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 February 2024
 
(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 February 21, 2024, Global-E Online Ltd. (the “Company”) issued a press release titled “Global-e Reports Fourth Quarter and Full Year 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: February 21, 2024

4


Exhibit 99.1

Global-E Reports Fourth Quarter and Full Year 2023 Results
 
PETAH-TIKVA, Israel, February 21st, 2024 - Global-e Online Ltd. (Nasdaq: GLBE) the global leader of Direct-To-Consumer cross border ecommerce enablement, today announced financial results for the fourth quarter of 2023 and full year 2023 as well as outlook for the first quarter and the full year 2024.
 
“We are pleased with the record fourth quarter and full year results, delivering 45% annual growth in GMV, 39% growth in revenues, and 90% growth in Adjusted EBITDA, as well as crossing for the first time the milestone of $1B GMV in a single quarter. In addition, we continued to onboard many new clients across dozens of geographies and made major advances along all our strategic pillars,” said Amir Schlachet, CEO of Global-e. “Despite the volatility in consumer sentiment we witnessed in 2023 and the prevailing uncertainties in macro conditions entering 2024, we remain extremely optimistic regarding our long-term growth prospects and believe we are well positioned to continue on our path of durable and profitable growth in the coming years.”
 
Q4 2023 Financial Results
 
GMV1 in the fourth quarter of 2023 was $1,189 million, an increase of 42% year over year
 
Revenue in the fourth quarter of 2023 was $185.4 million, an increase of 33% year over year, of which service fees revenue was $89.9 million and fulfillment services revenue was $95.5 million
 
Non-GAAP gross profit2 in the fourth quarter of 2023 was $79.1 million, an increase of 37% year over year. GAAP gross profit in the fourth quarter of 2023 was $76.3 million
 
Non-GAAP gross margin2 in the fourth quarter of 2023 was 42.7%, an increase of 140 basis points from 41.3% in the fourth quarter of 2022. GAAP gross margin in the fourth quarter of 2023 was 41.2%
 
Adjusted EBITDA3 in the fourth quarter of 2023 was $35.2 million compared to $21.8 million in the fourth quarter of 2022, an increase of 62% year over year
 
Net loss in the fourth quarter of 2023 was $22.1 million
 
FY 2023 Financial Results
 
GMV1 for the full year was $3,557 million, an increase of 45% year over year
 
Revenue for the full year was $569.9 million, an increase of 39% year over year, of which service fees revenue was $262.2 million and fulfillment services revenue was $307.7 million
 
Non-GAAP gross profit2 for the full year was $244.8 million, an increase of 46% year over year. GAAP gross profit for the full year was $233.6 million
 
Non-GAAP gross margin2 for the full year was 42.9%, an increase of 190 basis points from 41.1% in 2022. GAAP gross margin for the full year was 41.0%
 
Adjusted EBITDA3 for the full year was $92.7 million compared to $48.7 million in 2022, an increase of 90% year over year
 
Net loss for the full year was $133.8 million
 

Recent Business Highlights
 
Throughout 2023 our existing merchant base continued to stay and grow with us, as reflected in our annual GDR rate of over 97% and NDR rate of 127%
 
Continued to launch with many more brands across geographies and verticals we operate in, including:


o
Glossier, EleVen by Venus Williams and Perfect Moment in the US
 

o
Whistles and the Harry Potter store by Warner Brothers in the UK
 

o
Mugler, a L’Oreal brand, Jean-Paul Gaultier and Ledger, a leading crypto wallet brand, in France
 

o
Zanerobe in Australia, Salt Murphy and Avec Amour in Hong Kong and Retouch in Japan
 

o
Launched the Swedish brand - Stellar Equipment , and our first Polish brand - God Save Queens
 
Continued to expand the scope of our business with existing merchants and merchant groups, including adidas, Nobull and The Kooples which added markets to be operated through Global-e, and Kylie Jenner who went live with another one of her brands - KHY
 
Introduced into production our new automated Customer Service Chatbot, based on Open-AI’s ChatGPT technology; automatically handled a significant portion of customer service workload over recent peak trading period

