Global-e Online Ltd. · NASDAQ:GLBE
Global-e Online — Investor Day (March 2025)
114 slides from Global-e Online's investor day presentation, March 2025
Slide 1: Global-e Investor Day 2025
Global@ _” INVESTOR DAY 2025 Global-e 2025 March 2025
Slide 2: Disclaimer
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 foll
Slide 3: Today's Agenda
Opening Remarks Global-e Vision and Roadmap Amir Schlachet, CEO AGENDA Product and Technology Yehiam Shinder, CTO Go To Market Nir Debbi, President TODAY’S Break Partnership with Global-e Michelle Wasserman for Global Growth SVP, GM International, Figs Dan Elmoznino Chief Web Officer, KITH Matthew M
Slide 4: Global-e Vision and Roadmap
Global-e Vision and Roadmap Amir Schlachet CEO
Slide 5: Global eCommerce is massive and growing
Global eCommerce is massive and growing; Steadily gaining traction out of total retail sales Global retail eCommerce growth Retail eCommerce growth – USA Long term trend continues following the ‘COVID blip’ and 2022 normalization Source: eMarketer, Worldwide E-commerce Forecast 2024, Feb 2024
Slide 6: But global D2C eCommerce is broken
But global D2C eCommerce is broken Regulation Demand Site interaction Payments & compliance International generation & navigation currencies Shipping (GDPR, GPSR, …) fraud Local language Returns Local Product display Taxes & Local tax Tax Post sale pricing & discovery duties registrations reclaim se
Slide 7: Expanding eCommerce to one market is painful
Expanding eCommerce to one market is painful … as is maintaining operations in a rapidly changing environment … Tariff changes and De Minimis (Feb/Mar-25) VAT registration threshold cut (May-25) Language Currency Payments Shipping Duties / Taxes Local European registration requirements for internati
Slide 8: Global D2C expansion is nearly impossible
Global D2C expansion is nearly impossible EN $ EN $ EN $ EN $ SP COP PT € Md 分 ES € EN $ EN $ HI ₹ NW kr EN $ EN $ EN $ MK EN $ JP ¥ BO € GR € One Size Does Not Fit All EN $ EN $ TK ₺ Md ¥ EN $ EN $ IR € EN $ EN $ FP ₱ SM ST AR OM R EN $ EN $ PT R$ SP $ EN $ EN $ SP S/ KO ₩ EN $ MY RM EN $ EN $ EN $
Slide 9: Brands are not realizing the true potential of D2C global eCommerce
Brands are not realizing the true potential of D2C global eCommerce
Slide 10: Global-e provides a smart end-to-end platform
Global-e provides a smart end-to-end platform powering better global eCommerce Increased Localized, Conversion, Seamless Reduced Shopping Complexity Experience
Slide 11: We simplify Global eCommerce for merchants
We simplify Global eCommerce for merchants EN $ EN $ Single integration for € better Global eCommerce EN $ EN $ € EN $ platform EN $ EN $ Payment Providers Currency and hedging N E $ Fulfillment and Returns E PT R$ N $ Fraud Management E Demand generation $ N HI ₹ Trade compliance E N $ E N $ Duty a
Slide 12: Delivering out of the box deep localization capabilities
Delivering ‘out of the box’ deep localization capabilities and services Local messaging Local Local payment Local import D&T per market pricing methods calculated and guaranteed 30+ languages 100+ currencies 150+ payment 170+ markets methods Multiple shipping Easy local Payment fraud Local market kn
Slide 13: Unique Smart Insights driving higher conversion rates
Coupled with unique ‘Smart Insights’ for merchants, driving higher conversion rates Better results and conversion More customers and transactions Per market optimization Market proposition Unit economics +40% >25M >2B Profit pools CVR uplift Transactions Sessions >200 >1,400 Markets Clients Mo
Slide 14: Creating a seamless local shopper experience
Creating a seamless local shopper experience Local messaging Local pricing Guaranteed landed cost Multiple local shipping options Local payment options Easy returns
Slide 15: It's been an amazing journey so far
It’s been an amazing journey so far FAST ADJ. EBITDA GMV REVENUES NDR / GDR FCF* GROWTH MARGIN >125% / $6,340m $942m >25% >20% >189m >95% 2025e 2025e 2025e Avg. 2021 – 2024 2025e 2025e Growth and Profitability at Scale * Free Cash Flow is expected to be above annual Adjusted EBITDA
Slide 16: Chosen Partner for Many of the World's Most Iconic Brands
We Are The Chosen Partner for Many of The World’s Most Iconic Brands
Slide 17: Our success-based business model puts merchants first
Our success-based business model puts merchants first Helping our merchants to grow their business drives our business GMV ($,m) Revenue ($,m) 942 6,340 8.2x 4,860 6.8x 753 Growth Growth 570 3,557 409 2,449 245 1,449 136 774 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2023 2024 2025E Source: Compa
Slide 18: Merchant-first focus through re-investment in our platform
Merchant-first focus through re-investment in our platform … Investing more in R&D to continue growing our merchants’ and our business R&D spend ($,m) R&D Spend 105 7x Growth 2020-2025F 15 2020 2021 2022 2023 2024 Source: Company information.
