Global-E Online Ltd (GLBE) 2024 Q4 法說會逐字稿

Welcome to the Global-E fourth-quarter and full-year 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 年第四季和全年財報公告電話會議。本次電話會議將在公司網站的「新聞和事件」下的「投資者關係」欄位下同步進行網路直播。

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

為了致開幕詞和介紹，我現在將電話轉給 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 Shlachet, Co-Founder and Chief Executive Officer; Ofer Karan, 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 2024. Ofer will then review the financial results for the fourth quarter and full year of 2024, followed by the company's outlook for the first quarter and full year of 2025. We will then open the call for questions.

謝謝，早安。今天與我一起出席的還有 Global-E 的共同創辦人兼執行長 Amir Shlachet； Ofer Karan，財務長；以及聯合創始人兼總裁 Nir ​​Debbi。阿米爾將首先回顧 2024 年第四季和全年的業務表現。隨後，奧弗將回顧 2024 年第四季和全年的財務業績，然後展望公司 2025 年第一季和全年的前景。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 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聲明可能構成《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》的安全港條款所定義的前瞻性聲明和信息，這些聲明和信息與我們當前的預期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 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 Risk 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對未來事件的當前看法，並不構成對未來表現的保證。由於多種因素，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 日向美國證券交易委員會提交的招股說明書中「風險因素」部分以及向美國證券交易委員會提交或提供的其他文件中列出的因素。

These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this call. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur.

這些聲明反映了管理層對未來事件和經營業績的當前預期，並且僅代表截至本次電話會議之日的觀點。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，但我們無法保證前瞻性陳述中反映的未來結果、活動水準、績效和事件和情況將會實現或發生。

Except as required by applicable law, we make no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which these statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release dated February 19, 2025, for additional information. 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 the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operating decision making and as a means to evaluate period-to-period comparison.

除適用法律要求外，我們沒有義務在作出這些前瞻性陳述之日後更新或公開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，或為了反映意外事件的發生。請參閱我們 2025 年 2 月 19 日發布的新聞稿以獲取更多資訊。此外，我們今天將討論的某些指標是非 GAAP 指標。本財務資訊的呈現並非旨在單獨考慮，也不是旨在替代或優於根據 GAAP 編制和呈現的財務資訊。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一種手段。

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.

我們相信，這些指標提供了有關經營業績的有用信息，增進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 February 19, 2025. 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 19, 2025.

有關非 GAAP 財務指標的更多信息，請參閱我們 2025 年 2 月 19 日發布的新聞稿中提供的對帳表。在整個電話會議中，我們提供了一些我們管理層使用且我們行業競爭對手經常使用的關鍵績效指標。我們在 2025 年 2 月 19 日的新聞稿中更詳細地討論了這些和其他關鍵績效指標。

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

現在我將把電話轉給聯合創始人兼執行長阿米爾 (Amir)。

Thank you, Erica, and welcome, everyone, to our fourth quarter and full year 2024 earnings call. 2024 was yet another record breaking year for us here at Global-E, as we continue to diligently execute on our strategy and further solidify Global-E's leadership position in the global e-commerce space.

謝謝你，艾莉卡，歡迎大家參加我們的 2024 年第四季和全年財報電話會議。 2024 年對 Global-E 來說又是破紀錄的一年，我們將繼續努力執行我們的策略，進一步鞏固 Global-E 在全球電子商務領域的領導地位。

2024 was brought to a great close by a fourth quarter, which was our strongest quarter ever, and came in well above our guidance on all metrics. We finished Q4 with a record $1.71 billion in GMV, up 44% year on year, and we've record revenues of $263 million, up 42% year-on-year, supported by the strong performance of our merchants over the holiday sales period, including the Black Friday and Cyber Monday weekend. The adjusted gross profit margin for Q4 was nearly 46%, up almost 330 basis points from the same quarter of last year.

2024 年第四季圓滿結束，這是我們有史以來最強勁的一個季度，所有指標都遠高於我們的預期。我們第四季的 GMV 達到創紀錄的 17.1 億美元，比去年同期成長 44%，營收達到創紀錄的 2.63 億美元，比去年同期成長 42%，這得益於我們商家在「黑色星期五」和「網路星期一」週末等假日銷售期間的強勁表現。第四季調整後的毛利率接近46%，較去年同期成長近330個基點。

Gross margin expansion, coupled with our continued focus on operational excellence and execution, enabled us to reach a key milestone in our journey in Q4. For the first time ever, our quarterly adjusted EBITDA margin crossed the 20% mark, which was the long-term profitability target we set for ourselves at the IPO, less than four years ago, lending at 21.7% or $57.1 million, reflecting more than 62% growth compared to the same quarter last year. Such increased profitability, coupled with the usual seasonality effect, yielded accelerated cash generation, with the business generating nearly $130 million in operational cash flows in Q4.

毛利率的擴大，加上我們對卓越營運和執行的持續關注，使我們在第四季度達到了發展歷程中的一個重要里程碑。我們的季度調整後 EBITDA 利潤率有史以來首次突破 20% 大關，這也是我們在不到四年前 IPO 時為自己設定的長期盈利目標，貸款率為 21.7% 或 5710 萬美元，與去年同期相比增長了 62% 以上。獲利能力的提升，加上通常的季節性影響，加速了現金產生，該業務在第四季度產生了近 1.3 億美元的營運現金流。

Not only that, but in Q4, we reached GAAP profitability for the first time since the IPO, another incredible milestone for us. We expect 2025 as a full year to exhibit, for the first time in our history as a public company, a strong GAAP profitability as well, on top of the continuation of our multiyear strong free cash flow generation.

不僅如此，在第四季度，我們自 IPO 以來首次實現了 GAAP 盈利，這對我們來說又是一個令人難以置信的里程碑。我們預計，2025 年全年將在延續多年強勁的自由現金流產生的基礎上，首次在上市公司歷史上實現強勁的 GAAP 獲利能力。

As we report to you today the results for 2024, we are quickly approaching our fourth anniversary as a public company. As such, it is an opportunity to pause and reflect on our growth journey over the last few years. And what an incredible journey it has been.

當我們今天向您報告 2024 年的業績時，我們很快就要迎來上市公司四週年紀念日了。因此，這是一個停下來反思我們過去幾年成長歷程的機會。這是一趟多麼令人難以置信的旅程。

GMV for the full year of 2024 came in at close to $4.86 billion, and revenues for the full year came in at almost $753 million. This is more than 6x the GMV and 5.5x the revenue we had in 2020, the last full year prior to our IPO just four years ago.

2024 年全年 GMV 接近 48.6 億美元，全年營收接近 7.53 億美元。這相當於我們四年前 IPO 前最後一整年（2020 年）的 GMV 的 6 倍多和收入的 5.5 倍。

Our annual adjusted gross profit reached nearly $350 million in 2024, more than 8 times what we had in 2020, as our top line growth was coupled with a robust expansion of our adjusted gross profit margin, from just 32% at IPO, to 46.5% in 2024, an increase of 14.5 percentage points or more than 45% during this four-year period.

2024 年，我們的年度調整後毛利達到近 3.5 億美元，是 2020 年的 8 倍多，因為我們的營收成長與調整後毛利率的強勁擴大相結合，從 IPO 時的 32% 增至 2024 年的 46.5%，在這四年期間增加了 14.5 個百分點，即 45%。

Moreover, adjusted EBITDA for 2024 was roughly $141 million, growing even faster at almost 11 times compared to 2020, and representing a staggering compounded annual growth rate of over 80%, driven primarily by our operational leverage and commitment to cost control, coupled with our track record of delivering fast and durable growth.

此外，2024 年調整後的 EBITDA 約為 1.41 億美元，與 2020 年相比增長更快，幾乎增長了 11 倍，年複合增長率高達 80% 以上，這主要得益於我們的營運槓桿和對成本控制的承諾，再加上我們實現快速持久增長的記錄。

Accordingly, net operating cash flows grew to nearly $170 million for the year, yielding a cash and cash equivalents balance of nearly $0.5 billion at the end of 2024. As such, we believe that our consistent growth trajectory, together with our strong cash generation ability, will provide the necessary fuel to support our growth plans in the future as well, both organic and inorganic.

因此，全年淨經營現金流成長至近 1.7 億美元，到 2024 年底現金和現金等價物餘額接近 5 億美元。因此，我們相信，我們穩定的成長軌跡加上強大的現金創造能力將為我們未來的有機和無機成長計畫提供必要的動力。

Looking back at the last four years, I feel enormous pride in what our global team of remarkably dedicated globally professional. Now more than 1,000 people strong around the globe has managed to accomplish, achieving and surpassing the key financial and strategic goals we have set for ourselves. We managed to beat our start of the year annual GMV guidance in every single year since going public. Despite occasional intra-year macro headwinds and challenges we had to push through, also setting a new record in GMV bookings each year, with 2024 being no exception to that.

