Shopify Inc (SHOP) 2015 Q4 法說會逐字稿

Good morning.

早上好。

My name is Jessa and I will be your conference operator today.

我叫 Jessa，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Shopify fourth quarter 2015 financial results conference call.

在此，歡迎大家參加 Shopify 2015 年第四季度財務業績電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

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

投資者關係總監 Katie Keita 女士，您可以開始您的會議。

Good morning.

早上好。

Thank you all for joining us for Shopify's fourth quarter 2015 conference call.

感謝大家參加 Shopify 2015 年第四季度電話會議。

Opening today's call is Tobi Lutke, Shopify's Founder and CEO.

打開今天的電話會議的是 Shopify 的創始人兼首席執行官 Tobi Lutke。

Russ Jones, our Chief Financial Officer, will review our 2015 results and discuss our expectations for 2016.

我們的首席財務官 Russ Jones 將回顧我們 2015 年的業績並討論我們對 2016 年的預期。

Harley Finkelstein, our Chief Operating Officer, is with us to help answer your questions following our prepared remarks.

我們的首席運營官 Harley Finkelstein 將在我們準備好的評論之後與我們一起幫助回答您的問題。

During today's discussion, we will make forward-looking statements, which are based on current assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected in our forward-looking statements.

在今天的討論中，我們將做出前瞻性陳述，這些陳述基於當前的假設，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們前瞻性陳述中預測的結果存在重大差異。

We undertake no obligation to update these statements except as required by law.

除非法律要求，否則我們不承擔更新這些聲明的義務。

Information concerning such risks and uncertainties is contained in our press release, as well as our filings with the Canadian Securities Regulators and the US Securities and Exchange Commission, also available on our website.

有關此類風險和不確定性的信息包含在我們的新聞稿中，以及我們向加拿大證券監管機構和美國證券交易委員會提交的文件中，這些文件也可在我們的網站上找到。

Also our commentary today will include adjusted financial measures which are non-GAAP measures.

此外，我們今天的評論將包括調整後的財務措施，這些措施是非 GAAP 措施。

We believe that these non-GAAP measures provide information useful to the overall understanding of past financial performance and future prospects.

我們認為，這些非 GAAP 指標提供的信息有助於全面了解過去的財務業績和未來前景。

But they should be considered as a supplement to and not as a substitute for our GAAP financial measures.

但它們應被視為對我們的 GAAP 財務措施的補充，而不是替代。

Reconciliations between GAAP and non-GAAP financial measures for our reported results can be found in our earnings press release which is available on our website.

我們報告結果的 GAAP 和非 GAAP 財務指標之間的對賬可以在我們網站上的收益新聞稿中找到。

And finally, a reminder that we report in USD so all amounts discussed are in US dollars unless otherwise indicated.

最後，提醒我們以美元報告，因此除非另有說明，否則所有討論的金額均以美元為單位。

With that, I will turn the call over to Tobi.

有了這個，我會把電話轉給托比。

Thanks so much for joining us for our call.

非常感謝您加入我們的電話。

It's been a really fun year for us.

對我們來說，這是非常有趣的一年。

We shipped a lot of great things and we really hope that people are starting to get a sense for how we operate as a public company.

我們推出了很多很棒的東西，我們真的希望人們開始了解我們作為一家上市公司的運作方式。

Today, I am going to talk about -- mostly about what we launched today and then I am going to highlight one thing in particular, which is going to be mobile.

今天，我要談一談——主要是關於我們今天推出的產品，然後我要特別強調一件事，那就是移動。

And I will talk a little bit on what we're going to do in 2016 as well.

我也會談談我們在 2016 年要做什麼。

So jumping right into it, you're probably sick of hearing about mobile from everyone right now.

所以直接進入它，你可能已經厭倦了現在每個人都在談論移動。

It's, like, clearly we're not going to tell you much news here.

就像，很明顯我們不會在這裡告訴你太多消息。

It's big.

它很大。

It's how I think humans have decided to consume Internet at least for the foreseeable future.

這就是我認為人類至少在可預見的未來決定使用互聯網的方式。

So you can't take credit for the macroeconomical arrays of the numbers on mobile but I wanted to talk a little bit about sort of our history of it and what we've been doing.

所以你不能把移動設備上的宏觀經濟數據列為功勞，但我想談談我們的歷史和我們一直在做的事情。

We've been pretty much obsessed with the mobile right from the beginning.

我們從一開始就對手機非常著迷。

It's like there was like all the spider's senses started tingling pretty early when we saw how people were using their smartphones and so on.

就像當我們看到人們如何使用他們的智能手機等時，蜘蛛的所有感官都很早就開始刺痛了。

So we've always been investing a lot into it and applying a lot of polish.

因此，我們一直在其中投入大量資金並進行大量潤色。

This is now really reflected in the numbers.

現在，這確實反映在數字上。

So traffic to Shopify stores from mobile has climbed now to 61% in December 2015 from 55% in December 2014.

因此，從 2014 年 12 月的 55% 到 2015 年 12 月，來自移動設備的 Shopify 商店流量已經攀升至 61%。

So a nice increase there year over year.

所以同比增長不錯。

But probably a little more surprising is that about 46% in December 2015 of all the orders came from mobile devices.

但可能更令人驚訝的是，2015 年 12 月所有訂單中約有 46% 來自移動設備。

I believe that's a higher number than you've probably heard from other retailers, and I think this really reflects all of our attention on optimizing the checkout experience, and making sure that all our stores for customers are very optimized for mobile devices and these new phone factors.

我相信這個數字比你從其他零售商那裡聽到的要多，我認為這確實反映了我們對優化結賬體驗的所有關注，並確保我們為客戶提供的所有商店都針對移動設備和這些新產品進行了優化手機因素。

What's also really great is that a lot of our merchants are starting to really run their businesses directly from their mobile phone, primarily.

同樣非常棒的是，我們的許多商家開始真正主要直接通過手機開展業務。

This is -- this kind of makes sense because of our customer base.

由於我們的客戶群，這是有道理的。

We have a lot of entrepreneurs on the platform.

我們平台上有很多企業家。

We have a lot of SMB owners and most people are, by definition, multi-taskers in motion, right?

我們有很多 SMB 所有者，根據定義，大多數人都是多任務處理者，對嗎？

So being able to run your business on the go is important, especially because there's a sizeable group of people who are running their stores on the sides during their lunch breaks and these kinds of things.

因此，能夠在旅途中經營您的業務非常重要，尤其是因為有相當多的人在午休時間和諸如此類的事情上兼職經營商店。

Another example of something we've done now.

我們現在所做的事情的另一個例子。

If you might remember, we allow people to put buy buttons on their blogs, on their various websites, which is a nicer way to sell your products from your existing web properties than just sort of linking to an online store where people lose a lot of context.

如果您還記得的話，我們允許人們在他們的博客、他們的各種網站上放置購買按鈕，這是一種從您現有的網絡資產中銷售產品的更好方式，而不是僅僅鏈接到人們會失去很多東西的在線商店語境。

We've taken that idea, that has been very popular, and created something called the Mobile Buy SDK, so people who don't have websites but who have native apps in the App Store with Apple and Google or something like this can go and essentially do the same thing in these native applications.

我們採納了這個非常流行的想法，並創建了一個叫做 Mobile Buy SDK 的東西，這樣那些沒有網站但在 App Store 中有 Apple 和 Google 或類似應用程序的本地應用程序的人可以去在這些本機應用程序中基本上做同樣的事情。

And that allows them to take advantage of things like Apple Pay and so on.

這讓他們能夠利用 Apple Pay 等服務。

So that's another really, really great mobile-related thing we are doing.

所以這是我們正在做的另一件非常非常棒的與移動相關的事情。

One thing about this sort of shift to the mobile phone is that people are starting to spend a lot less time in their web browsers.

