Global-E Online Ltd 6-K, filed Aug 16, 2022
Global-E Online Ltd. (GLBE)
6-K
2022-08-16
For: 2022-08-16
View Original
Added on
April 07, 2026
About this 6-K
Global-E Online Ltd filed this 6-K on August 16, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
(Commission File No. 001-40408)
Global-E Online Ltd.
(Translation of registrant’s name into English)
Global-E Online Ltd
9 HaPsagot St.,
Petah Tikva 4951041, Israel
(Address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Yes ☐ No ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
Yes ☐ No ☐
EXPLANATORY NOTE
On August 16, 2022, Global-E Online Ltd. (the “Company”) issued a press release titled “Global-E Reports Second Quarter 2022 Results.” A copy of the press release is furnished as Exhibit 99.1
herewith.
Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The U.S. GAAP financial information contained in the (i) consolidated balance sheets, (ii) consolidated statements of operations and (iii) consolidated statement of cash flows included in the press
release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-256403).
2
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
|
Exhibit
|
Description
|
|
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
|
Global-E Online Ltd.
|
||
|
(Registrant)
|
||
|
By:
|
/s/ Ofer Koren
|
|
|
Name:
|
Ofer Koren
|
|
|
Title:
|
Chief Financial Officer
|
|
Date: August 16, 2022
4
Exhibit 99.1
Global-e Reports Second Quarter 2022 Results
PETAH-TIKVA, Israel, August 16, 2022
- Global-e Online Ltd. (Nasdaq: GLBE) the global leader of Direct-To-Consumer cross border eCommerce enablement, today reported financial results for the second
quarter of 2022.
“The record results we are publishing today for the second quarter of 2022, together with the updated guidance for the third quarter and
full year, illustrate the continued momentum of our business, as evident from top-line growth, improved profitability and the strong new bookings pipeline,” said Amir Schlachet, Founder and CEO of Global-e. “We remain focused on executing across all
fronts, to tap the massive global direct-to-consumer opportunity.”
Q2 2022 Financial Results
| • |
GMV1 in the second quarter of 2022 was $534 million, an increase of 64% year over year
|
| • |
Revenue in the second quarter of 2022 was $87.3 million, an increase of 52% year over year, of which service fees revenue was $39.3 million and fulfillment services
revenue was $48.0 million
|
| • |
Non-GAAP gross profit2 in the second quarter of 2022 was $36.5 million, an increase of 77% year over year. GAAP gross profit in the second quarter of 2022
was $34.3 million
|
| • |
Non-GAAP gross margin2 in the second quarter of 2022 was 41.8%, an
increase of 580 basis points from 36.0% in the second quarter of 2021. GAAP gross margin in the second quarter of 2022 was 39.3%
|
| • |
Adjusted EBITDA3 in the second quarter of 2022 was $11.1 million compared to $7.6 million in the second quarter of 2021
|
| • |
Net loss in the second quarter of 2022 was $48.8 million
|
Recent Business Highlights
| • |
Launched partnership with Disney, one of the world’s most well-known brands, to support their direct-to-consumer efforts, based on our multi-local offering
|
| o |
Launched several markets in the APAC region, as a first phase
|
| • |
Continued launching with numerous exciting brands across geographies and verticals, with notable examples being:
|
| o |
Leading fashion brands Rag & Bone and Zadig&Voltaire, as well as the official tennis merchandize store of Wimbledon, and the luxury watches brand Zenith,
expanding our partnership with the LVMH group
|
| o |
Several celebrity brands and other fast-growing digitally native brands, such as Justin Bieber’s fashion brand drew house, the highly successful training apparel brand
NOBULL, as well as SKKN, another brand by Kim Kardashian, augmenting our successful partnership with SKIMS
|
| o |
APAC expansion continues with the launches of Triangl Swimwear out of Hong-Kong, and
Ryderwear, our first live Australian merchant, as well as the signing of our first ever Japanese merchant
|
| • |
Expanded activity with brands such as adidas and Suunto, which added additional lanes to be operated by Global-e
|
| • |
Continued accelerated growth of the US-outbound business, with revenues up 104% year-over-year
|
| • |
Penetration efforts into new markets are starting to show initial positive results
|
| o |
While still relatively small in share, APAC and the Middle East outbound revenues have grown 213% year-over-year
|
| • |
Strategic partnership with Shopify remains on track
|
| o |
On the Global-e enterprise offering side, dozens of merchants of different sizes are already live on our new native integration into the Shopify platform
|
| o |
Booked our first live orders as part of the alpha trials of the new white-label Merchant of Record solution on Shopify, built upon the Flow Commerce technology
|
| • |
Post-merger integration processes are on track with earlier than planned synergies realization in Flow and the Borderfree process progressing
|
Q3 and Full Year Outlook
Global-e is introducing third quarter guidance and raising previously issued guidance for the fiscal year as follows:
|
Q3 2022
|
FY 2022
|
|||
|
(in millions)
|
||||
|
GMV
|
$600 - $614
|
$2,450 - $2,550
|
||
|
Revenue
|
$99.5 - $102.5
|
$406 - $426
|
||
|
Adjusted EBITDA (1)
|
$8.5 - $11.5
|
$41 - $46
|
||
Of this, Borderfree is expected to contribute:
| - |
Q3 2022: GMV of $50-54 million, at a similar take rate to Global-e’s
|
| - |
FY 2022: GMV of $125-135 million, at a similar take rate to Global-e’s
|
| - |
A slightly negative adjusted EBITDA both in Q3 2022 and in FY 2022
|
Given the macro environment uncertainty, we will provide investors with updated business trends as they evolve.
