Shopify Inc (SHOP) 2017 Q4 法說會逐字稿

Good morning.

早安.

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

我叫凱莉，今天我將擔任你們的會議操作員。

At this time, I'd like to welcome everyone to Shopify's Fourth Quarter 2017 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2017 年第四季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Katie Keita, you may begin.

凱蒂·凱塔，你可以開始了。

Thank you, Operator, and good morning, everyone.

謝謝接線員，大家早安。

We are glad you can join us for Shopify's fourth quarter 2017 conference call.

我們很高興您能參加 Shopify 2017 年第四季的電話會議。

We are joined this morning by Tobi Lutke, Shopify's CEO; Harley Finkelstein, our COO; and Russ Jones, our CFO.

今天早上，Shopify 執行長 Tobi Lutke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；以及我們的財務長 Russ Jones。

After prepared remarks, we will open it up for your questions.

準備好發言後，我們將開放供您提問。

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

我們將在今天的電話會議上做出前瞻性聲明，這些聲明基於當前的假設，並受到可能導致實際結果與預測有重大差異的風險和不確定性的影響。

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

除法律要求外，我們不承擔更新這些聲明的義務。

Information about these risks and uncertainties is included in our press release this morning, as well as in our filings with regulators in Canada and the United States.

有關這些風險和不確定性的資訊包含在我們今天上午的新聞稿中，以及我們向加拿大和美國監管機構提交的文件中。

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指標，這些指標是非公認會計準則指標。

These should be considered as a supplement to, not a substitute for, GAPP financial measures.

這些應被視為新聞出版總署財務措施的補充，而不是替代。

Reconciliations between the two can be found in our earnings press release which is available on our website.

兩者之間的調節可以在我們網站上的收益新聞稿中找到。

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

最後，請注意，由於我們以美元報告，因此今天討論的所有金額均以美元為單位，除非另有說明。

With that, I turn the call over to Harley.

說完，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

2017 was undoubtedly our best year yet, not only because it was another year of exceptional, it was also a year of immense learning that led to a lot of progress: progress across our product lines, progress geographically across the globe and progress on how we do things internally across our organization.

2017 年無疑是我們迄今為止最好的一年，不僅因為這是另一個非凡的一年，也是我們大量學習的一年，帶來了很多進步：我們的產品線取得了進展，在全球範圍內取得了進展，以及我們在如何開展業務方面取得了進展。

I couldn't be more proud of the team at Shopify for all the growth we've accomplished together in what's been a formative year capped off by another successful quarter.

我為 Shopify 團隊感到無比自豪，我們在成長的一年中共同實現了所有成長，並在另一個成功的季度中畫上了句號。

Our #1 priority in the fourth quarter, as with every fourth quarter, is to do everything possible to power our merchants through their biggest selling season.

與每個第四季度一樣，我們第四季度的首要任務是盡一切可能為我們的商家提供支持，度過他們最大的銷售季節。

So many of us at Shopify had been immersed in commerce ourselves, and this helps build incredible empathy and know what our merchants need to thrive.

Shopify 的許多人都沉浸在商業中，這有助於建立令人難以置信的同理心，並了解我們的商家需要什麼才能蓬勃發展。

We go to great lengths to make sure our merchants have everything they need to be successful, either by building it ourselves, enabling partners to build it or by connecting merchants to those with the expertise.

我們竭盡全力確保我們的商家擁有成功所需的一切，無論是我們自己建立、支持合作夥伴建立還是將商家與具有專業知識的人聯繫起來。

I believe that there is no other platform in the world that cares as much as merchant success as we do at Shopify, and this is why Shopify is doing well, because we make it possible for our merchants to do well.

我相信世界上沒有其他平台像我們 Shopify 一樣關心商家的成功，這就是 Shopify 做得好的原因，因為我們讓我們的商家做得好成為可能。

We saw proof points of this across the business in the fourth quarter, from our platform to our partner community to Shopify Plus.

我們在第四季度在整個業務中看到了這一點，從我們的平台到合作夥伴社群再到 Shopify Plus。

Let's start with our platform.

讓我們從我們的平台開始。

For the past 3 years, we've continued to build new ways for merchants to expand their footprint by selling anytime, anywhere.

在過去的三年裡，我們不斷為商家打造新的方式，透過隨時隨地進行銷售來擴大其足跡。

2 years ago, less than half our merchants were using more than one channel to sell, and this past quarter that number is closer to 60%.

2 年前，只有不到一半的商家使用多個管道進行銷售，而上個季度這一數字接近 60%。

when you think about where are consumers are spending more of their time, on their mobile devices, on their desktops, on social networks, on apps and on a variety of marketplaces, our focus on enabling multiple sales channels makes sense, and it ensures our merchants can find new customers wherever they may be.

當您考慮消費者將更多時間花在哪些地方：行動裝置、桌上型電腦、社交網路、應用程式和各種市場時，我們對支援多種銷售管道的關注是有意義的，它確保了我們的無論商家身在何處，都可以找到新客戶。

Given these trends, it is not surprising that this past holiday season was the biggest ever for ecommerce.

考慮到這些趨勢，過去的假期是電子商務有史以來最大的假期也就不足為奇了。

Shopify merchants helped make this happen, selling over $1 billion of GMV in the 4 days of the Black Friday to Cyber Monday weekend.

Shopify 商家協助實現了這一目標，在黑色星期五到網路星期一週末的 4 天內銷售了超過 10 億美元的 GMV。

Industry estimates are that one-third of ecommerce revenue on the 2017 Black Friday-Cyber Monday weekend came from mobile devices.

業界估計，2017 年黑色星期五至網路星期一週末的電子商務收入中有三分之一來自行動裝置。

Compare this to Shopify's order of volume for mobile devices in the fourth quarter, which was nearly twice that, at 61%, and you can see that Shopify is best positioned to help our merchants meet these new consumer shopping habits and trends.

與 Shopify 第四季度行動裝置銷售訂單相比，後者幾乎是其兩倍（61%），您可以看到 Shopify 最適合幫助我們的商家滿足這些新的消費者購物習慣和趨勢。

Efforts we made to facilitate better conversions and transactions on mobile underpin our leadership position here, and Shopify Pay is a great example of this.

我們為促進行動裝置上更好的轉換和交易所做的努力鞏固了我們的領導地位，Shopify Pay 就是一個很好的例子。

Shopify Pay streamlines the checkout process, especially on mobile devices, by allowing consumers to bypass inputting their billing and shipping information after they have completed once and opted in by any Shopify merchant using Shopify Pay.

Shopify Pay 簡化了結帳流程，尤其是在行動裝置上，消費者在使用 Shopify Pay 完成一次付款並選擇加入任何 Shopify 商家後，無需再輸入帳單和送貨資訊。

Since becoming available to all merchants using Shopify payments 8 months ago, Shopify Pay has facilitated over 5 million transactions, for more than 2 million consumers.

自 8 個月前向所有使用 Shopify Payments 的商家開放以來，Shopify Pay 已為超過 200 萬消費者促成了超過 500 萬筆交易。

Add to this the millions of transactions streamlined by Apple Pay, which our merchants can also offer, and it's easy to see how shopping on mobile is becoming increasingly attractive.

再加上 Apple Pay 簡化了數百萬筆交易（我們的商家也可以提供 Apple Pay），很容易看出行動購物變得越來越有吸引力。

And there's lots more to come, from Apple's AR KIt which we use to build an app that allows consumers to view items for sale in their homes using augmented reality, to Frenzy, our app that turns a product release, also know as a product drop, into an experiential phenomenon.

還有更多功能即將推出，從Apple 的AR KIt（我們用它來構建一款應用程序，讓消費者可以使用增強現實技術查看家中待售商品），到Frenzy（我們的應用程式將產品發布（也稱為產品投放）） ，轉變為一種體驗現象。

These are just 2 examples of the many future possibilities mobile holds that we at Shopify are intent on unlocking for merchants everywhere.

這些只是 Shopify 致力於為世界各地的商家解鎖行動應用程式的眾多未來可能性的兩個例子。

Being a merchant in the 21st century brings a whole new set of challenges and opportunities that we are excited to meet and explore.

作為 21 世紀的商人，我們面臨一系列全新的挑戰和機遇，我們很高興迎接和探索這些挑戰和機會。

Shipping is one of these, and in the fourth quarter we added UPS Shop by Shipping's partner lineup.

運輸就是其中之一，我們在第四季度增加了 UPS Shop by Shipping 的合作夥伴陣容。

As with sales channels, optionality for shipping is important in serving our merchant base as is ours.

