Global-e Online (GLBE) 22 May 232023 Q1 Earnings call transcript

Greetings, and welcome to the Global-e’s First Quarter 2023 Earnings Call. This call is being simultaneously webcast on the company's website in the Investors section under News & Events.

For opening remarks and introduction, I will now turn the call over to Erica Mannion at Sapphire, Investor Relations. Please go ahead.

Thank you, and good morning. Global-e Koren, Schlachet, Nir Chief and from Executive and Debbi, today President. Ofer Officer; Financial me are Co-Founder Amir Chief Co-Founder With Officer; and the of begin business a will of review Amir results with for first quarter XXXX. the results of the XXXX, the XXXX. for Ofer outlook first quarter second by the financial then quarter for will and company's the review of followed full year

the then open call will for We questions.

of meaning the may risks, the constitute Act U.S. forward-looking and of of which and Certain Section XXE beyond to of relate we and assumptions, our the Private XXA and the that are views Section Exchange make today control. XXXX, of safe Securities statements Securities to harbor Litigation Act Securities future events. XXXX of statements information uncertainties of statements XXXX current forward-looking expectations the provisions Act within some our These of of Reform subject are

to addition, the these and from as statements current a reflect information are differ our In with a forward-looking statements of in performance. contained may Actual future the not materially outcomes events forward-looking guarantee future respect views SEC in of prospectus in the the SEC. Factors set number filed of forth documents result titled XXXX, Risk with or factors, those section and XX, furnished to a including on the other with September our filed

performance These expectations call. future only speak and operating of statements as current date and management's this reflect events the of regarding

forward-looking reliance any undue statements. put not on should You

in occurrence statements the by for XX, we press Although, forward-looking be refer future are any the in levels and occur. additional result no whether results, applicable reflected or will date unanticipated or circumstances events performance we reasonable, we required dated the obligation publicly the make which as after otherwise of May events. XXXX new will that release revise believe of to to a statements the guarantee reflect forward-looking that these our to law, information, or of expectations made reflected Please future events cannot in achieved Except statements activity, are or as forward-looking information. update statements, and

metrics not certain discuss certain isolation, as will be is metrics. today this information intended addition, In a discuss we or operational substitute today these in The to metrics presentation presented are accordance financial or decision means information considered will for, prepared financial the we of use non-GAAP for to comparisons. period-to-period with and to as in and superior financial financial and making We measures non-GAAP evaluate GAAP. a --

understanding and that metrics greater these and respect We financial provide overall future about financial operational decision past information its the making. and measures believe allow prospects, performance in by results, management to of useful -- for used enhance key operating operating with transparency

the release XX, information provided financial May non-GAAP reconciliation on For our dated measures, see more the tables press in please XXXX.

key number call, our this of more other in we competitors XX, Throughout and by a by key used dated May performance industry. and in press indicators XXXX. are indicators our performance used release in our detail discussed management provide often These

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

everyone. welcome Erica, Thank and you,

of growing start last profit Revenues million. results quarter totaled which a the are to from to XX.X% the year releasing year. off were up for for we was today, QX, for great gross quarter year. which $XXX XX% same year-over-year And financial the XX% are XX.X% $XXX.X With last quarter, GMV, in with the margin compared million, growth the we by adjusted

year. in came above in came to results the EBITDA our These across of strong execution manifest $X.X in which adjusted strong only last compared guidance QX million Our our $XX.X business. at million continued

slightly more what going XX. during quarter fact into were that the was initially conditions the XX and costs controlling in effectiveness than anticipated favorable Our macro

before with our we QX during QX our which with the Later you to updated in provide as would past I developments quarter. that, you some share business as are review guidance of for will well seen results. full of like But we we he do Ofer guidance raising the in the have detail year today. for across greater call, will XXXX, this our the exciting And

First around and foremost, globe. we from see interest continue in our coming services to brands great all the

more As key as to turn more growth and channel merchants the channel. focused their direct-to-consumer

live, we & like a brands Psycho Sons, just Formula Maui saw Lulu’s, name Petronas Minkoff To as few, Jigsaw merchandise Bunny, Mercedes Rebecca AMG store the X XX, of in go Doen, renowned as Carbon well and the QX team.

