Shopify Inc (SHOP) 2016 Q2 法說會逐字稿

Good morning. My name is Dan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Shopify Q2 2016 financial results conference call.

早安.我叫丹，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 年第二季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you. Katie Keita, you may begin your conference.

謝謝。凱蒂·凱塔，您可以開始會議了。

Good morning. Thank you all for joining us for Shopify's second-quarter 2016 conference call. Opening today's call is Tobi Lutke, Shopify's Founder and CEO. After Tobi's remarks, we will hear from Harley Finkelstein, our Chief Operating Officer; and then Russ Jones, our Chief Financial Officer, who will review our second-quarter results and our expectations for the rest of 2016. Then we will open it up for questions.

早安.感謝大家參加 Shopify 2016 年第二季電話會議。 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，我們將聽取我們的營運長 Harley Finkelstein 的演講；然後是我們的財務長 Russ Jones，他將回顧我們第二季度的業績以及我們對 2016 年剩餘時間的預期。

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.

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有重大差異。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 and should be considered as a supplement to, not a substitute for, our GAAP financial measures. Reconciliations between the two can be found in our earnings press release, which is available on our website. And 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財務指標，這些指標是非公認會計原則指標，應被視為對我們的公認會計原則財務指標的補充，而不是替代品。兩者之間的調節可以在我們的收益新聞稿中找到，該新聞稿可在我們的網站上找到。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, Katie, and good morning, everyone. All in all, it was another great quarter, number-wise, and Russ will dive into that later. Product and development-wise, there are a few things I would like to talk about today, because although you cannot see them directly in our quarterly numbers, they make a big difference. Unless you are reminded of those things from time to time, it's easy to look at what goes into merchant acquisition, merchant retention and merchant success.

謝謝凱蒂，大家早安。總而言之，從數字上看，這又是一個偉大的季度，拉斯將在稍後深入探討這一點。在產品和開發方面，我今天想談談一些事情，因為雖然你無法直接在我們的季度數據中看到它們，但它們會產生很大的影響。除非你時不時被提醒這些事情，否則很容易了解商家取得、商家保留和商家成功的因素。

In other words, I'm going to talk about the things that cost money, but don't have an obvious impact on immediate returns. However, return of those efforts comes over time, and I've made it clear in the past that we are about long term, and so this is what I would like to talk about.

換句話說，我要談論的是那些需要花錢，但對即時回報沒有明顯影響的事情。然而，這些努力的回報是隨著時間的推移而出現的，我過去已經明確表示，我們的目標是長期的，所以這就是我想談論的內容。

The first thing, and this is really kind of my wheelhouse, is user experience. It is just a great place to start, because advanced user experience that had Shopify spread like wildfire in the early days. And frankly, I think it will be user experience that will continue to set us apart. When we poll our merchants and talk with them, they absolutely always reference user experience as the primary differentiator that made them [point at] Shopify in the first place.

首先，這確實是我的駕駛室，是使用者體驗。這只是一個很好的起點，因為 Shopify 的先進用戶體驗在早期就如野火般蔓延開來。坦白說，我認為用戶體驗將繼續使我們與眾不同。當我們對商家進行民意調查並與他們交談時，他們絕對總是將使用者體驗視為使他們首先[指向] Shopify 的主要差異化因素。

User experience is a really big field, and there is a lot of sort of subparts to dive into. The thing that we concentrate most on, too, which is simplicity and performance. Simplicity is the thing you will also hear the most reference. It's just, if you get simplicity right, the software simply works. It just is a learning curve in all these kind of things. The trick is keeping user views intact as comments become so complex.

使用者體驗是一個非常大的領域，有很多子部分需要深入研究。我們最關注的也是簡單性和性能。簡單性也是您聽到最多的參考內容。只是，如果你做到了簡單，那麼該軟體就可以正常工作。這只是所有這些事情的學習曲線。訣竅是在評論變得如此複雜時保持使用者視圖完整。

Every new channel added, every new device, every new feature we add, inherently affects the merchants and the plan of action with Shopify, or the buyer's experience purchasing things from the merchant. Getting this right just really important to us. Over 10% of the Shopify headcount is now a US team, which is led by our co-Founder, Daniel. We spend hundreds of hours in stores talking to merchants, watching merchants, sifting through data, just to really understand how to solve these core problems.

我們新增的每個新管道、每個新設備、每個新功能都會本質上影響商家和 Shopify 的行動計劃，或是買家從商家購買商品的體驗。做好這件事對我們來說非常重要。現在，超過 10% 的 Shopify 員工是美國團隊，由我們的共同創辦人 Daniel 領導。我們在商店裡花數百個小時與商家交談、觀察商家、篩選數據，只是為了真正了解如何解決這些核心問題。

These efforts pay off. Ease-of-use actually translates to speed for them. Our designed efficient might on the surface seem small, but [dissipates] on many hours of [beheaded] research makes set-up faster, administration faster and makes purchasing faster. [Obvious] bits of time save [for merchants at app], and let them focus more on learning the business, rather than learning the tools.

這些努力得到了回報。對他們來說，易用性實際上意味著速度。我們設計的效率表面上看起來似乎很小，但[消散]了許多小時的[斬首]研究，使設定更快，管理更快，採購更快。 [明顯]為應用程式中的商家節省了一些時間，讓他們更專注於學習業務，而不是學習工具。

The great enabler for a lot of this good user experience is the underlying technology infrastructure. This is, again, a clear differentiator. I've talked about [flash dance] in the past. Merchants come to us and partners send merchants to us because they know, despite [pressures] of demand, Shopify performs. One of the most extreme examples recently sustained well over 1 million requests permitted, which we [headed up] by supporting hundreds of thousands of our merchants at the same time.

底層技術基礎設施是許多良好使用者體驗的重要推動者。這又是一個明顯的差異。我過去談過[快閃舞]。商家來找我們，合作夥伴將商家派給我們，因為他們知道，儘管需求[壓力]，Shopify 仍能表現出色。最極端的例子之一是最近允許了超過 100 萬個請求，我們透過同時支援數十萬商家來[領導]這項請求。

But beyond [SFS], let's just look at the day to day. While absolute [crests] have more than doubled over the past year, we continue to deliver response times faster than 100 milliseconds, on average. This matters, because speed directly results in more sales. This is why the addition of Apple Pay and Android Pay to our merchants' store fronts is important. The difference between pinching a mobile screen and filling in tiny numbers into a tiny checkout form was simply doing a single tap, and have it all said and done. This is just a profound difference.

但除了[SFS]之外，我們只關注日常情況。雖然絕對 [峰值] 在過去一年中增加了一倍多，但我們的平均響應時間仍然快於 100 毫秒。這很重要，因為速度直接帶來更多的銷售。這就是為什麼在我們的商家商店中新增 Apple Pay 和 Android Pay 很重要。捏住移動螢幕與在微小的結帳表格中填寫微小的數字之間的差異只需輕按一下即可完成所有操作。這只是一個深刻的區別。

Additionally, trust and security continue to present a challenge for buyers in acting with brands they are not familiar with yet. Presenting a familiar brand during checkout, like Apple and Android, has mitigated it. A benefit to Shopify is that, unlike many other wallets such as PayPal, Apple and Android Pay, leverage their existing shops' credit card processing capabilities. This allows some of the payments to offer [wildlife] experience on these mobile phones, which is going to be very helpful to our GMV footprint. Most important, we expect the addition of Apple and Android Pay to improve mobile conversion rates, and because time spent on mobile phones keeps increasing, this will increase sales for our merchants across the platform.

此外，信任和安全仍然對買家在與他們尚不熟悉的品牌合作時構成挑戰。在結帳時展示熟悉的品牌（例如蘋果和安卓）可以緩解這種情況。 Shopify 的一個好處是，與 PayPal、Apple 和 Android Pay 等許多其他錢包不同，它利用了現有商店的信用卡處理功能。這使得一些付款可以在這些手機上提供[野生動物]體驗，這對我們的 GMV 足跡非常有幫助。最重要的是，我們預計 Apple 和 Android Pay 的加入將提高行動轉換率，並且由於用戶在手機上花費的時間不斷增加，這將增加我們整個平台商家的銷售額。

A more powerful driver of sales for merchants, however, is marketing, which brings me to Kit. Kit is doing exceptionally well since joining Shopify in April, and has nearly doubled in number of installs on the Shopify platform. Ironically, there's fewer dollars spent on advertising and really do have the power of the platform -- in this case, a simple [thought post]. The recent additional of a Kit home card [in rapid] brings Kit even more front and center for merchants. And we expect the ongoing success that we have seen to continue.

然而，對於商家來說，更強大的銷售驅動力是行銷，這讓我想到了 Kit。自 4 月加入 Shopify 以來，Kit 的表現非常出色，Shopify 平台上的安裝量幾乎翻了一番。諷刺的是，花在廣告上的錢更少，而且確實擁有平台的力量——在這種情況下，只是一個簡單的[思考帖]。最近[快速]新增了 Kit 家庭卡，讓 Kit 更受到商家的關注。我們期望我們所看到的持續成功能夠持續下去。

Merchants simply love Kit. I encourage you to read the reviews of Kit in the Shopify app store, because it will give you a taste of just how wonderful and powerful conversation commerce can be. There are a lot of people super-excited about [parts], who maybe should not be quite yet. It is a legitimately great use case.

商人就是喜歡 Kit。我鼓勵您閱讀 Shopify 應用程式商店中 Kit 的評論，因為它會讓您體驗到對話商務的美妙和強大。有很多人對[零件]感到非常興奮，但他們可能還沒有那麼興奮。這是一個非常好的用例。

More businesses today already run on text messages between staff members. And Kit, even though it is a computer program, joins this process perfectly. Nothing new to learn -- you already know how to talk to it. It is amazing the new ways you can solve problems that have been hanging around for centuries with small businesses. Not only is it fun, it's also very gratifying.

如今，越來越多的企業已經透過員工之間的簡訊進行運作。而Kit，儘管是一個電腦程序，卻完美地加入了這個過程。沒有什麼新東西需要學習——你已經知道如何與它交談。令人驚訝的是，您可以用新方法來解決小型企業幾個世紀以來一直存在的問題。不僅很有趣，而且非常令人欣慰。

With that, I will hand the mic to Harley.

