Shopify Inc (SHOP) 2015 Q2 法說會逐字稿

Good morning, my name is Shannon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Shopify Q2 2015 financial results conference call.

早上好，我的名字是香農，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Shopify 2015 年第二季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you. I would now like to turn the call over to Ms. Katie Keita, Director of Investor Relations. Ms. Keita, you may now begin.

謝謝你。我現在想將電話轉給投資者關係總監 Katie Keita 女士。凱塔女士，您現在可以開始了。

Good morning, and thanks, everyone, for joining us for Shopify's second quarter 2015 conference call. On the call today are Tobi Lutke, Shopify's Founder and Chief Executive Officer; Russ Jones, our Chief Financial Officer; and Harley Finkelstein, our Chief Platform Officer.

早上好，感謝大家加入我們的 Shopify 2015 年第二季度電話會議。今天的電話會議是 Shopify 的創始人兼首席執行官 Tobi Lutke；我們的首席財務官 Russ Jones；和我們的首席平台官 Harley Finkelstein。

Because this is our first earnings call, in addition to Russ discussing our second quarter 2015 performance and our outlook for the third quarter and full year of 2015, Tobi will also give a brief overview of Shopify including our vision, strategy, and priorities. Harley is on hand for the subsequent Q&A session.

因為這是我們的第一次財報電話會議，除了 Russ 討論我們 2015 年第二季度的業績以及我們對 2015 年第三季度和全年的展望之外，Tobi 還將簡要概述 Shopify，包括我們的願景、戰略和優先事項。哈雷隨時準備參加隨後的問答環節。

Some of our discussion and responses to your questions may contain forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Information concerning such risks and uncertainties is contained in our filings with both the Canadian Securities Regulators, as well as the US Securities and Exchange Commission including our final prospectus dated May 20, 2015. You can access these on the Investor Relations section of our website.

我們的一些討論和對您問題的回答可能包含前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述中預測的結果大不相同。有關此類風險和不確定性的信息包含在我們向加拿大證券監管機構和美國證券交易委員會提交的文件中，包括我們於 2015 年 5 月 20 日提交的最終招股說明書。您可以在我們網站的投資者關係部分訪問這些信息。

Also, our commentary today will include adjusted financial measures which are non-GAAP measures. Reconciliations between GAAP and non-GAAP financial measures for our reported results can be found in our earnings press release. Non-GAAP financial measures exclude the effect of stock-based compensation and non-recurring sales and use tax.

此外，我們今天的評論將包括調整後的財務指標，這些指標是非公認會計準則指標。我們報告的結果的 GAAP 和非 GAAP 財務指標之間的調節可以在我們的收益新聞稿中找到。非公認會計原則財務指標不包括基於股票的薪酬和非經常性銷售和使用稅的影響。

We believe that these non-GAAP measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by Management in our financial and operational decision-making. Non-GAAP financial measures are not recognized measures for financial statement presentation under US GAAP and do not have standardized meanings, may not be comparable to similar measures presented by other public companies, and should not be considered as a supplement to, and not as a substitute for or superior to the corresponding measures calculated in accordance with GAAP. All growth rates discussed on the call are year-over-year and all amounts are in US dollars.

我們相信，這些非公認會計原則措施提供了有關我們經營業績的有用信息，增強了對過去財務業績和未來前景的整體理解，並提高了管理層在我們的財務和經營決策中使用的關鍵指標的透明度。非公認會計原則財務指標不是美國公認會計原則下財務報表列報的公認指標，沒有標準化含義，可能無法與其他上市公司提出的類似指標相比較，不應被視為補充，而不是作為替代或優於按照公認會計原則計算的相應措施。電話會議上討論的所有增長率均為同比，所有金額均以美元為單位。

And with that, let me turn the call over to Tobi.

有了這個，讓我把電話轉給托比。

Good morning. Let me start off by saying that this is a little bit different for us because, as a Company, we have never really talked much about ourselves. The Shopify story has always been told through our merchants and any intentional notice has mostly been around what we're doing for them. This is partly because we are up here in Ottawa, Canada away from where most people are building their tech companies.

早上好。首先讓我說這對我們來說有點不同，因為作為一家公司，我們從來沒有真正談論過自己。 Shopify 的故事一直是通過我們的商家講述的，任何有意的通知大多圍繞著我們為他們做的事情。這部分是因為我們位於加拿大渥太華，遠離大多數人建立科技公司的地方。

It's been easy for us to spend our time heads down building great software over the last decade. We think this has been a really, really good thing and now that we're public there's, obviously, a lot more attention on us, so let's take this opportunity to give you an idea of how we think about our business so that you will know better what to expect from us in the years ahead.

在過去的十年中，我們很容易花時間埋頭構建出色的軟件。我們認為這是一件非常非常好的事情，現在我們公開了，顯然，我們對我們的關注更多了，所以讓我們藉此機會讓您了解我們如何看待我們的業務，以便您了解更好地了解未來幾年對我們的期望。

It's no secret that Shopify has a certain distaste for the state of industry that we are part of. We remember the 1990s, the early years of the Internet, and the potential and opportunities online were deemed endless and people quite sincerely discussed the future utopia where almost everyone would own their own business and reach a plan some way. This vision of the future sort of got replaced by a lot of cynicism due to the failures of Internet commerce during the dot-com bubble.

眾所周知，Shopify 對我們所處的行業狀況有一定的反感。我們記得 1990 年代，互聯網的早期，網上的潛力和機會被認為是無窮無盡的，人們非常真誠地討論了未來的烏托邦，幾乎每個人都將擁有自己的事業並以某種方式達成計劃。由於互聯網泡沫期間互聯網商務的失敗，這種對未來的願景被許多玩世不恭的態度所取代。

Shopify thinks that this idealism of earlier time just got temporarily paused due to what happened around 2000, 2001. And, frankly, we see a path to reaching this potential again, as it was first imagined all those years ago. To do that we need to accomplish three things at the same time, things that are industry has absolutely failed to do over the last decade and a half.

Shopify 認為，由於 2000 年和 2001 年左右發生的事情，這種早期的理想主義只是暫時停止了。坦率地說，我們看到了再次發揮這種潛力的道路，就像多年前首次想像的那樣。要做到這一點，我們需要同時完成三件事，在過去的十五年裡，工業界絕對沒有做到這一點。

First, we have to make software that is incredibly approachable by anyone, which sounds very basic, but it is actually very far from truth and very far from the status quo. There can be no major learning curve necessary, there can be no need for taking training programs, or any of these things to sell products on the Internet. If you have to book a course before you can even attempt to use software then we as an industry have already failed.

