Shopify Inc (SHOP) 2020 Q2 法說會逐字稿

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

謝謝你的支持。這是會議操作員。歡迎參加 Shopify 2020 年第二季財務業績電話會議。（操作員說明）

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

我現在想將會議交給投資者關係總監凱蒂·凱塔 (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, our Chief Operating Officer; and Amy Shapero, our CFO. Each of us is dialing in from our homes. After some brief prepared remarks by Harley and Amy, we will open it up for your questions. We hope you enjoyed the on-hold music created by Shopify's own internal talent, now for something slightly more austere by our legal department titled risky business.

謝謝接線員，大家早安。今天早上，Shopify 執行長 Tobi Lütke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；以及我們的財務長艾米·夏佩羅 (Amy Shapero)。我們每個人都從家裡撥打電話。在哈雷和艾米做了一些簡短的準備發言後，我們將開始回答你們的問題。我們希望您喜歡由 Shopify 內部人才創作的等待音樂，現在我們的法律部門將播放一些稍微嚴肅一點的音樂，名為「風險業務」。

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聲明，因此存在可能導致實際結果與預測有重大差異的風險和不確定性。除法律要求外，我們不承擔更新這些聲明的義務。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。

Note that the adjusted financial measures we speak to today are non-GAAP financial measures, which are not a substitute for GAAP financial measures. Reconciliations between the two can be found in our earnings press release.

請注意，我們今天討論的調整後財務指標是非公認會計原則財務指標，不能取代公認會計原則財務指標。兩者之間的調節可以在我們的收益新聞稿中找到。

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

最後，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。

Good morning, everyone, and thank you for joining us today. We hope that you're all keeping safe and healthy.

大家早安，感謝您今天加入我們。我們希望你們都保持安全和健康。

Over the past few months, we've seen the COVID-19 pandemic fundamentally shift the way businesses and consumers interact. It has catalyzed e-commerce, introducing major changes in buyer behavior and pulling forward what retail would look like in 2030 to 2020. Many merchants were caught off guard, and we knew that Shopify needed to act fast to help them survive. So from late March through the second quarter, we dialed up our urgency to enable independent businesses to adapt and compete in this new reality. This urgency helped more merchants not just survive, but thrive in a period of major upheaval. I cannot recall a time in our history when we have shipped so many features in such a short period of time, helping so many merchants recover and many others reach new levels of success. As a result, Q2 GMV growth accelerated to its highest level since before our 2015 IPO, driving Shopify's cumulative GMV to over $200 billion. Stores selling on Shopify sold 1.5x what they did in Q4 of last year, the seasonally strongest quarter of the year, and that number of stores is growing all the time. This tells me that we're on the right track and made the right decisions early in the pandemic.

在過去的幾個月裡，我們看到 COVID-19 大流行從根本上改變了企業和消費者互動的方式。它促進了電子商務的發展，為買家行為帶來了重大變化，並推動了 2030 年至 2020 年零售業的發展。許多商家措手不及，我們知道 Shopify 需要迅速採取行動來幫助他們生存。因此，從 3 月底到第二季度，我們加強了推動獨立企業適應這一新現實並參與競爭的迫切性。這種緊迫感不僅幫助更多的商人生存下來，而且在重大動盪時期蓬勃發展。我不記得在我們的歷史上，我們曾在如此短的時間內推出如此多的功能，幫助如此多的商家恢復活力，並幫助許多其他人達到新的成功水平。因此，第二季 GMV 成長加速至 2015 年 IPO 之前的最高水平，推動 Shopify 的累積 GMV 超過 2000 億美元。Shopify 上的商店銷售額是去年第四季度的 1.5 倍，這是一年中季節性最強的季度，而且商店數量一直在增長。這告訴我，我們走在正確的軌道上，並在大流行初期做出了正確的決定。

The success our merchants are seeing motivates us to push even harder. In Q2, Shopify hosted its first virtual company event, Shopify Reunite, which attracted more than 50,000 viewers, far more than we would have been able to reach with our annual in-person event. Our new product and feature announcements span the online store, multichannel capabilities, retail, shipping and finance, all geared towards helping merchants navigate and quickly adapt to a rapidly changing commerce landscape. I want to highlight a few of these features, and then I'll provide an update on how our merchants are responding in the current environment, our progress with Shopify Plus and our partner ecosystem. We shipped the express theme, a free theme designed to get any business online quickly, such as restaurants and cafes. We also introduced online tipping to support the food and services industries and businesses offering local delivery. We introduced natively integrated channels from Facebook shops, Walmart.com and Pinterest, enabling our merchants to sell in more places where their buyers are and driving new traffic to their stores. As COVID restrictions eased, our retail merchants are focused on protecting their customers and employees by leveraging safe distance technologies such as contact less payments. After introducing the new Tap & Chip hardware in the U.S. last year, we rolled it out in Canada following the global launch of our all-new point-of-sale software in early May. Together, our point-of-sale offering is a powerful product that provides a seamless omnichannel experience for both the merchant and the buyer. The shift to online commerce is redefining the role of the physical store, and many retailers are reimagining their stores to serve as order fulfillment centers to meet digital demand, so we enhanced our curbside pickup and our local delivery capabilities to give merchants more control of their retail operations by driving last-mile execution.

我們的商家所取得的成功激勵我們更加努力。在第二季度，Shopify 舉辦了首個虛擬公司活動 Shopify Reunite，吸引了超過 50,000 名觀眾，遠遠超過了我們年度現場活動所能達到的觀眾人數。我們的新產品和功能公告涵蓋線上商店、多通路功能、零售、運輸和金融，所有這些都是為了幫助商家駕馭並快速適應快速變化的商業環境。我想重點介紹其中的一些功能，然後我將提供有關我們的商家在當前環境中如何應對、我們在 Shopify Plus 方面的進展以及我們的合作夥伴生態系統的最新資訊。我們提供了 Express 主題，這是一個免費主題，旨在讓任何企業快速上線，例如餐廳和咖啡館。我們還引入了線上小費來支持食品和服務業以及提供本地送貨的企業。我們引入了來自 Facebook 商店、Walmart.com 和 Pinterest 的原生整合管道，使我們的商家能夠在更多買家所在的地方進行銷售，並為他們的商店帶來新的流量。隨著新冠疫情限制的放鬆，我們的零售商專注於利用非接觸式支付等安全距離技術來保護客戶和員工。去年在美國推出新的 Tap & Chip 硬體後，我們於 5 月初在全球推出了全新的銷售點軟體，隨後又在加拿大推出了該硬體。總而言之，我們的銷售點產品是一款功能強大的產品，可為商家和買家提供無縫的全通路體驗。向線上商務的轉變正在重新定義實體店的角色，許多零售商正在重新構想他們的商店，將其作為訂單履行中心來滿足數位需求，因此我們增強了路邊提貨和本地配送能力，使商家能夠更好地控制他們的商店通過推動最後一英里的執行來開展零售業務。

We also announced two financial services products set to launch in the U.S. later this year: Shopify Balance and Shop Pay Installments. We're introducing Shopify Balance to further level the playing field, giving our merchants access to their cash faster and providing critical money management tools to effectively manage their business. Through our no fee business account, merchants will be able to understand cash flows, track expenses and pay bills. Merchants will also receive a physical or virtual card, which will help them access their own sales revenue faster than before, and get rewards like cash back and discounts that will help more of our merchants reinvest in their future. Our upcoming buy now pay later product, Shop Pay Installments will let merchants give buyers more options by paying in installments with no interest and no fees. Working through our partner, Affirm, we will offer a product that can help merchants to sell more by increasing cart size, and sales conversion rates. Shop Pay Installments will be integrated into our accelerated checkout Shop Pay, which offers 4x faster checkout and close to 2x higher conversion than regular checkout options, providing a frictionless experience for merchants and their buyers. Since its launch, Shop Pay has facilitated cumulative GMV of more than $11 billion.

我們也宣布將於今年稍晚在美國推出兩款金融服務產品：Shopify Balance 和 Shop Pay Installments。我們引進 Shopify Balance 是為了進一步創造公平的競爭環境，讓我們的商家更快獲得現金，並提供重要的資金管理工具來有效管理他們的業務。透過我們的免費商業帳戶，商家將能夠了解現金流、追蹤費用和支付帳單。商家還將收到實體卡或虛擬卡，這將幫助他們比以前更快地獲得自己的銷售收入，並獲得現金回饋和折扣等獎勵，這將幫助更多的商家對未來進行再投資。我們即將推出的「先買後付」產品「商店支付分期付款」將使商家透過分期付款方式為買家提供更多選擇，無需利息和費用。我們將透過我們的合作夥伴 Affirm 提供一種產品，透過增加購物車大小和銷售轉換率來幫助商家增加銷售量。Shop Pay 分期付款將整合到我們的加速結帳 Shop Pay 中，與常規結帳選項相比，結帳速度提高 4 倍，轉換率提高近 2 倍，為商家及其買家提供順暢的體驗。自推出以來，Shop Pay 已促成累計 GMV 超過 110 億美元。

Entrepreneurs have proven time and again that they're resilient and resourceful, and here's how merchants are tackling their challenges head on in the midst of the COVID-19 pandemic. First, our merchants are creating new buyer opportunities. 39% of brick-and-mortar merchants in our English-speaking geographies adopted some form of local in-store or curbside pickup delivery solutions in Q2. That is up from 26% in early May to meeting increasing local demand. Merchants also saw more local customers shopping at their stores, with the percentage of local customers per shop again increasing quarter-over-quarter. Merchants also grew their multichannel presence over the second quarter with a greater proportion of merchants installing 2 or more channels in an effort to reach broader audiences. Second, more merchants are leveraging merchant solutions as they seek to reduce friction while growing their businesses. More merchants accessed capital quickly in Q2 as a number of U.S. merchants accepting capital rose, and we offer financing for the first time to merchants in the U.K. and Canada, where we launched Shopify Capital in March and April, respectively. Cumulative funding across all the countries reached $1.2 billion at the end of June.

