Jumia Technologies AG (JMIA) 2022 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's Results Conference Call for the second quarter of 2022. (Operator Instructions) At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question-and-answer session.

早上好，女士們，先生們。謝謝你的支持。歡迎來到 Jumia 2022 年第二季度的結果電話會議。（操作員說明）此時，所有參與者都處於只聽模式。在管理層準備好發言後，將進行問答環節。

I would now like to turn the call over to Safae Damir, Head of Investor Relations for Jumia. Please go ahead.

我現在想將電話轉給 Jumia 投資者關係主管 Safae Damir。請繼續。

Thank you. Good morning, everyone. Thank you for joining us today for our second quarter 2022 earnings call. With us today are Sacha Poignonnec and Jeremy Hodara, Co-Founders and Co-CEOs of Jumia; and Antoine Maillet-Mezeray, CFO.

謝謝你。大家，早安。感謝您今天加入我們的 2022 年第二季度財報電話會議。今天和我們在一起的是 Jumia 的聯合創始人和聯合首席執行官 Sacha Poignonnec 和 Jeremy Hodara；和首席財務官 Antoine Maillet-Mezeray。

This call is also being webcast on the IR section of our corporate website. We will start by covering the safe harbor. We would like to remind you that our discussions today will include forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward-looking statements may speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the Risk Factors section of our annual report on Form 20-F as published on April 29, 2022, as well as our other submissions with the SEC.

此次電話會議也在我們公司網站的 IR 部分進行網絡直播。我們將從覆蓋安全港開始。我們想提醒您，我們今天的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果大相徑庭。此外，這些前瞻性陳述可能只符合我們今天的預期。我們不承擔公開更新或修改這些聲明的義務。有關可能導致實際結果與今天表達的前瞻性陳述不同的一些風險因素的討論，請參閱我們於 2022 年 4 月 29 日發布的 20-F 表格年度報告的風險因素部分作為我們向 SEC 提交的其他文件。

In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release, which is available on our Investor Relations website.

此外，在本次電話會議中，我們將參考未按照 IFRS 報告的某些財務指標。您可以在我們的收益新聞稿中找到這些非 IFRS 財務指標與相應 IFRS 財務指標的對賬，該新聞稿可在我們的投資者關係網站上找到。

With that, I'll hand over to Sacha.

有了這個，我將交給薩沙。

Thank you very much, Safae. Welcome, everyone, and thanks for joining us today. I would like to share a few highlights of our Q2 performance and give you an update on our strategy and guidance. We are committed to taking the business to breakeven and in that regard, have delivered a strong quarter with very good progress on each building block of our path to profitability.

非常感謝，薩法。歡迎大家，感謝您今天加入我們。我想分享我們第二季度業績的一些亮點，並向您介紹我們的戰略和指導。我們致力於使業務實現盈虧平衡，在這方面，我們實現了一個強勁的季度，在我們盈利之路的每個組成部分都取得了非常好的進展。

Number one, usage growth. As you know, scale is a driver of profitability. Orders and quarterly active consumers were up 35% and 25%. GMV grew by 21% in Q2, 34% on a constant currency basis. This happened in a volatile macro context with increasing pressure on consumer spend and access to supply for our sellers. It also happened with very strong discipline on marketing investments from our side. For us, it's a clear sign that our focus on relevant everyday products, competitive prices and consumer experience is paying off.

第一，使用量增長。如您所知，規模是盈利能力的驅動力。訂單和季度活躍消費者分別增長了 35% 和 25%。 GMV 在第二季度增長了 21%，按固定匯率計算增長了 34%。這發生在一個動蕩的宏觀背景下，消費者支出和我們的賣家獲得供應的壓力越來越大。這也發生在我們對營銷投資非常嚴格的紀律處。對我們來說，這清楚地表明我們對相關日常產品、有競爭力的價格和消費者體驗的關注正在取得成效。

Number two, monetization acceleration. Revenue was up 42% and 56% on a constant currency basis. We posted the fastest marketplace revenue and gross profit growth rates of the past 5 quarters at 17% and 14%, respectively. We want larger scale to be a catalyst for revenue growth and the diversified monetization engine we have built allows us to drive revenue from both consumer usage and the assets of our platform.

第二，貨幣化加速。按固定匯率計算，收入分別增長 42% 和 56%。我們公佈了過去 5 個季度最快的市場收入和毛利潤增長率，分別為 17% 和 14%。我們希望更大的規模成為收入增長的催化劑，我們建立的多元化貨幣化引擎使我們能夠從消費者使用和平台資產中獲得收入。

Number three, cost efficiency. Cost discipline is a top priority for us even more so in the current context. We drove usage growth and monetization acceleration with lower-than-expected marketing investments. Sales and advertising expense reached USD 41 million in H1 compared to our guidance of USD 50 million to USD 55 million. G&A was another area of increased efficiency for us with G&A, excluding share-based compensation expense being flat year-over-year and declining sequentially by 12%. So overall, some very good progress in Q2. The macro picture is challenging. However, the fundamentals of our business have never been stronger.

第三，成本效益。成本紀律是我們的首要任務，在當前情況下更是如此。我們通過低於預期的營銷投資推動了使用增長和貨幣化加速。上半年的銷售和廣告費用達到 4100 萬美元，而我們的指導為 5000 萬美元至 5500 萬美元。 G&A 是我們提高 G&A 效率的另一個領域，不包括基於股票的薪酬費用與去年同期持平並環比下降 12%。所以總的來說，第二季度取得了一些非常好的進展。宏觀圖景具有挑戰性。然而，我們業務的基礎從未如此強大。

If we now look ahead, I'm turning to Page 4. Our strategic focus is to make strong progress on profitability. We have outlined here our near-term guidance, which reflects this continued focus. On usage, despite the macro, we aim to maintain robust usage growth, and we reiterate our guidance of GMV growth in excess of 15% for the full year in USD terms. On monetization, we plan to accelerate. We expect gross profit in H2 of USD 75 million to USD 85 million. This implies year-on-year growth of 27%, up to 44%, which is at least double the growth rate of Q2, so a significant acceleration.

如果我們現在展望未來，我將轉向第 4 頁。我們的戰略重點是在盈利能力方面取得重大進展。我們在這裡概述了我們的近期指導，這反映了這種持續的關注。在使用方面，儘管宏觀，我們的目標是保持強勁的使用增長，我們重申以美元計算的全年 GMV 增長超過 15% 的指導。在貨幣化方面，我們計劃加速。我們預計下半年的毛利潤為 7500 萬美元至 8500 萬美元。這意味著同比增長 27%，最高可達 44%，這至少是 Q2 增長率的兩倍，因此顯著加速。

On the cost efficiency front, we are doubling down on the cost discipline. In particular, we expect to drive further marketing efficiencies, leveraging the long-term investments we made over the past year in brand awareness and consideration. For H2, we expect sales and advertising of USD 35 million to USD 45 million, implying year-over-year savings of 18% up to 37%. So in summary, we're going to keep growing usage. We're going to accelerate gross profit growth and do this with even more cost efficiency.

在成本效率方面，我們在成本紀律上加倍努力。特別是，我們希望利用我們過去一年在品牌知名度和考慮方面進行的長期投資，進一步提高營銷效率。對於下半年，我們預計銷售額和廣告收入為 3500 萬美元至 4500 萬美元，這意味著同比節省 18% 至 37%。總而言之，我們將繼續增加使用量。我們將加速毛利潤增長，並以更高的成本效率實現這一目標。

As a result, and I'm now turning to Page 5. We believe that we have turned the corner and are past the peak of adjusted EBITDA losses that was reached in Q4 of last year in 2021. For H2, we expect losses of USD 87 million to USD 107 million, which implies a reduction versus H1 of 5% to 22% and versus last year, a reduction of 12%, up to 29%.

