Shopify Inc (SHOP) 2018 Q1 法說會逐字稿

Good morning. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Shopify's First Quarter 2018 Financial Results Conference Call. (Operator Instructions) Katie Keita, you may begin your conference.

早安.我叫麗莎，今天我將擔任你們的會議操作員。在此，我歡迎大家參加 Shopify 2018 年第一季財務業績電話會議。 （操作員指示）Katie Keita，您可以開始會議了。

Thank you, operator, and good morning, everyone. We're glad you can join us for Shopify's first quarter 2018 conference call. We're joined this morning by Tobi Lütke, Shopify CEO; Harley Finkelstein, our Chief Operating Officer; and our new CFO, Amy Shapero, who joined us 4 weeks ago. After prepared remarks, we will open it up for your questions. We will make forward-looking statements on our call today, statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. We undertake no obligation to update these statements, except as required by law. Information about these risks and uncertainties is included in our press release this morning as well as in our filings with regulators in Canada and the United States. Also, our commentary today will include adjusted financial measures, which are non-GAAP measures. These should be considered as a supplement to, not as a substitute for, GAAP financial measures. Reconciliation between the 2 can be found in our earnings press release, which is available on our website. And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars, unless otherwise indicated.

謝謝接線員，大家早安。我們很高興您能參加 Shopify 2018 年第一季的電話會議。今天早上，Shopify 執行長 Tobi Lütke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；還有我們的新任財務長 Amy Shapero，她於 4 週前加入我們。準備好發言後，我們將開放供您提問。我們將在今天的電話會議上做出前瞻性聲明，這些聲明基於當前的假設，並受到可能導致實際結果與預測有重大差異的風險和不確定性的影響。除法律要求外，我們不承擔更新這些聲明的義務。有關這些風險和不確定性的資訊包含在我們今天上午的新聞稿以及我們向加拿大和美國監管機構提交的文件中。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。這些應被視為公認會計原則財務措施的補充，而不是替代。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。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. The first quarter of 2018 was another strong one, as the results released this morning show. Entrepreneurs and large brands alike commuted through Shopify to begin their journey to multichannel commerce. Their GMV continues to expand at healthy pace, and we're steadily getting wallet share as merchants continue to adopt new solutions like Shopify Shipping and Shopify Capital.

謝謝凱蒂，大家早安。正如今天早上發布的結果所示，2018 年第一季又是一個強勁的季度。企業家和大品牌都透過 Shopify 開始他們的多通路商務之旅。他們的 GMV 繼續以健康的速度成長，隨著商家繼續採用 Shopify Shipping 和 Shopify Capital 等新解決方案，我們正在穩步獲得錢包份額。

These are all good things, but it's also worth highlighting the progress we're making in our longer-term investments for the future, in particular, in our platform, internationally and in Shopify Plus. This is where I will focus my comments this morning, starting with our platform. There's a lot of complexity introduced when commerce goes multichannel. Suddenly, merchants are dealing with complications that come from doing business everywhere, adding to the list of things they need to think about. Things like shipping, fulfillments and logistics, which can be complex, even for in-person transactions, go from being backroom functions to being part of the customer experience. It's easy to see how merchants can quickly feel overwhelmed.

這些都是好事，但也值得強調我們在未來的長期投資方面所取得的進展，特別是在我們的國際平台和 Shopify Plus 方面。這就是我今天早上將重點發表評論的地方，首先從我們的平台開始。當商業走向多通路時，會帶來許多複雜性。突然之間，商家開始面臨各地做生意帶來的複雜問題，這增加了他們需要考慮的事情清單。諸如運輸、履行和物流之類的事情可能很複雜，即使對於面對面的交易也是如此，它們從幕後功能轉變為客戶體驗的一部分。很容易看出商家很快就會感到不知所措。

This is why one of our primary design principles is to keep things simple for merchants. Prioritizing simplicity helps small and midsized merchants better compete and continue to fuel the commerce landscape, as we believe SMBs and newly established micro brands play an important role in the future of retail. And it also helps higher-volume brands incorporate only those capabilities that suit their needs best. Why is this important? Well, 2 reasons. One, we think simplicity is one of the main reasons small merchants and large come to Shopify; and two, it underscores the wealth of opportunities we have in front of us. At Shopify, by leaning on technology to help solve problems, instead of letting technology create them, we level the playing field for merchants. A good example of this is Google Pay, which we added in Q1. With so many options for checkout, including Apple Pay and Shopify Pay, and a variety of end user devices and preferences, keeping it simple for the merchant and their buyer is key. As with all checkout accelerators, Google Pay can discern whether the consumer's device is enabled for it and presents the consumer with checkout options accordingly. This focus on simplicity has, for the past 12 years, been centered on merchants in North America first, as this has historically been our largest market. It's where most of our merchants are today and where most orders on Shopify are shipped to and from. But our addressable market is much larger than that, which is why we are embarking on a multiyear journey towards making Shopify as simple and effective globally as it is in our core geographies.

這就是為什麼我們的主要設計原則之一是讓商家的事情變得簡單。優先考慮簡單性有助於中小型商家更好地競爭並繼續推動商業格局，因為我們相信中小型企業和新成立的微型品牌在零售業的未來中發揮著重要作用。它還可以幫助銷售量較高的品牌僅整合最適合其需求的功能。為什麼這很重要？嗯，有兩個原因。第一，我們認為簡單性是小型商家和大型商家來到 Shopify 的主要原因之一；第二，它強調了我們面前擁有的豐富機會。在 Shopify，透過依賴科技來幫助解決問題，而不是讓科技製造問題，我們為商家提供了公平的競爭環境。一個很好的例子是 Google Pay，我們在第一季添加了它。由於結帳選項眾多，包括 Apple Pay 和 Shopify Pay，以及各種最終用戶設備和偏好，因此讓商家及其買家保持簡單是關鍵。與所有結帳加速器一樣，Google Pay 可以識別消費者的裝置是否啟用了該功能，並相應地向消費者提供結帳選項。在過去的 12 年裡，這種對簡單性的關注首先集中在北美的商家，因為北美一直是我們最大的市場。今天，我們的大多數商家都在這裡，Shopify 上的大多數訂單都在這裡發貨和發貨。但我們的目標市場遠大於此，這就是為什麼我們正在踏上多年的旅程，使 Shopify 在全球範圍內像在我們的核心地區一樣簡單有效。

One of the first steps in this journey has been transitioning to a global cloud service provider for production. With the rapid addition of merchants around the world, coupled with the increasing regulations around data sovereignty, we began leveraging the capabilities of a cloud provider last year. Today, the vast majority of our production data and operations are no longer running on our own hardware. All this means increased cost in the short-term for subscription solutions, we expect the benefits of global scale, flexible capacity and increased engineering velocity will grow over time. Another step in developing our platform internationally is language. This means that adoption of Shopify will no longer be limited to just those merchants who understand English. And so many opportunities remain to better localize the platform for things like payment methods, currency and merchant solutions like shipping and capital. We expect these efforts will further boost the percentage of Shopify merchants outside our more established geographies in North America, the U.K. and Australia, which continue to grow in Q1.

這趟旅程的第一步是過渡到全球生產雲端服務供應商。隨著世界各地商家的迅速增加，加上有關資料主權的法規不斷加強，我們從去年開始利用雲端供應商的功能。如今，我們絕大多數的生產數據和作業不再運行在我們自己的硬體上。所有這些都意味著訂閱解決方案的短期成本增加，我們預計全球規模、靈活容量和提高工程速度的好處將隨著時間的推移而增長。開發國際化平台的另一個步驟是語言。這意味著 Shopify 的採用將不再僅限於那些懂英語的商家。仍有許多機會可以更好地在地化支付方式、貨幣和運輸和資本等商業解決方案等平台。我們預計這些努力將進一步提高北美、英國和澳洲等成熟地區以外的 Shopify 商家比例，這些地區在第一季將持續成長。

Turning to Shopify Plus. While the first quarter of the calendar year is seasonally a slow one for buyers in the enterprise, we still added far more new merchants in the quarter versus the same period last year. Some of the more recognizable names launched in Shopify Plus in the quarter include [Marnaey], The UGG Company out of Australia, LeSportsac, Monster Electronics, HarperCollins U.K., Vega, Colgate-Palmolive, and some great new shops from the likes of Nestle and PepsiCo, including the Smile With Lay's shop, where consumers can customize a bag of Lay's potato chips and put their own face on it.

轉向 Shopify Plus。雖然今年第一季對企業買家來說是季節性的淡季，但與去年同期相比，本季我們仍增加了更多的新商家。本季度在 Shopify Plus 上推出的一些更知名的品牌包括 [Marnaey]、澳洲的 The UGG Company、LeSportsac、Monster Electronics、HarperCollins U.K.、Vega、Colgate-Palmolive 以及來自 Nestle 和百事公司，包括樂事微笑店，消費者可以在那裡訂製一袋樂事薯片，並在上面貼上自己的臉。

Finally, no discussion of the quarter would be complete without an update on our partners. Our parter ecosystem is healthy and thriving, with 2,400 apps available to merchants on the platform today, and nearly 16,000 partners having referred merchants to Shopify over the past 12 months. We're looking forward to welcoming our partners to Toronto next week for an annual Unite partner conference. The ecosystem that Shopify has created between merchants and developers, designers and agencies is very powerful. We believe this ecosystem can and will inspire what the future of technology and the future of commerce looks like.

最後，如果沒有我們合作夥伴的最新情況，本季的討論就不會完整。我們的合作夥伴生態系統健康且蓬勃發展，目前平台上的商家可以使用 2,400 個應用程序，並且在過去 12 個月內有近 16,000 個合作夥伴將商家推薦給 Shopify。我們期待下週歡迎我們的合作夥伴來到多倫多參加年度 Unite 合作夥伴會議。 Shopify 在商家和開發商、設計師和代理商之間創建的生態系統非常強大。我們相信這個生態系統能夠並且將會激發技術的未來和商業的未來。

Before I turn it over to Amy to comment on the moving part and the numbers, I would like to welcome her on the call to our management team, to Shopify and to Ottawa. Amy wasted no time at all adding value to the executive team in her first 4 weeks. It's great to have Amy on board, especially now as we're so early in our journey towards making commerce better for everyone.

