Global-E Online Ltd (GLBE) 2025 Q3 法說會逐字稿

Welcome to the Global-e third quarter 2025 earnings conference call. This call is being simultaneously webcast on the company's website in the Investors section under News and Events. For opening remarks and introduction, I will now turn the call over to Alan Katz, Global-e's Head of Investor Relations. Please go ahead.

歡迎參加 Global-e 2025 年第三季財報電話會議。本次電話會議將同時在公司網站的「投資者」版塊的「新聞與活動」欄位中進行網路直播。接下來，我會把電話交給 Global-e 的投資人關係主管 Alan Katz，請他致開幕詞並作介紹。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, Co-Founder and President. Amir will begin with a review of the business results for the third quarter of 2025. Ofer will then review the financial results for the third quarter, followed by the company's outlook for the remainder of 2025. We will then open the call for questions.

謝謝大家，大家早安。今天與我一起參加電話會議的有：聯合創始人兼首席執行官 Amir Schlachet；首席財務官 Ofer Koren；以及聯合創始人兼總裁 Nir ​​Debbi。阿米爾將先回顧2025年第三季的業務成果。接下來，奧弗將回顧第三季的財務業績，然後展望公司 2025 年剩餘時間的業績。接下來我們將開放提問環節。

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, without limitation, statements regarding our future results of operations and financial position, growth strategy and plans and objectives of management for future operations, including onboarding new merchants, expanding our offerings and introducing and integrating new solutions are forward-looking statements.

我們今天所作的某些陳述可能構成 1995 年美國私人證券訴訟改革法案安全港條款意義上的前瞻性陳述和資訊。除歷史事實陳述外，所有其他陳述，包括但不限於有關我們未來經營業績和財務狀況、增長戰略和計劃以及管理層未來運營目標的陳述，包括引入新商戶、擴大我們的產品和服務以及引入和整合新解決方案，均為前瞻性陳述。

These forward-looking statements reflect our current views with respect to the future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those set forth in the section titled Risk Factors in our 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目前對未來事件的看法，並不能保證未來的表現。由於多種因素的影響，實際結果可能與前瞻性聲明中包含的資訊有重大差異，這些因素包括我們在 2025 年 3 月 27 日向美國證券交易委員會提交的 20-F 表格年度報告的「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 may reflect management's current expectations regarding future events and operating performance and speak only as of the date of this call. You should not put undue reliance on any forward-looking statements.

這些聲明可能反映了管理層對未來事件和經營業績的當前預期，並且僅代表截至本次電話會議之日的情況。您不應過度依賴任何前瞻性陳述。

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 the statements are made or to reflect the occurrence of unanticipated events. Please refer to our press release issued today, November 19, 2025, for additional information. In addition, certain metrics we discuss today are non-GAAP metrics.

除適用法律要求外，我們不承擔在聲明發布之日後因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性聲明的義務，也不承擔反映意外事件發生的義務。有關更多信息，請參閱我們今天（2025年11月19日）發布的新聞稿。此外，我們今天討論的某些指標是非GAAP指標。

The presentation of this financial information is not intended to be considered in isolation from -- as a substitute for or superior to the financial information prepared and presented in accordance with GAAP.

本財務資訊的列示並非旨在脫離依照公認會計原則編製和列示的財務資訊而單獨考慮，也不應被視為替代或優於後者。

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. 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 today.

我們使用這些非GAAP財務指標進行財務和營運決策，並作為評估各期間比較的手段。我們認為，這些措施能夠提供有關經營業績的有用信息，增強對過去財務業績和未來前景的整體了解，並提高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GAAP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調節表。

Throughout this call, we will 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.

在本次電話會議中，我們將提供一些我們管理層使用的關鍵績效指標，這些指標也經常被我們行業的競爭對手使用。這些以及其他關鍵績效指標將在我們今天發布的新聞稿中進行更詳細的討論。

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

現在我將把電話交給我們的聯合創始人兼執行長阿米爾。阿米爾，請繼續。

Thanks, Alan and welcome, everyone, to our third quarter earnings call. We achieved another quarter of very strong results, coming in above the midpoint of our guidance for revenue and adjusted EBITDA and even exceeding the top end of our guidance range on GMV. This strong performance was a result of the entire Global-e team around the world, continuing their relentless execution throughout the quarter, developing and providing best-in-class solutions and services to our merchants and their shoppers.

謝謝艾倫，歡迎各位參加我們第三季財報電話會議。我們又取得了非常強勁的季度業績，營收和調整後 EBITDA 都超過了我們預期的中點，GMV 甚至超過了我們預期範圍的上限。這一強勁的業績得益於全球 Global-e 團隊的全體成員，他們在整個季度中堅持不懈地執行，為我們的商家及其顧客開發和提供一流的解決方案和服務。

Before we dive into the quarter, in terms of our forward-looking outlook, given what we see in the market today and the overall robustness of trading volumes we have witnessed in Q3 and Q4 to date, we are once again raising our midpoint outlook across all of our guidance metrics for the remainder of the year.

在深入探討本季度之前，就我們的前瞻性展望而言，鑑於我們目前在市場上看到的狀況以及我們在第三季度和第四季度迄今為止所看到的交易量的整體強勁勢頭，我們再次上調了今年剩餘時間所有指導指標的中點預期。

As such, for the full year of 2025, we now expect GMV to be roughly $6.46 billion at the midpoint, representing just over a 33% annual growth rate. We're also raising our revenue and adjusted EBITDA guidance for the full year to $952.1 million and $192.8 million at the respective midpoints, representing 26.5% and 37% growth for the year, respectively.

因此，我們現在預計 2025 年全年 GMV 中位數約為 64.6 億美元，年成長率略高於 33%。我們同時將全年營收和調整後 EBITDA 預期值分別上調至 9.521 億美元和 1.928 億美元（取中間值），分別代表全年成長 26.5% 和 37%。

As in previous years, in 2025, we once again expect to surpass the full year guidance ranges that we shared with you in the beginning of the year, a testament to the durability of our growth algorithm. We believe this strong performance for 2025 keeps us on track to deliver the multiyear growth and bottom line profitability targets we shared with you during our Investor Day earlier this year.

與往年一樣，我們預計 2025 年將再次超越年初與大家分享的全年業績預期範圍，證明了我們成長演算法的持久性。我們相信，2025 年的強勁業績將使我們有望實現今年稍早在投資者日上與大家分享的多年成長和最終獲利目標。

Back to our quarterly results. We finished Q3 with GMV of $1.51 billion, up 33% year-over-year and revenue of $221 million, up 25.5% year-over-year. In terms of profit, our adjusted gross profit for Q3 was $102 million, up 24% from last year. And quarterly adjusted EBITDA was $41.3 million, up 33% compared to the same quarter of last year, resulting in an 18.7% margin, a 100 basis point improvement compared to Q3 of 2024.

回到我們的季度業績報告。第三季結束時，GMV 為 15.1 億美元，年增 33%；營收為 2.21 億美元，年增 25.5%。就利潤而言，我們第三季的調整後毛利為 1.02 億美元，比去年同期成長 24%。季度調整後 EBITDA 為 4,130 萬美元，比去年同期成長 33%，利潤率為 18.7%，比 2024 年第三季提高了 100 個基點。

Our GAAP net profit for the quarter was $13.2 million and we generated $73.6 million in free cash flow, an increase of almost 250% compared to last year. Now before I go through the current trading patterns and our Q3 new merchant launches, I want to provide a few broader business updates.

本季我們的 GAAP 淨利潤為 1,320 萬美元，自由現金流為 7,360 萬美元，比去年同期成長了近 250%。在介紹目前的交易模式和我們第三季的新商家上線情況之前，我想先提供一些更廣泛的業務更新。

First, on several previous calls, we had mentioned our duty drawback offering, a value-added service that we have provided in certain non-US markets for some time now. By use of this value-added service and depending on the sale parameters, merchants can potentially reclaim import duties on goods that are exported outside of their home base as well as on returned goods.

首先，在之前的幾次通話中，我們提到了我們的退稅服務，這是一項增值服務，我們已經在某些非美國市場提供了一段時間。透過使用這項增值服務，並根據銷售參數，商家有可能收回出口到其總部以外地區的商品以及退貨商品的進口關稅。

Given the recent suspension of the de minimis exemption, we have seen increased interest in this offering also for the US in parallel to other offerings such as 3B2C, all aimed at helping our brands to navigate the stormy waters of international D2C trade. Within the quarter, we also got the permit to offer import duty drawback to our US based merchants for their exports out of the US, further supporting them in optimizing their cost of trade in times of change.

鑑於最近暫停了最低限度豁免，我們看到，除了 3B2C 等其他產品外，美國市場對該產品的興趣也日益濃厚，所有這些產品都旨在幫助我們的品牌應對國際 D2C 貿易的風暴。本季度，我們也獲得了許可，可以為我們在美國的商家提供從美國出口商品的進口關稅退稅，進一步支持他們在變革時期優化貿易成本。

Second, a quick update on our managed market solution. We've been working in close collaboration with our partners at Shopify according to our joint plans. Over the past six months, most of the development has been completed for a rollout in 2026 and we are currently in beta testing for the new flow.

