Shopify Inc (SHOP) 2018 Q3 法說會逐字稿

Good morning.

早上好。

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

我的名字是 Michelle，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the Shopify Q3 2018 Earnings Call.

在這個時候，我想歡迎大家參加 Shopify Q3 2018 財報電話會議。

(Operator Instructions) I would now like to turn the call over to Katie Keita, Head of Investor Relations.

（操作員說明）我現在想將電話轉給投資者關係主管 Katie Keita。

Please go ahead.

請繼續。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早上好。

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

我們很高興您能加入我們的 Shopify 2018 年第三季度電話會議。

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

Shopify 首席執行官 Tobi Lutke 加入了我們的行列；我們的首席運營官 Harley Finkelstein；和我們的首席財務官 Amy Shapero。

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

準備好評論後，我們將打開它來回答您的問題。

We will make forward-looking statements on our call today that are based on assumptions and, therefore, are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

我們將在今天的電話會議上做出基於假設的前瞻性陳述，因此受到可能導致實際結果與預期結果大不相同的風險和不確定性的影響。

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.

您可以在我們今天上午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，即非公認會計準則指標。

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

這些應被視為對公認會計原則財務措施的補充而非替代。

Reconciliations between the 2 can be found in our earnings press release, which is available on our website.

兩者之間的調節可以在我們的收益新聞稿中找到，該新聞稿可在我們的網站上找到。

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.

有了這個，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝，凱蒂，大家早上好。

We had another great quarter at Shopify, delivering strong results and advancing key initiatives.

我們在 Shopify 又度過了一個偉大的季度，取得了強勁的業績並推進了關鍵舉措。

In particular, we shipped several exciting features ahead of the busiest selling period for our merchants, Black Friday and Cyber Monday.

特別是，我們在商家最繁忙的銷售期黑色星期五和網絡星期一之前發布了一些令人興奮的功能。

Our progress over the last few months spanned our priority areas of investments that is across platform, Shopify Plus and International.

我們在過去幾個月中取得的進展涵蓋了跨平台、Shopify Plus 和國際的優先投資領域。

I'll walk through key accomplishment in each of these areas starting with our platform.

我將從我們的平台開始介紹這些領域的關鍵成就。

As we previewed at the Unite conference, our product teams are focused on shipping features that help merchants sell more and let them work more efficiently, while making the most of our partner ecosystem.

正如我們在 Unite 會議上所預覽的那樣，我們的產品團隊專注於運輸功能，這些功能可以幫助商家銷售更多產品，讓他們更高效地工作，同時充分利用我們的合作夥伴生態系統。

We shipped several of these features in the past few months, including multi-location inventory, our new app store as well as our marketing dashboard.

在過去的幾個月裡，我們發布了其中的幾個功能，包括多地點庫存、我們的新應用商店以及我們的營銷儀表板。

All of these are now contributing to the incredible value already delivered to our merchants on the Shopify platform.

現在，所有這些都有助於在 Shopify 平台上為我們的商家帶來令人難以置信的價值。

While a few weeks in is not enough to realize the full benefits we're expecting from these enhancements, we are already seeing signs of success.

雖然幾週後還不足以實現我們期望從這些增強功能中獲得的全部好處，但我們已經看到了成功的跡象。

For instance, since launch of our new app store in early September, we've already seen a meaningful increase in conversion rates for app installations following a search.

例如，自 9 月初推出我們的新應用商店以來，我們已經看到搜索後應用安裝的轉化率顯著提高。

We're also developing features that add value at the point of transaction, which means our revenue from these merchants grows alongside GMV.

我們還在開發在交易點增加價值的功能，這意味著我們來自這些商家的收入與 GMV 一起增長。

One feature that launched earlier this month is Fraud Protect.

本月早些時候推出的一項功能是欺詐保護。

For a small fee, fraud protect shields merchants from fraudulent chargebacks on protected orders, allowing merchants to accept and fulfill more orders with confidence.

只需支付少量費用，欺詐就可以保護商家免受受保護訂單的欺詐性拒付，讓商家可以放心地接受和履行更多訂單。

We extended our far-reaching support for merchants even further 2 weeks ago when we opened our first physical retail space in Los Angeles.

兩週前，我們在洛杉磯開設了第一家實體零售店，進一步擴大了對商家的廣泛支持。

Within 24 hours of opening for bookings, hundreds of sessions and appointments with Shopify gurus were scheduled, and several of the opening workshops filled up completely.

在開放預訂的 24 小時內，安排了數百場會議和與 Shopify 大師的約會，並且幾個開放研討會完全座無虛席。

It's exciting for us to offer merchants and aspiring entrepreneurs a space where they can find support, inspiration and education.

我們很高興能為商家和有抱負的企業家提供一個他們可以找到支持、靈感和教育的空間。

Our new space and all our new features we rolled out are geared towards making commerce better for everyone.

我們推出的新空間和所有新功能旨在讓每個人都能更好地開展商務活動。

To help achieve this goal, we will continue to make platform investments on the following key themes: reducing complexity; signifying workflows; and helping merchants with the right capabilities to run their businesses.

為了幫助實現這一目標，我們將繼續在以下關鍵主題上進行平台投資：降低複雜性；表示工作流程；並幫助具有適當能力的商家開展業務。

Moving on to Shopify Plus, which completed another fantastic quarter.

繼續 Shopify Plus，它完成了另一個精彩的季度。

Hundreds of high-growth merchants continue to join Shopify Plus, leading up to the busy holiday season.

數以百計的高增長商家繼續加入 Shopify Plus，從而迎來了繁忙的假日季節。

We attracted these merchants with the flexibility and reliability of our platform, which can manage the stress of high sales volumes and capture all the upside that comes with it.

我們憑藉平台的靈活性和可靠性吸引了這些商家，該平台可以應對高銷量的壓力並抓住隨之而來的所有優勢。

Shopify Plus continues to welcome more well-recognized brands, representing diverse industries, including home furnishing, fashion and beauty and food and beverage companies.

Shopify Plus 繼續歡迎更多知名品牌，代表不同行業，包括家居、時尚和美容以及食品和飲料公司。

These include some of the largest Canadian furniture stores like The Brick and Leon's Furniture as well as DJ Khaled's luxury furniture line; new stores from fashion designers such as Victoria Beckham and Rachel Roy; my personal underwear brand of choice, Tommy John; Belgian chocolatier Godiva; the Bulletproof coffee brand; and meal replacement company Soylent.

其中包括一些加拿大最大的家具店，如 The Brick 和 Leon's Furniture 以及 DJ Khaled 的豪華家具系列； Victoria Beckham 和 Rachel Roy 等時裝設計師的新店；我選擇的個人內衣品牌，湯米約翰；比利時巧克力製造商 Godiva；防彈咖啡品牌；和代餐公司Soylent。

Shopify Plus continues to add even more brands from the consumer packaged good companies like Unilever.

Shopify Plus 繼續增加來自聯合利華等消費品包裝好的公司的更多品牌。

In October, Shopify Plus entered new retail territory in Canada when cannabis was legalized here on October 17.

10 月，當 10 月 17 日大麻在加拿大合法化時，Shopify Plus 進入了加拿大的新零售領域。

While we don't normally call out specific verticals, we have been fielding several questions about this one, given how new it is and the fact that it is a highly regulated industry.

雖然我們通常不會提到特定的垂直行業，但我們一直在回答幾個關於這個行業的問題，因為它是多麼新，而且它是一個受到高度監管的行業。

We've actually already been the platform of choice for license producers of medical cannabis in Canada for years.

多年來，我們實際上已經成為加拿大醫用大麻許可證生產商的首選平台。

So with the legalization of cannabis for recreational use, Shopify was a natural fit.

因此，隨著娛樂用途大麻的合法化，Shopify 是天作之合。

We are now powering recreational cannabis sales for the largest Canadian provincial governments as well as the leading license producers and private retailers.

我們現在正在為加拿大最大的省級政府以及領先的許可證生產商和私人零售商提供休閒大麻銷售。

These retailers recognize that Shopify's technology is uniquely positioned to help them adapt to the demands of regulators and fulfill key requirements.

這些零售商認識到 Shopify 的技術具有獨特的優勢，可以幫助他們適應監管機構的需求並滿足關鍵要求。

We are proud of what we've been able to accomplish in a tight period of time, given the complexities and introducing a new and regulated industry.

鑑於復雜性和引入一個新的受監管行業，我們為我們能夠在短時間內完成的工作感到自豪。

Turning to international.

轉向國際。

We are taking a deliberate approach in our expansion efforts building trust with merchants in our new markets and honing our product market fit.

在我們的擴張努力中，我們正在採取慎重的方式與新市場的商家建立信任，並磨練我們的產品市場契合度。

Seven of the 10 largest e-commerce markets globally are in non-English-speaking countries, which makes it incredibly important to localize our platform in each region we decide to enter.

全球 10 個最大的電子商務市場中有 7 個位於非英語國家，這使得在我們決定進入的每個地區本地化我們的平台非常重要。

While it's still early, momentum is building in our priority international regions.

雖然還為時尚早，但我們的優先國際地區正在形成勢頭。

Our mix of international merchants relative to total new merchant adds reached its highest level this year.

相對於新增商戶總數，我們的國際商戶組合達到了今年的最高水平。

Additionally, our international merchants continue to expand their contribution to total GMV on our platform.

此外，我們的國際商家繼續擴大他們對我們平台上總 GMV 的貢獻。

A great example of localization is the launch of Shopify Payments in Germany last month.

本地化的一個很好的例子是上個月在德國推出的 Shopify Payments。

This is special not just because Germany is the largest economy in the Euro zone but also because it marks our first local payment method for Shopify Payments, allowing for bank transfers in addition to credit card payments.

這很特別，不僅因為德國是歐元區最大的經濟體，還因為它標誌著我們第一個本地支付方式 Shopify Payments，除了信用卡支付外，還允許銀行轉賬。

This is notable since it's estimated that by 2021, most online transactions won't even use a credit card.

