Global-e Online(NASDAQ:GLBE) 
Global-e envisions a world where international ecommerce growth is both simple and profitable for retailers. By making selling globally as simple as selling locally, Global-e seeks to create a borderless ecommerce world, connecting shoppers and brands all over the world.
Website: https://www.global-e.com/
Founded: 2013
Full Time Employees: 767 (Dec 2022)
CEO / Co-Founder: Amir Schlachet
Sector: Retail Trade
Industry: Electronic Shopping
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At a glance:
- Cross-Border E-Commerce Tailwind Drives Growth: Global-e benefits from continued expansion in international e-commerce, helping merchants localize pricing, payments, duties, and shipping to improve conversion rates and order volumes.
- Revenue Growth Supported by Merchant Additions and Higher GMV: Top-line performance is tied to onboarding new merchants/brands and increasing cross-border GMV from existing customers as more traffic is routed through the platform.
- Take-Rate and Margin Sensitivity to Mix and Shipping/FX Dynamics: Profitability can fluctuate based on merchant mix, geography, shipping and carrier costs, returns, and foreign-exchange movements, which can impact take-rate and gross margin.
- Path to Profitability Hinges on Operating Leverage: As scale increases, the company’s ability to spread platform, support, and go-to-market costs across higher volumes is key to sustaining improving operating margins.
- Competitive and Platform Dependence Remain Key Risks: Global-e faces competition from other cross-border solutions and internal tools built by large platforms; reliance on major partners and integrations can also influence growth and bargaining power.
Bull Thesis:
- Dominant Position in a Growing Cross-Border E-commerce Market: Global-e is a market leader in providing comprehensive cross-border e-commerce solutions, tapping into the massive and continuously expanding global online retail market. The increasing demand for international shipping and localized shopping experiences fuels their long-term growth potential and market penetration.
- Strategic Partnership with Shopify: The exclusive partnership with Shopify, particularly the Shop Promise integration, provides Global-e with unparalleled access to a vast network of merchants and a significant competitive advantage. This collaboration drives substantial Gross Merchandise Volume (GMV) growth and strengthens their ecosystem position.
- High Merchant Retention and Expanding Value Proposition: Global-e's platform offers deep integration and mission-critical services (localization, payments, logistics, returns), leading to high merchant stickiness and low churn. The company continuously expands its service offerings, increasing average revenue per user (ARPU) and strengthening its value proposition for merchants of all sizes.
- Improving Operating Leverage and Path to Profitability: As Global-e scales its Gross Merchandise Volume (GMV) and revenue, its fixed costs are spread over a larger base, demonstrating improving operating leverage. This trend suggests a clear path towards sustained profitability and positive free cash flow generation in the future, as evidenced by improving margins.
Bear Thesis:
- Macroeconomic Headwinds Impacting E-commerce Growth: A slowdown in global economic growth, persistent inflation, and reduced consumer discretionary spending power could dampen overall e-commerce growth, directly impacting Global-e's GMV and revenue trajectory, especially in non-essential cross-border purchases.
- Intense Competition and Potential for Disruption: While a leader, Global-e operates in a competitive landscape with various players, including local payment providers, logistics companies, other cross-border solution providers, and potential in-house solutions from large brands. New entrants or evolving technologies could pose competitive threats to their market share and pricing power.
- Reliance on Shopify Partnership: While a significant strength, the deep reliance on the Shopify partnership also presents a concentration risk. Any changes to the terms of the agreement, increased competition within the Shopify ecosystem, or a slowdown in Shopify's own growth could negatively impact Global-e's growth prospects and strategic flexibility.
- Valuation Concerns Amidst Profitability Questions: Global-e often trades at a premium valuation based on its high growth potential. However, persistent negative free cash flow or a slower-than-expected path to significant and consistent profitability could lead to valuation compression, especially in a market less tolerant of unprofitable growth.
Main Competitors:
- Pitney Bowes ($PBI) (Borderfree), Offers a comprehensive cross-border e-commerce solution, Borderfree, directly competing with Global-e by handling international shipping, customs, duties, taxes, and localized payment processing for merchants.
- Flow Commerce (Flow Commerce Platform), Provides an end-to-end cross-border e-commerce platform, including localization, payments, duties & taxes, and logistics, targeting similar enterprise and mid-market merchants as Global-e.
- Zonos (Zonos Platform), Specializes in calculating and managing duties, taxes, and compliance for international shipments, offering a suite of tools that can be integrated into e-commerce platforms, competing on the critical landed cost and compliance aspects of cross-border trade.
- DHL ($DPW.DE) (DHL Express / DHL eCommerce Solutions), While primarily a logistics and shipping provider, DHL offers extensive international shipping, customs brokerage, and last-mile delivery services. Merchants can leverage these services directly, potentially bypassing a full platform like Global-e for certain aspects of cross-border operations, especially if they prefer to manage more in-house.
Moat:
