Global-E Online Ltd (GLBE) 2025 Q2 法說會逐字稿

Good morning. Welcome to the Global-E Second Quarter 2025 Earnings Conference Call. This call is being simultaneously webcast on the company's website in the Investor Relations section under News & Events. For opening remarks and introduction, I will now turn the call over to Alan Katz, Investor Relations. Please go ahead.

早安.歡迎參加 Global-E 2025 年第二季財報電話會議。本次電話會議將在公司網站的「新聞與事件」下的「投資者關係」部分同時進行網路直播。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. With me on the call today are Amir Schlachet, Co-Founder and Chief Executive Officer; Ofer Koren, Chief Financial Officer; and Nir Debbi, Cofounder and President. Amir will begin with a review of the business results for the second quarter of 2025. Ofer will then review the financial results for the second quarter, followed by the company's outlook for the third quarter and full year 2025. We'll then open the call for questions.

謝謝大家，早安。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、財務長 Ofer Koren 和聯合創始人兼總裁 Nir ​​Debbi。阿米爾將首先回顧 2025 年第二季的業務表現。隨後，奧弗將回顧第二季的財務業績，並展望公司對第三季和 2025 年全年的展望。然後我們將開始提問。

Certain statements we make today may constitute forward-looking statements and information within the meaning of the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including and without limitation to statements regarding our future results of operations and financial position, growth strategy and plan, and objectives of management for future operations, including onboarding new merchants, expanding our offerings and introducing and integrating new solutions are forward-looking statements.

我們今天所做的某些聲明可能構成美國 1995 年私人證券訴訟改革法案安全港條款所定義的前瞻性聲明和資訊。除歷史事實陳述之外的所有陳述，包括但不限於有關我們未來經營業績和財務狀況、成長策略和計劃以及未來經營的管理目標（包括引入新商家、擴大我們的產品範圍以及引入和整合新的解決方案）的陳述，均為前瞻性陳述。

These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance or outlook. 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 from the section titled Risk Factors in our annual report on Form 20-F filed with the SEC on March 27, 2025, and other documents filed with or furnished to the SEC.

這些前瞻性陳述反映了我們對未來事件的當前看法，並不能保證未來的表現或前景。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 2025 年 3 月 27 日向美國證券交易委員會提交的 20-F 表年度報告中「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. Except as required by applicable law, we undertake 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 statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release issued today, August 13, 2025, for additional information.

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。除適用法律要求外，我們不承擔在聲明作出之日後更新或公開修改任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，還是為了反映意外事件的發生。請參閱我們於 2025 年 8 月 13 日發布的新聞稿以獲取更多資訊。

In addition, certain metrics we will discuss today are non-GAAP metrics. The presentation of this 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 will use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.

此外，我們今天要討論的某些指標是非 GAAP 指標。這些資訊的呈現並非旨在與根據 GAAP 編制和呈現的財務資訊分離或替代或優於該財務資訊。我們將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 operational 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營運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 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，我們提供了一些我們的管理階層使用的關鍵績效指標，這些指標也是我們行業競爭對手經常使用的。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, Co-Founder and CEO. Amir, please go ahead.

現在我將把電話轉給聯合創始人兼執行長阿米爾 (Amir)。阿米爾，請繼續。

Thanks, Alan. I would like to start by welcoming everyone to our second quarterly earnings call of 2025. We achieved another quarter of strong results coming in above the high end of our GMV and revenue guidance ranges and at the top end of our EBITDA guidance range. We are proud of the entire Global-E team for their continued great execution throughout the quarter, which enabled these strong results. While we continue to see some uncertainty around duty tariffs and their potential adverse impact on global trade in the back half of the year, we nevertheless believe that our strong GMV and top line growth to date, together with our raised guidance for the year, demonstrate the resilience of our business model and the great value that merchants see in our services.

謝謝，艾倫。首先，歡迎大家參加我們 2025 年第二季財報電話會議。我們又取得了一個季度的強勁業績，超過了 GMV 和收入指導範圍的高端，並達到了 EBITDA 指導範圍的高端。我們為整個 Global-E 團隊在整個季度的持續出色表現感到自豪，這帶來了這些強勁的業績。儘管我們仍然看到關稅方面的一些不確定性及其對下半年全球貿易的潛在不利影響，但我們相信，迄今為止我們強勁的 GMV 和營收成長，加上我們上調的年度指引，證明了我們商業模式的彈性和商家在我們服務中看到的巨大價值。

We finished Q2 with GMV of $1.45 billion, up 34% year-over-year, and with revenues of almost $215 million, up 28% year-over-year. In terms of profit, our adjusted gross profit for Q2 was just shy of $100 million, up 24% from last year. And quarterly adjusted EBITDA was $38.5 million, up 23% compared to the same quarter last year, resulting in a 17.9% margin. In terms of our financial performance, I also want to highlight that this quarter, we achieved another important milestone in our journey as a company, that of sustainable GAAP profitability with the net profit in the quarter coming in at $10.5 million compared to a net loss of $22.4 million in the same quarter of last year.

我們第二季的 GMV 達到 14.5 億美元，年增 34%，營收接近 2.15 億美元，年增 28%。就利潤而言，我們第二季的調整後毛利略低於 1 億美元，比去年成長 24%。季度調整後的 EBITDA 為 3,850 萬美元，較去年同期成長 23%，利潤率為 17.9%。在我們的財務表現方面，我還想強調的是，本季度，我們作為一家公司實現了另一個重要的里程碑，即可持續的 GAAP 盈利能力，本季度淨利潤達到 1050 萬美元，而去年同期的淨虧損為 2240 萬美元。

The amortization of the majority of the Shopify warrants is now done, with the rest expected to be fully amortized by early 2026. As such, we expect to be GAAP profitable moving forward in subsequent quarters, and for 2025 to be our first full year of GAAP profitability, a testament to the strength and durability of our business model as well as our relentless focus on execution and operational efficiency.

Shopify 認股權證的大部分攤銷現已完成，其餘部分預計將在 2026 年初完全攤提。因此，我們預計未來幾季將實現 GAAP 盈利，並且 2025 年將成為我們實現 GAAP 盈利的第一個全年，這證明了我們業務模式的實力和持久性，以及我們對執行和營運效率的不懈關注。

Looking at the broader business performance metrics. We have seen the positive trend, trading patterns from Q2 continued through the beginning of Q3 to date. While there is some level of uncertainty for the back half of the year given the expected upcoming changes to the US de minimis exemption later in the month, we anticipate it will not have a major impact on our trading volumes. This is based on the training patterns we have seen in the last month -- last few months during tariff changes, the limited impact of the suspension of the de minimis exception for products with country [indiscernible] in China and Hong Kong that already took place this May, and our 3 B2C mitigation, which is available for merchants trading large volumes into the US.

查看更廣泛的業務績效指標。我們已經看到了正面的趨勢，第二季的交易模式一直持續到第三季初。儘管由於預計本月晚些時候美國最低限度豁免將發生變化，下半年存在一定程度的不確定性，但我們預計這不會對我們的交易量產生重大影響。這是基於我們在上個月看到的訓練模式——過去幾個月關稅變化期間，今年 5 月已經暫停了針對中國和香港地區 [音頻不清晰] 產品的最低限度例外，其影響有限，以及我們的 3 個 B2C 緩解措施，適用於與美國進行大量交易的商家。

In terms of our business growth, during Q2, we continued to see strong growth across many geographies and cohorts of merchants. As always, our growth was underpinned by our focus on bringing strategic solutions to an increasingly complex and fast-changing global e-commerce environment. Serving as a recent example, Global-E merchants trading to and from the US enjoying valuable peace of mind. They noted irrespective of how frequently tariffs and trading retentions are updated. Global-E not only makes sure they remain 100% up-to-date and compliant, but also helps them to navigate complex business decisions, lowering as much as possible the impact of these tariff changes on their sales.

就我們的業務成長而言，在第二季度，我們繼續看到許多地區和商家群體的強勁成長。像往常一樣，我們的成長源於我們致力於為日益複雜和快速變化的全球電子商務環境提供策略解決方案。舉個最近的例子，與美國進行貿易的 Global-E 商家享受到了寶貴的安心。他們指出，無論關稅和貿易保留更新頻率如何。Global-E 不僅確保他們保持 100% 的最新狀態和合規性，而且還幫助他們做出複雜的業務決策，盡可能降低這些關稅變化對其銷售的影響。

Moreover, in the face of higher tariffs, either due to the upcoming change to the de minimis exception or other tariffs, our 3 B2C solution and the ability to provide duty drawback further increase the attractiveness of our solution. We are seeing these result in increased interest within our new merchant pipeline and within our conversations with existing brands. Before we move on to our Q2 results and forward guidance in more detail, I would first like to go through a few recent exciting business developments.