說完，我會把麥克風交給哈利。

Thanks, Tobi. Good morning, everyone, and thanks for taking the time to talk about our second quarter. This morning, I will limit my comments to highlights around our partner community and Shopify Plus. In both these areas, Q2 was all about execution, really great execution on the initiatives we announced earlier this year.

謝謝，托比。大家早安，感謝您花時間談論我們的第二季。今天早上，我的評論僅限於我們的合作夥伴社群和 Shopify Plus 的重點內容。在這兩個領域，第二季都與執行有關，對於我們今年稍早宣布的措施來說，執行得非常好。

Let me start with partners. Since our partner conference in late March, called Shopify Unite, we have continued to see our partner ecosystem thrive. As you know, Shopify has many different kinds of partners -- they build apps, they design themes, and refer new merchants to us.

讓我從合作夥伴開始。自 3 月底舉行的名為 Shopify Unite 的合作夥伴會議以來，我們的合作夥伴生態系統不斷蓬勃發展。如您所知，Shopify 擁有許多不同類型的合作夥伴 - 他們建立應用程式、設計主題並向我們推薦新商家。

Some are operational like UberRUSH, Postmates and USPS. And some, like Facebook, Pinterest and Amazon, expand the selling channels our merchants use directly from the Shopify admin to sell more products in more places. So let me start with these channel partners, since there is a lot going on in this area right now.

有些已經運營，例如 UberRUSH、Postmates 和 USPS。 Facebook、Pinterest 和 Amazon 等一些公司擴展了我們的商家直接從 Shopify 後台使用的銷售管道，以便在更多地方銷售更多產品。讓我從這些通路合作夥伴開始，因為目前該領域正在發生很多事情。

GMV over our social channels, including Facebook and Pinterest, as well as our buy buttons, while still small, continues to grow even faster quarter on quarter than GMV from online stores -- which itself is a fast-growing channel. As you know, we added Messenger capabilities to our Facebook channel in April. And already, there have been more than 1 million unique conversations between our merchants and our customers by Messenger. Our first integrated marketplace channel, Amazon, is on track for general availability later this year. Already, and in its limited deployment, merchants have completed thousands of orders over the Amazon channel.

我們的社交管道（包括 Facebook 和 Pinterest）的 GMV 以及我們的購買按鈕雖然仍然很小，但季度環比增長速度甚至比在線商店的 GMV 還要快，而在線商店本身就是一個快速增長的渠道。如您所知，我們於 4 月為 Facebook 頻道添加了 Messenger 功能。目前，我們的商家和客戶之間已經透過 Messenger 進行了超過 100 萬次獨特對話。 我們的第一個整合市場通路亞馬遜預計將於今年稍後全面上市。在有限的部署中，商家已經透過亞馬遜管道完成了數千個訂單。

Merchants are also now generating sales over the integrated channels built by our new sales channel, SDK Partners, Wanelo, Ebates and Houzz. While all of these are early-stage and still small relative to our total GMV, what is important to understand here is that with each new channel made available, merchants are selling more, finding new customers to buy their products in new places.

商家現在還可以透過我們新的銷售管道 SDK Partners、Wanelo、Ebates 和 Houzz 建立的綜合管道產生銷售額。雖然所有這些都處於早期階段，相對於我們的總GMV 來說仍然很小，但這裡重要的是要理解，隨著每個新管道的推出，商家會銷售更多產品，尋找新客戶在新地方購買他們的產品。

Partners of course, also continue to be an important source of new merchants for Shopify. Our agency and freelance partners referred thousands of merchants to Shopify in Q2. And a growing number of these partners referred merchants to our Shopify Plus offering.

當然，合作夥伴也仍然是 Shopify 新商家的重要來源。我們的代理商和自由職業合作夥伴在第二季將數千名商家推薦給 Shopify。越來越多的合作夥伴向商家推薦我們的 Shopify Plus 產品。

In Q2, we expanded our partner program to include a new segment specifically for Shopify Plus, adding world-class agencies like RGA, One Rockwell and Interstellar, who work with some of the largest and best-known brands on earth. These partners work with merchants that are looking to evolve their existing commerce strategies. And as we know, Shopify offers a radically different model which delivers incredible value. So the result is often a perfect fit.

在第二季度，我們擴大了合作夥伴計劃，加入了專門針對Shopify Plus 的新細分市場，增加了RGA、One Rockwell 和Interstellar 等世界一流的代理商，這些代理商與全球一些最大、最知名的品牌合作。這些合作夥伴與尋求發展現有商業策略的商家合作。眾所周知，Shopify 提供了一種完全不同的模式，可以帶來令人難以置信的價值。因此，結果往往是完美契合的。

Although this program is quite new, these partners have already brought on dozens of new, larger merchants to Shopify Plus. And as these ramp up, they will be a powerful complement to our Plus sales team.

儘管該計劃相當新，但這些合作夥伴已經為 Shopify Plus 引入了數十家新的大型商家。隨著這些數量的增加，他們將成為我們 Plus 銷售團隊的強大補充。

Speaking of Shopify Plus, Q2 was another stellar quarter for that group, where we added a number of large brands. These include Boeing, Bose, Hallmark, and musicians like Adele, Justin Bieber and Radiohead, who launched their new album on Shopify. We also added Ubuntu as a merchant, which is selling support contracts for users of its open-source software. I love this example, because it shows the versatility of the Shopify platform.

說到 Shopify Plus，第二季度是集團另一個出色的季度，我們增加了許多大品牌。其中包括波音、Bose、Hallmark 以及 Adele、Justin Bieber 和 Radiohead 等音樂家，他們在 Shopify 上推出了新專輯。我們還將 Ubuntu 新增為商家，該商家正在為其開源軟體的用戶銷售支援合約。我喜歡這個例子，因為它展示了 Shopify 平台的多功能性。

With progress we made in Q2, it is easy to see why Shopify Plus's contribution to MRR and GMV grew in the quarter, as it has every single quarter since inception. Average MRR per Plus merchant has expanded, as we have now been able to capture more value from more deals more consistently, as our sales organization has evolved. Once again this quarter, about half of the new Shopify Plus merchants in Q2 were homegrown. That is, they upgraded from lower-priced brands. The move we mentioned last quarter into our new Plus office in Waterloo, which gives us ample room to grow, is now complete.

隨著我們在第二季度取得的進展，很容易看出為什麼 Shopify Plus 對 MRR 和 GMV 的貢獻在本季度有所增長，自成立以來每個季度都是如此。每個 Plus 商家的平均 MRR 有所擴大，因為隨著我們的銷售組織的發展，我們現在能夠更一致地從更多交易中獲得更多價值。本季再次出現，第二季新增 Shopify Plus 商家中約有一半是本土商家。也就是說，它們是從低價品牌升級而來的。我們上季提到的遷入位於滑鐵盧的新 Plus 辦事處的搬遷現已完成，這為我們提供了充足的發展空間。

Finally, no discussion of the second quarter would be complete without mentioning the winners of our 6th Build-a-Business competition, which has become one of the largest and most impactful entrepreneurial competitions on the planet. This year, the competition once again drew thousands of newly mentioned entrepreneurs. And over the course of the competition's six-year history, these contestants have achieved over $600 million worth of sales. Which is remarkable considering they were all brand-new businesses when they signed up for the competition.

最後，如果不提及第六屆創業大賽的得獎者，第二季的討論就不算完整，該大賽已成為全球規模最大、最具影響力的創業大賽之一。今年，大賽再次吸引了數千名新晉創業家。在該比賽的六年歷史中，這些參賽者已實現了超過 6 億美元的銷售額。考慮到他們在報名參加比賽時都是全新的企業，這一點很了不起。

In fact, that is what makes the Build-a-Business competition so great. These winners are entrepreneurs whose businesses did not even exist at the start of last year. Now, while they may not be the well-recognized big brands I mentioned earlier, one day they could be. This is the market Shopify was built for, and who we target. Because all of them can grow to be future Shopify Plus merchants, and never have a reason to leave Shopify.

事實上，這就是「創業大賽」如此精彩的原因。這些獲獎者都是企業家，他們的企業在去年初甚至還不存在。現在，雖然它們可能不是我之前提到的廣為人知的大品牌，但有一天它們可能會成為。這是 Shopify 的目標市場，也是我們的目標市場。因為他們都可以成長為未來的 Shopify Plus 商家，而且永遠沒有理由離開 Shopify。

The future of retail looks nothing like it did 10 years ago. It is far more data-driven, far more efficient and easier than ever for merchants to connect with their customers. Transactions are more seamless than ever. Investors often ask me what makes Shopify different, and this is really it: that we are pushing retail into the 21st century, and we are doing it for everyone, from the startup entrepreneur to some of the largest global enterprises.

零售業的未來與十年前截然不同。對於商家來說，與客戶的聯繫比以往任何時候都更加數據驅動、更有效率、更容易。交易比以往更加無縫。投資人經常問我是什麼讓 Shopify 與眾不同，這確實是：我們正在將零售業推向 21 世紀，我們正在為每個人（從新創企業家到一些全球最大的企業）做這件事。

It is about so much more than just online versus brick and mortar. It's about helping people sell, period -- wherever, whenever and however. And that is why merchants come to Shopify, and that is why they stay.

這不僅僅是在線與實體的對比。這是為了幫助人們隨時隨地進行銷售。這就是商家來到 Shopify 並留下來的原因。

And with that, I will turn the call over to Russ to finish up.

接下來，我會將電話轉給 Russ 來完成。

Thanks, Harley. I will second what Harley said. Q2 was a quarter of solid execution, and our numbers attest to this. Q2 was the fourth quarter in a row where we grew revenue year on year by over 90%, which speaks to both the size of our market and our leadership position within it.

謝謝，哈利。我會贊同哈利所說的。第二季度是執行穩健的一個季度，我們的數據證明了這一點。第二季是我們連續第四個季度營收年增超過 90%，這既證明了我們的市場規模，也證明了我們在其中的領導地位。

We grew revenue in the second quarter 93% over Q2 2015 to $86.6 million, split almost equally between Subscription Solutions and Merchant Solutions. Subscription Solutions revenue grew 72% to $43.7 million, and Merchant Solutions grew 121% to $43 million.

我們第二季的營收比 2015 年第二季成長了 93%，達到 8,660 萬美元，訂閱解決方案和商家解決方案的營收幾乎均等。訂閱解決方案營收成長 72%，達到 4,370 萬美元，商家解決方案營收成長 121%，達到 4,300 萬美元。

First, the drivers for Subscription Solutions revenue. MRR at June 30 was $14.4 million, up 70% year over year. We continue to see strong growth in the number of merchants joining the platform, and the number of Shopify merchants now exceeds 300,000. We also benefited from higher subscription revenue per merchant, as we had more merchants either upgrade to or onboard on higher-priced plans.

