Shopify Inc (SHOP) 2024 Q4 法說會逐字稿

Good morning, and thank you for joining Shopify's fourth quarter 2024 conference call. I'm Carrie Gillard, Director of Investor Relations. And joining us today are Harley Finkelstein, Shopify's President; and Jeff Hoffmeister, our CFO. After their prepared remarks, we will open it up for your questions.

早安，感謝您參加 Shopify 2024 年第四季電話會議。我是投資人關係總監 Carrie Gillard。今天與我們一起參加的還有 Shopify 總裁 Harley Finkelstein；以及我們的財務長 Jeff Hoffmeister。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. Undue reliance should not be placed on these forward-looking statements. We undertake no obligation to update or revise 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 US and Canadian regulators.

我們將在今天的電話會議上做出前瞻性陳述，這些陳述是基於假設，因此會受到風險和不確定性的影響，這可能導致實際結果與預測結果有重大差異。不應過度依賴這些前瞻性陳述。除非法律要求，我們不承擔更新或修改這些聲明的義務。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 two are provided in our press release.

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。我們在新聞稿中提供了兩者之間的和解。

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

最後，我們以美元報告，因此今天討論的所有金額均為美元，除非另有說明。

With that, I'll turn the call over to Harley.

說完這些，我就把電話轉給哈雷。

Thanks, Carrie, and good morning, everyone. As we close another year, I have honestly never been more excited by what we've achieved and how it's positioning us for 2025. 2024 was one for the books. We executed with discipline, just as we said we would. We maintain a rapid speed of product innovation marked by three -- yes, three additions, and we further solidified our position as a leader in unified commerce.

謝謝，Carrie，大家早安。隨著新的一年的即將到來，我真的從未對我們所取得的成就以及它為我們在 2025 年所取得的成就感到如此興奮。我們嚴格執行紀律，正如我們所說的。我們保持著快速的產品創新速度，以三種——是的，三種新增產品為標誌，我們進一步鞏固了我們在統一商業領域的領先地位。

We continued to expand our global reach and scale, coming in just shy of $300 billion in GMV and $9 billion in revenue for the year. That is nearly 2.5 times more GMV and 3 times more revenue than 2020, just four years ago. Or to put it in another way, we delivered annual revenue growth of 26% and an annual free cash flow margin of 18%. And we ended the year on a really high note, with Q4 absolutely knocking it out of the park, delivering 31% revenue growth and 22% free cash flow margins, putting us in the rare air of hitting the rule of 50 at a size and scale that very few are achieving.

我們持續擴大全球影響力和規模，全年 GMV 接近 3,000 億美元，營收接近 90 億美元。這幾乎是四年前的 2020 年 GMV 的 2.5 倍和收入的 3 倍。或者換句話說，我們實現了 26% 的年收入成長和 18% 的年自由現金流利潤率。我們以非常高的成績結束了這一年度，第四季度的成績絕對令人驚嘆，實現了 31% 的收入增長和 22% 的自由現金流利潤率，使我們罕見地以很少有公司能達到的規模達到了 50 規則。

We can deliver the success like we did throughout 2024, and specifically in Q4, because Shopify was founded on the belief that we grow by helping our merchants grow and succeed. In other words, their success fuels our own. And that remains the flywheel behind our success today. Our commitment to making entrepreneurship more common is why Shopify has become the go-to platform across all corners of commerce. From local start-ups landing their very first sale to global brands pushing billions in GMV, merchants everywhere are choosing Shopify.

我們能夠像 2024 年全年，特別是第四季一樣取得成功，因為 Shopify 創立之初就秉持這樣的信念：我們透過幫助商家成長和成功來實現成長。換句話說，他們的成功激勵了我們的成功。這仍然是我們今天成功背後的飛輪。我們致力於讓創業變得更加普遍，這就是為什麼 Shopify 已經成為商業各個角落的首選平台。從首次實現銷售的本地新創公司到 GMV 達到數十億美元的全球品牌，世界各地的商家都在選擇 Shopify。

I'm especially proud to share that in the US alone, Shopify is now over 12% of the e-commerce market share. And we continue to grow rapidly in places like Europe and Japan.

我特別自豪地告訴大家，光是在美國，Shopify 目前就佔據了電子商務市場的 12% 以上的份額。我們在歐洲和日本等地持續快速成長。

Let's quickly touch on how we closed out 2024. From a regional perspective, North American revenue was up 23%, with the US crossing $5.7 billion in revenue, which is more than our entire company's revenue in 2022. Our international regions continued to outperform North America, achieving a 33% growth rate for the year. With two consecutive years of international growth exceeding 30%, we are driving rapid growth at scale as we continue to expand our global presence.

讓我們快速回顧一下我們如何結束 2024 年。從區域來看，北美收入成長了23％，其中美國收入超過57億美元，這超過了我們整個公司2022年的收入。我們的國際地區表現持續優於北美，全年實現了 33% 的成長率。我們連續兩年的國際業務成長率超過 30%，在持續擴大全球影響力的同時，我們也在推動規模的快速成長。

In offline, we grew revenue 33% to $588 million for the year while also crossing $100 billion in cumulative offline GMV processed on Shopify. And finally, our merchants full-year GMV accelerated to 24% compared to last year, which includes our merchants' most successful Black Friday, Cyber Monday selling period ever, generating $11.5 billion in GMV.

在線上下，我們全年的營收成長了33%，達到5.88億美元，同時Shopify處理的累積線下GMV也突破了1000億美元。最後，我們的商家全年 GMV 與去年相比加速成長了 24％，其中包括我們商家有史以來最成功的黑色星期五、網路星期一銷售期，創造了 115 億美元的 GMV。

What's even more impressive about these growth numbers is that we did it while managing our operating expense growth to deliver an incredible milestone for Shopify. Our operating income surpassed $1 billion for the year, which is 4 times higher than our previous peak of $269 million in 2021. And on top of that, our free cash flow margin expanded to 18%, up from 13% in 2023.

這些成長數字更令人印象深刻的是，我們在管理營運費用成長的同時做到了這一點，為 Shopify 帶來了一個令人難以置信的里程碑。我們全年的營業收入超過了 10 億美元，比 2021 年 2.69 億美元的峰值高出 4 倍。除此之外，我們的自由現金流利潤率從 2023 年的 13% 擴大至 18%。

I also want to take a minute to mention some major milestones Shopify hit in 2024 that demonstrate our strength. Over 875 million consumers bought something from a Shopify merchant's online store. That is essentially one in every six Internet users. We passed a massive milestone crossing the $1 trillion mark for cumulative GMV that has been processed through Shopify. And we now have hundreds of millions of Shop Pay users, with Shop Pay representing 38% of GPV, up from 33% of GPV in 2023.

我也想花點時間提一下 Shopify 在 2024 年實現的一些重要里程碑，這些里程碑證明了我們的實力。超過 8.75 億消費者從 Shopify 商家的線上商店購買了商品。這實際上意味著每六個網路使用者中就有一個。我們透過 Shopify 處理的累積 GMV 突破了 1 兆美元大關，這是一個重要的里程碑。現在我們擁有數億 Shop Pay 用戶，其中 Shop Pay 佔 GPV 的 38%，高於 2023 年的 33%。

In my 15 years of Shopify, I firmly believe this is the strongest and the most durable version of the company to date. 2024 was nothing short of spectacular, especially with a powerhouse Q4.

在我為 Shopify 工作的 15 年裡，我堅信這是該公司迄今為止最強大、最持久的版本。 2024 年無疑是精彩的一年，尤其是強勁的第四季。

And if I may, I want to pause for a second here and just make sure that is really, really clear. Nothing matters more than this. Q4 was an incredible quarter. And even more importantly, the entire 2024 was exceptionally strong. On this very call one year ago, we laid out very clear goals, and then we set out and we absolutely crushed them.

如果可以的話，我想在這裡停頓一下，確保這一點確實非常清楚。沒有什麼比這更重要。第四季是一個令人難以置信的季度。更重要的是，整個 2024 年都異常強勁。就在一年前的電話會議上，我們設定了非常明確的目標，然後我們開始採取行動並完全實現了這些目標。

We delivered 24% GMV growth, 26% revenue growth and an 18% free cash flow margin. This is not just Shopify doing well. This is Shopify operating as a growth company at peak performance across our team, our products, our business model and with operational discipline, exactly as we said we would.

我們實現了 GMV 成長 24%、營收成長 26% 以及自由現金流利潤率 18%。這不僅僅是 Shopify 表現良好。Shopify 作為一家成長型公司，我們的團隊、產品、商業模式和營運紀律都達到了巔峰表現，正如我們所說的那樣。

And even though we get to get on here 4 times a year to walk through the quarterly results, we are laser-focused on the bigger picture. Our vision goes way beyond just the next quarter. We are committed to building a durable 100-year company that doesn't just meet the needs of our merchants but anticipates what they'll need in the next 5, 10, even 20 years.

儘管我們每年在這裡討論四次季度業績，但我們更關注的是更大的圖景。我們的願景遠不止下個季度。我們致力於打造百年基業，不僅滿足商家的需求，還能預測他們在未來5年、10年、甚至20年的需求。

We are really pleased with how things are shaping up. Our market position is strengthening. Our operating model is proving very effective. And our profitability levels are exactly where we want them to be. If you walk away from this call with nothing else, I hope it's that.

我們對事情的進展感到非常滿意。我們的市場地位正在加強。我們的營運模式被證明非常有效。我們的獲利水準正好達到了我們想要的水平。如果您在通話結束後沒有得到任何收穫，我希望是這個。

Okay. Where was I? Okay. So in 2024, we focused a ton on optimizing and fortifying the incredible platform we have built. We fine-tuned the edges, we improved performance, and we made sure everything works seamlessly together.

好的。我剛才在哪裡？好的。因此，在 2024 年，我們專注於優化和強化我們已經建立的令人難以置信的平台。我們對邊緣進行了微調，提高了效能，並確保一切都無縫協作。

Now while there are too many to listen on this call, I want to hit on a couple of the most impressive time-saving features and new products that we launched this past year.

雖然這次電話會議的內容太多了，但我還是想談談我們去年推出的幾個最令人印象深刻的省時功能和新產品。

First, our engineers focus on enhancing Shopify's intuitiveness and ease of use by streamlining operations and reducing friction. We increased varying limits to 2,000 to enable building even more complex catalogs for larger merchants. We enhanced customer account extensions so merchants can add features like loyalty programs without touching code. We launched Shopify Balancer Plus, introducing next-day payouts and attractive APYs and added flexible payment options in Shopify Credit to improve cash flow management. We expanded Shopify Tax in the UK and EU and enhanced Shopify Inbox, leveraging AI to make customer communications more efficient.

首先，我們的工程師專注於透過簡化操作和減少摩擦來增強 Shopify 的直覺性和易用性。我們將不同的限制增加到 2,000，以便為更大的商家建立更複雜的目錄。我們增強了客戶帳戶擴展功能，以便商家無需接觸代碼即可添加忠誠度計劃等功能。我們推出了 Shopify Balancer Plus，引入隔日付款和有吸引力的 APY，並在 Shopify Credit 中添加了靈活的付款選項，以改善現金流管理。我們在英國和歐盟擴展了 Shopify Tax 並增強了 Shopify Inbox，利用人工智慧使客戶溝通更有效率。

In our offline business, we rolled out Tap to Pay in multiple countries, introduced Shopify Bundle and Customer Metafields and launched robust order management features like Ship to Store and Draft Orders. We also help merchants turn their retail locations into powerful acquisition channels by capturing more e-mails at checkout powered by the network effect of Shop Pay.

在我們的離線業務中，我們在多個國家推出了 Tap to Pay，引入了 Shopify Bundle 和 Customer Metafields，並推出了強大的訂單管理功能，例如「送貨到店」和「草稿訂單」。我們也利用 Shop Pay 的網路效應，在結帳時取得更多電子郵件，幫助商家將其零售店轉變為強大的採購管道。

Internationally, we've taken big strides by expanding our POS terminal to eight additional countries and integrating Payments in France. We also made it easier for merchants to discover and engage with their customers. The Shop App introduced a new merchant-focused home feed, highlighting the diversity and richness of brands. We also made shop campaigns available to all Shopify plans, enabling more merchants to run acquisition campaigns on platforms like Shop, Google and Meta, targeting new and lapsed customers with incentives in the shop-out.

