Shopify Inc (SHOP) 2017 Q3 法說會逐字稿

Good morning.

早安.

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

我叫 Virgil，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 Third Quarter 2017 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2017 年第三季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Katie Keita, you may begin your conference.

凱蒂·凱塔，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 Third Quarter 2017 Conference Call.

我們很高興您能參加 Shopify 2017 年第三季電話會議。

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

今天早上，Shopify 執行長 Tobi Lutke 也加入了我們的行列。 Harley Finkelstein，我們充滿活力的營運長；以及我們的財務長 Russ Jones。

After prepared remarks, we will open it up for your questions.

準備好發言後，我們將開放供您提問。

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

今天，我們將再次在電話會議上發表前瞻性聲明。

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.

這些應被視為公認會計原則財務措施的補充，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 we tell you otherwise.

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，除非我們另有說明。

With that, I turn the call over to Tobi.

說完，我把電話轉給了托比。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

Thank you for joining the call.

感謝您加入通話。

This is going to be a fun one.

這將會是一件有趣的事。

Let me get started by saying that I personally really love this experience of taking a company from nothing and growing it to be a trusted public company.

首先我要說的是，我個人非常喜歡這種將公司從無到有發展成為一家值得信賴的上市公司的經驗。

What I get out of this journey is the opportunity to learn about such a large variety of different things.

我從這次旅程中得到的是了解如此多不同事物的機會。

I love learning about new things.

我喜歡學習新事物。

So this quarter, we learned about something new that I hadn't fully encountered before, and I realize that many people on this call are here because you would like us to talk about that.

因此，本季度，我們了解了一些我以前從未完全遇到過的新事物，我意識到這次電話會議中有很多人來這裡是因為您希望我們談論這個問題。

For those who don't know, during this quarter, we were targeted by a short-selling troll who made all sorts of preposterous claims.

對於那些不知道的人來說，在本季度，我們成為了一個賣空巨魔的目標，他提出了各種荒謬的主張。

Before we get into it, I want to address some criticisms that the company didn't respond strongly and quickly enough.

在我們開始討論之前，我想澄清一些關於該公司反應不夠強烈和迅速的批評。

We take this as constructive feedback, but our rationale is the following: All of us at Shopify lay the focus on building a valuable and enduring company.

我們將此視為建設性的回饋，但我們的理由如下：Shopify 的所有人都致力於打造一家有價值且持久的公司。

We are busy growing our merchant base, launching new features and getting everyone ready for Black Friday and Cyber Monday, which is coming up soon.

我們正忙於擴大我們的商家基礎，推出新功能，並讓每個人都為即將到來的黑色星期五和網路星期一做好準備。

And I honestly believe that the best companies do not engage in short-term stock price sort of management, if you want, and neither do we.

老實說，我相信，如果你願意的話，最好的公司不會從事短期股價管理，我們也不會。

Some days, the stock is higher, and some days it's lower, but over the course of years, it will approximate to how the company's doing.

有時，股價會上漲，有時會下跌，但隨著時間的推移，它會接近公司的表現。

So given that, and as I tweeted, we will deal with this during the financial call, because this is the time we reserve every quarter for these kind of activities.

因此，正如我在推特上發布的那樣，我們將在財務電話會議期間處理這個問題，因為這是我們每季為此類活動預留的時間。

So I want to correct three key points of misinformation.

所以我想糾正三個關鍵的錯誤訊息。

And just to be absolutely clear, we consulted with outside legal counsel, and also -- that also categorically dismissed these claims as unsubstantiated.

為了絕對清楚，我們諮詢了外部法律顧問，也斷然駁回了這些未經證實的指控。

I can definitely say that: one, we do not sell business opportunities, we sell a commerce platform; two, we comply with FTC rules and consistently inform our affiliates of their legal obligations; and three, we do not promise merchants success.

我可以肯定地說：一、我們賣的不是商機，我們賣的是商務平台；二、我們遵守 FTC 規則並始終告知我們的關聯公司其法律義務；三、我們不承諾商家成功。

Far from it.

離得很遠。

In fact, most of our content is about how hard entrepreneurship is, because it is hard.

其實我們大部分內容都是在講創業有多難，因為創業很難。

And we are here to help those who are willing to try it.

我們來這裡是為了幫助願意嘗試的人。

Every 90 seconds, an entrepreneur makes their first sale on our platform.

每 90 秒就有一位企業家在我們的平台上完成第一筆銷售。

We celebrate and cherish this accomplishment because it's not easy.

我們慶祝並珍惜這項成就，因為這並不容易。

This is what we are most proud of.

這是我們最自豪的。

So implying that these businesses are somehow illegitimate is an insult to their hard work.

因此，暗示這些企業在某種程度上是非法的，是對他們辛勤工作的侮辱。

And here's a really important piece that somehow got missed.

這是一個非常重要的部分，但不知何故被遺漏了。

While we see ourselves as a catalyst foundation, and we strive to lower the learning curve for entrepreneurship so everyone can participate, most of our revenue actually comes from the merchants successfully selling on Shopify.

雖然我們將自己視為催化劑基礎，並努力降低創業學習曲線，以便每個人都可以參與，但我們的大部分收入實際上來自在 Shopify 上成功銷售的商家。

The more merchants sell, the more payments we facilitate, the more shipping we assist with, the more working capital we provide.

商家銷售的商品越多，我們促成的付款就越多，我們協助的運輸就越多，我們提供的營運資金就越多。

This is how we have been able to deliver the results that we do quarter after quarter, because our merchants are succeeding.

這就是我們能夠每季取得成果的方式，因為我們的商家正在取得成功。

So even though some entrepreneurs have a sale and stop paying $29 per month for their store, hundreds of thousands are thriving, and we thrive alongside of them.

因此，儘管一些企業家進行了促銷並不再支付每月 29 美元的費用，但仍有數十萬企業家蓬勃發展，我們也與他們一起蓬勃發展。

Okay, I hope this clears up things on the matter.

好吧，我希望這件事能夠澄清。

Let's move on.

讓我們繼續。

I want to talk about why we are so well-positioned to be a 100-year company.

我想談談為什麼我們有能力成為一家擁有 100 年歷史的公司。

Companies that want to be around for 100 years need to solve the real problem in the real world.

想要生存 100 年的公司需要解決現實世界中的真正問題。

Now, I realize that Silicon Valley has sort of ruined the phrase "change the world" for all tech companies, but I want to say that we are trying to change the world in one significant way, and that we don't use this as some hollow phrase for just promoting some new app in the app store.

現在，我意識到矽谷已經毀掉了所有科技公司「改變世界」這句話，但我想說的是，我們正試圖以一種重要的方式改變世界，而且我們不會將此作為一些空洞的短語，只是在應用程式商店中推廣一些新應用程式。

When you open the New York Times business section, what you will read is that small companies are struggling and big companies are getting insanely big.

當你打開《紐約時報》商業版時，你會讀到小公司正在苦苦掙扎，但大公司變得異常龐大。

There's a little variance and noise in this data, because nondigital companies of all sizes are failing at the same time, but overall, that's the trend.

這些數據存在一些差異和噪音，因為各種規模的非數位化公司都在同時失敗，但總體而言，這是趨勢。

Now, I don't have the time here to dig into why this is, but the change we want to make is that we want to give the small business a chance to survive and thrive.

現在，我沒有時間在這裡深入探討為什麼會這樣，但我們想要做出的改變是我們希望給小企業一個生存和發展的機會。

The world needs millions of small businesses to ensure a sustainable future for our economies and jobs instead of a handful of major companies.

世界需要數以百萬計的小企業來確保我們的經濟和就業的永續未來，而不是少數大公司。

We are fully focused on retail and commerce, and here are a few trends that we are seeing and which we are supporting to make this happen.

我們完全專注於零售和商業，以下是我們看到的一些趨勢，以及我們支持實現這一目標的一些趨勢。

First, slow and long-established large reaches of (inaudible) by, later, focused small brands that share common values with their customers.

首先，緩慢且長期建立的大範圍覆蓋（聽不清楚），後來是與客戶擁有共同價值觀的集中小品牌。

Retail shift into a form of experience with an emphasis on storytelling, and that gives small businesses a leg up.

零售業轉變為一種強調講故事的體驗形式，這為小型企業提供了優勢。

Second, manufacturing is changing.

其次，製造業正在改變。

Most brands in the world get their products created in the same factories, but today, small businesses can access high-quality manufacturing sites which would previously have been prohibitive due to capex.

世界上大多數品牌的產品都是在同一家工廠生產的，但如今，小型企業可以使用高品質的製造場地，而這在以前由於資本支出而難以實現。

Third, innovations in the supply chain and shipping are leading to a new kind of approach, one that is forcing big change in the retail landscape.

第三，供應鏈和運輸的創新正在催生一種新的方法，這種方法正在迫使零售業格局發生巨大變化。

The winning formula for retail is now an asset-light infrastructure, combined with a highly personalized, interactive consumer experience.

如今，零售業的致勝法寶是輕資產基礎設施，與高度個人化的互動消費者體驗結合。

Finally, tools like Shopify, with its built-in data reporting, inventory tracking, shipping, retail stores, social channels, multichannel in general, actually mean that new businesses, on day one, are using better technology than any of their competitors in the market they enter, or at least they might if their competitors aren't using Shopify themselves.

最後，像Shopify 這樣的工具，具有內建的數據報告、庫存追蹤、運輸、零售商店、社交管道、多通路等功能，實際上意味著新企業從第一天起就使用了比該領域任何競爭對手更好的技術。

You put all these things together and end up with a new formula.

你把所有這些東西放在一起，最終得到一個新的公式。

Not everyone can wrap their hats around this new retail and distribution model, though.

不過，並不是每個人都能接受這種新的零售和分銷模式。

They think, for some reason, that there's something wrong with not holding any inventory, and building a drop-shipping business, or with not having a brick-and-mortar store, at a time when physical stores are closing in record numbers, or that not having tens of millions of dollars of sales means that you don't exist.

出於某種原因，他們認為，在實體店關門數量創紀錄之際，不持有任何庫存、建立代發貨業務，或者沒有實體店，都是有問題的，或者沒有數千萬美元的銷售額就意味著你不存在。

We fiercely disagree.

