Shopify Inc (SHOP) 2019 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議操作員。

Welcome to the Shopify Inc.

歡迎來到 Shopify 公司。

Third Quarter 2019 Financial Results Conference Call.

2019 年第三季財務業績電話會議。

(Operator Instructions) And the conference will be recorded.

（操作員說明）會議將被錄音。

(Operator Instructions).

（操作員說明）。

I would now like to turn the conference over to Katie Keita, Director of Investor Relations.

我現在想將會議交給投資者關係總監凱蒂·凱塔 (Katie Keita)。

Please go ahead.

請繼續。

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 Third Quarter 2019 Conference Call.

我們很高興您能參加 Shopify 2019 年第三季電話會議。

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

今天早上，Shopify 執行長 Tobi Lütke 也加入了我們的行列。 Harley Finkelstein，我們的財務長；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 we 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我們預測的結果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, you can read about these risks and uncertainties in our press release this morning as well as in our filings with the U.S. and Canadian regulators.

除非法律要求，否則我們沒有義務更新這些聲明，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 not GAAP measures.

此外，我們今天的評論將包括調整後的財務指標，這些指標不是公認會計準則指標。

These should be considered as a supplement to and not as a substitute for GAAP financial measures, reconciliations between the two can be found in our earnings press release, which is available on our website.

這些應被視為對 GAAP 財務指標的補充而不是替代，兩者之間的調整可以在我們的收益新聞稿中找到，該新聞稿可在我們的網站上找到。

And finally note that because we report in US 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，因此除非另有說明，今天討論的所有金額均以美元為單位。

With that, I turn the call over to Harley.

說完，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

We continue to make great progress this past quarter, and I'll get in some more detail on that shortly.

上個季度我們繼續取得巨大進展，我很快就會詳細介紹這一點。

First, I'd like to take a minute to mention 2 major milestones.

首先，我想花一點時間提及兩個主要里程碑。

Last month, our counter hit the 1 million merchant mark, that means that 1 million businesses, large and small, have put their face in Shopify.

上個月，我們的櫃檯達到了 100 萬商戶大關，這意味著 100 萬家大大小小的企業已經在 Shopify 中亮相。

For all of us working to build Shopify each day, it is incredibly validating and meaningful that we continue to help tens of thousands of more businesses each quarter, launch and thrive on our platform.

對於我們所有每天致力於建立 Shopify 的人來說，我們每季繼續幫助數以萬計的企業在我們的平台上啟動並蓬勃發展，這是非常有效且有意義的。

And earlier this month, we closed the biggest acquisition in our history, and we welcome 6 River Systems to the Shopify family.

本月早些時候，我們完成了史上最大的收購，歡迎 6 River Systems 加入 Shopify 大家庭。

This is another milestone, not just because it signals our commitment to solving some of the most critical challenges our merchant's face but because it is yet another way in which we are evolving to continue making commerce better for everyone.

這是另一個里程碑，不僅因為它標誌著我們致力於解決商家面臨的一些最關鍵挑戰，而且因為這是我們不斷發展以繼續為每個人提供更好的商業服務的另一種方式。

So thank you, to all of our merchants and partners who continue to put their trust on us.

感謝所有一直信任我們的商家和合作夥伴。

As I mentioned previously, our momentum continued in Q3 as you can see from our third quarter results.

正如我之前提到的，正如您從我們的第三季業績中看到的那樣，我們的勢頭在第三季度持續。

Our international expansion efforts continue to pay off as merchants from outside our core geographies were once again, the largest component of new ads.

我們的國際擴張努力持續獲得回報，來自我們核心地區以外的商家再次成為新廣告的最大組成部分。

GMV from these international merchants outpace GMV growth overall, and adoption of Merchant Solutions products continue to expand across Shopify Payments, Fraud Protect, multicurrency, Shopify Shipping and fulfillment and Shopify Capital as we make these offerings more attractive and accessible.

這些國際商家的GMV 整體上超過了GMV 的成長，並且商家解決方案產品的採用繼續在Shopify Payments、Fraud Protect、多貨幣、Shopify Shipping 和履行以及Shopify Capital 中擴展，因為我們使這些產品更具吸引力和更容易獲得。

We are also showing progress across the multiple product initiatives that are underway.

我們也展示了正在進行的多項產品計劃的進展。

In October, we began rolling out our native video and 3D modeling features to Shopify Plus merchants with a broader rollout planned over the coming months, making Shopify the first commerce platform to natively support 3D and AR shopping experiences.

10 月份，我們開始向 Shopify Plus 商家推出原生影片和 3D 建模功能，並計劃在未來幾個月內進行更廣泛的推廣，使 Shopify 成為第一個原生支援 3D 和 AR 購物體驗的商務平台。

These features create the more immersive online buying experience, which not only makes a purchase more likely but also just makes it really fun way to shop online.

這些功能創造了更身臨其境的線上購買體驗，這不僅使購買更有可能，而且使線上購物變得非常有趣。

More buyers are opting into Shopify Pay with quarterly order volume increasing and GMV rising to over $1 billion in Q3.

隨著季度訂單量的增加以及第三季 GMV 升至超過 10 億美元，越來越多的買家選擇使用 Shopify Pay。

We continue to release more features to make it easier for buyers, such as giving buyers more payment options to complete their purchases using Shopify Pay.

我們繼續發布更多功能，讓買家更輕鬆，例如為買家提供更多付款選項，以使用 Shopify Pay 完成購買。

And we continue to work hard to connect merchants around the world directly to their buyers.

我們繼續努力將世界各地的商家直接與其買家聯繫起來。

In Q3, we enhanced our marketing and support tools and we introduced Shopify Chat, our first native chat function that helps merchants build stronger relationships with their customers through real-time conversations.

在第三季度，我們增強了行銷和支援工具，並推出了 Shopify Chat，這是我們的第一個原生聊天功能，可幫助商家透過即時對話與客戶建立更牢固的關係。

Shopify Capital put up an excellent quarter, setting a new record in merchant cash advances with over $140 million issued in Q3.

Shopify Capital 的季度業績表現出色，第三季發放了超過 1.4 億美元的商家現金墊款，創下了新紀錄。

We started Shopify Capital to help solve another pain point for entrepreneurs, access to capital to grow their businesses.

我們創辦 Shopify Capital 是為了幫助解決創業家的另一個痛點，即獲得資金來發展業務。

This is a especially true as merchants gear up for their busiest selling season of the year.

當商家為一年中最繁忙的銷售季節做準備時，情況尤其如此。

As we mentioned last quarter, we introduced Shopify Capital to non-Shopify payment merchants and while it's still early we're seeing strong adoption from those merchants.

正如我們上季度提到的，我們向非 Shopify 支付商家引入了 Shopify Capital，雖然現在還為時過早，但我們已經看到這些商家的大力採用。

Shopify Shipping adoption continue to grow with 44% of eligible merchants using shipping into third quarter, up for more than 1/3 of merchants in the same period last year.

Shopify Shipping 的採用率持續成長，第三季符合資格的商家中有 44% 使用送貨服務，這一比例高於去年同期的 1/3。

Shopify Shipping empowers merchants to speed up their packaging and fulfillment process and save time.

Shopify Shipping 讓商家能夠加快包裝和履行流程並節省時間。

After a merchant buys a shipping label directly from the Shopify Admin, they can print it, fix it to the package and then ship it from any post office.

商家直接從 Shopify 管理員購買運輸標籤後，他們可以列印該標籤，將其固定到包裹上，然後從任何郵局發貨。

This is why we continue to provide competitive shipping rates and add best-in-class features like parcel insurance, which we launch in Q3 for U.S. merchants.

這就是為什麼我們繼續提供有競爭力的運費並添加一流的功能，例如我們在第三季為美國商家推出的包裹保險。

Moving to Shopify Plus, which had yet another strong quarter.

轉向 Shopify Plus，該季度又表現強勁。

Shopify Plus continues to solidify its position as the preferred commerce platform for high-volume merchants.

Shopify Plus 繼續鞏固其作為大批量商家首選商務平台的地位。

Some of the brands that launched this quarter, include footwear brands, Aerosoles; Harrys of London, the Frye boot Company; and Nicholas Kirkwood from luxury brand, LVMH.

本季推出的一些品牌包括鞋類品牌 Aerosoles；倫敦的 Harrys，Frye 靴子公司；以及奢華品牌 LVMH 的 Nicholas Kirkwood。

The shop for the iconic British broadcaster, the BBC; and the space exploration disruptor, SpaceX.

英國標誌性廣播公司 BBC 的商店；以及太空探索顛覆者 SpaceX。

Sports drink behemoth, Gatorade; Australian electronics giant, JB Hi-Fi; appliance brand, BISSELL; additional iconic toy brands such as GUND.

運動飲品巨頭佳得樂；澳洲電子巨擘JB Hi-Fi；家電品牌BISSELL；其他標誌性玩具品牌，如 GUND。

More brands from some of the world's largest influencers like Kim Kardashian's new shapewear line called SKIMS; and Victoria Beckham's makeup line, Victoria & Beckham Beauty (sic) [Victoria Beckham Beauty].

更多來自一些全球最具影響力人士的品牌，例如金卡戴珊 (Kim Kardashian) 的全新塑身衣系列 SKIMS；以及維多利亞貝克漢 (Victoria Beckham) 的彩妝系列，Victoria & Beckham Beauty (原文如此) [Victoria Beckham Beauty]。

And finally, more launches from the world's largest consumer packaged good companies that have been leveraging our platform for some time, including Heineken and Unilever.

最後，世界上最大的消費品包裝公司推出了更多產品，這些公司已經利用我們的平台一段時間了，包括喜力和聯合利華。

Shopify Plus is becoming the most relevant platform globally for both iconic as well as the fastest-growing model retail brands.

Shopify Plus 正成為全球標誌性以及成長最快的模式零售品牌最相關的平台。

As a quick anecdote, I recently spoke with an executive, one of the largest food and beverage conglomerates on the planet, after they went live on Plus.

作為一個小軼事，我最近在 Plus 上線後與一位高管進行了交談，該公司是全球最大的食品和飲料集團之一。

He said that this was the most successful product launch probably in the history of the company, and the best part is that I hear stories like this all the time from Fortune 500s to SMBs.

他說，這可能是公司歷史上最成功的產品發布，最棒的是我一直聽到從財富 500 強到中小企業這樣的故事。

While these brands represent different verticals, they have one thing in common.

雖然這些品牌代表不同的垂直領域，但它們有一個共同點。

They are growing in complexity.

