Shopify Inc (SHOP) 2017 Q1 法說會逐字稿

Good morning.

早安.

My name is Chris, and I will be your conference operator today.

我叫克里斯，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Shopify Q1 2017 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2017 年第一季財務業績電話會議。

(Operator Instructions) Katie Keita, Director of Investor Relations, you may begin your conference.

（操作員指示） 投資者關係總監 Katie Keita，您可以開始會議了。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

We are glad you can join us for Shopify's first earnings call of 2017.

我們很高興您能參加 Shopify 2017 年第一次財報電話會議。

We are joined this morning by Tobi Lutke, Shopify's CEO; Harley Finkelstein, our Chief Operating Officer; and Russ Jones, our esteemed CFO.

今天早上，Shopify 執行長 Tobi Lutke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；以及我們尊敬的財務長 Russ Jones。

After prepared remarks from Harley and Russ, we will open it up for your questions.

在哈雷和拉斯準備好發言後，我們將開放供大家提問。

Once again, we will make forward-looking statements on the call today.

我們將在今天的電話會議上再次做出前瞻性聲明。

These are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

這些基於目前的假設，並受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。

We undertake no obligation to update these statements, except as required by law.

除法律要求外，我們不承擔更新這些聲明的義務。

Information about these risks and uncertainties is included in our press release this morning as well as in our filings with Canadian and U.S. securities regulators.

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.

此外，我們今天的評論將包括調整後的財務指標，這些指標是非公認會計準則指標。

These should be considered as a supplement to, not a substitute, for GAAP financial measures.

這些應被視為 GAAP 財務指標的補充，而不是替代。

Reconciliations between the two can be found in our earnings press release, which is available on our website.

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。

And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars unless otherwise indicated.

最後，請注意，由於我們以美元報告，因此今天討論的所有金額均以美元為單位，除非另有說明。

With that, I turn the call over to Harley.

說完，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

Over the first few months of 2017, we continued our steady progress towards our goal of making Shopify the platform of choice for sellers.

在 2017 年的前幾個月，我們繼續穩步推進我們的目標，讓 Shopify 成為賣家的首選平台。

While much of our work in the quarter was under the radar, quietly improving Shopify for developers both inside and outside the company, we also achieved a record number of new merchant adds, brought some great new brands onto Shopify Plus and held a hugely successful partner conference a couple of weeks ago in San Francisco.

雖然本季我們的大部分工作都處於低調狀態，為公司內外的開發人員悄悄改進Shopify，但我們還實現了創紀錄的新商家添加數量，將一些優秀的新品牌引入Shopify Plus，並擁有非常成功的合作夥伴幾週前在舊金山舉行的會議。

Our sold out Unite conference for Shopify Partners brought together more than 1,000 app developers and web designers to talk shop, and to introduce all our new APIs and platform functionality they can now leverage to build new commerce experiences for our merchants.

我們為Shopify 合作夥伴舉辦的Unite 會議門票已售完，吸引了1,000 多名應用程式開發人員和網頁設計師進行討論，並介紹我們所有新的API 和平台功能，他們現在可以利用這些API 和平台功能為我們的商家建立新的商務體驗。

It was incredible to see the level of support and engagement from our partners and witness their commitment to helping us build a platform that flattens the learning curve for entrepreneurs.

看到我們的合作夥伴的支持和參與程度，並見證他們致力於幫助我們建立一個平坦的企業家學習曲線的平台，真是令人難以置信。

Together with our partners, we are combining our passion for entrepreneurship with our passion for technology, to make starting and growing a retail operation as easy as possible.

我們與合作夥伴一起，將對創業的熱情與對科技的熱情結合起來，使零售業務的創辦和發展變得盡可能簡單。

Notable announcements at Unite this year included our new Point-of-Sale Card Reader, Shopify Pay, and our new Wholesale Channel for Shopify Plus.

今年 Unite 上的值得注意的公告包括我們新的銷售點讀卡機、Shopify Pay 以及我們新的 Shopify Plus 批發管道。

Let me touch in each of those in turn.

讓我依次談談其中的每一個。

Our new EMV card reader will be available in June to U.S.-based merchants.

我們的新 EMV 讀卡機將於 6 月向美國商家發售。

This is our first hardware product designed by Shopify and branded with our logo.

這是我們的第一個由 Shopify 設計並帶有我們徽標的硬體產品。

We designed it as a freestanding reader, so it can easily be used anywhere and will be free to all merchants new to Shopify point-of-sale.

我們將其設計為獨立式閱讀器，因此可以在任何地方輕鬆使用，並且對所有剛接觸 Shopify 銷售點的商家免費。

This card reader further demonstrates our commitment to the point-of-sale channel.

這款讀卡機進一步體現了我們對銷售點管道的承諾。

Shopify Pay accelerates the checkout flow and provides another opportunity to help merchants reduce friction and increase conversion.

Shopify Pay 加快了結帳流程，並提供了另一個幫助商家減少摩擦並提高轉換率的機會。

Merchants can offer consumers the option of saving their payment and shipping information at checkout time.

商家可以為消費者提供在結帳時保存付款和運送資訊的選項。

Doing so speeds up the checkout process on not only that merchant's store but on any Shopify store that has Shopify Pay enabled.

這樣做不僅可以加快該商家商店的結帳流程，還可以加快任何啟用了 Shopify Pay 的 Shopify 商店的結帳流程。

It is worth noting that this will be the first time that the Shopify brand is actively presented to consumers, which we expect will improve name recognition and recall in our drive to inspire entrepreneurship.

值得注意的是，這將是 Shopify 品牌首次主動呈現給消費者，我們預期這將提高我們的知名度和記憶力，激發創業精神。

Finally, the Shopify Wholesale Channel addresses the longstanding need for merchants to seamlessly tap into their wholesale market.

最後，Shopify 批發通路滿足了商家無縫進入批發市場的長期需求。

With Shopify wholesale, we will help make wholesale business-to-business commerce just as simple, approachable and extensible as Shopify makes business-to-consumer commerce today.

透過 Shopify 批發，我們將幫助企業對企業批發商務變得簡單、平易近人且可擴展，就像今天 Shopify 打造企業對消費者商務一樣簡單、平易近人且可擴展。

Merchants can use the channel to present password-protected storefronts that grant their commercial buyers access to an array of bundled wholesale pricing options.

商家可以使用該管道展示受密碼保護的店面，從而使商業買家能夠存取一系列捆綁批發定價選項。

Other announcements at Unite, all of which are either live now or coming soon, include new channels, such as those created by BuzzFeed and Wish, new APIs that further expand our platform for developers, for orders, reporting, storefronts and marketing app extensibility; and software development kits, including the Shopify Buy SDKs for custom storefronts using iOS, Android, JavaScripts and now Unity, which delivers in-game transaction functionality for video games using the Unity game engine.

Unite 上的其他公告（所有這些公告均已上線或即將推出）包括新管道（例如BuzzFeed 和Wish 創建的管道）、新的API，這些API 進一步擴展了我們為開發人員提供的平台，包括訂單、報告、店面和行銷應用程式可擴展性；和軟體開發套件，包括使用 iOS、Android、JavaScript 和現在的 Unity 的用於自訂店面的 Shopify Buy SDK，它為使用 Unity 遊戲引擎的視訊遊戲提供遊戲內交易功能。

Our commitment to supporting our developers technologically is part of the reason our partner community continues to expand.

我們致力於在技術上支援開發人員，這是我們的合作夥伴社群不斷擴大的部分原因。

And with these announcements, there has never been more opportunity for our partners to develop on top of Shopify's platform.

隨著這些公告的發布，我們的合作夥伴獲得了前所未有的在 Shopify 平台上開發的機會。

More than 12,000 partners from over 110 countries have referred merchants to us in the past 12 months.

在過去 12 個月裡，來自 110 多個國家的 12,000 多家合作夥伴向我們推薦了商家。

The Shopify Plus partner community was also very well represented at Unite, including several partners who traditionally had worked exclusively on other platforms.

Shopify Plus 合作夥伴社群在 Unite 上也得到了很好的代表，其中包括一些傳統上只在其他平台上工作的合作夥伴。

They are looking to expand their knowledge and capabilities on Shopify for their high-growth and high-volume clients.

他們希望為高成長和大批量的客戶擴展 Shopify 的知識和能力。

Shopify Plus clients that have launched in the past few months include fashion brands like Fossil Group's Skagen watches; eyewear retailer, Ollie Quinn; event producer, Live Nation; Sears as New Canadian discount chain; health and beauty brands, like Borghese, Tyra Banks' cosmetic line called Tyra; and Miranda Kerr's KORA Organics.

過去幾個月推出的 Shopify Plus 用戶端包括 Fossil Group 的 Skagen 手錶等時尚品牌；眼鏡零售商 Ollie Quinn； Live Nation 活動製作人；西爾斯作為新的加拿大折扣連鎖店；健康和美容品牌，如 Borghese、Tyra Banks 的化妝品系列 Tyra；以及米蘭達可兒 (Miranda Kerr) 的 KORA Organics。

We also launched a variety of other sellers, such as Seismic Audio speakers, undies.com, and Splenda.

我們還推出了各種其他賣家，例如 Seismic Audio 揚聲器、undies.com 和 Splenda。

The percentage of our merchants using Shopify Shipping continues to grow as well, with nearly 1 in 4 merchants with orders originating in the U.S. now on board.

使用 Shopify Shipping 的商家比例也持續成長，近四分之一的訂單來自美國的商家現已使用 Shopify Shipping。

Canada's penetration rates are smaller, but also growing steadily.

加拿大的滲透率較小，但也穩定成長。

The adoption of cash advances by merchants eligible for Shopify Capital also continues to grow.

有資格獲得 Shopify Capital 的商家採用現金預付款的情況也持續成長。

Cash advances to merchants grew to $49 million by the end of the first quarter compared with $30 million in cumulative advances just 3 months ago.

截至第一季末，向商家預付的現金增至 4,900 萬美元，而三個月前累計預付現金為 3,000 萬美元。

It's also interesting to note that today, just 1-month later, that number stands at more than $60 million.

有趣的是，僅僅 1 個月後的今天，這個數字就超過了 6,000 萬美元。

We hit a major milestone in mid-March when our machine learning algorithms fully automated our offers to merchants for these advances.