這種向手機轉移的一個原因是人們開始花在網絡瀏覽器上的時間大大減少。

Like the most valuable real estate are really the social media apps there, like, people spend a lot of time on Facebook, Twitter, and Pinterest, and these kinds things.

就像最有價值的房地產真的是那裡的社交媒體應用程序，比如，人們在 Facebook、Twitter 和 Pinterest 上花費大量時間，以及諸如此類的東西。

So of course, we spent a lot of emphasis in the last year ensuring that our merchants can sell directly through these platforms.

因此，當然，去年我們非常重視確保我們的商家可以直接通過這些平台進行銷售。

Looking ahead to 2016, here's what we have planned.

展望 2016 年，以下是我們的計劃。

We will continue to take the time-consuming tasks and integrate them directly into our core platform.

我們將繼續承擔耗時的任務，並將它們直接集成到我們的核心平台中。

As you know, after building payments, we have only just started this process with our shipping product.

如您所知，在建立付款後，我們才剛剛開始使用我們的運輸產品進行此過程。

You can expect us to continue adding partners and geographies here that are more traditional than others.

您可以期待我們繼續在這裡增加比其他地方更傳統的合作夥伴和地區。

Shipping is a big challenge, especially for people who are new to the retail world and we want to make it a non-issue.

運輸是一個巨大的挑戰，特別是對於剛接觸零售業的人來說，我們想讓它成為一個不成問題的問題。

Also stay tuned for some other Merchant Solutions announcements coming down the pipe this year.

另請繼續關註今年即將發布的其他一些商家解決方案公告。

It is really important to us that our merchants have what they need to really do well and succeed and so we are continuing to build these features and channels that facilitate this.

對我們來說，讓我們的商家擁有真正做得好和成功所需的東西對我們來說非常重要，因此我們將繼續構建這些功能和渠道來促進這一點。

This formula has served us well so far and we think it's the best guide through 2016 and beyond.

到目前為止，這個公式對我們很有幫助，我們認為它是 2016 年及以後的最佳指南。

We expect a lot of R&D to happen in 2016.

我們預計 2016 年將進行大量研發。

With that, I will turn it over to Russ.

有了這個，我將把它交給 Russ。

Thanks, Tobi and good morning everyone.

謝謝，托比，大家早上好。

We had a really great fourth quarter, a fitting way to close out what has been a banner year for our debut as a public company.

我們有一個非常棒的第四季度，這是結束我們作為上市公司首次亮相的標誌性一年的合適方式。

I will now take you through the quarter and full-year results, investments we plan to make in 2016 to support our continued rapid growth, and end with our revenue and operating expectations for 2016.

我現在將向您介紹季度和全年業績，我們計劃在 2016 年進行的投資以支持我們的持續快速增長，並以我們 2016 年的收入和運營預期結束。

Revenue for the fourth quarter of 2015 was $70.2 million, nearly double the revenue for last year's fourth quarter.

2015 年第四季度的收入為 7020 萬美元，幾乎是去年第四季度收入的兩倍。

Subscription Solutions revenue grew 70% year on year to $34.6 million, while Merchant Solutions revenue grew 140% over the fourth quarter of 2014 to $35.6 million.

訂閱解決方案收入同比增長 70% 至 3460 萬美元，而商戶解決方案收入在 2014 年第四季度增長 140% 至 3560 萬美元。

Subscription Solutions revenue growth was, again, primarily driven by the number of merchants joining our platform which was the strongest quarterly increase in our history.

訂閱解決方案收入增長再次主要受到加入我們平台的商家數量的推動，這是我們歷史上最強勁的季度增長。

Monthly recurring revenue was $11.3 million as of December 31, 2015.

截至 2015 年 12 月 31 日，每月經常性收入為 1130 萬美元。

This compares with $6.6 million at the end of 2014 and $9.8 million at the end of the third quarter of 2015.

相比之下，2014 年底為 660 萬美元，2015 年第三季度末為 980 萬美元。

There are now over 243,000 merchants running their businesses on Shopify.

現在有超過 243,000 家商家在 Shopify 上經營業務。

On the Merchant Solutions side, the success base component of our business model, we benefited from strong holiday shopping season, with over $2.8 billion of GMV transacted on the Shopify platform, more than twice the volume we processed in Q4 of 2014.

在商家解決方案方面，我們商業模式的成功基礎組成部分，我們受益於強勁的假日購物季，在 Shopify 平台上交易的 GMV 超過 28 億美元，是我們 2014 年第四季度處理量的兩倍多。

Merchant Solution revenue also benefited from the continued strong growth of Shopify payments as most new merchants joining our platform adopt Shopify payments where it's available.

商家解決方案收入也受益於 Shopify 支付的持續強勁增長，因為大多數加入我們平台的新商家都在可用的地方採用了 Shopify 支付。

We ended the year with Shopify Payment's Merchant penetration rates of 84% in North America, 67% in the UK, and slightly over 18% in Australia, which is pretty impressive given we just launched there in November of 2015.

我們以 Shopify Payment 在北美的商家滲透率為 84%，在英國為 67%，在澳大利亞略高於 18% 的成績結束了這一年，考慮到我們於 2015 年 11 月剛剛在澳大利亞推出，這一數字相當可觀。

Gross profits in Q4 grew 81% year on year to $35.5 million versus $19.6 million for the fourth quarter of 2014.

第四季度的毛利潤同比增長 81% 至 3550 萬美元，而 2014 年第四季度為 1960 萬美元。

Adjusted operating expense, again, declined as a percentage of revenue to 53% of revenue versus 58% of revenue for the comparable quarter a year ago.

調整後的運營費用佔收入的百分比再次下降至佔收入的 53%，而去年同期佔收入的 58%。

Our adjusted operating loss in Q4 was $1.3 million compared with $0.8 million for last year's fourth quarter.

我們在第四季度調整後的運營虧損為 130 萬美元，而去年第四季度為 80 萬美元。

We recorded an adjusted net loss per share in Q4 of $0.01 compared with $0.03 loss for Q4 of 2014, with 78 million shares outstanding for Q4 2015 versus 39.2 million shares for Q4 of 2014.

我們記錄的第四季度調整後每股淨虧損為 0.01 美元，而 2014 年第四季度為虧損 0.03 美元，2015 年第四季度流通股為 7800 萬股，而 2014 年第四季度為 3920 萬股。

Now, a few highlights for the full year.

現在，全年的一些亮點。

Revenue grew 95% from 2014, to $205.2 million while gross profit for the full year grew 80% over 2014 to $111.1 million.

收入比 2014 年增長 95%，達到 2.052 億美元，而全年毛利潤比 2014 年增長 80%，達到 1.111 億美元。

We reported a smaller adjusted operating loss in 2015 of $6.7 million compared with $15 million for 2014.

與 2014 年的 1500 萬美元相比，我們報告 2015 年調整後的運營虧損為 670 萬美元，有所減少。

On a per-share basis, our adjusted net loss for 2015 was $0.13 versus $0.40 for 2014.

按每股計算，我們 2015 年的調整後淨虧損為 0.13 美元，而 2014 年為 0.40 美元。

We finished 2015 with over $190 million of cash, cash equivalents and marketable securities and 1,048 employees.

我們在 2015 年結束時擁有超過 1.9 億美元的現金、現金等價物和有價證券以及 1,048 名員工。

These strong results put us in an excellent position to continue to invest strategically to build upon both our competitive position and the exploding demand for multi-channel commerce capabilities by businesses of all sizes.

這些強勁的業績使我們處於有利地位，可以繼續進行戰略投資，以鞏固我們的競爭地位和各種規模的企業對多渠道商務能力的爆炸性需求。

For 2016, we prioritize the following three areas for incremental investments.

