Shopify Inc (SHOP) 2017 Q2 法說會逐字稿

Good morning.

早安.

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

我叫莎倫，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 Q2 2017 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2017 年第二季財務業績電話會議。

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

（操作員指示） 投資者關係主管凱蒂·凱塔 (Katie Keita)，您可以開始會議了。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

We are glad you can join us for Shopify's Second Quarter 2017 Conference Call.

我們很高興您能參加 Shopify 2017 年第二季電話會議。

We are joined this morning by Tobias Lütke, Shopify's highly-ranked CEO; Harley Finkelstein, our COO; and Russ Jones, our CFO.

今天早上，Shopify 的高級執行長 Tobias Lütke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；和我們的財務長 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 they're 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，並且存在風險和不確定性，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 and not as a substitute for GAAP financial measures.

這些應被視為 GAAP 財務措施的補充而不是替代。

Reconciliations between the 2 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，該新聞稿可以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。

The excellent momentum we started out the year with, continued into the second quarter.

我們年初的良好勢頭持續到第二季​​度。

The biggest news, of course, has been that the number of merchants joining Shopify continues to expand every quarter, as we recently surpassed the 0.5 million merchant milestone.

當然，最大的消息是加入 Shopify 的商家數量每季都在持續成長，我們最近突破了 50 萬商家的里程碑。

And while it is very important to us to foster entrepreneurship by removing barriers to commerce, it is even more important to us to ensure our merchants have every possible means to succeed.

雖然透過消除商業壁壘來培養創業精神對我們來說非常重要，但對我們來說更重要的是確保我們的商人擁有一切可能的手段來取得成功。

We made a lot of progress towards the second goal as well in Q2.

我們在第二季也朝著第二個目標取得了很大進展。

We added more sales channels.

我們增加了更多的銷售管道。

We rolled out new features, and we continued to grow the value of our ecosystem.

我們推出了新功能，並持續提高生態系統的價值。

Several of the announcements we made at Unite conference came to light over the past few months.

我們在 Unite 會議上發布的幾項公告是在過去幾個月中曝光的。

Among them: Shopify Pay, which accelerates checkout; and our EMV card reader, designed specifically for the Shopify merchants.

其中：Shopify Pay，加速結帳；以及專為 Shopify 商家設計的 EMV 讀卡機。

Both of these are off to a strong start and should prove to be helpful to Shopify branding and increase name recognition as well as conversions for our merchants, especially, as the Shopify Pay network expands.

這兩項措施都有一個良好的開端，並且應該有助於 Shopify 品牌推廣，提高商家的知名度和轉換率，尤其是隨著 Shopify Pay 網路的擴展。

We view Shopify Pay as a helpful interim step on our journey to streamline checkout even further.

我們將 Shopify Pay 視為我們進一步簡化結帳過程中有用的臨時步驟。

The early indicators are good.

早期指標良好。

We continue to expand our sales channels to help merchants reach new customers in new places.

我們不斷拓展銷售管道，幫助商家在新的地方接觸新客戶。

Both Buzzfeed and Wish are now live, and we recently announced that we'll be adding eBay as a channel, making it the second-large e-commerce marketplace, natively available to Shopify merchants.

Buzzfeed 和 Wish 現已上線，我們最近宣布將增加 eBay 作為管道，使其成為第二大電子商務市場，本地可供 Shopify 商家使用。

Listing on eBay exposes over 167 million shoppers to our merchants' products and expands the product options for eBay's users.

在 eBay 上上市讓超過 1.67 億購物者接觸到我們商家的產品，並為 eBay 用戶擴展了產品選擇。

We expect eBay channel to be available to merchants in the U.S. later this year.

我們預計 eBay 頻道將於今年稍後向美國商家開放。

Adoption of our Merchant Solutions also continues to grow.

我們的商家解決方案的採用也在不斷增長。

More than a quarter of Shopify merchants that are shipping from the U.S. and nearly 20% of those shipping from Canada used Shopify Shipping in Q2.

第二季度，超過四分之一的從美國發貨的 Shopify 商家和近 20% 從加拿大發貨的 Shopify 商家使用了 Shopify Shipping。

And with all the cash advance offers now benefiting from machine learning for the entirety of the second quarter, we nearly doubled the number of capital advances in Q2 over Q1.

由於整個第二季度的所有現金預付款都受益於機器學習，我們第二季度的資本預付款數量幾乎是第一季的兩倍。

The total cumulative amount of cash advanced by Shopify Capital reached $86 million by June 30 and stands at over $95 million as of today.

截至 6 月 30 日，Shopify Capital 累計墊付的現金總額已達 8,600 萬美元，截至目前已超過 9,500 萬美元。

Moving onto partners.

轉向合作夥伴。

As most of you know, the large number of partners that are building on and for our platform are a key differentiator.

正如大多數人所知，在我們的平台上建構並為我們的平台建立的大量合作夥伴是一個關鍵的差異化因素。

Scale makes a difference here.

規模在這裡發揮著重要作用。

The number of submissions through our app store in Q2 doubled over last year, and those that get approved are making the app store more valuable to merchants overall, as reflected in the continued increase in app spent per merchant.

第二季度透過我們的應用程式商店提交的數量比去年增加了一倍，而獲得批准的數量使應用程式商店對商家整體而言更有價值，這反映在每個商家的應用程式支出持續增加。

We now have more than 13,000 partners who referred merchants to Shopify in the last 12 months, up from 12,000, just last quarter.

現在，我們有超過 13,000 名合作夥伴在過去 12 個月內將商家推薦給 Shopify，而上季度這一數字為 12,000 名。

This ecosystem has been a steady source of new merchants to Shopify and our third-strongest acquisition channel behind organic traffic and paid marketing.

這個生態系統一直是 Shopify 新商家的穩定來源，也是我們僅次於自然流量和付費行銷的第三大管道。

Partners are particularly important to building our higher-touch Shopify Plus business.

合作夥伴對於打造我們更具觸感的 Shopify Plus 業務尤其重要。

Not only did we continue to expand the number of plus partners in the quarter, we augmented our program with the addition of nearly 50 Shopify Plus technology partners.

本季我們不僅持續擴大 Plus 合作夥伴的數量，還透過增加近 50 個 Shopify Plus 技術合作夥伴來增強我們的計畫。

Because Shopify Plus merchants have unique needs, it is important to connect them with proven technology partners that have been vetted and certified by the Shopify Plus partner team.

由於 Shopify Plus 商家有獨特的需求，因此將他們與經過 Shopify Plus 合作夥伴團隊審查和認證的成熟技術合作夥伴聯繫起來非常重要。

These partners, along with our own Shopify Plus sales hackers continue to onboard some of the largest and most recognizable brands to Shopify Plus.

這些合作夥伴以及我們自己的 Shopify Plus 銷售駭客繼續將一些最大、最知名的品牌納入 Shopify Plus。

Companies that launched stores on Shopify this quarter, include, Visa, Frito-Lay, Jones New York, Buzzfeed, Elvis Presley, Canadian Tire and The New York Times.

本季在 Shopify 上開設商店的公司包括 Visa、Frito-Lay、Jones New York、Buzzfeed、Elvis Presley、Canadian Tire 和 The New York Times。

Shopify appeals to renowned brands like these for many reasons, attractive price, scalability and resilience of the platform and ease-of-use.

Shopify 吸引這類知名品牌的原因有很多，包括有吸引力的價格、平台的可擴展性和彈性以及易用性。

I point this out, because it highlights just how vast our total adjustable market is.

我指出這一點，是因為它突顯了我們的可調整市場總量有多麼巨大。

It is essentially anyone wanting to make more money than their shop costs them.

本質上是任何人都想賺比他們的商店成本更多的錢。

An appeal that is universal and that helps to explain why we have added ever larger numbers of merchants for the last 3 quarters straight.

這是一種普遍的吸引力，這有助於解釋為什麼我們在過去三個季度中連續增加了越來越多的商家。

And while we cannot expect every single merchant to succeed, we are confident that Shopify gives merchants the best chance at success on a platform that we're making better all the time.

雖然我們不能指望每個商家都能成功，但我們相信 Shopify 能夠為商家提供在我們不斷改進的平台上取得成功的最佳機會。

And with that I will turn it over to Russ to cover the financials.

然後我會將其交給 Russ 來負責財務事宜。

Thanks, Harley.

謝謝，哈利。

Q2 was another strong quarter with an increasing number of entrepreneurs, SMBs and larger brands, both starting and growing their businesses on the Shopify platform.

第二季度又是一個強勁的季度，越來越多的企業家、中小企業和大品牌在 Shopify 平台上創辦和發展業務。

In Q2, we again grew revenue 75% year-over-year to $151.7 million, driven by rapid growth in both elements of our business model.

在我們業務模式這兩個要素快速成長的推動下，第二季我們的營收再次年增 75% 至 1.517 億美元。

Subscription Solutions revenue growth accelerated from last quarter to 64%, coming in at $71.6 million.

訂閱解決方案營收成長較上季加速至 64%，達到 7,160 萬美元。

This strength was driven by the monthly recurring revenue growth of 64% to $23.7 million, as we had another record number of merchants join Shopify in Q2.

這一強勁勢頭是由每月經常性收入增長 64% 至 2,370 萬美元推動的，因為第二季度加入 Shopify 的商家數量再創新高。

In fact, today Shopify is serving over 500,000 merchants on our platform, more than double the number we were serving at the start of last year.

事實上，如今 Shopify 在我們的平台上為超過 50 萬家商家提供服務，是我們去年初服務的數量的兩倍多。

The contribution to MRR from Shopify Plus also grew to 18% of overall MRR to -- $4.3 million, compared with 13% of MRR for Q2 of 2016.

Shopify Plus 對 MRR 的貢獻也成長至整體 MRR 的 18%，達到 430 萬美元，而 2016 年第二季佔 MRR 的比例為 13%。

MRR from Shopify Plus includes only the minimum-contracted subscription value.

Shopify Plus 的 MRR 僅包括最低合約訂閱價值。

Any incremental revenues stemming from the variable pricing structure we introduced in February is counted in Subscription Solutions revenue, not MRR.

我們在 2 月引入的可變定價結構帶來的任何增量收入都計入訂閱解決方案收入，而不是 MRR。

These amounts are not significant at this stage.

這些金額在現階段並不重要。

Merchant Solutions revenue grew 86% to $80.1 million.

