Shopify Inc (SHOP) 2021 Q4 法說會逐字稿

Welcome to the Shopify Fourth Quarter 2021 Financial Results Conference Call. My name is Juan, and I will be coordinating your call today. (Operator Instructions)

歡迎參加 Shopify 2021 年第四季度財務業績電話會議。我叫胡安，今天我會協調你的電話。 （操作員說明）

I will now hand over to your host, Katie Keita, Director, Investor Relations, to begin with. Please, Katie, go ahead.

我現在將首先交給您的主持人，投資者關係總監 Katie Keita。凱蒂，請繼續。

Thank you, operator, and good morning, everyone. We're glad you can join us for Shopify's Fourth Quarter 2021 Conference Call. We are joined this morning by Tobias Lütke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Amy Shapero, our CFO.

謝謝接線員，大家早上好。我們很高興您能加入我們的 Shopify 2021 年第四季度電話會議。 Shopify 的首席執行官 Tobias Lütke 今天上午加入了我們的行列； Shopify 總裁 Harley Finkelstein；和我們的首席財務官 Amy Shapero。

After their prepared remarks, we will open it up for your questions. 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. We undertake no obligation to update these statements, except as required by law. 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. Note that the adjusted financial measures we speak to you today are non-GAAP, which are not a substitute for GAAP financial measures. Reconciliations between the two can be found in our earnings press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars, unless otherwise indicated.

在他們準備好的評論之後，我們將打開它來回答您的問題。我們將在今天的電話會議上做出基於假設的前瞻性陳述，因此受到可能導致實際結果與預測結果大不相同的風險和不確定性的影響。除法律要求外，我們不承擔更新這些聲明的義務。您可以在我們今天上午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。請注意，我們今天與您交談的調整後財務指標是非 GAAP，不能替代 GAAP 財務指標。兩者之間的和解可以在我們的收益新聞稿中找到。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。

With that, I turn the call over to Harley.

有了這個，我把電話轉給了哈利。

Thanks, Katie, and good morning, everyone. The Digital Commerce Revolution, which accelerated as a result of the pandemic in 2020, continued in full force in 2021. The direct-to-consumer and omnichannel commerce trends that got supercharged with COVID were reinforced as more consumers bought directly from their favorite brands, engaging in unforgettable shopping moments that are possible when commerce is everywhere. The evolution in commerce that fast forwarded over the past 2 years offers more selling opportunities to makers, creators, influencers and curators. These entrepreneurs are ready. Their resilience and our drive to build them the best products for modern commerce put Shopify and our merchants out ahead. We closed 2021 with annual revenue nearly triple 2019 levels. Our merchant base, nearly twice as big as 2019 as the share of merchants outside of North America continue to grow as part of our mix over the past year. More than 14,000 merchants on Shopify Plus with approximately 4,000 of these coming on in 2021, the strongest year ever for standard upgrades as well as new merchants joining the platform. And our merchant GMV more than doubled 2019 levels, reaching $175 billion in 2021. In Q4 of 2021, our merchants had their most successful Black Friday Cyber Monday selling period, generating $6.3 billion in GMV, significantly outpacing growth in the broader e-commerce market. In 2021, nearly 600 million shoppers made a purchase from Shopify merchant, up nearly 31% from 2020. Seven companies that grew their businesses on Shopify reached a new threshold for growth by becoming publicly traded, and we got stronger, growing Shopify's team to 10,000 people, enthusiastically taking on the big opportunities ahead of us.

謝謝，凱蒂，大家早上好。由於 2020 年的大流行而加速的數字商務革命在 2021 年繼續全面發展。隨著越來越多的消費者直接從他們最喜歡的品牌購買商品，直接面向消費者和全渠道的商業趨勢因 COVID 而得到加強，當商業無處不在時，參與令人難忘的購物時刻。過去 2 年快速發展的商業發展為製造商、創作者、影響者和策展人提供了更多銷售機會。這些企業家已經準備好了。他們的韌性和我們為他們打造現代商業最佳產品的動力使 Shopify 和我們的商家遙遙領先。我們在 2021 年結束時的年收入幾乎是 2019 年水平的三倍。作為我們過去一年組合的一部分，我們的商戶基礎幾乎是 2019 年北美以外商戶份額的兩倍。 Shopify Plus 上有超過 14,000 家商家，其中約 4,000 家將在 2021 年推出，這是標準升級以及新商家加入該平台的有史以來最強勁的一年。我們的商家 GMV 比 2019 年的水平翻了一番多，到 2021 年達到 1750 億美元。在 2021 年第四季度，我們的商家在黑色星期五網絡星期一銷售期間最為成功，產生了 63 億美元的 GMV，大大超過了更廣泛的電子商務市場的增長. 2021 年，有近 6 億購物者從 Shopify 商家購買，比 2020 年增長近 31%。七家在 Shopify 上發展業務的公司通過上市達到了新的增長門檻，我們變得更強大，將 Shopify 的團隊增加到 10,000人，熱情地迎接我們面前的重大機遇。

Shopify's impact comes from the combined power of our total offering. Our infrastructure platform, merchant solutions and our partner ecosystem. This is coupled with our belief that the work we do creates value, not just for merchants, but for everyone who has a privilege to interact with them, our partners, our communities, our shareholders and more. Our merchant-first product-led approach keeps us at the center of commerce and building the future for entrepreneurs. And today, I will discuss 4 key investment themes for 2022 to further future proof our merchants by giving them superpowers. First, in building buyer relationships; second, going global; third, going from first sale to full scale; and finally, simplifying fulfillments. Starting with building strong buyer relationships. As the lines between on- and off-line commerce blur and consumers seek direct relationships with brands, we will continue to innovate, so merchants can meet buyers and serve their customers wherever they are. As you saw last week, Shopify merchants in the U.S. will be among the first to be able to accept contactless payments simply by using iPhone. And with our Point of Sale Pro offering, which we introduced in 2020, our merchants can seamlessly connect their offline operations to their centralized dashboard, giving them a single view of their business across every sales channel. This allows merchants to offer buyers an easy way to shop, whether that's buy online, pickup curbside or shopping in-person at their favor store. More merchants benefited from these features with a number of locations subscribing to Point of Sale Pro nearly doubling in Q4 2021 versus the same period in 2020. In 2021, we expanded availability of our new Shopify point-of-sale hardware with integrated payments to retail merchants in the U.K. Ireland, Australia, New Zealand, the Netherlands and Germany and have entered Belgium, Denmark and Spain, so far in 2022. In Q4, we saw healthy adoption of our point-of-sale hardware in North America as well as in the new geographies we entered last year. And with more merchants around the world using our world-class point-of-sale system, GMV from point-of-sale ended the year at its highest level ever. With our integrated payments hardware ready to be rolled out to even more countries this year, more brands will be able to meet their customers on Main Street while continuing to strengthen those relationships online through own channels with their online store, e-mail campaigns and social media. As customer acquisition costs rise and new privacy restrictions reduce the efficacy of advertising, embedding commerce into more apps and digital services is critical to help our merchants discover new buyers. Social media and search will play key roles, and Shopify made great progress on both in 2021. In August, we introduced TikTok shopping, bringing organic product discovery and shopping tabs to TikTok following the launch of our TikTok marketing channel in October 2020. And in October last year, we launched our Spotify channel for musicians.

Shopify 的影響力來自我們整體產品的綜合力量。我們的基礎設施平台、商家解決方案和我們的合作夥伴生態系統。這與我們的信念相結合，即我們所做的工作不僅為商家創造價值，而且為所有有幸與他們互動的人、我們的合作夥伴、我們的社區、我們的股東等等。我們以商家至上的產品為主導的方法使我們始終處於商業中心，並為企業家打造未來。今天，我將討論 2022 年的 4 個關鍵投資主題，通過賦予他們超級大國進一步證明我們的商人的未來。第一，建立買家關係；二是走向世界；三是從首銷走向全面；最後，簡化履行。從建立牢固的買家關係開始。隨著線上和線下商務之間的界限越來越模糊，消費者尋求與品牌的直接關係，我們將繼續創新，讓商家無論身在何處都能與買家見面並為他們服務。正如您上週所看到的，美國的 Shopify 商家將率先使用 iPhone 接受非接觸式支付。借助我們在 2020 年推出的 Point of Sale Pro 產品，我們的商家可以將他們的線下運營無縫連接到他們的集中式儀表板，讓他們在每個銷售渠道中獲得一個單一的業務視圖。這使商家可以為買家提供一種簡單的購物方式，無論是在線購買、路邊取貨還是在他們喜歡的商店親自購物。更多商家受益於這些功能，與 2020 年同期相比，2021 年第四季度訂閱 Point of Sale Pro 的許多地點幾乎翻了一番。2021 年，我們通過集成支付功能擴大了新的 Shopify 銷售點硬件的可用性到零售2022 年迄今為止，英國、愛爾蘭、澳大利亞、新西蘭、荷蘭和德國的商家已進入比利時、丹麥和西班牙。在第四季度，我們看到我們的銷售點硬件在北美以及在我們去年進入的新地區。隨著世界各地越來越多的商家使用我們世界一流的銷售點系統，銷售點的 GMV 達到了有史以來的最高水平。隨著我們的集成支付硬件今年準備在更多國家推出，更多品牌將能夠在大街上與他們的客戶會面，同時繼續通過自己的在線商店、電子郵件活動和社交渠道加強這些在線關係媒體。隨著客戶獲取成本的上升和新的隱私限制降低了廣告的效果，將商業嵌入更多的應用程序和數字服務對於幫助我們的商家發現新買家至關重要。社交媒體和搜索將發揮關鍵作用，Shopify 在 2021 年這兩方面都取得了長足的進步。8 月，我們推出了 TikTok 購物，繼 2020 年 10 月推出我們的 TikTok 營銷渠道後，我們為 TikTok 帶來了有機產品發現和購物標籤。去年 10 月，我們為音樂家推出了 Spotify 頻道。

Since introducing our TikTok channel, more than 100,000 merchant creators have installed the channel and merchants are starting to sell via our Spotify integration. Creators selling through these channels have more power to connect directly with their buyers in an inspired moment and offer them a great shopping experience by a Shopify Secure checkout while owning their brands.