在國際上，我們取得了長足的進步，將 POS 終端擴展到另外八個國家，並在法國整合了支付服務。我們也讓商家更容易發現並與客戶互動。Shop App推出了以商家為中心的全新首頁，凸顯了品牌的多樣性和豐富性。我們也向所有 Shopify 計畫推出了購物活動，讓更多商家能夠在 Shop、Google 和 Meta 等平台上進行客戶獲取活動，並透過購物獎勵措施吸引新客戶和流失客戶。

As it relates to helping our merchants go global, we've significantly enhanced the global buyer experience by adding UPS as a carrier option in managed markets, expanding our comprehensive coverage for US outbound labels across economy, standard and express services. We expanded multicurrency payouts across select parts of Europe, introduced Shopify plans in Japanese yen and launched Rise, our first flagship team tailored for the Japanese e-commerce market.

在幫助我們的商家走向全球方面，我們透過在託管市場中添加 UPS 作為承運商選項，擴大了我們對經濟、標準和快遞服務中美國出境標籤的全面覆蓋範圍，顯著增強了全球買家體驗。我們擴大了歐洲部分地區的多幣種支付服務，推出了日元 Shopify 計劃，並推出了我們首個專門針對日本電子商務市場的旗艦團隊 Rise。

Additionally, we've integrated Klarna into Shopify Payments as a local payment method for certain countries, and we increased our local shipping options across Europe and the UK, further broadening our market coverage and streamlining operations for our merchants.

此外，我們已將 Klarna 整合到 Shopify Payments 中，作為某些國家的本地支付方式，並且我們增加了歐洲和英國的本地運輸選項，進一步擴大了我們的市場覆蓋範圍並簡化了商家的營運。

Beyond our products, one of the greatest strengths is our thriving partner ecosystem. We are widely recognized one of the best companies in the world at fostering a long-term, mutually beneficial partnership. Last year, we became Roblox's first commerce integration partner. We integrated with YouTube Shopping in the US, expanded our payments offering through a partnership with PayPal, launched our first AI-powered search integration with Complexity, enabling new ways for buyers to find merchants, and launched a new collaboration with Oracle for enterprise.

除了我們的產品之外，最大的優勢之一是我們蓬勃發展的合作夥伴生態系統。我們被廣泛認為是世界上在建立長期互惠互利夥伴關係方面最成功的公司之一。去年，我們成為 Roblox 的第一個商業整合合作夥伴。我們與美國的 YouTube Shopping 進行了整合，透過與 PayPal 的合作擴展了我們的支付服務，與 Complexity 推出了我們的第一個由人工智慧驅動的搜尋集成，為買家提供了尋找商家的新方式，並與 Oracle 展開了新的企業合作。

Additionally, over the past year, we have paid out $1 billion to partners for apps benefiting our merchants. We also added over 3,000 new apps to our App Store, bringing our total to more than 16,000 apps by the end of 2024, including the over 675 that are part of our built-for-Shopify program.

此外，在過去的一年裡，我們已經向合作夥伴支付了 10 億美元，用於開發使我們的商家受益的應用程式。我們還在 App Store 中添加了 3,000 多個新應用程序，到 2024 年底，我們的應用程式總數將超過 16,000 個，其中包括 675 多個專為 Shopify 構建的應用程式。

This is what differentiates us. We accomplished all of this product innovation in a single year. Again, in a single year. We are building for the long term, and 2024 shows just that. It's one of the strongest and most balanced years across all aspects of our business in our 20-year history.

這就是我們的不同之處。我們僅用一年的時間就完成了所有這些產品創新。再次，在一年之內。我們正在為長遠目標而建設，2024 年證明了這一點。這是我們二十年歷史上業務各方面表現最強勁、最均衡的一年。

And with that in mind, let me take you through some of the accomplishments from our Q4 across our growth drivers, and then I'll wrap up by sharing an overview of our aims for 2025. So let's dive into Q4.

考慮到這一點，讓我向您介紹我們第四季度在成長動力方面取得的一些成就，然後我將最後概述一下我們的 2025 年目標。那麼讓我們深入了解第四季。

Shopify is expanding its merchant base to include larger, high-volume global brands. Since our last earnings call, brands like Reebok, Champion, Westwing and BarkBox all launched on Shopify. We also continued to deepen our portfolio of brands across our largest verticals, signing names from the apparel and accessories vertical like the Canadian behemoth, Reitmans, David's Bridal, Uncommon Goods, and luxury handbag designer, Dooney &Burke, health and beauty companies like Goop, while adding to newer verticals, including the legendary Warner Music Group, and the renowned window covering company, Hunter Douglas.

Shopify 正在擴大其商家基礎，以納入更大、銷售更高的全球品牌。自從我們上次財報電話會議以來，Reebok、Champion、Westwing 和 BarkBox 等品牌都在 Shopify 上推出產品。我們也繼續深化我們在最大垂直領域的品牌組合，簽約服裝和配件垂直領域的品牌，如加拿大巨頭Reitmans、David's Bridal、Uncommon Goods，奢侈手袋設計師Dooney &Burke，以及健康和美容公司Goop，同時增加新的垂直領域，包括傳奇的華納音樂集團和著名的窗簾公司亨特道格拉斯。

In Europe, we also signed iconic luxury fashion retailer, Karl Lagerfeld, who will launch over 70 global point-of-sale locations with Shopify.

在歐洲，我們也與標誌性奢華時尚零售商卡爾拉格斐 (Karl Lagerfeld) 簽約，他將與 Shopify 合作在全球開設 70 多個銷售點。

We're also thrilled to continue welcoming some of the biggest and the most renowned sports teams to Shopify. Most recently, FC Barcelona, the iconic soccer team with a global fan base of over 330 million has expanded their use of our platform to include our unified commerce and point-of-sale system moving beyond just online. They join an impressive roster of major sports teams already leveraging Shopify, including European football giants like Real Madrid and Newcastle United, NBA powerhouses such as the L.A. Lakers, Miami Heat, Dallas Mavericks and Sacramento Kings, as well as the Toronto Maple Leafs and Red Bull Racing.

我們也很高興繼續歡迎一些最大和最著名的運動隊伍加入 Shopify。最近，擁有全球超過 3.3 億球迷的標誌性足球隊巴塞隆納足球俱樂部擴大了我們平台的使用範圍，將我們的統一商務和銷售點系統納入線上線下整合。他們加入了已經利用 Shopify 的眾多主要運動團隊的名單，其中包括皇家馬德里和紐卡斯爾聯隊等歐洲足球巨頭，洛杉磯湖人隊、邁阿密熱火隊、達拉斯小牛隊和薩克拉門托國王隊等 NBA 強隊，以及多倫多楓葉隊和紅牛車隊。

Not to mention within global eSports teams, including Team Liquid and, of course, our very own Shopify Rebellion. You can say we're knocking out of the park in the commerce game. Clearly, we are playing in a league of our own as the MVP, the most valuable platform. And that is just the beginning.

更不用說全球電競團隊，包括 Team Liquid 以及我們自己的 Shopify Rebellion。可以這麼說，我們在商業遊戲中獲得了巨大成功。顯然，我們正在以 MVP 和最有價值的平台的身份參加比賽。這只是一個開始。

Think about this, from top sports teams to major music labels and even one of the largest window covering businesses, Shopify powers them all. This diversity isn't just impressive. It proves that Shopify is the most compelling choice for any business looking to grow quickly, reliably and at scale. No matter your industry, we have got you covered.

想想看，從頂級運動隊伍到主要音樂品牌，甚至是最大的窗簾企業之一，Shopify 都為它們提供支援。這種多樣性不僅令人印象深刻。這證明 Shopify 對於任何尋求快速、可靠和大規模發展的企業來說都是最有吸引力的選擇。無論您從事哪個行業，我們都能為您服務。

In addition to new brands consistently choosing Shopify for its comprehensive enterprise-level offerings, the Shop Pay commerce component has also become a compelling entry point into the Shopify ecosystem for enterprise brands. Take Everlane, for example. Everlane was the first merchant to sign up for Shop Pay commerce component about 15 months ago. But since then, our partnership has only grown stronger. And by Q4 of this year, we've expanded our agreement with them, bringing more of their operations over to Shopify.

除了新品牌不斷選擇 Shopify 提供全面的企業級產品外，Shop Pay 商務組件也成為企業品牌進入 Shopify 生態系統的一個引人注目的切入點。以 Everlane 為例。大約 15 個月前，Everlane 是第一家註冊 Shop Pay 商業組件的商家。但從那時起，我們的夥伴關係就愈發牢固。到今年第四季度，我們擴大了與他們的協議，將他們的更多業務轉移到 Shopify。

And we believe this trend should continue to play out over time for the Shop Pay commerce component. We expect that enterprise retailers may often begin with a simple integration of Shop Pay and gradually, over time, adopt more and more of Shopify's products and services.

我們相信，隨著時間的推移，這種趨勢將持續體現在 Shop Pay 商業組件中。我們預計企業零售商可能通常從簡單整合 Shop Pay 開始，並隨著時間的推移逐漸採用越來越多的 Shopify 產品和服務。

Or here's another example. In Q4, we signed three very large shoe brands: Aldo, Sperry and Call it Spring, that combined will bring both their online and offline businesses to Shopify, including over 400 physical retail locations through point of sale. Initially, these brands were only looking at our Shop Pay commerce component. But after working closely with our team and seeing what our full unified e-commerce offering can do, they each decided to go all in with us. I love this example because it highlights so clearly that our go-to-market strategy of offering a singular component as an option can open up conversations that lead to merchants adopting our entire platform.

或者這是另一個例子。在第四季度，我們簽署了三個非常大的鞋類品牌：Aldo、Sperry 和 Call it Spring，它們將把他們的線上和線下業務引入 Shopify，包括透過銷售點覆蓋 400 多個實體零售點。最初，這些品牌只專注於我們的 Shop Pay 商務組件。但在與我們的團隊密切合作並了解了我們完整統一的電子商務產品所能發揮的作用後，他們決定全力與我們合作。我喜歡這個例子，因為它清楚地表明，我們提供單一組件作為選項的行銷策略可以開啟對話，促使商家採用我們的整個平台。

Now let's dive into shop products, the buyer-facing out of Shopify that's all about making shopping simpler, more delightful and becoming the most trusted brand for commerce everywhere. Our shop products are anchored by four main pillars: Shop Pay, Shop Pay Installments, Sign-in with Shop and the Shop App. Let's start by talking about Shop Pay. The Shop Pay button has become a highly valuable piece of real estate for both merchants and buyers. We believe that buyers are actively seeking it out during checkout, so much so that, if not available, they are more likely to abandon their checkout.

現在讓我們深入了解商店產品，Shopify 面向買家，旨在使購物更簡單、更愉快，並成為全球最值得信賴的商業品牌。我們的商店產品由四大支柱支撐：商店支付、商店支付分期付款、商店登錄和商店應用程式。我們先來談談 Shop Pay。對於商家和買家來說，Shop Pay 按鈕已經成為了一塊非常有價值的資產。我們相信，買家在結帳時會積極尋找它，如果沒有找到，他們就更有可能放棄結帳。

Now this behavior underscores what we and our merchants have long understood. Shop Pay's ability to drive conversion is very powerful. This quarter, Shop Pay processed $27 billion of GMV, up 50% from last year and double that of the next accelerated checkout on Shopify merchant stores.