回顧過去四年，我為我們由全球非常敬業的專業人士組成的全球團隊感到無比自豪。現在，全球超過 1,000 名員工已經成功實現並超越了我們為自己設定的關鍵財務和策略目標。自上市以來，我們每一年都成功超越年初制定的年度 GMV 預期。儘管我們偶爾會遇到年內宏觀阻力和挑戰，但我們還是必須克服它們，並且每年都創下 GMV 預訂量的新紀錄，2024 年也不例外。

But such growth did not come at the expense of profitability. As I already noted, our relentless focus on efficiencies and cost control enabled us to beat the aspirational long-term profitability target we set for ourselves at the time of the IPO. We crossed the 40% adjusted gross profit margin mark already several quarters ago. And now we crossed the 20% adjusted EBITDA margin milestone as well.

但這種成長並沒有以犧牲獲利能力為代價。正如我已經指出的，我們堅持不懈地註重效率和成本控制，這使得我們能夠超越在首次公開募股時為自己設定的長期盈利目標。幾個季度前，我們的調整後毛利率就已經突破了 40% 大關。現在我們的調整後 EBITDA 利潤率也突破了 20% 的里程碑。

Beyond the massive growth in all our financial metrics, over the past four years, we also managed to achieve the ambitious strategic goals we set out to conquer when we IPO-ed. On the platform side, we continue to expand the suite of capabilities and solutions we offer to our merchants, added multiple capabilities across all areas of global e-commerce and sharpened our data capabilities and insights, all aimed at further growing our merchant business.

過去四年來，除了所有財務指標都實現了大幅成長之外，我們還成功實現了 IPO 時所製定的雄心勃勃的策略目標。在平台方面，我們繼續擴展為商家提供的功能和解決方案套件，在全球電子商務的所有領域增加了多種功能，並增強了我們的數據能力和洞察力，所有這些都是為了進一步發展我們的商家業務。

In parallel, we significantly expanded our total addressable market, or TAM, in recent years, by extending our global geographical footprint from just 9 outbound markets operated in 2020, to the 39 outbound markets we currently support, as well as by broadening our platform scope to enable more multi-local offerings to serve the needs of large global merchants as well as consumer electronic brands. We also launched our SMB and demand generation offerings based on the Flow and Borderfree acquisitions, respectively.

同時，近年來，我們大幅擴展了我們的總目標市場（TAM），將我們的全球地理覆蓋範圍從 2020 年僅運營的 9 個出站市場擴展至目前支持的 39 個出站市場，同時擴大了我們的平台範圍，以支持更多多本地產品，滿足大型全球商家以及消費電子品牌的需求。我們也分別根據 Flow 和 Borderfree 收購推出了 SMB 和需求產生產品。

From a merchant perspective, post-IPO, we have made strategic investments in cultivating several new verticals, including sports clubs and consumer electronics, investments which have been paying off as we continue to onboard more and more such brands. As an example, the latest consumer electronics brand that recently went live on Global-e is Logitech, one of the world's largest and most innovative providers of computer peripherals, input devices, gaming accessories, audio and video gear and smart home devices. We are grateful for the opportunity to support the amazing team at Logitech in their ever-growing focus on direct-to-consumer sales worldwide.

從商家角度來看，上市後，我們對培育幾個新的垂直領域進行了戰略投資，包括體育俱樂部和消費電子產品，隨著我們繼續吸收越來越多的此類品牌，這些投資已經獲得回報。例如，最近在 Global-e 上線的最新消費電子品牌是羅技，它是全球最大、最具創新性的電腦週邊設備、輸入設備、遊戲配件、音訊和視訊設備以及智慧家居設備提供商之一。我們非常榮幸有機會支持羅技出色的團隊，幫助他們在全球範圍內不斷加大對直接面向消費者的銷售業務的關注。

More broadly, as we prepare to enter our fifth year as a public company, we are in high gear with our engines firing on all cylinders as our global team pushes forward along all our strategic pillars.

更廣泛地說，在我們準備進入上市公司第五年之際，我們正全速前進，我們的全球團隊正沿著所有戰略支柱向前邁進。

On the new GMV front, looking back at Q4 of 2024, we saw many new brands joining the platform and going live across all geographies. In the US, the successful shapewear brand Spanx went live, FD Thursday Boots, the upcoming jewelry brand [KAZAR] and the web store of famous luxury fashion designer, Tom Ford.

在新的 GMV 方面，回顧 2024 年第四季度，我們看到許多新品牌加入平台並在所有地區上線。在美國，成功的塑身衣品牌Spanx、FD Thursday Boots、新興珠寶品牌[KAZAR]以及著名奢華時裝設計師湯姆·福特的網路商店均上線。

Europe saw many new brands go live as well, including Spanish brand Tous, Italian fashion brand Slowear, U.K. footwear brand Phoebe Philo, German brand, IvyOak, Swiss running gear brand, Compressport, famous Austrian lingerie brand Triumph, French brands, ZAPA and MOLLI, and the successful Finish pet brand HURTTA. So now all European dogs can enjoy their unique pet gear and clothing.

歐洲也有許多新品牌上線，包括西班牙品牌Tous，義大利時尚品牌Slowear，英國鞋類品牌Phoebe Philo，德國品牌IvyOak，瑞士跑步裝備品牌Compressport，奧地利著名內衣品牌Triumph，法國品牌ZAPA與MOLLI，以及成功的芬蘭寵物品牌HURTTA。因此現在所有歐洲狗都可以享受它們獨特的寵物裝備和服裝。

The APAC region saw its fair share of go-lives as well. In Japan, we went live with Komehyo, one of Japan's largest retailers of secondhand goods, with Kyoto-based watch brand Kuoe, with novelty brand Taito, and with the Japanese tailored shirt brand, Kamakura shirt. We also went live with the renowned Korean cosmetics brand Depology, and with the Australian fashion brands Zoe Kratzmann and SECONDLEFT to name a few.

亞太地區也看到了相當一部分上線情況。在日本，我們與日本最大的二手商品零售商之一 Komehyo、京都手錶品牌 Kuoe、新奇品牌 Taito 以及日本訂製襯衫品牌 Kamakura shirt 進行了合作。我們也與韓國知名化妝品品牌 Depology 以及澳洲時尚品牌 Zoe Kratzmann 和 SECONDLEFT 等進行了合作。

Besides adding new merchants, we also continue to expand the scope of our business with existing merchants and merchant groups. During Q4, we added Romania and Croatia to the list of markets we operate for Adidas, went live with a new outlet site for our long-standing merchant, John Smedley, and added Strellson, the third brand to go live with us out of the Swiss Holy Fashion Group.

除了增加新商家外，我們也繼續與現有商家和商家集團擴大業務範圍。在第四季度，我們將羅馬尼亞和克羅埃西亞添加到了為阿迪達斯經營的市場列表中，為我們長期合作的商家 John Smedley 上線了一個新的直銷網站，並添加了 Strellson，這是瑞士 Holy Fashion 集團中與我們上線的第三個品牌。

As we strive to fulfill our mission of powering better global e-commerce, we continue to invest in adding new services and new functionality to support the diverse needs and aspirations of merchants of all sizes and across all geographies.

在我們努力實現推動全球電子商務發展的使命的同時，我們不斷投資增加新服務和新功能，以支持各種規模和各個地區的商家的不同需求和願望。

During Q4, our product and engineering teams concentrated on deploying several key new capabilities. Those included, among other things, a new revamped returns portal and returns process improvement, including new consolidated return options in [Kering] support for B2B imports for relevant merchants known as Re B2C, and enhanced live view as part of our merchant portal and several enhancements for our Borderfree.com demand generation platform.

在第四季度，我們的產品和工程團隊專注於部署幾項關鍵的新功能。其中包括新改版的退貨入口網站和退貨流程改進，包括[Kering]為相關商家（稱為Re B2C）的B2B進口提供的新綜合退貨選項，以及作為我們商家入口網站一部分的增強型即時視圖和對我們的Borderfree.com需求產生平台的多項增強。

As we remained a leader of global e-commerce as a service, we believe we are uniquely positioned to continue harnessing our unparalleled and fast-growing data assets, our accumulated know-how and our unique expertise, building and perfecting more and more services and capabilities for the benefit of new and existing merchants.

由於我們仍然是全球電子商務服務的領導者，我們相信我們擁有獨特的優勢，可以繼續利用我們無與倫比且快速增長的數據資產、我們積累的專業知識和我們獨特的專業知識，為新老商家的利益構建和完善越來越多的服務和能力。

Our robust product development pipeline as well as our continued investment in R&D are aimed at achieving just that. That is true also with regards to Shopify-managed market, where we continue to work hand-in-hand with our partners at Shopify and invest in adding new features and functionalities to the managed markets offering, aimed at making it applicable to a wider range of merchants on the Shopify platform.

