Shopify Inc (SHOP) 2015 Q3 法說會逐字稿

Good morning. My name is Steve and I will be your conference operator today. At this time, I would like to welcome everyone to Shopify's third-quarter 2015 financial results conference call.

早上好。我叫史蒂夫，今天我將擔任你們的會議接線員。在此，歡迎大家參加 Shopify 2015 年第三季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you. I will now turn it over to Katie Keita. Please go ahead.

謝謝。我現在將把它交給凱蒂·凱塔。請繼續。

Good morning. Thanks you all for joining us for Shopify's third-quarter 2015 conference call. On the call today are Tobi Lutke, Shopify Founder and CEO; and Russ Jones, our Chief Financial Officer; who will each share some brief prepared remarks. Harley Finkelstein, our Chief Platform Officer, is also on-hand for the subsequent Q&A session.

早上好。感謝大家參加 Shopify 2015 年第三季度電話會議。今天接聽電話的是 Shopify 創始人兼首席執行官 Tobi Lutke；和我們的首席財務官 Russ Jones；誰將各自分享一些準備好的簡短髮言。我們的首席平台官 Harley Finkelstein 也將出席隨後的問答環節。

Some of our remarks today 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 press release this morning, as well in our filings with the Canadian Securities Regulators and the US Securities and Exchange Commission. You can access these on the Investor Relations section of our website.

我們今天的一些評論可能包含前瞻性陳述。這些陳述受到風險和不確定因素的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中預測的結果存在重大差異。有關此類風險和不確定性的信息包含在我們今天上午的新聞稿以及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。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 contain 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 nonrecurring sales and use tax. 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.

此外，我們今天的評論將包含調整後的財務措施，這些措施是非 GAAP 措施。在我們的收益新聞稿中可以找到我們報告結果的 GAAP 和非 GAAP 財務指標之間的調節。非 GAAP 財務指標不包括基於股票的補償和非經常性銷售和使用稅的影響。我們相信，這些非 GAAP 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了解，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。

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 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.

非 GAAP 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，沒有標準化的含義，可能無法與其他上市公司提供的類似指標相比較，不應被視為補充而不是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增長，所有金額均以美元為單位。

With that, I will turn the call over to Tobi.

有了這個，我會把電話轉給托比。

Good morning, everyone. Thanks so much for joining us. This is been a really, really busy quarter for us. We shipped a lot of product, which I will get into, and we also surpassed 200,000 merchants at some point during quarter three, which is just such a wonderful milestone. You probably wonder how did Shopify get better this quarter and I would really like to focus on two major areas. Really one is the expanded -- our channel offerings and two is that [what we did by existing] functionality and I will get into both of those things individually.

大家，早安。非常感謝您加入我們。對我們來說，這是一個非常非常忙碌的季度。我們運送了很多產品，我將介紹這一點，而且我們在第三季度的某個時候也超過了 200,000 個商家，這是一個非常棒的里程碑。您可能想知道本季度 Shopify 是如何變得更好的，我真的很想關注兩個主要領域。真正的一個是擴展 - 我們的渠道產品，兩個是 [我們通過現有所做的] 功能，我將分別討論這兩個方面。

Related to channel expansion, we just released early access to the Twitter channel, which has been really will received. This is joining our work with Facebook and Pinterest that I talked about in the last call. Both of them are now in general access, meaning this is available to all participating and all qualifying merchants in the United States right now.

與渠道擴展相關，我們剛剛發布了對 Twitter 渠道的早期訪問，這確實會收到。這是我在上次電話會議中談到的加入我們與 Facebook 和 Pinterest 的合作。他們現在都可以正常訪問，這意味著美國所有參與和所有合格的商家現在都可以使用。

This is marking us as the first platform that supported all three of the major social networks, which is also a really great accomplishment. Facebook, especially, got a lot deeper. Facebook has shipped their in-page shop tab, which is just a great addition for people who have good Facebook presence. This is a very good mobile-optimized experience, which is, of course, important to us.

這標誌著我們成為第一個支持所有三個主要社交網絡的平台，這也是一個非常偉大的成就。尤其是 Facebook，變得更加深入。 Facebook 已經發布了他們的頁內商店選項卡，這對於擁有良好 Facebook 影響力的人來說是一個很好的補充。這是一個非常好的移動優化體驗，當然，這對我們很重要。

On top of that, Facebook has also shown shopping feed, which is another really interesting product because what it does is it allow all of the people who are using Facebook to really just go and just window shop through the entire platform and just look at what is out there and what might be relevant to them. This really goes to show that now a lot more companies are starting to think about how products should be discovered in this next chapter of Internet.

最重要的是，Facebook 還展示了購物提要，這是另一個非常有趣的產品，因為它的作用是讓所有使用 Facebook 的人真正地去瀏覽整個平台，看看購物的內容。在那裡，什麼可能與他們相關。這確實表明現在有更多的公司開始考慮如何在互聯網的下一章中發現產品。

Another thing we announced is the Amazon channel. You probably read about the press release about that. Our merchants, the ones who are participating in this, can now allow their buyers to log in with their Amazon account, pay with the credit cards that they already have stored in Amazon, and if they have their products in the Amazon warehouses, then they can directly ship them from there, which is a really, really good infrastructure update for all merchants who are participating in this.

我們宣布的另一件事是亞馬遜頻道。您可能閱讀過關於此的新聞稿。我們的商家，也就是參與其中的商家，現在可以讓他們的買家使用他們的亞馬遜賬戶登錄，使用他們已經存儲在亞馬遜的信用卡付款，如果他們的產品在亞馬遜倉庫中，那麼他們可以直接從那裡發貨，這對所有參與其中的商家來說是一個非常非常好的基礎設施更新。

As part of this, we're also working really hard on adding Amazon's Marketplace as a channel to Shopify, so that just like how our merchants sell on Facebook and Pinterest now, they can also sell on Amazon.com, which of course is a place where a lot of people purchase items on Internet. [It had been] on record that we think this federated commerce is really the future of Internet buying and Internet selling.

作為其中的一部分，我們也在努力將亞馬遜的 Marketplace 添加為 Shopify 的渠道，這樣就像我們的商家現在在 Facebook 和 Pinterest 上銷售一樣，他們也可以在 Amazon.com 上銷售，這當然是一個很多人在網上購買物品的地方。 [已經]記錄在案，我們認為這種聯合商業確實是互聯網買賣的未來。

For about a decade, e-commerce has very much focused on websites and now it's really moving past the website and into all of these other places where people are always spending their time. What is great, due to all this complexity that arises from that, merchants really need a single system that they log in and from which they can see how their business is doing, what orders are coming in, what needs work, what other things they need to focus on.

大約十年來，電子商務一直非常關注網站，現在它真正地超越了網站，進入了人們總是花費時間的所有這些其他地方。很棒的是，由於由此產生的所有這些複雜性，商家確實需要一個他們登錄的單一系統，他們可以從中看到他們的業務如何運作，有什麼訂單進來，什麼需要工作，他們還有什麼其他事情需要重點關注。

They put their products into this single system and then from there the products travel into all of these various marketplaces, into their point-of-sale systems, on to Amazon.com, on Twitter, on Pinterest, and so on. That's increasingly becoming Shopify and that's of course really, really good, and it's a testament to the hard work that the team has done over the last year trying to build the first real operating system of a federated commerce world.

