D Market Elektronik Hizmetler ve Ticaret AS (HEPS) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am Mina, your Chorus Call operator. Welcome, and thank you for joining the Hepsiburada conference call and live webcast to present and discuss the third-quarter 2023 financial results. All participants will be in a listen-only mode and the conference is being recorded. (Operator Instructions)

女士們先生們，謝謝你們的支持。我是米娜，你們的合唱呼叫接線員。歡迎並感謝您參加 Hepsiburada 電話會議和網路直播，介紹和討論 2023 年第三季財務業績。所有參與者都將處於僅聽模式，並且正在錄製會議。 （操作員說明）

At this time, I would like to turn the conference over to Mrs. Nilhan Onal Gökçetekin, CEO; Mr. Seçkin Köseoglu, Vice President of Strategic Finance; and Mrs. Helin Celikbilek, Investor Relations Director. Mrs. Celikbilek, you may now proceed.

現在，我想將會議交給執行長 Nilhan Onal Gökétekin 女士； Seçkin Köseoglu 先生，策略財務副總裁；以及投資者關係總監 Helin Celikbilek 女士。 Celikbilek 女士，您現在可以繼續了。

Thanks, operator. Thank you for joining us today for Hepsiburada's third-quarter 2023 earnings call. I'm pleased to be joined on the call today by our CEO, Nilhan Onal Gökçetekin, and our Vice President of Strategic Finance, Seçkin Köseoglu.

謝謝，接線生。感謝您今天參加我們 Hepsiburada 的 2023 年第三季財報電話會議。我很高興今天邀請我們的執行長 Nilhan Onal Gökötekin 和我們的策略財務副總裁 Seçkin Köseoglu 參加電話會議。

The following discussion, including responses to your questions, reflects management's views as of today's date only. We undertake no obligation to update or revise this information except as required by law.

以下討論（包括對您的問題的答案）僅反映了管理層截至今天的觀點。除法律要求外，我們不承擔更新或修改此資訊的義務。

Certain statements made on today's call are forward-looking statements, and actual results may differ materially from these forward-looking statements. Please refer to today's earnings release as well as the risk factors described in the Safe Harbor slide of today's supplemental slide deck, today's press release, the 6-K, our Form 20-F filed with the SEC on May 1, 2023, and other SEC filings for information on factors that could cause our results to differ materially from these forward-looking statements.

今天電話會議中所做的某些陳述屬於前瞻性陳述，實際結果可能與這些前瞻性陳述有重大差異。請參閱今天的收益報告以及今天補充幻燈片的安全港幻燈片中所述的風險因素、今天的新聞稿、6-K、我們於 2023 年 5 月 1 日向 SEC 提交的 20-F 表格以及其他向美國證券交易委員會提交的文件，以了解可能導致我們的結果與這些前瞻性陳述有重大差異的因素的資訊。

Also, we will reference certain non-IFRS measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's press release for a presentation of the most directly comparable IFRS measures and the relevant IFRS to non-IFRS reconciliation. As a reminder, a replay of this call will be available on our Investor Relations website.

此外，我們將在今天的電話會議中參考某些非國際財務報告準則措施。請參閱我們補充投影片的附錄以及今天的新聞稿，以了解最直接可比較的國際財務報告準則措施以及相關國際財務報告準則與非國際財務報告準則的調節。謹此提醒，我們的投資者關係網站將提供本次電話會議的重播。

And with that, I will hand it over to our CEO, Nilhan.

接下來，我會將其交給我們的執行長 Nilhan。

Thank you, Helin. Welcome, everyone, and thank you for joining us. I'm pleased to be with you today and to present our quarterly progress.

謝謝你，赫林。歡迎大家，感謝您加入我們。我很高興今天能和大家在一起並介紹我們的季度進展。

In Q3, amidst continued challenging macroeconomic environment where yearly inflation scaled to 61.5%, we delivered a robust financial performance. Our GMV more than doubled by 126% growth year on year. Adjusted for inflation, our GMV growth remained solid at 45% year on year.

第三季度，在宏觀經濟環境持續充滿挑戰、年通膨率高達 61.5% 的情況下，我們實現了強勁的財務表現。我們的 GMV 年成長了一倍多，成長 126%。經通膨調整後，我們的 GMV 年成長率保持穩定在 45%。

The operational agility, afforded by our strategy, led to an outstanding performance that exceeded expectations. Our orders numbered 27 million. It was up 55% year on year, confirming a continuous demand for our differentiated services.

我們的策略所帶來的營運彈性帶來了超乎預期的出色業績。我們的訂單數量為 2700 萬份。年比成長55%，證實了對我們差異化服務的持續需求。

With an 11.6% gross contribution margin and through frugal OpEx management, our EBITDA as percentage of GMV rose by 690 basis points year on year to 2.7%. Adjusting for one-time other income, our quarterly EBITDA guidance was still 2.2%.

毛利率為 11.6%，透過節儉的營運支出管理，我們的 EBITDA 佔 GMV 的百分比年增 690 個基點，達到 2.7%。調整一次性其他收入後，我們的季度 EBITDA 指引仍為 2.2%。

Our Hepsiburada Premium program has over 2 million members as of November end, aligned seamlessly with our expectation. The program continues to play a pivotal role in elevating our order frequency and improving our customer retention. Overall, I am very pleased to demonstrate sustainable growth and improved profitability.

截至 11 月底，我們的 Hepsiburada Premium 計劃擁有超過 200 萬會員，與我們的預期完美契合。該計劃在提高我們的訂單頻率和提高客戶保留率方面繼續發揮關鍵作用。總的來說，我很高興能夠展示可持續增長和盈利能力的提高。

Let me now take you through our delivery versus Q3 guidance. Through diligent execution, we surpassed our guidance for both GMV and EBITDA. Our GMV growth exceeded guidance by 16 percentage points. This performance was a result of our solid strategy that boosted loyalty to our platform. On top, in July, the announcement of the VAT increase across all goods and services triggered a higher demand for e-commerce.

