Global-E Online Ltd (GLBE) 2024 Q3 法說會逐字稿

Welcome to Global-E third quarter 2024 earnings announcement conference call. This call is being simultaneously webcast on the company's website in the Investor Relations section under News and Events.

歡迎參加 Global-E 2024 年第三季財報公告電話會議。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。

For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

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 Debbie, Co-Founder and President. Amir will begin with a review of the business results for the third quarter of 2024. Ofer will then review the financial results for the third quarter of 2024. The followed by the company's outlook for the fourth quarter of 2024 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 ​​Debbie。Amir 將首先回顧 2024 年第三季的業務表現。奧弗隨後將審查 2024 年第三季的財務表現。接下來是公司對2024年第四季和2024年全年的展望。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 and Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events.

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。當前的期望和對未來事件的看法有關。

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to our 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.

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。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.

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。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we make no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date in which the statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release dated November 20, 2024, for additional information.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們不能保證前瞻性陳述中反映的未來結果、活動水準、績效以及事件和情況將會實現或將會發生。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。如需了解更多信息，請參閱我們於 2024 年 11 月 20 日發布的新聞稿。

In 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 operating decision making and as a means to evaluate period-to-period comparison. 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.

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。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。

For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release dated November 20, 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 November 20, 2024.

有關非 GAAP 財務指標的更多信息，請參閱我們 2024 年 11 月 20 日新聞稿中提供的調節表。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 11 月 20 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 very strong third quarter, thanks to the growing contribution of new merchant launches within the quarter. As well as growth of our existing merchants. As such, Q3 saw both GMV and revenue growth accelerating to 35% and 32%, respectively, both well above the top range of our guidance. This strong top line growth was accompanied by our continued efficiency measures and cost control, yielding an adjusted EBITDA growth rate of almost 41%, more than 7% above the midpoint of our guidance range. .

謝謝艾麗卡，歡迎大家參加我們的第三季財報電話會議。由於本季新商家推出的貢獻不斷增加，我們第三季的業績非常強勁。以及我們現有商家的成長。因此，第三季 GMV 和營收成長分別加速至 35% 和 32%，均遠高於我們指導的最高範圍。這種強勁的收入成長伴隨著我們持續的效率措施和成本控制，調整後的 EBITDA 成長率接近 41%，比我們指導範圍的中點高出 7% 以上。。

Given the successful launches of new merchants, which are trading well and a more positive consumer sentiment as of September, we expect growth to continue accelerating in Q4. To a rate of 39% year-over-year and are raising our full year guidance accordingly. We now expect annual GMV for the full year of 2024 to grow 35% and revenues to grow at 30% and adjusted EBITDA to grow almost 50% year-over-year.

鑑於新商家的成功推出、交易良好以及截至 9 月消費者信心更加積極，我們預計第四季度的成長將繼續加速。年增 39%，並相應提高我們的全年指引。我們現在預計 2024 年全年的年度 GMV 將成長 35%，營收將成長 30%，調整後的 EBITDA 將年增近 50%。

Moreover, the strong performance across the Board combined with our 2024 new merchant bookings, which are at an all-time high, further strengthen our conviction in our ability to hit the 30% mark in GMV growth again in 2025.

此外，全面的強勁表現加上 2024 年新商家預訂量創歷史新高，進一步堅定了我們有能力在 2025 年再次達到 GMV 成長 30% 大關的信心。

Beyond the financial metrics, I would also like to give you a few updates on our strategic poster and main initiatives. As you know, Global's mission is to power better global e-commerce. We are the clear leader in global e-commerce as a service. But nevertheless, we invest in adding new features and new functionalities all the time.

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。如您所知，Global 的使命是推動更好的全球電子商務。我們是全球電子商務即服務領域無可爭議的領導者。但儘管如此，我們一直在投資添加新功能和新功能。

As we continuously transformation merchants and shoppers across the world engage with one another. For example, during Q3, we went live with a new click and black option of BOPIS for buy online and pick up in store, enabling relevant merchants to enhance their multichannel reach to a global level. Merchants using BOPIS can utilize their physical stores in different countries around the world as local fulfillment hubs for global e-commerce. As well as convenient pickup locations for their shoppers, thereby enabling a better shopper experience, more efficient global stock utilization and a rise in physical store footfall.

隨著我們不斷轉型，世界各地的商家和購物者彼此互動。例如，在第三季度，我們上線了 BOPIS 的新點擊和黑色選項，用於線上購買和店內取貨，使相關商家能夠將其多通路覆蓋範圍提高到全球水平。使用 BOPIS 的商家可以利用其位於世界各地不同國家的實體店面作為全球電子商務的在地履行中心。以及為購物者提供便利的取貨地點，從而實現更好的購物體驗、更有效率的全球庫存利用率以及實體店客流量的增加。

The first US merchant to utilize this capability saw around 50% of its e-commerce sales to Canada managed through its in-country branded series during the first month of offering this option to shoppers. On the operational side, we started beta testing on several additional direct injection lanes, both outbound and inbound and on several new consolidated return lanes. As we strive to provide merchants with the best-in-class logistics offering around the globe, enhancing their efficiency while offering a better and more diverse set of options to their shoppers.

第一個利用此功能的美國商家在向購物者提供此選項的第一個月內，其對加拿大的電子商務銷售額中約 50% 是透過其國內品牌系列進行管理的。在營運方面，我們開始對幾個額外的直噴通道（出站和入境）以及幾個新的合併回程通道進行 Beta 測試。我們努力為商家提供全球一流的物流服務，提高他們的效率，同時為購物者提供更好、更多樣化的選擇。

On the duties and taxes front, our comprehensive duty drawback platform now supports additional options on stand shipping names. And we have granted early access to several merchants for a new global duty drawback program, GDDP. This new program enables merchants to provide better customer service through a simplified, transparent and hassle-free duties and taxes refinances, while leveling global shopper experiences with those of the stick ones.

在關稅和稅金方面，我們的綜合退稅平台現在支援展位運輸名稱的其他選項。我們也向多家商家授予了早期參與新全球退稅計畫 GDPP 的資格。這項新計劃使商家能夠透過簡化、透明和無憂的關稅和稅金再融資來提供更好的客戶服務，同時將全球購物者的體驗與忠實消費者的體驗保持一致。

Last but not least, we continue to invest in AI-based capabilities as the evolving landscape of large language models or LLM, enables us to make incredible leaps in service and efficiency. For example, during Q3, we rolled out a new iteration of our AI product classification tool, which leverages cutting-edge LLMs to generate a precise mapping of products in our merchants catalogs to their respective harmonized customer scopes or AGS codes.

最後但並非最不重要的一點是，隨著大型語言模型或法學碩士的不斷發展，我們將繼續投資基於人工智慧的功能，使我們能夠在服務和效率方面取得令人難以置信的飛躍。例如，在第三季度，我們推出了人工智慧產品分類工具的新版本，該工具利用尖端的法學碩士來產生我們商家目錄中的產品與其各自協調的客戶範圍或 AGS 程式碼的精確映射。

This is a crucial prerequisite for accurate duties and taxes allocations as well as shipping and import restrictions management. Compared to the previous system, which utilizes first-generation machine learning algorithms, this new LLM based tool yields increased accuracy and has the ability to learn and improve over time constantly bettering its performance.

這是準確的關稅和稅收分配以及運輸和進口限制管理的重要先決條件。與先前使用第一代機器學習演算法的系統相比，這種基於法學碩士的新工具提高了準確性，並且能夠隨著時間的推移不斷學習和改進，從而不斷提高其性能。

As our platform continues to evolve, more and more merchants sign up and go live with us. As I mentioned earlier, during the third quarter, we continued to onboard many new merchants across all different markets and verticals.

