Core Viewpoint - Global-e Online has demonstrated strong revenue growth and profitability, yet its stock has declined due to market concerns over new tariffs and the end of the U.S. de minimis customs exemption [1][2]. Group 1: Financial Performance - Global-e Online reported a revenue growth of 28%, surpassing analysts' expectations, and achieved profitability for the second time in three quarters [1]. - The company has raised its full-year guidance to a projected 31% sales growth [1]. - Over the past three quarters, revenue growth rates were 42%, 30%, and 28%, indicating consistent performance despite stock sell-offs [3]. Group 2: Market Concerns - The stock has dropped 7% due to worries about the impact of new tariffs and the expiration of the U.S. de minimis customs exemption on operations [2][4]. - The market's negative outlook is attributed to the complexities introduced in cross-border trade by these regulatory changes [4]. Group 3: Strategic Initiatives - Global-e has introduced a new 3B2C solution aimed at helping global brands mitigate costs associated with tariffs, showcasing the company's adaptability in uncertain environments [6]. - The company’s ability to create solutions for cross-border trade challenges may provide long-term benefits despite short-term pressures from tariffs [6]. Group 4: Valuation - Currently, Global-e is trading at 35 times free cash flow, suggesting it is a strong business with a reasonable valuation [7].

Financial Data and Key Metrics Changes - The company reported a GMV of $1,450,000,000, representing a 34% year-over-year increase, and revenues of almost $215,000,000, up 28% year-over-year [10][23] - Adjusted gross profit for Q2 was just shy of $100,000,000, up 24% from last year, with adjusted EBITDA of $38,500,000, up 23% compared to the same quarter last year, resulting in a 17.9% margin [10][26] - The company achieved GAAP profitability with a net profit of $10,500,000 compared to a net loss of $22,400,000 in the same quarter of last year [10][27] Business Line Data and Key Metrics Changes - Service fee revenue for the quarter was $102,900,000, while fulfillment services revenue was $112,000,000 [23] - The service fee take rate increased compared to Q1 2025, while the fulfillment take rate decreased as expected due to seasonal higher average order value [24] Market Data and Key Metrics Changes - The company continues to see strong growth across many geographies and cohorts of merchants, with notable expansions in the U.S. market [12][78] - The U.S. business has outperformed, driven by strong growth from digitally native brands [78] Company Strategy and Development Direction - The company extended its partnership with DHL for an additional three years, enhancing service offerings for merchants [14] - The acquisition of ReturnGo aims to improve post-purchase solutions for merchants, integrating advanced technology for returns and exchanges [15][49] - The company is focused on enhancing its 3B2C offering to help brands offset costs due to rising tariffs [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model despite uncertainties around duty tariffs and trade dynamics [9][11] - The company anticipates continued strong trading patterns and does not expect significant impacts from upcoming changes to the U.S. de minimis exemption [11][36] Other Important Information - The company ended the quarter with $516,000,000 in cash and cash equivalents, with free cash flow of $63,500,000 [27] - For Q3 2025, the company expects GMV in the range of $1,455,000,000 to $1,495,000,000, representing a growth rate of 30% versus 2024 [28] Q&A Session Summary Question: Expectations around the de minimis exemption and its impact - Management indicated that they do not expect a significant impact from the removal of the de minimis exemption, noting resilient trading patterns [33][36] Question: Impact of the ReturnGo acquisition on revenue and OpEx - The acquisition is expected to have a slight positive impact on revenue and a minor negative impact on adjusted EBITDA in 2025, with expectations of neutral impact by 2026 [38] Question: Take rate dynamics for the 3B2C product - The take rate for the 3B2C solution is expected to be similar to regular B2C transactions, with minimal impact from clearance fees [45] Question: Growth in the U.S. business and its drivers - The U.S. business is outperforming due to strong growth from digitally native brands, contributing positively to overall performance [78] Question: Contribution from borderfree.com - The borderfree.com platform contributed over 4% of sales from merchants utilizing the service, in line with expectations [87] Question: Trends in NDR and same-store merchant GMV growth - Year-to-date figures are in line with historical averages, with expectations for new merchant contributions to be similar to last year [89]

