Shopify Inc (SHOP) 2020 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Shopify Third Quarter 2020 Financial Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎參加 Shopify 2020 年第三季度財務業績電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）

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

我現在想將會議轉交給投資者關係總監 Katie Keita。請繼續。

Thank you, operator, and good morning, everyone. We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO. After some brief prepared remarks by Harley and Amy, we will open it up for your questions.

謝謝接線員，大家早上好。今天早上，Shopify 的首席執行官 Tobi Lütke 加入了我們的行列； Shopify 總裁 Harley Finkelstein；和我們的首席財務官 Amy Shapero。在 Harley 和 Amy 準備好一些簡短的評論之後，我們將打開它來回答您的問題。

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

我們將在今天的電話會議上做出基於假設的前瞻性陳述，因此存在可能導致實際結果與預期結果存在重大差異的風險和不確定性。除非法律要求，否則我們不承擔更新這些聲明的義務。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。

Note that the adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP financial measures. Reconciliations between the 2 can be found in our earnings press release. And finally, we report in U.S. dollars. So all amounts discussed today are in U.S. dollars, unless otherwise indicated.

請注意，我們今天所說的調整後的財務指標是非 GAAP 指標，不能替代 GAAP 財務指標。兩者之間的對賬可以在我們的收益新聞稿中找到。最後，我們以美元報告。因此，除非另有說明，否則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.

有了這個，我把電話轉給哈雷。

Thanks, Katie, and good morning, everyone. We continue to see incredible demand as the decisive shift to digital commerce persisted in our third quarter and more entrepreneurs than ever before turn to Shopify to start to run and to grow their businesses. Making commerce better for everyone is what we do, and Shopify is achieving this by lowering the barrier to entry to entrepreneurship.

謝謝，凱蒂，大家早上好。我們繼續看到令人難以置信的需求，因為在我們的第三季度，向數字商務的決定性轉變持續存在，並且比以往任何時候都更多的企業家轉向 Shopify 開始運營和發展他們的業務。我們所做的就是讓每個人的商業變得更好，而 Shopify 正在通過降低創業門檻來實現這一目標。

Last quarter, I outlined several initiatives we shipped to help merchants adapt quickly to a rapidly changing retail environment triggered by COVID, getting them online fast and building resilience into their businesses at a really challenging time. We believe these changes in the landscape will endure as consumers' new shopping behaviors stick and become the new normal.

上個季度，我概述了我們推出的幾項舉措，以幫助商家快速適應 COVID 引發的快速變化的零售環境，讓他們快速上線並在真正充滿挑戰的時刻為他們的業務建立彈性。我們相信，隨著消費者新的購物行為持續存在並成為新常態，這些格局的變化將持續下去。

Shopify has always taken and always will take a merchant-first approach. This year, this translated to an increased urgency around helping entrepreneurs to get online fast and start selling easily to get discovered and to get their products to buyers. Today, I'll talk about how our efforts are paying off for our merchants and for Shopify.

Shopify 一直並將始終採用商家至上的方法。今年，這轉化為幫助企業家快速上網並輕鬆開始銷售以被發現並將其產品提供給買家的緊迫性。今天，我將談談我們的努力如何為我們的商家和 Shopify 帶來回報。

In Q3, a record number of merchants became paid subscribers to Shopify, even excluding merchants who converted following the end of their 90-day extended free trial. The extended free trial made it easier for new stores to get online fast and make sales, enabling many of these entrepreneurs to generate cash while their physical stores were shut down at the onset of the pandemic. Some of these businesses made their first online sales faster than typical entrepreneurs coming online for the first time, proving out the power of omnichannel commerce for brick-and-mortar retailers. Fast transitions like this contributed to Shopify's tremendous GMV performance, which increased 109% over the same quarter last year.

在第三季度，成為 Shopify 付費用戶的商家數量創歷史新高，甚至不包括在 90 天延長免費試用期結束後轉化的商家。延長的免費試用期使新店更容易快速上線並進行銷售，使許多這些企業家能夠在大流行開始時實體店關閉時產生現金。其中一些企業首次在線銷售的速度比一般企業家首次在線銷售的速度更快，證明了全渠道商務對實體零售商的力量。像這樣的快速轉型促成了 Shopify 巨大的 GMV 表現，與去年同期相比增長了 109%。

Not only did we help merchants get up and running quickly. We gave them more tools to get them discovered by new buyers, shipping native sales channels through integrations like Facebook shops, Walmart and Pinterest. It's early days, but given the traffic to these venues from browsers and buyers, merchants are well positioned to benefit from the increased number of eyeballs on their brand and their products.

我們不僅幫助商家快速啟動和運行。我們為他們提供了更多工具，讓他們被新買家發現，通過 Facebook 商店、沃爾瑪和 Pinterest 等集成提供本地銷售渠道。現在還處於早期階段，但考慮到瀏覽器和買家對這些場所的訪問量，商家已做好充分準備，可以從其品牌和產品的眼球數量增加中獲益。

Sales channels will continue to expand as TikTok will be testing with a limited number of Shopify merchants, features that make it easy for them to sell organically directly from their videos and their profile pages. Channels are supplemented by our expanding marketing capabilities that help drive traffic to our merchant stores, opening up their buyer universe with features like TikTok for business and strengthening relationships with existing buyers.

銷售渠道將繼續擴大，因為 TikTok 將對數量有限的 Shopify 商家進行測試，這些功能使他們可以輕鬆地直接從他們的視頻和個人資料頁面進行自然銷售。我們不斷擴大的營銷能力對渠道進行了補充，這些能力有助於增加我們商家商店的客流量，通過 TikTok 等功能打開他們的買家世界，並加強與現有買家的關係。

Ease of repurchase by fans that a merchant has already won over is critical. Research has found that 80% of the business' future profits come from buyers they've sold to before. Merchants are increasingly leveraging how easy we make it for them to remarket by using tools like Shopify e-mail through which merchants have sent 500 million e-mails through e-mail campaigns since launching the product in the first quarter this year.

商家已經贏得的粉絲能否輕鬆回購至關重要。研究發現，企業 80% 的未來利潤來自他們之前銷售過的買家。商家越來越多地利用我們讓他們通過使用 Shopify 電子郵件等工具進行再營銷變得多麼容易，自今年第一季度推出該產品以來，商家已經通過電子郵件營銷活動發送了 5 億封電子郵件。

After getting online and getting discovered, merchants need to get their products to buyers. Step one is helping buyers checkout quickly and easily while giving them flexible payment options, both benefits shown to improve sales conversion. Providing an amazing shopping experience through fast and easy checkout is exactly what Shop Pay, our accelerated checkout does.

在上網並被發現後，商家需要將他們的產品送到買家手中。第一步是幫助買家快速輕鬆地結賬，同時為他們提供靈活的支付選項，這兩種好處都可以提高銷售轉化率。通過快速簡便的結賬提供令人驚嘆的購物體驗正是我們的加速結賬 Shop Pay 所做的。

Shop Pay has experienced phenomenal growth since its launch 3 years ago, facilitating over $14 billion in GMV, with more than 60 million buyers opted in at the end of Q3, facilitating more Shopify GMV than Apple Pay, Google Pay and Amazon Pay combined. Not only does Shop Pay offer frictionless checkout, but it enables buyers to offset the carbon emissions produced by their deliveries.

Shop Pay 自 3 年前推出以來經歷了驚人的增長，促進了超過 140 億美元的 GMV，在第三季度末有超過 6000 萬買家選擇加入，促成了比 Apple Pay、Google Pay 和 Amazon Pay 加起來還要多的 Shopify GMV。 Shop Pay 不僅提供順暢的結賬功能，還使買家能夠抵消其交付產生的碳排放量。

We started rolling out our 'buy now pay later' product, Shop Pay Installments in the U.S. in Q3. Shop Pay Installments lets merchants give buyers more options by paying in installments with no interest and no fees. Installment products are gaining in popularity as consumers look for alternative payment methods to credit cards. In addition to improving sales conversion, businesses offering 'buy now pay later' options have seen higher card sizes and an increase in repeat customers.

我們於第三季度開始在美國推出“先買後付”產品 Shop Pay Installments。 Shop Pay Installments 讓商家可以通過分期付款的方式為買家提供更多選擇，無需支付利息和費用。隨著消費者尋找信用卡以外的支付方式，分期付款產品越來越受歡迎。除了提高銷售轉化率外，提供“先買後付”選項的企業還看到了更大的卡片尺寸和回頭客的增加。

Shop Pay is also integrated into the Shop App, a personal shopping app that helps merchants deepen their relationships with existing buyers through a fantastic shopping experience that includes a smooth faster checkout, product recommendations from the merchants they love and order tracking so buyers can keep up-to-date on delivery status. The Shop App has reached nearly 10 million monthly active users, with thousands of merchants leveraging the built-in features to strengthen their relationship with buyers and increased customer lifetime value.

Shop Pay 還集成到 Shop App 中，這是一款個人購物應用程序，可幫助商家通過出色的購物體驗加深與現有買家的關係，其中包括流暢快速的結賬、來自他們喜愛的商家的產品推薦以及訂單跟踪，以便買家可以跟上進度- 最新的交貨狀態。 Shop App 的月活躍用戶已達到近 1000 萬，成千上萬的商家利用內置功能來加強與買家的關係並提高客戶的生命週期價值。

Getting goods to buyers also means delivering a great post-sale experience through fast and affordable fulfillments. More than half of eligible merchants in the U.S. and Canada adopted Shopify Shipping in our third quarter, up from 45% in the same period last year. Physical retail merchants also continue to offer buyers ways to receive their goods at a safe distance using curbside pickup and local delivery. And of course, we continue to build the Shopify fulfillment network to help democratize fulfillment for merchants of all sizes.