called group, Skin, live such on merchant Francis in TikTok to social XXXX. Unreal continued onboard and Cosmetics influencers Japan Porcelain in and celebrity perfume We brands going as shared Australia, first part By Portuguese first Maison Charles Baccarat the brands push LVMH going continued and who's parallel, and with in as we and Only Kylie Jenner, live of In launched Objcts.IO perfumed more. by into was the such Invite Keith, live Singapore, our [indiscernible] our APAC number-one going Fur by brands Kurkdjian, Kylie Rouge in

our efforts within merchants. the group. LVMH continued our to quarter, the also we Notable business expansions examples engagement existing During of would with expand our be numerous

batch two have additional markets, which operated Bulgari of now by close on and the We platform, turning Repossi going an brands; Kenzo joining are to Pucci and live Global-e. additional XX

sales its would Europe of example one to Global-e which market. United global utilizes support top the Kingdom, Disney be to Another now notable

legacy plug-in merchants directly Regarding as one from support add we the as new work newly our extensibility. into adding our integration go. new integration migrate In to we parallel, third-party partnership native our Shopify's native new providing continue the native on integration and signed direct as features on onto with Checkout we well for Shopify, the merchants continue our side to

believe early front, solution a teams fully-integrated to in currently to we to and roll-out continue scale in mode Markets Pro merchants, track results early by merchants quickly in new close the the initial Pro, and remains of Shopify, white-label Markets year. solution are in Pro have general looking since level access the access year. availability those to of in Shopify's the September this from encouraging going to later of UK with followed last for Along the high On that summer, in the be collaboration U.S. seeing Shopify on we of merchants been we record intended U.S. easily. and merchant is markets live Markets interest with work towards a from

service different of the would I a potentially potential to Finally, efficiency and improve mention is increase of levels like the our our activity, AI of exciting which and our using to operations. aspect

already to of years, capabilities These, highly resolving AI-powered lately of proliferation enable models We the now, using opportunities level to machine and been in-turn different large-scale across the and large could service teams consumers. catalogs that our present years to in models several our for efficiencies the Force further the for significant recently, the duties can of in in coming we for cost various end have helping We large-scale product of More recurring automate insights AI advancements and learning taxes of yet such us sophisticated should made of demonstrating coming organization. years tools the incorporate over as merchants AI and of several over classification easy-to-use amazing both parts believe give and while example. the conducted internal to the AI improving has and Task proof-of-concept quarters drive tasks some functions field their many the potential. exercises company,

of controls exciting share of ahead the that other opportunity all exhibit all lies are we as Greenfield that rates corners do in There sustainable to to can and maintaining of we contributing to cost countless developments capture it our vast us a efficiency. business, from way, the continue belief high-growth best-in-class more-and-more and

in to to questions interest updated quarterly us may depth, Ofer, well order our as hand CFO, guidance. to But take present and through for have, time the over of you will in our ample I the it now in numbers time, more leave as any

quarterly for everyone, and joining calls. Amir, you, earnings our Thank thanks morning for this us again,

to are well pleased with a continue execute solid margins begin as very of quarter fronts. We we another positive all to QX on momentum. was and healthy strong growth XXXX

discussing out I'll point to certain like that GAAP results, results. our non-GAAP to I'd addition also in be again

GAAP reconciliation and found along results be earnings release. with non-GAAP between the Our in our results financial GAAP can

our increase of mentioned, XX% of million an As GMV rapid in $XXX platforms, generated was as in Amir QX GMV growth year-over-year. our on continued

We new merchants from our their merchants develop existing business to they Global-e globe. from around our both with experience direct-to-consumer continue continue platforms and as activity on-boarding the growth and to expand their

