Freightos Ltd (CRGO) 2023 Q4 法說會逐字稿

Hello, everyone. Welcome to Freightos Q4 and full year 2023 earnings conference call. A press release with detailed financial results for Q4 '23 was released earlier today and is available on the Investor Relations section of our website, freightos.com. My name is Anat Earon-Heilborn and I'm joined today by Zvi Schreiber, the CEO of Freightos; and Ran Shalev, CFO.

大家好。歡迎參加 Freightos 第四季和 2023 年全年財報電話會議。今天稍早發布了包含 23 年第 4 季詳細財務業績的新聞稿，可在我們網站 Fregoos.com 的投資者關係部分取得。我是 Anat Earon-Heilborn，今天 Freightos 執行長 Zvi Schreiber 也加入了我的行列。和財務長 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 on a computer instead of dialing in by phone. The slides, as well as recordings of this earnings call, will also be available on our website shortly after the call.

在準備好的發言之後，我們將開始提問。我們在通話期間共用幻燈片，因此我們建議在電腦上使用 Zoom，而不是透過電話撥入。本次財報電話會議的幻燈片以及錄音也將在電話會議結束後不久在我們的網站上提供。

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.

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。

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. The company undertakes no obligation to update any information discussed in this call at any time. Questions can be submitted in writing during the call using the Q&A feature in Zoom.

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 財務指標的其他資訊。該公司沒有義務隨時更新本次電話會議中討論的任何資訊。您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。

Please note that in May, management will participate in three investor events, the Virtual Investor Summit by the Investor Summit group, the Wolfe Research Global Transportation Conference, and the Oppenheimer Annual Israeli Conference. Participation in investor conferences and events may be updated from time to time, and upcoming events are listed on Freightos' investor website.

請注意，五月份，管理層將參加三項投資者活動：投資者峰會小組舉辦的虛擬投資者峰會、沃爾夫研究全球運輸會議和奧本海默以色列年度會議。投資者會議和活動的參與情況可能會不時更新，即將舉行的活動會在 Freightos 的投資者網站上列出。

Today's earnings call will begin with an overview of Q4 and the full-year performance by Zvi. We'll also discuss Freightos' long-term strategy and the 2024 plan. He will then provide insights into the current freight market trends using Freightos terminal data, including the impact of the Red Sea crisis. Next, Ran will present the financial results, offer guidance for Q1 and the full year of 2024, and will share our long-term financial targets. We will conclude with Q&A. Zvi, please go ahead.

今天的財報電話會議將首先概述 Zvi 的第四季和全年業績。我們也將討論 Freightos 的長期策略和 2024 年計畫。然後，他將利用 Freightos 碼頭數據深入了解當前貨運市場趨勢，包括紅海危機的影響。接下來，Ran 將介紹財務業績，為第一季和 2024 年全年提供指導，並將分享我們的長期財務目標。我們將以問答結束。茲維，請繼續。

Thanks a lot and thanks to everyone who joined. 2023 was a year of significant achievement for Freightos. It was our first year as a publicly traded company, and we take pride in having been able to raise money during a challenging year for tech investment and for the French industry. We believe this underscores our investors' faith in our mission to digitalize international freight, bringing efficiency and transparency to one of the world's most crucial economic infrastructures.

非常感謝並感謝所有加入的人。 2023 年對 Freightos 來說是取得重大成就的一年。這是我們作為上市公司的第一年，我們為能夠在技術投資和法國工業充滿挑戰的一年中籌集資金而感到自豪。我們相信，這突顯了投資者對我們實現國際貨運數位化、為世界上最重要的經濟基礎設施之一帶來效率和透明度的使命的信心。

Now the growth of any platform centers around growing transaction volumes. Q4 was the 16th consecutive quarter of record transactions with 287,000 transactions, up 53% year-on-year. Transaction growth throughout the fiscal year has been remarkable with over a million transactions processed on our platforms during 2023. This consistent and strong growth, even in a tough market, highlights our resilience and the benefits that our users, freight buyers and sellers alike, gain from the marketplace we have built for them.

現在，任何平台的成長都圍繞著交易量的成長。第四季交易量為 287,000 筆，年增 53%，連續第 16 季創下紀錄。整個財年的交易成長非常顯著，2023 年我們的平台處理了超過100 萬筆交易。和賣家所獲得的利益來自我們為他們建立的市場。

In addition to this resilience, in 2023 we demonstrated sound financial management, having raised approximately $65 million net of expenses last January, we ended the year with about $52 million in the bank, which positions us to continue to execute our growth plans and reach profitability using available funds while continuing to carefully control spend. Ran will speak more about our growth plans and expense controls. While the transaction growth is strong and consistent, we're only scratching the surface of the vast market potential that is available to us. And I will discuss the overall market potential in more detail a bit later.

除了這種韌性之外，我們在2023 年表現出了良好的財務管理能力，去年1 月扣除費用後籌集了約6500 萬美元，到年底我們的銀行存款約為5200 萬美元，這使我們能夠繼續執行我們的成長計劃並實現盈利使用可用資金，同時繼續謹慎控制支出。 Ran 將更多地談論我們的成長計劃和費用控制。雖然交易成長強勁且持續，但我們僅觸及了巨大市場潛力的表面。稍後我將更詳細地討論整體市場潛力。

In the fourth quarter, we again successfully increased the number of both buyers and sellers on our platform. The number of buyers saw year over year increase of 12%, reaching approximately 17,600 unique buyer and users. This growth not only demonstrates our platform's expanding appeal, but also strengthens our marketplaces' liquidity and diversity. We're adding new freight forwarding companies as buyers literally on a daily basis.

第四季度，我們再次成功增加了平台上買家和賣家的數量。買家數量年增 12%，達到約 17,600 名獨立買家和用戶。這種成長不僅顯示我們平台的吸引力不斷擴大，而且還增強了我們市場的流動性和多樣性。我們每天都會新增新的貨運代理公司作為買家。

As we've said in the past, this chart is used to track cohorts of freight forwarders, and we consistently see that once a cohort of freight forwarder starts booking on our platform in a given month, their buying volumes continue to grow. So, these buyers have limitless lifetime value. The data for the two years old cohorts of the three months of Q4 2021 can be seen on the right-hand chart, and we can see that the trend is persistent, with monthly bookings by this cohort up 46 times since the first quarter as buyers.

