Shopify Inc (SHOP) 2019 Q2 法說會逐字稿

Good morning, my name is Heidi and I will be your conference operator today.

早上好，我叫 Heidi，今天我將擔任您的會議接線員。

At this time, I would like to welcome everyone to the Spotify (sic) [Shopify] Second Quarter 2019 Financial Results Conference Call.

在這個時候，我想歡迎大家參加 Spotify (sic) [Shopify] 2019 年第二季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

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

凱蒂凱塔，投資者關係主管，您可以開始您的會議了。

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 Second Quarter 2019 Conference Call.

我們很高興您能加入我們的 Shopify 2019 年第二季度電話會議。

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

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

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

在我們準備好的評論之後，我們將為您的問題打開它。

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陳述，因此受到可能導致實際結果與預測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, you can read about these risks and uncertainties in our press release this morning as well as in our filing with US and Canadian regulators.

我們不承擔更新這些聲明的義務，除非法律要求，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, reconciliations between the two can be found in our earnings press release which is available on our website and finally, note that because we report in US dollars, all amounts discussed today are in US dollars unless otherwise indicated.

這些應被視為對 GAAP 財務措施的補充而非替代，兩者之間的對賬可以在我們網站上提供的收益新聞稿中找到，最後請注意，由於我們以美元報告，所有討論的金額除非另有說明，否則今天以美元為單位。

And with that, I will turn the call over to Harley.

有了這個，我會把電話轉給哈利。

Thanks, Katie, and good morning, everyone.

謝謝，凱蒂，大家早上好。

This past quarter, our momentum has certainly continued.

在過去的這個季度，我們的勢頭肯定還在繼續。

Our efforts to expand internationally accelerated with new global additions to our partner network.

隨著我們合作夥伴網絡的全球新增成員，我們加速了國際擴張的努力。

And the largest ever mix of international merchant store base.

以及有史以來規模最大的國際商戶商店組合。

Our merchants reached new levels of success with the year-over-year GMV growth accelerating from Q1.

我們的商家達到了新的成功水平，GMV 的同比增長從第一季度開始加速。

In fact, merchant sales reached a major milestone, selling on average $1 billion per week in Q2.

事實上，商家銷售額達到了一個重要的里程碑，第二季度平均每週銷售額達到 10 億美元。

An impressive number considering it was not very long ago, that it took our merchants an entire year to sell $1 billion worth of their products.

考慮到不久前，這是一個令人印象深刻的數字，我們的商家花了整整一年的時間才賣出了價值 10 億美元的產品。

And more than 1,500 partners and developers from more than 50 countries joined us for our sold-out Shopify Unite Conference.

來自 50 多個國家/地區的 1,500 多名合作夥伴和開發人員參加了我們售罄的 Shopify Unite 大會。

Our largest ever, where we announced many of the features we've been working on.

我們有史以來最大的一次，我們在這裡宣布了我們一直在努力的許多功能。

I want to highlight a few of these new features before updating you on our progress of Shopify Plus and our partner ecosystem as we continue to level the playing field for entrepreneurs.

在向您介紹我們在 Shopify Plus 和我們的合作夥伴生態系統方面的進展之前，我想強調其中的一些新功能，因為我們將繼續為企業家提供公平的競爭環境。

We announced a new online store design experience, making it easier than ever for merchants to design an update their stores, while creating their own unique brand and buyer experience.

我們宣布了一種新的在線商店設計體驗，讓商家可以比以往更輕鬆地設計更新他們的商店，同時創造自己獨特的品牌和買家體驗。

We're adding new functionality to enable businesses of any scale to showcase their products in 3D, AR and through video, creating a more immersive browsing experience.

我們正在添加新功能，使任何規模的企業都能以 3D、AR 和視頻的形式展示他們的產品，從而創造更加身臨其境的瀏覽體驗。

This also makes Shopify the first major platform ever to natively support 3D.

這也使 Shopify 成為有史以來第一個原生支持 3D 的主要平台。

And based on our early tests, buyers interacting with 3D were more than twice as likely to complete a purchase.

根據我們的早期測試，與 3D 交互的買家完成購買的可能性是其兩倍多。

We announced our long-awaited order editing feature an API, which will enable both merchants and partners to create flexible solutions for managing upsells and changes during the post-purchase process.

我們宣布了期待已久的訂單編輯功能 API，這將使商家和合作夥伴能夠創建靈活的解決方案，以在購買後流程中管理追加銷售和更改。

We announced checkout app extensions allowing partners to integrate new functionality into Shop Plus checkout so that buyers can choose things like recurring payment transactions seamlessly.

我們宣布了結帳應用程序擴展，允許合作夥伴將新功能集成到 Shop Plus 結帳中，以便買家可以無縫地選擇定期付款交易等內容。

We made big steps towards connecting merchants and buyers around the world with the announcement of our translations API and multi-currency for all of our merchants.

隨著我們為所有商家發布翻譯 API 和多幣種，我們在連接世界各地的商家和買家方面邁出了一大步。

We're incredibly excited with all these announcements, but our biggest news of the day with the Shopify Fulfillment Network.

我們對所有這些公告感到非常興奮，但我們今天最大的新聞是 Shopify Fulfillment Network。

We expect to spend $1 billion over the next five years to democratize fulfillment, making accessible and affordable for merchants of any size to offer, what used to be reserved for only the largest companies in the world.

我們預計在未來五年內將花費 10 億美元來實現實現民主化，使任何規模的商家都能獲得併負擔得起的服務，而這些服務過去只為世界上最大的公司保留。

No other company is as well positioned as Shopify is to offer this.

沒有其他公司能像 Shopify 那樣提供這種服務。

By leveraging our scale with machine learning, demand forecasting, smart inventory allocation across warehouses and intelligent order routing, we expect merchants will be able to get their goods to buyers, faster and cheaper than any other option they have today, while keeping their own brand front and center.

通過利用我們的規模與機器學習、需求預測、跨倉庫的智能庫存分配和智能訂單路由，我們預計商家將能夠以比他們今天擁有的任何其他選擇更快、更便宜的方式將商品送到買家手中，同時保持自己的品牌前面和中間。

We're also focused on an increasingly important part of our business, offline commerce, which we're enhancing so merchants can provide a far better in-store buyer experience.

我們還專注於我們業務中越來越重要的部分，即線下商務，我們正在對其進行增強，以便商家可以提供更好的店內買家體驗。

We announced our new point-of-sale software which is faster, more intuitive and more scalable point-of-sale software for retailers to grow their brick and mortar businesses.

我們宣布推出新的銷售點軟件，該軟件更快、更直觀、更具可擴展性，供零售商發展實體業務。

Following the launch of our new retail hardware [in April,] we released the card app extension, which let merchants apply loyalty points and discounts directly into the point-of-sale.

在我們的新零售硬件 [4 月] 推出之後，我們發布了卡應用程序擴展，讓商家可以將忠誠度積分和折扣直接應用到銷售點。

In other way, we've helped merchants sell more and improve the buyer experience with Shopify Pay by removing friction at checkout.

在其他方面，我們通過消除結賬時的摩擦，幫助商家銷售更多商品並通過 Shopify Pay 改善買家體驗。

Shopify Pays popularity continues to grow in Q2 with millions more buyers opting in.

隨著數百萬買家的加入，Shopify Pays 的受歡迎程度在第二季度繼續增長。

This led to Shopify Pays order volume doubling compared to the same period last year and reaching nearly $1 billion in GMV for the quarter.

這導致 Shopify Pays 訂單量與去年同期相比翻了一番，本季度的 GMV 達到近 10 億美元。

In Q2 we released new features for Shopify Pay by giving buyers the ability to add discount codes and edit saved shipping addresses.

在第二季度，我們發布了 Shopify Pay 的新功能，讓買家能夠添加折扣代碼和編輯保存的送貨地址。

Shopify Capital and Shopify Shipping both experienced robust growth year-over-year.

Shopify Capital 和 Shopify Shipping 都經歷了強勁的同比增長。

Growth in these areas are particularly important to us because these are products that our merchants increasingly use as they become more successful.

這些領域的增長對我們來說尤為重要，因為我們的商家越來越成功地使用這些產品。

Shopify Capital exceeded $630 million in total merchant cash advances in the second quarter and more than half of that was distributed in the past 12 months alone.

Shopify Capital 第二季度的商戶預支現金總額超過 6.3 億美元，其中一半以上僅在過去 12 個月內發放。

Simply put, merchants have a better shot at success when they have timely access to affordable capital and that's why this July we introduced Shopify Capital to non-Shopify Payment merchants in the US, expanding our eligible market and help it even more entrepreneurs accelerate the growth of their business.

簡而言之，當商家能夠及時獲得負擔得起的資金時，他們更有可能獲得成功，這就是為什麼今年 7 月我們將 Shopify Capital 引入美國的非 Shopify 支付商家，擴大我們的合格市場並幫助更多的企業家加速增長他們的業務。

Shopify Shipping adoption continue to growth with more than 42% of eligible merchants using shipping in the second quarter, which was up from just a third of eligible merchants in the same period last year.

Shopify Shipping 的採用率繼續增長，第二季度有超過 42% 的合格商家使用送貨服務，而去年同期只有三分之一的合格商家使用送貨服務。

Merchants now have access to shipping profiles, which gives merchants the flexibility to define shipping rates, by product and sourced location, while improving the accuracy of shipping prices.

商家現在可以訪問運輸資料，這使商家可以靈活地按產品和採購地點定義運費，同時提高運輸價格的準確性。

And of course, Shopify Plus, which had another phenomenal quarter.