將商品交付給買家還意味著通過快速且負擔得起的履行來提供出色的售後體驗。在我們的第三季度，美國和加拿大超過一半的符合條件的商家採用了 Shopify Shipping，高於去年同期的 45%。實體零售商還繼續為買家提供在安全距離內使用路邊取貨和本地送貨的方式來接收他們的貨物。當然，我們會繼續構建 Shopify 履行網絡，以幫助各種規模的商家實現民主化履行。

Turning to Shopify Plus, which had another incredible quarter. We added a record number of merchants for the second quarter in a row and Shopify Plus merchants use more merchant solutions, including Shopify Payments and Shopify Capital as they scale their businesses.

轉向 Shopify Plus，它有另一個令人難以置信的季度。我們連續第二個季度增加了創紀錄的商家數量，Shopify Plus 商家在擴展業務時使用了更多的商家解決方案，包括 Shopify Payments 和 Shopify Capital。

Enterprise brands are realizing that the center of gravity is shifting from digital commerce being an add-on to now being the control center, or as I like to say, their retail operating system for their business. These large merchants are realizing that having a modern, agile and flexible commerce solution is paramount and that Shopify Plus represents this on multiple fronts, offering multichannel commerce, flexibility and partner integrations, a fast and reliable tech stack and constant innovation.

企業品牌意識到重心正在從作為附加組件的數字商務轉變為現在的控制中心，或者正如我想說的那樣，是他們業務的零售操作系統。這些大型商家意識到擁有現代、敏捷和靈活的商務解決方案至關重要，而 Shopify Plus 在多個方面代表了這一點，提供多渠道商務、靈活性和合作夥伴集成、快速可靠的技術堆棧和不斷創新。

Considering its low-cost of ownership, Shopify Plus is becoming the obvious choice. More notable brands across a variety of verticals launched stores at Shopify Plus in our third quarter including the following: the global luxury brand, Dior; women's fashion brand, BCBGMAXAZRIA; motion picture production house, Paramount Pictures; sustainable fashion brand, MATT & NAT; meat alternative food producer, Beyond Meat; nutrition bar company, Clif Bar; multinational telecommunications company, Telefónica; and weight loss brand, Jenny Craig.

考慮到其低擁有成本，Shopify Plus 正成為顯而易見的選擇。第三季度，多個垂直領域的知名品牌在 Shopify Plus 開設了商店，包括：全球奢侈品牌 Dior；女裝品牌BCBGMAXAZRIA；電影製作公司，派拉蒙影業；可持續時尚品牌 MATT & NAT；肉類替代食品生產商 Beyond Meat；營養棒公司，Clif Bar；跨國電信公司 Telefónica；和減肥品牌 Jenny Craig。

Turning to our partner ecosystem, which has become a true competitive advantage for Shopify. As of Q3, more than 37,000 partners referred merchants to Shopify over the past 12 months. Our partners make Shopify better for every merchant, helping to extend Shopify's functionality via our APIs so merchants can customize their stores and meet their unique commerce needs.

轉向我們的合作夥伴生態系統，這已成為 Shopify 的真正競爭優勢。截至第三季度，在過去 12 個月中，超過 37,000 家合作夥伴將商家推薦給 Shopify。我們的合作夥伴讓 Shopify 更適合每個商家，通過我們的 API 幫助擴展 Shopify 的功能，以便商家可以自定義他們的商店並滿足他們獨特的商務需求。

Partners also work with merchants to build their branded stores on Shopify. Through these challenging times, they have played a vital role in helping our merchants get online fast, contributing to both the success of our merchants as well as to Shopify. The majority of respondents to a recent merchant survey conducted by Shopify anticipate more online than in-store purchasing during this year's Black Friday Cyber Monday weekend. In fact, more than half of the retail merchants that responded are actively making improvements to their online store to make up for anticipated lower in-store sales that weekend.

合作夥伴還與商家合作，在 Shopify 上建立他們的品牌商店。在這些充滿挑戰的時期，他們在幫助我們的商家快速上線方面發揮了至關重要的作用，為我們的商家和 Shopify 的成功做出了貢獻。在最近由 Shopify 進行的一項商家調查中，大多數受訪者預計在今年的黑色星期五網絡星期一周末期間，在線購買比店內購買更多。事實上，超過一半的響應零售商正在積極改進他們的在線商店，以彌補週末店內銷售額的預期下降。

Our merchants need our help to navigate this new territory, and we're working hard to help merchants make the most of BFCM, not just with features and functionality, but with helpful content ranging from optimizing the performance of their online store to promoting their brands in a way that creates value beyond the holiday shopping weekend.

我們的商家需要我們的幫助來駕馭這個新領域，我們正在努力幫助商家充分利用 BFCM，不僅僅是特性和功能，還有從優化在線商店性能到推廣品牌的有用內容以一種在假日購物週末之外創造價值的方式。

Entrepreneurs are the backbone of our economies, and Shopify is doing everything we can to make more of them and make them stronger. Before I hand it off to Amy, I want to share a merchant interaction with Tenita, who owns Status Co leather studio in Alabama that illustrates why Shopify exists. We are here to make the opportunity for entrepreneurship accessible to everyone because commerce is far better when more independent voices participate.

企業家是我們經濟的支柱，Shopify 正在竭盡所能培養更多企業家並讓他們變得更強大。在將其交給 Amy 之前，我想分享與 Tenita 的商家互動，Tenita 在阿拉巴馬州擁有 Status Co 皮革工作室，這說明了 Shopify 存在的原因。我們在這裡是為了讓每個人都能獲得創業的機會，因為當有更多獨立的聲音參與時，商業會更好。

(presentation)

（介紹）

Thanks, Harley. As that conversation just illustrated, businesses of all sizes rely on Shopify during these challenging times. We are in lockstep with them on their journey, as demonstrated by another strong quarter, thanks to e-commerce tailwinds, our merchants' resilience and the continued strong execution by the Shopify team.

謝謝，哈利。正如剛才的對話所說明的那樣，在這些充滿挑戰的時期，各種規模的企業都依賴 Shopify。我們在他們的旅程中與他們保持同步，正如另一個強勁的季度所證明的那樣，這要歸功於電子商務的順風、我們商家的彈性以及 Shopify 團隊持續的強大執行力。

Revenue nearly doubled once again in our third quarter to $767.4 million, up 96% over the same period last year, driven by strong performance from both our Merchant Solutions and Subscription Solutions segments. Subscription Solutions revenue increased 48% year-over-year to $245.3 million, largely due to exceptional growth in monthly recurring revenue.

我們第三季度的收入幾乎翻了一番，達到 7.674 億美元，比去年同期增長 96%，這得益於我們的商家解決方案和訂閱解決方案部門的強勁表現。訂閱解決方案收入同比增長 48% 至 2.453 億美元，這主要是由於每月經常性收入的異常增長。

MRR growth accelerated to 47% year-over-year to $74.4 million as merchants from both a 90-day free trial offered from March 21 through May 31 and standard 14-day free trial offered from June 1 onwards converted into paying merchants in the quarter, creating a double cohort effect. While demand remains higher for subscriptions compared to pre-COVID levels, we do not expect a year-on-year MRR growth rate in Q4 to match what we saw in Q3, given the benefit to third quarter results from this double cohort effect.

從 3 月 21 日至 5 月 31 日提供的 90 天免費試用和從 6 月 1 日起提供的標準 14 天免費試用的商家在本季度轉變為付費商家，MRR 同比增長 47% 至 7440 萬美元, 創造雙重同類效應。儘管與 COVID 之前的水平相比，訂閱需求仍然較高，但我們預計第四季度的 MRR 同比增長率不會與我們在第三季度看到的情況相匹配，因為這種雙隊列效應對第三季度的業績有利。

Shopify Plus contributed $18.7 million to MRR or 25% compared with 27% of MRR in Q3 of 2019 as the strong growth of standard MRR outstripped that of Shopify Plus, primarily due to the double cohort effect just discussed as Shopify Plus was excluded from the 90-day free trial.

Shopify Plus 為 MRR 貢獻了 1870 萬美元或 25%，而 2019 年第三季度為 27%，因為標準 MRR 的強勁增長超過了 Shopify Plus，這主要是由於剛剛討論的雙重隊列效應，因為 Shopify Plus 被排除在 90 -天免費試用。

Merchant Solutions revenue grew 132% to $522.1 million in Q3 compared to the same period in 2019. This tremendous growth was driven primarily by merchants' strong sales with GMV increasing 109% year-over-year to $30.9 billion, and increased adoption of Shopify payments, capital and shipping, driving revenue from these products higher. $14 billion of GMV was processed on Shopify Payments in Q3, an increase of 124% versus the comparable quarter last year. Payments penetration of GMV was 45% versus 42% in Q3 2019 and up more than 0.5 percentage point over Q2 this year. New merchants across all segments joining the platform, opted to use Shopify Payments and Shopify Plus and international merchants expanded their share of GPV year-over-year.

與 2019 年同期相比，第三季度商家解決方案收入增長 132% 至 5.221 億美元。這一巨大增長主要是由商家的強勁銷售推動的，GMV 同比增長 109% 至 309 億美元，以及 Shopify 支付的採用率增加、資本和運輸，推動這些產品的收入更高。第三季度，Shopify Payments 處理了 140 億美元的 GMV，與去年同期相比增長了 124%。 GMV 的支付滲透率為 45%，而 2019 年第三季度為 42%，比今年第二季度增長了 0.5 個百分點以上。所有細分市場的新商家加入該平台，選擇使用 Shopify Payments 和 Shopify Plus，國際商家的 GPV 份額逐年擴大。

Demand for Shopify Capital increased in Q3, with merchants receiving $252.1 million in funding across the U.S., the U.K. and Canada in preparation for the holiday selling season. This record quarter for Capital represents a 79% increase in funding over the third quarter of 2019, while maintaining loss ratios in line with historical periods. Businesses need financial resources to survive and fulfill their potential, especially in these uncertain times. And as you heard just now, capital greatly increases the value of Shopify to our merchants.