正如我們過去所說，該圖表用於追蹤貨運代理群體，我們始終看到，一旦一批貨運代理在指定月份開始在我們的平台上預訂，他們的購買量就會持續增長。因此，這些買家擁有無限的終身價值。右圖可以看到 2021 年第四季度三個月的兩歲人群的數據，我們可以看到這一趨勢是持續的，該人群的月預訂量自第一季以來增長了 46 倍。

Now let's talk about sellers. It was a strong quarter with unique carrier sellers increasing from 39 in Q3 to 45 in Q4. One of the newest sellers on WebCargo by Freightos is Japan Airlines, for example, which launched as recently as December and the sell-in was very quick to ramp up its selling through the system. We have a strong pipeline of carriers too. Several additional airlines have signed up during the fourth quarter to start selling early this year. In fact, some new airlines should be live during this first quarter. Expected new airline sellers include two top 20 carriers.

現在我們來談談賣家。這是一個強勁的季度，獨特的營運商賣家從第三季的 39 家增加到第四季的 45 家。例如，日本航空 (Japan Airlines) 是 Freightos WebCargo 上的最新賣家之一，該公司於 12 月才推出，銷售速度非常快，從而提高了通過該系統的銷售量。我們也擁有強大的營運商管道。其他幾家航空公司已在第四季簽約，將於今年年初開始銷售。事實上，一些新的航空公司應該會在第一季上線。預計新的航空公司賣家包括兩家排名前 20 名的航空公司。

This chart on the right side is now tracking cohorts of carriers as sellers. It shows how carriers reap growing benefits from being part of our platform, with their initial booking volumes quickly growing by thousands of percentage points, sometimes within a few months. These are all signs of a very healthy marketplace. Numbers of buyers and sellers growing while existing buyers and sellers also strongly grow their volumes. That was our platform segment.

右側的圖表現在正在追蹤作為賣家的運營商群體。它顯示了承運商如何透過成為我們平台的一部分而獲得不斷增長的利益，其初始預訂量迅速增長數千個百分點，有時在幾個月內增長。這些都是市場非常健康的跡象。買家和賣家的數量不斷增長，而現有買家和賣家的交易量也大幅增加。那是我們的平台部分。

Complementing our platform is our solutions business, which includes SaaS and data subscriptions for freight forwarders, importers and exporters, and carriers. Q4 was a solid quarter for the solutions business, including our largest SaaS deal ever. Providing solutions is part of our strategy of being a partner to forwarders and airlines in their digitalization needs, and our solutions actually help our customers to be more automated and to leverage our platforms more, so the platform and solution segments are definitely [seller]

我們的解決方案業務是我們平台的補充，其中包括為貨運代理、進出口商和承運商提供 SaaS 和數據訂閱。第四季度對於解決方案業務來說是一個穩定的季度，包括我們有史以來最大的 SaaS 交易。提供解決方案是我們成為貨運代理和航空公司數位化需求合作夥伴的策略的一部分，我們的解決方案實際上幫助我們的客戶更加自動化並更多地利用我們的平台，因此平台和解決方案領域絕對是[賣方]

On top of growing your marketplaces' liquidity by adding sellers and buyers, we're actively pursuing additional growth avenues. I would highlight four ways in which we're expanding beyond just adding more buyers and sellers. Firstly, we're continuously introducing more types of transactions, extending beyond the core offering. In 2023 for example, we launched the ability to book new [LDs] which are air cargo containers similar to booking a whole shipping container for ocean. And just recently in 2024, we introduced the ability to get an estimate for the trucking costs from a US airport to the final destination. We expected in the near future, we will integrate the actual booking of such travel services into the platform alongside the airline bookings.

除了透過增加賣家和買家來增加市場流動性之外，我們還積極尋求其他成長途徑。我想強調我們擴張的四種方式，而不僅僅是增加更多的買家和賣家。首先，我們不斷引入更多類型的交易，擴展到核心產品之外。例如，在 2023 年，我們推出了預訂新 [LD] 的功能，即空運貨櫃，類似於預訂整個海運貨櫃。就在最近的 2024 年，我們推出了估算從美國機場到最終目的地的卡車運輸成本的功能。我們預計在不久的將來，我們將把此類旅行服務的實際預訂與航空公司預訂一起整合到平台中。

Secondly, the transactions booked through our platforms are evolving to include more services. We have already integrated payment systems, insurance, and customs brokerage right into our platforms. And in 2023, we started to offer customs brokerage capabilities for freight forwarders to co-brand and embed in their own systems. In 2024, we hope to expand this trend as we explore offering more third-party services within our platform and roll out payments for more countries. We expect the impact of these additional aspects of each transaction to gradually increase the gross booking value and improve our take rate.

其次，透過我們的平台預訂的交易正在不斷發展，以包含更多服務。我們已經將支付系統、保險和報關業務整合到我們的平台中。 2023 年，我們開始為貨運代理提供報關服務，以聯合品牌並嵌入到自己的系統中。到 2024 年，我們希望擴大這一趨勢，探索在我們的平台內提供更多第三方服務，並為更多國家推出支付服務。我們預計每筆交易的這些額外方面的影響將逐漸增加總預訂價值並提高我們的接受率。

Thirdly, we create more opportunities for buyer and seller interactions. To this end in 2023, we introduced interlining, where one airline purchases cargo services from another airline, similarly to code sharing in passenger air travel. We've seen a great deal of interest from carriers and while it's still early days, we've already started to see transactions of this type of scale. It's exciting to see the very same airlines who joined us as sellers now becoming buyers as well.

第三，我們為買家和賣家創造更多的互動機會。為此，我們在 2023 年推出了聯運，即一家航空公司從另一家航空公司購買貨運服務，類似於客運航空旅行中的代碼共享。我們已經看到營運商表現出了極大的興趣，雖然現在還處於早期階段，但我們已經開始看到這種規模的交易。令人興奮的是看到那些加入我們作為賣家的航空公司現在也成為買家。

This year we plan to introduce a new version of our white label sales portal for freight forwarders and we're already engaged in a number of such pilots. And we're not stopping there, our platform generates a wealth of data, and we're making that data work smarter. In mid-2023, we launched Freightos Terminal, with market intelligence for global air and ocean freight presented in a beautiful and insightful way. The current Red Sea crisis, regrettable as it is, has actually sparked a spike in interest and attracted new subscribers to our data services, including companies as diverse as a multi-national technology conglomerate, an American furniture retail company, and a leading construction equipment company.

今年，我們計劃為貨運代理商推出新版本的白標銷售門戶，並且我們已經進行了許多此類試點。我們並沒有就此止步，我們的平台會產生大量數據，並且我們正在使這些數據更加聰明地發揮作用。 2023 年年中，我們推出了 Freightos Terminal，以精美而富有洞察力的方式呈現全球空運和海運的市場情報。當前的紅海危機雖然令人遺憾，但實際上引發了人們的興趣激增，並吸引了新的訂戶使用我們的數據服務，其中包括跨國科學集團、美國家具零售公司和領先的建築設備等各種公司公司。

Our upcoming initiatives to increase utilization of our data are targeted at improving the monetization of these data assets and increasing customer retention. We'll see examples of the Freightos Terminal when I talk about the freight industry soon.