因此，我現在轉到第 5 頁。我們相信我們已經轉危為安，並且已經超過了 2021 年第四季度達到的調整後 EBITDA 損失的峰值。對於下半年，我們預計美元損失8700 萬至 1.07 億美元，這意味著與上半年相比減少 5% 至 22%，與去年相比減少 12%，最高 29%。

Finally, we reiterate our yearly guidance for 2022 of USD 200 million to USD 220 million, and we expect adjusted EBITDA loss to start decreasing on a yearly basis starting next year. The results of our clear strategy and consistent execution are coming nicely together, allowing us to reduce adjusted EBITDA losses going forward.

最後，我們重申我們對 2022 年 2 億美元至 2.2 億美元的年度指導，我們預計調整後的 EBITDA 虧損將從明年開始逐年減少。我們清晰的戰略和一致的執行結果很好地結合在一起，使我們能夠減少未來調整後的 EBITDA 損失。

And now Jeremy and Antoine will give more color on the results.

現在 Jeremy 和 Antoine 將為結果提供更多色彩。

Thanks a lot, Sacha. Hello, everyone. I'll start with the progress on the first building block of our past profitability, the usage growth, and we are on Page 7. Usage growth is the result of coordinated efforts across all the areas of the business, and we've been working relentlessly across the platform to earn and to keep the trust and the loyalty of our customers. We have outlined on the page recent examples of what we are doing on the marketing, commercial logistics and tech fronts to support the usage growth.

非常感謝，薩沙。大家好。我將從我們過去盈利能力的第一個組成部分的進展開始，使用增長，我們在第 7 頁。使用增長是所有業務領域協調努力的結果，我們一直在努力在整個平台上堅持不懈地贏得併保持客戶的信任和忠誠度。我們在頁面上概述了我們在營銷、商業物流和技術方面所做的工作以支持使用增長的最新示例。

On the marketing front, we are investing in both consumer adoption and retention, and we are seeing a very strong level of engagement on our platform. During the Jumia anniversary campaign, our video content views reached a record of 116 million, up 55% year-over-year. This demonstrates our thorough understanding of what resonates with customers and our ability to produce engaging content for them.

在營銷方面，我們正在對消費者採用和保留進行投資，並且我們看到我們平台上的參與度非常高。在 Jumia 週年紀念活動期間，我們的視頻內容觀看量達到了創紀錄的 1.16 億次，同比增長 55%。這表明我們對什麼能引起客戶共鳴的透徹理解，以及我們為他們製作引人入勝的內容的能力。

On the commercial front, we offer consumers a wide range of relevant products and services with a particular focus on everyday categories. This is even more important in a challenging macro context where consumers can rotate away from higher-value discretionary items towards staples and everyday products. While we are seeing sustained volume growth across categories, FMCG was the fastest-growing category in terms of items sold in Q2, up 95%.

在商業方面，我們為消費者提供範圍廣泛的相關產品和服務，特別關注日常用品。在充滿挑戰的宏觀背景下，這一點更為重要，消費者可以從高價值的非必需品轉向主食和日常用品。雖然我們看到各個類別的銷量持續增長，但就第二季度的銷售商品而言，快速消費品是增長最快的類別，增長了 95%。

On the logistics side, we remain focused on improving the speed and the cost of our deliveries, offering our consumers even more convenience. In Q2, 60% of shipped packages reached consumers within 24 hours of placing the order. This is a great achievement considering the volume step-up we experienced as part of the Jumia anniversary campaign.

在物流方面，我們仍然專注於提高交付速度和成本，為消費者提供更多便利。在第二季度，60% 的已發貨包裹在下單後 24 小時內送達消費者手中。考慮到我們在 Jumia 週年紀念活動中經歷的銷量提升，這是一項了不起的成就。

And last but not least, we are reaping the benefits of our sustained technology investments over the past year to enhance user interface and experience. This supported a 17% uplift in conversion rate year-over-year in the second quarter.

最後但同樣重要的是，我們正在從過去一年持續的技術投資中獲益，以增強用戶界面和體驗。這支持第二季度的轉化率同比增長 17%。

Our consistent and disciplined execution on these 4 levers is driving the robust usage growth momentum you are seeing on Page 8. There is -- on Page 8, there is broad-based growth momentum across all reported usage metrics. Quarterly active consumers reached 3.4 million, up 25% as we continue to acquire new consumers and improve the retention rate of existing ones. Orders reached USD 10.3 million, up 35% driven by both new consumer adds and the increased purchase frequency of returning consumers. These developments drove robust GMV growth despite material FX headwinds. GMV reached USD 271 million, up 21% year-over-year and 34% on a constant currency basis. And you will note that the FX headwinds to GMV are much larger in Q2 than in Q1 last quarter with 13 points of percentage adverse impact to GMV growth compared to 8 percentage points last quarter.

我們在這 4 個槓桿上的一致和嚴格執行正在推動您在第 8 頁看到的強勁的使用增長勢頭。在第 8 頁，所有報告的使用指標都有廣泛的增長勢頭。季度活躍消費者達到 340 萬，增長 25%，因為我們繼續獲取新消費者並提高現有消費者的保留率。訂單達到 1,030 萬美元，增長 35%，這得益於新增消費者和回頭客購買頻率的增加。儘管存在重大的外匯逆風，但這些發展推動了 GMV 的強勁增長。 GMV 達到 2.71 億美元，同比增長 21%，按固定匯率計算增長 34%。您會注意到，第二季度對 GMV 的外匯逆風比上一季度大得多，對 GMV 增長的不利影響為 13 個百分點，而上一季度為 8 個百分點。

We had 10 of our 11 local currencies depreciating against the dollar in the first half of 2022 compared to the first half of 2021. In particular, the Egyptian pound, the West African CFA franc, both depreciated by 10% against the dollar, while the naira in Nigeria depreciated by 7%. Notwithstanding the effect growth momentum in the business remain robust.

與 2021 年上半年相比，我們 11 種當地貨幣中有 10 種在 2022 年上半年對美元貶值。特別是埃及鎊、西非非洲金融共同體法郎兌美元均貶值 10%，而尼日利亞的奈拉貶值了 7%。儘管受到影響，業務增長勢頭依然強勁。

We are driving not only robust but also high-quality growth with significant improvement in cohorts and repurchase dynamics, as you can see on the Page 9. You've heard us talk in the past about the discipline with which we deploy consumer incentives and marketing investments with a focus on cohort quality. You've also heard us talk about the importance of everyday product to support repurchase dynamics. This is now clearly demonstrated by the retention and purchase frequency data that you see on the page.

正如您在第 9 頁上看到的那樣，我們不僅推動了強勁而且高質量的增長，同時顯著改善了群組和回購動態。您過去曾聽我們談論過我們部署消費者激勵和營銷的紀律以群體質量為重點的投資。您還聽過我們談論日常產品對支持回購動態的重要性。現在，您在頁面上看到的保留和購買頻率數據清楚地證明了這一點。

The average 90-day repurchase rate of the new consumers acquired in Q1 2022 reached 44%, up by over 5 points versus Q1 last year. This is driving an uplift in purchase frequency with a number of quarterly orders per quarterly active consumers, increasing by 8% year-over-year, reaching over 3 orders in Q2. The strategic focus we placed on everyday product categories was an important driver of these improvements.

2022年第一季度新增消費者平均90天復購率達到44%，較去年第一季度提升5個百分點以上。這推動了購買頻率的提升，每個季度活躍消費者的季度訂單數量同比增長 8%，在第二季度達到超過 3 個訂單。我們對日常產品類別的戰略重點是這些改進的重要驅動力。

On Page 10, you can see the continued shift of our GMV towards everyday categories, which went from accounting for 57% of our GMV in Q2 2020 to 66% in Q2 2022. Within the brackets of every categories, the lifestyle services, which include food delivery and JumiaPay app service so their share in GMV doubled from 9% in Q2 2020 to 18% in Q2 2022. Within the everyday physical good categories, the home and fashion categories remain consistently the largest 2 product categories, each commanding a mid- to high-teens share of GMV. Average order value stood at USD 26.3 in Q2 as we further penetrate more affordable, smaller ticket size categories.

