfer from the things that can be done with these shares. And it's -- shareholders can get some assurance that this is really a structure supporting the sort of [founder-ledness] of a company by creating like a service-based requirement for my involvement. And I think that -- I mean it's a proposal designed to be accepted. Obviously, like -- it's -- at the day, it will change from one to the other. It's -- on all measures, things come down to lower percentages. And the Board thinks this is a better governance structure for the future. And so that's why it's included.

    因此,該提案旨在改變其中的一些治理事項。例如,就像它正在發展一樣 - 它正在採用 B 類 - 就像它正在取代創始人股票的 B 類,導致它從多數控制變為少數控制。現在它的上限為 [40]。它從這些股份可以做的事情中消除了諸如代際轉移之類的尷尬事情。它是——股東可以通過為我的參與創建類似基於服務的要求來獲得一些保證,即這確實是一種支持公司[創始人主導]的結構。我認為——我的意思是這是一個旨在被接受的提案。顯然,就像 - 它是 - 在那天,它會從一個變為另一個。這是 - 在所有方面,事情都歸結為較低的百分比。董事會認為這是未來更好的治理結構。這就是它被包括在內的原因。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • I'll just add something that I don't think Tobi would say, but I certainly can say based on my experience at Shopify and my experience working with Tobi for well over a decade. I think that anyone that knows management knows Tobi, knows that this is a founder who not only cares deeply about building a 100-year company. It's also -- Tobi has a proven track record and he can scale the business really well. He makes really good decisions in very complex very fast-moving spaces. And I think it's a combination of his technical knowledge, his vision, his domain expertise and frankly, some very serious crystal ball skills. And on top of that, he's a thoughtful leader, and that leadership has delivered returns of over 60% per year compounded annually since our IPO. And so that's something he won't say, but certainly something that I will say.

    我將添加一些我認為 Tobi 不會說的內容,但根據我在 Shopify 的經驗以及與 Tobi 合作十多年的經驗,我當然可以說。我認為任何了解管理層的人都知道托比,知道這是一位不僅非常關心建立一家擁有 100 年曆史的公司的創始人。這也是——Tobi 有良好的業績記錄,他可以很好地擴展業務。他在非常複雜且快速移動的空間中做出了非常好的決定。我認為這是他的技術知識、遠見、領域專長和坦率地說,一些非常嚴肅的水晶球技能的結合。最重要的是,他是一位深思熟慮的領導者,自我們首次公開募股以來,這種領導力每年帶來超過 60% 的複合回報。所以這是他不會說的,但肯定是我會說的。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Deepak Mathivanan at Wolfe Research.

    我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

  • Deepak Mathivanan - Research Analyst

    Deepak Mathivanan - Research Analyst

  • Amy, can you add a little bit more color on the retention trends on SMB merchant side? Are you seeing a higher level of activity or merchant churn in the non-Plus side of the business? And specifically on the e-commerce side, given that e-commerce trends are moderating and entrepreneurship activity may be kind of like moderating, I just want to hear a little bit more color on that.

    艾米,您能否在 SMB 商家方面的保留趨勢上增加一點色彩?您是否在業務的非 Plus 方面看到更高水平的活動或商家流失?特別是在電子商務方面,鑑於電子商務趨勢正在緩和,創業活動可能有點像緩和,我只是想听聽更多的色彩。

  • Amy E. Shapero - CFO

    Amy E. Shapero - CFO

  • No, we really haven't seen any significant changes in the churn rates in any of the segments Plus or non-Plus.

    不,我們確實沒有看到任何 Plus 或非 Plus 細分市場的流失率有任何顯著變化。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Siti Panigrahi at Mizuho. Siti are you there? I see you, but it looks like you're still muted. Okay.

    我們的下一個問題來自瑞穗的 Siti Panigrahi。西蒂你在嗎?我看到你了,但看起來你仍然保持沉默。好的。

  • Sitikantha Panigrahi - MD

    Sitikantha Panigrahi - MD

  • Okay. Can you hear me?

    好的。你能聽到我嗎?

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Yes. Yes, we hear you great. Thanks.

    是的。是的,我們聽到你的聲音很好。謝謝。

  • Sitikantha Panigrahi - MD

    Sitikantha Panigrahi - MD

  • So I wanted to understand a little bit about the offline commerce opportunity that you highlighted, offline commerce. So is it mostly the customer who heard brick-and-mortar store, they move to online there going after your offline solution? Or do you see just incremental merchants as well? So if so, what percentage of your merchants right now have the brick-and-mortar store?

    所以我想了解一點你強調的線下商務機會,線下商務。那麼,聽過實體店的顧客主要是那些,他們會轉向在線購買你的線下解決方案嗎?還是您也只看到增量商家?那麼,如果是這樣,您現在有多少百分比的商家擁有實體店?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • I'll take that question. I mentioned this earlier, but we are seeing -- as retail and commerce rebalances with reopenings, we are seeing obviously, more merchants interested in selling offline. A lot of those offline merchants that were sort of single point offline merchants prior to the pandemic that came online during the pandemic, they are now coming to us and expanding their -- what they take from Shopify beyond online to offline as well. And part of the reason you're seeing Q1 point-of-sale GMV grow by nearly 80%, which outpaces the broader offline retail market, is because they're taking more of our solutions.

