Shopify Inc (SHOP) 2018 Q4 法說會逐字稿

Good morning.

早安.

My name is Lisa, and I'll be your conference operator today.

我叫麗莎，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Shopify Q4 2018 Financial Results Conference Call.

現在，我歡迎大家參加 Shopify 2018 年第四季財務業績電話會議。

(Operator Instructions) Katie Keita, you may begin your conference.

（操作員指示）Katie Keita，您可以開始會議了。

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 2018 Conference Call.

我們很高興您能參加 Shopify 2018 年第四季的電話會議。

We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, our Chief Operating Officer; and Amy Shapero, our CFO.

今天早上，Shopify 執行長 Tobi Lütke 也加入了我們的行列。 Harley Finkelstein，我們的營運長；以及我們的財務長艾米·夏佩羅 (Amy Shapero)。

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 that are based on assumptions, and therefore, 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基於假設的前瞻性聲明，因此存在可能導致實際結果與預測有重大差異的風險和不確定性。

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。

You can read about these risks and uncertainties in our press release this morning as well as in our filings with U.S. and Canadian regulators.

您可以在我們今天早上的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些風險和不確定性。

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 and not as a substitute for GAAP measures.

這些應被視為 GAAP 措施的補充而不是替代。

Reconciliations between the 2 can be found in our earnings press release, which is 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 we say otherwise.

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

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

這樣，我就把電話轉給哈利。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

2018 was another phenomenal year for Shopify and for our merchants.

對 Shopify 和我們的商家來說，2018 年又是非凡的一年。

We hit major product milestones while stepping into new and exciting territory.

我們在進入令人興奮的新領域的同時達到了主要的產品里程碑。

And we continue to evolve as an organization in our mission to make commerce better for everyone.

我們作為一個組織不斷發展，肩負著讓商業更好地惠及每個人的使命。

First off, I want to thank the team at Shopify for their passion and hard work over the past year.

首先，我要感謝 Shopify 團隊在過去一年的熱情和辛勤工作。

We wrapped up an amazing year and delivered an incredible fourth quarter as a result.

我們結束了令人驚嘆的一年，並交付了令人難以置信的第四季度業績。

And together, we achieved a truly incredible milestone this year.

今年，我們共同實現了一個真正令人難以置信的里程碑。

No other SaaS company at the $1 billion-revenue mark has ever grown at this rate, 54% in our last quarter and 59% for the full year.

沒有其他營收達到 10 億美元大關的 SaaS 公司能夠以這樣的速度成長，上季成長 54%，全年成長 59%。

This is historic, not just for us, but for the industry.

這不僅對我們，而且對整個產業來說都是歷史性的。

It is truly something to be proud of.

這確實是值得驕傲的事。

How did we get here?

我們是怎麼來到這裡的？

Simple.

簡單的。

Merchant success has been and will always be our top priority.

商家的成功一直是並將永遠是我們的首要任務。

It guides the decisions we make on a daily basis and is infused into everything we do at Shopify.

它指導我們每天做出的決策，並融入我們在 Shopify 所做的一切。

This was reflected in our fourth quarter and across our 3 priority areas of investment in 2018: Platform, Shopify Plus and international.

這反映在我們第四季以及 2018 年的 3 個優先投資領域：平台、Shopify Plus 和國際。

Let's start with platform.

我們先從平台開始。

We aim for Shopify to be the first thing that merchants open in the morning and the last thing that merchants close at night.

我們的目標是讓 Shopify 成為商家早上第一個開門、晚上最後一個關門的地方。

In other words, we want Shopify to be the heart and soul of a merchants' business, helping them sell more and work more efficiently so they can focus on the things that really matter to them.

換句話說，我們希望 Shopify 成為商家業務的核心和靈魂，幫助他們銷售更多產品並提高工作效率，以便他們可以專注於對他們真正重要的事情。

The features that our product team shipped this year were geared towards achieving this.

我們的產品團隊今年發布的功能就是為了實現這一目標。

Multi-location inventory, Shopify Ping and our centralized Marketing Dashboard helps streamline operations, while Dynamic Checkout and new discount features are designed to enable merchants to personalize a buyers' purchase experience and increase sales conversions.

多地點庫存、Shopify Ping 和我們的集中式行銷儀表板有助於簡化運營，而動態結帳和新的折扣功能旨在使商家能夠個性化買家的購買體驗並提高銷售轉換率。

Our Services Marketplace and our updated app store leverage our data algorithms to further automate and simplify back-office processes.

我們的服務市場和更新的應用程式商店利用我們的數據演算法進一步自動化和簡化後台流程。

While Fraud Protect, which we launched in the fourth quarter, allows merchants to automatically fulfill more orders with confidence.

我們在第四季推出的 Fraud Protect 可以讓商家放心地自動履行更多訂單。

These platform improvements along with our core proposition of multichannel sales enablement contributed to our biggest-ever Black Friday Cyber Monday sales weekend, with more merchants and more GMV per merchant than ever before on the Shopify platform.

這些平台改進以及我們多通路銷售支援的核心主張促成了我們有史以來最大的黑色星期五網路星期一銷售週末，Shopify 平台上的商家數量和每個商家的 GMV 都比以往任何時候都高。

Our merchants generated more than $1.5 billion of GMV during the 4 days of BF CM 2018 compared to $1 billion over the same period in 2017.

在 BF CM 2018 的 4 天內，我們的商家創造了超過 15 億美元的 GMV，而 2017 年同期為 10 億美元。

And 2/3 of Shopify merchants online orders in the U.S. came through mobile devices compared to under 40% for the industry, which shows what a difference mobile-first design makes.

美國 2/3 的 Shopify 商家線上訂單是透過行動裝置完成的，而該行業這一比例還不到 40%，這顯示了行動優先設計的巨大差異。

To offer our merchants further support, we opened our first physical space in Los Angeles in the fourth quarter, which has exceeded our expectations.

為了給我們的商家進一步的支持，我們在第四季度在洛杉磯開設了第一個實體空間，這超出了我們的預期。

Thousands of the people have already visited this space to participate in one-on-one sessions, special events or educational programs.

成千上萬的人已經參觀過這個空間，參加一對一的會議、特別活動或教育計畫。

Product photography, formulating a sales channel strategy, paid advertising, e-mail marketing and selling in-person with point-of-sale are just a few of the practical topics we cover to get entrepreneurs launched and selling.

產品攝影、制定銷售管道策略、付費廣告、電子郵件行銷和銷售點現場銷售只是我們為企業家啟動和銷售所涵蓋的一些實用主題。

The simplicity, agility, and cost effectiveness of Shopify have attracted merchants across the retail spectrum, including high-volume merchants looking for a powerful solution to manage their increasing business complexity, a quality they have found in Shopify Plus.

Shopify 的簡單性、敏捷性和成本效益吸引了整個零售領域的商家，其中包括尋求強大解決方案來管理日益增加的業務複雜性的大批量商家，他們在 Shopify Plus 中發現了這一品質。

Shopify Plus ended the year with approximately 5,300 merchants, with launches in the fourth quarter from a wide variety of verticals, including consumer packaged good companies like Johnson & Johnson, Unilever, Procter & Gamble and General Mills; iconic fashion houses, Steve Madden, Nicole Miller and Jones New York; more traditional fashion retailers like Wet Seal; sporting good companies like Spider Ski Wear; Craft Sports, Helen Nocks and Specialized Bicycle.

截至年底，Shopify Plus 約有 5,300 家商戶，第四季度各個垂直行業推出了 Shopify Plus，其中包括強生、聯合利華、寶潔和通用磨坊等消費品公司；標誌性時裝品牌 Steve Madden、Nicole Miller 和 Jones New York；較傳統時尚零售商，如 Wet Seal； Spider Ski Wear 等體育用品公司；工藝運動、海倫諾克斯和專業自行車。

And we're also seeing increased uptake in new retail verticals.

我們也看到新零售垂直領域的採用率增加。

In the fourth quarter, the merch store for the popular videogame Fortnite launched in Shopify Plus.

第四季度，流行電玩遊戲 Fortnite 的商品商店在 Shopify Plus 上推出。

Influencers and celebrities continue to choose Shopify as a home for their brands, including The Obama Foundation; Tom Brady's brand, TB12; and also one of favorite new stores, Ladder, founded by Arnold Schwarzenegger, Cindy Crawford, Lindsey Vonn and Lebron James.

有影響力的人士和名人繼續選擇 Shopify 作為其品牌的所在地，其中包括奧巴馬基金會；湯姆布雷迪的品牌，TB12；還有最受歡迎的新店之一，Ladder，由阿諾·施瓦辛格、辛蒂·克勞馥、林賽·沃恩和勒布朗·詹姆斯創立。

The majority of new Shopify Plus merchants added in the quarter were brand new to the Shopify platform, but we also continue to see a healthy volume of upgrades.

本季新增的 Shopify Plus 商家大多是 Shopify 平台的全新商家，但我們也持續看到大量的升級。

In 2018, we invested in growing the Plus sale teams, which, along with the expansion of our Plus partner network contributed to the strong growth witnessed this year.

2018 年，我們投資發展了 Plus 銷售團隊，再加上我們的 Plus 合作夥伴網路的擴展，促成了今年的強勁成長。

We also entered a new retail vertical, the Canadian cannabis industry.

我們也進入了一個新的零售垂直領域，即加拿大大麻產業。

Some of the country's largest provinces and largest licensed producers that selected Shopify experience excellent uptime and performance on launch day and beyond, which demonstrates the fitness of our platform for regulated industries around the world.

選擇 Shopify 的該國一些最大的省份和最大的授權生產商在發布當天及之後都體驗到了出色的正常運行時間和性能，這表明我們的平台適合世界各地的受監管行業。

We are likewise expanding our product market fit for a greater number of businesses by continuing to develop more advanced enterprise-level features and functionality, such as Launchpad, Scripts and Flow, all tools to help merchants upscale, customize and work more efficiently.

