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Global-e 2025 March 2025
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Disclaimer You must read the following before continuing. The following applies to this presentation, the oral presentation of this information in this document by Global-e Online Ltd. (“Global-e” or the “Company”) or any person on behalf of the Company, and any question-and-answer session that follows any oral presentation. In accessing this presentation, you agree to be bound by the following terms and conditions. This presentation may not be reproduced, redistributed, published or passed on to any other person, directly or indirectly, in whole or in part, for any purpose. The presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company, and nothing contained therein shall form the basis or be relied on in connection with any contract or commitment whatsoever. Sales and offers to sell securities will only be made in accordance with the U.S. Securities Act of 1933, as amended, and applicable U.S. Securities and Exchange Commission (“SEC”) regulations, including the written prospectus requirements. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position, including our non-GAAP gross profit and non-GAAP gross margin, Adjusted EBITDA and Adjusted EBITDA margin, free cash flow expectations, our business strategy and plans, the growth of our business and opportunity, developments, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our ability to retain existing, and attract new merchants, our ability to anticipate merchant needs or develop or integrate new functionality or enhance our existing platforms to meet those needs, our ability to implement and use artificial intelligence and machine learning technologies successfully, our ability to compete in our industry, our reliance on third-parties, including our ability to realize the benefits of any strategic alliances, joint ventures, or partnership arrangements and to integrate our platforms with third-party platforms, our ability to develop or maintain the functionality of our platforms, including real or perceived errors, failures, vulnerabilities, or bugs in our platforms, our ability to manage our growth and manage expansion into additional markets, our ability to accommodate increased volumes during peak seasons and events, our ability to effectively expand our marketing and sales capabilities, our ability to operate internationally, our reliance on third-party services, including third-party providers of cross-docking services and third-party data centers, in our platforms and services and harm to our reputation by our merchants’ or third-party service providers’ unethical business practice, regulatory requirements and additional fees related to payment transactions through our eCommerce platforms could be costly and difficult to comply with, our business’s reliance on the personal importation model, our ability to securely store personal information of merchants and shoppers, fluctuations in the exchange rate of foreign currencies has impacted and could continue to impact our results of operations, our ability to offer high quality support, our ability to expand the number of merchants using our platforms and increase our GMV and to enhance our reputation and awareness of our platforms, our ability to adapt to emerging or evolving regulatory developments, changing laws, regulations, standards and technological changes related to privacy, data protection, data security and machine learning technology and generative artificial intelligence evolves, our role in the fulfilment chain of the merchants, which may cause third parties to confuse us with the merchants, our ability to establish and protect intellectual property rights, and our use of open-source software which may pose particular risks to our proprietary software technologies, our dependency on our executive officers and other key employees and our ability to hire and retain skilled key personnel, including our ability to enforce non-compete agreements we enter into with our employees, global events or conditions in individual markets such as financial and credit market fluctuations, war, climate change, and macroeconomic events, and the other important factors discussed under the caption “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 28, 2024, as such factors may be updated from time to time in our other filings with the SEC (including in our upcoming Form 20-F with respect to the fiscal year ended December 31, 2024) which are accessible on the SEC’s website at www.sec.gov. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by 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. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate, and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. We are not able to provide a reconciliation of Adjusted EBITDA to operating profit (loss), the nearest comparable GAAP measure, and Adjusted EBITDA margin guidance for future periods, because certain items that are excluded from Adjusted EBITDA and Adjusted EBITDA margin cannot be reasonably predicted or are not in our control. We are also not able to provide a reconciliation of free cash flow guidance for future periods to net cash provided by operating activities, the nearest comparable GAAP measure, because certain items that are reflected in free cash flow cannot be reasonably predicted or are not in our control. In addition, we are also not able to provide a reconciliation of non-GAAP gross profit and non-GAAP gross margin for future periods to gross profit, the nearest comparable GAAP measure, because certain items that are reflected in non-GAAP gross margin cannot be reasonably predicted or are not in our control. In particular, in the case of adjusted EBITDA and adjusted EBITDA Margin, we are unable to forecast the timing or magnitude of share based compensation, depreciation and amortization, commercial agreement asset amortization, amortization of acquired intangibles, and merger related contingent consideration, in the case of free cash flow, we are unable to forecast purchase of property and equipment, and in the case of non-GAAP gross profit and non-GAAP gross margin, we are unable to forecast amortization of acquired intangibles included in cost of revenue, in each case, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.
