Global-E Online Ltd (GLBE) 2025 Q1 法說會逐字稿

Welcome to the Global-E first quarter 2025 earnings 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 2025 年第一季財報電話會議。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」部分同步進行網路直播。

For opening remarks and introductions, I will now turn the call over to Alan Katz, Investor Relations. Please go ahead.

為了致開幕詞和介紹，我現在將電話轉給投資者關係部的 Alan Katz。請繼續。

Thank you, and good morning, everyone. It's great to join the Global-E team. With me on the call today are Amir Schlachet, Co-Founder and Chief Executive Officer; Ofer Koren, Chief Financial Officer; and Nir Debbi, Co-Founder and President. Amir will begin with a review of the business results for the first quarter 2025. Ofer will then review the financial results for the first quarter, followed by the company's outlook for the second quarter and full year 2025. We will then open the call for questions.

謝謝大家，早安。很高興加入 Global-E 團隊。今天與我一起參加電話會議的還有聯合創始人兼執行長 Amir Schlachet；Ofer Koren，財務長；以及聯合創始人兼總裁 Nir ​​Debbi。Amir 將首先回顧 2025 年第一季的業務表現。隨後，奧弗將回顧第一季的財務業績，並展望公司第二季和 2025 年全年的前景。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 節、《1934 年證券交易法》第 21E 節以及《1995 年美國私人證券訴訟改革法》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.

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。

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 or furnished to the SEC. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this call. You should not put undue reliance on any forward-looking statements.

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。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。

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we make no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Please refer to our press release issued today, May 14, 2025 for additional information.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們無法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發生。除適用法律要求外，我們沒有義務更新或公開修改任何前瞻性聲明，無論其是否由於新資訊、未來事件或聲明發布之日後的其他情況，或為了反映意外事件的發生。請參閱我們於 2025 年 5 月 14 日發布的新聞稿以獲取更多資訊。

In addition, certain metrics we discuss today are non-GAAP metrics. The presentation of this financial information is not intended to be considered in isolation from 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 means to evaluate period-to-period comparisons.

此外，我們今天討論的某些指標是非 GAAP 指標。本財務資訊的呈現並非旨在脫離或取代根據 GAAP 編制和呈現的財務資訊而進行考慮，也並非旨在優於根據 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. For more information on these non-GAAP financial measures, please see the reconciliation tables provided in our press release issued today.

我們相信，這些措施提供了有關經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了管理層在財務和經營決策中使用的關鍵指標的透明度。有關這些非公認會計準則財務指標的更多信息，請參閱我們今天發布的新聞稿中提供的對帳表。

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

在整個通話過程中，我們提供了管理階層使用且產業競爭對手經常使用的一些關鍵績效指標。我們今天發布的新聞稿對這些和其他關鍵績效指標進行了更詳細的討論。

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

現在我將把電話轉給我們的聯合創始人兼執行長阿米爾 (Amir)。

Amir, please go ahead.

阿米爾，請繼續。

I would like to start by welcoming everyone to our first quarterly earnings call of 2025, and also by extending a special welcome to Alan Katz, our newly joined VP of Investor Relations. Some of you have already met Alan, and all of you will at some point. Welcome on board Alan, and good luck.

首先，我歡迎大家參加我們 2025 年的第一次季度財報電話會議，並特別歡迎我們新加入的投資人關係副總裁 Alan Katz。你們中的一些人已經見過艾倫，你們所有人將來都會在某個時候見到他。歡迎艾倫加入，祝你好運。

As for our financial results, we have had a strong start to 2025, with the first quarter results coming in at or above the midpoints of our guidance regions across the board. Despite the high level of uncertainties driven by the turmoil in duty tariffs and their potential adverse impact on global trade, we have continued to show strong GMV and top line growth, coupled with strong execution and cost control.

至於我們的財務業績，我們在 2025 年取得了強勁開局，第一季的業績全面達到或超過了我們指導區域的中點。儘管關稅動盪及其對全球貿易的潛在不利影響帶來了高度不確定性，但我們仍然保持著強勁的 GMV 和營收成長，同時也實現了強勁的執行力和成本控制。

We finished Q1 with GMV of $1.24 billion, up 34% year-over-year, and with revenues of nearly $190 million, up 30% year-over-year. In terms of profit, our adjusted gross profit for Q1 was $86.3 million, up 31% from last year, and quarterly adjusted EBITDA was $31.6 million, up 48% compared to the same quarter last year, resulting in a 16.6% margin.

我們第一季的 GMV 達到 12.4 億美元，年增 34%，營收接近 1.9 億美元，年增 30%。在利潤方面，我們第一季的調整後毛利為 8,630 萬美元，比去年同期成長 31%，季調整後 EBITDA 為 3,160 萬美元，比去年同期成長 48%，利潤率為 16.6%。

As Ofer will share with you later in the call. Taking into account the trading patterns in April and the first half of May, to date we have yet to observe clear directional impact from the heightened US import tariffs. However, these are very early days, as the removal of the de minimis on imports into the US of goods that originate from China and Hong Kong, which is the most influential change for direct-to-consumer imports into the US has only kicked in during the first week of May.

正如 Ofer 稍後將在通話中與您分享的那樣。考慮到 4 月和 5 月上半月的交易模式，迄今為止我們尚未觀察到美國提高進口關稅的明顯方向性影響。然而，現在還為時過早，因為取消對來自中國和香港的商品進口到美國的最低限度限制，這是對美國直接面向消費者的進口影響最大的變化，而這一變化才在 5 月的第一周才開始生效。

Should this situation persist, some of our US inbound GMV, which represents approximately 12% of our overall GMV, may be negatively impacted from significant retail price increases, driven by high tariffs and the removal of the import de minimis.

如果這種情況持續下去，我們的部分美國入境商品交易總額（約占我們整體商品交易總額的 12%）可能會受到高關稅和取消進口最低限度措施導致的零售價格大幅上漲的負面影響。

Moreover, future escalation in tariffs and counter tariffs between the US and its trade partners may further increase uncertainty for merchants and consumers alike, and weigh on merchant and consumer confidence around the world. For the time being, the situation remains highly dynamic.

此外，未來美國與其貿易夥伴之間的關稅和反關稅升級可能會進一步增加商家和消費者的不確定性，並對全球商家和消費者的信心造成壓力。目前，情勢依然高度動態。

It's just today a reduction in excess tariffs and a 90-day pause of further actions between the US and China, which was announced two days ago, is going into effect as they attempt to negotiate a new comprehensive trade deal. We are hopeful that this temporary pause will indeed lead to a broader de-escalation in tariffs around the world. But until then, uncertainties in the market are expected to persist.

就在今天，美國和中國試圖談判一項新的全面貿易協議之際，兩天前宣布的降低過高關稅和90天暫停進一步行動的協議即將生效。我們希望，這暫時的暫停確實將導致全球範圍內更廣泛的關稅降級。但在此之前，預計市場不確定性仍將持續存在。

In parallel, as we discussed during our recent Investors Day in New York, while current uncertainty can lead to disruption or challenges, we see these effects as relatively short to mid-term in nature. Over the longer term, we believe this type of increased complexity in the global trade environment provides us with an opportunity to add further value to our existing merchants and to grow with new merchants.

同時，正如我們最近在紐約投資者日所討論的那樣，雖然當前的不確定性可能導致混亂或挑戰，但我們認為這些影響本質上是相對短期到中期的。從長遠來看，我們相信全球貿易環境的這種日益複雜的狀況為我們提供了為現有商家增加更多價值並與新商家共同成長的機會。

The rising complexities of international trade typically bring more and more brands to realize the tremendous business value we can bring to them, as well as our ability to help them to successfully navigate the fast-changing global trade dynamics.

國際貿易日益複雜，通常會讓越來越多的品牌意識到我們可以為他們帶來的巨大商業價值，以及我們幫助他們成功應對快速變化的全球貿易動態的能力。

As our merchants experience day in and day out, now more than ever, with Global-E in place, they can have peace of mind during turbulent times. We have their back. As soon as there is a change in regulation or in tariff levels, we not only notify them, but we also take all the necessary steps, including rapid R&D developments and deployments if needed, to make sure that they remain compliant at all times.

就像我們的商家日復一日所經歷的一樣，現在有了 Global-E，他們可以比以往更安心地度過動盪時期。我們支持他們。一旦法規或關稅水準發生變化，我們不僅會通知他們，還會採取一切必要措施，包括在必要時快速進行研發和部署，以確保他們始終保持合規。

Not less important, we provide them with data-driven advice and unique features and capabilities that can help them to mitigate potential adverse effects on their international business. We very much see this as an opportunity for continued growth.

同樣重要的是，我們為他們提供數據驅動的建議和獨特的功能和能力，幫助他們減輕對其國際業務的潛在不利影響。我們非常重視這是一個持續成長的機會。

Taking into account the dynamic nature of all these uncertain factors and their unclear directional impact on our performance in the remainder of the year, we are reiterating our full-year guidance for 2025. We will continue to monitor the situation closely and will update you in the future should our assessments change.

考慮到所有這些不確定因素的動態性質及其對我們今年剩餘時間業績的方向性影響尚不明確，我們重申 2025 年全年指引。我們將繼續密切注意情況，如果我們的評估發生變化，我們將及時向您通報。

Before we review our Q1 results and forward guidance in more detail, I would first like to share with you some of the recent and exciting business developments. First and foremost, I'm happy to announce that we have signed a new three-year strategic partnership agreement with Shopify, replacing our prior 3P and 1P agreements with a new streamlined and unified strategic agreement.

在我們更詳細地回顧第一季業績和前瞻性指引之前，我想先與大家分享一些近期令人興奮的業務發展。首先，我很高興地宣布，我們與 Shopify 簽署了一項新的三年戰略合作協議，以新的簡化統一的戰略協議取代我們先前的 3P 和 1P 協議。

For more than four years now, we have fostered a great partnership with Shopify, which has enabled Shopify merchants of all sizes to utilize our state-of-the-art third-party merchant of record solutions and turbocharge their global direct-to-consumer sales, as well as to enjoy the benefits of the innovative and seamless Managed Markets offering.

