Global-E Online Ltd (GLBE) 2023 Q3 法說會逐字稿

Welcome to the Global-e Third 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.

歡迎參加 Global-e 2023 年第三季財報電話會議。這次電話會議同時在公司網站「新聞和活動」下的「投資者」部分進行網路直播。對於開場白和介紹，我現在將把電話轉給 Sapphire 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 third quarter of 2023. Ofer will then review the financial results for the third quarter of '23, followed by the company's outlook for the fourth quarter and full year of 2023. We will then open the call for questions.

謝謝你，早安。今天與我一起來自 Global-e 的是 Amir Schlachet，他是 Global-e 的聯合創始人兼首席執行官；奧弗‧科倫，財務長；以及聯合創始人兼總裁 Nir ​​Debbi。 Amir 將首先審查 2023 年第三季的業務業績。Ofer 隨後將審查 2023 年第三季的財務業績，然後是公司對 2023 年第四季和全年的展望。然後我們將開啟提問環節。

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, uncertainties and assumptions, some of which are beyond our control.

我們今天所做的某些陳述可能構成 1933 年證券法第 27A 條、1934 年證券交易法第 21E 條以及 1995 年美國私人證券訴訟改革法安全港條款所界定的前瞻性陳述和資訊。這與我們當前的期望和對未來事件的看法有關。這些前瞻性陳述受到風險、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 or furnished to the SEC.

此外，這些前瞻性陳述反映了我們目前對未來事件的看法，並非對未來績效的保證。由於多種因素的影響，實際結果可能與前瞻性聲明中包含的資訊有重大差異，包括標題為「風險因素」部分和我們於2021 年9 月13 日向SEC 提交的招股說明書以及其他文件中列出的因素向 SEC 提交或提供。

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. 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.

這些陳述反映了管理層目前對未來事件和經營業績的預期，並且僅代表截至本次電話會議之日的情況。您不應過度依賴任何前瞻性陳述。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活動、績效以及事件和情況的未來結果水準將會實現或將會發生。

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 these statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release dated November 15, 2023, for additional information.

除適用法律要求外，我們沒有義務在做出這些陳述之日後公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因，或反映發生的情況意外事件。如需了解更多信息，請參閱我們於 2023 年 11 月 15 日發布的新聞稿。

In addition, certain metrics will be discussed 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 operational 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 operating decision making. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release dated November 15, 2023.

此外，今天討論的某些指標是非公認會計準則指標。本財務資訊的呈現不應被孤立地考慮，也不能被視為替代或優於根據 GAAP 準備和呈現的財務資訊。我們使用這些非公認會計準則財務指標進行財務和營運決策，並作為評估期間比較的手段。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 財務指標的更多信息，請參閱我們 2023 年 11 月 15 日新聞稿中提供的調節表。

Throughout this call, we 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 November 15, 2023.

在整個電話會議中，我們提供了管理層使用的以及行業競爭對手經常使用的許多關鍵績效指標。這些和其他關鍵績效指標將在我們 2023 年 11 月 15 日的新聞稿中進行更詳細的討論。

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執行長阿米爾。

Thank you, Erica and welcome, everyone, to our Q3 earnings call. We delivered a strong third quarter with 35% of growth in GMV and 76% growth in adjusted EBITDA on the back of improved profitability margins and strict cost control. In addition, during the quarter, we made major advances along all our strategic factors. Despite the continued strong growth for a combination of macro-driven reasons, GMV and revenues for the quarter fell slightly short of our guidance range, which also leads us to a slight downward revision of our annual GMV and revenue forecast. But at the same time, our adjusted EBITDA came in above the guidance range, and we are also raising our adjusted EBITDA forecast for the year. A testament to the strength and durability of our business model as we continue on our path towards reaching our long-term adjusted EBITDA margin target while sustaining high and durable growth.

謝謝艾麗卡，歡迎大家參加我們的第三季財報電話會議。由於獲利能力提高和嚴格的成本控制，我們第三季業績強勁，GMV 成長 35%，調整後 EBITDA 成長 76%。此外，在本季度，我們在所有戰略因素上都取得了重大進展。儘管由於宏觀驅動因素的綜合作用而持續強勁增長，但本季的 GMV 和收入略低於我們的指導範圍，這也導致我們小幅下調了年度 GMV 和收入預測。但同時，我們調整後的 EBITDA 高於指引範圍，我們也上調了今年調整後的 EBITDA 預測。這證明了我們業務模式的實力和持久性，我們將繼續朝著實現長期調整後 EBITDA 利潤率目標的方向前進，同時保持高速且持久的成長。

Before we dive in deeper into the results, I would first like to express my personal wholehearted thank you to the many of you who have reached out to us through various channels over the past few weeks. In the wake of the unimaginably barbaric attacks by Hamas terrorists on Israeli civilians that took place on October 7. Your compassion, support and generosity are heartwarming and give us raise of light during these dark times.

在我們深入研究結果之前，我首先要向過去幾週透過各種管道與我們聯繫的許多人表示衷心的感謝。 10 月 7 日，哈馬斯恐怖分子對以色列平民發動難以想像的野蠻攻擊。你們的同情、支持和慷慨令人感動，在這個黑暗時期為我們帶來光明。

The atrocities of October 7 and the inevitable subsequent military conflict have impacted a lot of Israeli families. Ever since the attack took place, we have taken many actions to both ensure the safety of well-being of our team members and their families and to extend our support to the broad communities that have been impacted.

10 月 7 日的暴行以及隨後不可避免的軍事衝突影響了許多以色列家庭。自從襲擊發生以來，我們採取了許多行動，以確保我們的團隊成員及其家人的福祉安全，並向受到影響的廣大社區提供支持。

From a business operations perspective, while some of our Israeli colleagues have been called for active reserve duty, there has been no impact on our ongoing activities, and our business continues to operate as usual. As you know, and as our company name suggests, Global-e is truly a global organization, working natively in diverse teams spread across more than 20 locations around the world with only about half of the workforce located in Israel. Through the resilience of our incredible global team, the business continuity plans we have in place and the fact that all our infrastructure is cloud-based, we expect no impact on our business even as the world continues. In any case, I'm certain you will all join me in wishing for better and more peaceful times to come soon.

從業務運作的角度來看，雖然我們的一些以色列同事被要求履行現役預備役義務，但這對我們正在進行的活動沒有影響，我們的業務繼續照常運作。如您所知，正如我們公司名稱所暗示的那樣，Global-e 是一家真正的全球性組織，在遍布全球 20 多個地點的多元化團隊中工作，其中只有大約一半的員工位於以色列。透過我們令人難以置信的全球團隊的彈性、我們制定的業務連續性計劃以及我們所有基礎設施都是基於雲端的事實，我們預計即使世界繼續發展，我們的業務也不會受到影響。無論如何，我相信你們都會和我一起祝福更好、更和平的時代早日到來。

Switching to our quarterly business results and outlook and starting off with GMV. On the one hand, our business continued to fire on all cylinders during Q3 without any slowdown in the pace in which new merchants signed up and went live. But on the other hand, we did encounter stronger-than-expected macroeconomic headwinds during September and parts of October, which negatively impacted same-store sales growth, reversing the trend we have seen during Q1 and Q2. The main impact came in the form of softening consumer demand in European markets as well as overall weaker demand in the luxury fashion segment.

轉向我們的季度業務業績和展望，並從 GMV 開始。一方面，我們的業務在第三季繼續火爆，新商家註冊和上線的速度沒有放緩。但另一方面，我們在9月和10月部分時間確實遇到了強於預期的宏觀經濟逆風，這對同店銷售成長產生了負面影響，扭轉了我們在第一季和第二季看到的趨勢。主要影響是歐洲市場消費者需求疲軟以及奢華時尚領域整體需求疲軟。

In total, our GMV for the quarter amounted to $839 million, representing a high pace growth rate of 35% year-on-year. Total revenues for the quarter also came in below our guidance, totaling $133.6 million, up 27% year-on-year. Apart for the GMV shortfall caused by the macroeconomic headwinds I just mentioned. Revenue growth was further affected by a lower blended take rate in the quarter.

總的來說，本季的 GMV 達 8.39 億美元，年增 35%。該季度的總收入也低於我們的指導，總計 1.336 億美元，年增 27%。除了我剛才提到的宏觀經濟逆風導致的GMV不足之外。本季混合拿貨率較低進一步影響了營收成長。

Before I continue, I would like to mention that while we are still not in a position to provide concrete guidance for fiscal year 2024. Starting late October and over the past few weeks, we have seen positive signs indicating a possible recovery in consumer spending towards the peak trading season with same-store sales figures bouncing back. We also have reason to believe that the overall take rate we are seeing in the second half of this year will remain relatively stable into next year.

在繼續之前，我想提一下，雖然我們仍然無法為2024 財年提供具體的指導。從10 月下旬開始，在過去的幾周里，我們已經看到了積極的跡象，表明消費者支出可能會復甦，以達成2024 財年的目標。交易旺季，同店銷售數據回升。我們也有理由相信，今年下半年的整體採用率將在明年保持相對穩定。

So while the short fall in GMV in Q3, combined with the prevailing macro-related uncertainty levels around consumer spending have forced us to revise our annual guidance slightly downwards. We nevertheless believe that these early positive indications over the past few weeks, together with the continued strength of our many growth engines and our new bookings will enable our growth rates to accelerate going forward and into 2024. Moving forward, further story down the P&L. Our non-GAAP gross profitability margin continued to expand, coming in at 44.4% versus 41.5% and in Q3 of 2022, driven in part by the favorable revenue mix as well as our continued efforts to drive efficiencies and optimizations thanks to our growing economies of scale.