Financial Data and Key Metrics Changes - The company reported a GMV of $1,450,000,000, representing a 34% year-over-year increase [9] - Revenue reached almost $215,000,000, up 28% year-over-year [9] - Adjusted gross profit for Q2 was just shy of $100,000,000, a 24% increase from last year [9] - Adjusted EBITDA was $38,500,000, up 23% compared to the same quarter last year, resulting in a 17.9% margin [9][26] - The company achieved GAAP profitability with a net profit of $10,500,000 compared to a net loss of $22,400,000 in the same quarter last year [9][27] - Cash and cash equivalents at the end of the quarter were $516,000,000, with free cash flow of $63,500,000 [27] Business Line Data and Key Metrics Changes - Service fee revenue for the quarter was $102,900,000, while fulfillment services revenue was $112,000,000 [23] - The service fee take rate increased compared to Q1 2025, while the fulfillment take rate decreased as expected [23] - Non-GAAP gross profit was $99,900,000, representing a gross margin of 46.5% [24] Market Data and Key Metrics Changes - The company continues to see strong growth across many geographies and cohorts of merchants, with a positive trend in trading patterns continuing into Q3 [10][11] - The U.S. market showed strong growth, outperforming other developed markets, driven by digitally native brands [78] Company Strategy and Development Direction - The company extended its partnership with DHL for an additional three years, enhancing service to merchants [14] - The acquisition of ReturnGo aims to improve post-purchase solutions for merchants [14][29] - The company is focused on enhancing its 3B2C offering to help brands offset costs due to rising tariffs [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model despite uncertainties around duty tariffs [7][10] - The company anticipates continued strong trading volumes and does not expect significant impacts from upcoming tariff changes [10][36] - The outlook for Q3 includes GMV expectations in the range of $1,455,000,000 to $1,495,000,000, representing a growth rate of 30% versus 2024 [28] Other Important Information - The company is on track for its first full year of GAAP profitability in 2025 [10][27] - The integration of ReturnGo's technology is expected to enhance the return experience for customers [15] Q&A Session Summary Question: Impact of de minimis exemption changes - Management indicated that they do not expect a significant impact from the removal of the de minimis exemption, citing resilient trading patterns [34][36] Question: Acquisition impact on revenue and OpEx - The acquisition of ReturnGo is expected to have a slight positive impact on revenue and a negative impact on adjusted EBITDA in 2025, with expectations of neutral impact by 2026 [39] Question: 3B2C product uptake and take rates - The 3B2C solution has seen growing interest, with take rates expected to remain stable as they are similar to regular B2C transactions [45][46] Question: U.S. business growth dynamics - The U.S. business is outperforming due to strong growth from digitally native brands, contributing to overall growth [78] Question: BorderFree contribution to revenue - The BorderFree platform contributed over 4% of sales from merchants utilizing the service, with expectations for further growth [87] Question: International market opportunities - The company sees significant potential in APAC, particularly in Korea and Taiwan, with plans for increased sales and account management resources in the region [109]

Core Insights - Global-e Online Ltd. reported strong financial results for Q2 2025, achieving sustainable GAAP profitability and exceeding guidance ranges [2][4] - The company continues to onboard new merchants and expand its global e-commerce solutions, indicating robust demand for its services [2][4] Financial Performance - Gross Merchandise Value (GMV) for Q2 2025 was $1,454 million, a 34% increase year over year [3] - Revenue for Q2 2025 reached $214.9 million, up 28% year over year, with service fees contributing $102.9 million and fulfillment services $112 million [4] - Non-GAAP gross profit was $99.9 million, a 24% increase year over year, while GAAP gross profit was $97.7 million [4] - Adjusted EBITDA for Q2 2025 was $38.5 million, compared to $31.3 million in Q2 2024 [4] - The net profit for Q2 2025 was $10.5 million, a significant turnaround from a net loss of $22.4 million in Q2 2024 [4] Business Highlights - The company launched several new brands across various geographies, including SteelSeries, GANNI, and StadiumGoods [4] - Global-e expanded its services with existing merchants, adding multiple countries for brands like Vuori and entering new markets for others [4] - The company extended its long-term strategic partnership with DHL and acquired ReturnGo, enhancing its logistics and return solutions [11] Outlook - Global-e raised its full-year guidance for 2025, projecting GMV between $6,220 million and $6,520 million, and revenue between $921.5 million and $971.5 million [5] - The guidance for Q3 2025 includes GMV of $1,455 million to $1,495 million and revenue of $214 million to $221 million [5]

