Shopify 2023 Q2 Earnings Call

Good afternoon and thank you for joining Shopify's second quarter 2023 conference call. Harley Finkelstein, Shopify's president, and Jeff Hawkemeister, our CFO, are with us today. After their prepared remarks, we will open it up for your questions. We will make forward-looking statements on our call today that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. 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 afternoon, as well as our filings with the US and Canadian regulators.

大家下午好，感谢您参加Shopify 2023年第二季度电话会议。今天与我们在一起的有Shopify总裁Harley Finkelstein和我们的首席财务官Jeff Hawkemeister。在他们的开场发言之后，我们将开放问题讨论。今天在我们的电话会议上，我们将做出基于假设的前瞻性声明，因此受到可能导致实际结果与预期有很大差异的风险和不确定性的影响。除法律要求外，我们无义务更新这些陈述。您可以阅读我们今天下午发表的新闻稿以及我们在美国和加拿大监管机构的申报文件，了解这些假设、风险和不确定性。

We'll also speak to adjusted financial measures, which are non-gap and not a substitute for gap financial measures. Reconciliations between the two are in the tables at the end of our press release. And finally, we report in the US dollars, so all of us discussed today are in US dollars unless otherwise indicated.

我们还将讨论非依据公认会计原则的财务指标，这些指标不是公认会计原则财务指标的替代品。两者之间的调和表格可在我们新闻稿末尾找到。最后，我们以美元报告，因此，除非另有说明，在今天讨论的所有内容都以美元为单位。

With that, I will turn the call over to Harley. Thanks, Kerry, and good afternoon, everyone. Back in June, Shopify entered its eighth year as a public company and 17th year in existence. An incredible testament to the resilience of our merchants who propelled the economy and our team that shows up every day to help power their success. While a lot has changed in 2006 across the consumer landscape, commerce, and Shopify, our commitment to solving the biggest challenges in commerce remains front and center as we ship more products and solutions to make commerce better for everyone.

随着这一点，我将把通话转给Harley。谢谢，Kerry，大家下午好。今年六月，Shopify成为一家上市公司的第八年，存在的第十七年。这充分证明了我们商家的韧性，他们推动了经济的发展，以及我们的团队，他们每天都在帮助他们取得成功。尽管2006年在消费者市场、商业和Shopify方面发生了许多变化，但我们在解决商业中最大的挑战方面的承诺始终是核心，我们将继续推出更多产品和解决方案，使商业对每个人来说更加美好。

As a founder led company, Shopify contains a distinctive mix of passion, vision, and entrepreneurial spirit that drives innovation and a deep understanding of our customer base. In our 17 year history, we've demonstrated our commitment to investing in innovative solutions that simplify commerce and add value for merchants everywhere. Our Q2 results are clear proof points, revenue growth accelerated to 31%. Our product attach rate came into expand, and we delivered our third consecutive quarter of positive free cash flow, which we expect to continue to trend even higher throughout the rest of the year. We are quickly positioning ourselves to build on the momentum we are seeing across our business, making purposeful changes that support our core focus on commerce and unlock what we believe is a new era of data-driven entrepreneurship and growth.

作为一家创始人领导的公司，Shopify融合了激情、愿景和创业精神的独特组合，推动了创新，并对我们的客户群体有着深刻的理解。在我们17年的历史中，我们展示了对投资创新解决方案的承诺，简化商务并为商家增加价值。我们的第二季度业绩明确证明了这一点，收入增长加速至31%。我们的产品附加率也有所扩大，并且我们连续第三个季度实现了正面的自由现金流，我们预计这一趋势将在今年余下时间内继续增强。我们正在迅速定位自己，以利用我们业务上的势头，进行有意义的变革，支持我们对商业的核心关注，并开启我们认为是基于数据驱动的创业和增长的新时代。

An era where AI becomes the most powerful sidekick for business creation, commerce is available everywhere, anywhere, and always, and Shopify's cutting-edge solutions will enable more businesses, large and small, local and global to achieve even greater success.

在一个人工智能成为商业创新的最强助手的时代，商业市场随时随地无处不在，Shopify的前沿解决方案将使更多的大大小小、本地和全球的企业能够取得更大的成功。

Last quarter, I talked about the evolving shape of the larger commerce ecosystem and changes we have made at Shopify to meet that moment. We are already well underway and operating within the new shape of Shopify, a shape that can execute with greater speed and agility on a much larger scale to ship products faster to bring more merchants onto the platform and further supercharge our merchant's growth for years to come. To do this, we remain committed to the areas where we can add the most value for our merchants, including expanding from first sale to full scale, building consumer relationships, and going global.

上个季度，我谈到了商业生态系统的不断演变以及Shopify为满足这一变革所做的改变。我们已经在新的Shopify形态中蓬勃发展，并且以更大的规模、更快的速度提供产品，并将更多的商家吸引到我们的平台上，以进一步推动商家的长期增长。为了实现这一目标，我们将继续致力于为商家提供最大价值的领域，包括从初次销售到全面扩展、建立消费者关系和全球化。

So let's dive into each area and the key accomplishments we are driving to execute on the massive opportunity ahead. Starting with helping our merchants expand from first sale to full scale, we recognize the immense potential of AI to transform the consumer landscape and commerce more broadly, and we are committed to harnessing its power to help our merchants succeed. We believe AI is making the impossible possible, giving everyone superpowers to be more productive, more creative, and more successful than ever before. So of course, we are building that directly into Shopify.

让我们深入探讨每个领域以及我们正在推动的巨大商机的关键成就。首先是帮助我们的商家从第一次销售扩展到全面规模，我们认识到人工智能在转变消费者景观和商业领域方面的巨大潜力，并致力于利用其力量帮助我们的商家取得成功。我们相信人工智能正在使不可能变为可能，让每个人都具备超能力，更加高效、更有创造力，并取得比以往更大的成功。所以，我们当然要直接将其融入到Shopify中。

In our editions last week, we unveiled Shopify Magic, our suite of free AI-enabled features that are integrated across Shopify's products and workflows, everything from inbox to online store builder and app store to merchandising to unlock creativity and increase productivity. One of the most exciting products we will be launching soon in early access is our new AI-enabled commerce assistant, Sidekick. Powered by Shopify Magic, Sidekick is a new chat interface packed with advanced AI capabilities purposely built for commerce.

在我们上周的版本中，我们揭示了Shopify魔法，这是我们的一套免费AI功能，集成在Shopify的产品和工作流中，从收件箱到在线商店构建器、应用商店到商品营销，旨在释放创造力、提高生产力。最令人兴奋的产品之一是我们即将推出的新的AI商务助手Sidekick。Sidekick由Shopify魔法提供支持，是一个充满先进AI功能的新型聊天界面，专门为商务而打造。

Merchants will now have a commerce expert in their corner who is deeply competent, incredibly intelligent, and always available. With Sidekick, no matter your expertise or skill set, it allows entrepreneurs to use everyday language to have conversations that jumpstart the creative process, tackle time-consuming tasks, and make smarter business decisions. By harnessing a deep understanding of systems and available data, Sidekick integrates seamlessly with the Shopify admin, enhancing and streamlining merchant operations. While we're at the very early stages, the power of Sidekick is already incredible and it's developing fast.

现在，商家们将在他们身边拥有一位深谙商业的专家，他极其有才能、聪明绝顶，而且随时可用。有了Sidekick，不论你的专业知识或技能如何，它都能让企业家用日常语言进行对话，推动创造性思维，解决耗时任务，并做出更明智的商业决策。通过深入了解系统和可提供的数据，Sidekick无缝集成到Shopify管理中心，提升和简化商家运营。虽然我们现在处于非常早期阶段，但Sidekick的潜力已经令人难以置信，并且它正在快速发展。

By integrating AI directly into Shopify, we are providing businesses with the most modern tools that will enable them to make data-driven decisions, optimize their operations, and ultimately achieve greater success from first sale to full scale in today's competitive market. And that's just the beginning. As commerce has continued to evolve, pushing transactions far beyond the traditional retail or online stores, we are building the right tools for commerce to be available everywhere, anywhere, and always. And that is one of our superpowers and why merchants of all sizes are coming to and building their future on Shopify.

通过直接将人工智能融入Shopify，我们为企业提供了最现代的工具，使他们能够基于数据做出决策、优化运营，并在当今竞争激烈的市场中从第一次销售到全面发展取得更大的成功。而这只是个开始。随着商业的不断演变，将交易推动到远远超出传统零售或在线商店，我们正在构建合适的工具，使商业可以在任何地方随时可用。这也是我们的一个超能力，也是为什么各种规模的商家都选择来到Shopify并在其中构建他们的未来的原因之一。

We've enabled our merchants to reach a larger base of audiences through deep partnerships with social platforms, apps, and creators. Q2GMB through these channels nearly doubled year over year as merchants are adopting these new ways of reaching customers. It's really about leveraging our scale and the breadth of growing brands across the platform to unleash new opportunities that simply do not exist if you are not on Shopify.

我们已经通过与社交平台、应用程序和创作者的深度合作，使我们的商家能够触达更广泛的受众群体。由于商家采用了这些新的触达顾客的方式，我们的第二季度全球月度活跃商家（Q2GMB）几乎同比增长了一倍。这主要是通过利用我们的规模和平台上不断增长的品牌的广度，为我们带来了一些只有在Shopify上才存在的全新机会。

We are fueling the Shopify flywheel with things like our recently launched Shopify Collective, which creates new pathways for our merchants to not only sell their products, but also each other's products. Collective allows retailers to discover and sell from other top Shopify brands who will ship directly to their customers, allowing them to expand their product offering without the cost and risk of buying inventory. This seamlessly aligns with the advancements we are making in establishing our wholesale presence, which we refer to as our B2B on Shopify offering.

我们通过一些举措来推动Shopify的增长，比如我们最近推出的Shopify Collective，它为我们的商家创造了新的销售渠道，让他们不仅能够销售自己的产品，还能销售其他商家的产品。Collective允许零售商发现并销售其他顶级Shopify品牌的产品，这些产品将直接发货给他们的客户，让他们能够扩大产品种类，同时避免了购买库存所带来的成本和风险。这与我们在建立批发业务方面的进展完美契合，我们称之为我们在Shopify平台上的B2B业务提供。

With B2B GMV up 61% in the first half of 2023 and over 45 customizable features tailored to the unique needs of wholesale businesses launched in the past year alone, we are getting traction. Some of the most well-known consumer brands around the world, including Kraft Heinz Company, Brook Linen, and Mamafuku, have all adopted this product. We are working hard to create advanced features for B2B that we think will change how the industry works and help merchants grow in this area. Features like volume pricing, company account requests, and personalized storefronts are all seamlessly integrated into our core platform. This makes the wholesale buying process better and makes it easier to find and win over potential wholesale customers. Even though B2B currently makes up a small portion of our revenue, it represents a huge untapped potential for Shopify and is a channel that we know is especially important for our enterprise level merchants. It not only allows us to deepen our engagement with our existing merchants and help them grow this channel, but it also opens up opportunities to serve a new group of merchants who solely conduct B2B transactions.