當然，還有 Shopify Plus，它還有另一個驚人的季度。

The agility and flexibility of the platform gives these large merchants the ability to move fast, offer exceptional buying experiences and grow their business.

該平台的敏捷性和靈活性使這些大型商家能夠快速行動、提供卓越的購買體驗並發展他們的業務。

Some of the brands that launched this quarter include fashion labels BB, A.P.C and Frances Valentine, which was founded by the late fashion icon Kate Spade.

本季度推出的一些品牌包括時尚品牌 BB、A.P.C 和由已故時尚偶像 Kate Spade 創立的 Frances Valentine。

International electronic brands including Dolby, Sony, Uniden and Palm, more brands from some of the largest influencers on the planet like Kylie Jenner new skincare line, Kyle Skin and Katy Perry's new footwear line the Katy Perry Collection.

包括杜比、索尼、Uniden 和 Palm 在內的國際電子品牌，以及來自地球上一些最大影響者的更多品牌，例如 Kylie Jenner 新護膚系列、Kyle Skin 和 Katy Perry 的新鞋履系列 Katy Perry Collection。

One of Canada's largest sellers of office supplies retailer Staples Canada, footwear brand Clark's, Beer Company Heineken and we continue to see more launches in the world's largest consumer packaged good companies.

加拿大最大的辦公用品零售商之一，Staples Canada、鞋類品牌 Clark's、啤酒公司喜力啤酒，我們繼續看到世界上最大的消費品公司推出更多產品。

Shopify Plus is set to become an even more compelling solution for complex and large scale businesses, when we release our new Shopify Plus product later this year.

當我們在今年晚些時候發布新的 Shopify Plus 產品時，Shopify Plus 將成為針對複雜和大型企業的更具吸引力的解決方案。

The all-new Shopify Plus will give merchants an overview of the performance of every single one of their stores, with the ability to manage all stores, staff accounts, user permissions and automation tools like Shopify Flow in a single place.

全新的 Shopify Plus 將讓商家了解他們每一家商店的表現，並能夠在一個地方管理所有商店、員工賬戶、用戶權限和自動化工具，如 Shopify Flow。

Finally, let's turn to our partners.

最後，讓我們轉向我們的合作夥伴。

As I mentioned, Shopify held its fourth annual Unite Partner Conference this June, where we shared glimpses of our product road map with our partner community.

正如我所提到的，Shopify 在今年 6 月舉行了第四次年度 Unite 合作夥伴大會，我們與合作夥伴社區分享了我們的產品路線圖。

This event gets bigger and better every year as we surface all the opportunities available to our ecosystem to help build the world's best multichannel retail operating system.

隨著我們展示生態系統可用的所有機會以幫助建立世界上最好的多渠道零售操作系統，該活動每年都變得更大更好。

The Shopify Fulfillment Network, our international expansion and the continued growth of our sales channels like point-of-sale or just some of the exciting areas where our incredible partner ecosystem plays a vital role, and our partner ecosystem has been busy.

Shopify Fulfillment Network、我們的國際擴張以及我們銷售渠道（如銷售點）的持續增長，或者只是我們令人難以置信的合作夥伴生態系統發揮重要作用的一些令人興奮的領域，我們的合作夥伴生態系統一直很忙。

22,000 partners referred merchants to our platform in the last 12 months, up from 19,000 in Q1 and this was primarily driven by international growth.

在過去的 12 個月裡，有 22,000 家合作夥伴將商家推薦給我們的平台，高於第一季度的 19,000 家，這主要是受國際增長的推動。

Our partners play an important role in helping us localize the platform internationally.

我們的合作夥伴在幫助我們將平台進行國際化方面發揮了重要作用。

In fact, I've been on the ground meeting with partners from around the world, and I always come home energized by their enthusiasm to enable our merchants from every corner of the globe.

事實上，我一直在與來自世界各地的合作夥伴進行實地會面，回家時我總是被他們的熱情所鼓舞，以幫助我們來自全球各個角落的商人。

Our app store also continues to grow, with more international partners building new functionality for Shopify.

我們的應用商店也在繼續發展，越來越多的國際合作夥伴為 Shopify 構建了新功能。

We added another 200 apps, bringing the total number 2,900 at the end of Q2 and translated the Shopify app store into 18 languages, that our non-English speaking merchants can add the specific functionality they need regardless of where they are located.

我們又增加了 200 個應用程序，在第二季度末總數達到 2,900 個，並將 Shopify 應用程序商店翻譯成 18 種語言，我們的非英語商家可以添加他們需要的特定功能，無論他們身在何處。

It's incredible, what we're getting them at Shopify.

令人難以置信的是，我們在 Shopify 獲得了它們。

We're shipping important features at a strong pace as we invest and build great products enabling more capabilities, I'm confident that we will continue to unlock unprecedented opportunities for merchants around the world, making commerce better for everyone, everywhere.

我們正在以強勁的速度發布重要功能，因為我們投資並打造了能夠提供更多功能的優秀產品，我相信我們將繼續為世界各地的商家帶來前所未有的機會，讓世界各地的每個人都能更好地開展商務活動。

Thanks, Harley, and good morning, everyone.

謝謝，哈利，大家早上好。

We delivered a strong second quarter, one that highlighted both the power of our business model as well as the strength of our execution.

我們的第二季度表現強勁，突出了我們商業模式的力量和執行力。

We grew revenue 48% year-over-year to $362 million.

我們的收入同比增長 48%，達到 3.62 億美元。

Subscription Solutions revenue increased 38% to $153 million driven by monthly recurring revenue growth of 34% to $47.1 million.

在每月經常性收入增長 34% 至 4710 萬美元的推動下，訂閱解決方案收入增長 38% 至 1.53 億美元。

Shopify Plus increased its contribution to MRR, accounting for $12.4 million or 26% compared with 23% of MRR in Q2 2018.

Shopify Plus 增加了對 MRR 的貢獻，佔 1240 萬美元或 26%，而 2018 年第二季度的 MRR 為 23%。

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

本季度訂閱解決方案收入增長快於 MRR，主要是由於應用程序和 Plus 平台費用收入的強勁增長，這不包括在 MRR 中。

Merchant Solutions revenue grew 56% over the same period in 2018 to $208.9 million.

商戶解決方案收入在 2018 年同期增長 56% 至 2.089 億美元。

This growth was driven by GMV expansion, which accelerated to 51% year-over-year to $13.8 billion.

這一增長由 GMV 擴張推動，同比增長 51% 至 138 億美元。

Our merchants are selling more than ever, as our investments across international pass and POS are paying off.

隨著我們在國際通行證和 POS 方面的投資獲得回報，我們的商家銷售量比以往任何時候都多。

$5.8 billion of GMV was processed on Shopify Payments in Q2, an increase of 51% versus the comparable quarter last year.

第二季度 Shopify Payments 處理了 58 億美元的 GMV，與去年同期相比增長了 51%。

Shopify Payments penetration of GMV grew 42% in the second quarter versus 40% in Q2 2018, primarily due to increased Shopify Plus penetration as well as the addition of new Shopify Payments geographies.

Shopify Payments 的 GMV 滲透率在第二季度增長了 42%，而 2018 年第二季度增長了 40%，這主要是由於 Shopify Plus 滲透率的提高以及新 Shopify Payments 地區的增加。

Gross profit dollars grew 50% from Q2 of 2018 to $204.8 million, outpacing revenue growth in the quarter principally due to new payment partner pricing terms, which included a onetime benefit.

毛利潤美元從 2018 年第二季度增長 50% 至 2.048 億美元，超過了該季度的收入增長，這主要是由於新的支付合作夥伴定價條款，其中包括一次性福利。

Adjusted operating income in Q2 was $4.8 million or 1% of revenue compared with a loss of $4.3 million or 2% of revenue in the second quarter of 2018.

第二季度調整後的營業收入為 480 萬美元，佔收入的 1%，而 2018 年第二季度的虧損為 430 萬美元，佔收入的 2%。

We achieved better than expected adjusted operating results in Q2, due in part to the onetime payment partner pricing benefit I just mentioned and timing of brand spend with Q2 underspend shifted to the second half of 2019.

我們在第二季度取得了好於預期的調整後經營業績，部分原因是我剛才提到的一次性支付合作夥伴定價優勢以及第二季度支出不足的品牌支出時間轉移到了 2019 年下半年。

Early indications are that the brand campaign has nearly doubled unaided awareness in our test markets, while there was minimal increase in similar control markets.

早期跡象表明，品牌宣傳活動在我們的測試市場中獨立意識幾乎翻了一番，而在類似的控制市場中幾乎沒有增加。

This has resulted in an increase in traffic to the platform, how and when that takes effect down the funnel and impacts conversion remains to be seen, but this is certainly a positive early readout.

這導致平台流量增加，如何以及何時在渠道中生效並影響轉換仍有待觀察，但這無疑是一個積極的早期數據。

Adjusted net income for the quarter grew significantly to $15.8 million or $0.14 per share over income of $2.5 million or $0.02 per share for the same period last year.

本季度調整後的淨收入大幅增長至 1580 萬美元或每股 0.14 美元，高於去年同期的 250 萬美元或每股 0.02 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。

The appeal of entrepreneurship is universal, attracting entrepreneurs around the globe to Shopify.

企業家精神的吸引力是普遍的，吸引了全球的企業家加入 Shopify。

Why Shopify?

為什麼選擇 Shopify？

Because our merchant-centric business model is inclusive, ensuring that multiple voices contribute to the future of commerce regardless of scale or location.

因為我們以商家為中心的商業模式具有包容性，無論規模或地點如何，都能確保多種聲音為商業的未來做出貢獻。

Investing in their aspirations and growth keeps our flywheel in motion, leading to a diversity of merchants joining the platform, more channels and capabilities to help our merchants succeed and greater opportunities for merchants to grow their sales and reinvest in their businesses.