企業家一次又一次證明了他們的韌性和足智多謀，以下是商家如何在 COVID-19 大流行期間應對挑戰。首先，我們的商家正在創造新的買家機會。第二季度，英語地區 39% 的實體商家採用了某種形式的本地店內或路邊取貨交付解決方案。這比 5 月初的 26% 有所上升，以滿足不斷增長的當地需求。商家也看到更多的本地顧客在他們的商店購物，每家商店的本地顧客比例再次環比上升。第二季度，商家也擴大了多通路業務，越來越多的商家安裝了兩個或更多管道，以接觸更廣泛的受眾。其次，越來越多的商家正在利用商家解決方案，以尋求在發展業務的同時減少摩擦。隨著接受資本的美國商家數量增加，更多商家在第二季迅速獲得資金，我們首次向英國和加拿大的商家提供融資，並分別於 3 月和 4 月推出了 Shopify Capital。截至 6 月底，所有國家的累計資金達到 12 億美元。

More merchants also use Shopify Shipping as new users fulfilled their very first orders on the platform, and we expanded our offering to Australia. Adoption increased to 49% of eligible merchants in the U.S. and Canada in Q2, up from 42% in the same quarter last year. And third, our merchants accessed new opportunities to strengthen customer relationships and loyalty. Merchants leverage tools, like Shopify Email and the Shop apps to deepen merchant relationships with buyers and increase customer lifetime value. Over 150 million e-mails have now been sent through e-mail campaigns since Shopify Email launch in Q1.

隨著新用戶在平台上完成第一筆訂單，越來越多的商家也使用 Shopify Shipping，並且我們將服務範圍擴展到了澳洲。第二季度，美國和加拿大合格商家的採用率從去年同期的 42% 上升至 49%。第三，我們的商家獲得了加強客戶關係和忠誠度的新機會。商家利用 Shopify Email 和 Shop 應用程式等工具來加深商家與買家的關係並提高客戶終身價值。自第一季 Shopify Email 推出以來，現已透過電子郵件活動發送了超過 1.5 億封電子郵件。

Shopify Plus merchants experienced an exceptionally strong second quarter. More brands joined Shopify Plus this quarter than ever before as merchants from lower-level plans grow their sales and upgrade and more large brands seek to scale their businesses in an agile cost-effective manner. This is especially critical right now as digital commerce accelerates and an uncertain macroeconomic environment persists. The optionality that Shopify Plus offers from speed to market to cost and the ability to experiment and act like an entrepreneur is resonating heavily with enterprise level merchants, encouraging them to rethink their channel strategies and accelerate their time lines towards digital transformation.

Shopify Plus 商家第二季的表現異常強勁。本季加入 Shopify Plus 的品牌數量比以往任何時候都多，因為來自較低級別計劃的商家增加了銷售額並進行了升級，並且更多的大型品牌尋求以靈活且經濟高效的方式擴展其業務。隨著數位商務的加速發展和宏觀經濟環境的不確定性持續存在，這一點在目前尤其重要。Shopify Plus 提供的從上市速度到成本的多種選擇，以及像企業家一樣進行實驗和行動的能力，引起了企業級商家的強烈共鳴，鼓勵他們重新考慮自己的通路策略並加快數位轉型的時間。

In our second quarter, brands from different verticals launched stores on Shopify Plus, including the legendary bike company founded in 1895, Schwinn; beachwear company, Hurley; and western apparel brand, Stetson; Canadian grocery store, Farm Boy; U.K. food and drink CPG, Princes; chocolate bar company, Snickers; and the major beer company, Molson Coors, and many more brands across a range of products and industries.

第二季度，來自不同垂直行業的品牌在 Shopify Plus 上開設了商店，其中包括成立於 1895 年的傳奇自行車公司 Schwinn；沙灘裝公司 Hurley；以及西方服飾品牌Stetson；加拿大雜貨店Farm Boy；英國食品和飲料 CPG、Princes；巧克力棒公司士力架；以及大型啤酒公司 Molson Coors 以及跨一系列產品和行業的更多品牌。

In Q2, we also rolled out the new Shopify Plus Admin, a revamped back end for merchants to manage their organizations, including multiple stores, analytics, staff accounts, user permissions and automation tools like Shopify Flow, all in one place. Our partner ecosystem continues to work hard for our merchants with over 30,000 partners referring a merchant to Shopify over the last 12 months. Speed, creativity and cost effectiveness are top of mind for our partners as they help merchants move online and optimize their stores in the shifting landscape. Our partners have been going above and beyond, getting work out the door faster than we've previously seen, with the number of stores created, in 3 days or less, increasing by 123% in Q2 versus Q1. They're also supporting our merchants in a variety of ways, helping them find quick wins that will make a difference to their business now like running content marketing and social media on their behalf. The versatility and dedication of our partners truly highlights the strength and quality of the Shopify ecosystem.

在第二季度，我們還推出了新的Shopify Plus Admin，這是一個經過改進的後端，供商家管理其組織，包括多個商店、分析、員工帳戶、用戶權限和Shopify Flow 等自動化工具，全部集中在一個地方。我們的合作夥伴生態系統繼續為我們的商家努力工作，在過去 12 個月內有超過 30,000 個合作夥伴將商家推薦給 Shopify。速度、創造力和成本效益是我們合作夥伴的首要考慮因素，因為他們幫助商家轉向線上並在不斷變化的環境中優化他們的商店。我們的合作夥伴不斷超越，以比我們之前看到的更快的速度推出工作，在 3 天或更短的時間內創建的商店數量與第一季度相比，第二季度增加了 123%。他們還以各種方式支持我們的商家，幫助他們找到快速獲勝的方法，從而對他們的業務產生影響，例如代表他們運行內容行銷和社交媒體。我們合作夥伴的多才多藝和奉獻精神真正凸顯了 Shopify 生態系統的實力和品質。

Technology has democratized entrepreneurship and everyone's ability to build a successful business. The acceleration of digital commerce has pushed this opportunity forward, an opportunity that Shopify has been building towards for over 15 years. With the ongoing COVID-19 pandemic, the continued uncertainty in our macroeconomic environment and the growing momentum in the fight for equality, Shopify's role to level the playing field for all entrepreneurs has never been more clear. Our mission has always been to make commerce better for everyone, and Shopify is working harder than ever to pull entrepreneurs forward into the future that is emerging.

科技使創業民主化，讓每個人都有能力建立成功的企業。數位商務的加速推動了這一機會的發展，這是 Shopify 15 年來一直在爭取的機會。隨著新冠肺炎 (COVID-19) 疫情的持續蔓延、宏觀經濟環境的持續不確定性以及爭取平等的勢頭不斷增強，Shopify 在為所有企業家提供公平競爭環境方面所發揮的作用從未如此明確。我們的使命始終是讓商業更好地惠及每個人，Shopify 比以往任何時候都更加努力，以推動企業家邁向正在出現的未來。

And with that, I will hand it over to Amy.

這樣，我就把它交給艾米。

Thanks, Harley. We're focused on improving the commerce experience for everyone, and that mission starts helping our merchants. We are on the side of entrepreneurs, whether they are just starting out or are large and established. What's important to us is building the best commerce operating system that will help them succeed in any retail environment, especially the one presented in today's tough circumstances. And when merchants succeed, Shopify succeeds, as evidenced by our merchant sales and our results in Q2.

謝謝，哈利。我們致力於改善每個人的商務體驗，這項使命開始於幫助我們的商家。我們站在企業家這邊，無論他們是剛起步的企業家，還是規模較大、已經成熟的企業家。對我們來說重要的是建立最好的商業作業系統，幫助他們在任何零售環境中取得成功，尤其是在當今艱難的環境下。當商家成功時，Shopify 也會成功，我們的商家銷售和第二季的業績證明了這一點。

Revenue almost doubled in our second quarter to $714.3 million, up 97% over the same period last year largely driven by our acceleration in success-based Merchant Solutions revenue, and to a lesser extent, by Subscription Solutions revenue. Subscription Solutions revenue increased 28% year-over-year to $196.4 million. Monthly recurring revenue grew 21% year-over-year to $57 million primarily driven by new merchants joining the platform. While growth in the quarter was impacted by the 90-day free trial on standard plans offered from March 21 through May 31, MRR ended the quarter higher than in Q1, benefiting from the highest ever number of merchants joining Shopify Plus. Additionally, we benefited from standard merchants in the 90-day extended free trial March cohorts as well as those in the regular 14-day free trial June cohorts converting in the latter half of June. It is important to note that the 90-day clock is still ticking for those who signed up for the 90-day trial in April and May, with any standard merchant conversions from those trial cohorts benefiting Q3. Shopify Plus continued to increase its contribution to MRR, accounting for $16.6 million or 29% compared with 26% of MRR in Q2 of 2019. Strong app, Shopify Plus platform fee and themes revenue related to the 71% year-over-year increase in new store creations in Q2 contributed to the approximate 7 percentage point difference between the growth of subscription revenue and MRR.

