Form 20-F ☒
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Form 40-F ☐
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Yes ☐
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No ☐
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Yes ☐
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No ☐
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Exhibit
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Description
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Global-E Online Ltd.
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(Registrant)
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By:
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/s/ Ofer Koren
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Name:
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Ofer Koren
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Title:
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Chief Financial Officer
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• |
GMV1 in the first quarter of 2024 was $930 million, an increase of 32% year over year
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• |
Revenue in the first quarter of 2024 was $145.9 million, an increase of 24% year over year, of which service fees revenue was $68.3 million and fulfillment services revenue was $77.6 million
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• |
Non-GAAP gross profit2 in the first quarter of 2024 was $66.1 million, an increase of 36% year over year. GAAP gross profit in the first quarter of 2024 was $63.3 million
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• |
Non-GAAP gross margin2 in the first quarter of 2024 was 45.3%, an increase of 390 basis points from 41.4% in the first quarter of 2023. GAAP gross margin in the first quarter of 2024 was 43.4%
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• |
Adjusted EBITDA3 in the first quarter of 2024 was $21.3 million compared to $14.5 million in the first quarter of 2023
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• |
Net loss in the first quarter of 2024 was $32.1 million compared to $43.1 million in the first quarter of 2023
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• |
Continued launching brands across geographies and verticals, including:
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o |
Heydude by Crocs, Golf Wang, Donna Karan and DKNY in the US
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o |
La Senza and L’intervalle in Canada
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o |
Hobbs, TM Lewin, Antler, Dryrobe and the homeware brand Soho Home in the UK
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o |
Louise Misha, Gérard Darel, Soeur, Caroll and Repetto in France
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o |
Engelbert Strauss and Marc-Cain in Germany, Pacha in Spain, Costarellos in Greece and Rubato in Sweden
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o |
Infamous Swim, Carla Zampatti, Legoe, Bae the Label and Nakedvice in Australia, Hi mu-mo by Avex and commmonsmart in Japan, DIY Watch Club in Hong Kong, and many others
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• |
Expanded business with existing brands and brand groups, including:
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o |
Additional markets supported for brands like Adidas and Doen
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o |
Infiniment, an additional brand from the COTY group
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o |
Tap To Style, a new brand by Modes in Italy
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o |
NNormal, a new Spanish brand from the Camper group
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• |
Launched the brand Imperial Workshop, our first US merchant on the Wix platform
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• |
Strategic partnership with Shopify on track:
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o |
Last remaining Enterprise merchants are in the process of migrating to the new native integration
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o |
Deployment of new Checkout Extensibility support progressing as planned
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o |
Growth in Shopify Markets Pro on target, with constant stream of merchants onboarding and volumes continuing to ramp up
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Q2 2024
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FY 2024
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Previous FY 2024
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(in millions)
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GMV (1)
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$1,025 - $1,065
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$4,625 - $4,865
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$4,590 - $4,830
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Revenue
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$162.5 - $168.5
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$733 - $773
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$731 - $771
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Adjusted EBITDA (3)
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$24.5 - $28.5
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$124 - $140
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$121 - $137
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United States/Canada Toll Free: | 1-888-886-7786 |
International Toll: | 1-416-764-8658 |
• |
Non-GAAP gross profit, which Global-e defines as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues
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• |
Adjusted EBITDA, which Global-e defines as operating profit (loss) adjusted for stock-based compensation expenses, depreciation and amortization, commercial agreements amortization, amortization of acquired intangibles, merger related
contingent consideration and acquisition related expenses.
