DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Entity Registrant Name | Global-E Online Ltd. |
Entity Central Index Key | 0001835963 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity File Number | 001-40408 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Entity Address, Country | IL |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Entity Voluntary Filers | No |
Trading Symbol | GLBE |
Title of 12(b) Security | Ordinary shares, no par value |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 150,456,501 |
Entity Incorporation, State or Country Code | L3 |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | 25 Basel Street, |
Entity Address, Postal Zip Code | 4951038 |
Entity Address, City or Town | Petah Tikva |
Auditor Firm ID | 1281 |
Auditor Name | KOST FORER GABBAY & KASIERER |
Auditor Location | Tel-Aviv, Israel |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | IL |
Contact Personnel Name | Amir Schlachet |
Entity Address, Address Line One | 25 Basel Street |
Entity Address, Postal Zip Code | 4951038 |
Entity Address, City or Town | Petah Tikva |
Local Phone Number | 73-2605078 |
City Area Code | 972 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 448,623 | $ 68,637 |
Short-term deposits | 41,985 | 6,457 |
Accounts receivable, net | 9,185 | 3,594 |
Prepaid expenses and other current assets | 46,568 | 23,047 |
Marketable securities | 18,464 | 16,871 |
Funds receivable, including cash in banks | 57,635 | 34,492 |
Total current assets | 622,460 | 153,098 |
Property and equipment, net | 3,269 | 717 |
Operating lease right-of-use assets | 20,108 | 4,160 |
Long term deposits | 2,219 | 2,223 |
Deferred contract acquisition costs, noncurrent | 1,314 | 729 |
Other assets, noncurrent | 213 | 368 |
Commercial agreement asset | 196,544 | 0 |
Total long-term assets | 223,667 | 8,197 |
Total assets | 846,127 | 161,295 |
Current liabilities: | ||
Accounts payable (including related party payables of $14,058 and $18,158 as of December 31, 2020 and 2021, respectively) | 24,064 | 19,057 |
Accrued expenses and other current liabilities (including related party payables of $3,120 and $3,357 as of December 31, 2020 and 2021, respectively) | 47,358 | 29,432 |
Funds payable to Customers | 57,635 | 34,492 |
Short term operating lease liabilities | 2,517 | 915 |
Total current liabilities | 131,574 | 83,896 |
Long-term liabilities: | ||
Deferred tax liabilities, net | 0 | 105 |
Warrants liabilities to preferred shares | 0 | 5,738 |
Long term operating lease liabilities | 18,803 | 3,513 |
Total liabilities | 150,377 | 93,252 |
Commitments and contingencies | ||
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; aggregate liquidation preference of $113,276 and $0 as of December 31, 2020 and 2021, respectively; | 0 | 112,553 |
Shareholders’ deficit: | ||
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; | 0 | 0 |
Additional paid-in capital | 823,550 | 8,087 |
Accumulated comprehensive income | (159) | 111 |
Accumulated deficit | (127,641) | (52,708) |
Total shareholders’ (deficit) equity | 695,750 | (44,510) |
Total liabilities, convertible preferred shares and shareholders' (deficit) equity | $ 846,127 | $ 161,295 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) $ in Thousands | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Accounts payable and accrued expenses | $ | $ 18,158 | $ 14,058 |
Accrued expenses and other current liabilities | $ | $ 3,357 | $ 3,120 |
Temporary Equity, No Par Value | (per share) | $ 0 | $ 0 |
Temporary Equity, Shares Authorized | 0 | 162,875 |
Temporary Equity, Shares Issued | 0 | 162,101 |
Temporary Equity, Shares Outstanding | 0 | 162,101 |
Common Stock, No Par Value | (per share) | $ 0 | $ 0 |
Common Stock, Shares Authorized | 300,000,000 | 5,902,275,000 |
Common Stock, Shares, Issued | 150,456,501 | 21,761,400 |
Common Stock, Shares, Outstanding | 150,456,501 | 21,761,400 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 245,274 | $ 136,375 | $ 65,852 |
Cost of revenue (including related party costs of $26,106, $53,861 and $90,315 for the years ended December 31, 2019, 2020 and 2021, respectively) | 153,841 | 92,902 | 47,188 |
Gross profit | 91,433 | 43,473 | 18,664 |
Operating expenses: | |||
Research and development | 29,761 | 15,400 | 12,034 |
Sales and marketing | 104,687 | 9,838 | 4,593 |
General and administrative | 22,643 | 9,822 | 6,988 |
Total operating expenses | 157,091 | 35,060 | 23,615 |
Operating profit (loss) | (65,658) | 8,413 | (4,951) |
Financial expenses, net | 8,570 | 4,339 | 2,559 |
Profit (loss) before income taxes | (74,228) | 4,074 | (7,510) |
Provision for income taxes | 705 | 160 | 34 |
Net profit (loss) | (74,933) | 3,914 | (7,544) |
Undistributed earnings attributable to participating securities | 0 | 3,189 | 0 |
Net earnings (loss) attributable to ordinary shareholders | $ (74,933) | $ 725 | $ (7,544) |
Net earnings (loss) per share attributable to ordinary shareholders, basic | $ (0.74) | $ 0.03 | $ (0.38) |
Net earnings (loss) per share attributable to ordinary shareholders, diluted | $ (0.74) | $ 0.03 | $ (0.38) |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic | 101,737,026 | 21,120,208 | 19,654,276 |
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, diluted | 101,737,026 | 28,637,801 | 19,654,276 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Related party costs | $ 90,315 | $ 53,861 | $ 26,106 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net profit (loss) | $ (74,933) | $ 3,914 | $ (7,544) |
Other comprehensive income: | |||
Unrealized gain (loss) on available-for-sale marketable securities, net | (270) | 111 | 0 |
Other comprehensive income (loss) | (270) | 111 | 0 |
Comprehensive income (loss) | $ (75,203) | $ 4,025 | $ (7,544) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT - USD ($) $ in Thousands | Convertible Preferred Shares | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total |
Preferred Stock, Value, Issued, Beginning Balance at Dec. 31, 2018 | $ 53,732 | |||||
Preferred Stock, Shares Outstanding, Beginning Balance (Shares) at Dec. 31, 2018 | 138,395 | |||||
Beginning balance at Dec. 31, 2018 | $ 0 | $ 3,224 | $ 0 | $ (49,078) | $ (45,854) | |
Beginning balance (Shares) at Dec. 31, 2018 | 19,502,400 | |||||
Other comprehensive loss | 0 | |||||
Issuance of ordinary shares upon exercise of share options | $ 0 | 147 | 147 | |||
Issuance of ordinary shares upon exercise of share options (Shares) | 218,400 | |||||
Unrealized gain on available-for-sale marketable securities, net | 0 | |||||
Share-based compensation expense | 221 | 221 | ||||
Net profit (loss) | (7,544) | (7,544) | ||||
Preferred Stock, Value, Issued, Ending Balance at Dec. 31, 2019 | $ 53,732 | |||||
Preferred Stock, Shares Outstanding, Ending Balance (Shares) at Dec. 31, 2019 | 138,395 | |||||
Ending balance at Dec. 31, 2019 | $ 0 | 3,592 | 0 | (56,622) | (53,030) | |
Ending balance (Shares) at Dec. 31, 2019 | 19,720,800 | |||||
Other comprehensive loss | 111 | |||||
Issuance of Series E convertible preferred shares, net of issuance costs of $473 | $ 58,821 | |||||
Issuance of Series E convertible preferred shares, net of issuance costs of $473 (Shares) | 23,706 | |||||
Issuance of ordinary shares upon exercise of share options | $ 0 | 539 | 539 | |||
Issuance of ordinary shares upon exercise of share options (Shares) | 2,040,600 | |||||
Unrealized gain on available-for-sale marketable securities, net | 111 | 111 | ||||
Share-based compensation expense | 3,956 | 3,956 | ||||
Net profit (loss) | 3,914 | 3,914 | ||||
Preferred Stock, Value, Issued, Ending Balance at Dec. 31, 2020 | $ 112,553 | $ 112,553 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (Shares) at Dec. 31, 2020 | 162,101 | 162,101 | ||||
Ending balance at Dec. 31, 2020 | $ 0 | 8,087 | 111 | (52,708) | $ (44,510) | |
Ending balance (Shares) at Dec. 31, 2020 | 21,761,400 | |||||
Conversion of preferred shares to ordinary shares | $ (112,553) | |||||
Conversion of preferred shares to ordinary shares (Shares) | (162,101) | |||||
Conversion of preferred shares to ordinary shares | 112,553 | 112,553 | ||||
Conversion of preferred shares to ordinary shares (Shares) | 97,260,600 | |||||
Issuance of warrants to ordinary shares | 280,842 | 280,842 | ||||
Exercise of options and vested RSUs granted to employees | $ 0 | 1,584 | 1,584 | |||
Exercise of options and vested RSUs granted to employees (Shares) | 2,018,942 | |||||
Other comprehensive loss | (270) | (270) | ||||
Unrealized gain on available-for-sale marketable securities, net | (270) | |||||
Share-based compensation expense | 12,001 | 12,001 | ||||
Issuance of Ordinary shares in IPO, net | 396,344 | 396,344 | ||||
Issuance of Ordinary shares in IPO, net (Shares) | 17,250,000 | |||||
Exercise of Warrants to ordinary shares | 12,139 | 12,139 | ||||
Exercise of Warrants to ordinary shares (Shares) | 12,165,559 | |||||
Net profit (loss) | (74,933) | (74,933) | ||||
Preferred Stock, Value, Issued, Ending Balance at Dec. 31, 2021 | $ 0 | $ 0 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (Shares) at Dec. 31, 2021 | 0 | 0 | ||||
Ending balance at Dec. 31, 2021 | $ 0 | $ 823,550 | $ (159) | $ (127,641) | $ 695,750 | |
Ending balance (Shares) at Dec. 31, 2021 | 150,456,501 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Convertible Preferred Shares | |
Issuance costs | $ 473 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net profit (loss) | $ (74,933) | $ 3,914 | $ (7,544) |
Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 331 | 235 | 171 |
Share-based compensation expense | 12,001 | 3,956 | 221 |
Commercial agreement asset amortization | 84,298 | 0 | 0 |
Long term deposit revaluation | 24 | 0 | 0 |
Impairment of marketable securities | 140 | 0 | 0 |
Warrants liabilities to preferred shares | 5,872 | 5,523 | 5 |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable . | (5,591) | (1,652) | (1,193) |
Increase in prepaid expenses and other assets | (23,239) | (12,273) | (3,916) |
Increase in funds receivable | (29,272) | (11,829) | (1,317) |
Increase in long-term receivables | 0 | (150) | 0 |
Increase in funds payable to customers | 23,143 | 12,884 | 12,508 |
Decrease (increase) operating lease ROU assets | 1,382 | (2,761) | (606) |
Increase in deferred contract acquisition costs | (814) | (429) | (245) |
Increase in accounts payable | 5,007 | 10,018 | 4,131 |
Increase in accrued expenses and other liabilities | 17,926 | 18,874 | 4,184 |
Increase (decrease) in deferred tax liabilities | (90) | 52 | (7) |
Operating lease liabilities | (437) | 2,988 | 636 |
Net cash provided by operating activities | 15,748 | 29,350 | 7,028 |
Cash flows from investing activities: | |||
Investment in marketable securities | (2,806) | (16,759) | 0 |
Proceeds from marketable securities | 748 | 0 | 0 |
Purchases of short-term investments | (117,185) | (6,375) | (43) |
Proceeds from short-term investments | 81,657 | 0 | 0 |
Purchases of long-term investments | (20) | (456) | (145) |
Purchases of property and equipment | (2,883) | (456) | (264) |
Net cash used in investing activities | (40,489) | (24,046) | (452) |
Cash flows from financing activities: | |||
Proceeds from exercise of share options | 1,584 | 539 | 147 |
Issuance of convertible preferred shares, net of issuance costs | 0 | 58,821 | 0 |
Proceeds from issuance of Ordinary shares in IPO, net of issuance costs | 396,494 | ||
Proceeds from exercise of warrants to ordinary shares | 529 | ||
Net cash provided by financing activities | 398,607 | 59,360 | 147 |
Net increase in cash, cash equivalents, and restricted cash | 373,866 | 64,664 | 6,723 |
Cash and cash equivalents and restricted cash—beginning of period | 85,033 | 20,369 | 13,646 |
Cash and cash equivalents and restricted cash—end of period | 458,899 | 85,033 | 20,369 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes | 5 | 68 | 65 |
Supplemental disclosures of noncash investing and financing activities: | |||
Purchases of property and equipment during the period included in accounts payable | 1 | 13 | 11 |
ROU assets and lease liabilities created during the period | 17,329 | 3,734 | 1,209 |
Conversion of warrants liability | 11,610 | 0 | |
Recognition of commercial agreement asset | $ 280,842 | $ 0 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Global-E Online Ltd. was incorporated on February 21, 2013 under the laws of the state of Israel and commenced operations at that time. The company and its subsidiaries (together, "Global-E", the "Company") offer a leading platform to enable and accelerate global, direct-to-consumer (“D2C”) cross-border e-commerce. The platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from, and to, anywhere in the world. The Company’s platform localizes the shopper experience in effort to make international transactions as seamless as domestic ones. The platform increases the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. The platform provides an integrated solution that creates a localized and frictionless shopper experience and is simple to manage, flexible to adjust and smart in its local market insights and best practices. The vast capabilities of the Company’s end-to-end platform include interaction with shoppers in their native languages, market-adjusted pricing, payment options tailored to local market preferences, compliance with local consumer regulations and requirements such as customs duties and taxes, shipping services, after-sales support and returns management. These elements are unified under the Global-e platform to enhance the shopper experience and enable merchants to capture the cross-border opportunity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Global-E Online Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior period amounts have been reclassified in order to conform to the current period presentation. Initial Public Offering On May 14, the Company has completed its initial public offering (“IPO”), pursuant to which the Company issued and sold 17,250,000 Ordinary Shares at an offering price of $25 per share, including 2,500,000 Ordinary Shares for exercising the underwriters’ option to purchase additional shares. The Company has received proceeds of $396.4 million net of deduction of underwriting discounts and commissions of $30.2 million, and other issuance costs of $4.7 million. Upon consumption of the IPO, 19,298 Preferred A Shares, 20,364 Preferred A-1 Shares, 37,361 Preferred B-1 Shares, 17,792 Preferred B-2 Shares, 15,822 Preferred C Shares, 27,758 Preferred D-1 Shares and 23,706 Preferred E Shares were converted to Ordinary Shares in a 1:600 ratio. A total of 464,400 warrants to purchase the Company's convertible Preferred Shares were converted to Ordinary Shares upon consummation of the IPO. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for doubtful accounts, the fair value of financial assets and liabilities; including accounting and fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, share-based compensation including the determination of the fair value of the Company’s Ordinary Shares, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Foreign Currency The functional currency of the Company is the U.S. dollar. Accordingly, foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are remeasured each day at the exchange rate in effect on the day the transaction occurred. Concentration of Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivable and marketable securities. The Company maintains its cash, cash equivalents, restricted cash, and short-term deposits with high-quality financial institutions mainly in the U.S., UK and Israel, the composition and maturities of which are regularly monitored by the Company. In the years ended December 31, 2019, 2020 and 2021, the revenue generated by the Company’s largest customer was $16,219, $24,534 and $31,346, respectively. As of December 31, 2020 and 2021, the net amount due to the Company’s largest customer was $8,264 and $8,482, respectively. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash in banks. The Company considers all highly liquid investments, with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains certain cash amounts restricted as to its withdrawal or use. The Company’s restricted cash primarily consists of security deposits collateralizing the Company’s operating leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2019 2020 202 1 Cash and cash equivalents $ 5,034 $ 68,637 $ 448,623 Cash and cash equivalents included in funds receivable $ 15,138 $ 16,193 $ 10,063 Restricted cash included in other assets $ 197 $ 203 $ 213 Total cash, cash equivalents, and restricted cash $ 20,369 $ 85,033 $ 458,899 Marketable Securities The Company classifies its marketable securities as available-for-sale at the time of purchase and re-evaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including those with maturities beyond 12 months, as current assets in the Consolidated Balance Sheets. The Company carries these securities at fair value and records unrealized gains and losses, net of taxes, in accumulated other comprehensive income, which is reflected as a component of shareholders’ equity (deficit). The Company periodically evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. If the cost of an individual security exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than the cost basis, and the Company’s intent and ability to hold the security. If the Company believes that a decline in fair value is determined to be other-than-temporary, the Company writes down the security to fair value. Realized gains and losses and declines in fair value judged to be other than temporary on available-for-sale marketable securities are reported in interest income, net in the Consolidated Statements of Operations. For the year ended December 31, 2021 the Company has recognized other than temporary impairment in the amount of $140 in its Consolidated Statements of Operations as a result of the Company intention to sell specific Marketable securities. Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial instruments consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivables, accounts payables, accrued liabilities, warrants to convertible preferred shares and marketable securities. Short-term deposits, Cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Warrants to preferred share and marketable securities are stated at fair value on a recurring basis. See note 12. Other Comprehensive Income (loss) The Company accounts for comprehensive income (loss) in accordance with Accounting Standards Codification No. 220, "Comprehensive Income" ("ASC No. 220"). This statement establishes standards for the reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Comprehensive income generally represents all changes in shareholders' deficit during the period except those resulting from investments by, or distributions to shareholders. The total accumulated other comprehensive income was comprised as follows: Year ended December 31, 2020 2021 Unrealized gain on marketable securities Unrealized gain (loss) on marketable securities Beginning balance $ - $ 111 Net current period other comprehensive income (loss) 111 (410 ) reclassification adjustments for losses included in net income - 140 Total accumulated other comprehensive income (loss) $ 111 $ (159 ) Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount and amounts for which revenue has been recognized but not invoiced, net of allowance for doubtful accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts. The Company regularly reviews the adequacy of the allowance for doubtful accounts based on a combination of factors, including an assessment of the current customer’s aging balance, the nature and size of the customer, the financial condition of the customer, and the amount of any receivables in dispute. Accounts receivable deemed uncollectable are charged against the allowance for doubtful accounts when identified. The allowance of doubtful accounts was not material for the periods presented. Property and Equipment, Net Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred. The estimated useful lives of the Company’s property and equipment are as follows: Computer and software 3 years Furniture and office equipment 3 – 7 years Leasehold improvements Shorter of remaining lease term or estimated useful life Impairment of Long-Lived Assets The Company evaluates the recoverability of long-lived assets, including property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. There were no impairment charges to long-lived assets during the periods presented. Capitalized Software Costs Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development are capitalized. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. Maintenance costs are expensed as incurred. Revenue Recognition The Company’s revenues are comprised of: 1. Service Fees –The Company provides merchants a cross-border e-commerce platform which enables to sell their products to consumers worldwide. Revenue is generated as a percentage of the value of transactions that flow through the Company’s platform. 2. Fulfillment services – The Company offers shipping, handling, and other global delivery services in order to deliver merchants’ goods to consumers. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services are delivered. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these goods or services. To achieve the core principle of this standard, the Company applied the following five steps: 1. Identification of the contract, or contracts, with the customer The Company determines that it has a contract with a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. 2. Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products and services is separately identifiable from other promises in the contract. The Company identified two distinct performance obligations: service fees and fulfillment services. The Company Offers its platform service solution on a standalone basis (i.e., without the fulfillment services), fulfillment services are offered on an optional basis. Customers may choose to utilize or cease utilizing fulfillment services, either in whole or for select markets, at any time and from time to time. 3. Determination of the transaction price The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products or delivery of services to the customer. The Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from customers which are subsequently remitted to governmental entities (e.g., sales tax and other indirect taxes). 4. Allocation of the transaction price to the performance obligations in the contract Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price ("SSP"). To determine SSP, the Company maximizes the use of observable standalone sales and observable data, where available. In instances where performance obligations do not have observable standalone sales, the Company uses the expected cost-plus margin approach to estimate the standalone selling price based on a defined matrix that takes into consideration, among others, the weight, volume and shipping lane of the package. The Company also utilizes available information that may include market conditions, pricing strategies, and other observable inputs. In some cases, the Company provides the platform service solution on a standalone basis. (i.e., without the fulfillment services) since fulfillment service is optional. As for the fulfillment services, the Company provides such services only alongside the platform service solution. 5. Recognition of the revenue when, or as, a performance obligation is satisfied Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product or delivery of service to the customer. Revenue is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. For each performance obligation identified, the Company is required to determine whether control of the good or service transfers to the customer over time or at a point in time. The assessment of whether control transfers over time or at a point in time is critical to the timing of revenue recognition. The control over the promised services for each of the components is transferred as follow: a. Service Fees -the revenues are recognized once the transaction is considered completed, when the payment is processed by the Company, and the merchant goods arrive at the Company’s hub. The Company determined it acts as an agent since it does not have control over the goods provided to the shopper, based on the agreement with the merchant. The Company is not primarily responsible for the acceptability of the goods (for example – the quality of the goods provided to the consumer). Furthermore, the Company has no discretion in determining the prices paid by the consumer for the goods. The Company earns a fee based on a fixed percentage of the total amount of the goods. Therefore, revenues derived from the service fees are presented on a net basis. b. Fulfillment services - the service is recognized over the shipment time starting upon the dispatch to the carrier until it reaches the consumer. The Company determined it acts as a principal since it is the primary obligor to fulfill its promise to its customers, controls the services (i.e. the Company directs other parties to provide services on its behalf), has discretion in determining the carrier it uses to provide the service and bears the risk of loss if the actual cost of the fulfillment service will exceed the fee. Therefore, revenues derived from the fulfillment services are presented on a gross basis. The Company elected to apply the optional exemption under ASC 606 not to disclose the remaining performance obligations that relate to contracts with an original expected duration of one year or less. Disaggregation of Revenue The following table summarizes revenue by category: Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) Service fees 23,498 36 % 49,927 37 % 96,659 39 % Fulfillment services 42,354 64 % 86,448 63 % 148,615 61 % Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % The Company's revenues from service fees provided on a standalone basis were $1,002, $2,627 and $8,366 for the years ended December 31, 2019, 2020 and 2021, respectively. The following table summarizes revenue by merchant outbound region: Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) United Kingdom 51,799 79 % 80,122 59 % 113,835 47 % United States 9,529 14 % 34,140 25 % 71,095 29 % European Union 4,344 7 % 21,269 15 % 58,177 23 % Israel 180 * ) 844 1 % 1,052 * ) Other - - - - 1,115 * ) Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % *) Less than 1% Cost to Obtain a Contract The Company capitalizes sales commissions paid to sales personnel that are incremental to the acquisition of customer contracts. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Sales commissions paid upon the initial acquisition of a customer contract for sales personnel and affiliates are amortized mainly over an estimated period of benefit of five years. The Company determines the period of benefit for sales commissions paid for the acquisition of the initial customer contract by taking into consideration the estimated technological life of the Company’s solution. Amortization of sales commissions are consistent with each performance obligation and are included in sales and marketing expense in the consolidated statements of operations. The Company has applied the practical expedient in ASC 606 to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented. The following table represents a rollforward of deferred contract acquisition costs: Year Ended December 31, 2019 2020 202 1 (in thousands) Beginning balance $ 318 $ 563 $ 987 Additions to deferred contract acquisition costs 343 618 1,188 Amortization of deferred contract acquisition costs (98 ) (194 ) (374 ) Ending balance $ 563 $ 987 $ 1,801 Deferred contract acquisition costs (to be recognized in next 12 months included in other current assets) $ 143 $ 264 $ 487 Deferred contract acquisition costs, noncurrent 420 723 1,314 Total deferred contract acquisition costs $ 563 $ 987 $ 1,801 Cost of Revenue Cost of revenue primarily consists of expenses related to fulfillment of its services, which mainly include shipping costs, acquiring costs, payroll and allocated overhead. Overhead is allocated to cost of revenue based on applicable headcount. Research and Development Research and development costs include personnel-related expenses associated with the Company’s development personnel responsible for the design, development and testing of its products, cost of development environments and tools, and allocated overhead. Overhead is allocated to research and development based on applicable headcount. Research and development costs are expensed as incurred. Sales and Marketing Costs Sales and Marketing costs include mainly personnel-related expenses, sales commissions, direct marketing, events, public relations, commercial agreement amortization (See note 5) and allocated overhead. Overhead is allocated to sales and marketing based on applicable headcount. General and Administrative General and administrative expenses primarily consist of personnel-related expenses, including share-based compensation expenses, associated primarily with the Company’s finance, legal, human resources and other operational and administrative functions, professional fees for external legal, accounting and other consulting services, and allocated overhead. Share-Based Compensation The Company account for share-based compensation in accordance with ASC No. 718, “Compensation - Stock Compensation” (“ASC No. 718”). Share-based compensation expense related to share awards is recognized based on the fair value of the awards granted. The fair value of restricted stock units (“RSU”) is based on the closing market value of the underlying shares at the date of grant. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying Ordinary Shares, the expected term of the option, the expected volatility of the price of the Company’s Ordinary Shares, risk-free interest rates, and the expected dividend yield of Ordinary Shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The related share-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur. Income Taxes The Company is subject to income taxes in Israel, the U.S., U.K and other foreign jurisdictions. These foreign jurisdictions may have different statutory rates than in Israel. Income taxes are accounted in accordance with ASC 740, Income Taxes The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement. Although the Company believes that it has adequately reserved for its uncertain tax positions (including net interest and penalties), it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders The Company computes net earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between Ordinary Shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred shares to be participating securities as the holders of the convertible preferred shares would be entitled to dividends that would be distributed to the holders of Ordinary Shares, on a pro-rata basis assuming conversion of all convertible preferred shares into Ordinary Shares. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. During the periods when the Company is in a net loss position, the net loss attributable to common shareholders was not allocated to the convertible Preferred Shares under the two-class method as these securities do not have a contractual obligation to share in our losses. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. During the . Segment Information The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company’s chief executive officer (“CEO”), in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level. Revenue by geographical region can be found in the revenue recognition disclosures in Note 2 above. The following table presents the Company’s property and equipment, net of depreciation and amortization as well as the Company’s operating lease ROU assets by geographic region: December 31, 2019 2020 202 1 (in thousands) Israel $ 1,444 $ 1,685 $ 18,383 United Kingdom 212 3,093 2,642 United States 208 74 2,326 Rest of world 31 25 26 Total property and equipment, net $ 1,895 $ 4,877 $ 23,376 Legal Proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. Israeli Severance Pay Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The Company has elected to include its employees in Israel under Section 14 of the Severance Pay Law, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments release the Company from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, any liability for severance pay due to these employees, and the deposits under Section 14 are not recorded as an asset in the consolidated balance sheets. During the years ended December 31, 2020 and 2021, the Company recorded $838 and $1,428, respectively, in severance expenses related to these employees. Warrants to preferred shares Prior to the IPO, the Company issued warrants to purchase the Company's convertible preferred shares which were classified as a liability on the balance sheet and measured at fair value. The Company measured the warrants at fair value by applying the Option Pricing Method ("OPM") in each reporting period until they were converted. Changes in the fair value being recognized in the Company's statement of operations as financial income or expense, as appropriate. Year Ended December 31, 2019 2020 2021 (in thousands) Beginning of the year $ 210 $ 215 $ 5,738 Change in fair value 5 5,523 5,872 Conversion to shares - - (11,610 ) End of year $ 215 5,738 $ - Funds receivable and payable to customers Funds receivable represent cash received or settled from end-customers via third-party payment service providers, which flows through a Company bank account for payment to the Company’s customers. This cash and related receivables represent the total amount due to the Company’s customers and as such, a liability for the same amount is recorded to funds payable to customers. Recently Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350). This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit's fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. The new guidance was adopted by the Company on January 1, 2020 with no impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The guidance will |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid expenses and other current assets | 3. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following: December 31, 2020 2021 (in thousands) Indirect tax receivables and related prepaid expenses $ 20,591 $ 39,030 Prepaid expenses 2,388 6,271 Other 68 1,267 Prepaid expenses and other current assets 23,047 46,568 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following: December 31, 2020 202 1 (in thousands) Computer and software $ 998 $ 1,603 Furniture and office equipment 162 429 Leasehold improvements 263 2,271 Property and equipment, gross 1,423 4,303 Less: accumulated depreciation and amortization (706 ) (1,034 ) Property and equipment, net $ 717 $ 3,269 Depreciation and amortization expense were $171, $235 and $331 for the years ended December 31, 2019, 2020 and 2021, respectively. During the year ended December 31, 2021, the Company wrote-off $3 of fully depreciated assets. |
Commercial Agreement Assets
Commercial Agreement Assets | 12 Months Ended |
Dec. 31, 2021 | |
Commercial Agreement Assets [Abstract] | |
Commercial Agreement Assets | 5. Commercial Agreement Asset During the year ended December, 2021, the Company recognized an asset in connection with a commercial agreement with Shopify Inc., in which the Company granted warrants in exchange for the benefit of being an exclusive third-party provider of an end-to-end cross border solution. This asset represents the probable future economic benefit to be realized over a four-year expected benefit period and is valued based on the fair value of the vested warrants on the grant date. The Company recognized an asset of $280.8 million associated with the fair value of the vested warrants. For the year ended December 31, 2021, the Company recorded amortization expense related to the commercial agreement asset of $84.3 million in the Company’s consolidated statements of operations and comprehensive loss as a component of sales and marketing expense. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: December 31, 2020 2021 (in thousands) Accrued Expenses $ 3,769 $ 11,668 Accrued indirect taxes and related liabilities 15,301 15,798 Accrued compensation and benefits 4,589 9,797 Advancements from customers 4,417 7,426 Other current liabilities 1,356 2,669 Accrued expenses and other current liabilities $ 29,432 47,358 |
Convertible Preferred shares, s
Convertible Preferred shares, shareholders' Deficit and Equity incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Preferred Shares, Shareholders’ Deficit And Equity Incentive Plan [Abstract] | |
Convertible Preferred shares, shareholders’ Equity (Deficit) and Equity incentive Plan | 7. Convertible Preferred shares, shareholders’ Equity (Deficit) and Equity incentive Plan a. General: The Ordinary Shares entitle their holders to receive notice to participate and vote in general meetings of the Company, the right to share in distributions upon liquidation of the Company, and to receive dividends, if declared. On March 21, 2021, the Company's shareholders approved the change of share capital from NIS 0.01 par value to no par-value. The change in par value has not yet been filed with and by the Israel Corporate Registrar, which filing is declarative in nature. On March 21, 2021, the Company's shareholders approved a share split of the Company’s Ordinary Shares at a ratio of 1-to 600. As a result of the share split, (i) every one authorized, issued and outstanding ordinary share was increased to six hundred (600) of shares authorized, issued and outstanding Ordinary Shares, (ii) the number of Ordinary Shares into which each outstanding option to purchase an Ordinary Share is exercisable was proportionally increased on a 1-to 600 basis, (iii) all share prices and exercise prices were proportionally decreased. All of the share numbers, share prices, and exercise prices have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-to 600 shares split, and (iv) the conversion ratio for the convertible preferred shares to Ordinary Shares was updated on a 1-to 600 basis. All references to ordinary and convertible preferred shares amounts and per share amounts have been retroactively restated to reflect the change in par value as if it had taken place as of the beginning of the earliest period presented. b. Share options plans: In 2013, the Company adopted the Global-e Online Ltd. 2013 Share Incentive Plan (“2013 Plan”), under which the Company may grant various forms of equity incentive compensation at the discretion of the board of directors, including share options. The awards have varying terms, but generally vest over four years. Share options expire 10 years after the date of grant. The Company issues new Ordinary Shares upon exercise of share options. In February 2019, the Company extended the contractual term for all share option grants from 7 years to 10 years. The Company concluded that the extension of the contractual term for all share option grants modified the terms of all outstanding share options held by employees and nonemployees. We no longer grant any awards under the 2013 Plan as it was superseded by the 2021 Plan, although previously granted awards remain outstanding. Ordinary Shares subject to outstanding options granted under the 2013 Plan that expire or become unexercisable without having been exercised in full will become available again for future grant under the 2021 Plan. The 2021 Share Incentive Plan, or the 2021 Plan, was adopted by our board of directors on March 1, 2021. The 2021 Plan provides for the grant of equity-based incentive awards to our employees, directors, office holders, service providers and consultants in order to incentivize them to increase their efforts on behalf of the Company and to promote the success of the Company’s business. The maximum number Ordinary Shares available for issuance under the 2021 Plan is equal to the sum of (i) 13,500,000 shares, (ii) any shares subject to awards under the 2013 Plan which have expired, or were cancelled, terminated, forfeited or settled in cash in lieu of issuance of shares or became unexercisable without having been exercised, and (iii) an annual increase on the first day of each year beginning in 2022 and on January 1st of each calendar year thereafter during the term of the Plan, equal to five percent (5%) of the outstanding ordinary shares of the Company on the last day of the immediately preceding calendar year. No more than 13,500,000 Ordinary Shares may be issued upon the exercise of incentive stock options, or ISOs. If permitted by our board of directors, shares tendered to pay the exercise price or withholding tax obligations with respect to an award granted under the 2021 Plan or the 2013 Plan may again be available for issuance under the 2021 Plan. Our board of directors may also reduce the number of Ordinary Shares reserved and available for issuance under the 2021 Plan in its discretion. A summary of share option activity under the Company’s equity incentive plan and related information is as follows: Options Outstanding Outstanding Share Options Weighted-Average Exercise Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic (in thousands, except share, life and per share data) Balance as of December 31, 2020 12,418,350 $ 2.04 7.83 $ 121,325.91 Granted - Exercised (1,994,371 ) $ 0.83 $ 124,762.70 Forfeited (291,825 ) $ 2.66 Balance as of December 31, 2021 10,132,154 $ 2.26 7.13 $ 619,339.90 Exercisable as of December 31, 2021 7,955,457 $ 2.15 6.80 $ 487,203.07 The weighted-average grant date fair value of options granted during the years ended December 31, 2019 and 2020, was $0.13, $3.05 respectively. During the year ended December 31, 2021, no options were granted. As of December 31, 2021, unrecognized share-based compensation cost related to unvested share options was $8,787, which is expected to be recognized over a weighted-average period 2.30 years. The Black-Scholes assumptions used to value the employee options at the grant dates are as follows: Year Ended December 31, 2019 2020 Expected term (years) 6.11 6.11 Expected volatility 70.0 % 70.0 % Risk-free interest rate 1.7% - 2.6 % 0.37% - 1.45 % Expected dividend yield 0.0 % 0.0 % F - 23 Global-e Online Ltd. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS These assumptions and estimates were determined as follows: • Fair Value of Ordinary Shares . Prior to IPO, the fair value was determined by our board of directors, with input from management and valuation reports prepared by third-party valuation specialists. Post IPO, the fair value of each ordinary share was based on the closing price of our publicly traded Ordinary Shares as reported on the date of the grant. • Risk-Free Interest Rate . The risk-free rate for the expected term of the options is based on the Black-Scholes option-pricing model on the yields of U.S. Treasury securities with maturities appropriate for the expected term of employee share option awards. • Expected Term . The expected term represents the period that options are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. • Expected Volatility . Since the Company has no trading history of its Ordinary Shares, the expected volatility is derived from the average historical share volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term. • Expected Dividend Yield . The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. As a result, an expected dividend yield of zero percent was used. A summary of RSU’s activity under the Company’s equity incentive plan and related information is as follows: Amount of RSU’s Weighted average grant date fair value Unvested as of December 31, 2020 - $ - Granted 467,589 63.75 Vested 24,571 68.46 Forfeited - Unvested as of December 31, 2021 443,018 $ 63.49 As of December 31, 2021, unrecognized share-based compensation cost related to unvested RSU’s was $23,402, which is expected to be recognized over a weighted-average period 2.55 years. F - 24 Global-e Online Ltd. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Share-Based Compensation The share-based compensation expense by line item in the accompanying consolidated statements of operations is summarized as follows: Year Ended December 31, 2019 2020 2021 (in thousands) Cost of revenue $ 2 $ 10 $ 85 Research and development 79 507 4,192 Sales and marketing 22 442 1,287 General and administrative 118 2,997 6,437 Total share-based compensation expense $ 221 $ 3,956 $ 12,001 Convertible preferred shares at December 31, 2020 consisted of the following: December 31, 2020 Designated Shares Authorized Shares Series A 19,298 19,298 Series A-1 20,364 20,364 Series B-1 37,361 37,361 Series B-2 17,792 17,792 Series C 15,822 15,822 Series D-1 27,758 27,758 Series E 23,706 23,706 Total convertible preferred shares 162,101 162,101 The Company has the following Ordinary Shares reserved for future issuance: December 31, 2020 2021 Conversion of convertible preferred shares 97,260,600 - Outstanding share options 12,418,350 10,132,154 Unvested RSU’s - 443,018 Remaining shares available for future issuance under the 2021 Plan 3,470,250 2,749,064 Total shares of ordinary shares reserved 113,149,200 13,324,236 Ordinary Share warrants Ordinary Share warrants are included as a component of additional paid in capital within the consolidated balance sheets. During the year ended December 31, 2021, the Company granted warrants to purchase 19,604,239 shares of Ordinary Shares in connection with a commercial agreement with Shopify Inc. The exercise price was $0.01 per share, and the term of the warrants was 10 years. We valued the warrants at the grant date using the Black-Scholes-Merton option pricing model. In connection with these warrants, we recognized an asset of $280.8 million at December 31, 2021 associated with the fair value of the warrants, of which 11,701,759 were vested and exercised as of December 31, 2021. This asset is recorded in the Company’s consolidated balance sheets. Refer to Note 5. Third Party Share Transactions In April and November 2020, the Company recorded $1,346 and $809, respectively, of share-based compensation expenses associated with the two secondary share purchase transactions during the year ended December 31, 2020. The secondary share purchase transactions were executed among certain of the Company’s founders, employees, and shareholders. The April 2020 secondary share purchase transaction was consummated concurrently with the issuance of the Company’s Series E convertible preferred shares. The Company assessed the impact of these transactions as holders of economic interest in the Company acquired shares from the Company’s employees and founders at a price in excess of fair value of such shares. Accordingly, the Company recognized such excess value as share-based compensation expense. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 8. Leases The Company`s leases include offices worldwide, as well as car leases, which are all classified as operating leases. Certain leases include renewal options that are under the Company`s sole discretion. The renewal options were included in the ROU and liability calculation if it was reasonably certain that the Company will exercise the option. For short-term leases with a term of 12 months or less, operating lease ROU assets and liabilities are not recognized and the Company records lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. The components of lease expense and supplemental cash flow information related to leases for the years ended December 31, 2019, 2020 and 2021 were as follows: Year ended Year ended Year ended December 31, 2019 December 31, 2020 December 31, 2021 Components of lease expenses Operating lease cost $ 655 $ 1,023 $ 1,406 Short-term lease $ 22 $ 66 $ 51 Total lease expenses $ 677 $ 1,089 $ 1,457 Year ended Year ended Year ended December 31, 2019 December 31, 2020 December 31, 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities $ 684 $ 1,017 $ 1,015 Supplemental non-cash information related to lease liabilities from obtaining ROU assets $ 1,209 $ 3,734 $ 17,329 For the year ended December 31, 2021, the weighted average remaining lease term is 9.1 years, and the weighted average discount rate is 3.29 percent. The discount rate was determined based on the estimated collateralized borrowing rate of the Company, adjusted to the specific lease term and location of each lease. Maturities of lease liabilities as of December 31, 2021 were as follows: December 31, (in thousands) Year Ending December 31, 2022 $ 2,549 2023 2,896 2024 2,632 2025 2,644 2026 2,656 Thereafter 11,049 Total operating lease payments $ 24,426 Less: imputed interest 3,105 Total $ 21,321 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes a. Israeli taxation: 1. Industry Encouragement (Taxes) Law, 1969 The company has the status of an "industrial company" within the meaning of this law. In accordance with this status and by virtue of published regulations, the Company is entitled to claim a depreciation deduction at increased rates in respect of equipment used in industrial activity, as stipulated in regulations by virtue of the Adjustments Law. In addition, the Company is entitled to a reduction in respect of a patent or the right to utilize a patent or knowledge, used for the development or promotion of the plant, to deduct expenses for the issuance of shares listed on the stock exchange and to file a consolidated report under certain conditions. 2. Ordinary taxable income in Israel is subject to a corporate tax rate of 23%. 3. The Company has not received any final tax assessments since inception. 4. The Company has net operating losses from prior tax periods which may be subjected to examination in future periods. As of December 31, 2021, the Company’s tax years until December 31, 2015 are subject to statutes of limitation in Israel. 5. Measurement of taxable income in U.S. dollars: The Company has elected to measure its taxable income and file its tax return under the Israeli Income Tax Regulations (Principles Regarding the Management of Books of Account of Foreign Invested Companies and Certain Partnerships and the Determination of Their Taxable Income), 1986. Accordingly, results for tax purposes are measured in terms of earnings in dollars. b. Income taxes of non-Israeli subsidiaries: Non-Israeli subsidiaries are taxed according to the tax laws in their respective countries of residence. The Company does not provide deferred tax liabilities when it intends to reinvest earnings of foreign subsidiaries indefinitely no tax liability will be imposed. Undistributed earnings of foreign subsidiaries that are not distributed amounted to $5,030 and unrecognized deferred tax liability related to such earning amounted to $1,157 as of December 31, 2021. c. The components of the net profit (loss) before the provision for income taxes were as follows: Year Ended December 31, 2019 2020 2021 (in thousands) Israel (4,932 ) 1,293 (83,028 ) Foreign (2,578 ) 2,781 8,800 Total (7,510 ) 4,074 (74,228 ) d. The provision for income taxes was as follows: Year Ended December 31, 2019 2020 2021 (in thousands) Current: Israel $ - $ 16 $ - Foreign 41 92 $ 795 Total current income tax expense 41 108 $ 795 Deferred: Israel - - - Foreign (7 ) 52 (90 ) Total deferred income tax (benefit) expense (7 ) 52 (90 ) Total provision for income taxes $ 34 $ 160 $ 705 e. Reconciliation of the theoretical tax expenses: A reconciliation of the Company’s theoretical income tax expense to actual income tax expense is as follows: Year Ended December 31, 2019 2020 2021 (in thousands) Theoretical income tax expense (benefit) $ (1,727 ) $ 937 $ (17,072 ) Change in valuation allowance 1,506 (2,235 ) 26,822 Return to provision true ups - - (2,490 ) Foreign tax rate differentials 56 (150 ) (76 ) Non-deductible Share-based compensation 26 910 1,513 Non-deductible expenses 122 1,290 1,517 Deductible expenses - - (9,661 ) Foreign exchange impact (41 ) (357 ) 273 State Taxes - - 63 Other 92 (235 ) (184 ) Total $ 34 $ 160 $ 705 f. Deferred tax assets and liabilities: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities: December 31, 2020 2021 (in thousands) Deferred tax assets: Net operating loss carryforwards *) 6,052 30,129 Research and development expenses 2,889 4,327 Leasing liabilities 1,018 4,823 Accruals and reserves 296 351 Share-based compensation - 1,371 Gross deferred tax assets 10,255 41,001 Valuation allowance (9,255 ) (36,077 ) Total deferred tax assets 1,000 4,924 Deferred tax liabilities: Deferred contract acquisition costs 90 376 Leasing assets 957 4,548 Property and equipment 43 - Gross deferred tax liabilities 1,090 4,924 Net deferred taxes $ 90 - *) Refer to note 8g. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. The Company has established a valuation allowance to offset the deferred tax assets at December 31, 2020 and 2021 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The net change in the total valuation allowance for the year ended December 31, 2021 was a decrease of $26,822. As of December 31, 2021, the Company had approximately $103,832 in net operating loss carryforwards in Israel that can be carried forward indefinitely. g. Uncertain tax position The Company operates its business in various countries, and accordingly attempts to utilize an efficient operating model to structure its tax payments based on the laws in the countries in which the Company operates. This can cause disputes between the Company and various tax authorities in different parts of the world. A reconciliation of the beginning and ending amount of unrecognized tax benefits related to uncertain tax positions is as follows: December 31, 2020 2021 (in thousands) Beginning balance - - Increases related to tax positions taken during the current year *) - 19,389 Ending balance - 19,389 *) As of December 31, 2021 unrecognized tax benefit in amount of $19.4 million was related to Net operating loss carryforwards for which the Company has recognized valuation allowance. |
Net Earnings (Loss) Per Share A
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders | 9. Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented: Year Ended December 31, 2019 2020 2021 (in thousands, except share and per share data) Basic net profit (loss) per share Numerator: Allocation of net profit (loss) (7,544 ) 3,914 (74,933 ) Net income allocated to preferred shareholders - 3,189 - Allocation of net profit (loss) attributable to Ordinary shareholders (7,544 ) 725 (74,933 ) Denominator: Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders 19,654,276 21,120,208 101,737,026 Basic net profit (loss) per share attributable to Ordinary shareholders (0.38 ) 0.03 (0.74 ) Diluted net profit (loss) per share Numerator: Allocation of net profit (loss) attributable for diluted computation (7,544 ) 725 (74,933 ) Denominator: Shares used in computing net earnings per share of ordinary share, basic 19,654,276 21,120,208 101,737,026 Weighted average effect of dilutive securities - effect of stock-based awards - 7,517,593 - Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders 19,654,276 28,637,801 101,737,026 Diluted net profit (loss) per share attributable to ordinary shareholders (0.38 ) 0.03 (0.74 ) The potential shares of Ordinary Shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows: Year Ended December 31, 2019 2020 2021 Convertible preferred shares 83,037,000 92,946,600 - Unvested RSU’s - - 443,018 Outstanding warrants to Ordinary Shares - - 7,902,480 Warrants to convertible shares - 312,600 - Outstanding share options 9,154,800 - 10,132,154 Total 92,191,800 93,259,200 18,477,652 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The Company is party to a Commercial Letter with DHL International GmbH (“DHL International”), dated March 27, 2017 and amended on December 7, 2020, pursuant to which the Company has undertaken to use DHL International exclusively for the provision of express shipping services to the Company’s customers, subject to certain exclusions described therein, and DHL International has undertaken certain commitments relating to the prices under which its services are offered to the Company. The current term of the Commercial Letter ends on March 27, 2022 and shall renew automatically thereafter until terminated by either the Company or DHL International upon twelve (12) months’ notice. In addition, the Company is party to a services agreement with DHL International (UK) Limited (“DHL UK”), dated May 21, 2019, under which DHL UK provides the Company with express shipping services relating to the purchase and sale of the Company’s customers’ products. The service agreement continues until terminated by either the Company or DHL UK in accordance with its terms. The consideration paid by the Company to DHL UK pursuant to the service agreement is contingent upon the extent of the shipping services provided. The Company entered similar arrangements with other DHL affiliated entities in the Netherlands, France and Spain. In connection with these arrangements, the Company recorded expenses included in Cost of revenue in the total amount of $26,106, $53,861 and $90,315 to DHL affiliated entities in the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2020 and 2021, the balances of accounts payable and accrued expenses in regards to DHL and its affiliated entities were $17,178 and $21,515, respectively (including duties charged by DHL). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements Financial instruments measured at fair value on a recurring basis include warrants to convertible preferred shares. The following table presents information about the Company’s financial instruments that are measured at fair value on a recurring basis: December 31, 2021 Fair value measurements using input type Level 1 Level 2 Level 3 Total Assets: Mutual Funds $ 1,274 $ - $ - $ 1,274 Government debentures - 1,908 - 1,908 Corporate debentures - 15,282 - 15,282 Total financials assets $ 1,275 $ 17,190 $ - $ 18,464 December 31, 2020 Fair value measurements using input type Level 1 Level 2 Level 3 Total Assets: Mutual Funds $ 1,200 $ - $ - $ 1,200 Government debentures - 1,359 - 1,359 Corporate debentures - 14,312 - 14,312 Total financials assets $ 1,200 $ 15,671 $ - $ 16,871 Liabilities Warrant to convertible preferred shares 5,738 5,738 Total financials liabilities $ - $ - $ 5,738 $ - |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
Marketable Securities [Abstract] | |
Marketable Securities | 12. Marketable Securities At December 31, 2021 the Company held marketable securities classified as available-for-sale securities as follows: December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Gross Realized Losses Fair Value Mutual funds $ 1,252 22 - $ - $ 1,274 Government debentures $ 1,894 23 - $ (9 ) $ 1,908 Corporate debentures $ 15,617 $ 24 $ (228 ) $ (131 ) $ 15,282 18,763 $ 69 $ (228 ) $ (140 ) $ 18,464 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Mutual funds $ 1,200 - - $ 1,200 Government debentures $ 1,360 6 $ (7 ) $ 1,359 Corporate debentures $ 14,200 $ 116 $ (4 ) $ 14,312 $ 16,760 $ 122 $ (11 ) $ 16,871 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On November 24, 2021, we entered into an agreement to acquire Flow Commerce Inc. (“Flow”) through the statutory merger of Flow with Global-e NewCo Inc., our wholly owned indirect subsidiary, with Flow as the surviving corporation and our wholly owned subsidiary. The Flow Merger closed on January 3, 2022 and is expected to strengthen our offering and capabilities, to allow us access to additional addressable markets of emerging brands not currently eligible to use our services. The deal is valued at up to approximately $500 million (in equal portions of cash and Global-e shares), comprised of a base consideration of approximately $425 million and up to approximately $75 million in potential additional consideration based on certain financial results in 2021. Concurrently, Global-e has signed an agreement to expand the strategic partnership with Shopify and issued to Shopify warrants to purchase (A) up to an aggregate of 1,289,064 of our ordinary shares for a purchase price of $0.01 per share which vested on the date of the agreement and since have been exercised in full, and (B) up to an aggregate of 738,081 of the Company’s ordinary shares for a purchase price of $0.01 per share which vest upon certain performance milestones. The Company expects to recognize an asset of approximately $71 million related to the 1,289,064 warrants, this asset represents the probable future economic benefit to be realized over a four-year period and is determined based on the fair value of the warrants at the grant date. The amount of future expense related to the 738,081 warrants upon meeting the milestones, is expected to be up to approximately $41 million and will be recognized as an expense over a four-year period which represents the probable future economic period. The amortization will be included within the sales and marketing expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Global-E Online Ltd. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified in order to conform to the current period presentation. |