自推出我們的 TikTok 頻道以來，已有超過 100,000 名商家創建者安裝了該頻道，並且商家開始通過我們的 Spotify 集成進行銷售。通過這些渠道進行銷售的創作者更有能力在受啟發的時刻直接與買家建立聯繫，並通過 Shopify Secure 結賬為他們提供出色的購物體驗，同時擁有自己的品牌。

Our checkout using Shopify Payments is also directly integrated with Google, Facebook and Instagram, enabling merchants to seamlessly sell across these channels. With more channels to sell on, merchants are able to manage orders, returns and payments, all from within the merchant admin. This reinforces the strength of our back office and Shopify's position as a multichannel leader. In Q4, thousands more merchants use these 3 channels compared to the previous quarter, getting them in front of billions of potential new buyers. While still early, social commerce is growing with sales via social channel expected to double in the U.S. by 2025, presenting a huge opportunity for entrepreneurs. More buyers are following recommendations and inspiration from the people they trust in social media and discovering new brands to fall in love with. Shopify is equipping our merchants for this future by creating a fantastic shopping experience for buyers with Shop Pay, our accelerated checkout now available on Facebook and Instagram. In Q4, more buyers use Shop Pay to check out on Facebook and Instagram with sales volume growing 4x quarter-over-quarter for Shopify and non-Shopify merchants. We plan to begin rolling out our fast and frictionless Shop Pay checkout on Google to Shopify merchants over the coming months, making it available to all Shopify and non-Shopify merchants selling on Google later this year.

我們使用 Shopify Payments 的結賬功能也直接與 Google、Facebook 和 Instagram 集成，使商家能夠跨這些渠道無縫銷售。有了更多的銷售渠道，商家可以在商家後台管理訂單、退貨和付款。這加強了我們後台的實力和 Shopify 作為多渠道領導者的地位。在第四季度，與上一季度相比，使用這 3 個渠道的商戶增加了數千，讓他們面對了數十億潛在的新買家。雖然還處於早期階段，但社交商務正在增長，預計到 2025 年，美國通過社交渠道的銷售額將翻一番，為企業家提供了巨大的機會。越來越多的買家在社交媒體上關注他們信任的人的建議和靈感，並發現新的品牌讓他們愛上。 Shopify 正在通過 Shop Pay 為買家創造出色的購物體驗，為我們的商戶未來做好準備，我們的加速結賬現在可在 Facebook 和 Instagram 上使用。在第四季度，更多買家使用 Shop Pay 在 Facebook 和 Instagram 上結賬，Shopify 和非 Shopify 商家的銷售額環比增長了 4 倍。我們計劃在未來幾個月內開始在 Google 上向 Shopify 商家推出快速、順暢的 Shop Pay 結賬功能，並在今年晚些時候向所有在 Google 上銷售的 Shopify 和非 Shopify 商家提供。

The benefits of Shop Pay also extends to our Shop App, our digital shopping assistant that offers buyers a delightful end-to-end commerce experience. In addition to in-app checkout with Shop Pay and our buy now, pay later product, Shop Pay Installments, shop provides buyers with real-time order tracking and delivery updates and relevant product recommendations from their favorite brands. In Q4, millions more buyers enjoyed fun and easy shopping on shop, and by the end of the year, Shop Pay had facilitated a cumulative $43 billion in GMV since its launch in 2017. The benefits of Shop Pay also carry over to Shop Pay Installments, the most transparent installment product on the market with no hidden fees and no late fees. GMV through Shop Pay installments more than doubled quarter-over-quarter as did the number of repeat buyers using our product. I'm pleased to report that Shop Pay Installments is now the largest installment provider for Shopify merchants in the U.S. after only 6 months of being generally available.

Shop Pay 的好處還延伸到我們的 Shop 應用程序，這是我們的數字購物助手，可為買家提供令人愉悅的端到端商務體驗。除了使用 Shop Pay 和我們的“立即購買，以後付款”產品 Shop Pay 分期付款進行應用內結賬外，Shop 還為買家提供實時訂單跟踪和交付更新以及他們最喜歡的品牌的相關產品推薦。在第 4 季度，數以百萬計的買家在商店享受了輕鬆愉快的購物樂趣，截至今年年底，Shop Pay 自 2017 年推出以來累計促成了 430 億美元的 GMV。Shop Pay 的好處也延續到了 Shop Pay 分期付款，市場上最透明的分期產品，無隱藏費用，無滯納金。通過 Shop Pay 分期付款的 GMV 與使用我們產品的重複購買者數量相比，環比增長了一倍多。我很高興地報告，Shop Pay 分期付款現在是美國最大的 Shopify 商家分期付款提供商，僅在 6 個月後普遍可用。

Next, helping merchants go global. Since the dawn of human kind, the greatest hurdles and opportunities for commerce have come down to geography. Digital commerce offers a completely new way to navigate these boundaries, but with different laws, regulations and customs in different countries, selling globally is incredibly challenging. What Shopify does best is make the complex simple, which is where Shopify Markets comes in, optimizing international selling for merchants to improve sales conversion and create a better customer experience. We began rolling out Shopify Markets in late January and already thousands of merchants are using Shopify Markets, benefiting from features like currency conversion, language translation of store content as well as calculation and collection of duties and taxes. We are excited to see the difference it makes to merchants. Also in January, we launched the JD marketplace sales channel, opening our merchants up to the biggest e-commerce market in the world. China's e-commerce market is estimated to be worth $3.3 trillion by 2025. That is 5x larger than the U.S. market. This channel integration opens up the China market to our merchants who can now reach JD's 550 million active users. This enables our merchants to start selling quickly, while providing end-to-end fulfillment from JD's U.S. warehouses directly to consumers in China. It also provides them smart price conversion to local currency based on foreign exchange rates and intelligent translation of product names and descriptions. This integration removes barriers to one of the most important e-commerce markets and is a major step in solving cross-border commerce for our merchants.

其次，幫助商家走向全球。自從人類誕生以來，商業的最大障礙和機會都歸結為地理。數字商務提供了一種全新的方式來跨越這些界限，但由於不同國家/地區的法律、法規和習俗不同，全球銷售極具挑戰性。 Shopify 最擅長的是將復雜的事情變得簡單，這就是 Shopify Markets 的用武之地，為商家優化國際銷售，以提高銷售轉化率並創造更好的客戶體驗。我們在 1 月下旬開始推出 Shopify Markets，已經有成千上萬的商家在使用 Shopify Markets，受益於貨幣轉換、商店內容的語言翻譯以及關稅和稅款的計算和徵收等功能。我們很高興看到它對商家產生的影響。同樣在 1 月份，我們推出了京東商城銷售渠道，將我們的商家開放到全球最大的電子商務市場。據估計，到 2025 年，中國的電子商務市場價值將達到 3.3 萬億美元，是美國市場的 5 倍。這種渠道整合為我們的商家打開了中國市場，這些商家現在可以接觸到京東的 5.5 億活躍用戶。這使我們的商家能夠快速開始銷售，同時從京東的美國倉庫直接向中國消費者提供端到端的配送服務。它還為他們提供基於外匯匯率的智能價格轉換為當地貨幣以及產品名稱和描述的智能翻譯。這種整合消除了最重要的電子商務市場之一的障礙，是為我們的商家解決跨境貿易問題的重要一步。

Third, growing from first sale to full scale. After a merchant gets started and find product market fit with their first sales, they need the right tools to move from one phase to the next. That's why we continue to enhance and build new tools to simplify and support merchants' journey from start to scale. An example of this is simplifying business finances. In January, we rolled out our money management product, Shopify Balance, to hundreds of thousands of eligible merchants in the U.S. Shopify Balance helps merchants manage their business finances and their business all in one place so they can better manage their cash flow and plan for the future. Thousands of merchants are already actively using it. As merchants build momentum, inventory and marketing needs to grow alongside it. And this is where Shopify Capital comes in, offering merchants the funding they need to expand their business. In Q4, we advanced nearly $324 million, up 43% from the same period last year, outpacing our overall revenue growth for the quarter and bringing the cumulative amount of events since we launched Shopify Capital in 2016 to over $3 billion. Once the merchants reach scale, the challenges they face are different. Shopify Plus helps brands continue their growth journey and reach for the stars at scale. In 2021, we introduced our global ERP program, so high-volume merchants can seamlessly manage the complexity of their business operations at scale.

第三，從首次銷售到全面發展。在商家開始並找到適合其首次銷售的產品市場後，他們需要正確的工具從一個階段轉移到下一個階段。這就是為什麼我們繼續增強和構建新工具來簡化和支持商家從開始到規模的旅程。這方面的一個例子是簡化企業財務。 1 月，我們向美國數十萬符合條件的商家推出了資金管理產品 Shopify Balance，Shopify Balance 幫助商家在一個地方管理他們的業務財務和業務，以便他們更好地管理現金流併計劃未來。成千上萬的商家已經在積極使用它。隨著商家建立勢頭，庫存和營銷需要隨之增長。這就是 Shopify Capital 的用武之地，它為商家提供擴展業務所需的資金。在第四季度，我們增加了近 3.24 億美元，比去年同期增長 43%，超過了我們本季度的整體收入增長，並使自 2016 年推出 Shopify Capital 以來的累計活動數量超過 30 億美元。一旦商家達到規模，他們面臨的挑戰就不同了。 Shopify Plus 幫助品牌繼續他們的成長之旅，並大規模吸引明星。 2021 年，我們推出了全球 ERP 計劃，因此大批量商家可以無縫地大規模管理其複雜的業務運營。

We also partnered with Global-e to simplify cross-border commerce for our merchants with more complex global operations, offering them a fully outsourced solution to conduct international sales on their behalf. With our scalable and flexible enterprise offering, we saw a diverse slate of brands from a broad range of verticals, including food and beverage, apparel, entertainment, furniture and medical devices launched of Shopify Plus in our fourth quarter, including Canadian dairy giant, Saputo, global fashion retailer, French Connection; dental device company Invisalign; german meal kit company, HelloFresh; American furniture retailer, Arhaus; and manufacturing company, Kohler. Brands by some of today's hottest musicians from label Sony UK and Warner-Elektra-Atlantic, Adele and Cardi B. Brands from French speared company, Rémy Quintero, [Weston Distillery], [Mondial Relay] and Champagne Telmont. Pleasing, a celebrity brand by singer Harry Styles and more brands from CPG Unilever. And of course, just last month, Tom Brady launched BRADY brand, his line of performance apparel designed for athletes by athletes on Shopify. In 2022, we will continue to innovate on behalf of our merchants, bringing more exciting opportunities and capabilities to these brands, enhancing their ability to sell in new and creative ways, such as selling NFTs. Selling NFTs on Shopify, which is currently in beta, creates a new way for brands, artists and creators to engage with their communities by selling their own NFTs across multiple blockchains.