截至2023年上半年，我们的B2B订单总额同比增长了61%，在过去一年里我们推出了超过45个针对批发业务独特需求的定制功能，这些努力开始显现成效。全球一些知名消费品品牌，包括Kraft Heinz Company、Brook Linen和Mamafuku都采用了我们的产品。我们正在努力开发一些先进的B2B功能，我们相信这些功能将改变行业运作方式，并帮助商家在这个领域发展壮大。包括批量定价、企业账户申请和个性化店面等功能都无缝集成到我们的核心平台中。这使得批发采购流程更加便捷，更容易找到并赢得潜在的批发客户。尽管B2B目前仅占我们收入的一小部分，但它代表着Shopify巨大的未开发潜力，对我们的企业级商家尤为重要。它不仅能够加深我们与现有商家的互动，帮助他们发展这个渠道，还能为一批纯粹进行B2B交易的新商家提供机会。

Within retail, our momentum continues. In Q2, offline GMV increased 23% year over year as we won larger multi-location merchants across the 14 countries where Shopify Point-A-Cell operates today. Compared to even a year ago, our deep investment in our Point-A-Cell platform, coupled with transformation in our go-to-market process, are enabling us to sell our retail offering more effectively, especially with larger merchants. Among Shopify Point-A-Cell retailers with more than 20 locations, their Q2 GMV grew over 120% year-on-year, with more than 70% of their GMV coming through Shopify payments, demonstrating our ability to monetize as we move up market.

在零售业中，我们的势头仍在持续增长。在第二季度，线下GMV同比增长了23%，因为我们赢得了覆盖Shopify Point-A-Cell目前在14个国家运营的更大规模的多店铺商家。与一年前相比，我们在Point-A-Cell平台上进行了深度投资，并且通过改善我们的市场推广流程，使我们能够更有效地销售我们的零售产品，特别是与更大规模的商家。在拥有20多个店铺的Shopify Point-A-Cell零售商中，他们的Q2 GMV同比增长了超过120%，其中超过70%的GMV来自Shopify支付，这表明我们在进军高端市场时能够实现货币化。

The work we have been doing to transform our go-to-market engine resulted in our Q2 retail point-of-sale business delivering the highest quarterly GMV wins ever, and we believe our momentum is only growing. In addition to bringing on more new brands to Point-A-Cell in the quarter, we're also seeing existing merchants expand their retail presence with brands like REIF adding more locations in the quarter.

我们一直在努力转变我们的销售引擎，这使得我们在第二季度的零售销售业务以最高的季度总交易额取得了胜利，而且我们相信我们的势头还在不断增长。除了在这一季度引进更多新品牌到Point-A-Cell之外，我们还看到现有商家像REIF一样在这一季度增加了更多门店。

We are also enabling online first Shopify merchants, like Baby List, to venture into physical retail by opening their first flagship store powered by Shopify Point-A-Cell. Bringing all of the capabilities that we offer for online, 2-point-of-sale remains a big opportunity for us, especially as our retail offering represents additional pathways to bring even more merchants and customers into the Shopify flywheel. One example of that integration is Shopify installments for Point-A-Cell. This feature allows retailers using Shopify Point-A-Cell to offer their in-store shoppers the same flexible buy-now-pay-later options that they offer their online shoppers. Early results show a 5X increase to retail average order value from installment transactions compared to standard in-store transactions. Beyond driving larger purchases, Shopify installments is a major step towards increasing buyer attribution for offline sales, as all in-store Shopify installment orders are associated with a customer. More known buyers means more opportunity to build relationships and drive repurchased activity which fuels our merchant's growth.

我们还支持在线首次使用Shopify的商家（如Baby List）通过开设由Shopify Point-A-Cell驱动的首个旗舰店进军实体零售。为了将我们为在线提供的所有功能带到实体店中，2个销售点仍然是我们的一个重要机遇，特别是因为我们的零售服务代表了将更多商家和顾客引入Shopify圈子的额外途径。一个集成的例子是针对Point-A-Cell的Shopify分期付款。这个功能允许使用Shopify Point-A-Cell的零售商向店内的购物者提供与在线购物者相同的灵活的“买现付款”的选择。初步结果显示，与标准实体店交易相比，通过分期付款交易的零售平均订单价值增加了5倍。除了推动更大的购买，Shopify分期付款也是增加离线销售的买家归因的重要一步，因为所有店内的Shopify分期付款订单都与顾客关联。更多已知的买家意味着更多建立关系和推动再购买活动的机会，这促进了我们商家的增长。

Two years ago, we launched Hydrogen and Oxygen to give merchants that wanted to go headless an easier development path that would help them get to market faster. Hydrogen, our React-based toolkit, is a front-end web development framework used for building custom storefronts. This product just passed an incredible milestone, hitting the $1 billion in cumulative GMV mark with 2023 GMV so far this year, already 2X as much as we did in all of 2022, validating Shopify as their trusted commerce partner in their shift towards headless commerce.

两年前，我们推出了氢气和氧气，为那些想要采用无头架构的商家提供了更容易开发路径，以帮助他们更快地进入市场。氢气是基于React的工具包，用于构建自定义商店前端开发框架。这个产品刚刚突破了一个令人难以置信的里程碑，累计的总交易额达到了10亿美元，在今年迄今为止的GMV已经达到了2023 GMV，是2022年全部GMV的两倍。这验证了Shopify作为商家向无头电子商务转型的信赖合作伙伴。

Beyond shipping great products and building more products for every level of complexity from first sale to full scale, we have also been transforming our go-to-market engine. Led by Bobby Morrison, our Chief Revenue Officer, over the past year or so, our team has been working on implementing new tactics, KPIs, and capabilities to accelerate sales, reduce costs, and ensure merchant success. And it's working. In the past two quarters alone, we have seen sales volumes across key products like capital, retail, and payments, gain momentum, leading to some of the highest cross-sale volumes we have ever achieved.

除了提供优质产品和开发应对各种复杂程度的产品（从第一次销售到全面推广），我们还正在改造我们的市场推广引擎。在过去的一年左右时间里，由我们的首席营收官Bobby Morrison领导的团队一直致力于实施新的策略、关键绩效指标和能力来加速销售、降低成本并确保商家的成功。而且效果非常明显。仅仅在过去两个季度，我们的关键产品（如资金、零售和支付等）的销售额持续增长，达到了我们有史以来最高的跨销售额。

But that's not all. We're implementing an end-to-end sales process in methodology that's designed for increased effectiveness and efficiency. With this powerful go-to-market engine, Blockchain processing company marketing system, support, and establish this disposal of payment with each new merchant'sifiable storage company and Driving technical instruments further along to it's ability to make the Holiday consumer model works Amanda toanya a unique brand user that App!, Matt turned this podcast from a lot of other subway fi to show more credit, and the click of the sales channels! independent business warpTube, and it was a great sell on backed baking items at buy- Jacque Fresco and some premium companies that live on our own. To make a purchase of the IPO Defender's online cover, we've priced a 76 car H brutew service and feature to bring work particularly into a mobile version of our Connectium store, which has led to also one million customers.

但这并不是全部。我们正在实施一种端到端销售流程的方法论，旨在提高效益和效率。通过这个强大的市场推广引擎，区块链处理公司的营销系统、支持和建立与每个新商家的可验证存储公司的付款方式，并将技术工具进一步推向其使假期消费模型，Amanda对特邀用户的独特品牌进行了优化！Matt将这个播客从许多其他地铁菲尔城展示出更多的信用，并点击销售渠道！独立的商业warpTube，这是一个在买-雅克·弗雷斯科和一些高端公司的支持下进行销售的背书烘焙物品的好地方。为了购买IPO Defender的在线封面，我们定价了一种可用于移动版本我们Connectium店的76辆H brutew服务和功能，这也导致我们获得了一百万客户。

With this powerful go-to-market engine beginning to fire on all cylinders, we are seeing more brands come to Shopify across the spectrum from entrepreneur to enterprise. In particular, we continue to bring more of consumers' favorite brands to Shopify, including recently signed deals with women's fashion apparel company, soft surroundings, beauty and skincare brand, Jaffra Cosmetics, Boots and accessories company Hunter, and Meta, who will sell Quest through integration Shopify has with multiple channels. We also saw brands launch in the quarter, including Subscription Bellweather, Dollar Shave Club, Workware retailer for women New York and Company, Bake Goods manufacturer of Mrs. Fields, as well as international launches, including Paris Fashion House Nina Ricci owned by Puyg, International sites for American Headword Company New Era, along with more brands from CPG Giants, Nestle and Unilever.

随着这个强大的市场推广引擎开始全力运转，我们看到越来越多的品牌从创业者到大企业都选择了Shopify。特别是在把消费者喜爱的品牌引入Shopify方面，我们取得了更大的进展，包括最近与女装品牌soft surroundings、美容和护肤品牌Jaffra Cosmetics、鞋靴和配饰公司Hunter以及Meta达成的合作协议，后者将通过Shopify与多个渠道进行整合销售Quest产品。此外，本季度我们还见证了一些品牌的推出，包括Subscription Bellweather、Dollar Shave Club、针对女性的工装零售商New York and Company、著名的烘焙品牌Mrs. Fields，以及国际上的一些品牌推出，包括属于Puyg集团的巴黎时装品牌Nina Ricci，美国头饰公司New Era的国际网站，以及来自CPG行业巨头雀巢和联合利华的更多品牌。

Our platform remains the go-to for top celebrities and creators to build their brands. In July, Taylor Swift launched her eras to a merch shop with us, experiencing unprecedented volume sales and site visitors on launch day, and we were ready for it. Perving once again that our infrastructure is scalable, flexible and most importantly, reliable. That same week, musician Drake released his new store, Drake related, using our new product Shopify collective that I mentioned earlier. And finally, Mr. Beast, one of the world's most popular YouTubers, revamped his store using one of Shopify's out-of-the-box free themes. This showcases the immense value, accessibility and scalability we've integrated into every facet of our business.