在第 10 頁，您可以看到我們的 GMV 持續向日常類別轉移，從 2020 年第二季度占我們 GMV 的 57% 到 2022 年第二季度的 66%。在每個類別的括號內，生活方式服務，其中包括食品配送和 JumiaPay 應用服務，因此它們在 GMV 中的份額從 2020 年第二季度的 9% 翻倍至 2022 年第二季度的 18%。在日常用品品類中，家居和時尚品類始終是最大的兩個產品品類，每個品類均佔據中到 GMV 的高青少年份額。第二季度的平均訂單價值為 26.3 美元，因為我們進一步滲透到更實惠、更小尺寸的類別。

Let's now move on to JumiaPay starting with the TPV on Page 12. Jumia's TPV increased by 31% year-over-year and 45% on a constant currency basis, supported by the robust GMV growth. On-platform penetration of JumiaPay as a percentage of GMV reached 27% in Q2, up from 25% in Q2 last year as we focused on increasing the penetration of JumiaPay in a disciplined and gradual manner.

現在讓我們從第 12 頁的 TPV 開始討論 JumiaPay。在 GMV 強勁增長的支持下，Jumia 的 TPV 同比增長 31%，按固定匯率計算增長 45%。 JumiaPay 的平台滲透率在第二季度佔 GMV 的百分比達到 27%，高於去年第二季度的 25%，因為我們專注於以有紀律和漸進的方式提高 JumiaPay 的滲透率。

Turning to transactions on Page 13. JumiaPay transactions reached 3.4 million in Q2 this year, up 25% year-over-year, supported by accelerating volume growth across the business and in the food delivery category in particular.

轉向第 13 頁的交易。今年第二季度，JumiaPay 交易達到 340 萬筆，同比增長 25%，這得益於整個業務，尤其是食品配送類別的交易量增長加速。

Overall, 33% of orders placed on the Jumia platform in Q2 2022 were completed using JumiaPay compared to 35% last year. The growth in JumiaPay transactions in our e-commerce and food delivery platform outpaced the growth of JumiaPay app transactions as JumiaPay penetration is almost 100% on the JumiaPay app, the reduced share of JumiaPay app in the transaction mix led to a decline in the overall JumiaPay transaction penetration as a percentage of orders.

總體而言，2022 年第二季度在 Jumia 平台上下達的訂單中有 33% 是使用 JumiaPay 完成的，而去年這一比例為 35%。我們的電子商務和食品配送平台中的 JumiaPay 交易量的增長超過了 JumiaPay 應用程序交易量的增長，因為 JumiaPay 應用程序在 JumiaPay 應用程序上的滲透率幾乎 100%，JumiaPay 應用程序在交易組合中的份額減少導致整體下降JumiaPay 交易滲透率佔訂單的百分比。

Overall, the growth momentum of JumiaPay on platform remains very robust. JumiaPay has been a tremendous driver of convenience and security for our consumers, while opening up a broad range of relevant digital services. Starting from 2023, we expect JumiaPay to turn into a monetization driver as we offer this solution to third-party merchants of platform.

總體而言，JumiaPay 在平台上的增長勢頭仍然非常強勁。 JumiaPay 一直是為我們的消費者提供便利和安全的巨大推動力，同時開闢了廣泛的相關數字服務。從 2023 年開始，我們預計 JumiaPay 將成為貨幣化驅動力，因為我們向平台的第三方商家提供此解決方案。

And now I'll hand over to Antoine, who will walk you through our financial performance in more details.

現在我將交給 Antoine，他將詳細介紹我們的財務業績。

Thank you, Jeremy. Hello, everyone. I will start with the monetization performance, which speaks to our progress on the second building block of our path to profitability, monetization acceleration.

謝謝你，傑里米。大家好。我將從貨幣化表現開始，這說明了我們在盈利之路的第二個基石上取得的進展，即加速貨幣化。

Let's first unpack revenue growth dynamics on Page 15. Revenue reached USD 57.3 million in Q2 '22, up 42% year-over-year and 56% on a constant currency basis. The largest contributor to revenue growth was first-party revenue, which increased by over 90% year-on-year, supported by the strong momentum in the FMCG and grocery set category in particular.

讓我們首先在第 15 頁了解收入增長動態。22 年第二季度收入達到 5730 萬美元，同比增長 42%，按固定匯率計算增長 56%。收入增長的最大貢獻者是第一方收入，同比增長超過 90%，尤其是在快速消費品和雜貨套裝類別的強勁勢頭的支持下。

The second observation I'd like to make here is that the new revenue streams such as value-added services and marketing and advertising are starting to have a material contribution to revenue growth. The combined contribution of value-added services and marketing and advertising to revenue growth surpassed the combined contributions of commissions and fulfillment revenue.

我想在這裡提出的第二個觀察是，增值服務、營銷和廣告等新的收入來源開始對收入增長做出重大貢獻。增值服務以及營銷和廣告對收入增長的綜合貢獻超過了佣金和履行收入的綜合貢獻。

The growth across a broad range of revenue streams is allowing us to continue making growth investments in the form of consumer incentives, which were up by USD 3.6 million year-on-year in the second quarter.

廣泛的收入來源的增長使我們能夠繼續以消費者激勵的形式進行增長投資，第二季度同比增長 360 萬美元。

Let's now dive deeper into the marketplace revenue trajectory on Page 16. Marketplace revenue posted its fastest growth rate of the past 7 quarters, up 17% year-on-year and 28% on a constant currency basis with a number of revenue streams reaching record levels. I'd like to reiterate the point I made on the prior slide, which is the diversification of revenue streams. Here, you see clearly the growing contribution to marketplace revenue from marketing and advertising and value-added services, which reached an all-time high in Q2 at 41% of Marketplace revenue compared to 33% a year ago. And this is the result of the very strong growth rates we've been driving across these 2 activities.

現在讓我們在第 16 頁更深入地了解市場收入軌跡。市場收入創下過去 7 個季度以來最快的增長率，同比增長 17%，按固定匯率計算增長 28%，許多收入流達到創紀錄水平水平。我想重申我在上一張幻燈片中提出的觀點，即收入來源的多樣化。在這裡，您可以清楚地看到營銷、廣告和增值服務對市場收入的貢獻越來越大，在第二季度達到了歷史新高，佔市場收入的 41%，而一年前為 33%。這是我們在這兩項活動中推動的非常強勁的增長率的結果。

Marketing and advertising revenue reached an all-time high of USD 4.6 million surpassing the previous record rate in Q4 '21, up 76% year-on-year, the fastest growth rate in over 2 years. This was supported by an acceleration in a number of campaigns, [run which] was up by over 140% in Q2 '22 versus Q2 '21.

營銷和廣告收入達到了 460 萬美元的歷史新高，超過了 21 年第四季度的創紀錄水平，同比增長 76%，是 2 年來最快的增長速度。這得到了許多活動加速的支持，[run which] 在 22 年第二季度與 21 年第二季度相比增長了 140% 以上。

Value-added services accelerated by 32%, partly as the result of increased logistics revenue from local and international sellers.

增值服務增長 32%，部分原因是本地和國際賣家的物流收入增加。

On the flip side, fulfillment revenue reached USD 7.7 million down 7% year-on-year due to a broader deployment of the next day free delivery. This is a trend we are comfortable with as one, free next-day delivery in relevant areas is an important driver of convenience, supporting consumer adoption and repurchase. And we have built a strong and diversified monetization engine that makes us less reliant on consumer shipping fees.

