Global-E Online Ltd. (GLBE) 2026 Q1 法說會逐字稿

Welcome to the Global-E Q1 2026 earnings announcement conference call. This call is being simultaneously webcast on the company's website in the Investors section under News and Events.

歡迎參加 Global-E 2026 年第一季財報發布電話會議。本次電話會議將同步於公司網站「投資人」專區的「新聞與活動」頁面進行網路直播。

For opening remarks and introductions, I will now turn the call over to Alan Katz, Global-E's Head of Investor Relations. Please go ahead.

接下來進行開場致詞與介紹，我將把電話會議交給 Global-E 投資人關係主管 Alan Katz。請開始。

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 first quarter of 2026. Ofer will then review the financial results for the first quarter in more detail, followed by the company's updated outlook for the full year as well as the Q2 outlook. We will then open the call for questions.

謝謝，各位早安。今天與我一同出席電話會議的有：共同創辦人兼執行長 Amir Schlachet；財務長 Ofer Koren；以及共同創辦人兼總裁 Nir Debbi。Amir 將先回顧 2026 年第一季的業務成果。接著 Ofer 會更詳細說明第一季財務結果，並提供公司更新後的全年展望以及第二季展望。之後我們將開放提問。

Before I read the forward-looking statements, I'll note that we have posted an Excel-based metrics file on our IR website. This provides historical data for both financial information and KPIs that may be helpful as investors are researching the company. Please feel free to let me know if you have any feedback on this document.

在我宣讀前瞻性聲明之前，我先說明：我們已在投資人關係網站上發布一份以 Excel 為基礎的指標檔案，提供財務資訊與關鍵績效指標（KPI）的歷史數據，供投資人研究公司時參考。如對此文件有任何意見回饋，歡迎告訴我。

Moving on. Certain statements we make today may constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. which reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those set forth in our 2025 annual report filed with the SEC. Please refer to our press release issued today, May 13, 2026, for additional information.

接著。今天我們所做的某些陳述可能構成前瞻性聲明。除歷史事實陳述外，所有陳述均屬前瞻性聲明，反映我們目前對未來事件的看法，且不保證未來表現。由於多項因素，實際結果可能與前瞻性聲明所載資訊存在重大差異，包括我們向美國證券交易委員會（SEC）提交的 2025 年年度報告中所列因素。更多資訊請參閱我們於今日（2026 年 5 月 13 日）發布的新聞稿。

In addition, certain metrics we will discuss today are non-GAAP metrics. 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.

此外，我們今天將討論的部分指標為非 GAAP 指標。我們相信這些衡量方式能提供有用的營運結果資訊，增進對過往財務表現與未來前景的整體理解，並就管理層在財務與營運決策中使用的關鍵指標提供更高透明度。

For more information on these non-GAAP financial measures, please see the reconciliations provided in our press release issued today. Throughout this call, we will also discuss a number of key performance indicators used by our management team. These and other KPIs are discussed in more detail in our press release issued today.

關於這些非 GAAP 財務衡量指標的更多資訊，請參閱我們今日發布新聞稿中的調節表（reconciliations）。在本次電話會議中，我們也將討論管理團隊使用的多項關鍵績效指標。這些及其他 KPI 的更詳細說明亦載於我們今日發布的新聞稿。

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

現在我將把電話會議交給我們的共同創辦人兼執行長 Amir。Amir，請開始。

Thanks, Alan, and welcome, everyone, to our first quarter 2026 earnings call. Having just celebrated yesterday, the fifth anniversary of Global-E going public, we had a great Q1 as the Global-E team continued to execute against our growth plans. We built the midpoint across all guidance metrics and are raising our outlook for GMV, revenue and adjusted EBITDA for the remainder of the year. We achieved this strong performance despite some headwinds from the ongoing conflict with Iran and its impact on trading into the Middle East and the GCC region.

謝謝你，Alan，也歡迎各位參加我們 2026 年第一季財報電話會議。就在昨天，我們剛慶祝 Global-E 上市五週年；第一季表現非常出色，Global-E 團隊持續依照我們的成長計畫執行。我們在所有財測指標上達到中位數水準，並上調今年剩餘期間的 GMV、營收與調整後 EBITDA 展望。即便面臨與伊朗持續衝突及其對中東與海灣阿拉伯國家合作委員會（GCC）地區交易的影響等逆風，我們仍取得了強勁表現。

During the quarter, we continued to execute against our multiyear strategic plan, growing with our existing merchants, launching with new merchants and expanding with our strategic partners. Our updated guidance for the full year 2026 further solidifies our journey to reach the long-term targets we presented last year at our Investor Day. We believe that our Q1 results help illustrate the fact that we remain slightly ahead of plan in our progress towards reaching these targets.

本季我們持續推進多年期策略計畫：與既有商戶共同成長、與新商戶上線合作，並與策略夥伴擴大合作。更新後的 2026 年全年財測，進一步鞏固我們朝向去年投資人日所提出長期目標邁進的進程。我們認為第一季結果有助於說明：在達成這些目標的進展上，我們仍略微領先於原先計畫。

With that, I'll turn to the quarterly results. Compared with Q1 2025, GMV increased by 40% to $1.74 billion and revenues grew 33% to $252 million. We were able to achieve this growth while realizing efficiency gains across the organization and at the same time, investing in our sales efforts to drive additional pipeline expansion. Our non-GAAP gross profit margin for the quarter was 47%, up 150 basis points from the same quarter of last year, and Q1 adjusted EBITDA was $50.2 million, up 59% year-on-year to a margin of nearly 20%, a 330-basis point increase compared to the same quarter last year.

接下來我說明本季業績。相較 2025 年第一季，GMV 成長 40% 至 17.4 億美元，營收成長 33% 至 2.52 億美元。我們在實現此成長的同時，也在全組織範圍內取得效率提升，並同時加大銷售投入以推動更多商機管道擴張。本季非 GAAP 毛利率為 47%，較去年同期提升 150 個基點；第一季調整後 EBITDA 為 5,020 萬美元，年增 59%，利潤率接近 20%，較去年同期提升 330 個基點。

Before I go through our recent merchant launches and expansions, I would like to spend a few minutes on some of the drivers of our impressive performance in Q1 and provide a few key updates regarding our business and our offering. Activity across geographies was strong in the first quarter with both new and existing merchants showing solid trading patterns. As expected, same-store sales growth came in well above historical trends.

在我介紹近期商戶上線與擴張之前，我想先花幾分鐘談談第一季亮眼表現的部分驅動因素，並提供幾項關於我們業務與產品的重點更新。第一季各地區活動表現強勁，新舊商戶皆呈現穩健的交易型態。如同預期，同店銷售成長明顯高於歷史趨勢。

Volume growth with both larger and midsized merchants was a significant driver of that as was the quick ramp and strong performance from merchants that we onboarded in the back half of 2025. AOV increased as consumer activity remained strong, while merchants priced in some of the impact from the increased tariffs. We also saw the impact of FX tailwinds given currency volatility stemming from global economic factors, albeit slightly less than our expectations as of the Q4 earnings release.

大型與中型商戶的交易量成長是主要推動因素之一；此外，我們在 2025 年下半年導入的商戶快速放量且表現強勁，也帶來顯著貢獻。由於消費者活動維持強勁，AOV（平均訂單金額）上升，同時商戶也在定價中反映部分關稅上調的影響。我們亦受惠於外匯順風，因全球經濟因素導致匯率波動；不過其影響略低於我們在第四季財報發布時的預期。

We continue to reinvest our cash, aiming to drive growth in the quarter and plan to keep doing so moving forward, both organically and through strategic acquisitions. At the same time, we also returned excess cash to shareholders via our share buyback program. As of the end of Q1 2026, we have repurchased $131 million worth of stock out of a $200 million 2025 share repurchase plan.

我們持續再投資現金，以推動本季成長，並計畫未來持續如此，包含有機成長與策略性併購。同時，我們也透過庫藏股回購計畫將多餘現金回饋股東。截至 2026 年第一季末，我們已在 2025 年 2 億美元股票回購計畫中回購了 1.31 億美元的股票。

Let me move on to an update on our business and offering. First, on our Q4 call, we provided an overview regarding the launch of Shopify Managed Markets Version 2.0, the new iteration of our white label self-service merchant of record solution on Shopify. As I mentioned last quarter, the new managed markets offering is on track, and both us and Shopify are pleased with the progress to date.

接著我更新我們的業務與產品。首先，在第四季電話會議中，我們概述了 Shopify Managed Markets 2.0 的推出情況，這是我們在 Shopify 上以白標形式提供的自助式 Merchant of Record（名義商戶）解決方案的新版本。如我上季所述，新的 Managed Markets 產品進展如期，我們與 Shopify 對目前的進度都感到滿意。

Over the past several months, we have worked with Shopify to expand the offering, and we continue to make progress towards making managed markets more widely available for merchants including in additional countries such as Canada and the UK in the near term. We're also on track to bring a number of new features and enhancements to the platform over the next quarters. As we have mentioned in the past, we believe the trading volumes on managed markets will pick up steam in the back half of the year as we begin to realize the immense potential of this innovative new offering.

過去幾個月，我們與 Shopify 合作擴展該產品，並持續推進，目標是在近期讓更多商戶能更廣泛使用 Managed Markets，包括在加拿大與英國等更多國家。我們也按計畫在未來幾季為平台帶來多項新功能與強化。如同過去所提，我們相信隨著這項創新產品的巨大潛力逐步釋放，Managed Markets 的交易量將在下半年加速成長。

Second, we made further progress in Q1 on our duty drawback offering. As a reminder, this is an important value-added service designed to enable merchants to potentially reclaim import duties on goods that are exported outside their home base as well as reclaim certain tariffs paid on return goods, depending on the sale parameters. During the quarter, we added new markets in which we are now able to reclaim duties and taxes, and we extended the program for drawbacks in some markets to allow duty reclaim also with economy shipping partners.

