Shopify Inc (SHOP) 2016 Q4 法說會逐字稿

Good morning. My name is Sharon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Shopify Q4 2016 financial results conference call.

早上好。我叫 Sharon，今天我將擔任你們的會議接線員。在此，歡迎大家參加 Shopify Q4 2016 財務業績電話會議。

(Operator Instructions)

（操作員說明）

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。

Thank you, operator, and good morning, everyone. We are glad you can join us for Shopify's fourth quarter 2016 conference call. Tobi Lutke, Shopify's CEO, will open today's call, after which Harley Finkelstein, our Chief Operating Officer, will discuss what is new and what we are focused on with regard to partners and Shopify Plus. Then CFO Russ Jones will review our fourth-quarter results and our expectations for 2017. Then, as usual, we will open it up for your questions.

謝謝接線員，大家早上好。我們很高興您能加入我們的 Shopify 2016 年第四季度電話會議。 Shopify 首席執行官 Tobi Lutke 將主持今天的電話會議，之後我們的首席運營官 Harley Finkelstein 將討論合作夥伴和 Shopify Plus 方面的新內容以及我們關注的重點。然後首席財務官 Russ Jones 將回顧我們的第四季度業績和我們對 2017 年的預期。然後，像往常一樣，我們將公開提問。

Note that we will make forward-looking statements on the call today. These 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 statements. We undertake no obligation to update these statements, except as required by law. Information about these risks and uncertainties is laid out in our press release this morning, as well as in our filings with securities regulators in both Canada and the US.

請注意，我們將在今天的電話會議上發表前瞻性陳述。這些基於當前的假設，並受風險和不確定因素的影響，這些風險和不確定性可能導致實際結果與我們聲明中預測的結果存在重大差異。除非法律要求，否則我們不承擔更新這些聲明的義務。有關這些風險和不確定性的信息已在我們今天上午的新聞稿以及我們向加拿大和美國證券監管機構提交的文件中列出。

Also, our commentary today will include adjusted financial measures, which are non-GAAP measures. These should be considered as a supplement to and not as a substitute for our GAAP financial measures. Reconciliations between the two can be found in our earnings press release, which is available on our website.

此外，我們今天的評論將包括調整後的財務指標，這些指標是非 GAAP 指標。這些應被視為對我們的 GAAP 財務措施的補充，而不是替代。兩者之間的對賬可以在我們的收益新聞稿中找到，該新聞稿可以在我們的網站上找到。

Finally, note that we report in US dollars, so all amounts discussed are in USD unless otherwise indicated. With that, I will turn the call over to Tobi.

最後，請注意我們以美元報告，因此除非另有說明，否則所有討論的金額均以美元為單位。有了這個，我會把電話轉給托比。

Thanks, Katie, and hello, everyone. Looking over our accomplishments in 2016, the list is pretty gratifying. We had our first partner conference, which far exceeded our expectations -- not just in terms of people attending, but also in terms of connecting with the people and educating.

謝謝，凱蒂，大家好。回顧我們2016年的成績，這份榜單令人欣喜。我們舉行了第一次合作夥伴會議，這遠遠超出了我們的預期——不僅在參加人數方面，而且在與人們的聯繫和教育方面。

We added Facebook Messenger as a channel, which lets merchants and their customers connect in a more conversational way, which is something that e-commerce didn't really have before. We added Apple Pay as an option for merchants to offer to your customers. It's roughly doubled its conversion rates on phones [payment-enabled].

我們添加了 Facebook Messenger 作為一個渠道，讓商家和他們的客戶以一種更具對話性的方式聯繫，這是電子商務以前所沒有的。我們添加了 Apple Pay 作為商家向客戶提供的選項。它在手機 [支持支付] 上的轉化率大約翻了一番。

We launched a complete refresh of our mobile app, which we saw tens of thousands of merchants start using. Running your entire business from your pocket is now something that a lot of merchants are doing. We also launched Shopify Capital, added Canada Post as a shipping partner, expanded Shopify Payments into new countries, and added several new channels, most notably amongst those, the Amazon Channel.

我們對我們的移動應用程序進行了全面更新，我們看到成千上萬的商家開始使用它。現在很多商家都在用自己的口袋經營整個業務。我們還推出了 Shopify Capital，將加拿大郵政添加為運輸合作夥伴，將 Shopify Payments 擴展到新的國家，並添加了幾個新渠道，其中最引人注目的是亞馬遜渠道。

Our to-do list for 2017 is even longer than that. Luckily, we have twice as many people working on the platform as we had last year. I expect great new releases for us all across the year, which will help make merchants more successful, which is really what this Company is all about. Let me turn it over to Harley and Russ, who can fill you in on the details.

我們 2017 年的待辦事項清單甚至更長。幸運的是，我們在該平台上工作的人數是去年的兩倍。我期待全年為我們所有人發布偉大的新版本，這將有助於使商家更加成功，這正是這家公司的全部意義所在。讓我把它交給 Harley 和 Russ，他們可以為您提供詳細信息。

Thanks, Tobi, and hi everyone. Thanks for tuning in this morning, as I take a few minutes to highlight a few things we've been working on, and how these initiatives are creating value for our merchants, for our partners, and for Shopify.

謝謝，托比，大家好。感謝您今天早上的調整，因為我需要花幾分鐘時間強調我們一直在努力的一些事情，以及這些舉措如何為我們的商家、我們的合作夥伴和 Shopify 創造價值。

We are often asked what's next -- what aren't we doing today that we could or should be doing? It's important to understand that as we continue to strengthen our platform, we're focused on what's best for most merchants, most of the time. In other words, every time we launch something that lowers friction, makes our merchants' work easier, or their outcome better, we have created value.

我們經常被問到下一步是什麼——我們今天沒有做哪些我們可以或應該做的事情？重要的是要了解，隨著我們繼續加強我們的平台，我們在大多數時間都專注於對大多數商家最有利的事情。換句話說，每當我們推出可以減少摩擦、讓商家的工作更輕鬆或結果更好的產品時，我們就創造了價值。

It is this hyper-focus on the merchants' entire retail operation that makes Shopify truly unique. From idea to origination, and deciding on which sales channels to sell their products, as well as the ever-growing to-do list after their business is launched, merchants have to source, store, and manage inventory. They have to figure out the most effective way to spend marketing and advertising dollars. They have to learn the best way to engage or retain customers, and offer superior experience, whether it's in person or online. They also need to know about things like taxes and shipping and charge-backs, and so much more. It's not easy.

正是這種對商家整個零售業務的高度關注讓 Shopify 真正獨一無二。從創意到創意，再到決定銷售產品的銷售渠道，以及開展業務後不斷增加的待辦事項清單，商家必須採購、存儲和管理庫存。他們必須想出最有效的營銷和廣告支出方式。他們必須學習吸引或留住客戶的最佳方式，並提供卓越的體驗，無論是面對面還是在線。他們還需要了解稅收、運費和退款等信息。這並不容易。

Early-stage entrepreneurs soon discover that there's so much more to commerce than simply adding a buy button to a blog. It's far more complex, which to us presents and incredible opportunity. In other words, we don't do these things because they're easy, we do them because they're hard. Our role is to reduce the slope of the learning curve, and remove complexity for entrepreneurs. This is how we add value. This is how we make retail better for our merchants, because what's good for our merchants is good for us.

早期創業者很快就會發現，商業遠不止是在博客上簡單地添加一個購買按鈕那麼簡單。它要復雜得多，這給我們帶來了難以置信的機會。換句話說，我們做這些事情不是因為它們容易，而是因為它們很難。我們的作用是降低學習曲線的斜率，並為企業家消除複雜性。這就是我們增加價值的方式。這就是我們如何為我們的商家改善零售業，因為對我們的商家有利的就是對我們有利。

The Sell on Amazon Channel is a great example of this. We launched this channel publicly in December to more than 225,000 merchants on Shopify who are selling in US dollars. Already, thousands of our merchants have added products to Amazon.

Sell on Amazon Channel 就是一個很好的例子。我們在 12 月向 Shopify 上超過 225,000 家以美元銷售的商家公開推出了這個渠道。我們已經有成千上萬的商家向亞馬遜添加了產品。

As you know, there's currently no direct-to-Shopify revenue today from this additional channel. We don't charge for it, and the Amazon GMV does not get counted toward Shopify GMV. Rather, the primary benefit of this integration is to merchants. They can now more easily connect to Amazon's vast audience, which is buying intense. Of course, with every new channel, merchants get a broader view of their success across all channels, and an integrated point for managing them, more firmly establishing Shopify as the center of their entire business.

如您所知，目前這個額外渠道目前沒有直接到 Shopify 的收入。我們不對其收費，Amazon GMV 不計入 Shopify GMV。相反，這種集成的主要好處是給商家的。他們現在可以更輕鬆地與亞馬遜的廣大受眾建立聯繫，而這些受眾的購買力很強。當然，對於每一個新渠道，商家都可以更廣泛地了解他們在所有渠道中的成功，以及管理這些渠道的集成點，從而更牢固地將 Shopify 確立為他們整個業務的中心。

One other, and perhaps less-visible benefit -- this is our first large-scale market place integration. This means that the work that went into the Amazon Channel has paved the way for future development of other market place integrations. None of our current channels have ever required us to help our merchants look at their Shopify SKUs through a taxonomy as stringent as Amazon's, so we acquired a lot of knowledge from this integration that can be leveraged in the future.

還有一個可能不太明顯的好處——這是我們的第一個大規模市場整合。這意味著進入亞馬遜渠道的工作為未來開發其他市場整合鋪平了道路。我們目前的渠道都沒有要求我們幫助我們的商家通過像亞馬遜一樣嚴格的分類法來查看他們的 Shopify SKU，因此我們從這種集成中獲得了很多可以在未來利用的知識。

Shipping also demonstrates our merchant-centric philosophy. Earlier this month, we made carrier-calculated shipping available to all merchants, whether they're using Shopify shipping or not. In Q4, we saw merchant adoption of Shopify Shipping continue to expand in both the US and Canada, and we expect this trend to continue, as we add new features and new shipping partners.