In year-over-year, revenue and QX, million, both we million. were generated with XX% streams XX% total to were rapidly. revenue $XX.X XX% revenues Service $XX.X of $XXX.X services grow year-over-year, million, up up fulfillment to continuing up fees revenue

was up experience Borderfree QX U.S. U.S. in We year-over-year. growth strong continue, biased In have driven our higher-pace in the U.S. continued outbound momentum as XXXX, U.S. revenue revenue outbound portfolio. to also the by the of XXX% our

penetration to remained efforts on-track and to APAC and fruit. Middle-East continuing Our the bear

out have coming market of GMV new is volumes still almost times year-over-year. grown of by share four this relatively outbound the low, While transaction

by Non-GAAP profit was $XX.X period revenue XX.X% of of improve outpaced of In to share the revenue higher leverage XX% gross continue a million, growth profit as the million, gross efficiencies. XX%. to profit same our margin gross in $XX.X margin we driven non-GAAP representing scale. year-over-year, representing compared last the QX and fees a gross ongoing was year, to service up GAAP XX.X% efforts

onto expenses. Moving operational

availability revenue, Shopify effort invest Markets to U.S., QX, was R&D the in million or our Total and of enhancement $XX.X or excluding expense XX.X% as white-label mentioned. in development significant last R&D stock-based same compensation general year. in to a around spend continue the in of $XX.X We with million million. XX.X% towards QX development the solution Pro Amir compared platform the in $XX.X period was of the

to efficiencies. to and and build continuing marketing our be presence further continued to in mindful while invest pipeline, also of our sales We to expand

million We million. were Italy million. acquisition-related marketing have or and the stock-based amortization and was expenses, and presence Total sales excluding XX.X% Sales same ground Scandinavia, $XX.X $X.X the period or related revenue in and of for $XX.X Shopify and in warrants Shopify to related was X.X% including expanded the in intangibles Europe, compensation, year. compared our marketing in amortization and of enhance to amortization presence expense last million people revenue quarter continue expense, Australia our $XX.X Japan. on expenses

G&A the $X.X compensation, in contingent $XX.X compared Total revenue million consideration General million $X.X was and spend million. period in QX or to revenue last of administrative expenses X.X% of expenses, and X.X% or excluding year. stock-based acquisition-related was same acquisition-related

the period, million related warrants net $XX.X and Adjusted EBITDA the margin to Shopify year-ago EBITDA representing mainly negatively loss the was same year, driven adjusted or million $XX.X the flow the last from intangibles. margin, which totaled was impacted million period $XX.X XX.X% $X.X increasing Net to loss by million, the in compared of to transaction-related from consolidation. amortization a X.X% in a expenses

by cash in and deposits Switching gears equivalents, and We statement. used and turning flow including to the QX by short-term operating $X.X $XX.X payment cash million Cash sheet million million securities. cash-flow $XX.X capital ago, with dynamics, acquisition-related balance driven year marketable XXXX working ended back typical expenses QX and the $XXX of was proxy. held peak to compared million a and post

guidance, Moving full-year XXXX the resilience onto our and our the for which guidance momentum XXXX and reflects updated of business. the outlook QX, financial continued and

XXXX, million we're of to QX the a At $XXX in million. of GMV rate range, $XXX range expecting For to versus XXXX. of growth be QX the of this midpoint XX.X% represents the

the midpoint represents We QX of versus range, growth a to revenue this in XX.X% be At XXXX. $XXX range expect QX of the million of million. rate of to $XXX the

million. in $XX we're range million a EBITDA, the profit expecting adjusted of For to $XX

the guidance of year to growth $X.XX the to XXXX, of of our in to nearly expect billion midpoint million annual to nearly rate $XXX and $X.X full of million, of be the the at billion, in we at expected range midpoint the be range. XX% $XXX now are Revenue representing of range. is the raising the representing For a XX% growth GMV range

million. we're For of $XX adjusted million a expecting EBITDA, to $XX profit

to In efforts sustainable tap execution enabling create while for market to acceleration opportunity growth cash and merchants and We generation. the continue efficiencies, top-line exerting our strive conclusion, to we are the focusing value improve ongoing on of on us. in front of disciplined journey growth

are I your happy with take questions. any that, of And to and Nir, Amir, Operator?

