Freightos (CRGO) 2026年第2四半期決算説明会：プラットフォーム19%成長、第4四半期黒字化目標

Freightos（NASDAQ: CRGO）が発表した2026年第2四半期決算は、売上高が前年同期比3%増の770万ドルとなり、過去最高を記録しました。プラットフォーム事業の成長および一時的なClearitの還付関連業務が、ソリューション事業の伸び悩みを補ったほか、コスト削減により調整後EBITDA赤字は200万ドルに縮小しました。

要点

• 第2四半期の売上高は前年同期比3%増の770万ドルと過去最高に達し、会社予想を上回りました。
• プラットフォーム事業の売上高は、取引量の増加と予想を上回るClearitの通関還付業務に支えられ、19%増の290万ドルとなりました。
• ソリューション事業の売上高は4%減の480万ドルとなり、執行上の課題、新規契約額の不足、および更新時の価格引き下げ圧力を反映する結果となりました。
• 取引件数は15%増の45万8,000件に増加し、総予約金額（GBV）は33%増の4億2,200万ドルと過去最高を記録しました。
• 調整後EBITDA赤字は過去最小の200万ドルに縮小しました。経営陣は2026年第4四半期中に調整後EBITDAで損益分岐点を達成すると見込んでいます。
• Freightosの当四半期末における現金および短期預金残高は2,140万ドルとなり、第1四半期から210万ドル減少しました。

主要財務データ

事業および営業業績

プラットフォーム事業の業績は、多角化された収益基盤の恩恵を受けました。中東情勢の混乱は引き続き予約量に影響を与えましたが、回復傾向は経営陣の事前予想を上回りました。中東を出発地、目的地、または上空通過ルートとする航路を除くと、取引件数の伸び率はFreightosの長期モデルである20%〜30%の範囲内に収まりました。

Clearitは、関税政策の変更を受けて高水準の還付請求処理を行いました。これらの取引は通常の通関手続きよりも1取引あたりの売上高が高く、第2四半期業績に大きく貢献しました。経営陣はこの貢献を概ね一時的なものと位置づけており、第3四半期には緩やかな寄与にとどまり、第4四半期にはさらに縮小すると見込んでいます。

Freightosはネットワークに大韓航空を加え、アジアでの事業拡大を進めました。同社の提携アクティブ運送会社数は75社で、前年同期と同水準だったものの、第1四半期の79社からは減少しました。経営陣は、前四半期比での減少について、運送会社がプラットフォームを離脱したのではなく、四半期で5件超という取引要件の閾値を下回ったことが要因であると説明しました。

ソリューション事業は依然として事業執行上の主要な課題となっています。売上高は4%減少したものの、営業パイプラインは前四半期比で30%拡大しました。経営陣はパイプラインが進展しているとしつつも、重要なのは新規契約、導入、更新、顧客の運用開始といった具体的成果であると強調しました。同社は、2026年後半に成約・導入の改善が始まると予想しています。

製品開発では、調達および予約ワークフローの深化、統合プラットフォーム「ONE Freightos」、ならびに共通テクノロジー基盤への移行に重点が置かれました。FreightosはAIを活用した開発も取り入れており、下半期にはこの新基盤に基づいたさらなる機能を導入する計画です。

業績予想（ガイダンス）

• 2026年第3四半期の売上高：770万ドル〜780万ドル。
• 2026年第3四半期の調整後EBITDA：120万ドル〜130万ドルの赤字。
• 2026年通期の売上高：3,040万ドル〜3,100万ドル。
• 通期の取引件数増加率：前年比12%〜14%増（わずかに上方修正）。
• 通期の総予約金額増加率：前年比19%〜21%増。
• 2026年第4四半期の調整後EBITDA：赤字額100万ドル未満。経営陣は同四半期中のどこかで損益分岐点を達成し、2026年を損益均衡ペースで終えることを見込んでいます。
• キャッシュ創出：経営陣は、調整後EBITDAで損益分岐点に達した後1〜2四半期以内、または2027年上半期中にキャッシュフローがプラスに転じると予想しています。

この見通しは、中東ルートが完全に正常化するわけではないものの、概ね第2四半期のペースで回復し続けることを前提としています。また、航空貨物運賃が現在の水準にとどまることも前提としています。