其次，簡單介紹一下我們的市場管理解決方案。我們一直與 Shopify 的合作夥伴密切合作，並按照共同計劃進行工作。在過去的六個月裡，大部分開發工作已經完成，計劃於 2026 年推出，目前我們正在對新流程進行 beta 測試。

As a matter of fact, new merchants that apply now to Managed Markets are already going through the new flow. We still have some tweaking to do on the back of what we will learn from the beta merchants but remain on track for the next phase of Managed Markets moving to full commercialization.

事實上，現在申請加入管理式市場的新商家已經開始使用新的流程了。我們仍需根據測試商戶的回饋進行一些調整，但管理市場仍將按計畫進入下一階段，以實現全面商業化。

Third, we continue to make good progress on our borderfree.com offering. During Q3, we added a buy now capability as well as advanced search functionality, enabling a more streamlined shopper experience and improving sales conversion rates. We also continue to see further growth in shopper sign-ups as well as an increase to the share of merchant sales attributable to the borderfree.com channel, which now stands at over 4.5%, representing an increasingly valuable demand generation channel for merchants on the program.

第三，我們的 borderfree.com 產品持續取得良好進展。第三季度，我們增加了立即購買功能以及高級搜尋功能，從而實現了更流暢的購物體驗並提高了銷售轉換率。我們也看到購物者註冊量持續成長，同時，borderfree.com 通路在商家銷售額中所佔份額也不斷增加，目前已超過 4.5%，這代表著該通路對於參與該計畫的商家而言越來越有價值，成為其需求產生管道。

Lastly, during the quarter, we announced the authorization of a $200 million share repurchase program by our Board. Global-e is a highly cash-generative business. And given our strong balance sheet and our track record of generating sustainable cash flows, we see a share buyback plan as a logical use of cash, especially at the current market valuation.

最後，在本季度，我們宣布董事會批准了一項 2 億美元的股票回購計畫。Global-e是一家現金流非常充裕的企業。鑑於我們強勁的資產負債表和我們創造可持續現金流的良好記錄，我們認為股票回購計劃是合理利用現金的方式，尤其是在當前的市場估值下。

Given the blackout periods that we were subject to in Q3, we have not yet begun buying back shares but we expect to do so starting in the coming days. We will employ a thoughtful approach here to take advantage of any disconnect we see between our performance and outlook and the market valuation of our shares.

鑑於我們在第三季受到的停擺影響，我們尚未開始回購股票，但我們預計將在未來幾天開始回購。我們將採取審慎的方法，利用我們發現的業績和前景與我們股票市場估值之間的任何脫節。

I also want to spend a few minutes on how we are strategically approaching AI in general and agentic e-commerce in particular and what we are doing to make sure we are well positioned to capitalize on this upcoming market opportunity. Throughout this year, we've already been seeing some traffic to our merchant sites being initiated from ChatGPT and resulting in successful transactions processed by Global-e as well as agent-assisted in-chat checkout transactions.

我還想花幾分鐘時間談談我們如何從策略上應對人工智慧，特別是智慧電子商務，以及我們正在採取哪些措施來確保我們能夠抓住即將到來的市場機會。今年以來，我們已經看到一些流量透過 ChatGPT 流入我們的商家網站，並最終促成了 Global-e 處理的成功交易以及由客服人員協助的聊天內結帳交易。

While both still represent a very small share of sales for our merchants, we believe these are exciting potential new sales channels for them. As brands focus more on selling within these third-party channels, we will continue to provide the same best-in-class support and service that we provide across all our sales channels.

雖然這兩項業務目前在我們商家的銷售額中所佔比例仍然很小，但我們相信這些是他們令人興奮的潛在新銷售管道。隨著品牌越來越重視透過這些第三方管道進行銷售，我們將繼續提供與我們在所有銷售管道中提供的相同的一流支援和服務。

Irrespective of the sales channel, the value of our expertise and capabilities do not change. We meet our brands wherever they sell online and provide support for them to transact internationally regardless of the source of traffic. Furthermore, we have deployed AI-powered use cases throughout the buying journey from demand generation, utilizing AI, both for brands using our agency services and for our own B2B marketing through to different aspects of trade and post-purchase support from classification down to customer care.

無論銷售管道如何，我們的專業知識和能力的價值都不會改變。無論品牌在線銷售的管道如何，我們都會與他們合作，並為他們提供國際交易支持，無論流量來源如何。此外，我們已在整個購買過程中部署了人工智慧驅動的用例，從需求生成（利用人工智慧為使用我們代理服務的品牌以及我們自己的 B2B 行銷）到貿易和售後支援的各個方面（從分類到客戶服務）。

In parallel, we also have an internal team focused on making sure that our solutions will be positioned to work seamlessly across agentic commerce platforms for instant checkout from both a merchant and a consumer perspective when such platforms are introduced to the market.

同時，我們還有一個內部團隊專注於確保我們的解決方案能夠無縫地在代理商務平台上運行，以便在這些平台進入市場時，從商家和消費者的角度實現即時結帳。

As our partners look to work with agentic technologies to provide instant checkout capabilities, we will be there to provide a seamless, effective and compliant end-to-end international experience. This is all obviously very early in the life cycle. But as always, we will keep doing what it takes to remain at the forefront of global e-commerce and will utilize the advantages of our scale, know-how and sophistication to emerge a share gainer.

當我們的合作夥伴尋求與代理商技術合作以提供即時結帳功能時，我們將提供無縫、高效且合規的端到端國際體驗。這一切顯然都還處於生命週期的早期階段。但我們將一如既往地努力保持在全球電子商務領域的領先地位，並利用我們的規模、專業知識和技術優勢，爭取更大的市場份額。

By focusing on this early and engaging with key players in the space, we are aiming to maintain our pole position for the enablement of seamless cross-border commerce within AI-led transactions in the future.

透過及早關注並與該領域的關鍵參與者合作，我們旨在保持我們在未來由人工智慧驅動的交易中實現無縫跨境商務的領先地位。

Now let's move on to the broader business performance in the third quarter and what we're currently seeing in Q4. As I already mentioned, we saw consumer discretionary spending holding up during Q3 and Q4 to date. And we continue to see strong market traction with our largest merchants across different destination markets. The trading patterns we have seen in Q3 and the first half of Q4 give us confidence that we will end the year strong. In terms of new merchant launches within Q3, we continue to grow across geographies and within our cohort of merchants.

現在讓我們來看看第三季的整體業務表現以及我們目前在第四季看到的情況。正如我之前提到的，我們看到第三季和第四季至今，消費者的非必需支出保持穩定。我們持續看到，我們在各個目的地市場的最大商家都獲得了強勁的市場迴響。第三季和第四季上半年的交易模式讓我們有信心，我們將以強勁的勢頭結束這一年。就第三季新商家的拓展而言，我們在各個地區和商家群體中持續成長。

We experienced continued strong demand for our services across different markets as a large number of brands went live with Global-e during the quarter. This included multiple brands that went live with us in the US, such as Everlane, the renowned high street online US clothing retailer that recently moved to Shopify, chose Global-e to accelerate its international growth and Ashford, the luxury US watch brand.

本季度，隨著大量品牌上線 Global-e，我們在各個市場都持續感受到對我們服務的強勁需求。這其中包括多個與我們在美國上線的品牌，例如最近遷移到 Shopify 的美國知名高街線上服裝零售商 Everlane，該公司選擇 Global-e 來加速其國際成長；以及美國奢華手錶品牌 Ashford。

In Canada, we launched with the online shop of Drake's fashion brand, October's Very Own, as well as Aritzia, the fast-growing clothing company, which has shown a quick ramp-up of their conversion rates and international sales post launch with Global-e, as they mentioned in their current -- in their recent quarterly earnings call.

在加拿大，我們與 Drake 的時尚品牌 October's Very Own 的線上商店以及快速發展的服裝公司 Aritzia 合作推出服務。 Aritzia 在與 Global-e 合作推出服務後，轉換率和國際銷售額都迅速增長，正如他們在最近的季度收益電話會議上所提到的那樣。

In the UK, we launched with renowned luxury brand Coach, which is part of the Tapestry group of brands. We have Browns Fashion, formerly part of Farfetch and with the jewelry brand, Regal Rose. I'm also pleased to say that UK 's Marks & Spencer is back online as of October and their trading is back to normal patterns. In France, we launched with Chloe, the renowned luxury fashion brand, thereby extending our partnership with the Richemont Group.

在英國，我們首先與知名奢侈品牌 Coach 合作，Coach 是 Tapestry 集團旗下的品牌之一。我們有 Browns Fashion（前身為 Farfetch 的一部分）和珠寶品牌 Regal Rose。我也很高興地告訴大家，英國的瑪莎百貨已於 10 月恢復線上銷售，交易也恢復了正常模式。在法國，我們與著名的奢侈時尚品牌 Chloe 合作，從而擴大了我們與歷峰集團的合作關係。

We also launched with Lacoste Sporty, the classic French sportswear brand and with the fashion brand Hartford. Across other European markets, we launched with sleepwear brand CALIDA and dog wear brand, CLOUD7 in Germany and with D1 Milano Watches in Italy, among others.