這是值得注意的，因為據估計，到 2021 年，大多數在線交易甚至都不會使用信用卡。

Moving onto partners.

轉向合作夥伴。

Throughout our journey, our partners have played a critical role in the success of our merchants and the success of Shopify.

在我們的整個旅程中，我們的合作夥伴在我們商家的成功和 Shopify 的成功中發揮了關鍵作用。

Our partner ecosystem remains strong with more than 16,500 partners having referred merchants to Shopify in the past 12 months alone.

我們的合作夥伴生態系統依然強大，僅在過去 12 個月內就有超過 16,500 個合作夥伴將商家推薦給 Shopify。

Currently, they're in more than 2,200 apps available to merchants on our platform, which is a smaller number relative to last quarter as not all existing apps were approved to transition over to the new app store.

目前，它們在我們平台上可供商家使用的 2,200 多個應用程序中，與上一季度相比數量較少，因為並非所有現有應用程序都被批准過渡到新的應用程序商店。

We continue to work with our partners to deliver the right capabilities to our merchants, so they have the tools they need to succeed.

我們將繼續與我們的合作夥伴合作，為我們的商家提供正確的功能，讓他們擁有成功所需的工具。

As we head towards the home stretch into the busiest selling season of the year, we are ready to help our merchants every step of the way.

當我們走向一年中最繁忙的銷售季節時，我們已準備好在每一步都為我們的商家提供幫助。

And with that, I'll turn the call over to Amy.

有了這個，我會把電話轉給艾米。

Thanks, Harley, and good morning, everyone.

謝謝，哈利，大家早上好。

This was another strong quarter for Shopify.

這是 Shopify 的另一個強勁季度。

We grew revenue 58% year-over-year to $270.1 million with healthy performance from both Subscription Solutions and Merchant Solutions.

我們的收入同比增長 58% 至 2.701 億美元，訂閱解決方案和商家解決方案的表現都不錯。

The Subscription Solutions revenue grew 46% compared with Q3 2017 to $120.5 million driven by growth in monthly recurring revenue of 41% to $37.9 million, primarily driven by merchant adds.

與 2017 年第三季度相比，訂閱解決方案收入增長 46% 至 1.205 億美元，主要受商家增加推動，每月經常性收入增長 41% 至 3790 萬美元。

Shopify Plus continued to increase its contribution to monthly recurring revenue accounting for $9.2 million or 24% compared with 20% of MRR in Q3 of 2017.

Shopify Plus 繼續增加其對每月經常性收入的貢獻，達到 920 萬美元或 24%，而 2017 年第三季度的 MRR 為 20%。

Another item of note is the expansion of revenue within Subscription Solutions that is not MRR.

另一個值得注意的事項是訂閱解決方案中的收入增長不是 MRR。

Faster growth of revenue from apps relative to MRR is one driver, another is the incremental revenue from platform fees for Shopify Plus.

應用收入相對於 MRR 的更快增長是一個驅動因素，另一個是 Shopify Plus 平台費用的增量收入。

As the pricing structure change for Shopify Plus, that we introduced early last year gradually rolls in with contract renewals.

隨著 Shopify Plus 的定價結構發生變化，我們在去年初推出的價格結構隨著合同續簽而逐漸推出。

Platform fee revenue is directly correlated with the GMV growth that Shopify Plus merchants are driving and that growth has been quite healthy.

平台費用收入與 Shopify Plus 商家推動的 GMV 增長直接相關，並且增長一直非常健康。

As a result and with more merchants rolling into the revised pricing structure, this component of revenue more than tripled over last year.

因此，隨著越來越多的商家加入修訂後的定價結構，這部分收入比去年增長了兩倍多。

It is important to note that this greater value we are now retaining from Shopify Plus is not counted in MRR as this portion of the Shopify Plus subscription revenue is not necessarily recurring.

請務必注意，我們現在從 Shopify Plus 保留的這一更大價值不計入 MRR，因為這部分 Shopify Plus 訂閱收入不一定是經常性的。

Merchant Solutions revenue grew 68% to $149.5 million, on pace with last quarter growth.

Merchant Solutions 收入增長 68% 至 1.495 億美元，與上一季度的增長同步。

This growth was driven by GMV expansion, which increased 55% year-over-year to $10 billion as well as by the continued penetration of Shopify Payments shipping and capital.

這一增長受到 GMV 擴張（同比增長 55% 至 100 億美元）以及 Shopify Payments 運輸和資本的持續滲透推動。

GMV reached a new high this quarter, exceeding that of Q4 2017, our strongest quarter last year.

本季度 GMV 達到新高，超過了 2017 年第四季度，這是我們去年最強勁的季度。

$4.1 billion of GMV was processed on Shopify Payments, an increase of 71% verses a comparable quarter last year.

Shopify Payments 處理了 41 億美元的 GMV，與去年同期相比增長了 71%。

The amount of GMV processed on Shopify Payments ticked up to a record high 41% penetration, with Shopify Plus continuing to increase its share of GPV.

Shopify Payments 上處理的 GMV 的滲透率達到創紀錄的 41%，Shopify Plus 繼續增加其在 GPV 中的份額。

Capital and Shipping both higher margin solutions grew revenue over 100% from last year.

資本和航運這兩種利潤率較高的解決方案的收入比去年增長了 100% 以上。

Gross profit dollars grew 50% from Q3 of 2017 to $149.7 million.

毛利潤美元從 2017 年第三季度增長 50% 至 1.497 億美元。

As we mentioned in July, our transition to a third-party cloud platform was completed in the third quarter.

正如我們在 7 月份提到的，我們向第三方雲平台的過渡已在第三季度完成。

With the Subscription Solutions gross margin headwinds of cost duplication and server depreciation now behind us, we can begin to look for ways to optimize cost on our cloud platform, which, as we have said, are expected be higher-than-running our own cloud.

隨著訂閱解決方案的成本重複和服務器折舊的毛利率逆風已經過去，我們可以開始尋找優化我們雲平台成本的方法，正如我們所說，該平台預計將高於運行我們自己的雲.

While Merchant Solutions gross margin improved year-over-year, it was down slightly sequentially due to greater mix of Shopify Payments versus Q2.

雖然 Merchant Solutions 的毛利率同比有所提高，但由於 Shopify Payments 的組合與第二季度相比有所增加，因此環比略有下降。

This larger mix was driven, in part, by the growing adoption of Shopify Payments by Shopify Plus merchants.

這種更大的組合部分是由於 Shopify Plus 商家越來越多地採用 Shopify Payments。

Of course, the upside has been continued expansion of GMV take-rates driving gross margin dollar growth and enhancing our value-add to Shopify Plus merchants, which is a trade-off we're happy with.

當然，好處是 GMV 取值率的持續擴大推動了毛利率美元的增長，並提高了我們對 Shopify Plus 商家的附加值，這是我們滿意的權衡。

Our adjusted operating loss in Q3 was approximately $3.6 million or 1.3% of revenue, compared with income of $1.7 million or 1% of revenue in the third quarter of 2017.

我們在第三季度調整後的運營虧損約為 360 萬美元，佔收入的 1.3%，而 2017 年第三季度的收入為 170 萬美元，佔收入的 1%。

Adjusted net income for the quarter was $4.5 million or $0.04 per share.

本季度調整後的淨收入為 450 萬美元或每股 0.04 美元。

This compares with $5 million or $0.05 per share for last year's thirst quarter.

相比之下，去年第三季度為 500 萬美元或每股 0.05 美元。

Our cash, cash equivalent and marketable securities balance was $1.6 billion consistent with our June 30 balance.

我們的現金、現金等價物和有價證券餘額為 16 億美元，與 6 月 30 日的餘額一致。

Cash flow from operations was only slightly positive in the quarter as we continue to see strong demand from our merchants for Shopify Capital, which as you know, is funded from our own balance sheet with a mechanism in place to ensure the majority of advance is outstanding.

由於我們繼續看到商家對 Shopify Capital 的強勁需求，本季度的運營現金流僅略微為正.

Merchants can thrive on Shopify in ways that aren't possible through single channels or single-point solutions providers.

商家可以通過單一渠道或單點解決方案提供商無法實現的方式在 Shopify 上茁壯成長。

That we make it possible for virtually anyone in the world to easily start selling, is the only the first of many layers of value.

我們使世界上幾乎任何人都可以輕鬆開始銷售，這是眾多價值層中唯一的第一層。

The much harder work of marketing, customer order and inventory management, transaction processing and multiple currency and payments methods, shipping and financing is where we focus most of our efforts and investments.

營銷、客戶訂單和庫存管理、交易處理以及多種貨幣和支付方式、運輸和融資等更艱鉅的工作是我們大部分精力和投資的重點。

These efforts pay off.

這些努力得到了回報。

Within 2 weeks of our launch of Shopify Payments in Germany, last month, that Harley mentioned, percentage adoption by our merchants there was already solidly in the double digits.

Harley 提到，上個月我們在德國推出 Shopify Payments 後的兩週內，我們的商家採用的百分比已經穩定地達到兩位數。

Moreover, most of the merchants who adopted Shopify Payments in Germany already had a transaction process on the local payments method.

此外，大多數在德國採用 Shopify Payments 的商家已經有了本地支付方式的交易流程。

While the full benefit of our investments will materialize over the years ahead, this is a great early indicator that being targeted and sequenced with localization is the right approach to take.

雖然我們投資的全部收益將在未來幾年實現，但這是一個很好的早期指標，表明定位和排序本地化是正確的方法。

Given our better-than-expected performance in the quarter, we are raising our expectation for the full year and now expect to grow revenue at over 55% to between $1,045,000,000 and $1,055,000,000, and to achieve adjusted operating income of $8 million to $10 million.