投資於他們的抱負和增長使我們的飛輪保持運轉，導致多樣化的商家加入平台，更多的渠道和能力幫助我們的商家取得成功，並為商家增加銷售和再投資業務提供更多機會。

Harley discussed our achievements and continued investments in platform and Plus, I will provide updates for international and Shopify Fulfillment Network starting with international.

Harley 討論了我們在平台上的成就和持續投資，此外，我將從國際開始為國際和 Shopify 履行網絡提供更新。

We made great headway, improving our product market fit across a number of regions in the second quarter, adding 11 more languages to the platform, enabling more merchants to start using Shopify in the language they are most comfortable.

我們取得了長足的進步，在第二季度改善了我們在多個地區的產品市場契合度，為平台增加了 11 種語言，使更多商家能夠以他們最熟悉的語言開始使用 Shopify。

We also translated the partner dashboard into 11 additional languages as we leverage our growing international ecosystem to support our localization efforts.

我們還將合作夥伴儀表板翻譯成 11 種其他語言，因為我們利用不斷發展的國際生態系統來支持我們的本地化工作。

We introduced more product solutions to fuel merchant growth.

我們推出了更多產品解決方案來推動商家增長。

In Q2, we launched Shopify Payments in Denmark and the Netherlands, which features an integrated local payment method that allows for bank transfers in addition to credit card payments.

在第二季度，我們在丹麥和荷蘭推出了 Shopify Payments，它採用了一種集成的本地支付方式，除了信用卡支付外，還允許銀行轉賬。

Multi-currency is now available to eligible core merchants using Shopify Payments with a full rollout planned for later this year.

使用 Shopify Payments 的合格核心商家現在可以使用多幣種，併計劃在今年晚些時候全面推出。

Early signs of growth are promising since launching this feature to Plus merchants in Q1.

自第一季度向 Plus 商家推出此功能以來，增長的早期跡象令人鼓舞。

Optimizing product market fit on a localized basis is clearly the right approach, while still early days, we are pleased with our progress.

在本地化基礎上優化產品市場適合度顯然是正確的方法，雖然仍處於初期階段，但我們對我們的進展感到滿意。

Our mix of international merchants continue to grow relative to total new merchant adds.

相對於新增商戶總數，我們的國際商戶組合繼續增長。

International also contributed to the re-acceleration of GMV with its contribution relative to overall GMV continuing to expand in the second quarter.

國際也為 GMV 的重新加速做出了貢獻，其相對於整體 GMV 的貢獻在第二季度繼續擴大。

Moving to Shopify Fulfillment Network, a major new product expansion area for our merchants.

轉移到 Shopify Fulfillment Network，這是我們商家的主要新產品擴展區域。

As I discussed at our Investor Day, our merchants need for fast, reliable, affordable fulfillment is clear and growing, and can be the difference in whether merchant makes a sale or not.

正如我在投資者日所討論的那樣，我們的商家對快速、可靠、負擔得起的履行的需求是明確且不斷增長的，並且可能決定商家是否進行銷售。

In other words, the success of our merchants depends on it, which is why it is among our top investment priorities.

換句話說，我們商家的成功取決於它，這就是為什麼它是我們的首要投資重點之一。

Since announcing Shopify Fulfillment Network at our Unite Conference, we have received an incredible amount of interest that exceeded our expectations.

自從在我們的 Unite 會議上宣布 Shopify Fulfillment Network 以來，我們收到了超出預期的巨大興趣。

Thousands of merchants have expressed their desire to be a part of our early access program and dozens of partners are eager to join us and being a part of the solution.

成千上萬的商家表達了他們希望成為我們搶先體驗計劃的一部分的願望，數十個合作夥伴渴望加入我們並成為解決方案的一部分。

We have spent the past six weeks on boarding merchants, we've approved so far, are in discussions with thousands of other merchants in our assessing interested partners, given that the uptake and interest for Shopify Fulfillment Network has been much stronger than anticipated.

鑑於 Shopify Fulfillment Network 的接受度和興趣遠高於預期，我們在過去六週內一直在與我們已批准的商戶進行合作，並正在與評估感興趣的合作夥伴中的數千名其他商戶進行討論。

Our plan is to accelerate investing, so we can move fast and execute on this opportunity for our merchants.

我們的計劃是加速投資，這樣我們就可以快速行動，並為我們的商家抓住這個機會。

All in, we are pleased with our second quarter results.

總而言之，我們對第二季度的業績感到滿意。

The topline momentum continuing in the back half of the year and are committed to investing for the long term.

下半年繼續保持營收勢頭，並致力於長期投資。

As a result, we are raising our revenue expectations for the full year to be in the range of $1.51 to $1.53 billion with an adjusted operating income ranging between $20 million to $30 million.

因此，我們將全年收入預期提高至 1.51 至 15.3 億美元，調整後的營業收入在 2000 萬至 3000 萬美元之間。

For the third quarter, we expect revenue of $377 million to $382 million and an adjusted operating income between $0 million and $3 million.

對於第三季度，我們預計收入為 3.77 億美元至 3.82 億美元，調整後的營業收入在 000 萬美元至 300 萬美元之間。

Stock-based compensation in 2019 is expected to be approximately $175 million for the full year, with about $47 million of this in the third quarter.

預計 2019 年全年基於股票的薪酬約為 1.75 億美元，其中第三季度約為 4700 萬美元。

This is higher than originally expected, primarily due to an anticipated increase in payroll taxes related to option exercises resulting from Shopify's strong share price performance this year.

這高於最初的預期，主要是由於 Shopify 今年強勁的股價表現導致與期權行使相關的工資稅預期增加。

In closing, we're excited about the future of commerce and Shopify's role to level the playing field for entrepreneurs everywhere.

最後，我們對商業的未來以及 Shopify 為各地企業家創造公平競爭環境的作用感到興奮。

Given the success of our merchants, we are confident that we are making the right investments that will continue to energize the flywheel and deliver strong and sustained growth well into the future.

鑑於我們商家的成功，我們相信我們正在做出正確的投資，這將繼續為飛輪注入活力，並在未來實現強勁和持續的增長。

With that, I'll 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。

Before turning it over to the operator to open it up to everyone's questions, let me remind you to please try to limit yourselves to just one question, and that way everyone can get a chance to ask a question on the call today.

在把它交給接線員向大家開放之前，我提醒大家，請盡量將自己限制在一個問題上，這樣每個人今天都有機會在電話中提問。

With that operator, do we have anyone in queue?

有了那個接線員，我們有沒有人在排隊？

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

（操作員說明）您的第一個問題來自瑞士信貸的 Brad Zelnick。

My question is for Tobi or perhaps for Harley.

我的問題是針對托比，或者可能是針對哈雷。

As we look out on the horizon, what can you do with all of the rich and insightful data that you have to drive merchant success perhaps in ways you're now already doing?

當我們展望未來時，您可以如何利用您必須以您現在已經在做的方式推動商家成功的所有豐富而有洞察力的數據？

I'll take this Tobi here.

我會把這個托比帶到這裡。

It is an interesting type of data, right.

這是一種有趣的數據類型，對。

I want to be careful because that's a really, really strong principles in this company, like which around that the data is the merchants and we use it to the exact benefit, right.

我要小心，因為這對這家公司來說是一個非常非常強大的原則，比如數據就是商家，我們使用它來獲得確切的利益，對吧。

And you see like I think grades implementation of this with our plans for the shopping cycles in the network because there, we would be talking about this on stage.

你看，我認為這與我們對網絡購物週期的計劃的實施進行了評分，因為在那裡，我們將在舞台上討論這個問題。

We can based on history of via sales, demand, costs and so on we can predict -- right now, we are about 85% accuracy from which region the next order is going to come and where demand is going to be needed and so on.

我們可以根據銷售歷史、需求、成本等我們可以預測——現在，我們大約有 85% 的準確率是下一個訂單來自哪個地區以及需要哪裡等.

So it's -- these kind of things -- it's taking data to either make something that would previously have been impossible for the merchant, impossible for them or take something that would otherwise be incredibly difficult or full of manual labor and to simplify it, most of the kind of use case if you're looking at.

所以它是 - 這類事情 - 它正在獲取數據來製作以前對商家來說不可能的東西，對他們來說不可能的東西，或者採用原本非常困難或充滿體力勞動的東西並簡化它，大多數如果您正在查看這種用例。

And so it's going to -- I haven't got anything terribly concrete to point out because I think we also just gave a good example of the kind of thing that we can do, but it's important to say that what steps I want to is take the sort of aggregate total of and act on build earnings to our benefit.

所以它會 - 我沒有任何非常具體的東西要指出，因為我認為我們也只是舉了一個很好的例子來說明我們可以做的事情，但重要的是要說我想要的步驟是採取總和並採取行動為我們的利益建立收益。

It is this sort of -- we see this in the history of retail, a lot of large vendors go and create retail brands based on -- or in-house brands based on the insights that they are only marginally entitled to and this is just not the right move for platform such as us.

正是這種——我們在零售歷史上看到了這一點，許多大型供應商基於——或基於他們只能勉強獲得的洞察力創建零售品牌，這只是對於我們這樣的平台來說，這不是正確的舉動。

It's from the line of Colin Sebastian with Baird.

它來自科林塞巴斯蒂安和貝爾德的路線。

I guess in terms of the interest that you're seeing for fulfillment services, I wonder how much of this is coming from merchants that are not currently on the platform.

我想就您對履行服務的興趣而言，我想知道其中有多少來自目前不在平台上的商家。

Meaning, could we anticipate this to be an incremental driver of new customer adds?