Strategic partnership with Shopify remains well on track, post Q4 agreement renewal:


o
Direct (3P) – migration of all our legacy install base onto the new native integration nearing completion; support for Shopify’s new Checkout Extensibility has gone into general availability since January 2024


o
Shopify Markets Pro (1P) - continue to see encouraging adoption rate post September launch in the US

Q1 2024 and Full Year Outlook

Global-e is introducing first quarter and full year guidance as follows:

 
Q1 2024
 
FY 2024
 
(in millions)
GMV(1)
$875 - $915
 
$4,590 - $4,830
Revenue
$138.5 - $145
 
$731 - $771
Adjusted EBITDA (3)
$16 - $20
 
$121 - $137

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, February 21, 2024.

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,
   
December 31,
 
   
2022
   
2023
 
   
(Audited)
   
(Unaudited)
 
Assets
           
Current assets:
           
Cash and cash equivalents
 
$
165,033
   
$
200,081
 
Short-term deposits
   
46,353
     
96,939
 
Accounts receivable, net
   
16,424
     
27,841
 
Prepaid expenses and other current assets
   
51,904
     
63,967
 
Marketable securities
   
16,813
     
20,403
 
Funds receivable, including cash in banks
   
78,125
     
111,232
 
Total current assets
   
374,652
     
520,463
 
Property and equipment, net
   
10,283
     
10,236
 
Operating lease right-of-use assets
   
19,718
     
23,052
 
Long term deposits
   
3,225
     
3,552
 
Deferred contract acquisition costs, noncurrent
   
1,825
     
2,668
 
Deferred tax assets
   
171
     
-
 
Other assets, noncurrent
   
3,739
     
4,078
 
Commercial agreement asset
   
282,963
     
192,721
 
Goodwill and other intangible assets
   
466,024
     
445,590
 
Total long-term assets
   
787,948
     
681,897
 
Total assets
 
$
1,162,600
   
$
1,202,360
 
Liabilities and Shareholders’ Equity
               
Current liabilities:
               
Accounts payable
 
$
52,220
   
$
50,943
 
Accrued expenses and other current liabilities
   
75,990
     
107,306
 
Funds payable to Customers
   
78,125
     
111,232
 
Short term operating lease liabilities
   
3,245
     
4,031
 
Total current liabilities
   
209,580
     
273,512
 
Long-term liabilities:
               
Deferred tax liabilities
   
6,558
     
6,507
 
Long term operating lease liabilities
   
16,579
     
19,291
 
Other long-term liabilities
   
1,762
     
1,071
 
Total liabilities
 
$
234,479
   
$
300,381
 
                 
Shareholders’ deficit:
               
Share capital and additional paid-in capital
   
1,253,093
     
1,360,250
 
Accumulated comprehensive income
   
(1,926
)
   
(1,420
)
Accumulated deficit
   
(323,046
)
   
(456,851
)
Total shareholders’ (deficit) equity
   
928,121
     
901,979
 
Total liabilities and shareholders’ equity
 
$
1,162,600
   
$
1,202,360
 


Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)

   
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
   
2022
   
2023
   
2022
   
2023
 
   
(Unaudited)
   
(Audited)
   
(Unaudited)
 
Revenue
 
$
139,865
   
$
185,401
   
$
409,049
   
$
569,946
 
Cost of revenue
   
84,023
     
109,080
     
250,871
     
336,343
 
Gross profit
   
55,842
     
76,321
     
158,178
     
233,603
 
                                 
Operating expenses:
                               
Research and development
   
23,698
     
25,169
     
81,206
     
97,568
 
Sales and marketing
   
52,592
     
58,756
     
206,100
     
217,035
 
General and administrative
   
14,659
     
15,451
     
60,196
     
56,059
 
Total operating expenses, net
   
90,949
     
99,376
     
347,502
     
370,662
 
Operating profit (loss)
   
(35,107
)
   
(23,055
)
   
(189,324
)
   
(137,059
)
Financial expenses (income), net
   
217
     
(5,010
)
   
