Shopify Inc (SHOP) 2020 Q4 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議操作員。

Welcome to the Shopify Fourth Quarter 2020 Financial Results Conference Call.

歡迎參加 Shopify 2020 年第四季財務業績電話會議。

(Operator Instructions) The conference is being recorded.

（操作員指示）會議正在錄音。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Katie Keita, Director of Investor Relations.

我現在想將會議交給投資者關係總監凱蒂·凱塔 (Katie Keita)。

Please go ahead.

請繼續。

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 and Year-End 2020 Conference Call.

我們很高興您能參加 Shopify 2020 年第四季和年終電話會議。

We are joined this morning by Tobi Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; 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，Shopify 總裁；以及我們的財務長艾米·夏佩羅 (Amy Shapero)。

After some brief prepared remarks by Harley and Amy, we will open it up for your questions.

在哈雷和艾米做了一些簡短的準備發言後，我們將開始回答你們的問題。

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前瞻性聲明，這些聲明基於假設，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 assumptions, 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假設、風險和不確定性。

Note that the adjusted financial measures we speak to today are non-GAAP measures, which are not a substitute for GAAP financial measures.

請注意，我們今天所說的調整後的財務指標是非公認會計原則（non-GAAP）指標，不能取代公認會計原則（GAAP）財務指標。

Reconciliations between the two can be found in our earnings press release.

兩者之間的調節可以在我們的收益新聞稿中找到。

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

最後，我們以美元報告，因此今天討論的所有金額均以美元為單位，除非另有說明。

And with that, I turn it over to Harley.

說完，我把它交給了哈雷。

Thanks, Katie, and good morning, everyone.

謝謝凱蒂，大家早安。

2020 was the year of the entrepreneur.

2020年是企業家年。

Entrepreneurs worldwide demonstrated grit, meeting the challenges presented by a global pandemic that forced businesses to think completely differently, and which also pushed more buyers online.

世界各地的企業家展現了勇氣，迎接了全球流行病帶來的挑戰，這場流行病迫使企業以完全不同的方式思考，也促使更多的買家上網。

Our merchants inspired Shopify to level up and pursue our mission of making commerce better for everyone with even greater energy.

我們的商家激勵 Shopify 升級並追求我們的使命，即以更大的精力讓每個人都能更好地進行商業活動。

I'm proud to say that entrepreneurship is in a better state and more businesses are surviving the pandemic because of the work that we do here at Shopify.

我很自豪地說，由於我們在 Shopify 所做的工作，企業家精神處於更好的狀態，並且有更多的企業在疫情中倖存下來。

We broke new ground across the company in 2020.

2020 年，我們在整個公司取得了新的突破。

A number of merchants from early-stage entrepreneurs to enterprise level brands chose Shopify to launch and to scale their business.

許多商家（從早期企業家到企業級品牌）選擇 Shopify 來啟動和擴展業務。

At the end of 2020, we have more than 1.7 million merchants around the world reaching further economic independence with Shopify, with merchants from outside our core English-speaking geographies continuing to increase as part of our mix.

截至 2020 年底，我們在全球有超過 170 萬商家透過 Shopify 實現了進一步的財務獨立，來自我們的核心英語地區以外的商家繼續增加，成為我們組合的一部分。

Approximately 3,000 merchants joined Shopify Plus, our subscription plan for larger and more complex merchants, bringing the total number of Plus merchants to more than 10,000 at year-end.

大約 3,000 家商家加入了 Shopify Plus，這是我們針對規模更大、更複雜的商家的訂閱計劃，使 Plus 商家總數在年底超過 10,000 家。

Shopify reimagined new ways of working as we permanently shifted to a remote work model, which gives employees the freedom to work from almost anywhere and empowers us to recruit top talent from around the world.

隨著我們永久轉向遠距工作模式，Shopify 重新構思了新的工作方式，這使員工可以自由地在幾乎任何地方工作，並使我們能夠招募來自世界各地的頂尖人才。

And our merchants generated approximately $120 billion in GMV, which nearly doubled year-over-year for 3 consecutive quarters in 2020.

我們的商家創造了約 1,200 億美元的 GMV，2020 年連續 3 季較去年同期成長近一倍。

Shopify is getting more entrepreneurs to that magic moment of their first sale.

Shopify 正在讓更多的企業家體驗首次銷售的神奇時刻。

In 2020, a new business on Shopify made their first sale every 28 seconds on average, versus nearly every minute in 2019.

2020 年，Shopify 上的新業務平均每 28 秒就會完成首次銷售，而 2019 年幾乎每分鐘都會完成一次銷售。

On an aggregated basis, our merchants would rank as the second largest e-commerce retailer in the U.S., a lead that further expanded this past year.

從總體上看，我們的商家將成為美國第二大電子商務零售商，這一領先地位在去年進一步擴大。

As the center of gravity of retail shifts firmly from offline to online, Shopify continues to innovate for the future of commerce for merchants of all sizes.

隨著零售重心從線下轉向線上，Shopify 持續為各種規模的商家的商業未來進行創新。

Today, I want to talk about 4 key trends that we believe will define this new era.

今天，我想談談我們認為將定義這個新時代的 4 個關鍵趨勢。

First, consumers are voting with their wallets.

首先，消費者用錢包投票。

So we're making it easier for them to go directly to the merchants and the brands they want to buy from.

因此，我們讓他們可以更輕鬆地直接聯繫他們想要購買的商家和品牌。

In April last year, we launched Shop, our all-in-one mobile shopping assistant, which helps form authentic and lasting relationships between buyers and their favorite brands.

去年 4 月，我們推出了一體式行動購物助理 Shop，它有助於買家與其喜愛的品牌之間建立真實而持久的關係。

Shop features curated merchant lists, including local shops and black-owned businesses.

商店設有精心策劃的商家名單，包括當地商店和黑人擁有的企業。

And from day 1 of Shop's launch, 100% of the delivery emissions produced by every single order using its accelerated checkout, Shop Pay, have been automatically offset at no charge to shop users or the brand.

從 Shop 推出的第一天起，使用其加速結帳 Shop Pay 的每個訂單產生的 100% 配送排放量已自動抵消，無需向商店用戶或品牌收取任何費用。

Second, retailers are prioritizing buyer retention.

其次，零售商正在優先考慮保留買家。

We see large companies are pushing acquisition costs up in their bid to attract customers.

我們看到大公司為了吸引客戶而提高了收購成本。

So we're innovating, so merchants can build strong and lasting relationships with buyers and keep them for years.

因此，我們不斷創新，以便商家能夠與買家建立牢固而持久的關係，並維持多年。

The Shop experience is built for buyer retention, with features like our accelerated checkout Shop Pay, our buy now pay later product Shop Pay Installments, and real-time delivery tracking.

Shop 體驗專為留住買家而打造，具有加速結帳 Shop Pay、先買後付產品 Shop Pay 分期付款以及即時配送追蹤等功能。

By the end of 2020, Shop had more than 100 million registered users, including both buyers that have opted into Shop Pay as well as users of the app, of which more than 19 million were monthly active users at the start of this year.

截至 2020 年底，Shop 擁有超過 1 億註冊用戶，包括選擇 Shop Pay 的買家以及該應用程式的用戶，其中今年年初的每月活躍用戶超過 1,900 萬。

By the end of 2020, Shop Pay had facilitated close to $20 billion in cumulative GMV since its launch in 2017.

自 2017 年推出以來，截至 2020 年底，Shop Pay 累計 GMV 已接近 200 億美元。

Third on the list is the growing popularity of modern financial solutions.

第三是現代金融解決方案的日益普及。

Products like Shopify Capital are increasingly sought out by entrepreneurs and small businesses that face unnecessary barriers to access from traditional banks.

像 Shopify Capital 這樣的產品越來越受到企業家和小型企業的青睞，因為他們在傳統銀行的准入方面面臨不必要的障礙。

Merchant empathy runs deep at Shopify.

Shopify 對商家的同理心根深蒂固。

When traditional institutions were turning away small businesses because of perceived high risk, we financed a record number of merchants when they needed it most.

當傳統機構因認為風險較高而拒絕小型企業時，我們在商人最需要的時候為他們提供了創紀錄的融資。

And we also introduced Shopify Capital to Canada and to the U.K. in 2020 to expand where we can help merchants.

我們還在 2020 年向加拿大和英國引入了 Shopify Capital，以擴大我們可以為商家提供協助的領域。

Shop Pay Installments, which we began rolling out to U.S. merchants in our third quarter, lets merchants offer flexible payment options to their buyers.

我們在第三季開始向美國商家推出 Shop Pay 分期付款，讓商家可以為買家提供彈性的付款方式。

Buy now pay later products especially resonate with young consumers, who, since the start of the pandemic, have contributed to the significant shift in online spending.

先買後付的產品尤其能引起年輕消費者的共鳴，自疫情爆發以來，年輕消費者為線上支出的重大轉變做出了貢獻。

We also made Shopify Balance available for early access in Q4, enabling merchants in the U.S. to easily open no-fee business accounts, separating business finances from the personal finances and giving them greater clarity on the health of their business.

我們還在第四季度提前開放了 Shopify Balance，讓美國的商家能夠輕鬆開設免費企業帳戶，將企業財務與個人財務分開，讓他們更清楚地了解自己的業務健康狀況。

Finally, the power of omnichannel.

最後，全通路的力量。

As e-commerce captures a greater share of retail, omnichannel commerce becomes even more critical for businesses.

隨著電子商務在零售業中佔據越來越大的份額，全通路商務對企業變得更加重要。

We continue to strengthen our multichannel value proposition in 2020, adding more ways to help merchants get discovered by new buyers, including Facebook Shops, Walmart, Pinterest and Tiktok.

2020 年，我們將持續強化多通路價值主張，增加更多方式幫助商家被新買家發現，包括 Facebook 商店、沃爾瑪、Pinterest 和 Tiktok。

We are also making it faster and easier to check out in other channels.

我們也讓其他管道的結帳變得更快、更容易。

Earlier this month, Shop Pay was made available for the first time off the Shopify platform, to Shopify merchants on Instagram, and will roll out to Facebook in the coming weeks.

本月早些時候，Shop Pay 首次在 Shopify 平台上向 Instagram 上的 Shopify 商家提供，並將在未來幾週內推廣到 Facebook。

Once fully implemented, with Shopify Payments as the processor of all transactions with Shopify merchants on both these social services, not only will merchants have a conversion advantage of accelerated checkout through Shop Pay, but it will enable merchants to manage all of their Facebook and Instagram selling directly within Shopify.