因此，儘管第三季 GMV 略有下降，加上當前與消費者支出相關的宏觀相關不確定性水平，迫使我們小幅下調了年度指引。儘管如此，我們相信，過去幾週的這些早期積極跡象，加上我們眾多成長引擎和新訂單的持續強勁，將使我們的成長率在未來加速，直至2024 年。展望未來，損益表將進一步講述。我們的非公認會計準則毛利率持續擴大，2022 年第三季為44.4%，而2022 年第三季為41.5%，部分原因是有利的收入組合，以及我們不斷努力提高效率和優化，這要歸功於我們不斷成長的經濟規模。

This, in conjunction with our continued tight cost control and best-in-class operational efficiency yielded an adjusted EBITDA margin of 16.5% for the quarter compared to 11.9% in the same quarter last year. In dollar terms, adjusted EBITDA in the quarter amounted to $22.1 million, a staggering 76% growth year-on-year, beating the top of the forecasted range and representing the strength of our business model and its ability to sustainably generate durable, fast-paced and profitable growth.

再加上我們持續嚴格的成本控制和一流的營運效率，本季調整後的 EBITDA 利潤率為 16.5%，而去年同期為 11.9%。以美元計算，本季調整後 EBITDA 達到 2,210 萬美元，年增 76%，超出了預測範圍的上限，代表了我們業務模式的實力及其可持續產生持久、快速的收入的能力。步伐和盈利增長。

As you will see when Ofer provides our detailed full year guidance, in 2023, we expect to make a large stride towards achieving our long-term profitability adjusted EBITDA target. As in the span of the year, we moved from 11.9% in 2022 to over 16% forecasted for 2023.

正如您在 Ofer 提供詳細的全年指導時所看到的那樣，我們預計在 2023 年將朝著實現長期盈利調整後 EBITDA 目標邁出一大步。與今年的跨度一樣，我們從 2022 年的 11.9% 上升到 2023 年預測的 16% 以上。

Given the immense market opportunity ahead of us, our clear market leadership position and the top-notch execution abilities of our global teams, we firmly believe in our ability to continue on this durable and profitable growth trajectory well into the future. Beyond the financial metrics, I would also like to give you a few updates on our strategic poster and main initiatives.

鑑於我們面前的巨大市場機會、我們明確的市場領導地位以及我們全球團隊的一流執行能力，我們堅信我們有能力在未來繼續保持這種持久且盈利的成長軌跡。除了財務指標之外，我還想向您介紹我們的策略海報和主要舉措的一些最新情況。

As I mentioned earlier, during the third quarter, we continued to onboard many new merchants across all different markets and verticals. In Europe, we launched with many new brands during Q3, including the iconic U.K. fashion brand, Ted Baker, the French fashion icon, Lacoste, in its cooperation with UNDW3 as well as with the French racing watches brand Depancel, eco-friendly clothing brand, Balzac Paris, the Spanish brand, Polina Mua and the iconic Italian luxury brand, Paul & Shark and many more. In the U.S., we went live among others with the American Fashion Health Tory Burch, the jewelry brand, Moon Magic, the online watches store of Guess, the sustainable footwear and bags brand Rothy's, the leading women-owned and women-led fashion brand, Frank & Eileen as well as the known Californian Denim brand AG Jeans.

正如我之前提到的，在第三季度，我們繼續在所有不同的市場和垂直領域引入許多新商家。在歐洲，第三季我們推出了許多新品牌，包括英國標誌性時尚品牌 Ted Baker、法國時尚偶像 Lacoste 與 UNDW3 合作、以及與法國賽車手錶品牌 Depancel、環保服裝品牌、 Balzac Paris、西班牙品牌Polina Mua 以及義大利標誌性奢侈品牌Paul & Shark 等等。在美國，我們與美國時尚健康公司 Tory Burch、珠寶品牌 Moon Magic、Guess 線上手錶商店、永續鞋類和箱包品牌 Rothy's、領先的女性擁有和女性主導的時尚品牌等進行了合作、Frank & Eileen 以及加州知名牛仔品牌AG Jeans。

We also continued our expansion to additional verticals such as consumer electronics, with the recent launch of the iconic audio brand, Bang & Olufsen.

我們也持續向消費性電子產品等其他垂直領域擴張，最近推出了標誌性音訊品牌 Bang & Olufsen。

In terms of our expansion into APAC, Q3 [so] many advances as well. As we continue to strengthen our presence in this fast growth region. In Australia, we launched with many new brands this quarter, including Kotomi Swimwear, plus-size fashion brand Taking Shape, emerging high-end fashion brand, St. Agni, kids clothing brand, Khloe and emily, and the popular Fast Fashion brand, Hello Molly. Japan saw some exciting new launches as well, including the world famous diary and stationery brand, Hobonichi, the innovative sneaker brands of one and only in ground, lingered [Emervel] and others. Further in the region, we also launched with an additional Korean fashion brand called Sobi as well as with the Hong Kong-based organic newborn clothing brand, Wee Bean.

就我們向亞太地區的擴張而言，第三季也取得了許多進展。隨著我們不斷加強在這個快速成長地區的影響力。在澳大利亞，本季我們推出了許多新品牌，包括Kotomi Swimwear、大尺碼時尚品牌Taking Shape、新興高端時尚品牌St. Agni、童裝品牌Khloe and Emily以及流行的快時尚品牌，你好，莫莉。日本也推出了一些令人興奮的新產品，包括世界著名的日記和文具品牌Hobonichi、唯一的創新運動鞋品牌Emervel等。在該地區，我們還推出了另一個韓國時尚品牌 Sobi 以及香港有機新生兒服裝品牌 Wee Bean。

During the quarter, we also continued to expand our activity with existing merchant groups as we went live with 3 new masons from the LVMH Group, jewelry brand Repossi and the fashion brand Emilio Pucci and Patou. We also went live with the U.K. luxury brand, (inaudible), which is part of the (inaudible) group. These are just a few select examples as we are once again headed towards a record year in terms of new bookings and with a growing pipeline of new opportunities across different verticals and dozens of geographies, we firmly believe that we are just at the beginning of capturing the massive and growing opportunity in cross-border e-commerce.

本季度，我們也持續擴大與現有商業團體的活動，與 LVMH 集團的 3 位新石匠、珠寶品牌 Repossi 以及時尚品牌 Emilio Pucci 和 Patou 合作。我們也與英國奢侈品牌（聽不清楚）一起上線，品牌是（聽不清楚）集團的一部分。這些只是幾個精選的例子，因為我們在新預訂方面再次邁向創紀錄的一年，並且隨著不同垂直領域和數十個地區的新機會不斷增加，我們堅信我們才剛剛開始抓住機會跨境電子商務蘊藏著巨大且不斷成長的機會。

Moving on to additional elements of our strategic road map. We have continued to expand our strong partnership with Shopify across all domains. On the third-party side, our partnership agreement with Shopify has been renewed for another year, and we are nearing completion of the migration of all our Shopify based merchants into the new native solution. We have also launched the first phase of our integration into Shopify's new state-of-the-art checkout Extensibility feature in close collaboration with Shopify engineering teams and expect to complete the rollout of this exciting new capability by the end of 2023.

接下來討論我們戰略路線圖的其他要素。我們繼續在所有領域拓展與 Shopify 的強大合作關係。在第三方方面，我們與 Shopify 的合作協議已續簽一年，我們即將完成所有基於 Shopify 的商家向新的原生解決方案的遷移。我們也與 Shopify 工程團隊密切合作，啟動了與 Shopify 最先進的新結帳可擴展性功能整合的第一階段，並預計在 2023 年底之前完成這項令人興奮的新功能的推出。

But the bigger news this quarter came on the first-party side or Shopify Markets Pro, which was successfully launched into general availability for U.S. merchants in September. Markets Pro has been well received by the Shopify merchant community and we believe it will be the primary driver for merchants who want to expand their reach to consumers worldwide. This innovative solution enables merchants to create a highly localized international consumer experience across all markets without worrying about the complexities of international duties and taxes compliance, international payment fraud, international shipping and so on.

但本季更大的消息來自第一方或 Shopify Markets Pro，該產品已於 9 月成功向美國商家全面推出。 Markets Pro 受到 Shopify 商家社群的好評，我們相信它將成為想要擴大全球消費者影響力的商家的主要推動力。這項創新解決方案使商家能夠在所有市場上打造高度在地化的國際消費者體驗，而無需擔心國際關稅和稅收合規、國際支付詐欺、國際運輸等複雜性。

This comprehensive offering is addressing a clear and business centric need for countless merchants. And as such, we expect it to continue growing rapidly over many years to come. Besides supporting the launch, our teams continue to work closely together with Shopify's teams to further enhance the set of capabilities available to these merchants and to enable Shopify Markets Pro for merchants based in additional markets outside the U.S. next year.

