Shopify Inc (SHOP) 2019 Q1 法說會逐字稿

Good morning.

早安.

My name is Lisa, and I'll be your conference operator today.

我叫麗莎，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Shopify Q1 2019 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2019 年第一季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

Katie Keita, Head of Investor Relations, you may begin your conference.

凱蒂·凱塔，投資者關係主管，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 first quarter 2019 conference call.

我們很高興您能夠參加 Shopify 2019 年第一季的電話會議。

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

今天早上，Shopify 執行長 Toby 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 that are based on assumptions and, therefore, 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聲明，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 filing 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, and 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 2 can be found in our earnings press release, which is available on our website.

兩者之間的調節可以在我們的收益新聞稿中找到，該新聞稿可以在我們的網站上找到。

And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars, unless otherwise indicated.

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

With that, I turn the call over to Harley.

說完，我把電話轉給哈雷。

Thanks, Katie, and good morning.

謝謝，凱蒂，早安。

Shopify is off to a great start in 2019, delivering strong results in our first quarter.

Shopify 在 2019 年有了一個良好的開端，在第一季取得了強勁的業績。

Merchants of all types and at all stages of their commerce journey continue to start, grow and successfully run businesses on Shopify, from early-stage entrepreneurs to established businesses, to merchants in a variety of verticals and geographies.

從早期創業家到成熟企業，再到各個垂直領域和地區的商家，各種類型、處於商業旅程各個階段的商家都可以繼續在 Shopify 上創辦、發展和成功經營業務。

We continue to attract such a wide and diverse range of merchants to our platform because we put the best interests of our merchants at the center of everything we do.

我們繼續吸引如此廣泛和多樣化的商家加入我們的平台，因為我們將商家的最大利益置於我們所做的一切的中心。

Today, I'd like to focus my comments on 3 areas -- our platform, Shopify Plus, and our partner ecosystem.

今天，我想重點談談 3 個領域——我們的平台、Shopify Plus 和我們的合作夥伴生態系統。

We continued to strengthen our core platform in the first quarter to help merchants of all sizes sell more and sell more efficiency.

一季我們持續強化核心平台，幫助各種規模的商家賣更多、賣得更有效率。

We launched new marketing capabilities focused on smaller merchants, such as Facebook dynamic product ads, a retargeting tool that we've built in to our merchants' marketing dashboard, which means that smaller merchants can save valuable time creating ads, reach more potential buyers, and increase conversion to sales.

我們推出了針對小型商家的新行銷功能，例如Facebook 動態產品廣告，這是我們內建在商家行銷儀表板中的重定向工具，這意味著小型商家可以節省製作廣告的寶貴時間，吸引更多潛在買家，並提高銷售轉換率。

We also introduced store Store Switcher, a tool that creates a better experience for brands that run multiple shops simultaneously.

我們還推出了商店 Store Switcher，這是一個為同時經營多個商店的品牌創造更好體驗的工具。

Similar to marketing, frictionless commerce is another highly effective catalyst for GMV, which is why we support Google Pay, Apple Pay, and, of course, why we built Shopify Pay.

與行銷類似，無摩擦商務是 GMV 的另一個高效催化劑，這也是我們支援 Google Pay、Apple Pay 的原因，當然也是我們打造 Shopify Pay 的原因。

Shopify Pay, which is our own accelerated checkout product, has expanded rapidly since it launched 2 years ago.

Shopify Pay 是我們自己的加速結帳產品，自 2 年前推出以來，業務規模迅速擴大。

$3.4 billion of GMV has been processed through Shopify Pay since then, with GMV processing in Q1 more than doubling relative to the same period last year.

自此之後，Shopify Pay 已處理了 34 億美元的 GMV，第一季的 GMV 處理量比去年同期增加了一倍以上。

With nearly 30 million buyers opting in, the number of orders processed on Shopify Pay has also more than doubled year-over-year to over 10 million transactions in the quarter.

隨著近 3,000 萬買家選擇加入，Shopify Pay 處理的訂單數量也比去年同期增長了一倍多，本季交易量超過 1,000 萬筆。

Shopify Pay is quickly becoming 1 of the best ways for buyers to check out online.

Shopify Pay 正迅速成為買家在線上結帳的最佳方式之一。

And more importantly, it's making checkouts faster for our merchants.

更重要的是，它使我們的商家結帳速度更快。

On a personal note, it took me less than 20 seconds to buy my latest pair of Allbirds using Shopify Pay, from initial landing on their store to receiving a confirmation of a completed checkout.

就我個人而言，我使用 Shopify Pay 購買了一雙最新的 Allbirds，從最初登陸他們的商店到收到已完成結帳的確認，只花了不到 20 秒的時間。

It is, by far, the best and fastest checkout I've ever experienced.

到目前為止，這是我經歷過的最好、最快的結帳方式。

Multi-channel selling remains one of our core value propositions, one that is evolving with the merging of online and offline commerce.

多通路銷售仍是我們的核心價值主張之一，這項價值主張隨著線上和線下商務的整合而不斷發展。

Through our partnership with the innovative concept store Showfields, are powering new retail experiences by giving some of Shopify's rising digital native brands and merchants the opportunity to sell their products in person using Shopify point of sale.

透過與創新概念店 Showfields 的合作，我們為 Shopify 的一些新興數位原生品牌和商家提供使用 Shopify 銷售點親自銷售其產品的機會，從而推動新的零售體驗。

Aligned with our brick-and-mortar efforts, we also released the Tap & Chip point-of-sale reader last week, further enhancing the merchant and buyer physical retail experience.

與我們的實體店工作相結合，我們上週也發布了 Tap & Chip 銷售點讀卡器，進一步增強了商家和買家的實體零售體驗。

Moving to Shopify Plus, which had a fantastic quarter, benefiting from a strong sales team that's constantly improving as well as a strong mix of upgrades, validating our strategy of developing the widest funnel for new entrepreneurs that can grow really large on our platform without any limitations.

轉向Shopify Plus，該季度表現出色，受益於不斷改進的強大銷售團隊以及強大的升級組合，驗證了我們為新企業家開發最廣泛漏斗的策略，這些企業家可以在我們的平台上成長得非常大，而無需任何投入。

Merchant adds in the first quarter, which is typically a slower period, nearly matched merchant adds in our fourth quarter, typically a stronger period.

第一季（通常是較慢的時期）的商家增加量幾乎與第四季（通常是較強勁的時期）的商家增加量相當。

This momentum reaffirms the strength of Shopify Plus's value proposition, which more larger-volume merchants are beginning to recognize.

這一勢頭再次證明了 Shopify Plus 價值主張的優勢，更多規模較大的商家開始意識到這一點。

Brands across a variety of verticals choose Shopify Plus to help them manage the increasing complexity of their businesses, while also leveraging the agility, flexibility and cost-effectiveness of our platform.

各個垂直行業的品牌選擇 Shopify Plus 來幫助他們管理日益複雜的業務，同時也利用我們平台的敏捷性、靈活性和成本效益。

Shopify Plus brands that launched this quarter included fashion labels such as Betsey Johnson, Levi's and Hudson Jeans; celebrity brands like Reese Witherspoon's Draper James brand; the toy company Hasbro; publishing house Harper Collins; personal transportation company Segway; and even more brand-specific shops from consumer packaged-goods companies, like Johnson & Johnson and Procter & Gamble.

本季推出的 Shopify Plus 品牌包括 Betsey Johnson、Levi's 和 Hudson Jeans 等時尚品牌；名人品牌，如瑞茜威瑟斯彭 (Reese Witherspoon) 的 Draper James 品牌；孩之寶玩具公司；哈珀柯林斯出版社；個人運輸公司Segway；甚至更多來自強生、寶潔等消費品公司的品牌專賣店。

We remain focused on further solving the business complexity experienced by companies selling at scale by understanding the specific needs of these businesses and improving our product market fit.

我們仍然致力於透過了解大規模銷售公司的具體需求並提高我們的產品市場契合度來進一步解決這些公司所經歷的業務複雜性。

In our first quarter, we continued to enhance enterprise-level features, such as templates for Shopify Flow, our integration tool that connects applications and automates repetitive tasks.

在第一季度，我們繼續增強企業級功能，例如 Shopify Flow 的模板，這是我們連接應用程式並自動執行重複任務的整合工具。

We also launched multi-currency for Shopify Plus merchants using Shopify Payments, enabling these merchants to sell in multiple currencies and get paid in their local currency.

我們還使用 Shopify Payments 為 Shopify Plus 商家推出了多幣種服務，使這些商家能夠以多種貨幣進行銷售並以當地貨幣獲得付款。

While it's still early, multi-currency has gotten off to a solid start and is a great example, alongside Fraud Protect, of the multiple ways we're able to add incremental value to our merchants.

雖然現在還為時過早，但多幣種已經有了一個堅實的開端，並且與 Fraud Protect 一起成為我們為商家增加增量價值的多種方式的一個很好的例子。

And finally, I'll turn to our partners.

最後，我要談談我們的合作夥伴。

Our partners play an incredibly important role in our merchant success, and our partner ecosystem remains strong and continues to grow.

我們的合作夥伴在我們的商家成功中發揮著極其重要的作用，我們的合作夥伴生態系統仍然強大且持續發展。

Our partners added more than 200 apps in Q1, bringing the number of apps in our app store to more than 2,700.