首先，我們必須製作任何人都非常容易上手的軟件，這聽起來很基礎，但實際上與事實相去甚遠，與現狀相去甚遠。沒有必要的主要學習曲線，沒有必要參加培訓計劃或任何這些東西來在互聯網上銷售產品。如果您必須在嘗試使用軟件之前預訂課程，那麼我們作為一個行業已經失敗了。

Secondly, make software that allows entrepreneurs to succeed, ideally, using Shopify leads to significantly higher success rates compared to the median business statistics. Again, if our software can't make someone significantly more successful than using other software then what the heck are we doing? Lastly, make software that can scale up to being a platform for a mid-market merchant selling millions of dollars. This kind of goes without saying, but if you look at the history of our industry, re-platforming has been the thing that everyone was supposed to be doing.

其次，製作允許企業家成功的軟件，理想情況下，使用 Shopify 與商業統計中位數相比，成功率顯著提高。同樣，如果我們的軟件不能使某人比使用其他軟件更成功，那我們到底在做什麼？最後，製作可以擴展為銷售數百萬美元的中端市場商家平台的軟件。這是不言而喻的，但如果你看看我們行業的歷史，重新平台化一直是每個人都應該做的事情。

You start your business on eBay, build an initial audience then go to find some open source software, mostly because it's free, and then you call someone, after you make some more money, you call someone from GSI, eBay, Enterprise, whatever, and then re-platformed to that again, and then again, and again, and again. From the perspective of a merchant this is completely unrealistic.

您在 eBay 上開展業務，建立初始受眾，然後去尋找一些開源軟件，主要是因為它是免費的，然後您打電話給某人，在您賺了更多錢後，您打電話給 GSI、eBay、Enterprise 等等的某人，然後再次重新平台化，然後再一次，再一次，再一次。從商家的角度來看，這是完全不現實的。

So clearly a platform needs to exist that they can adopt early in their career and then just simply continue using it. No one outgrows Facebook as a social platform, and neither should you outgrow your commerce platform, especially not your commerce platform. I imagine that you can see with these competing priorities, and any business that has competing priorities that need to be unified in a single product sets itself up for a lot of hard work.

很明顯，需要存在一個平台，以便他們可以在職業生涯的早期採用，然後繼續使用它。作為一個社交平台，沒有人超越 Facebook，你也不應該超越你的商業平台，尤其是你的商業平台。我想您可以看到這些相互競爭的優先事項，並且任何具有需要在單個產品中統一的相互競爭的優先事項的企業都需要進行大量艱苦的工作。

Nevertheless, over the last of his last 10 years, we've been successful in balancing these interests, and due to that discipline we've built a significantly better product for our market. I think our recent growth is a direct result of this. This comes from a very intuitive understanding of our merchants' needs, because many of our [merchants] are or have been merchants ourselves.

儘管如此，在他過去 10 年的最後幾年中，我們成功地平衡了這些利益，並且由於這種紀律，我們為我們的市場打造了一個明顯更好的產品。我認為我們最近的增長是這一點的直接結果。這來自對我們商家需求的非常直觀的理解，因為我們的許多[商家]自己是或曾經是商家。

In fact, this pedigree is the entire reason for Shopify's existence. 10 years ago when we tried to sell snowboards online we found it to be extremely difficult and far too complex. It was clear to us there are many places to sell, but no one was focused on building a single back office for this. Our own experience as merchants has enabled us to build the software platform that we wish we would've found ourselves, one that is simple, intuitive, and is a single back office serving multi-channel front ends.

事實上，這种血統是 Shopify 存在的全部原因。 10 年前，當我們嘗試在線銷售滑雪板時，我們發現這非常困難且過於復雜。我們很清楚有很多地方可以出售，但沒有人專注於為此建立一個單一的後台辦公室。我們自己作為商家的經驗使我們能夠構建我們希望自己找到的軟件平台，一個簡單、直觀且為多渠道前端提供服務的單一後台。

It helps us work hand-in-hand with our merchant base which is growing to be quite substantial now. These past few months are great example of how we intend to grow the prog in the future. There are a bunch of things that get us closer to our vision to take commerce beyond the website and to help make it happen everywhere.

它幫助我們與我們的商人基礎攜手合作，而我們的商人基礎現在正在變得相當可觀。過去幾個月是我們打算如何在未來發展 prog 的一個很好的例子。有很多事情讓我們更接近我們的願景，將商業帶到網站之外，並幫助它在任何地方發生。

Internal initiative over the last year that we haven't publicly shared before has been to power of Internet's buy buttons. A lot of the components of this strategy have been starting to ship and its always interesting when these initiatives go from internal slogans into shipping product. So let's have a look at how this manifested itself over the past few months.

去年我們之前沒有公開分享過的內部舉措是互聯網購買按鈕的力量。該戰略的許多組成部分已經開始交付，當這些舉措從內部口號轉變為交付產品時，它總是很有趣。那麼讓我們來看看這在過去幾個月中是如何表現出來的。

First, we enabled merchants to create buy buttons that they can put on any blog or site they control. And even though this was just announced in May, already thousands of merchants have taken advantage of this, which is a big reason why you might see a proliferation of buy buttons generally across the Internet in your daily browsing.

首先，我們讓商家可以創建可以放在他們控制的任何博客或網站上的購買按鈕。儘管這是在 5 月剛剛宣布的，但已經有成千上萬的商家利用了這一點，這就是為什麼您可能會在日常瀏覽中看到互聯網上普遍存在購買按鈕的一個重要原因。

Next we launched Mobile Buy SDK which developers can use put direct product purchases into their mobile applications, whether this be existing applications like games or new applications that are created specifically to allow their customers to browse and purchase items from them through a native mobile application.

接下來，我們推出了 Mobile Buy SDK，開發人員可以使用該 SDK 將產品直接購買到他們的移動應用程序中，無論是現有的應用程序（如游戲）還是專門為允許客戶通過原生移動應用程序瀏覽和購買商品而創建的新應用程序。

Then we launched Buyable Pinterest. People are often using Pinterest for planning projects or events that are very meaningful to them, such as weddings. Much of this revolves around finding the right products for a particular location or project.

然後我們推出了 Buyable Pinterest。人們經常使用 Pinterest 來規劃對他們來說非常有意義的項目或活動，例如婚禮。其中大部分圍繞著為特定地點或項目尋找合適的產品。

Now Pinters will be able to purchase these products directly for Pinterest from Shopify stores. Thousands of merchants are implementing these Buyable Pins already.

現在，Pinter 將能夠直接從 Shopify 商店為 Pinterest 購買這些產品。成千上萬的商家已經在實施這些可購買的 Pin 圖。

We also [note that their's a] buy buttons on Facebook. This is exciting because Facebook has been the largest rival of social traffic to Shopify stores. We've been working closely with a team at Facebook and I'm really, really happy with the progress we've made together in the social commerce space.