意思是，我們能否預期這會成為增加新客戶的增量驅動力？

And in any other observations you have from the channel as well?

在您從該頻道獲得的任何其他觀察結果中？

Thanks for the question, Harley here.

謝謝你的問題，這裡是哈雷。

Certainly, with the way we're looking at SFN, we have more than 800,000 merchants that many of which are shipping, particularly in the US where SFN will be rolled out first and we think we can certainly help with and add value to their shipping and fulfillment practices.

當然，以我們看待 SFN 的方式來看，我們有超過 800,000 家商戶，其中許多正在運送，尤其是在將首先推出 SFN 的美國，我們認為我們當然可以為他們的運送提供幫助並增加價值和履行實踐。

In terms of new merchants, that may not be exploring entrepreneurship because of all the different challenges, it's just one more place where we can reduce the barrier to entry into entrepreneurship, so that in the same say they don't want to think about designing or coding up their own website, they don't want to think about integrating some sort of complex payment system, they don't have to think about integrating some sort of complex payment, they don't have to think about any new functionality, they can just go grab it from our app store.

對於新商來說，可能因為各種不同的挑戰而不會去探索創業，這只是我們可以降低進入創業門檻的一個地方，所以他們同樣不想考慮設計或編寫自己的網站，他們不想考慮集成某種複雜的支付系統，他們不必考慮集成某種複雜的支付，他們不必考慮任何新功能，他們可以從我們的應用商店中獲取它。

The fulfillment network is just one more piece of the puzzle that people may be risk adverse about in terms of jumping into entrepreneurship and the more we can level that playing field, the more people will participate in entrepreneurship and more and more that is happening all on Shopify.

履行網絡只是人們在進入創業方面可能面臨風險的另一個難題，我們越能公平競爭，參與創業的人就越多，而且越來越多的事情正在發生購物。

Your next question is from the line of Ken Wong with Guggenheim.

你的下一個問題來自於古根海姆的 Ken Wong。

This is Ato Garrett on for Ken.

這是肯的阿託加勒特。

I just had a question about some of your merchant adds in the first half of this year.

我剛剛對你們今年上半年添加的一些商家有疑問。

Just given the focus you guys have placed on filling the top of the funnel, do you think that merchant adds are kind of consistent with the first half what you saw in the first half of last year or they coming in better?

鑑於你們對填補漏斗頂部的關注，您認為商家的添加與您在去年上半年看到的上半年有點一致，還是會更好？

Let me just kind of talk about the first half and kind of what we're seeing.

讓我談談上半場和我們所看到的。

We obviously had a record Q1 in terms of net merchant adds and when we think about Q2 relative to Q1, we attribute the movement largely to the seasonality.

我們顯然在第一季度的淨商家增加方面創下了記錄，當我們考慮第二季度相對於第一季度時，我們將這一變動主要歸因於季節性。

So you're seeing some of that.

所以你看到了一些。

We saw a consistent pattern from Q1 to Q2 this year in terms of funnel, gross adds and net adds that we saw last year Q1 to Q2, 2018.

從去年第一季度到 2018 年第二季度，我們在漏斗、總增加和淨增加方面看到了從第一季度到第二季度的一致模式。

In fact, we think we saw it at a little bit magnified as we get larger, our scale gets greater and our international presence is greater.

事實上，我們認為隨著我們的規模越來越大，我們的規模越來越大，我們的國際影響力越來越大，我們看到了這一點。

So we're seeing a very consistent pattern year-over-year.

因此，我們每年都看到非常一致的模式。

Our Q2 adds were in line with our forecast and expectations and we continue to be very optimistic about our long-term growth of our merchants globally with our investments internationally as well as brand.

我們第二季度的增長符合我們的預測和預期，我們繼續對我們在國際和品牌方面的投資對我們全球商家的長期增長持非常樂觀的態度。

The early indications as I said earlier from the brand spend are great.

正如我之前所說，品牌支出的早期跡像很好。

We just concluded this first brand campaign a couple of weeks ago, so it's still early and we're still analyzing and we did see an increase in traffic to website at the top of the funnel.

幾週前我們剛剛結束了第一個品牌活動，所以現在還為時過早，我們仍在分析中，我們確實看到渠道頂部的網站流量有所增加。

But as I said, it's too early to tell how that's going to translate into merchant adds going forward, but we're very encouraged.

但正如我所說，現在說這將如何轉化為未來的商家增加還為時過早，但我們非常鼓舞。

Your next question comes from the line of Samad Samana with Jefferies.

您的下一個問題來自與 Jefferies 的 Samad Samana。

Amy, maybe this is for you, but I guess expanding Shopify Capital to non-payments customers, how should we think about that maybe in terms of expanding the dollar opportunity or did the rate of change in terms of capital and the dollars that you guys have been putting out?

艾米，也許這是給你的，但我想將 Shopify Capital 擴展到非支付客戶，我們應該如何考慮擴大美元機會或在資本和美元方面的變化率已經放出來了？

And does it also change the risk dynamics since non-payments customers are little bit -- tend to have a little bit higher churn?

它是否也改變了風險動態，因為非支付客戶有點——往往有更高的流失率？

So yes, with capital, I'll just kind of give you a little bit of context here.

所以是的，有了資本，我將在這裡給你一些背景信息。

We've actually managed our loss ratio in a very, very tight range.

我們實際上已經在一個非常非常狹窄的範圍內管理了我們的損失率。

In fact, it's lower than the top of the range where we think we could go with us, which says the power of our algorithms are working.

事實上，它低於我們認為可以與我們一起使用的範圍的頂部，這表明我們算法的力量正在發揮作用。

And so it's one of the reasons why we felt comfortable offering the capital product to non-Shopify Payments merchants.

因此，這也是我們願意向非 Shopify Payments 商家提供資本產品的原因之一。

We feel like we're in a good position.

我們覺得我們處於一個很好的位置。

With respect to non-Shopify Payments merchants, we still have significant visibility into their operations.

對於非 Shopify Payments 商家，我們仍然對其運營有很大的了解。

We see their orders.

我們看到他們的命令。

We see the engagement with the platform.

我們看到了與平台的互動。

And so we are very comfortable moving in that direction.

所以我們很樂意朝著這個方向前進。

It does expand our addressable market about 10% and we see other opportunities to increase our addressable market over time as well.

它確實將我們的潛在市場擴大了約 10%，我們也看到了隨著時間的推移增加我們的潛在市場的其他機會。

If you recall, we are only in like 14 states right now and we've got some initiatives underway to take that nationally, timing to be determined.

如果你還記得，我們現在只有大約 14 個州，我們正在採取一些舉措在全國范圍內採取行動，時間待定。

But we certainly see opportunities to continue to grow that business aggressively over time and in a smart way.

但我們當然看到了隨著時間的推移以明智的方式繼續積極發展該業務的機會。

We'll do it prudently and pull those growth levers and watch the loss ratio, but we're very comfortable where we're at right now.

我們會謹慎行事，拉動那些增長槓桿並觀察損失率，但我們對目前所處的位置非常滿意。

Your next question comes from the line of Ygal Arounian with Wedbush Securities.

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

I just want to get into the retail POS a little bit more and maybe get your take on how much of a selling point the POS software has been since you launched it, particular how the kind of cross integration between e-commerce platform and the POS software helps drive merchant growth especially on the Plus side when merchants are debating between your platform and maybe a different one.

我只是想更多地進入零售 POS，也許讓你了解自從你推出 POS 軟件以來，它的賣點有多大，特別是電子商務平台和 POS 之間的交叉集成方式軟件有助於推動商家增長，尤其是在商家在您的平台和不同平台之間進行辯論時。

Then as you think about going further into retail, you've obviously put a lot of effort into the POS and the software there, how do you think about kind of hand points in areas where you can solve for that, might be lacking in the marketplace today?

然後，當您考慮進一步涉足零售業時，您顯然已經在 POS 和那裡的軟件上投入了很多精力，您如何看待可以解決的領域中的那種手點，可能在今天的市場？

And then as you think about going further into retail and you've obviously put a lot of effort into the POS and the software there, how do you think about kind of -- points in areas where you can solve for that might be lacking in the marketplace today.

然後，當您考慮進一步涉足零售業時，您顯然已經在 POS 和那裡的軟件上投入了很多精力，您如何看待您可以解決的領域中可能缺乏的點今天的市場。

Thanks.

謝謝。

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

是哈利，我會回答這個問題。

So as I mentioned in my prepared remarks, we are certainly focused in a new rejuvenated way in terms of point-of-sale.

因此，正如我在準備好的評論中提到的那樣，我們肯定會在銷售點方面以一種全新的方式集中精力。

We already have more than 100,000 physical retailers using our point-of-sale product, but we feel like new hardware and new software, our point-of-sale offerings can be best-in-class.

我們已經有超過 100,000 家實體零售商使用我們的 POS 產品，但我們覺得新的硬件和新軟件，我們的 POS 產品可以是一流的。

So part of what we're doing now is obviously making sure that anyone who is currently using Shopify for e-commerce begins to you Shopify as well for point-of-sale, and there is some low hanging fruit there for us as well.

因此，我們現在正在做的部分工作顯然是確保當前使用 Shopify 進行電子商務的任何人都開始使用 Shopify 以及銷售點，而且我們也有一些容易實現的目標。

But also if you think about what we talked about with channels, point-of-sale is just another entryway into Shopify.

但是，如果您考慮一下我們談到的渠道，銷售點只是進入 Shopify 的另一個入口。

Some merchants come to us to sell online, some are coming to us sell offline as well.