現在讓我向您介紹我們的交付與第三季指導。透過勤奮的執行，我們的 GMV 和 EBITDA 都超出了預期。我們的 GMV 成長超出指導值 16 個百分點。這一業績得益於我們堅定的策略，提高了我們平台的忠誠度。最重要的是，7月宣布提高所有商品和服務的增值稅引發了對電子商務的更高需求。

Furthermore, through prudent cost management, our EBITDA as percentage of GMV reached 2.2%, adjusted for one-off income. This doubling of the upper-end of our EBITDA guidance clearly highlights our operational efficiency. The quarterly performance validates our commitment to sustainable growth and positions us favorably to achieve a positive full-year '23 EBITDA on an unadjusted basis.

此外，透過審慎的成本管理，經過一次性收入調整後，我們的 EBITDA 佔 GMV 的比例達到 2.2%。我們的 EBITDA 指導上限翻了一番，清楚地凸顯了我們的營運效率。季度業績驗證了我們對永續成長的承諾，並使我們能夠在未經調整的基礎上實現 23 年全年正的 EBITDA。

Hepsiburada is the key trust brand for e-commerce. In line with our pledge to customer centricity, we announced Hepsiburada Promise initiative as a marketing campaign. As part of this initiative, we promoted key consumer benefits that encompasses next-day delivery guarantee, convenience return pick-up services from consumer doorsteps, and an assurance of authenticated products.

Hepsiburada 是電子商務領域的重要信任品牌。為了履行我們以客戶為中心的承諾，我們宣布了 Hepsiburada Promise 計劃作為行銷活動。作為該計劃的一部分，我們宣傳了關鍵的消費者福利，包括隔日送達保證、消費者上門方便退貨取貨服務以及產品正品保證。

To drive higher engagement, we partnered with one of Turkiye's most confident, inspiring celebrity for this initiative. We believe this initiative addresses the primary concerns of Turkish e-commerce consumers while underscoring our commitment to meet their expectations. This commitment is clearly reflected in our KPIs. 59% growth in order frequency, 55% order growth prove that our consumer engagement and loyalty strategy is clearly working.

為了提高參與度，我們與土耳其最自信、最鼓舞人心的名人之一合作開展了這項舉措。我們相信這項措施解決了土耳其電子商務消費者的主要擔憂，同時強調了我們滿足他們期望的承諾。這項承諾清楚地反映在我們的 KPI 中。訂單頻率成長 59%、訂單成長 55% 證明我們的消費者參與度和忠誠度策略顯然正在發揮作用。

In the third quarter, with over 101,000 active merchant base, our total SKU count climbed to nearly 211 million. Our merchants can now proactively create coupons, which are a proven attraction point for customers. Self-management of campaigns, coupons, and all advertising facilities drive higher conversion to sales for our merchants.

第三季度，我們的活躍商家數量超過 101,000 個，SKU 總數攀升至近 2.11 億個。我們的商家現在可以主動創建優惠券，這對客戶來說是一個有吸引力的點。活動、優惠券和所有廣告設施的自我管理為我們的商家帶來了更高的銷售轉換率。

On top, we advanced our operations with automated inclusion of products in the next-day delivery coverage. This benefitted customers while freeing our merchants of a manual process. In our commitment to elevating the visibility and reach of our merchants, we reintroduced our advertising solutions in a more effective format this quarter. These initiatives underscore our commitment to a deeper merchant relationship as we help them grow their volume on Hepsiburada.

最重要的是，我們透過自動將產品納入隔日送達範圍來推進我們的營運。這使客戶受益，同時使我們的商家擺脫了手動流程。為了提高商家的知名度和影響力，我們在本季以更有效的形式重新推出了廣告解決方案。這些舉措強調了我們對加深商家關係的承諾，幫助他們增加 Hepsiburada 上的銷售量。

As always, we remain focused on execution excellence, and our recent results affirm the effectiveness of our four-pillar strategy. Just to recap briefly, our strategy centers around loyalty, cultivating our sustainable differentiator, streamlining our costs, and expanding our B2B revenue in fintech and logistics. In the next few slides, I'll provide a snapshot of our progress, highlighting our key achievements.

一如既往，我們仍然專注於卓越執行，我們最近的結果證實了我們四大支柱策略的有效性。簡單回顧一下，我們的策略圍繞著忠誠度、培育永續差異化優勢、精簡成本以及擴大金融科技和物流領域的 B2B 收入。在接下來的幾張投影片中，我將提供我們進展的快照，突顯我們的主要成就。

First, our Hepsiburada Premium program is a key loyalty driver and continues to gain momentum and exceeded 2 million members by end of November. The program success goes beyond mere expansion. It significantly influences customer behavior.

首先，我們的 Hepsiburada Premium 計劃是關鍵的忠誠度驅動因素，並且持續增長勢頭，截至 11 月底會員數量已超過 200 萬。該計劃的成功不僅僅是擴張。它顯著影響顧客的行為。

Premium members' monthly order frequency rose from 1.8 to 2.6 after they joined the program. This emphasizing the program's potential to position Hepsiburada as customers' go-to e-commerce platform. The program's quarterly net promoter score remained at a robust 81 points, which is 10 points above our overall NPS. We remain dedicated to keep this program as a compelling proposition for our members.

高級會員加入該計劃後，每月下單頻率從 1.8 次上升至 2.6 次。這強調了該計劃將 Hepsiburada 定位為客戶首選電子商務平台的潛力。該計劃的季度淨推薦值保持在 81 分的強勁水平，比我們的整體 NPS 高出 10 分。我們仍然致力於使該計劃成為對我們的會員有吸引力的主張。

Let's now look into one of our key differentiator, Hepsipay. In today's economic landscape, affordability takes center stage, and our in-house fintech expertise clearly sets us apart. Leveraging our unique e-money payment services license, we offer a comprehensive suite of payments and affordability solutions. These include our prepaid card, buy-now-pay-later solution, top-up-to-wallet loans, and point-of-sale shopping loans.