此外，面對更高的關稅，無論是由於即將對最低限度例外進行更改還是其他關稅，我們的 3 B2C 解決方案和提供退稅的能力進一步增加了我們解決方案的吸引力。我們看到這些結果增加了我們對新商家管道以及與現有品牌對話的興趣。在我們更詳細地介紹第二季業績和前瞻性指引之前，我想先介紹一下最近一些令人興奮的業務發展。

First, we extended our long-term strategic partnership with DHL, entering into an additional three-year agreement. This is our second renewal with DHL since our IPO, and our partnership with them remains very strong and fruitful. This new agreement enables us to provide excellent service to merchants and shoppers alike, while creating value for both globally and DHL.

首先，我們延長了與 DHL 的長期策略合作夥伴關係，並簽訂了額外三年的協議。這是我們自首次公開募股以來第二次與 DHL 續約，我們與他們的合作關係仍然非常牢固且富有成效。這項新協議使我們能夠為商家和購物者提供優質服務，同時為全球和 DHL 創造價值。

Second, as we announced two weeks ago, we acquired ReturnGo, a leading provider of AI-enabled return and exchange solutions. This acquisition is designed to elevate our native post-purchase solutions for our merchants. In parallel to our partnership with industry leader -- leading return solutions such as Luke. As we integrate ReturnGo's advanced technology for automating returns, exchanges and other post-purchase flows into our tech stack, we believe this will enable Global-E merchants to provide more flexible, best-in-class return experiences to their customers worldwide. ReturnGo is the third acquisition that we have made since our IPO and is an exciting addition to our offering.

其次，正如我們兩週前宣布的那樣，我們收購了 ReturnGo，一家領先的人工智慧退貨和換貨解決方案提供商。此次收購旨在提升我們為商家提供的本地售後解決方案。同時，我們也與 Luke 等業界領導者建立了合作夥伴關係，提供領先的回報解決方案。隨著我們將 ReturnGo 用於自動化退貨、換貨和其他購買後流程的先進技術整合到我們的技術堆疊中，我們相信這將使 Global-E 商家能夠為全球客戶提供更靈活、一流的退貨體驗。ReturnGo 是我們自 IPO 以來的第三次收購，也是我們產品線令人興奮的補充。

Third, I wanted to provide an update on our 3 B2C offering. As discussed on the last call, we developed this innovative new offering in record time. to enable global brands to leverage their international footprint in order to partially offset costs due to rising tariffs. Given the addition of recent changes to tariffs, and most notably, the suspension of the de minimis exception, we have seen growing traction for this offering with interest from both existing and new merchants worldwide. I also wanted to quickly note that we remain on track in terms of updating our managed market solution, working in close collaboration with our partners at Shopify, according to our joint plan.

第三，我想提供有關我們 3 個 B2C 產品的最新資訊。正如上次電話會議所討論的那樣，我們在創紀錄的時間內開發了這項創新產品，使全球品牌能夠利用其國際影響力來部分抵消關稅上漲造成的成本。鑑於最近關稅的變化，尤其是最低限度例外的暫停，我們看到全球現有和新商家對此項服務的關注度日益增加。我還想快速指出，我們仍在按照聯合計劃更新管理市場解決方案，並與 Shopify 的合作夥伴密切合作。

Lastly, an update on Borderfree.com, our demand generation platform. We continue to onboard new merchants on to border Borderfree.com in Q2, and now have more than 250 merchants using this platform. We continue to see encouraging results with an increase in the contribution of sales from merchants utilizing Borderfree.com in Q2, reaching over 4% of sales that originated from this channel.

最後，我們來更新我們的需求產生平台 Borderfree.com。我們在第二季度繼續在 Borderfree.com 上引進新的商家，目前已有超過 250 家商家使用該平台。我們繼續看到令人鼓舞的結果，第二季度使用 Borderfree.com 的商家的銷售貢獻有所增加，達到來自該通路的銷售額的 4% 以上。

In terms of enterprise sales progress in the quarter, we experienced continued strong demand for our services across different markets as a large number of brands went live with Global-E during Q2. A few notable examples of brands that launched with us in Q2 are SteelSeries, a gaming consumer technology company; and Ganni, a well-respected fashion brand, both from Denmark; Jaki, a fashion brand from the UK known for its beautiful -- beautifully curated affordable collections; and the UK beauty retailer, Escentual; Stadium Goods, one of the premier global resellers of sneakers and streetwear out of the US that also has its own [indiscernible]; Bandai Namco, a Japanese gaming and media conglomerate with whom we launched in EMEA in Q2; [indiscernible], a fashion brand, which is our first merchant based out of Hungary; Almada Label, a rising star in luxury fashion out of Finland; Skylark, the new fashion brand from Justin and Hailey Bieber, which we launched within one week of engagement; and lastly, Life360, an exciting consumer tech merchant and our first subscription brand.

就本季企業銷售進度而言，由於第二季大量品牌與 Global-E 合作，我們在不同市場對我們服務的需求持續強勁。在我們第二季推出的品牌中，有幾個值得注意的例子：遊戲消費科技公司 SteelSeries；以及備受推崇的時尚品牌 Ganni，這兩個品牌都來自丹麥；Jaki，一個以精美且價格實惠的系列而聞名的英國時尚品牌；以及英國美容零售商 Escentual；Stadium Goods，美國首屈一指的全球運動鞋和街頭服飾經銷商之一，它也有自己的音響經銷商 [Bandaiandai]； Namco，一家日本遊戲和媒體集團，我們在第二季度與它一起在歐洲、中東和非洲地區推出了產品；[音頻不清晰]，一個時尚品牌，這是我們在匈牙利的第一個商家；Almada Label，來自芬蘭的奢侈時尚新星；Skylark，賈斯汀和海莉·比伯的新時尚品牌，我們在合作一周內就推出了它，Lifek，賈斯汀和商家訂閱的新時尚品牌，我們在合作一周內就推出了它的第一個科技品牌。

We also expanded with a number of current merchants, entering into new geographies. For example, with the OE, we added multiple countries in Europe as well as Australia and Japan. We launched in Hong Kong with Bang & Olufsen Onitsuka Tiger and Diesel. We added Central and Eastern Europe for Jones Road Beauty, the fast-growing makeup brand; and Bennett Winch, the luxury luggage brand use our services to enter into Taiwan.

我們也與許多現有商家進行了擴張，進入了新的地區。例如，透過 OE，我們新增了歐洲多個國家以及澳洲和日本。我們與 Bang & Olufsen Onitsuka Tiger 和 Diesel 一起在香港推出了新產品。我們為快速成長的化妝品牌Jones Road Beauty拓展了中歐和東歐市場；奢侈行李箱品牌Bennett Winch則利用我們的服務進入台灣市場。

With the traction we are seeing in the business and the pipeline, the launch of new brands and expansions with existing ones across our various geographies, we believe we are well positioned to continue on our path towards our long-term targets of continued durable and profitable growth well into the future.

隨著我們在業務和管道方面看到的成長勢頭、新品牌的推出以及現有品牌在各個地區的擴張，我們相信我們已做好準備，繼續朝著我們的長期目標前進，即在未來很長一段時間內保持持續、持久和盈利的增長。

I will now hand it over to Ofer to take us through the quarterly numbers in more depth as well as our increased 2025 guidance and Q3 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提高的 2025 年指引和第三季度展望。

Thank you, Amir, and thanks, everyone, for joining us today for our earnings call. As Amir mentioned, Q2 was another strong quarter for Global-E. We continue to deliver results well above the Rule of 40, driven by the growth of volumes processed through our platform and healthy margins. Before I go into the details of the quarter, I'd like to remind everyone 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 issued today.

謝謝你，阿米爾，也謝謝大家今天參加我們的財報電話會議。正如阿米爾所提到的，第二季度對 Global-E 來說又是一個強勁的季度。由於我們平台處理量的成長和健康的利潤率，我們繼續取得遠高於 40 規則的表現。在介紹本季的細節之前，我想再次提醒大家，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今天發布的收益報告中找到。

GMV in Q2 was $1.454 billion, up 34% year-over-year, 3.3% above the midpoint of our range for Q2. Despite the continuous high level of uncertainty, mainly due to the tariff dynamics, trading volumes remained resilient in the second quarter. We continue to see solid trade volume through the first weeks of Q3, and as Amir discussed, a more complicated environment in this regard tends to lead to increased opportunities for us.

第二季的 GMV 為 14.54 億美元，年增 34%，比我們第二季的中點高出 3.3%。儘管主要由於關稅動態導致不確定性持續較高，但第二季的交易量仍保持彈性。在第三季的前幾週，我們的交易量持續保持穩健，正如阿米爾所討論的，在這方面更加複雜的環境往往會為我們帶來更多的機會。

In Q2, we generated total revenue of $214.9 million, up 28% year-over-year, 3.6% above the midpoint of our guidance range. Service fee revenue for the quarter were $102.9 million, and fulfillment services revenue for the quarter were $112 million. Service fee take rate increased compared to Q1 2025, mainly due to a positive mix, while fulfillment take rate decreased as expected mainly due to seasonal higher average order value and the partial planned shift of volumes to multi-local.