我們的合作夥伴在第一季度添加了 200 多個應用程序，使我們的應用程式商店中的應用程式數量達到 2,700 多個。

And a growing number of our partners continue to recommend and build on Shopify, with more than 19,000 partners having referred merchants to Shopify over the past 12 months.

我們越來越多的合作夥伴繼續推薦 Shopify 並在其基礎上繼續發展，過去 12 個月內有超過 19,000 名合作夥伴將商家推薦給 Shopify。

Over the years, we've built a healthy community of partners that have added tremendous support and value to our merchants.

多年來，我們建立了一個健康的合作夥伴社區，為我們的商家提供了巨大的支持和價值。

It took us 9 years to pay out the first $100 million to app developers and just 12 more months to double that number to $200 million paid out.

我們花了 9 年時間才向應用程式開發者支付了第一筆 1 億美元，僅用了 12 個月就將這一數字翻倍至 2 億美元。

We continually work to nurture and shape the development of this ecosystem to encourage the best possible merchant experience.

我們不斷努力培育和塑造這個生態系統的發展，以鼓勵盡可能最佳的商家體驗。

As we grow in our core and international markets, our partners will continue to play a vital component in our journey.

隨著我們在核心和國際市場的發展，我們的合作夥伴將繼續在我們的旅程中發揮重要作用。

We are excited to come together with our partners at our Unite conference in June to share more of our product roadmap and keep working towards a future that empowers merchants all over the world.

我們很高興能與合作夥伴一起參加 6 月的 Unite 會議，分享更多我們的產品路線圖，並繼續努力打造為世界各地商家提供支援的未來。

Placing the merchant at the core of our decision-making is critical in achieving our mission, which is to make commerce better for everyone.

將商家置於我們決策的核心對於實現我們的使命至關重要，即讓商業對每個人來說都更好。

This means that we will continue to work relentlessly to give merchants the tools, knowledge, opportunities and support they need to help them make the best decisions for themselves and for their buyers, paving the way towards long-term health and success.

這意味著我們將繼續不懈努力，為商家提供所需的工具、知識、機會和支持，幫助他們為自己和買家做出最佳決策，為長期健康和成功鋪路。

Thanks, Harley, and good morning, everyone.

謝謝哈雷，大家早安。

Our stellar first quarter results reflect the diversity and strength of our growth drivers and the solid execution of our strategy.

我們出色的第一季業績反映了我們成長動力的多樣性和實力以及我們策略的紮實執行。

We grew revenue approximately 50% year-over-year to $320.5 million.

我們的營收年增約 50%，達到 3.205 億美元。

Subscription solutions revenue expanded 40% to $140.5 million, driven by monthly recurring revenue growth of 36% to $44.2 million.

在每月經常性收入成長 36% 至 4,420 萬美元的推動下，訂閱解決方案收入成長了 40% 至 1.405 億美元。

We achieved record net new MRR in Q1, driven by strong merchant adds across our core and Plus subscription plans.

在我們的核心和 Plus 訂閱計劃中強勁的商家增加的推動下，我們在第一季度實現了創紀錄的淨新增 MRR。

The pace of merchant adds from international accelerated in Q1, powering net new core MRR, while Plus merchant growth also increased its contribution to MRR, accounting for $11.3 million, or 26%, compared with 22% of MRR in Q1 of 2018.

第一季國際商家增加的步伐加快，推動了淨新核心MRR，而Plus 商家的成長也增加了對MRR 的貢獻，佔MRR 的1,130 萬美元，即26%，而2018 年第一季度佔MRR 的22%。

Subscription solutions revenue grew faster than MRR in the quarter, due in part to strong growth in app and Plus platform fee revenue, which is not included in MRR.

本季訂閱解決方案收入的成長速度快於 MRR，部分原因是應用程式和 Plus 平台費用收入的強勁成長（不包含在 MRR 中）。

Merchant solutions revenue grew 58% over the same period in 2018, to $180 million.

商家解決方案營收較 2018 年同期成長 58%，達到 1.8 億美元。

This growth was driven by GMV expansion, which increased 50% year-over-year to $11.9 billion, benefiting from our ongoing investments in international growth and Plus.

這一成長是由 GMV 擴張推動的，GMV 年成長 50%，達到 119 億美元，這得益於我們對國際成長和 Plus 的持續投資。

Continued penetration of Shopify Payments, Shipping and Capital also contributed to merchant solutions revenue growth.

Shopify 支付、運輸和資本的持續滲透也促進了商家解決方案收入的成長。

$4.9 billion of GMV was processed on Shopify Payments in Q1, an increase of 65% versus the comparable quarter last year.

第一季 Shopify Payments 處理的 GMV 為 49 億美元，與去年同期相比成長了 65%。

Shopify payment penetration of GMV grew to 41% in the first quarter, versus 38% in Q1 2018, as Shopify Plus increased its share of gross payments volume and payments adoption increased internationally.

隨著 Shopify Plus 在總支付量中所佔份額的增加以及國際支付採用率的增加，第一季 Shopify 支付的 GMV 滲透率增長至 41%，而 2018 年第一季為 38%。

Quarter-over-quarter, however, gross payment volume penetration remained relatively flat.

然而，與上一季相比，總支付量滲透率仍相對相當。

This is partly driven by a seasonally lower mix of credit cards in the Q1 versus Q4, as well as by a greater mix of GMV in the quarter coming from international.

造成這一現象的部分原因是第一季信用卡組合較第四季季節性下降，以及本季來自國際的 GMV 組合增加。

In fact, GMV from international was nearly twice what it was in Q1 of 2018.

事實上，國際市場的 GMV 幾乎是 2018 年第一季的兩倍。

Capital and Shipping also experienced solid year-over-year revenue growth.

資本和航運業務的收入也實現了穩健的同比增長。

Shopify Capital had a nice funding milestone in the first quarter, surpassing $500 million in cumulative financing.

Shopify Capital 在第一季實現了良好的融資里程碑，累計融資超過 5 億美元。

Shopify Shipping rolled out pricing that is more favorable to merchants on our USPS offering, which we believe will help our merchants provide a better experience for their buyers and drive shipping adoption over the long term.

Shopify Shipping 在我們的 USPS 產品上推出了對商家更優惠的定價，我們相信這將幫助我們的商家為買家提供更好的體驗，並長期推動運輸採用。

During the quarter, the percent of eligible merchants using Shopify Shipping grew to above 40%, versus 1/3 of eligible merchants in the comparable period last year.

本季度，使用 Shopify Shipping 的合格商家比例成長至 40% 以上，而去年同期合格商家的比例為 1/3。

Gross profit dollars grew 46% from Q1 of 2018 to $180.3 million, as merchant solutions revenue, which carries lower gross margins, grew within the revenue mix from 53% to 56% of total revenues.

毛利較 2018 年第一季成長 46% 至 1.803 億美元，毛利率較低的商業解決方案營收在營收組合中的比例從佔總營收的 53% 成長至 56%。

Adjusted operating loss in Q1 was $1.4 million, or 0.4% of revenue, compared with $0.2 million, or 0.1% of revenue, in the first quarter of 2018.

第一季調整後營業虧損為 140 萬美元，佔營收的 0.4%，而 2018 年第一季調整後營業虧損為 20 萬美元，佔營收的 0.1%。

We achieved a better-than-expected adjusted operating loss in Q1 relative to February guidance due in part to a later start than we first anticipated of our brand campaign, which I hope you have all gotten to see by now.

相對於 2 月份的指導，我們在第一季實現了好於預期的調整後營運虧損，部分原因是我們的品牌活動開始時間比我們最初預期的要晚，我希望你們現在都已經看到了。

Adjusted net income for the quarter more than doubled to $10.3 million, or $0.09 per share, over income of $4.2 million, or $0.04 per share, the same period last year.

該季度調整後淨利潤增加了一倍多，達到 1,030 萬美元，即每股 0.09 美元，而去年同期的收入為 420 萬美元，即每股 0.04 美元。

Finally, our cash, cash equivalents and marketable securities balance was approximately $2 billion, generally consistent with the balance at the end of 2018.

最後，我們的現金、現金等價物和有價證券餘額約為20億美元，與2018年底的餘額基本一致。

Inspiring entrepreneurship, removing barriers to commerce, and helping merchants thrive in a competitive environment are core to our merchant first philosophy, all of which are investment-focused areas aimed to achieve.

激發創業精神、消除商業壁壘、幫助商家在競爭激烈的環境中蓬勃發展是我們商家至上理念的核心，所有這些都是旨在實現的以投資為重點的領域。

Harley spoke about our achievements related to continued investments in platform and Plus.

Harley 談到了我們在平台和 Plus 方面的持續投資所取得的成就。

I will cover our accomplishments in newer investment areas, international and Shopify brand, starting with international.

我將從國際開始，介紹我們在新的投資領域、國際和 Shopify 品牌方面所取得的成就。

Momentum continued to build in our international efforts in the first quarter as we further localized the platform to improve product-market fit, translated the partner dashboard into 6 new languages to expand the partner ecosystem, and added tools to reduce the friction presented by cross-border sales.

第一季度，我們的國際化努力繼續保持勢頭，我們進一步本地化了平台以提高產品與市場的契合度，將合作夥伴儀表板翻譯成6 種新語言以擴展合作夥伴生態系統，並添加了工具以減少跨部門帶來的摩擦。

Our efforts are clearly paying off, as our mix of international merchants relative to total new merchant adds reached a new high in Q1, and their contribution relative to overall GMV continued to expand.