第二季的營收幾乎翻了一番，達到7.143 億美元，比去年同期成長97%，這主要是由於我們基於成功的商家解決方案收入的加速成長，在較小程度上是由於訂閱解決方案收入。訂閱解決方案營收年增 28% 至 1.964 億美元。每月經常性收入年增 21% 至 5,700 萬美元，主要是由於新商家加入該平台。雖然本季的成長受到3 月21 日至5 月31 日提供的90 天標準計畫免費試用的影響，但本季的MRR 高於第一季度，這得益於加入Shopify Plus 的商家數量達到歷史最高水平。此外，我們還受益於 3 月份 90 天延長免費試用隊列中的標準商家以及 6 月份常規 14 天免費試用隊列中的商家在 6 月下半月進行的轉換。值得注意的是，對於那些在 4 月和 5 月註冊了 90 天試用版的人來說，90 天的期限仍然在計時，這些試用組中的任何標準商家轉換都將受益於第三季。Shopify Plus 對 MRR 的貢獻持續增加，佔 MRR 的 1,660 萬美元，即 29%，而 2019 年第二季佔 MRR 的 26%。強勁的應用程式、Shopify Plus 平台費用和主題收入與第二季新商店創建同比增長 71% 相關，導致訂閱收入和 MRR 增長之間存在約 7 個百分點的差異。

Merchant Solutions revenue grew 148% to $517.9 million in Q2 compared to the same period in 2019. This is the third quarter in a row of acceleration and a growth rate we have not seen since before our IPO driven primarily by Shopify payments followed by growth of other merchant solutions revenue like capital, shipping and transaction fees. All of these were driven by the spike in GMV, which increased 119% year-over-year to $30.1 billion as well as by increased adoption of these solutions by merchants and growth in partner referral revenue. Even excluding GMV from new stores created on the extended free trial, GMV per merchant increased in Q2 as merchants of all sizes and across all geographies benefited from the tailwinds of the shift to online commerce. $13.4 billion of GMV was processed on Shopify Payments in Q2, an increase of 132% versus the comparable quarter last year. Payments penetration of GMV was 45% versus 42% last quarter as well as in Q2 2019. Penetration levels reached new highs across our merchant segments as new merchants joining the platform opted to use Shopify Payments, and Shopify Plus and international merchants expanded their share of GPV. Demand for Shopify Capital was strong in Q2, with merchants receiving $153 million in funding across the U.S., the U.K. and Canada. This represents a 65% increase in funding over the second quarter of 2019 while maintaining loss ratios in line with historical periods. Access to capital is even tougher in times like these, which makes it even more important to continue lowering this barrier by making it quick and easy so merchants can focus on growing their business.

與 2019 年同期相比，第二季商家解決方案營收成長 148%，達到 5.179 億美元。這是自 IPO 之前以來我們從未見過的連續第三個季度的加速和增長率，主要由 Shopify 支付推動，其次是資本、運輸和交易費用等其他商家解決方案收入的增長。所有這些都是由 GMV 飆升（同比增長 119% 至 301 億美元）、商家更多地採用這些解決方案以及合作夥伴推薦收入增長推動的。即使將延長免費試用期間創建的新商店的 GMV 排除在外，每個商家的 GMV 在第二季度仍然有所增長，因為各種規模和所有地區的商家都受益於向線上商務轉變的順風車。第二季 Shopify Payments 處理的 GMV 為 134 億美元，與去年同期相比成長了 132%。GMV 的支付滲透率為 45%，而上季和 2019 年第二季為 42%。隨著加入該平台的新商家選擇使用 Shopify Payments，並且 Shopify Plus 和國際商家擴大了其 GPV 份額，我們的商家細分市場的滲透水平達到了新高。第二季對 Shopify 資本的需求強勁，美國、英國和加拿大的商家獲得了 1.53 億美元的資金。這意味著資金較 2019 年第二季增加了 65%，同時損失率與歷史時期保持一致。在這樣的時期，獲得資金變得更加困難，這使得透過快速、簡單的方式繼續降低這一障礙變得更加重要，以便商家能夠專注於發展業務。

Adjusted gross profit dollars grew 84% over last year's second quarter to $381.4 million, which reflects the significantly greater mix of Merchant Solutions revenue versus last year. The impact of the 90-day free trial, which reduced subscription revenue without a corresponding decrease in related cost of revenues, the acquisition of 6 River Systems in Q4 of last year and our ramp-up of investment in Shopify Fulfillment Network.

調整後毛利比去年第二季成長 84%，達到 3.814 億美元，反映出商家解決方案收入的組合比去年顯著增加。90 天免費試用的影響減少了訂閱收入，但相關收入成本卻沒有相應下降，去年第四季度收購了 6 River Systems，以及我們加大了對 Shopify 配送網絡的投資。

Adjusted operating income was $113.7 million in the second quarter compared to adjusted operating income of $6.4 million in the second quarter of 2019. Adjusted operating income in Q2 2020 reflects our strong revenue performance in the quarter and excludes a onetime impairment charge of $31.6 million resulting from our decision announced in May 2020 to work remotely permanently. I will go into this in more detail in a few minutes.

第二季調整後營業收入為 1.137 億美元，而 2019 年第二季調整後營業收入為 640 萬美元。2020 年第二季調整後的營業收入反映了我們在本季強勁的營收表現，不包括因我們 2020 年 5 月宣布永久遠距工作的決定而產生的 3,160 萬美元的一次性減損費用。我將在幾分鐘內更詳細地討論這一點。

Adjusted net income for the quarter was $129.4 million or $1.05 per share compared with $10.7 million or $0.10 per share in last year's second quarter. Note this is based on diluted shares outstanding due to the GAAP profit recorded in Q2.

本季調整後淨利為 1.294 億美元，即每股 1.05 美元，而去年第二季調整後淨利為 1,070 萬美元，即每股 0.10 美元。請注意，這是基於第二季度記錄的公認會計原則利潤稀釋後的流通股。

Finally, our cash, cash equivalents and marketable securities balance was $4 billion on June 30, strengthened by the capital we raised in our second quarter. Our healthy balance sheet gives us greater optionality that we believe increases our competitive advantage. To retain this financial flexibility, we began the process to renew our shelf prospectus yesterday evening. We consider this to be ordinary course of business given the pending expiry of our current shelf.

最後，截至 6 月 30 日，我們的現金、現金等價物和有價證券餘額為 40 億美元，第二季籌集的資金增強了這一餘額。我們健康的資產負債表為我們提供了更大的選擇餘地，我們相信這會增強我們的競爭優勢。為了保持這種財務靈活性，我們昨天晚上開始更新我們的貨架招股說明書。鑑於我們目前的貨架即將到期，我們認為這是正常的業務過程。

Our strong track record of capital allocation is reflected in the investments we've made in our platform and the resulting successes of our merchants. Before providing an update on key investment areas, I will provide an overview of our decision to work digital by default, related financial implications in Q2 and expected impact for the rest of 2020. We are making changes to how and where we work to keep our employees safe and healthy, to create opportunities for existing and future talent and to continue effectively solving critical problems for our merchants. We'll be keeping our offices closed for the remainder of 2020, redesigning our spaces for our new future and reducing our office footprint. This means that most of our employees will work remotely on a permanent basis and leverage our office spaces when it makes sense. This also represents an opportunity for Shopify to open up and further diversify our talent pool, unconstrained by physical location. While our offices were a special part of the Shopify experience, our culture is not defined by it. It's defined by our employees, the values intrinsic to Shopify and our alignment with our mission to make commerce better for everyone.

我們在資本配置方面的良好記錄反映在我們對平台的投資以及商家所取得的成功。在提供關鍵投資領域的最新資訊之前，我將概述我們預設數位化工作的決定、第二季的相關財務影響以及 2020 年剩餘時間的預期影響。我們正在改變工作方式和地點，以確保員工的安全和健康，為現有和未來的人才創造機會，並繼續有效地為我們的商家解決關鍵問題。我們將在 2020 年剩餘時間內關閉辦公室，為新的未來重新設計我們的空間，並減少辦公室佔地面積。這意味著我們的大多數員工將永久遠距工作，並在有意義時利用我們的辦公空間。這也為 Shopify 提供了一個開放人才庫並進一步使其多樣化的機會，不受地理位置的限制。雖然我們的辦公室是 Shopify 體驗的一個特殊部分，但我們的文化並不是由它定義的。它是由我們的員工、Shopify 固有的價值觀以及我們與讓每個人的商業變得更好的使命相一致來定義的。

Our Q2 2020 results include $37.1 million of incremental expenses related to these facilities changes reflected in two areas: first, we are exiting some of our secondary offices in major cities, for which we took a $31.6 million impairment charge in Q2 related to right-of-use assets and leasehold improvements. The impairment charge in Q2 is recorded in general and administrative expenses and excluded from adjusted operating income given its onetime nature; second, for offices we are keeping and retrofitting, we are accelerating depreciation on $40.5 million of leasehold improvements over a 2- to 3-year period. The impact in Q2 was an incremental increase in expense of $5.5 million. Accelerated depreciation is allocated across cost of revenue and operating expenses in Q2 and is included in adjusted operating income given its recurring nature. We don't currently expect to make any further material office footprint changes for the remainder of 2020.

我們2020 年第二季的業績包括與這些設施變化相關的3,710 萬美元增量費用，反映在兩個領域：首先，我們正在退出主要城市的一些二級辦事處，為此我們在第二季計提了與使用權相關的3160 萬美元減值費用-使用資產和租賃改良。第二季的減損費​​用計入一般及管理費用，但由於其一次性性質，不計入調整後的營業收入；其次，對於我們保留和改造的辦公室，我們將在 2 至 3 年內加速折舊 4,050 萬美元的租賃改良。第二季的影響是費用增加了 550 萬美元。加速折舊在第二季的收入成本和營運支出中分配，並考慮到其經常性性質，包含在調整後的營運收入中。目前，我們預計在 2020 年剩餘時間內不會對辦公室佔地面積進行任何進一步的實質變更。

Now turning to our key investment areas. As we discussed on our first quarter earnings call, our key investments coming into 2020, like Shopify Fulfillment Network, were validated by merchant needs that were escalated by COVID. And we made adjustments to our plans to quickly deliver on features that would help our merchants adapt and thrive both now during COVID and over the long term. Over time, we believe that actively managing a portfolio of growth investments with different return time horizons is necessary for continued growth. Our key investments fall into 3 categories: core, expansion and ambition, which include near-, medium- and longer-term initiatives, respectively.