隨著我們平台的不斷發展，越來越多的商家註冊並與我們合作。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。

In North America, we went live with leading fashion brands such as the fast-growing plus-size fashion brand toured with the emerging elevated basics twin brands of news and tons with the iconic footwear brand, Dr. Martens, just to name a few. In other verticals, we went live with Raycon, a fast-growing consumer electronics brand, we want to encash (inaudible) with the cosmetics brand, John Road Beauty and with the vitamins brand, Dr. Berg.

在北美，我們與領先的時尚品牌進行了合作，例如快速增長的大尺碼時尚品牌與新興的高級基本款雙品牌的新聞巡演，以及與標誌性鞋履品牌Dr. Martens 的合作，僅舉幾例。在其他垂直領域，我們與快速成長的消費性電子品牌 Raycon 合作，我們希望與化妝品品牌 John Road Beauty 和維生素品牌 Dr. Berg 合作（聽不清楚）。

During the quarter, we also completed the successful migration of several more brands from the old Borderfree platform onto globally, including [El Ben], [Landen] and Oscar de la Renta, all of which can now enjoy benefits of trading through our cutting-edge platform and services. We also went live with many new brands across the UK and Europe, including significant launches in the sports vertical of two top Premier League and [Bundes] league football clubs, Manchester United and Byron Munich, further deepening our penetration and triggered within this vertical.

本季度，我們也完成了更多品牌從舊Borderfree 平台到全球的成功遷移，包括[El Ben]、[Landen] 和Oscar de la Renta，所有這些品牌現在都可以透過我們的切割享受交易帶來的好處：邊緣平台和服務。我們也與英國和歐洲的許多新品牌一起上線，包括在英超和德國聯賽兩家頂級足球俱樂部曼聯和拜倫慕尼黑的體育垂直領域的重大推出，進一步加深了我們在該垂直領域的滲透和觸發。

We also went live with many other brands across various verticals, including the German ski and lifestyle brand, Bogner, the British clothing brand, Trapstar, London, the Swiss science-based sportswear brand, [Ex Bionic], the Swedish horse riding brand, Equestrian Stockholm, a fast-growing Swedish swimwear brand, Bright. The UK-based Land Rover spare part site, [EloParts], the Polish clubwear brand, misbehave, the Danish handbag brand VCollective and many others.

我們也與多個垂直領域的其他品牌進行了合作，包括德國滑雪和生活方式品牌 Bogner、英國服裝品牌 Trapstar、London、瑞士科學運動服飾品牌 [Ex Bionic]、瑞典騎馬品牌 [Ex Bionic]、 Equestrian Stockholm ，快速發展的瑞典泳裝品牌Bright。總部位於英國的路虎備品網站 [EloParts]、波蘭俱樂部服裝品牌 Misbehave、丹麥手提包品牌 VCollective 等等。

Asia Pacific continued to exhibit fast growth in Q3, further gained share in our activity as more and more APAC-based brands just to go global via our platform. Examples would be the leading Australian fashion brand, Dish, the brand of sites in Japan and Hong Kong, the Japanese preowned fashion setter, Ragtag, the Hong Kong-based leather brand, Capon and the Korean sports gear brand, Dmit2.

亞太地區在第三季持續呈現快速成長，隨著越來越多的亞太地區品牌透過我們的平台走向全球，我們的活動份額進一步增加。例如，領先的澳洲時尚品牌 Dish、在日本和香港設有網站的品牌、日本二手時尚領導者 Ragtag、香港皮革品牌 Capon 以及韓國運動裝備品牌 Dmit2。

Q3 also saw several additions to our growing portfolio of luxury brands. Most notably, the web stores of Derrick Rose and luxury fashion designer, Margaret Howell in the UK, Long Sham and Paco Raban in France and the famous watches and jewelry brand, Choupal in Switzerland.

第三季我們不斷成長的奢侈品牌組合中也增加了一些新產品。最引人注目的是英國的 Derrick Rose 和奢侈時尚設計師 Margaret Howell、法國的 Long Sham 和 Paco Raban 以及瑞士著名的手錶和珠寶品牌 Choupal 的網上商店。

But the biggest news on the merchant front, is the recent launch of Harrods, probably the world's most iconic luxury department store and the last on our list of planned large merchants launched -- planned to launch this year.

但商家方面最大的新聞是哈羅德百貨公司(Harrods) 最近的開業，這可能是世界上最具標誌性的豪華百貨商店，也是我們計劃推出的大型商家名單中的最後一家- 計劃於今年開業。

Through this -- the integration with scale, the platform chosen by Harold's to support their online sales, we delivered a fully localized top-of-the-line shopping experience for every Harold's customer around the globe, including their domestic customers in the UK well in time for their traditional holiday sales. We are extremely excited to be supporting the online business of Harold's and very much look forward to growing together with them over the coming years.

透過這種與規模的整合，Harold's 選擇支援其線上銷售的平台，我們為全球每位 Harold's 客戶（包括他們在英國的國內客戶）提供了完全本地化的頂級購物體驗。銷售。我們非常高興能夠支持 Harold's 的線上業務，並非常期待在未來幾年與他們共同成長。

Apart from the launch of new merchants, as always, we also continue to expand our activity with existing brands and groups as part of our land and expand motion. During the quarter, we added all the remaining lanes with Victoria's Secret, thereby completing the phase launch as planned. We also went live with Disney in Australia and New Zealand and added support for 23 more markets on -- APAC store.

除了一如既往地推出新商戶外，我們也持續擴大與現有品牌和集團的活動，作為我們土地和擴張行動的一部分。在本季度，我們與維多利亞的秘密增加了所有剩餘的車道，從而按計劃完成了階段性啟動。我們也在澳洲和紐西蘭與迪士尼合作，並在亞太地區商店增加了對另外 23 個市場的支持。

In France, we went live with the luxury hour brand, [Paco], further expanding the list of brands we work with within the LVMH Group. We also went live with the Swiss design fashion brands, Chelsone, the second brand to go live with us out of the three brands that form the Holy Fashion Group as well as with the iconic swimmer brand Billabong, the third brand to go live of the Liberated Brands Group.

在法國，我們與奢華時光品牌 [Paco] 合作，進一步擴大了我們在 LVMH 集團內的合作品牌名單。我們也上線了瑞士設計時尚品牌 Chelsone（Holy Fashion Group 三個品牌中第二個上線的品牌）以及標誌性游泳品牌 Billabong（Holiday Fashion Group 旗下第三個上線的品牌）。

With new merchant bookings this year at an all-time high, we continue to see strong demand for our services across all geographies and verticals we serve. Moving on to some additional elements of our road map. We continue to develop and roll out new capabilities on Shopify managed markets, which continues to grow as planned and generate great value to the thousands of merchants using it. Among the new features released this past quarter, we're order editing, which provides merchants with the ability to add its international orders prior to fulfillment, support for several new alternative payment methods, and upgrades to our automated catalog analysis algorithms, allowing merchants to sell more products to more markets.

隨著今年新商家預訂量創下歷史新高，我們繼續看到我們服務的所有地區和垂直領域對我們服務的強勁需求。接下來討論我們路線圖的一些其他元素。我們繼續在 Shopify 管理的市場上開發和推出新功能，這些功能將繼續按計劃成長，並為使用它的數千名商家產生巨大價值。在上個季度發布的新功能中，我們的訂單編輯功能使商家能夠在履行之前添加國際訂單，支援多種新的替代支付方式，並升級我們的自動目錄分析演算法，使商家能夠將更多產品銷往更多市場。

During Q3, we also expanded our strategic partnership with the digital transformation leader, Trans Cosmos. Following our successful joint work in Japan, we have extended our partnership with Trans Cosmos to also cover South Korea, where we will work together to support the international online growth of their Korean clients.