另一方面，由於次日免費送貨的更廣泛部署，履行收入達到 770 萬美元，同比下降 7%。這是我們樂於接受的趨勢，因為相關地區的次日免費送貨是便利的重要推動力，支持消費者採用和回購。我們已經建立了一個強大而多樣化的貨幣化引擎，使我們減少了對消費者運費的依賴。

Last but not least, commissions revenue reached a 6-quarter at USD 10.6 million, surpassing the prior peak of Q4 '21. This corresponds to a 13% year-on-year increase, supported by the robust GMV growth. This is net of consumer incentives. If we exclude the impact of consumer incentives, commissions revenue was up 21% year-on-year. I'd like to point out here that the increase in commission revenue is yet to fully reflect the impact of commission increases, which were undertaken in May and June '22. We expect the impact of these increases to materialize in the second half of 2022.

最後但同樣重要的是，第 6 個季度的佣金收入達到 1060 萬美元，超過了 21 年第 4 季度的峰值。在強勁的 GMV 增長的支持下，這相當於同比增長 13%。這是扣除消費者激勵的淨值。如果我們排除消費者激勵措施的影響，佣金收入同比增長 21%。我想在此指出，佣金收入的增加尚未完全反映 22 年 5 月和 6 月進行的佣金增加的影響。我們預計這些增長的影響將在 2022 年下半年實現。

The strong marketplace revenue growth is driving an acceleration in gross profit growth. Gross profit growth reached a 5-quarter high at 14% year-on-year, supported by the robust growth in Marketplace revenue. On a constant currency basis, gross profit growth reached 24% year-on-year.

強勁的市場收入增長正在推動毛利潤增長。在市場收入強勁增長的支持下，毛利潤同比增長 14%，創下 5 個季度的新高。按固定匯率計算，毛利同比增長24%。

We continue to invest into price competitiveness and free shipping with an increase in consumer incentive from USD 4.5 million in Q2 '21 to USD 8.2 million in Q2 '22. Excluding the impact of consumer incentives, gross profit accelerated by 23% year-on-year and 36% in constant currency, while the margin as a percentage of GMV increased to 14.2%. While we have meaningfully accelerated monetization growth in Q2, we are working on a number of initiatives that will allow us to drive even faster growth in the second half of '22.

我們繼續投資於價格競爭力和免費送貨，將消費者激勵從 21 年第二季度的 450 萬美元增加到 22 年第二季度的 820 萬美元。剔除消費者激勵因素的影響，毛利潤同比增長 23%，按固定匯率計算增長 36%，而毛利率佔 GMV 的百分比上升至 14.2%。雖然我們在第二季度顯著加快了貨幣化增長，但我們正在製定一些舉措，這些舉措將使我們能夠在 22 年下半年推動更快的增長。

We have outlined some of these initiatives on Page 18. We are working across all revenue streams to drive either faster growth, enhanced margins are a combination of both. With respect to first-party activity, first-party revenue grew at an average north of 100% year-on-year over the past 3 quarters, thanks to strong volume growth in the FMCG and grocery category. This is allowing us to negotiate volume rebates with our suppliers, helping us expand our first-party gross profit margin.

我們在第 18 頁概述了其中一些舉措。我們正在努力推動所有收入流的增長，以推動更快的增長，提高利潤率是兩者的結合。在第一方活動方面，由於快速消費品和雜貨類別的強勁銷量增長，過去三個季度第一方收入的平均同比增長超過 100%。這使我們能夠與供應商協商數量回扣，幫助我們擴大第一方毛利率。

Within Marketplace revenue, we are working on a number of levels to further accelerate growth and expand margins. On the commissions front, as mentioned earlier, we implemented commission increases in May and June '22, leveraging the robust volume growth experienced over the past year. We expect the full impact of these increases to reflect into the gross profit in the second half of '22.

在 Marketplace 收入中，我們正在多個層面努力，以進一步加快增長並擴大利潤。在佣金方面，如前所述，我們在 22 年 5 月和 22 年 6 月實施了佣金增加，利用了過去一年強勁的交易量增長。我們預計這些增長的全部影響將反映在 22 年下半年的毛利潤中。

The value-added services revenue also has meaningful growth potential. The deployment of next day free delivery and Jumia Express items for consumers is allowing us to better monetize the Jumia Express service that we provide to sellers, i.e., the sellers payers for the service. The revenue associated with Jumia Express is booked under value-added services.

增值服務收入也具有顯著的增長潛力。為消費者部署次日免費送貨和 Jumia Express 商品使我們能夠更好地利用我們向賣家（即服務的賣家付款人）提供的 Jumia Express 服務獲利。與 Jumia Express 相關的收入計入增值服務。

Last but not least, we remain in very early days of marketing and advertising monetization on our platform. For advertisers looking to reach African consumers online with the purchase intent and drive measurable results, Jumia is the advertising platform of choice. We are leveraging this unique positioning to drive increased take-up of our ad solutions by our sellers and third-party advertisers.

最後但同樣重要的是，我們仍處於平台營銷和廣告貨幣化的早期階段。對於希望通過購買意圖在線接觸非洲消費者並推動可衡量結果的廣告商，Jumia 是首選的廣告平台。我們正在利用這一獨特的定位來推動我們的廣告解決方案被我們的賣家和第三方廣告商採用。

In addition, we are currently in the process of monetizing the [assets] of our platform, selectively allowing third-party participants to make use of them, starting with our logistics platform. 18 months into the launch of our logistics-as-a-service offering, we are now generating over USD 1 million in quarterly revenue from this activity.

此外，我們目前正在將我們平台的[資產]貨幣化，有選擇地允許第三方參與者使用它們，從我們的物流平台開始。在我們推出物流即服務產品 18 個月後，我們現在從這項活動中創造了超過 100 萬美元的季度收入。

Our offering solved the material pain point for companies across a broad range of industries. We intend to leverage our position to further optimize our pricing and expand both revenue and margin from this activity. While we expect these various initiatives to drive sustained growth over many years to come, they will positively impact gross profit as early as the second half of '22. We expect gross profit of USD 75 million to USD 85 million in the second half of '22, implying year-on-year growth of 27% to 44%, and a sequential increase of 29% to 46%.

我們的產品解決了各行各業公司的材料痛點。我們打算利用我們的地位進一步優化我們的定價並擴大這項活動的收入和利潤。雖然我們預計這些不同的舉措將在未來多年推動持續增長，但它們最早將在 22 年下半年對毛利潤產生積極影響。我們預計 22 年下半年毛利潤為 7500 萬美元至 8500 萬美元，同比增長 27% 至 44%，環比增長 29% 至 46%。

I would like to point out here that our near-term guidance does not reflect any material contribution from off-platform payment processing activities of JumiaPay, which are in the very old days of the development. We intend to drive off-platform rollout in a very disciplined and gradual manner, and hence, we do not expect any relevant revenue contribution before '23.

我想在此指出，我們的近期指導並未反映 JumiaPay 的平台外支付處理活動的任何實質性貢獻，這些活動處於開發的非常古老的時期。我們打算以非常有紀律和漸進的方式推動平台外的推出，因此，我們預計在 23 年之前不會有任何相關的收入貢獻。

Let's now move on to costs, starting with fulfillment expense on Page 20. Fulfillment expense reached USD 27.8 million, up 46% year-on-year and up 62% on a constant currency basis. This trajectory is driven by robust volume growth and high inflationary pressures. With respect to volume growth drivers, fulfillment expense includes both the costs associated with our e-commerce orders and logistics-as-a-service packages. The former reached USD 10.3 million, up 35% year-on-year, whilst the latter more than doubled year-on-year to USD 2.6 million.

