Shopify Inc (SHOP) 2016 Q1 法說會逐字稿

Good morning. My name is Sylvie and I will be your conference operator today. At this time, I would like to welcome everyone to the Shopify Q1 2016 financial results conference call.

早安.我叫西爾維，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Shopify 2016 年第一季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Katie Keita, Director of Investor Relations, you may begin your conference.

凱蒂·凱塔，投資者關係總監，您可以開始會議了。

Good morning. Thank you all for joining us for Shopify's first-quarter 2016 conference call. Opening today's call is Tobi Lutke, Shopify's Founder and CEO. After Tobi's remarks, Harley Finkelstein, our Chief Operating Officer, will discuss our progress, especially with regards to partners and Shopify Plus. Then Russ Jones, our Chief Financial Officer, will review our first-quarter results and discuss our expectations for the rest of 2016. After that, we will open it up for your questions.

早安.感謝大家參加 Shopify 2016 年第一季電話會議。 Shopify 創辦人兼執行長 Tobi Lutke 宣布今天的電話會議開幕。 Tobi 發表演說後，我們的營運長 Harley Finkelstein 將討論我們的進展，特別是在合作夥伴和 Shopify Plus 方面。然後，我們的財務長 Russ Jones 將回顧我們第一季的業績，並討論我們對 2016 年剩餘時間的預期。

First, a brief reminder that during today's discussion, we will make forward-looking statements which are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements. We undertake no obligation to update these statements except as required by law. Information about these risks and uncertainties is contained in our press release this morning, as well as in our filings with securities regulators in both Canada and the US.

首先，簡要提醒一下，在今天的討論中，我們將做出基於當前假設的前瞻性陳述，並受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些陳述中的預測存在重大差異。除法律要求外，我們不承擔更新這些聲明的義務。有關這些風險和不確定性的資訊包含在我們今天上午的新聞稿中，以及我們向加拿大和美國證券監管機構提交的文件中。

Also our commentary today will include adjusted financial measures which are non-GAAP measures, which should be considered as a supplement to, and not a supplement for, our GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures for our reported results can be found in our earnings press release which is available on our website. Finally, note that we report in USD, so all amounts discussed are in US dollars unless otherwise indicated.

此外，我們今天的評論將包括調整後的非公認會計原則財務指標，這些指標應被視為對我們的公認會計原則財務指標的補充，而不是補充。我們報告的業績的 GAAP 和非 GAAP 財務指標之間的調整可以在我們網站上的收益新聞稿中找到。最後，請注意，我們以美元報告，因此除非另有說明，所有討論的金額均以美元為單位。

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

這樣，我就把電話轉給托比。

Thanks for joining us today and, thanks again for your interest in Shopify. We've got another really great quarter and high level, what happened is really gratifying to see so many new merchant adds. Obviously that's really important to us, especially entrepreneurs who are adopting our platform to start and run their businesses.

感謝您今天加入我們，再次感謝您對 Shopify 的興趣。我們又迎來了一個非常出色的季度和高水平，看到如此多的新商家增加，所發生的事情真的令人欣慰。顯然，這對我們來說非常重要，尤其是那些採用我們的平台來創辦和經營業務的企業家。

The Unite Partner Conference, very successful. It's jokingly been referred to as the most overdue conference in all technology and it certainly felt overdue when we were actually running it. It was fantastic connecting with our ecosystem, with all the people who make a livelihood by building and selling and enhancing Shopify, so super-successful for us.

Unite合作夥伴大會，非常成功。它被戲稱為所有技術中最遲到的會議，當我們實際運行它時，它確實感覺遲到了。與我們的生態系統以及所有透過建立、銷售和增強 Shopify 謀生的人建立聯繫真是太棒了，這對我們來說非常成功。

And then it finally happened, mobile overtook desktop in terms of order volume one our platform. Absolutely not surprising, we predicted this forever, but it's good to see it finally happen.

然後事情終於發生了，就我們平台的訂單量而言，行動裝置超過了桌面裝置。絕對不足為奇，我們永遠預測到了這一點，但很高興看到它最終發生。

There was so much going away right now, it's easy to see how we could get somewhat comfortable which is silly, so I want to dive into the kinds of things that drive us. We love the role Shopify plays in our customers' businesses. I've said this before, I'm saying it again, there's a lot of leverage for us to make hundreds and thousands of SMB more successful by making great choices within the business.

現在有太多的事情正在消失，很容易看出我們如何變得有點舒服，這很愚蠢，所以我想深入探討驅動我們的各種因素。我們喜歡 Shopify 在客戶業務中所扮演的角色。我以前說過，現在我再說一遍，我們有很多槓桿作用，可以透過在企業內部做出正確的選擇，讓成百上千的中小企業更加成功。

At the top end of our market, this means we're responsible for powering some pretty heavy flash sales and solving all the technical challenges that relate to that. The [yea come us] platform is no good when you go down once you're in the limelight. Lots of success, on the plus side of our business has come from us taking this very seriously.

在我們的高端市場，這意味著我們有責任推動一些相當大的限時銷售，並解決與之相關的所有技術挑戰。一旦你成為眾人矚目的焦點，那麼當你走下坡路時，[是的，來吧]平台就沒啥好處了。從積極的一面來看，我們業務的許多成功都來自於我們非常認真地對待這一點。

At the earliest stages of our market it means having our merchants get better in selling every day. This is partly why we acquired Kit. It's simplifies a lot of the time incentive aspects of marketing. This is also why we launched Merchant Cash Advances. Both these modes are designed to help merchants accelerate their growth.

在我們市場的最初階段，這意味著我們的商家每天都要賣得更好。這就是我們收購 Kit 的部分原因。它簡化了行銷的許多時間激勵方面。這也是我們推出商家現金預支的原因。這兩種模式都是為了幫助商家加速成長。

Let me take a second here to talk about Merchant Cash Advances and why we entered something that some people comment on as a fairly crowded field. Basically what we found is that funding for SMB, specifically retail type of SMBs, is currently utterly broken. They could no longer rely on any opportunities and sources.

讓我花一點時間談談商家現金預支，以及為什麼我們進入了一些人評論為相當擁擠的領域。基本上我們發現，中小企業（特別是零售類型的中小企業）的融資目前完全中斷。他們不能再依賴任何機會和來源。

The VCs can't fund or won't fund retail businesses because at this point of view is so prevalent that you need completely outlandish returns, 100 days, sometimes. But this is no appetite for funding any company that has great growth prospect but not outlandish growth prospect. This eliminates a lot of [eCommerce] business.

創投公司不能或不會為零售企業提供資金，因為這種觀點非常普遍，以至於你需要完全奇怪的回報，有時是 100 天。但這並不是為任何具有良好成長前景但成長前景並不奇怪的公司提供資金的興趣。這消除了很多[電子商務]業務。

Banks, on the other side, which were traditionally funders of SMBs, have unfortunately completely failed to build data-driven data-informed underwriting processes, which would allow them to extend lines of credits to young retail businesses. It's the responsibility that has not been taken seriously enough.

另一方面，銀行傳統上是中小企業的資助者，不幸的是，它們完全未能建立數據驅動的數據知情承保流程，這將使它們能夠向年輕的零售企業提供信貸額度。這是我們沒有足夠認真地對待的責任。

When talking with our customers and hearing about these challenges, we realized we had a great advantage here. We have all the data that anyone might want, like we see from everything from the sign of a business to every single click path of anyone who purchase something from them. So this is not a problem for us.

當與我們的客戶交談並聽到這些挑戰時，我們意識到我們在這方面擁有巨大的優勢。我們擁有任何人可能想要的所有數據，就像我們從企業標誌到從他們那裡購買商品的任何人的每一次點擊路徑中看到的一切。所以這對我們來說不是問題。

Of course, we don't actually require the outlandish returns that VCs require because we are invested in the success of the customers. That's enough for us, it puts us in the best position. And I think it's a really, really good illustration about why we are so excited about this core role we are playing in terms of our customers' businesses.

當然，我們實際上並不要求創投所要求的異常回報，因為我們投資於客戶的成功。這對我們來說就足夠了，它使我們處於最佳位置。我認為這是一個非常非常好的說明，說明了為什麼我們對我們在客戶業務中扮演的核心角色如此興奮。

The second thing that excites us is that we have a front seat driving our industry forward. This is why we have focused a lot on mobile for such a long time and why we already think beyond mobile for our merchants. We talked about this a lot previously already, but we passed this milestone in quarter 1.

第二件令我們興奮的事情是，我們在推動產業向前發展方面處於領先地位。這就是為什麼我們這麼長時間以來都非常關注行動設備，也是為什麼我們已經為我們的商家考慮到行動裝置以外的問題。我們之前已經討論過很多次了，但我們在第一季就實現了這一里程碑。

There's most of our orders on our platform now coming from mobile devices, just over 51%. Mobile traffic continues to grow and now accounts for 62% of all the traffic to Shopify merchants' sites.

現在我們平台上的訂單大多來自行動設備，略高於 51%。行動流量持續成長，目前佔 Shopify 商家網站總流量的 62%。

Internally we're really interested in messaging and conversation of commerce. That's another focus for us. You saw us acquiring Kit recently, which has been thinking about this space since 2015. So there's a lot of domain expertise, as you know, added to the team.

在內部，我們對商務訊息傳遞和對話非常感興趣。這是我們的另一個重點。您看到我們最近收購了 Kit，該公司自 2015 年以來一直在考慮這個領域。

Most other announcements that Harley is going to get into at Unite, we also shared that we integrated with Facebook Messenger. We are the first commercial platform to do so and with the combination of almost a year's worth of work with Facebook as a great first step in the direction of conversation of commerce which is clearly at its infancy.

