Global-e Online Ltd. (Nasdaq: GLBE) the global leader of
Direct-To-Consumer cross border ecommerce enablement, today
reported financial results for the fourth quarter of 2022 and full
year 2022 as well as the outlook for the first quarter and the full
year 2023.
“We are pleased with the strong results we are reporting to you
today for the fourth quarter and full year of 2022, with 69% growth
for the quarter and strong 67% growth in total revenues for the
full year, with many new clients going live across multiple
geographies, and with further deepening of the collaboration with
our strategic partners,” said Amir Schlachet, CEO of Global-e.
“Despite the volatile and challenging market headwinds we witnessed
in 2022 and the ongoing uncertainties in macro conditions going
into 2023, we remain extremely optimistic regarding the long-term
growth prospects of our market and believe we are best positioned
to continue our strong growth within it well into the future.”
Q4
2022 Financial
Results
- GMV1 in the fourth quarter of 2022 was
$839 million, an increase of 66% year over year
- Revenue in the fourth quarter of 2022
was $139.9 million, an increase of 69% year over year, of which
service fees revenue was $62.8 million and fulfillment services
revenue was $77 million
- Non-GAAP gross profit2 in the fourth
quarter of 2022 was $57.8 million, an increase of 77% year over
year. GAAP gross profit in the fourth quarter of 2022 was $55.8
million
- Non-GAAP gross margin2 in the fourth
quarter of 2022 was 41.3%, an increase of 180 basis points from
39.5% in the fourth quarter of 2021. GAAP gross margin in the
fourth quarter of 2022 was 39.9%
- Adjusted EBITDA3 in the fourth quarter
of 2022 was $21.8 million compared to $11.8 million in the fourth
quarter of 2021
- Net loss in the fourth quarter of 2022
was $28.5 million
FY 2022 Financial
Results
- GMV1 for the full year was $2,450
million, an increase of 69% year over year
- Revenue for the full year was $409.0
million, an increase of 67% year over year, of which service fees
revenue was $181.9 million and fulfillment services revenue was
$227.1 million
- Non-GAAP gross profit2 for the full
year was $167.9 million, an increase of 84% year over year. GAAP
gross profit for the full year was $158.2 million
- Non-GAAP gross margin2 for the full
year was 41.1%, an increase of 380 basis points from 37.3% in 2021.
GAAP gross margin for the full year was 38.7%
- Adjusted EBITDA3 for the full year was
$48.7 million compared to $32.4 million in 2021
- Net loss for the full year was $195.4
million
Recent Business Highlights
- Throughout 2022, our existing merchant
base continued to stay and grow with us, as reflected in our annual
GDR rate of over 98% and NDR rate of 130%
- Continued to launch with many more
brands across geographies and verticals we operate in, including:
- British luxury brand All Saints, French brand
ba&sh, celebrity-led footwear brand of the
singer Katy Perry, and fast-growing US apparel
brands Dolls Kill and Cuts
Clothing
- Innovative footwear brand Ancient Greek
Sandals, our first ever merchant based in Greece
- Pure Hair and H2 Hub in
Australia and Singapore, respectively, continuing our expansion in
the APAC region
- Three new LVMH maisons –
BVLGARI, Chaumet and
Moynat –
continuing our expansion within the luxury vertical in general and
within the LVMH group in particular
- Went live with Disney
EU after its launch was delayed from Q4, representing a
major expansion of our relationship with Disney
- Continued to strengthen the US-outbound
market
- US outbound sales were up 163% in the fourth quarter year over
year, driven by our accelerated penetration into the US market as
well as the high share of US outbound activity at Borderfree
- Penetration efforts into new markets
starting to show initial positive results
- While still only 3% in share, APAC
and the Middle East outbound revenues in the fourth quarter have
grown almost 8X year-over-year
- Strategic partnership with Shopify remains well on track
- Direct (3P) - acceleration in merchants going live using the
new native integration, as this is now the default integration for
any new Shopify-based merchant
- White-label (1P) - alpha trials successfully completed, with
Shopify recently extending early access to another subset of
relevant merchants
- Post-merger integration process of
Borderfree continues to progress as planned
- Renewed global strategic partnership
agreement with DP/DHL for an additional three-year period
Q1 2023 and Full Year Outlook
Global-e is introducing first quarter and full year guidance as
follows:
|
|
Q1 2023 |
|
FY 2023 |
|
|
(in millions) |
GMV(1) |
$645 - $675 |
|
$3,360 - $3,520 |
Revenue |
$108 - $114 |
|
$557 - $584 |
Adjusted EBITDA (3) |
$9.5 - $12.5 |
|
$66 - $74 |
Given the macro environment uncertainty, we will provide
investors with updated business trends as they evolve.
