Shopify Inc (SHOP) 2023 Q4 法說會逐字稿

Good morning, and thank you for joining Shopify's Fourth Quarter 2023 Conference Call. Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO, are with us today. After their prepared remarks, we will open it up for your questions.

早安，感謝您參加 Shopify 2023 年第四季電話會議。 Shopify 總裁 Harley Finkelstein；和我們的財務長 Jeff Hoffmeister 今天也和我們在一起。在他們發表完準備好的發言後，我們將開始回答大家的提問。

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

我們將在今天的電話會議上做出前瞻性陳述，這些陳述基於假設，因此受風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。除非法律要求，我們不承擔更新這些聲明的義務。您可以在我們今天早上的新聞稿以及我們向美國和加拿大監管機構提交的文件中了解這些假設、風險和不確定性。

We'll also speak to adjusted financial measures, which are non-GAAP and not a substitute for GAAP financial measures. Reconciliations between the 2 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，並不能取代 GAAP 財務指標。兩者之間的對帳情況載於我們新聞稿末尾的表格中。最後，我們以美元報告。因此，除非另有說明，今天討論的所有金額均以美元計算。

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

說完這些，我會把電話轉給哈雷。

Thanks, Carrie, and good morning, everyone. 2023 was a phenomenal year for Shopify. Commerce moves fast, and we moved faster. We reshaped the company to be flatter, more agile and built to address every corner of commerce, never losing sight of our mission to make commerce better for everyone. And as a result, we continue to break down barriers, accelerate the power of entrepreneurship and fuel our merchant success. No matter which way you look at our business, be it merchants, products or channels we delivered an incredible fourth quarter to finish off an amazing year of growth.

謝謝，Carrie，大家早安。 2023 年對 Shopify 來說是非凡的一年。商業發展迅速，我們的步伐更快。我們重塑了公司，使其更加扁平、更加敏捷，以滿足商業各個角落的需求，同時始終不忘讓每個人享受更好的商業服務的使命。因此，我們不斷打破障礙，增強創業力量，推動商家成功。無論從哪個角度看待我們的業務，無論是商家、產品還是管道，我們都取得了令人難以置信的第四季度業績，結束了令人驚嘆的成長之年。

From a merchant perspective, more businesses of all sizes continue to choose Shopify. Our overall merchant base grew from entrepreneur to enterprise, a direct result of the powerful growth engine, products and go-to-market we have built. Compared to 2022, we had 35% more merchants from outside North America launch and grow their businesses on Shopify. We have signed and added to our incredible roster of merchants, bringing on more diverse businesses across verticals, geographies and channels.

從商家角度來看，越來越多各種規模的企業繼續選擇 Shopify。我們的整體商家群體從企業家成長為企業，這是我們建立的強大成長引擎、產品和行銷的直接結果。與 2022 年相比，在 Shopify 上開展和發展業務的來自北美以外的商家增加了 35%。我們已簽約並擴充了我們令人難以置信的商家名單，從而帶來了跨垂直行業、跨地域和跨渠道的更多樣化的業務。

Brands like Carrier, NIKE Strength, Dollar Shave Club, Banana Republic Home, Authentic Brands Group, Tim Hortons, Guthy-Renker, buybuy BABY, Oscar de la Renta, Everlane and On Running to name a few. Our unified commerce platform has been meticulously constructed and designed to enable brands to start, grow and scale on Shopify. Every feature we launch and every developer tool we create are aimed at making the hard things easy and everything else possible.

其中包括 Carrier、NIKE Strength、Dollar Shave Club、Banana Republic Home、Authentic Brands Group、Tim Hortons、Guthy-Renker、buybuy BABY、Oscar de la Renta、Everlane 和 On Running 等品牌。我們精心打造和設計的統一商務平台旨在讓品牌在 Shopify 上起步、發展和擴大規模。我們推出的每一個功能和創建的每一個開發工具的目的都是為了讓困難的事情變得簡單，讓一切皆有可能。

In 2023, our momentum was bolstered by our strong foundation as we made it even easier for merchants to run and manage a business using tools that are crafted to be simple and intuitive to enable them to focus on what matters most of their product. For streamlining expense management, we launched Shopify Bill Pay and for things like managing taxes, the Shopify Tax platform now allows enterprise-grade tax services to manage end-to-end sales tax compliance within Shopify's existing infrastructure.

2023 年，我們堅實的基礎進一步增強了我們的發展勢頭，我們讓商家能夠更輕鬆地使用簡單直觀的工具來運營和管理業務，使他們能夠專注於最重要的產品。為了簡化費用管理，我們推出了 Shopify Bill Pay，對於稅務管理等事務，Shopify Tax 平台現在允許企業級稅務服務在 Shopify 現有基礎設施內管理端到端銷售稅合規性。

We expanded our back-office merchant solutions to more countries to allow greater customization, upgrade our checkout sensibility and rolled out one-page checkout to make the world's best converting checkout even faster. We continue to unlock the connectivity of the platform to sell wherever buyers are with products like Shopify Collective and the Marketplace Connect app. We integrated Shop Pay Installments into point-of-sale, rolled at a point-of-sale terminal for enterprise and made markets pro generally available in the U.S.

我們將後台商家解決方案擴展到更多國家，以實現更大程度的客製化，升級我們的結帳靈敏度，並推出單頁結帳，以使世界上轉換率最高的結帳速度更快。我們將持續解鎖平台的連結性，透過 Shopify Collective 和 Marketplace Connect 應用程式等產品，讓買家無論身在何處都能進行銷售。我們將 Shop Pay Installments 整合到銷售點，在企業銷售點終端上推出，並在美國普遍推出 markets pro。

We made it easier for merchants to discover and engage with our customers. We continue to build the Shop App with new features, including Shop Cash and shop on the web, so merchants and buyers can more easily discover each other, connect and build relationships. We further refined our algorithms for audiences, which has shown reductions in CAC of up to 50% while increasing the advertising platform partners to include TikTok, Snap, Pinterest and Criteo. We've expanded the on-ramps for merchants into Shopify to thrive at any stage of their growth journey.

我們讓商家更容易發現我們的客戶並與他們互動。我們將繼續建立具有新功能的商店應用程序，包括商店現金和線上購物，以便商家和買家可以更輕鬆地發現彼此、建立聯繫和建立關係。我們進一步完善了針對受眾的演算法，結果顯示 CAC 降低了高達 50%，同時將廣告平台合作夥伴擴大到 TikTok、Snap、Pinterest 和 Criteo。我們已為商家擴展了進入 Shopify 的管道，以便他們在成長歷程的任何階段都能蓬勃發展。

In just the last year, we enabled 2 new ways for merchants to choose Shopify. For retailers who primarily operate in physical locations, the retail plan. And for larger volume enterprise brands looking for composability commerce components by Shopify. Earlier this year, we further expanded our optionality for enterprises, providing a plan that enables them to build with the highest velocity across either the full stack, composable or headless. And the IDC MarketScape 2024 mid-market assessment took note, recently placing Shopify in the leader category ahead of dozens of other software companies.

光是去年，我們就為商家提供了兩種選擇 Shopify 的新方式。對於主要在實體店經營的零售商來說，零售計劃。對於規模較大的企業品牌，Shopify 可提供可組合商務組件。今年早些時候，我們進一步擴展了以企業為導向的可選性，提供了一項計劃，使他們能夠以最快的速度建立全端、可組合或無頭架構。 IDC MarketScape 2024 中型市場評估也注意到了這一點，最近將 Shopify 列入領導者類別，領先其他數十家軟體公司。

All of this while also being recognized by Gartner as the Magic Quadrant Leader for Enterprise, placing us as the highest in our ability to execute. We also expanded and deepened our ecosystem of partners to include systems integrators like IBM and Cognizant. We signed a commercial agreement with Flexport launched Build for Shopify, partner to bring the Amazon Buy with Prime app into our ecosystem and enable a deeper integration with Adyen for Enterprise.

同時，我們也被 Gartner 評為企業魔力像限領導者，這使得我們的執行能力位居最高水準。我們也擴大並深化了合作夥伴生態系統，其中包括 IBM 和 Cognizant 等系統整合商。我們與 Flexport 簽署了商業協議，推出了 Build for Shopify，合作夥伴將 Amazon Buy with Prime 應用程式引入我們的生態系統，並實現與 Adyen for Enterprise 的更深層整合。

And finally, we cannot talk about 2023 without mentioning AI. We launched our suite of AI-powered tools known as Shopify Magic, an AI shopping assistant on our Shop App and further embedded AI tools within Shopify to increase productivity and streamline administrative tasks that have saved our merchants and our team thousands of hours of work, enabling us to ship faster and make great decisions quicker. What we have known from day 1 at Shopify is that when our merchants are more successful, Shopify is more successful.

最後，談論 2023 年時不能不提人工智慧。我們推出了一套名為 Shopify Magic 的人工智慧工具，它是我們商店應用程式上的人工智慧購物助手，並在 Shopify 中嵌入了更多人工智慧工具，以提高生產力並簡化管理任務，為我們的商家和團隊節省了數千小時的工作時間，使我們能夠更快地發貨並更快地做出重大決策。從 Shopify 成立第一天起，我們就知道，當我們的商家更成功時，Shopify 就會更成功。

Revenue hit $7.1 billion, up 26% year-over-year, with Q4 surpassing $2 billion in a single quarter for the first time ever. Gross profit dollars for the year grew 28% with Q4 hitting $1 billion of gross profit in a single quarter for the first time in Shopify's history. And finally, we generated free cash flow of $905 million for the year, successfully growing both free cash flow dollars and free cash flow margin sequentially each and every quarter throughout 2023.

營收達 71 億美元，年增 26%，第四季營收首次超過 20 億美元。全年毛利成長 28%，第四季單季毛利首次達到 10 億美元。最後，我們全年產生了 9.05 億美元的自由現金流，並在 2023 年每個季度都成功地實現了自由現金流金額和自由現金流利潤率的連續增長。

In short, we are right where we want to be on our journey to becoming a 100-year company. The trust we have built with our merchants as the best place for entrepreneurship to thrive, combined with the strong operational discipline we have put in place, we are well positioned to continue to deliver a compelling combination of both growth and profitability.

簡而言之，在成為百年企業的旅程上，我們正​​處於正確的軌道上。我們與商家建立了信任，認為這裡是創業蓬勃發展的最佳場所，再加上我們制定的強有力的營運紀律，我們完全有能力繼續實現成長與獲利的有力結合。

So let's go into more detail on the key accomplishments for the quarter that further demonstrates the progress we are making to strengthen our position as a leader in unified commerce. I will first quickly touch on our Black Friday/Cyber Monday results before diving into our products, channels and international. Starting with the incredible success of our merchants on Black Friday/Cyber Monday. In that 4-day period alone, our merchants collectively generated $9.3 billion in sales, representing 24% growth over the prior year. Approximately 61 million consumers worldwide purchased from brands powered by Shopify, over 17,500 merchants made their first sale and more than 55,000 merchants had their highest selling day ever on Shopify.

因此，讓我們更詳細地了解本季的主要成就，這些成就進一步證明了我們在加強統一商務領導地位方面所取得的進展。在深入了解我們的產品、通路和國際業務之前，我將首先快速介紹我們的「黑色星期五」/「網路星期一」的業績。從我們的商家在黑色星期五/網路星期一的巨大成功開始。光是這 4 天期間，我們的商家就共創造了 93 億美元的銷售額，比前一年成長了 24%。全球約有 6,100 萬消費者從 Shopify 支持的品牌處購買商品，超過 17,500 家商家完成了首次銷售，超過 55,000 家商家在 Shopify 上創下了有史以來最高的單日銷售額。

All of this in our platform hindered a staggering 967,000 requests per second, which is the same as 58 million requests per minute, nearly 80% higher than our peak traffic just 2 years ago. This is a testament to the resiliency and the scalability of our platform that powers more and more of modern commerce. Turning to product. Shopify is all about choice, constantly iterating, expanding and offering more solutions to meet the needs of merchants and they're shifting preferences of their customers, which is why a little over 2 years ago, we launched Hydrogen and Oxygen to give merchants that wanted to go head list in easier development path, helping them to get to market faster.

