(SHOP) 2022 Q4 法說會逐字稿

Good afternoon and thank you for joining Shopify's Fourth Quarter and Fiscal Year 2022 Conference Call. Tobi Lutke, Shopify's CEO; Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO, are with us today. After their prepared remarks, we will open up for your questions.

下午好，感謝您參加 Shopify 的第四季度和 2022 財年電話會議。 Shopify 首席執行官 Tobi Lutke； Shopify 總裁 Harley Finkelstein；和我們的首席財務官 Jeff Hoffmeister 今天和我們在一起。在他們準備好的發言之後，我們將開放您的問題。

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. 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 afternoon as well as in our filings with U.S. and Canadian regulators.

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期結果大不相同的風險和不確定性的影響。除非法律要求，否則我們不承擔更新這些聲明的義務。您可以在我們今天下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。

We'll also speak to adjusted financial measures, which are non-GAAP and are not a substitute for GAAP financial measures. Reconciliations between the two are in the tables at the end of our press release. And finally, we report in U.S. dollars, so all amounts discussed today are in U.S. dollars, unless otherwise indicated.

我們還將討論調整後的財務指標，這些指標是非 GAAP 的，不能替代 GAAP 財務指標。兩者之間的對賬在我們新聞稿末尾的表格中。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 will turn the call over to Harley.

有了這個，我會把電話轉給哈利。

Thanks, Amy, and good afternoon, everyone. 2022 marked another strong year for our merchants and Shopify, a year that reflects the resilience of our business model and commerce operating system.

謝謝，艾米，大家下午好。 2022 年對我們的商家和 Shopify 來說又是一個強勁的一年，這一年反映了我們的商業模式和商業操作系統的彈性。

Our revenue grew 21% for the year, reaching $5.6 billion as we added nearly $4 billion to our top line since 2019. The growth rate we saw in 2022 is particularly noteworthy when you realize that this growth was on top of the incredible 57% growth we saw in 2021 and 85% growth in 2020. Against this backdrop, we continue to see data supporting the strength of entrepreneurship and new business starts.

自 2019 年以來，我們的收入增加了近 40 億美元，全年收入增長了 21%，達到 56 億美元。當您意識到這一增長是在令人難以置信的 57% 增長之上時，我們在 2022 年看到的增長率尤其值得注意我們在 2021 年和 2020 年看到了 85% 的增長。在此背景下，我們繼續看到支持創業實力和新業務開辦的數據。

According to the U.S. Census Bureau, applications for new businesses have been approximately 5 million a year for 2021 and 2022, which is a step function above the 4 million per year average for the previous 5 years.

根據美國人口普查局的數據，2021 年和 2022 年的新業務申請量約為每年 500 萬，比前 5 年每年 400 萬的平均水平高出一個階躍函數。

Shopify's penetration of the U.S. e-commerce market is currently 10%, with this year's GMV surpassing $197 billion as GMV has grown more than 3x since 2019. Since our inception, Shopify has powered over $0.5 trillion in global commerce as we increasingly become the platform of choice for brands of all sizes.

Shopify 目前在美國電子商務市場的滲透率為 10%，今年的 GMV 超過 1970 億美元，自 2019 年以來 GMV 增長了 3 倍以上。自成立以來，隨著我們越來越成為平台，Shopify 已經為全球商業提供了超過 5 萬億美元的支持各種規模品牌的首選。

This past year, our merchants had their most successful Black Friday, Cyber Monday selling period ever, generating $7.5 billion in sales over that period, a growth of 21% year-over-year on a constant currency basis. For that 4-day period, approximately 52 million consumers worldwide purchase from brands powered by Shopify, representing a 12% increase from the same period in 2021.

去年，我們的商家迎來了有史以來最成功的黑色星期五、網絡星期一銷售期，在此期間產生了 75 億美元的銷售額，按固定匯率計算同比增長 21%。在這 4 天內，全球約有 5200 萬消費者從 Shopify 支持的品牌購買商品，比 2021 年同期增長 12%。

The breadth and velocity of the new products and enhancements to existing products that we shipped in 2022 are truly incredible. I will give you the highlights of the key solutions we released last year before diving into our main investment themes.

我們在 2022 年推出的新產品和現有產品的增強功能的廣度和速度確實令人難以置信。在深入探討我們的主要投資主題之前，我將重點介紹我們去年發布的主要解決方案。

We launched Shopify Audiences, Shopify Collabs, POS Go, Tap to Pay, integrated Twitter Shopping and YouTube channels and continue to build out the Shop app so merchants can more easily connect with and build relationships with buyers. We launched Shopify Markets and Markets Pro to lower the barriers for our merchants to sell globally while also making it easier than ever to start a business internationally with localized subscription pricing now available in approximately 200 countries.

我們推出了 Shopify Audiences、Shopify Collabs、POS Go、Tap to Pay、集成了 Twitter 購物和 YouTube 頻道，並繼續構建 Shop 應用程序，以便商家可以更輕鬆地與買家聯繫並建立關係。我們推出了 Shopify Markets 和 Markets Pro，以降低我們的商家在全球銷售的門檻，同時還通過現在在大約 200 個國家/地區提供的本地化訂閱定價，讓開展國際業務比以往任何時候都更加容易。

And third, we made it easier for businesses worldwide to go from first sale to full scale on Shopify, helping merchants succeed at each stage of the growth journey. We also made fully available to merchants Shopify Functions, Hydrogen and Oxygen and expanded our back-office merchant solutions to more countries to allow greater customization. And last month, we introduced our large enterprise solution, Commerce Components by Shopify.

第三，我們讓全球企業更容易在 Shopify 上從首次銷售到全面銷售，幫助商家在增長之旅的每個階段取得成功。我們還向商家全面提供 Shopify Functions、Hydrogen 和 Oxygen，並將我們的後台商家解決方案擴展到更多國家/地區，以實現更大程度的定制化。上個月，我們介紹了我們的大型企業解決方案，Shopify 的 Commerce Components。

Also in January, we announced an update to the subscription prices on our Basic, Shopify and Advanced plans. The prices that we have been charging for access to the best tools in commerce have largely remained unchanged for the last 12 years. This will enable Shopify's exceptional value to continue as we solve more of the most difficult problems in the industry and empower more people to become entrepreneurs. These new prices went into effect immediately for new merchants and will take effect on April 23 for existing merchants.

同樣在 1 月，我們宣布更新基本、Shopify 和高級計劃的訂閱價格。在過去的 12 年裡，我們為獲得最佳商業工具而收取的價格基本保持不變。這將使 Shopify 的卓越價值得以延續，因為我們將解決更多行業中最棘手的問題，並賦能更多人成為企業家。這些新價格立即對新商家生效，並將於 4 月 23 日對現有商家生效。

In short, in 2023, we will not slow down. We are committed to simplifying commerce even further this year as we innovate and invest to future-proof our merchant businesses and allow them to extract greater value from Shopify.

總之，2023年，我們不會放慢腳步。我們致力於在今年進一步簡化商務，因為我們進行創新和投資以確保我們的商業業務面向未來，並允許他們從 Shopify 中獲取更大的價值。

Let's now talk in greater detail through 3 investment themes that we think about as we help our merchants grow: helping them attract more buyers, going global and first sale to full scale.

現在讓我們更詳細地談談我們在幫助商家成長時考慮的 3 個投資主題：幫助他們吸引更多買家、走向全球和全面開展首次銷售。

I will start with how we help our merchants attract more buyers through more channels. Key to a brand's success is showing up everywhere their customers purchase. From a channel perspective, as customers have moved back to shopping in stores, we've continued to see outsized year-over-year growth in offline GMV, which was up 25% in Q4 and up over 40% on a full year basis. As more retailers seek to modernize their point-of-sale software, our world-class offering continues to gain traction with brands of all sizes.

我將從我們如何幫助我們的商家通過更多渠道吸引更多買家開始。品牌成功的關鍵是在客戶購買的任何地方出現。從渠道的角度來看，隨著客戶重新回到實體店購物，我們繼續看到線下 GMV 同比大幅增長，第四季度增長 25%，全年增長超過 40%。隨著越來越多的零售商尋求對其銷售點軟件進行現代化改造，我們世界一流的產品繼續受到各種規模品牌的青睞。

During Q4, Plus merchants accounted for approximately 27% of all point-of-sale Pro sales, an increase from 12% from the same period a year ago. Also during the quarter, fast-growing brands, including Todd Snyder, Tecovas and Viori, expanded to new retail locations with our point-of-sale Pro solution. Additionally, we were thrilled to power the global retail expansion of Culture Kings as the Australian streetwear giant opened a new flagship store in Las Vegas.

在第四季度，Plus 商家佔所有銷售點 Pro 銷售額的約 27%，高於去年同期的 12%。同樣在本季度，包括 Todd Snyder、Tecovas 和 Viori 在內的快速增長的品牌通過我們的銷售點 Pro 解決方案擴展到新的零售地點。此外，隨著這家澳大利亞街頭服飾巨頭在拉斯維加斯開設了一家新的旗艦店，我們很高興能夠為 Culture Kings 的全球零售擴張提供動力。

Focusing in on the point-of-sale product, we continued to increase its scalability. Shopify can now power retailers with up to 1,000 physical locations. We rolled out both Shop Pay and installments to point-of-sale in limited beta. So in-store buyers at the point-of-sale can now benefit from the same payment options and payment flexibility that we offer online. Driving greater integration of Shop Pay and point-of-sale remains a big opportunity for us, and we are excited to scale this more broadly in 2023 and beyond.

專注於銷售點產品，我們繼續提高其可擴展性。 Shopify 現在可以為擁有多達 1,000 個實體店的零售商提供支持。我們在有限測試版中推出了 Shop Pay 和銷售點分期付款。因此，在銷售點的店內買家現在可以受益於我們在線提供的相同支付選項和支付靈活性。推動 Shop Pay 和銷售點的更大整合對我們來說仍然是一個巨大的機會，我們很高興能在 2023 年及以後更廣泛地擴展這一點。

Point-of-Sale Go, our first-in-class mobile hardware device, takes the merchant and customer experience to the next level by offering buyers of super smooth and quick checkout. Point-of-Sale Go, which launched in September, is an all-in-one fully integrated point-of-sale system, barcode scanner and card reader that accepts tap, chip and swipe payments. A key selling point of Point-of-Sale Go is its proprietary operating system, which allows Shopify to control the end-to-end experience on the device from app updates, to permissioning, to point-of-sale onboarding. At $399 per device, Point-of-Sale Go brings incredible value to larger, more complex retailers who are buying these devices in multiples. The initial response to this cornerstone product has been exceptionally strong, and we are excited to drive even greater adoption in 2023.

Point-of-Sale Go 是我們一流的移動硬件設備，通過為買家提供超級流暢和快速的結賬服務，將商家和客戶體驗提升到一個新的水平。 Point-of-Sale Go 於 9 月推出，是一款集銷售點系統、條形碼掃描儀和讀卡器於一體的一體式系統，支持感應式、芯片式和刷卡式支付。 Point-of-Sale Go 的一個關鍵賣點是其專有操作系統，它允許 Shopify 控制設備上的端到端體驗，從應用程序更新到許可，再到銷售點入職。每台設備 399 美元，Point-of-Sale Go 為大量購買這些設備的更大、更複雜的零售商帶來了難以置信的價值。對這一基石產品的最初反響異常強烈，我們很高興能在 2023 年推動更廣泛的採用。

Integrating commerce into more services is another way we can help merchants strengthen their relationship with buyers and discover new customers. The Shop app is an excellent example of how we are helping merchants increase customer lifetime value by deepening their engagement with existing customers while also finding new buyers. Since we introduced the Shop app in early 2020, it has grown from an accelerated checkout and order tracking utility to become an important driver of many of our merchants business performances. Shop gives merchants new ways to stay connected with their buyers like in-app offers and notifications when their favorite products are back in stock. In a nutshell, Shop enables a Shopify merchant on their first day to have a storefront in a native mobile app. That's very powerful.