一些商家來找我們在線銷售，一些商家也來找我們銷售。

As their business grows, they are able to take more channels and expand with us.

隨著他們的業務增長，他們能夠採取更多的渠道並與我們一起擴展。

So we are excited about our point-of-sale offering -- our new point-of-sale offering.

所以我們對我們的銷售點產品感到興奮——我們新的銷售點產品。

We think with the hardware kit, which is proprietary, which is something that we're really proud of, coupled with a brand new software, which we think is the best out there right now.

我們認為使用專有的硬件套件，這是我們真正引以為豪的東西，再加上我們認為是目前最好的全新軟件。

We can really win in this fashion in this particular market.

在這個特定的市場上，我們真的可以以這種方式取勝。

The other thing that we're working on with point-of-sale is sort of a new go-to-market strategy.

我們正在與銷售點合作的另一件事是一種新的上市策略。

Obviously, the way that merchants and small businesses purchase point-of-sale is different than the way they purchase e-commerce And so by having the right marketing, the right salespeople and the right go-to-market strategy, we think we can do a really great job of increasing the 100,000 merchant mark to much more than that.

顯然，商家和小企業購買銷售點的方式與他們購買電子商務的方式不同。因此，通過正確的營銷、正確的銷售人員和正確的上市策略，我們認為我們可以將 100,000 個商戶標記增加到更多，做得非常好。

It’s from the line of Thomas Forte with Davidson.

它來自 Thomas Forte 和 Davidson 的系列。

So I had a question for Tobi.

所以我有一個問題要問托比。

So Tobi, with the Four Horseman as big technology Amazon, Apple, Facebook and Google, facing increasing government scrutiny on a global basis as evidenced recently by their testifying in front of the House Judiciary Committee.

因此，托比作為亞馬遜、蘋果、Facebook 和谷歌的大型科技公司，在全球範圍內面臨越來越多的政府審查，最近他們在眾議院司法委員會面前的作證證明了這一點。

So to what extent is this potentially a problem for Shopify to the extent we partner with some of those companies, and then more importantly, to what extent is this creating an opportunity to Shopify?

那麼，就我們與其中一些公司合作的程度而言，這對 Shopify 來說潛在的問題有多大，更重要的是，這在多大程度上為 Shopify 創造了機會？

Well, I guess first of all, I think it's a very, very healthy debate for every country, society to just -- at least meditate on how the largest companies fit into society and what roles they should play and so on.

嗯，我想首先，我認為對於每個國家、每個社會來說，這是一場非常非常健康的辯論——至少思考一下最大的公司如何融入社會以及他們應該扮演什麼角色等等。

So I think this is all good.

所以我認為這一切都很好。

More about Shopify, but the nice thing is like Shopify -- again the thing that's so great about this company from -- I mean from my perspective, frankly it makes my job easier is that, Shopify is really -- we are on the same side of the table with all the stakeholders, all the way down, not just partners, merchants and buyers and so on.

關於 Shopify 的更多信息，但好東西就像 Shopify——這也是這家公司非常棒的地方——我的意思是，從我的角度來看，坦率地說，它讓我的工作更輕鬆，Shopify 真的——我們在同一個桌邊的所有利益相關者，一路走下來，不僅僅是合作夥伴、商家和買家等等。

It's like even the externalities of Shopify, that there is more entrepreneurship, which leads to more successful small businesses.

就像 Shopify 的外部性一樣，有更多的企業家精神，這會導致更多成功的小企業。

And when I talk about politicians then I do -- the thing that we get too pretty quickly is that the future needs millions and millions of small businesses, creating good jobs for 10 to 50 people or maybe beyond in certain cases.

當我談到政治家時，我會說——我們很快就明白了，未來需要數以百萬計的小企業，為 10 到 50 人創造良好的就業機會，或者在某些情況下可能更多。

So it's -- I'm super comfortable that's how Shopify fits into this picture.

所以它 - 我非常舒服，這就是 Shopify 適合這張照片的方式。

And to the extent of -- like I've spoken with other companies, I do think -- again they are so large in scope and some of them are very beneficial for the same thing for the [SMB] space.

在某種程度上 - 就像我與其他公司交談過的那樣，我確實認為 - 它們的範圍如此之大，其中一些對於 [SMB] 空間的同樣事情非常有益。

And so they are -- we collaborate with them and try to create a situation where the Internet is a place which is beneficial to entrepreneurship, which then leads to all the good side effects to society that we'd like to see.

他們就是這樣——我們與他們合作，試圖創造一種情況，讓互聯網成為一個有利於創業的地方，然後給社會帶來我們希望看到的所有好的副作用。

Your next comes from the line of Darren Aftahi with ROTH Capital Partners.

您的下一個來自 ROTH Capital Partners 的 Darren Aftahi。

When you look at your international merchant base today and then kind of look at it compared to your domestic base, when it was similar size, way back when -- I'm curious faster that international base reaching kind of those same GMV benchmark level that they have achieved?

當您今天查看您的國際商戶基礎，然後將其與您的國內基礎進行比較，當它的規模相似時，早在很久以前-我很好奇國際基礎達到與 GMV 相同的基準水平他們取得了成就？

It's Harley, it really depends.

是哈雷，這真的取決於。

In the same way that there is no way for us to get product market fit in every country at once.

就像我們無法同時讓產品適合每個國家的市場一樣。

So we actually have to go and understand the nuances of each geography and understand what they need from a product perspective, what they need from an ecosystem, like a partner perspective.

所以我們實際上必須去了解每個地區的細微差別，從產品的角度了解他們需要什麼，從生態系統的角度了解他們需要什麼，比如合作夥伴的角度。

The same sort of thing happens in terms of merchant type.

同樣的事情發生在商家類型方面。

So we will see a very different type of merchants in a place of Japan, then we would in a place like France as well.

所以我們會在日本的地方看到非常不同類型的商人，然後我們也會在法國這樣的地方看到。

That being said, there are opportunities for us to not only get more merchants in each of those countries, but also for those merchants that grow really successfully.

話雖如此，我們不僅有機會在每個國家獲得更多的商家，而且還有那些真正成功發展的商家。

And the way that we think we can do -- we can help them with that is by making sure they have all the tools they need.

我們認為我們可以做到的方式——我們可以通過確保他們擁有所需的所有工具來幫助他們。

So as I mentioned in my prepared remarks, translating the app store into way more languages than we initially had, making sure we have third parties in each country building new apps for country-specific merchant needs, that was always that we think we can not only get more merchants on the platform, but make those merchants internationally way more successful at a faster clip.

所以正如我在準備好的評論中提到的，將應用商店翻譯成比我們最初擁有的更多的語言，確保我們在每個國家都有第三方為特定國家的商家需求構建新的應用程序，這一直是我們認為我們做不到的只會在平台上吸引更多商家，但會讓這些商家在國際上以更快的速度取得更大的成功。

Your next question comes from the line of David Hynes with Canaccord.

您的下一個問題來自與 Canaccord 的 David Hynes。

Maybe for Harley.

也許是為了哈雷。

Harley, how do you think about the relationship between the fulfillment network in Shopify Capital?

Harley，您如何看待 Shopify Capital 中的履行網絡之間的關係？

I mean obviously, the goal is to help merchants be as efficient as possible in enabling faster delivery.

我的意思很明顯，目標是幫助商家盡可能高效地實現更快的交付。

But I also assume for most, it's going to require a degree of inventory build.

但我也認為，對於大多數人來說，這將需要一定程度的庫存建設。

So is it right to think that a scaling fulfillment network is going to be a tailwind to your capital business?

那麼認為擴展的履行網絡將成為您的資本業務的順風是正確的嗎？

Look, obviously, what you're seeing with SFN, which is Shopify Fulfillment Network and Capital and Shipping and Payments and all these sort of different Merchant Solutions is -- we want to complete the picture of what merchants required to not only start a business, but to go really big.

顯然，您在 SFN 中看到的內容是 Shopify Fulfillment Network 和 Capital 以及 Shipping 和 Payments 以及所有這些不同的商家解決方案——我們希望完成商家不僅需要開展業務的圖片，但去真的很大。

Obviously, the more services and solutions that our merchants take from us, the easier it is for us to provide them with assistance.

顯然，我們的商家從我們這裡獲得的服務和解決方案越多，我們就越容易為他們提供幫助。

So if we know how much inventory they have in the SFN, we obviously can make faster, smarter, more intelligent capital decisions.

因此，如果我們知道他們在 SFN 中有多少庫存，我們顯然可以做出更快、更智能、更明智的資本決策。

But all these things fit together, which you're beginning to see what we have been talking about, is this first global retail operating system, where a merchant to come to Shopify and whether it's their inventory, shipping other products, providing them capital, providing them shipping labels or payment opportunities, we wanted to do more for these merchants once they come onto the platform.

但是所有這些東西結合在一起，你開始看到我們一直在談論的，這是第一個全球零售操作系統，一個商人來到 Shopify，無論是他們的庫存，運輸其他產品，為他們提供資金，為他們提供運輸標籤或付款機會，我們希望在這些商家進入平台後為他們做更多的事情。

And so you're seeing more of that now.

所以你現在看到的更多。

Your next question comes from the line of Deepak Mathivanan with Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Amy, can you elaborate on the onetime benefit to Merchant Solutions gross margin?

Amy，您能否詳細說明一下 Merchant Solutions 毛利率的一次性收益？

You noted onetime partner payment, is that incremental revenues?

您提到一次性合作夥伴付款，這是增量收入嗎？

How should we think about the magnitude of that and also going forward?

我們應該如何考慮其規模以及未來的發展？

Sure.

