Shopify Inc (SHOP) 2018 Q2 法說會逐字稿

Good morning.

早安.

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

我叫馬修，今天我將擔任你們的會議操作員。

At this time, I'd like to welcome everyone to the Shopify Conference Call.

現在，我歡迎大家參加 Shopify 電話會議。

(Operator Instructions) Katie Keita, Head of H.R., you may begin your conference.

（操作員指示）凱蒂·凱塔（Katie Keita），人力資源主管，您可以開始會議了。

Thank you, Operator, and good morning, everyone.

謝謝接線員，大家早安。

We are glad you can join us for Shopify's Second Quarter 2018 Conference Call.

我們很高興您能參加 Shopify 2018 年第二季電話會議。

We are joined this morning by Tobias Lutke, Shopify CEO; Harley Finkelstein, our Chief Operating Officer; and Amy Shapero, our CFO.

今天早上，Shopify 執行長 Tobias Lutke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；以及我們的財務長艾米·夏佩羅 (Amy Shapero)。

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。

We will make forward-looking statements on our call today.

我們將在今天的電話會議上發表前瞻性聲明。

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

這些陳述是基於假設，因此存在可能導致實際結果與預測有重大差異的風險和不確定性。

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。

You can read about these risks and uncertainties in our press release this morning, as well as in our filings with U.S. and Canadian regulators.

您可以在我們今天早上的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些風險和不確定性。

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 otherwise indicated.

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

With that, I turn the call over to Harley.

說完，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

We delivered another quarter of strong results in Q2.

我們在第二季又取得了強勁的業績。

In the quarter, we spent a valuable 3 days with partners at our Unite Conference.

本季度，我們與合作夥伴一起參加了 Unite 會議，度過了寶貴的 3 天時間。

We announced dozens of new features and capabilities, and we added more merchants than ever to Shopify Plus.

我們宣布了數十項新功能和功能，並為 Shopify Plus 增加了比以往更多的商家。

In other words, we spent Q2 doing all of the things that, when executed well, produce continued strong results in the future.

換句話說，我們在第二季做了所有事情，如果執行得當，將在未來產生持續強勁的成果。

In fact, this month we hit a really special milestone.

事實上，這個月我們達到了一個非常特殊的里程碑。

The one billionth order was placed on Shopify.

第十億個訂單是在 Shopify 上下的。

What's remarkable about this is the pace at which we've achieved this milestone.

值得注意的是我們實現這一里程碑的速度。

It took us more than 10 years to get to half a billion orders, and just a fraction of that time to double it.

我們花了 10 多年的時間才獲得 5 億份訂單，而將這一數字翻倍只花了一小部分時間。

This rapid growth is a testament to the strength of our platform, our Plus program, and our partner ecosystem.

這種快速成長證明了我們平台、Plus 計畫和合作夥伴生態系統的實力。

Let's start with our platform.

讓我們從我們的平台開始。

Several of the product announcements we made in the quarter are the result of work we started long ago, and we are looking forward to rolling them out to our merchants before the end of this year.

我們在本季發布的幾項產品公告是我們很久以前開始的工作成果，我們期待在今年年底之前向我們的商家推出它們。

A few of these key product announcements include multi-location, which enables merchants to track and update inventory across multiple locations; fraud protect for Shopify payments, which helps merchants sell with greater confidence; and the introduction of the tap and chip reader to transform in-store shopping experiences.

其中一些關鍵產品公告包括多地點，使商家能夠追蹤和更新多個地點的庫存； Shopify 付款詐欺保護，幫助商家更有信心銷售；並推出感應式和晶片式讀卡機來改變店內購物體驗。

We have already launched several of these products that were announced at Unite, including buy-one-get-one capabilities and quantity discounts.

我們已經推出了幾款在 Unite 上宣布的產品，包括買一送一功能和數量折扣。

We also launched Ping, our mobile app that consolidates merchants' business conversations with staff, customers, and even their AI employee that are known as Kit.

我們還推出了 Ping，這是我們的行動應用程序，它整合了商家與員工、客戶，甚至是被稱為 Kit 的人工智慧員工的業務對話。

Through Ping, merchants can now run their store and handle their marketing conversationally.

透過 Ping，商家現在可以透過對話方式經營商店並處理行銷活動。

Finally, we launched dynamic checkout, which enables shoppers to quickly check out directly on a product page using their preferred payment method.

最後，我們推出了動態結帳，使購物者能夠使用自己喜歡的付款方式直接在產品頁面上快速結帳。

This feature is expected to increase conversions by further reducing friction to complete a sale.

該功能預計將透過進一步減少完成銷售的摩擦來提高轉換率。

All of these, along with other initiatives, are aimed at helping entrepreneurs on our platform sell more and work more efficiently.

所有這些以及其他舉措都旨在幫助我們平台上的企業家銷售更多產品並提高工作效率。

This will in turn support the continued growth of our merchant base and the expansion of GMV on our platform.

這反過來將支持我們商家基礎的持續成長和我們平台上 GMV 的擴展。

Moving on to Shopify Plus, as I mentioned, Shopify Plus really knocked it out of the park in Q2.

接下來是 Shopify Plus，正如我所提到的，Shopify Plus 在第二季確實表現出色。

Four years ago, we invested in Plus to increase the flexibility of our platform for high-growth, higher-volume merchants, and the value of these investments is becoming more apparent than ever.

四年前，我們投資了 Plus，以提高我們平台針對高成長、高交易量商家的靈活性，這些投資的價值比以往任何時候都更加明顯。

Larger brands who welcomed Shopify Plus this quarter range from consumer goods and clothing to sports gear and jewelry.

本季迎來 Shopify Plus 的大型品牌涵蓋消費品和服裝、運動裝備和珠寶等。

These include the diamond company DeBeers; Reckitt Benckiser, which manufactures products like Lysol, Airwick, Clearasil and KY Jelly; high-end skin care ReVive; Super Footwear, which sells skateboarding footwear and apparel, and household names such as K-Swiss, Sodastream, as well as new shop launches from CPGs like Unilever.

其中包括鑽石公司 DeBeers； Reckitt Benckiser，生產 Lysol、Airwick、Clearasil 和 KY Jelly 等產品；高端護膚ReVive； Super Footwear 銷售滑板鞋和服裝，還有 K-Swiss、Sodastream 等家喻戶曉的品牌，以及聯合利華等快速消費品公司開設的新店。

Highlighting our push internationally was the launch of a new shop in Japan by the internally renowned brand Comme de Garcons.

國內知名品牌 Comme de Garcons 在日本開設了一家新店，凸顯了我們在國際上的發展。

We continue to improve the Shopify Plus merchant experience by enhancing support capabilities for these larger brands, and by building more advanced enterprise features directly into our platform.

我們透過增強對這些較大品牌的支援能力以及直接在我們的平台中建立更先進的企業功能來繼續改善 Shopify Plus 商家體驗。

Shopify Flow, for example, which was announced at last year's Unite, brought the power of automation to Shopify Plus.

例如，去年在 Unite 上宣布的 Shopify Flow 為 Shopify Plus 帶來了自動化的力量。

Connectors for Shopify Flow, which we announced at this year's Unite, expands these automation benefits to apps and services, allowing merchants to simplify workflows across the tools that they use every day.

我們在今年的 Unite 上宣布的 Shopify Flow 連接器將這些自動化優勢擴展到應用程式和服務，使商家能夠簡化他們日常使用的工具的工作流程。

We are also on track to release our multi-currency feature later this year for Plus merchants, which will allow them to sell in multiple currencies and settle in their local currency.

我們還計劃在今年稍後為 Plus 商家發布多貨幣功能，這將使他們能夠以多種貨幣進行銷售並以當地貨幣結算。

Finally, our partner ecosystem.

最後是我們的合作生態系統。

We held our third annual Unite Partner Conference in Toronto in May, an event that only gets better every year as a forum to collaborate and celebrate with our partners.

我們於 5 月在多倫多舉辦了第三屆年度 Unite 合作夥伴大會，作為與合作夥伴合作和慶祝的論壇，這項活動每年都會變得越來越好。

With the rapid evolution of retail, and Shopify's position as a retail industry leader, partners are becoming even more important to the merchant experience.

隨著零售業的快速發展以及 Shopify 作為零售業領導者的地位，合作夥伴對於商家體驗變得越來越重要。

More than 16,000 partners referred merchants to the platform in the last 12 months, and the number of apps in the App Store has grown to 2,500.

在過去 12 個月內，超過 16,000 家合作夥伴向商家推薦了該平台，App Store 中的應用程式數量已增長至 2,500 個。

Our continuous improvements, curating these apps, to ensure merchants find the right apps at the right time, seems to be paying off.

我們不斷改進、策劃這些應用程序，以確保商家在正確的時間找到正確的應用程序，似乎正在取得回報。

Today, not only is a greater percentage of our merchants paying for apps than a year ago, per-merchant spend on apps has also increased.

如今，不僅與一年前相比，我們的商家為應用程式付費的比例更高，而且每個商家在應用程式上的支出也有所增加。

Finally, we expect both partners and merchants will benefit from our discovery algorithms which are central to the new Services Marketplace and the Shopify App Store 2.0.

最後，我們預期合作夥伴和商家都將從我們的發現演算法中受益，這些演算法是新服務市場和 Shopify 應用商店 2.0 的核心。

As you know, our partner ecosystem extends beyond theme, app and referral partners.

如您所知，我們的合作夥伴生態系統超越了主題、應用程式和推薦合作夥伴。

We recently announced a partnership between Shopify and Google to help make physical stores more secure.

我們最近宣布 Shopify 與 Google 建立合作關係，以協助提高實體店的安全性。

Shopify now offers Nest cam hardware and Google Wi-Fi routers in our Hardware Store, to our more than 70,000 point-of-sale merchants.

