Freightos Ltd (CRGO) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to Freightos Q3 2023 earnings conference call. A press release with detailed financial results for Q3 2023 was released earlier today and is available at freightos.com/investors. My name is Anat Earon-Heilborn, VP of Investor Relations, and I'm joined today by Zvi Schreiber, the CEO of Freightos; and Ran Shalev, Freightos's CFO.

大家好，歡迎參加 Freightos 2023 年第三季財報電話會議。今天稍早發布了包含 2023 年第三季詳細財務業績的新聞稿，可在 Fregoos.com/investors 上取得。我是投資者關係副總裁 Anat Earon-Heilborn，今天與我一起出席的還有 Freightos 執行長 Zvi Schreiber；以及 Freightos 財務長 Ran Shalev。

Following the prepared remarks, we will open the call for questions. We are sharing slides during the call, so we recommend using Zoom instead of dialing in by phone. The slides as well as the recording of this call will be available on the Investor Relations section of our website shortly after the call.

在準備好的發言之後，我們將開始提問。我們在通話期間共享幻燈片，因此我們建議使用 Zoom 而不是透過電話撥入。本次電話會議的幻燈片和錄音將在電話會議結束後不久在我們網站的投資者關係部分提供。

Please be aware that today's discussion contains forward-looking statements, which are subject to a number of risks and uncertainties. Actual results may differ materially due to various risk factors. Please refer to today's press release and our SEC filings for more information on risk factors and other factors which could impact forward-looking statements. Copies of these reports are available online.

請注意，今天的討論包含前瞻性陳述，這些陳述存在許多風險和不確定性。由於各種風險因素，實際結果可能存在重大差異。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以了解有關風險因素和其他可能影響前瞻性陳述的因素的更多資​​訊。這些報告的副本可在線取得。

In discussing the results of our operations, we'll be providing and referring to certain non-IFRS financial measures. You can find reconciliations to the most directly comparable IFRS financial measures, along with additional information regarding those non-IFRS financial measures in the press release on our website at freightos.com/investors, and the company undertakes no obligation to update any information discussed in this call at any time.

在討論我們的營運結果時，我們將提供並參考某些非 IFRS 財務指標。您可以在我們網站 Freightos.com/investors 的新聞稿中找到最直接可比較的 IFRS 財務指標的調節表，以及有關這些非 IFRS 財務指標的其他信息，並且公司不承擔更新 中討論的任何信息的義務。隨時撥打此電話。

As I mentioned, we recommend using Zoom's desktop or mobile application to submit questions during the course of the call. If you're using the Zoom client, questions can be submitted in writing during the call by using the Q&A feature in Zoom. Please note that our management will participate in the A.G.P. EV and Transportation Virtual Conference on December 5 and the Virtual Investor Summit on December 7.

正如我所提到的，我們建議使用 Zoom 的桌面或行動應用程式在通話過程中提交問題。如果您使用 Zoom 用戶端，可以在通話期間使用 Zoom 中的問答功能以書面形式提交問題。請注意，我們的管理層將參加 A.G.P. 12 月 5 日舉行電動車和交通虛擬會議，12 月 7 日舉行虛擬投資者高峰會。

With that, let me hand over to Dr. Zvi Schreiber, the CEO of Freightos. Zvi, please go ahead.

接下來，讓我將任務交給 Freightos 執行長 Zvi Schreiber 博士。茲維，請繼續。

Thank you, Anat, and thanks to everyone who joined. We're pleased to report solid results for Q3 with continued strong growth in the number of transactions, growth in revenue year on year, and a reduction in expenses as a result of the efficiency measures we took at the beginning of the quarter.

謝謝你，阿納特，也謝謝所有加入的人。我們很高興地報告第三季度的穩健業績，交易數量持續強勁增長，收入同比增長，並且由於我們在本季度初採取的效率措施而減少了費用。

We're pleased to show a modest increase in revenue even in a year where the industry is experiencing a strong cyclical downturn with most of our customers reporting revenue down by tens of percent. In our mission to digitalize the traditional international freight market, which is, as you know, a vast largely offline industry, our primary objective continues to be expanding the liquidity of our marketplace.

我們很高興地看到，即使在該行業經歷嚴重週期性衰退的一年中，我們的收入也出現了小幅增長，大多數客戶報告收入下降了百分之幾十。如您所知，傳統國際貨運市場是一個龐大的線下產業，我們的使命是實現數位化，我們的首要目標仍然是擴大市場的流動性。

As new sellers attract new buyers into the system and new buyers attract new sellers, the network effect reinforces our position as the leading booking and payment platform for international freight, leading with their cargo. As such, we continue to view the number of transactions across our platform as the key performance indicator that tracks our path towards success.