我們的努力顯然得到了回報，第一季我們的國際商家數量相對於新增商家總數達到了新高，並且它們相對於整體 GMV 的貢獻持續擴大。

With our international localization efforts just over a year old, we are still very much in learning mode, paying close attention to the idiosyncrasies of each geography and adjusting our approach as needed to optimize product-market fit.

我們的國際在地化工作才剛剛一年多，我們仍處於學習模式，密切關注每個地區的特性，並根據需要調整我們的方法，以優化產品與市場的契合度。

Once we achieve that, we can expect GMV and take rate for international merchants to be more comparable with those in our core geographies, and we are making progress.

一旦實現這一目標，我們就可以預期國際商家的 GMV 和拿貨率將與我們核心地區的商家更具可比性，而且我們正在取得進展。

This quarter, we plan to launch Shopify Payments in The Netherlands, which features an integrated local payment method that allows for bank transfers, which are more popular there, in addition to credit card payments.

本季度，我們計劃在荷蘭推出 Shopify Payments，它具有整合的本地支付方式，除了信用卡支付之外，還允許銀行轉賬，這在荷蘭更受歡迎。

Over the past week, we launched a beta of Shopify's platform to some of our existing merchants in simplified Chinese and Dutch.

過去一周，我們向部分現有商家推出了 Shopify 平台的簡體中文和荷蘭語測試版。

Stay tuned, as we plan to introduce several more new languages over the coming months.

請繼續關注，我們計劃在未來幾個月推出更多新語言。

Now turning to brand, on April 15, Shopify launched its first ever brand campaign in 12 markets across North America.

現在轉向品牌，4 月 15 日，Shopify 在北美 12 個市場推出了首個品牌活動。

This campaign runs until mid-July and includes television, digital video, radio, social, and out-of-home advertising, so keep your eye out for our billboard and subway ads on your way to work.

該活動將持續到 7 月中旬，包括電視、數位影片、廣播、社交和戶外廣告，因此請在上班途中留意我們的廣告看板和地鐵廣告。

We're excited to have kicked off this initiative to reach a far greater number of potential merchants, catalyze the next generation of entrepreneurs, and, as a result, increase brand awareness of Shopify.

我們很高興啟動這項計劃，以接觸更多的潛在商家，促進下一代企業家，從而提高 Shopify 的品牌知名度。

With our campaign launching in April, most of our $30 million of brand spend will now be largely distributed over the last 3 quarters of the year.

隨著我們的活動於 4 月啟動，我們 3000 萬美元的品牌支出中的大部分將主要分配在今年的最後三個季度。

Our merchants not only create and sell amazing products, but their journeys to launch and sustain those businesses are truly inspiring.

我們的商家不僅創造和銷售令人驚嘆的產品，而且他們啟動和維持這些業務的旅程確實鼓舞人心。

Since launching Shopify Studios in January, we've released a range of pieces featuring the struggles and triumphs of Shopify merchants and exploring themes in commerce such as women and entrepreneurship and the hidden layers of commerce behind everyday industries and products.

自 1 月推出 Shopify 工作室以來，我們發布了一系列內容，講述 Shopify 商家的奮鬥和勝利，探索女性和創業精神等商業主題，以及日常產業和產品背後隱藏的商業層面。

We've had an incredible response to the content published to date, and we're excited to continue telling these stories that demonstrate the spirit and resilience of entrepreneurs.

迄今為止發布的內容得到了令人難以置信的反響，我們很高興能夠繼續講述這些展示企業家精神和韌性的故事。

All in, we are pleased with our performance in the first quarter and expect the momentum with which we've kicked off the year to continue throughout 2019.

總而言之，我們對第一季的表現感到滿意，並預計我們開年的勢頭將在 2019 年持續下去。

As a result, we are raising our expectations for our financial results for the year.

因此，我們提高了今年財務業績的預期。

We now expect revenue for the full year to be in the range of $1.48 billion to $1.5 billion and an adjusted operating income ranging between $20 million and $30 million.

我們目前預計全年收入將在 14.8 億美元至 15 億美元之間，調整後的營業收入將在 2,000 萬美元至 3,000 萬美元之間。

For the second quarter, we expect revenue of $345 million to $350 million and an adjusted operating loss between $6 million and $8 million.

我們預計第二季營收為 3.45 億至 3.5 億美元，調整後營運虧損為 600 萬至 800 萬美元。

Stock-based compensation in 2019 is still expected to be approximately $160 million for the full year, with about $40 million of this in the second quarter.

2019 年全年股票薪酬預計仍約為 1.6 億美元，其中第二季約為 4,000 萬美元。

Our growth factors remain strong as entrepreneurs around the world look to Shopify to launch and grow their businesses.

隨著世界各地的企業家希望透過 Shopify 開展和發展他們的業務，我們的成長因素依然強勁。

Our priority investments this year in international growth, brand and product expansion are all the right ones that we are confident will continue to attract merchants to Shopify, increase our share of wallet, and power merchant success well into the future.

我們今年在國際成長、品牌和產品擴張方面的優先投資都是正確的，我們有信心將繼續吸引商家使用 Shopify，增加我們的錢包份額，並推動商家在未來取得成功。

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

這樣，我會將電話轉回給凱蒂。

Thank you, Amy.

謝謝你，艾米。

Before we launch into your questions, I'd like to remind everyone to please limit yourself to 1 question.

在我們開始回答大家的問題之前，我想提醒大家，請將自己的問題限制在 1 個以內。

That way, we'll have time to take a question from each listener today.

這樣，我們今天就有時間回答每位聽眾的問題。

With that, Lisa, can we have our first question?

麗莎，我們可以問第一個問題嗎？

(Operator Instructions) Our first question comes from the line of Brad Zelnick from 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。

Harley, we noticed some of your largest customers are now using Instagram Checkout.

Harley，我們注意到您的一些最大客戶現在正在使用 Instagram Checkout。

How should we think about the balance of cooperation and competition with some of your largest partners?

我們應該如何考慮與一些最大的合作夥伴的合作與競爭的平衡？

Hey, Brad.

嘿，布拉德。

Thanks for that question.

謝謝你提出這個問題。

We've always said this -- with every new channel that comes to market, whether it's a social media platform or a new marketplace, what that does is it makes Shopify more valuable as a retail operating system.

我們總是這麼說——隨著每個新管道進入市場，無論是社群媒體平台還是新市場，它都會讓 Shopify 作為零售作業系統變得更有價值。

Again, our entire objective here is to reduce complexity and simplify running a business, and so more channels means our merchants can sell in more places.

同樣，我們的整體目標是降低複雜性並簡化業務運營，因此更多管道意味著我們的商家可以在更多地方進行銷售。

And so what Shopify does as a retail operating system is allow our merchants to run across as many channels as they want.

因此，Shopify 作為一個零售作業系統，允許我們的商家在任意數量的管道上運行。

From an economics perspective, of course, we also make sure that we capture economics through rev shares with our partners that we allow our merchants to sell through, which is important to us.

當然，從經濟學的角度來看，我們也確保透過與合作夥伴的收益分成來獲取經濟效益，我們允許我們的商家進行銷售，這對我們很重要。

But, again, with every new channel, we think the Shopify retail operating system product and offering gets better and better.

但是，同樣，隨著每個新管道的出現，我們認為 Shopify 零售作業系統產品和服務會變得越來越好。

Our next question comes from the line of Ken Wong from Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

I saw you guys launched the new Tap & Chip reader and also some new POS hardware.

我看到你們推出了新的感應式和晶片式讀卡器以及一些新的 POS 硬體。

Can you maybe just give us a sense for kind of what your strategy is going forward on the physical POS side and perhaps what are some of the competitive advantages you guys have against competitors such as Square and Clover?

您能否讓我們了解一下您在實體 POS 方面的策略進展，以及您相對於 Square 和 Clover 等競爭對手的競爭優勢是什麼？

This is Toby.

這是托比。

It's a really important part of our business, the second-largest channel after (inaudible), clearly, and it's something we wanted to do really well for a long time, but we are just sort of growing into the size of a company where we can be focused on multiple things at the same time.

這是我們業務中非常重要的一部分，是繼（聽不清楚）之後的第二大管道，顯然，這是我們長期以來一直想做得很好的事情，但我們只是在成長為一家公司的規模，我們可以同時專注於多件事。

So you saw a lot of things around point of sale, and you will probably see a lot of other things around this segment in the future, because I think one of the things which was pretty clear pretty early -- remember, Shopify started after I tried to build an online snowboard store, which was a little bit early for a new business started online, but this is now the norm.

所以你看到了很多關於銷售點的事情，而且你將來可能會看到很多關於這個細分市場的其他事情，因為我認為其中一件事很早就很清楚了- 請記住，Shopify 是在我之後開始的。 嘗試建立一個線上滑雪板商店，這對於在線啟動的新業務來說有點早，但現在這已成為常態。

We see a lot of our customers are starting new businesses, and many of the largest stores are less than 10 years old, and as everyone is looking around for opportunities, Internet marketing is starting to get pretty pricy and, funnily enough, expanding offline, so to speak, expanding to brick-and-mortars.

我們看到很多客戶正在開始新業務，許多最大的商店都成立不到 10 年，隨著每個人都在尋找機會，互聯網營銷開始變得相當昂貴，而且有趣的是，在線下擴張，可以這麼說，擴展到實體店。

It's starting to look really good from a cost acquisition perspective.

從成本採購的角度來看，它開始看起來非常好。

So there are lots and lots of reasons that are pushing retailers back to the retail stores, and this is something which is just enormously complicated, unless the software really, really makes this easy.