Core Insights - Global-e Online Ltd. reported strong financial results for Q2 2025, achieving sustainable GAAP profitability and exceeding guidance ranges [2][3][5] - The company is on track for solid growth in both top and bottom lines, with an increased annual forecast [2][4] Financial Performance - Gross Merchandise Value (GMV) for Q2 2025 was $1,454 million, a 34% increase year over year [3] - Revenue for Q2 2025 reached $214.9 million, up 28% year over year, with service fees contributing $102.9 million and fulfillment services $112 million [5] - Non-GAAP gross profit for Q2 2025 was $99.9 million, a 24% increase year over year, while GAAP gross profit was $97.7 million [5] - Adjusted EBITDA for Q2 2025 was $38.5 million, compared to $31.3 million in Q2 2024 [5] - Net profit for Q2 2025 was $10.5 million, a significant turnaround from a net loss of $22.4 million in Q2 2024 [5] Guidance and Outlook - For Q3 2025, GMV is projected to be between $1,455 million and $1,495 million, while full-year GMV guidance has been raised to $6,220 million to $6,520 million [4] - Revenue guidance for Q3 2025 is set between $214 million and $221 million, with full-year revenue guidance increased to $921.5 million to $971.5 million [4] Business Highlights - The company has onboarded several new merchants, including notable brands like SteelSeries, GANNI, and Bally, expanding its geographical and vertical reach [5] - Global-e has extended its strategic partnership with DHL for another three years and acquired ReturnGo, enhancing its service offerings [5]

Core Viewpoint - Global-e Online's stock has declined by 50% from its highs due to short-term tariff challenges, presenting a potential buying opportunity for long-term investors as the company is trading near its lowest-ever valuation [2][15][18] Company Overview - Global-e Online provides an end-to-end platform that simplifies international sales for merchants, addressing the complexities of cross-border e-commerce [4][5] - The company has grown its revenue sevenfold since 2020, yet holds less than 1% market share of the $1.1 trillion cross-border e-commerce industry, indicating significant growth potential [5][6] Growth Opportunities - **Adding New Merchants**: In 2020, Global-e added merchants generating $287 million in gross merchandise volume (GMV), which quadrupled by 2024, now exceeding 1,400 merchants [7][8] - **Growing Alongside Customers**: The annual GMV per active merchant cohort has increased four times since 2019, with merchants growing their GMV four to five times faster than the overall e-commerce industry [9][10] - **Geographic and B2B Expansion**: Global-e is expanding its operations to new countries and has expertise in the B2B sector, which is projected to be worth $20 trillion by 2024 [11][12] - **Partnership with Shopify**: The collaboration with Shopify has allowed Global-e to process transactions for over 10,000 merchants in more than 175 countries, enhancing its market presence [13][14] Financial Outlook - Despite current tariff-related uncertainties, Global-e expects to grow sales by 24% in its upcoming earnings report, with management projecting free cash flow margins to increase from 22% to between 26% and 28% in the long term [19][20]

Group 1 - The upcoming report from Global-e Online Ltd. (GLBE) is expected to show quarterly earnings of $0.02 per share, reflecting a 115.4% increase year over year [1] - Analysts forecast revenues of $207.47 million for the quarter, indicating a year-over-year increase of 23.5% [1] - There has been no revision in the consensus EPS estimate for the quarter over the past 30 days, suggesting stability in analysts' projections [1] Group 2 - Analysts project 'Revenue by Category - Fulfillment services' to reach $112.79 million, representing a year-over-year change of +31.5% [4] - The estimate for 'Revenue by Category - Service fees' is expected to be $94.68 million, indicating a year-over-year change of +15.1% [4] - Gross Merchandise Value is forecasted to reach $1.40 billion, up from $1.08 billion reported in the same quarter of the previous year [5] Group 3 - Globale Online shares have increased by 5.2% in the past month, outperforming the Zacks S&P 500 composite, which moved up by 1.9% [5] - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [5]