Merchant Solutions 營收成長 86%，達到 8,010 萬美元。

Growth of Gross Merchandise Volume was a primary driver aided by Shipping and Capital, as adoption of each of these continued to expand in Q2.

商品總銷量的成長是航運和資本的主要推動力，因為第二季度對這些領域的採用繼續擴大。

Our Merchant Solutions take rate grew to 1.37% of GMV, from 1.28% of GMV in Q2 of last year.

我們的商家解決方案佔 GMV 的比例從去年第二季的 1.28% 成長至 1.37%。

GMV grew to $5.8 billion, up $1 billion from just last quarter and up $2.5 billion, or 74% from the second -- from last year's second quarter.

GMV 成長至 58 億美元，比上一季增加 10 億美元，比去年第二季增加 25 億美元，成長 74%。

$2.2 billion of GMV in the quarter, or 38%, was processed on Shopify Payments.

本季 22 億美元的 GMV（即 38%）是透過 Shopify Payments 處理的。

This compares with $1.3 billion, or 38% in Q2 of 2016.

相比之下，2016 年第二季的銷售額為 13 億美元，即 38%。

While the percentage of merchants on Shopify Payments ticked up again slightly in the quarter, the Gross Payments Volume held steady at -- as a percent of GMV.

儘管本季使用 Shopify Payments 的商家比例再次小幅上升，但支付總額佔 GMV 的百分比保持穩定。

This is due, in part, to a greater percentage of GMV being generated at markets where Shopify Payments is not yet offered and an increase in the amount of GMV not processed through credit cards, cash-based POS transactions for example.

部分原因是，較大比例的 GMV 是在尚未提供 Shopify Payments 的市場產生的，並且未透過信用卡（例如基於現金的 POS 交易）處理的 GMV 金額有所增加。

Gross profit dollars, once again, grew faster than revenue in the quarter.

本季毛利的成長再次快於營收的成長。

Margin improvements in both Subscription Solutions and Merchant Solutions more than offset the higher mix of Merchant Solutions in our overall revenue mix.

訂閱解決方案和商家解決方案的利潤率提高遠遠抵消了我們整體收入組合中商家解決方案的更高組合。

Although both continue to benefit from scale, Merchant Solutions also benefited from the expansion of the higher-margin Shipping and Capital offerings.

儘管兩家公司都繼續受益於規模，但 Merchant Solutions 也受益於利潤率較高的航運和資本產品的擴張。

Our adjusted operating loss in Q2 was $2.9 million or 1.9% of revenue, compared with $3.2 million or 3.7% of revenue in the second quarter of 2016.

我們第二季調整後的營運虧損為 290 萬美元，佔營收的 1.9%，而 2016 年第二季調整後的營運虧損為 320 萬美元，佔營收的 3.7%。

The adjusted net loss for the quarter was $1.1 million or $0.01 per share.

該季度調整後淨虧損為 110 萬美元，即每股 0.01 美元。

This compares with a $3 million loss or $0.04 per share for the second quarter of 2016.

相比之下，2016 年第二季虧損 300 萬美元，即每股虧損 0.04 美元。

Finally, our cash, cash equivalents and marketable securities balance grew to $932.4 million, up from $395.7 million in March of 2017.

最後，我們的現金、現金等價物和有價證券餘額從 2017 年 3 月的 3.957 億美元增至 9.324 億美元。

This increase reflects the $560 million in net proceeds from Shopify's successful offering of additional shares in the second quarter.

這一成長反映了 Shopify 在第二季度成功增發股票帶來的 5.6 億美元淨收益。

These proceeds further strengthen our balance sheet to fund various growth and operational initiatives.

這些收益進一步增強了我們的資產負債表，為各種成長和營運措施提供資金。

As we look to the rest of the year, we now expect 2017 revenue in the range of $642 million to $648 million and an adjusted operating loss in the range of $7 million to $11 million.

展望今年剩餘時間，我們目前預計 2017 年營收將在 6.42 億美元至 6.48 億美元之間，調整後的營運虧損將在 700 萬美元至 1,100 萬美元之間。

For the third quarter, we expect revenue in the range of $164 million to $166 million and an adjusted operating loss in the range of $2 million to $4 million.

我們預計第三季營收將在 1.64 億美元至 1.66 億美元之間，調整後的營運虧損將在 200 萬美元至 400 萬美元之間。

We continue to expect stock-based compensation to amount to $55 million for the full year, with about $15 million of this in the third quarter.

我們仍預計全年股票薪酬將達到 5,500 萬美元，其中第三季約為 1,500 萬美元。

As our guidance implies, we continue to expect to achieve operating profitability on adjusted basis in the fourth quarter of this year.

正如我們的指引所暗示的，我們繼續預計今年第四季將實現調整後的營運獲利。

With more than 0.5 million merchants and more than 1 million staff accounts now on the Shopify platform, it is clear we're extending our lead as the go-to platform for sellers.

目前，Shopify 平台上有超過 50 萬個商家和超過 100 萬個員工帳戶，很明顯，我們正在擴大我們作為賣家首選平台的領先地位。

Larger brands increasingly look to us for a scalable and reliable platform to support their higher-volume multichannel selling.

較大的品牌越來越多地向我們尋求可擴展且可靠的平台來支援其更高容量的多通路銷售。

Also exciting to us is that as we continue to flatten the learning curve and increase our capabilities, more and more entrepreneurs who may have not considered launching their business, are now able to.

同樣令我們興奮的是，隨著我們不斷拉平學習曲線並提高我們的能力，越來越多可能沒有考慮開展業務的企業家現在能夠這樣做。

And with that I'll turn it back to Katie to start the Q&A.

接下來我會將其轉回凱蒂以開始問答。

Thank you, Russ.

謝謝你，拉斯。

Okay.

好的。

Thanks, Russ and thanks, everyone for dialing in.

謝謝 Russ，謝謝大家撥電話。

Operator, we can now open the line for questions, but before we do I'll just ask everyone to limit themselves to one question, so we can have enough time for each person to ask a question.

接線員，我們現在可以開放提問線路了，但在此之前我會要求每個人只提出一個問題，這樣我們就有足夠的時間讓每個人提問。

(Operator Instructions) Your first question comes from Justin Furby from William Blair.

（操作員說明）您的第一個問題來自威廉布萊爾的賈斯汀福比。

Russ, I wanted to ask you about Shop Plus, the MRR ticked up to 18%, which is probably no surprise that it's outpacing the core business growth, but I'm wondering if you expect that turn to continue to look out over the medium- to long-term?

Russ，我想問你關於 Shop Plus 的情況，MRR 上升至 18%，這可能並不奇怪，它的速度超過了核心業務的增長，但我想知道你是否預計這種轉變會繼續關注中型業務-長期？

I guess, is there a scenario where that business could be 40%, 50% or more of your subscription base?

我想，是否有一種情況，該業務可能佔您的訂閱基礎的 40%、50% 或更多？

And if that's the case, what are, sort of, the longer-term model implications to that?

如果是這樣的話，長期模型對此有何影響？

Yes, I mean, we'll continue to see Shopify Plus grow, whether it gets to that sort of higher-level that you said, time will tell.

是的，我的意思是，我們將繼續看到 Shopify Plus 的成長，無論它是否達到您所說的更高水平，時間都會證明一切。

From our side of it, Shopify Plus has a higher subscription amount, but also, as we've changed some of our pricing, also contributes to the Merchant Solutions.

從我們的角度來看，Shopify Plus 的訂閱金額更高，而且，由於我們更改了一些定價，因此也對商家解決方案做出了貢獻。

And so from an overall point of view, that just means that we'll see continued strong revenue growth in the company.

因此，從整體角度來看，這意味著我們將看到公司收入持續強勁成長。

Next question, please?

請下一個問題？

Your next question comes from Ross MacMillan from Royal Bank of Canada.

您的下一個問題來自加拿大皇家銀行的羅斯麥克米蘭。

The strength of new merchant adds in the first half has been striking, and I was curious if anything has changed in terms of your investments in customer acquisition this year relative to last?

上半年新增商戶的實力十分驚人，我很好奇你們今年在獲客方面的投資與去年相比是否有什麼變化？

And also, I'd love to understand, what you're seeing in terms of retention improvement as the cohorts of merchants mature?

另外，我很想了解，隨著商家群體的成熟，您在保留率方面有何改善？

Yes, in terms of the overall investments side, no real change in the mix.

是的，就整體投資而言，組合沒有真正的變化。

So organic's still the -- is our #1 source of new merchants, followed by the paid advertising and then the partner side of it.

因此，有機仍然是我們新商家的第一大來源，其次是付費廣告，然後是合作夥伴方面。

The thing that has changed, and we talked a little bit about some of the experiments we do on the international front, and so some of the work we've done to translate our blog into other languages has resulted in, again, we're seeing more merchants internationally join the platform.

事情已經發生了變化，我們談論了一些我們在國際方面所做的實驗，因此我們為將部落格翻譯成其他語言所做的一些工作再次導致我們看到更多的國際商家加入平台。

And in addition to that, the stuff that we're doing to, sort of, flatten that learning curve, in terms of getting new entrepreneurs up and running on the platform, has really enabled more entrepreneurs to join the platform.

除此之外，我們正在做的事情，在某種程度上，在讓新的企業家在平台上啟動和運行方面，壓平學習曲線，確實使更多的企業家能夠加入該平台。

On the retention side, we've seen no change in our retention numbers.

在保留方面，我們的保留數量沒有變化。

So I think that sort of bodes both to our ability to track merchants and our ability to get them up and running.

所以我認為這預示著我們有能力追蹤商家，也預示著我們有能力讓他們啟動和營運。

Your next question comes from Darren Aftahi from Roth Capital Partners.

您的下一個問題來自 Roth Capital Partners 的 Darren Aftahi。

Just curious, your Amazon and eBay partnerships, just curious on impact to business.

只是好奇，您的亞馬遜和 eBay 合作夥伴關係，只是好奇對業務的影響。

I know eBay is not launched yet in terms of, kind of, merchant growth.

我知道 eBay 尚未在商家成長方面推出。

And then any other platforms or partners you feel like you're not yet -- do you feel like you're fully covered at this point?

然後，您覺得還沒有的任何其他平台或合作夥伴 - 您覺得此時您是否已完全覆蓋？

And then I guess as you reached milestone of 500,000 merchants, can you just give us an update in terms of, kind of, how you view total addressable market?