我們還與 Global-e 合作，為具有更複雜全球業務的商家簡化跨境貿易，為他們提供完全外包的解決方案，以代表他們進行國際銷售。憑藉我們可擴展且靈活的企業產品，我們看到了來自廣泛垂直領域的多樣化品牌，包括 Shopify Plus 在第四季度推出的食品和飲料、服裝、娛樂、家具和醫療設備，其中包括加拿大乳製品巨頭 Saputo ，全球時尚零售商，French Connection；牙科設備公司 Invisalign；德國餐包公司HelloFresh；美國家具零售商Arhaus；和製造公司，科勒。來自 Sony UK 和 Warner-Elektra-Atlantic、Adele 和 Cardi B 的當今最炙手可熱的音樂家的品牌。來自法國長矛公司 Rémy Quintero、[Weston Distillery]、[Mondial Relay] 和 Champagne Telmont 的品牌。 Pleasing，歌手 Harry Styles 的名人品牌和 CPG 聯合利華的更多品牌。當然，就在上個月，Tom Brady 推出了 BRADY 品牌，這是他在 Shopify 上為運動員設計的運動服裝系列。 2022 年，我們將繼續代表我們的商家進行創新，為這些品牌帶來更多令人興奮的機會和能力，增強他們以新的和創造性的方式進行銷售的能力，例如銷售 NFT。在目前處於測試階段的 Shopify 上銷售 NFT，通過跨多個區塊鏈銷售自己的 NFT，為品牌、藝術家和創作者創造了一種與社區互動的新方式。

And fourth and final key theme, simplifying fulfillment. Since most of what merchants sell are unlike NFTs and need to actually be handled and delivered, we are building Shopify Fulfillment Network. We are excited to update you today on what we've learned, how far we've come and especially on where we're heading as we move out of the prototype phase and into the build phase. We are consolidating our network to larger facilities. We'll operate more of them ourselves, and we'll unify the warehouse management software that we've been building and testing over the past 18 months. We expect that these changes will enable us to deliver packages in 2 days or less to more than 90% of the U.S. population, while minimizing the inventory investment for SFN merchants. While Amy will go into more detail as to what our evolved vision looks like from a financial perspective, I can tell you, from a merchant's perspective, Shopify Fulfillment can be life-changing for their businesses. We hear from merchants that fulfillment is only something you think about when it isn't working well, and they are thrilled that they now never have to think about it. The stockouts and pre orders that took the shine off strong demand for the new releases, largely became, I think, in the past, with Shopify Fulfillment. And just recently, I heard from a merchant who tells me that he sleeps even better because Shopify Fulfillment just works. Comments like these fuel our ambition, and we'll continue to explore opportunities to give merchants more visibility and control over their most important assets.

第四個也是最後一個關鍵主題，簡化實現。由於商家銷售的大多數商品與 NFT 不同，需要實際處理和交付，因此我們正在構建 Shopify Fulfillment Network。今天，我們很高興向您介紹我們所學到的知識、我們已經走了多遠，尤其是當我們離開原型階段並進入構建階段時，我們將走向何方。我們正在將我們的網絡整合到更大的設施中。我們將自己操作更多的倉庫，我們將統一我們在過去 18 個月中一直在構建和測試的倉庫管理軟件。我們預計這些變化將使我們能夠在 2 天或更短的時間內將包裹交付給超過 90% 的美國人口，同時最大限度地減少 SFN 商家的庫存投資。雖然 Amy 將從財務角度更詳細地介紹我們進化後的願景，但我可以告訴您，從商家的角度來看，Shopify Fulfillment 可以改變他們的業務生活。我們從商家那裡聽說，履行只是您在運作不佳時才考慮的事情，他們很高興他們現在不必考慮它。我認為，在過去，Shopify Fulfillment 的缺貨和預購讓新版本的強勁需求黯然失色。就在最近，我從一位商人那裡聽說他睡得更好，因為 Shopify Fulfillment 很有效。諸如此類的評論助長了我們的雄心壯志，我們將繼續探索機會，讓商家對他們最重要的資產有更多的了解和控制。

In addition to the progress we made with SFN, in 2021, we also invested heavily in our extensive partner ecosystem. By eliminating our rev share on their first $1 million of app and theme earnings annually, we made it even more enticing for developer partners to build on and for Shopify. By the end of 2021, our app developer partners grew their earnings on Shopify by 76% to $411 million, and the number of app developer partners that had an app used by merchants in 2021 grew by nearly 1/3 over 2020. Over the past 12 months, 40,000 partners referred at least one merchant to Shopify. I am thrilled by what we accomplished and eager to see the amazing solutions our partners help build with us this year. We could not have made the strides we did last year without the strength and talent of our amazing team. Thousands of engineering, commercial and support talent around the world joined Shopify last year to help build the infrastructure of commerce on the Internet and enable more entrepreneurs around the world to reach for their economic independence.

除了我們在 SFN 方面取得的進展外，2021 年，我們還大力投資於我們廣泛的合作夥伴生態系統。通過消除我們在他們每年 100 萬美元的應用程序和主題收入中的收入份額，我們讓開發者合作夥伴在 Shopify 的基礎上和為 Shopify 進行開髮變得更加誘人。到 2021 年底，我們的應用開發合作夥伴在 Shopify 上的收入增長了 76%，達到 4.11 億美元，而 2021 年擁有商家使用的應用的應用開發合作夥伴數量比 2020 年增長了近 1/3。 12 個月，40,000 名合作夥伴將至少一位商家推薦給 Shopify。我對我們所取得的成就感到興奮，並渴望看到我們的合作夥伴今年幫助我們建立的驚人解決方案。如果沒有我們出色團隊的實力和天賦，我們不可能取得去年的進步。去年，全球數以千計的工程、商業和支持人才加入 Shopify，幫助建立互聯網商業基礎設施，讓全球更多企業家實現經濟獨立。

As part of this, we welcomed 3 great additions to our leadership team: Allan Leinwand as Chief Technology Officer; Jess Hertz as General Counsel; and John Asante, as our first Chief Information Security Officer. With their rich domain and leadership experience, we are excited to see them take their teams and Shopify to the next level.

作為其中的一部分，我們迎來了領導團隊的 3 位重要成員：Allan Leinwand 擔任首席技術官； Jess Hertz 擔任總法律顧問；和 John Asante，作為我們的第一位首席信息安全官。憑藉他們豐富的領域和領導經驗，我們很高興看到他們將團隊和 Shopify 提升到一個新的水平。

I want to welcome all the new members of our team to our rocket ship and thank everyone on board for bringing their best game even on the toughest days. We have an incredible bench of talent, more than 10,000 strong, building the future of commerce. Together with our partner ecosystem, we are working relentlessly to bring more Shopify to the world and make commerce better for everyone.

我想歡迎我們團隊的所有新成員來到我們的火箭飛船，並感謝船上的每一個人，即使在最艱難的日子裡也能帶來他們最好的比賽。我們擁有令人難以置信的人才，超過 10,000 人，正在構建商業的未來。與我們的合作夥伴生態系統一起，我們正在不懈努力，為世界帶來更多 Shopify，讓每個人的商業都變得更好。

Thanks, Harley. With commerce evolving faster than ever after the step change brought on in 2020, our merchants adapted and continued to prosper in 2021. Our past investments and execution to build the most modern technology for the future of retail paid off with Shopify and our merchants rounding out an incredible year with a strong fourth quarter. Revenue in our fourth quarter grew to $1.38 billion, up 41% over the same period last year. Subscription Solutions revenue of $351.2 million grew 26% year-over-year, largely due to strong growth in monthly recurring revenue. MRR grew 23% year-over-year to $102 million in Q4 as more new merchants join the platform and the number of retail locations using POS Pro increased. Shopify Plus added a record number of merchants in Q4 from continued strong upgrades and new merchants and continue to grow its mix of merchants outside of North America, contributing $29.8 million or 29% of MRR compared with 25% in Q4 of 2020. Subscription Solutions year-over-year revenue growth was also impacted by the first full quarter for our new app and theme revenue models implemented in Q3 and by a change in the way, we recognize themes' revenue from gross to net, which reduced Subscription Solutions revenue by $21 million in Q4 2021, partially offset by strong Shopify Plus variable platform fee revenue growth.

謝謝，哈利。在 2020 年的變革之後，隨著商業的發展速度比以往任何時候都快，我們的商家適應並在 2021 年繼續繁榮。我們過去的投資和執行為打造未來零售的最現代技術而得到了回報，Shopify 和我們的商家完成了令人難以置信的一年，第四季度表現強勁。我們第四季度的收入增長到 13.8 億美元，比去年同期增長 41%。訂閱解決方案收入為 3.512 億美元，同比增長 26%，主要是由於每月經常性收入的強勁增長。隨著越來越多的新商家加入該平台以及使用 POS Pro 的零售點數量增加，第四季度的 MRR 同比增長 23% 至 1.02 億美元。 Shopify Plus 在第四季度通過持續強勁的升級和新商家增加了創紀錄的商家數量，並繼續擴大其在北美以外的商家組合，貢獻了 2980 萬美元或 MRR 的 29%，而 2020 年第四季度為 25%。訂閱解決方案年- 收入同比增長也受到我們在第三季度實施的新應用和主題收入模型的第一個完整季度的影響，並且由於方式的變化，我們將主題的收入從毛收入轉為淨收入，這使訂閱解決方案收入減少了 21 美元2021 年第四季度的 100 萬美元，部分被 Shopify Plus 可變平台費用收入的強勁增長所抵消。

Merchant Solutions revenue grew 47% to nearly $1.03 billion in Q4 compared to the same period in 2020, exceeding $1 billion for the first time in a single quarter. This growth was driven primarily by strong merchant sales with GMV up 31% year-over-year to $54.1 billion in the fourth quarter. This high level of Q4 GMV was the result of an extended Black Friday Cyber Monday shopping season, which began 28 days ahead of Cyber Monday compared to 19 days in 2020, strong online and offline consumer spending and higher average order values in North America. Robust growth in merchant sales as well as increased penetration of our expanding menu of products drove Merchant Solutions revenue with growth led by Shopify Payments, Shopify Capital and rev shares from partners. We also recognized $21 million of revenue in the fourth quarter relating to noncash consideration for Merchant Solutions product performance obligations to strategic partners. $27.7 billion of GMV was processed on Shopify Payments in Q4, an increase of 45% versus the comparable quarter in the prior year. Payments penetration of GMV was 51% versus 47% in Q4 2020 and up 2 percentage points over Q3 2021. Gross payments volume growth was fueled by strong performance by merchants on Shopify Payments, new merchant adoption and Shop Pay penetration gains, plus merchants significantly expanded payment penetration as well as the share of GPV year-over-year. And with our POS Pro hardware with integrated payments available in 8 countries as of Q4, Shopify Payments penetration for our POS channel expanded further ahead of overall payment penetration.