一旦全面實施，Shopify Payments 將作為 Shopify 商家在這兩種社交服務上進行的所有交易的處理者，商家不僅可以透過 Shop Pay 獲得加速結帳的轉換優勢，還可以讓商家管理其所有 Facebook 和 Instagram直接在Shopify 內銷售。

Brick-and-mortar merchants that came to Shopify as their storefronts closed during the pandemic discovered the importance of omnichannel commerce as they opened online stores, attracting broader buyer audiences.

疫情期間店面關閉後來到 Shopify 的實體商家在開設線上商店、吸引更廣泛的買家受眾時發現了全通路商務的重要性。

And with the release of the Shopify all new point-of-sale software, combined with our pack and ship hardware, these retailers are enjoying the benefits of a unified back office that allows for an integrated view of business operations and various omnichannel functions.

隨著 Shopify 全新銷售點軟體的發布，結合我們的包裝和運輸硬件，這些零售商正在享受統一後台的好處，該後台可以提供業務運營和各種全渠道功能的集成視圖。

These include buy online/pickup curbside; buy in-store/ship to customer; and local delivery, all of which have increasing popularity with buyers during the pandemic as a convenient way to get their products.

其中包括線上購買/路邊取貨；店內購買/運送給客戶；和本地送貨，所有這些在大流行期間作為獲取產品的便捷方式越來越受到買家的歡迎。

Shopify Shipping offers merchants another simple and affordable way to get products to buyers.

Shopify Shipping 為商家提供了另一種簡單且經濟實惠的方式將產品交付給買家。

In Q4, adoption of Shopify Shipping by eligible merchants increased to 52%, up from 45% this time last year.

第四季度，符合資格的商家採用 Shopify Shipping 的比例從去年同期的 45% 上升至 52%。

And we continue our work to democratize fulfillment for entrepreneurs through the Shopify Fulfillment Network, offering fast and affordable services to buyers.

我們持續致力於透過 Shopify 配送網路實現企業家配送的民主化，為買家提供快速且價格實惠的服務。

The progress we made through the year on our platform set our merchants up for success during the global Black Friday/Cyber Monday shopping weekend, when Shopify merchants exceeded $5.1 billion in GMV, selling to more than 44 million consumers worldwide.

我們這一年在平台上的進展使我們的商家在全球黑色星期五/網路星期一購物週末取得了成功，當時 Shopify 商家的 GMV 突破了 51 億美元，向全球超過 4400 萬消費者銷售產品。

In addition to this record-setting weekend, we saw holiday shopping start earlier and with more consumers supporting local independent businesses.

除了這個創紀錄的周末之外，我們還看到假日購物開始得更早，並且越來越多的消費者支持當地的獨立企業。

Merchants on our Shopify Plus plan benefited from the power of the entire platform.

使用我們的 Shopify Plus 方案的商家受益於整個平台的強大功能。

Strong sales by merchants on Shopify Plus throughout the holiday shopping season was an outsized contributor to our phenomenal fourth quarter GMV and revenue growth, which has been typical for our fourth quarter.

Shopify Plus 上商家在整個假期購物季的強勁銷售為我們第四季度 GMV 和收入的驚人增長做出了巨大貢獻，這在第四季度是典型的。

Shopify Plus offers greater value and simplicity to the most complex brands compared to non-Shopify alternatives.

與非 Shopify 替代品相比，Shopify Plus 為最複雜的品牌提供了更大的價值和簡單性。

We are enabling more traditional retailers to directly reach their customers with speed and agility as their in-store sales channels vanished during the pandemic and giving digital native brands the tools to distinguish themselves in this modern era of commerce.

由於店內銷售通路在疫情期間消失，我們使更多傳統零售商能夠快速、靈活地直接接觸客戶，並為數位原生品牌提供在現代商業時代脫穎而出的工具。

With a record number of merchants subscribing to Shopify Plus in 2020, we saw a diverse slate of notable brands launched in Q4, including international skincare brand Dermalogica; fashion designer Elie Tahari; Japanese motorcycle brand Yamaha; California surf wear brand O'Neill; international furniture company Herman Miller; famous greeting card company Hallmark; one of the world's largest makers of wines and spirits, Diageo; ALDI Mobile, from discount grocery chain ALDI; and popular dog food brands from Nestlé's Purina.

2020 年，訂閱 Shopify Plus 的商家數量創下歷史新高，我們看到第四季度推出了一系列知名品牌，包括國際護膚品牌 Dermalogica；時裝設計師 Elie Tahari；日本摩托車品牌雅馬哈；加州衝浪服飾品牌O'Neill；國際家具公司 Herman Miller；著名賀卡公司Hallmark；全球最大的葡萄酒和烈酒製造商之一帝亞吉歐 (Diageo)； ALDI Mobile，來自折扣雜貨連鎖店 ALDI；以及雀巢普瑞納 (Purina) 的熱門狗糧品牌。

Our summary of 2020 would be incomplete without acknowledging the enormous contribution of our partners to our merchants' success.

如果不承認我們的合作夥伴為商家的成功做出的巨大貢獻，我們對 2020 年的總結就不完整。

Over the course of the year, more than 42,000 partners referred a merchant to Shopify, up 72% compared to the 12 months ending December 2019.

在這一年中，超過 42,000 名合作夥伴將商家推薦給 Shopify，與截至 2019 年 12 月的 12 個月相比增加了 72%。

Underscoring the strong demand for our partner skill sets in the shifting commerce landscape.

突顯不斷變化的商業環境對我們合作夥伴技能的強烈需求。

Our partners played an incredibly important role in helping our merchants to adapt to the rush to online shopping, getting stores up and running fast and preparing our merchants to maximize new opportunities.

我們的合作夥伴在幫助我們的商家適應線上購物熱潮、讓商店快速開業和運營以及為我們的商家充分利用新機會做好準備方面發揮了極其重要的作用。

To shape their stores with the features that are important to them, merchants made heavy use of our incredibly rich portfolio of more than 6,000 apps, with our app partners alone earning more than $230 million from Shopify in 2020.

為了利用對他們來說很重要的功能來塑造他們的商店，商家大量使用了我們由6,000 多個應用程式組成的極其豐富的產品組合，光是我們的應用程式合作夥伴就在2020 年從Shopify 獲得了超過2.3 億美元的收入。

We are excited to continue expanding our partner ecosystem in 2021 outside our English-speaking geographies in particular.

我們很高興能夠在 2021 年繼續擴大我們的合作夥伴生態系統，特別是在英語地區之外。

And Shopify would not have been able to accomplish the amazing things we did in this unprecedented year without our employees.

如果沒有我們的員工，Shopify 就不可能在這史無前例的一年裡取得如此驚人的成就。

I want to say thank you to all of our employees for your heart and your unfailing dedication to our mission and to our merchants.

我想對我們所有的員工表示感謝，感謝你們的熱心以及對我們使命和商家的不懈奉獻。

To wrap up, if 2020 taught us anything, it is that the world needs more entrepreneurs.

總而言之，如果說 2020 年教會了我們什麼的話，那就是世界需要更多的企業家。

Their ability to remain resilient and embrace change is why we believe the future of commerce is brighter than ever.

他們保持彈性和擁抱變化的能力是我們相信商業的未來比以往任何時候都更加光明的原因。

Entrepreneurs are the backbone of our economies, and we need them to help our nations recover from this pandemic.

企業家是我們經濟的支柱，我們需要他們幫助我們的國家從這場流行病中恢復過來。

Shopify is here to give them the tools they need to adapt and evolve through the future that emerges, making commerce better for everyone.

Shopify 旨在為他們提供適應和發展未來所需的工具，讓商業對每個人都更好。

And with that, I will turn it over to Amy.

有了這個，我會把它交給艾米。

Thanks, Harley.

謝謝，哈利。

Our merchants truly exemplified the spirit of entrepreneurship in 2020 and along with years of strategic investment and strong execution by Shopify, they helped propel us to exceptional Q4 and 2020 results.

我們的商家真正體現了 2020 年的創業精神，加上 Shopify 多年的策略投資和強大的執行力，他們幫助推動我們在第四季度和 2020 年取得了出色的業績。

Revenue nearly doubled once again in our fourth quarter to $977.7 million, up 94% over the same period last year.

第四季的營收幾乎再次翻倍，達到 9.777 億美元，比去年同期成長 94%。

Subscription Solutions revenue of $279.4 million accelerated to 53% growth year-over-year, largely due to exceptional growth in monthly recurring revenue.

訂閱解決方案收入達到 2.794 億美元，年增 53%，這主要是由於每月經常性收入的異常增長。

MRR growth also accelerated to 53% year-over-year to $82.6 million in Q4 as a high number of new merchants joined the platform in the quarter, following record merchant adds in the third quarter.

第四季 MRR 成長也較去年同期加速 53%，達到 8,260 萬美元，繼第三季創紀錄的商家增加之後，本季有大量新商家加入該平台。

Q4 MRR also benefited from incremental new revenue from our retail POS Pro subscription offering as subscription pricing came into effect in November 2020.

隨著訂閱定價於 2020 年 11 月生效，第四季 MRR 也受惠於我們的零售 POS Pro 訂閱產品帶來的增量新收入。

Shopify Plus contributed $21 million to MRR or 25% compared with 27% of MRR in Q4 of 2019.

Shopify Plus 為 MRR 貢獻了 2,100 萬美元，佔 MRR 的 25%，而 2019 年第四季為 MRR 的 27%。

While Shopify Plus MRR grew significantly, non-Plus MRR grew faster, benefiting from a significantly higher number of merchants on standard plans joining the platform in 2020 as well as from our retail POS Pro subscription beginning November 1. Merchant Solutions revenue grew 117% to $698.3 million in Q4 compared to the same period in 2019.

雖然Shopify Plus MRR 顯著成長，但非Plus MRR 成長更快，這得益於2020 年加入該平台的標準計畫商家數量顯著增加，以及我們從11 月1 日開始訂閱零售POS Pro。營收成長了117%，與 2019 年同期相比，第四季營收為 6.983 億美元。

This outstanding growth was driven primarily by merchant strong sales, with GMV nearly doubling year-over-year to $41.1 billion in the fourth quarter alone.

這一出色的成長主要是由商家強勁的銷售推動的，僅第四季度 GMV 就同比幾乎翻了一番，達到 411 億美元。

Strong Q4 GMV was the result of a greater share of retail spend going to online purchases, an extended Black Friday/Cyber Monday shopping season and higher GMV per merchant.

第四季 GMV 強勁的原因是線上購買的零售支出比例更大、黑色星期五/網路星期一購物季延長以及每個商家的 GMV 更高。

This strong growth in merchant sales, combined with merchants increased adoption of Shopify Payments, capital and shipping drove revenue from these products higher.