因此，有很多很多的原因促使零售商回到零售店，這是一件非常複雜的事情，除非軟體真的讓這一切變得簡單。

To Harley's point, you need a unified system to run a business across multiple channels.

對於 Harley 來說，您需要一個統一的系統來跨多個管道經營業務。

It is really, really, really difficult to add a new channel in the old model of single -- what did we used to call them?

在舊的單通道模式中新增通道真的非常非常困難——我們過去怎麼稱呼它們？

Single-instance software or whatever, like just separates software for different channels was the norm before Shopify came around.

在 Shopify 出現之前，單一實例軟體或其他軟體（例如針對不同管道的獨立軟體）是常態。

So we want to support this move offline as a business strategy and make this really easy and allow our merchants to just look really, really good in their retail stores.

因此，我們希望將這一舉措作為一項業務策略支援線下，並使之變得非常簡單，並讓我們的商家在他們的零售店中看起來非常非常好。

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

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

Just a question on the incremental gross margin in merchant solutions.

只是關於商業解決方案中增量毛利率的問題。

That dipped a bit, so I was just hoping you could describe some of the moving parts there.

這個數字下降了一點，所以我只是希望你能描述那裡的一些活動部分。

I think Amy suggested that there was maybe some pricing changes that occurred, if you could go through those.

我認為艾米建議可能會發生一些價格變化，如果你能經歷一下的話。

Thank you very much.

非常感謝。

With respect to merchant solutions margins in the first quarter, we did see pretty consistent performance quarter-over-quarter, but we did see a decline year-over-year from the first quarter of 2018.

就第一季的商業解決方案利潤率而言，我們確實看到季度環比表現相當一致，但與 2018 年第一季相比，我們確實看到同比下降。

If you recall, in the first quarter of '18, we saw a 1-time favorable billing adjustment from Payment partners.

如果您還記得，在 18 年第一季度，我們看到支付合作夥伴進行了一次優惠的帳單調整。

That makes comparability year-over-year difficult.

這使得逐年比較變得困難。

We also saw a year-over-year decrease in the Shopify Payments margin as we continue to grow Plus adoption, which has a smaller margin that the overall.

隨著 Plus 採用率的不斷提高，Shopify Payments 的利潤率也出現了同比下降，而 Plus 的利潤率低於整體水準。

We should see, going forward in the second quarter, an improvement in merchant solutions margins as we see some volume discounts kick in, so I think you'll see that start to shift in the second quarter.

我們應該看到，在第二季度，隨著我們看到一些批量折扣的開始，商家解決方案的利潤率會有所改善，所以我認為你會看到這種情況在第二季度開始發生變化。

And our next question comes from the line of Kevin Krishnaratne from Paradigm Capital.

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

Very encouraging pace of adds in international.

國際上的新增速度非常令人鼓舞。

Are you able to talk about any changes in merchant metrics in your international markets as you are rolling out local payments and language?

當您推出本地支付和語言時，您能否談談國際市場上商家指標的任何變化？

I'm thinking any commentary on changes to the GMV per merchant, RPU, or even things such as merchant engagement on the platform?

我想對每個商家的 GMV、RPU，甚至平台上的商家參與度等方面的變化有何評論？

I can talk about some of the metrics.

我可以談一些指標。

As you can imagine, when you're entering new markets, we're working on product market fit, and that's why we're investing heavily in localization in some key markets.

正如您可以想像的那樣，當您進入新市場時，我們正在致力於產品市場契合度，這就是我們在一些關鍵市場大力投資本地化的原因。

Initially, GMV per merchant is going to be lower than the average, and take rate will be as well.

最初，每個商家的 GMV 將低於平均水平，且採用率也會低於平均水平。

While the availability of merchant solutions is prevalent, it's limited in some markets or non-existent in some other markets.

雖然商家解決方案的可用性很普遍，但它在某些市場中受到限制，或在其他一些市場中不存在。

But over time, we think those will migrate up more towards what we're seeing in our core merchants in our core geographies.

但隨著時間的推移，我們認為這些將更多地向我們在核心地區的核心商家中看到的那樣遷移。

In terms of usage of the platform, I don't know, Harley, if you want to add anything, but we are seeing a significant -- over 100,000 merchants using the platform in a language other than English, so we think it's very encouraging, the continued attraction to the platform and the new languages that we've rolled out.

就平台的使用而言，我不知道 Harley 是否想添加任何內容，但我們看到超過 100,000 名商家以英語以外的語言使用該平台，因此我們認為這是非常令人鼓舞的、該平台的持續吸引力以及我們推出的新語言。

Yes, I think it's important to remember that Shopify in its core markets is a product that has been local on product market fit for 15 years, and in any given market, it might be less than a year, so it's going to take a while to get fully up to speed.

是的，我認為重要的是要記住，Shopify 在其核心市場是一個已經在地化產品市場 15 年的產品，而在任何特定市場，它可能還不到一年，所以需要一段時間完全跟上進度。

I use Shopify in German right now, which is cool that I finally can do that, and it's really good, but every once in a while, I send a little note to the team saying, hey, this part is a little bit funnily worded and so on, so it's a process.

我現在使用德語版的Shopify，這很酷，我終於可以做到這一點，而且真的很好，但每隔一段時間，我就會向團隊發送一條小紙條，說，嘿，這部分的措辭有點有趣等等，所以這是一個過程。

All the metrics will go up as the product matures in any individual market.

隨著產品在任何單獨市場的成熟，所有指標都會上升。

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

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

I just wanted to ask, you kind of called out strength in both existing and upgrades on Plus.

我只是想問，你有點強調了 Plus 上現有的和升級的力量。

I'm just kind of curious whether that mix skewed towards existing client upgrades or new clients on the platform in the quarter.

我只是有點好奇這種組合是否傾向於現有客戶端升級或本季平台上的新客戶端。

I'll take the question.

我來回答這個問題。

It's Harley.

是哈雷。

As usual, we're seeing a majority of the new adds to Plus come from new to the platform.

像往常一樣，我們看到 Plus 的大部分新增功能都來自該平台的新用戶。

That being said, it's really important that merchants that are doing really well on Shopify do upgrade to Plus, and we have a process and a team in place to ensure that happens.

話雖這麼說，在 Shopify 上表現出色的商家升級到 Plus 非常重要，我們有一個流程和一個團隊來確保這一點的實現。

But more than half of the new adds to Plus in this quarter came new to the platform, which is real exciting for us.

但本季 Plus 的新增內容有一半以上是該平台的新內容，這對我們來說確實令人興奮。

The other thing that I mentioned in my earlier remarks is that the variety of merchants coming to Plus now is really interesting.

我在之前的發言中提到的另一件事是，現在加入 Plus 的商家種類繁多，非常有趣。

We're seeing not only large CPG's that are building specific brand stores, but we're seeing companies like Levi's and Betsey Johnson and Hasbro.

我們不僅看到大型消費品公司正在建立特定的品牌商店，而且還看到像李維斯（Levi's）、貝西·約翰遜（Betsey Johnson）和孩之寶（Hasbro）這樣的公司。

Companies like Hasbro have never really sold direct to consumer before, and we're seeing that all happen on Shopify Plus, which is really great for us.

像 Hasbro 這樣的公司以前從未真正直接向消費者銷售產品，我們看到這一切都發生在 Shopify Plus 上，這對我們來說真的很棒。

And so I think you'll continue to see the majority of the Plus adds come from net new, which is great, but we have a very healthy upgrade path, which is really what -- it's really important to us.

因此，我認為您將繼續看到大多數 Plus 新增內容都來自淨新增內容，這很好，但我們有一個非常健康的升級路徑，這對我們來說非常重要。

We want to make sure that the homegrown success stories have a place to grow into as they get really big on Shopify so they never have to leave, and I think we've done a good job of that.

我們希望確保本土成功案例在 Shopify 上發展壯大時有一個成長的空間，這樣他們就永遠不必離開，我認為我們在這方面做得很好。

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

我們的下一個問題來自威廉布萊爾公司的賈斯汀福比。

Harley, I guess maybe for you, it seems like revenue from the third-party apps had another really solid quarter, and as that becomes a bigger and more important contributor to growth, I'm just wondering how your discussions with partners around monetizing the platform has evolved over the last few years.

哈雷，我想也許對你來說，第三方應用程式的收入似乎又經歷了一個非常穩定的季度，隨著這成為增長的更大、更重要的貢獻者，我只是想知道你與合作夥伴如何圍繞將其貨幣化進行討論平台在過去幾年中不斷發展。

Thanks.

謝謝。

Thanks for the question.

謝謝你的提問。

Yes, I would say that the partner ecosystem has never been healthier.

是的，我想說合作夥伴生態系統從未如此健康。

It is thriving.

它正在蓬勃發展。

The Shopify app store has become the go-to-market strategy -- almost entire go-to-market strategy for any applications or third parties that are building applications and software for the retail and for the commerce space, so we're real excited about that.

Shopify 應用程式商店已成為市場進入策略 - 對於為零售和商業領域建立應用程式和軟體的任何應用程式或第三方而言，幾乎是整個市場進入策略，因此我們非常興奮關於那個。

One number that, of course, I posted about earlier was that it took us a long time to get to -- almost 9 years to get to $100 million in paid out app store rev share, and it's taken us 12 months to get to that second $100 million, to get us to $200 million, so I think that's really exciting for us.