Slide 19: Constantly improving our efficiency
… while constantly improving our efficiency Adjusted EBITDA ($,m) 9% 13% 12% 16% 19% 20% Margin 189 Adj. EBITDA 14.5x growth 141 1,100 bps 93 Growth 2020-2025F 49 32 13 2020 2021 2022 2023 2024 2025F Source: Company information (non GAAP) Note: 2025F represents the midpoint of the guidance range of
Slide 20: The drivers of our platform's success
The drivers of our platform’s success
Slide 21: Global-e is a unique global eCommerce enabler
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 Insights & Demand Local Market GTM Post-sale Support Optimization Generation Know-How Applicatio
Slide 22: Diverse and growing ecosystem of technology and service partners
Propelled by our diverse and growing ecosystem of technology and service partners Value Added Services Payment Providers eCommerce Platforms Shipping and Returns Support Tools Fraud Management Source: Company information
Slide 23: Merchant-first focus through continuous product innovation
Merchant-first focus through continuous product innovation Removing barriers, simplifying operations, propelling merchant sales AI BI & Self-Service Risk Management Product classification Live view Multilingual CS bot Qlik Cloud embedded Fraud engine Product categorization Payments FX Hedging tool T
Slide 24: Fast growing enterprise merchant base and top tier accounts
Fast growing enterprise merchant base and top tier accounts Merchant count Merchants over (Enterprise) $1m in revenues 137 3.2x 1,404 4.3x Growth 1,036 Growth 75 442 32 2020 2022 2024 2020 2022 2024 Source: Company information.
Slide 25: Expanding into multi-local and new verticals
Expanding our platform capabilities from cross-border into multi-local and entering new verticals Multi-local growth trend Consumer electronics growth trend 15% 4.3% $900M $270M >100x >67x $ Growth 8.6% $ Growth $403M $403M 1.1% 0.3% $8.5M $4M 2020 2024 2025RR 2025E 2020 2024 2025E 2025RR GMV Share
Slide 26: Expanding our TAM within the massive global eCommerce market
Expanding our TAM $30.3Tn Global within the massive retail sales global eCommerce $6.3Tn market opportunity Total online +13% retail sales (~50% D2C) CAGR ’20-’23 75% $1.1Tn Global cross-border B2C eCommerce sales Faster cross-border growth vs domestic Source: eMartketer, Forrester, ECDB and Company
Slide 27: Expanding our TAM within the massive global eCommerce market
Expanding our TAM $30.3Tn Global within the massive retail sales global eCommerce $6.3Tn market opportunity Total online +13% retail sales (~50% D2C) CAGR ’20-’23 75% $1.1Tn Global cross-border B2C eCommerce sales Faster cross-border growth vs domestic Source: eMartketer, Forrester, ECDB and Company
Slide 28: Economies of scale and economies of skill
Our rapid growth yields a unique combination of ‘economies of scale’ and ‘economies of skill’ … Driving better optimizations and best practice models Visits per year Merchant count (Enterprise) 3.2x 6.7x Transactions per year 2020 2024 5.6x + Thousands on Managed Markets 2020 2024 Source: Company in
Slide 29: Competitive flywheel effect
… continuously driving a competitive flywheel effect More data driven smart insights and localization capabilities More data and Improved enhanced global conversion for presence merchants More sales from Increased existing merchants; performance More merchants for merchants for Global-e
Slide 30: The road ahead
The road ahead
Slide 31: Multi-dimensional growth strategy
Multi-dimensional growth strategy over near- and long-term Grow with Acquire Geographic Expand Value Added Managed B2B our merchant additional & vertical channel Services Markets expansion base merchants expansion partnerships
Slide 32: Key Takeaways
Key Takeaways 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 g
Slide 33: Product and Technology
Product and Technology Yehiam Shinder CTO
Slide 34: Leader across scale, platform, performance and innovation