我們強大的產品開發管道以及對研發的持續投入都是為了實現這一目標。對於 Shopify 管理的市場也是如此，我們將繼續與 Shopify 的合作夥伴攜手合作，並投入資金為管理市場產品添加新功能和功能，旨在使其適用於 Shopify 平台上更廣泛的商家。

Another key area we continue to invest in is technological innovation, with emphasis on harnessing the power of artificial intelligence to improve both customer and merchant experience, as well as drive productivity and efficiency within our internal operations. One such innovation, which we have already discussed in the past, is our successful customer services chatbot.

我們持續投資的另一個關鍵領域是技術創新，重點是利用人工智慧的力量來改善客戶和商家的體驗，並提高內部營運的生產力和效率。我們過去已經討論過的一項這樣的創新就是我們成功的客戶服務聊天機器人。

Utilizing a specially trained version of the ChatGPT large language model, the chatbot is already handling a large percentage of customer ticket, almost half of which are solved by the bot in real time to the full satisfaction of the customer. And we are constantly broadening the scope of issues the bot can handle. For example, now when customers approach customer services wanting to return a product, instead of being redirected to a returns portal, they can finish the entire process right there vis-a-vis the bot, and get a return label, all the relevant documentation and clear instructions on how to proceed.

利用經過專門訓練的 ChatGPT 大型語言模型，該聊天機器人已經處理了很大一部分客戶問題，其中近一半的問題由機器人即時解決，使客戶完全滿意。我們正在不斷擴大機器人可以處理的問題範圍。例如，現在當客戶聯繫客戶服務部門想要退貨時，他們無需被重定向到退貨門戶，而是可以透過機器人直接完成整個流程，並獲得退貨標籤、所有相關文件以及如何進行的明確說明。

Another example of a proprietary tool we are starting to experiment with is automatic AI-assisted localization of merchant site, text and visual content, aimed at transforming the way merchants manage multilingual content on their site. Once operational, to this service, we plan to offer merchants instant, high-quality translation, tailored to the specific context of their brand with minimal efforts, while maintaining the merchant's control over the final results through a resource management system, enabling edits and updates by human translators when needed.

我們正在開始嘗試的專有工具的另一個範例是商家網站、文字和視覺內容的自動 AI 輔助在地化，旨在改變商家在其網站上管理多語言內容的方式。一旦這項服務投入運營，我們計劃為商家提供即時、高品質的翻譯，以最少的努力根據其品牌的具體情況進行定制，同時透過資源管理系統保持商家對最終結果的控制，並在需要時由人工翻譯進行編輯和更新。

We are also continuing to develop and deploy internal automated systems aimed at increasing operational efficiency. A recent example is an automated system developed by our innovation team designed to streamline the handling of payment dispute and potentially lower unforced chargebacks.

我們也將繼續開發和部署旨在提高營運效率的內部自動化系統。最近的一個例子是我們的創新團隊開發的自動化系統，旨在簡化付款糾紛的處理並潛在地降低非強制退款。

Other examples include AI-powered tools that could enable internal users and software developers to interact more easily with our data, our knowledge bases and our code-base using natural language, as well as AI-based tools like copilot and others that are designed to accelerate coding as well as testing and quality assurance.

其他範例包括人工智慧工具，它可以讓內部用戶和軟體開發人員使用自然語言更輕鬆地與我們的數據、知識庫和程式碼庫進行交互，以及基於人工智慧的工具，如 copilot 和其他旨在加速編碼以及測試和品質保證的工具。

In summary, we are extremely pleased with our achievements and results for the past few years since the IPO as well as with the results of 2024 in particular. We are even more excited about the many growth opportunities that lie ahead of us in 2025 and beyond across all our strategic pillars.

總而言之，我們對 IPO 以來過去幾年的成就和業績以及 2024 年的業績感到非常滿意。我們對 2025 年及以後我們所有策略支柱所面臨的眾多成長機會感到更加興奮。

From a financial perspective, besides the continuation of our solid growth trajectory, 2025, our fifth year as a public company, is set to bring with it two significant milestones. First, as mentioned already, 2025 is expected to be Global-E's first GAAP profitable year as a public company. We exhibited positive and improving adjusted EBITDA and free cash flow figures every single year, since we went public. But this year, we also expect to be GAAP profitable for the full year, and hit our 20% adjusted EBITDA long-term IPO targets for the full year, which are both very significant milestones for us.

從財務角度來看，除了繼續保持穩健的成長軌跡外，2025 年，也就是我們作為上市公司的第五年，還將帶來兩個重要的里程碑。首先，如同前面所提到的，預計 2025 年將是 Global-E 作為上市公司實現第一個 GAAP 獲利的一年。自上市以來，我們每年都呈現出積極且不斷改善的調整後 EBITDA 和自由現金流數據。但今年，我們也預計全年將實現 GAAP 盈利，並實現全年 20% 調整後 EBITDA 長期 IPO 目標，這對我們來說都是非常重要的里程碑。

The second important milestone for us is that in the back half of 2025, we are expected to cross, for the first time ever, an annual run rate of $1 billion in revenue, and likely finish 2025 just shy of the $1 billion mark for the full year. The journey from $0 to $1 billion in revenues over the past 12 years has been an amazing one, and we're only getting started.

對我們來說，第二個重要的里程碑是，到 2025 年下半年，我們預計年收入將首次突破 10 億美元，到 2025 年全年收入很可能將略微接近 10 億美元大關。過去 12 年，我們的收入從 0 美元到 10 億美元，這是一個令人驚嘆的歷程，而這只是個開始。

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 2025.

接下來，我將把權力交給奧弗，讓他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 2025 年全年的展望。

Thank you, Amir, and thanks to everyone for being with us today for our earnings call. As Amir mentioned, we are truly excited about our Q4 and full year results for 2024. I'd like to point out again that in addition to our GAAP results, I'll also be discussing certain non-GAAP results. Our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results can be found in our earnings release.

謝謝你，阿米爾，也謝謝大家今天參加我們的財報電話會議。正如阿米爾所說，我們對 2024 年第四季和全年業績感到非常興奮。我想再次指出，除了我們的 GAAP 結果之外，我還將討論某些非 GAAP 結果。我們的 GAAP 財務結果以及 GAAP 和非 GAAP 結果之間的對帳可在我們的收益報告中找到。

Looking at the full year of 2024, it was another year of strong growth for us, with the business firing on all cylinders. GMV and revenue grew 37% and 32% year on year, respectively. Adjusted gross profit grew even faster at 43%, reflecting an adjusted gross margin of 46.4% for the year, up 350 basis points from 2023. Adjusted EBITDA grew a staggering 52% to slightly more than $140 million, reaching an adjusted EBITDA margin of 18.7% on an annual level. Furthermore, 2024 was another record year of free cash flow generation, which amounted to $167 million, reflecting a free cash flow margin of 22.2%.

展望 2024 年全年，對我們來說，這又是強勁成長的一年，業務蒸蒸日上。GMV和營收分別較去年同期成長37%和32%。調整後毛利成長更快，達到 43%，反映全年調整後毛利率為 46.4%，較 2023 年上升 350 個基點。調整後 EBITDA 成長驚人 52%，至略高於 1.4 億美元，調整後 EBITDA 利潤率年率達 18.7%。此外，2024 年是自由現金流產生的另一個創紀錄的一年，達到 1.67 億美元，反映出自由現金流利潤率為 22.2%。

Throughout 2024, our existing merchant base continue to stay and grow with us as reflected in our annual NDR rate of 119% and GDR rate of 93.5%. It is important to note that GDR and NDR were negatively impacted by the out of the ordinary bankruptcy of Ted Baker and by several Borderfree merchants that chose not to replatform to the Global-E platform. NDR and GDR, excluding the out-of-the-ordinary churn for 2024, is at close to 123% and 97%, respectively.

在整個 2024 年，我們現有的商戶群體將繼續與我們一起留守並成長，這反映在我們的年 NDR 率 119% 和 GDR 率 93.5% 上。值得注意的是，Ted Baker 的異常破產以及幾家 Borderfree 商家選擇不轉向 Global-E 平台對 GDR 和 NDR 產生了負面影響。除去 2024 年異常流失率，NDR 和 GDR 分別接近 123% 和 97%。

Zooming into Q4, the quarter exhibited strong rapid growth and robust cash generation as we continue to execute and tap into the global direct-to-consumer e-commerce opportunity. We have experienced accelerated growth of GMV in Q4 as we generated $1.71 billion of GMV, an increase of 44% year over year. The rapid growth was driven by strong consumer demand, which remains volatile, and significant contribution from new merchants such as Harrods and Victoria's Secret that have onboarded successfully to our platform in recent months.

