Global-e Online Ltd. (Nasdaq: GLBE) the global leader of
Direct-To-Consumer cross border eCommerce enablement, today
reported financial results for the first quarter of 2022.
“The strength of our business model, as well as the huge market
potential ahead of us, are reflected in the strong Q1 results we
are reporting today,” said Amir Schlachet, Founder and CEO of
Global-e. “The business is performing well across all the key
metrics, with many exciting new merchant launches including global
mega-brand Adidas, who selected Global-e to support its strategic
direct-to-consumer growth plan. Despite the short-term macro and
geo-political headwinds, we are excited with the opportunities
ahead and believe we are well poised to continue our fast growth
well into the future.”
Q1
2022 Financial
Results
- GMV1 in the first quarter of 2022 was
$455 million, an increase of 71% year over year
- Revenue in the first quarter of 2022
was $76.3 million, an increase of 65% year over year, of which
service fees revenue was $31.9 million and fulfillment services
revenue was $44.4 million
- Non-GAAP gross profit2 in the first
quarter of 2022 was $29.9 million, an increase of 94% year over
year. GAAP gross profit in the first quarter of 2022 was $27.2
million
- Non-GAAP gross margin2 in the first
quarter of 2022 was 39.1%, an increase of 580 basis points from
33.3% in the first quarter of 2021. GAAP gross margin in the first
quarter of 2022 was 35.6%
- Adjusted EBITDA3 in the first quarter
of 2022 was $3.3 million compared to $5.2 million in the first
quarter of 2021
- Net loss in the first quarter of 2022
was $53.6 million
Recent Business Highlights
- Launched our partnership with Adidas,
one of the world’s largest and most iconic consumer brands, to
support their multi-year Direct-To-Consumer strategic initiative,
based on our multi-local offering
- 16 markets live and trading with additional markets planned to
be rolled out gradually over the coming quarters
- Continued launching with many more
exciting brands across all geographies and verticals we operate in,
with notable examples being:
- Several iconic US brands including Brooks Brothers, Ralph
Lauren, r.e.m. beauty by Ariana Grande and Rare Beauty by Selena
Gomez
- Prominent UK brands including SpaceNK and Dover Street
Market
- Leading French fashion brand Sezane; first ever Belgian brand –
Buissonniere
- APAC expansion continues with high-street brand Esprit, selling
out of Hong Kong
- Expanded relationships with multiple existing merchants who
opened new markets during the quarter, including Celine, FIGS, Full
Beauty Brands (+20 additional markets) and La Redoute (added
several key European markets)
- Continued to strengthen our strategic
relationship with the luxury group LVMH, with three new maisons
signing up to our services, all of whom are expected to go live
during 2022
- Continued accelerated growth of our
US-outbound business
- Continuing the strong penetration into the US market, US
outbound revenue was up 111% in the first quarter of 2022
- Strategic partnership with Shopify
remains on track:
- The new native integration emerged out of pilot phase in April;
now in general availability for all Shopify Advanced and Shopify
Plus merchants
- The development of the white-label Merchant of Record, or MOR,
solution for Shopify (based on technologies we acquired as part of
the Flow Commerce acquisition) remains on track
- Flow Commerce post-merger integration
process progressing well - former Flow teams already fully
integrated into the corresponding Global-e ones, many of the
planned synergies and scale efficiency efforts already in
motion
- During the quarter we continued to
invest in further strengthening our growing ecosystem of strategic
partners. We rolled out our partnership with Australian Post to
extend our support for Australian based merchants. In addition, we
expanded our partnership with Klarna to Canada. Klarna is now
supported on Global-e in 15 markets
Q2 2022
and Full Year Outlook
Global-e is introducing second quarter guidance and is updating
top-line full year guidance. The guidance reflects the recent
trends, given the impact of the Ukraine-Russia war and macro
environment headwinds on consumption, mainly in Europe. However, we
re-iterate our previously established Adjusted EBITDA targets,
given the resilience and the agility of our business model.
|
Q2 2022 |
|
FY 2022 |
|
Previous FY 2022 |
|
(in millions) |
GMV (1) |
$495 - $505 |
|
$2,280 - $2,400 |
|
$2,445 - $2,495 |
Revenue |
$82.5 - $84.5 |
|
$383 - $403 |
|
$411 - $421 |
Adjusted EBITDA (2) |
$2.8 - $3.8 |
|
$38 - $42 |
|
$38 - $42 |
Given the macro environment uncertainty, we will provide
investors with updated business trends as they evolve.