我們平台上的所有這些都阻礙了每秒驚人的 967,000 個請求，這相當於每分鐘 5800 萬個請求，比我們兩年前的峰值流量高出近 80％。這證明了我們的平台的彈性和可擴展性，可以為越來越多的現代商業提供動力。轉向產品。 Shopify 的重點在於選擇，它不斷迭代、擴展並提供更多解決方案來滿足商家的需求以及他們不斷變化的客戶偏好，這就是為什麼我們在兩年多前推出了 Hydrogen and Oxygen，為想要走上榜單的商家提供更便捷的發展路徑，幫助他們更快地進入市場。

Hydrogen, a React-based toolkit surpassed $1 billion in GMV in Q4 alone. For the year, the GMV was more than 6x what we achieved in all of 2022, reinforcing Shopify's position as a reliable commerce partner for headless commerce. We are seeing more new brands like ButcherBox and Tecovas joining Shopify and launching Hydrogen and expect this momentum to continue into 2024.

基於 React 的工具包 Hydrogen 僅在第四季度的 GMV 就超過了 10 億美元。今年的 GMV 是我們 2022 年全年的 6 倍多，鞏固了 Shopify 作為無頭商務可靠商業合作夥伴的地位。我們看到更多新品牌（如 ButcherBox 和 Tecovas）加入 Shopify 並推出 Hydrogen，預計這種勢頭將持續到 2024 年。

We know conversion is king when it comes to making a sale. And in 2023, we made significant improvements across our platform because we know that not all checkouts are created equal. Our checkout converts better and is now faster than ever before, up to 4 seconds faster on average, in fact. This year, our team made substantial progress reducing friction for our merchants and their customers by introducing features like signing with shop and One-page checkout because when everything works seamlessly together to make the shopping experience better, everybody wins. We've always felt that we have the best converting checkout in the world, and in 2023, we got validation of that.

我們知道，談到銷售，轉換率是最重要的。 2023 年，我們對整個平台進行了重大改進，因為我們知道並非所有的結帳方式都是一樣的。我們的結帳流程變得更好，速度也比以前更快，事實上平均快了 4 秒。今年，我們的團隊透過推出商店簽名和一頁結帳等功能，在減少商家和客戶之間的摩擦方面取得了實質進展，因為當一切都無縫協作以改善購物體驗時，每個人都是贏家。我們一直認為我們擁有世界上最好的結帳方式，並且在 2023 年，我們得到了驗證。

In April, an external study by a Big 3 Consulting company confirmed that Shopify's overall conversion rate surpassed the competition by up to 36% and on average is 15% higher than others. The data also showed that the mere presence of Shop Pay even when it is not used by a buyer results in higher conversion by 5%. And when it is used, can lift conversion as much as 50% versus guest checkout, outpacing all other accelerated checkouts by at least 10%. And it's showing up in our results.

今年 4 月，Big 3 Consulting 公司的一項外部研究證實，Shopify 的整體轉換率比競爭對手高出 36%，平均比其他公司高出 15%。數據也顯示，即使買家沒有使用 Shop Pay，單是其存在就能將轉換率提高 5%。使用後，與訪客結帳相比，轉換率可提高 50%，比其他所有加速結帳方式高出至少 10%。這在我們的結果中有所體現。

For the quarter, Shop Pay, which is the best converting accelerated checkout on the Internet with over 150 million buyers signed up, facilitated $18 billion of GMV, up 58% year-over-year and a staggering 50% for all of 2023. It has now reached a cumulative of $127 billion since its launch in 2017 and continues to become the go-to choice for consumers looking to buy quickly, securely and with as little friction as possible. It also has surpassed all other wallet for Shopify merchants as we look to make Shop Pay the leading checkout across the Internet.

本季度，Shop Pay 促成了 180 億美元的 GMV，同比增長 58%，2023 年全年增長了驚人的 50%，它是互聯網上轉化率最高的加速結帳方式，擁有超過 1.5 億買家。我們希望讓 Shop Pay 成為網路上領先的結帳方式，它也超越了 Shopify 商家的所有其他錢包。

Transitioning to AI. Shop Pay is capitalizing on the immense opportunity to support our merchants in this new technological era where AI becomes the most powerful Sidekick for business creation. Our strategy involves integrating AI at the heart of our platform, simplifying the process for merchants to expand their businesses and adapt to the ever evolving commerce landscape. This is particularly relevant as we begin to shift towards more declarative software versus iterative, a concept that Glen Coates, our VP of core product discussed at Investor Day.

向人工智慧過渡。在這個新科技時代，AI 成為商業創造最強大的助手，Shop Pay 正在利用巨大的機會為我們的商家提供支援。我們的策略是將人工智慧融入我們平台的核心，簡化商家擴展業務和適應不斷發展的商業格局的過程。當我們開始轉向更具聲明性而非迭代性的軟體時，這一點尤其重要，我們的核心產品副總裁 Glen Coates 在投資者日討論了這個概念。

In 2023, we brought nearly a dozen AI-enabled tools through our Shopify Magic product suite. We're one of the first platforms to bring AI-generated product descriptions to market and made solid progress towards building Sidekick, a first of its kind AI-enabled commerce assistant. As part of our winter edition a few weeks ago, we introduced new features to our Shopify Magic suite of AI tools. These new generative AI tools simplify and enhance product image editing directly within the product image editor in the Shopify admin.

2023 年，我們透過 Shopify Magic 產品套件推出了近十幾種支援 AI 的工具。我們是第一批將 AI 生成的產品描述推向市場的平台之一，並在建立首個支援 AI 的商務助理 Sidekick 方面取得了堅實的進展。作為幾週前冬季版的一部分，我們為 Shopify Magic AI 工具套件引入了新功能。這些新的生成式 AI 工具可直接在 Shopify 管理員的產品圖像編輯器中簡化和增強產品圖像編輯。

With Shopify Magic, merchants can now leverage AI to create stunning images and professional edits with just a few clicks or keywords, saving on cost and time. And given the significant advancements in AI in 2023, we plan to seize this enormous opportunity ahead of us and are excited to introduce new modalities and text to image capabilities to Shopify in 2024. Capitalizing on our scale and the trust we've established with merchants over time, we continue to unlock differentiated advantages for our merchants as we power millions of global storefronts. Offerings such as Shopify Collective, Shopify Audiences, Shopify Capital, Shop Cash offers, illustrate how we use the power of our platform and data from product development to offer something truly unique in the market that you can only get if you are on Shopify.

透過 Shopify Magic，商家現在可以利用 AI 只需點擊幾下或輸入關鍵字即可建立令人驚嘆的圖像和專業編輯，從而節省成本和時間。鑑於 2023 年人工智慧的重大進步，我們計劃抓住眼前的巨大機遇，並很高興在 2024 年為 Shopify 推出新的模式和文字到圖像功能。 Shopify Collective、Shopify Audiences、Shopify Capital、Shop Cash 等產品說明了我們如何利用平台的強大功能和產品開發數據來提供市場上真正獨特的產品，而這些產品只能在 Shopify 上獲得。

Take Shopify Collective, which launched in our summer editions in July. Users of this product range from celebrity brands like Drakes, Drake Related, Reese Witherspoon Reese's Book Club to iconic brands like Mattel, elevating its cachet and connecting even more merchants together. It's incredibly humbling to hear the success stories from independent merchants who optimize on this opportunity to join forces and help each other succeed.

以 Shopify Collective 為例，它於 7 月在我們的夏季版中推出。該產品的用戶範圍從 Drakes、Drake Related、Reese Witherspoon Reese's Book Club 等名人品牌到美泰兒等標誌性品牌，提升了其聲望並將更多商家聯繫在一起。聽到獨立商家充分利用這個機會，齊心協力，互相幫助，取得成功的故事，真是令人感到謙卑。

Shopify Capital, a product that's been aiding merchant growth for over 7 years continues to gain momentum. This financial support often plays a key role in making our merchants ambitions more attainable because we help our merchants run their businesses, we are able to get them the funding they need in a few clicks. This helps brands like Nomad, ChocZero and Porter Road get the funding they need to support their growth scale and grow their businesses. And we know the capital product has been effective because we're seeing a repeat renewal rate of over 70%, a testament to our ability to help merchants access the funding they need for growth, particularly ahead of key sale times, including the crucial Q4 holiday shopping season.

Shopify Capital 是一款幫助商家成長超過 7 年的產品，並且持續獲得發展動力。這種財務支援通常在使我們的商家實現其抱負方面發揮著關鍵作用，因為我們幫助我們的商家經營他們的業務，我們只需點擊幾下滑鼠就能為他們提供所需的資金。這有助於 Nomad、ChocZero 和 Porter Road 等品牌獲得所需的資金，以支持其成長規模和發展業務。我們知道資本產品是有效的，因為我們看到重複續約率超過 70%，這證明了我們有能力幫助商家獲得成長所需的資金，特別是在關鍵銷售時間之前，包括關鍵的第四季度假日購物季。

A newer product that just launched in the summer of 2023. Shop Cash is a great example of harnessing the power of platform via Shop App to build new ways for merchants to acquire new customers. As we move into 2024, Shop Cash offers will become a part of a broader product suite called Shop Campaigns. Brands like Netflix, Nike Strength and Caraway have already signed up and launched their first shop campaigns during the quarter, giving them access to millions of highly qualified buyers in the Shop App and creating a new tool for paid customer acquisition.

這是一款於 2023 年夏季剛推出的較新產品。隨著我們進入 2024 年，Shop Cash 優惠將成為名為 Shop Campaigns 的更廣泛產品套件的一部分。 Netflix、Nike Strength 和 Caraway 等品牌已經簽約並在本季度推出了他們的首個購物活動，使他們能夠接觸到 Shop App 中數百萬高素質買家，並創建了一種付費客戶獲取的新工具。

While still early days, we are very excited about the potential of this product in making it easier for merchants to discover and engage with our customers. Encouraged by the momentum across our product offerings, we know that for most of our merchants, Shopify is the online store. But we know that, that's only a start. As commerce has came to evolve, transactions and brand engagement have moved far beyond the traditional retail or online source.

雖然還處於早期階段，但我們對該產品的潛力感到非常興奮，它可以讓商家更容易發現我們的客戶並與他們互動。在我們產品供應強勁發展的推動下，我們知道，對大多數商家來說，Shopify 是線上商店。但我們知道，這只是一個開始。隨著商業的發展，交易和品牌參與已經遠遠超出了傳統零售或線上管道。

In order to discover new customers and build deeper connections with existing ones, you need to be online, offline and everywhere in between. And this is one of our superpowers, and why merchants of all sizes are coming to Shopify to build their own future. Starting with our off-line channel. Our go-to-market efforts, combined with enhancements to our product offering continue to resonate with more merchants that operate both offline and online presences.

為了發現新客戶並與現有客戶建立更深層的聯繫，您需要在線上、離線以及介於兩者之間的各個角落。這是我們的超能力之一，也是各種規模的商家紛紛加入 Shopify 打造自己未來的原因。從我們的線下渠道開始。我們的行銷努力和產品供應的增強繼續受到更多線上和線下商家的青睞。

In the quarter, offline GMV was up 28% year-over-year, driven by the growth of our merchants combined with the expansion of locations by our merchant base. Our off-line success is broad-based across all of the avenues of growth. For digitally native brands already on Shopify, like FIGS, we were there when they launched their first physical retail location in L.A. and cannot wait to be part of wherever they go next. Or Saje Natural in Canada, which is over 70 retail locations today, chose to migrate over their existing point of sale to Shopify. Thanks to the features and functionality we offer, including point-of-sale terminal seamlessly integrated back into the online store and the capability to now support over 1,000 physical stores.

本季度，線下 GMV 年成長 28%，這得益於我們商家的成長以及商家基礎位置的擴張。我們線下的成功廣泛地涵蓋了所有的成長管道。對於已經在 Shopify 上線的數位原生品牌，例如 FIGS，當他們在洛杉磯開設第一家實體零售店時我們就在場，並且迫不及待地想成為他們下一步業務的一部分。或加拿大的 Saje Natural，目前擁有 70 多個零售點，選擇將其現有的銷售點遷移到 Shopify。由於我們提供的特性和功能，包括無縫整合到線上商店的銷售點終端以及現在支援超過 1,000 家實體店的能力。

In addition, we're seeing merchants come into Shopify primarily for our point-of-sale. Multi-store brands like Evereve and Akira that want to modernize their off-line tech stack with our cutting-edge platform. These on-ramps or entry points into Shopify, further substantiate our role as the unified commerce operating system for merchants whether they come to us to sell online, off-line or anywhere in between.