放眼第四季度，隨著我們繼續執行和挖掘全球直接面向消費者的電子商務機會，本季表現出強勁的快速成長和強勁的現金創造能力。我們的 GMV 在第四季度加速成長，實現 17.1 億美元 GMV，年增 44%。快速成長的動力來自於強勁的消費需求（這種需求仍然不穩定），以及近幾個月來成功加入我們平台的哈羅德百貨和維多利亞的秘密等新商家的重大貢獻。

In Q4, we generated total revenue of $262.9 million, up 42% year over year. Service fee revenue were $117.3 million, up 30%, and fulfillment services revenue were up 53% to $145.6 million. The faster growth of fulfillment revenue compared to service fee revenue was mainly driven by the bankruptcy of Ted Baker, to which we provide the demand generation services with a high service fee take rate. Fulfillment services revenue growth was also positively impacted by the GMV mix.

第四季度，我們總營收為 2.629 億美元，年增 42%。服務費收入為 1.173 億美元，成長 30%，履行服務收入成長 53%，達到 1.456 億美元。履行收入相比服務費收入的成長更快，主要是由於Ted Baker的破產，我們向其提供需求生成服務，並收取較高的服務費。履行服務收入成長也受到GMV組合的正面影響。

Moving down the P&L. Growth in non-GAAP gross profit continued to outpace revenue growth. In Q4, non-GAAP gross profit was $120.9 million, up 53% year-over-year, representing a gross margin of 46% compared to 42.7% in the same period last year. The gross margin has slightly decreased compared to Q3, mainly due to the higher share of fulfillment revenue. GAAP gross profit was $118.7 million, representing a margin of 45.1%.

降低損益表。非公認會計準則毛利的成長持續超過收入的成長。第四季非美國通用會計準則毛利為1.209億美元，較去年同期成長53%，毛利率為46%，去年同期為42.7%。毛利率與第三季相比略有下降，主要由於履行收入佔比較高。GAAP 毛利為 1.187 億美元，利潤率為 45.1%。

Moving on to operational expenses. We remain committed to investing in the growth and improvement of our platform to further enhance our offerings. R&D expense in Q4, excluding stock-based compensation, was $24.1 million or 9.2% of revenue compared to $18.2 million or 9.8% of revenue in the same period last year. Total R&D spend in Q4 was $28.3 million.

繼續討論營運費用。我們將繼續致力於投資於我們平台的發展和改進，以進一步增強我們的產品。第四季的研發費用（不含股票薪酬）為 2,410 萬美元，佔營收的 9.2%，而去年同期為 1,820 萬美元，佔營收的 9.8%。第四季研發總支出為 2,830 萬美元。

We also continue to invest in sales and marketing to solidify our pipeline, while maintaining efficiencies. Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangible amortization was $29.8 million or 11.3% of revenue compared to $17.8 million or 9.6% of revenue in the same period last year. Shopify warrants related amortization expense was $37.4 million. Total sales and marketing expenses for the quarter were $70.9 million.

我們也將繼續投資銷售和行銷，以鞏固我們的管道，同時保持效率。銷售和行銷費用（不包括 Shopify 相關攤銷費用、股票薪酬和收購相關無形資產攤銷）為 2,980 萬美元，佔收入的 11.3%，而去年同期為 1,780 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。本季總銷售和行銷費用為 7,090 萬美元。

General and administrative expenses, excluding stock-based compensation and acquisition-related contingent consideration, was $10.7 million or 4.1% of the revenue compared to $8.6 million or 4.6% of revenue in the same period last year. Total G&A spend in Q4 was $14.3 million.

不包括股票薪酬和收購相關或有對價的一般及行政開支為 1,070 萬美元，佔收入的 4.1%，而去年同期為 860 萬美元，佔收入的 4.6%。第四季的 G&A 總支出為 1,430 萬美元。

Adjusted EBITDA for the quarter totaled $57.1 million, representing a 21.7% adjusted EBITDA margin, increasing by 62% from $35.2 million or 19% margin in the same period last year. As Amir mentioned, this marks another key milestone in our journey as we have been able to hit our adjusted EBITDA long-term targets set prior to our IPO.

本季調整後 EBITDA 總計 5,710 萬美元，調整後 EBITDA 利潤率為 21.7%，較去年同期的 3,520 萬美元或 19% 的利潤率增長 62%。正如 Amir 所提到的，這標誌著我們旅程中的另一個重要里程碑，因為我們已經能夠實現 IPO 前設定的調整後 EBITDA 長期目標。

Despite the impact of the Shopify warrant-related amortization expense, Q4 '24 marks our first quarter of GAAP profitability as a public company, and net profit for the quarter was $1.5 million compared to a net loss of $22.1 million last year. Switching gears and turning to the balance sheet and cash flow statement. We ended 2024 with $474 million in cash and cash equivalents, including short-term deposits and marketable securities. Cash generation has accelerated, with operating cash flow in the quarter at $129.3 million compared to an operating cash flow of $93.5 million a year ago, driven mainly by adjusted EBITDA growth and working capital dynamics.

儘管受到 Shopify 認股權證相關攤銷費用的影響，2024 年第四季標誌著我們作為上市公司首次實現 GAAP 盈利，本季淨利潤為 150 萬美元，而去年淨虧損為 2,210 萬美元。轉換話題，轉向資產負債表和現金流量表。截至 2024 年，我們擁有 4.74 億美元的現金和現金等價物，包括短期存款和有價證券。現金產生速度加快，本季營運現金流為 1.293 億美元，而去年同期的營運現金流為 9,350 萬美元，主要受調整後 EBITDA 成長和營運資本動態的推動。

Moving to our financial outlook and guidance for 2025. Despite the prevailing macro-related uncertainties, we expect 2025 to be another year of fast growth and improved adjusted EBITDA for Global-E.

轉向我們的2025年財務展望與指導。儘管存在宏觀相關的不確定性，但我們預計 2025 年將是 Global-E 又一個快速成長和調整後 EBITDA 改善的一年。

For Q1 2025, we are expecting GMV to be in the range of $1.21 billion to $1.25 billion. At the midpoint of the range, this represents a growth rate of 32% versus Q1 of [2024] We expect Q1 revenue to be in the range of $184.5 million to $191.5 million. At the midpoint of the range, this represents a growth rate of 29% versus Q1 of [2024] For adjusted EBITDA, we are expecting a profit in the range of $29.5 million to $33.5 million.

對於 2025 年第一季度，我們預計 GMV 將在 12.1 億美元至 12.5 億美元之間。在該範圍的中間值，與 [2024] 年第一季相比，這代表著 32% 的成長率。 我們預計第一季營收將在 1.845 億美元至 1.915 億美元之間。在該範圍的中間值，與 [2024] 年第一季相比，這代表著 29% 的成長率。

For the full year of 2025, we anticipate GMV to be in the range of $6.19 billion to $6.49 billion, representing over 31% of annual growth at the midpoint of the range. In other words, we expect GMV growth to remain strong, although growth rates are expected to be lower compared to H2 2024, driven mainly by normalizing consumer demand, which has been on the higher side in the last few months of 2024. Revenue for the year is expected to be at the range of $917 million to $967 million, representing a growth rate of 25% at the midpoint of the range. Revenue growth is expected to be somewhat lower compared to GMV growth as we expect the overall take rate to decline during 2025. The lower take rate expected is driven mainly by our estimates that large merchants will increasingly adopt more multi-local or [Re B2C] strategies as means to manage the risk of rise increased cross-border tariffs, which are being put in place by the US and some of its trading partners worldwide. Even with that, as Amir mentioned earlier, we believe we can potentially reach another significant milestone in 2025. As in the second half of the year, our revenue annual run rate is expected to cross the $1 billion mark for the first time.

我們預計 2025 年全年 GMV 將在 61.9 億美元至 64.9 億美元之間，佔該範圍中位數的 31% 以上。換句話說，我們預計 GMV 成長將保持強勁，儘管預計成長率將低於 2024 年下半年，這主要得益於消費者需求正常化的推動，而消費者需求在 2024 年最後幾個月一直處於高位。預計全年營收將在 9.17 億美元至 9.67 億美元之間，中間值成長率為 25%。由於我們預計 2025 年整體收費率將會下降，因此預期營收成長將略低於 GMV 成長。預計較低的收費率主要由於我們估計大型商家將越來越多地採用多本地或[Re B2C]策略，作為管理跨境關稅上升風險的手段，而這些關稅正在由美國及其全球部分貿易夥伴實施。即使如此，正如阿米爾之前提到的，我們相信我們有可能在 2025 年達到另一個重要的里程碑。與今年下半年一樣，我們的營收年運行率預計將首次突破 10 億美元大關。

We expect adjusted EBITDA to continue to perform well and adjusted EBITDA margins to expand, thanks to our increased efficiencies and economies of scale. For adjusted EBITDA, we are expecting a profit of $179 million to $199 million, representing over 34% growth at the midpoint of the range, allowing us to reach our long-term goal of 20% adjusted EBITDA margin in 2025. Moreover, 2025 is expected to be our first full year of GAAP profitability as a public company, as the Shopify warrants related amortization is expected to decrease significantly in Q2 of 2025 and to be gone in the beginning of 2026. In conclusion, we have reached and surpassed the long-term targets that we have set prior to our IPO in 2021, and we believe there is still a long runway in front of us. We believe now is the right time to share our thoughts about next phases of growth for Global-E, and we will share our strategy, business initiatives and financial targets for the future during our upcoming inaugural Investor Day on March 11 in New York City. Hope to see you there.