它們變得越來越複雜。

This is reflected throughout their evolving business from the global reach of their marketing, manufacturing and distribution to the management of their inventory and the growth of their employee base.

這體現在他們不斷發展的業務中，從行銷、製造和分銷的全球影響力到庫存管理和員工基礎的成長。

Shopify Plus features like Flow, Launchpad and Scripts are built to help solve those complexities by making it easier for our larger volume merchants to manage the increasing scale of their businesses.

Flow、Launchpad 和 Scripts 等 Shopify Plus 功能旨在幫助我們的大量商家更輕鬆地管理其不斷成長的業務規模，從而幫助解決這些複雜性。

Turning to our partner ecosystem, which continues to play a critical role in the success of our merchants.

談到我們的合作夥伴生態系統，它繼續在我們商家的成功中發揮關鍵作用。

23,000 partners have referred a merchants to Shopify in the past 12 months.

過去 12 個月內，有 23,000 名合作夥伴將商家推薦給 Shopify。

And we've added more than 300 apps on App Store, bringing the total to 3,200 at the end of the quarter.

我們在 App Store 上新增了 300 多個應用程序，截至本季末總數達到 3,200 個。

International partners are becoming a larger part of our partner ecosystem as well, and we see an opportunity to further leverage this community to help develop localized features in specific markets.

國際合作夥伴也正在成為我們合作夥伴生態系統的重要組成部分，我們看到了進一步利用這個社群來幫助在特定市場開發在地化功能的機會。

At Shopify, we build product that make it easier for anyone to become an entrepreneur, and then we level the playing field so that they can grow and succeed.

在 Shopify，我們開發的產品使任何人都能更輕鬆地成為企業家，然後我們提供公平的競爭環境，以便他們能夠成長並取得成功。

As our merchants scale and face new challenges and new levels of complexity, Shopify is designed to grow with them, revealing new capabilities as merchants require them.

隨著我們的商家規模不斷擴大並面臨新的挑戰和新的複雜性，Shopify 旨在與他們一起成長，根據商家的需求揭示新的功能。

With this formula, we cannot only help mint the next million merchants, but we can arm them with everything they need to thrive.

有了這個公式，我們不僅可以幫助培育下一個百萬商人，而且可以為他們提供繁榮發展所需的一切。

More entrepreneurs reaching for independence means more choice for buyers, which ultimately makes commerce better for everyone.

更多的企業家尋求獨立意味著買家有更多的選擇，這最終使商業對每個人來說都變得更好。

Thanks, Harley, and good morning, everyone.

謝謝哈雷，大家早安。

We delivered strong growth this quarter and continue to execute on our strategic initiatives.

我們本季實現了強勁成長，並繼續執行我們的策略性舉措。

With more than 1 million merchants building their businesses on Shopify, we are more focused than ever on making entrepreneurship easier and helping our merchants succeed.

超過 100 萬商家在 Shopify 上開展業務，我們比以往任何時候都更加專注於讓創業變得更容易並幫助我們的商家取得成功。

Revenue in our third quarter was up 45% year-over-year to $390.6 million.

第三季的營收年增 45% 至 3.906 億美元。

Subscription Solutions revenue increased 37% to $165.6 million, primarily due to strong merchant ads as well as level settings subscription pricing for legacy plans, growing monthly recurring revenue to $50.7 million, which is up 34% over the same period last year and the same place as last quarter.

訂閱解決方案收入成長 37%，達到 1.656 億美元，這主要歸功於強大的商家廣告以及舊計劃的級別設定訂閱定價，每月經常性收入增長到 5070 萬美元，比去年同期和同一地點增長 34%和上個季度一樣。

Shopify Plus continue to increase its contribution to MRR, accounting for $13.5 million or 27% compared with 24% of MRR in Q3 2018.

Shopify Plus 對 MRR 的貢獻持續增加，佔 MRR 的 1,350 萬美元，即 27%，而 2018 年第三季佔 MRR 的 24%。

Subscription Solutions revenue grew faster than MRR in the quarter, primarily due to strong growth in apps revenue as well as from Shopify Plus platform fee revenue.

本季訂閱解決方案收入的成長速度快於 MRR，這主要是由於應用程式收入以及 Shopify Plus 平台費用收入的強勁成長。

Merchant Solutions revenue grew 50% over the same period in 2018 to $225 million.

商家解決方案營收較 2018 年同期成長 50%，達到 2.25 億美元。

This growth was driven by GMV expansion, up 48% year-over-year to $14.8 billion with international being the fastest-growing contributor.

這一成長是由 GMV 擴張推動的，年增 48% 至 148 億美元，其中國際業務是成長最快的貢獻者。

Both international and Plus continue to grow their share of GMV mix, while POS channel GMV growth gained momentum, accelerating for the second quarter in a row.

International 和 Plus 在 GMV 組合中的份額持續成長，而 POS 通路 GMV 成長勢頭強勁，連續第二季加速。

$6.2 billion of GMV was processed on Shopify Payments in Q3, up 51% versus the comparable quarter last year.

第三季 Shopify Payments 處理的 GMV 為 62 億美元，比去年同期成長 51%。

Shopify Payments penetration of GMV grew to 42% in the third quarter versus 41% in Q3 2018, primarily due to increased Shopify Plus penetration, as well as the addition of new Shopify Payments geographies.

Shopify Payments 的 GMV 滲透率在第三季成長至 42%，而 2018 年第三季為 41%，這主要是由於 Shopify Plus 滲透率的提高以及新 Shopify Payments 地區的增加。

Newer products like multicurrency are gradually being adopted and adding further value to merchants using Shopify Payments, contributing to year-over-year revenue growth as we continue to improve their product-market fit.

多幣種等新產品逐漸被採用，並為使用 Shopify Payments 的商家增加更多價值，隨著我們不斷改善其產品與市場的契合度，有助於實現收入同比增長。

Gross profit dollars grew 45% from Q3 of 2018 to $216.7 million, consistent with revenue growth in the quarter.

毛利較 2018 年第三季成長 45% 至 2.167 億美元，與本季營收成長一致。

Adjusted operating income in Q3 was $10.5 million or 3% of revenue, compared with a loss of $2.4 million or 1% of revenue in the third quarter of 2018.

第三季調整後營業收入為 1,050 萬美元，佔營收的 3%，而 2018 年第三季虧損 240 萬美元，佔營收的 1%。

We achieved better-than-expected adjusted operating results in Q3, due in part to strong revenue contributions from higher-margin products and lower marketing spend.

我們在第三季取得了優於預期的調整後經營業績，部分原因是利潤率較高的產品和較低的行銷支出帶來了強勁的收入貢獻。

Note that we have updated our definition of non-GAAP financial measures to also now exclude the impact of amortization of acquired intangibles and related taxes, in addition to the stock-based compensation and related taxes we've always excluded.

請注意，我們更新了非公認會計原則財務指標的定義，除了我們一直排除的基於股票的薪酬和相關稅費之外，現在還排除了收購的無形資產攤銷和相關稅費的影響。

This is consistent with our peers and provides a clear view of operational results in the period.

這與我們的同行一致，並提供了該期間營運績效的清晰視野。

In the third quarter, amortization of acquired intangibles was $1.7 million.

第三季度，收購的無形資產攤銷為 170 萬美元。

Adjusted net loss for the quarter was $33.6 million or $0.29 per share over adjusted net income of $5.8 million or $0.05 per share for the same period last year.

本季調整後淨虧損為 3,360 萬美元，即每股 0.29 美元，而去年同期調整後淨利為 580 萬美元，即每股 0.05 美元。

Our third quarter 2019 adjusted net loss includes a tax provision of approximately $48 million, net of certain tax offsets, related to a one-time capital gain triggered by the transfer of certain rights from our Canadian entity to regional headquarters, which allows us to develop and maintain merchant and commercial operations in their respective regions as we expand internationally.

我們的2019 年第三季調整後淨虧損包括約4,800 萬美元的稅收撥備（扣除某些稅收抵免），該稅收撥備與將某些權利從我們的加拿大實體轉移到地區總部而引發的一次性資本利得有關，這使我們能夠開發隨著我們的國際擴張，維持各自地區的商業和商業運作。

Finally, our cash, cash equivalents and marketable securities' balance was approximately $2.7 billion, which increased around $700 million largely due to proceeds from a share offering we completed in September.

最後，我們的現金、現金等價物和有價證券餘額約為 27 億美元，增加了約 7 億美元，主要歸功於我們 9 月完成的股票發行收益。

As Harley said, we're building a global commerce operating system that helps solve problems at critical points along the merchant journey.

正如哈雷所說，我們正在建立一個全球商業作業系統，以幫助解決商業旅程中關鍵時刻的問題。

We have thoughtfully developed and implemented a portfolio of investments that addresses many of these pain points and fuel our growth to date.

我們深思熟慮地開發和實施了一系列投資組合，解決了其中許多痛點並推動了我們迄今為止的成長。

These include multichannel integrations, enhancements to marketing functionality for merchants, expansion of Shopify Payments and related services, further development of Shopify Plus capabilities, Shopify Shipping functionality and expanding the availability of Shopify Capital to more merchants among others.

其中包括多通路整合、增強商家的行銷功能、擴展 Shopify Payments 和相關服務、進一步開發 Shopify Plus 功能、Shopify Shipping 功能以及將 Shopify Capital 的可用性擴展到更多商家等。

I will focus my comments today on more recent additions to this portfolio, international expansion, building brand awareness of Shopify, Shopify Fulfillment Network and the acquisition of 6 River Systems.

我今天的評論重點是該產品組合的最新新增內容、國際擴張、Shopify 的品牌知名度建設、Shopify 配送網絡以及對 6 River Systems 的收購。

Shopify is taking a disciplined and localized approach to achieve optimal product-market fit in our international markets.

Shopify 正在採取嚴格的在地化方法，以在我們的國際市場上實現最佳的產品市場契合度。

Over the past year, we more than tripled the number of languages, which the Shopify Admin is available.

在過去的一年裡，我們將 Shopify 管理員可用的語言數量增加了兩倍以上。

And in Q3, introduced Shopify Payments in Italy and continue to roll out multicurrency to merchants using Shopify Payments, which is now available in 14 countries versus 10 the same time last year.

第三季度，在義大利推出了 Shopify Payments，並繼續向使用 Shopify Payments 的商家推出多幣種服務，該服務現已在 14 個國家推出，而去年同期為 10 個國家。

Our efforts internationally are bearing fruit, as the pace of merchant ads from outside our core geographies accelerated in Q3.

