Global-E Online Ltd (GLBE) 2023 Q4 法說會逐字稿

Welcome to the Global-E Fourth Quarter and Full Year 2023 earnings announcement conference call. This call is being simultaneously webcast on the company's website in the Investor Relations 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 年第四季和全年財報公告電話會議。這次電話會議同時在公司網站「新聞和活動」下的「投資者關係」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 fourth quarter and full year of 2023. Ofer will then review the financial results for the fourth quarter and full year of 2023, followed by the company's outlook for the first quarter and full year of 2024. 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 的共同創辦人兼執行長；奧弗‧科倫，財務長；以及聯合創始人兼總裁 Nir ​​Debbi。Amir 將首先回顧 2023 年第四季和全年的業務表現。隨後，Ofer 將回顧 2023 年第四季和全年的財務業績，隨後對公司 2024 年第一季和全年的前景進行展望。然後我們將開始提問。

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 in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995 that relate to 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案安全港條款所界定的前瞻性陳述和資訊與對未來事件的期望和看法有關。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 refer 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 in our prospectus filed with the SEC on September 13, 2021, and other documents filed with 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，包括我們於2021 年9 月13 日向SEC 提交的招股說明書中標題為「風險因素」的部分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, level 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階層目前對未來事件和營運績效的預期，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未來結果、活動水準、績效以及事件和情況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 the statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release dated February 21, 2024 for additional information.

除適用法律要求外，我們沒有義務在陳述作出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。請參閱我們 2024 年 2 月 21 日的新聞稿以了解更多資訊。

In addition, 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 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.

此外，我們今天將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。

We believe that these measures provide useful information about operating results, enhance their 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.

我們相信，這些措施提供了有關經營業績的有用信息，增強了他們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。

For more information on the non-GAAP financial measures, please see the reconciliation table provided in our press release dated February 21, 2024. 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 February 21, 2024.

有關非 GAAP 財務指標的更多信息，請參閱我們 2024 年 2 月 21 日新聞稿中提供的調整表。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 2024 年 2 月 21 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 fourth quarter and full year 2023 earnings call. 2023 was a record-breaking year for us here at Global-E, and it was brought to a great close by fourth quarter, which was our strongest quarter ever. Crossing for the first time a milestone of over $1 billion of GMV within a single quarter.

謝謝 Erica，歡迎大家參加我們的 2023 年第四季和全年財報電話會議。 2023 年對 Global-E 來說是破紀錄的一年，並在第四季度結束，這是我們有史以來最強勁的季度。單季 GMV 首次跨越 10 億美元以上的里程碑。

We finished Q4 with a record $1.19 billion in GMV, up 42% year on year. And record revenues of over $185 million, up 33% year on year. Supported by the strong performance of our merchants over the holiday sales period, including Black Friday and Cyber Monday. The adjusted gross profit margin for Q4 was 42.7%, up 140 basis points from the same quarter of last year.

第四季度，我們的 GMV 達到創紀錄的 11.9 億美元，年增 42%。營收創紀錄超過 1.85 億美元，年增 33%。由於我們商家在假日銷售期間（包括黑色星期五和網路星期一）的強勁表現。第四季調整後毛利率為42.7%，較去年同季上升140個基點。

And our adjusted EBITDA margin was 19% or $35.2 million, our highest ever in a single quarter, reflecting nearly 62% growth compared to the same quarter of last year. Such increased profitability yielded an accelerated cash generation with the business generating $93.5 million in operational cash flows in Q4.

我們調整後的 EBITDA 利潤率為 19%，即 3,520 萬美元，是我們單季以來的最高水平，與去年同期相比增長了近 62%。獲利能力的提高加速了現金生成，第四季度該業務產生了 9,350 萬美元的營運現金流。

Looking at the full year of 2023, GMV came in at close to $3.56 billion, an increase of over 45% year on year and revenue for the full year came in at $570 million, an increase of over 39% year-on-year. Annual adjusted gross profit increased even faster, growing by almost 46% from 2022, reaching roughly $245 million and representing an adjusted gross profit margin of 42.9% for the full year, an increase of nearly 190 basis points year on year.

綜觀2023年全年，GMV接近35.6億美元，較去年同期成長超過45%，全年營收為5.7億美元，年成長超過39%。年度調整後毛利成長更快，較2022年成長近46%，達到約2.45億美元，全年調整後毛利率為42.9%，較去年成長近190個基點。

Finally, adjusted EBITDA for the full year was $92.7 million, up more than 90% compared to $48.7 million last year, representing our continued commitment to delivering durable yet profitable growth, thanks to the high efficiencies and tight cost controls.

最後，全年調整後 EBITDA 為 9,270 萬美元，與去年的 4,870 萬美元相比增長了 90% 以上，這表明我們繼續致力於透過高效率和嚴格的成本控制實現持久且有利可圖的成長。

Last but not least, we finished the year with more than $300 million of cash and cash equivalents on our balance sheet, providing a solid foundation for the continuation of our fast and profitable growth trajectory and for the realization of our strategic plans going forward.

最後但並非最不重要的一點是，我們的資產負債表上的現金和現金等價物在這一年結束時超過了3 億美元，為我們繼續保持快速和盈利的增長軌跡以及實現我們未來的戰略計劃奠定了堅實的基礎。

As we reflect on the strong annual financial results and the substantial growth we managed to generate, it is important to remember that these were achieved while we faced a challenging and at times volatile macroeconomic environment, further exacerbated by the challenges presented by the ongoing war in Ukraine as well as the aftermath of the horrific commerce terrorist attack on October 7.

當我們反思強勁的年度財務表現和我們設法實現的大幅增長時，重要的是要記住，這些是在我們面臨充滿挑戰且有時不穩定的宏觀經濟環境的情況下實現的，而當前的戰爭所帶來的挑戰進一步加劇了這一環境。烏克蘭以及 10 月 7 日可怕的商業恐怖攻擊的後果。

Our hearts go out to all those who were affected by these events, and we continued to provide all possible support to our team members and their families in both Israel and Ukraine. As such, we could not be more proud of our incredible team members across all our offices and locations worldwide. For having navigated all these challenges so successfully, and I could not be more thankful to the 1,000 merchants who entrust us with their business every hour of every day.

我們的心與所有受這些事件影響的人同在，我們繼續為以色列和烏克蘭的團隊成員及其家人提供一切可能的支持。因此，我們為我們在全球所有辦事處和地點的令人難以置信的團隊成員感到無比自豪。如此成功地應對了所有這些挑戰，我對每天每小時將業務委託給我們的 1,000 名商家深表謝意。

Beyond the strong financial growth and figures, 2023 was also another pivotal year for us in terms of the substantial leaps we took forward along all our long-term strategic pillars, as we continue to enrich and develop our various offerings. First and foremost, we continue to onboard and add many new brands across the globe to the large portfolio of enterprise brands we work with.

除了強勁的財務成長和數據之外，2023 年對我們來說也是關鍵的一年，我們在所有長期策略支柱上取得了實質飛躍，我們將繼續豐富和發展我們的各種產品。首先也是最重要的是，我們繼續在全球範圍內加入許多新品牌，並將其添加到我們合作的大型企業品牌組合中。

As Global direct-to-consumer online trading continues to be a strategic priority for brands worldwide. We are not just the leader in Global direct to consumer e-commerce. We are also the only true Global player in the market. We already support 31 different outbound markets. And last year alone, we actively ship packages to 224 distinct destination countries and territories around the world. We quite literally enable our merchants to sell to anyone in nearly every place on earth.

全球直接面向消費者的線上交易仍然是全球品牌的策略重點。我們不僅是全球直接面向消費者的電子商務領域的領導者。我們也是市場上唯一真正的全球參與者。我們已經支持 31 個不同的出境市場。光是去年，我們就積極將包裹運送到全球 224 個不同的目的地國家和地區。我們確實使我們的商人能夠向地球上幾乎每個地方的任何人銷售產品。

As an example of this continued expansion, just this last quarter we launched with glo CA 11 by Venus Williams and perfect movement in the US. We Center Mall in Canada Whistles and the Harry Potter sold by Warner Brothers in the UK, Mugler, a L’Oreal brand, Gaultier or Ledger, a leading crypto wallet brand, in France. We've actually moved in Italy with lobbies in the Netherlands with jet-set in Germany. We've ideally in Belgium with Zenara in Australia.