此外，我們發現商家進入 Shopify 主要是為了我們的銷售點。像 Evereve 和 Akira 這樣的多店鋪品牌希望利用我們先進的平台來實現其線下技術堆疊的現代化。這些進入 Shopify 的入口或切入點進一步證實了我們作為商家統一商業作業系統的角色，無論商家來我們這裡進行線上銷售、離線銷售或其他任何銷售方式。

For the year, our off-line revenue was $441 million, which includes revenue from payments, off-line subscriptions and point-of-sale hardware. This is more than 5x what our off-line revenue was just 4 years ago and speaks to the strength of this channel as a growing important on-ramp into Shopify. With the TAM for offline and B2B estimated over $450 billion, we have barely scratched the surface of this opportunity and expect it to be a key growth driver in 2024.

今年，我們的線下收入為 4.41 億美元，其中包括支付、線下訂閱和銷售點硬體的收入。這相當於我們四年前的線下收入的 5 倍多，證明了該管道作為 Shopify 重要入口的實力。線下和 B2B 的 TAM 估計超過 4500 億美元，我們只觸及這一機會的表面，並預計它將成為 2024 年的主要成長動力。

As we invest further into the unique needs for off-line commerce, we will remain focused on simplifying the tech stack while bringing all of the capabilities that we offer for online to off-line. This remains a big opportunity for us especially as our offline offering represents additional pathways to bring even more merchants and customers into the Shopify flywheel.

隨著我們進一步投資於線下商務的獨特需求，我們將繼續專注於簡化技術堆棧，同時將我們為線上提供的所有功能帶到線下。這對我們來說仍然是一個巨大的機會，特別是因為我們的離線服務代表著為 Shopify 飛輪帶來更多商家和客戶的額外途徑。

Diving into B2B, a big and exciting growth opportunity for Shopify. We are continually enhancing our offering, investing in both the product and the go-to-market strategies to support this additional growth driver. During the fourth quarter, our business was up nearly 150% year-over-year with total B2B GMV doubling in 2023. Similar to off-line retail. New channels like B2B allow our merchants to reach more customers and broaden their brand visibility. While our growth in 2023 has primarily stemmed from existing merchants adopting B2B, like Home Decor and furnishing company, Lulu and Georgia; and fashion jewelry and accessories company, BaubleBar, we've also secured some B2B-only merchants like Carrier, which signed in Q4, opening the door to a whole new opportunity of industries we previously didn't serve.

深入 B2B 領域，對於 Shopify 來說，是一個巨大的且令人興奮的成長機會。我們不斷增強我們的產品，投資於產品和市場進入策略，以支持這額外的成長動力。第四季度，我們的業務年增近 150%，2023 年 B2B 總 GMV 翻了一番。 B2B 等新管道使我們的商家能夠接觸到更多的客戶並擴大他們的品牌知名度。雖然我們在 2023 年的成長主要源自於採用 B2B 的現有商家，例如家居裝飾和家具公司 Lulu 和 Georgia；以及時尚珠寶和配件公司 BaubleBar，我們還獲得了一些僅限 B2B 的商家，例如 Carrier，他們在第四季度簽約，為我們之前未曾服務過的行業打開了全新的機遇之門。

In 2024, we will continue to focus on growing our merchant base by catering to businesses who conduct only B2B transactions they were differentiated B2B offering. We are building on our commitment to help merchants sell to all of their customers from a single unified commerce platform with upgrades to our B2B offering, including headless B2B storefronts, and support for sales reps in the admin, among others, as we look to establish our B2B offering as a leader in commerce.

2024 年，我們將繼續專注於擴大我們的商家基礎，滿足僅進行 B2B 交易的企業的需求，並提供差異化的 B2B 產品。我們正在履行我們的承諾，幫助商家透過單一統一的商務平台向所有客戶銷售產品，並升級我們的 B2B 產品，包括無頭 B2B 店面、為管理員中的銷售代表提供支援等，我們希望將我們的 B2B 產品確立為商業領域的領導者。

With over 70% of Shopify's online checkouts in the year made via mobile devices, it is vital for a merchant to integrate commerce into more platforms to effectively discover and engage their customers. Our investment in the Shop App, which offers an instant mobile storefront and built an audience of millions of new buyers continues to become a powerful free channel for our merchants. In Q4, the Shop App nearly reached $100 million in GMV in a single month, underscoring the immense value we can bring to our merchants, a feature that is only available if you are on Shopify.

今年 Shopify 超過 70% 的線上結帳都是透過行動裝置完成的，因此對於商家來說，將商務整合到更多平台以有效地發現和吸引客戶至關重要。我們對 Shop App 的投資，提供了即時行動店面並吸引了數百萬新買家，繼續成為我們商家強大的免費管道。在第四季度，Shop App 單月 GMV 接近 1 億美元，凸顯了我們能為商家帶來的巨大價值，這項功能只有在 Shopify 上才可用。

We also brought in shop to include web experience, providing more touch points for our merchants to maintain customer relationships. We've continued to unlock new ways for our brands to foster genuine connections with their consumers through the Shop App. After our successful collaboration with Drake last quarter, we partnered with Mr. Beast on a video that has attracted more than 165 million views. Mr. Beast invited viewers to use the Shop app to request a holiday gift from a Shopify merchants. This helped drive the Shop app into a top 3 spot in Apple's free iOS apps chart and hundreds of thousands of fans participated with thousands of gifts from Shopify merchants shipped to their doorstep.

我們還引入了商店以包含網路體驗，為我們的商家提供更多接觸點來維護客戶關係。我們不斷透過 Shop App 為我們的品牌探索新的方式，與消費者建立真正的連結。繼上個季度與 Drake 成功合作後，我們與 Mr. Beast 合作製作了一段視頻，該視頻的觀看次數已超過 1.65 億次。野獸先生邀請觀眾使用 Shop 應用程式向 Shopify 商家索取節日禮物。這有助於將 Shop 應用程式推向 Apple 免費 iOS 應用程式排行榜的前三名，並且有數十萬粉絲參與其中，Shopify 商家將數千份禮物運送到他們家門口。

All of this is powered by Shopify as we continue to unleash new ways for merchants to engage and drive authentic connections with their customers. In 2024, we look to further refine the way merchants interact with their customers through the Shop App and drive customer engagement, increase sales and build long-term relationships with their customers.

所有這些都由 Shopify 提供支持，我們將繼續為商家提供新的方式來吸引和建立與客戶的真實聯繫。 2024 年，我們希望進一步改善商家透過 Shop App 與客戶互動的方式，推動客戶參與度、增加銷售並與客戶建立長期關係。

Let's now talk about our international initiatives. Shopify is continuing to invest in building products that work for more merchants and more buyers across different parts of the world. Cross-border GMV was approximately 14% of total GMV in the quarter. And within Europe, we continue to see strong growth from both our existing merchant base as well as growth in new merchant additions. With EMEA, now over $1.2 billion in annual revenue and representing 27% of our total merchant base, we've proven that our go-to-market and investments into expanding our capabilities and localization efforts are working.

現在讓我們來談談我們的國際舉措。 Shopify 正在持續投入開發適合世界各地更多商家和買家的產品。跨境GMV約佔本季總GMV的14%。在歐洲，我們持續看到現有商戶基礎和新商戶數量的強勁成長。目前，歐洲、中東和非洲地區的年收入超過 12 億美元，占我們總商家基礎的 27%，證明我們的行銷策略以及對拓展我們的能力和在地化工作的投資正在發揮作用。

Our go-to-market teams have had an incredible year expanding their brands on our platform with the recent international brands that have signed or launched with Shopify, including London-based clothing label Boden, our largest deal in the U.K. in our history. German curated Home & Living company, Westwing, Berlin-based active brand, OCEANSAPART, Japan headquartered, Suntory, the well-known beverage multinational and On Running, the Swiss athletic sports company that has taken the footwear category by storm, just to name a few.

我們的行銷團隊度過了出色的一年，他們在我們的平台上不斷拓展自己的品牌，最近有不少國際品牌與 Shopify 簽約或推出產品，其中包括總部位於倫敦的服裝品牌 Boden，這是我們歷史上在英國達成的最大一筆交易。其中包括德國家居生活公司、柏林運動品牌 Westwing、日本品牌 OCEANSAPART、著名跨國飲料公司三得利，以及在鞋類領域掀起風暴的瑞士運動公司 On Running，等等。

On Markets Pro, we continue to enable our go-to-market to increase the adoption of this product. In the past quarter, thousands of merchants to leverage Markets Pro for cross-border sales and over the Black Friday/Cyber Monday weekend, 15% of all global orders were cross-border. Brands such as the Red Hot Chili Peppers and Zpacks launch in Markets Pro, and we're eager to extend this offering to more countries in 2024 and beyond.

在 Markets Pro 上，我們將繼續推動我們的行銷工作，以增加該產品的採用。在過去的一個季度，成千上萬的商家利用 Markets Pro 進行跨國銷售，在黑色星期五/網路星期一週末，全球 15% 的訂單都是跨境的。 Red Hot Chili Peppers 和 Zpacks 等品牌在 Markets Pro 中推出，我們渴望在 2024 年及以後將此項服務擴展到更多國家。

Our key product initiatives to drive our international growth include additional localization of the online store and themes, more integrations with local shipping carriers, launching Shopify's Tax platform to global merchants, making point-of-sale available in more markets and integrating with local marketplaces and sales channels. We've hit the ground running in 2024, maintaining our momentum post holiday season, just like our merchants, with a strong push to build on our 2023 traction in enterprise and the release of our winter editions.

推動我們國際成長的關鍵產品措施包括對線上商店和主題進行進一步本地化、與當地運輸公司的更多整合、向全球商家推出 Shopify 的稅務平台、在更多市場上提供銷售點以及與當地市場和銷售管道進行整合。 2024 年，我們已開始全力以赴，與我們的商家一樣，保持假期後的勢頭，大力推動我們在 2023 年企業中的發展勢頭和冬季版的發布。

First, on our enterprise efforts. We kicked off 2024 at NRF, which is the conference for enterprise retail and Shopify showed up. Despite it being only our second year of attendance, the engagement level and pipeline of GMV opportunities we encountered this year compared to the last was remarkably different. Our enterprise offerings, whether full stack, headless or composable are gaining widespread recognition. We engage with hundreds of large established brands and businesses, making our presence felt while also announcing partnerships with Mirakl, Google Cloud Marketplace, Slalom and Manhattan.

第一，關於企業的努力。我們在 NRF 上拉開了 2024 年的序幕，這是企業零售會議，Shopify 也出席了。儘管這只是我們參加的第二年，但與去年相比，今年我們遇到的參與度和 GMV 機會管道有顯著不同。我們的企業產品，無論是全端式、無頭式或可組合式，都獲得了廣泛認可。我們與數百個大型知名品牌和企業合作，讓人們感受到我們的存在，同時也宣布與 Mirakl、Google Cloud Marketplace、Slalom 和 Manhattan 建立合作夥伴關係。

Just as we developed a robust ecosystem for entrepreneurs and SMBs, these partnerships further underscore our strategic positioning as a key player in the enterprise sector across all facets of commerce. This is steadily paving more enterprise pathways towards Shopify, and we plan to amplify our presence this year as we build on our momentum. 2 weeks ago, our winter addition dropped. If you haven't checked it out yet, you really should. Our most recent edition span across the pillars of conversion, channels, marketing and operation. All of the areas that are foundational to a merchant success.

正如我們為企業家和中小企業開發了強大的生態系統一樣，這些合作夥伴關係進一步強調了我們作為商業各個領域企業領域關鍵參與者的策略定位。這正在穩步為 Shopify 鋪平更多的企業道路，我們計劃在今年繼續擴大我們的影響力。兩週前，我們的冬季新增內容下降了。如果你還沒檢查過，那你真的應該去看看。我們最新版本涵蓋了轉換、通路、行銷和營運等支柱。所有這些領域都是商家成功的基礎。

This is our fourth addition in just 2 years, each time introducing over 100 new features and updates, a clear demonstration of our commitment to building the best product to make commerce better at a velocity unmatched in the industry.