隨著第三季來自我們核心地區以外的商家廣告步伐的加快，我們在國際上的努力正在取得成果。

As a result, international merchants continue to grow their share of our overall merchant base.

因此，國際商家在我們整體商家基礎中所佔的份額持續成長。

Merchants around the world need to know that entrepreneurship is an option, so we have begun to build our brand awareness of Shopify outside our core geographies.

世界各地的商家需要知道創業是一種選擇，因此我們已經開始在核心地區之外建立 Shopify 的品牌知名度。

We kicked off first-ever brand campaigns in Germany and France in Q3 and expect to continue brand testing and learning into Q4.

我們於第三季在德國和法國啟動了首次品牌活動，並預計在第四季度繼續進行品牌測試和學習。

We've spent roughly 2/3 of our approximately $30 million budget allocated toward our brand campaigns and Shopify Studios so far this year and plan to invest the remainder of this budget in Q4.

今年到目前為止，我們已將大約 3000 萬美元的預算中的大約 2/3 用於我們的品牌活動和 Shopify Studio，併計劃在第四季度投資剩餘的預算。

Moving to Shopify Fulfillment Network.

遷移到 Shopify 配送網路。

Our solution to further democratize commerce and help merchants provide fast and affordable shipping for their buyers.

我們的解決方案旨在進一步實現商業民主化，並幫助商家為其買家提供快速且實惠的運輸。

We have to get this right for our merchants, that's why we're taking a thoughtful and gated approach to the development of Shopify Fulfillment Network.

我們必須為我們的商家做好這件事，這就是為什麼我們採取深思熟慮和封閉的方法來開發 Shopify 配送網路。

We continued working with our warehouse partners to bring more nodes online through the third quarter, and we're happy with the performance of our network so far.

我們繼續與倉庫合作夥伴合作，在第三季度讓更多節點上線，到目前為止，我們對網路的效能感到滿意。

We are seeing strong demand and continue to add select merchants and partners, as we focus on high performance and optimizing further merchant experience.

我們看到了強勁的需求，並繼續增加精選的商家和合作夥伴，因為我們專注於高效能和進一步優化商家體驗。

With the 6 River Systems acquisition now closed, we are better positioned to deliver faster, high-quality fulfillment.

隨著對 6 River Systems 的收購現已完成，我們能夠更好地提供更快、高品質的履行。

Once implemented, we expect to expand throughput and capacity at our partner nodes, boosting productivity by 2 to 3x that of manual processes.

一旦實施，我們預計將擴大合作夥伴節點的吞吐量和容量，將生產力提高到手動流程的 2 至 3 倍。

We will continue to operate, build and sell 6 River Systems solution in addition to making it available to our warehouse partners.

除了向我們的倉庫合作夥伴提供該解決方案外，我們還將繼續營運、建置和銷售 6 River Systems 解決方案。

As a result of extending this innovative technology beyond Shopify's current market, not only are we helping to change the broader fulfillment industry, we're also expanding our total available market.

由於將這項創新技術擴展到 Shopify 目前的市場之外，我們不僅幫助改變了更廣泛的履行產業，而且還擴大了我們的總可用市場。

While the acquisition of 6 River Systems had no impact to our third quarter results given a close on October 17, we expect the acquisition will be additive to Shopify's top line over time.

雖然收購 6 River Systems 對我們第三季的業績沒有影響（鑑於 10 月 17 日結束），但我們預計隨著時間的推移，此次收購將增加 Shopify 的營收。

Given our strong third quarter results and acquisition of 6 River Systems in the fourth quarter, we're updating our full year 2019 and fourth quarter outlook.

鑑於我們第三季的強勁業績以及第四季度收購 6 River Systems，我們正在更新 2019 年全年和第四季的展望。

To be clear, this updated outlook includes 2 new items that were not included in our August guidance and includes our acquisition of 6 River Systems and it includes the change in the definition of adjusted operating income to now exclude amortization of acquired intangibles.

需要明確的是，這項更新的展望包括我們8 月份指導中未包含的2 個新項目，包括我們對6 River Systems 的收購，還包括調整後營業收入定義的更改，現在不包括所收購無形資產的攤銷。

Accordingly, for full year 2019, we are raising our revenue expectations to be in the range of $1.545 billion to $1.555 billion, with an adjusted operating income between $27 million to $37 million, which excludes stock-based compensation expenses and related payroll taxes of $180 million and amortization of acquired intangibles of $15 million.

因此，我們將 2019 年全年收入預期上調至 15.45 億美元至 15.55 億美元，調整後營業收入在 2,700 萬美元至 3,700 萬美元之間，其中不包括基於股票的補償費用和 180 美元的相關工資稅1500萬美元，收購無形資產攤提1500萬美元。

For the fourth quarter, we expect revenue of $472 million to $482 million and an adjusted operating income between $10 million and $20 million, which excludes stock-based compensation expenses and related payroll taxes of $57 million and amortization of acquired intangibles of $10 million.

我們預計第四季度營收為 4.72 億至 4.82 億美元，調整後營業收入為 1,000 萬至 2,000 萬美元，其中不包括股票補償費用和相關工資稅 5,700 萬美元以及收購無形資產攤銷 1,000 萬美元。

Our outlook includes expectations for 6 River Systems' ownership in the fourth quarter as follows: we expect no material impact to Shopify's revenue given most of 6 River Systems' revenue is recognized over the multiyear lifetime of each contract and also reflects the reduction of acquired deferred revenue under purchase accounting.

我們的展望包括對6 River Systems 第四季度所有權的預期，如下：我們預計Shopify 的收入不會受到重大影響，因為6 River Systems 的大部分收入是在每份合約的多年生命週期內確認的，並且也反映了收購的遞延收益的減少採購會計下的收入。

We expect incremental expenses to Shopify of $25 million, including $10 million of cash and operating expenses, $7 million in stock-based compensation and $8 million of amortization of acquired intangibles.

我們預計 Shopify 的增量支出為 2,500 萬美元，其中包括 1,000 萬美元的現金和營運支出、700 萬美元的股票薪酬以及 800 萬美元的收購無形資產攤銷。

We're excited about our progress in Q3 and going forward.

我們對第三季和未來的進展感到興奮。

As we continue to democratize commerce by bending the learning curve, adding more tools and capabilities to make entrepreneurship easier and leveling the playing field, we are unlocking the power of commerce for those who want to reach for independence all over the world.

隨著我們繼續透過彎曲學習曲線、添加更多工具和功能使創業變得更容易並創造公平的競爭環境來實現商業民主化，我們正在為世界各地想要實現獨立的人們釋放商業的力量。

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。

(Operator Instructions)

（操作員說明）

Ariel, can we have our first question, please.

Ariel，我們可以問第一個問題嗎？

Our first question comes from Colin Sebastian of Robert Baird.

我們的第一個問題來自羅伯特·貝爾德的科林·塞巴斯蒂安。

Congrats on another customer milestone.

祝賀客戶又一個里程碑。

Shopify Capital, obviously, a big step-up in the merchant cash advances alone, as Harley mentioned.

顯然，正如 Harley 所提到的，Shopify Capital 僅在商家現金預付款方面就取得了巨大進步。

So how are you thinking longer term about the role of capital and customer acquisition and retention and the ability to manage that risk because you expand outside of the payments group?

那麼，您如何從長遠角度思考資本和客戶獲取和保留的作用，以及在支付集團之外擴張時管理風險的能力？

Thanks for the question.

謝謝你的提問。

Harley here.

哈雷在這裡。

So certainly, it was a record quarter for Capital.

因此，對於 Capital 來說，這是一個創紀錄的季度。

We gave more than $140 million of advances to merchants.

我們向商家提供了超過 1.4 億美元的預付款。

And, again, as you mentioned, part of this is making sure that we help merchants in the entirety of their journey to success.

而且，正如您所提到的，其中一部分是確保我們在商家的整個成功之旅中為他們提供幫助。

Certainly, things like having additional cash for things like inventory and marketing, very important to them.

當然，諸如庫存和行銷等方面的額外現金對他們來說非常重要。

And there's not that many places to get that sort of capital.

而且獲得這種資本的地方並不多。

So we think we're really helping merchants by doing this.

所以我們認為我們這樣做確實是在幫助商家。

It also serves, of course, as a way to retain merchants because we're not only now their e-commerce platform or the point of sale provider or their payments provider, we're also now, in some cases, playing the role of their capital provider.

當然，它也是留住商家的一種方式，因為我們現在不僅是他們的電子商務平台、銷售點提供者或支付供應商，在某些情況下，我們現在還扮演他們的資本提供者。

So this is a meaningful part of our of business, and it keeps growing and certainly, it's something we're very proud of.

因此，這是我們業務中有意義的一部分，而且它不斷成長，當然，這是我們感到非常自豪的事情。

And in terms of the managing of the risk, it's something we keep close eye on.

在風險管理方面，我們密切關注這一點。

We do a ton of trend forecasting and ensuring that we look at the data to update our models as we see trends changing.

我們進行了大量的趨勢預測，並確保我們在看到趨勢變化時查看數據以更新我們的模型。

That being said, it's important to remember that most of the capital that we put out there is insured by our partner, EDC.

話雖如此，重要的是要記住，我們投入的大部分資金都由我們的合作夥伴 EDC 承保。

So we think that we'll continue to grow the capital business but at the same time manage the risk.

因此，我們認為我們將繼續發展資本業務，但同時管理風險。

And so we're not doing anything that is outside of that loss ratio and risk exposure.

因此，我們不會做任何超出損失率和風險暴露範圍的事情。

It's comfort zone that we think we have right now.

這是我們認為現在擁有的舒適圈。

Our next question comes from Matt Pfau of William Blair.

我們的下一個問題來自威廉布萊爾的馬特普福。

Just wanted to ask on the Fulfillment Network.

只是想在履行網路上詢問。

So how is the supply of fulfillment partners been relative to the demand and fulfillment that you're anticipating?

那麼，履行合作夥伴的供應與您預期的需求和履行有何關係？

And correlating to that, any updated thoughts on if you're going to need to operate some of your own fulfillment centers to help supplement the supply?

與此相關的是，對於您是否需要經營一些自己的履行中心來幫助補充供應，有什麼最新的想法嗎？

It's Harley, again.

又是哈雷。

I'll take that question.

我來回答這個問題。

As of right now the demand for SFN, it's coming from both sides of the coin.

截至目前，對 SFN 的需求來自硬幣的兩面。

It's coming from our merchants, who want to use it but also coming from partners.

