Global-E Online Ltd (GLBE) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Global-e First Quarter 2023 Earnings Call. This call is being simultaneously webcast on the company's website in the Investors section under News and Events. For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

大家好，歡迎來到 Global-e 2023 年第一季度收益電話會議。該電話會議正在公司網站“新聞和活動”下的“投資者”部分同時進行網絡直播。對於開場白和介紹，我現在將把電話轉給藍寶石投資者關係部的 Erica Mannion。請繼續。

Thank you, and good morning. With me today from Global-e are Amir Schlachet, Co-Founder and Chief Executive Officer; Ofer Koren, Chief Financial Officer; and Nir Debbi, Co-Founder and President. Amir will begin with a review of the business results for the first quarter of 2023. Ofer will then review the financial results for the first quarter of 2023, followed by the company's outlook for the second quarter and full year of 2023. We will then open the call for questions.

謝謝，早上好。今天與我一起來自 Global-e 的有聯合創始人兼首席執行官 Amir Schlachet； Ofer Koren，首席財務官；和 Nir Debbi，聯合創始人兼總裁。 Amir 將首先回顧 2023 年第一季度的業務結果。然後 Ofer 將回顧 2023 年第一季度的財務結果，然後是公司對 2023 年第二季度和全年的展望。然後我們將打開提問的電話。

Certain statements we make today 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 that relate to our current expectations and views of future events. These forward-looking statements are subject to risks and uncertainties and assumptions, some of which are beyond our control.

我們今天發表的某些聲明可能構成 1933 年證券法第 27A 條、1934 年證券交易法第 21E 條和 1995 年美國私人證券訴訟改革法案安全港條款含義內的前瞻性聲明和信息這與我們當前的期望和對未來事件的看法有關。這些前瞻性陳述受風險、不確定性和假設的影響，其中一些是我們無法控制的。

In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those set forth in the section titled Risk Factors and our prospectus filed with the SEC on September 13, 2021, and other documents filed with or furnished to the SEC. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this call. You should not put undue reliance on any forward-looking statements.

此外，這些前瞻性陳述反映了我們目前對未來事件的看法，並不是對未來業績的保證。由於多種因素，實際結果可能與前瞻性陳述中包含的信息存在重大差異，包括標題為“風險因素”一節中所述的因素和我們於 2021 年 9 月 13 日向美國證券交易委員會提交的招股說明書以及其他文件向美國證券交易委員會提交或提供給美國證券交易委員會。這些陳述反映了管理層當前對未來事件和經營業績的預期，並且僅在本次電話會議之日發表意見。您不應過分依賴任何前瞻性陳述。

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 make 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. Please refer to our press release dated May 22, 2023, for additional information.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證前瞻性陳述中反映的未來結果、活動水平、業績以及事件和情況將會實現或發生。除非適用法律要求，否則我們沒有義務公開更新或修改任何前瞻性陳述，無論是由於新信息、未來事件或其他原因，在陳述作出之日之後或反映意外事件。有關更多信息，請參閱我們 2023 年 5 月 22 日的新聞稿。

In addition, certain metrics will be discussed today -- excuse me, certain metrics we will discuss today are non-GAAP metrics. The presentation of this financial information is not intended to be considered in isolation or as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operating decision making and as a means to evaluate period-to-period comparisons. We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release dated May 22, 2023.

此外，今天將討論某些指標——對不起，我們今天要討論的某些指標是非 GAAP 指標。本財務信息的列報不應被孤立地考慮，也不能替代或優於根據公認會計原則編制和列報的財務信息。我們使用這些非 GAAP 財務指標來製定財務和運營決策，並作為評估期間比較的一種方式。我們相信，這些措施提供了有關經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了管理層在其財務和經營決策中使用的關鍵指標的透明度。有關非 GAAP 財務措施的更多信息，請參閱我們日期為 2023 年 5 月 22 日的新聞稿中提供的調節表。

Throughout this call, we will provide a number of key performance indicators used by our management and often used by competitors in our industry. These and other key performance indicators are discussed in more detail in our press release dated May 22, 2023.

在整個電話會議中，我們將提供我們管理層使用的一些關鍵績效指標，這些指標也經常被我們行業的競爭對手使用。我們在 2023 年 5 月 22 日發布的新聞稿中更詳細地討論了這些和其他關鍵績效指標。

I will now turn the call over to Amir, Co-Founder and CEO.

我現在將把電話轉給聯合創始人兼首席執行官阿米爾。

Thank you, Erica, and welcome, everyone. With the financial results of Q1, which we are releasing today, we are off to a great start for the year, with 55% year-over-year growth in GMV, which totaled $704 million. Revenues for the quarter were $117.6 million, growing by 54% compared to the same quarter last year. And adjusted gross profit margin was 41.4% for the quarter, up from 39.1% last year. Our adjusted EBITDA came in at $14.5 million compared to $3.3 million in Q1 of last year. These strong results, which came in above our guidance, manifest our continued strong execution across the business. Our effectiveness in controlling costs and the fact that macro conditions during the quarter were slightly more favorable than what was initially anticipated going into 2023.

謝謝你，Erica，歡迎大家。根據我們今天發布的第一季度財務業績，我們今年開局良好，GMV 同比增長 55%，總計 7.04 億美元。本季度收入為 1.176 億美元，與去年同期相比增長 54%。本季度調整後的毛利率為 41.4%，高於去年的 39.1%。我們調整後的 EBITDA 為 1450 萬美元，而去年第一季度為 330 萬美元。這些超出我們預期的強勁業績表明我們在整個業務中的持續強勁執行力。我們在控製成本方面的有效性以及本季度的宏觀環境比最初預期的 2023 年略微有利。

Later in this call, Ofer will review in greater detail our Q1 results and he will provide you with our guidance for Q2 as well as our updated guidance for the full year of 2023, which we are raising today. But before we do that, I would like to share with you some of the exciting developments we have seen across the business during the past quarter. First and foremost, we continue to see great interest in our services coming from brands all around the globe as more and more merchants turn to the direct-to-consumer channel as their key focus growth channel.

在本次電話會議的後期，Ofer 將更詳細地審查我們第一季度的結果，他將為您提供我們對第二季度的指導以及我們今天提出的 2023 年全年的更新指導。但在我們這樣做之前，我想與大家分享我們在過去一個季度中看到的整個業務的一些令人興奮的發展。首先，隨著越來越多的商家將直接面向消費者的渠道作為他們的主要增長渠道，我們繼續看到全球品牌對我們的服務表現出極大的興趣。

To name just a few, in Q1, we saw renowned brands like Carbon 38, Doen, Psycho Bunny, Maui & Sons, Lulu's, Jigsaw and Rebecca Minkoff go live, as well as the merchandise store of the Mercedes AMG Petronas Formula 1 team. We continued our push into APAC with brands such as Charles and Keith, Porcelain Skin and By Invite Only going live in Singapore, Unreal Fur going live in Australia, Objcts.IO going live in Japan and more. In parallel, we launched our first Portuguese merchant called [Easter]. And continued to onboard celebrity brands and social first brands, such as Kylie cosmetics by Kylie Jenner, Maison Francis Kurkdjian, part of the LVMH Group, (inaudible) Perfume was the #1 perfume shared by influencers on TikTok in 2022.