同樣，我們正在透過繼續開發更先進的企業級特性和功能（例如Launchpad、腳本和流程）來擴大我們的產品市場，以適應更多的企業，所有這些工具都可以幫助商家升級、客製化和更有效率地工作。

Launchpad is a specialized tool that lets Plus merchants plan and automate flash sales, product launches and sales campaigns.

Launchpad 是一款專業工具，可讓 Plus 商家規劃和自動化閃購、產品發布和銷售活動。

Scripts enables merchants to optimize their e-commerce checkout in several ways, such as automating discounts and promotions.

腳本使商家能夠透過多種方式優化其電子商務結帳，例如自動折扣和促銷。

And Flow is our integration tool that allows merchants to offload repetitive tasks such as reordering inventory, letting merchants focus on growing bigger, faster.

Flow 是我們的整合工具，讓商家可以卸下重新訂購庫存等重複性任務，讓商家專注於更大、更快的發展。

By building more sophisticated features to deliver a unique product experience that meets the needs of higher volume, more complex merchants, we've broadened our appeal to an even greater number of potential Plus merchants.

透過建立更複雜的功能來提供獨特的產品體驗，滿足更大數量、更複雜的商家的需求，我們擴大了對更多潛在 Plus 商家的吸引力。

This approach helps Shopify Plus become a more significant contributor to Shopify across every metric in 2018, and we expected to set Shopify Plus up for continued success in 2019.

這種方法有助於 Shopify Plus 在 2018 年的各個指標上為 Shopify 做出更重要的貢獻，我們預計 Shopify Plus 將在 2019 年繼續取得成功。

On the international front, a key step we took this year was translating the Shopify platform, which is now available in 7 languages.

在國際方面，我們今年採取的關鍵一步是翻譯 Shopify 平台，該平台現已提供 7 種語言版本。

This single undertaking in 2018, boosted merchant access to and merchant success on Shopify outside our core geographies of North America, the U.K. and Australia.

2018 年的這項單一舉措提高了北美、英國和澳洲核心地區以外的商家在 Shopify 上的訪問和成功。

Our mix of international merchant has expanded to its highest level ever in the fourth quarter, and our lead-to-conversion rate improved in markets where we translated the user interface.

我們的國際商家組合在第四季度已擴大到有史以來的最高水平，並且我們在翻譯使用者介面的市場中的潛在客戶轉換率有所提高。

As such, merchants from outside our core geos accounted for 24% of our merchant base in 2018, up from 21% in 2017.

因此，2018 年，來自我們核心地理區域以外的商家占我們商家基礎的 24%，高於 2017 年的 21%。

And the contribution from international merchants to total GMV on our platform continued to increase, with the GMV more than doubling over 2017 in 3 out of our 4 priority countries.

國際商家對我們平台總 GMV 的貢獻持續增加，我們 4 個優先國家中的 3 個國家的 GMV 比 2017 年翻了一番多。

As always, a very important part to making our mission a reality are our partners who play a critical role in the success of our merchants and the success of Shopify.

一如既往，我們的合作夥伴是實現我們使命的一個非常重要的部分，他們在我們商家的成功和 Shopify 的成功中發揮關鍵作用。

Our partner ecosystem remains strong, with approximately 18,000 partners having referred merchants to Shopify over the past 12 months.

我們的合作夥伴生態系統依然強大，在過去 12 個月內約有 18,000 名合作夥伴將商家推薦給 Shopify。

Thanks to the improvements to search and classification that rolled out in the app store in 2018 to nearly 2,500 third-party apps on our platform are finding their way to merchants more efficiently than ever.

由於 2018 年應用程式商店推出的搜尋和分類改進，我們平台上的近 2,500 個第三方應用程式比以往任何時候都更有效率地找到商家。

It's clear that our merchants are getting value from the apps on our platform as measured by the percentage of merchants using them and the dollars spent per merchant, both of which continue to trend upward in Q4.

很明顯，我們的商家正在從我們平台上的應用程式中獲得價值，以使用這些應用程式的商家百分比和每個商家花費的美元來衡量，這兩者在第四季度繼續呈上升趨勢。

Before handing the call over to Amy, I want to note that I've never been more optimistic about the opportunity Shopify has and how we're executing on that opportunity.

在將電話轉交給 Amy 之前，我想指出的是，我對 Shopify 擁有的機會以及我們如何利用這個機會感到從未如此樂觀。

With over 4,000 of us focused everyday on making commerce better for everyone, merchants and buyers alike, our contribution to entrepreneurship and a more vibrant commerce ecosystem across the globe is growing.

我們有超過 4,000 名員工每天致力於為每個人（包括商家和買家）提供更好的商業服務，我們對全球創業精神和更具活力的商業生態系統的貢獻正在不斷增長。

This is why we do what we do and why we are so excited about our future.

這就是我們所做的事情以及我們對未來如此興奮的原因。

Thanks, Harley, and good morning, everyone.

謝謝哈雷，大家早安。

As Harley mentioned, 2018 was a fantastic year for Shopify as we continued our strong growth trajectory, ending the year with more than $1 billion in revenue and achieving adjusted operating profitability for the quarter as well as for the full year.

正如 Harley 所提到的，2018 年對 Shopify 來說是夢幻般的一年，我們繼續保持強勁的成長軌跡，年終收入超過 10 億美元，並實現了季度和全年調整後的營運利潤。

Shopify's ability to give merchants superpowers was on full display in the fourth quarter.

Shopify賦予商家超能力的能力在第四季度得到了充分展示。

We expanded revenue 54% year-over-year to $343.9 million on strong performance from both Subscription Solutions and Merchant Solutions.

由於訂閱解決方案和商家解決方案的強勁表現，我們的營收年增 54% 至 3.439 億美元。

Subscription Solutions' revenue grew 42% to $133.6 million as we continue to attract new merchants, ending the year with more than 820,000 merchants on the Shopify platform.

隨著我們不斷吸引新商家，Subscription Solutions 的營收成長了 42%，達到 1.336 億美元，截至年底，Shopify 平台上的商家數量超過 82 萬家。

Monthly recurring revenue grew 37% year-over-year to $40.9 million, primarily driven by merchant adds.

每月經常性收入年增 37% 至 4,090 萬美元，主要由商家增加推動。

Shopify Plus continued to increase its contribution to monthly recurring revenue, accounting for $10.4 million or 25% compared with 21% of MRR in Q4 of 2017.

Shopify Plus 對每月經常性收入的貢獻持續增加，佔 1,040 萬美元，即 25%，而 2017 年第四季佔 MRR 的 21%。

Strong app and platform fee revenues contributed to the 5 percentage point difference between the growth of subscription revenue and MRR.

強勁的應用程式和平台費用收入導致訂閱收入和 MRR 成長之間出現 5 個百分點的差異。

Merchant Solutions' revenue grew 63% over the same period in 2017 to $210.3 million.

Merchant Solutions 的營收較 2017 年同期成長 63%，達到 2.103 億美元。

This growth was driven by GMV expansion, which increased 54% year-over-year to $14 billion.

這一成長是由 GMV 擴張推動的，GMV 年成長 54%，達到 140 億美元。

Continued penetration of Shopify Payments, Shipping and Capital also contributed to this growth.

Shopify Payments、Shipping 和 Capital 的持續滲透也促進了這一成長。

The highlight of the fourth quarter came during the Black Friday Cyber Monday weekend.

第四季的亮點出現在黑色星期五網路星期一週末。

As Harley mentioned, more than $1.5 billion was transacted on our platform over those 4 days.

正如 Harley 所提到的，這 4 天內我們平台上的交易額超過 15 億美元。

During this period, peak sales reached $870,000 per minute and $37 million per hour, while our platform experienced 0 downtime.

在此期間，峰值銷售額達到每分鐘 87 萬美元和每小時 3700 萬美元，而我們的平台出現了 0 停機時間。

This performance is an absolute testament to the resiliency of the Shopify platform and the talent of our infrastructure and support teams.

這一表現絕對證明了 Shopify 平台的彈性以及我們的基礎設施和支援團隊的才華。

$5.8 billion of GMV was processed on Shopify Payments in Q4, an increase of 65% versus the comparable quarter last year.

第四季 Shopify Payments 處理的 GMV 為 58 億美元，與去年同期相比成長了 65%。

Payments penetration of GMV was 41% versus 39% in Q4 2017 as Shopify Plus continued to increase its share of GPV, and we made headway expanding Shopify Payments internationally.

隨著 Shopify Plus 繼續增加其 GPV 份額，並且我們在國際上擴展 Shopify Payments 方面取得了進展，GMV 的支付滲透率為 41%，而 2017 年第四季度為 39%。

Capital and Shipping, both higher-margin solutions, also turned in strong performances year-over-year in the quarter, and together, doubled revenue for the full year.

資本和航運這兩種利潤率較高的解決方案在本季度也實現了同比強勁表現，全年收入合計翻了一番。

Gross profit dollars grew 53% from Q4 of 2017 to $185.7 million despite a greater mix of Merchant Solutions revenue versus last year, reflecting the greater contributions made by Shopify Capital and Shopify Shipping as well as the expected rebound in Subscription Solutions' margins with the cost related to the migration to cloud now behind us.

儘管商家解決方案的收入與去年相比有所增加，但毛利較2017 年第四季度增長了53% 至1.857 億美元，反映出Shopify Capital 和Shopify Shipping 做出的更大貢獻以及訂閱解決方案利潤率隨成本的預期反彈與現在已經過去的雲端遷移有關。

Adjusted operating income in Q4 grew 72% to approximately $20 million or 6% of revenue compared with $11.6 million or 5% of revenue in the fourth quarter of 2017.

第四季調整後營業收入成長 72%，達到約 2,000 萬美元，佔營收的 6%，而 2017 年第四季的調整後營業收入為 1,160 萬美元，佔營收的 5%。

Adjusted net income for the quarter grew 90% to $27.9 million or $0.26 per share.

該季度調整後淨利潤成長 90%，達到 2,790 萬美元，即每股 0.26 美元。

This compares with income of $14.7 million or $0.15 per share in last year's fourth quarter.