它來自我們想要使用它的商家，但也來自合作夥伴。

It's important to understand that there are warehouses all over the U.S. where -- which is our first geography that has spare capacity but are looking to find a way to increase their business and this is just a great -- by being part of this network, it's a great way for them to do that.

重要的是要了解，美國各地都有倉庫，這是我們第一個有閒置產能的地區，但正在尋求增加業務的方法，這真是太好了，成為這個網絡的一部分，這對他們來說是一個很好的方式。

As of right now, the 7 nodes that will be operational by the end Q1 in 2020, all of those will be third-party fulfillment warehouses.

截至目前，將於2020年第一季末投入營運的7個節點全部為第三方配送倉庫。

So whether or not we build our own, we hope we don't have to and if we do it, it's likely be just to test to do some development work.

因此，無論我們是否建造自己的，我們希望我們不必這樣做，如果我們這樣做，很可能只是為了測試做一些開發工作。

But as of right now, we feel we can do a lot with third parties and still achieve the type of service and cost that we want to get for our merchants.

但截至目前，我們認為我們可以與第三方合作做很多事情，並且仍然可以實現我們希望為商家獲得的服務類型和成本。

So into 2020, it'll be a geared approach to SFN, and we'll be adding more and more partners.

因此，到 2020 年，這將是 SFN 的一種調整方法，我們將增加越來越多的合作夥伴。

But there's been significant demand on both sides from merchants and also from partners ever since the announcement at Shopify Unite in June.

但自 6 月 Shopify Unite 宣布這項消息以來，商家和合作夥伴都提出了巨大的需求。

So we're quite pleased with the progress.

所以我們對進展感到非常滿意。

Our next question comes from Ken Wong of Guggenheim Security.

我們的下一個問題來自古根漢保全公司的 Ken Wong。

So some of your e-commerce peers have called softer than expected holiday trends.

因此，一些電子商務同業稱假期趨勢比預期疲軟。

Can you maybe talk a little bit about what you're seeing across your merchant base as we head into the typically strong Q4?

當我們進入通常強勁的第四季度時，您能否談談您在商業基礎上看到的情況？

Yes, sure.

是的，當然。

I'm taking this.

我拿著這個。

This is Tobi.

這是托比。

So far -- I mean it's all trend forecasting at this point.

到目前為止——我的意思是目前所有的都是趨勢預測。

Like we're all sort of looking at probably some of the data.

就像我們都在查看一些數據一樣。

We don't see any weaknesses right now.

我們現在沒有看到任何弱點。

It looks pretty much on track to the previous years.

看起來與前幾年的情況基本一致。

Some dates are falling on different parts of the year so there's some change to that in terms of seasonality.

有些日期發生在一年中的不同時期，因此季節性方面會有一些變化。

But right now, we don't see anything that gives us an indication that there's a difference in purchasing behavior at least from our segment of where we can see.

但目前，我們沒有看到任何跡象表明購買行為至少與我們所看到的細分市場有差異。

Our next question comes from Mark Zgutowicz of Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的馬克·茲古托維奇。

Maybe just a quick follow on to that, last point, Toby.

也許只是快速跟進最後一點，托比。

I think we have one -- essentially one last week between Black Friday and Christmas this year, roughly speaking.

我認為我們有一個——粗略地說，基本上是今年黑色星期五和聖誕節之間的上週。

I'm just curious if there's -- if that's contemplated in your guidance.

我只是好奇您的指導中是否考慮到了這一點。

And then maybe separately, Harley talked about Capital?

然後也許哈利單獨談論了資本？

And I'm just curious if you can provide any color in terms of the impact that's having on GMV growth?

我只是好奇您能否提供有關 GMV 成長影響的任何資訊？

So I'll take the one last week.

所以我會選擇上週的那個。

Yes, it is built into our guidance.

是的，它已納入我們的指南中。

We had a strong Q3 in terms of GMV growth.

第三季的 GMV 成長強勁。

We're pleased with our performance going into our peak selling season.

我們對進入銷售旺季的表現感到滿意。

And that is one of the reasons why we upped our guidance on the top line.

這就是我們提高營收指引的原因之一。

On the capital piece.

在資本部分。

We've now given about $770 million of cumulative cash advances, that will continue to grow.

我們現在已經累積提供了約 7.7 億美元的預支現金，這一數字還將繼續增長。

It's up 85% since -- if you look year-over-year from last Q3 in 2018.

如果你從 2018 年第三季的年比情況來看，自那以來已經上漲了 85%。

So our capital business continues to grow.

所以我們的資本業務持續成長。

Is it going to have a material effect on GMV?

這會對GMV產生實質影響嗎？

Probably not a material effect on it.

可能不會對其產生實質影響。

Obviously, people will use this -- these merchants will use this money to do things like advertising inventory, which will have a correlation to GMV.

顯然，人們會用這個——這些商家會用這筆錢來做廣告庫存之類的事情，這將與 GMV 相關。

But just given the amount of GMV happening across our entire platform in 175 countries.

但僅考慮到我們整個平台在 175 個國家/地區發生的 GMV。

I don't think that's going to be a material increase in our GMV by itself.

我認為這本身不會顯著增加我們的 GMV。

I thought they're not good.

我以為他們不好。

So like on the capital side, we don't see -- sometimes we keep it low and then people just accelerate or increase in inventory order, and it has an immediate effect.

因此，就像在資本方面一樣，我們沒有看到 - 有時我們將其保持在較低水平，然後人們只是加速或增加庫存訂單，這會產生立竿見影的效果。

What happens a lot more is that business could otherwise not access loans get them.

更常見的情況是，企業無法獲得貸款。

And therefore, actually continue building the business.

因此，實際上要繼續發展業務。

So the effects of -- on GMV of the loans end up being delayed.

因此，貸款 GMV 的影響最終會被延遲。

But we might end up with an additional customer who would never actually have taken -- become a customer because of them.

但我們最終可能會得到一個額外的客戶，而他們實際上永遠不會因為他們而成為客戶。

So it's hard to cause an effect, it's secondary tertiary effect, which end up affecting the GMV in the long run.

所以很難產生效應，是二次三級效應，最終影響GMV。

Our next question comes from Gus Papageorgiou of PI Financials.

我們的下一個問題來自 PI Financials 的 Gus Papageorgiou。

If you look at your numbers, it looks like the year-over-year growth in GMV per merchant is very strong, kind of, double-digits, and it looks like it's been double digits all year long.

如果你看一下你的數據，你會發現每個商家的 GMV 年成長非常強勁，達到了兩位數，而且看起來全年都是兩位數。

I'm assuming that's from an increased number of Plus customers, but also it seems like probably the conversion rates are improving for your merchant customer base.

我假設這是由於 Plus 客戶數量的增加，而且您的商家客戶群的轉換率似乎也在提高。

Can you talk about what are the kind of main features that you guys have been implemented that have helped your merchants convert?

您能談談你們實施了哪些主要功能來幫助您的商家實現轉換嗎？

And if you look into the future, how do you expect conversion to improve, with the stuff like augmented reality and whatever other features you think you're -- going to influence that?

如果你展望未來，你期望如何透過擴增實境等技術以及你認為會影響的其他功能來提高轉換率？

Yes.

是的。

In terms of the conversion, look, the things that we're doing, we're trying to ensure that anyone -- that any browser turns into a buyer for our merchants.

在轉換方面，看，我們正在做的事情，我們正在努力確保任何人——任何瀏覽器都能成為我們商家的買家。

So things like augmented reality or three-dimensional product listings, things of that nature as I mentioned, it not only makes it a more fun experience for consumers but it also increases the conversion rate.

因此，像擴增實境或三維產品清單這樣的東西，正如我所提到的那樣，它不僅為消費者帶來了更有趣的體驗，而且還提高了轉換率。

But even beyond that, things like Shopify Pay, more of our accelerated checkout options.

但除此之外，還有 Shopify Pay 等我們更多的加速結帳選項。

What you're beginning to see more and more is that we are trying to reduce the amount of friction that any browser has, so that they do become a buyer and hopefully, buy a lot from these merchants.

您開始越來越多地看到的是，我們正在努力減少任何瀏覽器的摩擦量，以便他們確實成為買家，並希望從這些商家那裡購買很多東西。

So I mean that's -- we've been doing that for almost 15 years now, trying to make it easy for anyone to checkout as easy as possible from a Shopify Store.

所以我的意思是 - 我們已經這樣做了近 15 年，試圖讓任何人都能盡可能輕鬆地從 Shopify 商店結帳。

We'll continue to do that, of course.

當然，我們將繼續這樣做。

Yes.

是的。

And I'll just add one point at the end.

最後我只補充一點。

That the GMV per merchant growth is pretty much across the board, across all of our merchant segments.

在我們所有的商家細分市場中，每個商家的 GMV 成長幾乎是全面的。

But yes, in particular, Plus has been very strong.

但確實，Plus 非常強大。

Our next question comes from Deepak Mathivanan of Barclays.

我們的下一個問題來自巴克萊銀行的迪帕克·馬蒂瓦南。

So I wanted to ask about how we are approaching the fulfillment rollout.

所以我想問一下我們是如何實現履行的。

Are you using initiatives like all year outer discounts or value promotions for some of the large merchants at this point already as you prepare for the holiday season?

當您為假期做準備時，您是否已經在為一些大型商家採取全年外部折扣或超值促銷等舉措？

Can you talk a little bit more about kind of the go-to-market strategy for fulfillment, near-term and maybe in 2020 as well?

您能否多談談近期甚至 2020 年的市場投放策略？

Yes.

是的。

So with respect to fulfillment, we're still in our early access program and we're onboarding merchants as we speak.

因此，就履行而言，我們仍處於早期訪問計劃中，並且我們正在為商家提供服務。

We're happy with our progress and absolutely on track.

我們對我們的進展感到滿意，並且完全步入正軌。

Each contract is competitively priced.

每份合約的價格都具有競爭力。

We look at each merchant based on the size, weight and complexity of their fulfillments.

我們根據每個商家的規模、重量和履行的複雜性來考察他們。

And that's largely how we have approached it and will continue to approach it moving forward.

這很大程度上就是我們處理這個問題的方式，並將繼續向前邁進。

Our next question comes from Brad Zelnick of Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的布拉德·澤爾尼克。

So with take rate flat quarter-on-quarter.

因此，季度環比持平。

How much of this was driven by mix shift?

其中有多少是由混合轉變所驅動的？

And if we dig into the different segments, Plus and international, what does take rate growth look like on a segment level basis?