然後我想，當您達到 500,000 家商家的里程碑時，您能否向我們介紹一下您如何看待總目標市場的最新情況？

Yes, it's Harley, I'll take the first part of that question in terms of the Amazon and eBay announcements.

是的，是哈雷，我將根據亞馬遜和 eBay 的公告來回答問題的第一部分。

In both those cases, our objective here is to ensure that our merchants on our platform can sell anywhere they potentially have customers waiting for them.

在這兩種情況下，我們的目標是確保我們平台上的商家可以在任何可能有客戶等待的地方進行銷售。

And so obviously, Amazon and eBay being 2 of the largest marketplaces globally obviously, were obvious fits for us.

顯然，亞馬遜和 eBay 作為全球最大的兩個市場顯然非常適合我們。

Amazon, we continue to work with to improve the experience for our merchants.

我們將繼續與亞馬遜合作，改善商家的體驗。

We also are beginning to expand into new categories with Amazon, which is exciting.

我們也開始與亞馬遜一起拓展新的類別，這令人興奮。

eBay, of course, hasn't launched yet, so too soon to tell.

當然，eBay 還沒有推出，所以現在下結論還為時過早。

But again, the goal there, whether it's Amazon or eBay or it's Buzzfeed or Wish or any of the other channels that we're looking into, is to enable our merchants to sell more products.

但同樣，無論是亞馬遜、eBay、Buzzfeed、Wish 或我們正在研究的任何其他管道，目標都是讓我們的商家能夠銷售更多產品。

So that really is the goal there.

這確實是我們的目標。

I'll let Russ answer the total addressable market question.

我將讓拉斯回答整個可解決的市場問題。

Yes, I mean, I think it's clear, and it's been clear for a while that even though we talk about, sort of, the SMB side as a very large and big market that, really with the platform, the fact that we can stretch up and pick up a number of these larger brands, and now with a number of things that we've been doing also, pick up a lot of these brand-new entrepreneurs, both in our core markets and now beyond those core markets, I think shows that, that addressable market continues to get larger and larger.

是的，我的意思是，我認為這一點很清楚，而且已經有一段時間了，儘管我們談論中小企業方面是一個非常大的市場，但實際上，有了這個平台，我們可以擴展這一事實選擇並選擇一些更大的品牌，現在我們也一直在做一些事情，選擇了很多這些全新的企業家，無論是在我們的核心市場還是現在在這些核心市場之外，我認為表明，潛在市場繼續變得越來越大。

And in fact, I would say to a large degree Shopify's actually increasing the size of the pie.

事實上，我想說的是，在很大程度上，Shopify 實際上增加了蛋糕的大小。

Your next question comes from Nikhil Thadani from Mackie Research.

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

Two quick questions from me.

我問了兩個簡單的問題。

Firstly, in terms of your growth plans with all the changes that've been happening, is it becoming easier for you to find R&D talent up here in Canada?

首先，就您的發展計劃以及所發生的所有變化而言，您在加拿大找到研發人才是否變得更容易？

And secondly, with some of the changes to the U.S. dollar right now, how does that change your FX hedging plan going forward?

其次，隨著美元目前的一些變化，這對您未來的外匯對沖計劃有何影響？

This is Tobi, I can talk to recruiting.

我是托比，我可以和招募人員談談。

I mean, there's all sorts of things that going on right now that make it easier for Canadian companies to recruit R&D talent, and definitely the profile we have now -- I mean, honestly, this is from a first -- when I first sat down with my cofounders and said, hey, what do we -- how should we build this company?

我的意思是，現在發生的各種各樣的事情使加拿大公司更容易招募研發人才，當然還有我們現在擁有的個人資料- 我的意思是，老實說，這是我第一次坐下來時的情況打倒我的聯合創始人並說，嘿，我們應該做什麼——我們應該如何建立這家公司？

We said, this one thing is only going to work out if somehow we establish a large geographical consensus that Shopify is the just best company to work for adding new talent and product and UX and all those kind of people we're working on to make Shopify work.

我們說過，只有我們以某種方式建立了廣泛的地理共識，即Shopify 是最適合添加新人才、產品和用戶體驗以及我們正在努力培養的所有此類人員的最佳公司，這件事才能解決。

I think, we've been very successful doing this, this has been the case for a couple of years now, and we're getting the kind of recognition for this now.

我認為，我們在這方面做得非常成功，這種情況已經持續了幾年了，而且我們現在正在獲得這種認可。

It's -- when I talk to other people in the industry, even to people on my Board of Directors, they usually describe it like this, they say that, we complain how hard it is to get R&D talent and everyone else tells them that it's impossible to get R&D talent, so I think this is, sort of, the way things are right now.

當我與業內其他人，甚至是我的董事會成員交談時，他們通常是這樣描述的，他們這樣說，我們抱怨獲得研發人才有多麼困難，而其他人都告訴他們，這是不可能獲得研發人才，所以我認為這就是現在的情況。

I'm going to give it over to Russ for the FX question.

我將把外匯問題交給 Russ。

Yes.

是的。

On the FX side.

在外匯方面。

Our main exposure as a company is Canadian dollar versus U.S. dollar, not so much on revenue but on the cost side.

作為一家公司，我們的主要風險是加幣兌美元，不是收入方面，而是成本方面。

Over a year ago, we implemented a formal hedging program, that has a bit of a 12-month running view and contracts in place for that.

一年前，我們實施了一項正式的對沖計劃，該計劃有 12 個月的運行前景並為此簽訂了合約。

So we even -- with the recent, sort of, strengthening of the Canadian dollar, we don't see a large impact to 2017 and any impact we factored into the guidance that we provided.

因此，我們甚至認為，隨著最近加幣的走強，我們認為 2017 年不會受到太大影響，也不會在我們提供的指導中考慮到任何影響。

In 2018, particularly in the second half.

2018年，尤其是下半年。

If the rates stays at this level, that definitely is something that we need to take it into account.

如果利率維持在這個水平，那肯定是我們需要考慮的事情。

Your next question comes from Gus Papageorgiou from Macquarie.

您的下一個問題來自麥格理的 Gus Papageorgiou。

I think the last time you guys updated your international customers I think it was about -- I believe it was either 17% or 18% of your customers -- admission customers were outside of your core markets of Canada and the U.S., the U.K. and Australia.

我認為上次你們更新國際客戶時，我認為是關於——我相信是你們客戶的 17% 或 18%——准入客戶不在加拿大、美國、英國和加拿大等核心市場。

Can you give us a sense of, if you look at the adds so far this year, what kind of mix we're seeing globally?

如果您看看今年迄今為止的新增內容，您能否讓我們了解一下我們在全球範圍內看到的是什麼樣的組合？

Yes, so we see good growth in all of our core markets there.

是的，所以我們在那裡的所有核心市場都看到了良好的成長。

In terms of the international, it's now just under 19% of the total merchant count.

就國際而言，目前僅佔商戶總數的 19% 以下。

Your next question comes from Ken Wong from Citigroup.

您的下一個問題來自花旗集團的 Ken Wong。

I know it's early for pay and the reader.

我知道對於付費和讀者來說現在還早。

But any update in terms of kind of what you are seeing from customers and their, you know kind of, just what kind of spend patterns that their customers are having and the impact that you guys potentially expect going forward with those profits --

但是，任何有關您從客戶那裡看到的資訊以及他們的客戶的消費模式以及您對這些利潤的潛在預期影響的更新——

Yes, it's Tobi, I'll take it.

是的，這是托比，我會接受的。

I mean, it is really early, but we also are really, really happy with how things are going, the pickup is fantastic and it does exactly what we expected it to do.

我的意思是，現在還很早，但我們對事情的進展也非常非常滿意，皮卡非常棒，它的表現完全符合我們的預期。

It increases conversion rates and people who might otherwise get discouraged by seeing a long checkout form, now push -- like very quickly find a way to skip through this process.

它提高了轉換率，而那些原本可能會因為看到冗長的結帳表格而灰心喪氣的人，現在會推動——例如很快找到一種方法來跳過這個過程。

I keep getting notes from people who encounter Shopify Pay in the wild for the first time and then just really, really like the experience.

我不斷收到那些第一次在野外遇到 Shopify Pay 的人的留言，然後就非常非常喜歡這種體驗。

So this is just -- I mean, I think, the right way to think about this, this is like an entirely new construction site that sort of has just put up a scaffolding.

所以這只是——我的意思是，我認為正確的思考方式，這就像一個全新的建築工地，剛剛搭建了腳手架。

There's enormous amounts of additional work to be done to get it to the point where every Shopify store, just sort of from a usability perspective, is similar to a place like Amazon, where you might have had an account which already has your address and has your credit card where you can just buy with 1 click or 2 clicks or whatever.

要達到這樣的程度，從可用性的角度來看，每個 Shopify 商店都類似於亞馬遜這樣的地方，您可能擁有一個已經有您的地址並且擁有您的信用卡，您只需點擊1 次或2 次點擊即可購買。

And so this is where we want to go.

這就是我們想要去的地方。

Shopify Pay is 1 ingredient in this, it's this thing that allows us to get there really quickly but our long-term ambition is really to work with, with the hardware vendors and the device manufacturers and the browser vendors to get of all these features into a secure hardware and secure elements and just take this out of a process of a web, the way it's traditionally being done, because we all know in 10, 20 years from now, this is not how we're going to transfer money on the internet anymore, so our interest is to get there faster.

Shopify Pay 是其中的一個要素，正是這個東西讓我們能夠很快實現這一目標，但我們的長期目標是與硬體供應商、設備製造商和瀏覽器供應商合作，將所有這些功能融入到一個安全的硬體和安全的元素，只需將其從網絡流程中剔除，這是傳統的完成方式，因為我們都知道，從現在起的10 年、20 年後，這不是我們在網上轉賬的方式互聯網不再存在，所以我們的興趣是更快到達那裡。

And our input into these processes is for everyone to think of the buyer as great, great UX and manufacture likeful experiences.

我們對這些流程的投入是為了讓每個人都認為買家是偉大的、偉大的使用者體驗和製造相似的體驗。

Exactly the same sentence I can say about the chip and swipe reader, its hardware, but built by actually working very closely with the kinds of people, not just the people who actually have to use the device and they want to pay but rather the cashiers who are standing 8 hours a day in the store and have to handle credit cards, like just simple things such as.