Leader across multiple dimensions: scale, platform, performance and innovation SCALE PLATFORM >2b >120b 100% >300 Visits a year API calls a year Cloud delivered Third parties integrated via open APIs PERFORMANCE 2024 INNOVATION ~99.98% >15k >50% 542 Uptime(1) API calls per second at peak Of employee
Slide 35: Merchant-first reinvestment in our platform
Merchant-first focus through reinvestment in our platform A diverse and growing global R&D team across 9 sites worldwide R&D sites (core, implementations, solutions) R&D expenses ($,m) 9 105 4 2021 2024 3.5X R&D FTEs 616 3.2X 30 190 2021 2024 2021 2024 Source: Company information, 2025 based on comp
Slide 36: Our pillars of scalability, innovation, security, and team excellence
Empowering Global Trade: Our pillars of scalability, innovation, security, and team excellence CONTINUOUS ROBUST & HIGH- INNOVATION OF END-TO-END SCALABLE PERFORMING TECHNOLOGY & SECURITY & TRUST ARCHITECTURE TEAM PRODUCT
Slide 37: Robust and scalable architecture pillar
Empowering Global Trade: Our pillars of scalability, innovation, security, and team excellence ROBUST & SCALABLE ARCHITECTURE
Slide 38: Robust & scalable architecture
Robust & scalable architecture 8X 5X 4.5X API Calls Total Products Orders 2020 2024
Slide 39: 100% cloud delivered, highly scalable architecture
100% cloud delivered, highly scalable, resilient architecture 100% multi-tenant cloud servers and networking Highly scalable load capacity infrastructure Thread Cloudflare for static content delivery and dynamic optimizations content acceleration Cart optimizations Can be easily scaled to supp
Slide 40: Robust & scalable architecture
Robust & scalable architecture Number of >1400 Thousands of merchants Direct indirect PRODUCT FEATURES Localized Checkout Price Engine Tracking Portal Payment Gateways Duties & Taxes Catalog Payment Methods Email Templates Management Shipping Localization Integrations Return Po
Slide 41: Highly scalable connectivity platform
Highly scalable connectivity platform built for seamless experiences and deep ecosystem integration Fulfillment and returns Merchant or 3rd party environment Front end Payment providers Module Back end Fraud management
Slide 42: Merchants acknowledge Global-e's technical agility
Merchants acknowledge Global-e’s technical agility and committed teams “I found Global-e to be the smartest “. … Throughout the build, Global-e successfully and most versatile MoR. We stood up supported our multi-category and complex product the world in the craziest and fastest range, ensuring a sm
Slide 43: Continuous innovation of technology and product
Empowering Global Trade: Our pillars of scalability, innovation, security, and team excellence CONTINUOUS INNOVATION OF TECHNOLOGY & PRODUCT
Slide 44: Product co-development driven by merchant needs
Product co-development & innovation driven with merchant needs in mind, combining multiple input sources Input Output Merchant interviews and Swift, efficient, innovation business requests Bulk deployment Partner ecosystem and across platforms industry standards Scalability and security at
Slide 45: Merchant-first focus through product innovation
Merchant-first focus through product innovation Few examples of developments AI BI & Self-Service Product classification Live view Risk management Qlik Cloud embedded Multilingual CS bot Fraud engine Product categorization FX Hedging tool Payments Parcel protection Translations Payment re-routes Loc
Slide 46: Continuous innovation: AI example
Continuous innovation of technology and product Artificial intelligence (AI) example
Slide 47: Continuous innovation: Omni-channel example
Continuous innovation of technology and product Omni-channel example 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
Slide 48: Self Service Analytics
Self Service Analytics Sales Dashboard – Performance analysis Live View - Track today’s performance Main KPIs Main KPIs Heatmap: Sales by Live per destination country Sales trends Top products Top countries Dynamic table Transaction per hour