當然，我之前發布的一個數字是，我們花了很長時間才達到1 億美元的付費應用程式商店收益份額，我們花了近9 年的時間才達到這一目標，而我們花了12 個月才要達到這個目標。

In terms of the dynamics, I think the relationship we have with our partners is really great.

就動態而言，我認為我們與合作夥伴的關係非常好。

I mean, we have some expectations that are all about experience and making sure that the merchant experience is always the best it can be, and generally, we've had a really great discussion and dialogue with these partners to ensure that that continues, so I don't think there will be any slow-down there.

我的意思是，我們有一些關於體驗的期望，並確保商家體驗始終是最好的，總的來說，我們與這些合作夥伴進行了非常好的討論和對話，以確保這種情況持續下去，所以我認為那裡不會有任何放緩。

We've added a couple hundred new apps.

我們新增了數百個新應用程式。

Again, the idea of the app store is not to have every app out there on the app store, but rather to have the most important apps to make every merchant have full product-market fit, regardless of the intricacies and complexities of their particular business, and in that case, I think we're doing really well.

同樣，應用程式商店的想法並不是讓每個應用程式都出現在應用程式商店中，而是擁有最重要的應用程序，使每個商家都具有完全的產品市場契合度，無論其特定業務的複雜性如何，在這種情況下，我認為我們做得非常好。

And then, of course, on the referral side, in the last 12 months, we've seen 19,000 partners bring in new merchants and refer merchants to Shopify, which is really fantastic, and so that will continue to grow.

當然，在推薦方面，在過去 12 個月中，我們看到 19,000 個合作夥伴引入了新商家並將商家推薦到 Shopify，這真的很棒，因此這一數字將繼續增長。

Our next question comes from the line of Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

So, Amy, we saw on the company's website that Shopify is paying 1.5x the standard revenue share to partners, to 30% into perpetuity instead of 20% for stores in international -- I think Germany, France, Japan and Singapore.

艾米，我們在公司網站上看到，Shopify 正在向合作夥伴支付標準收入分成的 1.5 倍，永久分成 30%，而不是國際商店（我認為是德國、法國、日本和新加坡）的 20%。

So I'm curious if that's been a factor in driving the acceleration in international adds and how long the company plans on keeping that higher commission payout rate going.

因此，我很好奇這是否是推動國際成長加速的因素，以及該公司計劃保持較高的佣金支付率多久。

Any thoughts would be helpful.

任何想法都會有幫助。

Thank you.

謝謝。

From a partner perspective, obviously, we mentioned earlier that we've gone ahead and we've done things like translated the partner dashboard inside of Shopify.

顯然，從合作夥伴的角度來看，我們之前提到我們已經繼續前進，我們已經做了一些事情，例如翻譯 Shopify 內部的合作夥伴儀表板。

We want to encourage the creation of new and scale partner communities around the world internationally.

我們希望鼓勵在國際範圍內創建新的、規模化的合作夥伴社群。

It's really important for us, for the future of the company.

這對我們、對公司的未來非常重要。

And as partners have always been really important to Shopify, in our sort of English-speaking countries, we think that's going to be the case internationally too.

由於合作夥伴對於 Shopify 一直非常重要，在我們這些英語國家，我們認為國際上也是如此。

So we're making it easier for them to not only learn about Shopify, but also to build really big businesses around Shopify, so things, of course, like increased rev share and, obviously, making sure that we're talking to them in their language that they speak.

因此，我們不僅讓他們更容易了解 Shopify，還讓他們能夠圍繞 Shopify 建立真正的大型業務，因此，當然，例如增加收入份額，顯然，要確保我們與他們交談他們所說的語言。

That's all really important.

這非常重要。

The other thing that you'll probably see is you'll see more experimentation.

您可能會看到的另一件事是您會看到更多的實驗。

In certain geographies, we'll decide that we want to go ahead and we want to get really aggressive in terms of getting more partners on.

在某些地區，我們會決定繼續前進，我們希望在吸引更多合作夥伴方面變得非常積極。

In other countries, we feel like we already have pent-up demand and may not need to do that.

在其他國家，我們覺得我們已經有被壓抑的需求，可能不需要這樣做。

So I would say that, generally, that sort of growth strategy is young still, and we're continuing to learn more about different partners in different geographies, and so we want the freedom to experiment as we need.

所以我想說，總的來說，這種成長策略還很年輕，我們正在繼續更多地了解不同地區的不同合作夥伴，因此我們希望能夠根據需要自由地進行試驗。

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

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Following on Brad's question from earlier, without going into specifics, how different are the economics when a merchant uses Instagram Checkout versus your own checkout solutions, like Shopify Payments?

繼續 Brad 先前提出的問題（無需詳細說明），商家使用 Instagram Checkout 與您自己的結帳解決方案（例如 Shopify Payments）的經濟效益有何不同？

And on a related note, how big is the volume for your merchants generated through Instagram currently?

與此相關的是，目前您的商家透過 Instagram 產生的交易量有多大？

It's Harley.

是哈雷。

I'll take that question again.

我會再回答這個問題。

So as I mentioned earlier, we think more channels, whether they're social media marketplaces or they're -- excuse me, social media platforms or they're marketplaces, that means our merchants can sell more.

正如我之前提到的，我們認為更多的管道，無論它們是社群媒體市場還是——對不起，社群媒體平台還是市場，這意味著我們的商家可以銷售更多產品。

And so although it doesn't necessarily come -- it may not be processed through Shopify Payments, what we do is we work with these partners, who are very excited to work with us because we bring on so many amazing merchants and products to their platforms and to their marketplaces, we ensure that we have the economics in place that, therefore, we can capture upside as well.

因此，儘管它不一定會出現- 它可能不會通過Shopify Payments 進行處理，但我們所做的是與這些合作夥伴合作，他們非常高興與我們合作，因為我們為他們帶來瞭如此多令人驚嘆的商家和產品。

So it doesn't necessarily fall into the same revenue bucket, per se, but certainly, it does allow us to capture upside when we talk to these partners.

因此，它本身不一定屬於同一收入類別，但當然，當我們與這些合作夥伴交談時，它確實使我們能夠獲得優勢。

And while I can't go into specifics on individual partner agreements, just it's important to know that we have the economics in place that allow us to grow when our merchant sells more.

雖然我無法詳細介紹各個合作夥伴協議，但重要的是要知道我們擁有適當的經濟條件，讓我們在商家銷售增加時實現成長。

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

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

Thanks for all the detail on international.

感謝您提供有關國際的所有詳細資訊。

Amy, I think you mentioned the Chinese language, receiving Mandarin support, and we noticed that you have been hiring locally in China, on maybe a limited basis, but, nonetheless, hiring there.

艾米，我想你提到了中文，接受普通話支持，我們注意到你一直在中國本地招聘，雖然可能是有限的，但儘管如此，還是在那裡招聘。

I'm just curious, either from Toby or Harley, if you can just talk to us a little bit about your thoughts around China as a market, given its size, but given how different it is in many ways from other certainly Western markets.

我只是好奇，無論是托比還是哈雷，您能否與我們談談您對中國這個市場的看法，考慮到中國的規模，但考慮到它在許多方面與其他西方市場有多麼不同。

Okay, I'll take the question.

好的，我來回答這個問題。

Where to start, right?

從哪裡開始，對吧？

So what we are seeing, basically -- I mean, we're seeing a lot of interesting things in China.

所以我們基本上看到的是——我的意思是，我們在中國看到了很多有趣的事情。

As a product person, I think it's a very, very important market to study because I think we increasingly see innovation, especially in our space, come from there.

作為一名產品人員，我認為這是一個非常非常重要的市場，需要研究，因為我認為我們越來越多地看到創新，尤其是在我們的領域，來自那裡。

More specifically, from a numbers perspective, the thing that's working excellently is export from China.

更具體地說，從數字的角度來看，表現最好的是中國的出口。

There are a lot of Chinese brands now out there, which are trying to go global and do so directly, and so we have worked with them.

現在有許多中國品牌正在嘗試直接走向全球，因此我們與他們合作。

They are seeing significant success using the Shopify platform, just because, I mean, obviously we are global.

他們使用 Shopify 平台取得了巨大成功，我的意思是，顯然我們是全球化的。

People are using us all around the world, which is exactly the need that Chinese exporters are looking to get fulfilled, and so that is a market which we are looking at.

世界各地的人們都在使用我們，這正是中國出口商希望得到滿足的需求，所以這就是我們正在關注的市場。

Our next question comes from the line of Josh Beck from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I wanted to ask about this multi-currency feature on Shopify Payments that you introduced.

我想問一下您在 Shopify Payments 上引入的多貨幣功能。

Do you see this as an opportunity to increase cross-border sales for merchants?

您認為這是增加商家跨境銷售的機會嗎？

And does this improve your confidence in ramping payments among the Plus category?

這是否會增強您對增加 Plus 類別付款的信心？

I mean, that's pretty much exactly it.

我的意思是，差不多就是這樣。

We want -- again, what Shopify does best, I think, and usually when Shopify becomes more important for customers and gets more customers switching and so on, is when it takes something that's really, really hard and makes it somehow easier, because really, I mean, basically at a certain point, all merchants want (inaudible) global, widely profitable business, right?

我認為，我們希望Shopify 做得最好，通常當Shopify 對客戶變得更加重要並讓更多客戶轉換等等時，就是當它需要一些非常非常困難的事情並使其在某種程度上變得更容易時，因為真的，我的意思是，基本上在某個時刻，所有商家都希望（聽不清楚）全球性的、廣泛盈利的業務，對吧？

And so especially around global, that's hard.