第二季度，我們的總營收為 2.149 億美元，年增 28%，比我們的預期中位數高出 3.6%。本季服務費收入為 1.029 億美元，本季履行服務收入為 1.12 億美元。與 2025 年第一季相比，服務費收取率有所增加，這主要歸因於積極的組合，而履行收取率則如預期下降，主要是由於季節性平均訂單價值較高以及部分計劃將訂單量轉移到多地。

Progressing through the income statement, non-GAAP gross profit was $99.9 million, up 24% year-over-year, representing a gross margin of 46.5% compared to 47.8% in the same period last year. Gross margin has expanded compared to Q1 2025 due to the higher share of service fee revenue in the mix. GAAP gross profit was $97.7 million, representing a margin of 45.5%.

損益表中，非公認會計準則毛利為 9,990 萬美元，年增 24%，毛利率為 46.5%，而去年同期為 47.8%。由於服務費收入佔比較高，毛利率與 2025 年第一季相比有所擴大。GAAP 毛利為 9,770 萬美元，利潤率為 45.5%。

Moving on to operational expenses. We continue to invest in the development of our platform to further enhance our offerings and add value to the merchants. R&D expense in Q2, excluding stock-based compensation, was $26.2 million or 12.2% of revenue compared to $21.2 million or 12.6% in the same period last year. Total R&D spend in Q2 was $30.7 million.

繼續討論營運費用。我們將繼續投資於平台的開發，以進一步增強我們的服務並為商家增加價值。第二季研發費用（不含股票薪酬）為 2,620 萬美元，佔營收的 12.2%，去年同期為 2,120 萬美元，佔營收的 12.6%。第二季研發總支出為 3,070 萬美元。

We are investing for growth within our sales and marketing spend, while at the same time, remaining focused on driving efficiency throughout the organization. As such, sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangible amortization was $27.2 million or 12.7% of revenue compared to $19 million or 11.3% of revenue in the same period last year.

我們正在投資銷售和行銷支出的成長，同時繼續專注於提高整個組織的效率。因此，銷售和行銷費用（不包括 Shopify 相關的攤銷費用、股票薪酬和收購相關的無形資產攤銷）為 2,720 萬美元，佔收入的 12.7%，而去年同期為 1,900 萬美元，佔收入的 11.3%。

Shopify warrants related amortization expense was $12.9 million in the quarter, down from $37.4 million in Q2 2024. As a reminder, we expect this expense to continue to decrease for the remainder of the year and to be completely gone at the beginning of 2026. Total sales and marketing expenses for the quarter were $44 million, down from over $60 million last year.

Shopify 認股權證相關攤銷費用本季為 1,290 萬美元，低於 2024 年第二季的 3,740 萬美元。提醒一下，我們預計這筆費用將在今年剩餘時間內繼續減少，並在 2026 年初完全消失。本季總銷售和行銷費用為 4,400 萬美元，低於去年的 6,000 多萬美元。

General and administrative expenses, excluding stock-based compensation, were $8.8 million or 4.1% of revenue compared to $9.4 million or 5.6% of revenue in Q2 of last year. The year-on-year decline was primarily due to one-off costs recorded in Q2 of the previous year, as well as improved operational efficiencies. Total G&A spend in the quarter was $12.5 million.

不包括股票薪酬在內的一般及行政開支為 880 萬美元，佔營收的 4.1%，而去年第二季為 940 萬美元，佔營收的 5.6%。同比下降主要是由於去年第二季度記錄的一次性成本以及營運效率的提高。本季的一般及行政開支總額為 1,250 萬美元。

Adjusted EBITDA was $38.5 million, up 23% from Q2 2024 and 4.1% above the midpoint of our guidance range. Adjusted EBITDA margin was 17.9% versus an 18.7% margin in Q2 2024, impacted by the lower gross margin.

調整後的 EBITDA 為 3,850 萬美元，較 2024 年第二季成長 23%，比我們的指導範圍中點高出 4.1%。調整後的 EBITDA 利潤率為 17.9%，而 2024 年第二季的利潤率為 18.7%，受毛利率下降的影響。

In Q2, we turned GAAP profitable. The net profit in the quarter was $10.5 million compared to a net loss of $22.4 million in the year ago period. The net profit was driven mainly by the reduced amortization expenses related to the Shopify warrants as well as from the growth of the business. As Amir mentioned, given the amortization of the majority of the Shopify warrants-related asset is now done with the rest expected to be fully amortized by early 2026, we expect to be GAAP profitable moving forward and for the full year of 2025.

在第二季度，我們實現了 GAAP 利潤。本季淨利為 1,050 萬美元，而去年同期淨虧損為 2,240 萬美元。淨利潤主要得益於 Shopify 認股權證相關的攤銷費用減少以及業務成長。正如阿米爾所提到的，鑑於 Shopify 認股權證相關資產的大部分攤銷現已完成，其餘部分預計將在 2026 年初完全攤銷，我們預計未來以及 2025 年全年將實現 GAAP 盈利。

Moving on to the balance sheet and cash flow statements. We ended the quarter with $516 million in cash and cash equivalents, including short-term deposits and marketable securities. Q2 was a strong quarter of cash generation with free cash flow of $63.5 million in the quarter.

繼續討論資產負債表和現金流量表。本季末，我們擁有 5.16 億美元的現金和現金等價物，包括短期存款和有價證券。第二季現金產生強勁，本季自由現金流為 6,350 萬美元。

Now let's go through the Q3 and the updated full year guidance. For Q3 2025, we're expecting GMV to be in the range of $1.455 billion to $1.495 billion. At the midpoint of the range, this represents a growth rate of 30% versus Q3 of 2024. We expect Q3 revenue to be in the range of $214 million to $221 million, representing a year-over-year growth rate of 24% at the midpoint. For adjusted EBITDA, we are expecting a profit in the range of $37.5 million to $41.5 million or a margin of 18.2% in the midpoint.

現在讓我們來看看第三季和更新後的全年指引。對於 2025 年第三季度，我們預計 GMV 將在 14.55 億美元至 14.95 億美元之間。在該範圍的中間點，這代表著與 2024 年第三季相比的 30% 的成長率。我們預計第三季營收將在 2.14 億美元至 2.21 億美元之間，年成長率為 24%。對於調整後的 EBITDA，我們預期利潤在 3,750 萬美元至 4,150 萬美元之間，或中間利潤率為 18.2%。

For the full year of 2025, we anticipate GMV to be in the range of $6.22 billion to $6.52 billion, representing a 31% annual growth rate at the midpoint of the range. Revenue is expected to be in the range of $921.5 million to $971.5 million, representing a growth rate of 26% at the midpoint of the range. For adjusted EBITDA, we're expecting a profit of $180 million to $200 million.

對於 2025 年全年，我們預計 GMV 將在 62.2 億美元至 65.2 億美元之間，相當於該範圍中點的 31% 的年增長率。預計營收將在 9.215 億美元至 9.715 億美元之間，中間值成長率為 26%。對於調整後的 EBITDA，我們預計利潤為 1.8 億至 2 億美元。

As Amir mentioned, we are very excited about the acquisition of ReturnGo, which we believe will enable us to elevate our post-purchase solutions experience and functionality. We expect the deal to have a slight positive contribution to revenue and a limited negative impact on adjusted EBITDA in 2025. However, we expect the impact on profit to be close to neutral by 2026, once we are able to realize all the planned cost synergies.

正如阿米爾所說，我們對收購 ReturnGo 感到非常興奮，我們相信這將使我們能夠提升我們的售後解決方案體驗和功能。我們預計該交易將對 2025 年的收入產生輕微的正面貢獻，並對調整後的 EBITDA 產生有限的負面影響。然而，一旦我們能夠實現所有計劃的成本協同效應，我們預計到 2026 年對利潤的影響將接近中性。

To summarize, as the results we present to you today reflect, we remain on track on our growth trajectory as per our long-term targets. We believe the current environment represents exciting opportunities for Global-E to add value and continue growing.

總而言之，正如我們今天向您展示的結果所反映的那樣，我們仍然按照我們的長期目標沿著成長軌跡前進。我們相信，當前的環境為 Global-E 增加價值和繼續發展提供了令人興奮的機會。

Given the increasingly complicated global e-commerce environment, our services are becoming more integral to merchants every day. 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.

鑑於全球電子商務環境日益複雜，我們的服務對商家來說變得越來越重要。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. Operator?

因此，Amir、Nir、Alan 和我很樂意回答您可能提出的問題。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. I appreciate you taking the questions this morning.

嘿，大家好。感謝您今天上午回答這些問題。

I wanted to maybe ask about a couple of your comments around the de minimis exemption and your expectations around that in the back half of the year. I take some of the comments that you guys are not expecting a significant impact. So maybe if you could just talk a little bit about some of the ins and outs of your expectations in the back half of the year. And I guess I'll just ask, like, are you seeing the removal of the de minimis and the continued trade uncertainty? Has that driven any upside to the back half of the year? And is that maybe offsetting any kind of headwinds associated with some of the changes?

我想問一下您對最低限度豁免的一些評論以及您對今年下半年的期望。我接受一些評論說你們並不期待產生重大影響。所以，您能否稍微談談您對今年下半年的一些期望。我想我只想問一下，您是否看到了最低限度的取消和持續的貿易不確定性？這是否為下半年帶來了一些好處？這是否可能抵消與某些變化相關的任何不利因素？

Yes. I wouldn't -- I don't know -- first of all, its Amir, thank you for the question. I'm not sure I would consider it as a tailwind. But definitely, as we commented, the trading looks resilient. We're already past few months of trading post the recent changes to de minimis exemption. And as we said, we haven't seen any material impact. The same-store sales are within the multiyear trend.