現在這種行為強調了我們和我們的商家早已理解的事情。Shop Pay 推動轉換的能力非常強大。本季度，Shop Pay 處理的 GMV 為 270 億美元，比去年增長了 50%，是 Shopify 商店下一次加速結帳的兩倍。

I want to make sure that everybody caught that: nearly double that of the next closest option. So it's no surprise that the Shop Pay commerce component in particular has been generating very strong interest amongst enterprise level brands. In 2024, GMV from this component alone surged by nearly 20x with major brands like Arctic, Boot Barn and Bespoke Post adopting it. And this quarter, well-known brands such as Crocs and GameStop also signed up for Shop Pay commerce component, further expanding our reach.

我想確保每個人都明白這一點：幾乎是下一個最接近的選項的兩倍。因此，Shop Pay 商務組件在企業級品牌中引起強烈興趣也就不足為奇了。2024 年，光是此組件的 GMV 就飆升了近 20 倍，Arctic、Boot Barn 和 Bespoke Post 等主要品牌都採用了它。本季度，Crocs、GameStop等知名品牌也簽約了Shop Pay商務組件，進一步擴大了我們的影響力。

Now the Shop App, which has seen its GMV grew 6x in the past two years alone, continues to scale across active users and in-app-native GMV. In fact, Shop App native GMV was up 84% versus the prior year as we continued to make it an even more compelling destination for buyers to find their favorite brands on their mobile devices. Recent improvements include a more personalized and fresh shopping feed, new curated shopping events and category browsing and the launch of cart sinking, which allows users to complete abandoned Shop Pay web checkout through the Shop App. This is really, really cool.

現在，Shop App 的 GMV 僅在過去兩年內就成長了 6 倍，且活躍用戶數和應用程式內原生 GMV 持續擴大。事實上，Shop App 原生 GMV 較上年增長了 84%，因為我們繼續使其成為買家在行動裝置上尋找喜愛品牌的更具吸引力的目的地。最近的改進包括更個人化和新鮮的購物資訊流、新策劃的購物活動和類別瀏覽以及購物車下沉功能的推出，這使得用戶可以透過 Shop App 完成放棄的 Shop Pay 網頁結帳。這真的非常酷。

And finally, let's quickly touch on offline and B2B before we turn our focus to 2025. Q4 offline GMV grew 26%, thanks largely to our focused effort on expanding our reach with large multi-location merchants. Notably, we launched three new brands in the Asia Pacific region with over 320 locations and celebrated the opening of SKIMS's first location NYC and Beams' first pop-up store.

最後，在我們將焦點轉向 2025 年之前，讓我們快速談談線下和 B2B。Q4 線下 GMV 成長了 26%，這主要歸功於我們專注於擴大與大型多地點商家的覆蓋範圍。值得注意的是，我們在亞太地區推出了三個新品牌，擁有超過 320 個門市，並慶祝了 SKIMS 在紐約的第一家門市和 Beams 的第一家快閃店的開幕。

Additionally, a recent Ernst & Young market report has validated our leadership in unified commerce, recognizing Shopify point-of-sale for its efficiency and cost effectiveness. E&Y highlighted that because of our best-in-class architecture, Shopify point-of-sale enables enterprise retailers to achieve 22% lower cost of ownership and 20% faster point-of-sale implementation, enhancing both operational and revenue efficiencies. This is a really, really big deal in the physical retail industry.

此外，安永最近的市場報告證實了我們在統一商務領域的領導地位，並認可 Shopify 銷售點的效率和成本效益。安永強調，由於我們擁有一流的架構，Shopify 銷售點可​​將企業零售商的擁有成本降低 22%，銷售點實施速度提高 20%，從而提高營運和收入效率。這對實體零售業來說真的是一件大事。

In B2B, Shopify is really crushing it with six straight quarters of over 100% year-over-year GMV growth. In fact, Q4 alone was a 132% increase, and November smashed records with an all-time high in monthly GMV.

在 B2B 領域，Shopify 表現十分出色，連續六個季度 GMV 年成長超過 100%。事實上，光是第四季就成長了 132%，11 月的月度 GMV 創下了歷史新高。

Throughout the year, our B2B GMV climbed by more than 140% compared to 2023. In 2024, we also secured a top spot in the Forrester Wave rankings, a recognition that not only showcases our robust B2B capabilities, but also enhances our appeal to larger merchants. We also welcomed new brands from various industries, expanding our market reach and customer base.

全年我們的B2B GMV與2023年相比成長了140%以上。2024 年，我們還在 Forrester Wave 排名中名列前茅，這項認可不僅展示了我們強大的 B2B 能力，而且增強了我們對大型商家的吸引力。我們也歡迎來自各行業的新品牌，擴大我們的市場範圍和客戶群。

While B2B still accounts for a small portion of our GMV, the strong growth we are experiencing highlights the vast opportunities ahead. Our aim is to make Shopify the premier self-serve wholesale purchasing platform, offering a unified solution that powers commerce online, offline and everywhere in between. And we are well on our way to achieving that.

儘管B2B仍占我們GMV的一小部分，但我們正在經歷的強勁成長凸顯了未來的巨大機會。我們的目標是使 Shopify 成為首屈一指的自助批發採購平台，提供統一的解決方案，支援線上、線下以及各個地方的商業活動。我們正在順利實現這一目標。

So yes, 2024 was an incredible year, capped off by a particularly strong Q4. But as you all know by now, we are already full steam ahead into 2025, actively building on the scaling foundations we have built. Every year, Toby sets the core themes for our company, reminding us of the impact of our work and guiding our focus for the year ahead. This year's aims build directly off of last year's successes, emphasizing a continued commitment to strong operational performance, rapid product innovation and, most importantly, the continued success and the growth of our merchants.

所以，是的，2024 年是令人難以置信的一年，其中第四季的表現特別強勁。但正如大家現在所知，我們已經全速邁向 2025 年，積極鞏固我們已經建立的擴展基礎。每年，托比都會為我們公司設定核心主題，提醒我們工作的影響並引導我們來年的重點。今年的目標直接建立在去年的成功基礎上，強調繼續致力於強大的營運績效、快速的產品創新，最重要的是，持續的成功和商家的成長。

First, we remain committed to nailing the basics. And as a result, continuing our focus on simplification is front and center. Everything we build and do should make Shopify even more user-friendly for our merchants. This means stripping away unnecessary processes and focusing on what truly adds value. In other words, help our merchants to grow revenue with a growing complexity for their business.

首先，我們依然致力於打好基礎。因此，我們繼續把簡化放在首位。我們所建立和做的一切都是為了讓 Shopify 對我們的商家來說更加用戶友好。這意味著剝離不必要的流程並專注於真正能增加價值的部分。換句話說，幫助我們的商家在業務日益複雜的情況下增加收入。

Next, we will continue to embrace the transformative potential of AI. This technology is not just a part of the future; it is redefining it. We've anticipated this. So we're already transforming Shopify into a platform where users and machines work seamlessly together. We plan to deepen our investment in Sidekick and other AI capabilities to help not just brand-new merchants to launch, but also to help larger merchants scale faster and drive greater productivity.

接下來，我們將繼續擁抱人工智慧的變革潛力。這項技術不僅僅是未來的一部分；它正在重新定義它。我們已經預料到了這一點。因此，我們已經將 Shopify 轉變為一個用戶和機器無縫協作的平台。我們計劃增加對 Sidekick 和其他 AI 功能的投資，不僅幫助全新商家推出產品，還幫助大型商家更快地擴大規模並提高生產力。

Our efforts to shift towards more goal-oriented software will further help to streamline operations and improve decision-making. This focus on embracing new ways of thinking and working positions us not only as the platform of choice today, but also as a leader for commerce in the AI-driven era with a relentless focus on cutting-edge technology.

我們努力轉向更目標導向的軟體，這將進一步幫助簡化操作並改善決策。這種對新思維和新工作方式的重視，不僅使我們成為當今的首選平台，而且透過不懈地關注尖端技術，成為人工智慧時代的商業領袖。

Additionally, expansion remains a cornerstone for our ability to build for the long term. In 2025, we plan to continue to grow our reach across various merchandises from entrepreneur to enterprise, and gain greater presence and market share across all geographies, particularly internationally in Europe and countries like Japan. We will continue to defend and to grow our leadership position as the place to start an online business. We are dedicated to reinforcing our position as the go-to platform for starting online business and driving growth in areas like point-of-sale, B2B and shop, supported by further strategic marketing and targeted go-to-market initiatives.

此外，擴張仍然是我們長期建立能力的基石。2025 年，我們計劃繼續擴大從企業家到企業的各種商品的影響力，並在所有地區，尤其是在歐洲和日本等國際國家，獲得更大的影響力和市場份額。我們將繼續捍衛並發展我們作為線上業務起點的領導地位。我們致力於鞏固我們作為開展線上業務的首選平台的地位，並推動銷售點、B2B 和商店等領域的成長，並透過進一步的策略行銷和有針對性的行銷舉措提供支援。

This expansion is not just about increasing our footprint. It's about strengthening the trust and reliability that our merchants expect from Shopify, all while working to become the gold standard for trusted commerce by buyers across the Internet.

這次擴張不僅僅是為了增加我們的足跡。這是為了加強我們的商家對 Shopify 的信任和可靠性期望，同時努力成為網路買家信賴的商業黃金標準。

And all of this is backed by our continued commitment to a strong free cash flow margin profile. We plan to continue to operate efficiently as possible to create the flexibility we want for further investment in the multiple areas of growth that we see before us. This disciplined approach allows us to focus on investing in long-term strategies rather than just short-term gains.

這一切都源自於我們對強勁自由現金流利潤率狀況的持續承諾。我們計劃繼續盡可能高效地運營，以創造我們所需的靈活性，以便在我們面臨的多個成長領域進一步投資。這種嚴謹的方法使我們能夠專注於投資長期策略而不是僅僅關注短期收益。

Okay. To close this out, our path is clear and we are executing. We've consistently demonstrated our commitment to financial discipline, enabling solid free cash flow margins that position us well for future growth and profitability. In 2025, we will continue to invest in our core platform and in key areas like enterprise, offline and international markets as these key growth drivers are helping to fuel our top line growth and laying the groundwork for ongoing success and innovation.

好的。最後，我們的道路很清晰，我們正在執行。我們始終如一地展現對財務紀律的承諾，實現了穩健的自由現金流利潤率，為我們未來的成長和獲利奠定了良好的基礎。2025年，我們將繼續投資於我們的核心平台以及企業、線下和國際市場等關鍵領域，因為這些關鍵成長動力將有助於推動我們的營收成長，並為持續的成功和創新奠定基礎。

As the commerce landscape evolves, we firmly believe Shopify is best positioned to thrive, thanks to our proven track record, agile platform, relentless focus on product innovation and the success of our merchants. We are entering an exciting era of commerce driven by transformative shifts in technology like AI. We are ready to embrace this change and the competition it brings, confident in our ability to continue leading the way.

隨著商業格局的發展，我們堅信 Shopify 最有能力蓬勃發展，這要歸功於我們成功的業績、敏捷的平台、對產品創新的不懈關注以及我們商家的成功。我們正進入一個令人興奮的商業時代，這個時代由人工智慧等技術的變革性轉變所推動。我們已準備好迎接這項變革和它帶來的競爭，並相信我們有能力繼續保持領先地位。

So thank you to the entire Shopify team, to our partner ecosystem and to all our merchants for another amazing year of making commerce better for everyone. As I hope is evident at this point, we are ready and we are excited for what is next. And with that, let me turn the call over to Jeff.

因此，感謝整個 Shopify 團隊、我們的合作夥伴生態系統以及所有商家，感謝你們又一個精彩的一年，讓商業活動對每個人都更加有益。正如我希望的那樣，我們已經做好準備，並對接下來的事情感到興奮。現在，讓我把電話轉給傑夫。

Thank you, Harley. Q4 was an exceptional quarter for us, capping a year where we delivered 25% or greater top line growth in each quarter when excluding logistics, and expanded our free cash flow margin to 18% for the year. This marks our seventh straight quarter of delivering pro forma revenue growth of 25% or greater, sixth consecutive quarter of GMV growth rate exceeding 20%, ninth consecutive quarter of positive free cash flow and sixth consecutive quarter of double-digit free cash flow margins. We also achieved some significant milestones on the expense side, but more on that later.