Slide 49: End-to-end security and trust pillar
Empowering Global Trade: Our pillars of scalability, innovation, security, and team excellence END-TO-END SECURITY & TRUST
Slide 50: Holistic approach to security
Holistic approach to security SECURE CLOUD LOCAL STANDARDS SOFTWARE INFRASTRUCTURE ENDPOINT AND TESTING DEVELOPMENT Major standards Adheres to an include: SSDLC framework Continuous code scans Periodic security audits Continuous penetration testing
Slide 51: High-performing team pillar
Empowering Global Trade: Our pillars of scalability, innovation, security, and team excellence HIGH- PERFORMING TEAM
Slide 52: Engineering growth
Engineering growth ~200 ~600 4 sites +300% 9 sites 2021 2024
Slide 53: Hiring the best talent and cultivating it
Hiring the best talent and cultivating it Onboarding Guild CI\CD shift left AI tools and training By 2027 at least 50% of Global-e code will be generated by AI
Slide 54: Key Takeaways
Key Takeaways 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 produ
Slide 55: Go To Market
Go To Market Nir Debbi President
Slide 56: Merchants' GMV growth has outpaced overall eCommerce
Our merchants’ GMV growth has outpaced overall eCommerce 4x to 5x Annual Global-e eCommerce growth as a multiple of overall Source: eMarketer, company analysis Global eCommerce growth each of *Rounded to the nearest whole the last four years
Slide 57: Multi layer GTM engine propelling our growth
Multi layer GTM engine propelling our growth New business models Grow within our base Grow our Land end Value added merchants expand services Win new business Direct Channel sales partners Source: Company information
Slide 58: Multi layer GTM engine propelling our growth
Multi layer GTM engine propelling our growth New business models Grow within our base Grow our Land end Value added merchants expand services Win new business Direct Channel sales partners Source: Company information
Slide 59: Operations in more than 30 geographies
Expanded our global operations to support merchants in more than 30 geographies worldwide EUROPE Germany Italy ASIA Denmark Czech Switzerland Austria China Netherlands Croatia Indonesia NORTH AMERICA Belgium Singapore France Poland Sweden Hong Kong Canada UK Taiwan Spain Hungary Philippines USA Irel
Slide 60: Streamlined and automated lead generation for direct sales
Streamlined and automated lead generation Win new business process for direct sales Direct Channel sales partners 1 Lead Sourcing & List Building 2 Creating initial leads through multiple automation tools and sources to Uploading new leads data into our sales CRM and enriching identify and build lis
Slide 61: Data driven outreach
Real-time company signals & buying intent Win new business allows efficient prioritization of leads Direct sales Channel partners 3 Data driven outreach 4 Size Using tools to track relevant company signals like funding, Tailor the approach to new technology implementations, change in growth trends,
Slide 62: Growing channel partner network extending our reach
Coupled with a powerful and growing channel Win new business partner network extending our reach Direct sales Channel partners eCommerce Contracts signed by origin - 2024 platforms Inbound 9% Media Trade agencies organizations Outbound 29% 3PLs and PSPs carriers Partnership Lead System 62% consultan
Slide 63: Long lasting strategic partnerships with leading providers
Win new business Long lasting strategic partnerships with leading providers in the ecosystem Direct sales Channel partners Entering our 5th year of strategic partnership Entering our 10th year of strategic for both Enterprise (3P) and Managed Markets partnership, providing Global-e with (1P), provid
Slide 64: Proactive sales approach as international trade becomes more complex
Taking a proactive sales approach at points in time where international trade becomes more complex Recent outreach with the latest ongoing tariff changes FEB 2025 March 2025 Import Fees Update Import Fess Update only Suspend revision of de Double the 10% Import Fees and revision of de for CN (Suspen