商家銷售的強勁成長，加上商家更多地採用 Shopify Payments、資本和運輸，推動了這些產品的收入成長。

$19.1 billion of GMV was processed on Shopify Payments in Q4, an increase of 116% versus the comparable quarter last year.

第四季 Shopify Payments 處理的 GMV 為 191 億美元，比去年同期成長 116%。

Payments penetration of GMV was 46% versus 43% in Q4 2019 and more than 1 percentage point over Q3 this year.

GMV 的支付滲透率為 46%，而 2019 年第四季為 43%，比今年第三季提高了 1 個百分點以上。

The majority of new merchants coming on to Shopify opted to use Shopify Payments, and Shopify Plus and international merchants expanded their share of GPV year-over-year.

大多數加入 Shopify 的新商家都選擇使用 Shopify Payments，而 Shopify Plus 和國際商家的 GPV 份額則逐年擴大。

Demand for Shopify Capital remained strong in Q4 with merchants receiving $226.9 million in funding across the U.S., the U.K. and Canada, up 96% versus the same period last year and the highest year-over-year increase in funding in 10 quarters.

第四季對 Shopify 資本的需求依然強勁，美國、英國和加拿大的商家獲得了 2.269 億美元的資金，比去年同期增長 96%，是 10 個季度以來資金同比增幅最高的。

Our data algorithms and prudent risk management helped keep loss ratios in line with historical periods.

我們的數據演算法和審慎的風險管理有助於使損失率與歷史時期保持一致。

We are proud to stand with our merchants and provide them with convenient access to funding to help get them through the most difficult of times, because we know that ultimately, when our merchants succeed, Shopify succeeds.

我們很自豪能夠與我們的商家站在一起，為他們提供便利的融資管道，幫助他們度過最困難的時期，因為我們知道，最終，當我們的商家成功時，Shopify 也會成功。

Adjusted gross profit dollar growth accelerated to 89% over last year's fourth quarter to $510.6 million, reflecting strong revenue growth despite the significantly greater mix of lower-margin Merchant Solutions revenue versus last year and the ramp-up of investment in Shopify Fulfillment Network.

調整後的毛利成長較去年第四季加速至89%，達到5.106 億美元，反映出儘管利潤率較低的商家解決方案收入與去年相比明顯增加，而且Shopify 配送網路的投資有所增加，但收入仍然強勁增長。

Adjusted operating income was $200 million in the fourth quarter compared to adjusted operating income of $28.5 million in the fourth quarter of 2019, as our strong revenue performance in the quarter greatly outweighed spending.

第四季調整後營業收入為 2 億美元，而 2019 年第四季調整後營業收入為 2,850 萬美元，因為我們本季強勁的營收表現大大超過了支出。

Adjusted net income for the quarter was $198.8 million or $1.58 per diluted share compared with adjusted net income of $50 million or $0.43 per diluted share in last year's fourth quarter.

本季調整後淨利為 1.988 億美元，即稀釋後每股收益 1.58 美元，去年第四季調整後淨利為 5,000 萬美元，即稀釋後每股收益 0.43 美元。

Finally, our cash, cash equivalents and marketable securities balance was $6.39 billion on December 31.

最後，截至 12 月 31 日，我們的現金、現金等價物和有價證券餘額為 63.9 億美元。

With a strong balance sheet, we are well positioned to fund our growth initiatives and help merchants capitalize on the trends that Harley spoke to earlier.

憑藉強大的資產負債表，我們有能力為我們的成長計畫提供資金，並幫助商家利用哈雷之前談到的趨勢。

Shopify enters 2021 stronger and more mission-focused.

Shopify 進入 2021 年變得更強大、更專注於使命。

This year, we will continue our important work of building a global commerce operating system to arm independent merchants everywhere with the tools they need to build their own businesses and take advantage of the strong secular shift to online commerce.

今年，我們將繼續開展建立全球商務作業系統的重要工作，為世界各地的獨立商家提供建立自己的業務所需的工具，並利用向線上商務的強勁長期轉變。

This translates to executing on a portfolio of growth initiatives that puts Shopify into the hands of more entrepreneurs, unlocks the value of the platform for our merchants and increasingly delivers scale benefits.

這意味著執行一系列成長計劃，將 Shopify 交到更多企業家手中，為我們的商家釋放該平台的價值，並越來越多地帶來規模效益。

Three key areas of incremental investment in 2021 are Shopify Fulfillment Network, the Shop App and international expansion.

2021 年增量投資的三個關鍵領域是 Shopify 配送網路、Shop App 和國際擴張。

Starting with Shopify Fulfillment Network.

從 Shopify 配送網路開始。

We capped off a year of significant progress with a successful fourth quarter, advancing the development of our fulfillment service.

我們以成功的第四季度結束了這一年的重大進展，推動了我們的履行服務的發展。

In Q4, we continued to harden our systems, executed multiple flash sales and smoothly processed record volume through the peak holiday season.

第四季度，我們繼續強化系統，執行了多次限時搶購，並在假日旺季順利處理了創紀錄的銷售。

We also shipped our first self-service onboarding system, making it easier for merchants to access our network.

我們還推出了第一個自助入職系統，讓商家可以更輕鬆地存取我們的網路。

We announced Shopify Fulfillment Network 18 months ago to reduce the complexity of fulfillment for our merchants, and our network is taking shape.

我們在 18 個月前宣布了 Shopify 配送網絡，以降低商家的配送複雜性，目前我們的網路已初步成形。

In 2020, we opened an R&D warehouse in Ottawa to test fulfillment technology, built out a network of warehouse and transportation partners, enhanced our merchant-facing app to provide updates on inventory and orders and assembled a team of fulfillment success managers to simplify the merchant experience.

2020 年，我們在渥太華開設了一個研發倉庫來測試履行技術，建立了倉庫和運輸合作夥伴網絡，增強了面向商家的應用程式以提供庫存和訂單更新，並組建了一支履行成功經理團隊來簡化商家經驗。

We also learned a few things along the way that are informing the development of our product, most important of all, how to optimize to provide fast, accurate and affordable fulfillment with great customer service.

在此過程中，我們還學到了一些為產品開發提供資訊的知識，最重要的是，如何進行最佳化，以提供快速、準確和實惠的履行以及優質的客戶服務。

This will be reflected in much of our decision-making, including the partners we work with and the design of our network.

這將反映在我們的大部分決策中，包括我們的合作夥伴和我們網路的設計。

As we planned when we started this journey 1.5 years ago, we will use 2021 to continue improving product/market fit to focus first on quality and merchant delight before we scale our fulfillment capabilities.

正如我們 1.5 年前開始這趟旅程時所計劃的那樣，我們將在 2021 年繼續改進產品/市場契合度，首先關注品質和商家滿意度，然後再擴大我們的履行能力。

This means iterating on the software that tightly integrates fulfillment into our tech stack, optimizing our node network, which may involve adjusting our network of warehouses to best serve our merchants' needs, and accelerating our merchants' onboarding journey.

這意味著迭代將履行緊密整合到我們的技術堆疊中的軟體，優化我們的節點網絡，這可能涉及調整我們的倉庫網絡以最好地滿足我們商家的需求，並加速我們商家的入職旅程。

We also plan to continue to invest in the automated fulfillment technologies of 6 River Systems, which recorded strong revenues in our fourth quarter and exceeded 2020 bookings expectations.

我們還計劃繼續投資 6 River Systems 的自動化履行技術，該技術在第四季度錄得強勁收入，並超越了 2020 年的預訂預期。

6 River Systems technology has helped improve the productivity of Shopify Fulfillment Network, and we believe will play an important role in supporting our scaling efforts.

6 River Systems 技術幫助提高了 Shopify 配送網路的生產力，我們相信它將在支援我們的擴展工作方面發揮重要作用。

Our Shop App is another area we plan to invest aggressively in 2021.

我們的商店應用程式是我們計劃在 2021 年積極投資的另一個領域。

We launched the Shop app just 10 months ago to help merchants strengthen their relationships with buyers, with the ultimate goal of increasing customer lifetime value for our merchants.

我們在 10 個月前推出了 Shop 應用程序，旨在幫助商家加強與買家的關係，最終目標是為商家提高客戶終身價值。

Since then, we have placed the app into the pockets of millions of buyers, making it easier for them to rediscover and purchase from the merchants they love, and introduced features to discover local shops and black-owned businesses.

從那時起，我們已將該應用程式放入數百萬買家的口袋中，使他們更容易重新發現他們喜愛的商家並從他們那裡購買商品，並引入了發現當地商店和黑人擁有的企業的功能。

In 2021, we will continue to develop the Shop App into a must-have shopping companion that fosters buyer loyalty and retention.

2021 年，我們將繼續將 Shop App 開發為必備的購物伴侶，以培養買家忠誠度和保留率。

We plan to invest in building features that will further reduce friction for buyers at more points along the shopping journey from discovery to delivery, creating value for both our merchants and their buyers.

我們計劃投資建立功能，進一步減少買家在從發現到交付的購物旅程中更多環節的摩擦，為我們的商家及其買家創造價值。

And third, international expansion.

第三，國際擴張。

2020 demonstrated just how big our addressable market is.

2020 年證明了我們的潛在市場有多大。

Year-over-year GMV growth by our international merchants outpaced overall GMV growth, and our international merchant base grew within the overall mix.

我們的國際商家 GMV 年成長超過了整體 GMV 成長，而且我們的國際商家基礎在整體組合中成長。

We continued to localize the platform in several regions in 2020, making it easier to sell cross-border and from a mobile device, and launching Shopify Payments with a local payment method in Belgium as well as in Austria.

2020 年，我們繼續在多個地區對該平台進行本地化，使跨境銷售和透過行動裝置銷售變得更加容易，並在比利時和奧地利推出了採用本地支付方式的 Shopify Payments。

In Q4, we introduced local pickup points in France, a popular delivery method in Europe.

第四季度，我們在法國引入了當地取貨點，這是歐洲流行的送貨方式。

In 2021, we are focusing heavily beyond our core geographies to bring our omnichannel capabilities to more merchants.

2021 年，我們將專注於核心地區以外的地區，將我們的全通路能力帶給更多商家。

We expect to continue to localize our solutions in countries where we have established a foothold and increase investments in sales and marketing to bring Shopify to more merchants around the globe.

我們希望繼續在我們已經立足的國家在地化我們的解決方案，並增加銷售和行銷方面的投資，將 Shopify 帶給全球更多商家。

Another area we will incrementally invest, albeit at a lower level, is Retail POS.