謝謝你，哈利。第四季度對我們來說是一個非常出色的季度，在這一年中，我們每個季度（不包括物流）的營收成長率都達到了 25% 或更高，並且全年自由現金流利潤率擴大至 18%。這是我們連續第七個季度實現預計收入增幅達到或超過 25%、連續六個季度 GMV 增幅超過 20%、連續第九個季度實現正自由現金流、連續六個季度實現兩位數自由現金流利潤率。我們在費用方面也取得了一些重要的里程碑，但稍後我們會詳細介紹。

We are delivering growth across multiple products, multiple geographies and multiple merchant sizes and types, all while being disciplined on expenses but thoughtfully investing for Shopify's continued growth. Now let's dive into our Q4 results.

我們在多種產品、多個地區以及多種規模和類型的商戶中實現成長，同時嚴格控制開支，並為 Shopify 的持續成長進行深思熟慮的投資。現在讓我們深入了解第四季的業績。

In Q4, GMV increased 26% year-over-year, marking the highest quarterly GMV rate since the pandemic-driven growth rate of 31% in Q4 2021. The Q4 GMV results were driven primarily by same-store sales growth from our existing merchants, led by our Plus merchants, growth in the number of merchants on our platform, continued strength internationally with GMV outside North America growing 33% in Q4. This continued momentum was led by 37% growth from the combined region of Europe, the Middle East and Africa with growth in that region slightly weighted to same-store sales growth versus new merchant acquisition. And fourth, online, our point of sale, where we had 26% GMV growth year-over-year.

第四季度，GMV 年成長 26%，創下 2021 年第四季受疫情推動的 31% 成長率以來的最高季度 GMV 成長率。第四季 GMV 業績主要得益於我們現有商家的同店銷售額成長，其中以 Plus 商家為首，我們平台上商家數量的成長，以及國際業務的持續強勁成長，其中北美以外地區的 GMV 在第四季度增長了 33%。這一持續成長動能主要得益於歐洲、中東和非洲地區合計 37% 的成長，該地區的成長略微偏向同店銷售額成長而非新商家拓展。第四，在線上，也就是我們的銷售點，我們的 GMV 年比成長了 26%。

In terms of industry verticals, Q4 saw notable growth from health and beauty, food and beverage, home and garden and apparel and accessories. We also had in Q4 notable strength from a few interesting but smaller verticals for us like toys and games and animals and pet supply.

從垂直產業來看，第四季健康與美容、食品與飲料、家居與花園、服裝與配件等產業成長顯著。我們在第四季度的一些有趣但較小的垂直領域也表現出色，例如玩具和遊戲以及動物和寵物用品。

Q4 revenue was $2.8 billion, up 31% year-over-year, and full-year revenue was up 26% to $8.9 billion. The key drivers were the GMV growth that I just mentioned, growth in Subscription Solutions revenue stemming from the growth in the number of merchants on our platform and, to a lesser degree, variable platform fees and apps and domains, and increased Payments penetration, which hit 64% for Q4.

第四季營收為 28 億美元，年增 31%，全年營收成長 26% 至 89 億美元。關鍵驅動因素是我剛才提到的 GMV 成長、源自於我們平台上商家數量的成長的訂閱解決方案收入的成長，以及在較小程度上可變的平台費用和應用程式和域名，以及支付滲透率的提高（第四季達到 64%）。

The revenue outperformance relative to our outlook was driven by North America representing a larger percentage of GMV than expected. More of our products are available in North America versus other geographies, so outperformance in the US and Canada brings higher revenue per merchant.

相對於我們的預期，營收表現優異是由於北美佔據了 GMV 的更大比例，超出了預期。與其他地區相比，我們的更多產品在北美上市，因此在美國和加拿大的優異表現為每個商家帶來了更高的收入。

Q4 Merchant Solutions revenue increased 33% year-over-year, primarily driven by the continued strength in GMV and increased penetration of Shopify Payments. $61 billion of GMV was processed on Shopify Payments in Q4, that's 35% higher than last year, and 64% of GMV compared to 60% in Q4 of 2023. Several factors drove the quarter's higher gross payments volume, including the strong performance of merchants who use Shopify Payments, an increasing percentage of which are on Shopify Plus, more merchants across the globe adopting Payments, and greater penetration of Shop Pay, which was 41% of GPV in the quarter.

Q4 商家解決方案營收年增 33%，主要得益於 GMV 的持續強勁成長和 Shopify Payments 滲透率的提高。 Shopify Payments 在第四季處理的 GMV 為 610 億美元，比去年高出 35%，佔 GMV 的 64%，而 2023 年第四季為 60%。有幾個因素推動了本季總支付量的增加，包括使用 Shopify Payments 的商家表現強勁（其中使用 Shopify Plus 的比例不斷增加）、全球範圍內採用 Payments 的商家越來越多以及 Shop Pay 的滲透率不斷提高（本季度佔 GPV 的 41%）。

As a reminder, Q4 is a quarter which traditionally sees the highest percentage of revenue from Payments. For the year, GPV penetration was 62%, up from 58% in 2023.

提醒一下，第四季通常是支付業務收入佔比最高的季度。今年的 GPV 滲透率為 62%，高於 2023 年的 58%。

Subscription Solutions revenue was up 27% over Q4 of last year. The growth was driven by an increase in number of merchants on our platform and, to a lesser degree, higher variable platform fees and the benefit from the Plus pricing change.

訂閱解決方案營收比去年第四季成長了 27%。成長的主要原因是我們平台上商家數量的增加，以及（在較小程度上）更高的可變平台費用和 Plus 定價變化帶來的好處。

We continue to execute at an impressive scale, driving both commerce overall and our share of the commerce market. Q4 MRR was up 24% year-over-year with continued growth in each of standard, Plus and offline, with all three categories seeing an increase in the number of merchants. Plus represented 33% of MRR for the quarter, consistent with Q3.

我們繼續以令人印象深刻的規模執行，推動整體商業發展和我們在商業市場的份額。Q4 MRR 年成長 24%，標準、Plus 和線下均持續成長，三個類別的商家數量均增加。Plus 佔本季 MRR 的 33%，與第三季一致。

Important to note that during Q4, we started shifting to a three-month paid trial into certain markets versus our previously predominantly one-month paid trials. This change was a headwind to our Q4 MRR growth, particularly in standard and offline. Moreover, based on the timing of our rollouts, we expect it to impact Q1 and Q2.

值得注意的是，在第四季度，我們開始在某些市場轉向三個月的付費試用，而之前主要是一個月的付費試用。這項變更對我們第四季的 MRR 成長產生了阻礙，尤其是在標準和離線方面。此外，根據我們推出的時間，我們預計它將影響第一季和第二季。

As you know, we are always iterating on our approach to merchant acquisition, focusing on enabling and accelerating merchant success for the long term. With respect to paid trials, the one-month trials yielded revenue to Shopify faster, but our data also suggested that it came at the cost of durability, specifically, giving merchants a little bit more time to experiment with our platform increase the likelihood that they were setting themselves up for greater GMV success over the long term.

如您所知，我們始終在不斷改進商家獲取方法，專注於長期促進和加速商家成功。對於付費試用，一個月的試用期可以讓 Shopify 更快地產生收入，但我們的數據也表明，這是以耐用性為代價的，具體來說，給商家多一點時間來試用我們的平台，更有可能讓他們為長期實現更大的 GMV 成功做好準備。

This point became clear through testing that we did regarding how quickly merchants from various trial lengths achieved certain GMV milestones. For nearly every lens of our business like geography or merchant type, the three-month trial yielded better long-term results for merchants and Shopify. Therefore, we are moving to three-month trials in most geographies.

我們透過測試明確了不同試用期的商家實現特定 GMV 里程碑的速度。對於我們業務的幾乎每個角度，例如地理位置或商家類型，三個月的試用期都為商家和 Shopify 帶來了更好的長期效果。因此，我們在大多數地區進行為期三個月的試驗。

As a reminder, paid trials are just one of our merchant acquisition tools.

提醒一下，付費試用只是我們的商家獲取工具之一。

Q4 gross profit was $1.4 billion for the quarter, up 27% year-over-year, and our full year gross profit was up 27% to $4.5 billion. Subscription Solutions gross margin was 79.9%, compared to 81.5% in the prior year. The decrease was mainly due to higher cloud and infrastructure hosting costs, in part to support our higher volume fourth quarter. But we do not expect this to have as much of an impact going forward.

第四季毛利為 14 億美元，年增 27%，全年毛利成長 27%，達到 45 億美元。訂閱解決方案毛利率為 79.9%，去年同期為 81.5%。下降的主要原因是雲端和基礎設施託管成本的提高，部分是為了支持我們第四季銷售的增加。但我們預計這不會對未來產生太大影響。

Merchant Solutions gross margin was 38.2%, compared to 39.2% in Q4 of 2023. The decrease was primarily driven by lower noncash revenues from certain partnerships which carry a high gross margin and the impact from the expanded partnership with PayPal. Partially offsetting these headwinds in Q4 was strength in our other Merchant Solutions products led by international selling, previously known as Markets.

Merchant Solutions 毛利率為 38.2%，而 2023 年第四季為 39.2%。下降的主要原因是來自某些毛利率較高的合作夥伴關係的非現金收入減少，以及與 PayPal 擴大合作夥伴關係的影響。第四季度，我們其他商家解決方案產品的強勁表現（以國際銷售（以前稱為市場）為主導）在一定程度上抵消了這些不利因素。

Now let's turn to operating expenses. Reflecting on just the past two years, we've made significant strides. In Q4 2022, operating expenses, excluding the real estate charge, were 52% of revenues. That went down to 36% in Q4 of 2023 and further down to 32% this Q4, which was right in line with the outlook we provided. We have come a long way.

現在我們來談談營運費用。回顧過去兩年，我們取得了重大進展。2022 年第四季度，不包括房地產費用的營業費用佔收入的 52%。2023 年第四季這一比例下降至 36%，今年第四季進一步下降至 32%，這與我們提供的前景一致。我們已經走了很長一段路。

For Q4, we achieved operating expense leverage in each of R&D, sales and marketing and G&A, largely due to our disciplined management of headcount. As of December 31, 2024, our headcount was just under 8,100 employees, down from approximately 8,300 at the end of 2023.

第四季度，我們在研發、銷售與行銷以及一般行政管理方面都實現了營業費用槓桿，這主要歸功於我們對員工人數的嚴格管理。截至 2024 年 12 月 31 日，我們的員工人數略低於 8,100 人，低於 2023 年底的約 8,300 人。

In the fourth and smallest of our four operating expense categories that we have on the income statement, transaction loans and losses, which does not involve headcount, we saw a slight increase as a percentage of revenue to 3% from 2% the previous year. This increase is simply a function of higher volumes for both our payments and capital businesses. Important to note that our loss ratios for each remained within a consistent range. Payments and capital are growing well and this was an outgrowth of that.

在我們損益表中的四個營運費用類別中的第四個也是最小的一個類別中，交易貸款和損失（不涉及員工人數）佔收入的百分比從上一年的 2% 略有增加，達到 3%。這一增長僅僅是由於我們的支付和資本業務量均有所增加。值得注意的是，我們各自的損失率保持在一致的範圍內。支付和資本增長良好，這是其結果。

I want to take a moment to thank all of my colleagues for the hard work and discipline they're exercising on headcount and the constant innovation and leveraging of automation, all while we continue to invest in key growth opportunities.

我想花點時間感謝我所有的同事，感謝他們在員工人數方面的辛勤工作和紀律，以及不斷創新和利用自動化，同時我們繼續投資於關鍵的成長機會。

In my opening remarks, I referenced some milestones on the expense side. In Q4 and for the year, we reached four milestones for the first time since going public nearly a decade ago. Operating expenses for the year were down to 38% of revenues. Operating expenses for Q4 were down to 32% of revenues. Operating margin for the year hit 12%, double that of our previous peak in 2021.