當然。

In the normal course of businesses as we've scaled, we've obviously -- we were able to negotiate volume discounts with our various partners and the second quarter we concluded a contract renegotiation with the payment partner where we were successful in negotiating future volume discounts, along with that came a onetime benefit that was recognized in the second quarter.

在我們擴大規模的正常業務過程中，我們顯然 - 我們能夠與我們的各個合作夥伴協商批量折扣，並且第二季度我們與支付合作夥伴完成了合同重新談判，我們成功地談判了未來的數量折扣以及隨之而來的一次性收益在第二季度得到認可。

If we had not had that onetime benefit in Q2, Merchant Solutions margins would have been roughly flat quarter-over-quarter and year-over-year.

如果我們沒有在第二季度獲得一次性收益，那麼 Merchant Solutions 的利潤率將與季度環比和同比大致持平。

So that should give you a sense of the magnitude.

所以這應該讓你感覺到它的重要性。

So on a go-forward basis, this obviously is a benefit to our payment margin and recognizing the greater volumes that we'll be bringing on over time.

因此，在前進的基礎上，這顯然有利於我們的支付保證金，並認識到我們將隨著時間的推移帶來更大的交易量。

Koji Ikeda with Oppenheimer.

池田浩司與奧本海默。

I had a quick question on the fulfillment network.

我有一個關於履行網絡的快速問題。

Obviously, big news coming up from the Unite Conference and I know it's really, really early here.

顯然，Unite Conference 傳來了重大新聞，我知道現在真的非常非常早。

But any sort of commentary on the initial demand from the customers out there?

但是對客戶的最初需求有什麼評論嗎？

Or maybe how has been sign-up requests been for the early access program with about as expected, maybe higher, maybe a little bit lower, any sort of color there would be helpful?

或者，早期訪問計劃的註冊請求如何，與預期的一樣，可能更高，可能更低，任何顏色都會有幫助？

So in terms of progress, we've made since announcement, we've received a ton of interest for merchants and partners.

因此，就進展而言，自宣布以來，我們已經收到了商家和合作夥伴的大量興趣。

I can just say this bluntly.

我只能直截了當地說。

We exceeded our expectations on that.

我們超出了我們的預期。

So we've spent the last six weeks onboarding merchants we've approved so far, and we're currently in discussions with thousands of other merchants and assessing interested partners.

因此，我們在過去六週的時間裡加入了我們迄今為止批准的商家，我們目前正在與成千上萬的其他商家進行討論並評估感興趣的合作夥伴。

So generally we're really pleased with where things are out right now.

所以總的來說，我們對現在的情況感到非常滿意。

As we've mentioned, we've signed on seven nodes for 2019, each of those notes are in various stages of implementation.

正如我們所提到的，我們已經在 2019 年簽署了七個節點，其中每一個節點都處於不同的實施階段。

There certainly may be more coming on as well.

當然也可能會有更多的事情發生。

But the idea really is, we think we can provide this fulfillment network to provide lower-cost to allow merchants to keep the brand and allow them to have a much smoother business.

但真正的想法是，我們認為我們可以提供這個履行網絡以提供更低的成本，讓商家能夠保留品牌並讓他們擁有更順暢的業務。

So we're really happy where things are at right now.

所以我們真的很高興現在的情況。

But these merchants that we're bringing on now, it's still really access and again this announcement was made less than two months ago.

但是我們現在引入的這些商家，它仍然是真正可以訪問的，而且這個公告是在不到兩個月前發布的。

Chris Merwin with Goldman Sachs.

高盛的克里斯默文。

Maybe just keeping on the fulfillment, you mentioned a very strong uptake so far.

也許只是繼續履行，你提到了迄今為止非常強烈的吸收。

And it was the seven fulfillment partners, you have to date.

這是七個履行合作夥伴，你必須約會。

Do you think that's enough to kind of handle the near-term demand or could you potentially be starting to build your own in the near future and just at a higher level to the extent that GMV and revenue continues to exceed your expectations for fulfillment?

您是否認為這足以應對近期需求，或者您是否可能在不久的將來開始構建自己的產品，並且在 GMV 和收入繼續超過您對實現的預期的程度上處於更高的水平？

Should we think about you mostly reinvesting all of that into growth given the magnitude of the opportunity?

鑑於機會的重要性，我們是否應該考慮將所有這些再投資於增長？

I'll sort of tackle the last part of the question about.

我將解決問題的最後一部分。

We obviously saw greater demand than we expected coming out of Unite for our early access program.

顯然，我們看到 Unite 對我們的早期訪問計劃的需求比我們預期的要大。

So yes we want to be able to accelerate some spend as I said earlier in my remarks.

所以是的，我們希望能夠加快一些支出，正如我之前在講話中所說的那樣。

Largely, the way I would look at the $1 billion that we said that we would spend over five years, the timing of that is going to be driven by a variety of factors.

很大程度上，我看待我們所說的將在五年內花費的 10 億美元的方式，其時間將受到多種因素的驅動。

It's going to be, merchant demand, merchant on boarding, our ability to bring on our partners, the capacity and so those things are going to some extent determine how we spend.

這將是，商戶需求、商戶入駐、我們吸引合作夥伴的能力、能力等等，這些因素將在一定程度上決定我們的消費方式。

We will continue to give you progress, updates as we go.

我們將繼續為您提供進展和更新。

It's too early.

太早了。

I think to make generalizations other than the early indication is that there is significant demand, and we want to make sure that we meet the demand of our merchants, especially through the [FCM].

我認為除了早期跡像外，進行概括是有大量需求，我們希望確保我們滿足商家的需求，特別是通過[FCM]。

So there'll be a lot more coming in the coming quarters on SFN and how that's going to roll out.

因此，未來幾個季度將會有更多關於 SFN 以及如何推出的內容。

In terms of the -- you said seven partners, actually what we announced at Unite was seven nodes, no seven partners that we expect to have online in 2019 and they're all and kind of various states of implementation.

就你所說的七個合作夥伴而言，實際上我們在 Unite 宣布的是七個節點，沒有我們期望在 2019 年上線的七個合作夥伴，它們都是各種不同的實施狀態。

But we expect that will be sufficient for this year, but again we'll be assessing it as we move through this early access program.

但我們預計這對於今年來說就足夠了，但我們將再次評估它，因為我們正在通過這個搶先體驗計劃。

Nikhil Thadani with Mackie Research Capital.

Nikhil Thadani 與 Mackie Research Capital。

Maybe for Amy.

也許是為了艾米。

Could you just remind us of your FX hedging program and how that changes with all this ongoing sort of interest rate and fed drama?

您能否提醒我們您的外匯對沖計劃，以及隨著所有這些正在進行的利率和美聯儲的戲劇性事件而發生的變化？

I mean I don't think it really changes our FX program.

我的意思是我認為它不會真正改變我們的外匯計劃。

As you probably recall, we currently bill most of our revenue in US dollars, so there is almost no impact on that and where we hedge is on the expense side.

您可能還記得，我們目前的大部分收入都以美元計費，因此對此幾乎沒有影響，我們對沖的地方是費用方面。

Significant amount of our operating expense is denominated in Canadian dollars, so to mitigate fluctuations in our results.

我們的大部分運營費用以加元計價，以減輕我們業績的波動。

Short term and longer term, we do have a pretty mature hedging program that we've utilized and so the FX impact, in fact, for the first six months of this year was minimal because of that hedging program.

短期和長期，我們確實有一個非常成熟的對沖計劃，我們已經使用過，因此實際上，由於該對沖計劃，今年前六個月的外匯影響很小。

So we expect that will continue, and I don't see those other factors playing much of a role here.

因此，我們預計這種情況會繼續下去，我認為其他因素在這裡不會發揮太大作用。

Mark Zgutowicz with Rosenblatt Securities.

Mark Zgutowicz 與 Rosenblatt Securities。

Just a follow-up question on SFN.

只是關於 SFN 的後續問題。

Tobi if you could maybe quantify, even if I accelerated investment there and what it potentially means for new timing in terms of an official launch?

Tobi 如果你可以量化一下，即使我在那裡加速投資，它對正式發布的新時機可能意味著什麼？

And then how you see SFN sort of pulling CPG volumes off Amazon?

然後，您如何看待 SFN 將 CPG 銷量從亞馬遜上拉下來？

And you've talked about CPG, DTC initiatives, so in that regard, if you could comment on sort of that dynamic?

您談到了 CPG、DTC 計劃，所以在這方面，您能否評論一下這種動態？

I'll take the accelerated spend piece of that.

我將承擔加速支出的部分。

So we just for forecast, we took revenue up for the year, reflecting how optimistic we are about our continued growth opportunity.

所以我們只是為了預測，我們增加了今年的收入，這反映了我們對持續增長機會的樂觀程度。

And none of that is dropping to adjusted operating income.

而且這些都沒有下降到調整後的營業收入。

We kept our guidance flat from last quarter.

我們的指引與上一季度持平。

So obviously when I said accelerated spend, that's what I was referring to is that a good chunk of that spend will go to accelerate SFN and do a larger early access program than we anticipated.

所以很明顯，當我說加速支出時，我指的是，其中很大一部分支出將用於加速 SFN 並執行比我們預期更大的早期訪問計劃。

I can add it too on the CPG side of that.

我也可以在 CPG 方面添加它。

So as I mentioned earlier on Q2 was quite strong push up by Plus, and we continue to see more brands come on from the likes of Johnson & Johnson, Procter & Gamble, Unilever whether or not they leverage the SFN or not, we will see in time.

因此，正如我之前在 Q2 中提到的，Plus 的大力推動，我們繼續看到更多品牌來自強生、寶潔、聯合利華等公司，無論他們是否利用 SFN，我們都會看到及時。

But we certainly are seeing more of the CPGs creating brand-specific stores on Shopify Plus.

