Global-e Online (GLBE) 8 Aug 232023 Q2 Earnings call transcript

Welcome to the Global-e Second Quarter 2023 Earnings Call. This call is being simultaneously broadcast -- webcast on the company's website in the Investors section under News & Events.

For opening remarks and introductions, 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 second quarter XXXX. the for XXXX. financial followed company's the Ofer for quarter and quarter the second results review of the will full outlook third the XXXX by year of

call then questions. open the for will We

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

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

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

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

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

to In financial overall provide allow today and in about substitute financial evaluate or are use financial decision presentation intended discuss these by financial to is this to its The making performance with We isolation superior metrics of information past measures used accordance financial transparency operational operational decision information period-to-period addition, and believe with means future understanding considered useful of prospects and and key presented to We for and the respect not non-GAAP financial as GAAP. we management certain enhance in results, as non-GAAP be that greater and a information or comparisons. metrics will making. metrics. operating measures for for these in a prepared

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

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

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

earnings welcome Erica, QX and you, our call. to Thank everyone

a continuation of trajectory. financial growth guidance, business Our second quarter very exceeding them results, our strong and all depict a momentum of

million our $XXX to quarter. amounted revenues reaching by GMV the quarterly XX% and million, in or $XXX Our XX%, year-on-year grew growth,

growing Thanks margin to year QX of our from gross continued to economies this year. XX.X% and last XX.X% to profit improved efficiencies. Our scale of in adjusted QX in expand of

of Finally, year. same the nearly our at adjusted million, for last EBITDA the came $XX in that quarter period doubling

XXXX detail more fiscal the for our results, next quarter well guidance for updated Ofer describe quarterly full and as will financial in usual, the As our year. as

I Ofer, would However, key before to I regarding walk business. like call you through updates some to hand our the over

onboard various On globe front, new located all continue around trading and merchants verticals. the to different many the we in merchants'

Club a Monday as France, and US, recently in name and such to the Diesel the London few and fashion Just examples, we the L Swimwear denim renowned fashion Pepper went in with UK, and brand [indiscernible] Bennett in LK Italy. live in iconic brands

also We brand others the the went with silver verticals. various and UK-based protective recycled Missoma, many and gold brand innovative in cases (ph), product live with jewelry [Moose]

of we [indiscernible]. continued brand, the we bringing brands and our North and of brand, standpoint, Nation, this rapid with group expansion to Orveda, Swati, vegan quarter [Lilybud] Moreover, Europe, in LVMH Australian brand our Lahana we Japanese live, parallel efforts during including live from group Continental went and is our Sui, and large continued with established Venroy, with QX, the going America, a brands. Beauty, important, the examples HINOYA, several growth Nubian count across in Givenchy merchant Equally is our APAC geographical existing notable and UK of expansion our being first-ever Korean numerous continued (ph), in as live, of which XX. active within From well, with brand Swedish markets Ana groups, cosmetics outbound with markets to our including the part the going up the and first-ever brands Rollie the which go-live fragrance beauty another [indiscernible], XXR, Coty, region our

consolidate elements our parallel, the In additional continuing continue we enterprise new of streamline are we some merchants of legacy Shopify-based onto and all and on stack acquisitions our app. two to to Borderfree. process migration strategic also platform roadmap, the our Flow our on post native Moving

the on release optimistic joint Based Shopify on the availability once in into work expected Pro impact merchants, of is up. general the it innovative scales released side, from results of potential and we new batches the platform first regarding in live this access we be Markets of the feedback continue to is preparations and the which early future to year. happen US, necessary later On the for the our Shopify with SMB continued offering

doing constantly we the continue out, we globe. as rolled developed features both developments, remain to as Given our all the many time, committed as in way, good expand healthy teams commercial so our is teams these from in the same a growth and well and for flow, EBITDA, as growth as technological to responsible in outpacing and the But our product a which sustainable is proxy free our evident being adjusted around revenues. ever at cash

present it in And that, hand guidance. figures will with updated well now the our I quarterly take you depth, to to through over as more as Ofer

you, thanks Thank us everyone, today joining earnings our quarterly for and for call. again, Amir,

quarter margins, to as performance coupled growth, our XXXX. support fast improved we merchants of first We the and in the are QX market with with very results, continue that non-GAAP like our half to and progress opportunity. journey, point cross-border business direct-to-consumer another with growth pleased strong exploit was be again addition massive to out in discussing certain results. also I'll GAAP the of I'd