相比之下，去年第四季的營收為 1,470 萬美元，即每股 0.15 美元。

Finally our cash, cash equivalents and marketable securities balance was approximately $2 billion, which increased around $390 million largely due to proceeds from a share offering we completed in December.

最後，我們的現金、現金等價物和有價證券餘額約為 20 億美元，增加了約 3.9 億美元，主要歸功於我們 12 月完成的股票發行收益。

We continue to see a tremendous opportunity for growth at Shopify, and we're still in the early stages of achieving our mission to make commerce better for everyone.

我們繼續看到 Shopify 的巨大成長機會，而且我們仍處於實現讓每個人都能享受到更好的商業的使命的早期階段。

Our decision to raise capital in Q4 was guided by this mission, in order to fund these opportunities to make merchants' lives easier and build for the long term.

我們在第四季度籌集資金的決定是在這項使命的指導下進行的，以便為這些機會提供資金，使商家的生活更輕鬆，並實現長期發展。

Merchants of all types choose Shopify to start, manage and grow their business.

所有類型的商家都選擇 Shopify 來啟動、管理和發展他們的業務。

This is because our platform enables merchant growth and success, no matter their size or scale.

這是因為我們的平台能夠促進商家的成長和成功，無論其規模為何。

The simplicity, agility and cost effectiveness of the platform, combined with the support of our rich partner ecosystem, provides every merchant an opportunity to build a successful business.

該平台的簡單性、敏捷性和成本效益，加上我們豐富的合作夥伴生態系統的支持，為每個商家提供了建立成功業務的機會。

There are primarily 3 types of merchants that join Shopify: early-stage entrepreneurs or aspirational merchants, who are the very top of the funnel; more established merchants, who have demonstrated a certain level of success; and Shopify Plus, larger brands with greater volumes and higher degrees of business complexity.

加入 Shopify 的商家主要有 3 類：處於漏斗頂端的早期企業家或有抱負的商家；已取得一定成功的較成熟的商人； Shopify Plus 是規模更大、業務複雜程度更高的品牌。

Understanding the different types of merchants who use our platform informs our product road map in areas of investment to best ensure overall merchant success and expand our total addressable market.

了解使用我們平台的不同類型的商家可以為我們在投資領域的產品路線圖提供信息，以最好地確保商家的整體成功並擴大我們的總體目標市場。

In 2018, we focused our investments in Shopify Plus, our platform and international, by building a richer set of features and enabling even more merchants around the world to start selling and to sell more efficiently.

2018 年，我們將投資重點放在我們的平台 Shopify Plus 和國際平台上，透過建立更豐富的功能，讓世界各地更多的商家能夠開始銷售並更有效率地銷售。

As a result, today, we are seeing continued strength of Shopify's GMV growth, continued strong merchant cohort performance and an expansion of our international merchant base.

因此，今天，我們看到 Shopify 的 GMV 成長持續強勁，商家群體表現持續強勁，並且國際商家基礎不斷擴大。

Our success to date would not be possible without investing for the out years, and as such, we plan to continue investing for the long term.

如果沒有未來幾年的投資，我們迄今為止不可能取得成功，因此，我們計劃繼續長期投資。

We believe that actively managing a portfolio of growth investments with different return time horizons is necessary for continued strong growth in 2019 and beyond.

我們認為，積累管理具有不同回報時間範圍的成長投資組合對於 2019 年及以後的持續強勁成長是必要的。

Let's preview our larger focus areas in 2019.

讓我們預覽一下 2019 年更大的重點領域。

First is international.

首先是國際化。

We first became an international company by accident with no translation and little spend to encourage merchant adds outside our core geographies.

我們最初成為一家國際公司純屬偶然，沒有翻譯，也沒有投入很少的資金來鼓勵核心地區以外的商家增加業務。

In 2017, we saw promising results when we began to translate blogs with a greater mix of merchant adds from international.

2017 年，當我們開始翻譯更多來自國際的商家添加的部落格時，我們看到了可喜的結果。

In 2018, after we translated our platform, this growth in international merchant adds accelerated, again outpacing strong merchant growth in our established markets.

2018 年，在我們轉換平台後，國際商家的成長速度加快，再次超過了我們成熟市場中商家的強勁成長。

These positive signals, along with substantial growth from geographies we haven't yet translated, merit expanding our investments in these markets.

這些正面訊號，加上我們尚未翻譯的地區的大幅成長，值得我們擴大在這些市場的投資。

Each geography has its own norms and preferences with respect to languages, partners, payments and design, development of commerce and entrepreneurial culture and affinity for local versus cross-border selling.

每個地區在語言、合作夥伴、支付和設計、商業和創業文化的發展以及本地銷售與跨國銷售的親和力方面都有自己的規範和偏好。

While we are seeing positive early results, we expect our continued investments in international growth will play out over several years.

雖然我們看到了積極的早期成果，但我們預計我們對國際成長的持續投資將在幾年內發揮作用。

Second is the Shopify brand, a new area of investment for us.

其次是Shopify品牌，這對我們來說是一個新的投資領域。

We've enjoyed exceptional organic growth in our merchant base despite having very low brand awareness.

儘管品牌知名度非常低，但我們的商業基礎卻實現了非凡的有機成長。

With approximately $30 million of investment in 2019 directed toward building the Shopify brand beyond online and to mass-market media channels, we believe we can reach and be recognized by a far greater number of potential merchants.

2019 年，我們投資了約 3,000 萬美元，用於在網路和大眾市場媒體管道上建立 Shopify 品牌，我們相信我們能夠接觸到更多的潛在商家並獲得他們的認可。

We are also stepping up our efforts to catalyze new business creation and success as our launch of Shopify Studios last month attests.

我們也加緊努力，促進新業務的創建和成功，我們上個月推出的 Shopify Studios 證明了這一點。

Overall, the objectives of our brand investments in 2019 are to catalyze entrepreneurship, increase awareness of the Shopify brand, widen the top of the merchant funnel and drive up the efficiency of our direct marketing spend over time.

整體而言，我們 2019 年品牌投資的目標是促進創業、提高 Shopify 品牌知名度、拓寬商家管道的頂部並隨著時間的推移提高我們直接行銷支出的效率。

As with all new investment areas, we expect 2019 to be a learning year for us, with most benefits expected to accrue in 2020 and beyond.

與所有新的投資領域一樣，我們預計 2019 年將是我們學習的一年，預計大部分收益將在 2020 年及以後產生。

The third major focus area for investments in 2019 is product expansion.

2019年投資的第三大重點領域是產品擴張。

One thing we have learned over the last 12 years is that merchants love what Shopify does for them and they would like us to do more.

我們在過去 12 年中了解到的一件事是，商家喜歡 Shopify 為他們所做的事情，他們希望我們做得更多。

This is why we launched Shopify Plus in 2014, Shipping in 2015 and Capital in 2016.

這就是我們在 2014 年推出 Shopify Plus、2015 年推出 Shipping 和 2016 年推出 Capital 的原因。

In other words, with our strong track record of innovation on behalf of merchants, they expect us to keep at it, to keep helping them outinnovate, outsell and outcompete.

換句話說，憑藉我們在代表商家創新方面的良好記錄，他們希望我們能夠堅持下去，繼續幫助他們在創新、銷售和競爭中脫穎而出。

To be constantly improving for merchants, we have to be constantly improving ourselves.

想要讓商家不斷進步，我們必須不斷提升自己。

Creating the right version of Shopify for 2019 and beyond means investing in new capabilities in Shipping and other areas that will enhance both the merchant and buyer experience and drive higher conversion.

創建適合 2019 年及以後的 Shopify 版本意味著投資運輸和其他領域的新功能，這將增強商家和買家的體驗並推動更高的轉換。

While we will not go into specifics today, I can tell you that we are building for the future and there is more to come later this year.

雖然我們今天不會詳細討論，但我可以告訴您，我們正在為未來而努力，今年晚些時候還會有更多的事情發生。

Alongside these newer opportunities to expand our total addressable market, increase our marketing efficiency and gain a greater share of wallet, we will maintain our investments in Shopify Plus and our platform where our returns have been evident.

除了擴大我們的總目標市場、提高行銷效率和獲得更大份額的新機會之外，我們還將維持對 Shopify Plus 和我們回報明顯的平台的投資。

We have earned an advantageous position both in the market and within our merchants' own operations.

我們在市場和商家本身的營運中都贏得了有利的地位。

And by continuing to seize opportunities to deliver more value to more merchants as we are doing with these investments in 2019, we are helping to secure Shopify's status as a high-growth company for a very long time.

正如我們在 2019 年進行的這些投資一樣，透過繼續抓住機會為更多商家提供更多價值，我們正在幫助 Shopify 長期保持高成長公司的地位。

For 2019, we expect to see strong top line growth, with revenue for the full year in the range of $1.46 billion to $1.48 billion and an adjusted operating income range between $10 million and $20 million.

2019 年，我們預計營收將強勁成長，全年營收在 14.6 億美元至 14.8 億美元之間，調整後營業收入在 1,000 萬美元至 2,000 萬美元之間。

For the first quarter, we expect revenue of $305 million to $310 million and an adjusted operating loss between $13 million and $15 million.

我們預計第一季的營收為 3.05 億美元至 3.1 億美元，調整後的營運虧損為 1,300 萬美元至 1,500 萬美元。

Stock-based compensation in 2019 is expected to be approximately $160 million for the full year, with about $34 million of this in the first quarter.

2019年全年股票薪酬預計約1.6億美元，其中第一季約為3,400萬美元。

Our expectations for continued strong growth in 2019 reflect our favorable competitive position as well as our ability to benefit from secular trends in global commerce, including multichannel, direct-to-consumer, mobile and others.

我們對 2019 年持續強勁成長的預期反映了我們有利的競爭地位以及我們從全球商業長期趨勢中受益的能力，包括多通路、直接面向消費者、行動等。

We are excited about what we can do for merchants in 2019 and about our contribution to maintaining a vibrant and healthy commerce landscape that empowers merchants around the world.