我們將逐步投資的另一個領域是零售 POS，儘管投資水準較低。

Retail merchants demonstrated resilience in a tough year, adapting to socially-distanced selling.

零售商在艱難的一年中表現出了韌性，適應了社交距離銷售。

Our Retail POS product, especially resonated with businesses wanting to seamlessly bridge their online and offline operations and buyer-facing experience.

我們的零售 POS 產品特別引起了那些希望無縫連接線上和線下營運以及面向買家的體驗的企業的共鳴。

Momentum continued in Q4 as more merchants adopted our POS offering and GMV increased to record levels, delivering a real turnaround from the first half of the year.

隨著越來越多的商家採用我們的 POS 產品，GMV 增至創紀錄水平，第四季度的勢頭繼續保持，與上半年相比實現了真正的轉變。

In 2021, we will continue to grow merchant adoption of our retail POS and POS Pro offering by investing in foundational technologies to make things like onboarding easier and our sales team expanding our POS products to more countries and in executing our go-to-market strategy.

2021 年，我們將繼續透過投資基礎技術來提高商家對我們的零售POS 和POS Pro 產品的採用率，讓入職變得更容易，我們的銷售團隊將我們的POS 產品擴展到更多國家，並執行我們的上市策略。

We believe our investments in international and retail POS will help expand Shopify's presence and enable us to capture more of our TAM while encouraging more entrepreneurs around the world to start businesses on and offline.

我們相信，我們對國際和零售 POS 的投資將有助於擴大 Shopify 的影響力，使我們能夠獲得更多 TAM，同時鼓勵世界各地更多的企業家在線上和線下創業。

We've intentionally invested in both these areas over the past couple of years and expect them to deliver returns over the next couple of years.

過去幾年我們有意在這兩個領域進行投資，並期望它們在未來幾年內帶來回報。

As always, we intend to invest in our future across the business, including our platform, which encompasses our core and Shopify Plus offerings and our established Merchant Solutions, Shopify Payments, Shipping and Capital.

一如既往，我們打算投資整個業務的未來，包括我們的平台，其中包括我們的核心和 Shopify Plus 產品以及我們現有的商家解決方案、Shopify 支付、運輸和資本。

These products, which are profitable today, give merchants the fundamental tools to start and grow their businesses and have been critical in setting Shopify's flywheel in motion.

這些產品目前已實現盈利，為商家提供了啟動和發展業務的基本工具，並且對於推動 Shopify 的飛輪發揮了關鍵作用。

While these tools are designed to make selling easy, our platform also allows for extensibility, and a focus in 2021 is on continuing to enhance developer tools for merchants who want to customize their experiences beyond what's available out of the box.

雖然這些工具旨在讓銷售變得簡單，但我們的平台也支援可擴展性，2021 年的重點是繼續為想要客製化超出開箱即用體驗的商家的開發人員工具。

In 2020, years of investment in our platform paid off as the future of retail was pulled forward, enabling Shopify to act fast to help our merchants adapt during the pandemic and encourage more entrepreneurs to begin their journey.

2020 年，隨著零售業未來的發展，我們平台多年的投資得到了回報，使 Shopify 能夠迅速採取行動，幫助我們的商家適應疫情期間的情況，並鼓勵更多的企業家開始他們的旅程。

In 2021, we plan to execute on our product roadmaps, bringing our solutions to more merchants around the world and strengthening our value proposition as a leading global commerce platform.

2021年，我們計劃執行我們的產品路線圖，將我們的解決方案帶給世界各地更多的商家，並加強我們作為全球領先商業平台的價值主張。

2020 was an exceptional year of growth in revenue and adjusted operating income for Shopify, driven by the unprecedented acceleration of e-commerce by COVID, which drove an acceleration in the growth of GMV and new merchants on the platform and the increased adoption of Merchant Solutions.

2020 年是 Shopify 收入和調整後營業收入成長的特殊一年，這得益於新冠疫情帶來的電子商務前所未有的加速，推動了平台上 GMV 和新商家的加速成長，以及商家解決方案的採用增加。

We believe that changed behaviors adopted by merchants and consumers in 2020 have expanded the prospects for entrepreneurship and digital commerce significantly.

我們相信，2020 年商家和消費者行為的改變極大地拓展了創業和數位商務的前景。

Our outlook coming into 2021 assumes that as countries roll out vaccines in 2021 and populations are able to move about more freely, the overall economic environment will likely improve, some consumer spending will likely rotate back to offline retail and services, and the ongoing shift to e-commerce, which accelerated in 2020, will likely resume a more normalized pace of growth.

我們對2021 年的展望假設，隨著各國在2021 年推出疫苗以及人口能夠更自由地流動，整體經濟環境可能會改善，部分消費者支出可能會回流到線下零售和服務業，並且持續轉向線下零售和服務業。

For the full year 2021, we expect Subscription Solutions revenue growth to be driven by more merchants around the world joining the platform in a number lower than the record in 2020 but higher than any year prior to 2020.

對於 2021 年全年，我們預計訂閱解決方案的收入成長將由世界各地更多商家加入該平台推動，數量低於 2020 年的記錄，但高於 2020 年之前的任何一年。

The growth rates of Subscription Solutions and Merchant Solutions revenues are likely to be more similar than in the recent past, as we do not expect the surge in GMV that drove Merchant Solutions in 2020 to repeat, and Merchant Solutions revenue growth to be driven by continued GMV growth from existing merchants and new merchants joining the platform and expanded adoption of Shopify's growing menu of Merchant Solutions, including established offerings such as Shopify Payments, Shopify Shipping and Shopify Capital, both geographically and as merchants grow into them, while newer solutions such as Shopify Fulfillment Network and 6 River Systems contribute nascent but incremental revenue in their early stages.

訂閱解決方案和商家解決方案收入的成長率可能比最近更加相似，因為我們預計 2020 年推動商家解決方案的 GMV 飆升不會重演，而商家解決方案收入的成長將由持續的推動GMV 的成長來自於現有商家和新商家加入平台，以及Shopify 不斷成長的商家解決方案選單的廣泛採用，包括Shopify Payments、Shopify Shipping 和Shopify Capital 等成熟產品（無論是在地理位置上還是隨著商家的成長），而較新的解決方案，例如Shopify 配送網路和 6 River Systems 在早期階段貢獻了新生但增量的收入。

As a result, we expect that we will continue to grow revenue rapidly in 2021, albeit at a lower rate than in 2020.

因此，我們預計 2021 年收入將繼續快速成長，儘管增速低於 2020 年。

With regard to seasonality, while we expect that Q1 will still likely contribute the smallest share of full year revenue and Q4 the largest, the revenue spread may be more evenly distributed across the 4 quarters than it has been historically to the degree the rollout of a vaccine shifts more spending to services and prompts more offline shopping towards the back half of the year.

就季節性而言，雖然我們預計第一季仍可能在全年收入中貢獻最小份額，而第四季度貢獻最大，但收入分佈在四個季度中的分佈可能比歷史上更均勻地分佈在疫苗將更多支出轉向服務業，並促使下半年線下購物增加。

2020 catapulted commerce into a period of incredibly rapid change, presenting Shopify with unprecedented opportunities in 2021 to accelerate innovation.

2020 年，商業進入了一個極其快速的變革時期，為 Shopify 在 2021 年提供了前所未有的加速創新的機會。

We expect rapid growth in gross profit dollars in 2021 and plan to deploy substantially all of these dollars effectively, investing back into our business as aggressively as we can.

我們預計 2021 年毛利將快速成長，並計劃有效地部署所有這些美元，盡可能積極地投資回我們的業務。

In research and development, we are launching an ambitious hiring campaign for engineers that we expect will gain strength over the course of 2021.

在研發方面，我們正在發起一項雄心勃勃的工程師招募活動，預計將在 2021 年加強。

In sales and marketing, we expect to increase online marketing spend into increased global demand, add to our global sales teams to capture more Shopify Plus and POS margins, both in North America and internationally, and expand product marketing to help merchants take advantage of the full range of capabilities on the platform.

在銷售和行銷方面，我們預計將增加線上行銷支出，以滿足不斷增長的全球需求，擴充我們的全球銷售團隊，以在北美和國際上獲得更多Shopify Plus 和POS 利潤，並擴大產品行銷，以幫助商家利用平台上的全方位功能。

For 2021, we anticipate stock-based compensation expenses and related payroll taxes of $465 million and amortization of acquired intangibles of $21 million.

2021 年，我們預期股票補償費用和相關薪資稅為 4.65 億美元，收購無形資產攤提為 2,100 萬美元。

As many of you who have followed us for years know, we have always prioritized long-term value over short-term financial opportunities.

正如許多多年來關注我們的人所知，我們始終將長期價值置於短期財務機會之上。

Because we don't manage our business to achieve short-term discrete financial results, we are replacing quarterly and annual numeric ranges with information on directional indicators, the primary levers driving our financials and the assumptions that guide our planning.

由於我們管理業務不是為了實現短期離散財務業績，因此我們正在用有關方向指標、驅動我們財務的主要槓桿以及指導我們規劃的假設的信息來取代季度和年度數字範圍。

Spending more time discussing the inputs instead of trying to predict a specific financial output should build a greater understanding of the many moving parts at Shopify, the areas that are profitable today, those where we are incrementally investing and trends that shape our revenue and cost structure over time.

花更多時間討論投入，而不是試圖預測具體的財務產出，應該可以更好地了解 Shopify 的許多活動部分、當今盈利的領域、我們增量投資的領域以及影響我們收入和成本結構的趨勢隨著時間的推移。

We ultimately hold ourselves accountable for returns on our investments by whether or not they move the needle for our merchants, because it is their success that ultimately drives our own.

我們最終要對我們的投資回報負責，無論它們是否為我們的商家帶來好處，因為它們的成功最終會推動我們自己的成功。

In closing, Shopify has a massive opportunity to shape the future of commerce, and we are excited about 2021.

最後，Shopify 擁有塑造商業未來的巨大機會，我們對 2021 年感到興奮。

We believe we are investing in the right initiatives to urgently build out the commerce infrastructure that will give our merchants and Shopify the edge to win, positioning us and our merchants for success this year and into the future.

我們相信，我們正在投資正確的舉措，以緊急建立商務基礎設施，這將為我們的商家和 Shopify 提供獲勝優勢，使我們和我們的商家在今年和未來取得成功。

I'll now hand the call back to Katie.

我現在將把電話轉回給凱蒂。

Thanks, Amy.

謝謝，艾米。

(Operator Instructions) Ariel, can you now open up the line?

（操作員指示）Ariel，您現在可以開通線路嗎？

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

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

Congratulations on the strong Q4.