12,093
     
(5,262
)
Loss before income taxes
   
(35,324
)
   
(18,045
)
   
(201,417
)
   
(131,797
)
Income tax (benefit) expenses
   
(6,853
)
   
4,055
     
(6,012
)
   
2,008
 
Net loss attributable to ordinary shareholders
 
$
(28,471
)
 
$
(22,100
)
 
$
(195,405
)
 
$
(133,805
)
Basic and diluted net loss per share attributable to ordinary shareholders
 
$
(0.18
)
 
$
(0.13
)
 
$
(1.24
)
 
$
(0.81
)
Basic and diluted weighted average ordinary shares
   
160,589,413
     
165,626,904
     
157,691,173
     
164,353,909
 



Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

   
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
   
2022
   
2023
   
2022
   
2023
 
   
(Unaudited)
   
(Audited)
   
(Unaudited)
 
Operating activities
                       
Net profit (loss)
 
$
(28,471
)
 
$
(22,100
)
 
$
(195,405
)
 
$
(133,805
)
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
                               
Depreciation and amortization
   
570
     
489
     
1,585
     
1,788
 
Share-based compensation expense
   
9,112
     
12,180
     
38,909
     
44,960
 
Commercial agreement asset
   
37,433
     
37,433
     
149,047
     
150,451
 
Amortization of intangible assets
   
6,473
     
5,091
     
27,833
     
20,434
 
Unrealized loss (gain) on foreign currency
   
(3,451
)
   
(3,011
)
   
7,843
     
(1,901
)
Changes in accrued interest and exchange rate on short-term deposits
   
(291
)
   
72
     
(291
)
   
(416
)
Changes in accrued interest and exchange rate on long-term deposits
   
(214
)
   
(144
)
   
(931
)
   
(255
)
Accounts receivable
   
(4,731
)
   
(14,390
)
   
2,662
     
(11,417
)
Prepaid expenses and other assets
   
(5,813
)
   
61
     
(2,685
)
   
(11,736
)
Funds receivable
   
8,874
     
(9,038
)
   
17,097
     
(11,074
)
Long-term receivables
   
(1,734
)
   
(1,497
)
   
(1,279
)
   
(339
)
Funds payable to customers
   
7,517
     
40,817
     
17,736
     
33,107
 
Operating lease ROU assets
   
1,121
     
786
     
3,253
     
3,230
 
Deferred contract acquisition costs
   
(77
)
   
(772
)
   
(761
)
   
(1,207
)
Accounts payable
   
17,873
     
18,438
     
16,648
     
(1,277
)
Accrued expenses and other liabilities
   
21,440
     
25,345
     
20,531
     
30,625
 
Deferred taxes
   
(7,999
)
   
3,635
     
(8,178
)
   
120
 
Operating lease liabilities
   
(369
)
   
99
     
(4,359
)
   
(3,067
)
Impairment of marketable securities
   
11
     
-
     
73
     
-
 
Net cash generated by (used in) operating activities
   
57,273
     
93,494
     
89,328
     
108,222
 
Investing activities
                               
Investment in marketable securities
   
-
     
(851
)
   
(8,298
)
   
(3,728
)
Proceeds from marketable securities
   
200
     
-
     
8,110
     
671
 
Short-term investments, net
   
21,489
     
(8,932
)
   
(4,078
)
   
(50,169
)
Purchases of long-term investments
   
-
     
(4
)
   
-
     
(82
)
Proceeds from long-term deposits
   
-
     
10
     
-
     
10
 
Purchases of property and equipment
   
(370
)
   
(926
)
   
(8,352
)
   
(1,741
)
Payments for business combinations, net of cash acquired
   
(7,519
)
   
-
     
(317,483
)
   
-
 
Net cash used in investing activities
   
13,800
     
(10,703
)
   
(330,101
)
   
(55,039
)
Financing activities
                               
Proceeds from exercise of Warrants to ordinary shares
   
15
     
-
     
73
     
22
 
Proceeds from exercise of share options
   
127
     
244
     
1,166
     
1,969
 
Net cash provided by financing activities
   
142
     
244
     
1,239
     
1,991
 
 Exchange rate differences on balances of cash, cash equivalents and restricted cash
   