航運也展示了我們以商家為中心的理念。本月早些時候，我們向所有商家提供承運商計算的運費，無論他們是否使用 Shopify 運費。在第四季度，我們看到商家採用 Shopify Shipping 在美國和加拿大繼續擴大，我們預計隨著我們添加新功能和新運輸合作夥伴，這一趨勢將繼續下去。

Beyond Shipping, Shopify Capital has now provided more than $35 million in merchant cash advances, helping thousands of our merchants secure working capital quickly and easily, which they're able to use to purchase more inventory, launch new marketing campaigns, and accelerate their growth.

除了航運，Shopify Capital 現已提供超過 3500 萬美元的商戶現金預付款，幫助我們的數千名商戶快速輕鬆地獲得營運資金，他們可以使用這些資金購買更多庫存、開展新的營銷活動並加速他們的增長.

A huge part of the value created for merchants comes from our partners, and Q4 was our best ever for our partners. We had a record number of new partners join our partner program, a record number of partners refer us new merchants, and a record number of new merchants referred by those partners. Over 11,000 partners referred as new merchants in 2016, and that program continues to grow. In addition, our merchants are buying more apps through our App Store, which is good for the business, good for our third-party ecosystem, and good for Shopify.

為商家創造的價值很大一部分來自我們的合作夥伴，而第四季度是我們有史以來為合作夥伴創造的最好成績。我們有創紀錄數量的新合作夥伴加入我們的合作夥伴計劃，創紀錄數量的合作夥伴向我們推薦新商家，以及由這些合作夥伴推薦的新商家數量。 2016 年有超過 11,000 名合作夥伴被稱為新商家，並且該計劃還在繼續增長。此外，我們的商家正在通過我們的 App Store 購買更多應用程序，這對業務、對我們的第三方生態系統和 Shopify 都有好處。

Shopify Plus had another incredibly productive quarter, again setting a record in the number of new merchants signed on to Shopify Plus in Q4, and more importantly, more than doubling the MRR coming to Shopify from Plus subscriptions over last year. Much of the rapid growth was driven by the new Shopify Plus partner program we established in Q2, which has welcomed some of the largest A to Z partners globally.

Shopify Plus 又迎來了一個令人難以置信的高產季度，再次創下了第四季度簽約 Shopify Plus 的新商家數量的記錄，更重要的是，來自 Plus 訂閱的 Shopify 的 MRR 比去年翻了一番多。大部分快速增長是由我們在第二季度建立的新的 Shopify Plus 合作夥伴計劃推動的，該計劃吸引了全球一些最大的 A 到 Z 合作夥伴。

Not only are we bringing on many new merchants on to Shopify Plus, but our existing Plus merchants continue to grow their businesses on our platform. If we look at the largest 20 Plus shops who have been with Shopify for at least two years, on average these shops collectively sold 130% more this year than last year. With this incredible growth, the popularity of Shopify Plus should come as no surprise.

我們不僅為 Shopify Plus 帶來了許多新商家，而且我們現有的 Plus 商家繼續在我們的平台上發展他們的業務。如果我們看一下已經使用 Shopify 至少兩年的最大的 20 多家商店，平均而言，這些商店今年的總銷售額比去年高出 130%。有了這種令人難以置信的增長，Shopify Plus 的流行也就不足為奇了。

We also had some really cool launches on Shopify Plus in Q4. One in particular is the Canadian Football League, who launched a shop in November for Canada's Grey Cup, which is like the Super Bowl, only more polite. The league set up real-time updates for their merchandising, so whenever a football player scored a touchdown, that player's jersey was immediately showcased on their online store. In case you missed it, the Ottawa Redblacks won the game.

我們還在第四季度的 Shopify Plus 上推出了一些非常酷的產品。特別是加拿大橄欖球聯盟，他們在 11 月為加拿大的格雷杯開設了一家商店，這就像超級碗，只是更有禮貌。聯盟為其商品銷售設置了實時更新，因此每當一名足球運動員達陣得分時，該球員的球衣就會立即在他們的在線商店中展示。萬一您錯過了比賽，渥太華紅黑隊贏得了比賽。

Other Plus clients that launched in the past few months include Bulova watches, Doctors Without Borders, Moet-Hennessy, Zippo, the Fine Arts Museum of San Francisco, and the Wall Street Journal. We also had some incredible events last quarter that showcased our in-store point-of-sale capabilities.

過去幾個月推出的其他 Plus 客戶包括 Bulova 手錶、無國界醫生組織、Moet-Hennessy、Zippo、舊金山美術博物館和華爾街日報。上個季度我們還舉辦了一些令人難以置信的活動，展示了我們的店內銷售點功能。

Kylie Jenner and hip-hop artists The Weekend both hosted wildly successful pop-up shops over the holidays, all powered by Shopify's point-of-sale. Shopify helped bring their vision to life for their millions of fans, and off-line retail proved to be an incredibly powerful sales channel for them. We're hosting another Kylie pop-up right now on Merchant Street in Manhattan for New York Fashion Week. Those of you who are in the neighborhood should swing by and check it out.

凱莉·詹娜 (Kylie Jenner) 和嘻哈藝術家 The Weekend 都在假期期間舉辦了非常成功的快閃店，所有這些都由 Shopify 的銷售點提供支持。 Shopify 幫助他們的數百萬粉絲實現了他們的願景，事實證明，線下零售對他們來說是一個非常強大的銷售渠道。我們現在正在曼哈頓商業街為紐約時裝週舉辦另一場 Kylie 快閃店。那些住在附近的人應該路過看看。

Overall, it's clear the investments we made it Shopify Plus in 2016 delivered amazing results. Shopify Plus signed over 1,500 new merchants, bringing us to 2,500 merchants at the end of 2016, and of course we've been adding since then. We've added Shopify Scripts, built a new partner program, moved into new offices, hired over 100 new people, and added the development team from Boltmade.

總體而言，很明顯我們在 2016 年對 Shopify Plus 的投資帶來了驚人的成果。 Shopify Plus 與 1,500 多家新商家簽約，到 2016 年底使我們的商家數量達到 2,500 家，當然從那時起我們一直在增加。我們添加了 Shopify Scripts，建立了新的合作夥伴計劃，搬進了新辦公室，僱用了 100 多名新員工，並增加了來自 Boltmade 的開發團隊。

An important change for Shopify Plus in 2017 will be the transition from fixed to variable pricing, which is a pretty natural evolution as Shopify Plus grows and accommodates a more diverse portfolio of merchants. What this means for our Shopify Plus merchants is better alignment between what they pay, their uses of the platform, and the value they realize from Plus. It was important to do this now, ahead of the continued strong growth we are anticipating for Plus in 2017 and beyond.

2017 年 Shopify Plus 的一個重要變化是從固定定價過渡到可變定價，隨著 Shopify Plus 的發展和適應更多樣化的商家組合，這是一個非常自然的演變。這對我們的 Shopify Plus 商家意味著更好地協調他們支付的費用、他們對平台的使用以及他們從 Plus 中實現的價值。在我們預計 2017 年及以後的 Plus 持續強勁增長之前，現在就做這件事很重要。

All in, a phenomenal year for Shopify all around. With more of the pieces in place and the investments we're making, we're looking forward to even greater achievements in 2017. With that, I will turn the call over to Russ. Russ?

總而言之，對於 Shopify 來說，這是非凡的一年。隨著更多的工作到位和我們正在進行的投資，我們期待在 2017 年取得更大的成就。有了這個，我將把電話轉給 Russ。拉斯？

Thanks, Harley. Thanks, everyone. I'm happy to report we had a strong Q4, helped of course by holiday spending and retail's continued shift to online. Before I take you through the numbers, just to let you know, I'm going to tweak the way we normally do this call and save you from listening to me read through every financial detail. Instead, I'll just focus on the highlights so we can leave more time for your questions.

謝謝，哈利。感謝大家。我很高興地報告我們的第四季度表現強勁，這當然得益於假期消費和零售業繼續轉向在線。在我向您介紹這些數字之前，只是想讓您知道，我將調整我們通常進行此通話的方式，以免您聽我通讀每個財務細節。相反，我將只關注要點，以便我們可以留出更多時間來回答您的問題。

Starting with revenue in Q4, revenue grew 86% year on year to $130.4 million, thanks to strength across the board. The monthly recurring revenue at quarter end grew 63% to $18.5 million. Gross merchandise volume grew 94% to $5.5 billion. Of this amount, 39% or $2.2 billion, was processed on Shopify Payments, which compares with $1 billion, or 37% of Q4 2015.

從第四季度的收入開始，由於全面強勁，收入同比增長 86% 至 1.304 億美元。季度末的月度經常性收入增長 63% 至 1,850 萬美元。商品總銷量增長 94% 至 55 億美元。其中，39% 或 22 億美元是通過 Shopify Payments 處理的，而 2015 年第四季度為 10 億美元，即 37%。

Our merchant solutions take rate grew to 1.34% of GMV this past quarter, from 1.25% in Q4 last year. This was due to increased penetration of Shopify Payments, as well as increased adoption of Shopify Shipping, and the introduction of Shopify Capital. Take rate, as you know, measures the degree to which we share in our merchants' success.

我們的商家解決方案在上個季度佔 GMV 的比例從去年第四季度的 1.25% 增長到 1.34%。這是由於 Shopify Payments 的滲透率提高，以及 Shopify Shipping 的採用率提高，以及 Shopify Capital 的引入。如您所知，採用率衡量的是我們分享商家成功的程度。

Finally, a record number of merchants joined Shopify in Q4, and we surpassed 375,000 merchants, of which approximately 2,500 are Plus merchants. The drivers of new merchant adds in Q4 was consistent with prior quarters, with organic, digital, marketing, and partners all contributing to the growth. While we continually experiment with new ways to attract merchants, we're also big beneficiaries of a larger trend towards multi-channel commerce, well-equipped for retail shift to mobile and social, and designed specifically for the millions of potential entrepreneurs looking to join today's gig economy.