首先，訂閱解決方案收入的驅動因素。截至 6 月 30 日，MRR 為 1,440 萬美元，年增 70%。我們持續看到加入該平台的商家數量強勁成長，Shopify 商家數量現已超過 30 萬。我們也受益於每個商家更高的訂閱收入，因為我們有更多的商家升級或加入更高價格的方案。

Driving Merchant Solutions revenue, GMV growth accelerated to 106% over last year's second quarter, reaching $3.4 billion. Not only did we process more GMV, the percentage of GMV processor Shopify payments grew again as well, and we surpassed the $1 billion mark in Q2 for payments volume process. Gross profit dollars grew 83% to $46.2 million. Here both Shopify Shipping, and to a lesser degree, Shopify Capital, helped contribute to this.

GMV 比去年第二季成長 106%，達到 34 億美元，推動了商家解決方案收入的成長。我們不僅處理了更多的 GMV，而且 GMV 處理商 Shopify 付款的百分比也再次增長，我們的付款處理量在第二季度突破了 10 億美元大關。毛利成長 83%，達到 4,620 萬美元。在這方面，Shopify Shipping 和 Shopify Capital（在較小程度上）都對此做出了貢獻。

Q2 results also reflect improved operating leverage, both year over year and sequentially. Overall, adjusted operating expenses as a percentage of revenue declined to 57% versus 61% in Q2 of 2015, and 62% in Q1 of 2016. Most of this improvement came from higher sales and marketing leverage.

第二季的業績也反映出營運槓桿率的改善，無論是年比還是環比。整體而言，調整後的營運費用佔收入的百分比下降至 57%，而 2015 年第二季為 61%，2016 年第一季為 62%。

As a result of our improved performance and leverage, our adjusted operating loss for the second quarter of 2016 was $3.2 million or 3.7% of revenue, compared with an adjusted operating loss of $1.9 million or 4.2% of revenue for Q2 of 2015. The adjusted net loss for Q2 was $3 million, compared with $1.7 million for Q2 a year ago. We ended the quarter with $179.6 million in cash, cash equivalents and marketable securities.

由於業績和槓桿率的提高，2016 年第二季調整後營運虧損為 320 萬美元，佔營收的 3.7%，而 2015 年第二季調整後營運虧損為 190 萬美元，佔營收的 4.2%。第二季淨虧損為300 萬美元，去年同期淨虧損為170 萬美元。本季結束時，我們擁有 1.796 億美元的現金、現金等價物和有價證券。

Looking at our three focus areas of investment for 2016, as Harley said, Shopify Plus has expanded into its new headquarters. Our new partner program is off to a good start, and the new sales hackers hired in the first half are currently ramping. With regard to the build-out of data center capacity, we continue to explore the various European alternatives, and are planning to add capacity to our existing infrastructure this quarter and early next, ahead of the holiday retail season. Instead of a single, large merchant conference, we've decided to focus on a larger number of industry conferences and city-specific events, which we are finding to be very effective.

看看我們2016年的三個重點投資領域，正如哈雷所說，Shopify Plus已經擴展到了新總部。我們的新合作夥伴計畫有了一個良好的開端，上半年僱用的新銷售駭客目前正在增加。關於資料中心容量的建設，我們繼續探索各種歐洲替代方案，並計劃在本季度和下年初，在假日零售季之前增加我們現有基礎設施的容量。我們決定專注於更多的行業會議和特定城市的活動，而不是單一的大型商人會議，我們發現這些活動非常有效。

So taking all of this into consideration as we look ahead to the second half, given the strong results in Q2 and our improved outlook for the balance of the year, we now expect to report full-year 2016 revenue in the range of $361 million to $367 million. Given the improved operating leverage in Q2 and the stronger revenue outlook for the full year, we expect to report a full-year adjusted operating loss in the range of $12 million to $16 million -- smaller than we had previously forecasted. This includes stock-based compensation expense and related payroll taxes of $25 million, our forecast for which has not changed.

因此，在我們展望下半年時考慮到所有這些因素，考慮到第二季度的強勁業績以及我們對今年剩餘時間的展望的改善，我們現在預計2016 年全年收入將在3.61 億美元到3.61 億美元之間。鑑於第二季營運槓桿有所改善以及全年營收前景更加強勁，我們預計全年調整後營運虧損將在 1,200 萬美元至 1,600 萬美元之間，低於我們先前的預測。這包括 2500 萬美元的基於股票的補償費用和相關工資稅，我們對此的預測並沒有改變。

For the third quarter, we expect to achieve revenue in the range of $93 million to $95 million, and adjusted operating loss in the $2 million to $4 million range, which excludes $7 million in expected stock-based compensation expense and related payroll tax.

對於第三季度，我們預計實現收入在9,300 萬美元至9,500 萬美元範圍內，調整後的營運虧損在200 萬美元至400 萬美元範圍內，其中不包括預期的700 萬美元的基於股票的補償費用和相關薪資稅。

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

接下來，我將把它轉回給凱蒂來開始問答。

Thank you, Russ. Dan, we would like to open the line up for questions now, please?

謝謝你，拉斯。丹，我們現在想開始提問，好嗎？

(Operator Instructions)

（操作員說明）

Ken Wong from Citigroup.

來自花旗集團的 Ken Wong。

You added over -- well, added over 25,000 merchants. You are up to 300,000 now. Any notable changes to that composition of these net new 25,000 that are coming in that you can share with us?

您新增了超過 25,000 個商家。你現在已經到了30萬了。您可以與我們分享這 25,000 名淨新增員工的組成有何顯著變化嗎？

This is Russ here. No real change. We continue to get strong growth in all tiers of our target market base -- so entrepreneurs who are just starting out, as well as Harley talked about, at the higher end, picking up a number of new Plus merchants. So no real change overall, and just good strong growth at all levels.

這是拉斯。沒有真正的改變。我們在目標市場基礎的各個層面都繼續保持強勁增長——因此，剛起步的企業家以及 Harley 談到，在高端市場，他們吸引了許多新的 Plus 商家。因此，整體而言沒有真正的變化，只是各個層面都出現了強勁的成長。

Got it. And then in terms of the commentary around -- you've got half your homegrown customers moving up to Plus. Can you help us understand what is driving that dynamic? Is it purely they're growing beyond the core capabilities of the lower offering? Is it just they wanted the higher touch, maybe specific capabilities? Any thoughts on what you are seeing there?

知道了。然後就周圍的評論而言，您已經有一半的本土客戶升級到 Plus。您能幫助我們了解是什麼推動了這種動態嗎？純粹是他們的成長超越了較低產品的核心功能嗎？難道他們只是想要更高的觸感，也許是特定的功能？對你在那裡看到的東西有什麼想法嗎？

It's Harley here. I will answer that question. In terms of the upgrades, people that are moving up from lower-level plans to Shopify Plus, we're seeing a variety of reasons. And in some cases, they need more dedicated account management or dedicated support. Some of them need specific features that are only offered to Shopify Plus, things that they may -- be specific to their business. Or for example, perhaps they need tax compliance, and so for them, Avalara is really important, which is something we offer to our Plus merchants.

這裡是哈利。我來回答這個問題。在升級方面，人們從較低階的計畫升級到 Shopify Plus，我們看到了多種原因。在某些情況下，他們需要更專門的帳戶管理或專門的支援。他們中的一些人需要僅向 Shopify Plus 提供的特定功能，這些功能可能是針對其業務的。或者例如，也許他們需要稅務合規，所以對他們來說，Avalara 非常重要，這是我們為 Plus 商家提供的服務。

So it is a variety of reasons. Some upgrade because they want to do a massive flash sale and they want to have that peace of mind. And others need particular features. But generally, there is not one reason.

所以說是有多種原因的。有些升級是因為他們想要進行大規模的閃購，並且想要高枕無憂。還有一些需要特定的功能。但一般來說，沒有一個原因。

Got it. Any sense for what percent of your base this offering might eventually make sense for? It seems like it is probably compelling for more than just a pure, larger enterprise type of a customer, with so many of your homegrown guys already moving up there.

知道了。您知道這項服務最終對您的使用者群體有多大的意義嗎？看起來它可能不僅僅對純粹的大型企業類型的客戶有吸引力，因為許多本土員工已經搬到那裡。

Yes, in terms of the percentage of total merchants, the number of Plus merchants is still relatively small. Although obviously their impact on the business is much larger. They pay more money, they sell more products, and certainly we're able to capture that factor with things like merchant services. But in terms of what that eventually split is going to be, that remains to be seen.

是的，從佔商戶總數的比例來看，Plus商家的數量還是比較少的。儘管顯然它們對業務的影響要大得多。他們支付更多的錢，銷售更多的產品，當然我們能夠透過商業服務等方式抓住這個因素。但就最終的分裂情況而言，還有待觀察。

Tom Forte from Maxim Group.

來自馬克西姆集團的湯姆福特。

Great, thanks for taking my question. Two questions. One, I wanted to know what, in particular, are you doing to drive the attachment rates for the shipping and the payments offering? And to what extent is that working? And then I cannot resist to ask Tobi this question, so I apologize in advance. But given the success of Pokemon GO, how does he see augmented reality and virtual reality playing out within the e-commerce space? Thank you.

太好了，感謝您提出我的問題。兩個問題。第一，我特別想知道您正在採取哪些措施來提高運輸和支付服務的附加率？這在多大程度上有效？然後我忍不住要問Tobi這個問題，所以我先道歉。但考慮到 Pokemon GO 的成功，他如何看待擴增實境和虛擬實境在電子商務領域的發展？謝謝。

Hi, Tom. Okay, so in terms of attach rates, like, Shopify Payments would be set up automatically, right? Like in our preferred view, we find that the payment gateway you use is a [odd] implementation detail that traditionally has been put on the merchants to make a choice over. We want Shopify to simply to be a common of system you sign up for which can receive money and put it in your bank account. So it's very important for us to ship out of the box. So it is a very quick payment setup.