3,451
     
3,011
     
(7,843
)
   
1,901
 
Net Increase (decrease) in cash, cash equivalents, and restricted cash
   
74,666
     
86,046
     
(247,377
)
   
57,075
 
Cash and cash equivalents and restricted cash—beginning of period
   
136,856
     
182,551
     
458,899
     
211,522
 
Cash and cash equivalents and restricted cash—end of period
 
$
211,522
   
$
268,597
   
$
211,522
   
$
268,597
 



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

   
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
   
2022
   
2023
   
2022
   
2023
 
   
(Unaudited)
   
(Unaudited)
 
Key performance metrics
           
Gross Merchandise Value
   
839,460
           
1,189,467
           
2,450,224
           
3,557,444
       
Adjusted EBITDA (a)
   
21,755
           
35,178
           
48,703
           
92,735
       
                                                         
Revenue by Category
                                                       
Service fees
   
62,835
     
45
%
   
89,936
     
49
%
   
181,887
     
44
%
   
262,255
     
46
%
Fulfillment services
   
77,030
     
55
%
   
95,465
     
51
%
   
227,162
     
56
%
   
307,692
     
54
%
Total revenue
 
$
139,865
     
100
%
 
$
185,401
     
100
%
 
$
409,049
     
100
%
 
$
569,946
     
100
%
                                                                 
Revenue by merchant outbound region
                                                               
United States
   
64,100
     
46
%
   
94,887
     
51
%
   
173,967
     
43
%
   
285,619
     
50
%
United Kingdom
   
48,069
     
34
%
   
54,962
     
30
%
   
146,562
     
36
%
   
173,584
     
30
%
European Union
   
23,453
     
17
%
   
29,421
     
16
%
   
78,491
     
19
%
   
92,566
     
16
%
Israel
   
458
     
0
%
   
479
     
0
%
   
1,357
     
0
%
   
1,806
     
0
%
Other
   
3,785
     
3
%
   
5,652
     
3
%
   
8,672
     
2
%
   
16,371
     
3
%
Total revenue
 
$
139,865
     
100
%
 
$
185,401
     
100
%
 
$
409,049
     
100
%
 
$
569,946
     
100
%


(a)
See reconciliation to adjusted EBITDA table

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

   
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
   
2022
   
2023
   
2022
   
2023
 
   
(Unaudited)
 
Gross Profit
   
55,842
     
76,321
     
158,178
     
233,603
 
                                 
Amortization of acquired intangibles included in cost of revenue
   
1,917
     
2,796
     
9,743
     
11,183
 
Non-GAAP gross profit
   
57,759
     
79,117
     
167,921
     
244,786
 


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

   
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
   
2022
   
2023
   
2022
   
2023
 
   
(Unaudited)
   
(Unaudited)
 
Operating profit (loss)
   
(35,107
)
   
(23,055
)
   
(189,324
)
   
(137,059
)
(1)    Stock-based compensation:
                               
Cost of revenue
   
95
     
186
     
262
     
639
 
Research and development
   
5,855
     
6,962
     
21,970
     
26,266
 
Selling and marketing
   
665
     
1,238
     
3,877
     
4,259
 
General and administrative
   
2,497
     
3,794
     
12,800
     
13,796
 
Total stock-based compensation
   
9,112
     
12,180
     
38,909
     
44,960
 
                                 
(2)    Depreciation and amortization
   
570
     
489
     
1,585
     
1,788
 
                                 
(3)    Commercial agreement asset amortization
   
37,433
     
37,433
     
149,047
     
150,451
 
                                 
(4)    Amortization of acquired intangibles
   
6,473
     
5,091
     
27,833
     
20,434
 
                                 
(5)    Merger related contingent consideration
   
3,148
     
3,040
     
12,161
     
12,161
 
                                 
(6)    Merger and acquisition related costs
   
126
     
-
     
8,492
     
-
 
Adjusted EBITDA
   
21,755
     
35,178
     
48,703
     
92,735