這款全面的產品正在滿足無數商家的明確且以業務為中心的需求。因此，我們預計它在未來許多年將繼續快速成長。除了支援發布之外，我們的團隊還將繼續與 Shopify 團隊密切合作，進一步增強這些商家可用的功能，並在明年為美國以外其他市場的商家啟用 Shopify Markets Pro。

In terms of our overall technology stack, as always, we continue to invest in building new features and extending the functionality and interoperability of our platform for the benefit of both our existing and our prospect merchants. A few notable examples would be our new integration with the payment gateway, Crypto.com, which will allow relevant merchants to accept cryptocurrencies as payment methods in the checkout.

就我們的整體技術堆疊而言，一如既往，我們繼續投資建立新功能並擴展我們平台的功能和互通性，以造福我們現有和潛在的商家。一些值得注意的例子是我們與支付網關 Crypto.com 的新集成，這將允許相關商家在結帳時接受加密貨幣作為支付方式。

Other notable examples would be our improved support for long-term product preorders via payment card tokenization and our recently added capability to support orders, which contain products that are shipped from multiple hubs located in different countries as part of a unified shopping basket, enabling global merchants to optimize the delivery experience based on their global inventory footprint.

其他值得注意的例子是我們透過支付卡標記化改進了對長期產品預購的支持，以及我們最近增加的支持訂單的功能，其中包含從位於不同國家/地區的多個中心發貨的產品，作為統一購物籃的一部分，從而使全球商家根據其全球庫存足跡優化配送體驗。

In parallel, we continue to expand our addressable market via integrations to additional platforms. The latest outcome of this ongoing effort is our first pilot merchant on the Wix platform, which is now in live testing, onboarded by means of our newly developed easy-to-use plug-in for weeks-based merchants, ensuring a simple integration process into this popular platform. In light of all these developments and others, as well as many exciting opportunities we are eager to pursue. We continue to expand both our technological teams and our commercial teams around the globe. But as always, we remain committed to doing so in a durable and sustainable way, as is evident from our consistent cash generation and adjusted EBITDA hyper growth.

同時，我們繼續透過與其他平台的整合來擴大我們的潛在市場。這項持續努力的最新成果是我們在Wix 平台上的第一個試點商家，該平台目前正在進行實時測試，透過我們新開發的易於使用的插件為為期數週的商家提供服務，確保簡單的集成過程進入這個流行的平台。鑑於所有這些發展和其他發展，以及我們渴望追求的許多令人興奮的機會。我們繼續在全球擴大我們的技術團隊和商業團隊。但一如既往，我們仍然致力於以持久和可持續的方式做到這一點，這一點從我們持續的現金產生和調整後的 EBITDA 高速成長中可以看出。

And with that, I will now hand it over to Ofer to take you through the quarterly figures in more depth as well as present our updated guidance.

至此，我現在將把它交給 Ofer，讓您更深入地了解季度數據並介紹我們的最新指導。

Thank you, Amir, and thanks again, everyone, for joining us today for our quarterly earnings call. First, I would also like to thank many of you who have expressed support and emphasis vis-a-vis the [moderate] attack on innocent civilians we experienced on October 7.

謝謝阿米爾，再次感謝大家今天加入我們的季度財報電話會議。首先，我還要感謝你們中的許多人，他們對 10 月 7 日我們經歷的針對無辜平民的[中度]襲擊表示支持和強調。

As for our Q3 results, while our top line results came in slightly below our guidance range, driven mainly by softer consumer demand in September, our business model continues to demonstrate its robustness. As Amir stated, we believe that in the coming quarters, growth will accelerate, supported by the rapid growth of Shopify Markets Pro the continued expansion of the Global-e enterprise business and the improvement of consumer sentiment we've witnessed since late October. In parallel, we have witnessed in Q3, a continued improvement in our bottom-line results, with adjusted EBITDA coming in above the guidance range.

至於我們第三季的業績，雖然我們的頂線業績略低於我們的指導範圍，主要是由於 9 月份消費者需求疲軟，但我們的業務模式繼續證明了其穩健性。正如 Amir 所說，我們相信，在 Shopify Markets Pro 的快速成長、Global-e 企業業務的持續擴張以及我們自 10 月底以來見證的消費者信心改善的支持下，未來幾個季度的成長將會加速。同時，我們在第三季見證了我們的淨利潤持續改善，調整後的 EBITDA 高於指導範圍。

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. As said, our rapid growth in GMV continued in Q3 with $839 million of GMV generated on our platforms, an increase of 35% year-over-year. The growth pace was slightly lower than our guidance range, driven by a decrease in same-store sales starting early September due to weakness in luxury goods demand and softness in European consumer demand.

我想再次指出，除了我們的 GAAP 業績之外，我還將討論某些非 GAAP 業績。我們的 GAAP 財務表現以及 GAAP 和非 GAAP 業績之間的調整表可以在我們的收益報告中找到。如上所述，第三季我們的 GMV 繼續快速成長，平台上產生的 GMV 達到 8.39 億美元，年成長 35%。由於奢侈品需求疲軟和歐洲消費者需求疲軟，自 9 月初開始同店銷售額下降，導致成長速度略低於我們的指導範圍。

In Q3, we generated total revenues of $133.6 million, up 27% year-over-year. Service fee revenues were $62.4 million, up 31% year-over-year and fulfillment services revenue were up 23% to $71.2 million. While service take rate increased compared to Q2 fulfillment take rate continued to decrease, mainly driven by the continued growth of our multi-local services as well as some shift towards standard shipping, which inherently drives the lower fulfillment take rate compared to Express shipping.

第三季度，我們的總營收為 1.336 億美元，年增 27%。服務費收入為 6,240 萬美元，年增 31%，履行服務收入成長 23%，達到 7,120 萬美元。雖然與第二季度相比，服務利用率有所上升，但履行率繼續下降，這主要是由於我們的多本地服務的持續增長以及向標準運輸的一些轉變，這從本質上推動了與快遞運輸相比較低的履約率。

As I mentioned, we believe that in the coming quarters, growth will accelerate, driven by the rapid growth of Shopify Markets Pro, the continued expansion of the Global-e enterprise business and the improvement of consumer sentiment we have witnessed since late October, which resulted in improved same-store sales. Non-GAAP gross profit continues to outpace revenue growth driven by the higher share of service fees and improved efficiencies.

正如我所提到的，我們相信，在Shopify Markets Pro 的快速成長、Global-e 企業業務的持續擴張以及我們自10 月下旬以來看到的消費者信心改善的推動下，未來幾個季度的成長將加速。從而提高了同店銷售額。由於服務費份額增加和效率提高，非公認會計原則毛利持續超過收入成長。

In Q3, non-GAAP gross profit was $59.3 million, up 36% year-over-year, representing a gross margin of 44.4% compared to 41.5% in the same period last year. GAAP gross profit was $56.5 million, representing a margin of 42.3%.

第三季度，非美國通用會計準則毛利為 5,930 萬美元，較去年同期成長 36%，毛利率為 44.4%，而去年同期為 41.5%。 GAAP 毛利為 5,650 萬美元，利潤率為 42.3%。

Moving on to operational expenses. We continue to invest in our platform services and product capabilities. In Q3, we strengthened the effort around the Shopify Markets Pro white label solution, which went into general availability in the U.S. as of September. R&D expense in Q3, excluding stock-based compensation, was $18.2 million or 13.6% of revenue compared to $16.6 million or 15.7% in the same period last year. Total R&D spend in Q3 was $24.9 million. We also continue to invest in sales and marketing to support and expand our pipeline while maintaining efficiencies. Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangibles amortization was $12.9 million or 9.6% of revenue compared to $9 million or 8.5% of revenue in the same period last year. Shopify warrant related amortization expense was $37.4 million. Total sales and marketing expenses for the quarter was $53.6 million.

接下來是營運費用。我們繼續投資我們的平台服務和產品能力。在第三季度，我們加強了圍繞 Shopify Markets Pro 白標解決方案的工作，該解決方案於 9 月在美國全面上市。第三季的研發費用（不含股票薪酬）為 1,820 萬美元，佔營收的 13.6%，而去年同期為 1,660 萬美元，佔營收的 15.7%。第三季的研發總支出為 2,490 萬美元。我們也繼續投資於銷售和行銷，以支持和擴大我們的管道，同時保持效率。銷售和行銷費用（不包括 Shopify 相關攤銷費用、股票薪酬和收購相關無形資產攤銷）為 1,290 萬美元，佔收入的 9.6%，而去年同期為 900 萬美元，佔收入的 8.5%。 Shopify 認股權證相關攤銷費用為 3,740 萬美元。該季度的銷售和行銷費用總額為 5,360 萬美元。

General and administrative expenses, excluding stock-based compensation, acquisition-related expenses and acquisition-related contingent consideration was $6.7 million or 5% of revenue compared to $6.2 million or 5.9% of revenue in the same period last year. Total G&A spend in Q3 was $13.6 million. Our overall operational expenses, excluding stock-based compensation, Shopify-related amortization expenses acquisition-related expenses and acquisition-related contingent consideration stood at 28% versus 30% in the same quarter last year, moving towards our long-term efficiency target of 25%.

