Jumia Technologies AG (JMIA) 2022 Q3 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 Third Quarter of 2022. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. I would now like to turn the call over to Safae Damir, Head of Investor Relations for Jumia. Please go ahead.

早上好，女士們，先生們。謝謝你的支持。歡迎來到 Jumia 2022 年第三季度的業績電話會議。此時，所有參與者都處於只聽模式。在管理層準備好的發言之後，將進行問答環節。我現在想把電話轉給 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 third quarter 2022 earnings call. With us today are Francis Dufay, acting CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. As previously announced, a new management board and acting CEO have been appointed, while Jeremy Hodara and Sacha Poignonnec have stepped down from their co-CEO roles. The Supervisory Board has appointed Francis and Antoine as members of the company's Management Board. Francis, our acting CEO, has been with the company since 2014 and has held multiple senior leadership roles, including CEO of Ivory Coast. He was recently Executive Vice President, Africa, with responsibility for the group's e-commerce business across Africa. Francis has a track record of successfully scaling e-commerce operations in Africa with a strong focus on profitability. He has been based in Ivory Coast since 2014 and is an Ivorian national. He brings a deep understanding of our business and the markets that we operate in. Antoine, who you know, was previously Group CFO and has now been elevated to Executive Vice President, Finance and Operations. Antoine has been with Jumia for over 6 years and played a very important role in the organization. His expanded areas of responsibility will no doubt benefit from his expertise and deep knowledge of the business.

謝謝你。大家，早安。感謝您今天加入我們的 2022 年第三季度財報電話會議。今天和我們在一起的有 Jumia 代理首席執行官 Francis Dufay；財務和運營執行副總裁 Antoine Maillet-Mezeray。正如之前宣布的那樣，新的管理委員會和代理 CEO 已經任命，而 Jeremy Hodara 和 Sacha Poignonnec 已經辭去聯席 CEO 的職務。監事會已任命 Francis 和 Antoine 為公司管理委員會成員。我們的代理首席執行官弗朗西斯自 2014 年以來一直在公司工作，並擔任過多個高級領導職務，包括科特迪瓦首席執行官。他最近擔任非洲執行副總裁，負責該集團在非洲的電子商務業務。 Francis 擁有在非洲成功擴展電子商務業務的記錄，並且非常注重盈利能力。自 2014 年以來，他一直居住在科特迪瓦，是科特迪瓦國民。他對我們的業務和我們經營的市場有著深刻的了解。您認識的 Antoine 以前是集團首席財務官，現在已晉升為財務和運營執行副總裁。 Antoine 已在 Jumia 工作 6 年多，並在該組織中發揮了非常重要的作用。他擴大的職責範圍無疑將受益於他的專業知識和對業務的深入了解。

Let me now cover 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. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find reconciliation 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. With that, I'll hand over to Francis.

現在讓我談談安全港。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存在重大差異。此外，這些前瞻性陳述可能僅代表我們今天的預期。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，以及就像我們向美國證券交易委員會提交的其他文件一樣。此外，在本次電話會議上，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 財務措施與相應 IFRS 財務措施的對賬，該新聞稿可在我們的投資者關係網站上獲取。有了這個，我會交給弗朗西斯。

Thank you, Safae. Welcome, everyone, and thanks for joining us today. On this call, we will walk you through our Q3 performance and provide you with an overview of our strategy to take the business to profitability. While the results of the third quarter show some progress towards break-even, we want to make even more meaningful progress and further reduce our cash utilization. Adjusted EBITDA loss reached its lowest level in 5 quarters at $45.5 million, down 13% year-over-year. Adjusted EBITDA loss as a percentage of GMV dropped below 20% at 18.9% of GMV. The reduction in adjusted EBITDA loss was driven by a strong increase in gross profit, which was up 29% year-on-year and a significant reduction in sales and advertising expense, which was down 32% over the same period. This is very much in line with what had been communicated to the market earlier this year, which is an acceleration in monetization, coupled with cost reduction. If the results and progress are encouraging, it begs the question why we need to revise strategy to take the business to profitability. The answer is that we are confident that we can do much better across a number of areas and this will help us make even more meaningful progress towards profitability. We want to drive sharper execution, which is even more critical in the context of a challenging macroeconomic environment. We have outlined on page 6, the highlights of the strategy. Here, we will recognize the strategic levers of our past to profitability, usage growth, cost discipline, monetization and the continued development of JumiaPay. And as no surprise, to reach profitability, we need larger scale, more revenue and a much more efficient cost structure.

謝謝你，薩菲。歡迎大家，感謝您今天加入我們。在這次電話會議上，我們將向您介紹我們第三季度的業績，並向您概述我們使業務盈利的戰略。雖然第三季度的結果顯示在收支平衡方面取得了一些進展，但我們希望取得更有意義的進展，並進一步減少我們的現金利用率。調整後的 EBITDA 虧損達到 5 個季度以來的最低水平，為 4550 萬美元，同比下降 13%。調整後的 EBITDA 虧損佔 GMV 的百分比降至 20% 以下，為 GMV 的 18.9%。調整後 EBITDA 虧損的減少是由於毛利潤強勁增長，同比增長 29%，以及銷售和廣告費用大幅減少，同期下降 32%。這與今年早些時候向市場傳達的信息非常吻合，即貨幣化的加速以及成本的降低。如果結果和進展令人鼓舞，就會引出一個問題，即為什麼我們需要修改戰略以使企業盈利。答案是我們相信我們可以在許多領域做得更好，這將幫助我們在盈利方面取得更有意義的進展。我們希望提高執行力，這在充滿挑戰的宏觀經濟環境中更為重要。我們在第 6 頁概述了該戰略的要點。在這裡，我們將認識到我們過去對盈利能力、使用增長、成本控制、貨幣化和 JumiaPay 持續發展的戰略槓桿。毫不奇怪，為了實現盈利，我們需要更大的規模、更多的收入和更高效的成本結構。

However, this is all about the details of execution, what levers to pull to drive growth in a sustainable manner, where to cut costs in a way that doesn't affect our long-term growth and how to monetize while adding value to the sellers. And this, we believe, requires 2 things: One is a deep knowledge of the market dynamics and operations on the ground in our markets; and two, obviously, focus and discipline. On the first point, the execution details of our strategy are well-rooted in deep knowledge of the operations and the market specifics. We use the learnings from our 11 markets and many case studies of success to inform this strategy. The execution of this strategy happens on the ground in Africa. That's why we have taken very swift action over the past week, significantly reducing our presence in Dubai and relocating most of the group leadership to Africa. On the second point, we need much more focus in terms of scope of projects and activities that we undertake. We cannot be sharp in our execution, if we're spreading ourselves too thin across too many projects. We need to stop projects that bring limited value to the platform and focus on what matters. And again, to know which projects matter the most, we need to be underground with much closer feedback with the markets. So before providing you with more details on the strategy, I will pass it on to Antoine, who will walk you through the Q3 performance. Thank you.