四年多來，我們與 Shopify 建立了良好的合作夥伴關係，這使得各種規模的 Shopify 商家能夠利用我們最先進的第三方記錄商家解決方案，增強其全球直接面向消費者的銷售，同時享受創新和無縫的託管市場產品帶來的好處。

The new multi-year strategic partnership agreement we have signed with Shopify incorporates all the mutual learnings from our joint work along the years, as well as the necessary adaptations to support the updated strategic directions and goals of both our companies.

我們與 Shopify 簽署的新的多年期策略合作協議融合了我們多年來共同工作中累積的所有共同學習經驗，以及為支持兩家公司更新的策略方向和目標而做出的必要調整。

Under the new agreement on the 1P or Managed Markets front, Global-E will remain the exclusive provider of merchant of record or MoR services for this Shopify branded solution. Global-E and Shopify will work together on a revised setup to be launched at a later stage. And these deeper integrations will create a more seamless merchant experience. We believe that once in place, this updated product approach should expand Managed Markets relevancy and appeal to a far larger cohort of Shopify merchants.

根據 1P 或託管市場方面的新協議，Global-E 將繼續作為此 Shopify 品牌解決方案的記錄商家或 MoR 服務的獨家提供者。Global-E 和 Shopify 將合作制定修訂後的設置，並在稍後階段推出。這些更深層的整合將創造更無縫的商家體驗。我們相信，一旦實施，這種更新的產品方法應該會擴大託管市場的相關性並吸引更多的 Shopify 商家。

It is important to note though, that this new operating model, which is also expected to impact the commercial structure of managed markets for Global-E, is not expected to have a notable effect on 2025 results. Within 3P, the new arguments will enable additional third-party MoR providers to operate on the Shopify platform in the future.

但值得注意的是，這種新的營運模式預計也不會對 2025 年的業績產生顯著影響，但預計也會對 Global-E 管理市場的商業結構產生影響。在 3P 領域，新的參數將允許更多第三方 MoR 供應商未來在 Shopify 平台上運作。

However, we are confident that Global-E will be able to maintain its competitive advantage, as we will be the preferred Shopify partner for international MoR services, and will retain exclusive access to certain key features available on the Shopify platform.

然而，我們相信 Global-E 將能夠保持其競爭優勢，因為我們將成為國際 MoR 服務的首選 Shopify 合作夥伴，並將保留對 Shopify 平台上某些關鍵功能的獨家使用權。

In addition, from a commercial perspective, we stand to benefit from revised commercial terms. Given Shopify's impressive progress in growing and attracting larger businesses globally, this is an exciting extension of our partnership, providing international direct-to-consumer e-commerce support for large sellers on the Shopify platform. This new multi-year agreement is an exciting next step in our relationship with Shopify, one of our most important and long-standing partners, and we are looking forward to seeing where this takes us.

此外，從商業角度來看，我們將從修訂的商業條款中受益。鑑於 Shopify 在全球範圍內發展和吸引大型企業方面取得的令人矚目的進步，這是我們合作夥伴關係的一次令人興奮的延伸，為 Shopify 平台上的大型賣家提供國際直接面向消費者的電子商務支持。這項新的多年期協議是我們與 Shopify（我們最重要和長期的合作夥伴之一）關係中令人興奮的下一步，我們期待看到這將帶給我們什麼。

I would just quickly note that we had contemplated most of the details around this agreement when we provided our multi-year outlook at our Investor Day in March. So nothing changes from that perspective, and we remain on track to deliver against our long-term targets for growth and profitability.

我想快速指出的是，當我們在三月的投資者日提供多年展望時，我們已經考慮了有關該協議的大部分細節。因此，從這個角度來看，一切都沒有改變，我們仍有望實現長期成長和獲利目標。

As I mentioned earlier, merchants are increasingly faced with challenging and highly dynamic trade and regulatory environments, which is exactly where Global-E can come in and drive meaningful value. Our suite of systems and solutions is not only highly robust, but also agile and flexible, thereby enabling us to quickly develop and deploy new capabilities as the needs of our merchants evolve.

正如我之前提到的，商家面臨著越來越大的挑戰和高度動態的貿易和監管環境，這正是 Global-E 可以發揮作用並創造有意義價值的地方。我們的系統和解決方案套件不僅高度強大，而且敏捷靈活，從而使我們能夠隨著商家需求的變化快速開發和部署新功能。

One clear example of that is our new 3B2C offering, developed in record time to enable global brands to leverage their international footprint in order to partially offset costs due to tariffs. By using this unique offering, merchants who have legal entities set up in various destination markets can now import goods into such markets as a B2B intra-company transaction, before conducting a local in-market sale to the end consumer, thereby lowering the import duties burden.

一個明顯的例子就是我們新的 3B2C 產品，該產品在創紀錄的時間內開發出來，使全球品牌能夠利用其國際影響力來部分抵消關稅造成的成本。透過使用這項獨特的服務，在各個目的地市場設有法人實體的商家現在可以將商品作為 B2B 公司內部交易進口到這些市場，然後在當地市場向最終消費者進行銷售，從而降低進口關稅負擔。

Given the sharp movements we have recently observed in trade tariffs, we have seen a lot of interest from merchants, both existing and new, in using this unique 3B2C offering to mitigate as much as possible unnecessary price hikes in key destination markets, while avoiding the cost and ongoing complexities and effort involved in creating full-blown multi-local setups for these markets.

鑑於我們最近觀察到的貿易關稅的急劇變動，我們發現許多新舊商家都對使用這種獨特的 3B2C 產品感興趣，以盡可能減輕主要目的地市場的不必要價格上漲，同時避免為這些市場創建全面的多本地設置所涉及的成本和持續的複雜性和工作量。

Another piece we delivered to our merchants during Q1 was an overall of our merchant portal. Beyond its new look and feel, the newly revamped portal enables for far easier access to frequently used areas such as order search and others. Most notably, the new portal hosts two important tools for our merchants, a real-time sales dashboard and a funnel analysis dashboard.

我們在第一季向商家提供的另一項服務是商家入口網站的整體建置。除了新的外觀和感覺之外，新改版的入口網站還可以更輕鬆地訪問訂單搜尋等常用區域。最值得注意的是，新入口網站為我們的商家提供了兩個重要工具：即時銷售儀表板和漏斗分析儀表板。

These self-service BI tools are designed to empower merchants with easy access to their sales data, allowing them to track and analyze key e-commerce KPIs directly in the Global-E, across all operational markets, and using many different metrics and dimensions, keeping merchants in full control of the store's performance around the globe.

這些自助式 BI 工具旨在讓商家輕鬆存取他們的銷售數據，使他們能夠直接在 Global-E 中、在所有營運市場中追蹤和分析關鍵電子商務 KPI，並使用許多不同的指標和維度，讓商家完全控制全球商店的表現。

Such increased visibility and control are always important, but even more so now, as merchants need to be able to understand in real time the impact of various pricing and business decisions they take in reaction to market and regulatory changes.

這種增強的可見性和控制力始終很重要，但現在更為重要，因為商家需要能夠即時了解他們為應對市場和監管變化而採取的各種定價和業務決策的影響。

In terms of sales progress, in the quarter, we continue to experience strong demand for our services across markets, as dozens of brands went live with Global-E during Q1. In Europe, we launched with Subdued out of Italy, and with VIBAe Footwear, our first large merchant based in Finland. We went live with several luxury brands, including Bally Shoes from Switzerland and Zimmermann in Australia, as well as JW Anderson, an LVMH brand, and Thomas Pink, both out of the UK. We also launched with Diane von Furstenberg in the US.

就銷售進度而言，本季度，我們繼續感受到各個市場對我們服務的強勁需求，因為數十個品牌在第一季與 Global-E 合作。在歐洲，我們與義大利的 Subdued 合作推出了這款產品，並與芬蘭的第一家大型商家 VIBAe Footwear 合作推出了這款產品。我們與多個奢華品牌進行了合作，包括瑞士的 Bally Shoes 和澳洲的 Zimmermann，以及來自英國的 LVMH 品牌 JW Anderson 和 Thomas Pink。我們也與黛安馮芙絲汀寶 (Diane von Furstenberg) 在美國合作。

During the quarter, we also expanded our portfolio of sports merchants, launching with Atletico de Madrid in Spain. Our efforts to grow in Asia Pacific continue to gain traction as well. During Q1, we launched with Japanese brands, United Arrows Tabaya, Sacai and Bandai-Namco, the multinational video game publisher of Pac-Man. We also launched with Threetimes and Samo Ondoh in Korea and T2Tea and Scarlet & Sam in Australia, among others.

本季度，我們也擴大了運動商家組合，並與西班牙馬德里競技隊合作。我們在亞太地區發展的努力也持續獲得進展。在第一季度，我們與日本品牌 United Arrows Tabaya、Sacai 以及吃豆人跨國電玩發行商 Bandai-Namco 合作推出了新產品。我們也與韓國的 Threetimes 和 Samo Ondoh 以及澳洲的 T2Tea 和 Scarlet & Sam 等公司合作推出了新產品。

Lastly, we had a significant expansion of our business with several brands, most notably with the launch of Adidas Hong Kong, one of the biggest markets Adidas has launched with us to date. With the traction we are seeing in the pipeline, dozens of other brands going live, and expansions across our various geographies, we believe we can continue on our growth path towards our long-term targets as merchants continue to leverage our services to support their global direct-to-consumer sales.

最後，我們與多個品牌的業務實現了大幅擴展，最引人注目的是阿迪達斯香港的成立，這是阿迪達斯迄今為止與我們合作推出的最大市場之一。隨著我們在通路中看到的牽引力、數十個其他品牌的上線以及我們在各個地區的擴張，我們相信，隨著商家繼續利用我們的服務來支持他們的全球直接面向消費者的銷售，我們可以繼續沿著我們的長期目標的增長道路前進。

Before I hand it over to Ofer, I want to highlight another important step in our journey as a mature public company. Starting in Q2, we expect to move to GAAP profitability as the amortization of the majority of the Shopify warrants will be done. By the start of 2026, these are expected to be fully amortized. We expect to be GAAP profitable also moving forward, signifying our ability to continue generating long-term, durable, and profitable growth.