將商業整合到更多服務中是我們幫助商家加強與買家的關係和發現新客戶的另一種方式。 Shop 應用程序是我們如何通過加深與現有客戶的互動同時尋找新買家來幫助商家提高客戶生命週期價值的一個很好的例子。自從我們在 2020 年初推出 Shop 應用程序以來，它已經從一個加速結賬和訂單跟踪實用程序發展成為我們許多商家業務績效的重要驅動力。 Shop 為商家提供了與買家保持聯繫的新方式，例如在他們最喜歡的產品重新有貨時提供應用內優惠和通知。簡而言之，Shop 讓 Shopify 商家在第一天就可以在本地移動應用程序中擁有店面。那是非常強大的。

In 2022, we shipped dozens of enhancements to Shop, including discounts and expanded search function, personalized shopping experiences and embedding Shop Cash, our loyalty program that is currently in early access. With tens of millions using the app every month, we're able to match the right merchants to the right buyers, creating personalized shopping feeds for the buyer segment and a new customer acquisition tool for merchants.

2022 年，我們對 Shop 進行了數十項改進，包括折扣和擴展搜索功能、個性化購物體驗以及嵌入我們目前處於搶先體驗階段的忠誠度計劃 Shop Cash。每個月有數以千萬計的人使用該應用程序，我們能夠將合適的商家與合適的買家相匹配，為買家細分創建個性化的購物提要，並為商家創建新的客戶獲取工具。

Shop is still in its early days, but it's one of the ways we're investing to help merchants win over the long term. A key feature of the Shop app is Shop Pay, our accelerated checkout feature that continues to make commerce better for merchants and buyers alike. With well over 100 million buyers opted into Shop Pay, our accelerated checkout facilitated $11 billion in GMV in Q4 and a cumulative $77 billion at year-end since its launch in 2017.

Shop 仍處於早期階段，但這是我們投資幫助商家贏得長期勝利的方式之一。 Shop 應用程序的一個關鍵功能是 Shop Pay，這是我們的加速結賬功能，它繼續為商家和買家等提供更好的商業服務。超過 1 億買家選擇了 Shop Pay，我們的加速結賬在第四季度促進了 110 億美元的 GMV，自 2017 年推出以來在年底累計達到 770 億美元。

Shop Pay makes for a seamless shopping experience and is one of the main reasons why more merchants of all sizes are adopting Shopify Payments. Additionally, Shop Pay unlocks our "buy now, pay later" product, Shop Pay Installments, for consumers. As the highest converting checkout on the Internet, we want more businesses to benefit by offering Shop Pay to their customers, which is why we've integrated Shop Pay on social services including Facebook, Instagram and YouTube. As a result, GMV through our native checkout integrations with our key partners more than doubled over Q4 last year.

Shop Pay 提供無縫的購物體驗，這也是越來越多各種規模的商家採用 Shopify Payments 的主要原因之一。此外，Shop Pay 為消費者解鎖了我們的“先買後付”產品 Shop Pay Installments。作為互聯網上轉化率最高的結賬方式，我們希望更多企業通過向其客戶提供 Shop Pay 而受益，這就是我們將 Shop Pay 集成到社交服務（包括 Facebook、Instagram 和 YouTube）中的原因。因此，通過我們與主要合作夥伴的本地結賬集成，GMV 比去年第四季度翻了一番多。

As part of helping our merchants attract more buyers through more channels, we launched Shopify Audiences in early access in May as an essential feature for our Plus merchants. As we continue to enhance Audiences, in Q4, we expanded the scope of Audiences to support merchant objectives across the marketing funnel from expanding reach to driving more convergence. We also launched Audiences for Google during the quarter, allowing merchants to reach high-intent audiences from their own store across YouTube, Google Search, Google Display Network and Gmail. Within our February 9 additions, we announced the launch of Audiences for Pinterest, which operates similar to the Meta integration where Plus merchants can use the tool to find high-intent buyers across Shopify and upload to Pinterest for better targeting. With these partnerships, we continue to invest in marketing platforms where merchants are actively looking for their buyers.

作為幫助我們的商家通過更多渠道吸引更多買家的一部分，我們在 5 月份推出了 Shopify Audiences 搶先體驗版，作為我們的 Plus 商家的一項基本功能。隨著我們繼續增強 Audiences，在第四季度，我們擴大了 Audiences 的範圍，以支持整個營銷渠道的商家目標，從擴大覆蓋範圍到推動更多融合。我們還在本季度推出了 Audiences for Google，讓商家可以通過 YouTube、Google 搜索、Google 展示廣告網絡和 Gmail 從他們自己的商店接觸到高意向的受眾。在 2 月 9 日的新增內容中，我們宣布推出 Pinterest 受眾，其運作方式類似於 Meta 集成，Plus 商家可以使用該工具在 Shopify 中尋找意向高的買家並上傳到 Pinterest 以實現更好的定位。通過這些合作夥伴關係，我們繼續投資於商家積極尋找買家的營銷平台。

Most importantly, merchants are telling us how much they love Audiences. In Q4, luxury fashion designer, Jonathan Simkhai, turned to Shopify digital marketing partner, Maison MRKT, for help. And using Audiences, they achieved a 6.6x return on ad spend and an over 80% higher conversion rate and over a 50% decline in cost per acquisition.

最重要的是，商家告訴我們他們有多喜歡受眾。在第 4 季度，奢侈時裝設計師 Jonathan Simkhai 向 Shopify 數字營銷合作夥伴 Maison MRKT 尋求幫助。通過使用 Audiences，他們實現了 6.6 倍的廣告支出回報率、超過 80% 的轉化率以及超過 50% 的每次轉化成本下降。

Next is going global. Lowering the barriers to entrepreneurship globally is a massive opportunity for Shopify and for our merchants. At the end of 2022, approximately 45% of our merchants were based outside of North America, making up approximately 27% of our revenue. We expanded our offering in country with Shopify Payments now available in 22 countries, Shopify Point-of-Sale in 14 countries, Shopify Shipping in 7 countries and Shopify Capital in 4 countries. We also rolled out our localized subscription plan pricing to approximately 200 countries and localize billing to make it easier for merchants to start and grow their businesses on Shopify.

接下來是走向全球。降低全球創業門檻對 Shopify 和我們的商家來說是一個巨大的機會。到 2022 年底，我們約有 45% 的商家位於北美以外，約占我們收入的 27%。我們擴大了在國家/地區的產品範圍，Shopify Payments 現在在 22 個國家/地區可用，Shopify 銷售點在 14 個國家/地區可用，Shopify Shipping 在 7 個國家/地區可用，Shopify Capital 在 4 個國家/地區可用。我們還向大約 200 個國家/地區推出了本地化訂閱計劃定價和本地化計費，使商家更容易在 Shopify 上開展和發展業務。

Looking ahead, we're focused on helping our merchants reach consumers no matter where they're located. We want to make selling internationally on day 1 as easy as it is to sell locally. In 2022, Shopify enabled approximately $28 billion in cross-border sales, capitalizing on the surge of international interest, with nearly 28% of all traffic to Shopify stores coming from buyers outside of the merchant's home country.

展望未來，我們專注於幫助我們的商家接觸消費者，無論他們身在何處。我們希望在第 1 天就進行國際銷售，就像在本地銷售一樣容易。 2022 年，Shopify 實現了約 280 億美元的跨境銷售額，利用國際興趣的激增，Shopify 商店的所有流量中近 28% 來自商家本國以外的買家。

Our solutions allow merchants to sell globally and provide a localized experience from a single Shopify store that makes multi-market management easy with a single dashboard that lets brands sell, ship and scale internationally while keeping the merchant's team and their overhead lean. Our products are built to boost conversion with capabilities like local currency, language translations with the Translate & Adapt app, payment methods and an import duties calculator.

我們的解決方案允許商家在全球範圍內進行銷售，並通過單一的 Shopify 商店提供本地化體驗，通過單一儀表板簡化多市場管理，讓品牌在國際範圍內銷售、運輸和擴展，同時保持商家團隊和管理費用精簡。我們的產品旨在通過本地貨幣、使用 Translate & Adapt 應用程序進行語言翻譯、支付方式和進口關稅計算器等功能來提高轉化率。

Our latest addition to our merchant's global toolkit is Markets Pro, which launched in Q3 in early access and is built on top of the Markets product. The unique difference is that Pro is a fully integrated merchant-of-record solution and provides a complete end-to-end global commerce solution, whereas Markets allows merchants to selectively choose only those features that suit their needs. Even in early access, we've seen the impact Markets Pro can have as we've seen evidence of cross-border conversion improving by up to 36%, and we can't wait to bring this tool to even more brands shortly.

我們商家全球工具包的最新成員是 Markets Pro，它在第三季度以搶先體驗的形式推出，並建立在 Markets 產品之上。獨特之處在於，Pro 是一個完全集成的記錄商家解決方案，並提供完整的端到端全球商務解決方案，而 Markets 允許商家有選擇地只選擇適合他們需要的功能。即使在搶先體驗階段，我們也看到了 Markets Pro 的影響力，因為我們已經看到跨境轉化率提高了 36% 的證據，我們迫不及待地想盡快將此工具帶給更多品牌。

Third, enabling our merchants to go from first sale to full scale. After merchants get started and find product market fit with their initial sales, they need the right tools to advance. That's why we continue to enhance and build new tools to simplify and support merchants' journeys for every stage of growth. Our merchants continue to recognize the adaptability and flexibility of our platform. And in 2022, approximately 25% of all Plus additions came from the Plus self-serve upgrade experience.

第三，使我們的商家從首次銷售到全面銷售。在商家開始並找到適合其初始銷售的產品市場後，他們需要正確的工具來推進。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在每個增長階段的旅程。我們的商家繼續認可我們平台的適應性和靈活性。到 2022 年，大約 25% 的 Plus 新增功能來自 Plus 自助升級體驗。

Another example of how we evolve with our merchants is Shopify Capital. Capital has acted as a lifeline for merchants, especially through the pandemic and this tough macro environment, allowing them to conveniently access capital when they need it most. Capital is now available in 4 countries, and our machine learning algorithms to underwrite merchants keeps getting better.

我們如何與商家一起發展的另一個例子是 Shopify Capital。資本一直是商家的生命線，尤其是在疫情和嚴峻的宏觀環境下，讓他們在最需要的時候可以方便地獲得資金。資本現已在 4 個國家/地區可用，我們用於承保商戶的機器學習算法不斷完善。

In Q4, we advanced nearly $400 million, up 21% from the same period last year, bringing the cumulative amount since we launched Shopify Capital in 2016 to nearly $4.7 billion. More merchants accepted Capital in Q4 compared to the same period last year, including a greater number of Plus merchants and we're seeing incredibly strong renewals from previous borrowers.