conducting At time a you. question-and-answer [Operator session we'll you. Thank be Thank this Instructions]

Our Will Nance first from line Sachs. question Please with Goldman proceed comes with question. the of your

I spending? the seen around in notable wanted what Yes. Hey talk in seeing of APAC consumer and any lot morning. guys, market. from goods Have toward away seen about you're ask the you services. We've shifts shifts to a good

maybe And one if wondering any impact. Just you're seeing Ofer. for

just how consumer a helpful. If revenues you remind inbound revenue, that could of is percentage as us APAC would total Thank large be you.

Yes.

the market least in significant we is seen it one share, seen for has us. haven't APAC significant largest. are relatively but we in been larger of So not a Europe stable and any at for consumption. -- U.S. haven't and change us, APAC the

shift any haven't from our side. We preferences seen in consumer

you being quarter's Got it. a than environment know And last bit that you could at taking follow-up mentioned if the beginning a heading macro the call. I about just That's better year. little I had the you the on -- on the posture helpful. what into conservative expected ended current up of talked

Just year? you're of building changed how about in the us the relative just remind year? anything quarter for what in outperformance remainder in rest first what macro? if the maybe the terms the the you assuming could of thinking And of for you're are you Has to

Yes.

was of saw We that growth was into demand So bit as clients. as into you translated mentioned in a better consumers QX and from a we existing highlighted, coming and expected year. macro than nice the solid environment we

Macro are some stable. drivers. not However, uncertainty still the There remains. very is negative still

So the that. three or stayed assumptions, the We our towards still changed and conservative the regarding haven't same fairly with quarters we second the view due we to year. remain next

Appreciate questions. taking my Understood. you

Will. Thanks,

Thank you.

Please with next of Bank your of America. Our Koji from comes question. proceed the question with line Ikeda

Good guidance. new I questions. for in new Yes. It merchants the to you healthy for ask wanted the assumptions the like clip. and in at taking growth morning, sounds maybe you GMV a Hey, very adding merchant's guys. guys merchant thanks likes a are versus question, of

or you GMV guidance us for from guys per think year. help new expansion guidance growth their understand, what you this a merchant maybe merchant about So in baking as are the

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

basically, are the year. of we for So optimistic rest the

and maintain that we've the hope forward had what As a seen new we in record year-to-date, platform the signing into rest we going year to the for year. merchants of

a trajectory. all-in-all, good So

the decision-making and to haven't due globally order would integrate decide say, budgets the macro-economics in in seen, put solution. delays merchants' into I We any to to

we coming the out So, to Markets year so look the far, QX availability. into and pipeline some look once for general mainly forward And we well looks it contribution, as the this, of maintain for robust. forward in of goes rest Pro,

drive dig super And big mentioned benefits use even many maybe to customers that overall either for end-market the remarks and more for That's prepared AI the driving the a of Thanks, it you I follow-up questions. customers it, is more, it that it. number into from taking faster onboarding enhanced is in two buckets, my helpful. Amir, faster AI you thinking your Or on levers here Global-e to Thanks it for Got brands and That's of many onto different have guys. out AI breaking from the little are might about ROI and how have brands using wanted how platform about bit thinking the into expansion or some monetization those experience? the geographies. and that shopping of one. you maybe

Sure.

least for increase you've buckets can there it's of along granularity, to dramatically for of we kind which is that for AI-based the level these potential that while our what performance greatly enhance or our and we've believe better been actionable at you This kind the them merchants on right, therefore and there it to a now same us models proprietary more the main the now on enhance and we mentioned tools at. One noted, are is, accumulated platform. great and obviously quality, data. of doing insight overall drive for for something make using the on based time-to-market based first even as generate our is for lines the of is that data, our we all, two merchants So using you're look

one So that's big bucket. definitely

I say, back you bucket, and much want, efficiency with is enabling functions of across drive our scale do internal resources kind more our is of and driving our of of organization other the efficiencies know-how. all which the wave, if would The more next different same kind level the on in to and the of accurately teams

are, is directly. that of So, merchants two the kind these more enjoy say, buckets. would I One our will main outbound

a perceive. more that one we internal The that's we the currently where way will main is two internally. enjoy other view buckets the as will company But we

helpful. Thank so you, Thanks Super you. Amir. much. Thank

Koji. Thanks,

Thank you.

