Q2 2024 Freightos Ltd Earnings Call Transcript
Key Points
- Freightos Ltd (CRGO) reported a 32% year-over-year increase in transactions, reaching 316,500 in Q2 2024.
- Gross booking value (GBV) increased by 31% year-over-year, reaching $203.4 million.
- The acquisition of Shipsta is expected to enhance Freightos' platform by integrating tender management and long-term freight procurement.
- Freightos Ltd (CRGO) saw a 16% increase in unique buyer users, reaching approximately 19,000.
- IFRS gross margins rose to 65%, an 8 percentage point increase from 57% in Q2 2023, with non-IFRS gross margins reaching a record 72%.
- Some newer carriers expanded capacity availability on the platform at a slower pace than anticipated.
- A couple of major new airlines delayed their go-live due to internal IT project delays.
- Reduced demand in some European countries, presumably driven by macroeconomic conditions, impacted transaction growth.
- The Red Sea crisis caused a short-term shortage of air spot capacity in Asia, affecting transactions in the region.
- Freightos Ltd (CRGO) expects transaction growth in the second half of the year to be lower than the first half due to market uncertainties and volume disruptions.
Welcome to Freightos Q2 2024 earnings conference call.
A press release with detailed financial results and a press release announcing our acquisition of Shipsta were released earlier today and are available on the Investor Relations section of our website freightos.com/investors. My name is Anat Earon-Heilborn and I'm joined today by Dr. Zvi Schreiber, the CEO of Freightos; Ran Shalev, CFO; and Christian Wilhelm, Founder and MD of Shipsta.
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 rather than dialing-in by phone. The slides as well as the recordings of this earning call will also be available on our website shortly after the call.
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
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