Global E Online Ltd

-0.83 (-2.84%)
7:42:36 PM EDT: $28.80 +0.39 (+1.37%)
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Global-e (GLBE) is a Uniquely Underappreciated Growth Story

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Snapshot of Most Recent Earnings Report and Guidance

• Global-e (GLBE) showed 54% year over year revenue growth in Q4 2021, and 80% revenue growth for all of 2021.

• The company guided to 65% organic reveue growth for fiscal 2022.

• The median analyst estimate for revenue growth in 2023 is just over 51%.

• GMV grew 66% in Q4 2021 and guidance for 2022 came in at 75%.

• Adjusted EBITDA is positive, and grew 71% in Q4 versus analyst estimates of just 17%.

• Cash from Operations for 2021 was positive $15.7 million.



Global E Online Ltd (NASDAQ:GLBE) is attempting to solve the complexity-chain that surrounds cross-border e-commerce. If it does so, the very complexity of the endeavor itself stands as a moat.

Global e-commerce is raging higher and cross-border transactions as a per cent of that global e-commerce are also raging higher yielding a TAM that is growing on top of a growth spurt.

The are a myriad of risks, but if we look at the opportunity from forty thousand feet, we see a $4.5 billion enterprise looking to lead in a one trillion-dollar TAM.


Most Recent Quarterly Results for GLBE

We track 23 metrics for GLBE, of which we are quite focused on 11, namely we focus on:

• Revenue Change YoY
• GMV Change YoY
• Net GMV retention rate
• Cash from Operations ($M)
• Non-GAAP EBITDA Change YoY
• Non-GAAP EBIDTA Margin Percent

And then the guidance metrics that we focus on are the following:

• Implied Next Quarter Revenue Change YoY (organic)
• Implied Next Quarter GMV Change YoY
• Implied Full Year Revenue Change YoY (organic)
• Implied Full Year GMV Change YoY
• Implied Full Year non-GAAP EBITDA Change YoY

Global-e beat all eleven of these focus metrics, and rather handily, even when accounting for the extra inorganic revenue from the acquisition of Flow.

With 54% revenue growth in Q4 2021, full year guidance of 65% revenue growth for 2022, and positive adjusted EBITDA growing 44% in 2022, GLBE represents one of the few opportunities in technology for sustained hyper growth with a positive margin profile and a leadership position in enormous total addressable market. Further... Keep reading...