在我將其交給 Amy 評論移動部分和數字之前，我想歡迎她致電我們的管理團隊、Shopify 和渥太華。在上任的前 4 週內，艾米不遺餘力地為執行團隊增加價值。很高興艾米加入，尤其是現在，我們正處於讓商業更好地惠及每個人的旅程的早期階段。

Thank you, Harley, for the warm welcome. I'm very glad to be here. When I was going through the interview process, I was struck by a few things, but probably the most important one, as Harley said, was the vast opportunities still in front of Shopify. Here was a company still in the early innings of the space where it plays, with a team that had demonstrated its ability to capture that opportunity. What Shopify had accomplished since its IPO is really impressive, not to mention the many character-forming years before that. These factors made this a unique opportunity and the mission-driven team here just felt like a team that I wanted to be a part of.

謝謝哈利的熱情歡迎。我很高興來到這裡。當我經歷面試過程時，我對一些事情感到震驚，但正如 Harley 所說，最重要的可能是 Shopify 仍然面臨著巨大的機會。這家公司仍處於所在領域的早期階段，其團隊已經證明了其抓住這一機會的能力。 Shopify 自 IPO 以來所取得的成就確實令人印象深刻，更不用說在此之前的許多年裡塑造的角色。這些因素使這是一個獨特的機會，這裡的使命驅動團隊感覺就像是我想成為其中一員的團隊。

So while I was not here for the quarter I am reporting on today, the drivers were fairly straightforward. Starting with revenue. Revenue was up 68% from last year's first quarter to $214.3 million. The larger and fastest growing component was Merchant Solutions revenue, which grew 75% year-over-year to $114.1 million. While Shopify Payments is still the largest piece of this, Merchant Solutions revenue is rapidly diversifying as revenue from capital and shipping both more than doubled over the last year. Shopify Payments continued to climb on strong growth in GMV, which reached $8 billion, an increase of 64% from the comparable quarter last year. The percentage of GMV processed on Shopify Payments was on par with last year's first quarter at 38%, and was a slight downtick from Q4's 39%, consistent with seasonal trends. Subscription Solutions revenue grew 61% to $100 million. As Harley mentioned, we had another quarter of strong merchant adds. By continuing to flatten the learning curve for entrepreneurship, Shopify is putting the possibility of starting your own business within reach for more people than ever. Monthly recurring revenue grew 57% and ended the quarter at $32.5 million. Shopify Plus' share of this ticked up in the quarter to 22% of MRR, compared to 17% in Q1 of last year. Gross profit dollars again grew faster than revenue, up 71% from Q1 of 2017 to $123.8 million. We saw strong growth in revenue from partner referral fees as well as in higher-margin streams like capital and shipping. These more than offset the headwind to Subscription Solutions margins from our transition to the cloud, specifically accelerated depreciation on our own servers and the temporary duplication of costs, as we transition from our own data centers, both of which we expect to be behind us by year-end.

因此，雖然我今天報告的季度沒有在這裡，但驅動因素相當簡單。從收入開始。營收較去年第一季成長 68%，達到 2.143 億美元。規模較大且成長最快的部分是商家解決方案收入，年增 75% 至 1.141 億美元。雖然 Shopify Payments 仍然是其中最大的一部分，但商家解決方案的收入正在迅速多元化，來自資本和運輸的收入比去年增加了一倍多。 Shopify Payments 的 GMV 強勁成長，持續攀升，達到 80 億美元，比去年同期成長 64%。 Shopify Payments 處理的 GMV 百分比與去年第一季的 38% 持平，比第四季的 39% 略有下降，與季節性趨勢一致。訂閱解決方案營收成長 61%，達到 1 億美元。正如哈雷所提到的，我們又增加了四分之一的強勁商家。透過持續拉平創業學習曲線，Shopify 讓比以往更多的人有機會創辦自己的企業。每月經常性收入成長 57%，季末達到 3,250 萬美元。 Shopify Plus 的市佔率在本季上升至 MRR 的 22%，而去年第一季為 17%。毛利的成長再次快於營收的成長，較 2017 年第一季成長 71%，達到 1.238 億美元。我們看到來自合作夥伴推薦費以及資本和運輸等利潤率較高的收入來源的強勁增長。這些足以抵消我們向雲端轉型帶來的訂閱解決方案利潤的逆風，特別是當我們從自己的資料中心轉型時，我們自己的伺服器加速折舊和臨時重複的成本，我們預計這兩個方面都將落後於我們年底。

Our adjusted operating loss in Q1 was approximately $200,000, close to breakeven, compared with a loss of $4.3 million or 3.4% of revenue in the first quarter of 2017. Adjusted net income for the quarter was $4.2 million or $0.04 per share. This compares with a $3.5 million net loss or $0.04 per share for last year's first quarter.

我們第一季調整後的營運虧損約為20 萬美元，接近損益平衡，而2017 年第一季的虧損為430 萬美元，佔營收的3.4%。即每股0.04 美元。相比之下，去年第一季淨虧損 350 萬美元，即每股虧損 0.04 美元。

Finally, our cash and cash equivalents and marketable securities balance was $1.6 billion. This is about $650 million higher than our December 31 balance of $938 million, as we raised additional funds from our offering of 4.8 million shares in February.

最後，我們的現金和現金等價物以及有價證券餘額為 16 億美元。這比 12 月 31 日的餘額 9.38 億美元高出約 6.5 億美元，因為我們在 2 月發行了 480 萬股股票，籌集了額外資金。

Now I'm thinking that one of the first questions I may get once we open up the call for questions is about plans for these funds. As I said at the start of the call, one thing we are not lacking at Shopify is opportunity. And like the rest of this management team, I'm a big believer in the strategic benefit of optionality. So we will ask you now to stay tuned on that front as the year progresses. Our expectations for what we can achieve financially in 2018 have been revised upward from February, based on the better results in Q1, which carry benefits throughout the rest of the year. We now expect to see revenue for the full year of $1.0 billion to $1.01 billion, and adjusted operating income of $0 to $5 million. For the second quarter, we expect revenue of $230 million to $235 million and an adjusted operating loss of $5 million to $7 million. Stock-based compensation in 2018 is now expected to be approximately $110 million for the full year, with about $27 million of this in the second quarter.

現在我想，一旦我們開始提問，我可能會遇到的第一個問題就是關於這些資金的計劃。正如我在電話會議開始時所說的那樣，Shopify 不缺少的一件事就是機會。和管理團隊的其他成員一樣，我堅信選擇性的策略利益。因此，隨著時間的推移，我們現在請您繼續關注這方面的情況。基於第一季更好的業績，我們對 2018 年財務業績的預期已從 2 月開始上調，這將為今年剩餘時間帶來好處。我們現在預計全年收入為 10 億至 10.1 億美元，調整後營業收入為 0 至 500 萬美元。我們預計第二季營收為 2.3 億至 2.35 億美元，調整後營運虧損為 500 萬至 700 萬美元。目前預計 2018 年全年股票薪酬約為 1.1 億美元，其中第二季約為 2,700 萬美元。

Before I turn it over to Katie to start the Q&A, I want to underscore the importance the rest of the exec team and I plays around investing for growth today to lay a strong foundation for what we expect to be a much bigger company in the future. We believe the 50% revenue growth implied by our expectations for 2018 is achievable due to all of the vectors of growth we have near term. Adding new merchants, Shopify Plus, new product offerings and our push internationally, all aided by tailwinds of growth in mobile, e-commerce and entrepreneurialism. Add to this favorable mix the vitality of the Shopify organization and it is easy to see how and why we're in a place to make incredible things happen.

在我把它交給凱蒂開始問答之前，我想強調我和執行團隊其他成員今天致力於成長投資的重要性，為我們未來成為一家更大的公司奠定堅實的基礎。我們相信，由於我們近期擁有的所有成長向量，我們對 2018 年的預期所暗示的 50% 收入成長是可以實現的。新商家、Shopify Plus、新產品的增加以及我們在國際上的推動，所有這些都得益於行動、電子商務和創業精神的成長。再加上 Shopify 組織的活力，我們很容易看出我們如何以及為何能夠實現令人難以置信的事情。

So with that, I will hand the call back to Katie.

因此，我會將電話轉回給凱蒂。

Thank you, Lisa. (Operator Instructions) Can we have the first question, please?

謝謝你，麗莎。 （操作員說明）請問第一個問題可以嗎？

Our first question comes from the line of Michael Nemeroff from Crédit Suisse.

我們的第一個問題來自瑞士信貸銀行的麥可·內梅洛夫（Michael Nemeroff）。

I've actually got 2. Sorry, Katie. The first one is around merchant count. A lot of us build our models based on an approximation or close approximation of merchant count. And Amy and Harley, thanks for the comments about Plus customers being record year-over-year, but I'm just curious whether you're going to update us on the merchant count? And then, the second one is, you mentioned language and network changes to become more global, but what about alternate forms of payments in less developed regions of the world or those where credit card payments aren't the standard?

我實際上有 2 個。第一個是關於商家數量。我們很多人都是根據商家數量的近似值或近似值來建立模型的。艾米和哈利，感謝您對 Plus 客戶數量逐年創紀錄的評論，但我只是好奇你們是否要向我們通報商家數量的最新情況？然後，第二個問題是，您提到語言和網路的變化變得更加全球化，但是世界欠發達地區或信用卡支付不標準的地區的替代支付方式又如何呢？

Sure. Hi, Michael, nice to meet you. Yes, with respect to merchant count, that's a year-end disclosure for us. We don't disclose quarterly numbers. But as Harley said, we had strong merchant ads in Q1, consistent with the last several quarters. It's largely attributable to our strategy of widening the funnel, reducing the learning curve for new merchants, adding larger merchants via plus and strong international merchant growth.