與 2020 年同期相比，第四季度 Merchant Solutions 收入增長 47% 至近 10.3 億美元，單季度首次超過 10 億美元。這一增長主要是由強勁的商家銷售推動的，第四季度的 GMV 同比增長 31% 至 541 億美元。第四季度 GMV 的高水平是黑色星期五網絡星期一購物季延長的結果，該購物季比網絡星期一提前 28 天開始，而 2020 年為 19 天，強勁的線上和線下消費者支出以及更高的北美平均訂單價值。商家銷售的強勁增長以及我們不斷擴大的產品菜單的滲透率提高推動了商家解決方案的收入，其中 Shopify Payments、Shopify Capital 和合作夥伴的 rev 份額引領了增長。我們還在第四季度確認了與 Merchant Solutions 對戰略合作夥伴的產品履約義務的非現金對價相關的 2100 萬美元收入。第四季度，Shopify Payments 處理了 277 億美元的 GMV，與去年同期相比增長了 45%。 GMV 的支付滲透率為 51%，而 2020 年第四季度為 47%，比 2021 年第三季度增長了 2 個百分點。總支付量的增長得益於商家在 Shopify Payments 上的強勁表現、新商家的採用和 Shop Pay 滲透率的提高，以及商家的顯著擴張支付滲透率以及 GPV 的同比份額。截至第四季度，我們的 POS Pro 硬件在 8 個國家/地區提供集成支付功能，我們的 POS 渠道的 Shopify Payments 滲透率在整體支付滲透率之前進一步擴大。

Adjusted gross profit grew 37% over the fourth quarter of 2020 to $700.6 million, reflecting strong revenue growth and a significantly greater mix of our lower-margin Merchant Solutions revenue versus the prior year. Adjusted operating income was $130.2 million in the fourth quarter compared to $200 million in the fourth quarter of 2020, as we accelerated our investments over the prior quarter, adding more engineering and commercial talent and executing on our marketing programs. Adjusted net income for the quarter was $172.8 million or $1.36 per diluted share compared with adjusted net income of $198.8 million or $1.58 per diluted share in the fourth quarter of 2020. Finally, our cash, cash equivalents and marketable securities balance was $7.77 billion on December 31. Nearly 1 million merchants have launched businesses on Shopify since 2019, bringing with them a surging demand for our commerce solutions to thrive in a sea of opportunity. The investments we made in the years leading up to 2020 prepared Shopify and our merchants for this unprecedented wave of digital commerce that pulled forward the need for modern retail technology and drove our exceptional results. Our consistent track record of growing our base of merchants and overall GMV is evidence that our formula to build for the future of commerce is working.

調整後的毛利潤比 2020 年第四季度增長 37% 至 7.006 億美元，這反映了強勁的收入增長以及與去年同期相比，我們利潤率較低的商戶解決方案收入的組合顯著增加。第四季度調整後的營業收入為 1.302 億美元，而 2020 年第四季度為 2 億美元，這是因為我們在上一季度加快了投資，增加了更多的工程和商業人才，並執行了我們的營銷計劃。本季度調整後淨利潤為 1.728 億美元或稀釋後每股收益 1.36 美元，而 2020 年第四季度調整後淨利潤為 1.988 億美元或稀釋後每股收益 1.58 美元。最後，12 月我們的現金、現金等價物和有價證券餘額為 77.7 億美元31. 自 2019 年以來，已有近 100 萬商家在 Shopify 上開展業務，隨之而來的是對我們的商業解決方案的需求激增，以在商機中蓬勃發展。我們在 2020 年之前所做的投資讓 Shopify 和我們的商家為這一前所未有的數字商務浪潮做好了準備，這推動了對現代零售技術的需求並推動了我們的非凡業績。我們在擴大商家基礎和整體 GMV 方面的一貫記錄證明，我們為商業未來打造的公式正在奏效。

Now that we have turned the page to this new era of e-commerce, the road in front of us is teaming with opportunities that we must act on now to add more momentum to our flywheel. Therefore, in 2022, we're moving full steam ahead with investments to build on the foundation of our commerce infrastructure that will further power our base of merchants to expand, become stronger and succeed now and on the other side of this digital commerce transformation.

既然我們已經翻過了電子商務的新時代，我們面前的道路正在與我們現在必須採取行動的機會相結合，為我們的飛輪增添更多動力。因此，在 2022 年，我們將全速推進投資，在我們的商業基礎設施的基礎上進行建設，這將進一步推動我們的商家基礎擴大、變得更強大，並在這一數字商務轉型的另一端取得成功。

Harley address the why behind our 4 key investment themes earlier, so I will build on each of them from an investment perspective. First, building buyer relationships. In 2022, we plan on extending ways for merchants to connect with more buyers, deepen buyer relationships, seamlessly operate their businesses across more channels and offer memorable shopping experiences while maintaining control of their brand. I'll talk briefly about 2 areas: Shop and Shopify POS. In 2021, we made excellent progress with making Shop a great place to shop. On top of the features Harley went through, we added a host of curated list and made our product recommendation algorithms better to help buyers with brand-first product discovery. In 2022, we will continue adding more features and creating fantastic shopping experiences, so buyers want to keep coming back to their favorite brands. As the world emerges from the pandemic, physical retail is making a comeback. In-person selling is one of the best opportunities for merchants to deepen relationships with buyers through experiences, services and often a shared community. As there is still a huge opportunity ahead of us to bring our leading omnichannel capabilities to more retail businesses in 2022, we will increase our investments to put Shopify POS into the hands of more brick-and-mortar merchants in more geographies, which brings me to our second investment theme, going global.

哈雷早先解釋了我們 4 個主要投資主題背後的原因，因此我將從投資的角度對它們中的每一個進行闡述。首先，建立買家關係。 2022 年，我們計劃擴展商家與更多買家建立聯繫的方式，加深買家關係，在更多渠道無縫運營業務，並在保持品牌控制的同時提供令人難忘的購物體驗。我將簡要討論 2 個領域：Shop 和 Shopify POS。 2021 年，我們在將 Shop 打造成購物的好地方方面取得了巨大進展。除了 Harley 所經歷的功能之外，我們還添加了一系列精選列表，並改進了我們的產品推薦算法，以幫助買家進行品牌至上的產品發現。 2022 年，我們將繼續添加更多功能並創造出色的購物體驗，因此買家希望繼續回到他們最喜歡的品牌。隨著世界擺脫大流行，實體零售正在捲土重來。面對面銷售是商家通過體驗、服務和共享社區加深與買家關係的最佳機會之一。由於我們仍有巨大的機會在 2022 年將我們領先的全渠道能力帶給更多零售企業，因此我們將增加投資，將 Shopify POS 交到更多地區的更多實體商家手中，這讓我我們的第二個投資主題，走向全球。

This means we plan to do more in 2022 to help merchants drive in their local markets and reach buyers globally. In 2021, our base of merchants and GMV outside North America increased as part of our overall mix compared with 2020 as we improved product market fit and introduced more of our solutions to our focus regions. We plan to continue this in 2022, bringing Shopify POS and Shopify Payments with local payment methods to even more countries. We also expect in 2022 to introduce more local currency subscriptions, which we began testing in 2021, and we intend to expand our sales and marketing investments in these markets to make it obvious that Shopify is the solution of choice to launch a business with and succeed. Finally, Harley noted some key examples of ways we will continue to help merchants also requires outside of their local markets in 2022, notably extending global reach via Shopify markets and our partnership with JD.com.

這意味著我們計劃在 2022 年做更多工作，以幫助商家在當地市場開展業務並接觸全球買家。與 2020 年相比，2021 年，我們在北美以外的商家基礎和 GMV 有所增加，這是我們整體組合的一部分，因為我們改善了產品市場契合度，並向我們的重點地區推出了更多解決方案。我們計劃在 2022 年繼續這樣做，將 Shopify POS 和 Shopify Payments 與本地支付方式帶到更多國家/地區。我們還預計在 2022 年推出更多本地貨幣訂閱，我們於 2021 年開始測試，我們打算擴大我們在這些市場的銷售和營銷投資，以明確 Shopify 是開展業務並取得成功的首選解決方案.最後，Harley 指出了一些關鍵示例，說明我們將在 2022 年繼續幫助商家在本地市場之外還需要其他方式，特別是通過 Shopify 市場和我們與京東的合作夥伴關係擴大全球影響力。

Moving to our third investment theme, growing from first sale to full scale. In 2022, we will keep making the important things easy and everything else possible. For entrepreneurs who are just getting started, this means continuing to lower the technical barriers to launch a business such as making onboarding easier and then helping them define product market fit so they can achieve their first sale. As merchants scale, their journey is simplified by features like Shopify Shipping and Shopify Capital as Shopify Plus merchants like Allbirds and Figs have demonstrated, brands can show up as their authentic selves on Shopify and grow to the next stratosphere never having to replatform. In 2022, enhancements to products like Shopify Balance, Shopify Capital and B2B for direct-to-consumer merchants will keep powering growth journeys on Shopify.

轉向我們的第三個投資主題，從首次銷售到全面發展。 2022年，我們將繼續讓重要的事情變得簡單，讓其他一切成為可能。對於剛剛起步的企業家來說，這意味著繼續降低創業的技術門檻，例如讓入職更容易，然後幫助他們確定產品市場契合度，以便他們能夠實現首次銷售。隨著商家規模的擴大，Shopify Shipping 和 Shopify Capital 等功能簡化了他們的旅程，正如 Allbirds 和 Figs 等 Shopify Plus 商家所展示的那樣，品牌可以在 Shopify 上展示其真實的自我，並發展到下一個平流層，而無需重新建立平台。 2022 年，Shopify Balance、Shopify Capital 和 B2B 等面向直接面向消費者的商家的產品增強功能將繼續推動 Shopify 的增長之旅。

And finally, our fourth investment theme, Simplifying Fulfillment. We are moving into a new phase in 2022 for building simple and fast fulfillment for our merchants. Over the past 18 months, we built a prototype to make fulfillment more simple and seamless. We honed in on direct-to-consumer hyper-growth self shippers who met criteria that made them a good fit. We began building out a self-operated leased warehouse in Atlanta and conducted pilots with simple inventory onboarding and management, a buyer experience fully integrated with Shopify across channels, a network with 2-day delivery coverage for more than 90% of the U.S. population, simple returns and simple pricing. The result of these actions was encouraging as a percentage of surveyed merchants who are very satisfied more than tripled by the end of 2021 relative to the end of 2020, informing us that we're on the right path in building a solution that helps merchants easily manage their products, orders and inventory from the Shopify admin and gain control, visibility and confidence and fulfillment.