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

As our growth segment, Amir mentioned, an our cross-border The $XXX in XX% platforms, increase rapid of uncertainty. with of growth despite ongoing by year-over-year. generated continued in on QX, the growth of million GMV continued the macro direct-to-consumer the supported GMV was

decreased to to order $XX.X of Service million, revenues XX% up revenue from of still both continuing with benefited mainly revenue higher by QX, XX% rapidly. of resulting $XX.X generated to million. value compared Fulfillment GMV, quarter services were streams rate shipments XX% fulfillment take revenue $XXX.X QX, and the In multi-local up in per services. year-over-year, driven and our also growth were up growth less from inorganic from Borderfree. total also grow -- has We fees were we this year-over-year, million, up dollar average continued

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

As Amir and also we the East. Middle into penetration continue APAC mentioned, our

also still outbound only and year-on-year. of three efficiencies. revenue compared share QX. profit profit grown XX.X% same non-GAAP of continued million, revenue growth, profit XX.X%. scale a QX, continue gross $XX.X GMV our we X%, in was over up new service year-over-year, to to margin Non-GAAP In fee The the last year. gross non-GAAP XX.X% of million, driven revenue representing the was compared the share margin times margin a was representing XX% by leverage this period outpace in improve gross has gross gross QX While to is $XX.X GAAP profit to as of improved market higher

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

our last million. expenses was warrants $XX.X and period efficiencies. Sales $XX to marketing marketing revenue expense presence Total quarter amortization to year. of million. Shopify amortization maintaining $XX.X to X% sales $X same and to amortization revenue, our or and expense, intangibles excluding acquisition-related build or the continue also million Shopify-related stock-based X.X% We compensation, in marketing was compared for market was enhance invest million while our expenses, in of related sales pipeline, and the

$XX.X Total in same million. administrative compared and stock-based last adjusted expenses driven expenses, loss the $X.X excluding the warrants $XX.X the margin transaction to mainly G&A and million, Net was a growing or loss a intangibles. year-ago million $XX.X compared revenue million consideration XX% or or of contingent Adjusted EBITDA revenue, Shopify in period compared the to General totaled QX the million, of year-over-year, period period, million XX.X% to spend in $X.X million XX.X% in related net acquisition-related was year. year. representing related was of X.X% to $XX.X compensation, EBITDA X.X% $XX margin, last to by amortization same

turning cash was Cash cash to $XXX deposits and $XX.X ended sheet short-term with the and securities. million a XXXX marketable flow generated year we by $XX.X in activities including gears million, operating Switching million equivalents, QX flow and statements, cash to balance ago. compared and

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

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

the range, in HX, of XXXX. contribute of revenue place. in Borderfree positively Borderfree expect growth represents we $XXX weighing offering QX million We XX%, is once this traffic to a top-line expect midpoint enhanced in the rate to the QX of on but compared range our million. is to At growth generation of to be $XXX

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

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

EBITDA, adjusted efficiencies. previous to a range, of XX% continued $XX million, million reflecting $XX guidance of expecting operational focus a on we're our significant midpoint at our the to profit increase compared the For of

In expansion. We our aim with the conclusion, on for platform we and improving offering continue cash. value our while their to expanding merchants to execution create continue enhancing generating growth on cross-border emphasis focus in and rapid to efficiencies strong our direct-to-consumer

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

sir. from [Operator will at Please be Raymond first Peterson question James. go you, ahead. And Thank your Instructions] Brian

the and Thank on strong quarter. congrats you

out linearity, call region versus second anything was strong. that's I you'd just that GMV out to by And by on of or through terms So any the quarter? wanted first, call would that in that either really different July hit month maybe trends

Yes.

euro] XXXX. was merchants see by a did It Europe in So strength driven back product And half the and did of large promotions. product in on a see second also [weak of to strong we the some second we continue launches relative quarter. (ph)

strong that we seen seen to or been U.S., growth less in stable. but a have APAC more some markets growth. Europe. contributing performing of very the We've well, So not has Europe

margin as are year. I'd thinking color. we're platform, how at guys. maybe you EBITDA And to margins in margins. on have Thanks, understand for versus growth guys appreciate I further investing up, the investing ramped those back love the the XX% know I about just in driving expansion? Great. the coming