與銷售管道一樣，運輸的選擇性對於為我們的商戶群提供服務非常重要。

This variability among our merchants is why our partners are so important.

我們商家之間的這種差異就是我們的合作夥伴如此重要的原因。

We want our software to do everything for merchants while keeping the user experience as seamless and effortless as possible.

我們希望我們的軟體能夠為商家做一切事情，同時盡可能保持用戶體驗無縫且輕鬆。

This means capturing the main specific innovation and expertise from each partner in order to offer up the best available solutions to meet any one of our merchant's particular needs.

這意味著從每個合作夥伴那裡獲取主要的具體創新和專業知識，以便提供最佳的可用解決方案來滿足我們商家的任何特定需求。

The number of apps available to merchants in our app store grew to 2,300 by year-end, and app spend per merchant continued to increase in 2017, indicating that we are offering increasingly relevant apps and making them more easily available to our merchants.

到年底，我們的應用程式商店中可供商家使用的應用程式數量已增至2,300 個，每個商家的應用程式支出在2017 年持續增加，這表明我們正在提供越來越相關的應用程序，並使我們的商家更容易使用它們。

Servicing the right apps at the right time becomes even more important as the number of apps in the shops store continues to grow, and with machine learning , our algorithms for achieving this are getting better all the time.

隨著商店中應用程式數量的不斷增長，在正確的時間提供正確的應用程式變得更加重要，並且透過機器學習，我們實現這一目標的演算法一直在變得更好。

We're also improving the way our merchants find partners, like set of specialists, designers, developers, marketers and photographers, to ensure that the process of getting the right support is easier than ever.

我們也改進了商家尋找合作夥伴（如專家、設計師、開發人員、行銷人員和攝影師）的方式，以確保正確支援的過程比以往更容易。

And of course many of these partners also send new business and new merchants our way.

當然，其中許多合作夥伴也為我們帶來了新業務和新商家。

And in 2017, more than 15,000 partners referred merchants to Shopify.

2017 年，超過 15,000 個合作夥伴將商家推薦給 Shopify。

So as our platform adds functionality and our partner community grows, we are able to bring on more merchants who are able to sell in more places and save time with more capabilities.

因此，隨著我們的平台功能的增加和合作夥伴社群的發展，我們能夠吸引更多的商家，他們能夠在更多的地方進行銷售，並透過更多功能節省時間。

This same formula is working for Shopify Plus.

同樣的公式也適用於 Shopify Plus。

We ended 2017 with approximately 3,600 merchants on Shopify Plus.

截至 2017 年，Shopify Plus 上約有 3,600 家商家。

We welcomed brands ranging from the health care industry, like the infant formula, Enfamil, to apparel brands like Jockey and Lolë yoga.

我們歡迎的品牌包括從嬰兒配方奶粉、Enfamil 等醫療保健行業到 Jockey 和 Lolë Yoga 等服裝品牌。

We're also bringing on celebrity brands like Elle Macpherson's fashion line and a headphone line from Christiano Ronaldo.

我們也引進了 Elle Macpherson 的時裝系列和 Christiano Ronaldo 的耳機系列等名人品牌。

At the same time, we're excited to bring more established brands to Shopify Plus, like FAO Schwarz and Polaroid, and even industrial heavyweights like Cummins Engine Company and Ford.

同時，我們很高興為 Shopify Plus 帶來更多知名品牌，例如FAO Schwarz 和 Polaroid，甚至是康明斯引擎公司和福特等工業巨頭。

Both our sales team and our growing plus partner network contributed to this growth.

我們的銷售團隊和不斷成長的合作夥伴網路都為這一成長做出了貢獻。

As we predicted, the majority of new Shopify Plus merchants added in the quarter were brand new to the Shopify platform.

正如我們預測的那樣，本季新增的 Shopify Plus 商家大多都是 Shopify 平台的全新商家。

From what started out as an experiment 4 years ago to approximately 350 people today, consisting of sales, fails engineering, merchant success and developers, it's been incredibly fulfilling and a lot of fun to build out this part of the business.

從 4 年前的實驗開始，到今天大約 350 名員工，包括銷售、失敗工程、商業成功和開發人員，建立這部分業務是令人難以置信的成就感和樂趣。

We are exciting to continue to growth of Shopify Plus in the years ahead, as it will be a primary investment area for us in 2018.

我們很高興 Shopify Plus 在未來幾年繼續成長，因為它將成為我們 2018 年的主要投資領域。

As those of you who have followed us for a long time know, we created Shopify Plus to give merchants who have grown to be large businesses on the platform a more hands-on service level, as they required more sophisticated functionality.

長期關注我們的人都知道，我們創建 Shopify Plus 的目的是為在平台上成長為大型企業的商家提供更實用的服務水平，因為他們需要更複雜的功能。

In the early days, this meant a dedicated account representative, lower rates on payments and shipping and access to certain features.

在早期，這意味著專門的客戶代表、較低的付款和運輸費率以及對某些功能的存取。

While excellent service is still a critical feature of Shopify Plus, today more than ever the team is focused on building more advanced enterprise features into the platform.

雖然卓越的服務仍然是 Shopify Plus 的關鍵功能，但如今團隊比以往任何時候都更專注於在平台中建立更先進的企業功能。

We've always believed that if software can solve a problem, it should.

我們始終相信，如果軟體能夠解決問題，它就應該能夠解決問題。

And as Shopify Plus grows, so does the business case for expanding its capabilities.

隨著 Shopify Plus 的發展，擴展其功能的商業案例也不斷發展。

This is of course in addition to , and not instead of, expanding our footprint with small and mid-sized businesses and investing in our partners.

當然，這是擴大我們與中小型企業的足跡以及投資於我們的合作夥伴的補充，而不是替代方案。

And with that, I will turn it over to Russ to cover the financials.

有了這個，我將把它交給拉斯來負責財務。

Thanks, Harley.

謝謝，哈利。

I'll second Harley's assessment of 2017 as our best year yet.

我同意 Harley 對 2017 年的評價，認為 2017 年是我們迄今為止最好的一年。

Yes, because of the excellent growth in every sense of the word, and also because we achieved both adjusted operating profitability and positive operating cash flow for the full year, thanks to a very strong fourth quarter.

是的，因為在各方面都實現了出色的成長，而且由於第四季度的強勁表現，我們全年實現了調整後的營業利潤和正的營業現金流。

In the fourth quarter, revenue expanded 71% year-over-year, nearly the same pace as in Q3, to $222.8 million.

第四季營收年增 71%，幾乎與第三季持平，達到 2.228 億美元。

Subscription Solutions revenue grew 67%, to $93.9 million.

訂閱解決方案營收成長 67%，達到 9,390 萬美元。

Monthly recurring revenue grew 62% and ended the quarter at $29.9 million.

每月經常性收入成長 62%，季末達到 2,990 萬美元。

We ended 2017 with more than 609,000 merchants on the Shopify platform.

截至 2017 年，Shopify 平台上有超過 609,000 家商家。

Subscription Solutions revenue growth was about 5 points higher than the monthly recurring revenue, reflecting the faster growth in apps revenue as well as the seasonal impact of the variable component of Plus pricing, which does not get reflected in recurring revenue and which was not a factor in last year's fourth quarter.

訂閱解決方案收入成長比每月經常性收入高出約5 個百分點，反映了應用程式收入的更快成長以及Plus 定價可變部分的季節性影響，這不會反映在經常性收入中，也不是一個因素在去年第四季。

Even so, Shopify Plus merchants continue to expand their share of monthly recurring revenue, to 21% of overall MRR, or 6.3 million compared with 20% of MRR, or for Q3 of 2017 and 17% a year ago.

即便如此，Shopify Plus 商家繼續擴大其每月經常性收入的份額，達到整體 MRR 的 21%，即 630 萬，而 2017 年第三季的 MRR 為 20%，一年前為 17%。

Merchant solutions revenue grew 74%, to $128.9 million.

商業解決方案營收成長 74%，達到 1.289 億美元。

The addition of new merchants selling on the platform double-digit GMV growth for existing merchants and incremental revenue from Shipping and Capital, which are still ramping, all contributed.

在平台上銷售的新商家的增加，使現有商家的 GMV 實現了兩位數的成長，以及仍在不斷增長的航運和資本的增量收入，都做出了貢獻。

GMV grew to $9.1 billion, up $3.6 billion or 65% from last year's fourth quarter.

GMV 增至 91 億美元，比去年第四季成長 36 億美元，成長 65%。

Of the $1 billion in GMV over the Black Friday and Cyber Monday weekend, we had peak volumes of up to a million in sales per minute.