在將權力移交給奧弗之前，我想強調我們作為一家成熟上市公司的歷程中的另一個重要步驟。從第二季度開始，我們預計獲利能力將轉向 GAAP，因為大部分 Shopify 認股權證的攤銷將完成。到 2026 年初，這些預計會被完全攤銷。我們預計未來也能實現 GAAP 獲利，這表明我們有能力繼續實現長期、持久和盈利的成長。

I will now hand it over to Ofer to take us through the quarterly numbers in more depth, as well as our reaffirmed 2025 guidance and the Q2 outlook.

現在，我將把時間交給 Ofer，讓他向我們更深入地介紹季度數據，以及我們重申的 2025 年指引和第二季展望。

Thank you, Amir, and thanks everyone for joining us today for our earnings call. As Amir mentioned, we are off to a strong start in 2025. Q1 came in yet again well above the Rule of 40, driven by the continued growth of volumes processed through our platform and healthy margins.

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，我們在 2025 年將有一個好的開始。第一季業績再次遠超 40 法則，這得益於我們平台處理量持續成長以及健康的利潤率。

Before I go into the details of the quarter, 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.

在介紹本季的細節之前，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 結果之間的對帳可以在我們的收益報告中找到。

GMV in Q1 was $1.243 billion, up 34% year-over-year and approximately 1% above the mid-point of a guidance range for Q1. While the elevated geopolitical and macroeconomic uncertainty has thus far resulted in only a modest impact on trade volumes in the first quarter, we remain attentive to the potential for a broader effect of the turmoil in global duty tariffs on consumer spending and e-commerce trade.

第一季的 GMV 為 12.43 億美元，年增 34%，比第一季指引範圍的中點高出約 1%。雖然地緣政治和宏觀經濟不確定性的上升迄今為止僅對第一季的貿易量產生了輕微影響，但我們仍關注全球關稅動盪對消費者支出和電子商務貿易可能產生的更廣泛影響。

In Q1, we generated total revenue of $189.9 million, up 30% year-over-year, and again, 1% above the midpoint of our guidance range. Service fees revenue were $84 million, up 23%, and fulfillment services revenue were up 36% to $105.9 million. Growth of the fulfillment revenue was favorably impacted by GMV mix, while growth of service fees was impacted by the bankruptcy of Ted Baker UK and EU distributors, as well as a GMV mix share of larger merchants in trading compared to Q1 of the previous year.

第一季度，我們的總營收為 1.899 億美元，年增 30%，並且再次高出我們預期範圍的中點 1%。服務費收入為 8,400 萬美元，成長 23%，履行服務收入成長 36%，達到 1.059 億美元。履行收入的成長受到 GMV 組合的正面影響，而服務費的成長受到 Ted Baker 英國和歐盟經銷商破產以及與去年第一季度相比大型商家在交易中的 GMV 組合份額的影響。

Progressing through the income statement, non-GAAP gross profit was $86.3 million, up 31% year-over-year, representing a gross margin of 45.4% compared to 45.3% in the same period last year. GAAP gross profit was $84.1 million, representing a margin of 44.3%.

損益表中，非公認會計準則毛利為 8,630 萬美元，年增 31%，毛利率為 45.4%，而去年同期為 45.3%。GAAP 毛利為 8,410 萬美元，利潤率為 44.3%。

Moving on to operational expenses, we continue to invest in the development of our platform to further enhance and expand our various offerings. R&D expense in Q1 excluding stock-based compensation was $24.5 million or 12.9% of revenue compared to $20.1 million or 13.8% in the same period last year. Total R&D spend in Q1 was $28.1 million. We continue to allocate resources toward sales and marketing to support growth, while remaining focused on operational efficiency.

在營運費用方面，我們繼續投資於平台開發，以進一步增強和擴展我們的各種產品。第一季研發費用（不含股票薪酬）為 2,450 萬美元，佔營收的 12.9%，去年同期為 2,010 萬美元，佔營收的 13.8%。第一季研發總支出為 2,810 萬美元。我們將繼續向銷售和行銷分配資源以支援成長，同時繼續專注於營運效率。

Sales and marketing expense excluding Shopify related amortization expenses, stock-based compensation, and acquisition related intangible amortization was $23.3 million or 12.3% of revenue, compared to $17.2 million or 11.8% of revenue in the same period last year. Shopify warrants related amortization expense was $37 million. As a reminder, we expect this expense to decrease significantly in Q2 and to be completely gone at the beginning of 2026. Total sales and marketing expenses for the quarter were $63.9 million.

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 2,330 萬美元，佔收入的 12.3%，而去年同期為 1,720 萬美元，佔收入的 11.8%。Shopify 認股權證相關攤銷費用為 3,700 萬美元。提醒一下，我們預計這項支出將在第二季大幅減少，並在 2026 年初完全消失。本季銷售和行銷費用總額為 6,390 萬美元。

General and administrative expenses excluding stock-based compensation were $7.7 million or 4.1% of revenue compared to $8.3 million or 5.7% of revenue in Q1 of last year. Total G&A spend in the first quarter was $11.2 million. We continue to show rapid adjusted EBITDA growth in the quarter. Adjusted EBITDA was $31.6 million, up 48% from Q1 2024. Adjusted EBITDA margin was 16.6%.

不包括股票薪酬的一般及行政開支為 770 萬美元，佔營收的 4.1%，而去年第一季為 830 萬美元，佔營收的 5.7%。第一季的一般及行政開支總額為 1,120 萬美元。本季度，我們的調整後 EBITDA 繼續呈現快速成長。調整後 EBITDA 為 3,160 萬美元，較 2024 年第一季成長 48%。調整後的 EBITDA 利潤率為 16.6%。

The net loss in the quarter was $17.9 million compared to a net loss of $32.1 million in the year ago period. The net loss was driven mainly by the amortization expenses related to the Shopify warrant.

本季淨虧損為 1,790 萬美元，去年同期淨虧損為 3,210 萬美元。淨虧損主要由與 Shopify 認股權證相關的攤銷費用所造成。

Moving on to the balance sheet and cash flow statements, we've ended the quarter with $445 million in cash and cash equivalents, including short-term deposits and marketable securities. Free cash flow used in Q1 was $72.6 million compared to $55.1 million used a year ago. As a reminder, we typically see an outflow of cash in the first quarter driven by post-peak working capital dynamics. In Q1 2025, operating cash flow was also negatively impacted by delayed VAT returns due to an audit we went through. The audit ended successfully and the funds were received in Q2. Cash flow used by operating activities was $72.1 million compared to $54.3 million used a year ago.

轉到資產負債表和現金流量表，本季末我們擁有 4.45 億美元的現金和現金等價物，包括短期存款和有價證券。第一季使用的自由現金流為 7,260 萬美元，去年同期為 5,510 萬美元。提醒一下，我們通常會看到第一季的現金流出，這是由高峰後的營運資本動態所推動的。2025 年第一季度，由於我們經歷的審計導致增值稅申報延遲，經營現金流也受到負面影響。審計順利結束，資金已於第二季收到。經營活動所用現金流為 7,210 萬美元，去年同期為 5,430 萬美元。

Before we move on to our financial outlook and guidance for Q2 and 2025, I'd like to share our view given the current environment. We witnessed an increased level of uncertainty due to the current turmoil in global trade caused by the changes in duty tariffs. But no clear directional impact at this stage. Hence, we are leaving our full year 2025 guidance unchanged.

在我們討論第二季和 2025 年的財務展望和指導之前，我想分享我們對當前環境的看法。由於關稅變化導致當前全球貿易動盪，我們目睹了不確定性的增加。但現階段尚無明確的方向性影響。因此，我們維持 2025 年全年指引不變。

Now let's go through the Q2 and full year guidance. For Q2 2025, we're expecting GMV to be in the range of $1.387 billion to $1.427 billion. At the midpoint of the range, this represents a growth rate of 30% versus Q2 of 2024. We expect Q2 revenue to be in the range of $204 million to $211 million, representing a year-over-year growth rate of 23.5% at the midpoint. For adjusted EBITDA, we're expecting a profit in the range of $35 million to $39 million, or a margin of 18% at the mid-point.

現在讓我們來看看第二季和全年的指導。對於 2025 年第二季度，我們預計 GMV 將在 13.87 億美元至 14.27 億美元之間。在該範圍的中間點，這代表與 2024 年第二季相比的成長率為 30%。我們預計第二季營收將在 2.04 億美元至 2.11 億美元之間，中位數為年增 23.5%。對於調整後的 EBITDA，我們預計利潤在 3,500 萬美元至 3,900 萬美元之間，中間值為 18%。

For the full year of 2025, as mentioned already, we are maintaining our guidance ranges. We continue to anticipate GMV to be in the range of $6.19 billion to $6.49 billion, representing a 30.5% annual growth rate at the midpoint of the range. Revenue is expected to be in the range of $917 million to $967 million, representing a growth rate of 25% in the mid-point of the range. For adjusted EBITDA, we're expecting a profit of $179 million to $199 million.

對於 2025 年全年，正如前面所提到的，我們將維持我們的指導範圍。我們繼續預測 GMV 將在 61.9 億美元至 64.9 億美元之間，相當於該範圍中點的 30.5% 的年增長率。預計營收將在 9.17 億美元至 9.67 億美元之間，中間值成長率為 25%。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。

We believe that the current environment presents an opportunity for Global-E. More than ever, merchants are excited by our value proposition in the face of an increasingly complicated and fast-changing international e-commerce environment.

我們相信，當前的環境為 Global-E 帶來了機會。面對日益複雜和快速變化的國際電子商務環境，商家比以往任何時候都更對我們的價值主張感到興奮。

Moreover, we believe that the long-term partnership with Shopify will continue to play an important role in our growth journey. The market opportunity in front of us remains massive and we continue on our path to support merchants worldwide in expanding their direct to consumer business.

此外，我們相信與 Shopify 的長期合作將繼續在我們的成長歷程中發揮重要作用。我們面前的市場機會仍然巨大，我們將繼續支持全球商家擴大其直接面向消費者的業務。

And with that, Amir, Nir, Alan, and I are happy to answer questions you may have.