我們預計，由於效率和規模經濟的提高，調整後的 EBITDA 將繼續表現良好，調整後的 EBITDA 利潤率將擴大。對於調整後的 EBITDA，我們預計利潤為 1.79 億美元至 1.99 億美元，佔中間值 34% 以上的增長，使我們能夠在 2025 年實現 20% 調整後 EBITDA 利潤率的長期目標。此外，預計 2025 年將是我們作為上市公司實現 GAAP 盈利的第一個完整年份，因為 Shopify 認股權證相關攤銷預計將在 2025 年第二季度大幅減少，並在 2026 年初消失。總而言之，我們已經達到並超越了我們在 2021 年 IPO 之前設定的長期目標，我們相信我們還有很長的路要走。我們相信現在是分享有關 Global-E 下一階段發展的想法的最佳時機，我們將在 3 月 11 日在紐約舉行的首屆投資者日上分享我們的未來策略、業務計劃和財務目標。希望在那裡見到你。

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

因此，阿米爾、尼爾和我很樂意回答您的任何問題。操作員？

(Operator Instructions) Andrew Bauch, Wells Fargo.

（操作員指示）富國銀行的安德魯·鮑赫 (Andrew Bauch)。

Congratulations on a fantastic year. I'll ask both of my questions upfront, I mean the first quarter guide, just unpacking that it implies a pretty meaningful deceleration from the momentum that you showed in the fourth quarter and despite the easier comp from first quarter '24. So maybe if you could just kind of help us understand the conservatism that's baked in there?

恭喜您度過了美好的一年。我會提前問兩個問題，我的意思是第一季度的指南，只是揭示了它意味著與第四季度表現出的勢頭相比有一個相當明顯的減速，儘管與 24 年第一季度相比更容易一些。所以您能否幫助我們理解其中蘊含的保守主義？

And then my follow-up would be, on the managed market solution, by our estimates, you delivered north of $250 of GMV in 2024, basically off of essentially 0 in 2023. So is it fair to assume that you can add a similar amount of GMV dollars in 2025 as you did in 2024?

然後我的後續問題是，關於管理市場解決方案，根據我們的估計，您在 2024 年實現了超過 250 美元的 GMV，而 2023 年基本上為 0。那麼，我們可以合理地假設，2025 年你可以增加與 2024 年類似的 GMV 金額嗎？

Andrew, thanks. So I'll start just in terms of the growth rates for the first quarter. So in general, for the first quarter -- for 2025, in general, we are happy with what we are looking at, and we believe the GMV is going to continue to grow fast over 30% as is reflected in our guidance.

安德魯，謝謝。因此我將首先介紹第一季的成長率。因此總體而言，對於 2025 年第一季度，我們對目前的前景感到滿意，我們相信 GMV 將繼續快速成長 30% 以上，這反映在我們的指引中。

There is, I would say, a somewhat slower growth expected in revenues and the main reason for that is the -- what we expect would be the effect of the tariffs that are being imposed by the US and by some of its trading partners as we believe it will drive more merchants to adopt either [Re B2C] or even multi-local strategy as a means to manage the risks of these growing tariffs, and that will inherently lower the take rates on that, and that's what we baked into our guidance going forward.

我想說，預計收入增長會有所放緩，主要原因是——我們預計美國及其部分貿易夥伴徵收的關稅將產生影響，因為我們認為這將促使更多商家採用[Re B2C]或甚至多本地戰略，作為管理這些不斷增長的關稅風險的手段，而這將本質上降低相關費率，這就是我們在未來指引中考慮到的內容。

As for your second question, Andrew, it's Nir. We do expect managed markets to remain around the 5% of our overall GMV as we and Shopify are currently focused on enhancing the merchant's experience and simplicity in order to support reaching, in the longer term, a larger addressable market. So we do expect that to grow this year at a pace, which is -- which would keep it as it was last year a share of our activity. But going forward, I think in future years, with the build we are doing now, we do have high hopes for a significant contribution.

至於你的第二個問題，安德魯，是尼爾。我們確實預計管理市場將保持在我們整體 GMV 的 5% 左右，因為我們和 Shopify 目前專​​注於增強商家的體驗和簡單性，以便支援在長期內覆蓋更大的潛在市場。因此，我們確實預計今年的成長速度將與去年持平，即保持在我們活動的份額。但展望未來，我認為在未來幾年，憑藉我們現在的建設，我們確實寄望於做出重大貢獻。

And just to add that in terms of the deceleration from Q4 to Q1, in the second half of '23, as you know, we've onboarded many merchants, including some large ones. And those large ones have performed very well in Q4, and they are actually skewed more than others towards Q4. So that will have an impact on our following quarters. In addition to that, we saw very strong consumer demand in the last few months of '24, and we assume a certain normalization going into 2025.

補充一點，就從第四季度到第一季的減速而言，在 23 年下半年，如您所知，我們已經吸收了許多商家，其中包括一些大型商家。這些大型公司在第四季度的表現非常出色，而且它們實際上比其他公司更傾向於第四季度。這會對我們接下來的幾季產生影響。除此之外，我們看到 2024 年最後幾個月的消費需求非常強勁，我們預計到 2025 年將出現一定的正常化。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞（Jefferies）。

Congrats on the strong close to 2024. Maybe just a follow-up on the take rate and the impact of tariffs. I guess, are you already seeing merchants come into you and say, that they're rethinking to provide the fulfillment strategy, which impacts -- which results in more multi-local or that they're going to start making operational changes in advance of tariffs being applied? Or is this just you anticipating that? Maybe give us a little bit more clarity on the feedback that merchants have given you?

恭喜你順利度過 2024 年。也許只是對接受率和關稅影響的後續關注。我想，您是否已經看到商家來找您，說他們正在重新考慮提供的履行策略，這會產生影響 - 從而導致更多的多本地化，或者他們將在徵收關稅之前開始進行運營變更？或者這只是你的預期？您能否更清楚地解釋一下商家給您的回饋？

And then I have a follow-up.

然後我有一個後續問題。

Samad. Yes, we do see already, from existing merchants, a growing interest the changes that are upcoming trading into the US and the fear of, I would say, an ongoing tariff for. As part of it, we did see merchants reaching to us to ask our advice and guidance as to what would be a good solution for them that will not implicate them in high operational and CapEx. And actually, most of them are looking at either using our [Re B2C] option or are actually growing multi-local completely.

薩馬德。是的，我們確實已經看到，現有商家對即將對美國進行貿易的變化越來越感興趣，而且他們擔心持續的關稅。作為其中的一部分，我們確實看到商家向我們尋求建議和指導，以找到一個適合他們的好的解決方案，避免讓他們陷入高昂的營運和資本支出。實際上，大多數公司要么在考慮使用我們的 [Re B2C] 選項，要么正在完全實現多本地化發展。

So this, by nature, will have effect down the year on the take rates as reflected in the guidance.

因此，從本質上講，這將對指導意見中反映的當年的接受率產生影響。

On the other hand, we do see greater interest from prospects that are not currently with Global-E, that are looking for solutions as well and understand that with a partner like Global-E, they can expedite and make much more efficient as they'll set up towards the new changes and the ever-changing environment. It's not only the changes themselves. It is the ability to adapt for frequent changes that the retailers and the brands are facing hard time to do within the internal tech stack.

另一方面，我們確實看到那些目前尚未與 Global-E 合作的潛在客戶表現出更大的興趣，他們也在尋找解決方案，並且明白，有了像 Global-E 這樣的合作夥伴，他們可以加快速度並提高效率，以應對新的變化和不斷變化的環境。這不僅僅是變化本身。零售商和品牌在內部技術堆疊中面臨的困難就是適應頻繁變化的能力。

So overall, I believe that into the long term, it might yield the complexity, might yield a positive effect for Global-E. As we've seen in the past, when Brexit occurred, so -- it had a short term, I would say, impact on take rates, on consumptions. But over time, it created a lot of push to additional merchants to join the Global-E platform.

所以總的來說，我相信從長遠來看，它可能會產生複雜性，可能會對 Global-E 產生積極的影響。正如我們過去看到的那樣，當英國脫歐時，我想說它對利率和消費產生了短期影響。但隨著時間的推移，它極大地推動了更多商家加入 Global-E 平台。

Great. That's helpful. And then maybe, just as I think about the progression of 2025, obviously, we have the 1Q guidance. But Ofer, can you help us understand what you're assuming from an MRR perspective and if you think about maybe just any anticipated large merchant go-lives like you've experienced in the last couple of years that we should be aware of as we're setting our models for the year?