最後，第四季度加入 Shopify 的商家數量創下歷史新高，我們的商家數量超過 375,000 家，其中大約 2,500 家是 Plus 商家。第四季度新增商家的驅動因素與前幾個季度一致，有機、數字、營銷和合作夥伴都為增長做出了貢獻。在我們不斷嘗試吸引商家的新方法的同時，我們也是多渠道商務大趨勢的大受益者，為零售業向移動和社交的轉變做好了充分準備，並專為希望加入的數百萬潛在企業家設計今天的零工經濟。

Gross margin dollars expanded by 87% in the quarter, faster than revenue. A few factors helped here. In Subscription Solutions, we benefited from the impact of the higher Q4 volume on our infrastructure cost, and a smaller amount of low-margin-themed revenues. In Merchant Solutions, Shopify Payments cost declined slightly as a percentage of revenue, due to both operational improvements and the impact of additional geographies. We also benefited here from the introduction and growth of higher-margin revenue streams such as Shipping and Capital.

本季度毛利率增長了 87%，快於收入。這裡有幾個因素有所幫助。在訂閱解決方案中，我們受益於更高的第四季度銷量對我們的基礎設施成本的影響，以及少量的低利潤主題收入。在 Merchant Solutions 中，Shopify Payments 成本佔收入的百分比略有下降，這是由於運營改進和其他地區的影響。我們還受益於航運和資本等利潤率較高的收入流的引入和增長。

As a small housekeeping item, provisions for charge-backs are now included in G&A instead of cost of revenue, while we believe -- which we believe more accurately reflects the nature of the cost, and more closely aligns with industry standards.

作為一個小的內務管理項目，退款條款現在包含在 G&A 中而不是收入成本中，而我們相信——我們認為這更準確地反映了成本的性質，並且更接近行業標準。

Our adjusted operating loss came in at less than 1% of revenue for the quarter at $800,000, compared with $1.3 million loss for Q4 of 2015, or 2% of revenue. The seasonally high revenue in the fourth quarter allowed for greater leverage on our adjusted operating expense, which came in at 53% of revenue, a decline of 100 basis points from Q4 of 2015. Our adjusted net loss for the fourth quarter of 2016 was $0.4 million, or $0.00 per share, compared with $1.1 million, or $0.01 per share, for the fourth quarter of 2015.

我們調整後的運營虧損不到本季度收入的 1%，為 800,000 美元，而 2015 年第四季度虧損 130 萬美元，佔收入的 2%。第四季度的季節性高收入允許我們調整後的運營費用產生更大的槓桿作用，佔收入的 53%，比 2015 年第四季度下降 100 個基點。我們 2016 年第四季度的調整後淨虧損為 0.4 美元百萬美元，或每股 0.00 美元，而 2015 年第四季度為 110 萬美元，或每股 0.01 美元。

We invested heavily in 2016, and we saw some amazing results. We are entering 2017 with twice as many employees, thousands of additional partners, tens of thousands of new merchants, a stronger leadership position, and a market opportunity that is even greater than it was a year ago. As a result, we expect to be even busier in 2017, and plan to continue to invest in product, growth, and Shopify Plus.

我們在 2016 年投入了大量資金，並取得了一些驚人的成果。進入 2017 年，我們的員工人數翻了一番，新增了數千名合作夥伴，數以萬計的新商家，更強大的領導地位，以及比一年前更大的市場機會。因此，我們預計 2017 年會更加忙碌，併計劃繼續投資於產品、增長和 Shopify Plus。

First, product. Our investments this year are largely to future proof Shopify the product through investments in our platform, our data, and our infrastructure. Much of the work in 2017 is to make Shopify the platform even easier to build on, for both ourselves and our partners, giving our developers internally and externally better tools and APIs, to help keep Shopify's leading-edge position.

第一，產品。我們今年的投資主要是通過對我們的平台、數據和基礎設施的投資來證明 Shopify 產品的未來。 2017 年的大部分工作是讓 Shopify 這個平台更容易構建，對我們自己和我們的合作夥伴來說都是如此，為我們的內部和外部開發人員提供更好的工具和 API，以幫助保持 Shopify 的領先地位。

For data, our focus is on further leveraging our vast stores of transaction data for not only our own improvements, but also for merchant success. Just think, a brand-new merchant on Shopify gets the benefits of data coming from the billions and billions of transactions that we've processed over the past 10-plus years, and it's growing all the time. Finally, to keep our infrastructure resilient and scalable as the number of merchants on the platform grows, we plan to further take advantage of our -- of the ever-improving cloud cost and capabilities. While this will result in some redundant cost in 2017, we expect to realize future benefits, particularly as we scale globally.

對於數據，我們的重點是進一步利用我們大量的交易數據存儲，不僅是為了我們自己的改進，也是為了商家的成功。試想一下，Shopify 上的一個全新商家從我們在過去 10 多年中處理的數十億筆交易中獲取數據，並且一直在增長。最後，為了隨著平台上商家數量的增長保持我們的基礎架構的彈性和可擴展性，我們計劃進一步利用我們不斷改進的云成本和功能。雖然這將導致 2017 年出現一些多餘的成本，但我們預計未來會實現收益，尤其是在我們進行全球擴張時。

Our second major area of investment in 2017 is focused on growth. We would be crazy not to capitalize on the evolutionary moment in the development of retail. This means a new scaled addition, build-a-business competition, a partner conference that will -- that is expected to be nearly twice the size of last year, targeted branding campaigns, and doubling down on content creation. Finally, we will continue to invest in Shopify Plus in both product and growth by building additional features and functionalities that optimize Shopify for high-volume merchants, and bringing on new sales and sales-related hires.

我們 2017 年的第二個主要投資領域是增長。如果我們不利用零售業發展的進化時刻，那就太瘋狂了。這意味著新的規模增加、建立業務競賽、合作夥伴會議——預計規模將是去年的近兩倍、有針對性的品牌宣傳活動以及加倍投入內容創作。最後，我們將繼續在產品和增長方面投資 Shopify Plus，通過構建額外的特性和功能來優化 Shopify 的大批量商家，並帶來新的銷售和與銷售相關的員工。

With this in mind, we are expecting continued strong revenue growth in 2017, in the range of $580 million to $600 million; and an adjusted operating loss in the range of $18 million to $22 million. For the first quarter, we expect revenue in the revenue of $120 million to $122 million, and an adjusted operating loss in the range of $9 million to $11 million. Given our planned 2017 hiring, especially in R&D, we expect stock-based compensation to amount to $55 million for the full year, with about $11 million of this occurring in the first quarter.

考慮到這一點，我們預計 2017 年收入將繼續強勁增長，在 5.8 億美元至 6 億美元之間；調整後的經營虧損在 1800 萬至 2200 萬美元之間。對於第一季度，我們預計收入在 1.2 億美元至 1.22 億美元之間，調整後的運營虧損在 900 萬至 1100 萬美元之間。鑑於我們計劃在 2017 年招聘，尤其是在研發方面，我們預計全年基於股票的薪酬將達到 5500 萬美元，其中約 1100 萬美元發生在第一季度。

We believe our continued rapid growth indicates that the fundamental transition in retail is still in its early stages, and that our growth trajectory extends well into the future. As such, we believe our long-term focus, combined with our business model that aligns our own interests with those of our merchants, will serve us well for many years to come. With that, I'll turn it back to Katie to start the Q&A.

我們認為，我們的持續快速增長表明零售業的根本轉型仍處於早期階段，我們的增長軌跡將延伸至未來。因此，我們相信，我們的長期關注，加上我們將自身利益與商家利益相結合的商業模式，將在未來許多年為我們提供良好的服務。有了這個，我會把它轉回凱蒂開始問答。

(Operator Instructions)

（操作員說明）

Darren Aftahi, from Roth.

來自 Roth 的 Darren Aftahi。

Good morning, thanks for taking my question, congratulations. If I may, on the adjusted operating guidance, can you talk about what's driving the higher operating loss at the high end in the derivative? Can you touch on the impact of what shipping was on gross margin and the impact going forward of adoption? Thank you.

早上好，謝謝你提出我的問題，恭喜你。如果可以的話，關於調整後的運營指導，你能談談是什麼導致了衍生品高端的更高運營虧損嗎？您能否談談運輸對毛利率的影響以及採用的影響？謝謝。

Thanks, Darren. On terms of the larger operating loss at the high end, again, if you look at it for the full year, we're talking about roughly a 3% of revenue operating loss. As I think we've talked about and firmly believe, we're in a very strong position as a company right now, and the market's in a very good spot. We think investing for the long term is the right thing to do.

謝謝，達倫。就高端較大的運營虧損而言，如果你看一下全年，我們談論的是大約佔收入運營虧損的 3%。正如我認為我們已經討論過並堅信的那樣，作為一家公司，我們現在處於非常有利的地位，而且市場處於一個非常好的位置。我們認為長期投資是正確的做法。

In terms of Shipping, clearly Q4 was the strongest contribution of Shipping to our overall performance. Since we recorded Shipping on a net basis, the impact's larger on the margin than on the revenue side. Definitely saw an improvement in the Merchant Solutions margin for the quarter, due directly to Shipping, as well as Capital also had a very strong contribution.

就航運而言，第四季度顯然是航運對我們整體業績的最大貢獻。由於我們以淨額記錄航運，因此對利潤的影響大於對收入的影響。顯然，本季度的商業解決方案利潤率有所提高，這直接歸功於航運，而 Capital 也做出了非常大的貢獻。

Ken Wong, from Citigroup.

花旗集團的 Ken Wong。

Hi, Harley. I was wondering if you could maybe provide a little more color on this shift to variable pricing with Plus. Any sense on timing, and maybe some of the mechanics around how that variable component will work?

嗨，哈利。我想知道您是否可以提供更多有關使用 Plus 向可變定價轉變的顏色。對時間有任何感覺，也許是關於可變組件如何工作的一些機制？

Yes, it's Harley here, so I'll take that question. As many of you will recall, Plus really started as a bit of an experiment here. We didn't really have so much data when we launched Shopify Plus a couple years back. As we begin to get more data, we're now modifying the pricing. The change is really moving to $2,000 a month, which comparatively to any other mid-market solution is incredibly great value. For those selling more than $10 million a year, there is an additional fee, which better reflects their use of the platform, and of course our costs. That will be 25 basis points of GMV.