Harley 將在 Unite 上發布的大多數其他公告，我們也分享了我們與 Facebook Messenger 的整合。我們是第一個這樣做的商業平台，透過與 Facebook 近一年的合作，我們朝著顯然處於起步階段的商業對話方向邁出了重要的第一步。

The take-away here is that we will not rest. Innovation is why we exist. It's part of what we do and it's an important differentiator for us. We think it's a big reason for why we've are where we are today and why we keep getting better and going forward. And it's also plain fun.

這裡的要點是我們不會休息。創新是我們存在的理由。這是我們工作的一部分，也是我們的重要差異化因素。我們認為這是我們取得今天的成績以及不斷進步和前進的一個重要原因。而且這也很有趣。

With that, I will hand it over to Harley.

這樣，我就把它交給哈雷了。

Thanks, Tobi. And thanks, everyone, who is listening in this morning, for your interest in Shopify. I'm glad to have a couple of minutes here to update you all on some of the great things we accomplished this past quarter.

謝謝，托比。感謝今天早上收聽的所有人對 Shopify 的興趣。我很高興能在這裡花幾分鐘時間向大家介紹我們上個季度取得的一些偉大成就。

As you know, I took on the role of Chief Operating Officer in January to allow Tobi to further focus on product and technology, while I work more closely with our merchants and partners. I've been assuming merchant support as part of my new responsibilities which has been a great good to take on because we have an amazing team there with strong leadership in place.

如您所知，我在一月份擔任首席營運官，以便讓 Tobi 進一步專注於產品和技術，同時我與我們的商家和合作夥伴更加密切地合作。我一直將商家支援作為我新職責的一部分，這對我來說是一件好事，因為我們擁有一支出色的團隊，並且具有強大的領導力。

This past quarter, in a nutshell, as Tobi mentioned, we hosted a fantastic conference in San Francisco in March with our top partners from around the world. We made good progress developing the Shopify Plus program and adding new merchants there. On the ground, we continued to see really solid execution from teams all around Shopify on the opportunity that surrounds us.

簡而言之，正如 Tobi 所提到的，上個季度，我們於 3 月在舊金山與來自世界各地的頂級合作夥伴舉辦了一場精彩的會議。我們在開發 Shopify Plus 計劃並在那裡添加新商家方面取得了良好進展。在實地，我們繼續看到 Shopify 周圍的團隊對我們周圍的機會的真正可靠的執行力。

Let me start with Unite, our partner conference. With more than 650 partners attending, we had a sold-out event which is a great achievement for an inaugural conference. Even so, this is still just a small sample of our much larger global community of partners who are building their own successful businesses on top of Shopify. They're building apps for us, they're building themes for us and they're referring merchants to us.

讓我從我們的合作夥伴會議 Unite 開始。有超過 650 名合作夥伴參加，我們的活動門票全部售完，這對於首屆會議來說是一項偉大的成就。即便如此，這仍然只是我們更大的全球合作夥伴社群的一小部分，這些合作夥伴正在 Shopify 上建立自己的成功業務。他們正在為我們建立應用程序，他們正在為我們建立主題，他們正在為我們推薦商家。

We announced a number of new SDKs in our store front editor at the conference. And one of the more exciting SDKs is the sales channel SDK. The sales channel SDK makes Shopify's APIs available to partners and merchants wanting to integrate a new sales channel with the Shopify platform. These are the very same APIs we use ourselves to build the channels that we announced late last year with Facebook, Twitter and Pinterest.

我們在大會上的店面編輯中宣布了許多新的 SDK。更令人興奮的 SDK 之一是銷售通路 SDK。銷售管道 SDK 讓希望將新銷售管道與 Shopify 平台整合的合作夥伴和商家可以使用 Shopify 的 API。這些 API 與我們用於建立去年年底透過 Facebook、Twitter 和 Pinterest 發布的管道的 API 完全相同。

So far, Houzz, Wanelo and Ebates have already taken advantage of the sales channel SDK, so that Shopify merchants can now easily list and sell their products on any one of these channels. And they can get in front of a larger audience and new potential customers. We expect several more to follow on before year-end. Each new channel that connects merchants to places where potential customers spend their time, gives our merchants another opportunity to connect with shoppers and another chance to make that sale.

到目前為止，Houzz、Wanelo 和 Ebates 已經利用了銷售管道 SDK，因此 Shopify 商家現在可以輕鬆地在這些管道之一上列出和銷售其產品。他們可以接觸到更多的受眾和新的潛在客戶。我們預計年底前還會有更多的後續活動。每個將商家與潛在客戶消磨時間的地方連接起來的新管道，都為我們的商家提供了另一個與購物者建立聯繫的機會以及另一個進行銷售的機會。

Beyond these announcements, it was really valuable to spend a couple of days connecting with and listening to our top partners that Unite conference. One of our primary goals for partners is to make Shopify as easy for them to build new functionality on and customize new stores for their clients as it is for our merchants to use. We're doing well here. Partners are growing right along side us, as our revenue from apps, themes and domains in Q1 grew at roughly the same rapid pace year on year as MRR did.

除了這些公告之外，花幾天的時間與我們在 Unite 會議上的頂級合作夥伴進行聯繫並聽取他們的意見非常有價值。我們為合作夥伴提供的主要目標之一是讓 Shopify 能夠像我們的商家一樣輕鬆地為客戶建立新功能和客製化新商店。我們在這裡過得很好。合作夥伴正在與我們一起成長，第一季我們來自應用程式、主題和網域的營收年增率與 MRR 大致相同。

Our partners' contributions to new merchant adds also remains fairly steady. One area where partners are especially influential is in Shopify Plus. It was primarily through these partners that we welcomed a number of large brands to Shopify Plus this past quarter.

我們的合作夥伴對新商家的貢獻也保持相當穩定。合作夥伴特別有影響力的領域之一是 Shopify Plus。主要是透過這些合作夥伴，我們在上個季度迎來了許多大品牌加入 Shopify Plus。

Nescafe, Jones Soda, Jennifer Furniture, The Golf Channel and Ellen DeGeneris are now using Shopify to sell their goods and run promotions. Through Universal Music Group, Kanye West is now using Shopify to not only sell his apparel line but to sell his new album as well.

Nescafe、Jones Soda、Jennifer Furniture、The Golf Channel 和 Ellen DeGeneris 現在都在使用 Shopify 來銷售商品和進行促銷活動。透過環球音樂集團，Kanye West 現在不僅使用 Shopify 銷售他的服裝系列，還銷售他的新專輯。

While names like these are exciting, we take care that they don't overshadow the primary reason for creating Shopify Plus, which was to ensure merchants would never have a reason to leave or migrate off of the Shopify platform, no matter how large they become. And it is these homegrown businesses we take the most pride in because we had a hand in helping them launch and grow, in many cases since their inception.

雖然這些名稱令人興奮，但我們注意不要掩蓋創建 Shopify Plus 的主要原因，即確保商家永遠沒有理由離開或遷移出 Shopify 平台，無論其規模有多大。我們最引以為傲的是這些本土企業，因為我們在許多情況下自成立以來就幫助他們創辦和發展。

Almost half of the Shopify Plus accounts created in the first quarter were these homegrown merchants upgrading from lower-tier Shopify plans. The same time, with the build-out of additional internal sales capacity, we will continue to attract larger brands and existing merchants from other platforms, and likely at a faster pace in upgrades. In Q1, we continued to build out the team to support Shopify Plus, including adding a senior-level role to lead our growing sales team and we are on track to move that team into their new facility in Waterloo this summer.

第一季創建的 Shopify Plus 帳戶中近一半是從較低層 Shopify 計畫升級的本土商家。同時，隨著內部銷售能力的增強，我們將繼續從其他平台吸引更大的品牌和現有商家，升級的速度可能會更快。在第一季度，我們繼續組建團隊來支持 Shopify Plus，包括增加一個高級職位來領導我們不斷成長的銷售團隊，我們預計將在今年夏天將團隊搬到滑鐵盧的新工廠。

To sum up, we're pleased with the start to the year and the growth curve we are on. We really do think the key here, especially at this early stage of our growth, is that we don't see our growth as a zero-sum game. We know that what's good for our merchants is good for us and what's good for partners is good for us.

總而言之，我們對今年的開局和我們所處的成長曲線感到滿意。我們確實認為這裡的關鍵，特別是在我們發展的早期階段，我們不認為我們的成長是一場零和遊戲。我們知道，對我們的商家有利的，對我們也有利；對合作夥伴有利的，對我們也有利。

We have developed an ecosystem of reciprocity, one that has built incredible loyalty with thousands of partners around the world. For many of our partners, Shopify is all they do every day. As a result of that, they are fierce advocates for us and a big reason we are expecting continued success.

我們開發了一個互惠的生態系統，與世界各地成千上萬的合作夥伴建立了令人難以置信的忠誠度。對於我們的許多合作夥伴來說，Shopify 是他們每天所做的一切。因此，他們是我們的堅定擁護者，也是我們期待持續成功的重要原因。

With that, I will hand it over to Russ to take us through the financial results.

接下來，我將把它交給 Russ，讓他向我們介紹財務表現。

Thanks, Harley. As you saw in our results this morning, we had another great quarter and delivered a solid start to 2016. We continue to benefit from the ongoing strong demand that exists for our ever-expanding platform among entrepreneurs of all sizes, including some of the largest and best known brands in the world. On top of this, we continue to benefit from our merchants' success, new capabilities like Shopify Payment, and now Shopify Shipping.

