glbe-6k_20211110.htm

 

 

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 November 2021

(Commission File No. 001-40408)

 

Global-E Online Ltd.

(Translation of registrant’s name into English)

 

Global-E Online Ltd

25 Basel Street,

Petah Tikva 4951038, 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  

 

 

 


 

 

EXHIBIT INDEX

 

 

 

Exhibit

 

Description

 

99.1

Press release dated November 9, 2021 titled “Global-E Reports Record Third Quarter 2021 Results”

 

1


 

 

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.

 

 

 

 

 

 

By:

/s/ Ofer Koren

 

 

Name:

Ofer Koren

 

Title:

Chief Financial Officer

Date: November 9, 2021

2

glbe-ex991_6.htm

 

Exhibit 99.1

Global-E Reports Record Third Quarter 2021 Results

PETAH-TIKVA, Israel, November 9, 2021 - Global-e Online Ltd. (Nasdaq: GLBE) the company that makes global e-commerce border agnostic, today reported financial results for the third quarter of 2021 as well as the outlook for the full year 2021.

“Our strong business momentum continued during the third quarter of 2021, once again breaking performance records, with quarterly revenues at an all-time high of $59.1 million, a 77% increase from the same quarter last year, and significant gross margin expansion”, said Amir Schlachet, Founder and CEO of Global-e. “With numerous client and partnership launches, a healthy and growing pipeline and strong execution across our strategic growth avenues, we are excited with the opportunities that lie ahead of us, as reflected also in our updated guidance for the full year 2021.”

 

Q3 2021 Financial Results

GMV1 in the third quarter of 2021 was $352 million, an increase of 86% year over year

Revenue in the third quarter of 2021 was $59.1 million, an increase of 77% year over year, of which service fees revenue was $23.0 million and fulfillment services revenue was $36.2 million

Gross margin in the third quarter of 2021 was 38.6%, an increase of 840 basis points from 30.2% in the third quarter of 2020

Adjusted EBITDA2 in the third quarter of 2021 improved to $7.7 million compared to $2.7 million in the third quarter of 2020

Net loss in the third quarter of 2021 was ($28.5) million, compared to a net profit of $1.2 million in the year-ago period. Net profit excluding the Shopify warrants related amortization expense of $29.4 million was $0.9 million

 

Q3 2021 Business Highlights

Outperformance across the business lines

 

o

Service fees revenue grew 89% year over year and its share constituted 39% of revenues; fulfillment fees grew 71% year over year

Continued accelerated growth of US-outbound

 

o

Continuing the strong penetration to the US market, US outbound revenues were up 91% year over year

Continued to launch new merchants across our main geographies, as well as continued ‘land and expand’ efforts. Select notable examples include:

 

o

Our relationship with the LVMH luxury group continued to expand during the third quarter of 2021, as we launched two more ‘maisons’ from the group – Givenchy and Sephora Asia, the latter contributing also to our growing Asia-Pacific based business

 

o

Merchants have continued expanding the scope of their existing partnership with us - for example, the consumer electronics brand Sennheiser added 15 additional markets; the luxury jewelry brand Boucheron (of the Kering group) added the US and Europe markets to the existing serviced countries; and the Spanish footwear brand Camper added 15 new additional markets

 


 

Established a strategic partnership with Australia Post that is expected to yield access to their vast Australian client portfolio, and provide further support for our penetration into Asia-Pacific markets

 

Continued to develop and enhance our multi-local support capabilities, launching Jabra, the global consumer electronics brand, as well as the UK-based football club Leeds United, representing the latest addition to our growing portfolio of sports club merchant partners

 

On track with the rollout of our exclusive strategic partnership with Shopify:

 

o

Continued signing up and going live with large Shopify-based merchants, such as Alo Yoga and Netflix, as well as with smaller emerging brands

 

o

Completed the first phase of our new native integration into Shopify, with the first pilot merchants already live and selling through the new plug-in. Netflix is one of the first enterprise merchants to be selling through the new native integration

 

Recently signed a long-term lease for our new headquarters and R&D center in Israel. We expect to move to our new home in the second quarter of next year, once the renovation is completed

 

Q3 and Full Year Outlook

 

Global-e is introducing fourth quarter guidance and raising previously issued guidance for the fiscal year as follows:

 

 

 

Q4 2021

 

Prior FY 21

 

Updated FY 2021

 

 

(in millions)

GMV (1)

$465 - $475

 

$1,350 - $1,370

 

$1,410 - $1,420

Revenue

$76.4 – $78.4

 

$227.0 – $231.0

 

$239.0 – $241.0

Adjusted EBITDA (2)

$7.3 – $8.3

 

$22.0 - $24.0

 

$27.9 - $28.9

 

Given the uncertainty of the ongoing impact and unprecedented conditions surrounding COVID-19 pandemic on business globally, we will provide investors with updated business trends as they evolve.