作為持續擴張的一個例子，就在上個季度，我們在美國推出了 Venus Williams 的 glo CA 11 和 Perfect Movement。加拿大的 We Center Mall 出售英國華納兄弟 (Warner Brothers) 出售的《Whistles》和《哈利波特》(Harry Potter)、歐萊雅旗下品牌 Mugler、法國領先的加密錢包品牌 Gaultier 或 Ledger。事實上，我們已經搬到了義大利，在荷蘭設有大廳，在德國設有噴射機。我們最好在比利時與澳洲的 Zenara 合作。

In Australia we've sold Murphy in a vacuum or in Hong Kong, and we've retouch in Japan. Just to name a few of the many brands that went live with us in the last quarter of 2023. During Q4, we also went live with stellar equipment out of Sweden as well as we've got in Queens, our first Polish merchant, further extending our geographical reach.

在澳大利亞，我們在真空或香港出售了墨菲，並在日本進行了修飾。僅舉幾個 2023 年最後一個季度與我們合作的品牌。在第四季度，我們還使用了瑞典以外的一流設備以及我們的第一個波蘭商人皇后區的設備，進一步擴大了我們的地理覆蓋範圍。

Besides adding new merchants, we also continue to expand the scope of our business with existing merchants and merchant groups. Just this last quarter, adidas, Nobull and the [coups] all extended the list of markets operated through Global-E. Triangle swimwear went live with an additional brand called Costa Del Mar and Kylie Jenner went live with a number of our brands, the fashion brand KHY.

除了增加新的商戶外，我們也不斷擴大與現有商家和商家群體的業務範圍。就在上個季度，阿迪達斯、Nobull 和 [coups] 都擴大了透過 Global-E 營運的市場範圍。三角泳裝與另一個名為 Costa Del Mar 的品牌一起上線，而凱莉詹納 (Kylie Jenner) 與我們的多個品牌（​​時尚品牌 KHY）一起上線。

From a product perspective looking back at 2023, we introduced many new features and key developments into our enterprise platform. Those included improved support for preorders via tokenization support for cryptocurrency payments via our new integration of Crypto.com. Support for orders which include items fulfilled from different countries as part of a single order, support for several new countries in our multi-local offering, integrations into new platforms such as Wix.com and much more.

從產品角度回顧 2023 年，我們在企業平台中引進了許多新功能和關鍵開發。其中包括透過我們新整合的 Crypto.com 對加密貨幣支付的標記化支援來改善對預購的支援。支援訂單，其中包括作為單一訂單的一部分從不同國家/地區履行的商品，支援我們的多本地產品中的多個新國家/地區，整合到 Wix.com 等新平台等等。

Alongside these, we continue to work towards the launch of our enhanced demand-generation offering. Based on the assets and capabilities we acquired as part of the Border-free transaction and accept expect the first major parts of this exciting new offering to be released towards the second half of the year.

除此之外，我們也持續致力於推出增強型需求生成產品。根據我們在無邊界交易中獲得的資產和能力，預計這一令人興奮的新產品的第一批主要部分將在今年下半年發布。

Moreover, as we have discussed in earlier quarters, during 2023, we also invested considerable resources in harnessing the new and transformative technology of generative AI to enhance the quality and efficiency of various aspects of our business. The most recent example of such a successful implementation comes in the form of our shopper facing customer services.

此外，正如我們在前幾個季度所討論的那樣，2023年期間，我們也投入了大量資源，利用生成式人工智慧的新技術和變革性技術來提高我們業務各個方面的品質和效率。這種成功實施的最新例子是我們面向購物者的客戶服務。

After several months of beta testing and before the recent peak trading season, we introduced into production our new automated customer service chat bot based on open AI chat GPT technology, which has been security connected to our systems and databases, thereby enabling many of our shoppers to receive highly accurate answers to their support Curis in real time without a need for human intervention. We believe this is a manifestation of the tremendous business value such technologies can unlock over the next few years.

經過幾個月的beta 測試，在最近的交易旺季之前，我們將基於開放AI 聊天GPT 技術的新型自動化客戶服務聊天機器人投入生產，該機器人已安全連接到我們的系統和資料庫，從而使我們的許多購物者能夠即時獲得高度準確的 Curis 支援答案，無需人工幹預。我們相信，這體現了此類技術在未來幾年可以釋放的巨大商業價值。

Another area in which we have made great progress during 2023 was our strategic relationship with Shopify, the agreement for which was renewed for another year during Q4. On the enterprise side, we have almost finalized the migration of all our legacy installed base onto the new native integration. In addition, our support for Shopify's new checkout extensibility feature has gone into general availability since January 2024. We have a significant number of merchants already running on this new and improved checkout with Global-E cross-border capabilities seamlessly embedded within it.

我們在 2023 年取得重大進展的另一個領域是我們與 Shopify 的策略關係，該協議在第四季度又續簽了一年。在企業方面，我們幾乎已經完成了將所有舊安裝基礎遷移到新的本機整合的工作。此外，我們對 Shopify 新的結帳擴充功能的支援已於 2024 年 1 月全面推出。我們有大量商家已經在使用這種新的、改進的結帳方式，並將 Global-E 跨境功能無縫嵌入其中。

On the Shopify markets pro side, which went into general availability in the US in September, we continued to see an encouraging adoption rate with more and more merchants every week effortlessly switching it on and going Global. Between these positive early signs and the exciting roadmap of new features and capabilities we are working on together with Shopify. We believe that the innovative Shopify markets pro offering has the potential to grow significantly over the next few years.

Shopify 市場專業版於 9 月在美國全面上市，我們繼續看到令人鼓舞的採用率，每週都有越來越多的商家毫不費力地將其開啟並走向全球。在這些積極的早期跡象和令人興奮的新功能和功能路線圖之間，我們正在與 Shopify 合作。我們相信，創新的 Shopify 市場專業產品有潛力在未來幾年顯著成長。

In summary, we are extremely pleased with our achievements and results for 2023, and we are equally excited towards the many opportunities for growth that await us in 2024 onwards, across all our strategic growth pillars. As all Ofer, will elaborate on when he presents our guidance for 2024. We expect our strong growth momentum to continue this year with around 32% of annual growth expected in both GMV and revenues. And with that, I will hand it over to Ofer, to dive deeper into our quarterly and annual financial results as well as our outlook for Q1 and for the full year of 2024.

總而言之，我們對 2023 年所取得的成就和成果感到非常滿意，同樣對 2024 年以後在我們所有策略成長支柱上等待著我們的眾多成長機會感到興奮。奧弗將在介紹 2024 年指導時詳細闡述。我們預計今年強勁的成長勢頭將持續，GMV 和營收的年增長率預計約為 32%。接下來，我將把它交給 Ofer，深入探討我們的季度和年度財務業績以及我們對第一季和 2024 年全年的展望。

Thank you, Amir, and thanks, everyone, for joining us today for our earnings call. As Amir stated, we are indeed very pleased with our Q4 and full year 2023 results. Q4 was a strong quarter of fast growth and robust cash generation as we continued to execute and push forward both top-line growth and scale efficiencies.

謝謝阿米爾，也謝謝大家今天參加我們的財報電話會議。正如 Amir 所說，我們確實對第四季和 2023 年全年業績感到非常滿意。第四季是快速成長和強勁現金產生的強勁季度，我們繼續執行和推動營收成長和規模效率。

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 I mentioned at the beginning of this call, we have experienced rapid growth of GMV in Q4 as we generated $1.19 billion of GMV, an increase of 42% year over year.