一般及管理費用（不包括股票薪酬、收購相關費用和收購相關或有對價）為 670 萬美元，佔收入的 5%，而去年同期為 620 萬美元，佔收入的 5.9%。第三季的總管理及行政支出為 1,360 萬美元。我們的整體營運費用（不包括股票薪酬、Shopify 相關攤銷費用、收購相關費用以及收購相關或有對價）為 28%，而去年同期為 30%，朝著 25 的長期效率目標邁進%。

Although our top line results are slightly under our guidance range, our business model continues to demonstrate its resilience. Adjusted EBITDA totaled $22.1 million, growing 76% year-over-year representing a 16.5% adjusted EBITDA margin compared to $12.5 million or 11.9% margin in the same period last year. Net loss was $33.1 million compared to a net loss of $64.6 million in the year ago period. Net loss is driven mainly by the amortization expenses related to the Shopify warrants and to the transaction-related intangibles.

儘管我們的營收略低於我們的指導範圍，但我們的業務模式仍繼續展現出其彈性。調整後 EBITDA 總額為 2,210 萬美元，較去年同期成長 76%，調整後 EBITDA 利潤率為 16.5%，而去年同期為 1,250 萬美元，利潤率為 11.9%。淨虧損為 3,310 萬美元，去年同期淨虧損為 6,460 萬美元。淨虧損主要是由與 Shopify 認股權證和交易相關無形資產相關的攤銷費用造成的。

Switching gears and turning to the balance sheet and cash flow statement. We've ended Q3 2023 with $253 million in cash and cash equivalents, including short-term deposits and marketable securities. Our business model strength continues to translate into cash generation as cash flow generating by operating activities was $26.6 million compared to $0.5 million used a year ago.

切換方式並轉向資產負債表和現金流量表。截至 2023 年第三季度，我們擁有 2.53 億美元的現金和現金等價物，包括短期存款和有價證券。我們的業務模式優勢持續轉化為現金生成，經營活動產生的現金流量為 2,660 萬美元，而一年前為 50 萬美元。

Moving on to our financial outlook and guidance for Q4 2023 and our updated 2023 full year guidance. For Q4 2023, we're expecting GMV to be in the range of $1.125 billion to $1.175 billion. At the midpoint of the range, this represents a growth rate of 37% versus Q4 of 2022. We expect Q4 revenue to be in the range of $178 million to $186 million. At the midpoint of the range, this represents a growth rate of 30% versus Q4 of 2022. For adjusted EBITDA, we are expecting a profit in the range of $31.5 million to $36.5 million. For the full year of 2023, we are updating our guidance. We anticipate GMV to be in the range of $3.49 billion to $3.54 billion, representing 44% annual growth at the midpoint of the range. Revenue is expected to be in the range of $563 million to $571 million, representing a growth rate of nearly 39% at the midpoint of the range. For adjusted EBITDA, we are raising our guidance and expecting a profit of $89.1 million to $94.1 million, representing a hyper growth rate of 88% year-on-year at the midpoint of the range, which will in turn translate into a year of strong positive cash flow generation.

接下來是我們對 2023 年第四季的財務展望和指導以及我們更新的 2023 年全年指引。 2023 年第四季度，我們預計 GMV 將在 11.25 億美元至 11.75 億美元之間。與 2022 年第四季相比，該範圍的中點成長率為 37%。我們預計第四季的營收將在 1.78 億美元至 1.86 億美元之間。與 2022 年第四季相比，該範圍的中點成長率為 30%。對於調整後的 EBITDA，我們預計利潤將在 3,150 萬美元至 3,650 萬美元之間。對於 2023 年全年，我們正在更新我們的指導。我們預計 GMV 將在 34.9 億美元至 35.4 億美元之間，相當於該範圍中位數的年增長率為 44%。營收預計在 5.63 億美元至 5.71 億美元之間，成長率接近 39%。對於調整後的 EBITDA，我們正在上調指導，預計利潤為 8,910 萬美元至 9,410 萬美元，相當於該範圍中位數的同比超增長率 88%，這將轉化為強勁的一年正現金流產生。

In conclusion, we continue to enhance our offering and tap into the massive potential of the direct-to-consumer cross-border opportunity. We aim to continue our rapid growth while improving efficiencies and generating cash. And with that, Amir, Nir and I are happy to take any of your questions. Operator?

總而言之，我們將繼續增強我們的產品和服務，並挖掘直接面向消費者的跨境機會的巨大潛力。我們的目標是繼續快速成長，同時提高效率並產生現金。阿米爾、尼爾和我很樂意回答你們的任何問題。操作員？

(Operator Instructions) Our first question comes from James Faucette with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 James Faucette。

It's Michael Fontan on for James. Given Shopify's commentary and your commentary on Markets Pro, I'd be interested if you could unpack what you saw in the quarter from a same-store sales perspective and perhaps the magnitude of recovery you saw in late October and how that's informing the 4Q outlook.

邁克爾·豐坦（Michael Fontan）替補詹姆斯。鑑於Shopify 的評論和您對Markets Pro 的評論，我很感興趣您能否從同店銷售的角度來分析您在本季度看到的情況，或許還有您在10 月底看到的復甦幅度以及這對第四季前景的影響。

Thank you for the question. As we mentioned, during the call. What we saw is the weakness in same-store sales growth that came mainly from consumer sentiment in Europe and also for the luxury segment, pretty much across the board. This is -- this was also in addition to that, was also a shift in our own mix towards merchants that are using our multi-local offering, which is inherently has a lower fulfillment take rate. So these were kind of the main factors that impacted that figure.

感謝你的提問。正如我們在通話期間所提到的。我們看到的是同店銷售成長疲軟，這主要來自歐洲以及奢侈品產業的消費者信心，幾乎全面。除此之外，我們自己的組合也發生了向使用我們的多本地產品的商家的轉變，這本質上具有較低的履行率。這些是影響該數字的主要因素。

As we mentioned also, if we look forward towards Q4 and onwards, since late October, we did see some positive signs and reversal of these trends with an improvement in same-store sales. So we do believe that in the coming quarters, growth will accelerate. And that combined with the growth in Shopify Markets Pro and our strong enterprise pipeline gives us the confidence in the dynamics going forward.

正如我們也提到的，如果我們展望第四季度及以後，自 10 月下旬以來，我們確實看到了一些積極的跡象，並且隨著同店銷售額的改善，這些趨勢發生了逆轉。因此，我們確實相信在未來幾個季度，成長將會加速。再加上 Shopify Markets Pro 的成長和我們強大的企業管道，讓我們對未來的發展充滿信心。

Got it. That's helpful. And maybe just on the near- to medium-term outlook for net dollar retention. How are you thinking about the persistence of this 130% level over the medium term? The thing I'm thinking through is, is it more reasonable to assume that as new merchant GMV grows given the Market's Pro ramp will the mix of your revenue caused some NDR degradation? And if so, by how much?

知道了。這很有幫助。也許只是關於美元淨保留的近中期前景。您如何看待中期保持 130% 水準的情況？我正在思考的是，隨著新商家 GMV 的成長（考慮到 Market Pro 的提升），您的收入組合是否會導致 NDR 下降，這樣的假設是否更合理？如果是的話，幅度是多少？

Looking into this year to 2023. As we said, we did see some softness in September and then in the first part or most of October, and that is reflected in lower same-store sales. However, we still think that in 2023, we do expect our annual NDR to be close to 130% as we previously communicated. And looking forward, to be honest, we are currently working on our budget for 2024. However, we can already say that we do believe that our NDR will remain close to 130% next year as well. And as I said, this, along with our strong enterprise pipeline and the growth of markets flow gives us confidence in our ability to accelerate our growth in the coming quarters.

展望今年到 2023 年。正如我們所說，我們確實看到 9 月以及 10 月初或大部分時間出現了一些疲軟，這反映在同店銷售額的下降上。然而，我們仍然認為，到 2023 年，我們確實預計我們的年度 NDR 將接近我們先前溝通的 130%。展望未來，說實話，我們目前正在製定 2024 年的預算。但是，我們已經可以說，我們確實相信明年的 NDR 也將保持在 130% 附近。正如我所說，這一點，加上我們強大的企業管道和市場流量的成長，使我們對未來幾季加速成長的能力充滿信心。

Our next question comes from Samad Samana with Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

Maybe first, just following up on Shopify Markets Pro. Can you help us understand maybe how you're thinking about the GMV ramp in the fourth quarter. And I think Shopify has mentioned in the thousands in terms of initial customers? And maybe what kind of month-over-month momentum you've seen since they go live in September. And I know we don't want to get carried away, but just understanding maybe what the early momentum looks like and maybe what kind of GMV you're assuming in and let's call it, the first few quarters, just to think about trends and I have one follow-up.