Initial Public Offering | Initial Public Offering On May 14, the Company has completed its initial public offering (“IPO”), pursuant to which the Company issued and sold 17,250,000 Ordinary Shares at an offering price of $25 per share, including 2,500,000 Ordinary Shares for exercising the underwriters’ option to purchase additional shares. The Company has received proceeds of $396.4 million net of deduction of underwriting discounts and commissions of $30.2 million, and other issuance costs of $4.7 million. Upon consumption of the IPO, 19,298 Preferred A Shares, 20,364 Preferred A-1 Shares, 37,361 Preferred B-1 Shares, 17,792 Preferred B-2 Shares, 15,822 Preferred C Shares, 27,758 Preferred D-1 Shares and 23,706 Preferred E Shares were converted to Ordinary Shares in a 1:600 ratio. A total of 464,400 warrants to purchase the Company's convertible Preferred Shares were converted to Ordinary Shares upon consummation of the IPO. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, the allocation of transaction price among various performance obligations, the estimated customer life on deferred contract acquisition costs, the allowance for doubtful accounts, the fair value of financial assets and liabilities; including accounting and fair value of derivatives, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets and property and equipment, share-based compensation including the determination of the fair value of the Company’s Ordinary Shares, and the valuation of deferred tax assets and uncertain tax positions. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Foreign Currency | Foreign Currency The functional currency of the Company is the U.S. dollar. Accordingly, foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are remeasured each day at the exchange rate in effect on the day the transaction occurred. |
Concentration of Risks | Concentration of Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivable and marketable securities. The Company maintains its cash, cash equivalents, restricted cash, and short-term deposits with high-quality financial institutions mainly in the U.S., UK and Israel, the composition and maturities of which are regularly monitored by the Company. In the years ended December 31, 2019, 2020 and 2021, the revenue generated by the Company’s largest customer was $16,219, $24,534 and $31,346, respectively. As of December 31, 2020 and 2021, the net amount due to the Company’s largest customer was $8,264 and $8,482, respectively. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents consist of cash in banks. The Company considers all highly liquid investments, with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintains certain cash amounts restricted as to its withdrawal or use. The Company’s restricted cash primarily consists of security deposits collateralizing the Company’s operating leases. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2019 2020 202 1 Cash and cash equivalents $ 5,034 $ 68,637 $ 448,623 Cash and cash equivalents included in funds receivable $ 15,138 $ 16,193 $ 10,063 Restricted cash included in other assets $ 197 $ 203 $ 213 Total cash, cash equivalents, and restricted cash $ 20,369 $ 85,033 $ 458,899 |
Marketable Securities | Marketable Securities The Company classifies its marketable securities as available-for-sale at the time of purchase and re-evaluates such classification at each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies its marketable securities, including those with maturities beyond 12 months, as current assets in the Consolidated Balance Sheets. The Company carries these securities at fair value and records unrealized gains and losses, net of taxes, in accumulated other comprehensive income, which is reflected as a component of shareholders’ equity (deficit). The Company periodically evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. If the cost of an individual security exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than the cost basis, and the Company’s intent and ability to hold the security. If the Company believes that a decline in fair value is determined to be other-than-temporary, the Company writes down the security to fair value. Realized gains and losses and declines in fair value judged to be other than temporary on available-for-sale marketable securities are reported in interest income, net in the Consolidated Statements of Operations. For the year ended December 31, 2021 the Company has recognized other than temporary impairment in the amount of $140 in its Consolidated Statements of Operations as a result of the Company intention to sell specific Marketable securities. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial instruments consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivables, accounts payables, accrued liabilities, warrants to convertible preferred shares and marketable securities. Short-term deposits, Cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Warrants to preferred share and marketable securities are stated at fair value on a recurring basis. See note 12. |
Other Comprehensive Income | Other Comprehensive Income (loss) The Company accounts for comprehensive income (loss) in accordance with Accounting Standards Codification No. 220, "Comprehensive Income" ("ASC No. 220"). This statement establishes standards for the reporting and display of comprehensive income and its components in a full set of general-purpose financial statements. Comprehensive income generally represents all changes in shareholders' deficit during the period except those resulting from investments by, or distributions to shareholders. The total accumulated other comprehensive income was comprised as follows: Year ended December 31, 2020 2021 Unrealized gain on marketable securities Unrealized gain (loss) on marketable securities Beginning balance $ - $ 111 Net current period other comprehensive income (loss) 111 (410 ) reclassification adjustments for losses included in net income - 140 Total accumulated other comprehensive income (loss) $ 111 $ (159 ) |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount and amounts for which revenue has been recognized but not invoiced, net of allowance for doubtful accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of accounts. The Company regularly reviews the adequacy of the allowance for doubtful accounts based on a combination of factors, including an assessment of the current customer’s aging balance, the nature and size of the customer, the financial condition of the customer, and the amount of any receivables in dispute. Accounts receivable deemed uncollectable are charged against the allowance for doubtful accounts when identified. The allowance of doubtful accounts was not material for the periods presented. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred. The estimated useful lives of the Company’s property and equipment are as follows: Computer and software 3 years Furniture and office equipment 3 – 7 years Leasehold improvements Shorter of remaining lease term or estimated useful life |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the recoverability of long-lived assets, including property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. There were no impairment charges to long-lived assets during the periods presented. |
Capitalized Software Costs | Capitalized Software Costs Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development are capitalized. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. Maintenance costs are expensed as incurred. |
Revenue Recognition | Revenue Recognition The Company’s revenues are comprised of: 1. Service Fees –The Company provides merchants a cross-border e-commerce platform which enables to sell their products to consumers worldwide. Revenue is generated as a percentage of the value of transactions that flow through the Company’s platform. 2. Fulfillment services – The Company offers shipping, handling, and other global delivery services in order to deliver merchants’ goods to consumers. In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services are delivered. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for these goods or services. To achieve the core principle of this standard, the Company applied the following five steps: 1. Identification of the contract, or contracts, with the customer The Company determines that it has a contract with a customer when each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. 2. Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products and services is separately identifiable from other promises in the contract. The Company identified two distinct performance obligations: service fees and fulfillment services. The Company Offers its platform service solution on a standalone basis (i.e., without the fulfillment services), fulfillment services are offered on an optional basis. Customers may choose to utilize or cease utilizing fulfillment services, either in whole or for select markets, at any time and from time to time. 3. Determination of the transaction price The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products or delivery of services to the customer. The Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from customers which are subsequently remitted to governmental entities (e.g., sales tax and other indirect taxes). 4. Allocation of the transaction price to the performance obligations in the contract Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price ("SSP"). To determine SSP, the Company maximizes the use of observable standalone sales and observable data, where available. In instances where performance obligations do not have observable standalone sales, the Company uses the expected cost-plus margin approach to estimate the standalone selling price based on a defined matrix that takes into consideration, among others, the weight, volume and shipping lane of the package. The Company also utilizes available information that may include market conditions, pricing strategies, and other observable inputs. In some cases, the Company provides the platform service solution on a standalone basis. (i.e., without the fulfillment services) since fulfillment service is optional. As for the fulfillment services, the Company provides such services only alongside the platform service solution. 5. Recognition of the revenue when, or as, a performance obligation is satisfied Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product or delivery of service to the customer. Revenue is recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. For each performance obligation identified, the Company is required to determine whether control of the good or service transfers to the customer over time or at a point in time. The assessment of whether control transfers over time or at a point in time is critical to the timing of revenue recognition. The control over the promised services for each of the components is transferred as follow: a. Service Fees -the revenues are recognized once the transaction is considered completed, when the payment is processed by the Company, and the merchant goods arrive at the Company’s hub. The Company determined it acts as an agent since it does not have control over the goods provided to the shopper, based on the agreement with the merchant. The Company is not primarily responsible for the acceptability of the goods (for example – the quality of the goods provided to the consumer). Furthermore, the Company has no discretion in determining the prices paid by the consumer for the goods. The Company earns a fee based on a fixed percentage of the total amount of the goods. Therefore, revenues derived from the service fees are presented on a net basis. b. Fulfillment services - the service is recognized over the shipment time starting upon the dispatch to the carrier until it reaches the consumer. The Company determined it acts as a principal since it is the primary obligor to fulfill its promise to its customers, controls the services (i.e. the Company directs other parties to provide services on its behalf), has discretion in determining the carrier it uses to provide the service and bears the risk of loss if the actual cost of the fulfillment service will exceed the fee. Therefore, revenues derived from the fulfillment services are presented on a gross basis. The Company elected to apply the optional exemption under ASC 606 not to disclose the remaining performance obligations that relate to contracts with an original expected duration of one year or less. Disaggregation of Revenue The following table summarizes revenue by category: Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) Service fees 23,498 36 % 49,927 37 % 96,659 39 % Fulfillment services 42,354 64 % 86,448 63 % 148,615 61 % Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % The Company's revenues from service fees provided on a standalone basis were $1,002, $2,627 and $8,366 for the years ended December 31, 2019, 2020 and 2021, respectively. The following table summarizes revenue by merchant outbound region: Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) United Kingdom 51,799 79 % 80,122 59 % 113,835 47 % United States 9,529 14 % 34,140 25 % 71,095 29 % European Union 4,344 7 % 21,269 15 % 58,177 23 % Israel 180 * ) 844 1 % 1,052 * ) Other - - - - 1,115 * ) Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % *) Less than 1% |
Cost to Obtain a Contract | Cost to Obtain a Contract The Company capitalizes sales commissions paid to sales personnel that are incremental to the acquisition of customer contracts. These costs are recorded as deferred contract acquisition costs on the consolidated balance sheets. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Sales commissions paid upon the initial acquisition of a customer contract for sales personnel and affiliates are amortized mainly over an estimated period of benefit of five years. The Company determines the period of benefit for sales commissions paid for the acquisition of the initial customer contract by taking into consideration the estimated technological life of the Company’s solution. Amortization of sales commissions are consistent with each performance obligation and are included in sales and marketing expense in the consolidated statements of operations. The Company has applied the practical expedient in ASC 606 to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. The Company periodically reviews these deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented. The following table represents a rollforward of deferred contract acquisition costs: Year Ended December 31, 2019 2020 202 1 (in thousands) Beginning balance $ 318 $ 563 $ 987 Additions to deferred contract acquisition costs 343 618 1,188 Amortization of deferred contract acquisition costs (98 ) (194 ) (374 ) Ending balance $ 563 $ 987 $ 1,801 Deferred contract acquisition costs (to be recognized in next 12 months included in other current assets) $ 143 $ 264 $ 487 Deferred contract acquisition costs, noncurrent 420 723 1,314 Total deferred contract acquisition costs $ 563 $ 987 $ 1,801 |