謝謝，哈利。正如您在今天早上的業績中看到的那樣，我們又度過了一個出色的季度，並為2016 年提供了一個良好的開端。不斷擴大的平台的持續強勁需求，使我們繼續受益。除此之外，我們繼續受益於商家的成功、Shopify Payment 和現在的 Shopify Shipping 等新功能。

Revenue in the first quarter of 2016 grew by 95% over the same period in 2015 to $72.7 million. $38.7 million, or 53%, of this was Subscription Solutions revenue. Year-on-year growth of Subscription Solutions revenue was 73%. The main driver here was the continued strong addition of new merchants to the Shopify platform, which surpassed 275,000 merchants during the first quarter.

2016年第一季的營收較2015年同期成長95%，達到7,270萬美元。其中訂閱解決方案收入為 3,870 萬美元，即 53%。訂閱解決方案營收年增73%。其中的主要動力是 Shopify 平台上新商家的持續強勁成長，第一季商家數量超過 275,000 家。

One thing we discovered as we have integrated additional selling channels, is they are also a source of new merchants. As a result, we targeted some additional marketing spend in the quarter to capitalize on this. As most of you know, it is because of this wide variety of merchants that we focus on a monthly recurring revenue, rather than merchant growth as one of our key metrics.

當我們整合額外的銷售管道時，我們發現的一件事是，它們也是新商家的來源。因此，我們計劃在本季增加一些行銷支出，以充分利用這一點。正如你們大多數人所知，正是由於商家種類繁多，我們才將重點放在每月經常性收入上，而不是將商家成長作為我們的關鍵指標之一。

MRR expanded to $12.8 million at the end of Q1. This compares with $11.3 million at the end of the fourth quarter of 2015 and $7.4 million at the end of the first quarter of 2015.

第一季末 MRR 擴大至 1,280 萬美元。相比之下，2015 年第四季末為 1,130 萬美元，2015 年第一季末為 740 萬美元。

Our Q1 Merchant Solutions revenue grew 127% year- on year to $34 million. The rapid growth here was due to a couple of things. First, the expanding base of merchants coupled with the sales success of existing merchants drove GMV in the Shopify platform in Q1 to approximately $2.7 billion. Not far off the $2.8 billion of GMV achieved in the seasonably strong Q4.

我們第一季的商家解決方案營收年增 127%，達到 3,400 萬美元。這裡的快速成長有幾個原因。首先，不斷擴大的商家基礎加上現有商家的銷售成功，推動 Shopify 平台第一季的 GMV 達到約 27 億美元。與季節性強勁的第四季實現的 28 億美元 GMV 相差不遠。

Second was the continued adoption of Shopify Payments which has expanded to nearly two-thirds of our global merchant base. Although we are nearing steady-state merchant penetration in North America, we see continued incremental adoption in the UK, and to a greater degree in Australia, where Shopify Payments was launched late last year.

其次是 Shopify Payments 的持續採用，該支付已擴展到我們全球近三分之二的商家群體。儘管我們在北美的商家滲透率已接近穩定狀態，但我們看到英國的採用率持續增加，而在澳洲（去年年底推出了 Shopify Payments），採用率在更大程度上更高。

Gross profits of $39.3 million in Q1 of 2016 were 82% higher than gross profits for the comparable quarter a year ago. Adjusted operating expenses came in largely as expected, grown roughly in line with revenue in the first quarter. Unite contributed to the incremental costs, as did some digital marketing experiments that we ran.

2016 年第一季的毛利為 3,930 萬美元，比去年同期的毛利高出 82%。調整後的營運費用基本上符合預期，與第一季的營收成長大致一致。 Unite 造成了增量成本，我們進行的一些數位行銷實驗也是如此。

Our adjusted operating loss in the quarter was $5.9 million, compared with $1.5 million for the first quarter of 2015. On a per-share basis, our adjusted net loss in the quarter was $0.06 per share, which is the same as our adjusted net loss per share for Q1 of 2015. Weighted average shares outstanding for the first quarter of 2016 was 80.5 million versus an average of 39.3 million shares outstanding for the first quarter a year ago. We ended the quarter with approximately $189 million of cash, cash equivalents and marketable securities, down just slightly from the $190 million at the end of 2015.

本季調整後的營運虧損為 590 萬美元，而 2015 年第一季為 150 萬美元。第一季的每股盈餘。截至本季末，我們的現金、現金等價物和有價證券約為 1.89 億美元，略低於 2015 年底的 1.90 億美元。

At the start of the year, I outlined three areas of incremental investment to support the rapid growth we have seen over the past several quarters, and more importantly, to lay a foundation for the continued growth we are expecting over the next several years in terms of merchants, order volume and platform capabilities. I'd like to briefly update you on these initiatives.

今年年初，我概述了三個增量投資領域，以支持我們在過去幾季所看到的快速成長，更重要的是，為我們預計未來幾年的持續成長奠定基礎商家數量、訂單量和平台能力。我想向您簡要介紹這些舉措的最新情況。

On the infrastructure front, we continue to evaluate our data center options in Europe and have increased our available office space in Toronto and expect to do the same in Ottawa this quarter. With regards to our second initiative, developing our merchant and partner engagement, you heard Harley talk about Unite. Unite attracted hundreds of partners investing two full days learning and building relationships with both Shopify and the other partners who attended. The software developments kits we launched at the conference gave partners more opportunities over the coming quarters as they continue to build out their businesses.

在基礎設施方面，我們繼續評估我們在歐洲的資料中心選項，並增加了多倫多的可用辦公空間，並預計本季在渥太華也將這樣做。關於我們的第二項舉措，即發展我們的商家和合作夥伴參與度，您聽到 Harley 談到了 Unite。 Unite 吸引了數百名合作夥伴投入為期兩天的學習時間，並與 Shopify 和其他參與的合作夥伴建立關係。我們在會議上推出的軟體開發套件為合作夥伴在未來幾季繼續拓展業務提供了更多機會。

Finally, on our third major investment, Harley updated you on the progress we were making with Plus. Plus, which was created as a strategic offering for our most successful merchants to grow into, also offers a great solution for larger brands, some of which require the unique capabilities that the platform offers to support large-scale flash sales. And better still, Plus in no way requires us to reduce our focus on the extremely important SMB market which organically produces, and is expected to continue to produce, a significant number of Plus merchants.

最後，在我們的第三項重大投資中，Harley 向您介紹了我們在 Plus 方面的進展。 Plus 是為我們最成功的商家發展提供的策略性產品，也為較大的品牌提供了一個很好的解決方案，其中一些品牌需要該平台提供的獨特功能來支援大規模閃購。更好的是，Plus 絕不要求我們減少對極其重要的中小企業市場的關注，該市場有機地產生並預計將繼續產生大量的 Plus 商家。

Looking ahead to 2016, we are increasing our outlook for the full-year revenue to reflect the higher-than-expected revenue in the first quarter, as well as the anticipated stronger performance of both components of our business model throughout the remainder of 2016. We now expect to achieve full-year revenue in the range of $337 million to $347 million.

展望 2016 年，我們上調了全年收入預期，以反映第一季高於預期的收入，以及我們業務模式的兩個組成部分在 2016 年剩餘時間內預期的更強勁表現。將在3.37 億美元至3.47 億美元之間。

Our projection for adjusted operating loss for 2016 remains in the range of $16 million to $22 million, excluding share-based compensation expense and related payroll taxes of $25 million. As we expected incremental margin to be offset by the stronger Canadian dollar and costs associated with the acquisition of Kit CRM. For the second quarter of 2016, we expect revenue in the range of $79 million to $81 million and adjusted operating loss in the range of $6 million to $7 million which excludes share-based compensation expense and related payroll taxes of $6 million.

我們對 2016 年調整後營業虧損的預測仍保持在 1,600 萬美元至 2,200 萬美元之間，不包括基於股份的補償費用和 2,500 萬美元的相關工資稅。正如我們預期的增量利潤將被加幣走強以及收購 Kit CRM 相關的成本所抵消。我們預計2016 年第二季的營收將在7,900 萬美元至8,100 萬美元之間，調整後的營運虧損將在600 萬美元至700 萬美元之間，其中不包括股權激勵費用和600 萬美元的相關工資稅。

With that, I'll turn it back to Katie to start the Q&A.

接下來，我會將其轉回凱蒂以開始問答。

Thank you, Russ. Sylvie, we are ready to open up the line for questions.

謝謝你，拉斯。西爾維，我們已準備好開放提問熱線。

(Operator Instructions)

（操作員說明）

Michael Nemeroff, Credit Suisse.

邁克爾·內梅羅夫，瑞士信貸。

Thanks for taking -- this is Kyle Chen sitting in for Michael. Thanks for taking the question and congratulations on a really strong quarter.

感謝您接受——我是凱爾·陳 (Kyle Chen) 代替邁克爾 (Michael)。感謝您提出問題並祝賀這個季度的強勁表現。

For Tobi or Harley, as you look at the initiatives that you've announced over the last 6 to 12 months, social buy buttons, shipping, the developer SDKs, the conversation of commerce and Shopify capital, in your view, what represents the largest opportunity? How would you ranks the financial contributions from these initiatives in the near-term and in the long term?