我們即將採取的提高數據利用率的措施旨在提高這些數據資產的貨幣化並提高客戶保留率。當我很快談論貨運行業時，我們將看到 Freightos Terminal 的範例。

Another important initiative for our platforms is merging the software stacks we built and the ones we acquired in the project which is internally known as one stack. In 2023, we made significant strides in consolidating our technology platforms, moving towards a unified system that seamlessly connects international freight service buyers and sellers. Once the initiative is set to revolutionize the industry by providing a single platform that encompasses all facets of international freight carriers, freight forwarders, and shippers, that is importers and exporters, and which spans all notes in one platform. This integration will eliminate complexities and pave the way for more connected and transparent global freight ecosystem.

我們平台的另一項重要舉措是合併我們建立的軟體堆疊和我們在專案中獲得的軟體堆疊，這在內部稱為一個堆疊。 2023年，我們在鞏固技術平台方面取得了重大進展，朝著無縫連接國際貨運服務買家和賣家的統一系統邁進。一旦該計劃通過提供一個涵蓋國際貨運承運商、貨運代理和托運人（即進口商和出口商）所有方面的單一平台來徹底改變行業，並涵蓋一個平台上的所有內容。這種整合將消除複雜性，並為更互聯和透明的全球貨運生態系統鋪平道路。

Our investors are focused on our long-term potential. And so, I'd like to take this opportunity to provide some more detail about the total market available to Freightos. Later, Ran will talk about the target growth rates as we move to capture these huge opportunities.

我們的投資者關注我們的長期潛力。因此，我想藉此機會提供有關 Freightos 可用的整個市場的更多詳細資訊。稍後，Ran 將討論我們抓住這些巨大機會時的目標成長率。

Let's start with WebCargo, which is the part of our platform that connects freight forwarders to carriers, analogous to Amadeus and Sabre in passenger travel. In any cargo, the market size, which also represents our potential gross booking value or GBV, was estimated at $134 billion last year. It will take many years to capture this huge market, but we are already a clear market leader and we do have strong growth momentum as we saw earlier. The carrier market for ocean is even bigger as an estimated $250 billion, but digitalization here is really in its infancy.

讓我們從 WebCargo 開始，它是我們連接貨運代理商和承運商的平台的一部分，類似於客運旅行中的 Amadeus 和 Sabre。對於任何貨物，去年的市場規模（也代表我們潛在的總預訂價值或 GBV）估計為 1,340 億美元。佔領這個巨大的市場需要很多年的時間，但我們已經是明顯的市場領導者，正如我們之前看到的那樣，我們確實擁有強勁的成長勢頭。海運承運人市場規模更大，估計達 2500 億美元，但這裡的數位化確實處於起步階段。

Finally, the market for multimodal services, air, ocean, and first and last mile brought together by freight forwarders and sold to the end customers, the importers and exporters, has a market size of $208 billion at current prices. We have a tiny fraction of this market, but we are recognized leaders in digitalization. And here we already enjoy a healthy take rate, in some cases as high as 10%. These market sizes, totaling about $600 billion, represent the potential GBV, gross booking value, for our Freightos platform. And that's just in our core markets of air and ocean freight.

最後，由貨運代理商匯集並出售給最終客戶（進口商和出口商）的多式聯運服務（空運、海運、第一英里和最後一英里）市場，按當前價格計算，市場規模為 2,080 億美元。我們只佔這個市場的一小部分，但我們是數位化領域公認的領導者。在這裡，我們已經享有健康的採用率，在某些情況下高達 10%。這些市場規模總計約 6,000 億美元，代表了我們 Freightos 平台的潛在 GBV（總預訂價值）。這只是我們的空運和海運核心市場。

Now, admittedly, some of these markets are tied up in long-term contracts, but data suggests that 30% to 50% of the international freight markets are transactional in the nature and have potential for platformification. Provided, of course, that the platform that has us, Freightos, add value to the transactions. And as we add more value, we can earn a higher take rate as well from buyers and sellers who benefit from greater liquidity and all the value added services we talked about before.

現在，誠然，其中一些市場受到長期合約的束縛，但數據表明，30% 至 50% 的國際貨運市場本質上是交易性的，並且具有平台化的潛力。當然，前提是我們 Freightos 的平台能為交易增加價值。隨著我們增加更多的價值，我們也可以從買家和賣家那裡獲得更高的接受率，他們受益於更大的流動性和我們之前討論過的所有增值服務。

The assumptions I've just shared with the total addressable market for our platform business, which over time will be dominant and will be the dominant segment of our business, is of the order of magnitude of $10 billion, and that's very high-margin, reoccurring transactional revenue. Ran will talk later about the growth rates we can expect as we move to capture these huge markets.

我剛剛與我們平台業務的整個潛在市場分享的假設是，隨著時間的推移，平台業務將佔據主導地位，並將成為我們業務的主導部分，其規模約為100 億美元，這是非常高的利潤，經常性交易收入。 Ran 稍後將討論我們在佔領這些巨大市場時可以預期的成長率。

Now let me switch to discussing freight market conditions. As we've discussed in previous quarters, 2023 saw a significant downturn in the freight industry and while the crisis in the Red Sea has affected the entire industry, reducing capacity and increasing rates temporarily, it has not changed the industry's cyclical fundamentals. Let's take a look at ocean and air volumes. The chart of ocean volumes on the left shows typical seasonal patterns with elevated volumes in the summer and through October, ahead of the holiday season. Total quarterly volumes in Q4 were 7% higher than Q4 2022. Total global volumes in 2023 were essentially flat on 2022 levels.

現在讓我轉而討論貨運市場狀況。正如我們在前幾季所討論的，2023年貨運業大幅下滑，雖然紅海危機影響了整個產業，運力暫時減少，運價上漲，但並沒有改變產業的周期性基本面。讓我們來看看海洋和空氣的體積。左側的海洋水量圖表顯示了典型的季節性模式，夏季和整個十月（假期季節之前）水量增加。第四季的季度總銷量比 2022 年第四季高出 7%。

On the right side, IATA data for global air cargo volumes shows that the global demand continues its gradual recovery in Q4, up 7% from Q4 of 2022. For the year 2023, global volumes were 2% lower than in 2022 and 3.6% lower than 2019 pre-COVID totals.