第三季度對 Shopify Capital 的需求有所增加，商家在美國、英國和加拿大獲得了 2.521 億美元的資金，為假日銷售季做準備。 Capital 這一創紀錄的季度表明資金比 2019 年第三季度增加了 79%，同時保持了與歷史時期一致的損失率。企業需要財務資源才能生存並發揮其潛力，尤其是在這些不確定的時期。正如你剛才聽到的，資本極大地增加了 Shopify 對我們商家的價值。

Adjusted gross profit dollars grew 88% over last year's third quarter to $412.6 million, which reflects the significantly greater mix of Merchant Solutions revenue versus last year. The acquisition of 6 River Systems in Q4 of last year and our ramp-up of investment in Shopify Fulfillment Network.

調整後的毛利潤比去年第三季度增長 88%，達到 4.126 億美元，這反映出與去年相比，商戶解決方案收入的組合明顯增加。去年第四季度收購 6 River Systems，以及我們加大對 Shopify 配送網絡的投資。

Adjusted operating income was $130.9 million in the third quarter compared to adjusted operating income of $10.5 million in the third quarter of 2019, reflecting our strong revenue performance in the quarter.

第三季度調整後營業收入為 1.309 億美元，而 2019 年第三季度調整後營業收入為 1050 萬美元，反映出我們本季度的強勁收入表現。

Adjusted net income for the quarter was $140.8 million or $1.13 per diluted share compared with adjusted net loss of $33.6 million or $0.29 per diluted share in last year's third quarter. Adjusted net income in this year's third quarter excludes an unrealized gain on an equity investment of $133.2 million or $1.07 per share, stock-based compensation and related payroll taxes of $75.4 million or $0.60 per share and other adjustments totaling $7.5 million or $0.06 per share.

本季度調整後淨收入為 1.408 億美元或每股攤薄收益 1.13 美元，而去年第三季度調整後淨虧損為 3360 萬美元或每股攤薄收益 0.29 美元。今年第三季度的調整後淨收入不包括 1.332 億美元或每股 1.07 美元的股權投資未實現收益、7540 萬美元或每股 0.60 美元的股票薪酬和相關工資稅以及總計 750 萬美元或每股 0.06 美元的其他調整。

Finally, our cash, cash equivalents and marketable securities balance was $6.1 billion on September 30, strengthened by the capital we raised in our third quarter, which provides us more flexibility to pursue our growth strategies.

最後，截至 9 月 30 日，我們的現金、現金等價物和有價證券餘額為 61 億美元，這得益於我們在第三季度籌集的資金，這為我們實施增長戰略提供了更大的靈活性。

The pandemic has fast track commerce to digital domains, and there is incredible demand on both the merchant and consumer sides to enhance the commerce experience. Shopify is in a unique position to help entrepreneurs in this emerging landscape. Our investments in core expansion and ambition initiatives, which correspond to near, medium and long-term return horizons pave the way for building a powerful global commerce operating system that is the one thing merchants need to start and scale a successful business.

大流行使商務進入數字領域有了快速通道，商家和消費者雙方都對增強商務體驗有著難以置信的需求。 Shopify 處於獨特的地位，可以幫助這個新興領域的企業家。我們對核心擴張和雄心計劃的投資，對應於近期、中期和長期的回報範圍，為建立強大的全球商業操作系統鋪平了道路，這是商家開始和擴大成功業務所需的一件事。

Harley already provided an update on Shopify Plus, a key core initiative. So I will start with progress on our expansion investments, international expansion and retail POS. In Q3, we continued to build product-market fit for our international merchants, making it easier for them to get online and start selling. Our merchant admin, partner admin and theme store are now available in 20 languages.

Harley 已經提供了 Shopify Plus 的更新，這是一項關鍵的核心計劃。因此，我將從我們的擴張投資、國際擴張和零售 POS 的進展開始。在第三季度，我們繼續為我們的國際商家打造適合市場的產品，讓他們更容易上網並開始銷售。我們的商家管理員、合作夥伴管理員和主題商店現已支持 20 種語言。

With the recent launch of Shopify Payments in Belgium, which supports payments with credit cards, Bancontact debit cards and local payment method iDEAL, Shopify Payments is now available in 17 countries. The more intuitive we make our platform regionally, the more we're seeing our merchants succeed as reflected in the strong year-over-year GMV growth from our international merchants in the third quarter.

隨著最近在比利時推出支持信用卡、Bancontact 借記卡和本地支付方式 iDEAL 支付的 Shopify Payments，Shopify Payments 現已在 17 個國家/地區推出。我們在區域性平台上做得越直觀，我們就越能看到我們的商家取得成功，這反映在第三季度我們國際商家的 GMV 同比強勁增長。

And our work localizing in focused international markets continues. We are digging into complex areas to deepen our product-market fit, such as evolving the merchant user experience, growing our partner ecosystem, launching more sales channels, simplifying cross-border and mobile commerce and introducing new ways to get products to buyers, such as pickup points, which are quite popular in Europe.

我們在重點國際市場的本地化工作仍在繼續。我們正在深入複雜的領域以加深我們的產品與市場的契合度，例如改進商家用戶體驗、發展我們的合作夥伴生態系統、推出更多銷售渠道、簡化跨境和移動商務以及引入將產品提供給買家的新方式，例如作為接送點，在歐洲很受歡迎。

Retail margins have been extremely resilient, finding new ways to reopen and operate safely, such as adjusting the flow of in-store traffic, appointment-only shopping, using curbside pickup and local delivery features or changing store hours to accommodate demand. As our merchants adapted, we saw retail GMV recover and exceed pre-COVID levels in Q3. Retail merchants are increasingly adopting our all-new POS software and tap-and-ship hardware for a seamless omnichannel experience.

零售利潤率一直極具彈性，尋找新的方式重新開放和安全運營，例如調整店內客流量、預約購物、使用路邊取貨和本地送貨功能或改變商店營業時間以滿足需求。隨著我們的商家進行調整，我們看到零售 GMV 在第三季度恢復並超過了 COVID 之前的水平。零售商越來越多地採用我們全新的 POS 軟件和點擊發貨硬件來實現無縫的全渠道體驗。

POS pro features and, in particular, smart inventory management are especially resonating with retail merchants as they face capital constraints due to limitations relating to social distancing measures. Our smart inventory management capabilities enable merchants to effectively create and manage purchase orders, accurately transfer, receive and track inventory across locations and perform demand forecasting, so merchants can proactively stock up with the right products, helping to reduce errors and optimize inventory decision-making.

POS 專業版的功能，尤其是智能庫存管理尤其引起了零售商的共鳴，因為他們由於社交距離措施的限製而面臨資金限制。我們的智能庫存管理功能使商戶能夠有效地創建和管理採購訂單，準確地跨地點轉移、接收和跟踪庫存，並進行需求預測，從而使商戶能夠主動儲備合適的產品，幫助減少錯誤並優化庫存決策.

Turning to our ambition initiatives, first, addressing Shopify Fulfillment Network. We made solid progress in Q3 as we continue to develop the foundation of our fulfillment network software infrastructure, activated more partner nodes in the U.S. added 6 River Systems technology and more partner nodes, expanded our set of transportation partners and enhanced the merchant-facing app and merchant-support functions.

談到我們的雄心計劃，首先，解決 Shopify 履行網絡。我們在第三季度取得了堅實的進展，因為我們繼續開發我們的履行網絡軟件基礎設施的基礎，在美國激活了更多的合作夥伴節點。添加了 6 River Systems 技術和更多的合作夥伴節點，擴大了我們的運輸合作夥伴組合併增強了面向商家的應用程序和商家支持功能。

We continue to enroll merchants and fulfill volumes at a rate where we can maintain high-quality standards. With Black Friday, Cyber Monday and the holiday shopping season around the corner, our fulfillment network is preparing for a rise in demand in view of the dramatic shift to online commerce. We're working with our partners to increase staffing within fulfillment warehouses, keeping health and safety top of mind as well as with our carrier partners to mitigate capacity issues by optimizing processes.

我們將繼續以能夠保持高質量標準的速度招募商家並完成數量。隨著黑色星期五、網絡星期一和假日購物季的臨近，鑑於向在線商務的巨大轉變，我們的配送網絡正在為需求的增長做準備。我們正在與我們的合作夥伴合作，增加履行倉庫內的人員配備，將健康和安全放在首位，並與我們的承運商合作夥伴合作，通過優化流程來緩解容量問題。

And we're staying close to our merchants, communicating frequently and educating them on how they can best prepare for the selling opportunities and the challenges they may face due to higher demand on logistics networks. Building a vertically integrated fulfillment service is complex, and we continue to be in the testing stages of a very young product. We are committed to building a reliable fulfillment solution so our merchants can focus on building a successful business.

我們與我們的商家保持密切聯繫，經常溝通並教育他們如何最好地準備銷售機會以及由於對物流網絡的更高需求而可能面臨的挑戰。建立一個垂直整合的履行服務是複雜的，我們繼續處於一個非常年輕的產品的測試階段。我們致力於構建可靠的履行解決方案，以便我們的商家可以專注於建立成功的業務。

In Q3, 6 River Systems hosted its second annual user conference, FLOW 2020, announcing a host of enhancements to its wall-to-wall fulfillment solution that gives warehouses more visibility into and control of their operations. Retailers are being impacted by the secular shift from pallets to parcels in the B2B space, along with increasing labor shortages and rising labor costs associated with the pandemic.