你好湯姆。好的，就附加費率而言，Shopify Payments 會自動設置，對吧？就像我們的首選觀點一樣，我們發現您使用的支付網關是一個[奇怪的]實作細節，傳統上是讓商家做出選擇的。我們希望 Shopify 成為您註冊的通用系統，可以接收資金並將其存入您的銀行帳戶。因此，開箱即用對我們來說非常重要。所以這是一個非常快速的付款設定。

With shipping, it is a similar story. I would say we are still experimenting how to introduce it. Because the thing is, your shipping processes are simply heavily ingrained in your existing business than, you know, like just the way money takes before it hits your bank account. That's just a lot more flexibility. So this is something we have been spending a lot of time on since launch and shipping. And I think we're making really great progress there.

航運業的情況也類似。我想說我們仍在嘗試如何引入它。因為事實是，您的運輸流程在您現有的業務中根深蒂固，就像資金進入您的銀行帳戶之前的方式一樣。這只是更多的靈活性。因此，自推出和發貨以來，我們一直在這方面花費了大量時間。我認為我們正在這方面取得巨大進展。

And then about Pokemon GO, what a phenomenon. It is cool. Like it all -- it happened so fast. And what was really exciting for me personally was just watching what happened on Shopify. I have often said that Shopify is actually, like, just from a data perspective, a wonderful view into global SMB economic activity.

然後關於 Pokemon GO，真是現象。很酷。就像這一切一樣——它發生得太快了。對我個人來說真正令人興奮的是觀看 Shopify 上發生的事情。我常說，僅從數據角度來看，Shopify 實際上是全球中小企業經濟活動的絕佳視角。

The day after Pokemon GO first hit the news and shipped, one of our trending stores ended up being a store which we have referenced in various meetings before, which makes custom Pokemon jewelry, and so on. So you see this kind of -- and this happens then in Australia, and then there are stores in North America with other things related to this. And of course, what's wonderful is that there was this ability to through these second card lures, a lot of our customers told us that they were attracting a lot of new buyers into their stores by placing those lures and having lots of people with their noses in their phones walking into their store, and then sometimes also buying things. So this is about the piece of information which we immediately pushed out to everyone through our blog and through our home cards. And that drove a lot of activity.

《Pokemon GO》首次曝光並發貨的第二天，我們的熱門商店之一最終成為我們之前在各種會議中提到的一家商店，該商店生產定制 Pokemon 珠寶等。所以你會看到這種情況——這種情況發生在澳大利亞，然後北美的商店也有與此相關的其他東西。當然，令人驚訝的是，有這種能力可以通過這些第二張卡誘餌，我們的許多客戶告訴我們，他們通過放置這些誘餌並讓很多人用鼻子吸引很多新買家進入他們的商店他們拿著手機走進商店，有時也會買東西。這是我們立即透過部落格和家庭卡片向所有人推送的訊息。這推動了很多活動。

But I think, like, just zooming out a moment, here's a great example of those things that we just cannot predict, right? Like this is why like I am extremely excited about virtual reality, and I think virtual reality is the thing that sets the stage for augmented reality. And the thing that sets the stage for both of those things is location-based programs, and we're only just scratching the service.

但我想，就像，只是縮小一下，這是一個我們無法預測的事情的一個很好的例子，對嗎？這就是為什麼我對虛擬實境感到非常興奮，而且我認為虛擬實境為擴增實境奠定了基礎。為這兩件事奠定基礎的是基於位置的程序，而我們只是剛開始提供服務。

Clearly there is applicable for commerce there. I'm sure there's going to be channels which are going to take advantage of these ideas. I think it will have some impact on the future of advertising, and maybe it will be a major driver behind what might make smaller (inaudible) merchants more competitive again with the big-box stores of the last century, right?

顯然，那裡適用於商業。我確信會有管道利用這些想法。我認為這將對廣告業的未來產生一些影響，也許它將成為使小型（聽不清楚）商家再次與上世紀的大型商店相比更具競爭力的主要驅動力，對吧？

And so, it is really cool. And I think we are well-prepared for very quickly to not just allow -- like have great software to take advantage of these new trends, but just push information into the network, so that people can [having spend something that was new to him].

所以，這真的很酷。我認為我們已經做好了充分準備，不僅允許擁有出色的軟體來利用這些新趨勢，而且還可以將資訊推送到網路中，以便人們可以[花費一些對他來說是新的東西] ]。

Darren Aftahi from Roth Capital Partners.

來自 Roth Capital Partners 的 Darren Aftahi。

Hello. Thanks for taking my questions, and congratulations.

你好。感謝您回答我的問題，並祝賀您。

Two, if I may. First, can you give us a sense for -- I know you talked about merchant upgrades driving RPU growth. What percentage of your existing base upgraded to a higher-priced plan in the quarter?

如果可以的話，兩個。首先，您能否讓我們了解一下——我知道您談到了商家升級推動 RPU 成長。本季度，您現有的基礎升級到價格較高的計劃的比例是多少？

And then number two, it looked like gross margins on Merchant Solutions improved a little bit. Two things. One, what is the trend going forward for that? And number two, what is really driving that improvement? Is it interchange, a higher percentage of shipping tools? Just more color around that would be great. Thanks.

第二，商家解決方案的毛利率似乎有所提高。兩件事情。一，未來的趨勢是什麼？第二，真正推動這種改進的因素是什麼？是互換、運輸工具比例較高嗎？如果周圍有更多顏色就太好了。謝謝。

Hi, this is Russ. Yes, in terms of the absolute number of upgrades, I do not have the specifics on that. But our whole pricing approach is making the decision on which plan to pick the merchant's decision. So on higher plans, you get, for example, better credit card processing rates, or if you are not using Shopify Payments, you get a lower transaction fee.

嗨，這是拉斯。是的，就升級的絕對數量而言，我沒有具體資訊。但我們整個定價方式是根據商家的決定來選擇哪個方案。因此，在更高的計劃中，您可以獲得更好的信用卡處理率，或者如果您不使用 Shopify Payments，您可以獲得更低的交易費用。

Also the way we've designed shipping, you get a higher discount, the higher the plans. So it's really an economic decision. With the exception of Plus, as Harley mentioned. There are some capabilities only available on the Plus side.

此外，根據我們設計的運輸方式，計劃越高，您獲得的折扣就越高。所以這確實是經濟決定。正如哈雷所提到的，Plus 除外。有些功能僅在 Plus 端可用。

On the margin, I think there's really a couple things. So we are seeing some improvements in terms of the overall interchange rates that we are getting charged. As we expand that beyond North America, we do get better results there. And so both the UK and Australia contributed on the margin side. And then this quarter, we did start to see some positive impact from both shipping, and to a lesser extent, Shopify merchant cash advances.

就邊緣而言，我認為確實有幾件事。因此，我們看到我們收取的整體匯率有所改善。當我們將業務擴展到北美以外時，我們確實在那裡取得了更好的結果。因此，英國和澳洲都在保證金方面做出了貢獻。然後在本季度，我們確實開始看到運輸和 Shopify 商家現金預支帶來的一些正面影響（在較小程度上）。

Thanks.

謝謝。

Terry Tillman from Raymond James.

雷蒙德詹姆斯的特里蒂爾曼。

Hello. This is Brian Peterson in for Terry.

你好。這是布萊恩彼得森（Brian Peterson）取代特里。

A question for Harley. Just wanted to hit on the Shopify Plus customers that are new to the platform. Are those typically greenfield, or are you replacing another technology vendor? And I am curious, of those deals, how many are coming direct versus from partners?

問哈利一個問題。只是想吸引剛接觸平台的 Shopify Plus 客戶。這些是典型的新領域，還是您正在取代其他技術供應商？我很好奇，在這些交易中，有多少是直接來自還是來自合作夥伴？

Hey, there. Yes, I will take that question. So in terms of the, as I mentioned, 50%/50% for Q2, in terms of upgrade versus brand-new to Shopify, of the 50% that are new to Shopify, it is a mix. Some of them have never actually sold direct-to-consumer before.

嘿。是的，我會回答這個問題。因此，正如我所提到的，就第二季的 50%/50% 而言，就升級與全新 Shopify 而言，在 50% 的 Shopify 新用戶中，這是一個混合體。其中一些以前從未真正直接向消費者銷售過。

So in the case of Bose, it's a new product, which is a speaker system that you can build your own speaker system. That is a new product to the market, and so they obviously did not migrate. In other cases, we are seeing companies that are migrating over from some of the more traditional enterprise platforms. And so there is a healthy mix there.

所以就 Bose 而言，它是一個新產品，它是一個揚聲器系統，您可以建立自己的揚聲器系統。那是市場上的新產品，因此它們顯然沒有遷移。在其他情況下，我們看到公司正在從一些更傳統的企業平台遷移。所以這是一個健康的組合。

In terms of the partner program that I mentioned earlier, we have had a very large and a very successful partner ecosystem for a long time. The big change in the last quarter is that we are now going after partners that traditionally only worked with the largest of enterprise platforms, that are now starting to work with us. So it is still early days, but we suspect that the partner ecosystem will be a very strong driver of new merchants on Plus in a similar way that it has been to the rest of Shopify.

就我之前提到的合作夥伴計畫而言，我們長期以來擁有一個非常龐大且非常成功的合作夥伴生態系統。上個季度的重大變化是，我們現在正在尋找傳統上只與最大的企業平台合作的合作夥伴，現在他們開始與我們合作。因此，現在還處於早期階段，但我們懷疑合作夥伴生態系統將成為 Plus 上新商家的強大推動力，就像 Shopify 的其他部分一樣。

Awesome, thanks. And a quick one for Russ.

太好了，謝謝。對拉斯來說，這是一個快速的過程。

The guidance for the third quarter implies that profitability should get better, and I think for the fourth quarter, you should be pretty close to breakeven. How should we be thinking about the balance of growth versus profitability as we look forward to 2017 and beyond?

第三季的指導意味著獲利能力應該會更好，我認為第四季應該非常接近盈虧平衡。展望 2017 年及以後，我們該如何考慮成長與獲利的平衡？

Thanks.

謝謝。

In terms of our view of profitability, it still remains Q4 of 2017. As we talked about, I think investing back into the business is the key thing we can do right now. We're in an excellent position competitively, and the market continues to grow with new opportunities. So we will continue to invest there. Some of the improvement on the top line, though, will fall to the bottom line, as we have forecasted.

就我們對獲利能力的看法而言，仍然是2017年第四季。我們在競爭中處於有利地位，市場不斷成長並帶來新的機會。所以我們會繼續在那裡投資。不過，正如我們預測的那樣，營收的一些改善將影響到營收。

Gil Luria from Wedbush Securities.