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。正如我在電話會議開始時提到的，我們在第四季度經歷了 GMV 的快速成長，實現了 11.9 億美元的 GMV，年成長 42%。

We benefit from the secular trend of growth in e-commerce, which continues to take share from brick-and-mortar retail and from the increased focus of merchants on the their direct to consumer channels. However, it is important to note that due to the continued recessionary concerns and the sensitive macroeconomic and geopolitical situation in many of the world's largest economies in the short term, there's still relatively high uncertainty regarding consumer demand, which remains volatile.

我們受益於電子商務的長期成長趨勢，電子商務繼續從實體零售中奪取份額，商家越來越注重直接面向消費者的管道。但值得注意的是，由於短期內經濟衰退擔憂持續，以及全球多個最大經濟體宏觀經濟和地緣政治局勢敏感，消費者需求仍存在較大不確定性，且仍存在較大波動。

In Q4, we generated total revenues of $185.4 million, up 33% year-over-year. Services revenues were $89.9 million, up 43%, and fulfillment services revenue were up 24% to $95.5 million. The higher growth of service fee revenue compared to fulfillment services revenue was mainly driven by the higher share of our multi-local service with high performance of the largest multi local merchants in Q4.

第四季度，我們的總營收為 1.854 億美元，年增 33%。服務收入為 8,990 萬美元，成長 43%，履行服務收入成長 24%，達到 9,550 萬美元。與履行服務收入相比，服務費收入的較高增長主要是由於我們的多本地服務所佔的份額較高，並且第四季度最大的多本地商家的業績良好。

Throughout 2023, our existing merchant base continued to stay and to grow with us as reflected in our annual NDR rate of 127% and GDR rate of over 97%. Note that our NDR in 2023 excludes Border-free volumes as Border-free merchants traded with us only for part of 2022.

在整個 2023 年，我們現有的商家基礎持續維持並與我們一起成長，這反映在我們的年度 NDR 率達到 127%，GDR 率超過 97%。請注意，我們 2023 年的 NDR 不包括無邊界交易量，因為無邊界商家僅在 2022 年的部分時間與我們進行交易。

Moving down the P&L. Growth in non-GAAP gross profit continues to outpace revenue growth. In Q4 non-gaap gross profit was $79.1 million up 37% year-over-year, representing a gross margin of 42.7% compared to 41.3% in the same period last year, driven by the higher share of service fee revenue. GAAP gross profit was $76.3 million, representing a margin of 41.2%.

損益表向下移動。非公認會計原則毛利的成長持續超過收入的成長。第四季度，非美國通用會計準則毛利為 7,910 萬美元，年增 37%，毛利率為 42.7%，而去年同期為 41.3%，這主要得益於服務費收入份額的提高。GAAP 毛利為 7,630 萬美元，利潤率為 41.2%。

Moving on to operational expenses, we continue to invest in the development and hand segment of our platform to further strengthen our offering. R & D expense in Q4, excluding stock-based compensation, was $18.2 million or 9.8% of revenue compared to $17.8 million or 12.8% in the same period last year. Total R&D spend in Q4 was $25.2 million.

在營運費用方面，我們繼續投資於我們平台的開發和手部部分，以進一步加強我們的產品。第四季的研發費用（不含股票薪酬）為 1,820 萬美元，佔營收的 9.8%，而去年同期為 1,780 萬美元，佔營收的 12.8%。第四季的研發總支出為 2,520 萬美元。

We also continue to invest in sales and marketing to enhance our pipeline while maintaining efficiencies. Sales and marketing expense excluding Shopify related amortization expenses, stock-based compensation and acquisition related intangibles, amortization was $17.8 million or 9.6% of revenue compared to $9.9 million or 7.1% of revenue in the same period last year.

我們也繼續投資於銷售和行銷，以增強我們的管道，同時保持效率。不包括 Shopify 相關攤銷費用、股票薪酬和收購相關無形資產的銷售和行銷費用，攤銷為 1,780 萬美元，佔收入的 9.6%，而去年同期為 990 萬美元，佔收入的 7.1%。

Shopify warrant related amortization expense was $37.4 million. Total sales and marketing expenses for the quarter was $58.8 million. General and administrative expenses, excluding stock-based compensation acquisition related expenses and acquisition related contingent consideration was $8.6 million or 4.6% of revenue compared to $8.9 million or 6.4% of revenue in the same period last year.

Shopify 認股權證相關攤銷費用為 3,740 萬美元。該季度的總銷售和行銷費用為 5880 萬美元。一般及管理費用（不包括股票薪酬收購相關費用及收購相關或有對價）為 860 萬美元，佔營收的 4.6%，而去年同期為 890 萬美元，佔營收的 6.4%。

Total G&A spend in Q4 was $15.5 million. Adjusted EBITDA totaled $35.2 million, representing a 19% adjusted EBITDA margin increasing from $21.8 million or 15.6% margin in the same period last year. Net loss was $22.1 million compared to a net loss of $28.5 million in the year ago period, driven mainly by the amortization expenses related to the Shopify warrants and two transaction related intangibles.

第四季的總管理及行政支出為 1,550 萬美元。調整後 EBITDA 總計 3,520 萬美元，調整後 EBITDA 利潤率為 19%，高於去年同期的 2,180 萬美元或 15.6%。淨虧損為 2,210 萬美元，而上年同期淨虧損為 2,850 萬美元，這主要是由於與 Shopify 認股權證和兩項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 ended 2023 with $317 million in cash and cash equivalents. Including short-term deposits and marketable securities.

換個角度，看看資產負債表和現金流量表，2023 年底我們的現金和現金等價物為 3.17 億美元。包括短期存款和有價證券。

Cash generation has accelerated with operating cash flow in the quarter at $93.5 million compared to an operating cash flow of $57.3 million a year ago, driven mainly by adjusted EBITDA growth and working capital dynamics.

現金產生加速，本季營運現金流達到 9,350 萬美元，而去年同期營運現金流為 5,730 萬美元，這主要是由調整後 EBITDA 成長和營運資本動態推動的。

Moving to our financial outlook and guidance for 2024. Despite the prevailing market macro related uncertainties we expect 2024 to be another year of fast growth and improved adjusted EBITDA for Global-E for Q1 2024, we are expecting GMV to be in the range of $875 million to $915 million at the midpoint of the range this represents a growth rate of 27% versus Q1 of 2023.

轉向 2024 年的財務展望與指導。儘管存在與市場宏觀相關的普遍不確定性，但我們預計2024 年將是Global-E 快速成長的另一年，2024 年第一季Global-E 調整後EBITDA 也會有所改善，我們預計GMV 將在8.75 億美元至9.15 億美元之間，處於該範圍的中點與 2023 年第一季相比，成長率為 27%。

We expect Q1 revenue to be in the range of $138.5 million to $145 million at the midpoint of the range, this represents a growth rate of 21% versus Q1 of 2023. For adjusted EBITDA, we're expecting a profit in the range of $16 million to $20 million.

我們預計第一季的營收將在 1.385 億美元至 1.45 億美元的中間值之間，這與 2023 年第一季相比成長率為 21%。對於調整後的 EBITDA，我們預計利潤在 1,600 萬美元至 2,000 萬美元之間。

For the full year of 2024 we anticipate GMV to be in the range of $4.59 billion to $4.83 billion, representing over 32% annual growth at the midpoint of the range. Revenue is expected to be in the range of $731 million to $771 million representing a growth rate of nearly 32% at the midpoint of the range. As we expect overall take rates to stabilize throughout the year.

我們預計 2024 年全年 GMV 將在 45.9 億美元至 48.3 億美元之間，相當於該範圍中位數的年增長率超過 32%。營收預計在 7.31 億美元至 7.71 億美元之間，成長率接近 32%。正如我們預計全年整體採取率將穩定。

For adjusted EBITDA, we're expecting a profit of $121 million to $137 million, representing over 39% growth at the midpoint of the range, thanks to increased efficiencies and economies of scale. As reflected in the guidance, we expect our fast growth to continue in 2024 with around 32% top-line growth alongside improved adjusted EBITDA margin.