現在轉向我們的重點投資領域。正如我們在第一季財報電話會議上討論的那樣，我們進入 2020 年的關鍵投資（例如 Shopify 配送網絡）得到了因新冠疫情而升級的商家需求的驗證。我們對計劃進行了調整，以快速提供有助於我們的商家在新冠疫情期間和長期適應和發展的功能。隨著時間的推移，我們認為，積累管理具有不同回報時間範圍的成長投資組合對於持續成長是必要的。我們的主要投資分為三類：核心投資、擴張投資和雄心投資，分別包括近期、中期和長期措施。

The core bucket includes merchants and products that Shopify has invested in for a few years and continues to build, such as our platform; Shopify Plus and Merchant Solutions, like Shopify Payments, including multicurrency and other payment-related products; Shopify Capital and Shopify Shipping. Investments in core generally have strong returns today that help us reinvest to build for the long term. A great example is our newly released Shopify Plus admin, which is resonating with merchants of scale, with early merchant feedback highlighting increased operating efficiencies and the ability to rapidly expand into new geographies.

核心桶包含Shopify幾年來投資並持續打造的商家和產品，例如我們的平台； Shopify Plus 和商家解決方案，例如 Shopify Payments，包括多貨幣和其他支付相關產品； Shopify Capital 和 Shopify Shipping。如今，核心業務的投資通常會帶來豐厚的回報，這有助於我們進行再投資以進行長期建設。一個很好的例子是我們新發布的 Shopify Plus 後台，它引起了規模商家的共鳴，早期的商家回饋強調了營運效率的提高以及快速擴展到新地區的能力。

Our expansion initiatives, which include international growth and retail POS, we expect, will deliver over the medium and into the long term. Continued investments to help international merchants get up and running as easily on mobile as on desktop, enhance their cross-border selling capabilities and make the platform more intuitive on a regional basis should all help continue progress like we saw in Q2 where international merchants led the pack in year-over-year GMV growth.

我們預計，我們的擴張計劃（包括國際成長和零售 POS）將在中長期內實現。持續投資幫助國際商家在行動裝置上像在桌面上一樣輕鬆地啟動和運行，增強他們的跨境銷售能力，並使平台在區域基礎上更加直觀，這些都應該有助於繼續取得進展，就像我們在第二季度看到的那樣，其中國際商家領先GMV 年成長。

For retail merchants, we will continue building out retail inventory and fulfillment capabilities, helping them adapt to a retail landscape that delivers a seamless commerce experience, bridging online and off-line. We are on the right track as Q2 saw POS GMV start to recover, healthy adoption of our all-new POS software, sustained levels of use of the local features we rolled out over the past few months and increasing hardware sales in the U.S. and Canada.

對於零售商來說，我們將繼續建立零售庫存和履行能力，幫助他們適應零售環境，提供無縫的商務體驗，連接線上和線下。我們正走在正確的軌道上，第二季度 POS GMV 開始復甦，我們全新 POS 軟體的健康採用，我們在過去幾個月推出的本地功能的持續使用水平以及美國和加拿大硬體銷量的增加。

Finally, our success to date would not be possible without investing for the out years, which are represented by ambition initiatives. These represent bold initiatives that will power the flywheel longer term. These investments, which are in their earlier stages, take time to scale, but are expected to become game changers for Shopify and our merchants. They include Shopify Fulfillment Network, 6 River Systems, Shopify Balance, Shop app, brand, wholesale B2B and more.

最後，如果沒有過去幾年的投資，我們就不可能取得迄今為止的成功，這些投資以雄心勃勃的舉措為代表。這些都是大膽的舉措，將為飛輪提供長期動力。這些投資尚處於早期階段，需要時間才能擴大規模，但預計將改變 Shopify 和我們商家的遊戲規則。其中包括 Shopify 配送網路、6 River Systems、Shopify Balance、Shop 應用、品牌、批發 B2B 等。

We announced Shopify Fulfillment Network just over a year ago. And although we are still early in our planned 5-year build, we are pleased with the progress we've made so far in developing the technology, our partner network and the merchant experience. In Q2, we enrolled more merchants and increased fulfillment volumes by 2.5x over Q1 as existing merchants fulfilled more orders and new merchants brought on new volume. Our focus this year remains on building product market fit, automating and improving merchant onboarding experiences and working with our partners to develop a strong network of nodes. We want to ensure that the foundation of our fulfillment network is strong and the merchant experience is outstanding before entering the scale phase towards the end of next year or soon after. We believe 6 River Systems will be helpful here as throughput rates have increased, approaching 2x previous levels where we've integrated 6 River Systems' technology, so we anticipate other nodes will benefit as they adopt it as well. Its value proposition as a flexible, easy-to-implement warehouse fulfillment solution is resonating right now and adding momentum as both existing and new customers begin to prepare for the busy holiday selling season.

一年多前，我們宣布推出 Shopify 配送網路。儘管我們仍處於計劃的 5 年建設的早期階段，但我們對迄今為止在開發技術、合作夥伴網路和商家體驗方面取得的進展感到滿意。第二季度，隨著現有商家履行了更多訂單以及新商家帶來了新訂單量，我們招募了更多商家，訂單履行量比第一季增加了 2.5 倍。今年我們的重點仍然是建立產品市場契合度、自動化和改善商家入職體驗，以及與我們的合作夥伴合作開發強大的節點網路。我們希望在明年年底或不久後進入規模階段之前，確保我們的履行網路基礎堅實，商家體驗出色。我們相信 6 River Systems 在這裡將會有所幫助，因為吞吐率已經提高，接近我們整合 6 River Systems 技術的先前水準的 2 倍，因此我們預計其他節點也會在採用該技術時受益。隨著現有客戶和新客戶開始為繁忙的假日銷售季節做準備，其作為靈活、易於實施的倉庫履行解決方案的價值主張現在引起了共鳴，並增加了動力。

Wrapping up, we believe the COVID pandemic has permanently accelerated the growth of online commerce, changing the retail landscape forever. Shopify's task is to help our merchants adapt and succeed in the world that emerges by investing in and building a global commerce operating system that evolves with their journey as the macro environment, technology and consumer behaviors change. We will continue to help entrepreneurs power through these difficult times and position themselves for longer-term success.

總而言之，我們相信新冠疫情大流行永久加速了線上商務的成長，永遠改變了零售格局。Shopify 的任務是透過投資和建立全球商務作業系統，幫助我們的商家適應不斷出現的世界並取得成功，該作業系統隨著宏觀環境、技術和消費者行為的變化而不斷發展。我們將繼續幫助企業家度過這些困難時期，並為長期成功做好準備。

Due to the continued lack of visibility into the coming months given COVID and macroeconomic uncertainties, we are not providing guidance for our third quarter or the full year. We continue to closely monitor the factors impacting our business to act nimbly and quickly serve our merchants' needs. Our merchant-first mission and business model, together with our strong balance sheet, our disciplined approach to capital allocation and rich partner ecosystem positions Shopify to capture what we believe is a tremendous opportunity to improve lives around the world by helping more people reach for independence.

由於新冠疫情和宏觀經濟的不確定性，未來幾個月的前景仍然不明朗，因此我們不會提供第三季或全年的指導。我們將繼續密切關注影響我們業務的因素，以靈活行動並快速滿足商家的需求。我們以商家為先的使命和商業模式，加上我們強大的資產負債表、嚴格的資本配置方法和豐富的合作夥伴生態系統，使Shopify 能夠抓住我們認為的巨大機會，透過幫助更多人實現獨立改善世界各地的生活。

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

說完，我會把電話轉回給凱蒂。

Thanks, Amy. (Operator Instructions)

謝謝，艾米。（操作員說明）

So with that, I will hand it back to Ariel, who will begin pooling for questions.

因此，我會將其交還給 Ariel，她將開始集中提問。

(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。

Tobi, Harley, Amy and Katie, I hope you are all well. So I have a question for Tobi. The CEOs of Amazon, Apple, Facebook and Google are expected to testify today before a house judiciary committee examining antitrust concerns. Those companies are your strategic partners and also your competitors. For example, Amazon called out Shopify as a competitor in its pre-released opening remarks. Tobi, I want you to comment, I was curious on your input on the implications to Shopify.

托比、哈利、艾米和凱蒂，希望你們一切都好。所以我有一個問題想問托比。亞馬遜、蘋果、Facebook 和谷歌的執行長預計將於今天在眾議院司法委員會審查反壟斷問題時作證。這些公司是你的策略夥伴，也是你的競爭對手。例如，亞馬遜在其預先發布的開場白中將 Shopify 稱為競爭對手。Tobi，我希望您發表評論，我很好奇您對 Shopify 的影響的意見。

Yes. Thanks, Tom. Yes, I think -- I mean, look, we are really focused here on our mission, which is to make commerce better for everyone. The -- our core business doesn't directly compete with any one of them, and we are partnered with all of them. And so I think -- I don't think we have any particular insights beyond just fellow travelers in a world of technology. And so that will be an interesting day and we'll see how it goes.