然而，這完全是關於執行的細節，拉動哪些槓桿以可持續的方式推動增長，以不影響我們長期增長的方式削減成本，以及如何在為賣家增加價值的同時實現貨幣化.我們認為，這需要兩件事：一是深入了解我們市場的市場動態和實際運作；顯然，還有兩個重點和紀律。關於第一點，我們戰略的執行細節植根於對運營和市場細節的深入了解。我們利用來自 11 個市場的經驗教訓和許多成功案例研究來指導這一戰略。這一戰略的執行發生在非洲實地。這就是為什麼我們在過去一周採取了非常迅速的行動，大幅減少了我們在迪拜的存在，並將大部分集團領導層轉移到了非洲。關於第二點，我們需要更加關注我們開展的項目和活動的範圍。如果我們在太多項目中過於分散，我們的執行力就不會敏銳。我們需要停止為平台帶來有限價值的項目，並專注於重要的事情。同樣，要了解哪些項目最重要，我們需要深入地下，與市場進行更密切的反饋。因此，在向您提供有關該策略的更多細節之前，我會將其傳遞給 Antoine，他將向您介紹 Q3 的性能。謝謝你。

Thanks, Francis. Hello, everyone. I'll start with the operating performance and KPIs of e-commerce and JumiaPay before moving on to commentary on financial metrics. In terms of e-commerce dynamics, we sustained growth across all relevant usage KPIs despite a more challenging macro environment. Quarterly active consumers reached $3.1 million, up 3% year-on-year as we continue to acquire new consumers and grow the base of returning consumers. Orders reached $9.4 million, up 11% year-on-year with sustained volume growth across product categories with the exception of JumiaPay app digital services, where we scaled back marketing investments and incentives to support unit economics. The fastest-growing category in order terms was food delivery, which continues to exhibit strong momentum, with orders up 38% year-on-year. Food delivery remains a core aspect of our consumer value proposition, and we will continue driving its development across our largest markets and in Nigeria in particular. GMV reached USD 220.7 million, up 1% year-on-year and up 14% on a constant currency basis. Effect was a material headwind to GMV performance in the third quarter of 2022 with all local currencies depreciating against the USD. In particular, during the 9 months period ending September 30, 2022, compared to the same period of 2021, Nigerian Naira, Egyptian Pound and West African CFA depreciated by 5%, 14% and 13%, respectively, against the dollar.

謝謝，弗朗西斯。大家好。在繼續評論財務指標之前，我將從電子商務和 JumiaPay 的運營績效和 KPI 開始。在電子商務動態方面，儘管宏觀環境更具挑戰性，但我們在所有相關使用 KPI 方面都保持增長。季度活躍消費者達到 310 萬美元，同比增長 3%，因為我們繼續吸引新消費者並擴大回頭客群。訂單達到 940 萬美元，同比增長 11%，除 JumiaPay 應用程序數字服務外，各產品類別的銷量持續增長，我們縮減了營銷投資和激勵措施以支持單位經濟。訂單增長最快的類別是外賣，繼續呈現強勁勢頭，訂單量同比增長 38%。食品配送仍然是我們消費者價值主張的核心方面，我們將繼續推動其在我們最大的市場，尤其是尼日利亞的發展。 GMV 達到 2.207 億美元，同比增長 1%，按固定匯率計算增長 14%。影響是 2022 年第三季度 GMV 表現的重大不利因素，所有當地貨幣兌美元貶值。特別是，在截至 2022 年 9 月 30 日的 9 個月期間，與 2021 年同期相比，尼日利亞奈拉、埃及鎊和西非法郎兌美元分別貶值了 5%、14% 和 13%。

In terms of category trends, we started to see a stabilization of the GMV category mix. Phones & Electronics accounted for 36% of GMV in Q3 '22, in line with their contribution in Q3 '21. The fastest-growing category in GMV terms was food delivery up 25% year-on-year, supported by the strong volume growth in this category. While usage growth held up in Q3, we observed a softening of usage growth trends as we moved towards the end of the quarter due to a deteriorating macro environment. The combination of inflation on commodities and food prices, alongside the stronger dollar and weaker local currencies is weighting on consumer spend and sentiment. It also makes it more challenging for our sellers to source goods, particularly for those more exposed to imports. With that in mind, we took the decision to suspend the GMV growth guidance for the full year. We will come back to that at the end of this section.

在類別趨勢方面，我們開始看到 GMV 類別組合趨於穩定。電話和電子產品佔 22 年第三季度 GMV 的 36%，與其在 21 年第三季度的貢獻一致。 GMV 增長最快的類別是外賣，同比增長 25%，這得益於該類別的強勁銷量增長。雖然使用量增長在第三季度保持不變，但由於宏觀環境惡化，我們觀察到使用量增長趨勢在接近本季度末時有所放緩。大宗商品和食品價格的通脹，以及美元走強和本幣走弱，共同影響了消費者支出和情緒。這也使我們的賣家在採購商品時更具挑戰性，尤其是對於那些更容易受到進口影響的賣家。考慮到這一點，我們決定暫停全年的 GMV 增長指導。我們將在本節末尾回到這一點。

Let's now turn to JumiaPay operating metrics. TPV reached USD 66.6 million, up 3% year-on-year and 16% on a constant currency basis. This was supported by the strong growth in both GMV and TPV and our food delivery platform. Our platform penetration of JumiaPay as a percentage of GMV remained stable at 28% in Q3 '22 versus 27% in Q3 '21 as we maintained a disciplined marketing approach to driving on-platform penetration. JumiaPay transactions reached $3 million in Q3 '22, down 1% year-on-year, impacted by softer transactions performance in the JumiaPay app as we scale back marketing investments and promotional intensity in the app. Overall, 32% of orders placed on the Jumia platform in Q3 '22, were completed using JumiaPay, compared to 36% in Q3 2021. 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 transactions penetration as a percentage of orders. JumiaPay remains a core part of our platform, and we intend to continue driving its development both on and off platform in a very disciplined manner.