我們對 2019 年能為商家做的事情以及為維護充滿活力和健康的商業環境做出的貢獻感到興奮，從而為世界各地的商家提供支援。

With that, I will hand the call back to Katie.

這樣，我會將電話轉回給凱蒂。

Thank you, Amy.

謝謝你，艾米。

(Operator Instructions) Lisa, can we hear from the first questioner, please?

（操作員指示）Lisa，我們可以聽聽第一位提問者的發言嗎？

(Operator Instructions) And our first question comes from the line of Brad Zelnick from Crédit Suisse.

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

I didn't hear Tobi on the call.

我沒有聽到托比打電話的聲音。

Is he with us today?

他今天和我們在一起嗎？

I'm here.

我在這。

Excellent.

出色的。

Tobi, I have a big picture question.

托比，我有一個大問題。

I know it's super early, but what are your thoughts on augmented reality and the impact it can ultimately have on e-commerce?

我知道現在還為時過早，但您對擴增實境及其最終對電子商務產生的影響有何看法？

Love it.

愛它。

Great.

偉大的。

I mean, it's very early, right?

我的意思是，現在還很早，對吧？

You're sort of at the foundational infrastructure stage of augmented reality.

您處於擴增實境的基礎架構階段。

Now I do think that augmented reality will be the final or at least second-to-last form factor for computing.

現在我確實認為擴增實境將是計算的最終或至少是倒數第二的形式因素。

We started the mainframes meant to desktop computers, we then transitioned to mobile phones, we're going to go to augmented reality as a primary form of digital consumption somewhere in the next probably decade, decade and a half.

我們開始使用桌上型電腦的大型主機，然後轉向行動電話，我們將在未來十年、十五年的某個時間將擴增實境作為數位消費的主要形式。

And then eventually to direct interfaces.

然後最終到直接接口。

So I think everyone should have a good strategy, but it -- I'm not sure how much it's going to immediately matter.

所以我認為每個人都應該有一個好的策略，但是我不確定它會立即產生多大的影響。

Like we will find initially used cases.

就像我們會找到最初使用的案例。

We are -- we have prepared the platform for it, as you can go to a number of Shopify stores and sort of seize a little bit early fruits of that labor.

我們已經為此準備了平台，因為您可以前往許多 Shopify 商店並獲得一些早期的勞動成果。

You can look at couches.

你可以看看沙發。

I think you might want to buy in your web browser on Shopify stores.

我想您可能想透過網頁瀏覽器在 Shopify 商店中購買。

And then instead of looking at pictures, you can actually place them in your living room and see if they actually fit dimension-wise, all these kind of things, which is really, really cool.

然後，您不必看圖片，而是可以將它們實際放置在客廳中，看看它們是否確實在尺寸上合適，所有這些東西，這真的非常酷。

But there is such an enormous amount of work that has to happen to get proper 3D models for -- of all the products, figure out how to permanently place objects in then real world.

但是，要為所有產品獲得正確的 3D 模型，需要做大量的工作，弄清楚如何將物件永久放置在現實世界中。

And then of course, we are sort of all standing by until the -- how the companies can figure out how to miniaturize all the components to put them in client -- proper classes.

當然，我們都在等待，直到公司如何弄清楚如何小型化所有組件以將它們放入客戶適當的類別中。

And so the impact will be significant.

因此影響將是巨大的。

I think -- but it almost be more on the side of -- here's what happens every time we do major transitions in technology.

我認為——但更多的是——這就是我們每次進行重大技術轉型時都會發生的情況。

You're going to end up with the companies which are going to adjust to it and the ones which don't.

最終你會看到一些公司會適應它，而有些公司不會。

And so one major component -- the story until Shopify came around has been that SMBs had of a lot of trouble competing with larger companies.

因此，在 Shopify 出現之前，一個重要組成部分是中小企業在與大公司競爭時遇到很多麻煩。

And one of -- there's many reasons for this in operational efficiency, but one major reason was that we went through so many transitions in technology, and every single time that happened, like, let's say, we go to -- everyone needs mobile-enabled websites or something obviously like this, other SMBs will spend once money for some technology and then -- and didn't have a proper budget set up to keep these things innovative.

其中之一——營運效率方面造成這種情況的原因有很多，但一個主要原因是我們經歷瞭如此多的技術轉型，而每一次發生的轉變，就像，比方說，我們去——每個人都需要移動——啟用網站或類似的東西，其他中小企業會花一次錢購買某些技術，然後 - 並且沒有適當的預算來保持這些東西的創新。

Just for the high end of bigger companies that had dedicated development teams to keep them relevant.

只適用於擁有專門開發團隊來保持相關性的大公司的高端。

And so all this missed with new -- to these transitions and then ended up in trouble when consumer behavior changed.

因此，所有這一切都錯過了新的轉變，然後在消費者行為改變時陷入困境。

One -- what Shopify really wants to do is, we want to solve this problem for small businesses, right?

一 - Shopify 真正想做的是，我們想為小型企業解決這個問題，對吧？

Like, they decided to -- Shopify, we tell us about their products.

就像，他們決定——Shopify，我們向我們介紹他們的產品。

Every once in a while they come by and say, "Hey, we now need 3D models -- and here's a way to get those and here's our amazing partner ecosystem which can help you with this." And -- but we keep that to a minimum and we just make sure that once consumer behavior changes and everyone wants to see the couches they are about to buy actually placed in their living room through their cell phones or through their glasses, which might be released at this point, that all of our customers are ready for this kind of thing.

每隔一段時間，他們就會過來說：“嘿，我們現在需要 3D 模型，這裡有一種獲取這些模型的方法，而且我們令人驚嘆的合作夥伴生態系統可以幫助您實現這一點。”而且 - 但我們將其保持在最低限度，我們只是確保一旦消費者行為發生變化，每個人都希望透過手機或眼鏡看到他們將要購買的沙發實際放置在客廳中，這可能是此時發布，我們所有的客戶都已準備好應對此類事情。

And so this is the way I -- where augmented reality sits right now.

這就是我現在擴增實境所處的方式。

Our next question comes from the line of Ken Wong from Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

Maybe a question for Amy.

也許有個問題想問艾米。

You touched on a lot of investments for 2019.

您談到了 2019 年的許多投資。

Maybe, if you could, just circle a little bit on just gross margins.

如果可以的話，也許只在毛利率上圈出一點。

How should we think about gross margins relative to 2018 when trying to figure out how to manage to the operating income goals that you guys tossed out there?

當我們試圖弄清楚如何實現你們提出的營業收入目標時，我們應該如何考慮相對於 2018 年的毛利率？

Yes, sure.

是的，當然。

Let me just break it down for you by Subscription Solutions and Merchant Solutions and then we'll talk a little bit of about overall gross margins.

讓我透過訂閱解決方案和商家解決方案為您分解，然後我們將討論整體毛利率。

So with respect to Subscription Solutions' margin, we should generally see improvement year-over-year.

因此，就訂閱解決方案的利潤率而言，我們通常應該看到同比有所改善。

The first 3 quarters of 2018 were impacted by the cloud migration.

2018 年前 3 季度受到雲端遷移的影響。

And as you saw in the fourth quarter of 2018, we did see a rebound.

正如您在 2018 年第四季度看到的那樣，我們確實看到了反彈。

So generally, for 2019, calling for improved Subscription Solutions margins year-over-year.

因此，總的來說，2019 年訂閱解決方案的利潤率將逐年提高。

With respect to Merchant Solutions margins, we expect sort of steady state, with a slight bias towards improvement.

就商家解決方案的利潤率而言，我們預計將保持穩定狀態，並略有改善。

There's some puts and takes with respect to what's in there.

對於其中的內容有一些看法。

We have continued growth of high-margin products like Shipping, Capital, Fraud Protect.

我們的高利潤產品（例如航運、資本、詐欺保護）持續成長。

We expect Payment margins to continue to be relatively strong and steady.

我們預計支付利潤率將繼續相對強勁且穩定。

Within that, international payment margins tend to be higher than average, but there is some downward pressure on that as Plus merchants continue to take Shopify Payments.

其中，國際支付利潤率往往高於平均水平，但隨著 Plus 商家繼續採用 Shopify Payments，國際支付利潤率面臨一些下行壓力。

So generally, calling for steady Merchant Solutions margins year-over-year.

因此，總的來說，要求商家解決方案的利潤率比去年同期保持穩定。

When you step back and then you look at the overall blended gross margin, there will be some pressure, some slight downward pressure as we continue to see higher mix of Merchant Solutions revenue year-over-year.

當你退後一步，看看整體混合毛利率時，會發現一些壓力，一些輕微的下行壓力，因為我們繼續看到商家解決方案收入的同比增長。

But I'd like to just emphasize that we aren't optimizing for an overall gross margin, we're focused on gross profit dollar growth.

但我想強調的是，我們並不是針對整體毛利率進行最佳化，而是專注於毛利的成長。

That's what we think is important.

這就是我們認為重要的。

That's a signal to us that our merchants are successful and that we're sharing in that upside and that's a trade-off we're happy to make.

這向我們發出了一個信號，表明我們的商家是成功的，我們正在分享這一優勢，這是我們樂於做出的權衡。

Our next question comes from the line of Colin Sebastian from Robert Baird.

我們的下一個問題來自羅伯特貝爾德 (Robert Baird) 的科林塞巴斯蒂安 (Colin Sebastian)。

Maybe also a big picture question for Tobi.

對托比來說，這也許也是一個大問題。

But given that Shopify's success rests in large part due to the strong underlying technology stack.

但考慮到 Shopify 的成功很大程度上取決於強大的底層技術堆疊。

I guess, I'm wondering your level of confidence that the current platform as it's structured with rails and containers will continue to scale efficiently at such a high level of growth and volume and performance.

我想，我想知道您對目前由軌道和容器構成的平台將繼續以如此高的增長水平、數量和性能有效擴展的信心程度。

Or do you foresee the need maybe to step back and reinvest in the platform over the next couple of years?