Slide 65: Direct sales, channel partnerships and Geo expansion propelling bookings
The combination of efficient direct sales, our Win new business widening channel partnerships and Geo’s expansion Direct Channel partners propelling our new bookings growth … sales New Enterprise GMV signed ($m) Key Initiatives • Expanded the sales team within current and new Geo’s 2020 287 • Increa
Slide 66: High profile brands joining us in the last 12 months
Win new business High profile brands joining us in the last 12 months Direct Channel sales partners Source: Company information as of Jan 2025
Slide 67: Diverse base of merchant verticals and brands
… across a diverse base of merchant Win new business verticals and brands … Direct sales Channel partners 2024 GMV by Vertical Segments 2024 GMV by Brand Type Mixed Beauty & Sports & Fitness Others 6% Cosmetics 3% 2% Reseller Toys, 3% 21% Hobbies & Gifts 6% Consumer Electronics 10% Apparel & Accesso
Slide 68: Multi layer GTM engine propelling our growth
Multi layer GTM engine propelling our growth New business models Grow within our base Grow our Land end Value added merchants expand services Win new business Direct Channel sales partners Source: Company information
Slide 69: Global Customer Success expert teams
Experienced Global Customer Success expert teams bringing our insights and best practices to our merchants Tailoring merchants’ offerings from onboarding for better CVR and Profitability Messaging Price coefficients Duty proposition Shipping proposition Return proposition Source: Company i
Slide 70: Uplift in international traffic sales conversion
Delivering significant uplift in international traffic sales conversion after beginning to use our platform. > 40% Typical uplift in international traffic conversion after beginning to use our platform Source: Company information as of Jan-2025 70
Slide 71: Data models generating insights to optimize sales conversion
Data models crunching merchant's trading patterns over time generating insights to optimize sales conversion Multiple data Peer group Analytics Define “gold Uncover growth sources analysis engines standard” opportunities Country data (D&T, Buying habits, Payments..) Identify merchants with high op
Slide 72: Merchant-first on-going product innovation
Coupled with our Merchant-first focus on-going product innovation AI BI & Self-Service Product classification Live view Risk management Multilingual CS bot Qlik Cloud embedded Fraud engine Product categorization FX Hedging tool Payments Parcel protection Translations Payment re-routes Local acquirin
Slide 73: Driving accelerated growth for our merchants over the years
Driving accelerated growth for our merchants over the years Annual GMV per Active Merchant Cohort Increased conversion ~4x average cohort growth Upsell to additional lanes since inception Identify opportunities for effective marketing spend 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024
Slide 74: Making our merchants Global-e brand ambassadors
Making our merchants Global-e brand ambassadors … +77% +130% International International +138% +113% International International online orders Revenue online orders online revenue +264% +262% +108% +170% International International International International online orders online revenue online orde
Slide 75: Further expansion within large merchants and groups
… driving further expansion within large merchants and groups CSM & Brand Operated Markets 8 21 23 25 27 2021 2022 2023 2024 2025-coming soon Group brands 2018 2020 2021 2022 2023 2024 Source: Company information as of Jan 2025 *Including 2 markets expected to launch in 2025
Slide 76: Competitive flywheel effect