也許首先，跟進 Shopify Markets Pro。您能否幫助我們了解您對第四季度 GMV 成長的看法？我認為 Shopify 已經提到了數千個初始客戶？也許自 9 月上線以來您看到了什麼樣的逐月動能。我知道我們不想得意忘形，但只是了解早期的勢頭是什麼樣子，也許你假設的 GMV 是什麼樣的，我們稱之為前幾個季度，只是為了考慮趨勢和我有一個後續行動。

Samad. Thank you for that. As Amir mentioned on the call, Shopify Markets Pro achieved a significant milestone in Q3 after almost 2 years of development for both our team and the Shopify team and is now generally available for merchants in the U.S. Since then, we have onboarded, as [Harley] mentioned, thousands of merchants who are now able to sell internationally in a simple and seamless way. Given the fact that Markets Pro became generally available only late this quarter, the contribution in Q3 is actually very, very limited. However, we do expect significant contribution to our growth next year and the coming years. But it's still early days, and it will be reflected in our guidance for 2024.

薩馬德。謝謝你。正如Amir 在電話會議中提到的那樣，經過我們團隊和Sh​​opify 團隊近2 年的開發，Shopify Markets Pro 在第三季度實現了一個重要的里程碑，現在普遍可供美國商家使用。從那時起，我們就已經加入了，因為[Harley ] 提到，成千上萬的商家現在能夠以簡單、無縫的方式進行國際銷售。鑑於 Markets Pro 在本季末才全面推出，第三季的貢獻其實非常非常有限。然而，我們確實預計明年和未來幾年將對我們的成長做出重大貢獻。但現在還為時過早，這將反映在我們 2024 年的指導中。

Great. And then maybe just as a follow-up, Wix is obviously another large platform with a lot of e-commerce stores. I'm curious maybe how we should think about the rent there. I know it's just at the very first pilot customer. But any way you can maybe quantify what the size of that is? And is there -- how should we think about that, the economic relationship there versus something like a Shopify, just to maybe help us frame the opportunity.

偉大的。然後，也許作為後續產品，Wix 顯然是另一個擁有大量電子商務商店的大型平台。我很好奇我們應該如何考慮那裡的租金。我知道這只是針對第一個試點客戶。但有什麼方法可以量化它的大小嗎？我們應該如何考慮那裡的經濟關係與 Shopify 之類的東西，也許只是為了幫助我們建立機會。

Sure. Then we did, as you mentioned, launched a first pilot client, which is very, very early days in order to speak about expectation on commercial uplift to come out of it, but we did build a very robust integration in partnership with the Wix team. The Relationship with Wix is quite close to what we have with most platforms such as Salesforce (inaudible) for hybrid or others in the method of partnership and work. We do expect it to contribute towards growth in 2024. I think we don't expect it to be the same effect as we would expect from Shopify Markets Pro at the same scale, but we do expect it to give us some incremental growth.

當然。然後，正如您所提到的，我們確實推出了第一個試點客戶端，這是非常非常早期的事情，以便談論對商業提升的期望，但我們確實與 Wix 團隊合作建立了非常強大的整合。在合作和工作方法方面，與 Wix 的關係與我們與大多數平台的關係非常接近，例如用於混合的 Salesforce（聽不清楚）或其他平台。我們確實預計它將為 2024 年的成長做出貢獻。我認為我們預計它不會達到我們對同等規模的 Shopify Markets Pro 的預期效果，但我們確實預計它會給我們帶來一些增量增長。

Our next question comes from Scott Berg with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Scott Berg。

I certainly echo the sentiments and best of luck with the challenging situation there certainly. I guess a couple of questions here. Let's start off with just the net new business. How should we think about net new logo kind of bookings, new customer wins here in the quarter and maybe year-to-date versus your expectations?

我當然也同意這種觀點，並祝你好運，因為那裡的情況充滿挑戰。我想這裡有幾個問題。讓我們從淨新業務開始。我們應該如何考慮淨新標誌類型的預訂、本季甚至年初至今的新客戶贏得與您的預期相比？

As we see it in our numbers and in our funnel, we remain on track to achieve our annual target for new bookings, which will make a 2023 a record year for us. We haven't seen any notable changes in the time it takes to either sell the sales cycle itself or to onboard the clients so we're quite optimistic on the contribution of our enterprise funnel towards 2024 onwards. In terms of additional factor, which is Shopify Markets Pro. As stated, it was launched into general availability in the U.S. in September. Since then, we've started to see really nice adoption to date with thousands of merchants that actually activated the solution, and we do accept it to give us an additional acceleration into 2024 onwards.

正如我們在數據和漏斗中看到的那樣，我們仍然有望實現新預訂量的年度目標，這將使 2023 年成為我們創紀錄的一年。我們還沒有看到出售銷售週期本身或吸引客戶所需的時間有任何顯著變化，因此我們對 2024 年以後企業漏斗的貢獻非常樂觀。就附加因素而言，那就是 Shopify Markets Pro。如前所述，它於 9 月在美國全面上市。從那時起，我們開始看到迄今為止有數千名商家實際啟動了該解決方案，並且我們確實接受了它，這讓我們在 2024 年後獲得了額外的加速。

Got it. Helpful. And then I know it's a small sample size in September and October. But implementation of customers kind of going into the strong holiday season, does the modestly changing same-store sales environment maybe negatively or even positively impact your ability or your customers' desires to make sure these -- make sure your solutions implemented before the strong holiday selling season.

知道了。有幫助。然後我知道九月和十月的樣本量很少。但是，客戶的實施有點進入旺季，同店銷售環境的適度變化是否可能會對您的能力或客戶的願望產生負面甚至積極的影響，以確保這些 - 確保您的解決方案在旺季之前實施銷售季節。

Sure. Then typically, as you mentioned, we do see late October, early November, push from clients to actually go live prepeak to enjoy the localization and the extra services we provide during peak period. This is -- this goes the same for this year. We have seen dozens of clients that actually launched with us in the last few days prior to the [code] freeze that us as well as the merchants imposed for peak trading. We do expect maybe 2 more days of launches and then it would go into the quiet period in terms of launching and the focus would go into the peak trading. However, we are very happy with the launches, with the sales cycle as well as onboarding to launch and the multi-year dynamic, we haven't seen any changes though. The change we've seen and Amir and Ofer spoke about is actually within same-store sales where we -- which is much more affected by consumer sentiment.

當然。然後，正如您所提到的，我們確實會看到 10 月底、11 月初，客戶會推動實際上線高峰期，以享受本地化和我們在高峰期提供的額外服務。今年也是如此。在我們以及商家針對高峰交易實施的[代碼]凍結之前的幾天裡，我們已經看到數十個客戶實際上與我們合作了。我們確實預計可能還有 2 天的發佈時間，然後將進入發布的安靜期，重點將進入高峰交易。然而，我們對這些產品的發布、銷售週期、啟動啟動以及多年的動態感到非常滿意，但我們還沒有看到任何變化。我們看到的以及阿米爾和奧弗談到的變化實際上是在同店銷售中，我們更容易受到消費者情緒的影響。

Our next question comes from Alex Toepfer with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Toepfer。

This is Alex on for Will. Congrats on the launch of Markets Pro this quarter. We know it's still early, but we were wondering if you could share some color on the -- what you're seeing in terms of the typical merchant profile, maybe like GMV size, cross-border mix and the popular verticals you're seeing getting adopted. And then my follow-up, can you just talk about how much of the lower fulfillment take rate in the last couple of quarters has resulted from multi-local adoption versus sort of the mix shift towards standard shipping from Express.

這是亞歷克斯替威爾代言。恭喜 Markets Pro 本季推出。我們知道現在還為時過早，但我們想知道您是否可以分享一些關於您所看到的典型商家概況的信息，例如 GMV 規模、跨境組合以及您所看到的流行垂直行業被收養。然後我的後續行動，您能否談談過去幾個季度較低的履行率有多少是由於多本地採用與從快遞轉向標準運輸的混合轉變造成的。

Alex, it's Nir. I'll take the first question related to Shopify Markets Pro. As you mentioned, it's still early days for the adoptions of the solution. But the early adoptions we see on average would be smaller in size than what we see on our enterprise solution as we expected. So it's much easier to onboard many more clients than what we can onboard in a certain time period on enterprise platform. However, they are much smaller in scale. For the second part of your question, I'll refer it to Ofer.

亞歷克斯，我是尼爾。我將回答與 Shopify Markets Pro 相關的第一個問題。正如您所提到的，採用該解決方案還處於早期階段。但我們看到的早期採用的平均規模將比我們預期的企業解決方案要小。因此，與我們在企業平台上在特定時間內吸引更多客戶相比，吸引更多客戶要容易得多。然而，它們的規模要小得多。對於你問題的第二部分，我將向奧弗詢問。

Thank you, Nir. So in terms of the fulfillment take rate, the higher share of impact is from multi-local adoption. Actually, a lot of it is from merchants that have already onboarded a year ago and are growing with us. And from time to time, we do launch an additional merchant that prefers to work based on this method because they are large and they have global inventories that they can utilize. And the remaining is from a certain shift from Express to standard, as you mentioned.

謝謝你，尼爾。因此，就履行率而言，較高比例的影響來自於多本地採用。事實上，其中許多來自一年前就已經加入並與我們一起成長的商家。有時，我們確實會推出更多的商家，他們更喜歡基於這種方法進行工作，因為他們規模很大，並且擁有可以利用的全球庫存。正如您所提到的，剩下的就是從 Express 到標準的某種轉變。

Our next question comes from Kunal Madhukar with UBS.

