<p><strong>Shopify</strong>(SHOP 19.05%) 的股票在週三上午 9:45 之前飆升了 22%，因為該公司今天早上報告了強於預期的第二季度銷售數據。</p>
<p>Shopify 在第二季度的收入為 26.8 億美元，而華爾街預期為 25.5 億美元，這得益於其軟件推動的強勁 “商品交易總額”（GMV）——878.4 億美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Shopify 第二季度財報</h2>
<p>Shopify 在報告財務時有些獨特，淡化了淨收入（和每股收益），更關注 GMV、收入和自由現金流。在今天的報告中，該公司自豪地表示，收入同比增長 31%，自由現金流佔收入的 16%。</p>
<p>GMV 同比增長 31%，導致收入也有類似的增長。然而，這些銷售產生的自由現金流增長較慢，僅為 27%，而營業利潤同比僅增長 21%——這些數字可能會讓成長股投資者感到有些失望。</p>
<h2>Shopify 股票值得購買嗎？</h2>
<p>管理層的指引可能也會讓人感到震驚，預計第三季度銷售增長將放緩至 “中到高二十個百分點”，而毛利潤的增長甚至更少，預計在 “低二十個百分點”。好的一面是，管理層預計自由現金流的利潤率將在 “中到高十幾個百分點” 之間。</p>
<p>如果情況如預期發展，這意味着 Shopify 在下個季度至少應能維持第二季度的 16% 自由現金流利潤率，甚至可能超過這一水平。這將顯著提升自由現金流和利潤。</p>
<p>説到這一點，Shopify 今天的市值為 2000 億美元，股票的自由現金流市盈率為 111 倍，淨利潤市盈率超過 87 倍。對於一家增長率為 31% 的公司來説，這個價格相當高——更不用説 “中到高十幾個百分點” 的增長了。</p>
<p>因此，儘管財報超出預期，但對我來説，Shopify 仍然是一個賣出。</p>

SHOP

<p>Shopify 的股票在報告第二季度銷售額為 26.8 億美元后飆升 22%，超出預期的 25.5 億美元。該公司強調了同比 31% 的收入增長和 16% 的自由現金流利潤率。然而，第三季度的指引顯示銷售增長將放緩至中高二十個百分點，這引發了增長投資者的擔憂。儘管財報表現積極，但股票以 111 倍自由現金流的高估值導致建議賣出</p>

<p><strong>Shopify</strong>(SHOP 19.05%) stock soared 22% through 9:45 a.m. Wednesday after reporting stronger-than-expected Q2 sales this morning.</p>
<div class="lb-trans"><p><strong>Shopify</strong>(SHOP 19.05%) 的股票在週三上午 9:45 之前飆升了 22%，因為該公司今天早上報告了強於預期的第二季度銷售數據。</p>
</div><p>Instead of the $2.55 billion Wall Street was expecting, Shopify collected $2.68 billion in revenue in Q2, helped by strong &#34;gross merchandise volume&#34; (GMV) facilitated by its software -- $87.84 billion.</p>
<div class="lb-trans"><p>Shopify 在第二季度的收入為 26.8 億美元，而華爾街預期為 25.5 億美元，這得益於其軟件推動的強勁 “商品交易總額”（GMV）——878.4 億美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyNDkvMS1nbG93aW5nLWdyZWVuLXN0b2NrLWFycm93LWNsaW1icy1vbi1hLXN0b2NrLXNjcmVlbi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828249%2F1-glowing-green-stock-arrow-climbs-on-a-stock-screen.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Shopify Q2 earnings</h2>
<div class="lb-trans"><h2>Shopify 第二季度財報</h2>
</div><p>Shopify's a bit eccentric in how it reports earnings, deemphasizing net income (and earnings per share) and focusing more on GMV, revenue, and free cash flow. In today's report, the company boasted of growing revenue 31% year over year, and earning 16% free cash flow margins on its revenue.</p>
<div class="lb-trans"><p>Shopify 在報告財務時有些獨特，淡化了淨收入（和每股收益），更關注 GMV、收入和自由現金流。在今天的報告中，該公司自豪地表示，收入同比增長 31%，自由現金流佔收入的 16%。</p>
</div><p>GMV grew 31% year over year, resulting in similar revenue growth. Free cash flow generated from these sales, however, grew slower at 27%, and operating profits were up only 21% year over year -- numbers that may discourage growth stock investors a bit once they notice them.</p>
<div class="lb-trans"><p>GMV 同比增長 31%，導致收入也有類似的增長。然而，這些銷售產生的自由現金流增長較慢，僅為 27%，而營業利潤同比僅增長 21%——這些數字可能會讓成長股投資者感到有些失望。</p>
</div><h2>Is Shopify stock a buy?</h2>
<div class="lb-trans"><h2>Shopify 股票值得購買嗎？</h2>
</div><p>Guidance may also come as something of a shock, with management forecasting sales growth to slow into the &#34;mid-to-high twenties percentage rate&#34; in Q3, and gross profit rising even less, in the &#34;low-twenties.&#34; On the plus side, management forecasts free cash flow margin to be somewhere in the &#34;mid-to-high teens.&#34;</p>
<div class="lb-trans"><p>管理層的指引可能也會讓人感到震驚，預計第三季度銷售增長將放緩至 “中到高二十個百分點”，而毛利潤的增長甚至更少，預計在 “低二十個百分點”。好的一面是，管理層預計自由現金流的利潤率將在 “中到高十幾個百分點” 之間。</p>
</div><p>If that's how things play out, it implies Shopify should at <em>least</em> maintain the 16% FCF margin it did in Q2, in the coming quarter -- and might even exceed it. That would presumably provide a bigger boost to both FCF and profits.</p>
<div class="lb-trans"><p>如果情況如預期發展，這意味着 Shopify 在下個季度至少應能維持第二季度的 16% 自由現金流利潤率，甚至可能超過這一水平。這將顯著提升自由現金流和利潤。</p>
</div><p>Speaking of which, Shopify's $200 billion market cap today prices the stock at 111 times free cash flow, and more than 87 times net profit. That's quite a high price for a stock growing at 31% -- much less the &#34;mid-to-high teens.&#34;</p>
<div class="lb-trans"><p>説到這一點，Shopify 今天的市值為 2000 億美元，股票的自由現金流市盈率為 111 倍，淨利潤市盈率超過 87 倍。對於一家增長率為 31% 的公司來説，這個價格相當高——更不用説 “中到高十幾個百分點” 的增長了。</p>
</div><p>Therefore, despite the earnings beat, Shopify's still a sell for me.</p>
<div class="lb-trans"><p>因此，儘管財報超出預期，但對我來説，Shopify 仍然是一個賣出。</p>
</div>

為什麼 Shopify 的股票剛剛大幅上漲