我們還 [注意他們的] Facebook 上的購買按鈕。這很令人興奮，因為 Facebook 一直是 Shopify 商店社交流量的最大競爭對手。我們一直在與 Facebook 的一個團隊密切合作，我對我們在社交商務領域共同取得的進展感到非常非常高興。

I think adding new sales channels like these is important for a number of reasons. It helps our merchants be more successful, it translates into our success for increase of GMV across the platform. It also helps us attracts new merchants to the platform as we offer more ways to sell a product, and, finally, it gets our current merchants a really good reason to stay.

我認為添加這樣的新銷售渠道很重要，原因有很多。它幫助我們的商家取得更大的成功，它轉化為我們在整個平台上增加 GMV 的成功。它還幫助我們吸引新商家加入平台，因為我們提供了更多銷售產品的方式，最後，它讓我們現有的商家有一個很好的留下來的理由。

We also see it as our job to have our merchants get started. This is why we created a Build-A-Business Competition.

我們也認為讓我們的商家開始工作是我們的工作。這就是為什麼我們創建了一個建立商業競賽的原因。

On the IPO road show, we [said] that one of our biggest competitors is actually non-consumption. We feel that there are a lot of people out there who have what it takes to build a great online business, but they just haven't realized it yet. Internally, we hope to make starting a new Shopify store as much fun as watching HBO.

在 IPO 路演中，我們 [說] 我們最大的競爭對手之一實際上是非消費。我們覺得有很多人具備建立偉大在線業務所需的條件，但他們只是還沒有意識到這一點。在內部，我們希望讓開設新的 Shopify 商店像觀看 HBO 一樣有趣。

We started the Build-A-Business contest to prove the theory that people just need a catalyst or, frankly, a kick in the butt to get started. And now the fifth Build-A-Business contest has just wrapped up.

我們發起了“建立企業”競賽，以證明人們只需要一個催化劑，或者坦率地說，需要一個刺激的開始就可以開始的理論。現在，第五屆“創業”大賽剛剛結束。

This is also a really fun competition because it highlights the core things our merchants sell. For instance, amongst this year's winners, the company called Trunkster that makes a GPS-enabled suitcase that can charge your phone while sitting in the airport, and that is just complete genius. We announced all six winners earlier this month and they are all probably companies you've never heard of, which is sort of the point, to go from an idea to selling in a very short time.

這也是一場非常有趣的比賽，因為它突出了我們商家銷售的核心產品。例如，在今年的獲獎者中，一家名為 Trunkster 的公司製造了一款支持 GPS 的手提箱，可以在您坐在機場時為您的手機充電，這簡直是天才。本月早些時候，我們宣布了所有六名獲獎者，他們可能都是您從未聽說過的公司，這在很短的時間內從一個想法變成了銷售。

Counting all of the participants in the contest [our] starters have collectively generated a $0.25 billion in sales in the first eight months of their existence. I think that's really, really impressive. All of these things have been in the works for some time, so it's gratifying to see them launch.

算上比賽的所有參與者，[我們的]首發者在成立的前八個月內總共產生了 2.5 億美元的銷售額。我認為這真的非常非常令人印象深刻。所有這些事情都已經進行了一段時間，所以很高興看到它們推出。

Luckily for us, there's a lot more work left to be done, and as fun is the road show was, it's great to be back and focused on the Shopify platform again with our R&D, product engineering, and design teams. So thanks for tuning in, and with that, I will turn it over to Russ for our financials.

對我們來說幸運的是，還有很多工作要做，而且路演很有趣，很高興能回到我們的研發、產品工程和設計團隊再次專注於 Shopify 平台。因此，感謝您的收聽，我將把它交給 Russ 以了解我們的財務狀況。

Thanks, Tobi, and thanks to everyone who is participating in our call this morning. We will strive to make these calls as efficient as possible, so I will touch briefly on how we performed in the quarter, including our key metrics. And then end my remarks with our expectations for the third quarter and the full year. This should leave plenty of time for your questions.

謝謝，托比，感謝今天早上參加我們電話會議的所有人。我們將努力使這些電話盡可能高效，因此我將簡要介紹我們在本季度的表現，包括我們的關鍵指標。然後以我們對第三季度和全年的預期結束我的發言。這應該為您的問題留出足夠的時間。

Starting with revenue, in the second quarter, our revenue totaled $44.9 million which reflects a 90% increase over last year's second quarter results. This strong growth was driven by great performance in both revenue categories, Subscription Solutions and Merchant Solutions. The larger piece, Subscription Solutions, grew 64% to $25.5 million, while Merchant Solutions grew 140% to $19.5 million. Just as a reminder, included in Subscription Solutions, in addition to the monthly subscription amounts for both online and offline subscriptions are sales of apps themes and domains.

從收入開始，在第二季度，我們的收入總計 4490 萬美元，比去年第二季度的業績增長了 90%。這一強勁增長得益於訂閱解決方案和商家解決方案這兩個收入類別的出色表現。較大的部分訂閱解決方案增長了 64% 至 2550 萬美元，而商家解決方案增長了 140% 至 1950 萬美元。正如訂閱解決方案中包含的提醒一樣，除了在線和離線訂閱的每月訂閱金額之外，還有應用程序主題和域的銷售。

For Q2, our ending MRR, or monthly recurring revenue, increased 67% to $8.5 million, and the number of merchants using our platform now exceeds 175,000. Within Merchant Solutions, Shopify payments was the biggest driver. Also included in this category are revenues from transaction fees, partner referrals, and the sale of point-of-sale hardware.

對於第二季度，我們的期末 MRR 或每月經常性收入增長了 67% 至 850 萬美元，使用我們平台的商家數量現已超過 175,000 家。在 Merchant Solutions 中，Shopify 支付是最大的推動力。此類別還包括來自交易費用、合作夥伴推薦和銷售點硬件銷售的收入。

For Shopify payments, the strong performance was driven by the growth of GMV, or gross merchandise volume, processed through Shopify payments due to both more merchants using it, as well as higher average GMV per merchant. In Q2, GMV for the quarter exceeded $1.6 billion, twice the GMV achieved by merchants in Q2 of 2014.

對於 Shopify 支付，強勁的表現是由通過 Shopify 支付處理的 GMV 或商品總量的增長推動的，因為更多的商家使用它，以及每個商家的平均 GMV 更高。第二季度，該季度的 GMV 超過 16 億美元，是 2014 年第二季度商戶實現的 GMV 的兩倍。

On a cumulative basis, the Shopify platform has now processed over $10 billion of GMV which clearly demonstrates its scalability and the success our merchants are having running their businesses on it. We expect our strong GMV growth to continue as we continue to add both more merchants and sales channels.

目前，Shopify 平台已累計處理了超過 100 億美元的 GMV，這清楚地表明了它的可擴展性以及我們的商家在其上開展業務所取得的成功。隨著我們繼續增加更多的商家和銷售渠道，我們預計我們強勁的 GMV 增長將繼續。

Gross profits grew 76% year-on-year to $25.3 million for the quarter versus $14.3 million for Q2 of 2014. Although we continue to increase our level of investment in operating expense areas, adjusted operating expenses in the quarter came down significantly as a percentage of revenue versus Q2 of last year, from 86% to 61% of revenue. This improvement further highlights the importance of Merchant Solutions, which by its nature, has lower sales and marketing and R&D costs associated with it.