當然。嗨，邁克爾，很高興認識你。是的，就商家數量而言，這是我們的年終揭露。我們不透露季度數據。但正如哈雷所說，我們在第一季的商業廣告表現強勁，與過去幾季一致。這很大程度上歸功於我們擴大通路、縮短新商戶的學習曲線、透過強勁的國際商家成長增加更大商戶的策略。

Michael, this is Tobi. Obviously, going international means we're going to provide local payments kind of options, right? But this is an interesting thing about any kind of international strategy with Shopify, like it's not just inflating the product, comments that sort of exist at the intersection of a lot of different vectors like culture, general population trust in institutions, there's logistics infrastructure that has to be in place and, of course, there needs to be some form of digital payments available. Now the really interesting thing is, like credit cards, we are now in love, there's actually many countries around the world now, which are transitioning to think that feel a little bit more in their native credit cards. And so this is actually -- and there are some very surprising countries in the world that are actually quite ahead on digital commerce to serve the Western world. It feels a little bit like, back then, we installed a lot of cellphone towers, and suddenly, places very remote that didn't have landline suddenly had better wireless infrastructure than the United States and so on. So I think we're seeing a little bit of that and that's really encouraging.

邁克爾，這是托比。顯然，走向國際意味著我們將提供本地支付選項，對嗎？但對於Shopify 的任何一種國際策略來說，這都是一件有趣的事情，就像它不僅僅是誇大產品一樣，評論存在於許多不同載體的交叉點，例如文化、普通大眾對機構的信任、有物流基礎設施必須到位，當然，還需要某種形式的數位支付可用。現在真正有趣的是，就像信用卡一樣，我們現在相愛了，實際上現在世界上有很多國家正在轉變，認為他們的本土信用卡感覺更多一點。事實上，世界上有一些非常令人驚訝的國家在為西方世界服務的數位商務方面實際上處於領先地位。感覺有點像，當時我們安裝了很多手機訊號塔，突然之間，那些沒有固定電話的偏遠地區突然擁有了比美國更好的無線基礎設施等等。所以我認為我們已經看到了一些這樣的情況，這確實令人鼓舞。

Our next question comes from the line of Monika Garg from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Monika Garg。

Take rates on merchant Solutions has been steadily increasing, how do you see take rates progressing from here, and the big drivers of increasing take rate?

商家解決方案的使用率一直在穩步增長，您如何看待使用率的進展以及提高使用率的主要驅動因素？

Hi, Monika. So the take rate increase in the first quarter was largely driven by renegotiation of rev share agreements with payment partners as well as the growth in capital and shipping that we've noted. We do expect take rates for 2018 to be largely similar to the first quarter, with some bias towards upside towards the end of this year, as we see tailwinds for increased share of wallet.

嗨，莫妮卡。因此，第一季的採用率成長主要是由與支付合作夥伴重新談判收益分成協議以及我們注意到的資本和運輸的成長所推動的。我們確實預計 2018 年的利率將與第一季基本相似，但到今年年底會有一些上行趨勢，因為我們看到錢包份額增加的有利因素。

Our next question comes from the line of Jonathan Kees from Summit Insights Group.

我們的下一個問題來自 Summit Insights Group 的 Jonathan Kees。

I'll just have 1 question here, and welcome aboard Amy, by the way. I wanted to ask about stock expenses. That was a pretty high percentage of revenues, it's the highest level that you had. I guess, my question is more or like, in the war for talent, how's that going? Are you seeing that being more difficult to get the talent that you wanted and it's still more in the technology area?

我只想問一個問題，順便歡迎艾米加入。我想問一下庫存費用。這是收入的相當高的比例，這是你所擁有的最高水準。我想，我的問題更像是，在人才爭奪戰中，進展如何？您是否認為獲得您想要的人才變得更加困難，而且更多的是在技術領域？

So I'll take the part about the stock-based comp expense and then I'll turn it over to Harley and Tobi on the talent. So with respect to stock-based comp expense, it did increase year-over-year and is expected to be higher this year, largely due to a couple of factors. We're adding employees headcount, so that's obviously increasing it. We continue to build out our ranks at more senior levels and add R&D talent to continue to grow in areas that we've stated. We've also recalibrated our stock-based compensation strategy with annual grants for execs, and we've changed our vesting schedules from -- to 3 years from 4 years. That's all outlined in our circular that we recently filed. We think that share-based grants are an effective way to attract, retain and motivate employees. It is competitive out there. We look closely at the comparable tech companies to us, and we expect to keep our overall cost within range of our comps.

因此，我將承擔有關基於股票的補償費用的部分，然後將其交給 Harley 和 Tobi 的人才。因此，就股票補償費用而言，它確實同比增加，預計今年會更高，這主要是由於幾個因素。我們正在增加員工人數，所以這顯然會增加員工人數。我們繼續在更高級別上建立我們的隊伍，並增加研發人才，以在我們所說的領域繼續發展。我們也重新調整了以股票為基礎的薪酬策略，為高階主管提供年度補助，並將行使時間表從 4 年改為 3 年。我們最近提交的通告中概述了所有這些內容。我們認為股權激勵是吸引、留住和激勵員工的有效方法。那裡很有競爭力。我們密切關注與我們可比較的科技公司，我們希望將我們的整體成本保持在我們的比較範圍內。

Yes. I think, Amy covered this very well. Obviously, I mean, I said from the beginning, the only way to build a world-class company is to take a sort of geography and then try to become the best company to work for in that larger geography. I think we've done this where we are located now. And because of that, we're getting incredible people to join Shopify, like people with amazing wealth of experience in all these kind of areas that we're getting into. And yes, they cost quite a bit, to say the least. And the good thing is I've talked with a lot of other CEOs and who -- about, especially R&D, hiring and so on. And everyone says it's impossible, and for us, it seems to be just really, really hard. So I think we're in better shape than most.

是的。我認為，艾米很好地涵蓋了這一點。顯然，我的意思是，我從一開始就說過，建立世界級公司的唯一方法是選擇某種地理區域，然後努力成為該更大地理區域中最適合工作的公司。我認為我們現在所在的位置已經做到了這一點。正因為如此，我們吸引了令人難以置信的人才加入 Shopify，例如在我們正在進入的所有這些領域擁有驚人豐富經驗的人。是的，至少可以說，它們的成本相當高。好處是我已經與許多其他執行長以及他們討論過，特別是研發、招募等問題。每個人都說這是不可能的，對我們來說，這似乎真的非常非常困難。所以我認為我們的狀況比大多數人都好。

Our next question comes from the line of Deepak Mathivanan from Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two quick ones for me. First, I wanted to understand the dropshipping use case on Shopify. Can you talk about how many merchants Oberlo has, and what's the primary revenue model there? And then, secondly, with ePacket program coming under scrutiny now, can you discuss what percentage of your merchants use ePacket shipping arrangements? And what -- broadly, what are the some other things we can do to mitigate exposure of the program becomes kind of economically viable later this year?

對我來說兩個快點。首先，我想了解 Shopify 上的代發貨用例。您能談談 Oberlo 有多少商家嗎？其次，隨著 ePacket 計劃現在受到審查，您能否討論一下您的商家使用 ePacket 運輸安排的比例是多少？廣泛地說，我們可以採取哪些其他措施來減輕該計劃的風險，在今年稍後變得經濟上可行？

Okay. Let me unpack that a little bit in sentiment, right, like because we're getting back into like there's sort of general skepticism towards dropshipping, which I think is important to kind of address. I likened this before on this call to cloud computing, right. Everyone build on data centers and that costs a lot of money. And then, they said, "Hey, I don't decentralize this, why don't we rent servers by the hour instead of buy a 3-year depreciation," and this was a process improvement that then came to the benefit of everyone who needed servers. That's exactly cloud -- dropshipping really. It's just a process efficiency improvement. What also happened in cloud computing is after this was all said and done, a lot of tiny startups said, "Hey, like suddenly, I don't actually need to spend ungodly amount of money for servers, and I can get my product to market at the end of just using my laptop in a coffee shop." And so the creation of startups became cheaper and, therefore, there were most startup, so that's also what happens because of dropshipping. Just to illustrate this point a bit, I once ran -- so we have a Shopify store, which is Shopify point-of-sale hyper store, they sell iPad stands, all these kind of things that our customers needs. And most of the products is a label printer, receipt printer, sort of thermal paper kind of thing. Anyway, it's a great product. Everyone uses this one printer. Like I said, it's just, by far, the best one that exists. So I once checked and there was actually 260 different Shopify stores that all sold the same label printer. And that's the situation that retail is in, right? Everyone gets these from their supplier and then everyone stores them somewhere and then mails them out when someone places an order. So the dropshipping work just says, okay, let's keep those central and whenever someone creates a sale, we mail them out from there and so on. And it all kinds of make perfect sense. Oberlo is sort of takes this part of the sort of process improvement and just tries to make it to the benefit of people who are just starting out. And so this is why we're seeing like a lot of people experiment, as I said, but also just a lot of excitement. People who are accomplishing something that they kind of ask themselves a little surprised about accomplishing, tend to be very vocal about it. And this is why we have just a lot of exposure. Now Oberlo is a fantastic product and we're really, really proud to own it. And it's driving a lot of new people into entrepreneurship, which is, of course, our mission. But I think, like people are little bit -- I wish it would be as big as what some people seem to think. So similarly, exposure to ePacket, this is not -- like Shopify is an incredibly diversified platform, it's like almost its own economy kind of - if you will, like everyone is doing everything. And just because there's a specific route of which packages can take, that is really, really cheap, doesn't mean that this is the thing that makes all of Shopify tick, and that we would be very affected by that changing. The stores tend to arrange themselves around the opportunities, so yes, right now, we are in a situation where shipping things from Hong Kong is often -- to United States is often cheaper than shipping something from Massachusetts. But I think it's important to realize that a lot of what Shopify is and it's like most of what Shopify is maybe in United States is like shipping United States to United States. So this -- some of these sort of artificially low shipping route becoming a little bit more realistic, that might actually be really good for most people on the platform because it levels the playing ground and so on and so on. In general, commerce happens, GMV happens because of demands, not really because of supply. So like the way people -- like our customers are very crafty and they'll rearrange themselves around any kind of new realities in shipping cost, and I wouldn't worry too much about it.