是的，我是哈利，所以我來回答這個問題。正如你們中的許多人所記得的那樣，Plus 確實是從一個實驗開始的。幾年前推出 Shopify Plus 時，我們並沒有那麼多數據。隨著我們開始獲得更多數據，我們現在正在修改定價。變化實際上是每月 2,000 美元，與任何其他中端市場解決方案相比，這具有難以置信的巨大價值。對於那些年銷售額超過 1000 萬美元的人，還有額外的費用，這更能反映他們對平台的使用情況，當然還有我們的成本。那將是 GMV 的 25 個基點。

In terms of the roll-out for that, February 1 was the date for all new merchants. And then, for existing merchants that are on Shopify Plus already, they will have -- they'll be rolled out over the next six months, or whenever their contract is up. Again, the change is really to reflect some of the larger merchants that are now beginning to come to Shopify Plus, and their use of the platform relative to our cost, so we'll see that change pretty soon.

就推出而言，2 月 1 日是所有新商家的日期。然後，對於已經在 Shopify Plus 上的現有商家，他們將在未來六個月或合同到期時推出。同樣，這一變化實際上是為了反映一些現在開始使用 Shopify Plus 的大型商家，以及他們對平台的使用相對於我們的成本，所以我們很快就會看到這種變化。

Michael Nemeroff, from Credit Suisse.

來自瑞士信貸的 Michael Nemeroff。

Hi, guys. Thanks for taking my questions, and congratulations on a good year and a quarter. I'm really interested in the geographic breakdown of the business, and where the strong subscriber growth is coming from, and how much of the business do you expect to be outside of the US over the next couple of years versus what you've done in 2016? Thanks.

嗨，大家好。感謝您提出我的問題，並祝賀您度過了美好的一年又一個季度。我真的很感興趣業務的地理分佈，強勁的用戶增長來自何處，以及你預計未來幾年美國以外的業務與你所做的相比有多少2016年？謝謝。

We have merchants now in over 175 countries on the platform. Our core geographies, which is really North America, UK, and Australia, account for a good portion of the merchant growth. In terms of merchants themselves, just under 60% are coming from the US. We continue to see, both in terms of the number of merchants and their impact outside of these core groups, continue to grow, and we expect that to continue.

我們現在在超過 175 個國家/地區的平台上有商家。我們的核心地區，實際上是北美、英國和澳大利亞，佔商家增長的很大一部分。就商家本身而言，只有不到 60% 來自美國。我們繼續看到，無論是商家數量還是他們在這些核心群體之外的影響，都在繼續增長，我們預計這種情況會繼續下去。

Richard Davis, from Cannacord.

來自 Cannacord 的理查德·戴維斯 (Richard Davis)。

Thanks very much. I don't think I heard that your mix of GMV is from online retailers versus brands going direct to consumer, but what was that mix? Then the corollary to that then would be, to what extent as you push forward toward the retailers and omni-channel and those kind of things, why would it not make sense -- or would it make sense -- for you to push deeper into either fulfillment, EDI, returns systems, and things like that? Obviously you're not going to run trucks, but how you think about expanding that functionality matrix?

非常感謝。我想我沒有聽說您的 GMV 組合是來自在線零售商與品牌直接面向消費者的組合，但這種組合是什麼？那麼由此得出的結論是，當你向零售商和全渠道以及諸如此類的事情推進時，你在多大程度上推進，為什麼它沒有意義 - 或者有道理 - 你更深入地推進履行、EDI、退貨系統等等？顯然您不會經營卡車，但您如何考慮擴展該功能矩陣？

Okay, that's two questions, but we'll take each of those in turn.

好的，這是兩個問題，但我們將依次回答每個問題。

That's one and a half. (laughter)

那是一年半。 （笑聲）

All right, so starting with the brands and direct to consumer, I'll give that one to Harley, and then Tobi can address your fulfillment question.

好吧，所以從品牌開始，直接面向消費者，我會把那個給哈雷，然後托比可以解決你的實現問題。

Hi, there. Thanks for the question, there. In terms of brands, this whole concept, direct to consumer, is something that's pretty new. What we're seeing now is Shopify Plus's brands that typically never went direct to consumer in the past are now beginning to do so. Some of them start as promotions where they do a particular marketing campaign, and then realize, hey, there really is a business here to sell our products right to the end user. We think Shopify Plus is really well positioned to take advantage of that particular trend; but again, that's something pretty new for us. Most people on Plus initially were retailers; now we're starting to see these larger brands come on.

你好呀。謝謝你的問題。就品牌而言，直接面向消費者的整個概念是非常新的。我們現在看到的是過去通常從未直接面向消費者的 Shopify Plus 品牌現在開始這樣做。他們中的一些人從促銷活動開始，他們進行特定的營銷活動，然後意識到，嘿，這裡確實有一家公司可以直接向最終用戶銷售我們的產品。我們認為 Shopify Plus 非常適合利用這一特定趨勢；但同樣，這對我們來說是非常新的東西。 Plus 上的大多數人最初都是零售商；現在我們開始看到這些更大的品牌出現了。

Let me just address quickly -- I haven't got anything really great for you on the fulfillment side. We spend a lot of time looking at it. It's one of those parts of the business for every one of our merchants that's very complicated, that they have to [focus this into their start], usually shipping out of their living room, and then want to become more professional. We've worked with a lot of partners together. This is really the way they're thinking about this for now.

讓我快速談談——在履行方面，我沒有任何對你真正有用的東西。我們花了很多時間看它。對於我們每個商人來說，這是非常複雜的業務部分之一，他們必須[將重點放在他們的開始]，通常是從他們的客廳運出，然後想要變得更加專業。我們與很多合作夥伴一起工作過。這確實是他們現在考慮這個問題的方式。

We are building great APIs to allow warehouses and fulfillment systems to plug directly into the platform. That's working exceptionally well. We're also seeing the large logistic companies like FedEx and so on thinking about some of the capabilities that the larger online retailers have been building for themselves. We are hoping to plug into these, and that's roughly the lay of the land for fulfillment at this time.

我們正在構建出色的 API，以允許倉庫和履行系統直接插入平台。這工作得非常好。我們還看到 FedEx 等大型物流公司正在考慮大型在線零售商為自己構建的一些功能。我們希望插入這些，這大致就是此時實現的土地。

Thank you.

謝謝。

Nikhil Thadani, from Mackie Research.

來自 Mackie Research 的 Nikhil Thadani。

Congrats on the quarter. I just wanted to go back to Plus for a second, here. As you're investing into that product and you have some data here, what does the sales cycle for this product look like, and how has that changed over the past year? Is the sales cycle getting compressed or is it getting elongated? Any color on what you're seeing out there? Thanks.

祝賀這個季度。我只想在這裡回到 Plus 一會兒。當您投資該產品並且您有一些數據時，該產品的銷售週期是什麼樣的，過去一年有何變化？銷售週期是被壓縮了還是被拉長了？你在外面看到的東西有什麼顏色嗎？謝謝。

Hey there, it's Harley. I'll take that question. In terms of the sales cycles, first of all, our sales team is getting more mature, and as we get more mature we're learning how to better sell. It's a variety of different sales cycles, simply because we have so many different types of merchants on Shopify Plus. Keep in mind that many of our Shopify Plus merchants today were upgrades, so obviously in those cases it's a fairly quick sales cycle to move them on to Plus.

嘿，我是哈利。我會回答這個問題。在銷售週期方面，首先，我們的銷售團隊越來越成熟，隨著我們越來越成熟，我們正在學習如何更好地銷售。這是各種不同的銷售週期，僅僅是因為我們在 Shopify Plus 上有這麼多不同類型的商家。請記住，我們今天的許多 Shopify Plus 商家都在升級，因此顯然在這些情況下，將它們轉移到 Plus 是一個相當快的銷售週期。

In other cases, when we're working with bigger companies, whether it's Nestle or the Procter & Gambles of the world, that's new for them. Most of them have not sold direct to consumer previously, and those seem to take a little bit longer. But we're getting really good at figuring out what every type of Plus merchant requires, and further reduce net sales cycle.

在其他情況下，當我們與更大的公司合作時，無論是雀巢還是世界寶潔公司，這對他們來說都是新的。他們中的大多數以前沒有直接銷售給消費者，而且似乎需要更長的時間。但我們真的很擅長弄清楚每種類型的 Plus 商家需要什麼，並進一步縮短淨銷售週期。

Sam Kemp, from Piper Jaffrey.

來自 Piper Jaffrey 的 Sam Kemp。

(Technical difficulty) questions. You guys called out that social channels were outpacing online stores, and I wanted to ask, is that something that's relatively new, or is that getting stronger? Then maybe a sub-question on that, if I may. How are you guys thinking about Instagram and potentially having a direct integration into that channel? Thanks.

（技術難度）問題。你們說社交渠道的發展速度超過了在線商店，我想問一下，這是相對較新的東西，還是越來越強大？如果可以的話，也許還有一個子問題。你們如何看待 Instagram 以及直接整合到該頻道的可能性？謝謝。

Yes, and social selling in general.

是的，還有一般的社交銷售。

I just want to clarify that, that question was about Instagram. Social channels -- having trouble to figure out exactly how to address this. A lot of it was forward, leading from us. Let's say, hey, this is something we are seeing. In fact, we watched Instagram for years, and there's countries in the world where a lot of the commerce activity happens through people taking pictures of their products next to a price tag, and then contacting each other through Instagram.

我只是想澄清一下，這個問題是關於 Instagram 的。社交渠道——很難弄清楚如何解決這個問題。很多都是向前的，由我們領先。比方說，嘿，這就是我們所看到的。事實上，我們關注 Instagram 很多年了，世界上有些國家/地區的許多商業活動都是通過人們在價格標籤旁邊為他們的產品拍照，然後通過 Instagram 相互聯繫來進行的。

This is the wonderful thing about commerce is really how global it is, and that almost every experiment, anything that we can dream up, someone is actually going on somewhere on the planet, if we look enough. Increasingly with our platform, we actually have a data to then figure out where people actually are reacting like this, and find it, and look at it, and sometimes travel and learn from that.

這就是商業的美妙之處在於它真的是全球化的，幾乎每一個實驗，任何我們可以夢想的東西，如果我們仔細觀察的話，實際上有人在地球上的某個地方進行。通過我們的平台，我們實際上有越來越多的數據可以弄清楚人們實際上在哪裡做出這樣的反應，找到它，查看它，有時還可以旅行並從中學習。

All of the social efforts were extractions from something people are already doing, which in my eyes is always how to make the best products. Don't try to bend the world, but rather bend [this] world. This niche are now expanding. It might have been just one country, it might have been one industry which has done a certain thing. Now, these information are traveling, and more and more people are tapping into these ideas and figuring out best practices.