我在開場白中提到了費用方面的一些里程碑。在第四季和全年，我們自近十年前上市以來首次達到了四個里程碑。全年營業費用下降至收入的38%。第四季的營運費用下降至收入的 32%。全年營業利益率達 12%，是 2021 年高峰的兩倍。

And operating margin for the quarter was 17%. All of these metrics represent the strongest profitability levels that we have achieved since going public in 2015, all while maintaining and, in many instances, accelerating growth at scale.

本季營業利益率為 17%。所有這些指標都代表了我們自 2015 年上市以來所實現的最強勁盈利水平，同時保持甚至在許多情況下加速了規模增長。

Stock-based compensation was $118 million for the quarter. Q4 free cash flow was $611 million or 22% of revenue, coming in better than our outlook primarily due to our revenue outperformance. We delivered increases in both free cash flow margin and free cash flow dollars each successive quarter last year, delivering 12% in Q1, 16% in Q2, 19% in Q3 and 22% this past quarter. For the year, free cash flow was $1.6 billion, up 77%, achieving a free cash flow margin of 18% for the year. Our free cash flow levels are the manifestation of the hard work throughout 2022 and 2023.

本季的股票薪酬為 1.18 億美元。第四季自由現金流為 6.11 億美元，佔營收的 22%，優於我們的預期，這主要歸功於我們的營收表現優異。去年，我們每季的自由現金流利潤率和自由現金流金額都在增加，第一季成長 12%，第二季成長 16%，第三季成長 19%，上個季度成長 22%。全年自由現金流為16億美元，成長77%，全年自由現金流利潤率達18%。我們的自由現金流水準是 2022 年和 2023 年全年辛勤工作的體現。

I believe the strength of our business allows us to achieve these attractive free cash flow margins, but still, importantly, invest in the future.

我相信，我們業務的實力使我們能夠實現這些具有吸引力的自由現金流利潤率，但更重要的是，投資於未來。

To be clear, we are a growth company. We plan to prioritize investing further in key areas like our core platform, international, B2B, enterprise and offline, as opposed to driving for higher free cash flow margins in the near term. It's simply the right thing to do with the immense opportunities we see ahead, but delivers a profitability level that we are proud of and believe we can maintain without impacting future growth.

需要明確的是，我們是一家成長型公司。我們計劃優先在核心平台、國際、B2B、企業和線下等關鍵領域進行進一步投資，而不是在短期內追求更高的自由現金流利潤率。這只是我們面對巨大機會時所採取的正確做法，但它為我們帶來了令我們感到自豪的盈利水平，我們相信我們可以維持這種盈利水平而不會影響未來的增長。

Before diving into outlook for Q1, one additional dynamic for the full year 2025 to call out. This year, we expect to return to the normal pattern of Merchant Solutions growing quicker than Subscription Solutions. A recurring theme of Merchant Solutions outperformance over the years has been the strength of our payments product, the growing number of our Merchant Solutions products that we offer and our ability to drive merchant adoption of these offerings.

在深入探討第一季的前景之前，讓我們先來看看 2025 年全年的另一個動態。今年，我們預期商家解決方案將恢復比訂閱解決方案成長更快的正常模式。多年來，商家解決方案表現優異的一個反覆出現的主題是我們支付產品的實力、我們提供的商家解決方案產品數量的增長以及我們推動商家採用這些產品的能力。

Two things are expected to impact Subscription Solutions growth this year. First, the move to three-month trials. Second, our Subscription Solutions revenue recently benefited from the changes in our pricing plans for Standard and Plus. While we always examine pricing across products and geographies, we don't expect to have substantive pricing changes this year and, therefore, expect this benefit to Subscription Solutions growth to normalize.

預計有兩件事將影響今年訂閱解決方案的成長。首先，轉向三個月的試用期。其次，我們的訂閱解決方案收入最近受益於標準版和 Plus 版定價計畫的變化。雖然我們總是檢查跨產品和跨地區的定價，但我們預計今年的價格不會有實質性的變化，因此，預計訂閱解決方案增長的這一好處將正常化。

With this backdrop, let's move to our expectations for Q1. We expect Q1 revenue growth to be in the mid-20s year-over-year driven by many of the same factors that supported our strong revenue growth in 2024, noting that Q4 specifically is our seasonally strongest quarter.

在此背景下，讓我們來看看對第一季的預期。我們預計第一季的營收增幅將達到 25% 左右，這得益於許多支持我們 2024 年強勁營收成長的相同因素，尤其需要注意的是，第四季是我們季節性最強勁的季度。

Turning to gross profit. We expect our gross profit dollars to grow in the low 20s. The year-over-year gross margin impact versus Q1 of 2024 is driven by the mix shift between the growth rates of Merchant Solutions and Subscription Solutions that I just mentioned, the continued strength of Payments, including the growth of Plus and enterprise, and the two dynamics that I mentioned regarding Q4 gross margins, PayPal accounting and lower noncash revenues.

轉向毛利。我們預計我們的毛利將成長 20% 出頭。與 2024 年第一季相比，毛利率年比影響是由我剛才提到的商家解決方案和訂閱解決方案的成長率之間的組合轉變、支付的持續強勁（包括 Plus 和企業的成長）以及我提到的關於第四季度毛利率、PayPal 會計和非現金收入下降的兩個動態所驅動。

We expect that our Q1 operating expenses will be 41% to 42% of revenues, reflecting a 500 basis points to 600 basis points improvement from Q1 last year. The factors that contributed to our expense leverage in Q4, as I detailed earlier, are expected to continue into Q1. We are committed to finding opportunities for operating leverage, but notably, I want to make sure that we are investing in R&D talent and we'll continue to invest in marketing to support our key growth areas including enterprise, offline and international.

我們預計第一季的營運費用將佔營收的 41% 至 42%，比去年第一季提高 500 個基點至 600 個基點。正如我之前所詳述的，導致我們第四季費用槓桿的因素預計會持續到第一季。我們致力於尋找經營槓桿的機會，但值得注意的是，我要確保我們對研發人才進行投資，並繼續在行銷方面進行投資，以支持我們的關鍵成長領域，包括企業、線下和國際。

Stock-based compensation is expected to be $120 million in Q1.

預計第一季的股票薪酬為 1.2 億美元。

Finally, free cash flow margin. Q1 is typically our lowest GMV quarter, which naturally affects our revenue scale and, thereby, our free cash flow margin. Despite this, we still expect our Q1 free cash flow margin to be in the mid-teens, up from 12% last year. It is important to note that while we've significantly expanded our free cash flow margins over the last two years, as we move into 2025, and as I mentioned on our last call, we believe the free cash flow margin profile that we have achieved in 2024 strikes the right balance between profitability and investing in building the best products for our merchants today and into the future.

最後，自由現金流利潤率。Q1 通常是我們 GMV 最低的季度，這自然會影響我們的收入規模，進而影響我們的自由現金流利潤率。儘管如此，我們仍預計第一季自由現金流利潤率將達到 15% 左右，高於去年的 12%。值得注意的是，雖然我們在過去兩年中顯著擴大了自由現金流利潤率，但隨著我們進入 2025 年，正如我在上次電話會議上提到的那樣，我們相信我們在 2024 年實現的自由現金流利潤率狀況在盈利能力和投資於為我們的商家當前和未來打造最好的產品之間取得了適當的平衡。

We aim to maintain this level of cash flow profitability rather than optimizing for further margin expansion in the near term. There are simply too many compelling growth opportunities ahead.

我們的目標是維持這一水準的現金流獲利能力，而不是在短期內優化以進一步擴大利潤率。未來有太多引人注目的成長機會。

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

說完這些，我將把電話轉回給 Carrie 來回答您的問題。

Thanks, Jeff. We will now take your questions before turning the call back to Harley for some final words. (Event Instructions)

謝謝，傑夫。我們現在將回答您的問題，然後將電話轉回哈雷進行最後發言。(活動須知)

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Nice sort of results here. Maybe we can just start with the free cash flow guide for the first quarter. It looks like you're calling for roughly 200 basis points of free cash flow margin expansion. Is this the right way to think about the margin expansion as we kind of move through the remainder of the year?

這裡的結果很不錯。也許我們可以從第一季的自由現金流指南開始。看起來您呼籲將自由現金流利潤率擴大約 200 個基點。當我們度過今年剩餘時間時，這是思考利潤率擴張的正確方式嗎？

And then if we think about the investments that you're making last year was a lot of the performance marketing was a key theme. Is it consistent with what you're kind of investing in now for these new opportunities?

然後，如果我們想想您去年所做的投資，就會發現許多績效行銷都是關鍵主題。這與您現在為這些新機會所做的投資是否一致？

Yeah, I'll start with that. As it relates to the quarterly aspect of free cash flow, I'm not looking to get into the differentials in any given quarter. I'd go back to the comments I made, Andrew, in terms of the overall level of free cash flow margins, how we think about it. And we believe we've gotten to a very good level which allows us to obviously maintain this profitability but also invest back into the future and what we want to accomplish.

是的，我就從那裡開始。由於它與自由現金流的季度方面有關，因此我不想深入研究任何特定季度的差異。安德魯，我會回到我之前發表的評論，就自由現金流利潤率的總體水平以及我們對此的看法。我們相信我們已經達到了一個非常好的水平，這顯然使我們能夠保持這種盈利能力，同時也可以投資於未來並實現我們想要實現的目標。

So it's -- I made some comments in the past as it relates to the quarterly evolution of free cash flows. I stand by that. As you know, Q4 traditionally is just our -- just in terms of GMV dollars, is our largest quarter in terms of the GMV, which then translates into revenue, which obviously then translates down into free cash flow margin. But in the aggregate, in terms of how we think about these margins, again, I go back to my perspective on this feels like we're at the right level.

所以——我過去曾對自由現金流的季度變化發表過一些評論。我堅持這一點。如您所知，傳統上，第四季度是我們的 — — 就 GMV 美元而言，是我們 GMV 最高的一個季度，然後轉化為收入，顯然又轉化為自由現金流利潤率。但總體而言，就我們如何看待這些利潤而言，我再次回到我的觀點，感覺我們處於正確的水平。

And as it relates to performance marketing, that obviously continues to be the majority of our marketing spend. We still, on the marketing side, are focused on the paybacks we've talked about on numerous calls. They're performing very well. As you know, we're always testing, we're always analyzing. We're always looking at where that best incremental dollar of marketing spend could be put to work. But nothing's changed in our strategy there.

就績效行銷而言，這顯然仍然是我們行銷支出的大部分。在行銷方面，我們仍然專注於我們在多次電話會議中談到的回報。他們的表現非常出色。如你所知，我們一直在測試，一直在分析。我們始終在尋找能夠將增量行銷支出最佳用在何處的方法。但我們的戰略沒有任何改變。

Jeff Cantwell, Seaport Research.

傑夫‧坎特韋爾（Jeff Cantwell），海港研究公司。

Hey, thank you for taking my question. Can you hear me?

嘿，謝謝你回答我的問題。你聽得到我嗎？

Yes.

是的。

Great. Maybe just to clarify. It looks like your Merchant Solutions' take rate was higher than expected this quarter. How should we think about that in Q1? Obviously, there's going to be some seasonality there.

偉大的。也許只是為了澄清一下。看起來您的商家解決方案本季的收費率高於預期。在第一季我們該如何看待這個問題？顯然，這其中會存在一些季節性。

But on a year-over-year basis, it sounds like we should maybe be contemplating a higher take rate there in Merchant Solutions given all the momentum you're seeing across the platform.

但從同比來看，考慮到整個平台的發展勢頭，我們可能應該考慮在 Merchant Solutions 中提高接受率。

And then on the gross margins, it looks like you're guiding low 20s. If you might just [ get on ] that a little bit, how much of the delta there versus the revenue growth guide, what's due to the success moving upmarket to enterprise? I think you said PayPal accounting. So just trying to get more clarity on that to think about the go-forward.