因此，尤其是在全球範圍內，這很難。

It's hard for us, a 5,000-people company, something like this, and we are trying to go global ourselves with our product, and our customers are wanting to do exactly the same thing.

對於我們這樣一家擁有 5,000 名員工的公司來說，這很困難，我們正在努力將我們的產品推向全球，而我們的客戶也希望做同樣的事情。

Now, it's a little bit of a different issue, but cross-border selling is this year's challenging, and accepting currencies (inaudible) as a challenge and showing up in the right language and all these kinds of things.

現在，這是一個有點不同的問題，但跨境銷售是今年的挑戰，接受貨幣（聽不清楚）作為挑戰並以正確的語言和所有這些東西出現。

So this is new for us, and it's not going to be done overnight, but helping our customers go global themselves and riding the coattails a little bit on anything we've been figuring out on our own journey is one of those areas where we can take something that would have taken them forever to do themselves or would have been exceptionally labor-intensive or would have been something they would have attempted and then gave up on and share it so that it's easy enough to be viable for more and more merchants, which perhaps helps them grow and which then, because of the way all this works and is so aligned with them, it ends up benefiting us again, and that is something we want to take very seriously, and multi-currency is one of those things.

因此，這對我們來說是新的，而且不會一蹴而就，但幫助我們的客戶自己走向全球，並在我們自己的旅程中找到的任何東西上搭上一點順風車，是我們可以做的領域之一採取一些他們需要永遠自己做的事情，或者本來是異常勞動密集型的事情，或者是他們本來會嘗試然後放棄的事情並分享它，這樣它就足夠容易為越來越多的商人所用，這也許會幫助他們成長，然後，由於所有這些的運作方式並且與他們如此一致，它最終會再次使我們受益，這是我們想要非常認真對待的事情，而多貨幣就是其中之一。

And it's seeing uptake, of course, with Plus initially, because those are the people who need this the most, and it'll go from there.

當然，最初是 Plus 開始被採用，因為這些人是最需要它的人，而且它會從那裡開始。

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

我們的下一個問題來自奧本海默的池田浩二。

I just wanted to follow up on some of Harley's prepared comments.

我只是想跟進哈雷準備好的一些評論。

Very early in your comments, Harley, you did talk about Shopify trends in the quarter, with 30 million buyers opting in, 10 million transactions on the Shopify Pay, which is double, and that's just really tremendous.

Harley，您在評論的早期就談到了本季的 Shopify 趨勢，有 3000 萬買家選擇加入，Shopify Pay 上有 1000 萬筆交易，這是兩倍，這確實是巨大的。

And just building on that at a high level, what's the right way to think about those 2 data points as a mix of overall buyers and overall transactions?

在此基礎上，將這兩個數據點視為整體買家和整體交易的組合的正確方法是什麼？

So, I mean, the reason we brought it up is we haven't really talked too much about Shopify Pay in the past.

所以，我的意思是，我們提出這個問題的原因是我們過去並沒有真正談論太多 Shopify Pay。

What we're trying to do is create as little friction as possible in the checkout for our merchants.

我們正在努力做的是盡可能減少商家結帳時的摩擦。

What we realized is with so many buyers across all the Shopify stores, we do actually have some ways that we can help our merchants capture more sales, and that's by allowing these consumers to opt in to Shopify Pay.

我們意識到，所有 Shopify 商店中都有如此多的買家，我們實際上有一些方法可以幫助我們的商家獲得更多銷售額，那就是允許這些消費者選擇使用 Shopify Pay。

30 million buyers opting in is, obviously, really great, and we're happy to see that number, but $3.4 million in GMV and 10 million transactions in the past quarter alone, which, as you mentioned, is double 2008 (sic) [2018], is real exciting for us.

顯然，3000 萬買家選擇加入確實很棒，我們很高興看到這個數字，但僅上一季的GMV 就達到340 萬美元，交易量達到1000 萬筆，正如您提到的，這是2008 年的兩倍（原文如此）[ 2018]，對我們來說確實令人興奮。

So I would say Shopify Pay is still something that we're excited about, it's something that we're just starting to lean into a little bit, but ultimately the reason we're doing it is because it makes checkout so frictionless.

所以我想說 Shopify Pay 仍然是我們感到興奮的東西，我們剛開始稍微傾斜它，但最終我們這樣做的原因是因為它讓結帳變得如此無摩擦。

And as I mentioned, even my own experience -- I mean, you can try it yourself.

正如我所提到的，即使是我自己的經驗 - 我的意思是，你可以自己嘗試。

Go buy a pair of sneakers off of the Allbirds shop.

去 Allbirds 商店買一雙運動鞋。

It is an amazing experience, and I think it actually creates a new bar for how accelerated a checkout can be, and I think what will end up happening is we'll see more sales and consumers will come to expect that that's how good an experience can be when buying off an online store.

這是一次令人驚嘆的體驗，我認為它實際上為結帳速度創造了一個新的標準，我認為最終會發生的是我們會看到更多的銷售，消費者會期望這就是一次多麼好的體驗可以在網上商店購買時使用。

I want to add to the Shopify Pay thing.

我想新增 Shopify Pay 功能。

There are 800,000-something merchants on Shopify.

Shopify 上有 80 萬多家商家。

So far, we have put that fact to use, mostly through negotiation power, like getting really good payment rates, getting really good shipping label printing rates and these kinds of things.

到目前為止，我們已經利用了這一事實，主要是透過談判能力，例如獲得非常好的付款率、獲得非常好的運輸標籤列印率等等。

Increasingly, the -- and we will be super, super careful of those kinds of things, but, increasingly, there are ways for us to use that grouping of people and the real point we have to advantage of everyone on the platform, because we want increasingly there to be an advantage for every individuals when there are so many others.

我們將越來越非常小心地對待這類事情，但是，我們越來越有辦法利用這群人，真正的一點是我們必須利用平台上的每個人，因為我們當其他人眾多時，我們越來越希望每個人都能獲得優勢。

I'm sort of skirting around the term negative effect because I just -- this field is a little bit different.

我有點迴避負面影響這個詞，因為我只是──這個領域有點不同。

Negative effect is sort of more on the social media side and usually has a lower K factor than what I'm talking about here.

負面影響更多地發生在社交媒體方面，並且通常具有比我在這裡談論的更低的 K 因子。

But Shopify Pay is one of those ways that really works in this way, right?

但 Shopify Pay 是真正有效的方式之一，對嗎？

Like if you start a new store tomorrow and you're selling something very exciting, and we have 30 million people now who, when any of them show up on your store, which didn't exist yesterday, and they decide they would like to buy this product of yours, they can check out with a single click.

就像如果你明天開一家新店，你要賣一些非常令人興奮的東西，我們現在有3000 萬人，當他們中的任何一個人出現在你的商店（昨天還不存在）時，他們決定他們想要購買您的這款產品，他們只需點擊一下即可結帳。

That does something that is simply not accessible anywhere else and, therefore, is powerful for our platform.

它所做的事情在其他地方根本無法實現，因此對我們的平台來說非常強大。

There are other plays like this, usually around things like fraud detecting, and so that really benefits every individual store from all the data we see across the system and so on.

還有其他類似的操作，通常圍繞著詐欺檢測等內容，因此，從我們在整個系統中看到的所有數據等中，這確實有利於每個單獨的商店。

But we are looking for these kinds of effects, and prioritizing them is very successful so far.

但我們正在尋找這些類型的效果，到目前為止，對它們進行優先排序非常成功。

Our next question comes from the line of Ygal Arounian from Wedbush.

我們的下一個問題來自 Wedbush 的 Ygal Arounian。

So on Shopify Plus new adds, which continues to see strength, I'm just curious what the split is between the new adds, so the net new customers that come online, if they're coming from other e-commerce software platforms, if they're new to online, if they're coming from internal platforms or competitor platforms.

因此，在Shopify Plus 的新增功能上，它繼續保持強勁勢頭，我只是好奇新增功能之間的差距，因此，如果來自其他電子商務軟體平台的淨新客戶，如果他們來自其他電子商務軟體平台，如果他們來自內部平台或競爭對手平台，那麼他們是線上新手。

And then how do you think about the value you offer merchants versus the ASP of your packages, maybe both on the non-Plus and the Plus side?

然後，您如何看待您為商家提供的價值與套餐的平均售價（可能包括非 Plus 和 Plus 方面）？

Thanks.

謝謝。

I mean, I'll start with the second question, which is sort of the value-to-cost equation.

我的意思是，我將從第二個問題開始，這是一種價值與成本等式。

Certainly, when it comes to Shopify Plus, that ratio is heavily on the side of value, and we're doing that because we think there's an opportunity for us to take a lot of market share, but also to get a lot more merchants on Shopify Plus.

當然，當談到 Shopify Plus 時，這個比率很大程度上偏向價值，我們這樣做是因為我們認為我們有機會獲得大量市場份額，同時也能吸引更多商家Shopify Plus。

So I would say that that equation is certainly on the side of value versus cost, and that's done intentionally.

所以我想說，這個等式肯定是站在價值與成本一邊，而且這是故意這麼做的。

In terms of where the source of these customers are coming from, if you just think about some of the stores that I mentioned a little earlier on, I mean, some of them, like Betsey Johnson and Levi's, they obviously -- they had an existing platform, and they were looking to migrate for a bunch of reasons.