所有的社會努力都是從人們已經在做的事情中提取出來的，在我看來，這始終是如何製造最好的產品。不要試圖扭曲世界，而是要扭曲[這個]世界。這個利基現在正在擴大。它可能只是一個國家，它可能是一個做了某件事的行業。現在，這些信息正在傳播，越來越多的人正在利用這些想法並找出最佳實踐。

We are seeing that the growth is accelerating, partly due to general information becoming available. This is a problem with being very innovative. Sometimes it's not just that when we build something completely new, we launch it, and then everyone knows exactly how to use it. Actually, everyone has to learn how to put these new tools to best use, and frankly we have to observe people using them to then make them even better, and this process takes over. The nice thing is we're now getting to a phase where we have been in the market for years with some of our earlier channels. This is now getting into the space of acceleration, and this is why the numbers are growing.

我們看到增長正在加速，部分原因是一般信息變得可用。這是一個非常有創意的問題。有時不僅僅是當我們構建全新的東西時，我們啟動它，然後每個人都知道如何使用它。實際上，每個人都必須學習如何充分利用這些新工具，坦率地說，我們必須觀察人們使用它們，然後讓它們變得更好，這個過程接管了。好消息是我們現在進入了一個階段，我們已經在市場上使用了一些早期的渠道多年。現在正在進入加速空間，這就是數字不斷增長的原因。

Jesse Hulsing, from Goldman Sachs.

來自高盛的傑西·赫爾辛。

Thank you, and good morning. I wanted to follow up on gross margins, and so this is probably for Russ. Do you expect that the improvements, the trend line in Q4 for Merchant Solutions gross margins continues into 2017 as Shipping and Capital become bigger contributors? As a sub-follow-up for that, can you remind us where you think Merchant Solutions gross margins can go longer term? Thank you.

謝謝，早上好。我想跟進毛利率，所以這可能是針對 Russ 的。隨著航運和資本成為更大的貢獻者，您是否預計第四季度商戶解決方案毛利率的改善趨勢線會持續到 2017 年？作為對此的子跟進，您能否提醒我們您認為 Merchant Solutions 的毛利率可以長期保持在何處？謝謝。

We see, as part of our forecasting and projections that we do, that we'll see continued steady improvement in gross margin percentage for Merchant Solutions. I mean, it's never going to be where we achieve on the SaaS component or the subscription side of the business, but there's a number of things in play here. As you mentioned, both Shipping and Capital continue to improve our overall merchant. On the payment side, we're already starting to see operational efficiencies that are improving in North America, our percentages that we're achieving on payment. Outside of North America, we currently already get a higher percentage margin on our Payments business. As that portion expands as part of the overall Merchant Solutions piece of the pie, we can see some slow but steady improvements, is what we're looking for.

我們看到，作為我們所做預測的一部分，我們將看到 Merchant Solutions 的毛利率持續穩步提高。我的意思是，它永遠不會是我們在 SaaS 組件或業務的訂閱方面實現的地方，但這裡有很多事情在起作用。正如您提到的，航運和資本都在繼續改善我們的整體商家。在支付方面，我們已經開始看到北美的運營效率正在提高，我們在支付方面取得的百分比。在北美以外，我們目前已經在支付業務上獲得了更高的利潤率。隨著這部分作為整體商家解決方案的一部分擴展，我們可以看到一些緩慢但穩定的改進，這就是我們正在尋找的。

Tom Forte, from Maxim Group.

來自 Maxim Group 的 Tom Forte。

Great, thanks for taking my question. How should we think about customer additions for Shopify Plus, those growing on the platform versus those added by your salesforce? Thank you.

太好了，謝謝你提出我的問題。我們應該如何考慮 Shopify Plus 的客戶增加，在平台上增長的客戶與您的銷售人員增加的客戶？謝謝。

Our history has been that half of them have been upgrades and half of them have been new additions to the platform. As these even brand-new merchants that are starting on the platform today continue to grow, it's a very strong migration path for them that they can get access to additional functionality, as well as direct contact with account managers and other support people in the organization. We see both of them continuing to be strong parts of that business.

我們的歷史是，其中一半是升級，一半是平台的新增功能。隨著這些甚至是今天開始使用該平台的全新商家繼續增長，這對他們來說是一條非常強大的遷移路徑，他們可以獲得額外的功能，並直接與客戶經理和組織中的其他支持人員聯繫.我們看到他們兩個都將繼續成為該業務的重要組成部分。

Thank you.

謝謝。

Monika Garg, from Pacific Crest Securities.

來自 Pacific Crest Securities 的 Monika Garg。

Hi, thanks for taking my question, a question on Shipping. You have relationships with (technical difficulty) USPS and Canada Post, you talked about. Could you talk how you're thinking to add new shippers to your platform, especially in other geographies, and how you're thinking about increasing penetration rate of Shipping over the next couple of years? Thanks.

您好，感謝您提出我的問題，一個關於運輸的問題。您談到了與（技術困難）USPS 和加拿大郵政的關係。您能否談談您如何考慮將新的托運人添加到您的平台，尤其是在其他地區，以及您如何考慮在未來幾年內提​​高航運的滲透率？謝謝。

Yes, in terms of what we have to date, as you mentioned, USPS and Canada Post were two of the initial partners on that. Also, remind people that we also do stuff with UberRUSH and Postmates. That provides same-day delivery, which is something important for our merchants.

是的，正如您提到的，就我們迄今為止所擁有的而言，USPS 和加拿大郵政是這方面的兩個初始合作夥伴。另外，提醒人們我們也與 UberRUSH 和 Postmates 合作。這提供了當天交貨，這對我們的商家來說很重要。

In terms of the focus going forward, it's really adding additional carriers, so either a UPS or a FedEx, or maybe even both of those, to expand the capabilities of what we're doing in the area of Shipping. We will also add geographies, but in a lot of cases, that's going to be paced by the traditional providers in those places, because we'll -- we need APIs, we need contracts, to make all of that happen. You'll continue to see strong movement on the Shipping side.

就未來的重點而言，它實際上是在增加額外的承運人，所以要么是 UPS 要么是 FedEx，甚至可能是這兩者，以擴展我們在航運領域所做的事情的能力。我們還將添加地理位置，但在很多情況下，這將由這些地方的傳統提供商來調整，因為我們將 - 我們需要 API，我們需要合同，以實現所有這些。您將繼續看到航運方面的強勁走勢。

To date, the product's really focused on people shipping around 150 or less packages in a given month. The product itself will be expanded to provide a solution for those doing a higher volume. Once you get to the higher levels, though, most likely you're using a third-party fulfillment house. As Tobi mentioned, really our job there is to work effectively with those, so that the merchant gets a seamless solution as they grow their business.

迄今為止，該產品真正專注於在給定月份運送大約 150 個或更少包裹的人。產品本身將得到擴展，以便為那些做更高容量的人提供解決方案。但是，一旦達到更高級別，您很可能正在使用第三方履行機構。正如 Tobi 提到的那樣，我們的工作實際上是與這些人有效合作，以便商家在發展業務時獲得無縫解決方案。

Ross MacMillan, from RBC.

來自 RBC 的羅斯·麥克米倫 (Ross MacMillan)。

Thanks very much, and my congratulations, as well. Harley, just on Plus, I'm curious, have you already tested the variable pricing with some merchants, so you've got some intel on the readiness of the base to adopt that? Second, related to that, can you help us understand how big the GMV from the Plus merchants are relative to the total? Thanks.

非常感謝，我也表示祝賀。 Harley，就在 Plus 上，我很好奇，你是否已經與一些商家測試了可變定價，所以你對基礎準備好採用它有一些情報？其次，與此相關，您能否幫助我們了解 Plus 商家的 GMV 相對於總數有多大？謝謝。

Yes, to start with, in terms of the pricing change, as I mentioned, the pricing change went into effect Feb 1, and obviously we've been signing Plus merchants since that point. Those that are coming on are well aware of that pricing change. Keep in mind, relative to the other players in that space, we think we're providing a ton of value relative to what we're providing them with.

是的，首先，就價格變化而言，正如我提到的，價格變化於 2 月 1 日生效，顯然我們從那時起就一直在與 Plus 商家簽約。那些即將到來的人很清楚這種定價變化。請記住，相對於該領域的其他參與者，我們認為相對於我們為他們提供的東西，我們提供了大量的價值。

Really, the pricing change comes from now having a couple years of data to look after, and understanding what some of the largest merchants are using on our platform. We needed a way to properly reflect their use, as well as our cost, and we think this pricing change makes a lot of sense. Keep in mind that for most people, they're not necessarily selling $10 million on day one on an annual basis. $2,000 a month is still an incredible value.

確實，價格變化來自於現在需要管理幾年的數據，並了解一些最大的商家在我們的平台上使用什麼。我們需要一種方法來正確反映它們的使用以及我們的成本，我們認為這種定價變化很有意義。請記住，對於大多數人來說，他們不一定在每年的第一天就賣出 1000 萬美元。每月 2,000 美元仍然是一個令人難以置信的價值。

On, GMV do you have a rough estimate of Plus GMV versus total?

關於 GMV，您是否粗略估計了 Plus GMV 與總交易額？

Yes. Obviously as we add more Plus merchants, it's going to grow relative to Shopify.

是的。顯然，隨著我們添加更多的 Plus 商家，它會相對於 Shopify 增長。

Gus Papageorgiou, from Macquarie.

Gus Papageorgiou，來自麥格理。

Thanks for taking my question, and congrats on the quarter. Russ, can we touch on Capital for a minute? Last quarter, you ended up with $15.5 million outstanding, you closed this quarter at $30 million, and it sounds like you're at $35 million now. Can you tell us a little bit about the accounting of that? I'm assuming you take provisions up front, and your target was about a nine-month payback, with low-teens interest rates. Can you talk about how you're accounting for that, and if you look into 2017, how big is that $35 million going to grow to? And then, second question real quick, can you confirm that you are still committed to reaching operating profitability in 2017? Thanks.