1Gross 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 4:30 p.m. ET on Monday,
May 16, 2022.The call will be available, live, to interested
parties by dialing:
United States/Canada Toll Free: 1-855-327-6837International
Toll: 1-631-891-4304
A live webcast will also be available in the Investor Relations
section of Global-E’s website at:
https://investors.global-e.com/news-events/events-presentations
Approximately two hours after completion of the live call, an
archived version of the webcast will be available on the Investor
Relations section of the Company’s web site and will remain
available for approximately 30 calendar days.
Non-GAAP Financial Measures and Key
Operating Metrics
To supplement Global-e’s financial information presented in
accordance with generally accepted accounting principles in the
United States of America, or GAAP, Global-e considers certain
financial measures and key performance metrics that are not
prepared in accordance with GAAP including:
- Non-GAAP gross profit, which Global-e defines as gross profit
excluding amortization of acquired intangibles. Non-GAAP gross
margin is calculated 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 regarding Global-e’s operations, strategy and
Global-e’s projected revenue and other future financial and
operational results. These forward-looking statements generally are
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. 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; our expectations regarding the use of
proceeds from our initial public offering; 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; the impact of the COVID-19 pandemic,
including variants, and related vaccination roll out efforts; and
the other risks and uncertainties described in Global-e’s
prospectus filed with the Securities and Exchange Commission (the
"SEC") on September 13, 2021 and other documents filed with or
furnished by Global-e from time to time with 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
e-commerce. The chosen partner of hundreds of 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 e-commerce 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. Founded in 2013
by Amir Schlachet, Shahar Tamari and Nir
Debbi, Global-e operates from eight offices worldwide. For
more information, please visit: www.global-e.com
Investor Contact:Erica Mannion or Mike
FunariSapphire Investor Relations, LLCIR@global-e.com +1
617-542-6180
Press Contact:Headline MediaGarrett Krivicich
Globale@headline.media +1 786-233-7684
Global-E Online Ltd.
CONSOLIDATED BALANCE SHEETS (In
thousands)
|
|
Period Ended |
|
|
|
December 31, |
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
(Audited) |
|
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
448,623 |
|
|
$ |
187,965 |
|
Short-term
deposits |
|
|
41,985 |
|
|
|
69,882 |
|
Accounts
receivable, net |
|
|
9,185 |
|
|
|
10,072 |
|
Prepaid
expenses and other current assets |
|
|
46,568 |
|
|
|
51,189 |
|
Marketable
securities |
|
|
18,464 |
|
|
|
17,571 |
|
Funds
receivable, including cash in banks |
|
|
57,635 |
|
|
|
45,453 |
|
Total
current assets |
|
|
622,460 |
|
|
|
382,132 |
|
Property and
equipment, net |
|
|
3,269 |
|
|
|
7,860 |
|
Operating
lease right-of-use assets |
|
|
20,108 |
|
|
|
20,455 |
|
Long term
deposits |
|
|
2,219 |
|
|
|
2,250 |
|
Deferred
contract acquisition costs, noncurrent |
|
|
1,314 |
|
|
|
1,484 |
|
Other
assets, noncurrent |
|
|
213 |
|
|
|
209 |
|
Commercial
agreement asset |
|
|
196,544 |
|
|
|
279,811 |
|
Goodwill and
other intangible assets |
|
|
- |
|
|
|
385,860 |
|
Total
long-term assets |
|
|
223,667 |
|
|
|
697,929 |
|
Total
assets |
|
$ |
846,127 |
|
|
$ |
1,080,061 |
|
Liabilities, Convertible Preferred Shares and
Shareholders’ (Deficit)
Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
24,064 |
|
|
$ |
27,411 |
|
Accrued
expenses and other current liabilities |
|
|
47,358 |
|
|
|
48,750 |
|
Funds
payable to Customers |
|
|
57,635 |
|
|
|
45,453 |
|
Short term
operating lease liabilities |
|
|
2,517 |
|
|
|
3,368 |
|
Total
current liabilities |
|
|
131,574 |
|
|
|
124,982 |
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Long term
operating lease liabilities |