這是我們在短短兩年內第四次推出新產品，每次都推出 100 多個新功能和更新，這清楚地表明了我們致力於打造最好的產品，以業內無與倫比的速度推動商業發展。

Before I wrap up and hand it over to Jeff, I want to say thank you to our team for consistently bringing their A game, their innovative ideas and their challenger mindset to advance our mission and make the hard things easier. Building a unified commerce operating system that delights millions of merchants across the globe is hard, but Shopify is great at solving hard problems. We are operating at an unparalleled level in our history from the incredible work of the thousands of people that work at Shopify all over the world.

在結束並將主席職務交給傑夫之前，我想對我們的團隊表示感謝，感謝他們始終如一地發揮出最佳水平，運用創新理念和挑戰者心態來推進我們的使命，讓困難的事情變得更容易。建立一個讓全球數百萬商家滿意的統一商業作業系統很難，但 Shopify 擅長解決難題。由於世界各地成千上萬的 Shopify 員工的辛勤工作，我們的營運水準達到了歷史上無與倫比的水平。

Thank you for your adaptability and unwavering efforts to preserve and expand entrepreneurship and for giving our merchants superpowers. To wrap it up, we delivered in 2023. For 2024, we will not slow down. We will be relentless in our craftsmanship of our foundation to keep us at the center of commerce and building the future for entrepreneurs, for those that are adaptable, unapologetic and ready. With continued advances in technology and the changing consumer landscape, we believe more and more individuals will continue to try their hand and entrepreneurship. When they do, Shopify will be there as we have been for nearly 2 decades, building commerce to make it simpler, easier and more democratized.

感謝你們的適應能力和不懈努力，以維護和擴大企業家精神並賦予我們的商人超能力。總而言之，我們在 2023 年實現了目標。我們將不懈地努力打造我們的基礎，使我們處於商業的中心，並為企業家、為那些適應能力強、敢於創新並做好準備的人們建立未來。隨著科技的不斷進步和消費者格局的變化，我們相信越來越多的個人將繼續嘗試創業。當他們這樣做時，Shopify 將像我們近 20 年來所做的那樣，致力於建立商業，使其變得更簡單、更容易、更民主。

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

現在，讓我把電話轉給傑夫。

Thanks, Harley. 2023 was certainly a phenomenal year for our merchants and our team. Our powerful platform, mission-driven investments and focus on execution are providing a strong foundation for our merchants to compete and thrive and this past quarter was no exception.

謝謝，哈利。 2023 年對我們的商家和團隊來說無疑是非凡的一年。我們強大的平台、以使命為導向的投資以及對執行的關注為我們的商家競爭和發展提供了堅實的基礎，過去一個季度也不例外。

Let's dive into our quarterly results, and then I will provide a summary at the end of my comments. GMV in Q4 was $75.1 billion, up 23% year-over-year, delivering the highest quarterly GMV growth rate since the pandemic driven growth rates of 2021. Moreover, this resulted in our quarterly GMV growth rate increasing sequentially for each quarter of 2023. The Q4 GMV results stem from the following: same-store sales growth for our existing merchants, continued growth in our merchant base globally, strength in EMEA, which grew 40% in the quarter from both strong same-store sales growth and new merchant acquisition with growth from our existing merchant base being the larger contributor this quarter. And finally, 28% growth year-over-year in our offline business, driven primarily by larger retailers joining the platform.

讓我們深入了解我們的季度業績，然後我將在評論結束時提供總結。第四季的 GMV 為 751 億美元，同比增長 23%，創下 2021 年受疫情推動的增長率以來的最高季度 GMV 增長率。 此外，這導致我們的季度 GMV 增長率在 2023 年每個季度都環比增長。益於強勁的同店銷售額成長和新商家收購，其中現有商家基礎的成長是本季貢獻最大的因素。最後，我們的線下業務年增 28%，這主要得益於大型零售商加入該平台。

Turning to revenue. Revenue for the fourth quarter was $2.1 billion, up 24% year-over-year which translates into 30% year-over-year growth when excluding the logistics businesses. This represents the third consecutive quarter that our growth has been greater than 25% on an organic basis ex logistics. Our strong Black Friday/Cyber Monday weekend and continued strength through the holiday season were the key drivers of this Q4 outperformance.

談到收入。第四季營收為 21 億美元，年增 24%，若不包括物流業務，則較去年同期成長 30%。這是我們連續第三個季度（不包括物流）實現有機成長超過 25%。強勁的“黑色星期五”/“網絡星期一”週末表現以及整個假期季節的持續強勁是第四季度表現優異的關鍵驅動因素。

Increased payments penetration, which hit 60% in Q4, and strong growth in the number of merchants on our platform were also key drivers of our overall revenue growth. I will now get into the key dynamics of our 2 revenue streams: Merchant Solutions and Subscriptions, which will provide you some additional detail on our outperformance. Q4 Merchant Solutions revenue was $1.6 billion, increasing 21% year-over-year, driven by growth in GMV, which came in stronger than our expectations on the back of a particularly strong Black Friday/Cyber Monday weekend and overall Q4 holiday shopping season for our merchants, continued penetration of Shopify Payments and strength in our merchant solutions products, particularly Markets, Shopify Tax and Installments, with those contributions partially offset by not having the logistics business in the quarter, which, as I mentioned a few moments ago, had a 600 basis point impact on our total revenue year-over-year growth rate.

支付滲透率的提高（第四季達到 60%）和我們平台上商家數量的強勁成長也是我們整體營收成長的主要驅動力。現在我將介紹我們的兩大收入來源的關鍵動態：商家解決方案和訂閱，這將為您提供有關我們優異表現的更多詳細資訊。第四季商家解決方案營收為 16 億美元，同比成長 21%，這得益於 GMV 的成長，GMV 的成長超出了我們的預期，這得益於黑色星期五/網路星期一週末和整個第四季商家購買季的強勁表現，Shopify Payments 的持續滲透以及我們商家解決方案的總收入年增率產生了 600 個基點的影響。

$45.1 billion of GMV was processed on Shopify Payments in the fourth quarter. 32% higher than in the fourth quarter of 2022. The penetration rate of Shopify Payments as a percentage of GMV was 60% compared to 56% in Q4 of 2022. Several factors drove the quarter's higher gross payments volume compared to the prior year, including the strong performance of those merchants utilizing Shopify Payments, an increasing percentage of which are Shopify Plus, more merchants across the globe adopting payments, greater penetration of Shop Pay and continued growth of our point-of-sale solution. These were partially offset by our GMV mix shifting to EMEA where we have lower GPV penetration than North America.

第四季度，Shopify Payments 處理的 GMV 為 451 億美元。比 2022 年第四季高出 32%。這些被我們的 GPV 組合向 EMEA 轉移所部分抵消，因為 EMEA 的 GPV 滲透率低於北美。

It is important to remember that Q4 is a quarter which traditionally sees the highest percentage of revenue from payments. For the year, GPV penetration was 58% up from 54% in 2022. Subscription Solutions revenue was $525 million, up 31% over Q4 of 2022, primarily driven by the growth in the number of merchants and, to a lesser extent, the impact from the pricing increases on our standard plans. This combined strength across Merchant Solutions revenue and Subscription Solutions revenue generated our first quarter of greater than $2 billion in revenue.

重要的是要記住，第四季度傳統上是支付收入佔比最高的季度。就全年而言，GPV 滲透率從 2022 年的 54% 上升至 58%，這主要得益於商家數量的增長，以及在較小程度上受到價格上漲對我們標準計劃的影響。商家解決方案收入和訂閱解決方案收入的綜合優勢使我們第一季的收入超過 20 億美元。

Q4 MRR was $149 million, up 35% year-over-year. We saw growth year-over-year in MRR across each of standard plus an off-line point-of-sale. The strength stemmed from increases in the number of merchants in each of the 3 categories, combined with, for standard, the pricing change that we implemented last year for Plus, growth from both first-time Shopify merchants starting on Plus and existing merchants upgrading from one of our standard plans to Plus, with Plus representing 31% of MRR for Q4 of this year, consistent with Q3.

第四季 MRR 為 1.49 億美元，年增 35%。我們看到每個標準銷售點和線下銷售點的 MRR 都比去年同期成長。強勁成長源自於 3 個類別中商家數量的增加，再加上我們去年為 Plus 實施的標準價格調整，首次使用 Shopify 的商家開始使用 Plus 以及現有商家從我們的標準計劃升級到 Plus 的增長，其中 Plus 佔今年第四季度 MRR 的 31%，與第三季度一致。

And for point-of-sale, which was up 46%, driven by both improvements in our go-to-market strategy and our new retail plan, which, as a reminder, is our new plan for retail first businesses that primarily sell through brick-and-mortar, but which also won a simple online presence. Similar to our year-over-year results, MRR increased in each of the 3 categories on a sequential quarter-over-quarter basis as well, largely from growth in the number of merchants in each group.

銷售點成長了 46%，這得益於我們市場進入策略和新零售計劃的改進，提醒一下，這是我們針對主要透過實體店進行銷售的零售優先業務的新計劃，但也贏得了簡單的在線業務。與我們的年比結果類似，三個類別的 MRR 也按季度環比增長，這主要得益於各組商家數量的增長。

In Q4, our attach rate was 2.85%, which is in line with Q4 of 2022 and up year-over-year when considering the impact of the sale of our logistics business. Key drivers of attach rate expansion in the quarter were the continued gains in GPV penetration, higher subscription revenues and greater product adoption led by Markets and Shop Cash. The quarterly sequential decline in our attach rate, as we have consistently experienced in prior years is primarily driven by Q4 being more heavily weighted to payments revenues from the strong holiday season.

第四季度，我們的附加率為 2.85%，與 2022 年第四季持平，並考慮到出售物流業務的影響，較去年同期成長。本季附加率擴張的主要驅動因素是 GPV 滲透率的持續成長、訂閱收入的增加以及由 Markets 和 Shop Cash 引領的產品採用率的提高。正如我們在前幾年一直經歷的那樣，我們的附加率逐季下降，主要是因為第四季度受到假日季強勁增長的支付收入的拖累。

Moving to gross profit. Gross profit was $1.1 billion for the quarter, up 33% year-over-year, outpacing revenue growth and delivering our first quarter of gross profit dollars above $1 billion in a single quarter. Gross margin for Subscription Solutions was 81.5% compared to 78.5% in Q4 of 2022. The increase was driven primarily by pricing changes on Standard plans and, to a lesser extent, continued support efficiencies.

轉向毛利。本季毛利為 11 億美元，年增 33%，超過營收成長，並首次實現單季毛利超過 10 億美元的成績。訂閱解決方案的毛利率為 81.5%，而 2022 年第四季為 78.5%。

Gross margin for Merchant Solutions was 39.2% compared to 36.3% in Q4 of 2022. Our improvement in gross margins for Merchant Solutions was primarily due to the absence of logistics, which was dilutive to margins. When excluding the impact of logistics, our Merchant Solutions gross margin was down year-over-year with the key factors being growth of our lower-margin Shopify Payments business and a decrease in some higher-margin partnership revenue. With both of those impacts being partially offset by growth in our Shopify Tax product and other higher-margin products within Merchant Solutions.

Merchant Solutions 的毛利率為 39.2%，而 2022 年第四季為 36.3%。在排除物流的影響時，我們的商家解決方案毛利率年減，主要因素是利潤率較低的 Shopify Payments 業務的成長以及一些利潤率較高的合作夥伴收入的減少。我們的 Shopify Tax 產品和 Merchant Solutions 內其他利潤率較高的產品的成長部分抵消了這兩種影響。

This brings our overall Q4 gross margin of 49.5% compared to 46% in the prior year and in line with the outlook we provided on the last earnings call. For the full year, gross margin was 49.8%, up from 49.2% in 2022, primarily driven by the absence of logistics, the pricing changes on Standard plans and support efficiencies partially offset by the continued growth in our lower-margin payments business. Operating expenses were $773 million for the quarter down 22% compared to Q4 of 2022, down 1% quarter-over-quarter and in line with our guidance from our last earnings call.

這使我們第四季的整體毛利率達到 49.5%，而去年同期為 46%，與我們在上次財報電話會議上給出的預期一致。全年毛利率為 49.8%，高於 2022 年的 49.2%，這主要歸因於物流的缺失、標準計劃的定價變化和支持效率，但利潤率較低的支付業務的持續增長部分抵消了這一影響。本季營運費用為 7.73 億美元，與 2022 年第四季相比下降 22%，季減 1%，與我們上次財報電話會議的指引一致。

The decline year-over-year was primarily due to the sale of the logistics business, lower head count and the lack of a real estate impairment charge, which we had in the prior year, partially offset by increases in marketing spend, primarily in performance marketing, both offline and online to further support our key growth initiatives.