他們將產品放入這個單一系統，然後產品從那裡進入所有這些不同的市場，進入他們的銷售點系統，進入 Amazon.com、Twitter、Pinterest 等。這越來越成為 Shopify，這當然非常非常好，這證明了該團隊在過去一年中為構建聯合商業世界的第一個真正的操作系統所做的辛勤工作。

Related to deepening the functionality, we've really focused a lot on shipping because it's one of the last areas where there is just a lot of frustration in the process of setting up new businesses. It's incredibly important to ship well. It's a major, major contributor for how much -- to the quality of experience for the buyers because after someone puts money down on a product, they would really like to have it fast and in great working order.

與深化功能相關，我們非常關注航運，因為它是在建立新業務的過程中最後遇到很多挫折的領域之一。運送得好非常重要。它是影響購買者體驗質量的主要貢獻者，因為在有人為產品下了錢之後，他們真的很想快速並以良好的工作狀態獲得產品。

So merchants spend a lot of time setting this up and this is something we are now helping with, or actually, rather, making go away. If you sign up for a Shopify store, you automatically get signed on to Shopify Shipping. It's optional to use but it's just way, way better than [world hunters], so this is great. So shipping, usually very complex, very important to get right. It's very, very hard to have visibility of where all of your packages are.

所以商家花了很多時間來設置它，而這正是我們現在正在幫助解決的事情，或者實際上，更確切地說，是讓它消失。如果您註冊 Shopify 商店，您將自動登錄 Shopify Shipping。它是可選的，但它只是方式，比 [world hunters] 好得多，所以這很棒。因此，運輸通常非常複雜，正確處理非常重要。很難看到所有包裹的位置。

It's very hard to get the best rates and dealing with a lot of renegotiation and all of this is going away with Shopify Shipping. This is something we launched with USPS, which is a traditional carrier, but obviously is by far a leading carrier in the United States, at least on our platform. But to really understand the vision of where we are going with our shopping product, we also worked very hard with Uber on a product called UberRUSH.

很難獲得最優惠的價格並處理大量的重新談判，而所有這些都在 Shopify Shipping 中消失了。這是我們與 USPS 一起推出的東西，它是一家傳統的承運商，但顯然是迄今為止美國領先的承運商，至少在我們的平台上是這樣。但為了真正了解我們的購物產品的發展願景，我們還與 Uber 非常努力地合作開發了一款名為 UberRUSH 的產品。

So if you are in New York City and you order something, which happens to be available within about 25 miles of where you currently are, you're going to get during checkout an option to just get this thing rushed to you immediately in a couple of hours. That is powered by all of the various Uber drivers who are already in New York City and might not have currently a fair.

因此，如果你在紐約市並且你訂購了一些東西，而這恰好在你當前所在位置的 25 英里範圍內可用，你將在結帳時獲得一個選項，可以在幾秒鐘內立即將這件東西送到你身邊小時。這是由已經在紐約市但目前可能沒有展會的所有優步司機提供支持。

So it really -- again, it's a great lens at the future about how all these different solutions, all of these different companies that are currently coming up in this fantastic wave of technological progress are coming together to make something like commerce just so much better for everyone. So with that, overall status at the Company, everyone is really excited. [They think] we're moving super fast. People are very focused and are hungry for what's coming.

所以它真的——再一次，它是未來的一個很好的鏡頭，關於所有這些不同的解決方案，所有這些不同的公司，目前正在這波奇妙的技術進步浪潮中湧現，如何聚集在一起，使商業之類的東西變得更好為了所有人。因此，就公司的整體狀況而言，每個人都非常興奮。 [他們認為]我們的發展速度超快。人們非常專注，對即將發生的事情充滿渴望。

This time of year is always marked by us releasing a lot of product, which is partly because we are now heading into the Back Friday, Cyber Monday part of the year, which -- where we want to stop shipping so many things and really focus very much on the stability of the platform, because this is really the high season in the retailers [tree] and business just to where Shopify needs to be a super solid foundation for everything that's going on.

每年的這個時候總是以我們發布大量產品為標誌，部分原因是我們現在正進入一年中的後周五、網絡星期一部分，我們希望停止運送這麼多東西並真正專注於非常重視平台的穩定性，因為這確實是零售商 [tree] 和業務的旺季，Shopify 需要為正在發生的一切提供超級堅實的基礎。

Great. With that, I'm handing it over to Russ for the numbers.

偉大的。有了這個，我將它交給 Russ 來獲取數字。

Thanks, Tobi, and thanks to everyone who is participating in our call this morning. I'm pleased to report that it was another solid quarter all around, with stronger growth than we were anticipating in revenue, and as a result, also a better bottom line. Revenue in the quarter reached $52.8 million, 93% higher than the third quarter of 2014. Shopify's revenue is composed of both Subscription Solutions and Merchant Solutions, so let's look at the performance of each of these.

謝謝托比，也感謝今天早上參加我們電話會議的每一個人。我很高興地報告，這是另一個穩定的季度，收入增長比我們預期的要強勁，因此，利潤也更好。本季度收入達到 5280 萬美元，比 2014 年第三季度增長 93%。Shopify 的收入由訂閱解決方案和商戶解決方案組成，讓我們來看看它們各自的表現。

Subscription Solutions revenue expanded 67% year-over-year to $29.6 million in Q3. This increase is directly tied to the rise in monthly recurring revenue, or MRR, which rose to $9.8 million as of September 30, compared with $8.5 million at the end of Q2 2015. MRR growth resulted from the continued addition of new merchants to the Shopify platform.

訂閱解決方案收入在第三季度同比增長 67% 至 2960 萬美元。這一增長與月度經常性收入 (MRR) 的增長直接相關，截至 9 月 30 日，月度經常性收入增至 980 萬美元，而 2015 年第二季度末為 850 萬美元。MRR 增長源於 Shopify 不斷增加新商家平台。

As Tobey noted, we surpassed 200,000 paying merchants during the third quarter. Just as a reminder, we surpassed 175,000 merchants during our second quarter. Growth in revenues from apps, themes, and domains also contributed to our Subscription Solutions revenue performance in the quarter.

正如 Tobey 指出的那樣，我們在第三季度超過了 200,000 家付費商家。提醒一下，我們在第二季度超過了 175,000 家商家。應用程序、主題和域的收入增長也為我們本季度的訂閱解決方案收入表現做出了貢獻。

Turning now to Merchant Solutions. Merchant Solutions revenue grew 141% over Q3 of last year to $23.2 million. The key contributors were again Shopify Payments, where we saw both increased adoption, as well as the higher average gross merchandise volume, or GMV, per merchant. Total GMV exceeded $1.9 billion in Q3, 101% higher as compared to Q3 of 2014.

現在轉向商家解決方案。商戶解決方案收入比去年第三季度增長 141%，達到 2320 萬美元。主要貢獻者再次是 Shopify Payments，我們看到採用率有所提高，每個商家的平均商品總量 (GMV) 也有所增加。第三季度 GMV 總額超過 19 億美元，比 2014 年第三季度增長 101%。

Gross profits grew 77% year-on-year to $28.7 million for the quarter, versus $16.2 million for Q3 of 2014. Operating expenses, excluding stock-based compensation expenses, declined to 58% of revenue compared with 61% last quarter and 71% a year ago, as we continue to benefit from increased leverage, particularly in sales and marketing and R&D. Although the percentage declined, the dollar spent did grow as we continue to make the investments required to execute on our vision, which we believe will fuel our long-term sustainable growth.