2016年，我們重點在以下三個領域進行增量投資。

First is infrastructure.

首先是基礎設施。

With the rapid growth in both our employee and merchant base, including merchants doing higher order volumes we will continue to add capacity to our offices and data centers and are planning to open our next data centers in Europe.

隨著我們的員工和商戶基礎的快速增長，包括商戶的訂單量增加，我們將繼續增加辦公室和數據中心的容量，併計劃在歐洲開設下一個數據中心。

This will happen in the second half of the year.

這將在今年下半年發生。

While more concentrated on product -- more concentrated product and marketing efforts internationally are further off, we are investing now for a number of reasons, including the natural expansion of our international footprint as well as to provide European merchants with local data centers in light of the changing regulatory environment related to data protection in Europe.

雖然更專注於產品——更集中的產品和國際營銷工作還遠未完成，但我們現在正在投資的原因有很多，包括我們國際足蹟的自然擴張，以及為歐洲商家提供本地數據中心歐洲與數據保護相關的不斷變化的監管環境。

Second is the expanded partner and merchant engagement.

其次是擴大合作夥伴和商家的參與度。

Among other initiatives, we plan to hold two conferences this year, a partner conference in March and a second later this year for merchants.

除其他舉措外，我們計劃在今年舉辦兩次會議，一次是在 3 月舉行的合作夥伴會議，另一次是今年晚些時候為商家舉辦的會議。

Our partners, in many ways, are an extension of Shopify and as we continue to build out our platform, it is critical that our partners continue to have a deep understanding of and be an advocate for Shopify.

我們的合作夥伴在很多方面都是 Shopify 的延伸，隨著我們繼續構建我們的平台，我們的合作夥伴繼續深入了解並成為 Shopify 的倡導者至關重要。

On the merchant side, the success of smaller-scale retail tours that we experimented with in 2015 indicated strong demand for a larger event.

在商家方面，我們在 2015 年嘗試的小型零售旅遊的成功表明對大型活動的強烈需求。

Costs associated with these conferences are incremental, as this is the first time we will be holding them.

與這些會議相關的費用是遞增的，因為這是我們第一次舉辦這些會議。

Third is our Shopify Plus offering.

第三是我們的 Shopify Plus 產品。

With the addition of just a few sales resources in early 2015 to focus on upgrades, respond to inbound leads and begin outbound efforts, we saw heavy demand so we continued to carefully add capacity each quarter of last year.

由於在 2015 年初增加了一些銷售資源以專注於升級、響應入站線索並開始出站工作，我們看到了巨大的需求，因此我們在去年每個季度繼續謹慎地增加產能。

We now have over 1,000 merchants on Shopify Plus, a number that grows practically by the day.

我們現在在 Shopify Plus 上擁有超過 1,000 家商家，這個數字幾乎每天都在增長。

While Plus prices are several times the price of the next plan down, they cost a fraction of enterprise alternatives and can be deployed in a fraction of the time.

雖然 Plus 價格是下一個計劃價格的幾倍，但它們的成本只是企業替代方案的一小部分，並且可以在一小部分時間內部署。

Add to this the mobile and multi-channel capability Shopify offers and it's easy to see why Plus is quickly gaining in popularity.

再加上 Shopify 提供的移動和多渠道功能，很容易看出為什麼 Plus 會迅速流行起來。

In 2016, our plan is to expand the Plus program by adding more sales and support personnel and opening a new office in Waterloo in Q2 that will primarily focus on Plus.

2016 年，我們的計劃是通過增加更多銷售和支持人員並於第二季度在滑鐵盧開設一個主要專注於 Plus 的新辦事處來擴展 Plus 計劃。

Just to be clear though, our target market continues to be SMBs.

不過需要明確的是，我們的目標市場仍然是中小企業。

Plus allows us to give SMB merchants more options as they grow while the also serving larger brands.

Plus 使我們能夠在 SMB 商家成長的同時為更大的品牌提供更多選擇。

We believe these 2016 investments are targeted at the right areas at just the right time to ensure our continued strong growth and path to profitability.

我們相信這些 2016 年的投資在正確的時間針對正確的領域，以確保我們持續強勁的增長和盈利之路。

Looking ahead to 2016, for the full year, we expect to achieve revenues in the range of $320 million to $330 million and to report on adjusted operating loss in the range of $16 million to $22 million, which excludes share-based compensation expenses and related payroll taxes of $20 million.

展望 2016 年，我們預計全年收入將在 3.2 億至 3.3 億美元之間，調整後的經營虧損將在 1600 萬至 2200 萬美元之間，其中不包括基於股份的補償費用和相關費用2000萬美元的工資稅。

For the first quarter of 2016, we expect revenues in the range of $65 million to $67 million and adjusted operating loss in the range of $6.5 million to $7.5 million, which excludes share-based compensation expense and related payroll taxes of $4.5 million.

對於 2016 年第一季度，我們預計收入在 6500 萬美元至 6700 萬美元之間，調整後的運營虧損在 650 萬美元至 750 萬美元之間，其中不包括基於股份的補償費用和 450 萬美元的相關工資稅。

With that, I will turn it back over to Katie to start the Q&A.

有了這個，我會把它轉回給凱蒂開始問答。

Thank you, Russ.

謝謝你，拉斯。

Jessa, can we have our first question, please?

傑莎，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

Michael Nemeroff, Credit Suisse.

Michael Nemeroff，瑞士信貸。

Hi guys.

嗨，大家好。

Thanks for taking my questions and congratulations on a good quarter and a great year.

感謝您提出我的問題並祝賀一個好的季度和一個偉大的一年。

My first question is for Tobi.

我的第一個問題是關於 Tobi 的。

Tobi, you alluded to some interesting new things on the Merchant Solutions side.

Tobi，你提到了商家解決方案方面的一些有趣的新事物。

Can you maybe give us a sneak peek of what customers or merchants are asking for?

您能否先睹為快，了解一下客戶或商家的要求？

What the top things that they are asking for in the platform currently?

他們目前在平台上最需要的是什麼？

And then I've got a follow-up for Russ, please.

然後我有 Russ 的跟進，請。

Hi Michael.

嗨邁克爾。

Good morning.

早上好。

So this is a lot earlier than we usually get to this point on the call.

所以這比我們通常在電話會議上到達這一點要早得多。

(laughter) I meant to say that I really, really need to retain my ability to surprise my customers.

（笑聲）我的意思是說，我真的、真的需要保留讓顧客驚喜的能力。

And so I won't be commenting on the roadmap but it's -- we've talked recently about the underlying motivation for what we are doing, right?

所以我不會對路線圖發表評論，但它 - 我們最近談到了我們正在做的事情的潛在動機，對吧？

Like starting these kinds of businesses was really, really hard before Shopify started and then for over the last 10 years, we made it incrementally easier to -- and where we are at the point now where starting online businesses is now really within the reach of most people.

就像在 Shopify 開始之前開展這類業務真的非常非常困難，然後在過去的 10 年裡，我們使它變得越來越容易 - 而我們現在所處的位置是開展在線業務現在真的觸手可及大多數人。

But bringing it further -- reducing the complexity further and bringing things like shipping and not having to choose your -- like find a payment gateway and all these kind of things, that increases our market.

但是進一步——進一步降低複雜性，並帶來諸如運輸之類的東西，而不必選擇你的——比如找到一個支付網關和所有這些東西，這增加了我們的市場。

And so, we are looking all across the businesses of our customers in our core markets and North America, and there are other markets we are going into to see if there's different challenges, like this is the way we are kind of thinking about it.

因此，我們正在關注我們核心市場和北美客戶的所有業務，我們還將進入其他市場，看看是否存在不同的挑戰，就像我們正在考慮的方式一樣。

So, one, like -- hopefully, over the next decade we get to all of them.