因此，Amir、Nir、Alan 和我很樂意回答您可能提出的問題。

Operator?

操作員？

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

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey guys, good morning. Thank you for taking the questions. I wanted to maybe start off on some of the macroeconomic commentary you had. It sounds like to date you haven't seen any kind of directional impact from the escalation of some of the trade discussions that we've had. But I wanted to come back to some of the comments you made at the beginning of the year because I think you're one of the few companies that we cover that I think had the foresight to embed some of the initial impacts of potential trade policies into the guidance from the beginning of the year.

大家好，早安。感謝您回答這些問題。我想先從您的一些宏觀經濟評論開始。聽起來，到目前為止，您還沒有看到我們所進行的一些交易談判升級帶來任何方向性影響。但我想回顧一下您在年初發表的一些評論，因為我認為您是我們報道的少數幾家有遠見的公司之一，從年初開始就將潛在貿易政策的一些初步影響納入指導中。

So I was wondering if you could just maybe remind us what's baked in in terms of the potential for demand destruction as well as some of the shifts to multi-local offering in the outlook for the full year? And if you could maybe just give us a sense for how we're sort of tracking against those assumptions to date and kind of what you would need to see in order to embed more macroeconomic pressure? It sounds like you haven't seen much to date. Thanks.

所以我想知道您是否可以提醒我們，在全年前景中，需求破壞的可能性以及向多本地服務轉變的可能性有哪些？您能否向我們介紹一下我們迄今為止對這些假設的追蹤情況，以及您需要看到什麼才能施加更大的宏觀經濟壓力？聽起來你到現在還沒有看到太多東西。謝謝。

Yeah. So, Will, thank you for that. As we discussed in our prepared remarks, we definitely see greater uncertainty in the geopolitical and macro environment. As you mentioned, we have sort of incorporated a certain impact in our full year guidance in the previous quarter.

是的。所以，威爾，謝謝你。正如我們在準備好的發言中所討論的那樣，我們確實看到地緣政治和宏觀環境的不確定性加大。正如您所提到的，我們在上一季的全年預期中已經考慮到了一定的影響。

And since then, we have seen some limited impact. Same store sales are slightly lower than our multi-year average, but as we mentioned, even though the trade tariffs dynamics are creating a lot of uncertainty, we haven't identified any clear trends in trading patterns. And thus, despite the higher uncertainty we maintain our guidance for the full year and we believe that our performance will be within the guidance range.

自那時以來，我們看到了一些有限的影響。同店銷售額略低於我們的多年平均水平，但正如我們所提到的，儘管貿易關稅動態造成了許多不確定性，但我們還沒有發現任何明顯的交易模式趨勢。因此，儘管不確定性較高，我們仍維持全年業績指引，並相信我們的業績將在指引範圍內。

Got it. Okay, that's helpful. And then just on the Shopify partnership, I wanted to maybe focus a little bit on the renewal. And so, I guess, on the managed market side, it sounds like you guys are going to work towards an updated rollout that can accelerate the growth of that product. Any changes or any thoughts around the timeline for continued expansion of Managed Markets?

知道了。好的，這很有幫助。然後就 Shopify 合作夥伴關係而言，我可能會想稍微關註一下續約事宜。因此，我想，在管理市場方面，聽起來你們將致力於更新的推出，以加速該產品的成長。對於管理市場持續擴張的時間表有什麼變化或想法嗎？

And then just on the third party side, I was wondering if you could talk about the loss of exclusivity specifically. It sounds like you'll retain preferred provider status, but how are you thinking about that? How did you weigh the cost benefit of that relative to the enhanced commercial terms on the 3P side? I appreciate you taking the questions today.

然後就第三方方面而言，我想知道您是否可以具體談論獨家經營權的喪失。聽起來您會保留首選供應商的地位，但是您對此有何看法？相對於第三方增強的商業條款，您如何權衡其成本效益？感謝您今天回答這些問題。

First, we're very happy to extend our long lasting relationship with Shopify for a new multi-year agreement. They have been a great partner for us for more than four years now and we are looking forward to continue building this partnership.

首先，我們非常高興與 Shopify 延續長期合作關係，並簽署一份新的多年協議。四年多來，他們一直是我們優秀的合作夥伴，我們期待繼續發展這種夥伴關係。

Moving in from the exclusivity to the preferred partner status, it does give us exclusivity on certain key features on the 3P side, as well as alignments with Shopify on future feature releases. Moreover, for the last four years, we have managed to build the robust capability and integration into Shopify that combined with our general scale expertise and track record within Shopify and outside gives us, I would say, strong beliefs that we will maintain our leadership position.

從獨家合作夥伴地位轉變為首選合作夥伴地位，確實使我們在 3P 方面擁有某些關鍵功能的獨家使用權，並且在未來功能發佈時與 Shopify 保持一致。此外，在過去四年中，我們成功地建立了強大的功能並與 Shopify 進行了整合，結合我們在 Shopify 內部和外部的一般規模專業知識和業績記錄，我敢說，我們堅信我們將保持領導地位。

We do believe that the transition might cause some increase to potential competition. However, as I said, we did establish ourselves in the market as a whole, as a market leader for cross-border and global e-commerce services, especially on Shopify where we were the only player for the last four years, building a competitive mote based on our expertise and track record.

我們確實相信這種轉變可能會增加潛在的競爭。然而，正如我所說，我們確實在整個市場上確立了自己的地位，成為跨境和全球電子商務服務的市場領導者，特別是在 Shopify 上，我們在過去四年中一直是唯一的參與者，並基於我們的專業知識和業績記錄建立了競爭力。

Moving into the decision of Shopify to move out of the exclusivity modeling and transition into a preferred, we believe that Shopify wants to provide more flexibility to its merchants, especially in light of winning businesses with enterprise merchants from other platforms.

當 Shopify 決定放棄獨家模式並轉型為首選模式時，我們認為 Shopify 希望為其商家提供更多靈活性，尤其是在與其他平台的企業商家合作贏得業務方面。

Such large merchants with platforming may have existing relationships with other providers, including in certain cases international e-commerce. And nevertheless, we are remaining as a preferred provider and have the most robust integration. So we feel quite confident on our competitive mode.

這些擁有平台的大型商家可能與其他供應商有現有的關係，在某些情況下包括國際電子商務。儘管如此，我們仍然是首選供應商，並擁有最強大的整合。所以我們對我們的競爭模式非常有信心。

I think there was a question also relating to the 1P. If you can remind me what it was.

我認為還有一個與 1P 相關的問題。如果你能提醒我那是什麼的話。

Yeah, thanks. It was just any impacts of the new structure to the timing of rollout and product releases on Managed Markets?

是的，謝謝。新架構對管理市場推出和產品發布的時間有何影響？

So we do continue, as we indicated also in our Investor Day, we do continue to build with Shopify and streamline what we identified that needs further streamlining in the build to reduce friction. We are aiming for future releases over time of the new capabilities, we will do it on a gradual basis over the coming quarters within future releases.

因此，正如我們在投資者日所指出的那樣，我們將繼續與 Shopify 合作進行構建，並簡化我們發現的需要進一步簡化的構建，以減少摩擦。我們的目標是隨著時間的推移推出新功能，我們將在未來幾季內逐步推出新功能。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi, gentlemen. Thanks for taking the question. So, Ofer, I know you mentioned that you didn't see any clear direction on GMV trends thus far, but I'm curious if you did see any instances of pull forward or early ordering ahead of tariffs, any pricing changes, and I understand maybe that's not across the broad base, but are there pockets or geos where you're seeing certain trends that you'd call out? Just love to get more perspective there.

嗨，先生們。感謝您回答這個問題。所以，Ofer，我知道您提到到目前為止您還沒有看到 GMV 趨勢的任何明確方向，但我很好奇您是否看到過在關稅之前提前下單或提前訂購的情況，或者任何價格變化，我知道這可能不是普遍現象，但您是否在某些地區或地區看到了某些值得關注的趨勢？只是想從那裡獲得更多的視角。

Thank you for the question, Brian. Yes, we have seen -- where we haven't seen any -- again, any clear direction. We have seen pockets of influence. One that I would note is, since the beginning of May we have seen some softness with certain merchants trading high sharing mix with goods with China or Hong Kong origin into the US So that would be one notable example. However, these are certain pockets, and we haven't seen any clear directional impact thus far.

謝謝你的提問，布萊恩。是的，我們已經看到了——雖然我們還沒有看到——任何明確的方向。我們已經看到了一些影響因素。我想指出的是，自 5 月初以來，我們發現某些商家在將來自中國或香港的商品銷往美國時，出現了一些疲軟現象，這是一個值得注意的例子。然而，這些都是特定的領域，到目前為止我們還沒有看到任何明確的方向性影響。

Got it. Maybe just as a follow-up, as you are thinking about your broader e-commerce relationships outside of Shopify in terms of some of the larger players there, how influential are those vendors in terms of bringing in new enterprise customers to you, and does that change at all with the lack of exclusivity with Shopify? Thanks, guys.

知道了。也許只是作為後續問題，當您考慮 Shopify 之外的更廣泛的電子商務關係時，就一些較大的參與者而言，這些供應商在為您帶來新的企業客戶方面有多大影響力，並且由於 Shopify 缺乏獨家經營權，這種情況是否會改變？謝謝大家。

Hi, Brian, it's Nir. We don't expect to see any major shift in dynamics on the competitive side. Global-E has been the clear market leader in global e-commerce across basically all e-commerce platforms from Salesforce to Magento to hybrid and into Shopify competing on a level playing field. So we are quite confident that with our unique track record expertise and the preferred situation on Shopify, we will not see any significant change in the dynamics also on the Shopify platform.