僅舉幾例，在第一季度，我們看到 Carbon 38、Doen、Psycho Bunny、Maui & Sons、Lulu's、Jigsaw 和 Rebecca Minkoff 等知名品牌以及梅賽德斯 AMG Petronas 一級方程式車隊的商品店上線。我們繼續進軍亞太地區，Charles 和 Keith、Porcelain Skin 和 By Invite Only 等品牌將在新加坡上線，Unreal Fur 將在澳大利亞上線，Objcts.IO 將在日本上線等等。與此同時，我們推出了我們的第一個葡萄牙商戶，名為 [Easter]。並繼續加入名人品牌和社交第一品牌，例如 Kylie Jenner 的 Kylie 化妝品、LVMH 集團旗下的 Maison Francis Kurkdjian，（聽不清）Perfume 是 2022 年 TikTok 上有影響力的人分享的排名第一的香水。

During the quarter, we also continued our efforts to expand our business with existing merchants. Notable examples would be numerous expansions of our engagement within the LVMH Group. With 2 additional brands, Repossi and Pucci joining the platform, Kenzo going Live and Bulgari turning on an additional batch of close to 30 markets, which are now operated by globally. Another notable example would be Disney Europe, which now utilizes globally to support sales to the United Kingdom, one of its top global markets.

在本季度，我們還繼續努力擴大與現有商家的業務。值得注意的例子是我們在 LVMH 集團內的多次擴張。隨著另外兩個品牌 Repossi 和 Pucci 加入該平台，Kenzo 上線和寶格麗開啟了另外一批近 30 個市場，這些市場現在由全球運營。另一個值得注意的例子是迪士尼歐洲，它現在在全球範圍內利用它來支持向其全球最大市場之一英國的銷售。

Regarding our partnership with Shopify, on the direct integration side, we continue our work on adding new features to our native integration as well as providing support for Shopify's new checkout extensibility. In parallel, we continue to migrate merchants from our legacy third-party integration into the new native one. And add newly signed merchants directly on to the native plug-in as we go. On the white label solution front, we continue to work in close collaboration with Shopify's teams towards the rollout of Shopify Markets Pro, a fully integrated merchant of record solution intended for merchants looking to scale to new markets quickly and easily.

關於我們與 Shopify 的合作夥伴關係，在直接集成方面，我們繼續致力於為我們的原生集成添加新功能，並為 Shopify 的新結賬擴展性提供支持。與此同時，我們繼續將商家從我們遺留的第三方集成遷移到新的本地集成。並在我們進行時將新簽署的商家直接添加到本機插件。在白標解決方案方面，我們繼續與 Shopify 的團隊密切合作，推出 Shopify Markets Pro，這是一個完全集成的記錄解決方案商家，旨在幫助希望快速輕鬆地擴展到新市場的商家。

Markets Pro is currently in early access mode in the U.S., and we are seeing a high level of interest from merchants and encouraging initial results from those early access merchants that have been going live since September of last year. Along with Shopify, we believe Markets Pro remains on track to general availability in the U.S. in the summer to be followed by the U.K. later in the year.

Markets Pro 目前在美國處於搶先體驗模式，我們看到了商家的高度興趣，並從去年 9 月開始上線的搶先體驗商家取得了令人鼓舞的初步結果。與 Shopify 一起，我們相信 Markets Pro 仍有望在今年夏天在美國全面上市，隨後在今年晚些時候在英國上市。

Finally, I would like to mention a different and exciting aspects of our activity, which is the potential of using AI to improve our service levels and potentially increase the efficiency of our operations. We have already been using machine learning and AI models for several years now, helping our teams to automate large-scale recurring tasks such as the classification of large product catalogs for duties and taxes, for example. More recently, our internal AI task force has conducted several proof-of-concept exercises in various functions of the company, demonstrating some of their potential. We believe that the amazing advancements made in the field of AI lately resulting in the proliferation of highly sophisticated yet easy-to-use large-scale models should present over the coming quarters and years, many opportunities to incorporate AI-powered tools and capabilities across different parts of the organization.

最後，我想提一下我們活動的另一個令人興奮的方面，那就是使用人工智能來提高我們的服務水平並可能提高我們的運營效率的潛力。多年來，我們一直在使用機器學習和人工智能模型，幫助我們的團隊自動執行大規模重複性任務，例如對大型產品目錄進行關稅和稅收分類。最近，我們的內部 AI 工作組在公司的各個職能部門進行了幾次概念驗證練習，展示了它們的一些潛力。我們相信，人工智能領域最近取得的驚人進步導致高度複雜但易於使用的大型模型的激增，在未來幾個季度和幾年內應該會出現許多機會，將人工智能驅動的工具和功能整合到各個領域組織的不同部分。

These, in turn, could enable us to drive significant cost efficiencies over the coming years, while further improving the level of service and insights we can give to both merchants and end consumers. There are contest of our exciting developments to share from all corners of the business, all contributing to our belief that we can continue to exhibit high growth rates as we capture more and more of the vast greenfield opportunity that lies ahead of us and do it in a sustainable way, maintaining cost controls and best-in-class efficiency.

這些反過來又可以使我們在未來幾年顯著提高成本效率，同時進一步提高我們可以為商家和最終消費者提供的服務水平和洞察力。我們有來自業務各個角落的令人興奮的發展競賽，所有這些都有助於我們相信，隨著我們抓住越來越多擺在我們面前的廣闊綠地機會，我們可以繼續保持高增長率。一種可持續的方式，保持成本控制和一流的效率。

But in the interest of time and in order to leave ample time for any questions you may have, I will now hand it over to Ofer, our CFO, to take us through the quarterly numbers in more depth as well as present our updated guidance.

但是為了節省時間，為了給您可能有的任何問題留出充足的時間，我現在將把它交給我們的首席財務官 Ofer，讓我們更深入地了解季度數據並提供我們更新的指導。

Thank you, Amir, and thanks again, everyone, for joining us this morning for our quarterly earnings call. We are pleased to begin 2023 with a very positive momentum. Q1 was another strong quarter of solid growth and healthy margins as we continue to execute well on all fronts. I'd like to point out again that in addition to our GAAP results, I'll also be discussing certain non-GAAP results. Our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results, can be found in our earnings release.