因此，希望在接下來的十年裡，我們能接觸到所有這些人。

I think that's the best way to think about it.

我認為這是最好的思考方式。

Thanks, Tobi.

謝謝，托比。

I look forward to hearing more about those solutions.

我期待聽到更多關於這些解決方案的信息。

Russ, just looking at the guidance, very strong, well above what we were looking for and I think the Street was looking for in terms of growth.

Russ，只看指導，非常強勁，遠高於我們所期待的，我認為華爾街在增長方面正在尋找。

But also on the OpEx side, I am just curious.

但在 OpEx 方面，我也只是好奇。

When you are building your guidance, how much visibility do you have into the results that you think you are going to put up for 2016, as well as the net merchant adds that you are expecting in 2016?

當您制定指南時，您對 2016 年的結果以及您對 2016 年的網絡商家補充的預期有多大的了解？

And maybe if you could just walk us through how you get that, that would be helpful.

也許如果你能告訴我們你是如何得到它的，那會很有幫助。

Thanks.

謝謝。

Yes, when we look at our revenue guidance, we look at the two components of that.

是的，當我們查看我們的收入指南時，我們會查看其中的兩個組成部分。

So one is the Subscription Solutions, which is very much tied to the merchant growth.

一個是訂閱解決方案，它與商家的增長密切相關。

Typically, what we see is Q1 is a slower quarter for merchant growth just because people are coming back from holidays and thinking about starting something.

通常情況下，我們看到第一季度是商家增長放緩的一個季度，只是因為人們從假期回來並考慮開始一些事情。

And Q4, obviously, as you have seen from our results, has been our -- typically one of our stronger quarters there so we do have that visibility there.

顯然，正如您從我們的結果中看到的那樣，第四季度一直是我們的——通常是我們在那裡更強大的季度之一，所以我們在那裡確實有這種知名度。

And we do have, in terms of tying in what we're spending on marketing, some of these other programs, a good way to provide a view of that predictable side of the business.

就我們在營銷方面的支出與其他一些計劃相結合而言，我們確實有一個很好的方法來提供對業務可預測方面的看法。

On the Merchant Solutions side currently, the largest piece of that is payments.

目前，在商家解決方案方面，其中最大的一部分是支付。

We now have that available in all our key markets, and so as we see the GMV growth, we get a good visibility on that.

我們現在在所有主要市場都可以使用它，因此當我們看到 GMV 增長時，我們對此有了很好的了解。

If there's any potential variability in our view of 2016, it would be around the Merchant Solutions because it's really tied to the number of merchants and how successful those merchants are going to be.

如果我們對 2016 年的看法有任何潛在的變化，那就是商家解決方案，因為它確實與商家的數量以及這些商家的成功程度有關。

Thanks.

謝謝。

Thanks very much for taking my questions.

非常感謝您回答我的問題。

Gil Luria, Wedbush Securities.

Gil Luria，Wedbush 證券。

Thank you and good morning.

謝謝你，早上好。

Your net merchant additions in the quarter were far above the rates you've had before.

本季度您的淨商家增加量遠高於您之前的比率。

What do you attribute that to?

你認為這是什麼原因？

What's causing the momentum, particularly what caused the momentum particularly in the fourth quarter that you had -- you added so many more merchants?

是什麼導致了這種勢頭，特別是什麼導致了這種勢頭，尤其是在你擁有的第四季度——你增加了這麼多商家？

I don't think there's any one particular item that's driving it.

我認為沒有任何一個特定的項目在推動它。

It's just an accumulation of all the stuff that we do, so we saw good growth of merchants through our partner ecosystem.

這只是我們所做的所有事情的積累，因此我們通過我們的合作夥伴生態系統看到了商家的良好增長。

I think the availability of some of the buy buttons and our work in terms of both mobile and social platforms has brought more merchants to us.

我認為一些購買按鈕的可用性以及我們在移動和社交平台方面的工作為我們帶來了更多商家。

I think on the Plus program, we need -- we do continue to see merchants come to us from that way and then on the marketing side, we are very strong in terms of both where we spend our marketing dollars, as well as on the organic side.

我認為在 Plus 計劃中，我們需要——我們確實繼續看到商家通過這種方式來找我們，然後在營銷方面，我們在營銷資金支出方面以及有機的一面。

So from our blog and a lot of the other stuff that we do.

所以從我們的博客和我們所做的許多其他事情。

We are getting merchants from that as well.

我們也從中獲得商家。

And specifically, social, you are calling that out but the rate of adoption is pretty fast right now.

具體來說，社交，你正在呼喚它，但現在的採用率非常快。

What are the types of applications -- what types of merchants are the ones that are figuring out how to sell on those social platforms, the Facebook, the Twitter, the Pinterest?

有哪些類型的應用程序——哪些類型的商家正在研究如何在這些社交平台（Facebook、Twitter、Pinterest）上進行銷售？

What are the types of products that are better suited for that kind of a sale?

什麼類型的產品更適合這種銷售？

Yes, so often, it's a big mix of everything.

是的，很多時候，它是一切的大混合體。

Like we now have a couple of successful merchants that actually only sell on social channels like they based out of a business with an idea for something that sells on Facebook; that's the only thing they are doing.

就像我們現在有幾個成功的商家，他們實際上只在社交渠道上銷售，就像他們基於一個企業有想法在 Facebook 上銷售的東西一樣；這是他們唯一在做的事情。

So that's there.

就是這樣。

On the other side, on the completely other end of the spectrum, you have potentially the merchandising groups of some larger existing merchants saying hey, we have a website already, but we want to do the social thing so let's use Shopify for that.

另一方面，在完全相反的另一端，一些現有較大商家的銷售團隊可能會說，嘿，我們已經有一個網站，但我們想做社交活動，所以讓我們使用 Shopify 吧。

That's -- they couldn't be much more different.

那就是——它們完全不同。

The kinds of products that work really well tend to be products that are at the intersection of interest so this is a little bit of subtle point but, Facebook, much more -- and social networks in general, are much more than previously, like, search has more context for users.

真正有效的產品類型往往是處於興趣交叉點的產品，所以這有點微妙，但是，Facebook，以及一般的社交網絡，比以前多得多，比如，搜索為用戶提供了更多上下文。

So, like, if I am, for example.

因此，例如，如果我是。

Like, this is an actual example.

就像，這是一個實際的例子。

I really like skateboarding and I obviously really like technology, so the fact that electric skateboards are now on the market is something that I only know because I -- the people who make them can effectively find me on a system like Facebook because they know that I have those shared interests.

我真的很喜歡滑板，而且我顯然真的很喜歡技術，所以我只知道電動滑板現在上市的事實，因為我——製造它們的人可以在像 Facebook 這樣的系統上有效地找到我，因為他們知道我有那些共同的興趣。

So there's a lot of these kinds of things coming.

所以有很多這樣的事情來了。

And so those are the products that really, really work well because it's easy to navigate for the ad too, it's directed to the audience.

所以這些產品真的非常有效，因為它也很容易為廣告導航，它是針對觀眾的。

Got it.

知道了。

Thank you.

謝謝。

Brendan Barnicle, Pacific Crest Securities.

Pacific Crest Securities 的 Brendan Barnicle。

Thanks so much.

非常感謝。

Just following up a bit on Mike's question.

只是跟進一下 Mike 的問題。

Obviously, much better results around the quarter than folks expected, much better guidance but based on the guidance Q4 to Q1, would actually be a sequential decline, which we don't have a lot of history around but we haven't seen before.

顯然，本季度的結果比人們預期的要好得多，指導要好得多，但根據第 4 季度到第 1 季度的指導，實際上是連續下降，我們沒有太多的歷史，但我們以前沒有見過。

Is there more seasonality around the Merchant Solutions business that we should be modeling in as we think about that?