最後，我們的第四個投資主題，簡化履行。我們將在 2022 年進入一個新階段，為我們的商家建立簡單而快速的履行。在過去的 18 個月中，我們構建了一個原型，以使履行更加簡單和無縫。我們仔細研究了符合標準的直接面向消費者的超增長自助托運人，這些標準使他們非常適合。我們開始在亞特蘭大建立一個自營租賃倉庫，並通過簡單的庫存入職和管理進行試點，跨渠道與 Shopify 完全集成的買家體驗，為超過 90% 的美國人口提供 2 天交貨覆蓋的網絡，簡單的退貨和簡單的定價。這些行動的結果令人鼓舞，與 2020 年底相比，到 2021 年底，非常滿意的受訪商家百分比增加了兩倍多，這告訴我們，我們在構建可輕鬆幫助商家的解決方案方面走在正確的道路上從 Shopify 後台管理他們的產品、訂單和庫存，並獲得控制、可見性、信心和履行。

So as we look ahead to 2022, we will continue building our solution by operating more major hub warehouses ourselves while still leveraging high-performing partners where it makes sense. We'll also unify the network with our own warehouse management software, while still using partner software in some cases to highly integrate with Shopify's back office and checkout so merchants can seamlessly offer and achieve delivery promises. Over the next 3 years through 2024, our planned investments expand the merchant value proposition even more, including increasing 1-day delivery coverage in the U.S. and increasingly enhanced returns functionality. And we are planning to be able to handle progressively larger merchants with a broader set of needs as we build through 2024. When we launched Shopify Fulfillment Network in mid-2019, we said that we expected to spend $1 billion over 5 years. Through 2021, about halfway through the original asset-light plan, we spent $117 million, which includes funding cash operating losses and a small amount of CapEx. In conjunction with our updated more direct approach, we will take this opportunity to reorient you on our expectations going forward.

因此，展望 2022 年，我們將繼續通過自己運營更多的主要樞紐倉庫來構建我們的解決方案，同時在有意義的情況下仍然利用高效的合作夥伴。我們還將使用我們自己的倉庫管理軟件統一網絡，同時在某些情況下仍使用合作夥伴軟件與 Shopify 的後台和結帳高度集成，以便商家可以無縫地提供和實現交付承諾。在到 2024 年的未來 3 年中，我們計劃的投資進一步擴大了商家的價值主張，包括增加在美國的 1 天送達覆蓋率和日益增強的退貨功能。我們計劃在 2024 年建立時能夠處理具有更廣泛需求的越來越大的商家。當我們在 2019 年年中推出 Shopify Fulfillment Network 時，我們表示我們預計將在 5 年內花費 10 億美元。到 2021 年，大約在最初的輕資產計劃中，我們花費了 1.17 億美元，其中包括為現金運營虧損和少量資本支出提供資金。結合我們更新的更直接的方法，我們將藉此機會重新定位您對我們未來的期望。

First of all, our expectations for Shopify Fulfillment Network, revenue, operating expenses and capital expenditures will be incorporated in our overall Shopify outlook as they are for 2022. And second, we are providing today a onetime view of our expectations with regard to CapEx and scale under this updated approach. CapEx related to Shopify Fulfillment Network will start to ramp in 2022, with an expectation for 2023 and 2024 of approximately $1 billion in capital expenditures over those 2 years for self-operated leased warehouse hubs in key U.S. geographies.

首先，我們對 Shopify Fulfillment Network、收入、運營費用和資本支出的預期將納入我們對 Shopify 2022 年的總體展望。其次，我們今天提供了我們對資本支出和在這種更新的方法下進行擴展。與 Shopify Fulfillment Network 相關的資本支出將在 2022 年開始增加，預計 2023 年和 2024 年在美國主要地區的自營租賃倉庫中心在這兩年的資本支出約為 10 億美元。

To make the transition from prototype to build while still maintaining the merchant delight we've achieved, we expect fulfillment volumes to progressively scale toward the back of 2023 and into 2024. These investments enable the merchant value proposition and network build we described earlier. While this requires higher upfront spend, it pays back through operating efficiencies over time and allows us to achieve our desired margin profile more effectively than solely via partners. Note that these expectations are based on a set of assumptions that I have described for the next 3 years. Investments above this would be based on allocating capital to opportunities that either significantly expand the opportunity set for merchants and Shopify or have strong paybacks from improved operating efficiency. We are pleased with our progress on Shopify Fulfillment Network, proud of the team we've assembled that's been doing groundbreaking work and confident that what we are building will help merchants in ways never thought possible.

為了實現從原型到構建的過渡，同時仍保持我們已經實現的商家滿意度，我們預計履行量將在 2023 年下半年和 2024 年逐步擴大。這些投資使我們之前描述的商家價值主張和網絡建設成為可能。雖然這需要更高的前期支出，但隨著時間的推移，它會通過運營效率得到回報，並使我們能夠比僅通過合作夥伴更有效地實現我們期望的利潤率。請注意，這些預期是基於我為未來 3 年描述的一組假設。高於此的投資將基於將資金分配給機會，這些機會要么顯著擴大商家和 Shopify 的機會，要么從提高運營效率中獲得豐厚回報。我們對 Shopify Fulfillment Network 的進展感到高興，為我們組建的團隊一直在做開創性的工作感到自豪，並相信我們正在建設的東西將以前所未有的方式幫助商家。

With these important areas of focus and investment in buying, let's turn to our outlook for 2022. We believe that change behaviors adopted by merchants and consumers in 2020 and 2021, driven by COVID have expanded the prospects for entrepreneurship and digital commerce, and these past 2 years have been game-changing for Shopify with our merchant-based GMV revenue as well as the size of our team doubling over 2019 levels. This momentum sets us up to expand our ambitions on behalf of merchants into 2022 as the world continues to find normalcy living with and moving beyond COVID. Our outlook for 2022 assumes continued secular tailwinds for entrepreneurship and digital commerce transformation against a more measured macro environment relative to 2021. While we believe that the COVID triggered acceleration of e-commerce that spills into the first half of 2021 in the form of lockdowns and government stimulus will be absent from 2022, and there is caution around inflation and consumer spend near term. For the full year, we see economic growth supporting the continued penetration of retail by e-commerce.

有了這些重要的購買重點和投資領域，讓我們轉向我們對 2022 年的展望。我們認為，在 COVID 的推動下，商家和消費者在 2020 年和 2021 年採取的改變行為擴大了創業和數字商務的前景，而這些過去2 年來，Shopify 改變了遊戲規則，我們基於商家的 GMV 收入以及我們的團隊規模比 2019 年翻了一番。隨著世界繼續發現與 COVID 一起生活並超越 COVID 的常態，這種勢頭使我們能夠代表商家將我們的雄心壯志擴大到 2022 年。我們對 2022 年的展望假設，相對於 2021 年而言，在更加謹慎的宏觀環境下，創業和數字商務轉型將繼續保持長期順風。雖然我們認為，COVID 引發了電子商務的加速，並以封鎖和封鎖的形式蔓延到 2021 年上半年從 2022 年起，政府將不再採取刺激措施，近期通脹和消費者支出保持謹慎。全年，我們看到經濟增長支持電子商務對零售的持續滲透。

Against these bigger picture secular and economic assumptions, our financial outlook anticipates revenue growth for the full year 2022 that's lower than 2021's 57% but still rapid and outpacing the growth of e-commerce, driven by our many growth levers, including expansion of our services to more merchants and more geographies, the growing contribution of newly added products and our strong value proposition for multichannel commerce, which offers independent brands of all sizes, a way to build a strong, low friction presence across the Internet, in apps and in person. For 2022, we expect year-over-year revenue growth to be lowest in the first quarter of 2022 and highest in the fourth quarter of 2022 due to 3 factors.

根據這些更宏觀的長期和經濟假設，我們的財務展望預計 2022 年全年的收入增長將低於 2021 年的 57%，但仍快速且超過電子商務的增長，這得益於我們的許多增長槓桿，包括我們的服務擴展對更多商家和更多地區而言，新增產品的貢獻越來越大，以及我們對多渠道商務的強大價值主張，它為各種規模的獨立品牌提供了一種在互聯網、應用程序和個人中建立強大、低摩擦的存在的方式.對於 2022 年，由於三個因素，我們預計 2022 年第一季度的同比收入增長最低，而 2022 年第四季度最高。

First, we do not expect the COVID-triggered acceleration of e-commerce in the first half of 2021 from lockdowns and government stimulus to repeat in the first half of 2022. It's worth noting that revenue growth in Q1 of 2021 was our highest ever as a public company at 110% year-over-year. Second, our new terms with apps and theme developers create a couple of differences from last year's first quarter. The elimination of our rev share on their first $1 million of revenue annually reset on January 1 and the switch from gross-to-net revenue recognition for the sale of themes as a result of revised contract terms with our theme partners. Since these terms didn't come into play until the second half of last year, these will be a headwind to Subscription Solutions revenue in the first half of 2022, particularly in the first quarter. And third, we expect certain commercial initiatives in sales and marketing investments will gain momentum over the course of 2022.

首先，我們預計 2021 年上半年因封鎖和政府刺激措施而引發的電子商務加速不會在 2022 年上半年重演。值得注意的是，2021 年第一季度的收入增長是我們有史以來的最高水平一家上市公司，年增長率為 110%。其次，我們與應用程序和主題開發人員的新條款與去年第一季度產生了一些差異。由於與我們的主題合作夥伴修改了合同條款，我們在 1 月 1 日重置了他們每年第一個 100 萬美元的收入，並從總收入確認轉變為淨收入確認銷售主題。由於這些條款直到去年下半年才開始生效，這將成為 2022 年上半年訂閱解決方案收入的逆風，尤其是在第一季度。第三，我們預計銷售和營銷投資方面的某些商業舉措將在 2022 年獲得動力。

Subscription Solutions revenue growth to be driven by more merchants around the world joining the platform than in 2021 as we introduce new commercial initiatives and aggressively invest in sales and marketing to expand our addressable market and more deeply penetrate existing markets. Our objective in 2022 will be on optimizing our effort to run getting more merchants on the platform and to success. Merchant Solutions revenue growth to be more than twice the rate of Subscription Solutions revenue growth year-over-year as merchants make greater use of our offerings, and we expand existing products into new geographies and roll out newer features like Shopify Markets.