第二，我們在第一季於退稅（duty drawback）產品方面取得進一步進展。提醒一下，這是一項重要的加值服務，旨在協助商戶在特定條件下，對出口至其本國/本地市場以外的商品，可能申請退回進口關稅；並可依銷售參數，對退貨商品已支付的部分關稅申請退回。本季我們新增了可辦理關稅與稅費退回的市場，並在部分市場擴大退稅計畫，使其也能在使用經濟型運送合作夥伴時申請關稅退回。

Next, both the number of merchants and volume of referrals expanded on borderfree.com in Q1. The share of merchant sales attributable to the Borderfree.com channel is now over 6% for merchants that are utilizing the platform. Moreover, we began monetizing this offering and while still small, we are pleased to see the progress to date.

接下來，第一季在 borderfree.com 上的商戶數量與導流推薦量皆有所擴大。對於使用該平台的商戶而言，來自 Borderfree.com 渠道所貢獻的商戶銷售占比目前已超過 6%。此外，我們開始對此產品進行變現；雖然目前規模仍小，但我們對迄今的進展感到滿意。

I also want to provide a quick update on our use and implementation of AI as both are lever for growth and a driver of service-level enhancements and efficiencies across globally. We have implemented an AI-first approach across the organization, from R&D to data analysis to ongoing operational monitoring and controls.

我也想快速更新我們在 AI 的使用與落地情況；AI 既是成長槓桿，也是推動全球服務水準提升與效率改善的驅動力。我們已在全組織導入 AI-first 的方法，涵蓋從研發到數據分析，再到持續的營運監控與控管。

By embedding AI deep within our R&D processes, we believe we have already been able to meaningfully increase our capacity to ship features without adding more resources. And we plan to continue reaping efficiency and velocity gains as we continue to move forward towards a more Agenetic product development life cycle over the next few quarters.

透過在研發流程中深度嵌入 AI，我們相信在不增加更多資源的情況下，已能顯著提升功能交付（ship features）的產能。我們也計畫在未來幾季持續獲得效率與速度的提升，並朝向更「代理化」（Agenetic）的產品開發生命週期邁進。

Simply put, the huge advancements in the capabilities of genic and generative AI platforms, combined with our infrastructure and deep topical know-how are enabling us to do much more and much quicker with less. We believe this acceleration does not come at the expense of the quality of our service to merchants and consumers.

簡而言之，具代理能力（genic）與生成式 AI 平台能力的巨大進展，結合我們的基礎設施與深厚的領域專業知識，使我們能以更少的資源、更快地完成更多工作。我們相信這種加速並不會犧牲我們對商戶與消費者的服務品質。

On the contrary, our internally developed LLM based support tools are enabling us to provide fast detailed and accurate answers to customers through our customer service chatbot. In parallel, through the development and deployment of proprietary LLM based internal tools, we have already seen a meaningful reduction in the time it takes our teams to investigate and resolve tech support and merchant support tickets.

相反地，我們內部開發、基於 LLM 的支援工具，正協助我們透過客服聊天機器人，為客戶提供快速、詳盡且準確的回覆。同時，透過開發與部署自有的、基於 LLM 的內部工具，我們已看到團隊在調查並解決技術支援與商戶支援工單所需時間出現顯著下降。

We're also using AI to help navigate an increasingly complex environment from a regulatory and compliance perspective as well as in terms of commerce flows and logistics. This increased complexity around duties and taxes or fulfillment, coupled with our unique scale, data and know-how provide an opportunity for us to further solidify our differentiation in the market. by providing a best-in-class coherent combination of tech and services to meet the evolving needs of our merchants.

我們也運用 AI 來協助因應日益複雜的環境，包括法規與合規面向，以及商務流與物流面向。圍繞關稅與稅費或履約的複雜度提升，加上我們獨特的規模、數據與專業能力，為我們提供了進一步鞏固市場差異化的機會：透過提供同級最佳、且一致整合的科技與服務組合，以滿足商戶不斷演進的需求。

Lastly on AI. On the Q4 call, I spoke about the increase in traffic originating from AI-based chats. As we anticipated, this trend has continued. While still small in absolute volumes, as product discovery and referral traffic continues to expand within AI chats, we are beginning to see this as a potential incremental referral channel for our merchants. We are fortunate to work with some of the hottest and most forward-thinking brands on the planet.

最後談一下 AI。在第四季電話會議上，我提到來自 AI 聊天的流量有所增加。如我們所預期，這一趨勢持續延伸。雖然就絕對量而言仍然不大，但隨著 AI 聊天中的產品探索與導流流量持續擴大，我們開始將其視為可為商家帶來增量的潛在導流渠道。我們很幸運能與全球最炙手可熱、最具前瞻思維的一些品牌合作。

These are the types of brands that leverage AI and the globalization of their marketing efforts and position themselves well in a world of agent e-commerce referrals. And we are there to provide them with the best-in-class end-to-end service so that their hard-earned global shoppers will get a fully localized, convenient and intuitive online experience.

這些品牌善於運用 AI 與其行銷全球化布局，並在代理型電商導流的世界中占據有利位置。而我們在此為他們提供業界一流的端到端服務，讓他們辛苦獲得的全球消費者能享有完整在地化、便利且直覺的線上體驗。

As we have previously discussed, we view these developments as incremental to our other growth opportunities, with the potential to contribute to our competitive moat against both existing competition and potential new entrants. Our strong results and forward outlook and the activity in our pipeline further cement that in an increasingly complex global environment, our merchant of record and fulfillment services become even more valuable for merchants, coupled with our robust worldwide trading and compliance infrastructure, our vast and proprietary data asset and our unique know-how.

如我們先前所討論，我們將這些發展視為對其他成長機會的增量補充，並有潛力強化我們相對於既有競爭者與潛在新進者的競爭護城河。我們強勁的業績與前瞻展望，以及管線中的活動，進一步印證在日益複雜的全球環境下，我們的名義商家（merchant of record）與履約服務對商家而言更具價值；再加上我們強健的全球交易與合規基礎設施、龐大且專有的資料資產，以及獨特的專業 know-how。

Finally, before I move on to some of the exciting new brands that have joined our platform in Q1, I want to spend a minute on the implications of the conflict with Iran. I'll start by saying that we are hopeful that the cease fire will continue to hold and the peaceful resolution can be reached for the benefits of all parties involved.

最後，在我談到第一季加入我們平台的一些令人振奮的新品牌之前，我想花一點時間談談與伊朗衝突的影響。我先說，我們希望停火能持續維持，並能以和平方式解決，讓所有相關方都能受益。

In terms of the direct business impact, approximately 5% of our inbound GMV is to countries that have been directly impacted by the current conflict. And we saw a temporary and partial reduction in volumes to these countries in the second half of Q1. While this had a certain impact on our Q1 results, based on recent trends, demand volumes appear to have mostly recovered in the past few weeks.

就直接的業務影響而言，我們約有 5% 的入站 GMV 來自運往目前衝突直接影響的國家。我們在第一季下半段看到運往這些國家的量出現短暫且部分的下滑。雖然這對我們第一季業績造成一定影響，但根據近期趨勢，過去幾週需求量似乎已大多恢復。

In terms of the increased cost of fuel and how this is addressed within the fulfillment part of our P&L, we have mechanisms that allow us to pass through significant changes in pricing or surcharge costs, which we have already utilized to update fuel surcharges. We are monitoring the ongoing developments in the market and employ a balanced approach towards the situation at times making strategic decisions to support our merchants in deviating these challenging times to the best of our abilities.

就燃油成本上升以及其在我們損益表（P&L）履約部分的處理方式而言，我們有機制可將顯著的價格變動或附加費成本轉嫁出去；我們也已運用該機制更新燃油附加費。我們正持續監控市場的最新發展，並採取平衡的應對方式，在某些時點做出策略性決策，以在能力所及範圍內支持商家度過這段充滿挑戰的時期。

Let's move on to some of the exciting new brands that joined the platform and went live across our various geographies during Q1. In North America, we launched with prominent brands such as gallery department, the Los Angeles-based art-Inspired streetwear label, Andie Swim, the fast-growing direct-to-consumer swimmer brand and fembites, a women's wellness gummy supplement brand.

接下來談談第一季加入平台並在我們各個地區上線的一些令人振奮的新品牌。在北美，我們與多個知名品牌上線合作，例如 Gallery Department（洛杉磯的藝術靈感街頭服飾品牌）、Andie Swim（快速成長的 DTC 泳裝品牌）以及 fembites（女性健康軟糖補充品品牌）。

Q1 also saw the go live of Fresh, the LVMH owned premium skin care brand from New York, further extending the scope of our partnership with the LVMH group of brands, which now includes more than 20 live Maisons. We expanded our business also with the Richemont luxury group as we went live in Q1 with two more of their US-based brands, G/FORE and Peter Millar, both offering luxury golf wear.

第一季也見證 Fresh（LVMH 旗下、來自紐約的高端護膚品牌）上線，進一步擴大我們與 LVMH 品牌集團的合作範圍；目前已包含超過 20 個已上線的 Maison。我們也擴展了與 Richemont 奢侈品集團的合作，於第一季再上線其兩個美國品牌 G/FORE 與 Peter Millar，兩者皆提供高端高爾夫服飾。

In Europe, we launched several leading French brands, Coperni, the Paris-based luxury house known for its futuristic womenswear and viral runway moments. Paraboot, the family run handcrafted leather footwear maker, the menswear brand, Lafaurie Paris and the online store of the Roland-Garros Grand Slam tennis tournament. We also launched with the FF, The Curated luxury designer fashion retailer and (inaudible) the handcrafted women's footwear brand, both out of Italy and with capeesh, the Danish ski clothing brand.

在歐洲，我們上線了多個法國領先品牌：Coperni（巴黎奢侈品牌，以未來感女裝與爆紅伸展台時刻聞名）、Paraboot（家族經營的手工皮革鞋履製造商）、男裝品牌 Lafaurie Paris，以及法國網球大滿貫賽事 Roland-Garros 的官方線上商店。我們也與 FF、The Curated（奢侈設計師時尚零售商）以及（聽不清）手工女鞋品牌上線，兩者皆來自義大利；並與丹麥滑雪服飾品牌 capeesh 上線。

In Germany, we launched with Perplex, the luxury inspired streetwear label and with the new Audi Revolut Formula One team. In addition, during Q1, we began offering managed services for Kenneth Cole EU and UK regional network. In the UK, we also launched String Ting, the London-based viral phone strap and charm brand and Quadrant, the motorsport lifestyle and streetwear brand by Lando Norris, the reigning Formula One World Champion.