在考慮這一點時，我們應該在 Merchant Solutions 業務周圍建立更多的季節性嗎？

Yes, our expectation is, on the Subscription side, we will continue to see good growth, not as large as potentially other quarters.

是的，我們的預期是，在訂閱方面，我們將繼續看到良好的增長，但不會像其他季度那樣大。

As I mentioned, merchant additions tend to be smaller in that quarter.

正如我所提到的，該季度的商家增加量往往較小。

In terms of the Merchant Solutions piece, we grew in Q4 to over $2.8 billion, up from $1.9 billion the previous quarter.

就商家解決方案部分而言，我們在第四季度增長到超過 28 億美元，高於上一季度的 19 億美元。

Obviously, where we won't do $2.8 billion in Q4 and so as that holiday period works its way through, we expect the Merchant Solutions piece to be less than it was in Q4 and so that's the reason for the decline.

顯然，我們在第四季度不會做 28 億美元，因此隨著假期的結束，我們預計商戶解決方案部分將低於第四季度，這就是下降的原因。

In terms of the Subscription, which is kind of the very important piece of the business because merchants start buying Merchant Solutions -- that we see, again, still strong growth.

就訂閱而言，這是業務中非常重要的一部分，因為商家開始購買商家解決方案——我們再次看到，增長仍然強勁。

And Russ, you had talked about the success you'd had with the enterprise sales efforts.

Russ，你談到了你在企業銷售方面取得的成功。

Any other changes that we should look for in sales or distribution this year?

今年我們應該在銷售或分銷方面尋找其他變化嗎？

Any type of re-org happening here at the beginning of the year?

今年年初這裡會發生任何類型的重組嗎？

No plans for that so the Plus side will continue to add resources as it makes sense on that front.

沒有這方面的計劃，所以加方將繼續增加資源，因為這在這方面是有意義的。

Partners -- we'll probably continue to attract some larger partners as well and so the partner ecosystem will stay pretty critical.

合作夥伴——我們可能還會繼續吸引一些更大的合作夥伴，因此合作夥伴生態系統將保持非常重要。

And then if anything maybe at the back end of the year as other additions to the platform come out, we may see something as part of that, but it's going to be really everything continuing to fire the way it has in 2015.

然後，如果在今年年底隨著平台的其他新增功能出現，我們可能會看到其中的一些東西，但實際上一切都會像 2015 年那樣繼續火爆。

Great.

偉大的。

And then lastly, Tobi, you said something that was intriguing.

最後，Tobi，你說了一些很有趣的話。

You mentioned less traditional shipping partners.

您提到了不太傳統的運輸合作夥伴。

I was wondering what a less traditional shipping partner might be.

我想知道一個不那麼傳統的運輸合作夥伴可能是什麼。

So okay.

好吧。

Yes.

是的。

Sorry, I had to think about this for a moment.

對不起，我不得不考慮一下。

So I think I was pointing there specifically to Uber.

所以我想我是專門指 Uber 的。

This is something -- we've been working with them on getting packages moved around there because a lot of orders actually happen in the city.

這是一件事情——我們一直在與他們合作，讓包裹在那裡移動，因為很多訂單實際上發生在這個城市。

The object is already within 25 miles of where they order to.

該物體已經在他們訂購地點的 25 英里範圍內。

That tends to be not a great fit for the traditional shippers because often, that first track that picks up a package, where it actually takes it further away from where the person -- where the destination actually is.

這往往不太適合傳統的托運人，因為通常情況下，第一個收到包裹的軌道，實際上把包裹帶離了人所在的地方——目的地實際所在的地方。

So in most cases, in New York and a couple of other places now, we allow merchants to enable Uber for delivery of these kind of things.

所以在大多數情況下，現在在紐約和其他幾個地方，我們允許商家啟用優步來交付這類東西。

If a merchant puts in an address and we know that it's close enough, then the checkout will simply offer, tell us the time when you want to receive it and a driver will bring it to your doorstep and the experience is fantastic.

如果商家輸入一個地址並且我們知道它足夠近，那麼結帳將簡單地提供，告訴我們您想要接收它的時間，然後司機會把它帶到您家門口，體驗非常棒。

It gives even really small merchants something that they couldn't previously do, which is like same-day delivery.

它甚至為非常小的商家提供了他們以前無法做到的事情，比如當日送達。

So this is the way we're thinking about it.

這就是我們考慮的方式。

Like we really -- about shipping in general -- like, shipping is really just taking things from point A to point B and that's all we are interested in.

就像我們真的——關於一般的航運——就像，航運真的只是把東西從 A 點帶到 B 點，這就是我們感興趣的全部。

So we're taking our whole market, holistic approach, looking at what is potentially the best way of moving the product?

所以我們正在採取我們整個市場的整體方法，看看什麼是移動產品的最佳方式？

And we're not going to be restricting ourselves to traditional shippers although they, of course, are going to be the absolutely majority of the deliverers.

我們不會將自己局限於傳統的托運人，儘管他們當然會成為送貨人的絕對多數。

Great, thanks for the clarification.

太好了，感謝您的澄清。

Thanks for taking my questions, guys.

伙計們，謝謝你提出我的問題。

Terry Tillman, Raymond James.

特里·蒂爾曼，雷蒙德·詹姆斯。

Hi, good morning and great job on the quarter.

嗨，早上好，本季度幹得好。

I guess the first question just relates to, on the Plus side.

我想第一個問題只是與加號方面有關。

And Russ, you talked about some of the additional investment areas and some of the work you're going to be doing with Plus, additional sales resources, additional office.

Russ，你談到了一些額外的投資領域，以及你將使用 Plus 進行的一些工作，額外的銷售資源，額外的辦公室。

Is there any shift or evolution in terms of the go-to-market on the Plus product that focuses on not just graduating up or maturing up your installed base customers to that product, and more aggressively going after just new logos that maybe mid-market or enterprise sellers?

在 Plus 產品的上市方面是否有任何轉變或演變，不僅著重於讓您的安裝基礎客戶升級或成熟到該產品，而且更積極地追求可能是中端市場的新徽標還是企業賣家？

Is there any kind of shift there that we could see where you're more aggressive on that latter?

是否有任何類型的轉變，我們可以看到你在後者上更具侵略性的地方？

Hi there.

你好呀。

It's Harley here.

這裡是哈利。

I will take this question.

我會回答這個問題。

So as Russ mentioned -- excuse me, we now have over 1,000 merchants-plus on the platform.

正如 Russ 提到的那樣——對不起，我們平台上現在有超過 1,000 家商家。

About half of them are homegrown Shopify stories that started on the platform and as they grew, they upgraded to a Shopify Plus.

其中大約一半是在平台上開始的本土 Shopify 故事，隨著它們的成長，它們升級為 Shopify Plus。

The other half comes from existing brands and so, as an example, in Q4, we saw Mondelez bring on Oreo, and Procter & Gamble bring on Swash, which is a collaboration with Tide and Whirlpool.

另一半來自現有品牌，例如，在第四季度，我們看到億滋推出了奧利奧，寶潔推出了與潮汐和惠而浦合作的 Swash。

We saw T-Mobile, Fairmont, Motorola and even GE launched a new smart light bulb product on Shopify Plus.

我們看到 T-Mobile、Fairmont、摩托羅拉甚至 GE 在 Shopify Plus 上推出了新的智能燈泡產品。

So we're beginning to see more and more of these existing larger brands choose Shopify and Shopify Plus as -- to launch on.

因此，我們開始看到越來越多的現有大品牌選擇 Shopify 和 Shopify Plus 作為發布平台。

In terms of how that fits in with Shopify, our focus on entrepreneurship is actually really good for these -- for Plus.