本季度毛利潤同比增長 76% 至 2530 萬美元，而 2014 年第二季度為 1430 萬美元。儘管我們繼續提高在運營費用領域的投資水平，但本季度調整後的運營費用百分比顯著下降收入與去年第二季度相比，從收入的 86% 到 61%。這一改進進一步凸顯了 Merchant Solutions 的重要性，其本質上具有較低的銷售和營銷以及與之相關的研發成本。

Adjusted operating loss in Q2 was $1.9 million versus $6.1 million loss in Q2 of 2014. With weighted average shares outstanding of 53 million shares in Q2, we reported an adjusted $0.03 loss per share for the period compared with a $0.15 loss a year ago, albeit, on fewer shares outstanding in 2014. We believe our excellent Q2 performance, along with the addition of new sales channels for our merchants, continues to advance our leadership position in the marketplace and positions us well for continued strong growth for the second half of 2015.

第二季度調整後的經營虧損為 190 萬美元，而 2014 年第二季度為 610 萬美元。第二季度加權平均流通股為 5300 萬股，我們報告該期間調整後每股虧損 0.03 美元，而一年前虧損 0.15 美元，儘管, 2014 年流通股減少。我們相信，我們出色的第二季度業績，以及為我們的商家增加的新銷售渠道，將繼續提升我們在市場上的領導地位，並使我們為 2015 年下半年的持續強勁增長做好準備.

For the third quarter of 2015, we expect to achieve revenues in the range of $47 million to $48 million which represents a 72% to 76 % growth year-on-year, and an adjusted operating loss in the range of $4 million to $5 million. For the full year, we expect to achieve revenues in the range of $181 million to $183 million which is a growth of 72% to 74%, and an adjusted operating loss in the range of $12 million to $14 million.

2015 年第三季度，我們預計收入將在 4700 萬美元至 4800 萬美元之間，同比增長 72% 至 76%，調整後的經營虧損在 400 萬美元至 500 萬美元之間.全年，我們預計收入將在 1.81 億美元至 1.83 億美元之間，增長 72% 至 74%，調整後的運營虧損在 1200 萬美元至 1400 萬美元之間。

Before closing, I want to remark on the enthusiasm with which our IPO was received. We deeply appreciate the confidence our investors have placed in us and look over to delivering on our vision over the years to come. With that, I will turn the call back over to Katie so we can start the Q&A.

在結束之前，我想談談我們的 IPO 收到的熱情。我們非常感謝投資者對我們的信任，並期待在未來幾年實現我們的願景。有了這個，我會把電話轉回給凱蒂，這樣我們就可以開始問答了。

Thank you, Russ. Shannon, can we open the lines up for questions now?

謝謝你，拉斯。香農，我們現在可以開放提問了嗎？

(Operator Instructions)

（操作員說明）

Terry Tillman from Raymond James.

來自雷蒙德詹姆斯的特里蒂爾曼。

Hi, good morning, congratulations, first of all, on your first quarter out of the gate plus the IPO. Great results. I just had a couple of questions for Tobi or Russ.

嗨，早上好，首先恭喜你在第一季度走出大門外加 IPO。偉大的結果。我有幾個問題要問 Tobi 或 Russ。

In terms -- it his actually -- first question is more a financial question, so maybe it's for you, Russ. You had really strong upside in the quarter on the revenue front, I think it was like $7 million, plus even in the back half of the year it looks like it shakes out to where, a similar upside in both third and fourth quarter based on this new updated guidance, yet the bottom line doesn't really change much for the better. Are you just -- is this the way we should think about this going forward, upside situations you are going to take that revenue upside and spend it back into the business as opposed to showing more operating leverage? Maybe you could just help us philosophically on that first?

就條款而言——實際上是他的——第一個問題更多是財務問題，所以也許是給你的，Russ。你在本季度的收入方面確實有很大的上升空間，我認為它大約是 700 萬美元，而且即使在今年下半年，它看起來也有波動，基於第三和第四季度的類似上升空間這個新的更新指南，但底線並沒有真正變得更好。您是否只是 - 這是我們應該考慮這種向前發展的方式，在上行情況下，您將把收入上升並將其重新用於業務，而不是顯示更多的運營槓桿？也許你可以先從哲學上幫助我們？

Thanks, Terry.

謝謝，特里。

Yes, in terms of our strategy there, our goal is as growth accelerates our plan is to keep reinvesting. The opportunity in front of us is so large that that clearly makes sense. In terms of the back half of the year, so a couple of things to note, Q3 is a quarter that we do increase the level of investment just in terms of preparing for the holiday season.

是的，就我們在那裡的戰略而言，我們的目標是隨著增長的加速，我們的計劃是繼續進行再投資。我們面前的機會如此之大，這顯然是有道理的。就下半年而言，有幾點需要注意，第三季度是我們確實增加投資水平的季度，只是為了準備假期。

So whether it's additional capabilities in the data center, additional sales and support resources, all factor into that. In addition, of late, we've seen a very strong growth in hiring and so the cost of that -- of that additional workforce will also factor into the back half of the year. So certainly for the short-term period, that is our expectation is, as we continue to grow and we see more and more opportunities we'll continue to invest heavily to continue on obtaining that growth.

因此，無論是數據中心的額外功能、額外的銷售和支持資源，都會影響到這一點。此外，最近，我們看到招聘方面的增長非常強勁，因此額外勞動力的成本也將影響到今年下半年。因此，在短期內，我們的預期是，隨著我們繼續增長，我們看到越來越多的機會，我們將繼續大力投資以繼續獲得這種增長。

Okay, got it.

好，知道了。

And just my follow-up question relates to just a broader theme question in terms of omnichannel. We're seeing a lot of retailers and consumer brands really talk about transforming their businesses to take advantage of omnichannel, a lot of it more on the Tier 1 or the enterprise side.

就全渠道而言，我的後續問題僅涉及更廣泛的主題問題。我們看到很多零售商和消費品牌真正在談論轉變他們的業務以利用全渠道，其中很多更多是在一級或企業方面。

How do you all see omnichannel affecting your business, maybe with smaller or mid-sized merchants you deal with? And maybe you could also relate that to buy buttons. Is that doing anything to lift incremental GMV or is it just more of a shift maybe from their own online store?

您如何看待全渠道影響您的業務，可能是與您打交道的中小型商家？也許您也可以將其與購買按鈕聯繫起來。這是為了提升 GMV 的增量，還是只是從他們自己的在線商店開始的轉變？

Thanks, again. Nice job.

再次感謝。不錯的工作。

Thanks, Terry. So this is Tobi speaking.