韋德布希證券公司的吉爾盧裡亞。

Thank you. I want to use my question for a high-level one. You talked a little bit at the beginning -- at your prepared remarks about why you are winning and how you are improving user experience. But if you took a big step back, e-commerce in general, seems to be at an inflection point. There's been several e-commerce companies that have reported great results.

謝謝。我想用我的問題來提出一個高層次的問題。你在開始時談了一點——在你準備好的評論中，講述了你為什麼獲勝以及你如何改善用戶體驗。但如果退一步看，電子商務似乎正處於一個轉折點。有幾家電子商務公司報告了良好的業績。

Yours are probably the best and the most impressive. But there seems to be something going on. E-commerce seems to be doing better than it has in -- maybe since the beginning. What is it that you think that you attribute this inflection point to? And how is Shopify capitalizing on that right now?

你的可能是最好的和最令人印象深刻的。但似乎有什麼事情正在發生。電子商務似乎比以前做得更好——也許從一開始就是如此。您認為這個拐點歸因於什麼？ Shopify 目前如何利用這一點？

Yes, that's a great question.

是的，這是一個很好的問題。

I don't think it's a single thing contributing to this. It is a mix of a lot of things that -- although I would say, at least for people who have been tracking the industry, we are quite predictable. I think one -- like Harley mentioned, the Bose store. I think one thing you are seeing a lot more for the largest brands as well, is that there is just a lot of disintermediation, like a lot of people are going direct.

我認為沒有任何一件事促成了這一點。這是很多事情的混合體——儘管我想說，至少對於一直跟踪該行業的人來說，我們是相當可預測的。我認為有一個 - 就像哈雷提到的，Bose 商店。我認為對於最大的品牌來說，你也看到了更多的一件事，那就是存在著許多脫媒現象，就像很多人直接去做一樣。

When Shopify started a decade ago, we were hoping this would one day be the case, and we kind of got it confirmed by the fashion industry. Because the fashion designers really had a very limited way of getting in front of their customers. They usually had to go for a runway in Milan, and then of course, got all their product copied by H&M, and so on. So there was a much more greater need for disintermediation, and going direct-to-consumer, and that happened early. And this is something we are now -- which has absolutely spread into every nook and cranny of our industry, of people who want great products (inaudible).

當 Shopify 十年前成立時，我們希望有一天會成為這樣的情況，而我們也得到了時尚界的證實。因為時裝設計師在顧客面前展現自己的方式確實非常有限。他們通常要去米蘭走秀，然後當然所有的產品都被H&M抄襲，等等。因此，更需要去中介化、直接面對消費者，而這很早就發生了。這就是我們現在的情況——它絕對已經蔓延到我們行業的每個角落，以及那些想要優質產品的人（聽不清楚）。

I think the other thing is just -- I think it almost sounds weird to reference this, but entrepreneurial savviness is a major factor here. Like, we can actually see this if we compare the cohorts over the years of the people starting completely new businesses. We have ways of detecting this in our data. It just doesn't take people time any more to build big business. People have figured out how to do advertising, how to reach customers, how to do new platforms for customer acquisitions like Facebook, but also, kind of Google.

我認為另一件事是——我認為引用這一點聽起來很奇怪，但企業家的悟性是這裡的一個主要因素。就像，如果我們比較多年來創辦全新企業的人群，我們實際上可以看到這一點。我們有辦法在數據中檢測到這一點。人們不再需要花時間建立大企業了。人們已經弄清楚如何做廣告，如何接觸客戶，如何建立像 Facebook 和Google這樣的新平台來獲取客戶。

I just -- they've kind of been faded out. So we see just like the ramp being much shorter. And there is a lot of macro-economical trends. As much as the hipster movement is like about against everything that exists, they do consume a lot of products. And a lot of new brands have been established for them, and these have been serviced with some things like Shopify stores.

我只是──它們已經淡出了人們的視線。所以我們看到坡道短得多。還有很多宏觀經濟趨勢。儘管嬉皮士運動幾乎是反對現有的一切，但他們確實消耗了大量的產品。為他們建立了許多新品牌，並透過 Shopify 商店等服務為這些品牌提供服務。

So you have all of these kind of trends on the demand side. Now on the supply side, or I should really say -- I should bring this to user interface. Finding a [non answer], even we have products, like, five, 10 years ago, often meant like you added a product to your cart, and then you could not figure out where to click next. Or you had to create a customer account and create a new password before you could even see a form where you can enter a credit card. And just I think these sort of experiences, like, really ground people out, and like people are not willing to do this kind of thing anymore.

所以需求方面有所有這些趨勢。現在在供應方面，或者我真的應該說——我應該把它帶到用戶界面上。找到[非答案]，即使我們有產品，例如五、十年前，通常意味著您將產品添加到購物車，然後您不知道下一步該點擊哪裡。或者，您必須建立客戶帳戶並建立新密碼，然後才能看到可以輸入信用卡的表單。我認為這些經歷真的讓人們感到沮喪，人們不願意再做這種事了。

So you saw a lot of this activity simply move to, like, Amazon, where everyone had one account with one credit card pre-loaded, and it is basically understood. And now that the user experience with the rest of the Internet is really catching up with this thing, you just see this economic activity just spread over a greater number of independent businesses again. And I think that is, like, what you have seen in the market.

所以你看到很多這樣的活動只是轉移到亞馬遜，那裡每個人都有一個帳戶，預先安裝一張信用卡，這基本上是可以理解的。現在網路其他部分的使用者體驗確實正在趕上這件事，你會看到這種經濟活動再次蔓延到更多的獨立企業。我認為這就是您在市場上看到的情況。

That is very insightful. Thank you.

這是非常有見地的。謝謝。

Monika Garg from Pacific Crest.

來自 Pacific Crest 的莫妮卡·加爾格。

Hi, thanks for taking my question. You have very strong GMV growth. Can you talk about, is it due to adding larger new customers or growing your existing customers? And also how big Shopify Plus is. Maybe if you can talk about how many customers in Shopify Plus you have now?

您好，感謝您提出我的問題。您的 GMV 成長非常強勁。您能談談，是因為增加了更大的新客戶還是增加了現有客戶？還有 Shopify Plus 有多大。也許您可以談談您現在在 Shopify Plus 中有多少客戶？

Yes, in terms of the GMV, the answer is really both. We are adding a number of large merchants who are doing a sizable amount of business through the platform. But we are also adding lots of new businesses. And so collectively, those are having a pretty strong impact.

是的，就 GMV 而言，答案確實是兩者兼而有之。我們正在增加一些透過該平台進行大量業務的大型商家。但我們也增加了許多新業務。總的來說，這些都產生了相當大的影響。

In terms of the merchant number for Plus itself, we are less focused on the number, we're more focused on the impact that they are having on the platform. But as we said at the end of last year, we had over 1,000 merchants on Shopify Plus. That is a number we will probably update at the end of the fourth quarter, as well.

就 Plus 本身的商家數量而言，我們不太關注數量，我們更關注他們對平台的影響。但正如我們去年年底所說，Shopify Plus 上有超過 1,000 家商家。我們也可能在第四季末更新這個數字。

All right. And then the next one. You recently filed prospectus to raise about $500 million from the markets. You have close to $180 million cash on the balance sheet. Maybe you can talk about the need to raise capital?

好的。然後是下一張。您最近提交了招股說明書，擬從市場籌集約 5 億美元。您的資產負債表上有接近 1.8 億美元的現金。也許您可以談談籌集資金的必要性？

Yes, just as a bit of a background, in Q2, we became eligible under the MJDS, as a dual-listed Company, to file a shelf registration. As the result, we did so effective July 29, and issued a press release. The shelf really provides flexibility over the next 25 months. In terms of specific financing plans, we do not plan to comment until there is something to disclose, at which time we would issue another new press release on that. If we do nothing over that next 25 months, most likely we would renew it for another 25 months.

是的，作為一個背景知識，在第二季度，我們作為雙重上市公司，根據 MJDS 有資格提交擱置註冊。結果，我們從 7 月 29 日起就這樣做了，並發布了新聞稿。該架子確實在接下來的 25 個月內提供了靈活性。至於具體的融資計劃，在有消息披露之前我們不打算發表評論，屆時我們將就此發布另一份新的新聞稿。如果我們在接下來的 25 個月內什麼都不做，我們很可能會再續簽 25 個月。

All right, thanks a lot.

好的，非常感謝。

Ross MacMillan from RBC Capital Markets.

加拿大皇家銀行資本市場部的羅斯‧麥克米倫 (Ross MacMillan)。

Thanks so much, and congratulations on another strong quarter. It's especially nice to see the operating leverage, and on a personal note, to get Radiohead on Plus. So congratulations.

非常感謝，並祝賀又一個強勁的季度。特別高興的是看到營運槓桿，並且就我個人而言，讓 Radiohead 加入 Plus。所以恭喜你。

Tobi or Harley, just on the Amazon marketplace integration and controlled release, on one level, the way I think about it is, it's going to be profoundly helpful for merchants in terms of reach, and therefore GMV growth. But are there any other ways that you would think about how it could impact your business beyond merchant acquisition and GMV growth? Are there any other potential ways to monetize that?

Tobi 或 Harley，就亞馬遜市場整合和受控發布而言，在某種程度上，我的想法是，它將對商家的影響力和 GMV 成長產生深遠的幫助。但除了商家收購和 GMV 成長之外，您還會考慮其他方式對您的業務產生怎樣的影響嗎？還有其他潛在的貨幣化方式嗎？

Thanks.

謝謝。

Yes, so I think -- it's Harley here -- we've talked about channels on the last couple of calls and how important it is, specifically because it allows our merchants selling more places. Certainly allowing merchants to sell more on a place like Amazon, we think is a great idea. As I mentioned in my opening comments, it is still in limited release, but we are we're already seeing these merchants that are participating in that beta, selling thousands of products. So we're hopeful that the Amazon channel will help our merchants sell more.

