Freightos Limited (Nasdaq: CRGO), a leading, vendor-neutral booking and payment platform for the international freight industry, today reported Q1 2023 Key Performance Indicators. Financial results will be reported separately.
|
Actuals |
Management’s Expectations |
|
|
1Q 2023 |
1Q 2023 |
|
|
# Transactions |
229,211 |
218,500 – 225,000 |
|
Year over Year Growth (Pro Forma) |
100 % |
90% – 96% |
|
GBV ($m) |
$168.7 |
$ 162.0 – $ 165.3 |
|
Year over Year Growth (Pro Forma) |
34 % |
28% – 31% |
A record 229 thousand transactions were booked on the platform in Q1 2023, up from 211 thousand in Q4 2022 and 114 thousand in Q1 2022. This exceeded the high end of management’s expectations by 2% and represented an 8.8% increase compared to the previous quarter, despite market softness and the first quarter being the normally seasonally weak quarter for the industry. Freightos has experienced record platform Transaction growth for the previous 13 consecutive quarters. Despite market conditions, GBV exceeded management expectations as a result of strong Transaction growth. This growth was supported by an increase in both demand – users booking across the platform – and supply – carriers offering their services on the platform. The number of Unique buyer users digitally booking freight services across the Freightos Platform grew 29% compared to Q1 2022, reaching 16,226. Carriers selling on the platform, primarily on WebCargo, reached 37 in Q1 2023, up 19% year over year.
Freightos plans to share full first quarter results and Q2 2023 guidance toward the end of May. Final timing of the earnings call and release will be announced via Freightos’ investor website and email update list.
Definitions
- Transactions: Number of bookings for freight services, and related services, placed by buyers across the Freightos platform with third-party sellers and with Clearit. Beginning in the third quarter of 2022, #Transactions include trucking bookings, which were added to the Freightos platform following the acquisition of 7LFreight. The number of transactions booked on the Freightos platform in any given time period is net of transactions canceled during the same time period.
- GBV: Total value of transactions on the Freightos platform, which is the monetary value of freight and related services contracted between buyers and sellers on the Freightos platform, plus related fees charged to buyers and sellers, and pass-through payments such as duties. GBV is converted to U.S. dollars at the time of each transaction on the Freightos platform. This metric may be similar to what others call gross merchandise value (GMV) or gross services volume (GSV). We believe that this metric reflects the scale of the Freightos platform and our opportunities to generate platform revenue.
- Unique buyer users: Unique buyer users represent the number of individual users placing bookings, typically counted based on unique email logins. The number of buyers, which counts unique customer businesses, does not reflect the fact that some buyers are large multinational organizations while others are small or midsize businesses. Therefore, we find it more useful to monitor the number of unique buyer users than the number of buyer businesses.
- Carriers: Number of unique air and ocean carriers who have been sellers of transactions. For airlines, we count the booking carrier, which includes separate airlines within the same carrier group. We do not count dozens of other airlines that operate individual segments of air cargo transactions as we do not have a direct booking relationship with them. Carriers include ocean less-than-container load (LCL) consolidators. In addition, we only count carries when more than five bookings were placed with them over the course of a quarter.
- Pro forma: Results presented on a “pro forma” basis reflect subsequent acquisitions as if they had been completed at the beginning of the comparative period.