在德國，我們與 Perplex（奢華靈感街頭服飾品牌）以及全新的 Audi Revolut 一級方程式車隊上線。此外，在第一季，我們開始為 Kenneth Cole 的歐盟與英國區域網路提供代管服務。在英國，我們也上線了 String Ting（倫敦爆紅的手機背帶與吊飾品牌）以及 Quadrant（由現任一級方程式世界冠軍 Lando Norris 打造的賽車生活風格與街頭服飾品牌）。

In APAC, we launched with the first two brands out of the Tokyo-based brand Universal Music Japan as well as with Asian Portal, the online exporter of Japanese fishing gear and outdoor equipment. We also launched with the Singaporian fashion brand, Something to Hold with Shanghai Tang, the Hong Kong-based luxury fashion brand with Weber Workshops, the Taiwanese maker of high-end coffee grinders and tools, with Billy J, the women's clothing accessory retailer out of Australia and with Hardkernel, the South Korean consumer tech company behind the popular ODROID single-board computers. And this is just a partial list as our professional services and onboarding teams have been very busy launching more and more brands onto our platform.

在亞太地區（APAC），我們上線了東京品牌 Universal Music Japan 旗下的前兩個品牌，以及 Asian Portal（日本釣具與戶外裝備的線上出口商）。我們也與新加坡時尚品牌 Something to Hold、香港奢侈時尚品牌 Shanghai Tang、台灣高端咖啡磨豆機與工具製造商 Weber Workshops、澳洲女裝配件零售商 Billy J，以及韓國消費科技公司 Hardkernel（熱門 ODROID 單板電腦的幕後公司）上線。這只是部分名單，因為我們的專業服務與導入團隊一直非常忙碌，持續將更多品牌上線到我們的平台。

In addition to numerous launches, Q1 also saw the expansion of our business with a number of our existing brands. One notable example would be Alo Yoga, with which we expanded into several additional markets that have previously been served by a local distributor, and also enabled for them our BOPIS, or Buy Online, Pick Up In-Store offering into Canada, the UK and several additional markets in Europe. We now service Alo in almost every country in our service footprint and are proud to be an important partner for them throughout their ongoing impressive international growth journey.

除了眾多上線之外，第一季也看到我們與多個既有品牌的合作擴大。其中一個顯著例子是 Alo Yoga：我們擴展至多個先前由在地經銷商服務的市場，並為其在加拿大、英國及歐洲多個新增市場啟用 BOPIS（Buy Online, Pick Up In-Store，線上下單、門市取貨）服務。我們目前幾乎在所有服務覆蓋國家都為 Alo 提供服務，並以能在其持續亮眼的國際成長旅程中成為重要夥伴而自豪。

Our notable brands with which we expanded the scope of our activities during Q1, our FIGS where we launched throughout Eastern Europe and expanded in Asia, Bandai Namco, where we opened up markets in the Middle East, Africa and Eastern Europe, Stella McCartney, where we expanded into more than a dozen additional markets; and Patou, another brand out of the LVMH Group, which expanded its list of markets with us to cover the rest of the world.

第一季我們擴大合作範圍的重點品牌包括：FIGS（我們在東歐全面上線並在亞洲擴張）、Bandai Namco（我們開放中東、非洲與東歐市場）、Stella McCartney（我們擴展至十多個新增市場）；以及同屬 LVMH 集團的 Patou，其與我們合作的市場清單擴大至涵蓋全球其他地區。

As we believe is evident from both our numbers and our business advancements, Q1 was a great start to 2026, which we expect to be yet another year of strong and durable growth and another year of steady progress along our multiyear strategic plans. As such, and as reflected in our updated full year guidance, we believe that throughout 2026, we will achieve and potentially even overachieve on the path towards our long-term targets, even when faced with potential macro headwinds from the ongoing tensions in the Middle East.

從我們的數據與業務進展來看，我們相信第一季為 2026 年帶來了非常好的開局；我們預期 2026 年將是又一個強勁且具韌性的成長年度，也是我們多年期策略計畫穩步推進的又一年。因此，如我們更新後的全年指引所反映，我們相信在 2026 年期間，即使面臨中東持續緊張所帶來的潛在總體經濟逆風，我們仍將在邁向長期目標的道路上達成、甚至可能超額達成。

We feel good about the trends that we are seeing within the business and believe we are uniquely positioned to provide brands of all shapes and sizes with the end-to-end envelope of infrastructure and services they need to take full advantage of their true global direct-to-consumer potential.

我們對目前在業務中看到的趨勢感到樂觀，並相信我們具備獨特定位，能為各種規模的品牌提供其所需的端到端基礎設施與服務組合，協助其充分發揮真正的全球 DTC（直面消費者）潛力。

I will now hand it over to Ofer to take us through the quarterly numbers in more debt and lay out our Q2 and updated 2026 full year guidance.

接下來我把時間交給 Ofer，請他更深入地帶我們回顧季度數字，並說明我們第二季以及更新後的 2026 全年指引。

Thank you, Amir, and thanks, everyone, for joining us today for our earnings call. As Amir just highlighted, Q1 was another quarter of strong profitable growth for Global-E. We started the year in strong momentum with Q1 results above the Rule of 50 and continued executing against our strategic plan to deliver long-term high pace and profitable growth across the business.

謝謝你，Amir，也謝謝各位今天參加我們的財報電話會議。如 Amir 剛才所強調，第一季對 Global-E 而言是又一個強勁且具獲利性的成長季度。我們以強勁動能開啟新的一年，第一季結果高於「50 法則」（Rule of 50），並持續依照我們的策略計畫執行，以在全公司範圍內實現長期的高速且具獲利性的成長。

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.

在我進入本季度細節之前，我想再次提醒各位：除了 GAAP 業績之外，我也會討論某些非 GAAP 指標。我們的 GAAP 財務結果，以及 GAAP 與非 GAAP 結果之間的調節表，皆可在我們今日發布的財報新聞稿中查閱。

GMV in Q1 was $1.742 billion, up 40% year-over-year. Trading volumes were strong, driven by healthy consumption in most regions aided by the benefit of FX tailwinds and the positive impact of recently launched merchants, which were slightly offset by certain disruptions from the Iran war that impacted consumer demand in the Middle East and GCC regions and temporarily strengthened the US dollar versus other currencies.

第一季 GMV 為 17.42 億美元，年增 40%。交易量表現強勁，主要受多數地區健康消費所帶動，並受惠於匯率順風（FX tailwinds）以及近期上線商家的正面貢獻；但部分被伊朗戰爭造成的某些干擾所抵銷，該干擾影響了中東與 GCC 地區的消費需求，並使美元相對其他貨幣短期走強。

Based on current trends, despite lower FX tailwinds, we expect Q2 to be a solid quarter supported by healthy consumer demand and successful large promotions by some of our top merchants. In Q1, we generated total revenue of $252.1 million up 33% year-over-year. Service fee revenues for the quarter was $120.8 million and fulfillment services revenue for the quarter was $131.3 million.

根據目前趨勢，儘管匯率順風減弱，我們預期第二季仍將是穩健的一季，受健康的消費需求以及部分頂級商家成功的大型促銷活動所支撐。第一季我們的總營收為 2.521 億美元，年增 33%。本季服務費營收為 1.208 億美元，履約服務營收為 1.313 億美元。

Service fees take rate remained fairly stable at 6.9% and while fulfillment take rate was similar to last quarter at 7.5% and as expected, lower compared to the first quarter of 2025 given the shift of certain volumes to multi-local and our growth within verticals that are multi-local by nature.

服務費抽成率（take rate）維持相對穩定在 6.9%；履約抽成率為 7.5%，與上季相近，且如預期，相較 2025 年第一季較低，原因在於部分交易量轉向 multi-local，以及我們在本質上屬於 multi-local 的垂直領域中持續成長。

Progressing through the income statement, non-GAAP gross profit was $118.5 million, up 37% year-over-year, representing a non-GAAP gross margin of 47% compared to 45.4% in the same period last year. GAAP gross profit was $114.9 million, representing a margin of 45.6%.

接著看損益表，非 GAAP 毛利為 1.185 億美元，年增 37%，非 GAAP 毛利率為 47%，相較去年同期為 45.4%。GAAP 毛利為 1.149 億美元，毛利率為 45.6%。

Moving on to operational expenses. R&D expense in Q1, excluding stock-based compensation, was $28.5 million or 11.3% of revenue compared to $24.5 million or 12.9% of revenue in the same period last year. Q1 benefited both from leveraging our scale and the utilization of AI tools and agents that are driving efficiencies into the business. Despite the continued investment in the enhancement of our platform to further expand our offering and add value for our merchants, R&D, excluding stock-based compensation, increased by only 16% on a GMV base growing 40%.

接下來看營運費用。第一季研發費用（不含以股份為基礎之薪酬）為 2,850 萬美元，占營收 11.3%，相較去年同期為 2,450 萬美元，占營收 12.9%。第一季同時受惠於規模效益，以及 AI 工具與代理（agents）的使用，為業務帶來效率提升。儘管我們持續投資於平台強化，以進一步擴大產品服務並為商戶創造更多價值，但在 GMV 成長 40% 的基礎上，研發費用（不含以股份為基礎之薪酬）僅增加 16%。

Total spend in Q1 was $33 million. As Amir discussed, we are continuing to invest in sales and marketing to drive our future growth. Sales and marketing expense, excluding Shopify-related amortization expenses, stock-based compensation and acquisition-related intangible amortization was $26.3 million or 10.4% of revenue compared to $23.3 million or 12.3% of revenue in the same period last year. Shopify warrants related amortization expense was $530,000 and this amortization expense is now fully gone from the P&L moving forward.

