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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 2023
 
(Commission File No. 001-40408)

 
Global-E Online Ltd.
(Translation of registrant’s name into English)

 
Global-E Online Ltd
9 HaPsagot St.,
Petah Tikva 4951041, Israel
(Address of registrant’s principal executive office)

 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒          Form 40-F  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes  ☐          No  ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes  ☐          No  ☐

EXPLANATORY NOTE

On November 15, 2023, Global-E Online Ltd. (the “Company”) issued a press release titled “Global-e Reports Third Quarter 2023 Results.” A copy of the press release is furnished as Exhibit 99.1 herewith.

Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

The U.S. GAAP financial information contained in the (i) consolidated balance sheets, (ii) consolidated statements of operations and (iii) consolidated statement of cash flows included in the press release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-256403).

2
EXHIBIT INDEX

The following exhibit is furnished as part of this Form 6-K:
 
Exhibit
Description


3
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
 
 
Global-E Online Ltd.
  
 
(Registrant)
  
       
 
By:
/s/ Ofer Koren
 
 
Name:
Ofer Koren
  
 
Title:
Chief Financial Officer
  
 
Date: November 15, 2023
4

Exhibit 99.1

Global-e Reports Third Quarter 2023 Results
 
PETAH-TIKVA, Israel, November 15, 2023 - Global-e Online Ltd. (Nasdaq: GLBE) the global leader of Direct-To-Consumer cross border eCommerce enablement, today reported financial results for the third quarter of 2023.
 
“The results of the third quarter of 2023 once again demonstrate the robustness of our business model, as evident from the top-line growth, improved profitability and our healthy pipeline,” said Amir Schlachet, Founder and CEO of Global-e. “We are excited about Shopify Markets Pro going into general availability in the US and remain focused on executing across all our strategic vectors, as we continue to capture the immense greenfield opportunity ahead of us.”
 
Q3 2023 Financial Results
 
•
GMV1 in the third quarter of 2023 was $839 million, an increase of 35% year over year
 
•
Revenue in the third quarter of 2023 was $133.6 million, an increase of 27% year over year, of which service fees revenue was $62.4 million and fulfillment services revenue was $71.2 million
 
•
Non-GAAP gross profit2 in the third quarter of 2023 was $59.3 million, an increase of 36% year over year. GAAP gross profit in the third quarter of 2023 was $56.5 million
 
•
Non-GAAP gross margin2 in the third quarter of 2023 was 44.4%, an increase of 290 basis points from 41.5% in the third quarter of 2022. GAAP gross margin in the third quarter of 2023 was 42.3%
 
•
Adjusted EBITDA3 in the third quarter of 2023 was $22.1 million compared to $12.5 million in the third quarter of 2022, an increase of 76% year over year
 
•
Net loss in the third quarter of 2023 was $33.1 million
 
Recent Business Highlights
 

 •
Continued to on-board many new merchants located all around the globe and trading in various verticals, including:

o
European based brands including UK fashion brand Ted Baker, French brand Lacoste+UNDW3, Spanish brand Polin et Moi and Italian luxury brand Paul & Shark

o
US based brands such as Tory Burch, jewelry brand Moon Magic, Guess Watches, women-led fashion brand Frank and Eileen and AG Jeans

o
APAC based brands including the Australian brands Kotomi Swimwear and Hello Molly, Japanese brands Hobonichi and OAO and Korean brand Bsrabbit

o
High-end consumer electronics brand Bang & Olufsen
 

 •
Expanded activity with existing merchant groups, on-boarding:

o
Three new LVMH maisons – Repossi, Emilio Pucci, Patou

o
Purdey of the Richemont group


•
Strategic partnership with Shopify continues to grow:

o
Shopify Markets Pro went into general availability in the US in September with volumes starting to ramp up

o
Migration process of all legacy Shopify-based enterprise merchants onto the new native solution is nearing completion.