Our Please Morgan Faucette question. of James comes next with line with Stanley. question your the from proceed

an Yes, to on organic Can disaggregate us are your morning, you within what it morning, Wanted thinking your good touch spot to quickly certainly this versus what and how assumptions from came everybody. and growth. respect highlighted about and thanks very provide with that on U.S. Obviously, the growth you -- year-over-year outlook? commentary quickly generally you that around the some and it's Borderfree XXX% bright how growing it's basis help that are region was acquisition

So, and momentum contributed, share Borderfree has thanks, growth our that. James of for the have it's the Most U.S. we strong of -- is by that organic. but growth the Ofer. the lion ongoing the in It's organic is driven

so of average. celebrity bias has environment the Europe, growing the And to towards the because obviously say certain of on, as which U.S. is sort stabilization extent than and Europe would and contributed new age well. brands, endorsed merchants I direct-to-consumer in market are largest and faster that a Some for also,

Got better an into penetration and Shopify how what the or you think the of into is GMV accelerator rest XXXX something that outstanding more we sizable push it kind XXXX? of about where and of or and organic just can interaction XXXX a ask it. with about should opportunity. Is I the of it, that into cadence sense very to it we onboarding a think get controls then Shopify and wanted about with like of the merchants. looks And pace How

it's James, Nir. Hi,

look native provided the say, checkout, this grow would to continue So regular fast. our buckets. and Global-e, at solution, to separate third-party into which in I break two grow Shopify continue it is would basically, When will you I will solution

Shopify growing continues We ago half and since to it very have nicely grow and been gained exclusivity on a to date. we year nicely

to expect take expect the powered to we expect more parallel solution by acceleration of XXXX will it, of we summer in much own this as start Global-e to time. solution. the in which coming the to U.S. availability into Markets on see effect Shopify Pro In see following general QX, this we effects is the the and as on And

acceleration potential an realizing of to the we in Shopify. XXXX both, combination So see expect do into on

Got it. you. it, got Thank

James. Thanks,

you. Thank

Our with your with Samad the next proceed question. Samana Jefferies. from comes line Please of question

morning. taking for on the for Thanks follow-up guidance. maybe Ofer, Good my questions. a you

Just kind the of reconciling what the rest NRR of the timing ramp implies of you're any or assuming go-lives for in changes partnerships. terms strong you're XQ the revision year? of the maybe for what the rest of and what assuming in the Or of the for year,

understand moving assumptions maybe to and your trying are? parts within Just the guidance the updated what

changed we remain haven't view. I did side. we Thanks much And in signs on -- uncertainty, as a our positive that. we the QX. due for some We so bit to Basically, conservative mentioned, see the

said, demand we from than or relatively at we initially positive, least expected. positive consumers As more was

is a lot However, macro again, still of as there bit remain uncertainty, conservative. we a

we on some new -- time, usual haven't are delay. Regarding Projects merchants, running delays. notable any seen general

remain be remaining macro bit uncertainty, the to the to just a that. nothing terms again, to side. expected, able guidance due launch of notable bit than the are we we prefer in on We of the Some but conservative But earlier a year. optimistic in putting regarding on

higher, product products on we get a revenue just service follow-up And know rollout, including multi-local. something newer side. kind take Great. talked of we I the did some the maybe like maybe rate that about the then

year-in there the there. progresses. about maybe as progress monetization being we maybe further I how year a year-out think of how looks update source that and the maybe any on Just mean should quarter,

seen in then multiple we So have -- basically, progress arenas.