或者您是否預見到在未來幾年內可能需要退一步並重新投資該平台？

Yes.

是的。

So an old mentor of mine once told me that -- when I was in my apprentice as a programmer in -- back in Germany, that when you start a software project, you have about 2 years of making changes to it, afterwards, it's like someone put cement into the coat base and you're never going to change a thing anymore.

因此，我的一位老導師曾經告訴我，當我在德國當程式設計師學徒時，當你開始一個軟體專案時，你有大約 2 年的時間對其進行更改，之後，它是就像有人把水泥放進外套底一樣，你再也不會改變任何東西了。

And that was true back then in the '90s.

90 年代確實如此。

So I've been terrified of that ever happening.

所以我一直很害怕這種事的發生。

And the industry has matured significantly.

而且這個行業已經顯著成熟。

We know a lot more about software craftsmanship than we did in the '90s.

與 90 年代相比，我們對軟體製程的了解要多得多。

And one thing Shopify has done from the beginning and has really, really difficult and like very scrappy startup trying to just sort of survive, once we figured out a better way to do it, a certain thing, or a better way to archetype certain things, we actually went back and made those changes instead of accumulating technical debt that, of course, you end up having to pay a lot of interest on over the years.

Shopify 從一開始就做了一件事，而且非常非常困難，就像非常鬥志旺盛的新創公司試圖生存一樣，一旦我們找到了更好的方法來做到這一點，某件事，或者更好的方式來原型化某些事物，我們實際上回去做了這些改變，而不是累積技術債務，當然，多年來你最終不得不支付大量利息。

And the -- Shopify's held itself to these standards, and we've been working hard on just making sure that the platform is able to adapt to new realities as quickly as the people in the company want to do it and as the market dictates that we do.

Shopify 堅持這些標準，我們一直在努力確保該平台能夠按照公司人員的意願和市場的要求盡快適應新的現實我們的確是。

And I think we are in very, very, very good shape given like sort of a vintage of a coat base.

我認為我們的狀態非常非常非常好，就像外套底座的復古一樣。

And the technologies that we chose have all proven to stand the test of time.

我們選擇的技術都被證明經得起時間的考驗。

I know there tends to be per technology with all this bull stories and bear stories on -- it's worked well for some people and worked not well for some folks.

我知道每種技術往往都有牛市和熊市的故事——它對某些人來說效果很好，但對某些人來說效果不佳。

The technology we chose, we held as a foundation for the main business logic of Shopify, has looked exceptionally well and works exceptionally well to this date.

我們選擇的技術作為 Shopify 主要業務邏輯的基礎，到目前為止看起來非常好，而且運作得非常好。

Now Shopify's platform of enormous scale at this point.

現在Shopify的平台規模已經非常龐大了。

We are using a lot of different technologies that are specialized for certain instances, especially around things like storefront, traffic.

我們正在使用許多專門針對某些實例的不同技術，特別是圍繞在店面、流量等方面。

This is a significant percentage of internet traffic at this point on our storefronts.

目前，這占我們店面網路流量的很大一部分。

And -- so there -- we are -- we have the foundation to change out some piece of technology just with something that's more customarily designed for these kind of cases.

所以，我們有基礎，可以用更適合此類情況設計的技術來改變某些技術。

And these are the kind of changes we do and we take the time to do them and we want to keep the platform fresh.

這些就是我們所做的改變，我們花時間去做這些改變，我們希望保持平台的新鮮感。

I really don't think we will have to be one of those companies which has, at some point, engage in a big rewrite.

我真的不認為我們必須成為那些在某個時候進行大規模重寫的公司之一。

That's usually -- is a sort of last resort kind of situation that is to be avoided.

這通常是一種必須避免的最後手段。

And I think we have done a good job keeping the technical debt low enough to be able to deal this a little bit of interest that we have to do and go back and pay down whenever we have a chance.

我認為我們已經做得很好，將技術債務保持在足夠低的水平，以便能夠處理我們必須做的一點利息，並在有機會時回去償還。

Our next question comes from the line of Monika Garg from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Monika Garg。

Amy, one question is on operating margins.

艾米，有一個問題是關於營業利潤率的。

You are guiding almost flattish, like 1.2-ish percent for 2019.

你的指導幾乎持平，例如 2019 年的 1.2% 左右。

Given you are guiding to a strong growth in '19, could you walk through like how -- why we are not seeing more leverage?

鑑於您正在指導 19 年的強勁成長，您能否談談為什麼我們沒有看到更多的槓桿？

And at what time do you think we can see more leverage?

您認為我們什麼時候可以看到更多的槓桿？

Yes.

是的。

We still see continued strong growth, a huge opportunity out in front of us.

我們仍然看到持續的強勁成長，這是我們面前的巨大機會。

And so we're going to continue to invest on OpEx areas.

因此，我們將繼續在營運支出領域進行投資。

With respect to sales and marketing, we will see some slight operating leverage in 2019.

在銷售和行銷方面，我們將在 2019 年看到一些輕微的營運槓桿。

But we see opportunities to continue to invest in international and Plus.

但我們看到了繼續投資國際和Plus的機會。

We talked a little bit in my earlier remarks about the $30 million for brand spend.

我們在之前的評論中談到了 3000 萬美元的品牌支出。

And so not all of those investments will necessarily pay off in 2019, but will help us continue to grow at strong rates well into the future.

因此，並非所有這些投資都一定會在 2019 年獲得回報，但將有助於我們在未來繼續保持強勁成長。

With respect to R&D, we likely will not see any operating leverage as we continue to invest in the areas where we have been investing, Plus, international, on some newer capabilities to be announced later, and so we're adding technical talent there.

在研發方面，我們可能不會看到任何營運槓桿，因為我們繼續投資於我們一直在投資的領域，再加上國際化，以及稍後將宣布的一些新功能，因此我們正在那裡增加技術人才。

And then with respect to G&A, might see some slight operating leverage, but we'll continue to invest there as well for the future.

然後就一般行政費用而言，可能會看到一些輕微的營運槓桿，但我們未來也將繼續在那裡投資。

It's too early to talk about when we might see more operating leverage.

現在談論我們何時會看到更多的營運槓桿還為時過早。

While we see opportunities for growth, we're going to continue to invest for the long time -- long term as we have in the past.

雖然我們看到了成長機會，但我們將像過去一樣繼續進行長期投資。

Our next question comes from the line of 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 the question I had was, what are the keys to success in highly regulated markets such as cannabis?

所以我的問題是，在大麻等高度監管的市場取得成功的關鍵是什麼？

And then stated differently, what are the keys to your skill set that enable you to help merchants exploit highly regulated markets?

換句話說，您能夠幫助商家開拓高度監管的市場的關鍵技能是什麼？

It's Harley.

是哈雷。

I'll take that question.

我來回答這個問題。

So part of -- just to be clear, the reason that we were sort of aggressive in going after the Canadian cannabis market was we felt that what the Canadian government was legislating was very clear and it made it easy for us to understand what was required.

因此，需要明確的是，我們積極進軍加拿大大麻市場的部分原因是我們認為加拿大政府的立法非常明確，這讓我們很容易理解需要什麼。

But what it also did was, it also positioned us, if we did this right, to be a global leader and be the first phone call that any other country thinks about when they're thinking about regulating or allowing cannabis sales to the consumer to be allowed.

但它的作用還在於，如果我們做得正確的話，它也使我們成為全球領導者，並成為任何其他國家在考慮監管或允許向消費者銷售大麻時首先想到的電話。

So a couple of things that had to happen.

所以有幾件事是必鬚髮生的。

One was, we were able to work with very tight timelines because effectively, we were given only a couple of months to know all the legislation and how it would be implemented.

一是，我們能夠在非常緊迫的時間內開展工作，因為實際上，我們只有幾個月的時間來了解所有立法及其實施方式。

The second was, we also had to abide by very specific legislative requirements, so things like age verifications for example.

第二是，我們還必須遵守非常具體的立法要求，例如年齡驗證等。

Or in the case of licensed producers, the need to do, what they call seed-to-sale applications.

或者對於獲得許可的生產商來說，需要做他們所謂的種子銷售申請。

And so we felt that it was a good challenge for us, not only as a business, but also as on engineering side, that if we were able to secure most of the major provinces and most of the major licensed producers, which we did, and then be highly successful at that, that it would open the doors for us for a really good future as cannabis sales increase internationally.

因此，我們認為這對我們來說是一個很好的挑戰，不僅作為一個企業，而且在工程方面，如果我們能夠確保大多數主要省份和大多數主要許可生產商（我們做到了），然後在這方面取得巨大成功，隨著國際大麻銷售的增加，這將為我們打開真正美好未來的大門。

I mean, actually, funny enough, the provinces that didn't use Shopify did have some problems.

我的意思是，實際上，有趣的是，沒有使用 Shopify 的省份確實存在一些問題。

And the ones that did use Shopify had no problems whatsoever.

使用 Shopify 的人沒有任何問題。

So we're quite proud of that.

所以我們對此感到非常自豪。

But really the Canadian cannabis push was really not only just to get a foothold in the Canadian market, but also ensure that we have a really good position in globally as things begin to decriminalize.

但實際上，加拿大大麻的推動不僅是為了在加拿大市場上站穩腳跟，也是為了確保我們在全球範圍內擁有真正良好的地位，因為事情開始合法化。

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

我們的下一個問題來自國家銀行金融部的理查德·謝（Richard Tse）。

From a capital allocation perspective, I was wondering if you could provide some color on sort of the thought process around how you make those decisions.

從資本配置的角度來看，我想知道您是否可以提供一些關於如何做出這些決策的思考過程的資訊。

And where you might be focused more today?

今天您可能會更關注哪些面向？

Yes, sure.

是的，當然。

I'll start with that one.

我將從那個開始。

We obviously start with our merchants and what their needs are.

顯然，我們從我們的商家以及他們的需求開始。

And as I said, we look at 3 merchant segments, aspirational, core and Plus, and our investments are largely geared towards better serving them and continuing to grow our capabilities there, also to increase our TAM.

