Shopify Inc (SHOP) 2020 Q1 法說會逐字稿

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

謝謝你的支持。這是會議操作員。歡迎參加 Shopify Inc. 第一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 hope everyone is keeping well during this uncertain time.

謝謝接線員，大家早安。我們希望每個人在這個不確定的時期保持良好的狀態。

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 safely from our homes. After some brief prepared remarks by Harley and Amy, we will open it up for your questions. While much has changed from our call in February, one thing that hasn't is the requirement to point out that we may make forward-looking statements on our call today, which are based on assumptions, as such, they're 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 and in our filings with U.S. and Canadian regulators.

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)。我們每個人都可以在家中安全地撥打電話。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。雖然與我們二月份的電話會議相比發生了很大變化，但有一點沒有改變，那就是要求指出我們可能會在今天的電話會議上做出前瞻性陳述，這些陳述是基於假設的，因此它們會面臨風險以及可能導致實際結果與預測有重大差異的不確定性。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 adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP 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 we tell you otherwise.

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指標，不能取代公認會計原則指標。兩者之間的調節可以在我們的收益新聞稿中找到。最後，我們以美元報告，因此今天討論的所有金額均以美元為單位，除非我們另有說明。

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. Before moving ahead, I want to express our gratitude on behalf of the entire team of Shopify to the frontline workers who are in the trenches, for medical professionals to food store workers, to those in our partners' warehouses, who are keeping the rest of us safe and fed and operational during the COVID-19 pandemic. We are incredibly grateful for the tireless service of these heroes.

大家早安，感謝您今天加入我們。在繼續之前，我想代表 Shopify 整個團隊向在戰壕中的一線工作人員、醫療專業人員、食品店工作人員以及我們合作夥伴倉庫中的工作人員表示感謝，他們保留了剩餘的物資。 COVID-19) 大流行期間，我們的安全、飲食和運作。我們非常感謝這些英雄的不懈服務。

I typically take this time every 3 months to review what we saw in the quarter. Today, I'll keep that commentary to a minimum since January and February saw a much different business environment than we have today. Instead, I'll use most of my remarks this morning to catch up everyone on what we've done, what we've seen in March and April. This shock to the economy was so sudden that patterns in March and April may not be predictive of the rest of the year. However, we do have reason to believe that some of the patterns that emerge will continue.

我通常每 3 個月花一次時間回顧我們在本季看到的情況。今天，我將盡量減少評論，因為一月和二月的商業環境與今天有很大不同。相反，我將用今天早上的大部分演講來向大家介紹我們在三月和四月所做的事情以及我們所看到的情況。這次經濟衝擊如此突然，以至於 3 月和 4 月的模式可能無法預測今年剩餘時間。然而，我們確實有理由相信出現的一些模式將會持續下去。

I'll be covering 3 areas today. Shopify's response to COVID, how our merchants have been faring and the world we think is emergent on the other side of this. Our highest priority, as the COVID situation unfolded, was the health and safety of our employees. In late February, we directed the entire Shopify team to cancel nonessential travel. And by mid-March, our entire workforce was working from home. We are fortunate to have already been well outfitted for collaboration at a distance. So this shift was minimally disruptive to most employees day-to-day. Others whose primary work supported our office spaces are contributing in other ways, many supporting initiatives that directly impact our merchants. No one has been furloughed due to COVID.

今天我將討論 3 個領域。 Shopify 對新冠疫情的反應、我們的商家的表現以及我們認為的世界正在另一邊出現。隨著新冠疫情的發展，我們的首要任務是員工的健康與安全。 2 月底，我們指示整個 Shopify 團隊取消不必要的旅行。到三月中旬，我們的全體員工都在家工作。幸運的是，我們已經做好了遠距離合作的準備。因此，這種轉變對大多數員工的日常工作造成的干擾微乎其微。其他主要工作支持我們的辦公空間的其他人也在以其他方式做出貢獻，其中許多支持直接影響我們商家的舉措。沒有人因新冠疫情而休假。

Our merchants, on the other hand, have been far more impacted, so we acted quickly. In the early days of the pandemic, our guiding principle was the same as always, put merchants first. We prioritized efforts to give existing merchants the tools they need to survive and help get off-line businesses online fast. We launched a continuously updated resource center for merchants with tutorials and links to apply for government-provided funding. We rolled out in-store and curbside pickup for users of our point-of-sale product and showed merchants how to set up local delivery options. We made gift cards available on all of our plans. And with more than $1 million in gift cards sold since making this change, merchants are accessing much needed cash quickly during this disruption. Both of these have triggered more local activity, including various communities setting up online sales to spur local commerce, and more than 1/4 of our brick-and-mortar merchants in English-speaking geographies are now using in-store pickup and local delivery.

另一方面，我們的商家受到的影響要大得多，因此我們迅速採取了行動。疫情初期，我們的指導思想一如既往，就是商家第一。我們優先考慮為現有商家提供生存所需的工具，並幫助線下業務快速上線。我們為商家推出了一個不斷更新的資源中心，其中提供了申請政府資金的教學和連結。我們為銷售點產品的用戶推出了店內和路邊取貨服務，並向商家展示如何設定本地送貨選項。我們在所有計劃中都提供了禮品卡。自從做出這項改變以來，禮品卡已售出超過 100 萬美元，商家可以在此次中斷期間快速獲得急需的現金。這兩者都引發了更多的本地活動，包括各個社區建立在線銷售以刺激本地商業，並且我們在英語地區超過 1/4 的實體商家現在正在使用店內提貨和本地交付。

We made $200 million additional dollars available through Shopify Capital to extend to merchants for whom working capital will make a difference and expanded the availability of capital beyond the U.S. to the U.K. and to Canada. We rolled out Shopify Email to all our merchants to help them reach out and build trust with their buyers during this uncertain time. We're making this feature available at no charge until October 1. And we made our standard plans free to new users for 3 months. Brick-and-mortar-only retailers have lost their only channel, the street. If these businesses are going to survive, it's mission-critical to get online, and we're giving them more time to do exactly that. This change is also helpful to anyone finding themselves with more free time or wanting to generate supplemental income. We've seen a notable increase in online store creation, some of which are established retailers.

我們透過 Shopify Capital 提供了 2 億美元的額外資金，以擴展到那些營運資金將發揮作用的商家，並將資金的可用性從美國擴展到英國和加拿大。我們向所有商家推出了 Shopify Email，以幫助他們在這個不確定的時期與買家聯繫並建立信任。我們將在 10 月 1 日之前免費提供此功能。實體零售商已經失去了唯一的管道—街道。如果這些企業要生存，上網就至關重要，我們將給他們更多的時間來做到這一點。這項變更對於任何發現自己有更多空閒時間或想要產生額外收入的人也有幫助。我們看到線上商店的創建顯著增加，其中一些是老牌零售商。

It is still too early, and the macro environment is too uncertain to make predictions about how successful these new stores will be, but merchants can be assured that we are doing everything we can right now to give them the tools they need to succeed. Merchants will continue to need our help, and we plan to continue our efforts to innovate and develop more impactful ways to support them. After all, small businesses are a vital part of the economic and social fabric of our society and support the livelihoods of many people in our communities.

現在還為時過早，宏觀環境還太不確定，無法預測這些新店的成功程度，但商家可以放心，我們現在正在盡一切努力為他們提供成功所需的工具。商家將繼續需要我們的幫助，我們計劃繼續努力創新和開發更有影響力的方式來支持他們。畢竟，小企業是我們社會經濟和社會結構的重要組成部分，支持著我們社區許多人的生計。

So what are we seeing on the platform and among our merchants? First and foremost, we are seeing them find ways to operate under today's constraints through creativity, grit and determination. Their stories have been incredibly inspiring from pivots by tailors and distilleries now making face masks and hand sanitizers to an 84-year-old grandmother in Italy, who's taken her pasta-making course online to replace the in-person experience she was offering to tourists before the pandemic.

那麼我們在平台和商家中看到了什麼？首先也是最重要的是，我們看到他們透過創造力、勇氣和決心找到了在當今的限制下運作的方法。他們的故事非常鼓舞人心，從現在生產口罩和洗手液的裁縫店和釀酒廠到意大利一位 84 歲的祖母，她在網上學習了意大利麵製作課程，以取代她為遊客提供的面對面體驗在大流行之前。

Merchants are eager to mobilize, implementing discount codes at levels usually seen during the holiday shopping season. On Shopify Plus, verticals we've never seen before, like food stores, are showing up. In April, Heinz signed on to Shopify Plus and launched 7 days later, while chocolate maker, Lindt, launched in just 5 days. This pandemic is forcing all kinds of merchants to rethink how they sell things, and Shopify Plus offers larger merchants the ability to move fast, while managing costs, especially important at a time when economics are pressured.

商家們急於動員起來，實施假日購物季通常會出現的折扣代碼。在 Shopify Plus 上，我們以前從未見過的垂直行業（例如食品店）出現了。 4 月份，Heinz 簽約 Shopify Plus 並在 7 天后上線，而巧克力製造商 Lindt 僅用了 5 天就上線了。這場大流行迫使各類商家重新思考他們的銷售方式，而 Shopify Plus 為大型商家提供了快速行動的能力，同時管理成本，這在經濟面臨壓力的時候尤其重要。

We are seeing our partners around the world step-up in a phenomenal way. Even as many of them face hurdles themselves, being entrepreneurs and small businesses, our partners are getting stores up and running significantly faster with the number of stores created in 3 days or less increasing by 85% between March 13 and April 24, relative to the 6 weeks leading up. Our partners are advocating for merchants and offering discounted and free services, and they are working hand-in-hand with other partners to solve problems for both businesses and for their communities. Some of these trends, like product pivots, are temporary. Others, like distance learning and the growth of omnichannel commerce, are likely to persist. This post-COVID world is what we're building for, and we have shifted accordingly.