謝謝你，阿米爾，再次感謝大家今天早上加入我們的季度財報電話會議。我們很高興以非常積極的勢頭開始 2023 年。由於我們在各個方面繼續表現良好，第一季度是又一個強勁增長和健康利潤率的強勁季度。我想再次指出，除了我們的 GAAP 結果外，我還將討論某些非 GAAP 結果。我們的 GAAP 財務業績，以及 GAAP 和非 GAAP 業績之間的調節，可以在我們的收益發布中找到。

As Amir mentioned, our rapid growth in GMV continued in Q1 at $704 million of GMV was generated on our platforms, an increase of 55% year-over-year. We continue to experience growth, both from our existing merchants as they continue to develop their direct-to-consumer business and expand their activity with Global-e and from new merchants onboarding our platforms around the globe. In Q1, we generated total revenue of $117.6 million, up 54% year-over-year with both revenue streams continuing to grow rapidly. Service fees revenues were $50.4 million, up 58% year-over-year, and fulfillment services revenue were up 52% to $67.3 million. We have continued to experience higher paced growth in our U.S. outbound revenue as our strong momentum in the U.S. continue, driven also by the U.S. buyers of the Borderfree portfolio.

正如 Amir 所提到的，我們在第一季度的 GMV 繼續快速增長，在我們的平台上產生了 7.04 億美元的 GMV，同比增長 55%。我們繼續經歷增長，既有來自我們現有商家的增長，因為他們繼續發展他們的直接面向消費者的業務，並通過 Global-e 擴大他們的活動，也有來自全球範圍內加入我們平台的新商家。第一季度，我們的總收入為 1.176 億美元，同比增長 54%，這兩個收入來源都在繼續快速增長。服務費收入為 5040 萬美元，同比增長 58%，履行服務收入增長 52% 至 6730 萬美元。隨著我們在美國的強勁勢頭繼續保持，同時受到 Borderfree 投資組合的美國買家的推動，我們的美國出境收入繼續實現更快的增長。

In Q1 2023, U.S. outbound revenue was up 100% year-over-year. Our penetration efforts to APAC and the Middle East remained on track and continuing to bear fruit. While the share of GMV coming out of this new outbound market is still relatively low, transaction volumes have grown by almost 4x year-over-year. Non-GAAP gross profit outpaced revenue growth as we continue to leverage our scale. In Q1, non-GAAP gross profit was $48.7 million, up 63% year-over-year, representing a gross margin of 41.4% compared to 39.1% in the same period last year, driven by the higher share of service fees revenue and the ongoing efforts to improve efficiencies. GAAP gross profit was $45.9 million, representing a margin of 39%.

2023 年第一季度，美國出境收入同比增長 100%。我們對亞太地區和中東的滲透努力仍在進行中，並繼續取得成果。雖然來自這個新出境市場的 GMV 份額仍然相對較低，但交易量同比增長了近 4 倍。由於我們繼續利用我們的規模，非 GAAP 毛利潤超過了收入增長。第一季度，非美國通用會計準則毛利潤為 4870 萬美元，同比增長 63%，毛利率為 41.4%，而去年同期為 39.1%，這主要是由於服務費收入佔比較高以及不斷努力提高效率。 GAAP 毛利潤為 4590 萬美元，利潤率為 39%。

Moving on to operational expenses. We continue to invest in the development and enhancement of our platform with a significant effort around the development of the Shopify Markets Pro White Label Solution towards general availability in the U.S., as Amir mentioned. R&D expense in Q1, excluding stock-based compensation was $16.8 million or 14.3% of revenue compared to $12.5 million or 16.4% in the same period last year.

繼續運營費用。正如 Amir 提到的，我們將繼續投資於我們平台的開發和增強，並圍繞 Shopify Markets Pro 白標解決方案的開發做出重大努力，以在美國全面上市。第一季度的研發費用（不包括基於股票的薪酬）為 1680 萬美元，佔收入的 14.3%，而去年同期為 1250 萬美元，佔收入的 16.4%。

Total R&D spend in Q1 was $22.9 million. We also continued to invest in sales and marketing to expand our presence and to further build our pipeline while continuing to be mindful of efficiencies. We have expanded our presence in Europe, including people on the ground in Italy and Scandinavia and continue to enhance our presence in Australia and Japan.

第一季度的研發總支出為 2290 萬美元。我們還繼續投資於銷售和營銷，以擴大我們的影響力並進一步建立我們的渠道，同時繼續關注效率。我們擴大了在歐洲的影響力，包括在意大利和斯堪的納維亞半島的實地人員，並繼續加強我們在澳大利亞和日本的影響力。

Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangibles amortization was $10.5 million or 8.9% of revenue compared to $8.2 million or 10.7% of revenue in the same period last year. Shopify warrant-related amortization expense was $38.2 million. Total sales and marketing expenses for the quarter were $51.8 million.

銷售和營銷費用，不包括與 Shopify 相關的攤銷費用、基於股票的補償和與收購相關的無形資產攤銷，為 1050 萬美元或占收入的 8.9%，而去年同期為 820 萬美元或占收入的 10.7%。與 Shopify 認股權證相關的攤銷費用為 3820 萬美元。本季度總銷售和營銷費用為 5180 萬美元。

General and administrative expenses, excluding stock-based compensation, acquisition-related expenses and acquisition-related contingent consideration was $7.4 million or 6.3% of revenue compared to $6.2 million or 8.1% of revenue in the same period last year. Total G&A spend in Q4 were $13.1 million. Adjusted EBITDA totaled $14.5 million, representing a 12.3% adjusted EBITDA margin, increasing from $3.3 million or 4.3% margin in the same period last year, which was negatively impacted from the flow consolidation. Net loss was $43.1 million compared to a net loss of $53.6 million in the year ago period, driven mainly by the amortization expenses related to the Shopify warrants and to transaction-related intangibles.

一般和行政費用，不包括基於股票的薪酬、收購相關費用和收購相關或有對價，為 740 萬美元或占收入的 6.3%，而去年同期為 620 萬美元或占收入的 8.1%。第 4 季度的 G&A 總支出為 1310 萬美元。調整後的 EBITDA 總計 1,450 萬美元，調整後 EBITDA 利潤率為 12.3%，高於去年同期的 330 萬美元或 4.3% 的利潤率，這是受到流量整合的負面影響。淨虧損為 4310 萬美元，而去年同期為淨虧損 5360 萬美元，主要原因是與 Shopify 認股權證和交易相關無形資產相關的攤銷費用。

Switching gears and turning to the balance sheet and cash flow statements. We ended Q1 2023 with $212 million in cash and cash equivalents, including short-term deposits and marketable securities. Cash flow used by operating expenses was $29.5 million compared to $5.3 million a year ago, driven by typical Q1 post-peak working capital dynamics and a $12.2 million payment of held back acquisition-related proceeds.