與 2021 年相比，隨著我們引入新的商業舉措並積極投資於銷售和營銷以擴大我們的潛在市場並更深入地滲透現有市場，訂閱解決方案收入增長將由全球更多商家加入該平台推動。我們在 2022 年的目標將是優化我們的努力，以在平台上吸引更多商家並取得成功。隨著商家更多地使用我們的產品，我們將現有產品擴展到新的地區並推出 Shopify Markets 等新功能，商家解決方案的收入增長率將是訂閱解決方案收入增長率的兩倍以上。

The increase in Merchant Solutions in our overall revenue mix means gross profit dollar growth will trail revenue growth. The evolution of retail to digitally empowered commerce is far reaching, ranging from new ways for merchants to improve buyer discovery and loyalty to new commercial opportunities on social channels to a data-enabled revolution in shipping and logistics. To keep independent brands at the forefront of this revolution, Shopify intends to reinvest back into our business aggressively throughout 2022, deploying all of our gross profit dollars back into the business.

Merchant Solutions 在我們整體收入組合中的增加意味著毛利潤美元增長將落後於收入增長。零售向數字化商務的發展意義深遠，從商家提高買家發現和忠誠度的新方法到社交渠道上的新商業機會，再到航運和物流領域的數據革命。為了讓獨立品牌保持在這場革命的最前沿，Shopify 打算在 2022 年期間積極重新投資於我們的業務，將我們所有的毛利潤資金重新投入到業務中。

In research and development, we expect to hire more engineers than in 2021, despite an exceptionally competitive market for top talent. In sales and marketing, we are accelerating hiring in sales, initiating a new offline performance marketing program and stepping up marketing efforts internationally.

在研發方面，儘管頂尖人才的市場競爭異常激烈，但我們預計將僱用比 2021 年更多的工程師。在銷售和營銷方面，我們正在加速招聘銷售人員，啟動新的線下績效營銷計劃，並加強國際營銷力度。

Lastly, for 2022, we anticipate capital expenditures of $200 million, stock-based compensation expenses and related payroll taxes of $800 million and amortization of acquired intangibles of $28 million.

最後，到 2022 年，我們預計資本支出為 2 億美元，股票補償費用和相關工資稅為 8 億美元，所購無形資產的攤銷為 2800 萬美元。

In closing, Shopify is building in 2022. We are building the infrastructure of commerce so our merchants can continue to compete and lead in the future of retail, a future in which commerce happens everywhere across digital services, physical spaces and global regions. The value of Shopify lies in its simplicity for merchants to easily start and scale their business, so much so that merchants fall in love with our solutions and never want to leave, no matter how big they get. They understand that as they grow and confront new challenges, Shopify and our partners will solve their problem so they can take their business to the next level. That is the power of Shopify's flywheel. We at Shopify are energized to tackle the opportunities that this new phase of commerce brings for making commerce better for everyone. I'll now turn the call back to Katie.

最後，Shopify 將在 2022 年建設。我們正在建設商業基礎設施，以便我們的商家能夠繼續競爭並在零售的未來中處於領先地位，在這個未來，商業在數字服務、物理空間和全球區域中無處不在。 Shopify 的價值在於它的簡單性，讓商家可以輕鬆地開始和擴展他們的業務，以至於商家愛上了我們的解決方案並且永遠不想離開，無論他們有多大。他們明白，隨著他們的成長和麵對新的挑戰，Shopify 和我們的合作夥伴將解決他們的問題，以便他們可以將業務提升到一個新的水平。這就是 Shopify 飛輪的力量。我們 Shopify 充滿活力地應對這一新的商業階段所帶來的機遇，讓每個人的商業都變得更好。我現在將電話轉回凱蒂。

(Operator Instructions)

（操作員說明）

Juan, can we open the line up for questions?

胡安，我們可以打開排隊提問嗎？

(Operator Instructions)

（操作員說明）

And the first question comes from Thomas Forte from D.A. Davidson.

第一個問題來自 D.A. 的 Thomas Forte。戴維森。

So technology shares have been under pressure in the past few months. There's published reports that Amazon is increasing its cash comp to secure and retain tech talent in a competitive market. How should we think about Shopify's strategy regarding cash and stock comp to secure and retain tech talent?

因此，過去幾個月科技股一直承壓。有報導稱，亞馬遜正在增加其現金補償，以在競爭激烈的市場中確保和留住技術人才。我們應該如何看待 Shopify 的現金和股票補償策略以確保和留住技術人才？

Tech talent is in high demand across the technology sector. And so we obviously want to remain competitive in attracting the best talent in the world. And so as you can see from our stock-based compensation outlook that we provided to you that does incorporate both reflects the full year impact of hiring from last year as well as hiring that we'll do this year and some expected adjustments that we will make. I continue to believe that based on the hiring that we did last year that we were able to more than double our R&D hiring year-over-year. And Shopify remains the best place in tech to work. Compensation clearly plays a factor in that. But I would say equally as important are the exciting things that we're doing in our continued innovation.

整個技術領域對技術人才的需求量很大。因此，我們顯然希望在吸引世界上最優秀的人才方面保持競爭力。因此，您可以從我們提供給您的基於股票的薪酬前景中看到，它確實反映了去年招聘的全年影響以及我們今年將進行的招聘以及我們將進行的一些預期調整製作。我仍然相信，根據我們去年的招聘情況，我們能夠將研發招聘人數同比增加一倍以上。 Shopify 仍然是科技行業的最佳工作場所。薪酬顯然是其中的一個因素。但我想說同樣重要的是我們在持續創新中所做的令人興奮的事情。

And obviously, technology, I mean, it's tight like we have not -- like planet Earth has not made enough engineers to deal with the rapid digitalization that we've gone through with COVID and so on. So like the money component is a big component and stock component is a big the component and Shopify is amongst the best paying companies in the world in both things. Increasingly, talent gravitate the companies so that have other things to offer, like, for instance, personal growth is just incredibly important. Everyone gets that. Most of the return in your career comes in the future, especially when you're pretty early and right out of university. So just some of the company values like being constant learner work really, really well in this way. I think people can get an enormous amount of experience here. They can -- engineers can report for an unbroken chain of other engineers all the way to, including some people of the Board of Directors and for me, people like on the design side, companies -- the company is one which sweats all details, and that's really, really appreciated by people in that craft and the product discipline is super well established with me being a very active role and teaching what I've learned over the last 17 years. So a lot of people -- there is a big talent scramble in the world. There's a lot of shuffling going on. Shopify is on the good side of the shuffling it seems, and that works really, really well for the merchants that we are building for every day.

顯然，技術，我的意思是，它就像我們沒有一樣緊——就像地球沒有足夠的工程師來應對我們在 COVID 等方面經歷的快速數字化。因此，就像金錢部分是一個重要部分，股票部分是一個重要部分一樣，Shopify 在這兩個方面都是世界上收入最高的公司之一。越來越多的人才吸引了公司，以便有其他東西可以提供，例如，個人成長非常重要。每個人都明白這一點。你職業生涯中的大部分回報都來自未來，尤其是當你很早就大學畢業的時候。因此，只有一些公司價值觀，比如不斷學習，以這種方式非常非常好地工作。我認為人們可以在這裡獲得大量的經驗。他們可以——工程師可以向其他工程師的完整鏈條報告，包括董事會的一些人，對我來說，像設計方面的人，公司——公司是一個出汗所有細節的公司，這真的非常受到從事該行業的人的讚賞，並且產品學科非常完善，我是一個非常積極的角色，並教授我在過去 17 年中學到的東西。所以很多人——世界上有一場人才爭奪戰。有很多洗牌正在進行。 Shopify 似乎是洗牌的好一面，這對我們每天為之打造的商家來說非常非常有效。

Our next question comes from Matt Pfau from William Blair.

我們的下一個問題來自 William Blair 的 Matt Pfau。

Just wanted to ask on the decision to operate more fulfillment centers yourselves. Maybe just some more detail on what drove that decision and specifically, leveraging the asset-light model where you're having quality issues or issues scaling and so maybe that's what drove the decision to bring more of those operations in-house.

只是想問一下自己經營更多履行中心的決定。也許只是關於是什麼推動了這個決定的更多細節，特別是利用輕資產模型，你遇到質量問題或問題擴展，所以也許這就是推動決定將更多這些業務帶入內部的原因。

Matt, it's Harley. I'll take that question. So a couple of things in terms of the SFN model. So we are shifting the network model really to larger capacity hubs, and we want to operate more of them ourselves to things like better control quality, but also on cost here. As part of this, we're also unifying the network across -- with the warehouse management system. And so we think that will also continue to optimize things. But the goal here is clear. We want -- we expect to enable 2-day delivery coverage to more than 90% of the U.S. population. And at the same time, we want to obviously minimize inventory investment for us if needed. So Amy talked about the additional spend. We expect spend to be about $2 billion through 2024, including that $1.4 billion in CapEx. But really, if volumes are what we expect them to be, we need to have enough capacity. That's really important, but also the capacity has to be a very high quality, and that is what we're preparing for. Now we run larger hubs as a backbone, but we're also taking advantage of partners. It's not as if this will be entirely Shopify-owned, but we want to match Shopify warehouses with partner warehouses, and we expect that quality will increase and the capacity will increase because of this change. So a good way to kind of think about it is that I think we were in sort of this prototyping stage for SFN. Last couple of years, we've learned a ton. We have new insight. We got great feedback, and now we're really going to the build stage of this, but we're very optimistic.

馬特，是哈利。我會回答這個問題。就 SFN 模型而言，有幾件事。因此，我們正在將網絡模型真正轉移到容量更大的中心，我們希望自己運營更多的中心，以實現更好的控制質量，以及這裡的成本。作為其中的一部分，我們還通過倉庫管理系統統一網絡。所以我們認為這也將繼續優化事情。但這裡的目標很明確。我們希望——我們希望為超過 90% 的美國人口提供 2 天的送貨服務。同時，如果需要，我們顯然希望為我們減少庫存投資。所以艾米談到了額外的支出。我們預計到 2024 年的支出約為 20 億美元，其中包括 14 億美元的資本支出。但實際上，如果容量是我們期望的那樣，我們需要有足夠的容量。這真的很重要，而且容量必須非常高，這就是我們正在準備的。現在我們運行更大的樞紐作為骨幹，但我們也在利用合作夥伴。並不是說這將完全由 Shopify 擁有，但我們希望將 Shopify 倉庫與合作夥伴倉庫相匹配，並且我們預計質量會提高，容量也會因為這種變化而增加。所以一個很好的思考方式是，我認為我們正處於 SFN 的原型設計階段。過去幾年，我們學到了很多東西。我們有了新的認識。我們得到了很好的反饋，現在我們真的要進入構建階段了，但我們非常樂觀。

Next question comes from Ken Wong from Guggenheim Securities.