Core Viewpoint - Global-e Online Ltd. is set to report its financial results for the second quarter of 2025 on August 13, 2025, before market opening, indicating the company's ongoing commitment to transparency and investor engagement [1]. Group 1: Financial Reporting - The financial results for the second quarter ended June 30, 2025, will be announced before market open on August 13, 2025 [1]. - A conference call will be hosted by Global-e management to review the financial results and outlook [1]. Group 2: Conference Call Details - The conference call is scheduled for 8:00 AM ET on August 13, 2025 [2]. - Participants are encouraged to join the call 5-10 minutes early to avoid connection delays [2]. - A live webcast will be available on Global-e's Investor Relations website, with a replay accessible approximately two hours after the call [2]. Group 3: Company Overview - Global-e Online Ltd. is recognized as the leading platform for global direct-to-consumer e-commerce, partnering with over 1,400 brands and retailers across North America, EMEA, and APAC [3]. - The company facilitates international sales by providing a seamless, localized shopping experience for online shoppers in over 200 destinations [3]. - Global-e's solutions include localization capabilities, business intelligence models, international logistics, and extensive e-commerce experience, enhancing the ability for retailers to sell globally [3].

Core Viewpoint - The current tariff program under the Trump administration creates uncertainty for investors, particularly as inflation rises and a potential recession looms, impacting companies reliant on consumer spending [1]. Retail Industry Overview - The SPDR S&P Retail ETF (XRT) has partially recovered from the initial tariff shock but remains down over 1% year-to-date [2]. - Some retailers are struggling, while others may thrive due to unique business models [3]. Company-Specific Insights TJX Companies - TJX Companies, known for discount retailers like T.J. Maxx, has a 12-month stock price forecast of $141.06, indicating a 15.45% upside potential [4]. - The company has outperformed the XRT slightly and maintains brick-and-mortar strength through a unique model focusing on discounted finds [4][5]. - TJX reported over 5% year-over-year revenue growth and offers a dividend yield of 1.41%, with management recently increasing the dividend payout [5]. - Analysts are bullish on TJX, with 19 out of 20 rating it as a Buy, predicting a stock rise of over 17% [6]. Global-e Online - Global-e Online has a 12-month stock price forecast of $48.08, suggesting a 43.73% upside potential [7]. - The company facilitates international retail transactions for high-end brands and has seen a quarterly revenue growth of 30% year-over-year [9]. - Analysts are optimistic, with 12 out of 13 rating Global-e shares as a Buy, indicating a consensus price target of $48 per share [10]. Boot Barn - Boot Barn has a 12-month stock price forecast of $173.67, indicating a 1.68% upside potential [11]. - The company reported a 5% year-over-year same-store sales growth and plans to increase its store count by 14% [11]. - Despite tariff uncertainties, Boot Barn projects a 13% growth in total net sales and has seen its stock rise nearly 9% year-to-date [12]. - Analysts remain positive, with a consensus price target close to $174, suggesting over 5% upside potential [13].

Core Viewpoint - Global-e Online Ltd. (GLBE) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based on the changing earnings picture of a company, specifically tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - For the fiscal year ending December 2025, Global-e Online is expected to earn $0.28 per share, which remains unchanged from the previous year, but the Zacks Consensus Estimate has increased by 12.7% over the past three months [9]. Impact of Institutional Investors - Changes in earnings estimates are strongly correlated with stock price movements, largely due to institutional investors who adjust their valuations based on these estimates [5]. - An increase in earnings estimates typically leads to higher fair value for a stock, prompting institutional investors to buy or sell, which in turn affects stock prices [5]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade of Global-e Online to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [11].