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TO DAY’S AGENDA Global-e Vision and Roadmap Product and T echnology Financial Strategy Go T o Market Opening Remarks Q & A Partnership with Global-e for Global Growth Amir Schlachet, CEO Y ehiam Shinder, CTO Ofer Koren, CFO Nir Debbi, President Michelle Wasserman SVP , GM International, Figs Dan Elmoznino Chief Web Officer, KITH Matthew Merrilees CEO, North America, Global-e Break
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Global-e Vision and Roadmap Amir Schlachet CEO
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Global retail eCommerce growth Source: eMarketer, Worldwide E-commerce Forecast 2024, Feb 2024 Retail eCommerce growth – USA Global eCommerce is massive and growing; Steadily gaining traction out of total retail sales Long term trend continues following the ‘COVID blip’ and 2022 normalization
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Source: company data collected from select merchants Product display & discovery Shipping Returns Local pricing Payments & currencies Ta x e s & duties Local language Site interaction & navigation But global D2C eCommerce is broken Regulation compliance (GDPR, GPSR, …) P ost sale service Local tax registrations Demand generation Ta x reclaim International fraud
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Expanding eCommerce to one market is painful … as is maintaining operations in a rapidly changing environment … Language Currency Payments Shipping Duties / Taxes NL ENG Tariff changes and De Minimis (Feb/Mar-25) VAT registration threshold cut (May-25) Local European registration requirements for international merchants (IOSS, GDPR, GPSR) HST reduction, Nova Scotia (May-25) E-invoicing regulation (Nov-25) Sample of VAT updates (24-25)
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Global D2C expansion is nearly impossible One Size Does Not Fit All EN $ € ES EN $ € BO EN $ € PT EN $ NW kr EN $ ¥ JP EN $ ¥ Md Language Currency Payments Shipping Duties / Taxes EN $ Md 分 EN $ MK EN $ SP COP EN $ ₹ HI EN $ € GR EN $ AR OM R EN $ CH MOP EN $ € IR EN $ FP ₱ EN $ R$ PT EN $ MY RM EN $ SP EN $ TS P EN $ € FR IT DE EN $ SP $ EN $ ₩ KO EN $ FR XAF EN $ SP S/ EN $ ₺ TK EN $ SM ST EN $ Ti ERN EN $ J$
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Brands are not realizing the true potential of D2C global eCommerce
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Localized, Seamless Shopping Experience Increased Conversion, Reduced Complexity Global-e provides a smart end-to-end platform powering better global eCommerce
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Single integration for better Global eCommerce Fulfillment and Returns Best Practices and Know-how Demand generation Trade compliance Fraud Management Currency and hedging platform Duty and tax management Payment Providers We simplify Global eCommerce for merchants EN $ EN $ EN $ € EN $ EN $ € EN $ EN $ E N $ E N $ ₹ HI E N $ E N $ R$ PT E N $
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Delivering ‘out of the box’ deep localization capabilities and services Local pricing 100+ currencies Local messaging per market 30+ languages Payment fraud management Zero risk Local import D&T calculated and guaranteed 170+ markets Multiple shipping options 20+ providers Easy local returns Local payment methods 150+ payment methods Local market know-how and insights Act Local Source: Company information
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Coupled with unique ‘Smart Insights’ for merchants, driving higher conversion rates Duty strategies Shipping flat rates Pricing coefficients Returns pricing Duty thresholds Conversion rate benchmarks More data and insights Better results and conversion +40% CVR uplift P er market optimization Market proposition Unit economics Profit pools More customers and transactions >200 Markets >1,400 Clients >2B Sessions >25M Transactions Source: Company data, as of Jan 2025
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Creating a seamless local shopper experience Guaranteed landed cost Local payment options Local messaging Multiple local shipping options Local pricing Easy returns
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It’s been an amazing journey so far * Free Cash Flow is expected to be above annual Adjusted EBITDA Growth and Profitability at Scale GMV $6,340m 2025e REVENUES $942m 2025e FAST GROWTH >25% 2025e NDR / GDR >125% / >95% Avg. 2021 – 2024 ADJ. EBITDA MARGIN >20% 2025e FCF* >189m 2025e
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We Are The Chosen Partner forMany of The World’s Most Iconic Brands
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Our success-based business model puts merchants first Helping our merchants to grow their business drives our business Revenue ($,m) 136 245 409 570 753 942 2020 2021 2022 2023 2024 2025E Source: Company information, 2025 based on company guidance 774 1,449 2,449 3,557 4,860 6,340 2020 2021 2022 2023 2024 2025E GMV ($,m) 8.2x Growth 6.8x Growth
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Merchant-first focus through re-investment in our platform … Investing more in R&D to continue growing our merchants’ and our business 15 105 2020 2021 2022 2023 2024 R&D spend ($,m) Source: Company information. R&D Spend 7x Growth 2020-2025F
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Adjusted EBITDA ($,m) 13 32 49 93 141 189 2020 2021 2022 2023 2024 2025F Source: Company information (non GAAP) Note: 2025F represents the midpoint of the guidance range of $179m - $199m. 9% 13% 12% 16% 19% 20% Margin Adj. EBITDA 1,100 bps Growth 2020-2025F … while constantly improving our efficiency 14.5x growth
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The drivers of our platform’s success
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Global-e is a unique global eCommerce enabler Constantly evolving our comprehensive technology platform and embedded suite of end-to-end service solutions Global-e’s leading eCommerce enablement solution GTMApplications Demand Generation Insights & Optimization Local Market Know-How Messaging Localized Browsing Risk Management Localized Checkout Global Logistics Single End-to-End Platform AI & ML Data Security Open API Integrations Trade Compliance Post-sale Support Source: Company information
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Propelled by our diverse and growing ecosystem of technology and service partners Payment Providers Shipping and Returns Support T ools eCommerce Platforms Value Added Services Fraud Management Source: Company information