我們在三月中旬達到了一個重要的里程碑，我們的機器學習演算法完全自動化了我們向商家提供的這些進步。

This means offers are now personalized based on individual merchant performance rather than the more general criteria that lumped merchants into groups.

這意味著現在的優惠是根據單一商家的表現進行個人化的，而不是根據將商家分組的更通用的標準。

This helps us better understand and mitigate risk as we expand our merchant pool.

這有助於我們在擴大商家池時更了解並降低風險。

It also means that because offers are personalized, with terms that are more individually appropriate, acceptance rates are likely to go higher.

這也意味著，由於報價是個人化的，條款更適合個人，接受率可能會更高。

All of these things that I just talked about, the new channels, APIs, SDKs, partners, Merchant Solutions, all of them exist to flatten the learning curve for merchants, our guiding principle, as we extend our leadership position as a platform of choice for developers, partners, and of course, for merchants.

我剛才談到的所有這些事情，新的管道、API、SDK、合作夥伴、商家解決方案，所有這些都是為了拉平商家的學習曲線，這是我們的指導原則，因為我們擴大了作為首選平台的領導地位對於開發商、合作夥伴，當然還有商家。

And with that, I will turn it over to Russ.

有了這個，我會把它交給拉斯。

Thanks, Harley.

謝謝，哈利。

Thanks, everyone.

感謝大家。

2017 is off to an excellent start, thanks to our focus, execution and the continued shift in retail towards multichannels.

由於我們的專注、執行力以及零售向多通路的持續轉變，2017 年有了一個良好的開端。

In Q1, we grew revenue 75% year-on-year to $127.4 million, as we saw continued strong growth in both Subscription Solutions and Merchant Solutions revenue.

第一季度，我們的營收年增 75%，達到 1.274 億美元，因為我們看到訂閱解決方案和商家解決方案收入持續強勁成長。

Subscription Solutions revenue grew 60% to $62.1 million, driven by growth of the monthly recurring revenue of 62% to $20.7 million.

在每月經常性收入成長 62% 至 2,070 萬美元的推動下，訂閱解決方案營收成長 60% 至 6,210 萬美元。

Shopify Plus accounted for $3.5 million or 17% of this MRR compared with 11% of MRR for Q1 of 2016.

Shopify Plus 貢獻了 350 萬美元，佔 MRR 的 17%，而 2016 年第一季佔 MRR 的 11%。

Merchant Solutions revenue grew 92% to $65.3 million, mainly driven by continued strong growth in gross merchandise volume and the expanded adoption of Shopify Payments, Shipping and Capital.

商家解決方案營收成長 92%，達到 6,530 萬美元，這主要是由於商品總量的持續強勁成長以及 Shopify Payments、Shipping 和 Capital 的廣泛採用。

This contributed to an increase in our Merchant Solutions take rate to 1.35% of GMV from 1.27% of GMV in Q1 of last year.

這使得我們的商家解決方案佔 GMV 的比例從去年第一季的 1.27% 提高到 1.35%。

GMV grew 81% to $4.8 billion, as we continue to attract merchants to the Shopify platform and make it easier than ever for merchants to capitalize on the shift to multichannel commerce to grow their sales.

GMV 成長了 81%，達到 48 億美元，因為我們繼續吸引商家使用 Shopify 平台，並使商家比以往任何時候都更容易利用向多通路商務的轉變來增加銷售額。

$1.8 billion of the GMV in the quarter or 38% was processed on Shopify Payments.

本季 GMV 的 18 億美元（即 38%）是透過 Shopify Payments 處理的。

This compares with $1 billion or 37% in Q1 of 2016.

相比之下，2016 年第一季的銷售額為 10 億美元，增幅為 37%。

Gross margin dollars, once again, grew faster than revenue in the quarter with operational and scale improvements in both Subscription Solutions and Merchant Solutions more than offsetting the higher weighting of Merchant Solutions as compared to Q1 of last year.

本季毛利率的成長再次快於營收的成長，訂閱解決方案和商家解決方案的營運和規模改進足以抵銷商家解決方案與去年第一季相比更高的權重。

Merchant Solutions also benefited from the impact of the higher-margin revenue streams from shipping and capital.

Merchant Solutions 也受惠於航運和資本利潤率較高的收入流的影響。

Our adjusted operating loss in Q1 was $4.3 million or 3% of revenue compared with $5.9 million or 8% of revenue in the first quarter of 2016.

我們第一季調整後的營運虧損為 430 萬美元，佔營收的 3%，而 2016 年第一季調整後的營運虧損為 590 萬美元，佔營收的 8%。

Our adjusted net loss for the quarter was $3.5 million or $0.04 per share compared with $5.1 million or $0.06 per share for the first quarter of 2016.

本季調整後淨虧損為 350 萬美元，即每股 0.04 美元，而 2016 年第一季調整後淨虧損為 510 萬美元，即每股 0.06 美元。

Finally, our cash, cash equivalents and marketable securities balance grew slightly from year-end to $395.7 million.

最後，我們的現金、現金等價物和有價證券餘額較年底略有成長，達到 3.957 億美元。

Harley talked about how we're reaping the benefits from our data in the growth and performance of Shopify Capital, but that is only the beginning.

Harley 談到了我們如何從 Shopify Capital 的成長和業績數據中獲益，但這只是開始。

In Q1, we added another $12 billion interactions with the Shopify platform, which together with the tens of billions we have amassed over the past 10-plus years, can help us guide merchants on key decisions, like pricing and channels, discounting, order fraud and shipping optimization.

第一季度，我們又增加了 120 億美元與 Shopify 平台的互動，再加上我們過去 10 多年積累的數百億美元，可以幫助我們指導商家做出關鍵決策，例如定價和管道、折扣、訂單欺詐和運輸優化。

These massive datasets also allow for behind-the-scenes improvements that translate to greater efficiencies and better conversion, from lead to customers for us and from browser to buyers for our merchants.

這些龐大的資料集還可以實現幕後改進，從而提高效率和更好的轉化，從潛在客戶到我們的客戶，從瀏覽器到我們商家的買家。

As we look to the rest of the year, we now expect 2017 revenue in the range of $615 million to $630 million and an adjusted operating loss in the range of $14 million to $18 million.

展望今年剩餘時間，我們目前預計 2017 年營收將在 6.15 億美元至 6.3 億美元之間，調整後的營運虧損將在 1,400 萬美元至 1,800 萬美元之間。

For the second quarter, we expect revenue in the range of $142 million to $144 million and adjusted operating loss in the range of $6 million to $8 million.

我們預計第二季營收將在 1.42 億美元至 1.44 億美元之間，調整後的營運虧損將在 600 萬美元至 800 萬美元之間。

Please note that Unite was held in Q1 last year, but in Q2 of this year -- and it was nearly twice as large.

請注意，Unite 於去年第一季舉行，但今年第二季舉行，規模幾乎是原來的兩倍。

We continue to expect stock-based compensation to amount to $55 million for the full year, with about $12 million of this in the second quarter.

我們仍預計全年股票薪酬將達到 5,500 萬美元，其中第二季約為 1,200 萬美元。

Q1 marked our eighth successful quarter as a public company.

第一季標誌著我們作為上市公司的第八個成功季度。

And in these past 2 years, retailers continued to shift in a very favorable way towards our business model and our strategic vision at the time of the IPO.

在過去的兩年裡，零售商繼續以非常有利的方式轉向我們的業務模式和 IPO 時的策略願景。

One of the most rewarding aspects of our relentless focus on inspiring entrepreneurship and small business growth has been the ballooning number of Shopify users in the general population.

我們堅持不懈地致力於激發創業精神和小型企業發展，最有價值的方面之一就是普通人群中 Shopify 用戶數量的不斷增加。

Merchant staff accounts on the Shopify platform are rapidly approaching the 1 million mark.

Shopify 平台上的商家員工帳號正快速接近 100 萬大關。

Having a growing role and the shift within retail, a role that disruptively creates economic value and employment simultaneously, gives us confidence in our aspiration to become the commerce platform for sellers.

在零售業中扮演越來越重要的角色和轉變，同時顛覆性地創造經濟價值和就業，讓我們對成為賣家的商務平台的願望充滿信心。

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

這樣，我會將其轉回給凱蒂以開始問答。

Thank you, Russ.

謝謝你，拉斯。

Chris, can we turn the call over to our participants for their questions, please.

克里斯，我們可以將電話轉給我們的參與者詢問他們的問題嗎？

(Operator Instructions) Your first question comes from Jesse Hulsing of Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Jesse Hulsing。

First question, probably for Harley, it look looked like Shopify Plus was up about 150% year-over-year on an MRR basis.

第一個問題，對於 Harley 來說，Shopify Plus 以 MRR 計算年增了約 150%。

First, can you give us a sense of, I guess, what you're seeing in that business to start the year, particularly when you look at migrations from Magento?

首先，我想您能否讓我們了解一下您在今年開始時對該業務的看法，特別是當您考慮從 Magento 進行的遷移時？

And second, how much of a contributor was price increases to that MRR growth?

其次，物價上漲對 MRR 成長的貢獻有多大？

Thanks for the questions.

感謝您的提問。

Harley here.

哈雷在這裡。

So in terms of sort of Q1 growth in Plus, specific to your Magento question, we did fairly -- we did do a campaign in Q4, which targeted Magento merchants, as you know, and as well as Magento Partners.

因此，就Plus 的第一季成長而言，具體到您的Magento 問題，我們做得相當不錯——我們在第四季度確實開展了一項活動，目標是Magento 商家（如您所知）以及Magento合作夥伴。

So we certainly are reaping some of those benefits in Q1, even though we didn't do another campaign in that quarter.

因此，我們肯定會在第一季獲得一些好處，儘管我們在該季度沒有進行其他活動。

There is, obviously, some more seasonality in terms of the cycles of sales that these larger companies look after.

顯然，這些大公司所關注的銷售週期有較多的季節性。

So unlike some of the small businesses that can make a decision fairly quickly, these larger brands and merchants do take some more time.

因此，與一些可以相當快地做出決定的小型企業不同，這些較大的品牌和商家確實需要更多的時間。

But generally, we're happy with where things are going with Plus.