偉大的。這很有幫助。然後也許，正如我思考 2025 年的發展一樣，顯然，我們有第一季的指導。但是 Ofer，您能否幫助我們從 MRR 的角度理解您的假設，以及您是否考慮過也許只是任何預期的大型商家上線，就像您在過去幾年中經歷過的那樣，我們在為今年設定模型時應該注意這些？

Sure, Samad. So regarding -- I'll start from the end, the new merchants. We came in today. We had a very, very strong year in terms of sales in 2024, and we started the year with a very nice backlog of merchants that are expected to go live within 2025. None of them, no single merchant that is as large as we saw in the last few months of '24.

當然，薩馬德。因此，關於——我將從最後開始，新商人。我們今天進來了。2024 年是我們的銷售非常強勁的一年，而且我們在年初就積壓了大量商家，預計這些商家將在 2025 年內上線。沒有一家商家，沒有一家商家能像我們在 2024 年最後幾個月看到的那麼大。

But the aggregated number is very is very solid. So we expect those merchants to contribute gradually into the numbers of 2025.

但總數是非常可靠的。因此，我們預期這些商家的貢獻將逐漸擴大到 2025 年。

Remind me, what was the first part of the question?

提醒我一下，問題的第一部分是什麼？

Can you guys hear me? What are you assuming for net revenue retention in 2025?

你們聽得到我的聲音嗎？您對 2025 年淨收入保留有何假設？

Yes. Thank you for that. Sorry for not remembering that. So for net revenue retention, we expect similar numbers to what we have seen in '24, maybe slightly lower. At the larger scale that we are at, it is becoming gradually more challenging to maintain the same numbers.

是的。謝謝你。抱歉我沒記住這一點。因此，對於淨收入保留，我們預期數字與24年類似，甚至可能略低。在我們所處的更大範圍內，維持相同的數字變得越來越具有挑戰性。

But we expect it to come close to what we have seen in 2024.

但我們預計它將接近 2024 年的水平。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

Great. Wanted to just quickly touch on the -- another element of the NRR, et cetera, that you mentioned as it relates to Borderfree merchants, who chose not to replatform with Global-e. Can you just give us a little insight as to what those discussions were like or why those decisions were made and how you feel about at least some of those customers becoming Global-E customers in the future?

偉大的。想要快速談一談您提到的 NRR 的另一個要素等等，因為它與 Borderfree 商家有關，他們選擇不與 Global-e 重新平台化。您能否向我們稍微介紹一下這些討論的內容或做出這些決定的原因，以及您對未來至少部分客戶成為 Global-E 客戶的看法？

It's Nir. So basically, just to start with overall, most of the GMV out of the Borderfree platform either already migrated or churn. So we see less impact going forward than what we've seen on 2024 numbers.

是尼爾。因此，基本上，從總體來看，Borderfree 平台的大部分 GMV 要么已經遷移，要么已經流失。因此，我們認為未來的影響將比 2024 年的數據還要小。

But those merchants that were mentioned that did not migrate to Global-E, actually, the vast majority had other priorities and to invest in an integration with Global-E. The typical merchant is much more a traditional merchants from department stores and traditional retail in the US, they have their own priorities due to the current situation, and many of them decided not to, unfortunately, of those that did not decided not to invest in integration currently.

但那些沒有遷移到 Global-E 的商家實際上絕大多數都有其他優先事項並願意投資與 Global-E 的整合。典型的商家更多的是來自美國百貨公司和傳統零售店的傳統商家，由於當前的情況，他們有自己的優先事項，其中許多商家決定不這樣做，不幸的是，那些沒有決定目前不投資整合的商家。

And with some of them, however, we are still in discussions. So I do assume there is an opportunity that over time, once the urgent priorities are done, we will see some of it actually coming back as a new merchant into the Global-e platform.

然而，對於其中一些問題，我們仍在進行討論。因此我確實認為，隨著時間的推移，一旦緊急事項完成，我們將看到其中一些商家實際上會作為新商家回歸 Global-e 平台。

However, on those that actually migrated to Global-E, we are very happy with the results. We have seen a great traction. We've seen the sales going up. We've seen much better conversion out of their current traffic. So all in all, what we wanted to achieve with them, we did see it becoming a reality.

然而，對於那些實際遷移到 Global-E 的客戶，我們對結果非常滿意。我們看到了巨大的吸引力。我們看到銷售額正在上升。我們看到他們的當前流量轉換率有了很大的提高。總而言之，我們希望與他們一起實現的目標確實變成了現實。

So we're quite optimistic on the growth project with them. And as I said, going forward, the effect on it, on our NDR NRR impact is going to be much lower.

因此，我們對與他們的共同發展項目非常樂觀。正如我所說，展望未來，它對我們的 NDR NRR 影響將會小得多。

Chris Zhang, UBS.

瑞銀的 Chris Zhang。

Our first question is about your revamped Borderfree offering the demand-gen service. Can you maybe talk about your progress on that in terms of the merchants onboarded, the progress towards monetization and how much of the impact has been baked into your take rate for 2025?

我們的第一個問題是關於你們改進後的 Borderfree 提供的需求產生服務。您能否談談在這方面取得的進展，包括入駐商家、貨幣化的進展以及這些影響對 2025 年的收費率產生了多大影響？

And then my second question is about the free cash flow conversion in 2025 and especially the tax rate you're going to pay in 2025?

我的第二個問題是關於 2025 年的自由現金流轉換，特別是您在 2025 年要支付的稅率？

Chris, thank you for your question. It's Nir. So yes, we have launched Borderfree.com, which is our demand generation initiatives in, I would say, sometime in Q4. It wasn't early October, it was late-October, but we launched it, and we are very happy with the initial traction we've seen so far, both with current merchant adoption out of the board -- out of the Global-E platform as well as the shopper usage.

克里斯，謝謝你的提問。是尼爾。是的，我們已經推出了 Borderfree.com，這是我們的需求產生計劃，我想會在第四季度的某個時候推出。雖然不是十月初，而是十月下旬，但我們確實推出了它，而且我們對迄今為止看到的初步發展勢頭感到非常滿意，包括當前商家對 Global-E 平台的採用以及購物者的使用。

We do believe that it will be a strategic pillar in the coming years to drive more traffic to our merchants, growing their business with a significant and growing share of their demand coming from Global-E, as well as setting us another competitive edge to the market in order to bring in additional GMV to Global-E. So all in all, we're very happy with the initial traction.

我們確實相信，在未來幾年裡，它將成為我們的商家吸引更多流量、透過來自 Global-E 的大量且不斷增長的需求份額來發展他們的業務，同時也為我們在市場上創造另一個競爭優勢，從而為 Global-E 帶來額外的 GMV。總的來說，我們對最初的進展感到非常滿意。

I will pass to Ofer for the second.

第二位發言者將是奧弗。

Chris, thank you for the question. Regarding free cash flow, as in previous years, we expect it to be slightly above our adjusted EBITDA. So that's the short answer.

克里斯，謝謝你的提問。至於自由現金流，與往年一樣，我們預計它將略高於調整後的 EBITDA。這就是簡短的回答。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the strong close to 2024. So I'd love to hear what you guys have seen so far starting 2025. I know you mentioned the very strong demand through the holiday season. But anything you'd call out in terms of GMV trends as we start 2025? And any color by region?

恭喜你順利度過 2024 年。所以我很想聽聽大家從 2025 年開始看到了什麼。我知道您提到過假期期間需求非常強勁。但是，在 2025 年伊始，您對 GMV 趨勢有何看法？還有按地區劃分的顏色嗎？

Yes, Brian. It's Nir. So we have seen after a very strong peak period and also before that -- slightly before that, in the second part of Q3, where we've seen a strong consumer demand. We did see some normalization coming into '25, and we expect to go into something that is much more closer to our normal trend of the multiyear trends that we've seen in consumer demand driving same-store sales.

是的，布萊恩。是尼爾。因此，我們看到，在非常強勁的高峰期之後，以及在此之前——稍早一些，在第三季的後半段，我們看到了強勁的消費者需求。我們確實看到25年的情況正常化，我們預期將進入更接近多年趨勢的正常趨勢，即消費者需求推動同店銷售。

Most countries behave the same. I think that we have seen some slight weakening in the UK, in the consumer demand into the UK. But outside of that, we are currently seeing back to normalization, slightly lower than what we've seen, but it is already embedded into our guidance.

大多數國家都採取了同樣的行為。我認為，我們看到英國的消費需求略有減弱。但除此之外，我們目前看到恢復正常化，略低於我們所看到的水平，但它已經嵌入到我們的指導中。

Got it. And maybe just a follow-up as we're thinking about take rates. I'm just curious, what are newer merchants to the platform thinking about multi-local? I know there's some mix dynamics with enterprise. But I'd love to understand, as we think about the expectations for the 2025 guidance, what should we be assuming about take rates longer term as we think about the mix of multi-local versus non-multi-local.