在第四季度，我們預付了近 4 億美元，比去年同期增長 21%，使我們自 2016 年推出 Shopify Capital 以來的累計金額達到近 47 億美元。與去年同期相比，第四季度更多的商家接受了 Capital，包括更多的 Plus 商家，我們看到之前借款人的續約非常強勁。

Speaking of Plus, in Q4, Shopify continued to prove that we are the commerce platform of choice for merchants of all sizes. Giant Tiger, one of Canada's largest retailers, ripped out their entire tech stack and replaced with Shopify Plus. They needed a commerce platform that would up-level their customer experience and deliver the flexibility their customers needed between both online and the physical store. Our out-of-the-box platform modernize this massive department store. We integrated more than 260 locations across the country with their online store and enable Giant Tiger to offer buy online, pick up in store to meet the omnichannel expectations of their customers. This is another example of how Shopify is increasingly the go-to platform for department stores and large-scale merchants.

說到 Plus，在第四季度，Shopify 繼續證明我們是各種規模商家的首選商務平台。加拿大最大的零售商之一 Giant Tiger 剝離了他們的整個技術堆棧，取而代之的是 Shopify Plus。他們需要一個商務平台來提升他們的客戶體驗，並在在線和實體店之間提供客戶所需的靈活性。我們開箱即用的平台使這家大型百貨商店現代化。我們將全國 260 多個地點與他們的在線商店整合在一起，使 Giant Tiger 能夠提供在線購買、店內提貨的服務，以滿足他們客戶的全渠道期望。這是 Shopify 如何日益成為百貨商店和大型商家的首選平台的另一個例子。

The diversity of brands on Shopify Plus continues to expand. Shopify made meaningful headway in the luxury space, welcoming French fashion and perfume house, (inaudible), to the platform as well as Italian footwear brand, Sergio Rossi, and Swiss fashion designer, Bally. Consumer favorites, including hockey equipment and skate retailer, BAUER Hockey, and home appliance and tool manufacturer, Black & Decker, both launched in Q4 as did ButcherBox, which began its migration to Shopify with the launch of their a la carte business.

Shopify Plus 上的品牌多樣性不斷擴大。 Shopify 在奢侈品領域取得了重大進展，歡迎法國時裝和香水公司（聽不清）以及意大利鞋履品牌 Sergio Rossi 和瑞士時裝設計師 Bally 加入該平台。消費者最喜歡的產品，包括曲棍球設備和滑板零售商 BAUER Hockey，以及家用電器和工具製造商 Black & Decker，都在第四季度推出，ButcherBox 也是如此，後者通過推出點菜業務開始遷移到 Shopify。

We also continue to increase our geographic footprint in key international markets, launching Italy, Reebok, Superdry, Sony Music Entertainment, Skechers and additional Nestle brands in new markets in Q4, not to mention the migration and launch of Mattel's full suite of brands, and Supreme, both of which I'll talk about shortly.

我們還繼續擴大我們在主要國際市場的地理足跡，在第四季度在新市場推出意大利、銳步、Superdry、索尼音樂娛樂、斯凱奇和其他雀巢品牌，更不用說美泰全套品牌的遷移和推出，以及Supreme，我將在稍後討論這兩者。

Shopify continues to be the go-to place for celebrities to launch their unique brands with our roster continuing to expand. Record producer and wrapper, Pharrell, launched a second brand, Joopiter, on Shopify, which is a global digital-first auction house. Shopify is also the platform of choice for creators, fueling the creator economy with brands like Prime, by YouTubers and athletes, Logan Paul and KSI, launching on Shopify this quarter. We are not only the preferred partner for online, but also off-line, with Kim Kardashian hosting her first pop-up in L.A. for her brand SKKN as well as Eminem's Mom's Spaghetti pop-up store in New York City, both of which were powered by Shopify Point-of-Sale.

隨著我們的名冊不斷擴大，Shopify 仍然是名人推出其獨特品牌的首選之地。唱片製作人和包裝商 Pharrell 在全球數字優先拍賣行 Shopify 上推出了第二個品牌 Joopiter。 Shopify 也是創作者的首選平台，通過本季度在 Shopify 上推出的 Prime、YouTuber 和運動員、Logan Paul 和 KSI 等品牌推動創作者經濟。我們不僅是線上和線下的首選合作夥伴，金·卡戴珊 (Kim Kardashian) 在洛杉磯為其品牌 SKKN 舉辦了她的第一家快閃店，並在紐約市開設了 Eminem's Mom's Spaghetti 快閃店，這兩家店都是由 Shopify 銷售點提供支持。

We closed out 2022 with more merchants growing their businesses on Shopify, and the caliber of brands choosing Shopify is not slowing down. In Q1, we've already welcomed the iconic streetwear brand, Supreme, to Shopify. Supreme is one of the world's biggest flash sale retailers, hosting more than 50 flash sales each year that are live for no more than a few minutes, which makes Shopify the ideal platform for Supreme to continue growing their business.

隨著更多商家在 Shopify 上發展業務，我們結束了 2022 年，選擇 Shopify 的品牌數量並沒有放緩。在第一季度，我們已經迎來了標誌性街頭服飾品牌 Supreme 入駐 Shopify。 Supreme 是全球最大的限時搶購零售商之一，每年舉辦超過 50 場限時限時搶購活動，這使得 Shopify 成為 Supreme 繼續發展業務的理想平台。

The tailwinds for brands joining Shopify Plus are only growing as huge businesses choose to go direct-to-consumer and migrate to Shopify. Already in Q1, Mars, one of the largest CPG companies on the planet with over a century of history, signed a global agreement with Shopify. With over $35 billion in sales, the company is a global business that produces some of the world's most beloved brands. This global agreement will pave the way for more Mars brands to build and scale their businesses on Shopify and is a positive signal for others in the industry as Mars joins the ranks of other large CPG brands that are already using Shopify, including Heinz and Nestle. Our commitment to making commerce better for businesses of all sizes is only growing.

隨著大型企業選擇直接面向消費者並遷移到 Shopify，加入 Shopify Plus 的品牌的順風只會越來越大。早在第一季度，擁有百年曆史的全球最大的 CPG 公司之一瑪氏就與 Shopify 簽署了一項全球協議。該公司的銷售額超過 350 億美元，是一家全球性企業，生產一些世界上最受歡迎的品牌。這項全球協議將為更多瑪氏品牌在 Shopify 上建立和擴展業務鋪平道路，並且隨著瑪氏加入其他已經在使用 Shopify 的大型 CPG 品牌（包括亨氏和雀巢）的行列，這對業內其他公司來說是一個積極的信號。我們致力於為各種規模的企業打造更好的商業環境的承諾只會越來越大。

To kick off the year, we made a major announcement that we were launching our enterprise retail solution, Commerce Components by Shopify or CCS. Commerce Components is a modern composable stack where retailers can choose the Shopify components they want, integrate with their existing systems and create incredible customer experiences. One of the first brands deploying CCS is the toy and entertainment industry leader, Mattel. Mattel is a merchant with over 400 brands in their portfolio they will be bringing to Shopify, a testament to the durability and scale of our commerce platform. Mattel needed an enterprise partner that could deliver incredible speed, endless flexibility and the ability to pick and choose the parts of Shopify infrastructure they needed as well as execute its flash sale model. While it's still early days, extending our reach into the enterprise will be a key investment focus in 2023.

在今年伊始，我們發布了一項重大聲明，宣布推出我們的企業零售解決方案，即 Shopify 或 CCS 的 Commerce Components。 Commerce Components 是一個現代的可組合堆棧，零售商可以在其中選擇他們想要的 Shopify 組件，與他們現有的系統集成並創造令人難以置信的客戶體驗。最早部署 CCS 的品牌之一是玩具和娛樂行業的領導者 Mattel。 Mattel 是一家擁有 400 多個品牌的商家，他們將把這些品牌帶到 Shopify，這證明了我們商務平台的耐用性和規模。 Mattel 需要一個企業合作夥伴來提供令人難以置信的速度、無限的靈活性以及挑选和選擇他們需要的 Shopify 基礎設施部分以及執行其閃購模式的能力。雖然現在還處於早期階段，但將我們的影響力擴展到企業將是 2023 年的主要投資重點。

As part of our enterprise strategy in 2022, Shopify signed business partnership agreements with Accenture, Deloitte, Ernst & Young and KPMG to enable greater opportunities for larger brands to adopt Shopify. And last month, we formed an alliance with IBM Consulting. We considered a great testimony to the power of Shopify that such a premier group of system integrators are so quickly building teams to help enable Shopify for large enterprises. These systems integrators will be a critical element in helping us reach more enterprises and in a way, which is an extension of our core customer acquisition efforts.

作為我們 2022 年企業戰略的一部分，Shopify 與埃森哲、德勤、安永和畢馬威簽署了業務合作協議，為更大的品牌提供更多采用 Shopify 的機會。上個月，我們與 IBM 諮詢結成聯盟。我們認為這是對 Shopify 強大功能的一個很好的證明，這樣一個一流的系統集成商群體正在如此迅速地組建團隊，以幫助為大型企業啟用 Shopify。這些系統集成商將成為幫助我們接觸更多企業的關鍵因素，在某種程度上，這是我們核心客戶獲取工作的延伸。

Also in Q4, we launched Shopify Tax, a new product offered to U.S.-based merchants that takes a stress out of sales by simplifying tax compliance. Early data shows that merchant adoption has ramped quickly, speaking to the trust that merchants have in Shopify. As we work to sell their toughest problems, our merchants are eager to utilize more of our products.

同樣在第四季度，我們推出了 Shopify Tax，這是一種為美國商家提供的新產品，通過簡化稅務合規來減輕銷售壓力。早期數據顯示，商家採用率迅速上升，表明商家對 Shopify 的信任。當我們努力解決他們最棘手的問題時，我們的商家渴望使用更多我們的產品。

Turning now to Shop Promise and Shopify Fulfillment Network. Merchants repeatedly tell us that providing greater visibility and confidence in delivery dates can help improve their store conversion. This is why we launched Shop Promise in 2022, a consumer-facing badge that provides reliable and accurate delivery dates across the merchant's online store, check out and on the Shop app. Shopify looks at merchant shipping performance to identify which brands consistently ship reliably to determine their eligibility for the program. Merchants in the program have seen up to 25% increase in conversion rates. As part of our additions release last week, we are working to expand Shop Promise to all eligible U.S. merchants over the next few months. With Shopify Fulfillment Network, merchants have access to Shop Promise by default.

現在轉向 Shop Promise 和 Shopify Fulfillment Network。商家反復告訴我們，提高交貨日期的可見性和信心有助於提高他們的商店轉化率。這就是我們在 2022 年推出 Shop Promise 的原因，這是一種面向消費者的徽章，可在商家的在線商店、結賬和 Shop 應用程序上提供可靠和準確的交貨日期。 Shopify 會查看商家的運輸表現，以確定哪些品牌始終可靠地運輸，以確定他們是否有資格參與該計劃。參與該計劃的商家的轉化率提高了 25%。作為我們上週發布的新增功能的一部分，我們正在努力在未來幾個月內將 Shop Promise 擴展到所有符合條件的美國商家。借助 Shopify Fulfillment Network，商家默認可以訪問 Shop Promise。

Over the past 6 months, we have made significant strides in integrating Deliverr into SFN. We're creating one unified network that enables data-driven inventory distribution and access to our logistics services. Compared to Q4 of 2021, we've seen a 40% increase in orders per merchant, while Deliverr has achieved over 50% growth in units fulfilled and more than doubled its services outside of fulfillment, services like freight, B2B, parcels and returns.