關於晶片和刷卡器及其硬件，我可以說完全相同的一句話，但實際上是通過與各種人密切合作而構建的，不僅僅是實際必須使用該設備並想要付款的人，而是收銀員他們每天在商店裡站8個小時，並且必須處理信用卡，就像只是簡單的事情，例如。

This reader makes it impossible to put your credit card in the wrong way, like again, why did that take, what, 30 years for someone to build it like this?

這個讀卡機讓你不可能以錯誤的方式插入你的信用卡，就像再說一遍，為什麼有人要花 30 年才能建造出這樣的東西？

This was just putting a bit of plastic into the right spot and then it just works.

只需將一點塑膠放入正確的位置即可發揮作用。

Sometimes this kind of thinking is just sort of absent in our industry, and so we took it upon ourselves to supply it at this point.

有時，我們的行業缺乏這種想法，因此我們此時主動提供這種想法。

Your next question comes from Jesse Hulsing from Goldman Sachs.

您的下一個問題來自高盛的傑西·赫爾辛。

You have almost $1 billion of cash now on the balance sheet, and I'm wondering what your thoughts are with regards to uses of that cash, in particular M&A?

您的資產負債表上現在有近 10 億美元的現金，我想知道您對這些現金的用途有何想法，特別是併購？

I know you've done some smaller tuck-in acquisitions, would you ever consider anything more transformational?

我知道您已經完成了一些規模較小的收購，您會考慮進行更具變革性的收購嗎？

Or is the strategy going to be focused more on acquiring smaller solutions and integrating those into your platforms?

或者該策略是否會更專注於獲取較小的解決方案並將其整合到您的平台中？

So far we've done 6 acquisitions.

到目前為止，我們已經完成了 6 次收購。

As you talked about, they've been these small sort of tuck-ins that we've been very successful on integrating.

正如您所談到的，它們是我們非常成功地整合的小型折邊裝置。

With the amount of capital we do have on our balance sheet as well as our, sort of, market cap as well, I think we're in a position to do some bigger stuff, and so nothing currently contemplated but definitely that option is now available to us.

考慮到我們資產負債表上的資本數量以及我們的市值，我認為我們有能力做一些更大的事情，所以目前沒有考慮任何事情，但現在肯定是這個選擇可供我們使用。

Your next question comes from James Cakmak from Monness, Crespi.

您的下一個問題來自克雷斯皮蒙內斯的 James Cakmak。

If we look -- in looking at the results I would say, this is probably one of the cleanest and most impressive growth stories I've seen in a very long time, and it seems like it's virtually frictionless across-the-board and looking at your metrics at all levels.

如果我們看一下結果，我會說，這可能是我很長一段時間以來見過的最乾淨、最令人印象深刻的增長故事之一，而且看起來幾乎是全面無摩擦的，而且看起來根據您的各個層級的指標。

With that in mind, what would you characterize as your challenges and if any?

考慮到這一點，您認為您面臨的挑戰是什麼（如果有的話）？

Yes.

是的。

I mean, I think in the business that we're in, which is a trust business, operational elements are something we put a lot of attention on and probably is one thing that does keep us up at night, to make sure that we never do anything that sort of breaks that trust with our merchants, and so that's the key part.

我的意思是，我認為在我們從事的信託業務中，營運要素是我們非常關注的事情，而且可能是一件讓我們夜不能寐的事情，以確保我們永遠不會做任何破壞我們商家信任的事情，所以這是關鍵部分。

The other thing is in some parts of the world, credit card penetration isn't that high, so we need to think about other ways of allowing merchants to transact money with their customers as well as in other places the logistics system's not quite where it needs to be.

另一件事是，在世界某些地區，信用卡普及率不是那麼高，因此我們需要考慮其他方式讓商家與客戶進行貨幣交易，而在其他地方，物流系統還不太完善。

So it's those things that we also are keeping a focus on, and basically decide where we want to experiment based on those factors coming into play.

因此，我們也一直關注這些事情，並基本上根據這些起作用的因素來決定我們要在哪裡進行實驗。

Your next question comes from Michael Nemeroff from Crédit Suisse.

您的下一個問題來自瑞士信貸銀行的邁克爾·內梅羅夫。

As Plus is -- it's clearly becoming a larger portion of revenue and aside from focusing on the wholesale aspect, what other things are you going to do to feed this larger merchant growth?

就像 Plus 一樣，它顯然正在佔收入的更大比例，除了專注於批發方面之外，您還打算做哪些其他事情來滿足更大的商家成長？

And then also, do you feel like the core product is robust enough or feature-ish enough to replace an enterprise solution, something like a Hybris or a Demandware, and could that be a direction of the company going forward to after some of these really large commerce platforms that have -- you know cost a lot of money and have been installed for decades in some cases?

另外，您是否覺得核心產品足夠強大或功能豐富，足以取代企業解決方案（例如 Hybris 或 Demandware），這可能是公司在其中一些真正解決方案之後的發展方向嗎？資金，並且在某些情況下已經安裝了數十年？

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

哈利在這裡，我來回答這個問題，麥可。

So in terms of the additional functionality that some of these larger brands require, one of the reasons that we launched the technology partner program, just a little while ago, was because some of the things that they're asking for, our core base of merchants just simply don't need for example, ERP integrations or cross-border tax compliance, and so by creating a network of partners, who are specifically geared towards these much larger brands, these much larger merchants, we think that helps us fill in lot of gaps that potentially have been missing.

因此，就這些較大品牌所需的附加功能而言，我們不久前推出技術合作夥伴計劃的原因之一是因為他們要求的一些東西，我們的核心基礎商戶根本不需要ERP 集成或跨境稅務合規性等，因此，透過創建專門針對這些更大品牌、這些更大商戶的合作夥伴網絡，我們認為這有助於我們填補這些空白。

Beyond things, you mentioned wholesale, I mean wholesale really was demand-generated, we saw our existing base of merchants that were asking for it, and so it was an obvious thing for us.

除此之外，你提到批發，我的意思是批發確實是需求產生的，我們看到我們現有的商人基礎正在要求它，所以這對我們來說是顯而易見的事情。

One of the things we are doing now, that we have a bit of a better handle on who these Plus merchants are is we're now asking them, what are the other things that you're not getting from us and filling those gaps with these other partners.

我們現在正在做的一件事是，我們可以更好地了解這些 Plus 商家是誰，我們現在詢問他們，您沒有從我們這裡得到的其他東西是什麼，並用這些來填補這些空白這些其他合作夥伴。

So that's kind of the way we look at it.

這就是我們看待它的方式。

And in terms of your question about big migrations, we've had migrations from every major platform, including the one that you had mentioned.

至於你關於大遷移的問題，我們已經從每個主要平台進行了遷移，包括你提到的那個。

Certainly the bulk of our migrations come from more of the mid-market, like the Magento, but we've had migrations from all the major ones as well.

當然，我們的大部分遷移來自中端市場，例如 Magento，但我們也有來自所有主要市場的遷移。

And as I said on previous calls, the thing that we're noticing is that a lot of these big brands are acting a lot more like entrepreneurs these days.

正如我在之前的電話會議中所說，我們注意到許多大品牌如今的表現更像企業家。

They want things that are easy-to-use, that are quick to market, that are very scalable, easy-to-customize, and so we think that as a package, Shopify Plus, fits really, really well in that vein.

他們想要易於使用、快速上市、可擴展、易於自訂的產品，因此我們認為 Shopify Plus 作為軟體包非常非常適合這一點。

Your next question comes from Deepak Mathivanan for Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two questions.

兩個問題。

First, if you look at your total gross profit as a percentage of GMV, it's currently around 1.5% range, what do you think is a long-term opportunity in terms of economics given that the value prop to some of the large merchants is very attractive with the cloud infrastructure and all the other features for payment processing?

首先，如果你看一下你的總毛利佔 GMV 的百分比，目前約為 1.5% 的範圍，考慮到一些大型商家的價值支撐非常高，你認為在經濟方面這是一個長期機會嗎？和支付處理的所有其他功能是否有吸引力？

Do you think we can see it at a much higher levels?

您認為我們可以在更高的層面上看到它嗎？

And then one quick one for Ross, payment volumes are growing strong consistently with the GMV growth, can you talk about payment penetration in terms of the Plus program currently?

Ross 簡單說一下，支付量隨著 GMV 的成長而強勁成長，您能談談目前 Plus 計畫的支付滲透率嗎？

Do you see pretty healthy demand form large merchants?

您認為大型商家的需求相當健康嗎？

That's it.

就是這樣。

Yes.

是的。

Maybe I will take that second question first.

也許我會先回答第二個問題。

So in terms of the Plus side, what we're seeing is a lot of the new merchants, that we're picking up as part of Plus, are adopting Shopify Payments.

因此，就 Plus 而言，我們看到許多新商家（我們作為 Plus 的一部分）正在採用 Shopify Payments。

And part of it is some of the changes we've done to pricing but more importantly, I think, it's just from a product point of view, a much cleaner and integrated solution for the merchants there.

其中一部分是我們對定價所做的一些改變，但更重要的是，我認為，這只是從產品的角度來看，為那裡的商家提供了一個更清潔和整合的解決方案。

We've also had a number of, even Plus merchants, move over to Shopify Payments, just in order to be able to access Shopify Capital.

我們也有許多商家（甚至是 Plus 商家）轉向 Shopify Payments，只是為了能夠獲得 Shopify Capital。

And so, again, the nice thing about Shopify is a lot of these things are interrelated and so having strength in one area actually helps other parts of the business.

所以，再說一次，Shopify 的好處是很多事情都是相互關聯的，因此在一個領域擁有優勢實際上有助於業務的其他部分。

In terms of your other question on the sort of the growth side.

關於您關於成長方面的其他問題。

I mean no specific guidance in terms of what that amount can turn out to be, but I think we feel that there's still lots of good opportunity to grow both the subscription side of the business as well as the Merchant Solution side of the business.

我的意思是，對於該金額可能會達到多少，沒有具體的指導，但我認為我們認為仍然有很多很好的機會來發展業務的訂閱方面以及業務的商家解決方案方面。

I think, it's worth also pointing out that, I always like getting these questions, because you guys always suggest these really, really interesting ways to slice the various gross metrics divided by something really novel.

我認為，還值得指出的是，我總是喜歡收到這些問題，因為你們總是提出這些非常非常有趣的方法來將各種整體指標除以一些非常新穎的東西。

I just have to say, from a perspective of building a business was we never manage a company against these, sort of, financial ratios or goals.