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Period Ended
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December 31,
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March 31,
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2023
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2024
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(Audited)
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(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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200,081
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$
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181,866
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Short-term deposits
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96,939
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95,520
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Accounts receivable, net
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27,841
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19,423
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Prepaid expenses and other current assets
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63,967
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61,460
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Marketable securities
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20,403
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20,482
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Funds receivable, including cash in banks
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111,232
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80,374
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Total current assets
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520,463
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459,125
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Property and equipment, net
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10,236
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10,607
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Operating lease right-of-use assets
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23,052
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22,236
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Long term deposits
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3,552
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3,514
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Deferred contract acquisition and fulfillment costs, noncurrent
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2,668
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2,939
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Other assets, noncurrent
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4,078
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3,438
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Commercial agreement asset
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192,721
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164,295
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Goodwill
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367,566
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367,566
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Intangible assets
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78,024
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73,022
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Total long-term assets
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681,897
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647,617
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Total assets
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$
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1,202,360
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$
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1,106,742
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Liabilities and Shareholders’ Equity
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Current liabilities:
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Accounts payable
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$
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50,943
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$
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33,893
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Accrued expenses and other current liabilities
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107,306
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77,094
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Funds payable to Customers
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111,232
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80,374
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Short term operating lease liabilities
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4,031
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4,003
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Total current liabilities
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273,512
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195,364
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Long-term liabilities:
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Deferred tax liabilities, net
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6,507
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5,083
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Long term operating lease liabilities
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19,291
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18,375
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Other long-term liabilities
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1,071
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1,055
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Total liabilities
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$
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300,381
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$
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219,877
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Shareholders’ equity:
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Share capital and additional paid-in capital
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1,360,250
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1,377,072
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Accumulated comprehensive income (loss)
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(1,420
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)
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(1,305
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)
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Accumulated deficit
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(456,851
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)
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(488,902
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)
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Total shareholders’ equity
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901,979
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886,865
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Total liabilities and shareholders’ equity
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$
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1,202,360
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$
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1,106,742
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Three Months Ended
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March 31,
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||||||||
2023
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2024
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(Unaudited)
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Revenue
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$
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117,631
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$
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145,873
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Cost of revenue
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71,755
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82,587
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Gross profit
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45,876
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63,286
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Operating expenses:
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Research and development
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22,896
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23,538
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Sales and marketing
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51,848
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56,955
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General and administrative
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13,139
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12,054
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Total operating expenses
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87,883
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92,547
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Operating profit (loss)
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(42,007
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)
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(29,261
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)
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Financial expenses, net
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2,400
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3,510
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Loss before income taxes
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(44,407
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)
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(32,771
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)
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Income taxes
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(1,324
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)
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(720
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)
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Net earnings (loss) attributable to ordinary shareholders
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$
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(43,083
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)
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$
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(32,051
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)
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Basic and diluted net loss per share attributable to ordinary shareholders
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$
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(0.26
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)
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(0.19
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)
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Basic and diluted weighted average ordinary shares
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162,631,027
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166,187,424
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Three Months Ended
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March 31,
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2023
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2024
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|||||||
(Unaudited)
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Operating activities
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Net loss
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$
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(43,083
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)
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$
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(32,051
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)