對於調整後的 EBITDA，我們預計利潤將達到 1.21 億美元至 1.37 億美元，這意味著由於效率的提高和規模經濟的成長，中點成長率將超過 39%。如同指引中所反映的，我們預期 2024 年我們將持續快速成長，營收成長約 32%，調整後 EBITDA 利潤率也會有所改善。

The slower top-line growth we expect in Q1 is a result of a number of factors. First, the lower contribution from new merchants and large merchants we have signed are expected to launch only in the second half of the year.

我們預期第一季營收成長放緩是多種因素共同作用的結果。首先，我們簽約的新商家和大商家的貢獻較低，預計下半年才會推出。

Second is the fact that we expect the trading that still exist on the legacy Border-free platform to weigh on our growth in the first half of 2024 a high share of its remaining GMV generated by traditional retailers, especially department stores, which are facing challenges with many even experiencing declining sales trends. We believe we will see improvement once we migrate many of these merchants to the Global-E platform.

其次，我們預計傳統無邊界平台上仍然存在的交易將給我們 2024 年上半年的成長帶來壓力，其中很大一部分剩餘 GMV 是由傳統零售商（尤其是面臨挑戰的百貨公司）產生的許多人甚至經歷了銷售下降的趨勢。我們相信，一旦我們將其中許多商家遷移到 Global-E 平台，我們就會看到改善。

Third is the continued volatility in consumer demand in the short term, in light of weakness in some of the largest economies as well as some softness we observed in trading volumes of consumers around the globe during February. We expect our overall growth to accelerate in the remaining of the year, driven by a ramp in Shopify markets, pro planned launches of large merchants in the second half of the year and a lower impact from Border-free on a year on year comparison.

第三，鑑於一些最大經濟體的疲軟以及我們在 2 月觀察到的全球消費者交易量的疲軟，短期內消費者需求持續波動。我們預計，在 Shopify 市場的成長、下半年大型商家的計劃推出以及無邊界對同比影響較小的推動下，我們的整體成長將在今年剩餘時間內加速。

In conclusion, we continue to enhance our capabilities to support merchants worldwide in their direct-to-consumer journey. The opportunity in front of us is immense, and we are well positioned to capture it. We believe this will enable us to combine durable top-line growth and cash generation in the coming years.

總之，我們將繼續增強為全球商家直接面向消費者的旅程提供支援的能力。我們面前的機會是巨大的，我們有能力抓住它。我們相信，這將使我們能夠在未來幾年將持久的營收成長和現金產生結合起來。

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

阿米爾、尼爾和我很樂意回答你們的任何問題。操作員？

(Operator instructions)

（操作員說明）

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

I guess a better question. So your old customers nobody heard here that help accelerate that with some strong messaging. Has it taught me that would love to understand maybe how based on requests from December to January, it's before any regional trends that you've got?

我想這是一個更好的問題。因此，您的老客戶在這裡沒有人聽到可以透過一些強烈的訊息來幫助加速這一過程。它是否告訴我，很想了解如何根據從 12 月到 1 月的請求，在您獲得任何區域趨勢之前？

Yeah. So Brian, thank you for the question. It's offer. I think that, as we mentioned, we have seen increased volatility in consumer demand in the past year and especially in the last few months. And as we already communicated in the previous quarter, we saw a drop in September and October a relatively steep drop in same-store sales and a very nice recovery towards the end of October with a very, very strong peak and excellent results around the Black Friday Cyber Monday weekend.

是的。布萊恩，謝謝你的提問。這是報價。我認為，正如我們所提到的，過去一年，尤其是過去幾個月，消費者需求波動加劇。正如我們在上一季所傳達的那樣，我們看到9 月和10 月出現了下降，同店銷售額下降幅度相對較大，而到10 月底則出現了非常好的復甦，在黑色地區出現了非常非常強勁的峰值和出色的業績星期五 網路星期一 週末。

Then during December this continued with a lighter end to the year. And as I just mentioned, things continue to be volatile and we do see a lot of shifts in consumer demand. And since the beginning of February, we have seen some softness in consumer sentiment again around the globe and weakness in some of the large economies. So this has been with us only for the last two or three weeks, but still important to note.

然後在 12 月，這種情況繼續延續，並以較輕的年末結束。正如我剛才提到的，情況繼續不穩定，我們確實看到消費者需求發生了許多變化。自二月初以來，我們再次看到全球消費者信心疲軟，以及一些大型經濟體的疲軟。因此，這種情況僅在過去兩三週內出現，但仍值得注意。

I appreciate your perspective. There is obviously the end markets for both vintage property. Is there any way to give investors some help in how to think about that the contribution in 2024 over arrangers, some share there?

我很欣賞你的觀點。顯然，這兩種古董房產都有終端市場。有沒有辦法可以給投資人一些幫助，讓他們思考2024年對安排者的貢獻，以及其中的一些份額？

Yes, it's bright. It's a little choppy or your line is a little choppy could you repeat the contribution of what were you asking about that sort of?

是的，它很亮。它有點不穩定，或者你的台詞有點不穩定，你能重複一下你所問的關於這類問題的貢獻嗎？

Hopefully this is better nodes, the rest of Shopify's forecast probably some so far. Is there any perspective that you have in terms of expectation 2.1?

希望這是更好的節點，到目前為止，Shopify 的其餘預測可能是一些。您對期望 2.1 有什麼看法嗎？

Yes. So as we mentioned, we're very happy with the progress that we've made in Shopify markets grow both from a technical perspective, the developments we've deployed and that we're working on together with Shopify and also the rate of adoption. It is still in early days, but we believe that over the next quarters and years, it can grow into a significant business.

是的。正如我們所提到的，我們對 Shopify 市場的進展感到非常高興，無論是從技術角度來看，我們已經部署的開發以及我們與 Shopify 合作的進展，還有採用率。目前還處於早期階段，但我們相信在接下來的幾個季度和幾年裡，它可以發展成為一項重要的業務。

Perfect.

完美的。

Thanks, Brian.

謝謝，布萊恩。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

As I appreciate you taking the questions I had just so just I guess another question on I think you mentioned volatile consumer trends over the past several months and maybe more recently in February. I guess, could you maybe talk about the approach that you took the guidance. I mean, obviously, the color on 1Q is very helpful.

我很感謝您回答我剛才提出的問題，所以我猜想另一個問題，我認為您提到了過去幾個月，也許最近在二月份，消費者趨勢波動較大。我想，您能否談談您採取的指導方法。我的意思是，顯然 1Q 上的顏色非常有幫助。

It sounds like there is a ramp based baked into the guidance for the remainder of the year and some of that Shopify, just kind of color on what you're assuming for the remainder of the year as it relates to the macro and then if we look back over the last couple of years, there's been several kind of exogenous events that have impacted the numbers and resulted in kind of less outperformance than maybe you guys would have hoped. Just wondering if you could contextualize this guidance in terms of just how much kind of macro weakness over the course of the year, the guidance can absorb given the continued levels of uncertainty?

聽起來好像今年剩餘時間的指導中包含了一個基於斜坡的內容，其中一些 Shopify，只是你對今年剩餘時間的假設的一種顏色，因為它與宏觀有關，然後如果我們回顧過去幾年，有幾種外生事件影響了這些數字，並導致表現不如你們所希望的那麼出色。只是想知道，鑑於持續的不確定性，您是否可以將這一指導與今年宏觀疲軟的程度結合起來，該指導意見可以吸收多少？

Sure. Well, thank you for the question. So since there is a high level of uncertainty, we have not assumed an improvement in macro conditions throughout the year. However, we also haven't looked at the lowest point. As I mentioned, we saw some weakness since the beginning of February. So we sort of look at the average since the beginning of the year, not taking into account the lowest point, but also not taking into account any improvement in macro conditions is, again the level of uncertainty is still high and we have no control of that.