我只想說，從建立業務的角度來看，我們從來沒有根據這些財務比率或目標來管理公司。

Like the way we think about the business is that, we have our core product, which is of enormous amount of value to the people who use it.

就像我們看待業務的方式一樣，我們擁有核心產品，這對於使用它的人來說具有巨大的價值。

We are constantly working on thinking about how to make it better, we have a pretty clear-eyed view of what the future of retail might look like and what kind of software it requires.

我們一直致力於思考如何讓它變得更好，我們對零售業的未來可能會是什麼樣子以及它需要什麼樣的軟體有著非常清晰的認識。

All of these things go on the flywheel, which hopefully will spins faster and faster, faster.

所有這些東西都在飛輪上運行，飛輪有望旋轉得越來越快、越來越快。

And from that, we look at opportunities to get some revenue, especially in places where our customer's already spending money like payment gateways and so on.

由此，我們尋找獲得一些收入的機會，特別是在我們的客戶已經花錢的地方，例如支付網關等。

And that combination then creates really, really robust growth story, where the revenue is then reinvested into allowing us to take advantage of more opportunities to build better product and it all, kind of, feeds back into each other.

這種結合創造了真正非常強勁的成長故事，收入隨後被再投資，讓我們能夠利用更多機會來打造更好的產品，而這一切，在某種程度上，相互反饋。

And so the financial statements at the end of a day are kind of our check-in that things are going in the right direction, but we don't manage directly against them.

因此，一天結束時的財務報表是我們對事情正在朝著正確方向發展的一種檢查，但我們不會直接針對它們進行管理。

Your next question comes from Brian Essex from Morgan Stanley.

您的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

First of all Russ, congratulations on your retirement.

首先，拉斯，恭喜你退休。

If you picked a quarter to announce it, this is a good one.

如果您選擇一個季度來宣布這一消息，那麼這是一個不錯的選擇。

And then I guess for the question, I wanted to follow-up on Michael's question, around Shopify Plus.

然後我想對於這個問題，我想圍繞 Shopify Plus 跟進 Michael 的問題。

As you look to expand to more, kind of, feature functionality and broaden your depth with Plus penetration, how do we think about unit economics of those customers?

當您希望擴展到更多功能並透過 Plus 滲透拓寬您的深度時，我們如何考慮這些客戶的單位經濟效益？

And what kind of value you might capture as opposed to passing through to your partners?

您可能會獲得什麼樣的價值而不是傳遞給合作夥伴？

And then secondly, are you seeing a greater percentage of exclusivity on that platform as opposed to -- I know when we first did the IPO, there were some pretty interesting [use] cases, for example, as CMOs get more of their budget, they don't have involve their IT staff, but they maybe -- their IT staff would have a solution like Demandware that they kind of went in parallel with, are you seeing more exclusive opportunities?

其次，你是否在該平台上看到了更大比例的排他性，而不是——我知道當我們第一次進行IPO 時，有一些非常有趣的[使用]案例，例如，隨著首席行銷長獲得更多的預算，他們沒有讓 IT 員工參與，但他們的 IT 員工可能會擁有像 Demandware 這樣的解決方案，他們可以與之並行，您是否看到了更多獨家機會？

I think that would about do it on my end.

我想這對我來說就足夠了。

Yes.

是的。

So in terms of exclusive opportunities, similar to our core app partners, what tends to happen is they begin to build for Shopify and realize that Shopify is the best place for them to access customers at their applications, and they tend to go, in many cases, all in on Shopify after that happens.

因此，就獨家機會而言，與我們的核心應用合作夥伴類似，往往會發生的情況是他們開始為Shopify 進行構建，並意識到Shopify 是他們透過應用程式訪問客戶的最佳場所，並且他們傾向於在許多方面發生這種情況後，一切都在 Shopify 上。

The Plus technology partner program is still pretty new, so some of these partners obviously work with a variety of different platforms.

Plus 技術合作夥伴計畫仍然相當新，因此其中一些合作夥伴顯然可以與各種不同的平台合作。

Our hope is that they see that there's just a ton of value with Shopify, and that's where they invest their time and their R&D efforts to build on top of in that case.

我們希望他們看到 Shopify 具有巨大的價值，而這就是他們投入時間和研發精力的地方，在此基礎上進行建造。

On the first part of the question just in terms of economics around Plus, the reason we made the change in Q1 on pricing is really, it's future-looking.

關於問題的第一部分，就 Plus 的經濟學而言，我們在第一季對定價進行更改的原因實際上是面向未來。

The idea is that now as these new merchants grow up on Shopify, eventually graduate to Shopify Plus, get really big, we share in the economics of their GMV through the -- through the fee, the 25 basis points.

我們的想法是，現在隨著這些新商家在 Shopify 上成長，最終升級到 Shopify Plus，變得非常大，我們透過 25 個基點的費用分享他們的 GMV 經濟效益。

But also for other brands that are migrating over, that as they grow up on Shopify, in some cases bring on more of their properties to Shopify Plus that we share in that success.

但對於其他正在遷移的品牌來說，隨著它們在 Shopify 上成長，在某些情況下會將更多的產品帶到 Shopify Plus，我們也分享了這一成功。

So similar to what you'd mentioned, that we talked about around, you know, a while ago around these CMOs that are contacting us for a very small slice of their entire business, we really like that, because it's a bit of a land-and-expand opportunity.

與你提到的非常相似，我們不久前就這些 CMO 討論過，他們正在聯繫我們，以獲得他們整個業務的一小部分，我們真的很喜歡這樣，因為它有點像一塊土地-並擴大機會。

So they may bring us -- Sears brought us a very small pop-up that they did last year, and that was the first time engaging with Sears and obviously, the hope is that, that brings on more properties with them.

所以他們可能會為我們帶來——西爾斯去年為我們帶來了一個非常小的快閃店，這是他們第一次與西爾斯合作，顯然，希望這能為他們帶來更多的房產。

Same thing with some of the other big department stores.

其他一些大型百貨公司也是如此。

So we don't necessarily need to get the entirety of every property from these big brands on right at once.

因此，我們不一定需要立即獲得這些大品牌的全部資產。

We'd much prefer to get something on, prove to them that Shopify Plus is an ideal partner for their commerce and retail efforts, and then slowly we watch them bring on more and more properties, which certainly has been the case with companies like Budweiser and a lot of other big brands.

我們更願意購買一些東西，向他們證明Shopify Plus 是他們商業和零售工作的理想合作夥伴，然後慢慢地我們看到他們帶來越來越多的產品，像百威啤酒這樣的公司肯定就是這種情況以及許多其他大品牌。

Your next question comes from Richard Davis from Canaccord.

您的下一個問題來自 Canaccord 的理查德戴維斯。

I mean, it's self-evident that you guys have executed really well, and you, kind of, touched around this topic of making the platform better near-term, but if you know, let's step back and think, if you're looking back -- if we're looking back here, at least at high levels, like 3 to 4 years from now, what initiatives do you see as kind of the most promising or interesting new growth vectors for the business?

我的意思是，不言而喻，你們執行得非常好，而且你們有點觸及了讓平台在短期內變得更好的主題，但如果你們知道，讓我們退後一步思考一下，如果你們正在尋找回過頭來－如果我們回顧這裡，至少在高水準上，例如從現在起的3 到4 年後，您認為哪些舉措是最有前途或最有趣的業務新成長向量？

You don't have to give us -- well, you can, but -- you don't have to give us the product road map explicitly, but it'd just be helpful to kind of think about this thing a little bit more holistically.

你不必給我們——嗯，你可以，但是——你不必給我們明確的產品路線圖，但多思考一下這件事會很有幫助整體上。

Yes.

是的。

So, I mean a lot our cards are in play already, right.

所以，我的意思是我們的許多牌已經在發揮作用了，對吧。

So we are -- I don't think Shopify necessarily needs the, here's the massive unveiling of the strategy that no one's been seeing and like -- I think that's kind of -- that kind of happened with multichannel, it's like a -- it sounds so silly to say, but now because it's so bloody obvious.

所以我們 - 我認為 Shopify 不一定需要，這是大規模公佈的戰略，沒有人看到和喜歡 - 我認為這就是 - 多渠道發生的情況，就像 -這聽起來很愚蠢，但現在因為它是如此明顯。

But when we were taking the company public, we were worried a lot, talking in our decks about multichannel and specifically our insight that we knew everyone needed multichannel software, but we were an online store software and our insight was, we are in the best competitive situation to get to be the multichannel system for all retailers, right.

但是，當我們將公司上市時，我們非常擔心，在我們的甲板上談論多渠道，特別是我們的見解，我們知道每個人都需要多渠道軟體，但我們是一個在線商店軟體，我們的見解是，我們處於最好的狀態競爭情況成為所有零售商的多通路系統，對吧。

So we worried and said, hey, let's go public but we need to explain this.

所以我們擔心並說，嘿，讓我們公開吧，但我們需要解釋一下。

The problem is then everyone knows what we're doing and then everyone's going to do this, and here we are 2 years later and kind of no one did, so that's kind of surprising.

問題是每個人都知道我們在做什麼，然後每個人都會這樣做，而兩年後我們沒有人這樣做，所以這有點令人驚訝。

And that just means how happy we are with this kind of thing.

這只意味著我們對這種事情有多高興。

Now in terms of the next couple of years, the key there is really, it's really with multi.

現在就未來幾年而言，關鍵確實是多方面的。

There is a lot of things, like multichannel has started this, but there's a lot of work going into being able to deal with the true complexities of, let's say, inventory, like multilocations, we're talking -- when you go to the rest of the planet, you say, okay, now [learn] multiple languages and so on.

有很多事情，例如多渠道已經開始了，但是還有很多工作要做，才能處理庫存的真正複雜性，比如我們正在談論的多地點——當你去地球上的其他地方，你會說，好吧，現在[學習]多種語言等等。

So really it's I think -- Visa, now we are going to add to the platform, which really, really allow the addressable market of Shopify to just expand in all directions.

所以我認為，Visa，現在我們將添加到該平台，這真的非常允許 Shopify 的目標市場向​​各個方向擴展。

Every time we do one of those kind of things, it really compounds and acts on the flywheel, and then increases the amount of people who can use us in both directions, and that's the really exciting thing.

每當我們做其中一件事時，它就會真正複合並作用在飛輪上，然後增加可以在兩個方向上使用我們的人的數量，這才是真正令人興奮的事情。

You know like the pyramid of our -- our addressable market is the pyramid, the demand's almost total, who wouldn't want a business on the side that makes more money than it costs, right?