Brian. Amir. Thanks. It's Hi,

in We can truly the continuing we so this we market all immense the that additional innings So we're avenues continue and of capturing platform. additional early we in into what already the both to are opportunity, to are reinvest on at offerings, of doing far back the develop time it. believe that

of we the -- reinvest margin for believe we So, with term shorter the make terms and early we continuing that and we to we term. long-term they to that investments value time, expand EBITDA approach midterm, are in to accretive long and are of wherever multiple the committed do are remain over these kind all continue business. the in innings the our avenues the But it, to

Thanks, Amir.

Thank you.

Next at from Brent Piper Bracelin question Sandler. will ahead. be go Please

next I Amir, you learned? look sort innings, Pro, to and wanted of know have think click and that early far? [indiscernible] so that you but is going? learn what the insight double do could Thanks. like How What that did year. lend have good into morning. you, And Thank any going we key very some Markets trials. still you into into we're takeaways I should how

of to from I the the early on itself, outreaches say even as the back with Most was other. we've on that, Brent. work kind and of batches automating the perspective, from the and product the -- we've would say, learned Yes. improved large we this side we've be the once touch, the -- experience It's to done lessons and some platform together the merchants. I of merchant the to a batch -- as of offering of of merchants improvements already goes aspects of are both know, Thanks, of perfecting you learned collectively up. expect Indeed, a we kind productized a and And number merchants to well of various to beforehand. offering can onboarding performing learned even Shopify, intended quite processes, in this honest, of outreach we've the onboarding it lot quite are although one and kind into availability onboard masses the the is general this zero of as the since, onboarding ramps highly management on day-to-day a all be of

what through the which with this period, to we've been early into implement on. availability. course plan we goes has focusing seen of a this this been -- of is we've So lot that, And advances even tremendous this once access general

about play not that is quarter. some was fulfillment in forward? I think little seasonality And know margins that how there? or some there really hear for fulfillment bit that there might think be is, going should sustainable? about guess [indiscernible] Ofer upticked I to progressing follow-up don't improvement margins improvement structural as we Thanks. a Is a Encouraging well. if here operational my around this

for Yes. improved has Thank quarter. Generally this that, margin Brent. speaking, gross you

relatively On the fee operational of the also back efficiencies and expect of mix we to the revenue, revenue, service remain higher share that stable. of

This We expect around potential revenue same see well. to do fee upside longer some for numbers potential term. and gradual this in the the piece upside service fulfillment to remaining of also as we to -- relates the the the And stay year.

you. Thank color. Helpful

you. Thank

question Next be will at Samana from Please go Samad Jefferies. ahead.

the should the thinking how Good question, Borderfree, conversions are morning. to acquisition of those to like a just NRR it, past Good look eventually you’re maybe how year think And your that through customers? first customers like results. NRR you customer base? that for overall they'll Hi. doing? of cohort you could see regular think trends we maybe Maybe speak inside your now looks you're of lapping strong do about to get what And the where

Borderfree the question. making Samad. we the Hi, with In the for general, It's acquisition are on happy very progress fronts. multiple Thank we're Nir. you in

platform. hand, we building our one registered built the front, across order the base as capabilities well launch on are it international client On across to in marketing portal tools the as we entire and

we in [indiscernible]. delivery did next I [indiscernible] parallel capabilities to logistics say, start availability QX QX, the early would general year. maybe using it the some and In Canada and I would to year of enjoy utilize into later standard is for say, time, access

year, On migrations year. and the client would amount towards do next mid say, starting already late see by I base the itself, clients we of the later to expect of a QX migrated part significant, mainly the

Borderfree migrating growth the we they out on capabilities Global-e of the we a platform expect are once see (ph) that on to the not and have So platform. see [Core] we do present coming significant

we XXXX, within of that expect some also clients. growth we'll out already we to start So Borderfree coming -- will see

clients in Some XXXX midyear. later be because it would only the the of only would in or migrate year