切換齒輪並轉向資產負債表和現金流量表。截至 2023 年第一季度末，我們擁有 2.12 億美元的現金和現金等價物，包括短期存款和有價證券。運營支出所用的現金流為 2950 萬美元，而一年前為 530 萬美元，這是受到典型的第一季度高峰後營運資本動態和 1220 萬美元的收購相關收益支付的推動。

Moving on to our financial outlook and guidance for Q2 2023 and our updated 2023 full year guidance, which reflects the resilience and the continued momentum of the business. For Q2 2023, we're expecting GMV to be in the range of $755 million to $785 million. At the midpoint of the range, this represents a growth rate of 44.2% versus Q2 of 2022. We expect Q2 revenue to be in the range of $125 million to $130 million. At the midpoint of the range, this represents a growth rate of 46.1% versus Q2 of 2022. For adjusted EBITDA, we are expecting a profit in the range of $15 million to $18 million.

繼續我們對 2023 年第二季度的財務展望和指導以及我們更新的 2023 年全年指導，這反映了業務的彈性和持續發展勢頭。對於 2023 年第二季度，我們預計 GMV 將在 7.55 億美元至 7.85 億美元之間。在該範圍的中點，與 2022 年第二季度相比，增長率為 44.2%。我們預計第二季度收入將在 1.25 億美元至 1.3 億美元之間。在該範圍的中點，與 2022 年第二季度相比，增長率為 46.1%。對於調整後的 EBITDA，我們預計利潤在 1500 萬至 1800 萬美元之間。

For the full year of 2023, we are raising our guidance and now expect GMV to be in the range of $3.4 billion to $3.55 billion, representing nearly 42% annual growth at the midpoint of the range. Revenue is expected to be in the range of $562 million to $590 million, representing a growth rate of nearly 41% at the midpoint of the range. For adjusted EBITDA, we are expecting a profit of $70 million to $77 million.

對於 2023 年全年，我們正在提高我們的指導意見，現在預計 GMV 將在 34 億美元至 35.5 億美元之間，在該範圍的中點處年增長率接近 42%。收入預計在 5.62 億美元至 5.9 億美元之間，在該範圍的中點處增長率接近 41%。對於調整後的 EBITDA，我們預計利潤為 7000 萬至 7700 萬美元。

In conclusion, we are focusing on disciplined execution to create value for the merchants and tap on the market opportunity in front of us. We strive to continue our growth journey while exerting ongoing efforts to improve efficiencies, enabling sustainable top line growth and acceleration of cash generation.

總之，我們專注於紀律嚴明的執行，為商家創造價值，並挖掘我們面前的市場機會。我們努力繼續我們的增長之旅，同時不斷努力提高效率，實現可持續的收入增長和現金生成的加速。

And with that, Amir, Nir and I are happy to take any of your questions. Operator?

因此，Amir、Nir 和我很樂意回答您的任何問題。操作員？

(Operator Instructions) Our first question comes from the line of Will Nance with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Will Nance 與 Goldman Sachs 的對話。

I wanted to ask about what you're seeing in the APAC market. Have you seen any notable shifts in consumer spending? We've seen a lot of talk around the shift away from goods and toward services. Just wondering if you're seeing any impact. And maybe one for Ofer, if you could just remind us how large APAC consumer [inbound revenue] is as a percentage of total revenue, that would be helpful.

我想問一下您對亞太市場的看法。您是否看到消費者支出有任何顯著變化？我們已經看到很多關於從商品轉向服務的討論。只是想知道您是否看到任何影響。也許是 Ofer，如果你能提醒我們亞太地區消費者 [入境收入] 佔總收入的百分比有多大，那將很有幫助。

Yes. So we haven't seen any significant change in APAC consumption. APAC is a significant market for us, but not one of the largest, Europe and the U.S. are larger in share. And we haven't seen -- it has been relatively stable, at least for us. We haven't seen any shift in consumer preferences from our side.

是的。所以我們沒有看到亞太地區消費有任何重大變化。亞太地區對我們來說是一個重要的市場，但不是最大的市場之一，歐洲和美國的份額更大。而且我們還沒有看到 - 它一直相對穩定，至少對我們而言。我們還沒有看到我們這邊的消費者偏好有任何變化。

Got it. That's helpful. And if I could just follow up on -- you mentioned that the macro ended up being a little bit better than what you had expected at the beginning of the year. I know you talked about taking a conservative posture heading into the current environment on the last quarter's call. Just if you could maybe just remind us what you're building in for macro. Has anything changed in terms of what you're assuming for the rest of the year? And how are you thinking about the outperformance in the first quarter relative to the remainder of the year?

知道了。這很有幫助。如果我可以跟進 - 你提到宏觀最終比你年初預期的要好一點。我知道你在上個季度的電話會議上談到要以保守的姿態進入當前環境。如果您可以提醒我們您正在為宏構建什麼。你對今年餘下時間的假設有什麼變化嗎？您如何看待第一季度相對於今年剩餘時間的出色表現？

Yes. So as you mentioned and as we highlighted, the macro environment in Q1 was a bit better than we expected coming into the year. We saw solid demand from consumers and that was translated into a nice growth of existing clients. However, the uncertainty still remains. Macro is still not very stable. There are some negative drivers, so we haven't changed our view towards the second -- the next 3 quarters regarding the year. We still stayed with the same assumptions, and we remain fairly conservative due to that.

是的。因此，正如您提到的和我們強調的那樣，第一季度的宏觀環境比我們今年預期的要好一些。我們看到了消費者的強勁需求，並將其轉化為現有客戶的良好增長。然而，不確定性依然存在。宏仍然不是很穩定。有一些負面驅動因素，所以我們沒有改變對第二個季度的看法——接下來的三個季度。我們仍然堅持相同的假設，因此我們仍然相當保守。

Our next question comes from the line of Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

I wanted to ask you a question maybe in the likes of new merchant growth versus GMV per merchant, assumptions in the guidance. I'm sure it sounds like you guys are adding new merchants at a very healthy clip. So maybe help us understand as you think about the guidance. What are you guys baking in from a new merchant growth or GMV expansion per merchant for their guidance this year?

