Global-e Reports Third Quarter 2024 Results
Global-e Online (GLBE) reported strong Q3 2024 results with significant growth metrics. GMV reached $1,134 million, up 35% year-over-year, while revenue increased 32% to $176 million. The company's non-GAAP gross profit grew 39% to $82.3 million, with margins improving to 46.8%. Despite these gains, the company recorded a net loss of $22.6 million. Notable business highlights include onboarding major brands like Harrods, Torrid, and Manchester United. Based on strong performance, Global-e raised its full-year 2024 guidance, projecting GMV between $4,760-$4,830 million and revenue of $732.9-$744.9 million.
Global-e Online (GLBE) ha riportato risultati solidi per il terzo trimestre del 2024, con metriche di crescita significative. Il GMV ha raggiunto 1.134 milioni di dollari, con un aumento del 35% rispetto allo scorso anno, mentre i ricavi sono aumentati del 32% a 176 milioni di dollari. Il profitto lordo non-GAAP dell'azienda è cresciuto del 39% fino a raggiungere 82,3 milioni di dollari, con margini che migliorano al 46,8%. Nonostante questi guadagni, l'azienda ha registrato una perdita netta di 22,6 milioni di dollari. Tra i punti salienti dell'attività ci sono l'ingresso di marchi importanti come Harrods, Torrid e Manchester United. Sulla base di una forte performance, Global-e ha elevato le sue previsioni per l'intero anno 2024, proiettando un GMV tra 4.760 e 4.830 milioni di dollari e ricavi tra 732,9 e 744,9 milioni di dollari.
Global-e Online (GLBE) reportó resultados sólidos para el tercer trimestre de 2024, con métricas de crecimiento significativas. El GMV alcanzó 1,134 millones de dólares, aumentando un 35% año tras año, mientras que los ingresos aumentaron un 32% a 176 millones de dólares. El beneficio bruto no-GAAP de la compañía creció un 39% hasta 82.3 millones de dólares, con márgenes que mejoraron al 46.8%. A pesar de estas ganancias, la empresa registró una pérdida neta de 22.6 millones de dólares. Entre los aspectos destacados del negocio se incluye la incorporación de grandes marcas como Harrods, Torrid y Manchester United. Basándose en un rendimiento sólido, Global-e incrementó su guía para todo el año 2024, proyectando un GMV entre 4,760 y 4,830 millones de dólares y unos ingresos de entre 732.9 y 744.9 millones de dólares.
Global-e Online (GLBE)는 2024년 3분기 강력한 실적을 보고하며 중요한 성장 지표를 기록했습니다. GMV는 11억 3,400만 달러에 도달했으며, 전년 대비 35% 증가하였고, 매출은 32% 증가하여 1억 7,600만 달러에 달했습니다. 회사의 비GAAP 총 이익은 39% 증가하여 8,230만 달러에 이르고, 마진은 46.8%로 개선되었습니다. 이러한 성과에도 불구하고 회사는 2,260만 달러의 순손실을 기록했습니다. 주요 비즈니스 하이라이트로는 해롯, 토리드, 맨체스터 유나이티드와 같은 주요 브랜드의 온보딩이 있습니다. 강력한 성과에 힘입어 Global-e는 2024년 전체 연간 가이던스를 상향 조정하였으며, GMV는 47억 6,000만 달러에서 48억 3,000만 달러, 매출은 73억 2,900만 달러에서 74억 4,900만 달러 사이로 예상하고 있습니다.
Global-e Online (GLBE) a annoncé des résultats solides pour le troisième trimestre 2024, avec des indicateurs de croissance significatifs. Le GMV a atteint 1.134 millions de dollars, en hausse de 35% par rapport à l'année précédente, tandis que les revenus ont augmenté de 32% pour atteindre 176 millions de dollars. Le bénéfice brut non-GAAP de l'entreprise a augmenté de 39% pour atteindre 82,3 millions de dollars, avec des marges s'élevant à 46,8%. Malgré ces gains, l'entreprise a enregistré une perte nette de 22,6 millions de dollars. Parmi les points forts de l'activité figurent l'intégration de grandes marques telles que Harrods, Torrid et Manchester United. Sur la base de cette performance solide, Global-e a relevé ses prévisions pour l'année complète 2024, projetant un GMV entre 4.760 et 4.830 millions de dollars et des revenus de 732,9 à 744,9 millions de dollars.