是的。謝謝，湯姆。是的，我認為——我的意思是，你看，我們真正專注於我們的使命，那就是讓商業對每個人來說都更好。我們的核心業務不與其中任何一家直接競爭，我們與所有這些企業都有合作夥伴關係。所以我認為——我認為除了科技世界中的同行者之外，我們沒有任何特殊的見解。所以這將是有趣的一天，我們將看看事情進展如何。

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。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

Great. In your prepared remarks, you guys mentioned seeing GMV decelerate in June and July. And given the magnitude of how you guys outperformed this quarter, can you give us a rough sense of what that step down in June and July look like so we can flow some of that through our models with -- since there's no guidance?

偉大的。在你們準備好的發言中，你們提到 GMV 在 6 月和 7 月會減速。考慮到你們本季表現出色的程度，您能否讓我們大致了解 6 月和 7 月的降級情況，以便我們可以通過我們的模型來流動其中的一些內容 - 因為沒有指導？

Yes. We're not going to provide guidance on the degree of deceleration. We're not giving guidance for the third quarter or the full year because of the uncertainties related to COVID and the macro environment. One month in our third quarter may not be representative of the full quarter. So for that reason, we're not providing guidance.

是的。我們不會提供有關減速程度的指導。由於與新冠疫情和宏觀環境相關的不確定性，我們不會給出第三季或全年的指引。第三季的一個月可能無法代表整個季度。因此，出於這個原因，我們不提供指導。

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。

So you've made several recent announcements that you discussed about increasing your merchant's ability to sell over multiple channels? And specifically, I'm thinking about the Walmart and Facebook announcement. So clearly, these are beneficial for your customers. But maybe you could just dig in a little bit more on the benefit here to Shopify. Is it just sort of further differentiating the Shopify platform? Or are you able to monetize the transactions that are processed over these other channels?

您最近發布了幾項關於提高商家透過多種管道進行銷售的能力的公告？具體來說，我正在考慮沃爾瑪和 Facebook 的公告。顯然，這些對您的客戶有利。但也許您可以進一步深入了解 Shopify 的優勢。這是否只是讓 Shopify 平台進一步與眾不同？或者您是否能夠將透過這些其他管道處理的交易貨幣化？

Thanks for the question, Matt. It's Harley here. So look, in terms of our channel strategy, which we've been working on now for years, the idea is we think the future of commerce and retail is going to be everywhere. And Shopify plays a more central role in the lives of more than 1 million merchants on our platform, we need to be the retail operating system, which means we need to make it easy for them to sell anywhere where potential customers may be, whether that's on a place like Pinterest or a social media platform or in a marketplace like Walmart. But it all feeds back into one centralized place where they can manage the entirety of their business. And so as new potential opportunities arise in new channels, we think it's our responsibility to make sure that we make it easy for merchants to sell there and put it all through that Shopify operating -- that retail operating system. And so you'll see more of those come up. But we've been doing this for a long time. And the neat part, I think, about the Shopify offering is that before Shopify, you had to have 20 different tabs open to manage a multichannel, omnichannel business. Now you don't. You can do everything from Shopify, which makes us further being the heart of their business, which is important to us.

謝謝你的提問，馬特。這裡是哈利。因此，就我們多年來致力於的通路策略而言，我們認為商業和零售的未來將無所不在。Shopify 在我們平台上超過 100 萬商家的生活中發揮著更核心的作用，我們需要成為零售作業系統，這意味著我們需要讓他們輕鬆地在潛在客戶可能在的任何地方進行銷售，無論是在Pinterest或社群媒體平台等地方或沃爾瑪等市場上。但這一切都會回饋到一個集中的地方，在那裡他們可以管理整個業務。因此，隨著新通路中出現新的潛在機會，我們認為我們有責任確保商家能夠輕鬆地在那裡進行銷售，並將其全部透過 Shopify 運作（即零售作業系統）進行。所以你會看到更多這樣的事情出現。但我們已經這樣做很久了。我認為 Shopify 產品的巧妙之處在於，在 Shopify 之前，您必須打開 20 個不同的分頁才能管理多通路、全通路業務。現在你不知道了。您可以透過 Shopify 完成所有事情，這使我們進一步成為他們業務的核心，這對我們來說很重要。

Our next question comes from Siti Panigrahi of Mizuho.

我們的下一個問題來自瑞穗銀行的 Siti Panigrahi。

Just during this time, you'll see the basic necessities like food, beverages and tobacco spike in terms of demand. I'm wondering, could you share what percentage of the GMV that represent?

就在這段時間，您會看到食品、飲料和菸草等基本必需品的需求激增。我想知道，您能分享一下這佔 GMV 的百分比嗎？

Yes. We don't break out our GMV to that level. We did see food, beverage and tobacco increase as a percentage of our mix in the second quarter, but we also saw mainstays, apparel, accessories and cosmetics, recover through the quarter. So the GMV growth was really a mix of all categories and consumer verticals.

是的。我們的 GMV 還沒有達到這個水準。我們確實看到食品、飲料和菸草在第二季度的產品組合中所佔的比例有所增加，但我們也看到支柱、服裝、配件和化妝品在整個季度都在復蘇。因此，GMV 的成長實際上是所有類別和消費者垂直領域的混合。

Our next question comes from Colin Sebastian of Baird.

我們的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Perhaps a bigger-picture question for Tobi or Harley. You have access to such a tremendous amount of data around e-commerce and transactions. Lots of potential there to capture insights from this data. If you could talk about the bigger opportunities from that data, including on the consumer-facing side of the business? And whether you're still confident that the underlying technology stack used by Shopify is adequate to manage the increasing complexity?

對於托比或哈雷來說，這也許是一個更宏觀的問題。您可以存取有關電子商務和交易的大量數據。從這些數據中獲取見解有很大的潛力。您能否談談這些數據帶來的更大機遇，包括面向消費者的業務？您是否仍然相信 Shopify 使用的底層技術堆疊足以管理日益增加的複雜性？

Yes. Thank you. Yes. So you're right in as much as one piece of the puzzle of data that Shopify didn't have insight into is how entrepreneurship and small business formation would act or look like in -- during a pandemic. So that picture is filling itself in. Of course, they are still early, so that remains to be seen. We had some minor data from the last financial crisis. But of course, that played out very, very, very differently. So I mean, the way we are thinking about data is that what we really want to do is help the merchants [surface] their own data, like given them the insights from their own sales patterns, help them with their own decision-making on business expansion. On a macro aggregated level, we are learning how businesses are best growing, what might be -- the next step might be for the merchants that are looking for the next steps to expand their business against the backdrop of different economic environments and states and industries and so on. So all of this is beneficial. This is all built on, I won't call it, bleeding edge, but like we'll be very good at getting leverage from the latest technology. So like on day 1, when I made technology decisions, I took that very seriously and built Shopify on a very, very modern stack and in a modern approach. And this is sort of a core value for engineering. So we feel very, very confident. And I know our technological foundations and being able to use the latest that the technology industry has created and come up with to make commerce better for everyone has kind of sort of prevailed in Shopify place.

是的。謝謝。是的。因此，Shopify 沒有深入了解的數據難題之一是，在大流行期間，創業和小型企業的組成將如何運作或看起來如何。所以這張照片正在自行填滿。當然，現在還為時過早，所以還有待觀察。我們有一些來自上次金融危機的次要數據。但當然，結果非常非常不同。所以我的意思是，我們思考數據的方式是，我們真正想做的是幫助商家[展示]他們自己的數據，例如從他們自己的銷售模式中獲得洞察，幫助他們做出自己的決策業務擴展。在宏觀總體層面上，我們正​​在了解企業如何最好地成長，下一步可能是什麼——對於那些在不同的經濟環境、州和行業的背景下尋求下一步擴展業務的商人來說等等。所以這一切都是有益的。這一切都是建立在，我不會稱之為尖端技術之上，但我們將非常善於利用最新技術。就像第一天一樣，當我做出技術決策時，我非常認真地對待這一點，並以非常非常現代的堆疊和現代方法建立了 Shopify。這是工程的核心價值。所以我們感到非常非常有信心。我知道我們的技術基礎，並且能夠利用科技產業創造和提出的最新技術來為每個人提供更好的商業服務，這在 Shopify 中已經很流行。

Our next question comes from Gus Papageorgiou of PI Financial.

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

Congrats on a great quarter. Amy, I'm wondering if you could just give us some color on -- if you look at the GMV growth sequentially, how much -- or I guess, year-over-year, how much of that was kind of from your base of customers growing their sales organically due to increased sales occurring on e-commerce platforms? And how much of it was from adding new customers? Any kind of sense you could give us would be helpful.

恭喜您度過了一個出色的季度。艾米，我想知道您是否可以給我們一些資訊 - 如果您按順序查看 GMV 增長，有多少 - 或者我猜，逐年增長，其中有多少來自您的基礎由於電子商務平台上的銷售額增加，客戶的銷售額自然會成長嗎？其中有多少是來自增加新客戶？您能給我們的任何感覺都會有幫助。

Let me just start by saying that the GMV growth overall was really driven by the sudden shift to consumer spend from off-line to online driven by COVID. And so what we saw was GMV per merchant increase significantly quarter-over-quarter and year-over-year as our merchants benefited from that tailwind. But we also saw more merchants and new stores joining the platform during Q2. And so we know that a higher percentage than normal were established businesses rushing online. Shopify Plus had a record quarter of net adds and new stores joining on the 90-day free trial for standard plans. There was a healthy mix of established businesses rushing online. So it really was a combination of those two. And again, I'd also like to just emphasize how broad-based the GMV growth was across all merchant segments and all geographies and across all consumer verticals.