但總的來說，我們對 Plus 的進展感到滿意。

In terms of the price change, that sort of rolled that way we expected.

就價格變化而言，這有點像我們預期的那樣。

So in that respect, it was good.

所以從這方面來說，這是好的。

And then, a quick follow-up for Russ.

然後，對 Russ 進行快速跟進。

It looks like gross payment volume, as a percentage of GMV, was down slightly quarter-over-quarter.

總支付量佔 GMV 的百分比似乎比去年同期略有下降。

Can you walk us through why that would be?

你能告訴我們為什麼會這樣嗎？

Yes.

是的。

2 reasons for that.

有2個原因。

I mean, we always get a little bit of fluctuation depending on sort of primarily Plus merchants, some of which do have Shopify Payments and some that don't.

我的意思是，我們總是會出現一些波動，這取決於主要是 Plus 商家的類型，其中一些確實有 Shopify Payments，有些則沒有。

In addition to that, I think, the larger factor is our GMV outside of our core payments market continues to grow.

除此之外，我認為更大的因素是我們在核心支付市場之外的 GMV 持續成長。

And so as that continues, you will see that penetration rate fluctuate slightly.

隨著這種情況的繼續，您會看到滲透率略有波動。

Your next question comes from Deepak Mathivanan of Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two questions for me.

有兩個問題問我。

So first one, can you talk a little bit about the merchant growth this quarter, perhaps more color on the Plus merchants, which is the SMB merchants?

首先，您能否談談本季的商家成長情況，或許更專注於 Plus 商戶，即 SMB 商家？

I guess the delta between GMV growth and the MRR growth was kind of declining.

我猜 GMV 成長和 MRR 成長之間的差異正在下降。

So wanted to understand the dynamics there.

所以想了解那裡的動態。

And then 2, on the B2B solution, is there any difference in the go-to-market strategy for that?

然後 2，在 B2B 解決方案上，其上市策略有什麼不同嗎？

Or should we think about it very similar to how we do it for Shopify Plus?

或者我們應該將其視為與 Shopify Plus 的做法非常相似？

Thanks, guys.

多謝你們。

Congrats on a good quarter.

恭喜季度表現良好。

Thanks, Deepak.

謝謝，迪帕克。

I will take the first part of that.

我將討論第一部分。

In terms of MRR, Q4 versus Q1 relatively flat versus Q1 of last year.

就 MRR 而言，第四季與第一季相比與去年第一季相對持平。

It was up again in the quarter.

本季再次上漲。

On the GMV, as you would expect, because of the fourth quarter holiday period, the GMV per merchant typically is lower in Q1 and then kind of builds throughout the year.

在 GMV 方面，正如您所期望的那樣，由於第四季度的假期，每個商家的 GMV 通常在第一季較低，然後全年都會增加。

I will take the wholesale question.

我將回答批發問題。

It's Harley here.

這裡是哈利。

So on the wholesale one, we've -- I mean, we've had merchants on our platform that do sell B2C that have asked us to have functionality sell B2B.

因此，在批發方面，我們——我的意思是，我們的平台上有銷售 B2C 的商家，他們要求我們提供銷售 B2B 的功能。

And so there's, obviously, some pent-up demand there.

因此，顯然存在一些被壓抑的需求。

But we feel with -- as the product of wholesale continues to roll out, we can go after merchants that are exclusively doing B2B, which is something previously we weren't really seeing too much of.

但我們覺得，隨著批發產品的不斷推出，我們可以追隨專門從事 B2B 業務的商家，而這是我們之前並沒有真正看到太多的。

Additionally, there are some partners that have approached us that exclusively work with B2B-type merchants, and with a new product like this, we feel like we can start going after those partners as well.

此外，還有一些專門與 B2B 類型商家合作的合作夥伴與我們接洽，有了這樣的新產品，我們覺得我們也可以開始追隨這些合作夥伴。

Your next question comes from Colin Sebastian of Robert Baird.

您的下一個問題來自 Robert Baird 的 Colin Sebastian。

A couple of question for me.

問我幾個問題。

First off, on gross margins as a follow-up, it was a nice step-up there, in particular on the Merchant Solutions segment.

首先，就毛利率而言，這是一個很好的進步，特別是在商家解決方案領域。

Russ, you cited the mix of shipping and capital as benefits, but I was curious if there were any changes in margin or pricing on the payment solutions side of that, that might have also contributed to growth?

拉斯，您提到運輸和資本的結合是好處，但我很好奇支付解決方案方面的利潤或定價是否有任何變化，這可能也有助於成長？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

We did see also improvements on the payments side.

我們確實也看到了支付方面的改善。

As we have seen in the past, our payments business outside of North America has higher margin.

正如我們過去所看到的，我們在北美以外的支付業務的利潤率更高。

So as that continues to grow, there's a positive element there.

因此，隨著這個數字的持續成長，就會出現正面的因素。

In addition to that, we're just seeing some good operational improvements on sort of the core payments business as we hit higher milestones in terms of our billing, as well as we've been able to take advantage of some operational improvements there.

除此之外，隨著我們在計費方面達到更高的里程碑，我們剛剛看到核心支付業務取得了一些良好的營運改進，並且我們已經能夠利用那裡的一些營運改進。

Okay.

好的。

And then secondly, as a follow-up on the question around payment volume, beyond the factors you mentioned, where do you see this mix moving long term as part of the overall GMV?

其次，作為支付量問題的後續，除了您提到的因素之外，您認為這種組合作為整體 GMV 的一部分將長期發展到什麼程度？

In terms of payment volume, it continues to grow.

從支付量來看，持續成長。

I mean, there's a number of things happening there as part of the new Plus pricing.

我的意思是，作為新的 Plus 定價的一部分，那裡發生了很多事情。

There is an incentive for merchants new to the platform to also adopt Shopify Payments.

對於剛接觸平台的商家來說，也有動力採用 Shopify Payments。

And in terms of Capital, we're now seeing merchants who want to access the Shopify Capital, which requires Shopify Payments, moving over to Payments as well.

在資本方面，我們現在看到想要取得 Shopify Capital 的商家（這需要 Shopify Payments）也轉向 Payments。

So I think all of those trends bode nicely for the future.

所以我認為所有這些趨勢都是未來的好兆頭。

Do you guys see any benefit from reduced churn from merchants that are using and adopting the Shopify Point-of-Sale system and perhaps some of the other services that -- related services you announced at Unite?

你們認為使用和採用 Shopify 銷售點系統以及您在 Unite 上宣布的相關服務的其他一些服務的商家減少客戶流失有什麼好處嗎？

Yes, typically, merchants that also use Shopify Payments and our Point-of-Sale are generally more established merchants, and anyone who has more sales channels typically does better, so that definitely helps.

是的，通常情況下，也使用 Shopify Payments 和我們的銷售點的商家通常都是較成熟的商家，擁有更多銷售管道的商家通常會做得更好，因此這肯定會有所幫助。

Your next question comes from the line of Richard Tse of National Bank Financial.

您的下一個問題來自國家銀行金融部的理查德·謝（Richard Tse）。

Russ, wonder if can maybe comment on what do you think the reasonable upside limit would be on the take rate here going forward here in the next few years?

Russ，想知道您是否可以評論一下您認為未來幾年這裡的採取率的合理上行限制是多少？

We think take rate will continue to move up modestly.

我們認為採用率將繼續小幅上升。

I mean, it's going to come with the success of the adoption of Payments as we move Payments to other geographies, which is part of the longer-term plan.

我的意思是，隨著我們將支付轉移到其他地區，這將隨著支付的成功採用而隨之而來，這是長期計劃的一部分。

That will help.

那會有幫助的。

And as Shipping and Capital continue to roll out, all of that will help on that take rate.

隨著航運和資本業務的不斷推出，所有這些都將有助於提高利用率。

But it's not going to be a drastic increase.

但不會出現大幅增加。

It will be sort of slow and steady improvement.

這將是一種緩慢而穩定的改進。

Your next question comes from Terry Tillman of Raymond James.

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的特里蒂爾曼 (Terry Tillman)。

Russ, the first question just relates to -- if we look at the updated guidance, $15 million to $50 million -- well, actually, if we look at the old range and the new range, it's actually a range of $15 million to $50 million in terms of the low-end to the upper-end in terms of what's changed here.

Russ，第一個問題只是涉及- 如果我們看看更新後的指導，1500 萬美元到5000 萬美元- 好吧，實際上，如果我們看看舊範圍和新範圍，它實際上是1500 萬美元到50 美元的範圍百萬美元的低端到高端的變化。

And I guess with the significant increase in the guidance, was it more on the Merchant Solutions and take rate and attach rate of those solutions or soon to be released Merchant Solutions?

我想隨著指導的顯著增加，更多的是關於商家解決方案以及這些解決方案的獲取率和附加率還是即將發布的商家解決方案？

Or is it more on the software side?

或更多的是軟體方面？

Just some more help on this big increase to the guide.

只是對指南的大幅增加提供了更多幫助。

Yes.

是的。

So Q1, as we pointed out in the press release, was a record quarter of new merchant additions.

因此，正如我們在新聞稿中指出的那樣，第一季新增商家數量創歷史新高。

And just based on that momentum and the traction we see both from a market point of view and a competitive point of view, we expect to see growth.

正是基於我們從市場角度和競爭角度看到的這種勢頭和吸引力，我們預計會看到成長。

Obviously, the more merchants we have, the more volume they do.

顯然，我們的商家越多，他們的交易量就越大。

And that's where the sort of the strength of our business model really comes into play, that we benefit on that side as well.

這就是我們商業模式的優勢真正發揮作用的地方，我們也從這方面受益。

So we see good growth as we increase that guidance on both fronts.

因此，當我們增加這兩個方面的指導時，我們會看到良好的成長。

Your next question comes from Michael Nemeroff of Credit Suisse.

您的下一個問題來自瑞士信貸銀行的邁克爾·內梅羅夫。

Congrats on a very nice quarter and thanks for taking my question.

恭喜您度過了一個非常美好的季度，並感謝您提出我的問題。

It was actually around Plus.

它實際上是在Plus周圍。

Your business kind of reminds me of salesforce.com when it was around your size as it started initially as an SMB-focused product and then they really quickly turned their business towards a large enterprise like you are doing with Plus.