現在讓我們來看看我們的關鍵優勢之一：Hepsipay。在當今的經濟格局中，負擔能力佔據中心地位，我們內部的金融科技專業知識顯然使我們與眾不同。利用我們獨特的電子貨幣支付服務許可證，我們提供一整套支付和負擔能力解決方案。其中包括我們的預付卡、先買後付解決方案、錢包預付貸款和銷售點購物貸款。

A noteworthy addition is the Hepsipay prepaid cards in collaboration with Visa. We are encouraged by the demand for this card with 708,000 cards issued in just six months. Hepsipay card users can earn 3% cash back in all their online and in-store payments if they are a Premium program member.

值得注意的是，Hepsipay 與 Visa 合作推出了預付卡。我們對這張卡的需求感到鼓舞，短短六個月內就發行了 708,000 張卡。如果 Hepsipay 卡用戶是高級方案會員，則其所有線上和店內支付均可獲得 3% 的現金回饋。

A tool that customers use to top up their prepaid card is a general purpose loan from our partner banks, which can be reached with one-click solution from our app. This quarter, we integrated four major banks. Hepsipay wallet gives customers the freedom to spend these loans everywhere, both physical stores and online, combined with the ease of QR payments. With our customer centricity, our commitment to delivering stronger tailored payment and affordability solutions remains firm.

客戶用來充值預付卡的工具是我們合作銀行提供的通用貸款，可以透過我們的應用程式的一鍵解決方案獲得該貸款。本季度，我們整合了四大銀行。 Hepsipay 錢包讓客戶可以在任何地方自由使用這些貸款，無論是實體店還是網上，再加上二維碼支付的便利性。憑藉以客戶為中心的理念，我們始終堅定地致力於提供更強大的客製化支付和負擔能力解決方案。

Next, let's consider our affordability solutions, highlighting some performance indicators. The quarterly share of total non-card affordability solutions in our GMV was 5.6%, up from 5% a quarter ago. This increased penetration is a result of our improved incorporation of non-card affordability solutions throughout our buy journey. Over the last 12 months, 762,000 orders came through this affordability solution.

接下來，讓我們考慮一下我們的負擔能力解決方案，重點介紹一些效能指標。非銀行卡支付能力解決方案在 GMV 的季度份額為 5.6%，高於上一季的 5%。這種滲透率的提高是我們在整個購買過程中改進非卡支付解決方案的結合的結果。在過去 12 個月中，透過此經濟實惠解決方案收到了 762,000 個訂單。

As to our BNPL solution, Hepsiburada remains the first provider of Turkish e-commerce. Since its inception, over 245,000 customers have utilized their BNPL limits. In September, during iPhone 15 launch, we were the only platform to offer a BNPL solution for this high-value item.

至於我們的 BNPL 解決方案，Hepsiburada 仍然是土耳其電子商務的第一個供應商。自成立以來，已有超過 245,000 名客戶使用了 BNPL 限額。 9 月，在iPhone 15 發布期間，我們是唯一為這款高價值產品提供 BNPL 解決方案的平台。

I would like to move to now our next differentiator, HepsiJet. HepsiJet's strong NPS of 86.2 in Q3 underscores it acknowledged service excellence. HepsiJet continues to invest in expanding its geographical coverage by additional municipalities. Total municipalities covered exceeded 600 by the end of the quarter.

我現在想轉向我們的下一個差異化產品 HepsiJet。 HepsiJet 在第三季的 NPS 高達 86.2，突顯其卓越的服務得到認可。 HepsiJet 繼續投資擴大更多城市的地理覆蓋範圍。截至本季末，覆蓋的城市總數超過 600 個。

In Q3, HepsiJet continued its strong next-day delivery performance with 82% ratio among our 1P orders. Out of the total parcel volume on our platform, HepsiJet delivered 67%, confirming its integral role in our delivery ecosystem. Notably, HepsiJet XLarge delivered 57% of our oversized parcels. This is confirming greater merchant preference for our two-man handling capability.

第三季度，HepsiJet 繼續保持強勁的次日達表現，1P 訂單比例達到 82%。在我們平台上的包裹總量中，HepsiJet 交付了 67%，這證實了其在我們的交付生態系統中不可或缺的作用。值得注意的是，HepsiJet XLarge 運送了我們 57% 的超大包裹。這證實了商家對我們的兩人處理能力的更大偏好。

In Q3, as a result of all our actions, we saw continued progress in profitability, posting a 2.2% EBITDA as percentage of GMV excluding the one-off item. The positive (inaudible) clearly demonstrates the effectiveness of our strategy, confirming our core strength and our diligent cost management.

在第三季度，由於我們採取的所有行動，我們看到獲利能力持續進步，扣除一次性專案後，EBITDA 佔 GMV 的百分比為 2.2%。正面的（聽不清楚）清楚地表明了我們策略的有效性，證實了我們的核心優勢和我們勤奮的成本管理。

Now let me take you through the fourth pillar of our strategy, which is generating B2B revenue from fintech and logistics. First, let's start with HepsiJet. We continue to expand our external customer base, adding other retailers and doubling our customer count, and doubling our volume year-on-year. This is confirming our ability to generate B2B revenues of platform and clearly showcases HepsiJet's strong momentum as an appealing logistics partner.

現在讓我帶您了解我們策略的第四個支柱，即透過金融科技和物流產生 B2B 收入。首先，我們從 HepsiJet 開始。我們繼續擴大外部客戶群，增加其他零售商，使我們的客戶數量增加一倍，我們的銷售量比去年同期增加一倍。這證實了我們產生平台 B2B 收入的能力，並清楚地展示了 HepsiJet 作為有吸引力的物流合作夥伴的強勁勢頭。

Now let's turn our eyes on Hepsipay's off-platform expansion, enabling a swift payment experience. Hepsipay offers a one-click check-out solution, Pay with Hepsipay, to other retailers. This solution became available at the online check-out of five major Turkish retailers in Q3, as seen on the slide. Leading Turkish home appliance brand, Karaca; leading Turkish fashion brand, DeFacto; leading baby brand, Ebebek, is just few of the examples.