如果我們深入研究不同的細分市場（Plus 和 International），那麼在細分市場層面的成長率是什麼樣的？

Yes.

是的。

It -- if you look at it the segment level, each of our merchant segment has continued to increase take rate year-over-year.

如果你從細分市場的角度來看，我們每個商家細分市場的轉換率都在逐年持續成長。

So the entire impact from Q3 to Q4 is a mix.

因此，從第三季到第四季的整個影響是混合的。

We're still seeing strong growth in international and that take rate is improving quarter-over-quarter, year-over-year, it's just weighing down the average a little bit.

我們仍然看到國際市場的強勁成長，採用率逐季度、逐年提高，只是稍微壓低了平均值。

Our next question comes from Richard C. of National Bank Financial.

我們的下一個問題來自國家銀行金融公司的理查德·C.。

With respect to the fulfillment network.

關於履行網絡。

As it becomes like growing part of your mix, how should we be thinking about the margin profile here for the business going forward?

隨著它成為您的組合的一部分，我們應該如何考慮未來業務的利潤狀況？

Yes.

是的。

So let me just talk a little bit about Shopify Fulfillment Network and what we sort of expect here, so let's take Q3 to begin with.

讓我簡單談談 Shopify 配送網路以及我們對此的期望，所以讓我們從第三季開始。

There was minimal impact to gross margin, given we're still ramping the early access program.

鑑於我們仍在加大搶先體驗計劃，因此對毛利率的影響很小。

As we're enter Q4 in our peak selling season and we start to ramp fulfillment volumes, we do expect to have slight dilution on our gross margin from that.

隨著我們進入銷售旺季的第四季度，我們開始增加履行量，我們確實預計我們的毛利率將略有稀釋。

This is all factored into our Q4 and full year guidance.

這一切都已納入我們的第四季和全年指引中。

We do have a path to profitability that we announced at Unite.

我們確實有一條在 Unite 上宣布的盈利之路。

And we expect to be in product market fit phase through early 2021.

我們預計到 2021 年初將處於產品市場適應階段。

So we likely will be dilutive on the gross profit line for Shopify Fulfillment Network until we hit the scale phase which, again, we expect early 2020.

因此，在我們進入規模階段之前，我們可能會稀釋 Shopify 配送網路的毛利線，我們再次預計 2020 年初。

But we believe the short-term dilution is the right long-term decision for our merchants.

但我們相信短期稀釋對我們的商家來說是正確的長期決定。

We expect fast and affordable fulfillments will energize our flywheel by helping our merchants to sell more.

我們預計快速且實惠的配送將幫助我們的商家銷售更多產品，從而為我們的飛輪注入活力。

And that would be hitting the scale phase in early 2021.

這將在 2021 年初進入規模化階段。

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

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

Maybe Amy, could you expand on gross margins, it looks like Subscription Solutions gross margin dipped a little bit sequentially.

也許艾米，你能擴大毛利率嗎，訂閱解決方案的毛利率似乎連續下降了一點。

I'm just kind of curious what's driving that, and then your thoughts going forward?

我只是有點好奇是什麼推動了這一點，然後你的想法是什麼？

Yes.

是的。

On the Subscription Solutions margin line for Q3 quarter-over-quarter, we did see a slight dip.

在第三季的訂閱解決方案利潤率環比上，我們確實看到了輕微下降。

It was due to infrastructure investments to increase the performance for merchants, speed performance and also some additional infrastructure and anticipation for our peak selling season.

這是由於基礎設施投資提高了商家的表現、速度，以及一些額外的基礎設施和對銷售旺季的預期。

I will say for the full year, for Subscription Solution margins, year-over-year, we are still anticipating an improvement because of post-cloud migration this year versus last year.

我想說的是，對於全年訂閱解決方案的利潤率來說，我們仍然預計由於今年的後雲遷移與去年相比會有所改善。

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

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

Can you hear me now?

你聽得到我嗎？

Hello, can you hear me now?

你好，現在你聽得到我說話嗎？

Yes.

是的。

Go ahead.

前進。

I really want to ask about one topic.

我真的很想問一個話題。

Amazon, during their call, talked about one day shipping, really materially had an uplift on their volume on their GMV.

亞馬遜在電話會議中談到了一日達送貨，這確實大幅提升了其 GMV 的銷售。

At Unite, you guys talk about 2-day shipping.

在 Unite，你們談論的是 2 天送達。

Does that change your planning, your table stakes offering in terms of what you're planning to rollout for your merchants.

這是否會改變您的計劃、您計劃為商家推出的產品的籌碼。

And if I may, on the same topic here, I know you consider Amazon to be more of a partner.

如果可以的話，就同一主題而言，我知道您認為亞馬遜更像是一個合作夥伴。

It's a sales channel for your merchants.

這是您商家的銷售管道。

I guess at what point do they become a competitor, especially as more merchants defect from their network over to yours?

我猜他們什麼時候會成為競爭對手，尤其是當越來越多的商家從他們的網路轉向你的網路時？

Yes.

是的。

I'll take that.

我會接受的。

Tobi, here.

托比，在這裡。

Again, as I said this before, it seems to have resonated.

正如我之前所說，它似乎再次引起了共鳴。

Like, Shopify and Amazon, we are partners.

就像 Shopify 和 Amazon 一樣，我們是合作夥伴。

Again, we offer Amazon pay to the customers who want it, to the merchants who want it.

再次，我們向需要的客戶和需要的商家提供亞馬遜支付服務。

Often when you buy something on Amazon, there's a Shopify store that, that particular order flows into and from which the merchant [does have a certain mandate on].

通常，當您在亞馬遜上購買商品時，會有一個 Shopify 商店，該特定訂單流入和流出，商家 [確實有一定的授權]。

It's a partnership.

這是一種夥伴關係。

So we're not competing with Amazon.

所以我們不與亞馬遜競爭。

It's -- some of our customers are competing in some segments.

我們的一些客戶正在某些領域競爭。

We certainly help them with that.

我們當然會幫助他們。

So in a very indirect way, you can draw the power level of -- that we are competing.

因此，以一種非常間接的方式，你可以得出我們正在競爭的力量水平。

But like I don't think either of us thinks about it this way.

但我認為我們都不會這樣思考。

But Amazon also serve as a best practice.

但亞馬遜也是一種最佳實踐。

They've kind of -- I mean they're certainly the retailer on -- take it out how to sell perfectly on Internet.

他們有點——我的意思是他們肯定是零售商——拿出如何在網路上完美銷售的方法。

The things that people really, really need, they order from there because it arrives.

人們真正需要的東西，他們從那裡訂購，因為它到達了。

Often now, next day as they announce.

通常是現在，就像他們宣布的那樣。

The products from Shopify are often the things that people really want rather than ones they need.

Shopify 的產品通常是人們真正想要的東西，而不是他們需要的東西。

It's a bit geeky kind of products.

這是有點怪異的產品。

And there's a little bit more tolerance for the shipping because of that.

因此，對運輸的容忍度更高一些。

So we are not aiming at 1-day delivery because that's just -- it's an incredibly expensive kind of thing to do.

因此，我們的目標不是一日達，因為這是一件非常昂貴的事情。

And isn't -- like the return on investment in -- for the category of products that are on Shopify isn't there.

與投資回報一樣，Shopify 上不存在該產品類別。

Like it will happen in certain instance because frankly, a lot of our partner warehouses will be close to population centers and will be able to do this.

就像在某些情況下會發生一樣，因為坦白說，我們的許多合作夥伴倉庫將靠近人口中心，並且能夠做到這一點。

But to create any kind of guarantees around this, that's not something we are planning on doing.

但圍繞這一點創造任何形式的保證，這不是我們計劃要做的事情。

So no, there's no change because of the announcements there.

所以不，不會因為那裡的公告而有任何變化。

Our next question comes from Kevin Krishnaratne of Paradigm Capital.

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

Congrats on the milestone.

祝賀這一里程碑。

You had strength in ads from international.

你們在國際廣告方面很有實力。

I'm wondering if you can provide any color on growth ads in core markets sort of whether trends are like there versus a year ago or prior quarters, stronger or weaker?

我想知道您是否可以提供有關核心市場成長廣告的任何信息，例如趨勢與一年前或前幾季相比是更強還是更弱？

Just trying to understand how this quarter might compare to other peak periods for gross ads.

只是想了解本季的廣告總收入與其他高峰期相比如何。

I'm just trying to unpack the different markets.

我只是想了解不同的市場。

We continue to see solid growth in merchants in our core geographies.

我們繼續看到核心地區的商家穩定成長。

Merchant count is something that we look at as a metric, but we're also looking at GMV growth and the growth in our core geographies and GMV-wise was quite strong.

我們將商家數量視為一個指標，但我們也關注 GMV 成長，我們核心地區的成長和 GMV 方面的成長相當強勁。

So the combination of the 2 of them, we're happy.

所以他們兩個的結合，我們很高興。

And that's another reason why we upped our guidance for the year.

這也是我們提高今年指導的另一個原因。

Our next question comes from Nikhil Thadani of Mackie Research Capital.

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

I wanted to go back to Harley's comments about your native 3D support and augmented reality.

我想回到哈雷關於原生 3D 支援和擴增實境的評論。

Maybe if you could help us understand how that would scale?

也許您可以幫助我們了解如何擴展？

Can merchants use their smartphones to scan different SKUs or do they need like specialized hardware or perhaps new partners to help them out in that area?

商家可以使用智慧型手機掃描不同的 SKU，還是需要專門的硬體或新的合作夥伴來幫助他們解決該領域的問題？

Thanks for the question.

謝謝你的提問。

So in terms of new hardware, no.

所以就新硬體而言，沒有。

I mean the great part about things like augmented reality is that now everyone that has the new iOS has it built into the -- with AR kits.

我的意思是，像擴增實境這樣的東西的一個重要部分是，現在每個擁有新 iOS 的人都將其內建到了 AR 套件中。

So there's nothing new you need.

所以你不需要什麼新東西。

Now in terms of getting the 3D modeling done, that is something that we're actually helping merchants with.

現在就完成 3D 建模而言，這實際上是我們正在幫助商家完成的事情。

So if you go to our services marketplace, where we connect merchants with experts and photographers and agencies and freelancers and developers to help them with their business-specific needs and requirements of their business, that's an area where you now can find 3D modelers as well.

因此，如果您造訪我們的服務市場，我們將商家與專家、攝影師、代理商、自由工作者和開發人員聯繫起來，以幫助他們滿足特定業務的需求和業務要求，那麼您現在也可以在這個領域找到3D 建模師。

So we are playing at -- we are matchmaking them with people that can help with that.