 

1 Gross Merchandise Value (GMV) is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric.

2 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 Wednesday, November 10, 2021.

The call will be available, live, to interested parties by dialing:

 

United States/Canada Toll Free:                        877-300-8521

International Toll:                                                  +1-412-317-6026

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 and Key Operating Metrics

 

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 that are not prepared in accordance with GAAP, including Adjusted EBITDA. Global-e defines Adjusted EBITDA as operating profit (loss) adjusted for depreciation and amortization, secondary offering related expenses and stock-based compensation expense. 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 Adjusted EBITDA 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. Adjusted EBITDA is a measure used by our management to understand and evaluate our operating performance and trends. Adjusted EBITDA is a key performance measure that Global-e’s management uses to assess its operating performance and the operating leverage in Global-e’s business.

 

Global-e’s definition of Adjusted EBITDA may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish this metric or similar metrics. Furthermore, this metric has certain limitations in that it does not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Adjusted EBITDA 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 prospectus filed with the Securities and Exchange Commission (the "SEC") on September 13, 2021 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’s mission is to make global e-commerce “border-agnostic.”
Global-e is the world's leading platform to enable and accelerate global, direct-to-consumer
cross-border e-commerce. The chosen partner of more than 500 global brands and retailers across the United States, Europe and Asia, Global-e makes selling internationally as simple as selling domestically. Founded in 2013 by Amir Schlachet, Shahar Tamari and Nir Debbi, the company enables e-commerce retailers 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 from, and to, anywhere in the world.

 

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 

+1 786-233-7684 

 


 

Global-E Online Ltd.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

Period Ended

 

 

 

December 31,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

 

(Audited)

 

 

(Unaudited)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

68,637

 

 

$

391,024

 

Short-term deposits

 

 

6,457

 

 

 

83,051

 

Accounts receivable, net

 

 

3,594

 

 

 

3,884

 

Prepaid expenses and other current assets

 

 

23,047

 

 

 

35,467

 

Marketable securities

 

 

16,871

 

 

 

18,424

 

Funds receivable, including cash in banks

 

 

34,492

 

 

 

36,434

 

Total current assets

 

 

153,098

 

 

 

568,284

 

Property and equipment, net

 

 

717

 

 

 

1,131

 

Operating lease right-of-use assets

 

 

4,160

 

 

 

3,377

 

Long term deposits

 

 

2,223

 

 

 

2,157

 

Deferred contract acquisition costs, noncurrent

 

 

729

 

 

 

1,216

 

Other assets, noncurrent

 

 

368

 

 

 

207

 

Commercial agreement asset

 

-

 

 

 

190,389

 

Total long-term assets

 

 

8,197

 

 

 

198,477

 

Total assets

 

$

161,295

 

 

$

766,761

 

Liabilities, Convertible Preferred Shares and Shareholders’ (Deficit) Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

19,057

 

 

$

17,662

 

Accrued expenses and other current liabilities

 

 

29,432

 

 

 

30,883

 

Funds payable to Customers

 

 

34,492

 

 

 

36,434

 

Short term operating lease liabilities

 

 

915

 

 

 

874

 

Total current liabilities

 

 

83,896

 

 

 

85,853

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred tax liabilities, net

 

 

105

 

 

 

138

 

Warrants liabilities to preferred shares

 

 

5,738

 

 

-

 

Long term operating lease liabilities

 

 

3,513

 

 

 

2,639

 

Total liabilities

 

$

93,252

 

 

$

88,630

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Convertible preferred shares

 

 

112,553

 

 

-

 

Shareholders’ deficit:

 

 

 

 

 

 

 

 

Share capital and additional paid-in capital

 

 

8,087

 

 

 

783,458

 

Accumulated comprehensive income (loss)

 

 

111

 

 

 

(177

)

Accumulated deficit

 

 

(52,708

)

 

 

(105,150

)

Total shareholders’ (deficit) equity

 

 

(44,510

)

 

 

678,131

 

Total liabilities, convertible preferred shares and shareholders’ (deficit) equity

 

$

161,295

 

 

$

766,761

 

 

 


 

 

Global-E Online Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Revenue

 

$

33,325

 

 

$

59,119

 

 

$

82,801

 

 

$

162,557

 

Cost of revenue

 

 

23,269

 

 

 

36,308

 

 

 

57,298

 

 

 

103,779

 