現在讓我們談談成本，從第 20 頁的履行費用開始。履行費用達到 2780 萬美元，同比增長 46%，按固定匯率計算增長 62%。這一軌跡是由強勁的銷量增長和高通脹壓力推動的。關於銷量增長驅動因素，履行費用包括與我們的電子商務訂單和物流即服務包相關的成本。前者達到 1030 萬美元，同比增長 35%，而後者同比增長一倍多，達到 260 萬美元。

With respect to input cost inflation. As you know, fuel costs increased significantly over the past few months. The cost of packaging also went up, and there is obviously wage inflation. In this context, we are working on a number of initiatives to mitigate the impact of inflation, ranging from scale efficiencies to drive trade and shipping cost savings to productivity enhancement in our warehouses to reduce ending -- end packaging costs.

關於投入成本膨脹。如您所知，燃料成本在過去幾個月顯著增加。包裝成本也上漲了，工資上漲明顯。在這種情況下，我們正在採取多項舉措來減輕通貨膨脹的影響，從提高規模效率以推動貿易和運輸成本節約到提高倉庫生產力以降低最終包裝成本。

Moving on to sales and advertising expense on Page 21. After a period of marketing investment ramp-up that started in June '21, we are now stabilizing the level of investment. Sales and advertising reached USD 22.2 million in Q2 '22, and the year-on-year growth rate decreased from 115% in Q2 '21 to 30% in Q2 '22.

繼續第 21 頁的銷售和廣告費用。在 21 年 6 月開始的一段時間的營銷投資增加之後，我們現在正在穩定投資水平。 22 年第二季度的銷售額和廣告達到 2220 萬美元，同比增長率從 21 年第二季度的 115% 下降到 22 年第二季度的 30%。

You will note here that the effect impact is more moderated on sales and advertising expense compared to other lines of our P&L with only 6% points. That's because a large part of our sales and advertising expenses denominated in USD corresponding to online marketing costs, including search and social media cost. Our H1 '22 sales and advertising expense came in lower than expected at USD 41 million compared to our guidance of USD 50 million to USD 55 million. Resilient usage growth allowed us to remain very disciplined and stand lower than expected in marketing.

您將在此處注意到，與我們的損益表的其他行相比，效果影響對銷售和廣告費用的影響更為緩和，僅為 6%。這是因為我們以美元計價的大部分銷售和廣告費用對應於在線營銷成本，包括搜索和社交媒體成本。我們的 H1 '22 銷售和廣告費用低於預期，為 4100 萬美元，而我們的指導為 5000 萬美元至 5500 萬美元。彈性的使用增長使我們能夠保持非常自律，並且在營銷方面的表現低於預期。

Building on that, we intend to drive more marketing efficiencies in the second half of '22. We expect sales and advertising of USD 35 million to USD 45 million in H2 '22, implying a year-on-year decline of 18% to 37%.

在此基礎上，我們打算在 22 年下半年提高營銷效率。我們預計 22 年下半年的銷售額和廣告收入為 3500 萬美元至 4500 萬美元，這意味著同比下降 18% 至 37%。

Moving on to technology and G&A cost on Page 22. Technology continues to be an important area of investment for us to support the long-term growth of our business both on the e-commerce and payment front. Technology expense reached USD 14.3 million in Q2 '22, up 70% year-on-year and 80% on a constant currency basis. This is largely a result of headcount increases completed in the second half of '21.

繼續第 22 頁的技術和 G&A 成本。技術仍然是我們的重要投資領域，以支持我們在電子商務和支付方面的業務的長期增長。 22 年第二季度的技術費用達到 1430 萬美元，同比增長 70%，按固定匯率計算增長 80%。這主要是因為 21 年下半年完成了員工人數增加。

On a sequential basis, the technology expense increase was much more moderate than 10% quarter-on-quarter. G&A, excluding share-based compensation, reached USD 26.6 million in Q2 '22, flat year-on-year and up 11% on constant currency basis.

從環比來看，技術費用的增長遠低於環比 10% 的增幅。 22 年第二季度，不包括股權薪酬的 G&A 達到 2660 萬美元，同比持平，按固定匯率計算增長 11%。

On a sequential basis, G&A, excluding share-based compensation, was down 12%, mostly as the result of local tax efficiencies. We remain very disciplined when it comes to G&A overhead cost in particular. We are currently on a hiring phase, which is driving headcount decreases since we are not replacing leaders. This will allow us to keep G&A cost base relatively stable going forward.

在連續基礎上，不包括基於股份的薪酬的 G&A 下降了 12%，主要是由於地方稅收效率的提高。特別是在涉及 G&A 間接費用時，我們仍然非常自律。我們目前處於招聘階段，由於我們不更換領導者，這正在推動員工人數減少。這將使我們能夠在未來保持 G&A 成本基礎相對穩定。

I want to make an important distinction here. The height of the pandemic, i.e., '20 and '21 was not a period of capacity expansion and G&A cost of rent for us, quite the opposite. G&A, excluding share-based compensation, was USD 120 million in '19, and we bought it down by 11% to USD 107 million in 2020 and kept it stable in 21 at USD 108 million. We have already done a fair amount of work to rightsize our G&A cost base, but we will continue further optimizing our organizational structure and cost base.

我想在這裡做一個重要的區分。大流行的高峰期，即 20 年和 21 年，對我們來說並不是產能擴張和 G&A 租金成本的時期，恰恰相反。 2020 年，不包括股權補償的 G&A 為 1.2 億美元，我們在 2020 年將其購買了 11% 至 1.07 億美元，並在 21 年保持穩定在 1.08 億美元。我們已經做了大量工作來調整我們的 G&A 成本基礎，但我們將繼續進一步優化我們的組織結構和成本基礎。

Turning to adjusted EBITDA loss on Page 23. Adjusted EBITDA loss reached USD 57.2 million in Q2 '22, demonstrating that we are past the peak of adjusted EBITDA losses that was reached in Q4 '21. Adjusted EBITDA loss in Q2 '22 was up 37% year-on-year and 49% on a constant currency basis. This is a clear deceleration compared to Q1 '22, where adjusted EBITDA loss was up 70% year-on-year. For the second half of '22, we intend to start reducing adjusted EBITDA loss on a year-on-year basis. We expect H2 '22 adjusted EBITDA loss of USD 87.4 billion to USD 107.4 million. This implies a year-on-year reduction of 12% to 29% year-on-year.

轉到第 23 頁的調整後 EBITDA 損失。調整後的 EBITDA 損失在 22 年第二季度達到 5720 萬美元，這表明我們已經超過了 21 年第四季度達到的調整後 EBITDA 損失的峰值。 22 年第二季度調整後的 EBITDA 損失同比增長 37%，按固定匯率計算增長 49%。與 22 年第一季度相比，這是一個明顯的減速，調整後的 EBITDA 虧損同比增長 70%。對於 22 年下半年，我們打算開始按年減少調整後的 EBITDA 損失。我們預計 22 年下半年調整後的 EBITDA 虧損為 874 億美元至 1.074 億美元。這意味著同比下降 12% 至 29%。

Let's now move on to balance sheet and cash flow items on Page 24. CapEx in Q1 '22 was USD 3.7 million mostly relating to technology equipment purchases. We are reducing our full year '22 CapEx guidance from USD 15 million to USD 25 million to USD 10 million to USD 15 million as we are slowing down the phasing of logistics capacity expansion.

現在讓我們轉到第 24 頁的資產負債表和現金流項目。22 年第一季度的資本支出為 370 萬美元，主要與技術設備採購有關。我們正在將 22 年全年資本支出指導從 1500 萬美元減少到 2500 萬美元，再從 1000 萬美元減少到 1500 萬美元，因為我們正在放慢物流能力擴張的階段。

Net change in working capital had a neutral impact quarter as an increase in trade payables related to the Jumia anniversary campaign was offset by increases in trade receivable and inventory.

由於與 Jumia 週年紀念活動相關的貿易應付賬款的增加被貿易應收賬款和庫存的增加所抵消，營運資本的淨變化對季度產生了中性影響。

Cash utilization for the quarter was USD 63.7 million with the main difference versus adjusted EBITDA losses relating to CapEx and cash adjustment from provisions.