    我會回答這個問題。我之前提到過這一點,但我們正在看到——隨著零售和商業隨著重新開放而重新平衡,我們顯然看到更多的商家對線下銷售感興趣。許多線下商家在大流行之前是單點線下商家,在大流行期間上線,他們現在來到我們這裡並擴展他們從 Shopify 獲得的東西,也從線上擴展到線下。您看到第一季度銷售點 GMV 增長近 80%,超過更廣泛的線下零售市場的部分原因是因為他們正在採用我們的更多解決方案。

  • The other part about it is because of our point-of-sale and our point-of-sale Pro adoption continues to grow, we're also growing it well beyond North America and new geographies. We have new integrated hardware, we have new payment integrations, we are also seeing balance come from new businesses to Shopify as well. And so I think what you will see similar to some of our other products and other solutions like Shopify Plus, for example, is you will continue to see a healthy mix of people that are already on Shopify expanding and taking more from us, but also people that are coming to Shopify to use our point-of-sale product. And that's the reason why we're making a lot of these key investments.

    關於它的另一部分是因為我們的銷售點和我們的銷售點 Pro 採用繼續增長,我們也在將其發展到北美和新的地區之外。我們有新的集成硬件,我們有新的支付集成,我們也看到新業務的餘額也來自 Shopify。因此,我認為您會看到與我們的其他一些產品和其他解決方案(例如 Shopify Plus)類似的情況,例如,您將繼續看到已經在 Shopify 上的人的健康組合不斷擴大並從我們那裡獲得更多收益,而且來 Shopify 使用我們的銷售點產品的人。這就是我們進行大量這些關鍵投資的原因。

  • And we've been working on point-of-sale for a long time. It's now in 11 countries. It now has, we think, the best hardware, the best software. And so we will continue to see people coming to Shopify for point-of-sale and then expanding into other of our solutions as well, and that mix should continue.

    我們已經在銷售點上工作了很長時間。它現在在11個國家。我們認為,它現在擁有最好的硬件和最好的軟件。因此,我們將繼續看到人們來到 Shopify 進行銷售點,然後擴展到我們的其他解決方案,這種組合應該會繼續下去。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question comes from Ygal Arounian at Wedbush.

    我們的下一個問題來自 Wedbush 的 Ygal Arounian。

  • Ygal Arounian - Research Analyst

    Ygal Arounian - Research Analyst

  • I want to go to Harley's comments in the shifting digital ads landscape and maybe if you could just paint a little bit more picture of some of what you're seeing around IDFA, the challenges that Facebook is seeing. And then the stuff you pointed out with Deloitte and Accenture and larger advertisers sounds like something that could potentially be powerful and promising. If you could expand on that a little bit.

    我想看看哈雷在不斷變化的數字廣告領域的評論,也許你可以多畫一點你在 IDFA 周圍看到的一些情況,Facebook 所面臨的挑戰。然後你在德勤和埃森哲以及更大的廣告商中指出的東西聽起來可能是強大和有前途的。如果你能擴大一點。

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Thanks for the question. Yes, the second part is -- I'll answer first because it's shorter. I mean, look, we have been stretching upmarket for quite some time. Shopify Plus came out, I think, 7 or 8 years ago at this point. And now we are seeing much bigger brands wanting to use Shopify, whether it's Audi or it's World Vision. Some of those brands, some of those merchants, they want to come to Shopify in a different way than maybe we're used to, which often is self-server with one of our agency partners. And so working with Deloitte, working with Accenture, who we've been talking to for some time and actually formalizing an agreement, makes the onboarding from those very large brands through those large consultancies to Shopify a lot easier. What we're also doing is building incredible trust with folks like Deloitte and Accenture so that they can sell more of Shopify, which, of course, we like. And the fact that their customers are asking for Shopify, I think, is a great endorsement.

    謝謝你的問題。是的,第二部分是——我會先回答,因為它更短。我的意思是,看,我們已經向高端市場擴張了很長一段時間。我認為 Shopify Plus 出現在 7 或 8 年前。現在我們看到更大的品牌想要使用 Shopify,無論是奧迪還是世界宣明會。其中一些品牌,其中一些商家,他們希望以不同於我們習慣的方式來 Shopify,這通常是與我們的代理合作夥伴之一進行自助服務。因此,與德勤合作,與埃森哲合作,我們已經與他們交談了一段時間,並實際上正式達成協議,使得從那些非常大的品牌通過這些大型諮詢公司到 Shopify 的入職變得更加容易。我們還在做的是與 Deloitte 和 Accenture 等人建立難以置信的信任,以便他們可以銷售更多 Shopify,這當然是我們喜歡的。我認為,他們的客戶要求 Shopify 是一個很好的認可。

  • In terms of the IDFA, we said this before, there is no discernible impact we've seen so far. We do believe these changes have created some friction for merchants and advertising and have lowered their return on ad spend. That is not necessarily a good thing, it has disproportionate impact on SMBs. But that is why it's precisely why we continue to connect with and even transact with buyers across many channels, whether it's social or it's search or email or it's shop. And those things make it a lot easier, those also mitigate the risk of those type of advertising changes.