你知道，就像我們的金字塔一樣，我們的目標市場是金字塔，需求幾乎是全部，誰不希望生意賺的錢比成本多，對吧？

So the only thing that stops everyone from wanting a Shopify store is that it's work and that it requires learning and therefore, potential for failure.

因此，唯一阻止每個人想要開 Shopify 商店的原因是它是工作，需要學習，因此失敗的可能性。

So all these things we have input on.

所以我們對所有這些事情都有意見。

we can make it less work, especially with technologies like machine learning, which we invest into.

我們可以減少工作量，特別是透過我們投資的機器學習等技術。

We can make the -- we can manage a fear of failure to a certain degree, which frankly macroculturally already, kind of, happened.

我們可以在一定程度上管理對失敗的恐懼，坦白說，從宏觀文化角度來看，這種情況已經發生了。

And we can just push down the learning curve to building this entire thing and therefore, just massively increase the size of the market we have.

我們可以降低學習曲線來建立整個東西，因此，只需大幅增加我們擁有的市場規模。

And you see a lot of these kind of efforts, like just general work on the platform, things like Kit and so on.

你會看到很多這樣的努力，像是平台上的一般工作，像是 Kit 等。

So I think the best way to think about Shopify is, now we are on -- like we put this train on the right tracks now, and now we're going to pick up speed into this direction.

因此，我認為考慮 Shopify 的最佳方式是，現在我們已經開始了，就像我們現在將這列火車放在正確的軌道上一樣，現在我們將加快朝這個方向的速度。

Your next question comes from Colin Sebastian from Robert Baird.

您的下一個問題來自羅伯特·貝爾德的科林·塞巴斯蒂安。

Question on Shopify Capital, with the step-up in cash advances in the quarter, if you could talk about how important the program is related to the -- contributing to merchants and revenue growth, including color on your ability to screen merchants for credit quality?

關於 Shopify Capital 的問題，隨著本季度現金預付款的增加，您是否可以談談該計劃對商家和收入成長的貢獻有多麼重要，包括對篩選商家信用品質的能力的影響？

And as a quick follow-up on the bigger growth question, I wonder if you can tie the significant growth and share for platforms like Amazon, as it's creating more urgency among merchants and retailers to upgrade -- to get online and upgrade their existing technology platforms.

作為對更大的成長問題的快速跟進，我想知道您是否可以將亞馬遜等平台的顯著增長和份額聯繫起來，因為它讓商家和零售商更加迫切地需要升級——上網併升級他們現有的技術平台。

Yes, in terms of Shopify Capital.

是的，就 Shopify 資本而言。

I mean for a lot of our merchants it is very difficult if not, in some cases, impossible to get working capital financing.

我的意思是，對於我們的許多商家來說，在某些情況下，即使沒有，也很難獲得營運資金融資。

And so I think that we're meeting a real need there.

所以我認為我們正在滿足那裡的真正需求。

And again, although it's its own revenue contributor, I think the bigger value is that it's helping these merchants expand their businesses, which we also then participate in through things like Shopify Payments.

再說一遍，雖然它是自己的收入貢獻者，但我認為更大的價值是它正在幫助這些商家擴展業務，然後我們也透過 Shopify Payments 等方式參與其中。

We're seeing a number of these merchants who paid off their first, second, sometimes now up to fifth advance.

我們看到許多這樣的商人付清了第一筆、第二筆，有時甚至現在高達第五筆預付款。

They're looking to refresh that.

他們正在尋求刷新這一點。

I expect as we sort of get ready for the Black Friday, Cyber Monday holiday period, you'll see more advances as they want to, sort of, build up their inventory for that site.

我預計，當我們為黑色星期五、網路星期一假期做好準備時，您會看到更多進展，因為他們希望為該網站建立庫存。

So I think using the tools that we now have at our disposal, as Tobi talked about, like machine learning.

所以我認為使用我們現在可以使用的工具，正如托比所說，例如機器學習。

It's really allowing us to make sure that we're providing the merchant with the right proposal at the right time and making sure that we're not taking undue risk and further to that, the fact that these are now -- have been insured almost for 12 months really reduces our exposure.

這確實讓我們能夠確保我們在正確的時間向商家提供正確的建議，並確保我們不會承擔不當的風險，更重要的是，事實上，這些現在幾乎已經投保了12 個月確實減少了我們的暴露。

In terms of what Amazon's doing and the urgency that creates, I would say, that's definitely a factor.

就亞馬遜正在做的事情以及由此產生的緊迫性而言，我想說，這絕對是一個因素。

I would say the fact that mobile is such a big part of the business these days that your existing solution may not have that capability.

我想說的是，如今行動已成為業務的重要組成部分，您現有的解決方案可能不具備該功能。

The fact that you now need to be multichannel, I think all of those contribute to really a good time for Shopify and what we offer.

事實上，你現在需要多管道，我認為所有這些都有助於 Shopify 和我們提供的產品真正迎來美好時光。

Your next question comes from Jonathan Kees from Summit Redstone.

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

So I just wanted to ask about a couple of things.

所以我只是想問一些事情。

One, is regarding the sales hackers, I assume it's the trajectory for the sales hackers growth, I assume you grew that sales force this quarter, and you'll continue to do that as we go through the year with the growth of Plus.

一是關於銷售駭客，我認為這是銷售駭客成長的軌跡，我假設您在本季度擴大了銷售隊伍，並且隨著 Plus 的成長，您將在這一年中繼續這樣做。

Can you just talk in terms of the trajectory of that expansion, if you're looking to really ramp-up there?

如果你真的想在那裡加速的話，你能簡單談談擴張的軌跡嗎？

And then second, wanted to ask about Russ's departure.

第二，想詢問拉斯離開的狀況。

Russ, congrats there, and if I can ask -- I'm only asking because more like, I'll be asked this, are you looking to just take some time off, spend time with family and then re-evaluate entering or looking for other opportunities or are you truly retiring?

拉斯，恭喜你，如果我可以問的話——我只是問，因為更像是，我會被問到這個，你是否想休息一段時間，與家人共度時光，然後重新評估進入或尋找尋找其他機會或是您真的退休了嗎？

I'd take the first part of the question and let Russ answer his question -- his own question about retirement.

我會回答問題的第一部分，讓拉斯回答他的問題──他自己關於退休的問題。

In terms of sales hackers, we continue to hire them.

在銷售黑客方面，我們繼續僱用他們。

The hacker counter is certainly higher than at where we were in Q1.

黑客計數器肯定高於第一季的水平。

It really is just a matter of getting the right hackers and getting them ramped up.

這實際上只是找到合適的駭客並讓他們壯大的問題。

As we've mentioned in the past, our sales hackers are not your traditional sales people.

正如我們過去提到的，我們的銷售駭客不是您的傳統銷售人員。

These are people that have a proclivity for technology, many of them are quite younger and not necessarily as experienced, but we find that, that's a much better way for us to bring them in and train them on exactly how to sell Shopify Plus.

這些人對科技有興趣，其中許多人相當年輕，不一定有經驗，但我們發現，這是我們引入他們並培訓他們如何銷售 Shopify Plus 的更好方法。

So we will continue to grow that hacker team as needed.

因此，我們將根據需要繼續擴大黑客團隊。

Yes, I'll take -- I guess I'm the best one to answer the retirement question.

是的，我會接受——我想我是回答退休問題的最佳人選。

So yes, it is a retirement.

所以是的，這是退休。

Sort of the normal stuff, travel, spend time with family.

一些正常的事情，旅行，與家人共度時光。

I have new -- well, 1 grandchild and another one on the way.

我有一個新的孫子，還有一個即將出生。

Probably do some golf, some reading, I haven't quite figured out the second week yet, of retirement, so I'll keep you in the loop.

可能會打一些高爾夫球，看一些書，我還沒有完全弄清楚退休的第二週，所以我會讓你了解情況。

Your next question comes from Sam Kemp from Piper Jaffray.

您的下一個問題來自 Piper Jaffray 的 Sam Kemp。

One question.

一個問題。

So I guess Harley, you talked about Shopify Pay being an intermediate step and Tobi, you talked about a lot of things around hardware and browser combos to reduce payments friction, I guess, can you, kind of, piece those together from what it looks like from a consumer standpoint?

所以我想 Harley，您談到了 Shopify Pay 是一個中間步驟，而 Tobi，您談到了很多有關硬體和瀏覽器組合以減少支付摩擦的事情，我想，您能不能將它們從看起來的樣子拼湊起來例如從消費者的角度來看？

And where you want to take Payments and what kind of timeline we're talking about there?

您想在哪裡進行付款以及我們正在談論什麼樣的時間表？

And then the second question is around Kit.

第二個問題是關於基特的。

You made Kit free during the quarter, can you talk about the strategic rationale there?

你們在本季免費提供了 Kit，你們能談談其中的策略理由嗎？

Are you seeing Kit as more of an onboarding platform for their product rollouts?

您是否將 Kit 更多地視為其產品推出的入門平台？

Or can you just talk about the rationale there?

或者您能簡單談談其中的原理嗎？

Hey, Sam, we're close to the end of the call, and we have a lot of more people on line, so do you want the Kit one or the payments one?

嘿，Sam，我們的通話即將結束，而且還有很多人在線，所以您想要套件還是付款？

Payments.

付款。

So with payments, again, our ambition is, you sometimes see people talk about checkout 2.0.

因此，在付款方面，我們的目標是，有時你會看到人們談論結帳 2.0。

Sometimes we talk about 1-page checkout and all these kind of things, like our ambition is no checkout.

有時我們會談論一頁結帳和所有此類事情，就像我們的目標是沒有結帳一樣。

We think checkout is an anachronism, and we want to get rid of it.

我們認為結帳已經不合時宜，我們希望擺脫它。

And we are looking for ways to do this now and get into this future quicker and that's Shopify Pay.

我們現在正在尋找方法來做到這一點，並更快地進入這個未來，這就是 Shopify Pay。

And maybe in the long-term, that ends up being the dominant perfect solution for this, depending on how high we can climb this particular mountain.

也許從長遠來看，這最終會成為主導的完美解決方案，這取決於我們能攀登這座特定山峰的高度。

But again, I don't want to -- like what I don't want to do is say, "hey, measure Shopify's brokers based on how well Shopify Pay is doing." Because the truth is we might be happily turning it off in 2 years.