Global-e Online (GLBE) berichtete starke Ergebnisse für das dritte Quartal 2024 mit erheblichen Wachstumskennzahlen. Der GMV erreichte 1.134 Millionen Dollar, was einem Anstieg von 35% im Vergleich zum Vorjahr entspricht, während der Umsatz um 32% auf 176 Millionen Dollar anstieg. Der nicht-GAAP Bruttogewinn des Unternehmens wuchs um 39% auf 82,3 Millionen Dollar, mit einer Margenverbesserung auf 46,8%. Trotz dieser Gewinne verzeichnete das Unternehmen einen Nettoverlust von 22,6 Millionen Dollar. Zu den bemerkenswerten geschäftlichen Highlights gehört die Anwerbung großer Marken wie Harrods, Torrid und Manchester United. Basierend auf der starken Leistung hob Global-e seine Prognose für das Gesamtjahr 2024 an und rechnet mit einem GMV zwischen 4.760 und 4.830 Millionen Dollar sowie einem Umsatz von 732,9 bis 744,9 Millionen Dollar.
- GMV growth accelerated to 35% YoY reaching $1,134 million
- Revenue increased 32% YoY to $176 million
- Non-GAAP gross margin improved by 240 basis points to 46.8%
- Adjusted EBITDA grew to $31.1 million from $22.1 million YoY
- Raised full-year guidance for both GMV and revenue
- Net loss of $22.6 million in Q3 2024
Insights
Global-e delivered an impressive Q3 2024 performance with significant growth metrics. The
The strategic partnership expansion with Transcosmos into South Korea and the onboarding of prestigious clients like Harrods strengthen the company's market position. The raised FY2024 guidance, with GMV now expected between
The expansion of Global-e's merchant portfolio across diverse geographies and verticals demonstrates strong market penetration. The addition of luxury brands like Chopard and Harrods, along with major sports franchises like Manchester United and Bayern Munich, validates the platform's appeal to premium merchants. The successful rollout of new capabilities in Shopify Managed Markets, including enhanced payment methods and automated catalogue analysis, positions the company well for sustained growth in the cross-border e-commerce market.
The geographical diversification across North America, Europe and APAC regions reduces market concentration risk and opens up new growth opportunities. The
PETAH-TIKVA, Israel, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Global-e Online Ltd. (Nasdaq: GLBE) the leader of global Direct-To-Consumer eCommerce enablement, today reported financial results for the third quarter of 2024.
“We report today the results of another very strong quarter, with growth of GMV accelerating to
Q3 2024 Financial Results
- GMV1 in the third quarter of 2024 was
$1,134 million , an increase of35% year over year - Revenue in the third quarter of 2024 was
$176 million , an increase of32% year over year, of which service fees revenue was$82.6 million and fulfillment services revenue was$93.4 million - Non-GAAP gross profit2 in the third quarter of 2024 was
$82.3 million , an increase of39% year over year. GAAP gross profit in the third quarter of 2024 was$80.1 million - Non-GAAP gross margin2 in the third quarter of 2024 was
46.8% , an increase of 240 basis points from44.4% in the third quarter of 2023. GAAP gross margin in the third quarter of 2024 was45.5% - Adjusted EBITDA3 in the third quarter of 2024 was
$31.1 million compared to$22.1 million in the third quarter of 2023 - Net loss in the third quarter of 2024 was
$22.6 million
Recent Business Highlights
- Continued to on-board many new merchants located all around the globe and trading in various verticals, including:
- North America - plus size fashion brand Torrid, cosmetics brand Jones Road Beauty, watchmaker Fossil and fast-growing consumer electronics brand Raycon
- UK and Europe - British clothing brand Trapstar London, Swedish horse riding brand Equestrian Stockholm, Polish clubwear brand MISBHV and UK-based Land Rover spare parts seller LR Parts
- APAC - Australian fashion brand Dissh, Brand Off’s sites in Japan and Hong Kong, Japanese pre-owned fashion seller Ragtag, Hong Kong based leather brand Cafune and the Korean sports gear brand Dimito
- Sports clubs - significant launches of the top Premier League and Bundesliga football clubs of Manchester United and Bayern Munich
- Luxury brands - Derek Rose and Margaret Howell in the UK, Longchamp and Paco Rabanne in France and Chopard in Switzerland
- Recently launched with Harrods, the iconic luxury department store, through our integration into the SCAYLE platform; Harrods is the last of the large merchants planned to launch in the second half of 2024
- Expanded to new lanes with existing merchants - added all the remaining lanes with Victoria’s Secret, completing the phased launch as planned, went live with Disney in Australia and New Zealand and added support for more markets on Assouline’s APAC store
- Expanded our strategic partnership with the digital transformation leader Transcosmos - following our successful joint work in Japan, we have extended our partnership to also cover South Korea
- Shopify Managed Markets – rolled out new capabilities, including order editing, support for several new alternative payment methods and upgrades to our automated catalogue analysis algorithms, allowing merchants to sell more products to more markets. Volumes on Managed Markets continue to grow as planned, generating great value to the thousands of merchants using it
Q4 and Full Year Outlook
Global-e is introducing fourth quarter guidance and is raising full year guidance as follows:
| Q4 2024 | FY 2024 | Previous FY 2024 | |||
| (in millions) | |||||
| GMV (1) | |||||
| Revenue | |||||
| Adjusted EBITDA (3) | |||||