我們強烈不同意。

While we do have stores selling tens or even hundreds of millions of dollars a year on Shopify, because of the changes I just described, we have many, many stores just getting launched.

雖然我們確實有 Shopify 上每年銷售額數千萬甚至數億美元的商店，但由於我剛才描述的變化，我們有很多很多商店剛剛推出。

All kinds of merchants use Shopify.

各類商家都使用 Shopify。

They are the creators and innovators.

他們是創造者和創新者。

They are students trying to pay for school.

他們是努力支付學費的學生。

They have a little art gallery around the corner.

他們在拐角處有一個小藝術畫廊。

They are merchants that have scaled from first sale to multimillion dollars.

他們是從首次銷售規模擴大到數百萬美元的商家。

You saw some inspiring examples of these at our Build a Bigger Business celebration just last month, when we took them to ring the bell at the New York Stock Exchange, or at any of our numerous Shop Class events all across North America.

您在上個月的「打造更大的企業」慶祝活動中看到了一些鼓舞人心的例子，當時我們帶著他們在紐約證券交易所敲響了鐘聲，或者在我們遍布北美的眾多商店級活動中看到了這些鼓舞人心的例子。

Of course, it would be easier for us to focus exclusively on serving large businesses and large enterprises with big budgets.

當然，我們更容易專注於服務大企業和大預算的企業。

We would be part of a very crowded market.

我們將成為一個非常擁擠的市場的一部分。

There would be fights for single-digit changes to market share.

市場佔有率將會發生個位數的變化。

But we have never gone for easy.

但我們從來都沒有輕鬆過。

What we do instead is grow this market, invite people to try building new businesses, tell them what they need to know, and be honest with what they need to hear.

相反，我們所做的是發展這個市場，邀請人們嘗試建立新業務，告訴他們需要知道什麼，並誠實地告訴他們需要聽到什麼。

All future big success stories have started somewhere.

未來所有的重大成功故事都始於某個地方。

With that, I'm going to give it over to Harley.

有了這個，我要把它交給哈利。

Thanks, Tobi, and good morning, everyone.

謝謝托比，大家早安。

In the third quarter, we kept up our relentless pace of innovation and simplification, particularly in areas that directly help merchants get ahead of their biggest selling season of the year.

在第三季度，我們保持了不懈的創新和簡化步伐，特別是在直接幫助商家提前迎接今年最大銷售季節的領域。

This means exciting developments, not just across our own platform, but also within our partner ecosystem and at Shopify Plus.

這意味著令人興奮的發展，不僅在我們自己的平台上，而且在我們的合作夥伴生態系統和 Shopify Plus 中。

The number of channels over which merchants can list and sell their products to new audiences continues to expand.

商家可以向新受眾展示和銷售產品的管道數量不斷增加。

We've added Shopping Instagram as a channel to tens of thousands of merchants, and the channel of SDK we made available last year continues to be leveraged by new channels.

我們已經將 Shopping Instagram 新增為數以萬計商家的管道，而我們去年提供的 SDK 管道繼續被新管道所利用。

For example, Lyst, the global fashion search engine, is now integrated to Shopify, allowing our merchants to access their 60 million shoppers from 200 countries.

例如，全球時尚搜尋引擎 Lyst 現在已整合到 Shopify，使我們的商家能夠接觸到來自 200 個國家/地區的 6,000 萬購物者。

We expanded the capabilities of Shopify Shipping, both in terms of functionality, by adding bulk label printing, and by integrating a new shipping carrier, DHL, to augment USPS and Canada Post.

我們透過添加大量標籤列印以及整合新的運輸公司 DHL 來增強 USPS 和加拿大郵政的功能，從而擴展了 Shopify Shipping 的功能。

With DHL Express, our U.S.-based merchants can now ship internationally more easily, at better rates, and with free pickup, directly through the Shopify platform.

透過 DHL Express，我們的美國商家現在可以直接透過 Shopify 平台以更優惠的價格更輕鬆地進行國際運輸並提供免費取貨服務。

Since our last call, we've made a number of enhancements to help merchants further grow their businesses.

自上次通話以來，我們進行了許多改進，以幫助商家進一步發展業務。

We expanded our marketing analytics capability so that merchants can now easily see all the results of their marketing activities even when they're done via third-party apps.

我們擴展了行銷分析能力，以便商家現在可以輕鬆查看其行銷活動的所有結果，即使這些活動是透過第三方應用程式完成的。

We added 8 new reports for merchants on the basic plan, giving them greater insights into their visitors: where they come from, where they land and what they're looking for.

我們在基本計劃上為商家添加了 8 份新報告，讓他們更深入地了解訪客：他們來自哪裡、在哪裡登陸以及他們在尋找什麼。

And just yesterday, we launched the eBay sales channel, which gives Shopify merchants the opportunity to service their brand and products to a massive new audience of more than 169 million active eBay buyers.

就在昨天，我們推出了 eBay 銷售管道，讓 Shopify 商家有機會為超過 1.69 億活躍 eBay 買家組成的大量新受眾提供品牌和產品服務。

Let me now take a few minutes to provide an overview of our partner ecosystem, the value it delivers for merchants, and how we compensate our partners.

現在讓我花幾分鐘概述我們的合作夥伴生態系統、它為商家提供的價值以及我們如何補償合作夥伴。

It's important to understand that Shopify partners help our merchants at every stage of their business, and of the 14,000 partners who referred merchants to Shopify over the last 12 months, the large majority of them provide additional value-added services to help merchants build and grow their business.

重要的是要了解，Shopify 合作夥伴在業務的各個階段為我們的商家提供協助，在過去12 個月內向商家推薦Shopify 的14,000 名合作夥伴中，絕大多數提供額外的增值服務來幫助商家建立和發展他們的事。

These include initial store set-up, app and theme development, and services like photography, marketing, SCO and brand strategy.

其中包括初始商店設定、應用程式和主題開發，以及攝影、行銷、SCO 和品牌策略等服務。

Any one of these partners can refer new merchants to Shopify and get approved as a value-added partner or an affiliate if they qualify.

這些合作夥伴中的任何一個都可以將新商家推薦給 Shopify，並在符合條件的情況下獲得批准成為增值合作夥伴或聯營公司。

For instance, it may make sense for an app development agency who builds apps for shops to refer new merchants to Shopify using a link on their company blog.

例如，對於為商店建立應用程式的應用程式開發機構來說，使用其公司部落格上的連結將新商家推薦給 Shopify 可能是有意義的。

It is also important to note that our partners do not get paid to recruit other affiliates or partners, nor do they get paid for anything other affiliates or partners do.

同樣重要的是要注意，我們的合作夥伴不會因招募其他附屬公司或合作夥伴而獲得報酬，也不會因其他附屬公司或合作夥伴所做的任何事情而獲得報酬。

These affiliate partners are mostly bloggers, publishers and business coaches who refer new merchants to Shopify.

這些聯盟夥伴大多是部落客、出版商和商業教練，他們將新商家推薦給 Shopify。

Our team individually approves every affiliate partner who applies, after looking at their website, their profile and whether they're a fit for brand.

我們的團隊在查看每個申請的聯盟合作夥伴的網站、個人資料以及是否適合該品牌後，單獨批准他們。

Once approved, we onboard partners to the program and they agree to our partner terms, which includes their disclosure responsibilities.

一旦獲得批准，我們就會招募合作夥伴加入該計劃，並且他們同意我們的合作夥伴條款，其中包括他們的揭露責任。

In terms of compensation, our affiliate partners typically earn an upfront commission for each referred merchant.

在報酬方面，我們的聯盟夥伴通常會為每個推薦的商家賺取預付款佣金。

As we've said in the past, our partners are a part of our competitive advantage and help us identify potential merchants we may not otherwise be able to reach.

正如我們過去所說，我們的合作夥伴是我們競爭優勢的一部分，幫助我們識別我們可能無法接觸到的潛在商家。

Our partner ecosystem continues to grow, and the tremendous value it brings to merchants is unmatched in our industry.

我們的合作夥伴生態系統不斷發展，為商家帶來的巨大價值在我們的產業中是無與倫比的。

We've built strong relationships with thousands of partners globally and are aligned economically in our mission to help merchants over the long term.

我們與全球數千家合作夥伴建立了牢固的關係，並在經濟上與我們長期幫助商家的使命保持一致。

Moving on to Shopify Plus, with continued upgrades, the execution of our sales hackers, and our partner ecosystem, Shopify Plus drove a record number of launches in Q3.

轉向 Shopify Plus，透過持續升級、我們的銷售駭客的執行力以及我們的合作夥伴生態系統，Shopify Plus 在第三季推動了創紀錄的發布數量。

These included brands like the Phoenix Suns, Arby's, Josie Maran's cosmetics line, and earlier this month, fashion powerhouse Rebecca Minkoff.

其中包括鳳凰城太陽隊 (Phoenix Suns)、Arby's、Josie Maran 的化妝品系列等品牌，以及本月早些時候的時尚巨頭 Rebecca Minkoff。

A number of branded consumer packaged goods also launched, including the gourmet and iconic mustard brand Maille, Blue Diamond Growers and Beer Nuts, as did companies selling the coolers to put them in, including both Igloo and Yeti.

也推出了許多品牌消費品，包括美食和標誌性芥末品牌 Maille、Blue Diamond Growers 和 Beer Nuts，以及銷售冷藏箱的公司，包括 Igloo 和 Yeti。

Mufflers Express also launched on the platform in the quarter, showing that the demand for digital commerce goes far beyond traditional consumer goods.

Mufflers Express也在本季上線該平台，顯示數位商務的需求遠遠超出了傳統消費品。

I love this list because it illustrates the new ways brands are interacting with their consumers and using Shopify to do it.

我喜歡這個列表，因為它說明了品牌與消費者互動以及使用 Shopify 互動的新方式。

To accommodate the rapid growth of Shopify Plus, we will be expanding our footprint in Waterloo with the opening of a second location, slated for Q1 of next year.

為了適應 Shopify Plus 的快速成長，我們將擴大在滑鐵盧的業務範圍，並計劃在明年第一季開設第二家門市。

We expect to add hundreds of jobs in the next 2 to 3 years across sales, sales support and R&D in the region.