是的，所以我認為 - 這是哈雷 - 我們在最近幾次通話中討論了管道以及它的重要性，特別是因為它允許我們的商家銷售更多的地方。當然，我們認為允許商家在亞馬遜這樣的地方銷售更多產品是一個好主意。正如我在開場白中提到的，它仍然是有限發布的，但我們已經看到這些商家正在參與該測試，銷售數千種產品。因此，我們希望亞馬遜通路能幫助我們的商家銷售更多產品。

In terms of ways to further monetize, whether it is Amazon or other channels, that will come in the future. Again, our main priority right now is opening up these channels so merchants can sell more. And whether there is -- the economics will follow, we believe. But keep in mind, the reason that we're doing these channels is really because we want our merchants to sell more in more places. And ultimately, we think that a merchant that starts a store in the next couple of years won't just start with one channel, but may start with multiple channels.

至於進一步變現的方式，無論是亞馬遜或其他管道，未來都會有。同樣，我們現在的首要任務是開放這些管道，以便商家可以銷售更多產品。我們相信，無論是否存在，經濟都會隨之而來。但請記住，我們做這些管道的原因實際上是因為我們希望我們的商家在更多地方銷售更多產品。最終，我們認為未來幾年開店的商家不會只是從一個管道開始，而是可能從多個管道開始。

And as new things come out -- you've heard us talk a little bit about VR. That may be a great channel for those merchants to continue selling. So it is really important that whatever a merchant is selling, wherever their customers are hiding on the Internet, that we are providing them with a direct channel to sell there. And so that is really why this stuff is important.

隨著新事物的出現，您已經聽到我們談論過一些有關 VR 的內容。這可能是這些商家繼續銷售的一個很好的管道。因此，無論商家銷售什麼產品，無論他們的客戶隱藏在網路上的何處，我們都必須為他們提供直接銷售管道，這一點非常重要。這就是為什麼這些東西很重要。

Great. And just one for Russ.

偉大的。拉斯只有一份。

Russ, we noticed that the advanced tier had, had a price increase this last quarter. Maybe you could just help us understand the rationale there? And more generally, on pricing, how do you think about making modifications to pricing? What is the strategy that you are following as you think about tweaks to pricing?

Russ，我們注意到高級層的價格在上個季度有所上漲。也許你可以幫助我們理解其中的原理？更一般地說，在定價方面，您如何考慮對定價進行修改？當您考慮調整定價時，您遵循的策略是什麼？

Thanks.

謝謝。

Yes, so as I mentioned, we increased the price of the advance. We also renamed it to Advanced from Unlimited, which was probably the bigger change that -- the more important part of the change.

是的，正如我所提到的，我們提高了預付款的價格。我們還將其從“Unlimited”更名為“Advanced”，這可能是更大的更改——更改中更重要的部分。

In terms of pricing, it is something we look at on a regular basis. I think at the low end, the pricing will stay relatively stable. I mean really, our goal there is to make pricing a non-issue in terms of people coming to the platform.

在定價方面，這是我們定期關注的事情。我認為在低端，定價將保持相對穩定。我的意思是，我們的目標是讓定價不再是平台使用者的問題。

At the higher end, particularly on Plus, we have increased the price versus last year, and we still believe there is upper room there. Even at the advance that -- I believe it is 299, there is still lots of value that we are providing, so we do have some flexibility there as well. And a little bit of this was, as we increase the high end, increase that one as well, just to make the migration a little bit easier in the merchant's mind to justify that.

在高端市場，尤其是 Plus 市場，我們比去年提高了價格，我們仍然相信那裡還有更高的空間。即使提前——我相信是 299，我們仍然提供很多價值，所以我們確實有一些靈活性。其中一點是，當我們增加高端時，也增加高端，只是為了讓商人的頭腦中的遷移更容易，以證明這一點是合理的。

I think one thing, like, the way that we post all pricing is that we say that all prices are guaranteed for like about in two-month intervals, so that partners can count on prices staying the same. But we do pretty much constantly look at the prices. And especially in years prior, we have made a lot of tweaks, just because getting pricing right is really difficult. It is actually probably impossible. So we've found the only way to approximate correct pricing that looks exactly the way we want, is by trying a lot of things. And so I think you'll see a little bit more of that again.

我認為有一件事，例如我們發布所有定價的方式是，我們說所有價格大約以兩個月為間隔保證，這樣合作夥伴就可以相信價格保持不變。但我們確實經常關注價格。 尤其是在前幾年，我們做了很多調整，因為正確定價確實很困難。事實上這很可能是不可能的。因此，我們發現唯一的方法就是透過嘗試很多事情來近似正確的定價，並且看起來完全符合我們想要的方式。所以我想你會再次看到更多這樣的情況。

Michael Nemeroff from Credit Suisse.

瑞士信貸的邁克爾·內梅洛夫。

Hi. Thanks for taking my questions. Nice quarter.

你好。感謝您回答我的問題。不錯的季度。

One for Tobi. I am curious if you are tempted, given the recent acquisition of Demandware by Salesforce, to expand into providing large retailers more of a customized solution set like Demandware offered, given that they are going to be part of a closed platform, how you would think about that going forward? I know that the Plus product is doing well. But there is an opportunity at some of the larger customers in Plus to grab all of their GMV if you do that, and I'm curious if that is something you've thought about?

一件是給托比的。鑑於 Salesforce 最近收購了 Demandware，我很好奇您是否想擴展到為大型零售商提供更多像 Demandware 所提供的客製化解決方案集，因為它們將成為封閉平台的一部分，您會怎麼想關於接下來的事情？我知道Plus產品做得很好。但如果你這樣做的話，Plus 中的一些大客戶就有機會獲得他們所有的 GMV，我很好奇你是否考慮過這一點？

Demandware really targeted a group of people we're not targeting here. Like, plus, we really sort of -- like, we sometimes veer into their territory of calling it enterprise. But that's still -- this is mistaken making. Because it just -- it looks really -- like, enterprise looks really high up from our baseline. But really from a perspective of industry, this is mid market, what we are targeting, this [lah].

Demandware 確實針對的是我們這裡不針對的一群人。另外，我們有時會進入他們稱之為企業的領域。但這仍然是錯誤的。因為看起來確實如此，企業看起來比我們的基準高得多。但實際上從行業的角度來看，這是中端市場，我們的目標，這[lah]。

However, so that being said, we as a Company don't want to build out the kind of things that Demandware has, like this massive group of services, right? Like the six or the 12-month integration cycles that are done by engineers on Shopify's payroll [or still kind of] offices of the customers, and so on. It is a different form of a company that has their own pros and cons. And I think we would be -- I would imagine we would make a poor version of one of those, because that is just not our home base.

然而，話雖這麼說，我們作為一家公司並不想建立 Demandware 擁有的那種東西，例如龐大的服務組，對吧？例如由 Shopify 薪資單（或仍然是客戶辦公室）的工程師完成的 6 或 12 個月的整合週期，等等。這是一種不同形式的公司，有自己的優點和缺點。我想我們會——我想我們會製作其中一個的糟糕版本，因為那不是我們的大本營。

However, the neat thing about Shopify is, I think we have figured out a way to still get that, and that is the partner ecosystem. And I think this is, where for, just for me to point out like, here, like partners solve a lot of these kind of issues for us. Because they are often local, they often have existing relationships with these businesses.

然而，Shopify 的妙處在於，我認為我們已經找到了一種方法來實現這一點，那就是合作夥伴生態系統。我認為這就是我要指出的，就像合作夥伴為我們解決了許多此類問題一樣。因為他們通常是本地人，所以他們通常與這些企業有現有的關係。

They really understand them commonly from a branding perspective. They might have designed those upsides, and then built out engineering capabilities. And now these same groups that have trust relationships with these latter merchants and latter businesses now can come in. And on top of our platform, on top of our APIs, do those kind of custom integrations into their financial accounting systems and their ERP systems, and all these kind of things which are traditionally done first party. That's how we are thinking about it.

他們確實從品牌的角度普遍理解它們。他們可能已經設計了這些優點，然後建造了工程能力。現在，與這些後來的商家和後來的企業有信任關係的這些相同的團體現在可以進來了。 ERP 系統中，所有這些事情傳統上都是由第一方完成的。我們就是這麼想的。

Okay, that is helpful. And then a follow-up for Russ, if I may. I'm just trying to understand what the economics would be for integrating Apple Pay and Android Pay, just so people do not get the wrong impression? How would you generate money, and what would the impact be on the gross margin and payments related to them?

好的，這很有幫助。如果可以的話，然後是拉斯的後續行動。我只是想了解整合 Apple Pay 和 Android Pay 的經濟效益，這樣人們就不會產生錯誤的印象？您將如何賺錢？

Yes, so where they really play, is allowing the merchant's customers to transact more easily with that merchant. For the merchant, if they are using Shopify Payments, then that will flow through any credit card transaction. So that will just be a normal thing from our side. If they are not using Shopify Payments, chances are they are using one of the gateways that we have around share, so we will benefit from that as well.

是的，所以他們真正要做的就是讓商家的客戶更輕鬆地與該商家進行交易。對於商家來說，如果他們使用 Shopify Payments，那麼這將透過任何信用卡交易進行。所以這對我們來說是很正常的事。如果他們不使用 Shopify Payments，他們很可能正在使用我們共享的網關之一，因此我們也將從中受益。

Colin Sebastian from Robert Baird.

羅伯特·貝爾德的科林·塞巴斯蒂安。

Thanks. And congratulations on another very good quarter. On Shopify Plus, as another follow-up, presumably you are seeing a lower churn rate as merchants are able to upgrade to higher-end platforms. So I wonder if that lower rate is having a material impact on the net merchant growth numbers? And then secondly, with the new Plus sales team coming onboard, what should our expectations be for them in terms of moving the needle either on a number of new Plus merchants, or merchant volume overall?

謝謝。恭喜又一個非常好的季度。在 Shopify Plus 上，作為另一個後續產品，您可能會看到較低的流失率，因為商家能夠升級到更高端的平台。所以我想知道較低的利率是否對淨商家成長數字產生重大影響？其次，隨著新的 Plus 銷售團隊的加入，我們對他們在增加新的 Plus 商家數量或整體商家銷售方面的期望應該是什麼？

Thanks.

謝謝。

Hey, there, it's Harley. So yes, you are correct.

嘿，那裡，是哈利。所以是的，你是對的。

The churn rate for merchants on Plus is certainly low. It is in line with the norms for enterprise SaaS companies that you will see. But keep in mind that, as a percentage of total net new merchants, it is still small. Again, their MRR and GMV is obviously proportionately higher than a typical Shopify merchant. But in terms of the number of merchants, that number is still pretty small.