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Merchant-first focus through continuous product innovation Removing barriers, simplifying operations, propelling merchant sales Demand Generation Global agency services Managed services Borderfree.com AI Product classification Multilingual CS bot Product categorization Translations Logistics Direct injection Consolidated returns Enhanced returns portal External returns portal API 20+ carrier integrations BYOL BI & Self-Service Live view Qlik Cloud embedded Payments Risk Management Payment re-routes Local acquiring 35+ markets 150 local payment options 10 payment gateways Fraud engine FX Hedging tool Parcel protection Regulation & Trade Compliance Multi Local Digital goods Channels (Managed Markets) PlatformOmni-Channel BOPIS Ship-To-Shop Split orders Return in shop GDPR, GSPR Local e-invoicing schemes Trade agreements Tariff updates Country restrictions Guaranteed landed cost
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Fast growing enterprise merchant base and top tier accounts Source: Company information. 442 1,036 1,404 2020 2022 2024 32 75 137 2020 2022 2024 Merchant count (Enterprise) Merchants over $1m in revenues 3.2x Growth 4.3x Growth
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Expanding our platform capabilities from cross-border into multi-local and entering new verticals Multi-local growth trend Consumer electronics growth trend Source: Company information, 2025E estimations based on Jan-Feb 2025 data $8.5M $403M $900M 1.1% 8.6% 15% 2020 2024 2025RR GMV Share of total (%) $4M $403M $270M 0.3% 4.3% 2020 2024 2025RR GMV Share of total (%) >67x $ Growth >100x $ Growth 2025E 2025E
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Expanding our T AM within the massive global eCommerce market opportunity 75% Faster cross-border growth vs domestic +13% CAGR ’20-’23 $30.3Tn Global retail sales $6.3Tn T otal online retail sales (~50% D2C) $1.1Tn Global cross-border B2C eCommerce sales Source: eMartketer, Forrester, ECDB and Company data; Figures presented represent 2024
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Expanding our T AM within the massive global eCommerce market opportunity 75% Faster cross-border growth vs domestic +13% CAGR ’20-’23 $30.3Tn Global retail sales $6.3Tn T otal online retail sales (~50% D2C) $1.1Tn Global cross-border B2C eCommerce sales Source: eMartketer, Forrester, ECDB and Company data; Figures presented represent 2024
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Driving better optimizations and best practice models Source: Company information Note: Data as of December 31, 2020, 31 December ,2024 Transactions per year 2020 2024 Visits per year 6.7x 5.6x Our rapid growth yields a unique combination of ‘economies of scale’ and ‘economies of skill’ … 2020 2024 3.2x Merchant count (Enterprise) + Thousands on Managed Markets
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Increased performance for merchants More data driven smart insights and localization capabilities More sales from existing merchants; More merchants for Global-e Improved conversion for merchants More data and enhanced global presence … continuously driving a competitive flywheel effect
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The road ahead
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Multi-dimensional growth strategy over near- and long-term Acquire additional merchants Grow with our merchant base Expand channel partnerships Geographic & vertical expansion Value Added Services Managed Markets B2B expansion
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A clear leader in global eCommerce enablement, serving a massive and growing global eCommerce market We drive revenue growth for our merchants through a fully aligned business model that puts merchants first Continuous innovation on a highly scalable end-to-end platform Growing scale generating a unique data asset and driving competitive flywheel effects Compelling financial profile - profitable and scalable Multiple identified growth opportunities in near- and long-term Key T akeaways
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Product and T echnology Y ehiam Shinder CTO
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1 Actual uptime based on last twelve months; Global-e contractually commits to 99.95% uptime with its clients SCALE PLA TFORM PERFORMANCE INNOVA TION 100% Cloud delivered >2b Visits a year >50% Of employees work in R&D 542 Product releases ~99.98% Uptime(1) >120b API calls a year >300 Third parties integrated via open APIs >15k API calls per second at peak 2024 Leader across multiple dimensions: scale, platform, performance and innovation
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A diverse and growing global R&D team across 9 sites worldwide Source: Company information, 2025 based on company guidance R&D sites (core, implementations, solutions) R&D expenses ($,m) R&D FTEs 4 9 190 616 2021 2024 2021 2024 30 105 2021 2024 Merchant-first focus through reinvestment in our platform 3.2X 3.5X
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Empowering Global T rade: Our pillars of scalability, innovation, security, and team excellence ROBUST & SCALABLE ARCHITECTURE HIGH- PERFORMING TEAM END-TO-END SECURITY & TRUST CONTINUOUS INNOVATION OF TECHNOLOGY & PRODUCT
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Empowering Global T rade: Our pillars of scalability, innovation, security, and team excellence ROBUST & SCALABLE ARCHITECTURE
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Robust & scalable architecture T otal Products 5X API Calls 8X Orders 4.5X 2020 2024
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100% cloud delivered, highly scalable, resilient architecture 100% multi-tenant cloud servers and networking infrastructure Cloudflare for static content delivery and dynamic content acceleration Can be easily scaled to support virtually any load Significant redundancy embedded Current capacity >20x average daily load Fully functional disaster recovery in a separated data center for both Public and PCI environments Encryption optimizations Cache optimizations Thread optimizations Cart optimizations Orders per minute 20X System capacity for orders per minute (on current scale) Orders per minute monthly average Peak orders per minute Highly scalable load capacity 2020 to 2024