Shopify 現在在我們的硬體商店中向我們的 70,000 多個銷售點商家提供 Nest cam 硬體和 Google Wi-Fi 路由器。

This gives businesses the ability to manage and monitor their physical locations centrally from the Shopify dashboard, further integrating a merchant's complete view and management of their business directly into the Shopify platform.

這使企業能夠從 Shopify 儀表板集中管理和監控其實體位置，進一步將商家的完整業務視圖和管理直接整合到 Shopify 平台中。

If any of you are in L.A., you can come check out all of our hardware in person in our new Shopify retail space, which will be open for business in Q4.

如果你們在洛杉磯，你可以親自到我們新的 Shopify 零售空間查看我們的所有硬件，該零售空間將於第四季度開業。

The common thread connecting all of our partnerships is that Shopify is really delightful to build on, to work with, to support, and to recommend.

連結我們所有合作關係的共同點是 Shopify 非常令人愉快地建立、合作、支持和推薦。

Our view is that our platform is more of a retail operating system than a software suite, and we believe this is a key part of our sustainable competitive advantage going forward.

我們的觀點是，我們的平台更像是零售作業系統，而不是一個軟體套件，我們相信這是我們未來永續競爭優勢的關鍵部分。

In closing, we are on a long-term journey to build a holistic system that solves key challenges entrepreneurs face while starting and running a successful business.

最後，我們正在致力於建立一個整體系統，以解決創業家在創辦和經營成功企業時面臨的關鍵挑戰。

While we still have a lot of work ahead of us, this quarter's progress demonstrates that we are moving in the right direction and that we continue to be well positioned to lead, to inspire entrepreneurship, and to build a company that thrives over the years ahead.

雖然我們還有很多工作要做，但本季的進展表明我們正在朝著正確的方向前進，並且我們將繼續處於有利地位，能夠領導、激發創業精神，並建立一家在未來幾年蓬勃發展的公司。

Thanks, Harley, and good morning, everyone.

謝謝哈雷，大家早安。

Shopify showed solid growth in the second quarter.

Shopify 在第二季呈現穩健成長。

We continued to execute on key initiatives and demonstrated the strength of our business model and the diversity of our revenue base.

我們繼續執行關鍵舉措，展現了我們業務模式的優勢和收入基礎的多樣性。

We grew our revenue in the second quarter 62% to $245 million.

第二季我們的營收成長了 62%，達到 2.45 億美元。

Within this, merchant solutions revenue expanded 68% year-over-year to $134.2 million, and subscription solutions revenue grew 55% to $110.7 million.

其中，商家解決方案營收年增 68% 至 1.342 億美元，訂閱解決方案營收成長 55% 至 1.107 億美元。

GMV, one measure of our merchant success, expanded 56% to $9.1 billion.

GMV（衡量我們商家成功程度的一項指標）成長了 56%，達到 91 億美元。

GMV growth, along with continued adoption by our merchant base of every one of our merchant solutions offerings in the quarter, drove the strong growth in merchant solutions revenue.

GMV 的成長，以及本季我們的商家群體對每項商家解決方案產品的持續採用，推動了商家解決方案營收的強勁成長。

The amount processed on Shopify Payments reached $3.6 billion, an increase of 66% versus the comparable quarter last year.

Shopify Payments 處理的金額達到 36 億美元，比去年同期成長 66%。

The percentage of GMV processed on Shopify Payments ticked up to 40%.

Shopify Payments 處理的 GMV 百分比升至 40%。

This is the highest level of GPV we have seen to date, driven largely by Shopify Plus increasing its share of GPV.

這是我們迄今為止看到的最高 GPV 水平，主要是由於 Shopify Plus 增加了 GPV 份額。

Revenue from capital and shipping, both higher-margin solutions, grew over 100% from last year.

來自資本和運輸的收入（這兩種利潤率較高的解決方案）較去年增長了 100% 以上。

Subscription solutions growth was driven primarily by monthly recurring revenue, which grew 49%, and ended the quarter at $35.3 million.

訂閱解決方案的成長主要是由每月經常性收入推動的，該收入成長了 49%，本季末達到 3,530 萬美元。

Merchant adds continue to be the primary driver, however, we are increasingly benefitting from a larger contribution from Shopify Plus merchants who continue to expand their share of MRR to 23% of total MRR, or $8.1 million.

商家補充說，仍然是主要驅動力，但是，我們越來越多地受益於 Shopify Plus 商家的更大貢獻，他們繼續將 MRR 份額擴大到總 MRR 的 23%，即 810 萬美元。

This compares with 18% in Q2 of last year.

相比之下，去年第二季為 18%。

Shopify Plus platform revenue, which is the subscription revenue above what we can consider to be recurring, because it is linked to GMV, contributed slightly.

Shopify Plus 平台收入（即高於我們可以認為是經常性收入的訂閱收入）貢獻不大，因為它與 GMV 掛鉤。

The bigger contributor to the difference between recurring revenue and subscription revenue was apps revenue, which more than doubled over last year's second quarter.

經常性收入和訂閱收入之間差異的最大貢獻者是應用程式收入，該收入比去年第二季度增長了一倍多。

Our adjusted operating loss in Q2 was approximately $4.3 million, or 1.7% of revenue, compared with a loss of $2.9 million, or 1.9% of revenue, in the second quarter of 2017.

我們第二季調整後的營運虧損約為 430 萬美元，佔營收的 1.7%，而 2017 年第二季的虧損為 290 萬美元，佔營收的 1.9%。

Adjusted net income for the quarter was $2.5 million, or $0.02 per share.

該季度調整後淨利潤為 250 萬美元，即每股 0.02 美元。

This compares with a $1.1 million net loss, or $0.01 per share, for last year's second quarter.

相比之下，去年第二季淨虧損 110 萬美元，即每股虧損 0.01 美元。

Our cash, cash equivalents and marketable securities balance was $1.6 billion, consistent with our March 31 balance.

我們的現金、現金等價物和有價證券餘額為 16 億美元，與 3 月 31 日的餘額一致。

Cash flow from operations was negative in the quarter due to the strong growth of merchant cash advances.

由於商家預付現金強勁成長，本季營運現金流為負值。

This use of funds for MCA is just one example of how we have been putting capital to good use at Shopify.

MCA 資金的使用只是我們在 Shopify 充分利用資金的一個例子。

Diversification is critical to good investing, and this is something Shopify has in spades.

多元化對於良好的投資至關重要，而這正是 Shopify 所擁有的優勢。

This may be something casual investors miss, but our results in Q2 certainly highlighted this.

這可能是普通投資者會忽略的事情，但我們第二季的業績無疑凸顯了這一點。

Investments we made in past years which diversified our revenue streams are paying off.

我們過去幾年為收入來源多元化而進行的投資正在獲得回報。

Shopify Plus had a fabulous quarter and the resources allocated a couple of years ago to start Shopify Shipping and Shopify Capital also continue to show excellent results.

Shopify Plus 的季度表現非常出色，幾年前為啟動 Shopify Shipping 和 Shopify Capital 分配的資源也持續表現出色。

This optionality is among the most exciting and also the most challenging issues facing Shopify.

這種選擇性是 Shopify 面臨的最令人興奮也是最具挑戰性的問題之一。

Which opportunities do we stand behind and fully focus our efforts on?

我們支持並全力關注哪些機會？

The three areas we carved out at the start of this year, our Platform, International, and Shopify Plus, were the right ones, albeit with different time horizons.

我們在今年年初制定的三個領域，即平台、國際和 Shopify Plus，雖然時間範圍不同，但都是正確的。

Harley has already spoken to the success in Shopify Plus, which has had the most time to establish itself and gain momentum.

Harley 已經談到了 Shopify Plus 的成功，它有最多的時間來建立自己的地位並獲得動力。

The investments in our platform, while not as obvious, are incredibly important to establishing a strong foundation for future growth.

對我們平台的投資雖然不那麼明顯，但對於為未來的成長奠定堅實的基礎非常重要。

Our transition to the cloud, which we began to work on nearly 2 years ago, is now complete.

我們近兩年前開始致力於向雲端的過渡，現已完成。

While it was not without headwinds in the short term to our subscription margins, as this has been a major investment, this transition has made our platform faster, more adaptable to needs globally, and lets us innovate faster than ever.

雖然短期內這對我們的認購利潤率來說並非沒有阻力，因為這是一項重大投資，但這種轉變使我們的平台更快，更能適應全球需求，並使我們比以往更快地創新。

In other words, it is a payoff we expect to benefit from for years into the future.

換句話說，這是我們期望在未來幾年中受益的回報。

A huge thank you, and congratulations, to this team, and to many others that contributed.

非常感謝並祝賀這個團隊以及許多其他做出貢獻的人。

We will complete the decommissioning and depreciation of our remaining data center hardware this quarter, and in Q4 begin to look for ways to optimize our costs in the cloud which as you know, are slightly higher than running our own data centers but which we believe are well worth the premium.

我們將在本季度完成剩餘資料中心硬體的退役和折舊，並在第四季度開始尋找優化雲端成本的方法，如您所知，雲端成本略高於運行我們自己的資料中心，但我們認為非常值得溢價。

Finally, our efforts internationally have been deliberate and targeted.

最後，我們在國際上的努力是經過深思熟慮和有針對性的。

Two months ago, we released an early beta for Shopify in six languages: French, German, Japanese, Italian, Brazilian Portuguese, and Spanish.

兩個月前，我們發布了 Shopify 的六種語言版本的早期測試版：法語、德語、日語、義大利語、巴西葡萄牙語和西班牙語。

Already, tens of thousands of our merchants have opted in, which is as easy as changing staff-level settings in your store.

我們的數以萬計的商家已經選擇加入，這就像更改商店中的員工等級設定一樣簡單。

On-track for launch this fall is our first local payment method for Shopify payments.

我們的第一個在地 Shopify 付款方式將於今年秋季推出。

Local payment methods offer buyers the payment options they know and trust based on currency and regional popularity, which vary greatly by region.

