Global-E Online Ltd. (GLBE) 2026 Q2 法說會逐字稿

Welcome to the Global-e second quarter 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 年第二季財報發布電話會議。本次會議亦同步於公司網站「投資人」專區下的「新聞與活動」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 operations and the business results for the second quarter of 2026. Ofer will then review the financial results of the second quarter in more detail, followed by the company's updated outlook for the full year as well as the Q3 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 年第二季的營運與業務成果。接著 Ofer 將更詳細說明第二季財務結果，並提供公司更新後的全年展望以及第三季展望。之後我們將開放提問。

Before I read the forward-looking statements disclaimer, I'll note that as in previous quarters, 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. We have also published slides that highlight our results as well as some of the key themes that we will discuss in today's call. Please feel free to let us know if you have any feedback on either of these documents. Moving on.

在我宣讀前瞻性陳述之免責聲明之前，我先說明：如同前幾季，我們已在投資人關係網站上發布以 Excel 為基礎的指標檔。該檔案提供財務資訊與關鍵績效指標（KPI）的歷史數據，可能有助於投資人在研究公司時使用。我們也發布了投影片，重點呈現本季成果以及今天電話會議將討論的一些關鍵主題。若您對上述任一文件有任何回饋，歡迎告訴我們。接下來。

Certain statements we make today constitute forward-looking statements. All statements other than statements of historical facts are forward-looking statements, including statements regarding our guidance, growth strategy, long-term targets, competitive positioning, product and platform initiatives, partnerships and share repurchases. These forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including those set forth in our 2025 annual report filed with the SEC. Please refer to our press release issued today, August 12, 2026, for additional information.

我們今天所做的部分陳述構成前瞻性陳述。除歷史事實陳述外，所有陳述均屬前瞻性陳述，包括關於我們的指引、成長策略、長期目標、競爭定位、產品與平台計畫、合作夥伴關係以及股份回購等陳述。這些前瞻性陳述反映我們目前對未來事件的看法，並不保證未來表現。由於多項因素，實際結果可能與前瞻性陳述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）提交之 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 8 月 12 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. For more information on these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP measures, please see our press release issued today.

此外，我們今天將討論的部分指標為非 GAAP 指標。我們認為這些衡量方式可提供關於營運結果的有用資訊，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。關於這些非 GAAP 財務衡量方式的更多資訊（包括與最直接可比 GAAP 指標的調節），請參閱我們今日發布的新聞稿。

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.

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。這些以及其他 KPI 的更詳細說明，已載於我們今日發布的新聞稿中。

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 second quarter earnings call. The momentum that we saw during the start of the year continued through Q2, resulting in another very strong quarter all around and reinforcing our confidence in our ability to continue to strongly perform against our long-term growth targets.

謝謝你，Alan，也歡迎各位參加我們的第二季財報電話會議。我們在年初看到的動能延續至第二季，使本季各方面再度呈現非常強勁的表現，並強化我們對持續達成長期成長目標的信心。

We beat the high end of the range across all of our guidance metrics and are now raising our outlook for GMV, revenue, and adjusted EBITDA for the remainder of the year. Operationally, during the quarter, we had some great achievements against our multiyear strategic plan, including continued growth with our existing merchants, launching with exciting new brands and the expansion of our work with our strategic partners.

我們在所有指引指標上都超越區間上緣，並正上調今年剩餘期間的 GMV、營收與調整後 EBITDA 展望。在營運面，本季我們在多年期策略計畫上取得多項重要成果，包括既有商戶的持續成長、與令人振奮的新品牌上線，以及擴大與策略夥伴的合作。

We also announced and closed on the acquisition of Passport, a global asset-light logistics solution. Passport brings with its strategic logistics capabilities to further create value for our merchants, while also broadening our offering to serve verticals beyond our traditional merchant of record model, thereby expanding our TAM.

我們也宣布並完成對 Passport 的收購；Passport 是一項全球性的輕資產物流解決方案。Passport 帶來其策略性物流能力，進一步為我們的商戶創造價值，同時也擴大我們的產品服務範圍，使我們得以服務超越傳統「名義商戶（Merchant of Record）」模式的垂直領域，從而擴大我們的 TAM（可服務市場總量）。

We continue to make progress on Managed Markets V2 and on driving adoption of our value-added services. Lastly, we expanded our internal use of AI, leveraging this groundbreaking technology to improve our service to merchants and our ability to leverage our unique data assets as well as to lower our cost to serve. The utilization of generative AI allows us to move faster, provide better service and consultancy to our merchants and further leverage our economies of scale.

我們在 Managed Markets V2 方面持續取得進展，並推動加值服務的採用。最後，我們擴大了內部對 AI 的使用，運用這項突破性技術提升對商戶的服務、強化我們運用獨特數據資產的能力，並降低服務成本。生成式 AI 的運用使我們能更快速行動、為商戶提供更佳的服務與諮詢，並進一步發揮規模經濟效益。

From a financial perspective, we continue to perform ahead of the long-term plan and targets we presented last year at our Investor Day, both in our high-growth momentum and in the continued adjusted EBITDA margin expansion.

從財務角度來看，我們持續超前於去年投資人日所提出的長期計畫與目標，不僅維持高速成長動能，也持續擴大調整後 EBITDA 利潤率。

Once again, our strong quarterly results and solid outlook for the year helped to illustrate our market leadership position, our growing competitive moats, and our ongoing commitment to continue to drive the business towards our long-term targets. Before we go in more depth to some of the items that I just mentioned, let's first go over the key elements of our quarterly results.

再次地，我們強勁的季度表現與穩健的全年展望，凸顯了我們的市場領導地位、日益加深的競爭護城河，以及我們持續推動業務朝長期目標前進的承諾。在更深入探討我剛才提到的幾個事項之前，讓我們先回顧本季業績的關鍵要點。

Compared with Q2 2025, GMV increased by 44% to almost $2.1 billion, making Q2 the first time we reached more than $2 billion in GMV in a non-peak quarter. Revenues grew by 39% to $299 million, with Q2 being the second quarter in a row in which our last 12 months revenues totaled more than $1 billion. Both GMV and revenues came in considerably higher than our respective guidance.

與 2025 年第二季相比，GMV 成長 44% 至接近 21 億美元，使第二季成為我們首次在非旺季季度中達到超過 20 億美元 GMV 的季度。營收成長 39% 至 2.99 億美元，且第二季已是連續第二個季度，我們過去 12 個月的營收總額超過 10 億美元。GMV 與營收皆顯著高於我們各自的指引。

This continued strong execution drives our upwards revised full year 2026 revenue guidance to a 32% year-on-year growth before accounting for Passport, which represents further acceleration from 2025's fast revenue growth, which stood at 28%. In other words, we have managed to meaningfully accelerate our growth rates compared to last year's trajectory.

這項持續強勁的執行力，使我們上調後的 2026 全年營收指引（在未計入 Passport 之前）達到年增 32%，相較於 2025 年 28% 的快速營收成長，代表進一步加速。換言之，與去年的成長軌跡相比，我們已成功且顯著地加快成長速度。

We believe this is a strong testament to the value our services generate for our merchants, to our market leadership position, and to the immense untapped potential we see in this exciting and growing market. But growth alone is only one part of the story. In parallel to this growth in revenues, we continued our steady trajectory of adjusted EBITDA margin expansion over time.

我們認為，這有力證明了我們的服務為商戶所創造的價值、我們的市場領導地位，以及我們在這個令人振奮且持續成長的市場中所看到的巨大未開發潛力。但成長本身只是故事的一部分。在營收成長的同時，我們也持續沿著調整後 EBITDA 利潤率隨時間擴張的穩健軌跡前進。

We finished Q2 of 2026 with $62.4 million of adjusted EBITDA, up 62% year on year to a margin of almost 21%. This is more than a 300 basis point increase compared to the same quarter last year. Simply put, we are not just generating durable high top line growth, we're also generating strong and profitable bottom line growth.

我們在 2026 年第二季的調整後 EBITDA 為 6,240 萬美元，年增 62%，利潤率接近 21%。相較去年同期，提升超過 300 個基點。簡而言之，我們不僅帶來可持續的高營收成長，也帶來強勁且具獲利性的盈餘成長。

In terms of trading activity, same-store sales growth came in above historical trends once again. Volume growth with both larger and midsized merchants continue to be a significant factor, driven by continued global consumer resilience as well as stronger consumer response to recurring annual promotional activities. For perspective, during Q2, some of our larger brands saw the increase in volumes from the seasonal sales days peak at more than 25% higher than the increase they saw in last year's Q2 promotions.

就交易活動而言，同店銷售成長再次高於歷史趨勢。大型與中型商戶的交易量成長仍是重要因素，主要受全球消費者韌性持續，以及消費者對每年例行促銷活動反應更強所帶動。作為參考，在第二季期間，我們部分較大型品牌在季節性促銷日高峰所帶來的交易量增幅，比其去年第二季促銷期間的增幅高出 25% 以上。

Besides planned sales promotions, I would be remiss if I didn't congratulate a few of our soccer clubs that we proudly count as Global-e merchants on their fantastic achievements this past season.

除了既定的促銷活動之外，如果我不向幾家我們引以為傲、並將其視為 Global-e 商戶的足球俱樂部在本賽季所取得的傑出成就致上祝賀，那就太失禮了。

To name just a few, Arsenal won the Premier League Championship and were also runner ups for the Champions League. Barcelona retained their title as La Liga champions. Bayern Munich won the League title again. And Manchester United came in third in the Premier League and secured their return to the Champions League. This, along with more fans buying jerseys around the FIFA World Cup, led to an increase in volumes within our sports club's score.