リスクと注視すべき分野

ソリューション事業の遂行状況は経営目標を下回ったままです。新規契約が不足分をカバーできておらず、更新価格には下押し圧力がかかっており、顧客は市場の不透明感の中で調達予算を精査しています。経営陣は価格競争や意思決定プロセスの長期化も要因として挙げています。

第2四半期におけるClearitの還付業務による貢献は、今後同じレベルで継続することは見込まれていません。これにより、下半期のプラットフォーム事業売上高の比較ハードルが高くなります。

中東ルートは引き続き混乱しており、取引量に対するリスク要因であり続けています。業績予想は完全な正常化を前提としていません。

Freightosが損益分岐点を達成する道のりは、継続的なコスト規律と、経営陣が第4四半期に最大化すると見込んでいる3月発表の最適化施策による財務上の効果にも依存しています。

アナリスト質疑応答の要点

経営陣は、統合プラットフォーム「ONE Freightos」、製品機能の拡充、ワークフローの深化によって、ソリューション事業の価値提案が強化されていると述べました。しかし、営業サイクルの短縮やパイプラインから実際の契約への転換率改善が依然として課題となっています。

運送会社の動向について、経営陣はアクティブ基準を下回った運送会社がプラットフォームから離脱したわけではないことを確認しました。Freightosはこれらの運送会社と協力し、予約数およびプラットフォーム価値の拡大に取り組んでいます。

取引件数が15%増加したのに対し、ユニーク買い手ユーザー数が4%増加にとどまった理由について問われた経営陣は、既存顧客による利用頻度の向上に起因すると説明しました。運送会社や供給容量の追加により、フォワーダーがその後の四半期で取引頻度を増やす傾向があると述べています。

流動性に関して、経営陣はキャッシュアウトが概ね調整後EBITDAと連動していると説明しました。2026年残りの期間の資金使用は調整後EBITDAのガイダンスに沿ったものとなり、2027年始めのキャッシュフロープラス化前の追加キャッシュアウトは最大でも50万ドル程度にとどまると見込んでいます。

決算説明会（電話会議）全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Anat Earon-Heilborn

Hello, and welcome to Freightos' Q2 2026 earnings conference call. A press release with detailed financial results was released earlier today and is available on the Investor Relations website -- section of our website, freightos.com/investors. My name is Anat Earon-Heilborn, and I'm joined today by Pablo Pinillos, Freightos' CEO and Interim CFO; and Ian Arroyo, Chief Strategy Officer.

Following the prepared remarks, we'll open the call for questions. We are sharing slides during the call and using video. So we recommend using Zoom on a computer rather than dialing in by phone. The slides as well as a recording of this earnings call will 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 information on risk factors and other factors, which could impact forward-looking statements. Copies of these reports are available online.

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.

Before we begin, I'd like to note our upcoming investor events. This week, Freightos will participate virtually in the SIDOTI MicroCap conference. In September, management will attend the HC Wainwright Annual Investment Conference in New York. Links to webcast, when applicable, and other event updates can be found on our website.

Today's earnings call will begin with a business and financial overview by Pablo, followed by Ian, who will discuss our product strategy in more detail. Next, Pablo will present the guidance for Q3 and full year 2026. We will conclude with Q&A. Questions can be submitted in writing during the call by using the Q&A feature in Zoom.

With that, I will hand it over to Pablo.

Pablo Pinillos

Thank you, Anat, and thank you, everyone, for joining us today. We delivered record revenues of $7.7 million, ahead of our expectations. Adjusted EBITDA loss improved to a record low negative $2 million primarily due to our tight cost discipline, and Platform revenue grew 19%. At the same time, Solutions revenue declined 4%, reflecting the execution gaps identified during 2025 in building a recurring revenue stream. However, with the disciplined changes and sharper prioritization now in place, we expect results to begin showing in H2.

The quarter demonstrated that our global offering remains resilient and increasingly vital to customers navigating industry headwinds, while our operating discipline continues to improve.

As we said at the beginning of the year, 2026 is a transition year. Our focus this year is on disciplined execution, tighter prioritization and building the foundation for long-term growth. As we look at our progress in the second quarter, I would highlight 3 themes. First, we continue to strengthen Freightos' position across the freight ecosystem, advancing our vision of becoming the infrastructure layer that connects the global freight industry. Second, we continue to execute against the plan we outlined earlier this year. In Q1, we focused the organization on alignment and prioritization. In Q2, that execution is increasingly reflected in the evolution of our product offering. While our updated full year outlook reflects areas where execution needs to accelerate, we expect the crossover to adjusted EBITDA breakeven to occur at some point during the fourth quarter.