現在讓我們來看看Hepsipay的平台外擴展，實現快速的支付體驗。 Hepsipay 向其他零售商提供一鍵結帳解決方案 Pay with Hepsipay。如幻燈片所示，第三季土耳其五家主要零售商的線上結帳處提供了該解決方案。土耳其領導家電品牌Karaca；土耳其領先時尚品牌 DeFacto；領先的嬰兒品牌 Ebebek 只是其中的幾個例子。

Moreover, we also offer our lending capabilities as part of Hepsipay's one-click check-out solution. This take-up aligns with our vision of providing fast, reliable, versatile payment and lending experience beyond Hepsiburada platform. Hepsipay's features expand beyond one-click check-out. The seamless use of pay -- prepaid cards, both online and in-store payments, clearly diversify our payment options for consumers.

此外，我們也提供貸款功能作為 Hepsipay 一鍵結帳解決方案的一部分。此次合作符合我們的願景，即在 Hepsiburada 平台之外提供快速、可靠、多功能的支付和貸款體驗。 Hepsipay 的功能不僅限於一鍵結帳。支付預付卡的無縫使用，包括線上支付和店內支付，顯然使我們為消費者提供的支付選擇更加多樣化。

The top-up to wallet with loans offer enables users to top-up their wallet with general purpose loans from multiple partner banks. These funds are then available to spend anywhere that accepts QR payment in addition to platforms with Hepsipay at their check-out. An upcoming feature is the integration of shopping malls within the Pay in Hepsipay network.

透過貸款儲值錢包功能使用戶能夠透過多個合作夥伴銀行的通用貸款為他們的錢包充值。然後，除了 Hepsipay 平台之外，這些資金還可以在結帳時在任何接受二維碼支付的地方進行消費。即將推出的功能是將購物中心整合到 Pay in Hepsipay 網路中。

Before I dive into Q4 outlook, let me take a moment to talk about our November campaign performance. Our business is characterized by strong Q4 seasonality like all other e-commerce players. We deliver a higher sales volume during the fourth quarter of the year.

在深入探討第四季度前景之前，讓我花點時間談談我們 11 月的競選表現。與所有其他電子商務企業一樣，我們的業務在第四季度具有強大的季節性。我們在今年第四季實現了更高的銷量。

Our preliminary results indicate that this year, we delevered yet a another very strong performance in November. We doubled the GMV compared to the same period last year. The number of orders was two times that of the monthly average of the prior month in '23.

我們的初步結果表明，今年我們在 11 月的去槓桿化表現再次非常強勁。與去年同期相比，我們的 GMV 翻了一番。訂單數量是2013年上月平均訂單數量的兩倍。

Our platform attracted almost 500 million visits, and we sold over 30 million pieces. Our affordability solutions and loyalty program were particular attraction points. 46% of GMV generated through sales with credit cards came through installment sales. The most significant surge in orders compared to the same period of last year were among clothing, appliance, home garden, and FMCG.

我們的平台吸引了近 5 億次訪問，銷量超過 3,000 萬件。我們的負擔能力解決方案和忠誠度計劃是特別有吸引力的點。信用卡銷售產生的 GMV 中有 46% 來自分期付款銷售。與去年同期相比，訂單增幅最為顯著的是服裝、家電、家庭園藝和快速消費品。

We greatly welcome the consumer appreciation of our superior services, solutions, and campaigns in the busy month of November, where Hepsiburada clearly puts its name to the word legendary, which was created by us seven years ago.

我們非常歡迎消費者在繁忙的 11 月對我們卓越的服務、解決方案和活動表示讚賞，Hepsiburada 明確地將其名字命名為我們七年前創建的「傳奇」一詞。

And now, I want to close my presentation with our guidance. So with another robust, legendary November behind us, we expect to deliver a solid and profitable growth also in fourth quarter. Accordingly, we expect to deliver a GMV growth within a range of 93% to 95% compared to the same period last year and EBITDA as a percentage of GMV within a range of 0.5% to 1%. These figures are unadjusted for inflation. Consequently, for the full-year '23, we expect to double our GMV year on year on an unadjusted basis and deliver EBITDA as a percent of GMV at 1.5%. These figures are also unadjusted for inflation.

現在，我想在我們的指導下結束我的演講。因此，隨著又一個強勁、傳奇的 11 月的過去，我們預計第四季也將實現穩健且有利可圖的成長。因此，我們預期 GMV 較去年同期成長在 93% 至 95% 範圍內，EBITDA 佔 GMV 的百分比在 0.5% 至 1% 範圍內。這些數字未根據通貨膨脹進行調整。因此，對於 23 年全年，我們預計在未經調整的基礎上將 GMV 同比翻一番，並實現 EBITDA 佔 GMV 的 1.5%。這些數字也未根據通貨膨脹進行調整。

With this, I thank you for listening; leave the floor to Seçkin, our forthcoming CFO, for more color on our Q3 financial performance; then, I'll do my closing remarks.

在此，我感謝您的聆聽；請讓我們即將上任的財務長 Seçkin 來了解我們第三季財務業績的更多資訊；然後，我將致閉幕詞。

Thank you, Nilhan, and welcome, everyone. It's a pleasure to meet with all of you today for the first time. As I embark on my new role as CFO, I look forward to many more such occasions.

謝謝你，尼爾漢，歡迎大家。很高興今天第一次與大家見面。當我開始擔任財務長的新角色時，我期待更多這樣的場合。

Despite the prevailing macroeconomic challenges, I am pleased to say that we continued our uptrend across all metrics during the third quarter. Unadjusted for inflation, our GMV rose 126% in quarter three on a yearly basis to TRY24.3 billion. Similarly, our IAS 29 unadjusted revenue growth was at 137% on a yearly basis. When adjusted for inflation, GMV and revenue growth were at 45% and 52%, respectively.