o
3rd party partnership agreement renewed for another year


•
Expanded our network of platform partners via a new integration into Wix Commerce

 
Q4 and Full Year Outlook

Global-e is introducing fourth quarter guidance and is updating the full year guidance as follows:

 
Q4 2023
  
FY 2023
  
Previous FY 2023
(in millions)
GMV (1)
$1,125 - $1,175
  
$3,493 - $3,543
  
$3,480 - $3,640
Revenue
$178 - $186
  
$563 - $571
  
$570 - $596
Adjusted EBITDA (2)
$31.5 - $36.5
  
$89.1 - $94.1
  
$85 - $93

1 Gross Merchandise Value (GMV) is a non-GAAP operating metric. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
 
2 Non-GAAP Gross profit and Non-GAAP gross margin are non-GAAP financial measures. See “Non-GAAP Financial Measures and Key Operating Metrics” for additional information regarding this metric.
 
3 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information regarding this metric, including the reconciliations to Operating Profit (Loss), its most directly comparable GAAP financial measure. The Company is unable to provide a reconciliation of Adjusted EBITDA to Operating Profit (Loss), its most directly comparable GAAP financial measure, on a forward-looking basis without unreasonable effort because items that impact this GAAP financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, share-based compensation expenses. Such information may have a significant, and potentially unpredictable impact on the Company’s future financial results.
 
Conference Call Information:

Global-e will host a conference call at 8:00 a.m. ET on Wednesday, November 15, 2023.
The call will be available, live, to interested parties by dialing:

United States/Canada Toll Free:
1-877-704-4453
International Toll:
1-201-389-0920
 
A live webcast will also be available in the Investor Relations section of Global-e’s website at: https://investors.global-e.com/news-events/events-presentations
 
Approximately two hours after completion of the live call, an archived version of the webcast will be available on the Investor Relations section of the Company’s web site and will remain available for approximately 30 calendar days.
 

Non-GAAP Financial Measures 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 and key performance metrics that are not prepared in accordance with GAAP including:
 

 •
Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues

•
Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration and acquisition related expenses. Adjusted EBITDA is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate directly to the performance of the underlying business.

Global-e uses the Non-GAAP measures in conjunction with GAAP measures as part of Global-e’s overall assessment of its performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, to evaluate the effectiveness of Global-e’s business strategies, and to communicate with Global-e’s board of directors concerning its financial performance. The Non-GAAP measures are used by our management to understand and evaluate our operating performance and trends.
 
Global-e’s definition of Non-GAAP measures may differ from the definition used by other companies and therefore comparability may be limited. In addition, other companies may not publish these metrics or similar metrics. Furthermore, these metrics have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statement of operations that are necessary to run our business. Thus, Non -GAAP measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with GAAP.
 
Global-e also uses Gross Merchandise Value (GMV) as a key operating metric. Gross Merchandise Value or GMV is defined as the combined amount we collect from the shopper and the merchant for all components of a given transaction, including products, duties and taxes and shipping.
 
For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying reconciliation tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.
 
Cautionary Note Regarding Forward Looking Statements
 
Certain statements in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements or information regarding Global-e’s expectations, operations, strategy and Global-e’s projected revenue and other future financial and operational results or other characterizations of future events or circumstances, including any underlying assumptions. These forward-looking statements may be 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. Global-e believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. 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; costs related to being a public company; 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; impacts from the COVID-19 pandemic, including variants, and related vaccination roll out efforts; and the other risks and uncertainties described in Global-e’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on March 31, 2023 and other documents filed with or furnished by Global-e from time to time with the Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
 
About Global-E Online Ltd.

Global-e (Nasdaq: GLBE) is the world's leading platform enabling and accelerating global, Direct-To-Consumer cross-border ecommerce. The chosen partner of over 1,000 brands and retailers across the United States, Europe and Asia, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e's end-to-end ecommerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast cross-border experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.
 
Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
IR@global-e.com 
+1 617-542-6180

Press Contact:
Headline Media
Garrett Krivicich
Globale@headline.media 
+1 786-233-7684 

Global-E Online Ltd.
CONSOLIDATED BALANCE SHEETS
(In thousands)

   
Period Ended
  
   
December 31,
    
September 30,
  
   
2022
    
2023
  
   
(Audited)
    
(Unaudited)
  
Assets
            
Current assets:
            
Cash and cash equivalents
  
$
165,033
    
$
145,824
  
Short-term deposits
    
46,353
      
88,078
  
Accounts receivable, net
    
16,424
      
13,451
  
Prepaid expenses and other current assets
    
51,904
      
63,850
  
Marketable securities
    
16,813
      
18,963
  
Funds receivable, including cash in banks
    
78,125
      
70,415
  
Total current assets
    
374,652
      
400,581
  
Property and equipment, net
    
10,283
      
9,799
  
Operating lease right-of-use assets
    
19,718
      
22,091
  
Long term deposits
    
3,225
      
3,415
  
Deferred contract acquisition costs, noncurrent
    
1,825
      
2,091
  
Deferred tax assets
    
171
      
-
  
Other assets, noncurrent
    
3,739
      
2,579
  
Commercial agreement asset
    
282,963
      
227,231
  
Goodwill and other intangible assets
    
466,024
      
450,681
  
Total long-term assets
    
787,948
      
717,887
  
Total assets
  
$
1,162,600
    
$
1,118,468
  
Liabilities and Shareholders’ Equity
                
Current liabilities:
                
Accounts payable
  
$
52,220
    
$
32,505
  
Accrued expenses and other current liabilities
    
75,990
      
82,019
  
Funds payable to Customers
    
78,125
      
70,415
  
Short term operating lease liabilities
    
3,245
      
3,661
  
Total current liabilities
    
209,580
      
188,600
  
Long-term liabilities:
                
Deferred tax liabilities, net
    
6,558
      
2,872
  
Long term operating lease liabilities
    
16,579
      
17,814
  
Other long-term liabilities
    
1,762
      
1,013
  
Total liabilities
  
$
234,479
    
$
210,299
  
                 
Shareholders’ equity:
                
Share capital and additional paid-in capital
    
1,253,093
      
1,344,904
  
Accumulated comprehensive income
    
(1,926
)
    
(1,982
)
Accumulated deficit
    
(323,046
)
    
(434,753
)
Total shareholders’ equity
    
928,121
      
908,169
  
Total liabilities, convertible preferred shares and shareholders’ equity
  
$
1,162,600
    
$
1,118,468
  

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,
  
   
2022
    
2023
    
2022
    
2023
  
   
(Unaudited)
    
(Unaudited)
  
Revenue
  
$
105,556
    
$
133,605
    
$
269,184
    
$
384,545
  
Cost of revenue
    
64,754
      
77,089
      
166,848
      
227,263
  
Gross profit
    
40,802
      
56,516
      
102,336
      
157,282
  
                                 
Operating expenses:
                                
Research and development
    
22,224
      
24,883
      
57,508
      
72,399
  
Sales and marketing
    
52,883
      
53,643
      
153,508
      
158,279
  
General and administrative
    
18,926
      
13,591
      
45,537
      
40,608
  
Total operating expenses
    
94,033
      
92,117
      
256,553
      
271,286
  
Operating profit (loss)
    
(53,231
)
    
(35,601
)
    
(154,217
)
    
(114,004
)
Financial expenses, net
    
10,890
      
(3,405
)
    
11,876
      
(251
)
Loss before income taxes
    
(64,121
)
    
(32,196
)
    
(166,093
)
    
(113,753
)
Income taxes
    
430
      
895
      
841
      
(2,046
)
Net loss attributable to ordinary shareholders
  
$
(64,551
)
  
$
(33,091
)
  
$
(166,934
)
  
$
(111,707
)
Basic and diluted net loss per share attributable to ordinary shareholders
  