就這些顧客的來源而言，如果你想我之前提到的一些商店，我的意思是，其中一些商店，例如 Betsey Johnson 和 Levi's，他們顯然 - 他們有一個現有平台，他們出於多種原因尋求遷移。

Some of them are the fact that they wanted the functionality that we were offering, the data that they heard about Apple Pay.

其中一些是他們想要我們提供的功能，以及他們聽到的有關 Apple Pay 的數據。

They wanted to be able to use Apple Pay.

他們希望能夠使用 Apple Pay。

They may want to use Shopify Pay as well.

他們可能也想使用 Shopify Pay。

And they're also looking to do things that are more affordable, because some of these large enterprise e-commerce platforms, as you know very well, are very, very expensive.

他們也尋求做更實惠的事情，因為眾所周知，其中一些大型企業電子商務平台非常非常昂貴。

In other cases, like the P&G and the Johnson & Johnson, these are big CPGs that, for the first time ever, are going direct to consumer with individual brands, and we've created a relationship with these big CPGs so that it's very easy for them and almost frictionless for them to stand up new stores on Shopify Plus.

在其他情況下，例如寶潔公司和強生公司，這些都是大型消費品公司，它們有史以來第一次直接向消費者提供單一品牌，我們已經與這些大型消費品公司建立了關係，因此這非常容易對他們來說，他們在Shopify Plus 上開設新商店幾乎毫無阻礙。

So I would say there are a variety of those cases where they're migrating to us from other existing enterprise platforms, they've never sold before, or perhaps they've only sold offline and now they're beginning to sell online with us as well, and I think that is part of the strength of the Shopify Plus business model, where we're getting merchants from a whole bunch of places, including a very -- a new but growing quickly partner network for Shopify Plus.

所以我想說，有很多這樣的情況，他們從其他現有的企業平台遷移到我們，他們以前從未銷售過，或者也許他們只在線下銷售，現在他們開始與我們一起在線銷售我認為這是Shopify Plus 商業模式優勢的一部分，我們從許多地方吸引商家，包括一個非常新的但快速成長的Shopify Plus 合作夥伴網路。

And I would say the same is the case for Shopify, our core offering, which is that it's still -- in terms of cost to value, it's still very much on the side of value.

我想說，我們的核心產品 Shopify 也是如此，就價值成本而言，它仍然非常偏向價值。

We want to make the onboarding and the starting of the business as easy as possible and as affordable as possible, and by making sure that the cost of it is a couple Starbucks a month, it means that anyone that has ambition can start a business on Shopify, and that is really important to us.

我們希望讓入職和創業盡可能簡單、盡可能實惠，並確保每月的成本為幾塊星巴克，這意味著任何有雄心壯志的人都可以在Shopify，這對我們來說非常重要。

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

我們的下一個問題來自 Canaccord 的 David Hynes。

I wanted to ask about some of the content initiatives like Shopify Studios, the brand campaign you talked about.

我想詢問一些內容計劃，例如您提到的 Shopify Studios 品牌活動。

I guess the basic question is why is now the right time for that?

我想基本的問題是為什麼現在是適合這樣做的時機？

I mean, do you feel like the product has gotten to a certain point where it makes sense to put more money behind the brand?

我的意思是，您是否覺得該產品已經發展到了一定程度，值得在品牌背後投入更多資金？

I can't imagine it's being driven by competitive dynamics, but maybe just talk about kind of why now and how you're thinking about measuring ROI and the spend in the early days.

我無法想像它是由競爭動態驅動的，但也許只是談談為什麼現在以及您如何考慮衡量投資回報率和早期的支出。

Why now is we feel confident that we can pull it off right now.

為什麼現在我們有信心能夠立即實現這個目標？

It's a funny dynamic, because it's so little talked about, but as someone who has built a company from the first line of code, one of the under-appreciated facts in company building is focused management, and Shopify has always been the kind of company which wouldn't have starved because of a lack of opportunities, but would have died by indigestion of us trying to do too many things at the same time.

這是一個有趣的動態，因為很少有人談論它，但作為一個從第一行程式碼開始創建公司的人，公司建設中一個未被充分認識的事實是集中管理，而 Shopify 一直是這樣的公司它不會因為缺乏機會而挨餓，但會因為我們試圖同時做太多事情而消化不良而死亡。

And so this is why this is such a fun part of company building at this point that we are now because it can be focused on multiple things at the same time.

這就是為什麼這是我們現在公司建設中如此有趣的一部分，因為它可以同時專注於多項事情。

It's the second time I bring this up now because it actually really does matter.

這是我第二次提出這個問題，因為它確實很重要。

On the Studios side, telling these stories of what happens, what it looks like building some of these businesses is just really important to the business, because what we find is so many people would like to be entrepreneurs, but just don't have an understanding of what the entire process looks like.

在工作室方面，講述所發生的事情以及建立其中一些業務的情況對於企業來說非常重要，因為我們發現很多人想成為企業家，但只是沒有了解整個過程是什麼樣子的。

Demystifying this through the age-old approach of storytelling is just the best way to do this, and we think it will absolutely increase participation in this market, but just exposing people to other peoples' stories who have gone through this.

透過古老的講故事方法來揭開這一點的神秘面紗是做到這一點的最佳方式，我們認為這絕對會增加對這個市場的參與，但只是讓人們接觸經歷過這一點的其他人的故事。

My grandmother had a printing shop, and she started this herself, and this is where I always spent time when I was a kid, and I just sometimes wonder if I would have ever even thought about starting a business if I wouldn't have been exposed to an entrepreneur by growing up, and most people aren't, right, and so finding other ways to do this is, I think, good.

我的祖母有一家印刷店，她自己創辦了這家印刷店，這就是我小時候總是在那裡度過的地方，我有時會想，如果我不這樣做，我是否會考慮創業在成長過程中接觸過企業家，而大多數人都沒有，所以我認為尋找其他方法來做到這一點是件好事。

Taking this to ROI, yes, this is the tricky thing, right?

考慮到投資回報率，是的，這是一件棘手的事情，對吧？

Brand marketing is hard to quantify.

品牌行銷很難量化。

This is precisely the reason why we didn't do it.

這正是我們沒有這樣做的原因。

We are clearly (inaudible) heavy company, right?

我們顯然是（聽不清楚）重磅公司，對吧？

We have a lot of feedback loops -- we are confident with long-term feedback loops, which I think has been an advantage of Shopify over the long term.

我們有很多反饋循環——我們對長期反饋循環充滿信心，我認為從長遠來看，這是 Shopify 的優勢。

We are okay with (inaudible), so we are not falling into the trap of only doing short-term kinds of things because they happen to be more trackable, but we do really, really, really like to be able to back (inaudible) the things that happen.

我們對此表示同意（聽不清楚），因此我們不會陷入只做短期事情的陷阱，因為它們恰好更容易追踪，但我們確實非常非常希望能夠支持（聽不清楚）發生的事情。

So brand marketing requires a rollout more safe than this, and then as we rollout more (inaudible), this is something I have to learn how to deal with, and so far it's been good, I would say.

因此，品牌行銷需要比這更安全的推出，然後隨著我們推出更多（聽不清楚），這是我必須學習如何處理的事情，我想說，到目前為止，一切都很好。

It's hard.

這個很難（硬。

You just don't know.

你只是不知道。

Our next question comes from the line of Mark Zgutowicz from Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司 (Rosenblatt Securities) 的馬克‧茲古托維奇 (Mark Zgutowicz)。

Toby, maybe just a quick follow-up on that last question.

托比，也許只是對最後一個問題的快速跟進。

Specific to maybe Plus or non-Plus merchants on the branding side, I'm just curious if there might be 2 or 3 specific KPIs you're looking at, because, obviously, as the last question alluded to, you obviously have considerable brand strength, so I'm just curious if there are maybe 1 or 2 focal points that that brand and campaign might be pointing to.

具體到品牌方面的 Plus 或非 Plus 商家，我只是好奇您是否正在考慮 2 或 3 個特定的 KPI，因為，顯然，正如最後一個問題所提到的，您顯然擁有相當大的品牌實力，所以我只是好奇品牌和活動是否可能指向1 或2 個焦點。

I'd love to give something specific there.

我很想在那裡提供一些具體的東西。

I mean, maybe Amy can jump in.

我的意思是，也許艾米可以加入。

Yes, I can jump in there a little bit.

是的，我可以跳進去一點。

So we've studied our unaided brand awareness, and it's not as high as we would like it to be, so that's obviously something we're going to watch carefully to see if it moves the needle, but we're very focused on continuing to monitor carefully our fully-loaded cost of acquisition as well as our LTV.

因此，我們研究了我們的獨立品牌知名度，它沒有我們希望的那麼高，所以這顯然是我們要仔細觀察的事情，看看它是否會產生影響，但我們非常專注於繼續仔細監控我們的滿載購置成本以及生命週期價值。

And our LTV has been moving up over time as we've brought on more Plus merchants, which has offset the more entrepreneurial merchants that have come onboard, and so we feel like we can afford to take this test-and-learn and see if this helps our top-of-funnel activities.

隨著時間的推移，我們的生命週期價值一直在上升，因為我們引入了更多的Plus 商家，這抵消了更多創業商家的加入，所以我們覺得我們有能力接受這種測試和學習，看看是否可以這有助於我們的漏斗頂部活動。

So we're going to be watching very closely to see if our top-of-funnel widens through the brand campaign and the Studios efforts and what conversion rates look like, and monitoring and managing our LTV-to-CAC very, very carefully over time.