我們也與經典的法國運動服飾品牌 Lacoste Sporty 和時尚品牌 Hartford 合作推出了產品。在其他歐洲市場，我們與德國的睡衣品牌 CALIDA 和寵物服裝品牌 CLOUD7 以及義大利的 D1 Milano 手錶等品牌合作推出產品。

In Asia Pacific, we launched Bandai Spirits, the famous Japanese toy and collectible company as well as Japanese designer fashion brand, Mihara Yasuhiro and Posse, the high-end Australian fashion brand. We also launched Beauty of Joseon, a Korean skincare company, and Paper Shoot, a consumer electronics brand, which was also the first Taiwanese brand to sign with us.

在亞太地區，我們推出了日本著名玩具和收藏品公司 Bandai Spirits、日本設計師時尚品牌 Mihara Yasuhiro 以及澳洲高端時尚品牌 Posse。我們也推出了韓國護膚品牌 Beauty of Joseon 和消費性電子品牌 Paper Shoot，Paper Shoot 也是第一個與我們簽約的台灣品牌。

Another exciting launch in the region during Q3 was that of Blackbough swimwear, our first brand out of the Philippines. Within the sporting goods vertical, golfers around the world can now buy their iron sets from Takomo Golf, the Finnish D2C golf brand, which went live with us during Q3.

第三季度，該地區另一個令人興奮的新品發布是 Blackbough 泳裝，這是我們在菲律賓推出的第一個品牌。在運動用品領域，世界各地的球手現在可以從芬蘭 D2C 高爾夫品牌 Takomo Golf 購買他們的鐵桿套裝，該品牌在第三季度與我們合作上線。

During the quarter, we also went live with Fly Sports, a UK-based sports equipment brand and with Loop Tackle, a Scandinavian fly fishing gear company, which is also the first to integrate our services on a headless WooCommerce instance.

本季度，我們也與總部位於英國的運動器材品牌 Fly Sports 和北歐飛釣裝備公司 Loop Tackle 正式上線，Loop Tackle 也是第一家在無頭 WooCommerce 實例上整合我們服務的公司。

Besides many new merchant launches, during Q3, we also expanded our scope of business with quite a few existing merchants, such as Figs, where we expanded into South Korea and a number of Latin American markets; Helmut Lang, the New York-based fashion brand and the merchandise division of JYP Entertainment, one of the largest K-pop labels and production companies, which both expanded into Japan, Bang & Olufsen and Tom Ford, which both opened a number of new European markets with us in the quarter, Australian fashion brand Zimmermann, which went live with us with its Hong Kong site serving the APAC region, and fashion brand Theory, which added support for several GCC countries out of its new UK site integration, both Burberry and Pair Eyewear, who we worked with to expand into Mexico, ba&sh, who expanded with us into Norway, and Vuori, which added more than 10 new countries, including Japan, Italy, Spain and several Nordic countries.

除了眾多新商家的加入，第三季度我們還擴大了與一些現有商家的業務範圍，例如 Figs，我們將其業務拓展至韓國和多個拉丁美洲市場；總部位於紐約的時尚品牌 Helmut Lang 和 JYP Entertainment（韓國最大的 K-pop 唱片公司和製作公司之一）的商品部門，兩者都拓展了日本品牌開拓了日本品牌（B Fordang & Olufsen 和 Tom Fordang） Zimmermann，其香港網站已上線，服務於亞太地區；時尚品牌 Theory，透過其新的英國網站整合，增加了對多個海灣合作委員會國家的支持；Burberry 和 Pair Eyewear，我們與它們合作拓展了墨西哥市場；ba&sh，與我們合作拓展了挪威市場；以及 Vuori，新增了 10 多個國家，包括日本、義大利和義大利國家。

Furthermore, as I mentioned earlier, in the face of higher tariffs and the suspension of the de minimis exemption in the US, , we have seen heightened interest in our 3B2C and multi-local solutions as well as our duty drawback value-added services.

此外，正如我之前提到的，面對更高的關稅和美國暫停最低限度豁免，我們看到人們對我們的 3B2C 和多本地解決方案以及退稅增值服務的興趣日益濃厚。

More and more merchants, both existing and new, continue to pivot to utilizing these advanced capabilities in order to mitigate as much as possible the effects of the new duty regimes on their business. The launch of new merchants and the continued expansion with existing merchants, as well as our current pipeline give us confidence that we are well positioned in terms of both our near-term and our long-term targets. We have good visibility to durable, profitable growth and a strong pipeline of cash flows into the future. Our results year-to-date would be impressive in any environment.

越來越多的現有和新商家正轉向利用這些先進功能，以盡可能減輕新關稅制度對其業務的影響。新商家的進駐和現有商家的持續擴張，以及我們目前的專案儲備，讓我們有信心，無論在近期目標還是長期目標方面，我們都處於有利地位。我們對未來可持續獲利成長和強勁的現金流前景有清晰的預期。在任何環境下，我們今年迄今的業績都令人印象深刻。

But considering the uncertainty that the global e-commerce market faced at the start of 2025, I believe these results really showcase the resiliency of our business model and the value that we create for our merchants. I will now hand it over to Ofer to take us through the quarterly numbers in more depth and our increased 2025 guidance and Q4 outlook.

但考慮到 2025 年初全球電子商務市場面臨的不確定性，我認為這些結果真正展現了我們商業模式的韌性以及我們為商家創造的價值。現在我將把發言權交給 Ofer，讓他更深入地為我們介紹季度數據、我們提高後的 2025 年業績指引以及第四季度展望。

Thank you, Amir and thanks, everyone, for joining us today for our earnings call. As Amir just highlighted, we achieved another strong quarter of growth for Global-e. We delivered results at or above the top end of our guidance ranges for GMV, revenue and adjusted EBITDA, generated strong free cash flow and had another quarter that landed well above the Rule of 40.

謝謝Amir，也謝謝各位今天參加我們的財報電話會議。正如 Amir 剛才強調的那樣，Global-e 又實現了強勁的季度成長。我們在 GMV、收入和調整後 EBITDA 方面均達到或超過了預期範圍的上限，產生了強勁的自由現金流，並且又一個季度的業績遠超 40 法則。

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.

在詳細介紹本季業績之前，我想再次提醒大家，除了我們的 GAAP 業績之外，我還會討論一些非 GAAP 業績。我們的 GAAP 財務業績以及 GAAP 和非 GAAP 業績之間的調整表，可以在我們今天發布的獲利報告中找到。

GMV in Q3 was $1.512 billion, up 33% year-over-year, 3% above the midpoint of our range for Q3. Trading volumes remained resilient in the third quarter despite some uncertainty due to ongoing changes to tariffs. As Amir discussed, we have also seen solid trading volumes through the first half of Q4, including significant contribution from some of the newly launched brands.

第三季 GMV 為 15.12 億美元，年增 33%，比我們對第三季預期範圍的中點高出 3%。儘管關稅持續變化帶來了一些不確定性，但第三季的交易量仍然保持韌性。正如 Amir 所討論的，我們也看到第四季上半年交易量穩健成長，其中一些新推出的品牌做出了顯著貢獻。

The holiday shopping season is just getting underway and we have seen initial sales volumes in line with expectations so far. In Q3, we generated total revenue of $220.8 million, up 25% year-over-year and 2% above the midpoint of our guidance range.

假期購物季才剛開始，目前為止，我們看到的初步銷售量與預期相符。第三季度，我們的總營收為 2.208 億美元，年增 25%，比我們預期範圍的中點高出 2%。

Service fee revenue for the quarter was $103.5 million and fulfillment services revenue for the quarter was $117.3 million. Service fee take rate was slightly lower than Q2 and in line with the first quarter, driven by mix, while fulfillment take rate was similar to last quarter and as expected, lower compared to the first quarter given the planned shift of certain volumes to multi-local and our growth within verticals that are multi-local by nature.

本季服務費收入為 1.035 億美元，本季履行服務收入為 1.173 億美元。服務費收取率略低於第二季度，與第一季度持平，這是由於產品組合所致；而履行費收取率與上季度相似，並且正如預期，低於第一季度，這是因為計劃將某些業務量轉移到多本地化，以及我們在本質上屬於多本地化的垂直領域的增長。

Progressing through the income statement. Non-GAAP gross profit was $102.1 million, up 24% year-over-year, representing a gross margin of 46.3% compared to 46.7% in the same period last year. GAAP gross profit was $99.6 million, representing a margin of 45.1%.

逐步分析損益表。非GAAP毛利為1.021億美元，年增24%，毛利率為46.3%，去年同期為46.7%。GAAP毛利為9,960萬美元，毛利率為45.1%。

Moving on to operational expenses. In Q3, we continued to invest in the enhancement of our platform to further expand our offerings and add value for our merchants, while leveraging our scale and AI tools and agents to gain efficiencies.

接下來是營運費用。第三季度，我們繼續投資改進我們的平台，以進一步擴展我們的產品和服務，為我們的商家增加價值，同時利用我們的規模和人工智慧工具及代理商來提高效率。

R&D expense in Q3, excluding stock-based compensation, was $26.1 million or 11.8% of revenue compared to $22.8 million or 13% of revenue in the same period last year. Total R&D spend in Q3 was $30.8 million. We also continued to invest for growth within our sales and marketing organization while remaining focused on cost and efficiency, including by the growing use of AI-powered tools across our sales and marketing activities, such as demand generation, lead qualification and outreach.

