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    Chris Zhang • UBS Group AG

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

    Chris Zhang's questions to Global-E Online Ltd (GLBE) leadership • Q2 2025

    Question

    Chris Zhang of UBS Group AG asked for confirmation on the timing of the Shopify rev-share reduction and its impact on the EBITDA guide, particularly the implied Q4 margin step-up. He also inquired about the potential impact of making Shop Pay available on the 3P side.

    Answer

    CFO Ofer Koren confirmed the rev-share reduction will occur late in Q3, with its full effect in Q4, and is factored into guidance, which should improve adjusted EBITDA over time. Co-Founder and President Nir Debbi added that Shop Pay is expected to launch late Q3/early Q4 and be heavily adopted by merchants, but Shopify Payments itself is not planned for the 3P solution, only for the 1P managed markets model.

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

    Chris Zhang's questions to International Money Express Inc (IMXI) leadership • Q3 2024

    Question

    Chris Zhang of UBS Group AG inquired about the company's near-term investment needs, asking for a rank-ordering of priorities for Q4 and 2025, and whether the strategic review alters these plans. He also asked about the impact of recent changes to the loyalty program's point expiration terms on customer retention.

    Answer

    CEO Robert Lisy stated that the primary and almost sole area for new investment is customer acquisition for the digital business, as the app is now best-in-class and the sales team is fully staffed. He noted that other costs, like customer care, are expected to decrease as the business mix shifts more toward digital. Regarding the loyalty program, Lisy explained that the change from 180-day to 90-day point expiration was made after analysis showed the program was not performing optimally. He stated they expect no negative impact on customer retention, as the key benefit valued by customers—the speed of service for loyalty members—remains intact.

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