因此，我們正在為他們配對能夠提供幫助的人。

But from a consumer perspective, the best part of that this is that the consumer doesn't have to do anything.

但從消費者的角度來看，最好的部分是消費者不需要做任何事。

Consumer can now go to that particular merchants online store, and they can have a much better experience given the work they were doing with 3D and AR.

消費者現在可以前往特定商家的線上商店，並考慮到他們使用 3D 和 AR 所做的工作，他們可以獲得更好的體驗。

And we think it's going to lead to higher conversions, ultimately.

我們認為這最終會帶來更高的轉換率。

But there is no onus on the consumer, and we're making it really easy for merchants to adopt this.

但消費者沒有任何責任，我們正在讓商家很容易採用這一點。

Our next question comes from Chris Merwin of Goldman Sachs.

我們的下一個問題來自高盛的克里斯·默溫。

In terms of profitability, it looks like you flowed through the fiscal 3Q beat on non-GAAP EBIT into the full year guidance.

就獲利能力而言，看起來您已經將第三財季非公認會計準則息稅前利潤的成長納入了全年指引。

I think you mentioned that the updated full year guidance also includes $10 million of OpEx, this is on the non-GAAP.

我想您提到更新的全年指引還包括 1000 萬美元的營運支出，這是基於非 GAAP 的。

And I guess just given all the runway ahead for Shopify Fulfillment Network, Plus, international.

我想剛剛考慮到 Shopify Fulfillment Network Plus 的國際前景。

Maybe can you just talk a bit about flowing through kind of that level of profitability?

也許您可以談談這種盈利水平的流動情況嗎？

And how you think about the pace of investments going forward?

您如何看待未來的投資步伐？

Yes.

是的。

Let me talk specifically to our outlook that we just updated because there are multiple factors going on with respect to 6 River as well as the change in definition.

讓我具體談談我們剛剛更新的展望，因為 6 River 存在多種因素以及定義的變化。

So if you think -- if you start with our outlook in August, that did not consider the 6 River acquisition.

因此，如果你想一想，如果你從我們 8 月的展望開始，那就沒有考慮 6 River 的收購。

We were at $20 million to $30 million of adjusted operating income for the full year.

我們全年的調整後營業收入為 2,000 萬至 3,000 萬美元。

If our outlook in August were adjusted to -- also exclude amortization of existing acquired intangibles of $7 million, so the new definition, it would have been $27 million to $37 million.

如果我們 8 月的展望調整為 - 也不包括現有收購的 700 萬美元無形資產的攤銷，那麼新的定義將是 2700 萬美元至 3700 萬美元。

So apples to apples, our updated outlook for adjusted operating income for the full year under the new definition is essentially unchanged.

因此，我們根據新定義對全年調整後營業收入的最新展望基本上沒有變化。

And so what does that mean?

那麼這意味著什麼呢？

That means that the $10 million in OpEx from 6 River in the fourth quarter is essentially being offset by the organic performance of Shopify.

這意味著第四季度 6 River 的 1000 萬美元營運支出基本上被 Shopify 的有機業績所抵消。

So we're going to continue to invest in these important growth areas.

因此，我們將繼續投資這些重要的成長領域。

And that will be something that we're working on in 2020 planning, and we'll have more to say in February on that.

這將是我們在 2020 年計劃中要做的事情，我們將在 2 月對此進行更多討論。

But the performance of the overall company, including 6 River for the fourth quarter we think is very strong.

但我們認為整個公司的表現，包括 6 River 第四季的表現非常強勁。

Our next question comes from Thomas Forte of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

So regarding your Shopify Fulfillment Network efforts, what was the rationale for purchasing 6 River Systems?

那麼，關於您的 Shopify 外送網路工作，購買 6 River Systems 的理由是什麼？

And do you believe you need to engage an additional M&A to advance the initiative?

您是否認為需要進行額外的併購來推進該計劃？

Yes, Tobi here.

是的，托比在這裡。

No plans right now on more M&A, but it's definitely a possibility.

目前沒有更多併購計劃，但這絕對是可能的。

Again, this is a completely new field for the company, and they're trying to do this right.

同樣，這對公司來說是一個全新的領域，他們正在努力做好這件事。

The rationale specifically is -- in this particular world of fulfillment warehouses, like efficiency and quality metrics, everything.

具體的理由是──在這個特定的履行倉庫世界中，例如效率和品質指標，一切。

And those are things that are massively improved by robotics.

這些都是機器人技術極大改善的事情。

And the part of our -- significant reason for a lack of robotics build out in this particular space has been that people have experienced like a great robotics providers coming on the market about a decade ago, it was Kiva and that then disappearing and the robotics then no longer available.

在這個特定領域缺乏機器人技術的重要原因是，人們經歷了大約十年前出現在市場上的偉大機器人供應商，它是 Kiva，然後消失了，機器人技術然後不再可用。

So that seeded a good set of horror stories in the market, which made people just not want to go for this particular option.

因此，這在市場上播下了一系列恐怖故事，這使得人們不想選擇這個特定的選擇。

I was bringing in 6 River Systems, brings a lot of fantastic talent in-house, people who have known the space for -- like and has build hardware/software in the space for many decades.

我引入了 6 River Systems，帶來了許多出色的內部人才，這些人熟悉這個領域，並且已經在該領域建立了硬體/軟體數十年。

And also they can go out to this world and just say, hey, we've -- like it's demonstrable that we will want this to be available over the next decades and that people can do long-term planning with robotics in mind and just keep it in the space and make it a part of the Fulfillment Network buildout.

他們也可以到這個世界說，嘿，我們已經——就像可以證明的那樣，我們希望在未來幾十年內實現這一點，人們可以在考慮機器人技術的情況下進行長期規劃，並且只是將其保留在空間中，並使其成為履行網路擴建的一部分。

And that increases, again, the efficiency and e-commerce picking ability of warehouses, which currently are doing this until it became pretty obvious that this would be a good move, and this is a significant part for rationale what I did.

這再次提高了倉庫的效率和電子商務揀選能力，倉庫目前正在這樣做，直到很明顯這將是一個很好的舉措，這是我所做的理由的重要組成部分。

Our next question comes from Koji Ikeda of Oppenheimer.

我們的下一個問題來自奧本海默的池田浩二。

I had a question on the conversion of mobile eyeballs to mobile dollars.

我有一個關於移動眼球到移動美元的轉換的問題。

So Shopify does a great job with that mobile conversation rate.

因此，Shopify 在行動會話率方面做得非常出色。

I think it's well above the industry metric we see out there.

我認為它遠遠高於我們看到的行業指標。

But there's still a gap between mobile eyeballs and mobile dollars, even for Shopify.

但即使對於 Shopify 來說，移動眼球和移動收入之間仍然存在差距。

Could you talk about, what is the factor or factors that is causing that gap?

您能談談造成這種差距的因素是什麼嗎？

And what Shopify is doing to help close that gap over time?

隨著時間的推移，Shopify 正在採取哪些措施來幫助縮小差距？

I don't think anyone -- I mean this is really, really hard to know.

我認為沒有人——我的意思是這真的很難知道。

It's from -- like I think the default device just has shifted.

它來自——就像我認為預設設備剛剛發生了變化。

Like it's a massively more traffic on mobile and people use mobile a lot more in sort of cracks of a day.

就像行動裝置上的流量大幅增加，人們在一天中更多地使用行動裝置。

And sitting down computer's becoming more and more a deliberate act.

坐在電腦上越來越成為一種刻意的行為。

So people might have -- it might be the same people who have bounced on that stool will then sit down on a desktop to then do a purchase and these kind of things end up skewing the numbers a little bit.

因此，人們可能會——可能是那些在凳子上彈跳的人，然後會坐在桌面上進行購買，而這些事情最終會導致數字出現一些偏差。

I think the correct way to think about the word of -- the Internet really is -- it exists for serving mobile devices.

我認為正確的思考方式是——互聯網確實是——它的存在是為了服務行動裝置。

There's couple of fallback systems for desktops.

有幾個針對桌面的後備系統。

That was super clear, a long time ago.

很久以前就說得很清楚了。

And it's actually -- it's a -- some retailers are surprisingly unprepared for it.

事實上，一些零售商對此毫無準備，令人驚訝。

Mobile device have tons and tons of advantages, like the fact that we came to use of biometrics as a form of securing access to credit cards.

行動裝置有很多優勢，例如我們開始使用生物辨識技術作為信用卡存取的一種形式。

Mobile devices have payments systems directly built in on the platform level, which is, again, at the moment, the lack of -- of the prowess of doing this over the last decades, many times.

行動裝置的支付系統直接內建在平台級別，而目前，這在過去幾十年中多次缺乏這樣做的能力。

And the mobile vendors have done such an amazing job building secure elements into the hardware and bringing these ideas into reality.

行動供應商已經完成瞭如此出色的工作，將安全元素建置到硬體中並將這些想法變為現實。

And it's -- like I think the experience of purchasing on mobile, on Shopify stores is now equivalent.

我認為在行動裝置上購物的體驗現在在 Shopify 商店上是相同的。

Like I don't think friction is a differentiator for conversion rate anymore.

就像我認為摩擦不再是轉化率的差異因素。

And so now it's purely based on intent.

所以現在這純粹是基於意圖。

And so I think that was -- that took over long time to get there.

所以我認為這花了很長時間才到達那裡。

But now I think we are there between Apply Pay, Google Pay, Samsung Pay and all kind of the things that have supported.

但現在我認為我們處於Apply Pay、Google Pay、Samsung Pay 和所有支援的事物之間。

And of course Shopify Pay is sort of making up the difference in the fallback cases.

當然，Shopify Pay 在某種程度上彌補了後備案例中的差異。

Our next session comes from David Heinz of Canaccord.

我們的下一場會議由 Canaccord 的 David Heinz 主持。

Can you talk about first year GMV for new Plus accounts maybe versus a year ago?

您能談談新 Plus 帳戶第一年的 GMV 與一年前相比嗎？

I'm trying to get the sense of increasing contribution we're seeing there is more a function of adding Plus merchants t a higher velocity or landing larger accounts.

我試圖了解增加貢獻的感覺，我們看到有更多的功能可以添加 Plus 商家以提高速度或登陸更大的帳戶。

I suspect it's a bit of both but anything you can provide to help quantify would be helpful?