對於 Tobi 或 Harley，當您查看過去 6 到 12 個月中宣布的舉措、社交購買按鈕、運輸、開發者 SDK、商業對話和 Shopify 資本時，您認為什麼代表了最大的舉措機會？您如何評估這些舉措的近期和長期財務貢獻？

Yes, excellent question which I don't have a direct answer for. Like even internally, we are a Company that talks a lot about flywheels and we the launch a lot of initiatives, as I think you guys are observing, the first year as a public company.

是的，這是一個很好的問題，但我沒有直接的答案。就像在內部一樣，我們是一家經常談論飛輪的公司，我們推出了很多舉措，正如我認為你們正在觀察的那樣，這是作為上市公司的第一年。

If you take a step back and look at all this, I think what you see is that all the things that we launch cohesively move our software into a certain direction that we think is where all software has to go in our market, which is really to empower and enable small businesses, and then be there for the larger ones as well when the smaller ones make it to mid-sized.

如果你退後一步看看這一切，我想你會看到我們推出的所有東西都將我們的軟體推向了某個方向，我們認為這是所有軟體在我們市場上都必須走的方向，這真的是為小型企業提供支援和支持，然後在小型企業發展為中型企業時也為大型企業提供支援。

It's very hard to rank them, they all push us to a flywheel. We actually don't get too hung up on the individual contribution of all of those initiatives, but rather, because we see the value and not only in the individuals ones but in the way how they all compound onto each other.

很難對它們進行排名，它們都將我們推向飛輪。實際上，我們並不太關注所有這些舉措的個人貢獻，而是因為我們不僅看到了個人貢獻的價值，還看到了它們如何相互結合的方式。

You can easily see this in two things we are currently talking about like merchant cash advances and like the Kit acquisition, clearly, there is leverage between those two because making the capital available to a business, that allows them to invest into the growth of their business and then giving them a good way of using some of that capital outside of financing their own computer merchandise to sell but to put it smartly into marketing. It's a really good way how two things interact already and [vent action] of most things is now available to any individuals.

你可以很容易地從我們目前正在討論的兩件事中看到這一點，例如商人現金墊款和Kit 收購，顯然，這兩件事之間存在槓桿作用，因為為企業提供資本，使他們能夠投資於其業務的成長業務，然後為他們提供一種很好的方式來使用部分資金，除了為自己的電腦產品提供融資以進行銷售之外，還可以巧妙地將其用於行銷。這確實是兩個事物相互作用的好方法，並且大多數事物的[發洩行動]現在可供任何人使用。

Great, that's helpful. Thanks for the color. Russ, clearly, really strong quarter in terms of net merchant additions. In your view, was there anything stand out that drove the strong merchant adds? Perhaps retention, the digital marketing experiments, partner out-performance?

太好了，很有幫助。謝謝你的顏色。 Russ 顯然，就淨商家增加而言，這個季度確實非常強勁。在您看來，有什麼突出的因素推動了強大的商家增加嗎？也許是保留率、數位行銷實驗、合作夥伴表現出色？

Also, based on what you have seen thus far this year, do you see any risk that you could add fewer net merchant this year than you did in 2015?

另外，根據您今年迄今所看到的情況，您認為今年增加的淨商家數量是否會比 2015 年少？

No, to answer the second part of that, no. I think we will see continued good merchant growth throughout the year. In terms of Q1, it's really some of the merchants that are coming to the platform for some of our social media capabilities. We started to experiment with a little bit more paid marketing on those platforms and it quickly turned into a lot of new merchants.

不，回答第二部分，不。我認為全年我們將看到商家持續良好的成長。就第一季而言，確實有一些商家來到該平台是為了我們的一些社群媒體功能。我們開始在這些平台上嘗試更多的付費行銷，很快就催生了許多新的商家。

And so we think that's -- that was a good thing for the quarter because typically, Q1 is one of our slower quarters for merchant growth. The fact that it was a record for us, I think puts us in a very good position for the year.

因此，我們認為這對本季來說是一件好事，因為通常情況下，第一季是我們商家成長較慢的季度之一。事實上，這對我們來說是一個記錄，我認為這讓我們今年處於非常有利的位置。

That's really helpful. Congratulations on the results.

這真的很有幫助。祝賀結果。

Ross MacMillan, RBC Capital Markets.

羅斯‧麥克米倫，加拿大皇家銀行資本市場部。

Thanks so much and congratulations from me as well on a strong quarter. Maybe I can start with, Russ, one for you on Merchant Solutions gross margins. They were up sequentially for the second quarter in a row and by a bigger amount. Is that the assumption of lower interchange as you start to move into international payments? Or are we starting to see the early impact from Shipping?

非常感謝並祝賀我取得了強勁的季度業績。 Russ，也許我可以先為您介紹一下 Merchant Solutions 的毛利率。他們在第二季連續上漲，而且幅度更大。當您開始進入國際支付時，這是交換率較低的假設嗎？或者我們開始看到航運的早期影響？

I think there's a couple of things that we saw in the quarter. Definitely, international becoming a bigger piece where we see better margins is part of it. Interchange itself, we did see some improvement there. With our volume, we move into better price ranges with some of the contracts we've negotiated, so some of that happened. Shipping did have an impact on the overall Merchant Solutions margin.

我認為我們在本季度看到了一些事情。當然，國際化成為一個更大的部分，我們看到更好的利潤是其中的一部分。交換站本身，我們確實看到了一些改進。隨著我們的銷量增加，我們已經談判的一些合約進入了更好的價格範圍，所以其中一些發生了。運輸確實對商家解決方案的整體利潤產生了影響。

And then the last one is that during every quarter, we take a provision for potential losses on the charge-backs that hit payment. For Q4 with the higher-volume, the amount of that provision, as you would expect, gets a bit larger. But then we didn't see that from an experience point of view in Q1. So that benefited the Q1 margins.

最後一個是，在每個季度，我們都會針對付款拒付的潛在損失計提撥備。對於交易量較高的第四季度，正如您所期望的那樣，該準備金的金額會稍大一些。但從第一季的經驗來看，我們並沒有看到這一點。這有利於第一季的利潤率。

That's great color, thank you. One for Tobi, curious, obviously we have seen this very strong break out in merchant net adds. There is a lot of incremental channels that you've opened up, especially around social, and increasingly now with the investments in Plus.

這個顏色真棒，謝謝。對托比來說，好奇的是，顯然我們已經看到商業網路添加量出現了非常強勁的突破。你們已經開闢了很多增量管道，特別是在社交領域，現在隨著對 Plus 的投資越來越多。

I am curious, is social really the key driver, as Russ alluded to? Is that the one where you are seeing the most traction quickest from a new channel perspective? Thanks.

我很好奇，社交真的像 Russ 提到的那樣是關鍵驅動因素嗎？從新頻道的角度來看，這是否是您最快看到最大吸引力的管道？謝謝。

I think the driver, the main driver you are looking for is actually people using multiple channels. Again, this was previously not possible, but clearly was the actual demand of our market, except the nose for selling this need, right? We do have a substantial number of people coming into the Shopify platform now selling directly into a social channel. To them, that's where they are from. That's where they talked a lot about the product they were creating. That's where they had the initial audience, that's the first one they wanted to aggregate.

我認為驅動程序，您正在尋找的主要驅動程式實際上是使用多種管道的人。再說一次，這在以前是不可能的，但顯然是我們市場的實際需求，除了銷售這種需求的鼻子，對嗎？我們確實有大量的人進入 Shopify 平台，現在直接在社群管道中銷售。對他們來說，那就是他們的故鄉。他們在那裡談論了很多他們正在創造的產品。那是他們最初的受眾的地方，也是他們想要聚集的第一個受眾。

The time to second channel, which often is an upside they're turning on. Or like they go on to a similar channel like from Facebook to something like Pinterest, which has some similarities in the way you would promote, is a common thing.

進入第二個頻道的時間，這通常是他們正在開啟的一個好處。或者他們會使用類似的管道，例如從 Facebook 到 Pinterest，它們在推廣方式上有一些相似之處，這是很常見的事情。

I think this is probably pretty obvious, as well. Where we're going to, we are talking a lot about channels because we are watching channels right now. We shouldn't actually think about any individual channel as this big thing. I think the importance is that the channels are going to need all of us in the future.

我認為這也可能是非常明顯的。我們接下來會談論很多有關頻道的內容，因為我們現在正在觀看頻道。我們實際上不應該將任何單獨的管道視為一件大事。我認為重要的是通路未來將需要我們所有人。

What you really want to do is you want to think about your product, you want to think about your business, you want to think about promoting your business. The channel is an implementation detail about how all that happens. The important thing for the business is that you're in all channels.

你真正想做的是你想要考慮你的產品，你想要考慮你的業務，你想要考慮推廣你的業務。通道是關於這一切如何發生的實作細節。對於企業而言，重要的是您在所有管道中。

We've very clearly stated that is our mission and we would like to enable this. Even if a particular channel that you might be interested in happens to not be part of our official offering right now, I think there is a significant amount of trust now out there that this will come. The channel SDK which we just launched will ensure that you will be able to see Shopify products across all of the channels on the internet. I think this is really the place we're going to.

我們已經非常明確地表明這是我們的使命，我們希望實現這一目標。即使您可能感興趣的特定頻道目前不屬於我們的官方產品的一部分，我認為現在人們對這一頻道的到來抱有很大的信任。我們剛推出的通路 SDK 將確保您能夠在網路上的所有管道上看到 Shopify 產品。我想這才是我們真正要去的地方。

Thanks. And one quick one for Russ. I wanted to ask this on the Unite Conference. Could you quantify the impact on sales and marketing in the quarter? Is that material, in fact, on that line? Thank you.