恭喜第四季表現強勁。

My question is in respect to your focus on helping solve merchant pain points and how you're thinking about the investments required to help merchants with discovery heading into '21?

我的問題是關於您對幫助解決商家痛點的關注，以及您如何考慮幫助商家在 21 世紀實現發現所需的投資？

And related to that, how should we think about the impacts of the iOS app-tracking transparency changes on a merchant's ability to directly reach targeted customers?

與此相關的是，我們應該如何考慮 iOS 應用程式追蹤透明度變化對商家直接接觸目標客戶的能力的影響？

Yes.

是的。

This is Tobi.

這是托比。

I mean no concrete, like things are announced right now.

我的意思是沒有具體的，就像現在宣布的事情一樣。

Obviously -- I mean Shop's clearly the most relevant service for discovery.

顯然——我的意思是 Shop 顯然是與發現最相關的服務。

There's some minor potential of discovery right now because it's pointing you to local businesses and then black-owned businesses.

現在有一些較小的發現潛力，因為它引導您關注當地企業，然後是黑人擁有的企業。

So that's -- we expect that to continue.

所以我們預計這種情況會持續下去。

And -- but again, like the purpose of an app is not a -- is to increase LTV of customers, not necessarily optimize for transactions, in which way it's -- like, and a lot of differences that you will see in Shop will flow from this particular optimization target that's not a norm in retail.

而且 - 但同樣，應用程式的目的不是 - 是增加客戶的生命週期價值，不一定是優化交易，以這種方式 - 就像，你會在商店中看到很多差異來自這個特定優化目標的流量在零售業並不常見。

And then the related question.

然後是相關問題。

It's too early to tell on the tracking changes.

現在判斷追蹤變化還為時過早。

It will be a mix of a whole lot of things in the advertising space, but that's totally normal.

這將是廣告領域中許多東西的混合，但這完全正常。

Like that space is rapidly [bordering] the -- usually in the form of new tools coming online or new discoveries being made or people staying but having new channels.

就像這個空間正在迅速[邊界]——通常以新工具上線或新發現或人們留下來但擁有新渠道的形式出現。

Everyone in the space is there that's used to rolling out new strategies when the boundaries change.

該領域的每個人都習慣在邊界發生變化時推出新策略。

So it's usually entrepreneurs who are the most adaptable.

因此，通常企業家的適應力最強。

I think they've proven this during COVID, and people will make the most of a new situation.

我認為他們在新冠疫情期間已經證明了這一點，人們將充分利用新的情況。

(Operator Instructions)

（操作員說明）

Our next question comes from Thomas Forte of D.A. Davidson.

我們的下一個問題來自 D.A. 的 Thomas Forte。戴維森。

Great.

偉大的。

So one of the many things I appreciate about Shopify is your culture, the notion that you're empowering rebels to overthrow the empire.

因此，我欣賞 Shopify 的眾多原因之一就是你們的文化，即你們正在授權反抗軍推翻帝國的理念。

As you scale the business, for example, adding 2021 engineers from across the globe in 2021, what gives you confidence you can continue to add talent while maintaining your culture?

當您擴展業務時，例如，在 2021 年從全球各地增加 2021 名工程師，是什麼讓您有信心在保持企業文化的同時繼續增加人才？

Yes.

是的。

I mean -- it's Tobi again.

我的意思是──又是托比。

As you can imagine, and like even when we do weekly town halls and ask anything, which I have been hosting for more than a decade.

正如你可以想像的那樣，甚至就像我們每週舉行市政廳並詢問任何問題一樣，我已經主持了十多年。

And I've gotten question about, "Hey, next unit of time, we are going to hire more people than previous units of time; therefore, how can we possibly keep the culture going?" And it's a super valid question, but that's just one that drove companies away from the others.

我收到這樣的問題：“嘿，下一個時間單位，我們將比之前的時間單位僱用更多的人；因此，我們如何才能保持這種文化？”這是一個非常有效的問題，但這只是一個讓公司遠離其他公司的問題。

Honestly, I don't know if you want to take it down to this resolution level, but the honest -- the key from, like, just speaking as an entrepreneur rather than, like in general, rather than CEO of Shopify right now, the trick is don't try to hold on to previous culture, just evolve your culture to be better than it was before, bring forward your strengths, double down your strengths, try to leave some of the weaknesses behind and just make sure that the next version of your company is a better version than the previous company.

老實說，我不知道你是否想把它降低到這個分辨率水平，但老實說——關鍵是，只是作為一個企業家而不是像一般人那樣，而不是現在 Shopify 的首席執行官，訣竅是不要試圖堅持以前的文化，只是發展你的文化，使其比以前更好，發揮你的優勢，加倍你的優勢，嘗試留下一些弱點，並確保貴公司的下一個版本比上一個公司更好。

I think the way cultures end up bad is when people hold on to things that were appropriate in previous times and make both things that are unnegotiable.

我認為文化最終走向糟糕的方式是，當人們堅持以前合適的東西，並使這兩件事變得不可談判。

And I see this as a path that doesn't lead to anything.

我認為這是一條不會帶來任何結果的道路。

Personally, I'm the one person looking at Shopify who has seen every single version of Shopify.

就我個人而言，我是唯一一個看過 Shopify 的每個版本的人。

And this one is the best one.

而這個是最好的一個。

So far so good.

到目前為止，一切都很好。

And I'm intending to keep it this way.

我打算保持這種狀態。

Our next question comes from Craig Maurer of Autonomous Research.

我們的下一個問題來自自治研究中心的克雷格·毛雷爾。

I wanted to ask about Shopify Balance, very intriguing product.

我想問 Shopify Balance，這是一個非常有趣的產品。

We've seen products like this work very well in some international markets.

我們已經看到此類產品在一些國際市場上運作良好。

So I was curious over how you're thinking about this business in terms of what types of products, financial services products you can bring to these merchants through the balanced platform, to what degree interchange income through purchasing is expected?

所以我很好奇您是如何看待這項業務的，即您可以透過平衡平台為這些商家帶來哪些類型的產品、金融服務產品，預計透過購買獲得的交換收入達到什麼程度？

And how you can leverage Shopify Balance into a B2B payments platform?

如何將 Shopify Balance 融入 B2B 支付平台？

Craig, it's Harley.

克雷格，這是哈利。

I'll take that question.

我來回答這個問題。

So we enter -- Shopify Balance entered early access in Q4 of 2020.

因此，我們認為 Shopify Balance 已於 2020 年第四季進入搶先體驗階段。

It's going to roll out to all U.S. merchants this year who are eligible, meaning they're using Shopify Payments, and so we want to obviously evolve that.

今年它將向所有符合條件的美國商家推出，這意味著他們正在使用 Shopify Payments，因此我們顯然希望能改善這一點。

We expect Balance will have value over time, not only as a retention tool, but also as an efficiency tool.

我們預計隨著時間的推移，Balance 將具有價值，不僅作為保留工具，而且作為效率工具。

One, it's going to make revenue available to merchants faster, reduce delays that are sort of inherent to fund transfer processes between accounts.

第一，它將讓商家更快獲得收入，減少帳戶之間資金轉移流程固有的延遲。

It also will help streamline merchants cash flow and operations, which is something that a lot of merchants find challenging.

它還將有助於簡化商家的現金流和運營，這是許多商家認為具有挑戰性的事情。

But what I think you're seeing is that more and more Shopify, we want to be at the heart of merchants businesses that they use -- the merchant business and the things that we use every single day.

但我認為你看到的是，越來越多的 Shopify，我們希望成為他們使用的商家業務的核心——商家業務和我們每天使用的東西。

And so over time, we expect that merchants will use Shopify Balance as a way to -- and as a way to get in front of merchants, introduce new, more centralized, more financial services to simplify their financial lives, and any time that we can offer a better solution that makes it easier for them or they can do their business better, faster, more effectively, that is something that we think is very important.

因此，隨著時間的推移，我們預計商家將使用Shopify Balance 作為一種方式，並作為一種在商家面前引入新的、更集中、更多的金融服務來簡化他們的財務生活的方式，並且任何時候我們可以提供更好的解決方案，讓他們更輕鬆，或者他們可以更好、更快、更有效地開展業務，這是我們認為非常重要的事情。

So it further brings us closer to the merchant's heart of the business.

因此，它進一步讓我們更接近商家的業務核心。

And Balance, of course, as you sort of alluded to, provides opportunities for us to go beyond just things like cash management.

當然，正如您所提到的，平衡為我們提供了超越現金管理等領域的機會。

So it's the start of something that I think will continue over the years to evolve and help merchants at greater capacity.

因此，我認為這是一些事情的開始，這些事情將在未來幾年繼續發展並幫助商家提供更大的能力。

Our next question comes from Ken Wong of Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 Ken Wong。

In the past, you guys pivoted the POS from best for merchants on Shopify to just best POS, period.

過去，你們將 POS 從 Shopify 上最適合商家的 POS 轉向了最好的 POS。

Recently, you guys announced Shop Pay to go beyond your walled garden with Facebook and Instagram.

最近，你們宣布 Shop Pay 將透過 Facebook 和 Instagram 超越圍牆花園。

I guess, should we think about pushing beyond the Shopify walls as something that's going to be more commonplace going forward?

我想，我們是否應該考慮超越 Shopify 的圍牆，讓這種事情在未來變得更普遍？

And what's the impact that these new side doors have on merchant growth and monetization to the extent that you guys have kind of thought through some of these ramifications?

這些新的側門對商業成長和貨幣化有什麼影響，你們對其中一些影響有什麼思考嗎？

Yes.

是的。

I mean, wherever possible, we look to -- we look to future-proof our product as much as possible for merchants.

我的意思是，只要有可能，我們都會盡可能為商家提供面向未來的產品。

What that means is that if we know that extending Shop Pay to services like Facebook and Instagram is going to help them not only find new customers on those incredibly huge services but also transact better, where there's fewer card abandonments, where the transaction happens faster, more effectively, we're going to do that.

這意味著，如果我們知道將Shop Pay 擴展到Facebook 和Instagram 等服務，不僅可以幫助他們在這些令人難以置信的龐大服務上找到新客戶，而且可以更好地進行交易，從而減少棄卡現象，交易速度更快，我們將更有效地做到這一點。

So I don't think there's any hard and fast rule around it.

所以我認為沒有任何硬性規定。

We keep these things internally or we extend them.

我們將這些東西保留在內部或擴展它們。

We simply want to make sure that Shopify is not only the best product that merchants use right now, but over the course of the next couple of decades they never have to think about leaving Shopify.

我們只是想確保 Shopify 不僅是商家目前使用的最好的產品，而且在接下來的幾十年裡，他們永遠不必考慮離開 Shopify。

And the only way to do that is to actually future-proof the product.