隨著新賣家吸引新買家進入系統，新買家吸引新賣家，網路效應鞏固了我們作為國際貨運領先預訂和支付平台的地位，並以其貨物領先。因此，我們繼續將平台上的交易數量視為追蹤我們成功之路的關鍵績效指標。

We're very pleased to deliver the 15th consecutive quarter of record transactions. In Q3, transactions reached 269,000, up 40% year on year and more than 12% from Q2. This is the first time we exceeded a run rate of 1 million transactions per year, an exciting milestone.

我們很高興連續第 15 季實現創紀錄的交易量。第三季成交量達到26.9萬筆，年增40%，季增超過12%。這是我們第一次超過每年 100 萬筆交易的運行率，這是一個令人興奮的里程碑。

Transaction growth was once again driven by both increased usage by existing users and also by the addition of new users to illustrate the increased usage by existing freight forwarders considered the cohort who first booked with us in Q3 2021. Two years later, in Q3 of this year, the same cohort is making nearly seven times more monthly bookings on average.

現有用戶使用量的增加以及新用戶的增加再次推動了交易增長，這說明現有貨運代理的使用量增加，這些貨運代理被認為是在2021 年第三季度首次向我們預訂的群體。兩年後，在本季的第三季今年，同一群體的平均每月預訂量增加了近七倍。

This exceptional cohort retention and expansion rate is something we take great pride, in and it's the dynamic we plan to continue until we become a big, profitable company. Of course, we're adding new users too. We added approximately 870 unique buyer users during the third quarter, reaching approximately 17,300 individual users who placed bookings in Q3, and that reflects 16% year-on-year growth.

這種卓越的群體保留率和擴張率讓我們感到非常自豪，我們計劃繼續保持這種活力，直到我們成為一家盈利的大公司。當然，我們也在新增用戶。第三季度，我們增加了約 870 名獨立買家用戶，第三季預訂的個人用戶達到約 17,300 名，較去年同期成長 16%。

These individual users work at thousands of freight forwarders and importers and exporters of different sizes. And as we just saw, we can expect those new users to place more and more bookings in coming quarters.

這些個人用戶在數千家不同規模的貨運代理商和進出口商中工作。正如我們剛才所看到的，我們可以預期這些新用戶在未來幾季會進行越來越多的預訂。

To draw in new buyers and increase their platform activity, we're actively expanding the supply side by adding more carriers and enhancing the offerings of the existing carriers. In Q3, we added two new air cargo sellers, North Atlantic Airways; and also a new type of seller, aircraft charter company, Chapman Freeborn.

為了吸引新買家並增加他們的平台活動，我們正在透過增加更多營運商並增強現有營運商的產品來積極擴大供應面。第三季度，我們增加了兩家新的航空貨運賣家：北大西洋航空；還有一種新型的賣家—包機公司Chapman Freeborn。

North Atlantic Airways will open up real-time bookings on these flights to and from Europe to seven destinations in the US, and they already plan to expand their offering on the cargo by freighters later this year, opening up capacity to Barbados and Jamaica.

北大西洋航空將開放這些往返歐洲和美國七個目的地的航班的即時預訂，並且他們已經計劃在今年稍後擴大貨機貨運服務，開放飛往巴貝多和牙買加的運力。

Chapman Freeborn is an aircraft charter company that routinely organizes part charters, backloads, and other commercially innovative solutions for ad hoc peak season and project cargo. In making its capacity available on our WebCargo platform, the company aims to gain deeper market penetration and enable its customers to benefit from faster, more flexible bookings. And for us, it moves us even further towards being a true one-stop shop for all air cargo capacity.

Chapman Freeborn 是一家飛機包機公司，定期為臨時旺季和專案貨物提供部分包機、回載和其他商業創新解決方案。透過在我們的 WebCargo 平台上提供其運力，該公司的目標是獲得更深入的市場滲透，並使客戶能夠從更快、更靈活的預訂中受益。對我們來說，它使我們進一步成為所有航空貨運能力的真正一站式商店。

Talking about being a one-stop shop, in addition to adding more buyers and more sellers, we're expanding our platform by adding new cargo products. For example, in Q3, we saw a nice increase in airlines who offer digital bookings for air cargo shipments of pharmaceutical products. Pharma products are more complex to bulk than general cargo.

說到成為一站式商店，除了增加更多的買家和賣家之外，我們還透過添加新的貨運產品來擴展我們的平台。例如，在第三季度，我們看到提供醫藥產品航空貨運數位預訂的航空公司數量大幅增加。散裝醫藥產品比一般貨物更複雜。

Now let me move on to discuss the market conditions. As you probably know, the freight industry is cyclical, and this year is definitely a down year for the industry. Let's take a look at ocean and air volumes first. The chart on the left shows that US ocean import volumes increased through Q3 during the typical ocean peak season as we approach the holiday months, and they were 5% higher than last year. However, volumes on major trade lanes like the Transpacific was still 9% lower than Q3 of last year.