你好，Brian，我是 Nir。我們預期競爭態勢不會有任何重大轉變。Global-E 在全球電子商務領域一直是當之無愧的市場領導者，基本上涵蓋了所有電子商務平台，從 Salesforce 到 Magento，再到混合平台和 Shopify，都在公平的競爭環境中競爭。因此，我們非常有信心，憑藉我們獨特的業績記錄專業知識和 Shopify 上的優先地位，我們不會看到 Shopify 平台上的動態發生任何重大變化。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Thank you so much. Appreciate the comments this morning everybody. I wanted to touch on really quickly your -- how you're thinking about your NDR expectations relative to kind of where you started the year. It sounds like maybe same store sales are turning a bit lower, but you can correct me if that's right or wrong.

太感謝了。感謝大家今天早上的評論。我想快速談談您對 NDR 預期的看法，相對於年初的情況。聽起來同店銷售額可能有點下降，但你可以糾正我這是對還是錯。

But on the other hand, it seems like your large enterprise merchant partners that were signed up in the back half of 2024 are ramping quite aggressively. So just any commentary you have on evolution of the NDR component in your forecasting.

但另一方面，似乎您在 2024 年下半年簽約的大型企業商家夥伴正在積極擴張。因此，您對預測中 NDR 組件的演變有何評論？

Yeah. Sure, James. Thank you for the question. As I mentioned, we haven't seen the -- through the weeks there is some volatility, but generally speaking, we haven't seen any sort of notable change on average. Same store sales slightly lower than our historical average, but we expected this going into the year.

是的。當然，詹姆斯。謝謝你的提問。正如我所提到的，我們還沒有看到——過去幾週出現了一些波動，但總體而言，我們平均沒有看到任何顯著的變化。同店銷售額略低於我們的歷史平均水平，但我們預計今年會發生這種情況。

As you mentioned, yes, we are seeing -- we have seen a very nice ramp up from sort of the large new merchants already in Q4 and actually we see very positive trade patterns with some of those merchants in Q1 as well. So we're quite happy about that. And yes, there is definitely -- it's an interesting year. There is definitely some uncertainty, but up till now it has been trading close to our expectations.

正如您所說，是的，我們看到——我們已經看到第四季度大型新商家的數量出現了非常好的增長，實際上我們在第一季也看到其中一些商家的貿易模式非常積極。所以我們對此感到非常高興。是的，確實如此——這是有趣的一年。肯定存在一些不確定性，但到目前為止，交易情況一直接近我們的預期。

Got it. And then, I wanted to ask just on a few moving parts and how it's impacted your first quarter GMV growth as well as your outlook. Can you help us over parse like FX? We know that, or at least we've seen headlines that there may have been a ransomware attack on Marks & Spencer and then the bankruptcy and closure of Forever 21. Just wondering how those are impacting the GMV and trying to get a sense for constant currency GMV growth excluding some of these items?

知道了。然後，我想問幾個活動部件以及它如何影響您的第一季 GMV 成長以及您的前景。您能幫助我們像 FX 一樣過度解析嗎？我們知道這一點，或者至少我們看到過這樣的頭條新聞：瑪莎百貨可能遭受了勒索軟體攻擊，隨後 Forever 21 破產倒閉。我只是想知道這些對 GMV 有何影響，並試圖了解不包括其中一些項目在內的恆定貨幣 GMV 成長情況？

So I'll break your question into two elements. On the FX and its impact on the quarter results and focus going forward, we don't see any material impact. There were some changes within the quarter, but it changed direction, so no material impact there versus constant current.

所以我將你的問題分成兩個部分。對於外匯及其對季度業績和未來重點的影響，我們認為不會有任何實質影響。本季度發生了一些變化，但改變了方向，因此與恆定電流相比沒有實質影響。

As you're related to [M&S], it's one of our largest clients. They are unfortunately facing some kind of cyberattack. It does affect trading for a period of time now, have not been trading online with Global-E and outside Global-E due to the attack. However, it did not have any material effect on our Q1 as it was only partial effect in Q1 and we do hope that it will be resolved within the coming period so it will not have a major effect on our Q2 and the rest of the year. We did bake some of it into our Q2 guidance already.

由於您與 [M&S] 有關係，它是我們最大的客戶之一。不幸的是，他們正面臨某種網路攻擊。它確實在一段時間內影響了交易，由於這次攻擊，我們無法與 Global-E 進行線上交易，也無法在 Global-E 之外進行交易。然而，它對我們的第一季沒有任何實質影響，因為它只是對第一季度產生了部分影響，我們確實希望它能在未來一段時間內得到解決，因此它不會對我們的第二季度和今年剩餘時間產生重大影響。我們確實已經將其中的一些內容納入了我們的第二季指引中。

All in all, the macro-economic, as you stated, there are some foreclosures. It is a difficult time for merchants. The global turmoil coming out of the changes in tariffs around the world doesn't do it any easier for merchants and consumer sentiment is not at its peak.

總而言之，正如您所說，宏觀經濟存在一些喪失抵押品贖回權的情況。對商家來說，這是一個艱難的時期。世界各地關稅變化帶來的全球動盪對商家來說並不算輕鬆，消費者信心也未達到頂峰。

However, we took that into account once we gave at the beginning of the year the guidance for the year. We have seen slight slowdown from there, but all in all, we don't see any clear change from what we've seen at the beginning of the year.

然而，我們在年初給出年度指導時就考慮到了這一點。從那時起，我們看到了輕微的放緩，但總的來說，與年初相比，我們沒有看到任何明顯的變化。

Chris Zhang, UBS.

瑞銀的 Chris Zhang。

Hi. Thanks a lot for taking my question. My first question is around the details in the announcement saying that Managed Markets will now leverage Shopify payments for the future version of Managed Markets. The first part of my question is, will this be also applied to the existing Shopify Managed Markets volumes and what's the timeline of the rollout of Shopify payments to Managed Markets? And how do you see that impact your revenue on the service side, because Managed Markets, I believe, previously includes the payments revenue as well as the 2.5% FX conversion fee.

你好。非常感謝您回答我的問題。我的第一個問題是關於公告中的細節，公告稱 Managed Markets 現在將利用 Shopify 付款來支援 Managed Markets 的未來版本。我的問題的第一部分是，這是否也適用於現有的 Shopify 託管市場量以及 Shopify 支付向託管市場推出的時間表是什麼？您認為這會對服務方面的收入產生什麼影響？因為我認為，Managed Markets 之前已經包含了支付收入以及 2.5% 的外匯兌換費。

The changes would happen within the coming quarters with future releases. You are correct, that today managed markets payments are going through the Global-E platform acquiring accounts in the future as indicated. It will be done directly with Shopify. This will have a certain impact on the economics going forward. Once acquiring is moved into a Shopify payment, we will let it out on our side and it will not be recorded as part of our revenue.

這些變化將在未來幾季內隨著未來的發布而發生。您說得對，正如所示，今天的管理市場付款將來會透過 Global-E 平台收單帳戶進行。它將直接透過 Shopify 完成。這將對未來的經濟產生一定的影響。一旦收購轉移到 Shopify 付款中，我們就會將其從我們這邊釋放出來，並且不會將其記錄為我們收入的一部分。

Further explanation on that, I will pass it to Ofer, he can share some more.

關於這一點的進一步解釋，我會將其傳遞給 Ofer，他可以分享更多。

In terms of -- as Nir explained, there are certain elements such as payments, which is the main one, but there are some others, will be handled by Shopify. Once this goes live, we will not record those elements as revenue. However, we do aim at seeing a positive impact on our sales and marketing expense on the other side where we record the rev share component.

就——正如 Nir ​​所解釋的那樣，某些要素（例如付款）是主要要素，但還有一些其他要素將由 Shopify 處理。一旦這項服務上線，我們將不會將這些元素記錄為收入。然而，我們確實希望看到在記錄收入分成部分時對我們的銷售和行銷費用產生積極影響。

And overall, we expect this model to have a limited impact on the bottom line. It opens up a massive opportunity to further scale up the adoption and to increase GMV once it's live and it's pushed forward. So that's the way we view it.

總體而言，我們預計這種模式對底線的影響有限。一旦上線並推進，它將為進一步擴大採用規模和增加 GMV 提供巨大的機會。這就是我們的看法。

All right. Really appreciate the answer. That's really helpful. The second question is around potentially -- apologize for the a little loaded question. It's around the margin trajectory throughout the rest of the year. It looks like the second quarter EBITDA margin is a bit light and that implies an expansion in the second half EBITDA margin.

好的。非常感謝您的回答。這真的很有幫助。第二個問題與潛在有關──抱歉，這個問題問得有點尖銳。其利潤率將在今年剩餘時間內保持穩定。看起來第二季的 EBITDA 利潤率有點低，這意味著下半年 EBITDA 利潤率將會擴大。

And part of that is probably within your normal seasonal patterns, especially for the back half of the year. But would you maybe be able to talk about some of the drivers of the EBITDA margin, your investment levels your seeing for the rest of the year. And also in terms of free cash flow, the margin seems a bit light, but there's also some seasonal patterns and do you still expect very strong free cash flow conversion from your EBITDA this year?

其中一部分可能符合正常的季節模式，尤其是下半年。但是，您能否談談 EBITDA 利潤率的一些驅動因素，以及您對今年剩餘時間的投資水準的預測。另外，就自由現金流而言，利潤率似乎有點低，但也存在一些季節性模式，您是否仍預計今年 EBITDA 的自由現金流轉換將非常強勁？

Thank you.

謝謝。

Sure. Thank you for the question. Regarding margins, on the gross margin side, we expect gross margins to be slightly higher compared to Q1 for the remaining of the year, mainly due to mix of revenues and also some minor efficiencies that we expect to achieve.

當然。謝謝你的提問。至於利潤率，就毛利率而言，我們預計今年剩餘時間的毛利率將比第一季略高，這主要是由於收入組合以及我們預計將實現的一些小幅效率。

And regarding adjusted EBITDA, we don't see any notable change in OpEx. We continue to control costs and progress according to our budget. As you mentioned, we do have seasonality, so naturally adjusted EBITDA margins are expected to be higher in the back half of the year and more specifically, definitely in Q4.