感謝您提出我的問題，並祝賀本季度。 Russ，我們可以談一談 Capital 嗎？上個季度，你最終有 1550 萬美元的未償付，本季度你以 3000 萬美元結束，聽起來你現在有 3500 萬美元。你能告訴我們一些關於它的會計嗎？我假設您預先準備好資金，您的目標是大約九個月的投資回收期，利率低至十幾歲。你能談談你是如何解釋這一點的嗎？如果你展望 2017 年，這 3500 萬美元將增長到多少？然後，第二個問題很快，你能確認你仍然致力於在 2017 年實現運營盈利嗎？謝謝。

I'll answer the second part, first. Yes, Q4 2017 is still when we're targeted to hit adjusted operating profit for the Company, so no change in that. In terms of cash advances, at the end of FY16 we had advanced about $30 million. Just a reminder, the real importance of doing the cash advances is really to provide working capital to these merchants as they grow their business. As a result of that, a lot of the advances happened pre that holiday period, but the remittances for us are pretty strong during that period. We ended up, if you look at our balance sheet at the end of the year, at about $12 million of receivables outstanding related to our cash advance program.

我先回答第二部分。是的，2017 年第四季度仍然是我們為公司實現調整後營業利潤的目標，因此沒有變化。在預付現金方面，截至 2016 財年末，我們預付了約 3000 萬美元。提醒一下，預付現金的真正重要性在於為這些商家提供營運資金，幫助他們發展業務。因此，很多進展發生在那個假期之前，但我們的匯款在那個時期非常強勁。如果您在年底查看我們的資產負債表，我們最終會發現與我們的現金墊款計劃相關的未償應收賬款約為 1200 萬美元。

In terms of the revenue impact, as you mentioned, we record it really on a net base, and the amount that we earn is spread out over us getting fully remitted on that advance, but we do take the provisions up front. That's reflected in our G&A costs. In terms of the timing, Q4 is a bit of -- a little bit difficult to predict because of the volume's so high that you get paid back a lot in a very short period. We have merchants that are paying back these advances within weeks, months, on that side. In terms of the future amount, we don't have a set goal in terms of how much in advances that we are trying to do. Right now it's available to our US merchants, so one possibility is to expand that beyond the US.

就收入影響而言，正如您提到的，我們實際上是在淨基數上記錄的，我們賺取的金額分攤到我們在預付款上全額匯出，但我們確實預先準備好了。這反映在我們的 G&A 成本中。就時間而言，第四季度有點——有點難以預測，因為數量如此之大，以至於你在很短的時間內就得到了很多回報。在這方面，我們有商家在數週、數月內償還這些預付款。就未來的數量而言，我們沒有設定我們試圖做多少預付款的目標。現在我們的美國商家可以使用它，所以一種可能性是將其擴展到美國以外。

Kevin Krishnaratne, from Paradigm Capital.

來自 Paradigm Capital 的 Kevin Krishnaratne。

Hi, good morning, guys. One question. Any opportunities for you to leverage your retail knowledge to make shopping easier for the consumer? I know that you're merchant focused, but just wondering if you've ever thought about potentially even launching on the marketplace? Thinking about your Flash sales app -- I think it's called Frenzy that you launched on Black Friday, which I do think was pretty innovative. Your thoughts around that?

嗨，早上好，伙計們。一個問題。您是否有機會利用您的零售知識讓消費者的購物變得更輕鬆？我知道您以商家為中心，但只是想知道您是否考慮過甚至可能在市場上推出？考慮一下您的閃購應用程序——我認為您在黑色星期五推出了名為 Frenzy 的應用程序，我認為它非常具有創新性。你對此有何看法？

Yes, thank you very much. I think Frenzy is a really good example of what we are doing there in this space. Obviously a small experiment they targeted at the street-wear industry. Like general marketplaces, as you well know, there's large and small public companies, which essentially only run the marketplace. It's not the kind of thing I think you can add as a hobby attached to the hip of an existing company that looks at something tangential.

是的謝謝你。我認為 Frenzy 是我們在這個領域所做工作的一個很好的例子。顯然，這是他們針對街頭服飾行業的一個小實驗。正如您所知，與一般市場一樣，有大大小小的上市公司，它們基本上只經營市場。我認為這不是那種你可以作為一種愛好添加到現有公司的臀部的東西，它著眼於切線。

But they're really interested. I think what we've -- where we've come down, this is obviously a debate that this Company has had since it was founded. If you go -- if you have some fun with The Wayback Machine and Shopify.com, you might see us being in the marketplace for about 15 minutes in 2006.

但他們真的很感興趣。我認為我們所擁有的 - 我們所處的位置，這顯然是這家公司自成立以來一直在進行的辯論。如果你去——如果你對 The Wayback Machine 和 Shopify.com 感興趣，你可能會看到我們在 2006 年在市場上停留了大約 15 分鐘。

We've experimented around this, but I think we've settled on something much more powerful, which is we represent the 375,000 merchants and all their product as a unit. Through our channel strategy and specifically through the developer tools that are attached to us through the channel SDK, it's very simple for the people who run marketplaces to come and plug into this merchant base, and bring -- represent all of the products that are going on, on Shopify, or just the vertical-specific ones.

我們已經圍繞這個進行了試驗，但我認為我們已經確定了一些更強大的東西，那就是我們代表 375,000 家商家及其所有產品作為一個整體。通過我們的渠道策略，特別是通過渠道 SDK 附加到我們的開發人員工具，對於經營市場的人來說，進入這個商家群並帶來 - 代表所有正在銷售的產品非常簡單在 Shopify 上，或者只是特定於垂直領域的。

We actually think that's a much more powerful position for us, because the one issue we have being a marketplace, is that the things that we look after are things that people needed, actually long before computers, hundreds of years ago, they needed to do their bookkeeping of products and manage their inventory and all these kind of things. They will still need to do that 100 years from now.

我們實際上認為這對我們來說是一個更強大的位置，因為我們作為一個市場的一個問題是，我們關注的是人們需要的東西，實際上早在數百年前的計算機之前，他們需要做的事情他們的產品簿記和管理庫存以及所有這些事情。 100 年後，他們仍然需要這樣做。

Where marketplaces are very much -- much shorter time frame kind of thing. The example is if it would be like 5 or 10 years ago right now, we would very much want to be able to sell our products from MySpace, which of course now is completely without value. Marketplaces come and go, but the back office and the boring parts of commerce that we are so good at have a different time frame. I think the way we go through the market place (technical difficulty).

市場在哪裡 - 時間框架要短得多。舉個例子，如果是在 5 年或 10 年前，我們非常希望能夠從 MySpace 上銷售我們的產品，當然現在已經完全沒有價值了。市場來來去去，但我們擅長的後台和無聊的商業部分卻有不同的時間框架。我認為我們通過市場的方式（技術難度）。

Great. Thanks for that color, Tobi, appreciate it. Congrats again on the quarter, as well.

偉大的。謝謝你的顏色，托比，謝謝。也再次祝賀本季度。

Terry Tillman, from Raymond James.

雷蒙德·詹姆斯的特里·蒂爾曼。

Hey, good morning. Practically all my questions have been asked, but I do actually still have one. Harley, maybe it's -- oh, by the way, nice job on the quarter. Maybe this is for Harley. In terms of earlier, when you were talking about the Plus traction, part of it I think you attributed to the success you've had with signing up agency partners. As you've started to work with them, are you finding that maybe your own sales resources or sales capacity you need to sell Plus is less because they're a lot more productive than you would've thought they would have been -- at the agency channel, that is? Thank you.

嗨，早上好。幾乎我所有的問題都被問到了，但實際上我仍然有一個問題。哈雷，也許是——哦，順便說一句，本季度表現不錯。也許這是給哈雷的。就早些時候而言，當你談論 Plus 牽引力時，我認為你部分歸因於你在簽約代理合作夥伴方面取得的成功。當您開始與他們合作時，您是否發現也許您自己的銷售資源或銷售能力需要銷售 Plus，因為他們比您想像的更有效率——在代理渠道，即？謝謝。

Thanks for the question. What we're noticing, just to be clear, the partner program we launched for Shopify Plus is a different program than our traditional partner program, really because these are larger agencies that are building online stores and retail operations for much larger brands and larger companies. Previously to Shopify Plus they really didn't have anything to offer.

謝謝你的問題。我們注意到，需要明確的是，我們為 Shopify Plus 推出的合作夥伴計劃與我們的傳統合作夥伴計劃不同，這真的是因為這些更大的機構正在為更大的品牌和更大的公司建立在線商店和零售業務.在 Shopify Plus 之前，他們真的沒有提供任何東西。

We've seen a lot of success from them. They're excited about the product, they like the price points that we're at. In terms of them working with the sales team, in some cases, they bring a merchant on to Plus that is fully ready to go, and there's no need for sales touch. In other cases, they work collaboratively with our sales team, and obviously we adjust our revenue share to them based on that. But we find that it's a great partnership between our sales group and those partners. Again, it's still less than a year old since we launched that Shopify Plus partner program, but so far it's going really well.

我們從他們身上看到了很多成功。他們對產品感到興奮，他們喜歡我們的價位。就他們與銷售團隊的合作而言，在某些情況下，他們會將商家帶到完全準備就緒的 Plus 上，而無需進行銷售接觸。在其他情況下，他們與我們的銷售團隊合作，顯然我們會根據此調整我們的收入份額。但我們發現，這是我們的銷售團隊與那些合作夥伴之間的良好合作夥伴關係。同樣，我們推出 Shopify Plus 合作夥伴計劃還不到一年，但到目前為止進展順利。

Thanks.

謝謝。

James Cakmak, from Monness Crespi Hardt.

來自 Monness Crespi Hardt 的 James Cakmak。

Hi, thanks. This is obviously a big investment year for you guys, especially given the revenue on deck for the year. You mentioned a couple of buckets of investment infrastructure growth in Plus. Can you help us understand the magnitude of the investment in each, and more specifically to that, how much is related around customer acquisition? Thanks.