1 Gross Merchandise Value (GMV) is a non-GAAP operating metric.
See “Non-GAAP Financial Measures and Key Operating Metrics” for
additional information regarding this metric.
2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP
financial measures. See “Non-GAAP Financial Measures and Key
Operating Metrics” for additional information regarding this
metric.
3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP
Financial Measures” for additional information regarding this
metric, including the reconciliations to Operating Profit (Loss),
its most directly comparable GAAP financial measure. The Company is
unable to provide a reconciliation of Adjusted EBITDA to Operating
Profit (Loss), its most directly comparable GAAP financial measure,
on a forward-looking basis without unreasonable effort because
items that impact this GAAP financial measure are not within the
Company’s control and/or cannot be reasonably predicted. These
items may include, but are not limited to, share based compensation
expenses. Such information may have a significant, and potentially
unpredictable impact on the Company’s future financial results.
Conference Call Information
Global-e will host a conference call at 8:00 a.m. ET on
Wednesday, February 22, 2023. The call will be available,
live, to interested parties by dialing:
United States/Canada Toll Free: |
1-877-704-4453 |
International Toll: |
1-201-389-0920 |
A live webcast will also be available in the Investor Relations
section of Global-E’s website at:
https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an
archived version of the webcast will be available on the Investor
Relations section of the Company’s web site and will remain
available for approximately 30 calendar days.
Non-GAAP Financial Measures
To supplement Global-e’s financial information presented in
accordance with generally accepted accounting principles in the
United States of America, or GAAP, Global-e considers certain
financial measures and key performance metrics that are not
prepared in accordance with GAAP including:
- Non-GAAP gross profit, which Global-e defines as gross profit
excluding amortization of acquired intangibles. Non-GAAP gross
margin is calculated Non-GAAP gross profit divided by revenues
- Adjusted EBITDA, which Global-e defines as operating profit
(loss) adjusted for stock-based compensation expenses, depreciation
and amortization, commercial agreements amortization, amortization
of acquired intangibles, merger related contingent consideration
and acquisition related expenses. Adjusted EBITDA is frequently
used by analysts, investors and other interested parties to
evaluate companies in our industry. We believe that Adjusted EBITDA
is an appropriate measure of operating performance because it
eliminates the impact of expenses that do not relate directly to
the performance of the underlying business.
Global-e uses the Non-GAAP measures in conjunction with GAAP
measures as part of Global-e’s overall assessment of its
performance, including the preparation of Global-e’s annual
operating budget and quarterly forecasts, to evaluate the
effectiveness of Global-e’s business strategies, and to communicate
with Global-e’s board of directors concerning its financial
performance. The Non-GAAP measures are used by our management to
understand and evaluate our operating performance and trends.
Global-e’s definition of Non-GAAP measures may differ from the
definition used by other companies and therefore comparability may
be limited. In addition, other companies may not publish these
metrics or similar metrics. Furthermore, these metrics have certain
limitations in that they do not include the impact of certain
expenses that are reflected in our consolidated statement of
operations that are necessary to run our business. Thus, Non -GAAP
measures should be considered in addition to, not as substitutes
for, or in isolation from, measures prepared in accordance with
GAAP.