至於調整後的 EBITDA，我們沒有看到營運支出有任何顯著變化。我們繼續根據預算控製成本和進度。正如您所提到的，我們確實有季節性，因此自然調整後的 EBITDA 利潤率預計在下半年會更高，更具體地說，肯定會在第四季度更高。

In terms of free cash flow, nothing material has changed here and we do expect adjusted EBITDA to convert very nicely into free cash flow and to be at least -- the free cash flow is expected to be at least at the adjusted EBITDA level and probably higher.

就自由現金流而言，這裡沒有任何實質性的變化，我們確實預計調整後的 EBITDA 能夠很好地轉化為自由現金流，並且至少 - 預計自由現金流至少會達到調整後的 EBITDA 水平，甚至可能更高。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hi, good morning. Thank you for taking my questions. Maybe first just -- look, I know the Shopify question has been asked, but if we could maybe get a little bit more precise statement on what has changed in terms of the commercial agreement given the equity that you gave them pre-IPO and now not having exclusivity. I guess what's in the revised agreement is in your favor, right? In terms of will the unit economics look better? Just help us understand other than the extended duration what the benefit is from Global-E’s perspective of the revised agreement? And then I have one follow-up.

嗨，早安。感謝您回答我的問題。也許首先只是——看，我知道有人問過 Shopify 的問題，但如果我們可以更準確地說一下，考慮到您在 IPO 前給予他們的股權，以及現在不再具有排他性，商業協議方面發生了什麼變化。我想修改後的協議內容對你有利，對嗎？就單位經濟效益而言會更好嗎？只是幫助我們理解，除了延長期限之外，從 Global-E 的角度來看，修訂後的協議還有什麼好處？然後我還有一個後續問題。

Sure, then starting with a question you asked, we do have a long-standing partnership with Shopify. As you indicated, four years ago we allocated warrants in the company. Most of them would actually finish to amortize this quarter and the rest of it would be by the end of the year or early Q 2026. As for the change that is happening now, this new three-year agreement is actually transitioning us from an exclusive to a preferred provider.

當然，那麼從您提出的問題開始，我們與 Shopify 確實有著長期的合作關係。正如您所說，四年前我們在該公司分配了認股權證。其中大部分將在本季完成攤銷，其餘部分將在年底或 2026 年第一季初完成。至於現在正在發生的變化，這項新的三年協議實際上正在將我們從獨家供應商轉變為首選供應商。

As part of it, Shopify gets more flexibility for its merchants, but on the other hand, Global-E gets, first an exclusive feature set that would not be open to other providers as well as improved commercials. So you should expect it to be reflected over time in a reduction in our S&M in the back part of the remaining Q4.

作為其中的一部分，Shopify 為其商家提供了更大的靈活性，但另一方面，Global-E 首先獲得了其他供應商無法獲得的獨有功能集以及改進的商業廣告。因此，您應該預計，隨著時間的推移，這將反映在第四季度剩餘時間後半段 S&M 的減少。

Understood. And maybe just, I guess, a follow-up. If we step back, Ofer, on the guidance, how much of it is the reiteration is based on not seeing a change in trends versus, I guess, did you guys debate maybe the spending guidance given some of the unknowns, just help us walk through the process of determining that you guys could maintain the guidance and any potential conservatism that you've embedded in there or outlook that things may change down the road. Just again, help us understand the guidance composition.

明白了。我想，這也許只是後續行動。奧弗，如果我們回顧一下指導意見，那麼重申的幅度有多少是基於沒有看到趨勢的變化，我想，你們是否討論過考慮到一些未知因素的支出指導意見，請幫助我們完成確定你們可以維持指導意見的過程，以及你們在其中嵌入的任何潛在保守主義或未來情況可能會發生變化的觀點。再次，幫助我們理解指導組成。

Yeah, thanks, Samad. It’s Amir. So as we discussed in the prepared remarks, we do see a greater uncertainty in the geopolitical and the macro environment with a lot of it coming out of the whole trade tariff dynamics. But as said, when we looked at our forecast for the remainder of the year, we didn't identify any clear kind of directional trends in trading patterns. So despite the higher uncertainty, we believe that we can maintain our guidance for the full year and that our performance at the end of the year will fall within that guidance range.

是的，謝謝，薩馬德。是阿米爾。因此，正如我們在準備好的評論中所討論的那樣，我們確實看到地緣政治和宏觀環境的不確定性更大，其中許多來自整個貿易關稅動態。但正如所說，當我們查看今年剩餘時間的預測時，我們並沒有發現交易模式有任何明確的方向趨勢。因此，儘管不確定性較高，但我們相信我們可以維持全年業績指引，並且年底的業績將處於指引範圍內。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Good morning. Thanks for taking the question. Maybe if I could ask around the top of funnel dynamics that you're seeing. I know that in the beginning of the year, we talked about some hesitancy in launching new cross-border commerce experiences or relationships may have been put on hold because of the uncertainty in the market, and that's pretty intuitive. But I was wondering if anything has changed there pre and post-liberation day, China pause, and when we could potentially see some of the complexity-driven demand stimulating top of funnel once again.

早安.感謝您回答這個問題。也許我可以詢問一下您所看到的漏斗頂部動態。我知道，在今年年初，我們談到了在推出新的跨國商務體驗方面存在的一些猶豫，或者由於市場不確定性而可能暫停建立關係，這是非常直觀的。但我想知道解放前和解放後中國是否發生了變化，何時我們才有可能再次看到一些由複雜性驅動的需求刺激漏斗頂部。

Hi, thank you for the question. We have seen constant movement of merchants and prospects along the funnel. The water slide hesitations for a few weeks once the turmoil has started, but since then we have seen movement of merchants back into launches and back moving towards signing within the stages of the funnel. As for the more complex solutions, we are expecting to launch within the coming weeks the first merchants that are going to use our 3B2C offering. We have seen demand for it from existing merchants, as well as new prospects.

你好，謝謝你的提問。我們看到商家和潛在客戶沿著漏斗不斷移動。動亂開始後，水滑梯猶豫了幾個星期，但從那時起，我們看到商家重新開始啟動並重新在漏斗的各個階段中簽約。至於更複雜的解決方案，我們預計將在未來幾週內推出首批使用我們的 3B2C 產品的商家。我們看到現有商家和新潛在客戶對它的需求。

And as I said, the first are going to launch with it in the coming weeks. This will enable them to, I would say, enjoy a lower impact on the tariff due to the better offering. The complexities, and as we've seen it historically in Brexit and in other situations, actually drives merchants to look for solutions as they understand that they don't have enough flexibility within their own system. And we start to see that interest, I would say, trickling into our funnel.

正如我所說的，第一批產品將在未來幾週內推出。我想說，這將使他們能夠因提供更好的服務而享受較低的關稅影響。正如我們在英國脫歐和其他情況下所看到的那樣，這種複雜性實際上促使商家尋找解決方案，因為他們明白自己的系統沒有足夠的靈活性。我想說，我們開始看到這種興趣逐漸流入我們的管道。

Got it. And then my follow-up would be, services yield came in a little bit light relative to our expectations. We were thinking consistent with fourth quarter. How should we be thinking about services take rate through the remainder of the year, is first quarter a good modeling level for that line?

知道了。然後我的後續問題是，服務收益相對於我們的預期來說有點低。我們的想法與第四季一致。我們應該如何考慮今年剩餘時間的服務使用率，第一季是否是該系列的良好建模水準？

Yeah, we do believe that the first quarter would be a good modeling benchmark. As we already mentioned in previous quarters, on a year-to-year comparison, not versus Q4, that the loss of Ted Baker, which has the higher service fee take rate due to the demand generation services, weighs on the service fees growth, and in addition, and this also applies directly to your question.

是的，我們確實相信第一季將是一個很好的建模基準。正如我們在前幾個季度中提到的那樣，與去年同期（而不是與第四季度相比）相比，Ted Baker 的損失對服務費的增長造成了壓力，Ted Baker 因需求生成服務而具有更高的服務費收取率，此外，這也直接適用於您的問題。

There is a higher share of larger merchants, GMV in the mix. It's driven by the large merchants onboarding in the back half of 2024. And also among those larger merchants, there is also some domestic activity with merchants such as Harrods and Manchester United at the lower take rate. So this sort of impacts the mix.

大型商家的 GMV 在整體中所佔比例較高。這是由 2024 年下半年大型商家進駐所推動的。而且在這些較大的商家中，也有一些國內活動，例如哈羅德百貨和曼聯等商家的佣金率較低。所以這會對混合產生一定影響。

We also had certain cases due to the changes with tariffs of extra duties that were charged after parcels were shipped, which we decided to absorb in the interest of merchant relationships. So this is also something that we've experienced. But all in all, I think that, as I mentioned, we do expect service fee take rate to remain at the current levels for the remaining of the year.

我們也遇到一些因為關稅變動而產生包裹出貨後徵收額外關稅的情況，為了維護商家關係，我們決定吸收這些情況。這也是我們經歷過的事。但總而言之，我認為，正如我所提到的，我們確實預計服務費率在今年剩餘時間內將保持在當前水準。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Thanks for taking my questions. I wanted to follow up on a statement Amir had made around the de minimis impact or the change of the de minimis rule in the United States probably has the largest impact on volumes coming into the United States.

大家好。感謝您回答我的問題。我想跟進阿米爾就最低限度影響所做的聲明，或者美國最低限度規則的變化可能對進入美國的數量產生最大影響。

Can you help us handicap how much of that 12% of last year's GMV volume that came into the United States was from the de minimis rule, or just trying to understand if that's a significant or a small portion?

您能否幫助我們估算去年進入美國的 12% 的 GMV 交易量中有多少是透過最低限度規則實現的，或者只是想了解這佔了很大一部分還是很小一部分？

Hey Scott, it's Nir. Yes, indeed, inbounding to the US reflects around 12% of our activity. Within it, around 30% of it is goods that are country of origin, China and Hong Kong. The vast majority of it is within the [800]. So it is affected. However, if you compile it all, we have around 3% that are affected. We've seen different kinds of effects from different merchants and the way the consumer behaves. So overall, they have seen a higher impact in particular, but if you look at the broader base, the impact so far was relatively light.