1 Gross Merchandise Value (GMV) is a non-GAAP operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics”
for additional information regarding this metric.
2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key
Operating Metrics” for additional information regarding this metric.
3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding
this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable
GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not
limited to, share based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.
Conference Call Information:
Global-e will host a conference call at 8:00 a.m. ET on Tuesday, August 16, 2022.
The call will be available, live, to interested parties by dialing:
|
United States/Canada Toll Free:
|
1-877-704-4453
|
|
International Toll:
|
1-201-389-0920
|
A live webcast will also be available in the Investor Relations section of Global-e’s website at:
https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor
Relations section of the Company’s web site and will remain available for approximately 30 calendar days.
Non-GAAP Financial Measures
To supplement Global-e’s financial information presented in accordance with generally accepted accounting principles in
the United States of America, or GAAP, Global-e considers certain financial measures and key performance metrics that are not prepared in accordance with GAAP including:
| • |
Non-GAAP gross profit, which Global-e defines as gross profit excluding amortization of acquired
intangibles. Non-GAAP gross margin is calculated Non-GAAP gross profit divided by revenues
|
| • |
Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements
amortization, amortization of acquired intangibles, merger related contingent consideration and acquisition related expenses. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our
industry. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business.
|
Global-e uses the Non-GAAP measures in conjunction with GAAP measures as part of Global-e’s overall assessment of its performance,
including the preparation of Global-e’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of Global-e’s business strategies, and to communicate with Global-e’s board of directors concerning its financial performance. The
Non-GAAP measures are used by our management to understand and evaluate our operating performance and trends.
Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be
limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of
operations that are necessary to run our business. Thus, Non -GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined
amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.
For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying
reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
Cautionary Note Regarding Forward Looking Statements
Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding Global-e’s operations, strategy and
Global-e’s projected revenue and other future financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on
current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to,
the ability to retain merchants or the GMV generated by such merchants; the ability to attract new merchants; our expectations regarding our revenue, expenses and operations; anticipated trends and challenges in our business and the markets in which
we operate; our ability to compete in our industry; our ability to anticipate merchant needs or develop or acquire new functionality or enhance our existing platform to meet those needs; our ability to manage our growth and manage expansion into
additional markets; our ability to establish and protect intellectual property rights; our ability to hire and retain key personnel; our expectations regarding the use of proceeds from our initial public offering; our ability to adapt to emerging or
evolving regulatory developments, technological changes, and cybersecurity needs; our anticipated cash needs and our estimates regarding our capital requirements and our needs for additional financing; the impact of the COVID-19 pandemic, including variants, and related vaccination roll out efforts; and the other risks and uncertainties described in Global-e’s Annual Report on
Form 20-F for the year ended December 31, 2021, filed with the SEC on March 28, 2022 and other documents filed with or furnished by Global-e from time to time with the SEC. The foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements
reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Global-E Online Ltd.
Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, direct-to-consumer cross-border
e-commerce. The chosen partner of hundreds of brands and retailers across the United States, Europe and Asia, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of
international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e's end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data
best-practice business intelligence models, streamlined international logistics and vast cross-border experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. Founded in 2013
by Amir Schlachet, Shahar Tamari and Nir Debbi, Global-e operates from eight offices worldwide. For more information, please visit: www.global-e.com
Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
IR@global-e.com
+1 617-542-6180
Press Contact:
Headline Media
Garrett Krivicich
Globale@headline.media
Headline Media
Garrett Krivicich
Globale@headline.media
+1 786-233-7684
Global-E Online Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands)
|
Period Ended
|
||||||||
|
December 31,
|
June 30,
|
|||||||
|
2021
|
2022
|
|||||||
|
(Audited)
|
(Unaudited)
|
|||||||
|
Assets
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
448,623
|
$
|
232,971
|
||||
|
Short-term deposits
|
41,985
|
35,079
|
||||||
|
Accounts receivable, net
|
9,185
|
9,344
|
||||||
|
Prepaid expenses and other current assets
|
46,568
|
52,598
|
||||||
|
Marketable securities
|
18,464
|
16,492
|
||||||
|
Funds receivable, including cash in banks
|
57,635
|
63,627
|
||||||
|
Total current assets
|
622,460
|
410,111
|
||||||
|
Property and equipment, net
|
3,269
|
9,431
|
||||||
|
Operating lease right-of-use assets
|
20,108
|
20,565
|
||||||
|
Long term deposits
|
2,219
|
2,288
|
||||||
|
Deferred contract acquisition costs, noncurrent
|
1,314
|
1,638
|
||||||
|
Other assets, noncurrent
|
213
|
190
|
||||||
|
Commercial agreement asset
|
196,544
|
280,861
|
||||||
|
Goodwill and other intangible assets
|
-
|
366,221
|
||||||
|
Total long-term assets
|
223,667
|
681,194
|
||||||
|
Total assets
|
$
|
846,127
|
$
|
1,091,305
|
||||
|
Liabilities, Convertible Preferred Shares and Shareholders’ (Deficit) Equity
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
24,064
|
$
|
30,089
|
||||
|
Accrued expenses and other current liabilities
|
47,358
|
51,681
|
||||||
|
Funds payable to Customers
|
57,635
|
63,627
|
||||||
|
Short term operating lease liabilities
|
2,517
|
3,316
|
||||||
|
Total current liabilities
|
131,574
|
148,713
|
||||||
|
Long-term liabilities:
|
||||||||
|
Long term operating lease liabilities
|
18,803
|
16,932
|
||||||
|
Total liabilities
|
$
|
150,377
|
$
|
165,645
|
||||
|
Shareholders’ deficit:
|
||||||||
|
Share capital and additional paid-in capital
|
823,550
|
1,157,398
|
||||||
|
Accumulated comprehensive income
|
(159
|
)
|
(1,714
|
)
|
||||
|
Accumulated deficit
|
(127,641
|
)
|
(230,024
|
)
|
||||
|
Total shareholders’ (deficit) equity
|
695,750
|
925,660
|
||||||
|
Total liabilities, convertible preferred shares and shareholders’
(deficit) equity
|
$
|
846,127
|
$
|
1,091,305
|
||||
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Revenue
|
$
|
57,287
|
$
|
87,305
|
$
|
103,438
|
$
|
163,628
|
||||||||
|
Cost of revenue
|
36,687
|
52,954
|
67,471
|
102,094
|
||||||||||||
|
Gross profit
|
20,600
|
34,351
|
35,967
|
61,534
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
5,739
|
17,597
|
11,182
|
35,284
|
||||||||||||
|
Sales and marketing
|
30,017
|
50,986
|
33,117
|
100,625
|
||||||||||||
|
General and administrative
|
4,337
|
15,071
|
7,051
|
26,611
|
||||||||||||
|
Total operating expenses
|
40,093
|
83,654
|
51,350
|
162,520
|
||||||||||||
|
Operating profit (loss)
|
(19,493
|
)
|
(49,303
|
)
|
(15,383
|
)
|
(100,986
|
)
|
||||||||
|
Financial expenses, net
|
2,420
|
(680
|
)
|
8,129
|
986
|
|||||||||||
