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    Chao Zhang

    Vice President and Senior Equity Analyst at Barclays

    Chao Zhang is a Vice President and Senior Equity Analyst at Barclays, specializing in coverage of the internet and e-commerce sectors with a focus on major companies such as Alibaba Group, JD.com, and Pinduoduo. Zhang is recognized for delivering high-quality research and actionable investment insights, achieving a strong track record of analyst accuracy and positive returns as highlighted by independent platforms. He began his career as an equity analyst in the early 2010s, previously holding research roles at leading financial institutions before joining Barclays in 2019. Zhang holds Series 7 and 63 securities licenses and is registered with FINRA, maintaining a reputation for rigorous analysis and sector expertise.

    Chao Zhang's questions to Global-E Online (GLBE) leadership

    Chao Zhang's questions to Global-E Online (GLBE) leadership • Q1 2025

    Question

    Chao Zhang asked for details on the plan for Shopify Managed Markets to leverage Shopify Payments, including the timeline and the potential impact on service revenue. He also questioned the margin trajectory for the rest of the year, focusing on EBITDA and free cash flow conversion.

    Answer

    CEO Amir Schlachet stated the transition to Shopify Payments will occur over the coming quarters. CFO Ofer Koren elaborated that while this will cause certain revenue elements to be netted out, they anticipate a positive impact on S&M expense and a limited overall effect on the bottom line, unlocking a larger GMV opportunity. Ofer also guided for slightly higher gross margins post-Q1, seasonal EBITDA margin expansion in H2, and strong free cash flow conversion at or above the adjusted EBITDA level for the full year.

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    Chao Zhang's questions to Global-E Online (GLBE) leadership • Q4 2024

    Question

    Chao Zhang asked about the progress of the revamped Borderfree.com demand generation service, including its monetization and impact on the 2025 take rate. He also inquired about the free cash flow conversion and tax rate expected for 2025.

    Answer

    Executive Nir Debbi reported that Borderfree.com, launched in late Q4, has seen strong initial traction in both merchant adoption and shopper usage, and is viewed as a key strategic pillar for growth. CFO Ofer Koren addressed the second question, stating that free cash flow in 2025 is expected to be slightly above adjusted EBITDA, consistent with performance in previous years.

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    Chao Zhang's questions to Global-E Online (GLBE) leadership • Q4 2024

    Question

    Chao Zhang asked about the progress of the revamped Borderfree.com demand generation service and the outlook for free cash flow conversion and tax rates in 2025.

    Answer

    President Nir Debbi reported positive initial traction for Borderfree.com following its late Q4 launch, viewing it as a future strategic pillar for driving merchant traffic. CFO Ofer Koren projected that 2025 free cash flow would be slightly above adjusted EBITDA, consistent with performance in prior years.

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    Chao Zhang's questions to International Money Express (IMXI) leadership

    Chao Zhang's questions to International Money Express (IMXI) leadership • Q1 2025

    Question

    Chao Zhang of Barclays inquired about near-term business trends, asking for a breakdown of consumer behavior in retail versus digital channels and recent performance in March and April. He also asked about the implied trajectory for revenue and EBITDA margin improvement in the revised full-year guidance.

    Answer

    CEO Robert Lisy explained that digital transaction growth accelerated from 70% YoY in Q1 to 80% in April, while the retail segment remains challenging but healthy, evidenced by a 4% rise in total principal sent. He attributed the guided second-half improvement to the ramp-up of digital initiatives, targeted retail expansion, and lapping easier prior-year comparisons. CFO Andras Bende added that Q1 is historically the company's seasonally weakest quarter for margins.

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    Chao Zhang's questions to GoDaddy (GDDY) leadership

    Chao Zhang's questions to GoDaddy (GDDY) leadership • Q1 2025

    Question

    Chao Zhang inquired about the addressable opportunity and target customer for the new GoDaddy Agency initiative, and asked for an update on bundling efforts specifically aimed at hosting customers.

    Answer

    CEO Aman Bhutani and CFO Mark McCaffrey both characterized the agency initiative as a great long-term opportunity but emphasized that it is in a very early, exploratory phase with no metrics to share or impact on current forecasts. Aman Bhutani confirmed that the pricing and bundling program does include a focus on presence products like hosting, with tests being run across specific customer cohorts based on their product usage and engagement.

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    Chao Zhang's questions to GoDaddy (GDDY) leadership • Q3 2024

    Question

    Chao Zhang asked about investment priorities for 2025 beyond marketing and inquired about the guardrails used to determine the level of marketing spend.

    Answer

    CFO Mark McCaffrey deferred detailed 2025 guidance but highlighted ongoing investment in innovation and customer care. CEO Aman Bhutani reiterated that the company's Investor Day framework remains the guide. Regarding marketing, Bhutani described data-driven models that measure ROI, with the goal of kickstarting a virtuous Airo flywheel. McCaffrey emphasized that their disciplined, ROI-focused approach to spending has not changed.

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