嘿，史考特，我是尼爾。是的，確實，入境美國的遊客約占我們活動的 12%。其中約30%的商品原產地為中國和香港。其中絕大部分位於[800]所以受到影響。然而，如果把所有這些都匯總起來，就會發現大約有 3% 的人受到了影響。我們看到不同商家和消費者行為的不同影響。因此，總體而言，他們看到了較大的影響，但如果從更廣泛的角度來看，迄今為止的影響相對較輕。

Got it, very helpful. And then when we think of the change in the Shopify kind of partnership going forward, especially on the 1P side. I guess help us understand the statement on the ability to maybe accelerate the impact in growth in that business with new merchants there.

明白了，非常有幫助。然後，當我們想到 Shopify 未來的合作關係的變化時，尤其是在 1P 方面。我想這有助於我們理解有關可能透過新商家加速該業務成長影響的能力的聲明。

Obviously, we heard about the change in the commercial side, but I guess trying to understand over the next year or two what's going to be done to maybe help accelerate the number of merchants that are actually using managed markets Pro going forward.

顯然，我們聽說了商業方面的變化，但我想了解未來一兩年內將採取哪些措施來幫助增加未來實際使用託管市場 Pro 的商家數量。

Yes, the way we see it in Shopify as well, and this is a reason we are transitioning as a solution and the future releases would and are taking a lot of resources in order to provide it. We are looking for a functionality that would make it more seamless for merchants and will align the process more closely with our domestic store.

是的，我們在 Shopify 中也看到了這一點，這就是我們將其作為解決方案進行轉型的原因，並且未來的版本將會佔用大量資源來提供它。我們正在尋找一種功能，使商家能夠更無縫地使用該功能，並使流程與我們國內商店的流程更加緊密地結合。

And once we are able to provide that, and I think we spoke about payments and reconciliation and settlement as one of those changes. It will allow a much broader adoption and we expect to see many more merchants using it over time.

一旦我們能夠提供這些，我想我們就會談到支付、對帳和結算，這是其中一項變革。它將得到更廣泛的應用，我們預計隨著時間的推移會看到更多的商家使用它。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you for taking the question here. I wanted to go back to the guide here maybe with a slightly different tact. You onboarded some really large customers in fourth quarter of last year. It's a pretty big step up in volumes and creates a tougher compare. Your second half outlook here implies growth can remain here in this 30% range for GMV growth. What gives you confidence you can hold that even with tougher compares in a more challenging environment?

感謝您在這裡提出這個問題。我想回到這裡的指南，也許採取稍微不同的方式。去年第四季度，你們已經接納了一些非常大的客戶。這是數量上的一個相當大的進步，並且使得比較變得更加困難。您對下半年的展望意味著 GMV 成長率可以保持在 30% 左右。是什麼讓您有信心即使在更具挑戰性的環境中面臨更嚴峻的考驗也能堅持下去？

Is there something specific in the funnel where you have the line of sight and visibility to new large merchants coming onto the platform? Just walking through Victoria's Secrets, Harrods, Manchester all volume coming on in Q4 last year, creating a tougher compare this year and why you think you continue to kind of have outside growth in Q4 this year.

漏斗中是否存在一些特定的東西，讓您能夠看到並了解進入平台的新大型商家？只要回顧一下維多利亞的秘密、哈羅德百貨、曼徹斯特等百貨公司去年第四季度的銷量，就會發現今年的銷量更加難以比較，因此您認為為什麼今年第四季度的銷量將繼續保持增長。

Thanks.

謝謝。

Yes, thank you for the question, Brent. I think that as we mentioned previously, while we don't have any expected launches with the size of an Harrod we do have a very robust project schedule this year and we expect to see -- we have seen launches as we mentioned but we expect to see many more launches throughout the year. It's less concentrated, but still we have very nice sized merchants including a few large ones that are expected to launch in the next few months.

是的，謝謝你的提問，布倫特。我認為，正如我們之前提到的，雖然我們預計不會推出任何像哈羅德那樣規模的項目，但今年我們的項目計劃非常緊湊，我們預計會看到——正如我們提到的，我們已經看到了一些項目推出，但我們預計全年將會看到更多項目推出。雖然集中度較低，但我們仍然擁有規模很大的商家，其中包括一些預計在未來幾個月內開業的大型商家。

So as we've mentioned, in terms of project launches, things have gone more or less according to schedule in terms of the way that the tariff turmoil impacts volumes. As we mentioned, we haven't seen any clear directions there. So that's the reason we have not changed or maintained our guidance for the full year.

因此，正如我們所提到的，就專案啟動而言，就關稅動盪對產量的影響而言，事情基本上按照計劃進行。正如我們所提到的，我們還沒有看到任何明確的方向。這就是我們沒有改變或維持全年指導的原因。

Helpful color there. And then, Nir, for you on 3B2C, any way you can frame the volume of interest? A lot of change happening, may or may not unfold has change, but can you quantify merchant interest in 3B2C? I know it's new, but help us understand what you're seeing there.

那裡有有用的顏色。然後，Nir，對於 3B2C，有什麼方法可以確定感興趣的數量嗎？很多變化正在發生，可能會或可能不會發生變化，但你能量化商家對 3B2C 的興趣嗎？我知道這是新的，但請幫助我們了解您在那裡看到的內容。

Thanks.

謝謝。

Hi Brent. We do see high interest in the solution. However, we are looking at what would be the impact now with the announcement that is taking effect just today with the reduction of tariffs on China, because it does change economics for certain merchants on the attractivity of the model. But in general, we do believe that it's a significant opportunity. As I said, we have merchants already in project stage that would launch within weeks on the 3B2C solution. So the solution is compelling and does get market traction.

你好，布倫特。我們確實看到人們對該解決方案有濃厚的興趣。然而，我們正在研究今天剛生效的降低對華關稅的公告會產生什麼影響，因為它確實改變了某些商家的經濟狀況，改變了該模式的吸引力。但總的來說，我們確實相信這是一個重大機會。正如我所說，我們已有商家處於專案階段，將在幾週內推出 3B2C 解決方案。因此，該解決方案非常引人注目，並且確實獲得了市場關注。

Mark Zgutowicz, Benchmark.

馬克‧茲古托維奇 (Mark Zgutowicz)，Benchmark。

Thank you. Just as it relates to the new Shopify commercial agreement, I'm just curious if you talk about 1P exclusivity versus the 3P, does the dashboard for Shopify merchants look any different going forward? Like do they see -- in terms of options for cross border transactions, are there more options? Just trying to get a sense of that.

謝謝。正如它與新的 Shopify 商業協議相關一樣，我只是好奇，如果您談論 1P 獨家性與 3P，Shopify 商家的儀表板將來會有什麼不同嗎？他們如何看待——就跨境交易的選擇而言，是否還有更多選擇？只是想了解這一點。

And then in terms of its future contribution to GMV, just trying to get a sense of how you see that trending. Obviously, Shopify is moving more into the enterprise side, and I'm just curious if you're seeing a better connection to those enterprise type merchants that they're bringing on their platform. Thanks.

然後就其對 GMV 的未來貢獻而言，只是想了解您如何看待這種趨勢。顯然，Shopify 正在更多地進入企業領域，我只是好奇您是否看到他們在其平台上與那些企業型商家建立了更好的聯繫。謝謝。

Hi, Mark. It's Nir. So from the 1P side, the dashboard and what the customer actually sees, will not see material change because today the dashboard and the management is coming out of the Shopify admin, it will stay this way. Some elements of friction that around the payment settlement side would actually be more seamless for them as they will be reflected within Shopify the same as their domestic operations. So, in fact, they would see an improvement.

你好，馬克。是尼爾。因此從 1P 方面來看，儀表板和客戶實際看到的內容不會發生實質變化，因為今天儀表板和管理都來自 Shopify 管理員，它會保持這種狀態。支付結算方面的一些摩擦因素實際上對他們來說會更加無縫，因為它們將在 Shopify 中反映，就像他們的國內業務一樣。因此，事實上，他們會看到改善。

In terms of 3P and the effect for it. If you combine it with growth in enterprise merchants on Shopify, this is actually a positive development for Global-E. Global-E was built on the 3P side out of enterprise merchants. We have the largest and a very fast growing roster of large enterprise brands, of course, luxury and non-luxury retail brands, et cetera. So I believe that once those clients continue and come to Shopify with a great track record on Shopify and the development of our integration into Shopify, I believe this would be good for us.

就 3P 及其效果而言。如果將其與 Shopify 上企業商家的成長結合起來，這對 Global-E 來說實際上是一個積極的發展。Global-E 是建立在企業商家 3P 端之上的。我們擁有規模最大且成長速度非常快的大型企業品牌名單，當然還有奢侈品和非奢侈品零售品牌等等。因此我相信，一旦這些客戶繼續使用 Shopify，並憑藉其在 Shopify 上的良好業績記錄以及我們與 Shopify 的整合發展，我相信這對我們有好處。

Maddie Schrage, KeyBank.

Maddie Schrage，KeyBank。

Hey guys, thanks for taking my question. I just was wondering if you could hit on the model impacts that you expect from maybe a merchant taking the 3B2C solution versus going the multi-local route?

嘿夥計們，謝謝你們回答我的問題。我只是想知道，您是否可以談談您預期商家採用 3B2C 解決方案與採用多本地路線相比會產生什麼樣的模型影響？

Thanks.

謝謝。

Hi, Madison. The main difference is actually the amount of effort that a merchant needs to invest in order to roll out the domestic operations, as well as economics, not on the unit level, but the economics of coming out of the overhead that comes with a local operation. So the reason that we believe that 3B2C would take a nice portion is the same as what we see today.

你好，麥迪遜。主要差異實際上在於商家為開展國內業務所需投入的努力，以及經濟效益，不是單位層面的，而是本地業務產生的間接費用的經濟效益。因此，我們相信 3B2C 會佔據很大份額的原因與我們今天看到的情況相同。

On the multi-local offering, it is good for a certain size of merchants, for a certain kind of skill base that you have, because domestic operation across multiple locales is very expensive setup to do. Not only on a registrations and accounting, which is the most simple part, but on the domestic setup with the 3PL, logistics, payment provider, et cetera. And that is being easily sold with 3B2C, where globally takes all the relisting and makes it only a registration and accounting set up for the brand.