本季度毛利潤同比增長 77% 至 2870 萬美元，而 2014 年第三季度為 1620 萬美元。運營費用（不包括基於股票的補償費用）下降至佔收入的 58%，而上一季度為 61% 和 71%一年前，我們繼續受益於槓桿率的提高，尤其是在銷售和營銷以及研發方面。儘管百分比有所下降，但隨著我們繼續進行執行我們的願景所需的投資，花費的美元確實增加了，我們相信這將推動我們的長期可持續增長。

Adjusted operating loss in Q3 was $2 million versus $3.2 million loss in Q3 of 2014. With a weighted average shares outstanding of 76 million in Q3, we reported an adjusted $0.03 loss per share for the period compared with a $0.09 loss a year ago on 39 million shares outstanding. We're heading into the fourth quarter, the busiest seasons for our merchants and, historically, the strongest revenue quarter for us, with the excellent momentum.

第三季度調整後的運營虧損為 200 萬美元，而 2014 年第三季度為虧損 320 萬美元。第三季度的加權平均流通股為 7600 萬股，我們報告該期間調整後的每股虧損為 0.03 美元，而一年前的 39 日虧損為 0.09 美元萬股流通股。我們即將進入第四季度，這是我們商家最繁忙的季節，也是歷史上我們收入最強勁的季度，勢頭強勁。

And as a result, we are increasing our outlook on the fourth quarter and for the full-year 2015. For the fourth quarter, we expect to achieve revenues in the range of $59 million to $61 million and report an adjusted operating loss in the range of $4 million to $5 million. This result would put the full year 2015 at a revenue of $194 million to $196 million and our adjusted operating loss in the range of $9.5 million to $10.5 million.

因此，我們提高了對第四季度和 2015 年全年的預期。對於第四季度，我們預計收入將在 5900 萬至 6100 萬美元之間，並報告調整後的運營虧損在該範圍內400 萬至 500 萬美元。這一結果將使 2015 年全年的收入達到 1.94 億美元至 1.96 億美元，而我們調整後的運營虧損將在 950 萬美元至 1050 萬美元之間。

With the exceptional growth in the quarter, one of your key cash questions, I assume, is how much of the upside came from the initiatives Tobi discussed, namely buy buttons, new channels and shop by shipping, and how much do we expect them to contribute to our growth going forward. While merchants are now selling on all of the new channels, and Shopify Shipping, which launched in late September, is beginning to be adopted, they are still in their infancy and we do not expect a significant impact in 2015.

隨著本季度的異常增長，我認為你的一個關鍵現金問題是 Tobi 討論的舉措有多少好處，即購買按鈕、新渠道和通過運輸購物，以及我們期望他們有多少為我們未來的發展做出貢獻。雖然商家現在在所有新渠道上銷售，9 月下旬推出的 Shopify Shipping 也開始被採用，但它們仍處於起步階段，我們預計 2015 年不會產生重大影響。

As more merchants begin to take advantage of these enhancements over the course of next year and beyond, we expect to see benefits on several levels. Not only does adding new leading-edge channels and back-office capabilities help attract new merchants to Shopify, it also gives current merchants a reason to continue building their business on the platform. Moreover, we believe that these new channels will help generate incremental GMV for merchants because it brings them closer to their customers.

隨著越來越多的商家在明年及以後開始利用這些增強功能，我們預計會在多個層面上看到好處。添加新的前沿渠道和後台功能不僅有助於吸引新商家加入 Shopify，還為現有商家提供了繼續在該平台上開展業務的理由。此外，我們相信這些新渠道將有助於為商家創造增量 GMV，因為它拉近了他們與客戶的距離。

Incremental GMV generally translates into greater Merchant Solutions revenue, primarily through Shopify Payments, and going forward, Shopify Shipping. As always, we appreciate your interest in Shopify, and if you are a stakeholder, we thank you for your continued support and for being an important part of what we think is a rare opportunity. Retail is at a really interesting juncture, one that brings a wealth of amazing opportunities for companies that know how to seize them.

增量 GMV 通常會轉化為更大的商家解決方案收入，主要是通過 Shopify Payments 以及未來的 Shopify Shipping。一如既往，我們感謝您對 Shopify 的興趣，如果您是利益相關者，我們感謝您一直以來的支持，感謝您成為我們認為難得機會的重要組成部分。零售業正處於一個非常有趣的時刻，它為知道如何抓住它們的公司帶來了大量驚人的機會。

We think that these will unfold over the course of the next several years, and are doing our best to accelerate the shift that we know is inevitable. This passion, along with our leading market positions, extensive partner ecosystem, and really talented team is helping Shopify pioneer the future of retail.

我們認為這些將在未來幾年內展開，並且正在盡最大努力加速我們知道不可避免的轉變。這種熱情，加上我們領先的市場地位、廣泛的合作夥伴生態系統和真正有才華的團隊，正在幫助 Shopify 開拓零售業的未來。

With that, I will turn it back over to Katie so we can start the Q&A.

有了這個，我會把它轉回給凱蒂，這樣我們就可以開始問答了。

Thank you, Russ. Steve, can we start the question-and-answer session now, please?

謝謝你，拉斯。史蒂夫，我們現在可以開始問答環節了嗎？

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Michael Nemeroff from Credit Suisse. Your line is now open.

你的第一個問題來自瑞士信貸的 Michael Nemeroff。您的線路現已開通。

Great. Thanks for taking my questions and congrats on a nice quarter. Tobi, I had read an article this quarter that talked about you and talking about the Plus product and how you wanted to focus a little bit more of the Company's attention on it. A couple of questions around that.

偉大的。感謝您提出我的問題並祝賀一個不錯的季度。 Tobi，本季度我讀了一篇文章，其中談到了你和 Plus 產品，以及你如何希望將公司的注意力更多地集中在它上面。有幾個問題。

Could you give us a sense of how Plus performed in the quarter and what things, structurally, do you need to do differently than -- for the Company and maybe on the product and organizationally to help that grow? And then for Russ, the GMV per merchant by our calculation went up pretty nicely. Was that a function of the Plus product? Maybe if you could give us some color around that, that would be helpful?

您能否讓我們了解一下 Plus 在本季度的表現，以及在結構上您需要做哪些不同的事情——為了公司，也許在產品和組織上幫助它成長？然後對於 Russ，根據我們的計算，每個商家的 GMV 上升得非常好。這是 Plus 產品的功能嗎？也許如果你能給我們一些顏色，那會有幫助嗎？

Yes, thanks for the question. Plus is a small but exciting part of our business. You probably read this article in relation to our starting an office in Waterloo, which -- where a lot of the Plus activity within the Company is going to be concentrated. It's not going to be an office which is dedicated to Plus, because that just not -- our offices are not defined that strictly.