第三季度，我們也擴大了與數位轉型領導者 Trans Cosmos 的策略合作夥伴關係。繼在日本的成功合作之後，我們將與 Trans Cosmos 的合作夥伴關係擴展到韓國，我們將共同支持韓國客戶的國際線上發展。

Finally, I'm happy to announce that as planned, we recently launched our demand generation offering. Based on the revamped Borderfree.com brand discovery portal. Hundreds of merchants already signed up for the launch, displaying their products on the portal and tapping into the fast-growing mass of international shoppers who can now wear the world by starting their fashion journey on Borderfree.com.

最後，我很高興地宣布，按照計劃，我們最近推出了需求生成產品。基於改版的 Borderfree.com 品牌發現入口網站。數百家商家已經報名參加此次發布會，在門戶網站上展示他們的產品，並吸引了快速增長的國際購物者群體，他們現在可以透過 Borderfree.com 開始他們的時尚之旅。

The launch is supported by our out-of-home media campaign, an online campaign across multiple channels and a shopper cashback reward offering to which many of the participating merchants have already signed up as well. These are still very early innings, but we already see an increased level of engagement and activity on the portal and believe that over time, our demand generation offering, spearheaded by Borderfree.com, will grow and provide more and more value to our merchants.

此次推出得到了我們的戶外媒體活動、跨多個管道的線上活動以及購物者現金返還獎勵計劃的支持，許多參與商家也已經簽署了該計劃。這些仍處於早期階段，但我們已經看到門戶網站上的參與度和活動水平不斷提高，並相信隨著時間的推移，由Borderfree.com 牽頭的需求生成服務將會不斷增長，並為我們的商家提供越來越多的價值。

And with that, I will now hand it over to Ofer to take you through the quarterly figures in detail and present our updated guidance for the remainder of the year.

現在，我將把它交給奧弗，讓您詳細了解季度數據，並介紹我們今年剩餘時間的最新指導。

Thank you, Amir, and thanks all of you for joining us today on our earnings call. We are pleased with our performance in the third quarter. In Q3, we experienced accelerated growth combined with healthy margins. The strong growth was driven both by the contribution of new merchants that successfully onboarded and launched as planned, and an improvement in consumer sentiment as of September.

謝謝你，阿米爾，也謝謝大家今天參加我們的財報電話會議。我們對第三季的表現感到滿意。在第三季度，我們經歷了加速成長和健康的利潤率。強勁成長的推動因素包括按計劃成功入駐和開業的新商家的貢獻以及截至 9 月份消費者信心的改善。

I'd like to point out 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. GMV continued to grow rapidly in Q3, as we generated $1.134 billion of GMV, an increase of 35% year-over-year, 4% over the midpoint of our guidance for the quarter. Our strong GMV growth was fueled by positive consumer sentiment as of September and trading volumes generated by new merchants launched, which were on the upper side of our expectations.

我想指出，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。第三季 GMV 繼續快速成長，我們實現了 11.34 億美元的 GMV，年增 35%，比本季指引的中位數高出 4%。截至 9 月積極的消費者情緒以及新商家推出的交易量超出了我們的預期，推動了我們強勁的 GMV 成長。

In Q3, we generated total revenue of $176 million, up 32% year-over-year. Service fee revenue were $82.6 million, up 32%, and fulfillment services revenue were up 31% to $93.4 million. This quarter was characterized by balanced growth. Services take rate slightly decreased from Q2 due to the loss of the Ted Baker account, which we had provided demand generation services with a high service fee take rate

第三季度，我們的總營收為 1.76 億美元，年增 32%。服務費收入為 8,260 萬美元，成長 32%，履行服務收入成長 31%，達到 9,340 萬美元。本季的特點是均衡成長。由於 Ted Baker 帳戶的遺失，服務佔用率較第二季度略有下降，該帳戶是我們提供高服務費佔用率的需求生成服務的

Fulfillment services take rate increased compared to Q2, driven by favorable mix. Non-GAAP gross profit once again outpaced top line growth. In Q3, non-GAAP gross profit was $82.3 million, up 39% year-over-year, representing a non-GAAP gross margin of 46.8% and compared to 44.4% in the same period last year, driven by operational efficiencies. GAAP gross profit was $80.1 million, representing a margin of 45.5%.

在有利的組合推動下，履行服務的使用率較第二季度上升。非公認會計準則毛利潤再次超過營收成長。第三季度，在營運效率的推動下，非 GAAP 毛利為 8,230 萬美元，較去年同期成長 39%，非 GAAP 毛利率為 46.8%，而去年同期為 44.4%。GAAP 毛利為 8,010 萬美元，利潤率為 45.5%。

Moving on to operational expenses. We continue to invest in the development and enhancement of our platforms. R&D expense in Q3, excluding stock-based compensation, was $22.8 million or 13% of revenue compared to $18.2 million or 13.6% of revenue in the same period last year.

接下來是營運費用。我們繼續投資於我們平台的開發和增強。第三季的研發費用（不含股票薪酬）為 2,280 萬美元，佔營收的 13%，而去年同期的研發費用為 1,820 萬美元，佔營收的 13.6%。

Total R&D spend in Q3 was $27 million. We also continued to invest in sales and marketing, and we continue to see a strong pipeline ahead. Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangible amortization was $21.5 million or 12.2% of revenue compared to $12.9 million or 9.6% 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 were $62.7 million.

第三季的研發總支出為 2,700 萬美元。我們也繼續投資於銷售和行銷，並且我們繼續看到未來的強大管道。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攤銷）為 2,150 萬美元，佔收入的 12.2%，而去年同期為 1,290 萬美元，佔收入的 9.6%。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 6,270 萬美元。

General and administrative expenses, excluding stock-based compensation and acquisition-related contingent consideration was $7.7 million or 4.4% of revenue. Compared to $6.7 million or 5% of revenue in the same period last year. Total G&A spend in Q3 was $11.4 million.

不包括股票薪酬和收購相關的或有對價的一般和管理費用為 770 萬美元，佔收入的 4.4%。相比之下，去年同期營收為 670 萬美元，佔營收的 5%。第三季的總管理及行政支出為 1,140 萬美元。

Adjusted EBITDA totaled $31.1 million, representing a 17.7% adjusted EBITDA margin, an increase of 41% from $22.1 million, or 16.5% margin in the same period last year. Net loss was $22.6 million compared to a net loss of $33.1 million in the year ago period. The net loss is driven mainly by the amortization expenses related to the Shopify warrant and by the transaction-related intangibles. We believe that despite the impact of the items I just mentioned, we will be close to GAAP breakeven in Q4, thanks to our growth and the peak trading period.

調整後 EBITDA 總額為 3,110 萬美元，調整後 EBITDA 利潤率為 17.7%，比去年同期的 2,210 萬美元（即 16.5%）增加了 41%。淨虧損為 2,260 萬美元，而去年同期淨虧損為 3,310 萬美元。淨虧損主要是由與 Shopify 認股權證相關的攤銷費用以及與交易相關的無形資產造成的。我們相信，儘管受到我剛才提到的項目的影響，由於我們的成長和交易高峰期，我們將在第四季度接近公認會計原則盈虧平衡。

As the amortization expenses related to the Shopify awards are expected to decrease significantly in April 2025 and ending December 2025, we believe we are on track to turn GAAP profitable in mid-2025, making 2025 our first-ever GAAP profitable year.