年比下降主要由於物流業務的出售、員工人數的減少以及沒有提列上年度的房地產減值費用，但營銷支出的增加（主要是線上和線下的績效營銷）部分抵消了這一下降，以進一步支持我們的關鍵增長計劃。

Operating income for the quarter was $289 million or 13.5% of revenues, up from Q3 operating income of 7%. Stock-based compensation for Q4 was $103 million in line with our Q3 SBC also of $103 million. Capital expenditures were $2 million for the quarter. Q4 free cash flow was $446 million or 21% of revenue. The outperformance in GMV in the quarter drove the higher free cash flow margin. For the year, we achieved a 13% margin, growing both free cash flow dollars and free cash flow margin sequentially every quarter of 2023. We have now delivered 5 consecutive quarters of positive free cash flow with no expectation for this trend to change.

本季營業收入為 2.89 億美元，佔營收的 13.5%，高於第三季的 7%。第四季的股票薪酬為 1.03 億美元，與第三季的 1.03 億美元 SBC 一致。本季的資本支出為 200 萬美元。第四季自由現金流為 4.46 億美元，佔營收的 21%。本季 GMV 的出色表現帶動了自由現金流利潤率的提高。今年，我們的利潤率達到了 13%，2023 年每個季度的自由現金流金額和自由現金流利潤率都連續增長。

Turning to our balance sheet. Our cash and marketable securities balance was $5.0 billion as of December 31, and we had a net cash position of $4.1 billion after consideration of the outstanding convertible notes. In Q4, we invested $260 million in Flexport via convertible note as part of Shopify's continued partnership with the Flexport team.

轉向我們的資產負債表。截至 12 月 31 日，我們的現金和有價證券餘額為 50 億美元，考慮未償還的可轉換票據後，我們的淨現金狀況為 41 億美元。作為 Shopify 與 Flexport 團隊持續合作的一部分，在第四季度，我們透過可轉換票據向 Flexport 投資了 2.6 億美元。

Before turning to our outlook, a few comments on our perspectives underpinning our expectations for 2024. From a macro perspective, we expect the same resiliency from our merchants and their buyers that we experienced in 2023. We expect our existing merchant cohorts to continue to deliver strong growth, coupled with our ambitions to continue to add more new merchants of all sizes, from entrepreneurs to large enterprises and channels, including off-line and B2B.

在談到我們的展望之前，我們先來談談我們對 2024 年預期的一些觀點。

In 2024, we plan to remain disciplined on head count growth and continue to find more ways to use AI and automation to be even more efficient operationally. We will lean into growth opportunities and provide the essential go-to-market support while continuing to execute with the operational discipline that we demonstrated this past year in order to deliver a compelling mix of growth and profitability.

2024 年，我們計劃繼續嚴格控制員工數量成長，並繼續尋找更多方法利用人工智慧和自動化來提高營運效率。我們將抓住成長機會並提供必要的市場進入支持，同時繼續執行我們在過去一年中展示的營運紀律，以實現引人注目的成長和獲利組合。

Last week, we updated our Plus pricing. This marks the first change to our plus pricing in 6 years. We believe that we still offer by far the best value in the industry for the powerful, innovative and reliable tools that we've built for our merchant success. These changes went into effect for new merchants on February 8, and it goes into effect on May 8 for existing merchants that don't choose to lock in a 3-year contract at the existing 2023 rates. Therefore, we expect more of the financial impact from these changes to occur in the second half of the year.

上週，我們更新了 Plus 定價。這是我們六年來首次對附加定價進行調整。我們相信，我們為商家成功而建立的強大、創新、可靠的工具仍然能夠提供迄今為止業內最佳的價值。這些變更於 2 月 8 日對新商家生效，對於不選擇以現有 2023 年費率鎖定 3 年合約的現有商家，這些變更將於 5 月 8 日生效。因此，我們預計這些變化帶來的更多財務影響將在今年下半年顯現。

Keeping all this in mind, let's now turn to outlook. Our expectations for the first quarter of 2024 are as follows: first, on revenue. We expect our merchant momentum from Q4 to carry over into Q1, recognizing that Q1 is consistently our lowest quarter seasonally. We expect Q1 revenue growth in the low 20s on a GAAP basis which translates into a year-over-year growth rate in the mid- to high 20s when excluding the 500 to 600 basis point impact from the sale of our logistics business.

考慮到所有這些，現在讓我們來討論一下展望。我們對2024年第一季的預期如下：首先，關於收入。我們預計第四季度的商家銷售動能將延續到第一季度，同時我們意識到第一季一直是我們季節性銷售最低的季度。我們預計，以 GAAP 計算，第一季的營收成長率將在 20% 左右，如果排除出售物流業務帶來的 500 到 600 個基點的影響，那麼同比成長率將達到 20% 左右。

Q1 thereby would mark the fourth consecutive quarter where our year-over-year revenue growth would be above 25% ex logistics. Q1 gross margin is expected to increase approximately 150 basis points over Q4, which is the same Q4 to Q1 margin uplift that we saw in the prior year. The largest component of the increase is the expected higher mix of subscription solutions revenue in Q1. We believe that our Q1 operating expense dollars on a GAAP basis will be up at a low teens percentage rate compared to our Q4 operating expense dollars of $773 million.

因此，第一季將是我們連續第四個季度（不包括物流）營收年增超過 25%。預計第一季毛利率將比第四季增加約 150 個基點，與去年同期第四季至第一季的利潤率增幅相同。成長的最大部分是預計第一季訂閱解決方案收入的增加。我們認為，以 GAAP 計算，我們第一季的營業費用將與第四季的 7.73 億美元營業費用相比，以低十幾個百分點的速度成長。

The 2 primary drivers of the increase relative to the fourth quarter are marketing and employee-related expenses. These 2 items represent the significant majority of the increase and are roughly evenly balanced with marketing being a slightly larger contributor. In terms of marketing, the 2 areas, in particular, where we are leaning in this quarter are performance marketing and point-of-sale. Within performance marketing, our team has unlocked some opportunities to reach potential customers at highly attractive LTV to CAC and paybacks.

與第四季度相比，成長的兩個主要驅動因素是行銷和員工相關費用。這兩項佔了成長的絕大部分，兩者基本上持平，其中行銷的貢獻稍大一些。在行銷方面，本季我們特別關注的兩個領域是績效行銷和銷售點。在績效行銷方面，我們的團隊已經解鎖了一些機會，以極具吸引力的 LTV、CAC 和回報來接觸潛在客戶。

In fact, tactics that we've implemented on some channels earlier this year including through the enhanced use of AI and automation have improved paybacks by over 30%, enabling us to invest more into these channels while still maintaining our operating discipline on the underlying unit economics. For our off-line point-of-sale business, our results demonstrate the traction we are gaining with off-line growth continuing to outpace online growth and representing a significant addressable market for us. We want to be the clear leader in unified commerce.

事實上，我們今年稍早在某些管道實施的策略，包括透過加強使用人工智慧和自動化，已經將回報率提高了 30% 以上，使我們能夠在這些管道上投入更多，同時仍保持對基礎單位經濟的營運紀律。對於我們的線下銷售點業務，我們的結果表明，我們正在獲得發展動力，離線成長持續超過線上成長，並為我們帶來了一個重要的潛在市場。我們希望成為統一商業領域的絕對領導者。

We consider both of these opportunities to be ones that we want to seize and in the best interest of supporting our growth products and simply the smart thing to do for our business. On employee expenses, 2 components: payroll taxes and compensation. Payroll taxes will increase over Q4 given the normal annual front-loading of some types of payroll taxes, specifically social security and Canadian employer contributions, which are not ratable throughout the year.

我們認為，這兩個機會都是我們應該抓住的，它們有利於支持我們的成長產品，對我們的業務來說，這也是明智之舉。員工費用包括兩個部分：薪資稅和薪資。由於某些類型的工資稅（特別是社會安全稅和加拿大雇主繳款）通常在每年前期繳納，且不能在全年分攤，因此工資稅將在第四季度增加。

Head count is expected to be flat Q4 versus Q1. But as of January 1, we did have some pay increases go into effect for some employees. The payroll tax impact is expected to be larger than the impact of the compensation increases.

預計第四季的員工人數將與第一季持平。但從 1 月 1 日起，我們確實對部分員工實施了加薪。預計工資稅的影響將大於薪資增加的影響。

Moving to stock-based compensation. SBC is expected to be $105 million in Q1 and Q1 capital expenditures are expected to be approximately $10 million. Finally, on free cash flow. We anticipate that our Q1 free cash flow margin will be in the high single-digit percentage of revenue. As a reminder, Q1 has historically been our lowest revenue quarter, so the revenue scale impacts our free cash flow margin. Free cash flow generation and margin improvements remain a key focus area for us.

轉向股票薪酬。 SBC預計第一季的營收為1.05億美元，第一季的資本支出預計約為1,000萬美元。最後，關於自由現金流。我們預計第一季的自由現金流利潤率將達到收入的高個位數百分比。提醒一下，第一季歷來是我們收入最低的季度，因此收入規模會影響我們的自由現金流利潤率。自由現金流的產生和利潤率的提高仍然是我們關注的重點領域。

We expect that as our revenue scales throughout the year, balanced with operational discipline that we will be able to generate greater free cash flow dollars each quarter and that free cash flow margin will sequentially improve each quarter. So to wrap it up, 2023 was an incredible year for both Shopify and our merchants. Our strong financial results are a testament to us executing to our road map and the progress that we've made building fast, reliable and unified software for merchants of all sizes.

我們預計，隨著我們的收入在全年擴大，並與營運紀律保持平衡，我們將能夠每季產生更大的自由現金流，並且自由現金流利潤率將每季逐步提高。總而言之，2023 年對 Shopify 和我們的商家來說都是不可思議的一年。我們強勁的財務表現證明了我們執行路線圖的成果以及為各種規模的商家建立快速、可靠和統一的軟體所取得的進展。

In Q4 alone, revenue grew 30% on an organic basis, and we delivered the largest revenue quarter in our history. Moreover, we delivered the largest gross profit dollars in our history and free cash flow margin hit 21%. We are executing across the board. Looking ahead to 2024, we anticipate not only maintaining our strong revenue growth in Q1, but also generating free cash flow margin that will continue to improve year-over-year.

光是在第四季度，營收就有機成長了 30%，創下了公司歷史上收入最高的一個季度。此外，我們實現了史上最高的毛利，自由現金流利潤率達到 21%。我們正在全面執行。展望 2024 年，我們預計不僅能在第一季維持強勁的營收成長，還能產生逐年改善的自由現金流利潤率。

In closing, we will continue to innovate, to empower entrepreneurs and to set the standard for what's possible in the world of commerce. Thank you for joining us on this journey.

最後，我們將繼續創新，為企業家提供支持，並為商業世界的可能性制定標準。感謝您與我們一起踏上這趟旅程。

With that, I'll now turn the call back over to Carrie for your questions.

說完這些，我現在將電話轉回給 Carrie 來回答您的問題。

We will now open the call for your questions. (Operator Instructions) Our first question comes from Ken Wong at Oppenheimer.

我們現在開始回答大家的提問。 （操作員指示）我們的第一個問題來自奧本海默公司的 Ken Wong。

I wanted to perhaps just dive into the Merchant Solutions side of things, really strong GMV growth. Did notice that take rate ticked down a little bit sequentially. Can you provide any color on the dynamic there?

我可能只是想深入了解商家解決方案方面的事情，即真正強勁的 GMV 成長。確實注意到接受率連續略有下降。您能提供那裡的動態嗎？

Ken, it's Harley. I'll start with that one. Yes, I mean, look, attach rate was around 3% for the year, which continues to go up. That's up from like 2.6% 5 years ago or so. But over the long run, we're focused on driving both GMV and revenue, but that doesn't necessarily always translate to a higher attach rate.