$
(0.41
)
  
$
(0.20
)
  
$
(1.07
)
  
$
(0.68
)
Basic and diluted weighted average ordinary shares
    
158,792,119
      
164,904,339
      
156,700,221
      
163,924,915
  

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2022
    
2023
    
2022
    
2023
  
   
(Unaudited)
    
(Unaudited)
  
Operating activities
                        
Net profit (loss)
  
$
(64,551
)
  
$
(33,091
)
  
$
(166,934
)
  
$
(111,707
)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
                                
Depreciation
    
421
      
412
      
1,015
      
1,299
  
Share-based compensation expense
    
9,025
      
11,716
      
29,797
      
32,780
  
Commercial agreement asset
    
37,432
      
37,433
      
111,615
      
113,018
  
Amortization of intangible assets
    
8,695
      
5,092
      
21,360
      
15,343
  
Changes in accrued interest and exchange rate on short-term deposits
    
-
      
221
      
-
      
(488
)
Changes in accrued interest and exchange rate on long-term deposits
    
(723
)
    
89
      
(717
)
    
(111
)
Unrealized loss (gain) on foreign currency
    
3,715
      
1,850
      
11,294
      
1,110
  
Accounts receivable
    
2,672
      
644
      
7,393
      
2,973
  
Prepaid expenses and other assets
    
7,854
      
(6,449
)
    
3,128
      
(11,796
)
Funds receivable
    
(11,902
)
    
(4,592
)
    
8,223
      
(2,036
)
Long-term receivables
    
455
      
680
      
455
      
1,160
  
Funds payable to customers
    
6,981
      
358
      
10,219
      
(7,710
)
Operating lease ROU assets
    
677
      
736
      
2,132
      
2,444
  
Deferred contract acquisition costs
    
(209
)
    
(52
)
    
(684
)
    
(435
)
Accounts payable
    
(3,488
)
    
1,663
      
(1,225
)
    
(19,715
)
Accrued expenses and other liabilities
    
3,633
      
10,743
      
(909
)
    
5,280
  
Deferred taxes
    
(179
)
    
268
      
(179
)
    
(3,515
)
Operating lease liabilities
    
(1,005
)
    
(1,112
)
    
(3,990
)
    
(3,166
)
Impairment of marketable securities
    
-
      
-
      
62
      
-
  
Net cash provided by (used in) operating activities
    
(496
)
    
26,609
      
32,055
      
14,728
  
Investing activities
                                
Investment in marketable securities
    
(743
)
    
(1,598
)
    
(8,298
)
    
(2,877
)
Proceeds from marketable securities
    
-
      
72
      
7,910
      
671
  
Purchases of short-term investments
    
(60,472
)
    
(85,485
)
    
(91,967
)
    
(131,987
)
Purchases of long-term investments
    
-
      
34
      
-
      
(78
)
Proceeds from short-term investments
    
28,000
      
52,250
      
66,400
      
90,750
  
Purchases of property and equipment
    
(1,398
)
    
(328
)
    
(7,982
)
    
(815
)
Payments for business combinations, net of cash acquired
    
(92,881
)
    
-
      
(309,964
)
    
-
  
Net cash provided by (used in) investing activities
    
(127,494
)
    
(35,055
)
    
(343,901
)
    
(44,336
)
Financing activities
                                
Exercise of Warrants to ordinary shares
    
15
      
-
      
58
      
22
  
Proceeds from exercise of share options
    
551
      
860
      
1,039
      
1,725
  
Net cash provided by financing activities
    
566
      
860
      
1,097
      
1,747
  
 Exchange rate differences on balances of cash, cash equivalents and restricted cash
    
(3,715
)
    
(1,850
)
    
(11,294
)
    
(1,110
)
Net decrease in cash, cash equivalents, and restricted cash
    
(131,139
)
    
(9,436
)
    
(322,043
)
    