由於與 Shopify 獎項相關的攤銷費用預計將在 2025 年 4 月至 2025 年 12 月大幅減少，我們相信我們預計將在 2025 年中期實現 GAAP 盈利，使 2025 年成為我們有史以來第一個 GAAP 盈利年份。

Switching gears and turning to the balance sheet and cash flow statements. We continue to generate cash in the quarter. Cash flow generated by operating activities was $30.3 million compared to $26.6 million a year ago. We ended the quarter with $359 million in cash, cash equivalents, including short-term deposits and marketable securities.

切換方式並轉向資產負債表和現金流量表。我們在本季繼續產生現金。經營活動產生的現金流為 3,030 萬美元，而去年同期為 2,660 萬美元。截至本季末，我們擁有 3.59 億美元的現金、現金等價物，包括短期存款和有價證券。

Moving on to our financial outlook. We are introducing guidance for Q4 and raising our 2024 full year guidance. In Q2 2024, we are expecting GMV to be in the range of $1.615 billion to $1.685 billion. At the midpoint of the range, this represents a growth rate of 39% versus Q4 of 2023. We expect Q4 revenue to be in the range of $243 million to $255 million.

繼續我們的財務前景。我們正在引入第四季度的指引，並提高 2024 年全年指引。2024 年第二季度，我們預計 GMV 將在 16.15 億美元至 16.85 億美元之間。與 2023 年第四季相比，該範圍的中點成長率為 39%。我們預計第四季營收將在 2.43 億美元至 2.55 億美元之間。

At the midpoint of the range, this represents a growth rate of 34% versus Q4 of 2023. For adjusted EBITDA, we're expecting a profit in the range of $51.5 million to $57.5 million. At the midpoint of the range, this represents a growth rate of 55% versus Q4 of 2023.

與 2023 年第四季相比，該範圍的中點成長率為 34%。對於調整後的 EBITDA，我們預計利潤在 5,150 萬美元至 5,750 萬美元之間。與 2023 年第四季相比，該範圍的中點成長率為 55%。

For the full year of 2024, we're raising our guidance and now anticipate GMV to be in the range of $4.76 billion to $4.83 billion, representing a 35% annual growth at the middle point of the range. Revenue is now expected to be in the range of $732.9 million to $ 744.9 million, representing a growth rate of 30% at the midpoint of the range. Adjusted EBITDA, we are now expecting a profit of $135.2 million to $141.2 million, representing a growth rate of 49% at the midpoint of the range.

對於 2024 年全年，我們提高了指引，目前預計 GMV 將在 47.6 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為 35%。目前預計營收在 7.329 億美元至 7.449 億美元之間，成長率為 30%（以該範圍的中點計算）。調整後的 EBITDA，我們目前預期利潤為 1.352 億美元至 1.412 億美元，成長率為 49%，處於該範圍的中點。

In conclusion, the opportunity before us is immense as we continue to enable merchants around the globe to unlock the potential of their global direct consumer businesses. We remain focused on execution and believe we can continue to grow rapidly while generating growing free cash flow years ahead.

總之，我們面前的機會是巨大的，我們將繼續幫助全球商家釋放其全球直接消費業務的潛力。我們仍然專注於執行，並相信我們可以繼續快速成長，同時在未來幾年產生不斷增長的自由現金流。

And with that, Amir and I are happy to answer questions you might have. Operator?

至此，阿米爾和我很樂意回答您可能提出的問題。操作員？

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions).

女士們、先生們，我們現在開始問答環節。（操作員說明）。

William Nance, Goldman Sachs.

威廉·南斯，高盛。

It was great to hear the commentary on just the profitability outlook. And I was wondering -- just on that note, EBITDA margins coming in very strong. I was wondering if you could talk ready outlook for free cash flow and the conversion of EBITDA. I think historically, you've had some very elevated free cash flow conversion in fourth quarter and then it dips in the first quarter. Just wondering if you could speak to that seasonality and if that's still something we should expect.

很高興聽到有關盈利前景的評論。我想知道——就這一點而言，EBITDA 利潤率非常強勁。我想知道您是否可以談談自由現金流和 EBITDA 轉換的現成展望。我認為從歷史上看，第四季度的自由現金流轉換非常高，然後在第一季下降。只是想知道您是否可以談論這種季節性，以及這是否仍然是我們應該期待的。

Sure. Thank you, Will. It's Ofer. Yes, as you mentioned, we do have seasonality in cash flow and in free cash flow, in particular. Typically, Q2 and Q3 are quite standard. But due to the peak season in Q4 and the positive working capital that we typically have around that, Q4 is a very strong quarter. Q1 is the other way around. It's typically the slowest quarter in terms of cash flow.

當然。謝謝你，威爾。是奧弗。是的，正如您所提到的，我們的現金流尤其是自由現金流確實存在季節性。通常，Q2 和 Q3 是相當標準的。但由於第四季度的旺季以及我們通常擁有的積極營運資金，第四季度是一個非常強勁的季度。Q1 則相反。就現金流而言，這通常是最慢的季度。

Generally speaking, when we look at the full year and put aside the seasonality, free cash flow tends to be slightly above adjusted EBITDA levels. And we do expect a very strong Q4 in terms of free cash flow.

一般來說，當我們縱觀全年並拋開季節性因素時，自由現金流往往略高於調整後的 EBITDA 水準。我們確實預計第四季度的自由現金流將非常強勁。

Great. That's great to hear on the full year number, very helpful. And you announced some product enhancements, the buy on low pickup in store. I'm sure that's very operationally intensive to get that product rolled out. I'm just wondering if you could talk to kind of the client reception and just with all the product enhancements, how you're thinking about pricing and pricing power over the next couple of years.

偉大的。很高興聽到全年數字，非常有幫助。您也宣布了一些產品增強功能，即店內低價取貨購買。我確信推出該產品需要非常密集的操作。我只是想知道您是否可以與客戶接待人員以及所有產品增強功能交談，您如何考慮未來幾年的定價和定價能力。

Will, it's Nir. Thank you for the question. So we continue to invest in our product and enhance our solutions Amir mentioned a few of them from the BOPIS that we've seen great traction with the first large enterprise client. We rolled out in the shop -- in those shops in Canada. We are aiming to provide the service to many more of our enterprise clients that have global network of physical retail in order to enable them to do a global multichannel a great customer experience.

威爾，我是尼爾。謝謝你的提問。因此，我們繼續投資我們的產品並增強我們的解決方案，Amir 提到了 BOPIS 中的一些解決方案，我們已經看到第一個大型企業客戶的巨大吸引力。我們在加拿大的那些商店裡推出了。我們的目標是為更多擁有全球實體零售網路的企業客戶提供服務，使他們能夠在全球範圍內提供多通路的優質客戶體驗。

And we do it also in other fields. We do a lot of product enhancement to optimize the cost for trade for merchants such as duty drawbacks in the global Duty Drover program, we just recently released to the market and we intend to continue with that.

我們在其他領域也這樣做。我們做了很多產品改進，以優化商家的貿易成本，例如全球 Duty Drover 計劃中的關稅減免，我們最近剛剛向市場發布，我們打算繼續這樣做。

Some of it, as we build more capabilities, inherently, we can increase slightly the take rate. For example, duly -- drawback, it's a new service. merchants adopt it. Basically, there is no out-of-pocket money for them. They save money because we can now reclaim duty expenses on returns. However, we take a cut out of it.

其中一些，當我們建立更多功能時，本質上我們可以稍微提高採用率。例如，適當的缺點是，這是一項新服務。商家採用它。基本上，他們沒有自掏腰包的錢。他們節省了錢，因為我們現在可以在退貨時收回關稅費用。然而，我們從中剔除一部分。

So yes, we are able to increase our take rates. However, our merchants does not see it as an increase in fee. On the contrary, it saves costs and create efficiency for them. So on such places, we are happy to enjoy the extra margin. In general, we don't expect at the foreseeable future to increase our prices. We understand that our merchants are going out of a difficult time, the interest rates the cost of media buying for them, et cetera. So we are trying to make it more efficient for them to trade, not trying to do it or utilizing pricing power.