Gross profit

 

 

10,056

 

 

 

22,811

 

 

 

25,503

 

 

 

58,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

3,707

 

 

 

8,281

 

 

 

10,528

 

 

 

19,463

 

Sales and marketing

 

 

2,168

 

 

 

34,853

 

 

 

5,944

 

 

 

67,970

 

General and administrative

 

 

2,077

 

 

 

7,762

 

 

 

6,037

 

 

 

14,813

 

Total operating expenses

 

 

7,952

 

 

 

50,896

 

 

 

22,509

 

 

 

102,246

 

Operating profit (loss)

 

 

2,104

 

 

 

(28,085

)

 

 

2,994

 

 

 

(43,468

)

Financial expenses (income), net

 

 

850

 

 

 

(217

)

 

 

3,399

 

 

 

7,912

 

Income (loss) before income taxes

 

 

1,254

 

 

 

(27,868

)

 

 

(405

)

 

 

(51,380

)

Income taxes

 

 

6

 

 

 

601

 

 

 

15

 

 

 

1,062

 

Net earnings (loss) attributable to ordinary shareholders

 

$

1,248

 

 

$

(28,469

)

 

$

(420

)

 

$

(52,442

)

Undistributed earnings attributable to participating securities

 

$

1,023

 

 

$

 

 

$

 

 

$

 

Net earnings (loss) attributable to ordinary shareholders

 

$

225

 

 

$

(28,469

)

 

$

(420

)

 

$

(52,442

)

Net earnings (loss) per share attributable to ordinary shareholders, basic

 

$

0.01

 

 

$

(0.19

)

 

$

(0.02

)

 

$

(0.61

)

Net earnings (loss) per share attributable to ordinary shareholders, diluted

 

$

0.01

 

 

$

(0.19

)

 

$

(0.02

)

 

$

(0.61

)

Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic

 

 

21,480,600

 

 

 

146,629,361

 

 

 

20,953,084

 

 

 

85,714,176

 

Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted

 

 

29,576,495

 

 

 

146,629,361

 

 

 

20,953,084

 

 

 

85,714,176

 

 

 


 

 

Global-E Online Ltd.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net profit (loss)

 

$

1,248

 

 

$

(28,469

)

 

$

(420

)

 

$

(52,442

)

Adjustments to reconcile net profit (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

61

 

 

 

79

 

 

 

170

 

 

 

210

 

Share-based compensation expense

 

 

554

 

 

 

5,464

 

 

 

2,240

 

 

 

8,082

 

Commercial agreement asset

 

 

-

 

 

 

29,406

 

 

 

-

 

 

 

54,892

 

Accounts receivable

 

 

(228

)

 

 

283

 

 

 

(455

)

 

 

(290

)

Prepaid expenses and other assets

 

 

(2,267

)

 

 

(6,753

)

 

 

(5,468

)

 

 

(12,185

)

Funds receivable

 

 

(4,847

)

 

 

(4,091

)

 

 

(7,206

)

 

 

(13,611

)

Funds payable to customers

 

 

2,352

 

 

 

5,442

 

 

 

(489

)

 

 

1,942

 

Operating lease ROU assets

 

 

222

 

 

 

193

 

 

 

(2,978

)

 

 

783

 

Deferred contract acquisition costs

 

 

(141

)

 

 

(291

)

 

 

(322

)

 

 

(665

)

Accounts payable

 

 

1,066

 

 

 

(1,389

)

 

 

1,417

 

 

 

(1,395

)

Accrued expenses and other liabilities

 

 

(48

)

 

 

5,857

 

 

 

3,040

 

 

 

1,451

 

Deferred tax liabilities

 

 

-

 

 

 

29

 

 

 

-

 

 

 

48

 

Operating lease liabilities

 

 

(81

)

 

 

(287

)

 

 

2,939

 

 

 

(915

)

Warrants liabilities to preferred shares

 

 

1,631

 

 

 

-

 

 

 

3,892

 

 

 

5,872

 

Net cash used in operating activities

 

 

(478

)

 

 

5,473

 

 

 

(3,640

)

 

 

(8,223

)

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in long-term marketable securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,154

)

Proceeds from marketable securities

 

 

-

 

 

 

-

 

 

-

 

 

 

257

 

Purchases of short-term investments

 

 

(5,013

)

 

 

(4,681

)

 

 

(5,065

)

 

 

(76,594

)

Purchases of long-term investments

 

 

(77

)

 

 

115

 

 

 

(275

)

 

 

66

 

Purchases of property and equipment

 

 

(122

)

 

 

(361

)

 

 

(331

)

 

 