正如我所說，我們著眼於 3 個商家細分市場：理想型、核心型和附加型，我們的投資主要是為了更好地為他們服務，並繼續增強我們的能力，同時提高我們的 TAM。

We talked a little bit about international in my earlier remarks, which I think is typical of how we invest.

我們在先前的演講中談到了一些國際化問題，我認為這是我們投資方式的典型。

We'll typically start where we're testing somewhere, as we did in international, we talked about blogs and how we saw early success with translating blogs.

我們通常會從我們在某個地方進行測試的地方開始，就像我們在國際上所做的那樣，我們討論了博客以及我們如何看到翻譯博客的早期成功。

And then in 2018, we started investing in Earnest in international, where we picked 4 key markets to focus on localizing, and we saw that localizing actually produced significant results, 3 of our 4 focus countries actually more than doubled their GMV year-over-year.

然後在2018 年，我們開始在國際上投資Earnest，我們選擇了4 個關鍵市場來專注於在地化，我們看到在地化實際上產生了顯著的成果，我們4 個重點國家中的3 個國家的GMV 年成長了一倍多——年。

And so we saw success there, so we learned.

所以我們在那裡看到了成功，所以我們學到了東西。

And so we're taking those learnings and now taking that to the next level.

因此，我們正在吸取這些教訓，並將其提升到一個新的水平。

And in 2019, we'll continue to localize in the markets we're at.

2019 年，我們將繼續在我們所在的市場進行在地化。

We'll continue to translate into new languages.

我們將繼續翻譯成新的語言。

And we'll continue to look at new markets, but we'll do it in a very focused and concerted way.

我們將繼續關注新市場，但我們將以非常專注和協調的方式進行。

So we've been smart allocators of capital in the past, and we'll continue to invest in that sort of way and allocate capital in a smart way.

因此，我們過去一直是明智的資本配置者，我們將繼續以這種方式進行投資並以明智的方式配置資本。

Our next question comes from the line of Darren Aftahi from Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Darren Aftahi。

Just on the rest of the world growth.

只是關於世界其他地區的成長。

Two things there, one, any geographies you kind of call out that overindex growth?

有兩件事，第一，有哪些地區你認為指數成長過高？

I know there was 1 country you said through the 4 did well?

我知道你說有 1 個國家透過 4 個國家做得很好？

And then two, as it pertains to international investment, any additional kind of regions, countries, languages you'd kind of call out where that investment is directed to?

然後第二個問題，當涉及國際投資時，您是否會指出該投資將流向哪些其他類型的地區、國家、語言？

Darren, it's Harley.

達倫，這是哈利。

I'll take that call.

我會接那通電話。

So as you sort of called out, last year, there were a couple of priority countries that we focused on.

正如您所說，去年我們重點關注了幾個優先國家。

The reason we focus on those 4 countries to start was, we felt that we had the closest product market fit in those countries, yet we weren't necessarily translated from a language perspective.

我們首先關注這 4 個國家的原因是，我們認為我們在這些國家擁有最適合的產品市場，但我們不一定從語言的角度來翻譯。

We didn't have the right payment methods in place.

我們沒有合適的付款方式。

We certainly had very small, if any, partner ecosystem.

當然，我們的合作夥伴生態系統（如果有的話）也非常小。

And so we thought that's where we can get the most leverage from with the least amount of work.

因此，我們認為這就是我們可以用最少的工作量來獲得最大影響力的地方。

That being said, there's still quite a bit of work and do in those countries.

話雖如此，這些國家仍有大量工作要做。

And as Amy just mentioned, the results sort of speak for themselves.

正如艾米剛才提到的，結果不言而喻。

The fact that GMV doubled 3 out of those 4 was incredibly -- we thought that was really great.

事實上，GMV 在這 4 項中翻了 3 項，這一事實令人難以置信——我們認為這真的很棒。

Now we will also look to some new countries in the future, we're not going to call those out right now.

現在，我們將來還會關註一些新的國家，但我們現在不會指出這些國家。

But we will continue to expand and figure out where else we can find product market fit.

但我們將繼續擴展並找出其他地方可以找到適合市場的產品。

That being said, as Amy mentioned in her prepared remarks, we really -- I mean, we were accidentally international in the early days.

話雖這麼說，正如艾米在她準備好的演講中提到的那樣，我們真的——我的意思是，我們在早期意外地成為國際化的。

We were -- merchants beat a path to our door.

我們——商人爭先恐後地來到我們家門口。

We really weren't doing very much.

我們確實沒有做太多事情。

Now we're really beginning to focus on it.

現在我們真的開始關注它了。

We have the right team, the right leadership.

我們擁有合適的團隊、合適的領導階層。

And I think you'll see a lot more from international as indicated by our merchant going from 21% of total merchants on our platform being rest of the world to now 24%.

我認為您會看到更多來自國際的商家，正如我們平台上商家總數的 21% 是來自世界其他地區的商家所佔比重，現在這一比例已增至 24%。

So I think you'll continue to see good growth in international.

因此，我認為您將繼續看到國際業務的良好成長。

Our next question comes from the line of Samad Samana from Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

So net merchant adds on a full year basis for 2018, looks like they're plus 211,000, down slightly from plus 232,000 in 2017.

因此，2018 年全年淨商家數量增加了 211,000 名，略低於 2017 年的 232,000 名。

But sales and marketing expense is still up about 50% year-over-year.

但銷售和行銷費用仍年增約 50%。

So I'm just wondering if -- how we reconcile maybe how net merchants adds trended in 2018.

所以我只是想知道我們如何協調 2018 年淨商家添加趨勢。

And how you think that investment dollars in sales and marketing should translate into merchant growth in 2019?

您認為銷售和行銷方面的投資應如何轉化為 2019 年的商家成長？

That would be helpful.

那會有幫助的。

Yes.

是的。

We're happy with our merchant adds in 2018.

我們對 2018 年新增的商家感到滿意。

We feel like we have a strong and healthy and growing TAM, which is evidenced from the Plus growth that we saw in 2018 as well as international growth.

我們覺得我們擁有一個強大、健康且不斷增長的 TAM，這從我們在 2018 年看到的 Plus 成長以及國際成長中得到了證明。

One of the things I'd encourage you is -- this isn't just about merchant adds.

我鼓勵你的一件事是——這不僅僅是關於商家的添加。

We feel very confident that we'll continue to add merchants well into the future.

我們非常有信心在未來繼續增加商家。

But this is also about GMV growth, share of wallet growth and overall revenue growth.

但這也與 GMV 成長、錢包份額成長和整體收入成長有關。

So that's how we look at it.

這就是我們的看法。

In terms of sales and marketing, some of that spend in 2018 was absolutely geared towards adding merchants in-year, but some of that is longer-term investment in international and Plus.

在銷售和行銷方面，2018 年的部分支出絕對是為了增加當年的商家，但其中一些支出是對國際和 Plus 的長期投資。

And we also invest in areas like product marketing that don't necessarily show up in merchant acquisition, but show up in product adoption and take rate.

我們也投資於產品行銷等領域，這些領域不一定會出現在商家獲取中，但會出現在產品採用率和採用率中。

And so I think you have to look at it little bit more holistically.

所以我認為你必須更全面地看待它。

And then just lastly, I'd say that we keep a very close eye on our LTV to CAC ratio and that continues to be healthy and strong.

最後，我要說的是，我們非常密切地關注 LTV 與 CAC 的比率，並且該比率仍然保持健康和強勁。

And while that's continuing to be strong, we're going to invest healthily for sales and marketing.

雖然這一勢頭繼續強勁，但我們將在銷售和行銷方面進行健康投資。

Our next question comes from the line of 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 (RBC Capital Markets) 的 Ross MacMillan。

Amy, just on take rate.

艾米，只是關於收視率。

When we think about Merchant Solutions revenue relative to GMV, that's been growing nicely, but it was a little flat in Q4 versus Q3.

當我們考慮商家解決方案收入相對於 GMV 的比例時，會發現其成長勢頭良好，但第四季與第三季相比略有持平。

I was just curious as to why that was given Gross Payments Volumes as a percentage of GMV were higher.

我只是好奇為什麼支付總額佔 GMV 的百分比更高。

And then maybe just bigger picture, as we think about adding more Merchant Solutions, do you have a kind of view on what you'd like to target in terms of that increase in that take rate relative to GMV over time?

然後也許只是更大的圖景，當我們考慮添加更多商家解決方案時，您對隨著時間的推移相對於 GMV 的轉換率的成長有何看法？

Sure.

當然。

With respect to take rate in the fourth quarter, our overall take rate quarter-over-quarter was flat.

就第四季的採用率而言，我們的整體採用率比去年同期持平。

But if you dissect take rate by merchant segment, aspirational, core, Plus and international, take rate actually increased quarter-over-quarter for every merchant segment.

但如果你依照商家細分市場（理想型、核心型、高級型和國際型）剖析採用率，你會發現每個商家細分市場的採用率其實都在逐季增加。

What you saw in the fourth quarter was a GMV mix change.

你在第四季看到的是 GMV 組合的變化。

We saw very significant growth in GMV from Plus and international, and those are our lower take rate segments.

我們看到 Plus 和國際的 GMV 成長非常顯著，而這些是我們採用率較低的細分市場。

They're earlier stage in terms of the introduction of Merchant Solutions.

他們在引入商家解決方案方面處於早期階段。

And so I would actually view that as a significant opportunity for us going forward.

所以我實際上認為這是我們前進的一個重要機會。

It shows that our investments in those areas are paying off.

這表明我們在這些領域的投資正在獲得回報。

Merchants are successful, their GMV is growing, and we have an opportunity to go more fully monetize that GMV over time.

商家取得了成功，他們的 GMV 不斷成長，隨著時間的推移，我們有機會更充分地將 GMV 貨幣化。

There could be some headwind, a little bit near term because of the strength of Plus and International GMV growth, but we fully expect our take rate will increase over the course of 2019 and beyond.

由於 Plus 和國際 GMV 成長強勁，短期內可能會出現一些阻力，但我們完全預期 2019 年及以後我們的轉換率將會上升。

We don't have a target rate.