是的，謝謝你的提問。 Plus 是我們業務中很小但令人興奮的部分。您可能閱讀了這篇關於我們在滑鐵盧設立辦事處的文章，該公司內部的許多 Plus 活動都將集中在那裡。它不會成為專門用於 Plus 的辦公室，因為那不是——我們的辦公室沒有那麼嚴格地定義。

But it's clearly something we started a while ago because our own customers who start with us on the platform grew quite large and wanted to be -- the product that is more appropriate to them. One-half of our Plus customers are upgrades and homegrown businesses, as we call them. And then outbound interest is increasing. Even the process of Shopify going public has increased attention on the product.

但這顯然是我們不久前開始的事情，因為我們自己的客戶在平台上與我們一起開始變得非常龐大並且希望成為 - 更適合他們的產品。正如我們所說，我們一半的 Plus 客戶是升級和本土企業。然後出境興趣正在增加。就連 Shopify 上市的過程中，也增加了對產品的關注度。

But probably honestly, quickly what is driving this is this is simplicity, right? This is an absolutely [a world] where from the time you put your RFP together to the time you actually have a working -- you have your first sale, people are spending a year and $1 million, on average, which is our Plus product is extremely disruptive to that, just because, again, as a company, we built a product that was forged in the fires of people building entire businesses during their lunch break.

但可能老實說，很快推動這一切的是簡單，對吧？這絕對是一個 [a world] 從你把你的 RFP 放在一起到你真正開始工作的時候 - 你有你的第一次銷售，人們平均花費一年和 100 萬美元，這是我們的 Plus 產品對此極具破壞性，僅僅因為，再次，作為一家公司，我們構建了一種產品，該產品是在人們在午休時間建立整個企業的大火中鍛造出來的。

If your product is good enough to allow people to run an entire business in the hour during their lunch break or in the evenings, then the same tools with more features that are built in the same way in larger businesses also are going to allow you to move way faster. Speed has been the missing ingredient in a lot of company's calculations about their eCommerce efforts so Plus is a very timely product in the marketplace due to that.

如果你的產品足夠好，可以讓人們在午休時間或晚上的一個小時內經營整個企業，那麼在大型企業中以相同方式構建的具有更多功能的相同工具也將允許你移動得更快。速度一直是許多公司對其電子商務工作的計算中缺失的因素，因此 Plus 是市場上非常及時的產品。

And then, Russ, the effect that Plus is having maybe on the GMV per merchant? Then one follow-up for Russ is maybe if you could give us some geographic breakdown or I know you announced the milestone of 200,000-plus merchants. Could you tell us maybe where those merchants are coming from, North America, outside the US, et cetera? Thanks.

然後，Russ，Plus 對每個商家的 GMV 有什麼影響？那麼 Russ 的一個後續行動是，如果你能給我們一些地理細分，或者我知道你宣布了 200,000 多個商家的里程碑。你能告訴我們這些商人來自哪裡，北美，美國以外等等嗎？謝謝。

In terms of your question on the average GMV per merchant, it did go up in the quarter. Plus did contribute, but so did our point-of-sale solution, as well as just merchants in general are being more successful on the platform, so all of those contributed to that increase.

關於每個商家的平均 GMV 的問題，它在本季度確實有所上升。 Plus 確實做出了貢獻，但我們的銷售點解決方案以及一般商家在平台上的成功率也有所提高，因此所有這些都為這一增長做出了貢獻。

In terms of where we are getting merchants, it continues to be throughout the various geographies. As we have noted before, we have merchants in over 150 countries using the platform. US continues to be strong, but we're also seeing good growth in other geographies like Canada, UK, and Australia. So it's not one particular geography and so it's just every area is contributing to that growth.

就我們吸引商家的地方而言，它仍然遍布各個地區。正如我們之前所指出的，我們在 150 多個國家/地區都有使用該平台的商家。美國繼續保持強勁，但我們也看到加拿大、英國和澳大利亞等其他地區的良好增長。所以這不是一個特定的地理位置，而是每個地區都在為這種增長做出貢獻。

Thanks very much. I'll get back in the queue. Appreciate it.

非常感謝。我會回到隊列中。欣賞它。

Thanks, Michael. Next question, please.

謝謝，邁克爾。請下一個問題。

Your next question comes from the line of Ross MacMillan with RBC Capital Markets. Your line is now open.

你的下一個問題來自加拿大皇家銀行資本市場的 Ross MacMillan。您的線路現已開通。

Thanks very much. 200,000-plus merchants is a very impressive number. It's a very strong merchant add quarter. I was just curious, Tobi, do you think there was any additional tailwind this quarter from the Amazon merchant conversions or is this really a reflection of broader strength in the platform? Just curious as to what drove the acceleration this quarter?

非常感謝。 200,000 多個商戶是一個非常可觀的數字。這是一個非常強大的商家添加季度。我只是好奇，托比，你認為本季度亞馬遜商家轉化有任何額外的順風，還是這真的反映了平台更廣泛的實力？只是好奇是什麼推動了本季度的加速發展？

It's very hard to [attribute them straight up]. There is a lot of contributing factors for the growth. I wouldn't say that -- Amazon has been -- we're happy with what is going on there, but it's not that, that makes up the difference. It's hundreds of little factors, and frankly, it's a lot of the work we have done half a year ago.

很難[直接歸因於它們]。有很多促成增長的因素。我不會說 - 亞馬遜一直 - 我們對那裡發生的事情感到滿意，但不是那樣，這彌補了差異。這是數百個小因素，坦率地說，這是我們半年前所做的很多工作。

Half a year ago, we [shipped] features which are now generally being used because features need to -- take a while for adoption on the platform. Then people love them and then people tell other people about them and then that's enough to get another cohort of people to say, okay, well we are done with whatever system we are using, we should really be using Shopify. This is how the [slide] wheel of growth gets ever faster.

半年前，我們 [發布] 現在普遍使用的功能，因為這些功能需要 - 需要一段時間才能在平台上採用。然後人們喜歡它們，然後人們將它們告訴其他人，然後這足以讓另一群人說，好吧，我們已經完成了我們正在使用的任何系統，我們真的應該使用 Shopify。這就是增長的[滑動]輪變得越來越快的方式。

That's great. My follow-up for Russ, the take rate on Merchant Solutions continues to move higher. Is that just a function of deeper penetration of payments or are we starting to see any other impacts on that? And I was curious, in the same vein, the Merchant Solutions gross margins were down a little bit, 280 bps sequentially, and I'm just curious about the mix this quarter of payments versus other things in that line? Thank you.

那太棒了。我對 Russ 的後續行動是，Merchant Solutions 的採用率繼續走高。這僅僅是支付更深入滲透的一個功能，還是我們開始看到任何其他影響？而且我很好奇，同樣，Merchant Solutions 的毛利率略有下降，連續下降 280 個基點，我只是很好奇本季度的付款與該行的其他內容的混合情況？謝謝。

In terms of the biggest contributor is payments on two fronts. One, more and more merchants are picking Shopify Payments as their payment solution, and two, more GMV is going through Shopify Payment. It is the combination of the two which is really driving that. Shopify Payments is the largest piece, currently, of the Merchant Solutions, and so it's really a mix. So as Shopify Payments starts to become a bigger piece, you'll see some margin impact there in terms of the percentage.