Cost of Revenue | Cost of Revenue Cost of revenue primarily consists of expenses related to fulfillment of its services, which mainly include shipping costs, acquiring costs, payroll and allocated overhead. Overhead is allocated to cost of revenue based on applicable headcount. |
Research and Development | Research and Development Research and development costs include personnel-related expenses associated with the Company’s development personnel responsible for the design, development and testing of its products, cost of development environments and tools, and allocated overhead. Overhead is allocated to research and development based on applicable headcount. Research and development costs are expensed as incurred. |
Sales, Marketing, General and Administrative Costs | Sales and Marketing Costs Sales and Marketing costs include mainly personnel-related expenses, sales commissions, direct marketing, events, public relations, commercial agreement amortization (See note 5) and allocated overhead. Overhead is allocated to sales and marketing based on applicable headcount. General and Administrative General and administrative expenses primarily consist of personnel-related expenses, including share-based compensation expenses, associated primarily with the Company’s finance, legal, human resources and other operational and administrative functions, professional fees for external legal, accounting and other consulting services, and allocated overhead. |
Share-Based Compensation | Share-Based Compensation The Company account for share-based compensation in accordance with ASC No. 718, “Compensation - Stock Compensation” (“ASC No. 718”). Share-based compensation expense related to share awards is recognized based on the fair value of the awards granted. The fair value of restricted stock units (“RSU”) is based on the closing market value of the underlying shares at the date of grant. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying Ordinary Shares, the expected term of the option, the expected volatility of the price of the Company’s Ordinary Shares, risk-free interest rates, and the expected dividend yield of Ordinary Shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The related share-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur. |
Income Taxes | Income Taxes The Company is subject to income taxes in Israel, the U.S., U.K and other foreign jurisdictions. These foreign jurisdictions may have different statutory rates than in Israel. Income taxes are accounted in accordance with ASC 740, Income Taxes The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement. Although the Company believes that it has adequately reserved for its uncertain tax positions (including net interest and penalties), it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. |
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders | Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders The Company computes net earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between Ordinary Shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its convertible preferred shares to be participating securities as the holders of the convertible preferred shares would be entitled to dividends that would be distributed to the holders of Ordinary Shares, on a pro-rata basis assuming conversion of all convertible preferred shares into Ordinary Shares. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. During the periods when the Company is in a net loss position, the net loss attributable to common shareholders was not allocated to the convertible Preferred Shares under the two-class method as these securities do not have a contractual obligation to share in our losses. The diluted net earnings per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. During the . |
Segment Information | Segment Information The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is the Company’s chief executive officer (“CEO”), in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level. Revenue by geographical region can be found in the revenue recognition disclosures in Note 2 above. The following table presents the Company’s property and equipment, net of depreciation and amortization as well as the Company’s operating lease ROU assets by geographic region: December 31, 2019 2020 202 1 (in thousands) Israel $ 1,444 $ 1,685 $ 18,383 United Kingdom 212 3,093 2,642 United States 208 74 2,326 Rest of world 31 25 26 Total property and equipment, net $ 1,895 $ 4,877 $ 23,376 |
Legal Proceedings | Legal Proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. |
Israeli Severance Pay | Israeli Severance Pay Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The Company has elected to include its employees in Israel under Section 14 of the Severance Pay Law, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. These payments release the Company from any future obligation under the Israeli Severance Pay Law to make severance payments in respect of those employees; therefore, any liability for severance pay due to these employees, and the deposits under Section 14 are not recorded as an asset in the consolidated balance sheets. During the years ended December 31, 2020 and 2021, the Company recorded $838 and $1,428, respectively, in severance expenses related to these employees. |
Warrants to preferred shares | Warrants to preferred shares Prior to the IPO, the Company issued warrants to purchase the Company's convertible preferred shares which were classified as a liability on the balance sheet and measured at fair value. The Company measured the warrants at fair value by applying the Option Pricing Method ("OPM") in each reporting period until they were converted. Changes in the fair value being recognized in the Company's statement of operations as financial income or expense, as appropriate. Year Ended December 31, 2019 2020 2021 (in thousands) Beginning of the year $ 210 $ 215 $ 5,738 Change in fair value 5 5,523 5,872 Conversion to shares - - (11,610 ) End of year $ 215 5,738 $ - |
Funds receivable and payable to customers | Funds receivable and payable to customers Funds receivable represent cash received or settled from end-customers via third-party payment service providers, which flows through a Company bank account for payment to the Company’s customers. This cash and related receivables represent the total amount due to the Company’s customers and as such, a liability for the same amount is recorded to funds payable to customers. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350). This standard eliminates Step 2 from the goodwill impairment test, instead requiring an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit's fair value. This guidance is effective for interim and annual goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted. This guidance must be applied on a prospective basis. The new guidance was adopted by the Company on January 1, 2020 with no impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new standard requires capitalized costs to be amortized on a straight-line basis generally over the term of the arrangement, and the financial statement presentation for these capitalized costs would be the same as that of the fees related to the hosting arrangements. The guidance will be effective for the Company beginning January 1, 2021, and interim periods in fiscal years beginning January 1, 2022. Early adoption is permitted. The new guidance was adopted by the Company on January 1, 2021 with no impact on its consolidated financial statements and related disclosures. |
Recently issued accounting standards, not yet adopted by the Company | Recently issued accounting standards, not yet adopted by the Company In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company beginning January 1, 2023, and interim periods therein. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intraperiod tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". The standard requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance.” The new standard improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company does not expect the adoption of the standard will have a material impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | December 31, 2019 2020 202 1 Cash and cash equivalents $ 5,034 $ 68,637 $ 448,623 Cash and cash equivalents included in funds receivable $ 15,138 $ 16,193 $ 10,063 Restricted cash included in other assets $ 197 $ 203 $ 213 Total cash, cash equivalents, and restricted cash $ 20,369 $ 85,033 $ 458,899 |
Schedule of accumulated other comprehensive income | Year ended December 31, 2020 2021 Unrealized gain on marketable securities Unrealized gain (loss) on marketable securities Beginning balance $ - $ 111 Net current period other comprehensive income (loss) 111 (410 ) reclassification adjustments for losses included in net income - 140 Total accumulated other comprehensive income (loss) $ 111 $ (159 ) |
Schedule of revenue by category | Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) Service fees 23,498 36 % 49,927 37 % 96,659 39 % Fulfillment services 42,354 64 % 86,448 63 % 148,615 61 % Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % Year Ended December 31, 2019 2020 2021 Percentage Percentage Percentage Amount of Revenue Amount of Revenue Amount of Revenue (in thousands, except percentages) United Kingdom 51,799 79 % 80,122 59 % 113,835 47 % United States 9,529 14 % 34,140 25 % 71,095 29 % European Union 4,344 7 % 21,269 15 % 58,177 23 % Israel 180 * ) 844 1 % 1,052 * ) Other - - - - 1,115 * ) Total revenue $ 65,852 100 % $ 136,375 100 % $ 245,274 100 % *) Less than 1% |
Schedule of deferred contract acquisition costs | Year Ended December 31, 2019 2020 202 1 (in thousands) Beginning balance $ 318 $ 563 $ 987 Additions to deferred contract acquisition costs 343 618 1,188 Amortization of deferred contract acquisition costs (98 ) (194 ) (374 ) Ending balance $ 563 $ 987 $ 1,801 Deferred contract acquisition costs (to be recognized in next 12 months included in other current assets) $ 143 $ 264 $ 487 Deferred contract acquisition costs, noncurrent 420 723 1,314 Total deferred contract acquisition costs $ 563 $ 987 $ 1,801 |
Schedule of property and equipment, net by geographical region | December 31, 2019 2020 202 1 (in thousands) Israel $ 1,444 $ 1,685 $ 18,383 United Kingdom 212 3,093 2,642 United States 208 74 2,326 Rest of world 31 25 26 Total property and equipment, net $ 1,895 $ 4,877 $ 23,376 |
Schedule of warrants to preferred shares | Year Ended December 31, 2019 2020 2021 (in thousands) Beginning of the year $ 210 $ 215 $ 5,738 Change in fair value 5 5,523 5,872 Conversion to shares - - (11,610 ) End of year $ 215 5,738 $ - |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of prepaid expenses and other current assets | December 31, 2020 2021 (in thousands) Indirect tax receivables and related prepaid expenses $ 20,591 $ 39,030 Prepaid expenses 2,388 6,271 Other 68 1,267 Prepaid expenses and other current assets 23,047 46,568 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | December 31, 2020 202 1 (in thousands) Computer and software $ 998 $ 1,603 Furniture and office equipment 162 429 Leasehold improvements 263 2,271 Property and equipment, gross 1,423 4,303 Less: accumulated depreciation and amortization (706 ) (1,034 ) Property and equipment, net $ 717 $ 3,269 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | December 31, 2020 2021 (in thousands) Accrued Expenses $ 3,769 $ 11,668 Accrued indirect taxes and related liabilities 15,301 15,798 Accrued compensation and benefits 4,589 9,797 Advancements from customers 4,417 7,426 Other current liabilities 1,356 2,669 Accrued expenses and other current liabilities $ 29,432 47,358 |
Convertible Preferred shares,_2
Convertible Preferred shares, shareholders' Deficit and Equity incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Preferred Shares, Shareholders’ Deficit And Equity Incentive Plan [Abstract] | |
Schedule of share option activity of equity incentive plan | Options Outstanding Outstanding Share Options Weighted-Average Exercise Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic (in thousands, except share, life and per share data) Balance as of December 31, 2020 12,418,350 $ 2.04 7.83 $ 121,325.91 Granted - Exercised (1,994,371 ) $ 0.83 $ 124,762.70 Forfeited (291,825 ) $ 2.66 Balance as of December 31, 2021 10,132,154 $ 2.26 7.13 $ 619,339.90 Exercisable as of December 31, 2021 7,955,457 $ 2.15 6.80 $ 487,203.07 |
Schedule of black-Scholes assumptions used to value employee options | Year Ended December 31, 2019 2020 Expected term (years) 6.11 6.11 Expected volatility 70.0 % 70.0 % Risk-free interest rate 1.7% - 2.6 % 0.37% - 1.45 % Expected dividend yield 0.0 % 0.0 % |
Schedule of restricted stock unit activity | Amount of RSU’s Weighted average grant date fair value Unvested as of December 31, 2020 - $ - Granted 467,589 63.75 Vested 24,571 68.46 Forfeited - Unvested as of December 31, 2021 443,018 $ 63.49 |
Schedule of share-based compensation expense | Year Ended December 31, 2019 2020 2021 (in thousands) Cost of revenue $ 2 $ 10 $ 85 Research and development 79 507 4,192 Sales and marketing 22 442 1,287 General and administrative 118 2,997 6,437 Total share-based compensation expense $ 221 $ 3,956 $ 12,001 |
Schedule of Series E convertible preferred shares | December 31, 2020 Designated Shares Authorized Shares Series A 19,298 19,298 Series A-1 20,364 20,364 Series B-1 37,361 37,361 Series B-2 17,792 17,792 Series C 15,822 15,822 Series D-1 27,758 27,758 Series E 23,706 23,706 Total convertible preferred shares 162,101 162,101 |
Schedule of ordinary shares reserved for future issuance | December 31, 2020 2021 Conversion of convertible preferred shares 97,260,600 - Outstanding share options 12,418,350 10,132,154 Unvested RSU’s - 443,018 Remaining shares available for future issuance under the 2021 Plan 3,470,250 2,749,064 Total shares of ordinary shares reserved 113,149,200 13,324,236 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease expense | Year ended Year ended Year ended December 31, 2019 December 31, 2020 December 31, 2021 Components of lease expenses Operating lease cost $ 655 $ 1,023 $ 1,406 Short-term lease $ 22 $ 66 $ 51 Total lease expenses $ 677 $ 1,089 $ 1,457 |
Schedule of supplemental cash flow information related to leases | Year ended Year ended Year ended December 31, 2019 December 31, 2020 December 31, 2021 Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities $ 684 $ 1,017 $ 1,015 Supplemental non-cash information related to lease liabilities from obtaining ROU assets $ 1,209 $ 3,734 $ 17,329 |