現在讓我繼續討論市場狀況。您可能知道，貨運業具有週期性，今年絕對是該行業的低迷年。我們先來看看海洋和空氣的體積。左圖顯示，隨著假期臨近，在典型的海運旺季期間，第三季美國海運進口量增加，比去年增加了 5%。然而，跨太平洋航線等主要貿易航線的吞吐量仍比去年第三季低 9%。

On the right side, IATA data for global air cargo volumes show that global demand increased gradually in Q3 growing 2% compared to Q2, but volumes are about flat compared to the same time in 2022 and still remain below 2019 levels.

右側，IATA 全球航空貨運量數據顯示，第三季全球需求逐漸成長，較第二季成長 2%，但貨運量與 2022 年同期基本持平，仍低於 2019 年水準。

Moving on to air and ocean price levels, we can consult the indices that we ourselves publish on our own Freightos terminal. Starting with ocean, container shipping rates are tracked by our FPX. indices. Rates did manage to climb about 20% in mid Q3 due to the peak season demand ahead of the shopping holidays, but this is actually a feeble peak season rally and rates remain well below rates a year ago.

談到空運和海運價格水平，我們可以查閱我們自己在 Freightos 終端上發布的指數。從海運開始，我們的 FPX 追蹤貨櫃運費。指數。由於購物假期前的旺季需求，價格確實在第三季中期攀升了約 20%，但這實際上是一個微弱的旺季反彈，價格仍遠低於一年前的價格。

Rates fell sharply in September and into October, which has already passed the peak season for initiating ocean shipments. And the market continues to be affected by growing overcapacity fueled by the delivery of new vessels, especially on the Transpacific and Asia-Europe lanes.

9月和10月運價大幅下降，而此時已經過了海運旺季。新船交付導致運力過剩，市場繼續受到影響，特別是在跨太平洋和亞歐航線上。

The overcapacity problem is actually more acute on Asia-Europe lanes since the largest vessels are often deployed there because the ports in Europe can typically handle bigger ships. The pressure on rates due to overcapacity from the delivery of new ships look set to continue to next year.

實際上，亞歐航線上的運力過剩問題更為嚴重，因為最大的船隻經常部署在那裡，因為歐洲的港口通常可以處理更大的船隻。新船交付造成的運力過剩所導致的運價壓力看來將持續到明年。

The next chart shows the air cargo rates as tracked by our Freightos Air Index or FAX, and they're also soft. And there, the increased capacity is not actually driven by the cargo business at the moment, but rather primarily by increased passenger travel. Q3 air cargo rates were mostly stable during the quarter and are still about 30% lower than last year.

下圖顯示了我們的 Freightos 航空指數或 FAX 追蹤的航空貨運費率，而且它們也很疲軟。在那裡，運力的增加實際上並不是由目前的貨運業務所驅動的，而主要是由客運量的增加所驅動的。第三季航空貨運費率在本季基本穩定，仍比去年低約 30%。

We did see the start of a rate rebound in late September, which reflects an uptick in volumes out of China, and that has continued through early November. And presumably, again, this is a short time increase in preparation for the holiday shopping season since air cargo is quicker and it peaks closer to the actual holidays.

我們確實在 9 月底看到利率開始反彈，這反映出中國出口量的增加，並且這種情況一直持續到 11 月初。再說一次，這可能是為假日購物季做準備的短暫增長，因為航空貨運速度更快，高峰期更接近實際假日。

Regardless of the cyclical downturn, digitalization continues apace. In October, we were proud to host our third FreighTech Conference for industry executives from around the world. The conference explores the latest trends and innovations in the industry, and it was held in Barcelona, near our office. Among the participants with senior executives from a wide array of airlines, ocean liners, freight forwarders, tech platforms, trade journalists, and stock analysts.

儘管出現週期性衰退，數位化仍在快速發展。十月，我們很榮幸為來自世界各地的業界主管舉辦第三屆貨運科技會議。該會議探討了該行業的最新趨勢和創新，在巴塞隆納舉行，靠近我們的辦公室。與會者包括來自多家航空公司、遠洋班輪、貨運代理、科技平台、貿易記者和股票分析師的高階主管。

The topics that we all discussed include the pace of technology and innovation in the freight industry, macroeconomic trends, and supply chain efficiency. Many speakers discussed the need for digitalization and for [platformification], leaving us more committed than ever to our mission to digitalize one of the largest offline industries in the world.

我們討論的主題包括貨運業的技術和創新步伐、宏觀經濟趨勢和供應鏈效率。許多演講者討論了數位化和[平台化]的必要性，使我們比以往任何時候都更加致力於實現世界上最大的線下行業之一的數位化使命。

Before I hand over to our CFO, Ran, I would like to take a moment to address the situation in the Middle East. Our hearts are with those who have suffered losses and are enduring hardship. While our employees in the region are fortunately all safe, the effects of the current events have inevitably led to some interruptions to people's daily lives.