我想問你一個問題，比如新商家增長與每個商家的 GMV，指南中的假設。我敢肯定，聽起來你們正在以非常健康的速度增加新商家。因此，在您考慮指南時，也許可以幫助我們理解。你們今年從新的商家增長或每個商家的 GMV 擴展中得到了什麼指導？

Koji, it's Nir Debbi. Thank you for the question. So basically, we are optimistic for the rest of the year is what we've seen year-to-date, we had a record year in finding new merchants into the platform, and we hope to maintain that going forward for the rest of the year. So all in all, a good trajectory. We haven't seen, I would say, any delays in merchants decision-making due to macroeconomics in order to decide to put the budget and integrate globally into the solution. So, so far, the pipeline looks robust.

Koji，是 Nir Debbi。感謝你的提問。所以基本上，我們對今年餘下的時間持樂觀態度，這是我們今年迄今為止所看到的，我們在尋找新商家進入平台方面創下了創紀錄的一年，我們希望在餘下的時間裡保持這種狀態年。所以總而言之，一個很好的軌跡。我想說的是，我們還沒有看到由於宏觀經濟而導致商家決策有任何延遲，以便決定將預算和全球整合到解決方案中。所以，到目前為止，管道看起來很穩健。

And this, we look forward to maintain for the rest of the year. And as well, we look forward for some contribution mainly in Q4 coming out of Markets Pro once it goes into general availability.

而這一點，我們期待在今年餘下的時間裡保持下去。此外，我們期待 Markets Pro 全面上市後主要在第四季度做出一些貢獻。

Got it. No, that's super helpful. And Amir, my follow-up here is on AI, and you mentioned it in your prepared remarks. And I wanted to dig into that a little bit more thinking about how you are thinking about the AI benefits for customers. And maybe breaking it out into 2 buckets, maybe how customers might use it using the AI to drive faster ROI, either from faster onboarding onto the Global-e platform or even expansion of some of those big brands that you have that have many brands and many different geographies, that's number one. Or is it more for driving enhanced monetization levers of the end market from the overall shopping experience?

知道了。不，那超級有用。阿米爾，我在這裡的後續行動是關於人工智能的，你在準備好的發言中提到了它。我想更深入地研究一下你是如何考慮 AI 給客戶帶來的好處的。也許把它分成兩個部分，也許客戶會如何使用它使用 AI 來推動更快的投資回報率，要么是更快地進入 Global-e 平台，要么是擴展你擁有的一些大品牌，這些品牌擁有許多品牌和許多不同的地區，這是第一。或者更多是為了從整體購物體驗中推動終端市場貨幣化槓桿的增強？

Sure thing. So first of all, there are 2 main buckets that, at least for now, we look at. One is kind of along the same lines that you've mentioned, which is increase or using these models to greatly enhance the level of insights that we can generate for our merchants based on our data, based on our accumulated proprietary data. This is obviously something, as you know, that we've been doing for a while, but we believe there is great potential in using AI-based tools to dramatically enhance the kind of the quality, the granularity and the time to market for us, and make it even more actionable for our merchants and therefore, drive better performance overall for them on our platform. So that's definitely one big bucket.

當然可以。因此，首先，至少目前我們關注的是 2 個主要方面。一種是與您提到的相同，即增加或使用這些模型來極大地提高我們可以根據我們的數據，基於我們積累的專有數據為我們的商家生成的洞察力水平。正如你所知，這顯然是我們已經做了一段時間的事情，但我們相信使用基於人工智能的工具有很大的潛力來顯著提高我們的質量、粒度和上市時間，並使其對我們的商家更具可操作性，從而在我們的平台上為他們帶來更好的整體性能。所以這絕對是一大桶。

The other bucket, I would say, is more internal, which is kind of driving efficiencies all across different functions in the organization and enabling our teams to do much more accurately with the same level of resources and drive kind of the next wave, if you want, of efficiency on the back of our scale and our know-how. So these are, I would say, the 2 main buckets. One is more outbound that kind of our merchants will enjoy directly. The other one is more internal, where we, as a company, will enjoy internally. But that's currently the way we view the 2 main buckets that we will pursue.

另一個桶，我想說，更內部，這是一種提高組織中不同職能部門的效率，使我們的團隊能夠用相同水平的資源更準確地做事，並推動下一波浪潮，如果你需要以我們的規模和專業知識為基礎的效率。所以這些是，我想說，2個主要桶。一種是更多的出境，我們的商家將直接享受。另一個是更內部的，我們作為一家公司將在內部享受。但這是目前我們看待我們將追求的 2 個主要桶的方式。

Our next question comes from the line of James Faucette with Morgan Stanley.

我們的下一個問題來自 James Faucette 與 Morgan Stanley 的對話。

Yes. Thanks this morning, everybody. I wanted to touch on quickly the U.S. Obviously, you highlighted that it's growing very quickly and certainly there's a bright spot at around 100% year-over-year growth. Can you help us disaggregate that growth generally on an organic basis versus what came from the Borderfree acquisition and provide some commentary with respect to how you are thinking about that region and how -- what your assumptions are within your outlook?

是的。今天早上謝謝大家。我想快速談談美國。顯然，你強調它的增長速度非常快，而且肯定有一個亮點，即年增長率約為 100%。您能否幫助我們在有機基礎上將這種增長與 Borderfree 收購帶來的增長進行分解，並就您如何看待該地區以及您的前景中的假設提供一些評論？

Yes. So thanks, James, for that. It's Ofer. Most of the growth is organic. Borderfree has contributed, but the lion's share of the growth is organic and it's driven by the ongoing strong momentum that we have in the U.S. Some bias towards direct-to-consumer and sort of new age brands, celebrity endorsed and so on, which are growing faster than average. And also, I would say, the stabilization of the environment in Europe because the largest market for U.S. merchant is obviously Europe, and that has contributed to a certain extent as well.

是的。所以謝謝，詹姆斯，為此。是奧弗。大部分增長是有機的。 Borderfree 做出了貢獻，但增長的最大份額是有機增長，它是由我們在美國擁有的持續強勁勢頭推動的。有些人偏向於直接面向消費者和新時代品牌、名人代言等等，這些都是增長速度高於平均水平。而且，我要說的是，歐洲環境的穩定，因為美國商人最大的市場顯然是歐洲，這也在一定程度上做出了貢獻。

Got it. Got it. And then I wanted to ask about the interaction with Shopify. And just get a better sense of what controls the pace of penetration in onboarding with Shopify merchants, how we think about it, it looks like a very sizable outstanding GMV opportunity. Is that something where you can kind of push the accelerator or is it more of an organic cadence? And how should we think about that into 2023 or into the rest of 2023 and into '24?