謝謝，特里。這是托比說的。

So what's really interesting about the omnichannel situation in our market is that omnichannel and the enterprise is at the embryonic stage where it's the topic of keynotes at conferences and some Board of Directors get together and say, okay, let's go more, into more channels at the same time and then that might be implemented over the next 12 months or something like this. On the low side, we've actually have a significant amount of businesses, even part of our Build-A-Business contest, so median age being about four or five months, that are currently selling across five different channels and don't think anything about it.

因此，我們市場中全渠道情況真正有趣的是，全渠道和企業處於萌芽階段，這是會議主題演講的主題，一些董事會聚在一起說，好吧，讓我們走更多，進入更多渠道在同一時間，然後可能會在接下來的 12 個月或類似的時間內實施。在低端，我們實際上有大量的企業，甚至是我們的 Build-A-Business 競賽的一部分，所以中位年齡大約是四五個月，目前通過五個不同的渠道銷售並且不認為關於它的任何事情。

If anything, the driver there are the small guys, the people we start, and the people that just don't -- happen to realize that business is supposed to be hard partly due to them having better tooling available through software like Shopify.

如果有的話，那裡的驅動力是小傢伙，我們開始的人，以及剛開始的人 - 碰巧意識到業務應該是困難的，部分原因是他們通過像 Shopify 這樣的軟件可以獲得更好的工具。

Buy buttons are a really, really good example. The fact that many of our customers sell like online, offline through our point-of-sale product and our online store, and, of course, the social media players are now coming into the picture, as well. We expect omnichannel to be sort of a transitionary term. They soon -- doing that -- like having a business that sells across maybe 10 channels is simply going to be (technical difficulties) again, just because it's not something anyone will see as an optional thing, everyone will see it is as what everyone's doing.

購買按鈕是一個非常非常好的例子。事實上，我們的許多客戶通過我們的銷售點產品和我們的在線商店進行在線、離線銷售，當然，社交媒體播放器現在也出現了。我們預計全渠道將是一個過渡性術語。他們很快 - 這樣做 - 就像擁有一個可能通過 10 個渠道銷售的業務將再次成為（技術困難），只是因為這不是任何人都會看到的可選事物，每個人都會看到它是每個人的正在做。

Thanks, Tobi.

謝謝，托比。

Next question, please.

下一個問題，請。

Ross MacMillan of RBC Capital Markets.

加拿大皇家銀行資本市場的羅斯麥克米倫。

Thanks very much, and congratulations from me, as well.

非常感謝，我也祝賀你。

Russ, first one for you, I was just curious, when I looked at the merchant -- net new merchant adds -- how did that play out relative to your plan in the quarter? And I'm curious if you could provide any color on how you think that might trend in the second half of the year?

Russ，第一個給你的，我只是好奇，當我查看商家時 - 淨新商家增加 - 相對於你在本季度的計劃，這如何發揮作用？我很好奇你能否就你認為下半年的趨勢提供任何顏色？

Yes, so we always expect good merchant growth each quarter and Q2 was no different. In fact, relative to our original view on the quarter the merchant growth was a bit stronger than we had expected. Typically, what we see is in Q3 that that sort of quarter-over-quarter growth slows down a little bit and then Q4, as people get ready for the holiday season, it can pick up. So in summary, Q2 was a little bit ahead of where we thought it would be, but we still expect good growth, maybe not the same sort of quarter-over-quarter increases that we saw in Q2, but still strong growth in the second half.

是的，所以我們總是期望每個季度都有良好的商戶增長，第二季度也不例外。事實上，相對於我們對本季度的最初看法，商家增長略強於我們的預期。通常情況下，我們在第三季度看到這種季度環比增長略有放緩，然後第四季度，隨著人們為假期做好準備，它可以回升。總而言之，第二季度比我們想像的要提前一點，但我們仍然預計會有良好的增長，可能與我們在第二季度看到的季度環比增長不同，但第二季度仍然強勁增長一半。

Thanks.

謝謝。

And just on -- in addition to that, just on the MRR number. I think if I calculate it per average merchant it looks like that is growing. Is that just a function of mix, i.e., if I take the base and think about which versions -- SKU versions -- merchants are using it's really that, or is it anything to do with other uplift factors in the MRR?

就在——除此之外，就在 MRR 號碼上。我認為，如果我按平均商家計算它，它看起來正在增長。這只是混合的功能，即，如果我採取基礎並考慮哪些版本 - SKU 版本 - 商家正在使用它真的是這樣，還是與 MRR 中的其他提升因素有關？

We're starting to see a little bit of uplift in terms of both merchants that have been on the platform upgrading, as well as merchants either upgrading to Plus or coming to Plus. But overall it hasn't been a big change in terms of the average that we get per merchant because we still have a lot of merchants coming in at the low end, which was critical for the business.

我們開始看到平台升級的商家以及升級到 Plus 或即將加入 Plus 的商家都有一些提升。但總體而言，就我們每個商家的平均收入而言，這並沒有太大變化，因為我們仍然有很多低端商家進入，這對業務至關重要。

And maybe just last one for Tobi.

也許只是托比的最後一個。

Obviously, the Merchant Solutions today is predominately payments, but you talked about betaing shipping and some other services. Could you maybe just provide an uplift -- I'm sorry -- an update on how you're expecting those to roll out as we look out into second half of this year and into next year?

顯然，今天的商戶解決方案主要是支付，但您談到了測試運輸和其他一些服務。你能否提供一個提升——我很抱歉——在我們展望今年下半年和明年時，你期望這些產品如何推出的最新信息？

Thank you.

謝謝你。

So shipping is the one thing we sort of leaned forward a bit on our road show, so we said that is something we're working on, and something we are looking to release this year and that's still the plan. So you'll see that launch and you'll see that potentially have an impact on the Merchant Services. Obviously a small one in the beginning.

所以運輸是我們在路演中稍微向前傾斜的一件事，所以我們說這是我們正在努力的事情，也是我們希望在今年發布的事情，這仍然是計劃。因此，您會看到該發布，並且您會看到這可能會對商家服務產生影響。很明顯，一開始就很小。

Other than that, we are actually -- this is probably going to be a dance which we will have recurring on these calls. Like to me personally, this is personally stylistic. I find it is very, very important for me to retain my ability to surprise and delight my customer base with features that hopefully they didn't see coming. So I'm not going to comment too much on the other things we are working on.

除此之外，我們實際上是——這可能會是一場我們將在這些電話會議上反復出現的舞蹈。就我個人而言，這是個人風格。我發現保持我的能力讓我的客戶群驚喜並取悅他們希望他們沒有看到的功能對我來說非常非常重要。所以我不會對我們正在處理的其他事情發表過多評論。

We make our decisions for our products based on what is it that our customers are currently doing that costs them a lot of time, or potentially costs them a lot of money, and that we could provide in a better way for them. And those are the kinds of things we prioritize. In concern cases, there might be a possibility for us to play a role that then impacts Merchant Services line.