我们的平台仍然是顶级名人和创作者打造品牌的首选。在七月，泰勒·斯威夫特与我们合作推出了她的时代商店，在推出的第一天就经历了空前的销售量和网站访问量，并且我们已经做好了准备。再次证明了我们的基础设施是可扩展、灵活和最重要的是可靠的。同一周，音乐家德雷克使用我们之前提到的新产品Shopify Collective推出了他的新商店，与德雷克相关。最后，全球最受欢迎的YouTuber之一Mr. Beast使用了Shopify的一个现成的免费主题来改造他的商店。这展示了我们在业务的各个方面都融入了巨大的价值、可访问性和可扩展性。

These brands along with many others are recognizing that the speed at which we deliver products and innovate is unmatched. We help them prepare for the future in a world where technology, customer needs and markets are changing quickly.

这些品牌以及许多其他品牌都认识到，我们在产品交付和创新速度方面是无与伦比的。我们帮助他们在一个技术、客户需求和市场快速变化的世界中做好未来的准备。

Next is building consumer relationships. Starting with Shopify Checkout, which is proven to be the best converting checkout on the Internet. We've invested and evolved our platform because we know that not all checkouts are created equal. Ourers converts better. While we have known for years that our checkout is the best, a recent external study from a leading global management consulting firm has confirmed it. In fact, Shopify's overall conversion rate outpaced the competition by up to 36 percent and on average 15 percent more than others. The April study also revealed the power of ShopPay, the highest converting accelerated checkout on the Internet. The data shows that the mere presence of ShopPay, even when it is not used by a buyer, can boost lower funnel conversion by 5 percent. And when it is used, can lift conversion by as much as 50 percent versus guest checkout. With our accelerated checkout outperforming all other major players by nearly 10 percent, it is now a competitive disadvantage not to be on Shopify. Even as powerful as our accelerated checkout has become, we know every second matters when it comes to making a sale. And that is why we introduced Sign In With Shop. This enables customers to use their Shop account to log into merchant online stores. By signing in with Shop, shoppers can access their customer account, speed through checkout with pre-filled payment and address details, and unlock discount codes that will automatically be applied at checkout. By lowering friction, giving faster access to payment details, Sign In With Shop is making the Internet's best converting checkout even better.

接下来是建立客户关系。我们从Shopify Checkout开始，这已被证明是互联网上转化率最高的结账方式。我们投资并改进我们的平台，因为我们知道并非所有的结账方式都同样好用。我们的结账方式转化率更高。虽然多年来我们一直知道我们的结账方式是最好的，但最近一家全球领先的管理咨询公司的一项外部研究已经证实了这一点。事实上，Shopify的整体转化率超过竞争对手高达36％，平均比其他公司高出15％。四月份的研究还显示，ShopPay是互联网上转化率最高的加速结账方式。数据显示，即使买家不使用ShopPay，仅仅其存在也可以提高5％的下部漏斗转化率。而当使用ShopPay时，与访客结账方式相比，转化率可以提高50％。由于我们的加速结账方式的表现优于其他主要竞争对手近10％，现在不加入Shopify将是竞争劣势。尽管我们的加速结账方式已经非常强大，但我们知道每一秒钟都很重要。这就是为什么我们推出了使用Shop登录。这使客户可以使用他们的Shop账户登录商家的在线商店。通过使用Shop登录，购物者可以访问他们的客户账户，通过预填充的付款和地址详情快速结账，并解锁自动应用于结账的折扣代码。通过降低摩擦，更快地访问付款详情，Shop登录使互联网上转化率最高的结账方式更加完善。

Shopping behavior continues to shift to mobile, with over 70 percent of online checkouts happening on phones and other small screen devices in Q2. With this shift, we've seen major brands like Thrive Cosmetics, Vessi, and Todd Snyder launch custom shop storefronts to optimize this shift, and we can expect even more brands to follow. Not only because the Shop app offers an immediate out-of-the-box mobile storefront, but also because they can tap in the rapidly growing audience of buyers to reach and retain new customers. For the quarter, Shop Pay facilitated $11 billion in GMV. That's up 37 percent year over year, and cumulatively $98 billion since it's launched in 2017. As of today, we have now surpassed $100 billion in cumulative dollars through Shop Pay, which is an incredible milestone for the company.

购物行为持续转向移动端，其中在第二季度有超过70％的在线结账操作发生在手机和其他小屏设备上。随着这种转变，我们看到像Thrive Cosmetics、Vessi和Todd Snyder这样的大品牌推出了定制商店门面，以优化这一转变，我们可以预见到更多的品牌将会效仿。不仅因为Shop应用程序提供了一个即时的移动端商店，还因为它们可以利用日益增长的购买者受众来吸引和保留新客户。在这个季度，Shop Pay为总交易货值（GMV）提供了110亿美元。这比去年同期增长了37％，自2017年推出以来累计达到980亿美元。截至今天，Shop Pay通过累计交易额已经超过了1000亿美元，这对于公司来说是一个令人难以置信的里程碑。

Moving on to going global. Our international solutions make it easier for our merchants to take their business to any customer around the world, and we continue to invest in helping merchants of all sizes start and scale their global business, all from within their Shopify admin. During the quarter, approximately 15 percent of total GMV were cross-border sales, supported by the continued adoption of our markets and markets pro-offering. In the Amir region, the rate of new merchant growth continues to surpass that of North America, contributing to the strong growth we witnessed in Europe in the quarter. This was led by Germany, France, Spain, and Italy, all of which experienced GMV growth exceeding 40 percent. With our markets pro-offering, which is still in early access and slated for a rollout later this year, we make it easy to expand our merchant's business to over 150 markets, all within a single view in the Shopify admin. We are simplifying the onboarding experience, expanding shipping support, and enabling Shop Pay to all international purchases to continue to enhance the product even further. As a result, more and more merchants across all sizes from SMB to Plus are adopting it, and we are excited to bring it to all our US merchants later this year.

我们开始走向全球化。我们的国际解决方案使我们的商家能够更轻松地将他们的业务拓展到世界上的任何客户，并且我们继续投资于帮助商家在Shopify管理员内启动和扩大他们的全球业务，不论规模大小。在本季度，约15％的总GMV来自跨境销售，受到我们继续推广的市场和市场专业提供的支持。在阿米尔地区，新商家增长率仍然超过北美，为本季度我们在欧洲实现了强劲增长做出了贡献。其中，德国、法国、西班牙和意大利的GMV增长均超过40％。通过我们的市场专业提供，目前仍处于初级访问阶段并计划在今年晚些时候推出，我们可以方便地将商家的业务扩展到150多个市场，在Shopify管理员界面上一站式查看。我们正在简化入门体验，扩大运输支持，并允许所有国际购买使用Shop Pay，以进一步提升产品。因此，越来越多规模从中小企业到Plus的商家都在使用它，我们非常兴奋地计划在今年晚些时候向所有美国商家推出。

On top of that, we continue to upgrade capabilities that give merchants more control when selling internationally. Merchants can now effortlessly tailor different experiences and product experiments for various markets. So, an apparel merchant like Viori can promote a summer collection in the US and a winter collection in Australia at the same time, all from their online store.

除此之外，我们还在不断升级技术，使商家在国际销售时拥有更多的控制权。商家现在可以轻松地为不同市场量身定制不同的体验和产品试验。因此，例如服装商家Viori可以同时在他们的在线店铺中在美国推广夏季系列，在澳大利亚推广冬季系列。

Our work here includes features like smart order routing, multi-currency payouts, and market support for Shopify functions. These enhancements significantly benefit our merchants, making their global expansion goals more attainable, simpler to navigate, and more customized for each customer in every market that they penetrate.

我们在这里的工作包括智能订单路由、多币种支付以及对Shopify功能的市场支持。这些增强功能极大地有利于我们的商家，让他们的全球扩张目标更加可实现、更简单易行，并且可以根据每个市场的客户需求进行个性化定制。

In closing, Shopify is rapidly strengthening its position as the leading enabler of global commerce and entrepreneurship. We have successfully established and expanded our unified commerce platform that has continuously gained the trust of our merchants, attracted new merchants, sped up our momentum, and broadened our market presence. The new shape of Shopify is enabling us to make faster decisions, flex with the rapid pace of technology, and deliver innovative solutions that increase our merchants' odds of success. And what's most exciting is that even after 17 years and all the changes we have made recently, we know that the opportunities for Shopify are only grilling.

最后，Shopify正在迅速巩固其作为全球商业和创业的领先推动者的地位。我们成功建立并扩大了我们的统一商业平台，不断赢得商家的信任，吸引新的商家，并加快了我们的发展势头，扩大了我们的市场影响力。Shopify的新形象使我们能够更快地做出决策，适应技术的快速发展，并提供创新解决方案，提高商家成功的几率。最令人兴奋的是，即使经过17年的发展和最近的所有变化，我们知道Shopify的机会仍然非常巨大。

Whether that's online or in person, SMB or enterprise, direct to consumer or wholesale, domestic or global. We are positioning ourselves to capture it all by innovating, pushing boundaries, and leaning even deeper into our mission to make commerce simpler, easier, more democratized, more participatory, and more common. And with that, let me turn the call over to Jeff.

无论是在线还是面对面、小型企业或大企业、直销还是批发、国内还是国际，我们都定位自己要通过创新、突破界限，并更深入地履行我们的使命，使商业变得更简单、更容易、更民主、更参与型、更普遍。现在，我将把话筒交给杰夫。

Excellent. Thanks, Harley. We had another quarter of strong financial results. We are shipping products faster, growing our merchant base, expanding around the world, and improving our profitability. All of these factors contribute to our flywheel and ensure that we continue to build the best product in the world to make commerce better for everyone.

太棒了。谢谢，哈雷。我们再次取得了强劲的财务业绩。我们正在更快地发货，不断扩大商家数量，拓展全球市场，并提高我们的盈利能力。所有这些因素都为我们的良性循环作出了贡献，并确保我们继续打造世界上最好的产品，让每个人的商业活动变得更好。

Let's dive into our Q2 results starting with GMB. GMB and Q2 was 55 billion, up 17% year over year, as merchants delivered another strong quarter of growth. We achieved this GMB strength primarily through growth in our merchant base globally, with such being the largest driver of GMB outperformance this quarter, continued resilience of our merchant's consumers, with strength in Europe being particularly notable, not only in terms of the durable same-store sales strength of our existing European merchant base, but even more so on the new merchant acquisition front. And same-store sales growth for our existing merchants.