儘管宏觀經濟面臨普遍挑戰，但我很高興地說，我們在第三季的所有指標都持續保持上升趨勢。未經通膨因素調整，我們的 GMV 第三季年增 126%，達到 243 億土耳其里拉。同樣，我們的 IAS 29 未經調整的營收年增率為 137%。考慮通貨膨脹因素後，GMV 和收入成長率分別為 45% 和 52%。

Strong order growth coupled with faster than inflation rise in the average order value and a strong e-commerce market growth in July on the back of a VAT rise resulted in a 126% GMV growth. The gross contribution margin came in at 11.6% on a 1.8-percentage-point improvement on the same quarter of last year. Adjusted for inflation, this metric rose to 9.4% on a 1-percentage-point improvement.

強勁的訂單成長，加上平均訂單價值成長快於通貨膨脹的速度，以及增值稅上漲推動下 7 月電子商務市場的強勁成長，導致 GMV 成長 126%。毛利率為11.6%，較去年同期增加1.8個百分點。經通膨調整後，該指標上升 1 個百分點至 9.4%。

Quarter three was the third consecutive quarter of positive EBITDA unadjusted for inflation. Accordingly, our EBITDA as a percentage of GMV reached 2.7% on a 6.9-percentage-point rise year over year. Excluding the impact of one-off income item, our EBTIDA as a percentage of GMV was at 2.2%. Also, when adjusted for inflation, this metric was at 0.3% on a 6.2-percentage-point improvement year over year.

第三季是連續第三個季度實現未經通膨調整的正 EBITDA。因此，我們的 EBITDA 佔 GMV 的比例達到 2.7%，較去年同期成長 6.9 個百分點。剔除一次性收入項目的影響，我們的 EBTIDA 佔 GMV 的百分比為 2.2%。此外，根據通貨膨脹進行調整後，該指標為 0.3%，較去年同期提高 6.2 個百分點。

On the next slide, let's elaborate on our GMV growth performance. 45% of GMV growth came through 27 million orders in quarter three. This performance results from our value proposition supported by the Hepsiburada Premium loyalty program and our affordability solutions. Our digital products contributed to the order frequency of participating customer segments, yet, excluding these orders, our order growth was still strong at around 18%.

在下一張投影片中，我們將詳細介紹我們的 GMV 成長表現。第三季 GMV 成長的 45% 來自 2,700 萬份訂單。這項業績源自於 Hepsiburada Premium 忠誠度計畫和我們的負擔能力解決方案所支持的價值主張。我們的數位產品對參與客戶群的訂單頻率做出了貢獻，但排除這些訂單，我們的訂單成長仍然強勁，約為 18%。

During the third quarter, we saw a 2.7-percentage-point shift in GMV mix towards 1P. While we continue our growth in non-electronics, during this quarter, we also leveraged our strong 1P model to meet the demand in the electronics market.

第三季度，我們看到 GMV 組合向 1P 轉變了 2.7 個百分點。在我們繼續非電子產品業務成長的同時，本季我們也利用強大的 1P 模式來滿足電子市場的需求。

On the next slide, I will discuss our revenue and gross contribution performance. First, I would like to give some color on revenues. Revenue growth of around 52% was achieved mainly by a 50% rise in retail revenue and 61% growth in marketplace revenue. Our retail and marketplace operations comprise 87% of our revenues.

在下一張投影片上，我將討論我們的收入和總貢獻績效。首先，我想對收入做一些說明。約52%的收入成長主要得益於零售收入成長50%和市場收入成長61%。我們的零售和市場業務占我們收入的 87%。

Our delivery service revenue, comprising 10% of total revenue, rose 43% compared to quarter three 2022. Meanwhile, other revenue, which mainly consists of our advertising services, fulfillment services, and loyalty program subscription fees, grew by 116% compared to quarter three 2022.

我們的送貨服務收入佔總收入的10%，與2022 年第三季相比成長了43​​%。同時，其他收入主要包括我們的廣告服務、履行服務和忠誠度計畫訂閱費，與第三季度相較成長了116%三 2022 年。

Our quarter-three gross contribution margin was at 9.4% on a 1-percentage-point improvement on the same quarter last year. This was mainly attributable to a higher re-discount impact on cost of inventory sold due to purchases on credit, a change in the 3P GMV category mix towards higher margin products, and a higher other revenue stream. Faster inventory turnover partially compensated for the margin deteriorating impact of significantly higher quarterly inflation that we have witnessed in quarter three.

我們第三季的毛貢獻率為 9.4%，比去年同期提高了 1 個百分點。這主要是由於賒購、3P GMV 類別組合向更高利潤產品的轉變以及其他收入來源的增加，對已售庫存成本產生了更高的再折扣影響。庫存週轉速度加快部分彌補了我們在第三季度目睹的季度通膨大幅上升導致利潤率惡化的影響。

Let's move on to the EBITDA performance on the next slide. Together with strong top-line growth, our focus on costs and marketing spend optimization enabled us to deliver positive EBITDA for yet another quarter. The 6.2-percentage-point year-over-year improvement in EBITDA as a percentage of GMV was mainly due to a 1-percentage-point rise in gross contribution margin, 1.1-percentage-point decline in advertising expenses, 0.1-percentage-point decline in shipping and packaging expenses, 0.6% (sic - see press release, "0.6 percentage points") decline in payroll and outsource staff expenses, and 3.3% (sic - see press release, "3.3 percentage points") improvement in other OpEx items, which includes the settlement contribution from TurkCommerce in the quarter three this year and the provision expense related to the same litigation in quarter three of last year.