我們沒有目標利率。

We tend to focus mostly on what we believe merchants need, and we feel like the take rate will sort of take care of itself over time.

我們傾向於主要關注我們認為商家需要的東西，而且我們認為隨著時間的推移，採用率會自然恢復。

But we are focused on increasing our share of wallet and we'll continue to do so into the future.

但我們專注於增加我們的錢包份額，並且我們將在未來繼續這樣做。

Our next question comes from the line of Gus Papageorgiou from Macquarie.

我們的下一個問題來自麥格理的 Gus Papageorgiou。

So in the quarter, you -- or sorry, in the year you paid $100 million to your partners and app developers, and I think that's up from $50 million last year.

因此，在本季度，您——或者抱歉，在這一年，您向合作夥伴和應用程式開發人員支付了 1 億美元，我認為這比去年的 5000 萬美元有所增加。

Can you kind of help us characterize, what do you think your competition is paying out?

您能幫我們描述一下您認為您的競爭對手會付出什麼代價嗎？

And when you look at your platform and its differentiation, could you kind of quantify how important is that application ecosystem versus your competition?

當您審視您的平台及其差異化時，您能否量化該應用程式生態系統相對於您的競爭對手的重要性？

I mean, does this count for 1/2 the differentiation or 1/3?

我的意思是，這算 1/2 微分還是 1/3？

Or any way you could quantify that would be helpful.

或任何可以量化的方式都會有幫助。

It's Harley.

是哈雷。

I'll take that.

我會接受的。

I mean, look, from the early days of Shopify, we've always had this really great relationship with our partners.

我的意思是，從 Shopify 成立之初起，我們就一直與合作​​夥伴保持著非常良好的關係。

In fact, we don't have a merchant conference, we actually have a partner conference called Unite that many of you have attended.

事實上，我們沒有商家會議，我們實際上有一個名為 Unite 的合作夥伴會議，你們很多人都參加了。

They're an important part of what we offer.

它們是我們所提供服務的重要組成部分。

What the partner app ecosystem allows Shopify to do is, it means that every single merchant on Shopify gets exactly what they need from us.

合作夥伴應用生態系統允許 Shopify 做的是，這意味著 Shopify 上的每個商家都能從我們這裡得到他們需要的東西。

We are able to provide what most of the merchants need most of the time.

我們能夠提供大多數商家大多數時間所需的東西。

But every merchant's business is really unique and, we can't necessarily anticipate every single need of every individual use case.

但每個商家的業務都是獨一無二的，我們不一定能預測每個用例的每個需求。

A partner ecosystem allows us to ensure that every merchant's business, no matter what they require, they're able to get a solution for the exact complexity of their particular business.

合作夥伴生態系統使我們能夠確保每個商家的業務，無論他們需要什麼，都能夠獲得適合其特定業務的確切複雜性的解決方案。

That's really important.

這真的很重要。

To your other point, which is how do we ensure that compensation for our partners.

至於你的另一點，那就是我們如何確保我們的合作夥伴得到補償。

We've always been generous with our partners.

我們對合作夥伴一向慷慨。

If you look at our registered structure, it's an 80-20 split, which is -- has always been quite generous.

如果你看看我們的註冊結構，你會發現這是 80-20 的分配，這一直是相當慷慨的。

Beyond that, rather than giving a bounty for a referral, we pay a rev share in perpetuity.

除此之外，我們不會為推薦提供獎金，而是永久支付收益分成。

What we really try to do is not only get partners to build on Shopify and refer merchants to Shopify, but over the long run, become exclusive to Shopify.

我們真正想做的不僅是讓合作夥伴在 Shopify 的基礎上進行構建並向商家推薦 Shopify，而且從長遠來看，成為 Shopify 的獨家合作夥伴。

And now that we have more merchants than any of our competitors do, certainly, in the SMB side, it means that most of these partners are only building and only referring business to Shopify.

現在，我們比任何競爭對手都擁有更多的商家，當然，在中小企業方面，這意味著大多數合作夥伴只是在建立業務並向 Shopify 推薦業務。

We really like that.

我們真的很喜歡這樣。

The other thing we're also seeing is that some of these partners are growing so large in just supporting Shopify that they themselves have built multimillion-dollar companies, building apps and themes and doing services for our merchants.

我們還看到的另一件事是，其中一些合作夥伴在支持Shopify 方面發展得如此之大，以至於他們自己已經建立了價值數百萬美元的公司，建立應用程式和主題，並為我們的商家提供服務。

So we're really happy with our positioning with our partners.

因此，我們對我們與合作夥伴的定位非常滿意。

The relationship we have with them is very, very strong.

我們與他們的關係非常非常牢固。

And that will continue long into the future, it's an important part of our business.

這將持續很長一段時間，這是我們業務的重要組成部分。

Our next question comes from the line of David Hynes from Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

I wanted to ask about some of the marketing automation enhancements you've made to the platform, right?

我想問一下你們對該平台所做的一些行銷自動化增強功能，對嗎？

We have Marketing Dashboard, Ping, Kit.

我們有行銷儀表板、Ping、套件。

I'm sure I'm missing some.

我確信我錯過了一些。

But where are we in terms of the build out of that suite versus your vision?

但是，就該套件的構建而言，與您的願景相比，我們處於什麼位置？

And what are you seeing in terms of early customer adoption?

您對早期客戶採用有何看法？

I mean, early customer adoption is really good because that -- again, Shopify is an interface that people spends most of the time there than thinking about their business.

我的意思是，早期客戶採用確實很好，因為 Shopify 是一個人們將大部分時間花在上面而不是考慮他們的業務的介面。

So that's a nice situation we got ourselves into from a perpetuity standpoint.

所以從永久的角度來看，這是一個很好的情況。

On where we are at with this, it's really early.

就我們目前的情況而言，現在還為時過早。

We just sort of declared intention as well with this.

我們也只是表達了這樣的意圖。

So there's a lot more work to be done.

所以還有很多工作要做。

This is a very big space.

這是一個非常大的空間。

And we are mostly interested in marketing simplification, increasing the approachability of marketing rather than the actual industry of marketing automation, which is massive and would be too much for us to support.

我們最感興趣的是行銷簡化，增加行銷的平易近人性，而不是行銷自動化的實際產業，這個產業規模龐大，我們無法支持。

Although, we would like both tools to feed back into Shopify.

儘管如此，我們希望這兩個工具都能回饋到 Shopify 中。

And so to -- again, give the merchants all the data they need and in one place.

因此，再次，在一個地方為商家提供他們需要的所有數據。

So there's a couple of different things going on, but it's definitely an area that we are spending a good deal of time just looking at to see how we can make -- how can we get people to competently run their first couple of campaigns, just to get into the mind space of this is how growth works on the internet.

因此，有一些不同的事情正在發生，但這絕對是我們花費大量時間來研究如何製作的一個領域 - 我們如何才能讓人們勝任地開展他們的前幾個活動，只是進入這個思維空間就是互聯網上增長的運作方式。

How to -- again, once they allocate some capital, we would like to help them use it as wisely as possible based on all the data that's available and we help them interpret the results, learn from them, take a next step and so on.

再次強調，一旦他們分配了一些資本，我們希望幫助他們根據所有可用的數據盡可能明智地使用它，我們幫助他們解釋結果，從中學習，採取下一步等等。

And that's the main focus right now, and we'll have to see where this road leads us.

這是目前的主要焦點，我們必須看看這條路將我們引向何方。

We don't have -- I -- this is one of those areas where we do not have like a world domination ambition.

我們沒有——我——這是我們沒有統治世界野心的領域之一。

We just want to -- we kind of have to do it because it seems like this -- the marketing world and industry seems a little bit like what e-commerce was like before Shopify came around as in, everyone focused on the people who already had a lot of money because obviously, they are better customers.

我們只是想 - 我們有點必須這樣做，因為看起來像這樣 - 行銷世界和行業似乎有點像 Shopify 出現之前的電子商務，每個人都專注於那些已經有很多錢，因為顯然，他們是更好的客戶。

But what everyone then tends to forget is, you have to help the new guys too because otherwise, you eventually run out of people who already have money.

但每個人都容易忘記的是，你也必須幫助新人，否則，你最終會耗盡已經有錢的人。

You need new ones to come into the market.

您需要新產品才能進入市場。

And they need a route there.

他們需要一條到達那裡的路線。

So we are picking up the slack that I think the industry is leaving at the bottom of the market because we just for -- we just have better business model alignment with that segment.

因此，我們正在彌補該行業在市場底部留下的空白，因為我們只是為了——我們只是為了與該細分市場建立更好的商業模式。

So that's the main area for us.

這就是我們的主要領域。

Our next question comes from Deepak Mathivanan from Barclays Capital.

我們的下一個問題來自巴克萊資本的 Deepak Mathivanan。

Just somewhat related to Ross' question from before.

與羅斯之前的問題有些相關。

One of the strong bullish strengths that you're seeing is actually Payments adoption by the Plus merchants.

您看到的強大的看漲優勢之一實際上是 Plus 商家對支付的採用。

Can you give some color on where Payments penetration is currently on Plus, either as a percentage of merchants or as GMV?

您能否以商家的百分比或 GMV 的形式詳細說明目前 Plus 上的支付滲透率？

Just trying to get some sense of which inning we're at.

只是想了解我們現在處於哪一局。

Yes.

是的。

In terms of, if you recall, in the early days of Plus, obviously, we had mostly upgrades to the Plus platform for the Plus plan.

如果你還記得的話，在 Plus 的早期階段，顯然我們主要是針對 Plus 計劃對 Plus 平台進行升級。

So a lot of those merchants headed to already beyond payments.

因此，許多商家已經超出了支付範圍。

Obviously, now more than half of the new Plus merchants that came in the quarter are new to the platform.

顯然，現在本季新增的 Plus 商家有一半以上是該平台的新用戶。

We're seeing some incredible brands.