當然。嗯，謝謝你的提問。因此，由於存在高度不確定性，我們並沒有假設全年宏觀狀況會有所改善。然而，我們還沒有看到最低點。正如我所提到的，自二月初以來我們看到了一些疲軟的情況。因此，我們看的是年初以來的平均水平，沒有考慮最低點，也沒有考慮宏觀條件的任何改善，同樣，不確定性水平仍然很高，我們無法控制那。

Got it. Makes sense. And then I think you called out Border-free. Just wondering if you could just maybe help us size in terms of what's the contribution to numbers today and maybe roughly what are you kind of baking in for the remainder of the year for that business?

知道了。說得通。然後我想你喊出了「無邊界」。只是想知道您是否可以幫助我們確定對今天的數字的貢獻，以及您在今年剩餘時間裡對該業務的大致貢獻是什麼？

So in terms of volumes today, core volume in Border-free story is approximately 5% of the volumes as a sort of a high-level number. It is decreasing in share over time, one because we are not onboarding any new merchants onto Border-free and to the, as we mentioned, the type of merchants that we see on Border-free legacy, mainly US legacy merchants, a lot of department stores. And since they are sort of facing their own challenges with their business model, it has an impact on doses as well. So this is it decreasing over time.

因此，就今天的數量而言，《無國界》故事的核心數量約為總數量的 5%，這是一個較高水準的數字。隨著時間的推移，它的份額正在下降，原因之一是我們沒有讓任何新商家加入無邊界，正如我們所提到的，我們在無邊界傳統上看到的商家類型，主要是美國傳統商家，很多百貨公司。由於他們的商業模式面臨著自己的挑戰，因此它也會對劑量產生影響。所以這是隨著時間的推移而減少的。

Got it. That's helpful. And sorry, just a clarification on the expectations for the remainder of the year, or are you guys assuming that the same-store sales there remain negative for the remainder of the year?

知道了。這很有幫助。抱歉，只是對今年剩餘時間的預期進行澄清，或者你們是否認為今年剩餘時間的同店銷售額仍然為負？

Yes. Yes, we do. However, I think we do think that mainly in the second half, as we migrate those clients, we will see a one-off increase that will stay with us, but some due to the higher conversion rates that we typically see on the Global-E platform. So we do foresee an improvement. However, it will be gradual as they would migrate one by one. And since those are large, large legacy merchants take some time. So we do expect to see some improvement, but it will be gradual.

是的。是的，我們願意。然而，我認為我們確實認為，主要是在下半年，當我們遷移這些客戶時，我們將看到一次性的成長，這種成長將持續存在，但有些是由於我們通常在全球市場上看到的更高的轉換率— E平台。所以我們確實預見了改進。然而，這將是漸進的，因為它們會一一遷移。由於這些都是大型的，大型傳統商人需要一些時間。因此，我們確實希望看到一些改進，但這將是漸進的。

Got it. Thanks for taking the questions, guys.

知道了。謝謝你們提出問題，夥伴們。

Thank you.

謝謝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

And good morning and thanks for taking my questions. Maybe first, just over just on the on what's embedded in the guidance around the net dollar retention 127 was a strong year for '23. Just as I think about the low 30's growth guidance, what are you thinking? Net dollar retention will look like in 2024.

早上好，感謝您回答我的問題。也許首先，就淨美元保留率指引中所包含的內容而言，127 是 23 年的強勁一年。正如我思考 30 歲以下的成長指導一樣，您在想什麼？到 2024 年，淨美元保留情況將是這樣的。

And so we think that net dollar retention and in '24 will be slightly lower compared to '23. As we mentioned, we do see a sort of uncertainty around macro conditions. Consumer sentiment is very volatile. And on top of that, also Border-free will come in and sort of weigh a bit on our NDR. So we do expect we do expect it to be slightly lower than what we have seen in 2023.

因此，我們認為 24 年的淨美元保留率將略低於 23 年。正如我們所提到的，我們確實看到宏觀條件存在某種不確定性。消費者情緒非常不穩定。最重要的是，Border-free 也將加入進來，對我們的 NDR 產生一定的影響。因此，我們確實預計這一數字將略低於 2023 年的情況。

Understood. And then maybe just on Shopify market-pro, this might be more for Amir near, but what are you seeing as far as the initial customers that are using it now?

明白了。然後也許只是在 Shopify market-pro 上，這可能更適合 Amir 附近，但就現在使用它的最初客戶而言，您看到了什麼？

It's been, let's call it four or five months, maybe average annual GMV of the typical Shopify market Pro merchants that you're seeing and then related are fair or should we think about that being like a $200 million or $300 million of GMV contribution in '24. Is there anything that we can kind of peg against?

我們稱之為四到五個月，也許您所看到的典型 Shopify 市場專業商家的平均年 GMV 是公平的，或者我們是否應該考慮一下，例如 2 億美元或 3 億美元的 GMV 貢獻'24。有什麼我們可以掛鉤的嗎？

Hi, Samar. Its Nir. Thanks for the questions. We have seen initial positive signs for docs or for adoption post the S&P general availability in the US And coupled with continued development of the solution capabilities that is still ongoing, and we expect the adoption rate to grow gradually throughout the year. And at this stage, we don't guide specifically for all Shopify markets Pro. However, I don't think you will number and earlier follow-up.

嗨，薩馬爾。它的尼爾。感謝您的提問。在標準普爾在美國全面上市後，我們已經看到了文件或採用的初步積極跡象，再加上解決方案功能的持續開發仍在進行中，我們預計採用率將在全年逐漸增長。在現階段，我們不會專門針對所有 Shopify 市場專業版提供指導。但是，我認為您不會編號和更早的後續行動。

Great. Thanks again.

偉大的。再次感謝。

Yes, thanks a lot.

是的，非常感謝。

Andrew Basch, Wells Fargo.

安德魯·巴什，富國銀行。

Hey, thanks for taking the question. I just wanted to get a sense of your expectations for the gross margins as we progress through 2024. I mean, with the fulfillment dynamics in the fourth quarter, it seems reasonable that the gross profit could outpace revenue. So any thoughts around that would be helpful.

嘿，謝謝你提出問題。我只是想了解一下您對 2024 年毛利率的預期。我的意思是，從第四季的履行動態來看，毛利可能超過收入似乎是合理的。因此，任何有關此的想法都會有所幫助。

So we are very, very pleased with our gross margin improvement over time as we surpassed our 40% target earlier than we expected. And moving forward, we expect relatively stable gross margins as we continue to prioritize growth over profitability. However, we do we do see operational leverage potential that will enable us to improve our adjusted EBITDA margins.

因此，我們對毛利率隨著時間的推移而改善感到非常非常滿意，因為我們比預期更早超過了 40% 的目標。展望未來，我們預期毛利率將相對穩定，因為我們繼續將成長置於獲利之上。然而，我們確實看到了營運槓桿潛力，這將使我們能夠提高調整後的 EBITDA 利潤率。

Got it. Thanks.And then just looking back at the fourth quarter, I mean, you had a really strong Black Friday Cyber Monday press release some 53% versus the 44% for the full quarter. So maybe you could just give us a sense on like what was about your platform that drove that outsized strength and maybe a better sense of the shape of trends throughout the course we can understand.

知道了。謝謝。然後回顧一下第四季度，我的意思是，黑色星期五網路星期一的新聞稿非常強勁，大約為 53%，而整個季度為 44%。因此，也許您可以讓我們了解您的平台是什麼推動瞭如此巨大的實力，也許您可以更好地了解我們可以理解的整個過程中的趨勢形狀。

Sure. So yes, as you mentioned, we did experience a strong quarter generally and a very strong peak trading season with the highest growth around Black Friday and Cyber Monday weekend. And some of it may be attributed to consumers' preference to discount shopping. So this may had an impact on. And I think that on top of that, there were there was a very strong results for some of our large merchants. So that also contributed for them first, but for us as a derivative as well.