merchants, example, For have new of European etcetera. in parts of adoption world, for high drawback selling duty merchants our seen we capabilities into the different for U.S. Canada, around our

ability to we're more bring much QX, rate. take into currently We but demand-generation additional them that see our the working traffic XXXX, of and add-on contribution do coming capabilities even and drive an do on. we to with expect into out that So sites new in

be that to increase continue believe do there see in say, would we So rate overtime. gradual a will and the I levers, take

Great. again for taking questions. Thanks my

Samad. Thanks,

you. Thank

question line next with comes the Peterson your Brian of James. with from Our proceed question. Please Raymond

question. thanks Hi, taking for the

me. from one Just

also So with to early-on, with expansion a has customer for it's while. interesting a Europe, like like Disney been see customers LVMH the so but

multi-region love this So, to versus dynamics to we think the expand how or guys. understand motion land we about that expand as of year? kind looking kind to XXXX, progress and your customers Thanks, I'd are through land do start, of

that over they those either well, into started So especially presence -- have opt so world or around go the will physical this or think, support, see mode in of time have to larger would a time. scale-up we world, presence typically franchisees, with the I that we direct they more do merchants, multi-local presence, and do over that brands

the brands, of some regionally In larger decision-making. you also see

success others you you once then the we LVMH groups. based you drive story do back within stories they the able into certain have give do just goes advise best from region, success follow, additional brands see time, of of the land very a which cooperate you such share over entered. create on a as region win successful, the for on and it, and that So will to the gravity already groups they where for growth Same to is a region, because do significant center multiple practices, be

still lot of we as In and we terms merchants continue hope the brand, land We land growing see is all group. to trajectory a of within of time. within a we expand, over the large there believe do runway and

So we going have do runway a also forward.

change no So that. on

guys. Thanks,

you. Thank

Markets. Please Capital question. with the next with Josh Our proceed comes question of Beck from line your KeyBanc

be the to taking on of some as synergies into And we year? the a becoming just about question. Maybe that I should side. particularly the Thank kind with how about opportunity, you you it’s obviously, phasing wanted thinking little integrated and fulfillment to ask Borderfree, where progress there's we imagine bit through platform. respect I the the are of for more

So, it's of Nir. Hi, -- in terms Josh,

we we in the think terms of I for Borderfree, In acquisition. realization of the goal aim the see that

we sometime one related marketing and sophisticated we for capabilities launch to started QX be brands, would from Group year, roll in demand-generation services Borderfree next infrastructure out, build we the where and more to utilize on in is first The a Global-e and order assets we hope to acquired between demand-generation the order say, this already but it would QX as to entire motion I expected. it in work the to

ability logistics the actually I standard part, of and say, the brands Bowes terms have utilizing Pitney would access we our realized, into SLA Canada, In a the into premium that giving first is to And synergy, attached which the reporting great of roadmap. services has services great U.S.-based solution to a standard and to professional acquired the it. the also from did in services on team, Borderfree the development accelerate order Global-e of as as we we the all-in-all, of leverage well some to see own

support, the say, towards Global-e. of the shifted of actually build would I amount to team we roadmap So significant

of with expected So what line all-in-all, expect we all to by we see do of progress end the the it and out we materialize XXXX. in acquisition,

then on history. helpful. company's spent in this generally SMB, historically, follow-up looking just at service Pro, just a Super a you is maybe less obviously, time that segment delve And Markets the

really during the kind key you so formal of overcome position early of, access how merchants it? to refine? in the to, on-boarding go process I the access later the aware this part are really Is of you learn objectives you really become Admin the and need what So to that launch early during year? it that some into components? it I Is are the really really really integration you well really with the of as hoping What guess, Shopify guess,

Shopify early that as the Global-e Basically Sure. would at give, make and a can model, That's but say, I much to sure touch on fine-tune, to as the us very benefit end. as both give model. one light allowed access we

things are, on thing the we fine-tune, other allows leakage don't that an for that mentioned that, on-boarding see have is I Pro. us you process being would And say, steps activated or also SMB's the to to onboarding as it towards Markets overcomplicated