在過去的 6 個月裡，我們在將 Deliverr 集成到 SFN 方面取得了重大進展。我們正在創建一個統一的網絡，以支持數據驅動的庫存分配和對我們物流服務的訪問。與 2021 年第四季度相比，我們看到每個商家的訂單量增長了 40%，而 Deliverr 已完成的單位數量增長了 50% 以上，並且其在履行之外的服務（貨運、B2B、包裹和退貨等服務）增加了一倍多。

In 2023, we will continue to integrate SFN with deliberation and discipline. The team plans to broaden our logistics offering, optimize our network performance and deliver an enhanced fulfillment experience for merchants.

2023 年，我們將繼續將 SFN 與審議和紀律相結合。該團隊計劃擴大我們的物流產品範圍，優化我們的網絡性能並為商家提供增強的履行體驗。

I know I've covered a lot, and that's because we've accomplished a lot due to the hard work of our exceptional team. Millions of merchants around the world recognize and value the rich set of mission-critical solutions that we provide. Shopify's commerce operating system is the backbone, powering brands all over the world. Since the very beginning, we have been merchant obsessed and have had their backs when often no one else did.

我知道我已經講了很多，那是因為我們出色的團隊的辛勤工作使我們取得了很多成就。全球數百萬商家認可並重視我們提供的豐富的任務關鍵型解決方案。 Shopify 的商業操作系統是支柱，為世界各地的品牌提供動力。從一開始，我們就一直痴迷於商人，並且在其他人往往沒有的時候得到他們的支持。

Our merchants' testimonials speak for themselves: simplicity, reliability, speed and security, and the list goes on. We've earned our merchant's trust over the years. And it is that trust that supercharges our mission to continue to make commerce better for everyone.

我們商家的評價不言自明：簡單、可靠、速度和安全，而且不勝枚舉。多年來，我們贏得了商家的信任。正是這種信任增強了我們的使命，即繼續為每個人打造更好的商業環境。

And with that, let me turn the call over to Jeff.

有了這個，讓我把電話轉給傑夫。

Thanks, Harley. As this is my first official earnings call, let me start by mentioning how excited I am to be part of Shopify. It's an incredible collection of talent, and I look forward to helping this team capture the opportunity in front of us.

謝謝，哈利。由於這是我的第一個正式財報電話會議，讓我先談談我對成為 Shopify 的一員感到多麼興奮。這是一個令人難以置信的人才集合，我期待著幫助這支球隊抓住我們面前的機會。

Let's now talk about how Black Friday, Cyber Monday and all the great product introductions and developments that Harley mentioned translated into a strong Q4 for our merchants and, therefore, Shopify.

現在讓我們來談談黑色星期五、網絡星期一以及 Harley 提到的所有出色的產品介紹和開發如何為我們的商家以及 Shopify 帶來強勁的第四季度。

Our merchant GMV in Q4 grew to $61 billion, up 13% year-over-year or 17% on a constant currency basis, outpacing overall U.S. retail growth of 6%. Our strong Black Friday, Cyber Monday was a key driver of this Q4 GMV outperformance. We saw strong growth in GMV in both our online and offline businesses.

我們在第四季度的商家 GMV 增長到 610 億美元，同比增長 13% 或按固定匯率計算增長 17%，超過美國零售業整體增長 6%。我們強勁的黑色星期五和網絡星期一是第四季度 GMV 表現出色的關鍵驅動因素。我們在線上和線下業務中都看到了 GMV 的強勁增長。

Revenue for the fourth quarter grew to $1.7 billion, 26% year-over-year growth or 28% in constant currency, which represents the highest growth rate of any quarter in 2022. Driving this performance was strong merchant solutions growth on the back of robust GMV growth.

第四季度收入增長至 17 億美元，同比增長 26% 或按固定匯率計算增長 28%，這是 2022 年任何季度的最高增長率。推動這一業績的是強勁的商業解決方案增長GMV增長。

Moving now to our Merchant Solutions business. During the fourth quarter, Merchant Solutions revenue was $1.3 billion, increasing 30% year-over-year or 32% on a constant currency basis. Our growth in the quarter was primarily due to the increase in GMV, a higher penetration of Shopify Payments and the contribution from Deliverr. $34.2 billion of GMV was processed on Shopify Payments in Q4, 23% higher than in the fourth quarter of 2021. The penetration rate of Shopify Payments as a percentage of GMV was 56% for the quarter versus 51% in Q4 of the prior year and up 210 basis points quarter-over-quarter.

現在轉到我們的商家解決方案業務。第四季度，商戶解決方案收入為 13 億美元，同比增長 30%，按固定匯率計算增長 32%。我們本季度的增長主要是由於 GMV 的增加、Shopify Payments 的更高滲透率以及 Deliverr 的貢獻。第四季度 Shopify Payments 處理了 342 億美元的 GMV，比 2021 年第四季度增長 23%。本季度 Shopify Payments 的滲透率佔 GMV 的百分比為 56%，而去年第四季度為 51%，環比上漲 210 個基點。

Several items drove our gross payments volume for the quarter, particularly strong performance by those merchants on Shopify Payments, an increasing percentage of which are Shopify Plus, new merchant adoption across the globe, expanded penetration in Shop Pay and the increased footprint of our point-of-sale hardware in brick-and-mortar stores.

有幾個項目推動了我們本季度的總支付量，特別是那些商家在 Shopify Payments 上的強勁表現，其中 Shopify Plus 的比例不斷增加，全球新商家的採用，Shop Pay 的滲透率擴大以及我們的點足跡增加實體店中的銷售硬件。

Subscription Solutions revenue was $400 million, up 14% over Q4 of 2021, driven primarily by an increase in the number of Plus subscriptions, higher variable platform fees from Plus merchants and the higher revenue shares from ecosystem app developers.

訂閱解決方案收入為 4 億美元，比 2021 年第四季度增長 14%，這主要是由於 Plus 訂閱數量的增加、Plus 商家的可變平台費用增加以及生態系統應用開發商的收入份額增加所致。

Our total attach rate, which is defined as revenue divided by GMV, represents a key gauge of our ability to drive greater value for our merchants. Our total attach rate has grown to 2.85% in Q4 of 2022, up from 2.55% in Q4 of a year ago.

我們的總附加率定義為收入除以 GMV，是衡量我們為商家創造更大價值的能力的關鍵指標。到 2022 年第四季度，我們的總附加率已從一年前的第四季度的 2.55% 增長到 2.85%。

Monthly recurring revenue or MRR exceeded $109 million, up 7% year-over-year. Strong gains in MRR from Shopify Plus and Shopify Point-of-Sale offset the near-term deferral in MRR from new entrepreneurs participating in our trials. During Q4, we also saw an increase in standard merchant MRR as a significant portion of merchants bypass the paid trial status and convert it directly to full price status. Contribution from our Plus merchants to total MRR increased year-over-year to 33% from 29% in Q4 of 2021 as larger volume brands join the platform and thousands of additional retail locations began using Point-of-Sale Pro.

每月經常性收入或 MRR 超過 1.09 億美元，同比增長 7%。 Shopify Plus 和 Shopify Point-of-Sale 在 MRR 方面的強勁增長抵消了參與我們試驗的新企業家在 MRR 方面的近期延遲。在第四季度，我們還看到標準商家 MRR 有所增加，因為很大一部分商家繞過了付費試用狀態並將其直接轉換為全價狀態。我們的 Plus 商家對總 MRR 的貢獻從 2021 年第四季度的 29% 同比增長到 33%，因為更多品牌加入了該平台，並且數千個額外的零售點開始使用 Point-of-Sale Pro。

As we mentioned in our Q3 call, merchants participating in our onboarding trials are immaterial to our MRR until they convert to one of our fully paid plans. Early signals from these trial experiments have shown encouraging positive increases to merchant engagement. These trials help us attract more merchants and provide merchants a better onboarding experience that gives them additional time to unleash the power of our platform to drive their business.

正如我們在第三季度電話會議中提到的那樣，參與我們的入職試驗的商家對我們的 MRR 並不重要，直到他們轉換為我們的全額付費計劃之一。這些試驗的早期信號顯示，商戶參與度出現了令人鼓舞的積極增長。這些試用幫助我們吸引更多商家，並為商家提供更好的入職體驗，讓他們有更多時間釋放我們平台的力量來推動他們的業務。

For 2022, our MRR per merchant remained relatively consistent with 2021, excluding those on our free and paid trials. We expect to see some incremental benefit to MRR in 2023 from the pricing changes we announced last month.

對於 2022 年，我們每個商家的 MRR 與 2021 年保持相對一致，不包括我們的免費和付費試用。我們預計 2023 年 MRR 會從我們上個月宣布的定價變化中獲得一些增量收益。

Gross profit was up 15% to $799 million, and gross margin was 46% for the quarter. Compared to our Q4 of 2021, gross margin was primarily affected by the dilutive impact of Deliverr. Gross margin for Q4 2022 was also impacted by greater revenue contribution from lower-margin Shopify Payments as well as pressure within Shopify Payments due to Plus and a shift to greater credit card usage versus debit cards.

本季度毛利潤增長 15% 至 7.99 億美元，毛利率為 46%。與我們 2021 年第四季度相比，毛利率主要受到 Deliverr 的攤薄影響。 2022 年第四季度的毛利率還受到利潤率較低的 Shopify Payments 帶來的更大收入貢獻以及 Shopify Payments 內部因 Plus 帶來的壓力以及信用卡使用率高於借記卡的影響。

Operating expenses were $987 million for the quarter, which includes a real estate impairment charge of $84 million. The increase year-over-year is primarily due to the incremental headcount from Deliverr and the implementation of our new compensation system. Of note, when you compare the operating expenses of Q3 and Q4 and remove the onetime items that impacted both periods, we were able to keep our operating expense dollars relatively flat and still deliver strong revenue growth quarter-over-quarter.

本季度運營費用為 9.87 億美元，其中包括 8400 萬美元的房地產減值費用。同比增長主要是由於 Deliverr 的員工人數增加以及我們新薪酬制度的實施。值得注意的是，當你比較第三季度和第四季度的運營費用並刪除影響這兩個時期的一次性項目時，我們能夠保持我們的運營費用美元相對持平，並且仍然實現強勁的季度收入增長。

A key driver of our stabilizing OpEx for the quarter was a decline in headcount from Q3 to Q4. We also have several other key initiatives already in process in order to help us manage operating expenses, including greater focus on our cloud infrastructure spend, heightened scrutiny of the performance of our marketing programs and their associated payback periods and, in general, an increased emphasis on better leveraging technology internally to automate previously manual processes, and thereby improve the speed, accuracy and efficiency of delivering great products and solutions for our merchants. These operational improvements serve as a good indicator of our commitment to make Shopify nimble, lean and highly adaptable, goals that will persist for us well into the future and are not short-term cost fixes.