Global-e Online's primary moat lies in its comprehensive, end-to-end platform that abstracts the immense complexity of cross-border e-commerce, encompassing localized pricing, duties & taxes, payments, fraud prevention, and logistics. Its proprietary technology, vast data insights, and strategic partnerships (notably with Shopify) create significant barriers to entry. Competition is fragmented, ranging from direct rivals like Pitney Bowes (Borderfree) and Flow Commerce offering similar full-suite solutions, to specialized players like Zonos focusing on specific aspects like compliance. Additionally, global logistics providers (e.g., DHL) offer partial solutions, and e-commerce platforms are continually enhancing their native international features, posing both partnership opportunities and potential long-term competitive pressures.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-11-19 | 2025-08-13 | 2025-05-14 | 2025-02-19 | 2024-12-31 | 2024-11-20 | 2024-08-14 | 2024-05-20 | 2024-02-21 | 2023-12-31 | 2023-11-15 | 2023-08-08 | 2023-05-22 | 2023-02-22 | 2022-12-31 | 2022-11-17 | 2022-08-16 | 2022-05-16 | 2022-02-16 | 2021-12-31 | 2021-11-09 | 2021-08-16 | 2021-06-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 220,779,000 | 214,877,000 | 189,882,000 | 262,912,000 | 262,912,000 | 175,971,000 | 168,008,000 | 145,873,000 | 185,401,000 | 185,401,000 | 133,605,000 | 133,309,000 | 117,631,000 | 139,865,000 | 139,865,000 | 105,556,000 | 87,305,000 | 76,322,000 | 82,717,000 | 82,717,000 | 59,119,000 | 57,287,000 | 46,151,000 |
yoy | -16.03% | 22.11% | 13.02% | 80.23% | 41.81% | -5.09% | 25.75% | 9.42% | 57.61% | 32.56% | -4.48% | 26.29% | 34.74% | 83.26% | 69.09% | 27.61% | 47.68% | 33.23% | 79.23% | ||||
qoq | 2.75% | 13.16% | -27.78% | 0.00% | 49.41% | 4.74% | 15.17% | -21.32% | 0.00% | 38.77% | 0.22% | 13.33% | -15.90% | 0.00% | 32.50% | 20.90% | 14.39% | -7.73% | 0.00% | 39.92% | 3.20% | 24.13% | |
cost of revenue | 121,133,000 | 117,206,000 | 105,798,000 | 144,253,000 | 144,253,000 | 95,913,000 | 90,578,000 | 82,587,000 | 109,080,000 | 109,080,000 | 77,089,000 | 78,419,000 | 71,755,000 | 84,023,000 | 84,023,000 | 64,754,000 | 52,954,000 | 49,139,000 | 50,062,000 | 50,062,000 | 36,308,000 | 36,687,000 | 30,784,000 |
gross profit | 99,646,000 | 97,671,000 | 84,084,000 | 118,659,000 | 118,659,000 | 80,058,000 | 77,430,000 | 63,286,000 | 76,321,000 | 76,321,000 | 56,516,000 | 54,890,000 | 45,876,000 | 55,842,000 | 55,842,000 | 40,802,000 | 34,351,000 | 27,183,000 | 32,655,000 | 32,655,000 | 22,811,000 | 20,600,000 | 15,367,000 |
yoy | -16.02% | 22.00% | 8.59% | 87.50% | 55.47% | 4.90% | 37.01% | 15.30% | 66.36% | 36.67% | 1.21% | 34.53% | 33.55% | 105.43% | 71.01% | 24.95% | 50.59% | 31.96% | 112.50% | ||||
qoq | 2.02% | 16.16% | -29.14% | 0.00% | 48.22% | 3.39% | 22.35% | -17.08% | 0.00% | 35.04% | 2.96% | 19.65% | -17.85% | 0.00% | 36.86% | 18.78% | 26.37% | -16.76% | 0.00% | 43.15% | 10.73% | 34.05% | |
gross margin % | 45.13% | 45.45% | 44.28% | 45.13% | 45.13% | 45.49% | 46.09% | 43.38% | 41.17% | 41.17% | 42.30% | 41.18% | 39.00% | 39.93% | 39.93% | 38.65% | 39.35% | 35.62% | 39.48% | 39.48% | 38.58% | 35.96% | 33.30% |
operating expenses: | |||||||||||||||||||||||
research and development | 30,820,000 | 30,733,000 | 28,138,000 | 28,284,000 | 28,284,000 | 26,989,000 | 26,676,000 | 23,538,000 | 25,169,000 | 25,169,000 | 24,883,000 | 24,620,000 | 22,896,000 | 23,698,000 | 23,698,000 | 22,224,000 | 17,597,000 | 17,687,000 | 10,298,000 | 10,298,000 | 8,281,000 | 5,739,000 | 5,444,000 |
sales and marketing | 38,399,000 | 43,957,000 | 63,938,000 | 70,936,000 | 70,936,000 | 62,681,000 | 60,089,000 | 56,955,000 | 58,756,000 | 58,756,000 | 53,643,000 | 52,788,000 | 51,848,000 | 52,592,000 | 52,592,000 | 52,883,000 | 50,986,000 | 49,639,000 | 36,717,000 | 36,717,000 | 34,853,000 | 30,017,000 | 3,099,000 |
general and administrative | 13,351,000 | 12,468,000 | 11,193,000 | 14,257,000 | 14,257,000 | 11,420,000 | 13,482,000 | 12,054,000 | 15,451,000 | 15,451,000 | 13,591,000 | 13,878,000 | 13,139,000 | 14,659,000 | 14,659,000 | 18,926,000 | 15,071,000 | 11,540,000 | 7,830,000 | 7,830,000 | 7,762,000 | 4,337,000 | 2,714,000 |
total operating expenses | 82,570,000 | 87,158,000 | 103,269,000 | 113,477,000 | 113,477,000 | 101,090,000 | 100,247,000 | 92,547,000 | 99,376,000 | 99,376,000 | 92,117,000 | 91,286,000 | 87,883,000 | 90,949,000 | 90,949,000 | 94,033,000 | 83,654,000 | 78,866,000 | 54,845,000 | 54,845,000 | 50,896,000 | 40,093,000 | 11,257,000 |
operating income | 17,076,000 | 10,513,000 | -19,185,000 | 5,182,000 | 5,182,000 | -21,032,000 | -22,817,000 | -29,261,000 | -23,055,000 | -23,055,000 | -35,601,000 | -36,396,000 | -42,007,000 | -35,107,000 | -35,107,000 | -53,231,000 | -49,303,000 | -51,683,000 | -22,190,000 | -22,190,000 | -28,085,000 | -19,493,000 | 4,110,000 |
yoy | 229.53% | -149.99% | -15.92% | -117.71% | -122.48% | -8.77% | -35.91% | -19.60% | -45.12% | -34.33% | 1.41% | -31.63% | -14.80% | -32.07% | 58.21% | 139.89% | 75.55% | 165.14% | -639.90% | ||||
qoq | 62.43% | -154.80% | -470.22% | 0.00% | -124.64% | -7.82% | -22.02% | 26.92% | 0.00% | -35.24% | -2.18% | -13.36% | 19.65% | 0.00% | -34.05% | 7.97% | -4.60% | 132.91% | 0.00% | -20.99% | 44.08% | -574.28% | |
operating margin % | 7.73% | 4.89% | -10.10% | 1.97% | 1.97% | -11.95% | -13.58% | -20.06% | -12.44% | -12.44% | -26.65% | -27.30% | -35.71% | -25.10% | -25.10% | -50.43% | -56.47% | -67.72% | -26.83% | -26.83% | -47.51% | -34.03% | 8.91% |
financial expenses | 3,103,000 | 1,348,000 | 1,189,000 | 693,000 | 3,510,000 | -62,750 | -3,405,000 | 754,000 | 2,400,000 | -680,000 | 1,666,000 | 658,000 | 2,420,000 | 5,709,000 | |||||||||
profit before income taxes | 13,973,000 | 11,491,000 | |||||||||||||||||||||
income taxes | 790,000 | 1,000,000 | 541,000 | -361,250 | 343,000 | -1,068,000 | -720,000 | -511,500 | 895,000 | -1,617,000 | -1,324,000 | 210,250 | 430,000 | 174,000 | 237,000 | -357,000 | 265,500 | 601,000 | 311,000 | 150,000 | |||