在我把工作交給我們的財務長 Ran 之前，我想花點時間談談中東的局勢。我們的心與那些遭受損失、正在遭受苦難的人們同在。幸運的是，我們在該地區的員工都很安全，但當前事件的影響不可避免地對人們的日常生活造成了一些幹擾。

Despite these challenges, the resilience of our team is evident, and we have not seen a tangible impact on business results. We certainly appreciate messages of support that our team has received from investors, customers, and our entire ecosystem, and we're all hoping for more peaceful times.

儘管面臨這些挑戰，我們團隊的韌性是顯而易見的，我們還沒有看到對業務成果的實際影響。我們當然感謝我們的團隊從投資者、客戶和整個生態系統收到的支持訊息，我們都希望有更和平的時代。

With that, let me now hand over to our CFO, Ran, to discuss our Q3 results and Q4 guidance. Thanks.

現在，讓我把時間交給我們的財務長 Ran，討論我們第三季的業績和第四季的指導。謝謝。

Thanks, Zvi. Revenue for Q3 '23 was $5.1 million, up 9% compared to Q3 of '22 or 7% on a constant currency basis. Total platform revenues in the third quarter were $1.8 million, flat compared to last year, while solutions revenue was $3.3 million, up 14% from Q3 of last year.

謝謝，茲維。 23 年第三季的營收為 510 萬美元，比 22 年第三季成長 9%，以固定匯率計算成長 7%。第三季平台總營收為 180 萬美元，與去年持平，而解決方案營收為 330 萬美元，比去年第三季成長 14%。

Profitability measures improved significantly with IFRS gross margin at 54.9%, the same as in Q3 of last year, but non-IFRS gross margins increased to 69.5% compared to 63.5% in Q3 of last year, up 600 basis points. Compared to Q2 of '23, non-IFRS gross margin was up 450 basis points.

獲利能力指標顯著改善，國際財務報告準則毛利率為54.9%，與去年第三季相同，但非國際財務報告準則毛利率則從去年第三季的63.5% 上升至69.5%，上升600 個基點。與 23 年第二季相比，非 IFRS 毛利率上升了 450 個基點。

The factors that drove the increased margin in Q3 were the organization we implemented at the beginning of the quarter and other efficiencies. We believe these efficiencies are sustainable going forward and expect our non-IFRS gross margins to remain at around 68% to 70% in the coming quarters.

推動第三季利潤率增加的因素是我們在季度初實施的組織和其他效率。我們相信這些效率在未來是可持續的，並預計未來幾季我們的非 IFRS 毛利率將保持在 68% 至 70% 左右。

Adjusted EBITDA in Q3 '23 was negative $4.1 million compared to a negative $3.4 million in Q3 of '22, primarily due to the cost of being a public company. On the other hand, the EBITDA of negative $4.1 million in Q3 compared to negative $5.3 million in Q2 of this year, the improvement of $1.2 million primarily reflects cost savings due to the reorganization done.

23 年第三季調整後的 EBITDA 為負 410 萬美元，而 22 年第三季為負 340 萬美元，這主要是由於成為上市公司的成本。另一方面，第三季的 EBITDA 為負 410 萬美元，而今年第二季為負 530 萬美元，增加 120 萬美元主要反映了重組帶來的成本節省。

We remain committed to navigating a balance between the need to grow while controlling costs. We reiterate our expectations to be able to reach breakeven with the existing cash at hand. Our cash balance at the end of September, including bank deposits and short-term investments, was a healthy $55.2 million compared to $61 million at the end of June.

我們仍致力於在成長需求與控製成本之間取得平衡。我們重申我們的期望是能夠利用現有現金實現收支平衡。截至 9 月底，我們的現金餘額（包括銀行存款和短期投資）為健康的 5,520 萬美元，而 6 月底為 6,100 萬美元。

We're very pleased with our modest cash burn, which is very close to our adjusted EBITDA. As mentioned before, we are currently fully funded and believe we have the resources and business momentum required to become the international freight digital ecosystem leader we envision.

我們對適度的現金消耗感到非常滿意，這與我們調整後的 EBITDA 非常接近。如前所述，我們目前資金充足，並相信我們擁有成為我們設想的國際貨運數位生態系統領導者所需的資源和業務動力。

Let's move to our Q4 '23 guidance. We believe we will grow transactions across our platform in between 273,000 and 284,000, reflecting a year-on-year growth rate of between 30% to 35%. Gross booking volume is expected to continue to grow less than the number of transactions due to industry freight rates. We expect Q4 '23 GBV range between $163.5 million and $175 million. We anticipate generating between $5.1 million and $5.3 million in revenues in Q4, representing a growth of between 4% and 10%. Adjusted EBITDA losses are expected to be between $4.7 million to $4.4 million.