鑑於我們本季度的業績好於預期，我們提高了對全年的預期，現在預計收入將增長超過 55% 至 1,045,000,000 美元至 1,055,000,000 美元之間，並實現調整後的營業收入 800 萬至 1000 萬美元。

For the fourth quarter, we expect revenue of $315 million to $325 million and adjusted operating income between $16 million and $18 million.

對於第四季度，我們預計收入為 3.15 億美元至 3.25 億美元，調整後的營業收入在 1600 萬美元至 1800 萬美元之間。

Stock-based compensation in 2018 is now expected to be approximately $105 million for the full year with about $30 million of this in the fourth quarter.

現在預計 2018 年全年的股票薪酬約為 1.05 億美元，其中第四季度約為 3000 萬美元。

The continued growth of our merchant base from entrepreneurs to larger brands and our ongoing expansion of wallet share prove the strength of our platform and the value we add to businesses, as we continue to simplify commerce, expand our capabilities and broaden our reach, we are confident in our growth trajectory and our position as a leading commerce platform.

我們的商家基礎從企業家到大品牌的持續增長以及我們錢包份額的持續擴大證明了我們平台的實力和我們為企業增加的價值，隨著我們繼續簡化商業、擴大我們的能力和擴大我們的範圍，我們正在對我們的增長軌跡和我們作為領先商務平台的地位充滿信心。

With that, I will hand the call back to Katie.

有了這個，我會把電話交給凱蒂。

Thank you, Amy.

謝謝你，艾米。

All right, we would like to turn the call over to you for your questions.

好的，我們想將電話轉給您以解決您的問題。

Before we do, I would like to remind everyone to please limit themselves to just one question so everyone can have a chance to ask a question on the call today.

在我們開始之前，我想提醒大家請限制自己只回答一個問題，以便每個人都有機會在今天的電話會議上提問。

Michelle, can we have our first question, please?

米歇爾，我們可以問第一個問題嗎？

(Operator Instructions) Your first question comes from Brad Zelnick from Crédit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Brad Zelnick。

I wanted to ask a question about Shopify Plus.

我想問一個關於 Shopify Plus 的問題。

You have a number of fantastic large merchants, many of which you named in your prepared remarks, and Plus continues to grow its contributions to the business, but the higher end of the market is also very competitive.

您有許多很棒的大型商家，其中許多是您在準備好的評論中提到的，Plus 繼續增加其對業務的貢獻，但高端市場也非常有競爭力。

Can you talk a bit about pricing at the high-end as you negotiate and renegotiate with these merchants?

在與這些商家進行談判和重新談判時，您能談談高端定價嗎？

And as well as the stickiness at the higher end as well?

以及高端的粘性？

Brad, it's Harley.

布拉德，是哈利。

I'll take that, that first question.

我會接受的，第一個問題。

So first of all, I think if you look at the ratio of price to value of Shopify Plus, certainly it still falls in the side of value.

所以首先，我認為如果你看一下 Shopify Plus 的價格與價值的比率，它肯定還是屬於價值的一面。

Part of that is intentional because we want to -- we believe that there's a lot of opportunity for us in the mid-market specially but also at the higher end of the market as well.

部分原因是故意的，因為我們想要——我們相信在中端市場，特別是在高端市場，我們有很多機會。

One of the nice parts about Shopify Plus is that it's easy to start on Shopify Plus but once you start -- once you become a merchant, the product is actually quite sticky particularly with things like Shopify Flow, which allows you to automate workflows more and more.

Shopify Plus 的優點之一是它很容易在 Shopify Plus 上啟動，但是一旦您開始 - 一旦您成為商家，該產品實際上非常具有粘性，尤其是 Shopify Flow 之類的東西，它允許您更多地自動化工作流程，並且更多的。

You spend your time in the Shopify Plus dashboard, and so product itself is quite sticky.

您將時間花在 Shopify Plus 儀表板中，因此產品本身非常具有粘性。

From a competitive perspective, again, I think for the foreseeable future, we're quite happy with our pricing.

從競爭的角度來看，我認為在可預見的未來，我們對我們的定價非常滿意。

We changed the pricing last year.

我們去年改變了定價。

This way we can share on the upside if merchants sell a ton, we're able to also share on that upside and take a larger piece of wallet.

這樣，如果商家賣出一噸，我們就可以分享收益，我們也可以分享這種收益並拿走更大的錢包。

But that being said, we are constantly reevaluating whether our pricing makes sense and it may change over time, but we're quite happy with the success and the progress of Plus today.

但話雖如此，我們一直在重新評估我們的定價是否合理，並且可能會隨著時間的推移而改變，但我們對 Plus 今天的成功和進步感到非常滿意。

Your next question comes from Colin Sebastian from Baird.

您的下一個問題來自 Baird 的 Colin Sebastian。

If you look at MRR, excluding perhaps the nice mix of Plus and the platform fees, just hoping for a little more color on the pace of growth of the net new subscriber adds?

如果您查看 MRR，可能不包括 Plus 和平台費用的良好組合，只是希望增加淨新用戶的增長速度？

And then, where you'd expect that growth to trend over the next few quarters or years?

然後，您預計未來幾個季度或幾年的增長趨勢如何？

Yes, we did see a slight uptick, slightly higher merchants added in the third quarter versus the second quarter.

是的，我們確實看到第三季度與第二季度相比略有上升，增加的商家略有增加。

One thing that I want to point out if you're looking at net new MRR in the quarter, we did have a slight headwind there and a pricing change that we made -- that we had announced it at Unite around our point-of-sale product.

如果您正在查看本季度的淨新 MRR，我想指出的一件事是，我們確實遇到了輕微的逆風，並且我們做出了定價變化——我們已經在 Unite 圍繞我們的觀點宣布了這一點——銷售產品。

We had been charging for that $49 a month, and we've now eliminated that and that's included in the $79 and above pricing plans.

我們每月收取 49 美元的費用，現在我們已經取消了這項費用，這已包含在 79 美元及以上的定價計劃中。

So as you're doing your math, consider that.

因此，當您進行數學運算時，請考慮一下。

With respect to merchant adds in the future and MRR growth generally, we're happy with our performance in the quarter.

關於未來的商家增加和總體 MRR 增長，我們對本季度的表現感到滿意。

We exceeded our expectations as our guidance implied for merchant growth, MRR growth and overall growth.

我們超出了我們的預期，因為我們對商戶增長、MRR 增長和整體增長的指導暗示了這一點。

We want to steer you towards the robustness of our business model overall.

我們希望引導您實現我們整體業務模式的穩健性。

We have 2 primary growth levers that we can pull from: subscriptions, which is mostly captured by MRR and GMV.

我們有兩個主要的增長槓桿可供我們利用：訂閱，主要由 MRR 和 GMV 捕獲。

Our focus is on long-term growth for our overall business model using these levers.

我們的重點是使用這些槓桿來實現我們整體業務模式的長期增長。

And our investments pay off in different ways over different time horizons.

我們的投資在不同的時間範圍內以不同的方式獲得回報。

Last year, 2 of our key investment areas were growth by widening the funnel of merchants and Plus.

去年，我們的兩個主要投資領域是通過擴大商家和 Plus 的渠道實現增長。

And we're saying the payoff of those investments now in continued strong GMV growth.

我們說的是這些投資現在帶來了持續強勁的 GMV 增長的回報。

In the quarter, GMV per merchant continued to increase year-over-year and quarter-over-quarter.

本季度，每個商戶的 GMV 繼續同比和環比增長。

And overall, GMV growth was sequentially strong.

總體而言，GMV 增長強勁。

This year, our primary investment area is international, which we expect has a payoff over the next several years.

今年，我們的主要投資領域是國際，我們預計未來幾年會有回報。

So we're quite confident about the size of our TAM and the runway for growth that these investments and others provide well into the future for both merchants and MRR and also, GMV.

因此，我們對我們 TAM 的規模以及這些投資和其他投資為商家和 MRR 以及 GMV 的未來提供的增長跑道非常有信心。

The next question will come from Ken Wong from Guggenheim Securities.

下一個問題將來自古根海姆證券公司的 Ken Wong。

Harley, you touched on the cannabis market a little earlier, and I know you guys have had some experience with this in the past but kind of the retail side of things is a new opportunity.

哈雷，你早些時候談到了大麻市場，我知道你們過去在這方面有一些經驗，但零售方面是一個新的機會。

Can you give us a sense for kind of how much you guys have baked into Q4?

你能告訴我們你們對第四季度的投入有多少嗎？

And maybe just some if there's any kind of seasonal trends that we should be thinking about in terms of how that market might scale out?

如果有任何季節性趨勢，我們應該考慮市場如何擴大規模，也許只是一些？

Thanks for that question.

謝謝你的問題。

Look, it's a brand new industry, it's a brand new market.

看，這是一個全新的行業，一個全新的市場。

Certainly, we've been working with the medical providers of cannabis in Canada for a while now, and I think what we have is a really good product, which allows for regulated industries, which they require things like nimbleness because compliance with laws are always changing.

當然，我們已經與加拿大的大麻醫療供應商合作了一段時間，我認為我們擁有的是一個非常好的產品，它允許受監管的行業，他們需要像靈活這樣的東西，因為遵守法律總是變化。

And I think we've actually created a product that is kind of ideal for these sort of industries, which is why we are we are so happy to get selected by these very large provinces.

而且我認為我們實際上已經為這些行業創造了一種理想的產品，這就是為什麼我們很高興被這些非常大的省份選中。

We won't comment on specific merchants, as we never do.

我們不會評論特定的商家，因為我們從來沒有這樣做過。

But we will say that in terms of the revenue from them, we have built the contracts to capture the upside of GMV from these provinces and from these private providers of cannabis.

但我們會說，就他們的收入而言，我們已經建立了合同，以從這些省份和這些私人大麻供應商那裡獲取 GMV 的上行空間。

That being said, I think the bigger opportunity is that now that we have proven in Canada but also globally that we are an ideal candidate for these type of regulated industries.