你們的業務有點讓我想起salesforce.com，當時它的規模與你們差不多，因為它最初是一個專注於中小企業的產品，然後他們很快就把業務轉向了大型企業，就像你們在Plus 上所做的那樣。

So my questions are on Plus.

所以我的問題是在 Plus 上。

How many existing sellers moved up to Plus in the quarter?

本季有多少現有賣家升級至 Plus？

And now that it seems Plus is close to or above 10% of total revenue, could you tell us what the average GMV is for a Plus merchant?

現在看來 Plus 已接近或超過總收入的 10%，您能否告訴我們 Plus 商家的平均 GMV 是多少？

And also, maybe give us some insight into how you plan to further monetize that Plus customer base over time aside from the higher subscription fees?

另外，也許可以讓我們了解一下，除了更高的訂閱費用之外，隨著時間的推移，您計劃如何進一步透過 Plus 客戶群獲利？

Michael, it's Harley.

邁克爾，這是哈利。

So we've mentioned this before, but looking at the average GMV for Plus actually isn't really helpful.

我們之前已經提到過這一點，但看看 Plus 的平均 GMV 實際上並沒有多大幫助。

What may be more helpful is the fact that more than 50% of the GMV on the platform come from both the advance plan as well as the Plus plan.

可能更有幫助的是，平台上超過 50% 的 GMV 來自 Advance 計劃和 Plus 計劃。

That should give you sort of a sense of GMV there.

這應該會給你一種 GMV 的感覺。

In terms of -- as we sort of said when we first introduced Plus a couple of years ago, we really wanted to provide a place that merchants can grow up on Shopify and never have to leave the platform, and obviously, we continue to see upgrades there.

正如我們幾年前首次推出 Plus 時所說，我們確實希望為商家提供一個可以在 Shopify 上成長的地方，而不必離開該平台，顯然，我們繼續看到那裡升級。

That being said, in Q1, it was weighted towards net new merchants on the platform, which we're quite excited about, because it introduces established brands to Shopify, but we will continue to see upgrades going forward, but there will certainly be a focus on net new.

話雖這麼說，在第一季度，它的重點是平台上的淨新商家，我們對此感到非常興奮，因為它向Shopify 引入了知名品牌，但我們將繼續看到未來的升級，但肯定會有專注於淨新。

The other thing to note is that we no longer provide preferential pricing on upgrades.

另一個要注意的是，我們不再提供升級優惠價格。

That's the same as is coming net new.

這與即將推出的全新產品相同。

And so I think you will see that mix to weight on the side of net new merchants going forward.

因此，我認為您會看到這種組合對未來的淨新商家有利。

Your next question comes from Darren Aftahi of Roth.

您的下一個問題來自 Roth 的 Darren Aftahi。

Just to follow up on the last question and I want to add my congratulations as well.

只是為了跟進最後一個問題，我也想表達我的祝賀。

On Plus, what was kind of the mix, roughly speaking, in percentages of net new adds between sort of organic homegrown versus newly acquired?

在 Plus 上，粗略地說，有機本土生產與新收購的淨新增百分比之間的混合情況如何？

And then, can you give the composition on a percentage basis on what the merchant growth was in Shipping?

然後，您能否給出航運業商家成長百分比的組成？

I think you had said a quarter domestically, but what was the comparable number year-on-year?

我想你說的是國內四分之一，但同比的可比較數字是多少？

It's Harley.

是哈雷。

I'll take that first question.

我來回答第一個問題。

So as I mentioned in the last question, it was weighted on the side of net new for the first quarter rather than upgrades.

正如我在上一個問題中提到的，它的權重是第一季的淨新增而不是升級。

So again, that's partially because there is no preferential pricing on upgrades, but also because Plus has been around now for a couple of years and so the obvious merchants on our platform that should upgrade to Plus, many have already done that before.

再說一次，這部分是因為升級沒有優惠價格，但也因為 Plus 已經存在幾年了，所以我們平台上明顯應該升級到 Plus 的商家，許多人之前已經這樣做了。

And I'll pass it over to Russ on the Shipping question.

我會將運輸問題轉交給 Russ。

Thanks, Darren.

謝謝，達倫。

Yes, on the Shipping side, as Harley mentioned, about a quarter of the U.S. merchants shipping product used Shopify Shipping in the quarter.

是的，在運輸方面，正如 Harley 所提到的，本季約有四分之一的美國商家運送產品使用 Shopify Shipping。

That was a couple of percentage points up from the previous quarter.

這比上一季上升了幾個百分點。

Your next question comes from Monika Garg of Pacific Crest Securities.

您的下一個問題來自 Pacific Crest Securities 的 Monika Garg。

Your Merchant Solutions revenue is more than 50% of total revenue, but at least 85% to 90% currently is coming from Payments.

您的商家解決方案收入佔總收入的 50% 以上，但目前至少 85% 到 90% 來自支付。

And you are paying close to 75% of that revenue to Stripe.

您將接近 75% 的收入支付給 Stripe。

So question is, given that there are other back-end gateway providers also, could you, first of all, either negotiate a better rate, especially since this business is ramping very fast?

所以問題是，考慮到還有其他後端網關供應商，您能否先協商一個更好的費率，特別是因為這項業務成長非常快？

Or maybe at some time, would you like to do back-end yourselves?

或者也許在某個時候，您想自己做後端？

So I'll take the first part, and then since Tobi is here, I'll give him for the product side of it.

所以我將討論第一部分，然後由於 Tobi 在這裡，我將向他提供產品方面的內容。

So in terms of that first part, I mean, because we are the merchant acquirer, we have complete flexibly on who we use for the processing side.

因此，就第一部分而言，我的意思是，因為我們是商家收單方，所以我們可以靈活地選擇在處理方面使用誰。

In our current agreement, it's based on cumulative volume.

在我們目前的協定中，它是基於累計數量的。

So we already get a huge benefit as that volume increases, that again, we see falling to that both gross margin dollars and gross margin percentage side of it.

因此，隨著銷量的增加，我們已經獲得了巨大的好處，我們再次看到毛利率和毛利率百分比都下降了。

So again, we have that flexibility, but to do something like that wouldn't result in a significant improvement in the cost structure.

再說一次，我們有這種彈性，但做類似的事情不會導致成本結構的顯著改善。

I mean, the largest piece on the payment side is the interchange.

我的意思是，支付方面最大的一塊是交換。

And so it's the -- if we could find a way to reduce the sort of charges from VISA and AMEX, that would have the bigger impact for us.

因此，如果我們能找到一種方法來減少 VISA 和 AMEX 的費用，那將對我們產生更大的影響。

And I'll turn it over to Tobi.

我會把它交給托比。

So yes, Shopify supports more than 80 different payment gateways, which we all can use; Shopify Payments is one of them.

所以，是的，Shopify 支援 80 多種不同的支付網關，我們都可以使用； Shopify Payments 就是其中之一。

So on a purely transactional basis -- like it's very easy for us to go and use a different provider.

因此，在純粹的交易基礎上——就像我們很容易去使用不同的提供者一樣。

But more importantly, like the partnership between Stripe and Shopify, it's very, very deep.

但更重要的是，就像 Stripe 和 Shopify 之間的合作關係一樣，這種合作關係非常非常深厚。

We are culturally very similar companies, we are equally ambitious.

我們是文化上非常相似的公司，我們同樣雄心勃勃。

And we sort of work with an assumption that Shopify is going to be the company, which is going to figure out this space of how -- getting more entrepreneurs on the Internet, how to make software that scales throughout the market [at or its sizes], where Stripe is taking the entire complexity of moving money around and starting within a very future safe way.

我們的工作假設是 Shopify 將成為一家公司，該公司將弄清楚如何在互聯網上吸引更多的企業家，如何製作可在整個市場（以其規模或其規模）擴展的軟體]，Stripe 正在承擔轉移資金的全部複雜性，並以未來安全的方式開始。

Right now with credit cards, maybe this is going to evolve over in the future.

現在有了信用卡，也許這會在未來發生變化。

This is a really good demarcation point for us, because while we could go and build a payment gateway, it's -- this would be a mass opportunity cost invest, and I don't think -- I mean, I think the best we can do is build something as good as what Stripe is doing.

這對我們來說是一個非常好的分界點，因為雖然我們可以去建立一個支付網關，但這將是一項大規模的機會成本投資，我不認為，我的意思是，我認為我們能做到最好要做的就是建立像 Stripe 所做的一樣好的東西。

So I think this is one of those partnerships that is just fairly rare in technology, but it's deep -- we compare road maps with each other and so on and -- that I think that's one of those things that's worth celebrating.

所以我認為這是技術領域相當罕見的合作夥伴關係之一，但它是深刻的——我們相互比較路線圖等等——我認為這是值得慶祝的事情之一。

Got it.

知道了。

This is a follow-up.

這是後續行動。

On Shopify Capital as that keeps ramping, would you be looking to sign partnership with other financial institutions to extend credit?

隨著 Shopify Capital 的不斷增加，您是否會考慮與其他金融機構簽署合作夥伴關係以提供信貸？

Yes, at the current level that we are at, it's still well within our capacity of funding it from our balance sheet, but we continue to look at other options there, because it is growing at a pretty strong pace.

是的，按照我們目前的水平，它仍然完全在我們從資產負債表中為其提供資金的能力之內，但我們繼續考慮其他選擇，因為它正在以相當強勁的速度增長。

We've already done more advances this year than all of last year, so definitely, something we're thinking about.

今年我們已經取得了比去年全年更多的進展，所以肯定是我們正在考慮的事情。

Your next question is from Gus Papageorgiou of Macquarie.

您的下一個問題來自麥格理的 Gus Papageorgiou。

So just on Capital -- so just based on what you said, in the month of April then you extended $11 million worth of loans, is that correct?

那麼就資本而言——根據您所說的，在 4 月份您發放了價值 1100 萬美元的貸款，對嗎？

That's correct.

這是正確的。

Okay.

好的。

And what kind of payment period are you seeing?

您看到的付款期限是怎樣的？

Like, how quickly are these loans being paid back?