Plus 上的商家流失率肯定很低。它符合您將看到的企業 SaaS 公司的規格。但請記住，佔淨新商家總數的百分比仍然很小。同樣，他們的 MRR 和 GMV 明顯比例高於典型的 Shopify 商家。但從商家數量來看，這個數字仍然很小。

In terms of salespeople on Shopify Plus, again, as you will recall, we really only hired our first salesperson, our sales hacker, Q1 of last year. So we're still ramping up a sales team, but we're seeing a lot of early success there. And again, as I mentioned earlier, with the introduction of the new Shopify Plus Partner Program, coupled with a sales team, which is ramping up to full capacity, we think things are going really well there.

就 Shopify Plus 上的銷售人員而言，您可能還記得，我們​​實際上只在去年第一季聘請了第一位銷售人員，也就是我們的銷售駭客。因此，我們仍在組建銷售團隊，但我們已經看到了許多早期的成功。正如我之前提到的，隨著新的 Shopify Plus 合作夥伴計畫的推出，加上銷售團隊正在全力以赴，我們認為事情進展得非常順利。

Okay. And then quickly on Shopify Capital -- and sorry if I missed this in the opening remarks. But did you talk about what level of adoption you are seeing to-date for this, and how much additional capacity you have to fund these advances? And then also the margin profile of that program?

好的。然後很快就談到了 Shopify Capital——如果我在開場白中錯過了這一點，我很抱歉。但您是否談到了迄今為止您所看到的採用程度，以及您需要多少額外能力來資助這些進步？然後還有該計劃的利潤概況？

Thanks.

謝謝。

Yes, in terms of the margin profile, our revenue is the amount of the factor rate that we have there. So a really high-margin profile. In terms of the adoption, it just got really publicly announced earlier in the quarter. We are seeing a significant increase in the amount of advances. It is still relatively small, so just north of $5 million of advances. And so well-within our capabilities on our balance sheet to continue to fund that ourself.

是的，就利潤率而言，我們的收入是我們擁有的要素比率的金額。所以這是一個非常高利潤的形象。就採用而言，它在本季早些時候才真正公開宣布。我們看到預付款金額顯著增加。它仍然相對較小，僅預付款 500 萬美元以上。我們的資產負債表上完全有能力繼續為自己提供資金。

We continue to explore other ways to finance that, as well as to reduce the risk of that program. Interesting thing there is, just so people are aware, the dollar amounts that we are advancing ranges from $2,500 up to $50,000, is the largest one we have done. In terms of the people who have paid off their advance, the majority of them have gone for a second advance. In fact, we have one merchant now on his fourth advance.

我們將繼續探索其他方式為其提供資金，並降低該計劃的風險。有趣的是，正如人們所知，我們預付的金額從 2,500 美元到 50,000 美元不等，是我們做過的最大的一筆。從已經還清預付款的人來看，大多數人都進行了第二次預付款。事實上，我們有一位商人正在進行第四次預付款。

The real driver behind this program is to give the merchants some working capital to grow their business, and that is fundamentally why we are doing that. Just as an interesting side note, we had one merchant that, shortly after the advance, had a flash sale and ended up paying the whole thing back within 10 days. Kind of unique.

該計劃背後的真正驅動力是為商家提供一些營運資金來發展他們的業務，這就是我們這樣做的根本原因。有趣的是，我們有一位商家在預付款後不久進行了限時搶購，並最終在 10 天內付清了全部貨款。有點獨特。

Brian Essex from Morgan Stanley.

摩根士丹利的布萊恩‧艾塞克斯。

Hi, good morning and thank you for taking the question. I was wondering if you would talk a little bit about the take rate and how much contribution of that might be from increased penetration to GMV versus mix? Just so we get a better sense of how that -- contributions to that growth we saw in the quarter.

你好，早安，感謝你提出問題。我想知道您是否能談談轉換率，以及滲透率的提高對 GMV 與組合的貢獻有多大？這樣我們就可以更好地了解這對我們在本季看到的成長的貢獻。

Yes, so the take rate went up slightly relative to Q1.

是的，所以採用率相對於第一季略有上升。

I think it is a number of things. Shipping is starting to have an impact. To a much lesser degree, capital is having an impact. We are trying to get more of the Plus merchants on payments, so that will have a positive impact going forward. As well as, now that we have expanded payments into Australia covering our key core markets, that is adding an impact there as well.

我認為這是有很多事情的。運輸開始產生影響。資本正在產生影響，但程度要小得多。我們正在努力讓更多的 Plus 商家接受支付，這將對未來產生積極的影響。此外，現在我們已將支付範圍擴大到澳大利亞，涵蓋了我們的主要核心市場，這也增加了那裡的影響。

And the percentage of GMV processed through payments, did that go up in the quarter as well? Or did your GMV out-pace that?

透過支付處理的 GMV 百分比在本季也有所上升嗎？或者你的 GMV 超過了這個數字嗎？

Both. The percentage of GMV going through payments went up, as well as the overall GMV went up, which is the really sweet spot with our business model, in that adding more merchants drives revenue, but having those merchants sell more also drives revenue. So I think we're in a very good position that way.

兩個都。透過支付的 GMV 百分比上升了，整體 GMV 也上升了，這是我們商業模式的最佳點，因為增加更多商家可以增加收入，但讓這些商家銷售更多商品也可以增加收入。所以我認為我們在這方面處於非常有利的位置。

Okay. And maybe if I can sneak one in on the margins.

好的。也許我可以在邊緣偷偷加入一個。

So nice progression in the margins, but I understand you've got that data center build coming up, or at least, center investment. How should we -- given the expansion that we've seen to-date, how should we think about margins going forward, and the impact that investments on the infrastructure side might impact those margins?

利潤率的進步非常好，但我知道你們已經開始建立資料中心，或至少是中心投資。考慮到迄今為止我們所看到的擴張，我們應該如何考慮未來的利潤率，以及基礎設施的投資可能對這些利潤率產生的影響？

Historically on the subscription side, Q3 and Q4, as we ramp the investment, drop the margin a little bit there. On the Merchant Solutions, I think you're going to see a number of factors. So obviously, more shipping, more advances, improves the margin profile, as well as expansion outside of -- payments outside of North America. On the flip side, as we do try to get more Plus merchants, that will have a bit of a headwind in terms of that margin percentage. And the way that we think of it, again, as we've talked about before, is really the gross profit dollar, is what we are focused on.

從歷史上看，在訂閱方面，隨著我們增加投資，第三季和第四季的利潤率會略有下降。在商家解決方案中，我認為您會看到很多因素。顯然，更多的運輸、更多的預付款可以改善利潤狀況，並擴大北美以外的支付範圍。另一方面，當我們確實試圖吸引更多的 Plus 商家時，這在利潤率方面會遇到一些阻力。正如我們之前討論過的，我們的思考方式其實是毛利，這才是我們關注的重點。

Richard Davis from Canaccord.

Canaccord 的理查德戴維斯。

Okay, thanks. Most of my questions have been answered, since I'm pretty far back in the queue. So merchants kind of need a site shipping and get paid, and you guys are already doing this. But they also need advertising and provide customer support, which we are seeing from the several vendors; they call it customer experience, whether it's Medallia, Sprinkler or Clair bred. Why or why not put those functions on your product roadmap?

好的謝謝。我的大部分問題都已得到解答，因為我在隊列中排得很靠後。因此，商家需要一個網站來運輸並獲得報酬，而你們已經在這樣做了。但他們也需要廣告並提供客戶支持，我們從幾家供應商那裡看到了這一點；他們稱之為客戶體驗，無論是 Medallia、Sprinkler 或 Clair bred。為什麼或為何不將這些功能納入您的產品路線圖？

Thank you.

謝謝。

In terms of the advertising one, I think that is really where Kit comes into play. So it will tell a merchant that you are seeing traffic from Facebook, for example. Do you want to advertise? You respond with an SMS message -- yes, you do -- and then it takes care of the rest. So we are already making some inroads there.

就廣告而言，我認為這才是 Kit 真正發揮作用的地方。例如，它會告訴商家您正在看到來自 Facebook 的流量。你想打廣告嗎？你用簡訊回覆——是的，你這樣做——然後它就會處理剩下的事情。所以我們已經在這方面取得了一些進展。

I think on the support side, I think where we'll really see some strength of the platform is using some of the Messenger capabilities. As we talked about, over 1 million unique messages already. And I think that is a good way for the merchant to provide that more customized experience. So that is probably the way that we will tackle that for certainly the foreseeable future.

我認為在支援方面，我們將真正看到該平台的一些優勢是使用一些 Messenger 功能。正如我們所說，已經有超過 100 萬條獨特消息。我認為這是商家提供更客製化體驗的好方法。因此，這可能是我們在可預見的未來解決這個問題的方式。

Okay.

好的。

Gus Papageorgiou from Macquarie.

來自麥格理的 Gus Papageorgiou。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Russ, could you just talk a little bit about Shopify shipping and adoption rates in the US where it's been launched? And can you give us a sense of what proportion of the merchant base in the US has adopted that solution? And could you contrast it to Shopify Payments in the early days? Is it being adopted as fast, faster or slower?

Russ，您能簡單談談 Shopify 在美國推出的運送和採用率嗎？您能否讓我們了解美國有多少商家採用了該解決方案？您能否將其與早期的 Shopify Payments 進行比較？它被採用的速度是快、更快還是更慢？

And then a follow-up question, if I can. Your average revenue per merchant seems to be doing quite well, up quite significantly year over year. Is there a revenue level that triggers these merchants to go into the higher-tier plan? Or are there other factors that would motivate them to upgrade the plan? Thanks.

然後是一個後續問題，如果可以的話。您的每個商家的平均收入似乎表現得相當不錯，較去年同期成長相當顯著。是否有一定的收入水準可以觸發這些商家進入更高等級的計畫？或者有其他因素會促使他們升級計畫嗎？謝謝。

So in terms of your second question, so going from the advanced to the Plus is really features, as well as some hands-on support there, so that is the driver. Other than that, it is really just economics on that front. I'm sorry, what was the first question?

所以就你的第二個問題而言，從高級版到增強版確實是功能，以及一些實際支持，所以這就是驅動力。除此之外，這其實只是經濟方面的問題。抱歉，第一個問題是什麼？

Adoption of Shopify shipping?