右側，IATA 全球航空貨運量數據顯示，第四季全球需求持續逐步復甦，較 2022 年第四季成長 7%。 2019 年新冠疫情爆發前的總數。

Now let's look in air and ocean freight price levels using our own Freightos Terminal. As you probably know, general rates in 2023 dropped sharply. Ocean container shipping rates dipped to a new record low for our FBX index in October, as overcapacity pushed rates down. But strict capacity management by ocean carriers and the start of the Red Sea diversions pushed rates up 14% at the end of the year when compared to the end of Q3. The Red Sea crisis also pushed rates up more than 150% in the first six weeks of 2024. Prices are expected to remain above typical levels until Suez Canal traffic resumes fully. As even more new shipping capacity continues to enter the market in 2024, there will be continued downward pressure on prices.

現在，讓我們使用我們自己的 Freightos 終端查看空運和海運價格水平。您可能知道，2023 年的整體利率大幅下降。由於運力過剩導致運價下降，10 月 FBX 指數的海運貨櫃運價跌至歷史新低。但由於海運承運人嚴格的運力管理以及紅海改道的開始，與第三季末相比，年底運價上漲了 14%。紅海危機也導致 2024 年前六週運價上漲超過 150%。 2024年，隨著更多新增運能持續進入市場，價格將面臨持續下行壓力。

On the air cargo side, as tracked by our Freightos Air Index, rates increased 16% by early December as air cargo ended its typical peak season which is closer to the holidays. Rates closed the year however, 21% lower than at the close of 2022. Air cargo rates are also depressed by increasing capacity, in this case due to more aircraft being deployed to serve increased passenger travel, creating cargo capacity as a byproduct.

在航空貨運方面，根據我們的 Freightos 航空指數追踪，隨著航空貨運結束了接近假期的典型旺季，到 12 月初，運價上漲了 16%。然而，今年年底的運價比2022 年底下降了21%。貨運運力作為副產品。

In summary, the unfortunate Red Sea crisis is creating a spike in rates, especially ocean, for as long as it lasts. But otherwise, both air and ocean freight are subject to significant downward price pressure due to increased capacity.

總之，不幸的紅海危機正在造成費率飆升，尤其是海洋費率，只要它持續下去。但除此之外，由於運能增加，空運和海運都面臨巨大的價格下行壓力。

In closing, I want to extend my gratitude to our dedicated team whose hard work and commitment to our mission have been the cornerstone of our success in 2023. To our shareholders, your support and belief in our vision and long-term potential fuel our drive to innovate and lead in this transformative journey.

最後，我要向我們敬業的團隊表示感謝，他們的辛勤工作和對使命的承諾是我們在2023 年取得成功的基石。的動力創新並引領這趟變革之旅。

Let me now hand over to our CFO, Ran, to discuss our Q4 results, guidance for the first quarter and the current year, and long-term growth goals. Ran?

現在讓我請我們的財務長 Ran 討論我們第四季度的業績、第一季和本年度的指導以及長期成長目標。蘭？

Thanks, Zvi. I'm pleased to share our fourth quarter and full-year results, which surpasses our expectation in transaction GBV and adjusted EBITDA, and reach the upper end of our revenue forecast.

謝謝，茲維。我很高興分享我們第四季度和全年的業績，這超出了我們對交易 GBV 和調整後 EBITDA 的預期，並達到了我們收入預測的上限。

As we conclude our first year as a public company, we are striking a healthy balance between growth and a clear path to profitability. Revenue for Q4 of '23 was $5.3 million, up 8% compared to Q4 of '22, and total revenues for full year '23 was $20.3 million, up 6% compared to the previous year. Total platform revenues in the fourth quarter was $1.9 million, up 1% compared to the fourth quarter of '22, as the gains in volumes were offset by a drop in prices. Solution revenue was $3.4 million, up 13% from Q4 last year. Solution revenue growth reflects solid growth in revenues generated by some of the solutions of freight forwarders and strong uptake of our data solution, Freightos Terminal, which Zvi mentioned. We also closed our largest SaaS contract ever, although that revenue is not yet recognized.

當我們結束作為上市公司的第一年時，我們正在成長和清晰的獲利之路之間取得健康的平衡。 23 年第四季的營收為 530 萬美元，比 22 年第四季成長 8%，23 年全年總營收為 2,030 萬美元，比上一年成長 6%。第四季平台總營收為 190 萬美元，比 2020 年第四季成長 1%，銷量成長被價格下降所抵銷。解決方案營收為 340 萬美元，比去年第四季成長 13%。解決方案收入的成長反映了貨運代理商的一些解決方案產生的收入的穩健成長，以及 Zvi 提到的我們的數據解決方案 Freightos Terminal 的強勁採用。我們還完成了有史以來最大的 SaaS 合同，儘管該收入尚未得到確認。

Looking at our full year, the picture is more balanced with platform revenues and solution revenues both increasing 6% from 2022. Profitability measures continues to improve with IFRS gross margins at 62.2%, up from 59.2% in Q4 of '22 and non-IFRS gross margin reached 70% for the quarter, up from 65.8% in Q4 of '22. For the full year, non-IFRS gross margins was 67.4%, up from 65.2% in 2022. As we mentioned in our last call, the improved efficiency that supports our gross margin expansion should continue as we scale and we therefore anticipate non-IFRS gross margins will remain at approximately 70% going forward.

綜觀全年，情況更加平衡，平台收入和解決方案收入均較 2022 年增長 6%。季毛利率達70%，高於22 年第四季的65.8%。全年，非IFRS 毛利率為67.4%，高於2022 年的65.2%。 ，因此我們預計非IFRS 毛利率將繼續提高未來毛利率將維持在70%左右。

Adjusted EBITDA in Q4 '23 was negative $3.8 million, marking a sequential improvement from the $4.1 million loss in Q3 and continuing the progress seen from Q2 to Q3. We remain committed to balancing growth with expense control and are confident in reaching breakeven with our current cash reserves. Our cash balance at the end of the year, which includes bank deposits and short-term investments, was $51.7 million, down only $3.5 million from the end of September.

23 年第 4 季調整後 EBITDA 為負 380 萬美元，比第 3 季 410 萬美元的虧損有所改善，並延續了第 2 季到第 3 季的進步。我們仍然致力於平衡成長與費用控制，並有信心利用我們目前的現金儲備來實現收支平衡。年末我們的現金餘額（包括銀行存款和短期投資）為 5,170 萬美元，比 9 月底僅減少了 350 萬美元。

Let's move on to our Q1 full-year 2024 guidance. In Q1, we expect a mid-28% growth in transactions, reaching between 280,500 and 288,000. We expect transaction growth to accelerate throughout the year and our full-year expectations reflect at the midpoint of 30% year-on-year increase. GBV growth is expected to continue to lack transaction growth due to continued low prices in the market. Our assumption for '24 is that current freight rates will prevail throughout the year. GBV growth in the first half of this year will appear muted year on year due to higher freight rates in the first part of 2023.