首先我要說的是，整體 GMV 的成長實際上是由新冠疫情推動的消費者支出從線下轉向線上的突然轉變所推動的。因此，我們看到每個商家的 GMV 環比和同比顯著增長，因為我們的商家受益於此順風順水。但我們在第二季也看到更多商家和新商店加入平台。因此我們知道，成熟企業湧入線上的比例高於正常水準。Shopify Plus 的淨添加量和新商店加入標準計劃 90 天免費試用的季度數量創歷史新高。眾多老牌企業紛紛湧入線上。所以它確實是這兩者的結合。再次，我還想強調 GMV 成長在所有商家細分市場、所有地區以及所有消費者垂直領域的基礎有多廣泛。

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 on the POS. And you noted in the release that it's like getting back to February levels, which I thought was surprising, if not interesting. Retail in the U.S. back to where it was in February. So can you talk a little bit about what that means for Shopify? Is it taking share? Are your customers, with their omnichannel presence, kind of more inclined to drive stronger in-store growth? And have POS kind of outperformed overall retail? What are you seeing there? That's getting your POS kind of ahead of retail overall?

我想在POS上問一下。您在新聞稿中指出，這就像回到了二月的水平，我認為這即使不有趣，也是令人驚訝的。美國零售業回到二月的水平。您能談談這對 Shopify 意味著什麼嗎？是否佔有份額？您的客戶擁有全通路業務，是否更傾向於推動更強勁的店內成長？POS 的表現是否優於整體零售？你在那裡看到什麼？這是否讓您的 POS 領先於零售業整體？

Thanks for the -- on our last earnings call that we did see POS GMV decline between March 13 and April 24, relative to the comparable 6-week period, but that we also saw that those physical retail merchants managed to replace about 94% of those that lost GMV through online stores over that same period. So we were pleased to see the resiliency there. We are now beginning to see more brick-and-mortar stores reopen up, not just in the U.S. but around the world. Hence, we are starting to see more of that retail GMV come back.

感謝- 在我們上次的財報電話會議上，我們確實看到3 月13 日至4 月24 日期間POS GMV 相對於可比的6 週期間有所下降，但我們也看到這些實體零售商成功地取代了約94%那些同期透過線上商店損失 GMV 的公司。因此，我們很高興看到那裡的彈性。我們現在開始看到更多的實體店重新開業，不僅在美國，而且在世界各地。因此，我們開始看到更多零售商品交易總額回升。

That said, one thing that has happened through this whole process and through the crisis is that now we now seeing are our physical retail merchants look at multichannel in a much different way. So for example, 26% of our brick-and-mortar merchants in English-speaking countries are now using some form of local in-store or curbside pickup and delivery options. That's compared to like 2% at the end of February. So we are seeing this new -- as physical retail reopens up, the business model for those physical retailers are also contemplating. A new type of resilient model, which allows them to sell online and off-line. And then we continue to roll out great new features for point of sale, things like staff permissions, retail level reporting. And so the point-of-sale product, the physical retail product just keeps getting better and better. But certainly, we are seeing more GMV flow back through physical retail than we did in the beginning of the pandemic.

也就是說，在整個過程和危機中發生的一件事是，現在我們看到實體零售商以一種截然不同的方式看待多通路。例如，我們在英語國家/地區的實體商家中有 26% 現在正在使用某種形式的當地店內或路邊取貨和送貨選項。相比之下，2 月底這一數字約為 2%。因此，我們看到了這個新情況——隨著實體零售重新開放，這些實體零售商的商業模式也正在考慮。一種新型的彈性模式，使他們能夠在線上和離線銷售。然後，我們繼續推出銷售點的出色新功能，例如員工權限、零售級別報告。因此，銷售點產品、實體零售產品一直在變得越來越好。但可以肯定的是，與疫情爆發之初相比，我們看到更多的 GMV 透過實體零售回流。

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

我們的下一個問題來自羅斯資本合夥公司的達倫·阿夫塔希。

A question maybe for Amy. So as you kind of think longer-term with the work from home -- and appreciate the impairment cost savings you kind of detailed. But as you think about things like travel spend, marketing, et cetera, like how does the P&L kind of benefit or not? What are kind of puts and takes longer term? Or you just reinvest those dollars you saved into other categories as you go forward?

也許有個問題想問艾米。因此，當您對在家工作進行更長遠的考慮時，並欣賞您詳細介紹的減損成本節省。但當你考慮旅行支出、行銷等問題時，例如損益表會帶來什麼好處？長期看跌期權和看跌期權有哪些類型？或者您只是在前進時將節省下來的資金重新投資到其他類別？

Yes. Longer term, yes, we would expect to save some amount of money, obviously, on the office footprint itself, right? Most of those benefits, we're not going to see until a couple of years out, but that would be one benefit. Travel spend, yes, would decline. We've seen that happen as we've been working remotely through COVID, so we would expect that would continue. However, we would redeploy some of those savings back into helping our employees work from home effectively in their home setups and helping them make sure that they have great Internet connections and things like that. So it'll be a little bit more like a shifting of expenses over time.

是的。從長遠來看，是的，我們顯然希望在辦公室佔地面積本身上節省一些錢，對吧？其中大部分好處，我們要到幾年後才能看到，但這只是其中一個好處。是的，旅行支出將會下降。我們在新冠疫情期間進行遠距工作時已經看到這種情況發生，因此我們預計這種情況會持續下去。然而，我們將其中一些節省的資金重新部署到幫助我們的員工在家庭環境中有效地在家工作，並幫助他們確保擁有良好的網路連線等。因此，這更像是隨著時間的推移而轉移費用。

Our question comes from Deepak Mathivanan of Barclays.

我們的問題來自巴克萊銀行的迪帕克·馬蒂瓦南。

Great. Harley, can you give us some color on how merchants are generating growth during this COVID period? Are there any channels where merchants are seeing the biggest success? Clearly, there is a big online demand generation. I mean, shift to the online channels from a consumer standpoint. I was wondering whether merchants are using any specific channel that's seeing better success now?

偉大的。Harley，您能為我們介紹一下在新冠疫情期間商家如何實現成長嗎？有哪些管道是商家最大的成功？顯然，存在大量的在線需求。我的意思是，從消費者的角度轉向線上管道。我想知道商家是否正在使用任何現在取得更好成功的特定管道？

Thanks for the question. It's important to understand that because we have such a broad range of merchants on our platform, and I mentioned some of them this morning, brands like Snickers and Chipotle and Coors -- Molson Coors, but also 1 million -- over 1 million small businesses. Not every channel is appropriate for every particular merchant. And so the onus is on Shopify to make sure that we have all the right channels for any particular merchants businesses. Particular type of product that would sell really well on Walmart.com may not sell as well in Pinterest or on Instagram or Facebook. And so that, I think, is the -- one of the nice -- one of the advantages of the Shopify platform is that regardless and despite whatever you are selling, there is likely the right appropriate channel for you. Now, of course, the most important and the most impactful channel is online store, followed by the physical retail shop by point of sale. But after that, we see merchants selling across a whole variety of channels, which is why we have to keep adding these channels over time.

謝謝你的提問。理解這一點很重要，因為我們的平台上有如此廣泛的商家，我今天早上提到了其中一些品牌，例如士力架、Chipotle 和Coors - Molson Coors，還有100 萬家——超過100 萬家小型企業。並非每個管道都適合每個特定商家。因此，Shopify 有責任確保我們為任何特定商家業務提供所有正確的管道。在 Walmart.com 上賣得很好的特定類型產品可能在 Pinterest、Instagram 或 Facebook 上賣得不好。因此，我認為，Shopify 平台的優點之一是，無論您銷售什麼產品，都可能有適合您的合適管道。當然，現在最重要、最具影響力的管道是網路商店，其次是實體零售店的銷售點。但在那之後，我們看到商家透過各種管道進行銷售，這就是為什麼我們必須隨著時間的推移不斷增加這些管道。

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 I wanted to hit on the strength that you saw in Shopify Plus I'm curious, has there been any change in terms of the net new logos that you're adding? And I know one of your competitors has a product that's going end of life. I'm curious if that's been a catalyst at all.

所以我想談談您在 Shopify Plus 中看到的優勢，我很好奇，您添加的淨新標誌是否有任何變化？我知道您的一位競爭對手的一款產品即將報廢。我很好奇這是否是一個催化劑。

Thanks for that question. So we are seeing an acceleration of companies re-platforming off-legacy platforms. We've been seeing that for a while, but that acceleration has continued. We're also seeing digital transformation generally is pushing larger retailers to look at partners who are nimble, who are flexible, who are certainly cost-effective and that's us at Shopify Plus for the larger brands. Legacy platforms were never meant to change quickly. And frankly, retailers need that right now. And so what we're seeing in terms of the types of customers that are dominating our Plus pipeline is digital natives that continue to choose plus scale globally; large CPGs that are rushing to go direct-to-consumer. And we are the preferred choice because they know how fast they can launch an experiment with us; and then more traditional retailers looking to transform their companies are choosing us to do that as well. So that's the reason why seeing brands like Hurley and Schwinn and Snickers and Molson Coors and the Chipotle, farmers market, all use Shopify. It's -- there's not one type of particular merchant. And we're kind of seeing the -- we're seeing the acceleration happen across a bunch of different categories and from a bunch of different pre-platforms.