我們根據客戶目前正在做的哪些事情花費他們大量時間或可能花費他們很多錢，以及我們可以為他們提供更好的方式來為我們的產品做出決定。這些是我們優先考慮的事情。在關注的情況下，我們可能會發揮影響商家服務線的作用。

That's not part of the decision making of the ship build feature, because we are really chasing the maximum amount of value for our customers. But if that if that's an offer, if that's possible, if that's part of the scope of the area we're looking at then you will see us launch more things there.

這不是造船功能決策的一部分，因為我們確實在為我們的客戶追求最大的價值。但是，如果這是一個提議，如果這是可能的，如果這是我們正在研究的領域範圍的一部分，那麼你會看到我們在那裡推出更多的東西。

Great. Thank you, and congratulations, again.

偉大的。謝謝你，再次祝賀你。

Thank you.

謝謝你。

Brendan Barnicle of Pacific Crest Securities.

Pacific Crest Securities 的 Brendan Barnicle。

Thanks so much. You have a very interesting ecosystem of agency freelancers and business development channels. Any update on that, any update in terms of the numbers of folks there, or how you're thinking about that -- those relationships going forward?

非常感謝。你有一個非常有趣的代理自由職業者和業務發展渠道生態系統。任何更新，關於那裡的人數的任何更新，或者你是如何考慮的 - 那些關係向前發展？

Yes, so on both sides of the coin, we have partners, obviously, that refer merchants to Shopify, and we have partners that build apps and themes for us, and in a both cases that's growing at a healthy pace. We're not disclosing the exact numbers at that point for competitive reasons, but in both cases we're seeing continued growth there. As we mentioned last year, more than 5,000 partners referred shops to Shopify and we expect that community to grow.

是的，所以在硬幣的兩面，顯然，我們都有合作夥伴將商家推薦給 Shopify，我們也有合作夥伴為我們構建應用程序和主題，並且在這兩種情況下都以健康的速度增長。出於競爭原因，我們當時沒有透露確切的數字，但在這兩種情況下，我們都看到了那裡的持續增長。正如我們去年提到的，超過 5,000 家合作夥伴將商店推薦給 Shopify，我們預計該社區將會發展壯大。

Great. And, Russ, in the press release, we had an average share count for the June quarter, but, obviously, you didn't have the public shares the whole time. Do you have a total and a period share count for us that we can use for evaluation and other purposes?

偉大的。而且，Russ，在新聞稿中，我們有 6 月季度的平均股票數量，但很明顯，你並沒有一直持有公眾股票。您是否有我們可以用於評估和其他目的的總和期間份額計數？

Yes. So the average that you can expect for Q3 is just above, I think, it's just above 73 million shares. If you just look at, in our financial statement, the totals that are listed there for the end of Q2. That's really the number that you can use for Q3, with just a slight uptick as options get exercised and things that happen of that nature.

是的。因此，我認為第三季度的平均水平略高於 7300 萬股。如果您只看一下我們的財務報表中列出的第二季度末的總數。這確實是您可以在第三季度使用的數字，隨著期權的行使和這種性質的事情發生，它只會略有上升。

Terrific.

了不起。

Yes, in terms of the exact number that we think of it's just over -- just under, sorry, 76 million shares.

是的，就我們認為它剛剛結束的確切數字而言——略低於，抱歉，7600 萬股。

Sorry, you said 73 million earlier, so 76 million should be what we use for Q3?

抱歉，你之前說的是 7300 萬，所以 7600 萬應該是我們第三季度使用的？

Yes, yes. That's correct.

是的是的。這是正確的。

Okay, great. Thank you very much. Thanks.

好，太棒了。非常感謝。謝謝。

Michael Nemeroff of Credit Suisse.

瑞士信貸的邁克爾·內梅洛夫。

Great, thanks for taking my questions, and I'll echo my congratulations on a great start to public life. A lot of my questions have been answered already, but just on the Shopify Plus, if you could maybe give us some anecdotes, some companies that have recently signed on, and what the competitive landscape looks like there that would be helpful? And then I have a follow-up for, Russ, please.

太好了，感謝您提出問題，我將再次祝賀公共生活有了一個良好的開端。我的很多問題已經得到解答，但就在 Shopify Plus 上，您能否給我們一些軼事，一些最近簽約的公司，以及那裡的競爭格局會有所幫助嗎？然後我有一個跟進，Russ，拜託。

Sure, this is Harley here. So Shopify Plus, as we've mentioned on the road show, is still very much in early days. We've seen some really good growth. In the first half of the year, we've seen companies like UPS, the New York Stock Exchange, World Vision, Red Bull, the Grateful Dead all signed up for Shopify Plus.

當然，這裡是哈雷。因此，正如我們在路演中提到的，Shopify Plus 仍處於早期階段。我們已經看到了一些非常好的增長。今年上半年，我們已經看到 UPS、紐約證券交易所、世界宣明會、紅牛、感恩死者等公司都註冊了 Shopify Plus。

We've also seen celebrities like the Kardashians bring their clothing brand DASH onto Shopify, and Gwyneth Paltrow's Goop come onto Shopify Plus, as well. So we're seeing an increase there, but it's still early days, and because of that it's not a material percentage of our overall revenue. But certainly it's an area that we are excited about.

我們還看到像卡戴珊這樣的名人將他們的服裝品牌 DASH 帶到了 Shopify，格溫妮絲·帕特洛的 Goop 也進入了 Shopify Plus。因此，我們看到那裡有所增長，但仍處於早期階段，因此這並不是我們總收入的重要百分比。但毫無疑問，這是一個讓我們興奮的領域。

In terms of competition, I think that we are getting much larger brands that are coming to Shopify Plus from some of the enterprise platforms, but really the focus is on that mid-market, and also ensuring that smaller shops that start on Shopify are able to grow and do many millions of dollars without ever having to re-platform away from Shopify. So Plus is a new area for us and we're excited by it, but that's abut all we're saying at this point.

在競爭方面，我認為我們正在從一些企業平台獲得更大的品牌 Shopify Plus，但真正的重點是中端市場，並確保從 Shopify 開始的小型商店能夠成長並賺取數百萬美元，而無需從 Shopify 重新建立平台。因此，Plus 對我們來說是一個新領域，我們對此感到興奮，但這就是我們目前所說的一切。

Great. Thanks, Harley, and then for Russ, could you give us a sense what the penetration is of payments currently? I know it was greater than 75% at the time of the road show, but it was increasing pretty quickly. If you could just maybe give a sense for that? And then also, Russ, if you could just remind us again how Plus impacts the model for those that might not be aware going forward?