在第三季度，6 River Systems 舉辦了第二屆年度用戶大會 FLOW 2020，宣布了其牆到牆履行解決方案的一系列增強功能，使倉庫能夠更好地了解和控制其運營。零售商正受到 B2B 領域從托盤到包裹的長期轉變，以及與大流行相關的勞動力短缺和勞動力成本上升的影響。

As a result, 6 River Systems automated fulfillment technology is resonating more than ever, as these businesses seek a flexible, scalable and cost-effective solution. This translated into 6 River Systems' strongest quarter ever for bookings as new customers signed on and existing customers added to their orders in preparation for the peak holiday shopping season.

因此，6 River Systems 自動化履行技術比以往任何時候都更能引起共鳴，因為這些企業正在尋求一種靈活、可擴展且具有成本效益的解決方案。這轉化為 6 River Systems 有史以來最強勁的預訂季度，因為新客戶簽約，現有客戶增加訂單，為假日購物旺季做準備。

Wrapping up, Shopify is helping merchants adapt and thrive in today's environment and to succeed over the long term. Through a steady pace of innovation that solves merchant pain points over different time horizons, we are building a global commerce operating system that aims to stand the test of time and future-proof our merchants' businesses.

最後，Shopify 正在幫助商家在當今環境中適應和發展，並取得長期成功。通過穩定的創新步伐解決不同時間範圍內的商家痛點，我們正在構建一個全球商業操作系統，旨在經受時間的考驗並為商家的業務提供未來保障。

The immediate future remains uncertain, however, as the second wave of the COVID pandemic hits regions around the world. What is clear is that the spirit of entrepreneurship is strong and access to entrepreneurship needs to be in the hands of the many, not the few. Shopify remains committed to lowering the barriers to entry to entrepreneurship so that anyone with an idea and a desire is able to reach for their independence.

然而，隨著第二波 COVID 大流行襲擊世界各地，近期的未來仍然不確定。顯而易見的是，創業精神是強大的，創業的機會需要掌握在多數人手中，而不是少數人手中。 Shopify 始終致力於降低創業門檻，以便任何有想法和願望的人都能夠實現獨立。

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

有了這個，我會把電話轉回凱蒂。

Thanks, Amy. (Operator Instructions) And well, let's get going. Ariel?

謝謝，艾米。 （操作員說明）好吧，讓我們開始吧。愛麗兒？

(Operator Instructions) Our first question comes from Thomas Forte of D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Thomas Forte。戴維森。

So I know you discussed this at length in the prepared remarks, but I wanted to highlight my question and get your short answer on it. So I think this is going to be a very challenging holiday from a supply chain and logistics standpoint. So what gives you confidence in your merchant's ability to have in-stock inventory for the upcoming holiday and for Shopify Fulfillment Network's ability to deliver products in time for holiday?

所以我知道你在準備好的評論中詳細討論了這個問題，但我想強調我的問題並得到你的簡短回答。所以我認為從供應鍊和物流的角度來看，這將是一個非常具有挑戰性的假期。那麼，是什麼讓您相信您的商家有能力為即將到來的假期備有庫存，以及 Shopify 配送網絡有能力在假期前及時交付產品？

Thanks for that question. It's Harley here. So a couple of things to point out. First of all, as we mentioned in the prepared remarks, we now have 51% of our merchants -- elder merchants using Shopify Shipping. That's up from 45% last year. Now see more merchants use Shopify Shipping means that as the entire macro environment for shipping has issues, we think Shopify merchants are better positioned. We're also working with them now to ensure that they advise customers when purchasing that there may be some delays based on either supply chain or on the last mile side of things.

謝謝你的問題。這裡是哈利。所以有幾件事要指出。首先，正如我們在準備好的評論中提到的，我們現在有 51% 的商家——使用 Shopify Shipping 的老商家。這高於去年的 45%。現在看到更多的商家使用 Shopify Shipping 意味著整個運輸的宏觀環境出現問題，我們認為 Shopify 商家處於更好的位置。我們現在也正在與他們合作，以確保他們在購買時告知客戶，由於供應鍊或最後一英里的原因，可能會有一些延誤。

That being said, our focus in 2020 around SFN is to achieve product-market fit, which we plan to continue into 2021. We want to ensure that the foundation of the fulfillment network is strong and the merchant's experience is outstanding before we enter sort of the scale phase. But in terms of how we're arming our merchants are arming the rebels to ensure that they have a great holiday season. We're doing everything we can to make sure that we give them the tools, the information and the context so that they can ensure that their end consumers understand and appreciate what is happening. But so far, so good. We see that there has not been too much of a slowdown. And again, more people using Shopify Shipping means that more people have -- more merchants have more information.

話雖這麼說，我們在 2020 年圍繞 SFN 的重點是實現產品與市場的契合度，我們計劃將其持續到 2021 年。我們希望確保履行網絡的基礎牢固並且商家的體驗在我們進入某種規模階段。但就我們如何武裝我們的商人而言，我們正在武裝叛亂分子，以確保他們度過一個愉快的假期。我們正在盡我們所能確保我們為他們提供工具、信息和背景，以便他們能夠確保他們的最終消費者理解和欣賞正在發生的事情。但到目前為止，還不錯。我們看到並沒有出現太大的放緩。再一次，更多的人使用 Shopify Shipping 意味著更多的人擁有——更多的商家擁有更多的信息。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Ken Wong。

Another solid quarter, guys. And I just wanted to maybe pick your brain, Harley, in terms of kind of what you guys saw from a linearity perspective as far as merchant growth and GMV volumes through the quarter. And then to the extent that you're able to comment, just kind of how you're thinking about the shape of the holiday season, lots of moving pieces there from macro to elections to social distancing and just the surge online. How might this comp to maybe Black Friday last year?

另一個穩定的季度，伙計們。 Harley，我只是想根據你們從線性角度看到的關於整個季度的商家增長和 GMV 量的情況來挑選你的大腦。然後就您能夠發表評論的程度而言，就是您對假期的看法，從宏觀到選舉再到社會疏遠以及在線激增的許多動人事物。這與去年的黑色星期五相比如何？

Yes. Thanks for the question, Ken. A couple of things. First of all, I think the Black Friday Cyber Monday weekend is now becoming an entire season. So we're certainly seeing merchants start much faster. We also know that more consumers have already decided to do the majority of their holiday shopping online. And so obviously, that's going to provide some good tailwinds to our merchants.

是的。謝謝你的問題，肯。幾件事。首先，我認為黑色星期五網絡星期一周末現在正在成為一個完整的季節。所以我們肯定會看到商家的起步速度要快得多。我們還知道，越來越多的消費者已經決定在網上完成他們大部分的假日購物。很明顯，這將為我們的商家提供一些有利的順風。

In terms of GMV, as Amy mentioned, plus merchants certainly continue to grow their share of GMV. And we're one of the biggest contributors to GMV in absolute terms. International merchants also maintained their share of GMV and continue to grow quickly year-over-year. This is mostly coming from apparel, accessories and cosmetics as are sort of the largest ranking categories and verticals for us.

在 GMV 方面，正如 Amy 提到的，加上商家在 GMV 中的份額肯定會繼續增長。就絕對值而言，我們是 GMV 的最大貢獻者之一。國際商家也保持了他們在 GMV 中的份額，並繼續同比快速增長。這主要來自服裝、配飾和化妝品，它們是我們排名最高的類別和垂直領域。

That said, with the onset of COVID and the pandemic, we are seeing food beverage and tobacco continue to experience strong growth in Q3 as well. So the nice part about our GMV growth is that it's not coming from any one particular vertical, it's not coming from any one particular type of merchant. It's coming across the board. And we look forward to a very strong Black Friday, Cyber Monday and holiday season.

也就是說，隨著 COVID 和大流行的爆發，我們看到食品飲料和煙草在第三季度也繼續強勁增長。因此，我們 GMV 增長的好處在於，它不是來自任何一個特定的垂直領域，也不是來自任何一種特定類型的商家。它正在全面發展。我們期待著非常強勁的黑色星期五、網絡星期一和假期。

Yes. And I think if I could just add, you had asked at the very beginning of your question about merchant growth. So I want to just highlight that we did have a record quarter in Q3 for merchant growth due to the double cohort effect that I talked about in my opening remarks. But I think it's really important to emphasize that even excluding the 90-day free trialists who converted in Q3, we still would have seen an acceleration in our merchant growth over pre-COVID levels, which tells you that there are more merchants coming to the platform with this shift to online commerce and COVID. The demand for the platform has increased as we're seeing more business generation occur in this environment and a desire for multichannel commerce.

是的。而且我想如果我可以補充一下，你在你關於商家增長的問題一開始就問過。因此，我想強調的是，由於我在開場白中談到的雙隊列效應，我們在第三季度的商戶增長確實創下了紀錄。但我認為非常重要的是要強調，即使不包括在第三季度轉換的 90 天免費試用者，我們仍然會看到我們的商家增長速度超過 COVID 之前的水平，這告訴你有更多的商家來到向在線商務和 COVID 轉變的平台。隨著我們看到在這種環境中產生更多的業務以及對多渠道商務的渴望，對該平台的需求也在增加。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗的 Siti Panigrahi。

I just wanted to -- just a follow-up to last question. You mentioned 71% increase in new store creation in Q2 and mostly they are on 90 days free trial. So how was the conversion rate from that free trial, considering subscription revenue grew 48%? And how is the new shop creation trend again in this quarter?