現在讓我們來看看 JumiaPay 的運營指標。 TPV 達到 6660 萬美元，同比增長 3%，按固定匯率計算增長 16%。這得益於 GMV 和 TPV 以及我們的食品配送平台的強勁增長。我們的 JumiaPay 平台滲透率佔 GMV 的百分比在 22 年第三季度保持穩定在 28%，而在 21 年第三季度為 27%，因為我們保持有紀律的營銷方法來推動平台滲透。 JumiaPay 交易在 22 年第三季度達到 300 萬美元，同比下降 1%，這是受到 JumiaPay 應用程序交易表現疲軟的影響，因為我們縮減了應用程序的營銷投資和促銷強度。總體而言，22 年第三季度 Jumia 平台上的訂單中有 32% 是使用 JumiaPay 完成的，而 2021 年第三季度為 36%。由於 JumiaPay 在 JumiaPay 應用程序中的滲透率幾乎為 100%，因此 JumiaPay 應用程序在交易中的份額有所下降混合導致 JumiaPay 的整體交易滲透率下降，佔訂單的百分比。 JumiaPay 仍然是我們平台的核心部分，我們打算以非常有紀律的方式繼續推動其在平台內外的發展。

Let's now move on to financials, starting with revenue. Revenue reached USD 50.5 million, up 18% year-on-year and up 33% on a constant currency basis. This was driven by strong momentum in marketplace revenue, which was up 27% year-on-year and 41% on a constant currency basis. First-party revenue growth was softer at 2% year-on-year and 17% on a constant currency basis as we undertook less business on a first-party basis compared to Q3 '21. We retain an opportunistic approach to our first-party activity. The aim is to bridge gaps in assortment on our platform on an ad-hoc basis. We intend to enhance our steady business margins by improving the processes and systems in this business and reducing business complexities by scaling back the FMCG category in certain countries. Other revenue was up 53% year-on-year and 69% on a constant currency basis, partly due to the momentum of our logistics of the service offering, which generated over USD 1 million of revenue during the quarter.

現在讓我們轉向財務，從收入開始。收入達到 5050 萬美元，同比增長 18%，按固定匯率計算增長 33%。這是由市場收入的強勁勢頭推動的，市場收入同比增長 27%，按固定匯率計算增長 41%。第一方收入同比增長 2%，按固定匯率計算增長 17%，因為與 21 年第三季度相比，我們在第一方基礎上開展的業務較少。我們對我們的第一方活動保持機會主義的態度。目的是在臨時基礎上彌合我們平台上的分類差距。我們打算通過改進該業務的流程和系統來提高我們穩定的業務利潤率，並通過縮減某些國家/地區的快速消費品類別來降低業務複雜性。其他收入同比增長 53%，按固定匯率計算增長 69%，部分原因是我們提供服務的物流勢頭強勁，本季度產生了超過 100 萬美元的收入。

Let's now unpack the growth dynamics of our marketplace revenue. Marketplace revenue reached USD 32.2 million in Q3 '22, posting its fastest year-on-year growth rate in 9 quarters. 2/3 of the marketplace revenue growth came from commissions, which reached an all-time high of USD 12.6 million, up 56% year-on-year, driven by commission take rate increases implemented over the past couple of quarters. Value-added services was our second largest source of marketplace revenue at USD 8.4 million, up 32% year-on-year. This was a result of increased logistics revenue from local and international sellers due to increased pricing of services. On the flip side, fulfillment revenue, which includes shipping fees charged to consumers, reached USD 7.9 million, down 11% year-on-year as a result of the selected deployment of next day free delivery. We are currently making adjustments to the free shipping program, introducing higher minimum basket size and further restricting geographical scope to support our unique economics.

現在讓我們解開我們市場收入的增長動力。 22 年第三季度，市場收入達到 3220 萬美元，創下 9 個季度以來最快的同比增長率。 2/3 的市場收入增長來自佣金，佣金達到 1260 萬美元的歷史新高，同比增長 56%，這得益於過去幾個季度實施的佣金率上調。增值服務是我們的第二大市場收入來源，達到 840 萬美元，同比增長 32%。這是由於服務價格上漲導致本地和國際賣家的物流收入增加。另一方面，由於選擇了次日免費送貨的部署，包括向消費者收取的運費在內的履約收入達到 790 萬美元，同比下降 11%。我們目前正在調整免費送貨計劃，引入更高的最小籃子尺寸並進一步限制地理範圍以支持我們獨特的經濟。

Last but not least, marketing and advertising was our fastest-growing revenue streams, up 64% year-on-year, reaching USD 3.3 million. This was the result of our sustained effort to enhance the value proposition of our ad solutions for sellers and third-party advertisers. The accelerating market-based revenue growth drove strong gross profit growth, which was up 29% year-on-year and 43% on a constant currency basis, reaching USD 33 million, and gross profit margin as a percentage of GMV reached an all-time high of 13.7%.

最後但同樣重要的是，營銷和廣告是我們增長最快的收入來源，同比增長 64%，達到 330 萬美元。這是我們持續努力為賣家和第三方廣告商提升我們的廣告解決方案的價值主張的結果。基於市場的收入加速增長帶動毛利強勁增長，同比增長 29%，按固定匯率計算增長 43%，達到 3300 萬美元，毛利率佔 GMV 的百分比達到全13.7%的時間高點。

Moving on to costs. Starting with fulfillment expense, which reached USD 23.6 million, up 7% year-on-year and 22% on a constant currency basis. This was a result of volume growth, with orders up 11% during this period, but also inflationary pressure on fuel and wages. While we expect continued inflationary pressure on this cost line in the near term, we intend to improve fulfillment economics in the mean term by driving scale efficiencies and enhancing productivity in our physical infrastructure. Sales and advertising expense was USD 16.4 million, down 32% year-on-year and 28% on a constant currency basis as we brought more discipline to our marketing investment. This led to an improvement of marketing efficiency ratios with sales and advertising expense per order decreasing by 38% from $2.8 to $1.7 per order. Sales and advertising expense as a percentage of GMV decreased to 6.8%, which was a 325 basis point improvement year-on-year. While this progress is encouraging, we intend to drive even further marketing efficiencies by improving the relevance and cost-efficient effectiveness of our marketing channels.