We see the business exiting 2026 at a breakeven run rate, and from there, becoming cash generative by mid-2027, ensuring our financial stability and ability to fund future growth.

Before turning to the quarter, I would like to briefly note the appointment of Yaron Eldad as Freightos' new Chief Financial Officer, effective September 1. Yaron brings more than 25 years of senior financial leadership experience, including significant public company and international operating experience. His appointment is an important step in our management transition and strengthens the leadership team as we remain focused on delivering against our goals. We are very pleased to have him joining Freightos.

Now let's discuss the results of the quarter. Total revenue for the second quarter was above our expectations and up 3% from Q2 last year. The outperformance was driven by Platform revenue of $2.9 million, increasing 19% compared to last year, whereas Solutions revenue of $4.8 million was down 4% from last year. The Platform outperforms this quarter reflects the breadth of our Platform revenue base. While the Middle East conflict continued to weigh on booking volumes in affected corridors, tariffs-driven reimbursement activity through Clearit provided a meaningful offsetting tailwind with one source of Platform revenue under pressure and another exceeding plan. The net result was Platform revenue above expectations.

What we have seen in the Middle East, routes were still disruptive through the second quarter, but recovery was stronger than what we had previously anticipated. So our Platform facilitated 458,000 transactions, up 15% from Q2 last year. Excluding routes involving Middle East origin, destination or airspace, transactions grew year-on-year at a rate well in line with the company's long-term model of 20% to 30% transactions growth. The gross booking value of these transactions reached a record of $422 million, up 33% from Q2 last year. This reflects both the transaction volume and the fact that the average air freight rates remain high, about 25% above their pre-conflict levels.

Platform revenue benefited from higher-than-expected contribution from Clearit, our custom transactions business line. Clearit processed many refund claims following tariff policy changes. This activity carries higher revenue per transaction and typical customs transactions and was a meaningful largely temporarily contributor to Q2 outperformance. We expect a moderate contribution in Q3 and a smaller contribution in Q4. Nevertheless, it is a reminder of the importance of having a broad Platform revenue base.

We announced the addition of Korean Air to Freightos' network. This is the major Asian cargo airline whose addition we referred on our Q1 quarter call. We have said for some time that expanding airline participation in Asia is a strategic priority for us. So confirming Korean Air as part of the network is an important milestone.

As we continue adding leading carriers across key geographies, we strengthen network connectivity, increase the depth of the network and create more opportunities for better procurement and decision-making across the Platform. Every leading carrier we add has increased the data flow through the network, and that cumulative effect of building a larger, more connected network over time is really the bigger story here.

Active carrier count, active meaning that they've received more than 5 transactions each in the quarter, was 75 compared with 79 in Q1 and 75 a year ago. The quarter-on-quarter decrease reflects some carriers falling down below the threshold, partially offset by the addition of other carriers. So the active carrier count can fluctuate quarter-on-quarter as individual carriers move above or below the threshold. But we are focused on the long-term trajectory and customer value, adding leading carriers, expanding geographic coverage, deepening the network, increasing available capacity.

Turning to Solutions. Revenue for the second quarter was down year-on-year, reflecting the execution gap identified during 2025. New bookings were not sufficient to cover for the shortfall, and we are seeing some pricing pressure on renewals. We are not satisfied with this performance, and we are being direct about that. We continue to build a strong pipeline, up 30% quarter-on-quarter that is progressing correctly through the sales cycle, but the pipeline is not the outcome, bookings and revenue are. We are measuring progress through conversion rates, sales cycle duration, renewals and customer go-lives. We will judge ourselves on those outcomes, and we expect it to start converting during H2.

The strategic logic connecting solutions to the rest of the offering hasn't changed. Our solutions become embedded into customers' procurement, pricing and booking workflows, driving increasing platform activity, which is -- which in turn generates richer data and market intelligence that makes the solutions themselves more valuable. That reinforcing dynamic is intact. But for it to work, we need to convert more effectively on deal velocity, on demonstrating clear ROI to customers in a market where procurement budgets are under scrutiny and on closing the gap between pipeline strength and bookings. Part of that, we have done to share -- part of what we have done to sharpen that customer value is to bring our product portfolio together under a single Freightos identity. And Ian will walk through the product implications in a moment, but at the strategic level, here's why it matters.