我們的下一個問題來自瑞銀集團的 Kunal Madhukar。

Our thoughts definitely go out to you guys that are sitting in a war zone, especially after the tragedy. One, on the weakness in Europe and in the luxury, can you help us understand how big of an exposure you have to luxury and then to European consumers. And then I have a follow-up.

我們對那些身處戰區的人們表示同情，尤其是在悲劇發生之後。第一，關於歐洲和奢侈品產業的疲軟，您能否幫助我們了解您對奢侈品以及歐洲消費者的影響有多大。然後我有一個後續行動。

Thank you for the question. It's Ofer. Basically, we grew during COVID very fast with luxury brands that have adopted direct-to-consumer once they understood that physical stores are closed, and we grew very fast. As you know, we have quite few LVMH brands. We did launch additional 3 this quarter. Luxury is a wide definition, but currently, it's approximately 25% of our GMV. Regarding Europe, Europe is a large inbound market, and it's approximately 30% of our inbound sales.

感謝你的提問。是奧弗。基本上，在新冠疫情期間，我們的成長速度非常快，奢侈品牌在了解到實體店關閉後就採取了直接面向消費者的方式，我們的成長速度非常快。如你所知，我們的 LVMH 品牌很少。我們本季確實推出了另外 3 個。奢侈品的定義很廣泛，但目前它約占我們 GMV 的 25%。至於歐洲，歐洲則是一個很大的入境市場，約占我們入境銷售額的30%。

And then as we look at your marketing efforts on behalf of Shopify Markets Pro customers, is there an opportunity for take rate expansion if you start offering them marketing services with some spread?

然後，當我們代表 Shopify Markets Pro 客戶審視您的行銷工作時，如果您開始向他們提供一定價差的行銷服務，是否有機會擴大轉換率？

Yes. So I'll just clarify on the difference between Shopify Markets Pro and our enterprise business. On Shopify Markets Pro, there is no marketing efforts from the Global-e side, not onboarding the merchants or selling to the merchants in order to use the platform and not on the service side, we just offer localization. On the enterprise platform, I would say the investment in marketing to bring the clients on board and launch them, of course, is with the company. To those clients, we started to offer indeed marketing service. We're still in the early days. It is part of the simulation of the Global -- of the Borderfree acquisition capabilities into Global-e, which is still undergoing on the marketing side. However, we see a nice adoption and growth already at the early stage.

是的。因此，我將澄清 Shopify Markets Pro 和我們的企業業務之間的差異。在 Shopify Markets Pro 上，Global-e 方面沒有任何行銷工作，沒有加入商家或向商家銷售以使用該平台，也沒有在服務方面，我們只是提供在地化。在企業平台上，我想說的是，吸引客戶並推出產品的行銷投資當然是由公司承擔的。對於這些客戶，我們開始提供真正的行銷服務。我們仍處於早期階段。它是 Global 模擬的一部分——Borderfree 收購能力進入 Global-e，該模擬仍在行銷方面進行。然而，我們在早期階段就看到了良好的採用和成長。

So we did on the back of those capabilities on board, a couple of large merchants into our managed service capabilities we did launch additional 10 merchants that are using our marketing services to increase brand awareness and demand generation worldwide. So we see, I would say, the early innings of adoption. Over time, we do expect that as we guided in the past, over time, we do expect it to give us some extra margin on the take rate. But it will take a few quarters to realize that.

因此，在這些功能的支援下，我們確實將一些大型商家引入了我們的託管服務功能，我們還推出了另外 10 個商家，他們正在使用我們的行銷服務來提高全球品牌知名度和需求產生。所以我想說，我們看到了採用的早期階段。隨著時間的推移，我們確實預計，正如我們過去所指導的那樣，隨著時間的推移，我們確實預計它會給我們帶來一些額外的利潤。但需要幾個季度才能意識到這一點。

Our next question comes from Brent Bracelin with Piper Sandler.

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

I'll also extend support and best wishes for you, your family and colleagues impacted by the tragedy in Israel here. Maybe, Amir, I wanted to go back to same-store sales and really double-click into the luxury space. How broad-based was the slowdown in same-store sales? Was it across the majority of your luxury merchants? Was it a handful? Any additional color you could give us around same-store sales and magnitude of the slowdown you saw there with some of those luxury brands would be helpful.

我也會向受到以色列悲劇影響的您、您的家人和同事表示支持和最美好的祝愿。也許，阿米爾，我想回到同店銷售並真正進入奢侈品領域。同店銷售放緩的範圍有多大？大多數奢侈品商家都是這樣嗎？是一把嗎？您可以為我們提供有關同店銷售額以及您在其中一些奢侈品牌中看到的放緩程度的任何其他資訊都會有所幫助。

Sure. Thank you, Brent, and thank you for the kind words. It was relatively broad in terms of luxury. Obviously, there are always outliers or brands that are impacted less. It is down to the characteristics of the individual brand, but we did see a trend that I would say, roughly covered I would say, around 80% of our luxury brands that did see this same-store sale growth slowdown.

當然。謝謝你，布倫特，也謝謝你的客氣話。就奢侈品而言，它的範圍相對廣泛。顯然，總是有一些異常值或受影響較小的品牌。這取決於各個品牌的特徵，但我們確實看到了一種趨勢，我想說的是，大約 80% 的奢侈品牌確實看到了同店銷售成長放緩。

Super helpful there. And then Ofer as a follow-up, if I look at Q4 here, obviously, it came in a little light because of the macro same-store sales, 35% GMV growth in Q3, you're guiding to 37% growth. So actually an improvement in GMV growth in Q4. Obviously, the macro is getting worse. Data points suggest things are getting more challenging. What's giving you the visibility for growth on a year-over-year basis to improve slightly in Q4. You did talk about several new brands going live in Q3. Maybe that helps Markets Pro could help. I don't know. But could you double click into what gives you confidence GMV growth is going to actually improve in Q4 even with some of the challenges out there and call it, 25% exposure to luxury.

那裡超級有幫助。然後，Ofer 作為後續行動，如果我看一下第四季度，顯然，由於宏觀同店銷售，第三季度 GMV 增長 35%，你的指導是 37% 的增長，所以它的表現有點亮眼。因此，第四季度的 GMV 成長實際上有所改善。顯然，宏觀形勢正在惡化。數據點顯示事情變得更具挑戰性。是什麼讓您看到第四季度同比增長略有改善。您確實談到了第三季上線的幾個新品牌。也許這會有所幫助 Markets Pro 可以提供幫助。我不知道。但是，您能否雙擊一下讓您有信心第四季度 GMV 成長將真正改善的因素，即使存在一些挑戰，並將其稱為 25% 的奢侈品敞口。

Yes. So thanks, Brent, for the question. Well, as mentioned, we have seen a certain slowdown in same-store sales mainly around luxury in Europe in Q3. And also, as we mentioned, we have seen a bounce back towards the end of October going into November. We do believe that growth will accelerate in the coming quarters. And the main drivers for that is, one, the successful launch of Shopify Markets Pro, which will start contributing already in Q4. It's ramping up. But as mentioned, we do have a large number of merchants on, it's smaller merchants, but still, it will contribute into Q4 and contribute more significantly into 2024. In addition to that, the very healthy pipeline and the launches we saw also will support accelerated growth. And we did see an improvement, as I mentioned, in consumer sentiment since late October going actually up to this day to the beginning of the peak. So there is still the peak period in front of us. And obviously, we took that into account. But we do believe that growth will be accelerated.

是的。謝謝布倫特提出的問題。嗯，正如前面提到的，我們看到第三季歐洲奢侈品的同店銷售出現了一定程度的放緩。而且，正如我們所提到的，我們在 10 月底到 11 月期間看到了反彈。我們確實相信未來幾季的成長將會加速。其主要驅動力是，一是 Shopify Markets Pro 的成功推出，該產品將於第四季度開始做出貢獻。它正在加速。但正如前面提到的，我們確實有大量商家，雖然是規模較小的商家，但它仍然會對第四季度做出貢獻，並在2024 年做出更顯著的貢獻。除此之外，我們看到的非常健康的管道和推出也將支援加速成長。正如我所提到的，自 10 月底以來，我們確實看到消費者信心有所改善，實際上一直到今天才達到高峰。所以說，高峰期還在前面。顯然，我們考慮到了這一點。但我們確實相信成長將會加速。

Our next question comes from Brian Peterson with Raymond James.

我們的下一個問題來自布萊恩彼得森和雷蒙德詹姆斯。

Best wishes to the Global-e family in these really challenging times. Amir, I wanted to follow up maybe on Brent's last question. You've mentioned you've seen some encouraging signs in spending over the last few weeks. Is that a function of what had softened in luxury and Europe getting better? Or is it maybe broader based trends kind of outside of that? And is it fair to say that those same-store trends are back to where they were in August? I'd love to just kind of double click on what's improved and what you've seen over the last few weeks.