让我们开始深入探讨我们的季度业绩，首先是总商业成交规模（GMB）。GMB和Q2的业绩为550亿美元，同比增长17%，商家再次实现了强劲增长。我们主要通过全球商家基础的增长实现了GMB的强势表现，这是本季度GMB表现优异的最大推动力，我们的商家消费者的持续强劲也是其中的主要原因，特别值得注意的是欧洲地区的实力，不仅在我们现有欧洲商家基础上保持了持久的同店销售增长，而且在新商家获取方面更加出色。此外，我们现有的商家的同店销售增长也表现出良好的态势。

Revenue for the second quarter was 1.7 billion, up 31% year over year. Key contributors to our revenue growth included, the GMB strength just discussed, the growth in our merchant solutions business, which was itself driven by a combination of increased penetration of payments and continued growth across a broad number of solutions, including capital and installments. Growth in subscription solutions from adding more merchants, two months of contribution of the liver revenue, which contributed approximately three points of the 31 points of growth in the quarter, and subscription pricing changes.

第二季度的收入为17亿美元，同比增长31%。我们收入增长的关键因素包括刚才讨论的GMB实力，我们的商家解决方案业务的增长，这本身是由于支付方式渗透增加和多种解决方案持续增长的组合驱动的，包括资本和分期付款。通过增加更多商家，订阅解决方案的增长来自于肝收入的两个月贡献，这在本季度的增长中贡献了大约31个百分点中的3个百分点，以及订阅定价的变化。

Revenue in the second quarter outperformed our expectations primarily driven by two things, stronger adoption of higher attach rates across our merchant solutions product suite, including payments penetration and capital, and more robust merchant retention after our recent pricing change. Our product to attach rate, which is defined as revenue divided by GMB, is a key performance indicator of our business and our ability to generate greater value for our merchants. Merchants continue to buy more and more solutions from us, which speaks to both the traction of new products and the trust that merchants put in us. In Q2, our attach rate was 3.08%, or 3.01%, excluding deliver.

第二季度的收入超出了我们的预期，主要是由于两个原因，即商户解决方案产品套件的更高采用率，包括支付渗透率和资本，以及我们最近的定价变动后更强大的商户保留力。我们的产品与交易总额相关的比率被定义为收入与 GMB 的比率，这是我们业务的关键绩效指标，以及我们为商户创造更大价值的能力。商户继续从我们这里购买越来越多的解决方案，这既展示了新产品的吸引力，也表明了商户对我们的信任。在第二季度，我们的附加率为3.08%，或3.01%，不包括提供交付。

Continued gains in GPV were the largest contributor to year over year growth in our attach rate, along with growth in Shopify Capital, and gains in newer products, including markets, installments, and our tax product. Moving to our revenue streams, starting with merchant solutions. Q2, merchant solutions revenue was 1.3 billion, increasing 35% year over year, with nearly half the increase due to the growth in GMB. Additionally, growth was driven by continued penetration of Shopify payments, the partial quarter of contribution from deliver, and strengthened some of our other solutions, particularly Shopify Capital, markets, and installments.

过去一年，我们新增率增长的最大贡献者是GPV的持续增长，同时还包括Shopify Capital的增长，以及市场、分期付款和税务产品等新产品的增长。在我们的收入来源方面，首先是商家解决方案。第二季度，商家解决方案的收入为13亿美元，同比增长35%，其中将近一半的增长是由于GMB的增长。此外，增长是由Shopify支付的持续渗透、Deliver的部分季度贡献以及我们其他解决方案的加强（特别是Shopify Capital、市场和分期付款）所推动的。

31.7 billion of GMB was processed on Shopify payments in the second quarter, 27% higher than in the second quarter of 2022. The penetration rate of Shopify payments as a percentage of GMB was 58%, compared to 56% in Q1 of 2023. Several factors drove the quarter's higher gross payments volume, compared to the prior year, including the strong performance by those merchants utilizing Shopify payments, an increasing percentage of which are Shopify Plus, new merchant adoption across the globe, greater penetration of Shop pay, and continued growth of our integrated point of sale solution in physical retail stores.

在第二季度，Shopify支付处理了317亿美元的GMB，比2022年第二季度增长了27%。作为GMB的百分比，Shopify支付的渗透率为58%，而2023年第一季度为56%。与去年同期相比，本季度的总支付金额增长的原因有几个因素，包括使用Shopify支付的商家表现强劲，其中越来越多的商家采用了Shopify Plus，全球范围内新商家的采纳增加，Shop Pay的渗透率提高，以及我们的综合零售店面销售解决方案的持续增长。

Subscription solutions revenue was 444 million, up 21% over Q2 of 2022, primarily due to the growth in the number of merchants on both our standard and Plus plans. The increase was also driven by the price increases for the existing merchants on our standard pricing plans that went into effect in late April and growth in our variable platform fees. Q2, MRR, was 139 million, up 30% year over year. The pricing change was the largest contributor of growth in absolute dollars in the quarter. We saw year over year and quarter over quarter growth in MRR across each of standard, Plus, and point of sale. All three segments are performing well. Our Plus merchants, as a percentage of total MRR, decreased to 29% from 31% in Q2 of last year, but that decrease was simply a function of the growth in our standard MRR from the pricing change.

订阅解决方案收入为4.44亿美元，较2022年第二季度增长21％，主要是由于我们标准和Plus计划上商家数量的增长。另外，我们标准定价计划现有商户的价格增加以及可变平台费用的增长也推动了收入的增长。第二季度的每月再生收入（MRR）为1.39亿美元，同比增长30％。定价变更是季度内绝对美元增长的最大贡献者。我们的标准、Plus和销售点MRR都同比和环比增长。这三个部门的表现都很好。我们的Plus商户在总MRR中的比例由去年第二季度的31％降至29％，但这个下降仅仅是我们标准MRR增长的结果。

Let's talk a little bit more about the pricing changes that went into effect for our existing merchants at the end of April. Merchants spoke loud and clear regarding their trust in the unmatched value that Shopify provides through our unified commerce platform. We are seeing our merchants continue to remain on the platform rather than using the price change to move off platform and largely remain on monthly plans versus moving to annual. For Shopify, it provides us with more gross profit dollars to invest back into the business balanced with improved profitability. For the rest of the year, we expect these pricing changes to continue to benefit our subscription solutions business and MRR.

让我们再谈谈四月底针对我们现有商家生效的价格调整。商家们明确表示了他们对Shopify通过我们统一的商业平台提供的无可比拟价值的信任。我们看到我们的商家继续留在平台上，而不是利用价格变动离开平台，他们主要仍然选择月度计划而不是转向年度计划。对于Shopify来说，这为我们提供了更多的毛利润用于投资业务，同时也改善了盈利能力。今年剩下的时间，我们预计这些价格调整将继续为我们的订阅解决方案业务和月度重复收入(MRR)带来好处。

Moving to gross profit. Gross profit was 835 million for the quarter, up 27% year over year. Gross margin for subscription solutions was 80.9% compared to 76.7% in Q2 of 2022. Our subscription solutions gross margin increase was driven primarily from hosting and support efficiencies with pricing changes also having a positive impact. Gross margin for merchant solutions was 38.1% compared to 40.3% in Q2 of 2022. Our merchant solutions gross margin was primarily affected by the dilutive impact of deliver. Excluding deliver, our merchant solutions gross margin was essentially flat year over year. As the same factors we experienced in the first quarter, including growth of our lower margin Shopify payments business, we're offset by growth in other higher margin merchant solutions, including capital, installments and effects revenue. This brings our overall Q2 gross margin to 49.3% compared to 50.7% in the prior year. Excluding the dilutive impact of deliver, gross margin in Q2 increased year over year, driven by our higher margin subscription solution business.

转向毛利。本季度的毛利为8.35亿美元，同比增长27%。订阅解决方案的毛利率为80.9%，相比2022年第二季度的76.7%有所提高。我们订阅解决方案的毛利率提高主要是由于托管和支持效率的提高，价格变动也对此产生了积极影响。商户解决方案的毛利率为38.1%，相比2022年第二季度的40.3%有所下降。我们的商户解决方案的毛利率主要受到Deliver的净利润冲击的影响。除去Deliver的影响，我们商户解决方案的毛利率与去年基本持平。与第一季度相同的因素，包括低毛利率的Shopify支付业务的增长，被其他较高毛利率的商户解决方案的增长所抵消，包括资本、分期付款和效果营收。这使得我们第二季度整体毛利率为49.3%，相比去年的50.7%有所下降。除去Deliver的净利润冲击，第二季度的毛利率同比增长，主要是由于我们高毛利率的订阅解决方案业务的增长驱动。

Operating expenses on a gap basis were 2.5 billion for the quarter, which includes 1.7 billion in one time charges, comprised of 1.3 billion on the impairment on the sale of our logistics businesses, 165 million in accelerated stock based compensation, also pertaining to the sale of our logistics businesses, and 148 million related to severance. When you exclude these items, our Q2 operating expenses were 818 million down from 846 million in Q2 2022. The decline year over year was driven largely by lower marketing expenses this past quarter, as we maintained strict discipline around returns on marketing spend. Moreover, the 818 million is a sequential quarterly decline of 10% compared to Q1 2023 operating expenses of 910 million, all while revenues were up 12% sequentially Q1 to Q2. We have reset the bar for the scale that we can deliver off of a more consistent operating expense base. This sequentially lower expenses are primarily a result of Q2 having only one month of the higher headcount, and two months of the expenses from the logistics businesses.

本季度的营运费用按照公布（GAAP）标准为25亿美元，其中包括17亿美元的一次性费用，其中13亿美元用于销售物流业务的减值，1.65亿美元用于加速发放的股权补偿，同样与销售物流业务有关，以及1.48亿美元用于解雇费用。除去这些项目后，我们的第二季度营运费用为8.18亿美元，较2022年第二季度的8.46亿美元有所降低。这一年度下降主要是由于上一季度的市场费用较低，因为我们在营销支出回报上保持了严格的纪律。此外，与2023年第一季度的9.1亿美元相比，8.18亿美元是连续季度下降的，下降了10%，而收入从第一季度到第二季度连续增长了12%。我们已经为从更稳定的营运费用基础上实现的规模重新设定了目标。这种连续降低的费用主要是由于第二季度只有一个月的较高员工数和两个月来自物流业务的费用所致。

Operating loss was 1.6 billion, which includes a 1.7 billion for impairment, SBC acceleration, and severance that I just mentioned. Excluding these charges, operating income was positive for the quarter compared to a loss of 190 million in Q2 of 2022.