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Robust & scalable architecture Number of merchants >1400 Direct Thousands of indirect Localized Checkout Payment Gateways Payment Methods Shipping Integrations Price Engine Duties & T axes Email T emplates Localization Return Portal T racking P ortal Catalog Management Order Creation Return Dispatch Notification Gift Cards Refund T racking Events Shipping Documents Checkout Payments Fulfillment Communication Fraud Data Security Catalog APIs INFRASTRUCTURE CORE CAP ABILITIES PRODUCT FEATURES Built for High-Volume, Multi-T enant Global Operations
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Highly scalable connectivity platform built for seamless experiences and deep ecosystem integration Fulfillment and returns Payment providers Fraud management Merchant or 3rd party environment Front end Back end Module
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“. … Throughout the build, Global-e successfully supported our multi-category and complex product range, ensuring a smooth transition…..deliver a stable, high-performing platform within our six-month timeline. Working with Global-e was seamless, with exceptional support from both their local and global teams.” Andreas Efstathiou, Chief Information Officer Merchants acknowledge Global-e’s technical agility and committed teams “I found Global-e to be the smartest and most versatile MoR. We stood up the world in the craziest and fastest project of my career….. Global-e dug the trenches with us and have been amazing partners.” Jonah Staw, President, Head Of Global Direct eCommerce
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Empowering Global T rade: Our pillars of scalability, innovation, security, and team excellence CONTINUOUS INNOVATION OF TECHNOLOGY & PRODUCT
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Input Output Swift, efficient, innovation Bulk deployment across platforms Scalability and security at the core of development process Requirements Design Deploy to Core and Global-e API Deploy to Core and Global-e API Merchant interviews and business requests External advisors and leading consultancies Partner ecosystem and industry standards Market analysis and Internal roadmap Product co-development & innovation driven with merchant needs in mind, combining multiple input sources
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Merchant-first focus through product innovation Demand Generation Global agency services Managed services Borderfree.com AI Product classification Multilingual CS bot Product categorization Translations Logistics Direct injection Consolidated returns Enhanced returns portal External returns portal API 20+ carrier integrations BYOL Payments Risk management Payment re-routes Local acquiring 35+ markets 150 local payment options 10 payment gateways Fraud engine FX Hedging tool Parcel protection Regulation & Trade Compliance Multi Local Digital goods Channels (Managed Markets) B2B PlatformOmni-channel GDPR, GSPR Local e-invoicing schemes Trade agreements Tariff updates Country restrictions Guaranteed landed cost Few examples of developments Omni-channel BOPIS Ship-To-Shop Split orders Return in shop BI & Self-Service Live view Qlik Cloud embedded
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Continuous innovation of technology and product Artificial intelligence (AI) example
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Omni-channel example Continuous innovation of technology and product BOPIS enables shoppers to choose one of the merchant’s physical stores as the location for the order pickup, with multiple advantages: Usage of local store inventory Cost management Immediate replacements Increase footfall
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Live per country To p products T ransaction per hour To p countries Self Service Analytics Main KPIs Live View - T rack today’s performanceSales Dashboard – P erformance analysis Heatmap: Sales by destination Dynamic table Main KPIs Sales trends
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Empowering Global T rade: Our pillars of scalability, innovation, security, and team excellence END-TO-END SECURITY & TRUST
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Holistic approach to security Major standards include: Continuous penetration testing Adheres to an SSDLC framework Continuous code scans P eriodic security audits CLOUD INFRASTRUCTURE LOCAL ENDPOINT ST ANDARDS AND TESTING SECURE SOFTWARE DEVELOPMENT
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Empowering Global T rade: Our pillars of scalability, innovation, security, and team excellence HIGH- PERFORMING TEAM
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+300% 2021 2024 ~200 4 sites ~600 9 sites Engineering growth
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Hiring the best talent and cultivating it Guild CI\CD shift left Onboarding AI tools and training By 2027 at least 50% of Global-e code will be generated by AI
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Highly scalable platform developed by diverse, experienced, agile teams Technology deeply immersed into wider ecosystem AI driving efficiency as well as advanced merchant and consumer experiences Robust approach to security and data privacy Continuous innovation of technology and product Key T akeaways
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Go T o Market Nir Debbi President
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4x to 5x Annual Global-e eCommerce growth as a multiple of overall Global eCommerce growth each of the last four years Our merchants’ GMV growth has outpaced overall eCommerce Source: eMarketer, company analysis *Rounded to the nearest whole
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Multi layer GTM engine propelling our growth Source: Company information Direct sales Channel partners Grow our merchants Land end expand Value added services Win new business Grow within our base New business models
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Multi layer GTM engine propelling our growth Source: Company information Direct sales Channel partners Grow our merchants Land end expand Value added services Win new business Grow within our base New business models
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Canada USA UK Spain France Switzerland Israel Singapore Australia Japan Germany Italy Sweden Hong Kong Egypt UAE Saudi Arabia South Korea T aiwan Philippines South Africa Morocco P ortugal Ireland P oland P anama Czech Greece Netherlands Source: Company information as of Jan 2025 Expanded our global operations to support merchants in more than 30 geographies worldwide Hungary Indonesia China NORTH AMERICA EUROPE ASIA OCEANIA MIDDLE EAST Belgium Romania Croatia Denmark Bulgaria Austria Finland Existing Merchants Presence In process