讓我們繼續看下一張投影片的 EBITDA 表現。加上強勁的營收成長，我們對成本和行銷支出優化的關注使我們能夠在另一個季度實現正的 EBITDA。 EBITDA佔GMV的比例年增6.2個百分點，主要是由於毛利率上升1個百分點，廣告費用下降1.1個百分點，廣告費用下降0.1個百分點運輸和包裝費用下降0.6%（原文如此- 參見新聞稿，“ 0.6 個百分點」）工資和外包員工費用下降，其他營運支出改善3.3%（原文如此- 參見新聞稿，「3.3 個百分點」）項目，其中包括今年第三季度土耳其商務部的和解捐款以及去年第三季度與同一訴訟相關的撥備費用。

OpEx as a percentage of GMV was 9.1% in this quarter, thus 5.1 percentage points lower compared to 14.2% in the third quarter of last year. Our continued efficiency in marketing spend was achieved through our focus on customer retention and loyalty strategy, data-driven marketing, and co-marketing partnerships.

本季營運支出佔 GMV 的比例為 9.1%，比去年第三季的 14.2% 下降了 5.1 個百分點。透過專注於客戶保留和忠誠度策略、數據驅動的行銷以及聯合行銷合作夥伴關係，我們實現了行銷支出的持續高效。

Next, a few words on our cash flow dynamics. Compared to quarter three 2022, our cash flow from operating activities increased by almost TRY1.4 billion to TRY2.2 billion in quarter three '23. This increase in cash flow from operating activities mainly resulted from a TRY1.1 billion improvement in EBITDA; TRY1.2 billion decrease in change in networking capital, mainly due to increase in BNPL receivables and an increase in inventory in anticipation of high demand in quarter four; TRY0.7 billion increase in operating monetary gains due to inflation accounting and other items; and finally, TRY0.8 billion increase due to realized FX gains. CapEx was around TRY234 million at 0.9 percentage point of GMV. Overall, our free cash flow was a positive TRY2 billion in quarter three 2023.

接下來，簡單介紹一下我們的現金流動態。與 2022 年第三季相比，我們的營運活動現金流量在 2023 年第三季增加了近 14 億土耳其里拉，達到 22 億土耳其里拉。經營活動現金流的增加主要是因為 EBITDA 提高了 11 億土耳其里拉；網路資本變化減少 12 億土耳其里拉，主要是由於 BNPL 應收帳款增加以及預計第四季度高需求導致庫存增加；由於通貨膨脹會計和其他項目，營業貨幣收益增加了 7 億土耳其里拉；最後，由於實現的外匯收益而增加了 8 億土耳其里拉。資本支出約 2.34 億土耳其里拉，佔 GMV 的 0.9 個百分點。整體而言，2023 年第三季我們的自由現金流為 20 億土耳其里拉。

Before we end our call, I would like to leave the word back to Nilhan to highlight the key takeaways from today's presentation.

在結束通話之前，我想請 Nilhan 強調今天演講的要點。

Thank you, Seçkin. In Q3, we delivered a strong top-line growth and EBITDA through diligent cost management, exceeding our guidance. Our IAS 29 unadjusted GMV growth marked the highest quarterly growth since our IPO. On the margin side, we improved our gross contribution margin by 1.8 percentage points and EBITDA as a percent of GMV by 6.9 percentage points.

謝謝你，瑟金。在第三季度，我們透過勤奮的成本管理實現了強勁的營收成長和 EBITDA，超越了我們的指導。我們的 IAS 29 未經調整的 GMV 成長標誌著我們 IPO 以來的最高季度成長。在利潤率方面，我們的毛貢獻率提高了 1.8 個百分點，EBITDA 佔 GMV 的比例提高了 6.9 個百分點。

We generated a substantial improvement in free cash flow on a yearly basis thanks to our improvement in operating profitability. We are committed to creating long-term value for all our stakeholders, and we work diligently to deliver our best possible results with our whole team. And finally, I take this opportunity to wish everyone seasonal greetings.

由於營業利益率的提高，我們的自由現金流量逐年大幅改善。我們致力於為所有利害關係人創造長期價值，並與整個團隊一起努力工作，以實現最佳結果。最後，我藉此機會向大家致以節日的問候。

Thank you for listening. We can now open the line for questions.

感謝您的聆聽。我們現在可以開通提問專線。

Ladies and gentlemen, at this time, we will begin the question-and-answer session. (Operator Instructions) The first -- I am so sorry, there was a question, but it was withdrawn. (Operator Instructions)

女士們、先生們，現在我們將開始問答環節。 （操作員說明）第一－非常抱歉，有一個問題，但已撤回。 （操作員說明）

Ladies and gentlemen, there are no audio questions at this time. We will now proceed with the webcast questions from our participants. The first webcast question is from Maxim Nekrasov with Citi. And I quote, what drives growth deceleration in Q4 2023 compared to third quarter 2023? Thank you.

女士們、先生們，目前沒有音訊問題。我們現在將繼續回答參與者提出的網路廣播問題。第一個網路廣播問題來自花旗集團的 Maxim Nekrasov。我引用的是，與 2023 年第三季相比，是什麼導致 2023 年第四季成長減速？謝謝。

This is Nilhan speaking. We have couple of factors. One of them is our base in Q422 was extremely strong. That's number one driver. Number two driver is, in Q3, Maxim, we had a VAT change, as I explained in July. This accelerated our growth as e-com platform, which won't be repeated from our expectations in Q4. And lastly, with the rising interest rates, we are expecting also some minor impact to the demand in Turkish markets. Hence, with these three, our expectation is the GMV growth (inaudible)

我是尼爾漢。我們有幾個因素。其中之一是我們在 Q422 的基礎非常強大。這是排名第一的司機。第二個驅動因素是，Maxim，在第三季度，我們進行了增值稅變更，正如我在 7 月所解釋的那樣。這加速了我們作為電子商務平台的成長，這與我們第四季的預期不會重複。最後，隨著利率上升，我們預期土耳其市場的需求也會受到一些輕微影響。因此，對於這三個，我們的預期是 GMV 成長（聽不清楚）

(Operator Instructions) The next webcast question is from Ulle Adamson with T. Rowe Price. And I quote, any thoughts on possible local listings to improve the liquidity of shares?