|
|
18,803 |
|
|
|
18,240 |
|
Total
liabilities |
|
$ |
150,377 |
|
|
$ |
143,222 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ (deficit) equity: |
|
|
|
|
|
|
|
|
Share
capital and additional paid-in capital |
|
|
823,550 |
|
|
|
1,119,143 |
|
Accumulated
comprehensive income (loss) |
|
|
(159 |
) |
|
|
(1,077 |
) |
Accumulated
deficit |
|
|
(127,641 |
) |
|
|
(181,227 |
) |
Total
shareholders’ equity |
|
|
695,750 |
|
|
|
936,839 |
|
Total
liabilities, convertible preferred shares and shareholders’
(deficit) equity |
|
$ |
846,127 |
|
|
$ |
1,080,061 |
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except share and per share data)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
(Unaudited) |
|
Revenue |
|
$ |
46,151 |
|
|
$ |
76,322 |
|
Cost of
revenue |
|
|
30,784 |
|
|
|
49,139 |
|
Gross
profit |
|
|
15,367 |
|
|
|
27,183 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
5,444 |
|
|
|
17,687 |
|
Sales and
marketing |
|
|
3,099 |
|
|
|
49,639 |
|
General and
administrative |
|
|
2,714 |
|
|
|
11,540 |
|
Total
operating expenses |
|
|
11,257 |
|
|
|
78,866 |
|
Operating
profit (loss) |
|
|
4,110 |
|
|
|
(51,683 |
) |
Financial
expenses, net |
|
|
5,709 |
|
|
|
1,666 |
|
Loss before
income taxes |
|
|
(1,599 |
) |
|
|
(53,349 |
) |
Income
taxes |
|
|
150 |
|
|
|
237 |
|
Net earnings
(loss) attributable to ordinary shareholders |
|
$ |
(1,749 |
) |
|
$ |
(53,586 |
) |
Basic and
diluted net loss per share attributable to ordinary
shareholders |
|
$ |
(0.08 |
) |
|
|
(0.35 |
) |
Basic and
diluted weighted average ordinary shares |
|
|
21,830,024 |
|
|
|
154,368,734 |
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
|
Operating activities |
|
|
|
|
|
|
|
|
Net profit
(loss) |
|
$ |
(1,749 |
) |
|
$ |
(53,586 |
) |
Adjustments
to reconcile net profit (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
62 |
|
|
|
264 |
|
Share-based compensation expense |
|
|
1,067 |
|
|
|
7,929 |
|
Commercial agreement asset |
|
|
- |
|
|
|
36,749 |
|
Amortization of intangible assets |
|
|
- |
|
|
|
6,616 |
|
Long term deposit revaluation |
|
|
- |
|
|
|
44 |
|
Accounts receivable |
|
|
956 |
|
|
|
3,993 |
|
Prepaid expenses and other assets |
|
|
2,129 |
|
|
|
(3,392 |
) |
Funds receivable |
|
|
(2,067 |
) |
|
|
19,165 |
|
Long-term receivables |
|
|
(957 |
) |
|
|
- |
|
Funds payable to customers |
|
|
(9,622 |
) |
|
|
(14,937 |
) |
Operating lease ROU assets |
|
|
382 |
|
|
|
797 |
|
Deferred contract acquisition costs |
|
|
(190 |
) |
|
|
(245 |
) |
Accounts payable |
|
|
(2,863 |
) |
|
|
(436 |
) |
Accrued expenses and other liabilities |
|
|
(11,569 |
) |
|
|
(9,043 |
) |
Deferred tax liabilities |
|
|
11 |
|
|
|
- |
|
Impairment of marketable securities |
|
|
- |
|
|
|
14 |
|
Operating lease liabilities |
|
|
(465 |
) |
|
|
(857 |
) |
Warrants liabilities to preferred shares |
|
|
4,247 |
|
|
|
- |
|
Net cash provided by operating activities |
|
|
(20,628 |
) |
|
|
(6,925 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Investment
in marketable securities |
|
|
(1,646 |
) |
|
|
(7,198 |
) |
Proceeds from marketable securities |
|
|
- |
|
|
|
7,158 |
|
Investment in short-term investments |
|
|
(7,553 |
) |
|
|
(31,298 |
) |
Proceeds from short-term investments |
|
|
- |
|
|
|
3,400 |
|
Investment in long-term deposits |
|
|
(18 |
) |
|
|
- |
|
Payments for business combinations, net of cash acquired |
|
|
- |
|
|
|
(215,611 |
) |
Purchases of property and equipment |
|
|
(114 |
) |
|
|
(4,684 |
) |
Net cash (used in) provided by investing activities |
|
|
(9,331 |
) |
|
|
(248,233 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from exercise of warrants to ordinary shares |
|
|
- |
|
|
|
28 |
|
Proceeds from exercise of share options |
|
153 |
|
|
|
102 |
|
Net cash provided by financing activities |
|
153 |
|
|
|
130 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents, and restricted
cash |
|
|
(29,806 |
) |
|
|
(255,028 |
) |
Cash and cash equivalents and restricted cash—beginning of
period |
|
|
85,033 |
|
|
|
458,899 |
|
Cash and
cash equivalents and restricted cash—end of period |
|
$ |
55,227 |
|
|
$ |
203,871 |
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.