好的。讓我從情緒上稍微解釋一下這個問題，對吧，因為我們又回到了對直銷的普遍懷疑態度，我認為解決這個問題很重要。我之前在這次雲端運算電話會議上也比喻過這一點，對吧。每個人都建立在資料中心的基礎上，這需要花費很多錢。然後，他們說，“嘿，我不去中心化這個，為什麼我們不按小時租用伺服器而不是購買 3 年折舊的伺服器”，這是一個流程改進，然後讓每個人都受益誰需要伺服器。這就是雲端——真正的代發貨。這只是流程效率的提升。雲端運算領域也發生了這樣的事情，在這一切都說完了之後，很多小型新創公司說：「嘿，突然之間，我實際上不需要在伺服器上花費大量的錢，而且我可以讓我的產品在咖啡店使用我的筆記型電腦結束時的市場。因此，新創公司的創建變得更加便宜，因此，出現了大多數新創公司，這也是由於直銷而發生的情況。為了說明這一點，我曾經跑過——所以我們有一個 Shopify 商店，這是 Shopify 銷售點超級商店，他們出售 iPad 支架，以及我們的客戶需要的所有這些東西。大多數產品是標籤印表機、收據印表機、熱感紙之類的東西。無論如何，這是一個很棒的產品。每個人都使用這一台印表機。就像我說的，它是迄今為止最好的。我曾經檢查過，實際上有 260 家不同的 Shopify 商店都銷售相同的標籤印表機。這就是零售業的現狀，對嗎？每個人都從他們的供應商那裡得到這些，然後每個人都將它們儲存在某個地方，然後當有人下訂單時將它們郵寄出去。因此，直銷工作只是說，好吧，讓我們將這些放在中心位置，每當有人創建銷售時，我們就會從那裡將它們郵寄出去，依此類推。這一切都很有道理。 Oberlo 採取了流程改進的這一部分，並試圖使其為剛起步的人們帶來好處。因此，正如我所說，這就是為什麼我們看到很多人進行實驗，但也感到非常興奮。那些正在完成一些事情的人，如果他們對完成的事情感到有些驚訝，往往會非常直言不諱地表達出來。這就是為什麼我們只有大量曝光。現在，Oberlo 是一款出色的產品，我們非常非常自豪擁有它。它正在推動許多新人創業，這當然是我們的使命。但我認為，就像人很小一樣——我希望它能像某些人想像的那樣大。因此，類似地，接觸ePacket，這並不是——就像Shopify 是一個極其多元化的平台，它幾乎就像它自己的經濟一樣——如果你願意的話，就像每個人都在做一切事情一樣。僅僅因為包裹可以採取特定的路線，這確實非常便宜，但這並不意味著這是讓所有 Shopify 運轉的東西，而且我們會受到這種變化的很大影響。商店往往會圍繞著機會進行安排，所以是的，現在我們所處的情況是，從香港運送物品到美國通常比從馬薩諸塞州運送物品便宜。但我認為重要的是要認識到 Shopify 的許多內容，就像 Shopify 在美國的大部分內容一樣，就像從美國運送到美國一樣。因此，一些人為的低航線變得更加現實，這實際上可能對平台上的大多數人來說真的很好，因為它創造了公平的競爭環境等等。一般來說，商業的發生、GMV 的發生是因為需求，而不是真正的供應。就像我們的客戶一樣，他們非常狡猾，他們會圍繞運輸成本的任何新現實重新安排自己，我不會對此太擔心。

Our next question comes from the line of Colin Sebastian from Robert Baird.

我們的下一個問題來自羅伯特貝爾德 (Robert Baird) 的科林塞巴斯蒂安 (Colin Sebastian)。

Question on Shopify Plus, I wonder if you could talk about how the sales and marketing strategy is evolving there as that becomes a bigger focus clearly and as well on the product side where you see the most opportunity to increase the value of Shopify for larger mid-market and enterprise clients?

關於Shopify Plus 的問題，我想知道您是否可以談談那裡的銷售和行銷策略是如何演變的，因為這顯然成為了一個更大的焦點，並且在產品方面，您認為最有機會為大中型企業增加Shopify 的價值-市場和企業客戶？

It's Harley, I'll take that question. So starting with the second piece around the product of Shopify Plus. As I said in the last earnings call, that is a certainly focus right now for us is to not only get more Shopify Plus merchants onto the platform, but also ensure that the product we deliver to them is uniquely valuable to them. So we've talked about things like Shopify Flow. We've talked about things like wholesale, but there's a bunch of things that are -- that we're working on right now. And certainly, relative to last year and the year before, the focus on Shopify Plus is really to ensure we have the best product for merchants that are at a larger scale. In terms of the sales model for it, in a similar vein to Shopify core, we don't get merchants remain in 1 place on Shopify Plus. We have a very extensive partner program that's been growing quite a bit. We have our sales team, which is growing also quite a bit since last year, marketing plays a role in that. But there are also opportunities with Shopify Plus that just may not be relevant to Shopify core, things like trade shows, for example, which -- enterprise trade shows, which we never would have done for our core product, but Shopify Plus actually fits nicely from an opportunity perspective there. So in general, Shopify Plus is firing in all cylinders here, but there isn't one thing that is driving it, it's a whole bunch of things and we will continue to do that this year.

我是哈利，我來回答這個問題。那麼從圍繞 Shopify Plus 產品的第二部分開始。正如我在上次財報電話會議中所說，我們現在的重點當然是不僅讓更多 Shopify Plus 商家進入該平台，而且還要確保我們向他們提供的產品對他們具有獨特的價值。我們討論了 Shopify Flow 等內容。我們已經討論過批發之類的事情，但我們現在正在研究很多事情。當然，相對於去年和前年，Shopify Plus 的重點確實是為了確保我們為更大規模的商家提供最好的產品。就其銷售模式而言，與 Shopify 核心類似，我們不會讓商家在 Shopify Plus 上保持第一名。我們有一個非常廣泛的合作夥伴計劃，並且正在不斷發展。我們有我們的銷售團隊，自去年以來也有了很大的成長，行銷在其中發揮了作用。但 Shopify Plus 也存在一些可能與 Shopify 核心無關的機會，例如，企業貿易展，我們永遠不會為我們的核心產品這樣做，但 Shopify Plus 實際上非常適合從機會的角度來看。所以總的來說，Shopify Plus 正在全力以赴，但推動它發展的不是單一因素，而是一大堆因素，今年我們將繼續這樣做。

Our next question comes from the line of Sam Kemp from Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Sam Kemp。

Amy, I guess I'd love to take advantage of your fresh eyes in the organization at this point. As you take a look at Shopify, we've seen huge growth over the past several years. When you think organizationally and structurally, what are the areas do you think that there's really need for investment or to build better organizational structure or anything that really needs to catch up with the broader growth that the company has been facing? And then, second and totally separately, on the Shopify Plus volume fees for the nonpayments customers, can you just comment on how much that's contributing to Merchant Solutions growth?

艾米，我想我現在很想利用你對組織的新視野。當您查看 Shopify 時，我們會看到過去幾年的巨大成長。當您從組織和結構角度思考時，您認為哪些領域真正需要投資或建立更好的組織結構，或真正需要趕上公司面臨的更廣泛成長的領域？其次，完全獨立的是，關於非付款客戶的 Shopify Plus 批量費用，您能否評論一下這對商家解決方案的成長有何貢獻？

Yes, let me take the first one, Sam. Nice to meet you. So I think, coming in, I was impressed with Shopify. I'm even more so impressed now that I'm here on the inside. As I said in my opening remarks that there's a tremendous amount of opportunity still in front of the company. Its mission and vision are absolutely spot on and the team is executing well against that. I think the focus right now on continuing to invest in the core platform is critical to provide additional services for our merchants and to deepen our mote. The focus on international is a huge opportunity and I think that, that's really just in the early innings. And then, the same with Plus. This widening of the funnel, taking the learning curve down for new merchants as well as adding larger merchants through Plus has been a really significant focus. The company has managed to keep very strong unit economics as it scale the business, and we see a ton of opportunity to continue to scale efficiently, maintaining strong unit economics and monthly billing retention rate and LTV, the CAC has consistently been strong since the IPO. It's an amazing business model with a ton of opportunity still in front. And I think I need you to repeat your second question.

是的，讓我來第一個，山姆。很高興見到你。所以我想，剛進來的時候，Shopify 給我留下了深刻的印象。現在我來到了裡面，給我留下了更深刻的印象。正如我在開場白中所說，公司仍然面臨著巨大的機會。它的使命和願景絕對正確，並且團隊對此執行得很好。我認為現在的重點是繼續投資核心平台對於為我們的商家提供額外的服務並深化我們的業務至關重要。對國際比賽的關注是一個巨大的機會，我認為這確實只是在早期階段。然後，Plus 也是一樣。通路的拓寬、降低新商家的學習曲線以及透過 Plus 增加更大的商家一直是非常重要的焦點。該公司在擴大業務規模時成功地保持了非常強勁的單位經濟效益，我們看到了繼續高效擴張的大量機會，保持強勁的單位經濟效益、每月賬單保留率和生命週期價值，自IPO 以來，CAC一直表現強勁。這是一個令人驚嘆的商業模式，前方仍有大量機會。我想我需要你重複你的第二個問題。

I think there's about 1.5 years that you rolled out the 15 basis point or 10 basis point fee for Shopify Plus customers that weren't using Shopify Payments, I'm just wondering, now that, that's begun to really layer in, I think, in full at this point, how much is that contributing to revenue growth?