Continuously driving a competitive flywheel effect … More data driven smart insights and localization capabilities More data and Improved enhanced global conversion for presence merchants More sales from Increased existing merchants; performance More merchants for merchants for Global-e
Slide 77: Reinforcing our sustainable long-term competitive advantages
… and reinforcing our sustainable long-term competitive advantages Global-e In-house D2C Alternative cross- Online branded border solutions marketplaces Global scale Local know-how and data advantage Comprehensive end-to-end solution Financial stability and audit standards Global efficient Demand Ge
Slide 78: Multi layer GTM engine propelling our growth
Multi layer GTM engine propelling our growth New business models Grow within our base Grow our Land end Value added merchants expand services Win new business Direct Channel sales partners Source: Company information
Slide 79: Borderfree.com
Borderfree.com Powerful 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 Source: Company information
Slide 80: Borderfree.com results
Borderfree.com Strong results are coming since the initial launch in November 2024 ~2.5M ~0.5M >2.5% Visits Visits of Revenue to Borderfree.com to Brand's websites Avg. for Borderfree participating merchants +10% +170K Worldwide Of Revenue New Subscribers Exposure For Top Performing Brands within
Slide 81: Borderfree.com case studies
Borderfree.com Initial case studies already emerging The Definition of California Cool The Intersection Of Luxury & Performance 14% OF 4% Borderfree 6.7% OF 29% Borderfree FRANK & EILEEN HIGHER AOV generated Orders APL GMV HIGHER AOV generated Orders GMV from Borderfree from from Borderfree from Att
Slide 82: Shopify Managed Markets unlocks a vast TAM opportunity
Shopify Managed Markets unlocks a vast TAM 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 >17
Slide 83: Multi-local
Multi-local 50x volume growth in multi-local, expected to cross 15% of volume in 2025 Share of multi local trend 15% $900m 8.6% $403m 1.1% $8.5m 2020 2024 2025RR GMV Share of total (%)
Slide 84: Global Business-to-Business eCommerce
Global Business-to-Business eCommerce Potential for the next wave of cross-border growth The B2B E-Commerce Market was valued at ~$20 Trillion in 2024 However, cross border B2B eCommerce is far behind … Huge potential over time building and leveraging around our capabilities to support B2B at scale
Slide 85: Key Takeaways
Key Takeaways 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-d
Slide 86: Break
Break
Slide 87: Global-e: A Partnership for Global Growth
Global-e : A Partnership for Global Growth Michelle Wasserman Dan Elmoznino Matthew Merrilees Senior Vice President, Chief Web Officer Chief Executive Officer, GM International North America
Slide 88: Financial Strategy
Financial Strategy Ofer Koren CFO
Slide 89: Why own Global-e?
Why own Global-e? Large growth Diverse customer Strong financial potential base performance Multiple growth levers to Expanding customer base Track record of strong build share in large and across industries, regions, execution, with durable growing TAMs and and company sizes revenue growth, capture
Slide 90: Reached or surpassed long-term financial targets
We have a track-record of strong execution - we have reached Pre-IPO or surpassed Q4/2024 LT target our long-term IPO Non-GAAP gross margin 40% 46% financial targets Adj. EBITDA margin 20% 22% Note: Rounded to the near whole number
Slide 91: IPO vs Today
IPO Today TAM $736bn TAM 4X GMV $774m GMV 8X Revenue $136m Revenue 7X Non-GAAP Non-GAAP 32% 46% GP margin GP margin Adj. EBITDA margin 9% Adj. EBITDA margin 20% Free Cash Flow $29m Free Cash Flow 7X Note: Based on 2020 figures Note: Based on 2025 guidance, free cash flow assumed to be equal or above
Slide 92: Demand translates into rapid GMV growth
Demand for our services translates into rapid growth GMV ($m) 6,340 52% 4,858 GMV CAGR 2,450 3,557 8.2x Growth 2020-2025F 1,449 774 2020 2021 2022 2023 2024 2025F Note: 2025F represents the midpoint of the guidance range of $6,190m - $6,490m.