1 Gross Merchandise Value (GMV) is a key 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, November 20, 2024.
The call will be available, live, to interested parties by dialing:
| United States/Canada Toll Free: | 1-800-717-1738 |
| International Toll: | 1-646-307-1865 |
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 and Key Operating Metrics
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 adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as 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 and merger related contingent consideration.
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.
The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by management and our board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance.
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.
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
This press release contains estimates and forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future strategy and projected revenue, GMV, Adjusted EBITDA and other future financial and operational results, growth strategy and plans and objectives of management for future operations, including, among others, expansion in new and existing markets, the launch of large enterprise merchants, and our ongoing partnership with Shopify, are forward-looking statements. As the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or 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, our rapid growth and growth rates in recent periods may not be indicative of future growth; the ability to retain merchants or the GMV generated by such merchants; the ability to retain existing, and attract new merchants; our business acquisitions and ability to effectively integrate acquired businesses; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platforms to meet those needs; our ability to implement and use artificial intelligence and machine learning technologies successfully; our ability to compete in our industry; our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms; our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms; our history of net losses; our ability to manage our growth and manage expansion into additional markets; increased attention to ESG matters and our ability to manage such matters; our ability to accommodate increased volumes during peak seasons and events; our ability to effectively expand our marketing and sales capabilities; our expectations regarding our revenue, expenses and operations; our ability to operate internationally; our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practices; our ability to adapt to changes in mobile devices, systems, applications, or web browsers that may degrade the functionality of our platforms; our operation as a merchant of record for sales conducted using our platform; regulatory requirements and additional fees related to payment transactions through our e-commerce platforms could be costly and difficult to comply with; compliance and third-party risks related to anti-money laundering, anti-corruption, anti-bribery, regulations, economic sanctions and export control laws and import regulations and restrictions; our business’s reliance on the personal importation model; our ability to securely store personal information of merchants and shoppers; increases in shipping rates; fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations; our ability to offer high quality support; our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms; our dependency on the continued use of the internet for commerce; our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves; the effect of the situation in Ukraine on our business, financial condition and results of operations; our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants; our ability to establish and protect intellectual property rights; and our use of open-source software which may pose particular risks to our proprietary software technologies; our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees; litigation for a variety of claims which we may be subject to; the adoption by merchants of a direct to consumer model; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; our ability to maintain our corporate culture; our ability to maintain an effective system of disclosure controls and internal control over financial reporting; our ability to accurately estimate judgments relating to our critical accounting policies; changes in tax laws or regulations to which we are subject, including the enactment of legislation implementing changes in taxation of international business activities and the adoption of other corporate tax reform policies; requirements to collect sales or other taxes relating to the use of our platforms and services in jurisdictions where we have not historically done so; global events such as war, health pandemics, climate change, macroeconomic events and the recent economic slowdown; risks relating to our ordinary shares, including our share price, the concentration of our share ownership with insiders, our status as a foreign private issuer, provisions of Israeli law and our amended and restated articles of association and actions of activist shareholders; risks related to our incorporation and location in Israel, including risks related to the ongoing war and related hostilities; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 28, 2024 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. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
About Global-E Online Ltd.
Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, Direct-To-Consumer ecommerce. The chosen partner of over 1,000 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 Funari
Sapphire Investor Relations, LLC
IR@global-e.com
+1 617-542-6180
Press Contact:
Sarah Schloss
Headline Media
Globale@headline.media
+1 786-233-7684
| Global-E Online Ltd. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands) | |||||||
| Period Ended | |||||||
| December 31, | September 30, | ||||||
| 2023 | 2024 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 200,081 | $ | 207,318 | |||
| Short-term deposits | 96,939 | 130,397 | |||||
| Accounts receivable, net | 27,841 | 57,095 | |||||
| Prepaid expenses and other current assets | 63,967 | 58,697 | |||||
| Marketable securities | 20,403 | 20,765 | |||||
| Funds receivable, including cash in banks | 111,232 | 120,420 | |||||
| Total current assets | 520,463 | 594,692 | |||||
| Property and equipment, net | 10,236 | 10,505 | |||||
| Operating lease right-of-use assets | 23,052 | 25,158 | |||||
| Long term deposits | 3,552 | 4,868 | |||||
| Deferred contract acquisition and fulfillment costs, noncurrent | 2,668 | 3,531 | |||||
| Other assets, noncurrent | 4,078 | 3,578 | |||||
| Commercial agreement asset | 192,721 | 93,550 | |||||
| Goodwill | 367,566 | 367,566 | |||||
| Intangible assets, net | 78,024 | 63,614 | |||||
| Total long-term assets | 681,897 | 572,370 | |||||
| Total assets | $ | 1,202,360 | $ | 1,167,062 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 50,943 | $ | 42,383 | |||
| Accrued expenses and other current liabilities | 107,306 | 105,636 | |||||
| Funds payable to Customers | 111,232 | 120,420 | |||||
| Short term operating lease liabilities | 4,031 | 4,351 | |||||
| Total current liabilities | 273,512 | 272,790 | |||||
| Long-term liabilities: | |||||||
| Deferred tax liabilities, net | 6,507 | 2,592 | |||||
| Long term operating lease liabilities | 19,291 | 21,230 | |||||
| Other long-term liabilities | 1,071 | 1,068 | |||||
| Total liabilities | $ | 300,381 | $ | 297,680 | |||
| Shareholders’ equity: | |||||||
| Share capital and additional paid-in capital | 1,360,250 | 1,403,677 | |||||
| Accumulated comprehensive loss | (1,420 | ) | (387 | ) | |||
| Accumulated deficit | (456,851 | ) | (533,908 | ) | |||
| Total shareholders’ equity | 901,979 | 869,382 | |||||
| Total liabilities and shareholders’ equity | $ | 1,202,360 | $ | 1,167,062 | |||
| Global-E Online Ltd. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Revenue | $ | 133,605 | $ | 175,971 | $ | 384,545 | $ | 489,852 | |||||||
| Cost of revenue | 77,089 | 95,913 | 227,263 | 269,078 | |||||||||||
| Gross profit | 56,516 | 80,058 | 157,282 | 220,774 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 24,883 | 26,989 | 72,399 | 77,203 | |||||||||||
| Sales and marketing | 53,643 | 62,681 | 158,279 | 179,725 | |||||||||||
| General and administrative | 13,591 | 11,420 | 40,608 | 36,956 | |||||||||||
| Total operating expenses | 92,117 | 101,090 | 271,286 | 293,884 | |||||||||||
| Operating loss | (35,601 | ) | (21,032 | ) | (114,004 | ) | (73,110 | ) | |||||||
| Financial (income) expenses, net | (3,405 | ) | 1,189 | (251 | ) | 5,392 | |||||||||
| Loss before income taxes | (32,196 | ) | (22,221 | ) | (113,753 | ) | (78,502 | ) | |||||||
| Income taxes | 895 | 343 | (2,046 | ) | (1,445 | ) | |||||||||