在黑色星期五和網路星期一週末的 10 億美元 GMV 中，我們的峰值銷量高達每分鐘 100 萬。

The enormity of this from a platform standpoint cannot be overstated, and we are very proud of our infrastructure and support teams that made this holiday period such a resounding success for our merchants.

從平台的角度來看，這一點的重要性怎麼強調都不為過，我們對我們的基礎設施和支援團隊感到非常自豪，他們使這個假期為我們的商家帶來了巨大的成功。

Of the $9.1 billion of GMV transacted in the quarter, 39% was processed on Shopify Payments.

在本季 91 億美元的 GMV 交易中，39% 是透過 Shopify Payments 處理的。

This is the same percentage that we did in the fourth quarter of 2016 and a higher percentage than in Q3.

這與我們在 2016 年第四季的百分比相同，並且比第三季更高。

While the share of GMV from countries where Shopify Payments is not offered continued to tick up in the fourth quarter, merchant and GMV penetration in each country where Shopify Payments is offered grew even faster.

雖然未提供 Shopify Payments 的國家的 GMV 份額在第四季度繼續上升，但提供 Shopify Payments 的每個國家的商家和 GMV 滲透率成長得更快。

Gross profit dollars again grew faster than revenue, up 78%, to $121.1 million, versus $68.1 million in Q4 of 2016, reflecting the positive impact from higher-margin merchant solutions such as shipping and capital.

毛利的成長速度再次快於收入，成長 78%，達到 1.211 億美元，而 2016 年第四季為 6,810 萬美元，反映出運輸和資本等利潤率較高的商業解決方案的正面影響。

Our adjusted operating profit in Q4 was $11.6 million, or 5% of revenue, compared with a loss of $0.8 million, or 1% of revenue, in the fourth quarter of 2016.

第四季調整後營業利潤為 1,160 萬美元，佔營收的 5%，而 2016 年第四季虧損 80 萬美元，佔營收的 1%。

The adjusted net income for the quarter was $14.7 million, or $0.15 per share.

該季度調整後淨利潤為 1,470 萬美元，即每股 0.15 美元。

This compares with a $0.4 million net loss, or zero cents per share, for the fourth quarter of 2016.

相較之下，2016 年第四季淨虧損 40 萬美元，即每股虧損 0 美分。

Finally, our cash, cash equivalents and marketable securities balance was $938 million, compared with $392.4 million at December 31, 2016.

最後，我們的現金、現金等價物和有價證券餘額為 9.38 億美元，而 2016 年 12 月 31 日為 3.924 億美元。

At the start of 2017, I don't think we could have predicted the strength of merchant adds.

在 2017 年初，我認為我們無法預測商家添加的強度。

As we emphasized last quarter, many different kinds of merchants use Shopify.

正如我們上季度強調的那樣，許多不同類型的商家都使用 Shopify。

This means our addressable market is not limited to merchants of a certain size or life stage.

這意味著我們的目標市場不限於一定規模或生命階段的商家。

We have a large number of entrepreneurs setting up on the platform, and this is on purpose.

我們有大量的企業家在這個平台上設立，這是有目的的。

As long as there are people coming up with new ideas and are looking then to put those ideas into action, there will be new merchants on Shopify.

只要有人提出新想法並希望將這些想法付諸實踐，Shopify 上就會出現新的商家。

As the most successful of these merchants scale, and we are developing solutions every day to help this happen, our GMV-related revenue scales with them.

隨著這些商家中最成功的商家規模的擴大，我們每天都在開發解決方案來幫助實現這一目標，我們的 GMV 相關收入也隨之擴大。

We have observed that merchants on our platform grow sales at a faster rate than retail industry overall.

我們觀察到，我們平台上的商家銷售額成長速度比零售業整體成長速度更快。

If you look at the merchants on the platform for 12 months or more, year-over-year sales growth for them was approximately 20%, or better, for every month of 2017.

如果你觀察平台上 12 個月或更長時間的商家，他們 2017 年每個月的銷售額年增約 20%，甚至更高。

this is why, like last year, we will continue to invest in bringing more merchants to the Shopify platform and we'll continue to invest in ways to help our merchants thrive.

這就是為什麼像去年一樣，我們將繼續投資將更多商家引入 Shopify 平台，並將繼續投資幫助我們的商家蓬勃發展的方法。

We are focusing our efforts in 2018 on 3 principal areas where we will incremental invest.

2018 年，我們將重點放在 3 個主要領域進行增量投資。

First is international.

首先是國際化。

Our initial marketing efforts to non-English speaking geographies that we began in 2017 started to show results within a few quarters, with merchants in these geographies now accounting for 19% of our base, versus 15% at the end of 2016.

我們於 2017 年開始針對非英語地區進行的初步行銷工作在幾個季度內開始顯現成效，這些地區的商家目前占我們基礎的 19%，而 2016 年底為 15%。

In 2018, we are stepping up our investments to further grow our international merchant base in a small number of priority geographies where we believe we are the closest today in product-market fit, with an eye towards expansion beyond these in the coming years.

2018 年，我們將加強投資力度，進一步擴大我們在少數優先地區的國際商業基礎，我們相信我們目前在這些地區的產品與市場最契合，並著眼於在未來幾年將業務擴展到這些地區。

Second is Shopify Plus.

其次是 Shopify Plus。

As we mentioned last quarter, our expansion plans include adding up to 500 new employees over the next 3 to 5 years, and we are soon moving into our new space in Waterloo.

正如我們上季度所提到的，我們的擴張計劃包括在未來 3 到 5 年內增加 500 名新員工，我們很快就會搬進滑鐵盧的新辦公地點。

We are adding capacity for sales and sales support, as well as for product development.

我們正在增加銷售和銷售支援以及產品開發的能力。

Finally, Shopify's core platform.

最後是Shopify的核心平台。

Adding more voices to commerce means expanding not just up- but also down-market and outward.

為商業增加更多話語權意味著不僅要向高端市場擴張，還要向低端市場和向外擴張。

This means innovating on our platform to optimize merchant experience and partner collaboration.

這意味著我們的平台要進行創新，以優化商家體驗和合作夥伴協作。

Much of this involves data analytics, adding more and better ways to apply machine learning across our platform.

其中大部分涉及數據分析，添加更多更好的方法來在我們的平台上應用機器學習。

It also involves development across our existing as well as future product offerings.

它也涉及我們現有和未來產品的開發。

Having gone from tens of thousands of new merchant adds in 2016 to hundreds of thousands in 2017, the advantages of scale are clear, which is why in 2018 we will continue to strategically invest for growth.

從2016年的幾萬家新增商戶到2017年的幾十萬家，規模優勢非常明顯，所以2018年我們將繼續進行策略性投資以實現成長。

We re well positioned for a very special opportunity in commerce.

我們處於有利位置，可以抓住非常特殊的商業機會。

As such, we are building today for the Shopify of 5 years from now.

因此，我們今天正在為 5 年後的 Shopify 進行建造。

What this means for 2018 is that we expect to see continued strong top line growth, with revenue for the full year in the range of $970 million to $990 million and adjusted operating results ranging from a $5 million loss to a $5 million profit.

這對 2018 年意味著我們預計營收將持續強勁成長，全年營收將在 9.7 億美元至 9.9 億美元之間，調整後的經營業績將在虧損 500 萬美元至利潤 500 萬美元之間。

Note that this incorporates a headwind from what we expect will be a stronger Canadian dollar for 2018.

請注意，這包括我們預期 2018 年加幣走強帶來的不利因素。

For the first quarter, we expect revenues in the range of $198 million to$202 million and an adjusted operating loss in the range of $6 million to $8 million.

我們預計第一季的營收將在 1.98 億美元至 2.02 億美元之間，調整後的營運虧損將在 600 萬美元至 800 萬美元之間。

Stock-based compensation and related payroll taxes in 2018 are expected to approximate $100 million for the full year, with about $19 million of this in the first quarter.

2018年全年股票薪酬和相關工資稅預計約為1億美元，其中第一季約為1,900萬美元。

And with that, I'll turn it back over to Katie to start the Q&A.

然後，我會將其轉回給凱蒂以開始問答。

Thank you, Russ.

謝謝你，拉斯。

All right, Kellie, can we open the line for questions after I remind everyone that please limit yourself to just one question so everyone can have a chance to ask?

好吧，凱莉，我提醒大家請限制自己只提出一個問題，以便每個人都有機會提問，然後我們可以打開提問熱線嗎？

(Operator Instructions) Our first question comes from Jesse Hulsing from Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Jesse Hulsing。

Harley, it seems like the efforts around Plus are going to intensify, and I'm wondering if you look over the next few years, what's the vision for Plus?