net income attributable to ordinary shareholders | 13,183,000 | 10,491,000 | -17,856,000 | 1,509,000 | -32,051,000 | -43,083,000 | -53,586,000 | -22,491,000 | -22,491,000 | -28,469,000 | |||||||||||||
yoy | -104.71% | ||||||||||||||||||||||
qoq | 25.66% | -158.75% | -1283.30% | 138.26% | 0.00% | -21.00% | |||||||||||||||||
net income margin % | 5.97% | 4.88% | -9.40% | 0.57% | 0% | 0% | 0% | -21.97% | 0% | 0% | 0% | 0% | -36.63% | 0% | 0% | 0% | 0% | -70.21% | -27.19% | -27.19% | -48.16% | 0% | 0% |
net profit per share attributable to ordinary shareholders, basic | 0.08 | 0.06 | 0.01 | ||||||||||||||||||||
net profit per share attributable to ordinary shareholders, diluted | 0.07 | 0.06 | 0.01 | ||||||||||||||||||||
weighted-average shares used for eps calculation | 170,306,114 | 169,788,923 | 168,419,800 | 167,323,350 | 164,353,909 | 157,691,173 | 149,283,090 | 101,737,026 | 146,629,361 | ||||||||||||||
financial expenses (income) | -978,000 | -1,870,000 | 6,073,000 | -5,010,000 | 217,000 | 2,969,000 | 10,890,000 | 1,978,000 | -217,000 | ||||||||||||||
income before income taxes | -17,315,000 | -891,000 | -891,000 | -22,221,000 | -23,510,000 | -32,771,000 | -18,045,000 | -18,044,000 | -32,196,000 | -37,150,000 | -44,407,000 | -35,324,000 | -41,523,250 | -64,121,000 | -48,623,000 | -53,349,000 | -22,848,000 | -12,845,000 | -27,868,000 | -21,913,000 | -1,599,000 | ||
basic and diluted net loss per share attributable to ordinary shareholders | -0.11 | -0.115 | -0.13 | -0.13 | -0.19 | -0.13 | -0.17 | -0.2 | -0.22 | -0.26 | -0.18 | -0.268 | -0.41 | -0.31 | -0.35 | -0.25 | -0.08 | ||||||
basic and diluted weighted-average ordinary shares | 169,346,771 | 167,687,940 | 166,982,796 | 166,187,424 | 165,626,904 | 164,904,339 | 164,214,398 | 162,631,027 | 160,589,413 | 158,792,119 | 156,891,201 | 154,368,734 | 87,308,647 | 21,830,024 | |||||||||
income tax expenses | -2,400,000 | 4,055,000 | -6,853,000 | ||||||||||||||||||||
net loss attributable to ordinary shareholders | 1,509,000 | -22,564,000 | -22,442,000 | -22,100,000 | -22,098,000 | -33,091,000 | -35,533,000 | -28,471,000 | -41,733,500 | -64,551,000 | -48,797,000 | -22,224,000 | -1,749,000 | ||||||||||
undistributed earnings attributable to participating securities | |||||||||||||||||||||||
net earnings per share attributable to ordinary shareholders, basic | -0.15 | -0.13 | -0.19 | ||||||||||||||||||||
net earnings per share attributable to ordinary shareholders, diluted | -0.15 | -0.13 | -0.19 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-11-19 | 2025-09-30 | 2025-08-13 | 2025-06-30 | 2025-05-14 | 2025-02-19 | 2024-12-31 | 2024-11-20 | 2024-09-30 | 2024-08-14 | 2024-06-30 | 2024-05-20 | 2024-03-31 | 2024-02-21 | 2023-12-31 | 2023-11-15 | 2023-09-30 | 2023-08-08 | 2023-06-30 | 2023-05-22 | 2023-03-31 | 2023-02-22 | 2022-12-31 | 2022-11-17 | 2022-09-30 | 2022-08-16 | 2022-06-30 | 2022-05-16 | 2022-03-31 | 2021-12-31 | 2021-11-09 | 2021-09-30 | 2021-08-16 | 2021-06-30 | 2021-06-03 | 2021-03-31 |
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assets | ||||||||||||||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 251,383,000 | 251,383,000 | 205,230,000 | 205,230,000 | 207,716,000 | 250,773,000 | 254,620,000 | 207,318,000 | 207,318,000 | 229,844,000 | 229,844,000 | 181,866,000 | 181,866,000 | 200,081,000 | 200,081,000 | 145,824,000 | 145,824,000 | 151,020,000 | 151,020,000 | 167,931,000 | 167,931,000 | 165,033,000 | 165,033,000 | 106,945,000 | 106,945,000 | 232,971,000 | 232,971,000 | 187,965,000 | 187,965,000 | 448,623,000 | 391,024,000 | 391,024,000 | 391,008,000 | 391,008,000 | 50,527,000 | 50,527,000 |
short-term deposits | 242,658,000 | 242,658,000 | 254,612,000 | 254,612,000 | 183,229,000 | 187,322,000 | 183,475,000 | 130,397,000 | 130,397,000 | 90,976,000 | 90,976,000 | 95,520,000 | 95,520,000 | 96,939,000 | 96,939,000 | 88,078,000 | 88,078,000 | 55,064,000 | 55,064,000 | 26,882,000 | 26,882,000 | 46,353,000 | 46,353,000 | 67,551,000 | 67,551,000 | 35,079,000 | 35,079,000 | 69,882,000 | 69,882,000 | 41,985,000 | 83,051,000 | 83,051,000 | 78,370,000 | 78,370,000 | 14,010,000 | 14,010,000 |
accounts receivable | 33,623,000 | 33,623,000 | 30,177,000 | 30,177,000 | 34,700,000 | 41,171,000 | 41,171,000 | 57,095,000 | 57,095,000 | 30,341,000 | 30,341,000 | 19,423,000 | 19,423,000 | 27,841,000 | 27,841,000 | 13,451,000 | 13,451,000 | 14,095,000 | 14,095,000 | 12,343,000 | 12,343,000 | 16,424,000 | 16,424,000 | 11,693,000 | 11,693,000 | 9,344,000 | 9,344,000 | 10,072,000 | 10,072,000 | 9,185,000 | 3,884,000 | 3,884,000 | 4,167,000 | 4,167,000 | 2,638,000 | 2,638,000 |
prepaid expenses and other current assets | 97,869,000 | 97,869,000 | 96,987,000 | 96,987,000 | 116,967,000 | 84,613,000 | 84,613,000 | 58,697,000 | 58,697,000 | 51,114,000 | 51,114,000 | 61,460,000 | 61,460,000 | 63,967,000 | 63,967,000 | 63,850,000 | 63,850,000 | 57,365,000 | 57,365,000 | 46,116,000 | 46,116,000 | 51,904,000 | 51,904,000 | 45,885,000 | 45,885,000 | 52,598,000 | 52,598,000 | 51,189,000 | 51,189,000 | 46,568,000 | 35,467,000 | 35,467,000 | 28,651,000 | 28,651,000 | 21,023,000 | 21,023,000 |
marketable securities | 58,382,000 | 58,382,000 | 55,641,000 | 55,641,000 | 53,888,000 | 36,345,000 | 36,345,000 | 20,765,000 | 20,765,000 | 20,679,000 | 20,679,000 | 20,482,000 | 20,482,000 | 20,403,000 | 20,403,000 | 18,963,000 | 18,963,000 | 17,599,000 | 17,599,000 | 16,946,000 | 16,946,000 | 16,813,000 | 16,813,000 | 16,731,000 | 16,731,000 | 16,492,000 | 16,492,000 | 17,571,000 | 17,571,000 | 18,464,000 | 18,424,000 | 18,424,000 | 18,550,000 | 18,550,000 | 18,111,000 | 18,111,000 |
funds receivable, including cash in banks | 107,211,000 | 107,211,000 | 92,376,000 | 92,376,000 | 87,484,000 | 122,984,000 | 122,984,000 | 120,420,000 | 120,420,000 | 98,458,000 | 98,458,000 | 80,374,000 | 80,374,000 | 111,232,000 | 111,232,000 | 70,415,000 | 70,415,000 | 70,057,000 | 70,057,000 | 62,155,000 | 62,155,000 | 78,125,000 | 78,125,000 | 70,609,000 | 70,609,000 | 63,627,000 | 63,627,000 | 45,453,000 | 45,453,000 | 57,635,000 | 36,434,000 | 36,434,000 | 30,992,000 | 30,992,000 | 24,870,000 | 24,870,000 |