第三季研發費用（不含股權激勵費用）為 2,610 萬美元，佔營收的 11.8%，去年同期為 2,280 萬美元，佔營收的 13%。第三季研發總支出為3,080萬美元。我們繼續加強對銷售和行銷組織的成長投入，同時保持對成本和效率的關注，包括在銷售和行銷活動中越來越多地使用人工智慧工具，例如需求產生、線索資格審查和推廣。

Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangibles amortization was $26.4 million or 12% of revenue compared to $21.5 million or 12.2% of revenue in the same period last year.

不包括 Shopify 相關攤銷費用、股票選擇權費用和收購相關無形資產攤銷費用，銷售和行銷費用為 2,640 萬美元，佔收入的 12%，而去年同期為 2,150 萬美元，佔收入的 12.2%。

Shopify warrants-related amortization expense was $8 million in the quarter, down from $37.4 million in Q3 '24. As I've discussed in the past several quarters, we expect this expense to remain at the same level for the remainder of the year and to be completely gone at the beginning of 2026.

Shopify 認股權證相關的攤銷費用在本季為 800 萬美元，低於 2024 年第三季的 3,740 萬美元。正如我在過去幾季中所討論的那樣，我們預計這項支出在今年剩餘時間內將保持在同一水平，並在 2026 年初完全消失。

Total sales and marketing spend for the quarter was $38.4 million, down from $62.7 million in the same quarter last year. General and administrative expenses, excluding stock-based compensation, acquisition-related expenses and acquisition-related contingent consideration were $9.2 million or 4.2% of revenue compared to $7.7 million or 4.4% of revenue in Q3 of last year.

本季銷售和行銷總支出為 3,840 萬美元，低於去年同期的 6,270 萬美元。一般及行政費用（不包括股權激勵、收購相關費用及收購相關或有對價）為 920 萬美元，佔營收的 4.2%，而去年第三季為 770 萬美元，佔營收的 4.4%。

Total G&A spend in the quarter was $13.4 million. Adjusted EBITDA was $41.3 million, up 33% from Q3 2024 and 5% above the midpoint of our guidance range. Adjusted EBITDA margin was 18.7% versus a 17.7% margin in Q3 2024, driven by lower operating expenses as a percent of revenue, leveraging our scale and cost efficiencies.

本季一般及行政費用總額為 1,340 萬美元。調整後 EBITDA 為 4,130 萬美元，比 2024 年第三季成長 33%，比我們指引範圍的中點高出 5%。經調整的 EBITDA 利潤率為 18.7%，而 2024 年第三季為 17.7%，主要得益於營運費用佔收入的百分比降低，以及我們規模和成本效益的提升。

In Q3, our GAAP net profit was $13.2 million compared to a net loss of $22.6 million in the year ago period. The positive net profit was driven mainly by the reduced amortization expenses related to the Shopify warrants as well as our continued business growth and our growing efficiencies.

第三季度，我們以美國通用會計準則計算的淨利潤為 1,320 萬美元，而去年同期淨虧損為 2,260 萬美元。淨利潤為正主要得益於 Shopify 認股權證相關攤銷費用的減少，以及我們業務的持續成長和效率的提高。

Moving on to the balance sheet and cash flow statement. We ended the quarter with $552 million in cash and cash equivalents, including short-term deposits and marketable securities. Q3 was a strong quarter of cash generation with free cash flow of $73.6 million in the quarter, an increase of 245% compared with Q3 of 2024.

接下來來看資產負債表和現金流量表。本季末，我們持有現金及現金等價物 5.52 億美元，其中包括短期存款和有價證券。第三季現金流強勁，自由現金流達 7,360 萬美元，比 2024 年第三季成長 245%。

We believe that our free cash flow margin adjusted for seasonality will continue to be strong in the coming quarters. As Amir highlighted, we expect to begin utilizing a portion of this cash to repurchase outstanding shares in the coming quarters in accordance with the Board's authorization.

我們相信，經季節性調整後的自由現金流利潤率在未來幾季將繼續保持強勁。正如 Amir 所強調的那樣，我們預計將在未來幾季開始利用這筆現金的一部分，根據董事會的授權回購流通股。

We plan to start executing upon our buyback program in Q4, subject to market conditions and other applicable factors. We have a strong track record of cash generation and see an opportunity to return capital to shareholders to drive long-term value creation. We will also continue to look for opportunistic tuck-in acquisition opportunities to enhance our platform offerings.

我們計劃在第四季度開始執行回購計劃，具體時間取決於市場狀況和其他適用因素。我們擁有強勁的現金流創造記錄，並看到了向股東返還資本以推動長期價值創造的機會。我們將繼續尋找合適的收購機會，以增強我們的平台產品。

Now let's go through our guidance for the remainder of the year. For Q4 2025, we're expecting GMV to be in the range of $2.195 billion to $2.315 billion. At the midpoint of the range, this represents a growth rate of 32% versus Q4 of 2024. We expect Q4 revenue to be in the range of $318.5 million to $334.5 million, representing a year-over-year growth rate of 24% at the midpoint. For adjusted EBITDA, we're expecting profit to be in the range of $74.3 million to $88.7 million or a margin of 25% at the midpoint.

現在讓我們回顧一下今年剩餘時間的指導方針。我們預計 2025 年第四季的 GMV 將在 21.95 億美元至 23.15 億美元之間。該範圍的中點意味著與 2024 年第四季相比，成長率為 32%。我們預計第四季度營收將在 3.185 億美元至 3.345 億美元之間，以中間值計算，年成長率為 24%。對於調整後的 EBITDA，我們預計利潤將在 7,430 萬美元至 8,870 萬美元之間，即中點利潤率為 25%。

For the full year of 2025, this implies GMV to be in the range of $6.404 billion to $6.524 billion, representing a 33% annual growth rate at the midpoint of the range, an increase of 2% from our guidance in the start of the year. Revenue is expected to be in the range of $944.1 million to $960.1 million, representing a growth rate of 26.5% in the midpoint of the range, an increase of 1% from our initial guidance.

2025 年全年，這意味著 GMV 將在 64.04 億美元至 65.24 億美元之間，按區間中點計算，年增長率為 33%，比我們年初的預期增長 2%。預計營收將在 9.441 億美元至 9.601 億美元之間，其中數值代表成長率為 26.5%，比我們最初的預期高出 1%。

And for adjusted EBITDA, we are expecting a range of $185.6 million to $200 million, an increase of 37% versus 2024 at the midpoint and up 2% versus our initial guidance. We are excited by our guidance for Q4 and the full year of 2025, which reflects a strengthened outlook across all parameters. Furthermore, 2025 is expected to be our first GAAP profitable year as a public company. Our upwards revised full year 2025 numbers demonstrate and reinforce our path to meet the medium-term targets that we provided at our Investor Day in March.

對於調整後的 EBITDA，我們預計在 1.856 億美元至 2 億美元之間，中點值比 2024 年增長 37%，比我們最初的指導值增長 2%。我們對 2025 年第四季和全年的業績預期感到振奮，這反映出所有參數的前景均有所改善。此外，預計 2025 年將是我們作為上市公司實現 GAAP 盈利的首個年份。我們向上修正後的 2025 年全年業績數據顯示並強化了我們實現 3 月份投資者日上提出的中期目標的路徑。

To summarize, we believe the current environment represents exciting opportunities for Global-e to create value for our merchants by growing their sales while optimizing their costs and to continue growing at a fast pace for the foreseeable future.

總而言之，我們認為當前的環境為 Global-e 創造了令人興奮的機會，可以透過提高商家的銷售額並優化其成本來為其創造價值，並在可預見的未來繼續保持快速成長。

Given the increasingly complicated global e-commerce environment, we believe our services are becoming more and more integral to merchants every day. The market opportunity in front of us remain massive and we plan to 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，我們相信我們的服務對商家變得越來越不可或缺。我們面前的市場機會依然巨大，我們計劃繼續走我們的道路，支持全球商家拓展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?

那麼，Amir、Nir、Alan 和我很樂意回答大家可能會提出的問題。操作員？

(Operator Instructions)

（操作說明）

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Nice today, having nice results. I wanted to maybe touch a little bit on the commentary around the duty drawback product. It seems like you guys have continued to flag the traction in the market with that product. And just maybe if you could talk more broadly about the opportunity for value-added services and any changes in how you're thinking about the longer-term trajectory of additional products on top of what we've always thought of as the core product.

今天不錯，成績很好。我想稍微談談關於退稅產品的評論。看來你們的產品在市場上一直保持著良好的發展動能。或許您能更廣泛地談談增值服務的機會，以及您對在核心產品之外的長期發展軌蹟的任何想法變化，這將非常有幫助。

Thank you for the question. It's Nir. Well, very excited with the developments we've seen obtaining updates -- updating the permission to offer duty drawback in more jurisdictions to our clients. As the market becomes more complex for our merchants, the duty burden globally is rising. We've seen the changes already implemented on US import tariff. We've seen some changes in the Canadian regulation.