但同樣，我不想 - 就像我不想說的那樣，“嘿，根據 Shopify Pay 的表現來衡量 Shopify 的經紀人。”因為事實是我們可能會很高興在兩年內關閉它。

If all the devices get Payments built-in and credit cards and secure elements and so on.

如果所有設備都內建付款、信用卡和安全元件等。

I'd love to remove all that curvey road from Shopify and just rely on browser features.

我很想從 Shopify 中刪除所有彎曲的道路，而只依賴瀏覽器功能。

So this is really how it stitches together.

這就是它真正縫合在一起的方式。

We thought this would happen by way of browsers with built-in payment transfers and credit cards, and we were convinced this would be imminent after Shopify's release in 2006.

我們認為這將透過內建支付轉帳和信用卡的瀏覽器實現，我們確信這將在 2006 年 Shopify 發布後立即實現。

And certainly it was talked about.

當然，這也被談論過。

It just never happened.

它只是從未發生過。

So we kind of just gave up.

所以我們就放棄了。

Like we just said, let's build Pay for now and then we get all our customers into the proper future, and then we are not depending on the browser vendors to do the right thing anymore.

就像我們剛才說的，讓我們現在建立 Pay，然後我們讓所有客戶進入正確的未來，然後我們就不再依賴瀏覽器供應商做正確的事情了。

Your next question comes from Monika Garg from Keybanc Capital.

您的下一個問題來自 Keybanc Capital 的 Monika Garg。

You had talked about entering B2B market last quarter, could you update as how is that going?

上個季度您曾談到進入B2B市場，您能介紹一下進展如何嗎？

How do you see that ramping?

您如何看待這種成長？

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

我是哈利，我來回答這個問題。

Yes so as we discussed, we have rolled out a wholesale functionality for Shopify Plus.

是的，正如我們所討論的，我們已經推出了 Shopify Plus 的批發功能。

Still really early but as I mentioned on the last call, I believe, we had some merchants who were kind of doing it on the side, and they were having trouble on bringing it into Shopify, and so now we've made it a lot easier for them.

現在還很早，但正如我在上次電話中提到的，我相信我們有一些商家在兼職做這件事，他們在將其引入 Shopify 時遇到了困難，所以現在我們已經做了很多對他們來說更容易。

But again, B2B was really something that our existing merchant base has demanded.

但話又說回來，B2B 確實是我們現有的商業基礎所需要的。

And so we've been able to provide them with functionality there.

因此我們能夠為他們提供功能。

The additional piece of that is, now we have merchants who exclusively sell B2B that are now coming to Shopify Plus that historically were not doing so.

額外的一點是，現在我們有專門銷售 B2B 的商家現在正在加入 Shopify Plus，而以前從未這樣做過。

So again, that product is still pretty early, and we're still iterating and making it better, but it certainly now allows us to go after a new type of Shopify Plus merchant that historically did not sell direct to consumer.

再說一遍，該產品還處於早期階段，我們仍在迭代並使其變得更好，但它現在肯定讓我們能夠追求一種新型的Shopify Plus 商家，這種商家歷來不直接向消費者銷售。

You next question comes from Terry Tillman from SunTrust Robinson.

您的下一個問題來自 SunTrust Robinson 的 Terry Tillman。

First, Russ, I guess we have some time to try to talk you out of retiring.

首先，拉斯，我想我們有一些時間說服你不要退休。

This is too much fun.

這太好玩了。

But yes, my question just relates to the apps business and the third-party developer ecosystem.

但是，是的，我的問題只涉及應用程式業務和第三方開發者生態系統。

How big is that as a revenue generator?

作為收入來源有多大？

And it would seem like you could really leverage machine learning there to actually recommend the next best app for your customers to use, so just kind of curious how you manage analytics around that business and the revenue size?

看起來你真的可以利用機器學習來實際推薦下一個最佳應用程式供你的客戶使用，所以有點好奇你如何管理圍繞該業務和收入規模的分析？

Yes, in terms of the revenue size.

是的，就收入規模而言。

The theme piece of the business is something that we record on a gross basis where the apps themselves are net, so relatively the theme part is slightly bigger at this stage.

業務的主題部分是我們在總體基礎上記錄的內容，其中應用程式本身是網路的，因此相對而言，現階段主題部分稍大一些。

And we have started to already use some of the capabilities we have around machine learning to help the merchant really discover which apps are suited for them, for whatever their particular task is, and I think that's an area that you'll see grow.

我們已經開始使用我們擁有的一些機器學習功能來幫助商家真正發現哪些應用程式適合他們，無論他們的特定任務是什麼，我認為這是一個你會看到成長的領域。

I mean when you have 1,800 apps, it can be a little daunting when someone goes to the app store and tries to, sort of, navigate.

我的意思是，當你有 1,800 個應用程式時，當有人去應用程式商店並嘗試進行某種導航時，可能會有點令人畏懼。

So we think that is an area that we can really help with.

所以我們認為這是我們真正可以提供幫助的領域。

It's Harley, I'll just add on to that.

這是哈雷，我補充一下。

One of the things that -- because we have so many merchants on our platform, what we're really trying to do is make sure the right merchant's on the right apps at the right time.

其中一件事 - 因為我們的平台上有如此多的商家，所以我們真正想做的是確保正確的商家在正確的時間使用正確的應用程式。

So as they're sort of building their journey, they don't need ERP applications when they're just getting started.

因此，當他們正在建立自己的旅程時，他們在剛開始時並不需要 ERP 應用程式。

We know what they need just to get up and running and get some first stuff or sales on their site, on their shop.

我們知道他們需要什麼來啟動和運行並在他們的網站和商店上獲得一些第一批東西或銷售。

So one of the things, that we -- as Russ had, sort of, alluded to, what we really want to do is ensure they're finding the right apps at right the time.

因此，正如 Russ 所提到的，我們真正想做的一件事是確保他們在正確的時間找到正確的應用程式。

Again, having so many merchants on our platform, one of the additional benefits is that anyone that's thinking about building new commerce functionality on the planet is thinking about Shopify's app program first, and we love that.

同樣，我們的平台上有如此多的商家，額外的好處之一是，任何考慮在地球上構建新商務功能的人都會首先考慮 Shopify 的應用程序，我們喜歡這一點。

Your next question comes from Samad Samana from Stephens Inc.

您的下一個問題來自 Stephens Inc. 的 Samad Samana。

Can you help us understand what percentage of each dollar of GMV from merchant that you can think Shop can address over time?

您能否幫助我們了解您認為 Shop 可以隨著時間的推移解決來自商家的每一美元 GMV 的百分比是多少？

In other words, what do you think the maximum take rate can be long-term?

換句話說，您認為長期的最大採用率是多少？

And what do see merchants spend today, in terms of their -- as a percentage of GMV on their Merchant Solutions, and what Shop could address over time?

目前商家在其商家解決方案上的支出佔 GMV 的百分比是多少？

I think, it depends on what particular merchant solution you're looking at.

我認為，這取決於您正在尋找哪種特定的商家解決方案。

I mean, if you look at absolute dollars, people'll spend more on shipping than payments for example.

我的意思是，如果你看絕對美元，人們會在運輸上花費比付款更多的錢。

And so we don't have a firm view of how high that number can be, we think it will just continue to gradually increase over time, which is really what our objective is here.

因此，我們對於這個數字能有多高並沒有明確的看法，我們認為它只會隨著時間的推移而繼續逐漸增加，這確實是我們的目標。

Your next question comes from Todd Coupland from CIBC.

您的下一個問題來自 CIBC 的 Todd Coupland。

I believe Shopify had had plans for about 1,000 new staff in 2017.

我相信 Shopify 計劃在 2017 年招募約 1,000 名新員工。

And I'm just wondering, with the acceleration of the merchant count, does that also press and require you to hire more than you expected at the beginning of the year?

我只是想知道，隨著商家數量的加速，這是否也會迫使您僱用比年初預期更多的員工？

Any color that would be appreciated.

任何顏色都會受到讚賞。

Yes, we're still having lots of success on the hiring front.

是的，我們在招募方面仍然取得了巨大的成功。

Where that merchant count has more of an impact is on the support group.

商家數量對支持群體的影響更大。

And so you'll see us continue to ramp that side of the business.

所以你會看到我們繼續擴大這方面的業務。

And Q3 has always been, sort of an investment period for the company, both on that as well as the infrastructure and preparation for the very high volume holiday period.

第三季一直是公司的投資期，無論是在基礎設施還是在為大量假期做好準備方面。

Your next question comes from Suthan Sukumar from Eight Capital.

您的下一個問題來自八資本的 Suthan Sukumar。

In the past you've spoken about the significant traction you've seen with Kit.

過去您曾談到 Kit 所帶來的巨大吸引力。

And I kind of wanted to understand some of the strategic rationale in terms of making that a free service, kind of the -- I presume there is a strong business case in doing so.

我有點想了解使其成為免費服務的一些策略性原理，我認為這樣做有一個強有力的商業案例。

And beyond that, your thoughts on how you plan to evolve the offering?

除此之外，您對計劃如何發展該產品有何想法？

And what other types of marketing capabilities do you plan to roll out to your base from a roadmap perspective?

從路線圖的角度來看，您計劃向您的基地推出哪些其他類型的行銷能力？

So Kit is what we call a marketing simplification, right?

所以 Kit 就是我們所說的行銷簡化，對吧？

There's an entire industry of marketing automization which is sort of looks a little bit similar but is quite different in terms of its goal.

整個行銷自動化產業看起來有點相似，但目標卻截然不同。

So the reason why we want Kit to be free is just because we wanted to remove obstacles from installing it.

所以我們之所以希望Kit免費，只是因為我們想消除安裝它的障礙。

We really, really want more people to use it because we see the data and if you can have merchant get their first sale or second sale, these are -- it sounds a little bit hyperbolic but both are life events.

我們真的非常希望更多的人使用它，因為我們看到了數據，如果你能讓商家獲得第一次銷售或第二次銷售，這些都是——這聽起來有點誇張，但兩者都是生活事件。

When they get the sale, especially as a result of a very pleasant experience of building a store based on their ideas and dreams and then have a completely automated bot kind of help them, find their audience.

當他們獲得銷售時，特別是因為根據他們的想法和夢想建立商店的非常愉快的體驗，然後有一個完全自動化的機器人來幫助他們找到他們的受眾。

That sounds worthy of 2017 technology kind of play, right?