就如何與 Shopify 相適應而言，我們對創業的關注實際上對這些有好處——對 Plus 來說。

These larger brands are looking for things that are easy to deploy, simple to use and obviously, they want to optimize for mobile and social.

這些大品牌正在尋找易於部署、易於使用的產品，顯然，他們希望針對移動和社交進行優化。

So we are seeing a lot more larger brands that are now deciding Shopify Plus is a much better place to go.

因此，我們看到越來越多的大品牌現在認為 Shopify Plus 是一個更好的去處。

And that continues to grow really nicely so we are excited about that.

而且這種情況繼續非常好地增長，所以我們對此感到興奮。

Thanks, Harley, for that.

謝謝，哈利，為此。

I guess my follow-up question relates, Russ, to the gross margin.

Russ，我想我的後續問題與毛利率有關。

How do we think about gross margins in the model that you've suggested or guided to for 2016 versus 2015 in terms of gross margins on either of the line items or consolidated gross margins?

我們如何看待您建議或指導的 2016 年模型中的毛利率與 2015 年的毛利率或綜合毛利率？

Thanks.

謝謝。

Yes, so in terms of the two components, on Subscription, we expect the margins to hold relatively steady as we bring on the new data centers in the back half of this year.

是的，就這兩個組成部分而言，在訂閱方面，我們預計隨著我們在今年下半年推出新數據中心，利潤率將保持相對穩定。

We always do see a bit of a decline.

我們總是看到有點下降。

And then as that capacity gets used up, back to an improvement there.

然後隨著該容量用完，回到那裡進行改進。

On the Merchant Solutions side, barring any major changes on the interchange in that, we kind of think that we're at where we should be there.

在商戶解決方案方面，除非在交匯處發生任何重大變化，否則我們有點認為我們在我們應該去的地方。

And so overall, it's really just a change in mix that would impact our margin.

所以總的來說，這真的只是一種會影響我們利潤率的組合變化。

I should let you know that our view is currently that Subscription Solutions will continue to be the larger piece of the business in 2016.

我應該讓您知道，我們目前的觀點是，訂閱解決方案將在 2016 年繼續佔據較大的業務份額。

The only exception where we see a bit of a shift there is in a period like our Q4, where there's just so much volume going through the platform that Merchant Solutions can be a bigger piece but that kind of reverts back in Q1 and holds for the year.

我們看到有點變化的唯一例外是在我們的第四季度這樣的時期，平台上的交易量如此之大，以至於商家解決方案可以成為更大的一部分，但這種情況會在第一季度恢復並持續到年。

Thanks for that extra color.

感謝您提供額外的顏色。

Thanks.

謝謝。

Richard Davis, Canaccord.

理查德·戴維斯，Canaccord。

Hi.

你好。

Thanks guys.

多謝你們。

It's DJ on the call for Richard.

是理查德的 DJ。

Can you help us get a feel for GMV concentration?

您能幫助我們了解一下 GMV 集中度嗎？

You have 1,000 customers on Shopify Plus.

您在 Shopify Plus 上有 1,000 位客戶。

What percent of GMV do they account for or any other metrics that you can share to help us think about that?

他們佔 GMV 的百分比是多少，或者您可以分享任何其他指標來幫助我們考慮這一點？

As you would expect, some of these bigger brands are more established and so out of the gate, we will do a higher volume but no concentration at all, even if you look at individual Plus merchants.

正如您所預料的那樣，其中一些較大的品牌更加成熟，因此我們會做更多的交易量，但根本不會集中，即使您查看個別 Plus 商家也是如此。

They are a fraction of the overall GMV.

它們只是整體 GMV 的一小部分。

So the majority of the GMV is still coming from our targeted SMB clients.

因此，大部分 GMV 仍來自我們的目標 SMB 客戶。

Okay.

好的。

And then I guess on the social efforts, what are the metrics that you guys are tracking to gauge success there?

然後我想在社會努力方面，你們正在追踪哪些指標來衡量那裡的成功？

And then I guess, can you share any of those early data points with us?

然後我想，你能與我們分享任何這些早期數據點嗎？

Yes so, this office is filled to the brim the screens that is showing us metrics.

是的，這個辦公室裡滿是顯示我們指標的屏幕。

We are very much into it.

我們非常喜歡它。

We're not so much into sharing them.

我們不太喜歡分享它們。

(laughter)

（笑聲）

So the main thing, like which might be of interest, what we are really, really into is multi-channel active merchants so this is how we are judging our success.

因此，最主要的是，我們真正感興趣的是多渠道活躍商家，這就是我們判斷成功的方式。

Because everyone who comes to us, comes to us because they are trying to solve a problem.

因為每個來找我們的人都是為了解決問題。

Often their problem traditionally was, I need a website that can sell my products.

傳統上他們的問題通常是，我需要一個可以銷售我的產品的網站。

Now the problem more often is, I need a point-of-sale terminal or I need to be able to sell on Pinterest or something like this.

現在問題更常見的是，我需要一個銷售點終端，或者我需要能夠在 Pinterest 或類似的東西上銷售。

So we see all those ways, when, of course, Shopify works really, really for all of these things and it works really well when you only use one of those things.

所以我們看到了所有這些方式，當然，當 Shopify 真的、真的適用於所有這些東西時，當你只使用其中一個東西時，它的效果非常好。

But we see our success, if we can almost upgrade our customers' ambitions to say, I am willing to become a multi-channel business, which, if you look at -- if you go 10 years ago, there would have -- like, for a retailer to say, hey, let's add a new sales channel.

但我們看到了我們的成功，如果我們幾乎可以提升客戶的雄心，我願意成為一家多渠道企業，如果你看看——如果你在 10 年前去，就會——就像，讓零售商說，嘿，讓我們添加一個新的銷售渠道。

There was probably a couple months of deliberations and a Board-level decision, you know.

您知道，可能需要幾個月的審議和董事會級別的決定。

So we are trying to build software that essentially allows you to go multi-channel before breakfast.

因此，我們正在嘗試構建基本上可以讓您在早餐前使用多頻道的軟件。

So this is a -- like the percentage of our customer base doing -- being multi-channel thing is an internal metric that we are tracking.

所以這是一個 - 就像我們客戶群的百分比一樣 - 多渠道是我們正在跟踪的內部指標。

Okay.

好的。

Okay.

好的。

Thanks for the color, guys.

謝謝你的顏色，伙計們。

Good numbers.

好數字。

Brian Essex, Morgan Stanley.

布萊恩埃塞克斯，摩根士丹利。

Hi, good morning and thank you for taking the question and congrats on the quarter.

嗨，早上好，感謝您提出這個問題並祝賀本季度。

Those are nice-looking numbers.

這些是漂亮的數字。

I just wanted to talk about the take rate a little bit.

我只是想稍微談談接受率。

It looks like I am backing into a take rate of about 125 basis points of some nice sequential expansion there.

看起來我正在支持那裡一些不錯的連續擴張的大約 125 個基點的利率。

And I was wondering if you could talk about -- we have seen it step up sequentially throughout the year, and since you have launched Shopify Payments, any additional color in terms of where that expansion came from, whether it was geographic or incremental penetration of GMV and what that penetration rate might be?

而且我想知道你是否可以談談 - 我們已經看到它在整個一年中按順序增加，並且自從你推出 Shopify Payments 以來，任何關於擴張來源的其他顏色，無論是地理滲透還是增量滲透GMV 以及滲透率可能是多少？

Yes, so the biggest thing is the payment side of it.

是的，所以最重要的是它的支付方面。

So I talked a bit in my scripted part about the penetration that we're getting in various jurisdictions, so that is helping there.

所以我在我的腳本部分談到了我們在不同司法管轄區的滲透，所以這有助於那裡。

Obviously, the volume that went through the platform in Q4 helped that number.