Harley，看來圍繞 Plus 的努力將會加強，我想知道你是否展望未來幾年，Plus 的願景是什麼？

Do you intend to compete in the IR1000, IR500 level of retailer against Demandware and Hybris and kind of the incumbent ecommerce SaaS vendors?

您是否打算在 IR1000、IR500 級別的零售商中與 Demandware 和 Hybris 以及現有的電子商務 SaaS 供應商競爭？

Is that the intention here?

這是這裡的意圖嗎？

Or is it just to ensure that merchants that you're currently supporting can scale to any level?

或者只是為了確保您目前支援的商家可以擴展到任何層級？

AS you recall, the reason we initially built Plus was really for these home-grown success stories.

正如您所記得的，我們最初建造 Plus 的原因實際上是為了這些本土的成功故事。

I guess one of the things that we're quite pleased with is that a lot of other merchants that have existing businesses on other platforms, including some of the big ones you mentioned, have migrated over.

我想我們非常滿意的一件事是，許多在其他平台上擁有現有業務的商家，包括你提到的一些大商家，已經遷移了。

So we've now had migrations from all the major platforms, including enterprise platforms, to Shopify Plus.

因此，我們現在已經從所有主要平台（包括企業平台）遷移到 Shopify Plus。

That being said, what we're also seeing is that a lot of these bigger merchants, larger merchants, are beginning to act a lot more entrepreneurial.

話雖這麼說，我們也看到，許多更大的商人，更大的商人，開始表現得更具創業精神。

So the stuff that we're producing across our platform, integrations to things like Instagram or Apple Pay integrations, are things that even the largest merchants on the planet are looking for, as well.

因此，我們在平台上生產的產品，與 Instagram 或 Apple Pay 集成等產品的集成，甚至是地球上最大的商家也在尋找的東西。

So there's no particular priority to go after the IR1000, but we are seeing some of those merchants come to us, as well.

因此，沒有特別優先考慮 IR1000，但我們也看到其中一些商家來找我們。

And I think will be furthered by the fact that this year we're putting a lot more effort, not just at the service we give around Shopify Plus, but also for the product offering.

我認為，今年我們將付出更多努力，不僅在 Shopify Plus 周圍的服務方面，而且在產品供應方面，這一事實將進一步推動這一趨勢。

And you've seen some stuff come out recently like Shopify Flow as well as Wholesale, that I think gets us closer there.

你最近看到了一些東西的出現，例如 Shopify Flow 和 Wholesale，我認為這讓我們更接近這個目標。

But there is no priority to go after those bug IR1000, in particular.

但沒有優先考慮那些 bug IR1000，特別是。

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

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

Just a quick one for us.

對我們來說只是一個快速的。

How should we think about the gross margin, going forward, especially on the Subscription Solutions line?

我們應該如何考慮未來的毛利率，尤其是訂閱解決方案系列的毛利率？

On Subscription Solutions, as is typical, Q4 goes a little bit lower than Q2, Q3.

在訂閱解決方案上，與典型情況一樣，第四季的表現略低於第二季和第三季。

That's in part just because of the higher volume.

這部分是因為成交量較高。

And so additional hosting costs associated with that.

因此，與此相關的額外託管成本。

The one thing that we did in Q4 is because we are seeing our move to the Cloud being both successful and we're able to faster than we originally expected, is we accelerated some depreciation on our data centers.

我們在第四季度所做的一件事是，我們看到向雲端的遷移非常成功，而且我們能夠比最初預期的速度更快，因此我們加快了資料中心的折舊速度。

And you'll see that again hit sort of the first half of next year.

你會看到明年上半年再次出現這種情況。

Overall, I would say that initially having the Cloud will be slightly more expensive than doing our own data centers.

總的來說，我想說，最初擁有雲端會比建立自己的資料中心稍微貴一些。

But as we optimize those, we do expect to see improvements over time.

但當我們優化這些內容時，我們確實希望隨著時間的推移會看到改進。

The nice thing about the move to the Cloud is it gives us more flexibility in terms of geographic coverage, as well as reduces the capital that we need to spend on the data centers.

遷移到雲端的好處是它為我們在地理覆蓋範圍方面提供了更大的靈活性，並減少了我們需要在資料中心上花費的資本。

So overall, net-net, it's going to be a pretty positive impact.

總的來說，這將產生非常積極的影響。

But on the margin, specifically, in the short term you could see a little bit of a dampening there.

但在邊際上，特別是在短期內，你可能會看到一些抑制。

Our next question comes from Monika Garg from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Monika Garg。

Total merchants end of 2017, 609,000, which actually accelerated year-over-year.

截至 2017 年底，商家總數為 60.9 萬個，較去年同期實際成長。

Could you talk about what led to acceleration of merchant additions on the platform?

您能否談談是什麼導致了平台上商家的加速增加？

So again, as we saw throughout the year we are really seeing very strong merchant growth.

因此，正如我們全年所看到的那樣，我們確實看到了非常強勁的商業成長。

And I think part of it is our ability, as Harley talked about, adding some of these bigger merchants to the platform.

我認為部分原因在於我們的能力，正如哈雷所說，將一些較大的商家添加到平台上。

But more importantly, I think the ability to reduce the learning curve and, in the case of some of the stuff we've done such as Oberlo, reduce the investment that it takes to be an entrepreneur is allowing more people to try out their ideas on the platform itself.

但更重要的是，我認為縮短學習曲線的能力，以及就我們所做的一些事情（例如 Oberlo）而言，減少成為企業家所需的投資的能力，可以讓更多的人嘗試他們的想法在平臺本身上。

And then last thing I would say is our international progress has been faster than we originally anticipated.

我要說的最後一件事是我們的國際進展比我們最初預期的要快。

So a good area of investment as me move forward.

這是我前進過程中一個很好的投資領域。

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

我們的下一個問題來自羅斯資本合夥公司的達倫·阿夫塔希。

I'm just curious.

我只是好奇。

You talk about the overall TAM of the business, but I'm curious with the 3,600-plus customers ending the year.

您談論的是整個業務的 TAM，但我對年底的 3,600 多名客戶感到好奇。

What are your thoughts on how big that opportunity is?

您對這個機會有多大有何看法？

I think, in general, TAM is -- determining our TAM has probably been the most difficult thing for us to do, even at the time of the IPO itself.

我認為，總的來說，TAM 是——確定 TAM 對我們來說可能是最困難的事情，即使在 IPO 時也是如此。

And that continues to be challenging.

這仍然具有挑戰性。

Because every time we turn around, there's a brand new opportunity that presents itself.

因為每次我們轉身，都會有一個全新的機會出現。

And so certainly on the Plus side,the momentum we're getting there, we expect that to continue.

因此，當然在積極方面，我們所取得的勢頭，我們預計將繼續下去。

As I mentioned before, international continues to grow and we're seeing more and more varied type of entrepreneurs that are now moving to the platform.

正如我之前提到的，國際化持續發展，我們看到越來越多不同類型的企業家正在轉向這個平台。

So we've always had a big TAM and we've always said that we think it's understated and I think what we're seeing now is that gets proven day-in, day-out.

所以我們一直有一個很大的 TAM，我們總是說我們認為它被低估了，我認為我們現在看到的是日復一日地得到證明。

Our next question comes from Michael Nemeroff from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的邁克爾·內梅羅夫。

It's for Russ.

這是給拉斯的。

My question is on profitability.

我的問題是關於盈利能力。

In Q4, you generated a non-GAAP operating margin greater than 5%, while you were growing greater than70%.

第四季度，您的非 GAAP 營業利潤率超過 5%，而成長率則超過 70%。

I know you've said in the past, Russ, that Shopify is a growth company, but at what level of growth or what size is the business before you either let more profitability come through or you just can't control the profits from occurring?

Russ，我知道您過去曾說過，Shopify 是一家成長型公司，但在您要么讓更多的盈利能力實現，要么您無法控制利潤的發生之前，業務的增長水平或規模是多少？

Because as we look out several years into our DCF to value the shares, the terminal multiple is swayed meaningfully by your margin.

因為當我們展望幾年來我們的 DCF 對股票進行估值時，最終倍數會受到您的保證金的顯著影響。

Do you see, Russ, Shopify becoming a 20% to 30% non-GAAP operating margin business over the next 5 to 10 years?

Russ，您認為 Shopify 在未來 5 到 10 年內會成為非 GAAP 營運利潤率為 20% 到 30% 的業務嗎？

That's always been our sort of aspirational goal.