营业亏损为16亿美元，其中包括我刚提到的17亿美元的减值、加速股权补偿(SBC)和解雇费用。不计入这些费用，本季度的营业收入为正值，相比之下，2022年第二季度亏损了1.9亿美元。

Stock based compensation for Q2 was 280 million, or 115 million excluding the 165 million for the SBC acceleration related to the sale of our logistics businesses. This compares to 139 million for the same period a year ago, primarily driven by the lower headcount. Adjusted operating income for the quarter was 146 million.

Q2的基于股票的补偿为2.8亿美元，如果不计入与我们物流业务出售相关的1.65亿美元的SBC加速度，这一数额为1.15亿美元。与去年同期的1.39亿美元相比，主要是由于人员减少所致。本季度调整后的营业利润为1.46亿美元。

Capital expenditures were 21 million for the quarter. We have now delivered three consecutive quarters of free cash flow, delivering Q2 free cash flow of 97 million, or 6% of revenue.

本季度资本支出为2100万美元。我们现在已经连续三个季度实现了自由现金流，第二季度的自由现金流为9700万美元，占收入的6%。

Turning to the balance sheet, our cash and marketable securities balance was 4.8 billion as of June 30th, and we had a net cash position of 3.9 billion after consideration of the outstanding convertible notes.

转向资产负债表，截至6月30日，我们的现金和可流通证券余额为48亿美元，考虑到未偿可转换票据后，我们的净现金为39亿美元。

Before moving to our Q3 outlook, some comments regarding the completed sale of our logistics businesses and what it means for us as we look ahead to the back half of 2023. We are now approximately two months post-a closing of the transaction. We continue to work closely with Flexport and the integration in order to make it easier for our merchants to access fast and reliable, logistic solutions. While we are still working through the terms of the commercial agreement, we are pleased with how the transition has gone thus far, and are excited to be a part of Flexport's mission moving forward.

在我们讨论第三季度展望之前，我想先谈一下我们物流业务的出售已经完成，以及对我们未来2023年下半年的影响。离交易结束已经大约两个月了。我们仍在与Flexport密切合作，进行整合，以便让我们的商家更轻松地获取快速可靠的物流解决方案。虽然我们仍在商业协议的条款中进行讨论，但我们对过渡的顺利进行感到满意，并且对参与Flexport的使命感到兴奋。

Let's take a moment to discuss how the sale of the logistics businesses will impact our financials in terms of comparability for the third quarter. We expect a headwind of approximately 300 to 400 basis points of revenue growth in Q3 related to the lapping of our logistics businesses. This results in approximately 300 to 400 basis points of tailwind to our gross margin rate compared to Q3 of last year.

让我们花点时间讨论一下物流业务的出售将如何影响我们在第三季度的财务情况，特别是在可比性方面。我们预计在第三季度，与我们的物流业务相比，收入增长将受到约300到400个基点的阻力。这将导致我们的毛利率与去年第三季度相比，出现约300到400个基点的顺势提升。

With that in mind, our expectations for the third quarter are as follows. First on revenue, we expect our third quarter revenue to grow at a low 20s percentage rate year over year, which translates into a year over year growth rate in the mid 20s when you adjust for the 300 to 400 basis points headwind from the sale of our logistics businesses. We anticipate pricing changes along with adoption of our merchant solutions products led by payments will continue to drive our strong top line growth.

考虑到这一点，我们对第三季度的预期如下。首先，在收入方面，我们预计三季度的收入同比增长低20%，当你考虑到我们物流业务出售所带来的300到400个基点的阻力时，这意味着同比增长率在中20%。我们预计价格变动以及我们的商家解决方案产品（以支付为主导）的采用将继续推动我们强劲的营收增长。

Q3 gross margin percentage is expected to be approximately 2 to 3 percentage points higher than our Q2 2023 gross margin of 49.3%, driven by a full quarter of benefit from the sale of our logistics businesses and a full quarter of benefit from the pricing changes. We believe that our Q3 operating expenses will be flat to up slightly compared to our Q2 operating expense dollars of 818 million when excluding one time items from Q2 lower headcount and the removal of the logistics operating expenses are expected to be counterbalanced by targeted increased investments in marketing and the impact of our standard employee compensation review cycle starting with marketing.

预计Q3毛利率将比我们2023年Q2的毛利率49.3%高出2到3个百分点，这是由于我们的物流业务销售所带来的一个完整季度的好处以及价格调整所带来的一个完整季度的好处。我们相信，与Q2的运营费用8.18亿美元相比，我们的Q3运营费用将保持稳定或略有上升，但需排除Q2个别因素带来的人数减少和物流运营费用的删除，这些费用将会被有针对性的增加市场营销投资以及我们标准的员工薪酬评估周期和市场营销相关的影响所抵消。

I mentioned earlier in my remarks regarding the Q2 results that lower marketing spend was a leading cause for the year over year Q2 op X decrease. Over the past few quarters, we have done a lot of work analyzing our return on marketing dollars, including tightening payback periods, assessing where our marketing dollars are having the most impact, automating where possible and reducing our spend. This work has also highlighted some areas where we think we should invest more based on the strong paybacks we are seeing and the opportunity to support the success and momentum in our business.

在我关于Q2结果的讲话中，我提到降低营销支出是导致年度Q2 OP X 下降的主要原因之一。在过去几个季度，我们做了大量的工作，分析了我们的营销资金回报率，包括缩短回收期、评估我们的营销资金产生最大影响力的领域、在可行的情况下进行自动化和降低支出。这项工作还突出了一些我们认为应该增加投资的领域，因为我们看到了强劲的回报以及在支持我们企业的成功和势头方面的机会。

In Q3, we expect to increase marketing spending in two areas in particular where we historically spent limited amounts and where we are seeing strong returns, point of sale and offline marketing. For point of sale, Harley talked through the strength in that business and we plan to lean in further. Regarding offline marketing, we have utilized offline marketing in North America and now see an opportunity to replicate that playbook in Europe, which as I mentioned this year has been a source of GMB strength for us.

在第三季度，我们预计在两个特定领域增加营销支出，这些领域在历史上的支出有限，但我们正在看到强劲的回报，即销售点和线下营销。对于销售点，哈雷（Harley）已经谈到了该业务的实力，我们计划进一步加大投入。关于线下营销，我们已经在北美利用了线下营销，现在我们看到在欧洲复制该战略的机会，正如我之前提到的，今年欧洲对我们的总毛利表现很强劲。

Next, talent and compensation. We just went through a compensation review cycle, as it had been almost a year since we lasted that process, specifically not since the flex comp rollout last September, and we will see some compensation increases for existing employees in Q3 as a result of that comp review. That said, we will continue to be extremely disciplined regarding our approach to talent and compensation.

接下来我们谈谈人才和薪酬问题。我们刚刚完成了一轮薪酬审核周期，因为距离我们上次进行这个过程已经将近一年了，具体来说是自去年九月份灵活薪酬方案推出以来。由于这次薪酬审核，我们将在第三季度为现有员工进行一些薪酬调整。然而，就人才和薪酬问题而言，我们将继续保持非常严格的纪律性。

Q2 excluding one time items, achieve significant operating expense savings, largely driven by the quarter, including only one month of the higher headcount. Therefore, Q2's results already reflect approximately two thirds of the impact to our op X space. As a reminder, the 818 million in Q2 op X, excluding one time items, is a sequential quarterly decline of 10% compared to Q1, all while revenues were up 12% sequentially Q1 to Q2. While we expect Q3 operating expense dollars to be flat to slightly higher than Q2, our Q3 operating expenses on an absolute dollars basis are expected to be lower than Q1 of this year, and each of Q2, Q3 and Q4 of last year, excluding any one time items in those quarters, demonstrating our commitment to driving increased productivity and efficiency across our teams with a disciplined approach to our spending.

不包括一次性项目，在Q2取得了显著的营业费用节省，这主要是由季度驱动的，其中只包括一个月较高的人数。因此，Q2的结果已经反映了我们运营性支出的大约三分之二的影响。提醒一下，Q2的运营性支出（不包括一次性项目）同比Q1下降了10%，而收入在Q1到Q2的同比上升了12%。虽然我们预计Q3的运营费用会与Q2持平或略高，但我们预计Q3的绝对运营费用将低于今年Q1以及去年的Q2、Q3和Q4，不包括这些季度的任何一次性项目，这表明我们致力于以有纪律的方式提高团队的工作效率和生产力。

Moreover, the flat to slight increase in Q3 operating expenses relative to Q2 should be kept in context with the continued growth in revenue scale. Moving to stock-based compensation, SBC is expected to be approximately 110 million in Q3. We now expect capital expenditures to be approximately 45 million for all of 2023, which includes 33 million that we incurred related to logistics in the first two quarters of the year. This reduction in capital expenditures expectation versus our previous outlook is driven by changes in our expectations related to leasehold improvements for some of our office spaces. Some due to timing and some due to a reduction in total planned spend. Just as with OPEX, we continue to be diligent in our spend as we look to drive strong free cash flow.

此外，第三季度运营费用相对于第二季度的轻微增加应该与收入规模的持续增长相结合来考虑。关于股权激励方面，预计第三季度的股权激励将约为1.1亿美元。我们现在预计2023年的资本支出将约为4500万美元，其中包括今年前两个季度与物流相关的3300万美元支出。与我们之前的预期相比，资本支出的这种减少是由于我们对一些办公空间的租赁改善预期的变化所致，部分是由于时间上的原因，部分是由于总体计划支出的减少。就像运营费用一样，我们在控制支出方面持续谨慎，以实现强劲的自由现金流。

Finally, we expect free cash flow for Q3 to be higher than the entire first half of the year. In closing, Shopify is moving quickly to capitalize on the momentum we are seeing across our business. Our pace of new product introduction remains excellent. We highlighted some of the additions from additions, including sidekick, Shopify Magic, Collective, and the extended functionality of checkout, among others. We talked about how we continued to see success in our point of sale business and how we continue to enhance that solution in order to allow merchants to offer in-store shoppers the same flexibility that we offer online with the integration of shop pay installments as the latest manifestation of that. We are constantly evolving to meet the change in needs of our customers, expanding our solutions across channels like B2B and point of sale, while making it easier and faster for our merchants to make a sale with our accelerated checkout and login with shop features. The top line growth of our business remains very strong. Our focus on operating expenses remains unwavering, and our free cash flow generation continues to strengthen, now with three consecutive quarters of positive free cash flow. As we lean into the new shape of Shopify, we believe that we will be able to execute with even greater speed and agility on a much larger scale and deliver a business model that achieves a compelling combination of growth, operating leverage, and free cash flow generation.