知道了。知道了。然後我想問一下與Shopify的互動。並且更好地了解是什麼控制了 Shopify 商家入職的滲透速度，我們如何看待它，這看起來是一個非常可觀的出色 GMV 機會。這是你可以推動加速器的東西，還是更像是一種有機節奏？我們應該如何考慮到 2023 年或 2023 年剩餘時間和 24 年？

James, it's Nir. So basically, I would break it into 2 separate buckets. When you look at Global-e, I would say, third-party solution provided in the Shopify native checkout, which is our regular solution, this will continue to grow and will continue to grow fast. We have been growing very nicely since we gained exclusivity on Shopify [1.5 year ago], and it continues to grow nicely to date.

詹姆斯，是尼爾。所以基本上，我會把它分成兩個獨立的桶。當你看 Global-e 時，我會說，Shopify 本地結賬中提供的第三方解決方案，這是我們的常規解決方案，它將繼續增長，並將繼續快速增長。自從我們 [1.5 年前] 獲得 Shopify 的獨家經營權以來，我們一直發展得非常好，並且迄今為止一直保持著良好的發展勢頭。

In parallel to it -- we expect to see acceleration on the Markets Pro, which is Shopify own solution powered by Global-e. And this will start to take effect as of Q4 as we expect following the general availability in the U.S. in the summer time. And we expect to see much more of the effect coming into 2024 on this solution. So the combination of both, we do expect to see an acceleration into 2024 in realizing potential on Shopify.

與此同時——我們希望看到 Markets Pro 的加速發展，這是由 Global-e 提供支持的 Shopify 自己的解決方案。正如我們預期的那樣，這將在第四季度開始生效，因為夏季在美國全面上市。我們預計到 2024 年，該解決方案會產生更多影響。因此，結合兩者，我們確實預計到 2024 年將加速實現 Shopify 的潛力。

Our next question comes from the line of Samad Samana with Jefferies.

我們的下一個問題來自 Samad Samana 與 Jefferies 的對話。

Ofer maybe a follow-up for you on the guidance. Just kind of reconciling the strong 1Q and maybe what the revision implies for the rest of the year. Any changes in what you're assuming for NRR for the rest of the year or what you're assuming in terms of the timing of go-lives or the ramp of partnerships? Just trying to understand maybe the moving parts within the guidance and what your updated assumptions are?

可能會為您提供有關指導的後續行動。只是調和了強勁的 1Q 以及修訂對今年剩餘時間的影響。您對今年剩餘時間的 NRR 假設有何變化，或者您對上線時間或合作夥伴關係的假設有何變化？只是想了解指南中的移動部分以及您更新的假設是什麼？

Thanks, Samad, for that. Basically, we haven't changed our view. And as I mentioned, we -- due to the uncertainty, we remain a bit on the conservative side. We did see some positive signs in Q1. As we said, the demand from consumers was relatively positive or at least more positive than we initially expected. However, again, there is still a lot of macro uncertainty, we remain a bit conservative.

謝謝，薩馬德，為此。基本上，我們沒有改變我們的看法。正如我提到的，我們——由於不確定性，我們仍然有點保守。我們確實在第一季度看到了一些積極跡象。正如我們所說，消費者的需求相對積極，或者至少比我們最初預期的要積極。不過，還是有很多宏觀不確定性，我們還是有點保守。

Regarding new merchants, we haven't seen any notable delays. Projects are running on time, generally, some usual delay, some we are able to launch a bit earlier than expected, but nothing notable on that. We remain optimistic regarding the remaining of the year. But again, in terms of putting in a guidance due to the macro uncertainty, we prefer to be just a bit on the conservative side.

關於新商家，我們沒有看到任何明顯的延遲。項目按時運行，一般來說，有一些常見的延遲，有些我們能夠比預期早一點啟動，但沒有什麼值得注意的。我們對今年剩餘時間保持樂觀。但同樣，在由於宏觀不確定性而製定指導方面，我們更傾向於保守一點。

Great. And then maybe just a follow-up on the product side. I know we talked about some of maybe the kind of newer products you could grow out to get the service revenue take rate higher, including something like multi-local. Just maybe any update there? I mean, on the quarter, how many progress there looks and how we should think about that maybe being a source of further monetization as year progresses?

偉大的。然後可能只是產品方面的跟進。我知道我們討論了一些可能會發展起來的新產品，以獲得更高的服務收入率，包括像 multi-local 這樣的產品。也許那裡有任何更新？我的意思是，在本季度，看起來有多少進展以及我們應該如何考慮隨著時間的推移這可能成為進一步貨幣化的來源？

Sure. And basically, we have seen progress in multiple arenas. For example, we have seen a high adoption of our new capabilities around duty drawback in different parts of the world for European merchants, for our U.S. merchant selling into Canada, et cetera. So we do see new capabilities that bring with them and add on to the take rate. We do expect even in Q4, but much more into 2024, an additional contribution coming out of demand generation and our ability to drive traffic into sites that we are currently working on. So we do believe that there will be a lever, I would say, to continue and see a gradual increase in the take rate over time.

當然。基本上，我們已經在多個領域看到了進展。例如，我們已經看到我們在世界不同地區為歐洲商家、美國商家向加拿大銷售商品等廣泛採用了我們圍繞關稅退稅的新功能。因此，我們確實看到了它們帶來的新功能，並增加了採用率。我們確實預計，即使在第四季度，但到 2024 年，需求的產生和我們將流量推向我們目前正在開發的網站的能力也會帶來額外的貢獻。所以我們確實相信會有一個槓桿，我會說，隨著時間的推移，我們會看到採用率逐漸增加。

Our next question comes from the line of Brian Peterson with Raymond James.

我們的下一個問題來自 Brian Peterson 和 Raymond James 的台詞。

Just one for me. So it's interesting to see with customers like Disney Europe, like the expansion so early on, but also with LVMH, who's been a customer for a while. So I'd love to understand kind of the land and expand dynamics as we've progressed through 2023. Are customers looking to kind of a multi-region to start? Or how do we think about that land versus expand motion this year?

只給我一個。因此，很有趣的是看到像迪士尼歐洲這樣的客戶，很早就喜歡擴張，還有 LVMH，他們已經有一段時間了。因此，隨著我們到 2023 年的進展，我很想了解這片土地並擴大動態。客戶是否希望從某種多區域開始？或者我們如何看待今年的土地與擴張運動？

So I think we have started seeing that -- especially with the larger merchants where they scale up or that they have presence, physical presence around the world, either direct presence or franchisees, those brands would typically do October time to go into a more multi-local mode of world and this will support, so we do see that over time. In some of the larger brands, you also see a regional decision-making. So once you land into a certain region, which is very successful, then over time, you will be able to win additional regions based on the success story and the drive from the region you already entered.