是的。我不會——我不知道——首先，我是阿米爾，謝謝你的提問。我不確定我是否會將其視為順風。但正如我們所評論的那樣，交易確實看起來很有彈性。在最近對最低限度豁免進行修改之後，我們已經交易了幾個月。正如我們所說，我們還沒有看到任何實質的影響。同店銷售符合多年趨勢。

Yes, there is still some uncertainty we're faced and our merchants are faced with an ever-changing landscape. And we do believe that the end of August, the change that is coming will happen (technical difficulty) the de minimis exemption, but we do all of that into consideration when we provided the guidance. So despite all of that uncertainty, we did see trade deals coming in. So we believe that generally speaking, the risk of more tariffs, so reciprocal tariffs has been reduced.

是的，我們仍然面臨一些不確定性，我們的商家也面臨著不斷變化的情況。我們確實相信，8 月底即將發生的變化（技術難度）將會發生最低限度的豁免，但我們在提供指導時會考慮到所有這些因素。因此，儘管存在所有這些不確定性，我們確實看到了貿易協議的達成。因此我們認為，整體而言，關稅的風險增加，因此互惠關稅有所降低。

And it's also -- it's important to remember that when you look at the inbound volumes that we have into the US, which is about 12% of the trade, about one-third of that is coming from country of origin, China and Hong Kong. So the remainder will have some impact on when the de minimis is removed for the rest of the country. But again, we don't expect -- we do expect to see an offset of that in terms of the pricing of the products. And overall, we don't expect a meaningful impact on our trade volumes.

而且，重要的是要記住，當你查看我們進入美國的入境量時，這約佔貿易的 12%，其中約三分之一來自原產國，即中國和香港。因此，剩餘部分將對全國其他地區何時取消最低限度產生一定影響。但同樣，我們並不期望——我們確實期望在產品定價方面看到抵消。總體而言，我們預計這不會對我們的貿易量產生重大影響。

Got it. That's super helpful.

知道了。這非常有幫助。

And maybe just a housekeeping item here on the acquisition. Is there any way you could lay out with the expectation or what's assumed in the back half of the year guide on the top line? And then similarly, on the OpEx side, I think you mentioned investing in sales and marketing this quarter. Should we take that as sort of your direct sales force or is that continued strength in Shopify and just how you're thinking about OpEx trends and sales and marketing in the back half? Thanks.

這也許只是此次收購的日常事務。您能否在頂線上列出下半年指南的期望或假設？同樣，在營運支出方面，我想您提到了本季對銷售和行銷的投資。我們是否應該將其視為您的直銷隊伍，還是 Shopify 的持續優勢，以及您如何看待下半年的營運支出趨勢以及銷售和行銷？謝謝。

Sure. So in terms of ReturnGo for 2025, it will have a slight positive impact to revenue of just over $1 million. In terms of adjusted EBITDA, it will be slightly dilutive. We expect it to have a negative impact of approximately $1 million on adjusted EBITDA. By the way, for 2026, once we achieve the expected synergies, which should be relatively simple to achieve, it should be very close to EBITDA neutral.

當然。因此，就 2025 年 ReturnGo 而言，它將對收入產生略高於 100 萬美元的正面影響。就調整後的 EBITDA 而言，它將略微具有稀釋性。我們預計這將對調整後的 EBITDA 產生約 100 萬美元的負面影響。順便說一句，對於 2026 年，一旦我們實現預期的協同效應（這應該相對容易實現），它應該會非常接近 EBITDA 中性。

In terms of sales and marketing, we have seen a certain increase of sales and marketing out of -- as a percentage of revenue. Some of it is attributed to the higher volumes of GMV and the rev share we pay to Shopify, which is expected to reduce in the last few months of the year. And the remaining, yes, is a certain additional investment that we will put in -- or already putting into sales and marketing a few more people.

在銷售和行銷方面，我們看到銷售和行銷佔收入的百分比有所增長。部分原因是 GMV 的增加以及我們向 Shopify 支付的收入分成預計在今年最後幾個月會減少。是的，剩下的是我們將投入的一定額外投資——或者已經在銷售和行銷方面投入了一些人力。

That's very helpful. I appreciate you taking the questions.

這非常有幫助。感謝您回答這些問題。

Samad Samana, Jefferies.

薩馬納（Samad Samana），傑富瑞（Jefferies）。

Hey. Good morning and good to see the strong quarter.

嘿。早上好，很高興看到本季表現強勁。

Maybe first, just the 3 B2C product, you guys mentioned that there's good uptake there and especially kind of given the policy environment. How -- now that you've had customers adopted and go live with it and utilize it, what type of take rate are you seeing from that cohort of customers? And how should we think about maybe the impact to the take rate going forward as you see more adoption of 3 B2C? And then I have one follow-up question.

也許首先，只是 3 個 B2C 產品，你們提到那裡有良好的吸收，特別是在政策環境下。現在您的客戶已經採用並開始使用它，您從該客戶群中看到了什麼樣的接受率？當您看到 3B2C 的採用越來越多時，我們應該如何看待其對未來接受率的影響？然後我有一個後續問題。

Hi, Samad. It's Nir.

你好，薩馬德。是尼爾。

So first, we are very excited with a 3 B2C solution. We are seeing growing interest from both new and existing merchants, especially with abolishment of de minimis expected to come in end of August. We have a couple of merchants already live in trading with the solutions, and we have others that are expected to launch within the quarter and a few new ones already in the funnel.

首先，我們對 3 B2C 解決方案感到非常興奮。我們看到新舊商家的興趣日益濃厚，尤其是預計 8 月底將取消最低限度優惠政策。我們已有幾家商家開始使用這些解決方案進行交易，還有一些商家預計將在本季內推出這些解決方案，還有一些新商家已在籌備中。

In terms of the take rate dynamics, it's kind of close to the regular dynamics that we see on the regular B2C transaction because our fees are calculated out of the consumer transaction, which is actually the same between a 3 B2C model and our regular model. There might be a minimal impact in terms of the clearance fees, but this is, I would say, miscellaneous in terms of our take rates.

就收費率動態而言，它與我們在常規 B2C 交易中看到的常規動態有點接近，因為我們的費用是根據消費者交易計算的，這實際上是 3 個 B2C 模型和我們的常規模型之間的相同。就清關費而言，這可能影響很小，但我想說，就我們的收取率而言，這只是雜項。

Great. And then maybe on the acquisition. I'm curious if that was a company that you were already partnering with, and if I look at ReturnGo's website, there's some pretty notable logos that they have that Global-E may not have. So are you -- is there an opportunity to maybe go to cross-sell or acquire their customers? And what's maybe the overlap in your base today? And how much of a cross-sell opportunity is there, just maybe more details on what the opportunity there is, given that it's relatively small in size?

偉大的。然後也許會談到收購。我很好奇那是不是一家你們已經合作過的公司，如果我查看 ReturnGo 的網站，會發現他們有一些 Global-E 可能沒有的非常引人注目的標誌。那麼您是否有機會進行交叉銷售或獲取他們的客戶？那麼，今天您的基地可能有哪些重疊之處呢？交叉銷售機會有多少？考慮到規模相對較小，是否可以提供更多關於該機會的詳細資訊？

Sure. Thank you. It's Nir again.

當然。謝謝。又是尼爾。

So first, we believe that this acquisition will further position us with a best-in-class solution in the market for purchase. And today, we mainly -- where our solution was built on our internal capabilities that weren't best-in-class. And now we have, I would say, an in-house solution that will be best-in-class for merchants with additional services built into it such as exchanges and more.

首先，我們相信此次收購將進一步使我們在市場上擁有一流的解決方案。今天，我們的解決方案主要建立在我們內部能力之上，而這些能力並不是一流的。現在，我想說，我們有了一個內部解決方案，它將是商家最好的選擇，並且內建了諸如交易等附加服務。

More than that, yes, they do have within the client base, certain level of clients that can be a relevant fit to become a Global-E merchant that are not our merchants. And in the -- as part of the synergies, we are looking to have we will also, of course, offer these merchants to utilize the rest of Global-E services. Yet to be proven what would be the success rate on that, but this was an add-on to the rationale. The main rationale, just to be clear, was to improve post-service solution and increase shopper satisfaction for all our brands.

不僅如此，是的，他們的客戶群中確實有一定程度的客戶，這些客戶可以成為 Global-E 商家，但不是我們的商家。作為綜效的一部分，我們希望當然也為這些商家提供 Global-E 其餘服務。尚未證明其成功率是多少，但這是對該理論的補充。需要明確的是，主要原因是改善售後服務解決方案並提高所有品牌的購物者滿意度。

Great. Thanks again, guys. Have a great day.

偉大的。再次感謝大家。祝你有美好的一天。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

Hey. Good morning. Thanks for the the time this morning. Wanted to add on a couple of things or ask a couple of questions.