讓我們繼續討論 2024 年第一季全年指引。我們預計第一季交易量將成長 28%，達到 280,500 至 288,000 筆。我們預計全年交易成長將加速，全年預期年增 30%。由於市場價格持續走低，GBV 成長預計將繼續缺乏交易成長。我們對 24 年的假設是當前的運價將貫穿全年。由於 2023 年上半年運費上漲，今年上半年 GBV 成長將年減。

We anticipate generating between $5.2 million and $5.3 million in revenues in Q1 and between $22.4 million and $24 million in the full year. Year-on-year growth in the first quarter is expected to be lower than the rest of the year for the reason I just mentioned. In Q1 '23, freight prices were much higher than they are currently. Adjusted EBITDA losses are expected to be between $4.2 million and $3.9 million in Q1, a slight increase from Q4 of last year due to seasonal expenses, mainly modest annual raises. And between $15.3 million and $13.8 million for the full year. These near-term targets are essential step towards the growth and profitability we aim for in the coming years, positioning us to succeed in capturing the massive opportunity that is ahead of us.

我們預計第一季的營收將在 520 萬美元至 530 萬美元之間，全年營收將在 2,240 萬美元至 2,400 萬美元之間。基於我剛才提到的原因，第一季的年成長率預計將低於今年剩餘時間。 23 年第一季，貨運價格遠高於目前。預計第一季調整後 EBITDA 損失將在 420 萬美元至 390 萬美元之間，由於季節性費用（主要是適度的年度增長），較去年第四季略有增加。全年收入在 1530 萬至 1380 萬美元之間。這些近期目標是我們實現未來幾年成長和獲利目標的重要一步，使我們能夠成功抓住擺在我們面前的巨大機會。

Let me now share with you these longer-term targets for 2025 to 2030. Growth of the platform starts with liquidity. We aim to grow transactions by 20% to 30% annually by adding buyers, adding sellers, creating new buyers, sellers, combinations, and adding new types of transactions and transaction features. Core booking value will also grow 20% to 30% on average. But clearly in this long term, there will be rate fluctuations that will affect GBV growth. In 2024, we expect revenue growth to still lack transaction growth as our revenue is still mostly from the slower growing solution revenues. However, we expect that over the years, our fast-growing platform revenues will become the dominant part of our revenue and will drive revenue growth 25% to 30% year on year.

現在讓我與您分享 2025 年至 2030 年的長期目標。我們的目標是透過增加買家、增加賣家、創建新的買家、賣家、組合以及添加新的交易類型和交易功能，使交易量每年增長 20% 至 30%。核心預訂價值也將平均成長20%至30%。但顯然，從長遠來看，利率波動將會影響 GBV 的成長。到 2024 年，我們預計收入成長仍缺乏交易成長，因為我們的收入仍主要來自成長較慢的解決方案收入。不過，我們預計，多年來，我們快速成長的平台收入將成為我們收入的主導部分，並將帶動收入年增25%至30%。

Our non-IFRS gross margins are already close to 70%, and we expect those to continue to go even higher, eventually approaching 80% in line with best-in-class mature software companies. With this top-line growth and high margins and with our expenses under control, we expect to see adjusted EBITDA continuing to increase steadily. In fact, we think that the adjusted EBITDA margins, that is the ratio of adjusted EBITDA over revenues, can grow by 8 to 12 percent points annually, bringing us to profitability by the end of 2026 and leading for this to become a highly profitable company in the later years.

我們的非國際財務報告準則毛利率已經接近 70%，我們預計這些毛利率將繼續走高，最終接近 80%，與一流的成熟軟體公司保持一致。憑藉這種收入成長和高利潤率以及我們的支出得到控制，我們預計調整後的 EBITDA 將繼續穩定成長。事實上，我們認為調整後的 EBITDA 利潤率，即調整後的 EBITDA 與收入的比率，每年可以增長 8 至 12 個百分點，使我們在 2026 年底之前實現盈利，並成為一家高盈利公司在後來的歲月裡。

Thank you for your attention and support as we move forward with our strategy.

感謝您在我們推進策略的過程中給予的關注與支持。

Thank you, Zvi and Ran. We'll start with the Q&A session now.

謝謝茲維和蘭。我們現在開始問答環節。

Jason Helfstein, Oppenheimer.

賈森·赫夫斯坦，奧本海默。

Thanks. Two questions. First is about the first quarter, obviously, you're guiding for slower gross bookings growth, but you're still -- but revenue will still be growing pretty consistent with what you saw in the fourth quarter. Maybe just talk about -- I think you alluded to the fact that you have some comms on the -- some tough comms on the gross booking side, then you're offsetting that with other factors such as take rate or solutions revenue growth. So maybe just unpack how you're able to turn more modest GBV growth into still solidly revenue growth.

謝謝。兩個問題。首先是關於第一季的情況，顯然，您正在指導總預訂量增長放緩，但您仍然 - 但收入的增長仍將與您在第四季度看到的情況非常一致。也許只是談論 - 我想你提到了這樣一個事實，即你在總預訂方面有一些艱難的溝通，然後你用其他因素（例如接受率或解決方案收入增長）來抵消這一點。因此，也許只需解開如何將較溫和的 GBV 成長轉化為仍穩健的營收成長。

And then second question, on the slide, we talked about the four different areas you're looking to improve the product. When could we start to see that actually flow through the financials? Is that back half of '24? Is that more '25? Maybe elaborate a little more when some of those initiatives actually flow through the model.

然後是第二個問題，在幻燈片上，我們討論了您希望改進產品的四個不同領域。我們什麼時候才能開始看到它實際流向財務狀況？那是24年的後半段嗎？那更像是'25嗎？當其中一些舉措實際上通過模型時，也許可以詳細說明一下。

And then just one more. I think the EBITDA guidance is a little better than we expected on more muted revenue. Are you purposely doing anything to reduce expenses that might be impacting growth in '24 to get the EBITDA up faster. Thank you.

然後還有一個。我認為 EBITDA 指引比我們預期的要好一些，因為收入較為疲軟。您是否有意採取任何措施來減少可能影響 24 年成長的支出，以使 EBITDA 更快成長？謝謝。

Thanks, Jason. Three interesting questions there, let me do our best to address them. And then, Ran, if you want to add anything. Q1 revenue, you're asking that the growth in revenues in some ways better than the growth in GBV. You've got to remember when you look at GBV that Q1 is really -- the prices are quite low compared to Q1. The prices in the market are quite low compared to Q1 of last year. Latest this year that will be less of an impact because by the second half of 2023, the rates were low anyway. So, if they do this year, that will be like for like. But in Q1, you are still seeing GBV depressed by the fact that when you compare to last year, the rates in the market are lower.