僅舉幾例，阿森納贏得英超聯賽冠軍，並且也是歐洲冠軍聯賽亞軍。巴塞隆納成功衛冕西甲聯賽冠軍。拜仁慕尼黑再次奪得聯賽冠軍。而曼聯在英超聯賽排名第三，並確保重返歐洲冠軍聯賽。這些成就，加上更多球迷在 FIFA 世界盃期間購買球衣，帶動我們體育俱樂部板塊的交易量增加。

Moving on, as I mentioned earlier, our growth is both durable and profitable. Just like in past years, on an annual basis, we expect our free cash flow margin to remain at or higher than our adjusted EBITDA margin. In other words, we continue to generate growing amounts of cash every year. We plan to continue to use this cash to create long-term value for merchants and for our shareholders. I'll discuss our acquisition of Passport in a moment, but we are also focused on returning excess cash to shareholders via our share repurchase program.

接下來，如我先前提到的，我們的成長兼具持久性與獲利性。與過去幾年一樣，按年度計算，我們預期自由現金流利潤率將維持在不低於調整後 EBITDA 利潤率的水準。換言之，我們持續每年產生愈來愈多的現金。我們計畫持續運用這些現金，為商戶以及股東創造長期價值。我稍後會談到我們對 Passport 的收購，但我們也專注於透過股票回購計畫將多餘現金回饋給股東。

As of the end of the quarter, we have completed our 2025 plan of $200 million. In June 2026, the Board approved a new $500 million plan, which we intend to start executing upon as well. We will continue to repurchase shares as long as we believe the market is undervaluing the financial and operational strength of our business as well as the market opportunity that we have ahead of us.

截至本季末，我們已完成 2025 年 2 億美元的計畫。在 2026 年 6 月，董事會核准了一項新的 5 億美元計畫，我們也打算開始執行。只要我們認為市場低估了我們業務的財務與營運實力，以及我們面前的市場機會，我們就會持續回購股份。

Let's now spend some time on our strategic and operational progress. First, as I already mentioned, we announced and closed on the acquisition of Passport. The team did an incredible job on this deal, which is especially exciting as this is a company that we've been watching for some time. We were happy to welcome Alex and the entire Passport team on board last month and believe this acquisition to be an especially strategic addition to our suite of logistics solutions.

現在讓我們花點時間談談我們在策略與營運上的進展。首先，如我先前已提到，我們宣布並完成了對 Passport 的收購。團隊在這筆交易上做得非常出色，尤其令人振奮的是，這是一家我們關注已久的公司。上個月我們很高興歡迎 Alex 以及整個 Passport 團隊加入，並相信這項收購將成為我們物流解決方案組合中特別具策略性的補強。

While the introduction of a non-MoR option to our suite of service offerings enables us to serve merchant categories we haven't been able to or wanted to address in the past with our MoR solution. Owning deep best-in-class standard shipping capabilities and know-how broadens our suite of logistics solutions, both outbound and inbound, thereby allowing us to further optimize costs and service levels of standard logistics around the world.

在我們的服務組合中引入非 MoR 選項，使我們得以服務過去無法或不希望以 MoR 解決方案切入的商戶類別。擁有深厚、同級最佳的標準運輸能力與專業知識，能擴大我們的物流解決方案組合（包含出貨與進貨），從而讓我們得以在全球進一步最佳化標準物流的成本與服務水準。

This will also allow us to leverage our scale to build dedicated services, including consolidated returns, direct injections and further proprietary duty drawback capabilities. The post-merger integration effort is already well underway, and we are quickly advancing towards completing phase one, which is to enable Passport as a shipping service on the Global-e carrier stack.

這也將使我們能夠運用規模優勢打造專屬服務，包括合併退貨、直注（direct injection）以及進一步的自有退稅（duty drawback）能力。併購後整合工作已在積極推進中，我們正快速邁向完成第一階段，也就是將 Passport 作為運輸服務整合到 Global-e 的承運商技術堆疊中。

In parallel, we have kicked off multiple work streams aimed at building additional services and offerings across multiple geographic regions, which we expect to materialize over the coming quarters, thereby greatly enriching our suite of logistics and global trade solutions.

同時，我們已啟動多條工作流，目標是在多個地理區域打造更多服務與產品，我們預期將在未來幾個季度逐步落地，從而大幅豐富我們的物流與全球貿易解決方案組合。

Passport is currently on track to generate over $100 million in revenues this year, growing slightly ahead of our overall growth rate. Passport has recently turned adjusted EBITDA and cash flow positive, and we expect its margins and cash flow to further improve as they grow and as we realize integration synergies with our existing scale and framework over the next several quarters.

Passport 目前有望在今年創造超過 1 億美元的營收，成長速度略高於我們整體成長率。Passport 最近已轉為調整後 EBITDA 與現金流為正，我們預期隨著其成長，以及在未來幾個季度與我們既有規模與架構實現整合綜效，其利潤率與現金流將進一步改善。

Moving on, the launch of Shopify Managed Markets version two remains on track. In Q2, we officially expanded the geographical footprint of the Managed Markets offering, making it available for the first time to merchants outside of the US, namely in Canada and in the UK. We expect to bring this offering to additional countries down the line.

接下來，Shopify Managed Markets 第二版的上線仍按計畫推進。在第二季，我們正式擴大 Managed Markets 方案的地理覆蓋範圍，首次向美國以外的商戶開放，具體包括加拿大與英國。我們預期未來也會將此方案推廣至更多國家。

We're starting to see both trading volumes and the onboarding of new merchants on Managed Markets pick up steam and continue to see the significant long-term potential of this innovative new offering beginning to materialize. We migrated many of the merchants that were on version one to version two already towards the beginning of the second quarter, with the remaining merchants migrating during the quarter.

我們開始看到 Managed Markets 的交易量與新商戶導入加速成長，也持續看到這項創新新方案的顯著長期潛力正逐步顯現。我們已在第二季初將許多第一版商戶遷移至第二版，其餘商戶也在本季內完成遷移。

The process went smoothly and initial feedback from the group of merchants has been very positive, further strengthening our belief that version two indeed solves many of the issues that impeded version one from being more widely adopted.

整個過程進行順利，且這批商戶的初步回饋非常正面，進一步強化我們的信心：第二版確實解決了許多阻礙第一版更廣泛採用的問題。

We continue to work side-by-side with Shopify's team to deliver additional features and capabilities, all aimed at driving both conversion and adoption higher and higher. During Q2, we also made further progress on driving adoption of another one of our key value-added services, that of duty drawback. As a reminder, this service is designed to enable merchants to potentially reclaim import duties on goods that are exported outside of their home base as well as reclaim certain tariffs paid on return goods depending on the sale parameters.

我們持續與 Shopify 團隊並肩合作，交付更多功能與能力，目標都是推動轉換率與採用率不斷提升。在第二季，我們也在推動另一項關鍵加值服務——退稅（duty drawback）的採用方面取得進一步進展。提醒一下，這項服務旨在讓商戶有機會就出口至其本土市場以外的商品申請退回進口關稅，並且依銷售條件，對退貨商品已支付的特定關稅／關稅稅則（tariffs）也可能得以申請退回。

During the second quarter, we had several merchants that started utilizing the US import drawback capabilities, and we expect to see this service growing as more merchants will provide the necessary documentation to support the process. Furthermore, as I already mentioned, we believe that our acquisition of Passport will further expand our capabilities in this field of duty drawback in the future.

在第二季期間，我們有數家商戶開始使用美國進口退稅能力；隨著更多商戶提供支援流程所需的文件，我們預期此服務將持續成長。此外，如我先前提到的，我們相信收購 Passport 將在未來進一步擴展我們在退稅領域的能力。

Next, Borderfree.com expanded again this quarter. Global traffic into the Borderfree.com brand discovery portal continues to rise, crossing 10 million unique visits in the last 12 months. The share of merchant sales attributable to the Borderfree.com channel is now 6.5% for merchants that are utilizing the platform. This offering is still in its early innings, but we remain pleased with the progress to date and are excited to see its continued adoption.

接著，Borderfree.com 在本季再次擴張。導入 Borderfree.com 品牌探索入口的全球流量持續上升，過去 12 個月的獨立訪客數已突破 1,000 萬。對於使用該平台的商戶而言，歸因於 Borderfree.com 渠道的銷售占比目前為 6.5%。這項產品仍處於早期階段，但我們對目前的進展感到滿意，也期待其持續被更多人採用。

Lastly, we are continuing on our path to implement AI across the organization as we lean heavily on our AI-first approach to drive service level enhancements and boost efficiency levels all around. By now, we have built AI into many of the processes across R&D, implementation, merchant operations, and customer service as well as our corporate and back-office functions. We're empowering our teams to improve the onboarding and development processes for merchants, launch new AI-led processes for research and support, and roll out tools to further enhance our level of consultancy and optimization for the benefit of our merchants around the world.

最後，我們持續推進在全組織導入 AI 的路徑，並高度倚重我們的 AI-first 方法，以提升服務水準並全面提高效率。截至目前，我們已將 AI 納入研發、導入、商戶營運與客服流程，以及公司層面與後台職能的多項流程中。我們正賦能各團隊改善商戶導入與開發流程，推出由 AI 驅動的研究與支援新流程，並部署工具以進一步提升我們的顧問式服務與最佳化能力，造福全球各地的商戶。

Let's now move on to some of the exciting new brands that have joined the platform and went live across our various geographies during Q2.

現在讓我們談談第二季在我們平台上線、並在各個地區正式啟用的一些令人振奮的新品牌。

First off is Europe, where we were thrilled to launch with Ferrari, the legendary Italian supercar maker and one of the most iconic consumer brands in the world, a terrific new logo win for Global-e. Italy also saw the launches of Manebi, the espadrille specialist that turned its Mediterranean summer staple into a year-round luxury item and Liviana Conti, the first brand to launch with us out of the Italian fashion group, Abraham Industries.

首先是歐洲，我們非常高興與 Ferrari 合作上線——這家傳奇的義大利超跑製造商，也是全球最具代表性的消費品牌之一，為 Global-e 帶來一個極佳的新客戶標誌。義大利方面也迎來 Manebi 的上線——這家草編鞋（espadrille）專家將地中海夏日必備單品打造為全年皆宜的奢華商品；以及 Liviana Conti——義大利時尚集團 Abraham Industries 旗下首個與我們合作上線的品牌。

In Germany, we launched 6PM, the Berlin-based contemporary streetwear label as well as the influencer-founded fashion brand, Mikuta. Sweden saw several brand launches across a diverse set of verticals, including Malina, the fashion house in Stockholm; C'est Normal, a fashion and lifestyle brand for men founded by professional skier and entrepreneur, Jon Olsson; Synsam, one of the Nordic's largest optical retail chains and even Rimgard, an innovative Swedish engineering brand behind a patented high-end wheel security lock.