繼續成本。首先是履行費用，達到 2360 萬美元，同比增長 7%，按固定匯率計算增長 22%。這是銷量增長的結果，在此期間訂單增長了 11%，但燃料和工資的通脹壓力也是如此。雖然我們預計短期內該成本線將面臨持續的通脹壓力，但我們打算通過提高規模效率和提高物理基礎設施的生產率來改善平均履行經濟學。銷售和廣告費用為 1640 萬美元，同比下降 32%，按固定匯率計算下降 28%，因為我們對營銷投資進行了更嚴格的約束。這導致營銷效率比率提高，每筆訂單的銷售和廣告費用從每筆訂單 2.8 美元減少 38% 至 1.7 美元。銷售和廣告費用佔 GMV 的百分比下降到 6.8%，同比提高 325 個基點。雖然這一進展令人鼓舞，但我們打算通過提高營銷渠道的相關性和成本效益來進一步提高營銷效率。

Let's now turn to tech and G&A costs. Starting with tech and content expense, which reached $13.6 million, up 44% year-on-year and 56% on a constant currency basis. This was mostly due to technology staff cost increases due to headcount increases completed in H2 last year. That said, we have been much more disciplined on the headcount front over the past few months. We drove a decline in technology staff costs on a sequential basis, which explains the 5% decline in tech between the second and the third quarter of this year. G&A, excluding share-based compensation, reached USD 28.3 million, up 12% year-on-year and 22% on a constant currency basis. This was mostly a result of staff cost increases on a year-on-year basis. That being said, the hiring freezes implemented earlier this year started paying off as the staff cost component of G&A, excluding share-based compensation, declined by over 6% on a sequential basis in Q3 '22. We intend to drive more staff cost savings and are implementing headcount reductions across a number of areas in the business to create a leaner and more agile organization. To wrap up on cost, we have made good progress in the sales and advertising front and increased staff cost discipline is starting to pay off. That said, we do have room to take even more decisive actions across cost lines to drive through their efficiencies, and we have a clear action plan to achieve that.

現在讓我們轉向技術和 G&A 成本。首先是技術和內容費用，達到 1360 萬美元，同比增長 44%，按固定匯率計算增長 56%。這主要是由於去年下半年完成的人員增加導致技術人員成本增加。也就是說，在過去幾個月裡，我們在員工人數方面更加自律。我們推動技術人員成本環比下降，這解釋了今年第二季度和第三季度技術人員成本下降 5% 的原因。 G&A（不包括股權報酬）達到 2830 萬美元，同比增長 12%，按固定匯率計算增長 22%。這主要是由於員工成本同比增長所致。話雖如此，今年早些時候實施的招聘凍結開始產生效果，因為 G&A 的員工成本部分（不包括基於股份的薪酬）在 22 年第三季度環比下降了 6% 以上。我們打算推動更多的員工成本節約，並在業務的多個領域實施裁員，以創建一個更精簡、更敏捷的組織。總結一下成本，我們在銷售和廣告方面取得了良好進展，增加員工成本的紀律也開始見效。也就是說，我們確實有空間採取跨成本線的更果斷行動來提高它們的效率，並且我們有一個明確的行動計劃來實現這一目標。

Let's now move on to balance sheet and cash flow items. CapEx in Q3 '22 was USD 3 million, mostly relating to logistics and technology equipment purchases. Net change in working cap had an outflow impact of USD 13.1 million, largely as a result of a significant decrease in trade payables corresponding to the payment of Jumia anniversary campaign invoices during Q3 '22. Cash utilization for the quarter was $62.2 million, which is a 5% decline compared to Q2 '22. At the end of September '22, we had a liquidity position of USD 285 million comprised of USD 104 million of cash and cash equivalents and USD 180 million of term deposits and other financial assets.

現在讓我們繼續討論資產負債表和現金流量項目。 22 年第三季度的資本支出為 300 萬美元，主要與物流和技術設備採購有關。工作上限的淨變化產生了 1310 萬美元的流出影響，這主要是由於與 22 年第三季度 Jumia 週年紀念活動發票的支付相對應的貿易應付款項大幅減少。本季度的現金利用率為 6220 萬美元，與 22 年第二季度相比下降了 5%。截至 22 年 9 月底，我們的流動性頭寸為 2.85 億美元，包括 1.04 億美元的現金和現金等價物以及 1.8 億美元的定期存款和其他金融資產。

I'll conclude my part with a review of our guidance. As mentioned earlier, in light of the highly volatile and unpredictable macro environment, we have decided to suspend the full year 2022 GMV growth guidance as well as gross profit guidance for H2 '22 which is linked to GMV. That said, we reiterate our guidance for all the other metrics that we guided on earlier this year. We continue to expect to spend between $35 million and $45 million in sales and advertising in H2 '22. This implies sales and advertising expense of $19 million to $29 million in Q4 '22. For the full year 2022, we continue to expect an adjusted EBITDA loss of USD 200 million to USD 220 million. This implies adjusted EBITDA loss of $42 million to $62 million in Q4 '22. For the full year 2023, we expect adjusted EBITDA loss to be lower than for the full year 2022. We will be providing quantitative guidance for that as part as our Q4 '22 earnings release. Lastly, we reiterate our CapEx guidance for the full year 2022 of USD 10 million to USD 15 million. With that, I'll hand over to Francis for an overview of our strategic plan.

最後，我將回顧一下我們的指南。如前所述，鑑於高度波動和不可預測的宏觀環境，我們決定暫停 2022 年全年 GMV 增長指引以及與 GMV 掛鉤的 H2 '22 毛利指引。也就是說，我們重申了我們對今年早些時候指導的所有其他指標的指導。我們繼續期望在 H2 '22 的銷售和廣告上花費 3500 萬到 4500 萬美元。這意味著 22 年第四季度的銷售和廣告費用為 1900 萬至 2900 萬美元。對於 2022 年全年，我們繼續預計調整後的 EBITDA 虧損為 2 億美元至 2.2 億美元。這意味著 22 年第四季度調整後的 EBITDA 損失為 4200 萬美元至 6200 萬美元。對於 2023 年全年，我們預計調整後的 EBITDA 虧損將低於 2022 年全年。我們將在 22 年第四季度的收益發布中為此提供量化指導。最後，我們重申我們對 2022 年全年 1000 萬美元至 1500 萬美元的資本支出指導。有了這個，我將交給 Francis 來概述我們的戰略計劃。

Thanks, Antoine. We are committed to making meaningful progress towards profitability. We have a clear plan to get there and have already made significant management changes to ensure that we have the best team to execute on this strategy. I will start with the first level of the strategy, which is enhanced business focus. This is an overarching principle of our strategy that will guide execution across all areas of the business. We intend to do less and better. We plan to allocate our resources and teams to projects that bring proven value to our platform and our ecosystem. This means that we will be pausing or stopping projects that do not meet such criteria. Here are some examples. First, we plan to discontinue Jumia Prime. Over the past couple of years, we tested the concept of a monthly subscription program, offering free delivery to consumers. The results from this experiment in terms of consumer traction and stickiness fell short of our targets as the market is probably too early in terms of adoption curve. That's why we are not stopping these initiatives. This is an example of how we plan to draw realistic conclusions in a timely manner from the experiments we do. We aim to assess within a reasonable time frame whether a pilot is successful or not and take action accordingly to avoid committing resources for too long to projects that do not work.