Global-e also uses Gross Merchandise Value (GMV) as a key
operating metric. Gross Merchandise Value or GMV is defined as the
combined amount we collect from the shopper and the merchant for
all components of a given transaction, including products, duties
and taxes and shipping.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
reconciliation tables have more details on the GAAP financial
measures that are most directly comparable to non-GAAP financial
measures and the related reconciliations between these financial
measures.
Cautionary Note Regarding Forward Looking
Statements
Certain statements in this press release may constitute
“forward-looking” statements and information, within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of 1995,
including statements or information regarding Global-e’s
expectations, operations, strategy and Global-e’s projected revenue
and other future financial and operational results or other
characterizations of future events or circumstances, including any
underlying assumptions. These forward-looking statements may be
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Global-e believes there is a reasonable basis
for its expectations and beliefs, but they are inherently
uncertain. Many factors could cause actual future events to differ
materially from the forward-looking statements in this
announcement, including but not limited to, the ability to retain
merchants or the GMV generated by such merchants; the ability to
attract new merchants; our expectations regarding our revenue,
expenses and operations; anticipated trends and challenges in our
business and the markets in which we operate; our ability to
compete in our industry; our ability to anticipate merchant needs
or develop or acquire new functionality or enhance our existing
platform to meet those needs; our ability to manage our growth and
manage expansion into additional markets; our ability to establish
and protect intellectual property rights; our ability to hire and
retain key personnel; costs related to being a public company; our
ability to adapt to emerging or evolving regulatory developments,
technological changes, and cybersecurity needs; our anticipated
cash needs and our estimates regarding our capital requirements and
our needs for additional financing; impacts from the COVID-19
pandemic, including variants, and related vaccination roll out
efforts; and the other risks and uncertainties described in
Global-e’s Annual Report on Form 20-F for the year ended December
31, 2021, filed with the SEC on March 28, 2022 and other documents
filed with or furnished by Global-e from time to time with the
Securities and Exchange Commission (the “SEC”). The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. These statements reflect management’s
current expectations regarding future events and operating
performance and speak only as of the date of this press release.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
that future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Except as required by applicable law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
About Global-e Online