所以，是的，我們能夠提高我們的轉換率。不過，我們的商家並不認為這是費用的增加。相反，它為他們節省了成本，創造了效率。所以在這樣的地方，我們很樂意享受額外的利潤。總的來說，我們預計在可預見的將來不會提高價格。我們知道我們的商家正在走出一段困難時期，利率、媒體購買成本等等。因此，我們正在努力提高他們的交易效率，而不是試圖這樣做或利用定價權。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Just wanted to hit on the demand gen platform. The hundreds of merchants that you said are in the pipeline there. Can you give us a sense on how big these merchants are? What you anticipate their activity levels would be? And if you could reconfirm I believe that you've mentioned in the past that demand gen would be a gross margin uplift. Maybe we could just kind of put some weight to dollar frame that opportunity there.

只是想進入需求產生平台。你所說的數百家商戶正在那裡籌備中。您能為我們介紹一下這些商家的規模有多大嗎？您預計他們的活動量是多少？如果您能再次確認，我相信您過去曾提到過，需求成長將帶來毛利率提升。也許我們可以稍微重視一下美元框架中的機會。

Andrew, thank you. It's Nir. As you mentioned, yes, we've recently launched Borderfree.com, as a cornerstone for demand generation initiative for our partner brands. While still in its -- so it's still in its early innings. We are very excited of the long-term potential contribution to our brands in the coming years.

安德魯，謝謝你。是尼爾。正如您所提到的，是的，我們最近推出了 Borderfree.com，作為我們合作夥伴品牌需求產生計畫的基石。雖然仍處於早期階段。我們對未來幾年對我們品牌的長期潛在貢獻感到非常興奮。

And as it grows and they start to adopt it, we believe that in the coming years, it will have an effect also on our ability to generate additional take out of it. I think that in the short term, in the coming quarter, our focus would be about the penetration of the product and making sure we create value for our brands. We are seeing increase in traffic. We have more than a couple of hundreds of brands that came in already and registered.

隨著它的發展和他們開始採用它，我們相信在未來幾年，它也會對我們從中產生額外收益的能力產生影響。我認為，在短期內，在下個季度，我們的重點將是產品的滲透並確保我們為我們的品牌創造價值。我們看到流量增加。我們已經有超過數百個品牌進入並註冊。

On the midsize, most of them, the areas that joined already. I think that as we gain traction and are able to demonstrate more and more the value we can bring out of it to our merchants, we will see more and more of our clients coming in.

在中型車上，大多數是已經加入的區域。我認為，隨著我們獲得吸引力並能夠向商家展示越來越多的價值，我們將看到越來越多的客戶進來。

At this stage, I don't think it will have any impact on our take rates or top line. I believe that once we're building it into the coming quarters, and we will see the adoption rate and the value we create, we might start to see some traction there.

在現階段，我認為這不會對我們的轉換率或營收產生任何影響。我相信，一旦我們將其構建到未來幾個季度，我們將看到採用率和我們創造的價值，我們可能會開始看到一些吸引力。

Great. And then on my follow up, I just want to talk about managed markets. Last time we spoke, I believe you mentioned that it was tracking ahead of plan. But I guess as we kind of think about '25 from a product perspective, is that also tracking ahead of plan? And what do you think that could mean as far as is further adoption for managed markets in the year ahead?

偉大的。然後在我的後續行動中，我只想談談管理市場。上次我們談話時，我相信您提到它正在提前計劃。但我想，當我們從產品角度思考 25 世紀時，這是否也超越了計畫？您認為這對未來一年管理市場的進一步採用意味著什麼？

Yes. It's Amir, it's as you said, managed market is indeed tracking well. And the same goes for adding new features and new capabilities. And thanks to that, it's continuing to gain traction within the Shopify merchant base, and we expect that trend to continue into next year as the product gradually improves. So we expect the merchant adoption curve to improve as well.

是的。是阿米爾，正如你所說，管理市場確實進展順利。新增功能和新功能也是如此。正因為如此，它在 Shopify 商家群體中繼續受到關注，我們預計隨著產品的逐步改進，這種趨勢將持續到明年。因此，我們預期商家採用曲線也會有所改善。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

I wanted to ask a question on the GMV guide for the fourth quarter. Just kind of looking at the midpoint of the guide, that implies GMV is adding about $516 million sequentially. That's a pretty big absolute number. It's up 47% year-over-year. When I do look at 4Q last year, the sequential net add in GMV was up 60% to 350. So I know that growth was there before. So I just wanted to kind of dig in a little bit more here. Definitely hear you on all the launches and all the good news there. But what are you seeing in the transaction trends quarter-to-date that's giving you the confidence in that guide?

我想問一個關於第四季GMV指南的問題。只要看一下指南的中點，這意味著 GMV 連續增加約 5.16 億美元。這是一個相當大的絕對數字。較去年同期成長 47%。當我查看去年第四季時，GMV 環比淨增加了 60%，達到 350。所以我知道成長之前就已經存在了。所以我只是想在這裡再深入一點。肯定會聽到您關於所有發布和所有好消息的消息。但是，您從本季至今的交易趨勢中看到了什麼，這讓您對該指南充滿信心？

Yes. Thank you for that, Koji, it's all fair. Basically, what we have seen, there are two drivers behind that basically built our confidence around the Q4 guide. The first one is, as you mentioned, the merchants, the successful merchant launches that we had throughout the second half of the year. We did obviously call out many names, including some of the larger ones, Victoria's Secret, Harrods and Manchester United and some of the others. So basically, those have launched on plan. And as we mentioned, they're trading well. They're trading on the higher side of our expectations. So this is definitely one strong driver.

是的。謝謝你，Koji，一切都很公平。基本上，我們所看到的，背後有兩個驅動因素，基本上建立了我們對第四季指南的信心。第一個是，正如您所提到的，商家，我們在今年下半年成功推出了商家。顯然，我們確實點出了很多名字，包括一些較大的品牌，維多利亞的秘密、哈羅德百貨和曼聯以及其他一些品牌。基本上，這些都已按計劃啟動。正如我們所提到的，他們的交易狀況良好。他們的交易價格高於我們的預期。所以這絕對是一位強大的驅動力。

The second one is the improved consumer sentiment unlike the first half, which was surprisingly stable, the second half continues to be very volatile in terms of consumer sentiment. We saw -- as we mentioned in the previous quarter, softness in July and the deep going into August.

第二個是消費者信心的改善，與上半年出乎意料的穩定不同，下半年消費者信心持續大幅波動。正如我們在上一季提到的，我們看到了 7 月的疲軟和進入 8 月的深度。

However, in September, it picked up very nicely and that continued through October and the beginning of November. So as we know, this is out of our control, and it may be -- may continue to be volatile. We haven't incorporated the highest numbers that we have seen in the past month or two, but we are also much more encouraged compared to what we saw in August, and that also is driving some of the growth.

然而，到了 9 月份，情況好轉了，並且一直持續到 10 月份和 11 月初。據我們所知，這是我們無法控制的，而且可能會繼續波動。我們沒有納入過去一兩個月所看到的最高數字，但與八月看到的相比，我們也更加受到鼓舞，這也推動了部分成長。

Scott Berg, Needham.

史考特伯格，李約瑟。

Have a really nice quarter here. I guess two for me. We'll start with your bookings and revenue growth year-to-date. I don't know if it's going to be premier or near. But as you think about the composition of what your bookings have looked like year-to-date, and I know we get net revenue retention on the fourth quarter number, has that shifted at all? You landed a really large company last year, and I know that launch went well, but that launch was larger than typical. Just didn't know if you're seeing more customers this year. Try the lane, really big with 10, 20, 30 markets versus the historical cadence that might be laid a little bit small, but have strong expansion activity over time.