我們預計在未來 2 至 3 年內將在該地區的銷售、銷售支援和研發領域增加數百個工作機會。

We are excited about what we are building at Shopify and the positive impact we are making on the world, on the communities of Waterloo and the other 6 cities we call home, on the value propositions of our partners, and on the lives and livelihoods of our merchants globally.

我們對 Shopify 正在建造的東西以及我們對世界、滑鐵盧社區和我們稱之為家鄉的其他 6 個城市、我們合作夥伴的價值主張以及人們的生活和生計所產生的積極影響感到興奮。全球。

Our passion for disrupting the status quo and empowering merchants to grow their businesses will continue to drive our road map.

我們對打破現狀和幫助商家發展業務的熱情將繼續推動我們的路線圖。

This is what we live for.

這就是我們生活的目的。

As we move into the busiest selling period for our merchants, we are ready to help them have their best selling season ever, and we look forward to helping new merchants realize their potential.

隨著我們進入商家最繁忙的銷售時期，我們已準備好幫助他們度過有史以來最好的銷售季節，我們期待幫助新商家發揮他們的潛力。

At Shopify, we strongly believe that entrepreneurship is the foundation of the global economy, and it's not easily done alone.

在 Shopify，我們堅信創業精神是全球經濟的基礎，僅憑一己之力並不容易做到。

That is why we've made it our life's work to encourage anyone, anywhere, to become an entrepreneur.

這就是為什麼我們把鼓勵任何地方的任何人成為企業家作為我們一生的工作。

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

有了這個，我將把它交給拉斯來負責財務。

Thanks, Harley.

謝謝，哈利。

Our results in the third quarter once again highlighted the strength of our business model and our strong position to leverage the favorable trends in retail that Tobi and Harley spoke about.

我們第三季的業績再次凸顯了我們業務模式的優勢以及我們在利用托比和哈雷談到的零售業有利趨勢方面的強大地位。

In Q3, this meant not just continued rapid revenue growth, but also achieving adjusted operating profitability a quarter sooner than we anticipated, and for the first time since becoming a public company 2.5 years ago.

在第三季度，這不僅意味著收入持續快速成長，而且比我們預期提前一個季度實現調整後的營業利潤，這也是自 2.5 年前成為上市公司以來的首次。

We grew revenues 72% year-over-year to $171.5 million, with both revenue lines contributing to this rapid expansion.

我們的營收年增 72%，達到 1.715 億美元，這兩條收入線都促進了這一快速擴張。

Subscription Solutions revenue grew 65% to $82.4 million.

訂閱解決方案營收成長 65%，達到 8,240 萬美元。

The underlying monthly recurring revenue also grew 65% and ended the quarter at $26.8 billion.

基本每月經常性收入也成長了 65%，季末達到 268 億美元。

The slight acceleration over last quarter is due primarily to another record number of merchants paying to run their business on the Shopify platform.

較上季略有加速的主因是，在 Shopify 平台上付費營運業務的商家數量再創新高。

Within this, subscription revenue from Shopify Plus continued to expand.

其中，Shopify Plus 的訂閱收入持續成長。

20% of overall MRR came from Shopify Plus in the third quarter, or $5.3 million, compared with 18% of MRR for Q2 of 2017.

第三季整體 MRR 的 20% 來自 Shopify Plus，即 530 萬美元，而 2017 年第二季的 MRR 為 18%。

Merchant Solutions revenue grew 79% to $89 million.

Merchant Solutions 營收成長 79%，達到 8,900 萬美元。

Merchant Solutions revenue is directionally tied to merchant success, as this is the part of our business where we deliver back-office capabilities that save merchants both time and money, thus allowing them to focus on sales activities.

商家解決方案收入與商家的成功直接相關，因為這是我們業務的一部分，我們提供後台功能，為商家節省時間和金錢，從而使他們能夠專注於銷售活動。

GMV grew to $6.4 billion, up $2.6 billion, or 69%, from last year's third quarter.

GMV 增至 64 億美元，較去年第三季成長 26 億美元，成長 69%。

Gross Payments Volume was $2.4 billion, or 37% of GMV, versus $2.2 billion, or 38%, in Q2 of 2017.

支付總額為 24 億美元，佔 GMV 的 37%，而 2017 年第二季為 22 億美元，佔 GMV 的 38%。

This slight percentage downtick was driven primarily by the growing mix of GMV and merchants in countries where Shopify Payments is not yet offered.

這一百分比略有下降的主要原因是尚未提供 Shopify Payments 的國家/地區的 GMV 和商家組合不斷增加。

Recall that when merchants use a payment gateway other than Shopify Payments, we receive transaction-fee revenue, as well as, in most cases, a rev share from that processing gateway.

回想一下，當商家使用 Shopify Payments 以外的支付網關時，我們會收到交易費收入，並且在大多數情況下還會收到來自該處理網關的收入分成。

The growth of overall gross margin dollars accelerated to 86% year-on-year to $100 million.

整體毛利率年增86%，達到1億美元。

This is notable, as it was only 3 quarters ago that we first exceeded $100 million in quarterly revenue.

這一點值得注意，因為就在三個季度前，我們的季度營收首次突破 1 億美元。

This was driven by volume increases, as well as improvements in both Subscription Solutions and Merchant Solutions margins.

這是由銷量增加以及訂閱解決方案和商家解決方案利潤率的提高所推動的。

Merchant Solutions margins in the quarter benefitted from the non-Shopify payment fees described above, as well as from the impact of the growing mix of higher-margin Shopify Shipping and Shopify Capital.

Merchant Solutions 本季的利潤受益於上述非 Shopify 支付費用，以及利潤率較高的 Shopify Shipping 和 Shopify Capital 不斷增長的組合的影響。

Our adjusted operating profit in Q3 was $1.7 million, or 1% of revenue, compared with a loss of $2.2 million, or 2.2%, of revenue in the third quarter of 2016.

第三季調整後營業利潤為 170 萬美元，佔營收的 1%，而 2016 年第三季虧損 220 萬美元，佔營收的 2.2%。

The adjusted net income for the quarter was $5 billion, or $0.05 per share.

該季度調整後淨利潤為 50 億美元，即每股 0.05 美元。

This compares with a $1.8-million net loss, or $0.02 per share, for the third quarter of 2016.

相比之下，2016 年第三季淨虧損 180 萬美元，即每股虧損 0.02 美元。

Finally, our cash, cash equivalents and marketable securities balance was $926.6 million, down slightly from the $932.4 million at June 30, 2017, due to the continued success of Shopify Capital.

最後，由於 Shopify Capital 的持續成功，我們的現金、現金等價物和有價證券餘額為 9.266 億美元，略低於 2017 年 6 月 30 日的 9.324 億美元。

This working capital financing, which exceeded a cumulative $130 million by September 30, is even more critical as merchants prepare for the holiday season.

截至 9 月 30 日，這筆營運資金融資已累計超過 1.3 億美元，在商家為節日季節做準備之際，這項資金融資顯得尤為重要。

The popularity of Capital underscores how underserved small businesses are.

Capital 的受歡迎程度凸顯了小型企業的服務水準有多低。

This is the case not just for working capital, but for other areas as well, like payments and shipping.

這不僅適用於營運資金，也適用於其他領域，例如支付和運輸。

It is through Merchant Solutions that we meet these needs, and this is a key part of our business model.

我們透過商家解決方案來滿足這些需求，這是我們業務模式的關鍵部分。

Let me explain.

讓我解釋。

We take our role as a catalyst for new business creation seriously, which means we continually challenge those who want to be entrepreneurs to try it.

我們認真對待新業務創造催化劑的角色，這意味著我們不斷挑戰那些想成為企業家的人去嘗試。

And why shouldn't they?

他們為什麼不應該呢？

We have dramatically lowered the barriers to starting a business.

我們大大降低了創業的門檻。

What people may not understand about Shopify is that we benefit from more people trying Shopify, not fewer, even if they don't succeed at first.

人們可能不了解 Shopify 的是，我們受益於更多人嘗試 Shopify，而不是更少，即使他們一開始沒有成功。

So while this broad-based approach means that although not every merchant will be successful, their outlay is low, and our business model enables us to offset any merchant losses with the remaining cohort, upgrading plans, purchasing apps, leveraging our Merchant Solutions, and most importantly, making sales.

因此，雖然這種廣泛的基礎方法意味著，雖然不是每個商家都會成功，但他們的支出很低，而且我們的業務模式使我們能夠透過剩餘的群體、升級計劃、購買應用程式、利用我們的商家解決方案來抵消任何商家的損失。

So while there will always be merchants that stop subscribing, and we make it easy to do so, these merchants that are thriving on our platform sell more, and as they succeed, so do we, which is why we work so hard to assist with their success.

因此，雖然總會有商家停止訂閱，而我們讓他們很容易做到這一點，但這些在我們平台上蓬勃發展的商家銷量更多，隨著他們的成功，我們也成功了，這就是為什麼我們如此努力地協助他們的成功。

As we look to the rest of the year, we now expect full-year 2017 revenue in the range of $656 million to $658 million, and adjusted operating loss in the range of $1.5 million to $3.5 million.

展望今年剩餘時間，我們目前預計 2017 年全年營收將在 6.56 億美元至 6.58 億美元之間，調整後的營運虧損將在 150 萬美元至 350 萬美元之間。

This means that for the fourth quarter, we expect revenue in the range of $206 million to $208 million and an adjusted operating profit in the range of $2 million to $4 million.

這意味著，我們預計第四季的營收將在 2.06 億美元至 2.08 億美元之間，調整後的營業利潤將在 200 萬美元至 400 萬美元之間。

We expect stock-based compensation will be $54 million for the full year, which puts $16.5 million of this in the fourth quarter.

我們預計全年股票薪酬將為 5,400 萬美元，其中第四季為 1,650 萬美元。

While we wait for February to comment on our 2018 outlook, I will take this opportunity to remind investors of the following: As we continue to grow Merchant Solutions revenue, we will see a larger impact of seasonality in Q1 versus Q4 results.

當我們等待2 月對2018 年前景發表評論時，我將藉此機會提醒投資者以下事項：隨著我們商家解決方案收入的持續增長，我們將看到第一季與第四季度業績相比季節性因素的影響更大。

Although foreign exchange has a minimal impact on revenue, it can have a significant impact on operating expenses, of which approximately 50% are in Canadian dollars.