那麼就毛利率而言，看起來你們預計會低於 20%。如果您可以稍微討論一下，與營收成長指南相比，那裡的增量是多少，這是由於成功轉向企業市場所致？我認為您說的是 PayPal 會計。因此，只是想更清楚地了解這一點，以便思​​考下一步該怎麼做。

Yeah. As it relates to Merchant Solutions and the attach rate, obviously, what is going in Merchant Solutions is the strength of payments as well as the continued growth of the products like Capital and Tax and all the additional products which we're adding. And that's, if you look at it on a year-over-year basis, obviously, '24 over '23, you've got to keep in mind the impact to pro-forming out logistics. And so that actually would add some additional strength in terms of what you're seeing on the Merchant Solutions attach rate.

是的。就商家解決方案和附加率而言，顯然，商家解決方案中正在發生的事情是支付的實力以及資本和稅收等產品的持續成長以及我們正在添加的所有其他產品。如果你以同比來算，顯然，24 年與 23 年相比，你必須記住對專業物流的影響。因此，就您在商家解決方案附加率方面看到的情況而言，這實際上會增加一些額外的優勢。

So we will obviously continue to drive all the product within Merchant Solutions, and that will be reflective of what you see in the attach rate, recognizing again that, as we've talked about in the past, attach rate for us is more of an output. We're obviously trying to build great products for our merchants, that drives their GMV. And from that will obviously come to success in terms of what we realize in revenue and the monetization there.

因此，我們顯然將繼續推動 Merchant Solutions 內的所有產品，這將反映您在附加率中看到的情況，再次認識到，正如我們過去所談到的，對我們來說，附加率更像是一種產出。我們顯然正在努力為商家打造優秀的產品，以提高他們的商品交易總額。由此可見，我們在收入和貨幣化方面顯然會取得成功。

But yes, we're -- as your question alludes, we're performing well in the Merchant Solutions side. As it relates to gross margins for Q1, obviously, I talked through from a guidance perspective, the year-over-year impact and the trends that are at play there. Part of what I alluded to in terms of the relative growth rates of Merchant Solutions and Subscription Solutions will have an impact on gross margin, and part of that is just a function, as I alluded to, in terms of what we're seeing on the paid trials this year, which will be something which will have some headwinds for the first half of the year, but obviously, that will then normalize.

但是是的，正如您的問題所暗示的，我們在商家解決方案方面表現良好。至於第一季的毛利率，顯然，我從指導的角度討論了同比的影響以及其中的趨勢。我提到的商家解決方案和訂閱解決方案的相對成長率將對毛利率產生影響，而部分影響只是我今年看到的付費試用的結果，這將在上半年帶來一些阻力，但顯然隨後會正常化。

So I don't think there's anything beyond what I covered in the primary call. Those are the key drivers.

因此，我認為除了初次通話中涉及的內容之外，沒有其他內容了。這些是關鍵驅動因素。

Craig Maurer, Financial Technology Partners.

克雷格‧莫雷爾 (Craig Maurer)，金融科技合作夥伴。

First, I wanted to understand how the de minimis exemption impacts your business and how we should think about that should tariffs include that and come into play?

首先，我想了解最低限度豁免對您的業務有何影響，以及如果關稅包括最低限度豁免並發揮作用，我們應該如何考慮？

Second, I just wanted to understand how AI can help you with content or listing moderation considering the controversy around the Super Bowl advertisement that took place?

其次，我想了解一下，考慮到超級盃廣告引發的爭議，人工智慧如何幫助您進行內容或清單審查？

I'll start there with that question. Let's sort of start with sort of the question of de minimis and just tariffs in general. Look, I think small and midsize businesses are responsible for something like two-third of all jobs created. They account for almost all the new job creation. And our merchants alone move billions across the border.

我先從這個問題開始。讓我們先來討論一下最低限度問題和一般關稅問題。我認為，中小型企業創造了約三分之二的就業機會。它們幾乎佔了所有新增就業機會。光是我們的商人就將數十億美元轉移至邊境。

So obviously, tariffs impact real entrepreneurs that are carving out livelihoods for themselves. And what we try to do with Shopify every day is we try to protect and empower every business we can, but obviously, especially, we care about the underdogs.

顯然，關稅會影響那些為自己謀生的真正的企業家。我們每天透過 Shopify 嘗試保護和支持每一家企業，但顯然，我們尤其關心弱勢群體。

So as soon as we've seen anything, whether it's tariffs or de minimis, we usually get to work from a product perspective. And we did that right away. I mean all merchants can now display and collect duties during checkout. Consumers can actually easily shop from their home country using Shop App, new search filters.

因此，一旦我們看到任何事情，無論是關稅還是最低限度，我們通常都會從產品角度進行工作。我們馬上就這麼做了。我的意思是現在所有商家都可以在結帳時顯示並收取關稅。消費者實際上可以使用 Shop App 和新的搜尋過濾器輕鬆地在自己的國家購物。

And specifically when it comes to de minimis. I mean we think protections like de minimis are crucial for small business that engage in trade. By exempting these sort of low-value shipments from taxes and duties, they keep costs down and allow entrepreneurs, I think, to compete at a much larger scale. So I think rather than eliminating de minimis, countries really try to streamline these custom processes and improved digital duty collection to make things a lot easier.

特別是當涉及到最低限度的時候。我的意思是，我們認為像最低限度這樣的保護對於從事貿易的小型企業至關重要。透過免除這些低價值貨物的稅收和關稅，他們可以降低成本，並讓企業家在更大規模上競爭。因此，我認為，各國並非真正想消除最低限度，而是試圖簡化這些海關流程，改善數位化關稅徵收，以使事情變得容易得多。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay. Great. Two questions, please. Headcount growth, you pointed out, was -- or headcount sort of declined in the fourth quarter. Just how do you think about headcount going forward?

好的。偉大的。請問兩個問題。您指出，第四季員工人數有所成長或下降。您對於未來的員工人數有什麼看法？

Do you think you've got enough operational efficiencies that we should expect relatively modest headcount growth for Shopify going forward for the next year or two?

您是否認為您的營運效率已經足夠高，以至於我們預計未來一兩年 Shopify 的員工人數將出現相對溫和的成長？

And then if you look back on the pricing actions that you've taken over the last year or two, the lessons that you've drawn from that and your level of confidence that the value you're creating for your customers will allow you from time to time to take more pricing actions?

然後，如果回顧過去一兩年所採取的定價行動，您從中學到的教訓以及您為客戶創造的價值的信心水平將允許您不時採取更多的定價行動？

So maybe I'll start there, Jeff, and you can kind of jump in. On the headcount thing, we think we're at a point now where we continue to grow the business, both merchant-based GMV, revenue, and leave our headcount fairly flat. We like the size of Shopify, we like the shape of Shopify. It's been maybe about 24 months now since we sort of talked about this new shape of Shopify focused on main quest only focus on making sure we help entrepreneurs all the way to enterprise merchants, not just sell online with us but sell across every single surface area. Obviously, Merchant Solutions and making sure that they take more of our products is something that's also very important to us.

所以也許我會從那裡開始，傑夫，然後你可以直接加入。關於員工人數問題，我們認為我們現在正處於一個繼續發展業務的階段，包括基於商家的 GMV 和收入，同時保持員工人數基本穩定。我們喜歡 Shopify 的大小，我們喜歡 Shopify 的形狀。自從我們開始談論 Shopify 的新形態，到現在已經有 24 個月了，我們專注於主要任務，只專注於確保我們能夠幫助企業家直至企業商家，不僅僅是與我們一起在線銷售，而是在每個表面區域進行銷售。顯然，商家解決方案以及確保他們接受更多我們的產品對我們來說也非常重要。

But we think we can do so without growing our headcount meaningfully, which really, really matters. In terms of your question around -- I think your question was really around value related to the product to Shopify, and particularly when it comes to enterprise. What we've noticed is that merchants believe that Shopify is still the best deal in town, including at the enterprise level.

但我們認為，無需大幅增加員工人數，我們就能做到這一點，這真的非常重要。關於您提出的問題——我認為您的問題實際上是關於 Shopify 產品的價值，特別是對於企業而言。我們注意到，商家認為 Shopify 仍然是城裡最划算的交易，包括在企業級交易中。

I mentioned this previously, but one of the cool parts of seeing companies like Everlane, for example, come to us initially simply for a component and then eventually coming on entirely to Shopify, or another example is Aldo, where the conversation started with the commerce component and ended up turning into the entire unified commerce product that we offer them, we are seeing more and more of these merchants that come. They want to learn about Shopify.

我之前提到過這一點，但看到像 Everlane 這樣的公司最初只是為了一個組件而來，然後最終完全轉向 Shopify，或者另一個例子是 Aldo，他們的對話從商務組件開始，最終變成了我們為他們提供的整個統一商務產品，我們看到越來越多的商家來找我們。他們想了解 Shopify。

And I'll just say from personal experience, we finished NRF in January, pretty much every retailer and every major brand on the planet is now looking to Shopify or at least coming, introducing themselves to Shopify to figure out how if we can work with them. That was not happening even 12 months ago.

從我的個人經驗來看，我們在一月份完成了 NRF，現在幾乎地球上的每個零售商和每個主要品牌都在關注 Shopify，或者至少是將自己介紹給 Shopify，以了解我們是否可以與他們合作。12個月前還沒有發生過這種事。

And I think the two things that really are helpful to them is, one, the product. This is a future-proof product, which means no matter where they want to sell long term, they can. But also the value. Shopify is incredibly high value. Relative to all the other enterprise players, it's still the best deal in town.

我認為對他們真正有幫助的兩件事是：第一，產品。這是一款面向未來的產品，這意味著無論他們想在哪裡長期銷售，他們都可以。但也是價值。Shopify 的價值非常高。相對於所有其他企業參與者而言，這仍然是城裡最好的交易。

Certainly, there is some price elasticity and some room for us to increase pricing. But right now, we're winning these large merchants and creating this incredible flywheel that doesn't seem like it's the right time immediately.

當然，價格還有一定的彈性，我們也有一定的漲價空間。但現在，我們正在贏得這些大商家並創造這個令人難以置信的飛輪，但目前看來，時機還不成熟。

But that being said, we're going to keep driving that. And I also think that, when it comes to pricing, we had mentioned to you a little while back in one of our previous earning calls, six earnings calls ago, about changing our pricing on our basic plan from $29 to $39. And again, even at the lower end of our pricing plans, we saw very little people -- very few merchants feel like that wasn't -- it's still not great value. We saw very little pushback on that, which tells us that we are still driving an incredible amount of price-to-value ratio.

但話雖如此，我們仍將繼續推動這項進程。我還認為，就定價而言，我們在之前的一次財報電話會議上，也就是六次財報電話會議之前，曾提到將基本計劃的定價從 29 美元改為 39 美元。而且，即使按照我們定價計劃的最低端，我們也看到很少的人——很少有商家覺得這不是——這仍然不是很有價值。我們幾乎沒有遇到任何阻力，這說明我們仍然在推動著令人難以置信的性價比。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Wonderful. I wanted to ask about international. It sounds like some exciting expansion opportunity there. Could you just give us a sense for which regions, which countries you're making a bigger push? And also, what is the kind of investment that you're making there?

精彩的。我想問一下關於國際的事情。這聽起來像是一個令人興奮的擴張機會。您能否告訴我們您將在哪些地區、哪些國家加強？另外，您在那裡進行什麼樣的投資？

Is it more setup experts, direct marketing presence? Any color on how you're investing in some of these new geographies?

是否有更多的設定專家、直接行銷存在？您對這些新地區的投資有何具體介紹？

Yeah, I'm glad you asked the question. Look, international expansion is a key growth driver for Shopify. It certainly was in Q4 and for all of 2024. And in particular, you saw GMV delivered 33% growth in Q4, which outpaced North American GMV. In particular, obviously, EMEA and Europe and Middle East and Africa, GMV grew 37% in Q4 year-over-year.

