Global-E(US:GLBE)2023-02-21 16:00Financial Performance - Q4 2022 GMV was $839 million, a 66% year-over-year increase[7] - Q4 2022 revenue reached $139.9 million, up 69% year-over-year, with service fees at $62.8 million and fulfillment services at $77 million[7] - Full year 2022 GMV totaled $2,450 million, reflecting a 69% year-over-year growth[7] - Full year 2022 revenue was $409.0 million, a 67% increase year-over-year, with service fees at $181.9 million and fulfillment services at $227.1 million[7] - Q1 2023 GMV guidance is projected between $645 million and $675 million, while FY 2023 GMV is expected to be between $3,360 million and $3,520 million[9] - Q1 2023 revenue guidance is set between $108 million and $114 million, with FY 2023 revenue expected to be between $557 million and $584 million[9] - Total revenue for the year ended December 31, 2022, increased to $409,049 thousand, up 67% from $245,274 thousand in 2021[26] - Gross profit for the year ended December 31, 2022, was $158,178 thousand, representing a 73% increase from $91,433 thousand in 2021[26] - The company reported a significant increase in service fees revenue, contributing 44% of total revenue in 2022, compared to 39% in 2021[30] - The United States accounted for 43% of total revenue in 2022, up from 29% in 2021, indicating strong market expansion[30] Expenses and Losses - Operating expenses for the year ended December 31, 2022, totaled $347,502 thousand, up 109% from $157,091 thousand in 2021[26] - Net loss attributable to ordinary shareholders for the year ended December 31, 2022, was $195,405 thousand, compared to a loss of $74,933 thousand in 2021[26] - Total operating loss for the year ended December 31, 2022, was $(189,324) thousand, compared to $(65,658) thousand for the year ended December 31, 2021, indicating a decline of 187.5%[34] - Operating loss for Q4 2022 was $(35,107) thousand, compared to $(22,190) thousand in Q4 2021, indicating a decline of 58.5%[34] Adjusted EBITDA - Adjusted EBITDA for Q4 2022 was $21.8 million, compared to $11.8 million in Q4 2021[7] - Adjusted EBITDA improved to $21,755 thousand in Q4 2022, compared to $11,829 thousand in Q4 2021, reflecting a growth of 83.5%[34] - Adjusted EBITDA for the year ended December 31, 2022, was $48,703 thousand, an increase from $32,424 thousand in 2021[30] Cash and Assets - Cash and cash equivalents decreased to $211,522 thousand as of December 31, 2022, from $458,899 thousand at the end of 2021[28] - Total current assets decreased to $374,652 thousand in 2022 from $622,460 thousand in 2021, reflecting a shift in asset management[24] Market and Strategic Developments - US outbound sales increased by 163% in Q4 2022 year-over-year, driven by market penetration[11] - The strategic partnership with Shopify is progressing well, with new integrations and trials underway[11] Stock-Based Compensation and Expenses - Total stock-based compensation increased to $9,112 thousand in Q4 2022 from $3,919 thousand in Q4 2021, representing a growth of 132.5%[34] - Research and development expenses rose significantly to $5,855 thousand in Q4 2022, up from $1,873 thousand in Q4 2021, an increase of 212.5%[34] - General and administrative expenses increased to $2,497 thousand in Q4 2022, up from $1,440 thousand in Q4 2021, an increase of 73.5%[34] - Depreciation and amortization expenses rose to $570 thousand in Q4 2022 from $121 thousand in Q4 2021, an increase of 370.2%[34] Amortization and Costs - Amortization of acquired intangibles for the year ended December 31, 2022, was $27,833 thousand, compared to $0 for the year ended December 31, 2021[34] - Commercial agreement asset amortization increased to $37,433 thousand in Q4 2022 from $29,406 thousand in Q4 2021, a rise of 27.5%[34] - Merger and acquisition related costs decreased to $126 thousand in Q4 2022 from $573 thousand in Q4 2021, a decline of 78.0%[34]