這一直是我們的理想目標。

And if you look at both Q3 and, more importantly, Q4, I think we had a nice check-in on that achievement.

如果你看看第三季度，更重要的是第四季度，我認為我們對這一成就進行了很好的檢查。

And so, yes, I do think we'll get there, but really the -- given our sort of market and competitive position and what we're seeing in commerce right now in the sort of that short- to mid-term, our focus is really going to be on continuing the grow the number of merchants on the platform and our share of wallet, because we think creating that sort of bigger piece of pie positions us much better once we want to sort of move more towards achieving longer-term profitability goals.

所以，是的，我確實認為我們會實現這一目標，但實際上，考慮到我們的市場和競爭地位以及我們現在在短期到中期的商業中所看到的情況，我們的重點實際上是繼續增加平台上的商家數量和我們的錢包份額，因為我們認為，一旦我們想要更多地實現更長期的目標，創造更大的一塊蛋糕將使我們處於更好的位置。

Our next question comes from Bhavan Suri from William Blair.

我們的下一個問題來自威廉布萊爾的巴萬蘇裡。

This is actually Vinay on for Bhavan.

這實際上是 Vinay 為 Bhavan 所做的。

So I know you don't guide to merchant count, but just thinking more generally and going forward given your guidance, do you think there's an opportunity in the market to sort of perhaps almost double your merchant count over the next 3 or 4 years?

所以我知道您不會指導商家數量，但只是更廣泛地思考並在您的指導下繼續前進，您認為市場上是否有機會在未來 3 或 4 年內將您的商家數量幾乎增加一倍？

Or going forward in '18, '19, and '20, should we see sort of a dip in that merchant count considerably and then more an increase from ARPU in Plus, hereon?

或者展望 18 年、19 年和 20 年，我們是否應該看到商家數量大幅下降，然後 Plus 中的 ARPU 進一步增加？

I think as we've talked over at least the last sort of 12 to 18 months, the MRR is actually more important than the merchant cont itself.

我認為，正如我們至少在過去 12 到 18 個月中討論的那樣，MRR 實際上比商家本身更重要。

But given the opportunity that we're seeing, we expect continued strong growth on the MRR front.

但鑑於我們看到的機會，我們預計 MRR 方面將持續強勁成長。

And clearly, Plus with its higher price points contributes nicely to that.

顯然，Plus 以其較高的價格點對此做出了很好的貢獻。

And so, again, we just see a strong performance over the period that you talked about there.

因此，我們再次看到您在那裡談到的那段時期的強勁表現。

Our next question comes from Sam Kemp from Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Sam Kemp。

Can you perhaps call out what percent of GMV is now coming from Plus merchants or perhaps Plus and Advanced merchants?

您能否指出現在的 GMV 有多少百分比來自 Plus 商家或 Plus 和 Advanced 商家？

That number continues to grow.

這個數字還在持續增加中。

So if you combine the two together, which is the right way to look at it because we do get Advanced merchants moving up to Plus as part of their upgrade path, it continues to be over 50%., and that number continues to grow.

因此，如果將兩者結合起來，這是正確的看待方式，因為我們確實讓高級商家升級到 Plus，作為其升級路徑的一部分，它仍然超過 50%，而且這個數字還在繼續增長。

And so they do have a very meaningful impact on the GMV, which is why providing other merchant solutions to get even their share of wallet is an area of focus for us.

因此，它們確實對 GMV 產生了非常有意義的影響，這就是為什麼提供其他商家解決方案來獲得他們的錢包份額是我們關注的一個領域。

Our next question comes from Ross MacMillan from RBC Capital markets.

我們的下一個問題來自加拿大皇家銀行資本市場的羅斯·麥克米倫。

2, if I could.

2、如果可以的話。

Just maybe for Russ, as you obviously are adding merchants at a terrific rate, I'm just curious what you're seeing on the cost to acquire those merchants.

也許對拉斯來說，因為你顯然正在以驚人的速度增加商人，我只是好奇你在收購這些商人的成本方面看到了什麼。

And is that moving down as you acquire some more of the entrepreneurial type of merchant?

當你獲得更多的企業家類型的商人時，這種情況會下降嗎？

And then, second question, I'm just curious what the view on the dropshipping environment is going to be like over the next 12 to 18 months.

然後，第二個問題，我只是很好奇在未來 12 到 18 個月內對直銷環境的看法會是什麼樣子。

There's been a lot of articles on that.

關於這方面已經有很多文章了。

And how do you think the dropship world is going to sort of play out here in the next 18 months or so?

您認為在接下來的 18 個月左右的時間內，運輸船世界將如何發展？

So I'll do the first one, and I think Tobi can give you a better view on dropshipping.

所以我會做第一個，我認為 Tobi 可以讓你更了解直銷業務。

So if you look at our TAC, it continues to remain relatively flat, overall, because we're also getting larger merchants and looking at other ways to invest there.

因此，如果你看看我們的 TAC，總體而言，它仍然保持相對平穩，因為我們也在吸引更大的商家，並尋找其他投資方式。

But the LTV has gone up.

但生命週期價值卻上升了。

So if you look at our LTV to CAC, we actually have seen improvement there.

因此，如果你看看我們的生命週期價值 (LTV) 與 CAC 之比，我們實際上已經看到了改善。

And with that, I'll turn it over to Tobi for the dropshipping.

這樣，我會將其交給 Tobi 進行代發貨。

The dropshipping question is coming up.

代發貨問題即將出現。

Honestly, there's sort of a debate out there about it and we are looking at it with some bemusement because I think -- there's a lot of industries that go through a similar move transition as retailers.

老實說，對此存在一些爭論，我們帶著一些困惑來看待它，因為我認為——有很多行業都經歷了與零售商類似的轉變。

So what the dropshipping really is is just like you don't want to own or have the inventory.

因此，直銷的真正含義就像您不想擁有或擁有庫存一樣。

So like I started Shopify -- well, just about 14 years ago as a snowboard shop, and one of my biggest obstacles there was like I had to purchase all the snowboards, which I had to put in my garage before I could mail them out.

就像我創辦 Shopify 一樣，大約 14 年前，作為一家滑雪板商店，我最大的障礙之一就是我必須購買所有滑雪板，我必須將它們放在車庫裡才能郵寄出去。

And the best thing possible at this point would have been if I could just simply get myself there to do an API call and then the manufacturer would send the snowboard directly.

此時最好的事情是，如果我可以簡單地讓自己去那裡進行 API 調用，然後製造商將直接發送滑雪板。

In fact, even if you look back in sort of retail history, everyone who (inaudible) book should also know that Nike started as essentially dropshipping products from Japan, right?

事實上，即使你回顧一下零售歷史，每個（聽不清楚）本書的人也應該知道耐吉最初是直接從日本出貨產品，對嗎？

So it has a long history of trying to approximate that -- what we now have sort of productized as dropshipping through computers talking to each other correctly.

因此，它長期以來一直在嘗試近似這一點——我們現在已經將其產品化為透過電腦相互正確通訊進行直銷的產品。

So it's really no different than people used to build their own data centers and like hosted their servers and now they're moving to the cloud.

因此，這實際上與人們過去建立自己的資料中心並託管他們的伺服器沒有什麼不同，但現在他們正在遷移到雲端。

People used to build their own warehouses, and now their products are moving to the cloud.

過去人們自己建倉庫，現在他們的產品正在遷移到雲端。

It's a wonderful way to start a business.

這是一種很好的創業方式。

It's leading to great entrepreneurial activity because it just lowers the bar.

它會帶來偉大的創業活動，因為它只是降低了門檻。

Every time the bar lowers, it means more people are going to try it.

每次門檻降低，就代表會有更多的人嘗試。

Every time more people try it, there's going to be total -- more people succeed.

每次有更多的人嘗試，就會有更多的人成功。

That's what we see.

這就是我們所看到的。

That's what -- in fact, we can impact by making our own software better for most folks and giving them the advice they need along the way.

這就是——事實上，我們可以透過讓我們自己的軟體對大多數人來說更好並為他們提供所需的建議來產生影響。

And so it's a very, very positive development for the market.

因此，這對市場來說是一個非常非常積極的發展。

And I do think there's a surprising amount of odd opinions floating around on this.

我確實認為對此有大量奇怪的意見。

I think it's absolutely great.

我認為這絕對很棒。

Our next question comes from Gus Papageorgiou from Macquarie.

我們的下一個問題來自麥格理的 Gus Papageorgiou。

Just going through your MD&A, you said you attributed the increase in gross margin to services like Capital and Shopify Shipping.