你好謝謝。對你們來說，這顯然是一個重要的投資年，尤其是考慮到今年的收入。你在 Plus 中提到了幾桶投資基礎設施的增長。您能否幫助我們了解每項投資的規模，更具體地說，有多少與客戶獲取有關？謝謝。

Yes, no real more specifics than what we had talked about. If you think of all three, it could be a third, a third, a third between those. I think the real important side on the investment is that we can invest in all three to really help build the long-term business here. It's very similar to what we did in 2016. If you look at our adjusted operating loss as a percentage of revenue, we are targeting roughly the same this year.

是的，沒有比我們談論的更具體的了。如果你想到所有這三個，它可能是三分之一、三分之一、三分之一。我認為投資真正重要的一面是我們可以對這三個方面進行投資，以真正幫助在這裡建立長期業務。這與我們在 2016 年所做的非常相似。如果你看一下我們調整後的營業虧損佔收入的百分比，我們今年的目標大致相同。

Again, we're doing these very thoughtful. I think the one that I will call out a little bit is on the data side. I think relative to a lot of our competitors and other people in the industry, we have this wealth of information. Not only can we use ourselves to be more effective, but putting that now in the hands of the merchants so they can do things like figuring out what are the right sales channels, reducing their risk of accepting chargebacks, even on ourselves, making sure that our underwriting is much more sophisticated, I think really add to the value of the platform.

同樣，我們正在做這些非常周到的事情。我想我要說的一點是在數據方面。我認為相對於我們的許多競爭對手和業內其他人，我們擁有如此豐富的信息。我們不僅可以利用自己來提高效率，而且現在把它交給商家，這樣他們就可以做一些事情，比如找出什麼是正確的銷售渠道，降低他們接受退單的風險，甚至是我們自己，確保我們的承保要復雜得多，我認為這確實增加了平台的價值。

I think given again our leadership position and the state of the market, it just really makes a lot of sense to go all in and invest. We're not again talking about incurring big losses and stuff like that. It's going to be the same thoughtful process that we've applied in the past.

我認為再次考慮到我們的領導地位和市場狀況，全力以赴進行投資真的很有意義。我們不會再談論遭受重大損失之類的事情。這將是我們過去應用的同樣深思熟慮的過程。

Brian Essex, from Morgan Stanley.

來自摩根士丹利的布賴恩·埃塞克斯。

Hi, good morning. Thank you for taking the question, and congrats from me, as well. Maybe this one's for Russ. Russ, as we look at obviously fantastic results for the quarter, and we've called out a couple of things in the past, like your data center spend and a little bit of pressure that, that might have on the margins, but as you think about your estimates or your guidance going forward, what are the primary things that investors should be focused on, where we just need to keep an eye out and make sure that we don't get ahead of our skis, so to speak, a little bit too aggressive, given the strength that you had in the quarter? The pace of the growth that you have in 2017?

早上好。感謝您接受這個問題，也感謝我的祝賀。也許這是給 Russ 的。 Russ，當我們看到本季度明顯出色的結果時，我們過去已經提到了一些事情，比如您的數據中心支出和一點點壓力，這可能會對利潤產生影響，但正如您想想你的估計或你對未來的指導，投資者應該關注的主要事情是什麼，我們只需要留意並確保我們不會超越我們的滑雪板，可以這麼說，a考慮到你在本季度的實力，是不是有點過於激進了？您在 2017 年的增長速度如何？

Yes, I think 2017 will follow a similar pattern to 2016 and even the prior year. Q4 is always our strongest quarter. The fact that the adjusted operating loss was only $800,000 for the quarter, I think should give people a lot of comfort, in terms of our projection of being profitable in Q4 of 2017.

是的，我認為 2017 年將遵循與 2016 年甚至前一年類似的模式。第四季度始終是我們最強勁的季度。事實上，本季度調整後的運營虧損僅為 800,000 美元，我認為就我們對 2017 年第四季度盈利的預測而言，應該會給人們帶來很大的安慰。

I think we'll see a little bit more seasonality, just because now, in addition to the payment side of Merchant Solutions for the fourth quarter, we also now have Shipping and the fact that cash advances there is such a high level of remittances, that obviously ties into the revenue that we generate from that. The way we look at the business is really MRR and GMV. I would just keep looking at those two metrics as you really try to get a feel and size Shopify.

我認為我們會看到更多的季節性，只是因為現在，除了第四季度商戶解決方案的支付方面，我們現在還有航運，而且現金預付款的匯款水平如此之高，這顯然與我們從中產生的收入有關。我們看待業務的方式實際上是 MRR 和 GMV。我會繼續關注這兩個指標，因為你真的試圖獲得 Shopify 的感覺和規模。

Any way to think about take rate, and all these levels of take rate given the growth of Shopify Plus?

考慮到 Shopify Plus 的增長，有什麼方法可以考慮採取率以及所有這些水平的採取率？

The take rate was strong in the quarter, up from the previous quarter. Again, we see slow, steady improvement on the take rate as shipping and capital become a bigger piece of the pie as we add payments to more geographies. Even as merchants themselves get more successful, all of that contributes to that take rate. Again, don't -- our internal view is really a slow and steady increase there.

本季度的採納率高於上一季度。同樣，隨著我們向更多地區增加支付，航運和資本在餡餅中所佔的比重越來越大，我們再次看到採用率出現緩慢而穩定的改善。即使商家自己變得更加成功，所有這些都有助於提高采納率。再一次，不要——我們的內部觀點確實是那裡緩慢而穩定的增長。

Very helpful, thank you.

非常有幫助，謝謝。

Todd Coupland, from CIBC.

來自 CIBC 的 Todd Coupland。

Good morning, everyone. I wanted to ask about competitive landscape. Could you give us some color on how much of the merch account improvement came from share gains, and where you're seeing that? I think you've talked about in the past, Magento, you had picked up some share. If you could provide color on that, appreciate it, and whether or not you expect that to continue in 2017? Thanks.

大家，早安。我想問一下競爭格局。您能否給我們一些顏色，說明商品帳戶的改進有多少來自份額收益，以及您在哪裡看到的？我想你過去曾談過，Magento，你已經獲得了一些份額。如果你能提供顏色，欣賞它，你是否希望它在 2017 年繼續？謝謝。

Hey, it's Harley. I'll answer on that Magento question. We've mentioned in the past that particular for Shopify Plus we feel that the Magento merchant base is an interesting prospect for us. With the Magento 2 upgrade required, it's a perfect opportunity for us to start looking at getting those merchants on to Shopify Plus. Certainly, that's been a good channel for us for merchant acquisition on Plus.

嘿，是哈利。我會回答那個 Magento 問題。我們過去曾提到，特別是對於 Shopify Plus，我們認為 Magento 商家群對我們來說是一個有趣的前景。由於需要升級 Magento 2，這是我們開始考慮讓這些商家加入 Shopify Plus 的絕佳機會。當然，這對我們在 Plus 上獲取商戶來說是一個很好的渠道。

One of the things I mentioned earlier on the call is that a lot of the merchants that we're seeing on Plus, as well, are new to e-commerce. Either they were never selling direct to consumer before, or it's a celebrity brand like The Weeknd or a Kanye or a Drake who simply never sold merchandise direct to their fan base, and now they're coming to Shopify Plus to do that. Obviously we're doing these pop-ups in person with them, as well. In general, I think on the Shopify Plus side, at least, we are seeing merchants come from all different types of either migrations from other platforms, or that are new to the e-commerce game.

我之前在電話會議上提到的一件事是，我們在 Plus 上看到的很多商家也是電子商務的新手。要么他們以前從未直接向消費者銷售過，要么是像 The Weeknd 或 Kanye 或 Drake 這樣的名人品牌從來沒有直接向他們的粉絲群銷售商品，而現在他們來到 Shopify Plus 來做這件事。顯然，我們也親自與他們一起製作這些彈出窗口。總的來說，我認為至少在 Shopify Plus 方面，我們看到商家來自各種不同類型，要么是從其他平台遷移過來的，要么是電子商務遊戲的新手。

Brad Sills, from Bank of America.

來自美國銀行的 Brad Sills。

Thanks, guys, for taking my question. Just one on the App Store. Are there any categories that you're seeing more traction than maybe you would've expected in the quarter, or even for the year -- across inventory management, accounting, et cetera, just the different categories that you offer? Thank you.

伙計們，謝謝你回答我的問題。 App Store 上只有一個。在本季度甚至全年，是否有任何類別比您預期的更具吸引力——在庫存管理、會計等方面，只是您提供的不同類別？謝謝。

Hey, it's Harley. I'll take that question, too. I think generally across the entire App Store you're seeing all categories are getting a lot more interest from our merchants. The nice part about Shopify is that Shopify's core offering does what most people need most of the time; then for everything else to really personalize your retail experience, you go to the App Store.

嘿，是哈利。我也會回答這個問題。我認為總體而言，在整個 App Store 中，您會看到我們的商家對所有類別的興趣都越來越大。 Shopify 的優點在於，Shopify 的核心產品可以滿足大多數人大部分時間的需求；然後，為了真正個性化您的零售體驗，您可以前往 App Store。

No two merchants are the same. If you're selling shoes, you may require some functionality that a T-shirt retailer may not need. All categories are really growing nicely in the App Store, and we're seeing more apps and more app downloads from our merchants than before. That's really healthy for us, and really great for our ecosystem.

沒有兩個商人是相同的。如果您銷售鞋子，您可能需要一些 T 卹零售商可能不需要的功能。 App Store 中所有類別的增長都非常好，我們看到更多的應用程序和來自我們商家的應用程序下載量比以前更多。這對我們來說真的很健康，對我們的生態系統來說真的很棒。

Abhinav Kapur, BTIG.

阿比納夫·卡普爾，BTIG。

Thanks for the question. Just a question on the new Plus pricing, the $2,000 flat fee. Is that going to be applied to all Plus merchants? I think, earlier, the ones that were graduating up from lower-priced plans were initially on a lower monthly fee? Thanks.

謝謝你的問題。只是關於新的 Plus 定價的問題，即 2,000 美元的固定費用。這將適用於所有 Plus 商家嗎？我想，早些時候，那些從低價計劃畢業的人最初的月費較低？謝謝。

Yes, it Harley. I'll take that question again. Everyone who's on Shopify Plus, existing merchants, will be moving to that new price plan eventually. Some of them obviously are in contracts, and we'll wait until that contract expires; but we are giving a six-month period before anyone has to upgrade, to ensure that we properly explain the pricing change. For those that are on -- that really came on in the early days to Shopify Plus, we're going to ensure that there's a graduation to that $2,000-a-month price plan, but ultimately and eventually, everyone will be on that new pricing.