我懷疑兩者都有，但你能提供的任何有助於量化的東西都會有幫助嗎？

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

我是哈利，我來回答這個問題。

We certainly are seeing more complex merchants coming to the Plus platform.

我們當然會看到更複雜的商家進入 Plus 平台。

We announced Staples Canada coming on a couple of months ago.

幾個月前，我們宣布 Staples Canada 上線。

More recently, companies like JB Hi-Fi have come on who are some of the larger electronics retailers in the world and based in Australia.

最近，像 JB Hi-Fi 這樣的公司也出現了，他們是世界上一些較大的電子零售商，總部位於澳洲。

So we are seeing more of these complex merchants.

所以我們看到越來越多的複雜的商人。

But traditionally, we saw mostly home-grown success stores coming at Plus and upgrading through the different plans.

但傳統上，我們看到大多數本土成功商店都在 Plus 上開業，並透過不同的計劃進行升級。

Now obviously, we're seeing merchants that frankly, even 5 years ago we didn't anticipate they'd be coming to us.

現在顯然，坦白說，我們看到的商家甚至在 5 年前也沒有預料到他們會來找我們。

They come with a whole bunch of nuances that we just weren't aware of.

它們有很多我們沒有意識到的細微差別。

And I think now we're getting better at understanding what they require.

我認為現在我們越來越了解他們的需求。

And that even extends some of the government agencies are working with -- in place like Canada for things like cannabis, where they come with a whole set of requirements.

這甚至延伸了一些政府機構正在與加拿大等地合作的大麻等項目，他們提出了一整套要求。

I think we're getting much better and much smarter and much more effective in onboarding then and getting them up and running.

我認為我們在入職以及讓他們啟動和運行方面變得更好、更聰明、更有效。

The neat part about this particular merchant is they come with an existing business and so GMV obviously, for them accelerates fairly quickly relative to a brand-new direct-to-consumer brand that's just trying to build up their business.

這個特定商家的巧妙之處在於，他們擁有現有業務，因此 GMV 顯然相對於剛試圖建立業務的全新直接面向消費者的品牌而言加速得相當快。

That being said, relative the entire stack of GMV across all of Shopify, which again was $15 billion for the quarter.

話雖如此，相對於整個 Shopify 的 GMV，該季度仍為 150 億美元。

It's not necessarily going to over overly material.

它不一定會過於物質化。

But I do believe you will continue to see more large, complex, very well-established brands come onto Shopify Plus in the coming years.

但我確實相信，未來幾年您將繼續看到更多大型、複雜、非常成熟的品牌進入 Shopify Plus。

Our next question comes from Paul Treiber of RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Paul Treiber。

Just in regards to Shopify Pay, the adoption does seems quite strong.

就 Shopify Pay 而言，採用率似乎相當強勁。

What's your thoughts on some of these more consumer-facing services like, pay, creating a consumer brand around Shopify itself.

您對一些更面向消費者的服務有何看法，例如付款、圍繞 Shopify 本身創建消費者品牌。

And then how do you -- it relates to, how do you think about striking a balance between any Shopify-related branding with consumers and the merchants on branding?

然後，您如何考慮在與 Shopify 相關的品牌與消費者和商家的品牌之間取得平衡？

Those was perennial of evergreen conversations within Shopify, again, we've grown up as sort of a total brand behind brands, like even putting Powered by Shopify on the stores that the hosted on Shopify.

這些是 Shopify 內部常年常青的對話，我們已經成長為品牌背後的整體品牌，甚至將 Powered by Shopify 放在 Shopify 託管的商店上。

That's something that people get manually at some point and only then did we sort of created as an option.

這是人們在某個時候手動獲得的東西，然後我們將其創建為一種選擇。

So the success of the company has traditionally been just making other people look good rather than ourselves.

因此，公司的成功傳統上只是讓別人看起來更好，而不是讓我們自己看起來更好。

So we're very, very careful with any exposed branding.

因此，我們對任何暴露的品牌都非常非常小心。

I mean we are certainly, like agreeing with our customer who are saying that, hey, you guys have a pretty good brands, let's use it.

我的意思是，我們當然同意我們的客戶的說法，嘿，你們有一個很好的品牌，讓我們使用它。

So this is why Shopify Pay was something we reengaged in.

這就是我們重新參與 Shopify Pay 的原因。

It certainly was -- been very successful.

這確實非常成功。

But like it's just going to be something we're going to do very, very carefully.

但這就像我們將非常非常小心地做的事情一樣。

That's basically the best thing I could say about it.

這基本上是我能說的最好的事情了。

I think this direction is so frauds of potential pitfalls and going overboard, I think it's important that we stick to what we know.

我認為這個方向充滿了潛在的陷阱和過度的欺詐，我認為堅持我們所知道的東西很重要。

Our next question comes from Ygal Arounian of Wedbush Securities.

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

I just wanted to ask the macro question on holidays just from a different angle, and there's obviously, been a lot more discussion around the macro environment potential recessions and just flowing growth.

我只是想從不同的角度問假期的宏觀問題，顯然，圍繞著宏觀環境潛在的衰退和流動的增長進行了更多的討論。

And it would seem to indicate from all your numbers that you're not seeing any real negative sentiment out of I guess particularly your SMB cohorts, but to any degree you could kind of talk about the overall business investments and sentiment you're seeing from newer merchants.

從您的所有數據來看，您似乎沒有看到任何真正的負面情緒，尤其是您的中小型企業群體，但在任何程度上，您都可以談論您所看到的整體業務投資和情緒較新的商家。

And then real quick, you guys then touch on POS on this call.

然後很快，你們就在這次通話中觸及 POS。

And you rolled out a pretty meaningful software upgrade at -- earlier in the year and I wanted to see if there's any early reads from that, customer reactions, and any lessons you're learning.

今年早些時候，您推出了一項非常有意義的軟體升級，我想看看是否有任何早期的讀物、客戶的反應以及您正在學習的任何經驗教訓。

Yes.

是的。

But update hasn't hit yet.

但更新還沒到來。

This is still coming out in the future.

這在未來還會出現。

We are super excited about it.

我們對此感到非常興奮。

And then generally the scenario we're building up, point of sales is doing pretty well.

一般來說，我們正在建立的場景，銷售點表現得相當不錯。

Macro -- we have visibility in purchasing behavior where we don't see any indication of diminishing confidence.

宏觀－我們對購買行為有可見性，沒有看到任何信心減弱的跡象。

We have visibility in new business formation, which seems strong, and it's not tracking in any meaningful way different from how it has through the last 10 years of a bond market.

我們在新業務形成方面擁有可見性，這似乎很強勁，而且它並沒有以任何有意義的方式追蹤過去十年債券市場的情況。

So we are not seeing anything coming from our side as everyone who has witnessed recessions have.

因此，我們並沒有像每個經歷過經濟衰退的人那樣看到我們這邊發生的任何事情。

They usually come from this side where you don't expect them from.

他們通常來自你意想不到的這一邊。

So it doesn't look like our side.

所以看起來不像我們這邊。

If something is happening, it doesn't look like our side.

如果發生什麼事，看起來就不像我們這邊了。

It's -- the thing that's causing it, and it's tracking ahead.

是它造成的，而且它正在向前發展。

Sure.

當然。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

Out next question comes from Josh Beck of KeyBank.

下一個問題來自 KeyBank 的 Josh Beck。

I wanted to ask about B2B.

我想問一下B2B的事。

I think it's been approaching 6 months since you purchased Handshakes.

我想距離您購買 Handshakes 已經快 6 個月了。

So any updates you can provide us on what the key strategic objectives are for you within that opportunity?

那麼您可以向我們提供有關您在此機會中的關鍵策略目標的最新資訊嗎？

Yes.

是的。

So as you mentioned, we did acquire Handshake about 6 months ago.

正如您所提到的，我們確實在大約 6 個月前收購了 Handshake。

It's an incredible team of people that have been thinking more about modern wholesale and modern B2B probably more than anyone else in the planet.

這是一支令人難以置信的團隊，他們可能比地球上的任何其他人都更常思考現代批發和現代 B2B。

Remember that Plus historically had a very small B2B business that was sort of -- we didn't necessarily to go there, our merchants pulled us there.

請記住，Plus 歷史上有一個非常小的 B2B 業務，我們不一定要去那裡，我們的商家把我們拉到那裡。

We were noticing that some of our merchants had a very successful and thriving retail business but also we're looking to use Shopify for their wholesale and B2B business.

我們注意到，我們的一些商家擁有非常成功且蓬勃發展的零售業務，但我們也希望將 Shopify 用於他們的批發和 B2B 業務。

We felt that although we could probably get there ourselves, we wanted to accelerate that.

我們覺得雖然我們自己可能可以實現這一目標，但我們希望加快速度。

And we felt, with team over and Handshake, we'd be able to get there a lot faster.

我們覺得，透過團隊結束和握手，我們能夠更快地實現這一目標。

So again, we're still working together to figure out exactly what the go-to-market will be for that?

再說一遍，我們仍在共同努力弄清楚產品的上市具體是什麼？

What exactly their final product will look like for that?

他們的最終產品到底會是什麼樣子？

But certainly, we have the greatest team we think on planet thinking about modern retail and modern B2B, and that will continue to grow overtime.

但可以肯定的是，我們擁有地球上最偉大的團隊，思考現代零售和現代 B2B，而這團隊將繼續隨著時間的推移而發展。

But it's not yet a material part of the Plus business or the Shopify business.

但它還不是 Plus 業務或 Shopify 業務的重要組成部分。

But it does allow us eventually to get an entire different segment of the market to think about Shopify, who currently we are not talking to.

但它確實讓我們最終能夠讓整個不同的市場部分考慮 Shopify，目前我們還沒有與 Shopify 交談。

Our next question comes from Brian Peterson of Raymond James.

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

Just wanted to hit on the success you've had internationally.

只是想利用您在國際上的成功。

And I'm curious if the merchant ads you've seen, have those been more traditional Shopify merchants?

我很好奇您看到的商家廣告是否是更傳統的 Shopify 商家？

Or have you also seen quicker than expected adoption for net new Plus merchants as well?

或者您也看到新的 Plus 商家的採用速度比預期更快？

Any color on that.

任何顏色都可以。

Okay.

好的。

I'll take that question.

我來回答這個問題。

From an international perspective, the interesting part about our expansion there, it differs by different by countries.

從國際角度來看，我們在那裡擴張的有趣之處在於，不同國家的情況有所不同。

In certain countries, we're seeing a lot larger merchants come on.

在某些國家，我們看到許多更大的商家加入。

They look a lot more like the Plus merchants segment.