| Net loss attributable to ordinary shareholders | $ | (33,091 | ) | $ | (22,564 | ) | $ | (111,707 | ) | $ | (77,057 | ) | |||
| Basic and diluted net loss per share attributable to ordinary shareholders | $ | (0.20 | ) | $ | (0.13 | ) | $ | (0.68 | ) | $ | (0.46 | ) | |||
| Basic and diluted weighted average ordinary shares | 164,904,339 | 167,687,940 | 163,924,915 | 166,955,128 | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (In thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Operating activities | |||||||||||||||
| Net profit (loss) | $ | (33,091 | ) | $ | (22,564 | ) | $ | (111,707 | ) | $ | (77,057 | ) | |||
| Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | |||||||||||||||
| Depreciation | 412 | 543 | 1,299 | 1,584 | |||||||||||
| Share-based compensation expense | 11,716 | 9,708 | 32,780 | 29,620 | |||||||||||
| Commercial agreement asset | 37,433 | 37,432 | 113,018 | 111,161 | |||||||||||
| Amortization of intangible assets | 5,092 | 4,408 | 15,343 | 14,410 | |||||||||||
| Changes in accrued interest and exchange rate on short-term deposits | 221 | 87 | (488 | ) | 44 | ||||||||||
| Changes in accrued interest and exchange rate on long-term deposits | 89 | (233 | ) | (111 | ) | (164 | ) | ||||||||
| Unrealized loss (gain) on foreign currency | 1,850 | (2,396 | ) | 1,110 | 914 | ||||||||||
| Accounts receivable | 644 | (26,754 | ) | 2,973 | (29,254 | ) | |||||||||
| Prepaid expenses and other assets | (6,449 | ) | (7,122 | ) | (11,796 | ) | 6,145 | ||||||||
| Funds receivable | (4,592 | ) | (5,629 | ) | (2,036 | ) | (11,931 | ) | |||||||
| Long-term receivables | 680 | 88 | 1,160 | 500 | |||||||||||
| Funds payable to customers | 358 | 21,961 | (7,710 | ) | 9,188 | ||||||||||
| Operating lease ROU assets | 736 | 1,026 | 2,444 | 2,700 | |||||||||||
| Deferred contract acquisition costs | (52 | ) | (425 | ) | (435 | ) | (1,060 | ) | |||||||
| Accounts payable | 1,663 | 6,355 | (19,715 | ) | (8,559 | ) | |||||||||
| Accrued expenses and other liabilities | 10,743 | 15,326 | 5,280 | (1,673 | ) | ||||||||||
| Deferred taxes, net | 268 | (1,053 | ) | (3,515 | ) | (3,915 | ) | ||||||||
| Operating lease liabilities | (1,112 | ) | (503 | ) | (3,166 | ) | (2,546 | ) | |||||||
| Net cash provided by (used in) operating activities | 26,609 | 30,255 | 14,728 | 40,107 | |||||||||||
| Investing activities | |||||||||||||||
| Investment in marketable securities | (1,598 | ) | (1,070 | ) | (2,877 | ) | (2,797 | ) | |||||||
| Proceeds from marketable securities | 72 | 1,549 | 671 | 2,960 | |||||||||||
| Purchases of short-term investments | (85,485 | ) | (103,509 | ) | (131,987 | ) | (191,753 | ) | |||||||
| Purchases of long-term investments | 34 | - | (78 | ) | (1,152 | ) | |||||||||
| Proceeds from short-term investments | 52,250 | 64,000 | 90,750 | 158,250 | |||||||||||
| Purchases of property and equipment | (328 | ) | (398 | ) | (815 | ) | (1,853 | ) | |||||||
| Net cash provided by (used in) investing activities | (35,055 | ) | (39,428 | ) | (44,336 | ) | (36,345 | ) | |||||||
| Financing activities | |||||||||||||||
| Exercise of Warrants to ordinary shares | - | - | 22 | 2 | |||||||||||
| Proceeds from exercise of share options | 860 | 586 | 1,725 | 1,639 | |||||||||||
| Net cash provided by financing activities | 860 | 586 | 1,747 | 1,641 | |||||||||||