謝謝，安托萬。我們致力於在盈利方面取得有意義的進展。我們有一個明確的計劃來實現這一目標，並且已經進行了重大的管理變革，以確保我們擁有最好的團隊來執行這一戰略。我將從戰略的第一層開始，即增強業務重點。這是我們戰略的首要原則，它將指導所有業務領域的執行。我們打算做得更少，做得更好。我們計劃將我們的資源和團隊分配給能夠為我們的平台和生態系統帶來經證實的價值的項目。這意味著我們將暫停或停止不符合此類標準的項目。這裡有些例子。首先，我們計劃停止使用 Jumia Prime。在過去的幾年裡，我們測試了每月訂閱計劃的概念，為消費者提供免費送貨服務。該實驗在消費者吸引力和粘性方面的結果未達到我們的目標，因為就採用曲線而言，市場可能還為時過早。這就是為什麼我們沒有停止這些舉措。這是我們計劃如何從我們所做的實驗中及時得出現實結論的一個例子。我們的目標是在合理的時間範圍內評估試點是否成功，並採取相應的行動，避免將資源投入到無效的項目上時間過長。

In addition, we are suspending logistics services to no e-commerce clients in several countries. We believe management efforts in many countries will be better invested in improving the logistics efficiency for the core e-commerce business. However, we will continue developing this activity in countries such as Nigeria, Morocco and Ivory Coast, where the proof of concept for this service has already been established and where we are able to allocate the right resources. We are also scaling back our first-party grocery e-commerce in geographies where the category remains subscale in order to support our unit economics. Grocery can be a very relevant category for more advanced markets with sufficient fruition and efficiency. In smaller markets, it has added significant operational complexity without providing much upside in terms of consumer adoption and stickiness. The priority is to master the basics in the smaller markets, hence our decision to discontinue First Party grocery there. These are 2 examples -- of First Party grocery and logistics-as-a-service -- are representative of how we intend to drive execution in a more nuanced manner by geography. It is difficult to push projects uniformly across all markets, given the differences in scale and development of our platform. We need to do what's right for each market's given stage of development, and sometimes, this means just focusing on the basics. What I have just covered here is a non-exhaustive list of discontinued or amended projects that we'll be constantly reviewing to optimize our capital and resource allocation.

此外，我們正在暫停對多個國家的電子商務客戶的物流服務。我們相信許多國家的管理努力將更好地投資於提高核心電子商務業務的物流效率。但是，我們將繼續在尼日利亞、摩洛哥和象牙海岸等國家/地區開展這項活動，這些國家/地區已經建立了這項服務的概念證明，並且我們能夠分配合適的資源。我們還縮減了我們的第一方雜貨電子商務在該類別仍然是次規模的地區，以支持我們的單位經濟。對於具有足夠成果和效率的更先進的市場，雜貨可能是一個非常相關的類別。在較小的市場中，它顯著增加了運營複雜性，但在消費者採用率和粘性方面並沒有帶來太大好處。首要任務是掌握較小市場的基礎知識，因此我們決定停止在那裡的第一方雜貨店。這是兩個例子——第一方雜貨店和物流即服務——代表了我們打算如何以更細緻的方式按地理位置推動執行。鑑於我們平台的規模和發展差異，很難在所有市場統一推動項目。我們需要針對每個市場的特定發展階段做正確的事情，有時，這意味著只關注基礎。我剛剛在這裡介紹的是一份非詳盡無遺的中止或修改項目清單，我們將不斷審查這些項目，以優化我們的資本和資源分配。

Moving on to the second level of our strategy-- driving sustainable long-term growth to enhance e-commerce fundamentals. Historically, usage growth was mostly fueled by higher promotional intensity and marketing spend, which led to a deterioration of unit economics and phases of growth acceleration. We are confident that we can simultaneously improve our economics and support long-term growth by working on the core e-commerce fundamentals. How will that translate in terms of actions-- mastering the e-commerce basics of selection, price and convenience across all geographies. One of our first priorities is to offer customers the best selection with sufficient stock at the best prices in each one of our core categories. We are at a very early stage of e-commerce development in Africa and shifting relevant and sufficient supply online can sometimes be challenging. We have a clear action plan to address that with a focus on core categories. We mean by core categories, the bread and butter categories of the platform. These are phones and consumer electronics, home appliances, fashion and beauty. For these categories, we are developing stronger relationships with brands and local distributors to secure supply and get better prices. Last but not least, we have room to further improve customer experience and further embed a mindset of customer centricity within the organization. We plan to continue investing in our technology backbone, though in a more disciplined manner to make our platform even easier to use and more engaging for customers. To conclude on the usage front-- we are taking a fundamentals led approach to usage growth. Marketing and consumer incentives are very important, and there's a place for that in our strategy. But marketing cannot compensate for gaps in fundamentals like product supply. We have to address these first.

繼續我們戰略的第二個層次——推動可持續的長期增長，以增強電子商務的基礎。從歷史上看，使用量增長主要是由更高的促銷強度和營銷支出推動的，這導致單位經濟效益惡化和增長加速階段。我們有信心，通過致力於電子商務的核心基礎，我們可以同時改善我們的經濟並支持長期增長。這將如何轉化為行動——掌握所有地區的選擇、價格和便利性的電子商務基礎知識。我們的首要任務之一是在我們的每個核心類別中以最優惠的價格為客戶提供最好的選擇和充足的庫存。我們正處於非洲電子商務發展的早期階段，在線轉移相關且充足的供應有時具有挑戰性。我們有一個明確的行動計劃來解決這個問題，重點放在核心類別上。我們的意思是核心類別，平台的麵包和黃油類別。這些是電話和消費電子產品、家用電器、時尚和美容產品。對於這些類別，我們正在與品牌和當地經銷商建立更牢固的關係，以確保供應並獲得更好的價格。最後但並非最不重要的一點是，我們有進一步改善客戶體驗的空間，並進一步在組織內植入以客戶為中心的思維方式。我們計劃繼續投資於我們的技術骨幹，但將以更加規範的方式使我們的平台更易於使用並更吸引客戶。總結一下使用方面——我們正在採取以基本面為主導的方法來促進使用增長。營銷和消費者激勵措施非常重要，在我們的戰略中有一席之地。但營銷無法彌補產品供應等基本面的差距。我們必須首先解決這些問題。