話雖如此，我認為更大的機會是，現在我們已經在加拿大乃至全球證明了我們是這類受監管行業的理想人選。

It means that as more countries think about their own regulated industries, whether it's cannabis or otherwise, we become sort of that first phone call, which is really important to us.

這意味著隨著越來越多的國家考慮自己的受監管行業，無論是大麻還是其他行業，我們都會成為第一個電話，這對我們來說非常重要。

So I think we've done a really good job in Canada, and we've proven that we can handle all these different compliance issues but also the particular needs of these regulated industries.

所以我認為我們在加拿大做得非常好，我們已經證明我們可以處理所有這些不同的合規問題，以及這些受監管行業的特殊需求。

And we hope that as other countries think about these industries we're the people they look to.

我們希望，當其他國家考慮這些行業時，我們是他們所關注的人。

So we're quite happy.

所以我們很高興。

And in terms of Q4, we have sort of baked in the expectations but again, these are very early days so there's nothing -- we'll see how things roll out.

就第四季度而言，我們有點期待，但同樣，現在還處於早期階段，所以什麼都沒有——我們會看看事情如何發展。

Your next question will come from Monika Garg from KeyBanc.

您的下一個問題將來自 KeyBanc 的 Monika Garg。

This year, the key focus growth items, as Amy talked about, was Plus and going forward big international markets like Germany, France, Japan, Hong Kong.

正如 Amy 所說，今年的重點增長項目是 Plus 以及未來的大型國際市場，如德國、法國、日本、香港。

Are there any key focus strategy for 2019?

2019年有什麼重點戰略嗎？

Just a related comment on 2019 we're in the middle of our planning cycle.

只是對 2019 年的相關評論，我們正處於計劃週期的中間。

So more to come on next quarter's call on that.

所以下個季度會有更多關於這一點的呼籲。

Your next question comes from Ross MacMillan from RBC.

您的下一個問題來自 RBC 的 Ross MacMillan。

Harley, just on international, as you roll out these new areas of functionality like local payments and local currency real time presentment, I think a lot of those functions are Plus initially but I just wondered philosophically, how we should we think about how those then get rolled out to kind of core lower Tier Plus SKUs -- Sorry, lower Tier Shopify SKUs?

哈雷，就在國際上，當你推出這些新的功能領域，如本地支付和本地貨幣實時呈現時，我認為很多這些功能最初都是 Plus，但我只是在哲學上想知道，我們應該如何思考這些功能推廣到某種核心的低層 Plus SKU——抱歉，低層 Shopify SKU？

And what's the timing on that sort of move down of that functionality might look like?

向下移動該功能的時間可能是什麼樣的？

Yes, sure.

是的，當然。

So actually, I would say in some geographies, certainly, our entrance to the market seems to be larger merchants but that is not the case everywhere.

所以實際上，我會說，在某些地區，我們進入市場的入口似乎是更大的商人，但並非所有地方都是如此。

Remember, in some of these places we've had merchants, we've had merchants in more than 150 country for many, many years now.

請記住，在其中一些地方我們有商人，我們已經在 150 多個國家/地區擁有商人很多年了。

In some cases, there is pent-up demand for us to better optimize our product so they can use our product in those countries.

在某些情況下，我們有被壓抑的需求來更好地優化我們的產品，以便他們可以在這些國家使用我們的產品。

So whether it's local payment methods or it's apps that we have in our App Store that are particularly focused on that region and -- or it's for example, language support in the Shopify admin or even, it's partners on the ground there.

因此，無論是本地支付方式，還是我們 App Store 中特別關注該地區的應用程序，或者是 Shopify 管理員中的語言支持，甚至是當地的合作夥伴。

In some cases, we know we have to do there is just a matter of getting done that's why we prioritized it for 2018.

在某些情況下，我們知道我們必須做的只是完成的問題，這就是我們在 2018 年優先考慮它的原因。

I would say that across the board, every country is very, very different, so we may start in one country with more of a Plus push to try to get some of the larger merchants on.

我想說的是，總體而言，每個國家/地區都非常非常不同，因此我們可能會從一個國家開始，更加積極地推動一些更大的商家加入。

And this way, they can act as a bit of role model for some of the smaller merchants who eventually want to become them.

通過這種方式，他們可以為一些最終想成為他們的小商家起到一點榜樣的作用。

But every country is sort of different, and we're sort of looking at each country in a variety of different ways.

但是每個國家都是不同的，我們以各種不同的方式看待每個國家。

I would say local payment methods having the right partners on the ground.

我會說當地的支付方式有合適的合作夥伴。

Integrations with things like apps also language are sort of the main things that we're focused on right now, at least for those main priority countries.

與應用程序和語言等內容的集成是我們目前關注的主要內容，至少對於那些主要優先國家而言。

But we have a lot of opportunity there.

但我們在那裡有很多機會。

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

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

I wanted to ask just quickly on dollar retention, just to how that's trending this year?

我想快速詢問美元保留，今年的趨勢如何？

It seems like one of the benefits of the model is the ability to grow with your customers, but it seems like there is still opportunity here.

該模型的好處之一似乎是能夠與您的客戶一起成長，但似乎這裡仍有機會。

I think based on your last disclosure, you're annual dollar retention is somewhere under 100%.

我認為根據您上次披露的信息，您的年度美元保留率低於 100%。

So I'm wondering if you can give us an update here?

所以我想知道你是否可以在這裡給我們更新？

And sort of how you think about the medium term view on dollar retention?

您如何看待美元保留的中期觀點？

And how that relates to scaling the model?

這與縮放模型有何關係？

Dollar retention is a annual disclosures, so again, we'll be updating that next quarter.

美元保留是年度披露，因此，我們將在下個季度再次更新。

Your next question comes from Richard Tse from National Bank.

您的下一個問題來自 National Bank 的 Richard Tse。

Obviously, a lot of growth drivers in front of you.

顯然，很多增長動力擺在你面前。

I was wondering, if you maybe just talk a little bit about the org structure and any sort of management changes through -- a lot of you effectively capture all those opportunities in front of you here going forward?

我想知道，如果你們只是談談組織結構和任何形式的管理變化——你們中的很多人有效地抓住了你們面前的所有這些機會嗎？

This is Tobi.

這是托比。

I mean, the team is obviously evolving.

我的意思是，團隊顯然正在發展。

Amy's joined us.

艾米加入了我們。

Jeff joined us in marketing recently.

Jeff 最近加入了我們的營銷部門。

More importantly, I think for picking that advantage of opportunities we have is -- within the last 12 months, we reorganized the company around.

更重要的是，我認為選擇我們所擁有的機會優勢是——在過去的 12 個月內，我們對公司進行了重組。

We were very functionally organized company, with engineering, design and product reporting through different sort of cycle of business up to me.

我們是一家功能性很強的公司，工程、設計和產品報告通過不同類型的業務週期由我決定。

And we have now organized around product lines that exist within the company.

我們現在已經圍繞公司內部存在的產品線進行了組織。

So Plus isn't very easy to understand one which is sort of captures the totality of this particular space, and there's a General Manager.

所以 Plus 不是很容易理解，它可以捕捉到這個特定空間的整體，並且有一個總經理。

And then, the disciplines report to them.

然後，學科向他們報告。

So nothing earth shattering.

所以沒有什麼驚天動地的。

It's -- was a move that we had to take to become more of a motif credit company.

這是我們必須採取的舉措，以使其更像是一家主題信用公司。

Because these models tend to work really well.

因為這些模型往往工作得很好。

I think it's actually kind of academically interesting that functional organization work so well for the company we had.

我認為功能性組織對我們擁有的公司如此有效，這在學術上實際上很有趣。

Even to the point that we had a couple of thousand people, and I think at the right time, we turned it over.

甚至到了我們有幾千人的地步，我認為在正確的時間，我們把它翻過來了。

This kind of model also allows just -- has allowed for a lot of new leadership positions within the company.

這種模式還允許——已經允許在公司內擔任許多新的領導職位。

Most of the petitions got filled internally.

大多數請願書都是在內部填寫的。

And that's been very, very good for the bench and the company for succession and all those kind of things.

這對替補席和公司的繼任以及所有這些事情都非常非常好。

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

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

Could I ask on non-English-speaking GMV?

我可以問非英語的 GMV 嗎？

Can you just indulge us like what portion of your overall GMV is coming from that channel?

您能否讓我們盡情享受您的整體 GMV 的哪一部分來自該渠道？

And then, as it relates to that, where -- the relative Plus penetration compared to kind of where the U.S. and Canadian markets launched back when they were in their early days?

然後，與此相關的是，與美國和加拿大市場早期推出的那種地方相比，Plus 的相對滲透率在哪裡？

Yes, well...

好吧...

So on the non-English-speaking GMV, I can kind of try to comment at that.

因此，關於非英語 GMV，我可以嘗試對此發表評論。

We don't disclose the exact number, but I can tell you that an early indicator of the progress that we're making internationally is the GMV is a mix, was the highest it's ever been for Shopify in the third quarter.

我們沒有透露確切的數字，但我可以告訴你，我們在國際上取得進展的一個早期指標是 GMV 是混合的，是 Shopify 在第三季度的最高值。

So it's early days and this is going to play out over several years but the merchant growth internationally was strong in the quarter as well as the GMV mix.

所以現在還處於早期階段，這將持續數年，但國際上的商家增長在本季度以及 GMV 組合中都很強勁。

So we're happy with our progress.

所以我們對我們的進步感到高興。

On the -- It's Harley here, I'll take this sort of Plus GMV side of things.

在 - 這裡是哈雷，我會採取這種 Plus GMV 方面的事情。

One thing to remember is that although a majority of the new merchants on Shopify Plus this quarter were net new to Shopify, we still have a very, very healthy pipeline of upgrades.

要記住的一件事是，儘管本季度 Shopify Plus 上的大多數新商家都是 Shopify 的新手，但我們仍然擁有非常非常健康的升級渠道。

People that do really well, start their business on Shopify, are sort of core merchants then upgrade.