他們看起來更像是 Plus 商家群。

They're coming out with GMV.

他們即將推出 GMV。

They have dozens of employees, if not more, working at their companies.

他們的公司有數十名甚至更多員工。

In other segments, we're seeing very small merchants, very similar to what we'd see signing up for $29 plan in North America.

在其他細分市場，我們看到非常小的商家，與我們在北美看到的 29 美元計劃的商家非常相似。

So the new part about our strategy there is that we're actually tailoring our product in the go-to-market on a per country basis.

因此，我們策略的新部分是，我們實際上是根據每個國家/地區的市場情況來客製化我們的產品。

And that's the reason why we do things like country-specific and language-specific applications.

這就是我們做針對特定國家和特定語言的應用程式之類的原因。

We need a partner ecosystem each country that differs from other countries.

每個國家都需要一個與其他國家不同的合作夥伴生態系統。

And obviously, language is something we've been working on for a while.

顯然，語言是我們已經研究了一段時間的東西。

So we currently have Shopify now in 19 languages.

目前，我們的 Shopify 有 19 種語言版本。

And obviously, the diversification of the merchant base increases out TAM.

顯然，商業基礎的多元化增加了 TAM。

So we're excited about that.

所以我們對此感到興奮。

The other thing that obviously, Amy had mentioned in her prepared remarks was that, GMV from international is actually growing faster than other segments.

顯然，艾米在準備好的發言中提到的另一件事是，來自國際的 GMV 實際上比其他細分市場成長得更快。

And that's really great.

這真的很棒。

And we still have not penetrated the international market with merchant solution in the way we have in some of our core markets, so that remains an opportunity in the future for us.

我們仍然沒有像在一些核心市場那樣透過商業解決方案打入國際市場，因此這對我們來說仍然是未來的機會。

Our next question comes from Samad Samana with Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Amy, I think I'm in your prepared remarks, you mentioned, level setting subscription pricing for legacy plans.

艾米，我想我在您準備好的演講中提到，為遺留計劃設定訂閱定價水準。

I was wondering if you can maybe help us understand how much legacy pricing there still is?

我想知道您是否可以幫助我們了解遺留定價還有多少？

What the impact of that was on the quarter?

這對本季有何影響？

And maybe the philosophy around price increases now and what drove that?

也許現在圍繞著價格上漲的概念以及推動這一趨勢的因素是什麼？

Yes.

是的。

The migration to standard pricing is largely done now.

向標準定價的遷移現已基本完成。

And it was merchants -- legacy merchants that were not on standard plans?

是商人——不在標準計劃中的傳統商人？

And for simplicity, we just wanted to clean that up.

為簡單起見，我們只是想清理它。

And we called it out.

我們大聲疾呼。

The MRR growth would have been significant without it, but it did have about 1 percentage point of growth year-over-year impact.

如果沒有它，MRR 的成長將會非常顯著，但它確實對同比增長產生了約 1 個百分點的影響。

So we wanted to call it out.

所以我們想大聲疾呼。

But it is largely done now.

但現在基本上已經完成了。

Our next question comes from Todd Coupland of CIBC.

我們的下一個問題來自 CIBC 的 Todd Coupland。

Great.

偉大的。

Just following up on the international questions.

只是跟進國際問題。

Which countries did the best in the quarter?

哪些國家在本季表現最佳？

And how do you expect that to trend in the fourth quarter?

您預計第四季的趨勢如何？

So we've mentioned in the past, there are some countries we're focusing on, places bases like Germany and France and Japan and other places like that.

所以我們過去提到過，我們專注於一些國家，像是德國、法國、日本等地方的基地。

But in terms of doing best, again, some of them are areas and geographies where we're going to merchant growth and other places we're going to see higher GMV growth depending on the type of merchants we have there.

但就做得最好而言，再次強調，其中一些地區和地區是我們將實現商家成長的地區和地區，而其他地區我們將看到更高的GMV 成長，具體取決於我們在那裡的商家類型。

But we're constantly -- we're taking a very nuance approach to this country based and what they actually require.

但我們一直在根據這個國家和他們的實際需求採取非常細微的方法。

And then try to find product market fit based on that.

然後嘗試在此基礎上找到適合市場的產品。

So I wouldn't say, there's any one country that is [clipping] every other one internationally.

所以我不會說，有一個國家在國際上[削減]所有其他國家。

Our final question comes from Suthan Sukumar of Eight Capital.

我們的最後一個問題來自八資本的 Suthan Sukumar。

Just wanted to touch on POS.

只是想接觸 POS。

So historically, this has been more of a cross-sell to your online merchant base expanding into off-line.

從歷史上看，這更多的是對線上商家群的交叉銷售擴展到線下。

Given that you're now making more focused investments in the segments with the launch of the new platform and new hires.

鑑於隨著新平台和新員工的推出，您現在正在對這些細分市場進行更集中的投資。

How do you anticipate evolving your go-to-market plan going forward here?

您預計如何發展您的上市計劃？

So in terms of the point of sales and our go-to-market efforts, we now have a sales team around it, so we didn't have it in the past.

因此，就銷售點和我們進入市場的努力而言，我們現在有一個銷售團隊，這是我們過去沒有的。

Now this is mostly inside sales, so we feel there still remains a significant low hanging fruit inside the platform, people that are already using Shopify but may not be using us for point of sales.

現在這主要是內部銷售，因此我們認為平台內部仍然存在一個重要的容易實現的目標，即已經在使用 Shopify 但可能不會使用我們進行銷售點的人。

And so that's where we're focusing.

這就是我們關注的重點。

Now we are seeing some new merchants come to the platform, just for point of sales.

現在我們看到一些新商家來到該平台，只是為了銷售點。

And as Tobi mentioned earlier, as point of sale next rolls out in the future, we think that's going to be a very compelling reason to come to Shopify strictly for the POS product and then taking more of our products.

正如 Tobi 之前提到的，隨著未來銷售點的推出，我們認為這將是一個非常令人信服的理由，讓我們嚴格選擇 Shopify 的 POS 產品，然後購買更多我們的產品。

But right now, the majority of our sales efforts around point of sale are inside sales selling to our existing merchant base.

但目前，我們圍繞銷售點的大部分銷售工作都是向我們現有的商家群進行內部銷售。

Thanks for your time.

謝謝你的時間。

Thank you.

謝謝。

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

然後我們將把它交給 Tobi 做總結發言。

Yes.

是的。

So as you probably saw, like we also announced that we have now 1 million active merchants on the platform, which is roughly around this time, 15 years ago, I launched store number 1. Certainly, didn't imagine to be able to say that one day.

正如您可能看到的那樣，就像我們還宣布我們平台上現在有 100 萬活躍商家，大約是在 15 年前的這個時候，我推出了 1 號商店。

So this is kind of blowing my mind right now.

所以現在這有點讓我震驚。

I think here's an interesting thing.

我認為這是一件有趣的事。

A lot of what's working about Shopify is 2 levels of -- I don't have a good term of it, but let's -- it's more like, I would say, business model to customer needs harmony.

Shopify 的許多工作都是兩個層面的——我沒有一個很好的術語，但讓我們——我想說，它更像是商業模式與客戶需求的和諧。

So I think software-as-a-service as a business model is one of those things, which I think is a little bit underappreciated.

所以我認為軟體即服務作為一種商業模式就是其中之一，我認為它有點被低估了。

Because here's what's going on.

因為這就是正在發生的事情。

The vast majority of our customers are subscribing mark-to-market.

我們的絕大多數客戶都是以市價訂閱。

But what it does is it keeps us as a company incredibly honest, right?

但它的作用是讓我們作為一家公司保持極其誠實，對嗎？

Like we are getting a ton of suggestions, ideas.

就像我們收到了大量的建議、想法。

We're seeing a lot about the word of e-commerce.

我們看到很多關於電子商務的字眼。

Harley pointed out earlier, but we actually have some data on the mobile question.

哈雷之前指出，但我們實際上有一些關於移動問題的數據。

Now that's -- 81% of all traffic is mobile phones and 74% of our orders complete on mobile.

現在，81% 的流量來自手機，我們 74% 的訂單是在行動裝置上完成的。

So think about that compared to 15 years ago, The iPhone wasn't even out there yet, right?

想想看，與 15 年前相比，iPhone 還沒有問世，對吧？

So what SaaS competitors do is just really understanding what's happening, and rolling out all these updates for everyone to appreciate them for free rather than making big like additional charges for this.

因此，SaaS 競爭對手所做的只是真正了解正在發生的事情，並推出所有這些更新，讓每個人免費欣賞它們，而不是為此大肆收取額外費用。

And so it aligns our interest with our customers, and I think this is a dynamic, which forges software of just simply higher quality.

因此，它使我們的利益與客戶保持一致，我認為這是一種動態，它可以創造出更高品質的軟體。

Because, again, there's no long-term commitments that you can rely on.

因為，同樣，沒有可以信賴的長期承諾。

One zoom level down, this is -- like this, a similar dynamic around the D2C situation, right?

縮小一級，這就是——像這樣，圍繞 D2C 情況的類似動態，對吧？

Like that's -- our customers now selling without intermediation directly to their customers also puts them into direct visualization of their customers, and they create significantly better product.

就像這樣——我們的客戶現在無需中介直接向客戶銷售也讓他們直接可視化客戶，並且他們創造了更好的產品。

And of course, that -- in a loop feeds back to us doing well as a company.

當然，這反過來又回饋給我們作為一家公司的良好表現。

For those of you who have been on a bunch of these calls so far I, at some point, mentioned that, I had a investor who ended up not investing because they thought maybe that the worldwide market for online stores was about 40,000 stores.

對於那些到目前為止已經參加過很多這樣的電話會議的人，我在某個時候提到過，我有一位投資者最終沒有投資，因為他們認為全球線上商店市場可能有大約 40,000 家商店。

So it's just amazing to zoom out and just see, hey, here what happened?

所以，把鏡頭拉遠看看，嘿，發生了什麼事？

How many people are actually building successful businesses from every downtown area in every city to the most remote island in the middle of Atlantic.

從每個城市的每個市中心地區到大西洋中部最偏遠的島嶼，有多少人實際上正在建立成功的企業。

And they just -- all of them integrating themselves perfectly into the global network of commerce.

他們只是——所有這些都將自己完美地融入了全球商業網絡。

And it's just really, really gratifying.

這真的非常非常令人高興。

So here's some thoughts to leave you with, and thank you for joining us.

因此，這裡有一些想法想留給您，並感謝您加入我們。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。