儘管外匯對收入的影響很小，但它會對營運支出產生重大影響，其中約 50% 是加元。

And although we have clearly demonstrated our ability to achieve adjusted operating profit, our focus continues to be on growth.

儘管我們已經清楚地證明了我們實現調整後營業利潤的能力，但我們的重點仍然是成長。

Said another way, given both the growing opportunity set and our long-term focus, we will continue to prioritize adding merchants to the platform and rapidly increasing its capabilities.

換句話說，考慮到不斷成長的機會和我們的長期關注點，我們將繼續優先考慮為平台添加商家並快速增強其能力。

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

然後，我會將其轉回給凱蒂以開始問答。

Thank you, Russ.

謝謝你，拉斯。

We have about 40 minutes for questions this morning and a lot of people in queue, so I would ask that you limit yourself to just one question, please.

今天早上我們有大約 40 分鐘的提問時間，有很多人在排隊，所以我想請您只回答一個問題。

Virgil, can we start pulling for questions, please?

Virgil，我們可以開始提問嗎？

Certainly.

當然。

(Operator Instructions)

（操作員說明）

Your first question comes from Ken Wong from Citigroup.

你的第一個問題來自花旗集團的 Ken Wong。

Hi, Tobi and Harley.

嗨，托比和哈利。

Thank you, guys, for clarifying the misinformation about your partner channel.

謝謝你們澄清有關合作夥伴頻道的錯誤訊息。

Can you maybe elaborate a little bit on just, maybe, what kind of mix you see from those various channels, and then any changes that you guys might be thinking about implementing in terms of how you guys approve partners?

您能否詳細說明您從這些不同管道中看到的是什麼樣的組合，以及您可能考慮在如何批准合作夥伴方面實施的任何變更？

Hey there, it's Harley.

嘿，這是哈雷。

So I'll take that question.

所以我會回答這個問題。

When we talk about the thousands of partners that referred us to merchants over the last 12 months, the majority of those partners are value-added partners, meaning these are people that are doing services for merchants.

當我們談論過去 12 個月內向我們推薦商家的數千個合作夥伴時，其中大多數合作夥伴都是增值合作夥伴，這意味著這些合作夥伴正在為商家提供服務。

So they may be setting up their stores, building a custom app, they may be helping with things like product photography, or even doing some SCO optimization for those partners.

因此，他們可能會建立自己的商店，建立自訂應用程序，他們可能會幫助進行產品攝影等工作，甚至為這些合作夥伴進行一些 SCO 優化。

That is the majority of the partners that we see come in.

這是我們看到的大多數合作夥伴。

In terms of the affiliate partners, that is a fairly strict process.

對於聯屬夥伴而言，這是一個相當嚴格的過程。

In fact, I think there was an analyst that wrote a post a couple days ago or a couple weeks ago about trying to become an affiliate partner and being rejected.

事實上，我認為有一位分析師幾天前或幾週前寫了一篇關於試圖成為聯盟夥伴並被拒絕的文章。

The reason for that is because every single affiliate partner that we bring onto the platform has to be fully vetted.

原因是我們引入該平台的每個聯盟合作夥伴都必須經過全面審查。

And once we agree that they're someone that could refer business to us, they have to comply and agree to our partner terms, which specify all FTC regulations.

一旦我們同意他們可以向我們推薦業務，他們就必須遵守​​並同意我們的合作夥伴條款，其中規定了所有 FTC 法規。

So as I mentioned in my prepared remarks, our partners in general typically bring us merchants that may not otherwise know about Shopify, and that gives us a great advantage.

正如我在準備好的演講中提到的，我們的合作夥伴通常會為我們帶來可能不了解 Shopify 的商家，這給我們帶來了巨大的優勢。

Your next question comes from the line of Richard Davis from Canaccord.

您的下一個問題來自 Canaccord 的理查德·戴維斯 (Richard Davis)。

Just real quick, the -- so I noticed you guys launched, and you kind of touched on this, the marketing analytics tools that actually look pretty slick with regard to attribution.

很快，我注意到你們推出了行銷分析工具，而且你們也談到了這一點，這些工具在歸因方面實際上看起來非常靈活。

I didn't see -- it didn't look like this was an add-on in terms of cost.

我沒有看到——就成本而言，這看起來不像是一個附加項。

So the question is, it is free?

那麼問題來了，它是免費的嗎？

And then more broadly, just kind of how do you think about adding kind of features, some free, some not?

更廣泛地說，您如何看待添加某種功能，有些是免費的，有些不是？

I also saw, like, Kit is now free.

我還看到，Kit 現在免費了。

Because we've seen this with -- HubSpot has done a pretty good job of kind of titrating free stuff, not-free stuff, to kind of improve on-ramps and retention.

因為我們已經看到了這一點——HubSpot 在滴定免費的東西、非免費的東西方面做得相當不錯，以提高入口和保留率。

So just broadly, how do you kind of think about these things?

總的來說，您如何看待這些事情？

Yes.

是的。

I think one thing that's so unique about Shopify is just our ability to ride alongside the success of our customers.

我認為 Shopify 的獨特之處在於我們能夠與客戶一起取得成功。

It's just superior to, probably, most other places in this subspace.

它可能比這個子空間中的大多數其他地方都要優越。

So we go through an entire, big decision-making process every time we're rolling out something new, figuring out in which plan (inaudible) and so on.

因此，每次推出新產品時，我們都會經歷一個完整的重大決策過程，弄清楚在哪個計劃中（聽不清楚）等等。

But the things we roll out here, people need to know where their traffic comes from because it allows them to direct their spend afterward.

但我們在這裡推出的東西，人們需要知道他們的流量來自哪裡，因為這允許他們隨後指導他們的支出。

Better directed spend, marketing spend, ends up making their business more successful, which is our prime objective with Shopify.

更好的定向支出、行銷支出最終會讓他們的業務更加成功，這是我們 Shopify 的首要目標。

So these are included in all plans, and the analytics and just, in general, data focused, the kind of thing that really makes people the most successful and most sophisticated, so we give that away.

因此，這些都包含在所有計劃中，分析以及一般來說，以數據為中心的東西，真正使人們成為最成功和最成熟的東西，所以我們放棄了它。

Your next question comes from Nikhil Thadani from Mackie Research Capital.

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

I just wanted to clarify if you've had any sort of conversations or discussions with the FTC in the past, call it 3 weeks or so, since the Fort Report, and if so, sort of, if you could maybe just give us a quick update on that.

我只是想澄清一下，自從《堡壘報告》發布以來，您過去是否曾與 FTC 進行過任何形式的對話或討論，稱之為 3 週左右，如果是這樣，您是否可以給我們一個快速更新。

So we did not.

所以我們沒有。

We have not been contacted by the FTC and had no contact with them on this matter.

聯邦貿易委員會尚未聯繫我們，也沒有就此事與他們聯繫。

If there would be anything material, this would have been part of our disclosure, so nothing to report.

如果有任何實質內容，這將是我們揭露的一部分，因此無需報告。

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。

My question is related to integration with marketplaces.

我的問題與市場整合有關。

First, with respect to Instagram, in terms of an early reception to that channel or any commentary on volumes.

首先，就 Instagram 而言，就該頻道的早期接受程度或對銷售的評論而言。

And then more broadly, I know many of us think about these as incremental sales channels for your clients, but I wonder if the reverse is also true, meaning that you're seeing new customer volume coming to Shopify specifically as a result of the integration, and perhaps merchants that want to diversify away from the large-scale platforms.

更廣泛地說，我知道我們中的許多人都將這些視為客戶的增量銷售管道，但我想知道反之亦然，這意味著您會看到新的客戶量專門由於整合而來到 Shopify ，也許還有那些想要擺脫大型平台、多元化的商家。

Yes, there's a lot of angles to this.

是的，這有很多角度。

So yes is the quick answer.

所以，答案是肯定的。

People come -- I mean, for our existing customer base, we want people to be able to sell through every app, for every icon on their phone's home screen.

人們來了——我的意思是，對於我們現有的客戶群，我們希望人們能夠透過每個應用程式、手機主螢幕上的每個圖示進行銷售。

I've said this before, but Instagram is on almost everyone's phone screen, so now merchants can sell through that.

我之前說過，但 Instagram 幾乎出現在每個人的手機螢幕上，所以現在商家可以透過它進行銷售。

And by the way, the Instagram experience specifically is fantastic.

順便說一句，Instagram 的體驗特別棒。

It's a really, really great channel.

這是一個非常非常好的頻道。

We do have people come sign up for Shopify for the first time because they might actually have run a business on Instagram.

我們確實有人第一次註冊 Shopify，因為他們可能實際上已經在 Instagram 上經營過業務。

This is especially in some countries, this is a fairly common form of e-commerce.

尤其是在一些國家，這是一種相當常見的電子商務形式。

So that's really good.

所以這真的很好。

And in some cases, this goes across the entire spectrum of Shopify, so it's not just new businesses being launched to be Instagram-focused.

在某些情況下，這會涉及 Shopify 的整個領域，因此不僅僅是推出以 Instagram 為中心的新業務。

Often, it's actually potentially a Plus customer, a new Plus customer we pick up because even though they have an existing e-commerce system, they sign up for Shopify just to be able to take advantage of one or many of our channels, which they currently don't offer, and of course, this gives great potential for land and expand to us.

通常，它實際上是潛在的 Plus 客戶，我們挑選的新 Plus 客戶，因為即使他們擁有現有的電子商務系統，他們註冊 Shopify 只是為了能夠利用我們的一個或多個管道，他們目前還沒有提供，當然，這為我們提供了巨大的土地和擴張潛力。

So this strategy of multichannel platform has just been very strong.

所以這個多通路平台的策略非常強大。

Your next question comes from Jonathan Kees from Summit Redstone.

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

That was great for addressing those claims head-on; that was very much needed.

這對於正面解決這些主張非常有用。這是非常需要的。

If I can just add to that and suggest that, just continued disclosure of the merchant count or more information disclosure like of the mix, the revenue mix, of the -- how you get your revenues between partners versus organic, for example, and within the partners, you talked about the affiliates, how much they are versus the risk; that's always helpful.