因此，我們將密切關注我們的漏斗頂部是否透過品牌活動和工作室的努力而擴大，以及轉換率如何，並非常非常仔細地監控和管理我們的 LTV 到 CAC時間。

It may be under a little bit of pressure near term, but we're confident over the long term that this sort of investment will pay off.

短期內可能會面臨一些壓力，但從長遠來看，我們有信心這種投資會得到回報。

We're also really confident on the international side, based on the learnings over the past sort of 18 months, that in the markets where we're localizing, we've seen where our brand awareness is higher.

根據過去 18 個月的經驗教訓，我們在國際方面也非常有信心，在我們進行在地化的市場中，我們已經看到我們的品牌知名度更高。

Our actual marketing acquisition dollars are more efficient, and that's, obviously, what we're aiming for over the long term, is more efficiency on the cost of acquisitions side.

我們實際的行銷收購資金更加高效，顯然，我們的長期目標是在收購成本方面提高效率。

So part of the brand campaign is not only for the domestic -- or core geos where we've been operating for some time, but some of that will be for the international growth as well.

因此，品牌活動的一部分不僅針對國內或我們已經運作了一段時間的核心地區，而且其中一些也將針對國際成長。

Our next question comes from the line of Brian Peterson from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的布萊恩彼得森 (Brian Peterson)。

So I just wanted to hit on some of your Plus success this quarter.

所以我只是想談談你們在本季的 Plus 方面取得的一些成功。

It sounds like you're adding a lot more merchants than you expected.

聽起來您新增的商家比您預期的要多得多。

I'm curious, can you bifurcate that a little bit into actually getting in front of more customers, or are we also seeing win rates improve?

我很好奇，您能否將其分為實際面對更多客戶的情況，或者我們是否也看到獲勝率有所提高？

So I'd really attribute the success to a maturing sales team at Plus, and as they continue to mature, their reach and their win rates are continuing to improve, and so we're excited about the number of new merchants that they're reaching and bringing in.

因此，我確實將成功歸功於 Plus 成熟的銷售團隊，隨著他們的不斷成熟，他們的影響力和獲勝率正在不斷提高，因此我們對他們正在招募的新商家數量感到興奮到達並引入。

As Harley mentioned, the first quarter tends to be a seasonal low, at least historically, for Plus in terms of new merchants, and we saw a very strong growth versus the first quarter of last year and maintaining almost at the same level as the fourth quarter, so these efforts are working with the Plus team.

正如Harley 所提到的，就Plus 而言，第一季往往是季節性低點，至少從歷史上看是這樣，我們看到與去年第一季度相比增長非常強勁，幾乎與第四季度保持相同水平季度，所以這些努力是與 Plus 團隊合作的。

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

我們的下一個問題來自 CIBC 的 Todd Coupland。

I just want to make sure I'm interpreting your international commentary in the right way.

我只是想確保我以正確的方式解釋你們的國際評論。

So you're basically saying it's a long road to build in these various markets.

所以你基本上是說在這些不同的市場上建造還有很長的路要走。

Would you expect to have enough momentum for it to be a material tailwind later this year, or is it going to take a couple of years before it starts to materially impact the results?

您是否期望它有足夠的動力在今年稍後成為實質的推動力，或者是否需要幾年時間才能開始對結果產生實質影響？

Any color on that would be helpful.

任何顏色都會有幫助。

Yes, we're obviously delighted with our first quarter performance in terms of merchant growth, especially with respect to international.

是的，我們顯然對第一季的商家成長表現感到滿意，尤其是在國際方面。

It is new.

它是新的。

We've only been investing there for a little over a year, and the sustainability of that growth comes down to how well we continue that momentum.

我們在那裡投資才一年多一點，成長的可持續性取決於我們如何很好地延續這一勢頭。

It is early days in international.

國際化還處於早期階段。

We're still learning, but we feel really positive with our continued investments in international and brand, so we're optimistic, and that is one of the reasons why we increased our guidance for 2019.

我們仍在學習，但我們對國際和品牌的持續投資感到非常積極，因此我們很樂觀，這也是我們增加 2019 年指導的原因之一。

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

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

Amy, I wonder if you could maybe dig into international payments a little bit.

艾米，我想知道你是否可以深入研究國際支付。

I'm just wondering, from the vendor relationship perspective, now that you kind of have an established brand and obviously you're a meaningful vendor in the marketplace relative to kind of when we did the IPO, what are the vendor relationships on the Payments side like internationally and the economics that you can bargain for as you penetrate new markets?

我只是想知道，從供應商關係的角度來看，既然你們已經擁有了一個成熟的品牌，而且顯然相對於我們進行IPO 時，你們是市場上有意義的供應商，那麼支付方面的供應商關係是什麼？

Do you think that Payments margins internationally might be able to hit much higher margin rates?

您認為國際支付保證金可能能夠達到更高的保證金率嗎？

And maybe if you can throw in a little commentary on customer mix internationally as well, large versus small, and how that might impact margins, specifically on the Payments side.

也許您也可以對國際客戶組合（大與小）以及這可能如何影響利潤率（特別是在付款方面）發表一些評論。

Well, just generally on the international payments side, keep in mind it's still early days.

嗯，一般來說在國際支付方面，請記住現在還處於早期階段。

We're continuing to add new markets.

我們正在繼續增加新的市場。

Our vendor relationship has continued to be primary Stripe, but we have made and will make some exceptions, depending on specific local needs to merchants and their buyers in those markets.

我們的供應商關係仍然是 Stripe 的主要關係，但我們已經並將做出一些例外，具體取決於這些市場中商家及其買家的特定當地需求。

But, generally, I can say that international payment margins in most markets typically are a little bit higher than our core geographies.

但是，總的來說，我可以說大多數市場的國際支付利潤率通常比我們的核心地區高一點。

That's not the case in all markets, but it's typically higher.

並非所有市場都是如此，但通常會更高。

I think that's kind of what we're comfortable saying at this point based on learnings.

我認為，根據我們的經驗，我們現在可以輕鬆地說出這樣的話。

Any insight on customer mix and how that might affect it?

對客戶組合以及這可能如何影響它有什麼見解嗎？

Large versus small?

大還是小？

Well, right now, Plus is primarily focused on the English-speaking geographies while they continue to work on product market fit, so most of the growth that we're seeing internationally is with our standard core subscriptions.

嗯，現在，Plus 主要專注於英語地區，同時他們繼續致力於產品市場契合度，因此我們在國際上看到的大部分成長來自我們的標準核心訂閱。

So they tend to be on the smaller side, which is why GMV per merchant and take rate is a little bit smaller and will increase over time.

因此，它們往往較小，這就是為什麼每個商家的 GMV 和獲取率會稍小一些，並且會隨著時間的推移而增加。

But we're seeing nice adoption of international payments by these smaller, more entrepreneurial merchants, and we think we're on a good path forward.

但我們看到這些規模較小、更具創業精神的商家很好地採用了國際支付，我們認為我們正走在一條良好的前進道路上。

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

我們今天的最後一個問題來自國家銀行金融部的理查德·謝（Richard Tse）。

On the international side, do you think those markets that you enter (inaudible) learn from the regions that you're in early, or are those markets very different?

在國際方面，您認為您進入的那些市場（聽不清楚）是否向您早期進入的地區學習，或者這些市場有很大不同嗎？

So 1 of the things we've learned about these markets is there are some that sort of look similar.

因此，我們從這些市場了解到的一件事是，有些市場看起來很相似。

Obviously, some places in Western Europe have some similarities, but, obviously, doing things in Germany is very different from doing things in Japan, and that's even as far as the way that we present the landing page to a prospective merchant in a place like Japan will typically be all on 1 page as opposed to having it on multiple pages, which we would probably do for a more North American or even a Western Europe type merchant, so there are nuances to it.

顯然，西歐的一些地方有一些相似之處，但是，顯然，在德國做事與在日本做事有很大不同，甚至就我們在像這樣的地方向潛在商家展示登陸頁面的方式而言也是如此。通常會全部顯示在一頁上，而不是顯示在多個頁面上，我們可能會為更多北美甚至西歐類型的商人做這件事，因此存在細微差別。

That's 1 of the reasons that language is not just the only thing we want to do there.

這就是語言不僅僅是我們想做的唯一事情的原因之一。

We also want to make sure we have the right partner ecosystem.

我們也希望確保我們擁有合適的合作夥伴生態系統。

We want to make sure we have the right payment providers for them in those regions.

我們希望確保在這些地區擁有適合他們的支付提供者。

We also want to make sure we have the right product for them.

我們也想確保我們有適合他們的產品。

So, for example, what they want to sell may be different, in terms of new channels may be different than what the North American merchants want to sell.

例如，他們想賣的東西可能不同，在新通路方面可能與北美商家想賣的東西不同。

So I would say that there are some similarities between certain countries, but generally the reason that it's important to have deep empathy for merchants in each specific country is because their needs do differ, and we want to help them with product market fit no matter where we're offering our services.

所以我想說，某些國家之間存在一些相似之處，但一般來說，對每個特定國家的商家有深刻的同理心很重要，因為他們的需求確實不同，我們希望幫助他們產品市場適應，無論在哪裡我們正在提供我們的服務。

I'll now turn the call back to the presenters for closing remarks.

現在，我將把電話轉回給主持人，讓其致閉幕詞。

All right.

好的。

Thanks, everybody, for dialing in today, and have a great rest of your day.

謝謝大家今天撥電話，祝您今天休息愉快。

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。