(624

)

Net cash used in investing activities

 

 

(5,212

)

 

 

(4,927

)

 

 

(5,671

)

 

 

(79,049

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible preferred shares, net of issuance costs

 

-

 

 

-

 

 

 

58,821

 

 

-

 

Proceeds from issuance of Ordinary shares in IPO, net of issuance costs

 

-

 

 

-

 

 

-

 

 

 

396,983

 

Proceeds from exercise of share options

 

 

18

 

 

 

838

 

 

 

458

 

 

 

1,011

 

Net cash provided by financing activities

 

 

18

 

 

 

838

 

 

 

59,279

 

 

 

397,994

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

(5,672

)

 

 

1,384

 

 

 

49,968

 

 

 

310,722

 

Cash and cash equivalents and restricted cash—beginning of period

 

 

76,009

 

 

 

394,371

 

 

 

20,369

 

 

 

85,033

 

Cash and cash equivalents and restricted cash—end of period

 

$

70,337

 

 

$

395,755

 

 

$

70,337

 

 

$

395,755

 

 


 


 

 

Global-E Online Ltd.

SELECTED OTHER DATA

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Key performance metrics

 

 

 

 

 

 

Gross Merchandise Value

 

 

188,749

 

 

 

 

 

 

 

351,591

 

 

 

 

 

 

 

470,196

 

 

 

 

 

 

 

944,377

 

 

 

 

 

Adjusted EBITDA (a)

 

 

2,719

 

 

 

 

 

 

 

7,743

 

 

 

 

 

 

 

5,404

 

 

 

 

 

 

 

20,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service fees

 

 

12,142

 

 

 

36

%

 

 

22,959

 

 

 

39

%

 

 

29,442

 

 

 

36

%

 

 

61,161

 

 

 

38

%

Fulfillment services

 

 

21,183

 

 

 

64

%

 

 

36,160

 

 

 

61

%

 

 

53,359

 

 

 

64

%

 

 

101,396

 

 

 

62

%

Total revenue

 

$

33,325

 

 

 

100

%

 

$

59,119

 

 

 

100

%

 

$

82,801

 

 

 

100

%

 

$

162,557

 

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by merchant outbound region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United Kingdom

 

 

18,959

 

 

 

57

%

 

 

27,142

 

 

 

46

%

 

 

50,219

 

 

 

61

%

 

 

76,392

 

 

 

47

%

United States

 

 

8,822

 

 

 

26

%

 

 

16,877

 

 

 

29

%

 

 

19,740

 

 

 

24

%

 

 

46,722

 

 

 

29

%

European Union

 

 

5,307

 

 

 

16

%

 

 

14,577

 

 

 

25

%

 

 

12,206

 

 

 

15

%

 

 

38,158

 

 

 

23

%

Israel

 

 

237

 

 

 

1

%

 

 

153

 

 

 

0

%

 

 

636

 

 

 

1

%

 

 

647

 

 

 

0

%

Other

 

-

 

 

-

 

 

 

370

 

 

 

1

%

 

-

 

 

-

 

 

 

638

 

 

 

0

%

Total revenue

 

$

33,325

 

 

 

100

%

 

$

59,119

 

 

 

100

%

 

$

82,801

 

 

 

100

%

 

$

162,557

 

 

 

100

%

 

 

(a)

See reconciliation to adjusted EBITDA table

 

 

 

 

Global-E Online Ltd.

RECONCILIATION TO ADJUSTED EBITDA

(In thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

 

(Unaudited)

 

 

(Unaudited)

 

Operating profit (loss)

 

 

2,104

 

 

 

(28,085

)

 

 

2,994

 

 

 

(43,468

)

(1)    Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

3

 

 

 

20

 

 

 

7

 

 

 

59

 

Research and development

 

 

65

 

 

 

1,875

 

 

 

270

 

 

 

2,319

 

Selling and marketing

 

 

65

 

 

 

264

 

 

 

182

 

 

 

708

 

General and administrative

 

 

421

 

 

 

3,305

 

 

 

1,781

 

 

 

4,996

 

Total stock-based compensation

 

 

554

 

 

 

5,464

 

 

 

2,240

 

 

 

8,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)    Depreciation and amortization

 

 

61

 

 

 

79

 

 

 

170

 

 

 

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3) Secondary Offering Costs

 

-

 

 

 

879

 

 

-

 

 

 

879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4) Commercial agreement asset amortization

 

-

 

 

 

29,406

 

 

-

 

 

 

54,892

 

Adjusted EBITDA

 

 

2,719

 

 

 

7,743

 

 

 

5,404

 

 

 

20,595