本地支付方式根據貨幣和地區受歡迎程度為買家提供他們了解和信任的付款選項，這些選項因地區而異。

We were already seeing a tailwind to international merchant mix from our marketing initiatives in local languages last year, and would expect the native language features to continue this momentum outside our core geographies.

去年，我們已經從本地語言的行銷舉措中看到了國際商家組合的順風，並預計母語功能將在我們的核心地區之外繼續保持這種勢頭。

And like other investments, we would expect sustained payoffs from our efforts here to fully materialize over the next several years.

與其他投資一樣，我們預計我們的努力將在未來幾年內全面實現持續回報。

This long-term thinking is behind the preliminary short-form-based shelf prospectus we filed yesterday evening.

這種長期思考是我們昨天晚上提交的初步簡短的貨架招股說明書的背後。

Our original shelf expires this quarter.

我們原來的貨架本季到期。

By filing this shelf, we'll retain financial flexibility over the next two years.

透過歸檔這個架子，我們將在未來兩年內保持財務靈活性。

Optionality is core to strategic success, and by keeping it sufficiently available we mitigate the risk of losing out on important opportunities.

選擇性是策略成功的核心，透過保持其充分可用，我們可以降低失去重要機會的風險。

We have already put capital to work effectively in our opportunity-rich space over the past several years, and fully intend to continue our favorable track record.

過去幾年，我們已經投入資金在機會豐富的領域有效開展工作，並完全打算繼續保持我們良好的業績記錄。

To be clear, we consider this to be ordinary course of business, given the pending expiry of our current shelf, and we have no current intention to undertake an offering.

需要明確的是，鑑於我們目前的貨架即將到期，我們認為這是正常的業務過程，並且我們目前無意發行。

Given the strong top-line growth in the quarter, we are raising our revenue expectations for the full year, and now expect to grow revenue at slightly better than 50%, to between $1.015 billion and $1.025 billion.

鑑於本季營收的強勁成長，我們提高了全年營收預期，目前預計營收成長略高於 50%，達到 10.15 億美元至 10.25 億美元之間。

We are maintaining our adjusted operating income expectation, which is between break-even to $5 million.

我們維持調整後的營業收入預期，即損益兩平至 500 萬美元之間。

For the third quarter, we expect revenue of $253 million to $257 million, and an adjusted operating loss of $9 million to $11 million.

我們預計第三季營收為 2.53 億美元至 2.57 億美元，調整後營運虧損為 900 萬美元至 1,100 萬美元。

Stock-based compensation in 2018 is still expected to be approximately $110 million for the full year, with about $31 million of this in the third quarter.

2018 年全年股票薪酬預計仍約為 1.1 億美元，其中第三季約為 3,100 萬美元。

It is worth reminding you here, that the base supporting our rapid revenue growth is broad, strengthened by new merchants joining our platform from entrepreneurs to larger brands leveraging Shopify Plus; greater merchant adoption of our services as well as those of our partners; and importantly, the growth of our merchants' own businesses, boosted by continued enhancements to our platform that makes selling easier.

這裡值得提醒您的是，支持我們快速收入成長的基礎是廣泛的，並透過利用 Shopify Plus 加入我們平台的新商家（從企業家到更大的品牌）得到加強；更多商家採用我們以及我們合作夥伴的服務；重要的是，我們的平台不斷增強，使銷售變得更加容易，這推動了我們商家自身業務的成長。

We believe that investing across this broad foundation supports a growth trajectory that extends well into the future.

我們相信，在這個廣泛的基礎上進行投資將支持未來的成長軌跡。

With that, I'll hand the call back to Katie.

這樣，我會將電話轉回給凱蒂。

Thanks, Amy.

謝謝，艾米。

Before we turn it over to question-and-answer session, I'd like to remind everybody on the call today to please limit yourselves to one question.

在我們將其轉為問答環節之前，我想提醒今天參加電話會議的所有人，請限制自己只回答一個問題。

That way, everyone can get a chance to ask a question.

這樣，每個人都有機會提問。

Matthew, can we begin polling for questions, please?

馬修，我們可以開始投票提問嗎？

(Operator Instructions) Our first question comes from the line of Brad Zelnick with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Brad Zelnick。

I appreciate merchant count is something you disclose annually, but can you give us any sense of subscription dollars per merchant across Basic, Advanced, and Plus?

我很高興您每年都會揭露商家數量，但是您能否告訴我們基本版、高級版和增強版中每個商家的訂閱金額？

No, that's not a disclosure that we are prepared to give on this call.

不，這不是我們準備在這次電話會議上披露的資訊。

We did see in the quarter our subscription MRR per merchant stay largely within the same range that we've seen over the last 4 to 6 quarters, and we did see an uptick in GMV per merchant, both quarter-over-quarter and year-over-year if that helps.

我們確實看到本季度每個商家的訂閱 MRR 基本上保持在過去 4 到 6 個季度的相同範圍內，並且我們確實看到每個商家的 GMV 有所上升，無論是環比還是同比。的話，超過一年。

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

我們的下一個問題來自科林·塞巴斯蒂安和羅伯特·貝爾德。

In terms of the shipping and capital acceleration, was curious if there are any underlying factors or drivers there on the business development-sales side, or is that more of the natural output from how that business began to progress last year?

就運輸和資本加速而言，我很好奇業務開發銷售方面是否存在任何潛在因素或驅動因素，或者這更多是去年業務開始進展的自然產出？

If you could add some color?

如果你可以添加一些顏色嗎？

Thank you.

謝謝。

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

我是哈利，我來回答這個問題。

So in terms of both shipping and capital, with shipping we've added new partners to it and we're just getting better at making sure that the right merchants are using the right products on our merchant solutions side.

因此，在運輸和資本方面，透過運輸，我們增加了新的合作夥伴，並且我們在確保正確的商家在我們的商家解決方案方面使用正確的產品方面做得更好。

Same thing with capital.

資本也是如此。

As you now know, we've optimized capital to be algorithmic-based, and so we're able to make a lot more targeted offers to our merchants at the right time for the right amounts, and make sure that they're tailored to the specific needs of the merchant.

正如您現在所知，我們已經優化了基於演算法的資本，因此我們能夠在正確的時間以正確的金額向我們的商家提供更有針對性的優惠，並確保它們適合商家的特定需求。

So in general, I think both of those products, penetration continues to grow and as we get smarter about figuring out who needs them and when they need them, you'll see that continue as well.

因此，總的來說，我認為這兩種產品的滲透率都在持續增長，隨著我們更聰明地弄清楚誰需要它們以及何時需要它們，您也會看到這種情況也會繼續下去。

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

我們的下一個問題來自 Monika Garg 和 KeyBanc 的線路。

As Facebook changed its data-sharing policies and Europe implemented GDPR in the quarter, are you seeing an impact from that or do you expect any impact from the same?

隨著 Facebook 改變其資料共享政策以及歐洲在本季實施 GDPR，您是否看到了由此產生的影響，或者您預計會產生任何影響嗎？

Thank you.

謝謝。

This is Tobias.

這是托比亞斯。

So, GDPR, we don't see a lot of impact, honestly.

所以，老實說，GDPR 並沒有帶來太大的影響。

In our business it doesn't have a lot of bearing, like our customers, our merchants' data has always been their own.

在我們的業務中它沒有太大的影響，就像我們的客戶一樣，我們商家的資料一直是他們自己的。

And we did not have to change any policies.

我們不必改變任何政策。

In fact, from a philosophy point of view, we have been -- our opinion has always been that data is being taken a little bit too lax generally in the technology industry.

事實上，從哲學的角度來看，我們一直認為，科技業對數據的處理普遍有點過於寬鬆。

We've held ourselves to very, very high standards, and the GDPR data regulations have if anything, fortified the approach we've taken all along.

我們一直堅持非常非常高的標準，而 GDPR 資料法規強化了我們一直以來的方法。

So, when GDPR came around we had to go ahead and make some changes not in spirit to the way we deal with data, but rather just sort of to comply with the precise lettering of the regulations and we were compatible on day one and our merchant base really appreciated that.

因此，當 GDPR 出台時，​​我們必須繼續進行一些改變，但不是在精神上改變我們處理數據的方式，而只是為了遵守法規的精確字體，並且我們在第一天就與我們的商家兼容基地真的很感激。

One thing we do which is probably what you're really curious about, is what we see in terms of impact because there's some marketing impact.

我們所做的一件事可能是您真正好奇的，那就是我們在影響力方面看到的，因為有一些行銷影響。

Our merchants place a lot of apps across different systems.

我們的商家在不同的系統上放置了許多應用程式。

So we did look into this, and honestly, we did not see much change in terms of effectiveness of marketing.

所以我們確實對此進行了調查，老實說，我們沒有看到行銷有效性方面有太大變化。

Now we have limited visibility, so I can't say that for sure, but just in terms of volume and advertising referred say across the system, the impact was really, really minor, if there at all.

現在我們的可見性有限，所以我不能肯定地說，但就整個系統的數量和廣告引用而言，影響真的非常小，如果有的話。

So not much to report on that front.

因此，在這方面沒有太多可報告的。

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

我們的下一個問題來自麥格理研究中心的 Gus Papageorgiou。

Just on Shopify Capital and Shipping, both seem to be doing quite well but it seems to me that you're still, they're just both very limited regionally.

就 Shopify Capital 和 Shipping 而言，兩者似乎都做得很好，但在我看來，你仍然如此，它們只是在區域上都非常有限。

I think Capital is only available in the U.S., and Shipping only in Canada and the U.S. Do you have plans to roll these out globally, and what have been the barriers to do so?

我認為資本僅在美國可用，而運輸僅在加拿大和美國可用。

Why is it taking so long to see these kind of roll out on a broader international basis?

為什麼花了這麼長時間才看到這些在更廣泛的國際基礎上推廣？

It's Harley again.

又是哈雷。

So yes, on the shipping one, certainly as you know one of our priorities for the year is international expansion.