我只是想——只是對上一個問題的跟進。你提到第二季度新店創建增加了 71%，而且大部分都在 90 天免費試用期。那麼，考慮到訂閱收入增長了 48%，免費試用的轉化率如何？而本季度的新店創建趨勢如何？

Yes. So the new store creation in Q2 or the new stores coming on the platform associated with a 90-day free trial, so we were not able to count them as merchants in Q2. We saw many of them convert to paying merchants in Q3. The conversion rates that we've seen on the 90-day free trialists is slightly lower than cohorts historically on 14-day free trials, but we think that's okay because they're more intentional when they convert because they've had a longer time period.

是的。因此，第二季度的新店創建或平台上的新店與 90 天免費試用相關，因此我們無法將它們算作第二季度的商家。我們看到他們中的許多人在第三季度轉變為付費商家。我們在 90 天免費試用者身上看到的轉化率略低於歷史上 14 天免費試用者的轉化率，但我們認為這沒關係，因為他們轉化時更有意，因為他們有更長的時間時期。

The data that we have in the 3 months in some of the earliest 90-day free trial cohorts and converted suggest that those merchants have a higher retention than 14-day free trialists. We know many of them coming online in Q2 were established businesses looking for a multichannel platform. And so we believe that those 90-day free trialists will be more sticky than the 14-day free trialist cohorts historically.

我們在 3 個月內在一些最早的 90 天免費試用隊列中獲得的數據表明，這些商家的保留率高於 14 天免費試用者。我們知道，其中許多在第二季度上線的都是尋求多渠道平台的老牌企業。因此，我們認為，從歷史上看，那些 90 天免費試用者將比 14 天免費試用者群體更具粘性。

Our next question comes from Colin Sebastian of Baird.

我們的下一個問題來自 Baird 的 Colin Sebastian。

Congrats to Harley on the new title. I was hoping you could talk about the combination of Shop Pay and the Shop App in terms of how this benefits merchants I assume in areas such as conversion rates or repeat order volume. And if there are plans to push adoption of these more consumer-facing services more aggressively in the year ahead through more marketing, advertising or other promotions.

恭喜哈雷獲得新稱號。我希望你能談談 Shop Pay 和 Shop App 的結合，我認為這對商家在轉化率或重複訂單量等方面有何好處。如果有計劃在未來一年通過更多營銷、廣告或其他促銷活動更積極地推動這些更面向消費者的服務的採用。

This is Tobi. Yes. So I mean, Shop App and Shop Pay, they're connected in as much as business like the brand to the buyers, like this is obviously a little bit hard to appreciate from all the specifics. You all have a good understanding of Shopify as a company. But again, Shopify is a brand to merchant entrepreneurs, and we decide to go shop for -- on a buyer-facing side. So this is clearly something we are doing now -- like more of now. I don't have specific plans for like media purchases or so and amplification.

這是托比。是的。所以我的意思是，Shop App 和 Shop Pay，它們與品牌和買家的業務聯繫一樣多，從所有細節來看，這顯然有點難以理解。你們都對 Shopify 作為一家公司有很好的了解。但同樣，Shopify 是商業企業家的品牌，我們決定去購買 - 在面向買家的方面。所以這顯然是我們現在正在做的事情——就像現在更多。我沒有像媒體購買和放大這樣的具體計劃。

Our Shop and Shop Pay are growing really, really, really good on merit, I think, right now and because that's not real problems. It's a focus of ours. We want to try to figure out how to make all of -- all of commerce as very, very, very -- the weight organically sort of core less onto the Internet, it's -- there's a very strong line of delineation, like you go to basically we started in 2,000 where you go to a browser and you hopefully may device some way to an online store and the moment you place the purchase, like the role of the e-commerce software has really stopped.

我認為，我們的 Shop 和 Shop Pay 的增長真的非常非常好，因為這不是真正的問題。這是我們的一個重點。我們想弄清楚如何使所有 - 所有商業都非常非常非常 - 重量有機地減少到互聯網上的核心，這是 - 有一條非常強大的劃分線，就像你去基本上我們從 2,000 開始，在那裡你打開一個瀏覽器，你希望可以通過某種方式進入在線商店，在你下單的那一刻，就像電子商務軟件的作用真的停止了一樣。

It might have sent you some e-mails, but you had to go like an e-mail client to figure out where your orders, maybe it had a tracking number, it takes you to USPS. And there, you figure out, maybe they can look up the thing wherever your package is. And if you ever wanted to return, you go find the e-mail ideally via search, if you can even find it. And like it's a junky as hell experience. We all got used to it, so we are familiar with it, but that doesn't mean it's good.

它可能已經給你發了一些電子郵件，但你必須像電子郵件客戶端一樣去弄清楚你的訂單在哪裡，也許它有一個跟踪號碼，它會帶你去 USPS。然後，您會發現，也許他們可以在您的包裹所在的任何地方查找東西。如果你想返回，最好通過搜索找到電子郵件，如果你能找到的話。就像這是一種垃圾般的地獄體驗。我們都習慣了，所以我們熟悉它，但這並不意味著它很好。

So we are trying to like as much as Shopify can, we try to aim for global maxima, accepting sort of a winding path towards there and Shop Pay, specifically avoiding that anyone has to enter that address, let's say, funds and the Shop App then taking the LAU to the personal computer of our times, which is a phone and telling you exactly your packages and when it might be arriving and further into the relationship process. So this is sort of a vision around it all. And you'll see a lot of [broadcasts hearing] from us over the next while along those lines.

因此，我們嘗試盡可能多地喜歡 Shopify，我們嘗試以全局最大值為目標，接受通往那里和 Shop Pay 的曲折路徑，特別是避免任何人必須輸入該地址，比方說，資金和 Shop App然後將 LAU 帶到我們這個時代的個人電腦上，這是一部電話，它會準確地告訴你你的包裹以及它可能到達的時間，並進一步進入關係過程。所以這是一種圍繞這一切的願景。在接下來的時間裡，你會看到我們的很多[廣播聽證會]。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

You mentioned that 6 River, I believe, had its strongest bookings quarter ever. I think, which is a great example of the product and the interest. A little bit curious about its application within SFN. Really, if you could maybe just talk about how that's progressing and how important the robotics automation component is to really be able to scale SFN over time.

你提到 6 River，我相信這是有史以來最強勁的預訂季度。我認為，這是產品和興趣的一個很好的例子。有點好奇它在 SFN 中的應用。真的，如果你能談談它的進展情況以及機器人自動化組件對於真正能夠隨著時間的推移擴展 SFN 的重要性。

Yes. So SFN and 6 River Systems exist at 2 different levels, like what 6 River Systems does -- role it has within Shopify is to modernize the insights of the warehouse and really gets the fulfillment warehouse to the point where it's almost a software addressable black box. It's just obviously not what we're leading this, but like from the perspective of most of Shopify, which is a company that mostly does like things in software and in bites. This is ideal because once we can treat warehouses as a -- basically a task management system, where we just say, okay, this package has to go there, and here's the pallet, there are things that need to be stocked and so on.

是的。所以 SFN 和 6 River Systems 存在於兩個不同的層次，就像 6 River Systems 所做的那樣——它在 Shopify 中的作用是使倉庫的洞察力現代化，並真正使履行倉庫達到幾乎是一個軟件可尋址黑匣子的程度.這顯然不是我們領導的，但從大多數 Shopify 的角度來看，這是一家主要喜歡軟件和叮咬的公司。這是理想的，因為一旦我們可以將倉庫視為一個——基本上是一個任務管理系統，我們就可以說，好吧，這個包裹必須送到那裡，這裡是托盤，有些東西需要儲存等等。

And this can happen with 99-point something reliability and all these kind of things and the exceptions are managed. Then as then can think about warehouses globally, right? And say, we can have tens, hundreds, potentially thousands, potentially like partners and some homegrown ones around the world and balance the products that our customers need to where they need to be stored. So the robotics are really very important for a warehouse. They increase efficiency enormously. They like just gotten more important because of it's easier to social distance amongst people than robots do a lot of moving of things. And we're seeing really, really great results. It's a great product. And those 2 things absolutely need each other to be successful.

這可以通過 99 分的可靠性來實現，所有這些事情和例外情況都得到管理。那麼可以考慮全球倉庫，對吧？並且說，我們可以擁有數十個、數百個、可能數千個，可能像合作夥伴和世界各地的一些本土合作夥伴，並平衡我們客戶需要的產品到需要存儲的地方。所以機器人技術對於倉庫來說真的非常重要。它們極大地提高了效率。他們喜歡變得更重要，因為與機器人做很多事情相比，人與人之間的社交距離更容易。我們看到了非常非常好的結果。這是一個很棒的產品。這兩件事絕對需要彼此才能成功。

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

我們的下一個問題來自 RBC Capital Markets 的 Paul Treiber。

This as a follow-up, a little bit of a follow-up Tobi's previous comment -- or first comment, but there's been obviously moss acceleration in e-commerce, but it's been in a unique environment with so many people working from home. Broadly, what's your view on the biggest remaining points of friction for e-commerce and to what degree is it possible for Shopify to develop solutions to address these remaining points of friction or are some outside of the control of the company?

這是一個跟進，有點像托比之前的評論——或者說是第一條評論，但電子商務的發展速度明顯加快，但它處於一個獨特的環境中，有這麼多人在家工作。總的來說，您對電子商務最大的遺留摩擦點有何看法？Shopify 可以在多大程度上開發解決方案來解決這些遺留的摩擦點，或者有些不在公司的控制範圍內？

That's a good question. I mean I don't think there are multiple challenges in the world. It's been just a question of time and capital allocation. So it's certainly in scope for us to make the whole thing as simple as possible. I mean, literally -- I mean, the ideal way for us to do with Shopify Fulfillment Network is employ teleportation. Like if we can figure out the physics related to that and can just make things appear on the desk right when you want them, then that would be awesome. Failing that, we're sort of -- like this is actually our starting point. It's been literally the first line in the (inaudible).