    就 IDFA 而言,我們之前說過,到目前為止我們還沒有看到明顯的影響。我們確實相信這些變化給商家和廣告帶來了一些摩擦,並降低了他們的廣告支出回報率。這不一定是一件好事,它對中小企業產生了不成比例的影響。但這正是為什麼我們繼續通過許多渠道與買家聯繫甚至交易的原因,無論是社交、搜索、電子郵件還是商店。這些事情讓它變得容易多了,也降低了這類廣告變化的風險。

  • So then when you look at what happened in the quarter just around -- in terms of social commerce and you see that social commerce had -- it's gaining traction. Orders placed in those services more than quadrupled this quarter last year, we're really -- we think that's really exciting. And more and more merchants are using things like Snap and Spotify and TikTok in need of shopping on Facebook, Instagram and even Google through Shopify to reach more of those buyers and do it in a direct way. So we're excited by that. And again, a 4x increase year-over-year, I think, speaks that there's real momentum in the social commerce space.

    因此,當您查看本季度發生的事情時 - 就社交商務而言,您會看到社交商務 - 它正在獲得牽引力。去年本季度在這些服務中的訂單增加了四倍多,我們真的 - 我們認為這真的很令人興奮。越來越多的商家正在使用 Snap、Spotify 和 TikTok 等需要通過 Shopify 在 Facebook、Instagram 甚至 Google 上購物的產品,以接觸更多的買家並以直接的方式進行。所以我們對此感到興奮。再一次,我認為,同比增長 4 倍表明社交商務領域存在真正的發展勢頭。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Our next question, and it looks like it's going to be the last question we have time for, comes from Darren Aftahi at ROTH Capital Partners.

    我們的下一個問題,看起來將是我們有時間回答的最後一個問題,來自 ROTH Capital Partners 的 Darren Aftahi。

  • Darren Aftahi - MD & Senior Research Analyst

    Darren Aftahi - MD & Senior Research Analyst

  • Can you just kind of speak to relative growth of non-English-speaking plus merchants versus those that are English-speaking?

    你能談談非英語商人與說英語的商人的相對增長嗎?

  • Harley Finkelstein - President

    Harley Finkelstein - President

  • Yes. And in terms of Shopify Plus, I said this in the prepared remarks, but I'll just repeat it. It was a very strong quarter for Shopify Plus. We had our strongest number of deals ever closed in a single month. That's 20% more deals in March than any other month. And our share of Plus merchants outside of North America expanded. So I think we'll continue to see that. We also see a mix of both strong upgrades as well as net new to Shopify. That will continue as well. But Shopify Plus, some of the names that I'm talking about, whether it's Havaianas in Mexico, one of the largest footwear brands in the planet; or its companies like Fiora or it's TRX, we believe that Shopify is the best -- Shopify Plus is the best product for growing brands that want to have modern commerce and modern retail. And so we'll continue to invest in that. We're also making a lot more -- adding more features, more functionality, things like Shopify Flow, for example. And I think Shopify Plus is getting a lot of traction here, but it will not only be North America, it will be global.

    是的。而就 Shopify Plus 而言,我在準備好的評論中說過這一點,但我會重複一遍。對於 Shopify Plus 來說,這是一個非常強勁的季度。我們在一個月內完成了有史以來最多的交易。 3 月份的交易量比其他任何月份都多 20%。我們在北美以外的 Plus 商家的份額也在擴大。所以我認為我們將繼續看到這一點。我們還看到了強大的升級以及 Shopify 的全新功能。這也將繼續下去。但是 Shopify Plus,我所說的一些名字,無論是墨西哥的 Havaianas,還是地球上最大的鞋類品牌之一;或者它的公司,如 Fiora 或它的 TRX,我們相信 Shopify 是最好的——Shopify Plus 是想要擁有現代商業和現代零售的成長型品牌的最佳產品。因此,我們將繼續對此進行投資。我們還在做更多的事情——例如添加更多特性、更多功能,例如 Shopify Flow。而且我認為 Shopify Plus 在這裡獲得了很大的吸引力,但它不僅會在北美,而且會在全球範圍內。

  • Katie Keita - Senior Director of IR

    Katie Keita - Senior Director of IR

  • Great. Thanks, Harley. Well, we are out of time. You know where to find us if you have any follow-up questions. Thank you, everyone, for your time today. This concludes this morning's call and webinar. Everyone can now disconnect.

    偉大的。謝謝,哈利。好吧,我們沒時間了。如果您有任何後續問題,您知道在哪裡可以找到我們。謝謝大家,今天的時間。今天上午的電話會議和網絡研討會到此結束。現在每個人都可以斷開連接。