Let's now move on to cost discipline. We intend to take more decisive action on the cost front to drive efficiencies across the full cost structure. It is, of course, easy to cut marketing and consumer incentive budgets. It is much harder to open the box on each and every cost line and ensure that we are operating at the best level of efficiency across each one, and this is what we plan to do. On the logistics side, for example, we intend to work on each cost component. We plan to optimize our freight and shipping costs by launching tariff negotiations with our third-party partners to ensure we are getting the best prices on each logistic (inaudible). We are-- within our physical infrastructure, we intend to increase staff productivity by enhancing our processes while working on consumable costs such as reducing the use of packaging. We will also take a more disciplined approach to product category development, scaling back on product categories with changing fulfillment economics, such as growth rates that we just explained. On the marketing front, we intend to improve marketing efficiency by leveraging best practices from countries with the best efficiency ratio. We have made some progress in improving marketing efficiency, bringing it down to $1.7 per order and 6.8% of GMV. That said, we have countries with much better marketing efficiency ratios, and there are important lessons to learn from these markets. With that in mind, we intend to focus our spend on the marketing channels that drive the best returns on investments. We will also put more focus on local marketing channels, including above-the-line education and activation initiatives. This will allow us to shift a higher share of marketing expense due to local currencies, while adopting an approach tailored to our markets. With respect to technology, we plan to continue investing in our technology backbone. But we intend to do so with more discipline, prioritizing our development roadmap on products and features that deliver immediate benefits in terms of UX, for consumers and for sellers. Last but not least, G&A. We have started seeing some progress from the hiring freeze implemented earlier this year with staff costs coming down by 6% in Q3 compared to Q2. We intend to drive more staff cost savings and reduce headcount. We have taken steps to significantly reduce overhead expenses in Dubai with meaningful G&A savings for the group and long-term benefits from locating decision centers back to Africa. To conclude on the cost discipline topic, we intend to work with a very granular manner across the full cost structure and take very deliberate action to cut costs.

現在讓我們繼續討論成本紀律。我們打算在成本方面採取更果斷的行動，以提高整個成本結構的效率。當然，削減營銷和消費者激勵預算很容易。打開每條成本線的盒子並確保我們在每一條線上都以最佳效率水平運營要困難得多，這就是我們計劃做的。例如，在物流方面，我們打算處理每個成本組成部分。我們計劃通過與我們的第三方合作夥伴進行關稅談判來優化我們的運費和運輸成本，以確保我們在每項物流中獲得最優惠的價格（聽不清）。我們是——在我們的物理基礎設施中，我們打算通過加強我們的流程來提高員工的生產力，同時致力於減少包裝的使用等消耗品成本。我們還將對產品類別開發採取更嚴格的方法，隨著履行經濟的變化（例如我們剛剛解釋的增長率）縮減產品類別。在營銷方面，我們打算通過利用具有最佳效率比的國家的最佳實踐來提高營銷效率。我們在提高營銷效率方面取得了一些進展，將其降低到每筆訂單 1.7 美元和 GMV 的 6.8%。也就是說，我們擁有營銷效率比更高的國家，並且可以從這些市場中吸取重要的經驗教訓。考慮到這一點，我們打算將支出集中在能夠帶來最佳投資回報的營銷渠道上。我們還將更加關注本地營銷渠道，包括線上教育和激活計劃。這將使我們能夠將更高份額的營銷費用轉移給當地貨幣，同時採用適合我們市場的方法。在技術方面，我們計劃繼續投資於我們的技術骨幹。但我們打算更加自律地這樣做，將我們的開發路線圖優先放在能夠在用戶體驗方面為消費者和賣家帶來直接好處的產品和功能上。最後但同樣重要的是，G&A。我們已經開始看到今年早些時候實施的招聘凍結取得了一些進展，與第二季度相比，第三季度員工成本下降了 6%。我們打算進一步節省員工成本並減少員工人數。我們已採取措施顯著減少迪拜的間接費用，為集團節省大量 G&A 費用，並將決策中心遷回非洲帶來長期利益。總結成本紀律主題，我們打算在整個成本結構中以非常精細的方式開展工作，並採取非常慎重的行動來削減成本。

Let's now turn to monetization, where we will continue to adhere to a balanced approach to drive growth across multiple revenue streams. We have made good progress in monetization in Q3, with gross profit accelerating by 29% and gross profit as a percentage of GMV reaching an all-time high at 13.7%. However, we are being more cautious with the level of monetization pressure we apply on sellers, as we also need to improve fundamentals of product assortments, supply and prices. This means that in the near term, we do not intend to implement any meaningful take rate increases. On the other hand, we will continue developing services that bring value to our sellers and broader ecosystem participants, such as advertising. To conclude on monetization-- we look at monetization very much as a by-product of scale and are focused on driving growth and value for sellers in order to monetize.

現在讓我們轉向貨幣化，我們將繼續堅持平衡的方法來推動多個收入流的增長。我們在第三季度的貨幣化方面取得了良好進展，毛利潤加速增長 29%，毛利潤佔 GMV 的百分比達到 13.7% 的歷史新高。然而，我們對我們對賣家施加的貨幣化壓力水平更加謹慎，因為我們還需要改善產品分類、供應和價格的基本面。這意味著在短期內，我們不打算實施任何有意義的加息。另一方面，我們將繼續開發為我們的賣家和更廣泛的生態系統參與者帶來價值的服務，例如廣告。總結貨幣化——我們將貨幣化視為規模的副產品，並專注於推動賣家的增長和價值以實現貨幣化。

Let's now move on to JumiaPay. The development of JumiaPay, on and off platform, remains a priority for us. Here again, the overarching principle of business, focus and discipline applies. We will work on making it a strong enabler for our e-commerce business, focusing on a more targeted number of products and ventures. We will retain the disciplined approach to driving on-platform payment penetration with disciplined marketing spend and consumer incentives. Lastly, we continue to be focused on expanding our off-platform payment processing solution in Nigeria and Egypt, where we have previously obtained the relevant licenses to do so.

現在讓我們轉到 JumiaPay。 JumiaPay 的開發，無論是在平台上還是在平台外，仍然是我們的首要任務。在這裡，業務、重點和紀律的總體原則再次適用。我們將努力使它成為我們電子商務業務的強大推動力，專注於更有針對性的產品和企業。我們將保留有紀律的方法，通過有紀律的營銷支出和消費者激勵措施來推動平台支付滲透。最後，我們繼續專注於在尼日利亞和埃及擴展我們的平台外支付處理解決方案，我們之前已經在這些國家獲得了相關許可。

To conclude, the strategy that I've just outlined remains consistent with our core pillars. The important change is that it addresses at the same time, profitability and growth with a greater sense of urgency and a concrete roadmap of decisive actions. I'd like to emphasize that the current macro volatility does not affect in any way our very positive long-term outlook for Africa. Africa remains the last frontier for e-commerce in the world with a very attractive demographic and digitization dynamics. I have spent the last decade with Jumia developing e-commerce underground in Western Africa. I know first hand the challenges of operating in our markets and successfully balancing growth and profitability. But, I also know first-hand that we have a great brand, a very strong platform and incredibly talented and dedicated teams. I am very confident that we can build a large and profitable e-commerce platform in Africa.