所以，是的，在航運方面，正如你所知，我們今年的首要任務之一就是國際擴張。

So as we look to new geographies, not just with localized payment methods but also localized translation and things of that nature, things like shipping providers will also eventually come as well and that's something we're exploring.

因此，當我們尋找新的地區時，不僅包括在地化的支付方式，還包括在地化的翻譯和類似性質的東西，像運輸提供者這樣的東西最終也會出現，這是我們正在探索的東西。

On the capital side, we're really trying to get it right.

在資本方面，我們確實在努力把事情做好。

We think that it's really important that we do this properly, and so we're not just arbitrarily rolling this out to geographies where we don't feel like we have a real understanding of the markets.

我們認為正確地做到這一點非常重要，因此我們不會隨意將其推廣到我們認為自己對市場沒有真正了解的地區。

So I think you'll continue to see international expansion with things like payments and shipping, and also capital, all those great merchant solutions.

因此，我認為您將繼續看到支付和運輸以及資本等所有出色的商業解決方案的國際擴張。

But it'll be done in a very deliberate way, which is just really how we do everything at Shopify.

但這將以一種非常深思熟慮的方式完成，這正是我們在 Shopify 所做的一切的方式。

Do you have a sense of timing for Capital?

您對《資本》有把握嗎？

Do you think that by year-end or next year, that you'll be more comfortable rolling it out globally?

您認為到年底或明年，您會更放心地在全球範圍內推出它嗎？

That's not something that we're going to disclose at this point.

這不是我們目前要透露的事情。

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

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫 (Ross MacMillan)。

Payment volume ticked up as a percentage of GMV, and it's been pretty constant for a few quarters.

支付量佔 GMV 的百分比有所上升，並且在幾個季度內保持穩定。

I just wondered if there was anything to call out here, because it feels like most of the international opportunity is still ahead of us.

我只是想知道這裡是否有什麼值得指出的，因為感覺大部分國際機會仍然在我們面前。

You didn't really open the spigot on new markets this quarter.

本季你並沒有真正打開新市場的龍頭。

So was there anything else impacting that and caused it to tick up as a percentage?

那麼是否有其他因素影響並導致其百分比上升？

Thanks.

謝謝。

Yes, you're right in that the payment penetration increase largely came from Plus in this quarter.

是的，你說得對，本季支付滲透率的成長主要來自 Plus。

We did introduce Payments in a couple of new markets in the quarter internationally, Japan and Hong Kong, but they had minimal impact on this quarter.

本季我們確實在國際上的幾個新市場（日本和香港）引入了支付功能，但它們對本季的影響很小。

Our next question comes from the line of Terry Tillman with SunTrust.

我們的下一個問題來自 SunTrust 的 Terry Tillman。

It's a question about Shopify Capital and the cash advances.

這是關於 Shopify Capital 和現金預付款的問題。

Can you give us any kind of update in terms of correlation of when you're giving out these cash advances, seeing a direct correlation with improvement or accelerating GMV from those customers, and/or their aptitude to move to a higher price point software SKU?

您能否向我們提供有關您何時發放這些預付款、與這些客戶的 GMV 改善或加速的直接相關性和/或他們轉向更高價位軟體 SKU 的能力的直接相關性方面的最新資訊？

Just trying to understand the returns you're seeing, thank you.

只是想了解您所看到的回報，謝謝。

This is why we do it, right?

這就是我們這樣做的原因，對嗎？

This is exactly the kind of -- like if you would go into the part of the teams that are working on these products, the dashboards that are hanging in there are all related to general business success metrics, rather than factoring rates and all these kinds of things.

這正是這樣的——就像如果你進入正在開發這些產品的團隊的一部分，掛在那裡的儀表板都與一般業務成功指標相關，而不是與保理費率和所有這些相關。

I don't want to give the impression we're not looking at those either, but it's -- the reason why we started the product was really that just requiring capital was one of those barriers to entrepreneurship that we just really wanted to simplify.

我不想給人留下這樣的印象：我們也不關注這些，但我們推出這個產品的原因實際上是，僅僅需要資金就是我們真正想要簡化的創業障礙之一。

And so, I can't give you hard numbers, and frankly they are also very much in flux.

因此，我無法給你確切的數字，坦白說，它們也在不斷變化。

They are massively seasonal.

它們具有很強的季節性。

They depend very much on industry.

他們非常依賴工業。

There's a lot of different kind of requirements that people need the money for.

人們需要錢來滿足許多不同類型的需求。

But we do see, and our servers show, and the conversations that we have and specifically I have with my customers, is that the vast majority it just goes in inventory.

但我們確實看到，我們的伺服器顯示，以及我們的對話，特別是我與客戶的對話，絕大多數只是進入庫存。

People usually use it to do a higher commitment on their product purchases, and therefore get better rates and increase their own profitability.

人們通常用它來對產品購買做出更高的承諾，從而獲得更好的價格並提高自己的獲利能力。

And so in many cases the factoring ends up being completely revenue-neutral to them and this is why it's such a successful product.

因此，在許多情況下，保理最終對他們來說完全是收入中立的，這就是為什麼它是一個如此成功的產品。

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

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

Just with the completion to the cloud over, can you just give us a sense on the cadence for gross margins for the rest of the year?

隨著雲端運算的完成，您能否讓我們了解今年剩餘時間的毛利率節奏？

Thanks.

謝謝。

Yes, sure, let's start with the second quarter performance.

是的，當然，讓我們從第二季的表現開始。

As we had indicated on the last call, it would be impacted by the migration to the cloud, which it was.

正如我們在上次電話會議中指出的那樣，它將受到遷移到雲端的影響，事實也確實如此。

We have subsequently completed migration of our customers over to the cloud, which was a huge milestone and we now in the third quarter expect to just be finalizing elimination of duplicative costs and accelerated depreciation on our servers as we decommission.

我們隨後完成了客戶向雲端的遷移，這是一個巨大的里程碑，我們現在預計在第三季最終消除重複成本，並在退役時加快伺服器折舊。

So we expect to be largely completed in the third quarter.

因此我們預計將在第三季基本完成。

Subscription margins will be impacted again in the third quarter, we expect comparable subscription margins to the second quarter.

第三季的認購利潤率將再次受到影響，我們預計認購利潤率將與第二季相當。

But as we exit the third quarter and enter the fourth quarter with all of that behind us, we expect a sequential increase in subscription margin.

但隨著我們退出第三季度並進入第四季度，所有這些都已過去，我們預計認購利潤率將連續增加。

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

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

Tobias or maybe Harley, this is a question for you.

託拜厄斯或哈雷，這是你的問題。

I'm wondering if the cost of advertising on Facebook or other social media goes up, or it becomes less effective, what impact do you think that has on your merchants, and I guess the health of your business?

我想知道 Facebook 或其他社群媒體上的廣告成本是否會上升，或者效果會降低，您認為這會對您的商家以及您的業務健康狀況產生什麼影響？

And have you thought about ways to help merchants find their customers in other ways?

您是否想過透過其他方式幫助商家找到客戶？

Thank you.

謝謝。

Yes.

是的。

You're talking about the actual increase of costs of marketing that's going on, or probably the hypothetical of this continuing forever.

您談論的是正在發生的行銷成本的實際增加，或者可能是這種情況永遠持續下去的假設。

It's hard to know.

很難知道。

So far it has been exceptionally good at coming up with new advertising services, which then allows some kind of bounce to the cost of every particular ad.

到目前為止，它一直非常擅長推出新的廣告服務，從而使每個特定廣告的成本都有某種程度的反彈。

Now Facebook's clearly running out of humans on the planet in terms of increasing these services, so this is the kind of question we have to ask ourselves now.

現在，在增加這些服務方面，Facebook 顯然已經耗盡了地球上的人力，所以這是我們現在必須問自己的問題。

I think the reality is that because so many of our customers are makers, they end up having fairly high margins because they're the only people to serve the product, and so on.

我認為現實情況是，因為我們的許多客戶都是製造商，所以他們最終獲得了相當高的利潤，因為他們是唯一提供產品服務的人，等等。

And they are really, really good in an advertising future that might turn significantly more expensive.

而且它們在廣告未來可能會變得更加昂貴的情況下真的非常非常好。

So, that being said, a lot of what's marketing in general has also really shifted to some other forms that actually are on -- like that have complete different economics.

因此，話雖這麼說，許多行銷活動總體上也確實轉向了其他一些實際存在的形式——就像具有完全不同的經濟學原理一樣。

If you look at the Forbes cover right now, it's Kylie Jenner there, right?

如果你現在看福布斯封面，那是凱莉詹納，對吧？

We've talked about this before, like she's built in three years, a $900 million business.

我們之前已經討論過這個問題，就像她在三年內建立了一家價值 9 億美元的企業一樣。

It's just -- it's absolutely unprecedented and crazy, and there was not a lot of advertising spend.

只是——這絕對是前所未有的、瘋狂的，而且沒有太多的廣告支出。

The entire company is a team of eight, right?

整個公司是一個八人團隊，對嗎？

Now she's made it with, had the luxury of doing self-influencer marketing, which is not available to most people, but the category is available with another form of getting the word out.

現在她成功了，有幸進行自我影響者行銷，這對大多數人來說是無法實現的，但該類別可以透過另一種形式進行宣傳。

So I think people are too crafty to really let themselves limit as well as if some advertising source dries up, another one will be found.

所以我認為人們太狡猾了，不會真正讓自己受到限制，如果某些廣告來源枯竭，就會找到另一個廣告來源。

And in fact, things have been shifting significantly away from purchase ads in many of our categories.

事實上，我們的許多類別中的購買廣告已經發生了顯著的變化。

I think you'll just see people become a little bit more entrepreneurial along those lines.

我想你會看到人們在這些方面變得更有創業精神。

Would you consider making a marketplace for your merchants?

您會考慮為您的商家創建市場嗎？

I'm always going to consider it and I've done it many times before, unsuccessfully, though.