這是個好問題。我的意思是我認為世界上沒有多重挑戰。這只是時間和資金配置的問題。因此，我們當然可以讓整個事情盡可能簡單。我的意思是，從字面上看——我的意思是，我們使用 Shopify Fulfillment Network 的理想方式是使用遠程傳輸。就像如果我們能夠弄清楚與之相關的物理原理，並且能夠讓東西在你需要的時候出現在桌子上，那就太棒了。如果做不到這一點，我們有點——就像這實際上是我們的起點一樣。它實際上是（聽不清）中的第一行。

And then we walk backwards towards what's possible. And of course, there's logistics is hard. I'm sure everyone -- I know this is -- you will hear it from everyone in the logistics world. But it's hard. And it's really, really, really, really harder when people think even those who know that it's hard. So there's a lot of friction in this process. And a lot of that is hard to see right now how to avoid it, like processes can only get you so much and software can only do so much. Like there is headroom. But it's final headroom. So in the end, you will have to -- the way you're dealing with things going wrong is ends up being much more important than the quality of the processes when everything goes right, which is -- I mean, obviously, this is -- everyone knows that this is true everywhere now, thanks to COVID. And there is a writing by (inaudible).

然後我們向著可能的方向倒退。當然，後勤也很困難。我相信每個人——我知道這是——你會從物流界的每個人那裡聽到。但這很難。當人們認為即使是那些知道這很難的人時，它真的、真的、真的、真的很難。所以在這個過程中有很多摩擦。現在很難看出其中有很多是如何避免的，比如流程只能給你帶來這麼多，而軟件只能做這麼多。就像有淨空一樣。但這是最後的餘量。所以最後，你將不得不——你處理錯誤的方式最終比一切正常時的流程質量更重要，這是——我的意思是，很明顯，這是-- 由於 COVID，每個人都知道現在到處都是這樣。並且有一篇文章（聽不清）。

So we want to solve all sort of friction. Logistics has a lot of it in -- like there's information -- like a lot of the friction exists right now in different systems, not talking to each other, like the systems that look logistics knows how long it will take to get the package to people unless something goes really, really, really wrong. But the systems aren't sophisticated enough to really resurface the spec to the buyer at the time that they want to purchase. And so that's a lot of our work goes into bridging some legacy systems to modern systems, with a lot of machine learning that can help getting more specificity around this. And so we are shipping away one step at a time.

所以我們想解決各種摩擦。物流有很多 - 就像有信息 - 就像現在不同的系統中存在很多摩擦，而不是互相交談，就像看起來物流的系統知道需要多長時間才能將包裹送到人們除非真的，真的，真的錯了。但這些系統還不夠複雜，無法在買家想要購買時真正向他們展示規格。因此，我們的很多工作都是為了將一些遺留系統與現代系統聯繫起來，大量的機器學習可以幫助我們在這方面獲得更多的特異性。因此，我們一步一個腳印。

Our next question comes from Brad Zelnick of Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Congrats again on all the success. Tobi, I actually want to follow-up on the last question. In the past, you've talked about how the pandemic has accelerated e-commerce trends by a decade. And in terms of solving the problems ahead of us and things to come, there's no doubt Shopify is capitalizing on this opportunity today, but you said these adjacencies and really it comes down to time and capital allocation. But with $6 billion in cash, why not deploy more capital to even further distance Shopify ahead of everybody else to ensure your leadership for more years to come?

再次祝賀所有的成功。 Tobi，其實我想跟進最後一個問題。過去，您曾談到大流行如何將電子商務趨勢加速了十年。就解決我們面前的問題和未來的事情而言，毫無疑問 Shopify 今天正在利用這個機會，但你說了這些鄰接關係，實際上歸結為時間和資本配置。但是，有了 60 億美元的現金，為什麼不部署更多的資金來進一步拉開 Shopify 領先於其他人的距離，以確保您在未來更多年的領導地位呢？

I mean, that's a fantastic question. And I don't know the best way to answer it. Like I think we have the money in the bank for optionality, and there's not -- like we will use it. We -- but there is -- I mean, I think I hope that we've shown that we are prudent capital allocators. And I think actually we're probably not the best company in the world with capital allocations, like from a financial thing, but I think we might be amongst the best companies in the world in attention allocation, which is actually the much more finite resource.

我的意思是，這是一個很好的問題。我不知道最好的回答方式。就像我認為我們在銀行里有錢可以選擇，但沒有——就像我們會使用它一樣。我們——但有——我的意思是，我想我希望我們已經表明我們是審慎的資本配置者。而且我認為實際上我們可能不是世界上資本配置最好的公司，比如在金融方面，但我認為我們可能是世界上註意力分配最好的公司之一，這實際上是更有限的資源.

And so this is the tricky thing, like there's a lot of reduction is thinking, especially about M&A, which sort of people think that the deal ends up at the transaction time or when the money is in the bank. Like the opportunity cost of integrating is enormous, right? And so we are trying to take a world picture perspective. So this has made us potentially more careful, but I also think just more realistic about what M&A can do for a company like in the past. But we're also like rethinking every one of our previous approaches and biases and learned from it all, right? Like, so very well may be that we're going to see a lot of things that would help us accelerate the road map. But that's going to be the way to do it, like we will want to accelerate our road map through M&A. That's all the M&A deals you have done in this way. I don't -- I'm not a huge fan of M&A for acquiring revenue. So going to be the strategy going forward.

所以這是一件棘手的事情，就像有很多減少的想法，特別是關於併購，什麼樣的人認為交易在交易時間或錢在銀行時結束。就像整合的機會成本是巨大的，對吧？所以我們正在嘗試從世界的角度來看。所以這讓我們可能更加謹慎，但我也認為併購可以為過去的公司做些什麼更加現實。但我們也喜歡重新思考我們以前的每一種方法和偏見，並從中吸取教訓，對吧？就像，我們很可能會看到很多有助於我們加速路線圖的事情。但這將是實現它的方式，就像我們希望通過併購加速我們的路線圖一樣。這就是您以這種方式完成的所有併購交易。我不——我不是為了獲得收入而進行併購的忠實擁護者。因此，這將成為未來的戰略。

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

我們的下一個問題來自 National Bank Financial 的 Richard Tse。

So it's obviously been a challenging environment. So kind of outside of the obvious operating response, has there been any change from your former strategic plans going forward? Because I know there's some organizational changes in this quarter, perhaps you can sort of talk about that.

所以這顯然是一個充滿挑戰的環境。那麼，除了明顯的運營反應之外，您之前的戰略計劃是否有任何變化？因為我知道這個季度有一些組織上的變化，也許你可以談談這個。

I mean, like, what hasn't changed. The first thing I asked the company to do is like to lead our plans, and then COVID happened. It's times of significant change like times where we're most adaptable are doing well. Now I think we have a better idea for the shape of what's happened. We've seen the acceleration of e-commerce. I think we've seen sort of a final truth in that, like it's really retail world. It's e-commerce sort of -- it's a tactical channel.

我的意思是，就像，什麼沒有改變。我要求公司做的第一件事就是領導我們的計劃，然後 COVID 發生了。這是重大變化的時代，就像我們最適應的時代一樣做得很好。現在我認為我們對所發生事情的形式有了更好的了解。我們已經看到了電子商務的加速發展。我認為我們已經看到了最終的真相，就像它真的是零售世界一樣。這是電子商務——這是一種戰術渠道。

It all has to be combined. We saw that. Like I -- this was really the content of my kickoff in 2012. So it was about like, it's all going to go together. So it's like, this was not a surprise. It was not a surprise to anyone in the industry. But we have now, I think, shipped a lot of what we needed to do, we -- like I said, we are working on a lot of like really sort of detailed machine learning modeling to try to get -- make sure that we can do an even better job forecasting demand and assessing risk and telling people when their packages arrive and all different things.

這一切都必須結合起來。我們看到了。就像我一樣——這真的是我在 2012 年開始的內容。所以它就像，一切都會一起進行。所以就像，這並不奇怪。這對業內任何人來說都不足為奇。但我認為，我們現在已經發布了很多我們需要做的事情，我們——就像我說的，我們正在做很多類似真正詳細的機器學習建模的工作，以試圖獲得——確保我們可以更好地預測需求和評估風險，並告訴人們他們的包裹何時到達以及所有不同的事情。

So we're now going really, really deep on the various things that we've launched over the last half year. So now what organizationally, for us, a really important thing now is to go and build infrastructure again because I think great products -- I mean, great products are basically just pick an important topic and get a million tiny little details, right. But the only way to get details right is to be able to draw on infrastructure you've built and built up over years. And so like this is maybe going to organizationally to make sure that we are building up the infrastructure that a company that can serve millions and millions of business around the world can support.

所以我們現在真的非常深入地了解我們在過去半年推出的各種東西。所以現在在組織上，對我們來說，現在真正重要的事情是再次構建基礎設施，因為我認為偉大的產品——我的意思是，偉大的產品基本上只是選擇一個重要的主題並獲得一百萬個微小的細節，對吧。但獲得正確細節的唯一方法是能夠利用您多年來建立和建立的基礎設施。因此，這可能會在組織上進行，以確保我們正在建立一家可以為全球數百萬企業提供服務的公司可以支持的基礎設施。

So there's lots of -- this is not what I'm thinking of, and I say this because there's a million things that are related to this. But around the world thing is really important, like we've just spent a lot of time, for instance, on performance work, like so we -- in some cases, we are now serving people in Australia from Australia, which is global deployment.