是的，我很高興你問了這個問題。看，國際擴張是 Shopify 的關鍵成長動力。它確實存在於第四季度以及整個 2024 年。具體來說，您會發現第四季的 GMV 成長了 33%，超過了北美的 GMV。尤其明顯的是，EMEA 以及歐洲、中東和非洲地區的 GMV 在第四季度同比增長了 37%。

That was led by countries like UK, Germany, France, Netherlands. We're also seeing a lot of very large brands, a lot of the large retailers, whether it's FC Barcelona or Karl Lagerfeld or Luxottica or On Running or Omni Paris come to Shopify now.

其中，英國、德國、法國、荷蘭等國是主導。我們也看到許多大型品牌、許多大型零售商，無論是巴塞隆納足球俱樂部、卡爾拉格斐、陸遜梯卡、On Running 還是 Omni Paris，都紛紛加入 Shopify。

So it's an area that we keep investing in, certainly, from a product perspective, things like frictionless sign-up to drive adoption, things like localization of Shopify.com, compliance improvements, rolling out Klarna as a local payment method. There's been new local shipping methods that we've integrated with Shopify point-of-sale is now available in more countries. So from a product perspective, we're making Shopify available to more places and integrating it. Obviously, to your point about some of the agencies and partners, that comes with it as well.

因此，從產品角度來看，這是我們持續投資的領域，例如透過無摩擦註冊來推動採用，Shopify.com 的在地化、合規性改進、推出 Klarna 作為本地支付方式。我們已將新的本地運輸方式與 Shopify 銷售點整合，現已在更多國家/地區提供。因此從產品角度來看，我們正在讓 Shopify 應用於更多地方並將其整合。顯然，對於您提到的一些機構和合作夥伴，這也是同樣的情況。

We've made a ton of headway in terms of growing our international merchant base. And as we speak, 50% of our merchant base are currently now outside of North America. And we'll continue to work on that. We think that's an area where we have a huge opportunity. I mentioned on the call that, if you look at US e-commerce, we're just over -- around 12% now of market share. But if you look at global retail, we're less than 1%. We have so much room for us to grow on a global scale across not just online but also offline.

我們在擴大國際商戶基礎方面取得了巨大進展。正如我們所說，我們 50% 的商家目前位於北美以外。我們將繼續努力。我們認為這是一個擁有巨大機會的領域。我在電話中提到，如果你看看美國電子商務，我們現在的市佔率已經超過 12% 左右。但如果你看看全球零售業，我們的份額還不到 1%。我們在全球範圍內都擁有巨大的成長空間，不僅在線上，而且線下。

Yeah, Brad, the only point I'd add to that, in a lot of prior calls we've talked specifically about a bunch of the countries in Europe, most narrowly Western Europe. All the strength there continues, whether it's Great Britain, Germany, Italy, France, the Netherlands, Denmark, all those continue to perform very, very well. And what we're seeing in terms of -- I made allusion to this on the call, in terms of the balance between same-store sales growth and new merchant acquisition, when you look at the growth rates we're getting for same-store sales growth, we continue to grow at a multiple versus what's growing in the e-commerce growth rates in each of those countries. So we think we're doing a really good job on the product market side.

是的，布拉德，我唯一想補充的是，在之前的許多電話會議中，我們專門討論了歐洲的一些國家，其中大部分是西歐國家。所有國家的實力都持續增強，無論是英國、德國、義大利、法國、荷蘭或丹麥，它們的表現都非常非常出色。我在電話會議上提到了這一點，就同店銷售額成長與新商家取得之間的平衡而言，當你看到我們的同店銷售額成長的成長率時，你會發現，與每個國家的電子商務成長率相比，我們的成長率仍是倍數。因此我們認為我們在產品市場方面做得很好。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Harley, I wanted to follow up on your comments on the momentum in the enterprise at NRF. Maybe talk a little bit about any other internal indicators you have or anecdotes on momentum in enterprise being a change in trend rather than just a continuation of a trend. And anything that you'd highlight on the product roadmap that you're excited about from a milestone standpoint that can help you lift and shift some of this enterprise share over given how sticky we know the incumbents can sometimes be?

哈雷，我想跟進一下你對 NRF 企業發展勢頭的評論。也許可以談談您所擁有的其他內部指標或企業發展勢頭的軼事，這些軼事是趨勢的變化，而不僅僅是趨勢的延續。考慮到我們知道現任者有時會有多麼頑固，您在產品路線圖上從里程碑的角度出發感到興奮的哪些方面值得強調，這些方面可以幫助您提升和轉移部分企業份額？

Yeah. Thanks, Gabriela. It's a good question. Look, what I mean by that is companies like David's Bridal, for example, or Hunter Douglas or Warner Music or Crocs, these are brands that have all signed in the quarter. But these are brands that historically did not come to Shopify.

是的。謝謝，加布里埃拉。這是個好問題。看，我的意思是像 David's Bridal、Hunter Douglas、Warner Music 或 Crocs 這樣的公司，這些品牌都在本季簽約了。但這些品牌以前從未登陸過 Shopify。

They effectively either had some sort of in-house system that they built themselves with a massive engineering team or they were sort of locked into some legacy commerce software platform. Even though they didn't want to stay there, things were sort of duck-taped. And what we're seeing now is that, especially as new management comes in and all of them are looking for innovation, they're looking for total cost of ownership to be at a reasonable rate, Shopify is where they're walking towards.

實際上，他們要么擁有自己與龐大的工程團隊構建的某種內部系統，要么被鎖定在某種傳統的商業軟體平台上。儘管他們不想留在那裡，但事情還是被束之高閣。我們現在看到的是，特別是隨著新管理層的加入，他們都在尋求創新，他們希望將整體擁有成本控制在合理的水平，而 Shopify 正是他們正在努力的方向。

And then once they see brands like Westwing or BarkBox or Reebok launch, and those are the brands that launched in the past quarter, launched at this record speed, where it doesn't take 12 to 18 months to launch, where it takes three months to launch, it's becoming incredibly compelling.

然後，一旦他們看到像 Westwing、BarkBox 或 Reebok 這樣的品牌推出，這些都是上個季度推出的品牌，以創紀錄的速度推出，不需要 12 到 18 個月，而是需要三個月才能推出，它變得非常引人注目。

But I think at the high level, the enterprise is migrating to Shopify. I think one of the great things we did was we created a bunch of options for them. If they want headless, we have Hydrogen. If they want one size fits all, we have Plus. If they want something that's a specific component, we have CCS.

但我認為從高層來看，企業正在遷移到 Shopify。我認為我們做的很棒的事情之一就是為他們創造了許多選擇。如果他們想要無頭的，我們有氫氣。如果他們想要適合所有人的尺寸，我們有 Plus。如果他們想要某個特定元件，我們有 CCS。

And now the fact that we're seeing some of these commerce component merchants migrate to our full suites, we think, is really -- we're really optimistic about that. When you layer on top of that all these ISVs and these large agency partners, the WPPs, the L Cattertons, the EYs, the IBMs, the Oracles of the world, who are now building practices around delivering Shopify to their existing large enterprise customers, it's really working.

現在我們看到一些商業組件商家正在遷移到我們的全套產品，我們認為，我們對此非常樂觀。當你將所有這些 ISV 和大型代理商合作夥伴、WPP、L Cattertons、EY、IBM、Oracles 等公司聚集在一起時，他們現在都在圍繞向現有的大型企業客戶提供 Shopify 建立實踐，這確實很有效。

So to pick one thing really excited about, I think it's a combination of incredible product that is absolutely ready for prime time and a very strong go-to-market team that really understands how to win the enterprise. And I'm now on the board of NRF and so I get an insight peek of how -- what people are saying on that board and what people are saying at the show, and the amount -- if you had to sort of were to cloud, Shopify and Shopify Enterprise at NRF, I think it'd be one of the largest clouds.

因此，如果要說一件真正讓人興奮的事情，我認為那就是：令人難以置信的、絕對準備好迎接黃金時段的產品，以及一支真正懂得如何贏得企業的強大的行銷團隊。我現在是 NRF 的董事會成員，因此我可以深入了解董事會成員和展會上人們的言論，以及數量。

So I think it's -- they're coming to us because of the exceptional value. They like our product. They like the fact they can sell everywhere. And as we add new things like B2B, for example, or point-of-sale that allows up to 1,000 physical retail locations, it's really all coming together in this incredible way.

所以我認為，他們之所以選擇我們，是因為我們擁有卓越的價值。他們喜歡我們的產品。他們喜歡可以在任何地方銷售產品這一事實。當我們添加新事物時，例如 B2B 或允許多達 1,000 個實體零售點的銷售點，一切都以這種令人難以置信的方式融合在一起。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維茨 (Mark Zgutowicz)，基準。

Thanks, Carrie. Harley and Jeff, just glancing at your cohort analysis in your 10-K and noticing that the '23 cohort accelerated in terms of its contribution to GMV accelerated quite a bit into '24 relative to what you saw from the '22 cohort. So two questions related to that. Sort of what you attribute that acceleration to and sort of what that might imply in terms of the '24 cohort into this year?

謝謝，嘉莉。哈雷和傑夫，只需看一下你們 10-K 中的群組分析，就會發現 '23 群組對 GMV 的貢獻在 '24 年加速了不少，相對於 '22 群組而言。因此有兩個問題與此相關。您認為這種加速成長的原因是什麼？

Yeah. We definitely spend a lot of time, Mark, internally thinking about our merchant adds from a cohort view and how those evolve over time. And obviously, as they stay on the platform, take more and more of our solutions and therefore accelerate our success, that is something we definitely spend a lot of time thinking about.

是的。馬克，我們確實花了很多時間從群體角度思考我們的商家添加以及它們隨著時間的推移如何發展。顯然，隨著他們留在平台上，採用越來越多的解決方案，從而加速我們的成功，這是我們花費大量時間思考的事情。

I don't think there's a whole lot to your question. I don't think there's a whole lot to read into what that means for '24. I think '23, as you know, as you go back roughly two years, there was a lot of things that we started to introduce. We'd had Capital out there for a long time. We really got Tax up and running, B2B, point of sale, the initiatives on enterprise.

我認為您的問題沒有太多值得回答的地方。我認為，對於『24』來說，沒有太多可以解讀的含義。我認為‘23’，如你所知，回顧大約兩年前，我們開始引入很多東西。我們在那裡已經擁有資本很久了。我們確實啟動並運行了稅務、B2B、銷售點和企業措施。

I think that's about the time when you can arguably say we got good product -- well, even better product market fit in Europe. So I think part of what you've seen over the last couple of years is a ramping of a lot of those things than we have in other Merchant Solutions.

我認為那時你可以說我們有了好的產品——甚至是更適合歐洲市場的產品。所以我認為，過去幾年你們所看到的部分情況是，我們在其他商家解決方案中所做的很多事情都在增加。

So while I don't want to necessarily predict what that means for the '24 cohort, I do think that what we've done is a great job of really expanding the things which our merchants can use to be more and more successful. Whatever geography they're in, whether they're starting on the online side or the offline side, point of sale, however they want to do it. So it's obviously an encouraging trend from our vantage point. I just don't have any specific metrics to give to you, but I applaud you looking at it because that's definitely something that we think about as well.

因此，雖然我不想預測這對『24』群體意味著什麼，但我確實認為，我們所做的確實非常出色，擴大了我們的商家可以用來取得更大成功的東西。無論他們身處哪個地區，無論他們是從線上還是線下起步，銷售點，無論他們想怎麼做。因此從我們的角度來看這顯然是一個令人鼓舞的趨勢。我只是沒有任何具體的指標可以提供給你，但我很讚賞你對此的關注，因為這絕對也是我們考慮的事情。

Paul Treiber, RBC Capital.

加拿大皇家銀行資本 (RBC Capital) 的 Paul Treiber。

Just a question in regards to AI and the use of AI internally. Over the last year or so, you made significant investments. Where are you seeing it operationally having the most impact? And then what has been the magnitude of productivity gains that you've seen?