就貢獻最大的是兩方面的支付。第一，越來越多的商家選擇 Shopify Payments 作為他們的支付解決方案，第二，更多的 GMV 正在通過 Shopify Payment。正是兩者的結合才真正推動了這一點。 Shopify Payments 是目前最大的商家解決方案，因此它確實是一個組合。因此，隨著 Shopify Payments 開始變得更大，您會在百分比方面看到一些利潤率影響。

Just a reminder that internally we really do focus more on margin dollars. Again, as we add more merchants and get more subscription revenue and those merchants then use our Merchant Solutions, that combination is really a very powerful business model and adds to that gross profit, which really is a day-to-day, what is the important piece.

提醒一下，在內部我們確實更關注保證金美元。同樣，隨著我們增加更多的商家並獲得更多的訂閱收入，然後這些商家使用我們的商家解決方案，這種組合確實是一種非常強大的商業模式，並增加了毛利潤，這確實是日常的，什麼是重要的一塊。

Great, thanks, again. Very impressive results.

太好了，再次感謝。非常令人印象深刻的結果。

Thanks, Ross. Steve, next question, please.

謝謝，羅斯。史蒂夫，請問下一個問題。

Your next question comes from the line of Terry Tillman with Raymond James. Your line is now open.

你的下一個問題來自 Terry Tillman 和 Raymond James 的台詞。您的線路現已開通。

Thanks for taking my questions. I would characterize it as an amazing quarter, so great job. The first question just relates to Shopify Shipping. I have three parts to that question, in terms of how do we think about take rate on the shipping solution? What initial signs have you seen on the attached rate of it? And lastly, what gross margin impacts you could see as opposed to the Payment solution?

感謝您回答我的問題。我會把它描述為一個了不起的季度，太棒了。第一個問題僅與 Shopify Shipping 有關。關於我們如何考慮運輸解決方案的收費率，我將這個問題分為三個部分？你看到它的附著率有什麼初步跡象？最後，與支付解決方案相比，您會看到哪些毛利率影響？

Really too early to really go into a lot of depth on Shopify Shipping. In terms of the margin, it will be recorded on a net basis, so it will have a much higher gross margin than, for example, Shopify Shipping. But from a revenue point of view, again, a smaller impact there. So far we are seeing good pick-up [dot].

真正深入了解 Shopify Shipping 還為時過早。就利潤率而言，它將以淨額記錄，因此它的毛利率將比 Shopify Shipping 等高得多。但從收入的角度來看，影響較小。到目前為止，我們看到了良好的回升 [dot]。

But the way you should think of Shipping is it is a journey similar to what we did on Shopify Payments, so we will continue to roll it out in other geographies. We will continue to add other carriers to the solution and so it's just going to get more and more powerful as an offering. Over time, we will see more and more revenue and gross profit coming from that.

但您應該將 Shipping 視為類似於我們在 Shopify Payments 上所做的旅程，因此我們將繼續在其他地區推出它。我們將繼續將其他運營商添加到該解決方案中，因此它會變得越來越強大。隨著時間的推移，我們將看到越來越多的收入和毛利來自於此。

Okay. All right, thanks.

好的。好的，謝謝。

One thing to add quickly to the shipping thing is the growth will not be the same as Payments just because Shipping -- Payments is a mathematical decision to a certain degree and the additional features to get from a platform -- the quality of life improvement, where shipping is an integral process within our customers' businesses. The attach rate to new businesses, we expect to be very high because people are just going to go -- people who do not have processes yet are going to establish them based on what the platforms makes obvious for them.

快速添加到運輸的一件事是增長將與支付不同，只是因為運輸——支付在某種程度上是一個數學決策，以及從平台獲得的額外功能——生活質量的改善，在我們客戶的業務中，運輸是一個不可或缺的過程。新業務的附加率，我們預計會非常高，因為人們會離開——那些還沒有流程的人將根據平台對他們顯而易見的內容來建立流程。

To our existing customers, we think we are going to make this obviously compelling enough for people to adopt, but I don't expect that to happen quarter four. People are going to have the way they get packages out of the door and how they buy labels, that and quarter four is where you want to -- where your processes have to form. It will be a slower growth.

對於我們現有的客戶，我們認為我們將使這顯然足以吸引人們採用，但我預計這不會在第四季度發生。人們將擁有他們將包裹運出門外的方式以及他們購買標籤的方式，而第四季度就是您想要的地方 - 您的流程必須形成的地方。這將是一個較慢的增長。

Okay, all right, thanks for that. My follow-up question, this will be simple. This won't be a multi-part, this is just a one-part question. In terms of fourth quarter, people will hone in on how you are doing in terms of adding new customers, but should we expect that, that will be more of a low mark for 4Q because of the seasonal nature of the business or do you think because of the growth investments you have made, that you could see non-seasonality in terms of still signing lots of customers in 4Q? Thank you.

好的，好的，謝謝你。我的後續問題，這很簡單。這不會是一個多部分的問題，這只是一個單部分的問題。就第四季度而言，人們會關注你在增加新客戶方面的表現，但我們是否應該預期，由於業務的季節性，第四季度的表現會更差，或者你認為由於您所做的增長投資，您是否可以在第四季度仍然簽約大量客戶方面看到非季節性？謝謝。

We don't have any real firm expectation in terms of that. We will continue to see good growth. As impressive as our platform and our ecosystem is, our marketing team is equally impressive, and so they continue to come up with innovative ways of experimenting to get us new merchants. They are definitely not going to slow down in Q4, but we don't have any set expectation there. To a large degree, merchants do want to be up and running prior to the holiday period, but we will still see people post [that] get added to the platform.

我們對此沒有任何真正堅定的期望。我們將繼續看到良好的增長。與我們的平台和生態系統一樣令人印象深刻的是，我們的營銷團隊同樣令人印象深刻，因此他們繼續想出創新的方法來為我們爭取新的商家。他們肯定不會在第四季度放慢腳步，但我們對此沒有任何預期。在很大程度上，商家確實希望在假期之前開始運營，但我們仍然會看到人們發帖 [that] 被添加到平台。

Thanks, Russ, thanks, Tobi, thanks, Katie.

謝謝，Russ，謝謝，Tobi，謝謝，Katie。

Sure thing, Terry. Thank you. Next question, please, Steve.

當然可以，特里。謝謝。下一個問題，史蒂夫。

Your next question comes from the line of Brendan Barnicle from Pacific Crest Securities. Your line is now open.

你的下一個問題來自 Pacific Crest Securities 的 Brendan Barnicle。您的線路現已開通。

Russ, you guys have mentioned the strength in Q4 that you look forward to, but if I look on a year-over-year basis, we've got revenue that decelerates despite an easier compare from a year ago. Obviously, we're getting into a law of large numbers, but is there anything aside of the size of large numbers and a little prudent conservatism that would suggest that we should see any meaningful deceleration in the type of growth in Q4 that we have seen [occurring] the rest of the year?