我總是會考慮這個問題，而且我以前也這樣做過很多次，但都沒有成功。

If you would have come to Shopify.com in let's say 2007, which seems like about 100 internet years ago now, it was a marketplace back then.

如果您在 2007 年造訪過 Shopify.com，現在看來，這似乎是網路 100 年前的事了，那時它還是一個市場。

So the reason why we stopped it back then was we were a fairly small company.

所以我們當時停止的原因是我們是一家相當小的公司。

We really, really needed focus building just the merchant operating system that we talk about now.

我們真的非常需要專注於建立我們現在談論的商業作業系統。

It happens to be a dedicated pursuit for even a public company of our size, so we luckily recognized this and stopped the effort.

即使對於我們這樣規模的上市公司來說，這也是一種專注的追求，因此我們很幸運地認識到了這一點並停止了這項努力。

But interestingly, a marketplace is something that really only, like if you think about it, there's really one per decade if even that, that really, really makes it become something that people go to.

但有趣的是，市場實際上只是，如果你想一想，每十年就會有一個市場，即使這樣，真的真的讓它成為人們去的地方。

It requires a whole lot more luck than execution and it usually happens around a time of a significant technology switch-over.

這比執行需要更多的運氣，而且通常發生在重大技術轉變的時期。

So we will, you might participate, but I think that the problem is that marketplaces also exist at a different time scale than I think what we are sort of aiming at, like for instance -- this is sort of our go-to example.

所以我們會，你可能會參與，但我認為問題是市場存在的時間尺度也與我認為我們的目標不同，例如——這是我們的首選例子。

With our multi-channel strategy 5 years ago, maybe 10 years ago at this point, Myspace would have probably been the kind of marketplace that we'd really, really have to push out and then of course, that went away.

按照我們 5 年前，也許 10 年前的多通路策略，Myspace 可能會成為我們真的、真的必須推出的市場，然後當然，它就消失了。

So I think our position with being neutral, like as in not having an own marketplace, and therefore having a very, very easy way to talk to all the people that do happen to have marketplaces like Pinterest, Instagram, have the marketplace right now, makes it so that you can actually integrate all of them and have our customers in that way.

所以我認為我們的立場是中立的，就像沒有自己的市場一樣，因此有一種非常非常簡單的方式與所有碰巧擁有 Pinterest、Instagram 等市場的人交談，現在擁有市場，使您能夠真正整合所有這些並以這種方式吸引我們的客戶。

So we think about it a lot, but it is unlikely that it's the right move for the company.

所以我們考慮了很多，但這對公司來說不太可能是正確的舉動。

Now that doesn't mean we have to completely sit on our hands in terms of helping our customers with marketing.

現在，這並不意味著我們必須完全袖手旁觀，幫助我們的客戶進行行銷。

I already said when, during the Kit acquisition, that we are very interested in especially marketing simplification because it is just very, very, very difficult.

我已經說過，在收購 Kit 期間，我們對行銷簡化非常感興趣，因為它非常非常困難。

If you use the Google AdWords interface in its normal mode, you really need a Ph.

如果您在正常模式下使用 Google AdWords 介面，您確實需要博士學位。

D. in AdWords to even use this thing, right.

D.在AdWords中甚至使用這個東西，對吧。

So, that's one of the barriers.

所以，這是障礙之一。

Now the industry it says is trying to make it a little bit more beginner-friendly but this is something we can partake in.

現在，據說該行業正在努力使其對初學者更加友好，但這是我們可以參與的事情。

And then as we get people to get comfortable spending money, getting return investment on these kind of things, I think we have people greatly in their early days and then they're off to the races.

然後，當我們讓人們放心地花錢，在這些事情上獲得回報投資時，我認為我們的人們在早期就很活躍，然後他們就開始了競爭。

Our next question comes from the line of Deepak Mathivanan.

我們的下一個問題來自 Deepak Mathivanan。

Merchant solutions gross margin was way up, I guess around 170 basis points, despite Shipping and Capital being stronger in the quarter.

儘管本季航運和資本業務表現強勁，但商業解決方案的毛利率大幅上升，我估計約為 170 個基點。

I know last quarter you benefited from timing of certain one-time items.

我知道上個季度您從某些一次性項目的時機安排中受益。

Can you talk about what drove leverage, or led leverage compared to last quarter this time?

您能否談談這次槓桿率的驅動因素，或是與上季相比主導槓桿率的因素？

Should we expect the leverage levels going forward to be around what we saw in 2Q?

我們是否應該預期未來的槓桿水平將保持在第二季度的水平附近？

Thanks.

謝謝。

So on Merchant solutions gross margin, quarter-over-quarter you're correct.

因此，就商家解決方案的季度毛利率而言，您是正確的。

There were one-time items in the first quarter.

第一季有一次性項目。

So, subtracting or excluding that, most of the lift did come from Shipping and Capital.

因此，減去或排除這一點，大部分成長確實來自航運和資本。

But Payments probably saw a little bit of a decline on the margin side because Plus was such a big component in the second quarter.

但支付業務的利潤率可能略有下降，因為 Plus 在第二季度佔據瞭如此大的組成部分。

So they get a reduced rate on Payments, so that definitely played a factor.

所以他們的付款費率會降低，這肯定是一個因素。

With respect to the remainder of the year, we're continuing to keep our guidance the same.

對於今年剩餘時間，我們將繼續保持我們的指導不變。

We said that every quarter in 2018 would be higher than their comparable quarter in 2017 but not to the extent that we saw in the first quarter, because of the one-time items.

我們表示，2018 年的每個季度都會高於 2017 年的可比季度，但由於一次性專案的原因，不會達到我們在第一季看到的程度。

And we do largely expect that lift to be driven by shipping and capital.

我們確實預計這一成長將由航運和資本推動。

We have a question from Thomas Forte with D.A. Davidson.

托馬斯·福特 (Thomas Forte) 向 D.A. 提出了一個問題戴維森。

I appreciated the comments on the updated shelf, but was hoping you could give us an update on what your current M&A strategy is?

我很欣賞更新後的架子上的評論，但希望您能給我們介紹一下您當前的併購策略的最新情況？

Thank you.

謝謝。

Hey there, it's Harley.

嘿，這是哈雷。

It's similar to what we've always said.

這和我們一直說的很像。

We are very careful and deliberate about M&A.

我們對併購非常謹慎和深思熟慮。

We've done a number of deals that have added a ton of value, not just to our company but to the value we give to merchants.

我們已經完成了許多交易，這些交易不僅為我們公司而且為我們為商家提供的價值增加了大量價值。

We continue to evaluate that, but I wouldn't tie the two together.

我們將繼續評估這一點，但我不會將兩者聯繫在一起。

The shelf is, filing the shelf is paperwork that we have to do and we're diligent about that, but I wouldn't necessarily tie the two together.

架子是，歸檔架子是我們必須做的文書工作，我們對此很努力，但我不一定將兩者聯繫在一起。

Yes, I'd like to just add a couple of comments while we're on that topic, just to be clear in addition to my script.

是的，我想在我們討論這個主題時添加一些評論，只是為了除了我的腳本之外更清楚。

In Canada, shelf registration statements expire after two years, and our current shelf was due to expire in early September.

在加拿大，貨架註冊聲明在兩年後到期，我們目前的貨架將於九月初到期。

We renewed at this point in time a little earlier than the expiration because we wanted to have the opportunity to discuss it directly on this earnings call.

我們在這個時間點比到期日早一點續約，因為我們希望有機會在本次財報電話會議上直接討論它。

I want to emphasize, we have no intention of an immediate offering.

我想強調的是，我們無意立即提供。

Unlike the U.S., where there's no fixed dollar amount required for a shelf, under Canadian law we must enter a dollar amount.

與美國不同，美國的貨架沒有固定的美元金額，根據加拿大法律，我們必須輸入美元金額。

So, it makes sense for us to maintain flexibility.

因此，我們保持靈活性是有意義的。

The amount is commensurate with the growth in our market cap and it's consistent with Canadian comps.

該金額與我們市值的增長相稱，並且與加拿大的比較一致。

Our next question comes from the line of Kevin Krishnaratne with Paradigm Capital.

我們的下一個問題來自 Kevin Krishnaratne 與 Paradigm Capital 的對話。

Just a question on international.

只是一個國際問題。

Can you talk about the opportunity for Plus internationally?

您能談談 Plus 在國際上的機會嗎？

What do you think the TAM is there?

您認為 TAM 在那裡？

How are you addressing that opportunity?

您如何抓住這個機會？

And then you've been seeing Plus MRR disclosed moving up to 23% of total MRR.

然後您會發現 Plus MRR 已上升至總 MRR 的 23%。

How early are we on that metric, when you're looking at international markets only?

當您只關注國際市場時，我們採用該指標的時間有多早？

Thank you.

謝謝。

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

我是哈利，我來回答這個問題。

So it's important to understand that international growth and our international expansion plan, just like Shopify's overall journey, is going to be a long-term endeavor.

因此，重要的是要了解國際成長和我們的國際擴張計劃，就像 Shopify 的整體旅程一樣，將是一項長期努力。

We've obviously been at this for a long time in our core geographies, more than 10 years.

顯然，我們在核心地區已經在這方面投入了很長時間，超過 10 年了。

And so, we understand what those growth drivers are.

因此，我們了解這些成長動力是什麼。

When it comes to international we're still working through to figure out what are the best growth drivers for us, whether it's through partnerships or it's different advertising methods to get new merchants.

在國際業務方面，我們仍在努力找出對我們來說最好的成長動力，無論是透過合作夥伴關係還是透過不同的廣告方法來吸引新商家。

To your question on Shopify Plus in certain geographies, Shopify Plus' offering lends itself really well to that, to the nuances and the cultures of those geographies.

對於您對某些地區的 Shopify Plus 的問題，Shopify Plus 的產品非常適合這些地區的細微差別和文化。

For example, we have brands like Mercedes-Benz in India on Shopify Plus, which we've said a couple of quarters ago.