謝謝你的提問。是尼爾。我們對所取得的進展感到非常興奮，並獲得了更新許可，可以在更多司法管轄區為客戶提供退稅服務。隨著市場對我們商家而言變得越來越複雜，全球關稅負擔也不斷加重。我們已經看到美國進口關稅方面已經實施了變化。我們看到加拿大監管方面發生了一些變化。

We are aware of the upcoming removal of de minimis also for EU that is expected sometime in the back half of 2026 for the entire European community. So the increase of -- in importance of duty drawback is clear because typically in e-commerce, out of 100% that is being sold, you would see 10% to 15% that are coming back. Without duty drawback, it means that it's a loss of the duties on those sales, which typically account to 2% to 4%.

我們也注意到，歐盟也將在 2026 年下半年取消最低限度限制，預計整個歐洲共同體都將如此。因此，退稅重要性的增加是顯而易見的，因為通常在電子商務中，100% 的銷售商品中，你會看到 10% 到 15% 的商品被退回。如果沒有退稅，就意味著這些銷售將損失關稅，而這些關稅通常佔總銷售額的 2% 到 4%。

So this is money that we can actually bring back home for our merchants, streamlining the cost effectiveness. And in the current and foreseeable environment, that's a critical component to the trading.

這樣一來，我們就能真正為商家帶來這筆錢，進而提高成本效益。在當前及可預見的未來環境下，這是交易的關鍵組成部分。

Great. And it makes a lot of sense. And then I guess just separately, I was wondering if you could maybe speak to pipelines. Realize we're kind of done with implementations for this year heading into the holiday season. I was wondering if you could give some incremental color on just how pipelines are heading into next year compared to this year, both in terms of the size and geography of merchants and just how you're seeing things shaping up.

偉大的。這很有道理。然後，我想單獨問一下，您是否可以談談管道方面的問題？意識到我們今年的實施工作基本上已經完成，即將進入假期季節。我想請您詳細介紹一下，與今年相比，明年管道業務的發展趨勢如何，包括商家的規模和地理分佈，以及您認為未來的發展方向。

Sure, Will. We continue to see high demand for our new services supporting merchants, doing 3B2C, multi-local and other value-added services we deployed. Furthermore, there are multiple opportunities that we are seeing in global e-commerce as it becomes more complex. It's driven by what we spoke about just now from the extra complexity on duties. It's driven from other factors of complexity and cost structure, aligning shipping, wanting to do multi-local efficiently across geos, et cetera.

當然可以，威爾。我們持續看到市場對我們支援商家、開展 3B2C、多在地化和其他加值服務的新服務有著很高的需求。此外，隨著全球電子商務變得越來越複雜，我們看到了許多機會。這是由我們剛才討論的職責複雜性增加所導致的。這是由其他因素驅動的，例如複雜性和成本結構、協調運輸、希望跨地域有效地進行多本地化等等。

So all in all, we're quite optimistic. We see development across the different stages of our funnel. We've seen it deployed into our Q4, which is part of the confidence we have in the guidance we gave. So all in all, we're quite optimistic going into 2026.

總而言之，我們相當樂觀。我們看到銷售漏斗各個階段都在發展。我們已經在第四季度看到了它的應用，這也是我們對先前給出的業績指引充滿信心的原因之一。總而言之，我們對2026年持相當樂觀的態度。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

It's Michael Infante, on for James. I wanted to ask on service fee take rates. How much of that sequential take rate decel is just due to the fact that you're continuing to win with larger merchants? And as you think about the path forward with some of the renewal impacts beginning to show up in Q4, how are you thinking about the path for service fee take rates from here if there are case-by-case pricing concessions that are made with those concessions presumably being absorbed in the P&L via some of those improvements in unit economics that you've referred to in the past?

邁克爾·因凡特替補詹姆斯上場。我想諮詢一下服務費的收取率。這種連續的佣金率下降有多少只是因為你持續贏得大商家的青睞？考慮到一些續約的影響在第四季開始顯現，您如何看待未來的發展方向？如果根據具體情況做出價格讓步，而這些讓步又會透過您過去提到的單位經濟效益的改善而被納入損益表，那麼您如何看待服務費收取率的未來走勢？

Yes. So thank you for that, Michael. Regarding the first nine months of the year, it has been slightly volatile and it's mainly due to mix. So there are some mix shifts between quarters. And in addition to that, as you mentioned, we see larger enterprise merchants, a higher share of larger enterprise merchants, which also have a certain impact.

是的。所以，謝謝你，麥可。今年前九個月市場波動較大，主要是因為市場成分股混雜造成的。因此，各季度之間存在一些組合變化。此外，正如您所提到的，我們看到規模更大的企業商戶，規模更大的企業商戶所佔比例更高，這也產生了一定的影響。

So when you look at Q3, similar levels to Q1, lower levels compared to Q2. And as we mentioned in Q2, we had some positive mix impact. That's on the service fee side. Going forward, as we mentioned in the past, we don't see any significant wide change. We do see from time to time, we will -- we might reprice on specific cases. But we are not -- we do not expect a significant change on service fee take rate.

所以，從第三季來看，其水準與第一季相似，但低於第二季。正如我們在第二季度提到的，我們的產品組合產生了一些積極的影響。這是服務費方面的問題。展望未來，正如我們之前提到的，我們預計不會有任何重大的廣泛變化。我們偶爾會根據具體情況調整價格。但我們並不這麼認為——我們預期服務費收取率不會發生重大變化。

On the overall take rate picture, what we have been doing for the last few years and in the last quarters as well is expanding our TAM by developing new business models that allows us to further serve new and existing merchants. And our main financial focus in these efforts has been driving profit, both from a margin and reported dollar perspective. And some of these models by nature, have lower take rates.

從整體費率情況來看，過去幾年以及最近幾個季度，我們一直在做的是透過開發新的商業模式來擴大我們的潛在市場規模，從而更好地服務新舊商家。我們在這些努力中的主要財務重點是提高利潤，無論是從利潤率還是從報告金額的角度來看。而其中一些模型本身就具有較低的接受度。

For example, as you know, multi-local is a good example for that. But important for us to note that they all meet our long-term profitability and support our long-term profitability goals. So on the fulfillment take rate side, we have seen some decrease over time. For the near future, we expect it to be around the levels that you have seen this quarter.

例如，如你所知，多在地化就是一個很好的例子。但需要指出的是，它們都符合我們的長期獲利能力，並支持我們的長期獲利目標。因此，在訂單履行率方面，我們看到隨著時間的推移，訂單履行率下降。在不久的將來，我們預計價格將與本季所看到的水平大致相同。

Very helpful. And then just secondly, on Managed Markets. I know you've spoken in the past about harmonizing the domestic and international experiences. But can you just talk about what mechanically has sort of changed versus the prior implementation and what you expect to learn in the beta and perhaps how you're thinking about a little bit more of a material merchant push into next year post that beta testing?

很有幫助。其次，是關於管理型市場。我知道您過去曾談到要協調國內和國際經驗。但您能否談談與先前的實現方式相比，在機制上有哪些變化？您希望在測試版中了解什麼？以及在測試版測試結束後，您是否考慮在明年進一步推動材料商家業務的發展？

Sure. Thanks, Michael. It's Amir. So as we mentione22d already, we've been making great progress on the rollout of the new Managed Markets, the new flow. The main change there, there are a few updates to the service.

當然。謝謝你，麥可。是阿米爾。正如我們之前提到的，我們在新管理市場和新流程的推廣方面取得了巨大進展。主要變化在於，服務方面有一些更新。

But I think the main cornerstone is that we've shifted the flows to work through Shopify Payments, rather through the dedicated payments infrastructure that we had in the previous iteration. And what that is expected to allow us is for, as you mentioned, a much more streamlined experience for the merchants and minimal change, if any, from how they're used to managing their store today. So that should be the, I would say, the great benefit of this new build.

但我認為最關鍵的是，我們已經將流程轉移到 Shopify Payments，而不是像上一版本那樣透過專門的支付基礎架構。正如您所提到的，這將為商家帶來更加簡化的體驗，與他們目前管理店舖的方式相比，即使有變化，也只是最小的變化。所以，我認為這應該是這棟新建築最大的優點。

And together with Shopify, we've done most of the development. It's pretty much ready for a rollout in 2026. And we are already -- these beta merchants that we mentioned, they're kind of live merchants because they're -- every new merchant as of the third quarter when we had the build in place, every new merchant that is signing up for Managed Markets is actually going through this new flow.

我們與 Shopify 一起完成了大部分開發工作。它基本上已經準備好在 2026 年推出。而且我們已經——我們提到的這些測試商戶，他們實際上是活躍商戶，因為——從第三季度我們完成搭建以來，每個新商戶，每個註冊管理市場的新商戶實際上都在經歷這個新流程。

So we are getting an increased volume of merchants and transactions. And this is serving as the kind of the beta testing for this new flow. We'll use the learning from that to make some final refinements and we'll be ready for a full rollout next year.