是的，它是哈雷。我會再回答這個問題。 Shopify Plus 上的每個人，現有商家，最終都會轉向新的價格計劃。其中一些顯然是在合同中，我們會等到合同到期；但我們在任何人必須升級之前給了六個月的時間，以確保我們正確解釋價格變化。對於那些在早期真正開始使用 Shopify Plus 的人，我們將確保升級到每月 2,000 美元的價格計劃，但最終每個人都會使用這個新的價錢。

Got it, thanks.

知道了謝謝。

(Operator Instructions)

（操作員說明）

Eyal Ofir, Eight Capital.

Eyal Ofir，八首都。

Thanks, just a quick question for you guys, and congrats on the quarter. As we look into 2017, the cost base obviously, it seems like you're going to be investing into the OpEx line heavily, as well. Just trying to gauge how we should think about the investment sales and marketing versus the research and development line. And then just another question, obviously you guys talked about on the revenue front, both mobile being strong and social channels. I was trying to understand if there's a significant correlation between the two, as I would expect there to be one. Thanks.

謝謝，只是問你們一個簡短的問題，祝賀這個季度。當我們展望 2017 年時，成本基礎很明顯，您似乎也將大量投資於 OpEx 系列。只是想衡量我們應該如何考慮投資銷售和營銷與研發線。然後是另一個問題，顯然你們在收入方面談論過，移動和社交渠道都很強大。我試圖了解兩者之間是否存在顯著相關性，正如我所期望的那樣。謝謝。

In terms of on the expense side, our largest driver expenses is people. We added roughly 1,000 new employees in 2016, and will do roughly the same in 2017. In terms of the R&D side, that is really driven by people. If you look at our ambition and our roadmap, if we can hire faster there, definitely we will do that. Every day there's new things that pop up that we could be working on to improve both our position and the platform, itself.

在費用方面，我們最大的司機費用是人。我們在 2016 年增加了大約 1,000 名新員工，並且在 2017 年將大致相同。在研發方面，這確實是由人驅動的。如果你看看我們的雄心和路線圖，如果我們可以在那裡更快地招聘，我們肯定會那樣做。每天都會有新事物出現，我們可以努力改善我們的地位和平臺本身。

On the marketing front, Unite for example, as Harley mentioned, it'll be bigger than the past year, so more dollars go in there. The Build a Business now has gone from one competition to more of a franchise-type approach. Build a Bigger Business is something that we just recently introduced with Tony Robbins. Other than that, a lot of it's going to be continued smart spending on advertising associated with that.

在營銷方面，例如 Unite，正如 Harley 提到的那樣，它會比去年更大，所以會有更多的錢投入其中。 Build a Business 現在已經從一種競爭方式轉變為更多的特許經營方式。建立更大的業務是我們最近與托尼羅賓斯一起介紹的內容。除此之外，其中很大一部分將繼續在與此相關的廣告上進行明智的支出。

One area that we've built into the plan is in terms of our infrastructure. Currently, we do use some cloud computing as part of that, in addition to our own data centers. We will be doing some more work associated with cloud capabilities in 2017, so there will be a little bit of a duplication there, as we'll also maintain our own data centers for this year.

我們已經納入計劃的一個領域是我們的基礎設施。目前，除了我們自己的數據中心之外，我們確實使用了一些雲計算作為其中的一部分。我們將在 2017 年做更多與雲功能相關的工作，因此那裡會有一些重複，因為今年我們還將維護自己的數據中心。

Okay, so you shouldn't expect any increase in CapEx then, as well, then?

好吧，那麼你不應該期望資本支出也會增加嗎？

Yes, as a percentage of revenue, it'll decline. In terms of CapEx, relatively the same on the data center side, but certainly on -- as we continue to expand the employee base, we're constantly picking up additional facilities in the many cities that we operate. Leasehold improvements continues to be a big part of our spend.

是的，作為收入的百分比，它會下降。就資本支出而言，數據中心方面相對相同，但肯定是——隨著我們繼續擴大員工基礎，我們不斷在我們運營的許多城市中增加額外的設施。租賃改善仍然是我們支出的重要組成部分。

Okay, great. Then if you can comment on the social correlation to the mobile side of the revenue channel, that would be great, too. Thanks, I'll pass the line.

好的，太好了。然後，如果您可以對收入渠道的移動端的社會相關性發表評論，那也很好。謝謝，我會過去的。

I'm trying to reverse-engineer the angle you're coming at this question, to give you a proper answer on it. It's interestingly phrased. Anything happening on social and anything happening on mobile, they're highly correlated in the way that they're modern, they're new. They're very -- there's a certain group of merchants that is very much looking for the latest and greatest to say, I would like to connect with my customers in a way differently from the way big retailers traditionally have been doing this on the Internet. They love everything that's mobile, they have apps in the App Store, they are on all social channels. They love things like Facebook Messenger and so on.

我正在嘗試對您在這個問題上的角度進行逆向工程，以便為您提供正確的答案。措辭很有趣。社交媒體上發生的任何事情以及移動設備上發生的任何事情，它們都高度相關，因為它們是現代的，它們是新的。他們非常 - 有一群商人非常在尋找最新最好的東西，我想以一種不同於大型零售商傳統上在互聯網上這樣做的方式與我的客戶聯繫.他們喜歡所有移動的東西，他們在 App Store 中有應用程序，他們在所有社交渠道上。他們喜歡 Facebook Messenger 等東西。

The nice thing is -- and this is really good news for Shopify -- is all the R&D for this happened, like I said earlier, partly due to us discovering some trends, but also partly due to conviction. Partly, we looked at this and said, hey, this makes a lot of sense and we should support this.

好消息是——這對 Shopify 來說真的是個好消息——正如我之前所說，所有的研發都發生了，部分是因為我們發現了一些趨勢，但也部分是因為信念。在某種程度上，我們看著這個說，嘿，這很有意義，我們應該支持它。

You always hope when you do these kind of things is that you find out that not only do they work, they actually work better than what people used to be doing. I think this is what in this particular case we found, these approaches all work really well. They are reflected in the sales. They are high-leverage opportunities for the merchants.

你總是希望當你做這些事情時，你會發現它們不僅有效，而且實際上比人們過去所做的更好。我認為這就是我們在這個特定案例中發現的，這些方法都非常有效。它們反映在銷售額中。它們是商家的高槓桿機會。

What happens then, after that becomes clear, is that all the somewhat more conservative folks and larger retailers look at this and say, hey, we believe in this, too -- we would like some of this, and how can we get also have some of these mobile social capabilities? At which point they go to their existing vendors, and it usually ends up in a lot of frustration for them, and then that's when they show up on Harley's doorstep, and then sign up for Shopify Plus. This is how conviction plus R&D ends up in bottom-line impact, after a long circle of indirection.

然後發生的事情，在這變得清晰之後，是所有更保守的人和更大的零售商看著這個並說，嘿，我們也相信這一點 - 我們想要其中的一些，我們如何才能也有其中一些移動社交功能？在這一點上，他們會去找現有的供應商，這通常會讓他們感到很沮喪，然後他們就會出現在 Harley 的門口，然後註冊 Shopify Plus。這就是信念加研發在經過漫長的間接循環後最終對利潤產生影響的方式。

Okay, thank you.

好的謝謝。

We have no further questions at this time. I will turn the call over to Tobi Lutke for closing remarks.

目前我們沒有其他問題。我將把電話轉給 Tobi Lutke 作結束語。

Great, really great year. I think, very pleased. I don't think public companies tend to grow at this 90% annual rate, usually, so it's really fun to manage to pull this off. This is clearly we're thinking internally of this Company still as a growth company, much like -- just like right after we took offers, we see financing, and this is how we act.

很棒，真的很棒的一年。我想，很高興。我認為上市公司通常不會以 90% 的年增長率增長，所以成功實現這一目標真的很有趣。很明顯，我們在內部認為這家公司仍然是一家成長型公司，就像——就像我們接受報價後，我們看到了融資，這就是我們的行為方式。

Our little community here is significantly larger now. We can work on multiple things at the same time, which is really -- again, for someone who has seen all sizes of this Company, the wonderful thing is a lot of companies when they grow up, they tend to run into problems when they lose focus. We've always been really good at keeping our focus. This is again like the marketplace question plays into this. We really stayed on point of making this physical shippable products, e-commerce, better for entrepreneurship, and then eventually stretch up market for Plus. This is our focus.

我們這裡的小社區現在大得多了。我們可以同時處理多項事情，這真的 - 再一次，對於見過這家公司各種規模的人來說，很棒的是很多公司在成長過程中，他們往往會遇到問題失去焦點。我們一直非常擅長保持專注。這又像是市場問題。我們確實堅持讓這種實體可運輸產品、電子商務更適合創業，然後最終擴大 Plus 的市場。這是我們的重點。

The nice thing is now, we can actually be focused on multiple things due to our size. It's not actually that we get distracted by looking to what a pop-up store should be like, and these kind of things. That's really what's going on here that's in our forwards here. I think it's a really powerful space for this business.

現在的好事是，由於我們的規模，我們實際上可以專注於多件事。實際上，我們並不是因為關注快閃店應該是什麼樣子，以及諸如此類的事情而分心。這就是我們前鋒中真正發生的事情。我認為這對這項業務來說是一個非常強大的空間。

Then we continue making our merchants work easier and more effective. We're bending down the learning curve that people have to go through in building online stores, and that by itself expands the market. It brings more people into the funnel. They succeed with their businesses, and eventually become Plus customers. Looking forward to the next year. I think the Company is in really good shape right now. Thank you very much for joining us.

然後我們繼續讓我們的商家工作更輕鬆、更有效。我們正在降低人們在建立網上商店時必須經歷的學習曲線，這本身就擴大了市場。它將更多的人帶入渠道。他們的業務取得成功，並最終成為 Plus 客戶。期待明年。我認為公司現在的狀況非常好。非常感謝您加入我們。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。