肯，這是哈雷。我先從那一個開始。是的，我的意思是，你看，今年的附加率約為 3%，而且還在繼續上升。這比五年前的 2.6% 有所上升。但從長遠來看，我們專注於推動 GMV 和收入，但這並不一定意味著更高的附加率。

The way that we think about attach rates is that's an output of an activity of our platform. So between attach rate growth and revenue growth, you should really focus more on revenue growth than I think, attach rate. That said, we expect attach rates will continue to go up, and particularly as we create more solutions, as we expand the solutions to more -- to more geographies, you will continue to see that grow. But we think Shopify is a product company. We're focused on making commerce better for everyone. And the velocity and the pace of innovation that we have right now will obviously help in terms of that attach rate.

我們認為附加率是我們平台活動的輸出。因此，在附加率成長和收入成長之間，我認為你應該更專注於收入成長，而不是附加率。也就是說，我們預計附加率將繼續上升，特別是當我們創造更多的解決方案時，隨著我們將解決方案擴展到更多的地區，您將繼續看到這種增長。但我們認為 Shopify 是一家產品公司。我們致力於讓每個人都能享受更好的商業體驗。我們目前的創新速度和步伐顯然將有助於提高附加率。

So you should see increase in that as well. But on quarters, for example, like Q4, where GMV is just so outsized given seasonal shopping trends, you may see a small dip from time to time, but we're around 3% for the year, which we're really proud of.

因此你也應該看到這一點增加。但在第四季度等季度，由於季節性購物趨勢的影響，GMV 非常高，您可能會不時看到小幅下降，但全年的成長率約為 3%，我們對此感到非常自豪。

Yes. And the only thing I'd add to Harley's comments exactly to what you mentioned in terms of GMV being heavy for the quarter, there was some noncash revenue, which we had in Q4, which doesn't scale to the extent it's more of a straight line revenue piece. So it doesn't scale as much so that we'll have a slight tick. That would be only reason.

是的。關於哈雷的評論，我唯一想補充的是，正如你所提到的，本季的 GMV 很高，我們在第四季有一些非現金收入，這些收入並沒有擴大到直線收入的程度。因此它的擴展程度不會太大，因此我們會得到輕微的回饋。那是唯一的原因。

Our next question comes from Darren Aftahi at ROTH Capital.

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

You guys talked a lot about point-of-sale in large retailers. I'm kind of curious, what percentage of your point-of-sale wins in calendar '23 already had an online customer presence with Shopify versus not?

你們談了很多關於大型零售商的銷售點。我很好奇，在 23 年日曆年中，您銷售點中有多少比例的銷售客戶已經透過 Shopify 實現線上互動？

I'll take that question. Thanks, Darren. So point-of-sale, I mean it is really humming right now. We saw offline GMV for the quarter -- excuse me, revenue for the quarter at over $440 million. That's 5x what it was just a couple of -- 4 years ago. We saw outsized growth in off-line GMV, which is up 28% in the quarter as well.

我來回答這個問題。謝謝，達倫。所以銷售點，我的意思是現在它真的很熱鬧。我們看到本季的線下 GMV——對不起，本季的營收超過 4.4 億美元。這比幾年前增長了 5 倍。我們看到線下 GMV 實現了大幅成長，本季也成長了 28%。

So in terms of where it's coming from, we are seeing existing brands, for example, I mentioned FIGS in my prepared remarks, that are coming to us that already have a very large online presence that are now expanding off-line and so Shopify is becoming, for them, the obvious solution. But then you're also seeing some other things happening. So when Banana Republic, we're launching their home stores, for example, they wanted to use Shopify point-of-sale across all these physical locations. Saje Natural had 70 locations.

因此就其來源而言，我們看到現有的品牌，例如，我在準備好的發言中提到了 FIG，這些品牌已經擁有非常大的在線業務，現在正在向線下擴張，因此 Shopify 對他們來說成為顯而易見的解決方案。但你還會看到其他一些事情發生。因此，當我們為 Banana Republic 開設家居商店時，他們希望在所有這些實體店使用 Shopify 銷售點。 Saje Natural 有 70 家分店。

This is sort of part of -- sort of something new that I think we're all seeing here, which is -- there are these new on-ramps into Shopify, which means that more businesses across more industries and verticals are able to actually use Shopify that historically may not have been able to. It was great to have -- I mentioned this on the B2B side, but it was great to have Momofuku and Brooklinen and bareMinerals use B2B and our wholesale product because they were existing merchants already.

我認為這是我們現在看到的一種新事物，即 Shopify 有了新的入口，這意味著更多行業和垂直領域的更多企業能夠真正使用 Shopify，而以前這些企業可能無法做到這一點。很高興——我在 B2B 方面提到了這一點，但 Momofuku、Brooklinen 和 bareMinerals 使用 B2B 和我們的批發產品也很棒，因為他們已經是現有的商家了。

But now getting brands like Carrier, the heating and cooling company to come in specifically for B2B or seeing, as I mentioned, Banana Republic Home coming in specifically for physical retail, those are new on-ramps into Shopify, which we think there's a few things. One, it expands our TAM and our ability to help more merchants and more verticals, but also it means that existing merchants that are honest, if they do have other products, we want to really collapse more of those tabs in that browser. So the entirety of their commerce business is on Shopify.

但現在讓像 Carrier 這樣的品牌（暖氣和冷氣公司）專門針對 B2B 業務，或者看到像我提到的 Banana Republic Home 專門針對實體零售業務，這些都是進入 Shopify 的新途徑，我們認為其中有幾點。一方面，它擴大了我們的 TAM 和幫助更多商家和垂直行業的能力，另一方面，這也意味著，如果現有的誠實商家確實有其他產品，我們希望在該瀏覽器中真正折疊更多此類標籤。所以他們的整個商業業務都在 Shopify 上。

So it's a mix in terms of POS. B2B, of course, is still very new. We're beginning now to see B2B exclusive merchants come on. And then in terms of the enterprise question, that's also really humming. We've had a great year for enterprise retail. We've seen very, very large brands. I mentioned some of them on the call in the prepared remarks, brands like Nike Strength and companies Roxy, Quiksilver, On Running, Oscar de la Renta, these are brands that historically did not always think about Shopify.

因此，從 POS 角度而言，這是一種混合。當然，B2B 仍然非常新。我們現在開始看到 B2B 專營商家的出現。然後就企業問題而言，這也確實令人興奮。對於企業零售而言，這是豐收的一年。我們見過非常非常大的品牌。我在電話會議中準備好的發言中提到了其中一些，例如 Nike Strength 以及 Roxy、Quiksilver、On Running、Oscar de la Renta 公司，這些品牌從歷史上看並不總是考慮 Shopify。

And now because we have a multiple of options around enterprise, whether it's composable of CCS, or it's Shopify Plus or even our headless product with Hydrogen, it means we have something sort of for everybody that needs great product, great software for the future of their retail business. And I think all of those are really aligning with a very strong go-to-market effort right now.

現在，由於我們在企業方面擁有多種選擇，無論是可組合的 CCS，還是 Shopify Plus，甚至是我們的帶有 Hydrogen 的無頭產品，這意味著我們為每個需要優秀產品、優秀軟體來發展其零售業務的人提供某種產品。我認為所有這些都與當前非常強大的市場進入力度相一致。

Our next question comes from Terry Tillman at Truist Securities.

我們的下一個問題來自 Truist Securities 的 Terry Tillman。

Jeff, it's actually a question for you. In terms of Shopify Plus and the pricing changes that are going to go into effect both for new and existing customers. Can you shape a little bit how the impact would be in Subscription Solutions revenue, whether it's 3Q or 4Q in terms of just trying to understand the timing and how that will show up? And then the second part of this is, how are you thinking about the assumption around customers committing to 3-year contracts, existing ones versus 1-year contracts? Like what are you assuming there?

傑夫，這實際上是給你的一個問題。就 Shopify Plus 而言，其定價變更將對新舊客戶生效。您能否稍微解釋一下這對訂閱解決方案收入的影響，無論是第三季還是第四季度，只是想了解時間安排和如何體現？然後第二部分是，您如何看待客戶承諾 3 年合約、現有合約與 1 年合約的假設？就像您在那裡假設什麼？

Yes. No, I like the way you asked the question because you recognize that most of this will come in the latter half of the year because obviously, it's similar to what we did with the changes in pricing for standard last year. You have -- there's a different timeline for new merchants versus existing merchants and really full effect of this will go into course in May. It's -- it's just, as you know, it's literally just days since we've announced it. So it's too early for us to give you exact numbers, percentages in terms of how we're thinking about it for the year.

是的。不，我喜歡你提問的方式，因為你認識到大部分變化將在今年下半年出現，因為很明顯，這與我們去年對標準定價的變化所做的類似。新商家和現有商家的時間表有所不同，其真正全面影響將在五月顯現。正如你所知，我們宣布這個消息才幾天而已。因此，就我們對今年的考慮而言，現在提供確切的數字和百分比還為時過早。

Like Standard, there's going to be a few different things that are going to play into this. One is just what percentage lock it in early. And obviously, part of it is going to be to the extent that there's any merchants that choose not to upgrade which obviously, based on what we saw in Standard was a very small percentage, and we're hoping and expecting to see something similar here. And so that's just going to be a question which -- until that plays out, I just don't have a whole lot for you right now.

像標準一樣，會有一些不同的事情發揮作用。一是提前鎖定的百分比是多少。顯然，部分原因在於有些商家選擇不升級，顯然，根據我們在標準中看到的情況，這一比例非常小，我們希望並期待在這裡看到類似的情況。所以這只是一個問題——在事情發展之前，我現在沒有太多的答案可以回答你。

But we are still convinced, and this has been the case for a very, very long time. We still believe that by far, we are delivering the greatest combination of value and power to the platform that merchants can get anywhere. So we expect to have our merchants vote again with confidence in terms of staying on the Shopify platform. But I just -- as we get later into the year, we'll be able to give you a better perspective on it. But right now, it's, again, just a few days in.

但我們依然堅信，而且這種情況已經持續很久了。我們仍然相信，到目前為止，我們正在為商家隨處可得的平台提供最大的價值和力量組合。因此，我們希望我們的商家能夠再次充滿信心地選擇繼續使用 Shopify 平台。但我只是——隨著今年晚些時候的到來，我們將能夠為您提供更好的視角。但現在，又只是過了幾天而已。

Our next question comes from Dan Chan at TD Securities.

下一個問題來自道明證券的 Dan Chan。

So we saw some of the credit card networks talk about lower volumes in January, but your revenue guide suggests that you may not have seen that. Any color around any seasonality or weather impacts in January?

因此，我們看到一些信用卡網絡談論一月份交易量下降，但您的收入指南表明您可能沒有看到這種情況。一月份有任何與季節或天氣有關的顏色嗎？

Dan, I'll take that question. In terms of the macro, one of the things we've seen at sort of a high level is that consumers last year and certainly now still want to buy from their favorite brands, the brands they love and they have an affinity to versus staples. And obviously, we do well when those consumers go with their wallets to buy from those brands.

丹，我來回答這個問題。從宏觀角度來看，我們在較高層面上看到的一個現像是，去年以及現在的消費者仍然希望購買他們最喜歡的品牌，他們喜愛的品牌以及他們對主食有親和力的品牌。顯然，當消費者花錢購買這些品牌的產品時，我們的表現就會很好。

Most of those brands, not all of them are on Shopify. And so we're not seeing big changes in the factors that I think fueled our success. We think that entrepreneurship remains strong. We see that the consumer remains very resilient. But more importantly, you're seeing this intentionality to purchase from brands that consumers really have a connection to. And as I've been mentioning on this call, we have a lot of them already and we're getting more and more of them every single day.

大多數品牌（並非全部）都在 Shopify 上。因此，我們並沒有看到推動我們成功的因素有重大變化。我們認為創業精神依然強勁。我們看到消費者依然保持著很強的韌性。但更重要的是，您會看到消費者有購買真正與之有連結的品牌的意圖。正如我在這次電話會議中提到的那樣，我們已經有很多這樣的客戶，而且每天都在增加。

Our next question will come from Deepak Mathivanan at Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Great. Jeff, the first quarter OpEx guide implies slightly faster growth than recent trends, is marketing the primary element of it, how should we think about the fixed cost growth for the rest of 2024?

偉大的。傑夫，第一季的營運支出指南顯示成長速度略快於近期趨勢，行銷是其中的主要因素嗎？

Yes, as I -- thanks, Deepak, as I mentioned in my comments earlier in the call, it's pretty -- in terms of the increase from Q4 to Q1 OpEx, it's pretty evenly balanced with marketing to be a little -- being a little bit higher than what we saw in the employee-related expenses, and I talked to you both of those. From a marketing perspective, we've really put a lot of effort in getting us into the new size and shape of Shopify, and we've been doing this over multiple quarters.