謝謝。拉斯的一個快速的。我想在聯合會議上問這個問題。您能否量化本季對銷售和行銷的影響？事實上，該材料是在那條線上嗎？謝謝。

In Q1 the cost was just under $2 million for Unite. In our original projections we thought it would be a little bit less than that but the demand and the number of partners that attended went up from our original estimates. Relative to what we were thinking, it was a little bit higher than that, but it's just under that $2 million.

第一季度，Unite 的成本略低於 200 萬美元。在我們最初的預測中，我們認為會比這個數字少一點，但需求和參與的合作夥伴數量比我們最初的估計有所增加。相對於我們的想法，這個數字略高一些，但略低於 200 萬美元。

That's great, congratulations, again. Thanks a lot.

太好了，再次恭喜。多謝。

Gil Luria, Wedbush Securities.

吉爾·盧裡亞，韋德布希證券。

Thank you, good morning. It appears that the relationship and integration with marketplaces in various channels is becoming an important differentiator. What's the nature of the agreement that you have with the Amazon and Facebook and Pinterest? Are those exclusive to any extent? Are the relationships that big commerce has with eBay, is that exclusive? Or could eBay get out of the channel later on? Is this something you can keep your competitors out of? Or eventually everybody would be integrated with all the channels?

謝謝你，早安。看來，與各種通路的市場的關係和整合正在成為一個重要的差異化因素。你們與亞馬遜、Facebook 和 Pinterest 簽訂的協議的性質是什麼？這些在某種程度上是排他性的嗎？大型商業與 eBay 的關係是否具有排他性？或者 eBay 稍後會退出該頻道嗎？您可以將競爭對手排除在外嗎？或者最終每個人都會與所有管道整合？

Hi, this is Harley, I will take that question. Thanks for that. In terms of the channels, as Tobi mentioned, we want to allow our merchants to sell wherever they potentially have customers hanging out.

嗨，我是哈利，我來回答這個問題。感謝那。在通路方面，正如托比所提到的，我們希望允許我們的商家在任何可能有客戶閒逛的地方進行銷售。

There were some channels that we built ourselves like Facebook and Pinterest and Twitter, those integrations. In other cases, by opening up the sales channel SFK, we now allow any channel and any marketplace anywhere in the world in any specific product vertical, and easily allow our merchants to cross those products on those platforms.

我們自己建立了一些管道，例如 Facebook、Pinterest 和 Twitter，以及這些整合。在其他情況下，透過開放銷售管道 SFK，我們現在允許世界上任何地方的任何特定產品垂直領域的任何管道和任何市場，並輕鬆地允許我們的商家在這些平台上跨越這些產品。

In terms of the exclusivity, we certainly do not have exclusivity with these marketplaces or platforms. That being said, we tend to be early on, an early partner for them simply because we think of product very carefully here. We're able to provide them with integrations at a much faster pace, and in many cases at a higher quality than others might be able to.

就排他性而言，我們當然不具有這些市場或平台的排他性。話雖這麼說，我們往往是他們的早期合作夥伴，只是因為我們在這裡非常仔細地考慮產品。我們能夠以更快的速度為他們提供集成，並且在許多情況下以比其他公司更高的品質提供集成。

But certainly we expect that other competitors of ours may also integrate with these channels eventually. But we think we're certainly ahead of the curve there.

但我們當然希望我們的其他競爭對手最終也可能與這些管道整合。但我們認為我們在這方面肯定處於領先地位。

And then on merchant cash advance, the value proposition is very clear from your perspective, from the small business perspective. But one of the things we've seen is there's recently a payments company out there that has so gotten enamored with this business that it now represents a substantial amount of their growth, almost half of their growth in revenue. And that now puts them at a significant amount of risk if there's a change in the credit cycle, if their third-party financiers decide to pull out. Do you ever foresee it becoming that big that it's so much of your business that you put the rest of the business at risk?

然後，對於商家現金預支，從您的角度來看，從小型企業的角度來看，價值主張非常明確。但我們看到的一件事是，最近有一家支付公司非常迷戀這項業務，以至於它現在代表了他們成長的很大一部分，幾乎佔他們收入成長的一半。如果信貸週期發生變化，如果第三方金融家決定退出，那麼現在他們將面臨巨大的風險。您是否曾預見到它會變得如此之大，以至於它佔據了您的大部分業務，以至於您將其他業務置於風險之中？

It's still at a very early stage but with the strength of our platform and the number of merchants and what they are doing on the platform, unlikely to get us in the situation that you're referring to. The other thing that I think is important is, although it is a revenue source and it's a high-margin revenue source, it's not the prime driver here.

目前還處於非常早期的階段，但憑藉我們平台的實力、商家的數量以及他們在平台上所做的事情，不太可能讓我們陷入您所指的情況。我認為另一件重要的事情是，雖然它是一個收入來源，而且是一個高利潤的收入來源，但它並不是這裡的主要驅動力。

Really, the prime driver is how do we make merchants more successful because as part of that they become stickier on the platform. And because of our other Merchant Solutions, we also participate in their success. That's really the drivers for us.

事實上，主要的驅動力是我們如何讓商家更加成功，因為作為其中的一部分，他們在平台上變得更加黏性。由於我們的其他商家解決方案，我們也參與了他們的成功。這確實是我們的驅動力。

In addition, the advances that we are talking about are pretty short-term in their nature. And so any macro trend there is something we could react to. But also relative to the market itself, the position that we're in with the amount of data and information on a particular merchant also puts us in a good position to make sure that we're doing it in a very thoughtful way in terms of the risk associated with it.

此外，我們正在談論的進步本質上是相當短期的。因此，任何宏觀趨勢我們都可以做出反應。但相對於市場本身，我們對特定商家的數據和資訊量的掌握也使我們處於有利的位置，以確保我們在以下方面以非常周到的方式來做這件事：與之相關的風險。

Got it. Thank you very much.

知道了。非常感謝。

Colin Sebastian, Robert Baird.

科林·塞巴斯蒂安，羅伯特·貝爾德。

Great, thanks, and congrats, guys, on another fine quarter. I have a couple of questions. First off, following up on the merchant subscriber growth which was above our expectations, I wonder if you could address any changes you are seeing in the competitive environment. I know a couple of other platforms announced expanded services recently.

太好了，謝謝，恭喜夥計們，又一個美好的季度。我有一些問題。首先，跟進超出我們預期的商家訂戶成長，我想知道您是否可以解決在競爭環境中看到的任何變化。我知道其他幾個平台最近宣布了擴展服務。

Then secondly, Russ, on the last call I think you highlighted R&D and infrastructure as the key incremental investments for 2016. Given the bigger step-ups from Q4 were actually in sales and marketing and G&A, which you describe a bit, I was hoping you could frame the trajectory of those expense line items as we look through the balance of the year. Thanks.

其次，Russ，在上次電話會議中，我認為您強調了研發和基礎設施是2016 年關鍵的增量投資。對此做了一些描述，我希望當我們查看今年的餘額時，您可以建立這些費用項目的軌跡。謝謝。

Yes, so if you look at the areas of investment, actually sales and marketing through our investment in Plus and some of the conferences and other marketing activities, is an area that we were expecting to see increases year on year. And so that clearly was the case.

是的，所以如果你看看投資領域，實際上透過我們對 Plus 的投資以及一些會議和其他行銷活動進行的銷售和行銷，是我們預計會逐年成長的領域。顯然情況就是如此。

On the R&D front, we are in a great position competitively from a road map point of view. And so we will continue to add R&D and other related resources as they become available. We've had quite a good success there. Q1 was actually another good hiring period for us.

在研發方面，從路線圖的角度來看，我們處於有利的競爭地位。因此，我們將持續增加研發和其他相關資源。我們在那裡取得了相當大的成功。第一季對我們來說實際上是另一個良好的招募時期。

In terms of the merchants, again, all sources of places that we get merchants, whether it's organic through the partners, or through paid mechanisms, generated good increases in merchant growth. Nothing specific to an area there.

就商家而言，我們獲得商家的所有來源，無論是透過合作夥伴有機的，還是透過付費機制，都為商家成長帶來了良好的成長。那裡沒有特定於某個區域的內容。

Okay. And then, lastly, was hoping you could clarify on the payment side, the difference of between the integration you've had with Stripe and now with PayPal. I know PayPal cited an expanded relationship with Shopify on their earnings call. Thanks, very much.

好的。最後，希望您能在付款方面澄清一下您與 Stripe 的整合與現在與 PayPal 的整合之間的差異。我知道 PayPal 在財報電話會議上表示將與 Shopify 擴大合作關係。非常感謝。

When we on-board merchants on Shopify Payments, we also on-board them on PayPal as well. Really the expansion of the relationship there was just an expansion of our partnership outside of North America to align with the places that we are being successful on the payment side.

當我們在 Shopify Payments 上加入商家時，我們也會在 PayPal 上加入他們。實際上，關係的擴展只是我們在北美以外的合作夥伴關係的擴展，以與我們在支付方面取得成功的地方保持一致。

Thank you.

謝謝。

Richard Davis, Canaccord.

理查德戴維斯，Canaccord。

Thanks, guys. It's DJ on the line for Richard. You spent a bunch of time talking about growth in mobile on the call. My question is, do you feel like you are better able to monetize merchants when GMV comes in via mobile channels? What I mean is, I know the economics are the same but do you feel like there are more tools that you can sell to enable success on this front? Or does the channel not really matter to Shopify and that's just the direction that commerce is moving?