|
Loss before income taxes
|
(21,913
|
)
|
(48,623
|
)
|
(23,512
|
)
|
(101,972
|
)
|
||||||||
|
Income taxes
|
311
|
174
|
461
|
411
|
||||||||||||
|
Net loss attributable to ordinary shareholders
|
$
|
(22,224
|
)
|
$
|
(48,797
|
)
|
$
|
(23,973
|
)
|
$
|
(102,383
|
)
|
||||
|
Basic and diluted net loss per share attributable to ordinary shareholders
|
$
|
(0.25
|
)
|
$
|
(0.31
|
)
|
$
|
(0.44
|
)
|
$
|
(0.66
|
)
|
||||
|
Basic and diluted weighted average ordinary shares
|
87,308,647
|
156,891,201
|
54,750,595
|
155,636,936
|
||||||||||||
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Operating activities
|
||||||||||||||||
|
Net profit (loss)
|
$
|
(22,224
|
)
|
$
|
(48,797
|
)
|
$
|
(23,973
|
)
|
$
|
(102,383
|
)
|
||||
|
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
69
|
330
|
131
|
594
|
||||||||||||
|
Share-based compensation expense
|
1,551
|
12,843
|
2,618
|
20,772
|
||||||||||||
|
Commercial agreement asset
|
25,486
|
37,433
|
25,486
|
74,182
|
||||||||||||
|
Amortization of intangible assets
|
-
|
6,049
|
-
|
12,665
|
||||||||||||
|
Long term deposit revaluation
|
-
|
(38
|
)
|
-
|
6
|
|||||||||||
|
Accounts receivable
|
(1,530
|
)
|
728
|
(573
|
)
|
4,721
|
||||||||||
|
Prepaid expenses and other assets
|
(7,561
|
)
|
(1,334
|
)
|
(5,432
|
)
|
(4,725
|
)
|
||||||||
|
Funds receivable
|
(7,452
|
)
|
960
|
(9,520
|
)
|
20,125
|
||||||||||
|
Long-term receivables
|
957
|
-
|
-
|
-
|
||||||||||||
|
Funds payable to customers
|
6,122
|
18,175
|
(3,500
|
)
|
3,238
|
|||||||||||
|
Operating lease ROU assets
|
208
|
657
|
590
|
1,455
|
||||||||||||
|
Deferred contract acquisition costs
|
(184
|
)
|
(230
|
)
|
(374
|
)
|
(475
|
)
|
||||||||
|
Accounts payable
|
2,857
|
2,699
|
(6
|
)
|
2,263
|
|||||||||||
|
Accrued expenses and other liabilities
|
7,163
|
4,501
|
(4,406
|
)
|
(4,543
|
)
|
||||||||||
|
Deferred tax liabilities
|
8
|
-
|
19
|
-
|
||||||||||||
|
Operating lease liabilities
|
(163
|
)
|
(2,128
|
)
|
(628
|
)
|
(2,985
|
)
|
||||||||
|
Impairment of marketable securities
|
-
|
48
|
-
|
62
|
||||||||||||
|
Warrants liabilities to preferred shares
|
1,625
|
-
|
5,872
|
-
|
||||||||||||
|
Net cash used in operating activities
|
6,932
|
31,896
|
(13,696
|
)
|
24,972
|
|||||||||||
|
Investing activities
|
||||||||||||||||
|
Investment in marketable securities
|
(508
|
)
|
(357
|
)
|
(2,154
|
)
|
(7,555
|
)
|
||||||||
|
Proceeds from marketable securities
|
257
|
752
|
257
|
7,910
|
||||||||||||
|
Purchases of short-term investments
|
(64,360
|
)
|
(197
|
)
|
(71,913
|
)
|
(31,495
|
)
|
||||||||
|
Purchases of long-term investments
|
(31
|
)
|
-
|
(49
|
)
|
-
|
||||||||||
|
Proceeds from short-term investments
|
-
|
35,000
|
-
|
38,400
|
||||||||||||
|
Purchases of property and equipment
|
(149
|
)
|
(1,900
|
)
|
(263
|
)
|
(6,584
|
)
|
||||||||
|
Payments for business combinations, net of cash acquired
|
-
|
(1,471
|
)
|
-
|
(217,083
|
)
|
||||||||||
|
Net cash used in investing activities
|
(64,791
|
)
|
31,827
|
(74,122
|
)
|
(216,407
|
)
|
|||||||||
|
Financing activities
|
||||||||||||||||
|
Exercise of Warrants to ordinary shares
|
-
|
15
|
-
|
43
|
||||||||||||
|
Proceeds from issuance of Ordinary shares in IPO, net of issuance costs
|
396,983
|
-
|
396,983
|
-
|
||||||||||||
|
Proceeds from exercise of share options
|
20
|
386
|
173
|
488
|
||||||||||||
|
Net cash provided by financing activities
|
397,003
|
401
|
397,156
|
531
|
||||||||||||
|
Net decrease in cash, cash equivalents, and restricted cash
|
339,144
|
64,124
|
309,338
|
(190,904
|
)
|
|||||||||||
|
Cash and cash equivalents and restricted cash—beginning of period
|
55,227
|
203,871
|
85,033
|
458,899
|
||||||||||||
|
Cash and cash equivalents and restricted cash—end of period
|
$
|
394,371
|
$
|
267,995
|
$
|
394,371
|
$
|
267,995
|
||||||||
Global-E Online Ltd.