Schedule of maturities of lease liabilities | December 31, (in thousands) Year Ending December 31, 2022 $ 2,549 2023 2,896 2024 2,632 2025 2,644 2026 2,656 Thereafter 11,049 Total operating lease payments $ 24,426 Less: imputed interest 3,105 Total $ 21,321 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of profit (loss) before the provision for income taxes | Year Ended December 31, 2019 2020 2021 (in thousands) Israel (4,932 ) 1,293 (83,028 ) Foreign (2,578 ) 2,781 8,800 Total (7,510 ) 4,074 (74,228 ) |
Schedule of provision for income taxes | Year Ended December 31, 2019 2020 2021 (in thousands) Current: Israel $ - $ 16 $ - Foreign 41 92 $ 795 Total current income tax expense 41 108 $ 795 Deferred: Israel - - - Foreign (7 ) 52 (90 ) Total deferred income tax (benefit) expense (7 ) 52 (90 ) Total provision for income taxes $ 34 $ 160 $ 705 |
Schedule of effective income tax rate reconciliation | Year Ended December 31, 2019 2020 2021 (in thousands) Theoretical income tax expense (benefit) $ (1,727 ) $ 937 $ (17,072 ) Change in valuation allowance 1,506 (2,235 ) 26,822 Return to provision true ups - - (2,490 ) Foreign tax rate differentials 56 (150 ) (76 ) Non-deductible Share-based compensation 26 910 1,513 Non-deductible expenses 122 1,290 1,517 Deductible expenses - - (9,661 ) Foreign exchange impact (41 ) (357 ) 273 State Taxes - - 63 Other 92 (235 ) (184 ) Total $ 34 $ 160 $ 705 |
Schedule of deferred tax assets and liabilities | December 31, 2020 2021 (in thousands) Deferred tax assets: Net operating loss carryforwards *) 6,052 30,129 Research and development expenses 2,889 4,327 Leasing liabilities 1,018 4,823 Accruals and reserves 296 351 Share-based compensation - 1,371 Gross deferred tax assets 10,255 41,001 Valuation allowance (9,255 ) (36,077 ) Total deferred tax assets 1,000 4,924 Deferred tax liabilities: Deferred contract acquisition costs 90 376 Leasing assets 957 4,548 Property and equipment 43 - Gross deferred tax liabilities 1,090 4,924 Net deferred taxes $ 90 - *) Refer to note 8g. |
Schedule of unrecognized tax benefits | December 31, 2020 2021 (in thousands) Beginning balance - - Increases related to tax positions taken during the current year *) - 19,389 Ending balance - 19,389 |
Net Earnings (Loss) Per Share_2
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Year Ended December 31, 2019 2020 2021 (in thousands, except share and per share data) Basic net profit (loss) per share Numerator: Allocation of net profit (loss) (7,544 ) 3,914 (74,933 ) Net income allocated to preferred shareholders - 3,189 - Allocation of net profit (loss) attributable to Ordinary shareholders (7,544 ) 725 (74,933 ) Denominator: Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders 19,654,276 21,120,208 101,737,026 Basic net profit (loss) per share attributable to Ordinary shareholders (0.38 ) 0.03 (0.74 ) Diluted net profit (loss) per share Numerator: Allocation of net profit (loss) attributable for diluted computation (7,544 ) 725 (74,933 ) Denominator: Shares used in computing net earnings per share of ordinary share, basic 19,654,276 21,120,208 101,737,026 Weighted average effect of dilutive securities - effect of stock-based awards - 7,517,593 - Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders 19,654,276 28,637,801 101,737,026 Diluted net profit (loss) per share attributable to ordinary shareholders (0.38 ) 0.03 (0.74 ) |
Schedule of antidilutive securities excluded from computation of diluted net loss per share | Year Ended December 31, 2019 2020 2021 Convertible preferred shares 83,037,000 92,946,600 - Unvested RSU’s - - 443,018 Outstanding warrants to Ordinary Shares - - 7,902,480 Warrants to convertible shares - 312,600 - Outstanding share options 9,154,800 - 10,132,154 Total 92,191,800 93,259,200 18,477,652 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | December 31, 2021 Fair value measurements using input type Level 1 Level 2 Level 3 Total Assets: Mutual Funds $ 1,274 $ - $ - $ 1,274 Government debentures - 1,908 - 1,908 Corporate debentures - 15,282 - 15,282 Total financials assets $ 1,275 $ 17,190 $ - $ 18,464 December 31, 2020 Fair value measurements using input type Level 1 Level 2 Level 3 Total Assets: Mutual Funds $ 1,200 $ - $ - $ 1,200 Government debentures - 1,359 - 1,359 Corporate debentures - 14,312 - 14,312 Total financials assets $ 1,200 $ 15,671 $ - $ 16,871 Liabilities Warrant to convertible preferred shares 5,738 5,738 Total financials liabilities $ - $ - $ 5,738 $ - |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Marketable Securities [Abstract] | |
Debt securities, available-for-sale [Table Text Block] | December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Gross Realized Losses Fair Value Mutual funds $ 1,252 22 - $ - $ 1,274 Government debentures $ 1,894 23 - $ (9 ) $ 1,908 Corporate debentures $ 15,617 $ 24 $ (228 ) $ (131 ) $ 15,282 18,763 $ 69 $ (228 ) $ (140 ) $ 18,464 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Mutual funds $ 1,200 - - $ 1,200 Government debentures $ 1,360 6 $ (7 ) $ 1,359 Corporate debentures $ 14,200 $ 116 $ (4 ) $ 14,312 $ 16,760 $ 122 $ (11 ) $ 16,871 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 448,623 | $ 68,637 | $ 5,034 | |
Cash and cash equivalents included in funds receivable | 10,063 | 16,193 | 15,138 | |
Restricted cash included in other assets, noncurrent | 213 | 203 | 197 | |
Total cash, cash equivalents, and restricted cash | $ 458,899 | $ 85,033 | $ 20,369 | $ 13,646 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Beginning balance | $ 111 | $ 0 |
Net current period other comprehensive income | (410) | 111 |
reclassification adjustments for losses included in net income | 140 | 0 |
Total accumulated other comprehensive income | $ (159) | $ 111 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2021 | |
Computer and software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture and office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture and office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | Shorter of remaining lease term or estimated useful life |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Revenue | $ 245,274 | $ 136,375 | $ 65,852 |
Percentage of revenue | 100.00% | 100.00% | 100.00% |
Service fees | |||
Concentration Risk [Line Items] | |||
Revenue | $ 96,659 | $ 49,927 | $ 23,498 |
Percentage of revenue | 39.00% | 37.00% | 36.00% |
Fulfillment services | |||
Concentration Risk [Line Items] | |||
Revenue | $ 148,615 | $ 86,448 | $ 42,354 |
Percentage of revenue | 61.00% | 63.00% | 64.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Concentration Risk [Line Items] | |||||
Revenue | $ 245,274 | $ 136,375 | $ 65,852 | ||
Percentage of revenue | 100.00% | 100.00% | 100.00% | ||
UNITED KINGDOM | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 113,835 | $ 80,122 | $ 51,799 | ||
Percentage of revenue | 47.00% | 59.00% | 79.00% | ||
UNITED STATES | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 71,095 | $ 34,140 | $ 9,529 | ||
Percentage of revenue | 29.00% | 25.00% | 14.00% | ||
European Union | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 58,177 | $ 21,269 | $ 4,344 | ||
Percentage of revenue | 23.00% | 15.00% | 7.00% | ||
ISRAEL | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 1,052 | $ 844 | $ 180 | ||
Percentage of revenue | [1] | 1.00% | [1] | ||
Other | |||||
Concentration Risk [Line Items] | |||||
Revenue | $ 1,115 | $ 0 | $ 0 | ||
Percentage of revenue | [1] | 0.00% | 0.00% | ||
[1] | Less than 1% |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 987 | $ 563 | $ 318 |
Additions to deferred contract acquisition costs | 1,188 | 618 | 343 |
Amortization of deferred contract acquisition costs | (374) | (194) | (98) |
Ending balance | 1,801 | 987 | 563 |
Deferred contract acquisition costs (to be recognized in next 12 months included in other current assets) | 487 | 264 | 143 |
Deferred contract acquisition costs, noncurrent | 1,314 | 723 | 420 |
Total deferred contract acquisition costs | $ 1,801 | $ 987 | $ 563 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Details 6) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | $ 3,269 | $ 717 | |
Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | 23,376 | 4,877 | $ 1,895 |
Israel | Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | 18,383 | 1,685 | 1,444 |
United Kingdom | Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | 2,642 | 3,093 | 212 |
United States | Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | 2,326 | 74 | 208 |
Rest of world | Reportable Geographical Components | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total property and equipment, net | $ 26 | $ 25 | $ 31 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Beginning of the year | $ 5,738 | $ 215 | $ 210 |
Change in fair value | 5,872 | 5,523 | 5 |
Conversion to shares | (11,610) | 0 | |
End of year | $ 0 | $ 5,738 | $ 215 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | May 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 0 | 97,260,600 | ||
Other than temporary impairment recognized in earnings | $ 140 | |||
Severance expenses | $ 1,428 | $ 838 | ||
Severance pay description | Pursuant to Israel’s Severance Pay Law, Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The Company has elected to include its employees in Israel under Section 14 of the Severance Pay Law, under which these employees are entitled only to monthly deposits made in their name with insurance companies, at a rate of 8.33% of their monthly salary. | |||
Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Issuance of Ordinary shares in IPO, net (Shares) | 17,250,000 | |||
Offering price | $ 25 | |||
Additional ordinary shares pursuant to underwriters option to purchase | 2,500,000 | |||
Net proceeds of deducting underwriting discounts and commissions | $ 396,400 | |||
Proceeds from Issuance of Debt | 30,200 | |||
Other issuance costs | $ 4,700 | |||
Converted to Ordinary Shares ratio | 1:600 | |||
Number of warrants issued to purchase convertible preferred Shares | 464,400 | |||
Series A | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 19,298 | |||
Series A-1 | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 20,364 | |||
Series B-1 | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 37,361 | |||
Series B-2 | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 17,792 | |||
Series C | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 15,822 | |||
Series D-1 | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 27,758 | |||
Series E | Initial public offering ("IPO") | ||||
Concentration Risk [Line Items] | ||||
Conversion of convertible preferred shares | 23,706 | |||
Service fees | ||||
Concentration Risk [Line Items] | ||||
Revenue | $ 8,366 | 2,627 | $ 1,002 | |
Largest customer | ||||
Concentration Risk [Line Items] | ||||
Revenue | 31,346 | 24,534 | $ 16,219 | |
Amount due to customer | $ 8,482 | $ 8,264 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Indirect tax receivables and related prepaid expenses | $ 39,030 | $ 20,591 |
Prepaid expenses | 6,271 | 2,388 |
Other | 1,267 | 68 |
Prepaid expenses and other current assets | $ 46,568 | $ 23,047 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,303 | $ 1,423 |
Less: accumulated depreciation and amortization | (1,034) | (706) |
Property, Plant and Equipment, Net, Total | 3,269 | 717 |
Computer and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,603 | 998 |
Furniture and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 429 | 162 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,271 | $ 263 |
Property and Equipment, Net (_2
Property and Equipment, Net (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 331 | $ 235 | $ 171 |
Wrote-off of depreciated assets | $ 3 |
Commercial Agreement Assets (De
Commercial Agreement Assets (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Asset recognized associated with the fair value of the warrants | $ 280,800 | ||
Amortization expense related to the commercial agreement asset | $ 84,298 | $ 0 | $ 0 |
Commercial agreement | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Expected benefit period | four-year | ||
Asset recognized associated with the fair value of the warrants | $ 280,800 | ||
Amortization expense related to the commercial agreement asset | $ 84,300 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued Expenses | $ 11,668 | $ 3,769 |
Accrued indirect taxes and related liabilities | 15,798 | 15,301 |
Accrued compensation and benefits | 9,797 | 4,589 |
Advancements from customers | 7,426 | 4,417 |
Other current liabilities | 2,669 | 1,356 |
Accrued expenses and other current liabilities | $ 47,358 | $ 29,432 |
Convertible Preferred shares,_3
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Shares Available for Grant | ||
Balance as of December 31, 2020 | 3,470,250 | |
Balance as of December 31, 2021 | 2,749,064 | 3,470,250 |
Outstanding Share Options | ||
Balance as of December 31, 2020 | 12,418,350 | |
Balance as of December 31, 2021 | 10,132,154 | 12,418,350 |
2021 Plan | ||
Outstanding Share Options | ||
Balance as of December 31, 2020 | 12,418,350 | |
Granted | 0 | |
Exercised | (1,994,371) | |
Forfeited | (291,825) | |
Balance as of December 31, 2021 | 10,132,154 | 12,418,350 |
Exercisable as of December 31, 2021 | 7,955,457 | |
Weighted Average Exercise Price | ||
Balance as of December 31, 2020 | $ 2.04 | |
Exercised | 0.83 | |
Forfeited | 2.66 | |
Balance as of December 31, 2021 | 2.26 | $ 2.04 |
Exercisable as of December 31, 2021 | $ 2.15 | |
Weighted-Average Remaining Contractual Life (Years) | 7 years 1 month 17 days | 7 years 9 months 29 days |
Weighted- Average Remaining Contractual Life (Years) Exercisable | 6 years 9 months 18 days | |
Aggregate Intrinsic Value | ||
Balance as of December 31, 2020 | $ 121,325,910 | |
Exercised | 124,762,700 | |
Balance as of December 31, 2021 | 619,339,900 | $ 121,325,910 |
Exercisable as of December 31, 2021 | $ 487,203,070 |
Convertible Preferred shares,_4
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details 1) - 2021 Plan | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Expected term (years) | 6 years 1 month 9 days | 6 years 1 month 9 days |
Expected volatility | 70.00% | 70.00% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Risk-free interest rate | 0.37% | 1.70% |
Maximum | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Risk-free interest rate | 1.45% | 2.60% |
Convertible Preferred shares,_5
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details 2) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |
Unvested, beginning balance | 0 |
Unvested, ending balance | 443,018 |
RSU | |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |
Unvested, beginning balance | 0 |
Granted | 467,589 |
Vested | 24,571 |
Forfeited | 0 |
Unvested, ending balance | 443,018 |
Weighted average grant date fair value, beginning balance | $ / shares | $ 0 |
Weighted average grant date fair value Granted | $ / shares | 63.75 |
Weighted average grant date fair value, Vested | $ / shares | 68.46 |
Weighted average grant date fair value, ending balance | $ / shares | $ 63.49 |
Convertible Preferred shares,_6
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details 3) - 2021 Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |||
Total share-based compensation expense | $ 12,001 | $ 3,956 | $ 221 |
Cost of revenue | |||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |||