讓我們轉向 23 年第 4 季的指引。我們相信我們平台上的交易量將成長 273,000 至 284,000 筆，年成長率介於 30% 至 35% 之間。由於行業運費的影響，預計總預訂量的增長將繼續低於交易量的增長。我們預計 23 年第 4 季的 GBV 範圍在 1.635 億美元至 1.75 億美元之間。我們預計第四季的營收將在 510 萬美元至 530 萬美元之間，增幅在 4% 至 10% 之間。調整後的 EBITDA 損失預計在 470 萬美元至 440 萬美元之間。

Thank you, Ran. Svi and Ran will now take your questions.

謝謝你，蘭。 Svi 和 Ran 現在將回答您的問題。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thanks. Good afternoon, everybody. Thoughts and best wishes with all your employees in Israel and all those affected.

謝謝。大家下午好。向您在以色列的所有員工以及所有受影響的人致以誠摯的問候和良好的祝愿。

Thanks, Jason.

謝謝，傑森。

Just a few questions, one, it obviously makes sense. Platform revenue highly ties to, I mean, particularly like pricing trends you're seeing. Maybe just for the audience, help us understand how solutions revenue tracks, how it ties back to macro factors, and how you're thinking about that, broader next year? That's question one.

只是幾個問題，一，這顯然是有道理的。我的意思是，平台收入與您所看到的定價趨勢密切相關。也許只是為了觀眾，幫助我們了解解決方案收入如何跟踪，它如何與宏觀因素聯繫起來，以及您如何看待明年更廣泛的問題？這是問題一。

And then question two, sales and marketing, I think it's the highest levels of percent of gross bookings and revenue this year. How much of that is a function of the revenue? What are you doing to kind of lean into sales and marketing? How are you thinking about your ability to drive growth next year through your initiatives as opposed to just whatever the macro factors are? Thanks.

然後是第二個問題，銷售和行銷，我認為這是今年總預訂量和收入百分比的最高水平。其中有多少是收入的函數？您正在做什麼來轉向銷售和行銷？您如何看待明年透過措施推動成長的能力，而不是僅僅考慮宏觀因素？謝謝。

Thanks, Jason, and it was great seeing you last week. Yes, in terms of solutions revenue, it's not directly tied to transactions as you correctly guessed. It's subscriptions. It's tied to the number of users. But take into account that most of our revenue is selling to freight forwarders. And freight forwarders, I don't need to tell you, are reporting revenue down tens of percent, profit down tens of percent, losses in some cases, so it just makes it much harder to sell software to them.

謝謝，傑森，很高興上週見到你。是的，就解決方案收入而言，它並不像您猜對的那樣與交易直接相關。這是訂閱。它與用戶數量有關。但請考慮到我們的大部分收入都是賣給貨運代理的。不需要我告訴你，貨運代理報告的收入下降了百分之幾十，利潤下降了百分之幾十，在某些情況下還出現了虧損，因此向他們銷售軟體變得更加困難。

I think we did well to preserve and start to increase our revenue when our customers are hurting quite badly. There's not a direct connection, but there's certainly a strong indirect connection with the macro. In terms of sales and marketing to the -- Ran, do you want to comment about sales and marketing costs?

我認為，當我們的客戶受到嚴重傷害時，我們在維持並開始增加收入方面做得很好。雖然沒有直接聯繫，但與宏肯定有很強的間接聯繫。在銷售和行銷方面，Ran，您想對銷售和行銷成本發表評論嗎？

Yes, sure. I think -- hi, Jason. I think it's in line with our expectations in terms of how we've budgeted it originally. We are balancing between the need to grow the revenues and the need to grow transactions, and we are hiring based on needs only. And only when we see incremental growth in both of the KPIs, that's when we are hiring; same will apply for 2024.

是的，當然。我想——嗨，傑森。我認為這符合我們最初預算的預期。我們在增加收入的需要和增加交易的需要之間取得平衡，並且我們僅根據需要進行招募。只有當我們看到這兩個 KPI 都在逐步成長時，我們才會進行招募； 2024 年同樣適用。

We're not anticipating, obviously, increases in S&M versus revenues on the contrary. So my guess is that you will see noted continuations of growth in all parameters.

顯然，我們並不預期 S&M 相對於收入的成長，相反。所以我的猜測是，您會看到所有參數都顯著持續增長。

So if can follow-up, can you comment on how you think solutions revenue would lay out next year relative to macro?

那麼，如果可以跟進，您能否評論一下您認為明年解決方案收入相對於宏觀的佈局如何？

And then just the housekeeping, G&A was up a lot sequentially. Were there any one-time items in G&A this quarter? Thanks.

然後，僅客房服務、一般行政費用就連續上升了很多。本季的一般管理費用中有一次性項目嗎？謝謝。

Ran, you should take this, please.

蘭，請你收下這個。

Yes, sure. So when we're looking at solutions, which comprises of tools that we're giving to freight forwarders as well as data subscriptions that we sell to forwarders and to shippers as well, we are seeing nice growth coming from both. We're not anticipating any slowdown there. We're thinking that the growth and the momentum would continue.