最后，我们预计第三季度的自由现金流将超过整个上半年。总之，Shopify正在迅速利用我们在业务上看到的势头。我们不断推出新产品的速度仍然很快。我们强调了一些新增的功能，包括Sidekick、Shopify Magic、Collective以及扩展的结账功能等。我们谈到了如何在销售点业务中取得了成功，并如何继续改进该解决方案，以便让商家能够为实体店的顾客提供与在线购物同样的灵活性，其中最新的体现就是与Shop Pay分期付款的整合。我们不断发展以满足客户需求的变化，在B2B和销售点等渠道扩展我们的解决方案，同时通过加速结账和Shop登录等功能使商家更轻松、更快速地完成销售。我们业务的营收增长仍然非常强劲。我们对运营成本的关注始终如一，我们的自由现金流继续增强，现在已连续三个季度获得正面的自由现金流。随着我们借助新的Shopify形态，我们相信我们将能够在更大的规模上以更快的速度和敏捷度执行，并实现增长、运营杠杆和自由现金流生成的有力组合的商业模式。

With that, I'll now turn the call back over to Carrie for your questions. We will now open the call for your questions. Please use the raise hand feature and zoom to ask your question. If you are dialing in by phone, you will need to press star nine to join the queue and star six to unmute yourself. We ask that you limit yourself to one question, so we can try to get to as many questions as possible.

随着这个，我现在将电话转回给 Carrie，准备接听你的问题。现在我们开始接受大家提问。请使用放手举起的功能和 zoom 来提问。如果你通过电话拨入，请按*9加入队列，按*6取消静音。我们请求每个人限制一个问题，这样我们可以尽可能回答更多的问题。

Our first question comes from Richard Sue at National Bank. Yes, thank you, you know, in light of the recent pricing changes that have been quite successful. How do you think about extracting increasing value from your customers as you add meaningful features like Shopify magic going forward. Hey, there, it's hard to take that question. Look, in terms of the pricing increase. That was, you know, that increase we did a couple months ago that was the first increase we've done in a very long time and we saw that merchants were absolutely willing to pay for it, which I think evidence is that the value to cost ratio of Shopify. The product is very much on the side of value. So certainly there is opportunities for us to continuously review our pricing and figure out where the right pricing is and we will continue to do that.

我们的第一个问题来自国家银行的Richard Sue。谢谢，你知道，在最近的定价改变非常成功之后，您对如何在未来增加有意义的功能（比如Shopify magic）的同时提取更多客户价值有何看法？嘿，这个问题很难回答。就定价调整而言，那是我们几个月前做的第一次调整，在很长时间内都没有进行过调整，我们发现商户完全愿意为此付费，这证明了Shopify的价值与成本比例非常合理。所以我们肯定有机会不断审查我们的定价，找到合适的定价，我们会继续这样做。

But in terms of, you know, features like magic and sidekick, which are really excited about. Remember when our merchants do better Shopify does better that's the, that is the business model. And so the more they can sell the faster they can grow. And that's the best way to share on that upside. But the other part that we talked about on the in the prepared remarks that I just worthwhile mentioning again is that product attach rate. The fact that we're still, that we're growing that there were still above 3% which which is, you know, which is really high. It means that as we introduce new products new merchant solutions, whether it's payment solutions shipping things like audiences. And we're not saying, you know, anything like collabs collective, more of our merchants are taking more of our solutions, and that is very important because it means that Shopify is becoming the most important piece of software that that the millions of merchants on the platform use. And we were happy to see that merchants felt that the additional increase in price was still really good value for the product. And that's a good question.

但就magic和Sidekick之类的功能而言，我们对此感到非常兴奋。记住，当我们的商家做得更好时，Shopify也会做得更好，这就是商业模式。因此，他们能卖得越多，增长得就越快。这是分享增长的最佳方式。但是，我们在准备的发言中提到的另一个方面也值得再提一下，那就是产品附加率。事实上，我们的增长仍然保持在3%以上，这是非常高的水平。这意味着随着我们推出新产品和新的商家解决方案，无论是支付解决方案、物流等等，我们不断地推出更多的解决方案，这非常重要，因为这意味着Shopify正在成为平台上数百万商家使用的最重要的软件。我们很高兴看到商家们觉得产品的价格增加仍然物有所值。这是一个很好的问题。

Our next question comes from Gabriella Borges golden sex. Good afternoon. Thank you. I wanted to follow up on how you're thinking about the long term margin profile of this business, given your comments on the three positive quarters of free cash flow and the extra logistics. So we'd love to hear your thoughts. What sort of free cash flow or even to margin profile. Do you think Shopify can support long term. Thank you. Thank you. Thank you. Thank you. Thank you. So, I'd love to give you more clarity and what the long term margin looks like, but I think is you look at key three that's a pretty good snapshot for what the future looks like based on the removal logistics. Thank you for your question.

我们的下一个问题来自Gabriella Borges gold sex。下午好。谢谢你。我想追问一下你对这个业务的长期利润率如何考虑，考虑到你对三个季度的自由现金流和额外物流的评论。所以我们想听听你的想法。你认为Shopify能够支持多少自由现金流或甚至利润率的长期情况。谢谢。谢谢。谢谢。谢谢。所以，我很想给你更多关于长期利润率的明确信息，但我认为从移除物流的角度来看，第三季度就是一个很好的未来展望。感谢你的问题。

Our next question comes from Keith Weiss at morning Stanley. Thank you for taking the question and a really nice quarter. You guys have a broad solution portfolio already but the fulfillment business was a big initiative for you guys and definitely a big part I think of investors models on my how take great expands over time. So, I think that's a great example of the place of what we had in our model fulfillment or is it just just fundamentally a new type of growth profile and your for business. Hey Keith, thank you for the kind words and good to hear from you. Look, part of the, the model of Shopify is that to get as many merchants using our product as possible whether they're small merchants or they're large merchants like Mattel Mars black and decker staples glossier. And now meta using the product.

我们的下一个问题来自摩根士丹利的Keith Weiss。谢谢您回答这个问题，还有一个非常不错的季度。您们已经有一个广泛的解决方案组合，但履约业务对您们来说是一个重大举措，肯定也是投资者模型中一个重要的部分，展示了您们如何不断扩张。所以，我认为这是一个很好的例子，说明了履约业务在我们模型中的位置，或者说，它是否只是一个全新的增长模式，对您的业务有何影响。 嗨，Keith，谢谢您的赞美，很高兴收到您的来信。看吧，Shopify的模式之一是让尽可能多的商家使用我们的产品，不论是小商家还是像玛特玛斯、百得、史泰博、格罗瑟等大商家。现在连元互联也在使用我们的产品。

The key though is that if we want to qualify and re qualify to be the central nervous system of their business, we have to ensure that whatever issue they have when it comes to commerce and retail, we can serve them. So for example, you know we talked a little bit about collabs and and and what we're doing there this idea that we can actually match incredible audience, you know, content creators and massive audiences with incredible brands. So, we're going to be for every merchant or every content creator, but the ones that it is for will use it with great efficacy. Things like audiences, for example, we talked about audiences 2.0, which which in some cases are showing a 50% lift in in row as again not every merchant is always going to use every single merchant solution.

然而，关键在于，如果我们想要符合资格并重新符合业务的中枢神经系统的要求，我们必须确保无论涉及商业和零售方面的任何问题，我们都能为他们提供服务。例如，我们稍微谈到了合作和我们在那方面的做法，即我们可以将令人难以置信的观众、内容创作者和大量观众与令人难以置信的品牌相匹配的想法。因此，我们不会适用于每个商家或每个内容创作者，但适用的商家将会非常高效地使用它。例如，就像我们谈到的观众2.0一样，在某些情况下，它们显示出50%的销售额提升，再次提醒并不是每个商家都会始终使用每一个商家解决方案。

But as we build more and more what it means is that we can we can help them with a larger piece of their business and that is really what we're focused on. So, that's some of the new things from the new areas we're going into for example B to be, which historically we really focus on the direct to consumer point.

随着我们的业务不断扩大，意味着我们能够帮助客户更多方面的业务，这正是我们所关注的。所以，这些是我们进入的一些新领域，例如企业对企业（B2B），而我们过去主要关注面向消费者的直接销售。

We know that there's pent up demand to use shop by for B to be and so you're seeing us introduce new things like collective, for example, there's about 45 new features that have come out around just B to be by itself in the last 12 months. So again, there's not going to be one particular merchant solution that you know that every merchant is going to use I mean obviously shop by payments is, is one of those because everyone needs to accept payments. And so, I think it really is to ensure that we fix merchant pain and give them this incredibly scalable product, no matter what they want to achieve on the platform. Thanks Keith.

我们知道，人们渴望使用B到B的购物方式，因此我们正在推出新的功能，比如集购功能，仅在过去12个月里就出现了大约45种新功能，专注于B到B购物。所以，不会有一个特定的商户解决方案被所有商家使用，明显地Shop Pay支付是其中之一，因为每个商家都需要接受支付。因此，我认为我们的目标是确保解决商户的困扰，并给予他们一个非常可扩展的产品，无论他们在平台上想要实现什么目标。谢谢，Keith。

Our next question comes from Mark Zugotowicz, the benchmark company. Thank you, Carrie. Just a follow up on the flex board. Jeff, I know you said you haven't yet signed the commercial agreement but maybe just two related questions one, you talk about the integration of deliver with flex board right now and how much of your holiday GMV will be supported by flex board capacity. And at a very high level. What is it safe to say the considerations in terms of flex board economics are predominantly profit versus any type of revenue. Share, thanks.

我们的下一个问题来自Benchmark Company的Mark Zugotowicz。谢谢，Carrie。关于弹性板的一些后续问题。Jeff，我知道你说你还没有签署商业协议，但也许只是两个相关的问题：一，你现在谈到了将deliver与flex board整合，你的假日GMV有多少将由flex board容量支持？并且在一个非常高的层面上，可以说弹性板经济上的考虑主要是利润与任何类型的收益份额之间的对比。谢谢。

Yeah, thanks for your question. I think, firstly, as it relates to just the timing of the commercial agreement to your point. These are obviously agreements which involve a lot of data flows, co marketing, a bunch of other things just in terms of integration of the products. And I want to make sure that we, of course, get that right and get our merchants up and running. I don't have guidance for you in terms of what percentage of our holiday traffic will be going through deliver. So I wish I could give you that perspective. We obviously just don't have that yet at this point. But we're still very excited about the partnership. We think the world of that team over there. And I think that's a great thing to try and the founder for a long, long time. Dave was a great addition and that management team is really strong. So we think that's going to really assist our merchants and accelerate and what they're trying to do. So we're excited about it. I just don't have a snapshot for you in terms of holiday traffic and how much will be going through them. Thank you for your question.