我們看到世界各地的合作夥伴正在以驚人的方式進步。儘管他們中的許多人本身面臨企業家和小型企業的障礙，但我們的合作夥伴的商店開設和運營速度明顯加快，3 月13 日至4 月24 日期間，在3 天內或更短時間內創建的商店數量增加了85%（相對於2019 年4 月24 日）提前 6 週。我們的合作夥伴為商家代言，提供折扣和免費服務，並與其他合作夥伴攜手合作，為企業及其社區解決問題。其中一些趨勢（例如產品轉向）是暫時的。其他因素，例如遠距學習和全通路商務的成長，可能會持續下去。我們正在建造這個後新冠世界，我們也相應地做出了轉變。

Shopify's world view has not changed. Our conviction that merchants need to be able to sell to their buyers wherever they may be remains as true today as it was a decade ago. While we're uncertain about what is coming in the months ahead, Shopify is uniquely positioned to help improve the economic lives of our merchants in this difficult environment and in a retail landscape that is accelerating its shift online. In what is easily the greatest humanitarian crisis in a generation, with adverse effects that will last for the foreseeable future, it is important that we all keep building towards solutions. All of these shifts make Shopify, which was already a good fit for modern commerce, an even better fit for the world that emerges on the other side of this.

Shopify 的世界觀並沒有改變。我們堅信，無論買家身在何處，商家都需要能夠向買家出售產品，而這項信念在今天和十年前一樣正確。雖然我們不確定未來幾個月會發生什麼，但 Shopify 具有獨特的優勢，可以在當前困難的環境和加速向線上轉型的零售格局中幫助改善商家的經濟生活。這是一代人以來最嚴重的人道危機，其不利影響將持續在可預見的未來，重要的是我們所有人都必須不斷尋求解決方案。所有這些轉變使得已經非常適合現代商業的 Shopify 更適合現代商業的另一邊出現的世界。

Before I hand off to Amy, we wanted to share in exchange with a merchant that illustrates just how critical it is, especially right now to make commerce better for everyone. In this case, it's a farmer. Here it is.

在我交給艾米之前，我們想與一位商人進行交流，以說明它的重要性，特別是在現在，讓商業對每個人來說都更好。在這種情況下，他是個農民。這裡是。

(presentation)

（推介會）

Thanks, Harley. That was a great reminder of why we all come to work every day. I want to echo our commitment to our merchants. We are 100% behind them and doing everything we can to help them through this tough time. We believe we are well positioned to help merchants now and into the future as it has become increasingly important for merchants of all sizes to sell online and to have better options for getting their goods to buyers. We are on that path already, and we'll continue to invest to make commerce better for everyone in 2020 and beyond.

謝謝，哈利。這很好地提醒了我們為什麼每天都來上班。我想重申我們對商家的承諾。我們100%支持他們，並盡一切努力幫助他們度過這段艱難的時期。我們相信，我們有能力為現在和未來的商家提供幫助，因為對於各種規模的商家來說，在線銷售以及擁有更好的選擇將商品交付給買家變得越來越重要。我們已經走在這條道路上，我們將繼續投資，以便在 2020 年及以後為每個人提供更好的商業服務。

Shopify's momentum in 2019 continued into our first quarter turning in a strong January and February prior to headwinds appearing in March as a result of COVID. I'll start by reviewing first quarter results highlighting any COVID impact. Revenue grew 47% in our first quarter to $470 million. Subscription Solutions revenue increased 34% year-over-year to $187.6 million. Monthly recurring revenue grew 25% year-over-year to $55.4 million primarily driven by new merchants joining the platform.

Shopify 2019 年的勢頭持續到第一季度，一月和二月表現強勁，但 3 月因新冠肺炎疫情出現逆風。我將先回顧第一季的業績，重點介紹新冠疫情的影響。第一季營收成長 47%，達到 4.7 億美元。訂閱解決方案營收年增 34%，達到 1.876 億美元。每月經常性收入年增 25% 至 5,540 萬美元，主要得益於新商家加入該平台。

Year-over-year MRR growth was impacted by several factors, including Shopify's removal of thousands of stores from the platform due to violations of our acceptable use policy, lighter international merchant adds and an uptick in subscription cancellations and merchants downgrading to lower-priced subscription plans in March largely due to COVID. Shopify Plus continued to increase its contribution to MRR, accounting for $15.3 million or 28% compared with 26% of MRR in Q1 of 2019. Strong app and Shopify Plus platform fee revenues contributed to the approximate 9 percentage point difference between the growth of subscription revenue and MRR.

MRR 年成長受到多種因素的影響，包括 Shopify 由於違反我們可接受的使用政策而從平台上刪除了數千家商店、國際商家增加數量減少、訂閱取消數量增加以及商家降級為低價訂閱3月份的計劃主要是由於新冠疫情。 Shopify Plus 對MRR 的貢獻持續增加，佔1,530 萬美元，即28%，而2019 年第一季佔MRR 的26%。差異和MRR。

Merchant Solutions revenue grew 57% to $282.4 million in Q1 2020 compared to the same period in 2019. Year-on-year growth was driven primarily by Shopify Payments, followed by growth of other Merchant Solutions revenue, like capital and shipping, on the back of strong GMV expansion, which increased 46% year-over-year to $17.4 billion. Strong January and February merchant sales further boosted by elevated buying in March driven by COVID of food and other essentials and items such as home office and gym equipment contributed to Q1 GMV. This was partially offset by a decrease in brick-and-mortar sales given closures related to COVID. $7.3 billion of GMV was processed on Shopify Payments in Q1, an increase of 51% versus the comparable quarter last year. Payments penetration of GMV was 42% versus 41% in Q1 2019 as Shopify Plus continued to increase its share of GPV and Shopify Payments continued to expand internationally.

與 2019 年同期相比，2020 年第一季商家解決方案營收成長了 57%，達到 2.824 億美元。 ，年增46% 至174 億美元。由於食品和其他必需品以及家庭辦公室和健身設備等物品在 3 月份的購買量增加，1 月和 2 月的商家銷售進一步提振，為第一季的 GMV 做出了貢獻。由於新冠疫情導致的停業，實體店銷售額下降，部分抵銷了這一影響。第一季 Shopify Payments 處理的 GMV 為 73 億美元，比去年同期成長 51%。隨著 Shopify Plus 繼續增加其 GPV 份額以及 Shopify Payments 繼續在國際範圍內擴張，GMV 的支付滲透率為 42%，而 2019 年第一季為 41%。

Shopify Capital had a notable milestone in Q1, surpassing $1 billion in cumulative capital advance since we launched this product in 2016. Offering our merchants a fast and convenient way to secure capital, especially in times like these, helps them focus on what really matters, growing their business.

Shopify Capital 在第一季取得了顯著的里程碑，自2016 年推出該產品以來，累計預付資本超過10 億美元。時期，幫助他們專注於真正重要的事情，發展他們的業務。

Adjusted gross profit dollars, which excludes the impact of stock-based compensation expense and related payroll taxes as well as amortization of acquired intangibles, grew 44% over last year's first quarter to $263.8 million. Even after taking into account the acquisition of 6 River Systems, our ramp-up of investment in Shopify's Fulfillment Network and a greater mix of Merchant Solutions revenue versus last year. This reflects strong growth from higher-margin revenue streams, like the variable platform fee from Shopify Plus merchants, efficiencies in hosting costs and improved payment margins. Adjusted operating loss, which excludes the impact of stock-based compensation expense and related payroll taxes as well as amortization of acquired intangibles, was $7.3 million in the first quarter of 2020 compared to adjusted operating income of $0.3 million in the first quarter of 2019. The loss in Q1 2020 was the result of our first full quarter of operating expenses associated with the 6 River Systems acquisition, significantly more brand spend in the first quarter of 2020 relative to the same period a year ago and a year-over-year increase in the allowance for potential losses related to Shopify Payments and Shopify Capital due to the potential impact of COVID.

調整後的毛利（不包括股票薪酬費用和相關工資稅以及收購無形資產攤銷的影響）比去年第一季度增長了 44%，達到 2.638 億美元。即使考慮到對 6 River Systems 的收購，我們對 Shopify 配送網路的投資也有所增加，與去年相比，商家解決方案收入也有所增加。這反映出利潤率較高的收入流的強勁成長，例如 Shopify Plus 商家的可變平台費用、託管成本效率和支付利潤率的提高。 2020 年第一季調整後營業虧損（不包括股票補償費用和相關工資稅以及收購無形資產攤銷的影響）為 730 萬美元，而 2019 年第一季調整後營業收入為 30 萬美元。第一季的虧損是由於我們與6 River Systems 收購相關的第一個完整季度的營運費用、2020 年第一季度的品牌支出較去年同期顯著增加以及同比增長的結果由於COVID 的潛在影響，與Shopify Payments 和Shopify Capital 相關的潛在損失的準備金。

Adjusted net income for the quarter was $22.3 million or $0.19 per share compared with $7.1 million or $0.06 per share in last year's first quarter.

本季調整後淨利為 2,230 萬美元，即每股 0.19 美元，而去年第一季調整後淨利為 710 萬美元，即每股 0.06 美元。

Finally, our cash, cash equivalents and marketable securities balance was $2.36 billion on March 31. Because COVID impact presented itself first in March with respect to our results, we want to share March and April merchant and business insights that drove our immediate merchant response that Harley described and then are expected to have implications on commerce, both short and in some cases long term.