我只想問一下關於人工智慧以及人工智慧內部使用的問題。在過去一年左右的時間裡，您進行了大量投資。您認為它在營運上對哪些方面影響最大？那麼，您所看到的生產力提高的幅度是多少？

Yeah. I got a question about the earlier that I don't think was able to address. So let me do that right now. I actually think Shopify will very much be one of the major net beneficiaries in this new AI era. I think we are widely recognized one of the best companies that foster long-term partnership.

是的。我之前有一個問題，但我認為無法解答。所以我現在就讓我這麼做。我確實認為 Shopify 將成為這個新 AI 時代的主要淨受益者之一。我認為我們被廣泛認可為最善於建立長期合作關係的公司之一。

And so when it comes to partnership in AI, whether it's perplexity, where we're now powering their search results with incredible product across the Shopify product catalog or OpenAI where we're using -- we have a direct set of our APIs to help us internally, we are really leveraging it as best as we can.

因此，當談到人工智慧領域的合作時，無論是困惑，我們現在都在使用 Shopify 產品目錄中令人難以置信的產品為他們的搜尋結果提供支持，還是我們正在使用的 OpenAI——我們都有一套直接的 API 來幫助我們內部，我們確實在盡可能地利用它。

Now we think about it in sort of two ways. The first is from a merchant perspective, how can we make our merchants way more successful, get them to do things faster, more effectively. So things like Sidekick or Media Editor or Shopify Inbox, Semantic Search, Sidekick, these are things that now-- every merchant should want when they're not just getting started, but also scaling their business. And those are things that are only available from Shopify.

現在我們從兩個方面來思考這個問題。首先是從商家的角度來看，我們如何讓我們的商家更成功，讓他們更快、更有效地做事。因此，像是 Sidekick、Media Editor、Shopify Inbox、語意搜尋、Sidekick 等都是現在每個商家在起步階段，以及擴展業務時都應該需要的東西。這些東西只有 Shopify 才能提供。

So we're trying to make some of the more mundane tasks far more easy to do and get them to focus on things that only they can -- only the merchants can do. And I think that's an important aspect of what Shopify will bring. You'll see more of that happening.

因此，我們正在嘗試讓一些比較平凡的任務變得更容易完成，並讓他們專注於只有他們才能做的事情——只有商家才能做。我認為這是 Shopify 將帶來的重要方面。你會看到更多這樣的事情發生。

Obviously, from a talent perspective, having Mikhail as our new CTO, I mean, his reputation is leading many more people to come to Shopify from the AI and ML industries, and we think we can keep adding some really good -- more talent here even while keeping our overall headcount stable.

顯然，從人才角度來看，米哈伊爾擔任我們的新任首席技術官，他的聲譽吸引了更多來自人工智慧和機器學習行業的人才來到 Shopify，我們認為，即使在保持整體員工人數穩定的同時，我們也可以繼續在這裡增加一些真正優秀的人才。

Internally, however, this is where it gets really interesting, because not only can we use it to make our developers more effective, but also, if you think about our support organization, now we can ensure that our support team is actually having very high-quality conversations with merchants, whereas a lot of low-quality conversations, things like configuring a domain or a C name or a user name and password issue, that can be handled really elegantly by AI. So whether it's how we use it internally or how we help our merchants become more successful, we are uniquely positioned, I think, to harness the power of AI. And that will unlock unprecedented capabilities for our merchants but also for Shopify.

然而，從內部來看，這才是真正有趣的地方，因為我們不僅可以使用它來提高開發人員的效率，而且，如果你考慮我們的支援組織，現在我們可以確保我們的支援團隊實際上正在與商家進行非常高品質的對話，而許多低品質的對話，例如配置網域或 C 名稱或使用者名稱和密碼問題，都可以透過人工智慧非常優雅地處理。因此，無論我們如何在內部使用它，還是如何幫助我們的商家取得更大的成功，我認為，我們都具有獨特的優勢來利用人工智慧的力量。這將為我們的商家和 Shopify 釋放前所未有的能力。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Appreciate the opportunity. I guess, Harley, you highlighted the increasing use of Shopify products, Shop App, Shop Pay, et cetera. I mean, what's maybe the ultimate vision here for the buyer-facing platform? You're seeing a lot of traction. It seems like there are lots of opportunities to add functionality like combined shopping cards, things like that and maybe investing in a larger base of shoppers using the app.

感謝有這個機會。我想，哈雷，你強調了 Shopify 產品、Shop App、Shop Pay 等的使用日益增加。我的意思是，面向買家的平台的最終願景是什麼？您看到了很多牽引力。似乎有很多機會可以添加功能，例如組合購物卡之類的東西，也許還可以投資於使用該應用程式的更大的購物者群體。

And then, Jeff, any comments on sort of capital allocation plans for the year ahead? I mean you're generating a lot of cash and have a nice cash balance, so you have a lot of flexibility there.

那麼，傑夫，對於未來一年的資本配置計畫有什麼評論嗎？我的意思是你產生了很多現金，並且擁有良好的現金餘額，所以你有很大的靈活性。

Look, as I mentioned, Shop App Q4 GMV was up like 84%. So I think we're making an even more compelling destination for buyers to find their favorite brands on their mobile devices.

正如我所提到的，Shop App Q4 GMV 成長了 84%。因此我認為我們正在為買家提供一個更具吸引力的地方，讓他們可以在行動裝置上找到自己喜歡的品牌。

The way we think about Shop is it's the buyer-facing side of Shopify. And the goal is really to make shopping simpler and much more enjoyable. And clearly, it's becoming something that consumers recognize more and more. I hear all the time that there are consumers who only check out if they see the Shop Pay purple button there. We're going to continue to invest in it.

我們認為 Shop 是 Shopify 面對買家的一面。我們的目標確實是讓購物變得更簡單、更愉快。顯然，它正越來越得到消費者的認可。我常聽到有些消費者只有看到 Shop Pay 紫色按鈕才會結帳。我們將繼續對此進行投資。

The goal though is Shopify to become the gold center for commerce on the Internet. And I think that as Shop's comprehensive suite of products increase and get better and better, it will drive trust and will drive more security across the -- all of commerce.

然而，Shopify 的目標是成為網路商業的黃金中心。我認為，隨著 Shop 的綜合產品套件不斷增加並變得越來越好，它將推動信任並為整個商業領域帶來更多的安全性。

And remember, I mean, Shop is an owned channel for merchants that helps them drive traffic the way they want. And that is only something you can get if you're on Shopify. So you'll see continued deep investment in things like personalization, you'll see really high-quality -- new brands, new high-quality brands come to the Shop App as well, but also unleashing these new ways for merchants to engage with authentic connections with their customers. And again, it's something that you can only get if you're using Shopify.

請記住，Shop 是商家自有的管道，可以幫助商家以自己想要的方式吸引流量。這只有使用 Shopify 才能獲得。因此，您將看到對個人化等方面的持續深入投資，您會看到真正高品質的新品牌、新的高品質品牌也出現在 Shop App 中，同時也為商家釋放了這些新的方式，讓他們與客戶建立真實的聯繫。再說一次，只有使用 Shopify 才能獲得它。

Yeah. And then, Colin, on the capital allocation comment, that's definitely something that we discuss internally actively, and we recognize the importance of being good stewards of capital. And I -- that said, I also still believe right now that it makes sense to have a healthy cash cushion. And we examine our cash balance, both on a percentage of various benchmarks as well as the absolute amount overall. And of course, we think about capital allocation both in terms of the daily decisions regarding everything on R&D spend to marketing, to, obviously, the topic behind your question, which is, is there a return of capital coming.

是的。然後，科林，關於資本配置的評論，這絕對是我們內部積極討論的事情，我們認識到成為好的資本管理者的重要性。儘管如此，我現在仍然相信擁有健康的現金緩衝是有意義的。我們會檢查現金餘額，既包括各種基準的百分比，也包括總體的絕對金額。當然，我們會考慮資本配置，既包括從研發支出到行銷的所有日常決策，也包括你問題背後的主題，即是否有資本回報。

Keep in mind that we have the convert outstanding, which matures later this year. It's a little bit under $1 billion. We have done, as you've seen in some of our last calls, the last year, we've done, depending on how you count them, roughly six tuck-in acquisitions hires. Those have all been relatively small, but those are an important source of AI talent and other talent for us. And so that's things -- something which we want to continue to do, and make strategic investments in our partners.

請記住，我們還有未償還的可轉換債券，將於今年稍後到期。略低於 10 億美元。正如您在我們最近的一些電話會議中所看到的，去年，我們進行了大約六次內部收購招聘，具體取決於您如何計算。這些都相對較小，但它們是我們人工智慧人才和其他人才的重要來源。這就是我們想要繼續做的事情，並對我們的合作夥伴進行策略性投資。

We don't have, to be clear, we don't have any plans for any big acquisitions. These have been very tactical, thoughtful AI hires. And we want to continually be thoughtful and proactive and judicious on thinking about the cash, but -- as we recognize how important that is, but I don't have any things to announce today as it relates to return on capital.

需要明確的是，我們沒有任何大型收購計畫。這些都是非常有策略、經過深思熟慮的人工智慧員工。我們希望在考慮現金問題時繼續保持深思熟慮、積極主動和審慎的態度，但是——我們認識到這一點的重要性，但今天我沒有任何與資本回報有關的事情要宣布。

But let me, Harley, let me turn it back to you.

但是，哈雷，讓我把它還給你。

Yeah. Let me just sort of take a second before we close off here. First of all, thanks for everyone for joining the call. I just wanted to mention a few things. Since inception, I think most of you that have been following the story have seen us be incredibly laser-focused on making our merchants as successful as possible.

是的。在我們結束之前，請允許我花一點時間。首先，感謝大家參加電話會議。我只是想提幾件事。自成立以來，我想大多數關注我們故事的人都已經看到我們全心全意地致力於讓我們的商家獲得盡可能多的成功。

And I just want to remind everyone that the beauty of our business model is that, when we do that well, the financial results follow. And our story is quite simple. Its mission, it's rock-solid execution and it's durable growth. And as Jeff said, Q4 '24 was a remarkable example of that: sixth consecutive quarter of GMV growth over 20%, sixth consecutive quarter of double-digit free cash flow margins, and it was actually our seventh quarter of 25% or better revenue growth.

我只是想提醒大家，我們的商業模式的美妙之處在於，當我們做得好時，財務結果就會隨之而來。我們的故事很簡單。它的使命、它堅如磐石的執行以及它持久的成長。正如傑夫所說，2024 年第四季就是一個很好的例子：GMV 連續六個季度成長超過 20%，自由現金流利潤率連續六個季度達到兩位數，實際上這是我們第七個季度的營收成長率達到 25% 或更高。

So I think you can see that we are indeed a growth company, but we also operate with this incredible operational discipline. And you're also seeing us take more market share in this amazing industry that continues to grow. But the best part of Shopify is that we're not just taking a larger piece of the pie, we get to grow the pie itself. And quarter after quarter, we are delivering, I think, some of the strongest results in all of software. I think was pretty emblematic of that. And we have this great confidence we'll continue to deliver on that.

所以我想你可以看出我們確實是一家成長型公司，但我們在營運時也遵循著這種令人難以置信的營運紀律。而且您還會看到我們在這個持續成長的驚人產業中佔據了更多的市場份額。但 Shopify 最棒的地方在於，我們不僅佔據了更大的份額，還能讓蛋糕本身變得更大。我認為，一個季度又一個季度過去，我們取得了軟體領域最強勁的業績。我認為這是很具象徵意義的。我們非常有信心，我們將繼續實現這一目標。

So I just want to say this is the best version of Shopify that I've seen in 15 years, well, since Toby hired me, and you can expect us to keep improving each and every year ahead.

所以我只想說這是自 Toby 僱用我 15 年來我見過的 Shopify 的最好的版本，並且您可以期待我們在未來的每一年都不斷進步。

So thank you all for joining the call. And now we go back to building for our merchants. Thank you.

感謝大家參加此次電話會議。現在我們回去為商家建設。謝謝。

With that, this concludes our fourth quarter 2024 conference call. Thanks for joining us.

至此，我們的 2024 年第四季電話會議結束。感謝您的加入。