total current assets | 791,126,000 | 791,126,000 | 735,023,000 | 735,023,000 | 683,984,000 | 723,208,000 | 723,208,000 | 594,692,000 | 594,692,000 | 521,412,000 | 521,412,000 | 459,125,000 | 459,125,000 | 520,463,000 | 520,463,000 | 400,581,000 | 400,581,000 | 365,200,000 | 365,200,000 | 332,373,000 | 332,373,000 | 374,652,000 | 374,652,000 | 319,414,000 | 319,414,000 | 410,111,000 | 410,111,000 | 382,132,000 | 382,132,000 | 622,460,000 | 568,284,000 | 568,284,000 | 551,738,000 | 551,738,000 | 131,179,000 | 131,179,000 |
property and equipment | 11,448,000 | 11,448,000 | 11,321,000 | 11,321,000 | 10,453,000 | 10,440,000 | 10,440,000 | 10,505,000 | 10,505,000 | 10,651,000 | 10,651,000 | 10,607,000 | 10,607,000 | 10,236,000 | 10,236,000 | 9,799,000 | 9,799,000 | 9,883,000 | 9,883,000 | 10,198,000 | 10,198,000 | 10,283,000 | 10,283,000 | 14,732,000 | 14,732,000 | 9,431,000 | 9,431,000 | 7,860,000 | 7,860,000 | 3,269,000 | 1,131,000 | 1,131,000 | 849,000 | 849,000 | 769,000 | 769,000 |
operating lease right-of-use assets | 21,478,000 | 21,478,000 | 22,405,000 | 22,405,000 | 23,365,000 | 24,429,000 | 24,429,000 | 25,158,000 | 25,158,000 | 22,482,000 | 22,482,000 | 22,236,000 | 22,236,000 | 23,052,000 | 23,052,000 | 22,091,000 | 22,091,000 | 22,827,000 | 22,827,000 | 19,506,000 | 19,506,000 | 19,718,000 | 19,718,000 | 20,838,000 | 20,838,000 | 20,565,000 | 20,565,000 | 20,455,000 | 20,455,000 | 20,108,000 | 3,377,000 | 3,377,000 | 3,570,000 | 3,570,000 | 3,778,000 | 3,778,000 |
deferred contract acquisition and fulfillment costs, noncurrent | 4,033,000 | 4,033,000 | 3,978,000 | 3,978,000 | 3,836,000 | 3,787,000 | 3,531,000 | 3,531,000 | 3,219,000 | 3,219,000 | 2,939,000 | 2,939,000 | 2,668,000 | |||||||||||||||||||||||
long-term investments and other long-term assets | 9,053,000 | 9,053,000 | 8,510,000 | 8,510,000 | 8,213,000 | |||||||||||||||||||||||||||||||
commercial agreement asset | 8,557,000 | 8,557,000 | 16,583,000 | 16,583,000 | 29,510,000 | 66,527,000 | 66,527,000 | 93,550,000 | 93,550,000 | 128,927,000 | 128,927,000 | 164,295,000 | 164,295,000 | 192,721,000 | 192,721,000 | 227,231,000 | 227,231,000 | 261,741,000 | 261,741,000 | 284,398,000 | 284,398,000 | 282,963,000 | 282,963,000 | 281,912,000 | 281,912,000 | 280,861,000 | 280,861,000 | 279,811,000 | 279,811,000 | 196,544,000 | 190,389,000 | 190,389,000 | 184,234,000 | 184,234,000 | ||
goodwill | 375,399,000 | 375,399,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | 367,566,000 | ||||||||||||||||||||||
intangible assets | 57,418,000 | 57,418,000 | 50,408,000 | 50,408,000 | 54,810,000 | 59,212,000 | 59,212,000 | 63,614,000 | 63,614,000 | 68,022,000 | 68,022,000 | 73,022,000 | 73,022,000 | 78,024,000 | ||||||||||||||||||||||
total long-term assets | 487,386,000 | 487,386,000 | 480,771,000 | 480,771,000 | 497,753,000 | 540,274,000 | 540,274,000 | 572,370,000 | 572,370,000 | 609,166,000 | 609,166,000 | 647,617,000 | 647,617,000 | 681,897,000 | 681,897,000 | 717,887,000 | 717,887,000 | 759,100,000 | 759,100,000 | 783,714,000 | 783,714,000 | 787,948,000 | 787,948,000 | 779,131,000 | 779,131,000 | 681,194,000 | 681,194,000 | 697,929,000 | 697,929,000 | 223,667,000 | 198,477,000 | 198,477,000 | 192,117,000 | 192,117,000 | 8,973,000 | 8,973,000 |
total assets | 1,278,512,000 | 1,278,512,000 | 1,215,794,000 | 1,215,794,000 | 1,181,737,000 | 1,263,482,000 | 1,263,482,000 | 1,167,062,000 | 1,167,062,000 | 1,130,578,000 | 1,130,578,000 | 1,106,742,000 | 1,106,742,000 | 1,202,360,000 | 1,202,360,000 | 1,118,468,000 | 1,118,468,000 | 1,124,300,000 | 1,124,300,000 | 1,116,087,000 | 1,116,087,000 | 1,162,600,000 | 1,162,600,000 | 1,098,545,000 | 1,098,545,000 | 1,091,305,000 | 1,091,305,000 | 1,080,061,000 | 1,080,061,000 | 846,127,000 | 766,761,000 | 766,761,000 | 743,855,000 | 743,855,000 | 140,152,000 | 140,152,000 |
liabilities and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||||||||||||||
accounts payable | 56,355,000 | 56,355,000 | 52,860,000 | 52,860,000 | 67,184,000 | 79,559,000 | 79,559,000 | 42,383,000 | 42,383,000 | 36,029,000 | 36,029,000 | 33,893,000 | 33,893,000 | 50,943,000 | 50,943,000 | 32,505,000 | 32,505,000 | 30,842,000 | 30,842,000 | 34,011,000 | 34,011,000 | 52,220,000 | 52,220,000 | 34,244,000 | 34,244,000 | 30,089,000 | 30,089,000 | 27,411,000 | 27,411,000 | 24,064,000 | 17,662,000 | 17,662,000 | 19,051,000 | 19,051,000 | 16,194,000 | 16,194,000 |
accrued expenses and other current liabilities | 156,267,000 | 156,267,000 | 135,603,000 | 135,603,000 | 117,852,000 | 141,551,000 | 141,551,000 | 105,636,000 | 105,636,000 | 90,335,000 | 90,335,000 | 77,094,000 | 77,094,000 | 107,306,000 | 107,306,000 | 82,019,000 | 82,019,000 | 71,252,000 | 71,252,000 | 60,035,000 | 60,035,000 | 75,990,000 | 75,990,000 | 63,210,000 | 63,210,000 | 51,681,000 | 51,681,000 | 48,750,000 | 48,750,000 | 47,358,000 | 30,883,000 | 30,883,000 | 25,026,000 | 25,026,000 | 17,863,000 | 17,863,000 |
funds payable to customers | 107,211,000 | 107,211,000 | 92,376,000 | 92,376,000 | 87,484,000 | 122,984,000 | 122,984,000 | 120,420,000 | 120,420,000 | 98,458,000 | 98,458,000 | 80,374,000 | 80,374,000 | 111,232,000 | 111,232,000 | 70,415,000 | 70,415,000 | 70,057,000 | 70,057,000 | 62,155,000 | 62,155,000 | 78,125,000 | 78,125,000 | 70,609,000 | 70,609,000 | 63,627,000 | 63,627,000 | 45,453,000 | 45,453,000 | 57,635,000 | 36,434,000 | 36,434,000 | 30,992,000 | 30,992,000 | 24,870,000 | 24,870,000 |
short term operating lease liabilities | 4,831,000 | 4,831,000 | 4,702,000 | 4,702,000 | 4,366,000 | 4,347,000 | 4,351,000 | 4,351,000 | 4,142,000 | 4,142,000 | 4,003,000 | 4,003,000 | 4,031,000 | 4,031,000 | 3,661,000 | 3,661,000 | 3,591,000 | 3,591,000 | 3,111,000 | 3,111,000 | 3,245,000 | 3,245,000 | 3,297,000 | 3,297,000 | 3,316,000 | 3,316,000 | 3,368,000 | 3,368,000 | 2,517,000 | 874,000 | 874,000 | 909,000 | 909,000 | 889,000 | 889,000 | |