在德國，我們上線了 6PM——位於柏林的當代街頭服飾品牌，以及由網紅創立的時尚品牌 Mikuta。瑞典則在多元垂直領域迎來多個品牌上線，包括斯德哥爾摩時裝品牌 Malina；由職業滑雪選手兼企業家 Jon Olsson 創立的男性時尚與生活風格品牌 C'est Normal；北歐最大的眼鏡零售連鎖之一 Synsam；甚至還有 Rimgard——一家創新瑞典工程品牌，推出具專利的高端輪胎防盜鎖。

In France, we launched with another maison out of the LVMH Group. This time, with Officine Universelle Buly, the Parisian luxury brand fame for its artisanal fragrances since 1803. We also launched with another French brand that has a rich history, J.M. Weston, the French master shoemaker, which was founded in Limoges back in 1891.

在法國，我們與 LVMH 集團旗下的另一個品牌（maison）一同上線。這次是與 Officine Universelle Buly 合作，這個巴黎奢華品牌自 1803 年以來以其手工香氛聞名。我們也與另一個擁有深厚歷史的法國品牌一同上線：J.M. Weston，法國製鞋大師品牌，於 1891 年在利摩日創立。

In the UK, we launched with Naked Wolfe, a London-born sneaker brand known for its chunky statement footwear and heavy social media presence, with N.Peal, the historic Burlington Arcade cashmere house, famously worn on screen by James Bond and with Montirex, a Liverpool-born technical activewear label.

在英國，我們與 Naked Wolfe 上線，這是一個誕生於倫敦的球鞋品牌，以厚底、強烈風格的鞋款與強大的社群媒體聲量著稱；同時也與 N.Peal（伯靈頓拱廊街的歷史悠久羊絨品牌，曾在螢幕上由詹姆士・龐德著名穿著）以及 Montirex（來自利物浦的機能運動服飾品牌）合作上線。

In North America, we launched with many prominent brands, such as The ROOT Brands, the fast-growing wellness and supplements company; Buffbunny, the popular fitness and activewear brand by fitness influencer and entrepreneur, Heidi Somers, who bootstrapped this brand in 2016 from a living room in San Antonio, Texas; Dolce Vita, the L.A.-based contemporary footwear brand from the Steve Madden family; Six Zero Pickleball, the fast-growing paddle brand riding on the global pickleball boom; and McLaren Golf, the recently launched and highly anticipated brand of golf gear from the well-known McLaren racing team.

在北美，我們與多個知名品牌上線，例如：The ROOT Brands（快速成長的健康與營養補充品公司）；Buffbunny（由健身網紅與企業家 Heidi Somers 創立的熱門健身與運動服飾品牌，她於 2016 年在德州聖安東尼奧的客廳以自籌資金方式創立該品牌）；Dolce Vita（位於洛杉磯、出自 Steve Madden 家族的當代鞋履品牌）；Six Zero Pickleball（搭上全球匹克球熱潮、快速成長的球拍品牌）；以及 McLaren Golf（由知名 McLaren 賽車團隊近期推出、備受期待的高爾夫裝備品牌）。

Last but not least, in APAC, we launched with a second brand out of the Universal Music Japan Group, continuing our relationship with the label following their Q1 launch; with All Things Golden, a successful Australian boutique label; and with ADERERROR and The Loeil, two of Korea's most talked about fashion labels.

最後但同樣重要的是，在亞太地區（APAC），我們與日本環球音樂（Universal Music Japan Group）旗下的第二個品牌上線，延續我們在第一季上線後與該唱片公司的合作關係；也與成功的澳洲精品品牌 All Things Golden 上線；並與韓國最受矚目的兩個時尚品牌 ADERERROR 與 The Loeil 合作上線。

These are just a few of the exciting brands that have gone live with us over the second quarter. I want to take this opportunity to give credit to our professional services and onboarding teams who have done a tremendous job this year, launching more and more brands onto our platform.

以上只是第二季與我們一同上線的眾多令人振奮品牌中的一部分。我也想藉此機會肯定我們的專業服務與導入（onboarding）團隊；他們今年表現非常出色，將越來越多品牌成功導入並上線到我們的平台。

In addition to new merchant launches, Q2 also saw the expansion of our business with a number of prominent brands. FIGS continued to expand with us, opening up new countries across APAC. They remain one of the fastest-growing and most engaged brands on our platform.

除了新商戶上線之外，第二季也見證我們與多個知名品牌的業務擴張。FIGS 持續與我們擴張合作，在亞太地區新增開放多個國家。他們仍是我們平台上成長最快、互動度最高的品牌之一。

Other notable brands with which we expanded to additional lanes in Q2 are Fresh, the LVMH-owned skincare brand that launched with us back in Q1; Pokemon, where we expanded this quarter to take on significantly more volume related to their highly anticipated and viral drops; as well as Peter Millar and G/FORE, the Richemont golf-wear brands that launched last quarter; Camper, the Spanish footwear brand; and Isabel Marant, the French luxury fashion house, just to name a few.

第二季我們也與其他值得一提的品牌擴展到更多業務通路（lanes），包括：Fresh（LVMH 旗下護膚品牌，於第一季與我們上線）；Pokemon（本季擴大合作以承接更多與其高度期待且爆紅的限量發售相關的交易量）；以及 Peter Millar 與 G/FORE（Richemont 旗下高爾夫服飾品牌，於上季上線）；Camper（西班牙鞋履品牌）；以及 Isabel Marant（法國奢華時裝品牌）等，僅舉數例。

To summarize, we have had a great first half of 2026, and we expect continued strong growth and profit expansion in the back half of the year as is reflected in our updated full year guidance. Based on what we see today, we believe we are well positioned to exit 2026, which is the second year in our long-term strategic plan ahead of targets, further solidifying our commitment to durable growth and value creation.

總結而言，2026 年上半年我們表現非常出色；而如我們更新後的全年指引所反映，我們預期下半年將延續強勁成長並擴大利潤。基於我們目前所見，我們相信公司已具備良好態勢在 2026 年（亦即我們長期策略計畫的第二年）以優於目標的表現收官，進一步鞏固我們對可持續成長與價值創造的承諾。

I will now hand it over to Ofer to take us through the quarterly numbers in more depth and lay out our Q3 and updated 2026 full year guidance.

接下來我把時間交給 Ofer，請他更深入說明本季財務數字，並介紹我們第三季以及更新後的 2026 全年指引。

Thank you, Amir, and thanks, everyone, for joining us today for our earnings call. As Amir just highlighted, Q2 was another quarter of very strong growth for Global-e with results again significantly above the Rule of 50 as we continue to execute and deliver against our strategic plan to drive long-term and profitable growth across the business. Before I go into 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 financial measures. Definitions of these measures and reconciliation to the most directly comparable GAAP measures can be found in our earnings release.

謝謝你，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，第二季對 Global-e 而言又是一個成長非常強勁的季度，成果再次顯著高於「50 法則」（Rule of 50），我們持續執行並交付我們的策略計畫，以推動全公司長期且具獲利性的成長。在我進入本季細節之前，我想再次提醒大家：除了 GAAP 結果之外，我也會討論若干非 GAAP 財務衡量指標。這些指標的定義，以及與最直接可比的 GAAP 指標之調節表，可在我們的財報新聞稿中找到。

GMV in Q2 was $2.089 billion, up 44% year over year. Trading volumes were strong, driven by very strong same-store sales as we continue to see robust consumption patterns across most destination regions. Performance was further accelerated by highly impactful Q2 merchant promotions, which despite being annual events, generated stronger consumer response this year.

第二季 GMV 為 20.89 億美元，年增 44%。交易量表現強勁，主要由非常強勁的同店銷售帶動；我們持續看到多數目的地區域的消費型態依然穩健。此外，第二季商戶促銷活動帶來顯著助益；儘管這些是年度例行活動，但今年引發了更強的消費者反應，進一步加速了表現。

In addition, we continue to benefit from the positive impact of the merchant cohort that launched in the second half of 2025, see positive contribution from merchants launched in 2026 and benefit from some FX tailwinds as expected. In Q2, we generated total revenue of $299 million, up 39% year over year. Service fee revenue for the quarter was $139.4 million, up 36% year over year and fulfillment services revenue for the quarter was $159.6 million, up 42% year over year.

此外，我們持續受惠於 2025 年下半年上線之商戶群帶來的正面影響，也看到 2026 年上線商戶的正向貢獻，並如預期般受惠於部分匯率順風。第二季我們的總營收為 2.99 億美元，年增 39%。本季服務費收入為 1.394 億美元，年增 36%；履約服務收入為 1.596 億美元，年增 42%。

The service fee take rate of the core business remains fairly stable. And as expected, we saw a onetime decrease in the service fees baseline, driven by the shift of Managed Markets V1 merchants to V2 in the quarter, which due to the V2 accounting treatment reduced revenue, and at the same time, also reduced sales and marketing expenses.

核心業務的服務費抽成率（take rate）仍相對穩定。且如預期，我們看到服務費基準出現一次性下降，原因是本季 Managed Markets V1 商戶轉移至 V2；由於 V2 的會計處理方式使營收降低，同時也降低了銷售與行銷費用。

I believe it is important to note that as we continue to expand our suite of solutions with business models such as multi-local, Managed Markets and following the Passport acquisition, which is also mostly non-MoR, we believe take rate trends are becoming a less indicative metric of the state of the business. Since 2024, while take rates have modestly declined, our adjusted EBITDA margins have meaningfully expanded by more than 320 basis points.