| Exchange rate differences on balances of cash, cash equivalents and restricted cash | (1,850 | ) | 2,396 | (1,110 | ) | (914 | ) | ||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (9,436 | ) | (6,191 | ) | (28,971 | ) | 4,489 | ||||||||
| Cash and cash equivalents and restricted cash—beginning of period | 191,987 | 279,277 | 211,522 | 268,597 | |||||||||||
| Cash and cash equivalents and restricted cash—end of period | $ | 182,551 | $ | 273,086 | $ | 182,551 | $ | 273,086 | |||||||
| Global-E Online Ltd. | |||||||||||||||||||||||
| SELECTED OTHER DATA | |||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||
| Key performance metrics | |||||||||||||||||||||||
| Gross Merchandise Value | 839,056 | 1,133,520 | 2,367,976 | 3,145,068 | |||||||||||||||||||
| Adjusted EBITDA (a) | 22,093 | 31,059 | 57,557 | 83,665 | |||||||||||||||||||
| Revenue by Category | |||||||||||||||||||||||
| Service fees | 62,433 | 82,564 | 172,318 | 233,060 | |||||||||||||||||||
| Fulfillment services | 71,172 | 93,407 | 212,227 | 256,792 | |||||||||||||||||||
| Total revenue | $ | 133,605 | $ | 175,971 | $ | 384,545 | $ | 489,852 | |||||||||||||||
| Revenue by merchant outbound region | |||||||||||||||||||||||
| United States | 67,303 | 93,605 | 190,732 | 253,346 | |||||||||||||||||||
| United Kingdom | 40,876 | 41,397 | 118,622 | 127,097 | |||||||||||||||||||
| European Union | 20,980 | 27,961 | 63,145 | 81,078 | |||||||||||||||||||
| Israel | 571 | 444 | 1,327 | 1,073 | |||||||||||||||||||
| Other | 3,874 | 12,564 | 10,719 | 27,258 | |||||||||||||||||||
| Total revenue | $ | 133,605 | $ | 175,971 | $ | 384,545 | $ | 489,852 | |||||||||||||||
| (a) See reconciliation to adjusted EBITDA table | |||||||||||||||||||||||
| Global-E Online Ltd. | |||||||||||
| RECONCILIATION TO NON-GAAP GROSS PROFIT | |||||||||||
| (In thousands) | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||
| (Unaudited) | |||||||||||
| Gross Profit | 56,516 | 80,058 | 157,282 | 220,774 | |||||||
| Amortization of acquired intangibles included in cost of revenue | 2,796 | 2,204 | 8,387 | 7,796 | |||||||
| Non-GAAP gross profit | 59,312 | 82,262 | 165,669 | 228,570 | |||||||
| Global-E Online Ltd. RECONCILIATION TO ADJUSTED EBITDA (In thousands) | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
| 2023 | 2024 | 2023 | 2024 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Operating profit (loss) | (35,601 | ) | (21,032 | ) | (114,004 | ) | (73,110 | ) | |||
| (1) Stock-based compensation: | |||||||||||
| Cost of revenue | 180 | 294 | 453 | 654 | |||||||
| Research and development | 6,673 | 4,173 | 19,304 | 13,138 | |||||||
| Selling and marketing | 1,057 | 1,544 | 3,021 | 4,308 | |||||||
| General and administrative | 3,806 | 3,697 | 10,002 | 11,520 | |||||||
| Total stock-based compensation | 11,716 | 9,708 | 32,780 | 29,620 | |||||||
| (2) Depreciation and amortization | 412 | 543 | 1,299 | 1,584 | |||||||
| (3) Commercial agreement asset amortization | 37,433 | 37,432 | 113,018 | 111,161 | |||||||
| (4) Amortization of acquired intangibles | 5,092 | 4,408 | 15,343 | 14,410 | |||||||
| (5) Merger related contingent consideration | 3,041 | - | 9,121 | - | |||||||
| Adjusted EBITDA | 22,093 | 31,059 | 57,557 | 83,665 | |||||||
FAQ
What was Global-e's (GLBE) GMV growth in Q3 2024?
How much revenue did Global-e (GLBE) generate in Q3 2024?
What is Global-e's (GLBE) updated revenue guidance for FY 2024?
What was Global-e's (GLBE) net loss in Q3 2024?