例如，這些貸款的償還速度有多快？

Typically, I mean, because it's an advance, you don't think about it as terms of periods or time, But typically, what we see is the full remittance happens in sort of a 7- to 9-month period.

我的意思是，通常情況下，因為這是預付款，所以您不會將其視為期限或時間，但通常情況下，我們看到的是全額匯款會在7 到9 個月的時間內發生。

The other thing that I should mention on the Capital side of it is, we now have more and more merchants on sort of second, third and fourth advances, and so it's really becoming an important piece of them growing their business.

我應該在資本方面提到的另一件事是，我們現在有越來越多的商人進行第二、第三和第四次預付款，因此它確實成為他們發展業務的重要組成部分。

Okay.

好的。

And then just if -- I mean, if you look at your subscriber -- or your Merchant Solutions gross margins, they're at kind of multiquarter highs.

然後，如果——我的意思是，如果你看看你的訂戶——或者你的商家解決方案的毛利率，它們就處於多個季度的高點。

If you could characterize the improvement between Payments, Capital, Shipping, which of the 3 had the biggest influence?

如果您可以描述支付、資本、運輸之間的改進，這三者中哪一個影響最大？

All of the 3 had it.

3個人都有了。

I would say that Shipping and Capital were relatively equal in terms of their contribution, but even Payments, we saw a good improvement there as well.

我想說，運輸和資本的貢獻相對平等，但即使是支付，我們也看到了很好的改善。

Okay.

好的。

And a final question just on customer additions.

最後一個問題是關於客戶添加的。

So you didn't give a number, but you said you had a record quarter, so is it fair to assume that Q1 of this year, you added more customers than Q4 of last year?

所以你沒有給出具體數字，但你說你的季度創紀錄了，所以可以公平地假設今年第一季你比去年第四季增加了更多客戶嗎？

Yes.

是的。

That is correct.

那是對的。

Your next question is from Ken Wong of Citigroup.

您的下一個問題來自花旗集團的 Ken Wong。

You next question comes from Tom Forte of Maxim Group.

您的下一個問題來自 Maxim Group 的 Tom Forte。

I wanted to talk about your sales force for Shopify Plus.

我想談談你們的 Shopify Plus 銷售團隊。

What's the current size of the sales force?

目前銷售團隊的規模是多少？

How has the turnover been to date?

迄今為止營業額如何？

And what are your future growth plans as far as rate of growth for that sales force?

就該銷售團隊的成長率而言，您未來的成長計畫是什麼？

It's Harley, I'll take that question.

我是哈利，我來回答這個問題。

So in terms of the sales reps, we call sales hackers, that team continues to grow.

因此，就銷售代表而言，我們稱之為銷售駭客，團隊不斷壯大。

Our account of sales hackers is slightly higher than where we were in 2000 -- excuse me, Q4 of last year.

我們的銷售駭客數量略高於 2000 年——對不起，去年第四季。

But it's not -- keep in mind that our sales force is not just our sales hackers, we also have a massive network of partners that continues to grow and we are bringing partners on from different -- from other platforms that traditionally didn't work with us, who are now starting to work with us on the Plus side of things.

但事實並非如此——請記住，我們的銷售隊伍不僅僅是我們的銷售黑客，我們還有一個持續增長的龐大合作夥伴網絡，我們正在從不同的傳統平台上引入合作夥伴與我們合作，他們現在開始與我們一起在積極的方面進行合作。

So generally, things are growing well and as expected, and we're quite happy with where that's at.

總的來說，事情發展得很好，符合預期，我們對目前的情況感到非常滿意。

Your next question is from Nikhil Thadani of Mackie Research Capital.

您的下一個問題來自 Mackie Research Capital 的 Nikhil Thadani。

Two quick questions from me.

我問了兩個簡單的問題。

Russ, I just wanted to go back to the gross margin from Merchant Solutions for a bit here.

Russ，我只是想稍微回顧一下 Merchant Solutions 的毛利率。

Is it fair to sort of think about that gross margin in the low- to mid-30% range going forward?

考慮未來 30% 的中低毛利率是否公平？

Or did Q1 have any sort of special seasonal onetimes?

或者 Q1 有什麼特殊的季節性嗎？

No seasonal onetime.

沒有季節性的一次性。

We expect Merchant Solutions to continue to improve throughout the year.

我們預計商家解決方案將全年持續改善。

In terms of the overall merchants, as we've seen in the past and as we expect again this year, the weighting will move towards Merchant Solutions as you progress through the year.

就整體商家而言，正如我們過去所看到的以及我們今年再次預期的那樣，隨著今年的進展，權重將轉向商家解決方案。

And so the overall percentage will come down.

因此總體百分比將會下降。

But Merchant Solutions, we continue to see improvement there and expect that on a go-forward basis.

但對於 Merchant Solutions，我們繼續看到那裡的改進，並期望在未來的基礎上取得進步。

We also saw a good bump in Subscription Solutions.

我們也看到訂閱解決方案有了很大的進步。

Typically, what we see on that side is the infrastructure that we put in place for kind of that Black Friday, Cyber Monday, Q4 holiday period, results in that merchant coming down in the second half of the year.

通常，我們在這方面看到的是我們為黑色星期五、網路星期一、第四季假期期間建立的基礎設施，導致該商家在下半年倒閉。

So we saw some operational improvements that helped in Q1, plus the infrastructure that we needed for Q4 was sufficient for the Q1 volume.

因此，我們看到了一些對第一季有所幫助的營運改進，而且我們第四季度所需的基礎設施足以滿足第一季的銷售。

So -- just so you have that color as well.

所以——只是讓你也有那種顏色。

Super great.

超級棒。

And just one last one before I pass the line here.

在我通過這裡之前，還有最後一件事。

What was the biggest sort of takeaway from Shopify Unite that you kind of walked away from in terms of the product road map?

在產品路線圖方面，您從 Shopify Unite 獲得的最大收穫是什麼？

I know you can't get too much into the details of your future road map, but just in terms of big themes, was there something overarching that you kind of left San Francisco with?

我知道你不能過多地談論未來路線圖的細節，但就大主題而言，你離開舊金山時是否有一些總體目標？

Yes.

是的。

I'm not -- it's probably not the time to talk about what we walked out from this one, but maybe it's worth just talking about -- this only has been the second Unite.

我不是——現在可能不是談論我們從這次中走出了什麼的時候，但也許值得談論一下——這只是第二次團結。

We've -- the one we did last year was our first actual sort of event with our community of partners instead of just phones and phone calls and these kind of things.

我們去年所做的活動是我們與合作夥伴社群舉行的第一次真正的活動，而不僅僅是電話和電話之類的事情。

So initially, this was planned to be just sort of a series of product announcements by us that we just sort of share what we've been working on.

所以最初，這只是我們計劃發布的一系列產品公告，我們只是分享我們一直在做的事情。

But it actually had really a profound effect on the company, on Shopify.

但它實際上對 Shopify 公司產生了深遠的影響。

We walked away from the conference, we flew back to Canada and really did change our road map significantly.

我們離開會議，飛回加拿大，確實顯著改變了我們的路線圖。

And the things that we came back with this year were significantly influenced by all the stories we heard and all the feedback we've gotten, and it was very, very honest.

我們今年回來的事情受到我們聽到的所有故事和我們收到的所有反饋的顯著影響，而且非常非常誠實。

The partners really did tell us a lot about their own stories, but also some things we needed to hear about the particular quality of something that maybe only they see because they have a certain group of customers and so on.

合作夥伴確實告訴了我們很多關於他們自己的故事，但也有一些我們需要聽到的關於某些東西的特殊品質的事情，這些東西可能只有他們才能看到，因為他們擁有特定的客戶群等等。

So Unite is actually -- it's interesting, because these events, you go in for a particular reason, but usually you learn so much more about the business, because everyone is currently engaged in figuring out how to build the correct software service market, because again, like I said in previous calls, I still think Shopify is now getting, for the first time, close to something like a product market fit in all markets and the previous sort of solutions in this market sort of all had missed the mark before.

因此，Unite 實際上- 很有趣，因為這些活動，你參加這些活動都有特定的原因，但通常你會學到更多有關業務的知識，因為每個人目前都在致力於弄清楚如何建立正確的軟體服務市場，因為再次，就像我在之前的電話會議中所說的那樣，我仍然認為Shopify 現在第一次接近適合所有市場的產品市場，而該市場中以前的解決方案都沒有達到目標。

So we were very encouraged with the reactions to just us going a little bit more into hardware where we've seen some of those problems, like this was sort of a theme we heard the year before.

因此，我們對硬體的反應感到非常鼓舞，我們已經看到了其中一些問題，就像我們前一年聽到的主題一樣。

Yes, we had card readers, but if you actually watched a merchant sell a product, a card reader that's connected to a headphone jack and trying to align the card and spend like couple of minutes trying to get everything right, you realize that someone actually needs to build hardware that makes these things easy.

是的，我們有讀卡器，但如果你真的看到商家銷售一種產品，一個連接到耳機插孔的讀卡器，並嘗試對齊卡並花費幾分鐘嘗試讓一切正確，你就會意識到有人實際上需要建立使這些事情變得簡單的硬體。

Shopify Payments like all these things are based on the feedback we've gotten.

就像所有這些一樣，Shopify Payments 都是基於我們收到的回饋。

And I think this is the cycle we are now on.

我認為這就是我們現在所處的周期。

Your next question is from Ross MacMillan of RBC Capital Markets.

您的下一個問題來自 RBC 資本市場的 Ross MacMillan。

Two questions, if I could.

如果可以的話，有兩個問題。

Thank you for the disclosure on the Plus merchant MRR.

感謝您對 Plus 商家 MRR 的揭露。

Russ, as you go forward, when we think about the new pricing model for Plus, how are you going to present that in the P&L?

Russ，隨著您的前進，當我們考慮 Plus 的新定價模式時，您將如何在損益表中呈現它？

So where will the GMV-based pricing fall?

那麼基於GMV的定價會下降到哪裡呢？

And where will the transaction, the 15 basis point transaction fee fall?

而交易，15個基點的交易費會跌到哪裡？

So in terms of the fee for merchants that are not using Shopify Payments that will roll up to Merchant Solutions.