We a regular the The In NDR. profile versus is growth we it see our terms (ph) weighing it still on contribute profile year. next say, to profile clients clients, the profile. same migrated and quarter, is as for Global-e. clients on a over on mid coming change of at, bit do our platform lower clients of different historical platform. that our our expect the but levels as profile, in maintain once trading [current] Borderfree not results We by GLBE XXX% Global-e do it the I we hopefully would grow

maybe much that have think you've then help for implies GMV GMV customers Super quarter, of Shopify new follow-up us for trends a and basis. XQ the initiatives. quarter is will actually helpful. it Market what booked? that seeing as other ramp to that team. implied I'm Or maybe about that's maybe get lot in makes you existing Maybe implied. well If with Pro kind already just And the just understand just I that in confidence it of and the you're better, how curious the visibility guidance things implies sense the fourth more that and due or fourth strength. XQ And that

It's you. Ofer. Samad, thank

into than -- quarter we well, had QX we a have are visibility obviously, more now We ago.

So get year, visibility. as we better the along we progress

peak However, also season. it's

have that not be client now to volatility guidance, hasn't signed. live already Basically the year. this till have up of will all in clients our on So is signed side an any that based probably either impact. plan could A

to merchants either that pre-peak. planned live merchants or signed it's go on So live on are all planned

addition, in Markets all going into do will contribution And from Pro forward in XXXX, year in that contribution. have some see. guidance you QX. is Markets that the And embedded And we expect Pro Shopify of Shopify a full significant hopefully,

guys questions. Great. taking Thanks my for

Thank you.

Morgan be James Faucette at will ahead. question from Please Next go Stanley.

Can everybody. cycle Good Markets quickly Thanks with to morning, merchant. the for point follow seem much. the a then of well very little for of like you and and has operations, I up or expect Thank markets. about Markets talk to here. time, merchant that but the their Pro. operations, a current progressing on Shopify wanted from things continue be bit to view them operate Pro you perhaps relatively already add to If activity Shopify the cross-border over Markets move would new to you Pro

Just about that? what you view to for of point be? is the can a from you of merchant talk how the little you're the think bit planning process likely And

have James. question. in It's of we cross-border or do Hi, Thanks it merchants don't for base, have of Yes, either terms some at the client Nir. all. that kind expect your currently operations

many it for If either full would make appealing our more themselves Shopify, you say, holistic capabilities we from that bytes, or allowing can see suite that of turn extend build be the, way a solution. are international them Markets and international is very and would merchants very with believe end-to-end it a reach It say, on to simply promising I that better. bits let's has Pro trading currently actually to use you or

So yes. expect we towards to solution, move the do some actually

from I there. just following then, guess up That's And great. --

I it -- sounds scale -- and think better the that, mean, entirely. self-serve into that I'm of trying how of is penetration versus to in Global-e to is that designed much like have you about just when motion does it like So get of that a process it's controls onboarding? what sense input sales what pace

and merchants an be? might can So manage the to themselves do them you what much. on that kind scenario? in is simultaneously understand the that just immediately of of extreme trying do can Just very limitations all something Thank adoption

on from as more it to fit as Thank upcoming. adopt much the the wanting you, rollout. product One, his to James. merchant but mentioned it And depends limitations own needs, the yes, I you the think on adoption are

availability general U.S. say, merchant are will first, we territories. As there focusing go then availability, Even the into extending I would different looking we're only not into general on base yet. will -- going at into go, and

So and adoption which to it more on you sell will will But think you dependent sell much from. choice. be where according the them it merchant outside I products be that, a gradual

Great. you. I appreciate Thanks.

Thank you.

Berg Please Next ahead. at will go Needham. question Scott be from

Hi, afternoon at question everyone. my things Good A least of Thanks for couple taking for afternoon. me. [indiscernible]. this

you've nice Your lapped growth in understand help over there? really there still know is similar your to you maybe a XX continuing of us U.S. some it's you Flow, outbound. of be outbound base, can I is really maybe the the brought which here XX States solution after of see expectations to United for platform that strong, drivers a U.S. Can sales outbound, that out months? but smaller next growth we the especially

merchants coming So of consumer. even U.S. brands, fast would the brands. say, other of of of it's territories that of the other less growing U.S. geographic due our them would a in other for of more growth share first see versus us. celebrity I from that say, that the both, I -- or of on you But Borderfree lot regions. to and I than have, growth U.S. And out in the outpacing to It's brands in profile distribution, than brands flow is tend think terms that legacy more, is in our coming a focus higher mix of in a U.S. as no DXC mix

reason the in main other this be for So would U.S. growth the this

Markets Pro do we U.S. the parallel, general do support we In further this merchants. merchants, as And this would be even our first Shopify with profile it so solutions availability adoption U.S. accelerated for believe of in see of the by continuous well. U.S.