Russ，你們提到了您期待的第四季度的實力，但如果我看與去年同期相比，儘管與一年前相比更容易，但我們的收入有所放緩。顯然，我們正在進入大數定律，但除了大數的規模和謹慎的保守主義之外，還有什麼可以表明我們應該看到第四季度的增長類型出現任何有意義的減速嗎？ [發生] 今年剩下的時間？

As were noted in our guidance, we are increasing Q4 by roughly $8 million, or 15%. We are seeing good growth in Q4. It is a bit of -- as the numbers get bigger, you do see a bit of just natural deceleration in terms of percentage growth. It's also a little bit beyond our control in terms of the Merchant Solution piece because really now we're talking about how successful 200,000 merchants are going to be in over 150 countries. So the variability associated with that is something that we tried to, I wouldn't say be conservative, but be careful in terms of how we look at things.

正如我們在指南中指出的那樣，我們將第四季度增加約 800 萬美元，即 15%。我們看到第四季度的良好增長。它有點——隨著數字變大，你確實看到百分比增長有點自然減速。就商戶解決方案而言，這也有點超出我們的控制範圍，因為現在我們實際上正在談論 200,000 名商戶將在 150 多個國家/地區取得多麼成功。因此，與此相關的可變性是我們試圖做到的，我不會說是保守的，但要小心我們看待事物的方式。

Sure. And you've talked about the attach rates on payments by merchant. Do you have any stats on the percentage of payments on GMV that those merchants are using?

當然。你已經談到了商家付款的附加費率。您是否有關於這些商家使用的 GMV 支付百分比的統計數據？

Yes, that number continues to grow. Each quarter, the percentage of GMV that's going through Shopify Payments has been increasing. I don't want to be any more specific than that, but we are seeing good performance there.

是的，這個數字還在繼續增長。每個季度，通過 Shopify Payments 的 GMV 百分比都在增加。我不想比這更具體，但我們在那裡看到了良好的表現。

And then just lastly, as we step back and look at all of these new announcements and, Tobi, you mentioned the new channels and relationships that you guys have. Should we start to think about your total addressable market differently or has that expanded out in some new ways and what are updated stats that you guys may have around that?

最後，當我們退後一步並查看所有這些新公告時，托比，你提到了你們擁有的新渠道和關係。我們是否應該開始以不同的方式考慮您的整個潛在市場，或者是否以一些新的方式擴展了它，你們可能擁有哪些更新的統計數據？

It's a really good question. The thing to keep in mind is, you can spend a lot of time trying to come to some precision of what the market is, but at the end of the day, our market is, people who want to build online businesses and people who want to sell products. That's a really, really, really, really big market. There has been established patters like through the ideas behind the shopping cart that really were online versions of a Sears catalog, if you will.

這是一個非常好的問題。要記住的是，你可以花很多時間試圖準確地了解市場是什麼，但歸根結底，我們的市場是，想要建立在線業務的人和想要建立在線業務的人銷售產品。這是一個非常非常非常非常大的市場。如果您願意的話，已經建立了一些模式，比如購物車背後的想法實際上是 Sears 目錄的在線版本。

That was the first pattern we managed to get properly onto the Internet based on the restrictions of early browsers and so on. What we see now is a widening of what's possible. We now know how people consume the Internet; it's via phones mostly. We now how people spend their time online; it's on social media sites and all of these things.

這是我們基於早期瀏覽器等的限製而設法正確進入 Internet 的第一個模式。我們現在看到的是可能性的擴大。我們現在知道人們如何使用互聯網；主要是通過電話。我們現在知道人們如何在網上度過他們的時間；它在社交媒體網站和所有這些東西上。

And in the same way how, throughout the history of urbanization and cities, we constantly -- the retail industry has figured out where and how to sell products, the Internet is going through the same evolution in a more rapid pace. So it's really tough to nail down exactly what the size of the market is and what the opportunity is, so we actually don't try. We just want to -- we have strong ideas about how we want to assist in other people building these businesses and growing and scaling these businesses. So we are trying to build the best software we can and then see what happens.

同樣，在整個城市化和城市的歷史中，我們如何不斷——零售業已經弄清楚在哪里以及如何銷售產品，互聯網正在以更快的速度經歷同樣的演變。所以很難準確地確定市場的規模和機會是什麼，所以我們實際上並沒有嘗試。我們只是想——我們對如何幫助其他人建立這些業務以及發展和擴展這些業務有很強的想法。所以我們正在努力構建我們能做的最好的軟件，然後看看會發生什麼。

It's a good question but it's hard for us to answer because I've never in the 10 years prior to going public, I didn't spend a percent of the time thinking about the size of my market as it had to do with when I was on the road. So to help you understand the way the Company is thinking about these things.

這是一個很好的問題，但我們很難回答，因為在上市前的 10 年裡，我從來沒有花一分之一的時間思考我的市場規模，因為這與我何時在路上。因此，為了幫助您了解公司思考這些事情的方式。

Sure, sure, understood. Thanks so much.

明白了，明白了。非常感謝。

Sure thing. Thank you, Brendan. Next question, please.

當然可以。謝謝你，布倫丹。請下一個問題。

Next question comes from Richard Davis with Canaccord Genuity. Your line is now open.

下一個問題來自 Canaccord Genuity 的 Richard Davis。您的線路現已開通。

Hey, guys. Thanks. It's DJ on the line for Richard. Tobi, you touched on Facebook a bit in your prepared remarks, but when they introduced the shop section, there was some confusion in the market that this was in some way competitive to what you guys are doing. Just want to make sure were crystal clear on the relationship here. Can you help us understand how this impacts your business either positively, in the sense of a channel to expand GMV or perhaps negatively as a forum for customers to market their goods away from the Shopify platform?

大家好。謝謝。是理查德的在線 DJ。 Tobi，你在準備好的發言中稍微提到了 Facebook，但當他們介紹商店部分時，市場上出現了一些混亂，認為這在某種程度上與你們所做的競爭。只是想確保對這裡的關係一清二楚。您能否幫助我們了解這對您的業務有何積極影響，從擴大 GMV 的渠道的意義上說，或者作為客戶將商品從 Shopify 平台推銷的論壇的負面影響？

To me, we had built this system behind Shopify -- behind the Facebook Shop area of Facebook pages of Shopify stores predominantly, the vast majority of them are. Again, we don't really care what channel -- how buyers find the products. What we want is there to be a Shopify store behind it that deals with the incoming order and the shipping.

對我來說，我們在 Shopify 背後構建了這個系統——主要是在 Shopify 商店的 Facebook 頁面的 Facebook 商店區域後面，其中絕大多數是。同樣，我們並不真正關心什麼渠道——買家如何找到產品。我們想要的是它背後有一個 Shopify 商店來處理傳入的訂單和運輸。

We can help with getting the payment collected and all of these things. We are fine to be in the background. This has actually been very, very positive. And it's not terribly unlike there being Buy It buttons on Pinterest or Buy Now buttons on Twitter. It's all just part of the same change we're witnessing on the Internet, which we call federated commerce.

我們可以幫助收取款項和所有這些事情。我們在後台很好。這實際上是非常非常積極的。這與 Pinterest 上的“購買”按鈕或 Twitter 上的“立即購買”按鈕並無太大區別。這只是我們在 Internet 上目睹的相同變化的一部分，我們稱之為聯合商業。

Okay, got it. And then, Russ, as we look forward, how are you thinking about a breakeven time frame, either free cash flow or operating income?