因此，對於不使用 Shopify Payments 的商家來說，費用將匯總到商家解決方案中。

In terms of the price to use the platform itself, the 25 basis points with the minimum of 2,000 and the maximum of 40,000, we haven't completely decided on that yet.

至於使用平臺本身的價格，25個基點，最低2000，最高40000，我們還沒有完全決定。

As a minimum, the 2,000 will hit Subscription Solutions.

至少 2,000 個將使用訂閱解決方案。

The variable piece on top of that, up to 40,000, may also be in Subscription Solutions or may hit Merchant Solutions.

除此之外，最多 40,000 個的可變部分也可能位於訂閱解決方案中，也可能出現在商家解決方案中。

We haven't completely determined that yet.

我們還沒有完全確定這一點。

Okay.

好的。

That's helpful.

這很有幫助。

And 1 follow-up.

以及 1 個後續行動。

We looked at your filing and we see that your SEM, your Internet spend, your SEM/SEO has been tracking at about 60% of the annual increase in sales and marketing spend.

我們查看了您的備案文件，發現您的 SEM、您的網路支出、您的 SEM/SEO 一直追蹤銷售和行銷支出年度成長的 60% 左右。

This quarter, it seemed that the growth was a little bit more skewed to the increases due to non-SEM/SEO.

本季度，由於非 SEM/SEO，成長似乎更加傾斜。

Just curious as how we should think about that Internet spend as a percentage of sales and marketing growth going forward.

只是好奇我們應該如何考慮網路支出佔未來銷售和行銷成長的百分比。

And would you expect it to decline within the mix or stay at around that consistent level?

您預計它會在混合中下降還是保持在一致水平附近？

It's something that we look at on a quarterly basis.

這是我們每季都會關注的事情。

In Q1, in terms of our spend on sort of Google AdWords versus Facebook, we saw some really stellar results on the Google AdWords.

在第一季度，就我們在 Google AdWords 與 Facebook 上的支出而言，我們在 Google AdWords 上看到了一些非常出色的結果。

And so allocated more of the paid spend, and in fact, increased the amount overall just to capture that.

因此分配了更多的付費支出，事實上，增加了總體金額只是為了抓住這一點。

So it's something that we really look at on a sort of weekly, daily basis before making that decision.

因此，在做出決定之前，我們每週、每天都會認真審視這個問題。

But overall, we don't see any sort of fundamental changes there.

但總的來說，我們沒有看到任何根本性的改變。

Thanks so much.

非常感謝。

Congrats.

恭喜。

Your next question is from James Cakmak of Monness, Crespi, Hardt.

您的下一個問題來自 Monness、Crespi、Hardt 的 James Cakmak。

Harley, you talked about building the brands in the eyes of the consumers.

哈雷，您談到了在消費者眼中打造品牌。

Historically, you've been the back engine for all of these businesses on the payment side.

從歷史上看，您一直是支付方面所有這些業務的後台引擎。

Can you just talk about how you see the brand evolving for consumers and the benefits of that as we look down the road?

您能否談談您如何看待該品牌為消費者而發展以及我們展望未來的好處？

This is Tobi.

這是托比。

I'm going to take this.

我要接受這個。

So like -- strong opinions [weekly] had, this is really important thing for anyone who is trying to make it through the startup period.

因此，就像[每週]提出的強烈意見一樣，這對於任何試圖度過創業期的人來說都是非常重要的事情。

So one of the most strong opinions that Shopify had is that we are not in this to make ourselves look good.

因此，Shopify 最強烈的觀點之一是，我們這樣做並不是為了讓自己看起來很好。

We are in this to make other people look good, specifically the merchants and the partners.

我們這樣做是為了讓其他人，特別是商家和合作夥伴看起來更好。

We try to give them a fantastic product, which they can use to -- so that their buyers and their customers can be delighted by the experience of -- the interaction they have.

我們試圖為他們提供一款出色的產品，讓他們可以使用該產品，以便他們的買家和客戶能夠因他們的互動體驗而感到高興。

And we are just going to be providers and the people who are sort of helping along with us.

我們只是成為提供者和與我們一起提供幫助的人。

So this is one of the reasons why -- for example, we didn't even have a conference.

這就是原因之一——例如，我們甚至沒有召開會議。

We really just -- we were very happy being up here in Canada, though, that's hidden and have our software hidden or granted (inaudible).

我們真的只是 - 我們很高興來到加拿大，不過，這是隱藏的，並且我們的軟體被隱藏或授予（聽不清楚）。

So what -- we do revisit these decisions.

那又怎樣——我們確實會重新審視這些決定。

And this one, we only reluctantly changed, but it's one of those kind of pieces of feedback coming from our partners at Unite, who said, "That's good, but you guys are trying to do all this and not plaster (inaudible) Shopify across everything.

而這一點，我們只是不情願地改變了，但這是來自我們Unite 合作夥伴的反饋之一，他們說：「這很好，但你們正在努力做這一切，而不是在Shopify 上抹灰（聽不清楚）一切。

But you know what, you guys are a brand and you need to realize that there's value of that." So this sort of encouraged us to do Shopify Pay, because we are -- again, we are trying to play the long game here.

但你知道嗎，你們是一個品牌，你需要意識到它的價值。

Like the thing that we are really trying to accomplish -- I'm just going to spend a second talking about Shopify Pay.

就像我們真正想要完成的事情一樣 - 我將花一點時間談論 Shopify Pay。

The thing that we are really trying to do here is the work concept of someone, like finding a new store, finding product they love, adding it to a shopping cart and then spending 5 minutes with their thumbs entering address is ridiculous, right?

我們在這裡真正想做的是某人的工作理念，例如尋找新商店，找到他們喜歡的產品，將其添加到購物車，然後花 5 分鐘用拇指輸入地址，這很荒謬，對嗎？

And -- so we are trying to make this go away.

而且——所以我們正在努力消除這種情況。

No one should fill out a checkout ever again, ideally.

理想情況下，任何人都不應該再次填寫結帳單。

So first step was, let's go to the platform owners, Apple's Apple Pay, Android Pay, these kind of things, get something to Chrome.

所以第一步是，讓我們去找平台所有者，蘋果的 Apple Pay、Android Pay 等，為 Chrome 獲取一些東西。

Just let's get to all the people who actually own a software through which people consume the Internet and get transactions built into this.

讓我們來看看所有真正擁有軟體的人，人們透過該軟體消費網路並進行內建交易。

We are part of [W3C], we get this done.

我們是 [W3C] 的一部分，我們完成這件事。

However, we are just -- it's too slow.

然而，我們只是——太慢了。

We've now accomplished these goals, and we realize it's still going to take a couple of years and where people have to thumb in their addresses.

我們現在已經實現了這些目標，我們意識到這仍然需要幾年的時間，而且人們必須輸入他們的地址。

So we realized, okay, that's over 400,000 stores now.

所以我們意識到，現在已經有超過 40 萬家商店。

That's the significant percentage of the online stores that people shop on.

這是人們購物的線上商店的很大一部分。

We can actually say, "Hey, Shopify Pay is also a thing.

我們實際上可以說，「嘿，Shopify Pay 也是一件事。

We can get you through the checkout really, really fast.

我們可以非常非常快速地幫助您完成結帳。

And that's going to be a really, really good solution until we get this properly done by moving off credit cards into secure elements on the devices and really upgrade the way the Internet moves money around.

這將是一個非常非常好的解決方案，直到我們透過將信用卡轉移到裝置上的安全元件中並真正升級網路轉移資金的方式來正確完成此任務。

So this is sort of our thinking, and the first time we come sort of say, "Hey, this is us powering this, and therefore, it's our foray into being a brand even to the people who buy on Shopify stores.

所以這就是我們的想法，我們第一次來的時候會說，「嘿，這是我們在推動這個，因此，這是我們嘗試成為一個品牌，甚至對在 Shopify 商店購買的人來說也是如此。

Your next question is from Jonathan Kees of Summit Redstone.

您的下一個問題來自 Summit Redstone 的 Jonathan Kees。

I want to add my congrats to the quarter, too.

我也想對這個季度表示祝賀。

I just wanted to see if we can get a little color here on a couple of your marquee names.

我只是想看看我們能否為你們的幾個大名鼎鼎的名字加點色彩。

For example, Amazon, they, at one point, had their own solution, and then they chose you as a partner and now they're -- you are one of their premier partners in terms of what they do, and you added Amazon Marketplace back in December.

例如，亞馬遜，他們曾經有自己的解決方案，然後他們選擇您作為合作夥伴，現在他們 - 就他們的工作而言，您是他們的首要合作夥伴之一，並且您添加了亞馬遜市場回到十二月。

Just curious how has that been trending?

只是好奇這趨勢如何？

How much of -- if you could even talk in terms of the contribution there.

如果你甚至可以談論那裡的貢獻的話，有多少。

And also, with Facebook, in terms of the channel there.

此外，還有 Facebook 的管道。

It's Harley, I'll take the question.

我是哈利，我來回答這個問題。

So whether it's Amazon or it's Facebook or it's any of the other channels, the concept is that we want our merchants to sell wherever their customers are hanging out.

因此，無論是亞馬遜、Facebook 或任何其他管道，我們的理念是，我們希望我們的商家在客戶閒逛的任何地方進行銷售。

And some of those customers are hanging out on marketplaces like Amazon and others are hanging out in social media platforms, like Facebook.

其中一些客戶在亞馬遜等市場閒逛，其他客戶則在 Facebook 等社群媒體平台上閒逛。

And so enabling our merchants to have a wide variety of options to find new customers online is something really important to us.

因此，讓我們的商家能夠有多種選擇在線上尋找新客戶對我們來說非常重要。

To your question on Amazon, there was a couple different pieces to the Amazon partnership.

對於你關於亞馬遜的問題，亞馬遜的合作關係有幾個不同的部分。

One was the fact that they were shutting down their webstore product, and we became their migration partner for that.

一是他們正在關閉他們的網上商店產品，我們因此成為他們的遷移合作夥伴。

But there also were some other benefits to it like enabling checkout by Amazon, [filming] by Amazon, which allow our merchants to use those products.

但它還有其他一些好處，例如允許亞馬遜結帳、亞馬遜[拍攝]，這允許我們的商家使用這些產品。

And obviously, the most recent one is allowing our merchants and enabling them to cross-sell on Amazon's Marketplace where there are hundreds of millions of people looking for products.