This is an evolution in how we present the company and how we operate both internally and externally. Over the years, we have built multiple products serving different parts of the freight ecosystem. As those capabilities have become increasingly integrated, it became important that our brand reflects that reality. Our ambition is not simply to offer great logistics offer. Our ambition is to build a connected platform where procurement, pricing, booking, payment, data and decision intelligence work together to help customers move freight more efficiently.

A unified identity make it easier for customers to understand the breadth of the Freightos Platform and how our solutions work together. We received positive customer feedback on the move and believe that clarity will support Solutions adoption over time.

Before I hand it over to Ian, let's discuss our profitability and cash position. Non-IFRS gross margin was 74.1%, up from 73.5% in Q2 last year, demonstrating efficiency gains. Adjusted EBITDA was negative $2 million, reflecting primarily the disciplined cost management and focused investment approach we outlined at the beginning of the year. The cost optimization actions we announced in March are on track. We're beginning to see the operational benefit of those actions that will continue during Q3 to get full benefit on the financial impact in Q4 as we indicated.

We ended the quarter with $21.4 million in cash and short-term deposits. We are on track to cross the adjusted EBITDA breakeven point by the end of the year. Once we reach breakeven, we expect to begin generating positive cash flow within 1 or 2 quarters after that. So we are not only well capitalized to execute our strategy through breakeven, we have the resources to continue investing in the business beyond it.

And with that, I will pass it over to Ian.

Ian Arroyo

Thanks, Pablo. As Pablo mentioned, one of our priorities this year has been disciplined execution, focusing our product investments on the areas where we can create the greatest value for our customers while strengthening the long-term value of the Freightos' platform. During the second quarter, our work centered around 3 main areas. The first is building deeper workflow solutions. During Q2, we continued making progress across both our shipper and freight forwarder solutions. For enterprise shippers, we enhance the experience within Freightos Procure by bringing key stages of the tender process into a more intuitive end-to-end environment. For example, we worked with a major U.K. enterprise shipper whose global procurement team was manually consolidating lane requirements from regional logistics leaders across e-mails and spreadsheets before uploading them into our platform. By enabling those regional teams to enter requirements directly into Freightos Procure, the entire tender process from lane collection, to carrier ranking, to final award now takes place within a single platform. For freight forwarders, we continue developing the next generation of our air, pricing, quoting and booking experience.

With these initiatives, while these initiatives serve different customer segments, they're driven by the same philosophy, helping customers manage more of their freight procurement and execution within Freightos rather than solving individual isolated tasks. Ocean freight is a great example of why that matters. Ocean procurement remains highly fragmented with a wide variety of contract formats, pricing structures and data standards that still require significant manual effort. Our objective isn't simply to digitize those processes, it's to standardize the underlying data that powers them. That makes it easier for customers to generate accurate quotes, compare alternatives and manage freight more efficiently. Ultimately by replacing fragmented manual processes with standardized digital ones, we help customers reduce the time and effort required to manage freight while giving them better data and broader market visibility to make smarter procurement decisions and lower their transportation costs.

The second area is the product dimension of ONE Freightos. As Pablo said, ONE Freightos is much more than a branding initiative. From a product perspective, it reflects our portfolio and how it's evolving. Historically, many of our products were developed independently, reflecting both the different customer groups they serve and the way Freightos has grown over time. Today, we're increasingly connecting those capabilities into a more unified platform while still tailoring the experience for freight forwarders, enterprise shippers and SMB customers.

Our customers don't think in terms of individual applications. They think about getting work done, whether that's moving from market intelligence into procurement, procurement into booking, booking into shipment management, our goal is to make those transitions increasingly seamless for the customer. A critical part of that vision is multi-modality, the ability to manage ocean, air and land freight within a single platform. We believe that's one of Freightos' most important long-term differentiators, and in the second half of the year, we expect to bring more of those capabilities into the market.