下一個問題來自古根海姆證券公司的 Ken Wong。

I wanted to dig into the fulfillment side a little more as well. You highlighted the capital expenditures through 2024. In the past, you guys laid out a roadmap where aggregate revenue would largely align with your total investment spend. Should we think about the revenue coming in at a similar pace to your investments with this kind of new roadmap?

我也想深入挖掘實現方面。您強調了到 2024 年的資本支出。過去，你們制定了一個路線圖，總收入將在很大程度上與您的總投資支出保持一致。我們是否應該考慮通過這種新路線圖以與您的投資類似的速度獲得收入？

Yes. So let me just clarify a little bit first on the investment. So we said CapEx would start to ramp in 2022, and in 2023 and 2024, we expected to spend about $1 billion on the warehouse hubs that Harley spoke about. So during 2022, we're transitioning from prototype into build, and during that transition, we will continue to focus, first and foremost, on maintaining high merchant delight that we've worked so hard to achieve that I talked about earlier. That's critical. And scaling in 2022 with that in mind, and what I said also was that in the back of 2023 and into 2024, that's when we expected, we would start to see scale of the size where we can really start to optimize the costs of the network. And so largely, that's how you would think about revenue ramping as well.

是的。所以讓我先澄清一下投資。所以我們說資本支出將在 2022 年開始增加，在 2023 年和 2024 年，我們預計將在哈雷所說的倉庫中心上花費約 10 億美元。因此，在 2022 年，我們正在從原型過渡到構建，在此過渡期間，我們將繼續專注於保持高度的商家滿意度，這是我們之前所說的努力實現的目標。這很關鍵。考慮到這一點，在 2022 年進行擴展，我還說的是，在 2023 年後期到 2024 年，我們預計，我們將開始看到規模的規模，我們可以真正開始優化成本網絡。在很大程度上，這也是你對收入增長的看法。

Next question comes from Paul Treiber from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Paul Treiber。

A question for Tobi here. And this is like the age-old question for software platforms, which is how do you choose between what you incorporate into Shopify's core platform versus what you delegate to the ecosystem? And in the past, with things like payments with these partners, fulfillment, it looks like you're choosing to do it more yourself now. How do you really make that decision there?

托比的問題在這裡。這就像軟件平台的古老問題一樣，您如何在納入 Shopify 核心平台的內容與委託給生態系統的內容之間做出選擇？過去，通過這些合作夥伴的付款、履行等事情，看起來你現在選擇更多地自己做。你是如何在那裡真正做出決定的？

My best question is one of those like files you have and then you double click it and it expands and sells up over this space. Without trying to like give an essay on it. Like I mean here's the heuristic, basically, maybe that's the best way to compress this. If merchants need something more -- if most of the merchants need something most of the times, it got to the core. Like that's sort of the first step at this and that changes over time. So for a while, it was -- most people needed support for 8 payment gateway. I'm talking like ancient history. At some point, most people needed support for 8 payment gateway. Thus it's a part of a lot of them. And then it just was like eventually payment gateway, we knew exactly what they would need to support and then we built one, which was included with everyone by default and people can just sort of choose another one, if they need to. It's sort of a voice of conscious of what Shopify does and addresses is not really defined by industry. Like this is a certain interesting -- at some point, there was like a point-of-sale industry and online store industry and logistics industry, and they were all separate. But like I think verticalizing through all this, it was a really important step here because merchants, again, just kind of need to solve e-commerce problems, while we need to -- sorry, I shouldn't even say e-commerce. We just need to get the product into the cloud and then from there everywhere, right, into every channel. And that like integrating a whole lot of system or systems together, just the complexity that will limit the potential for growth.

我最好的問題是您擁有的類似文件之一，然後雙擊它，它會在這個空間上擴展和銷售。不想像在它上面寫一篇文章。就像我的意思是這裡的啟發式，基本上，也許這是壓縮它的最佳方式。如果商家需要更多的東西——如果大多數商家大部分時間都需要一些東西，那就是核心。就像這是第一步，並且隨著時間的推移而變化。所以有一段時間，大多數人需要支持 8 支付網關。我說的是古代歷史。在某些時候，大多數人需要支持 8 支付網關。因此，它是其中許多的一部分。然後就像最終的支付網關一樣，我們確切地知道他們需要支持什麼，然後我們構建了一個，默認情況下每個人都包含它，如果需要，人們可以選擇另一個。這是一種意識到 Shopify 所做的事情和地址的聲音並不是由行業真正定義的。像這樣很有趣——在某些時候，就像一個銷售點行業、在線商店行業和物流行業，它們都是獨立的。但就像我認為通過所有這些垂直化一樣，這是非常重要的一步，因為商家再次需要解決電子商務問題，而我們需要 - 抱歉，我什至不應該說電子商務。我們只需要將產品放到雲中，然後從那裡無處不在，對，進入每個渠道。這就像將大量系統或系統集成在一起，只是複雜性會限制增長潛力。

And we think similar about logistics. But there's also fairly bright lines around this, like physical shippable products kind of our bread and butter, and that's a huge market. Like it's incredible how often in my career I had conversations, which kind of difficult to have, partly because it just kind of underestimate the size of the retail industry to begin with and then also massively underestimate the size of the Internet. And given the Shopify is at the intersection of both of those things, there's obviously been a very, very large opportunity, but also like lots of opportunity for us to get distracted when we build things. Since in the last 2 years, we've really, really focused on not getting in too many adjacencies and being clear with our partners, what it is we want to accomplish, and just really, really, really sweating with the details of the core parts of the business.

我們對物流的看法也類似。但圍繞這一點也有相當明確的界限，比如我們的麵包和黃油之類的實物可運輸產品，這是一個巨大的市場。就像令人難以置信的是，在我的職業生涯中，我經常進行對話，這很難進行，部分原因是它一開始就低估了零售業的規模，然後也大大低估了互聯網的規模。鑑於 Shopify 是這兩者的交匯點，顯然有一個非常非常大的機會，但也有很多機會讓我們在構建東西時分心。自從在過去的兩年裡，我們真的非常專注於不要過多的鄰接，並與我們的合作夥伴明確我們想要完成的事情，並且真的非常非常非常關注核心的細節部分業務。

So I think if you're trying to predict the direction we are going, just imagine like I think we told everyone roughly which part of the space we want to solve, and we are going to get better and better and better in both parts. And sometimes a little bit deeper integrated wherever, but it's a big product advantage. But this is -- past that, it's really case-by-case and very, very complicated conversation involving assumptions about what the future looks like and things like there's pressure. Again, that's a really, really big topic or as fascinating one though.

所以我想如果你試圖預測我們前進的方向，想像一下，就像我認為我們大致告訴每個人我們想要解決的空間的哪一部分，我們將在這兩個部分變得越來越好。有時在任何地方都可以更深入地集成，但這是一個很大的產品優勢。但這是 - 過去，這真的是逐案和非常非常複雜的對話，涉及關於未來是什麼樣子的假設以及諸如存在壓力之類的事情。同樣，這是一個非常非常大的話題，或者同樣引人入勝的話題。

Next question comes from Bhavin Shah from Deutsche Bank.

下一個問題來自德意志銀行的 Bhavin Shah。

Great. I guess for Harley or Tobias, you guys continue to innovate on the Shop App, adding more and more search functionality. How are you guys thinking about ways to potentially monetize your scale here, also balancing the need for merchants to kind of remain control of their brand?

偉大的。我猜對於 Harley 或 Tobias，你們會繼續在 Shop App 上進行創新，添加越來越多的搜索功能。你們是如何考慮如何將您的規模貨幣化，同時平衡商家保持對品牌的控制權的需求？

I'll start. It's Harley here. So look, I think the Shop App is certainly getting more and more attention now. It -- really the value prop that we've always talked about around it is strengthening the merchant relationship with buyers in an effort to increase customer LTV. So it offers things like real-time order tracking, in-app checkout with Shop Pay, Shop Pay Installments has product recommendations, post-purchase marketing, it really is a great way for merchants to better engage with their end consumer. In terms of how we continue to evolve that, I mean, look, in Q4 2021 alone, millions more buyers signed up in new Shop App to make purchase directly from the app during the holiday season, and that obviously continues as well. The other thing to sort of think about is, as we -- as a consumer decides that they like a particular brand, this is something -- this is a way for them to go direct to that brand again when they want to buy either more products or they want to rebuy product they've already purchased. And when you combine that with Shop Pay, which, as I mentioned in the opening remarks, has now facilitated $43 billion in GMV since it's launched, it's 4x faster. It has a 1.7x higher checkout rate. It is becoming consumers' favorite way to shop and -- for further favorite brands. So we'll continue to innovate on that from a product perspective. In terms of the monetization of that, look, the more ways that merchants can sell the higher their LTV becomes, obviously, Shopify's business model is a flywheel entrepreneurship and the better our merchants do, the better we do. And so that's really where we're focused.

我會開始的。這裡是哈利。所以看，我認為 Shop App 現在肯定越來越受到關注。它——實際上，我們一直在談論的價值支柱是加強商家與買家的關係，以提高客戶 LTV。因此，它提供了實時訂單跟踪、使用 Shop Pay 進行應用內結賬、Shop Pay 分期付款提供產品推薦、售後營銷等功能，這確實是商家更好地與最終消費者互動的好方法。就我們如何繼續發展而言，我的意思是，僅在 2021 年第四季度，就有數百萬買家在新的 Shop App 中註冊，以便在假期期間直接從該應用程序進行購買，而且這種情況顯然也在繼續。另一件要考慮的事情是，當我們——作為消費者決定他們喜歡某個特定品牌時，這就是某種東西——這是他們想要購買更多商品時再次直接購買該品牌的一種方式產品或他們想重新購買他們已經購買的產品。當你將它與 Shop Pay 結合起來時，正如我在開場白中提到的那樣，自推出以來，它現在已經促成了 430 億美元的 GMV，它的速度快了 4 倍。它的結帳率高出 1.7 倍。它正在成為消費者最喜歡的購物方式，以及更喜歡的品牌。因此，我們將繼續從產品角度進行創新。在貨幣化方面，看，商家可以銷售的方式越多，他們的 LTV 就越高，顯然，Shopify 的商業模式是飛輪創業，我們的商家做得越好，我們就做得越好。這就是我們真正關注的地方。

Next question comes from Colin Sebastian from Baird.

下一個問題來自 Baird 的 Colin Sebastian。

I will apologize by adding another question on the fulfillment. And I guess the question is, what will this 3-year investment cycle give you in terms of capacity? I mean the context there being the amount that we're seeing other platforms like Amazon spending per facility. And if within that capacity ramp, are you embedding anything related to transportation either middle mile or last mile, which is also part of competing logistics offerings?