謝謝，傑森。這裡有三個有趣的問題，讓我盡力解答它們。然後，蘭，如果你想補充什麼的話。第一季收入，您要求收入的成長在某些方面優於 GBV 的成長。你必須記住，當你查看 GBV 時，第一季的價格確實比第一季低。與去年第一季相比，市場價格相當低。今年最新情況的影響將較小，因為到 2023 年下半年，利率無論如何都會很低。所以，如果他們今年這樣做，那將會是一樣的。但在第一季度，您仍然會看到 GBV 受到抑制，因為與去年相比，市場利率較低。

And then also as you'll appreciate, we're still in a situation where most of our revenue is from solutions. We're definitely projecting that will change over time and that platform will grow faster and eventually become a dominant business. But in the end, as still the majority of our revenue is solutions and it's growing by unrelated to the -- it's not directly related to the transactional growth at all.

而且正如您所意識到的，我們仍然處於大部分收入來自解決方案的情況。我們肯定會預測，隨著時間的推移，這種情況將會發生變化，該平台將成長得更快，並最終成為主導業務。但最終，我們的大部分收入仍然是解決方案，而且它的成長與交易成長無關——它根本與交易成長沒有直接關係。

And second of all, those areas of improvement, that's a great question. I think we talked about new types of transactions like interlining, we talked about new services. I think the material effect, of course, there will be some small effect this year because those are all things that have started to happen. But I think you won't see any of those materially affecting this year's results. Interlining is a great example where we've got these new transactions, we've got transactions every day, it's growing, but it's still at this point, a teeny fraction. And it will take certainly a year, maybe, even two years for it to really have a substantial impact. But it's something which can be very, very significant for the long-term because it creates new combinations, it creates stickiness, it creates value for our customers. We think it's really, really important for the long-term, but don't expect any visible impact on this year's results and even next year. It will still be modest in my opinion.

其次，那些需要改進的領域，這是一個很好的問題。我認為我們討論了新類型的交易，例如聯運，我們討論了新服務。我認為物質影響當然今年會產生一些小小的影響，因為這些都是已經開始發生的事情。但我認為你不會看到任何這些對今年的結果產生重大影響。聯運就是一個很好的例子，我們已經有了這些新的交易，我們每天都有交易，它正在成長，但目前仍然只佔很小的一部分。而且肯定需要一年，甚至兩年的時間才能真正產生實質的影響。但從長遠來看，這可能非常非常重要，因為它創造了新的組合，創造了黏性，為我們的客戶創造了價值。我們認為，從長遠來看，這確實非常重要，但預計不會對今年甚至明年的業績產生任何明顯影響。在我看來，它仍然是適度的。

And then your third question was about 2024 guidance and you're saying we're guiding a little bit better on EBITDA, a little bit less in revenue. Look --

然後你的第三個問題是關於 2024 年的指導，你說我們對 EBITDA 的指導要好一點，收入要少一點。看 -

Zvi, I can answer that.

茲維，我可以回答。

Okay, yeah. What I was just going to say, generically, and then I'll let you answer, Ran. But just say generically, there's always a trade-off between growing more aggressively but putting more money and growing less aggressively, so it's always a trade-off that we're making a judgment call on. And maybe Ran can discuss how we looked at that for this year.

好吧，是的。我剛才想說的是，一般性的，然後我會讓你回答，蘭。但一般來說，在更積極地成長、投入更多資金和不那麼積極地成長之間總是存在著權衡，所以我們總是在做出判斷時進行權衡。也許蘭可以討論我們今年如何看待這個問題。

So I think that we have -- we were able to reach to a good balance between growing our gross margins to around the 70% level, together with the fact that we were able to control our OpEx, mainly the part relating to being public expenses where we were able to lower them. So, we're not anticipating any slowdown with new product release that might impact the growth in the future. I think that all in all, we are controlling the OpEx, which eventually falls directly to the bottom line and therefore, our adjusted EBITDA is looking better.

因此，我認為我們能夠在將毛利率提高到 70% 左右的水平與我們能夠控制營運支出（主要是與公共支出相關的部分）之間取得良好的平衡。因此，我們預計新產品發布的放緩不會影響未來的成長。我認為總而言之，我們正在控制營運支出，它最終會直接下降到淨利潤，因此，我們調整後的 EBITDA 看起來更好。

But I guess the question was more like, are you doing it on purpose or just the way the numbers are playing out?

但我想問題更像是，你是故意這樣做還是只是按照數字的結果來做？

No. That's how the numbers are playing out. As to the savings that we have and not relating to employees or any kind of savings relating to growth. It's mainly around flat expenses relating to G&A and stuff like that.

不，這就是數字的結果。至於我們擁有的與員工無關的儲蓄或任何與成長相關的儲蓄。主要是與一般管理費用等相關的固定費用。

Okay. Thank you. I appreciate all the color.

好的。謝謝。我欣賞所有的顏色。

Sure.

當然。

Thanks, Jason.

謝謝，傑森。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. So, I noticed you called out twice the largest SaaS deal ever. Can you just walk through what that means? How significant that is? Is that something we should start to see eclipsed in further transactions?

謝謝。我注意到您提出了有史以來最大的 SaaS 交易的兩倍。您能簡單解釋一下這意味著什麼嗎？這有多重要？我們應該開始看到這種情況在進一步的交易中黯然失色嗎？

Yeah. That was the SaaS deal, we don't have permission to say the details of the customer, but it was a single SaaS deal of over $1 million. I believe, Ran, correct me if I'm wrong, but I believe given the rollout, it's a complicated deal. I believe very little of that will actually be recognized this year. So that's already some -- building up a book of revenue for next year more than anything. But I think it's also a good sign that our customers are seeing our products is the kind of products which can get a seven digits price tag, and that's why we wanted to call it out. And I hope in time we'll have permission to give you more details of that particular deal.