做得很好的人，在 Shopify 上開展業務，是核心商家，然後升級。

So remember that as merchants become more successful they gravitate to Shopify Plus and so that GMV of course moves with them as well.

所以請記住，隨著商家變得更加成功，他們會被 Shopify Plus 所吸引，因此 GMV 當然也會隨之移動。

That's a really important point because when you're sort of thinking about GMV from Plus, obviously, it's going to be bigger.

這是非常重要的一點，因為當您考慮 Plus 的 GMV 時，顯然它會更大。

But there also is an inherent and organic graduation from core into Plus over time as merchants get successful, which is great.

但是，隨著商家獲得成功，隨著時間的推移，從核心到 Plus 的內在和有機的分級也是如此，這很棒。

Next question comes from Samad Samana from Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

So it looks like you've added more Shopify Plus customers so far in 2018 then you did in all of 2017.

因此，到目前為止，您在 2018 年添加的 Shopify Plus 客戶似乎比您在 2017 年全年添加的更多。

I'm just wondering, what's driving that acceleration in units and then, maybe just Amy, what percentage of Plus customers are still on legacy pricing that need to get onto the new pricing?

我只是想知道，是什麼推動了單位數量的加速，然後，也許只是 Amy，有多少百分比的 Plus 客戶仍在使用需要進入新定價的舊定價？

It's Harley, I'll take the first part of that question just in terms of where they are coming from.

是哈雷，我將根據他們來自哪裡來回答這個問題的第一部分。

A couple of things are happening.

有幾件事正在發生。

One, there are a couple of macro trends that are -- have been really quite helpful to us.

第一，有幾個宏觀趨勢對我們非常有幫助。

The direct-to-consumer movement is, as I said on stage a couple of days ago, [at May 2020] it is not a fad, it is something that is happening and will be steady state for a very long time.

正如我幾天前在舞台上所說的那樣，直接面向消費者的運動[在 2020 年 5 月] 不是一種時尚，它正在發生並且將在很長一段時間內保持穩定狀態。

So we're seeing brands particularly like from some of the CPGs that never before went direct-to-consumer that view Shopify as an incredible place to take those brands.

因此，我們看到一些品牌特別喜歡一些以前從未直接面向消費者的 CPG，它們將 Shopify 視為獲取這些品牌的絕佳場所。

I mean, I mentioned Lays potato chips last quarter on the call.

我的意思是，我在上個季度的電話會議上提到了樂事薯片。

So we're seeing more of that.

所以我們看到的更多。

We're also seeing a lot of these larger brand established brands looking to reevaluate their providers: one, is obviously a cost issue; but two, they want to be able to be a little more nimble and Shopify Plus because it was fjords in the fires of entrepreneurs, is a very nimble way.

我們還看到許多大型知名品牌都在尋求重新評估其供應商：一，顯然是成本問題；但第二，他們希望能夠更靈活一點，Shopify Plus 因為它是企業家的火中的峽灣，是一種非常靈活的方式。

And so with the new channel comes out, the next day you're able to activate that channel with Shopify.

因此，隨著新頻道的推出，第二天您就可以使用 Shopify 激活該頻道。

And you can't necessarily do with a lot of the larger enterprise platforms.

而且您不一定可以使用許多較大的企業平台。

So we're seeing people replatforming.

因此，我們看到人們正在重新構建平台。

We're seeing new direct-to-consumer brands that never sold direct to consumer before, use Shopify to do that.

我們看到了新的直接面向消費者的品牌，這些品牌以前從未直接向消費者銷售，使用 Shopify 來做到這一點。

We're also seeing increasing partners that used to work with other enterprise e-commerce platforms come over to us and migrations are still happening as well.

我們還看到越來越多的過去與其他企業電子商務平台合作的合作夥伴來到我們這裡，遷移也仍在發生。

In addition to all of that, we still -- there's great upgrades.

除了所有這些，我們還有 - 有很大的升級。

So as merchants are successful on Shopify, they upgrade to Shopify Plus as well.

因此，隨著商家在 Shopify 上取得成功，他們也會升級到 Shopify Plus。

And so I wouldn't say there's any one particular challenge that's driving it, I think it's all those different channels.

所以我不會說有任何一個特定的挑戰在推動它，我認為這是所有這些不同的渠道。

And frankly, we're just the best product if you're a large-scale merchant and you need to have flexibility and you need to have robustness in your platform.

坦率地說，如果您是大型商家並且您需要具有靈活性並且您需要在您的平台中具有穩健性，那麼我們就是最好的產品。

On the contracts, the large majority have shifted over to the new pricing.

在合同上，絕大多數已經轉向新的定價。

There is still is a percentage that are on multiyear contracts that have not shifted over, and those -- well it's a small percentage do represent some of our largest Plus customers.

仍然有一部分是多年期合同沒有轉移，而那些——好吧，這只是一小部分確實代表了我們最大的一些 Plus 客戶。

So there is still headroom to go on that platform fee over time.

因此，隨著時間的推移，該平台費用仍有上升空間。

Your next question comes from Nikhil Thadani from Mackie Research.

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

I was curious if you could maybe talk a little bit about your sort of process as it pertains to cybersecurity, especially given that you have a lot more new products coming out.

我很好奇您是否可以談談您的流程，因為它與網絡安全有關，特別是考慮到您有更多的新產品問世。

You're going into the busy Q4 and you're also sort of moving to a new cloud back-end so how is your thinking with regards to cyber evolved especially, given that there seems to be some sort of bad news almost out every single day?

您將進入繁忙的第四季度，並且您也正在遷移到新的雲後端，那麼您對網絡的思考是如何演變的，尤其是考慮到幾乎每個人都有一些壞消息天？

Yes, I think one of the advantages of it may be Shopify being an engineer-run company.

是的，我認為它的優勢之一可能是 Shopify 是一家工程師經營的公司。

This was the current coming of age to security and all these things were utterly predictable even a decade ago that the Internet would have its moment.

這是當前安全時代的到來，所有這些事情甚至在十年前都是完全可以預見的，互聯網將會有它的時刻。

And so security is something that's very, very hard to retrofit on any given product.

因此，安全性是非常非常難以在任何給定產品上進行改造的東西。

It's a lot better if you bake it in from this even the earliest assumptions of when the software is starting to be crafted.

如果你從這個甚至是軟件何時開始製作的最早假設中烘焙它會好得多。

And luckily, Shopify is on that side of the divide, so it's something that like people who run security are very high up in this company some of the most trusted people.

幸運的是，Shopify 處於分水嶺的那一邊，所以就像運行安全的人在這家公司中的一些最受信任的人中的地位很高一樣。

It's part of every process, it's part of our general sort of internal operating system of how software is created.

它是每個過程的一部分，是我們創建軟件的一般內部操作系統的一部分。

Shopify is running if not the largest one, definitely one of the largest black bounty programs that exists out there.

Shopify 正在運行，如果不是最大的，絕對是現存最大的黑人賞金計劃之一。

And so it's just -- I think, Shopify's MO that existed for many years is now sort of emerging as the consensus best practice in this world.

所以它只是 - 我認為，存在多年的 Shopify 的 MO 現在正在成為這個世界上共識的最佳實踐。

I think we have been in very good shape for a long time.

我認為我們長期以來一直處於非常好的狀態。

I think it's -- I mean it goes without saying that we ask a lot of our customers of our merchants, the -- we ask them to trust us with frankly their livelihoods, that is a big ask.

我認為這是 - 我的意思是不言而喻，我們要求我們的許多客戶的商家， - 我們要求他們坦率地信任我們他們的生計，這是一個很大的要求。

And it comes with a great responsibility of keeping data safe, keeping -- especially observing the privacy of all data involved and all these kind of things.

它肩負著保護數據安全的重大責任，特別是觀察所有涉及的數據和所有這些事情的隱私。

This is some -- these are things we take incredibly seriously, and it would probably be surprising to a lot of people on the outside just how much time we spend internally discussing these things and trying to get everything just right.

這是一些 - 這些是我們非常重視的事情，對於外部的很多人來說，我們花了多少時間在內部討論這些事情並試圖讓一切都變得正確，這可能會讓他們感到驚訝。

Your next question comes from Ygal Arounian from Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Ygal Arounian。

I wanted to dig in on the marketing solutions a little bit.

我想深入研究一下營銷解決方案。

You rolled out the centralized dashboard after third quarter.

您在第三季度之後推出了集中式儀表板。

And I see marketing as a real natural extension of the Merchant Solutions product offerings that you've already put in place.

我認為營銷是您已經實施的商戶解決方案產品的真正自然延伸。

Can you talk a little bit more about how you see this contributing to Merchant Solutions over time?

您能否多談談您如何看待隨著時間的推移這對 Merchant Solutions 的貢獻？

What the pricing structure is like?

定價結構是什麼樣的？

It seems like a really important service for merchants to me maybe as important as shipping would be.

對我來說，這對商家來說似乎是一項非常重要的服務，可能與運輸一樣重要。

Can you dig in a little bit on that?

你能深入一點嗎？

Yes, I don't think we are sharing the economics there.

是的，我不認為我們在那里分享經濟學。

But I think, suffice to say that us helping our customers -- like this even getting them thinking about in the right direction about how to create traffic, how to create a win.

但我認為，只要說我們幫助我們的客戶就足夠了——就像這樣甚至讓他們在正確的方向上思考如何創造流量，如何創造勝利。

All those things which are incredibly valuable, just even from a obvious retention perspective.

所有那些非常有價值的東西，即使從明顯的保留角度來看也是如此。

Like every time someone signs up for Shopify, this is essentially, an exercise in searching for product market fit.

就像每次有人註冊 Shopify 一樣，這本質上是一種尋找產品市場契合度的練習。

And it's just when we look at a lot of the data at Shopify, we find that it's usually the product that's there.