當然。所以，是的，正如您所提到的，我們確實經歷了一個總體強勁的季度和一個非常強勁的高峰交易季節，黑色星期五和網絡星期一週末期間增長最高。其中一些可能歸因於消費者對折扣購物的偏好。所以這可能會產生影響。我認為最重要的是，我們的一些大型商家取得了非常強勁的業績。因此，這首先為他們做出了貢獻，但也為我們作為衍生性商品做出了貢獻。

Got it. Thank you.

知道了。謝謝。

Kunal Madhukar, UBS.

庫納爾馬杜卡，瑞銀。

Hey, thanks for taking the questions. One on the on the revenue guide. So your revenue guide for 1Q implies a decrease decline. But then when we look at the full year guide for 2024, that kind of suggests that the take rate should improve in the back half. So how much of the improvement in the take rate are you baking in assumptions for growth from shop fare markets, so which has probably had a higher take rate?

嘿，感謝您提出問題。其中之一是收入指南。因此，您第一季的收入指南意味著下降幅度有所減少。但當我們查看 2024 年全年指南時，這表明下半年的採用率應該會有所提高。那麼，您在商店票價市場成長的假設中考慮了多少採用率的改善，那麼哪一個可能具有更高的採用率呢？

So I thank you for now for the question, Tom. I think the answer on the main part of the answer lies actually in 2023 because we started 2023 with a much higher fulfillment. They create the overall take rate in Q1 last year was 16.7% and over the year as the share of multi local and mainly our large multi local merchants grew because we have launched a few and expanded our activities with others, we've seen a reduction in overall take rate, mainly not mainly just out of the fulfillment take rate. And basically, as we mentioned in the previous quarter, we expect that to balance the next year. So we expect to see a much more balanced year. We expect it to stabilize at around the overall take rate around 16% as we do not expect the share of those merchants. It goes significantly because the merchants that we see currently in our pipeline, the large ones are not multi local merchants. So we expect to strike a balance.

所以我現在感謝你提出這個問題，湯姆。我認為主要部分的答案實際上在於 2023 年，因為我們以更高的成就感開始了 2023 年。他們去年第一季的整體接受率為16.7%，一年來，隨著多本地商家（主要是我們的大型多本地商家）的份額增長，因為我們推出了一些商家並擴大了與其他商家的活動，我們看到了下降在整體的拿取率上，主要不只是主要的履行拿取率。基本上，正如我們在上一季提到的，我們預計明年將實現平衡。因此，我們預計今年會更加平衡。我們預計整體採用率將穩定在 16% 左右，因為我們預計這些商家的份額不會增加。這意義重大，因為我們目前看到的商家中，大型商家並不是多個本地商家。因此我們希望能夠取得平衡。

Thank you. And then I know you mentioned weakness in February. Can you can you talk about trends by like maybe vertical and geography like you did last time in terms of what's largely doing versus what's apparel doing? And then last time, you talked about weakness in Europe, our inbound. So can you talk a bit about that, please?

謝謝。然後我知道你提到了二月的疲軟。您能像上次那樣透過垂直和地理方面的方式來談論趨勢嗎？主要是做什麼與服裝做什麼？上次，您談到了歐洲的疲軟，也就是我們的入境。那你能談談這個嗎？

Yes, thank you for your question. It's Nir. I would say that in February we don't see a specific vertical that is down. However, one geographies we do see slowdown around different parts of the world and our inbound into the US has slowed down a bit as same-store sales are not growing as fast as they did in January of previous year. And same goes into the UK that officially went into recession just earlier Brazil and saying we've seen some slowness in APAC. So it's kind of a global slowdown that we see not specific to a certain territorial authority.

是的，謝謝你的提問。是尼爾。我想說的是，二月我們沒有看到特定的垂直產業出現下降。然而，我們確實看到世界不同地區的經濟放緩，而且我們進入美國的入境人數也有所放緩，因為同店銷售額的成長速度不如去年 1 月那麼快。英國也同樣如此，該國在巴西早些時候正式陷入衰退，並表示我們看到亞太地區出現了一些放緩。因此，我們認為這是一種全球性的經濟放緩，而不是特定於某個地區當局。

Got it. Thank you so much.

知道了。太感謝了。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Proceed, everyone, nice quarter and thanks for taking my questions here. I just wanted to touch on the guidance for '24 a little bit. Your I think as you all noted, your service fee revenue has been growing meaningfully faster than your and then the then the rest of the revenues, but even if it's been growing even faster recently than historical trends, do you still see the breakdown in growth between the two revenue segments.

繼續，大家，美好的季度，感謝您在這裡提出我的問題。我只是想簡單談談 24 世紀的指導。我認為正如你們大家所指出的，您的服務費收入的增長速度明顯快於您的收入，然後是其他收入，但即使它最近的增長速度比歷史趨勢還要快，您是否仍然看到增長的崩潰兩個收入部門之間。

Kind of having that, I guess, growth difference there? Or as was just noted a moment ago with some of the larger merchants that you have in the pipelines, do you expect that to maybe moderate the growth rates more balanced between the two lines?

我想，那裡有成長差異嗎？或者正如剛才提到的一些正在籌備中的大型商戶，您是否認為這可能會緩和兩條線之間更加平衡的增長率？

Thank you for the question. We do expect to see a more balanced growth in 2024. As I mentioned, 2023 was characterized by strong multi-local growth, which had an impact on the mix as we typically don't have any fulfillment revenue or very little fulfillment revenue in multi-local. And we expect the '24 to be much more balanced.

感謝你的提問。我們確實預期 2024 年會出現更平衡的成長。正如我所提到的，2023 年的特點是多本地成長強勁，這對組合產生了影響，因為我們在多本地通常沒有任何履行收入或很少的履行收入。我們預期 24 世紀會更加平衡。

As I mentioned, the larger merchants that we've seen that have signed or we see in the pipeline are not multi local merchants. And we also have a few new initiatives around fulfillment services. So we do expect this year to be much more balanced in terms of revenue pillars growth.

正如我所提到的，我們所看到的已簽約或正在籌備中的大型商家並不是多本地商家。我們還有一些圍繞履行服務的新措施。因此，我們確實預期今年的營收支柱成長將更加平衡。

Got it. Helpful. And then from a follow-up perspective, congrats on fulfilling into 200 countries. By -- that probably means you're only not fulfilling in our Dakar right now. Maybe that's a future goal. But as I think about the investments required for you to expand your distribution capabilities, given the number of countries that you and that you're already in, are those investments largely kind of done at this point?

知道了。有幫助。然後從後續的角度來看，恭喜你實現了200個國家。這可能意味著你現在在我們的達卡比賽中還沒有取得成就。也許這是未來的目標。但當我考慮到您擴大分銷能力所需的投資時，考慮到您和您已經所在的國家/地區的數量，這些投資目前是否已基本完成？

Do you think in the I guess the additional needs there are very more incremental based on volumes or will there be any sort of step-up invest in investments maybe in the next couple of years you had to help you kind of penetrate some of those markets?

您是否認為，我認為額外的需求會根據數量增加更多，或者是否會進行任何形式的投資，也許在未來幾年內，您必須幫助您滲透其中一些市場？

Well Antarctica does not have any for any citizens and it's probably not going to ship there anytime soon, but who knows maybe some But to your question in terms of the outbound in terms of the inbound markets, those don't require any specific investments from us. It's the outbound markets that sometimes require some investment in them. But I would say it's up by now with, as we mentioned, 31 different outbound markets, the marginal investment that is required from us from opening an additional market is already quite low.

好吧，南極洲沒有任何公民可以使用的東西，而且可能不會很快運到那裡，但誰知道也許有一些，但對於你關於出境和入境市場的問題，這些不需要來自任何特定的投資我們。有時需要對出境市場進行一些投資。但我想說的是，正如我們所提到的，現在已經有 31 個不同的出境市場，我們打開額外市場所需的邊際投資已經相當低了。

We are well trained and well seasoned in doing it. And it just as a reminder, it, in any case, we're not talking about any capital investments this is a very capitalized and It mostly has to do with sometimes we need a local entity requires some local contracts, but it's not a lot more than that. So we don't expect any massive investments in terms of the additional Marie, all the markets that will be opening in the future.