如果我可以補充一下並建議，只需繼續披露商家數量或更多資訊揭露，例如組合、收入組合，例如，如何在合作夥伴與有機合作夥伴之間以及內部獲得收入合作夥伴，你談到了附屬公司，他們的風險程度是多少；這總是有幫助的。

My question is: For the claims that you see on social media, are you looking to police some of them, making sure that they are affiliates, that they are certified with you?

我的問題是：對於您在社群媒體上看到的聲明，您是否希望對其中一些進行監管，確保他們是附屬機構，並經過您的認證？

And if they're not, kicking them out, or at least not associating themselves with Shopify?

如果他們不這樣做，就把他們踢出去，或至少不與 Shopify 建立聯繫？

Hey, it's Harley.

嘿，這是哈利。

I'll take that question.

我來回答這個問題。

So, just to be clear, I mean, some of the allegations about these so-called affiliates of ours, some of them are actually not even selling Shopify.

因此，需要澄清的是，我的意思是，針對我們這些所謂的附屬公司的一些指控，其中一些實際上甚至沒有銷售 Shopify。

In some cases, they're selling their own course where they're teaching things like digital advertising or digital commerce and Shopify happens to be a piece of that course.

在某些情況下，他們會出售自己的課程，教授數位廣告或數位商務等內容，而 Shopify 恰好是課程的一部分。

So in some cases, it actually is not -- they're not even affiliates of ours.

所以在某些情況下，實際上不是——他們甚至不是我們的附屬公司。

In other cases, the ones that actually are affiliates, these are people that have been vetted, and we have a team of people, as I mentioned, that manually approve these affiliates.

在其他情況下，實際上是聯屬公司，這些人已經過審查，正如我所提到的，我們有一個團隊手動批准這些聯屬公司。

And those that don't comply, we simply kick out of the program.

對於那些不遵守規定的人，我們將直接踢出該計劃。

And we're consistently monitoring this.

我們一直在監控這一點。

We have a team of people here who are focused on ensuring that our affiliate quality is always very, very high.

我們這裡有一個團隊，他們致力於確保我們的聯盟行銷品質始終非常非常高。

So just to be clear, some of those are simply not even Shopify affiliates that were alluded to.

需要明確的是，其中一些甚至根本不是所提到的 Shopify 附屬公司。

Your next question comes from Monika Garg from KeyBanc.

您的下一個問題來自 KeyBanc 的 Monika Garg。

I have a question on shipping.

我有一個關於運輸的問題。

Currently you're shipping in U.S., Canada, announced DHL.

DHL 宣布，目前您的送貨地址為美國、加拿大。

Maybe talk about what are your tax rates, and where your tax rates could go forward in these geographies.

也許可以談談您的稅率是多少，以及您的稅率在這些地區的哪些地區可能會提高。

And also, when do you look to announce shipping partners in other geographies like U.K., Australia?

另外，您打算什麼時候宣布英國、澳洲等其他地區的運輸合作夥伴？

Yes, so I'll take that one.

是的，所以我就拿那個。

It's Russ.

是拉斯。

So as we've said before, shipping, we think it's another big pain point for merchants, so it's an area that we're really focused on to help them sort of get to the point, like with Payments, where they just don't have to think about things like the shipping side of it.

正如我們之前所說，運輸，我們認為這是商家的另一個大痛點，所以這是我們真正關注的一個領域，以幫助他們達到目的，就像支付一樣，他們只是不這樣做。方面的事情。

To date, our focus has really been North America.

迄今為止，我們的重點實際上是北美。

We've been adding new carriers to that.

我們一直在為此添加新的運營商。

We've been adding new capabilities.

我們一直在添加新功能。

The most recent one with DHL also allows the U.S. merchants to more cost-effectively sell internationally, so that's really been the focus.

最近與 DHL 的合作也允許美國商家以更具成本效益的方式進行國際銷售，因此這確實是焦點。

Similar to Payments, we do see other geographies with a potential for Shipping, but that's a later activity for us.

與支付類似，我們確實看到其他地區具有運輸潛力，但這對我們來說是稍後的活動。

In terms of other piece, we continue to see the number of merchants using Shipping in both Canada and the U.S. increase.

在其他方面，我們繼續看到加拿大和美國使用航運的商家數量正在增加。

Roughly 30% of our U.S. merchants, where we're -- we have the addressable side of it are using Shopify Shipping, and in Canada that's roughly 20%.

我們大約 30% 的美國商家（我們有可尋址方面）正在使用 Shopify Shipping，而在加拿大，這一比例約為 20%。

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。

I wanted to follow up about some -- your comment about GPV percentage and that ticking down due to international mix.

我想跟進您對 GPV 百分比的評論，以及由於國際組合而下降的情況。

First, can you remind us of your plans for Payments rollouts internationally?

首先，您能提醒我們一下您在全球推出支付服務的計畫嗎？

I think that would be helpful.

我認為這會有幫助。

And also, how do you expect GPV percentage of GMV to trend over the next few quarters?

另外，您預計未來幾季 GPV 佔 GMV 的趨勢如何？

Do you expect it to tick back up, or do you think it'll flatten out around here?

你預計它會回升，還是趨於平緩？

Yes, and it's hard to say, particularly with the, sort of, the holiday period, because you'll also see some larger Plus merchants that use their own payment system also have a bigger impact in the fourth quarter, for example.

是的，這很難說，特別是在假期期間，因為你也會看到一些使用自己的支付系統的大型 Plus 商家也會在第四季產生更大的影響。

But we continue to have success internationally, and so that is one of the factors.

但我們繼續在國際上取得成功，這是因素之一。

We also see an increase in non-credit-card activities on the platform as well, and so that's because we're primarily doing credit-card processing on Payments, is the factor in place.

我們也看到該平台上的非信用卡活動也有所增加，這是因為我們主要在付款方面進行信用卡處理，這是現有的因素。

Just to sort of add a little bit more color, if you actually take it to the decimal place, in Q2 it was 37.6% and in Q3 it was 37.3%, so when you round it, it looks like a bigger delta than it actually is.

只是為了添加一點顏色，如果你真的把它保留到小數位，第二季度是 37.6%，第三季度是 37.3%，所以當你四捨五入時，它看起來像是一個比實際更大的增量是。

In terms of our plans, we've pretty well covered our current core geographies with Payments.

就我們的計劃而言，我們已經透過支付很好地覆蓋了當前的核心地區。

We just recently announced adding Singapore.

我們最近剛剛宣布增加新加坡。

So you'll see us continue to add new regions over the next sort of 12 to 18 months as well, so kind of continuing on the path that we've been on.

所以你會看到我們在接下來的 12 到 18 個月內繼續添加新的區域，所以我們會繼續沿著我們一直走的道路前進。

Your next question comes from the line of Richard Tse from 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）。

You talked about Q3 being potentially an investment period.

您談到第三季可能是投資期。

I kind of read that to mean that there might be some pressure in the quarter on margins, but the margins seem to be picking up, so should we take that to mean that the investment wasn't as big as expected, or that the operating leverages continue to pick up here?

我認為這意味著本季的利潤率可能會面臨一些壓力，但利潤率似乎正在上升，所以我們是否應該認為這意味著投資沒有預期那麼大，或者營運槓桿率繼續回升嗎？

It's probably more the latter, that we are not only seeing the operating leverage on expenses, but in terms of the impact of some of our higher-margin businesses like Shipping, Capital, even some of the transaction fees I talked about contributing there.

可能更多的是後者，我們不僅看到了營運槓桿對費用的影響，還看到了我們一些利潤率較高的業務（如航運、資本）的影響，甚至是我談到的一些交易費用。

On the Subscription side, we're still in the process of testing out the cloud as part of our offering there, and so there is sort of a bit of timing there.

在訂閱方面，我們仍在測試雲端作為我們產品的一部分，因此存在一些時機。

We've been able to reduce a little bit of the capital in terms of servers that we need in our data centers, so there is sort of an impact of just that sort of rollout.

我們已經能夠減少一點資料中心所需伺服器的資本，因此這種推出會產生一定的影響。

This year is very much a hybrid approach, and so we do see some duplications in the short term.

今年在很大程度上是一種混合方法，因此我們在短期內確實看到了一些重複。

Your next question comes from Michael Nemeroff from 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。

It looks like, when I strip out Plus, the MRR from the core business actually accelerated, so really not a question there, but on the Plus side, given the value prop that you guys are offering, particularly for the larger, established brands, do you expect to increase the economics?

看起來，當我剔除 Plus 時，核心業務的 MRR 實際上加速了，所以這確實不是問題，但在 Plus 方面，考慮到你們提供的價值支撐，特別是對於較大的知名品牌，您期望增加經濟效益嗎？

I know you charge a fee, 25 bps over $10 million.

我知道你們會收取一定的費用，超過 1,000 萬美元就要收取 25 個基點。

Any thought to changing that?

有想過改變這一點嗎？

And then, also, Harley, if you maybe could -- I think you've given us an update on the Plus customer count in the past, and also the mix of the Plus merchants, the percent of them coming from net new versus homegrown.

然後，哈雷，如果可以的話，我想您已經向我們提供了過去 Plus 客戶數量的最新情況，以及 Plus 商家的組合，其中來自淨新商家與本土商家的百分比。

And then lastly, on the Plus sales force, maybe you can tell us the size of that so we can evaluate whether that growth in Plus MRR can remain above 100% for a longer period of time.

最後，關於 Plus 銷售隊伍，也許您可以告訴我們其規模，以便我們評估 Plus MRR 的成長是否可以在較長時間內保持在 100% 以上。

Hey, Michael, it's Harley.

嘿，邁克爾，我是哈利。

I'll take that question.

我來回答這個問題。

So in terms of the pricing which we announced earlier this year, the real reason for that is we want to set ourselves up for the future.

因此，就我們今年早些時候宣布的定價而言，真正的原因是我們希望為未來做好準備。

So by providing those -- that 25 basis points, it means that as merchants grow really, really large in the platform, we actually do share in that success.

因此，透過提供 25 個基點，這意味著隨著商家在平台上的規模不斷壯大，我們實際上確實分享了這一成功。

And so that's the reason why we made that change.