嘿。早安.感謝您今天早上抽出時間。想補充幾件事或問幾個問題。

First, on the back half of the year, there's pretty good implied acceleration there. It'd be great if you could provide some insight into the growth and composition of the pipeline as you see it today. And if there's been any change since Liberation Day? And in particular, do you still expect to grow net new merchant GMV on a dollar basis this year, even though you had such a strong benefit from enterprise ads last year?

首先，今年下半年隱含的加速趨勢相當不錯。如果您能提供一些關於目前管道增長和組成的見解，那就太好了。自解放日以來有什麼改變嗎？特別是，儘管去年企業廣告為您帶來了巨大的收益，您是否仍預計今年新商家淨 GMV 會以美元計算成長？

Hey, James. Thank you for the question. It's Ofer.

嘿，詹姆斯。謝謝你的提問。是奧弗。

I think that regarding the back half of the year, generally speaking, as we've mentioned, we see very solid trading patterns. We see solid same-store sales numbers, and we see that continuing into July and the beginning of August. So this is definitely a positive. But also on top of that, we have been adding merchants throughout the year.

我認為，就今年下半年而言，總體而言，正如我們所提到的，我們看到了非常穩固的交易模式。我們看到同店銷售額穩健，並且預計這種勢頭將持續到 7 月和 8 月初。所以這絕對是一件正面的事。但除此之外，我們全年都在增加商家。

We don't have this year the 2 very large ones. But when you look at the overall numbers, they are very similar to what we have seen last year, just much less concentrated. So we will continue onboarding merchants until peak period. And we expect -- in terms of GMV from new merchants, we expect to see a similar contribution to last year. So pretty similar numbers. Hopefully, if it goes well, might be even above those numbers.

今年我們沒有那兩個非常大的。但當你看總體數字時，它們與我們去年看到的數字非常相似，只是集中度低得多。因此，我們將繼續吸收商家，直到高峰期。我們預計—就新商家的 GMV 而言，我們預計將看到與去年類似的貢獻。數字非常相似。希望如果一切順利的話，甚至可能高於這些數字。

Got it. Got it. And then one -- I know you already touched on take rate, but obviously, good to see the recovery and the sequential improvement in service fee take rate. How should we think about the drivers of take rate on a go-forward basis? And I'm just wondering how to think about that on the services side as well as what kind of trajectory we should be expecting on fulfillment, especially with multi-local adoption and and trying to think about that on a more medium-term basis? Thanks.

知道了。知道了。然後，我知道您已經談到了收取率，但顯然，很高興看到服務費收取率的復甦和連續改善。我們該如何看待未來接受率的驅動因素？我只是想知道如何在服務方面考慮這個問題，以及我們應該期待什麼樣的實現軌跡，特別是在多地採用的情況下，並試圖在中期基礎上考慮這個問題？謝謝。

Yes. So in terms of service fee take rate, as we've mentioned when we guided for the year, after the certain drop we had as a result of the loss of Ted Baker. We expected it to be more or less stable. There is some volatility between quarters due -- mainly due to mix, but our expectations still remain the same. So we expected to be close to H1 levels. Q2 was a very good quarter in that sense. But again, we had a positive mix contributing.

是的。因此，就服務費收取率而言，正如我們在年度指導中提到的那樣，由於失去 Ted Baker，我們的收費率出現了一定的下降。我們預期它會或多或少保持穩定。由於混合因素，各季度之間存在一些波動，但我們的預期仍然保持不變。因此我們預計接近 H1 水平。從這個意義上來說，第二季度是一個非常好的季度。但同樣，我們也有正面的貢獻。

We do see more interest and we are also gradually building more propositions around value-added services, mainly due to drawback. And we expect that going into next year, this might contribute. Still early to say, but we see, due to the changes in the tariff environment, we do see an opportunity there. So that might potentially provide us an upside opportunity, but it's a bit early to say if that will come through.

我們確實看到了更多的興趣，我們也在逐步圍繞增值服務建立更多的主張，這主要是由於缺點。我們預計，到明年，這可能會有所貢獻。現在說還為時過早，但我們看到，由於關稅環境的變化，我們確實看到了機會。因此，這可能為我們提供一個上行機會，但現在判斷是否會實現還為時過早。

That's great. Thanks for that.

那太棒了。謝謝。

Just in terms of the fulfillment take rate, we expect them to remain for the remaining of the year to be, again, close to Q2 levels because on the one hand, we will see a higher share of multi-local. As we commented in the beginning of the year, there are 2 or 3 large merchants that are shifting some of their volumes to multi-local, and we will see this up -- some of it has already happened and some will happen in the remaining of the year.

就履行率而言，我們預計今年剩餘時間內的履行率將保持在接近第二季度的水平，因為一方面，我們將看到多本地化份額的提高。正如我們在今年年初所評論的那樣，有 2 到 3 家大型商家正在將部分業務轉移到多地，我們將會看到這種情況——其中一些已經發生，一些將在今年剩餘時間內發生。

On the other hand, Q2 is -- has some AOV seasonality. Typically, a high AOV quarter average order value, and this has been the case also in this Q2, so we expect that to have a positive impact that will offset the multi-local impact for the remaining of the year. So we expect it to stay close to the current levels.

另一方面，第二季具有一定的 AOV 季節性。通常情況下，AOV 季度平均訂單價值較高，而第二季度也是如此，因此我們預計這將產生積極影響，抵消今年剩餘時間內多地影響。因此我們預計它將保持在接近當前水平。

Great. Appreciate that, Ofer. Have a good day, everybody.

偉大的。非常感謝，奧弗。祝大家有愉快的一天。

Chris Zhang, UBS.

瑞銀集團的 Chris Zhang。

Hi. Thanks for taking my question.

你好。感謝您回答我的問題。

So I wanted to ask about the new arrangement with Shopify and mainly related to the 3P side. So first on the revenue share reduction, maybe can you confirm the timing of the rev share reduction on the 3P side and how you have baked that into the EBITDA guide? Because it seems that from the implied Q4 EBITDA margin, it shows a slightly higher than typical sequential step up? And how much of that is reflecting the new agreement? And then I'll follow up on the pricing.

所以我想詢問一下與 Shopify 的新安排，主要涉及 3P 方面。那麼首先關於收入份額減少，也許您能確認第三方收入份額減少的時間，以及如何將其納入 EBITDA 指南中？因為從隱含的第四季 EBITDA 利潤率來看，它顯示出比典型的連續成長略高？其中有多少反映了新協議？然後我會跟進定價。

Hi, Chris. Thank you for the question. It's Ofer.

你好，克里斯。謝謝你的提問。是奧弗。

In terms of the timing, it will come in late in Q3, so there will be a limited impact in Q3 and the new arrangement will be in place, obviously, for Q4. We definitely took that into account in our guidance. As we've mentioned, I think, in the previous quarter, over time, we expect the sort of the new situation to have -- to weigh a bit on our gross margin as we do expect to see some more competition.

從時間上看，它將在第三季末到來，因此對第三季的影響有限，而新的安排顯然將在第四季度實施。我們在指導中肯定考慮到了這一點。正如我們在上一季提到的，我認為，隨著時間的推移，我們預計這種新情況會對我們的毛利率產生一定影響，因為我們確實預計會看到更多的競爭。

Although, for now, I would say we haven't seen a significant change in the environment. However, the reduction in the rev share will enable us, over time -- we believe that it will enable us over time to get overall improved economics and improve our adjusted EBITDA.

不過，就目前而言，我想說我們還沒有看到環境有重大變化。然而，隨著時間的推移，我們相信收入份額的減少將使我們能夠獲得整體經濟效益的改善並提高我們的調整後 EBITDA。

Thank you so much for the color.

非常感謝你提供的顏色。

And I think you pretty much answered the question on the prices. So maybe I'll just ask more about specific product? And just from your new agreement, there's a mention of [Shop Pay] to be made available on the 3P side? And maybe can you talk about your thoughts on the impact on the payment portion of the revenue in 3P, and if there's any potential for Shopify payments in general to take over a bigger responsibility on the 3P side considering the variable parts, including the conversion of Shopify payments, but also some of the potential economic changes there? Just wanted to hear your thoughts.

我認為您基本上已經回答了有關價格的問題。所以也許我只是想多問一些具體產品的問題？從你們的新協議中，是否提到將在 3P 端提供 [Shop Pay]？也許您能談談對 3P 收入支付部分的影響的看法，以及考慮到可變部分（包括 Shopify 支付的轉換）以及其中的一些潛在經濟變化，Shopify 支付是否有可能在 3P 方面承擔更大的責任？只是想聽聽你的想法。

Great. Thank you. It's Nir.

偉大的。謝謝。是尼爾。

So just on the market dynamics, as we expected, we have seen some increase in the competitive landscape. However, if you take into account our high win rate on other platforms as well as our vast experience on the Shopify platform and the preferred status that we have with exclusive features and capabilities, we believe we will have even more than that on the Shopify platform. So on the competitive side, we saw quite strong with the recent changes.