剛完成 MD&A 時，您說您將毛利率的成長歸因於 Capital 和 Shopify Shipping 等服務。

I'm just wondering how you, especially on Capital, how do you see the demand for services like Capital?

我只是想知道您，尤其是 Capital，您如何看待對 Capital 等服務的需求？

And are there any gating factors that you had last year that you've been able to remove going into 2018?

去年有哪些限制因素在 2018 年得以消除？

and so your cash advances are I think running around $40 million a month; I can't remember exactly.

因此，我認為您每月預付的現金約為 4000 萬美元；我記不太清楚了。

But how do you see that progressing through 2018?

但您如何看待 2018 年的進展？

Combined, the 2 new areas of Shipping and Capital grew over 300% year-over-year.

航運和資本這兩個新領域合計年增超過 300%。

And in terms of Capital, some of the things that are on the road map there is in addition to doing cash advances potentially looking at flexible loans, expanding that to merchants outside of the U.S. as well are all good things there.

就資本而言，除了預支現金之外，路線圖上的一些事情可能會尋求靈活的貸款，並將其擴展到美國以外的商人，這些都是好事。

In terms of Shipping, sometimes we get asked what inning do we think in we are in some of these things.

在運輸方面，有時我們會被問到我們認為我們在這些事情中處於什麼階段。

I'd say Capital we're in a very early inning there.

我想說的是，我們正處於資本的早期階段。

I would say on Shipping we're basically just completing batting practice.

我想說的是，在運輸方面我們基本上只是完成擊球練習。

So we haven't even really started the game.

所以我們還沒有真正開始遊戲。

And some of the things that we announced in the second half of 2017 really help position us for Shipping.

我們在 2017 年下半年宣布的一些事情確實有助於我們在航運領域定位。

But it's also an area where if you look at our merchants, they're probably spending most of their time on fulfillment-related activities.

但這也是一個領域，如果你看看我們的商家，他們可能將大部分時間花在與履行相關的活動上。

And so to the extent that we can simplify that and reduce the cost of that, not only can they pass that on to their customers to sell more, but they can free up their time to really focus on, again, ways to grow the business.

因此，只要我們能夠簡化流程並降低成本，他們不僅可以將其轉嫁給客戶以增加銷量，而且還可以騰出時間來真正專注於發展業務的方法。

So both of those had a strong impact in 2017, but they're still very early stage.

因此，這兩者都在 2017 年產生了巨大影響，但仍處於早期階段。

And so we see lots of great growth going forward.

因此，我們看到未來將會有許多巨大的成長。

Do you think you can roll Capital into other geographies in 2018?

您認為 2018 年可以將 Capital 推向其他地區嗎？

That is the plan, yes.

這就是計劃，是的。

Now each geography has their own regulatory requirements.

現在每個地區都有自己的監管要求。

And so there is work to be done there.

因此，這方面還有很多工作要做。

But certainly from a demand point of view, similar to what we saw with our U.S. merchants, it's difficult for these, particularly newer and smaller, entities to be able to get working capital financing.

但可以肯定的是，從需求的角度來看，類似於我們在美國商人身上看到的情況，這些實體，特別是較新和較小的實體，很難獲得營運資金融資。

So it's such an important piece of what we can offer.

所以這是我們能提供的服務中非常重要的一環。

And since you asked about the entire year, I think just for cash advances, we said this before, we entered the year with cash advances being computer assisted, but mostly manual process.

既然你問了全年的情況，我認為只是現金預付款，我們之前說過，我們進入這一年時，現金預付款是由電腦輔助的，但主要是手動流程。

And this is now taken over the algorithms and machine learning almost completely.

現在這幾乎完全接管了演算法和機器學習。

So that's another thing that's what's gating initially and now is wide open.

所以這是另一件事，最初是門禁的，現在是敞開的。

Our next question comes from Tom Forte from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Tom Forte。戴維森。

So Shopify was one of the first platforms to allow merchants to accept bitcoin.

因此，Shopify 是最早允許商家接受比特幣的平台之一。

So given the movement we've had in bitcoin, I was wondering if you could comment on adoption rates, the number of merchants accepting bitcoin and if they're seeing meaningful sales coming in bitcoin or cryptocurrency, in general.

因此，考慮到比特幣的走勢，我想知道您是否可以評論採用率、接受比特幣的商家數量，以及他們是否看到比特幣或加密貨幣總體上有意義的銷售。

Yes, it's true.

對，是真的。

So we integrated bitcoin as soon as it made sense partly because there's a strong belief that there's very bright future in the ideas behind bitcoin, where -- as I think it's well documented at this point, the particular implementation of bitcoin has all sorts of issues before it can really be used for transferring money.

因此，我們在比特幣有意義時就將其整合起來，部分原因是人們堅信比特幣背後的想法有非常光明的未來，正如我認為目前已經有充分記錄的那樣，比特幣的特定實現存在各種各樣的問題在它真正可以用於轉帳之前。

Right now it's a good store of value -- well, very volatile store value.

現在它是一種很好的價值儲存手段——嗯，非常不穩定的儲存價值。

But that' what people tend to use it for, mostly for speculation.

但這就是人們傾向於使用它的目的，主要是為了投機。

Almost no one moves bitcoins around because depending on how the network is doing -- like, I recently did a $30 donation somewhere and it cost me $29 in fees.

幾乎沒有人轉移比特幣，因為這取決於網路的運作情況——例如，我最近在某個地方捐贈了 30 美元，但花了我 29 美元的費用。

So it's not very good for moving money around.

因此，這不太適合轉移資金。

There's a lot of efforts like the Lightning Network and all the kind of things that they are doing.

有很多努力，例如閃電網路以及他們正在做的所有事情。

But it's obvious reasons not much is happening.

但這是顯而易見的原因，但沒有發生太多事情。

So I think as it comes to cryptocurrency and commerce, the best way to think about it is lots of innovation that will lead to the things that we'll use in the future has now happened.

因此，我認為，就加密貨幣和商業而言，思考它的最佳方式是大量創新，這些創新將導致我們未來使用的東西現在已經發生。

There's a brainstorm about exactly how to implement and scale it.

人們正在就如何實施和擴展它進行腦力激盪。

And we are going to be super prepared for welcoming everyone once they want to use this and once the buyers are ready to use it and once the fees come down and the confirmation rates are quick and everyone has figured out how to deal with refunds and these kind of things.

一旦每個人想要使用它，一旦買家準備好使用它，一旦費用下降並且確認率很快，並且每個人都已經弄清楚如何處理退款和這些，我們將做好充分準備迎接每個人。類的事情。

Like there's a lot of things -- credit cards obviously do that, but it go away and cryptocurrencies and have to be re-implemented and so on and so on and so on.

就像有很多事情一樣——信用卡顯然可以做到這一點，但它消失了，加密貨幣必須重新實施，等等。

So we're not observing this.

所以我們沒有觀察到這一點。

We are like fairly active participants in these conversations.

我們就像這些對話中相當積極的參與者。

And so we'll be ready.

所以我們會做好準備。

There's plenty of people have enabled accepting bitcoin, but it's very sporadic for them to actually get any bitcoin sent.

有很多人已經接受了比特幣，但真正收到比特幣的人很少。

People do it for novelty rather than because it makes a lot of sense.

人們這樣做是為了新奇，而不是因為它很有意義。

Our next question comes from Deepak Mathivanan from Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

This is actually Aki on for Deepak.

這實際上是 Aki 為 Deepak 準備的。

Two questions, if I may.

如果可以的話，有兩個問題。

The first question is sort of big picture.

第一個問題是一個大局。

In terms of your GMV, you're almost approaching a $30 billion revenue run rate.

就 GMV 而言，您的營收運行率已接近 300 億美元。

Just wanted to see what you would call out as a primary drivers of that.

只是想看看您認為其主要驅動因素是什麼。

The one or two things you would want to call out on that.

您想要指出的一兩件事。

And then, secondly, in the merchant solutions business, your gross profit growth slightly decelerated.

其次，在商業解決方案業務中，您的毛利成長略有放緩。

It's till strong, above 100%.

一直到強，超過100%。

but just wondering is it just stuff comes?

但只是想知道這只是東西來的嗎？

Or is there anything else you'd want to call out on that front.

或者您在這方面還有什麼需要指出的嗎？

So in terms of the GMV, a number of factors go into that.

因此，就 GMV 而言，有許多因素影響。

One is a lot more merchants on the platform.

一是平台上的商家更多。

So as you would expect, their selling activity increases that number.

正如您所料，他們的銷售活動增加了這個數字。

The success we're having on Plus.