最後，截至3 月31 日，我們的現金、現金等價物和有價證券餘額為23.6 億美元。商家和業務見解，這些見解推動了我們立即做出商家反應：哈雷描述並預計將對商業產生影響，無論是短期的還是在某些情況下是長期的。

So what have we learned so far? First, the shift from off-line to online commerce is accelerating. More entrepreneurs than ever before are trying out Shopify with new store creations on our platform, growing 62% between March 13 and April 24 compared to the 6 weeks prior, supported by brick-and-mortar merchants moving online and the extension of our free trial on standard plans to 90 days, providing a healthy balance of existing businesses and new entrepreneurs setting up shop. While our free trial extension will likely further pressure MRR growth in our second quarter, we expect new business creation to offset this over time.

那麼到目前為止我們學到了什麼？首先，從線下到線上的轉變正在加速。比以往任何時候都有更多的企業家嘗試在我們的平台上開設新商店，在實體商家轉向線上以及延長免費試用期的支持下，3 月13 日至4 月24 日期間，與6 週前相比增長了62%標準計劃為 90 天，為現有企業和新創業者開店提供健康的平衡。雖然我們的免費試用期延長可能會進一步對第二季的 MRR 成長構成壓力，但我們預計新業務的創建將隨著時間的推移抵消這一影響。

Second, consumers are a part of this shift to online and they're broadening their online shopping activities. The number of consumers making a purchase for the first time from any Shopify merchant grew 8% between March 13 and April 24 compared with the previous 6 weeks. Over that same period, the number of consumers purchasing from a Shopify merchant they'd never shopped at before grew by 45% over the 6 weeks leading up. As more consumers shop on more of our merchant stores, we are helping consumers more easily discover new brands and products, such as through our shop app, and we are also enhancing capabilities to get products from merchants to buyers both locally and beyond.

其次，消費者是轉向網路上的一部分，他們正在擴大線上購物活動。 3 月 13 日至 4 月 24 日期間，首次從 Shopify 商家購物的消費者數量比前 6 週增加了 8%。在同一時期，從以前從未購物過的 Shopify 商家購買商品的消費者數量在接下來的 6 週內增加了 45%。隨著越來越多的消費者在我們更多的商家商店購物，我們正在幫助消費者更輕鬆地發現新品牌和產品，例如透過我們的商店應用程序，我們還增強了將產品從商家那裡提供給本地和其他地區買家的能力。

Third, newer product categories are growing as a part of our mix. We have seen a lift in GMV in the food, beverage and tobacco category, which more than doubled between March 13 and April 24 over the prior 6-week period. Other essential products, such as toilet paper and baby products as well as work-from-home fitness, entertainment and leisure and hobby products also trended upward, reflecting the extended shelter-in-place directives. While we saw an initial softening in apparel and accessories, this category has recovered since the last week of March.

第三，新的產品類別正成為我們產品組合的一部分。我們看到食品、飲料和菸草類別的 GMV 有所提升，在 3 月 13 日至 4 月 24 日期間，比前 6 週增加了一倍多。其他必需品，如衛生紙和嬰兒用品以及在家工作的健身、娛樂、休閒和愛好產品也呈上升趨勢，反映了延長的就地避難指令。雖然我們看到服裝和配件最初出現疲軟，但該類別自 3 月最後一周以來已經恢復。

The world we live in today is very different from when we reported our fourth quarter results on February 12. What has not changed, however, is Shopify's mission to make commerce better for everyone. This north star has guided our decision-making over the years to invest in the right initiatives, such as building resilient platform infrastructure for low friction online shopping experiences from browsing to checkout, adding essential tools and capabilities for merchants like payments and fulfillments and lowering the barrier to starting a business. This strong foundation has allowed us to move with speed and agility to adapt to current circumstances and empower our merchants to do the same. We have historically worked on the right things to help our merchants succeed, and those things are even more important now given COVID. Now it's a matter of turning the dial up or down in various areas based on immediate needs. I'll walk through each of our initial 2020 investment areas and address how we are adjusting our plans.

我們今天所處的世界與 2 月 12 日公佈第四季業績時截然不同。多年來，這顆北極星指導我們的決策投資於正確的舉措，例如建立彈性平台基礎設施，以實現從瀏覽到結帳的低摩擦線上購物體驗，為商家添加支付和履行等基本工具和功能，並降低成本創業的障礙。這堅實的基礎使我們能夠快速、靈活地適應當前的情況，並讓我們的商家也能做到這一點。我們歷來致力於做正確的事情來幫助我們的商家取得成功，而現在考慮到新冠疫情，這些事情變得更加重要。現在的問題是根據當前的需要在各個區域向上或向下轉動旋鈕。我將詳細介紹我們 2020 年最初的每個投資領域，並闡述我們如何調整計畫。

Starting with Shopify Fulfillment Network, which remains a top priority. Now more than ever, timely and affordable fulfillment is important for our merchants and their buyers. We intend to continue developing our fulfillment network over our planned 5-year time line, focusing on achieving product market fit before entering our scale phase in 2021. Demand continued to ramp in Q1 as Shopify Fulfillment Network had its highest number of merchant signings in a quarter since inception, and we fulfilled more volume in the first quarter of 2020 than the fourth quarter of 2019. During this time, we are working with our warehouse partners to help ensure the safety and health of all warehouse employees. Our partners' warehouse operations managed to improve service levels from Q4, despite the challenging circumstances presented by COVID. While our transportation partners have also been working diligently to meet agreed upon service levels, they too are pressured, which is impacting the reliability of some deliveries. Some merchants have also seen delays in receiving inventory due to increased complications in cross-border and port logistics.

從 Shopify 配送網路開始，這仍然是重中之重。現在，及時且經濟實惠的履行對於我們的商家及其買家來說比以往任何時候都更加重要。我們打算在計劃的5 年內繼續發展我們的配送網絡，重點是在2021 年進入規模階段之前實現產品市場契合。 。儘管新冠疫情帶來了挑戰，但我們合作夥伴的倉庫營運從第四季度開始仍設法提高了服務水準。雖然我們的運輸合作夥伴也一直在努力滿足商定的服務水平，但他們也面臨壓力，這影響了一些交付的可靠性。由於跨境和港口物流的複雜性增加，一些商家也出現了庫存接收延遲的情況。

As we expand the number of merchants we're onboarding, we are putting in place the systems and tools that will support a much larger operation in the future. 6 River Systems' collaborative warehouse automation technology is helping to boost the speed and reliability of Shopify Fulfillment Network, releasing several enhancements in Q1 that strengthened its warehouse fulfillment solution. With increased workspace capacity, expanded safety compliance and an improved user interface, Chuck robots are now bigger, stronger and easier to use, allowing operators to maximize utilization.

隨著我們擴大入駐的商家數量，我們正在部署系統和工具，以支援未來更大規模的營運。 6 River Systems 的協作倉庫自動化技術正在幫助提高 Shopify 配送網路的速度和可靠性，並在第一季發布了多項增強功能，增強了其倉庫配送解決方案。隨著工作空間容量的增加、安全合規性的擴大和使用者介面的改進，Chuck 機器人現在更大、更強、更易於使用，使操作員能夠最大限度地提高利用率。

Moving to Shopify Plus. In this pressured environment, large-volume merchants are coming to Shopify Plus looking for cost-effective commerce solutions that work well over multiple channels. So for the remainder of 2020, we are shifting our resources to help more merchants benefit from all of the superpowers that Shopify Plus has to offer in our core geographies and delaying some of our original planned investment in international expansion. We'll also continue to focus on the product, expanding use cases for our work automation tool, Shopify Flow, improving business analytics and continuing to develop our wholesale capabilities.

移轉到 Shopify Plus。在這種壓力重重的環境下，大量商家開始使用 Shopify Plus 尋找在多個管道上運作良好的經濟高效的商務解決方案。因此，在 2020 年剩餘時間裡，我們將轉移資源，幫助更多商家受益於 Shopify Plus 在我們的核心地區提供的所有超能力，並推遲我們原計劃的一些國際擴張投資。我們也將繼續專注於產品，擴大我們的工作自動化工具 Shopify Flow 的用例，改善業務分析並繼續發展我們的批發能力。

And we'll also make some adjustments to our international expansion outside of Shopify Plus. As the ongoing global pandemic impacts the livelihoods of billions, the need for a low-touch way to exchange goods and services is more apparent than ever. We plan to pause certain expansion activities to get to true product market fit faster in our focused regions. This includes helping businesses to get up and running as easily on mobile as on desktop and to expand selling opportunities beyond their borders. We are redirecting our investments in the Shopify platform to fast track what merchants need now. The most pressing of these is capital, which is why we expanded to the U.K. and Canada within weeks of stay-at-home measures being put in place. Extending working capital rapidly and responsibly can make a life-saving difference to a business and so we worked with partners, while taking measures to control losses amidst our expansion. This meant leveraging our dynamic machine learning models and adapting terms, so we are helping as many merchants as possible while keeping losses at a prudent level.

我們也將對 Shopify Plus 以外的國際擴張進行一些調整。由於持續的全球大流行影響了數十億人的生計，因此對以低接觸方式交換商品和服務的需求比以往任何時候都更加明顯。我們計劃暫停某些擴張活動，以便在我們的重點區域更快地實現真正的產品市場適應。這包括幫助企業在行動裝置上像在桌上型裝置上一樣輕鬆啟動和運行，並擴大跨境銷售機會。我們正在重新調整對 Shopify 平台的投資，以快速滿足商家現在的需求。其中最迫切的是資金，這就是為什麼我們在實施居家措施幾週內擴展到英國和加拿大。快速、負責任地增加營運資金可以為企業帶來挽救生命的變化，因此我們與合作夥伴合作，同時採取措施控制擴張過程中的損失。這意味著利用我們的動態機器學習模型並調整條款，因此我們正在幫助盡可能多的商家，同時將損失保持在審慎的水平。

And as we announced in March, we expedited delivery and curbside pickup features on our point-of-sale products, so merchants could continue operating under social distancing norms. This is only one example of how POS is pivoting for a period where less commerce is happening in person. And earlier this week, we shipped the all-new Shopify POS, our intuitive point-of-sale software that offers our retail merchants a unified commerce experience, bridging online and off-line, helping them to adapt to a retail landscape that we expect will look different than before.