好，知道了。然後，Russ，正如我們期待的那樣，您如何看待盈虧平衡的時間框架，自由現金流或營業收入？

We are still internally targeting the end of 2017. As you can see, we are executing very well. Our losses are relatively small. Operating cash flow, again, in the quarter was positive. Our goal is really to keep investing, to basically take full advantage of these opportunities.

我們內部的目標仍然是 2017 年底。如您所見，我們執行得非常好。我們的損失相對較小。本季度的經營現金流再次為正。我們的目標實際上是繼續投資，基本上充分利用這些機會。

We're not moving that target. If it comes to 2017 and we still have some great investments that can even increase our long-term potential higher, then we will invest at that stage. We don't have a fixed number, but just looking at the numbers and the growth, we are still targeting the end of 2017.

我們不會改變那個目標。如果到了 2017 年，我們仍然有一些偉大的投資，甚至可以提高我們的長期潛力，那麼我們將在那個階段進行投資。我們沒有固定的數字，但只看數字和增長，我們的目標仍然是 2017 年底。

Okay, got it. Thanks, guys.

好，知道了。多謝你們。

Thank you, DJ. Next question, please?

謝謝你，DJ。請問下一個問題？

Your next question comes from Brian Essex with Morgan Stanley. Your line is now open.

你的下一個問題來自摩根士丹利的 Brian Essex。您的線路現已開通。

Great. Thank you and good morning. Thank you for taking the question. I was wondering if I could circle back a little bit on the topic of buy buttons and Facebook pages. I understand that you are trying to enable your customers with incremental distribution channels, but are you seeing any pull onto your platform from the other direction?

偉大的。謝謝你，早上好。謝謝你提出這個問題。我在想我是否可以稍微回過頭來談談購買按鈕和 Facebook 頁面的話題。我知道您正在嘗試通過增量分銷渠道為您的客戶提供支持，但您是否看到從其他方向對您的平台產生任何影響？

And maybe how are your affiliates responding to some of the developments that you are offering on the platform? Are you seeing better traction on that end of the platform as they promote this better functionality over your platform, or expanded functionality over your platform?

也許您的附屬公司如何響應您在平台上提供的一些發展？當他們在你的平台上推廣這種更好的功能，或者在你的平台上擴展功能時，你是否看到平台的那一端有更好的吸引力？

This is Harley Finkelstein here. From the affiliate side or the partner side, obviously our partner ecosystem continues to grow. Each quarter, we see thousands of partners that send merchants our way. The reaction from the ecosystem and the affiliates and partners have been positive. Keep in mind that those partners that bring new merchants to Shopify, they are also being asked about all these new channels. The fact with they can say we built on Shopify and Shopify is already integrated into Facebook and Pinterest and Twitter and, eventually, Amazon as well, is really positive.

我是哈利·芬克爾斯坦。從聯盟方或合作夥伴方來看，顯然我們的合作夥伴生態系統在繼續發展。每個季度，我們都會看到數以千計的合作夥伴向我們推薦商家。生態系統以及附屬機構和合作夥伴的反應是積極的。請記住，那些為 Shopify 帶來新商家的合作夥伴，他們也被問及所有這些新渠道。他們可以說我們建立在 Shopify 上，Shopify 已經集成到 Facebook、Pinterest 和 Twitter，最終也集成到 Amazon，這是非常積極的。

In terms of -- I think what you're asking is the growth that we are seeing just from people that want to sell on Pinterest directly. That's great because that means that if they come to us just to sell on Pinterest, they may decide then that they want to build an online store, as well, with Shopify, or sell, as well, on Facebook. For us to become -- to use the term that Tobi was referring to, the federated commerce platform for anyone that wants to sell products is very positive for us and that's what we've been seeing.

就-我認為你問的是我們看到的增長只是來自那些想直接在 Pinterest 上銷售的人。這很好，因為這意味著如果他們來找我們只是為了在 Pinterest 上銷售，他們可能會決定他們也想通過 Shopify 建立一個在線商店，或者也在 Facebook 上銷售。對於我們來說——使用 Tobi 所指的術語，任何想要銷售產品的人的聯合商業平台對我們來說都是非常積極的，這就是我們所看到的。

Great. And then on that Amazon data point, that's extremely interesting in that they can probably handle logistics. Anything else in the way -- and I know your not going to build out any physical assets, but any other initiatives on the logistics side of the equation that might enable you to go upmarket more than you already have?

偉大的。然後在那個亞馬遜數據點上，這非常有趣，因為他們可能可以處理物流。還有什麼阻礙——我知道你不會建立任何有形資產，但在等式的物流方面的任何其他舉措可能會讓你比你已經擁有的更多地進入高端市場？

You mean specifically with Amazon?

你的意思是專門針對亞馬遜？

Not necessarily specifically with Amazon, but maybe how you think about that shipping and logistics piece of the puzzle. Not in a sense of integrating with printing off a shipping label, but maybe how your customers might be, as you might think about going upmarket, how your customers may think about the logistics side of the equation and what role you might play in that? Through partnerships and ability to enable their logistics and shipping requirements?

不一定專門針對亞馬遜，但也許你是如何看待運輸和物流這塊拼圖的。不是從打印運輸標籤的意義上說，而是你的客戶可能會如何，因為你可能會考慮進入高端市場，你的客戶如何看待等式的物流方面以及你可能在其中扮演什麼角色？通過合作夥伴關係和能力來滿足他們的物流和運輸要求？

Shipping is this wonderful, interesting field. At a fundamental level, you have a package with some items in it on one side and you need it on another side. For simplicity reasons, we all decided to make this predominantly the problem of three major carriers, at least in the United States, and tell them where the package is. They pick it up and then deliver it.

航運是一個美妙而有趣的領域。從根本上講，您有一個包裹，一側裝有一些物品，而另一側需要它。為簡單起見，我們都決定將這主要作為三大運營商的問題，至少在美國是這樣，並告訴他們包裹在哪裡。他們拿起它然後交付它。

That works really, really well, but there are shortcuts and optimizations that are both considering, especially because our platform is getting really big and there's a lot of packages. A certain percentage of those often really are -- the package that the needs to be sent out is a couple of blocks away from where it needs to go. On a fundamental logic, from a perspective of logic, which seems silly to give this to -- send this into a sorting center that might be 60 miles away.

這確實非常有效，但是我們正在考慮一些捷徑和優化，特別是因為我們的平台變得非常大並且有很多包。其中一定比例的包裹通常確實是——需要寄出的包裹距離它需要去的地方只有幾個街區。根據基本邏輯，從邏輯的角度來看，將其發送到可能在 60 英里外的分揀中心似乎很愚蠢。

In [those] cases, we really want to give this to Uber, which can drive it over right away, which is amazing customer experience, or to a bicycle courier, if you want to, if they are interested in building this capability out. This is really how we are thinking about this. Packages need to go from A to B and we want to build software to increasingly make this easier for everyone to get this transfer made in the most efficient way possible.

在 [那些] 情況下，我們真的很想把它提供給優步，它可以馬上把它開過去，這是令人驚嘆的客戶體驗，或者如果你願意，如果他們有興趣建立這種能力，也可以提供給自行車快遞員。這就是我們的思考方式。包裹需要從 A 地轉移到 B 地，我們希望構建軟件，使每個人都能更輕鬆地以最有效的方式進行轉移。

This is clearly a multi-year project. There's going to be a lot of partnerships. There's going to be lots of [things] that needs to be written. We're really good at that, so that's good. By the end, we're going to have something -- shipping becomes a really compelling part of our platform on top of all the other compelling products that already exist.