因此，就市場動態而言，正如我們預期的那樣，我們看到競爭格局加劇。但是，如果考慮到我們在其他平台上的高贏率以及我們在 Shopify 平台上的豐富經驗和我們憑藉獨有功能和能力所享有的優先地位，我們相信我們在 Shopify 平台上的贏率會更高。因此，在競爭方面，我們看到最近的變化相當強勁。

In terms of [Shop Pay], we are expecting it to be launched sometime late Q3, early Q4, and we expect it will be heavily used and adopted by our merchants as it is used on Shopify. In terms of utilizing the Shopify payments for our services, for 1P, of course, it's going to be embedded in the new model of Shopify within the managed markets. For 3P, it's not planned.

就 [Shop Pay] 而言，我們預計它將在第三季末或第四季初推出，我們預計它將像在 Shopify 上一樣被我們的商家大量使用和採用。就利用 Shopify 支付為我們的服務提供支付服務而言，對於 1P 來說，當然，它將嵌入到管理市場中的 Shopify 新模型中。對於 3P，還沒有計劃。

All right, thank you very much for the details. Appreciate it.

好的，非常感謝您的詳細資訊。非常感謝。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Really nice quarter. Two questions for me.

真是一個美好的季度。我有兩個問題。

I wanted to start with some detail on the new Life360. I guess, deal in contract, consumer tech is not necessarily new for you all, but subscription-based product seems, I don't know, a little strange to me because there's no cross-border shipping really what's into it, and there's no shipping charges necessarily, but how does that opportunity kind of fit into the broader Global-E portfolio here going forward?

我想先介紹一下新款 Life360 的一些細節。我想，合約交易、消費科技對你們所有人來說並不一定是新鮮事，但基於訂閱的產品似乎有點奇怪，因為它實際上沒有跨境運輸，也不一定有運費，但這種機會在未來如何融入更廣泛的 Global-E 產品組合呢？

Hi, Scott. It's Nir. Thank you for the question.

你好，斯科特。是尼爾。謝謝你的提問。

We started this journey when we targeted the consumer electronics. And once we started to gain traction in the vertical, and we have today and multiple clients within the vertical, even I think Amir spoke about SteelSeries, very nice consumer electronics brands that just launched with us. We came into an evolution that also subscription was needed. We don't see a straightforward play for digital goods subscription a large opportunity for Global-E.

當我們瞄準消費性電子產品時，我們就開始了這趟旅程。一旦我們開始在垂直領域獲得關注，我們今天就擁有了垂直領域的多個客戶，甚至我認為阿米爾談到了 SteelSeries，這是一個剛剛與我們一起推出的非常好的消費電子品牌。我們進入了一個也需要訂閱的演變階段。我們認為，直接進行數位商品訂閱對 Global-E 來說並不是一個巨大的機會。

However, we do see it supporting merchants that are selling physical goods and want a subscription on top of it, whether its plans to use as extra plans to sell on top of the physical goods or a stand-alone product that is a digital subscription good, but for merchant itself also physical goods. So we believe this would be our sweet spot.

然而，我們確實看到它支持銷售實體商品並希望在其基礎上進行訂閱的商家，無論是計劃用作在實體商品之上銷售的額外計劃，還是作為數位訂閱商品的獨立產品，但對於商家本身來說也是實體商品。因此我們相信這將是我們的最佳選擇。

There might be some pure players, but this is not the core for our strategy. And for those merchants that have a combination of physical, virtual and subscription, we are best positioned to take advantage of it because it does require our clearance capabilities, our know-how in duty management and physical good movements.

可能有一些純粹的玩家，但這不是我們策略的核心。對於那些同時擁有實體店、虛擬店和訂閱服務的商家來說，我們最有能力利用這一點，因為它確實需要我們的清關能力、職責管理和實體商品運輸的專業知識。

Very helpful, Nir. Appreciate that.

非常有幫助，Nir。非常感謝。

And then from a follow-up perspective, the growth in your US business has actually accelerated year-over-year, which is kind of interesting, given what's going on with all the, I think, different tariff dynamics there. Can you help understand what's maybe specifically going on with the US side of your business? Maybe it's just more focus there to drive more vendors from the US, but any color there would be helpful. Thank you.

然後從後續的角度來看，你們在美國的業務成長實際上逐年加快，考慮到那裡各種不同的關稅動態，這很有趣。您能否協助了解貴公司在美國的業務具體情況如何？也許只是為了吸引更多來自美國的供應商，但任何顏色都會有所幫助。謝謝。

Then the US business continues to perform. A lot of this outperformance is from very strong growth of some of the US brands. Our US brands, a lot of them are much more digitally native than where we see in other parts of the geos we serve, and these clients typically grow faster. So in average, they have like (inaudible) same-store sales growth, which is actually growing the US even faster than other parts of the world.

然後美國業務繼續表現。這種優異表現很大程度上得益於一些美國品牌的強勁成長。在我們的美國品牌中，許多都比我們服務的其他地區的品牌更具數位原生性，而且這些客戶通常成長更快。因此，平均而言，他們的同店銷售額成長率（聽不清楚）實際上美國的成長速度甚至比世界其他地區還要快。

In terms of the new booking contribution, US isn't doing better than our other developed markets. And I can say that the emerging markets are growing even faster, but the share in our overall mix is still relatively low.

就新預訂貢獻而言，美國的表現並不比我們的其他已開發市場更好。我可以說，新興市場的成長速度更快，但在我們的整體產品組合中所佔的份額仍然相對較低。

Wonderful. Thanks for taking my questions.

精彩的。感謝您回答我的問題。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，Benchmark。

Thank you. Just on the Borderfree comments...

謝謝。僅關於 Borderfree 的評論...

Can you repeat? You just got cut off.

你能重複一遍嗎？你剛剛被切斷了。

Can you hear me okay?

你聽見我說話嗎？

Yes. now I can hear. Sorry.

是的，現在我能聽到了。對不起。

Okay. Sorry about that. I just was hoping you could comment further on the Borderfree 4% revenue contribution. And whether that was in line with your expectations or above? And then if we think about the 250 merchants that you've onboarded there, how core are they to driving that contribution level higher? And what would you expect to see in terms of total merchants exiting this year, just roughly? Just trying to get a sense of the pace of that merchant growth that we should look for? Thanks.

好的。很抱歉。我只是希望您能對 Borderfree 4% 的收入貢獻進一步評論。這是否符合或超出了您的預期？然後，如果我們考慮您在那裡引入的 250 個商家，他們對提高貢獻水平有多重要？您預計今年退出的商家總數大概是多少？只是想了解我們應該關注的商家成長速度嗎？謝謝。

Just to clarify -- it's Nir. Thank you. Just to clarify the metrics, the 4% growth for those merchants, it's merchants that actually joins the Borderfree platform. It's not our entire base of merchants. It's those that actually adopted. The platform for them, Borderfree is equal today to 4% of the of the business, 4% of the traffic is actually and sales are coming out of our demand generation solution on the Borderfree.com.

只是為了澄清一下——這是 Nir。謝謝。只是為了澄清指標，這些商家的 4% 成長率是真正加入 Borderfree 平台的商家。這並不是我們全部的商家群體。是那些真正採用的人。對他們來說，Borderfree 平台目前相當於 4% 的業務，4% 的流量和銷售額實際上來自我們在 Borderfree.com 上的需求產生解決方案。

We are happy with the development of it. It was -- the product was launched in Q4 last year. It's just early days -- still early days for the product. When we met you all at the Investor Day, we've already seen traction with around 2.6% already coming of the traffic for the participating sites coming from Borderfree.com. We are currently over 4%. It's in line with our expectation.

我們對它的發展感到高興。該產品於去年第四季推出。現在還處於早期階段——該產品仍處於早期階段。當我們在投資者日與大家見面時，我們已經看到了成長勢頭，參與活動的網站的流量中約有2.6%來自Borderfree.com。目前，這一比例已超過4%。這符合我們的預期。

And over time, we expect that with maturity, we can hit over 5% and even up to 10% on average with some of the brands, or I would say, the high contribution brands, even enjoying a two-digit contribution from our demand generation, which is a great driver for native growth as we take percent of their growth. And of course, increases the stickiness of our model as now we're not only converting better for you and simplifying your global operations, we're also driving new revenue.

隨著時間的推移，我們預計隨著業務的成熟，一些品牌，或者說高貢獻品牌，我們的市場需求生成貢獻率可以達到 5% 以上，甚至平均達到 10%，這對於本土增長來說是一個巨大的推動力，因為我們佔據了他們增長的百分比。當然，這也增加了我們模式的黏性，因為現在我們不僅在為您提供更好的轉換和簡化您的全球運營，而且還在推動新的收入。

That's helpful. And maybe a separate question just around NDR trends in the first half versus what is implied in your second half revenue guidance? And also, if you could perhaps qualify your same-store merchant GMV growth relative to new year-to-date and how that sort of compares to last year? Thank you.

這很有幫助。也許還有一個單獨的問題，是關於上半年的 NDR 趨勢與下半年收入預測中暗示的情況？另外，您是否可以說明今年迄今為止同店商家 GMV 的成長情況，以及與去年相比如何？謝謝。

Sure. So generally speaking, there is some, of course, as always, some volatility between periods. But when we look at the year-to-date figures, they are, as we've mentioned, in line with our historical average and pretty close to the numbers we had in our planning. And this has been also continuing in the beginning of Q3. For the remaining of the year, we expect that to stay more or less in that environment.

