Global-e Online: Strong Buy Rating Amidst Long-Term Growth Potential and Strategic Share BuybackWe believe this is creating uncertainty for retailers and brands, which could cause new e-commerce software projects, like Global-e, to be pushed to a later time. This could become a growth headwind to the business. During the 2Q25 earnings call, management disclosed that 12% of GMV is inbound to the U.S, with a third of that coming from China or Hong Kong. However, it was not disclosed what portion of that GMV is directly related to de minimis packages. While the validity of ending the exemption is under scrutiny in the courts, for now it is sticking. Positively, over the long- term, we believe increased cross border complexity will be a demand driver for efficiency gaining technologies, like Global-e.