Over time, we believe this will make Freightos easier to adopt, easier to expand across customer organizations and ultimately more valuable as customers rely on us for a broader portion of their freight operations. For Freightos, this is much more than a product strategy. As we become embedded across more of the freight workflows, we increase the number of customer interactions we support around every shipment. That creates more opportunities to deliver value to deepen customer relationships and, over time, monetize a larger portion of the freight journey.

The third area is accelerating how we build products. Alongside the evaluation of our portfolio, we're also modernizing the underlying architecture that supports it. As part of our long-term platform strategy, we're migrating products onto a common technology foundation designed to accelerate innovation and AI-assisted development. This common foundation is an important enabler of ONE Freightos, allowing us to deliver a more unified customer experience while accelerating the pace of innovation.

During Q2, we continued building customer capabilities on that foundation while expanding the use of AI across our product development process from product design and prototyping through to software development. In the second half of the year, customers will begin benefiting from capabilities built on this new foundation. Much of this work happens behind the scenes, but it's important because it supports faster innovation, AI-assisted development and intelligent customer workflows.

We also believe AI is most valuable when it's connected to trusted freight data and embedded directly into customer operations. That's the approach we are taking, using AI not simply to automate a task, but to help customers make better decisions across their procurement, pricing, booking and execution life cycles. Together, these efforts reflect continued execution against the priorities we laid out earlier this year. We're building deeper workflow solution, bringing more of our platform together through ONE Freightos and creating a technical foundation that allows us to innovate faster. We believe these investments will strengthen customer adoption today while creating a larger platform for expansion, monetization and transaction growth over time. With that, I'll turn it back to Pablo to walk through our guidance.

Pablo Pinillos

Thanks, Ian. Now turning to our outlook. On transactions, our outlook assumes that the Middle East recovery continues at roughly the pace we saw in Q2 without a further step up. We are not assuming a full normalization of those routes. We are reflecting what we have actually observed. Excluding Middle East affected routes, our underlying transaction growth remains in the 20% to 30% range, which is consistent with our long-term model. But in total, we assume lower teens growth, and revised our full year expectation slightly upwards to 12% to 14% growth year-on-year.

GBV guidance reflects both those transactions volumes and our assumption that the air freight rates remain at approximately current levels. We are also improving our yearly guidance to 19% to 21% growth year-on-year.

On revenue, we expect $7.7 million to $7.8 million in Q3 and narrowed the range for the full year expectations to $30.4 million to $31.0 million. The Q2 platform revenue outperformance driven primarily by the Clearit refund claims activity that I described earlier was mostly onetime dynamic. We don't expect that to repeat at the same level.

At the same time, the SaaS execution challenges we discussed are real, Middle East routes are still at risk and our updated revenue guidance reflects that reality. We remain committed to accelerating pipeline conversion into booking, which we expect to drive revenue growth in 2027.

We are protecting the path to adjusted EBITDA breakeven through the cost discipline and focused investment approach we have been executing against all year. We expect adjusted EBITDA of negative $1.3 million to $1.2 million in Q3 and a loss lower than $1 million in Q4. This trajectory reflects crossing breakeven at some point during Q4 and reaching a meaningful milestone we have repeatedly committed to.

Before we open up for questions, let me bring it back to the 3 themes I outlined at the top of the call. First, we continue to strengthen Freightos' position as the infrastructure layer for global freight seamlessly connected the freight industry. Let me highlight that the addition of Korean Air, 75 active carriers on the platform, 15% transactions growth year-on-year and a record of GBV of $422 million. All of these reflect our strategic approach to create a network that is deeper, more connected, shares interoperability standards and increasingly central to how the industry operates. Second, we are executing against the plan we laid out at the beginning of the year. In Q1, that work was largely organizational. In Q2, it's showing up in the product, in the workflow improvements Ian described, in the unification of our portfolio under ONE Freightos and in the architectural foundation that will allow us to move faster.

On the Solutions side, execution is not yet where it needs to be. Our priority for the second half is converting customer demand into bookings, implementations and recurring revenue. The pipeline is healthy, the product is evolving and we need to close the gap between those inputs and bookings. That's our focus for the second half. Third, our financial execution is improving. We expect to exit the year at an adjusted EBITDA breakeven run rate and to become cash generative during the first half of 2027. With $21.4 million in cash, we have the resources to reach that milestone and to continue investing beyond it.