So working most and we fine-tune with of do this we benefits the both, what are give subset. as we the do how part them benefit

on general bring, moat, the the And to to as the hand, it a I benefit without would in on. while onboarding as say, availability making possible other order get business we to we process switch fine-tune easy can

Thanks, Makes sense. Nir.

you. Thank

the line proceed of from Sandler. comes question Brent with Piper your Bracelin with Please question. next Our

this Rudoff on Brent Good Thanks for my morning, for this guys, is Hannah taking morning. question.

from other We've that It but some there, especially, about one seen has you've among better-than-expected Just goods brands? like me. been could if specifically you companies and wondering your in there luxury from the just sounds existing category, talk heard consumer. luxury demand from you've softening what seen existing customers the

us. honest, have would seen luxury, stays -- reduction basically it Basically the is, be what So stability. luxury for we in Hi. to I say, quite We in see, don't

it same quite stable. the store sales, of looks terms In

seen market clients current luxury more growth and with brands of winning us. We have luxury gaining from additional

didn't for However, year. down. grow we luxury slows think as retailers we have seen It's seen more mass-market's mass-market that But just, retailers. us, accelerated this I have growth don't fast with as for

Great. you. Thank

with comes from Autonomous Code proceed the question next Research. Please with question. Matt Our Instructions] [Operator of your you. line Thank

Hey guys, good morning. question. taking Thanks the for

earnings Shopify Pro one Markets Shopify Markets either on Pro on from XXX,XXX today. use Shopify So Shopify me. another call merchants their mentioned or their of Markets currently that

the XXX,XXX believe that many could time? And if ultimately give thoughts those you merchant. merchants us could how say, provides could of hoping Thanks. benefit you some value-added a bigger Markets picture, Markets services additional on, So remind of Pro I over then from was just to Pro you

which virtually of say, the Shopify tax, and whatever and to filing merchants Thank the required for enjoy you lifting a services on and record, for would full Global-e the it, question. it top of in-country making duty merchant I It's on Market's of Nir. Pro Shopify and heavy ability moves seamless suite adds takes actually all Markets of registrations merchant. into Shopify the is for from actually

So himself. components comprehensive actually to manage just suite merchant lot of services having a taken, but than needs by it's a much of the more

availability XXXX in XXXX, we Shopify quick the We as early looking post mentioned, general earlier, significant expect In merchants, it's terms at I time and days. acceleration that and and access see still over we It's of early of summer in for numbers. will Pro the in U.S. do expect still the U.S. time, it a to Markets we reach mentioned growth do

Super just And follow-up. Thank helpful. you. as a then

from year? could How broadly, should was more And I your growth? Just about guys on the investment the that headcount of priorities then Shopify. you aside and should think biggest pace how OpEx here. hoping throughout we track touch

is sure. Amir. Yes, This

invest, say, various heavily to growth continue trajectories. let's we One is expansion. into So geographical -- growth

Ofer As call, our in opening merchants markets, further developing investing the offerings our services, and in additional as we earlier additional we call. more outbound mentioned also was multi-local the so mentioned in from around countries, and support are geographies of expanding to ability terms are in

from platform. we'll both bring support existing onto to to that potential are order as data, value such investing our we we addition cross-border addition, In of and in and the in the to base as further business, and general extract to areas to of further continue driven AI and the insight mentioned invest the merchant also, in their and brands enable enhance them can both course, new

growth do lots and our lots to to platform, trajectory. all-around invest all the to contributing in definitely So,

Got it. helpful. Thanks, guys. Super

our the floor you. any comments. concludes final Thank back question-and-answer turn Schlachet for will I to Ladies Mr. gentlemen, that and session.

seeing to calls. very us our look you, for and you forward joining again today on earnings future Thank we much everyone,

force the our once merchants total Before our continued big to true take hard opportunity thank this a you whose again, success. all of dedication like say wonderful driving I to a would the to just world, to team and growth success behind and throughout our remain work members we adjourn,

time, and care. So to take until goodbye you next all,

concludes This conference call. you. Thank today's

at your You participation. time. disconnect for you this lines may Thank your