我認為重要的是要指出，隨著我們持續擴展解決方案組合，涵蓋多本地（multi-local）、Managed Markets 等商業模式，以及在收購 Passport 之後（其模式也多為非 MoR），我們認為抽成率趨勢正逐漸成為較不具代表性的指標，難以充分反映業務狀態。自 2024 年以來，雖然抽成率小幅下降，但我們的調整後 EBITDA 利潤率已顯著擴張，提升超過 320 個基點。

Progressing through the income statement. Non-GAAP gross profit was $135.4 million, up 36% year over year, representing a non-GAAP gross margin of 45.3% compared to 46.5% in the same period last year. Gross margin was primarily affected by increased fuel costs, resulting from a gap between the time in which carriers update their fuel surcharges and the time we pass those updates on to merchants.

接著看損益表。非 GAAP 毛利為 1.354 億美元，年增 36%，非 GAAP 毛利率為 45.3%，相較去年同期為 46.5%。毛利率主要受到燃油成本上升影響，原因在於承運商更新燃油附加費與我們將該更新轉嫁給商戶之間存在時間差。

While we have a mechanism to adjust for fuel price changes, which we have utilized in recent months, in view of the high fuel prices volatility, at present time, we chose to reduce the level of uncertainty and volatility for the merchants and not to update pricing very frequently. GAAP gross profit was $131.9 million, representing a margin of 44.1%. Moving on to operational expenses.

雖然我們有一套機制可因應燃油價格變動進行調整，且近幾個月也已採用；但鑑於燃油價格波動性很高，目前我們選擇降低商戶端的不確定性與波動，因此不會非常頻繁地更新定價。GAAP 毛利為 1.319 億美元，毛利率為 44.1%。接下來看營運費用。

R&D expense in Q2, excluding stock-based compensation, was $30.4 million or 10.2% of revenue compared to $26.2 million or 12.2% in the same period last year. We continued to benefit from both operating leverage and the utilization of AI tools and agents to drive efficiency into the business during the quarter. Despite the continued investment in the enhancement of our platform to further expand our offering and add value to our merchants, R&D, excluding stock-based compensation, increased only 16% this quarter despite the continued growth in GMV of over 40%. Total R&D spend in Q2 was $35 million.

第二季研發費用（不含股權基礎薪酬）為 3,040 萬美元，占營收 10.2%；去年同期為 2,620 萬美元，占營收 12.2%。本季我們持續受惠於營運槓桿，以及運用 AI 工具與代理（agents）為業務帶來效率提升。儘管我們持續投資強化平台，以進一步擴展產品供給並為商戶創造價值，但本季研發費用（不含股權基礎薪酬）僅成長 16%，即便 GMV 仍持續成長超過 40%。第二季研發總支出為 3,500 萬美元。

We also continued to invest in sales and marketing to drive our future growth, including in our go-to-market and quota-carrying team, the marketing of Borderfree.com and investment in building our brand reputation in both new and existing markets.

我們也持續投資於銷售與行銷以推動未來成長，包括投資於我們的上市策略（go-to-market）與配額承擔團隊（quota-carrying team）、Borderfree.com 的行銷，以及在新市場與既有市場中建立我們品牌聲譽的投資。

Sales and marketing expense, excluding stock-based compensation and acquisition-related intangible amortization was $31.8 million or 10.6% of revenue compared to $27.2 million or 12.7% of revenue in the same period last year. The decrease in sales and marketing expense as a percentage of revenue is partially driven by the migration of Managed Markets merchants from V1 to V2.

銷售與行銷費用（不含以股份為基礎的薪酬及併購相關無形資產攤銷）為 3,180 萬美元，占營收 10.6%，相較去年同期為 2,720 萬美元，占營收 12.7%。銷售與行銷費用占營收比重下降，部分是由於受託管理市場（Managed Markets）商戶從 V1 遷移至 V2 所帶動。

Total sales and marketing expenses for the quarter were $35.8 million. General and administrative expenses, excluding stock-based compensation and acquisition-related contingent consideration, were $11.7 million or 3.9% of revenue compared to $8.8 million or 4.1% of revenue in the same period last year. Total G&A spend in Q2 was $16.4 million.

本季銷售與行銷費用總額為 3,580 萬美元。一般及行政費用（不含以股份為基礎的薪酬及併購相關或有對價）為 1,170 萬美元，占營收 3.9%，相較去年同期為 880 萬美元，占營收 4.1%。第二季 G&A 總支出為 1,640 萬美元。

We are happy to see our OpEx, excluding stock-based compensation and acquisition-related intangible amortization at under 25% of revenue, driven by scale leverage and operational efficiencies. This was one of the financial targets we set pre-IPO, and we are very proud to achieve this milestone. Total OpEx as a percentage of revenue was 29%.

我們很高興看到我們的營業費用（OpEx）（不含以股份為基礎的薪酬及併購相關無形資產攤銷）低於營收的 25%，主要受規模槓桿與營運效率提升所驅動。這是我們在 IPO 前設定的財務目標之一，我們非常自豪能達成這一里程碑。營業費用總額占營收比重為 29%。

Our bottom line continued to grow even faster than our top line. Adjusted EBITDA for the quarter was $62.4 million, representing a 20.9% adjusted EBITDA margin, an increase of 62% from the $38.5 million or 17.9% margin in the same period last year.

我們的獲利端持續以比營收端更快的速度成長。本季調整後 EBITDA 為 6,240 萬美元，代表 20.9% 的調整後 EBITDA 利潤率，較去年同期的 3,850 萬美元或 17.9% 利潤率成長 62%。

Non-GAAP net profit for the quarter was $64.9 million compared to $37.9 million in the same period last year. Non-GAAP net profit per share was $0.37 on a fully diluted basis compared to $0.22 in the same period last year. GAAP net profit for the quarter was $47.7 million compared to a net profit of $10.5 million last year and fully diluted GAAP EPS was $0.27.

本季非 GAAP 淨利為 6,490 萬美元，去年同期為 3,790 萬美元。以完全稀釋基礎計算，本季非 GAAP 每股淨利為 0.37 美元，去年同期為 0.22 美元。本季 GAAP 淨利為 4,770 萬美元，去年為 1,050 萬美元的淨利；完全稀釋後 GAAP 每股盈餘（EPS）為 0.27 美元。

Turning to the balance sheet and cash flow statement. We ended Q2 with $530 million in cash and cash equivalents, including short-term deposits and marketable securities. Free cash flow in the quarter was $73.2 million. This compares with $63.5 million of free cash flow in Q2 of 2025. Net cash from operating activities was $73.6 million compared to $65 million a year ago.

接著看資產負債表與現金流量表。我們在第二季末持有 5.30 億美元的現金及約當現金，包括短期存款與有價證券。本季自由現金流為 7,320 萬美元。相較之下，2025 年第二季自由現金流為 6,350 萬美元。營業活動淨現金流入為 7,360 萬美元，去年同期為 6,500 萬美元。

As Amir mentioned, in Q2, we continued to execute on our share repurchase program and completed the remaining capacity under the $200 million 2025 plan. We repurchased approximately $68 million in stock in the quarter and have now repurchased 5.7 million shares in total since the start of the program. As said, during the quarter, the Board approved a new $500 million share repurchase plan, which we expect to begin executing on moving forward.

如 Amir 所提到的，第二季我們持續執行庫藏股回購計畫，並完成 2025 年 2 億美元計畫下的剩餘可用額度。本季我們回購約 6,800 萬美元的股票，自計畫開始以來累計已回購 570 萬股。如前所述，本季董事會核准新的 5 億美元庫藏股回購計畫，我們預期未來將開始執行。

Turning to our financial outlook and guidance for Q3 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 Global-e. We have raised again both the top and bottom line outlook for the year. In addition, we have included in the guidance the expected contribution of Passport.

接著談我們對第三季的財務展望與指引，以及對 2026 全年的更新展望。我們仍然認為 2026 年將是 Global-e 營收與獲利（top line 與 bottom line）都非常強勁成長的另一年。我們再次上調了今年營收與獲利的展望。此外，我們也在指引中納入 Passport 的預期貢獻。

For Q3 2026, we are expecting GMV to be in the range of $1.995 billion to $2.045 billion. At the midpoint of the range, this represents a growth rate of 34% versus Q3 of 2025. Out of that, we expect Passport to contribute approximately $20 million from its Merchant of Record service. We expect Q3 revenue to be in the range of $308.5 million to $315.5 million, representing a growth rate of over 41% versus Q3 of 2025. Of that, we expect Passport to contribute $24 million to $26 million.

對於 2026 年第三季，我們預期 GMV 將介於 19.95 億美元至 20.45 億美元之間。以區間中值計算，較 2025 年第三季成長 34%。其中，我們預期 Passport 的 Merchant of Record 服務將貢獻約 2,000 萬美元。我們預期第三季營收將介於 3.085 億美元至 3.155 億美元之間，較 2025 年第三季成長超過 41%。其中，我們預期 Passport 將貢獻 2,400 萬美元至 2,600 萬美元。

Lastly, for adjusted EBITDA, we are expecting a range of $58.5 million to $62.5 million or 19.4% margin at the midpoint of the range. Of that, Passport is expected to have a contribution of less than $1 million.

最後，就調整後 EBITDA 而言，我們預期將介於 5,850 萬美元至 6,250 萬美元之間，區間中值的利潤率為 19.4%。其中，Passport 預期貢獻不到 100 萬美元。

For the full year of 2026, we now anticipate GMV to be in the range of $8.81 billion to $9.11 billion, representing an annual growth rate of 36.4% at the midpoint of the range. Of that, Passport is expected to contribute approximately $60 million in the back half of 2026 from its Merchant of Record service. Revenue for the full year is now expected to be in the range of $1.305 billion to $1.355 billion, representing a year-over-year growth of 38% at the midpoint of the range. Of that, Passport is expected to contribute $55 million to $59 million in the back half of 2026.