當然。所以一般來說，當然，和往常一樣，各個時期之間都會存在一些波動。但當我們查看年初至今的數據時，正如我們所提到的，它們與我們的歷史平均值一致，並且非常接近我們計劃中的數字。這種情況在第三季初也一直持續。我們預計今年剩餘時間的情況將基本維持在這種水平。

In terms of contribution from new merchants, as we've mentioned previously, we expect that contribution to be pretty close to what we have seen last year. Last year, we had a lot of contribution in the last part of the year from new merchants. This time, it's much less concentrated both in terms of timing and also the volume contribution of each merchant, but we expected the numbers to be pretty close.

就新商家的貢獻而言，正如我們之前提到的，我們預計該貢獻將與去年的貢獻非常接近。去年下半年，我們獲得了大量來自新商家的貢獻。這次，無論是從時間還是每個商家的銷售貢獻來看，集中度都沒有那麼高，但我們預期數字會非常接近。

Excellent. Thanks, guys.

出色的。謝謝大家。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. Thank you. Let me add my congratulations. Amir, maybe if you -- and probably Nir, too. Just stepping back, if you look at the last five years of your your relationship with Shopify. What do you think are sort of the key lessons that you've learned?

偉大的。謝謝。讓我也向您表示祝賀。阿米爾，也許如果你──也許尼爾也是。回顧一下，如果你回顧過去五年你與 Shopify 的關係。您認為您學到了哪些重要的教訓？

Well, that's how much time do we have?

好吧，我們還有多少時間？

It's probably not on the Q&A script.

它可能不在問答腳本上。

No, actually, it is. No, I think we've -- what we've learned along the years, and I think it's reflected in the fact that the relationship is continuing to grow, continuing to flourish. And we continue to renew our vows every so often is that it has the, I think, all the basis for a good mutually beneficial partnership because each side brings to the table its strength and its unique contribution.

不，事實上是的。不，我認為我們已經——這些年來我們已經學到了什麼，我認為這反映在兩國關係的不斷發展、不斷繁榮上。我們常常重申我們的誓言，我認為這是建立良好互利夥伴關係的基礎，因為雙方都發揮了自己的優勢並做出了獨特的貢獻。

So I think, to me, that is the basis of every good long-term strategic relationship, and we're seeing the benefits of that, both on our enterprise side. And as you've all seen, that led to an even deeper relationship on what has now become managed markets and is -- we're -- on that, we're working ever so closely with with Shopify to make it an even deeper and more synergetic integration. So to me, it's -- the main lesson is that if it makes sense then -- to both sides, then it can be a very successful mutually beneficial partnership.

所以我認為，對我來說，這是每一種良好的長期策略關係的基礎，而且我們在企業方面都看到了它的好處。如大家所見，這導致了現在管理市場上更深層的關係，我們正在與 Shopify 密切合作，以實現更深入、更具協同性的整合。所以對我來說，主要的教訓是，如果它對雙方都有意義，那麼它就可以成為一種非常成功的互利夥伴關係。

Great. And then my follow-up is, what specifically is -- what are you specifically working on now with Shopify in terms of the additional functionality? And when do we expect that to come out? What are the top two or three things?

偉大的。然後我的後續問題是，具體是什麼——就附加功能而言，您現在具體在 Shopify 上開展哪些工作？我們預計什麼時候會推出這個功能？最重要的兩三件事是什麼？

I think we should divide it between the two solutions. On the managed markets front, we are working on -- as we guided together with Shopify, on aligning the domestic experience to the global experience using managed markets, serving much more of the functionality through the Shopify platform, utilizing Shopify Payments and making, I would say, the entire reconciliation process seamless between the domestic and the global experience.

我認為我們應該將其劃分為兩種解決方案。在管理市場方面，我們正在與 Shopify 共同努力，利用管理市場將國內體驗與全球體驗相結合，透過 Shopify 平台提供更多功能，利用 Shopify Payments，並使整個對帳流程在國內和全球體驗之間無縫銜接。

For the 3P solution, I think the main thing coming up soon is [Shop Pay], which we believe would be a great tool to continue and upgrade the conversion to our merchant, offering them even a better experience on the global partnership with Global-E on Shopify. Good to mention here that this feature is also exclusive for Global-E for the next 12 months. So it's also a good edge versus competition. As part of it also Shopify has integrated us into the new markets, into the new market solutions that allows more flexibility to our merchants, utilizing the same customization, same editor and other functionalities that is now available with a combination of Global-E and Shopify.

對於 3P 解決方案，我認為即將推出的主要產品是 [Shop Pay]，我們相信它將是一個很好的工具，可以繼續升級我們商家的轉換率，為他們提供與 Shopify 上的 Global-E 建立全球合作夥伴關係的更好體驗。值得一提的是，該功能在未來 12 個月內也將專屬於 Global-E。因此，這也是一種競爭優勢。作為其中的一部分，Shopify 還將我們融入了新市場和新市場解決方案，為我們的商家提供了更大的靈活性，利用了相同的客製化、相同的編輯器和其他功能，這些功能現在可以透過 Global-E 和 Shopify 的組合獲得。

Okay, thank you both.

好的，謝謝你們兩位。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

This is (inaudible) on for Brent today. Thanks for taking my questions.

這是今天布蘭特原油的（聽不清楚）。感謝您回答我的問題。

I didn't hear much about multi-local in the prepared remarks. It sounds like you are seeing some of that volume shift over to multi-local, but was there anything else to call out for the quarter? And do you still expect multi-local to hit around 15% of GMV this year?

我在準備好的發言中沒有聽到太多關於多本地的內容。聽起來您看到部分交易量轉移到了多地，但本季還有什麼需要注意的嗎？您是否仍預計今年多地銷售將佔 GMV 的 15% 左右？

So I think the reason we didn't give it much emphasis is that we don't see change from the dynamic we already highlighted in our guidance for the year in our Q1 results. So we continue to see gradual shift towards it in line with what we indicated around the 15% that we expected to hit it. So it's all baked into our guidance. That's why we gave it less emphasized in our discussion, but the trend continues and we continue to build services in order to support better trading within multi-local and make our service and solution more appealing to multi-local merchants.

因此，我認為我們之所以沒有太強調這一點，是因為我們在第一季業績中沒有看到我們在今年指引中已經強調的動態發生變化。因此，我們繼續看到向這一目標的逐步轉變，與我們預計達到的 15% 左右的目標一致。所以這一切都已融入我們的指導中。這就是為什麼我們在討論中沒有過多強調這一點，但這種趨勢仍在繼續，我們將繼續建立服務，以支援多地域內更好的交易，並使我們的服務和解決方案對多地域商家更具吸引力。

Got it. Makes sense. And then is return to go -- or ReturnGo bringing any AI capabilities or functionality that you can apply to other areas of your business?

知道了。有道理。那麼 Return Go 是否能夠帶來任何可以應用在您業務其他領域的 AI 能力或功能？

They have some AI capabilities related to prediction models around the returns. The reasoning behind that the ability to sell to the client instead of refund alternative solutions such as wallets or gift card, loyalty points or an exchange. It's less relevant for outbound experience, but it is an enhancement that I'm sure that our merchants would be happy to utilize once we make it -- we complete the integration and make it our internal tool.

他們擁有一些與回報預測模型相關的人工智慧能力。背後的原因是，能夠向客戶銷售而不是退款替代解決方案，例如錢包或禮品卡、忠誠度積分或兌換。它與出站體驗不太相關，但我相信，一旦我們完成整合並將其作為我們的內部工具，我們的商家就會樂意利用它。

Helpful. Thank you.

很有幫助。謝謝。

Madison Schrage, KeyBanc Capital Markets.

麥迪遜·施拉格 (Madison Schrage)，KeyBanc 資本市場。

Hey, guys. Thanks for taking my question.

嘿，大家好。感謝您回答我的問題。

My first one was just on kind of the international split. So it seems like the UK still kind of see some weakness. Is this expected to continue the rest of 2025? And then I was wondering if you guys could talk about where you're seeing the greatest strength in rest of world and maybe where you see the most opportunity going into 2026? Thanks.

我的第一個作品只是關於國際分裂的作品。因此看起來英國仍然存在一些弱點。預計這種情況會持續到 2025 年剩餘時間嗎？然後我想知道你們是否可以談談你們認為世界其他地區最大的優勢在哪裡，以及你們認為 2026 年最多的機會在哪裡？謝謝。

So related to the weakness in outbound UK, I think this is coming out of two reasons. One is mix that is driven from seasonality. We have huge merchants such as [Harrods] that are much more, I would say, stronger in the back half of the year, mainly in Q4, and the rest of the year, they are lower. So this is a seasonality effect.