正如我們在三月宣布的那樣，我們加快了銷售點產品的送貨和路邊取貨功能，以便商家可以繼續在社交距離規範下運作。這只是 POS 如何在面對面交易較少的時期進行轉型的一個例子。本週早些時候，我們推出了全新的 Shopify POS，這是我們直覺的銷售點軟體，可為我們的零售商提供統一的商務體驗，連接線上和線下，幫助他們適應我們期望的零售環境看起來會與以前有所不同。

Finally, the Shopify brand campaign has been suspended in order to free up resources for other initiatives, many of which I just laid out that are more directly impactful near term. In a matter of days, our marketing team and others spun up an in-depth COVID response resource center, where merchants can get the help they need now. This includes tutorials, such as how to start selling gift cards, where to access government-backed assistance programs and community forums where merchants can share their experiences and learn from each other.

最後，Shopify 品牌活動已暫停，以便為其他措施騰出資源，其中許多措施在近期會產生更直接的影響。幾天之內，我們的行銷團隊和其他人就建立了一個深入的新冠疫情應對資源中心，商家可以在這裡獲得他們現在需要的幫助。其中包括教程，例如如何開始銷售禮品卡、在哪裡訪問政府支持的援助計劃以及社區論壇，商家可以在其中分享經驗並互相學習。

We are not sure what the remainder of 2020 looks like, nobody is, and while Shopify was a very different company when the last extended financial shock occurred in 2008 and 2009, we chose lessons from that period as well as from our early years as a bootstrap start-up that have become core to our culture. The first lesson is, we cannot help any merchant anywhere if we are not in good financial health ourselves. As noted, we have already begun to adjust our spend to focus on what is most critical for our merchants at this time. In addition to pausing our brand campaigns, we have reduced other marketing activities, canceling most company events planned for the next several months and leveraging in-house creative solutions instead of external resources. We have also actioned initiatives to achieve hosting and other efficiencies. And there are additional measures we can take in the event of an extended recession that allow us to continue delivering what merchants need in challenging times.

我們不確定2020 年剩下的時間會是什麼樣子，沒有人知道，雖然在2008 年和2009 年發生上一次大規模金融衝擊時，Shopify 是一家非常不同的公司，但我們從那段時期以及早年在作為一家公司的經驗中吸取了教訓。第一個教訓是，如果我們自己的財務狀況不佳，我們就無法幫助任何地方的任何商人。如前所述，我們已經開始調整支出，將重點放在目前對我們的商家最重要的事情上。除了暫停我們的品牌活動之外，我們還減少了其他行銷活動，取消了計劃在未來幾個月進行的大多數公司活動，並利用內部創意解決方案而不是外部資源。我們也採取了一些措施來實現託管和其他效率。如果發生長期衰退，我們可以採取其他措施，使我們能夠在充滿挑戰的時期繼續滿足商家的需求。

The second lesson is that many people whose circumstances have changed will try to build their livelihoods in an altered world and helping them do this is exactly what Shopify was built for. The increased uncertainty and the macroeconomic environment makes it difficult to predict how the near term through 2020 will shape up, which is why we are not providing an outlook for our second quarter or the full year. We will continue to closely monitor the factors impacting our business to make great decisions quickly to help our merchants.

第二個教訓是，許多情況改變的人將嘗試在改變的世界中建立自己的生計，而幫助他們做到這一點正是 Shopify 的目的。不確定性的增加和宏觀經濟環境使得很難預測 2020 年的近期情況，這就是為什麼我們不提供第二季或全年的展望。我們將繼續密切關注影響我們業務的因素，以便快速做出重大決策來幫助我們的商家。

We will get through this and we've been working hard to ensure that as many merchants as possible do as well and emerge from it better suited for multichannel commerce. We have a business model that puts merchants first, a fundamental strength as the world retools for lower-touch commerce. We have a healthy debt-free balance sheet and a strong cash position and a proven disciplined capital allocation approach to ensure we can operate effectively even through what may be an extended recession.

我們將渡過難關，我們一直在努力確保盡可能多的商家也能渡過難關，並從中脫穎而出，更好地適應多通路商務。我們擁有將商家放在首位的商業模式，這是世界為低接觸商業重組的基本優勢。我們擁有健康的無債務資產負債表、強勁的現金狀況以及行之有效的嚴格資本配置方法，以確保我們即使在可能持續的經濟衰退中也能有效運作。

And finally, we have a long-established and trusted network of partners working as hard as we are to support merchants now. As Shopify has always been a company of people that thrive on change and embrace hard problems, we are meeting this challenge head on, ready to learn from this collective experience and emerge from it better.

最後，我們擁有一個長期建立且值得信賴的合作夥伴網絡，他們與我們現在一樣努力支持商家。由於 Shopify 一直是一家在變革中茁壯成長並擁抱難題的公司，我們正在直面這項挑戰，準備從這項集體經驗中學習並更好地擺脫困境。

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

說完，我會把電話轉回給凱蒂。

Thanks, Amy. And we're glad everyone could join us this morning to talk about Shopify. (Operator Instructions)

謝謝，艾米。我們很高興今天早上大家都能加入我們討論 Shopify。 （操作員說明）

And with that, I will turn it over to the operator to begin polling for questions.

然後，我會將其交給接線員以開始輪詢問題。

(Operator Instructions) Our first question comes from Brad Zelnick of Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Brad Zelnick。

Listen, I appreciate the lack of visibility and why you're not providing guidance. But you have a very unique view into what's happening across the economy more broadly. And as you think about your own long-range plans, what underlying assumptions are you making about the shape of economic recovery from here? And what data points within your business give you the most optimism and conversely the most pessimism?

聽著，我很欣賞缺乏可見性以及為什麼你不提供指導。但您對更廣泛的經濟領域正在發生的事情有非常獨特的看法。當您思考自己的長期計畫時，您對當前經濟復甦的形態做出了哪些基本假設？您企業中的哪些數據點讓您最樂觀，反之最悲觀？

Brad, this is Amy. I hope you're well. Let me take that one. So the way that we're sort of looking at this is there's a set of tailwinds and headwinds. And right now, those tailwinds are far outweighing the headwinds for Shopify. And let me just kind of review each one of those and then I can go into the economic scenarios that we're looking at. So with respect to the tailwinds, we said in the remarks earlier, there has been this accelerated shift from off-line to online. Multichannel commerce is increasingly important to reach existing and new buyers and direct-to-consumer is critically important to our merchants to have that direct relationship and control their own destiny with finding buyers. We expect new norms and trends will benefit Shopify under different economic scenarios. And there's also, what I call, the multis will likely help us, the multichannel, the multivertical and we're in multiple geographies. Those are all playing to our benefit. Also the diversity of our merchant base has been helping and will continue to help. We're not dependent on any one merchant. And lastly, I think our agility, speed and balance sheet strength are all helping us in this environment.

布拉德，這是艾米。我希望你很好。讓我拿走那個。因此，我們看待這個問題的方式是存在一系列順風和逆風。目前，這些順風因素遠遠超過了 Shopify 的逆風因素。讓我回顧一下其中的每一項，然後我可以討論我們正在研究的經濟情景。因此，就順風而言，我們在先前的演講中說過，從線下到線上的加速轉變。多通路商務對於接觸現有和新買家越來越重要，而直接面向消費者對於我們的商家來說至關重要，因為他們可以建立直接關係並透過尋找買家來控制自己的命運。我們預期新的規範和趨勢將使 Shopify 在不同的經濟情境下受益。還有，我所說的，多通道、多垂直、多通道、多垂直等可能會幫助我們，而且我們分佈在多個地區。這些都是為了我們的利益。此外，我們商業基礎的多樣性已經並將繼續提供幫助。我們不依賴任何一位商人。最後，我認為我們的敏捷性、速度和資產負債表實力在這種環境下都對我們有幫助。

The headwinds are obviously the uncertainty of COVID and how it plays out, how it impacts the economy and unemployment, in particular. The impact to businesses and consumer spending isn't unknown the further we go out in time. And the degree that off-line to online continue to offset those economic headwinds is uncertain. Like most companies, we're looking at both the U-shaped recovery and an L-shaped recovery. The U-shape is a pretty significant downturn in the economy over the next couple of quarters, followed by a fast recovery. In that case, that's really good for most merchants in a recovering economy. We think that plays well broadly. And we expect all of our merchants will benefit from the new purchasing habits and norms that started during these lockdowns.

不利因素顯然是新冠疫情及其後果的不確定性，特別是它對經濟和失業的影響。隨著時間的推移，對企業和消費者支出的影響並不為人所知。線下到線上繼續抵消這些經濟阻力的程度尚不確定。與大多數公司一樣，我們同時關注 U 型復甦和 L 型復甦。 U 型是指未來幾季經濟出現相當嚴重的下滑，隨後快速復甦。在這種情況下，這對經濟復甦中的大多數商家來說確實是件好事。我們認為這在廣泛範圍內表現良好。我們預計所有商家都將從封鎖期間開始的新購買習慣和規範中受益。

In the L-shaped recovery that we're looking at, there's a pretty sharp downturn in the next couple of quarters, followed by a much slower recovery well into 2020. In that case, it probably means that COVID is continuing to raise its ugly head. Online remains incredibly critical to merchants, and we expect those merchants who are selling nondiscretionary items on the platform, like food, beverage, health care items, will continue to increase as a percentage of our GMV. So we step back and none of these economic scenarios is great from an overall perspective, but we do think that Shopify's tailwinds will benefit us in any economic scenario. I just want to add that we're well capitalized to weather any of these economic scenarios with a strong balance sheet, and we will continue to invest in those key areas that will benefit our merchants and help us come out on the other side stronger.