採用 Shopify 運送？

Yes, so relative to payments, it is lower than payments. As Tobi talked about, payments is somewhat ubiquitous. You just need to be able to accept credit cards, where there is a lot more involved in terms of internal company processes relative to the shipping. For merchants that are doing -- let's use 150 orders or packages a month -- the penetration is quite high there. Above that, you start to see merchants starting to use more fulfillment services, who also then doing the shipping piece of it.

是的，所以相對於付款而言，它低於付款。正如托比所說，支付在某種程度上是無處不在的。您只需要能夠接受信用卡，與運輸相關的內部公司流程涉及更多內容。對於正在做的商家來說——讓我們使用每月 150 個訂單或包裹——那裡的滲透率相當高。除此之外，您開始看到商家開始使用更多的履行服務，然後他們也負責運輸部分。

So we will continue to grow that, both within the US and with USPS. But also as we talked about, I think, in the past, we are fairly early in our journey on shipping. So adding other geographies and other vendors is the next phase of that.

因此，我們將繼續在美國境內以及與 USPS 合作發展這項業務。但正如我們所談論的，我認為，在過去，我們的航運之旅還處於相當早期的階段。因此，下一階段將添加其他地區和其他供應商。

James Cakmak from Monness Crespi Hardt.

蒙尼斯·克雷斯皮·哈特 (Monness Crespi Hardt) 的詹姆斯·卡克馬克 (James Cakmak)。

Hi, thanks.

你好謝謝。

Harley, you talked about successes in winning Plus customers away from established enterprise players. You talked about kind of the reasons that customers feel comfortable coming to you. And if not, what are the hurdles or potential things that you can do to win customers at the next level?

Harley，您談到了從老牌企業手中贏得 Plus 客戶的成功。您談到了客戶願意來找您的原因。如果沒有，您可以採取哪些障礙或潛在的措施來贏得下一級的客戶？

And then secondly, just Russ, on guidance, what does that contemplate in terms of GMS when you think about the developments in the Brexit in Europe?

其次，Russ 先生，請您談談，當您考慮歐洲脫歐的發展時，GMS 會考慮什麼？

Hey, it's Harley. I will take the first question.

嘿，這是哈利。我將回答第一個問題。

In terms of Plus and the migrations over, keep in mind, our roots and what we are still focused on, is really that SMB. So educating the market that we can actually handle some of the largest brands in the world, some of the largest flash sales in the world, is really important. Plus is still fairly new in terms of the Shopify story, so educating and making sure that large brands know they can come to us and they can do massive flash sales, is super-important.

就 Plus 和遷移而言，請記住，我們的根源和我們仍然關注的實際上是 SMB。因此，讓市場了解我們實際上可以處理世界上一些最大的品牌、世界上一些最大的閃購，這一點非常重要。 Plus 就 Shopify 的故事而言仍然相當新，因此教育並確保大品牌知道他們可以來找我們並且可以進行大規模的閃購，這是非常重要的。

A lot of the reasons why does migrations happen tend to be for either cost, ease of use or time to market. What seems to be happening is, a lot of these -- a lot of people that work within these large companies, that are looking to go direct-to-consumer on brands with their brands, they are acting like entrepreneurs. And what I mean by that is, they need somebody that works really well, easy to customize, and they can get up and running really fast.

發生遷移的許多原因往往是出於成本、易用性或上市時間。似乎正在發生的事情是，很多人在這些大公司工作，希望透過自己的品牌直接面向消費者，他們表現得像企業家。我的意思是，他們需要一個工作非常出色、易於自訂、並且可以快速啟動和運行的人。

Tobi alluded to the fact that some large enterprise e-commerce companies, you can take 12 months to get set up. In 2016, that is just not right, and unfortunately it does not work for them. So we're seeing a lot of these defectors coming over from these other more traditional enterprise platforms, looking for just a better solution that they can get fast and easy, and without many headaches.

Tobi提到，一些大型企業電子商務公司可能需要12個月才能成立。在 2016 年，這種做法是不對的，而且不幸的是，這對他們不起作用。因此，我們看到很多這些叛逃者從其他更傳統的企業平台過來，尋找更好的解決方案，他們可以快速、輕鬆地獲得，而且不會遇到很多麻煩。

Beyond that, one of the things that we're still working on is ensuring that we don't just bring on these big brands, we talk about these big brands. We want to talk about how Justin Bieber and Adele and Radiohead have decided to go direct-to-consumer using Shopify Plus. So we are spending time doing that. But it is still really early days for Plus. But certainly it is a growth area within a growth Company, so there is a lot of potential there.

除此之外，我們仍在努力的事情之一是確保我們不只是引入這些大品牌，我們還談論這些大品牌。我們想談談 Justin Bieber、Adele 和 Radiohead 如何決定使用 Shopify Plus 直接面向消費者。所以我們正在花時間這樣做。但對 Plus 來說，現在還處於早期階段。但毫無疑問，這是成長型公司內部的一個成長領域，因此那裡有很大的潛力。

And in terms of the GMS, which I think is SE's term, so GMV is, I think, the order volume that we talk about. You saw in absolute dollars a big increase from Q2 up from Q1. Generally, what we see is, again, a smaller increase going from Q2 to Q3, and then Q4 historically has been that strong holiday shopping season, so we would expect it there. We do not provide guidance on specific GMV though.

就 GMS 而言，我認為這是 SE 的術語，所以我認為 GMV 就是我們談論的訂單量。您可以看到，以絕對美元計算，第二季較第一季大幅成長。一般來說，我們再次看到從第二季度到第三季度的增幅較小，而第四季度歷史上一直是強勁的假日購物季，因此我們預計會出現這種情況。不過，我們不提供具體 GMV 的指導。

Sam Kemp from Piper Jaffray.

Piper Jaffray 的薩姆坎普。

Great, thanks.

萬分感謝。

Two questions, if I may. First, on the Amazon integration, where do you expect most of that inventory to appear on their side? Would that be mostly within the handmade section? Or do you think that a lot of the merchant inventory will fill up in the other search?

如果可以的話，有兩個問題。首先，在亞馬遜整合方面，您預計大部分庫存會出現在哪裡？那主要是在手作部分嗎？或者您認為其他搜尋會填滿大量商家庫存嗎？

And then second, on payments, obviously a large portion of that non-Shopify payment GMV is going through other gateways and payment options that your larger merchants are using. Can you just talk about what are the key steps to getting them to convert from using their existing payment format to Shopify Payments?

其次，在付款方面，顯然非 Shopify 支付 GMV 的很大一部分是透過大型商家使用的其他網關和付款選項。您能否談談讓他們從使用現有支付格式轉換為 Shopify Payments 的關鍵步驟是什麼？

Thanks.

謝謝。

Hey, it's Harley. I will take the first part of that question around Amazon.

嘿，這是哈利。我將圍繞亞馬遜回答這個問題的第一部分。

So what you're going to see is, depending on the products being sold, you will see it in different sections. So for example, if a merchant wants to cross-sell some sort of home furnishing on Amazon, you may see that on the main marketplace. But they also may cross-sell in houses, which is specifically for home furnishings, home goods and stuff of that nature.

因此，您將看到的是，根據所銷售的產品，您將在不同的部分看到它。例如，如果商家想要在亞馬遜上交叉銷售某種家居用品，您可能會在主要市場上看到它。但他們也可能在房屋中進行交叉銷售，專門銷售家居用品、家居用品和此類物品。

Certainly we deal with merchants that do sell crafts, and so you'll see those in other sections of Amazon. But the nice part about a partnership with a company like Amazon, and other merchants that cross-sell is they can select what is the best venue, given the type of product they are selling.

當然，我們與銷售工藝品的商家打交道，因此您會在亞馬遜的其他部分看到這些商家。但與亞馬遜等公司和其他交叉銷售商家合作的好處是，他們可以根據所銷售的產品類型選擇最佳地點。

In terms of the payment side, for the merchants that are upgrading to Shopify Plus, the majority of them are already on Shopify Payments. So no issue on keeping them there. In terms of ones that are coming to, like sometimes it is a corporate decision on what payment gateway the whole corporation uses, unlikely to change that.

在付款方面，對於升級到Shopify Plus的商家來說，大部分已經使用了Shopify Payments。所以把它們留在那裡沒有問題。就即將出現的問題而言，有時這是公司決定整個公司使用哪種支付網關的情況，不太可能改變這一點。

But as we add some other capabilities, including the ability to process things like the Apple Pay, the Android Pay through the Shopify Payments side of it, I think we will see some there. We do have to be more aggressive in terms of the pricing, because those are the ones that other gateways target as well.

但隨著我們添加一些其他功能，包括透過 Shopify Payments 端處理 Apple Pay、Android Pay 等功能，我想我們會在那裡看到一些功能。我們確實必須在定價方面更加激進，因為這些也是其他網關的目標。

And we have no further questions at this time. I turn the call back over to Mr. Tobi Lutke.

目前我們沒有進一步的問題。我把電話轉回托比·盧特克先生。

Well, thanks very much for joining us. There were a couple of great questions there. Like, one thing which I love about Shopify Plus, again, is these homegrown success stories that we have talked about a bit. We talked about what kind of size Shopify Plus represents within Shopify, and [onion] slow.

嗯，非常感謝您加入我們。這裡有幾個很好的問題。就像，我喜歡 Shopify Plus 的一件事是，我們已經討論過這些本土的成功故事。我們討論了 Shopify Plus 在 Shopify 中代表什麼樣的規模，以及 [洋蔥] 緩慢。

But the really amazing thing about the business really is that we, through our work on the product, through user experience, we are increasing the simplicity through making it faster and more approachable. We can actually have a meaningful impact on the businesses of our customers, and actually have produced more future Plus customers.

但這項業務真正令人驚奇的是，我們透過產品工作和用戶體驗，透過使其更快、更平易近人來提高簡單性。我們實際上可以對客戶的業務產生有意義的影響，並且實際上已經培養了更多未來的 Plus 客戶。

And I think this just so neatly wraps up how aligned everything is in our little world here. We're on the same side of the table as our customers and as our partners, and if any of them do well, everyone else does well. I think that is really part of the secret of this Company. So with that, thank you very much, and I will talk to you soon.

我認為這非常巧妙地概括了我們這個小世界裡的一切是如何協調一致的。我們與我們的客戶和合作夥伴站在同一邊，如果他們中的任何一個人做得好，其他人也做得好。我認為這確實是這家公司的秘密的一部分。因此，非常感謝您，我很快就會與您交談。

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

今天的電話會議到此結束。您現在可以斷開連線。