我們看到了一些令人難以置信的品牌。

And because we are able to offer competitive rates, some of them are coming over.

因為我們能夠提供有競爭力的價格，所以其中一些人正在過來。

Obviously, they are getting much better pricing because of their volume.

顯然，由於其數量，他們獲得了更好的定價。

We will continue to push that of course.

當然，我們將繼續推動這一目標。

Now keep in mind, also, there are some additional benefits using Shopify Payments.

現在請記住，使用 Shopify Payments 還有一些額外的好處。

For example, things like Capital and Fraud Protection.

例如，資本和欺詐保護等。

And these sort of products are only available if you use Shopify Payments.

且此類產品僅在您使用 Shopify Payments 時才可用。

And so there's been an inherent incentive beyond the financial incentive because we do have a 15 basis point fee, if you don't use Shopify Payments, and it's available in your geography.

因此，除了經濟誘因之外，還有一個內在的激勵，因為如果您不使用 Shopify Payments，我們確實會收取 15 個基點的費用，並且在您所在的地區可用。

So I think that, that will continue to go, again, merchants are adopting it for a bunch of different reasons.

所以我認為，這種情況將繼續下去，商家出於多種不同的原因而採用它。

But over time, I think you'll see continued adoption there as we add more products around Payments that will continue.

但隨著時間的推移，我認為隨著我們圍繞支付添加更多產品，您會看到該領域的持續採用。

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

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

I just wanted to go back to some of the previous merchant questions as it seems like you're getting a lot of traction for merchant growth outside your core geos.

我只是想回到之前的一些商家問題，因為看起來您在核心地理位置之外的商家成長方面獲得了很大的吸引力。

So maybe if you could just give us some nuances of how that works in those new markets, perhaps, with regards to the merchant acquisition funnel, the life cycle or maybe even your product road map?

那麼，也許您可以向我們介紹一下在這些新市場中如何運作的一些細微差別，也許是關於商家收購管道、生命週期，甚至是您的產品路線圖？

What's different in these new geographies from -- for these new merchants versus your existing merchant base out there?

對於這些新的商家而言，這些新的地理位置與您現有的商家基礎有何不同？

Thanks for the question.

謝謝你的提問。

What we're learning is, every geography is a little bit different.

我們了解到，每個地理位置都略有不同。

In some of the geographies, we're leaning very heavily on our partner ecosystem.

在某些地區，我們非常依賴我們的合作夥伴生態系統。

And that's why it's an important part of strategy internationally.

這就是為什麼它是國際戰略的重要組成部分。

In other places, the strategy for getting new merchants in reflects some of the things you've seen in North America.

在其他地方，吸引新商家的策略反映了您在北美看到的一些情況。

So there is a bit of a mix.

所以有一點混合。

On the product side, every geography needs something different, something like compliant certificates, which are incredibly important to German merchants are not nearly as important to let's say, merchants in a place like Japan.

在產品方面，每個地區都需要不同的東西，例如合規證書，這對德國商人來說非常重要，但對日本這樣的地方的商人來說卻沒有那麼重要。

So what we're trying to do is try to understand the nuances of what each country really needs and building around that.

因此，我們要做的就是嘗試了解每個國家真正需求的細微差別，並圍繞這些需求進行建造。

The idea of creating this sort of one-size-fits-all or feature parity model, it just doesn't work if you're going to do a really good job and increasing Shopify's reach around the world.

如果您想做得非常好並擴大 Shopify 在全球的影響力，那麼創建這種一刀切或功能均等模型的想法是行不通的。

So we're being very thoughtful about that.

所以我們對此非常深思熟慮。

But I would say from a merchant acquisition perspective, those are all different on a per (inaudible) basis.

但我想說，從商家收購的角度來看，這些在每個（聽不清楚）的基礎上都是不同的。

Our next question comes from Ygal Arounian from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Ygal Arounian。

I just want to dig in a little bit on Plus merchants a little bit more.

我只是想進一步深入了解 Plus 商家。

So Harley, I think -- did you mention -- I just want to make sure I heard it correctly, that over 50% of your net new Plus merchants are coming organically up the funnel from lower tiers?

所以哈雷，我想——你有沒有提到——我只是想確保我沒聽錯，超過 50% 的淨新 Plus 商家是從較低層有機地進入漏斗的？

And the ones that are coming or replatforming from other tiers, are they replatforming from other platforms?

那些來自其他層或從其他層重新平台化的平台，他們是從其他平台重新平台化的嗎？

Are they new to e-commerce?

他們是電子商務新手嗎？

And what are you seeing as kind of the key drivers of why they chose Shopify Plus over another platform?

您認為他們選擇 Shopify Plus 而不是其他平台的關鍵驅動因素是什麼？

Yes.

是的。

So to be clear, more than half of the new Plus merchants in the quarter are brand new to Shopify.

要先釐清的是，本季超過一半的新 Plus 商家都是 Shopify 的新用戶。

So less than 50% are upgrades.

所以升級的比例不到 50%。

So we're a lot more merchants that are coming to us for the first time and joining Plus.

因此，有更多的商家第一次來找我們並加入 Plus。

I think one of the most interesting parts of where Plus is at right now is all these different verticals.

我認為 Plus 目前最有趣的部分之一就是所有這些不同的垂直領域。

Initially, again, it was really just an upgrade path for our most successful merchants.

最初，這實際上只是我們最成功的商家的升級路徑。

Now what we're seeing is, we're seeing, like I mentioned in my prepared remarks, PPG is coming about -- coming on.

現在我們看到的是，我們看到，就像我在準備好的發言中提到的那樣，PPG 即將出現——即將出現。

We're seeing more traditional retailers that traditionally only existed in shopping malls that are coming on.

我們看到越來越多傳統上只存在於購物中心的傳統零售商正在出現。

And so we're seeing all these different verticals, the sort of celebrity brand vertical is really heating up and we seem to be the platform of choice for them.

因此，我們看到所有這些不同的垂直領域，名人品牌垂直領域確實正在升溫，我們似乎是他們選擇的平台。

So that is really exciting to us.

所以這對我們來說真的很令人興奮。

And some of these verticals, we never anticipated would be verticals that we would be able to attract in the early days and being very successful with that today.

其中一些垂直行業，我們從未預料到我們能夠在早期吸引並在今天取得非常成功的垂直行業。

In terms of where they're coming from, certainly, some of them are migrating to us from more traditional enterprise e-commerce platforms.

就他們的來源而言，當然，其中一些是從更傳統的企業電子商務平台遷移到我們的。

Usually, they're coming to us for one of 3 reasons, either ease of use, pricing or flexibility.

通常，他們會因為以下三個原因之一來找我們：易用性、定價或靈活性。

When they hear that Apple's releasing Apple Pay, they want be able to use it right away and not have to wait 6 months and have a bunch of meetings to talk about that, or augmented reality for that, as Tobi had mentioned early on.

當他們聽說 Apple 發布 Apple Pay 時，他們希望能夠立即使用它，而不必等待 6 個月並舉行一系列會議來討論這個問題，或者像 Tobi 早些時候提到的那樣使用擴增實境。

So we're actually seeing a bunch of different ways they're coming to us.

所以我們實際上看到他們以多種不同的方式來找我們。

Some of them, for the first time ever, are selling direct-to-consumer, and that seems to be a really important piece of retail and the future retail.

其中一些有史以來第一次直接面向消費者銷售，這似乎是零售業和未來零售業的一個非常重要的部分。

And for a lot of these direct-to-consumer brands, whether it's Rebecca Minkoff or Steve Madden-type brands, Shopify Plus is becoming the ones that they're choosing.

對於許多直接面向消費者的品牌來說，無論是 Rebecca Minkoff 還是 Steve Madden 類型的品牌，Shopify Plus 正在成為他們的選擇。

So I would say that for the most part, they're coming to us from a wide variety of different types of migration paths.

所以我想說，在大多數情況下，他們是透過各種不同類型的遷移路徑來到我們這裡的。

Again, some are brand-new to market, some are migrating from more enterprise platforms.

同樣，有些是全新的市場，有些是從更多企業平台遷移而來。

And I think that will continue long into the future.

我認為這種情況將持續很長一段時間。

But Shopify Plus has really cemented itself as the go-to for the DTC, big brands that want major flexibility and they want to be able to scale very quickly.

但 Shopify Plus 確實鞏固了自己作為 DTC 的首選，大品牌需要大量的靈活性，並且希望能夠快速擴展。

Our final question today will come from the line of Brian Peterson from Raymond James.

我們今天的最後一個問題將來自雷蒙德詹姆斯 (Raymond James) 的布萊恩彼得森 (Brian Peterson)。

So just with the $2 billion on the balance sheet, could you just give us an update on how you're thinking about build versus buy?

那麼，就資產負債表上的 20 億美元而言，您能否向我們介紹您如何考慮建造與購買的最新情況？

I know there's been some M&A activity which is probably more tuck-in in nature.

我知道有一些併購活動本質上可能更隱密。

I'm just curious to your appetite for anything from an M&A perspective may have changed given the capital raising?

我只是好奇，鑑於融資，您對併購角度的興趣可能發生了變化？

Yes.

是的。

I'll take that one.

我會接受那個。

We fully expect the cash on the balance sheet from the capital raises to be used to achieve our business strategies, which will likely include M&A.

我們完全期望資產負債表上的資本籌集現金將用於實現我們的業務策略，其中可能包括併購。

If we see an attractive opportunity to accelerate our product road map, we will certainly pursue it.

如果我們看到一個有吸引力的機會來加速我們的產品路線圖，我們一定會追求它。

And so it's really just a -- maintain optimal flexibility and optionality.

所以這實際上只是——保持最佳的靈活性和選擇性。

All right.

好的。

Thank you, Brian.

謝謝你，布萊恩。

Thanks, everybody, for dialing in.

謝謝大家撥通電話。

And we will talk to you soon.

我們很快就會與您交談。

Thank you for listening.

感謝您的聆聽。

This concludes today's conference call.

今天的電話會議到此結束。

We will now disconnect.

我們現在將斷開連接。