第一季總支出為 3,300 萬美元。如 Amir 所述，我們持續投資於銷售與行銷以推動未來成長。銷售與行銷費用（不含與 Shopify 相關之攤銷費用、以股份為基礎之薪酬及併購相關無形資產攤銷）為 2,630 萬美元，占營收 10.4%，相較去年同期為 2,330 萬美元，占營收 12.3%。與 Shopify 認股權證相關的攤銷費用為 53 萬美元，而此攤銷費用自此之後已完全自損益表中消失。

Total sales and marketing expenses for the quarter were $34.4 million. General and administrative expenses, excluding stock-based compensation and acquisition-related contingent consideration were $10.8 million or 4.3% of revenue compared to $8.3 million or 4.4% of revenue in the same period last year. Total G&A spend in Q1 was $14.5 million. Our bottom line continued to grow even faster than our top line.

本季銷售與行銷費用合計為 3,440 萬美元。一般及行政費用（不含以股份為基礎之薪酬及併購相關或有對價）為 1,080 萬美元，占營收 4.3%，相較去年同期為 830 萬美元，占營收 4.4%。第一季 G&A 總支出為 1,450 萬美元。我們的獲利端持續以更快速度成長，甚至快於營收端。

Adjusted EBITDA for the quarter was $50.2 million representing a 19.9% adjusted EBITDA margin, an increase of 59% from the $31.6 million or 16.6% margin in the same period last year. As we have discussed in the past, we aim to optimize the business to ultimately drive GMV and adjusted EBITDA growth and we are very pleased with the levels of growth of trading volumes and bottom line dollars that we have been able to achieve in Q1.

本季調整後 EBITDA 為 5,020 萬美元，調整後 EBITDA 利潤率為 19.9%，較去年同期的 3,160 萬美元（利潤率 16.6%）成長 59%。如我們過去所討論，我們的目標是優化業務，以最終推動 GMV 與調整後 EBITDA 成長；我們對第一季所達成的交易量與獲利金額成長水準感到非常滿意。

Non-GAAP net profit for the quarter was $46.9 million compared to $32.4 million in the same period last year. Non-GAAP net profit per share was $0.27 on a fully diluted basis compared to $0.18 in the same period last year. GAAP net profit for the quarter was $30.4 million compared to a net loss of $17.9 million last year, and fully diluted GAAP EPS was $0.17.

本季非 GAAP 淨利為 4,690 萬美元，去年同期為 3,240 萬美元。非 GAAP 每股淨利（完全稀釋）為 0.27 美元，去年同期為 0.18 美元。本季 GAAP 淨利為 3,040 萬美元，去年同期為淨損 1,790 萬美元；GAAP 每股盈餘（完全稀釋）為 0.17 美元。

Turning to the balance sheet and cash flow statement. We ended Q1 with $553 million in cash and cash equivalents, including short-term deposits and marketable securities. Free cash flow used in the quarter was $72.9 million. As expected, driven primarily by seasonal working capital. This compares with $72.6 million of free cash flow used in Q1 of 2025. As a reminder, we typically see an outflow of cash in the first quarter driven by post peak working capital dynamics.

接著看資產負債表與現金流量表。第一季末我們持有現金及約當現金 5.53 億美元，包含短期存款與有價證券。本季自由現金流出為 7,290 萬美元。如預期，主要由季節性營運資金所驅動。相較之下，2025 年第一季自由現金流出為 7,260 萬美元。提醒一下，我們通常會在第一季看到現金流出，原因是旺季後的營運資金動態。

Net cash used by operating activities was $72.6 million compared to $72.1 million used a year ago. As Amir mentioned, in Q1, we continued to execute on our share repurchase program. We repurchased close to $60 million in stock in the quarter and have now repurchased a total of 3.6 million shares for a total of $131 million. As of the end of Q1, we had $69 million of capacity remaining on our 2025 repurchase plan.

營業活動淨現金流出為 7,260 萬美元，去年同期流出 7,210 萬美元。如 Amir 提到，第一季我們持續執行庫藏股回購計畫。本季回購近 6,000 萬美元股票，累計已回購 360 萬股、總金額 1.31 億美元。截至第一季末，我們在 2025 年回購計畫下仍有 6,900 萬美元的剩餘額度。

Moving to our financial outlook and guidance for Q2 and our updated outlook for the full year 2026. We continue to see 2026 as another year of very strong top and bottom line growth for globally. We have raised both the top and bottom line outlook for the year. For Q2 2026, we are expecting GMV to be in the range of $1.945 billion to $1.985 billion. At the midpoint of the range, this represents a growth rate of 35.2% versus Q2 of 2025.

接下來是我們對第二季的財務展望與指引，以及更新後的 2026 全年展望。我們仍認為 2026 年將是我們在全球範圍內營收與獲利都非常強勁成長的一年。我們已上調全年營收端與獲利端展望。對於 2026 年第二季，我們預期 GMV 將介於 19.45 億至 19.85 億美元。以區間中點計，較 2025 年第二季成長 35.2%。

We see strong GMV growth continuing in Q2 despite significantly less FX tailwind compared to Q1, aided by successful large promotions of some of our top merchants in the quarter. We expect Q2 revenue to be in the range of $278.5 million to $285.5 million, representing a growth rate of 31.2% and versus Q2 of 2025.

我們認為第二季 GMV 仍將維持強勁成長，儘管相較第一季匯率順風明顯減少；本季部分頂級商戶成功的大型促銷活動也提供助力。我們預期第二季營收將介於 2.785 億至 2.855 億美元，較 2025 年第二季成長 31.2%。

Lastly, for adjusted EBITDA, we are expecting a profit in the range of $55 million to $58 million or a 20% margin at the midpoint of the range. For the full year of 2026, we now anticipate GMV to be in the range of $8.53 billion to $8.88 billion, representing an annual growth rate of 32.5% at the midpoint of the range. Based on current trends, we expect GMV growth to remain strong throughout the year.

最後，就調整後 EBITDA 而言，我們預期獲利將介於 5,500 萬至 5,800 萬美元；以區間中點計，利潤率約 20%。對於 2026 全年，我們目前預期 GMV 將介於 85.3 億至 88.8 億美元，以區間中點計年增 32.5%。根據目前趨勢，我們預期 GMV 成長將在全年維持強勁。

As expected, Q1 same-store sales came in well above historical average -- averages. We expect Q2 same-store sales to remain above historical ranges as well, although lower compared to Q1. Our guidance assumes that same-store sales growth rates will moderate to a more normalized level for the back half of 2026, closer to multiyear averages. Revenue for the full year is now expected to be in the range of $1.22 billion to $1.28 billion, representing an acceleration of the growth rate compared to last year to 29.9% at the midpoint of the range.

如預期，第一季同店銷售表現遠高於歷史平均——平均水準。我們也預期第二季同店銷售將維持在歷史區間之上，但相較第一季會較低。我們的指引假設 2026 年下半年同店銷售成長率將放緩至較正常化水準，更接近多年平均。全年營收目前預期介於 12.2 億至 12.8 億美元，以區間中點計，成長率較去年加速至 29.9%。

Lastly, we expect adjusted EBITDA and adjusted EBITDA margins to continue expanding supported by operational leverage. We now expect to achieve 2026 adjusted EBITDA in the range of $264.5 million to $289.5 million representing a 39.5% growth rate at the midpoint and a 22.2% margin. In conclusion, we are off to a strong start in 2026 and are looking forward to executing for the remainder of the year.

最後，我們預期在營運槓桿的支撐下，調整後 EBITDA 及其利潤率將持續擴張。我們目前預期 2026 年調整後 EBITDA 將介於 2.645 億至 2.895 億美元，以區間中點計成長 39.5%，利潤率為 22.2%。總結而言，我們在 2026 年開局強勁，並期待在今年剩餘時間持續落實執行。

Our pipeline of new logos is robust and we have exciting new services that are generating interest across the e-commerce universe. We believe we are well positioned to deliver another year of results above the rule of 50.

我們的新客戶（new logos）管線相當強勁，且我們有令人振奮的新服務，正在整個電商領域引發高度興趣。我們相信自己具備良好定位，可再度交出高於「50 法則」（rule of 50）的年度成果。

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

那麼，Amir、Nir、Alan 和我很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

Hey. Thanks for taking my question. As we think about Managed Markets 2.0, you expanded early access now to Canada, the UK is on deck. I guess, first, how should we just think about the progression of that business to date relative to your initial expectations? Is the view still that we should see a more material ramp in the back half. And then second, just in terms of the customer migrations and adoptions for 2.0, any specific merchant segments either by customer size or verticals that are adopting faster than others? Thank you.

嗨，謝謝讓我提問。談到 Managed Markets 2.0，你們現在把早期存取擴大到加拿大，英國也即將推出。我想先問第一個問題：就目前為止，這項業務的推進進度相對於你們最初的預期應該如何看待？你們是否仍認為在下半年會看到更明顯的加速成長？第二個問題：就 2.0 的客戶遷移與採用而言，是否有任何特定商戶族群——不論按客戶規模或垂直領域——採用速度比其他更快？謝謝。

Hi, Billy, it's Amir. Thanks for your question. generally speaking, as I noted in the prepared remarks, both Shopify and us are very happy with the progress that we're seeing in managed markets and it's progressing according to our plans. We see a gradual uptick in the number of adoptions and good increase in the conversion of leads to adoption.

嗨，Billy，我是 Amir。謝謝你的問題。整體而言，正如我在事先準備的發言中提到的，Shopify 和我們都對 Managed Markets 的進展非常滿意，而且進度符合我們的計畫。我們看到採用數量逐步上升，且從潛在客戶到採用的轉換率也有良好提升。

We are waiting for the additional marketing support that is expected later in the year. And we are waiting also for the -- as you noted, the opening up of the additional markets. which, again, should hopefully happen soon. And all in all, we remain optimistic about as we indicated in the past, about managed markets starting to ramp up in a more meaningful way. in the back half of the year and into next year.

我們正在等待預計於今年稍晚提供的額外行銷支援。同時也在等待——如你所提到的——開放更多市場；這件事也希望能很快發生。總體而言，我們仍然保持樂觀；如同過去所指出的，我們預期 Managed Markets 將在今年下半年並延續到明年，以更有意義的方式開始加速成長。

In terms of specific verticals or segments of merchants. We're not seeing, I would say, anything too particular to note. It's -- as we expected, this is a very compelling offering for a very wide range of merchants of types and verticals, and that's part of why we are so excited, but it's a new offering.