只是當我們查看 Shopify 的大量數據時，我們發現通常是那裡的產品。

It's a market that could fit but they don't find it.

這是一個可以適應但他們找不到的市場。

And so I mean, that's the obvious role of marketing.

所以我的意思是，這就是營銷的明顯作用。

And we have taken a "Do It Yourself" position for a long time in the history of this business, just party because we'd had marketing world was just evolving at such a clip that -- like what you did one week was different from the next week and so on.

在這項業務的歷史上，我們長期以來一直採取“自己動手”的立場，只是聚會，因為我們有營銷世界正在以這樣的方式發展——就像你一周所做的事情與下周等等。

Things are calming down a little bit.

事情稍稍緩和了一些。

I mean, obviously, there is Facebook and ad words are consensus marketing platforms that products like Kit have already successfully shown can be packaged in a way that makes it simpler than the tools that most platforms tend to give people.

我的意思是，很明顯，有 Facebook 和廣告詞是共識營銷平台，像 Kit 這樣的產品已經成功展示，可以以一種比大多數平台傾向於提供給人們的工具更簡單的方式進行打包。

The simplicity is really important, again, for people in the -- into the entrepreneur segment because they have so many new things to learn that if we can just say, hey, here's how you can allocate the dollars you sort of earmarked for marketing efficiently and beginning and get them a couple of sales assists, this is fantastic.

再次，對於進入企業家領域的人來說，簡單性真的很重要，因為他們有很多新東西要學習，如果我們可以說，嘿，這就是你如何有效分配你指定用於營銷的美元並開始並為他們提供一些銷售協助，這太棒了。

So sometimes, in these situations there is possibilities for economics that really depends on the channel.

因此，有時，在這些情況下，經濟上可能存在真正取決於渠道的可能性。

We did this in a platform-first approach so this marketing section is going to be filled with apps that you can add to your store.

我們以平台優先的方式做到了這一點，因此這個營銷部分將充滿您可以添加到商店的應用程序。

Some of them might be made by us, many of them, not.

其中一些可能是我們製造的，其中許多可能不是我們製造的。

It's I think too early to project.

我認為現在預測還為時過早。

I think I would think about it more in terms of revenue contribution in terms of like additional subscriptions income that we have by retaining the accounts and making more people successful, which of course our entire business model is built around by taking in the success of our merchants.

我想我會更多地考慮收入貢獻，比如我們通過保留賬戶和讓更多人成功而獲得的額外訂閱收入，當然我們的整個商業模式都是圍繞著我們的成功而建立的商人。

Your next question comes from Gus Papageorgiou from Macquarie.

您的下一個問題來自麥格理的 Gus Papageorgiou。

So in the quarter 41% of your GMV went through payments.

因此，在本季度，您 41% 的 GMV 通過了付款。

But if you look at some of your more advance markets, payment penetration is 90% plus.

但如果你看看你的一些更高級的市場，支付滲透率超過 90%。

So I'm assuming the gating factor is getting to that kind of penetration rates for payments is just rolling out more international markets and then, just adoption by Plus customers.

所以我假設門控因素是達到支付滲透率只是推出更多的國際市場，然後只是被 Plus 客戶採用。

Can you talk about what are you doing to eliminate these gating factors?

你能談談你正在做些什麼來消除這些門控因素嗎？

And over the long term, what do you think is a reasonable expectation for the portion of your GMV going through payments?

從長遠來看，您認為您的 GMV 中通過付款的部分合理預期是多少？

I mean is 90% even possible?

我的意思是90％甚至可能嗎？

Are there structural impediments that would prevent that?

是否存在阻止這種情況的結構性障礙？

Yes, sir, in terms of the international stuff, obviously, as we roll out more localized payment methods, that obviously helps with the penetration in those countries.

是的，先生，就國際而言，顯然，隨著我們推出更多本地化的支付方式，這顯然有助於在這些國家的滲透。

A couple of other things that is important to understand is there are some things that you need to have -- you need to on Shopify Payments in order to take advantage of.

需要了解的其他一些重要事項是您需要擁有一些東西 - 您需要在 Shopify Payments 上才能利用。

So things like fraud protect, for example, or Shopify Capital for example.

因此，例如欺詐保護或 Shopify Capital 之類的東西。

These are features that more and more of our merchants are asking for and they're finding a lot of success with.

這些是我們越來越多的商家所要求的功能，並且他們已經取得了很大的成功。

But of course, they're -- you're required to be on Shopify Payments to use them.

但當然，它們是——您需要在 Shopify Payments 上才能使用它們。

So there are a couple of ways that we can incentivize the adoption of Shopify -- Shopify Payments.

因此，我們可以通過多種方式來激勵 Shopify 的採用——Shopify Payments。

In terms of Shopify Plus, in general, Shopify Plus merchants have more options because they have larger economy of scale and they have larger negotiation power with the actual credit card processors.

就 Shopify Plus 而言，總的來說，Shopify Plus 商戶擁有更多的選擇餘地，因為他們具有更大的規模經濟，並且與實際的信用卡處理商有更大的談判能力。

And some of them even come to Shopify with an existing integration.

他們中的一些人甚至通過現有的集成來到 Shopify。

So what we're trying to do is, we want Shopify Payments just to be too good not to use.

所以我們想要做的是，我們希望 Shopify Payments 太好了，不能使用。

And so by increasing the amount of products around Shopify Payments that require you to have Shopify Payments, we think we can raise adoption there.

因此，通過增加 Shopify Payments 周圍需要您擁有 Shopify Payments 的產品數量，我們認為我們可以提高那裡的採用率。

But with that being said, you will always see a greater penetration of Shopify Payments with our core merchants than you will at Shopify Plus merchants.

但話雖如此，與 Shopify Plus 商家相比，我們的核心商家對 Shopify Payments 的滲透率總是更高。

Just one clarification.

只是一個澄清。

Is fraud adopt -- if you adopt Payment, is fraud protection included in that or do you still have to pay a fee?

是否採用欺詐 - 如果您採用付款方式，是否包含欺詐保護，或者您仍然需要支付費用？

No, it's separate.

不，是分開的。

Your next question comes from Brian Essex from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Brian Essex。

Maybe if I can follow on that line of question around payments.

也許如果我可以跟進有關付款的問題。

Amy, if you could help us understand the penetration rate of Shop Plus on payments?

Amy，能否幫助我們了解 Shop Plus 在支付方面的滲透率？

And as we look at some of the margin compression that we are seeing in the Merchant Solutions business, how much of that is mix-shift towards payments and how much might we think like to fine-tune our models going forward, how much is greater adoption of lower margin business?

當我們看到我們在商戶解決方案業務中看到的一些利潤壓縮時，其中有多少是向支付的混合轉變，我們認為未來有多少需要微調我們的模型，有多少更大採用利潤率較低的業務？

I'm not sure if Shopify Plus given the add-ons would be lower margin or not at this point?

我不確定 Shopify Plus 給定附加組件是否會降低利潤率？

Maybe you can give us a little bit of color there, that would be helpful.

也許你可以在那裡給我們一點顏色，那會很有幫助。

Yes, sure.

是的，當然。

We don't talk specifically, about payments penetration rate.

我們沒有具體談論支付滲透率。

But I can tell you with respect to Merchandise Solutions margin in the quarter, we did see a sequential decline.

但我可以告訴你，關於本季度商品解決方案的利潤率，我們確實看到了連續下降。

It was not due to payments margins themselves, that was similar quarter-over-quarter.

這不是由於支付利潤率本身，而是類似的季度環比。

This quarter, the margin decline was purely driven by a mix.

本季度，利潤率下降純粹是由混合驅動的。

Payments was just a larger mix of Merchant Solutions in this quarter.

支付只是本季度商家解決方案的更大組合。

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

您的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

Wanted to talk about the entrepreneur space, I think it's an excellent idea.

想談談創業者空間，我認為這是一個絕妙的主意。

Why was L.A. chosen as first location over another city, such as San Francisco and Toronto?

為什麼選擇洛杉磯作為首選地點而不是另一個城市，例如舊金山和多倫多？

And then how should we think about your plans to potentially expand the initiative to other cities in the future?

那麼我們應該如何考慮您未來將倡議擴展到其他城市的計劃？

In terms of expansion, we're still evaluating where we're going to go if we're going to go anywhere after this.

在擴展方面，我們仍在評估如果我們打算在此之後去任何地方，我們將去哪裡。

It really is just trying to understand what that looks like.

它實際上只是想了解它的樣子。

Can we get more people into the stores that never heard about Shopify and get them to build stores?

我們能否讓更多人進入從未聽說過 Shopify 的商店並讓他們建立商店？

Can we make existing merchants even more successful?

我們能讓現有的商家更加成功嗎？

So the reason L.A. was selected is just because of concentration of merchants in a very small area there.

所以選擇洛杉磯的原因只是因為那裡的商人集中在一個很小的區域。

Some of our most successful merchants have also come out of Los Angeles.

我們一些最成功的商人也來自洛杉磯。

So it's just -- it just seemed like it was a hotbed for us to -- and a natural place for us to open up shop.

所以它只是 - 它似乎是我們的溫床 - 也是我們開店的自然場所。

But in terms of where we're going to go next, we're just going to learn about what works, what doesn't, and kind of test a bunch of things out.

但就我們下一步要去哪里而言，我們只是要了解什麼有效，什麼無效，並測試一堆東西。

We like the idea though of having space.

我們喜歡有空間的想法。

Entrepreneurship, as many you know is -- can be quite lonely.

正如你所知道的那樣，創業可能很孤獨。

And the fact that entrepreneurs -- and frankly, and more important, aspiring entrepreneurs can have a place where they can have peers and they can have other people going through same thing they're going through, we think is really great.

事實上，企業家 - 坦率地說，更重要的是，有抱負的企業家可以擁有一個可以擁有同行並且可以讓其他人經歷他們正在經歷的事情的地方，我們認為這真的很棒。

And when you add to that then we can do all that type of education whether it's product photography or help them writing product descriptions or understanding how to drive more traffic to their online store.