謝謝你提出這個問題。因此，我們看到公司正在加速重新建構非傳統平台。我們已經看到這種情況有一段時間了，但這種加速仍在繼續。我們也看到，數位轉型通常正在推動大型零售商尋找靈活、靈活且具成本效益的合作夥伴，這就是我們在 Shopify Plus 為大型品牌服務的合作夥伴。傳統平台從來不打算快速改變。坦白說，零售商現在就需要這一點。因此，我們看到主導我們 Plus 通路的客戶類型是數位原住民，他們繼續在全球範圍內選擇 Plus 規模；大型消費品公司急於直接面向消費者。我們是首選，因為他們知道與我們一起啟動實驗的速度有多快；然後，更多尋求公司轉型的傳統零售商也選擇我們來做這件事。這就是為什麼 Hurley、Schwinn、Snickers、Molson Coors 以及 Chipotle、農夫市集等品牌都會使用 Shopify。沒有一種類型的特定商人。我們看到，我們看到許多不同類別和許多不同的前平台正在加速發生。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

Glad to hear everyone is doing well. I wanted to ask a bigger-picture question about what's happening with the acceleration of e-commerce. I think you had commented that 2030 is maybe being pulled ahead a decade. And then you also made the comment that you expect this trend to persist. So I'd love to hear a little bit more because you have such great visibility and such a unique view about why you view this trend is durable because I just think that's such an important investor question. Would love to hear a little more color on that topic.

很高興聽到每個人都做得很好。我想問一個更宏觀的問題，關於電子商務的加速發展所發生的情況。我想你曾經說過，2030 年可能會提早十年。然後您也表示您預計這種趨勢將持續下去。所以我很想聽到更多，因為你對為什麼你認為這種趨勢是持久的有如此高的知名度和如此獨特的觀點，因為我只是認為這是一個非常重要的投資者問題。希望聽到更多關於該主題的資訊。

Yes, gladly. So my comment was -- I mean, I came at this question a little bit more from a product perspective than from a financial perspective or from a market mix perspective, when I said that 2030 has gotten pulled forward into 2020. What I specifically meant is like anyone who's ever used like software that was written 10, 15 years ago, realizes that it doesn't fit into the current times anymore because it's built on fairly outdated assumptions given how fast technology moves. I think in retail, they are all finding us from one day to another the software that feels like a decade-old because all the assumptions have been like tossed into the air and reassembled based on COVID. Like an obvious example of this is the massive and quick rise of orders placed within 25 miles to local stores and local pickup and curbside pickup and all these kind of things that had to be tooled by technology, and -- which we have done, I think, fairly quickly, and we see those bigger factors on the platform.

是的，很高興。所以我的評論是——我的意思是，當我說 2030 年已經提前到 2020 年時，我更多地從產品角度而不是從財務角度或市場組合角度來回答這個問題。我的具體意思是，就像任何曾經使用過10、15 年前編寫的軟體的人一樣，意識到它不再適合當前時代，因為考慮到技術發展的速度，它是建立在相當過時的假設之上的。我認為在零售業，他們日復一日地發現我們的軟體感覺像是有十年曆史的，因為所有的假設都被拋到了空中，並根據新冠病毒重新組裝。一個明顯的例子是，在 25 英里範圍內向當地商店下達的訂單以及本地提貨和路邊提貨以及所有這些必須通過技術來處理的事情，以及我們已經做到的，我很快，我們就會在平台上看到那些更大的因素。

But zooming out, multiple things happened at the same time, right? Like there's a lot of businesses who were just local stores. And that's the only way they've been connected to the global world of commerce. And once shelter in place orders came along, they realized that the only way for them to access their customer base was no longer functioning. And then either through -- in some cases, through community efforts, which I think is one of the [cooler] things we've observed, and sometimes through their own adaptability, they set up the online channels, informed the local environments that they are still open for business sort of made do with however they could. And that, I think, worked surprisingly well for a lot of entrepreneurs. And so as more and more local businesses came online -- local stores came online, I think one thing that was surprising to a lot of people, but actually seemed -- I think we've had internal bets on this is that the demand for being able to buy from a more diverse group of merchants was actually there, but the supply wasn't. I mean, it's very, very rare, but there's such a discrepancy between supply and demand. But the reason why the supply didn't come online is because of its complexity and just because of inertia, right? So why go online? Why setup? And like, why change your point-of-sale system for something integrated in your online store? Why trice switching to Shopify, if your business is sort of working, right?

但如果把鏡頭拉遠，會發現有很多事情同時發生，對嗎？就像有很多企業只是當地商店一樣。這是他們與全球商業世界聯繫的唯一方式。一旦就地避難令發出，他們意識到他們接觸客戶群的唯一途徑不再有效。然後，在某些情況下，透過社區努力，我認為這是我們觀察到的[更酷]的事情之一，有時透過他們自己的適應性，他們建立了線上管道，告知當地環境他們仍在營業，盡其所能。我認為，這對許多企業家來說出奇地有效。因此，隨著越來越多的本地企業上線——本地商店上線，我認為有一件事情讓很多人感到驚訝，但實際上——我認為我們已經對此進行了內部押注，那就是對能夠從更多樣化的商人群體中購買產品實際上是存在的，但供應卻沒有。我的意思是，這種情況非常非常罕見，但供需之間存在如此大的差異。但供應沒有上線的原因是因為它的複雜性和慣性，對嗎？那為什麼要上網呢？為什麼要設定？就像，為什麼要更改您的銷售點系統以將某些內容整合到您的線上商店中？如果您的業務運作良好，為什麼要嘗試切換到 Shopify，對吧？

And so COVID and -- has accelerated this thing this was already going on. People noticed that they did well, as Harley already mentioned, we are seeing strength in the point-of-sale channel. But of course, we also know from the macro numbers that small business have been going out of business, like there have been closures. If this is not -- I can't say this for sure, but like anecdotally, the businesses that did -- that were adoptable, switched to Shopify or started online stores or have been on Shopify at a point-of-sale and added the online channel successfully, which is our slice of the retail base, they've actually done okay and may have seen some growth because of the business that weren't as adaptable have maybe not made it out to the other side after the shelter in place was over.

因此，新冠肺炎加速了已經發生的事情。人們注意到他們做得很好，正如哈雷已經提到的那樣，我們看到了銷售點管道的實力。但當然，我們也從宏觀數據中知道，小企業已經倒閉，就像倒閉一樣。如果不是——我不能肯定地說這一點，但就像軼事一樣，那些這樣做的企業——可以採用，轉向 Shopify 或開設在線商店，或者已經在銷售點使用 Shopify 並添加在線渠道成功了，這是我們零售基地的一部分，他們實際上做得還不錯，並且可能已經看到了一些增長，因為適應性不那麼強的業務可能在避難所後沒有到達另一邊地方結束了。

And so I think a lot of ideas that were floating around, a lot of things that people were saying in the industry have gotten validated in this great experiment and test that we all went through in this industry. And now that there's a significant more supply for -- of merchants out there and that more buyers have the familiarity of buying from merchants directly, and also the awareness of what that does for the local economies, and that there's value in supporting local businesses, especially if you want them to stick around, all these things kind of mixed together into one big like average number percentage mix. And that's, I think, just a good deal higher than the e-commerce numbers before. So yes, there's been some acceleration. It's going to be very hard to see. I don't -- I mean, I don't think we can discern from our slice of the market exactly what these numbers are just because, I think, we are dealing now on Shopify is just a very adaptable and like it's a very specific slice of a retail industry. And -- but I think we've had a lot. And so that's clearly good for business. And I think that's why you see some of the numbers to be the way they are.

因此，我認為業界流傳的許多想法、人們在業界所說的許多事情都在我們在這個行業中經歷過的偉大實驗和測試中得到了驗證。現在，商家的供應量顯著增加，更多買家熟悉直接從商家那裡購買商品，也意識到這對當地經濟有何影響，並且支持當地企業的價值，特別是如果你想讓他們留下來，所有這些東西都混合在一起形成一個大的平均數字百分比組合。我認為，這比之前的電子商務數字要高很多。所以是的，確實有一些加速。將會很難看到。我不會——我的意思是，我認為我們無法從我們的市場份額中準確地辨別出這些數字到底是什麼，因為我認為，我們現在在Shopify 上進行的交易只是一個非常適應性強的平台，就像它是一個非常適應性的平台一樣。而且——但我認為我們已經經歷了很多。這顯然對商業有利。我認為這就是為什麼你會看到一些數字是這樣的。

Our next question comes from Samad Samana of Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Amy, maybe this one is for you. So GMV was about 50% higher than 4Q. And -- but I'm curious that platform and other revenue didn't quite spike the way that it normally does from 3Q to 4Q. So I was curious if there is either a mix shift in whether the GMV was generated, whether it was more of the non-Plus customers? Or if there is a reason why we didn't see as much of a platform fee averages in 2Q? And how we should think about that maybe going forward?

艾米，也許這個適合你。所以GMV比第四季高出50%左右。而且 - 但我很好奇，從第三季度到第四季度，平台和其他收入並沒有像通常那樣大幅增長。所以我很好奇 GMV 的產生是否有混合變化，是否有更多的是非 Plus 客戶？或者有沒有原因導致我們在第二季沒有看到平台平均費用那麼多？我們該如何思考未來的發展？

I mean, we still saw a healthy increase in the platform fee revenue, so I'm not sure I would read anything into that or in terms of mix. But I think it's largely because GMV was just so broad-based. And again, the highest grower in the category was international year-over-year. And so that does have a lower mix of -- it's more standard merchants, but it was broad-based, and we still saw a healthy increase in the platform fee for Plus customers. Also, just keep in mind, sometimes the platform fee for Plus is impacted by certain merchants who are having flash sales, which may skew any given quarter.