多謝你們。理查德正在接聽 DJ 的電話。您在電話中花了很多時間談論行動業務的成長。我的問題是，當 GMV 透過行動管道進入時，您是否覺得您能夠更好地透過商家獲利？我的意思是，我知道經濟學是相同的，但您是否覺得有更多的工具可以出售以在這方面取得成功？或者通路對 Shopify 來說並不重要，而這只是商業發展的方向？

Yes, I think it's too early to have -- right now you are right, it looks the same to us because, frankly, because a lot of our business model has been developed in the pre-mobile mode. I think we're confident as our Company predicts buy from good deal.

是的，我認為現在還為時過早——現在你是對的，這對我們來說看起來是一樣的，因為坦白說，因為我們的許多商業模式都是在前移動模式下開發的。我認為我們有信心，因為我們公司預測會從划算的交易中購買。

In terms of the way all this is modeled, it's going to evolve and how it's going to be reacting, how it depends on the channels and the way that merchants have built their business and so on. All these kind of things haven't really crystallized yet, I would say. It's a good question. I would have given more in depth answer if I had one.

就所有這一切的建模方式而言，它將如何發展以及它將如何反應，它如何取決於管道以及商家建立業務的方式等等。我想說，所有這些事情還沒有真正具體化。這是一個好問題。如果我有的話，我會給出更深入的答案。

Mobile is really not as far along as I think a lot of people think. Frankly, it's not the global brainstorm of how to really build mobile applications, constellations and businesses, frankly. It's not as far along as the calendar suggests because it's such a -- I think we all thought when the smartphone came out that this was a touch-enabled smaller PC. And I think we all didn't appreciate the magnitude, until it almost hit us over the heads.

移動確實不像很多人想像的那麼發展。坦白說，這並不是關於如何真正建立行動應用程式、星座和業務的全球腦力激盪。它並不像日曆上顯示的那麼遠，因為它是如此——我想當智慧型手機問世時我們都認為這是一台支援觸控的小型電腦。我想我們都沒有意識到它的嚴重性，直到它幾乎讓我們震驚。

I think now no one is confused about this anymore. Now, you see a lot of things. Of course, phenomenal success stories, very, very good companies that are mobile only. Mobile first is the thing that everyone's heard of.

我想現在沒有人再對此感到困惑了。現在，你看到了很多東西。當然，還有非凡的成功故事，非常非常優秀的行動公司。行動優先是每個人都聽說過的事情。

For us, I think what we did well is maybe we came onto these conclusions a little bit early. We always have a map of all of the data, it's there at our fingertips. We are fully focused now on how can something so big as e-commerce that can run, again, like something that you've built into your lunch break or that can run $100 million a year business. How do you shrink something like this completely to the phone? And then how can we be the e-commerce and commerce software of choice in a world where people don't like to get their laptops out of their closets anymore, or out of their drawers, or wherever they store them.

對我們來說，我認為我們做得好的地方可能是我們有點早地得出了這些結論。我們總是有一張所有數據的地圖，它就在我們的指尖。我們現在完全專注於像電子商務這樣大的東西如何能夠運行，就像你在午休時間建立的東西或每年可以運行 1 億美元的業務一樣。如何將這樣的東西完全縮小到手機上？那麼，在一個人們不再喜歡將筆記型電腦從壁櫥、抽屜或存放任何地方的地方拿出來的世界中，我們如何成為首選的電子商務和商務軟體呢？

Yes, that makes sense. And then, this is geared toward Russ, on the Shopify Plus side, can you talk about direct sales hiring plans for this year? How many reps do you guys have now? Is there a target for year-end? Can you wrap any numbers around it? That would be helpful.

是的，這是有道理的。然後，這是針對Russ的，在Shopify Plus方面，您能談談今年的直銷招募計畫嗎？你們現在有多少代表？年底有目標嗎？你能在它周圍加上任何數字嗎？那會有幫助的。

DJ, it's Harley, I will take this question. In terms of how many sales people we have, we had mentioned that we ended the last year in the mid-teens. We're going to continue to add to the Plus sales team as we need. We expect that team will be amongst one of the fastest-growing teams for the year. More than that, we're not giving any specifics on.

DJ，我是哈利，我來回答這個問題。就我們擁有的銷售人員數量而言，我們曾提到，去年我們的銷售人員數量為十幾歲。我們將根據需要繼續增加 Plus 銷售團隊。我們預計該團隊將成為今年成長最快的團隊之一。除此之外，我們沒有給出任何細節。

Okay, got it. Thanks, guys, good quarter.

好，知道了。謝謝，夥計們，祝您季度愉快。

Monika Garg, Pacific Crest Securities.

莫妮卡‧加格 (Monika Garg)，太平冠證券 (Pacific Crest Securities)。

Thanks a lot for taking my question. First on initial capsule, could you provide more details? For example, what are you expecting as an attach rate as percent of GMV? Less than 1% as advances to merchants?

非常感謝您提出我的問題。首先關於最初的膠囊，你能提供更多細節嗎？例如，您預期附加率佔 GMV 的百分比是多少？低於1%作為預付款給商家？

And then which sources do you plan to raise capital from? And if you can provide details around remittance rates, factor rates, anything else. Thanks.

那麼您計劃從哪些來源籌集資金？如果您可以提供有關匯款費率、要素費率或其他任何資訊的詳細資訊。謝謝。

Yes, in terms of the larger projections there, too early at this stage to go in much. We've done it in the initial phase to hundreds of merchants just to make sure that we had a lot of the operational staff ironed out. For the initial roll-out, we will do it with our own balance sheet and our credit facilities that we already have in place. But we are exploring a number of other options as we see the take-up improve.

是的，就更大的預測而言，現階段進行太多預測還為時過早。我們在初始階段就對數百家商家進行了這項工作，只是為了確保我們有大量的營運人員來解決。對於最初的推出，我們將使用我們自己的資產負債表和我們已經擁有的信貸設施來完成。但隨著我們看到使用率的提高，我們正在探索許多其他選擇。

In terms of factor rates, we're looking in the low teens in terms of that. The reason being is really what we're trying to do is help businesses get to the next level. That's really where we're going to see the monetization from it. In terms of repayment rate, it really ties into the amount that we're giving, as well as to the sales that merchant has. We adjust that accordingly.

就要素比率而言，我們正在尋找低十幾歲的比率。原因是我們真正想做的是幫助企業達到新的境界。這確實是我們將看到的貨幣化的地方。就還款率而言，它確實與我們給予的金額以及商家的銷售額有關。我們對此進行相應調整。

Okay, thanks. And then your business definitely is growing very fast. It's understandable you have to invest. You raised 2016 revenue guidance, did not raise EBITDA guidance. When are you expecting to be EBITDA positive, cash flow positive?

好的謝謝。那麼你的業務一定會成長得非常快。你必須投資是可以理解的。你們上調了 2016 年收入指引，但沒有上調 EBITDA 指引。您預計什麼時候 EBITDA 為正、現金流為正？

We've always talked about hitting adjusted operating income in the fourth quarter of 2017 and that remains our plan.

我們一直在談論在 2017 年第四季實現調整後營業收入，這仍然是我們的計劃。

Okay, thank you so much.

好的，非常感謝。

Darren Aftahi, Roth Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯資本合夥人。

Thanks, guys. Thanks for taking my questions and I'll add my congratulations as well. Just a couple. First on your integration with Facebook Messenger, how did that help you at all in terms of driving the merchants who are using Facebook pages for local brand awareness? I know you said you increased paid marketing in social channels? I'm curious if that is actually a lead generation for you as a channel?

多謝你們。感謝您提出我的問題，我也將表示祝賀。只是一對。首先，關於與 Facebook Messenger 的集成，這對推動使用 Facebook 頁面的商家提高本地品牌知名度有何幫助？我知道你說過你增加了社群管道的付費行銷？我很好奇這是否真的是您作為管道的潛在客戶？

So Facebook Messenger integration so far I don't think has impact on directly on sign-ups other than that it's something that some merchants might want to take advantage of and they might be considering a re-platform into [my toad burr] like a decision to work Shopify. This is also because the Facebook Messenger channel, the entire system there is really in its infancy. The pick-up rates by our customer base is extremely enthusiastic, it's been growing very, very quickly.

因此，到目前為止，我認為 Facebook Messenger 整合不會直接對註冊產生影響，除了一些商家可能想要利用它之外，他們可能會考慮將平台重新整合到 [我的蟾蜍毛刺] 中，例如決定在Shopify 工作。這也是因為Facebook Messenger頻道，整個系統確實還處於起步階段。我們的客戶群的接受率非常高，而且成長得非常非常快。

Our merchants' feedback we're getting is incredibly positive. Because one thing it does to the sale process is that instead of the buyer getting a standard e-mail confirmation that everyone has probably hundreds of in their inbox, we now can deliver this buying confirmation directly through Facebook Messenger which drops you into a chat with the merchant. And the merchants love to get their little thank you back. And they love the opportunity to actually engage their customer base in almost a more pre-internet kind of way, like the little chitchat that happens in the check-out line, which we have lost and have moved toward electronic payment.

我們收到的商家回饋非常正面。因為它對銷售流程所做的一件事是，買家不再會收到標準的電子郵件確認，每個人的收件匣中可能都有數百封電子郵件確認，我們現在可以直接透過Facebook Messenger 發送此購買確認，讓您與商人。商家們也很樂意得到他們的一點感謝。他們喜歡有機會以一種幾乎是前互聯網時代的方式真正吸引客戶群，就像在結帳隊伍中發生的小閒聊一樣，我們已經失去了這種機會，並已轉向電子支付。

Again, these are all pushes on a flywheel. This is the way we think about it. We don't really have like five forces model for Facebook Messenger going on that tells us exactly what might be coming out of it. We just know that it makes the flywheel go faster and that Facebook together, we are going to fully explore the potential of commerce through these chat channels. We're already excited about the medium and for our plans that we're hatching.