我將通過添加另一個關於履行的問題來道歉。我想問題是，這個 3 年的投資週期在產能方面會給你帶來什麼？我的意思是我們看到其他平台（如亞馬遜）在每個設施上花費的金額。如果在該容量斜坡內，您是否嵌入了與運輸相關的任何東西，無論是中間一英里還是最後一英里，這也是競爭性物流產品的一部分？

I would say that just -- I mean, I mentioned some of this earlier on, but the goal is now that we have a sufficient amount of insight and information and feedback from merchants, we really -- we want to continue to build these foundational features for SFN. So what we're focusing on is, how do we offer this fast and simple fulfillment that will enable them to delight their customers. Part of that will be things like testing fees across like one simple fee across things like inbounding and pick and pack and storage and supplies. But what we're trying to do is just enable it. So as I said in my opening remarks, the merchants don't have to think about fulfillment.

我想說的是——我的意思是，我之前提到了一些，但現在我們的目標是我們有足夠的洞察力、信息和來自商家的反饋，我們真的——我們希望繼續建立這些基礎SFN 的功能。因此，我們關注的是，我們如何提供這種快速簡單的履行方式，使他們能夠取悅客戶。其中一部分將是諸如測試費用之類的事情，例如入站、揀貨和包裝、存儲和供應等一項簡單的費用。但我們要做的只是啟用它。因此，正如我在開場白中所說，商家不必考慮履行。

Again, being able to offer this to 90% of the U.S., 2-day affordable shipping, that really is the goal. And there's mix between self-owned warehouses, but also leveraging partners, we think is the best way to get up there. But look, this is complicated stuff, and this is stuff that is not -- is not easy to do. That's sort of where Shopify shines. We've always shine where we take things that are really complicated and we simplify them for small businesses and our larger business as well. So our plan is really to, again, move into this phase of build, scale these operations, figure out where we can find greater control over efficiency layers, where we can find automation. There's obviously cost levers as well here, but the goal is to make fulfillment something that our merchants, particularly in the U.S. for now, don't have to think about it. That's the goal.

同樣，能夠為美國 90% 的人提供 2 天實惠的運輸服務，這確實是我們的目標。自有倉庫之間有混合，也有合作夥伴，我們認為是最好的方式。但是看，這是複雜的東西，而且這不是 - 不容易做到的東西。這就是 Shopify 大放異彩的地方。我們總是在處理非常複雜的事情時大放異彩，並為小型企業和我們的大型企業簡化它們。所以我們的計劃實際上是再次進入這個構建階段，擴展這些操作，找出我們可以在哪裡找到對效率層的更大控制，哪裡可以找到自動化。這裡顯然也有成本槓桿，但目標是讓我們的商家，特別是目前在美國的商家，不必考慮它。這就是目標。

Yes. And I think I would just add in there that, again, us running, operating some of the larger hubs as a backbone, adding -- and continuing to work with partners for spokes, for sort centers and continuing to iterate on how this evolves, looking at middle mile transportation, anything that increases the speed and efficiency of the network on behalf of our merchants, we absolutely will consider in the mix going forward.

是的。我想我會再次補充一點，我們正在運行，運營一些較大的集線器作為骨幹，添加 - 並繼續與合作夥伴合作建立輻條，分類中心並繼續迭代它的發展方式，看看中英里運輸，代表我們的商家提高網絡速度和效率的任何東西，我們絕對會在未來的組合中考慮。

Next question comes from Samad Samana from Jefferies.

下一個問題來自 Jefferies 的 Samad Samana。

Amy, maybe one for you. I'm wondering how should we think about the brick-and-mortar GMV represented by your existing merchants that have both a physical presence and an e-com footprint? And what percentage of that has been penetrated by the Shop point-of-sale offering?

艾米，也許給你一個。我想知道我們應該如何看待既有實體店又有電子商務足蹟的現有商家所代表的實體 GMV？ Shop 銷售點產品滲透到其中的百分比是多少？

Yes. I mean we don't disclose the particulars, but we know that there's a large percentage of our existing merchant base that has both. And so when you look at our POS performance, as Harley said, not only did it have its best quarter ever in Q4 from a GMV perspective, but we've continued to increase the number of merchants and the number of locations significantly. And in that addition of merchants, we're seeing healthy penetration of our existing merchant base. That's the #1 driver of increasing merchants in Q4, followed by new merchants coming to Shopify. So we're successful in both. So this is a significant opportunity for us, and as we also indicated, we're in 8 geographies now as of the end of Q4 for POS with integrated payments, and we've already launched 3 additional geographies already in Q1 of '22. So this is a major opportunity for us going forward.

是的。我的意思是我們不透露細節，但我們知道我們現有的商家群中有很大一部分同時擁有這兩者。因此，當您查看我們的 POS 表現時，正如 Harley 所說，從 GMV 的角度來看，它不僅在第四季度創下了有史以來最好的季度，而且我們還在繼續顯著增加商家數量和地點數量。在商家的增加中，我們看到現有商家基礎的健康滲透。這是第四季度增加商家的第一大驅動因素，其次是新商家加入 Shopify。所以我們在這兩個方面都取得了成功。所以這對我們來說是一個重要的機會，正如我們還指出的那樣，截至第四季度末，我們在 8 個地區提供集成支付的 POS，我們已經在 22 年第一季度推出了另外 3 個地區。所以這是我們前進的一個重大機會。

We're also beginning to see -- just add on the retail point-of-sale side of things, we're also starting to see some really larger merchants start using this as well, whether French Connection in the U.K. or Campus in Italy, FC Copenhagen in Denmark, Allbirds, Parachute, Brooklinen, what we're seeing is that a lot of our -- a lot of the brands we talked about from an e-commerce perspective are really making Shopify point of sale part of their offering in a physical location. And so retail is unequivocally growing its impact in the Shopify business. And as more markets open up post pandemic, I think you're going to see a lot more there, but we're really proud of -- it was the best quarter ever for retail business on Shopify.

我們也開始看到——只要加上零售點的東西，我們也開始看到一些真正的大商家也開始使用它，無論是英國的 French Connection 還是意大利的 Campus , 丹麥的哥本哈根足球俱樂部, Allbirds, Parachute, Brooklinen, 我們看到的是我們的很多——我們從電子商務的角度談論的很多品牌都真正讓 Shopify 銷售點成為他們產品的一部分在物理位置。因此，零售業無疑正在擴大其對 Shopify 業務的影響。隨著更多市場在大流行後開放，我認為你會在那裡看到更多，但我們真的很自豪——這是 Shopify 零售業務有史以來最好的季度。

Yes, and the general tolerance for bad software is going down across everywhere. Like I think people -- just experience to call it lockdowns and all these kind of things has exposed people to the quality of consumer software everywhere and then how the problems can be solved in the business context. So as people -- like everyone is looking at better point-of-sale systems and Shopify point of sale is really, really good. So certainly helping.

是的，對不良軟件的普遍容忍度正在下降。就像我認為的那樣，人們只是將其稱為鎖定體驗，所有這些事情都讓人們接觸到各地消費者軟件的質量，以及如何在業務環境中解決問題。因此，作為人們——就像每個人都在尋找更好的銷售點系統一樣，Shopify 銷售點真的非常好。所以肯定有幫助。

(technical difficulty)

（技術難度）

from Goldman Sachs.

來自高盛。

Amy, I wanted to follow up on your comment on payback period as it relates to SFN. And also a little bit of a broader question, which is when you have a team when you think about internal forecasting for the longer term, could you give us a little bit of color on how you're thinking about ROI on the incremental CapEx and OpEx investments or timing to realize a return relative to perhaps what your typical returns for what may have looked like pre-COVID? And then just one clarification on reinvesting all gross profit dollars. Does that mean we should take OpEx plus CapEx equal to gross margin dollars? Just a little clarification on how exactly that reconciled in the P&L?

艾米，我想跟進您對與 SFN 相關的投資回收期的評論。還有一個更廣泛的問題，即當你有一個團隊時，當你考慮長期的內部預測時，你能否給我們一點關於你如何考慮增量資本支出和投資回報率的顏色？運營支出投資或實現回報的時機可能與您在 COVID 之前的典型回報有關？然後只是對所有毛利潤再投資的澄清。這是否意味著我們應該將運營支出加上資本支出等於毛利率？只是稍微澄清一下這在損益表中究竟是如何調節的？

Well, on the SFN commentary about investing levels above what we provided in our outlook, yes, we're not going to get into the details of how we view payback ROI. But what we can assure you is, we've always been strong allocators of capital to the right opportunities to grow the various parts of the business at the right time, and this is no different. So the outlook that we provided you, any investment above that would be based on things like volume growing significantly that would have sufficient payback to justify the investment, and that would be a very good thing to have that kind of volume. So that's how we're looking at it. The Space investment gets us to a certain level of scale that we think allows us to start optimizing costs and increase the number and types of merchants that we're serving and anything above that really is driven by success.

好吧，關於 SFN 關於投資水平高於我們在展望中提供的水平的評論，是的，我們不會詳細說明我們如何看待投資回報率。但我們可以向您保證的是，我們一直是強有力的資本分配者，可以在正確的時間為業務的各個部分發展提供正確的機會，這也不例外。因此，我們為您提供的前景，任何高於此的投資都將基於諸如數量顯著增長之類的事情，這將有足夠的回報來證明投資的合理性，擁有這種數量將是一件非常好的事情。這就是我們的看法。空間投資使我們達到了一定程度的規模，我們認為這使我們能夠開始優化成本並增加我們所服務的商家的數量和類型，而高於此的任何東西都真正由成功驅動。

In terms of investing all of our gross profit dollars back into the business, that's exactly what it means, and we'll leave it there. It means we see a significant opportunity in front of us to continue to go after digital commerce transformation, and there are parts of the business today from an adjusted operating income perspective that are positive, and we're deploying all of those profits back in to grow the businesses like international growth, POS that we just talked about, the Shop App and SFN.

就將我們所有的毛利潤投資回業務而言，這正是它的意思，我們將把它留在那裡。這意味著我們看到了繼續進行數字商務轉型的重大機遇，從調整後的營業收入的角度來看，今天的部分業務是積極的，我們正在將所有這些利潤重新部署到發展國際增長、我們剛才談到的 POS、Shop App 和 SFN 等業務。

Thanks so much [Gabriella] and so thanks, everybody, for dialing in today.

非常感謝 [Gabriella]，非常感謝大家今天撥通電話。

This concludes today's call. Thank you so much for joining. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的加入。您現在可以斷開線路。