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    Chao Zhang • BofA Securities

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

    Chao Zhang's questions to Global-E Online Ltd (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 Ltd (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 Ltd (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 Inc (IMXI) leadership

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

    Question

    Chao Zhang of BofA Securities inquired about near-term trends, contrasting retail and digital performance, and asked for insight into the trajectory of revenue and margin improvement implied by the revised full-year 2025 guidance.

    Answer

    CEO Robert Lisy explained that digital transaction growth accelerated to 70% in Q1 and 80% in April, while the retail business, though facing transaction declines, remains healthy as evidenced by a 4% increase in total principal sent. Lisy attributed the expected second-half improvement to ramping digital investments, a strong wires-as-a-service pipeline, targeted retail expansion, and lapping easier prior-year comparisons. CFO Andras Bende added that Q1 is seasonally the softest for margins, which contributes to the expected improvement throughout the year.

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    Chao Zhang's questions to GoDaddy Inc (GDDY) leadership

    Chao Zhang's questions to GoDaddy Inc (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 Inc (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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