在我們看到的L 型復甦中，未來幾季將出現相當急劇的下滑，隨後復甦速度要慢得多，直到2020 年。一面頭。線上對商家來說仍然非常重要，我們預計那些在平台上銷售非自由裁量商品（例如食品、飲料、保健品）的商家將繼續增加占我們 GMV 的百分比。因此，我們退後一步，從整體角度來看，這些經濟情景都不是很好，但我們確實認為 Shopify 的順風在任何經濟情景下都會使我們受益。我只是想補充一點，我們擁有充足的資本，能夠以強勁的資產負債表應對這些經濟形勢，我們將繼續投資於這些關鍵領域，這將使我們的商人受益，並幫助我們在另一邊變得更強大。

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. Thanks for all you guys are doing for merchants. So I wanted to touch on a point you guys made earlier on just new types of merchants coming into the Plus franchise, also seeing a little bit of merchants downgrading from Plus. Just wondering if that was still a net positive, kind of how you expect that trend to continue? And then any downgrading from the other SKUs like advanced to the primary Shopify SKU or Shopify to basic?

偉大的。感謝你們為商家所做的一切。所以我想談談你們之前提出的一個觀點，即新類型的商家進入 Plus 特許經營權，同時也看到一些商家從 Plus 降級。只是想知道這是否仍然是淨積極因素，您預計這種趨勢將如何繼續？然後是否會從其他 SKU（例如高級到主要 Shopify SKU 或 Shopify 到基本）降級？

Ken, its Harley. I'll take that call. So yes, we certainly are seeing new types of merchant verticals. We had sort of mentioned that we're seeing brands that traditionally had not gone direct-to-consumer. We mentioned Heinz and Lindt chocolates literally go from contract signing to full launch of their direct-to-consumer store in 7 days and 5 days, respectively. We're also seeing the grocery category, again, a vertical that Shopify Plus has not traditionally seen become a real thing. In Canada, we're seeing some of our largest grocery chains, like Loblaws and Farm Boy set up stores on Shopify Plus. So we're excited by that, obviously. We also have changed our focus from, sort of, focusing on upgrades on Shopify Plus to more helping, getting more large merchants online in our core geographies faster and so we've sort of pivoted our sales team for the time being to focus on getting brand-new merchants on. And then in terms of the downgrade question, certainly, we are seeing downgrade are happening, but what's more -- what's most important is that they're staying on Shopify and they're rightsizing their businesses. And some of those downgrades have actually already reupgraded back to Plus. And so we expect to see some downgrade and some come up as well as they figure out what they need and try to trim some costs. But generally, we are pleased with what we're seeing. And I have to tell you on a personal level, these are brands that I've been after for years to join Shopify and join Shopify Plus that told me that eventually, they'll do it, they're now doing it. And so in many ways, what the situation is doing is it's accelerating the catalyst for people to move from wholesale businesses to direct-to-consumer businesses and move from businesses that traditionally were only brick-and-mortar to being more in a brick-and-click sort of model. So pleased to see that, and we think that will continue.

肯，是哈雷。我會接那通電話。所以，是的，我們確實看到了新型的商業垂直領域。我們曾經提到過，我們看到了傳統上不直接面向消費者的品牌。我們提到亨氏和瑞士蓮巧克力從簽訂合約到全面推出其直接面向消費者的商店分別只花了 7 天和 5 天。我們也再次看到雜貨品類，這是 Shopify Plus 傳統上從未見過的垂直產業。在加拿大，我們看到一些最大的雜貨連鎖店（例如 Loblaws 和 Farm Boy）在 Shopify Plus 上開設了商店。顯然，我們對此感到興奮。我們也改變了我們的重點，從專注於 Shopify Plus 的升級轉向提供更多幫助，更快地讓更多大型商家在我們的核心地區上線，因此我們暫時將我們的銷售團隊轉向專注於獲得全新商家上線。然後就降級問題而言，當然，我們看到降級正在發生，但更重要的是——最重要的是他們留在 Shopify 上並且正在調整其業務規模。其中一些降級實際上已經重新升級回 Plus。因此，我們預計會看到一些降級，一些降級，他們會弄清楚自己需要什麼並嘗試削減一些成本。但總的來說，我們對所看到的感到滿意。我必須在個人層面上告訴你，這些是我多年來一直追求的加入 Shopify 和 Shopify Plus 的品牌，它們告訴我最終他們會這麼做，他們現在正在這樣做。因此，從許多方面來說，這種情況正在加速人們從批發業務轉向直接面向消費者的業務，並從傳統上只有實體的業務轉向更多的實體業務。很高興看到這一點，我們認為這種情況將繼續下去。

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)。

Thanks for the details on the puts and takes on the adjustments to the operating plan. Is there any way to help us quantify the overall impact of those on the level of investment spending for this year? And more specifically on the fulfillment service, I think based on what we've heard from other e-commerce platforms and marketplaces, this may be the single biggest pain point for many merchants right now. And it sounds like there isn't really any change in your time line for rolling out these services, but is that correct? And how do you see Shopify Fulfillment differently today than you did just a few months ago?

感謝您提供有關操作計劃調整的看跌期權和看跌期權的詳細資訊。有沒有辦法幫助我們量化這些因素對今年投資支出水準的整體影響？更具體地說，在履行服務方面，我認為根據我們從其他電子商務平台和市場了解到的情況，這可能是許多商家目前面臨的最大痛點。聽起來您推出這些服務的時間表實際上沒有任何變化，但這是正確的嗎？您現在對 Shopify Fulfillment 的看法與幾個月前有何不同？

I'll start that one of, and the first part about the quantifying the puts and takes. We tried to provide some overview in the earlier remarks, and I'll just speak generally to how we're thinking about our spend right now. We've done an extensive analysis of our overall spend. And what we decided is that any spend that is not impactful, productive or relevant in this time period, like our brand spend, that we would suspend that spend -- that -- those expenditures for the remainder of this year and redeploy that money into more useful and productive areas like the 90-day free trial, which we're seeing great benefits from. As I said, we've seen a 62% increase in store creations on the platform. So that's largely how we're doing. How that actually comes out quantitatively, we're not going to provide guidance, but you should know that we're scrutinizing our spend very heavily and moving it in the direction where it can be impactful.

我將從第一部分開始，即關於量化看漲期權和看跌期權。我們試圖在先前的評論中提供一些概述，我將概括性地談論我們目前對支出的看法。我們對整體支出進行了廣泛的分析。我們決定，任何在這段時間內沒有影響力、生產力或相關性的支出，例如我們的品牌支出，我們將暫停今年剩餘時間的支出，並將這些資金重新部署到更有用、更有效率的領域，例如90 天免費試用，我們從中看到了巨大的好處。正如我所說，我們發現該平台上的商店創建數量增加了 62%。這很大程度上就是我們正在做的事情。我們不會提供指導，但您應該知道，我們正在嚴格審查我們的支出，並將其朝著有影響力的方向發展。

On the Fulfillment Network, Harley, Tobi, I know we think it's increasingly more important in this -- and COVID validated this direction. Now I'll let them comment more.

在履行網路方面，哈雷、托比，我知道我們認為它在這方面變得越來越重要——而新冠疫情驗證了這個方向。現在我會讓他們發表更多評論。

Yes. Thanks, Harley here. Yes. So as Amy said, I think that COVID certainly validates the decision to expand to fulfillments. It seems like now more than ever timely and affordable fulfillment is really important for our merchants and their buyers, especially as some of the incumbent delivery networks are straining under heavy volumes. SFN was already building urgently. We don't slow down at Shopify, but we will continue to develop our fulfillment network over the planned 5-year time line. We are making really good progress. We are still getting access but we are expanding the number of onboarded merchants. We've expanded to Canada, so allowing some Canadian merchants, and also some product enhancements have rolled out. So things like merchant onboarding experience is getting better, platform resiliency is getting better. But I think our decision to move into SFN is -- it feels like the right one now more than ever.

是的。謝謝，哈利在這裡。是的。正如艾米所說，我認為新冠疫情肯定證實了擴大履行的決定。現在看來，及時且負擔得起的履行對於我們的商家及其買家來說比以往任何時候都更加重要，特別是在一些現有的配送網絡因運輸量過大而緊張的情況下。 SFN 已經在緊急建造中。我們的 Shopify 不會放慢腳步，但我們將在計劃的 5 年內繼續發展我們的履行網絡。我們正在取得非常好的進展。我們仍在獲得存取權限，但我們正在擴大入駐商家的數量。我們已經擴展到加拿大，因此允許一些加拿大商家，也推出了一些產品增強功能。因此，商家入職體驗越來越好，平台彈性越來越好。但我認為我們進入 SFN 的決定是——現在感覺比以往任何時候都更正確。

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. In a recent interview, Tobi, you said that the recent crisis is pulling 2030 into 2020 in terms of online commerce. One of the trends I expect to see is that, I don't think that e-commerce is going to get easier, I think it's going to get harder as stuff like augmented and virtual reality technologies get embedded into the e-commerce experience. Do you think the current situation has made larger established brands reconsider their strategy of hosting their own sites, and maybe saying, we don't need to do this anymore, Shopify can do it better than we can? Have you guys seen that at all or not?