我的意思是，我們仍然看到平台費用收入的健康成長，所以我不確定我是否會對此或混合方面進行任何解讀。但我認為這主要是因為 GMV 的基礎非常廣泛。同樣，該類別中同比增長最高的是國際。因此，這確實有較低的組合——它是更標準的商家，但基礎廣泛，而且我們仍然看到 Plus 客戶的平台費用健康成長。另外，請記住，有時 Plus 的平台費用會受到某些進行限時搶購的商家的影響，這可能會影響任何特定季度。

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。

Great. Can you guys hear me now? Hello?

偉大的。你們現在聽得到我說話嗎？你好？

Yes. We hear you fine.

是的。我們聽到你的聲音很好。

Excellent. Congrats on all the success. I wanted to ask about GMV trends, specifically for those merchants located in countries that are easing social distancing measures. Are they decelerating faster or at similar rates to other areas like the U.S.?

出色的。祝賀一切成功。我想詢問 GMV 趨勢，特別是那些位於放鬆社交距離措施的國家/地區的商家。它們的減速速度是否更快，或與美國等其他地區的減速速度相似？

Yes. I think it's really early to tell that right now. I mean we are seeing, certainly, as Amy just mentioned, GMV growth in terms of the growth percentage was highest internationally, but we're also doing a lot internationally for those merchants and trying to find product market fit there. But I wouldn't necessarily say that we are seeing anything that is notable yet at this point, although we monitor it pretty closely.

是的。我認為現在說這個還為時過早。我的意思是，我們當然看到，正如艾米剛才提到的，就成長率而言，GMV 成長在國際上是最高的，但我們也在國際上為這些商家做了很多工作，並試圖找到適合那裡的產品市場。但我不一定說我們目前看到了任何值得注意的事情，儘管我們非常密切地監控它。

Yes. In the markets that have really done this, going back to normal also the markets that kind of weren't hit as badly, right? So like it's really, really hard to back out the these numbers.

是的。在真正做到了這一點的市場中，恢復正常的市場也沒有受到那麼嚴重的打擊，對吧？所以要推翻這些數字真的非常非常困難。

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。

Can you talk at all about the early impact that SFN has had on the merchant and customer satisfaction or order volume? I think you also mentioned that SFN would be reaching scale phase at the end of next year. So does that mean -- well, I guess, will that include just partners? Or would you need to build out some of your own capacity at that point? Just curious what the current plans are.

您能談談 SFN 對商家和客戶滿意度或訂單量的早期影響嗎？我想您也提到 SFN 將在明年年底達到規模階段。那麼這是否意味著——嗯，我想，這將只包括合作夥伴嗎？或者您需要在那時建立一些自己的能力？只是好奇目前的計劃是什麼。

I can take the capacity question and the plans. We're still on the same 5-year plan that we announced last year at Unite, where we'll build the Shopify Fulfillment Network over a 5-year period. We'll be in product market fit phase in 2020 and into 2021, with the expectation of entering the scale phase at the end of 2021 or soon thereafter, which is about the midpoint of the 5-year build. And that is absolutely consistent with what we said last year. That plan that we announced last year had us mostly working with partners to add nodes to the Shopify Fulfillment Network. We had the 7 up and running that we said we would have up and running, and we plan to add additional partner nodes this year. We're not going to say how many or where pre announce it. But we're continuing down that path, working with partners because it's been working well. We said that we would continue down that path as long as they could meet our capacity and quality needs. And so far, they are. We did leave open the ability to build a few warehouses ourselves. We do have a test dev facility in Ottawa. But in the plan, in the $1 billion, which was mostly variable spend in fulfill goods, there was some fixed costs allocated to a couple of warehouses so that we could build and test and learn in the event that we do decide to build warehouses. But right now, we're on the same plan that we've been on.

我可以回答容量問題和計劃。我們仍在執行去年在 Unite 上宣布的相同 5 年計劃，我們將在 5 年內建立 Shopify 配送網路。我們將在 2020 年和 2021 年進入產品市場適應階段，預計在 2021 年底或不久後進入規模階段，這大約是 5 年建設的中點。這與我們去年所說的完全一致。我們去年宣布的計畫主要是與合作夥伴合作，為 Shopify 配送網路添加節點。我們已經啟動並運行了我們所說的 7 個節點，我們計劃今年添加更多合作夥伴節點。我們不會透露有多少或在哪裡預先宣布。但我們正在繼續沿著這條道路與合作夥伴合作，因為它一直運作得很好。我們表示，只要他們能夠滿足我們的產能和品質需求，我們就會繼續沿著這條路走下去。到目前為止，確實如此。我們確實保留了自己建造一些倉庫的能力。我們在渥太華有一個測試開發設施。但在計劃中，在這 10 億美元中（主要是履行貨物的可變支出），有一些固定成本分配給幾個倉庫，以便我們在決定建造倉庫時可以建造、測試和學習。但現在，我們的計劃與之前的計劃相同。

Our next question comes from Walter Pritchard of Citi.

我們的下一個問題來自花旗銀行的華特‧普里查德。

Actually related question to the one that you just had there. So about $4 billion in cash on the balance sheet was recent financing. We obviously know about the fulfill plans that require some capital. And you've got products like the Shop Capital product. Can you help us understand how you're thinking about that cash you have as needed to run some of those businesses that are more capital-intensive versus M&A potential with capital you've raised versus just sort of having raised opportunistically to have some cushion?

實際上與您剛才遇到的問題相關。因此，資產負債表上約 40 億美元的現金是近期融資。我們顯然知道實施計劃需要一些資金。您還擁有 Shop Capital 產品之類的產品。您能否幫助我們了解您如何看待您所需要的現金來經營一些資本密集型企業，以及您籌集的資金的併購潛力，還是只是投機取巧地籌集一些緩衝資金？

Yes. I mean we've been pretty consistent in saying that the $4 billion in cash is to increase our flexibility and optionality, whether it be build, partner or buy in order to accelerate our product road map. And so we continue to just want the maximum amount of flexibility. And I think this actually might be a good place for me to address the shelf renewal that we did. I did address it in my remarks, but I think publicly, I've seen some headlines that weren't correct. I just want to emphasize that the shelf registration -- our shelf registration was due to expire in September. They're only good for 25 months. We did decide to renew a little early so that we could do it in conjunction with this earnings call, which is consistent with how we've done it in the past. And we had to put a fixed dollar amount on the shelf under Canadian regulations, which is different from the U.S., where seasoned issuers do not have to put a dollar amount in. The dollar amount just makes sense for flexibility. We absolutely consider this just normal ordinary course of business. And wouldn't read anything more into it than that.

是的。我的意思是，我們一直非常一致地表示，40 億美元現金是為了增加我們的靈活性和可選性，無論是建造、合作還是購買，以加快我們的產品路線圖。因此，我們仍然只需要最大程度的靈活性。我認為這實際上可能是我解決我們所做的貨架更新問題的好地方。我確實在演講中談到了這個問題，但我認為在公開場合，我看到了一些不正確的頭條新聞。我只是想強調一下，貨架註冊——我們的貨架註冊將於九月到期。它們的有效期只有 25 個月。我們確實決定提前更新，以便我們可以在本次財報電話會議上進行更新，這與我們過去的做法是一致的。根據加拿大的規定，我們必須將固定的美元金額擱置，這與美國不同，在美國，經驗豐富的發行人不必投入美元金額。美元金額對於靈活性才有意義。我們絕對認為這只是正常的日常業務過程。並且不會再讀更多的內容。

Our last question comes from Tim Willi of Wells Fargo.

我們的最後一個問題來自富國銀行的提姆威利。

I had a question about the restaurant vertical. It's obviously changed dramatically in the last several months to really become an e-commerce and omnichannel industry, probably much more show than it's ever been. So I'm just sort of curious on your perspective, how you think about that vertical as a new opportunity to maybe develop product or sales channels to be much more visible. And the bigger part of that industry than maybe you otherwise would have had been if this crisis had not occurred?

我有一個關於垂直餐廳的問題。在過去的幾個月裡，它顯然發生了巨大的變化，真正成為一個電子商務和全通路行業，可能比以往任何時候都更加引人注目。所以我只是對你的觀點感到好奇，你如何看待垂直行業作為一個新的機會，可以開發產品或銷售管道以使其更加引人注目。如果這場危機沒有發生的話，這個產業的比例可能會比你原本的比例更大？

Thanks for that question. Look, I mean, we've been very clear that our focus is on retail, and particularly, physical goods. The restaurant thing is not -- historically has not been in our focus. Although we did feel that when COVID first hit there was a way for us to help restaurants by doing things like turning them into retailers, whether they're selling meal kits or they're selling some sort of physical product. And so we did create a theme that allowed them to very quickly set up a very -- a beautiful online store and allowed them to start making some cash flow during a very difficult time. But in terms of our focus on restaurants as a new vertical, that is not something that we're currently looking at right now. But if they do turn into retailers, as some of them have; or wine stores as others have, we certainly can help them.

謝謝你提出這個問題。聽著，我的意思是，我們非常清楚我們的重點是零售，特別是實體商品。餐廳的事情不是——歷史上一直不是我們關注的焦點。儘管我們確實認為，當新冠疫情首次爆發時，我們可以透過將餐廳變成零售商等方式來幫助餐廳，無論他們是銷售餐包還是銷售某種實體產品。因此，我們確實創建了一個主題，使他們能夠非常快速地建立一個非常漂亮的線上商店，並允許他們在非常困難的時期開始賺取一些現金流。但就我們對餐廳這一新垂直領域的關注而言，這不是我們目前正在考慮的事情。但如果他們真的變成了零售商，就像其中一些人一樣；或其他人擁有的葡萄酒商店，我們當然可以幫助他們。

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，祝您有個愉快的一天。