至於特定垂直領域或商戶分群，我們目前沒有看到我會說特別值得指出的明顯差異。正如我們所預期，這是一個對非常廣泛類型與垂直領域商戶都很有吸引力的方案，這也是我們如此興奮的原因之一，但它仍是一項新產品。

Thanks, Amir. Appreciate it.

謝謝，Amir。感謝。

Scott Berg, Needham.

Scott Berg，Needham。

Hi, everyone. Really nice quarter here. Lots of questions. I guess let's go at take rates. Take rate, I know, Ofer you mentioned stable versus last quarter. My model actually has it up 0.1 point for both line service and fulfillment. But certainly stabilizing a trend downward last year because of multi-local I guess, how are you thinking about take rate relative to multi-local this year? Will there be an incremental impact on take rates because more customers using multilocal or is the range that we saw in Q1, a range that we should generally expect here for the balance of the year?

嗨，各位。本季表現相當不錯，問題也很多。我想先從抽成率（take rate）談起。我知道 Ofer 你提到相較上季維持穩定。我的模型其實顯示，無論是線上服務（line service）還是履約（fulfillment），都上升了 0.1 個百分點。不過，這確實是在去年因多地本地化（multi-local）導致下滑趨勢後的穩定。你們今年如何看待抽成率相對於 multi-local 的影響？隨著更多客戶使用 multi-local，抽成率會有額外影響嗎？還是說，我們在第一季看到的區間，就是今年剩餘期間大致會維持的範圍？

So as reflected from our guidance, we expect service fees -- sorry, take rates in general to be much more stable this year. In terms of fulfillment take rates, we expect a much more balanced mix in 2026. So while there may be certain limited decline, it shouldn't be anything material. In terms of service fee take rates, they have been fairly stable for the last, I think, six quarters, around 6.8%, 6.9% and we do expect service fees for the enterprise business to remain very close to these levels.

如同我們的指引所反映的，我們預期今年服務費——抱歉，整體抽成率（take rates）會穩定得多。就履約抽成率而言，我們預期 2026 年的組合會更為均衡。因此，即使可能出現某些有限的下滑，也不會是重大的。在服務費抽成率方面，過去我想大概六個季度都相當穩定，約在 6.8%、6.9% 左右；我們也預期企業業務（enterprise business）的服務費將維持在非常接近這些水準。

We do see a certain impact from managed markets moving to the V2, the migration of existing merchants because as we've mentioned in the past, there's a different P&L structure for the V2 merchants where we recognize only our share of the revenue versus the entire service fee that was charged as it was in the previous model. However, the bottom line impact is very low as we don't have a revenue share in our OpEx line. So it's a different structure, which will have some impact on managed market service fee take rate. But other than that, we expect also a service fee take rate to be fairly stable.

我們確實看到受管市場（managed markets）轉向 V2、既有商戶遷移所帶來的影響；因為如我們過去提到的，V2 商戶的損益結構不同，我們只認列我們分成的收入，而不是像先前模式那樣認列所收取的全部服務費。不過，對最終盈餘的影響非常低，因為我們在營運費用（OpEx）項下並沒有收入分成。因此這是不同的結構，會對受管市場的服務費抽成率造成一些影響。但除此之外，我們也預期服務費抽成率將相當穩定。

Excellent. Understood. And then you all called out due to draw back a little bit. It sounds like you've had some initial success there and continue to roll out new markets. I guess any way to help us understand maybe the impact it had on the business in Q1 and how you're thinking about assumptions here in calendar '26? Or is the data still maybe too early around what customer adoption and usage has been like?

很好，了解。另外你們也提到退稅回補（drawback）方面稍微回升。聽起來你們已經有一些初步成果，並持續擴展到新市場。能否協助我們理解它在第一季對業務的影響，以及你們在 2026 年（曆年）的假設是怎麼看的？還是目前關於客戶採用與使用情況的資料仍然太早？

Hi, Scott. As you said, we do see increasing importance for -- due to reclaim and duty management in general, as it's becoming more important to both our merchants and those shoppers. This year, we added a few markets that we are now able to reclaim duties and taxes within. We also extended the programs of drawback in some markets to allow you reclaim with more carriers, including some standard carriers.

嗨，Scott。如你所說，我們確實看到——退稅回補（duty reclaim）與整體關稅管理的重要性正在提升，因為這對我們的商戶以及消費者都愈來愈重要。今年我們新增了幾個市場，現在能在這些市場中回補關稅與稅金。我們也在部分市場擴大 drawback 計畫，讓你可以透過更多承運商（carriers）進行回補，包括一些標準承運商。

As for the USA import duty drawback. We have seen very strong interest from our merchants about it. However, it takes time for the merchants together the relevant data from the import into the USA, the wholesale import into the USA together the relevant data to provide it to us and for us to reconcile it with the import documents in order to manage the claim process.

至於美國進口關稅退稅回補（USA import duty drawback），我們看到商戶對此有非常強烈的興趣。不過，商戶需要時間彙整相關資料——從進口到美國、批發進口到美國的相關資料——提供給我們，並且我們也需要將其與進口文件進行核對，以便管理申請（claim）流程。

So this takes slightly longer than expected. However, we already initiated the process for a few of early adopters, and we see -- and we have quite a lot in the pipeline. So yes, we do expect it to contribute more. It will start to be visible only later in the year.

因此這比預期花了稍微更長的時間。不過，我們已經為少數早期採用者啟動流程，而且我們看到——管線中有相當多的案子。所以是的，我們確實預期它會有更大的貢獻；但要到今年稍晚才會開始變得可見。

Understood.

了解。

Andrew [Bach] BMO Capital Markets.

Andrew [Bach]，BMO Capital Markets。

Great. Thank you for taking my question. Nice set of results here. Nir, I wanted to touch on borderfree.com, it sounds like the number of merchants and volume referrals expanded in the quarter. How are you thinking about that trend line as we progress through the remainder of the year? I know you said the 6% for merchants that are using the platform, but I'm just trying to get a sense of what you think the upper bound is there on merchants within your base that could potentially leverage that solution?

很好，謝謝讓我提問。本季結果很不錯。Nir，我想談一下 borderfree.com；聽起來本季商戶數與導流量（volume referrals）都有擴大。你如何看待這個趨勢在今年剩餘期間的走向？我知道你提到使用該平台的商戶貢獻為 6%，但我想了解的是，在你們的商戶基礎中，可能採用這個解決方案的商戶上限大概會到哪裡？

So thanks for the questions. Andrew, we are very excited on the progress we've made with borderfree.com. If you recall, just I think a couple of quarters ago, three quarters ago, we mentioned we are at 4%. Now we crossed 6% contribution from Borderfree to participating brands. We believe we haven't hit the maximum yet, and we still have where to grow. We have initiatives around that.

謝謝你的問題，Andrew。我們對 borderfree.com 的進展感到非常興奮。如果你還記得，就在我想幾個季度前、三個季度前，我們提到當時是 4%。現在我們已經突破 6%，Borderfree 對參與品牌的貢獻達到 6%。我們相信還沒有到達上限，仍有成長空間；我們也有相關的推動計畫。

And as for adoption for many more merchants to join it, I think that it's a chicken and an egg because once you have much more success and for existing merchants, it's becoming very interesting at 6% and growing towards the 10% of the volume over time. Many more was adopted because merchants are looking for a cost-effective way to promote their brand around the world, especially given all the changes with the LLM taking a share of the traffic and no one actually knows exactly how to monetize on that versus the usual channels of search and social networks that are becoming more expensive to get attribution from.

至於讓更多商戶加入的採用面，我認為這有點像先有雞還是先有蛋：一旦你對既有商戶帶來更多成功，當貢獻達到 6% 並隨時間朝交易量 10% 成長時，就會變得非常有吸引力，進而帶動更多採用。因為商戶正在尋找一種具成本效益的方式在全球推廣品牌，特別是在 LLM 分走部分流量、而且沒有人真正知道相較於傳統搜尋與社群渠道要如何變現的情況下；同時，傳統渠道的歸因成本也愈來愈高。

So all in all, we see great excitement. We have additional initiatives in the backlog to grow it, and we are very optimistic about its contribution to our brands. and also, over time, to our take rates as we started to charge for the service just from the beginning of this year.

總體而言，我們看到很高的熱度。我們在待辦清單中還有更多推動成長的計畫，並且對其對品牌的貢獻非常樂觀；同時，隨著我們從今年年初開始對該服務收費，長期也會對我們的抽成率帶來助益。

Great. And then on my follow-up, I was wondering, the strength in gross margin in the quarter was particularly noticeable. I know you had some comp comps that were more favorable in there and that likely continues into 2Q. But can you just unpack the gross margin strength that you saw in the quarter and how you kind of expect that to trend through the remainder of the year. Thank you.

很好。接著我的追問是，本季毛利率的強勁表現特別明顯。我知道其中有一些比較基期（comp）較有利的因素，可能也會延續到第二季。但你能否拆解一下本季毛利率走強的原因，以及你預期今年剩餘期間的趨勢會如何？謝謝。

Sure. So I think that we have seen some positive mix impact in Q1 that contributed gross margin. In addition, the slightly higher service fee take rate also had a positive contribution. Going forward, I think we do not expect any sort of incremental gross margins. It might fluctuate a bit, but we believe that it will be close to the levels that we have seen in the previous quarters.

當然。我認為我們在第一季看到一些正向的組合（mix）影響，對毛利率有所貢獻。此外，服務費抽成率略高也帶來正向貢獻。往後看，我們不預期毛利率會有任何額外的增量提升；可能會有些波動，但我們相信會接近前幾季所見的水準。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，Benchmark。

Thank you. Hi, guys. Just a couple for me. Certainly, an impressive list of global enterprise launches in 1Q that you outlined in your press release. I'm just curious, as you look across North America, Europe and APAC, where you're most optimistic and where you can maybe talk about tangible pipeline build into the second half as well as into next year.