是的，謝謝，Deepak，正如我在電話會議早些時候的評論中提到的那樣，就第四季度到第一季度的運營支出增長而言，它與營銷支出相當均衡，略高於我們在員工相關費用中看到的水平，我和你們倆都談過了。從行銷角度來看，我們確實付出了很多努力來使 Shopify 適應新的規模和形態，並且我們已經在多個季度內這樣做了。

So headcount has been essentially flat since the end of Q2. And it's -- even in these quarters that we've been able to deliver top line growth, which has been greater than 25% on an organic basis ex logistics. And as you know, we were very disciplined on marketing spend throughout 2023. So we've been executing on a playbook for a while now, which has got us been -- which has just been very disciplined on marketing spend, and this is something we know how to do well.

因此，自第二季末以來，員工人數基本上保持不變。即使在這些季度中，我們仍然能夠實現營收成長，除物流外，有機成長率超過 25%。如您所知，在整個 2023 年，我們對行銷支出都非常嚴格。 因此，我們一直在按照劇本執行，這讓我們在行銷支出方面非常嚴格，這是我們知道如何做好的事情。

And from our vantage point, this discipline on head count means that we can -- we've created essentially the possibility to see, select opportunities in some areas like marketing and still drive down operating expenses as a percentage of revenue, and that's how we think about it. We'll continue to use AI and automation to -- internally to make Shopify even more effective and efficient. We are, though, as you know this, you've followed us for a while, we are a growth company, and we will take the opportunities to invest today for future growth when the opportunities are there at a very high return.

從我們的角度來看，這種對員工數量的嚴格要求意味著我們可以——我們基本上創造了一種可能性，可以在行銷等某些領域發現和選擇機會，同時仍能降低營運費用佔收入的百分比，這就是我們的想法。我們將繼續在內部使用人工智慧和自動化來使 Shopify 變得更加有效和高效。然而，正如你們所知，你們已經關注我們有一段時間了，我們是一家成長型公司，當有機會獲得非常高的回報時，我們將抓住今天的投資機會，以實現未來的成長。

And I'd also say, Deepak, keep in mind that the OpEx numbers that we're talking about that we're discussing are GAAP. I mentioned separately, the $105 million in stock-based comp for those of you that think about OpEx, both pre- and post stock-based comp. And also, I'd say, just go back to what we just delivered for the quarter. We delivered a quarter with 30% top line organic growth and 21% free cash flow margin. So I think we've proven our ability to execute and we believe we can continue to deliver on this combination of top line growth, disciplined investment and free cash flow for 2023.

我還要說，迪帕克，請記住，我們正在討論的營運支出數字是 GAAP。我單獨提到過，對於那些考慮營運支出（包括股票薪酬前後）的人來說，1.05 億美元的股票薪酬。而且我想說的是，回顧一下我們本季剛交付的成果。我們本季實現了 30% 的營收有機成長和 21% 的自由現金流利潤率。因此，我認為我們已經證明了我們的執行能力，我們相信我們可以在 2023 年繼續實現營收成長、嚴謹的投資和自由現金流的結合。

And I talked in my comments earlier, about how we think about free cash flow. So this is something for us, as I mentioned before, it's simply the smart thing to do in terms of taking advantage of the marketing opportunity we see here.

我之前在評論中談到了我們如何看待自由現金流。所以這對我們來說是一件大事，正如我之前提到的，就利用我們在這裡看到的行銷機會而言，這是一件聰明的事情。

Our next question will come from Tyler Radke at Citi.

我們的下一個問題來自花旗的泰勒拉德克 (Tyler Radke)。

Harley, you talked about some pretty remarkably different pipeline. I think, coming out of NRF on the enterprise side. Wondering if you could expand on that a little bit? Any quantitative metrics you could put around enterprise pipeline growth? And who do you see kind of the biggest competitor to take share from?

哈雷，你談到了一些非常不同的管道。我認為，這是從企業方面走出的 NRF。想知道您是否可以稍微詳細說明一下這一點？您能針對企業管道成長提出什麼量化指標嗎？您認為誰將成為最大的競爭對手？

Thanks, Tyler, for the question. I mean NRF was quite remarkable because what it felt like was -- it felt in some ways like Shopify's coming out party. We were there last year, but that was our first year there. This year, we really had a presence in a very, very big way. I think a couple of things that we're noticing.

謝謝泰勒提出這個問題。我的意思是 NRF 非常引人注目，因為它給人的感覺就像是 Shopify 的亮相派對。我們去年去過那裡，但那是我們第一次去那裡。今年，我們確實以非常非常大的方式展現了影響力。我認為我們注意到了一些事情。

First of all, it's not simply just the pipeline. We have a lot happening all at the same time. So for example, IDC came out with this market scape report showing that Shopify is the leader ahead of pretty much every other enterprise software company. We also have Gartner Magic Quadrant came out placing us highest in our ability to execute exactly where we needed to be. These were things we were not necessarily doing historically. We also announced at NRF partnerships with Mirakl, with Google Cloud, with Slalom, with Manhattan, We have SI agreements now with everyone from Deloitte to E&Y, to Accenture to Cognizant.

首先，它不僅僅是管道。我們同時發生了很多事。例如，IDC 發布的市場格局報告顯示，Shopify 遠遠領先所有其他企業軟體公司。我們也獲得了 Gartner 魔力像限的評選結果，結果顯示我們執行所需任務的能力排名最高。從歷史上看，我們不一定會做這些事。我們也在 NRF 上宣布與 Mirakl、Google Cloud、Slalom 和 Manhattan 建立合作夥伴關係，現在我們與德勤、安永、埃森哲和 Cognizant 等所有公司都簽訂了 SI 協議。

So it's not one thing in particular that is necessarily driving it. It's all these things. The product has gotten as good as any product on the market and only gets better over time. And I think there's a real focus now on the go-to-market side of it, whether it's leveraging SIs, being at the right places and we're simply winning more deals because of that. So I think the other -- I mentioned this a little earlier, but worth repeating, the key is no matter what these very large merchants need from Shopify, we have a product and a solution that's right for them.

因此，並不是某一個特定因素必然推動了這個過程。就是這些事情。該產品已與市場上的任何產品一樣好，並且隨著時間的推移只會變得更好。我認為現在真正關注的是市場進入方面，無論是利用 SI，還是處於正確的位置，我們只是因此贏得了更多的交易。所以我認為另一個——我之前提到過這一點，但值得重複一遍，關鍵是無論這些大型商家需要 Shopify 提供什麼，我們都有適合他們的產品和解決方案。

Some want headless, they can use Hydrogen, some want Plus or one-size-fits-all. Some want something quite different to modularized. I mean, Everlane, for example, using Shop Pay as a component means that we now have a relationship with that company. And over time, we hope to bring more of their business together. So there's sort of something for everything everyone now on the enterprise side. And even with the pricing change, the total cost of ownership is so much lower than every other option in the market. The upgrade path is obvious. Our speed to market is much faster, and we can have the resiliency you're seeing when we launch.

有些人想要無頭式，他們可以使用氫氣，有些人想要 Plus 或一刀切。有些人想要一些與模組化完全不同的東西。我的意思是，例如 Everlane 使用 Shop Pay 作為組件意味著我們現在與該公司建立了合作關係。隨著時間的推移，我們希望能夠整合更多他們的業務。因此，現在企業方面的每個人都可以得到某些東西。即使價格發生變化，整體擁有成本也比市場上其他所有選擇低得多。升級路徑顯而易見。我們的上市速度更快，並且在產品推出時就能擁有您所看到的彈性。

Flash sales for people like Taylor Swift or Supreme. It gives a lot of confidence to the buybuy BABY, and the Billabong and the Oscar de la Renta and the On Running to the world that we can be a future-proof partner for them in the very long term. In terms of where it's coming from, it's a mix also of existing enterprise solutions that they have, many of them are sort of legacy and some of them, in the case of Glossier, for example, very famously had a very large homegrown e-commerce system. And when Kyle took over, said there was time for them to get back to cosmetics and let Shopify handle their enterprise commerce functionality, and it's been a great partnership.

為泰勒絲 (Taylor Swift) 或 Supreme 等人舉辦的閃購活動。這讓 buybuy BABY、Billabong、Oscar de la Renta 和 On Running 得到了極大的信心，相信我們能夠成為他們長期的合作夥伴。就其來源而言，它也是他們現有企業解決方案的混合體，其中許多都是遺留的，其中一些，例如 Glossier，就擁有非常龐大的自主研發電子商務系統。當凱爾接手時，他說有時間讓他們回到化妝品領域，並讓 Shopify 處理他們的企業商務功能，這是一次很棒的合作關係。

So a lot of momentum there, and it's driven by the product and it's driven also by incredible go-to-market machine that's coming.

因此，那裡有很多發展勢頭，這是由產品驅動的，也是由即將到來的令人難以置信的上市機器所驅動的。

Our next question will come from Colin Sebastian at Baird.

我們的下一個問題來自貝爾德的科林·塞巴斯蒂安。

Okay. Sorry about that. Just one quick follow-up on the expense guidance for Q1. And I guess how that flows through the year. I mean on the sales and marketing side, if that's primarily performance marketing. Just wondering how quickly we should expect to pay back in terms of revenue and GMV growth and again, sort of how you anticipate that flowing through the year?

好的。很抱歉。我只想快速跟進第一季的費用指引。我猜這一年是怎麼度過的。我的意思是在銷售和行銷方面，如果那主要是績效行銷。只是想知道我們應該多快從收入和 GMV 成長方面收回成本，以及您預計全年的流程是怎樣的？

Yes. It's performance marketing, but it's also a point of sale. So I mentioned both of them, and you should think about them as roughly evenly balanced. And for something like point-of-sale. As you know, we have a lot of very large merchants that we're bringing on platform as well as some smaller ones. And so the lead time for those will vary based on the size of the merchant. And same is true for performance marketing.

是的。這是績效行銷，但也是一個銷售點。所以我提到了它們兩者，你應該認為它們是大致均衡的。以及類似銷售點的東西。如你所知，我們的平台上有很多大型商家，也有一些較小的商家。所以這些的交貨時間將根據商家的規模而有所不同。對於績效行銷來說也是如此。

So you'll see some of the impact as it relates to this year, but also this is creating the opportunity for growth in the medium term and long term. And so I think from our vantage point in terms of all the levers that we have for growth, we talked about them a lot at the Investor Day. As we think about what we're doing in terms of new merchant acquisition, in terms of bringing more and more large enterprises on to the platform, putting more value into all the Subscription plans, for example, what we're doing with audiences in B2B going into Plus, international point-of-sale itself, payments growth. I mean all those things are the growth engines for the future. We've talked about them a bunch you know that from following us.

因此，您會看到與今年相關的一些影響，但這也為中期和長期的成長創造了機會。因此，我認為，從我們促進成長的所有槓桿的角度來看，我們在投資者日上對它們進行了大量討論。當我們思考我們在吸引新商家方面所做的工作時，當我們將越來越多的大型企業引入平台時，當我們為所有訂閱計劃注入更多價值時，例如，我們在 B2B 領域為 Plus 受眾所做的工作、國際銷售點本身以及支付增長。我的意思是，所有這些都是未來的成長引擎。我們已經討論過很多了，透過關注我們，您就會知道這一點。

So this is just an opportunity we saw, and I talked about the paybacks that we're seeing and the increases here. This was an opportunity for us to take advantage of that, some of which will help us this year and some of us will -- some of which will help us in the years going forward. But it's to continuing to deliver that top line growth rate.

所以這只是我們看到的一個機會，我談到了我們看到的回報和成長。這對我們來說是一個利用的機會，其中一些會在今年對我們有幫助，還有一些會在未來幾年對我們有幫助。但這是為了繼續實現營收成長率。

Yes. I just want to add to that, just because I know this question has come up now twice. Look, we have a new shape of Shopify. It is faster. It is flatter, it is far more agile. And we've taken a ton of measures to build for this long-term success and manage costs. And I think we've done so all while investing in very critical areas for growth that we think will arm our merchants in Shopify for very good long-term opportunities.