Ltd.
Global-e (Nasdaq: GLBE) is the world's leading platform
enabling and accelerating global, Direct-To-Consumer cross-border
ecommerce. The chosen partner of hundreds of brands and retailers
across the United States, Europe and Asia,
Global-e makes selling internationally as simple as selling
domestically. The company enables merchants to increase the
conversion of international traffic into sales by offering online
shoppers in over 200 destinations worldwide a seamless, localized
shopping experience. Global-e's end-to-end ecommerce solutions
combine best-in-class localization capabilities, big-data
best-practice business intelligence models, streamlined
international logistics and vast cross-border experience, enabling
international shoppers to buy seamlessly online and retailers to
sell to, and from, anywhere in the world. For more
information, please visit: www.global-e.com
Investor Contact:Erica Mannion or Mike
FunariSapphire Investor Relations, LLCIR@global-e.com+1
617-542-6180
Press Contact:Headline MediaGarrett Krivicich
Globale@headline.media +1 786-233-7684
Global-E Online Ltd. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
|
Period Ended |
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
|
(Audited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
448,623 |
|
|
$ |
165,033 |
|
Short-term deposits |
|
|
41,985 |
|
|
|
46,353 |
|
Accounts receivable, net |
|
|
9,185 |
|
|
|
16,424 |
|
Prepaid expenses and other
current assets |
|
|
46,568 |
|
|
|
51,904 |
|
Marketable securities |
|
|
18,464 |
|
|
|
16,813 |
|
Funds receivable, including
cash in banks |
|
|
57,635 |
|
|
|
78,125 |
|
Total current assets |
|
|
622,460 |
|
|
|
374,652 |
|
Property and equipment,
net |
|
|
3,269 |
|
|
|
10,283 |
|
Operating lease right-of-use
assets |
|
|
20,108 |
|
|
|
19,718 |
|
Long term deposits |
|
|
2,219 |
|
|
|
3,225 |
|
Deferred contract acquisition
costs, noncurrent |
|
|
1,314 |
|
|
|
1,825 |
|
Deferred tax assets |
|
|
- |
|
|
|
171 |
|
Other assets, noncurrent |
|
|
213 |
|
|
|
3,739 |
|
Commercial agreement
asset |
|
196,544 |
|
|
|
282,963 |
|
Goodwill and other intangible
assets |
|
|
- |
|
|
|
466,024 |
|
Total long-term assets |
|
|
223,667 |
|
|
|
787,948 |
|
Total assets |
|
$ |
846,127 |
|
|
$ |
1,162,600 |
|
Liabilities and
Shareholders’
Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
24,064 |
|
|
$ |
52,220 |
|
Accrued expenses and other
current liabilities |
|
|
47,358 |
|
|
|
75,990 |
|
Funds payable to
Customers |
|
|
57,635 |
|
|
|
78,125 |
|
Short term operating lease
liabilities |
|
|
2,517 |
|
|
|
3,245 |
|
Total current liabilities |
|
|
131,574 |
|
|
|
209,580 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
- |
|
|
|
6,558 |
|
Long term operating lease
liabilities |
|
|
18,803 |
|
|
|
16,579 |
|
Other long-term
liabilities |
|
|
- |
|
|
|
1,762 |
|
Total liabilities |
|
$ |
150,377 |
|
|
$ |
234,479 |
|
|
|
|
|
|
|
|
|
|
Shareholders’ deficit: |
|
|
|
|
|
|
|
|
Share capital and additional
paid-in capital |
|
|
823,550 |
|
|
|
1,253,093 |
|
Accumulated comprehensive
income |
|
|
(159 |
) |
|
|
(1,926 |
) |
Accumulated deficit |