因此，與英國出境游疲軟有關，我認為這有兩個原因。一種是受季節性驅動的混合。我們擁有像哈羅德百貨這樣的大型商家，我想說，它們在下半年（主要是在第四季度）的業績要強勁得多，而在一年中的其餘時間，它們的業績則較低。所以這是一種季節性效應。

The other part is M&S. M&S was -- is a significant merchant of us within the UK merchant base, and they are, at least in this quarter in Q3 and going also into Q3, at least for a significant part of it is currently not trading due to the cyber attack. So this contributes to the overall weakness that that you do see in the UK. We do expect to change trends late Q3, but mainly in Q4 once M&S is trading back in full speed, [Harrods] is going into peak selling, so we do expect the UK to grow again in share. And as we have also a good pipeline coming out of the UK, we do expect that to continue going into 2026.

另一部分是M&S。瑪莎百貨是我們在英國商家群體中的重要商家，至少在本季、第三季以及進入第三季時，由於網路攻擊，瑪莎百貨至少有相當一部分目前沒有進行交易。因此，這加劇了英國整體經濟的疲軟。我們確實預計第三季末趨勢會發生變化，但主要是在第四季度，一旦瑪莎百貨恢復全速營業，[哈羅德百貨]將進入銷售高峰，因此我們確實預計英國的份額將再次增長。而且由於我們也有來自英國的良好管道，我們預計這種情況將持續到 2026 年。

Thank you. And my second part of that question was just I'm curious about kind of the other geos that you guys don't necessarily break out for outbound regions, specifically in parts of like Asia, where you're seeing the greatest inbound interest and kind of where you see the greatest opportunity to further penetrate those markets? Thanks.

謝謝。而我問題的第二部分是，我很好奇你們不一定會突破出境地區的其他地理位置，特別是在亞洲部分地區，您在哪裡看到了最大的入境興趣，以及您認為進一步滲透這些市場的最大機會在哪裡？謝謝。

Yes. So I think that -- and I'll connect that also to offer mentioning the slight increase in sales and marketing expense. So we do see a lot of potential in APAC. So we have recruited also additional individuals into sales and account management roles within the region. We have seen very nice traction coming out of Korea. We have seen growth -- new growth in funnel coming out of Taiwan, a new region for us. Australia continues to pick up as we assume the market leadership in global commerce out of Australia, and Japan continues to work as well.

是的。所以我認為——我也會將其與銷售和行銷費用的略微增加聯繫起來。因此，我們確實看到了亞太地區的巨大潛力。因此，我們也招募了更多人員擔任該地區的銷售和客戶管理職位。我們看到韓國表現出了非常好的勢頭。我們看到了成長——來自台灣（對我們來說是一個新地區）的新增長。隨著我們意識到澳洲在全球商業市場的領導地位，澳洲的經濟繼續回暖，日本也繼續努力。

We mentioned Bandai Namco that launched with us out of Japan. We are expecting in Q2, we have additional growth with significant Japanese merchants coming also in Q3. So all in all, we continue to see the share of APAC growing within our pipeline. And hopefully, we will see that, within a few years. It will take its share the same as the e-commerce share that it has on a global scale within our sales chart.

我們提到了與我們一起在日本推出的萬代南夢宮。我們預計，隨著重要的日本商家在第三季的加入，我們的業務將在第二季進一步成長。總而言之，我們繼續看到亞太地區的份額在我們的管道中不斷增長。希望我們能在幾年內看到這一點。它在我們的銷售排行榜上所佔的份額將與全球電子商務所佔的份額相同。

Awesome. Thank you, guys.

驚人的。謝謝你們。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi. Thanks for taking the question. This is John Messina on for Brian.

你好。感謝您回答這個問題。我是約翰·梅西納，代替布萊恩。

On the land sizes and expansion versus expectations, can you maybe help frame for us what you're seeing from merchants? -- or seeing any changes in initial land sizes or number of countries that merchants are launching with? And then also on the expansion motion with legacy merchants, has the pace of new geo expansion been tracking in line with expectations this year? Thanks.

關於土地面積和擴張與預期，您能否幫助我們概括一下您從商家看到的情況？ ——或是看到初始土地面積或商家推出的國家數量有任何變化嗎？那麼關於與傳統商家的擴張動向，今年新地域擴張的步伐是否符合預期？謝謝。

So by far, with the new GMV, most of it is new brands and new logos that are actually launching. Some of them are the launches that were signed at the back half of last year, some of them and many of them are launches that are happening now for merchants signed within this year. We do have some land and expand cost or some of our larger merchants such as Adidas, we launched Hong Kong significant lane and a few others. But in the [indiscernible], we see more contribution coming out of new logos.

因此到目前為止，新的 GMV 大部分都是新品牌和新標誌實際推出的。其中一些是去年下半年簽署的，還有一些，很多是今年內為簽約商家正在進行的。我們確實有一些土地和擴張成本，或者我們的一些較大的商家，例如阿迪達斯，我們推出了香港重要通道和其他一些。但在[音訊不清晰]中，我們看到新標誌做出了更多貢獻。

Okay. Thanks. Helpful color there. And then just one quick follow-up, if I may.

好的。謝謝。那裡有有用的顏色。如果可以的話，我再快速跟進。

On the Shopify partnership, we're 90 days after the extension and changes there. Just curious what you're specifically seeing on the funnel side? I realize you called out some increased competition, but also wanted to ask on the funnel. And then on the second derivative, are you seeing any elongation and maybe launch timing there? Thank you so much.

在與 Shopify 的合作關係上，我們已進行了 90 天的延期和變更。只是好奇您在漏斗方面具體看到了什麼？我知道您提到了競爭加劇，但也想詢問通路問題。然後在二階導數上，您是否看到任何伸長和可能的發射時間？太感謝了。

So as indicated previously, as expected, once Shopify remove the exclusivity on the new model and moved into a preferred model, we have seen some increase in the competitive landscape. However, as we have a robust solution that was built over the last five years, it has unparalleled scale, experience working with Shopify, connecting to Shopify or different APIs, some of them are exclusive APIs to us. We do see our win rates continue to be super high and a very low impact on our pipeline, especially on the enterprise side.

因此，正如先前所指出的，正如預期的那樣，一旦 Shopify 取消新模式的排他性並轉向首選模式，我們就會看到競爭格局增加。然而，由於我們擁有在過去五年中建立的強大解決方案，它具有無與倫比的規模、與 Shopify 合作的經驗、連接到 Shopify 或不同的 API，其中一些是我們獨有的 API。我們確實看到我們的成功率繼續保持超高水平，並且對我們的管道的影響非常小，特別是在企業方面。

Thank you so much.

太感謝了。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hi. This is George McGrane on for Koji today. I wanted to ask just another one on Shopify progress. I know that you've been working on some Shopify managed markets enhancements this year. How has that been progressing? And how do you anticipate or do you anticipate you will be pushing harder with this partnership for the remainder of this year and into 2026?

你好。今天由 George McGrane 代替 Koji 主持。我只是想再問一個有關 Shopify 進展的問題。我知道您今年一直在致力於 Shopify 管理市場的一些改進。進展如何？您預計在今年剩餘時間和 2026 年期間，您將如何努力推動這項合作關係？

Thank you. It's Nir. We are tracking according to the milestones agreed with Shopify firing on all cylinders towards launching the new solution of managed markets would be much more seamless for the merchant versus the domestic experience. We work very closely with the Shopify product and development team. And so far, we believe that we are, as indicated previously, in line to launch, I would say, the new solution within 2026 with a rollout plan that will be decided by Shopify according to the schedule.

謝謝。是尼爾。我們正在按照與 Shopify 商定的里程碑全力以赴推出新的託管市場解決方案，這將為商家帶來比國內體驗更無縫的體驗。我們與 Shopify 產品和開發團隊密切合作。到目前為止，我們相信，正如之前所說，我們將在 2026 年推出新的解決方案，具體推出計劃將由 Shopify 根據時間表決定。

Okay. Thank you.

好的。謝謝。

And we have no further questions at this time. I would like to turn it back to the Global-E's CEO and Co-Founder. Amir, please go ahead.

目前我們沒有其他問題。我想把它交還給 Global-E 的執行長兼聯合創始人。阿米爾，請繼續。

Thank you. On behalf of the entire Global-E team, I would like to thank all of you for joining us today and for your ongoing support. We continue to see tremendous opportunity to add value for our merchants, drive growth and increase free cash flow.

謝謝。我謹代表整個 Global-E 團隊感謝大家今天的參加以及你們一直以來的支持。我們繼續看到為商家增加價值、推動成長和增加自由現金流的巨大機會。

As we expand our global offerings by integrating new capabilities such as ReturnGo, or by launching homegrown offerings such as our 3 B2C solution, we see a long runway for significant innovation and growth globally to support the growing needs of our merchants in an ever more complex waters of global online trade. We look forward to speaking with many of you during the quarter and updating you on our future earnings calls.

隨著我們透過整合 ReturnGo 等新功能或推出 3 B2C 解決方案等自主研發產品來擴展我們的全球產品，我們看到了全球範圍內重大創新和增長的長期發展空間，以支持我們的商家在日益複雜的全球在線貿易環境中日益增長的需求。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收益電話會議。

Until then, goodbye and take care.

到那時，再見，保重。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。