本季度的現金使用量為 6370 萬美元，主要差異與調整後的 EBITDA 損失與資本支出和撥備現金調整有關。

At the end of March 22, we had a liquidity position of USD 351 million comprised of USD 54 million of cash and cash equivalents and USD 297 million of short-term deposits and other financial assets.

截至 3 月 22 日，我們的流動資金頭寸為 3.51 億美元，其中包括 5400 萬美元的現金和現金等價物以及 2.97 億美元的短期存款和其他金融資產。

With that, I'll hand over to Sacha for concluding remarks.

有了這個，我將交給 Sacha 做總結髮言。

Thank you, Jeremy. Thank you, Antoine. I think we have clearly made very good progress over the first half of this year, delivering very strongly on each building block of our path to profitability. We have very strong momentum to double down on those profitability efforts. GMV growth in H1 was the highest in the past 2 years.

謝謝你，傑里米。謝謝你，安托萬。我認為我們在今年上半年顯然取得了非常好的進展，在我們盈利之路的每個組成部分上都取得了非常強勁的進展。我們有非常強勁的勢頭來加倍努力實現盈利。上半年的 GMV 增長是過去 2 年中最高的。

Last year, in the same Q2 earnings call, we promised to the market that we will accelerate usage growth, and that's exactly what we did. Looking ahead, we intend to maintain growth, and we have reiterated our guidance.

去年，在同一個第二季度財報電話會議上，我們向市場承諾我們將加速使用增長，而這正是我們所做的。展望未來，我們打算保持增長，並重申了我們的指導。

In Q2, Marketplace revenue growth was the highest of the past 7 quarters. Gross profit growth was the highest of the past 5 quarters. And in H2 of this year, we intend to double if not triple the growth rate of gross profit to reach 27% to 44%.

在第二季度，市場收入增長是過去 7 個季度中最高的。毛利潤增長是過去五個季度中最高的。而在今年下半年，我們打算將毛利潤增長率提高一倍甚至三倍，達到 27% 至 44%。

Importantly, we expect to drive the growth of the usage and the acceleration of the monetization with strong cost discipline, in particular, for H2, higher marketing efficiency. You've already seen the pace of our sales and advertising investments slowed down sequentially in the first half of this year. For the second half, we intend to reduce sales and advertising by 18% to 37%.

重要的是，我們期望通過強有力的成本約束來推動使用量的增長和貨幣化的加速，特別是對於下半年，更高的營銷效率。您已經看到我們的銷售和廣告投資的步伐在今年上半年連續放緩。下半年，我們打算將銷售和廣告減少 18% 至 37%。

We are also working, of course, on initiatives to drive efficiencies across the full cost structure. On fulfillment, we are focused on generating scale efficiencies and productivity enhancements to mitigate the impact of inflation.

當然，我們也在努力提高整個成本結構的效率。在履行方面，我們專注於提高規模效率和提高生產力，以減輕通貨膨脹的影響。

We also remain very disciplined on the G&A front. You have seen our G&A expense, excluding share-based compensation come down over the past 2 quarters, and we intend to maintain the discipline.

我們在 G&A 方面也非常自律。您已經看到我們的 G&A 費用（不包括基於股票的薪酬）在過去兩個季度有所下降，我們打算保持紀律。

As a result, we expect adjusted EBITDA loss year-over-year starting to reduce in the second half of this year. And beyond that, we expect the loss to decline on a yearly basis starting next year.

因此，我們預計調整後的 EBITDA 虧損同比將在今年下半年開始減少。除此之外，我們預計從明年開始，虧損將逐年下降。

We are very much aware of the increased market focus on profitability. Our strategy and business execution are very much aligned with that. I think our performance and the guidance we have provided speak clearly to that.

我們非常清楚市場對盈利能力的日益關注。我們的戰略和業務執行與此非常一致。我認為我們的表現和我們提供的指導清楚地說明了這一點。

Importantly, there is no disconnect here between the near-term profitability objectives and the long-term attractiveness and strength of our platform as we pursue our scale and profitability objectives, we are building an even more attractive and relevant platform for our consumers as well as win-win partnerships with our sellers and broader ecosystem participants.

重要的是，在我們追求規模和盈利目標的過程中，近期盈利目標與我們平台的長期吸引力和實力之間沒有脫節，我們正在為我們的消費者和消費者建立一個更具吸引力和相關性的平台與我們的賣家和更廣泛的生態系統參與者建立雙贏的伙伴關係。

Thank you for your attention, and we are now ready to take your questions.

感謝您的關注，我們現在準備回答您的問題。

(Operator Instructions) Our first question is coming from Aaron Kessler with Raymond James.

（操作員說明）我們的第一個問題來自 Aaron Kessler 和 Raymond James。

A couple of questions. First, maybe just if you can talk about kind of the plan to further drive the kind of gross profit less incentive growth over the next several quarters and maybe specific to incentives kind of how should we think about payments going forward as well?

幾個問題。首先，也許你可以談談在未來幾個季度進一步推動毛利潤減少激勵增長的計劃，或者俱體到激勵措施，我們應該如何看待未來的付款？

Second, increase on the marketing revenues, I think as you highlighted, if you have any more color around that, should we think about this increase is pretty sustainable going forward as well, kind of change on marketing revenue?

其次，增加營銷收入，我認為正如你所強調的，如果你對此有更多的色彩，我們是否應該認為這種增長在未來也是相當可持續的，營銷收入的變化？

And maybe third, just commission increase, can you just quantify kind of how much that is as a percentage?

也許第三，只是佣金增加，你能量化一下這是多少百分比嗎？

I think maybe it was me that you were breaking a little bit, so I'll try to answer, but if I'm off topic, please let me know, right? The first question is on the gross profit and the incentive part, right?

我想也許是我讓你有點崩潰，所以我會試著回答，但如果我跑題了，請告訴我，對吧？第一個問題是關於毛利和激勵部分，對吧？

Yes, gross profit less fulfillment and your plans to expand that? And second part of that question is announced.

是的，毛利潤減少了履行，您計劃擴大它嗎？並宣布了該問題的第二部分。

So the first one is on the gross profit, Aaron? Or on the gross profit and particularly do you want to hear about the incentives?

那麼第一個是關於毛利潤的，亞倫？或者關於毛利潤，特別是您想了解激勵措施嗎？

Yes, gross profit minus fulfillment kind of plans to expand that amount over time?

是的，毛利潤減去履行計劃會隨著時間的推移擴大這一數額嗎？

Yes. Yes. So look, I think on this one, I think we give a bit less guidance than on the gross profit because there is a lot of unknowns on the fulfillment efficiencies and the inflation that is underlying, right? So that's why we give guidance on the gross profit for H2. And it's a bit harder for us to give a guidance on the gross profit after fulfillment because this -- the fulfillment right now is a lot impacted by inflation.

是的。是的。所以看，我認為在這個方面，我認為我們給出的指導比對毛利潤的指導要少一些，因為在履行效率和潛在的通貨膨脹方面有很多未知數，對吧？這就是為什麼我們對 H2 的毛利潤給出指導。我們很難對履行後的毛利潤給出指導，因為現在的履行受到通貨膨脹的很大影響。

Of course, as we said, we have a lot of initiatives to drive efficiencies and savings on fulfillment, but it's harder, I would say, to predict definitely in order to drive the EBITDA reduction or the loss reduction that we aim for H2, we want to expand the gross profit after fulfillment, right? And that's our objective. And we have not given a precise guidance over that because of the nature of fulfillment efficiencies at the moment. But definitely, we want to drive that forward.