|
|
(127,641 |
) |
|
|
(323,046 |
) |
Total shareholders’ (deficit)
equity |
|
|
695,750 |
|
|
|
928,121 |
|
Total liabilities and
shareholders’ equity |
|
$ |
846,127 |
|
|
$ |
1,162,600 |
|
Global-E Online Ltd. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except share and per share
data) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Revenue |
|
$ |
82,717 |
|
|
|
139,865 |
|
|
$ |
245,274 |
|
|
|
409,049 |
|
Cost of revenue |
|
|
50,062 |
|
|
|
84,023 |
|
|
|
153,841 |
|
|
|
250,871 |
|
Gross profit |
|
|
32,655 |
|
|
|
55,842 |
|
|
|
91,433 |
|
|
|
158,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
10,298 |
|
|
|
23,698 |
|
|
|
29,761 |
|
|
|
81,206 |
|
Sales and marketing |
|
|
36,717 |
|
|
|
52,592 |
|
|
|
104,687 |
|
|
|
206,100 |
|
General and
administrative |
|
|
7,830 |
|
|
|
14,659 |
|
|
|
22,643 |
|
|
|
60,196 |
|
Total operating expenses,
net |
|
|
54,845 |
|
|
|
90,949 |
|
|
|
157,091 |
|
|
|
347,502 |
|
Operating profit (loss) |
|
|
(22,190 |
) |
|
|
(35,107 |
) |
|
|
(65,658 |
) |
|
|
(189,324 |
) |
Financial expenses (income),
net |
|
|
658 |
|
|
|
217 |
|
|
|
8,570 |
|
|
|
12,093 |
|
Loss before income taxes |
|
|
(22,848 |
) |
|
|
(35,324 |
) |
|
|
(74,228 |
) |
|
|
(201,417 |
) |
Income tax (benefit)
expenses |
|
|
(357 |
) |
|
|
(6,853 |
) |
|
|
705 |
|
|
|
(6,012 |
) |
Net loss attributable to
ordinary shareholders |
|
$ |
(22,491 |
) |
|
|
(28,471 |
) |
|
$ |
(74,933 |
) |
|
|
(195,405 |
) |
Basic and diluted net loss per
share attributable to ordinary shareholders |
|
$ |
(0.15 |
) |
|
|
(0.18 |
) |
|
$ |
(0.74 |
) |
|
|
(1.24 |
) |
Basic and diluted weighted
average ordinary shares |
|
|
149,283,090 |
|
|
|
160,589,413 |
|
|
|
101,737,026 |
|
|
|
157,691,173 |
|
Global-E Online Ltd. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In thousands) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
$ |
(22,491 |
) |
|
$ |
(28,471 |
) |
|
$ |
(74,933 |
) |
|
$ |
(195,405 |
) |
Adjustments to reconcile net
profit (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
121 |
|
|
|
570 |
|
|
|
331 |
|
|
|
1,585 |
|
Share-based compensation expense |
|
|
3,919 |
|
|
|
9,112 |
|
|
|
12,001 |
|
|
|
38,909 |
|
Commercial agreement asset |
|
|
29,406 |
|
|
|
37,433 |
|
|
|
84,298 |
|
|
|
149,047 |
|
Amortization of intangible assets |
|
|
- |
|
|
|
6,473 |
|
|
|
- |
|
|
|
27,833 |
|
Short term deposit revaluation |
|
|
- |
|
|
|
(291 |
) |
|
|
- |
|
|
|
(291 |
) |
Long term deposit revaluation |
|
|
24 |
|
|
|
(214 |
) |
|
|
24 |
|
|
|
(931 |
) |
Accounts receivable |
|
|
(5,301 |
) |
|
|
(4,731 |
) |
|
|
(5,591 |
) |
|
|
2,662 |
|
Prepaid expenses and other assets |
|
|
(11,054 |
) |
|
|
(5,813 |
) |
|
|
(23,239 |
) |
|
|
(2,685 |
) |
Funds receivable |
|
|
(15,661 |
) |
|
|
8,874 |
|
|
|
(29,272 |
) |
|
|
17,097 |
|
Long-term receivables |
|
|
- |
|
|
|
(1,734 |
) |
|
|
- |
|
|
(1,279 |
) |
Funds payable to customers |
|
|
21,201 |
|
|
|
7,517 |
|
|
|
23,143 |
|
|
|
17,736 |
|
Operating lease ROU assets |
|
|
599 |
|
|
|
1,121 |
|
|
|
1,382 |
|
|
|
3,253 |
|
Deferred contract acquisition costs |
|
|
(149 |
) |
|
|
(77 |
) |
|
|
(814 |
) |
|
|