這聽起來很值得 2017 年科技的發揮，對吧？

That's exactly what experience you want people to have.

這正是您希望人們擁有的體驗。

And sometimes people are like -- even a $9 a month kind of fee is really in the way of installing something that really, really might make a difference.

有時人們會想——即使是每月 9 美元的費用也確實妨礙了安裝真正、真正可能產生影響的東西。

So it's really -- the way we think about it is, we're going to -- every time someone gets a sale who otherwise wouldn't have because of Kit.

所以，我們的想法是，每當有人因為 Kit 而獲得一筆交易時，我們就會這樣做。

Kit helped out.

基特幫忙了。

We're going to have a new merchant that's going to be with us for the long-term, and that's going to be worth way more than a couple of dollars that we otherwise would have made.

我們將有一個新的商人，他將長期與我們合作，這將比我們原本賺到的幾美元更值錢。

Your next question comes from Kevin Krishnaratne from Paradigm Capital.

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

Question on net adds.

網路上的問題補充一下。

I know that you still drive a good chunk of net adds organic, but just any thoughts on more targeted campaigns on the low-end.

我知道您仍然推動了大量的有機淨增加，但只是對低端更有針對性的活動的任何想法。

I'm thinking more about website builders, sites that are either free or cheaper-free to build, easier to start but might not offer the merchant all the benefits that you offer?

我更多地考慮網站建設者，這些網站要么免費，要么免費建設，更容易啟動，但可能無法為商家提供您提供的所有好處？

Any plans on targeting the low-end potentially offering a free trial -- a free plan, i.e.

任何針對低端市場的計劃都可能提供免費試用——免費計劃，即

not a trial?

不是審判？

Now there's lots of discussions about it.

現在有很多關於它的討論。

I think it's important for us to say, like we want to only suggest to people to use us for things that we know that we're the best in the world for, right?

我認為對我們來說很重要的是，我們只想建議人們使用我們來做我們知道我們是世界上最好的事情，對吧？

Because I don't think we deserve customers for products that are not the best in their class.

因為我認為我們不應該因為不是同類產品中最好的產品而贏得客戶。

And so, I guess, we probably have thousands, probably tens of thousands of people who use Shopify as their CRM website builder because it's really, really good for that.

因此，我想，我們可能有成千上萬甚至數萬人使用 Shopify 作為他們的 CRM 網站建立器，因為它真的非常有用。

Even if you just remove all the products, then it's a good content management system and in fact, it's a great one.

即使您只是刪除所有產品，這也是一個很好的內容管理系統，事實上，它是一個很棒的系統。

But I think we would really confuse the message to our market if we start advertising this, so it's just not our jam, I think.

但我認為，如果我們開始做廣告，我們真的會混淆向市場傳達的訊息，所以我認為這不是我們的目標。

Your last question comes from Brian Peterson from Raymond James.

你的最後一個問題來自雷蒙德詹姆斯的布萊恩彼得森。

First off, Russ, congrats on retirement and great job on the quarter.

首先，拉斯，祝賀您退休並在本季度取得了出色的工作。

So Tobi or Harley, just if I think about the Merchant Solutions business and, obviously, from a functionality perspective with Shipping and Capital, et cetera, it's much larger today than it was at the time of the IPO.

因此，托比或哈雷，只要我考慮商家解決方案業務，顯然，從航運和資本等的功能角度來看，它今天比 IPO 時要大得多。

But if I think about what you could potentially address for your merchants, how much room does that have to expand?

但如果我考慮一下您可能為您的商家解決的問題，那麼需要擴展多少空間？

And would you look to bring that in-house?

您希望將其引入內部嗎？

Or would you potentially address that with partners?

或者您會與合作夥伴解決這個問題嗎？

Yes, it's a good question for [all] of us.

是的，這對我們所有人來說都是一個很好的問題。

I mean it's hard to even have a generalized statement.

我的意思是，甚至很難有一個概括性的陳述。

This is really like we slice every single thing that needs to happen in the businesses and then try -- think of long-term and say, okay in 10 years, what decision right now puts us into the best position?

這實際上就像我們將業務中需要發生的每一件事切分，然後嘗試——考慮長遠並說，好吧，10 年後，現在什麼決定能讓我們處於最佳位置？

Right?

正確的？

And frankly, very often this means leave something to a partner ecosystem because the partner ecosystem is such a key part of this company.

坦白說，這通常意味著將一些東西留給合作夥伴生態系統，因為合作夥伴生態系統是該公司的關鍵部分。

It's so tremendously hard to build.

建造起來非常困難。

It took -- we've been building it for 10 years, right, already.

我們已經花了 10 年的時間來建造它，對吧。

And so it's very hard to say, hey, here is our presentence mantra and that's the guiding principle by which we make all of our decisions as it relates to merchant services.

因此，很難說，嘿，這是我們的表現口號，也是我們做出與商業服務相關的所有決策的指導原則。

We had really just looking backwards from our merchants' needs and then figure out how to address them in the best possible way.

我們實際上只是回顧了商家的需求，然後找出如何以最佳方式解決這些需求。

This is actually -- I would say, the most subtle part of this business, just from a strategic perspective, because it is so simple for us to pull future revenue forward, by making choices that favor the short-term.

我想說，從戰略角度來看，這實際上是這項業務中最微妙的部分，因為我們透過做出有利於短期的選擇來拉動未來的收入是如此簡單。

There's so many opportunities for doing this, and we're really, really, really don't want to.

有很多機會這樣做，但我們真的、真的、真的不想這樣做。

Because again, we are very long-term focused, I wrote that in my -- in the prospectus.

因為我們非常注重長期發展，我在招股說明書中寫道。

And we really try to make the decisions that put us in the best possible position long-term and I think so far we've done that.

我們確實努力做出讓我們長期處於最佳位置的決定，我認為到目前為止我們已經做到了。

Okay, thanks, everybody, for the call.

好的，謝謝大家的來電。

We have a few closing remarks from Tobi.

Tobi 致閉幕詞。

Yes, so first of all it's -- I mean hugely like 500,000 merchants is just such a crazy number.

是的，首先，我的意思是，50 萬商家真是個瘋狂的數字。

It's -- just for someone who has seen every single stage of this company, every single version that existed over the years, it's -- I've been -- I have lots of stories about being laughed out of VC offices, because they told me the entire addressable market for my company was 40,000 stores.

對於那些見過這家公司每一個階段、多年來存在的每一個版本的人來說，我有很多關於被風投辦公室嘲笑的故事，因為他們告訴對我來說，我公司的整個目標市場是40,000 家商店。

And so it's amazing to get here and there's so much work left to be done.

來到這裡真是太棒了，而且還有很多工作要做。

If you walk the street and ask someone if they want to be an entrepreneur, they say, "yes." If you ask someone if they heard of Shopify, they will say, "no." So there's so much -- we can -- there's so many things we can put on this flywheel to make this go faster, and it's just an amazing ride.

如果你走在街上問某人是否想成為企業家，他們會說「是的」。如果您問某人是否聽說過 Shopify，他們會說「沒有」。所以我們可以在飛輪上安裝很多東西，讓飛輪跑得更快，這真是一次奇妙的旅程。

I want to just spend a moment just, actually thanking Russ myself.

我想花一點時間，實際上感謝拉斯本人。

Russ joined in 2011.

拉斯於 2011 年加入。

At that point the finance department was a part-time bookkeeper, my mother-in-law and 2 Ruby scripts that I wrote.

那時財務部門是兼職簿記員、我的岳母和我寫的 2 個 Ruby 腳本。

So it's also like amazing to be able to spend so many years to work alongside someone and just see the entire business grow around it.

因此，能夠花這麼多年的時間與某人一起工作，並看到整個業務圍繞著它成長，這也是令人驚奇的。

His fingerprint fell on everything.

他的指紋落在所有東西上。

He's absolutely the source of this financial diligence that we have, that allowed -- that we have this massive need to make every single dollar count.

他絕對是我們進行財務調查的源頭，這使得我們有巨大的需求來讓每一塊錢都發揮作用。

I think this is something which, especially with our friends from Silicon Valley, is just so rare in this industry and is absolutely the kind of thing he taught us.

我認為這在這個行業中是非常罕見的，尤其是對於我們來自矽谷的朋友來說，這絕對是他教給我們的東西。

Russ has an approach to say that creativity comes from constraints and then an amazing hand at setting these constraints and always prioritizing what's best for the product and best for the company above the, sort of, more obvious quantitative metrics, which I -- even in this entire field that Russ is in, it's also like a rarity.

拉斯有一種方法說創造力來自於限制，然後他在設定這些限制方面表現得非常出色，並且總是優先考慮對產品和公司最有利的因素，而不是某種更明顯的定量指標，我甚至在拉斯所在的整個領域，這也是一個罕見的事情。

And I think we saw the components that really just made this company work frankly.

我認為我們看到了真正讓這家公司坦率運作的要素。

So thank you very much, Russ.

非常感謝你，拉斯。

We are going to open the search for the position.

我們將開始尋找該職位。

I mean we're not in a massive hurry here, because Russ kindly gave us a lot of flexibility.

我的意思是我們在這裡並不著急，因為拉斯好心地給了我們很大的靈活性。

What Russ -- on a more operational side of things, Russ did an enormously well-built financial accounting system here.

拉斯是什麼——從更具操作性的方面來看，拉斯在這裡建立了一個非常完善的財務會計系統。

There's so much automization.

自動化程度如此之高。

If the Shopify story continues on this trajectory for longer, at some point people will write books about how this all happened -- has been put together.

如果 Shopify 的故事在這個軌跡上持續更長時間，到了某個時候，人們會寫書來講述這一切是如何發生的——被整合在一起。

There's a lot of fun things you should ask him about when you see him at a conference or so.

當你在會議上見到他時，你應該問他很多有趣的事情。

So I would say, when we go out for the search, this is probably going to be the best possible CFO position that's available out there.

所以我想說，當我們出去尋找時，這可能是現有的最佳財務長職位。

There's a no-drama transition coming into an enormously well-built system and -- in a company with tons and tons and tons of potential.

一個沒有戲劇性的過渡進入了一個極其完善的系統，並且是一家擁有巨大潛力的公司。

So I just figured, might as well use this a little bit for recruiting purposes.

所以我想，不妨將其用於招募目的。

Okay, that's it from us.

好的，這就是我們的。

Thank you, very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

you may now disconnect.

您現在可以斷開連線。