謝謝。嗨，各位。我這邊兩個問題。你們在新聞稿中提到第一季有一長串全球企業客戶（global enterprise）的上線（launch），確實令人印象深刻。我想請教，當你們看北美、歐洲與亞太（APAC）時，哪個區域讓你們最樂觀？以及你們是否能談談在下半年以及明年可見的具體管線（pipeline）累積情況？

And then a similar question on existing customer expansion. You highlighted a few tangibles as well in the press release. I'm just curious how much of your same-store sales growth today and over the next 12 months will come from just general regional or global expansion versus product-driven. And if there's any specific products that you might see leading here either today or in the near future? Thanks, guys.

第二個是關於既有客戶擴張，你們在新聞稿中也提到一些具體案例。我想了解，目前以及未來 12 個月的同店銷售成長（same-store sales growth），有多少會來自一般的區域或全球擴張，相較於產品驅動（product-driven）的貢獻？另外，有沒有任何你們認為現在或近期會領先帶動的特定產品？謝謝各位。

Hi, Mark, it's Amir. So yeah, we're definitely excited by the growth that we have seen across the different geographies, and we've seen growth in both the new merchants that have gone live in the back half of 2025 and are trading very well. And as we indicated in our remarks, so strong same-store sales that are driving momentum into our -- the trading of our existing brands, and that is true pretty much across geographies in the US, in Europe and in APAC. And we continue to see this also in Q2.

嗨，Mark，我是 Amir。是的，我們對不同地理區域的成長都感到非常振奮。我們看到在 2025 年下半年上線的新商戶也有成長，而且交易表現非常好。正如我們在發言中提到的，同店銷售非常強勁，推動了我們——既有品牌的交易動能；這在美國、歐洲與亞太幾乎各地都成立。我們在第二季也持續看到這種情況。

It is important to note that this elevated kind of same-store sales, we actually have seen it already kicking in, in the back half of 2025. So going forward, for the back half of '26, we are assuming in our guidance kind of a normalization of the same-store sales back to historical levels. But all in all, the strong trade and performance is happening all around as also reflected in our pipeline as more and more merchants are one to start using our services to optimize the way they sell globally.

需要注意的是，這種偏高的同店銷售其實在 2025 年下半年就已開始出現。因此往前看，對於 2026 年下半年，我們在指引中假設同店銷售會回歸正常化、回到歷史水準。不過總體而言，強勁的交易與表現是全面性的，這也反映在我們的管線上：愈來愈多商戶希望開始使用我們的服務，以最佳化其全球銷售方式。

In terms of expansion with existing merchants, yes, we expect to continue and see this trend for, I would say, three main vectors. One is especially with larger merchants, we sometimes start working with them on a subset of markets and then later on, either as part of the original gradual rollout plan or down the line with them just seeing the success and efficiency of working through globally. They decide to add additional markets. So that's kind of an embedded land-and-expand motion.

就既有商戶的擴張而言，是的，我們預期這個趨勢會持續，主要來自三個向量。我們有時會先與大型商戶在部分市場合作，之後不論是依照原本的分階段上線計畫，或是後續他們看到透過我們進行全球營運的成功與效率，就會決定新增更多市場。這是一種內建的「先落地、再擴張」（land-and-expand）動能。

And we are also seeing, as we noted also on this call and on previous calls, we're also seeing brand groups kind of adding more and more brands to the roster and just generally kind of word-of-mouth between associated brands. And on top of that, we keep adding additional value-added services. We mentioned borderfree.com on this school. We mentioned duty drawback. We are planning additional value-added services. All of these will contribute over the long term to increase the scope of our business with existing merchants.

此外，我們也看到——如同我們在本次與過往電話會議中提到的——品牌集團逐步把更多品牌納入名單，相關品牌之間也會透過口碑相傳。再加上我們持續推出更多加值服務。我們在這次電話會議提到 borderfree.com，也提到關稅退稅回補（duty drawback），並且規劃更多加值服務。這些都將在長期內促使我們與既有商戶的合作範圍持續擴大。

Got it. Thanks so much.

了解了。非常感謝。

William Nance, Goldman Sachs.

William Nance，高盛。

Hey, guys. Thank you for taking the question. I wanted to maybe follow up on some of the prior points you've made on the strength in same-store sales because it sounds like there are a couple of different things that are driving that between better underlying same-store sales outperformance of some of the merchants launched last year. FX tailwinds in 1Q and to a lesser degree throughout the year. And then obviously, some of the disruptions in the Middle East may be going the other direction.

嗨，各位。謝謝讓我提問。我想針對你們先前提到的同店銷售強勁再追問一下，因為聽起來背後有幾個不同因素在推動：一是更好的基本面，同店銷售表現優於預期，部分來自去年上線的一些商戶表現特別突出；二是第一季的匯率順風，且全年在較小程度上也有幫助；另外，很明顯，中東地區的一些干擾可能會往相反方向影響。

So wondering if you could maybe take apart and help us isolate like how much of this is truly just better macro and same-store sales versus some of the implementations of larger merchants last year that seemed to outperform quite nicely.

所以想請你們幫我們拆解一下，協助我們釐清：其中有多少是真正來自更好的總體環境與同店銷售改善， versus 去年導入的一些大型商戶的實施效果（看起來表現相當不錯）所帶來的貢獻？

Hey, Will, it's Nir. So if we are trying to break out the same-store sales for the key contributors I think by far, we see better macro trading for most of our merchants. So if you look on a broad-based basis across our 1,500 enterprise solution clients, so growth rate, based versus last year on the same stores is actually much better than our historical averages. So this is, by far, the single largest contributor of the same-store sales.

嗨，Will，我是 Nir。若要拆解同店銷售的主要貢獻來源，我認為最主要、遠遠領先的是：我們大多數商戶的總體交易環境更好。若你以我們 1,500 家企業解決方案客戶作為廣泛樣本來看，同店（相較去年）的成長率其實明顯優於我們的歷史平均。因此，這是同店銷售成長迄今為止最單一、最大的貢獻因素。

The second is, indeed, as you indicated, our back half of last year launches that were super successful and those merchants are trading super well into 2026, above our expectation and actually contributing to overall growth in net dollar retention in Q1.

第二個因素確實如你所說，是我們去年下半年上線的那些非常成功的客戶；這些商戶一路到 2026 年的交易表現都非常好，超出我們預期，並且在第一季也對淨美元留存率（net dollar retention）的整體成長有所貢獻。

Got it. That's helpful. And if I could follow up just on a different topic. It was nice to see some of the expansions with existing merchants this quarter. new markets, things like taking over for some of the local distributors in certain markets. I was wondering if you could provide some high-level thoughts on what the embedded opportunity is in your existing base of customers?

了解，這很有幫助。如果我可以再追問另一個主題：很高興看到本季既有商戶的一些擴張，包括進入新市場、在某些市場接手部分在地經銷商的角色等。我想請你們從高層次談談，在你們既有客戶基礎中，還蘊含著多大的機會？

And as we think about the strong net dollar expansion that you guys tend to see from year to year, how do you think about the runway for things like adding new corridors and value-added services within the existing merchant base. Thank you for taking the question and great strong results.

另外，考量你們通常每年都能看到強勁的淨美元擴張（net dollar expansion），你們如何看待在既有商戶基礎中，新增新走廊（corridors）與加值服務的成長跑道？謝謝讓我提問，也恭喜你們交出很強的成績。

Thank you, Will. So generally speaking, we continue to see opportunities for we call it, land and expand, some of the clients that have been with us for a few years. So we land these a bit weird but expand is still right. We just had it with a very large merchant of us that has been with us for now almost five years on the platform and just recently ended up distribution agreements in several markets, moving those to globally to be supported from the global website. So now e-commerce was taken from the local distribution into the home base of the merchant, giving us a significant increase with that brand.

謝謝你，Will。整體而言，我們持續看到我們所稱的「先落地、再擴張（land and expand）」機會，特別是那些已與我們合作數年的客戶。我們先落地的方式可能有點特別，但「擴張」這個概念仍然非常貼切。我們最近就有一家非常大型的商戶，已在平台上合作將近五年，近期在多個市場終止了經銷協議，改為由全球網站統一支援。也就是說，電商業務從在地經銷轉回到商戶的總部體系，讓我們在該品牌上的業務量顯著提升。

It's a behavior we've seen repeatedly happening with others as well, not at that scale, but we have seen it happening with others as well. And we do see still potential to have it with other merchants. So all in all, on that, we do believe there's still upside that will support same-store sales growth in the coming quarters and years.

這種行為我們也在其他客戶身上反覆看到，雖然規模沒有那麼大，但確實也有發生。我們也仍然看到在其他商戶身上複製的潛力。總體來說，我們相信這仍有上行空間，將在未來幾季與幾年支撐同店銷售成長。

In terms of new products, there was a question earlier about Borderfree, we do see an increased adoption of Borderfree. We started to see some contribution, some dollar contribution coming into our top line also from Borderfree, we expect it to continue to grow. Still a small scale but we do believe that it will be adopted much more over time.

就新產品而言，先前有人問到 Borderfree，我們確實看到 Borderfree 的採用率在提升。我們也開始看到 Borderfree 對我們營收（top line）帶來一些貢獻、一些美元貢獻；我們預期它會持續成長。雖然目前規模仍小，但我們相信隨時間推進會被更廣泛採用。

We spoke also in previous questions about duty drawback where despite the huge service that it gives a client, it also generates additional revenue and fees for globally, and we believe that the adoption there will continue to grow as the complexity of trading global tariffs becoming even harder Europe, just as a reminder, is moving European Union, EU, is removing the de minimis the same as the US has done last year. So as of July, which is just around the corner, duties would apply. So managing it correctly and the reclaim would become even stronger as an offering.