我認為大約有 1.5 年的時間，您為未使用 Shopify Payments 的 Shopify Plus 客戶推出了 15 個基點或 10 個基點的費用，我只是想知道，現在，我認為這已經開始真正分層了，到目前為止，這對收入成長的貢獻有多大？

It's Harley, I'll take that question. So it's been about, I think, 14 months or so since we introduced the new pricing plan, and along with that came 15 bps if you don't use Shopify Payments. It's certainly still pretty small. It is a positive contributor for Shopify Plus growth, but it is still quite small. Really, the intention there was to get as many people using Shopify Payments as possible, and when they're not able to, or they don't want to, that we still share in the upside. So I would still say that it's still quite small. And again, the pricing change in general, not just with the 15 bps, is really to future-proof our business model for Plus, so that as we get larger merchants on, where our merchants get really much larger on the platform, existing merchants get larger on the platform, that we do share in the upside.

我是哈利，我來回答這個問題。因此，我認為，自從我們推出新的定價方案以來，已經過去了大約 14 個月左右，如果您不使用 Shopify Payments，隨之而來的就是 15 個基點。它當然仍然很小。它對 Shopify Plus 的成長做出了積極的貢獻，但仍然很小。實際上，我們的目的是讓盡可能多的人使用 Shopify Payments，當他們無法或不願意時，我們仍然可以分享好處。所以我仍然會說它仍然很小。再說一次，整體定價變化，不僅僅是15 個基點，確實是為了讓我們的Plus 商業模式面向未來，因此，隨著我們的商家規模越來越大，我們的商家在平台上變得越來越大，現有的商家在平台上變得更大，我們確實分享了好處。

Our next question comes from the line of Jesse Hulsing from Goldman Sachs.

我們的下一個問題來自高盛 (Goldman Sachs) 的傑西·赫爾辛 (Jesse Hulsing)。

Harley, maybe this one is for you. I guess, longer-term, as you build up this Plus business, what do you think the, I guess, the incremental drivers of take rate could be? I guess, payments would be one of those, but are there any other services that you think you could build out over time to drive the take rate higher and how are you thinking about that? And then, a quick follow-up for Amy, can you remind us what your exposure is to movements in foreign exchange? Was that a tailwind to revenue growth in the quarter?

哈利，也許這個適合你。我想，從長遠來看，當你建立這個 Plus 業務時，你認為，我想，採取率的增量驅動因素可能是什麼？我想，支付就是其中之一，但是您認為隨著時間的推移，您是否可以建立任何其他服務來提高採用率，您對此有何看法？然後，艾米快速跟進一下，您能提醒我們您對外匯變動的敞口有多大嗎？這是本季營收成長的推動力嗎？

It's Harley. So I'll start with that. Look, I mean, when we initially started Shopify Plus in the first place a couple of years back, it was really for a place for larger merchants that got big to graduate to, and that worked really well. What's interesting is that, over time, it's developed now, more than half of the merchants that joined us in the last quarter were branded in the platform. So as they come on, there are new additional merchant solutions that they're taking, obviously, payments and shipping, capital to a lesser extent because those merchants may not require capital in the same way that smaller merchants would, but the conversation that I have with my team at Shopify Plus is to constantly reevaluate what are the things that these merchants, larger merchants require that we can provide to them where they have a better experience, they pay less money, we make more money, and we'll always continue to evaluate those, but shipping and payments are obviously the 2 major ones right now, and we're not going to share anything beyond that right now.

是哈雷。那我就從這個開始吧。聽著，我的意思是，幾年前，當我們最初啟動 Shopify Plus 時，它實際上是為那些規模較大的商家提供的一個地方，而且效果非常好。有趣的是，隨著時間的推移，現在已經發展起來，上個季度加入我們的商家中有一半以上都是在這個平台上品牌的。因此，隨著他們的出現，他們正在採取新的額外商家解決方案，顯然，支付和運輸、資本在較小程度上是因為這些商戶可能不像小商戶那樣需要資本，但我的對話我與Shopify Plus 團隊的共同目標是不斷重新評估這些商家、大型商家需要我們提供給他們哪些東西，讓他們獲得更好的體驗，他們支付更少的錢，我們賺更多的錢，我們將永遠繼續評估這些，但運輸和付款顯然是目前的兩個主要問題，我們現在不會分享除此之外的任何內容。

With respect to FX, we do enter into cash flow hedges to minimize quarterly fluctuations but we did see favorable in the quarter, it's outlined in our footnotes as well as our MD&A.

就外匯而言，我們確實進行了現金流對沖，以盡量減少季度波動，但我們確實看到了本季度的有利情況，這一點在我們的腳註以及 MD&A 中進行了概述。

Our next question comes from the line of Darren Aftahi from Roth Capital Partners.

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

Just some questions around shipping. You called out, I think, penetration in U.S. and Canada being about 1/3 of the base in March, can you just talk about maybe 2 things. One, where can that penetration within those 2 geographies go? And then, outside of those geographies, can you just talk about kind of the rollout and strategy for shipping going forward?

只是一些關於運輸的問題。我想，您提到美國和加拿大的滲透率約為 3 月基數的 1/3，您能否只談兩件事。第一，這兩個地區的滲透力可以去哪裡？然後，在這些地區之外，您能否談談未來運輸的推出和策略？

It's Harley, I'll take that question. So I mean, in terms of Shopify Shipping, that continues to grow. It's grown every quarter since we've launched it. We think there's a lot of opportunity there, but I think we're still in the early innings for Shopify Shipping, whether that's on the product side, providing more features, or it's new partnerships and new geographies. We're really in the early inning there. So I would say that it's too early to see the full potential of that at this point.

我是哈利，我來回答這個問題。所以我的意思是，就 Shopify Shipping 而言，這一數字仍在持續增長。自從我們推出以來，它每個季度都在成長。我們認為那裡有很多機會，但我認為 Shopify Shipping 仍處於早期階段，無論是在產品方面、提供更多功能，還是新的合作夥伴關係和新的地理位置。我們確實處於第一局。所以我想說，現在要看到它的全部潛力還為時過早。

And it's -- the shipping, kind of it's not quite like payment in that people just make a decision then they get the money through a different channel and get some additional features if they happen to be adopting some sort of payment. In the shipping world, everyone has their intricate processes embedded inside of their businesses, like the train staff about how exactly the labels are printed, all those kind of things. So it's just a much more disruptive switchover within businesses, so this is why it's always going to be lower than payments and it's always going to -- it will not expand that quickly. And that's something to keep in mind if you're trying to model it.

它是——運輸，有點不像付款，因為人們只是做出決定，然後他們透過不同的管道獲得資金，如果他們碰巧採用某種付款方式，他們還可以獲得一些額外的功能。在航運界，每個人的業務中都嵌入了複雜的流程，例如火車工作人員如何準確列印標籤等。所以這只是企業內部更具破壞性的轉變，這就是為什麼它總是會低於支付，而且它總是會——它不會那麼快擴張。如果您嘗試對其進行建模，請記住這一點。

Thanks, Darren. And I'll just take this opportunity to remind everyone that we really would like you to limit your questions to 1, we have a lot more questions to get through before 09:30. So next question, please.

謝謝，達倫。我想藉此機會提醒大家，我們確實希望您將問題限制為 1 個，我們還有很多問題需要在 09:30 之前解決。那麼，請下一個問題。

Our next question comes from the line of Gus Papageorgiou from Macquarie.

我們的下一個問題來自麥格理的 Gus Papageorgiou。

I just want to focus on the gross margin for a bit. So the way I think about it is that for Subscriber Solutions, your -- Amy, I think, what you're suggesting is the gross margin should trend back to kind of the 80% level as we go through the year and you make the transition. But on the margin solutions, I mean, you hit 41% gross margin, which is a big number and the highest we've seen since 2013. Can you tell us, like what kind of progress should we expect on the gross margin line for Merchant Solution through the year? And I'm assuming that capital and shipping were big influences in growing that number, and how should we think about that as we advance through the year?

我只想關註一下毛利率。所以我的想法是，對於訂閱者解決方案，你的——艾米，我認為，你的建議是，隨著這一年的發展，毛利率應該回升至 80% 的水平，並且你可以實現過渡。但在利潤率解決方案方面，我的意思是，你達到了41% 的毛利率，這是一個很大的數字，也是我們自2013 年以來看到的最高水平。期望在毛利率線上取得什麼樣的進展嗎？我假設資本和航運對這一數字的成長產生了重大影響，隨著這一年的進展，我們應該如何考慮這一點？

Yes, let me start with Subscription Solution margins. The first quarter was impacted by the migration to the cloud, accelerated depreciation of our own servers, duplication of costs as we migrate, and we've always said that the cost would be slightly higher to outsource than if we had continued to own our own data centers. The migration to the cloud is expected to continue over the next 2 quarters. And so we expect subscription margins to be at around the same level as the first quarter over the next 2 quarters. As the migration is completed, we expect subscription margins to improve in the fourth quarter over the current levels. With respect to Merchant Solutions margins, yes, we did have a favorable Q1. As I said earlier, many of the revenue items that were strong in the quarter are high-margin revenue streams. In addition, in the first quarter, we did have some one-time items related to some billing adjustments from payment partners and cleanup from the fourth quarter that will not repeat. So for the remainder of 2018, for Merchant Solutions margins, we expect each quarter to be higher than their comparable quarter in 2017, but not to the same extent that we saw in the first quarter of this year.

是的，讓我從訂閱解決方案利潤開始。第一季受到遷移到雲端、我們自己的伺服器加速折舊、遷移過程中成本重複的影響，我們一直說外包的成本會比我們繼續擁有自己的伺服器略高資料中心。向雲端的遷移預計將在未來兩個季度繼續進行。因此，我們預計未來兩季的認購利潤率將與第一季大致相同。隨著遷移完成，我們預計第四季的訂閱利潤率將高於目前水準。就商家解決方案的利潤而言，是的，我們確實有一個有利的第一季。正如我之前所說，本季強勁的許多營收項目都是高利潤收入來源。此外，在第一季度，我們確實有一些一次性項目，涉及支付合作夥伴的一些帳單調整以及第四季度的清理工作，這些項目不會重複。因此，在 2018 年剩餘時間裡，對於商家解決方案的利潤率，我們預計每個季度都會高於 2017 年的可比季度，但不會達到今年第一季的水平。

Can you just kind of quantify that, the one-time items, like how much of an impact was that in the quarter?