(761 |
) |
Accounts payable |
|
|
6,402 |
|
|
|
17,873 |
|
|
|
5,007 |
|
|
|
16,648 |
|
Accrued expenses and other liabilities |
|
|
16,475 |
|
|
|
21,440 |
|
|
|
17,926 |
|
|
|
20,531 |
|
Deferred tax liabilities |
|
|
(138 |
) |
|
|
(7,999 |
) |
|
|
(90 |
) |
|
|
(8,178 |
) |
Operating lease liabilities |
|
|
478 |
|
|
|
(369 |
) |
|
|
(437 |
) |
|
|
(4,359 |
) |
Impairment of marketable securities |
|
|
140 |
|
|
|
11 |
|
|
|
140 |
|
|
|
73 |
|
Warrants liabilities to preferred shares |
|
|
- |
|
|
|
- |
|
|
|
5,872 |
|
|
|
- |
|
Net cash generated by (used in) operating activities |
|
|
23,971 |
|
|
|
60,724 |
|
|
|
15,748 |
|
|
|
81,485 |
|
Investing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in marketable securities |
|
|
(652 |
) |
|
|
- |
|
|
|
(2,806 |
) |
|
|
(8,298 |
) |
Proceeds from marketable securities |
|
491 |
|
|
|
200 |
|
|
748 |
|
|
|
8,110 |
|
Purchases of short-term investments |
|
|
(191 |
) |
|
|
- |
|
|
|
(117,185 |
) |
|
|
(91,967 |
) |
Purchases of long-term investments |
|
|
(86 |
) |
|
|
- |
|
|
|
(20 |
) |
|
|
- |
|
Proceeds from short-term investments |
|
|
41,257 |
|
|
|
21,489 |
|
|
|
81,657 |
|
|
|
87,889 |
|
Purchases of property and equipment |
|
|
(2,259 |
) |
|
|
(370 |
) |
|
|
(2,883 |
) |
|
|
(8,352 |
) |
Payments for business combinations, net of cash acquired |
|
|
- |
|
|
|
(7,519 |
) |
|
|
- |
|
|
|
(317,483 |
) |
Net cash used in investing activities |
|
|
38,560 |
|
|
|
13,800 |
|
|
|
(40,489 |
) |
|
|
(330,101 |
) |
Financing
activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of Warrants to ordinary shares |
|
|
15 |
|
|
15 |
|
|
|
529 |
|
|
73 |
|
Proceeds from issuance of Ordinary shares in IPO, net of issuance
costs |
|
- |
|
|
|
- |
|
|
396,494 |
|
|
|
- |
|
Proceeds from exercise of share options |
|
|
598 |
|
|
|
127 |
|
|
|
1,584 |
|
|
|
1,166 |
|
Net cash provided by financing activities |
|
|
613 |
|
|
|
142 |
|
|
|
398,607 |
|
|
|
1,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (decrease) in
cash, cash equivalents, and restricted cash |
|
|
63,144 |
|
|
|
74,666 |
|
|
|
373,866 |
|
|
|
(247,377 |
) |
Cash and cash equivalents and
restricted cash—beginning of period |
|
|
395,755 |
|
|
|
136,856 |
|
|
|
85,033 |
|
|
|
458,899 |
|
Cash and cash equivalents and
restricted cash—end of period |
|
$ |
458,899 |
|
|
$ |
211,522 |
|
|
$ |
458,899 |
|
|
$ |
211,522 |
|
Global-E Online Ltd. |
SELECTED OTHER DATA |
(In thousands) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Key performance
metrics |
|
|
|
|
|
|
Gross Merchandise Value |
|
|
504,919 |
|
|
|
|
|
|
|
839,460 |
|
|
|
|
|
|
|
1,449,299 |
|
|
|
|
|
|
|
2,450,224 |
|
|
|
|
|
Adjusted EBITDA (a) |
|
|
11,829 |
|
|
|
|
|
|
|
21,755 |
|
|
|
|
|
|
|
32,424 |
|
|
|
|
|
|
|
48,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
35,499 |
|
|
|
43 |
% |
|
|
62,835 |
|
|
|
45 |
% |
|
|
96,659 |
|
|
|
39 |
% |
|
|
181,887 |
|
|
|
44 |
% |
Fulfillment services |
|
|
47,218 |
|
|
|
57 |
% |
|
|
77,030 |
|
|
|
55 |
% |
|
|
148,615 |
|
|
|
61 |
% |
|
|
227,162 |
|
|
|
56 |
% |
Total revenue |
|
$ |
82,717 |
|
|
|
100 |
% |
|
$ |
139,865 |
|
|
|
100 |
% |
|
$ |