我們穩定本季度運營支出的一個關鍵驅動因素是從第三季度到第四季度的員工人數下降。為了幫助我們管理運營費用，我們還有其他幾項關鍵舉措已經在進行中，包括更加關注我們的雲基礎設施支出，加強對我們營銷計劃績效及其相關投資回收期的審查，以及總體上更加重視在內部更好地利用技術來自動化以前的手動流程，從而提高為我們的商家提供優質產品和解決方案的速度、準確性和效率。這些運營改進很好地表明了我們致力於使 Shopify 變得靈活、精簡和高度適應性的承諾，這些目標將持續到未來，而不是短期的成本修復。

Stock-based compensation for Q4 was $142 million compared to $98 million for the same period a year ago, primarily driven by Deliverr and higher headcount. Adjusted operating income for the quarter, excluding the real estate charge, was $61 million. The decline compared to Q4 of 2021 was primarily a result of lower gross margin year-over-year and higher operating expenses driven primarily by increased compensation expenses, including our employee shift to more cash versus equity for their total compensation. For the quarter, we delivered cash flow from operations of $97 million and cash flow from operations minus CapEx of approximately $90 million as we held CapEx in Q4 to less than $8 million.

第四季度基於股票的薪酬為 1.42 億美元，而去年同期為 9800 萬美元，這主要是由 Deliverr 和更高的員工人數推動的。本季度調整後營業收入（不包括房地產費用）為 6100 萬美元。與 2021 年第四季度相比下降的主要原因是毛利率同比下降，以及運營費用增加，這主要是由於薪酬支出增加，包括我們的員工將更多的現金與股權轉移到他們的總薪酬中。本季度，我們交付了 9700 萬美元的運營現金流和減去資本支出的運營現金流約 9000 萬美元，因為我們在第四季度將資本支出控制在不到 800 萬美元。

Turning to our balance sheet. Our cash and marketable securities balance grew sequentially from Q3, up to $5.1 billion as of December 31, largely as a result of cash flow from operations in Q4.

轉向我們的資產負債表。我們的現金和有價證券餘額從第三季度開始連續增長，截至 12 月 31 日達到 51 億美元，這主要是由於第四季度運營產生的現金流。

To recap, we delivered strong fourth quarter financial results. We grew revenue 28% on a constant currency basis, and our total attach rate increased to 2.85%. We held our operating expenses essentially flat from Q3 to Q4, excluding onetime charges, and delivered cash flow from operations less CapEx of $90 million.

回顧一下，我們交付了強勁的第四季度財務業績。按固定匯率計算，我們的收入增長了 28%，我們的總附加率增加到 2.85%。從第三季度到第四季度，我們的運營支出基本持平，不包括一次性費用，運營現金流減去資本支出為 9000 萬美元。

Turning to 2023. I'd like to spend a moment talking about two key items affecting our profitability expectations this year. Our compensation leveling exercise in 2022 and the expense run rate of Shopify Fulfillment Network following our acquisition of Deliverr. Starting with our new compensation framework.

談到 2023 年。我想花點時間談談影響我們今年盈利預期的兩個關鍵項目。我們在 2022 年進行的薪酬平衡工作以及我們收購 Deliverr 後 Shopify Fulfillment Network 的費用運行率。從我們新的薪酬框架開始。

Along with enabling our employees to allocate their total compensation split between cash and equity, we also changed the overall compensation system to be better aligned with the market. We went through an extensive benchmarking exercise to help us make sure that within Shopify, the right people are getting paid the right amount. This process resulted in higher compensation expenses starting in September of 2022, primarily in R&D. Given the timing of when we initiated these changes, the year-over-year comparability will be impacted during the first 3 quarters of 2023.

除了讓我們的員工能夠在現金和股權之間分配他們的總薪酬分配外，我們還改變了整體薪酬體系，以更好地與市場保持一致。我們進行了廣泛的基準測試，以幫助我們確保在 Shopify 中，正確的人獲得正確的報酬。從 2022 年 9 月開始，這一過程導致了更高的薪酬支出，主要是在研發方面。考慮到我們啟動這些變化的時間，同比可比性將在 2023 年前三個季度受到影響。

Moving to the Shopify Fulfillment Network. We currently expect SFN to be a headwind to gross margin and a significant contributor to operating expenses in 2023. This impact on year-over-year comparability will be most prominent in the first half of 2023 given that the Deliverr acquisition closed in July 2022.

轉移到 Shopify 配送網絡。我們目前預計 SFN 將成為 2023 年毛利率的不利因素，並成為運營費用的重要貢獻者。鑑於 Deliverr 的收購於 2022 年 7 月完成，這種對同比可比性的影響將在 2023 年上半年最為突出。

Before I turn to our outlook, let me first make a few comments regarding the macroeconomic backdrop and its implications on Shopify. Our perspectives on outlook assume that inflation remains elevated, pushing consumers to discounted and nondiscretionary purchases. As mentioned previously, we had a strong Black Friday, Cyber Monday and continue to outperform the broader e-commerce market, but we are mindful of the environment in which we are operating now.

在我轉向我們的前景之前，讓我首先就宏觀經濟背景及其對 Shopify 的影響發表一些評論。我們對前景的看法假設通脹仍然居高不下，促使消費者進行打折和非自由支配的購買。如前所述，我們經歷了強勁的黑色星期五、網絡星期一，並繼續跑贏更廣泛的電子商務市場，但我們注意到我們現在所處的運營環境。

Let's turn to our outlook for the first quarter of 2023. First, on revenue. We historically have experienced a sequential seasonal decline from Q4 to Q1 due to the strong holiday selling season. We anticipate a similar trend this year and expect Q1 revenue to grow in the high teens on a year-over-year basis. We expect Q1 gross margin to be slightly higher than our gross margin for Q4 of 2022. Overall, the same factors that impacted our gross margin in 2022 are expected to continue in Q1, including the annualized impact of the Deliverr acquisition and the continued growth of Shopify Payments.

讓我們談談我們對 2023 年第一季度的展望。首先，關於收入。由於強勁的假日銷售旺季，從歷史上看，我們經歷了從第四季度到第一季度的連續季節性下降。我們預計今年會有類似的趨勢，並預計第一季度收入將同比增長十幾歲。我們預計第一季度的毛利率將略高於我們 2022 年第四季度的毛利率。總體而言，影響我們 2022 年毛利率的相同因素預計將在第一季度繼續，包括 Deliverr 收購的年化影響和持續增長購物付款。

We believe that our Q1 operating expenses will be up in the low single-digit percentage versus our Q4 2022 operating expenses when excluding the onetime charges that we had in Q4. Stock-based compensation for Q1 is expected to be in line with Q4 of 2022. Finally, we expect that capital expenditures for Q1 will be in line with what we spent for the full year of 2022.

我們認為，如果不包括我們在第四季度的一次性費用，我們第一季度的運營費用將比我們 2022 年第四季度的運營費用低個位數百分比增長。第一季度的股票薪酬預計將與 2022 年第四季度持平。最後，我們預計第一季度的資本支出將與我們 2022 年全年的支出持平。

In closing, 2022 marked the year where Shopify introduced several significant new products and product enhancements, and we look forward to those solutions adding more and more value for our merchants. We delivered strong financial results for the year. We recognized a challenging macroeconomic backdrop and are focused on carefully balancing our growth investments with strict operational discipline. We remain enthusiastic regarding the strength of our Merchant Solutions and the value that they will bring our merchants and, therefore, our investors.

最後，2022 年標誌著 Shopify 推出了幾項重要的新產品和產品增強功能，我們期待這些解決方案為我們的商家增加越來越多的價值。我們在這一年取得了強勁的財務業績。我們認識到具有挑戰性的宏觀經濟背景，並專注於謹慎平衡我們的增長投資與嚴格的運營紀律。我們仍然對我們的商家解決方案的實力以及它們將為我們的商家和投資者帶來的價值充滿熱情。

I'll now turn it back to Amy and open the call for any questions.

我現在會把它轉回給艾米，並打開電話詢問任何問題。

Thank you, Jeff. We will now open the call for your questions. (Operator Instructions) With that, our first question will come from Richard Tse at National Bank of Canada.

謝謝你，傑夫。我們現在將開始徵集您的問題。 （操作員說明）有了這個，我們的第一個問題將來自加拿大國家銀行的 Richard Tse。

Clearly, you have a lot going on here, and you've got a ton of vectors of growth when it comes to opportunity. If we were to step back a bit, how would you rank your kind of biggest priorities here over the next 12 months?

很明顯，你在這裡有很多事情要做，而且當涉及到機會時，你有大量的增長載體。如果我們退後一步，在接下來的 12 個月裡，您將如何排列您在這裡最優先考慮的事情？

I'll take this question. I mean the priorities are -- I think these have a chance there. U.S. business learned a lot. I've talked in previous calls around about tightened feedback loop. We just spent through our recent additions release, as Harley mentioned, already showed that we are increasing pace of shipping via -- going deeper in the product areas that we have that Shopify is known for and really bring focus and deepening the quality of the developer platform and to -- especially address the needs of larger merchants and as move into Commerce Components as a result of us as well.

我會回答這個問題。我的意思是優先事項是——我認為這些有機會。美國企業學到了很多東西。我在之前的電話會議中談到過收緊反饋循環。正如 Harley 所提到的，我們剛剛完成了最近的新增版本，這已經表明我們正在加快發貨速度——深入我們擁有的 Shopify 知名的產品領域，真正帶來關注並提高開發人員的質量平台和 - 特別是滿足大型商家的需求，並且由於我們也進入商務組件。

From a company, I mean, here's -- like Shopify is -- like one thing I'd like to remind people of is internally, usually, is that even before Shopify ended up being a venture-backed company, Shopify was a profitable business, and we've been profitable many times. And via -- is the normal for us to be well operationally matched and look at cash flow and operational efficiency and these kind of things. I think these times are very useful to get back to that and, like, really deepen our, like, efficiency of the business.

從一家公司來說，我的意思是，就像 Shopify 一樣，我想提醒人們的一件事是在內部，通常，即使在 Shopify 最終成為一家風險投資支持的公司之前，Shopify 也是一個盈利的企業，而且我們已經多次盈利。通過 - 對我們來說，在運營上很好地匹配並查看現金流和運營效率以及這些事情是正常的。我認為這些時間對於回到過去非常有用，並且可以真正加深我們的業務效率。

So another priority is -- specifically through the tail end of the boom times over the last decade, we grew along a couple of vectors where now we can bring an optimization, which will help a lot. And I think this is a piece of the kind of things that make businesses a lot more -- set them up well for over the next time we get into boom times whenever that might be. So those are the priorities, deepening product into commerce, really, really finishing a lot of great projects that we started and building the best possible company in the space.

因此，另一個優先事項是——特別是在過去十年繁榮時期的尾聲，我們沿著幾個方向發展，現在我們可以帶來優化，這將有很大幫助。而且我認為這是讓企業變得更多的事情之一 - 為下一次我們進入繁榮時期時做好準備。所以這些是優先事項，將產品深入到商業中，真的，真的完成了我們開始的許多偉大項目，並在這個領域建立了最好的公司。

Our next question will now come from Bhavin Shah at Deutsche Bank.

我們的下一個問題現在將來自德意志銀行的 Bhavin Shah。

Just kind of focusing on the enterprise opportunity, either Harley or Jeff or Tobi. Can you just maybe elaborate on what type of merchants you see best entering the Shopify ecosystem from Commerce Components? And then how should we think about the monetization opportunity for these type of merchants? How does it differ from traditional Shopify Plus?