在這裡度過一個非常愉快的季度。我猜對我來說有兩個。我們將從您今年迄今的預訂量和收入成長開始。我不知道它是否會成為首要的或接近的。但是，當您考慮今年迄今為止的預訂量的組成時，我知道我們在第四季度的數字中獲得了淨收入保留，這種情況是否發生了變化？去年，您收購了一家非常大的公司，我知道該公司的推出進行得很順利，但該公司的規模比平常更大。只是不知道今年您是否會看到更多客戶。試試這條通道，它確實很大，有 10、20、30 個市場，而歷史節奏可能有點小，但隨著時間的推移會有很強的擴張活動。

Scott, it's Nir. So we are very happy with the year-to-date results on bookings. We are at a record level of bookings. We have seen great momentum in the market with large enterprises signing in and going live, Victoria's Secret, which actually gave us most of the global e-commerce outside a few specific distribution markets, local distribution market, single for hard where we took over not only all of the global markets, but also the domestic market in the UK as part of our multi-local strategy.

史考特，我是尼爾。因此，我們對今年迄今的預訂結果非常滿意。我們的預訂量創下歷史新高。我們看到了市場的巨大勢頭，大型企業簽約並上線，維多利亞的秘密，這實際上為我們提供了除了少數特定分銷市場、本地分銷市場之外的大部分全球電子商務，我們接手的地方很難。作為我們多本地策略的一部分，不僅包括所有全球市場，還包括英國國內市場。

We have seen the same also with Manchester United, where we've taken not only the global expansion, but also the local market as part of the multi-local strategy. So we do see positive effects of large merchants actually launching with virtually almost everything that they have to give on global e-commerce and even the domestic e-commerce as part of it.

我們在曼聯也看到了同樣的情況，我們不僅進行全球擴張，還將本地市場作為多本地策略的一部分。因此，我們確實看到大型商家實際上為全球電子商務甚至國內電子商務提供了幾乎所有的一切，從而產生了積極影響。

And I think that -- we do see a robust pipeline also looking into 2025. We are very optimistic with the advanced stages in the funnel. We see conversion of leads into deals staying strong. So we're quite optimistic this is going to continue also going into 2025.

我認為，我們確實看到了 2025 年的強勁管道。我們對漏斗的高級階段非常樂觀。我們看到潛在客戶轉換為交易的轉換率保持強勁。因此，我們非常樂觀地認為這種情況將持續到 2025 年。

Very helpful. And then, Ofer, you kind of noted that G&A expenses were down quarter-over-quarter, but they were down on a seasonal nature, much more than what we've seen historically. Anything led to that? I'm really just trying to think about modeling for Q4 and into next year, if that might be a lower rate more sustainably going forward?

非常有幫助。然後，奧弗，您注意到一般管理費用環比下降，但下降是季節性的，比我們歷史上看到的下降幅度要大得多。有什麼原因導致的嗎？我真的只是想考慮第四季度和明年的建模，這是否可能是一個更可持續的較低利率？

Yes, we had some one-off expenses, some of it related to timing, some really one-offs in Q2. So basically, if you look at Q3 and or maybe something in the middle between the two quarters, this should be the representing pace going forward. Obviously, as we are growing, we expect this expense to grow over time. But as a base, I think you can look at the midpoint between the quarters.

是的，我們有一些一次性支出，其中一些與時間安排有關，有些在第二季確實是一次性的。所以基本上，如果你看看第三季或兩季之間的中間情況，這應該是未來的代表性步伐。顯然，隨著我們的成長，我們預計這筆費用會隨著時間的推移而增加。但作為基礎，我認為你可以看看季度之間的中點。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Maybe, first, just going back to Borderfree.com, I guess how should we think about what you're embedding into 4Q expectations from that launch? If anything, and how should we think about maybe what the take rate implications there are that you're thinking through the fourth quarter and into next year?

也許，首先，回到 Borderfree.com，我想我們應該如何考慮您在該發布中嵌入到第四季度預期中的內容？如果有的話，我們應該如何考慮您在第四季度和明年考慮的採取率影響？

It's Ofer. In Q4, we are embedding mainly expenses related to Borderfree.com, we have launched the product. There are some associated with that. We don't expect to see any revenue yet. As Nir mentioned, currently, our main objective is to create value for the merchants and create their confidence in this survey.

是奧弗。在第四季度，我們主要嵌入與 Borderfree.com 相關的費用，我們已經推出了產品。有一些與此相關的內容。我們預計還不會看到任何收入。正如Nir所提到的，目前我們的主要目標是為商家創造價值，讓他們對這項調查產生信心。

So I would say that in the short term, and again, going into at least the first half of next year, nothing significant on the top line. We do have some expenses related to the service. It's already embedded in the Q4 guide.

因此，我想說，從短期來看，至少到明年上半年，營收並沒有重大變化。我們確實有一些與服務相關的費用。它已經嵌入到第四季度指南中。

Great. And then I know you mentioned bookings in the prior question as well. But I guess, I just -- the comment that Harrod is the last major launch of this year. Does that imply that there are other large merchants that you booked, but at this point, we'll wait to go live in 2025? And if that is the case and how should we think about maybe seasonality that you're thinking about 2025 -- go-lives, is it looking like it should be similar in the first half as it was in 2024?

偉大的。然後我知道您在上一個問題中也提到了預訂。但我想，我只是——哈羅德是今年最後一次重大推出的評論。這是否意味著您預訂了其他大型商戶，但目前我們將等到 2025 年上線？如果是這種情況，我們應該如何考慮您正在考慮的 2025 年的季節性——上線，看起來上半年應該與 2024 年相似嗎？

As you understood, we do have a robust pipeline. Some of it is already signed, not only in advanced stages. So those are projects in motion. They would not launch this year. I don't think we would see material change in the timing of it versus what we've seen in 2024. But we do expect, I would say, a couple of nice sized merchants to launch in the first half. I don't think that Q1, we would see any significant contribution as we have in this year for new merchants. But I think that as of Q2, we would start to see it rise.

正如您所了解的，我們確實擁有強大的管道。其中一些已經簽署，而且不僅處於後期階段。這些都是正在進行中的項目。他們今年不會推出。我認為與 2024 年相比，我們不會看到它的時間發生重大變化。但我想說，我們確實預計上半年會推出一些規模不錯的商家。我認為第一季我們不會像今年那樣為新商家帶來任何重大貢獻。但我認為從第二季開始，我們將開始看到它上升。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

Great. I wanted to ask quickly on take rates, a little bit of clarification there. You mentioned Ted Baker as one of the drivers of service fee take rate decel. But when you strip them out, with services fee have been stable to maybe slightly up versus last quarter. And then similarly in fulfillment, you had alluded to a broad-based AOV increase last quarter, which was compressing fulfillment acreage. Was that not a factor this quarter? And how should we think about the trajectory of both over the near to medium term?

偉大的。我想快速詢問接受率，對此進行一些澄清。您提到泰德貝克（Ted Baker）是服務費率下降的推動者之一。但當你剔除它們時，服務費一直穩定，與上季相比可能略有上升。同樣，在履行方面，您提到了上季度 AOV 的廣泛增長，這壓縮了履行面積。這不是本季的因素嗎？我們該如何看待兩者在中短期內的發展軌跡？

James, it's Ofer. Thank you for the question. In terms of the service fee take rate, yes, as we mentioned, the main impact is from the debt Baker account. And basically, when you put that aside, we were quite stable this quarter. And we expect to see stability on that side going forward.