And Ofer. follow-up question, a Helpful. from it. then Got

Do maybe there margins expectations, here. that in margins for? the I have I Your ever the scale, continue be to over look time? and quarter discussed maybe think, scales to have outperform target on continue you I know updated everyone's above, to business is at an should or kind best the Is plus level to minus. gross certainly gross getting Or we view really here? that opportunities of as you some that XX%

Yes.

So very this happy yes, quarter. with margin we gross the are

mentioned, it's I by As efficiency. operational also the mix, by revenue but driven

continue We some potential time. leveraging scale our in on future. additional do We focusing over and upside on see the improving

I at to mentioned to we it level is what forward, stay expect year But this As similar you previously, seen of remaining there the in have additional QX. yes, some potential. for going

expect points by We it We to come every gross basis is gradually. in expect XXX don't but to there quarter, margins grow upside. some additional potential

for you questions. taking Thank Excellent. my

Thank you.

be Next Please ahead. question will from at Maddie go KeyBanc. Schrage

Hi, you or taking that you size question. really about commentary I more if comment you're wondering in there's you certain average that could the I if for on made give cart guys. was verticals? any for Thanks. tailwinds And any reason specific any volume Thank higher seeing higher that my if maybe order thought interesting. was

Yes.

there So I are think two drivers that. behind

all, a trend. of I First think consumer that it's

in there was pause over and previously then We growing higher average few of last in than and we've sort years, a seen baskets have QX, growth QX. the seen

So have growth been QX. QX it rolled higher this might has value order sort in a average blimp to how in and of

Nir segments, see digital native I In over we terms of that think as performing. brands the mentioned,

seen solid. have is luxury We

department the growth last those with observations have months. stores. We key I would seen for say would slower the be few

guys. follow-up a for just you And Great.

seeing play in that out demand that been or cycles general of been versus your think the any changes year seeing budgets that you're in have sales last on IT restrain the a this hearing bit any in year. Are enterprise I Thanks. enterprise side? gen you we've

of say, bookings, ever year that growth, -- terms our GMV. the was is we months new a and a I with to, of great are, had in first we say, the six terms So in booking strongest QX would strong us it very I new brings of would quarter

across built, pipeline to see region. coming year start well demand we Continental as new late We continue bookings we roll our in strong and Denmark, coming being across year, partnership. a to some went the We and is would APAC, Sweden, where from regions new last out, first as see see early the Europe. Italy into new we Nordics, say, I We launched other client, a where this in,

the midterm optimistic very bookings quite supporting results half one in ahead built with pipeline at growth. being happy looking we're new on the is all-in-all, and So in our that our QX,

And the guys. quarter. you, on congrats Thank

Thank you.

question will Autonomous Research. Matt Next be from at Coad

guys. for the question. taking Thanks Hi,

Your touch there I since you a just moving fee service for on basis first believe, year-over-year the declined Could and came kind factors you the thinking of forward? you're on the how take take public. driving rate rate time, about

Thank Ofer. that. It's you answer two. the to Yes. for would divide I

forward In it year has quarter-to-quarter, from has and going some stable. been volatile somewhat upside the terms relatively back stable take service more by of expect half fees services. is it stay been It rate, for to relatively stable the potential -- but we in it driven with of value-added