(28,971
)
Cash and cash equivalents and restricted cash—beginning of period
    
267,995
      
191,987
      
458,899
      
211,522
  
Cash and cash equivalents and restricted cash—end of period
  
$
136,856
    
$
182,551
    
$
136,856
    
$
182,551
  


Global-E Online Ltd.
SELECTED OTHER DATA
(In thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2022
    
2023
    
2022
    
2023
  
   
(Unaudited)
    
(Unaudited)
  
Key performance metrics
            
Gross Merchandise Value
    
621,011
            
839,056
            
1,610,763
            
2,367,976
        
Adjusted EBITDA (a)
    
12,537
            
22,093
            
26,949
            
57,557
        
                                                         
Revenue by Category
                                                        
Service fees
    
47,782
      
45
%
    
62,433
      
47
%
    
119,054
      
44
%
    
172,318
      
45
%
Fulfillment services
    
57,774
      
55
%
    
71,172
      
53
%
    
150,130
      
56
%
    
212,227
      
55
%
Total revenue
  
$
105,556
      
100
%
  
$
133,605
      
100
%
  
$
269,184
      
100
%
  
$
384,545
      
100
%
                                                                 
Revenue by merchant outbound region
                                                                
United States
    
48,005
      
46
%
    
67,303
      
50
%
    
109,867
      
41
%
    
190,732
      
50
%
United Kingdom
    
36,249
      
34
%
    
40,876
      
31
%
    
98,494
      
37
%
    
118,622
      
31
%
European Union
    
18,189
      
17
%
    
20,980
      
16
%
    
55,040
      
20
%
    
63,145
      
16
%
Israel
    
271
      
0
%
    
571
      
0
%
    
899
      
0
%
    
1,327
      
0
%
Other
    
2,842
      
3
%
    
3,874
      
3
%
    
4,844
      
2
%
    
10,719
      
3
%
Total revenue
  
$
105,556
      
100
%
  
$
133,605
      
100
%
  
$
269,184
      
100
%
  
$
384,545
      
100
%


(a)
See reconciliation to adjusted EBITDA table

Global-E Online Ltd.
RECONCILIATION TO Non-GAAP GROSS PROFIT
(In thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2022
    
2023
    
2022
    
2023
  
   
(Unaudited)
  
Gross Profit
    
40,802
      
56,516
      
102,336
      
157,282
  
                                 
Amortization of acquired intangibles included in cost of revenue
    
2,951
      
2,796
      
7,826
      
8,387
  
Non-GAAP gross profit
    
43,753
      
59,312
      
110,162
      
165,669
  

Global-E Online Ltd.
RECONCILIATION TO ADJUSTED EBITDA
(In thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2022
    
2023
    
2022
    
2023
  
   
(Unaudited)
    
(Unaudited)
  
Operating profit (loss)
    
(53,231
)
    
(35,601
)
    
(154,217
)
    
(114,004
)
(1)    Stock-based compensation:
                                
Cost of revenue
    
79
      
180
      
167
      
453
  
Research and development
    
5,667
      
6,673
      
16,115
      
19,304
  
Selling and marketing
    
747
      
1,057
      
3,212
      
3,021
  
General and administrative
    
2,532
      
3,806
      
10,303
      
10,002
  
Total stock-based compensation
    
9,025
      
11,716
      
29,797
      
32,780
  
                                 
(2)    Depreciation and amortization
    
421
      
412
      
1,015
      
1,299
  
                                 
(3)    Commercial agreement asset amortization
    
37,432
      
37,433
      
111,615
      
113,018
  
                                 
(4)    Amortization of acquired intangibles
    
8,695
      
5,092
      
21,360
      
15,343
  
                                 
(5)    Merger related contingent consideration
    
3,027
      
3,041
      
9,013
      
9,121
  
                                 
(6)    Acquisition related costs
    
7,168
      
-
      
8,366
      
-
  
Adjusted EBITDA
    
12,537
      
22,093
      
26,949
      
57,557