我們在 Plus 上取得的成功。

Again, we're bringing these larger brands over.

我們再次將這些較大的品牌引入。

A number of them are doing in excess of $100 million a year in terms of GMV.

其中許多公司每年的 GMV 超過 1 億美元。

And then just for the existing merchant base.

然後僅針對現有的商業基礎。

So merchants, for example, that have been on the platform as of or before December 2016, those merchants every month of 2017 grew by 20%, or more, for every one of those months.

例如，對於 2016 年 12 月或之前已在該平台上的商家來說，這些商家在 2017 年的每個月都增加了 20% 或更多。

And so again, the existing merchants are doing much better, as well, on the platform.

同樣，現有的商家在該平台上也做得更好。

And we continue to do things to help this.

我們將繼續採取行動來幫助實現這一目標。

So I expect that number to continue.

所以我預計這個數字會持續下去。

In terms of the Merchant Solutions, on the payment side in terms of merchant penetration we're at a very high number there.

就商家解決方案而言，在支付方面，就商家滲透率而言，我們的數字非常高。

Capital and Shipping, as I talked about, we're in sort of early periods there.

正如我所說，資本和航運業正處於早期階段。

And so over time we expect to see those start to have a more meaningful impact.

因此，隨著時間的推移，我們期望看到這些開始產生更有意義的影響。

Our next question comes from Brian Essex from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩·艾塞克斯。

I was wondering if I could dig into Subscription Solutions revenue a little bit.

我想知道是否可以深入研究訂閱解決方案的收入。

It looks like MRR has been at a pretty stable growth rate through the year but subscription Solutions revenue has accelerated.

看起來 MRR 全年成長率相當穩定，但訂閱解決方案收入卻在加速成長。

So it may be implying that some of that acceleration may be due to non-recurring items or easier comps.

因此，這可能意味著某些加速可能是由於非重複項目或更容易的補償造成的。

And I guess if we parse that out, could you maybe, Russ, could you give us a little bit of clarity in terms of what's driving that acceleration?

我想，如果我們分析這個問題，拉斯，你能給我們解釋一下是什麼推動了這種加速嗎？

Was it a change in Shop Plus pricing doing that?

這是因為 Shop Plus 的定價改變嗎？

Or are there other items that are kind of pushing that subscription Solutions growth rate higher than MRR growth?

或者是否有其他項目推動訂閱解決方案成長率高於 MRR 成長率？

So the 2 reasons that we saw, particularly in the fourth quarter, the Subscription Solutions growing faster than the MRR.

因此，我們看到的兩個原因，特別是在第四季度，訂閱解決方案的成長速度快於 MRR。

One is the sale of apps.

一是應用程式的銷售。

And so that continues to be very robust and will continue to be robust.

因此，這將繼續非常強勁，並將繼續強勁。

The second one which had a meaningful impact relative to other quarters in Q4 was the new variable pricing for Plus.

與第四季度其他季度相比，第二個產生重大影響的是 Plus 的新可變定價。

So it was about 3x higher in Q4 than in Q3.

因此，第四季的增幅約為第三季的 3 倍。

Again, in terms of the overall number, not a material amount, but certainly a positive impact in that quarter.

同樣，就總數而言，雖然不是實質數量，但肯定對該季度產生了積極影響。

Our next question comes from Kevin Krishnaratne from Paradigm Capital.

我們的下一個問題來自 Paradigm Capital 的 Kevin Krishnaratne。

Just on the Plus investments for 2018, how do we think about the growth there, sales and marketing versus R&D spend?

就 2018 年的 Plus 投資而言，我們如何看待那裡的成長、銷售和行銷與研發支出？

And then on Plus usage, I'm curious to know if you're seeing any difference in the type of apps taken by Plus versus non-Plus merchants and if there's any opportunities to either acquire or build out those offerings as part of the Plus offering.

然後，關於 Plus 的使用，我很想知道您是否發現 Plus 與非 Plus 商家使用的應用程式類型有什麼不同，以及是否有機會獲取或建立這些產品作為 Plus 的一部分奉獻。

It's Harley.

是哈雷。

I'll take that question.

我來回答這個問題。

So in terms of expense or spend on Plus, as I mentioned earlier, I think that in the early days of Plus we really did focus on just giving amazing service, whether it was having dedicated account reps or making sure that our merchants had everything they need when it comes to Shopify.

因此，就Plus 的費用或支出而言，正如我之前提到的，我認為在Plus 的早期，我們確實專注於提供出色的服務，無論是擁有專門的客戶代表還是確保我們的商家擁有他們想要的一切。

But on the product side I think this is where you'll start seeing a lot more products coming out around for Shopify Plus, specifically for these larger enterprise-like merchants.

但在產品方面，我認為您將開始看到 Shopify Plus 推出更多產品，特別是針對這些大型企業類商家。

And that's something that is new to us.

這對我們來說是新鮮事。

In terms of the apps, you're correct.

就應用程式而言，您是對的。

Some of the nuances and complexity of what these larger merchants need, things like cross-border tax compliance, things of that nature, it's just not something that smaller merchants require.

這些大型商家需要的一些細微差別和複雜性，例如跨境稅務合規性等性質的東西，只是小型商家不需要的。

And so we created a partner program specifically for apps that larger merchants need, and that's still in its early days but we're seeing a lot of great companies come to the table to offer their services for our Plus merchants.

因此，我們專門為大型商家所需的應用程式創建了一個合作夥伴計劃，這仍處於早期階段，但我們看到許多優秀的公司前來為我們的 Plus 商家提供服務。

Our next question comes from Todd Coupland from CIBC.

我們的下一個問題來自 CIBC 的 Todd Coupland。

I wanted to ask about international.

我想問一下國際。

What countries will be the focus in 2018 in terms of expansion?

2018年將重點拓展哪些國家？

And now that you've had a few quarters of strong international growth, would you expect those merchants to be a tailwind to GMV growth in 2018?

既然您已經經歷了幾個季度的強勁國際成長，您是否預期這些商家將成為 2018 年 GMV 成長的推動力？

So the focus in terms of country priority, Germany, France, Japan, Singapore are kind of the sort of Tier 1, and then we could expect to grow from there.

因此，專注於國家優先事項，德國、法國、日本、新加坡屬於第一梯隊，然後我們可以期望從那裡開始成長。

Now in some of these merchants will be earlier merchants.

現在這些商人中的一些將是較早的商人。

And so potentially a little bit of an impact in GMV, but net-net good additions.

因此，這可能會對 GMV 產生一點影響，但淨淨值會增加。

And with the data that we gather as part of that, clearly we'll be able to use that to help these merchants as well.

透過我們收集的數據，顯然我們也能夠利用這些數據來幫助這些商家。

Our next question comes from Suthan Sukumar from Eight Capital.

我們的下一個問題來自八資本的 Suthan Sukumar。

Thanks for the question on the eBay channel you guys launched recently.

感謝你們最近在 eBay 頻道上提出的問題。

Can you speak to some of the recent traction that you're having on the channel and what other types of channels that you may look ahead to integrate over the course of fiscal 2018?

您能否談談您最近對該管道的一些關注，以及您可能希望在 2018 財年整合哪些其他類型的管道？

It's Harley.

是哈雷。

I'll take that question.

我來回答這個問題。

Yes, so we're really happy with the eBay channel.

是的，我們對 eBay 頻道非常滿意。

It's a marketplace with 170 million consumers that shop there.

這是一個擁有 1.7 億消費者在那裡購物的市場。

Again, the strategy with channels is to make sure that our merchants can find their customers wherever they may exist.

同樣，通路策略是確保我們的商家無論在哪裡都能找到他們的客戶。

And certainly eBay is a place where a lot of consumers hang out.

當然，eBay 是很多消費者閒逛的地方。

So natural progression was obviously eBay.

所以自然的進步顯然是 eBay。

Again, one thing that I think gets lost sometimes is we also have this channel SDK which means that some of the core channels we're going to build ourselves, things like eBay and Amazon, because we think they're really important.

再說一遍，我認為有時會失去的一件事是我們也有這個頻道 SDK，這意味著我們將自己建立一些核心管道，例如 eBay 和亞馬遜，因為我們認為它們非常重要。

But the nice part about having SDK, it means that other marketplaces that more niche and really relevant to a very -- to a smaller subset of merchants, they can easily integrate into Shopify and then right through the Shopify back end our merchants can sell anywhere they want.

但是擁有 SDK 的好處在於，它意味著其他更小眾且與一小部分商家真正相關的市場，他們可以輕鬆整合到 Shopify 中，然後透過 Shopify 後端我們的商家可以在任何地方進行銷售。

Our next question comes Richard Tse from National bank.

