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Global-E Reports Fourth Quarter and Full Year 2023 Results

PETAH-TIKVA, Israel, Feb. 21, 2024 (GLOBE NEWSWIRE) -- 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:
    • Glossier, EleVen by Venus Williams and Perfect Moment in the US
    • Whistles and the Harry Potter store by Warner Brothers in the UK
    • Mugler, a L’Oreal brand, Jean-Paul Gaultier and Ledger, a leading crypto wallet brand, in France
    • Zanerobe in Australia, Salt Murphy and Avec Amour in Hong Kong and Retouch in Japan
    • 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:
    • 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
    • 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

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:

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:

Investor Contact:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617-542-6180

Press Contact:
Headline Media
Garrett Krivicich 
+1 786-233-7684 

Global-E Online Ltd.
(In thousands)
  Period Ended 
  December 31,  December 31, 
  2022  2023 
  (Audited)  (Unaudited) 
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.
(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.
(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.
(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.
(In thousands)
  Three Months Ended  Year Ended  
  December 31,  December 31,  
  2022  2023  2022  2023  


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.
(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 


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