total current liabilities | 324,664,000 | 324,664,000 | 285,541,000 | 285,541,000 | 276,886,000 | 348,441,000 | 348,441,000 | 272,790,000 | 272,790,000 | 228,964,000 | 228,964,000 | 195,364,000 | 195,364,000 | 273,512,000 | 273,512,000 | 188,600,000 | 188,600,000 | 175,742,000 | 175,742,000 | 159,312,000 | 159,312,000 | 209,580,000 | 209,580,000 | 171,360,000 | 171,360,000 | 148,713,000 | 148,713,000 | 124,982,000 | 124,982,000 | 131,574,000 | 85,853,000 | 85,853,000 | 75,978,000 | 75,978,000 | 59,816,000 | 59,816,000 |
long-term liabilities: | ||||||||||||||||||||||||||||||||||||
long term operating lease liabilities | 19,142,000 | 19,142,000 | 19,945,000 | 19,945,000 | 19,508,000 | 20,510,000 | 21,230,000 | 21,230,000 | 18,240,000 | 18,240,000 | 18,375,000 | 18,375,000 | 19,291,000 | 19,291,000 | 17,814,000 | 17,814,000 | 18,995,000 | 18,995,000 | 16,217,000 | 16,217,000 | 16,579,000 | 16,579,000 | 16,896,000 | 16,896,000 | 16,932,000 | 16,932,000 | 18,240,000 | 18,240,000 | 18,803,000 | 2,639,000 | 2,639,000 | 2,891,000 | 2,891,000 | 3,074,000 | 3,074,000 | |
deferred tax liabilities | 454,000 | 454,000 | 2,592,000 | 2,592,000 | 3,645,000 | 3,645,000 | 5,083,000 | 5,083,000 | 6,507,000 | 6,507,000 | 2,872,000 | 2,872,000 | 2,604,000 | 2,604,000 | 4,477,000 | 4,477,000 | 6,558,000 | 6,558,000 | 138,000 | 138,000 | 124,000 | 124,000 | 116,000 | 116,000 | ||||||||||||
other long-term liabilities | 1,260,000 | 1,260,000 | 1,223,000 | 1,223,000 | 1,088,000 | 1,098,000 | 1,098,000 | 1,068,000 | 1,068,000 | 1,043,000 | 1,043,000 | 1,055,000 | 1,055,000 | 1,071,000 | 1,071,000 | 1,013,000 | 1,013,000 | 1,036,000 | 1,036,000 | 1,554,000 | 1,554,000 | 1,762,000 | 1,762,000 | 1,726,000 | 1,726,000 | |||||||||||
total liabilities | 345,520,000 | 345,520,000 | 306,709,000 | 306,709,000 | 297,482,000 | 370,049,000 | 370,049,000 | 297,680,000 | 297,680,000 | 251,892,000 | 251,892,000 | 219,877,000 | 219,877,000 | 300,381,000 | 300,381,000 | 210,299,000 | 210,299,000 | 198,377,000 | 198,377,000 | 181,560,000 | 181,560,000 | 234,479,000 | 234,479,000 | 189,982,000 | 189,982,000 | 165,645,000 | 165,645,000 | 143,222,000 | 143,222,000 | 150,377,000 | 88,630,000 | 88,630,000 | 78,993,000 | 78,993,000 | 72,991,000 | 72,991,000 |
shareholders’ equity: | ||||||||||||||||||||||||||||||||||||
share capital and additional paid-in capital | 1,455,622,000 | 1,455,622,000 | 1,444,618,000 | 1,444,618,000 | 1,434,341,000 | 1,425,317,000 | 1,403,677,000 | 1,403,677,000 | 1,391,306,000 | 1,391,306,000 | 1,377,072,000 | 1,377,072,000 | 1,360,250,000 | 1,344,904,000 | 1,344,904,000 | 1,329,405,000 | 1,329,405,000 | 1,302,502,000 | 1,302,502,000 | 1,253,093,000 | 1,205,356,000 | 1,205,356,000 | 1,157,398,000 | 1,157,398,000 | 1,119,143,000 | 1,119,143,000 | 783,458,000 | 783,458,000 | 741,594,000 | 741,594,000 | 9,307,000 | 9,307,000 | ||||
accumulated comprehensive income | 3,951,000 | 3,951,000 | 4,231,000 | 4,231,000 | 169,000 | 515,000 | 515,000 | -1,276,000 | -1,276,000 | -1,305,000 | -1,305,000 | -1,420,000 | -1,982,000 | -1,982,000 | -1,820,000 | -1,820,000 | -1,846,000 | -1,846,000 | -1,926,000 | -1,926,000 | -2,218,000 | -2,218,000 | -1,714,000 | -1,714,000 | -1,077,000 | -1,077,000 | -159,000 | -177,000 | -177,000 | -51,000 | -51,000 | -242,000 | -242,000 | |||
accumulated deficit | -526,581,000 | -526,581,000 | -539,764,000 | -539,764,000 | -550,255,000 | -532,399,000 | -532,399,000 | -533,908,000 | -533,908,000 | -511,344,000 | -511,344,000 | -488,902,000 | -488,902,000 | -456,851,000 | -456,851,000 | -434,753,000 | -434,753,000 | -401,662,000 | -401,662,000 | -366,129,000 | -366,129,000 | -323,046,000 | -323,046,000 | -294,575,000 | -294,575,000 | -230,024,000 | -230,024,000 | -181,227,000 | -181,227,000 | -127,641,000 | -105,150,000 | -105,150,000 | -76,681,000 | -76,681,000 | -54,457,000 | -54,457,000 |
total shareholders’ equity | 932,992,000 | 932,992,000 | 909,085,000 | 909,085,000 | 884,255,000 | 893,433,000 | 869,382,000 | 869,382,000 | 878,686,000 | 878,686,000 | 886,865,000 | 886,865,000 | 901,979,000 | 908,169,000 | 908,169,000 | 925,923,000 | 925,923,000 | 934,527,000 | 934,527,000 | 928,121,000 | 936,839,000 | 936,839,000 | ||||||||||||||
total liabilities and shareholders’ equity | 1,278,512,000 | 1,278,512,000 | 1,215,794,000 | 1,215,794,000 | 1,181,737,000 | 1,263,482,000 | 1,167,062,000 | 1,167,062,000 | 1,130,578,000 | 1,130,578,000 | 1,106,742,000 | 1,106,742,000 | 1,202,360,000 | 1,162,600,000 | 1,098,545,000 | 1,098,545,000 | ||||||||||||||||||||
long term deposits | 3,786,000 | 4,868,000 | 4,868,000 | 3,634,000 | 3,634,000 | 3,514,000 | 3,514,000 | 3,552,000 | 3,552,000 | 3,415,000 | 3,415,000 | 3,537,000 | 3,537,000 | 3,468,000 | 3,468,000 | 3,225,000 | 3,225,000 | 3,011,000 | 3,011,000 | 2,288,000 | 2,288,000 | 2,250,000 | 2,250,000 | 2,219,000 | 2,157,000 | 2,157,000 | 2,272,000 | 2,272,000 | 2,241,000 | 2,241,000 | ||||||
deferred contract acquisition costs, noncurrent | 3,787,000 | 2,668,000 | 2,091,000 | 2,091,000 | 2,080,000 | 2,080,000 | 1,927,000 | 1,927,000 | 1,825,000 | 1,825,000 | 1,776,000 | 1,776,000 | 1,638,000 | 1,638,000 | 1,484,000 | 1,484,000 | 1,314,000 | 1,216,000 | 1,216,000 | 1,001,000 | 1,001,000 | 867,000 | 867,000 | |||||||||||||
other assets, noncurrent | 4,527,000 | 3,448,000 | 3,578,000 | 3,578,000 | 4,665,000 | 4,665,000 | 3,438,000 | 3,438,000 | 4,078,000 | 4,078,000 | 2,579,000 | 2,579,000 | 3,259,000 | 3,259,000 | 3,353,000 | 3,353,000 | 3,739,000 | 3,739,000 | 4,254,000 | 4,254,000 | 190,000 | 190,000 | 209,000 | 209,000 | 213,000 | 207,000 | 207,000 | 191,000 | 191,000 | 1,318,000 | 1,318,000 | |||||
shareholders’ deficit: | ||||||||||||||||||||||||||||||||||||
total shareholders’ (deficit) equity | 893,433,000 | 901,979,000 | 928,121,000 | 908,563,000 | 908,563,000 | 925,660,000 | 925,660,000 | 695,750,000 | 678,131,000 | 678,131,000 | 664,862,000 | 664,862,000 | -45,392,000 | -45,392,000 | ||||||||||||||||||||||