知道了。也許只是後續行動，因為我們正在考慮接受率。我只是好奇，平台上新加入的商家對於多在地化有什麼看法？我知道企業中存在一些混合動態。但我很想了解，當我們考慮 2025 年指引的預期時，當我們考慮多本地與非多本地的組合時，我們應該對長期的接受率做出何種假設。

So I will start, and I will pass it to Ofer. In terms of the new merchants, I think that the multi-local enabled Global-E to address a new TAM. It opened an addressable market that Global-E could not reach before. If you look just in January, and Amir mentioned it, late January, early February, we launched Logitech. Logitech is our strongest consumer electronics brand to date.

那我先開始，然後我會把它交給奧弗。對於新商家而言，我認為多本地化使得 Global-E 能夠解決新的 TAM。它開闢了 Global-E 以前無法觸及的潛在市場。如果你看看一月份的情況，阿米爾提到過，一月底二月初，我們推出了羅技。羅技是我們迄今為止最強大的消費性電子品牌。

This was not in our time, if you just take it back two to three years ago where we didn't have the capability to do multi-local. So yes, by nature, it's in a lower take rate because multi-local, either you don't have fulfillment take rate at all or that you have at a very low take rate versus cross-border. However, it does open a new addressable market for us.

這在我們那個時代是不存在的，如果回想兩三年前，那時我們還沒有能力實現多在地化。所以是的，從本質上講，它的接受率較低，因為多本地化要么根本沒有履行接受率，要么與跨境相比，您的接受率非常低。然而，它確實為我們打開了一個新的潛在市場。

In terms of how we see it playing over time, I would let Ofer give more clarity.

關於我們如何看待它隨著時間的推移而發揮作用，我想讓奧弗給出更清晰的解釋。

I think that over time, we should see a multi-local -- beyond what Amir has just mentioned regarding 2025, growing gradually in share. And this is one because as Nir just mentioned, there is an opportunity there, and we are pursuing that opportunity for consumer electronics and other merchants that have local inventory as well.

我認為，隨著時間的推移，我們應該看到多元化的在地化——超越阿米爾剛才提到的2025年的份額，並且逐漸增長。這就是其中之一，因為正如 Nir ​​剛剛提到的，那裡有機會，我們正在為消費電子產品和其他擁有本地庫存的商家尋求這個機會。

And on top of that, we see over time, a gradual shift with very large merchants, and it makes sense for them to open another inventory center, let's say, if the US merchants in Europe or the other way around, if it's European merchants in the US. So we see that also over time. So we do expect a gradual increase in multi-local over time.

除此之外，隨著時間的推移，我們看到大型商家逐漸發生轉變，開設另一個庫存中心對他們來說很有意義，比如說，如果美國商家在歐洲，或者反過來，如果是歐洲商家在美國。隨著時間的推移，我們也看到了這一點。因此，我們確實預期隨著時間的推移，多本地化將會逐漸增加。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示） Brent Bracelin、Piper Sandler。

Amir, Nir, I appreciate the early feedback on tariffs, a lot of questions that we have there. It sounds like that's adding a new layer of complexity and while it might impact volumes, could also drive more merchants your way. My question is related. It's on the potential suspension of the de minimis exception rule here in the US for duty-free goods under $800, how would the suspension of that rule impact the business?

阿米爾、尼爾，我很感謝大家對關稅的早期回饋，我們在這方面有很多疑問。這聽起來像是增加了新的複雜性，雖然它可能會影響交易量，但也可能吸引更多的商家。我的問題是相關的。這是關於美國可能暫停針對 800 美元以下免稅商品的最低限度例外規則，暫停該規則將如何影響業務？

It is -- would that add another layer of complexity and potentially impact volumes, but drive more merchants to the platform? Walk through specifically what you're seeing merchants discuss with you around the de minimis expansion rule.

是的——這是否會增加另一層複雜性並可能影響交易量，但會吸引更多商家使用該平台？具體了解商家與您討論的有關最低限度擴展規則的內容。

Brent, it's Nir. So indeed, we do expect the suspension of the de minimis to have an effect, both on the consumer demand with affected HS code that would see an increase that can be not a 10% that were actually levied on the product, but can be anything between 25% to 35% because there are ongoing duties that today don't kick in because they are -- the order is below the de minimis of the $800. So this chain would have an effect that not only is the 10% would kick in, but the entire 30% on average might kick in, making the order from foreign fees into the US for those specific agents more expensive.

布倫特，我是尼爾。因此，我們確實預計，最低限度關稅的暫停將對受影響 HS 編碼的消費者需求產生影響，其增幅可能不是對產品實際徵收的 10%，而是 25% 到 35% 之間的任何數字，因為存在當前不會在今天生效的關稅，因為它們——該命令低於 800 美元的最低限度。因此，這種連鎖反應不僅會產生 10% 的費用，而且平均會產生全部 30% 的費用，使那些特定代理商從國外訂購到美國的訂單費用更加昂貴。

This is what the merchants are facing. That's why a Re B2C model, where the merchant would actually import it on a wholesale basis to avoid paying high tariffs on duties on the retail value, but do it on the wholesale and then sell it domestically, we will see it coming more, as well as an increase in demand for solutions to duty reclaim because if duties are kicking in now in the US and 15% on average of goods are actually going back into the origin country, the duty reclaim would become much more critical because it can save 2% or 3% on the trading cost.

這正是商家們所面臨的。這就是為什麼會出現 B2C 模式，即商家實際上以批發方式進口，以避免支付高額的零售關稅，但先批發，然後在國內銷售，我們會看到這種模式的出現，以及對關稅退還解決方案的需求增加，因為如果美國現在開始徵收關稅，而平均有 15% 的商品實際上要返回原產國，那麼關稅退款

So we do see a lot of interest coming around it for merchants in order to gear themselves to have an optimized, I would say, cost structure and profitability, while not bumping up prices to their US consumer, at least not at tens of percent. So we do believe this will create a lot of interest in our services as Global-E is geared to give a comprehensive suite of services from duty reclaim for the returns into supporting [Re B2C] that for merchants to do by itself is super complex to do, if at all.

因此，我們確實看到許多商家對此感興趣，他們希望能夠優化成本結構和獲利能力，同時不提高美國消費者的價格，至少不會提高百分之幾十。因此，我們確實相信這將引起人們對我們服務的極大興趣，因為 Global-E 致力於提供一套全面的服務，從退稅到支援 [Re B2C]，而對於商家來說，單獨做這件事是非常複雜的，甚至根本做不到。

So we do believe that there will be uncertainty. It might affect short-term consumption. But overall, in the longer term, we do expect it will behave the same as we've seen in Brexit, where overall, it created much more demand to our services.

因此我們確實相信會存在不確定性。這可能會影響短期消費。但總體而言，從長遠來看，我們確實預計它的表現將與英國脫歐時相同，總體而言，它對我們的服務產生了更多的需求。

And I would just add to that, Brent, what -- as Nir alluded to earlier, it's not just the magnitude, the impact of either the tariffs or the change in de minimis, it's also the velocity in which these changes are coming. And we've seen that over the last few weeks. And it's probably not going to end there. There are going to be retaliatory actions back and forth. So it's not just the tariffs themselves, it's the ability to handle and keep on training in a streamlined way in the face of all these rapid changes in the market.

我想補充一點，布倫特，正如尼爾之前提到的，這不僅是關稅或最低限度變化的幅度和影響，也是這些變化發生的速度。我們在過去幾週已經看到了這一點。而且事情可能不會就此結束。雙方將採取相互報復行動。因此，問題不僅是關稅本身，還包括面對市場快速變化時，以精簡方式處理和繼續培訓的能力。

And that's -- as we said, that's part of the value that Global-E brings to the merchant.

正如我們所說，這是 Global-E 為商家帶來的價值的一部分。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

I wanted to ask another question on take rates. And so -- when I look at the original 2024 guide, right at the midpoint, I think the take rate assumption there was for 16% for 2024, but the year ended up a little bit below that at 15.5%. And so when I look at the 2025 guide, right smack at the midpoint, that's 14.9%. And I do appreciate the multi-local and the tariff dynamic there. But I wanted to really understand how conservative the take rate assumptions are this year versus last year?

我想問另一個有關接受率的問題。因此 - 當我查看 2024 年的原始指南時，就在中間點，我認為那裡的接受率假設是 2024 年的 16%，但今年的接受率最終略低於該水平，為 15.5%。因此，當我查看 2025 年指南時，正好處於中間點，即 14.9%。我確實很欣賞那裡的多本地性和關稅動態。但我真正想了解的是，今年的接受率假設與去年相比有多保守？

And what are some of the factors, maybe outside of multi-local and tariffs, that could drive a higher or lower overall take rate versus the guide?

除了多地和關稅之外，還有哪些因素可能導致整體接受率相對於指南水準上升或下降？

Sure, Koji, it's Ofer. I think that looking at -- as we always do when we got into this year, we learned from past experience, we obviously looked at last year's guidance versus actual execution as an input for the 2025 budget and guidance. And I would say that the 2025 guidance is thoughtful. And it's based on our best estimation at this point in time.