當您添加到這一點時，我們可以進行所有類型的教育，無論是產品攝影還是幫助他們編寫產品描述或了解如何為他們的在線商店帶來更多流量。

All these things are things we can do in physical space really easily.

所有這些都是我們在物理空間中可以很容易做到的事情。

But it's -- L.A. will be the first one.

但它——洛杉磯將是第一個。

We'll see where it goes from there.

我們會看看它從那裡去哪裡。

Your next question comes from Brian Peterson from Raymond James.

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

So just wanted to hit on the sales and marketing line.

所以只是想打銷售和營銷線。

That was a little better than expected for me this quarter.

這比我本季度的預期要好一些。

And Harley, I believe you used the word "deliberate" when you talked about international investments.

還有哈雷，我相信你在談到國際投資時使用了“深思熟慮”這個詞。

I'm curious, as you look at the international opportunity, does that potentially scale back some of the investments that you would've made domestically?

我很好奇，當您看到國際機會時，這是否可能會縮減您在國內進行的一些投資？

Or is that simply a comment on international and looking to balance LTV to CAC as you enter new geographies?

或者這僅僅是對國際化的評論，並希望在您進入新的地區時平衡 LTV 和 CAC？

I can take that one.

我可以拿那個。

Let me just talk generally about sales and marketing and kind of where we're investing.

讓我大致談談銷售和營銷以及我們投資的地方。

I mean, we're continuing to invest in our core geographies, but we are increasing our investment -- investments in Plus both sales and marketing and then international marketing as well.

我的意思是，我們將繼續投資於我們的核心地區，但我們正在增加我們的投資——對 Plus 的銷售和營銷以及國際營銷的投資。

We're also beginning to invest in some brand marketing and so our sales and marketing was an little bit lower I believe as a percentage of revenue this quarter but still, growing pretty comparable just a hair below revenue growth.

我們也開始投資於一些品牌營銷，因此我認為我們的銷售和營銷在本季度佔收入的百分比略低，但仍然相當可觀，僅比收入增長低一點。

As we see those opportunities to invest for current and future growth, and if some of that spend international and brand spend has a longer-term return on investment and some of it is learning and it may take some time before we find those efficient channels in some geographies and newer geographies.

正如我們看到這些為當前和未來增長而投資的機會，如果其中一些國際支出和品牌支出具有長期的投資回報，其中一些正在學習，我們可能需要一些時間才能找到這些有效的渠道一些地區和較新的地區。

So it's an area of investment for us right now.

所以這是我們現在的一個投資領域。

We're starting to see it pay off and we expect it to continue to pay off into the future.

我們開始看到它得到回報，我們預計它會在未來繼續得到回報。

Your next question comes from David Hynes from Canaccord.

您的下一個問題來自 Canaccord 的 David Hynes。

So you addressed a couple of issues impacting MRR growth.

因此，您解決了幾個影響 MRR 增長的問題。

But as we see a bit of a deceleration there, we're starting to field some questions around the quality of merchant adds as you have kind of solved for the long tail and what the implications are on churns?

但是當我們看到那裡有點減速時，我們開始提出一些關於商家添加質量的問題，因為您已經解決了長尾問題以及對客戶流失的影響？

I guess my question is, is there a GMV threshold at which you see a material inflection in merchant retention?

我想我的問題是，是否存在一個 GMV 閾值，在該閾值上您會看到商家留存率出現重大變化？

What is that number and is there any way to kind of frame what percent of the merchant base is kind of above that threshold today?

這個數字是多少？有什麼方法可以確定今天商家基數的百分比高於該閾值嗎？

The stickier segment of your customer base?

您的客戶群中粘性較高的部分？

Yes, yes, that exists.

是的，是的，那是存在的。

We don't share new numbers, often on these calls, but I think this is one that I can give away that threshold is $1 GMV.

我們通常不會在這些電話會議上分享新號碼，但我認為這是我可以放棄的門檻是 1 美元 GMV。

The moment someone sells something account is really sticky.

有人賣東西的那一刻，賬戶真的很粘人。

So therefore, we have a lot of effort on trying to just help people get to that first sale.

因此，我們付出了很多努力來幫助人們進行首次銷售。

It's something that happens every minute on Shopify that someone has that first sale.

在 Shopify 上，每分鐘都會發生有人進行首次銷售的事情。

And I think this is one of those facts that maybe it doesn't look great in spreadsheets, but certainly it's the kind of thing that everyone at Shopify here is very proud of because this is sort of what we gather around.

我認為這是可能在電子表格中看起來不太好的事實之一，但肯定是 Shopify 的每個人都非常自豪的事情，因為這是我們聚集的東西。

This is sort of part of -- I mean, this is the reason why the company exist, right?

這有點像——我的意思是，這就是公司存在的原因，對吧？

Helping people in their own sort of reach for independence and be successful and bound on their journey.

幫助人們以自己的方式實現獨立，並在他們的旅程中取得成功並受到約束。

So yes, our analysis is always the same.

所以是的，我們的分析總是一樣的。

If you get someone to do a sale, if that sale isn't from the same ZIP Code that they live in, which usually means that mom bought something, than it's usually the beginning of a successful journey and we build around that.

如果您讓某人進行銷售，如果該銷售與他們居住的郵政編碼不同，這通常意味著媽媽買了一些東西，那麼這通常是成功旅程的開始，我們圍繞這一點進行構建。

Your next question comes from Kevin Krishnaratne from Paradigm Capital.

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

You've noted a couple of times on the call that merchant adds in Q3 were better than Q2.

您已經多次注意到商家在第三季度添加的電話優於第二季度。

And I know -- understand that international was driving that, but can you talk about what the underlying trends have been in North America the past couple of quarters?

我知道 - 理解國際推動了這一點，但你能談談過去幾個季度北美的潛在趨勢嗎？

I think, generally, because most of the merchants still are core geographies, the general trends speak for the North American trends.

我認為，總的來說，因為大多數商家仍然是核心地區，所以總體趨勢代表了北美趨勢。

Your next question comes from Deepak Mathivanan from Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Facebook has become more aggressive recently in tightening their advertising solutions.

Facebook 最近在收緊廣告解決方案方面變得更加積極。

We've heard that from some of our checks in this space.

我們已經從我們在這個領域的一些檢查中聽到了這一點。

Has that affected any marketing capabilities that you provide from your platform directly?

這是否影響了您直接從您的平台提供的任何營銷功能？

And indirectly, are you hearing anything from your merchants about their demand generation success through Facebook?

間接地，您是否從商家那裡聽到有關他們通過 Facebook 成功產生需求的任何消息？

We do hear -- I mean, this is something we talk a lot with people about.

我們確實聽到了——我的意思是，這是我們與人們經常談論的話題。

Again, advertising products that people want to an audience that sort of generally interested in this area is the most aboveboard advertising that exists, right.

同樣，人們想要向對該領域普遍感興趣的受眾宣傳產品是最光明正大的廣告，對吧。

Like it's -- this is -- it's -- if the users of Facebook could determine that, that's the only advertising -- kind of advertising they will ever see, they'd gladly share their interests, right.

就像 - 這是 - 這是 - 如果 Facebook 的用戶可以確定，這是唯一的廣告 - 他們將看到的廣告，他們很樂意分享他們的興趣，對吧。

Like I mean, I like technology and I like skateboarding, so I like electric skateboards.

就像我的意思是，我喜歡科技，喜歡滑板，所以我喜歡電動滑板。

This is the kind of thing that the platform is fantastic at.

這是該平台非常擅長的事情。

So like retailers are not hit by the changes in tightening of the advertising platform.

因此，零售商並沒有受到廣告平台收緊變化的影響。

It's people who are trying to change your opinion on core matters.

是人們試圖改變你對核心問題的看法。

Specifically, politically, most hopefully, in my personal opinion, should be negatively impacted by the changes.

具體來說，在政治上，我個人認為，最有希望的是，應該受到這些變化的負面影響。

And retail is not really much of -- it's not -- like Facebook wants more retail marketing because that's easy and okay with everyone.

零售並不像 Facebook 想要更多的零售營銷，因為這對每個人來說都很容易而且可以接受。

So in terms of success rates, customer acquisition costs, outside of some areas just getting more and more competitive with more and more players, it's -- we don't hear anything about structural changes and even that is -- tends to be offset by more advertising opportunities coming online like we have some customers who are quite successful advertising on stories and these kind of new ad formats that exist.

因此，就成功率、客戶獲取成本而言，除了一些領域與越來越多的玩家競爭越來越激烈之外，它——我們沒有聽到任何關於結構變化的消息，即使是這樣——往往會被抵消更多的廣告機會出現在網上，比如我們有一些客戶非常成功地在故事上做廣告，並且這些新的廣告格式已經存在。

So there's -- this is just -- everything is very nominal in that space.

所以有 - 這只是 - 在那個空間裡，一切都是非常名義上的。

Your next question comes from Todd Coupland from CIBC.

您的下一個問題來自 CIBC 的 Todd Coupland。

Given the upside in local payments in Germany, what should be -- what rhythm should we expect in the other markets in terms of your local payments plans?

鑑於德國本地支付的上行空間，就您的本地支付計劃而言，我們應該在其他市場期待什麼節奏？

Give us an idea on what to expect there?

讓我們知道那裡會發生什麼？

Yes, I mean, as we see different markets grow and we see that there is an opportunity for us to work with -- to get a local payment method set up there, we're going to of course do that.

是的，我的意思是，隨著我們看到不同市場的增長，並且我們看到我們有機會合作 - 在那裡建立本地支付方式，我們當然會這樣做。

We started with Germany because we have a lot of merchants there.

我們從德國開始，因為我們那裡有很多商人。

And as you know, it's one of our priority expansion countries for this year, and so it's just an obvious fit.