只是專注於企業機會，Harley、Jeff 或 Tobi。您能否詳細說明您認為哪種類型的商家最適合從 Commerce Components 進入 Shopify 生態系統？那麼我們應該如何考慮這類商家的貨幣化機會呢？它與傳統的 Shopify Plus 有何不同？

It's Harley. I'll take that question. Look, the cool part about Commerce Components is that it effectively uses all the things that we've perfected over the last 2 decades, things like checkout, for example, which currently powers something in the neighborhood like 10% of all e-commerce in the U.S. and -- but it allows obviously these very large merchants, these large brands, these established brands to combine the best parts of Shopify with things that they already have in-house.

是哈利。我會回答這個問題。看，Commerce Components 的酷炫之處在於它有效地使用了我們在過去 2 年中完善的所有東西，例如結賬，它目前為附近的某些東西提供支持，比如 10% 的電子商務美國和 - 但它顯然允許這些非常大的商家，這些大品牌，這些知名品牌將 Shopify 的最佳部分與他們內部已有的東西結合起來。

And I mean from a business perspective, it allows us to expand our market because we can go further up the stack of large enterprises, but it also does the thing that we think we're best known for, which is we provide flexibility. So whether they -- things like storefront or the checkout or the data and compliance or shipping infrastructure, they can pick and choose the things that they need and combine them with the things that they already have. And so we think that it becomes -- frankly, it becomes a mistake not to use Commerce Components if you're a modern, large-scale brand who wants to future-proof your business.

我的意思是從商業的角度來看，它允許我們擴大我們的市場，因為我們可以在大型企業的堆棧中走得更遠，但它也做了我們認為我們最知名的事情，那就是我們提供了靈活性。因此，無論是店面、結賬、數據和合規性還是運輸基礎設施，他們都可以挑选和選擇他們需要的東西，並將它們與他們已有的東西結合起來。因此，我們認為它成為 - 坦率地說，如果你是一個現代的大型品牌，想要讓你的業務經得起未來考驗，那麼不使用 Commerce Components 就是一個錯誤。

The cool part also is that post launch in early January, the response and the level of interest has been fairly -- it's been really great. And I think part of it is that a lot of these large enterprise retailers and merchants are used to working with these legacy systems that are not flexible that have massively long integration times, and we can get them up much better, much faster, and they could have something that will continue to evolve over time.

很酷的部分還在於，在 1 月初發布後，反響和興趣程度相當高——真的很棒。我認為部分原因是許多大型企業零售商和商家習慣於使用這些不靈活且集成時間非常長的遺留系統，我們可以讓它們更好、更快地運行，而且它們可能會隨著時間的推移繼續發展。

So in the case of Mattel, for example, who was one of our launch partners for Commerce Components, they have 400 brands in their vault. They want to be able to take these brands and get them up and running fast, but they also want to be able to do things like massive flash sales on Mattel Creations or be able to launch new functionality around some of their Hot Wheels or Barbie sites. So we think this is an opportunity for us to go further upmarket even than Shopify Plus.

因此，以 Mattel 為例，它是我們 Commerce Components 的發布合作夥伴之一，他們的保險庫中有 400 個品牌。他們希望能夠採用這些品牌並讓它們快速啟動和運行，但他們也希望能夠在 Mattel Creations 上進行大規模閃購，或者能夠圍繞他們的一些 Hot Wheels 或芭比娃娃網站推出新功能.所以我們認為這是一個機會，讓我們比 Shopify Plus 更進一步進入高端市場。

At the same time, I mentioned this in my opening remarks, but Shopify Plus continues to really do well. We're not only seeing merchants automatically upgrade on their own -- from a core product and our core plans to Shopify Plus, but we're also seeing other brands leave existing platforms to come to Shopify Plus as well. So they come to us for Plus, they want everything that Shopify offers, whereas Commerce Components, they can pick and choose using this composable commerce stack. And we think it just -- it's going to be -- it'll be really interesting for us to see who we're able to bring on. But so far, the response and the reaction from the enterprise market has been incredible.

同時，我在開場白中提到了這一點，但 Shopify Plus 繼續做得很好。我們不僅看到商家自己自動升級——從核心產品和我們的核心計劃升級到 Shopify Plus，而且我們還看到其他品牌也離開現有平台來到 Shopify Plus。所以他們來找我們是為了 Plus，他們想要 Shopify 提供的一切，而 Commerce Components，他們可以使用這個可組合的商業堆棧來挑選。我們認為它只是 - 它將會是 - 看看我們能夠帶來誰對我們來說真的很有趣。但到目前為止，企業市場的反應和反應令人難以置信。

Our next question will now come from DJ Hynes at Canaccord.

我們的下一個問題現在將來自 Canaccord 的 DJ Hynes。

Tobi or Harley, I want to ask about your relationship with Amazon. I'm curious how that might be evolving. And how are you thinking about managing relationships with merchants and agencies that are interested in using Buy with Prime?

Tobi 或 Harley，我想問一下你們與亞馬遜的關係。我很好奇這會如何發展。您如何考慮管理與有興趣使用 Buy with Prime 的商家和代理商的關係？

It's Harley. I'll take that question. Look, we said this before, but anything that's going to make our merchants more successful, help them sell more, help them to convert more of their browsers into shoppers and buyers, we think it's a great thing. We have a long history of partnering with technology companies. PayPal, for example, was something that many years ago, we integrated with because we thought it would help our merchants sell more, and we continue to integrate with PayPal.

是哈利。我會回答這個問題。看，我們之前說過，但任何能讓我們的商家更成功、幫助他們銷售更多產品、幫助他們將更多瀏覽者轉化為購物者和購買者的事情，我們都認為這是一件好事。我們與科技公司的合作由來已久。例如，PayPal 是很多年前我們集成的東西，因為我們認為它可以幫助我們的商家銷售更多產品，並且我們繼續與 PayPal 集成。

When it comes to Buy with Prime, we think any company that's going to make their infrastructure available to merchants to sell more is a great thing. We like it. We're going to talk to the Amazon now to make that work, but it has to be done in a way that we think is important for merchants to have a relationship with their end consumer. And so there's no update at this time. We're still talking to Amazon about that. But again, anything that's going to make our merchants' lives better and make sure their business is future-proof, new technology that comes out, we want to make available to them.

談到 Buy with Prime，我們認為任何願意向商家提供其基礎設施以銷售更多商品的公司都是一件好事。我們喜歡它。我們現在將與亞馬遜商談以實現這一目標，但必須以我們認為對商家與最終消費者建立關係很重要的方式來完成。所以目前沒有更新。我們仍在與亞馬遜討論此事。但同樣，任何能讓我們的商人生活更美好並確保他們的業務永不過時的新技術，我們都希望提供給他們。

Our next question comes from Keith Weiss at Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

I was hoping to get a clarification. Tobi, it sounded like because it's a weaker macro environment, you guys are going to focus more on efficiency and profitability. When I look at the Q1 guidance, honestly, I'm not sure if that looks for profitability. Like you had a nice profitability in Q4. If I think about, like, high-teens, 18% revenue growth, 3% sequential growth in operating expenses, I get back to a loss position, like -- so how should we be fundamentally thinking about sort of that balance of growth and profitability specifically for 2023? Are you guys planning on running the business profitably for the full year?

我希望得到澄清。 Tobi，這聽起來像是因為宏觀環境較弱，你們將更加關注效率和盈利能力。當我查看第一季度的指導時，老實說，我不確定這是否是為了盈利。就像你在第四季度有不錯的盈利能力。如果我考慮，比如，十幾歲，18% 的收入增長，3% 的運營支出連續增長，我又回到了虧損的狀態，比如——那麼我們應該如何從根本上考慮增長和增長之間的平衡呢？ 2023 年的盈利能力？你們計劃全年盈利嗎？

Yes. Sorry. Thanks for the question and clarification. I was making statements that are more declarative, directive than guiding. Profitability is a consequence of growth and efficiency combined over time. And I don't look towards the quarters. I'm trying to build the ideal company. And the main thing, like, comment I wanted to make was that I do think that companies have to -- like companies are swimming in the waters of the market and are definitely affected by them to play the game that's currently on the best -- you actually have to change your behavior quite a bit. And in boom times, there's a certain behavior that, like, looks best and where it allows you to get the most out of it. And then to some degree, you actually necessitated to some behavior because of what everyone else does in growth times with cheap credit, there's a certain way to play this in an ideal way.

是的。對不起。感謝您的提問和澄清。我所做的陳述比指導更具聲明性、指導性。盈利能力是隨著時間的推移增長和效率相結合的結果。而且我不看宿舍。我正在努力建立理想的公司。最主要的是，我想發表的評論是，我確實認為公司必須——就像公司在市場的水域中游泳，並且肯定會受到他們的影響才能玩目前最好的遊戲——你實際上必須改變你的行為很多。在繁榮時期，有某種行為看起來最好，並且可以讓您從中獲得最大收益。然後在某種程度上，你實際上需要一些行為，因為其他人在成長時期用廉價信貸所做的事情，有某種方式可以以理想的方式發揮作用。

I think that in the more recessive times, we might not -- I'm not making a statement about this being a recession. But, like, I think in these times, the conversation of the feedback loop lends itself much more towards trying to figure out, like, how to be the best company given the opportunity that's really in front of you. And I believe that over time, profitability will take care of itself if this is the kind of type of company you're building. And I think I intend to -- I think Shopify has played the boom games. Ideally, I intend to have Shopify play the more recessive times similarly well.

我認為，在更加衰退的時期，我們可能不會——我並不是在聲明這是一場衰退。但是，就像，我認為在這些時候，反饋循環的對話更有助於試圖弄清楚，比如，如何在真正擺在你面前的機會下成為最好的公司。而且我相信，隨著時間的推移，如果您正在建立的是這種類型的公司，盈利能力就會自行解決。而且我想我打算 - 我認為 Shopify 玩過繁榮遊戲。理想情況下，我打算讓 Shopify 在經濟衰退時期同樣表現出色。

Just want to add to that. Just in terms of -- one thing that I think a lot of you that have been studying the company for a while know is that one of the best traits -- one of the best quality about Shopify is our ability to navigate through different macro environments, different consumer trends, different business changes. Pre COVID, you saw us operating with a particular efficiency, but also a particular eye on growth. During COVID, when things shut down, we went to work to help merchants move online. We also simultaneously during COVID went to work on building the greatest point-of-sale product because we knew at some point, post-COVID stores are going to reopen. And once stores did reopen, we went hard in replacing all of those legacy systems with ours.

只想補充一點。就這一點而言——我認為很多研究公司一段時間的人都知道，最好的特徵之一——Shopify 最好的品質之一是我們能夠在不同的宏觀環境中導航，不同的消費趨勢，不同的商業變化。在 COVID 之前，您看到我們以特別的效率運作，但也特別關注增長。在 COVID 期間，當一切都關閉時，我們開始工作以幫助商家轉移到網上。在 COVID 期間，我們還同時致力於打造最好的銷售點產品，因為我們知道在某個時候，COVID 後商店將重新開業。一旦商店重新開張，我們就會努力用我們的系統替換所有這些遺留系統。

So I think we've always operated well in any environment. But that flexibility -- we can adjust to that. And I think economic environments like the one we're in right now potentially is when merchants need us most. Shopify lowers the barrier to entrepreneurship, and we're packed with value.