您能否量化一次性項目，例如該季度的影響有多大？

Small.

小的。

Your next question comes from the line of Koji Ikeda from Oppenheimer.

你的下一個問題來自奧本海默的池田浩二。

I wanted to ask the question on the B2B opportunity. Majority of your subscribers, I would think, they're primarily focused on the B2C model, but I was wondering if you could talk a bit about the B2B opportunity? I noticed on the Plus website in addition to wholesale, B2B commerce became a solution option sometime last month. Is this a new SKU? And was this a customer-driven initiative? And I guess, are there any technological differences between the B2B product and the wholesale product? And any comments on the pricing would be helpful.

我想問有關 B2B 機會的問題。我認為，您的大多數訂閱者主要關注 B2C 模式，但我想知道您是否可以談談 B2B 機會？我在 Plus 網站上註意到，除了批發之外，B2B 商務也成為上個月某個時候的解決方案選項。這是新的 SKU 嗎？這是客戶驅動的舉措嗎？我想，B2B產品和批發產品之間有技術差異嗎？任何有關定價的評論都會有所幫助。

It's Harley. Just in terms of B2B and sort of the wholesale opportunity, initially, we launched it for a small subset of existing merchants who are doing both B2B and B2C, and they were asking for additional functionality to run a wholesale business as well as a retail business on top of Shopify, that's why it was started and we were sort of pulled into that area. We now do have a very early B2B product and we now have merchants that are joining us to use that product, but it's still very early days. What we like about B2B is that it provides us with a wider product market fit, so now, there are groups of merchants who only do B2B that now Shopify can be a great solution for, and previously, it may have not been. But there's a lot of additional functionality that comes into it, beyond just password protection. B2B merchants require different things that B2C merchants simply don't need. So we're working on that right now, but again, super early days of that.

是哈雷。就 B2B 和批發機會而言，最初，我們為一小部分同時從事 B2B 和 B2C 業務的現有商家推出了它，他們要求提供額外的功能來運營批發業務和零售業務在Shopify 之上，這就是它啟動的原因，我們有點被拉進了這個領域。我們現在確實有一個非常早期的 B2B 產品，現在有商家加入我們使用該產品，但現在還處於早期階段。我們喜歡 B2B 的地方在於它為我們提供了更廣泛的產品市場契合度，因此現在有一些只做 B2B 的商家群體，現在 Shopify 可以成為一個很好的解決方案，而以前可能不是。但除了密碼保護之外，它還有很多附加功能。 B2B 商家需要的東西與 B2C 商家根本不需要的東西不同。所以我們現在正在努力解決這個問題，但同樣，這還處於早期階段。

Our next question comes from the line of Nikhil Thadani from Mackie Research.

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

How should we think about the competition going forward? With Square buying Weebly here, it seems like a bunch of other guys are sort of trying to move to your model of putting online and offline together that you guys are probably the first at. So how should we think about the competitive landscape going forward?

我們該如何看待未來的競爭？隨著 Square 收購 Weebly，似乎有很多其他人正在嘗試轉向你們將線上和線下結合在一起的模式，而你們可能是第一個這樣做的。那我們該如何看待未來的競爭格局呢？

Good question. Like I -- I mean, one thing, I think, it really confirms that we had it right. So Square buying Weebly, I think, you will see just about every point-of-sale company buying -- launching something like Weebly, I mean, buying in the case, that they're really late, or hopefully, they've been booked for a while already, I'd say, spotted this trend earlier. We're just going for -- like this market was very weirdly dominated by different, usually incompatible point solutions for all the different things that retailers had to do. And when we came by some of you on the -- doing the IPO roadshow, I think that's what we leaned in and said, hey, we think that's wrong and we think that retailers need a centralized software that can easily move all the inventory into different channels that might actually sometimes be fairly short-lived. They are pop-up stores, they sometimes are campaigns on social media. They obviously involve an online store and point-of-sale, if that's what you need. And all of this should be -- you should think about the software needed in this space a lot more like an operating system on which -- on the top of which our software is built that specializes depending on the business -- that's -- the business needs. And that was our vision all along that got largely ignored initially. And then, like, I think, people have been paying attention and everyone realizes that, clearly, this is right and, clearly, this is the driver of all the growth that Shopify has had. And now, more people are coming around to this. I -- we started about 5 years ago. We launched it 3 years ago. We now have a lot of momentum because of it. So it's -- I mean, if you see a growth story like Shopify, you usually see a company that defined a new space. And so, I think, it just goes to show that our crystal ball is reasonably clear, and we are working on all the things that's next. And I'm actually looking forward to having some other people look at the same space and seeing what we are seeing because, I think, that's more fun, frankly, from a company-building perspective, than trying to do it all alone, so that's cool.

好問題。就像我一樣——我的意思是，我認為有一件事，它確實證實了我們做對了。所以 Square 收購 Weebly，我想，你會看到幾乎所有銷售點公司都在購買——推出像 Weebly 這樣的東西，我的意思是，在他們真的遲到的情況下購買，或者希望他們已經遲到了我想說，我已經預訂了一段時間，很早就發現了這種趨勢。我們只是想要——就像這個市場非常奇怪地被不同的、通常不相容的單點解決方案所主導，這些解決方案針對零售商必須做的所有不同的事情。當我們在IPO 路演中遇到你們中的一些人時，我認為這就是我們所說的，嘿，我們認為這是錯誤的，我們認為零售商需要一個集中式軟體，可以輕鬆地將所有庫存轉移到不同的管道有時實際上可能相當短暫。它們是快閃店，有時是社群媒體上的活動。它們顯然涉及在線商店和銷售點（如果您需要的話）。這一切都應該是──你應該把這個領域所需的軟體想像成一個作業系統，在這個作業系統之上──我們的軟體是建構在其之上，專門根據業務而建構的──那就是——業務需求。這就是我們一直以來的願景，但最初卻被很大程度上忽略了。然後，我認為，人們一直在關注，每個人都意識到，顯然，這是正確的，而且，顯然，這是 Shopify 所有成長的驅動力。現在，越來越多的人開始注意到這一點。我——我們大約 5 年前開始。我們三年前推出了它。因此，我們現在擁有很大的動力。所以，我的意思是，如果你看到像 Shopify 這樣的成長故事，你通常會看到一家定義了新空間的公司。所以，我認為，這只是表明我們的水晶球相當清晰，我們正在努力解決接下來的所有事情。我實際上期待著讓其他人看看同一個空間並看到我們所看到的東西，因為坦率地說，從公司建設的角度來看，這比嘗試獨自完成這一切更有趣，所以這很酷。

Our next question comes from the line of David Hynes from Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

Just one on Shopify Capital. I imagine there are some seasonal patterns to demand for merchant cash advances. But obviously, that's something you guys can control. So just help us think about kind of the seasonal patterns as it relates to our efforts to model cash flow. And then, remind us, how long are these loans typically outstanding?

Shopify Capital 上只有一個。我認為商家預付現金的需求存在一些季節性模式。但顯然，這是你們可以控制的。因此，請幫助我們思考季節性模式，因為它與我們對現金流建模的努力有關。然後，提醒我們，這些貸款通常未償還多久？

It's Harley, I'll take that one. So in terms of seasonality around Shopify Capital, it's important to note that the use of proceeds for Shopify Capital for most of our merchants tend to be in the realm of inventory or marketing spend, which we quite like because that leads to more sales, which makes it easier for them to return the capital to us. Obviously, there's -- the seasonality of capital reflects the seasonality of retail in general, which is certainly more of a Q4 issue than it is a Q1 issue. Just keep in mind, these are not loans, these are cash advances, so I want to be very clear about that. And then, in terms of the payback period, it is less than a year, typically.

是哈雷，我就選那個。因此，就 Shopify Capital 的季節性而言，值得注意的是，我們大多數商家的 Shopify Capital 收益往往用於庫存或行銷支出領域，我們非常喜歡這一點，因為這會帶來更多銷售額，使他們更容易將資本回饋給我們。顯然，資本的季節性反映了零售業整體的季節性，這當然更多的是第四季的問題，而不是第一季的問題。請記住，這些不是貸款，而是預支現金，所以我想非常清楚地說明這一點。然後，就投資回收期而言，通常不到一年。

Our next question comes from the line of Tom Forte from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom Forte。戴維森。

On the last earnings call, Tobi mentioned the small merchants leverage technology, which is example of augmented reality, to compete against larger companies, can you update your efforts specifically to artificial intelligence and what you're doing to enable small merchants to leverage AI to compete against larger companies?

在上次財報電話會議上，Tobi 提到小商家利用科技（擴增實境的一個例子）與大公司競爭，您能否更新專門針對人工智慧的努力以及您正在做的事情以使小商家能夠利用人工智能與大公司競爭？

Yes, it's an interesting topic these days. I think, one of the most important things from our perspective is all data is our merchants' data. And what we want to do is give it back to them in -- to their own benefits in different ways, right, like make it to their own benefit. So the most obvious example of this is one thing Shopify ships is absolutely excellent fraud detection. It's -- we're getting -- I mean, fraud is always a problem in the retail world, but we're trying to drive it as close to possible as to being a nonproblem. This is directly powered by AI and by machine learning models that have -- that are trained on what's happening on the platform. So this is a good -- a good news there is that Shopify sees global trends. Shopify can see bad actors that are moving across the network. And so this is one of those areas that where -- there's a direct benefit. So we're very comfortable with this kind of look.