long-term deposits | 3,786,000 | |||||||||||||||||||||||||||||||||||
long-term investment | 1,079,000 | |||||||||||||||||||||||||||||||||||
liabilities, and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
short-term operating lease liabilities | 4,347,000 | |||||||||||||||||||||||||||||||||||
long-term operating lease liabilities | 20,510,000 | |||||||||||||||||||||||||||||||||||
ordinary shares, with no par value, 300,000,000 shares authorized as of december 31, 2023 and 2024, respectively; 165,773,914 and 169,131,268 shares issued and outstanding as of december 31, 2023 and 2024, respectively; | ||||||||||||||||||||||||||||||||||||
additional paid-in capital | 1,425,317,000 | 1,360,250,000 | 1,253,093,000 | 823,550,000 | ||||||||||||||||||||||||||||||||
total liabilities, and shareholders’ equity | 1,263,482,000 | 1,202,360,000 | ||||||||||||||||||||||||||||||||||
accumulated comprehensive loss | -387,000 | -387,000 | -1,420,000 | |||||||||||||||||||||||||||||||||
deferred tax assets | 171,000 | 171,000 | ||||||||||||||||||||||||||||||||||
goodwill and other intangible assets | 445,590,000 | 450,681,000 | 450,681,000 | 455,773,000 | 455,773,000 | 460,864,000 | 460,864,000 | 466,024,000 | 466,024,000 | 452,608,000 | 452,608,000 | 366,221,000 | 366,221,000 | 385,860,000 | 385,860,000 | |||||||||||||||||||||
ordinary shares, with no par value, 300,000,000 and 300,000,000 shares authorized as of december 31, 2022 and 2023, respectively; 161,316,543 and 165,773,914, shares issued and outstanding as of december 31, 2022 and 2023, respectively; | ||||||||||||||||||||||||||||||||||||
total liabilities, convertible preferred shares and shareholders’ equity | 1,118,468,000 | 1,118,468,000 | 1,124,300,000 | 1,124,300,000 | 1,162,600,000 | |||||||||||||||||||||||||||||||
liabilities, convertible preferred shares and shareholders’ (deficit) equity | ||||||||||||||||||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||||||||||||
total liabilities, convertible preferred shares and shareholders’ (deficit) equity | 1,116,087,000 | 1,116,087,000 | 1,091,305,000 | 1,091,305,000 | 1,080,061,000 | 1,080,061,000 | 846,127,000 | 766,761,000 | 766,761,000 | 743,855,000 | 743,855,000 | 140,152,000 | 140,152,000 | |||||||||||||||||||||||
liabilities, convertible preferred shares and shareholders’ equity | ||||||||||||||||||||||||||||||||||||
ordinary shares, with no par value, 300,000,000 and 300,000,000 shares authorized as of december 31, 2021 and 2022, respectively; 150,456,501 and 161,316,543, shares issued and outstanding as of december 31, 2021 and 2022, respectively; | ||||||||||||||||||||||||||||||||||||
shareholders’ (deficit) equity: | ||||||||||||||||||||||||||||||||||||
warrants liabilities to preferred shares | 9,985,000 | 9,985,000 | ||||||||||||||||||||||||||||||||||
convertible preferred shares, with no par value, 162,875 and no shares authorized as of december 31, 2020 and 2021, respectively; 162,101 and no issued and outstanding as of december 31, 2020 and 2021, respectively; | ||||||||||||||||||||||||||||||||||||
shareholders’ equity | ||||||||||||||||||||||||||||||||||||
ordinary shares, with no par value, 5,902,275,000 and 300,000,000 shares authorized as of december 31, 2020 and 2021, respectively; 21,761,400 and 150,456,501, shares issued and outstanding as of december 31, 2020 and 2021, respectively; | ||||||||||||||||||||||||||||||||||||
convertible preferred shares | 112,553,000 | 112,553,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-05-14 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-05-20 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-05-22 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-05-16 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-06-03 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||||||||
net profit | 2,692,000 | -122,000 | 2,442,000 | 7,550,000 | -43,083,000 | -43,083,000 | -130,854,000 | -15,754,000 | 4,789,000 | -53,586,000 | -53,586,000 | -46,464,000 | -6,245,000 | -20,475,000 | -1,749,000 | -1,749,000 | |||||||
adjustments to reconcile net profit to net cash from operating activities: | |||||||||||||||||||||||
depreciation | 34,000 | 13,000 | -48,000 | ||||||||||||||||||||
share-based compensation expense | 265,000 | 1,265,000 | 8,793,000 | 29,450,000 | -1,493,000 | 2,490,000 | 8,711,000 | 8,711,000 | 33,244,000 | 364,000 | 1,640,000 | 9,712,000 | 9,712,000 | 29,884,000 | -3,818,000 | 4,914,000 | 7,929,000 | 7,929,000 | 6,537,000 | 3,913,000 | 484,000 | 1,067,000 | 1,067,000 |
commercial agreement asset | -4,901,000 | -1,000 | 1,000 | -721,000 | 38,153,000 | 38,153,000 | -1,000 | 684,000 | 36,749,000 | 36,749,000 | 3,920,000 | ||||||||||||
amortization of intangible assets | 420,000 | -592,000 | 1,000 | -69,000 | 5,160,000 | 5,160,000 | 2,646,000 | -567,000 | 6,616,000 | 6,616,000 | |||||||||||||
changes in accrued interest and exchange rate on short-term deposits | 833,000 | -541,000 | -842,000 | -1,416,000 | 498,000 | -780,000 | 369,000 | 369,000 | -637,000 | 403,000 | |||||||||||||
unrealized loss on foreign currency | -1,477,000 | 6,864,000 | 2,726,000 | -3,751,000 | -584,000 | ||||||||||||||||||
accounts receivable | -7,808,000 | -1,948,000 | 6,471,000 | -15,836,000 | -19,336,000 | 8,418,000 | 8,418,000 | 2,396,000 | -5,833,000 | 4,081,000 | 4,081,000 | 1,944,000 | -3,265,000 | 3,993,000 | 3,993,000 | 1,813,000 | -2,486,000 | 956,000 | 956,000 | ||||
prepaid expenses and other assets | -25,311,000 | 52,020,000 | -28,405,000 | -17,702,000 | 7,895,000 | 2,685,000 | 2,685,000 | 4,736,000 | -17,023,000 | 5,838,000 | 5,838,000 | 9,188,000 | 2,058,000 | -3,392,000 | -3,392,000 | 808,000 | -9,690,000 | 2,129,000 | 2,129,000 | ||||
funds receivable | 10,813,000 | 5,298,000 | -9,182,000 | -7,015,000 | 9,074,000 | -7,688,000 | -7,688,000 | -3,397,000 | -4,946,000 | 3,751,000 | 3,751,000 | -12,862,000 | -18,205,000 | 19,165,000 | 19,165,000 | 3,361,000 | -5,385,000 | -2,067,000 | -2,067,000 | ||||