偉大的。謝謝，Harley，然後是 Russ，你能告訴我們目前支付的滲透率是多少嗎？我知道在路演時它超過了 75%，但它增長得很快。如果您能對此有所了解？然後，Russ，如果你能再次提醒我們 Plus 如何影響那些可能不知道未來的人的模型嗎？

So in terms of payment penetration that continues to increase. So in North America, we just crossed 80%. So 80% of the North American merchants are using Shopify payment. And in terms of the UK, which we launched in November of last year, we're now at 55%, and so we've seen could take up on that, as well.

因此，就支付滲透率而言，它會繼續增加。所以在北美，我們剛剛超過了 80%。所以 80% 的北美商家都在使用 Shopify 支付。就我們去年 11 月推出的英國而言，我們現在的比例為 55%，因此我們也看到了這一點。

So in terms of the Plus, there's two areas that it impacts the business, so first is on the subscription. So Plus has a much higher monthly subscription amount than our regular plan. So generally any Plus customers add to the subscription revenue, or Subscription Solutions, and then on the Merchant Solutions for Plus customers that actually want to use the Shopify payment we'll share in that, as well.

所以就 Plus 而言，它有兩個影響業務的領域，首先是訂閱。因此，Plus 的月訂閱量比我們的常規計劃高得多。因此，通常任何 Plus 客戶都會增加訂閱收入或訂閱解決方案，然後是真正想要使用 Shopify 付款的 Plus 客戶的商家解決方案，我們也會在其中分享。

Thanks, Russ. And just one follow-up again, if I may, on the guidance, quite a bit stronger than what we're expecting, even given what you had thought that you were going to do for the rest of the year. What's really driving that? Is it merchant momentum, is it the overall GMV per merchant growth, is it the Plus traction? Maybe if you could just give a -- prioritize what is driving such strong growth right now that you're so confident in the rest of the year?

謝謝，拉斯。如果我可以的話，再一次跟進，在指導上，比我們預期的要強得多，即使考慮到你認為你將在今年剩下的時間裡做的事情。真正的驅動力是什麼？是商家的動力，是每個商家的整體 GMV 增長，還是 Plus 的牽引力？也許如果你能給出一個 - 優先考慮是什麼推動了現在如此強勁的增長，以至於你對今年剩下的時間充滿信心？

Yes, so there's two things that are really driving the growth. One is the number of merchants using the platform; that continues to increase.

是的，所以有兩件事真正推動了增長。一是使用平台的商家數量；繼續增加。

And then one that we have a little bit less sort of control or predictability around is the success of those merchants are having. So the fact that the merchant base processed over $1.6 billion of orders in the quarter, which just to calibrate that for people that was the total amount that we processed in 2013. So as that number keeps growing, it increases our confidence of achieving strong numbers.

然後，我們對這些商家的成功控製或可預測性有所減少。因此，商家群在本季度處理了超過 16 億美元的訂單這一事實，這只是為了校准我們在 2013 年處理的總金額。所以隨著這個數字不斷增長，它增加了我們實現強勁數字的信心.

That's great. Thanks, congratulations.

那太棒了。謝謝，恭喜。

Thank you.

謝謝你。

Richard Davis from Canaccord.

來自 Canaccord 的 Richard Davis。

Hey, thanks. We got -- I answered it as non-material -- but we got a couple questions from people with regard to Amazon Launchpad. Could you comment on any implications with regard to your business? And then my follow-up would be, to the IPO, have you been able to calculate any kind of tangible impact on the brand awareness or unaided lead activity? Thank you.

嘿，謝謝。我們得到了——我以非實質性的方式回答了它——但我們收到了人們關於 Amazon Launchpad 的幾個問題。您能否評論對您的業務的任何影響？然後我的後續行動是，對於首次公開募股，您是否能夠計算出對品牌知名度或獨立領導活動的任何切實影響？謝謝你。

Yes. So I guess the best thing that happened about the Amazon Launchpad is that for the first time, like, we are named in the headlines on TechCrunch which is good experience for us. Like I said in the beginning, Shopify has been a headstone, that great software Company up here in Canada, and so it's gratifying that suddenly people are trying to kill us.

是的。所以我想亞馬遜 Launchpad 發生的最好的事情是，我們第一次出現在 TechCrunch 的頭條新聞中，這對我們來說是一次很好的體驗。就像我在開始時所說的那樣，Shopify 一直是一塊墓碑，是加拿大的一家偉大的軟件公司，因此令人欣慰的是，突然有人試圖殺死我們。

I think companies in the Valley get to experience a lot earlier in their lifetime. About the actual product, it's a -- Amazon, much like Shopify, launches a lot of experiments before various parts of the market. This is one which is fits into -- helps hardware startups to find early traction kind of category, which that might be going on sometimes on Shopify, but it's just a different attempt at the same thing. And all these things do -- doing are similar in that they expand the market, right.

我認為矽谷的公司在其生命週期的早期就能體驗到很多。關於實際產品，它是一個——亞馬遜，很像 Shopify，在市場的各個部分之前進行了大量的實驗。這是一個適合 - 幫助硬件初創公司找到早期牽引類型的類別，這有時可能會在 Shopify 上發生，但這只是同一件事的不同嘗試。所有這些事情都做——做的都是相似的，因為他們擴大了市場，對吧。

So it's not -- it's fun to be named in a headline, but I don't think that's true. Like Amazon actually has a Shopify killer which is called Amazon Webstore, but you can't find that anymore because they shut it down because they gave up on that. So I don't think this is like them coming in at the same thing in another way.

所以它不是 - 在標題中被命名很有趣，但我認為這不是真的。就像亞馬遜實際上有一個名為 Amazon Webstore 的 Shopify 殺手，但你再也找不到它了，因為他們放棄了它而關閉了它。所以我不認為這就像他們以另一種方式進入同一件事。

IPO impact on the business brand, yes, I think that prior case is actually a good example of what's going on. It's been very helpful for hiring, clearly, which has been really remarkable. Harley mentioned a bunch of people who have signed Plus contracts.

IPO 對商業品牌的影響，是的，我認為之前的案例實際上是正在發生的事情的一個很好的例子。很明顯，這對招聘很有幫助，這真的很了不起。哈雷提到了一堆簽過Plus合同的人。

Internally, jokingly, some people called the IPO Shopify Plus growth hack. I'm not sure that was the initial intent behind it, but that's what it's starting to feel like. It's been very positive for us overall.

在內部，有人開玩笑地稱 IPO Shopify Plus 增長黑客。我不確定這是它背後的最初意圖，但這就是它開始的感覺。總體而言，這對我們來說非常積極。

Great. Thank you very much.

偉大的。非常感謝。

Brian Essex from Morgan Stanley.

摩根士丹利的布萊恩·埃塞克斯。

Good morning, and thank you for taking my question. And congratulations from me, as well, on a great IPO.