總而言之，我剛剛概述的戰略與我們的核心支柱保持一致。重要的變化是，它以更大的緊迫感和具體的果斷行動路線圖同時解決盈利能力和增長問題。我想強調的是，當前的宏觀波動不會以任何方式影響我們對非洲非常積極的長期前景。非洲仍然是世界上電子商務的最後前沿，具有非常有吸引力的人口和數字化動態。在過去的十年裡，我一直在 Jumia 工作，在西非開發地下電子商務。我直接了解在我們的市場運營以及成功平衡增長和盈利能力所面臨的挑戰。但是，我也直接知道我們擁有一個偉大的品牌、一個非常強大的平台和非常有才華和敬業的團隊。我非常有信心我們可以在非洲建立一個大的、盈利的電子商務平台。

With that, we are ready to take your questions.

這樣，我們就可以回答您的問題了。

Ladies and gentlemen, the floor is now open for questions. (Operator Instructions) Your first question for today is coming from Aaron Kessler at Raymond James.

女士們，先生們，現在可以提問了。 （操作員說明）您今天的第一個問題來自 Raymond James 的 Aaron Kessler。

A couple of questions-- first, just any way to size maybe the GMV impact from scaling back some of these initiatives that you talked about. Second, I think you talked about kind of excessive commission rate increases in the release. Can you just throw a little bit more details around that. And it sounds like you're slowing that increase going forward, but any impact on GMV you felt in the quarter from the higher commission rates as well? And then I have a follow-up question.

有幾個問題——首先，通過任何方式來衡量 GMV 可能會因縮減你談到的這些舉措而產生的影響。其次，我認為你在發佈時談到了佣金率的過度增加。您能否就此提供更多詳細信息。聽起來你正在放緩這種增長，但你在本季度感受到更高的佣金率對 GMV 有什麼影響嗎？然後我有一個後續問題。

Okay. Let me answer the first two, and you may have to repeat the third one. On GMV impact from scaling back a couple of initiatives-- when we assess the initiatives as a function of benefits versus cost and basically return investments. We believe that we can scale back some initiatives without meaningfully harming our top line. We believe that refocusing and that having our teams focused on a shorter number of projects, depending on geographies, will enable them to deliver greater impact on other topics. That's basically the whole point of refocusing on basics. So we believe that the total outcome for the business will be positive.

好的。讓我回答前兩個，你可能要重複第三個。縮減一些舉措對 GMV 的影響——當我們根據收益與成本和基本上回報投資來評估這些舉措時。我們相信，我們可以縮減一些舉措，而不會顯著損害我們的收入。我們相信，重新調整重點並讓我們的團隊根據地理位置專注於數量較少的項目，將使他們能夠對其他主題產生更大的影響。這基本上就是重新關注基礎知識的重點。因此，我們相信業務的總體結果將是積極的。

When it comes to commissions increase, so our point here is very much that we need to create value for the vendors and all the sellers on the platform. What drives that is that vendors need to see the value and the benefit from working with Jumia, and we very much see monetization in the future as a by-product of scale. So scaling with vendor, solving their pain points will enable us to monetize. The take rate pressure needs to be monitored very carefully as one of our core pillars pillars for growth now is focused on supply. We very much want to build supply, strong supply on a set of core categories, and we don't want too high take rates to come in the way. So this is why we plan to be relatively careful with this level.

在佣金增加方面，我們的觀點非常重要，我們需要為平台上的供應商和所有賣家創造價值。供應商需要看到與 Jumia 合作的價值和好處的驅動力，我們非常認為未來的貨幣化是規模的副產品。因此，與供應商一起擴展，解決他們的痛點將使我們能夠獲利。需要非常仔細地監測利率壓力，因為我們現在增長的核心支柱之一是供應。我們非常希望在一組核心類別上建立供應，強大的供應，我們不希望太高的接受率成為阻礙。所以這就是為什麼我們計劃相對謹慎地處理這個級別。

Okay. And finally, just in terms of operating expenses, where do you think the biggest areas for leverage or potential reductions going forward? Is it G&A or something else?

好的。最後，就運營支出而言，您認為未來最大的槓桿或潛在削減領域是什麼？是 G&A 還是其他？

So I mean as we said, we're really going down the whole P&L, and we're opening the box on every type of cost that we have across the structure. So we're, of course, looking at G&A, which is possibly one of the most short-term impact. We are already reviewing our central structure, our headquarter structure in Dubai with meaningful impact as we plan to locate most of the leadership towards Africa, and (inaudible) our governance and leadership structure across all countries. That's one. But we also believe that we are-- I mean, we're actually quite sure that we have meaningful impact to capture from logistics efficiency. You see the evolution of costs that we posted this quarter. I would not say that we're super happy with the trend, and we believe that we can do better. We can capture lots of efficiencies with many detailed measures across our business lines. One very simple and basic example is our use of packaging material. That varies a lot across different countries, and we can just rely in many countries towards the best benchmark that we have. That was for logistics. We can also generate significant savings in marketing where we also have countries that show better practices versus average, and we can learn from those countries to drive way greater efficiency. So we do really believe that we have efficiency and cost-cutting to capture pretty much across the whole P&L, and we're confident that we can achieve it with the team and the plan that we have.

所以我的意思是，正如我們所說，我們真的在降低整個損益表，我們正在打開整個結構中每一種成本的盒子。因此，我們當然會關注 G&A，這可能是最短期的影響之一。我們已經在審查我們的中央結構，我們在迪拜的總部結構具有有意義的影響，因為我們計劃將大部分領導層安置在非洲，以及（聽不清）我們在所有國家/地區的治理和領導結構。那是一個。但我們也相信我們 - 我的意思是，我們實際上非常確定我們可以從物流效率中獲得有意義的影響。您會看到我們本季度發布的成本變化。我不會說我們對趨勢非常滿意，我們相信我們可以做得更好。我們可以通過跨業務線的許多詳細措施來提高效率。一個非常簡單和基本的例子是我們對包裝材料的使用。這在不同的國家有很大差異，我們可以在許多國家依靠我們擁有的最佳基準。那是為了物流。我們還可以在營銷方面節省大量資金，我們也有一些國家表現出比平均水平更好的做法，我們可以向這些國家學習以提高效率。所以我們真的相信我們有效率和成本削減來捕獲整個損益表中的大部分內容，並且我們有信心我們可以通過團隊和我們的計劃實現它。

Your next question for today is coming from Catherine O'Neill at Citi.