因此，我認為我們已經開始看到這一點——尤其是對於擴大規模的大型商家，或者他們在世界各地都有實體存在，無論是直接存在還是特許經營，這些品牌通常會在 10 月的時間進入更多的多元化-世界的本地模式，這將支持，所以我們確實會隨著時間的推移看到這一點。在一些較大的品牌中，您還可以看到區域決策。因此，一旦您進入某個非常成功的區域，隨著時間的推移，您將能夠根據成功故事和您已經進入的區域的驅動力贏得更多區域。

Same goes for the groups of brands such as LVMH, where you have multiple success stories that just create gravity centers for others to follow because they do share best practices. They do give corporate advice. And on the back of it, we do see a significant growth within groups.

LVMH 等品牌集團也是如此，您擁有多個成功案例，這些成功案例只是為其他人創造了引力中心，因為他們確實分享了最佳實踐。他們確實提供公司建議。在它的背後，我們確實看到了群體內部的顯著增長。

In terms of (inaudible) and expand, we hope and we believe there is still a lot of runway as we continue to land large merchants over time, we do see a trajectory of growing within the brand or within the group. So we do have a runway also going forward, so no change on that.

在（聽不清）和擴張方面，我們希望並且我們相信隨著時間的推移我們繼續吸引大型商家，我們仍然有很多跑道，我們確實看到了品牌或集團內部的增長軌跡。所以我們確實有一條跑道也在前進，所以沒有改變。

Our next question comes from the line of Josh Beck with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Josh Beck。

I wanted to ask a little bit about Borderfree, obviously, it's becoming more integrated into the platform, and I imagine there's some opportunity particularly on the fulfillment side. Maybe just where you are with respect to the phasing of synergies and kind of how we should be thinking about that as we progress through the year.

我想問一些關於 Borderfree 的問題，很明顯，它正在越來越多地集成到平台中，我想在實現方面會有一些機會。也許你在協同作用的階段性方面以及我們在這一年中應該如何考慮這一點。

So in terms of -- hi, Josh, it's Nir. In terms of Borderfree, I think we see the realization of the goals that we aim for in the acquisition. The first one would be related to the demand generation capability and marketing assets where we started to build on the infrastructure we acquired from Borderfree in order to launch a more sophisticated demand generation services for the entire Global-e Group brand, we hope to roll it out, I would say, some time between Q4 and Q1 next year, but this is already a work in motion in order to utilize it as we expected.

所以就 - 嗨，Josh，這是 Nir。就 Borderfree 而言，我認為我們看到了我們在收購中的目標實現。第一個與需求生成能力和營銷資產有關，我們開始構建我們從 Borderfree 獲得的基礎設施，以便為整個 Global-e Group 品牌推出更複雜的需求生成服務，我們希望推出它我會說，明年第四季度和第一季度之間的某個時間，但這已經是一項正在進行的工作，以便按照我們的預期利用它。

In terms of the logistics part, we have realized, I would say, the first synergy, which is actually utilizing the premium standard services of (inaudible) into Canada, giving access to our U.S.-based brands into a standard solution that has a great SLA and great reporting attached to it.

在物流方面，我想說，我們已經實現了第一個協同效應，它實際上是利用（聽不清）進入加拿大的優質標準服務，讓我們的美國品牌進入一個標準解決方案，這個解決方案具有很好的SLA 和附帶的出色報告。

And all in all, we did see also the ability to leverage the professional team as well as the services and some of the services we acquired from Borderfree in order to accelerate the development of Global-e on road map. So we actually shifted a significant amount of the team to support, I would say, is a build towards the [road map] Global-e. So all in all, we do see progress in line with what we expected out of the acquisition, and we expect it to all materialize by the end of 2024.

總而言之，我們確實也看到了利用專業團隊以及我們從 Borderfree 獲得的服務和一些服務的能力，以加速 Global-e 在路線圖上的發展。所以我們實際上轉移了大量的團隊來支持，我想說，是朝著 [路線圖] Global-e 的構建。所以總而言之，我們確實看到了與我們對收購的預期相符的進展，我們預計到 2024 年底這一切都會實現。

Super helpful. And then maybe just a follow-up on Markets Pro. Obviously, this is a segment generally (inaudible) self-service that you've spent less time in historically just looking at the company's history. So what are you really hoping to, I guess, learn during the early access or really refine? Is it really the onboarding components? Is it really the integration with the Shopify Admin and really how merchants become aware of it? What are some of, I guess, the key objectives that you really need to overcome during this kind of early access? Part of the process so that you're really well positioned as you go into a formal launch later in the year.

超級有幫助。然後也許只是對 Markets Pro 的跟進。顯然，這是一個一般（聽不清）的自助服務部分，你在歷史上花費的時間較少，只是查看公司的歷史。那麼，我猜，您真正希望在搶先體驗期間學到什麼或真正改進什麼？它真的是入職組件嗎？真的是與 Shopify Admin 的集成以及商家是如何意識到這一點的嗎？我想，在這種早期訪問期間，您真正需要克服的一些關鍵目標是什麼？過程的一部分，以便您在今年晚些時候進入正式發佈時真正處於有利地位。

Sure. And basically, the early access allowed both us and Shopify to fine-tune, I would say, the model, to make sure that we give as much as benefit as Global-e can give, but at a very light touch model. That's on one hand. And the other thing is that, it allows us to fine-tune, as you mentioned, also the onboarding process to see that we don't have leakage or things that are, I would say, overcomplicated for an SMB, the onboarding steps towards being activated on Markets Pro. So we do them both.

當然。基本上，早期訪問讓我們和 Shopify 都可以微調模型，以確保我們提供 Global-e 可以提供的盡可能多的好處，但在非常輕的接觸模型下。這是一方面。另一件事是，正如您提到的，它允許我們微調入職流程，以確保我們沒有洩漏或我想說的對於 SMB 來說過於復雜的事情，入職步驟在 Markets Pro 上被激活。所以我們兩者都做。

We find (inaudible) what are the benefits and how do we give the most benefit as part of working with this subset. And on the other hand, we fine-tuned the onboarding process in order to get to general availability without most, I would say, the business benefit we can bring while making it as easy as possible to switch on.

我們發現（聽不清）有什麼好處以及我們如何在使用此子集的過程中提供最大的好處。另一方面，我們對入職流程進行了微調，以便在沒有大多數的情況下實現普遍可用性，我想說，我們可以帶來的商業利益，同時盡可能容易地開啟。

Our next question comes from the line of Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler 的對話。

This is [Hanna Rudolf] on for Brent this morning. Just one for me. We've heard from other companies that there has been some softening from the luxury consumer. It sounds like you've seen better-than-expected demand there, but just wondering if you could talk about specifically what you have seen in the luxury goods category, especially among your existing customers and existing brands.