當然，正如我們所說，我們有很多舉措來提高效率並節省履行成本，但我想說，為了推動 EBITDA 減少或我們針對 H2 的目標減少損失，更難做出明確預測，我們想在履約後擴大毛利，對吧？這就是我們的目標。由於目前履行效率的性質，我們還沒有對此給出準確的指導。但毫無疑問，我們希望推動這一進程。

Now advertising revenues as we said and we are still, we believe, in the early days, to some extent of this revenue stream and we have a very big addition for those in the long term. We think that we have a very unique value proposition for both the big brands and the big sellers. We have also a lot of smaller sellers who are using our solutions of sponsored ads and sponsored products. And then we have also a lot of third-party advertisers who will come to Jumia in order to reach consumers.

現在，正如我們所說的那樣，我們仍然相信，在早期，我們仍然在廣告收入中，在一定程度上是這種收入來源，從長遠來看，我們對這些收入有很大的補充。我們認為我們對大品牌和大賣家都有非常獨特的價值主張。我們還有很多小賣家正在使用我們的讚助廣告和讚助產品解決方案。然後我們還有很多第三方廣告商會來 Jumia 來接觸消費者。

And this revenue stream being in the early days and also being, to some extent, dependent on our campaigns. I think you see that over time, there's been some volatility. So there's going to be some fluctuation of growth over time, but we believe that overall, it's one of the revenue streams, which is in the midterm going to grow very well and very fast, right? So there will be fluctuation. As you know, you've seen the last -- if you look at the few quarters in 2021, of course, Q4 was much bigger because of Black Friday, right? And so here, we'll see in Q3, Q4.

這種收入來源處於早期階段，並且在某種程度上也依賴於我們的活動。我想你會看到，隨著時間的推移，出現了一些波動。因此，隨著時間的推移，增長會出現一些波動，但我們認為，總體而言，這是收入來源之一，在中期增長非常好，非常快，對吧？所以會有波動。如您所知，您已經看到了最後一個 - 如果您查看 2021 年的幾個季度，當然，由於黑色星期五，第四季度的規模要大得多，對吧？所以在這裡，我們將在第三季度和第四季度看到。

But generally speaking, this is one that we intend to grow fast, and we believe we're still in the early days of this one. And then commission increases, we are very careful about that. So we have passed on increases, and we're going to keep doing that. At the same time, we want to do that in a very thoughtful way because as the marketplace, of course, the commission level is very important for the sellers. And we want to do that in a thoughtful way, and I would say, almost in partnerships with sellers, right? So we're going to, I think, continue to see some commission growth driven by the volume growth and the commission increase that we are passing but we want to do that in a thoughtful way.

但總的來說，這是我們打算快速增長的一個，我們相信我們仍處於這個早期階段。然後佣金增加，我們對此非常謹慎。所以我們已經傳遞了增長，我們將繼續這樣做。同時，我們希望以一種非常周到的方式來做到這一點，因為作為市場，當然，佣金水平對賣家來說非常重要。我們希望以一種深思熟慮的方式做到這一點，我想說，幾乎與賣家合作，對吧？因此，我認為，我們將繼續看到一些佣金增長，這是由銷量增長和我們正在通過的佣金增長推動的，但我們希望以深思熟慮的方式做到這一點。

Our next question is coming from Lamont Williams with Stifel.

我們的下一個問題來自 Lamont Williams 和 Stifel。

The first question I have is on what are you seeing in your consumer base as a result of the macro, are you seeing trade down for your orders, anything you can point to there? And what is your guidance contemplating from a macro standpoint going for the back half of the year and into '23?

我的第一個問題是，由於宏觀因素，您在您的消費者群中看到了什麼，您是否看到訂單的交易下降，您可以指出什麼？從宏觀角度來看，您對下半年和 23 年的指導是什麼？

Look, I think -- it's a big question. I wish I would know what's going to happen, right? I think -- what we're seeing in terms of consumer, and I would say I'm going to speak on the sellers because both are impacted by the macro, right? So, of course, the consumers are impacted by the inflation across the board and in particular, commodity and food prices. The consumer sentiment is under pressure and the spending is under pressure.

聽著，我想——這是個大問題。我希望我知道會發生什麼，對吧？我認為 - 我們在消費者方面看到的情況，我會說我要談談賣家，因為兩者都受到宏觀的影響，對吧？因此，消費者當然會受到全面通脹的影響，尤其是商品和食品價格。消費者信心承壓，支出承壓。

On the seller side, the sellers are also under pressure because of weaker local currencies, right? And a lot of the sellers depend on access to hard currencies in order to trade, in order to import, in order to operate. And so we see also some sellers struggling with access to supply and ability to import products or to even just go into production, right?

在賣方方面，由於當地貨幣疲軟，賣方也面臨壓力，對吧？許多賣家依賴硬通貨來進行貿易、進口和運營。因此，我們還看到一些賣家在獲得供應和進口產品的能力甚至只是投入生產方面苦苦掙扎，對嗎？

So we see that at the time I mean, I don't want to make it sound like nothing is happening, but challenging macro for us is nothing new. It's something that we have been exposed pretty much from day 1, and we are used to navigating periods of high volatility, hyperinflation.

所以我們看到，當時我的意思是，我不想讓它聽起來好像什麼都沒有發生，但挑戰宏對我們來說並不是什麼新鮮事。這是我們從第一天開始就已經暴露出來的東西，我們習慣於在高波動、惡性通貨膨脹的時期中航行。

And in the past, we have sometimes fared better than other channels in period of hyperinflation or increased consumer price sensitivity because at the end of the day, we have a lot of competitive advantages to appeal to the consumers.

過去，在惡性通貨膨脹或消費者價格敏感度增加的時期，我們有時會比其他渠道表現得更好，因為歸根結底，我們有很多競爭優勢來吸引消費者。

We have price transparency. We have a very healthy marketplace flywheel, where the consumers can benefit from multiple sellers competing together. We have the ability to offer also the 1P where we can decide to price ourselves and intervene, if you will, on the market. And we have access also to cross-border channels. We have a very attractive base of sellers in China that we can work with when we see gaps of supply and gaps in certain categories.

我們有價格透明度。我們有一個非常健康的市場飛輪，消費者可以從多個賣家一起競爭中受益。我們也有能力提供 1P，我們可以決定自己定價並在您願意的情況下乾預市場。我們還可以訪問跨境渠道。我們在中國擁有非常有吸引力的賣家基礎，當我們看到供應缺口和某些類別的缺口時，我們可以與之合作。

So I think what we are seeing now and what we've seen in Q2 and what we're seeing and what we're saying for H2 is that we're going to keep growing. And we're going to keep growing while accelerating monetization and savings and marketing.

因此，我認為我們現在所看到的以及我們在第二季度所看到的以及我們所看到的以及我們對 H2 所說的是我們將繼續增長。我們將繼續增長，同時加速貨幣化、儲蓄和營銷。

So I think we are quite confident. We are quite confident that despite the macro people can trade down, but -- so as long as they need to buy products, they will come to Jumia and they will look for options, and we will be well positioned. So I think the guidance we give on keeping growing in the context of macro challenges and savings and investments of marketing, combined with monetization, I think it's a very strong sign of confidence.

所以我認為我們很有信心。我們非常有信心，儘管宏觀人們可以向下交易，但是——只要他們需要購買產品，他們就會來到 Jumia，他們會尋找選擇，我們將處於有利地位。因此，我認為我們在宏觀挑戰以及營銷儲蓄和投資的背景下提供的保持增長的指導，再加上貨幣化，我認為這是一個非常強烈的信心信號。

Our next question is coming from Catherine O'Neill with Citi.

我們的下一個問題來自花旗銀行的凱瑟琳奧尼爾。

My first question is on the JumiaPay monetization potential. Could you provide a bit more detail on how you're thinking about the monetization plan and the timing of launches of different products and services and how meaningful that could be for 2023?