這顯然是一個多年期項目。將會有很多合作夥伴關係。將會有很多[事情]需要寫。我們真的很擅長，所以這很好。到最後，我們將擁有一些東西——在所有其他已經存在的引人注目的產品之上，運輸成為我們平台中真正引人注目的部分。

Okay. Very helpful and a fantastic quarter. Thank you.

好的。非常有幫助，是一個很棒的季度。謝謝。

Great, thank you. Next question, please?

太好了謝謝。請問下一個問題？

Your next question comes from the line of Arvind Ramnani from Gordon Haskett. Your line is open.

你的下一個問題來自 Gordon Haskett 的 Arvind Ramnani。你的線路是開放的。

Thanks for taking my question. When you think of various opportunities to drive revenue growth, there are certainly multiple areas of growth, so there are partnerships, there are additional features you can add, there's geographic opportunities. How do you prioritize the various opportunities at this stage because I'm sure, at some point, you ought to prioritize what you are really going to go after? And the second question is how are you going to decide when to partner with a larger platform or build some of the feature sets organically?

感謝您提出我的問題。當你想到推動收入增長的各種機會時，肯定有多個增長領域，所以有合作夥伴關係，有你可以添加的額外功能，有地理機會。在這個階段你如何優先考慮各種機會，因為我確信，在某個時候，你應該優先考慮你真正想要追求的東西？第二個問題是您將如何決定何時與更大的平台合作或有機地構建一些功能集？

Deciding a road map, that's essentially -- the road map essentially is the strategy of the Company, which is what my main occupation of this business is, setting the road map and setting the strategy of what we're working on. We are working backwards from -- we try to simplify things. Again, I gave a glimpse of that in the last answer where I talked about shipping.

確定路線圖，本質上是——路線圖本質上是公司的戰略，這是我在這項業務中的主要職責，制定路線圖並製定我們正在開展的工作的戰略。我們正在倒退——我們試圖簡化事情。再一次，我在最後一個關於運輸的回答中瞥見了這一點。

Shipping is a very, very complex field, multi-billion dollar industry of many, many big players and many existing workflows and existing ideas, but at the end of the day, it's a package which goes from A to B. If shipping would be -- if we just in this moment come up with the idea that, hey, wouldn't it be great if you could take a package and have it somehow transported somewhere else, if that would be a completely novel idea right now, how we build this industry?

航運是一個非常非常複雜的領域，價值數十億美元的產業，有許多大公司和許多現有的工作流程和現有的想法，但歸根結底，它是一個從 A 到 B 的包裹。如果航運是-- 如果我們就在這一刻想出這樣的想法，嘿，如果你可以拿一個包裹並以某種方式將它運送到其他地方，那不是很好嗎，如果這在現在是一個全新的想法，我們如何建立這個產業？

If we would be a start-up the space, how would we try to tackle this? Trying to solve these fundamental problems from a very, very organic and [legacy]-free perspective is what we do. Then, afterwards, we are engaged in the next step, which is, given those opinions about what we want to build and what the final outcome we want to have, how do we get there in the best way?

如果我們想成為這個領域的初創企業，我們將如何嘗試解決這個問題？我們所做的就是嘗試從非常非常有機且無 [legacy] 的角度解決這些基本問題。然後，之後，我們進行下一步，即考慮到關於我們想要構建什麼以及我們想要擁有什麼最終結果的意見，我們如何以最好的方式到達那裡？

In many cases, the answers is, partner with a bunch of people who are really good at this thing. Sometimes you find, hey, there is actually no one who has that same idea so why don't we go and build this from scratch? This is how we solve all these problems. This is how we thought about Payments, how we do Shipping, how we thought about online stores in general. How we decided that commerce is going to change and going to turn into very much a multi-platform federated commerce [end over].

在許多情況下，答案是與一群真正擅長這件事的人合作。有時您會發現，嘿，實際上沒有人有相同的想法，所以我們為什麼不從頭開始構建它呢？這就是我們解決所有這些問題的方式。這就是我們對支付的看法，我們對運輸的看法，以及我們對一般在線商店的看法。我們如何決定商業將發生變化並轉變為多平台聯合商業 [結束]。

You take that, plus take into consideration all of these massive market trends that are going on. Mobile is a crazy force in our market. It's a massive wave that can easily sweep away everyone who does not pay attention to it. So we need to keep those in check. We need to know what is coming. We need to know how important is bitcoin to this market, how important are drones delivering items, how important are all of these things that are coming? We make good choices on which ones matter soon and then we need to know this earlier than other people, hopefully, start building software, start prioritizing it, figuring out when is the right moment to work because we know software history is littered with the corpses of companies that had the right idea but were way too early.

你接受這一點，再加上考慮到所有這些正在發生的巨大市場趨勢。移動是我們市場上一股瘋狂的力量。那是一股巨大的浪潮，可以輕易席捲掉任何一個不注意它的人。所以我們需要控制這些。我們需要知道會發生什麼。我們需要知道比特幣對這個市場有多重要，無人機運送物品有多重要，所有這些即將到來的東西有多重要？我們很快就做出了重要的選擇，然後我們需要比其他人更早地知道這一點，希望開始構建軟件，開始優先考慮它，弄清楚什麼時候是正確的工作時間，因為我們知道軟件歷史上到處都是屍體有正確想法但為時過早的公司。

This is really the secret sauce of the business. This is where our track record has been strongest, getting these things right. This is what I spend a lot of my time on and I have a fantastic team to help this information acquisition and making these choices. This is all mixed down into a somewhat sequential, little bit parallel list of items that are being popped off [as deck] by the various teams that we've build across the Company and then they are being implemented by the engineers or the deals are being written by the business team and this is how we are driving the platform forward.

這確實是業務的秘訣。這是我們的記錄最強大的地方，把這些事情做對了。這就是我花了很多時間做的事情，我有一個很棒的團隊來幫助獲取信息並做出這些選擇。這一切都被混合成一個有點順序的、有點平行的項目列表，我們在整個公司建立的各個團隊正在彈出 [as deck]，然後由工程師實施或交易是由業務團隊編寫，這就是我們推動平台向前發展的方式。

Great. That's very helpful and good luck for the rest of the year.

偉大的。這非常有幫助，祝你在今年餘下的時間裡好運。

Thank you, Arvind.

謝謝你，阿文德。

(Operator Instructions)

（操作員說明）

I am showing there are no further questions at this time.

我表明此時沒有其他問題。

Great. Thank you, Steve. I will turn the mic over to Tobi for a few closing remarks.

偉大的。謝謝你，史蒂夫。我將把麥克風交給 Tobi 做一些結束語。

It's not like I have a lot of say. It sounds like we left no stone unturned. No further questions, so that's good. Thanks everyone for joining and see you next time.

這不像我有很多發言權。聽起來我們想盡一切辦法。沒有進一步的問題，所以這很好。感謝大家的加入，下次再見。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您現在可以斷開連接。