是的，當然。因此，當我們尋找解決方案時，其中包括我們向貨運代理商提供的工具以及我們向貨運代理商和托運人出售的數據訂閱，我們看到兩者都帶來了良好的成長。我們預計那裡不會出現任何放緩。我們認為成長和勢頭將持續下去。

We just launched several months ago the terminal and the indexes. Therefore, we think that now, there's a lot of traction there, and you should see our momentum of sales continue together with our SaaS tools that the team are managing to increase both the upsell of existing forwarder solutions we give, as well as new customers that are coming along all the time.

幾個月前我們剛推出了終端機和索引。因此，我們認為現在那裡有很大的吸引力，您應該看到我們的銷售勢頭與我們的 SaaS 工具一起持續下去，團隊正在設法增加我們提供的現有貨運代理解決方案的追加銷售以及新客戶這些一直都在發生。

As for the second question, as for G&A, for the three months that just passed, there was no one-time special expense as far as nothing else. We were looking at the adjusted EBITDA from our perspective, which eliminates some one-time expenses such as share-based compensation or depreciation, amortization, or reorganization cost that we have had.

至於第二個問題，就G&A而言，在剛剛過去的三個月裡，除其他外，沒有一次性特殊費用。我們從我們的角度看待調整後的 EBITDA，這消除了一些一次性費用，例如基於股份的薪資或折舊、攤提或重組成本。

When you're taking all those and stripping them down, I think the data -- the EBITDA shows improvement versus the previous quarter and continue to improve also next year.

當你考慮所有這些並將其剝離時，我認為數據 - EBITDA 顯示與上一季相比有所改善，並且明年也會繼續改善。

So probably what we're seeing in our reported results is the impact from higher stock comp on G&A probably?

那麼，我們在報告的結果中看到的可能是更高的股票比較對一般管理費用的影響？

In G&A, correct.

在一般管理費用中，正確。

Yes. Okay, thank you.

是的。好的謝謝。

Okay. Thanks, Jason.

好的。謝謝，傑森。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Svi, real quick on passenger volumes, in air, you mentioned that there would be a fairly significant increase there. Help us understand the impact on price and the impact on transactions as you see it. Obviously, one other function that we heard pretty loud and clear at FreighTech was smaller shipper shipping sizes. Help us understand through the model how that works for you.

Svi，航空客運量確實很快，您提到那裡會有相當大的成長。幫助我們了解您所看到的對價格的影響以及對交易的影響。顯然，我們在 FreighTech 聽到的另一個非常響亮且清晰的功能是較小的托運人運輸尺寸。透過模型幫助我們了解它對您有何作用。

Hi, George. It was great seeing you as well. Thanks for the event. Yes, I mean, the increased passenger travel in air creates increased capacity but doesn't affect transactions one way or another. But it obviously puts downward pressure on the price because there's more supply for the same demand.

嗨，喬治。見到你也很高興。感謝舉辦這次活動。是的，我的意思是，航空客運量的增加會增加運力，但不會以某種方式影響交易。但這顯然給價格帶來了下行壓力，因為相同的需求有更多的供應。

Fortunately, quite a lot of our booking -- quite a lot of our transactional revenue is flattened transaction. Also, a big part of it is percentage, but at least part of it is flat, which doesn't get affected when the rates are down. It's only affected by transaction volumes. But when we're tied to the price, then of course, we are affected by excess supply, which reduces the prices.

幸運的是，我們的許多預訂——我們的許多交易收入都是扁平化交易。此外，其中很大一部分是百分比，但至少有一部分是持平的，當利率下降時不會受到影響。它僅受交易量的影響。但當我們與價格掛鉤時，我們當然會受到供應過剩的影響，從而降低價格。

For next year, of course, tricky to predict the future. We've had quite a lot of turmoil this year in the industry. We see some signs that things are sort of bottoming out. We think next year will be -- the prices will be low, but hopefully sort of stable as far as we can tell. So we're planning based on the assumption that things stay the same, not assuming a recovery, but also not assuming any further reduction in rates.

當然，明年的未來很難預測。今年我們的行業經歷了相當多的動盪。我們看到一些跡象表明事情正在觸底。我們認為明年的價格會很低，但據我們所知希望能保持穩定。因此，我們的計劃是基於情況不變的假設，不假設經濟復甦，也不假設利率進一步降低。

A couple of things that I think were key points at FreighTech, one was all of the discussion around AI and different use cases. Can you just give us a sense of how you expect AI to play out within your solution? And then also, just give us a sense on the [One Stack] project and what the timeframe looks like for that to come out.