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1 Lead Sourcing & List Building Creating initial leads through multiple automation tools and sources to identify and build lists of ICPs based on specific criteria Fine tune lists by applying attributes that are relevant to Global-e such as international %, visits growth, PPC spend – indicating the potential 2 Uploading new leads data into our sales CRM and enriching prospects relevant matrix Streamlined and automated lead generation process for direct sales Source: Company information Direct sales Channel partners Win new business
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Real-time company signals & buying intent allows efficient prioritization of leads Source: Company information Direct sales Channel partners Win new business 3 Data driven outreach Using tools to track relevant company signals like funding, new technology implementations, change in growth trends, Key employee changes, etc. for an optimized outreach 4 Tailor the approach to the opportunity size and probability to win (for Enterprise) Size Small Medium Large Automated Sequences Tailored approach Using automation tools & AI to map relevant ecosystem partner for tailored direct or channel partner approach Specific business case presentation
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Coupled with a powerful and growing channel partner network extending our reach Direct sales Channel partners Win new business Lead consultants & advisors System Integrators (SI’s) PSPs Trade organizations eCommerce platforms Media agencies 3PLs and carriers Inbound 9% Partnership 62% Outbound 29% Contracts signed by origin - 2024 Source: Company information
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Direct sales Channel partners Win new business Long lasting strategic partnerships with leading providers in the ecosystem Entering our 10th year of strategic partnership, providing Global-e with access to relevant DHL clients as well as preferred service and shipping rates Entering our 5th year of strategic partnership for both Enterprise (3P) and Managed Markets (1P), providing Global-e with access to millions of Shopify merchants Source: Company information
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Recent outreach with the latest ongoing tariff changes Restrictions Update MARCH 2024 SWITZERLAND VAT Update APRIL 2024 ECUADOR VAT Update JUNE 2024 VIETNAM Import Fees Update JULY 2024 NEW ZEALAND Revision of VAT De Minimis THAILAND PHILIPPINES New Custom Fees Duties of 25% on COO USA certain HS March 2024 Canada VAT update OCTOBER 2024 Customs Fee update THAILAND AUSTRALIA Import Fees update SAUDI ARABIA Import Fees Update and revision of de Minimis (CN, MX, CA) FEB 2025 Double the 10% for CN to 20% Import Fess Update only for CN (Suspend MX, CA) Suspend revision of de Minimis (CN, MX, CA) March 2025 Import Fees Update MX, CA USA USA USA USA USA T aking a proactive sales approach at points in time where international trade becomes more complex
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Direct sales Channel partners Win new business The combination of efficient direct sales, our widening channel partnerships and Geo’s expansion propelling our new bookings growth … New Enterprise GMV signed ($m) • Expanded the sales team within current and new Geo’s • Increased funnel conversion utilizing tools and AI • Expanded our partner management teams • Boosted # of channel partners ecosystem Key Initiatives 2020 2024 287 1,106 Source: Company information
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High profile brands joining us in the last 12 months Direct sales Channel partners Win new business Source: Company information as of Jan 2025
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… across a diverse base of merchant verticals and brands … Direct sales Channel partners Win new business 2024 GMV by Brand T ype2024 GMV by Vertical Segments Apparel & Accessories 55% Retailers 21% Consumer Electronics 10% Toys, Hobbies & Gifts 6% Beauty & Cosmetics 3% Sports & Fitness 3% Others 2% Own brand 73% Reseller 21% Mixed 6% Source: Company information as of Jan 2025
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Multi layer GTM engine propelling our growth Source: Company information Direct sales Channel partners Grow our merchants Land end expand Value added services Win new business Grow within our base New business models
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Messaging Price coefficients Duty proposition Shipping proposition Return proposition Tailoring merchants’ offerings from onboarding for better CVR and Profitability Experienced Global Customer Success expert teams bringing our insights and best practices to our merchants Source: Company information
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70 70 >40% T ypical uplift in international traffic conversion after beginning to use our platform Source: Company information as of Jan-2025 Delivering significant uplift in international traffic sales conversion after beginning to use our platform.
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Multiple data sources Peer group analysis Identify merchants with high optimization potential and/or growth marketing potential Optimize proposition within existing lanes Recommend new lanes to add to Global-e platform operated markets Growth marketing Analytics engines Define “gold standard” Uncover growth opportunities Shipping Tax Strategy Pricing Services Returns Distill common success factors Identify opportunities Sub performing markets within merchant Markets for expansion Winning strategies per market Peer group best practices and comparison group Country data (D&T, Buying habits, Payments..) Traffic Business model/vertical Proposition (delivery, D&T, returns) Conversion in Browsing & Checkout Pricing coefficients Data models crunching merchant's trading patterns over time generating insights to optimize sales conversion Source: Company information
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Demand Generation Global agency services Managed services Borderfree.com AI Product classification Multilingual CS bot Product categorization Translations Logistics Direct injection Consolidated returns Enhanced returns portal External returns portal API 20+ carrier integrations BYOL BI & Self-Service Live view Qlik Cloud embedded Payments Risk management Payment re-routes Local acquiring 35+ markets 150 local payment options 10 payment gateways Fraud engine FX Hedging tool Parcel protection Regulation & Trade Compliance Multi Local Digital goods Channels (Managed Markets) PlatformOmni-channel BOPIS Ship-To-Shop Split orders Return in shop GDPR, GSPR Local e-invoicing schemes Trade agreements Tariff updates Country restrictions Guaranteed landed cost 3B2C Coupled with our Merchant-first focus on-going product innovation