詹姆斯，我是奧弗。謝謝你的提問。就服務費收取率而言，是的，正如我們所提到的，主要影響來自貝克帳戶的債務。基本上，當你把它放在一邊時，我們本季相當穩定。我們預期未來這方面會維持穩定。

In terms of fulfillment take rates, as always, it's much more volatile than service fee because there are different parameters impacting AOV, the mix, multi-local and so on and so forth. This quarter, we had a positive mix, so that had a positive impact. It was actually expected, but it was our expectations at reality or reality met our expectation.

就履行率而言，一如既往，它比服務費波動更大，因為影響 AOV、混合、多本地等的參數不同。本季度，我們進行了積極的組合，因此產生了積極的影響。這實際上是預料之中的，但這是我們對現實的期望或現實滿足了我們的期望。

In terms of an AOV actually slightly decreased in Q3. So we haven't seen a trend from Q2 continuing. When we look forward and try to think what the fulfillment take rates would be. I think that Q4 take rates, which are a bit lower as embedded in our guidance would be a good pace for next year. This quarter is slightly higher than what we see as the ongoing take rate there.

就 AOV 而言，第三季實際上略有下降。因此，我們沒有看到第二季的趨勢持續下去。當我們展望並嘗試思考實現率會是多少。我認為第四季度的採用率（如我們的指導中所包含的那樣略低）將是明年的良好步伐。本季略高於我們所看到的持續採用率。

Chris Zang, UBS.

克里斯臧，瑞銀集團。

On what's embedded in your Q4 guidance in terms of merchant launches. So you've talked about completing the last merchant launch for this year, then you also have a number of smaller merchants, mid-size merchants and I assume those you have better visibility for. But the other part is for supply managed markets, just wondered what's the ramp-up pattern throughout the fourth quarter of last year. And since it's more of a turn inclusion based on our understanding, it's a lot easier to turn it on. Do you expect continued onboarding of new shop managed markets merchants throughout the rest of the fourth quarter, even during the holiday shopping season.

關於第四季商家發布指南中包含的內容。因此，您談到了今年完成最後一次商家推出，那麼您還有一些小型商家、中型商家，我認為您對這些商家有更好的知名度。但另一部分是針對供應管理市場的，只是想知道去年第四季的成長模式是什麼。而且由於它更多的是基於我們的理解的回合包含，因此打開它要容易得多。您是否預計在第四季度剩餘時間內，甚至在假期購物季，將繼續引入新的商店管理市場商家？

Yes. So thank you for the question. It's Ofer. I think that, generally speaking, as in every year, we see the less significant launches on the calendar typically around October. Sometimes, you see a few going into November. We do have some smaller merchants also onboarding or launching after that.

是的。謝謝你的提問。是奧弗。我認為，一般來說，就像每年一樣，我們通常會在十月左右看到日曆上不太重要的發布。有時，您會看到一些進入十一月的情況。之後我們確實有一些較小的商家也加入或推出。

But generally speaking, the larger merchants or decent sized merchants wouldn't go after October because everybody is preparing for the peak season. And then once the peak is behind us typically, everybody goes into the holiday season. So you see a few launches in December, but nothing significant that would impact the results. And then typically, we start seeing, again, merchants getting back to work and sort of prioritizing this project as of mid-January, beginning of February. So typically, you see additional launches coming in towards the end of Q1 and Q2. So that would be the standard cadence and this is what we are seeing now as well.

但一般來說，10月份以後，無論是規模較大的商家或規模較大的商家都不會去，因為大家都在為旺季做準備。一旦高峰期過去，每個人都會進入假期。因此，您會在 12 月看到一些發布，但沒有任何重大事件會影響結果。然後，通常情況下，我們會再次看到商家重新開始工作，並從一月中旬、二月初開始優先考慮該專案。因此，通常情況下，您會在第一季末和第二季末看到更多發布。這將是標準節奏，這也是我們現在所看到的。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

This is John on for Brian. I wanted to ask on the sales cycles for enterprise customers. I realize that each customer journey is going to be different here, and there's certainly seasonality with the holidays was wondering if you could speak to the timing of sales cycles? How does have trended versus earlier in the year? And as you attracted larger and larger brands to the platform, is that maybe helping with the pace of sales cycles? And then I have a quick follow-up.

這是約翰替布萊恩代言。我想問一下企業客戶的銷售週期。我意識到這裡每個客戶的旅程都會有所不同，而且假期肯定有季節性，想知道您是否可以談談銷售週期的時間表？與今年稍早相比，趨勢如何？隨著您吸引越來越大的品牌加入該平台，這是否有助於加快銷售週期的步伐？然後我會進行快速跟進。

It's Nir. Thank you for the question. So with enterprise clients, I think over the last two or three years, we did see an improvement in the sales cycle timing -- it comes from multiple factors. It's us gaining much more experience onboarding and launching enterprise merchants. It's getting the, I would say, all the clarifications on the financial stability, et cetera, much quicker due to our positioning as a publicly traded company, as a stable company that generates cash every quarter. And going into multiple other factors that we sharpened over the yield.

是尼爾。謝謝你的提問。因此，對於企業客戶，我認為在過去的兩三年裡，我們確實看到了銷售週期時間的改善——這來自多個因素。我們在加入和啟動企業商家方面獲得了更多的經驗。我想說，由於我們作為一家上市公司的定位，作為一家每個季度都會產生現金的穩定公司，因此有關金融穩定性等的所有澄清要快得多。並考慮我們對收益率進行了強化的多個其他因素。

We do see additional potential for improvement. I don't think it will be materially different. It takes to sell an enterprise, a large enterprise client. The sales cycle typically runs around six months, and the launching of it would be in the realm of three months, four months, depending on the phases, depending on the complexity of their asks.

我們確實看到了額外的改進潛力。我認為這不會有本質上的不同。需要出售一個企業，一個大企業客戶。銷售週期通常約為六個月，而發布週期將在三個月、四個月左右，具體取決於階段，取決於他們要求的複雜程度。

So most of the clients, enterprise clients we would launch in 2025 and will [emperor] 2025 are already in the sales funnel. Some of them, as I said earlier, are already signed. Some of them are in early to advanced stages. And on the back of it, we will see them converting and launching throughout the year.

因此，我們將在 2025 年和[皇帝] 2025 年推出的大多數客戶、企業客戶已經在銷售漏斗中。正如我之前所說，其中一些已經簽署。其中一些處於早期到晚期階段。在此基礎上，我們將看到它們在全年中進行轉換和推出。

Great. That's really good. And then maybe just a follow-up on the earlier commentary on managed markets. I was wondering if you could share any update there on as you've added more features how you're seeing maybe merchant size changing there? And also, any color on the pace of merchant vision for managed markets.

偉大的。那真是太好了。然後也許只是之前有關管理市場的評論的後續行動。我想知道您是否可以分享任何更新，因為您添加了更多功能，您認為那裡的商家規模可能會發生什麼變化？而且，對管理市場的商人願景的步伐有任何影響。

Yes, sure. This is Amir. Yes, as expected, we do see a gradual increase in the pace and somewhat also the number of slightly larger merchants that are joining, but these are very gradual processes because it's dependent on a collection of various features and how applicable they are to various merchants. We don't expect any kind of major step-ups, just tenuous gradual improvement as we roll out more and more features.

是的，當然。這是阿米爾。是的，正如預期的那樣，我們確實看到加入速度逐漸加快，加入的規模稍大的商家數量也有所增加，但這些都是非常漸進的過程，因為它取決於各種功能的集合以及它們對各種商家的適用程度。我們並不期望有任何重大的進步，只是隨著我們推出越來越多的功能而進行微弱的逐步改進。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Congratulations. Amir, how do we think about what the possible impact would be on your business if we end up getting higher tariffs and potentially universal tariffs in the United States.