所以有很多——這不是我想的，我這麼說是因為有一百萬件事與此相關。但在世界範圍內，事情真的很重要，比如我們剛剛花了很多時間，例如，在績效工作上，就像我們——在某些情況下，我們現在從澳大利亞為澳大利亞人提供服務，這是全球部署.

This is the kind of thing, again, we can do at scale for the entire platform, which -- but no individual retail I could believe -- small and medium business would not invest in this kind of deployment otherwise. So there's a lot of these kind of things that we can do now because of infrastructure that we've done a couple of years ago. And it's really important to keep that balance, that the infrastructure is basically the fuel that will run the engine off and we revv the engine pretty hard for COVID to make sure we fill the fuel again.

這是我們可以為整個平台大規模做的事情，但我相信沒有個體零售業者——否則中小企業不會投資這種部署。因此，由於我們幾年前完成的基礎設施，我們現在可以做很多這樣的事情。保持這種平衡非常重要，基礎設施基本上是關閉發動機的燃料，我們非常努力地為 COVID 重新啟動發動機，以確保我們再次加滿燃料。

Our next question comes from Walter Pritchard of Citi.

我們的下一個問題來自花旗銀行的 Walter Pritchard。

I'm wondering if you could update us on how you're thinking about the marketing channel, your e-mail product that's been out there and the partnerships you have and sort of what impact that's having driving the front end. Obviously, the demand is very strong generally, so may be hard to tell. But just curious how the current environment, and what you're seeing there may impact your views?

我想知道您是否可以向我們介紹您對營銷渠道的看法、您已經推出的電子郵件產品以及您擁有的合作夥伴關係以及對推動前端的影響。顯然，總體需求非常強勁，所以可能很難說。但只是好奇當前的環境以及您在那裡看到的情況會如何影響您的觀點？

It's Harley here. So a couple of things. On e-mail, as you heard earlier, we've now -- merchants have now sent out more than $500 million e-mails in Q3. And we've now also -- there's now a monetization model around e-mail. So 500 e-mails or free and then it's $1 per 1,000 e-mails after that. The reason we're doing e-mail and the reason that we're spending time investing in the marketing channels and generally, marketing for merchants is that for a lot of merchants, getting the products, making the products, building the online store and building the retail model, is they can do that. We've given them the tools to do so.

這裡是哈利。所以有幾件事。在電子郵件方面，正如您之前聽到的那樣，我們現在 - 商家在第三季度發送了超過 5 億美元的電子郵件。我們現在也有一個圍繞電子郵件的貨幣化模型。所以 500 封電子郵件或免費，之後每 1,000 封電子郵件收費 1 美元。我們使用電子郵件的原因以及我們花時間投資於營銷渠道的原因，一般而言，針對商家的營銷是，對於許多商家而言，獲取產品、製造產品、建立在線商店以及建立零售模式，是他們可以做到的。我們已經為他們提供了這樣做的工具。

But finding customers is something that remains a challenge. So anything we can do that further levels of playing field so they can have a single dashboard where they can see where their traffic is coming from, what's converting better than other traffic sources, and therefore, they can go and invest further in those channels. That is going to be helpful.

但尋找客戶仍然是一個挑戰。因此，我們可以做任何事情來進一步提高競爭水平，以便他們可以擁有一個單一的儀表板，在那裡他們可以看到他們的流量來自哪裡，比其他流量來源轉換得更好，因此，他們可以進一步投資這些渠道。這會很有幫助。

Tobi mentioned earlier that retail in itself is not overly complicated, but bringing it all together into that centralized retail operating system, that really is the value of Shopify, that we take all the different pain points, all the different challenge areas, and we simplify them so that small businesses can become very large businesses on our platform in the long run. So whether it's e-mail or it's new things we're doing with TikTok, for example, or if any of the other marketing channels we have, what we're trying to do is make it easier for merchants to get started and then to scale their businesses indefinitely on Shopify and e-mail and some of the other stuff we've announced recently are just more furthering that goal and that objective.

Tobi 之前提到，零售本身並不過分複雜，但將它們整合到集中式零售操作系統中，這就是 Shopify 的真正價值所在，我們解決了所有不同的痛點，所有不同的挑戰領域，我們簡化了從長遠來看，小企業可以在我們的平台上成為非常大的企業。因此，無論是電子郵件還是我們正在使用 TikTok 做的新事物，或者我們擁有的任何其他營銷渠道，我們正在努力做的是讓商家更容易上手，然後在 Shopify 和電子郵件上無限期地擴展他們的業務，我們最近宣布的其他一些東西只是進一步推進了這個目標。

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。

Congrats on your results. Question on the mix of the domestic versus kind of non-English-speaking merchant adds in the quarter. And then I'm kind of curious about the relative conversion rate of those 2 segments?

祝賀你的成績。本季度增加了關於國內商家與非英語商家的混合問題。然後我有點好奇這兩個部分的相對轉化率？

So we saw similar trends across all of the regions, very comparable to the overall trend that you saw. So strong internationally as well as in our core English speaking, and the conversion numbers were similar as well.

因此，我們在所有地區都看到了類似的趨勢，與您看到的總體趨勢非常相似。在國際上以及我們的核心英語口語方面都非常強大，而且轉化率也很相似。

I think one thing I'd like to add is conversion numbers are one of our super and obvious things. Just -- I know they matter a lot of in the enterprise space, but like in the SMB space. The company might actually get significantly better, while the conversion rate goes down because you're feeling like your marketing is better, you're filling more people in the funnel that's more general interest in the topic of entrepreneurship. So as people are developing their models, I would encourage not to use conversion rate is kind of a proxy for health. So just make sense.

我想我想補充的一件事是轉換數字是我們超級明顯的事情之一。只是 - 我知道它們在企業領域很重要，但就像在 SMB 領域一樣。公司實際上可能會變得更好，而轉化率會下降，因為你覺得你的營銷更好，你正在讓更多的人進入對創業主題更普遍感興趣的渠道。因此，當人們正在開發他們的模型時，我鼓勵不要使用轉化率來代表健康。所以只要有道理。

Yes. One final point on that. I think many of you know, but Q3 2020, the United States had a record number of new business creations, actually the highest it's been since 2004. What we're trying to do is we want to capture anyone who's thinking about starting a business, whether or not they become the next Jim Shoulders, the next Alberts remains to be seen. But the idea is that we want to capture anyone who has any ambition to start a business on Shopify.

是的。最後一點。我想你們中的很多人都知道，但是 2020 年第三季度，美國的新企業創建數量創下歷史新高，實際上是自 2004 年以來的最高水平。我們想要做的是，我們想要吸引任何正在考慮創業的人，他們是否成為下一個 Jim Shoulders，下一個 Alberts 還有待觀察。但我們的想法是，我們希望吸引任何有志於在 Shopify 上開展業務的人。

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。

So Harley, I just wanted to hit on the Plus strength. Obviously, that was strong this quarter. Curious, how should we think about the upgrades versus net new logos? And anything you can share on competitive dynamics?

所以哈雷，我只是想發揮 Plus 的力量。顯然，本季度表現強勁。好奇，我們應該如何考慮升級與淨新標誌？關於競爭動態，您有什麼可以分享的嗎？

Thanks for the question. Yes. So Plus had its second consecutive record quarter of net new merchants in Q3. It wasn't just upgrades. It was also a lot of strong new brands are in the platform coming online. In some cases for the very first time, we also continue to see these re-platforming from other providers. And they're coming to us because of flexibility, cost effectiveness of the platform. What seems to be happening is that the world is refactoring off of old legacy systems to modern platforms. And you see that affect -- you will see that effect on GMV in the future with Plus.

謝謝你的問題。是的。 So Plus 在第三季度的淨新商戶數連續第二個季度創下紀錄。這不僅僅是升級。還有很多強大的新品牌在平台上線。在某些情況下，我們還首次看到其他供應商的重新平台化。他們來找我們是因為平台的靈活性和成本效益。似乎正在發生的事情是，世界正在將舊的遺留系統重構為現代平台。你會看到這種影響——你會在未來通過 Plus 看到這種對 GMV 的影響。

So a part of it is we're seeing upgrades. We're seeing more merchants become more successful on our platform that we're officing continued migrations. And as I mentioned earlier, brands like Dior or Telefónica or Jenny Craig, some of these brands didn't sell online ever before. Some of them were migrating from legacy platforms.

所以其中一部分是我們看到了升級。我們看到越來越多的商家在我們的平台上變得更加成功，我們正在繼續遷移。正如我之前提到的，像 Dior、Telefónica 或 Jenny Craig 這樣的品牌，其中一些品牌以前從未在網上銷售過。其中一些是從遺留平台遷移而來的。

And with new products that were coming -- that we're developing for these larger merchants, whether it's automation, enhancing flow to make it easier for merchants to automate their business tasks or integrate with other platforms or it's the new Plus admin, which allows for far more flexibility and the multi shop admin on itself, it's been quickly adopted because it allows large brands to manage large organizations, have all the security that they require. And I think, as I said, I think last quarter in the earnings call, Shopify Plus remains the best solution and certainly the best value for enterprise and fast-growing brands.

隨著新產品的出現——我們正在為這些更大的商家開發，無論是自動化、增強流程以使商家更容易自動化他們的業務任務或與其他平台集成，還是新的 Plus admin，它允許為了獲得更大的靈活性和多商店管理本身，它很快被採用，因為它允許大品牌管理大型組織，擁有他們需要的所有安全性。我認為，正如我所說，我認為在上個季度的財報電話會議上，Shopify Plus 仍然是最佳解決方案，當然對企業和快速增長的品牌來說也是最佳價值。

Our next question comes from Samad Samana of Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Great quarter. First, Tobi, we won't factor in teleportation into economics into our take rate, but we're hopeful you'll get there. But for the short term, Amy, my question is on sales and marketing, Shop has seen incredible efficiency with record net adds without really a material dollar increase in sales and marketing. How should we think about that S&M efficiency? And is this leverage sustainable and maybe just what's the short -- I guess, short or medium-term philosophy on investing in that sales and marketing line.