恭喜您度過了一個出色的季度。 Tobi，您在最近的一次採訪中表示，就線上商務而言，最近的危機正在將 2030 年拉入 2020 年。我期望看到的趨勢之一是，我不認為電子商務會變得更容易，我認為隨著擴增實境和虛擬實境技術等內容嵌入電子商務體驗中，電子商務會變得更加困難。您認為目前的情況是否使較大的知名品牌重新考慮託管自己網站的策略，也許會說，我們不再需要這樣做了，Shopify 可以比我們做得更好？你們有沒有看過？

Yes. I think that's exactly what we're seeing. I really believe that when it comes to the retail industry, like maybe it's not 10 years, but it's -- we've just jumped a lot of years in the future. And I think one really important part about this is. I think it's really worth for everyone to try to use software that was released in 2010 without any updating in patches. If one of us kind of experiences to say, "Hey, I remember using this, and I remember really, really liking this back then." But now it seems they're old and somehow not appropriate anymore to what I would expect of this particular category of software. So this is really hard to explain bit rot that exists on the Internet, where people can just sort of intuitively tell that if a product is kind of made for the current times or not and if it fits the current times and uses sort of capabilities that people make assumptions about. One of my chief concerns of Shopify has always been to -- because Shopify is a software that I first launched in 2006 to never make it not fit into the current times. And that's actually significantly harder job than it might sound.

是的。我認為這正是我們所看到的。我真的相信，對於零售業來說，也許這不是 10 年，但我們已經跨越了許多年的未來。我認為其中一個非常重要的部分是。我認為每個人嘗試使用 2010 年發布的、沒有任何補丁更新的軟體確實是值得的。如果我們中的一個人有這樣的經歷說：“嘿，我記得用過這個，而且我記得當時真的非常非常喜歡這個。”但現在看來它們已經過時了，而且不知何故不再適合我對這個特定類別軟體的期望。因此，這真的很難解釋網路上存在的比特腐爛，人們可以直觀地判斷出一個產品是否是為當前時代製造的，以及它是否適合當前時代並使用了某種功能，人們做出假設。我對 Shopify 的主要重點之一一直是——因為 Shopify 是我在 2006 年首次推出的軟體，永遠不會讓它不適應當前時代。這實際上比聽起來要困難得多。

And again, this, I think, like the massive jump ahead right now, everyone now has took out 2020 quality software in a basically 2030 world. So everyone's software just got 10 years loss, given the requirements and the -- like needs by the customers. And so everyone has to make up this gap. We have to -- this is why you see Shopify shipping a lot right now. I have intentionally asked the company very early in this crisis to, like, delete all our existing plans and re-derive them from this new reality. I've asked the company to lower its minimum accept the quality bar to shipping because something has to become variable because there's only 24 hours in the day so that we can launch things. And so we are trying to move ahead because there is this massive vacuum that exists and the gap to compare to quality, especially you see this around curbside pickups. And like this is speaking from a perspective of, I think, we're one company which actually had a 2020 quality solution for the retail space in the market. I don't think anyone really had. So that gap just got significantly bigger for many companies which have already sat on fairly outdated software. And I think this is driving a lot more adoption, right, because -- I mean, Shopify is very good, like this could be massively better suddenly. It's been almost every other night meeting I have about some way, how we can make it significantly better. But I think all things considered, it works really well. It fits itself really well. I mean some of the things in the press release you might have seen are like that the -- like based on our particular view in a world of retail, while 70% of retail sales might have disappeared, the businesses -- the retailers were ready with an online channel at the same time manage to replace up -- like up to 94% of their sales through the online channel.

我認為，就像現在的巨大飛躍一樣，現在每個人都已經在 2030 年的世界中使用了 2020 年品質的軟體。因此，考慮到客戶的要求和類似需求，每個人的軟體都損失了 10 年。所以每個人都必須彌補這個差距。我們必須——這就是為什麼你會看到 Shopify 現在出貨量很大。在這場危機的早期，我就有意要求公司刪除我們所有現有的計劃，並從這個新的現實中重新制定它們。我已經要求公司降低運輸的最低接受品質標準，因為有些東西必須變得可變，因為一天只有 24 小時，這樣我們就可以推出東西。因此，我們正在努力前進，因為存在巨大的真空以及與品質相比的差距，特別是在路邊皮卡周圍看到這一點。就像這樣，我認為，我們是一家實際上為市場零售空間提供 2020 年優質解決方案的公司。我認為沒有人真正擁有過。因此，對於許多已經使用相當過時的軟體的公司來說，這種差距變得更大。我認為這正在推動更多的採用，對吧，因為——我的意思是，Shopify 非常好，就像這可能會突然變得更好。幾乎每隔一個晚上我都會開會討論如何讓它變得更好。但我認為考慮到所有因素，它確實運作得很好。它本身非常適合。我的意思是，您可能在新聞稿中看到的一些內容是這樣的——基於我們對零售世界的特殊看法，雖然70% 的零售額可能已經消失，但企業——零售商已經做好了準備同時透過線上管道成功實現替代方案——例如高達 94% 的銷售額是透過線上管道實現的。

Now imagine the vacuums that exists with all the businesses that they're only available to retail, like this is known huge driver of opportunity for the challenger brands, and it's an imperative that people who aren't prepared to jump into this opportunity. So I think there's all sorts of effects that are going on right now where that's quite important to understand. It's in no way easy to kind of understand what exactly are the cause and effect here, like this is -- like a very complex chaotic system right now that -- in which a lot of people, from rural farmers all the way to Fortune 50 companies find utility in this thing we built.

現在想像一下，所有企業都只提供零售服務，這對挑戰者品牌來說是一個巨大的機會驅動力，而那些不準備抓住這個機會的人勢在必行。所以我認為現在正在發生各種各樣的影響，理解這一點非常重要。要理解這裡的因果關係到底是什麼絕非易事，就像現在這樣，就像一個非常複雜的混亂系統，其中有很多人，從農民一直到財富 50 強公司在我們建造的這個東西中發現了實用性。

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

我們的下一個問題來自國民銀行金融公司的理查德·謝（Richard Tse）。

Yes. I was wondering if you could give us a sense of your wins that are sort of coming from competitive platforms, particularly when it comes to the larger merchants, this might be more applicable to sort of prior to COVID. But can you maybe give us some context on that?

是的。我想知道您是否可以讓我們了解您的勝利，這些勝利有點來自競爭性平台，特別是當涉及到較大的商家時，這可能更適用於新冠疫情之前的情況。但您能給我們一些相關背景嗎？

Richard, Harley here. The truth is a lot of the -- in my commentary earlier, I talked about new verticals coming to Shopify. For the most part, they're not actually replatforming. These are net new direct-to-consumer business models. So either in the case of Heinz ketchup, they just never sold Heinz ketchup directly to the consumer before. So these are not necessarily migrations. And that being said, one of the things that COVID has obviously done is for small companies, but also for large companies is look at their cost base and figure out where are they spending on things that they're not deriving proportional value from. And a lot of the enterprise e-commerce platforms certainly are something that people are relooking. Now that being said, because time is of the essence right now and sometimes replatforming does take some time, they may be waiting until things become a little bit more normal before they make those migrations. But generally, a lot of the new verticals we're seeing, whether it's the CPG brands for the first time going direct to consumer or it's grocery or it's things like liquor companies or tobacco companies that we're seeing, just were not -- they just weren't selling before. And so the migrations are not necessarily the thing that's driving this. It's a lot of net new merchants coming to the platform. That said, I do suspect, as Tobi pointed out, that a lot of people after this things get a little bit more normal, people will relook whether or not they're getting bang for buck from their existing software providers, particularly the more legacy enterprise players and realizing that, one, it's too expensive and, two, they're not getting the flexibility they require.

理查德，哈利在這裡。事實是，在我之前的評論中，我談到了 Shopify 即將推出的新垂直領域。在大多數情況下，他們實際上並沒有進行平台重組。這些是全新的直接面向消費者的商業模式。因此，無論是亨氏番茄醬，他們之前從未直接向消費者出售亨氏番茄醬。所以這些不一定是遷移。話雖這麼說，新冠疫情顯然對小公司做了一件事，對大公司來說也是如此，看看他們的成本基礎，弄清楚他們把錢花在了哪些事情上，而他們沒有從中獲得相應的價值。許多企業電子商務平台肯定是人們正在重新審視的東西。話雖如此，由於現在時間至關重要，有時平台重組確實需要一些時間，因此他們可能會等到事情變得更加正常後再進行遷移。但總的來說，我們看到的許多新垂直行業，無論是首次直接面向消費者的快速消費品品牌，還是雜貨店，或者我們看到的酒類公司或煙草公司，都不是——他們只是之前不賣。因此，遷移不一定是推動這一趨勢的因素。有很多淨新商家來到該平台。也就是說，正如托比指出的那樣，我確實懷疑，在事情變得更加正常之後，很多人會重新考慮他們是否從現有的軟體供應商那裡獲得了實惠，尤其是更傳統的軟體供應商企業參與者意識到，一是成本太高，二是他們沒有獲得所需的彈性。

Our next question comes from Deepak Mathivanan of Barclays.

我們的下一個問題來自巴克萊銀行的迪帕克·馬蒂瓦南。

Great. Amy, can you

偉大的。艾米，你可以嗎

(technical difficulty)

（技術難度）

MRR from the free trials, the 90-day free trials in 1Q. There's a lot of moving pieces, obviously on MRR, but it feels like this is a trend which will continue into 2Q as well. How should we think about the impact on 2Q?