在這個充滿挑戰的時代，向 Global-e 家族致以最良好的祝愿。阿米爾，我想跟進布倫特的最後一個問題。您提到過去幾週您在支出方面看到了一些令人鼓舞的跡象。這是奢侈品產業疲軟和歐洲好轉的結果嗎？或者這可能是除此之外更廣泛的趨勢？可以公平地說，這些同店趨勢又回到了八月的水平嗎？我很樂意雙擊改進的內容以及您在過去幾週內看到的內容。

So thanks, Brian, for the question. And what we have seen is the general improvement. We have seen improvement out of Europe as part of the general improvement and less improvement in luxury limited improvement around luxury. But all in all, the numbers have bounced back. So it's a 3-week period, but we need to wait and see what happens through the peak, but we have seen a general improvement with Europe as part of that.

謝謝布萊恩提出這個問題。我們看到的是整體改善。我們看到歐洲的改善是整體改善的一部分，而奢侈品方面的改善較少，圍繞奢侈品的改善有限。但總而言之，數字已經反彈。所以這是一個為期三週的時期，但我們需要等待，看看高峰期會發生什麼，但我們已經看到歐洲總體有所改善，這是其中的一部分。

I appreciate the perspective. And maybe just on Borderfree. I'd love to get an update on the progress there and expected synergies. And as you kind of talked about that enterprise is a reason for accelerating growth in coming quarters, is Borderfree included in that? I just want to make sure I get an update on what's going on with Borderfree.

我很欣賞這個觀點。也許只是在 Borderfree 上。我很想了解那裡的最新進展和預期的協同效應。正如您所說，企業是未來幾季加速成長的一個原因，Borderfree 是否包括在內？我只是想確保我能了解 Borderfree 的最新動態。

Sure. Then thanks, Brian, it's Nir. As we mentioned in the past, we did extend the period for Borderfree clients to migrate over to the Global-e platform. But over this quarter, we managed to start onboarding clients into Global-e already. I can say that we see positive signs there trading for clients that actually migrated the Borderfree platform to Global-e is much better. Conversion rates are up as we expected. And on the back of it, we see higher trading volumes. So we do expect that once we migrated the vast majority within 2024, this will have positive impact on the same-store sales of BorderFree that is currently, on the Borderfree platform, I would say, not as good as what we see on Global-e.

當然。那麼謝謝，布萊恩，我是尼爾。正如我們過去所提到的，我們確實延長了 Borderfree 客戶遷移到 Global-e 平台的期限。但在本季度，我們已經開始讓客戶加入 Global-e。我可以說，我們看到了積極的跡象，為那些實際上將 Borderfree 平台遷移到 Global-e 的客戶進行交易要好得多。轉換率正如我們預期的那樣上升。在它的背後，我們看到了更高的交易量。因此，我們確實預計，一旦我們在 2024 年內遷移了絕大多數，這將對 BorderFree 目前在 Borderfree 平台上的同店銷售產生積極影響，我想說，不如我們在 Global 上看到的那麼好 - e.

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

我們的下一個問題來自美國銀行的 Koji Ikeda。

Amir, Nir and Ofer. I wanted to dig in on the fulfillment take rate and how to think about this metric going forward. In the quarter, take rate was about 8.5%. And I realize you did call out the kind of multi-local and standard shipping. So I really appreciate the color there. But also thinking about -- I do recall in prior quarters, sometimes smaller box, high-value products can drive the fulfillment take rate lower. And then layering on the ramp of Markets Pro on top of that. The question here is how should we be thinking about the long-term fulfillment take rate for the business and maybe some of the dynamics that could affect that?

阿米爾、尼爾和奧弗。我想深入研究履行率以及如何考慮未來的這項指標。本季度，採用率約為 8.5%。我意識到您確實提到了那種多本地和標準運輸。所以我真的很欣賞那裡的顏色。但也要考慮——我確實記得在前幾個季度，有時較小的盒子、高價值的產品可能會降低履行率。然後在其之上疊加 Markets Pro 的斜坡。這裡的問題是，我們應該如何考慮業務的長期履行率，以及可能影響它的一些動態？

Yes. So thank you for that, Koji. I'll start from luxury, as we mentioned, it wasn't a great quarter for luxury. So that didn't have any negative impact on fulfillment take rates. Going forward, and as we mentioned, the main drivers were multi-local and also some shift from Express shipping to standard shipping. Going forward, we do expect stabilization and maybe a slight improvement going into next year, into the first quarter. But all in all, if we look to 2024 and again, we are working on the budget currently, but we do expect take rates to stay relatively stable throughout '24 with some volatility between the quarters.

是的。所以謝謝你，Koji。我將從奢侈品開始，正如我們所提到的，這對奢侈品來說並不是一個很好的季度。因此，這對履行率沒有任何負面影響。展望未來，正如我們所提到的，主要驅動因素是多本地化，以及從快遞運輸到標準運輸的一些轉變。展望未來，我們確實預計明年第一季會趨於穩定，並可能略有改善。但總而言之，如果我們再次展望 2024 年，我們目前正在製定預算，但我們確實預計費率在整個 24 年保持相對穩定，各季度之間會出現一些波動。

Our next question comes from Maddie Schrage with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Maddie Schrage。

Just wanted to maybe keep on the fulfillment take rate subject. I wanted to know if any of the consumer weakness kind of also resonates with shipping speeds and shipping take rates. Just wondering if we would maybe express -- or expect less express shipping in the holiday season this year maybe compared to last year.

只是想繼續討論履行率主題。我想知道消費者的弱點是否也會與運輸速度和運輸率產生共鳴。只是想知道我們是否會快遞 - 或者預計今年假期期間的快遞運輸可能比去年更少。

I think you're perfectly right that there was some effect related to consumer sentiment and the higher growth of standard shipping versus Express, we've seen in Q3 as we've seen shoppers mainly in Europe, trending more towards the standard with increased standard share in the mix. However, when we go into Q4, especially for peak period and into Christmas sales as consumers are much more concerned with the time it will take for the package to arrive, a lot of it is gifting, especially if we speak about the Christmas shopping, we don't expect to see this trend continue as we do give some warnings in the checkout prior to Christmas to alert about higher transit time in standard. Usually, we see a shift towards -- back towards Express. So we don't expect this to continue.

我認為你完全正確，與消費者信心以及標準運輸相對於快遞的更高增長有關的一些影響，我們在第三季度看到，因為我們看到主要在歐洲的購物者，隨著標準的提高，更傾向於標準運輸分享混合。然而，當我們進入第四季度，特別是在高峰期和聖誕節銷售時，因為消費者更關心包裹到達所需的時間，很多都是禮物，特別是當我們談論聖誕節購物時，我們預計這各種趨勢不會持續下去，因為我們確實在聖誕節前的結帳中發出了一些警告，以提醒標準運輸時間較長。通常，我們會看到一種向 Express 的轉變。所以我們預計這種情況不會持續下去。

Okay. Great. And I think we've heard from some other e-commerce players that they're kind of expecting bigger discounts this holiday season from the retailers. So just wondering what your guys' expectations are in terms of maybe discounts from retailers and maybe lower cart sizes than typical.

好的。偉大的。我想我們從其他一些電子商務參與者那裡聽說，他們希望零售商在這個假期提供更大的折扣。所以只是想知道你們的期望是什麼，也許是零售商的折扣，也許是比平常更低的購物車尺寸。

So within September, October, we did witness some lower AOV on average. It was driven by, I would say, a reduction in luxury that also with smaller baskets in Europe, the combination of both yielded on company-wide, a bit of a reduction over average order value. And we do expect some of it to translate into lower baskets within peak. We did and we do discuss especially with some of our larger brands or plans into peak and some of it is based on heavier discounting than last year. All in all, we don't think it would be a major effect. And the early signings of peaks that we see in the last few days look very positive in terms of uplift in sales without a major impact on the average basket versus last year.

因此，在 9 月和 10 月期間，我們確實見證了平均 AOV 有所下降。我想說，這是由於奢侈品的減少，以及歐洲購物籃的減少，兩者的結合導致整個公司的平均訂單價值略有下降。我們確實預計其中一些會在高峰期轉化為較低的籃子。我們確實這樣做了，我們也確實與一些較大的品牌或計劃進行了討論，以達到高峰，其中一些是基於比去年更大的折扣。總而言之，我們認為這不會產生重大影響。我們在過去幾天看到的早期簽約高峰在銷售提升方面看起來非常積極，但與去年相比，對平均購物籃沒有產生重大影響。

Our next question comes from Pat Walravens with JMP Securities.

我們的下一個問題來自 JMP 證券的 Pat Walravens。

I mean, so Amir, putting it all together, what are the top 1 or 2 things that you feel as CEO, you need to get done for 2024? And as part of that, does the Shopify agreement still expire in April 2024 with the automatic renewal? Is that still how that works?

我的意思是，阿米爾，總而言之，作為首席執行官，您認為 2024 年需要完成的最重要的 1 或 2 件事是什麼？作為其中的一部分，Shopify 協議是否仍會在 2024 年 4 月到期並自動續約？現在還是這樣嗎？

Thanks, Pat. I'll start with the second one. It's easier as we mentioned, the agreement was extended for another year. The original agreement was the 3-year initial term, which indeed ends in April of next year, but it also had an auto renewal mechanism that kicked in. So it was renewed, and it's now until April 2025. So that's regarding the Shopify agreement. In terms of priorities for next year, I think it's pretty clear for us. We have our core set. We believe very firmly in our ability to continue executing on all our strategic vectors. So it will be making sure that we continue the strong push of our funnel into actual deals.