SELECTED OTHER DATA (In
thousands)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
|
Key
performance metrics |
|
|
|
Gross Merchandise Value |
|
|
266,555 |
|
|
|
|
|
|
|
455,293 |
|
|
|
|
|
Adjusted EBITDA (a) |
|
|
5,239 |
|
|
|
|
|
|
|
3,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service fees |
|
|
17,096 |
|
|
|
37 |
% |
|
|
31,947 |
|
|
|
42 |
% |
Fulfillment services |
|
|
29,055 |
|
|
|
63 |
% |
|
|
44,375 |
|
|
|
58 |
% |
Total revenue |
|
$ |
46,151 |
|
|
|
100 |
% |
|
$ |
76,322 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by merchant outbound region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom |
|
|
21,544 |
|
|
|
46 |
% |
|
|
28,282 |
|
|
|
37 |
% |
United States |
|
|
13,207 |
|
|
|
29 |
% |
|
|
27,920 |
|
|
|
37 |
% |
European Union |
|
|
11,149 |
|
|
|
24 |
% |
|
|
19,054 |
|
|
|
25 |
% |
Israel |
|
|
251 |
|
|
|
1 |
% |
|
|
364 |
|
|
|
0 |
% |
Other |
|
- |
|
|
0 |
% |
|
|
702 |
|
|
|
1 |
% |
Total revenue |
|
$ |
46,151 |
|
|
|
100 |
% |
|
$ |
76,322 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See reconciliation to adjusted EBITDA
table
Global-E Online Ltd.
RECONCILIATION TO Non-GAAP GROSS PROFIT
(In thousands)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
|
2021 |
|
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
|
Gross
profit |
|
|
15,367 |
|
|
|
27,183 |
|
|
|
|
|
|
|
|
|
|
Amortization
of acquired intangibles included in cost of revenue |
|
|
- |
|
|
|
2,677 |
|
Non-GAAP
gross profit |
|
|
15,367 |
|
|
|
29,860 |
|
|
|
|
|
|
|
|
|
|
Global-E Online Ltd.
RECONCILIATION TO ADJUSTED EBITDA (In
thousands)
|
|
Three Months
Ended |
|
|
|
March 31, |
|
|
|
2021 |
|
|
2022 |
|
|
|
|
|
|
|
(Unaudited) |
|
Operating profit (loss) |
|
|
4,110 |
|
|
|
(51,683 |
) |
(1) Stock-based compensation: |
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
19 |
|
|
|
36 |
|
Research and development |
|
|
223 |
|
|
|
5,151 |
|
Selling and marketing |
|
|
221 |
|
|
|
759 |
|
General and administrative |
|
|
604 |
|
|
|
1,983 |
|
Total stock-based compensation |
|
|
1,067 |
|
|
|
7,929 |
|
|
|
|
|
|
|
|
|
|
(2) Depreciation and amortization |
|
|
62 |
|
|
|
264 |
|
|
|
|
|
|
|
|
|
|
(3) Commercial agreement asset amortization |
|
- |
|
|
|
36,749 |
|
|
|
|
|
|
|
|
|
|
(4) Amortization of acquired intangibles |
|
- |
|
|
|
6,616 |
|
|
|
|
|
|
|
|
|
(5) Merger related contingent consideration |
|
- |
|
|
|
2,960 |
|
|
|
|
|
|
|
|
|
(6) Acquisition related costs |
|
- |
|
|
|
446 |
|
Adjusted
EBITDA |
|
|
5,239 |
|
|
|
3,282 |
|
|
|
|
|
|
|
|
|
|
Global E Online (NASDAQ:GLBE)
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From Mar 2024 to Apr 2024
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From Apr 2023 to Apr 2024