對於 2026 全年，我們目前預期 GMV 將介於 88.1 億美元至 91.1 億美元之間，以區間中值計算年成長率為 36.4%。其中，Passport 預期在 2026 年下半年透過其 Merchant of Record 服務貢獻約 6,000 萬美元。全年營收目前預期將介於 13.05 億美元至 13.55 億美元之間，以區間中值計算年增 38%。其中，Passport 預期在 2026 年下半年貢獻 5,500 萬美元至 5,900 萬美元。

Lastly, we expect adjusted EBITDA and adjusted EBITDA margins to continue to expand supported by operating leverage and utilization of AI. We now expect to achieve 2026 adjusted EBITDA in the range of $278 million to $300 million, representing a 46% growth at the midpoint and a 21.7% margin. Of that, Passport is expected to contribute $3 million to $4 million in the back half of 2026.

最後，我們預期在營運槓桿與 AI 應用帶動下，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 2.78 億美元至 3.00 億美元之間，以區間中值計算成長 46%，利潤率為 21.7%。其中，Passport 預期在 2026 年下半年貢獻 300 萬美元至 400 萬美元。

As discussed at the time of the acquisition, Passport is growing slightly ahead of our overall growth rate and is generating a mid-30s gross margin. We expect the Passport margins and cash flow to improve further in 2027 as the business continues to grow and as we realize integration synergies with our existing scale.

如同在併購時所討論，Passport 的成長速度略高於我們整體成長率，且其毛利率約為 30% 中段水準。隨著業務持續成長，並且我們與既有規模實現整合綜效，我們預期 Passport 的利潤率與現金流在 2027 年將進一步改善。

In conclusion, we had a very strong first half, and we look forward to continuing to support our merchants on their international journey. We are the clear leader in a fast-growing and exciting market and are continuing to execute well upon our multiyear plan. With our strong momentum, we believe we are well positioned to deliver another year of results well above the Rule of 50.

總結來說，我們上半年表現非常強勁，並期待持續支持我們的商戶拓展其國際化旅程。我們是這個快速成長且令人振奮市場中的明確領導者，並持續良好地執行我們的多年期計畫。憑藉強勁動能，我們相信我們已具備良好條件，在今年交出再次大幅優於「50 法則」（Rule of 50）的成果。

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

接下來，Amir、Nir、Alan 和我很樂意回答各位的任何問題。接線員？

(Operator Instructions) Andrew Bauch, BMO.

(接線員指示) Andrew Bauch，BMO。

Great quarter, guys. Good to see the acceleration, especially against a tougher comp. I want to ask you about Managed Markets. You made the conversion from 1.0 to 2.0 this quarter. I was wondering if you could share any additional data points on what you're seeing around things like conversion or attach?

各位，本季表現很棒。很高興看到成長加速，尤其是在比較基期更具挑戰的情況下。我想請教你們關於受託管理市場（Managed Markets）。你們在本季完成了從 1.0 到 2.0 的轉換。想請問你們是否能分享更多數據點，說明你們在轉換率（conversion）或附加率／搭售率（attach）等方面觀察到的情況？

And what kind of growth are you contemplating for Managed Markets this year because we understand growth in that business was largely on pause last year.

今年你們對 Managed Markets 的成長有何規劃？因為我們理解去年該業務的成長在很大程度上是暫停的。

We are seeing an increase in adoption following the rollout of V2. We are also excited with the opening of the general availability on Managed Markets in Canada and UK, which is positively impacting the interest level outside the US and overall.

在 V2 推出後，我們看到採用率有所提升。我們也對 Managed Markets 在加拿大與英國開放全面可用（general availability）感到振奮，這正面提升了美國以外以及整體的興趣程度。

And lastly, we have seen positive feedback from merchants that migrated from V1 to V2 on the merchant experience and on the overall conversion. Also the continued development we made around managed pricing together with Shopify have yielded good results in terms of its contribution to participating merchants in the conversion.

最後，我們也收到從 V1 遷移到 V2 的商家對商家體驗與整體轉換率的正面回饋。此外，我們與 Shopify 共同持續在託管定價（managed pricing）方面的開發，也在其對參與商家轉換率的貢獻上帶來了良好成果。

So all in all, we are tracking in the right direction and we see continuous increase in adoption. Managed Markets is a longer-term play. We do believe it will continue to grow over time and continue to accelerate in its contribution to Global-e and to Shopify.

總體而言，我們的進展方向正確，並且看到採用率持續提升。Managed Markets 是一項較長期的布局。我們確信它會隨時間持續成長，並持續加速其對 Global-e 與 Shopify 的貢獻。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

Good to see the results and guidance. It seems like, first, same-store sales growth continues to outpace expectations. And then second, newly launched merchants, including those that joined Global-e maybe in the back half of 2025, are ramping faster on the platform. Can you guys please contextualize those trends for us a little further? Are newer customers ramping faster because of better onboarding processes within Global-e?

很高興看到這次的業績與指引。看起來，第一，同店銷售成長持續超出預期。第二，新上線的商家（包括可能在 2025 年下半年加入 Global-e 的商家）在平台上的爬坡速度更快。你們能否再多一些脈絡來說明這些趨勢？新客戶爬坡更快，是因為 Global-e 的導入／上線（onboarding）流程更完善嗎？

Are international trends better because marketing tools in the industry are getting more precise and allowing them to grow faster? Is it macro? And then given the strong backdrop, what are you expecting around same-store sales trends in the back half?

國際市場的趨勢更好，是因為產業中的行銷工具變得更精準、讓他們能更快成長嗎？還是宏觀因素？另外，在這樣強勁的背景下，你們對下半年同店銷售趨勢有何預期？

So first of all, we are excited with what we've seen in the first half of 2026 and even further acceleration we have witnessed in Q2. The performance of merchants that launched with us in the back half of 2025 is exceptionally good. We have seen the conversion rates going up, those sales going up even further than our expectation, and this continues to contribute highly in the first half, but also we see the contribution it will yield also to the back half. In terms of same-store sales, we are trading above the historical level. So consumer demand looks good and resilient across virtually almost all markets around the world.

首先，我們對 2026 年上半年看到的表現感到振奮，且在第二季看到進一步加速。在 2025 年下半年與我們上線的商家表現非常出色。我們看到轉換率上升、銷售額成長甚至超出我們的預期，這在上半年持續帶來高度貢獻，同時我們也看到其在下半年也將帶來貢獻。就同店銷售而言，我們目前的表現高於歷史水準。因此，幾乎在全球各市場，消費需求看起來都不錯且具韌性。

In terms of the backdrop, we do have some normalization baked in as we guided also in previous quarters into the same-store sales. Some of it relates to tailwinds of FX that we had mainly in Q1 and some of it also in Q2 that will no longer expected to be in the back half of the year. And some of that is related to easier comps on the first half of the year due to the duties that were -- duties noise that started in the first part of 2025 and normalized over the year. But in general, we do see strong growth continues, and it's reflected in our guidance that now sees a stronger back half of the year than what we anticipated a quarter ago.

就大環境而言，我們在同店銷售的假設中也納入了一些正常化因素，正如我們在前幾季的指引所提到的。其中一部分與匯率（FX）帶來的順風有關，主要在第一季、第二季也有一些，但預期下半年將不再出現。另外一部分則與上半年較容易的比較基期有關，因為 2025 年初開始出現關稅（duties）相關的雜訊，並在一年中逐步正常化。但整體而言，我們仍看到強勁成長持續，這也反映在我們的指引中：目前我們預期下半年會比一季前所預期的更強。

Rob Wildhack, Autonomous Research.

Rob Wildhack，Autonomous Research。

Okay, good. So you called out some larger promotions by your top merchants in the second quarter. And I was curious if you could add some more context to the effect that those might have had on GMV growth. Are they worth like a couple of percentage points or something like that? And then looking forward, can you remind us on the cadence of that promotional activity through the rest of the year and how that might affect the volume growth that you're guiding to?

好的，了解。你們提到第二季你們的頭部商家做了一些較大型的促銷。我想請你們補充一些脈絡：這些促銷對 GMV 成長可能帶來了多大影響？大概是幾個百分點之類的嗎？再往前看，你們能否提醒我們今年剩餘時間促銷活動的節奏，以及這可能如何影響你們所指引的量（volume）成長？

Sure. So this -- most of these promotions are annual promotions, a lot of the merchants and some of our larger merchants have sort of a biannual approach to promotions. So they have large promotions in Q4. And then they also have some large promotions in Q2. It's the same promotions every year.

當然。這些促銷多數是年度例行促銷；許多商家、以及我們一些較大型的商家，促銷策略大致是每年兩次。因此他們在第四季會有大型促銷。同時在第二季也會有一些大型促銷。每年都是同樣的促銷活動。

So we've seen that in '25, in '24 and even earlier. So nothing out of the ordinary here. The interesting thing is that the consumer reaction in 2026, in Q2 2026 was very strong to those -- to the same promotions that they run every year. We've seen very strong results for those promotions, and that has contributed to Q2 results. In general, I can say that over the last two or three years, we are seeing over time a better reaction to promotions.

我們在 2025 年、2024 年甚至更早就看過這種情況。所以這裡沒有任何不尋常之處。有趣的是，2026 年、也就是 2026 年第二季，消費者對這些——對他們每年都會做的同樣促銷——反應非常強烈。我們看到這些促銷帶來非常強勁的成果，並對第二季業績有所貢獻。整體來說，我可以說在過去兩到三年，我們逐步看到消費者對促銷的反應變得更好。

We see consumers planning their shopping, at least some of the consumers. I think it's evident in our last two years' Q4 results. So it is a trend. And we believe that we will continue to see this in the future.

我們看到消費者（至少部分消費者）會規劃他們的購物時點。我認為這在我們過去兩年的第四季結果中很明顯。所以這是一個趨勢。我們相信未來也會持續看到這種情況。

Scott Berg, Needham.

Scott Berg，Needham。

Really nice quarter here. I guess I got a couple. I'm not sure if this is for Amir or Nir. But as you think about the Managed Markets 2.0 traction, what type of KPIs or milestones should we all be looking for? Obviously, GMV commentary is key, but whether it's customers moving from version one or what you're seeing from initial adoption of 2.0? It'd just be great to hear if there's any other items you think are worth us paying attention to.