我是 [Hanna Rudolf] 今天早上替 Brent 上場。只給我一個。我們從其他公司聽說，奢侈品消費者的態度有所緩和。聽起來您在那裡看到的需求好於預期，但只是想知道您是否可以具體談談您在奢侈品類別中看到的情況，尤其是在您現有客戶和現有品牌中的情況。

So basically -- hi, it's Nir. Basically, what we have seen in the luxury is, I would say, quite stability. We don't see, to be honest, a reduction in luxury. It stays for us. In terms of the same-store sales, it looks quite stable. We have seen growth with winning additional luxury brands and gaining more markets from a (inaudible) luxury clients of us. However, we have seen more accelerated growth for mass market retailers this year, but I don't think that luxury slows down. It's just, for us, didn't grow as fast as we have seen with mass market retailer.

所以基本上——嗨，我是 Nir。基本上，我想說，我們在奢侈品中看到的是相當穩定的。老實說，我們沒有看到奢侈品的減少。它為我們留下。就同店銷售額而言，它看起來相當穩定。隨著贏得更多奢侈品牌並從我們的（聽不清）奢侈品客戶那裡獲得更多市場，我們已經看到了增長。然而，今年我們看到大眾市場零售商的增長速度更快，但我認為奢侈品不會放緩。對我們來說，它的增長速度沒有我們在大眾市場零售商那裡看到的那麼快。

(Operator Instructions) Our next question comes from the line of Matt Coad with Autonomous Research.

（操作員說明）我們的下一個問題來自 Matt Coad with Autonomous Research。

So another one on Shopify markets for me. Shopify mentioned on their earnings call that 100,000 of their merchants currently use, either Shopify Markets or Shopify Markets Pro today. So I was hoping you could just remind us of the additional value-added services that Markets Pro provides to a merchant. And then bigger picture, if you could give some thoughts on, say, how many of those 100,000 merchants you believe could ultimately benefit from Markets Pro over time?

所以 Shopify 上的另一個市場對我來說。 Shopify 在他們的財報電話會議上提到，目前有 100,000 家商家使用 Shopify Markets 或 Shopify Markets Pro。所以我希望你能提醒我們 Markets Pro 為商家提供的額外增值服務。然後是更大的圖景，如果你能給出一些想法，比如說，隨著時間的推移，你認為這 100,000 名商家中有多少最終會從 Markets Pro 中受益？

Thank you for the question. It's Nir. Shopify Markets Pro actually adds on top of Shopify Markets, the ability to enjoy a full suite of services of merchant on record, which actually takes all the heavy lifting of in-country registration for duty and tech, filing and whatever is required from the merchant and move that into Shopify and Global-e, making it, I would say, virtually seamless for the merchant. So it's much more comprehensive than just having the suite of services taken, but actually, the merchant needs to manage a lot of components by himself.

感謝你的提問。是尼爾。 Shopify Markets Pro 實際上在 Shopify Markets 的基礎上增加了享受記錄在案的商家的全套服務的能力，這實際上承擔了國內稅務和技術註冊、備案以及商家所需的一切繁重工作並將其轉移到 Shopify 和 Global-e 中，我想說，這對商家來說幾乎是無縫的。所以它比僅僅拿一套服務要全面得多，但實際上，商家需要自己管理很多組件。

In terms of the growth of Market Pro, as Shopify mentioned and we mentioned earlier, it's still in the early days. It's still early access in the U.S. We do expect that post general availability in summertime for U.S. merchants, we will see a quick acceleration and over time, looking at 2024 and 2025, we do expect it to reach significant numbers.

就Market Pro的增長而言，正如Shopify提到的和我們之前提到的，它還處於早期階段。它在美國仍處於早期訪問階段。我們確實希望在夏季為美國商家提供全面可用性後，我們將看到快速加速，並且隨著時間的推移，著眼於 2024 年和 2025 年，我們確實預計它會達到顯著數量。

Super helpful. And then just as a follow-up, just more broadly, aside from Shopify, I was hoping you guys could touch on your biggest investment priorities here. And then how we should think about the pace of headcount and OpEx growth, how that should track throughout the year?

超級有幫助。然後作為後續行動，更廣泛地說，除了 Shopify 之外，我希望你們能在這裡談談你們最大的投資重點。然後我們應該如何考慮員工人數和運營支出的增長速度，全年應該如何跟踪？

Yes, sure. This is Amir. So we continue to invest, let's say, heavily into growth -- various growth trajectories. One is geographical expansion. As Ofer mentioned in the call, we are opening more geographies in terms of outbound markets, so expanding our ability to support merchants from additional countries, and we are also investing in further developing our offerings around multi-local and additional services, as was mentioned earlier in the call.

是的，當然。這是阿米爾。所以我們繼續投資，比方說，大量投資於增長——各種增長軌跡。一是地域擴張。正如 Ofer 在電話中提到的那樣，我們在出境市場方面開放了更多的地區，從而擴大了我們支持來自更多國家/地區的商家的能力，並且我們還在投資進一步開發圍繞多本地和其他服務的產品，如前所述早些時候在通話中。

In addition, we are investing and will continue to invest in areas such as data, both in general and as mentioned, also AI-driven in order to further enhance the value and the insights that we can bring to both our existing merchant base and enable them to further extract potential from their cross-border business, and of course, to support the addition of new brands onto the platform. So definitely lots to do and lots to invest in all around the platform, all contributing to our growth trajectory.

此外，我們正在並將繼續投資於數據等領域，包括一般數據和上述數據，以及人工智能驅動的數據，以進一步提升我們可以為現有商戶基礎帶來的價值和洞察力，並使他們進一步挖掘跨境業務的潛力，當然也支持在平台上添加新品牌。因此，肯定有很多事情要做，也有很多事情要圍繞平台進行投資，所有這些都有助於我們的增長軌跡。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Schlachet for any final comments.

謝謝。女士們，先生們，我們的問答環節到此結束。最後請 Schlachet 先生髮言。

Thank you, everyone, for joining us today, and we very much look forward to seeing you again on our future earnings calls. Before we adjourn, I would just like to take this opportunity to say once again, a big thank you to all our wonderful team members throughout the world whose hard work and total dedication to the success of our merchants remains a true driving force behind our continued growth and success. So until next time, goodbye to you all and take care.

感謝大家今天加入我們，我們非常期待在未來的財報電話會議上再次見到您。在我們休會之前，我想藉此機會再次感謝我們在世界各地的所有優秀團隊成員，他們的辛勤工作和對我們商家成功的全心全意仍然是我們繼續前進的真正推動力成長和成功。所以直到下一次，再見你們所有人並保重。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。