做到這一點的唯一方法就是讓產品真正面向未來。

So there is, again, no schematic of where -- when to pull something out.

因此，同樣沒有關於何時、何地取出某些東西的示意圖。

It really does depend on can we add more value for merchants.

這確實取決於我們能否為商家增加更多價值。

And if we can, we're absolutely going to do that.

如果可以的話，我們絕對會這麼做。

Our next question comes from David Hynes of Canaccord.

我們的下一個問題來自 Canaccord 的 David Hynes。

Congrats on the results.

祝賀結果。

I want to ask a go-to-market question.

我想問一個進入市場的問題。

Now that you've had some time to digest, can you speak to the pros and cons of the 14-day versus the 90-day free trial that you ran early in the pandemic.

現在您已經有了一些時間來消化，您能談談您在大流行初期運行的 14 天免費試用版與 90 天免費試用版的優缺點嗎？

I think you said that the 90-day trials led to higher-quality conversion.

我想你說過 90 天的試用帶來了更高品質的轉換。

So I'm curious what consideration you gave to that or maybe something in between in terms of being the go-forward model?

所以我很好奇你對此有何考慮，或者在成為前進模型方面可能介於兩者之間？

Yes.

是的。

I'll take that one.

我會接受那個。

So we were really pleased with the results of the 90-day free trial.

所以我們對 90 天免費試用的結果非常滿意。

The cohorts coming off of that 90-day free trial, even in the face of dramatic increase in merchants coming to the platform, those cohorts have performed on par or better than pre-COVID cohorts.

經過 90 天免費試用後的群體，即使面對進入該平台的商家急劇增加的情況，這些群體的表現也與新冠疫情之前的群體持平或更好。

So we're really pleased with the results of the 90-day free trial.

因此，我們對 90 天免費試用的結果非常滿意。

But as we found towards the end of the offer period of the 90-day free trial, the merchants coming to the platform looked more similar to pre-COVID in terms of composition.

但正如我們在 90 天免費試用期即將結束時發現的那樣，進入該平台的商家在組成方面看起來與新冠疫情之前更加相似。

And we generally think 14 days is enough time for a merchant to trial on the platform.

而我們一般認為14天對於商家在平台上的試用時間已經足夠了。

So we're generally back in the 14-day free trial mode right now and selectively deploying 90-day free trial, working with some governments, Canada, as an example, to get more merchants online.

所以我們現在總體上還是回到了14天的免費試用模式，並選擇性地部署了90天的免費試用，與一些政府（例如加拿大）合作，讓更多的商家上線。

So we will selectively deploy it going forward.

因此，我們今後將選擇性地部署它。

We think generally the 14-day free trial is working well.

我們認為 14 天免費試用整體上效果良好。

And maybe just one more comment on that.

也許對此還有一點評論。

The 14-day free trial is what drove the significant merchant growth in Q4.

14 天的免費試用推動了第四季商家的大幅成長。

So we're still seeing really, really strong merchant growth on the 14-day free trial.

因此，我們仍然看到 14 天免費試用期間的商家成長非常非常強勁。

Our next question comes from Mark Zgutowicz of Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的馬克·茲古托維奇。

I was hoping you could maybe provide some tangibles on the Shop app investments that you spoke about that could perhaps bring in more pull on the buyer side.

我希望您能提供一些有關您談到的商店應用程式投資的有形資產，這可能會給買方帶來更多吸引力。

And you also mentioned buyer loyalty.

您也提到了買家忠誠度。

Just curious what -- maybe some specifics there.

只是好奇什麼——也許有一些細節。

It just seems like a really a big untapped opportunity for you right now.

現在對你來說這似乎是一個巨大的尚未開發的機會。

Yes.

是的。

I mean, I agree it's an untapped opportunity.

我的意思是，我同意這是一個尚未開發的機會。

But there's nothing -- I haven't got any kind of [prior] announcements there to make right now.

但沒有什麼——我現在沒有任何[事先]的公告要發布。

This is probably going to be in other realms.

這可能會發生在其他領域。

I think what we're trying to do is just confirm that this is what -- how we're thinking about it.

我認為我們要做的只是確認這就是我們正在思考的問題。

This is the direction we are going to develop it.

這就是我們要發展的方向。

I keep saying, like the -- I mean, there's an absolute obvious playbook with Shop that I think everyone can see.

我一直說，就像——我的意思是，Shop 有一個絕對明顯的劇本，我想每個人都可以看到。

The reason why we are not following it is because this -- the LTV angle and that Shopify is extremely focused on merchants, and we believe that by focusing on merchants, the consumers end up getting better products.

我們之所以不遵循它，是因為 LTV 角度以及 Shopify 非常關注商家，我們相信透過專注於商家，消費者最終會獲得更好的產品。

And we believe -- we are students of retail history -- we do believe that certain -- like if you go pre-Internet times, the sort of general criticisms of consumerism.

我們相信——我們是零售歷史的學生——我們確實相信某些——就像你進入網路時代之前那樣，對消費主義的普遍批評。

And these things are all products of the channel of -- in which retailing had to exist.

這些東西都是零售業必須存在的通路的產品。

Very mediocre products, the ones which tended to make it through the gatekeepers in the retailing process.

非常平庸的產品，往往會在零售過程中通過把關。

We believe that the direct-to-consumer strategy is just better.

我們相信直接面向消費者的策略會更好。

It leads to truer products.

它帶來更真實的產品。

It actually is potentially a cure for this material consumerism because, of course, this is sort of probably not -- like a tangent --

它實際上可能是治療這種物質消費主義的方法，因為當然，這可能不是——就像切線——

but like for our perspective there, it's like consumerism is not a thing that exists because people love buying things.

但就像我們的觀點一樣，消費主義並不是因為人們喜歡買東西而存在的。

It exists because people hate the things that they get to buy.

它的存在是因為人們討厭他們可以購買的東西。

The quality is just not there.

品質就是不存在。

And this is partly because of the disintermediation in the past of the people who had a chance of selling the products compared to the people who had the care to try to make the best products.

這在一定程度上是因為過去有機會銷售產品的人與那些努力製造最好產品的人相比，是脫媒的。

And then so in a lot of ways, the Internet allows people to go direct.

因此，在許多方面，網路允許人們直接進行交流。

That has a lot of good follow-on results, but we are the last ones who want to create some distorting middle channel there, because we feel like this is -- like one of the accomplishments of the company is to make this direct relationship work.

這有很多好的後續結果，但我們是最後一個想要在那裡創造一些扭曲的中間管道的人，因為我們覺得公司的成就之一就是讓這種直接關係發揮作用。

So as we are creating our discovery services, they really have to be in keeping with these ideas that they strengthen their existing relationships that people have, that make us have such customers.

因此，當我們創建發現服務時，他們確實必須符合這些想法，即加強人們現有的關係，使我們擁有這樣的客戶。

And therefore we have to invent things that otherwise we could just sort of take off the shelf playbooks, and that just takes longer and will take great care to get it right.

因此，我們必須發明一些東西，否則我們只能把現成的劇本拿下來，而這只需要更長的時間，並且需要非常小心才能把它做好。

Our next question comes from Colin Sebastian of Baird.

我們的下一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

Maybe a bigger picture question for me.

對我來說也許是一個更大的問題。

You guys have talked about bending the curve in entrepreneurship.

你們談到了扭轉創業曲線。

And I wonder, based on what you're seeing on the platform, if you think this inflection point in new business creation is a sustainable trend beyond the pandemic as the barriers have been lowered, or do you think it's more of a function of the pandemic and people needing to find new or additional sources of income?

我想知道，根據您在平台上看到的內容，您是否認為隨著壁壘的降低，新業務創造的這一拐點是大流行之後的可持續趨勢，還是您認為這更多是由於大流行和人們需要尋找新的或額外的收入來源？

If you have any perspective on that.

如果您對此有任何看法。

I mean I think the data supports the fact that there are more business creations happening now, certainly in North America, but around the world.

我的意思是，我認為數據支持這樣一個事實：現在有更多的商業創新正在發生，當然在北美，但在世界各地。

You saw Q3 in the United States, you had more business registrations than any other time since 2004.

美國第三季的商業登記數量比 2004 年以來的任何時候都多。

And certainly we're seeing that on Shopify more people are starting businesses.

當然，我們看到越來越多的人在 Shopify 上創業。

I think part of this is that the pandemic did create this catalyst that people, one, needed to supplement their income or they lost their job, need to find something else.

我認為部分原因是，疫情確實創造了這種催化劑，人們需要補充收入，否則就失業，需要尋找其他東西。

But I do not think this trend is going away.

但我認為這種趨勢不會消失。

We envision a future where anyone that wants to or needs to start a business or share their product, the thing that they make that they love with the world can easily do so.

我們設想未來，任何想要或需要創業或分享他們的產品、他們製作的、他們熱愛的東西的人都可以輕鬆地做到這一點。

And again, not all of them will succeed, and we know that, but that's exactly the point.

再說一遍，並非所有人都會成功，我們知道這一點，但這正是重點。

We want everyone that has that ambition to try that.

我們希望每個有志向的人都嘗試一下。

And more and more, Shopify is becoming the place that they go and try it.

Shopify 越來越成為他們嘗試的地方。

And then the ones that do succeed, and again, the success of those are monumental right now.

然後那些確實成功的人，再一次，這些人的成功現在是巨大的。

You're seeing this massive scale of some of these DTC brands that 5 years ago didn't exist, and today they are literally the incumbents in their industries or leaders in their verticals.

您會看到其中一些 DTC 品牌的規模如此之大，而這些品牌在 5 年前還不存在，而如今它們實際上已成為所在行業的老牌企業或垂直行業的領導者。

That is happening entirely on Shopify.

這完全發生在 Shopify 上。

And so making it really easy to get started where the cost of failure is as low as possible, where the ease of use continues to increase and the fact that once they scale, they have never had any reason to go anywhere other than Shopify.

因此，讓入門變得非常容易，失敗成本盡可能低，易用性不斷提高，而且一旦規模擴大，他們就沒有任何理由去 Shopify 以外的任何地方。

That is the strategy of the company.

這就是公司的策略。

And I think that's working really well.

我認為這非常有效。

Our next question comes from Siti Panigrahi of Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Siti Panigrahi。

So in 2020, we saw this accelerated adoption of e-commerce, and you also talked about GMV growth partly benefited from nondiscretionary items like food/beverages and some trends like curbside pickups and order online and pick up at store, like that.