Slide 93: High growth and strong retention of merchants
High growth and strong retention of merchants >120% >97% Net Dollar Retention Gross Dollar Retention 152% 130% 127% 123% 98% 98% 97% 97% 2021 2022 2023 2024 1 2021 2022 2023 2024 1 12024 figures represent NDR and GDR adjusted for the negative impact of the out of the ordinary bankruptcy of Ted Baker
Slide 94: Highly and increasingly diversified business
Highly and increasingly diversified business Top 10 Merchants Outbound markets Inbound markets % of GMV % of GMV % of GMV $4,858 1% 6% 22% CA 21% 16% Other 32% 25% UK 47% 14% $774 53% US MEX 12% 25% 26% 2% AUS DE IRL NL 6% 36% 3% CH 7% 2% FR 2020 2024 2020 2024 3% 4% Top 10 Merchants Other UK North
Slide 95: Revenue growth
Revenue growth Revenue ($m) 942 47% 753 Revenue 6.8x CAGR 570 409 Growth 2020-2025F 245 136 2020 2021 2022 2023 2024 2025F Note: 2025F represents the midpoint of the guidance range of $6,190m - $6,490m. Source: Company information
Slide 96: Two robust and interrelated revenue pillars
Two robust and interrelated revenue pillars GMV Revenue Gross Profit >50% Operations ~30% Fulfillment Fulfillment Carrier ~15% Costs Implied Take Rate Platform Costs <50% ~70% Service Service Payment Fees Fees Processing Source: Company information. figures based on 2024 results.
Slide 97: Expanding gross margins
Expanding gross margins driven by scale efficiencies and optimization Non-GAAP Gross Margin 46.4% 42.9% 41.1% Non-GAAP Gross Margin +1,450bps 37.3% 31.9% Margin Expansion 2020-2024 2020 2021 2022 2023 2024 Source: Company information
Slide 98: Running on a super-efficient business model
A combination of economies of scale and economies of skill A multi-tenant platform, Global-e enhancements and upgrades to the platform benefit all is running on a merchants super-efficient Efficient go-to-market leveraging the growing business model recognition and channel partnerships Disci
Slide 99: Efficiency continues to improve as we scale
As we scale, our efficiency continues to improve Adjusted EBITDA ($,m) 9% 13% 12% 16% 19% 20% Margin 189 Adj. EBITDA 72% 14.5x 141 CAGR 93 49 Growth 2020-2025F 32 13 2020 2021 2022 2023 2024 2025F Source: Company information Note: 2025F represents the midpoint of the guidance range of $179m - $199m.
Slide 100: Strong free cash flow generation
Translating into strong free cash flow generation Free Cash Flow ($,m) 21% 5% 20% 19% 22% Margin 167 Free Cash Flow 55% CAGR 81 106 5.8x Growth 2020-2024 29 13 2020 2021 2022 2023 2024 Source: Company information Note: Free cash flow calculated as Net cash provided by operating activities minus capi
Slide 101: Robust growth algorithm
Robust growth algorithm Value added services Additional TAM - Managed Markets - B2B Contribution of new merchants Growing from year to year Merchants onboarded in base year - Conversion uplift - Annualization Existing Merchants - Same store sales - Land & expand Base Year Base
Slide 102: Financial framework – 4-year plan
Financial framework – 4-year plan 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/M
Slide 103: Over $1 billion of free cash flow expected in 2025-2028
We expect to generate over $1 billion of free cash flow in 2025-2028
Slide 104: Capital allocation focused on growth and product expansion
Capital allocation focused on growth and product expansion Reinvest in Inorganic growth Share repurchase organic growth Highest priority is to Complementary product In consideration, timing propel our organic growth offerings and capabilities and volume TBD through continued to accelerate time-to- r
Slide 105: Key Takeaways
Key Takeaways 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
Slide 106: Q&A
Q&A
Slide 107: Thank You
THANK YOU Global@_7 INVESTOR DAY 2025 www.global-e.com
Slide 108: Appendix
Appendix Supplementary materials
Slide 109: Key Performance Metrics and Non-GAAP Financial Measures
Key Performance 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”), includi
Slide 110: Definitions
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 dividi
Slide 111: Reconciliation of Non-GAAP financial measures
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 0 0 9.7 11.2 10.0 in cost of revenue Non-GAAP gross profit 43.5 91.4 167.9 244.8 349.4 Non-GAAP g
Slide 112: Reconciliation of Non-GAAP financial measures
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
Slide 113: Reconciliation of Non-GAAP financial measures
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
Slide 114: Thank You
THANK YOU Global@_7 INVESTOR DAY 2025 www.global-e.com