是的，谢谢你的问题。我认为，首先，关于商业协议的时机，正如你所说，这些协议涉及到大量的数据流动、合作市场营销以及产品整合等等。我希望确保我们能够做到这一点，并使我们的商家能够顺利运营。至于我们假期流量的比例，我无法给出指导意见。我希望能够提供这方面的视角，但目前我们还没有相应的数据。但是，我们仍然对这个合作伙伴关系感到非常兴奋。我们非常看好那支团队，并且对他们的创始人一直持有很高的评价。戴夫的加入是一个非常好的补充，管理团队也非常强大。因此，我们相信这将真正帮助我们的商家加速发展，实现他们的目标。我们对此感到兴奋。只是关于假期流量和他们的比例，我暂时无法提供具体数据。谢谢你的问题。

Our next question comes from Andrew Boone at JMP securities. All right, thanks for taking my questions. I wanted to go back to Shopify magic and sidekick. Just ask about the near term vision for the products. What do you think is the easiest thing that gets solved and then what do you guys see is, is you guys involve your own data as well as relationships and knowledge. Where does this go over time. Thanks so much.

我们的下一个问题来自JMP证券的安德鲁·布恩。非常感谢您回答我的问题。我想回到Shopify的Magic和Sidekick产品上，请问一下这些产品在短期内的愿景是什么？您认为最容易解决的问题是什么，同时您们还将利用自己的数据、关系和知识，这些将在以后发展成什么方向？非常感谢。

Great question. Look, we're taking a very, very practical approach or comes to AI and we think that Shopify is uniquely positioned to harness the power of AI in order to unlock incredible capabilities that we think will help our merchants grow their business. Starting with Shopify magic. I mean, unlike other generative AI products. Shopify magic is specifically designed for commerce and it's not just embedded in one place. So, for example, the ability to generate blog posts instantaneously or write incredibly well, you know, high converting product descriptions or create highly contextualized content for your business. That is where we feel like AI really can play a big role here and making merchants lives better built on top of that of course is sidekick which Toby announced over video, but two weeks ago right before editions. And that really is the first of its kind, AI enabled the system again built for commerce and with sidekick you can do these incredible things like you can analyze sales and you can it ID on store design or you can even give instructions on how to run promotions. But when you think about these things altogether, ultimately what we're giving merchants is a better faster more creative way to build businesses. And I think that it's something that only Shopify can offer, and by embedding it across the entire product rather than simply one area of the product merchants are going to see this this this efficacy and the speed of building and scaling. And then Shopify, and again back to that business model, you know, comment I made a couple minutes ago when our merchants succeed we succeed and so we think that you know leveraging the power of AI to give every entrepreneur incredible superpowers is going to be really incredible and it's something we're very exciting about excited by. And you'll see more of that roll out in the next couple weeks.

非常好的问题。看，我们在AI方面采取了非常务实的方法，我们认为Shopify在利用AI的能力方面独具优势，以解锁令人难以置信的功能，这将有助于我们的商家发展业务。我们首先谈谈Shopify Magic。这个产品不同于其他生成式AI产品，它专为商业而设计，并不止局限于某个领域。例如，它能够即时生成博客文章，写出非常出色且能带来高转化率的产品描述，或者为您的业务创建高度相关的内容。这正是我们认为AI真正发挥作用的地方，而且在此基础上，我们还开发了Sidekick，正如Toby在视频中宣布的，并在两周前的版本发布会上展示。这是一个首创的AI系统，专为商业而构建，通过Sidekick，您可以进行一些令人难以置信的事情，比如分析销售情况，对店铺设计进行识别，甚至指导如何进行促销活动。当您将这些功能综合考虑时，我们实际上是给商家提供了一个更好、更快、更有创造力的建立业务的方法。我认为，这是只有Shopify能够提供的东西，通过将其嵌入到整个产品中，而不仅仅是产品的某个领域，商家将会看到这种效果和建立及扩展的速度。再次回到我们之前提到的商业模式，当我们的商家成功时，我们也会成功，因此我们认为利用AI的力量赋予每个企业家令人难以置信的超能力将是非常了不起的事情，这也是我们非常激动的事情。在接下来的几周，您将看到更多的推出。

Thank you. Our next question comes from Kevin Krishna Rodney at Scotia bank. Good evening, just just in the shop pay strength to think 11 billion of the 55 billion and GM V it just keeps tracking higher. How do we think about the opportunity there maybe thoughts on penetration of plus versus SMV and how much of the GM V can drive.

谢谢。下一个问题来自加拿大丰业银行的凯文·克里什纳·罗德尼。晚上好，这里只是简单地强调一下，55亿美元中有110亿美元来自商店支付，并且GMV继续增长。我们如何看待这个机会，可能对连锁店和小型企业的渗透率有何想法，以及GMV可以推动多少增长。

Thanks for the question, Andrew, after the court I've been shop a facilitated about 11 billion dollars of GM V that's up 37% year on year. And now, as of today we've passed 100 billion dollars and $1 billion, which is an incredible milestone for the company. But the most important part of it is that it is the highest converting accelerated checkout on the Internet. It's also the most popular accelerated checkout on Shopify. And so, and so actually a study that we recently did with a big three consulting firm shows that the mere presence of showing shop pay adds a 5% boost in terms of funnel conversion. And when it is used, the conversion can be as much as 50% versus guest checkout. So it is, it is something that a lot of merchants want and that is not necessarily just small merchants. And it's also very large merchants, large brands want that. One of the reasons that we think Shopify Commerce components are so important is because it allows us if a large brand that's not that's not ready to migrate entirely over to Shopify, but wants to begin a business relationship with us, things like check out as a commerce component is a great way for us to do so. But again, this incredible, this incredible way to check out for consumers around the world is only available on Shopify, which means that if you want to be able to offer that to your consumer, we have to be on our blood for.

感谢你的提问，安德鲁。在法院之后，我购物为GM V提供了110亿美元的便利，同比增长了37%。截至今天，我们已经超过了1,001亿美元，对于公司来说这是一个令人难以置信的里程碑。但其中最重要的部分是，这是互联网上最高转化的快速结账方式。它也是Shopify上最受欢迎的快速结账方式。我们最近与一家大型咨询公司进行的一项研究表明，仅仅展示Shop Pay就能提高5%的转化率。而当它被使用时，与访客结账相比，转化率可以高达50%。因此，很多商家都希望拥有这个功能，而且不仅仅是小商家，许多大型品牌也需要。我们认为Shopify商业组件非常重要的原因之一是，它允许我们与尚未完全迁移到Shopify的大型品牌建立业务关系，比如作为商业组件的结账。但需要注意的是，这种令全球消费者受益的令人难以置信的支付方式只在Shopify上提供，这意味着如果你想为消费者提供这种服务，我们必须成为我们的合作伙伴。

Thank you for your question. Our next question will come from Michael Morton at Moffitt, Nathan. Thank you for the question. As Shopify is starting to approach the one year point from when you began entering the partnerships with the large system integrators. We were wondering if you could provide an update on how these relationships are materializing and if they're contributing to the funnel for enterprise and the shares, and like following through with that like you've discussed 2023 being an investment year for the enterprise. It would be great to hear how you view the enterprise sales team. And if there's an opportunity for additional investment around that channel.

谢谢你的问题。接下来的问题来自Moffitt的Michael Morton。感谢你的问题。由于Shopify开始与大型系统集成商建立合作伙伴关系已经接近一年的时间，我们想知道你是否可以就这些关系的进展情况提供一些更新，并且它们是否对企业销售渠道和股份产生了积极影响，就像你之前讨论过的2023年是企业投资年一样。我们很想听听你对企业销售团队的看法，以及是否有机会在该渠道进行额外投资。

Thank you so much. Yeah, thanks for the question on that. You know, more unequivocally more large retailers are coming to Shopify I mentioned some household names like Dollar Shave Club and you know reaching in stays at Beverly Hills but also Hunter boots and metastining for the quarter. So in that way we are certainly seeing more, more large brands more large versions come to the platform that obviously helps us sign even further. As of now we have, you know, sign partnership agreements with Deloitte EY KPMG Accenture. Last year, we mentioned IBM consulting cognizant. So they continue to build practices around Shopify and Shopify plus and commerce components inside of their inside of their own sales teams and what we've been spending time on is training them up to had a best sell Shopify. Most effectively. In some cases, it's actually leading to really wonderful new brands, even on the international side, like new era, for example, or Purina in Israel from Nestle. So we are working hand in hand with a lot of these systems integrators. A lot of these sales cycles are a little bit longer than traditionally we are used to, but they do bring on very, very large brands and merchants to Shopify so we're really excited about that.

非常感谢。是的，谢谢你提出这个问题。你知道，更多的大型零售商正在转向Shopify。我提到了一些家喻户晓的品牌，比如Dollar Shave Club和在比佛利山庄的留宿，还有Hunter雨靴和MetaStin公司上个季度的业绩。所以从这个角度来看，我们当然看到了更多更大的品牌和版本转向了我们的平台，这显然帮助我们进一步扩大了影响。目前为止，我们已经与德勤、安永、毕马威和埃森哲等公司签订了合作伙伴协议。去年我们还提到了IBM咨询和认知服务公司。所以他们继续围绕Shopify、Shopify Plus和商业组件构建实践，并且我们花时间对他们进行培训，以便更有效地销售Shopify。在某些情况下，这实际上导致了一些非常棒的新品牌的出现，甚至在国际市场也有，比如新时代公司或尼斯莱在以色列的品牌。所以我们正在与许多这些系统整合商密切合作。这些销售周期可能会比我们传统所经历的要长一些，但他们确实引入了非常大型的品牌和商家进入Shopify，所以我们对此感到非常兴奋。

In terms of the go to market I think that's really important we have been transforming this go to market engine at Shopify for, you know, for for a number of years but this is really led by Bobby or chief revenue officer and over the past year or so that team has been working to implement new tactics new KPIs, but really focusing on not just bringing on large merchants to Shopify but also ensuring that we also cross sell and this end to end sales process and and methodology. And it's really designed for us to increase the pace and frankly the the velocity of bringing on these larger merchants, but the end result is in the last two quarters alone we have seen sales volumes across key products, like capital retail and payments, gain momentum, which has actually led to some of the most cost-focused cross sell volumes we have ever achieved. So the team is working tirelessly they're executing it really effectively, but this go to market engine is now starting to crank, and the results are, you know, the results are as we mentioned today are more merchants coming to Shopify much more larger merchants coming to Shopify.