當然，Koji，我是 Ofer。我認為，正如我們今年一貫所做的那樣，我們從過去的經驗中吸取教訓，我們顯然將去年的指導與實際執行情況作為 2025 年預算和指導的輸入。我想說 2025 年的指導方針是經過深思熟慮的。這是基於我們目前的最佳估計。

As we mentioned, we expect take rates to decrease mainly on the back of higher multi-local share that is pushed by the tariffs and considerations of merchants. And we hope that we will hit the number in order to -- what can drive this upwards is faster penetration of value-added services, this could definitely support take rates. And what could impact it negatively is if we see a higher share of multi-local compared to what we expect to see.

正如我們所提到的，我們預計收費率將下降，主要原因是關稅和商家的考慮推動了多本地份額的提高。我們希望能夠達到這個數字，從而推動這一數字上升的是增值服務的更快滲透，這肯定可以支持接受率。如果我們看到多本地化的份額高於我們的預期，則可能會對其產生負面影響。

Patrick Walravens, JMP.

Patrick Walravens，JMP。

Great. I wanted to go back to Ted Baker. So after -- in August of last year, you guys guided down, I think it was like by about $10 million because of the bankruptcy at Ted Baker. And at the time here in the US, when you went to the website, it was offline, but now it's back, I guess, under ULAC. Do you get that business back?

偉大的。我想回到泰德貝克。所以在去年 8 月之後，由於 Ted Baker 破產，你們的指導價格下降了約 1000 萬美元。當時在美國，當您訪問該網站時，它處於離線狀態，但現在我猜它已經恢復了，在 ULAC 之下。你把那筆生意奪回來了嗎？

So the business that actually went bankrupt was actually resolved. So there is a new partner managing it. We are, as we do with other prospects now, work in order to be connected, but it's a completely different tech stack. It's a completely different owner. It's like selling to a new client.

所以實際上破產的企業其實已經解決了。因此有一個新的合作夥伴來管理它。正如我們現在對待其他潛在客戶一樣，我們正在努力建立聯繫，但這是一個完全不同的技術堆疊。這是完全不同的主人。這就像向新客戶銷售一樣。

Again, it's part of our little pipeline. And hopefully, we would be able to -- be able to work with them.

再說一遍，這是我們小管道的一部分。希望我們能夠與他們合作。

Mark Zgutowicz, The Benchmark Company.

馬克‧茲古托維茨 (Mark Zgutowicz)，The Benchmark Company。

Congrats on the GAAP profitability milestone. Just two quick ones for me Ofer on the '25 guidance, just curious what the services take rate assumption is? And then as it relates to Shopify-managed markets, I was hoping you could confirm the mix there in your '24 GMV?

恭喜您實現 GAAP 獲利里程碑。關於 25 年的指導，我只想快速問兩個問題，只是好奇服務的接受率假設是多少？然後，由於它與 Shopify 管理的市場相關，我希望您可以確認您的 '24 GMV 中的組合？

So regarding the take rate, we expect service fee take rates to be slightly lower compared to '24. As we mentioned, there is a Ted Baker impact, and we did serve Ted Baker for, I think almost eight months in '24.

因此，就收取率而言，我們預期服務費收取率將比24年略低。正如我們所提到的，Ted Baker 產生了影響，而且我們在 24 年確實為 Ted Baker 服務了差不多八個月。

Regarding fulfillment, as we already discussed more than once on this call, we expect it to be lower due to higher multi-local share. So that's in terms of the take rate.

至於履行情況，正如我們在這次電話會議上多次討論過的那樣，我們預計由於多地份額較高，履行情況會較低。這是就接受率而言的。

In terms of Shopify managed market, as we called out during the year, the actual result is budgeted by us. So we hit the budget. And as we mentioned a few times, it was around 5% of our volume.

就 Shopify 管理市場而言，正如我們今年所呼籲的那樣，實際結果是由我們預算的。因此我們達到了預算。正如我們多次提到的，它約占我們銷售的 5%。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

One more on managed markets, and I appreciate all the color there. I think in the past, you hinted that volume has been in line with expectations, but you've added more merchants than expected. So that kind of points to fewer large merchants onboarding there. I'm curious, why do you think that is? And then what specifically features or functionality do you think you need to add to make the product more applicable to those large merchants?

再談一下管理市場，我很欣賞那裡的所有色彩。我想，過去您曾暗示過交易量符合預期，但增加的商家數量超出了預期。所以這顯示那裡的大型商家進駐數量減少了。我很好奇，你認為這是為什麼呢？那麼，您認為需要添加哪些具體特性或功能才能讓產品更適用於那些大型商家？

It's Nir. So I think you're correctly on your assumption. Yes, we did hit our budget. It is skewed towards slightly lower size of merchants versus what we budgeted for. However, it did give, so far, a solution for thousands of merchants that adopted it and are trading and happy on the platform.

是尼爾。所以我認為你的假設是正確的。是的，我們確實達到預算了。與我們的預算相比，商家的規模略小。然而，到目前為止，它確實為採用該解決方案並在平台上進行交易且快樂的數千名商家提供了解決方案。

We do believe, and we work with Shopify in order to build, I would say, additional tools, as I mentioned earlier, and capabilities to make it more simple and streamlined with other Shopify processes and activities. And we believe it will also give a greater set of capabilities that will allow to go further upstream in terms of also the size of the clients. It will mature over time in the coming quarters, but we have high expectations over the coming years for managed market.

我們確實相信，而且我們與 Shopify 合作是為了建立我之前提到的其他工具和功能，使其與其他 Shopify 流程和活動更加簡單和精簡。我們相信，它還將提供更強大的功能，使我們能夠在客戶規模方面進一步向上游發展。它將在未來幾季逐漸成熟，但我們對未來幾年的管理市場抱有很高的期望。

Matt O'Neill, FT Partners.

馬特·奧尼爾（Matt O’Neill），FT Partners。

I thought maybe I could ask a little bit about the Logitech win. That seems to be a nice diversification and indicative of the electronics channel taking off. Am I reading into that correctly? And how do you guys think about that? I know there's maybe a little bit more scrutiny on electronics going cross-border than typical apparel and luxury items.

我想也許我可以問一些有關羅技勝利的問題。這似乎是一種很好的多樣化，表明電子渠道正在起飛。我的理解正確嗎？你們對此有什麼看法？我知道跨境電子產品可能比典型的服裝和奢侈品受到更嚴格的審查。

And so is that type of product movement improved?

那麼這種類型的產品流動是否有改善？

Yes. So you're spot on that consumer electronics is indeed more complex than apparel and cosmetics to move cross-border. That is almost by nature why consumer electronics brands that we bring on are multi-local. The latest addition, we spoke about Logitech is a good example. It's completely multi-local.

是的。所以您說得對，消費性電子產品的跨境運輸確實比服裝和化妝品更複雜。這幾乎自然而然地解釋了為什麼我們所引進的消費性電子品牌都是多地在地化的。我們談到的最新成員羅技就是一個很好的例子。它是完全多本地的。

However, it's a new total addressable market for Global-E. We do believe that we can win ground within the consumer electronics segment, and we think that Logitech was our first real size case studies.

然而，對於 Global-E 來說，這是一個全新的潛在市場。我們確實相信我們能夠在消費電子領域取得進展，而且我們認為羅技是我們第一個真正的規模案例研究。

However, we had those before, with Jabra, with Suunto and many others. They joined Global-E already and are enjoying our multi-local offerings for the last few quarters, and we see the acceleration now and hopefully, we can keep them coming.

但是，我們之前就有過這些，例如 Jabra、Suunto 和許多其他公司的產品。他們已經加入了 Global-E，並且在過去幾個季度中一直享受著我們提供的多本地服務，我們現在看到了加速發展的勢頭，希望我們能夠繼續保持這種勢頭。

That concludes our question-and-answer session. I will now hand the call back to Amir for the closing remarks.

我們的問答環節到此結束。現在我將把電話交還給阿米爾，請他作結束語。

Thank you for that. And as we concluded another very strong year at Global-E, I would just like to thank you all for joining us today and for your ongoing support as we continue on our journey to fulfill our mission to enable great, better global direct-to-consumer e-commerce for brands worldwide. We are incredibly eager and excited as we continue to take advantage of the countless opportunities that lie ahead of us, and we will be honored to have you join us.

謝謝你。在 Global-E 結束又一個非常強勁的一年之際，我只想感謝大家今天的加入，感謝你們一直以來的支持，我們將繼續履行我們的使命，為全球品牌提供更出色、更好的全球直接面向消費者的電子商務。我們非常渴望和興奮，因為我們將繼續利用擺在我們面前的無數機會，我們很榮幸您能加入我們。

As such, we very much look forward to seeing you in New York next month for our Investor Day as well as on our future earnings calls. Until then, goodbye and take care.

因此，我們非常期待下個月在紐約的投資者日以及未來的財報電話會議上見到您。到那時，再見，保重。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。