我們的下一個問題來自國家銀行的 Richard Tse。

This is actually Andrew in place of Richard.

這實際上是安德魯代替了理查德。

My question is actually on the take rate.

我的問題實際上是關於接受率。

You mention in your remarks some of the drivers to what you're seeing that expand in the quarter.

您在評論中提到了您所看到的本季擴張的一些驅動因素。

I'm hoping that you can provide some vision into the direction over the next few years, just based on your expectations for new products and services calling and whether you expect Plus uptake to be a headwind or a tailwind for that longer-term direction.

我希望您能夠根據您對新產品和服務的期望，以及您是否期望 Plus 的採用對該長期方向是逆風還是順風，對未來幾年的方向提供一些願景。

So we did see good increase in the take rate in Q4.

因此，我們確實看到第四季的採用率有了良好的成長。

Q4 will always have a higher take rate just because of the nature of the volume in that period and the services that we provide.

由於該時期的交易量性質以及我們提供的服務，第四季度的採用率始終會更高。

I think as we talked about part of our strategy as a company is to increase our share of wallet.

我認為，正如我們所討論的，作為一家公司，我們策略的一部分是增加我們的錢包份額。

And so we will continue to focus on things that do that.

因此，我們將繼續專注於能夠做到這一點的事情。

In terms of Plus, more of the Plus merchants are actually using things like Shopify Payments now.

就 Plus 而言，現在有更多的 Plus 商家實際上正在使用 Shopify Payments 之類的東西。

And so whether or not we will get some big merchants that have their own sort of payment gateway that corporately they need to use, which could be a bit of a headwind there, is to be determined.

因此，我們是否會得到一些擁有自己的支付網關的大商家，他們需要集體使用，這可能會有點阻力，還有待確定。

But overall, we expect the take rate to improve over time.

但總體而言，我們預期採用率會隨著時間的推移而提高。

Our next question comes from Brian Peterson from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的布萊恩彼得森。

So I wanted to hit on the customer cohort that you guys talk about or you reference in the MDA section.

因此，我想談談你們在 MDA 部分中談論或引用的客戶群。

But it looks like the majority of the incremental revenue dollars this year came from the 16 cohort and the 17 cohort were the 2015 in prior were more or less stable, maybe up a little bit.

但看起來今年大部分增量收入來自 16 組，而 2015 年之前的 17 組或多或少保持穩定，可能略有上升。

And what I want to understand there is, is there a certain point where your customers sort of just grow in line with digital commerce?

我想了解的是，是否存在某個特定點，您的客戶會隨著數位商務的成長而成長？

And when do we typically see that?

我們通常什麼時候會看到這種情況？

And is there anything different about your recent customers that suggest that could be a longer growth tail or a shorter?

您最近的客戶是否有什麼不同之處表明增長尾可能更長或更短？

Just curious on that dynamic.

只是對這種動態感到好奇。

So both the 2015 and the pre-2015 cohorts grew in 2017.

因此，2015 年和 2015 年之前的群體在 2017 年都有所成長。

the reason you see what you just talked about the much larger growth in sort of 2016 cohort, is because that cohort 2017 that's their first full year to be on the platform itself.

你之所以看到你剛才談到的 2016 年群體的成長幅度要大得多，是因為 2017 年群體是他們在平台上的第一個完整年份。

So some of those merchants in 2016 actually joined sort of late in the year.

因此，2016 年的一些商家實際上是在今年稍後加入的。

And so you might be getting a little bit of distortion there.

所以你可能會在那裡得到一點失真。

But overall, again our monthly billing retention rate was over 100%.

但總體而言，我們的月度帳單保留率再次超過 100%。

and so we can see as we add larger and newer cohort that that just becomes incremental for us.

因此，我們可以看到，當我們添加更大、更新的佇列時，這對我們來說就會變得增量。

And there are no further questions at this time.

目前沒有其他問題。

I will now turn the call back over to Katie Keita for closing remarks.

現在，我將把電話轉回給凱蒂·凱塔，讓其致閉幕詞。

All right.

好的。

Thanks, Kellie, and I'll turn the call over to Tobi for his final words.

謝謝，凱莉，我會把電話轉給托比聽他最後的話。

Good.

好的。

That's a quick one.

那是很快的一件事。

Nice work.

幹得好。

So we left no stone unturned.

所以我們不遺餘力。

We talked about fun things like bitcoins and dropshipping and all these kind of good things.

我們討論了一些有趣的事情，例如比特幣和代發貨以及所有這些好事。

I think what we do here is as always we are trying to predict where the future is going in e-commerce.

我認為我們在這裡所做的就是一如既往地嘗試預測電子商務的未來發展方向。

We are doing a lot of work to -- so that if small merchants we have on the platform, if somehow their industry changes in some meaningful way or if new technologies happen but they need to take advantage of, that we have all of this ready at the push of a button so that they don't have to correctly anticipate all the changes to technology landscape, and so on.

我們正在做很多工作，以便如果我們平台上有小商家，如果他們的行業以某種有意義的方式發生變化，或者如果新技術出現但他們需要利用，那麼我們已經準備好了所有這些只需按一下按鈕，這樣他們就不必正確預測技術領域的所有變化，等等。

I think that -- let me just point at one recent kind of example that didn't come up, but it's just a good example of this kind of thing, which is that we've been investing in virtual reality and AR.

我認為——讓我舉一個最近沒有出現的例子，但這只是這類事情的一個很好的例子，那就是我們一直在投資虛擬實境和擴增實境。

This seems a little bit fanciful to what does commerce have to do with these kind of things.

對於商業與此類事物的關係，這似乎有點異想天開。

And the answer is kind of everything.

答案是一切。

We have just --we've uncovered really, really interesting ways of taking very human processes of how [products are forwarded] from a shopkeeper to a buyer that happen in the current world and that people appreciate.

我們剛剛發現了非常非常有趣的方法，以非常人性化的方式將[產品轉發]從店主到買家的過程發生在當今世界，並且受到人們的讚賞。

That's how people want to shop.

這就是人們想要購物的方式。

And how to move them onto the internet and so on.

以及如何將它們轉移到互聯網上等等。

That's a little bit abstract.

這有點抽象。

More concrete is something you can already see like that specifically AR through phones is clearly how in the future a lot of things like furniture is going to be sold.

更具體的是，你已經可以看到，特別是透過手機的 AR 顯然是未來許多東西（例如家具）的銷售方式。

So very soon in the next year or two, people are simply going to simply expect that when they look at a piece of furniture they're not looking at a picture that you're going to have to sort of internally visualize in the house, but rather just place it in their house and see what it looks like and walk around, and so on.

因此，很快在接下來的一兩年裡，人們就會簡單地期望，當他們看一件家具時，他們看到的並不是一張你必須在房子內部想像的圖片，而是把它放在他們的房子裡，看看它是什麼樣子，然後四處走動，等等。

That's one of those kind of tidal waves which is going to ht the furniture industry.

這是即將席捲家具產業的浪潮之一。

Like, if you're IKEA, that's not a problem.

就像，如果你是宜家，那不是問題。

You going to put a couple of hundred people on the job and make that happen.

你需要派出幾百人來完成這項工作並實現這一目標。

But if you are a small independent furniture store or some craftspeople on some island in Atlantic getting together to make fantastic furniture, you will not have that kind of R&D department.

但如果你是一家小型獨立家具店，或是大西洋某個島嶼上的一些工匠聚集在一起製作精美的家具，那麼你就不會有這樣的研發部門。

And so in those cases we want -- once this change happens in the industry, we want to be there with the first single button that people can push and then they can take advantage of these kind of things.

因此，在這些情況下，我們希望——一旦行業發生這種變化，我們希望提供人們可以按下的第一個按鈕，然後他們就可以利用這些東西。

That's just I think a good metaphor for the way we think about continued investment in R&D and our product road map and so on.

我認為這是我們思考持續投資研發和產品路線圖等方式的一個很好的比喻。

We're going to almost innoculate our customer base from having to correctly anticipate future changes so that we create some semblance of stability so that they can focus on their product on their business, growing it and so on.

我們將讓我們的客戶群免於必須正確預測未來的變化，這樣我們就可以創造某種程度的穩定性，這樣他們就可以專注於他們的產品和他們的業務，發展它等等。

Good.

好的。

That's something I wanted to get off my chest.

這是我想吐露心聲的事。

I think good quarter.

我認為季度不錯。

Thank you very much for joining us and see you in 3 months.

非常感謝您加入我們，3 個月後再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。