Freightos' has the network, data and customer relationships to become increasingly important infrastructure for global trade. Our responsibility now is to turn that position into more predictable growth and sustainable cash generation.

Thank you for joining us today and sharing your time.

Anat Earon-Heilborn

Okay, we will now move to the Q&A. First question is from the line of George Sutton.

質疑応答

George Sutton

So I wanted to make sure I understood on the Solutions go-to-market changes that you might be making. It seems like a market where there's a lot of volatility in prices, which would seem to be a great scenario for you to sell Solutions. What do you see changing here? You mentioned you need to improve the execution in the back half of the year?

Pablo Pinillos

Well, we are seeing us changes that, first, with our unified approach from a product perspective, workflow. The value that the customers -- that we are giving to the customers and the value that they are receiving from us is increasing. That is helping us to improve our pipeline. At the beginning of the year, in the previous call, I said that we have generated 2x pipeline versus last year, and we are continuing to grow that in this quarter by 30%. We need to be closer in the sales cycles, achieving the right milestones, the right conversation to be able to close it.

We see from a market perspective that there is a lot of uncertainty in the market still. So that makes the customers to rethink and think the value how to spent the budget that they have, so with some budget constraints, and we also see some competition from a pricing perspective that are trying to get the prices down. That's the things that we need to be on top of. We need to be focusing on executing, and we need to focus on making that -- shorten that gap.

George Sutton

So you specifically referenced pressure on renewals. I'm just curious how are you -- so you're handling that basically by bringing people into the one platform, which would give them dramatically more views and capabilities? Is that the...

Pablo Pinillos

Yes. We are bringing into one platform. We are continue developing new features and new product capabilities that Ian mentioned and provided a broader value proposition to the customers.

George Sutton

Got you. And then just one other question, on the carriers that fall below the threshold, these are not carriers that leave the platform, they just simply didn't execute enough transactions. I'm curious, how do you reach out to them and work with those types of carriers? And can you confirm they're not falling off the platform, they're just not executing?

Pablo Pinillos

You're totally right on that. They didn't fall off the platform. They are still on the platform, and we still see that they continue to do some bookings. We reach out directly to them to see how can we help them and how can we maximize the value of the platform with them. That's our strategy with those type of carriers.

Anat Earon-Heilborn

Okay. So we have a few questions on the chat. First question is about cash. First part is, what was the change in cash this quarter? I believe we answered that...

Pablo Pinillos

Yes, I can answer that. We went from $23.5 million in cash at the end of Q1 to $21.4 million in cash at the end of Q2, so that's a $2.1 million change.

Anat Earon-Heilborn

And the second part is, what do you expect cash burn to be in the next 4 quarters until reaching cash flow positive?

Pablo Pinillos

As I said several times, our cash burn is very similar to our adjusted EBITDA numbers. And for Q2, you have seen that our adjusted EBITDA number was negative $2 million and cash burn was $2.1 million. So we expect to burn for the rest of the year what we are guiding the market at. And probably for the beginning of next year, adding no more than $500,000 on top of that until we become cash positive.

Anat Earon-Heilborn

Next question is, transaction grew 15%, while unique buyer users increased only 4%, indicating higher usage among existing customers. What is driving that increase?

Pablo Pinillos

We believe that mainly what is driving that increase is the 2 things. The value that the existing users see in our platform. So -- and we have the data to prove that the more -- when we add new carriers into the platform and new capacity into the platform, our freight forwarder community increase the number of transactions in an average of the 5x in 3 quarters and close to 7x in 4 quarters and so on. So that's what we usually see, and this is confirming the trend. It's independent of the number of users using the platform, it's the times that they use the platform.

Anat Earon-Heilborn

And the last question is, despite better-than-expected platform KPIs and a Q2 revenue beat, the midpoint of full year revenue guidance is essentially unchanged. Is the main offset weaker solutions expectations for the second half?

Pablo Pinillos

Well, we said -- I said it during the call today that the -- one of the things that brought the better-than-expected Q2 results was Clearit, which we expect that not to continue over the year. And we also came out with a 4% decline year-on-year from a Solutions perspective. So we are adjusting our full year guidance in light of those numbers.

Anat Earon-Heilborn

Okay. That concludes also the Q&A session.

Pablo Pinillos

Thank you, everyone.

Anat Earon-Heilborn

Thanks. Bye.

Pablo Pinillos

Bye.