例如，我們在 Shopify Plus 上有梅賽德斯-奔馳等品牌在印度的銷售，我們幾個季度前已經說過了。

So in some geographies as we expand, we will naturally and organically see some really great uptick in Shopify Plus adoption but that's going to be dependent on the specific geography itself.

因此，隨著我們的擴張，在某些地區，我們會自然地看到 Shopify Plus 採用率大幅上升，但這將取決於特定地區本身。

But we are excited about international.

但我們對國際化感到興奮。

Again, we're still sort of in the first inning of the game, and maybe just kind of getting started to figure out what works and what doesn't.

再說一次，我們仍然處於遊戲的第一局，也許只是開始弄清楚什麼有效，什麼無效。

Again, it's not just about the language.

再說一次，這不只是語言的問題。

It encompasses different cultural nuances of how people shop in those places.

它涵蓋了人們在這些地方購物方式的不同文化差異。

And we don't want to just go ahead and translate language and leave it at that.

我們不想只是繼續翻譯語言然後就這樣。

We actually want to make sure that we truly have product market fit in each geography that we enter into.

我們實際上希望確保我們的產品真正適合我們進入的每個地區的市場。

We have a question from David Hynes with Canaccord Genuity.

我們有來自 Canaccord Genuity 的 David Hynes 提出的問題。

For Tobias or Harley, I wanted to ask about the acquisition of Magento.

對於 Tobias 或 Harley，我想詢問收購 Magento 的情況。

Obviously, Adobe is a firm with pretty broad reach, so just curious for any comments, how you see that deal impacting your opportunity?

顯然，Adobe 是一家影響力相當廣泛的公司，因此對任何評論感到好奇，您認為該交易對您的機會有何影響？

That's always a good question, and how to approach.

這始終是一個好問題，以及如何解決。

If I just sort of say, Magento hasn't been that big of a factor, right?

如果我只是說，Magento 並沒有那麼重要，對吧？

I mean, Magento comes up a lot at the Shopify offices as a sort of latent potential acquisition source of Plus customers, and this is the context we usually talk about.

我的意思是，Magento 在 Shopify 辦公室中經常出現，作為 Plus 客戶的潛在潛在獲取來源，這是我們通常談論的背景。

There isn't strength in the product, there's no -- most of the reasons why someone would use Magento over Shopify are because of internal politics and poor decision making, frankly, or misguided ideas about wanting to do your own hosting for e-commerce.

產品沒有優勢，沒有——坦率地說，人們使用 Magento 而不是 Shopify 的大多數原因是內部政治和糟糕的決策，或者是關於想要自己進行電子商務託管的錯誤想法。

I do a lot of hosting for e-commerce, and I can tell everyone they should not want to do it.

我為電子商務做了很多託管工作，我可以告訴每個人他們不應該這樣做。

It's quite tricky.

這非常棘手。

So, what do I think about this?

那麼，我對此有何看法？

I mean, it's interesting that everyone's being picked up around us, like this is having sort of a demand there too just a short term earlier.

我的意思是，有趣的是，我們周圍的每個人都被吸引了，就像不久前那裡也有某種需求一樣。

These are pieces of software that were written in another decade.

這些軟體是在另外十年裡編寫的。

They are, I don't think, adequate for the modern internet.

我認為它們不足以適應現代互聯網。

They don't solve the real challenges that merchants have, and if you talk with people who are running these kind of stores you really hear -- you usually hear a lot of conversations about replatforming, and so on.

它們並不能解決商家面臨的真正挑戰，如果你與經營這類商店的人交談，你確實會聽到——你通常會聽到很多關於平台重塑的對話，等等。

So now, Adobe is a company I admire greatly.

所以現在來說，Adobe是我非常敬佩的公司。

They have a lot of free cash flow.

他們有大量的自由現金流。

If they are willing to pump it all in, or much of it into Magento, maybe something interesting could come out of it.

如果他們願意將其全部或大部分注入到 Magento 中，也許會產生一些有趣的東西。

I would actually frankly welcome a strong competitor of some kind, because it's usually good for markets if people compete.

事實上，我會​​坦率地歡迎某種強大的競爭對手，因為如果人們競爭，通常對市場有利。

We are having fun increasing our internal powerful quality and trying to get better and better every day, but it's really hard to create internal urgency around these kind of things.

我們很高興提高我們的內在強大品質，並努力每天變得越來越好，但圍繞這些事情創造內在的緊迫感確實很難。

There's no one else who sort of at least looks a little bit dangerous.

沒有其他人至少看起來有點危險。

So, that might be fun for everyone, I don't know.

所以，這對每個人來說可能都很有趣，我不知道。

I can probably keep going and talk about another 50 irrelevant things about Magento.

我可能可以繼續談論另外 50 個與 Magento 無關的事情。

I think the main message is, I don't think it matters much.

我認為主要的訊息是，我認為這並不重要。

The only thing I would add to that is, you mentioned sort of the Plus acquisition through Magento.

我唯一要補充的是，您提到了透過 Magento 收購 Plus 的情況。

We've been at that for quite a long time, same thing with the Magento Gold Partners.

我們已經這樣做了很長一段時間，Magento 黃金合作夥伴也是如此。

We've been trying to get as many over to us as possible, so a lot of the low-hanging fruit that we had in the early days we've already seen, and we continue to see migrations from Magento, and Magento partners moving onto Shopify Plus.

我們一直在努力讓盡可能多的人過來，所以我們在早期已經看到了很多容易實現的目標，並且我們繼續看到來自 Magento 的遷移，以及 Magento 合作夥伴的遷移到 Shopify Plus。

But a lot of that, a lot of the major migrations we saw, had happened already.

但其中很多，我們看到的許多重大遷徙，已經發生了。

So that won't really change much for us.

所以這對我們來說不會有太大改變。

We have a question from Nikhil Thadani with Mackie Research Capital.

我們有來自 Mackie Research Capital 的 Nikhil Thadani 的問題。

We've all seen the recent headlines about tech hiring in Toronto and Canada picking up.

我們都看到最近有關多倫多和加拿大科技招募的頭條新聞。

I was just curious how that impacts your growth plans, if at all?

我只是好奇這會如何影響您的成長計劃（如果有的話）？

Thanks.

謝謝。

Yes, the headlines exist because I think everyone's woken up to the opportunity.

是的，頭條新聞之所以存在，是因為我認為每個人都已經意識到了這個機會。

I mean, people probably also looked at Shopify at like, why the heck did this thing work as well as it did, and realized we've been working out of talent pools that are completely underappreciated.

我的意思是，人們可能也會關注 Shopify，想知道為什麼這個東西能這麼有效，並意識到我們一直在利用完全被低估的人才庫。

So Toronto, all our cities, recruiting is getting more competitive, but these are also incredibly deep talent pools and incredible places to build companies at.

因此，多倫多和我們所有的城市，招募競爭變得越來越激烈，但這些也是令人難以置信的深厚人才庫和令人難以置信的建立公司的地方。

And frankly, I think in all the cities we have offices, we are the best employer in that particular geography and therefore, this all works to our advantage [in hand].

坦白說，我認為在我們設有辦事處的所有城市中，我們都是該特定地區的最佳雇主，因此，這一切都對我們有利。

We have a question from Brian Essex with Morgan Stanley.

我們有摩根士丹利布萊恩·埃塞克斯 (Brian Essex) 提出的問題。

I just had a question on some of the nuances around changing and pricing arrangements for Shopify Plus, and curious to the extent that the removal of the cap on Shopify Plus on January 1. How did that impact the model, and how should we think about that going forward in terms of if it didn't really impact the quarter, where do you see upside and in what categories going forward?

我只是對 Shopify Plus 的更改和定價安排的一些細微差別有疑問，並且對 1 月 1 日取消 Shopify Plus 上限感到好奇。影響本季度，您認為上漲的空間在哪裡以及未來哪些類別？

Yes, the reason we added the cap in the first place was obviously when you change pricing as we did last year to the new pricing model, we wanted to ensure that our merchants can sort of ease into it and made sure that they were able to digest it.

是的，我們首先添加上限的原因顯然是當您像我們去年那樣改變定價以採用新的定價模式時，我們希望確保我們的商家可以輕鬆地適應它並確保他們能夠消化它。

And so we thought that having a cap there provided us with a little bit of an easier way to introduce a new pricing model.

因此，我們認為設定上限為我們提供了一種更簡單的方法來引入新的定價模型。

We feel at this point now, that for all new merchants that are coming on, and obviously merchants that are expiring on their contracts, that are renewing their contracts, that the cap is just no longer necessary.

現在我們認為，對於所有即將開業的新商家，以及顯然合約即將到期、正在續約的商家來說，上限不再是必要的。

And so in many ways, the removal of the cap is more forward-looking and future-looking in terms of if we have a merchant that comes on now, that is going to sell a lot of products and increase a lot of GMV we want to make sure we share in that upside.

因此，從很多方面來說，取消上限更具前瞻性和未來性，因為如果我們現在有一個商家，它將銷售大量產品並增加我們想要的大量 GMV確保我們分享這一優勢。

And this removal of the cap is exactly that for us as well.

對我們來說，取消帽子也正是如此。

So I wouldn't say that the removal of the cap has been a massive driver for us to date, but it really does future prove our pricing model for Shopify Plus to ensure that we consistently share in the upside going forward.

因此，我不會說取消上限對我們來說是迄今為止的一個巨大推動力，但它確實在未來證明了我們的 Shopify Plus 定價模式，以確保我們持續分享未來的上漲空間。

Any merchants in particular?

有特別的商家嗎？

We don't comment on individual merchants.

我們不對個別商家發表評論。

No, I was just going to say, any merchants in particular, like just in general, have acceleration in the fees that they pay as a result in the removal of the cap?

不，我只是想說，特別是任何商家，就像一般情況一樣，由於取消上限而加速了他們支付的費用？

Well, most of the merchants are on a contract, so when the contract expires they'll be renewed on the new pricing model.