顯然，第四季度通過該平台的交易量幫助了這個數字。

Shopify is now the number one -- Shopify Payments is the number one gateway of stuff being -- of GMV being processed through it.

Shopify 現在是第一位——Shopify Payments 是通過它處理的 GMV 的第一位網關。

The second one is still PayPal, so a large piece of business on the web.

第二個仍然是 PayPal，這是網絡上的一大塊業務。

The third one is another gateway and again on two and three, we get a rev share associated with that.

第三個是另一個網關，在第二個和第三個上，我們得到了與之相關的收入份額。

So in Q4, you saw not only did we do well on the payments, but rev shares from these partners -- because, again of the volume, helped that take rate.

因此，在第四季度，您看到我們不僅在付款方面做得很好，而且從這些合作夥伴那裡獲得了收益——因為數量再次幫助提高了速度。

So the take rate, we are expecting to hold relatively close, maybe a potential decline as you get some of these Plus merchants that already have their own payment gateway in place, throughout 2016.

因此，我們預計在整個 2016 年，隨著一些已經擁有自己的支付網關的 Plus 商家的出現，採用率將保持相對接近，可能會下降。

But that's the color behind it.

但這就是它背後的顏色。

Got it.

知道了。

Thank you.

謝謝。

And then just to follow up on the spending into 2016.

然後只是跟進 2016 年的支出。

As you think about incremental spend, whether it's on infrastructure and OpEx, how do you think about balancing?

當您考慮增量支出時，無論是基礎設施還是運營支出，您如何看待平衡？

You've operated actually surprisingly close, in fact, positive cash flow from operations which is nice to see that efficiency.

事實上，你的經營實際上出人意料地接近，正現金流來自運營，這很高興看到這種效率。

How do you think about that longer term, and any kind of revision based on what you've seen with the success of the platform in terms of what you are thinking for maybe growth in cash flow or better profitability inflection point at some point?

你如何看待這個長期，以及基於你所看到的平台成功的任何形式的修改，你在考慮現金流的增長或在某個時候更好的盈利拐點？

Yes, I mean, these investments that we're making this year will make the business stronger, so internally, our view is still the tail end of 2017 with profitability.

是的，我的意思是，我們今年進行的這些投資將使業務更強大，因此在內部，我們的觀點仍然是 2017 年末實現盈利。

Similar to the past, we expect for the year, that we will be cash flow positive at the operating level.

與過去類似，我們預計今年我們將在運營層面實現正現金流。

And so we are a business that we have been profitable in the past.

因此，我們是一家過去一直盈利的企業。

We have been cash flow positive in the past, and our goal is to get back to there as soon as we can.

過去我們的現金流一直是正的，我們的目標是盡快回到那裡。

But right now, the opportunity is so large that we think making these investments is the right thing for the business.

但現在，機會如此之大，以至於我們認為進行這些投資對企業來說是正確的。

Makes a lot of sense.

很有道理。

Thank you.

謝謝。

[Anh Chu], RBC Capital Markets.

[Anh Chu]，RBC 資本市場。

Good morning, guys.

早上好傢伙。

I'm on for Ross, congrats on the quarter.

我支持羅斯，祝賀這個季度。

It was a pretty solid one.

這是一個非常堅固的。

A couple of follow-up questions, I guess.

我想還有幾個後續問題。

Firstly, on merchant numbers, you -- it's a huge add for the quarter.

首先，關於商家數量，你 - 這是本季度的巨大增長。

Trying to understand a bit on seasonality.

試圖了解一點季節性。

How many of those are pop-up stores for the season?

其中有多少是本季的快閃店？

Would you actually expect merchants to be down quarter on quarter.

你真的會期望商家季度環比下降嗎？

How much of the impact from Amazon Web stores migration and so on and so forth, would you be able to speak to that a little bit?

Amazon Web 商店遷移等的影響有多大，您能談談嗎？

Not specifically on the Amazon stuff, but I mean, we do get merchants that set up business for that holiday period.

不是專門針對亞馬遜的東西，但我的意思是，我們確實有商家在那個假期開展業務。

It's not the lion's share; most of the people doing this are in it for the long haul.

這不是最大的份額；大多數這樣做的人都是長期參與其中的。

But like anything, during a holiday period, there will be people that try it and because it's so inexpensive and easy to do, we do get some merchants that do that.

但就像任何事情一樣，在假期期間，會有人嘗試它，因為它很便宜而且很容易做，我們確實有一些商家這樣做。

Those ones may decide, post the Christmas period, to either stop their business or put it in some sort of a holding pattern until a similar period next year.

那些人可能會在聖誕節後決定停止他們的業務或將其置於某種持有模式，直到明年類似的時期。

Got it.

知道了。

A couple of other quick ones.

其他幾個快速的。

I guess on Merchant Solutions gross margin, payments is reaching a pretty nice penetration level and we have seen that, I think it's the first quarter in a long time, we've seen that margin inflect positively.

我想在 Merchant Solutions 毛利率方面，支付達到了相當不錯的滲透水平，我們已經看到，我認為這是很長一段時間以來的第一季度，我們已經看到利潤率出現積極變化。

24%, 24.3%, or what it is this quarter -- the way to think about it long-term as a floor?

24%、24.3% 或本季度是多少——將其長期視為底線的方式？

Are the new Merchant Solutions that you're introducing, shipping, obviously, as it reaches scale and whatever else you might have in the pipeline -- are these incremental, decremental to that level of margin?

您正在引入的新商戶解決方案，顯然，隨著它達到規模以及您可能擁有的其他任何東西，是否正在推出，這些是遞增的，還是遞減到該利潤水平？

How should we think about that?

我們應該如何考慮？

So I will talk about shipping because it's the next one that we are putting a lot of energy behind.

所以我會談談航運，因為這是我們正在投入大量精力的下一個。

There we record it on a net basis so it will have margin similar to what we get on Subscriptions so that will have a positive point of view.

我們在那里以淨額記錄它，因此它的利潤率與我們在訂閱上獲得的利潤率相似，因此會有積極的觀點。

We also see outside of North America, higher margins, even on the Payments business.

我們還看到北美以外地區的利潤率更高，即使是在支付業務方面也是如此。

So as we get bigger and do more volume, there is some economies that we get as part of that.

因此，隨著我們變得越來越大，交易量越來越大，我們會從中獲得一些經濟效益。

But like I said before, like Visa, or MasterCard or AmEx tomorrow may want to change their way that they charge for interchange.

但是就像我之前說的，像 Visa、MasterCard 或 AmEx 明天可能想要改變他們對交換收費的方式。

So assuming that that's not the case, I think we've kind of hit the bottom and we will see improvement, not a large improvement but some improvement in 2016.

所以假設情況並非如此，我認為我們已經觸底，我們將看到改善，不是很大的改善，而是 2016 年的一些改善。

Great to hear.

很高興聽到。

And just one last quick one.

最後一個快速。

I was looking through the 20-F and there was this analysis you guys put out for the cohorts during your IPO road show and you broke it out by 2012, 2013 and 2014 and now you've lumped that all into pre-2014 cohort analysis.

我正在查看 20-F，你們在 IPO 路演期間為同類人群進行了分析，你們在 2012 年、2013 年和 2014 年將其分解，現在你們將所有這些都納入了 2014 年之前的同類人群分析.

It looks like it's flat year on year from 2014 to 2015.

從 2014 年到 2015 年，它看起來同比持平。

Without having the exact numbers I can back into, it implies that the 2012 and 2013 guides have fallen off quite a bit.

在沒有我可以回溯的確切數字的情況下，這意味著 2012 年和 2013 年的指南已經下降了很多。

Is there any more color you can give us on that particular slide or analysis?

關於那張特定的幻燈片或分析，您還能給我們更多的顏色嗎？

Yes, so no real change on the 2012 and 2013.