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Adjustments to reconcile net loss to net cash provided by operating activities:
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Depreciation and amortization
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427
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512
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Share-based compensation expense
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9,712
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8,711
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Commercial agreement asset amortization
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38,153
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36,296
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Intangible assets amortization
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5,160
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5,002
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Changes in accrued interest and exchange rate on short-term deposits
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(527
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)
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369
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Changes in accrued interest and exchange rate on long-term deposits
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(146
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)
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68
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Unrealized loss (gain) on foreign currency
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(584
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)
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2,726
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Accounts receivable
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4,081
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8,418
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Prepaid expenses and other assets
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5,838
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2,685
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Funds receivable
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3,751
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(7,688
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)
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Long-term receivables
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386
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640
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Funds payable to customers
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(15,970
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)
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(30,857
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)
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Operating lease ROU assets
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671
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817
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Deferred contract acquisition and fulfillment costs
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(157
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)
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(268
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)
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Accounts payable
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(18,209
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)
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(17,049
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)
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Accrued expenses and other liabilities
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(16,164
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)
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(30,228
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)
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Deferred tax liabilities
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(1,910
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)
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(1,424
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)
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Operating lease liabilities
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(956
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)
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(944
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)
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Net cash (used in) provided by operating activities
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(29,527
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)
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(54,265
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)
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Investing activities
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Investment in marketable securities
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(450
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)
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(1,042
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)
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Proceeds from marketable securities
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399
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1,012
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Investment in short-term investments and deposits
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(9,252
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)
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(56,949
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)
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Proceeds from short-term investments
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29,250
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58,000
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Investment in long-term deposits
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(97
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)
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(31
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)
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Purchases of property and equipment
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(342
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)
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(882
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)
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Net cash (used in) provided by investing activities
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19,508
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108
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Financing activities
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||||||||
Proceeds from exercise of warrants to ordinary shares
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17
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-
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Proceeds from exercise of share options
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92
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120
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||||||
Net cash provided by financing activities
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109
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120
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Exchange rate differences on balances of cash, cash equivalents and restricted cash
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584
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(2,726
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)
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Net increase (decrease) in cash, cash equivalents, and restricted cash
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(9,326
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)
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(56,763
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)
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Cash and cash equivalents and restricted cash—beginning of period
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211,522
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268,597
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||||||
Cash and cash equivalents and restricted cash—end of period
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$
|
202,196
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$
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211,834
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Three Months Ended
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||||||||||||||||
March 31,
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2023
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2024
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(Unaudited)
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Key performance metrics
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Gross Merchandise Value
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703,895
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929,510
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||||||||||||||
Adjusted EBITDA (a)
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14,485
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21,260
|
||||||||||||||
Revenue by Category
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||||||||||||||||
Service fees
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50,353
|
43
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%
|
68,258
|
47
|
%
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||||||||||
Fulfillment services
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67,278
|
57
|
%
|
77,615
|
53
|
%
|
||||||||||
Total revenue
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$
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117,631
|
100
|
%
|
$
|
145,873
|
100
|
%
|
||||||||
Revenue by merchant outbound region
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||||||||||||||||
United States
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55,913
|
48
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%
|
72,112
|
49
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%
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||||||||||
United Kingdom
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37,732
|
32
|
%
|
41,276
|
28
|
%
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||||||||||
European Union
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21,076
|
18
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%
|
26,343
|
18
|
%
|
||||||||||
Israel
|
225
|
0
|
%
|
316
|
0
|
%
|
||||||||||
Other
|
2,685
|
2
|
%
|
5,826
|
4
|
%
|
||||||||||
Total revenue
|
$
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117,631
|
100
|
%
|
$
|
145,873
|
100
|
%
|
(a) |
See reconciliation to adjusted EBITDA table
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Three Months Ended
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||||||||
March 31,
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||||||||
2023
|
2024
|
|||||||
(Unaudited)
|
||||||||
Gross profit
|
45,876
|
63,286
|
||||||
Amortization of acquired intangibles included in cost of revenue
|
2,796
|
2,796
|
||||||
Non-GAAP gross profit
|
48,672
|
66,082
|
Three Months Ended
|
||||||||
March 31,
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||||||||
2023
|
2024
|
|||||||
(Unaudited)
|
||||||||
Operating profit (loss)
|
(42,007
|
)
|
(29,261
|
)
|
||||
(1) Stock-based compensation:
|
||||||||
Cost of revenue
|
113
|
180
|
||||||
Research and development
|
6,058
|
3,468
|
||||||
Selling and marketing
|
875
|
1,282
|
||||||
General and administrative
|
2,666
|
3,781
|
||||||
Total stock-based compensation
|
9,712
|
8,711
|
||||||
(2) Depreciation and amortization
|
427
|
512
|
||||||
(3) Commercial agreement asset amortization
|
38,153
|
36,296
|
||||||
(4) Amortization of acquired intangibles
|
5,160
|
5,002
|
||||||
(5) Merger related contingent consideration
|
3,040
|
-
|
||||||
Adjusted EBITDA
|
14,485
|
21,260
|