這就是我們做出這項改變的原因。

And so don't expect that we'll change the pricing again anytime soon, but because we think we're set up really well for that.

因此，不要指望我們會很快再次改變定價，但因為我們認為我們已經為此做好了準備。

In terms of the split between upgrades versus net new, the majority of new Plus merchants for the quarter were net new to the platform, and that's not too surprising.

就升級與全新商家之間的劃分而言，本季大多數新 Plus 商家都是該平台的全新商家，這並不奇怪。

I mean, our sales team is really ramping up.

我的意思是，我們的銷售團隊確實在壯大。

But also, most of the merchants that are on the platform that should have been on Plus have upgraded too, and really the focus is on net new to the platform.

而且，該平台上的大多數本來應該在 Plus 上的商家也已經升級，而且真正的重點是該平台的網路新用戶。

So you should continue to see that in the future.

所以你應該在未來繼續看到這一點。

And then finally, in terms of the sales force, our sales hackers, there are now dozens of them, and we continue to build on that.

最後，就銷售隊伍而言，我們的銷售駭客現在有數十人，我們將繼續在此基礎上發展。

As you may have heard in my prepared remarks, we are also expanding our presence in Waterloo to accommodate more sales hackers and more R&D folks focused on Shopify Plus.

正如您可能在我準備好的演講中聽到的那樣，我們還在擴大我們在滑鐵盧的業務，以容納更多的銷售黑客和更多專注於 Shopify Plus 的研發人員。

And so it's a really exciting piece of our business.

因此，這是我們業務中非常令人興奮的一部分。

Your next question comes from Gus Papageorgiou from Macquarie.

您的下一個問題來自麥格理的 Gus Papageorgiou。

Russ, just on the Merchant Solutions, I mean, looking at gross margins, they've expanded over 100 basis points year-over-year.

Russ，就商家解決方案而言，我的意思是，從毛利率來看，他們比去年同期成長了 100 個基點以上。

Can you just dive into that a little more, kind of break it down for us?

您能否再深入一點，為我們分解一下？

Is Shopify Payments now more profitable than it was a year ago?

Shopify Payments 現在的利潤是否比一年前更高？

And then, just, could you give us a sense of Capital and Shipping, how material it is now, or just any sort of detail you can give on that would be appreciated.

然後，您能否向我們介紹一下資本和運輸，它現在的重要性，或者您可以提供的任何詳細信息，我們將不勝感激。

Sure, happy to answer that.

當然，很高興回答這個問題。

In terms of Capital and Shipping, from a revenue point of view, because we record both on a net revenue basis, a little less impact than, certainly, our Payments business.

就資本和運輸而言，從收入的角度來看，因為我們以淨收入為基礎記錄兩者，所以影響肯定比我們的支付業務要小一些。

But because the margin is more in line with subscription-type margins, again, that's definitely a great tailwind to the margins on the Merchant Solutions piece.

但由於利潤率與訂閱型利潤率更加一致，這絕對是商家解決方案利潤率的一大推動力。

In terms of Payments, we have seen improvements, and our agreements that we have in place around Payments mean that as our volume continues to increase, we do get more favorable rates there.

在支付方面，我們已經看到了改進，我們圍繞支付達成的協議意味著，隨著我們的交易量不斷增加，我們確實在那裡獲得了更優惠的利率。

Also, as I said in the past, international, we do achieve a higher margin than we do on the North American side.

此外，正如我過去所說，在國際上，我們的利潤率確實比北美方面更高。

So all of those together is what you're seeing on the Merchant Solutions.

因此，所有這些加在一起就是您在商家解決方案中看到的內容。

Now, when you're thinking about Q4, the thing you should remember is, again, a lot of the holiday, sort of Black Friday, Cyber Monday activities are a little bit more North-American-focused, where margins on Payments are a little bit lower.

現在，當你考慮到第四季度時，你應該記住的是，很多假期，例如黑色星期五、網路星期一的活動更集中在北美，支付利潤率是低一點點。

And so we do see margins coming down in Q4, which will be offset by improved operating leverage, so net-net, is why we still think, as a percentage, you'll see that adjusted operating percentage improve in Q4.

因此，我們確實看到第四季度的利潤率下降，這將被營運槓桿的改善所抵消，因此淨淨額，這就是為什麼我們仍然認為，以百分比計算，您會看到第四季度調整後的營運百分比有所改善。

So did you say -- you're suggesting margins on Payments will come down in Q4, or Merchant Solutions in general?

那麼您是否表示，您建議第四季度支付或商家解決方案的利潤率將下降？

I'm saying Merchant Solutions in general, just because of the weighting towards North American payments.

我說的是一般的商家解決方案，只是因為北美支付的權重。

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。

Russ, maybe one for you: In terms of the CFO search, any update there?

Russ，也許適合你：在 CFO 搜尋方面，有什麼更新嗎？

Updates in terms of what you guys are looking for, and as you make your travel plans for the future, any sense of what timing might look like?

更新你們正在尋找的東西，當你們制定未來的旅行計劃時，你知道什麼時間可能會是什麼樣子嗎？

And then, any insight into, with reaching profitability a quarter sooner than expected, what the trajectory of that profitability might look like going forward?

然後，如果比預期早一個季度獲利，那麼未來獲利的軌跡會是什麼樣子？

I'll just quickly jump on the CFO search, because it's not actually Russ doing it.

我會快速開始尋找財務官，因為這實際上並不是 Russ 做的。

And so. . .

所以。 。 。

Good point.

好點子。

So I mean, this is -- I kicked this off almost like our last quarterly call, right?

所以我的意思是，這就是——我幾乎就像我們上一次季度電話會議一樣開始了這個會議，對吧？

So since then, a lot has happened.

從那時起，發生了很多事情。

Amazing people have put up their hands.

了不起的人已經舉起了手。

We're meeting great candidates.

我們正在見到優秀的候選人。

I think this is as good as anything, any of these searches ever goes, so everyone's pretty excited.

我認為這和任何事情一樣好，任何這些搜索都會進行，所以每個人都非常興奮。

But I have not much else to report, other than that I think this part of the company will remain in really good hands.

但我沒有什麼可報告的，除此之外，我認為公司的這一部分將繼續由非常好的人管理。

And then, Brian, on your second part, I think, as I said in my sort of scripted remarks, that our focus is not on profitability.

然後，布萊恩，關於你的第二部分，我認為，正如我在腳本化演講中所說的那樣，我們的重點不是盈利能力。

It's still very much on growth.

它仍然非常依賴成長。

And so, even though we did achieve it a quarter earlier, and we do expect a strong Q4 on that front as well, Q1, because of the seasonality, I wouldn't expect us to be back to that level.

因此，儘管我們確實提前一個季度實現了這一目標，並且我們確實預計第四季度和第一季在這方面也會表現強勁，但由於季節性因素，我不認為我們會回到那個水平。

And again, as we make investment decisions, you'll see a little bit of a more bumpier ride on that number, as we really want to make sure that the revenue growth continues.

再說一遍，當我們做出投資決策時，您會發現這個數字會更加坎坷，因為我們確實希望確保收入持續成長。

I'll just put out another reminder to please limit yourself to one question.

我將再次提醒您，請限制自己回答一個問題。

Your next question comes from the line of Justin Furby from William Blair & Company.

您的下一個問題來自 William Blair & Company 的 Justin Furby。

I had a question for Tobi.

我有一個問題想問托比。

Tobi, I was looking at Square's GMV trajectory, and it looks like from the time that they hit $15 billion in GMV, that it'll take them 4 years to get to $60 billion.

Tobi，我正在研究 Square 的 GMV 軌跡，看起來從他們的 GMV 達到 150 億美元開始，他們需要 4 年才能達到 600 億美元。

You guys did $15 billion last year, and I'm wondering if you think it's fair to compare you guys to Square and suggest that you get to $60 billion of GMV in 2020, or if you think there's an opportunity where you can actually surpass their pace, just given the powerful secular trends you guys see?

你們去年的銷售額為 150 億美元，我想知道你們是否認為將你們與 Square 進行比較並建議你們在 2020 年達到 600 億美元的 GMV 是否公平，或者你們是否認為有機會真正超越他們考慮到你們看到的強大的長期趨勢？

So, interesting question.

所以，有趣的問題。

I have to admit, I haven't looked at Square's financials, but I'm not very familiar with them.

我必須承認，我沒有看過 Square 的財務狀況，但我對它們也不是很熟悉。

I have my own company, and in fact, feel a little bit of kinship with some because they're sort of looking at similar market segment, and I think are also working on getting better software in SMBs.

我有自己的公司，事實上，我與一些公司有一些相似之處，因為他們關注的是類似的細分市場，而且我認為也在致力於為中小企業提供更好的軟體。

And so, my relationship to them is on that level.

所以，我和他們的關係就在這個層次。

But once it gets to the numbers, I think other companies kind of in the process of trying to figure out how to build a business model around a mission, and the way that's -- and something reflected in the numbers, if it correlates somehow, that's kind of a happy coincidence, or -- but it's not that I'm setting internal goals, saying, hey, everyone have a look at Square's financial statements and then chase that.

但一旦涉及到數字，我認為其他公司正在試圖弄清楚如何圍繞使命建立商業模式，以及數字中反映的某些內容（如果它以某種方式相關的話），這是一個令人高興的巧合，或者——但這並不是說我正在設定內部目標，說，嘿，每個人都看看Square 的財務報表，然後追逐它。

That would be an awful way of running a company.

這將是一種糟糕的公司經營方式。

So if it ends up looking similar, that's cool, but it will be a complete coincidence.

因此，如果最終看起來很相似，那麼很酷，但這完全是巧合。

Your next question comes from Deepak Mathivanan from Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

The color on the affiliates and partners were helpful, but maybe more broadly, can you talk about how big that channel is for new-customer acquisition?

附屬公司和合作夥伴的顏色很有幫助，但也許更廣泛地說，您能談談該管道對於新客戶獲取有多大嗎？

And also, we noticed that recently you made some changes with the partner program 2.0 in terms of the payout structure.

此外，我們注意到最近您對合作夥伴計劃 2.0 在支付結構方面進行了一些更改。

Can you talk about the feedback on that, and should we expect any benefit or impact of financials from it?