這一季表現非常好。我想我有幾個問題。不確定這題是問 Amir 還是 Nir。但當你們看 Managed Markets 2.0 的推進／動能（traction）時，我們應該關注哪些 KPI 或里程碑？顯然 GMV 的評論很關鍵，但例如從 1.0 版本移轉的客戶數，或是你們看到 2.0 初期採用的情況？很希望聽聽是否還有其他你們認為值得我們留意的項目。

Scott, it's Nir. So basically, we are tracking adoption and tracking GMV on Managed Markets, and this would be our main factors. In terms of the migration itself, it was completely done. It wasn't a long-term phased approach. It was done in a few batches, but it was completed.

Scott，我是 Nir。基本上，我們會追蹤 Managed Markets 的採用率以及其 GMV，這會是我們主要的衡量因素。至於遷移本身，已經完全完成。這不是一個長期分階段的做法。雖然分了幾個批次進行，但已經完成。

So we shouldn't expect any more changes in terms of contribution between revenue and cost or expense recorded going forward. It was completed. So now it's just to focus on the business and the growth of it. We, together with Shopify, are fully engaged and behind the product, we continue to develop elements that we believe would get more merchants to trade on it, easier to trade on it with better results. And we do see early indications of increased adoption and better trading.

因此，未來在收入與成本（或費用）認列的貢獻結構上，不應再預期有任何變動。它已經完成。所以現在就是專注在業務本身以及其成長。我們與 Shopify 一起全力投入並支持這個產品，並持續開發我們認為能讓更多商家更容易在其上交易、且帶來更好成果的功能要素。我們也確實看到採用率提升與交易表現改善的早期跡象。

So we are optimistic on the longer-term trend and the continued growth of Managed Markets.

因此，我們對 Managed Markets 的長期趨勢與持續成長保持樂觀。

Very helpful, Nir. And then Ofer, you talked about gross margins in the quarter being down in Q1, partially because of the Managed Markets conversions because of the new commercial agreements or the difference in commercial agreements on the Managed Markets 2.0. Is the second quarter gross margin we saw, is this kind of the right baseline start working our models around going forward? Or with the last remaining conversions, would there be another slight step down? Of course, understanding just the EBITDA margin impact is pretty negligible overall.

非常有幫助，Nir。接著 Ofer，你提到本季毛利率在第一季下滑，部分原因是 Managed Markets 的轉換，因為新的商業協議、或 Managed Markets 2.0 商業協議的差異所致。那我們在第二季看到的毛利率，是否可以視為未來建立模型時的合理基準水準？或者，隨著最後剩餘的轉換完成，毛利率還會再有一點點下移？當然也理解，整體而言對 EBITDA 利潤率的影響相當可忽略。

Yes. So gross margins have been pretty stable in the last few quarters. And in Q2, we've seen a certain decrease. As I mentioned on the prepared remarks, it was mainly driven by fuel prices. Basically, fuel prices were on the increase and also very volatile.

是的。所以過去幾個季度的毛利率一直相當穩定。而在第二季，我們看到有一定程度的下降。如我在事先準備的發言中提到的，主要是由燃油價格所驅動。基本上，燃油價格在上升，而且波動也非常大。

And carriers were updating these prices much more frequently than in the past. And our business decision was not to sort of create that volatility on the merchant side. And while we have updated the pricing, we are not doing it as frequently as the carriers, and we decided to absorb some of the cost temporarily. So that was the main impact in Q2. In terms of Managed Markets, as Nir mentioned, the migration from V1 to V2 is completed.

而承運商更新這些價格的頻率比過去高得多。我們的商業決策是不在商戶端製造那種波動。因此，雖然我們也有更新定價，但更新頻率沒有承運商那麼高，我們決定暫時吸收部分成本。所以這是第二季的主要影響。至於 Managed Markets，如 Nir 所提到的，從 V1 到 V2 的遷移已經完成。

It happened -- some of it happened late Q1, towards the end of Q1, last days of Q1 and the remaining merchants moved within the quarter. So it's behind us. And I think that in that sense, Q2 results reflect most of the impact from the V1 to V2 migration.

其中一部分發生在第一季末期——接近第一季結束、第一季最後幾天，剩餘的商戶則在本季度內完成遷移。所以這已經告一段落。我認為從這個角度來看，第二季的結果反映了 V1 到 V2 遷移的大部分影響。

James Faucette, Morgan Stanley.

James Faucette，摩根士丹利。

I want to follow-up with a margin question. And just wondering if you can outline for us how you're thinking about where margins can get. Passport, obviously, is a little below corporate average, but it sounds like those are improving. Can that be ultimately in line with the overall corporate level? And just looking at cross-sell opportunities for Passport into the broader Global-e solution, how should we think about that and that potential to drive both revenue and margin expansion?

我想追問一個關於利潤率的問題。想請你們概述一下，你們如何看待利潤率最終可以達到的水準。Passport 顯然略低於公司整體平均，但聽起來正在改善。它最終能否與公司整體水準一致？另外，從 Passport 向更廣泛的 Global-e 解決方案進行交叉銷售的機會來看，我們應該如何理解這一點，以及其推動營收與利潤率擴張的潛力？

Yes. So in terms of our bottom line, we are very happy with the results. We have been able to gradually expand adjusted EBITDA margins as we planned. This was part of our -- of the long-term plan that we've presented in our Investor Day, and we are able to gradually improve, and this is driven by the growth and the operational leverage that we are able to achieve. And we believe that going forward, we will continue to improve over time.

是的。就我們的獲利表現而言，我們對結果非常滿意。我們已能如計畫逐步擴大調整後 EBITDA 利潤率。這是我們在投資人日所提出的長期計畫的一部分，我們能夠逐步改善，而這主要由成長以及我們得以實現的營運槓桿所驅動。我們相信未來也將隨時間持續改善。

In terms of Passport, we are very excited about this acquisition. Looking at the financials, as we've mentioned, they are growing fast. And they are over the sort of the tipping point as they are adjusted EBITDA positive and also positive in cash flow. We believe that based on Passport growth and the integration to Global-e and the synergies that we are able to achieve, we can get to similar levels of profitability with Passport. In addition to that, we believe that over time, Passport could also contribute, again, from a sort of a synergy side to Global-e as we believe that we will be able to offer a much more complete shipping proposition to the merchants.

就 Passport 而言，我們對這項收購非常興奮。從財務表現來看，如我們提到的，他們成長很快。而且他們已經跨過某種「臨界點」，因為他們的調整後 EBITDA 已轉正，現金流也為正。我們相信，基於 Passport 的成長、與 Global-e 的整合，以及我們能夠實現的協同效益，我們可以讓 Passport 達到類似的獲利水準。此外，我們也相信，隨著時間推進，Passport 也能從協同角度再次為 Global-e 做出貢獻，因為我們相信我們將能為商戶提供更完整的運輸方案。

We believe that we can increase also revenue through that.

我們相信這也能帶動營收提升。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

I wanted to ask a couple of questions on Managed Markets. First, did you see the expected acceleration or uplift from the mention in summer additions? And Shopify has built out some extensive AI offerings for its merchants, including Sidekick. And do you know to what degree Managed Markets is being promoted through those channels or being pushed on merchants through those channels?

我想就 Managed Markets 問幾個問題。第一，你們是否看到如預期般、因夏季新增商戶（additions）的提及而帶來的加速或提升？另外，Shopify 為其商戶打造了一些廣泛的 AI 產品，包括 Sidekick。你們是否知道 Managed Markets 在多大程度上透過這些管道被推廣，或透過這些管道向商戶推送？

And secondly, in terms of Passport, is there any seasonality that we should know that might be different from your own over the next four quarters, so we understand how to model for the back half of the year and into next year?

第二，關於 Passport，未來四個季度是否有任何我們需要注意、可能與你們自身不同的季節性因素，以便我們理解如何對今年下半年以及明年進行建模？

It's Nir. I'll take the Managed Markets part. So in general, following additions, we see more interest coming into Managed Markets. We have seen more adoptions and this, together with the switch from V1 to V2 that makes it easier to adopt Managed Markets is creating more interest. We have seen adoptions and trading going up.

我是 Nir。我來回答 Managed Markets 的部分。整體而言，在新增（additions）之後，我們看到對 Managed Markets 的興趣增加。我們看到更多採用，而這再加上從 V1 切換到 V2 使得採用 Managed Markets 更容易，正在帶來更多興趣。我們看到採用與交易量都在上升。

It's continuously going up, but it is a long-term play. So we are excited with what we see. Shopify is backing the plan. They are pushing it in different channels, including their console. So it is going well, and we continue to work through additional parts of the offering that we think would get the adoption to be quicker and also the trading to be even further efficient and better conversion than what we were able to achieve so far.

它在持續上升，但這是一個長期布局。所以我們對目前看到的情況感到振奮。Shopify 正在支持這個計畫。他們透過不同管道推動，包括他們的控制台（console）。因此進展良好，我們也持續推進產品供給的其他部分，我們認為這將使採用更快，同時讓交易更有效率，並帶來比我們目前所達成更好的轉換率。

So we are excited about the long-term possibility, and we already see indications of the growth in adoption. So quite a positive development on the Managed Markets front.

因此我們對長期的可能性感到興奮，而且我們已經看到採用成長的跡象。所以在 Managed Markets 方面是相當正面的發展。

And then to answer your question on Passport seasonality, it's a pretty similar pattern to Global-e. So you can pretty much assume sort of a similar seasonality between the quarters.

至於你問到 Passport 的季節性，它的模式與 Global-e 相當類似。所以你大致可以假設各季度之間有類似的季節性。

Will Nance, Goldman Sachs.

Will Nance，高盛。

I wanted to maybe push you guys a little bit on the take rate commentary. I know it's a big focus for investors. When I look at the long-term targets, I think there is a 3- to 5-point gap between revenue and GMV. And so I think the baseline expectation is for modest take rate compression over time. But you're talking a lot about some of these value-added services, Borderfree, duty drawbacks, the marketing services.