偉大的季度。首先，Tobi，我們不會將傳送到經濟學中納入我們的接受率，但我們希望你能到達那裡。但就短期而言，艾米，我的問題是關於銷售和營銷，Shop 已經看到了令人難以置信的效率，淨增加創紀錄，而銷售和營銷沒有真正的實質性美元增長。我們應該如何考慮 S&M 效率？這種槓桿是否可持續，也許只是短期的 - 我猜是投資該銷售和營銷線的短期或中期哲學。

Yes. So we have seen efficiencies or operating leverage on the sales and marketing line and really, first and foremost, driven by the significant growth in revenue. But also keep in mind that with COVID, it's reduced some of our event marketing. We've also been more intentional about brand and studio spend into COVID. And really, we decided to pull back on some of the brand work that we did in 2019 and focus more on meeting the immediate needs of merchants during COVID with like the 90-day free trial instead.

是的。因此，我們已經看到了銷售和營銷線上的效率或運營槓桿，實際上，首先是收入的顯著增長。但也要記住，有了 COVID，它減少了我們的一些活動營銷。我們也更注重品牌和工作室對 COVID 的投入。事實上，我們決定撤回我們在 2019 年所做的一些品牌工作，更多地關注在 COVID 期間通過 90 天免費試用來滿足商家的即時需求。

And actually, I would say we're leaning into this opportunity that we see with new business formation increasing and spending more for online marketing and some other initiatives that that we're doing, including the operation hope announcement that we made, where we see some real opportunity to widen the upper part of the funnel and continue to democratize commerce. So there is leverage there, but where we see opportunity, we're going to lean into it.

實際上，我想說的是，我們正在抓住這個機會，我們看到新業務的形成增加，在線營銷和我們正在做的其他一些舉措上的支出更多，包括我們發布的運營希望公告，我們看到一些擴大漏斗上部並繼續使商業民主化的真正機會。所以那裡有槓桿作用，但在我們看到機會的地方，我們將投入其中。

Our next question comes from Koji Ikeda of Oppenheimer.

我們的下一個問題來自奧本海默的 Koji Ikeda。

Congrats on a really great quarter. I wanted to ask you a question on take rate. Our model shows that there was really just a slight compression in the take rate quarter -- in this quarter. And I know it's really nitpicking. But I wanted to ask, since we haven't seen take rate compression in our model in 2016 and also considering there are a lot more GMV monetization levers today compared to 4 years ago, so was there anything meaningful that would have caused that compression in the take rate in this quarter that we should be aware of?

祝賀一個非常棒的季度。我想問你一個關於 take rate 的問題。我們的模型顯示，在本季度的採用率季度實際上只是略有壓縮。我知道這真的很挑剔。但我想問的是，由於我們在 2016 年的模型中沒有看到採用率壓縮，而且考慮到與 4 年前相比，今天的 GMV 貨幣化槓桿要多得多，所以是否有任何有意義的因素會導致這種壓縮本季度我們應該注意的Take Rate？

Yes. So let me review that with you. But first, let me start by saying we did see a compression quarter-over-quarter, but we still posted a healthy gain year-over-year in our take rate. The quarter-over-quarter decrease was driven by Shopify payments and payment transaction fees, and it was more a function of Q2 than anything specific to Q3. So let me walk you through Q2 first.

是的。所以讓我和你一起回顧一下。但首先，讓我首先說我們確實看到了季度環比壓縮，但我們的採納率仍然同比健康增長。環比下降是由 Shopify 支付和支付交易費用推動的，它更多地是第二季度的一個功能，而不是第三季度的任何特定因素。因此，讓我先帶您了解一下第二季度。

In Q2 with the rush to online given COVID and the extended free trial that we offered, we saw 2 things happen. First, a jump in our GMV mix processed at the higher payment rates associated with lower cost subscription plans, our basic plan for both Shopify Payments as well as for the transaction fee for those not on Shopify Payments.

在第二季度，鑑於 COVID 和我們提供的延長免費試用期，人們急於上網，我們看到了兩件事。首先，我們的 GMV 組合在與低成本訂閱計劃相關的更高支付率下處理，我們的 Shopify Payments 基本計劃以及不在 Shopify Payments 上的交易費。

The second thing, we saw a dip in average order value in Q2, resulting in a higher fixed per transaction fee on a percentage or take rate basis. So fast forwarding to Q3, we saw a return to a mix more similar to our pre-COVID distribution with increased plus GPV mix quarter-over-quarter. As you know, Plus is lower payment take rate in basic and Plus had a very strong Q3 growth in GPV.

第二，我們看到第二季度平均訂單價值下降，導致每筆交易的固定費用按百分比或收取率計算更高。如此快進到第三季度，我們看到組合回歸到更類似於 COVID 之前的分佈，並且 GPV 組合比上一季度有所增加。如您所知，Plus 的基本支付率較低，Plus 在第三季度的 GPV 增長非常強勁。

Second thing, in Q3, we saw a return to an average order value to pre-COVID levels, similar to Q1, it went up versus Q2. So we fully expect our take rate will continue to rise over the long term. And we've been clear that mix shifts and other movements like AOV may play a factor quarter-over-quarter.

其次，在第三季度，我們看到平均訂單價值恢復到 COVID 之前的水平，與第一季度類似，與第二季度相比有所上升。因此，我們完全預計我們的採用率將在長期內繼續上升。而且我們已經很清楚，混合班次和 AOV 等其他動作可能會影響季度環比。

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 want to ask about SFN and as logistics obviously takes center stage a little bit more. And it's going to help myself understand, what are merchants considering when they're thinking about SFN versus the 3PL or another shipping partner? Even if it's whether they're fulfilling on their own versus moving to 3PL. And what are -- what's in the consideration set for them? And as you move up and look at larger merchants, what are the missing pieces? What do you need to kind of do around SFN to get your largest merchants on board? I would think that they have a lot more complexities in their needs. And then just lastly on the same topic. You -- in the past couple of quarters, you updated on kind of penetration volumes. Any update you can give around the numbers and volume during the 3Q?

我想問一下 SFN，因為物流顯然更受關注。這將幫助我自己理解，商家在考慮 SFN 與 3PL 或其他運輸合作夥伴時會考慮什麼？即使他們是靠自己實現還是轉向 3PL。他們的考慮因素是什麼？當您向上移動並查看更大的商家時，缺少的是什麼？您需要圍繞 SFN 做些什麼才能吸引最大的商家加入？我認為他們的需求要復雜得多。最後是同一主題。你 - 在過去的幾個季度裡，你更新了滲透量。您可以就第三季度的數字和數量提供任何更新嗎？

Yes. So the number of merchants enrolled in Q3 was fairly consistent with Q2. We're continuing to manage enrollment. We want to build volumes at a rate that we can maintain really, really high-quality standards. Demand continues to increase in the quarter just because, I mean, commerce is accelerating. But also to your point, merchants generally and retailers generally find that fulfillment is not something that is easy for them, either they are not able to maintain particular 2-day delivery at a reasonable price that consumers are now beginning to expect and demand.

是的。所以Q3入駐商戶數量與Q2基本一致。我們將繼續管理註冊。我們希望以我們可以保持真正、真正高質量標準的速度增加產量。本季度需求繼續增長，我的意思是，商業正在加速發展。但就您的觀點而言，一般商家和零售商通常會發現履行對他們來說並不容易，或者他們無法以消費者現在開始期望和要求的合理價格維持特定的 2 天交貨。

What we think we can do is we can simply -- we now have about 9 partner nodes operational in the U.S. That's in addition to the R&D center we have in Ottawa, which opened in Q1. 4 of those nodes are using 6RS technology. So what we're trying to do is we're trying to make it -- so that merchants don't have to think about fulfillment. They have to think about their shipping. Now who is going to be the exact target for SFN longer term? Well the nice part of having some time to experiment is that we can figure out which merchant should put which products into our fulfillment network. And it may not be for every merchant. There's going to be smaller merchants who simply outgrow their living room as a fulfillment warehouse. There's going to be very large merchants who simply are unsatisfied with their existing 3PLs, and we think we can attract both sides of it. But we're trying to be -- like everything else to do at Shopify, incredibly thoughtful of who we accept and how we deliver great SFN service to them. And that's the reason why we're taking our time and building something that we think is going to be really high quality.

我們認為我們可以做的是我們可以簡單地——我們現在有大約 9 個合作夥伴節點在美國運營。這是我們在第一季度開設的渥太華研發中心之外的補充。其中 4 個節點使用 6RS 技術。所以我們正在努力做的是我們正在努力做到這一點——這樣商家就不必考慮履行。他們必須考慮他們的運輸。現在誰將成為 SFN 長期的確切目標？好吧，花一些時間進行試驗的好處是我們可以弄清楚哪個商家應該將哪些產品放入我們的履行網絡。它可能並不適合每個商家。將會有一些規模較小的商家，他們只是將起居室擴大為一個履行倉庫。將會有非常大的商家對他們現有的 3PL 不滿意，我們認為我們可以吸引雙方。但我們正在努力——就像在 Shopify 做的其他事情一樣，非常周到地考慮我們接受誰以及我們如何為他們提供出色的 SFN 服務。這就是我們花時間構建我們認為真正高質量的東西的原因。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。