您能談談對此的回饋嗎？

Hey there, it's Harley.

嘿，這是哈雷。

So we've always talked about that we get merchants from 3 different sort of buckets, and one is organic.

因此，我們一直在談論我們從 3 種不同類型的桶中獲得商家，其中一種是有機的。

The other is sort of paid search, different ad, additional ads, pay ads.

另一種是付費搜尋、不同的廣告、附加廣告、付費廣告。

And the third is our partners.

第三是我們的合作夥伴。

The partners remain probably the -- in sort of the third spot.

合作夥伴可能仍處於第三位。

We do get more merchants from organic and from our pay advertising.

我們確實透過自然廣告和付費廣告吸引了更多商家。

And then, when you look at the partner bucket on its own, as I mentioned earlier, the majority of our partners that are referring merchants to us are these agencies and freelancers all over the world where someone goes in and says they need an online store.

然後，當您單獨查看合作夥伴類別時，正如我之前提到的，向我們推薦商家的大多數合作夥伴都是世界各地的代理機構和自由職業者，有人進去說他們需要一家在線商店。

And usually, by default, they end up putting them onto Shopify.

通常，預設情況下，他們最終會將它們放到 Shopify 上。

So that's a little bit of color on that.

所以這有點色彩。

In terms of the partner payouts, we're always trying to make it that it's easier for our partners to get paid, and more convenient, but certainly there is no impact to us around that.

在合作夥伴付款方面，我們一直在努力讓我們的合作夥伴更容易、更方便地獲得付款，但這對我們當然沒有影響。

One other thing that may be worth mentioning is that a couple quarters ago we mentioned the introduction of a new partner program around Shopify Plus, and those partners are -- tend to be much larger agencies in some cases, with hundreds of employees in those agencies, and they're bringing us on -- much larger merchants onto Shopify Plus.

另一件值得一提的事情是，幾個季度前，我們提到圍繞Shopify Plus 推出了一個新的合作夥伴計劃，這些合作夥伴在某些情況下往往是更大的機構，這些機構中有數百名員工，他們正在帶領我們——更大的商家進入 Shopify Plus。

So that's a bit of color on the partner program.

所以這對合作夥伴計劃來說有點色彩。

Your next question comes from Sam Kemp from Piper Jaffray.

您的下一個問題來自 Piper Jaffray 的 Sam Kemp。

I've just got one on the composition of your non-Plus merchants.

我剛剛得到一份有關非 Plus 商家組成的資料。

So it looks like GMV per merchant growth has gone negative this quarter.

因此，本季每個商家的 GMV 成長似乎已經出現負成長。

And then if you look at MRR per non-Plus subscribers, so just isolating it down to those non-Plus subscribers, that looks like it's been declining for about 5 or 6 quarters at this point.

然後，如果您查看每個非 Plus 訂戶的 MRR，那麼只要將其單獨劃分到那些非 Plus 訂戶，您就會發現，此時它似乎已經下降了大約 5 或 6 個季度。

Can you just talk about what the factors are driving that?

您能談談推動這一趨勢的因素是什麼嗎？

How much of that is the mix shift towards international versus mix shift within existing geographies towards lower-tier subscriptions, or any other color you can provide there?

其中有多少是向國際的混合轉變，與現有地區內向低層訂閱的混合轉變，或者您可以在那裡提供的任何其他顏色？

Sure, I'll take that one.

當然，我會接受那個。

It's Russ.

是拉斯。

In terms of the GMV per merchant, I mean, averages are always a bit misleading in a fast-growth company like ourselves, but we did see a small tick-down in the quarter there.

就每個商家的 GMV 而言，我的意思是，對於像我們這樣快速成長的公司來說，平均值總是有點誤導，但我們確實看到了該季度的小幅下降。

And to your point, like, the international is having an impact there.

就你的觀點而言，國際正在那裡產生影響力。

It represents -- so if I look at international being in sort of our non-top-4 geographies, it accounts now for roughly 20% of the merchant count and about 12% of the GMV.

它代表——所以如果我看看國際市場在我們非前 4 名的地區，它現在約佔商家數量的 20% 和 GMV 的 12% 左右。

And so, these international merchants are newer to the platform, newer to get it up and running.

因此，這些國際商家對這個平台的了解較新，對平台的建立和運作也較新。

And so, we definitely see a little bit of an impact there.

因此，我們肯定會看到一些影響。

We'd expect that to reverse itself in the fourth quarter.

我們預計這種情況會在第四季發生逆轉。

Your next question comes from Samad Samana from Stephens, Inc.

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

I wanted to ask about the Shopify Plus partner program.

我想詢問有關 Shopify Plus 合作夥伴計畫的問題。

I think that in your partner conference in April or May you announced that you had about 125-plus partners.

我認為在四月或五月的合作夥伴會議上，您宣布您擁有大約 125 多個合作夥伴。

I was curious how big that base is now, and what percentage of your Plus customers are coming from that partner channel?

我很好奇現在這個基礎有多大，您的 Plus 客戶中有多少比例來自該合作夥伴管道？

Hey, it's Harley.

嘿，這是哈利。

I'll take that question.

我來回答這個問題。

So we did announce the Plus partner program earlier in the year, and certainly, we invited some of those early Plus partners to our Shopify Unite Conference in San Francisco in an effort to engage and understand them a bit better.

因此，我們確實在今年稍早宣布了 Plus 合作夥伴計劃，當然，我們邀請了一些早期的 Plus 合作夥伴參加在舊金山舉行的 Shopify Unite 會議，以便更好地參與和了解他們。

The partner program around Plus continues to grow on a daily basis.

圍繞 Plus 的合作夥伴計劃每天都在持續成長。

We're seeing partners that traditionally only referred merchants and worked with merchants on some of the more enterprise platforms that are now really phenomenal partners for us, for Shopify Plus, and so that continues to grow.

我們看到傳統上只推薦商家並在一些企業級平台上與商家合作的合作夥伴，這些合作夥伴現在對我們和 Shopify Plus 來說確實是非凡的合作夥伴，因此這一數字還在繼續增長。

We're also finding some of our core Shopify partners that have decided that they want to focus more on Shopify Plus as well, and so that tends to help, too.

我們也發現一些核心 Shopify 合作夥伴決定也希望更專注於 Shopify Plus，因此這往往也會有所幫助。

So that continues to grow.

所以這個數字還在持續成長。

It's still, in terms of our total merchants, on Shopify Plus, it isn't the largest driver.

就我們 Shopify Plus 上的商家總數而言，它仍然不是最大的推動力。

Not yet, at least.

至少現在還沒有。

But certainly, every quarter, we see more and more merchants coming to us from our Plus partners.

但可以肯定的是，每個季度我們都會看到越來越多的商家從我們的 Plus 合作夥伴處來到我們這裡。

Your next question comes from Thomas Forte from D.A. Davidson.

你的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

So you were one of the early adopters in allowing merchants to accept Bitcoin for sales on their sites.

因此，您是允許商家接受比特幣在其網站上銷售的早期採用者之一。

Given the recent appreciation of Bitcoin, was wondering if you're seeing any increase in adoption rates for consumers using Bitcoin to pay for products?

鑑於比特幣最近的升值，想知道使用比特幣支付產品的消費者的採用率是否增加？

Hey, I'll take this.

嘿，我會接受這個。

Tobi here.

托比在這裡。

So yes, we were early adopters.

所以，是的，我們是早期採用者。

We integrated it, I think, I want to say, 2012 or something like that, a little bit before it sort of generally got into the news.

我想，我想說，2012 年或類似的事情，我們在它普遍進入新聞之前就整合了它。

Again, you see our objective here at Shopify to just be ahead of the curve on what our customers might need.

同樣，您會看到我們 Shopify 的目標是在客戶可能需要的產品方面處於領先地位。

Clearly, no one, at this point, asked us to integrate Bitcoin.

顯然，目前沒有人要求我們整合比特幣。

But I see one of the many reasons that makes it hard for small businesses to compete with larger ones is just general lack of adaptability, and that is not to say that that's a shortcoming of the small guys.

但我認為，導緻小企業難以與大企業競爭的眾多原因之一就是普遍缺乏適應性，但這並不是說這是小企業的缺點。

They just have more important things to do than monitor the latest tech trends and try to build against the latest things.

他們只是有更重要的事情要做，而不是監控最新的技術趨勢並嘗試根據最新的事物進行建構。

So we want to inoculate our customers from having to pay attention to everything new that's coming.

因此，我們希望讓客戶不必關注即將推出的所有新事物。

And so we integrate things early.

所以我們很早就整合了東西。

We build proof of concept, we integrate the things that matter into the platform.

我們建立概念驗證，將重要的內容整合到平台中。

And this is why we integrated.

這就是我們整合的原因。

In terms of latest numbers, I mean, Bitcoin is going up just because there's general -- more people are familiar with it.

就最新數據而言，我的意思是，比特幣上漲只是因為有一個普遍現象——更多的人熟悉它。

I would say that so far, Bitcoin is more used as a, frankly, exceptionally volatile store value rather than a transactional system.

我想說，坦白說，到目前為止，比特幣更多地被用作一種異常波動的儲存價值，而不是交易系統。

There's actually some technical reasons behind Bitcoin that I probably can't get into, but a lot of people are thinking about how to solve some of those.

實際上，比特幣背後有一些我可能無法理解的技術原因，但很多人正在考慮如何解決其中一些問題。

And in general, it's picking up.

總的來說，它正在回升。

This is -- I think this Bitcoin thing actually fits the internal mosaic of Shopify.

我認為比特幣這個東西實際上符合 Shopify 的內部馬賽克。

Similarly, you might have seen, we worked on an app recently that's popular with one of our customers called Magnolia, where we integrated (inaudible) Orchid into their iOS app so that people can just look at beautiful products that are being sold on Magnolia, like put them into their house, see what they look like, and up to scale and these kind of things.

同樣，您可能已經看到，我們最近開發了一款名為Magnolia 的應用程序，深受我們的一位客戶的歡迎，我們將（聽不清楚）Orchid 整合到他們的iOS 應用程式中，以便人們可以查看Magnolia 上銷售的漂亮產品，就像把它們放進自己的房子裡，看看它們是什麼樣子，以及是否符合規模等等。

It's almost the kind of same thing.