早上好，謝謝你提出我的問題。我也祝賀你成功的首次公開募股。

I wanted to focus in on payments a little bit, and it looks like take rate accelerated quite nicely. I know on the road show you indicated that about a third of the payments, a third of GMV, was processed over the platform. So any update in terms of what the penetration rate might now be for the volume process over the platform and what the key catalysts for that acceleration are?

我想稍微關註一下支付，看起來接受率加速得很好。我知道在路演中，您表示大約三分之一的付款，即 GMV 的三分之一是通過平台處理的。那麼，關於平台上批量過程的滲透率現在可能是多少以及加速的關鍵催化劑是什麼方面的任何更新？

Yes, so the percentage of total GMV now going through Payments for Q1 was roughly 31%, for Q2 it went up to 34%. Probably the biggest catalyst of that is that the merchants who get onboarded onto Shopify Payments are now selling more and being more successful, so by its very nature that's putting more volume through Shopify Payment. As well as in the UK, in addition to the new merchants being onboarded existing merchants now are switching over to the platform, as well. And that's why from a merchant point of view the penetration has increased to the 55%. Over time we will see that continue.

是的，因此第一季度通過付款的總 GMV 百分比約為 31%，第二季度上升到 34%。可能最大的催化劑是加入 Shopify Payments 的商家現在銷售得更多並且更成功，因此就其本質而言，通過 Shopify Payments 增加了銷量。與英國一樣，除了新商家加入之外，現有商家現在也正在切換到該平台。這就是為什麼從商家的角度來看，滲透率已增加到 55%。隨著時間的推移，我們將看到這種情況繼續下去。

And is there a trend or maybe some stickiness from legacy payment platforms, whether it's PayPal or other merchant acquire agreements that your customers might have that generally leave them to migrate onto the platform, or are there other things such as your buy buttons, which are getting you better traction and better penetration rate in the market?

傳統支付平台是否存在趨勢或某些粘性，無論是 PayPal 還是其他商家獲取您的客戶可能擁有的協議，通常會讓他們遷移到平台上，或者是否還有其他東西，例如您的購買按鈕，它們是讓您在市場上獲得更好的牽引力和更高的滲透率？

Yes, so I think having Payments as part of our back end really strengthens the back office part of Shopify. And so as more of these new sales channels come in that will really send more volume through the Shopify Payments, so all of that is good for the business.

是的，所以我認為將付款作為我們後端的一部分確實加強了 Shopify 的後台部分。因此，隨著更多這些新銷售渠道的出現，將真正通過 Shopify Payments 發送更多銷量，因此所有這些都對業務有利。

And, I guess, lastly --

而且，我猜，最後——

Sorry, just in terms of why people move over from other systems, I think a really key part is that by doing your payment processing through Shopify now you can see the order go all the way through the system, and you don't have to worry about manual reconciliations. And so you get a much deeper view of your business if you use an integrated solution.

抱歉，就人們從其他系統轉移過來的原因而言，我認為一個真正關鍵的部分是，通過 Shopify 現在您可以看到訂單一直通過系統進行處理，而您不必擔心手動對帳。因此，如果您使用集成解決方案，您可以更深入地了解您的業務。

Now a fair amount of volume still goes through PayPal, which is an important partner for us, as well, and we get a rev share on any of the volume that goes through PayPal. So it's really up to the merchant to decide what the best solution is, but in general, if they are starting from scratch they will just choose Shopify Payment, and if they have something already in existence chances are over time they will move over to Shopify Payment, as well.

現在，相當數量的交易量仍然通過 PayPal，這也是我們的重要合作夥伴，並且我們在通過 PayPal 的任何交易量中都獲得了收益份額。所以真正由商家決定最好的解決方案是什麼，但總的來說，如果他們從頭開始，他們只會選擇 Shopify Payment，如果他們已經存在某些東西，隨著時間的推移，他們會轉移到 Shopify付款也一樣。

Great, thanks. And lastly, I just want to touch on the buy buttons really quick. Any color on the economics of maybe Pinterest versus, and how that trickles through to your P&L versus maybe what a Facebook might provide?

太謝謝了。最後，我只想快速點擊購買按鈕。與 Pinterest 相比，經濟上的任何顏色，以及它如何滲透到您的損益與 Facebook 可能提供的東西之間？

Yes, it's really too early to say on both of those. They are really in an early launch phase. Both of them will give the merchant additional sales channels, additional GMV, which then, if they use Shopify Payments will flow through that. So that will be the big area that we see.

是的，現在說這兩個還為時過早。他們確實處於早期發布階段。他們都將為商家提供額外的銷售渠道，額外的 GMV，然後，如果他們使用 Shopify Payments 將通過這些渠道。所以這將是我們看到的大領域。

Having more ship/sales channels makes a merchant more successful, so they'll stay on the platform longer, and so over time, that does generate more subscription revenue, as well. But the primary economics for us will be higher GMV.

擁有更多的運輸/銷售渠道會使商家更成功，因此他們會在平台上停留更長時間，因此隨著時間的推移，這也會產生更多的訂閱收入。但對我們來說，主要的經濟因素將是更高的 GMV。

Great, very helpful. Thank you very much.

太好了，很有幫助。非常感謝。

As there are no further questions on the phone lines, I would now turn the call back to Katie Keita. Ms. Keita, please take over.

由於電話線上沒有其他問題，我現在將電話轉回凱蒂凱塔。凱塔女士，請接手。

Thanks, Shannon, and thanks, everybody, for dialing in today. We have a few closing remarks from Tobi.

謝謝香農，謝謝大家今天撥通電話。我們有一些來自 Tobi 的閉幕詞。

Thanks, everyone, for tuning in. Again, this is all really a great experience. We've had great fun meeting a lot of people on the road show. Shopify is a little bit of a -- it's a complex Company. I agree it's -- I've done lots of fundraising even before going public and, obviously, it took a little while for people understand exactly the scope of the business and what we're doing because it is so optimized for merchants' value.

謝謝大家收聽。再一次，這真的是一次很棒的經歷。在路演中認識了很多人，我們玩得很開心。 Shopify 有點——它是一家複雜的公司。我同意這一點——甚至在上市之前我就已經進行了很多籌款活動，顯然，人們花了一點時間才能準確地了解業務範圍以及我們正在做的事情，因為它針對商家的價值進行了優化。

I hope that as we spend more time together that we will be able to like -- our trust level up with you and everyone who cares about how we go about solving solutions and how we are going about solving problems our customers face. Because we are trying to build a really, really good Company here and, frankly, we are actually having a lot of fun doing that. So thanks for joining and we will talk to you in a couple of months again.

我希望隨著我們花更多的時間在一起，我們將能夠喜歡——我們對您和所有關心我們如何解決解決方案以及我們如何解決客戶面臨的問題的人的信任度更高。因為我們正在努力在這裡建立一個非常非常好的公司，坦率地說，我們實際上在這方面獲得了很多樂趣。因此，感謝您的加入，我們將在幾個月後再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。