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Annual GMV per Active Merchant Cohort Driving accelerated growth for our merchants over the years Source: Company information Jan 2025 ~4x average cohort growth since inception 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Increased conversion Upsell to additional lanes Identify opportunities for effective marketing spend
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+77% International online orders +130% International Revenue +264% International online orders +262% International online revenue +116% International online orders +151% International online revenue +108% International online orders +170% International online revenue +57% International online orders +55% International online revenue +138% International online orders +113% International online revenue Making our merchants Global-e brand ambassadors … Source: Company information Jan 2025
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… driving further expansion within large merchants and groups Source: Company information as of Jan 2025 *Including 2 markets expected to launch in 2025 Operated Markets 2022 2023 2024 25 2025-coming soon 27 Group brands 2020 20242018 2321 2021 2022 2023 2021 8 CSM & Brand
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Increased performance for merchants More data driven smart insights and localization capabilities More sales from existing merchants; More merchants for Global-e Improved conversion for merchants More data and enhanced global presence Continuously driving a competitive flywheel effect …
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Global scale Local know-how and data advantage Comprehensive end-to-end solution Financial stability and audit standards Global efficient Demand Generation capabilities Attractive ROI to merchant Global-e Online branded marketplaces In-house D2C Alternative cross- border solutions … and reinforcing our sustainable long-term competitive advantages Source: Company information and research, Jan 2025
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Multi layer GTM engine propelling our growth Source: Company information Direct sales Channel partners Grow our merchants Land end expand Value added services Win new business Grow within our base New business models
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P owerful demand generation initiative launched in Q4 2024, driving international traffic to our brands in multiple destinations with a guaranteed affiliate ROI Registered shoppers internal marketing database: >2M registered users and growing Borderfree.com Source: Company information
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~2.5M >2.5% Avg. for Borderfree participating merchants +170K Worldwide ~0.5M +10% to Borderfree.com to Brand's websites For Top Performing Brands attributed to Borderfree New Subscribers within period Sales in +100 markets Visits Visits of Revenue Of Revenue Exposure Strong results are coming since the initial launch in November 2024 Borderfree.com Source: Company information
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The Definition of California Cool 4% HIGHER AOV from Borderfree traffic Borderfree generated Orders from 25 COUNTRIES 14% OF FRANK & EILEEN GMV Attributed to Borderfree marketing activities NOVEMBER – DECEMBER 2024 The Intersection Of Luxury & Performance 29% HIGHER AOV from Borderfree traffic Borderfree generated Orders from 21 COUNTRIES 6.7% OF APL GMV Attributed to Borderfree marketing activities NOVEMBER – DECEMBER 2024 Initial case studies already emerging Borderfree.com Source: Company information
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Shopify Managed Markets unlocks a vast T AM opportunity With Managed Markets, Global-e’s services are now natively available within Shopify to merchants of all sizes Significant milestones achieved with just 18 months since launch: <1-day average onboarding time >10,000 merchants transacted >175 inbound countries Close collaboration with Shopify to expand adoption in the US and broaden the reach to many more outbound countries Source: Company information
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Multi-local 50x volume growth in multi-local, expected to cross 15% of volume in 2025 1.1% 8.6% 15% 2020 2024 2025RR Share of multi local trend GMV Share of total (%) $8.5m $403m $900m
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The B2B E-Commerce Market was valued at ~$20 T rillion in 2024 However, cross border B2B eCommerce is far behind … Potential for the next wave of cross-border growth Huge potential over time building and leveraging around our capabilities to support B2B at scale (freight forwarding, IOR, formal clearance) … Global Business-to-Business eCommerce
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Highly efficient S&M team and approach achieving <9 months payback across multiple Geo ’s Channel partnerships with mutually beneficial interests extend our reach - over 60% of new GMV bookings Multiple levers for growth across new and existing brands - 4x cohort growth over time Data-driven consultative approach identifies opportunities and increases sales conversion New horizons to accelerate our growth and TAM Borderfree.com, Managed Markets, B2B … Key T akeaways
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Break
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Global-e : A Partnership for Global Growth Dan ElmozninoMichelle Wasserman Matthew Merrilees Chief Executive Officer, North America Chief Web OfficerSenior Vice President, GM International
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Financial Strategy Ofer Koren CFO
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Large growth potential Diverse customer base Strong financial performance Multiple growth levers to build share in large and growing TAMs and capture new markets Expanding customer base across industries, regions, and company sizes Track record of strong execution, with durable revenue growth, improving profitability, and significant cash generation A unique opportunity in eCommerce enablement Why own Global-e?