這幾乎是同一件事。

So Bitcoin is super interesting.

所以比特幣非常有趣。

I personally am a strong believer that the Internet will eventually have its own currency or set of currencies for its own sort of Internet-native form of transferring value around.

我個人堅信，網路最終將擁有自己的貨幣或一組貨幣，以實現其自身的網路原生形式的價值轉移。

If it's going to be Bitcoin, can't really say, but we will strongly support all the kind of potential ways of transacting, and this is what we do.

如果是比特幣，還不能說，但我們將大力支持所有潛在的交易方式，而這就是我們所做的。

Your next question comes from Ross MacMillan from RBC.

您的下一個問題來自加拿大皇家銀行 (RBC) 的羅斯麥克米倫 (Ross MacMillan)。

Russ, we're just about to enter into the seasonally strong GMV period, and the Plus pricing changes sort of start to flow through in Q3.

Russ，我們即將進入季節性強勁的 GMV 時期，Plus 定價變化將在第三季開始體現。

I was just wondering if you could remind us approximately of how big that GMV base is for the Plus merchants, maybe as a percentage of total?

我只是想知道您能否提醒我們 Plus 商家的 GMV 基礎有多大，也許佔總數的百分比？

And then for Harley, just on the DHL shipping relationship, did you use a third party to help with the on-ramp and integration, or was that something you did independently?

然後，對於哈雷，就 DHL 運輸關係而言，您是否使用第三方來幫助進行入口和整合，或者這是您獨立完成的事情？

I know you've used some third parties historically for USPS and Canada Post.

我知道您曾經在 USPS 和加拿大郵政方面使用過一些第三方。

Hi, Ross, it's Russ.

嗨，羅斯，我是拉斯。

I'll take the first part of that.

我將採取第一部分。

I can actually answer the second part, but I'll let Harley do that.

我實際上可以回答第二部分，但我會讓哈利來做。

So in terms of GMV, our advanced and our Plus merchants account for over 50% of the GMV, so with the new pricing in place in advance of this holiday period, we expect that to be a good sort of tailwind for what the quarter will look like and how we sort of really modeled our guidance on that.

因此，就 GMV 而言，我們的高級商家和 Plus 商家佔 GMV 的 50% 以上，因此，隨著新定價在這個假期之前到位，我們預計這將成為本季度的良好推動力。以及我們如何真正以此為基礎來制定我們的指導。

Hey, it's Harley here.

嘿，這裡是哈利。

Just on the DHL Express integration: So we worked directly on DHL on that, and one of the reasons that we were especially excited about this particular one is that more than 10% of the millions of packages that are sent every month by Shopify merchants are actually sent internationally, and so DHL Express opens up some incredible shipping opportunities and -- for further merchants that traditionally they may have not had.

就 DHL Express 整合而言：因此，我們直接與 DHL 合作，我們對這一特定項目感到特別興奮的原因之一是，Shopify 商家每月發送的數百萬個包裹中，超過 10% 是事實上， DHL Express 為更多商家提供了一些難以置信的運輸機會，而這些機會是傳統上他們可能沒有的。

Your next question comes from Kevin Krishnaratne from Paradigm Capital.

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

Just a question on the subscription revenue growth strength and acceleration there, along with your record adds and Plus stores being added.

只是關於訂閱收入成長強度和加速的問題，以及您的唱片添加和 Plus 商店的添加。

Just can you make any comment on any differences on the seasonal retail push versus last year, meaning did you see any merchants adding more absent themes in advance of the Q4 period?

您能否對季節性零售推動與去年相比的任何差異發表評論，這意味著您是否看到任何商家在第四季度之前添加了更多缺席的主題？

Any differences there, or do we think that you're still going to see some upside related to that kind of retail activity to come in Q4?

有什麼差異嗎？

Just wondering if there was any kind of pulling in from what you'd have -- what you typically would see in Q4 into Q3?

只是想知道是否有任何形式的拉動，通常會在第四季看到第三季的情況？

This is Russ.

這是拉斯。

Nothing really in terms of stuff being pulled in.

就被拉進去的東西而言，實際上沒有什麼。

I think, again, we just have more merchants that have come to us directly who are also telling their friends, and we continue to invest wisely on the paid advertising, and I think we've talked with a number of points on the partner stuff, so all of that.

我再次認為，我們只是有更多的商家直接來找我們，他們也告訴他們的朋友，我們繼續在付費廣告上進行明智的投資，我認為我們已經就合作夥伴的問題討論了一些要點，所以這一切。

In terms of the growth in apps and themes, I mean, we continue just to see a steady climb there, so again, not expecting any sort of big movement one way or the other.

就應用程式和主題的成長而言，我的意思是，我們繼續看到穩定攀升，因此，再次強調，不要期待任何形式的重大變動。

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

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

Could you just give an update on your offline efforts?

您能否介紹一下您的線下工作的最新情況？

The card reader and just kind of the degree of prioritization there?

讀卡機以及優先權有哪些？

And then just real quickly, with the additional cash on the balance sheet, just how you're -- how does it change your thinking on M&A, the size, scope of it?

然後很快，隨著資產負債表上的額外現金，你的情況如何——它如何改變你對併購、規模和範圍的看法？

So in terms of the cash, nothing really new to report on that.

因此，就現金而言，沒有什麼值得報道的新內容。

I mean, we really were looking to get some flexibility there, which we have, but nothing imminent on that side.

我的意思是，我們確實希望在那裡獲得一些靈活性，我們已經做到了，但是這方面沒有什麼迫在眉睫的事情。

In terms of the card reader stuff, I mean, it's a pretty attractive offering that we've rolled out there.

就讀卡器而言，我的意思是，我們在那裡推出了一個非常有吸引力的產品。

We expect to continue to invest in this area.

我們預計將繼續在這一領域進行投資。

Our point-of-sale channel is our second-biggest channel next to the online store, and so it is really an important focus for us.

我們的銷售點管道是我們僅次於線上商店的第二大管道，因此它確實是我們的一個重要關注點。

Your next question comes from Brian Peterson from Raymond James.

您的下一個問題來自 Raymond James 的 Brian Peterson。

I appreciate the color on eliminating some of the noise out there on the market.

我很欣賞這種顏色可以消除市場上的一些噪音。

But from my end, I just want to understand some of these new marketplaces and partnerships that you guys have announced.

但從我的角度來看，我只想了解你們宣布的一些新市場和合作關係。

If I think about your Shopify Plus customer base, how are they addressing those opportunities today?

如果我考慮一下您的 Shopify Plus 客戶群，他們今天該如何把握這些機會？

Do you see that mostly as greenfield, or do they not have sophisticated strategies for those markets?

您認為這主要是未開發的領域，還是他們沒有針對這些市場的複雜策略？

Just curious how we should think about that.

只是好奇我們該如何思考這個問題。

I guess that, I mean, it's a case by case.

我想，我的意思是，這要具體情況而定。

If you talk with the existing merchants, I mean, nonconsumption is number one, right?

如果你和現有的商家交談，我的意思是，不消費是第一位的，對嗎？

As in, sorry, weird term to use, but most just don't use it.

抱歉，這個詞用起來很奇怪，但大多數人就是不使用它。

Most just make their, maybe, their own [paper] posts or something like this.

大多數人只是發表他們自己的[論文]帖子或類似的東西。

They don't use an integration or automated system behind it.

他們背後不使用整合或自動化系統。

Almost every business is on Instagram, but they don't necessarily annotate their posts with the various products are in it so that they can buy them right there.

幾乎所有企業都在 Instagram 上，但他們不一定會用其中的各種產品來註釋自己的帖子，以便他們可以在那裡購買。

So a lot of this is new, and for ones who have -- get existing systems, they're often in more -- even more crazy kind of state where they have every one of these channels they actually adopted and use a different, either point solution or sort of the built-in system like the eBay Seller Center to sell you surplus things.

所以很多都是新的，對於那些擁有現有系統的人來說，他們經常處於更瘋狂的狀態，他們擁有他們實際採用的每一個管道，並且使用不同的管道。內建系統（例如eBay 賣家中心）可以向您出售多餘的東西。

This is sort of workable, but it creates a lot of internal complexity just because once you sell in multiple channels, there's a nonintegrated system.

這是可行的，但它會造成很多內部複雜性，因為一旦你在多個管道中銷售，就會出現一個非整合的系統。

Now you have inventory problems.

現在你有庫存問題。

You have to sync -- product might double-sell overnight, and these kind of situations.

你必須同步——產品可能會在一夜之間翻倍銷售，以及這種情況。

So then, people do bucket-allocation of inventory, which means they sell out before they actually sell out.

那麼，人們就會對庫存進行桶分配，這意味著他們在實際售完之前就已經賣完了。

And so, essentially, life gets significantly better once all these channels get integrated, and this is one of the reasons why we actually have seen adoption of Shopify minus the online store in the Plus World.

因此，從本質上講，一旦所有這些管道都整合起來，生活就會變得明顯更好，這就是為什麼我們實際上看到在 Plus World 中採用 Shopify 減去線上商店的原因之一。

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, can you talk to the growth acceleration you say in Plus MRR?

只是，你能談談你在Plus MRR中所說的成長加速嗎？

And I believe that's 20% in the quarter of total MRR.

我相信這佔本季總 MRR 的 20%。

Just kind of curious, as a derivative, where you see that as a percentage of MRR long-term?

只是有點好奇，作為一種衍生品，您認為它佔長期 MRR 的百分比是多少？

Yes, I mean, I don't think we have a sort of a set target.

是的，我的意思是，我認為我們沒有設定目標。

I mean, it continues to grow.

我的意思是，它還在繼續增長。

I mean, it went from 18% in Q2 up to the 20%.

我的意思是，它從第二季的 18% 上升到了 20%。

Last year, quarter -- the same quarter in 2016, it was 15%.

去年一個季度－2016 年同一季度，這一數字為 15%。

So we just think, again, as we continue to have success there, and the fact that the price point is higher, that'll drive up that MRR.

因此，我們再次認為，隨著我們繼續在那裡取得成功，並且價格點更高，這將推高 MRR。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

(Operator Instructions)

（操作員說明）