但我們肯定會看到更多的 CPG 在 Shopify Plus 上創建特定品牌的商店。

We're also seeing much larger and more established companies like Staples Canada, build their entire online retail operations on Shopify Plus as well.

我們還看到像 Staples Canada 這樣規模更大、更成熟的公司也在 Shopify Plus 上建立他們的整個在線零售業務。

So we are beginning to see a lot more of these established and more complex retailers, which is one of the reasons that we're excited about the new Plus product.

因此，我們開始看到更多這些成熟且更複雜的零售商，這也是我們對新 Plus 產品感到興奮的原因之一。

Todd Coupland with CIBC.

加拿大帝國商業銀行的托德·庫普蘭。

I was wondering if you could just comment the granularity on international success so far this year.

我想知道您是否可以就今年迄今為止的國際成功發表評論。

Which countries are you seeing the strongest take-up and where are there bottlenecks that you'd like to work out?

您看到哪些國家/地區的使用率最高，您想解決哪些瓶頸？

It's Harley.

是哈利。

I'll take that question.

我會回答這個問題。

In terms of what we had mentioned is being some of our priority countries, they remain our priority countries and all of them are growing at different clips.

就我們提到的一些優先國家而言，它們仍然是我們的優先國家，並且它們都在不同的階段增長。

That being said, I think the most important thing that we've discovered in the last year or so is that, as I mentioned earlier as well that these -- these merchants in different countries require different functionality from Shopify.

話雖如此，我認為我們在過去一年左右發現的最重要的事情是，正如我之前提到的，這些不同國家的商家需要 Shopify 提供的不同功能。

They require different payment methods in some cases.

在某些情況下，他們需要不同的付款方式。

They require different types of partners to help them get onboard and build their custom integrations as the case may be.

他們需要不同類型的合作夥伴來幫助他們加入並根據具體情況構建他們的自定義集成。

So one of the things we've been focused on and you've sort of seen this just from the partner referral number is growing to 22,000 partners referring merchants in the last 12 months.

因此，我們一直關注的一件事，您已經從合作夥伴推薦數量中看到這一點，在過去 12 個月中，推薦商家的合作夥伴數量增長到 22,000 個。

We are leaning heavily on more of that ecosystem internationally, which we had not historically done and by translating both the partner dashboard into 11 languages and translate in the app store into 18 languages, we think that we can better help these merchants internationally find product market fit, which will inevitably will make them more successful.

我們在國際上更多地依賴這個生態系統，這是我們歷史上沒有做過的，通過將合作夥伴儀表板翻譯成 11 種語言並在應用商店中翻譯成 18 種語言，我們認為我們可以更好地幫助這些商家在國際上找到產品市場合適，這將不可避免地使他們更加成功。

So I wouldn't say that there's any one country that is doing way better than any other country, they're all growing at different paces.

所以我不會說有任何一個國家比任何其他國家做得更好，它們都在以不同的速度增長。

And again the size of the merchants in each country does differ depending on where they're at.

同樣，每個國家/地區的商人規模確實會根據他們所處的位置而有所不同。

But it's been a really exciting new initiative for us and again, it's been about just over a year since we began to focus on international merchants to translate in the admin and so far so good.

但這對我們來說是一個非常令人興奮的新舉措，而且自從我們開始專注於在管理中翻譯國際商家以來已經過去了大約一年多，到目前為止一切都很好。

Terry Tillman with SunTrust.

SunTrust 的特里·蒂爾曼。

Harley, kind of building on a question earlier about Plus.

哈雷，有點建立在前面關於 Plus 的問題上。

As you're increasingly enterprise hardening the Plus platform and seeing bigger brands and well-established merchants actually coming -- looking at it, does it change the go-to-market?

隨著企業越來越多地強化 Plus 平台，並看到更大的品牌和成熟的商家真正到來——看看它，它是否會改變進入市場？

And also when you're seeing these bigger brands, are you replacing something that's usually a home-grown system or is it a prior generation commercial system?

而且，當您看到這些更大的品牌時，您是在更換通常是本土系統還是上一代商業系統的東西？

Thanks for the question.

謝謝你的問題。

In terms of the go-to-market strategy, it remains generally the same.

在進入市場的策略方面，它大體上保持不變。

We're still not going out for golf games with anyone that come into Shopify Plus, that's just not out strategy.

我們仍然不會與任何進入 Shopify Plus 的人一起出去打高爾夫球，這不是策略。

We obviously understand now a lot better than we did in the past, how to speak to these larger merchants, the CPGs.

顯然，我們現在比過去更了解如何與這些大商家、CPG 交談。

Clark's Shoes was founded in 1825 and convincing them to leave at home-grown system to come to Shopify Plus, obviously take some -- takes a different type of model then going after Allbirds, which started on Shopify in 2015.

Clark's Shoes 成立於 1825 年，說服他們離開本土系統來到 Shopify Plus，顯然採取了一些不同類型的模式，然後採用了 Allbirds，後者於 2015 年在 Shopify 上推出。

So I think we're building sophistication inside our go-to-market strategy for Shopify Plus and we're able now to approach these different variety of merchants in new ways.

因此，我認為我們在 Shopify Plus 的上市戰略中建立了成熟度，我們現在能夠以新的方式接觸這些不同種類的商家。

To the first part of your question in terms of enterprise hardening Shopify Plus, look these merchants require things that small merchants just don't, whether it's multi-store, multi-currency, multi geographies, whether it's things that Shopify Flow provides in terms of putting more of their business operations on rails.

關於企業強化 Shopify Plus 問題的第一部分，看看這些商家需要小商家不需要的東西，無論是多商店、多貨幣、多地域，還是 Shopify Flow 提供的東西將更多的業務運營放在軌道上。

We are really focused on making sure that we can provide them with product market fit and the announcement of the new Shopify Plus product that we made at Unite, we think provides a way more opportunity for us.

我們真正專注於確保我們能夠為他們提供適合市場的產品以及我們在 Unite 製作的新 Shopify Plus 產品的發布，我們認為這為我們提供了更多機會。

And so even as I mentioned some of the examples of stores that have come on, you're seeing a lot more established retailers that either have had a homegrown system in the past or an enterprise platform that have migrated over or have never sold direct to consumer before, as is the case with some of the CPGs.

因此，即使我提到了一些已經出現的商店的例子，你也會看到更多成熟的零售商，它們要么過去有一個本土系統，要么有一個企業平台，它們已經遷移過來，或者從未直接銷售給之前的消費者，就像一些 CPG 的情況一樣。

So generally we're firing on cylinders when it comes to Shopify Plus and we think the new Plus product will give us far more ability to help us this type of merchants.

所以一般來說，當談到 Shopify Plus 時，我們會全力以赴，我們認為新的 Plus 產品將使我們有更多的能力幫助我們這類商家。

Ronald Bookbinder with IFS Securities.

IFS 證券公司的 Ronald Bookbinder。

The new POS system, could the new POS system be used by businesses outside of retail, such as restaurants?

新的 POS 系統，新的 POS 系統是否可以用於零售以外的企業，例如餐館？

Have you been talking to new merchants outside of traditional retail?

您是否一直在與傳統零售之外的新商家交談？

And how does the new POS system and the distribution initiatives expand your TAM, which you used to estimate at being around $50 million?

新的 POS 系統和分銷計劃如何擴大您的 TAM，您過去估計約為 5000 萬美元？

I'll take this.

我要這個。

So it depends on how far you go with this.

所以這取決於你能走多遠。

I think it's important to understand about Shopify that be more interested in going deeper rather than wider.

我認為了解 Shopify 對更深入而不是更廣泛更感興趣是很重要的。

And so we are not looking to go after restaurants because that's really -- like data model up, that's a completely different kind of business to model.

所以我們不打算去餐館，因為那真的是——就像數據模型一樣，這是一種完全不同的業務模型。

There are some used cases around point-of-sale in the B2B space that are interesting, and we sort of went a way of it and then we make sure about work really well.

在 B2B 領域有一些圍繞銷售點的用例很有趣，我們採取了一種方法，然後確保工作非常好。

There's always a little bit -- all customers eternally stretching Shopify into all directions for us, sometimes very successfully, because it's very flexible, hopefully by well-crafted software.

總是有一點點——所有客戶都永遠將 Shopify 擴展到我們的各個方向，有時非常成功，因為它非常靈活，希望通過精心製作的軟件。

And in many of those cases, there is an opportunity for us to learn about some place where Shopify is of value, which we previously didn't realize.

在其中許多情況下，我們有機會了解 Shopify 具有價值的地方，這是我們以前沒有意識到的。

At such point, we either encourage it or we make product adjustments to make that particular idea really even better.

在這種情況下，我們要么鼓勵它，要么進行產品調整以使該特定想法變得更好。

But we want to want to take this area of physical shippable products and make it so that entrepreneurship around that idea is going to be very, very simple.

但我們希望在實體可運輸產品領域取得成功，這樣圍繞這個想法的創業將變得非常非常簡單。

And then we are really interested on full life cycle technical abilities so that Shopify can stay with you from that first sale all the way to running tens, maybe hundreds of millions of dollars, maybe billions of dollars businesses, and grow our role in this [inbox] businesses and other things such as I mean capital and all these other things we talk about, SFN probably the best example of that.

然後我們對全生命週期的技術能力非常感興趣，以便 Shopify 可以從第一次銷售一直到運行數千萬、可能數億美元、甚至數十億美元的業務，並在這方面發揮我們的作用 [收件箱] 業務和其他事物，例如我的意思是資本以及我們談論的所有其他事物，SFN 可能是最好的例子。

Suthan Sukumar with Eight Capital.