long-term receivables | 101,000 | 316,000 | -868,000 | 640,000 | 640,000 | 586,000 | -292,000 | 386,000 | 386,000 | 1,914,000 | -957,000 | -957,000 | |||||||||||
funds payable to customers | 9,942,000 | 40,393,000 | -35,500,000 | 3,877,000 | 48,941,000 | -30,857,000 | -30,857,000 | -7,544,000 | 23,872,000 | -15,970,000 | -15,970,000 | -11,194,000 | 33,112,000 | -14,937,000 | -14,937,000 | -680,000 | 15,744,000 | -9,622,000 | -9,622,000 | ||||
operating lease rou assets | 10,000 | -104,000 | 1,064,000 | 169,000 | 40,000 | 817,000 | 817,000 | -301,000 | 366,000 | 671,000 | 671,000 | 20,000 | -140,000 | 797,000 | 797,000 | -15,000 | -174,000 | 382,000 | 382,000 | ||||
deferred contract acquisition costs | 116,000 | -58,000 | 174,000 | -69,000 | -157,000 | -157,000 | 21,000 | 15,000 | -245,000 | -245,000 | -107,000 | 6,000 | -190,000 | -190,000 | |||||||||
accounts payable | 17,772,000 | -1,949,000 | -12,375,000 | 4,220,000 | 19,184,000 | -17,049,000 | -17,049,000 | 4,832,000 | 15,040,000 | -18,209,000 | -18,209,000 | -6,187,000 | 3,135,000 | -436,000 | -436,000 | -4,246,000 | 5,720,000 | -2,863,000 | -2,863,000 | ||||
accrued expenses and other liabilities | 1,169,000 | 41,597,000 | -23,710,000 | 2,097,000 | 43,457,000 | -30,228,000 | -30,228,000 | 42,000 | 26,865,000 | -16,164,000 | -16,164,000 | -868,000 | 13,544,000 | -9,043,000 | -9,043,000 | -1,306,000 | 18,732,000 | -11,569,000 | -11,569,000 | ||||
deferred taxes | 385,000 | 2,141,000 | |||||||||||||||||||||
operating lease liabilities | -1,490,000 | 1,756,000 | -983,000 | 596,000 | -155,000 | -944,000 | -944,000 | -14,000 | -142,000 | -956,000 | -956,000 | 1,123,000 | -1,271,000 | -857,000 | -857,000 | -150,000 | -124,000 | 302,000 | -465,000 | -465,000 | |||
net cash from operating activities | 9,341,000 | 137,003,000 | -72,047,000 | 139,138,000 | -33,862,000 | 118,382,000 | -54,265,000 | -54,265,000 | 81,613,000 | 8,963,000 | 47,173,000 | -29,527,000 | -29,527,000 | 38,821,000 | -6,925,000 | -6,925,000 | 10,275,000 | -1,459,000 | 27,560,000 | -20,628,000 | -20,628,000 | ||
capital expenditures | 725,000 | -892,000 | -548,000 | -1,937,000 | 175,000 | 309,000 | -882,000 | -882,000 | -1,413,000 | -183,000 | 197,000 | -342,000 | -342,000 | 2,784,000 | -4,684,000 | -4,684,000 | -2,522,000 | -212,000 | -35,000 | -114,000 | -114,000 | ||
free cash flows | 10,066,000 | 136,111,000 | -72,595,000 | 137,201,000 | -33,687,000 | 118,691,000 | -55,147,000 | -55,147,000 | 80,200,000 | 8,780,000 | 47,370,000 | -29,869,000 | -29,869,000 | 41,605,000 | -11,609,000 | -11,609,000 | 7,753,000 | -1,671,000 | 27,525,000 | -20,742,000 | -20,742,000 | ||
investing activities | |||||||||||||||||||||||
investment in marketable securities | -1,694,000 | 15,857,000 | -17,768,000 | -20,058,000 | -385,000 | 357,000 | -1,042,000 | -1,042,000 | -2,130,000 | -769,000 | -379,000 | -450,000 | -450,000 | -7,555,000 | -386,000 | 6,841,000 | -7,198,000 | -7,198,000 | |||||
proceeds from marketable securities | 869,000 | -300,000 | 999,000 | 3,439,000 | 1,150,000 | -613,000 | 1,012,000 | 1,012,000 | 599,000 | -128,000 | -199,000 | 399,000 | 399,000 | -6,406,000 | 7,158,000 | 7,158,000 | |||||||
purchases of short-term investments | 17,294,000 | -72,214,000 | -48,235,000 | -18,006,000 | -60,275,000 | -112,504,000 | 59,679,000 | -56,807,000 | -7,553,000 | -7,553,000 | |||||||||||||
purchases of long-term investments | 49,000 | -135,000 | 146,000 | -13,000 | -18,000 | -18,000 | |||||||||||||||||
proceeds from short-term investments | 65,257,000 | -23,059,000 | 67,059,000 | 27,750,000 | -21,750,000 | 58,000,000 | 58,000,000 | 43,000,000 | -20,000,000 | 29,250,000 | 29,250,000 | 46,400,000 | -7,000,000 | 31,600,000 | 3,400,000 | 3,400,000 | |||||||
purchases of property and equipment | 725,000 | -892,000 | -548,000 | -1,937,000 | 175,000 | 309,000 | -882,000 | -882,000 | -1,413,000 | -183,000 | 197,000 | -342,000 | -342,000 | -6,954,000 | 502,000 | 2,784,000 | -4,684,000 | -4,684,000 | -2,522,000 | -212,000 | -35,000 | -114,000 | -114,000 |
payments for business combinations, net of cash acquired | -91,410,000 | 214,140,000 | -215,611,000 | -215,611,000 | |||||||||||||||||||
net cash from investing activities | 64,560,000 | -51,422,000 | -21,230,000 | -65,688,000 | -42,403,000 | 2,867,000 | 108,000 | 108,000 | -19,984,000 | -6,266,000 | -48,297,000 | 19,508,000 | 19,508,000 | -202,607,000 | -159,321,000 | 280,060,000 | -248,233,000 | -248,233,000 | -35,562,000 | 59,864,000 | -55,460,000 | -9,331,000 | -9,331,000 |
financing activities | |||||||||||||||||||||||
exercise of warrants to ordinary shares | 0 | ||||||||||||||||||||||
proceeds from exercise of share options | 392,000 | -19,000 | 210,000 | 2,685,000 | -347,000 | 813,000 | 120,000 | 120,000 | 1,109,000 | 87,000 | 681,000 | 92,000 | 92,000 | 615,000 | 165,000 | 284,000 | 102,000 | 102,000 | 746,000 | 818,000 | -133,000 | 153,000 | 153,000 |
net cash from financing activities | 392,000 | -19,000 | 210,000 | 2,690,000 | -349,000 | 815,000 | 120,000 | 120,000 | 1,131,000 | 82,000 | 669,000 | 109,000 | 109,000 | 673,000 | 165,000 | 271,000 | 130,000 | 130,000 | 397,769,000 | -396,165,000 | 396,850,000 | 153,000 | 153,000 |
exchange rate differences on balances of cash, cash equivalents and restricted cash | -4,896,000 | 4,568,000 | 1,477,000 | -6,864,000 | 2,980,000 | 2,142,000 | -2,726,000 | -2,726,000 | 3,751,000 | -2,006,000 | -428,000 | 584,000 | 584,000 | ||||||||||
net increase in cash, cash equivalents, and restricted cash | 69,397,000 | 90,130,000 | -91,590,000 | 69,276,000 | -56,763,000 | -56,763,000 | -9,326,000 | -9,326,000 | -116,238,000 | -255,028,000 | -255,028,000 | 372,482,000 | |||||||||||