我們訓練有素，經驗豐富。只是提醒一下，無論如何，我們不是在談論任何資本投資，這是一項非常資本化的投資，這主要與有時我們需要當地實體需要一些當地合約有關，但數量並不多比那更多的。因此，我們預計不會對未來將開放的所有額外瑪麗市場進行大規模投資。

Excellent. Thanks.

出色的。謝謝。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Hey, guys. Thanks for taking the questions. I wanted to ask the question on the third quarter DMD, just digging into that into that a little bit more and considering it's a much heavier sequential growth. Down assumption this year versus last year looks like it's about down 25% versus down 21%, one for guiding the 1Q '23. So can you dig into a little bit about what's causing that higher level of GMV's step-down? And is that all uncertainty with the macro and the consumer are there any customers that you now have that have outside 4Q holiday seasonality that is driving this outlook? I mean, any sort of color there would be fine amazing? Thank you

大家好。感謝您提出問題。我想問有關第三季 DMD 的問題，只是進一步深入研究一下，並考慮到這是一個更嚴重的連續成長。今年與去年相比下降的假設看起來大約是下降 25%，而去年則下降了 21%，這是 23 年第一季的指導值。那麼您能否深入研究一下導致 GMV 大幅下降的原因呢？宏觀經濟和消費者的所有不確定性是否導致您現在擁有的第四季度假日季節之外的客戶推動了這一前景？我的意思是，任何一種顏色都會很棒嗎？謝謝

Thank you for the question on. Well, I'll start from the top for the full year of 2024, we expect to see continued momentum of high growth of over 30% for both GMV and revenue. And that is supported by our strong pipeline of large merchants that are expected to launch in the back half of the of the year as well as the ramp up of Shopify market grow over the course of the year.

謝謝你的提問。那麼，我從上往下說，2024 年全年，我們預計 GMV 和營收將持續維持 30% 以上的高成長動能。這得歸功於我們強大的大型商家管道（預計將在今年下半年推出）以及 Shopify 市場在年內的成長。

Specifically for Q1, indeed, the growth we expect is lower and that is that there are a few drivers behind that. The first one is less contribution from new merchants as the large merchants signed or the ones that are towards the end of the pipeline are expected to launch later in the year, mainly in the second half of the year. So we see we are expecting and planning very nice launches. But the large ones in the second half of the year.

具體來說，對於第一季度，我們預期的成長確實較低，這背後有一些驅動因素。第一個是新商家的貢獻較少，因為簽約的大型商家或接近尾聲的商家預計將在今年稍後推出，主要是在下半年。所以我們看到我們正在期待併計劃非常好的發布。不過大的都是下半年。

As we mentioned, we see some adverse effect from some Border-free legacy retail clients, mainly the department stores, and we expect this to gradually improve once we complete the migration of these clients to the Global-E platform.

正如我們所提到的，我們看到一些 Border-free 傳統零售客戶（主要是百貨公司）產生了一些不利影響，我們預計一旦我們完成這些客戶到 Global-E 平台的遷移，這種情況將逐漸改善。

And three are, as we mentioned, we continued to see high volatility in consumer sentiment. As we've seen between Q2 and Q3 last year and then Q3 and Q4. And now again in February, as we mentioned, we saw a decline in consumer demand. So this will impact Q1 as well so those are the main drivers.

正如我們所提到的，三是我們繼續看到消費者信心的大幅波動。正如我們在去年第二季和第三季以及第三季和第四季所看到的。現在，正如我們所提到的，二月我們又看到了消費者需求的下降。因此，這也會影響第一季度，因此這些是主要驅動因素。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Good morning. Great to see a strong close to the year, a Amir, 97% gross retention model here suggests the product remains sticky, low churn I get you can't control consumer spending. That clearly is impacting the growth that run this year. What are the growth levers that are in your control that you can kind of lean more into this year outside of the macro?

早安.很高興看到今年年底表現強勁，阿米爾，97% 的毛保留率模型表明該產品仍然具有粘性，流失率低，我知道你無法控制消費者支出。這顯然正在影響今年的成長。今年您可以在宏觀之外更多地利用哪些成長槓桿？

Hi, Brent. So absolutely, as you mentioned, dynamics are remain very positive, although as we mentioned, it is expected to be another year of high uncertainty and high volatility from a macro perspective. But we are we continue to push across all the field from growth in the existing on territories where we already operate to opening additional markets and additional territories.

嗨，布倫特。因此，正如您所提到的，儘管正如我們所提到的，從宏觀角度來看，預計今年將是另一個高度不確定性和高波動性的一年，但動態仍然非常積極。但我們繼續推動各個領域的發展，從我們已經運營的現有地區的成長到開放更多市場和更多地區。

Of course, Shopify Markets Pro, which we have mentioned a few times already on the call is also expected to ramp up along the year and contribute further to our growth. And we are also working on a value added services, specifically a demand generation that's going to kick in, as we mentioned towards the back end of the year, it's probably not going to be accretive day one. But over the longer period, we expect that to have an additional contribution for accelerating our growth.

當然，我們已經在電話會議中多次提到的 Shopify Markets Pro 預計也將在今年持續發展，並進一步為我們的成長做出貢獻。我們也致力於增值服務，特別是需求的產生，正如我們在今年年底提到的那樣，它可能不會在第一天就產生增值。但從長遠來看，我們預計這將為加速我們的成長做出額外貢獻。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Hey. Thanks for the question. I want to ask just in terms of customer acquisitions, I'm wondering how trends have been evolving with respect to your inbound interest and conversion for new merchant adds side of Shopify. Just trying to get a sense for how we should be thinking about the percentage of new adds that are shopper related versus those that aren't in profile of the merchant partners?

嘿。謝謝你的提問。我想問在客戶獲取方面，我想知道 Shopify 新商家添加方面的入站興趣和轉換方面的趨勢是如何演變的。只是想了解我們應該如何考慮與購物者相關的新添加內容與不屬於商業合作夥伴的新添加內容的百分比？

Hi, James. It's Nir. Thanks for the question. We have seen record bookings in 2023, and we are excited about the strength of the pipeline that is going to support our growth throughout 2024 and into 2025. And within it, we have a couple of very large merchants that are expected to launch with us in the back half of the year, both of them are non-Shopify, and we expect the weight of those larger merchants. And I would say to balance out the rapid growth we expect to see in Shopify Market Pro So overall, when we look in 2024, we expected the mix of merchants to remain quite balanced with what we've seen in 2023.

嗨，詹姆斯。是尼爾。謝謝你的提問。我們在 2023 年看到了創紀錄的預訂量，我們對管道的實力感到興奮，這將支持我們在 2024 年和 2025 年的成長。其中，我們有幾家非常大的商家預計將在今年下半年與我們一起推出，它們都是非 Shopify 的，我們預計這些較大商家的權重。我想說的是，為了平衡我們預計在 Shopify Market Pro 中看到的快速成長，所以總的來說，當我們展望 2024 年時，我們預計商家的組合將與 2023 年的情況保持相當平衡。

Got it. Thank you for that, yes.

知道了。謝謝你，是的。

Mark Zgutowicz, Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Excuse me, thank you.

對不起，謝謝。

But just a question on luxury specifically. Just given the sort of the virtual interest and discounts that you mentioned, I'm curious how luxury performed in Q4 relative to the prior year and how that sort of transitioned into 1Q, just given that I think that vertical is roughly 25% of your GMV. And then I had quick follow-up.

但這只是一個關於奢侈品的問題。考慮到您提到的那種虛擬利息和折扣，我很好奇奢侈品在第四季度相對於前一年的表現如何，以及這種情況如何過渡到第一季度，因為我認為垂直行業約佔您的25%商品交易額。然後我進行了快速跟進。

So in terms of luxury, it hasn't been a great year for luxury. However, there was an improvement towards the last few months of the year, so has improved compared to Q3, which was the lowest point for luxury. And I think it's hovering around the same levels. And so it's better than it was at the lowest point. It's not doing great, but pretty stable for now.