我們在前面的提問也談到關稅退稅（duty drawback）：儘管它為客戶提供了非常大的服務價值，同時也會為 Global-e 帶來額外營收與費用。我們相信其採用將持續成長，因為全球關稅交易的複雜度正變得更高、也更難管理。提醒一下，歐洲方面，歐盟（EU）正如同美國去年所做的一樣，將取消小額免稅（de minimis）。因此自 7 月起（已近在眼前），將開始適用關稅。也因此，正確管理以及後續的退稅申請（reclaim）將成為更強的產品/服務主張。

The duty reclaim in the US that despite the actual adoption is slightly slower than expected in terms of getting the merchants to be able to deliver the relevant data for the reclaim. The opportunity is high, and we believe it will contribute again incrementally into our back half of the year and for sure into 2027. So a lot of things in motion and we are quite optimistic about the growth ahead of us with existing merchants and of course, the opportunity to continue and win many more brands in the open market.

至於美國的關稅退稅回收（duty reclaim），雖然實際採用速度略慢於預期，主要是因為要讓商戶能提供退稅所需的相關資料仍需要時間，但機會非常大。我們相信它會在今年下半年開始逐步貢獻，並且在 2027 年肯定會更明顯。整體來看，有很多事情正在推進中；我們對既有商戶帶來的未來成長相當樂觀，當然也包括在公開市場持續贏得更多品牌的機會。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

Yeah, hi. Thanks for taking the question. Just a quick modeling question. Can you discuss what degree of FX you have embedded in the guide considering that we saw some euro and British pound rates recovering quarter-to-date. So just what you're building in? Thanks.

是的，你好。謝謝讓我提問。我有個快速的模型問題：考量到我們看到歐元與英鎊在本季迄今有所回升，你們能否談談在指引中內含了多大程度的匯率（FX）假設？也就是你們在模型裡採用的是什麼？謝謝。

Sure. Thank you for that. Basically, we always sort of -- when we model, we take the last known spot rate. So you should look at sort of the last week spot rate. I think that the major currencies that sort of bounce back versus the USD in recent weeks. And I think that FX rates were quite stable in the last 10 to 14 days.

當然，謝謝你的問題。基本上，我們建模時一向是採用最新可得的即期匯率（spot rate）。所以你可以看大概最近一週的即期匯率。我認為主要貨幣在最近幾週相對美元有所反彈，而過去 10 到 14 天匯率其實相當穩定。

And basically, since we cannot guess what FX rates will be at, we use the latest known spot rates, and that is embedded in our guidance. And as a result of that, we expect to see lower FX tailwinds in Q2 compared to Q1, which although was a peak water in that sense and very low FX tailwind for the back half of the year.

而且因為我們無法預測匯率會走到哪裡，所以我們使用最新已知的即期匯率，並將其納入我們的指引。因此，我們預期第二季的匯率順風會低於第一季；第一季在這方面算是高點，而下半年則預期匯率順風會非常有限。

Thanks, guys.

謝謝各位。

Matt Bullock, Bank of America.

Matt Bullock，美國銀行。

Great. Good morning. Thanks for taking the questions. I wanted to ask about the guidance because clearly, the underlying strength of the business is strong, really nice guidance increase for the full year. So as I look at 1Q results, obviously, there's some noise in there from the conflict in the Middle East, maybe some softer than expected FX tailwinds in the quarter. So I was hoping you could put a finer point on the impact of the Middle East conflict and the slightly softer FX tailwinds in 1Q? And then help us think about what's embedded in the full year guide regarding the Middle East conflict. Thanks.

很好，早安。謝謝讓我提問。我想問一下指引，因為很明顯公司基本面很強，全年指引上調也很不錯。當我看第一季結果時，顯然其中有一些雜訊來自中東衝突，另外本季的匯率順風可能也略低於預期。所以我希望你們能更精準地說明：中東衝突的影響，以及第一季略偏弱的匯率順風各自的影響有多大？另外也請協助我們理解：在全年指引中，對中東衝突內含了哪些假設？謝謝。

Yeah. So thank you for the question. In terms of Q1, we estimate the impact of the conflict in the Middle East, on Middle East markets and GCC market probably including sort of the FX fluctuation at just above 1%. That's the impact we see in Q1. Since then, it's mostly recovered. At least for now, it looks fairly stable and almost the trading is almost at the previous level. So at least for now, we don't see any additional impact in Q2.

好的，謝謝你的問題。就第一季而言，我們估計中東衝突對中東市場與 GCC 市場的影響（可能也包含匯率波動的影響）略高於 1%。這是我們在第一季看到的影響。此後大多已恢復，至少目前看起來相當穩定，交易水準也幾乎回到先前的水準。因此至少就目前而言，我們在第二季沒有看到額外影響。

In terms of -- regardless of the conflict, when we look at Q1, we assume that FX tailwinds contributed probably 3% to 3.5%. And going forward, in terms of our guidance, we haven't sort of assumed any improvement or any crisis, big crisis in terms of the conflict in the Middle East. And as I mentioned, in terms of FX rates, we assume that we will continue to see the current spot rate.

至於——不論衝突因素，當我們看第一季時，我們假設匯率順風大概貢獻了 3% 到 3.5%。往前看，在我們的指引中，我們並沒有假設中東衝突會有任何改善或出現任何重大惡化（大型危機）。而如我提到的，就匯率而言，我們假設將持續以目前的即期匯率水準為基礎。

Thank you very much.

非常感謝。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hi, good morning. Thanks for taking my question. So maybe first, just in terms of the pipeline, you guys have mentioned a couple of times that it's fairly robust. Can you help us think through what the composition of that looks like versus this time last year? Are there larger chunkier potential candidates in there versus just kind of more breadth and depth?

嗨，早安。謝謝讓我提問。首先關於銷售管線（pipeline），你們提過幾次它相當強勁。你們能否協助我們理解：相較於去年此時，管線的組成看起來如何？裡面是否有更大、單筆更「厚重」的潛在候選客戶，還是比較偏向廣度與深度的提升？

And then the second question related to that is, how are you seeing pipeline conversion? Any change given businesses are navigating a lot of different macro challenges. What have you seen on pipeline conversion? Thank you.

第二個相關問題是：你們看到的管線轉換（pipeline conversion）情況如何？在企業面對許多不同的總體挑戰之際，轉換率有任何變化嗎？你們在管線轉換上觀察到什麼？謝謝。

Hi, Samad, it's Nir. Our new merchant launches for 2026 are progressing in line or even slightly above our plan, as we had a very busy Q1 of onboarding multiple merchants, some of them Amir named. And we have an exciting brand lined up for Q2 as well.

嗨，Samad，我是 Nir。我們 2026 年的新商戶上線進度符合、甚至略高於我們的計畫，因為第一季我們非常忙碌地導入了多家商戶，其中一些 Amir 也提到過。而第二季我們也排定了令人期待的品牌上線。

In terms of the funnel itself, we are happy with what we see with both the level of engagement and the number of quality leads that are coming in. And in terms of your questions about mix, we see 2026 looking closer to what we had in 2025 in terms of the average size of merchants, which is much more distributed across midsized merchants and not a few giants.

就漏斗（funnel）本身而言，我們對目前看到的互動程度以及進來的高品質線索數量都感到滿意。至於你問到的組合（mix），我們看到 2026 年在商戶平均規模上更接近 2025 年的情況，也就是更分散在中型商戶之間，而不是由少數幾個巨型客戶所主導。

But the pipeline itself is -- part of it is less concentrated than we have in 2024, much more similar to 2025. This is an advantage, both on the margin perspective of new merchants and the contribution and also lower risk from delays in the onboarding process that can actually affect our guidance in the coming quarters. All in all, so --

但就管線本身而言——其中一部分的集中度低於我們在 2024 年看到的情況，更接近 2025 年。這是一項優勢，無論是從新增商戶的邊際角度、貢獻度角度來看，還是從降低入駐流程延遲所帶來的風險來看——這些延遲其實可能會影響我們未來幾季的指引。總而言之，所以——

Maybe just -- (inaudible) Go ahead?

也許就——（聽不清）你先請？

All in, we aim to have another record year of launches based on the current funnel. We are also very happy with the initial success of our ARE prospecting tool. We see much more -- much better discovery of new potential brands for globally. And as we build the capabilities and the processes to convert those into dealers, we believe there is an upside in the funnel in the coming quarters.

整體而言，基於目前的漏斗，我們的目標是再創一個上線數量的紀錄年。我們也對 ARE 潛在客戶開發工具的初步成功感到非常滿意。我們看到在全球範圍內，對新潛在品牌的發掘更多——也更有效。隨著我們建立把這些潛在品牌轉化為經銷商的能力與流程，我們相信未來幾季漏斗仍有上行空間。

Great. Then maybe just one follow-up. In terms of the monetization of Borderfree, Ofer have you seen what kind of cohort behavior looks like out of the customers now that you're monetizing it is retention holding? Are you seeing volumes pick up? Just help us understand how the impact of turning that monetization on has changed volumes on Borderfree?

很好。那我再追問一個問題。關於 Borderfree 的變現，Ofer，你們在開始變現之後，是否看到客戶的分群（cohort）行為有什麼變化？留存是否維持？你們是否看到量在回升？請幫我們理解一下，開啟變現之後對 Borderfree 的交易量造成了什麼影響？

So thank you, Samad. As for Borderfree monetization, I think that we've previously mentioned a few times that while we started to monetize, we didn't expect a significant contribution this year. We are seeing it growing nicely, but the numbers are still not very significant. At the end of the day -- at the beginning, we are very careful with the attribution, and we want the merchants to be happy and to see that this is actually driving business their way. So the momentum is positive and the trends are positive, but we don't expect it to contribute materially in 2026.

謝謝你，Samad。關於 Borderfree 的變現，我想我們之前提過幾次，雖然我們開始變現，但並不預期今年會有顯著貢獻。我們確實看到它成長得不錯，但數字仍然不算很顯著。歸根結底——在一開始，我們在歸因上非常謹慎，我們希望商戶能感到滿意，並看到這確實在把生意帶給他們。所以動能是正向的、趨勢也是正向的，但我們不預期它在 2026 年會帶來實質性的貢獻。

I think one thing to note on the positives that you asked is that despite starting to charge, we haven't seen any churn of the platform that is higher than previous quarters. So merchants are happy with the service they get for the fees that is now being charged. We haven't seen any negative dynamics there.