同樣，這些都是對飛輪的推動。這就是我們的思考方式。我們實際上並沒有 Facebook Messenger 的五力模型來準確地告訴我們它可能會產生什麼結果。我們只知道它讓飛輪轉得更快，而Facebook將與我們一起，透過這些聊天管道充分探索商業的潛力。我們已經對這種媒介和我們正在醞釀的計劃感到興奮。

Great. And the second, Russ, I think you said you'd ticked up paid social marketing in the quarter, and that kind of helped with merchant growth. Is that something you plan to increase going forward? Maybe some color around your and marketing spend to the paid channel would be helpful. Thanks.

偉大的。第二，拉斯，我想你說過你在本季度加強了付費社交行銷，這有助於商家的成長。您計劃未來增加這一點嗎？也許一些圍繞您的付費管道和行銷支出的顏色會有所幫助。謝謝。

Yes, for all of these things we do experiments. And once we find an experiment works, we will put some more dollars towards it. Then when it stops working then we will move the investment somewhere else. Not a crazy increase there, but just something, again, very thoughtful like everything else we invest in.

是的，對於所有這些事情我們都會進行實驗。一旦我們發現實驗有效，我們就會投入更多資金。然後，當它停止工作時，我們會將投資轉移到其他地方。這並不是瘋狂的成長，而是像我們投資的其他一切一樣，非常深思熟慮的事情。

Great, thank you.

太好了謝謝。

Brian Essex, Morgan Stanley.

布萊恩‧艾塞克斯，摩根士丹利。

Good morning. Thank you for taking the question and congratulations from me as well on the quarter. Maybe this is a question for Harley given that he's fielding the Shopify Plus questions. I was wondering, aside from getting greater detail, what is the philosophy with which you're growing that business?

早安.感謝您接受我的提問並對本季表示祝賀。也許這是 Harley 的問題，因為他正在回答 Shopify Plus 問題。我想知道，除了了解更多細節之外，你們發展這項業務的理念是什麼？

When I say that, I mean we've seen some other vendors stumble in that regard, given in their particular businesses is much higher customer acquisition costs. In terms of growth philosophy there, as you look to grow that business, how do you look to measure the profitability or the efficacy of that sales force and that effort versus the growth of the rest of the business?

當我這麼說時，我的意思是我們已經看到其他一些供應商在這方面遇到了麻煩，因為他們的特定業務的客戶獲取成本要高得多。就成長理念而言，當您希望發展該業務時，您如何衡量該銷售人員的盈利能力或效率以及該努力與其他業務的增長相比？

Thanks for the question, Brian. Unlike most enterprise software businesses, we don't have an a traditional enterprise sales team behind it with massive commission structures and long lead time and closing times. In many cases, what we are noticing is that a lot of these larger brands, whether it's Nescafe or it's Jones Soda, they are actually looking for quick time to market. They are looking for a product that is really easy to use and easy to customize. And they're looking to be able to sell many millions of dollars on it without even thinking about the infrastructure.

謝謝你的提問，布萊恩。與大多數企業軟體業務不同，我們背後沒有傳統的企業銷售團隊，沒有龐大的佣金結構以及較長的交貨時間和成交時間。在許多情況下，我們注意到，許多較大的品牌，無論是雀巢咖啡還是瓊斯蘇打水，實際上都在尋求快速上市。他們正在尋找一種真正易於使用且易於自訂的產品。他們希望能夠在不考慮基礎設施的情況下賣出數百萬美元。

In many ways, a lot of the larger brands are starting to operate with similar needs to what the entrepreneurs need. In that case, having built Shopify initially for entrepreneurs and continuing to focus on entrepreneurs, a lot of these larger brands are coming to us in that regard.

在許多方面，許多較大的品牌開始以與企業家相似的需求來運作。在這種情況下，最初為企業家創建 Shopify 並繼續關注企業家，因此許多較大的品牌都在這方面向我們尋求幫助。

In terms of some of the different ways that we are working to better monetize some of these brands, again, a lot of these brands do come of us with existing payment gateways. Others are coming in actually using our payment gateway which is great to see. But we're running -- even though these brands are traditionally large enterprise brands, the way that we're selling to them and marketing to them is really as we do with the rest of our merchants. Obviously, they need a little more hand-holding but other than that, we are able to do that at scale and in a very effective way.

就我們正在努力更好地透過其中一些品牌貨幣化的一些不同方式而言，許多這些品牌確實來自我們現有的支付網關。其他人實際上正在使用我們的支付網關，這很高興看到。但我們正在經營——儘管這些品牌傳統上是大型企業品牌，但我們向他們銷售和行銷的方式實際上與我們與其他商家相同的方式。顯然，他們需要更多的幫助，但除此之外，我們能夠以非常有效的方式大規模地做到這一點。

Got it. That's super helpful so thank you. Is there a way to think about the pay-back on that business in terms of are these direct reps at this point paying for themselves? Or do you have a certain amount of visibility that you land a large deal with a large enterprise customer and you have a certain amount of visibility that can be a self-sustaining effort?

知道了。這非常有幫助，所以謝謝你。有沒有辦法從這些直接代表目前是否為自己支付費用的角度來考慮該業務的回報？或者，您是否擁有一定程度的知名度，表明您與大型企業客戶達成了一筆大宗交易，並且您擁有一定程度的知名度，可以自我維持？

In some cases, obviously, they're coming to us. And it's in bound in those cases those deals are closed pretty quickly. In other cases it takes a little bit longer to ensure we can provide them everything they are looking for.

顯然，在某些情況下，他們會來找我們。在這種情況下，這些交易很快就會完成。在其他情況下，需要更長的時間才能確保我們能夠為他們提供他們想要的一切。

Specifically for those that are migrating off larger platforms, we want to make sure that they have the comfort and the confidence that we can provide them everything they were getting from one of the larger enterprise platforms. But we think we're doing a good job there.

特別是對於那些正在從更大的平台遷移的人來說，我們希望確保他們感到舒適和有信心，我們可以為他們提供從更大的企業平台之一獲得的一切。但我們認為我們在這方面做得很好。

Great, thank you.

太好了謝謝。

Kevin Krishnaratne, Paradigm Capital.

凱文·克里希納拉特尼 (Kevin Krishnaratne)，Paradigm Capital。

Hi, good morning, guys. A question for you. Channel seems to be the theme of the year for sure and great to see the number of channels increasing. I'm wondering, as you add more channels and as merchants enable more channels, is that potentially a way for merchants to potentially move up from one of the lower-level tier packages into a higher channel?

嗨，早上好，夥計們。有個問題想問你。頻道似乎肯定是今年的主題，很高興看到頻道數量不斷增加。我想知道，當您添加更多管道並且商家啟用更多管道時，這是否是商家從較低級別套餐之一升級到較高管道的潛在方式？

I'm just thinking, as the number of channels and the complexity in their business grows, it makes things like the report builder and advanced analytics a bit more attractive to them. I'm wondering if the adding of channels can help stimulate growth in price plans?

我只是在想，隨著管道數量和業務複雜性的增長，報告生成器和高級分析等功能對他們來說更具吸引力。我想知道增加通路是否有助於刺激價格計劃的成長？

Yes, probably through two ways. Clearly, more channels will result in more sales. And so there are some capabilities, like reporting, that become more relevant the more sales you have. The other way is that the way we price the Merchant Solutions is that you get, for example, lower payment processing rates, as you move to higher plans. The two very much go hand-in-hand.

是的，可能透過兩種方式。顯然，更多的管道將帶來更多的銷量。因此，有些功能（例如報告）隨著銷售量的增加而變得更加相關。另一種方式是，我們對商家解決方案進行定價的方式是，例如，當您轉向更高的方案時，您會獲得更低的支付處理率。兩者非常齊頭並進。

Okay, great. And a related question on channels. I know it's very early days on the social channels but you had great read-throughs on some of the players like Twitter and Facebook this quarter in terms of SMB growth. I'm wondering, nothing quantitative, but are there any neat examples or anything that has surprised you with respect to use cases from merchants that have been coming into the system on either of those platforms?

好的，太好了。以及有關管道的相關問題。我知道社交管道還處於早期階段，但您對本季度 Twitter 和 Facebook 等一些參與者在中小企業成長方面的表現進行了深入的了解。我想知道，沒有什麼定量的，但是對於在這兩個平台上進入系統的商家的用例，是否有任何簡潔的例子或任何讓您感到驚訝的事情？

Yes, I wish I would have a really, really good vivid example. Unfortunately, nothing directly comes to mind. Part of my favorite things about Shopify is we do get a little bit of inside view sometimes at what's going on in the market. We can even see the nature of entrepreneurship changing.

是的，我希望我能有一個非常非常生動的例子。不幸的是，我什麼都沒有直接想到。我最喜歡 Shopify 的一點是，有時我們確實可以了解市場上正在發生的事情。我們甚至可以看到創業的本質正在改變。

It's extremely gratifying to watch, lean back and watch people because 10 years ago, I was building a snowboard store and it was absolutely -- the Kafkaesque experience of trying to find my first customers had a profound impact on me. Now, I see entrepreneurs with exactly the same kind of background to the one I had and the lack of formative experience in the retail industry.