顯然，最近的一項是允許我們的商家並使他們能夠在亞馬遜市場上進行交叉銷售，那裡有數億人在尋找產品。

So in general, whether it's any channel in particular, the whole concept is to make our merchants more successful and allow them to sell more.

所以總的來說，無論是哪個管道，整個概念都是讓我們的商家更成功，讓他們賣更多。

And that's why you are seeing more and more of these announcements around new channels.

這就是為什麼您會在新頻道上看到越來越多的此類公告。

Your next question is from Richard Davis of Canaccord.

您的下一個問題來自 Canaccord 的理查德戴維斯。

Do you see yourself over time, as Mike Nemeroff kind of touched on, moving up market into higher-end firms, like the old Demandware, which is Salesforce now?

正如 Mike Nemeroff 所提到的，您是否認為隨著時間的推移，您將進入高端市場，進入高端公司，就像舊的 Demandware，現在是 Salesforce？

And if that's the playbook going forward, kind of, when you think about this more broadly, what changes in your go-to-market strategy and/or technology platform would you need to accomplish this?

如果這就是未來的劇本，當你更廣泛地思考這個問題時，你需要對你的市場策略和/或技術平台做出哪些改變才能實現這一目標？

(technical difficulty) how do you think about that if that's a direction you're going?

（技術難度）如果這是您的發展方向，您對此有何看法？

Yes.

是的。

So I don't want to kind of specifically say this is not our playbook.

所以我不想明確地說這不是我們的劇本。

And this is actually fairly easy to prove, because that's the easy playbook.

這實際上很容易證明，因為這是一個簡單的劇本。

It's actually trivial to a lot, I mean, Clayton Christensen can't stop writing books about this topic.

這對很多人來說實際上是微不足道的，我的意思是，克萊頓·克里斯滕森無法停止寫關於這個主題的書。

You go into the bottom of a market and then you slowly go up market and that's how you disrupt things, right?

你進入市場底部，然後慢慢上升市場，這就是你擾亂事物的方式，對嗎？

So this is a play that's available to us, and it would be very successful to do this, specifically short term.

所以這是我們可以利用的一個策略，而且這樣做會非常成功，特別是短期內。

And you're trying something much, much harder, which is -- we're going into a market from the bottom as we have and then we stick to the bottom, and then we create a single product that stretches all the way though the market.

你正在嘗試一些非常非常困難的事情，那就是——我們從底部進入一個市場，然後我們堅持到底部，然後我們創造一個單一的產品，一直延伸到整個市場。

This is actually -- I'm struggling finding an instance of where this has been done successfully.

這實際上是——我正在努力尋找成功完成此操作的實例。

So if there's someone who aspires to be the future Clayton Christensen listening in, maybe write a book about this particular thing, I mean, hopefully, it's going to work.

因此，如果有人渴望成為未來的克萊頓·克里斯滕森（Clayton Christensen）傾聽，也許寫一本關於這個特定事情的書，我的意思是，希望它會起作用。

But we want -- we do not want to be -- confuse the sales force, because we don't want people to have a expectation that it's only going to be Fortune 50 companies soon on Shopify.

但我們希望——我們不想——讓銷售人員感到困惑，因為我們不希望人們期望 Shopify 很快就會成為財富 50 強公司。

And this is specifically -- there's good business reasons for this obviously, otherwise -- maybe I could even be talked about this -- out of this.

這是具體的 - 顯然這有很好的商業原因，否則 - 也許我甚至可以談論這個 - 出於這個。

The business reasons are, this market isn't as big as it needs to be or should be.

商業原因是，這個市場沒有需要或應該有的那麼大。

Even back in the days 10 years ago when I first ran (inaudible) to try to raise money, people were telling me, "Well, there's only like 60,000 online stores." Maybe this market isn't so big, which it's crazy, because what's the word on market for people -- what's the word on market or demand for websites that's make more money than they cost, right.

甚至在 10 年前，當我第一次競選（聽不清）試圖籌集資金時，人們就告訴我，“嗯，網上商店只有 60,000 家左右。”也許這個市場沒有那麼大，這很瘋狂，因為市場上對人們的說法是什麼——市場上的說法是什麼，或者對賺的錢比成本多的網站的需求是什麼，對吧。

Clearly, we can all agree that there's a lot of people who want one of those.

顯然，我們都同意有很多人想要其中一個。

So what's the reason why they're so few and why that they're so few.

那麼到底是什麼原因導致他們這麼少，為什麼他們這麼少。

Well, really, really bad software, especially for new entrepreneurs.

嗯，真的，真的很糟糕的軟體，尤其是對於新創業者來說。

And so the best long-term play that we can play is be massively focused on the first couple of hours of these new businesses.

因此，我們能做的最好的長期策略就是集中精力關注這些新業務的前幾個小時。

But what happens after they sign up, how do we help them, can we have them be successful.

但是他們註冊後會發生什麼，我們如何幫助他們，我們能否讓他們成功。

This is not -- and this is because this is how the entire market grows.

這不是——這是因為這就是整個市場的成長方式。

And as you can see, up until very recently, half of our Plus accounts have come from this sort of homegrown success stories.

正如您所看到的，直到最近，我們一半的 Plus 帳戶都來自此類本土成功案例。

And this is kind of I think the strategy playing out.

我認為這就是策略的實施。

Now this -- our customers are growing up.

現在，我們的客戶正在成長。

There is now a bunch of people who get to a very high revenue stream.

現在有很多人獲得了非常高的收入來源。

Certainly, we have a bunch of customers who are as big as top of the demand customer base now.

當然，我們現在擁有一群與需求客戶群一樣大的客戶。

And so their requirements are now requirements that we have to address, because this is sort of contract we have with our customer base.

因此，他們的要求現在是我們必須解決的要求，因為這是我們與客戶群簽訂的合約。

If they need something and if it's something that most business in that particular situation would need most of the time, then it's something that's going to be part -- added to our platform.

如果他們需要某些東西，並且如果這是大多數企業在特定情況下大部分時間都需要的東西，那麼它就會成為我們平台的一部分。

And if it's something that some people need some of the time, then it's something we are going to our partner ecosystem out this and apps that are going to be built.

如果這是某些人有時需要的東西，那麼我們將把它納入我們的合作夥伴生態系統以及將要建立的應用程式。

And we find that is a better long-term solution for our market, in terms of software, and I think the fact that we are so committed to entrepreneurs.

我們發現，就軟體而言，這對我們的市場來說是一個更好的長期解決方案，而且我認為我們如此致力於企業家。

It should be fairly self-evident from watching the Unite talks, but also it's really, really, really important ingredient in sort of understanding what we're going for here in this company.

透過觀看 Unite 的演講，這一點應該是不言而喻的，而且對於理解我們在這家公司的目標來說，這也是非常非常非常重要的因素。

That's very helpful.

這非常有幫助。

I guess the only version one analogy might be like paychecks.

我想唯一的類比可能就像薪水。

But yes, good luck and sounds like you're doing a good job.

但是，是的，祝你好運，聽起來你做得很好。

Thank you.

謝謝。

The next question is from Todd Coupland of CIBC.

下一個問題來自 CIBC 的 Todd Coupland。

I just wanted to clarify the answer on the merchant count.

我只是想澄清一下關於商家數量的答案。

And then I had a question.

然後我有一個問題。

So you said you added more than you had in the last quarter in Q1?

所以你說你在第一季的最後一個季度增加了更多？

So that would actually put the number well above 400,000.

因此，這個數字實際上遠高於 400,000。

Is that the -- am I interpreting that statement correctly?

我是否正確地解釋了該聲明？

Yes.

是的。

And -- I mean, what we've done and we will provide an annual update of that merchant count, so it's not that we're abandoning it completely.

而且 - 我的意思是，我們已經做了什麼，我們將提供該商家數量的年度更新，所以這並不是說我們完全放棄它。

What we really believe and how we sort of manage the company is, when you have pricings and plans that start at $29 and now go up all the way to $40,000, that the MRR is a much better metric to really monitor the business.

我們真正相信的以及我們管理公司的方式是，當你的定價和計劃從 29 美元開始，現在一路上漲到 40,000 美元時，MRR 是真正監控業務的更好指標。

And so what we've really done is stop talking about quarterly milestones, which, in some respects, were causing confusion versus adding value to people trying to understand Shopify.

因此，我們真正所做的就是停止談論季度里程碑，這在某些方面會造成混亂，而不是為試圖了解 Shopify 的人增加價值。

And then my question on the data monetization, how are you thinking about monetizing all the interactions on the website or on the platform in 2017?

然後我關於數據貨幣化的問題，您如何考慮在 2017 年將網站或平台上的所有互動貨幣化？

Is that something that merchants will just benefit within Plus?

這是商家只會在 Plus 中受益的東西嗎？

Or is there specific ideas around monetizing that?

或是有關於貨幣化的具體想法嗎？

Any color would be helpful.

任何顏色都會有幫助。

Yes, so I mean, the nice thing about all of this data that we have, particularly even more relevant to small merchants, we can help them progress faster and be more successful in their journey.

是的，所以我的意思是，我們擁有的所有這些數據的好處，尤其是與小商家更相關的數據，我們可以幫助他們更快地進步，並在他們的旅程中取得更大的成功。

So it's going to be available to everyone.

所以每個人都可以使用它。

There are some additional capabilities that we have that are more relevant to merchants doing higher volume.

我們擁有一些與業務量較大的商家更相關的附加功能。

And at that stage, there is an opportunity to monetize a portion of that just because a lot of these merchants are spending money, in fact, more money on sort of third-party tools to get the same sort of end-state.

在那個階段，有機會將其中的一部分貨幣化，因為許多商人正在花錢，事實上，更多的錢花在第三方工具上，以獲得相同的最終狀態。

And so we do think we are in a good position there.

所以我們確實認為我們在這方面處於有利地位。

Your next question comes from Eyal Ofir from Eight Capital.

您的下一個問題來自八資本的 Eyal Ofir。

Just 2 questions for me.

只要問我 2 個問題。

First off, you talked about how the partner network is continually contributing more through merchant ads.