我認為你問到的正面因素中，有一點值得注意：儘管我們開始收費，但我們沒有看到平台的流失率高於前幾季。因此，商戶對於目前收取的費用所獲得的服務是滿意的。我們沒有看到任何負面動態。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Great. Thank you and congratulations, you guys. Amir, or maybe Nir, I was hoping you could help us, this is a question I get from investors. I understand a little bit the differentiation between where manage markets starts and stops versus what Shopify is doing natively. And where that comes from is on this last earnings call, Shopify talked about international, and they said it's -- I hear this comment about the example of massive but almost invisible complexity. And they said we're consistently rolling out new updates and products to grow our international footprint.

很好。謝謝，也恭喜各位。Amir，或許 Nir 也可以，我希望你們能幫我釐清一下——這是投資人常問我的問題。我大致理解 managed markets 的邊界：它從哪裡開始、到哪裡結束，以及 Shopify 原生在做什麼。這個問題的來源是，在上一通財報電話會議中，Shopify 談到國際化，他們說——我聽到這句評論，舉例說是「龐大但幾乎看不見的複雜性」。他們也說，我們持續推出新的更新與產品，以擴大我們的國際版圖。

In Q1, we quietly shift updates. Individually may not make the headlines, but together are steadily making Shopify more native to more places, and then they go on and they give examples of things that they were rolling out natively. So if you can just help us understand sort of the differentiation of the dividing line, that would be really helpful.

在第一季，我們悄悄地推進更新。單獨看可能不會上新聞，但合在一起正穩步讓 Shopify 在更多地方更像原生平台，接著他們又舉了他們原生推出的一些例子。所以如果你們能幫我們理解一下這條分界線的差異，會非常有幫助。

Sure. Thanks, Pat. It's Amir. Generally, first, I would say we fully agree with Shopify. We think every merchant should think about international, basically from the get-go. And I think, first and foremost, the fact that Shopify themselves are putting international on a pedestal is great for the market in general, and it drives interest and focus from merchants.

當然。謝謝，Pat。我是 Amir。一般來說，首先我會說我們完全同意 Shopify。我們認為每個商戶都應該從一開始就把國際化納入考量。而且我想，最重要的是，Shopify 自己把國際化放在很高的位置，對整體市場是好事，也會帶動商戶的興趣與關注。

I think that divide is actually pretty clear Shopify and by the way, other platforms as well have been developing and adding specific features that have to do with international, like multicurrency, like some alternative payments, et cetera, to their kind of self-service parts of the platform. And that is important for merchants that just want to start and dip their toe in the international waters and may want to enable one or even several of these features on their website. And that's on the Shopify -- in the Shopify world, that is what is called Shopify market and we believe they will keep on developing these features.

我認為這條分界其實相當清楚。Shopify——順帶一提，其他平台也是——一直在開發並新增與國際化相關的特定功能，例如多幣別、一些替代支付方式等等，加入到他們平台偏自助式的部分。這對於只想開始嘗試、先把腳伸進國際市場水溫的商戶很重要，他們可能只想在網站上啟用其中一項或多項功能。在 Shopify 的世界裡，這就是所謂的 Shopify Markets，我們也相信他們會持續開發這些功能。

But at some point when the merchant wants to get serious about international and it starts to be a meaningful part of their business and strategy going forward, that's when they need to switch to managed markets basically because as you noted and as Shopify noted, correctly on their call as well, there is a huge complexity when it comes to international when you factor in all the different elements. And that's where kind of the merchant of record approach of managed markets and later on also as the grow of our enterprise offering kicks into play because there's just -- it's not feasible for merchants to do it by themselves.

但當商戶在某個時間點想要認真做國際化，而且國際業務開始成為其業務與未來策略中有意義的一部分時，他們就需要切換到 managed markets。因為如你所提、也如 Shopify 在他們的電話會議中正確指出的，當你把所有不同要素都納入考量時，國際化的複雜度非常高。這也正是 managed markets 的 merchant of record（名義商戶）模式發揮作用之處；之後，隨著我們企業級方案的成長也會加入，因為——商戶自己做其實不可行。

There's a lot of kind of white gloves element to its service elements to it and know-how that is -- only comes from having the proprietary data asset in years and years of experience and know-how that we have that enables us to do it in an optimized manner. So that's kind of the divide, and we think all three are going to continue to develop in part of.

這裡面有很多「白手套」式的服務要素，以及只有透過多年累積的專有數據資產、以及我們多年經驗與 know-how 才能具備的能力，讓我們能以最佳化的方式來完成。所以這大致就是分界。我們認為這三者都會持續發展，並在其中各自扮演一部分。

Thank you.

謝謝。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Thanks, guys and congrats on a solid quarter. I'll keep it to one. You mentioned some really successful promotional activity from some of your merchants. I'm curious what you're seeing broadly on the pricing environment? I know that's been some debate. And maybe how we should be thinking about that as energy prices rise. Just curious any context there. Thanks, guys.

謝謝各位，也恭喜本季表現穩健。我只問一題。你們提到一些商戶做了非常成功的促銷活動。我想了解你們整體看到的定價環境如何？我知道這一直有些爭論。以及，隨著能源價格上升，我們應該如何看待這件事？想請你們提供一些背景。謝謝各位。

Hey, Brian, it's Nir. First, we do see even a stronger reaction of consumers to promotional activity. We've seen it through a few of our large brands going into promotion and the effect it had on the reaction of consumers and the increase in sales, which was even stronger than what we've seen previous quarters and years. So this is one thing that we've seen.

嗨，Brian，我是 Nir。首先，我們確實看到消費者對促銷活動的反應更強烈。我們從幾個大型品牌進行促銷的案例中看到，消費者反應與銷售提升的效果，甚至比我們在前幾季與過去幾年看到的還要強。所以這是我們觀察到的一點。

The other that we have seen is that especially prices into the US with the rationalization of tariffs and the Supreme Court ruling, some of our merchants actually took a step back on the price increases into the US, and we're able to reduce some of it back. So this was another happy note that we've seen.

另外我們也看到，特別是銷往美國的價格方面，隨著關稅的合理化以及最高法院的裁決，我們的一些商戶其實在對美國的漲價上退了一步，能夠把部分漲幅再降回來。這也是我們看到的另一個好消息。

We don't see merchants running to -- towards price increases as merchants are much more concerned now with gaining the traffic and preserving unit economics, less increasing profitability. There are some challenges to it, especially given the fuel prices that affect transportation in cross-border but for now, we see most merchants standing still as they expect and hope that it's only a periodic impact of the crisis in the Middle East, and this we hope to rationalize soon.

我們沒有看到商戶急著走向漲價；商戶目前更關注的是獲取流量並維持單位經濟效益，而不是提高獲利能力。確實存在一些挑戰，尤其是燃油價格會影響跨境運輸成本；但就目前而言，我們看到多數商戶選擇按兵不動，因為他們預期並希望這只是中東危機帶來的階段性影響，我們也希望這很快能夠趨於合理化。

Thanks, guys.

謝謝各位。

James Faucette, Morgan Stanley.

James Faucette，Morgan Stanley。

Hey. Thanks very much, everybody. I wanted to just quickly circle back -- just one question for me. I wanted to quickly circle back to the de minimis exemption in the EU. And with that being implemented from non-EU countries in 2026? And just wondering how we should think about level setting the impact. Should we expect similar dynamics to what we saw in the US where parcel volumes or corridors were pressured, but pricing AOV moved higher? And is that enough to impact the GMV, so it's largely protected? And just what kind of mitigation and impact on your business? Just trying to get a better handle on that issue. Thanks, guys.

嗨。非常感謝各位。我想很快回到——我這邊只有一個問題。我想快速回到歐盟的 de minimis（小額免稅）豁免。這項政策將在 2026 年對非歐盟國家實施？我想了解我們應該如何校準其影響。我們是否應該預期類似美國的動態：包裹量或某些運輸走廊承壓，但定價/客單價（AOV）上升？這是否足以影響 GMV，還是說 GMV 大致能被保護？以及你們會如何緩解、對你們業務的影響會是什麼？我想更好地掌握這個議題。謝謝各位。

Sure. Then -- Nir, thank you for the question, James. What we expect to see is not the same effect that we had in the US as we expect the average increase on our average merchant order value to be significantly lower than the removal of the de minimus in the US just for -- just to set the record on it, the US de minimus rate was at USD800 versus EUR150 in -- which are approximately around USD180. So less orders are affected. There is a significant chunk that anyway is being taxed today already.

當然。——Nir，謝謝你的問題，James。我們預期不會出現與美國相同的效果，因為我們預期對我們平均商戶訂單金額的平均增幅，會顯著低於美國取消 de minimis 的情況。只是為了把背景說清楚：美國的 de minimis 門檻是 800 美元，而歐盟是 150 歐元——大約相當於 180 美元。因此受影響的訂單更少。而且其中有相當一部分本來今天就已經在課稅。

And for those that are affected, the impact of the duties that are going to be levered as of July 2026 is significantly lower as well. We estimate that for an average merchant at around 5% versus 15%, 20% to 25% that we have seen in the US. So to embed it into the price or to absorb it by the merchant is something that we believe would be the strategy that most merchants would follow. So we don't expect much of an impact on the trading.

而對於會受影響的部分，自 2026 年 7 月起將加徵的關稅/稅費影響也會顯著較低。我們估計對一般商戶約為 5%，相較之下，美國我們看到的是 15%、20% 到 25%。因此，將其反映到售價中，或由商戶吸收，我們相信會是多數商戶會採取的策略。所以我們不預期交易會受到太大影響。

Thank you. And there are no further questions at this time. I'd now like to turn the call back over to Alan Katz for closing comments.

謝謝。目前沒有其他問題。現在我想把電話交回 Alan Katz 作結語。

Great. Thank you, everyone, for joining the call today. We look forward to speaking with many of you during the quarter and providing our next update on our Q2 call in August. Hope everyone have a great day.

很好。謝謝各位今天參與電話會議。我們期待在本季與各位中的許多人交流，並在 8 月的第二季電話會議上提供我們的下一次更新。祝大家今天愉快。

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

各位女士、先生，今天的會議到此結束。感謝各位參與，並請各位掛斷電話線。