如您所知，它是我們今年的優先擴張國家之一，因此它顯然是合適的。

But we have teams that are looking at what are the next ones to go after.

但是我們有團隊正在研究下一個要追求的目標。

I think over time you'll see more and more local payment methods roll out particularly into priority geographies and we're going to hit the ones fastest that the one -- that are easiest to get into where we have the most pent-up demand.

我認為隨著時間的推移，你會看到越來越多的本地支付方式特別是在優先地區推出，我們將使用最快的方式——最容易進入我們擁有最多被壓抑需求的地方.

Your next question comes from Koji Ikeda from Oppenheimer.

您的下一個問題來自奧本海默的 Koji Ikeda。

I just wanted to touch on the B2B e-commerce opportunity.

我只是想談談 B2B 電子商務的機會。

Any sort of color on what sort of trends or maybe unexpected positives or even challenges that you saw during the quarter with your B2B e-commerce offering would be helpful?

您在本季度通過 B2B 電子商務產品看到的什麼樣的趨勢或意外的積極因素甚至挑戰的任何顏色都會有所幫助？

Yes, I mean, B2B and the wholesale offering continues to roll out.

是的，我的意思是，B2B 和批發產品繼續推出。

We are now offering advanced pricing capabilities, customer specific pricing as well, and new integration for things like Shopify Flow to automate some of that work.

我們現在提供高級定價功能、客戶特定定價以及針對 Shopify Flow 之類的新集成，以自動化其中的一些工作。

I said this on the last call but it's worth -- it bears repeating, which is that B2B is going to be really, really important to the merchants that require it but most merchants are not going to required B2B capabilities.

我在上次電話會議上說過，但值得一提的是，B2B 對於需要它的商家來說將非常非常重要，但大多數商家不會需要 B2B 功能。

What it does do for us though is it does expand our total addressable market, which outplayed Plus because there were just some merchants that didn't think about it us previously because we really were more of a direct to the end consumer type of model and business and now, obviously, we're able to have a sales team and particular Shopify Plus partners who are focused more in that B2B wholesale space.

不過，它對我們所做的是它確實擴大了我們的總目標市場，這超過了 Plus，因為只有一些商家以前沒有考慮過我們，因為我們真的更像是直接面向最終消費者類型的模型，並且現在，顯然，我們能夠擁有一個銷售團隊和特定的 Shopify Plus 合作夥伴，他們更專注於 B2B 批發領域。

I don't think the B2B product is going to be used by all of our Shopify Plus merchants but for those that do need it is really, really helpful.

我認為 B2B 產品不會被我們所有的 Shopify Plus 商家使用，但對於那些確實需要它的人來說，它真的非常有幫助。

And again, that product continues to evolve and get better over time.

而且，隨著時間的推移，該產品會繼續發展並變得更好。

And I think it's worth saying that a lot of manufacturers B2B is all they do right now, that is sort of their more of that industry and has been.

而且我認為值得一提的是，很多製造商現在都在做 B2B，這更像是他們的那個行業，而且一直如此。

And then, Harley talks a lot about direct-to-consumer.

然後，哈雷談了很多關於直接面向消費者的話題。

Again, this in every boardroom and every one of our companies, people are thinking about how we're going to start like a direct relationship with our customers because all sorts of structural reasons.

同樣，在每個董事會和我們的每個公司中，人們都在考慮我們將如何開始與我們的客戶建立直接關係，因為各種結構性原因。

It's tough going and to people sit between you and your customer.

這很難，人們坐在你和你的客戶之間。

And so adopting Shopify Plus just for a B2B product is usually an improvement on what we have been doing and this allows the capability this allows for option knowledge of a single click, now I'm going to have a website afterwards.

因此，僅將 Shopify Plus 用於 B2B 產品通常是對我們一直在做的事情的改進，這允許單擊一下即可獲得選項知識的功能，現在我將擁有一個網站。

And it just kind of speaks to this land and expand thing that's going on.

它只是對這片土地說話並擴展正在發生的事情。

Because again, after they then have a wholesale channel, they might think maybe, we test the waters on Instagram marketing.

因為再一次，在他們擁有批發渠道之後，他們可能會想，我們可能會試水 Instagram 營銷。

That seems like a little bit of a leap from B2B but some people might go this far out and all of that is possible once you have the Shopify Plus implemented and both were things that are just completely out of the reach of most retailers, if you don't.

這似乎是 B2B 的一個飛躍，但有些人可能會走得這麼遠，一旦你實施了 Shopify Plus，這一切都是可能的，而且這兩者都是大多數零售商完全無法企及的，如果你不。

Your next question will come from Mark Zgutowicz from Rosenblatt Securities.

您的下一個問題將來自 Rosenblatt Securities 的 Mark Zgutowicz。

Just getting back to the comment on sticky merchants.

回到關於粘性商家的評論。

I'm curious, if that's more of a function of the on boarding of the right merchant meaning that your customer acquisition strategy versus support of that merchant wants on boarded?

我很好奇，這是否更多地是正確商家入職的功能，這意味著您的客戶獲取策略與該商家的支持想要入職？

And if you could also speak to any learnings that you've gained on that front?

如果你也可以談談你在這方面獲得的任何知識？

And the roughly, the last 12 to 18 months and sort of what the attrition rate trend line has looked like more recently?

過去 12 到 18 個月的大致情況以及最近的流失率趨勢線是什麼樣的？

So maybe clarify, if I'm not heading off in the right direction for your question.

所以也許澄清一下，如果我沒有為你的問題朝著正確的方向前進。

But I think what you're wondering is how we determine that we get the like on what the right customers.

但我認為你想知道的是我們如何確定我們得到什麼樣的合適的客戶。

Does that -- is that sort of what you're asking for?

那 - 是你要求的那種嗎？

Yes, I was just thinking about your customer acquisition strategy and sort of how it's matured over the last 12 to 18 months.

是的，我只是在考慮你的客戶獲取策略，以及它在過去 12 到 18 個月內的成熟度。

And how much of -- maybe modifications you've made within that acquisition strategy have led to a maybe a better prospect or more sticky merchant and sort of comparing that to once you've onboarded a prospect in sort of your support in terms of retaining that customer.

以及您在該收購策略中所做的修改有多少可能會導致更好的潛在客戶或更具粘性的商家，並且可以將其與您在留住潛在客戶方面的支持進行比較那個客戶。

So I guess, 2 separate variables there.

所以我想，那裡有2個單獨的變量。

Yes, and this gets -- it gets -- it becomes a tricky conversation, right, because there's 2 separate things happening here.

是的，這得到了——它得到了——變成了一個棘手的對話，對，因為這裡發生了兩件不同的事情。

One is if you wanted -- if you set a company goal to get more sticky customers or more converting customers, the problem is that it's an average.

一個是如果你想要——如果你設定一個公司目標是獲得更多的粘性客戶或更多的轉換客戶，問題是它是一個平均值。

The only thing Shopify really wants to do when it thinks about its funnel is it wants to get all the people into the product because the -- provisioning a new Shopify account costs nothing.

當 Shopify 考慮其渠道時，它真正想做的唯一一件事是希望讓所有人都參與到產品中，因為配置一個新的 Shopify 帳戶不需要任何成本。

It's the same like -- if someone adds a new product to a database or we add a new shop to the database, it's exactly the same cost to us, right, so marginal cost is nothing.

就像——如果有人向數據庫添加新產品或我們向數據庫添加新商店，這對我們來說是完全相同的成本，對，所以邊際成本不算什麼。

So we want people signing up for Shopify accounts to everyone who has that kind of ambition to reach for independence, as I said earlier, to get as a goal and we want this to be as wide as possible.

因此，正如我之前所說，我們希望每個有志於實現獨立的人都註冊 Shopify 帳戶，並將其作為一個目標，我們希望這個目標盡可能廣泛。

People come in from all sorts of -- sometimes it's like a high school class, which sets themselves a project to sell cookies and stuff like this.

人們來自各行各業——有時就像高中班，為自己設定了一個銷售餅乾之類的項目。

It's like -- so thinking about getting some kind of average up doesn't really make sense because we really want to get as many people who have a chance at getting their first sale to someone they don't know.

這就像 - 所以考慮獲得某種平均水平並沒有真正意義，因為我們真的希望讓盡可能多的人有機會將他們的第一次銷售給他們不認識的人。

Because then, what happens after we get people to that point, is even if that wasn't a business that they're willing to go all-in on, and build into something, they have caught the bug.

因為那時，在我們讓人們達到這一點之後會發生什麼，即使這不是他們願意全力以赴的業務，並建立一些東西，他們也已經抓住了這個錯誤。

They're going to be back they are going to because it demystifies the process of starting a business, which is a really, really cool skill to acquire.

他們會回來，因為它揭開了創業過程的神秘面紗，這是一項非常非常酷的技能。

And so this is why we are thinking about -- this is why I tend to discourage averages in general because this is such a fast growing company.

這就是我們正在考慮的原因——這就是為什麼我傾向於不鼓勵平均水平，因為這是一家發展迅速的公司。

And there are so many components of this business that when you try to take an average you just get -- you get the wrong picture because they -- very often things that look back for averages are actually really good for gross profit dollars, which is the thing that we care about.

這項業務的組成部分如此之多，以至於當您嘗試取平均值時，您會得到-您會得到錯誤的圖片，因為它們-通常情況下，回顧平均值的事情實際上對毛利潤非常有利，即我們關心的事情。

And I think that's like that sort of a brain dump on that topic from me.

我認為這就像我對那個話題的那種頭腦風暴。

Hope that's helpful.

希望這會有所幫助。

All right.

好的。

Thanks everybody for dialing in this morning and have a great rest of your week.

感謝大家今天早上撥通電話，祝您度過愉快的一周。

Thank you everyone.

謝謝大家。

This will conclude today's conference call, you may now disconnect.

今天的電話會議到此結束，您現在可以斷開連接。