我想在 take rate（抽成率／費率）這部分的評論上，可能要再追問你們更深入一點。我知道這是投資人非常關注的重點。當我看長期目標時，我認為營收與 GMV 之間大約有 3 到 5 個百分點的差距。因此基準預期是 take rate 會隨時間出現溫和的壓縮。但你們談了很多增值服務，例如 Borderfree、關稅退稅（duty drawbacks）、行銷服務。

So maybe you could talk in the context of some of these value-added services, how you think about how this could impact the top line trend relative to GMV and whether you see an opportunity to mitigate some of that take rate compression, just acknowledging the fact that you guys are growing well ahead of the medium-term outlook that you provided at the Investor Day.

所以也許你們可以在這些增值服務的脈絡下談談，你們如何看待這些服務會如何影響營收相對於 GMV 的趨勢，以及你們是否看到機會去緩解部分 take rate 壓縮；同時也承認你們目前的成長明顯快於你們在投資人日所提供的中期展望。

Thanks, Will. I think that when we are discussing take rates, it's very important to mention that our focus is on providing the best combination of platform and service for our merchants and in turn to grow our top and bottom line. So over time, we have expanded, as you know, the scope of solutions that we provide to merchants. And these solutions by nature, they carry different take rates. All are accretive to our top line growth and bottom line.

謝謝你，Will。我認為在討論 take rate 時，非常重要的一點是：我們的重點在於為商戶提供最佳的平台與服務組合，並進而推動我們的營收與獲利成長。因此隨著時間推進，我們如你所知，已擴大了提供給商戶的解決方案範圍。而這些解決方案本質上會對應不同的 take rate。但它們都能增厚（accretive）我們的營收成長與獲利表現。

So we believe that all of these solutions are great solutions for the merchants and also create value for Global-e. And by offering these different models that are catering different merchant needs, this enables us to drive consistently fast and profitable growth. So as we evolve our suite of solutions, we believe that take rate has become and will continue to be less indicative of how our business is trending. And for example, if you take the Passport addition into the portfolio, it actually increases our take rate, but we don't see that as a positive nor as a negative, just a different sort of financial profile of the company. So we believe that you need to look at revenue.

因此我們相信，這些解決方案對商戶而言都是很好的方案，也能為 Global-e 創造價值。透過提供這些不同模式、以滿足不同商戶需求，我們得以持續推動快速且具獲利性的成長。因此，隨著我們的解決方案組合演進，我們認為 take rate 已經、且將持續變得較不那麼能代表我們業務的趨勢。例如，如果把 Passport 納入產品組合，它其實會提高我們的 take rate，但我們不把這視為正面或負面，只是公司不同的財務輪廓。因此我們認為你需要看的是營收。

We need to look at GMV, but we believe that the take rates are less important. And in terms of value-added services, we are very excited about those, and I'll leave it to Nir to elaborate on that.

我們需要看GMV，但我們認為抽成率的重要性較低。至於加值服務，我們對此非常興奮，我會交給Nir進一步說明。

Sure. And we are very happy with the development we've seen on the adoption of our value-added services. Duty drawback in general, is growing significantly in its utilization across our merchants worldwide. And in particular, if we speak about import duty drawback in the US, we have seen the first few merchants claim being approved. We have seen the process starting to grow.

好的。我們對於加值服務採用率的發展感到非常滿意。一般而言，關稅退稅（duty drawback）在我們全球商戶中的使用率正顯著成長。特別是談到美國的進口關稅退稅，我們已看到前幾家商戶的申請獲得核准。我們也看到流程開始擴大。

We see more and more clients being able to construct and extract the data they need in order to provide us with the ability to claim on their behalf. And we believe this will become a significant business over time. In terms of Borderfree.com as well, we continue to see increase in adoption. It grew to become 6.5% of GMV for participating brands. We continue to see an increase in the direct to checkout from Borderfree.com, yielding our affiliation being our affiliation fee.

我們看到越來越多客戶能夠建置並擷取他們所需的資料，以便讓我們能代表他們提出申請。我們相信這將隨時間推移成為一項重要業務。至於Borderfree.com，我們也持續看到採用率提升。對於參與品牌而言，它成長到占GMV的6.5%。我們持續看到從Borderfree.com直接導流至結帳的比例增加，進而帶來我們的聯盟費（affiliation fee）。

So all in all, quite positive development across our value-added service that over time, we believe will be reflected into the different elements of our take rates. As Ofer indicated, take rates have become much more a result and not something we managed for due to the mix of different business models that we have from multi-local to our regular model to the Passport non-MoR model to digital goods versus physical goods, et cetera. However, we do plan and we do expect it to stabilize due to the value-added services kicking in at a larger scale.

總體而言，我們的加值服務在各方面都有相當正面的發展；我們相信，隨著時間推移，這些將反映在抽成率的不同構成要素上。如Ofer所指出，抽成率已更像是一個結果，而非我們刻意管理的指標，因為我們有多種不同的商業模式組合，從multi-local到我們的一般模式、Passport非MoR模式、數位商品相對於實體商品等等。不過，我們確實有規劃也預期，隨著加值服務以更大規模發揮作用，抽成率將趨於穩定。

To add specifically for 2026, as reflected in the guidance, excluding Passport, we expect take rates to remain fairly stable throughout the back half of the year.

特別補充2026年，如同指引所反映的，若排除Passport，我們預期抽成率在今年下半年將維持相對穩定。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，Benchmark。

Just a couple of quick ones on GMV and specifically 3Q and 4Q implied GMV. Just curious if there's any plus or minus variables to consider that impacts growth in these periods that's different than the normal seasonality you typically witness. And then separately, given a number of newly announced luxury wins, just curious how you compare your GMV exposure to this segment today versus, say, a year ago?

我有幾個關於GMV、特別是第三季與第四季隱含GMV的快速問題。想請教在這些期間，是否有任何正負向變數需要考量，會影響成長、且不同於你們通常看到的正常季節性。另外，鑑於近期宣布拿下多個奢侈品牌客戶，想了解你們目前對奢侈品這一細分市場的GMV曝險，與例如一年前相比如何？

Thank you for that, Mark. In terms of luxury, we did have some nice wins, and we are really excited about being able to have some land and expand motion within the large luxury group. However, as a percent -- in terms of percentage overall, I don't think luxury has increased in the last few quarters, and we don't expect the luxury's share to increase going forward. In terms of seasonality, we do not expect any unordinary trends. We see sort of the normal cadence.

謝謝你，Mark。就奢侈品而言，我們確實拿下了一些不錯的案子，我們也非常期待能在大型奢侈品集團內推動「先落地、再擴張」（land and expand）的動能。不過，以整體占比來看，我不認為奢侈品在過去幾季有增加，我們也不預期未來奢侈品占比會上升。至於季節性，我們不預期會有任何不尋常的趨勢。我們看到的是正常的節奏。

So Q3 is typically a bit less promotions and a lighter quarter and Q4, of course, we expect to see sort of similar dynamics to previous years.

因此，第三季通常促銷較少、是相對較淡的一季；而第四季當然，我們預期會看到與往年類似的動態。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Congrats on a strong quarter. So just one for me. As you're thinking about the top of the funnel, I know we're maybe a year removed from some really volatile times as it relates to tariffs. I'd love to understand the velocity of customers potentially coming to you. And I know you mentioned newer customers kind of ramping a bit bigger.

恭喜本季表現強勁。我只有一個問題。當你們思考漏斗頂端（top of the funnel）時，我知道我們距離關稅相關的高度波動期大概已過了一年。我想了解客戶可能流向你們的速度（velocity）。我也知道你們提到較新的客戶在爬坡時規模更大一些。

Is that just from a GMV size as they're coming on or are they potentially buying more products?

這只是因為他們導入時的GMV規模較大，還是他們可能購買更多產品？

Brian, in general, about our pipeline, our new merchant launches for 2026 continue to progress very well and as we planned. As Amir mentioned in his talk, we had a very busy first half of 2026 with some amazing brands that have launched with us and are currently -- and we're currently onboarding a significant amount of brands into our second half of the year. In terms of the sales funnel, we are very happy with what we see across the funnel and the leads that are coming in. So far, 2026 is shaping to be stronger than what we have seen in 2025. Some of it is supported by the AI discovery tools that we deployed late '25, early 2026.

Brian，整體來看，我們2026年的新商戶上線管線（pipeline）持續進展得非常好，且符合我們的規劃。如Amir在發言中提到，我們在2026年上半年非常忙碌，有一些很棒的品牌已與我們上線，而我們目前也正在為下半年導入相當多的品牌。就銷售漏斗而言，我們對整個漏斗的表現以及進來的潛在客戶線索（leads）感到非常滿意。到目前為止，2026年的走勢看起來會比我們在2025年看到的更強。其中一部分受惠於我們在2025年底、2026年初部署的AI探索工具（AI discovery tools）。

So we have seen an increase at the top of the funnel. And some of it is increase in conversion throughout the funnel, as you mentioned, also contributed by the changes of duties, not only in the US or now in Europe in July, the minimums were removed also in the European Union. So a lot of merchants are looking for stronger solutions to streamline their global trade, and this is doing good for us.

因此，我們看到漏斗頂端有所增加。另外一部分則是如你所提到的，整個漏斗的轉換率提升；這也受到關稅規則變動的影響，不僅在美國，現在在歐洲也是如此——7月歐盟也取消了最低門檻。因此，許多商戶正在尋找更強的解決方案來簡化其全球貿易流程，這對我們很有利。

Chris Zhang, UBS Financial.