SELECTED OTHER DATA
(In thousands)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
|||||||||||||||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
|
Key performance metrics
|
||||||||||||||||||||||||||||||||
|
Gross Merchandise Value
|
326,231
|
534,459
|
592,786
|
989,752
|
||||||||||||||||||||||||||||
|
Adjusted EBITDA (a)
|
7,613
|
11,128
|
12,852
|
14,410
|
||||||||||||||||||||||||||||
|
Revenue by Category
|
||||||||||||||||||||||||||||||||
|
Service fees
|
21,106
|
37
|
%
|
39,324
|
45
|
%
|
38,202
|
37
|
%
|
71,272
|
44
|
%
|
||||||||||||||||||||
|
Fulfillment services
|
36,181
|
63
|
%
|
47,981
|
55
|
%
|
65,236
|
63
|
%
|
92,356
|
56
|
%
|
||||||||||||||||||||
|
Total revenue
|
$
|
57,287
|
100
|
%
|
$
|
87,305
|
100
|
%
|
$
|
103,438
|
100
|
%
|
$
|
163,628
|
100
|
%
|
||||||||||||||||
|
Revenue by merchant outbound region
|
||||||||||||||||||||||||||||||||
|
United Kingdom
|
27,706
|
48
|
%
|
33,963
|
39
|
%
|
49,250
|
48
|
%
|
62,244
|
38
|
%
|
||||||||||||||||||||
|
United States
|
16,638
|
29
|
%
|
33,944
|
39
|
%
|
29,845
|
29
|
%
|
61,865
|
38
|
%
|
||||||||||||||||||||
|
European Union
|
12,433
|
22
|
%
|
17,798
|
20
|
%
|
23,581
|
23
|
%
|
36,852
|
23
|
%
|
||||||||||||||||||||
|
Israel
|
243
|
0
|
%
|
263
|
0
|
%
|
494
|
0
|
%
|
628
|
0
|
%
|
||||||||||||||||||||
|
Other
|
267
|
0
|
%
|
1,337
|
2
|
%
|
268
|
0
|
%
|
2,039
|
1
|
%
|
||||||||||||||||||||
|
Total revenue
|
$
|
57,287
|
100
|
%
|
$
|
87,305
|
100
|
%
|
$
|
103,438
|
100
|
%
|
$
|
163,628
|
100
|
%
|
||||||||||||||||
| (a) |
See reconciliation to adjusted EBITDA table
|
Global-E Online Ltd.
RECONCILIATION TO Non-GAAP GROSS PROFIT
(In thousands)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Gross Profit
|
20,600
|
34,351
|
35,967
|
61,534
|
||||||||||||
|
Amortization of acquired intangibles included in cost of revenue
|
-
|
2,198
|
-
|
4,874
|
||||||||||||
|
Non-GAAP gross profit
|
20,600
|
36,549
|
35,967
|
66,408
|
||||||||||||
Global-E Online Ltd.
RECONCILIATION TO ADJUSTED EBITDA
(In thousands)
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
Operating profit (loss)
|
(19,493
|
)
|
(49,303
|
)
|
(15,383
|
)
|
(100,986
|
)
|
||||||||
|
(1) Stock-based compensation:
|
||||||||||||||||
|
Cost of revenue
|
19
|
52
|
39
|
88
|
||||||||||||
|
Research and development
|
222
|
5,296
|
444
|
10,448
|
||||||||||||
|
Selling and marketing
|
223
|
1,706
|
444
|
2,465
|
||||||||||||
|
General and administrative
|
1,087
|
5,788
|
1,691
|
7,771
|
||||||||||||
|
Total stock-based compensation
|
1,551
|
12,842
|
2,618
|
20,772
|
||||||||||||
|
(2) Depreciation and amortization
|
69
|
330
|
131
|
594
|
||||||||||||
|
(3) Commercial agreement asset amortization
|
25,486
|
37,433
|
25,486
|
74,182
|
||||||||||||
|
(4) Amortization of acquired intangibles
|
-
|
6,049
|
-
|
12,665
|
||||||||||||
|
(5) Merger related contingent consideration
|
-
|
3,026
|
-
|
5,985
|
||||||||||||
|
(6) Acquisition related costs
|
-
|
751
|
-
|
1,198
|
||||||||||||
|
Adjusted EBITDA
|
7,613
|
11,128
|
12,852
|
14,410
|
||||||||||||