我認為有幾件事是 FreighTech 的關鍵點，其中之一就是圍繞人工智慧和不同用例的所有討論。您能否讓我們了解一下您期望人工智慧如何在您的解決方案中發揮作用？另外，請讓我們了解一下 [One Stack] 專案以及該專案的發佈時間表。

Yes, George. I mean, for sure, AI is a very important transformative technology in all industries, including us. I'm not ready to give details of the features that we're releasing with AI. I hope we will be announcing some of those soon, but just to say that we are well on top of that. And our engineers are following closely the new technologies that are available, generative AI and other AI, and starting to put that to good use.

是的，喬治。我的意思是，人工智慧對於包括我們在內的所有產業來說都是一項非常重要的變革性技術。我還沒有準備好提供我們將發布的人工智慧功能的詳細資訊。我希望我們能盡快宣布其中一些，但只是想說我們已經完全掌握了這一點。我們的工程師正在密切關注可用的新技術、生成式人工智慧和其他人工智慧，並開始充分利用它們。

I'm not expecting any big dramatic changes for us or for others. I think AI in our industry is more of an incremental tool. We think it will help us to innovate in our products, but we're not expecting some huge change to our business anytime soon as result of AI.

我不期望我們或其他人有任何重大的變化。我認為人工智慧在我們這個行業更多的是一種增量工具。我們認為這將幫助我們進行產品創新，但我們預計人工智慧不會很快為我們的業務帶來巨大的變化。

In terms of One Stack, that's our project -- we've still got development, still has a history of -- we've made some acquisitions. Years ago, we acquired WebCargo and more recently, 7LFreight. We do have different software stacks, a piece of that history of successful acquisitions, and we're now getting quite serious about the project to bring this altogether.

就 One Stack 而言，這就是我們的專案——我們仍然在開發，而且仍然有歷史——我們已經進行了一些收購。幾年前，我們收購了 WebCargo，最近又收購了 7LFreight。我們確實擁有不同的軟體堆疊，這是成功收購歷史的一部分，我們現在非常認真地對待這個項目，將其整合在一起。

We already have integrations, so those products can really talk to each other. We have started a process, which internally, as you said correctly, internally is called One Stack to literally merge those technologies over the next year or so and really end up with one coherent platform.

我們已經進行了集成，因此這些產品可以真正相互溝通。我們已經啟動了一個流程，正如您所說，該流程在內部被稱為“One Stack”，在未來一年左右的時間內真正合併這些技術，最終形成一個一致的平台。

One last thing, if I could. You had your first interline booking flight in the past quarter. Can you just give us a sense of the significance of that opportunity?

最後一件事，如果可以的話。您在上個季度首次預訂了聯運航班。您能否讓我們了解這個機會的重要性？

Interlining is very significant sooner in the medium term. Now we're just at the beginning, just doing our signing up of the first airlines as buyers and the first airlines as sellers. Interlining is a bit like [codeshare] for those who are familiar. We're getting our first transactions dealing with this, so very, very early-stage.

從中期來看，襯布的意義非常重大。現在我們才剛開始，剛剛簽約第一家航空公司作為買家，第一家航空公司作為賣家。對於熟悉的人來說，聯運有點像[程式碼共享]。我們正在處理這個問題的第一筆交易，所以還處於非常非常早期的階段。

In the -- and even next year, the numbers will be small. But when you look two or three years ahead, I think there's two important significances to interlining. One is that it's incremental transactions and potential transactions with a higher take rate.

在未來，甚至明年，這個數字都會很小。但當你展望未來兩三年時，我認為襯布有兩個重要意義。一是增量交易和潛在交易的成交率較高。

And the second significance is that interlining allows us to create unique supply on our platform because by combining airlines, we create some routes or routes which other platforms simply don't have. And that's always very important in terms of creating a moat to competition.

第二個意義是，聯運使我們能夠在我們的平台上創建獨特的供應，因為透過合併航空公司，我們創建了一些其他平台根本沒有的航線或航線。對於創造競爭護城河而言，這始終非常重要。

You really want not just to have -- we talked -- and I talked in my comments earlier about being a one-stop shop, but we want not just a one-stop shop for all different airlines, but even beyond that, to create some unique combinations and create some routes that nobody else has.

你真的想要的不僅僅是——我們談過——我之前在評論中談到過成為一站式服務，但我們不僅希望為所有不同的航空公司提供一站式服務，甚至除此之外，創​​造一些獨特的組合併創建一些其他人沒有的路線。

Perfect. Thank you.

完美的。謝謝。

Okay, so we have a question from Greg Pendy from Chardan on the chat. He is asking, as usage from existing carriers has grown, can you provide color on where you believe the penetration rates are now with some of your largest airlines?

好的，Chardan 的 Greg Pendy 在聊天中提出了一個問題。他問，隨著現有航空公司的使用量不斷增長，您能否提供一些您認為目前一些最大的航空公司的滲透率的信息？

Thanks, Greg. Yes, we have to make a distinction between penetration from -- of overall bookings and penetration of digital bookings because we're still dealing with an industry which is probably 97%, 98% offline in terms of air cargo.