（操作員說明）下一個網路廣播問題來自 Ulle Adamson 和 T. Rowe Price。我想引用一下，對於可能在本地上市以提高股票流動性有何想法​​？

A local possible listing in Istanbul Stock Exchange is one of the ideas that we are always evaluating, like other options. There are pros and cons we are investigating, Ulle. As we crystallize our thinking, if there is something to share, we will obviously come back. But this is one of the things we are obviously looking into based on the feedback we received today.

與其他選擇一樣，我們一直在評估在伊斯坦堡證券交易所本地上市的想法之一。我們正在研究有利有弊，烏勒。當我們明確我們的想法時，如果有什麼可以分享的，我們顯然會回來。但這顯然是我們根據今天收到的回饋正在研究的事情之一。

(Operator Instructions) The next webcast question is from Tim Raschuk with Frontaura Capital. And I quote, hi, could you please -- excuse me, could you provide me color on September sales and how the Legendary November event was relative to your expectations? Thank you.

（操作員說明）下一個網路廣播問題來自 Frontaura Capital 的 Tim Raschuk。我引用的話，嗨，請問您能 - 打擾一下，您能給我提供有關 9 月銷售情況的信息以及傳奇 11 月活動與您的期望的關係嗎？謝謝。

It was almost spot on versus our expectations in November. We have done a couple of assumptions for November growth. One of them was increased uptake from our Premium consumers. Both our Premium membership increase and the frequency increase from Premium consumers has been in-line with our expectations. Non-electronic, new categories that we have been driving have been strong. That has also been in-line with our expectations.

這幾乎符合我們 11 月的預期。我們對 11 月份的成長做了一些假設。其中之一是我們的高階消費者的接受度增加。我們的高級會員數量的增加以及高級消費者頻率的增加都符合我們的預期。我們一直在推動的非電子新類別表現強勁。這也符合我們的預期。

And in terms of our marketing plan, the number of sessions we planned for legendary November also was in-line with our expectations. So I would say we invented legendary November seven years ago. And since then, we have been getting stronger and stronger in our execution. And in-line with our plans, we delivered a strong November campaign.

就我們的行銷計劃而言，我們為傳奇的 11 月計劃的會議數量也符合我們的預期。所以我想說我們七年前發明了傳奇的十一月。從那時起，我們的執行力就越來越強。根據我們的計劃，我們在 11 月開展了一場強有力的行銷活動。

Our next webcast question is from Christian Andrews with Frontaura Capital. And I quote, digital orders represented a significant portion of order growth. Could you expand on what these orders relate to and would their contribution to revenue growth be similar?

我們的下一個網路廣播問題來自 Frontaura Capital 的 Christian Andrews。我引用的是，數位訂單代表了訂單成長的很大一部分。您能否詳細說明這些訂單的相關內容以及它們對收入成長的貢獻是否相似？

The digital orders, yes, they represent significant portion of order growth. But in terms of GMV, it's immaterial. It's less than 0.7% of our GMV. So we can't talk about any really contribution to our GMV growth. It's strategic. It drives frequency. It drives consumers to come back, create loyalty retention. So we'll continue driving that.

是的，數位訂單代表了訂單成長的很大一部分。但就 GMV 而言，這並不重要。它不到我們 GMV 的 0.7%。因此，我們無法談論對 GMV 成長的任何真正貢獻。這是戰略性的。它驅動頻率。它促使消費者回歸，創造忠誠度。所以我們將繼續推動這一趨勢。

Thank you. We also have a question from Mr. [Hassan Bayahan]. And I quote, how do you invest in the US cash you have? What is the return on that?

謝謝。我們還有 [Hassan Bayahan] 先生提出的問題。我引用一下，你如何投資你擁有的美國現金？這樣做的回報是什麼？

Hi. We typically use time deposits in banks. And I think the yield is the question. We are close to 5% on our yield for USD deposits.

你好。我們通常使用銀行定期存款。我認為產量是問題所在。我們的美元存款收益率接近 5%。

Thank you. The next question is from Mr. Maxim Nekrasov with Citi. And I quote, what are your expectations regarding consumer demand in 2024 considering recent interest hikes?

謝謝。下一個問題來自花旗集團的 Maxim Nekrasov 先生。我引用的是，考慮到最近的升息，您對 2024 年消費者需求有何預期？

Our progress and results clearly prove that our strategy works in '23. And as we look forward to the coming year, although the interest rate increases could diminish consumer demand, consumption can also impact Turkish economic growth. We have several key initiatives reinforcing our position. I maintain our commitment to strategic priorities, affordable shopping options, benefits from Premium program. And also, e-com is in best place, very suited to serving consumers in this type of environment.

我們的進展和結果清楚地證明我們的策略在 23 年是有效的。展望來年，儘管升息可能會減少消費者需求，但消費也會影響土耳其經濟成長。我們有幾項關鍵措施來鞏固我們的地位。我仍然致力於戰略重點、實惠的購物選擇以及高級計劃的好處。而且，電子商務處於最佳位置，非常適合在這種環境下為消費者提供服務。

Our next webcast question is a follow-up from Mr. Ulle Adamson with T. Rowe Price. And I quote, what is the outlook for EBITDA margin in 2024? Also, where would you like to see the margin over the longer term?

我們的下一個網路廣播問題是 Ulle Adamson 先生和 T. Rowe Price 提出的後續問題。我引用一下，2024 年 EBITDA 利潤率的前景如何？另外，您希望看到長期利潤率在哪裡？

For 2024, we are going to talk about our guidance, our expectations as part of our Q4 earnings result. But what I can say, we are extremely committed to sustainable, profitable growth. We have built a very strong initiative pipeline for '24 and also upcoming years in line with the presentation we have done.

對於 2024 年，我們將在第四季度收益結果中討論我們的指導和預期。但我可以說的是，我們非常致力於可持續的獲利成長。根據我們所做的演示，我們為 24 年以及未來幾年建立了非常強大的計劃管道。

That is including Hepsi advertising platform. That's including non-electronics in our mix. That is including incremental margin from our services and B2B revenues that will continue to enhance our margin situation. For granular details and expectations, we'll come back in Q4.