對於多地服務而言，它對於一定規模的商家和擁有的某種技能基礎來說是有利的，因為跨多個地區的國內運營設置起來非常昂貴。不僅涉及最簡單的註冊和會計部分，還涉及 3PL、物流、支付提供者等國內設置。這可以透過 3B2C 輕鬆銷售，其中全球範圍內進行所有重新上市，並使其成為品牌設立的註冊和會計。

So, we do believe that some merchants would decide to go fully local and this is where a multi-local would be a good solution and some merchants would opt for the 3B2C according to their own specific parameters.

因此，我們確實相信有些商家會決定完全在地化，而多本地化將是一個很好的解決方案，有些商家會根據自己的特定參數選擇 3B2C。

Got it. And just a quick follow-up, I'm wondering if you guys could give an update to your Borderfree.com launch. I'm wondering how things are tracking versus expectations? And if there's anything remaining to build out on that product? Thanks.

知道了。再簡單問一下，我想知道你們能否更新一下 Borderfree.com 的發布情況。我想知道事情進展與預期如何？該產品還有什麼需要完善的地方嗎？謝謝。

So we are very happy with the progress of Borderfree.com since we launched it in Q4 of last year. We continue to see increased adoption of merchants to the Borderfree platform. In terms of the contributions of Borderfree yields for the merchants, we see a continuous improvement.

因此，我們對 Borderfree.com 自去年第四季推出以來的進展感到非常滿意。我們持續看到越來越多的商家採用 Borderfree 平台。從Borderfree收益對商家的貢獻來看，我們看到了持續的提升。

I think that just when we discussed in the Investor Day, we managed at the time to hit around 2.5% to almost 3% contribution out of Borderfree.com to merchants using that service, today we are already over 4% of contributions that is generated by traffic coming out of Borderfree.com.

我認為，正如我們在投資者日所討論的那樣，我們當時成功地透過 Borderfree.com 為使用該服務的商家帶來了約 2.5% 到 3% 的貢獻，而今天，來自 Borderfree.com 的流量所產生的貢獻已經超過了 4%。

As we continue to evolve and we have a lot more to do in order to bring that solution into where we want it to be, we are expected to continue an increase and cross the 5% mark. And long term, we do believe that the solution would create for the participating merchants anything between 5% to 10% on average.

隨著我們不斷發展，為了將解決方案推向我們想要的水平，我們還有很多工作要做，我們預計將繼續成長並突破 5% 的大關。從長遠來看，我們確實相信該解決方案將為參與的商家平均創造 5% 到 10% 的收益。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey guys. Thanks for taking the questions. Apologies if this has been asked. I didn't jump into a couple of questions, but a couple calls here this morning. But I do want to ask about the 3B2C offering that was talked about in the press release.

是的。嘿，大家好。感謝您回答這些問題。如果有人問到這個問題，請見諒。我沒有直接回答幾個問題，而是今天早上打了幾通電話。但我確實想問新聞稿中談到的 3B2C 產品。

Can you talk a little bit more about that? And how easy was it to formulate that offering and was that a pull request from customers and how does this dynamic of the 3B2C play into potential take rates going forward?

您能再多談一下這個嗎？制定該產品有多容易？這是來自客戶的拉取請求嗎？ 3B2C 的這種動態如何影響未來的潛在接受率？

Basically, 3B2C helps merchants work in a challenging and a high rate taxation environment. It allows them just to set up a legal entity within the destination markets without a local set up that involves bringing inventory and storing it in the market, integrating multiple solutions from carriage and payments into the market, which is heavy lifting, and enjoy importing on commercial basis with lower tariffs using the Global-E set up for the operations and for the payments, allowing them to enjoy the best of both worlds.

基本上，3B2C 幫助商家在充滿挑戰和高稅率的環境中開展業務。它允許他們只需在目的地市場內設立法人實體，而無需在當地設立機構，包括將庫存帶入市場並存儲，將運輸和支付等多種解決方案整合到市場中（這是一項繁重的工作），並享受以較低的關稅在商業基礎上進口，使用 Global-E 為運營和支付設置，讓他們享受兩全其美的優惠。

It is a complex setup, so we can't explain it now in a very short term more than that, but it does have traction in the market and this does help a certain group of clients and as well prospects.

這是一個複雜的設置，所以我們現在無法在很短的時間內解釋更多，但它確實在市場上具有吸引力，並且確實對某一組客戶和潛在客戶有所幫助。

Got it. Thank you. And one thing I think a lot about with Global-E is two fronts. One is potential effects to inbound tariffs in countries out there, but also inventory affected by tariffs for US retailers and merchants that are sending product outbound from the US. Is there any way to think about how much GMV or maybe what percentage of customers that are US-based that might have large inventories that might be affected by tariffs, or how tariffs play into that.

知道了。謝謝。關於 Global-E，我經常思考的一件事是兩個方面。一方面是對其他國家的進口關稅的潛在影響，另一方面是對美國零售商和從美國向國外發送產品的商家的庫存產生影響。有沒有辦法考慮 GMV 是多少，或者有多少比例的美國客戶可能擁有大量庫存，這些庫存可能會受到關稅的影響，或者關稅對此有何影響。

Thank you.

謝謝。

So at least on the export side where we operate with US brands, when they import into the market, yes, indeed they are paying more tariffs, but when they export it with Global-E to consumers worldwide, they are actually able to reclaim the import duties.

因此，至少在我們與美國品牌合作的出口方面，當他們進口到市場時，他們確實要支付更多的關稅，但當他們透過 Global-E 出口到全球消費者時，他們實際上能夠收回進口關稅。

So on this, it does give even an advantage for the cross border sales versus the domestic sales. So on that we see a positive. And on the general trading in the US, it does make trading slightly more expensive, but this is not part of our business with them.

因此，從這一點來看，跨境銷售確實比國內銷售更具優勢。因此，我們看到了積極的一面。就美國的一般貿易而言，這確實會使交易成本略微提高，但這不是我們與他們的業務往來的一部分。

Matthew O'Neill, FT Partners.

馬修·奧尼爾（Matthew O'Neill），FT Partners。

Yeah. Hi, thanks for the last one here. Maybe just talk a little bit about how everything that's going on sort of post-liberation day has impacted the demand side from merchants and thinking of things like their propensity to look to expand into demand generation and things like that.

是的。嗨，謝謝你最後留言。也許只是稍微談論一下解放後發生的一切如何影響商人的需求方面，並思考他們尋求擴展到需求生成之類的傾向。

So some of the other service lines, has it kind of inspired them to accelerate any potential plans or our prospective customers kind of sitting on their hands a little bit until things quiet down. Thank you.

那麼，對於其他一些服務線來說，這是否會促使他們加快任何潛在計劃，或讓我們的潛在客戶暫時袖手旁觀，直到事情平息下來。謝謝。

Hey Matt, as Ofer indicated, we did see mixed signals without any clear direction coming out of the turmoil on the tariffs. On the one hand, it makes trading more complex. On the other hand, merchants try to find ways to grow within that environment. So some take an approach. It is spending more, as you indicated, more demand generation in certain different geographies. On the other, you see merchants that are being affected adversely due to their mix of products.

嘿，馬特，正如奧弗指出的那樣，我們確實看到了混合信號，關稅動盪中沒有任何明確的方向。一方面，它使交易變得更加複雜。另一方面，商家試圖在這種環境中尋找成長的方法。因此有些人採取了一種方法。正如您所說，它在某些不同地區投入了更多資金來創造更多需求。另一方面，你會看到商家因其產品組合而受到不利影響。

So as I said, we are slightly below the historical averages for same store sales, but generally, we didn't see any clear indication yet about the long-term impact of the change.

正如我所說，我們的同店銷售額略低於歷史平均水平，但總體而言，我們還沒有看到任何關於這項變化的長期影響的明確跡象。

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。現在我將把電話交給阿米爾，請他作最後發言。

So thank you everyone for your questions and as I think is evident from all of them, there's a lot of things happening here at Global-E. So as we conclude yet another strong quarter here, I wanted to remind everyone that we're also celebrating our fourth anniversary as a public company. So I want to take this opportunity on behalf of the really the entire team here at Global-E, I'd like to thank all of you here on the call, not just for joining us today, but also for your ongoing support along so many years.

非常感謝大家的提問，我想從大家的提問可以看出，Global-E 這裡發生了很多事。因此，當我們結束又一個強勁的季度時，我想提醒大家，我們也正在慶祝我們作為上市公司成立四週年。因此，我想藉此機會代表 Global-E 的整個團隊，感謝在座的各位，不僅感謝你們今天的加入，也感謝你們多年來的持續支持。

I would also like to take this opportunity to thank Erica and Mike of Sapphire IR, who have led our investor relations since our IPO. Well, this is not goodbye. As Alan steps into his new role, it is nevertheless an opportunity to thank both of you, as well as the rest of the Sapphire team for your dedication and relentless work in helping us to bring the Global-E story in front of the market in the best and most professional way possible.

我還想藉此機會感謝 Sapphire IR 的 Erica 和 Mike，他們自我們 IPO 以來一直領導我們的投資者關係。嗯，這不是再見。當艾倫走上新崗位時，這仍然是一個機會，感謝你們兩位以及 Sapphire 團隊的其他成員，感謝你們的奉獻和不懈工作，幫助我們以最好和最專業的方式將 Global-E 故事呈現在市場面前。

I think it's clear to everyone that Global-E is only the beginning of its exciting journey. As we discussed at our Investor Day just this March in New York, we have a significant runway ahead of us as we continue on our journey to fulfill our mission to power better global e-commerce for brands worldwide. So we look forward to speaking with many of you during the quarter and updating you on our future earnings goals. And until then, goodbye and take care.

我想大家都清楚，Global-E 的激動人心的旅程才剛開始。正如我們在今年三月紐約投資者日上所討論的那樣，在我們繼續履行為全球品牌提供更好的全球電子商務的使命的旅程中，我們還有很長的路要走。因此，我們期待在本季與你們中的許多人進行交談，並向你們通報我們未來的獲利目標。到那時，再見，保重。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。