因此，我們看到商家數量和交易量都在增加。這相當於對這種新流程進行beta測試。我們將吸取經驗教訓，進行最後的完善，並準備好明年全面推廣。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

So maybe high level, can we talk about post some of the changes in tariffs and everything else, like what are you seeing in terms of the top of the funnel in kind of that white space or new merchants? Any update there in terms of the top of the funnel in terms of that progress?

那麼，或許我們可以從宏觀層面談談關稅和其他方面的變化，例如，在市場漏斗頂端，也就是新商家方面，您看到了什麼？關於轉換漏斗頂端的進展情況，有什麼最新進展嗎？

Brian, it's Nir. So all in all, I think that in line with our expectation, we have seen some effect on same-store sales, especially on the inbound US corridor, where we're seeing some weakness and also on the corridors between US and Canada. However, on a global perspective, trading holds strong and resilient.

布萊恩，我是尼爾。總而言之，我認為正如我們所預期的那樣，我們已經看到同店銷售額受到了一定影響，尤其是在美國入境走廊以及美國和加拿大之間的走廊，我們看到了一些疲軟的跡象。然而，從全球角度來看，貿易依然強勁且具韌性。

So we're quite optimistic there. Taking it into what we forecasted in our pipeline and the effect midterm onwards, we start to see it materializing as global trading becomes more complex, our funnel is actually being built up quicker than before. And we are quite optimistic that the extra complexities with the solutions and capability we build around duty drawbacks, import duty drawbacks, 3B2C, multi-local, split shipments, et cetera, would create a sustainable business growth of new business in the coming quarters.

所以我們對此相當樂觀。考慮到我們對專案規劃的預測以及中期及以後的影響，我們開始看到這種情況正在成為現實，隨著全球貿易變得越來越複雜，我們的專案管道實際上比以前更快地建成。我們非常樂觀地認為，我們圍繞退稅、進口退稅、3B2C、多地域、分批發貨等構建的解決方案和能力所帶來的額外複雜性，將在未來幾季創造可持續的新業務成長。

Good to hear. And maybe just following up, Ofer. The ReturnGo acquisition, anything we should be thinking about in terms of contributions to revenue or expenses in the fourth quarter?

很高興聽到這個消息。或許我只是想跟進一下，奧弗。在收購 ReturnGo 後，我們應該考慮哪些因素會對第四季的收入或支出產生影響？

Yes. So for now, ReturnGo doesn't have a significant impact. It will contribute up to $1 million of revenue in Q4 and it will have a slight negative impact on adjusted EBITDA, nothing worth mentioning. We are very optimistic about ReturnGo because since we acquired the company, we have been started to implement the ReturnGo solution into Global-e. It's early days but we see good interest and traction from merchants.

是的。所以目前來看，ReturnGo 並沒有產生重大影響。它將在第四季度貢獻高達 100 萬美元的收入，並對調整後的 EBITDA 產生輕微的負面影響，但影響微乎其微。我們對 ReturnGo 非常樂觀，因為自從我們收購該公司以來，我們已經開始將 ReturnGo 解決方案實施到 Global-e 中。雖然現在還處於早期階段，但我們已經看到商家們表現出濃厚的興趣和熱情。

And we see some upside potential as it is still insignificant, as I mentioned but the run rate of revenue since we acquired the company has significantly grown and we are quite optimistic going into 2026.

我們看到了一些上行潛力，雖然目前還微不足道，正如我之前提到的，但自從我們收購該公司以來，其收入增長率已顯著提高，我們對 2026 年的前景相當樂觀。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，基準。

Nir, I was just hoping maybe you can round out the commentary around same-store sales in terms of second half NDR trends sort of year-over-year and how you're thinking about first half next year and maybe also balancing that with just new deal pipeline growth.

Nir，我只是希望你能補充一下關於同店銷售的評論，特別是下半年新交易趨勢與去年同期相比的情況，以及你對明年上半年的看法，或許還可以結合新交易渠道的增長情況來談談。

Thanks for the question. So as noted, same-store sales growth has been relatively stable throughout the year and it continued despite the global tariff changes we've seen and their effect on key corridors. As I indicated, there was a slight weakness of the corridor of imports into the US versus how other lanes are trading as well as some weakness between the Canada and the US with imports into Canada.

謝謝你的提問。如前所述，全年同店銷售成長相對穩定，儘管全球關稅變化及其對主要通道的影響，但這一成長勢頭依然持續。正如我所指出的，與其它通道的貿易情況相比，美國進口通道略顯疲軟；此外，加拿大和美國之間的進口到加拿大的貿易也存在一些疲軟。

However, overall, it looks stable and we do see some realization that started late Q3 in terms of, I would say, some adjustment of consumer behavior maybe and merchants pricing to the new environment. So we expect that to stabilize also on those corridors going into 2026.

不過，總體而言，市場看起來很穩定，我們確實看到，從第三季末開始，消費者行為和商家定價可能都開始適應新的環境。因此我們預計到 2026 年，這些走廊的狀況也將趨於穩定。

In terms of the funnel, as I noted, we are quite optimistic. As we stated in the last quarter discussion, this year, indeed, we didn't have mega clients launching at the back half of the year. However, this was compensated and we expected it to be compensated with multiple smaller merchant launches that are trading very, very well. So -- and this is, of course, embedded into the numbers that you see, that show our confidence in the growth that would come of new merchants.

就銷售漏斗而言，正如我所提到的，我們相當樂觀。正如我們在上一季討論中所述，今年下半年，我們確實沒有大型客戶推出產品。但是，這種情況得到了補償，我們預計會有多家規模較小的商家推出，而且這些商家的銷售情況都非常非常好，從而彌補了這一損失。所以——當然，這都體現在你看到的這些數字中，這些數字顯示了我們對新商家帶來的成長的信心。

Got it. That's helpful. And on Borderfree, just curious, it sounds like things are progressing there quite nicely. If you can maybe talk about trajectory into next year in terms of monetization. Is that perhaps more of a first half or a second half type modest inflection there on the monetization front? That would be helpful.

知道了。那很有幫助。至於 Borderfree，我很好奇，聽起來那裡的情況進展得相當順利。能否談談明年在獲利方面的發展軌跡？這或許更像是上半年或下半年在獲利方面的小幅轉變？那會很有幫助。

We are very excited with the opportunity of borderfree.com. I think that when we set up acquiring Borderfree two and a half years ago and then the building we did to the platform, our goal was to allow our merchants to have an effective brand awareness at a guaranteed ROI because we've seen the changes with, back then with Google, no cookie policy, Apple iOS changes that actually made attribution harder on their media spend and actually cost of driving new traffic to the site was expensive and getting more expensive.

我們對 borderfree.com 的機會感到非常興奮。我認為，兩年半前我們收購 Borderfree 並對其平台進行建設時，我們的目標是讓我們的商家能夠有效地提升品牌知名度，並確保投資回報率。因為我們看到了當時的變化，例如Google的 cookie 政策取消，以及蘋果 iOS 系統的變化，這些都使得商家的媒體支出歸因更加困難，而且為網站引流的成本也越來越高。

This is even further accelerated with a lot of the eyeballs moving into chat -- ChatGPT, Gemini and others, which takes -- which take -- again reduces the contribution and the attribution of paid media. And that further strengthened the model behind Borderfree.

隨著大量用戶轉向聊天平台（如 ChatGPT、Gemini 等），這種情況進一步加劇，這又進一步降低了付費媒體的貢獻和歸因。這進一步鞏固了無國界模式的根基。

So we are very excited. We see continued adoption of new merchants. We see more and more returning customers using borderfree.com. We expect that with the investment we're making now into a direct-to-checkout solution, optimizing traffic journeys through the site, the new cart that we just launched just a couple of weeks ago, allowing you to buy more than one product out of borderfree.com, et cetera, we will see much more conversion out of there. It's already increasing in its share of demand generation to participating brands and we expect that to continue to accelerate 2026.

我們非常興奮。我們看到新商家不斷湧入。我們看到越來越多的回頭客使用 borderfree.com。我們預計，隨著我們目前對直接結帳解決方案的投資、對網站流量路徑的優化、以及幾週前剛推出的新購物車（允許您在 borderfree.com 上購買多個產品）等等，我們將看到更高的轉換率。它在參與品牌的需求產生中所佔份額已經不斷增加，我們預計到 2026 年這一比例將繼續加快成長。

I'm not -- I don't see a material contribution to direct revenue, especially not in the first half of 2026. But if we meet our plans, I believe that over time, it will yield outside the direct revenue, much more stickiness with our clients and even faster growth to their own same-store sales.

我不這麼認為——我不認為會對直接收入做出實質貢獻，尤其是在 2026 年上半年。但如果我們按計劃進行，我相信隨著時間的推移，除了直接收入之外，它還將帶來更高的客戶黏性，並促進他們同店銷售額的更快成長。

Samad Samana, Jefferies.

薩馬德·薩馬納，傑富瑞集團。

This is Jeremy on for Samad. Congrats on the strong results. I guess, first, can you please give the FX impact on 3Q GMV and total revenue? And what FX impact are you baking into the 4Q guidance?