謝謝，帕特。我將從第二個開始。正如我們所提到的，這更容易，協議又延長了一年。原來的協議是3年的初始期限，確實到明年4月就結束了，但是它還有一個自動續約機制，所以就續約了，現在到2025年4月了。這就是關於Shopify的協議。就明年的優先事項而言，我認為我們非常明確。我們有我們的核心集。我們非常堅信我們有能力繼續執行我們所有的策略方向。因此，這將確保我們繼續大力推動我們的管道進入實際交易。

And getting the many merchants that we have signed and in integration, getting them live as planned. And in parallel, growing Shopify Markets Pro together with Shopify, and extending our reach to additional markets into additional verticals as we stated. On top of that, we have quite a few strategic initiatives. We talked a lot about the demand generation also in previous quarters, and we have a few value-added services that are longer term in terms of their impact on the actual financials, but we believe they are important stones in the building that we are building and we will continue to invest in these as future growth engines for the business.

並讓我們已經簽約並整合的眾多商家，讓他們按計劃上線。同時，我們將與 Shopify 一起發展 Shopify Markets Pro，並將我們的業務範圍擴展到其他市場，進入其他垂直市場，正如我們所說。除此之外，我們還有很多策略舉措。我們在前幾季也多次討論了需求的產生，我們有一些增值服務，這些服務對實際財務的影響是長期的，但我們相信它們是我們正在建造的大樓中的重要基石我們將繼續投資這些作為業務未來的成長引擎。

Our next question comes from Mark Zgutowicz with The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的 Mark Zgutowicz。

Two quick ones. Just if you think of -- you talked a lot about consumer sentiment improving, and specifically in Europe, I'm curious what you attribute the more near-term snapback to -- and if there's any sort of correlation as you look at that snapback, if you will, to higher sales volumes, that type of thing. And then as we look at first half of next year, not looking for any specific numbers, but just trying to understand if the macro gets a bit tighter sort of how you think about flex you have on the expense side and where specifically you may have some flexibility there.

兩個快的。只要你想到——你談論了很多關於消費者信心改善的問題，特別是在歐洲，我很好奇你將近期的反彈歸因於什麼——以及當你看到這種反彈時是否存在任何相關性，如果你願意的話，為了更高的銷量，諸如此類的事情。然後，當我們展望明年上半年時，我們不會尋找任何具體數字，而是試圖了解宏觀是否變得更加嚴格，您如何看待費用方面的彈性以及具體在哪些方面可能有那裡有一些靈活性。

Thank you for your question. It's Nir. So the softening we've seen coming in September, and I would say, kind of bouncing back or ending late October. We don't really have a good macro explanation to it as we didn't see a major shift in inflation or in current inflation or inflation expectations in Europe. So I can't honestly attribute it to something specific. However, we did see a change and changing back again. So hopefully, it's a trend we've seen now will continue to repeat. I think we're in a very good position for year-end and the following quarters. And on that, we're optimistic.

謝謝你的問題。是尼爾。因此，我們在 9 月看到了疲軟的情況，我想說，在 10 月底會出現反彈或結束。我們對此並沒有一個很好的宏觀解釋，因為我們沒有看到歐洲的通膨或當前通膨或通膨預期發生重大轉變。所以我不能誠實地將其歸因於特定的事物。然而，我們確實看到了變化，並且又變回來了。因此，希望我們現在看到的這種趨勢將繼續重複。我認為我們在年底和接下來的幾個季度處於非常有利的位置。對此，我們持樂觀態度。

Thanks, Nir. I'll take your second question. In terms of expenses, we do have some flex, but actually, what we are doing and what we have been doing over the last few quarters, even more than that, is actually preempting that and managing our operational expenses very tightly in making sure, as we look forward to adding additional headcount, we also mentioned in the prepared remarks that we do continue to expand our teams to support the future development. But at the same time, we're doing it very diligently, and we are always with the lookout to the expected growth of the business to make sure that our revenues grow faster than our cost base. So this is very actively managed by us on a day-to-day basis.

謝謝，尼爾。我來回答你的第二個問題。在費用方面，我們確實有一些靈活性，但實際上，我們正​​在做的事情以及過去幾個季度我們一直在做的事情，甚至更重要的是，實際上是先發製人，並非常嚴格地管理我們的營運費用，以確保，在我們期待增加更多員工的同時，我們也在準備好的發言中提到，我們確實會繼續擴大我們的團隊以支持未來的發展。但同時，我們正在非常努力地開展工作，並且始終關注業務的預期成長，以確保我們的收入成長快於成本基礎。因此，我們在日常工作中對此進行了非常積極的管理。

Okay. And maybe one last one. Just when you talk about, you mentioned you expect Shopify Markets Pro to be a significant contributor next year, albeit not quantifying that yet. Just curious, what type of penetration do you need of their plus merchant base for that to be significant?

好的。也許還有最後一件事。就在您談論時，您提到您預計 Shopify Markets Pro 明年將成為重要貢獻者，儘管尚未量化。只是好奇，你需要他們的商業基礎達到什麼類型的滲透才能顯著？

I think that -- and the great thing about Shopify Markets Pro, it caters for virtually all of Shopify merchants. So it's not limited to plus any small merchants on the Shopify platform that is interested in international or doing even small amounts in international can actually subscribe to the service and turn it on. It's simple. And actually, we will see a much broader adoption than outside plus. We do believe it will come significant even if the adoption rates aren't very, very high. You will see a very significant contribution. We need to recall that Shopify cross-border reported GMV is around the $30 billion mark. If we get -- if we are able to cater for some of it also through the Shopify Markets Pro, it is a nice growth rate for Global-e on top of our current growth.

我認為，Shopify Markets Pro 的偉大之處在於它幾乎可以滿足所有 Shopify 商家的需求。因此，它不僅限於 Shopify 平台上任何對國際業務感興趣或在國際業務上進行少量交易的小商家實際上都可以訂閱該服務並開啟它。這很簡單。事實上，我們將看到比外部+更廣泛的採用。我們確實相信，即使採用率不是非常非常高，它也會產生重大影響。您將看到非常重要的貢獻。我們需要記住，Shopify 跨境報告的 GMV 約為 300 億美元大關。如果我們能夠透過 Shopify Markets Pro 滿足其中的一些需求，那麼在我們目前的成長基礎上，Global-e 的成長率將是一個不錯的成長。

Our next question comes from Zachary Dunn with FT Partners.

我們的下一個問題來自 FT Partners 的 Zachary Dunn。

I just wanted to touch quickly on the service fee take rate. So on a year-over-year basis, I think it's the second sequential quarter of the take rate declining. And that decrease actually accelerated. So last quarter, you said you expected to stay stable in the back half with some upside from value-added services. So I guess my question is two fold. One, is that take rate coming in lower because of weaker demand from value-added services? And then just two, how should we think about that take rate going forward? Should we expect it to be down again year-over-year. Any context that would be appreciated.

我只是想快速談談服務費率。因此，與去年同期相比，我認為這是採用率連續第二季下降。而且這種下降實際上加速了。因此，上個季度，您表示預計下半年將保持穩定，並從增值服務中獲得一些好處。所以我想我的問題有兩面。第一，由於加值服務需求疲軟，收費率下降嗎？接下來只有兩個問題，我們該如何考慮未來的轉換率？我們是否應該預期它會比去年同期再次下降？任何上下文，將不勝感激。

Yes. Thank you for the question. Actually, we are quite satisfied from the service fee take rate. It did meet our expectations. We mentioned in the previous quarter that Q3 is a very tough comp because we had a particularly high service fee take rate in 2022. But as you can see, the service fee take rate has increased sequentially from Q2 to Q3. And we do believe that there is some additional upside. But as I mentioned previously, going into Q4 and next year, we do believe that it should stay stable. And again, maybe some upside on the service fee side.

是的。感謝你的提問。事實上，我們對服務費率還是比較滿意的。它確實滿足了我們的期望。我們在上個季度提到，第三季度是一個非常艱難的競爭，因為我們在2022 年的服務費收取率特別高。但正如您所看到的，服務費收取率從第二季度到第三季度連續上升。我們確實相信還有一些額外的好處。但正如我之前提到的，進入第四季和明年，我們確實認為它應該保持穩定。再說一次，服務費方面也許還有一些好處。

There are no further questions at this time. I would now like to turn the floor back over to Amir for closing comments.

目前沒有其他問題。我現在想把發言權交還給阿米爾，請他發表結束語。

Thank you, and thank you, everyone, for joining us on this call today. Before we finish, I would just like to take this opportunity and thank you all again for your ongoing support and for sharing our passion for cross-border e-commerce and our belief in the enormous opportunity presented by. We very much look forward to updating you again on our calls as we continue our rapid path to conquer this market. So until next time, goodbye to you all and take care.

謝謝大家，也謝謝大家今天加入我們的電話會議。在結束之前，我想藉此機會再次感謝大家一直以來的支持，感謝大家分享我們對跨境電子商務的熱情以及對跨境電子商務所帶來的巨大機會的信念。我們非常期待在我們繼續快速征服這個市場的過程中再次透過電話向您通報最新情況。所以，下次再見，大家保重。

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

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。