謝謝，格雷格。是的，我們必須區分整體預訂的滲透率和數位預訂的滲透率，因為我們仍在處理一個在航空貨運方面可能 97%、98% 處於離線狀態的行業。

But our best customers, our best airline partners, we're probably more than -- we are in more than 50% of their digital bookings and perhaps order of magnitude, 15% -- 10% to 15% of all of their bookings at this time. That's for our best partners, still many other airlines where we have none, where we have less. But some of our best partners, we're already a very significant channel for them, and we're the dominant digital channel for them.

但我們最好的客戶、我們最好的航空公司合作夥伴，我們可能會超過 - 他們 50% 以上的數位預訂，也許是他們所有預訂的 15% - 10% 到 15%。這次。這是針對我們最好的合作夥伴的，還有許多其他航空公司，我們沒有，也有更少。但對於我們的一些最好的合作夥伴來說，我們已經是他們非常重要的管道，而且我們是他們主導的數位管道。

Okay, great. And let's open the line for [Michael Stern]. Michael, you need to unmute.

好的，太好了。讓我們接通[邁克爾·斯特恩]的電話。邁克爾，你需要取消靜音。

Hi, yes. While there's growth in transaction volumes, as far as I can say, Freightos seems to earn the same approximate amount of about $20 per transaction, which doesn't seem a large amount. Do you see revenue per transaction growing? And if so, how and when? That's the first question.

嗨，是的。雖然交易量有所增長，但據我所知，Freightos 似乎每筆交易的收入約為 20 美元，這似乎不是一個很大的數字。您認為每筆交易的收入會成長嗎？如果是這樣，如何以及何時？這是第一個問題。

Second question is, can I have, I guess, a breakdown between profitability from air cargo versus profitability from shipping? And what is the expected growth in each current category? I know these are guesses, but your guess is a lot better than mine.

第二個問題是，我想我可以將航空貨運的獲利能力與航運的獲利能力之間進行細分嗎？目前每個類別的預期成長是多少？我知道這些都是猜測，但你的猜測比我的好得多。

Yes. Thanks, Michael. Regarding the first question, we definitely see the take rate, the dollars or the percentage per transaction growing in the long term. There are some factors which means you won't see that for a while, and that's mainly a mix. It kind of relates a little bit to your second question.

是的。謝謝，麥可。關於第一個問題，從長遠來看，我們肯定會看到接受率、美元或每筆交易的百分比不斷增長。有一些因素意味著您在一段時間內不會看到這種情況，這主要是混合因素。這與你的第二個問題有一點關係。

I'm not going to be able to fully answer your second question because we don't provide a breakdown. But I can say that the airline bookings are relatively newer, and our transactional -- without giving you -- I can't disclose the number, but our transactions off the airline bookings is a lot less, and that segment is growing faster.

我無法完全回答你的第二個問題，因為我們沒有提供詳細資訊。但我可以說，航空公司預訂是相對較新的，我們的交易——沒有給你——我不能透露這個數字，但我們的航空公司預訂交易要少得多，而且這個部分增長得更快。

So the revenue per transaction is growing in all our segments, but the mix is such that actually, the segment where we have the lowest revenue per transaction is growing faster. So that hides the fact. You may see that the dollars per transaction are not increasing, but in fact, in each segment, they are increasing. And the mix is such that you don't see that in the average, and you won't for a while. Eventually, you will.

因此，我們所有細分市場的每筆交易收入都在成長，但實際上，我們每筆交易收入最低的細分市場成長得更快。所以這掩蓋了事實。您可能會看到每筆交易的美元並沒有增加，但事實上，在每個細分市場中，它們都在增加。這種混合使得你在平均水平上看不到這一點，而且在一段時間內你也看不到。最終，你會的。

The second segment, we do not disclose air versus ocean in detail. I can tell you that a good majority of the transactions are air cargo. I can also tell you that we make still more money, as I mentioned before, on some of the ocean and indeed multi-modal door-to-door transactions on freightos.com. So those are -- that's been around for longer, that's better monetized. But unfortunately, we've chosen not to disclose the exact breakdown because it's very competitively sensitive, so please understand that.

第二部分，我們不詳細揭露空中與海洋。我可以告訴你，大部分交易都是空運。我還可以告訴您，正如我之前提到的，我們在某些​​海運交易以及 Fregoos.com 上的多式聯運門到門交易上賺了更多錢。所以這些都是——它已經存在了更長的時間，而且可以更好地貨幣化。但不幸的是，我們選擇不透露具體的細節，因為它在競爭中非常敏感，所以請理解。

Thank you.

謝謝。

Thanks, Michael.

謝謝，麥可。

Okay. We have no more questions, so thanks, everyone, for joining. Feel free to reach out to us at any time at ir@freightos.com. Have a good day.

好的。我們沒有更多問題了，感謝大家的加入。請隨時透過 ir@freightos.com 與我們聯繫。祝你有美好的一天。