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We have a track-record of strong execution - we have reached or surpassed our long-term IPO financial targets Note: Rounded to the near whole number 46%40% Non-GAAP gross margin 22%20% Adj. EBITDA margin Pre-IPO LT t a r g e t Q4/2024
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IPO Today TAM $736bn GMV $774m Revenue $136m Non-GAAP GP margin 32% Adj. EBITDA margin 9% Free Cash Flow $29m TAM 4X GMV 8X Revenue 7X Non-GAAP GP margin 46% Adj. EBITDA margin 20% Free Cash Flow 7X Note: Based on 2025 guidance, free cash flow assumed to be equal or above Adjusted EBITDA, TAM is based on internal estimations. All figures are rounded to the nearest whole number Note: Based on 2020 figures
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Note: 2025F represents the midpoint of the guidance range of $6,190m - $6,490m. 774 1,449 2,450 3,557 4,858 6,340 2020 2021 2022 2023 2024 2025F GMV 8.2x Growth 2020-2025F GMV ($m) 52% CAGR Demand for our services translates into rapid growth
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>120% Net Dollar Retention 152% 130% 127% 123% 2021 2022 2023 2024 12024 figures represent NDR and GDR adjusted for the negative impact of the out of the ordinary bankruptcy of Ted Baker and by several Borderfree merchants that chose not to re -platform to the Global-e platform. NDR and GDR including the out of the ordinary churn for 2024 was119% and 93.5%, respectively. 98% 98% 97% 97% 2021 2022 2023 2024 >97% Gross Dollar Retention 1 1 High growth and strong retention of merchants
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To p 10 Merchants % of GMV 36% 25% $774 $4,858 2020 2024 Top 10 Merchants Other Outbound markets % of GMV Inbound markets % of GMV 53% 26% 25% 47% 22% 21% 1% 6% 2020 2024 UK North America Europe Other CA 16% UK 14% US 12% DE 7% AUS 6% FR 4% CH 3% NL 3% IRL 2% MEX 2% Other 32% Highly and increasingly diversified business Source: Company information
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Source: Company information Note: 2025F represents the midpoint of the guidance range of $6,190m - $6,490m. Revenue ($m) 136 245 409 570 753 942 2020 2021 2022 2023 2024 2025F Revenue 6.8x Growth 2020-2025F 47% CAGR Revenue growth
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Revenue Platform Costs Carrier Costs Payment Processing Operations <50% Service Fees >50% Fulfillment ~15% Implied T ake Rate ~70% Service Fees ~30% Fulfillment Source: Company information. figures based on 2024 results. Gross Profit T wo robust and interrelated revenue pillars GMV
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Source: Company information 31.9% 37.3% 41.1% 42.9% 46.4% 2020 2021 2022 2023 2024 Non-GAAP Gross Margin +1,450bps Margin Expansion 2020-2024 Expanding gross margins driven by scale efficiencies and optimization Non-GAAP Gross Margin
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A combination of economies of scale and economies of skill A multi-tenant platform, enhancements and upgrades to the platform benefit all merchants Efficient go-to-market leveraging the growing recognition and channel partnerships Disciplined cost management Global-e is running on a super-efficient business model
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Adjusted EBITDA ($,m) 13 32 49 93 141 189 2020 2021 2022 2023 2024 2025F Source: Company information Note: 2025F represents the midpoint of the guidance range of $179m - $199m. 9% 13% 12% 16% 19% 20% Margin Adj. EBITDA 14.5x Growth 2020-2025F As we scale, our efficiency continues to improve 72% CAGR
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Free Cash Flow($,m) 29 13 81 106 167 2020 2021 2022 2023 2024 Source: Company information Note: Free cash flow calculated as Net cash provided by operating activities minus capital expenditures Margin 21% 5% 20% 19% 22% Free Cash Flow 5.8x Growth 2020-2024 55% CAGR T ranslating into strong free cash flow generation
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Base Year Existing Merchants - Same store sales - Land & expand Robust growth algorithm Base Merchants onboarded in base year - Conversion uplift - Annualization Contribution of new merchants Growing from year to year Additional TAM - Managed Markets - B2B Value added services
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USD millions FY2024 Long-Term target FY 2025-2028 guidance GMV 4,858 GMV growth YoY% High 20's - Low 30's Revenue 752.8 Revenue growth YoY% Mid 20's Non-GAAP Gross margin 46.4% Non-GAAP Gross margin High 40's Adjusted EBITDA margin 18.7% Adjusted EBITDA margin Low/Mid 20's Free Cash Flow margin 22.2% Free cash flow margin Mid/High 20's Financial framework – 4-year plan
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We expect to generate over $ 1 billion of free cash flow in 2025-2028
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Reinvest in organic growth Inorganic growth Share repurchase Highest priority is to propel our organic growth through continued reinvestment in our platform and GTM Complementary product offerings and capabilities to accelerate time-to- market and acquire external expertise In consideration, timing and volume TBD Capital allocation focused on growth and product expansion
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We have a strong track record of delivering on our business and financial objectives We are well positioned to continue driving efficient growth and long-term value We continue to prioritize top-line growth and further expansion While continuing to optimize our efficient business model We expect to generate over $1 billion in free cash flow in 2025-2028 Key T akeaways
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Q & A
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Appendix Supplementary materials
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Key P erformance Metrics and Non-GAAP Financial Measures This presentation, and the accompanying oral presentation, may include certain financial measures and key performance measures, not presented in accordance with the generally accepted accounting principles in the United States (“GAAP”), including Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, and free cash flow, as well as operating metrics, including Gross Merchandise Value or GMV, Net Dollar Retention on NDR, and Global Dollar Retention or GDPR. We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the above tables, adjusted for, as applicable, depreciation and amortization, share-based compensation, commercial agreement asset amortization, amortization of acquired intangibles, and merger related contingent consideration. We define non-GAAP gross profit as gross profit adjusted for amortization of acquired intangibles. Non-GAAP gross margin is calculated as Non-GAAP gross profit divided by revenues. We use free cash flow as a liquidity measure and define it as net cash provided by operating activities less purchase of property and equipment. We define GMV or Gross Merchandise Value 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. The aforementioned key performance indicators and non-GAAP financial measures are used, in conjunction with GAAP measures, by Global-e’s management and board of directors to assess our performance, including the preparation of Global-e’s annual operating budget and quarterly forecasts, for financial and operational decision-making, to evaluate the effectiveness of Global-e’s business strategies, and as a means to evaluate period-to-period comparisons. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in Global-e’s industry. We believe that these non-GAAP financial measures are appropriate measures of operating performance because they remove the impact of certain items that we believe do not directly reflect our core operations, and permit investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance. Free cash flow should not be used as an alternative to, or superior to, net cash from operating activities. In addition, Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross margin, as well as operating metrics, including GMV, should not be considered in isolation, as an alternative to, or superior to net profit (loss), revenue, cash flows or other performance measure derived in accordance with GAAP. These metrics are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Management believes that the presentation of non-GAAP metrics is an appropriate measure of operating performance because they eliminate the impact of expenses that do not relate directly to the performance of our underlying business. These non-GAAP metrics should not be construed as an inference that our future results will be unaffected by unusual or other items. Additionally, Adjusted EBITDA and other non-GAAP metrics used herein are not intended to be a measure of free cash flow for management's discretionary use, as they do not reflect our tax payments and certain other cash costs that may recur in the future, including, among other things, cash requirements for costs to replace assets being depreciated and amortized. Management compensates for these limitations by relying on our GAAP results in addition to using Adjusted EBITDA and other non- GAAP metrics as supplemental measures of our performance. Our measures of Adjusted EBITDA, free cash flow, non-GAAP gross profit and other non-GAAP metrics used herein are not necessarily comparable to similarly titled captions of other companies due to different methods of calculation. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures. These financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation, as an alternative to, or superior to net loss or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure. We are not able to provide a reconciliation of non-GAAP financial measures guidance, including Adjusted EBITDA margin, for future periods, because certain items that are excluded from non-GAAP financial measures cannot be reasonably predicted or are not in our control. We are also not able to provide a reconciliation of free cash flow guidance for future periods to net cash from operating activities. In addition, we are also not able to provide a reconciliation of non-GAAP gross profit and non-GAAP gross margin for future periods to gross profit. In particular, we are unable to forecast the timing or magnitude of share based compensation, depreciation and amortization, commercial agreement asset amortization, amortization of acquired intangibles, and merger related contingent consideration, in the case of free cash flow, we are unable to forecast purchase of property and equipment, and in the case of non-GAAP gross profit and non-GAAP gross margin, we are unable to forecast amortization of acquired intangibles included in cost of revenue, in each case, as applicable without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, GAAP measures in the future.
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Definitions (1) Gross Merchandise Value ("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 (2) Net Dollar Retention ("NDR") rate for a given period is calculated by dividing the GMV in that period by the GMV in the comparable period in the prior year, in each case, from merchants that processed transactions on our platforms in the earlier of the two periods. Our Net Dollar Retention Rate therefore includes the effect on GMV of any merchant renewals, expansion, contraction and churn but excludes the effect of revenue from merchants that contributed to our GMV in the current period but not in the earlier period. (3) Gross Dollar Retention ("GDR") - to calculate the Gross Dollar Retention Rate for a particular quarter, we first calculate the total seasonality adjusted annualized GMV for that quarter. We then calculate the value of GMV from any merchants who discontinued their use of our platform during that quarter, or churned, based on their total GMV from the four quarters preceding such quarter, which we refer to as churned GMV. We then divide (a) the churned GMV by (b) the total seasonality adjusted annualized GMV to calculate the percentage churn for that quarter. Gross Dollar Retention Rate for a particular year is calculated by aggregating the percentage churn of the four quarters within that year and subtracting the result from 100%. (4) Non-GAAP Gross Profit and Non-GAAP Gross Margin is defined as gross profit adjusted for amortization of acquired intangibles. (5) Adjusted EBITDA is a non-GAAP financial metric and defined as operating profit (loss) adjusted for depreciation and amortization, stock- based compensation expenses, commercial agreements amortization, amortization of acquired intangibles, merger related contingent consideration, acquisition related expenses and secondary offering costs. (6) Free Cash Flow and Free Cash Flow Margin is defined as net cash provided (used) by operating activities adjusted for purchase of property and equipment
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Reconciliation of Non-GAAP financial measures Non-GAAP Gross Profit (USD in millions) FY-20 FY-21 FY-22 FY-23 FY-24 Gross profit 43.5 91.4 158.2 233.6 339.4 Amortization of acquired intangibles included in cost of revenue 0 0 9.7 11.2 10.0 Non-GAAP gross profit 43.5 91.4 167.9 244.8 349.4 Non-GAAP gross margin 31.9% 37.3% 41.0% 42.9% 46.4%
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Reconciliation of Non-GAAP financial measures Adjusted EBITDA (USD in millions) FY-20 FY-21 FY-22 FY-23 FY-24 Operating profit (loss) 8,413 (65,658) (189,324) (137,059) (67,928) Stock-based compensation Cost of revenue 10 85 262 639 929 Research and development 507 4,192 21,970 26,266 17,291 Selling and marketing 442 1,287 3,877 4,259 5,836 General and administrative 2,997 6,437 12,800 13,796 15,102 Depreciation and amortization 235 331 1,585 1,788 2,131 Commercial agreement asset amortization 0 84,298 149,047 150,451 148,594 Amortization of acquired intangibles 0 0 27,833 20,434 18,812 Secondary offering cost 0 879 0 0 0 Merger related contingent consideration 0 0 12,161 12,161 0 Merger and acquisition related costs 0 573 8,492 0 0 Adjusted EBITDA 12,604 32,424 48,703 92,735 140,767 Adjusted EBITDA margin 9.2% 13.2% 11.9% 16.3% 18.7%
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Reconciliation of Non-GAAP financial measures Free cash flow (USD in millions) FY-20 FY-21 FY-22 FY-23 FY-24 Net cash provided (used) in operating activities 29,350 15,478 89,328 108,222 169,393 Purchases of property and equipment (456) (2,883) (8,352) (1,741) (2,335) Non-GAAP gross profit 28,894 12,595 80,976 106,481 167,058 Non-GAAP gross margin 21.2% 5.1% 19.8% 18.7% 22.2%