是的。那是一筆 SaaS 交易，我們無權透露客戶的詳細信息，但這是一筆超過 100 萬美元的 SaaS 交易。我相信，蘭，如果我錯了，請糾正我，但我相信考慮到推出，這是一項複雜的交易。我相信今年真正得到認可的很少。所以這已經是一些了——為明年建立一份收入帳簿比什麼都重要。但我認為這也是一個好兆頭，我們的客戶看到我們的產品是那種可以獲得七位數價格標籤的產品，這就是我們想要大聲疾呼的原因。我希望我們能夠及時獲得許可向您提供該特定交易的更多細節。

So it would seem that take rates, obviously, the big opportunity in front of you, and we've talked for a while now about payments and insurance and customs have been added since. Can you just walk through what the expectations are for attachments there? Give us an update in terms of how you think it's been going thus far and is there any change in your anticipated opportunity there?

因此，顯然，採取利率，這是您面前的巨大機會，我們已經討論了一段時間有關付款、保險和海關的問題，此後又添加了這些內容。您能否簡單介紹一下那裡的附件的期望是什麼？請向我們介紹一下您迄今為止的進展以及您預期的機會是否有任何變化？

George, we still got an interesting mix with the take rate we've discussed, I think, before a little. And the take rate, if you look for example, at our two platforms, Freightos and WebCargo, Freightos again is between the end customer and the forwarders with cargoes between the forwarders and the carriers, and you're actually seeing the take rates and Freightos is high and it's stable. Take rate on WebCargo is much lower, but the growth is much faster and it's -- the take rate is increasing. But you never see that in the overall numbers because of the mix. So, although the WebCargo take rate is increasing, it's a lot less and then the lower take rate becomes more of the mix. You've got this funny sort of mix effect which hides the great progress that we're making on -- or at least the consistent progress we're making on take rate.

喬治，我想，我們之前討論過的採用率仍然有一個有趣的組合。拿貨率，如果你看看我們的兩個平台Freightos 和WebCargo，Freightos 又是在最終客戶和貨運代理之間，貨物在貨運代理和承運人之間，你實際上看到的是拿貨率和Freightos很高而且很穩定。 WebCargo 的佔用率要低得多，但成長速度要快得多，而且佔用率正在增加。但由於混合的原因，你永遠不會在總體數字中看到這一點。因此，雖然 WebCargo 的佔用率正在增加，但還是少了很多，然後較低的佔用率變得更多。你得到了這種有趣的混合效果，它隱藏了我們正在取得的巨大進步——或者至少是我們在拍攝率方面取得的持續進步。

Eventually you'll see that. I don't know exactly, I don't know in the model when, but eventually, WebCargo becomes big enough that you can really see that take rate increase even in the total numbers. But clearly for us, take rate is all about adding value. The key for us is to work really hard to provide in those four areas that I talked about in new types of transactions and new services and more data. We're seeing the customers respond well. We're seeing that as we provide more value that they're willing to pay a fair price for those richer, platform services.

最終你會看到這一點。我不確切地知道，我不知道在模型中什麼時候，但最終，WebCargo 變得足夠大，即使在總數中，你也可以真正看到採取率的增加。但顯然對我們來說，採用率就是為了增加價值。對我們來說，關鍵是要努力在我談到的這四個領域提供新型交易、新服務和更多數據。我們看到客戶反應良好。我們看到，當我們提供更多價值時，他們願意為那些更豐富的平台服務支付公平的價格。

One other question, if I could. Relative to your geographic strengths and weaknesses, you talked about adding Japan Airlines, which is great. I know you added some Chinese carriers last year as well. So Europe had been your strength, I believe, the far East in becoming stronger. Can you just talk about other parts of the world where there are big open-ended opportunities as you see them?

還有一個問題，如果可以的話。相對於您的地理優勢和劣勢，您談到添加日本航空，這很棒。我知道去年你們也增加了一些中國航空公司。因此，我相信，歐洲一直是你們的力量，而遠東則變得更強大。您能否談談您認為世界其他地區存在巨大的開放式機會？

Yeah. I mean, I think you put your finger on it. Asia is the big one for us. And Europe, when it comes to WebCargo, Europe is already very strong. We've got pretty much all the major airlines and a very high proportion of the freight forwarders. North America is certainly growing and partly because of an acquisition that we made and because of organic growth -- of seven airfreight couple of years ago and partly because just the organic growth that we have there. So North America is doing well.

是的。我的意思是，我想你已經把手指放在上面了。亞洲對我們來說是一個重要的地區。而歐洲，就WebCargo而言，歐洲已經非常強大了。我們擁有幾乎所有主要航空公司和很高比例的貨運代理。北美確實在成長，部分原因是我們進行的收購以及幾年前七次空運的有機成長，部分原因是我們在那裡的有機成長。所以北美表現不錯。

On Freightos, actually North America's slightly reversed. North America is stronger, Europe's a bit of a growth area. But in both cases, you know, Asia has been the weak spot, not for any fault of our own but just because for some reason, the Asian carriers, the Asian airlines were a lot slower to digitize. So we've always considered Asia important, but it took us longer and I don't know why, but it took us longer to get major Asian airlines. But as you said correctly, we have now got a few, Japan Airlines is the most recent. So we now have -- we're starting to get a good -- approaching a good critical mass of Asian airlines as well. Plus, of course, the European and American Airlines fly to Asia also.

在 Freightos 上，實際上北美的情況略有逆轉。北美更強大，歐洲是一個成長地區。但在這兩種情況下，你知道，亞洲一直是弱點，這並不是我們自己的錯，而是因為出於某種原因，亞洲航空公司、亞洲航空公司的數位化速度要慢得多。所以我們一直認為亞洲很重要，但我們花了更長的時間，我不知道為什麼，但我們花了更長的時間才獲得亞洲主要航空公司的航班。但正如你所說，我們現在有一些，日本航空是最新的。因此，我們現在——我們已經開始取得良好的進展——也接近了亞洲航空公司的臨界質量。當然，此外，歐洲和美國航空公司也有飛往亞洲的航班。

So yeah, Asia is definitely going to be a big growth area for us. It's such a huge market and we have a team there distributed around Asia. I hope we're in strong position to grow in Asia.

所以，是的，亞洲肯定會成為我們一個重要的成長地區。這是一個巨大的市場，我們的團隊分佈在亞洲各地。我希望我們能夠在亞洲實現成長。

Thank you very much.

非常感謝。

Okay. So we have a number of questions that came in writing. The first one is from Greg Pendy from Chardan. Can you talk about the trucking market and how should we expect you to roll out in this space?

好的。因此，我們有很多書面問題。第一個來自 Chardan 的 Greg Pendy。您能談談卡車運輸市場嗎？

Sure. Trucking is not a primary market. We really focus on air and ocean, and the domestic trucking on its own. You know, if somebody is selling, for example, in the US from ZIP code to ZIP code or someone's trucking something from France to Italy, we don't, at this time, consider that part of our market. And there are several other companies who are creating platforms for that area. So that's a more competitive space. A little bit simpler than air and ocean. And so, it's not a focus for us. We focus on international shipping.