來自免費試用的 MRR，即第一季的 90 天免費試用。顯然，MRR 上有很多變化，但感覺這種趨勢也將持續到第二季​​。我們該如何看待對第二季的影響？

Yes. So the 90-day free trial, let me just give you a quick overview. It started at the latter part of March and is ongoing. We've not made a decision yet or announced yet when we'll terminate the free trial. We're really excited about the results that we're seeing with new store creation up 62% over the last 6 weeks versus the prior 6 weeks. I want to emphasize what new store creation means. They are potential merchants that have come to the platform. They're setting up a store. They've given us their billing information, but we are not billing them yet, so we don't count them as a merchant. We know that in the mix of those new store creations, they are both established businesses and new entrepreneurs. And the reason why we know there's a healthy mix of established businesses is the percentage of those merchants selling in their first week on the platform from a higher than it has typically been historically. Those new store creations, because they don't count as a merchant, we're not billing them. They don't count towards MRR. So as I said in my earlier remarks, MRR in the second quarter will be impacted by this 90-day free trial, but we expect the benefits from that 90-day free trial to materialize in the third quarter.

是的。那麼 90 天免費試用，讓我給您快速概述一下。該活動於三月下旬開始，目前仍在進行中。我們尚未做出決定或宣布何時終止免費試用。我們對所看到的結果感到非常興奮，過去 6 週新店創建量比前 6 週增加了 62%。我想強調一下新店創作的意義。他們是來到平台的潛在商家。他們正在開一家商店。他們已向我們提供了賬單信息，但我們尚未向他們開具賬單，因此我們不將他們視為商家。我們知道，在這些新商店的創建中，它們既是老牌企業，也是新企業家。我們之所以知道成熟企業的健康組合，是因為這些商家在平台上第一週的銷售百分比高於歷史水準。那些新創建的商店，因為它們不算作商家，所以我們不會向他們收費。它們不計入 MRR。正如我在先前的發言中所說，第二季的 MRR 將受到 90 天免費試用的影響，但我們預計 90 天免費試用的好處將在第三季實現。

Our next question comes from Matt Pfau of William Blair.

我們的下一個問題來自威廉布萊爾的馬特普福。

Just wanted to ask on the Shop app. It seems like you're starting to dip your toe in the water here with demand generation or demand aggregation. Have you thought more about going into the space, especially as perhaps consumer discretionary spending becomes more challenging over the coming months? It might be something that your merchants would be looking forward to help them out.

只是想在商店應用程式上詢問。看起來您正開始嘗試需求產生或需求聚合。您是否更多地考慮過進入這個領域，尤其是在未來幾個月消費者可自由支配支出可能變得更具挑戰性的情況下？您的商家可能會期待幫助他們解決這個問題。

So I'll take that. So yes, Shop app is -- maybe quickly. The why behind Shop app is like LTV increase, right? Like that's the goal. So we launched it also with a local discovery feature. This is actually a good example of what I meant earlier when I said that we need to rederive our plans, and also it's a product, like something like the local discovery feature in Shop is something we launched partly because we have successfully lowered our minimum acceptable quality bar to launch something. So the way this worked is, Shop is a very valuable piece of software, but I'll explain a little bit the reasoning for why it exists. But local discovery feature was something that came out of a heck days that we called right after the COVID thing started, where we just us, entire company, hey, everyone, like, make an experiment based on what you think would be helpful right now to our customers. And we launched local discovery features as part of Shop because -- not because it's particularly ready, but because it's actually helping right now, and it is having right now, people are getting satisfied because this is awesome. So that's what this is about. We will run more experiments. But the goal is, it is to deepen the relationship with the brands you already are buying from. And that's particular -- that's like our take on this particular product. It is funny. When -- again, I come from the -- at least in some product, there's a product mindset. And I like especially to reargue things from first principles. It is a funny world in which we separated out the particular roles in the world of retail, the way we did. I would -- like I would like to know -- to meet the person who would argue that from scratch, we should design the world of inter-commerce in such a way that there are these websites. And then you purchase something and then it says, like after you enter your entire address and credit card from scratch every time, you end up then usually with your funds. You then go to a thank you page, at which point you hope to get an e-mail at some point in which e-mail maybe then a day or 2 later, there's a tracking code, which point you can pace that in 1 of 6 logistics providers, usually getting like very far delayed data about where your package might be. Shrouding this entire process in mystery, it will then show up randomly at a door. And if there's anything wrong with it, you then have to like go find one of those e-mails again. And you sort of know where I'm getting at, right? Like it's -- like this is all poorly tooled and is the only reason for anyone who care for it is because this organically grew like this. So Shop is -- what we're trying to do is the once an end-to-end experience that's good, where you interact with the brand for any channel you want, and then it -- the process of getting this product is actually something that's delightful and knowable, that you know the package's whereabouts, and the process of interacting with the brand, going back and potentially purchasing some more or repurchasing the first staples you just received is something that is kind of the same process. So that's the utility behind Shop. And so this is where we combined a couple of things and business. And this is, of course, there's going to be a good amount of work which is going to go into it. It's an important project. It's an ambitious project, but it's also really, really important understanding, I think for everyone is that the goal is lifetime customer value increase.

所以我會接受的。所以，是的，Shop 應用程式可能很快。 Shop 應用程式背後的原因是 LTV 增加，對吧？就像這就是目標。因此我們也推出了本地發現功能。這實際上是我之前所說的一個很好的例子，當我說我們需要重新制定我們的計劃時，它也是一個產品，就像商店中的本地發現功能一樣，我們推出的部分原因是我們已經成功地降低了我們的最低可接受水平推出某些東西的品質吧。所以它的工作方式是，Shop 是一個非常有價值的軟體，但我將解釋它存在的原因。但是本地發現功能是在新冠疫情開始後我們就打電話的那段糟糕的日子裡出現的，當時我們只有我們，整個公司，嘿，每個人，就像，根據你認為現在有幫助的東西來做一個實驗給我們的客戶。我們推出了本地發現功能作為 Shop 的一部分，因為——不是因為它已經準備好了，而是因為它現在確實有幫助，而且現在人們正在變得滿意，因為這太棒了。這就是本文的目的。我們將進行更多實驗。但目標是加深與您已經購買的品牌的關係。這很特別——這就像我們對這個特定產品的看法。這很有趣。當——再次，我來自——至少在某些產品中，有一種產品心態。我特別喜歡從首要原則開始重新論證事情。這是一個有趣的世界，我們按照我們的方式將零售世界中的特定角色分開。我想——就像我想知道的那樣——去見這樣一個人，他認為我們應該從頭開始設計跨商務世界，讓這些網站得以存在。然後你買了一些東西，然後它說，就像你每次從頭開始輸入你的整個地址和信用卡後，你通常都會得到你的資金。然後，您進入感謝頁面，此時您希望在某個時候收到一封電子郵件，該電子郵件可能在一兩天后，會有一個跟踪代碼，此時您可以在以下步驟中調整該代碼： 6個物流供應商，通常會取得有關您的包裹可能所在位置的非常延遲的資料。整個過程籠罩在神秘之中，然後它會隨機出現在門口。如果有任何問題，您就必須再次尋找其中一封電子郵件。你大概知道我的意思了，對吧？就像它一樣——就像這一切工具都很糟糕，對於任何關心它的人來說，唯一的原因是因為它像這樣有機地生長。所以 Shop 是——我們想要做的是一次良好的端到端體驗，你可以透過任何你想要的管道與品牌互動，然後——獲得這個產品的過程實際上是這是令人愉快且可知的事情，您知道包裹的下落，以及與品牌互動的過程，回去並可能購買更多東西或重新購買您剛剛收到的第一批主食，這都是相同的過程。這就是 Shop 背後的實用程式。這就是我們將一些東西和業務結合起來的地方。當然，這需要做大量的工作。這是一個重要的項目。這是一個雄心勃勃的項目，但它也非常非常重要的理解，我認為對每個人來說，目標是終身客戶價值的增加。

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。

Just on the ramp you talked about in store openings and comments around acceleration of April GMV. Could you maybe share what the mix of discretionary versus nondiscretionary categories is?

就在坡道上，您在開店和評論中談到了四月份 GMV 的加速。您能否分享一下自由裁量與非自由裁量類別的組合是什麼？

Yes. On the ramp of April GMV, let me just give you some thoughts on that. We did see an increased shift from off-line to online. And a lot of that was food, beverage, home office, home gym increasing as a percentage of the mix in April. As we said, apparel had softened in March, but it did recover by the end of March. So even into April, apparel was back to its normal levels. So we saw the combination of all of those things hit in April. And I also just -- I'll add in, just to give you a little bit more information too, the GMV acceleration that we saw in April due to all those verticals doing well was broad-based from a geographic regional perspective across the globe.

是的。值此 4 月 GMV 上升之際，讓我簡單談談對此的一些想法。我們確實看到從線下到線上的轉變增加。其中很多是食物、飲料、家庭辦公室、家庭健身房，四月的比例增加。正如我們所說，服裝在三月有所疲軟，但到三月底確實有所恢復。因此，即使進入四月，服裝也恢復到正常水平。所以我們看到了四月份所有這些事情的結合。我還想補充一點，只是為了給大家提供更多信息，我們在 4 月份看到的 GMV 加速是由於所有這些垂直行業表現良好，從全球地理區域的角度來看，這是基礎廣泛的。

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

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

With all these changes, I was wondering if you could maybe give us some color about how you're thinking about talent acquisition, especially with all the challenges in the VC back ecosystem in California right now. How are you thinking about maybe going after some of those 10x engineers?

面對所有這些變化，我想知道您是否可以給我們一些關於您如何考慮人才招募的信息，特別是目前加州創投生態系統面臨的所有挑戰。您如何考慮追隨其中一些 10x 工程師？

Yes. So we are expanding. Again, we have economic models that, like Amy talk to, we want to be very realistic. But again, I think one thing that's absolutely true is that Shopify product fits better into the world that's going to be [middled] after the crisis is over, however long this is going to be than before. Shopify, like, always prefers hiring kinds of people with high potential who can become the 10x engineers to use your terms here. And then we help them get there. So this is, I think, a core competency of the company. But yes, we have a lot of inbound interest. We're bringing in great people who believe in the mission, and we are going to, like, expand. And yes. Not much else to say, I guess. It's -- Shopify is limited by the amount of the kind of people that we need to build this company. This may get easier to find them now. And that will be, I think, great news for acceleration.