所以我認為我們在任何環境中都一直運作良好。但是這種靈活性——我們可以適應它。而且我認為像我們現在所處的經濟環境可能是商人最需要我們的時候。 Shopify 降低了創業門檻，我們充滿了價值。

Just to repeat something Tobi said because it's very important. We were not raised in venture capital like a lot of other companies were. If you look at our 7 years since IPO, we were profitable 5 out of the 7. And we like being profitable, and we're going to work towards that. We were cash flow positive in Q4. We were AOI positive in Q4, which was the highest AOI quarter of the year. And we're going to continue to push towards greater efficiency and be mindful of CapEx. That's just the way we operate. We are incredibly resilient as a business and as a company, and we'll continue to do that.

只是重複 Tobi 說過的話，因為它非常重要。我們沒有像許多其他公司那樣通過風險投資籌集資金。如果你看看我們自 IPO 以來的 7 年，我們在 7 年中有 5 年盈利。我們喜歡盈利，我們將努力實現這一目標。我們在第四季度的現金流為正。我們在第四季度的 AOI 為正，這是今年最高的 AOI 季度。我們將繼續努力提高效率並註意資本支出。這就是我們的運作方式。作為一家企業和一家公司，我們具有令人難以置信的彈性，我們將繼續這樣做。

Our next question will come from Todd Coupland of CIBC.

我們的下一個問題將來自 CIBC 的 Todd Coupland。

I wanted to ask about the impact of the price increase of your plans. Obviously, it's not going to impact Q1 very much. So if you could give us some color on that and the expected cadence through the year, that'd be great.

我想問一下貴方計劃漲價的影響。顯然，它不會對第一季度產生太大影響。所以，如果你能給我們一些顏色和全年的預期節奏，那就太好了。

Sure. It's Harley. I'll take that one again. Look, our plan of pricing has pretty much remained unchanged since I got here 13 years ago. In the same time, we've added significant value to our subscription offering to our merchants. And I -- we want to keep making commerce better in it. So I think the price increase reflects a fair value exchange, but it also allows us to keep solving really, really tough problems and empower more people to become entrepreneurs. And so it's still early days. We're watching this closely, but I think people view Shopify as incredible value whether you're just getting started or you're a much larger merchant on Plus or CCS.

當然。是哈利。我會再拿那個的。看，自從我 13 年前來到這里以來，我們的定價計劃幾乎沒有改變。同時，我們為商家提供的訂閱產品增加了重要價值。而我——我們希望繼續讓商業在其中變得更好。所以我認為價格上漲反映了公平的價值交換，但它也讓我們能夠繼續解決非常非常棘手的問題，並讓更多的人成為企業家。所以現在還為時尚早。我們正在密切關注這一點，但我認為人們認為 Shopify 具有令人難以置信的價值，無論您是剛剛起步還是您是 Plus 或 CCS 上的大商家。

And so again, the value-to-cost ratio across every single Shopify product and Shopify plan is very much on the side of value. And so I think that -- I think merchants understand it. And I think that the merchants that pay for Shopify every month believe they're getting incredible value from us.

同樣，每個 Shopify 產品和 Shopify 計劃的價值成本比都非常偏重於價值。所以我認為 - 我認為商人明白這一點。而且我認為每月為 Shopify 付款的商家相信他們從我們這裡獲得了難以置信的價值。

Our next question will come from Tim Chiodo at Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Tim Chiodo。

I want to talk a little bit about the Shop Pay accelerated checkout button. So the penetration gain is clearly impressive, now approaching about 20% of GMV. I wanted to touch on two minor or quick items. The first one is the 100 million number that you mentioned in terms of the opted-in. Could you talk a little bit about the percentage of those or maybe just give a number that -- or a rough directional number that are more of a monthly active user.

我想談談 Shop Pay 加速結賬按鈕。因此，滲透率的增長顯然令人印象深刻，現在接近 GMV 的 20% 左右。我想談談兩個次要或快速的項目。第一個是您在選擇加入方面提到的 1 億個數字。你能談談這些百分比，或者只是給出一個數字——或者一個粗略的方向數字，更多的是每月活躍用戶。

And then the second part is around, yes, you've mentioned using Facebook, Instagram, et cetera, going off platform with social platforms, but what about the possibility of the Shop Pay button appearing on other non-Shopify merchants, meaning traditional maybe enterprise retailers that are not working with Shopify?

然後是第二部分，是的，您已經提到使用 Facebook、Instagram 等，使用社交平台離開平台，但是 Shop Pay 按鈕出現在其他非 Shopify 商家上的可能性如何，這意味著傳統的可能不與 Shopify 合作的企業零售商？

It's a great question, specifically, I guess, because Shop Pay is becoming consumer's favorite way to check out. And we won't go into any more details just in terms of the exact numbers. But right -- we did disclose that 100 million buyers opted in to Shop Pay.

這是一個很好的問題，具體來說，我猜，因為 Shop Pay 正在成為消費者最喜歡的結賬方式。我們不會僅僅根據確切的數字來討論更多細節。但沒錯——我們確實透露有 1 億買家選擇了 Shop Pay。

We have in -- we have now seen about $11 billion in GMV go through Shop Pay in Q4 alone, cumulative about $77 billion since its launch in 2017. So we know that consumers really love it. We know merchants really like it because it increases speed and increases conversion rate. And so in terms of what we're going to do in terms of our focus for 2023, we want to make it easier as possible for more merchants and more consumers to use it.

我們已經 - 我們現在已經看到僅在第四季度就有約 110 億美元的 GMV 通過 Shop Pay，自 2017 年推出以來累計約 770 億美元。所以我們知道消費者真的很喜歡它。我們知道商家非常喜歡它，因為它提高了速度並提高了轉化率。因此，就我們 2023 年的工作重點而言，我們希望讓更多商家和更多消費者盡可能輕鬆地使用它。

In terms of moving beyond just Facebook and Instagram and buying Google, and we rolled out Shop Pay on YouTube as well in Q3 of 2022, we'd like to see it in more places, and we're now working towards that. But I think so far, Shop Pay GMV increased 43% year-on-year in Q4. It is now the #1 accelerated checkout across the entire Shopify platform for millions of merchants. So we think that we have a really real opportunity to continue to put that in more services. And again, the more places that have Shop Pay, the more merchants make money, and we like that. So you'll see more Shop Pay in more places.

在超越 Facebook 和 Instagram 並收購谷歌方面，我們也在 2022 年第三季度在 YouTube 上推出了 Shop Pay，我們希望在更多地方看到它，我們現在正在努力實現這一目標。但我認為到目前為止，Shop Pay GMV 在第四季度同比增長了 43%。它現在是數百萬商家在整個 Shopify 平台上排名第一的加速結賬。因此，我們認為我們有一個真正的機會繼續將其用於更多服務。而且，擁有 Shop Pay 的地方越多，商家賺錢就越多，我們喜歡這一點。因此，您會在更多地方看到更多 Shop Pay。

Our next question will come from Clarke Jeffries at Piper Sandler.

我們的下一個問題將來自 Piper Sandler 的 Clarke Jeffries。

I wanted to ask for an update or learnings on the changes you made to the sales funnel with the rollout of free and paid trial experiences in the second half of last year. And I think in the broader context of the pricing change, maybe you can help us understand where we're at in terms of demand or merchant growth in the non-Plus category. Do you see that as improving in the coming year, stable or slowing?

我想了解您在去年下半年推出免費和付費試用體驗後對銷售渠道所做的更改的更新或學習。而且我認為在更廣泛的定價變化背景下，也許你可以幫助我們了解我們在非 Plus 類別的需求或商家增長方面所處的位置。您認為來年會有所改善，穩定還是放緩？

Yes. So we've done a couple of things, and I mentioned this in my remarks. I mean we have a start-up plan we launched in June, which replaced existing Lite plans, so make it much easier for aspiring entrepreneurs to get up and running on Shopify and test their product market fit. We like that because it opens up the funnel for more people to try their hand in entrepreneurship.

是的。所以我們做了幾件事，我在發言中提到了這一點。我的意思是我們在 6 月推出了一個啟動計劃，它取代了現有的 Lite 計劃，因此讓有抱負的企業家更容易在 Shopify 上啟動和運行並測試他們的產品市場適應性。我們喜歡這樣，因為它為更多人嘗試創業打開了渠道。

We also did international initiatives. We did a localized subscription pricing and then local currency billing, again, because we want to take advantage of what we're seeing as demand from international countries. And so we think on the localized pricing, it better aligns pricing with our most popular plans, and we can offer that in, as I mentioned, 200 countries. It really -- the impact of that is mostly on the Shopify plan and the Basic plans. So that, again, that is our desire to expand how many people use Shopify and where they're coming from.

我們還開展了國際倡議。我們再次進行了本地化訂閱定價，然後是本地貨幣計費，因為我們想利用我們所看到的來自國際國家的需求。因此，我們考慮本地化定價，它更好地使定價與我們最受歡迎的計劃保持一致，正如我提到的，我們可以在 200 個國家/地區提供這種服務。真的 - 其影響主要在於 Shopify 計劃和基本計劃。因此，這也是我們希望擴大使用 Shopify 的人數以及他們來自哪裡的願望。

In terms of the free and paid trial, it allows us to get more merchants trying playing with Shopify. Again, the idea is we're not changing physics here. Not every merchant will be successful. But the key for us is that we want Shopify to be the place that everybody goes to start a business. Some of those businesses won't succeed, but the ones that do -- it's in our investor deck on our investor site. The ones that do succeed stay with us indefinitely. They take more and more of our Merchant Solutions. I mean we haven't even got a chance really to talk about our attach rate, which is almost 2.85% this year relative to 2.55% last year. I mean that is a proxy for the value and the amount of services and products our merchants use.

在免費和付費試用方面，它讓我們有更多的商家嘗試玩 Shopify。同樣，我們的想法是我們不會在這裡改變物理學。並非每個商人都會成功。但對我們來說，關鍵是我們希望 Shopify 成為每個人創業的地方。其中一些企業不會成功，但那些成功的企業——它在我們投資者網站上的投資者平台上。那些成功的人會無限期地留在我們身邊。他們越來越多地使用我們的商家解決方案。我的意思是我們甚至沒有機會真正談論我們的附加率，與去年的 2.55% 相比，今年接近 2.85%。我的意思是，這是我們商家使用的服務和產品的價值和數量的代表。

So all of these, whether it's the paid trial or it's international initiative versus the starter plan, we want to get as many people using their hand at Shopify as possible and ensure the ones that are successful become large merchants in the long run, and those things reflect that opportunity for us.

所以所有這些，無論是付費試用還是國際倡議與入門計劃，我們希望盡可能多的人在 Shopify 上使用他們的手，並確保成功的人從長遠來看成為大商人，而那些事情反映了我們的機會。

Our next question will come from Michael Morton at MoffettNathanson.

我們的下一個問題將來自 MoffettNathanson 的 Michael Morton。

With Deliverr integrated and CapEx being deployed on SFN, I was wondering if you could share how you view your return on investment for the money that's going to be allocated in SFN going forward. And I do appreciate that there's a lot of moving parts behind that.

隨著 Deliverr 集成和 CapEx 被部署在 SFN 上，我想知道您是否可以分享您如何看待未來將在 SFN 中分配的資金的投資回報。我很欣賞這背後有很多活動部件。

Yes. Thanks a lot. This is Jeff. Let me tackle that one. So we are -- in terms of backdrop and where we are on the integration of Deliverr, as you know, this was completed in July. So we're roughly 6 months into this. And from a CapEx perspective, as we mentioned, it was $8 million that we spent in Q4. We want to make sure that we get the Deliverr integration fully done before, obviously, we ramp up CapEx on that. But we are being really, really mindful.