Suthan Sukumar 與八資本。

Just wanted to touch on Fraud Protect.

只是想談談欺詐保護。

It's been more than a few quarters now that you've rolled this out, kind of curious to know what type of results and feedback you're getting with the offering?

現在您已經推出了幾個季度以上，有點想知道您從該產品中獲得了什麼類型的結果和反饋？

And how has that been helping drive payments adoption?

這如何幫助推動支付採用？

It's Harley here.

這裡是哈利。

So it's been about -- it's been less than a year since we launched Fraud Protect.

所以它是關於 - 自我們推出 Fraud Protect 以來還不到一年。

It's shown promising growth across key metrics like merchant adoption, eligible GPV and protected GPV.

它在商家採用、合格 GPV 和受保護 GPV 等關鍵指標上顯示出可喜的增長。

Fraud Protect is still only available to Shopify Payments merchants and only in the US.

Fraud Protect 仍僅適用於 Shopify Payments 商家且僅在美國可用。

So obviously there's a lot of room for us to grow there, But generally it's one more thing that we can do to help our merchants and over time, the more merchants that adopt fraud protect, the smarter our algorithms become, the greater our ability to make good decisions for them or show them good decisions become.

所以顯然我們在那裡有很大的發展空間，但總的來說，我們可以做的另一件事是幫助我們的商家，隨著時間的推移，採用欺詐保護的商家越多，我們的算法變得越聰明，我們的能力就越大為他們做出正確的決定或向他們展示正確的決定。

So we're generally happy with where Fraud Protect is right now.

因此，我們通常對 Fraud Protect 現在的位置感到滿意。

Again, it's still in a limited geography for a limited set of merchants and that will continue to grow, but it's been less than a year and so far we're quite pleased with where it's at.

同樣，對於有限的商人來說，它仍然處於有限的地理範圍內，並且會繼續增長，但還不到一年，到目前為止，我們對它所處的位置感到非常滿意。

Brian Peterson with Raymond James.

布萊恩·彼得森和雷蒙德·詹姆斯。

So maybe one for Harley, just on the Plus business, I know one of the legacy solutions in the space will no longer be supporting their product at the end of next year.

所以也許是哈雷的一個，只是在 Plus 業務上，我知道該領域的一個遺留解決方案將在明年年底不再支持他們的產品。

I'm curious, how much of that has been a factor in acquiring new merchants on the Plus side and anything that you can share on how the new merchants coming to the platform on the Plus business are turning?

我很好奇，其中有多少是在 Plus 方面獲得新商家的一個因素，以及您可以分享的有關 Plus 業務平台上的新商家如何轉變的任何信息？

Yes, thanks.

對了謝謝。

In terms of migrations from our legacy e-commerce system, some that are being supported, some that are being deprecated, we've always gone fairly aggressively to migrations and have had fairly aggressive migration campaigns.

在從我們的舊電子商務系統遷移方面，有些得到支持，有些正在被棄用，我們一直相當積極地進行遷移，並且開展了相當積極的遷移活動。

You don't often see Shopify calling out competition, but when we know that there is an opportunity for us to bring on a whole bunch of wonderful merchants to our platform because either their existing platform just doesn't work properly or because it's being deprecated, we go after those opportunities with gusto.

您不會經常看到 Shopify 呼籲競爭，但是當我們知道我們有機會將一大群優秀的商家帶到我們的平台時，因為他們現有的平台無法正常運行或因為它已被棄用，我們滿懷熱情地追求這些機會。

So we'll continue to do that as well.

所以我們也將繼續這樣做。

In terms of them coming on, again as I mentioned, the reason I go through different categories of merchants in my prepared remarks is, I think it's important to understand the types of merchants that are coming onto our platform, whether it's new businesses from Kylie Jenner or it's companies like Sony or Heineken, and generally we're just becoming more sophisticated the way we onboard these merchants in the way we're able to attract them.

關於他們的出現，正如我所提到的，我在準備好的評論中介紹不同類別的商家的原因是，我認為了解進入我們平台的商家類型很重要，無論是來自 Kylie 的新業務Jenner 或索尼或喜力等公司，通常我們只是在吸引這些商家的方式上變得更加成熟。

And you're seeing Shopify Plus at places that we may have not shown up in the past like enterprise e-commerce trade shows, which traditionally wasn't our thing and we now, we feel that there are some places we want to be because there is an opportunity for us to migrate a lot of these larger more legacy brands onto Plus and frankly make their lives 10 times better.

而且您會在我們過去可能沒有出現過的地方看到 Shopify Plus，例如企業電子商務貿易展，這在傳統上不是我們的事，而現在我們覺得有些地方是我們想要的，因為我們有機會將這些更大的傳統品牌遷移到 Plus 上，坦率地說，讓他們的生活改善 10 倍。

Since I've been here, I think one thing which is kind of important to understand about Plus story is that, like we're talking about it in our enterprise, trade shows and about large consumer packaged good companies and so on.

自從我來到這里以來，我認為了解 Plus 故事很重要的一點是，就像我們在我們的企業、貿易展覽和大型消費品包裝好的公司等中談論它一樣。

It's not really, I mean, we certainly are stretching up, but it's really that -- the approaches that work in retail are just different from approaches that people thought should work like in the last decade and that realization means that actually those companies often giving up on the enterprise approach of software, all right?

這並不是真的，我的意思是，我們確實在伸展，但確實是——在零售業中起作用的方法與過去十年人們認為應該起作用的方法不同，這種認識意味著實際上這些公司經常給予了解軟件的企業方法，好嗎？

They need something significantly more agile.

他們需要更敏捷的東西。

I talked about this in previous calls, but really it's important when looking at the Shopify Plus success story, that what we offer is something that works really, really well.

我在之前的電話會議中談到了這一點，但在查看 Shopify Plus 的成功故事時，我們提供的東西真的非常非常有效，這一點非常重要。

It's super agile, exists and functions at the speed that even the most ambitious marketing department wants to move that.

它超級敏捷，存在並以即使是最雄心勃勃的營銷部門也想改變它的速度運行。

And so I think a lot of companies are not -- it's not what we come around to the enterprise, it's a lot of companies coming around to our board view.

所以我認為很多公司都不是——這不是我們對企業的看法，而是很多公司對我們董事會的看法。

And so that's what's driving a lot of that adoption.

這就是推動大量採用的原因。

Richard Tse with National Bank.

Richard Tse 與國家銀行。

With a fairly tight labor market and tech, I'm kind of wondering if it's creating any challenges for you from a hiring perspective given your -- it's a heavy investment mode?

在勞動力市場和技術相當緊張的情況下，我想知道從招聘的角度來看，這是否會給你帶來任何挑戰——這是一種沉重的投資模式？

And if so how do you navigate that?

如果是這樣，您將如何導航？

It's tight.

它很緊。

When I talk to my Board members, I certainly can be found sometimes complaining about how hard is to hire engineers and then they tell me that Shopify is the one Company, they run about of -- which complains about how hard it is, everyone else tells them it's impossible.

當我與我的董事會成員交談時，我當然有時會抱怨聘請工程師有多難，然後他們告訴我 Shopify 是他們跑來跑去的唯一一家公司——其他人抱怨這有多難告訴他們這是不可能的。

So I think we might even be in better shape than most.

所以我認為我們的狀態可能比大多數人都好。

I mean there's a conference of things that have to happen right now and luckily, we are really well prepared like, we started outside a major labor pool market as a company.

我的意思是現在必須召開一次會議，幸運的是，我們已經做好了充分的準備，例如，我們作為一家公司在一個主要的勞動力市場之外開始。

We have extremely adopted to hiring people for potential and then getting them trained up like towards their potential and much, much faster, you will find, when looking at their bios, even the executives for Shopify and a lot of us.

我們非常習慣於僱傭有潛力的人，然後讓他們像他們的潛力一樣訓練他們，而且速度更快，當你查看他們的簡歷時，你會發現，甚至 Shopify 的高管和我們中的很多人。

This is the first job.

這是第一份工作。

So there's a lot of precedent here of people just sort of growing into the roads that Shopify needs of them, so that's a big component.

所以這裡有很多先例，人們只是在某種程度上成長為 Shopify 需要他們的道路，所以這是一個重要組成部分。

Again, we are sort of drawing people from a very, very far reaches.

同樣，我們正在從非常非常遠的地方吸引人們。

I mean people are moving from all parts of the world for jobs at Shopify, but also our home markets are exceptional, like we sort of see Canadian EST as like our asset core and there is a lot of talent here.

我的意思是人們從世界各地搬到 Shopify 工作，但我們的國內市場也很出色，就像我們將加拿大 EST 視為我們的資產核心，這裡有很多人才。

So it's tight, but it's possible as long as you're not trying to not just look at hiring in San Francisco and hiring only fully formed engineers that happened to have exactly, which skills you need.

所以它很緊，但只要你不試圖僅僅考慮在舊金山招聘並且只招聘恰好具有你需要的技能的完全成型的工程師，這是可能的。

If you're willing to compromise on those things, which I think everyone should, because I actually think that it looks better, building more sophisticated systems of hiring than -- if it works, it's good.

如果你願意在這些事情上妥協，我認為每個人都應該這樣做，因為我實際上認為，建立更複雜的招聘系統比建立更複雜的招聘系統看起來更好——如果它有效，那就太好了。

Thank you, Richard.

謝謝你，理查德。

I think we're out of time today.

我想我們今天沒時間了。

So I just like to say thanks to everybody for dialing-in and we will talk to you throughout the rest of the quarter.

因此，我只想感謝大家撥入，我們將在本季度的剩餘時間內與您交談。

And this concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。