其中包括Hepsi廣告平台。這包括我們的產品組合中的非電子產品。這包括我們服務和 B2B 收入的增量利潤，這將繼續改善我們的利潤狀況。有關詳細資訊和期望，我們將在第四季度回來。

Thank you. Our next webcast question is from Christian Andrews with Frontaura Capital. And I quote, Hepsi Premium reached 2 million members. Could you please speak a bit about any targets for the program? Is there a target number of members? Is this program breakeven yet on a consolidated basis?

謝謝。我們的下一個網路廣播問題來自 Frontaura Capital 的 Christian Andrews。我引用的是，Hepsi Premium 會員數達到 200 萬。您能否談談該計劃的目標？有目標會員人數嗎？該計劃是否已達到收支平衡？

In terms of Hepsiburada Premium program, obviously, we are quite bullish about creating a great, amazing program that will be sticky for our consumers. We are not chasing a specific number. We are looking into sustainable profitability of the company, sustainable profitable growth using loyalty retention initiatives in a mix that also includes Premium. Hence, I'm not going to share a specific number that we are chasing for next year, but we will continue to enhance both the benefits of the program and also members in the program.

就 Hepsiburada Premium 計劃而言，顯然，我們非常看好創建一個對我們的消費者俱有黏性的偉大、令人驚嘆的計劃。我們並不追求具體的數字。我們正在研究公司的可持續獲利能力，利用忠誠度保留計畫（也包括高級服務）實現永續獲利成長。因此，我不會透露我們明年追求的具體數字，但我們將繼續增強該計劃以及該計劃成員的利益。

In terms of premium profitability, we don't share the details for a specific consumer segment. In future, we could look into giving different cuts in our profitability. But so far, we are only sharing a consolidated view.

就溢價獲利能力而言，我們不會分享特定消費群的詳細資訊。未來，我們可能會考慮對獲利能力進行不同程度的削減。但到目前為止，我們只是分享一個統一的觀點。

Our next question is an audio question from the land of Kilickiran Hanzade with JPMorgan. Please go ahead.

我們的下一個問題是來自 Kilickiran Hanzade 土地上摩根大通的音頻問題。請繼續。

Nilhan and Seçkin, apologies, I had a technical issue. I couldn't ask my question initially. I would like to follow up on the gross contribution margin. You have a very strong -- I mean, robust improvement here. Would it be reasonable to say that some -- I mean, large part of this expansion in the gross margin contribution comes from the inventory gains?

Nilhan 和 Seçkin，抱歉，我遇到了技術問題。最初我無法提出我的問題。我想跟進毛利率。我的意思是，你在這裡有了非常強大的進步。可以合理地說，毛利率貢獻的成長大部分來自庫存收益嗎？

Because there was a very high inflation in the third quarter, and I just tried to understand whether this expansion is one-off or not. And -- or otherwise, have you observed some structural changes in your business like a higher share of clothing category or better take rates that may continue to support the margins going forward?

因為第三季通膨非常高，所以我只是想了解這種擴張是否是一次性的。或者說，您是否觀察到您的業務發生了一些結構性變化，例如服裝類別的份額更高或取貨率更高，這些變化可能會繼續支撐未來的利潤率？

And the second question is, is it possible to provide some sort of update on the recent competition authority investigation? What it is about? And do you expect some negative results from this investigation? Thank you.

第二個問題是，是否可以提供有關最近競爭管理機構調查的最新情況？這是關於什麼的？您預計這項調查會產生負面結果嗎？謝謝。

Yes, as I mentioned in my presentation, the re-discount impact on cost of inventory sold due to purchases on credit has an impact on the improvement in gross contribution. But the key structural improvement that we are making are related with the 3P GMV category mix towards higher margin product. And this is going to continue in the future as well.

是的，正如我在演講中提到的，由於賒銷採購而對已售庫存成本進行再現的影響會對總貢獻的改善產生影響。但我們正在進行的關鍵結構性改進與 3P GMV 類別組合相關，以實現更高利潤率的產品。這在未來也將持續下去。

And definitely, other revenue stream is something that we are continuing to expand, especially a word of note, our Premium fees; our HepsiAd, which is very important for our future profitability; and the expansion of our delivery services. So these are structural key interventions that we will be continuing to have in the coming quarters as well.

當然，我們正在繼續擴大其他收入來源，特別是值得注意的是，我們的保費；我們的HepsiAd，這對我們未來的獲利能力非常重要；以及擴大我們的送貨服務。因此，這些是我們在未來幾季將繼續採取的結構性關鍵幹預措施。

Let me come back on the second question, which is the competitive authority investigation. There has been an investigation in Turkey for price recommendations for merchants from e-commerce platforms. We have been one of the companies that competition authority wanted to better understand the logic.

讓我回到第二個問題，即競爭主管機關調查。土耳其曾進行一項針對電商平台向商家提供價格建議的調查。我們是競爭主管機關希望更好地理解其邏輯的公司之一。

We have been sharing all the data we have. This is a recent capability we developed in order to enhance merchants' competitiveness, in order to enhance competitive prices with right ambition, with right material. So we are very comfortable in terms of the potential outcome.

我們一直在共享我們擁有的所有數據。這是我們最近開發的一項功能，旨在提高商家的競爭力，以正確的目標和正確的材料提高有競爭力的價格。因此，我們對潛在的結果感到非常滿意。

There could be a situation, Hanzade. In the worst case scenario, the competition authorities could say, we would like platforms to hold this application, but nothing beyond that. So even the worst case scenario, obviously, we are ready for this. But we wouldn't recommend it.

可能有情況，漢札德。在最壞的情況下，競爭管理機構可能會說，我們希望平台能夠保留該應用程序，但除此之外別無其他。因此，顯然，即使是最壞的情況，我們也已做好準備。但我們不會推薦它。

Thank you very much.

非常感謝。

Ladies and gentlemen, there are no further questions at this time. The conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a good afternoon.

女士們、先生們，目前沒有其他問題了。會議現已結束，您可以掛斷電話了。感謝您的來電，祝您下午愉快。