恭喜。阿米爾，如果我們最終在美國徵收更高的關稅和潛在的普遍關稅，我們如何考慮對您的業務可能產生的影響。

Yes. Pat, it's a good question. I think it has two sides to it from our position. On the one hand, obviously, higher tariffs make it harder for US shoppers to buy or for out of the US merchants to sell. We believe that as long as they are not extremely high unreasonable tariffs, the impact will probably be there on the grander scale, but it should not be that detrimental for the -- let's say, the type of goods and price points that we mainly deal with.

是的。帕特，這是個好問題。我認為從我們的立場來看，它有兩個面向。一方面，顯然，更高的關稅使美國購物者更難購買，也更難讓美國商家更難銷售。我們認為，只要不是極高的不合理關稅，影響可能會更大，但對於我們主要經營的商品種類和價位來說，應該不會有那麼大的損害。

On the other hand, it is important to remember that we're in the business of helping merchants to overcome trade barriers. So in a way, additional trade barriers in this case, in the form of tariffs actually make our offering more valuable for merchants that want to serve the US as the biggest e-commerce markets in the world.

另一方面，重要的是要記住，我們的業務是幫助商家克服貿易壁壘。因此，在某種程度上，在這種情況下，以關稅形式出現的額外貿易壁壘實際上使我們的產品對於那些希望為美國這個世界上最大的電子商務市場提供服務的商家來說更有價值。

So if we take prior examples like the introduction of Brexit rules into the market, historically, we've seen that a change like Brexit was good for our business. Yes, UK merchants took a hit. But on the other hand, it's made our service so much more valuable for them and for European merchants that were selling into the UK because now everyone had to overcome additional export or import challenges depending on which side you look at it from. So in general, that's our assumption going forward.

因此，如果我們以先前的例子為例，例如將英國脫歐規則引入市場，從歷史上看，我們已經看到英國脫歐這樣的變化對我們的業務有利。是的，英國商人受到了打擊。但另一方面，這使我們的服務對他們和向英國銷售產品的歐洲商人來說變得更有價值，因為現在每個人都必須克服額外的出口或進口挑戰，這取決於你從哪一方面來看。總的來說，這是我們未來的假設。

(Operator Instructions) Maddie Schrage, KeyBanc Capital Markets. .

（操作員指示）Maddie Schrage，KeyBanc 資本市場。。

I just wanted to go back to the demand generation portion again. Wondering if the expenses that you guys are incurring right now are going to be recurring expenses or if these are kind of onetime expenses baked into guidance. And then my second question for you, any geo callouts. Obviously, the US seems strong, but are there goals to do additional geo penetration.

我只是想再次回到需求產生部分。想知道你們現在產生的費用是否會成為經常性費用，或者這些費用是否屬於納入指導的一次性費用。然後是我要問你的第二個問題，任何地理標註。顯然，美國似乎很強大，但是否有進一步擴大地理滲透的目標。

Maddie, it's Ofer. Thanks for the question. Regarding the expenses related to demand gen. They're not onetime obviously, there is higher expense around the launch, but there will be ongoing expenses. We are promoting this product traffic to Borderfree.com, so there will be expenses going forward. In terms of -- on your second question.

麥迪，我是奧弗。謝謝你的提問。關於與需求產生相關的費用。顯然，它們不是一次性的，發布期間會有更高的費用，但也會有持續的費用。我們正在向 Borderfree.com 推廣該產品流量，因此未來將會產生費用。就你的第二個問題而言。

Yes. Just to be clear, we do expect going forward, the rate of investment in demand generation, will not create any material difference in the level of spend on sales and marketing from what you see today.

是的。需要明確的是，我們確實預計，未來需求產生的投資率不會對銷售和行銷支出水準造成任何實質差異。

And regarding the second part of the question, as I mentioned, we have seen a better consumer sentiment around the globe. But I can call out Europe as the continent that the highest rise. But at the same time, I would mention that it was really down year-to-year. When you look at Ladenburg, the base was pretty low. So we have seen a very good trade in Europe, the destination market. It's not only the low base. Europe is at least currently doing well in terms of (technical difficulty) .

關於問題的第二部分，正如我所提到的，我們看到全球消費者信心有所改善。但我可以說歐洲是崛起最高的大陸。但同時，我要提到的是，它確實逐年下降。當你看看拉登堡時，你會發現基礎相當低。所以我們在目的地市場歐洲看到了非常好的貿易。不只是基數低。歐洲至少目前在以下方面表現良好（技術難度）。

Mark Zgutowicz, Benchmark.

馬克·茲古托維奇，基準。

And apologies if this was asked. I'm just jumping from another earnings call. But in terms of Shopify managed markets, I'm just curious, you had a target of roughly [$200 million to $300 million] for the year. Just curious if the GMV contribution is coming in at the lower versus higher end of that range. And maybe if you can just talk about the related GMV pickup that you expect to see perhaps into next year as perhaps there's more co-promotion between your Shopify and yourself?

如果有人問這個問題，我深感抱歉。我剛結束另一場財報電話會議。但就 Shopify 管理的市場而言，我只是很好奇，你們今年的目標約為 [2 億至 3 億美元]。只是好奇 GMV 貢獻是否處於該範圍的較低端與較高端。也許您可以談談您預計明年可能會看到的相關 GMV 提升，因為您的 Shopify 和您自己之間可能會有更多的聯合促銷？

Yes. So thank you for the question. I think that looking at this year, we are not at the top range and not the broad range, but we are within the range I mentioned. And so as we already mentioned in the call, it's going pretty well as planned. This is regarding 2024. Going forward, we do expect to see continuous adds of merchants coming in. We don't expect to see any step change, but we do expect this offering to continue and grow.

是的。謝謝你的提問。我認為，從今年來看，我們不是處於最高範圍，也不是廣泛範圍，但我們處於我提到的範圍之內。正如我們在電話中已經提到的，一切都按計劃進行得非常順利。這是關於2024年的。展望未來，我們確實預計會看到不斷增加的商家進來。我們預計不會出現任何重大變化，但我們確實預計該產品將繼續並成長。

There are no further questions at this time. I will now turn the call over to Amir for closing remarks.

目前沒有其他問題。現在我將把電話轉給阿米爾做總結發言。

Thank you, everyone, for joining us on this call today. Before we conclude, I would just like to take this opportunity and thank all of our amazing globally staff members who have worked tirelessly over the past months to onboard new merchants to support our existing merchants and to make all the necessary preparations to ensure that all of them will be fully ready to serve their global clients during the all-important peak trading period.

謝謝大家今天加入我們的電話會議。在我們結束之前，我想藉此機會感謝我們所有出色的全球員工，他們在過去幾個月裡不知疲倦地工作，為新商戶提供支持，以支持我們現有的商戶，並做好一切必要的準備，以確保所有他們將做好充分準備，在最重要的高峰交易期間為全球客戶提供服務。

I would also like to thank you all for your ongoing support and your shared belief and our vision to transform the world of global direct-to-consumer e-commerce. As we head into the holiday period and on behalf of all of us here at globally, I would like to wish you a happy and successful holiday season, and we very much look forward to updating you again on our calls as we continue our exciting and rapid path to capture the immense opportunity that lies ahead of us. Until next time, goodbye to you all and take care.

我還要感謝大家的持續支持、共同信念以及我們改變全球直接面向消費者的電子商務世界的願景。在我們即將進入假期期間，我謹代表全球所有人祝愿您度過一個愉快而成功的假期，我們非常期待在我們繼續我們激動人心的活動時再次通過電話向您通報最新情況。眼前的巨大機會的捷徑。下次見，大家保重。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask to please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請斷開您的線路。