因此，就奢侈品而言，今年並不是奢侈品的好年。然而，今年最後幾個月有所改善，因此與奢侈品行業最低點的第三季度相比有所改善。我認為它徘徊在相同的水平。所以它比最低點時要好。雖然表現不是很好，但目前還算穩定。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great Thank you, Amir. So are you still excited about DemandGen over the sort of mid to longer term? And that what's the dream there?

非常感謝你，阿米爾。那麼，從中長期來看，您仍然對 DemandGen 感到興奮嗎？那裡的夢想是什麼？

Yes. So I'm absolutely excited. I think it's going to be a very unique offering and it's going to take time to build it. But we strongly believe in the potential to both benefit our existing merchants and also to serve as a is another great benefit for our new merchants that are coming on board and therefore help to accelerate our sales pipeline even further.

是的。所以我非常興奮。我認為這將是一個非常獨特的產品，並且需要時間來建造它。但我們堅信，既有可能使我們現有的商家受益，也有可能為我們即將加入的新商家帶來另一項巨大的好處，有助於進一步加速我們的銷售管道。

So definitely, as excited if not more than before. In terms of the dream is basically to be able to offer a platform, a unique platform for demand generation, which is unlikely and the other offering that these merchants can have from digital agencies or other outside providers, but something that is fully aligned with their growth interests and fully integrated with the Global-E offering and with each part of it, strengthening the other. We think it's something that can be a game changer for us for some of these brands.

所以一定會比以前更興奮。就夢想而言，基本上是能夠提供一個平台，一個獨特的需求生成平台，這不太可能，而這些商家可以從數位機構或其他外部提供者獲得其他產品，但與他們的需求完全一致增長利益，並與Global-E 產品及其各個部分完全整合，相互加強。我們認為這可能會改變我們其中一些品牌的遊戲規則。

Madison Schrage , KeyBanc Capital Markets.

麥迪遜·施拉格，KeyBanc 資本市場。

Hey, guys, and thanks for taking my question. I was just wondering if you could talk about if there's any differences in the size of merchants coming onto the platform. There's obviously, Shopify Markets Pro coming in, and obviously you guys mentioned that last quarter, too. But we also saw Wix announce, the partnership so just wondering if you're expecting maybe some of the smaller merchants to come on the platform versus previous year. Thanks.

嘿，夥計們，感謝您提出我的問題。我只是想知道您是否可以談談進入該平台的商家規模是否存在差異。顯然，Shopify Markets Pro 即將推出，顯然你們上個季度也提到了這一點。但我們也看到 Wix 宣布了合作夥伴關係，所以只是想知道您是否預計與去年相比，一些較小的商家會進入該平台。謝謝。

Yes. So I think that, as you mentioned on the one hand. We continue our growth with our enterprise clients and we continue to onboard them as we did in previous years. In parallel to it, we have seen a great adoption of Shopify market Pro with thousands of merchants launching on the platform. However, at a significantly smaller size than our average enterprise clients.

是的。所以我認為，正如你一方面所提到的。我們繼續與企業客戶一起成長，並像前幾年一樣繼續吸引他們。同時，我們看到 Shopify market Pro 得到了廣泛採用，數千家商家在該平台上推出。然而，其規模比我們的普通企業客戶小得多。

We've seen initial traction launching Wix merchants on the platform as well and with an average size also smaller than our regular enterprise. However, both from Wix and from Shopify, we expect to see a large numbers of clients that would actually and will give us another edge to our growth with a with a different profile of merchants between between those smaller merchants and our enterprise platform clients.

我們也看到了在該平台上推出 Wix 商家的最初吸引力，而且其平均規模也比我們的常規企業要小。然而，無論是從Wix 還是從Shopify，我們都希望看到大量的客戶，這些客戶實際上會為我們的成長帶來另一個優勢，因為這些小型商家和我們的企業平台客戶之間的商家形像不同。

Matt O'Neill, FT partners.

馬特‧歐尼爾，《金融時報》合夥人。

Yes. Hey. Thanks everybody, for taking my question on how much has been asked and answered here, but maybe I'll just dig in a little bit on the cost of revenue quickly on came a little bit higher than expected. I was just curious if you could remind us on the more volatile components of the cost of revenue. I imagine the payments that's a little bit more predictable.

是的。嘿。感謝大家提出我的問題，詢問了多少問題並回答了多少問題，但也許我會稍微深入探討一下收入成本很快就比預期高了一點。我只是好奇您能否提醒我們收入成本中更不穩定的部分。我認為付款更加可預測。

But on your are there are there instances where you'll have certain fulfillment costs agreed with a merchant and then underlying spot prices will increase and that will squeeze that margin a little bit here and there on have you just remind us like what you guys are looking at with respect to things like container prices, oil prices, et cetera, that may drive them more volatile components there. Thanks so much.

但是，在某些情況下，您將與商家商定一定的履行成本，然後基礎現貨價格將會上漲，這會在這裡或那裡擠壓一點利潤，請您提醒我們，就像您一樣看看集裝箱價格、石油價格等因素，這可能會導致它們的成分更加波動。非常感謝。

Yes, sure. Thank you for the question on. We don't have well, most of our cost of goods sold are obviously variable, but at the same time, the margin or the cost margin is pretty stable and we don't have a lot of volatility as the main volatility is derived from merchant mix.

是的，當然。謝謝你的提問。我們的情況不太好，我們的大部分銷售成本顯然是可變的，但同時，利潤或成本利潤相當穩定，我們沒有太大的波動性，因為主要波動性來自商戶組合。

For example, in Q4, as we mentioned, we had a relatively high share of a few large merchants and those typically have a pricing that reflect their size. So this this is just an example, but this is a mix impact that may have a certain impact on our on gross margins. But generally speaking, we our pricing with the carriers is a relatively stable. They do change from time to time, but typically we can pass through the course, and it's not volatile over the year. It changes one in a long while in relatively long while.

例如，正如我們所提到的，在第四季度，我們擁有相對較高的一些大型商家份額，而這些商家的定價通常反映了其規模。所以這只是一個例子，但是這是一個混合影響，可能會對我們的毛利率產生一定的影響。但整體來說，我們與營運商的定價是比較穩定的。它們確實會不時發生變化，但通常我們可以通過課程，並且全年不會波動。在相當長的一段時間內它會改變。

Matt Coad, Autonomous Research.

馬特·科德，自主研究。

Hey, good afternoon, guys. Thanks for taking the question. Just wanted to ask one clarifying question. You talked about Shopify Market Pro contribution earlier in the call. Is that included and your guidance?

嘿，下午好，夥計們。感謝您提出問題。只是想問一個澄清問題。您在電話會議的早些時候談到了 Shopify Market Pro 的貢獻。這包括在內嗎？你的指導嗎？

Yes, it is. It's part of the business and it is included in the guidance.

是的。這是業務的一部分，並且包含在指南中。

This concludes our question and answer session. I would like to turn the floor back over to Amir Schlachet for closing comments.

我們的問答環節到此結束。我想請 Amir Schlachet 發表結束評論。

As we conclude another successful year here at Global-E, I would like to thank all of you for joining us today for your interest and for your questions. And for your ongoing support on our exciting journey to transform the world of global direct-to-consumer e-commerce.

在我們結束 Global-E 又一個成功的一年之際，我要感謝大家今天加入我們，表達您的興趣並提出問題。感謝您對我們改變全球直接面向消費者的電子商務世界的令人興奮的旅程的持續支持。

We're incredibly eager and excited as we continue on our path to take advantage of the countless opportunities that lie ahead of us. And we invite you to continue taking an active part in this quest together with us. As such, we very much look forward to seeing all of you again on our future earnings calls. Until then, goodbye and take care.

當我們繼續走在我們的道路上，充分利用擺在我們面前的無數機會時，我們感到非常渴望和興奮。我們邀請您繼續與我們一起積極參與這項探索。因此，我們非常期待在未來的財報電話會議上再次見到大家。在那之前，再見並保重。

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。