是的，這是最近一個有趣的話題。我認為，從我們的角度來看，最重要的事情之一是所有數據都是我們商家的數據。我們想做的就是以不同的方式回饋給他們，讓他們自己受益，對吧，例如讓他們自己受益。因此，最明顯的例子是 Shopify 提供的一件事是絕對出色的詐欺檢測。我們了解到，我的意思是，詐騙始終是零售業的問題，但我們正在努力使其盡可能成為一個不成問題的問題。這直接由人工智慧和機器學習模型提供支持，這些模型根據平台上發生的情況進行訓練。所以這是一個好消息——Shopify 看到了全球趨勢。 Shopify 可以看到正在網路上移動的不良行為者。因此，這是能夠帶來直接好處的領域之一。所以我們對這種外觀非常滿意。

Our next question comes from the line of Ross MacMillan from RBC.

我們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)。

My question is actually for probably Tobi or Harley, and I was just curious, given the potential changes in the data privacy environment, whether it's the Facebook controversy or GDPR, what do you think of any or the implications on your merchants' businesses as a result of this?

我的問題實際上可能是針對 Tobi 或 Harley，我只是很好奇，考慮到資料隱私環境的潛在變化，無論是 Facebook 爭議還是 GDPR，您認為這對您的商家業務有何影響？

Yes, so I'll take that. So we're actually [related to this] GDPR. So what's happening is, like -- I said in the previous answer, we have very sort of strict principles around data, around privacy, which we have internally. And the way we see GDPR is that the rest of the world is sort of coming around to our vision of how data should be handled, and puts that into a law and puts some fines in place. And I think that's honestly really, really, really good for the Internet. And we're very happy that this is happening. We're going to be -- like Shopify is going to be ready for GDPR, and so I think that's going to be a very important thing. I think, they're delivering next month. And yes, I could go more in depth on this topic, but I -- we're, of course, monitoring the conversation, as everyone is in the tech industry. We made some very important choices at very early stages of this company. We looked at opportunities of doing things with data that just didn't fit in like -- would have made a lot of sense for the growth or maybe revenue of the business or so, but didn't conform to our opinions of what ought to be done and what we would -- like the standards we hold ourselves to, and so we walked away from those things, and I'm very proud of that.

是的，所以我會接受。所以我們實際上與 GDPR 有關。所以正在發生的事情是——我在之前的回答中說過，我們在內部有關於數據、隱私的非常嚴格的原則。我們對 GDPR 的看法是，世界其他國家正在接受我們關於如何處理資料的願景，並將其寫入法律並實施一些罰款。老實說，我認為這對互聯網來說非常非常非常有利。我們很高興這一切正在發生。我們將會——就像 Shopify 將為 GDPR 做好準備一樣，所以我認為這將是一件非常重要的事情。我想，他們下個月就會出貨。是的，我可以更深入地討論這個主題，但我——當然，我們正在監控對話，因為每個人都在科技業。我們在公司的早期階段做出了一些非常重要的選擇。我們研究了用不適合的數據做事的機會——這對業務的成長或收入等有很大意義，但不符合我們對應該做的事情的看法。我們堅持自己的標準，所以我們放棄了這些事情，我對此感到非常自豪。

Our next question comes from the line of Brian Essex from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩‧艾塞克斯 (Brian Essex)。

Amy, welcome to the call. A question for you on -- if I could revisit Merchant Solutions and payments and the contribution, any way we can get some kind of quantification of incremental take rate from payments. How much was contributed by capital and shipping versus what the rate of payments. I think, a few quarters ago, we got some kind of insight which kind of implied that the take rate for payments specifically was relatively flat and that incremental take rate expansion was primarily from shipping and capital. What does the environment there look like this quarter? And then, what do you anticipate, particularly on the payment side with international expansion, the impacts you might expect for each on take rate going forward?

艾米，歡迎您的來電。有個問題想問你——如果我可以重新審視商家解決方案、付款和貢獻，我們可以透過任何方式對付款的增量獲取率進行某種量化。資本和運輸貢獻了多少，支付率是多少。我認為，幾個季度前，我們得到了一些見解，這意味著付款的接受率相對持平，而增量接受率的擴張主要來自運輸和資本。這個季度那裡的環境怎麼樣？然後，您的預期是什麼，特別是在國際擴張的支付方面，您對未來每個接受率可能產生的影響？

Well, I can say that for the first quarter, the primary increase in the take rate was driven by the renegotiation of rev share agreements with payment partners and shipping and capital. Payments was largely consistent year-over-year. But having said that, we see opportunity in payments going forward, strong opportunity as we grow internationally. We see the opportunity for those take rates to move up in new geographies, and we expect payments to largely follow our international expansion with Asia-Pac next, in countries with high credit card penetration, and then Western European countries where we see strong merchant growth. So opportunity across the board.

嗯，我可以說，第一季度，採用率的主要增長是由與支付合作夥伴以及運輸和資本重新談判收益份額協議所推動的。付款情況與去年同期基本保持一致。但話雖如此，我們看到了未來支付領域的機會，隨著我們在國際上的發展，機會很大。我們看到這些費用在新地區有上升的機會，我們預計支付將在很大程度上跟隨我們的國際擴張，接下來是亞太地區、信用卡普及率高的國家，然後是我們看到商家強勁增長的西歐國家。所以機會是全面的。

Our next question comes from the line of Todd Coupland from CIBC.

我們的下一個問題來自 CIBC 的 Todd Coupland。

I wanted to ask about international. So you've seen strong merchant count in Western Europe for at least a year, you've been calling it out as an area of strength, can you just talk about the countries where the merchants are maturing the best and give us some examples of which countries are working well and are they likely to see the focus of your efforts in international, whether it's in shipping or in foreign currency tools?

我想問一下國際。因此，您在西歐看到強大的商人數量至少有一年了，您一直將其稱為一個優勢領域，您能否談談商人最成熟的國家，並給我們一些例子哪些國家運作良好，他們是否可能看到你們在國際上的努力重點，無論是在航運還是在外匯工具方面？

Yes, we don't want to go into breaking that out. So think of Shopify as a portfolio, lots of countries.

是的，我們不想打破這個局面。因此，可以將 Shopify 視為包含許多國家的投資組合。

Our next question comes from the line of Suthan Sukumar from Eight Capital.

我們的下一個問題來自八資本的 Suthan Sukumar。

On the Plus segment, with respect to customer growth, we're obviously seeing good traction here. And also in the call, you guys noted a large part of that was being merchant adds that are being new to the platform, can you speak to what the mix of growth is being driven by the direct sale channel versus the partner channel and are these competitive displacements?

在 Plus 細分市場，就客戶成長而言，我們顯然看到了良好的吸引力。另外，在電話會議中，你們注意到其中很大一部分是平台上的新商家添加，您能否談談直銷渠道與合作夥伴渠道推動的增長組合是什麼？

It's Harley, I'll take that question. As I said earlier, the growth model and the growth strategy for Plus is a mix of a variety of different sources. We are seeing new -- we're seeing existing partners that have migrated from Plus partners in the platform. We're also seeing brand-new partners to the platform that traditionally only worked with some of the more larger enterprise platforms that are now choosing to be Shopify Plus partners, in some cases, they're going all-in on it. In terms of our sales capacity, that's grown considerably since this time last year and we'll continue to grow that on as-needed basis. But I wouldn't necessarily say that one channel is disproportionally winning over another channel, it's still Pluses. Relative to Shopify it's still pretty new, and we're still experimenting with a bunch of different ways to get new merchants on the platform. But in terms of that mix that you mentioned, likely you'll continue to see more new Plus merchants to the platform relative to upgrades in the future.

我是哈利，我來回答這個問題。正如我之前所說，Plus 的成長模式和成長策略是多種不同來源的混合體。我們看到了新的合作夥伴—我們看到現有的合作夥伴已經從平台上的 Plus 合作夥伴遷移而來。我們也看到了該平台的全新合作夥伴，這些合作夥伴傳統上只與一些較大的企業平台合作，現在選擇成為 Shopify Plus 合作夥伴，在某些情況下，他們將全力以赴。就我們的銷售能力而言，自去年同期以來已大幅成長，我們將根據需要繼續成長。但我不一定會說一個頻道不成比例地戰勝了另一個頻道，它仍然是優點。相對於 Shopify，它仍然很新，我們仍在嘗試多種不同的方式來吸引新商家進入該平台。但就您提到的組合而言，相對於未來的升級，您可能會繼續看到更多新的 Plus 商家加入平台。

Our next question comes from the line of Ronald Bookbinder from IFS Securities.

我們的下一個問題來自 IFS 證券公司的 Ronald Bookbinder。

When looking at the health of your core merchants, what was the growth of the average GMV per merchant that have been on your platform for at least 1 year, similar to a retailer's comparable store sales, thus excluding market area shifts and new merchant adds? And secondly, how does your merchants on that metric compare to other established online retailers?

在查看核心商家的健康狀況時，在您的平台上至少存在 1 年的每個商家的平均 GMV 增長是多少，與零售商的可比商店銷售額類似，從而排除市場區域轉移和新商家添加？其次，與其他成熟的線上零售商相比，您的商家在該指標上的表現如何？

I can take the first part of that. In terms of GMV growth, we're not going to break that apart. But I can say that we did have a strong quarter of GMV growth. And contributing to that was, obviously, new merchants added to the platform, but also a strong contributor were merchants who have been on the platform for at least 1 year.

我可以接受第一部分。就 GMV 成長而言，我們不會將其分開。但我可以說，我們的季度 GMV 成長確實強勁。顯然，這現象的貢獻者是平台上新加入的商家，但在平台上工作至少一年的商家也是一個強大的貢獻者。

It's hard to benchmark this against everyone else, like the nature of -- like there are so many different stores on Shopify. And like, again, it's grown so quickly. So like -- even if you slice by saying everyone who has been on the platform for more than a year, you have still such a large percentage of people are now -- like they are for 13 months, because growth is accelerating. So like averages end up like just confusing in general, so we never look at average revenue per user, average GMV. And I know, sometimes, you guys do that, I encourage you not to and think of cohorts, that's a better way of doing it. And I think the platform is also diverse and large enough that it roughly reflects general economic trends. So I think of retail in general might be the same as Shopify. I would say it probably skews a little bit better just because if it's younger stores, and especially in the retail world, as you are now mediocre retailers over, so that's the business that a lot of big folk stores run into. And the kind of people on Shopify tend to be the ones who are looking for opportunities to create like more experience in retail and tend to ride the waves rather than being swallowed by them, of what's going on in retail world. So -- but I'm completely guessing. So not really basing this on data.