這裡是傑里米，替薩馬德報道。恭喜你們取得優異成績。首先，能否請您提供匯率波動對第三季GMV和總營收的影響？您將哪些匯率波動因素納入了第四季業績指引？

So FX was much more stable in Q3 compared to Q2. We haven't seen any significant impact on the top line and on the bottom line. And at least for now, it seems pretty stable in Q4 as well. So no big shifts and we don't expect any significant or material impact from FX this quarter.

因此，第三季外匯市場比第二季穩定得多。我們沒有看到對營收和利潤產生任何重大影響。至少目前看來，第四季也相當穩定。因此不會有大幅的變動，我們預期本季外匯市場不會產生任何重大或實質影響。

Okay. And then on the enterprise integration with Shopify, have you seen any change to the competitive dynamics or any key learnings or takeaways from shifting to the new partnership? And then maybe can you help us size the uplift from transitioning to preferred economics that you're expecting going forward?

好的。那麼，關於與 Shopify 的企業集成，您是否看到競爭格局發生了任何變化？或從轉向新的合作關係中獲得了任何關鍵的經驗或收穫？那麼，您能否幫我們估算一下，您預期未來向您偏好的經濟模式過渡會帶來怎樣的提升？

It's Nir. In general, we haven't seen any material changes in the competitive environment. Over the last few quarters, we continue to clearly lead the market in the robustness, capabilities and the offering of our platform and services. On Shopify specifically, we haven't seen notable changes since we signed the new agreement and transferred to the preferred status. Looking at the enterprise side, we don't see no one competes with us in a meaningful way today.

是尼爾。總體而言，我們沒有看到競爭環境發生任何實質變化。在過去的幾個季度裡，我們在平台和服務的穩健性、功能和產品方面繼續保持明顯的市場領先地位。具體到 Shopify 平台，自從我們簽署新協議並轉為首選供應商以來，我們還沒有看到任何顯著的變化。從企業層面來看，目前還沒有一家公司能與我們構成實質的競爭。

There is another more provider that supports enterprise brands. However, the traction is low outside Shopify and we expect it to be even lower within Shopify. On the smaller players that are working on Shopify, those have been selling a piecemeal solution or point solutions even before the change and they haven't managed to take any enterprise merchants and only, I would say, very low traction within the smaller ones. So we haven't seen any material change to the dynamic.

還有另一家供應商也為企業品牌提供支援。然而，在 Shopify 之外，該產品的市場接受度很低，我們預期在 Shopify 內部的市場接受度會更低。那些在 Shopify 上開展業務的小型公司，即使在變革之前也一直在銷售零散的解決方案或點解決方案，他們沒有成功吸引任何企業級商家，而且可以說，他們在小型商家中的影響力非常有限。所以，我們還沒有看到這種動態發生任何實質的變化。

In terms of the Shopify rev share, it has -- the improved economics on the new contract began towards the end of Q3 and the full impact is reflected in the Q4 guide.

就 Shopify 的收入分成而言，新合約的經濟效益有所改善，這種改善從第三季末開始，其全部影響已反映在第四季度的業績指引中。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

Great. At a high level, can you guys just explain how the duty drawback works like very simply for people who don't quite get it? And then also what you need to do in order to roll it out in a new country?

偉大的。各位能否簡單解釋一下退稅政策是如何運作的，以便那些不太了解的人能夠理解？那麼，要在一個新的國家推廣這項服務，你需要做些什麼呢？

Yes. So let's take an example, a sale of a US merchant to a Canadian shopper. Let's assume that the goods that were bought were USD200. Once they hit the Canadian borders, duty and tax apply, whether if they were paid in advance, paid at the border, duty and tax applies.

是的。舉個例子，假設是美國商家向加拿大顧客銷售。假設購買的商品價值 200 美元。一旦貨物抵達加拿大邊境，無論是否預先支付，或在邊境支付，都需繳納關稅和稅金。

The average duty tax -- average duty rate, let's put it at 15% would be another $30 that are paid on that -- on those goods. Add another 5% for sales tax and you get $40 that are levied on this $20 or $200 parcel. Overall, this $40 are paid by the merchant or by the shopper but they are part of what the merchant built into his pricing when he sold the goods.

平均關稅－平均稅率，假設為 15%，那麼這些商品還需要額外支付 30 美元。再加上 5% 的銷售稅，這筆 20 美元或 200 美元的包裹就要額外徵收 40 美元。總的來說，這 40 美元是由商家或顧客支付的，但這部分費用是商家在銷售商品時計入價格的。

However, if we -- if I state that 10% of the goods are coming back or 15% even, it means that out of those $40 checks, on average, $4 to $6 are represented by returned goods and actually, those dollars are lost today. With Global-e, for example, in Canada, where we have a CBSA-approved credit program for our brands, we are actually able to reclaim those $4 to $6 for our brands, actually optimizing the cost structure selling into Canada around 2% for each transaction.

但是，如果我說有 10% 的商品被退回，甚至 15% 的商品被退回，那就意味著在這些 40 美元的支票中，平均有 4 到 6 美元是退貨的金額，實際上，這些錢今天就損失掉了。例如，在加拿大，我們透過 Global-e 為我們的品牌設立了 CBSA 批准的信用計劃，實際上可以為我們的品牌收回 4 到 6 美元，從而優化了在加拿大銷售的成本結構，每筆交易的成本降低約 2%。

All right. That's great. Okay. So you shouldn't have to pay on the things you return. Got it. And then Ofer, a follow-up for you. As I look at your four-year plan versus where you are now, everything seems to make a lot of sense, except maybe the non-GAAP gross margins, your fiscal '25 to '28 guidance is high 40s and you're 46% this quarter, right? So I don't think that's high. So can we just address that a little bit?

好的。那太棒了。好的。所以你不應該為退貨支付費用。知道了。然後，Ofer，我還要給你一個後續問題。當我審視你們的四年計畫和你們目前的狀況時，一切似乎都很有道理，除了非GAAP毛利率之外。你們2025至2028財年的指引目標是40%以上，而你們本季的毛利率是46%，對嗎？所以我覺得這個數字不算高。那我們能稍微討論一下這個問題嗎？

Yes. So I think that as we've mentioned in the Investor Day, we did not expect gross margins to increase over the levels that we have been able to reach. Basically, what we solve for is bottom line, it's cash generation and adjusted EBITDA that is more or less correlated to it. And as I mentioned, there are -- we have developed different models over time with different profiles that have some impact, different impact on line item. So I think that we're, actually from our angle, we are on track to reach that target.

是的。所以我認為，正如我們在投資者日上提到的那樣，我們並沒有預期毛利率會超過我們已經達到的水平。基本上，我們所解決的問題是底線，也就是現金流和調整後的 EBITDA，它們或多或少都與底線有關。正如我之前提到的，隨著時間的推移，我們開發了不同的模型，這些模型具有不同的特性，會對產品線產生不同的影響。所以我覺得，從我們的角度來看，我們其實正朝著實現目標穩步前進。

We believe that we will be in the high 40s for gross margin. We're in that neighborhood now. And over time, we think that we can stay in similar levels, maybe slightly improve over the term of the plan that we presented.

我們相信毛利率將達到40%以上。我們現在就在那個街區。隨著時間的推移，我們認為我們可以保持在類似的水平，或許在我們提出的計畫期限內還能略有提高。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

I want2d to ask about agentic commerce. And can you talk a little bit about how Global-e will help with the data flow to power agentic commerce? I mean, do you envision Global-e plugging directly into the ChatGPT-type agentic commerce experiences? And how, if at all, is agentic commerce changing sales cycles right now?

我想諮詢一下代理商務。您能否談談 Global-e 將如何協助實現資料流，從而推動智慧商務的發展？我的意思是，您是否設想 Global-e 直接連接 ChatGPT 類型的智慧商務體驗？那麼，代理型商務目前是如何改變銷售週期的呢？

Sure, Koji. It's Amir. Thanks for your question. I think I touched upon it a bit in the prepared remarks. We do believe that agentic commerce is going to affect the entire value chain of e-commerce. And we're already starting to see signs of that today, as I mentioned, even starting from the top of the funnel, kind of demand generation is being done today more with AI-enabled technologies, including marketing campaigns, even campaigns that we ourselves are doing for B2C.

當然可以，浩二。是阿米爾。謝謝你的提問。我想我在事先準備好的發言稿中已經稍微提到過這一點。我們相信，代理型商務將會影響電子商務的整個價值鏈。正如我剛才提到的，我們今天已經開始看到這種跡象，甚至從銷售漏斗的頂端開始，需求生成現在更多地是藉助人工智慧技術，包括行銷活動，甚至是我們自己為 B2C 開展的活動。

They are using the Meta Advantage+ tools that are AI-driven. And we're building custom generative AI-based tools to streamline many functions across the funnel from consumer support and analysis, even scoping and targeting and outreach to merchants. So we think that the -- especially the high-growth kind of D2C brands are probably the best positioned to work to leverage AI integrations and remove barriers that currently exist in marketing and selling and advertising and creating traffic from markets where previously it was very complex for them to create brand awareness with manual processes.