245,274 |
|
|
|
100 |
% |
|
$ |
409,049 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by merchant
outbound region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
37,443 |
|
|
|
45 |
% |
|
|
48,069 |
|
|
|
34 |
% |
|
|
113,835 |
|
|
|
47 |
% |
|
|
146,562 |
|
|
|
36 |
% |
United States |
|
|
24,373 |
|
|
|
29 |
% |
|
|
64,100 |
|
|
|
46 |
% |
|
|
71,095 |
|
|
|
29 |
% |
|
|
173,967 |
|
|
|
43 |
% |
European Union |
|
|
20,019 |
|
|
|
24 |
% |
|
|
23,453 |
|
|
|
17 |
% |
|
|
58,177 |
|
|
|
23 |
% |
|
|
78,491 |
|
|
|
19 |
% |
Israel |
|
|
405 |
|
|
|
0 |
% |
|
|
458 |
|
|
|
0 |
% |
|
|
1,052 |
|
|
|
0 |
% |
|
|
1,357 |
|
|
|
0 |
% |
Other |
|
477 |
|
|
1 |
% |
|
|
3,785 |
|
|
|
3 |
% |
|
1,115 |
|
|
0 |
% |
|
|
8,672 |
|
|
|
2 |
% |
Total revenue |
|
$ |
82,717 |
|
|
|
100 |
% |
|
$ |
139,865 |
|
|
|
100 |
% |
|
$ |
245,274 |
|
|
|
100 |
% |
|
$ |
409,049 |
|
|
|
100 |
% |
(a)
See reconciliation to adjusted EBITDA table
Global-E Online Ltd. |
RECONCILIATION TO Non-GAAP GROSS PROFIT |
(In thousands) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
(Unaudited) |
Gross Profit |
|
|
32,655 |
|
|
|
55,842 |
|
|
|
91,433 |
|
|
|
158,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquired
intangibles included in cost of revenue |
|
|
- |
|
|
|
1,917 |
|
|
|
- |
|
|
|
9,743 |
|
Non-GAAP gross profit |
|
|
32,655 |
|
|
|
57,759 |
|
|
|
91,433 |
|
|
|
167,921 |
|
Global-E Online Ltd. |
RECONCILIATION TO ADJUSTED EBITDA |
(In thousands) |
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
2022 |
|
2021 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
Operating profit (loss) |
|
|
(22,190 |
) |
|
|
(35,107 |
) |
|
|
(65,658 |
) |
|
|
(189,324 |
) |
(1) Stock-based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
26 |
|
|
|
95 |
|
|
|
85 |
|
|
|
262 |
|
Research and development |
|
|
1,873 |
|
|
|
5,855 |
|
|
|
4,192 |
|
|
|
21,970 |
|
Selling and marketing |
|
|
580 |
|
|
|
665 |
|
|
|
1,287 |
|
|
|
3,877 |
|
General and administrative |
|
|
1,440 |
|
|
|
2,497 |
|
|
|
6,437 |
|
|
|
12,800 |
|
Total stock-based compensation |
|
|
3,919 |
|
|
|
9,112 |
|
|
|
12,001 |
|
|
|
38,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Depreciation and amortization |
|
|
121 |
|
|
|
570 |
|
|
|
331 |
|
|
|
1,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Commercial agreement asset amortization |
|
29,406 |
|
|
|
37,433 |
|
|
84,298 |
|
|
|
149,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Amortization of acquired intangibles |
|
- |
|
|
|
6,473 |
|
|
- |
|
|
|
27,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Secondary Offering Costs |
|
- |
|
|
|
- |
|
|
879 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Merger related contingent consideration |
|
- |
|
|
|
3,148 |
|
|
- |
|
|
|
12,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7) Merger and acquisition related costs |
|
573 |
|
|
|
126 |
|
|
573 |
|
|
|
8,492 |
|
Adjusted EBITDA |
|
|
11,829 |
|
|
|
21,755 |
|
|
|
32,424 |
|
|
|
48,703 |
|
Grafico Azioni Global E Online (NASDAQ:GLBE)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Global E Online (NASDAQ:GLBE)
Storico
Da Lug 2023 a Lug 2024