觀看、靠在椅背上、看著人們是非常令人欣慰的，因為十年前，我正在建造一家滑雪板商店，這絕對是——試圖找到第一批顧客的卡夫卡式經歷對我產生了深遠的影響。現在，我看到一些企業家的背景與我完全相同，但缺乏零售業的形成經驗。

They just arrive, these massive audiences which have accidentally created by just being interesting and savvily creating the products that sell into this kind of thing and becoming this massive business overnight. I'm just stunned. This is like -- it's something I kind of expected to see that, but at this point, we are seeing it daily. It's just really cool.

他們剛剛到來，這些大量的受眾是透過有趣和精明地創造出銷售此類產品的產品而意外創造的，並在一夜之間成為這項巨大的業務。我只是驚呆了。這就像——這是我預計會看到的事情，但目前，我們每天都會看到這種情況。這真的很酷。

We see this kind of thing definitely under social channels a lot more because a lot of people just didn't know of it. They had monetizeable audiences, they built them for completely other reasons, not for business reasons. They just knew something much better than some other people and they're commenting on it and that's how they built them. Explaining -- we almost all position almost creating a product, which just suggest to them that, by the way, you didn't know this but you actually built a business. And that's cool to see that.

我們在社交管道下肯定會更多地看到這種事情，因為很多人不知道它。他們擁有可貨幣化的受眾，他們建立這些受眾完全是出於其他原因，而不是出於商業原因。他們只是比其他人更了解一些東西，並且他們正在評論它，這就是他們構建它們的方式。解釋一下——我們幾乎所有人都幾乎在創造一個產品，這只是向他們表明，順便說一句，你不知道這一點，但你實際上建立了一個企業。很高興看到這一點。

That's great to hear. Congrats again on a great quarter.

聽到這個消息我很高興。再次恭喜這個季度的出色表現。

Terry Tillman, Raymond James.

特里·蒂爾曼，雷蒙德·詹姆斯。

Thanks for taking my questions. Most of them have been answered but I still had a couple. If you look on your website, it talks about selling on Amazon coming soon. I'd like to get an update on when you suspect that capability will be launched? Would there be additional economics for that capability?

感謝您回答我的問題。大多數問題都已得到解答，但我還有一些問題。如果您查看您的網站，它會談到即將在亞馬遜上銷售。我想了解您懷疑該功能何時會啟動的最新資訊？這種能力會帶來額外的經濟效益嗎？

Hey there, it's Harley, I'll take that question. As you recall, we announced our partnership with Amazon back in September. Beyond the migration of some of their web store merchants to Shopify, as part of that partnership, we also integrated with fulfillment by Amazon and Amazon payments, which is already being used by our merchants. Sell on Amazon channel is currently being worked on and we should have that by the end of the year.

嘿，我是哈利，我來回答這個問題。您還記得，我們​​早在 9 月就宣布了與亞馬遜的合作關係。除了將一些網上商店商家遷移到 Shopify 之外，作為合作夥伴關係的一部分，我們還整合了亞馬遜履行和亞馬遜支付，這已經被我們的商家使用。目前正在開發「亞馬遜銷售」管道，我們應該會在今年年底前完成。

Harley, in terms of economics, is there a thought process on that? Or would that be part and parcel with the subscription solution one has subscribed to?

哈雷，在經濟學方面，有一個思考過程嗎？或者這會成為人們訂閱的訂閱解決方案的重要組成部分嗎？

Again, once we see the uptake on that channel, we can talk about more about the economics behind it.

同樣，一旦我們看到該管道的採用率，我們就可以更多地討論其背後的經濟學。

Okay. Russ, one last one. In terms of, obviously you are seeing some payoff from the investments in a Plus sales force. But going forward in terms of additional investments in that, and maybe more ad spending on social or other channels, would that get in the way of potential sales and marketing leverage as a percentage of revenue over the next couple of years? Or do you still seeing that unfold? Or should we think about leverage coming in other areas, not so much in sales and marketing. Thanks and nice job.

好的。拉斯，最後一位。就這一點而言，顯然您會看到對 Plus 銷售團隊的投資帶來了一些回報。但未來在這方面的額外投資，以及可能在社交或其他管道上的更多廣告支出，這是否會妨礙未來幾年潛在的銷售和行銷槓桿佔收入的百分比？或者你仍然看到這種情況發生嗎？或者我們應該考慮在其他領域發揮槓桿作用，而不是在銷售和行銷領域。謝謝，幹得好。

Our view is we'll get leverage in all areas. Even our investments we're doing and paid marketing have a fairly quick return on them, like those merchants start on a 14-day trial and then become paid merchants. We will continue to see the leverage. Because this year is an investment year, you won't see the drop that you saw in 2015 versus some of the prior years but we'd still expect to see leverage.

我們的觀點是我們將在所有領域獲得影響力。即使我們正在進行的投資和付費行銷也能很快獲得回報，就像那些商家開始進行 14 天試用，然後成為付費商家一樣。我們將繼續看到槓桿作用。因為今年是投資年，所以與前幾年相比，您不會看到 2015 年出現的下降，但我們仍然期望看到槓桿。

Gene Munster, Piper Jaffray.

吉恩·蒙斯特，派珀·賈弗雷。

Good morning and I will add my congratulations. A high-level question about the addressable market. Your merchant adds have been impressive for two consecutive quarters. Investors tend to have this anxiety about what the addressable market is. I think that the results speak for themselves. But as you think about the addressable market, maybe in terms of numbers of potential merchants over the next few years, how would you frame that for investors? Thank you.

早上好，我將表示祝賀。關於目標市場的高級問題。您的商家數量連續兩季令人印象深刻。投資者往往對潛在市場感到焦慮。我認為結果不言而喻。但當你考慮潛在市場時，也許就未來幾年潛在商家的數量而言，你會如何為投資者建立這個市場？謝謝。

Yes, even at 275,000 merchants, relative to the SMB space, we are a very small piece of that. Lots of room to grow there. In addition to that, we are seeing new waves of people starting commerce businesses, whether it's celebrities or people with some other followings or people that want to start out selling on Pinterest or Facebook.

是的，即使有 275,000 家商戶，相對於中小企業領域，我們也只是其中的一小部分。那裡有很大的成長空間。除此之外，我們也看到新一波的人開始開展商業業務，無論是名人還是有其他追隨者的人，還是想要在 Pinterest 或 Facebook 上開始銷售的人。

And so I think what's really happening is our addressable space continues to grow. We've always said the 10 million in our core market and 46 million retail SMBs is just a subset of the market that we address. What we are seeing now is, at both the Plus level and that entrepreneurial level, we're getting more and more opportunity to help satisfy these needs.

所以我認為真正發生的是我們的可尋址空間持續成長。我們一直說，我們核心市場的 1,000 萬人口和 4,600 萬零售中小型企業只是我們所針對的市場的一個子集。我們現在看到的是，在高階層面和創業層面，我們正在獲得越來越多的機會來幫助滿足這些需求。

And at the addition of new channels as you have been talking about on the call today, potentially could expand that base?

正如您今天在電話會議上談到的那樣，增加新管道是否有可能擴大這一基礎？

Absolutely, absolutely. One of the things with Pinterest is people go there with buying intention and now they can actually buy. Facebook, very similar. As new opportunities and new channels arise, really, our platform focus will allow us to take advantage of those, and I think that puts us in a very good position. Other people, as one of the earlier callers said, can also do that but having first-mover advantage is always the best position to be in.

絕對，絕對。 Pinterest 的特點之一是人們帶著購買意願去那裡，現在他們可以真正購買。臉書，非常相似。事實上，隨著新機會和新管道的出現，我們的平台重點將使我們能夠利用這些機會，我認為這使我們處於非常有利的位置。正如一位早期來電者所說，其他人也可以這樣做，但擁有先發優勢始終是最好的位置。

Great, congratulations.

太好了，恭喜。

There are no further questions at this time. I will turn the call back over to Tobi Lutke.

目前沒有其他問題。我會將電話轉回托比·盧特克 (Tobi Lutke)。

Okay, thanks a lot, everyone. I think this has been fun. Good quarter, I think. Lots and lots of little releases. Lots and lots of pushes on this ever increasingly fast flywheel we are building.

好的，非常感謝大家。我認為這很有趣。我認為這個季度不錯。很多很多的小發布。我們正在建造的這個越來越快的飛輪受到了很多很多的推動。

Investors, even from the first days that I tried to raise any money, have always struggled wrapping their head around Shopify because it's not exactly a simple business. There's a lot to it. I'm glad that everyone's got to witness our first year as a public company roughly and gotten a feel for the way we think, the way we experiment, the way we launch.

甚至從我嘗試籌集資金的第一天起，投資者就一直很難理解 Shopify，因為這不是一項簡單的業務。其中有很多內容。我很高興每個人都能粗略地見證我們作為上市公司的第一年，並感受到我們的思維方式、我們的實驗方式、我們的發布方式。

I think this is the correct way to act in our industry. And because the industry is actually a lot earlier than people expected, there's a lot more brainstorming, a lot more exploration that has to happen. And our approach really lends itself for us slowly establishing what will software actually should do for its merchants. Okay. I'm a nerd so I wish everyone may the force be with you. Thank you.

我認為這是我們這個行業正確的做法。因為這個行業實際上比人們預期的要早得多，所以需要進行更多的腦力激盪、更多的探索。我們的方法確實適合我們慢慢確定軟體實際上應該為商家做什麼。好的。我是一個書呆子，所以我希望每個人都能有力量與你們同在。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。