他們正在使用由人工智慧驅動的 Meta Advantage+ 工具。我們正在建立客製化的基於人工智慧的生成工具，以簡化整個銷售漏斗中的許多功能，從消費者支援和分析，到範圍界定、目標定位和拓展到商家。因此我們認為，尤其是那些高成長的 D2C 品牌，它們可能最有能力利用人工智慧整合來消除目前在行銷、銷售和廣告方面存在的障礙，並從以前透過人工流程很難建立品牌知名度的市場中創造流量。

So we're looking -- we're constantly looking at the new developments in the field. We're very impressed by what AI-supported platforms have been able to achieve in a relatively short time. And we're already seeing some transactions, not directly through kind of instant checkout but transactions that are already initiated from ChatGPT and from agent-assisted in-chat checkout.

所以我們一直在關注——我們一直在關注該領域的新發展。我們對人工智慧支援的平台在相對較短的時間內所取得的成就印象深刻。我們已經看到一些交易，雖然不是直接透過即時結帳完成的，但這些交易已經透過 ChatGPT 和客服協助的聊天內結帳發起。

And we believe this will grow in the future. In any case, given our expertise, given our unique know-how and our scale of data and capabilities, we believe we are best positioned to provide the kind of international and the cross-border layers that are required in order to enable these AI-powered transactions in the future.

我們相信未來這一趨勢還會持續發展。總而言之，憑藉我們的專業知識、獨特的技術訣竅以及龐大的數據和能力，我們相信我們最有能力提供未來實現這些人工智慧驅動的交易所需的國際和跨境層面。

Got it. And maybe a follow-up here. I look at the third quarter GMV growth, looks really strong and the 2025 GMV guide looks really good, too. And so last year, on the third quarter call, you did give some early look GMV growth color for 2025 of 30%. And clearly, the guide today implies that you're going to achieve that. So is there anything you can share today for 2026 GMV growth assumption?

知道了。或許這裡還需要後續報道。我看了第三季的GMV成長情況，看起來非常強勁，2025年的GMV預期也非常好。因此，去年在第三季電話會議上，你們確實對 2025 年的 GMV 成長進行了初步展望，預計將成長 30%。很顯然，今天的指南暗示你將實現這一目標。那麼，您今天能否分享一下關於2026年GMV成長預測方面的資訊？

Yes. We are very happy with the Q3 results and the growth trajectory we are seeing into Q4 and this will also support us going into 2026. As mentioned in the prepared remarks, we have seen very successful merchant launches in recent months and they're also trading very well. So we believe that this will provide us some tailwind going into '26. Generally speaking, we believe that we are on path to achieve our midterm targets.

是的。我們對第三季的業績以及第四季的成長動能非常滿意，這將為我們進入 2026 年提供支援。正如事先準備好的發言稿中所述，近幾個月來，我們看到許多商家成功上線，而且他們的經營狀況也非常好。因此我們相信這將為我們進入 2026 年帶來一些助力。總的來說，我們相信我們正朝著實現中期目標的方向前進。

And I think this is sort of the framework that we are looking at going into '26.

我認為這就是我們展望 2026 年的大致框架。

Rob Wildhack, Autonomous Research.

Rob Wildhack，自主研究。

To start on the repurchase, could you just give us some additional thoughts in your approach to like a time frame around the $200 million?

關於回購事宜，您能否就2億美元的回購計劃，再補充一些您的想法，例如預計的時間範圍？

So as we mentioned on the call, we have been in a closed window up till now and we plan to start executing on the plan soon. The pace will depend on the market conditions and other aspects. But we do expect to start executing very soon and start to buy some of this plan in the coming months.

正如我們在電話會議中提到的，到目前為止，我們一直處於一個封閉的窗口期內，我們計劃很快開始執行該計劃。速度將取決於市場狀況和其他因素。但我們預計很快就會開始執行該計劃，並在未來幾個月內開始購買其中的一些產品。

Okay. And then bigger picture, could you just remind us about how you're thinking about the bridge between adjusted EBITDA and free cash flow both as it relates to the guidance but also in the context of the longer-term target? Any numbers that you could put to the free cash generation maybe between -- the bridge between 2026 and that longer-term target for, I think, mid- to high 20% margins?

好的。從更宏觀的角度來看，您能否提醒我們一下，您是如何看待調整後 EBITDA 和自由現金流之間的聯繫的，這既包括與業績指引相關的聯繫，也包括與長期目標相關的聯繫？您能否提供一些關於自由現金流產生的數字，例如在 2026 年到 20% 中高利潤率的長期目標之間的過渡期？

Yes. So generally speaking, when we look at the full year because we have the seasonality for cash flow and free cash flow. But when you look at the full year, it typically correlates with adjusted EBITDA but it's higher if you look at previous years. And we expect it to continue to be somewhat higher compared to adjusted EBITDA. And this is supported mainly by working capital as long as we grow.

是的。總的來說，當我們查看全年數據時，因為現金流和自由現金流存在季節性波動。但從全年來看，它通常與調整後的 EBITDA 相關，但如果你查看前幾年的數據，你會發現它更高。我們預計它將繼續比調整後的 EBITDA 高出一些。只要我們保持成長，這主要就能得到營運資金的支持。

This gives us some tailwind. And we expect it to continue on that path in the coming years as well.

這給我們帶來了一些順風。我們預計未來幾年它仍將繼續沿著這條道路發展。

I think also it's important to note, as we guided on the longer-term targets, we do have efficiencies of scale as we continue to grow. You can see it on the long-term trajectory of improvement in our EBITDA. And of course, out of it, you will see also the improvement coming on our free cash flow that is trading even slightly better.

我認為同樣重要的是要指出，正如我們在長期目標方面所做的指導一樣，隨著我們不斷發展壯大，我們確實會獲得規模效益。從我們 EBITDA 的長期改善趨勢可以看出這一點。當然，從中您也會看到我們的自由現金流有所改善，情況甚至略有改善。

Chris Zhang, UBS.

瑞銀集團的張克里斯。

I just have a question on the regional trends you've seen so far and I'm talking about the merchant outbound region. And it looks like there's some softness in the US that was offset by UK and European Union, even if we adjusted for PetBacker for UK. Can you maybe just comment on some of the regional trends versus the prior quarters and what are the key drivers there?

我有一個關於您目前觀察到的區域趨勢的問題，我指的是商家出境區域。即使我們考慮到英國的 PetBacker，美國市場似乎也出現了一些疲軟，但英國和歐盟的疲軟抵消了這些疲軟。能否請您談談與前幾季相比，目前區域的發展趨勢以及主要驅動因素是什麼？

I think the -- what you referred to is the fact that the share of the US outbound was slightly lower this quarter. I don't think that it reflects a weakness on the US trading outbound. It much more reflects the mix of our new launches that is coming from additional origins such as our great success in APAC and also some growth in Continental Europe that in share grew faster than the launches we had in UK, and also some of the merchants that traded even better. But a combination of both yielded this result. It's not that we expect that to, over time, be consistent. So I wouldn't use that as a trend.

我認為你指的是本季美國出境消費份額略有下降這一事實。我不認為這反映出美國對外貿易疲軟。它更能反映我們新產品組合的組成，這些新產品來自其他地區，例如我們在亞太地區的巨大成功，以及在歐洲大陸的一些增長，這些增長速度甚至超過了我們在英國推出的產品，還有一些商家的交易情況更好。但兩者的結合產生了這樣的結果。我們並不期望這種情況隨著時間的推移而保持不變。所以我不會把這當作一種趨勢。

And that concludes our question-and-answer session. I'll hand it back to Global-e's CEO, Amir, for closing remarks.

我們的問答環節到此結束。我將把發言權交還給 Global-e 的執行長 Amir，請他作總結發言。

Thank you. And on behalf of the entire Global-e team, I would like to thank everyone for joining us today and for your ongoing support. Despite the uncertainty that the global commerce market faced at the start of the year, we've continued to outperform every step of the way. Our outlook and market positioning is as strong as it's ever been and we're excited to demonstrate continued performance for the remainder of 2025 and for years to come. We see tremendous opportunity within the markets for our platform and services.

謝謝。我謹代表 Global-e 全體團隊，感謝各位今天蒞臨現場，並感謝你們一直以來的支持。儘管年初全球商業市場面臨許多不確定性，但我們一路以來都取得了優異的成績。我們的前景和市場地位一如既往地強勁，我們很高興能在 2025 年剩餘時間以及未來幾年繼續保持良好的業績。我們看到了我們的平台和服務在市場上的巨大機會。

As we grow with both new and existing merchants, our confidence in the value that Global-e is bringing to the e-commerce market remains reinforced. With a long runway of innovation and growth here at Global-e and by leaning into the opportunities ahead of us, we remain confident in our ability to achieve our growth targets across our key metrics for the foreseeable future. We look forward to speaking with many of you during the quarter and updating you on our future earnings calls. Until then, goodbye and take care.

隨著我們與新舊商家的共同成長，我們對 Global-e 為電子商務市場帶來的價值的信心也日益增強。Global-e 擁有長期的創新和成長潛力，我們將抓住未來的機遇，因此我們有信心在可預見的未來實現各項關鍵指標的成長目標。我們期待在本季與各位進行交流，並向大家通報我們未來的財報電話會議安排。在此之前，再見，保重。

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

謝謝。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。