因此，在 2020 年，我們看到了電子商務的加速採用，您還談到了 GMV 的成長部分受益於食品/飲料等非自由裁量商品以及路邊提貨和線上訂購並在商店提貨等一些趨勢。

So could you give us some color on what percentage of that growth was driven by such kind of trends?

那麼您能否告訴我們這種趨勢推動成長的百分比有多少？

Just to understand -- and what are you seeing these days in Q4 and as of today?

只是想了解一下 - 從第四季度到今天，您看到了什麼？

Yes.

是的。

The mainstays for us have been apparel, accessories, cosmetics, coming into 2020.

進入 2020 年，我們的支柱是服裝、配件、化妝品。

What we saw during 2020 and as a result of COVID was more food, beverage, essentials, home office, home workout gear and things like that increase in terms of mix of our GMV.

我們在 2020 年看到，由於新冠疫情，食品、飲料、必需品、家庭辦公室、家庭健身裝備等的 GMV 組合增加。

We're continuing to see those sorts of trends.

我們將繼續看到這些趨勢。

We continued to see those trends in Q4 and believe that more merchants who sell those types of goods have found us over the course of 2020, and so many of those trends will continue into 2021.

我們在第四季度繼續看到這些趨勢，並相信在 2020 年會有更多銷售此類商品的商家找到我們，其中許多趨勢將持續到 2021 年。

Our next question comes from Matt Pfau of William Blair.

我們的下一個問題來自威廉布萊爾的馬特普福。

Just wanted to understand how you're thinking about Shopify Plus for 2021 as we get closer to the new normal.

只是想了解隨著我們越來越接近新常態，您對 2021 年 Shopify Plus 有何看法。

Do you anticipate seeing more or less established brands either replacing their legacy e-commerce platform or moving online?

您是否預計會看到更多或不太成熟的品牌取代其傳統電子商務平台或轉向線上？

Yes.

是的。

So as I mentioned in my opening remarks, we now have 10,000 merchants on Plus.

正如我在開場白中提到的，現在 Plus 上有 10,000 家商家。

In fact, I think 10,000 is probably one of the largest enterprise e-commerce customer groups of any company on the planet.

事實上，我認為 10,000 可能是地球上任何公司中最大的企業電子商務客戶群之一。

And certainly, Plus GMV grew faster than non-Plus international, partially due to more Plus merchants and an increase of GMV from those merchants.

當然，Plus GMV 的成長速度快於非 Plus 國際品牌，部分原因是 Plus 商家增加以及這些商家的 GMV 增加。

The Plus merchant count growth came from a lot more upgrades and fewer downgrades, but we also saw an acceleration this quarter in migrations from legacy platforms and specifically from brands like Demandware and Magento.

Plus 商家數量的成長來自更多的升級和更少的降級，但本季我們也看到傳統平台（特別是 Demandware 和 Magento 等品牌）的遷移加速。

So I think that will continue.

所以我認為這種情況將會持續下去。

Certainly, as you heard in my opening remarks around some of the big brands that are using Shopify, a lot of those brands had direct-to-consumer already.

當然，正如您在我關於使用 Shopify 的一些大品牌的開場白中所聽到的那樣，其中許多品牌已經直接面向消費者。

They were just using legacy systems, and they were looking at some of the more modern retail brands, the DTC brands, and wondering why they had better technology than they did considering they were these massive companies with large budgets.

他們只是使用遺留系統，他們正在研究一些更現代的零售品牌，即 DTC 品牌，並想知道為什麼他們擁有比他們更好的技術，考慮到他們是這些擁有大量預算的大公司。

So I think what you will continue to see with Plus is not only will -- we will see more upgrades from those merchants that get really successful on the platform, the homegrown success stories.

因此，我認為您將繼續看到 Plus 不僅是——我們還將看到那些在平台上真正取得成功的商家的更多升級，以及本土的成功故事。

You will also continue to see migrations over time.

隨著時間的推移，您還將繼續看到遷移。

And I think that mix is incredibly healthy.

我認為這種組合非常健康。

Our next question comes from Paul Treiber of RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Paul Treiber。

Just wanted to speak about international.

只是想談國際。

Just looking at your full core geographies saw a much faster revenue acceleration this year versus the acceleration in international.

只要看看您的全部核心地區，就會發現今年的收入成長比國際成長快得多。

What do you see as the biggest points of friction for e-commerce outside your key markets?

您認為主要市場以外的電子商務最大的摩擦點是什麼？

And how are you looking to help eliminate that friction?

您希望如何幫助消除這種摩擦？

Yes.

是的。

So as you heard, and Amy had mentioned this earlier, but Q4 GMV was really strong across all regions internationally.

正如您所聽到的，艾米之前也提到過這一點，但第四季度的 GMV 在國際所有地區都非常強勁。

Our plan is really to focus on geographies where we have a foothold this year with a view to expand our presence into additional countries in the future.

我們的計劃實際上是專注於今年已立足的地區，以期在未來將我們的業務擴展到更多國家。

So really doubling down on where we think we have product markets that are close product/market fit.

因此，我們真的要加倍努力，我們認為我們的產品市場與產品/市場緊密契合。

We're going to invest in growth marketing and product marketing and also in in-country sales teams in those geographies because we think we actually have a lot of potential there.

我們將投資於成長行銷和產品行銷，以及這些地區的國內銷售團隊，因為我們認為我們實際上在那裡有很大的潛力。

Also remember now we've brought total languages up on Shopify to 20.

請同時記住，現在我們已將 Shopify 上的語言總數增加到 20 種。

So Shopify's admin can now -- is now in 20 languages.

所以 Shopify 的管理員現在可以使用 20 種語言。

And Shopify Payments is now available in 17 countries.

Shopify Payments 現已在 17 個國家推出。

So a lot of what we're trying to do is not only go into these countries haphazardly, but rather go in and make sure that we have the best product in the market.

因此，我們要做的很多事情不僅僅是隨意進入這些國家，而是進入並確保我們擁有市場上最好的產品。

And in the countries where we are investing heavily, we think we have the potential to have that in the near term.

在我們大力投資的國家，我們認為我們有潛力在短期內實現這一目標。

Some other countries that we have on our radar, we don't think the right -- it's the right time to go really deep.

我們關注的其他一些國家，我們認為不合適——現在是深入研究的合適時機。

That will happen in the future.

這將在未來發生。

But this meticulous and very strategic approach to international expansion leads us to actually being the leader in these countries as opposed to being one of many options.

但這種細緻且極具戰略意義的國際擴張方法使我們真正成為這些國家的領導者，而不是成為眾多選擇之一。

And I think that's -- that has served us really well from a strategy perspective.

我認為，從策略角度來看，這對我們非常有幫助。

Our next question comes from Trevor Young of Barclays.

我們的下一個問題來自巴克萊銀行的特雷弗楊。

Just looking at first quarter, how should we think about trends so far quarter-to-date?

只看第一季度，我們該如何看待季度至今的趨勢？

Has it been a continuation of the strength that you saw last quarter on top of the pretty difficult compares in January and February versus an easier compare in March?

除了 1 月和 2 月相當困難的比較與 3 月比較容易的比較之外，這是否是您上個季度看到的強勁勢頭的延續？

And are you seeing any of that spend shift back to off-line versus online?

您是否看到這些支出轉向線下而不是線上？

Yes.

是的。

We continue in Q1 to see strong e-commerce tailwinds and strong interest in the Shopify platform.

我們在第一季繼續看到強勁的電子商務推動力以及對 Shopify 平台的濃厚興趣。

Our next question comes from Drew Foster of Citigroup.

我們的下一個問題來自花旗集團的德魯福斯特。

I wanted to also just follow-up on international, specifically in Asia.

我還想跟進國際情況，特別是亞洲的情況。

So excluding Australia, what countries specifically in Asia are you getting the most traction?

那麼，除了澳洲之外，亞洲哪些國家最受關注呢？

As I'm parsing the numbers there, I'm noticing that the half of Asia that's not, Australia is growing much faster, so curious what's driving success there?

當我解析那裡的數字時，我注意到亞洲的一半（澳洲除外）的成長速度要快得多，所以很好奇是什麼推動了那裡的成功？

Yes.

是的。

I think, again, we don't necessarily want to single out any particular country, but there are places where you've seen us do quite well.

我再次認為，我們不一定要挑出任何特定的國家，但在某些地方你已經看到我們做得很好。

We've been in Singapore and Japan for quite some time.

我們已經在新加坡和日本待了一段時間了。

We obviously are -- have mentioned on previous calls what we're thinking about cross-border strategy in a place like China.

顯然，我們在之前的電話會議中已經提到我們對中國這樣的地方的跨境戰略的看法。

But generally, our international strategy, whether it's in Asia or is in Europe or anywhere else, it is the same.

但總的來說，我們的國際策略，無論是在亞洲、在歐洲或其他地方，都是一樣的。

We want to be the best product in market in those geographies.

我們希望成為這些地區市場上最好的產品。

And so we're not just going to simply go into those markets just for the sake of it.

因此，我們不會只是為了進入這些市場而單純地進入這些市場。

Australia is quite different.

澳洲則截然不同。

If you recall, Australia is one of our core -- has been one of our core markets for a long time.

如果你還記得的話，澳洲是我們的核心市場之一——長期以來一直是我們的核心市場之一。

The way that it operates, the way that our product works there is very similar to what we see in places like the U.K., Canada and the United States.

它的運作方式，我們的產品在那裡的運作方式與我們在英國、加拿大和美國等地看到的非常相似。

So Australia, I would say, would be different.

所以我想說，澳洲會有所不同。

But we are keeping our eye closely on how things are evolving.

但我們正在密切關注事態的發展。

In terms of trends, though, I mean, one of the things that we think is really fascinating that we study is what are people doing in China?

不過，就趨勢而言，我的意思是，我們認為我們研究的真正令人著迷的事情之一是人們在中國做什麼？

How are consumers interacting with brands there?

那裡的消費者如何與品牌互動？

What does the new -- what do new retail models look like there and what can we learn from those places?

那裡的新零售模式是什麼樣的呢？

So Tobi mentioned earlier, we are a student of e-commerce and retail history.

所以Tobi前面提到，我們是電子商務和零售歷史的學生。

We're also students of modern and contemporary e-commerce trends and trying to figure out how we can bring some of those back to our core markets.

我們也是現代和當代電子商務趨勢的學生，並試圖找出如何將其中一些帶回我們的核心市場。

It's something we'll continue to always do.

這是我們將繼續一直做的事情。

Our next question comes from Ygal Arounian of Wedbush Securities.

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

Sorry, I was on mute.