我的第一個問題是關於 JumiaPay 的貨幣化潛力。您能否提供更多詳細信息，說明您如何考慮貨幣化計劃以及推出不同產品和服務的時間，以及這對 2023 年的意義有多大？

Secondly, on sort of advertising and marketing spend and incentives. I guess you're fairly comfortable that when you cut sales and marketing spend as you plan to year-on-year that, that won't detrimentally impact the growth?

其次，關於廣告和營銷支出和激勵措施。我想你很滿意，當你按計劃按年削減銷售和營銷支出時，這不會對增長產生不利影響？

And on the other side, how should we think about the incentives going into the second half?

另一方面，我們應該如何考慮進入下半年的激勵措施？

And then finally on CapEx. I know you've taken down your CapEx guidance for this year. Is that sort of a permanent reduction or are you pushing some of that CapEx spend out into 2023?

最後是資本支出。我知道你已經取消了今年的資本支出指導。這是一種永久性的減少，還是您將部分資本支出支出推到 2023 年？

JumiaPay monetization for us is a very big strategic priority that we are -- as you mentioned, undertaking at the moment, right? So in the past couple of quarters, we obtained our licenses to offer merchant payment processing services in Nigeria and Egypt, which is great because those are 2 largest markets, right? And we have been, over the last few months preparing the launch and starting to pilot it, right? So we are actually lives in Egypt with a number of pilot merchants, and we are about to go live in Nigeria with some pilot merchants.

對我們來說，JumiaPay 貨幣化是我們非常重要的戰略重點——正如你所說，目前正在進行，對嗎？因此，在過去的幾個季度中，我們獲得了在尼日利亞和埃及提供商家支付處理服務的許可證，這很棒，因為那是兩個最大的市場，對吧？在過去的幾個月裡，我們一直在準備發布並開始試運行，對嗎？所以我們實際上和一些試點商人住在埃及，我們即將和一些試點商人一起住在尼日利亞。

And we were operating JumiaPay only for our platform. And so we are undertaking a number of changes and adaptations in order to operate for third-party merchants and creating features and product specificities, which work for that.

我們只為我們的平台運營 JumiaPay。因此，我們正在進行一些更改和調整，以便為第三方商家運營，並創建適用於此的功能和產品特性。

And it's a bit too soon for us to give guidance in terms of how much revenue we expect, et cetera, in 2023. But it's already live. It's something that -- the first step for us was to obtain the license, which is a very big achievement. The second step was to adapt the product and start piloting it, which is ongoing. And the third step will be to sell it, right?

對於我們來說，在 2023 年我們預計會有多少收入等方面給出指導還為時過早。但它已經上線了。對我們來說，第一步是獲得許可證，這是一個非常大的成就。第二步是調整產品並開始試點，目前正在進行中。第三步就是賣掉它，對吧？

So I think probably in the coming maybe 1 or 2 quarters, we'll be able to give an update on the pilot, and then probably more precise guidance. But again, we don't expect revenues yet this year. Probably next year. How much? Is a bit too soon to tell. We are also, of course, looking at more countries to be in a position to offer those services in the other countries.

因此，我認為可能在未來 1 或 2 個季度內，我們將能夠提供有關試點的最新信息，然後可能會提供更精確的指導。但同樣，我們預計今年還沒有收入。應該是明年吧多少錢？說起來有點太早了。當然，我們也在尋找能夠在其他國家提供這些服務的更多國家。

And I think we are very uniquely positioned to offer payment processing services because JumiaPay has been processing the payments for Jumia after all. And we believe we're one of the biggest merchants online. And so we believe that JumiaPay is very, very attractive and providing a very good service for merchants. And we know it because it's providing the service to Jumia. So we look forward to updating you on this as soon as we can.

我認為我們在提供支付處理服務方面處於非常獨特的地位，因為畢竟 JumiaPay 一直在為 Jumia 處理支付。我們相信我們是最大的在線商家之一。因此，我們認為 JumiaPay 非常非常有吸引力，並為商家提供了非常好的服務。我們知道這一點，因為它為 Jumia 提供服務。因此，我們期待盡快更新您的信息。

In terms of consumer incentives and sales and advertising. You are right that we want to drive that very meaningfully and very carefully or very thoughtfully, I should say. And we certainly want to continue to invest and to continue to support the consumer adoption and the consumer loyalty, and we want to continue to see some growth of the usage.

在消費者激勵和銷售和廣告方面。你是對的，我們想要非常有意義、非常小心或非常周到地駕駛它，我應該說。我們當然希望繼續投資並繼續支持消費者採用和消費者忠誠度，我們希望繼續看到使用量的增長。

And so I think here, those levels of sale advertising and consumer incentives, they are, to some extent, discretionary, right? So we decide what we think is the right amount to invest based on what we think is the best return that we can get and the best output that we can get in terms of consumer uptake and so on.

所以我認為，這些水平的銷售廣告和消費者激勵措施，在某種程度上是自由裁量的，對吧？因此，我們根據我們認為我們可以獲得的最佳回報以及我們在消費者吸收等方面可以獲得的最佳產出來決定我們認為合適的投資金額。

And I think we feel good with this level for H2. We change and we can change those on a dynamic basis. I think you see the strength of the brand. You see the strength of the cohorts that we have disclosed and brought you some numbers during this quarter. You see the strength of the value proposition in terms of assortment and delivery. So we believe that the amount for H2 are appropriate and will lead to continued growth and in a good and healthy way. We are able to accelerate or to decelerate if we see that we can or we need to. So now we believe that this is the right amount.

我認為我們對 H2 的這個水平感覺很好。我們改變了，我們可以動態地改變這些。我想你看到了品牌的力量。您會看到我們在本季度披露並為您帶來一些數據的同類群組的實力。您會看到價值主張在分類和交付方面的優勢。因此，我們認為 H2 的數量是適當的，並將導致持續增長，並以良好和健康的方式。如果我們看到我們可以或我們需要，我們就可以加速或減速。所以現在我們相信這是正確的數量。

And then in terms of CapEx, I think, to some extent, those CapEx -- I mean all of those CapEx are in local currency, right? So I think here, some of that the reduced guidance -- some of the reduced guidance is due to the fact that in dollar terms, we can invest less and we get the same in local terms. I think it's more something that it's not a permanent reduction.

然後就資本支出而言，我認為在某種程度上，那些資本支出——我的意思是所有這些資本支出都是當地貨幣，對吧？所以我認為，其中一些減少的指導 - 一些減少的指導是由於這樣一個事實，即以美元計算，我們可以減少投資，並且以當地計算得到相同的結果。我認為這不是永久性的減少。

You have seen, we are generally asset light, and we are generally low CapEx. And so I think it's not a permanent reduction. It's something that we assess all the time. And those CapEx are mainly about fulfillment centers, equipment and certain new locations that we decide to upgrade for our sellers to do drop off and so on and so forth.

你已經看到了，我們通常是輕資產，我們通常是低資本支出。所以我認為這不是永久性的減少。這是我們一直在評估的東西。這些資本支出主要是關於履行中心、設備和我們決定升級以供賣家下車的某些新地點等等。

And so we are generally very flexible with that. And we can reassess CapEx almost as we need. And we believe that certainly, we want to stay asset-light in the future and keep that flexibility.

所以我們通常對此非常靈活。我們幾乎可以根據需要重新評估資本支出。我們相信，我們當然希望在未來保持輕資產並保持這種靈活性。

(Operator Instructions) So, Sacha, there are no further questions in queue. So do you have any closing comments you'd like to finish with?

（操作員說明）所以，Sacha，隊列中沒有其他問題了。那麼，您有什麼想要結束的結束評論嗎？

Well, thank you very much for joining as always, and we are available if there are any follow-ups, and we look forward to a great second half of the year. Thank you very much, everyone. Take care.

嗯，非常感謝大家一如既往的加入，有後續我們隨時待命，期待下半年的精彩。非常感謝大家。小心。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。你可以在這個時候斷開你的線路，並度過美好的一天。感謝您的參與。