是的。我只是想補充一點，因為我知道這個問題已經出現了兩次。看，我們有了新形態的 Shopify。它更快。它更加平坦，也更加靈活。我們採取了大量措施來爭取長期成功並控製成本。我認為，我們這樣做的同時，也在投資非常關鍵的成長領域，我們認為這將為 Shopify 上的商家帶來非常好的長期機會。

In the last 18 months or so, we've made incredible improvements across go-to-market and growth engines, which optimizes a couple of things. It optimizes our ways of working. It drives greater automation and efficiency, but it also diversifies our marketing effort to support our growth. Now what that means is we can actually have incredible rigor and discipline when we see opportunities that enable our success. That doesn't mean we're going to just spend when we don't see those things.

在過去的 18 個月左右的時間裡，我們在市場進入和成長引擎方面取得了令人難以置信的進步，優化了一些事情。它優化了我們的工作方式。它不僅推動了更高的自動化和效率，而且還使我們的行銷工作多樣化以支持我們的成長。這意味著，當我們看到能夠讓我們成功的機會時，我們實際上可以擁有令人難以置信的嚴謹和紀律。但這並不代表我們在沒有看到這些東西的時候就會消費。

But when there are opportunities where we think we can get a very good return with an incredible payback, we're going to seek those out at the same time, continue to be really fast, really flat and very, very agile and manage those costs.

但是，當我們認為有機會獲得非常好的回報和令人難以置信的回報時，我們會同時尋找這些機會，繼續保持非常快速、非常平穩和非常靈活的狀態並管理這些成本。

Our next question will now come from Jeff Cantwell at Seaport Research.

我們的下一個問題來自 Seaport Research 的 Jeff Cantwell。

I wanted to ask about your progress outside of North America this quarter. You helped 35% more merchants launch outside North America. You also said growth in EMEA was 40%. So can you talk some more about what's driving your growth outside North America? I'm curious whether you can break out risk, what the percentage of GMV is coming from enterprise versus more traditional SMB retail? And then just operationally going forward, what are your thoughts on -- what are the growth you did outside North America this quarter is sustainable? Can you walk us through your thoughts on the outlook there?

我想詢問您本季在北美以外地區的進展。您協助 35% 以上的商家在北美以外地區開展業務。您也說過 EMEA 地區的成長率為 40%。那麼，您能否進一步談談推動您在北美以外地區發展的因素？我很好奇您是否可以分解風險，GMV 的百分比是多少來自企業，而不是更傳統的 SMB 零售？那麼從未來的營運角度來看，您認為本季您在北美以外地區實現的成長是否可持續？您能和我們談談對那裡前景的看法嗎？

Yes, it's a great question. I think the investments we've been making internationally, both in expanding our capabilities, but also localizing efforts there are really starting to pay off, especially in Europe, where we saw a lot of great growth in 2023. GMV in EMEA grew 40% in Q4 year-on-year. And EMEA has reached about $1.2 billion in annual revenue and about 27% of our total merchant base.

是的，這是一個很好的問題。我認為我們在國際上進行的投資，無論是在擴大我們的能力方面，還是在本地化方面，都開始真正獲得回報，尤其是在歐洲，我們在 2023 年看到了巨大的增長。歐洲、中東和非洲地區的年收入已達到約 12 億美元，約占我們總商家數的 27%。

At the same time, whether it's Boden or Westwing or Suntory in Japan are On Running. We're seeing a lot larger brands also come to us as well. The priorities for us there are a couple of things. One is we really want to be focused on compliance, improving the merchant funnel, increasing localization efforts, but also making sure that there are no product gaps around the world. And I think getting into -- getting more product integrations into those local markets is a major priority.

同時，無論是日本的Boden、Westwing或三得利（Suntory）都在持續運作。我們看到很多更大的品牌也來到我們這裡。我們的優先事項有幾件事。一是我們確實希望專注於合規性，改善商家管道，加強在地化力度，同時也確保全球範圍內不存在產品差距。我認為，將更多的產品整合到這些本地市場是當務之急。

There are opportunities for us to go beyond Europe. Of course, we've talked about LatAm and APAC in the past. But we definitely see a lot of opportunity there. I mean we've captured less than 1% of market share in global retail sales, even as our product and geographies have expanded, we see -- I mean if you think about the market opportunity in just Europe alone, we think that not only are there small businesses there that would benefit from Shopify, but a lot of larger business, too.

我們有機會走出歐洲。當然，我們過去曾談論過拉丁美洲和亞太地區。但我們確實看到那裡有很多機會。我的意思是，即使我們的產品和地理範圍已經擴大，我們在全球零售額中的市場份額也還不到 1%，但我們看到——我的意思是，如果你考慮一下僅在歐洲的市場機會，我們認為那裡不僅有小企業會從 Shopify 中受益，還有很多大企業也會受益。

When you add in this idea of being default global. So when you use Shopify, you effectively whether it's Markets or Markets Pro, day 1, you're immediately selling to a global base of customers that is very appealing to those types -- those merchants in Europe and elsewhere. And so we'll provide that also. And I think that as Markets Pro, which I think in Q4, 14% of our GMV was cross-border, you're seeing more and more merchants think about their business as a global business, which, again, in order to have that, you have to be on Shopify.

當你加入這個預設全域的想法。因此，當您使用 Shopify 時，無論是 Markets 還是 Markets Pro，第一天，您都可以立即向全球客戶群進行銷售，這對歐洲和其他地方的商家來說非常有吸引力。因此我們也將提供該服務。我認為，作為 Markets Pro，我認為在第四季度，我們的 GMV 中有 14% 是跨境的，您會看到越來越多的商家將他們的業務視為全球業務，而為了實現這一點，您必須使用 Shopify。

So I think both from a merchant acquisition perspective, but also helping merchants sell to more customers from a GMV perspective, both things are working really, really well. And we'll continue to focus on international, we think we're still underpenetrated there.

因此，我認為無論是從商家獲取的角度，還是從 GMV 的角度幫助商家向更多客戶銷售產品，這兩件事都進展得非常順利。我們將繼續專注於國際市場，我們認為我們在該領域的滲透率仍不足。

Our next question will come from Paul Treiber at RBC Capital.

我們的下一個問題來自 RBC Capital 的 Paul Treiber。

Just wanted to have a question on advertising and specifically in regards to Shopify campaigns, you effectively entered the advertising market on behalf of your merchants. What do you see as the value proposition to merchants and advertising? And what was your considerations that you took into account before moving into that segment?

只是想問一個關於廣告的問題，特別是關於 Shopify 活動的問題，您實際上代表您的商家進入了廣告市場。您認為對商家和廣告的價值主張是什麼？在進入該領域之前您考慮了哪些因素？

Yes. I mean, obviously, we talked a lot about audiences in the past, which I'm happy to mention as well or talk about too. But in terms of shop campaigns, which sort of formerly known as Shop Cash offers, it went into GA in June 2023. And really, the idea is buyers earn Shop Cash when they use Shop Pay at checkout.

是的。我的意思是，顯然，我們過去談論過很多關於觀眾的話題，我很高興也提及或談論這個話題。但就商店活動而言（以前稱為 Shop Cash 優惠），它於 2023 年 6 月正式推出。

So this way is -- this is a way for us to actually establish shop cash as a key buyer acquisition tool and it allows merchants to provide everything they need to have great increased revenue through higher visibility, much better conversion. And we want to see more and more of our brands use it. We think it's a wonderful way for them to get a very strong return on ad spend.

所以這種方式是——這是我們實際上將商店現金確立為關鍵買家獲取工具的一種方式，它允許商家提供他們所需的一切，透過更高的知名度和更好的轉換率來大幅增加收入。我們希望看到越來越多的品牌使用它。我們認為這對他們來說是一個獲得豐厚廣告支出回報的好方法。

And we're already seeing big brands like Mr. Beast, for example, now using it for a lot of his brands on the Shop App. So we'll continue to do so. Right now, we know that it drive -- it could drive up to 24% new customer growth, and it's already helped merchants find over 1 million new buyers. So given that it's still fairly a new product we're really quite ambitious with where it's going. We think more of our merchants will use it. And again, it's one of those things that as it gets better, it's another reason that you choose Shopify because in order to use it, you have to be on Shopify, but we think Shop Cash can be a key buyer acquisition tool.

例如，我們已經看到一些大品牌，例如 Mr. Beast，現在在 Shop App 上為許多品牌使用它。因此我們會繼續這樣做。現在，我們知道它可以推動高達 24% 的新客戶成長，並且已經幫助商家找到了超過 100 萬名新買家。因此，考慮到它仍然是一個相當新的產品，我們對它的發展方向非常有雄心。我們認為會有更多商家使用它。再說一次，這是那些隨著它變得越來越好的事情之一，這是您選擇 Shopify 的另一個原因，因為為了使用它，您必須在 Shopify 上，但我們認為 Shop Cash 可以成為關鍵的買家獲取工具。

And our last question will come from Richard Tse at National Bank.

我們的最後一個問題來自國家銀行的 Richard Tse。

Yes. I know you don't specifically talk about churn, but I was wondering if you can maybe talk about the order of magnitude of the churn rate over the past few years as you become what seems to be incredibly more efficient at deploying capital here?

是的。我知道您沒有專門談論客戶流失，但我想知道您是否可以談談過去幾年客戶流失率的數量級，因為您在這裡的資本部署效率似乎變得更有效率？

Yes. I mean, I'll start. I think from a traditional perspective in terms of what has been our starting point, our core base of small and medium businesses, our churn has been very, very strong industry-leading in terms of what we're seeing versus what some other players are seeing that serve the small and medium business segment.

是的。我的意思是，我先開始了。我認為，從傳統角度來看，就我們的起點、我們的核心中小型企業基礎而言，與其他一些服務中小型企業領域的參與者相比，我們的客戶流失率一直非常非常高，處於行業領先地位。

And obviously, as we do more in enterprise, as you know, as you look across all of software providers, generally, on the enterprise side, you see less churn. It takes a little bit longer to get them on platform. But if you can deliver a great solution for them, they stay on platform longer. So I think our churn is going to get even better.

顯然，隨著我們在企業領域做得越來越多，正如你所知，縱觀所有軟體供應商，一般來說，在企業方面，你會看到客戶流失越來越少。將他們送上平台需要更長的時間。但如果你能為他們提供一個很好的解決方案，他們就會在平台上停留更久。所以我認為我們的客戶流失率將會變得更好。

So you're right, we haven't given exact numbers, Richard, in terms of how we talked about it. But I would tell you in terms of what we see, we've had strong success there. And obviously, we continue to grow the number of merchants that we have on platform every single year, not only in North America, but obviously, as Harley just talked about in terms of what we're doing in Europe. So it is, of course, something that we think about on track, but our success rate there has been very high.

所以你是對的，理查德，就我們談論的方式而言，我們並沒有給出確切的數字。但我想告訴你，就我們所看到的情況而言，我們在那裡取得了巨大的成功。顯然，我們平台上的商家數量每年都在增加，不僅在北美，而且顯然，正如哈雷剛才談到的，我們在歐洲的業務也在成長。因此，這當然是我們正在考慮的事情，但我們的成功率非常高。

Thanks, Jeff. I think just before I close, thanks for joining the call, everyone. I think 2023 was an exceptional year for Shopify and our merchants. I think we're operating with greater discipline. We're delivering strong top line and improving profitability. Brands of all sizes and from all industries are now turning to Shopify to power their commerce offerings in-store everywhere in between.

謝謝，傑夫。我想在結束前，感謝大家參加這次電話會議。我認為 2023 年對 Shopify 和我們的商家來說都是特別的一年。我認為我們的運作紀律更加嚴格了。我們正在實現強勁的營收成長並提高獲利能力。現在，各種規模和各行業的品牌都開始轉向 Shopify，以支持其在各個地方的店內商業服務。

And I think Shopify's future is not just e-commerce. We are competing and we are winning in every part of the evolving commerce landscape, and we're not slowing down. So thank you for your time today, and we'll see you soon.

而且我認為 Shopify 的未來不僅僅是電子商務。在不斷發展變化的商業格局的每個部分，我們都在競爭，並在取得勝利，而且我們不會放慢腳步。感謝您今天抽出時間，我們很快就會見面的。

This concludes our fourth quarter 2023 conference call. Thank you for joining us. Goodbye.

我們的 2023 年第四季電話會議到此結束。感謝您加入我們。再見。