是的。多謝。這是傑夫。讓我解決那個問題。所以我們是——就背景和我們在 Deliverr 整合方面的進展而言，正如你所知，這是在 7 月份完成的。所以我們大約有 6 個月的時間。正如我們提到的，從資本支出的角度來看，我們在第四季度花費了 800 萬美元。我們想確保我們在之前完全完成 Deliverr 集成，顯然，我們在這方面增加了資本支出。但我們真的非常非常注意。

I think we've learned some with the management team of Deliverr, the technology of Deliverr, the business plan of Deliverr. We've been able to do some really interesting things and do some things in a way, which I think is much more CapEx light than maybe originally anticipated. And that has to do with -- I mean Harley has talked a lot in the past around the number of SKUs that we need to manage versus someone like Amazon. It's a very, very different business model. And that allows us to be more thoughtful in terms of how we leverage partners.

我想我們已經從 Deliverr 的管理團隊、Deliverr 的技術、Deliverr 的商業計劃中學到了一些東西。我們已經能夠做一些非常有趣的事情，並以某種方式做一些事情，我認為這比最初預期的要輕得多。這與 - 我的意思是 Harley 過去曾就我們需要管理的 SKU 數量與亞馬遜等公司進行過多次討論。這是一種非常非常不同的商業模式。這使我們能夠更周到地考慮如何利用合作夥伴。

And so I think not only the business model, but also the way we leverage partners is going to allow us to do some things, which is pretty interesting in terms of how we think about Deliverr. And this is not even to mention the software, which Deliverr brought to us, which is also proving to be a real differentiator.

因此，我認為不僅是商業模式，而且我們利用合作夥伴的方式都將使我們能夠做一些事情，就我們對 Deliverr 的看法而言，這非常有趣。更不用說 Deliverr 帶給我們的軟件了，它也被證明是一個真正的差異化因素。

Our next question will come from Andrew Bauch at SMBC Nikko.

我們的下一個問題將來自 SMBC Nikko 的 Andrew Bauch。

Just want to get a sense of your guidance philosophy here, not guidance, but the commentary you've made around 1Q, what you've kind of seen quarter-to-date and how you kind of build to that high teens number because when we kind of consider some of the initiatives that are clearly showing momentum, it was -- it came in a little bit lighter than what we had anticipated.

只是想在這裡了解您的指導理念，而不是指導，而是您在第一季度左右發表的評論，您在本季度迄今看到的情況以及您如何達到這個高青少年數字，因為當我們考慮了一些明顯顯示勢頭的舉措，它是 - 它比我們預期的要輕一些。

Yes. Let me start with that one. Reminder, of course, Q1 is our seasonally low quarter. We still feel very good, as you alluded to new products that we introduced last year. And we feel really good about the solutions we had with our merchants, including all the additional solutions that we unveiled last year.

是的。讓我從那個開始。提醒一下，當然，第一季度是我們的季節性低谷季度。我們仍然感覺很好，正如您提到我們去年推出的新產品一樣。我們對與商家合作的解決方案感到非常滿意，包括我們去年推出的所有其他解決方案。

And as you know, from our commentary around Black Friday, Cyber Monday, that was a very good weekend for us. And overall, when you look at Q4, we definitely outperformed well the market in terms of comparing our results versus the broader e-commerce market. That said, we're also mindful of this macroeconomic environment, and that's just a simple reality of where we are right now. But in terms of our own solution, in terms of our own business, we feel really, really good about what we're doing.

正如你所知，從我們對黑色星期五、網絡星期一的評論來看，那對我們來說是一個非常愉快的周末。總的來說，當你看第 4 季度時，在將我們的結果與更廣泛的電子商務市場進行比較方面，我們的表現肯定優於市場。也就是說，我們也注意到這種宏觀經濟環境，而這只是我們現在所處位置的一個簡單現實。但就我們自己的解決方案而言，就我們自己的業務而言，我們對自己所做的事情感覺非常非常好。

Our next question will come from Samad Samana at Jefferies.

我們的下一個問題將來自 Jefferies 的 Samad Samana。

So I wanted to follow up on the -- on adding new merchants and -- were then listed in the commentary, but I guess just how should we think about maybe the different proportions at the top of the funnel, the amount of leads that are coming in that are trying the product and then just how are you thinking about merchant growth in 2023, especially as we think about in the context of the last couple of years where we've had some very, very strong years and have some tough comps against that. Just what's the company thinking as far as bringing new merchants onto the platform and what are you assuming?

所以我想跟進 - 添加新商家 - 然後在評論中列出，但我想我們應該如何考慮漏斗頂部的不同比例，即潛在客戶的數量進來的是試用產品，然後您如何看待 2023 年的商家增長，尤其是在我們考慮過去幾年的背景下，我們經歷了非常、非常強勁的幾年並且有一些艱難的競爭反對那個。就將新商家帶入平台而言，公司的想法是什麼？您有什麼假設？

There's -- the part of which Shopify's business model that I think you know at this point is that there are these on-ramps into the company into using Shopify. And historically, the main on-ramp was small businesses in English-speaking countries. What we've seen over the last couple of years, and I think what the results provide for the last few years is that we now have multiple on-ramps in. We have new merchants coming in, just use Shopify Plus now with CCS, that will be a new on-ramp. We have now merchants coming to us primarily for point-of-sale, I mean, now that point-of-sale can now power 1,000 retail stores, our merchants that come first and foremost for point-of-sale and then expand to online store as well.

在這一點上，我認為你知道的 Shopify 商業模式的一部分是，有這些入口進入公司使用 Shopify。從歷史上看，主要入口是英語國家的小企業。我們在過去幾年所看到的，我認為過去幾年的結果是我們現在有多個入口。我們有新的商家進來，現在只需使用帶有 CCS 的 Shopify Plus，那將是一個新的入口。我們現在有商家來找我們主要是為了銷售點，我的意思是，現在銷售點現在可以為 1,000 家零售店提供支持，我們的商家首先是為了銷售點，然後擴展到在線商店也是如此。

Whether it's international markets or it's new verticals, the idea is to simply be the best product out there, the best value and the best things you can use to get up and running and then to scale. So just in terms of where these merchants are coming from, it isn't just one single vertical or one single type of merchant anymore. All these on-ramps continue to expand. And every time we add a new type of service or product, that creates a new healthy on-ramp for us.

無論是國際市場還是新的垂直市場，我們的想法都是簡單地成為最好的產品，最好的價值和最好的東西，你可以用來啟動和運行然後擴展。因此，就這些商家的來源而言，它不再只是一個單一的垂直或單一類型的商家。所有這些入口都在繼續擴大。每次我們添加一種新型服務或產品時，都會為我們創造一個新的健康入口。

So I mentioned in my prepared remarks, in the last 2 years, we've seen a record number, at least in the U.S., of new business registrations, and we think that's going to be good for Shopify. But beyond just simply the U.S., we also are targeting merchants across a whole different bunch of geographies and in different sizes. And that will lead to more merchants.

所以我在準備好的發言中提到，在過去的兩年裡，我們看到了創紀錄的新企業註冊數量，至少在美國是這樣，我們認為這對 Shopify 有利。但除了美國之外，我們還針對不同地區和不同規模的商家。這將導致更多的商家。

But the important nuance here also is that if you think about just merchant count on its own, it doesn't really reflect the growth of the company. If you think about Supreme or think about Mattel or Black & Decker, these are single merchants, of course, but they bring obviously a lot of GMV with them. They take a lot of services with them. They take a lot more of our products and solutions than simply a small business. So I encourage you to think about the company's growth, not just simply in merchant count, but merchant count and GMV and especially our attach rate, which really does reflect the amount of value that our merchants are taking and their usage of those products.

但這裡的重要細微差別還在於，如果你只考慮商家自身的數量，它並不能真正反映公司的增長。如果你想到 Supreme 或 Mattel 或 Black & Decker，這些當然是單一商家，但它們顯然帶來了很多 GMV。他們帶著很多服務。他們需要更多的我們的產品和解決方案，而不僅僅是一家小企業。所以我鼓勵你考慮公司的增長，不僅僅是商家數量，還有商家數量和 GMV，尤其是我們的附加率，這確實反映了我們的商家所獲得的價值量以及他們對這些產品的使用。

And our last question today will come from Ken Wong at Oppenheimer.

我們今天的最後一個問題將來自奧本海默的 Ken Wong。

Just a quick question for you, Jeff. As we think about OpEx, I guess, first, how much of the risk impacted the 4Q operating expenses? And then you mentioned low single digits up in Q1. Is that the right way to think about the pace of spend in Q3 through 4?

傑夫，我只是想問你一個簡單的問題。當我們考慮 OpEx 時，我想，首先，有多少風險影響了第四季度的運營費用？然後你在第一季度提到了低個位數。這是考慮第三季度至第四季度支出速度的正確方法嗎？

Well, you alluded to the reduction in force that we had earlier in the year, but also keep in mind that in the latter half of last year, we added the employees from Deliverr. For me, when you think about putting it in context, the operating expenses, we mentioned in the prepared remarks that Q4 versus Q3, when you look at it, was essentially flat when you pull out the onetime charges related to real estate and the legal and the severance. It grew barely from Q3 to Q4.

好吧，你提到了我們今年早些時候的裁員，但也請記住，在去年下半年，我們增加了 Deliverr 的員工。對我來說，當你考慮把它放在上下文中時，運營費用，我們在準備好的評論中提到，當你看到它時，當你拿出與房地產和法律相關的一次性費用時，第四季度與第三季度基本持平和遣散費。它從第三季度到第四季度幾乎沒有增長。

And as we talked about in the guidance, it grew just -- we anticipate to grow just a little bit from Q4 to Q1. And so from our vantage point -- and this is on top of, obviously, we delivered very strong growth -- and Harley alluded to this earlier. We delivered very strong growth in Q4, and we obviously see growth in Q1 on a revenue basis as well. So you'll have 2 successive quarters where you're growing the top line and keeping operating expenses essentially in line. So we're trying to be very mindful of what we're doing to some of the comments that we've all made on this call. But that being said, we're going to continue to invest where we should, but we're being careful on OpEx.

正如我們在指南中談到的那樣，它增長了——我們預計從第四季度到第一季度只會增長一點點。因此，從我們的優勢來看——顯然，這是最重要的，我們實現了非常強勁的增長——哈雷早些時候提到了這一點。我們在第四季度實現了非常強勁的增長，我們顯然也看到了第一季度在收入基礎上的增長。因此，您將有兩個連續的季度，在這些季度中，您的收入不斷增長，運營費用基本保持一致。因此，我們試圖非常注意我們對我們在本次電話會議上發表的一些評論所做的事情。但話雖這麼說，我們將繼續在我們應該投資的地方進行投資，但我們對 OpEx 持謹慎態度。

Thank you to all of you who have joined us this evening and for your questions. This now concludes our conference call for the fourth quarter and fiscal year of 2022. Thank you, and goodbye.

感謝今晚參加我們會議的所有人以及提出的問題。我們關於 2022 年第四季度和財政年度的電話會議到此結束。謝謝，再見。