首先，您談到了合作夥伴網路如何透過商家廣告不斷做出更多貢獻。

Do you guys have any metrics around how much is coming through the channel partnerships, either at this quarter and then comparing it out to last quarter and last year?

你們是否有關於本季度透過通路合作夥伴關係獲得多少收入的任何指標，然後與上季和去年進行比較？

Yes.

是的。

So the way we get merchants, it really hasn't changed over the life of Shopify.

因此，我們吸引商家的方式在 Shopify 的整個生命週期中確實沒有改變。

Organic is still our largest source of new merchants.

有機仍然是我們最大的新商家來源。

After that, if you sort of rank order these, it would be the paid advertising that we do, and then that partner ecosystem is kind of third on the list but still contributes a large sum.

之後，如果你對這些進行排序，那就是我們做的付費廣告，然後合作夥伴生態系統在名單中排名第三，但仍然貢獻了一大筆錢。

I think, as Harley said, over 12,000 merchants referred 1 or more -- sorry, over 12,000 partners referred 1 or more merchants to us over the last 12 months.

我認為，正如 Harley 所說，超過 12,000 個商家推薦了 1 個或更多商家 - 抱歉，在過去 12 個月裡，超過 12,000 個合作夥伴向我們推薦了 1 個或更多商家。

So again, a very important piece of what we do.

再說一遍，這是我們工作中非常重要的一部分。

Okay.

好的。

So you don't have any, like, percentages in terms of adds within the channel versus direct?

所以你沒有任何頻道內添加與直接添加的百分比？

Yes, I mean, attribution is always a bit of a challenge.

是的，我的意思是，歸因始終是一個挑戰。

Most people that come to Shopify platform have touched us in more than 1 different way before they get onto the platform.

大多數來到 Shopify 平台的人在進入平台之前都以不只 1 種不同的方式接觸過我們。

So exact numbers are somewhat difficult to specify.

因此，確切的數字有些難以確定。

I will say though, generally, that people who have gone to a partner are more established or certainly, more serious about getting their business up and running.

但我要說的是，一般來說，尋求合作夥伴的人更加成熟，或肯定更認真地對待他們的業務的建立和運作。

And so I would say if you look at a quality index, partners are a little bit stronger on that front.

所以我想說，如果你看品質指數，合作夥伴在這方面會更強。

Okay.

好的。

And then just another question for me.

然後還有一個問題想問我。

Just on the geographic front, have you seen a greater push this quarter than in much of the country or region?

僅在地理方面，您是否看到本季的推動力度比該國家或地區的大部分地區更大？

Kind of what's the plan for the rest of the year?

今年剩下的時間有什麼計畫嗎？

Yes.

是的。

So we are doing a number of things to increase our presence outside of our core markets, and we've seen that both in terms of merchant count as well as the GMV coming from sort of the non-North America, U.K., Australia markets.

因此，我們正在做很多事情來增加我們在核心市場之外的影響力，我們已經看到，無論是從商家數量還是來自非北美、英國、澳洲市場的 GMV 來看。

And we expect that to continue to grow as we continue to do things like translating our blog and more focused efforts in some of these areas.

我們預計，隨著我們繼續進行翻譯部落格等工作以及在其中一些領域做出更集中的努力，這一數字將繼續增長。

Your next question comes from Kevin Krishnaratne of Paradigm Capital.

您的下一個問題來自 Paradigm Capital 的 Kevin Krishnaratne。

Just 1 question for me on Point-of-Sale.

請教我 1 個關於銷售點的問題。

Wondering if you can talk about your thoughts around the push there?

想知道您是否可以談談您對推動那裡的想法？

At Unite you mentioned I think it was 65,000 merchants sold on POS last year and you are expecting that to rise in 2017 to maybe half of your merchant selling in person.

在 Unite，您提到我認為去年有 65,000 家商家透過 POS 進行銷售，您預計 2017 年這一數字將上升到您的商家親自銷售的一半。

I'm wondering can you comment on that and maybe just thoughts around related merchant add trends, ARPUs?

我想知道您能否對此發表評論，也許只是對相關商家添加趨勢、ARPU 的想法？

And then on the cost side, if there's anything to think about -- on how hardware subsidiaries might impact either margin or CapEx?

然後在成本方面，是否有什麼需要考慮的——硬體子公司可能會如何影響利潤率或資本支出？

Yes.

是的。

So -- I mean Point-of-Sale for a number of years has been an important piece.

所以——我的意思是多年來銷售點一直是重要的部分。

And a lot of merchants, currently not online, do have brick and mortar.

許多目前還沒有線上的商家確實有實體店。

And so having that combination I think puts us in a very good spot to capitalize on.

因此，我認為這種結合使我們處於一個非常有利的位置。

In terms of providing some of these free card readers to further push that market, that will be very much a sales and marketing expense, and so reflected in that line going forward.

就提供一些免費讀卡機來進一步推動該市場而言，這將是一項非常大的銷售和行銷費用，因此反映在該產品線的未來中。

And so with this push, is this a -- are you thinking differently about your CAM?

因此，透過這項推動，您對 CAM 的看法是否有所不同？

Does it change your thoughts?

它會改變你的想法嗎？

Are you moving down more smaller market micro-merchants?

您是否正在轉向更小的市場微型商家？

What would that potentially mean to ARPUs or average GMVs?

這對 ARPU 或平均 GMV 意味著什麼？

Just any kind of additional color on how you're thinking about market opportunity for that.

只是關於您如何考慮市場機會的任何附加顏色。

We just, I mean, Point-of-Sale, we kind of view as just another selling channel and an important one.

我的意思是，我們只是將銷售點視為另一個銷售管道，而且是一個重要的銷售管道。

And so typically, people that do have brick and mortar would be larger merchants and so more GMV.

通常情況下，擁有實體店的人會是規模較大的商家，因此 GMV 也更高。

I mean, again, on the Payments side, whether it's a card present or card-not-present transaction, we can process both.

我的意思是，在付款方面，無論是有卡交易還是無卡交易，我們都可以處理。

And so it's just part of the way we think of the world that this is something that is required.

因此，這只是我們看待世界的方式的一部分，這是必要的。

And because we've been able to do it, it's something that gives us an advantage.

因為我們已經能夠做到這一點，所以這給我們帶來了優勢。

That was our final question today.

這是我們今天的最後一個問題。

I now return the call to Katie Keita.

我現在回電給凱蒂·凱塔。

Thanks, Chris, and I will pass the mic to Tobi for some closing remarks.

謝謝克里斯，我將把麥克風交給托比，讓他發表一些結束語。

Thanks.

謝謝。

So I think we've done this for 8 quarters now.

所以我認為我們已經這樣做了 8 個季度。

I think everyone is starting to get a feel for the company.

我認為每個人都開始對公司有了感覺。

We are very much mission-driven.

我們非常有使命感。

We are really trying to look at this entire market, look at the entire situation.

我們確實在嘗試著眼於整個市場、整個情況。

And we kind of have an opinion about just how things should be rather than how things have been and how incrementally things that already exist could be done slightly better.

我們對事情應該如何，而不是事情已經如何，以及如何逐步將已經存在的事情做得更好有一些看法。

But rather just working backwards from how would we invent the retail world right now if it was the original idea and no one has ever sold a product to anyone, what would we do in that case.

相反，如果這是最初的想法，並且沒有人向任何人出售過產品，那麼我們現在將如何發明零售世界，在這種情況下我們會做什麼。

And then see if we can build products that support these kind of behaviors and then invite everyone over.

然後看看我們是否可以建立支持這些行為的產品，然後邀請所有人過來。

Unite was really an important ingredient in this.

Unite 確實是其中的重要組成部分。

And I think sort of if you read between the lines of our announcements, you kind of get this sense from the company.

我認為，如果你讀到我們公告的字裡行間，你就會從公司得到這種感覺。

We really want people to be able to checkout instantly and not thumb in their addresses.

我們真的希望人們能夠立即結帳，而不用拇指輸入他們的地址。

We really want people to use hardware check-in, have in their bag to-- do a sale everywhere.

我們真的希望人們使用硬體簽到，將其放在包包裡，以便在任何地方進行銷售。

And we really want people to have a point-of-sale product that kind of fits into the times.

我們真的希望人們擁有一款適合時代的銷售點產品。

Retail is changing very rapidly.

零售業正在迅速變化。

The big box retailers are struggling as everyone knows.

眾所周知，大型零售商正在苦苦掙扎。

And what's going to be left of retail is essentially a form of entertainment, because all the necessities will eventually be purchased online or through automatic refills and these kind of things.

零售業剩下的本質上是一種娛樂形式，因為所有必需品最終都將在網上或透過自動補充等方式購買。

So all these things need different software to support them.

所以所有這些都需要不同的軟體來支援。

And from this vantage point we have, we've been seeing this for a while.

從我們的這個有利角度來看，我們已經看到這一點有一段時間了。

If you go back through various quarters, you'll see that retail and online retail, it's playing out exactly the way we predicted all along, right.

如果你回顧各個季度，你會發現零售和線上零售的發展完全符合我們一直預測的方式，對吧。

And so I think this is the strength.

所以我認為這就是力量。

We announced a lot of things at Unite.

我們在 Unite 上宣布了很多事情。

This is clearly a kind of company which is firing on all cylinders, and the financial results are really good.

這顯然是一家開足馬力的公司，財務表現也非常好。

I'm very proud of what we've done here, but they are reflective of the things we announced last year at Unite.

我對我們在這裡所做的事情感到非常自豪，但它們反映了我們去年在 Unite 上宣布的事情。

So I think it's important we've hit our stride as a public company.

因此，我認為作為一家上市公司，我們所取得的進步非常重要。

We hit our stride as a company in this space.

作為一家公司，我們在這個領域取得了長足的進步。

We are starting to be more comfortable, thus leading this market and taking it to places where we want to, instead of just sort of being a participant and a data point in it.

我們開始變得更加自在，從而引領這個市場並將其帶到我們想要的地方，而不僅僅是成為其中的參與者和數據點。

With that, thank you very much and talk to you soon.

在此，非常感謝您並很快與您交談。

Thank you for your participation.

感謝您的參與。

This concludes today's conference call.

今天的電話會議到此結束。

Goodbye.

再見。