是的，所以 2012 年和 2013 年沒有真正的變化。

We just because we do really three years of financials, we did that cohort analysis for the three years.

我們只是因為我們確實做了三年的財務，所以我們對這三年進行了群組分析。

What we find is, like a merchant, if they are going to fail as a business, it happens fairly quickly and once they are up and running and making sales, there's no reason why they leave the platform.

我們發現，就像商家一樣，如果他們作為一家企業要倒閉，這種情況發生得相當快，一旦他們開始運營並進行銷售，他們就沒有理由離開該平台。

And so again, the numbers are a bit smaller just because of our growth rate, and if you notice on that cohort chart, the 2014 group is quite a bit bigger than they were back then and the 2015 is a very substantial one as well so I think that speaks to the strength of the business.

再一次，由於我們的增長率，這些數字有點小，如果你注意到那個隊列圖表，2014 年的群體比當時大很多，2015 年也是一個非常可觀的群體，所以我認為這說明了企業的實力。

Also, I will point out like on the monthly billing retention rate that, that, again, is over 100% for 2015, so in the world of SMBs, I think we are performing quite strongly there.

此外，我要指出的是，2015 年的月度賬單保留率再次超過 100%，因此在中小企業的世界中，我認為我們在這方面的表現非常強勁。

Absolutely.

絕對地。

Thank you for answering my questions and congrats again on the quarter.

感謝您回答我的問題，並再次祝賀本季度。

Arvind Ramnani, Gordon Haskett.

Arvind Ramnani，戈登哈斯克特。

Hi, congratulations on a great quarter.

嗨，祝賀你取得了一個偉大的季度。

I just had a couple of questions.

我只是有幾個問題。

From a [feature sets] perspective, I'm sure you have merchants making different demands.

從 [功能集] 的角度來看，我確定您有商家提出不同的需求。

You've provided a good roadmap of your investments over the next year, but are they pretty clear of feature sets that you are unable to get to in the next year that are being pushed out to 2017 or beyond?

您已經為明年的投資提供了一個很好的路線圖，但是他們是否非常清楚您無法在明年獲得的功能集被推遲到 2017 年或更晚？

Hi.

你好。

Well, I probably have a roadmap all the way for over the next 10 years in my head.

嗯，我腦子裡可能有一個未來 10 年的路線圖。

(Laughter) So (multiple speakers) absolutely, yes.

（笑聲） 所以（多名發言人）絕對是的。

I would love that magic wand, that allows me to make software [comment of this] immediately.

我會喜歡那根魔杖，它可以讓我立即製作軟件[對此的評論]。

If -- that would be a -- I would probably be the first person in line for that if it ever comes on the market, but we are limited by our R&D resources, right?

如果——那將是——如果它上市的話，我可能是第一個排隊的人，但我們的研發資源有限，對吧？

This Company will never ever be limited by its ambition.

這家公司永遠不會受到其雄心壯志的限制。

So this is part of the reason why we are expanding.

所以這是我們擴張的部分原因。

We are finding that we are getting incredible talent, which has always been the case, frankly, but specifically, after going public and creating our consensus in Canada and in regions where in that Shopify is a company -- but I mean, really, really high.

我們發現我們正在獲得令人難以置信的人才，坦率地說，情況一直如此，但具體來說，在加拿大和 Shopify 是一家公司的地區上市並達成共識之後 - 但我的意思是，真的，真的高的。

We have had just phenomenal people join us.

我們剛剛有非凡的人加入我們。

So we are definitely getting through the things we want to do faster, and that's really, really positive and I think that's responsible for some of the growth you are seeing as well.

所以我們肯定會更快地完成我們想做的事情，這真的非常積極，我認為這也是你看到的一些增長的原因。

Great.

偉大的。

And just a quick follow-up to this.

只是對此進行快速跟進。

I'd like to get your perspective.

我想听聽你的看法。

I spend a lot of time doing some groundwork with retailers, and it looks like there's significant potential for retailers to leverage this virtual reality, this Google Glass, Oculus and it's clearly early days but what is your view and does Shopify -- would Shopify have a role to play in this potentially significant opportunity?

我花了很多時間與零售商一起做一些基礎工作，看起來零售商有很大的潛力來利用這種虛擬現實、這種穀歌眼鏡、Oculus，這顯然還處於早期階段，但你的觀點是什麼？在這個潛在的重要機會中扮演什麼角色？

I love the question.

我喜歡這個問題。

This is a point of time where I usually get into trouble.

這是我經常遇到麻煩的時間點。

(Laughter) Now, I'm extremely -- and it's probably easy to see if you look at my Twitter feed that I am very, very into VR.

（笑聲） 現在，我非常——如果你看一下我的 Twitter 提要，可能很容易看出我非常非常喜歡 VR。

And I think -- I and my team, we think a lot about it.

而且我認為 - 我和我的團隊，我們考慮了很多。

It's -- even in our earlier statement, we said that, in my opening remarks, I said that mobile is, for now, how humans decided to consume the Internet.

它——甚至在我們之前的聲明中，我們在開場白中說過，移動是目前人類決定使用互聯網的方式。

This implies that this might be changing.

這意味著這可能正在改變。

We aren't assuming the only way but it has the potential for replacing that at some point.

我們並沒有假設唯一的方法，但它有可能在某個時候取代它。

It's huge.

它超大。

It's absolutely massive, and it's fun because it's very early days and we kind of have to reinvent everything.

它絕對是巨大的，而且很有趣，因為它還處於早期階段，我們有點必須重新發明一切。

I think this Company is very, very good at reinventing itself and reinventing its product and helping everyone through challenging technology transitions.

我認為這家公司非常非常擅長重塑自身和重塑其產品，並幫助每個人度過具有挑戰性的技術轉型。

And so I want Shopify to have a role in this for sure.

所以我肯定希望 Shopify 在這方面發揮作用。

Great.

偉大的。

That's very helpful and good luck for the remainder of the year.

這對今年餘下的時間非常有幫助，祝你好運。

(Operator instructions)

（操作員說明）

There are no additional questions at this time.

目前沒有其他問題。

I will turn the call back over to the presenters.

我會把電話轉回給主持人。

Okay.

好的。

Thank you, Jessa.

謝謝你，傑莎。

Thanks everyone for joining us today, and we will --

感謝大家今天加入我們，我們將——

Yes, thanks everyone for joining us again.

是的，感謝大家再次加入我們。

A really fun year.

真是有趣的一年。

Thanks for easing us into this new state of the public company, and welcoming us so nicely to this whole thing.

感謝您讓我們輕鬆進入上市公司的新狀態，並熱情地歡迎我們來到這整件事。

I hope you get a sense of how we act and how the Company works.

我希望您了解我們的行為方式以及公司的運作方式。

Again, we spend a lot of time thinking about mobile.

同樣，我們花了很多時間考慮移動。

I'm really, really thrilled of how this is shaking out.

我真的，真的很高興這是如何擺脫困境的。

The fact that almost half of the orders during the last quarter were placed from mobile phones, really, I think, means that we've cracked the code on how to adopt the mode of online commerce to this form factor.

事實上，上個季度幾乎一半的訂單來自手機，我認為，這真的意味著我們已經破解瞭如何將在線商務模式應用於這種形式的代碼。

And you know, we're just going to work really hard on adjusting to all these interesting macroeconomical trends that are coming, or like the new devices and form factors and requirements that are going to exist for entrepreneurs and other merchants as well.

而且你知道，我們將非常努力地調整以適應即將到來的所有這些有趣的宏觀經濟趨勢，或者像企業家和其他商人一樣將存在的新設備和外形因素以及要求。

That's kind of what we do and I think we do it really well.

這就是我們所做的，我認為我們做得很好。

So thanks for joining us on the call.

感謝您加入我們的電話會議。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。