嗯，大多數商家都簽訂了合同，因此當合約到期時，他們將按照新的定價模式續約。

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

我們的下一個問題來自 Suthan Sukumar 與八資本的線路。

Just a question on the B2B opportunity.

只是關於 B2B 機會的問題。

Can you update us on the progress you are making, you're seeing with the B2B wholesale opportunity?

您能否向我們介紹一下您在 B2B 批發機會方面所取得的進展？

And how has that been driving adoption with existing and new Plus merchants?

這如何推動現有和新的 Plus 商家的採用？

Thank you.

謝謝。

The way to think about the B2B and the wholesale channel for Shopify Plus is really for a few merchants, it's really, really important.

對於少數商家來說，考慮 B2B 和 Shopify Plus 批發管道的方式確實非常非常重要。

So I don't think it's going to be a product that we use across the larger user base, the merchant base, the Shopify Plus.

因此，我認為它不會成為我們在更大的用戶群、商家群、Shopify Plus 中使用的產品。

It'll be for some specific merchants that'll be very, very important.

對於某些特定的商家來說，這將是非常非常重要的。

What we like about it, however, is that it further increases our total addressable market because now we can go after larger brands and high-volume retailers that are doing wholesale, that traditionally wouldn't have been able to do that before.

然而，我們喜歡它的是，它進一步增加了我們的總目標市場，因為現在我們可以追求更大的品牌和進行批發的大批量零售商，而這在傳統上是無法做到的。

And so, certainly we have merchants that are using it and the ones that are using it are quite happy with it.

因此，當然我們有商家正在使用它，並且使用它的商家對此感到非常滿意。

It's still, the functionality continues to evolve on it.

仍然如此，其功能仍在繼續發展。

We're still adding new features and functionality as we go and as we learn about the nuances of B2B wholesale selling, which is something fairly new to us.

當我們了解 B2B 批發銷售的細微差別時，我們仍在添加新的功能和功能，這對我們來說是相當新鮮的事情。

But again, the way to look at it is that for a few merchants it's really important, but it will not be something that will be used broadly across the Plus merchant base.

但同樣，看待它的方式是，對於少數商家來說，它確實很重要，但它不會在 Plus 商家群體中廣泛使用。

We have a question from Todd Coupland with CIBC.

我們有來自 CIBC 的 Todd Coupland 的問題。

I got the explanation on monthly recurring revenue shifting to Plus in the quarter, but at a 49% growth rate that's the slowest growth we've seen in that line in quite a while.

我得到了關於本季度每月經常性收入轉向 Plus 的解釋，但增長率為 49%，這是我們在相當長一段時間內看到的該系列中最慢的增長。

Can you comment if there's anything else going on there?

如果還有什麼事情發生，你能發表評論嗎？

Thanks very much.

非常感謝。

We think our almost 50% MRR growth is pretty solid performance, and was within our expectations.

我們認為我們近 50% 的 MRR 成長是相當穩健的表現，並且在我們的預期之內。

We don't expect MRR growth to accelerate every quarter.

我們預計 MRR 成長不會每季都加速。

Our Q2 results indicated our growth drivers are varied and strong.

我們第二季的業績顯示我們的成長動力是多元且強勁的。

We continue to add merchants at a healthy pace.

我們繼續以健康的速度增加商家。

Shopify Plus added a record number of new merchants in the quarter.

Shopify Plus 本季新增商家數量創歷史新高。

Merchant mix did play a factor in Q2.

商家組合確實是第二季的因素。

Merchants continue to expand their GMV.

商家繼續擴大GMV。

The percentage of merchants adopting merchant solutions grew across the board, Payments, Shipping, and Capital being the key drivers.

採用商業解決方案的商家比例全面成長，支付、運輸和資本是關鍵驅動因素。

And so, we really look at it as the totality of the strong business model and that's what allowed us to increase our revenue forecast for the year.

因此，我們確實將其視為強大商業模式的整體，這使我們能夠提高今年的收入預測。

We have a question from Ronald Bookbinder with IFS Securities.

我們有來自 IFS 證券公司的 Ronald Bookbinder 的問題。

The market seems to be concerned about churn and that you could possibly run out of potential merchants, but isn't it true that entrepreneurs just aren't one-and-done type of people, that the entrepreneurs will have multiple websites as they continue to try and figure out what works for them?

市場似乎擔心流失，可能會耗盡潛在的商家，但企業家不是一勞永逸的人，企業家在繼續經營時將擁有多個網站，這不是真的嗎？

Similar to Wayfair started off with 240 websites before consolidating down to one.

與 Wayfair 類似，一開始有 240 個網站，後來合併到 1 個。

What do you think is the average number of websites each entrepreneur has on your platform?

您認為每個企業家在您的平台上擁有的平均網站數量是多少？

Love the question, you're exactly right.

喜歡這個問題，你說得完全正確。

Again, the entrepreneur process is start up a bunch of things, and figure which one gets the traction, and then hopefully go all in on that one.

再次強調，創業過程就是啟動一系列事情，然後確定哪一個受到關注，然後希望全力投入其中。

Right?

正確的？

So, and involves a series of pivots and changes.

因此，涉及一系列的支點和變化。

I mean, this very business used to be a snowboard store, right?

我的意思是，這家店曾經是一家滑雪板商店，對嗎？

So here's a -- I can't give you good numbers around it.

所以這是——我無法給你一個具體的數字。

Of course, we have internal estimates on it, but it's lossy because the way Shopify, probably one of the regrets I have when I wrote the initial version of Shopify, is that I didn't really anticipate this sort of creation and trial, and therefore what I didn't do is allow people to create one account under which you could create any number of stores and sort of track them against each other.

當然，我們對此有內部估計，但它是有損的，因為 Shopify 的方式，可能是我在編寫 Shopify 初始版本時的遺憾之一，是我沒有真正預料到這種創建和嘗試，並且因此，我沒有做的是允許人們建立一個帳戶，在該帳戶下您可以建立任意數量的商店並相互追蹤它們。

If I had a time machine, this would be one of our little changes in the data model that I would have done.

如果我有一台時間機器，這將是我會對資料模型所做的微小改變之一。

Now we will retrofit this, this is something we've already said we would do at Unite.

現在我們將對此進行改造，這是我們已經說過要在 Unite 做的事情。

So once we do that, we will have a much better idea because you can really sort of track the entrepreneur process across different attempts.

因此，一旦我們這樣做了，我們就會有一個更好的想法，因為你可以真正追蹤不同嘗試中的創業過程。

So this is like, the churn, there's a lot of focus on it.

所以這就像，流失，有很多關注。

And it's really -- we haven't found the right language to describe why it's simply not a problem.

事實上，我們還沒有找到合適的語言來描述為什麼這根本不是問題。

Like for instance, churn almost universally is actually the successful discovery of something that didn't work.

例如，幾乎普遍的流失實際上是成功發現了一些不起作用的東西。

So, it's a building block in this process towards being successful, creating something, just as you said.

因此，正如您所說，這是邁向成功、創造某些東西的過程中的基石。

In fact, this actually isn't even so concentrated on the very beginnings.

事實上，這其實並不是一開始就如此集中。

So, what we also see is that even with the Plus store, they add a new product line, maybe a new -- let's say a fashion store adds a new collection.

因此，我們也看到，即使有了 Plus 商店，他們也增加了新的產品線，也許是新的——比方說，一家時裝店增加了一個新系列。

This goes into the main store, but what we will do is actually create a completely separate account, a separate site, just built around the one collection as almost a landing page for their marketing campaign, for some kind of real-life activation and so on.

這進入了主商店，但我們實際上要做的是創建一個完全獨立的帳戶，一個獨立的網站，只是圍繞一個系列構建，幾乎作為他們的營銷活動的登陸頁面，用於某種現實生活中的激活等等在。

So, even that process continues throughout the line.

因此，即使這個過程在整個生產線上仍在繼續。

So it's an interesting component, and it's one of our reasons why just looking at Shopify purely through units, it's a very lossy picture.

所以這是一個有趣的組件，這也是我們純粹透過單位來看待 Shopify 的原因之一，這是一個非常有損的圖片。

I'm violently agreeing with you, is what I'm saying.

我非常同意你的觀點，這就是我所說的。

We have a question from Brian Peterson with Raymond James.

我們有布萊恩彼得森向雷蒙德詹姆斯提出的問題。

I wanted to hit on that go-to-market motion for Plus.

我想提出 Plus 的上市動議。

Obviously, we've seen the partner channel expand quite a bit, but what inning do you think we're in in terms of addressing established relationships with potential partners, and maybe give us an update on hiring plans for the Shopify Plus sales force?

顯然，我們已經看到合作夥伴管道擴大了很多，但您認為我們在處理與潛在合作夥伴的既定關係方面處於什麼階段，也許可以向我們提供有關 Shopify Plus 銷售人員招聘計劃的最新信息？

Thanks, guys.

多謝你們。

Yes, on the sales part we continue to add new sales hackers to the Shopify Plus team every quarter, as we have in previous quarters, so that will continue.

是的，在銷售方面，我們每季都會繼續為 Shopify Plus 團隊添加新的銷售駭客，就像我們在前幾個季度所做的那樣，因此這種情況將會持續下去。

We're hiring some really wonderful people that we think can help us move the needle there.

我們正在招募一些非常優秀的人才，我們認為他們可以幫助我們實現這一目標。

In terms of other channels, with maturity or more maturity with Shopify Plus, we're now 4 years out since we started, launched it in 2014.

就其他管道而言，隨著 Shopify Plus 的成熟或更成熟，我們自 2014 年推出以來已經過去了 4 年。

We're now realizing which channels work better than others.

我們現在意識到哪些管道比其他管道效果更好。

Certainly the types of partners that we have that are referring merchants to us are not the type of partners that we traditionally saw on Shopify, these sort of 10-person agencies that we're now seeing 300-person agencies that are now becoming wonderful channel partners for us and are referring new large-scale merchants to Plus.