Total share-based compensation expense | 85 | 10 | 2 |
Research and development | |||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |||
Total share-based compensation expense | 4,192 | 507 | 79 |
Sales and marketing | |||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |||
Total share-based compensation expense | 1,287 | 442 | 22 |
General and administrative | |||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | |||
Total share-based compensation expense | $ 6,437 | $ 2,997 | $ 118 |
Convertible Preferred shares,_7
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details 4) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 162,101 | |
Convertible preferred shares, Issued | 0 | 162,101 |
Convertible preferred shares, Outstanding | 0 | 162,101 |
Series A | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 19,298 | |
Convertible preferred shares, Issued | 19,298 | |
Convertible preferred shares, Outstanding | 19,298 | |
Series A-1 | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 20,364 | |
Convertible preferred shares, Issued | 20,364 | |
Convertible preferred shares, Outstanding | 20,364 | |
Series B-1 | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 37,361 | |
Convertible preferred shares, Issued | 37,361 | |
Convertible preferred shares, Outstanding | 37,361 | |
Series B-2 | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 17,792 | |
Convertible preferred shares, Issued | 17,792 | |
Convertible preferred shares, Outstanding | 17,792 | |
Series C | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 15,822 | |
Convertible preferred shares, Issued | 15,822 | |
Convertible preferred shares, Outstanding | 15,822 | |
Series D-1 | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 27,758 | |
Convertible preferred shares, Issued | 27,758 | |
Convertible preferred shares, Outstanding | 27,758 | |
Series E | ||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||
Designated Shares Authorized | 23,706 | |
Convertible preferred shares, Issued | 23,706 | |
Convertible preferred shares, Outstanding | 23,706 |
Convertible Preferred shares,_8
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Details 5) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Convertible Preferred Shares, Shareholders’ Deficit And Equity Incentive Plan [Abstract] | ||
Conversion of convertible preferred shares | 0 | 97,260,600 |
Outstanding share options | 10,132,154 | 12,418,350 |
Unvested RSU’s | 443,018 | 0 |
Remaining shares available for future issuance under the 2021 Plan | 2,749,064 | 3,470,250 |
Total shares of ordinary shares reserved | 13,324,236 | 113,149,200 |
Convertible Preferred shares,_9
Convertible Preferred shares, shareholders' (Deficit) and Equity incentive Plan (Detail Textuals) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 21, 2021₪ / shares | Nov. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||||||||
Ordinary shares split ratio | 600 | |||||||
Ordinary shares split ratio, description | (i) every one authorized, issued and outstanding ordinary share was increased to six hundred (600) of shares authorized, issued and outstanding Ordinary Shares, (ii) the number of Ordinary Shares into which each outstanding option to purchase an Ordinary Share is exercisable was proportionally increased on a 1-to 600 basis, (iii) all share prices and exercise prices were proportionally decreased. All of the share numbers, share prices, and exercise prices have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-to 600 shares split, and (iv) the conversion ratio for the convertible preferred shares to Ordinary Shares was updated on a 1-to 600 basis. | |||||||
Gross proceeds from convertible preferred shares | $ 0 | $ 58,821 | $ 0 | |||||
Share-based compensation expense | $ 809 | $ 1,346 | ||||||
Ordinary share, par value per share | ₪ / shares | ₪ 0.01 | |||||||
Convertible preferred shares, par value per share | ₪ / shares | 0.01 | |||||||
Ordinary share, No par value | (per share) | 0 | $ 0 | $ 0 | |||||
Temporary equity, No par value | (per share) | ₪ 0 | $ 0 | 0 | |||||
Number of common shares called by warrants | shares | 19,604,239 | |||||||
Exercise price of warrants | $ / shares | $ 0.01 | |||||||
Term of warrants | 10 years | |||||||
Fair value of warrants | $ 280,800 | |||||||
Number of warrants vested and exercised | shares | 11,701,759 | |||||||
RSU | ||||||||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||||||||
Recognition period for unrecognized share-based compensation cost | 2 years 6 months 18 days | |||||||
Unrecognized share-based compensation cost related to unvested RSU’s | $ 23,402 | |||||||
2021 Plan | ||||||||
Convertible Preferred Shares Shareholders Deficit And Equity Incentive Plan [Line Items] | ||||||||
Share options, award vesting period | 10 years | 7 years | 4 years | |||||
Expiration of Share options after date of grant | 10 years | |||||||
Number of maximum number ordinary shares issuance | shares | 13,500,000 | |||||||
Percentage of outstanding ordinary shares | 5.00% | |||||||
Weighted-average grant date fair value of options granted | $ / shares | $ 3.05 | $ 0.13 | ||||||
Unrecognized share-based compensation cost related to unvested share options | $ 8,787 | |||||||
Recognition period for unrecognized share-based compensation cost | 2 years 3 months 18 days |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of lease expenses | |||
Operating lease cost | $ 1,406 | $ 1,023 | $ 655 |
Short-term lease | 51 | 66 | 22 |
Total lease expenses | $ 1,457 | $ 1,089 | $ 677 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental cash flow information | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,015 | $ 1,017 | $ 684 |
Supplemental non-cash information related to lease liabilities from obtaining ROU assets | $ 17,329 | $ 3,734 | $ 1,209 |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 2,549 |
2023 | 2,896 |
2024 | 2,632 |
2025 | 2,644 |
2026 | 2,656 |
Thereafter | 11,049 |
Total operating lease payments | 24,426 |
Less: imputed interest | 3,105 |
Total | $ 21,321 |
Leases (Detail Textuals)
Leases (Detail Textuals) | Dec. 31, 2021 |
Leases [Abstract] | |
Weighted average remaining lease term | 9 years 1 month 6 days |
Weighted average discount rate | 3.29% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Israel | $ (83,028) | $ 1,293 | $ (4,932) |
Foreign | 8,800 | 2,781 | (2,578) |
Profit (loss) before the provision for income taxes | $ (74,228) | $ 4,074 | $ (7,510) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Total current income tax expense | $ 795 | $ 108 | $ 41 |
Total deferred income tax (benefit) expense | (90) | 52 | (7) |
Total provision for income taxes | 705 | 160 | 34 |
Israel [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total current income tax expense | 0 | 16 | |
Total deferred income tax (benefit) expense | 0 | 0 | 0 |
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total current income tax expense | 795 | 92 | 41 |
Total deferred income tax (benefit) expense | $ (90) | $ 52 | $ (7) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Theoretical income tax expense (benefit) | $ (17,072) | $ 937 | $ (1,727) |
Change in valuation allowance | 26,822 | (2,235) | 1,506 |
Return to provision true ups | (2,490) | 0 | 0 |
Foreign tax rate differentials | (76) | (150) | 56 |
Non-deductible Share-based compensation | 1,513 | 910 | 26 |
Non-deductible expenses | 1,517 | 1,290 | 122 |
Deductible expenses | (9,661) | 0 | 0 |
Foreign exchange impact | 273 | (357) | (41) |
State Taxes | 63 | 0 | 0 |
Other | (184) | (235) | 92 |
Total | $ 705 | $ 160 | $ 34 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets: | |||
Net operating loss carryforwards | [1] | $ 30,129 | $ 6,052 |
Research and development expenses | 4,327 | 2,889 | |
Deferred Tax Assets Leasing Liabilities | 4,823 | 1,018 | |
Accruals and reserves | 351 | 296 | |
Share-based compensation | 1,371 | 0 | |
Gross deferred tax assets | 41,001 | 10,255 | |
Valuation allowance | (36,077) | (9,255) | |
Total deferred tax assets | 4,924 | 1,000 | |
Deferred tax liabilities: | |||
Deferred contract acquisition costs | 376 | 90 | |
Leasing assets | 4,548 | 957 | |
Property and equipment | 0 | 43 | |
Gross deferred tax liabilities | 4,924 | 1,090 | |
Net deferred taxes | $ 0 | $ 90 | |
[1] | Refer to note 8g. |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Unrecognized tax benefits | |||
Beginning balance | $ 0 | $ 0 | |
Increases related to tax positions taken during the current year | [1] | 19,389 | 0 |
Ending balance | $ 19,389 | $ 0 | |
[1] | As of December 31, 2021 unrecognized tax benefit in amount of $19.4 million was related to Net operating loss carryforwards for which the Company has recognized valuation allowance. |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Undistributed earnings of foreign subsidiaries | $ 5,030 | ||
Unrecognized deferred tax liability | $ 1,157 | ||
Israel corporate tax rate | 23.00% | ||
Change in valuation allowance | $ 26,822 | ||
Operating loss carryforwards | 103,832 | ||
Unrecognized tax benefit | $ 19,389 | $ 0 | $ 0 |
Net Earnings (Loss) Per Share_3
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Allocation of net profit (loss) | $ (74,933) | $ 3,914 | $ (7,544) |
Net income allocated to preferred shareholders | 0 | 3,189 | 0 |
Allocation of net profit (loss) attributable to Ordinary shareholders | $ (74,933) | $ 725 | $ (7,544) |
Denominator: | |||
Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders | 101,737,026 | 21,120,208 | 19,654,276 |
Basic net profit (loss) per share attributable to Ordinary shareholders | $ (0.74) | $ 0.03 | $ (0.38) |
Numerator: | |||
Allocation of net profit (loss) attributable for diluted computation | $ (74,933) | $ 725 | $ (7,544) |
Denominator: | |||
Shares used in computing net earnings per share of ordinary share, basic | 101,737,026 | 21,120,208 | 19,654,276 |
Weighted average effect of dilutive securities - effect of stock-based awards | 0 | 7,517,593 | 0 |
Weighted-average shares used in computing net profit (loss) per share attributable to Ordinary shareholders | 101,737,026 | 28,637,801 | 19,654,276 |
Diluted net profit (loss) per share attributable to ordinary shareholders | $ (0.74) | $ 0.03 | $ (0.38) |
Net Earnings (Loss) Per Share_4
Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders (Details 1) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,477,652 | 93,259,200 | 92,191,800 |
Convertible Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 92,946,600 | 83,037,000 |
Unvested RSU’s | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 443,018 | 0 | 0 |
Outstanding warrants to Ordinary Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,902,480 | 0 | 0 |
Warrants to convertible shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 312,600 | 0 |
Outstanding share options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,132,154 | 0 | 9,154,800 |
Related Party Transactions (Det
Related Party Transactions (Detail Textuals) - DHL International GmbH - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Expenses included in cost of revenue | $ 90,315 | $ 53,861 | $ 26,106 |
Accounts payable and accrued expenses | $ 21,515 | $ 17,178 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring basis - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | $ 18,464 | $ 16,871 |
Total financials liabilities | 0 | |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 1,274 | 1,200 |
Government debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 1,908 | 1,359 |
Corporate debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 15,282 | 14,312 |
Warrant to convertible preferred shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials liabilities | 5,738 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 1,275 | 1,200 |
Total financials liabilities | 0 | |
Level 1 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 1,274 | 1,200 |
Level 1 | Government debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Level 1 | Corporate debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 17,190 | 15,671 |
Total financials liabilities | 0 | |
Level 2 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Level 2 | Government debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 1,908 | 1,359 |
Level 2 | Corporate debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 15,282 | 14,312 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Total financials liabilities | 5,738 | |
Level 3 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Level 3 | Government debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | 0 | 0 |
Level 3 | Corporate debentures | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials assets | $ 0 | 0 |
Level 3 | Warrant to convertible preferred shares | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financials liabilities | $ 5,738 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 18,763 | $ 16,760 |
Gross Unrealized Gains | 69 | 122 |
Gross Unrealized Losses | (228) | (11) |
Gross Realized Losses | (140) | |
Fair Value | 18,464 | 16,871 |
Mutual funds | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,252 | 1,200 |
Gross Unrealized Gains | 22 | 0 |
Gross Unrealized Losses | 0 | 0 |
Gross Realized Losses | 0 | |
Fair Value | 1,274 | 1,200 |
Government debentures | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,894 | 1,360 |
Gross Unrealized Gains | 23 | 6 |
Gross Unrealized Losses | 0 | (7) |
Gross Realized Losses | (9) | |
Fair Value | 1,908 | 1,359 |
Corporate debentures | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 15,617 | 14,200 |
Gross Unrealized Gains | 24 | 116 |
Gross Unrealized Losses | (228) | (4) |
Gross Realized Losses | (131) | |
Fair Value | $ 15,282 | $ 14,312 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) $ / shares in Units, $ in Millions | Jan. 03, 2022USD ($)shares | Jan. 03, 2022₪ / shares | Jan. 03, 2022USD ($)$ / sharesshares | Dec. 31, 2021$ / sharesshares |
Subsequent Event [Line Items] | ||||
Number of common shares called by warrants | shares | 19,604,239 | |||
Exercise price of warrants | $ / shares | $ 0.01 | |||
Subsequent event | Shopify | ||||
Subsequent Event [Line Items] | ||||
Amount of asset expected to be recognized related to warrants | $ | $ 71 | |||
Number of warrants for which assets expected to be recognized | shares | 1,289,064 | |||
Number of warrants for which future expense to be recognized | shares | 738,081 | |||
Unrecognized future expenses for warrants | $ | $ 41 | |||
Recognition period for future expense of warrants | 4 years | |||
Subsequent event | Shopify | Vested on the date of the agreement | ||||
Subsequent Event [Line Items] | ||||
Number of common shares called by warrants | shares | 1,289,064 | |||
Exercise price of warrants | $ / shares | $ 0.01 | |||
Subsequent event | Shopify | Vest upon certain performance milestones | ||||
Subsequent Event [Line Items] | ||||
Number of common shares called by warrants | shares | 738,081 | |||
Exercise price of warrants | ₪ / shares | ₪ 0.01 | |||
Subsequent event | Flow Commerce Inc | ||||
Subsequent Event [Line Items] | ||||
Maximum consideration transferred | $ | $ 500 | |||
Base consideration | $ | $ 425 | |||
Maximum potential additional consideration | $ | $ 75 |