是的。所以我們正在擴張。同樣，我們的經濟模型，就像艾米所說的那樣，我們希望非常現實。但我再次認為，絕對正確的一件事是，Shopify 產品更適合危機結束後的世界，無論這會比以前持續多久。像 Shopify 一樣，總是更喜歡僱用具有高潛力的人才，他們可以成為 10 倍工程師來使用您的術語。然後我們幫助他們到達那裡。所以我認為這是公司的核心競爭力。但是，是的，我們有很多入境興趣。我們正在引進相信使命的優秀人才，並且我們將擴大規模。是的。我想沒什麼好說的了。 Shopify 受到我們建立這家公司所需的人員數量的限制。現在可能更容易找到它們。我認為這對加速來說是個好消息。

Our next question comes from Josh Beck of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Josh Beck。

I just wanted to ask a little bit about the subscription cancellations, you provided some color there. As you went into April, did you see stabilization there? Are there any certain verticals? Just any other color there you could provide would be much appreciated.

我只是想詢問一些有關訂閱取消的問題，您在那裡提供了一些顏色。進入四月時，您看到那裡穩定了嗎？有沒有特定的垂直領域？如果您能提供任何其他顏色，我們將不勝感激。

Yes. As we said, we did see cancellations in kind of mid-March that start to escalate. It was mostly low GMV merchants due to COVID. As we moved into April, subscriptions moved back to more normal levels from what we've seen historically. And also to talk a little bit more about the Plus downgrades that we saw in March, those slowed considerably into April.

是的。正如我們所說，我們確實在三月中旬看到取消訂單開始升級。由於新冠疫情，這主要是 GMV 較低的商家。隨著進入四月，訂閱量從歷史上看回到了更正常的水平。再多談談我們在 3 月看到的 Plus 降級，到了 4 月份，降級速度明顯放緩。

Our next question comes from Samad Samana of Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Amy, I know you guys don't normally provide this data point outside of the annual filing, but just given the unique circumstances, I think it might be helpful. But how does the revenue growth or GMV growth look like for merchants that have been on the platform for 12 months or longer? I know that was, I think, 21% in 2019. I'm curious how that cohort is looking so far maybe in the April period?

艾米，我知道你們通常不會在年度申報之外提供此數據點，但鑑於特殊情況，我認為這可能會有所幫助。但對於已經在平台上停留 12 個月或更長時間的商家來說，營收成長或 GMV 成長如何？我知道這個數字在 2019 年是 21%。

Yes, GMV per merchant, especially those that have been on the platform for a longer period of time, has continued to increase year-over-year. We don't give out the exact percentage other than annually, but we did see those merchants who are successful on the platform continue to grow their GMV.

是的，每個商家的 GMV，尤其是那些在平台上停留時間較長的商家，逐年持續成長。除了每年之外，我們沒有給出確切的百分比，但我們確實看到那些在平台上取得成功的商家的 GMV 繼續成長。

Our final question comes from Ygal Arounian of Wedbush Securities.

我們的最後一個問題來自 Wedbush Securities 的 Ygal Arounian。

I want to ask about Shopify POS and the new launch. And I guess, especially around POS Pro. You guys talked about timing around launches right now and how to help best customers. So first, I want to just get the thought process behind launching it now while most physical retailers have actually shut down, and how you see that helping merchants to bring merchants onto the platform, whether that's in the physical retail or bringing them onto e-commerce? Then any way to help kind of frame the amount of merchants you have that also do have physical. I know it's -- I think you highlighted it as the second recognized sales channel. But maybe the stores -- average store per merchant or any kind of way to help frame that as the new software rolls out next?

我想詢問有關 Shopify POS 和新推出的資訊。我想，尤其是 POS Pro 方面。你們討論了現在發布的時機以及如何幫助最好的客戶。因此，首先，我想了解一下在大多數實體零售商實際上已經關閉的情況下推出它背後的思考過程，以及您如何看待幫助商家將商家引入該平台，無論是在實體零售中還是將他們帶到電子商務平台上。然後有什麼方法可以幫助確定您擁有的實體商家數量。我知道它是——我想你強調它是第二個公認的銷售管道。但也許是商店——每個商家的平均商店，或者在新軟體下一步推出時幫助構建這一點的任何方式？

I mean quickly about the point-of-sale product. I'm really excited about the new point-of-sale part. I think it's a great example of -- like, I think even our previous one was basically, like, an iPad version of a traditional point-of-sale system. I think there's nothing terribly wrong with it. I think there's just -- that is a local maxima product category that I think everyone got stuck on, and I think you can make -- there's a global maxima that's higher if you build something directly for the terminals. We're running a little bit of out of time here. So like I think -- how can I answer this question the best? I mean the timing question is probably easy to answer. Like right now, it's a great time to change your point-of-sale system because you don't have people in your stores. This is the perfect time to bring iPad into the placements and trying on what your life would be like if having a single retail system that's connected between all the wares you're selling. And especially with the new point of sale, now you can run all these cross-channel systems like pickup in-store and schedule pickups. And there's going to be a lot more new builts. We have tooling, curbside pickup and a lot more local things. But to term is a little bit in sort of, I guess, final words here because of the timing. The things that we've seen more than go up than anything else is like sales to within 25 kilometers, right? Like this is where you can really see -- everyone is already familiar with this e-commerce and really seamlessly went into -- like you started using the channel, then the sort of more familiar channels that is not be -- not available. And just sort of industry wide, I think at least with our -- from our data from our vantage point, now we have a little bit -- like our customers might be a little bit more change-adaptable customers than sort of the norm, although it should converge upon the mean at this point, given the size of Shopify. I think we need to -- you really, really, really need to be in multiple channels and across these merchants, we're not really seeing that big of drop against consumer confidence spending. Like people are still spending. And I think the industry looks at bad data time partly because there's a lot of existing reporting about looking at like the retail industry by just looking at the off-line world and then making assumptions about the e-commerce world, I think we need to stop that. I think this is sort of like the situation of trying to look at TV ratings, doing the rise of streaming, and everyone got a little bit confused about how people actually spend their time for a while. We need to adjust with the digitalization on the metrics you look at.

我指的是銷售點產品。我對新的銷售點部分感到非常興奮。我認為這是一個很好的例子，我認為甚至我們之前的系統基本上也是傳統銷售點系統的 iPad 版本。我認為這並沒有什麼大錯。我認為，這是一個局部最大值產品類別，我認為每個人都被困住了，而且我認為你可以實現 - 如果你直接為終端構建一些東西，那麼全局最大值會更高。我們在這裡的時間有點不夠了。就像我想的那樣——我怎麼才能最好地回答這個問題？我的意思是，時間問題可能很容易回答。就像現在一樣，現在是改變銷售點系統的好時機，因為商店裡沒有人。這是將 iPad 引入展示位置的最佳時機，並嘗試如果擁有一個在您銷售的所有商品之間連接的單一零售系統，您的生活會是什麼樣子。尤其是有了新的銷售點，現在您可以運行所有這些跨通路系統，例如店內取貨和計劃提貨。而且將會有更多的新建築。我們有工具、路邊取貨和更多本地產品。但我想，由於時間原因，術語有點像最後的話。我們所看到的比其他任何事情都上漲的事情就像25公里以內的銷售，對嗎？就像這就是你真正可以看到的地方——每個人都已經熟悉了這種電子商務，並且真正無縫地進入了——就像你開始使用該渠道一樣，然後那種更熟悉的渠道不可用。就整個行業而言，我認為至少從我們的數據來看，我們現在有一點——我們的客戶可能比一般客戶更能適應變化，儘管考慮到 Shopify 的規模，此時它應該收斂於平均值。我認為我們需要——你真的、真的、真的需要在多個管道和這些商家中，我們並沒有真正看到消費者信心支出大幅下降。就像人們仍在消費一樣。我認為該行業關注不良數據時間的部分原因是，有許多現有的報告都像零售業一樣，只關注線下世界，然後對電子商務世界做出假設，我認為我們需要不要那麼做。我認為這有點像是試圖查看電視收視率、串流媒體興起的情況，每個人都對人們實際上如何度過一段時間的時間感到有點困惑。我們需要根據您所看到的指標進行數位化調整。

And yes, well, thank you for -- thanks for joining. Like you'll see a lot of things shipping from Shopify. Again, we will be at times slightly embarrassed by the things we are shipping. I think that is a sign of strength because that's exactly what -- when things should be shipped. All the things that we're shipping will be iterated and improved. We take our mission incredibly seriously. Shopify is banded together like crazy because we see our job as trying to make it serve at more SMBs in the world survive because Shopify exists. That's the role we picked for ourselves, and that's what we are spending all our time on trying to make, come to. Thanks for joining us for our quarterly call.

是的，謝謝您的加入。就像您會看到很多東西從 Shopify 發貨一樣。同樣，我們有時會對我們運送的東西感到有點尷尬。我認為這是實力的標誌，因為這正是應該發貨的時候。我們正在交付的所有東西都將被迭代和改進。我們非常認真地對待我們的使命。 Shopify 瘋狂地團結在一起，因為我們認為我們的工作是努力讓它為世界上更多的中小型企業提供服務，因為 Shopify 的存在而得以生存。這就是我們為自己選擇的角色，也是我們花費所有時間努力實現的目標。感謝您參加我們的季度電話會議。

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。