抱歉，我當時處於靜音狀態。

So we got some comments on SFN, Amy, just around some of the trends you're seeing, and I want to dig in a little bit more, where -- I guess, you guys have highlighted the second half is when we come out of the product/market fit phase until full launch.

所以我們得到了一些關於 SFN 的評論，艾米，圍繞著你所看到的一些趨勢，我想深入挖掘一下，我想，你們已經強調了下半年我們出來的時候產品/市場契合階段直至全面啟動。

Things still on track there?

事情還進展順利嗎？

Are they being pulled forward, pushed back?

他們是被向前拉還是被向後推？

Anything as we kind of get closer to that as we think about how that can translate?

當我們思考如何轉化時，我們是否會更接近這一點？

And where omnichannel, I think, is kind of the biggest word that's come out of the pandemic as we go back to normal life is omnichannel commerce.

我認為，當我們回歸正常生活時，全通路是疫情中出現的最重要的字詞，那就是全通路商務。

How can -- would POS accelerate your opportunity there and kind of bring all those things together?

POS 會如何加速您在那裡的機會並將所有這些東西整合在一起？

Ygal, which one did you want her to answer, the SFN one, the Shopify Fulfillment Network, or the omnichannel trends one?

Ygal，您希望她回答哪一個，SFN、Shopify 配送網路還是全通路趨勢？

Let's talk about the SFN one, I guess.

我想我們來談談 SFN 吧。

Okay.

好的。

On SFN, yes, we achieved some really significant milestones in Q4, as I talked about earlier, record volume.

在 SFN 上，是的，我們在第四季度實現了一些非常重要的里程碑，正如我之前提到的，創紀錄的數量。

In 2021 we remain in the product/market fit phase, as we said, when we launched 18 months ago.

正如我們在 18 個月前推出時所說，到 2021 年，我們仍處於產品/市場契合階段。

We are very focused this year building -- continuing to build the software and the infrastructure for the network, focusing on optimizing things like inventory and order management and the network optimization.

今年我們非常專注於建設——繼續建立網路軟體和基礎設施，重點是優化庫存和訂單管理以及網路優化等。

We're continuing to iterate, learn and build.

我們將繼續迭代、學習和建構。

So there's really no changes to what we've previously stated at this time.

因此，我們之前所說的目前確實沒有任何變化。

As we continue to learn, if our plans change materially, we'll be sure to communicate that.

隨著我們不斷了解，如果我們的計劃發生重大變化，我們一定會進行溝通。

Our next question comes from Josh Beck of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Josh Beck。

I guess maybe I'll ask about the point-of-sale angle.

我想也許我會問一下銷售點的角度。

Just maybe describe where it is in the journey.

也許只是描述一下它在旅程中的位置。

Is it -- the product/market fit is effectively nailed at this point and it's really about scaling?

是不是——產品/市場契合度此時已經有效確定，並且真的與擴展有關？

Just curious when you think about that initiative, just where we are in the journey?

只是好奇當你想到這個倡議時，我們處於旅程的哪個階段？

Yes.

是的。

So I think, as Amy pointed out earlier, we achieved record point-of-sale GMV in Q4, which is great.

因此，我認為，正如艾米之前指出的那樣，我們在第四季度實現了創紀錄的銷售點 GMV，這非常棒。

But really, what we're doing is we continue to grow the number of merchants using it despite lockdowns and seasonal focus on selling over point-of-sale transition.

但實際上，我們正​​在做的是，儘管有封鎖和季節性重點關注銷售而非銷售點過渡，但我們仍在繼續增加使用它的商家數量。

We also added new features.

我們還新增了新功能。

You saw smart inventory management get integrated, buy online/pickup in store, staff permissions, retail level reporting.

您看到了智慧庫存管理的整合、線上購買/店內取貨、員工權限、零售等級報告。

We also introduced the point-of-sale Pro subscription.

我們也推出了銷售點專業版訂閱。

So I think while Shopify's integrated POS solution -- the payment side, by the way, also is still limited to U.S., U.K., Canada, Ireland -- we think that we can expand not only payments, but we also continue to evolve the actual offering that it provides.

因此，我認為，雖然 Shopify 的整合 POS 解決方案（順便說一句，支付方面仍然僅限於美國、英國、加拿大、愛爾蘭），但我們認為我們不僅可以擴展支付，而且還可以繼續發展實際的支付方式。提供它所提供的。

The all-new point-of-sale there, to be clear, it is faster, it is more intuitive, it's more scalable.

需要明確的是，全新的銷售點更快、更直覺、更具可擴展性。

And it's designed to meet the needs of our most complex brick-and-mortar retailers.

它旨在滿足我們最複雜的實體零售商的需求。

And we introduced -- when we introduced the POS Pro, which is the new subscription, we really looked at what was missing from it.

當我們推出新的訂閱服務 POS Pro 時，我們確實審視了它所缺少的內容。

So I wouldn't necessarily say that we're not a product/market fit yet.

所以我不一定會說我們的產品/市場還不適合。

Certainly, the merchants that do use it find it to be incredibly compelling.

當然，使用它的商家發現它非常有吸引力。

But obviously, we are incredibly ambitious at Shopify.

但顯然，我們 Shopify 雄心勃勃。

We want to make sure it's the best product on the market.

我們希望確保它是市場上最好的產品。

And so that will continue to happen.

這種情況將會繼續發生。

But again, just if you look at where it was a year ago to where it is now, if you look at the record POS GMV that went through it in Q4, if you look at the number of merchants that have been using it, point-of-sale has a very bright future at Shopify.

但同樣，如果你看看一年前的情況和現在的情況，如果你看看第四季度的 POS GMV 記錄，如果你看看已經使用它的商戶數量，點-of-sale 在Shopify 有著非常光明的前景。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

I wanted to drill down, probably for you, Harley, on Shopify Pay as a follow-up.

作為後續行動，我想深入了解 Shopify Pay，也許是為了你，Harley。

Obviously, as a consumer, love Shopify Pay, it's been a fantastic and frictionless payment experience for me personally, but you now have Instagram and Facebook that are starting to embrace Shopify Pay.

顯然，身為消費者，我喜歡 Shopify Pay，這對我個人來說是一種美妙且無摩擦的支付體驗，但現在 Instagram 和 Facebook 也開始接受 Shopify Pay。

My question is how much interest is there from other partners and brands to embrace Shopify Pay given there are so many other payment options out there?

我的問題是，鑑於有如此多的其他付款選項，其他合作夥伴和品牌對採用 Shopify Pay 的興趣有多大？

And can you remind us the monetization strategy?

您能提醒我們一下貨幣化策略嗎？

Do you get a small take rate for all transactions processed or just the Shopify-only merchants?

您是否對所有處理的交易或僅對 Shopify 商家收取較小的佣金？

Yes.

是的。

So just as a reminder, I mean, in terms of Shop Pay, it has now facilitated nearly $20 billion in GMV by the end of 2020 relative to when we launched in 2017.

提醒一下，我的意思是，就 Shop Pay 而言，與我們 2017 年推出時相比，到 2020 年底，它現在已經促進了近 200 億美元的 GMV。

It also is 4x faster than normal checkout and it converts close to 2x higher than a regular checkout.

它的速度比普通結帳快 4 倍，轉換率比普通結帳高出近 2 倍。

So we're really excited by it.

所以我們對此感到非常興奮。

In terms of other partners, we can't speak to who we're talking to or what our strategy is with partners around that.

就其他合作夥伴而言，我們無法透露我們正在與誰交談，也無法透露我們與合作夥伴的策略是什麼。

But certainly, we think that Shop Pay brings a fast, secure and efficient checkout to this all-in-one commerce experience offered at Facebook shops and Instagram, and we think it's going to be great for merchants.

但當然，我們認為 Shop Pay 為 Facebook 商店和 Instagram 提供的一體化商務體驗帶來了快速、安全和高效的結帳方式，我們認為這對商家來說將是一件好事。

In terms of the economics of it, that's not something that we're discussing right now.

就其經濟學而言，這不是我們現在討論的問題。

But certainly we think that for -- by bringing it outside of the Shopify ecosystem and providing it with partners where a merchant can access billions of new consumers, it is a really great way for our merchants to continue to grow, and it also substantiates Shopify's role in the future of retail and commerce.

但我們當然認為，透過將其帶出Shopify 生態系統並為其提供合作夥伴，使商家能夠接觸到數十億新消費者，這對我們的商家來說是持續成長的一個非常好的方式，而且它也證實了Shopify 的在零售和商業的未來中發揮作用。

Our next question comes from Brian Peterson of Raymond James.

我們的下一個問題來自 Raymond James 的 Brian Peterson。

So Amy, I appreciate all the color on the investments.

所以艾米，我很欣賞投資的所有色彩。

I was a little surprised to hear Plus not on the list.

聽到 Plus 不在清單中，我有點驚訝。

And so I don't know if that's some investments kind of benefit Plus as well.

所以我不知道這是否也是某種投資的好處。

I know the colors in the Venn diagram potentially change there in terms of investments, but could you characterize the investments in 2021 and beyond, specifically related to Plus?

我知道維恩圖中的顏色可能會在投資方面發生變化，但您能否描述一下 2021 年及以後的投資，特別是與 Plus 相關的投資？

And I guess I'm curious on the go-to-market side?

我想我對進入市場方面很好奇？

And why -- just any color there.

為什麼——只要有任何顏色。

Yes.

是的。

And it is in there.

它就在那裡。

It was probably a lot to intake.

可能需要攝取很多。

But we do absolutely intend to invest in Shopify Plus in 2021.

但我們絕對打算在 2021 年投資 Shopify Plus。

Today, most of our Plus merchants are concentrated in North America, intentionally, that's where we've been focused.

如今，我們大多數的 Plus 商家都集中在北美，這也是我們一直在關注的重點。

So one of the investment areas in 2021 is to put more in-country sales teams to take Shopify Plus to other geographies more aggressively, focusing on those markets where we have a foothold today.

因此，2021 年的投資領域之一是派遣更多的國內銷售團隊，更積極地將 Shopify Plus 帶到其他地區，重點關注我們目前已立足的市場。

And then we also will continue to develop and enhance APIs and developer tools for those larger, more complex, tech-savvy merchants who require that to customize their experience somewhat, to make it a great experience for them.

然後，我們也將繼續為那些規模更大、更複雜、精通技術的商家開發和增強 API 和開發人員工具，這些商家需要在某種程度上客製化他們的體驗，使其成為他們的絕佳體驗。

So that will be a focus as well.

所以這也將是一個焦點。

But continued strong opportunities in Plus globally.

但 Plus 在全球仍存在強勁的機會。

This concludes the question-and-answer session as well as today's conference call.

問答環節和今天的電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。