很難將其與其他所有人進行比較，就像 Shopify 上有這麼多不同的商店一樣。再說一遍，它增長得如此之快。所以，即使你把每個人都在這個平台上呆了一年以上，但現在仍然有很大比例的人像他們已經呆了 13 個月一樣，因為增長正在加速。因此，平均值最終會令人困惑，所以我們從不考慮每位使用者的平均收入、平均 GMV。我知道，有時，你們會這樣做，我鼓勵你們不要這樣做，並考慮群組，這是更好的方法。我認為這個平台也足夠多樣化和足夠大，可以大致反映總體經濟趨勢。所以我認為零售業總體上可能與 Shopify 相同。我想說，它可能會更好一點，因為如果它是年輕的商店，特別是在零售界，因為你現在是平庸的零售商，所以這就是許多大型民間商店遇到的業務。 Shopify 上的這類人往往是那些尋找機會創造更多零售體驗的人，他們傾向於順應潮流，而不是被零售世界正在發生的事情吞噬。所以——但我完全是猜測。所以這並不是真正基於數據。

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

我們的下一個問題來自國家銀行金融部的理查德·謝（Richard Tse）。

So if we look beyond 2018 and to 2019, what do you think the most notable challenges are to executing on your growth aspirations. Is it people? Is it technology? Changes in operations? Maybe give us a bit of insight on that, please?

因此，如果我們展望 2018 年和 2019 年，您認為實現成長願望時最顯著的挑戰是什麼。是人嗎？是技術嗎？營運變化？請給我們一些關於這一點的見解，好嗎？

Yes, that's a really good question. I think, people is probably -- I mean, the biggest -- it's not that it's a -- it's not really in the way, it just makes -- like if you can't find the people you need, I think we're going to get to the results slower, right. Because we also -- like Shopify internally, it's a learners organization, like we -- our sort of core competency as a company is we're hiring mostly based on future potential rather than current core skill set and then train people to become as good as they never thought they would be as fast as possible. And so, I think -- I tend to think we can do anything, but time is variable. And so this is -- there's now more -- some more experienced people joining us, who can become mentors to obvious other people who I talked about earlier, that accelerates things a lot. And so that's again our opportunity. So I have great confidence in our ability to write world-class software. I think we've demonstrated that. I think it's a very well-built company that absorbs market changes with ease, absorbs shifts in strategy, macroeconomical tidal waves, all these kinds of things. So I think, we are very anti-fragile in that particular regard. And again, I think, the last one was competitive landscapes, yes, I'm just sort of not seeing much there. So I think we're good.

是的，這是一個非常好的問題。我認為，人可能是——我的意思是，最大的——這並不是說它是——它並不是真正的障礙，它只是使得——就像如果你找不到你需要的人，我認為我們'我們會更慢地得到結果，對吧。因為我們也——就像Shopify 內部一樣，它是一個學習者組織，就像我們一樣——我們作為一家公司的核心競爭力是，我們主要根據未來的潛力而不是當前的核心技能來招聘，然後培訓人們變得同樣優秀因為他們從來沒有想過他們會盡可能快。所以，我認為——我傾向於認為我們可以做任何事情，但時間是可變的。因此，現在有更多經驗豐富的人加入我們，他們可以成為我之前提到的其他人的導師，這大大加快了事情的進展。這又是我們的機會。所以我對我們編寫世界一流軟體的能力充滿信心。我想我們已經證明了這一點。我認為這是一家非常完善的公司，能夠輕鬆吸收市場變化，吸收策略轉變、宏觀經濟浪潮以及所有這些事情。所以我認為，我們在這方面非常反脆弱。我想，最後一個是競爭格局，是的，我只是在那裡看不到太多東西。所以我認為我們很好。

Our final question today comes from the line of Justin Furby from William Blair & Company.

我們今天的最後一個問題來自威廉布萊爾公司的賈斯汀福比。

I guess, for Harley, just going back to an earlier question, if you -- I guess, if you look at the Plus business and you set aside the Merchant Solutions attach and just think about that sort of core 25 basis points fee for the vendors that scale out beyond $10 million, do you look at that price point as meaningfully below what you're competing against, I guess? And do you think you have ability to increase that over the next 12 to 24 months?

我想，對於哈雷來說，回到之前的問題，如果你——我想，如果你看看 Plus 業務，並把附加的商家解決方案放在一邊，只考慮 25 個基點的核心費用。 1000 萬美元的供應商，我猜您認為這個價格點是否明顯低於您的競爭對手？您認為您有能力在未來 12 到 24 個月內增加這一數字嗎？

Yes, in terms of the ratio from value to cost, I think, Shopify Plus remains very -- looks really good in the eyes of the larger type of merchants. In terms of reevaluating pricing, it's something that -- I mean, we've made a pricing change last year, it's something that I'm looking at. I think, our pricing plan order, right now, is quite good. It allow a larger or a potentially larger merchant to easily start in the platform with Shopify Plus and then, as they grow, we get the share of their upside through the 25 basis points that we have in place there. So for now, I'm feeling really good about where we are in terms of the pricing plan, but it's something we will continue to reevaluate on an ongoing basis.

是的，就價值與成本的比率而言，我認為 Shopify Plus 在大型商家眼中仍然非常好——看起來非常好。在重新評估定價方面，我的意思是，我們去年對定價進行了調整，這是我正在考慮的事情。我認為，我們目前的定價計劃訂單非常好。它允許規模更大或潛在規模更大的商家透過 Shopify Plus 輕鬆地在平台上起步，然後，隨著他們的成長，我們可以透過我們在那裡設置的 25 個基點來分享他們的優勢。因此，就目前而言，我對我們的定價計劃感到非常滿意，但我們將繼續不斷重新評估這一點。

And we'll turn it over to Tobi for closing remarks.

我們將把它交給 Tobi 做總結演講。

So thank you very much for joining us. Again, welcome, Amy. Welcome on board. I think the sort of the emergent theme of this call is Shopify is a pretty big platform. There's real diversity. Like I said, there's strength with diversity of what makes up Shopify. Like there's a lot of people doing a lot of different things. It's just kind of rare, especially in Software-as-a-Service, right, like Software-as-a-Service tends to be fairly -- like we produce software that's laser-focused to certain vertical and making something really, really flexible where people can start a business that have never done this before at the same time as some people are having $100 million annual run rate businesses. Making something that flexible is difficult and we've accomplished this by taking a couple of lessons out of the book of operating system guys, making a platform and then allowing software quite easily be built on top that adjusts sort of people's ambitions into -- and adjusts to people's ambitions and unique requirement. So I think that's well understood. I think this is sort of why you see more movements of other companies to try to get on the same train tracks we're on. The thing I see a bit right now is we've done -- we've now done really well for, I think, about the 12 quarters in the public or something like this. And I see it like an interest by a lot of people trying to find Shopify's Achilles' heel like because they feel like there must be this 1 thing that they're not talking about that's really driving this. It's like dropshipping now, or ePacket is the next day. I would meet these kind of reports with suspicion. There's -- Shopify is really just putting something online that humans have been doing for tens of thousands of years, which is commerce, right, like which has -- has its roots in bartering and there was an incredible pent-up demand for taking this kind of thing and doing it easily on the internet for obvious reasons. And that's what we're doing. It's actually quite simple. And it's kind of remarkable that this is not a more crowded field, I think. So I think that might head this -- like fleshing out, sort of understanding of everyone what this company is really doing. For a lot more in-depth, I encourage you to have a look at the Unite live stream starting next week. And we're going to announce some really, really cool stuff that I'm really excited about. So I hope to meet you there.

非常感謝您加入我們。再次歡迎，艾米。歡迎登機。我認為這次電話會議的主題是 Shopify 是一個相當大的平台。確實存在多樣性。正如我所說，Shopify 的多元化構成了力量。就像有很多人在做很多不同的事情。這有點罕見，尤其是在軟體即服務中，對吧，就像軟體即服務往往相當——就像我們生產的軟體專注於某些垂直領域，並使某些東西變得非常非常靈活人們可以在這裡創辦一家以前從未做過的企業，同時有些人擁有年營業額達1 億美元的企業。製作如此靈活的東西是很困難的，我們透過從作業系統人員的書中吸取了一些經驗教訓來實現這一目標，製作一個平台，然後允許很容易地在其上建立軟體，以調整人們的野心——適應人們的抱負和獨特的要求。所以我認為這很好理解。我認為這就是為什麼你會看到更多其他公司試圖進入我們所在的同一條火車軌道的原因。我現在看到的一點是我們已經做了——我認為，我們現在在公開的 12 個季度或類似的事情上做得非常好。我認為很多人都對此感興趣，試圖找到 Shopify 的致命弱點，因為他們覺得一定有一件他們沒有談論的事情真正推動了這一趨勢。這就像現在的直銷，或是第二天的 ePacket。我會對這類報道抱持懷疑。 Shopify 實際上只是將人類數萬年以來一直在做的事情放到網上，這就是商業，對吧，就像它一樣，其根源在於易貨貿易，並且對此有著令人難以置信的被壓抑的需求出於顯而易見的原因，並且可以在互聯網上輕鬆完成這種事情。這就是我們正在做的事情。其實很簡單。我認為，這並不是一個更擁擠的領域，這有點值得注意。所以我認為這可能是最重要的——就像充實，讓每個人都了解這家公司真正在做什麼。如需更深入的了解，我鼓勵您觀看下週開始的 Unite 直播。我們將宣布一些非常非常酷的東西，我對此感到非常興奮。所以我希望在那裡見到你。

All right. Thank you. Have a good week, everybody.

好的。謝謝。祝大家有個愉快的一周。

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

今天的電話會議到此結束。您現在可以斷開連線。