當然。卡車運輸不是主要市場。我們真正專注於空運和海運，以及國內卡車運輸。你知道，例如，如果有人在美國從一個郵遞區號銷售到另一個郵遞區號，或者有人用卡車從法國運東西到義大利，我們目前不會考慮這部分市場。還有其他幾家公司正在為該領域創建平台。所以這是一個更具競爭性的空間。比空氣和海洋簡單一點。因此，這不是我們的重點。我們專注於國際運送。

We did, I mentioned in the comments, we definitely look at trucking when it's part of the international. So someone shipping something internationally by air or by ocean, we are interested in the first mile and the last mile, we're interested in that whole trip, end to end. And that's -- but that's part of the value-added service around air and ocean. When it comes to trucking on its own, we do as it happens, we have some through our 7L subsidiary. We do have some database of less than truckload rates in the US, but that's really the secondary for us. We picked up through an acquisition, but we're really competing in air and ocean. And in the trucking in as much as part of international freight, and domestic trucking or trucking on its own is really a separate industry -- they're adjacent industry, but not one that we're addressing.

我在評論中提到，我們確實關注了卡車運輸，因為它是國際運輸的一部分。因此，有人透過空運或海運進行國際運輸，我們對第一英里和最後一英里感興趣，我們對整個旅程感興趣，從頭到尾。但這是空運和海運增值服務的一部分。當談到自己的卡車運輸時，我們會透過我們的 7L 子公司進行一些運輸。我們確實有一些美國低於卡車裝載率的資料庫，但這對我們來說確實是次要的。我們透過收購獲得了發展，但我們實際上是在空中和海洋領域進行競爭。在卡車運輸中，國際貨運、國內卡車運輸或卡車運輸本身實際上是一個獨立的行業——它們是相鄰的行業，但不是我們正在討論的行業。

Okay. The next question is for you, Ran. Why is EBITDA guidance lower for Q1 than it was in Q4.

好的。下一個問題是問你的，蘭。為什麼第一季的 EBITDA 指引低於第四季。

Yes. Indeed, Q4, we were able to close at that $3.8 million EBITDA -- adjusted EBITDA loss, and we are guiding for $3.9 million to $4.2 million. Those are mainly seasonal expenses that are added at the beginning of the year. It's mainly around some salary adjustments, some hirings in order to support the growth going forward. And those will balance out as we continue with the growth in revenues as per the guidance that we gave.

是的。事實上，第四季度，我們能夠以 380 萬美元的 EBITDA 收盤——調整後的 EBITDA 損失，我們的目標是 390 萬至 420 萬美元。這些主要是年初添加的季節性費用。主要是一些薪資調整和一些招聘，以支持未來的成長。隨著我們按照我們給出的指導繼續實現收入成長，這些將得到平衡。

Okay. And another question. WiseTech has launched their new airline e-booking platform fully integrated with their TMS. Is the impact already taken into account in the revenue projections?

好的。還有一個問題。慧諮科技推出了與其 TMS 完全整合的新航空公司電子預訂平台。收入預測中是否已考慮到影響？

Well, in a way, yes, because it's not new. WiseTech have got a big market share as an operational sort of transportation management system for freight forwarders and they've been doing some form of e-booking for a few years. And now they have announced the more modern version of that. But it's not news that they're in that business. And also, their market share in so far has been very, very small. We're much, much bigger than them in the e-booking. We've also done, I think, a good job of making sure -- many of the freight forwarders who use WebCargo by Freightos are also using WiseTech as their operational systems.

嗯，在某種程度上，是的，因為它並不新鮮。慧諮科技作為貨運代理商的運輸管理系統，已經獲得了很大的市場份額，並且幾年來他們一直在進行某種形式的電子預訂。現在他們宣布了更現代的版本。但他們從事這一行業並不是什麼新聞。而且，到目前為止，他們的市佔率非常非常小。在電子預訂方面，我們比他們大得多。我認為，我們在確保許多使用 Freightos WebCargo 的貨運代理商也使用慧諮科技作為他們的作業系統方面也做得很好。

So we play nice with them. And we think that our customers are happy to use the combination, use us for what we're good at, which is the e-booking, and they use WiseTech as the operational system. This is something which has been around for a while. It hasn't slowed our growth in any way. The customers have been happy to use the combination of the two products. Again, I can't say for sure what will happen in the future. We don't know exactly as they update their products, if it will become more of an impact or not. But we can just go on what we're seeing so far, which is that they are good -- our products complement each other and they're not directly taking market share from us in the e-booking.

所以我們和他們相處得很好。我們認為我們的客戶很樂意使用這個組合，使用我們所擅長的領域，即電子預訂，並且他們使用慧諮科技作為作業系統。這已經存在了一段時間了。它並沒有以任何方式減緩我們的成長。客戶很高興使用這兩種產品的組合。再說一遍，我無法確定未來會發生什麼事。我們不知道他們何時更新產品，是否會產生更大的影響。但我們可以繼續目前所看到的情況，那就是它們都很好——我們的產品相互補充，而且它們並沒有直接從我們的電子預訂市場份額中奪走。

Okay. And the last question that we will take is can you increase your rates this year with existing contract, carriers, and freight forwarders to increase revenue?

好的。我們要問的最後一個問題是，今年你們能否提高現有合約、承運商和貨運代理的費率以增加收入？

To some extent, we're always looking every time contracts come up for renewal, we're trying to see if we can add more value, improve our product, improve our services, improve the richness of our platform and then use that as a way to persuade the customer to pay a higher price. So that's something we're doing on a continuous basis. Then again, we have to earn the higher prices, we can't just impose them. And I think we're doing that quite well. We do see most often when booking contracts renew or when SaaS contracts renew, many times, we're able to justify a price increase by improving the product. And that's something we do on a continuous basis. And I think that that's built into the projections that we made for 2024.

在某種程度上，每次合約需要續約時，我們總是在尋找是否可以增加更多價值，改進我們的產品，改進我們的服務，提高我們平台的豐富性，然後將其用作說服顧客支付更高價格的方法。所以這是我們持續在做的事情。話又說回來，我們必須賺取更高的價格，我們不能強加它們。我認為我們在這方面做得很好。我們確實經常看到，當預訂合約續約或 SaaS 合約續約時，很多時候，我們能夠透過改進產品來證明價格上漲的合理性。這是我們持續做的事情。我認為這已納入我們對 2024 年的預測。

Okay. That concludes today's call. Thank you, everyone, for listening in. Have a good day.

好的。今天的電話會議到此結束。謝謝大家的收聽。