就市场进入而言，我认为这非常重要。多年来，Shopify一直在改变这一市场进入的引擎，而这一进程主要由首席营收官Bobby领导。过去一年左右，他的团队一直在努力实施新策略、新关键绩效指标，但真正的重点不仅在于吸引更多大型商家入驻Shopify，还包括确保我们能够进行全程销售过程和方法论的跨销售。这一举措旨在增加我们吸引这些更大规模商家的速度和效率，而结果是仅仅在过去的两个季度里，我们已经看到了关键产品销售额（如资本、零售和支付）的增长势头，这实际上导致了我们历史上最具成本效益的跨销售额。所以，我们的团队正在不辞辛劳地付出努力，他们的执行效果非常出色，而现在这一市场进入引擎已经开始运转，结果就是，越来越多的商家涌向Shopify，而且规模更大。

Thank you for your question. Our next question will come from Mark Mahaney at Evercore ISI. Hi, this is Jazza with us. Can you hear me. Yes. Okay, can I ask a quick question maybe on Amazon, just some I know like before the cell flex for Amazon partnership was like on the table so I wonder like, is that still possible, not maybe not just in terms of by always prime but also payments just kind of help about what are some considerations you have there. Yeah, I mean, conversations with Amazon remain productive but no news to share right now. Okay, got it. Thank you. And then maybe.

感谢您的问题。下一个问题来自Evercore ISI的Mark Mahaney。嗨，我是Jazza。你能听到我说话吗？是的。好的，我可以问一个关于亚马逊的问题吗？就是在亚马逊合作方面，之前似乎有一些合作的可能性，我想知道现在是否仍然有这种可能性，不仅仅是在Prime服务方面，还包括支付方面，您在这方面有哪些考虑呢？是的，我和亚马逊的对话一直是积极的，但目前没有什么新闻要分享。好的，我明白了。谢谢。也许还有其他的问题。

Thank you for your question. Our next question will come from Samad Samana at Jeff race. And that looks like he dropped out of the queue. Our next question will come from Paul, Trevor, at RBC capital. Paul, are you there. Yes, sorry I was muted. Thanks very much. The just on large enterprise. He called out a number of wins. Should we assume that most of the growth that you're seeing in large enterprise is Shopify plus, or you seeing a lot of the growth and momentum pick up in in commerce components and is there any metrics that you can share just on that the growth and commerce components in general. Yeah, I mean, look in terms of Shopify plus, you know, very strong year and year plus growth and Q two we actually outpace GM the growth from standard merchants. And, you know, we'll continue to see that that plus business grow. The plus merchant base straw really strong year and year growth as a result of both upgrades and also new brands joining that that's important to us because we want to make sure that the most successful brands that you know the home run success stories, graduates on Shopify never leave us and we're seeing that but we're also seeing a lot of new brands join the platform as well. The reason that that CCS or commerce components is important to us is again, it starts the business relationship that with businesses that aren't necessarily ready to fully migrate over. So by giving them a really, you know, a selection of 30 modular components from storefront to check out to omni channel capabilities. It means that we're able to begin that relationship and over time, get more and more of their business. And the names that you're hearing about today, you know, obviously there's a little bit of a longer sale cycle with some of the large enterprise brands, a lot of them, you know, those conversations started before we announced commerce components. But the fact that we have this incredible, you know, you know, enterprise solution in a box with plus, and we also have this alternative which is this modern, composable commerce stack for enterprise retailers means that we can have conversations with with frankly pretty much every major brand, pretty much every retailer on the planet, and that wasn't possible years before.

谢谢您的问题。下一位提问者是Jeff Race的Samad Samana。看起来他已经退出了队列。下一个问题将来自RBC Capital的Paul Trevor。Paul，你在吗？是的，对不起，我刚刚关闭了麦克风。非常感谢。关于大型企业，你提到了一些胜利。我们是否可以认为您在大型企业中看到的大部分增长来自Shopify Plus？还是您看到了在商务组件中的增长和势头加快？是否有任何指标可以分享一下关于商务组件的增长和整体情况？是的，我是说，在Shopify Plus方面，一年比一年的增长非常强劲，在第二季度，我们实际上超过了标准商户的增长率。我们将会继续看到这个Plus业务的增长。Plus商户群体通过升级和加入新品牌获得了非常强劲的增长，这对我们来说非常重要，因为我们希望确保最成功的品牌，也就是那些在Shopify上取得巨大成功的故事，不会离开我们，我们确实看到了这一点，但我们也看到了很多新品牌加入到我们的平台上。CSS或商务组件对我们来说很重要，因为它开始了与那些还没有准备好完全迁移的企业建立业务关系的过程。通过为他们提供从店面到结账再到多渠道能力的30个模块化组件的选择，意味着我们能够开始这种关系，并随着时间的推移，获得更多的商业机会。而今天您所听到的这些名字，显然与一些大型企业品牌的销售周期有所延长，他们中的很多人的谈话开始于我们宣布商务组件之前。但我们有这个令人难以置信的企业解决方案Plus，也有这个现代化的可组合商务堆栈，适用于企业零售商，这意味着我们可以与实际上世界上几乎每个主要品牌、几乎每个零售商进行对话，而这在几年前是不可能的。

Thank you for your question. Our next question will come from Todd Copeland at CIBC. Good evening everyone. I wanted to ask about your GMV strength. And what you think it says about the possibility of a recession. Thanks a lot. Go ahead, Harley. I'll just kick off and I'll hand it over to Jeff I mean obviously you know GMV being up 70% year on year, you to, you know, we, we, we outpaced the broader US retail market. In terms of trends I mean, you know, Shopify has so many with millions of merchants and stuff and so the one thing that that connects most of the merchants about all the merchants on the platform is that fundamentally the merchants on Shopify our consumers favorite brands. And so we continuously see we've seen this, you know, for a long time now that merchants that consumers are voting with their wallets to buy from their favorite brands. And we are fortunate we were card at this but those favorite brands are on on Shopify so, you know, whether it's, you know, something like the that would be affected is happening right now. Obviously we're the commerce partner for Mattel across the board we're seeing doll sales of 56% and play vehicles up 70%. So ultimately, you know, I think it's important. This direct to consumer trend is is is is is happening. It continues to grow, but the key for us is to make sure that the best most important and the brands and consumers love around Shopify.

谢谢你的问题。下一个问题来自CIBC的Todd Copeland。大家晚上好。我想问一下你们的GMV（总交易价值）增长情况，以及你对可能发生的经济衰退有何看法。非常感谢。请继续，Harley。我先说一下，然后把话题交给Jeff，显然，我们的GMV同比增长了70%，你知道的，我们在美国零售市场中的增长速度超过了整体水平。至于趋势方面，Shopify有数以百万计的商家，最重要的是，这些商家基本上都是消费者最喜欢的品牌。我们一直看到，消费者用他们的钱包支持他们最喜欢的品牌，这种情况已经持续很长时间了。我们很幸运地成为了他们中的一员，所以无论是目前发生的可能受到影响的事情，比如......显然，我们是Mattel的商业合作伙伴，我们看到娃娃销售增长了56%，玩具车销量增长了70%。所以最重要的是，直接面向消费者的趋势正在发生并持续增长，但对我们来说，关键是确保在Shopify平台上有最好、最重要、最受消费者喜爱的品牌。

Yeah, yeah, the only points I think we all see the same economic data that you're watching we talked before both Harley and I did talked about the strength or scene in Europe I think we're doing better in Europe than others are. So I think that is one spot of particular strength for us. And what we're seeing in North America continues as it was last quarter to be a good mix in terms of same store sales growth for our existing merchants, as well as a strong customer merchant acquisition model. So, I don't, I don't think I have anything that I can extrapolate into broader comments around the probability of our session, I can just speak to the strength of our business and we're really firing and all soldiers.

是的，是的，我认为我们所有人都看到了你在关注的同样的经济数据，我们之前就曾谈论过哈雷和我都谈过欧洲的实力或景象，我认为我们在欧洲的情况比其他地方要好。因此，我认为这是我们特别强的一个领域。就北美地区而言，我们所看到的情况与上个季度一样，对于我们现有商户的同店销售增长以及强大的客户商户获取模式来说，仍是一个良好的组合。因此，我认为我没有办法对我们的业务前景作出更广泛的评论，我只能谈到我们业务的实力，我们确实在全方位都在取得好成绩。

And our final question will come from Trevor Young at Barclays. Great thanks just on audiences, any update on whether monetization of that has moved up in terms of priority and then the possible mechanisms for monetizing that whether it'll be like a per use or subscription type fee. So just timing and method for monetizing audiences. I mean audiences we had a we talked a bit about this at, at additions which happened last week, where we rolled that audiences to the algorithm keeps getting better we keep seeing increase adoption right now the monetization is happening indirectly obviously through GM and there's no no necessarily news on that, but we feel like the better audiences become the more it becomes something that that every merchant wants to use and effectively becomes their must have when they're running ads across the major ad platforms. That provides with incredible leverage and again that's something that's only available for on Shopify so right now we're focused on indirectly monetization for audiences, but that obviously that lever is available to us in the future. That's our second quarter of 2023 conference call. Thank you for joining us. Bye.

我们的最后一个问题将来自巴克莱的特雷弗·扬。非常感谢你关于受众的问题，有关是否提高受众的货币化优先级以及可能的货币化机制的任何更新，无论是按次使用还是按订阅类型的费用。所以就受众的货币化时间和方法来说。我是说我们在上周进行的增补会议中有过一些讨论，我们通过不断改进算法和增加采用率不断看到受众的增加。目前，货币化是间接发生的，通过商品管理，目前没有任何相关消息，但我们认为随着受众变得越来越好，它将成为每个商家都希望使用的东西，当他们在主要广告平台上运行广告时，它有效地成为他们必须拥有的东西。这为我们提供了难以置信的优势，而且这只有在Shopify上才能使用，所以目前我们专注于对受众的间接货币化，但这个杠杆在未来当然可用。这是我们2023年第二季度电话会议，请谢谢你的参加。再见。