And in terms of quarter. fulfillment this take rate, yes, lower this has been

translated driving us. the which -- was shipments a average value, by And to obviously less higher seen had numbers. done order we we mentioned, I have As that

previous mentioned as In multi-local share. addition, growing we quarters, in gradually in is

in fulfillment. fulfillment impact multi-local doesn't So has not a on impact, usually it that do supply the also take an as have but huge rates, we

forward, think of there flip I year, on the might the at gross is that half the fees drivers is it be it And reflected going higher gross into impact levels. expect positive -- same margin. of So some upside The service behind remains share the potential of to has similar we back in that And margins, side then still to a seen. going the those were relatively that. the XXXX, stay in be

profit the to drops less it line, impact. down when So there's gross

And I a some start to been worse call little anything build it's free bit if this there's cash factors? a Ofer. as Thanks, my compared like EBITDA, was to out follow-up, conversion capital year working in say, your of, was terms last. just just to That flow wondering other a so or helpful. looking for percentage then super of at free ratio, cash flow adjusted

Yes. The that to in year due sense cutoffs. started slow timing and

fluctuations still less cash into We we're will still EBITDA dynamics. more So from over quarter-to-quarter over expect more any lagging from be time we There see to around period-to-period. or specific time, weren't flow. it expect free adjusted to converge. translating do But or It's QX. timing. There

you. Thank

you. next ahead. from Please Benchmark. will Instructions] [Operator at go be Thank The question Mark Zgutowicz

Thank good you afternoon. and

built Just level of quarter? you the is there? we question, Thanks. a about but you curious much conservatism of fourth should here how type short have visibility question in the terms kind how implied into built think fourth have Just of or for into the Markets following conservatism that -- would last you what you've say of Pro quarter and

approach regarding end have as changed approach guidance. of the general. better we year have try the consistent. We Naturally, general our not visibility the We we in very for year, stay full to

increased So our is that full year. the -- reflected guidance for and in

Regarding obviously, trends new. see We and Shopify some it growing see access mode, it are we time. is in Markets Pro, do we early still over because

do indications plus have has some that the plans we that we we have take -- that when Shopify regarding So product. this

start regarding have think we in expect I that So case, any And that. in to QX. contributing we it ability do

However, it huge impact does not have a QX. in

impact XXXX. expect a We to it going into have significant

And indirect over in was of maybe could enterprise direct XX the next characterize your Thanks. channels. months growth from Got it. I helpful. pipeline, you terms That's hoping versus then just the coming

it’s Nir. -- Over last year the

Sorry.

leads the Over of last year, growth sales partners share. growing the have we indirect coming seen from

network it and expect partners continue onboard as more more We Global-e the into and we to ecosystem.

our But expect and as share our we from a coming and from growth. the base sales parallel still the indirect percentage effect to teams, do significantly share, continue teams network we team rely we grow in said, do However, I internal continue ecosystem. in to to our generation on get demand own

you much. Thank Excellent. very

Thank you.

at question JMP from Please ahead. go Austin Next is Securities. Cole

data taking growth if to And economic merchants recent you the some are feel coming new to ask guys my there's in out the Thanks. just seeing with Hi what you about U.S. and just trends the the wanted question. in in thinking wanted out there. drill on that's guys and larger growth I anything you years? there and of for are adding how about there just Thanks in I

Thank you. Nir. It's

nice stated share. the and As other see growth outpacing trajectory before, a regions in growing we its in did U.S.,

brands. some that merchants’, brands almost mainly coming of of virtually the from came it brands good or it in Flow of DXC U.S.-based and as would strong we of pipeline of On economy, those the a say, U.S. are growing open that we being Borderfree for the the well, faster in see it, solid Some are of acquisitions worldwide. celebrity demand profile growth built see brands are and and than businesses concentration I higher or do reflecting out legacy top and all growing, pipeline being

expect seen we've for do grow, sure side we the enterprise to forward. in it on that So we've pace to seen the not continue

expect scale open being the expect by to the in general within would continue It be XXXX. be over of I we in Shopify Pro gradually to by So we But to further. I U.S. of released grow availability say, even Markets accelerated would will balance time, somewhat it first the mix. share U.S. versus U.S. it would up, additional say, the would once regions that,

Thanks Great. so much.

Thank you. to like I turn over time, closing would this it at to for remarks. And Amir

your again ongoing appreciate forward future time, this on take you all you, Until and look you, joining today. very our We everyone, you call to much care. goodbye and earnings support next calls. and Thank on to updating for thank us

we sir. Ladies ask this Once again, gentlemen, does disconnect for your for please attending. lines. time, this conference Thank indeed that at do and you your you, conclude And thank you today.