Chris Zhang，UBS Financial。

Again, congrats on the quarter and also I appreciate the new slide deck. My question is also on Managed Markets and just a quick one. Just wanted to think about the opportunity, the size of the opportunities in Canada and UK I presume those are important markets for Shopify. And if I look at specifically from your revenue mix in terms of merchant outbound region, UK

再次恭喜本季表現，也謝謝你們提供新的簡報。我的問題也與Managed Markets有關，簡短一問。我想從機會面來看，加拿大與英國的機會規模——我猜這些對Shopify是重要市場。如果我特別從你們的營收組合、以商戶對外銷售（outbound）地區來看，英國

is particularly sizable. Just want to see if that's a good way to think about the potential size of the Managed Markets as well in UK and Canada or any other way to think about that kind of commensurate with the overall merchant outbound mix?

占比特別大。想確認這是否是思考英國與加拿大Managed Markets潛在規模的一個好方式，或是否有其他方式可用來衡量，並與整體商戶對外銷售組合相匹配？

Yes. Thanks, Chris. In terms of the potential, we -- as we already mentioned, we continue to see an immense potential in this offering, and Shopify has a very large roster and growing roster of merchants that are relevant for Managed Markets across these geographies. And as Nir mentioned, we are continuing to develop together with them features and capabilities that will make it even easier for these merchants to onboard and therefore, over time, accelerate the pace in which they are joining the platform. In terms of the outbound regions, it's probably better to look at the outbound market or the merchant distribution on Shopify side.

是的。謝謝，Chris。就潛力而言，正如我們先前提到的，我們持續看到這項產品/服務有巨大的潛力，而Shopify在這些地理區域中擁有非常龐大且持續成長、適用於Managed Markets的商戶名單。如Nir所提到，我們也持續與他們共同開發功能與能力，讓這些商戶更容易導入，因而隨時間推進，加快他們加入平台的速度。至於對外銷售地區，可能更適合看Shopify端的對外市場或商戶分布。

Our distribution is probably not very indicative for that because it's driven by our enterprise business that has other dynamics. But for Shopify, obviously, the US is the largest market. That's why we started together with supporting US merchants and then markets such as Canada and the UK

我們的分布可能不太具有代表性，因為它受到我們企業級業務的影響，而企業級業務有其他動態。但對Shopify而言，顯然美國是最大的市場。這也是為什麼我們先從支援美國商戶開始，接著是加拿大、英國等市場

and others in descending order.

以及其他市場，依序遞減。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Congratulations on the acceleration you guys. It's really impressive. If maybe Nir or Amir, can you talk a little bit about what actually are some of those features and capabilities that will make it even easier to onboard? What are some of those things that you're working on for Managed Markets?

恭喜你們成長加速。真的很令人印象深刻。如果可以的話，Nir或Amir能否談談，究竟有哪些功能與能力能讓導入變得更容易？你們在Managed Markets上正在開發哪些項目？

So there are some key developments that we work together with Shopify to deploy. Some of them are related to the ability to basically offer it almost out of the box for any new merchant on Shopify to enjoy the benefits of being global by default. So a lot of work is being done around that, and we are very excited about what's to come there. In terms of the trading on the site itself, we are building with Shopify more capabilities to get the leverage understanding and best practices we have on the enterprise side into getting them to work by default for Managed Markets as well. Some of it was already rolled out with the managed pricing capability on Shopify side that allowed merchants to enjoy better conversion because it's giving much more local feeling to their international shoppers.

因此，我們與 Shopify 合作推進並部署了一些關鍵進展。其中一些與能夠基本上為 Shopify 上任何新商家幾乎開箱即用地提供服務有關，讓他們享有「預設即全球化」的好處。因此，圍繞這方面正在進行大量工作，我們對接下來的發展非常期待。就網站本身的交易而言，我們正與 Shopify 一起打造更多能力，把我們在企業端累積的槓桿理解與最佳實務帶入，讓其也能預設適用於 Managed Markets。其中一部分已透過 Shopify 端的託管定價（managed pricing）功能推出，使商家因為能為國際消費者帶來更在地化的感受而享有更好的轉換率。

It's going to continue into managed pricing also on the shipping side, so a much more complete offering, and multiple other projects we are working behind with Shopify. So very exciting things in the oven, and we are very excited about the potential growth.

這也將延伸到運送端的託管定價，形成更完整的產品方案，此外我們還與 Shopify 在幕後推進多個其他專案。因此有許多令人興奮的事情正在醞釀中，我們也對潛在的成長非常期待。

And maybe I'll just add, Pat, it's Amir, another example that will maybe give you a sense is that in initial versions or initial iterations of Managed Markets, there was kind of an onboarding process or a qualification process where the merchant needed to first submit an application, then it would be reviewed. Later on, we managed to accelerate that review to be within 24 hours. Now it's same session onboarding. So essentially, for the vast majority of merchants, as soon as they click that they're interested in Managed Markets, the process is done almost instantaneously, and they can go live within a very, very short time span. So that's another type of effort that we put in, in order to make it seamless.

另外我補充一下，Pat，我是 Amir。再舉一個例子，或許能讓你更有感：在 Managed Markets 的初始版本或初期迭代中，存在一個上線導入或資格審核流程，商家需要先提交申請，然後再進行審核。之後我們把審核加速到 24 小時內完成。現在則是同一個工作階段即可完成導入。也就是說，對於絕大多數商家而言，只要他們點選表示對 Managed Markets 有興趣，流程幾乎是即時完成，並且能在非常、非常短的時間內上線。這也是我們為了讓體驗更無縫而投入的另一類努力。

That's great. And just to be clear, so what you're just talking about, Amir, that's done, right, that's live now? As soon as they click, it's done almost instantly?

太好了。我想確認一下，Amir，你剛才說的那個已經完成了，對吧，現在已經上線了？他們一點選，就幾乎立刻完成？

Yes. This is how it works now.

是的。現在就是這樣運作的。

Matt Coad, Truist.

Truist 的 Matt Coad。

A quick one for me. It sounded like you're more optimistic about the Passport integration and synergy opportunity here compared to last time that we talked to you guys. Could you provide a little bit more color on that now that the acquisition is closed?

我這邊一個簡短問題。聽起來相較於上次我們與你們交流時，你們對 Passport 的整合以及協同效應機會更為樂觀。現在收購已完成，你們能否再多提供一些說明？

Basically, we are very excited with the add-on of Passport. We have an excellent management team and seasoned professionals around building strategic standard solutions. And we believe that with our scale and expertise, we will be able to give great offering to all our clients and Passport clients and win more business in the market with smart returns, with more direct injection capabilities, et cetera. Add to it non-MoR and the ability of Global-e now to actually go to additional segments and verticals that are not best fit for MoR. We are excited about the potential in TAM expansion as well.

基本上，我們對加入 Passport 感到非常興奮。我們擁有優秀的管理團隊，以及在打造策略性標準化解決方案方面經驗豐富的專業人士。我們相信，憑藉我們的規模與專業能力，我們將能為所有客戶與 Passport 客戶提供很好的方案，並透過智慧退貨（smart returns）、更直接的注入能力等，在市場上贏得更多業務。再加上非 MoR（non-MoR），以及 Global-e 現在實際上能夠切入更多並非最適合 MoR 的細分市場與垂直領域。我們也對 TAM 擴張的潛力感到興奮。

In terms of the synergies itself, now that we are much more into the weeds, we are much more optimistic on what can be reached within the coming quarters in getting Passport to become much closer to Global-e in terms of its bottom line contribution.

就協同效應本身而言，現在我們已更深入細節，因此對於未來幾個季度內可達成的成果更為樂觀，讓 Passport 在損益底線（bottom line）貢獻方面更接近 Global-e。

Matt Bullock, Bank of America.

美國銀行的 Matt Bullock。

I had a quick one on duty drawback. It sounds like you made a lot of nice progress during the quarter. I understand it takes some merchants time to prepare the documentation to be onboarded and that the revenue contribution can be pretty lumpy as those merchants try to reclaim import duties for multiple years back. So the question is, how does the pipeline look for customers who are actively preparing that documentation for the back half of this year?

我有個關於關稅退稅（duty drawback）的簡短問題。聽起來你們在本季度取得了不少良好進展。我理解部分商家需要一些時間準備文件才能完成導入，而且當這些商家嘗試追溯多年前的進口關稅時，營收貢獻可能會相當不均勻、呈現跳動。所以問題是：針對今年下半年，正在積極準備這些追溯文件的客戶，其管線情況如何？

Thanks for the question. So indeed, there is a pipeline of merchants. This is a very valuable offering for US merchants. There's a lot of money that they could potentially reclaim that otherwise would be impossible for them.

謝謝你的提問。確實，我們有一個商家管線。這對美國商家而言是一項非常有價值的方案。他們有機會追回一大筆資金，否則對他們來說可能根本無法追回。

We have a strong pipeline of those. There's a very good adoption rate of this offering. However, it is taking time, as you indicated, and we are not pushing the merchants because the only chance to reclaim back for a few years is on the first submission. Afterwards, in a subsequent submission, you can only reclaim on the ongoing sales. So we have an interest just like the merchants have to give them the time to prepare all the documents that they can and gather all the information that they can backwards.

我們在這方面有很強的管線。這項方案的採用率非常高。不過如你所說，這需要時間，而我們不會催促商家，因為能追溯追回過去數年的唯一機會就在第一次提交。之後在後續提交中，只能就持續進行的銷售來申請追回。因此，我們和商家一樣有共同利益，就是給他們時間去準備所有文件，並盡可能回溯蒐集所有資訊。

Also, of course, it trains them in what needs to be gathered and retained going forward. So it will make the submission process going forward much easier and smoother. But due to that shared interest, we are working with them and we're giving them all the time they need in order to make that first submission as comprehensive as possible.

當然，這也會訓練他們了解未來需要蒐集與保存哪些資料。因此，未來的提交流程會更容易、更順暢。但基於這個共同利益，我們正與他們合作，並給他們所需的所有時間，讓第一次提交盡可能完整。

All right, everyone. I think that's the end of our Q&A session. 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 Q3 call in November. Have a great day, everyone.

好的，各位。我想我們的問答環節就到這裡。感謝各位今天參與電話會議。我們期待在本季度與各位中的許多人交流，並在 11 月的第三季（Q3）電話會議上提供下一次更新。祝各位今天愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。