當然，我們所擁有的向我們推薦商家的合作夥伴類型並不是我們傳統上在Shopify 上看到的合作夥伴類型，我們現在看到的是10 人代理機構，現在有300 人代理機構，它們現在正在成為絕佳的通路我們的合作夥伴，並正在向 Plus 推薦新的大型商家。

We're also utilizing things like trade shows, which are something that traditionally Shopify had never really done.

我們也利用了貿易展覽等活動，這是 Shopify 傳統上從未真正做過的事情。

But in the enterprise commerce world, that is something that is really effective.

但在企業商務領域，這是非常有效的。

So I would say that we've matured our strategy beyond just sales hackers, to have a multi-prong strategy from partners to in-person selling, and that's working really well for us.

所以我想說，我們的策略已經成熟，不僅僅是銷售駭客，而是採取了從合作夥伴到面對面銷售的多管齊下的策略，這對我們來說非常有效。

But as we continue, we're always going to uncover new opportunities.

但隨著我們繼續前進，我們總會發現新的機會。

And again, we still see those upgrades coming from people that started on Shopify just a couple years ago as a small little shop, at a coffee shop.

再說一次，我們仍然看到這些升級來自幾年前剛開始使用 Shopify 的人們，當時他們還是一家咖啡店的小店。

We're still seeing those upgrades come to Shopify Plus as well.

我們仍然看到 Shopify Plus 也有這些升級。

So I think the mix of where we're getting these Plus merchants from continues to develop, and it's a really exciting part of our business.

因此，我認為我們從哪裡獲得這些 Plus 商家的組合正在不斷發展，這是我們業務中非常令人興奮的一部分。

We have a question from Jonathan Kees with Summit Insights Group.

Summit Insights Group 的 Jonathan Kees 向我們提出了一個問題。

My sole question would be regarding your three priorities, Platform, International, and Shopify Plus, I guess to me those sound like separate investment endeavors.

我唯一的問題是關於您的三個優先事項：平台、國際和 Shopify Plus，我想對我來說，這些聽起來像是單獨的投資努力。

I kind of want to pull in to some of the comments you've made in this call as well as in the previous earnings call.

我想談談您在本次電話會議以及之前的財報電話會議中發表的一些評論。

Can you talk about in terms of how the investing is going to go for each of these priorities?

您能否談談如何針對這些優先事項進行投資？

In the previous call, in the last earnings call, you talked about for Shopify Plus you were looking to hire about 500 salespeople for that, next couple years.

在上一次電話會議中，在上一次財報電話會議中，您談到了 Shopify Plus，您希望在未來幾年內為此僱用約 500 名銷售人員。

And you just mentioned for the international, that's a long-term endeavor.

您剛才提到了國際化，這是一項長期的努力。

So you raised the guidance for this year, kept operating margin the same.

因此，你們提高了今年的指導，維持營業利潤率不變。

So I guess beyond 2018, how do you look in terms of the spending for each one of these priorities?

所以我想在 2018 年之後，您如何看待這些優先事項中每一項的支出？

Ideally, we could talk about it in terms of sales and marketing versus R&D and that kind of stuff, if it's still going to be -- I'm assuming both are still going to be pretty rapid growth but if you can do a comparison between one versus the other, that'd be great.

理想情況下，我們可以從銷售和行銷與研發之類的方面來討論它，如果它仍然會——我假設兩者仍然會快速增長，但如果你可以在兩者之間進行比較一對一，那就太好了。

Thanks.

謝謝。

I'll kick it off, here.

我就在這裡開始吧。

They're all three incredibly important, as we've talked about historically.

正如我們在歷史上討論過的那樣，它們三者都非常重要。

I think what you're just seeing though, I expect the investment will continue to be significant in each one of them and some other growth areas.

我認為您剛剛看到的情況是，我預計這些投資將繼續在每個領域以及其他一些成長領域中發揮重要作用。

But they do have slightly different time horizons in how to think about them, plus we started investing in several years ago, and is paying off in spades now, as you saw in the second quarter.

但他們在如何看待它們的時間範圍上確實略有不同，而且我們幾年前就開始投資，現在正在獲得豐厚的回報，正如你在第二季度看到的那樣。

But we also see continued opportunity there, both on the product/R&D side and sales and marketing.

但我們也看到了持續的機會，無論是在產品/研發方面還是在銷售和行銷方面。

The information that you talked about, the 500 adds, is incorrect.

你所說的500補充的資訊是不正確的。

We've never stated a headcount number, but we are investing in sales and marketing capabilities both in our core markets and internationally for Plus because we see a very exciting opportunity there going forward.

我們從未透露過員工人數，但我們正在對 Plus 的核心市場和國際銷售和行銷能力進行投資，因為我們看到了未來非常令人興奮的機會。

On the platform, we've just finalized the cloud migration which we said was incredibly important for us in terms of growing into the future.

在該平台上，我們剛完成了雲端遷移，我們認為這對我們未來的發展非常重要。

It provides more flexibility as we grow internationally than if we had our own data centers.

當我們在國際上發展時，它比我們擁有自己的資料中心提供了更大的靈活性。

It allows us to introduce product faster, and there will be continued investments in the platform as we move forward.

它使我們能夠更快地推出產品，並且隨著我們的前進，我們將繼續對該平台進行投資。

Some of them that we've announced later this year in multi-location inventory and things like that, and we'll continue to grow and evolve our platform over time.

其中一些是我們今年稍後在多地點庫存等方面宣布的，我們將隨著時間的推移繼續發展和發展我們的平台。

With respect to international, I would say those investments are a little bit earlier-stage.

就國際而言，我想說這些投資還處於早期階段。

We're just now rolling out additional features and functionality as we've talked about on the script, and we see a lot of exciting opportunities there.

正如我們在腳本中討論的那樣，我們現在剛剛推出了額外的功能和功能，我們在那裡看到了許多令人興奮的機會。

But international is challenging.

但國際化充滿挑戰。

Each market is slightly different with different regulations, different go-to-market strategies with partners, and different payment methods, etc.

每個市場都略有不同，包括不同的法規、不同的合作夥伴進入市場策略以及不同的支付方式等。

And so, that will take time and as we've said, those investments will continue well into the future and we expect those payoffs to be measured in years, not in a quarter or two.

因此，這需要時間，正如我們所說，這些投資將在未來持續下去，我們預計這些回報將以幾年而不是一兩個季度來衡量。

So, we see a lot of exciting opportunity, continued investment into the future because the growth opportunities are enormous.

因此，我們看到了很多令人興奮的機會，對未來的持續投資，因為成長機會是巨大的。

And I'll just pipe in there, Jonathan, I think you're thinking about the Waterloo office expansion, 300 to 500 people over the next few years is probably where that came from.

我想插話一下，喬納森，我想您正在考慮滑鐵盧辦事處的擴建，未來幾年可能會增加 300 到 500 名員工。

We have time for one more question.

我們還有時間再問一個問題。

Our last question will come from Justin Furby with William Blair.

我們的最後一個問題將由賈斯汀·福比和威廉·布萊爾提出。

Just for Harley, the Google partnership, can you give a sense of did you approach them?

就哈雷而言，谷歌的合作夥伴，你能透露一下你是否接觸過他們嗎？

Did they approach you?

他們接近你了嗎？

What drove that and sort of the monetization for you guys, that's in that?

是什麼推動了這一點以及你們的貨幣化？

And then Amy, what are the metrics that we look at, as sort of the incremental MRR you add quarter-over-quarter and compare that to the year-ago period?

然後艾米，我們關注的指標是什麼，例如季度環比增加的 MRR 並將其與去年同期進行比較？

And it looks like that metric was a little bit negative for the first time in terms of new bookings growth.

就新預訂成長而言，該指標似乎首次出現了負面影響。

So I'm just wondering why that is, and maybe if that's not giving us the real picture in terms of subscription bookings?

所以我只是想知道為什麼會這樣，也許這並沒有給我們訂閱預訂方面的真實情況？

Thanks.

謝謝。

I'll start with the Google question.

我將從谷歌問題開始。

We're not going to sort of get into where these partnerships come from.

我們不會深入探討這些合作關係的來源。

We work with the largest and some of the greatest companies around the planet, constantly, so we have a lot of partnerships.

我們不斷與全球最大和一些最偉大的公司合作，因此我們擁有許多合作夥伴關係。

The reason that we thought the Google partnership in particular, with the hardware was important, was because Shopify -- we fundamentally want to be the heart of the business for our merchants, and we feel like if those brick and mortar merchants and the POS users of Shopify are able to monitor actually their physical stores directly from Shopify, it further makes us the center and the heart of their business, which we think is really important.

我們之所以認為 Google 與硬體的合作關係特別重要，是因為 Shopify——我們從根本上希望成為我們商家的業務核心，而且我們覺得如果那些實體商家和 POS 用戶Shopify 能夠直接從Shopify 監控他們的實體店，這進一步使我們成為他們業務的中心和心臟，我們認為這非常重要。

So we just think it makes sense for everyone, and we're quite happy with it.

所以我們只是認為這對每個人來說都有意義，而且我們對此感到非常滿意。

with respect to the MRR added in the quarter, which is I think what the question was relating to, I go back to what I said previously in another question, that we think our growth in the quarter was solid performance.

關於本季增加的 MRR，我認為問題與此相關，我回到先前在另一個問題中所說的，我們認為本季的成長是穩健的表現。

We don't expect to accelerate either added MRR or MRR growth every quarter.

我們預計每季的 MRR 增加或 MRR 成長都不會加速。

There's puts and takes in our model and very -- drivers of growth that will hit at various times, and we're confident in the overall business model to continue to produce strong growth into the future.

我們的模型中有很多因素，以及成長的驅動因素，這些因素會在不同的時間出現，我們對整體業務模式在未來繼續產生強勁成長充滿信心。

Thanks, everybody, for joining today's conference call.

感謝大家參加今天的電話會議。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。