cash and cash equivalents and restricted cash—beginning of period | -1,460,000 | -91,590,000 | 331,682,000 | -10,680,000 | 67,443,000 | -56,763,000 | 268,597,000 | 268,597,000 | -10,209,000 | -9,326,000 | 211,522,000 | 211,522,000 | 64,124,000 | -255,028,000 | 458,899,000 | 458,899,000 | 339,144,000 | -29,806,000 | 85,033,000 | 85,033,000 | |||
cash and cash equivalents and restricted cash—end of period | 67,937,000 | -1,460,000 | 240,092,000 | 58,596,000 | -6,191,000 | 67,443,000 | 211,834,000 | 211,834,000 | -9,436,000 | -10,209,000 | 202,196,000 | 202,196,000 | -131,139,000 | 64,124,000 | 203,871,000 | 203,871,000 | 1,384,000 | 339,144,000 | 55,227,000 | 55,227,000 | |||
unrealized gain on foreign currency | 2,726,000 | -584,000 | |||||||||||||||||||||
long-term investments and other receivables | |||||||||||||||||||||||
net loss | -17,856,000 | -32,051,000 | |||||||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||||
depreciation and amortization | 536,000 | 512,000 | 512,000 | 427,000 | 427,000 | 1,164,000 | 91,000 | 66,000 | 264,000 | 264,000 | 252,000 | 10,000 | 7,000 | 62,000 | 62,000 | ||||||||
commercial agreement asset amortization | 37,017,000 | 36,296,000 | 36,296,000 | ||||||||||||||||||||
intangible assets amortization | 4,402,000 | 5,002,000 | 5,002,000 | ||||||||||||||||||||
deferred contract acquisition and fulfillment costs | -101,000 | -268,000 | -268,000 | ||||||||||||||||||||
deferred tax liabilities | -1,424,000 | -1,424,000 | -1,910,000 | -1,910,000 | 21,000 | -3,000 | 11,000 | 11,000 | |||||||||||||||
investment in short-term investments and deposits | -70,972,000 | -56,949,000 | -56,949,000 | -9,252,000 | -9,252,000 | ||||||||||||||||||
investment in long-term deposits | -31,000 | -31,000 | -97,000 | -97,000 | |||||||||||||||||||
share-based compensation expenses | |||||||||||||||||||||||
changes in accrued interest and exchange rate on long-term deposits | 433,000 | -234,000 | -67,000 | 68,000 | 68,000 | -344,000 | 143,000 | ||||||||||||||||
investment in short-term deposits | |||||||||||||||||||||||
proceeds from short-term deposits | |||||||||||||||||||||||
proceeds from long-term deposits | |||||||||||||||||||||||
proceeds from exercise of warrants to ordinary shares | 17,000 | 17,000 | 28,000 | 28,000 | |||||||||||||||||||
cash flows from operating activities: | |||||||||||||||||||||||
realized losses from marketable securities | |||||||||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||||||||
decrease in accounts receivable . | |||||||||||||||||||||||
increase in prepaid expenses and other assets | |||||||||||||||||||||||
decrease in funds receivable | |||||||||||||||||||||||
decrease in other assets, noncurrent | |||||||||||||||||||||||
increase in funds payable to customers | |||||||||||||||||||||||
decrease in operating lease rou assets | |||||||||||||||||||||||
increase in deferred contract acquisition costs | |||||||||||||||||||||||
increase in accounts payable | |||||||||||||||||||||||
increase in accrued expenses and other liabilities | |||||||||||||||||||||||
increase in deferred taxes | |||||||||||||||||||||||
decrease in operating lease liabilities | |||||||||||||||||||||||
cash flows from investing activities: | |||||||||||||||||||||||
acquisition of a business, net of cash acquired | |||||||||||||||||||||||
purchases of short-term and long-term investments | |||||||||||||||||||||||
proceeds from short-term and long-term deposits | |||||||||||||||||||||||
cash flows from financing activities: | |||||||||||||||||||||||
supplemental disclosures of cash flow information: | |||||||||||||||||||||||
cash paid for income taxes | |||||||||||||||||||||||
supplemental disclosures of noncash investing and financing activities: | |||||||||||||||||||||||
rou assets and lease liabilities created during the period | |||||||||||||||||||||||
recognition of commercial agreement asset | |||||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | 773,000 | 368,950,000 | -29,806,000 | -29,806,000 | |||||||||||||||||||
net income | -32,051,000 | ||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||||
impairment of marketable securities | 34,000 | 14,000 | 14,000 | ||||||||||||||||||||
net cash generated by (used in) operating activities | |||||||||||||||||||||||
short-term investments | |||||||||||||||||||||||
warrants liabilities to preferred shares | -2,622,000 | 4,247,000 | 4,247,000 | ||||||||||||||||||||
increase in other assets, noncurrent | |||||||||||||||||||||||
proceeds from short-term and long-term investments | |||||||||||||||||||||||
proceeds from issuance of ordinary shares in ipo, net of issuance costs | |||||||||||||||||||||||
cash and cash equivalents and restricted cash-beginning of period | |||||||||||||||||||||||
cash and cash equivalents and restricted cash-end of period | |||||||||||||||||||||||
purchases of property and equipment during the period included in accounts payable | |||||||||||||||||||||||
conversion of warrants liability to ordinary shares | |||||||||||||||||||||||
short term deposit revaluation | -527,000 | -527,000 | |||||||||||||||||||||
long term deposit revaluation | -146,000 | -146,000 | -685,000 | -82,000 | 44,000 | 44,000 | |||||||||||||||||
losses from marketable securities | |||||||||||||||||||||||
increase in long-term receivables | |||||||||||||||||||||||
increase in deferred tax liabilities | |||||||||||||||||||||||
increase operating lease liabilities | |||||||||||||||||||||||
issuance of convertible preferred shares, net of issuance costs | |||||||||||||||||||||||
proceeds of long-term investments | |||||||||||||||||||||||
investment in short-term investments | -31,298,000 | -31,298,000 | |||||||||||||||||||||
proceeds from issuance of convertible preferred shares, net of issuance costs | |||||||||||||||||||||||
increase in accounts receivable. | |||||||||||||||||||||||
increase in funds receivable | |||||||||||||||||||||||
decrease operating lease rou assets | |||||||||||||||||||||||
conversion of warrants liability | |||||||||||||||||||||||
investment in long-term marketable securities | 1,138,000 | -1,646,000 | -1,646,000 |