你今天的下一個問題來自花旗的凱瑟琳奧尼爾。

I just wanted to ask you if you could comment in a bit more detail on one of the things you mentioned in the release about seeing softer usage trends towards the back of the third quarter, which you expect to persist in the fourth quarter. Could you maybe just provide a bit more detail on what you're seeing, if that varies by market? And how much you saw that sort of deteriorate as we went through the third quarter. The other thing I wanted to ask about was the product mix. I think you said you're moving away from FMCG, I might have misheard that, but you seem to be sort of emphasizing consumer electronics, fashion, beauty, et cetera. So how should we think about the sort of take rate or margins if you're moving perhaps towards backdoor consumer electronics, which tend to be sort of lower take rate. And then the other thing I wanted to ask about was the cash burn. So, it looks like it was similar in 3Q and 2Q about $70 million each quarter. I just wondered if you could give us any sort of idea on when you think this should start to reduce, when do some of your initiatives start to kick in on the cash side?

我只是想問你是否可以更詳細地評論你在發布中提到的關於第三季度末看到更溫和的使用趨勢的一件事，你預計這種趨勢將持續到第四季度。如果因市場而異，您能否提供更多關於您所看到的內容的詳細信息？當我們經歷第三季度時，你看到這種情況惡化了多少。我想問的另一件事是產品組合。我想你說過你正在遠離快速消費品，我可能聽錯了，但你似乎有點強調消費電子產品、時尚、美容等。因此，如果您可能轉向後門消費電子產品，我們應該如何考慮這種採用率或利潤率，後者的採用率往往較低。然後我想問的另一件事是燒錢。因此，看起來第三季度和第二季度的情況相似，每個季度約為 7000 萬美元。我只是想知道你是否可以給我們任何關於你認為這應該開始減少的想法，你的一些計劃什麼時候開始在現金方面發揮作用？

Okay. So let me take the first 2 questions, and then I'll pass on to Antoine when it comes to cash burn. Regarding softening usage trends that you mentioned-- well, you see that in the quarterly report, we pay 1% GMV growth year-on-year over the quarter. So, you can-- I mean, I guess, everyone can draw their own conclusions about what softening means here. But obviously, we've been dealing with volatile and difficult macroeconomic context, significant local currency depreciation and volatility, which led particularly -- and that's a great clear example of how it can impact us -- it led to many governments taking measures to protect their currencies and, for example, restricting imports, which directly impacted our ability to get supply on the platform. So, this is the kind of headwinds that we have to fight against, and this is very much something that we see across all the markets. There are some differences, of course, some markets are more affected by the time measures, but this is something that we see happening across Africa at the moment. However, we are very confident that our plan to focus on supply and distributors and increasing our relevance to the biggest main suppliers in the market can mitigate those impacts and is the right one in this complicated macroeconomic context.

好的。因此，讓我回答前兩個問題，然後在談到現金消耗時，我將轉交給 Antoine。關於你提到的軟化使用趨勢——好吧，你在季度報告中看到，我們在本季度支付了 1% 的 GMV 同比增長。所以，你可以——我的意思是，我想每個人都可以就這裡的軟化意味著什麼得出自己的結論。但顯然，我們一直在處理動盪和困難的宏觀經濟環境、本幣大幅貶值和波動，這尤其導致——這是它如何影響我們的一個很好的例子——它導致許多政府採取措施保護他們的貨幣，例如，限制進口，這直接影響了我們在平台上獲得供應的能力。所以，這是我們必須對抗的逆風，這是我們在所有市場中看到的非常多的事情。當然，存在一些差異，一些市場受時間措施的影響更大，但這是我們目前在整個非洲看到的事情。然而，我們非常有信心，我們專注於供應和分銷商並增加我們與市場上最大的主要供應商的相關性的計劃可以減輕這些影響，並且在這種複雜的宏觀經濟背景下是正確的。

Then on your second question, when it comes to the mix of categories. So as I mentioned, we're scaling back First Party grocery in some geographies, not all of them, by the way. We want to make sure that we keep pushing and we keep investing in that segment in selective geographies where it makes sense. We actually-- I mean, the fact that we want to be more reasonable and more focused in the new categories that we developed doesn't prevent us from doing the right things on the other categories. So, we're also developing higher (inaudible) categories, such as consumer electronics, like I mentioned. And this does not conflict with our push on everyday categories such as health, beauty and fashion, for example. Specifically on your question on take rates on these categories, the higher (inaudible) categories-- indeed, we don't sell a phone or laptop or TV with the same margin that we would capture for, let's say, parachute. However, what matters to us is the whole equation with our logistics costs and our marketing costs. We know for a fact that in consumer electronics categories, our operating model works, and we can get very healthy economics across all of our markets from those categories. So we're very confident in the fact that we need to develop or build supply in these categories, and it does not conflict with our focus on everyday categories. Antoine, I'll let you take the question on cash.

那麼關於你的第二個問題，當涉及到類別的混合時。因此，正如我提到的，順便說一句，我們正在縮減某些地區的第一方雜貨店，而不是所有地區。我們希望確保我們繼續推動，並繼續在有意義的選擇性地區投資該細分市場。我們實際上——我的意思是，我們希望更合理、更專注於我們開發的新類別這一事實並不妨礙我們在其他類別上做正確的事情。因此，我們也在開發更高（聽不清）的類別，例如我提到的消費電子產品。這與我們推動健康、美容和時尚等日常品類並不衝突。特別是關於你關於這些類別的採用率的問題，更高（聽不清）類別 - 事實上，我們不會以與降落傘相同的利潤率出售手機或筆記本電腦或電視。然而，對我們來說重要的是我們的物流成本和營銷成本的整體等式。我們知道一個事實，即在消費電子產品類別中，我們的運營模式是有效的，我們可以從這些類別的所有市場中獲得非常健康的經濟效益。所以我們對我們需要開發或建立這些類別的供應這一事實非常有信心，這與我們對日常類別的關注並不衝突。安托萬，我會讓你用現金回答這個問題。

Yes, I'll take the third one-- the cash burn is a function of 3 things: CapEx, working cap movement and EBITDA. Regarding the CapEx, 2022 has been so far a year of investment, and we intend to decrease the CapEx investments in the coming quarters. On working cap, we have been, this quarter, impacted by payment of Jumia anniversary marketing invoices, which impacted significantly. We must keep in mind that in the market we are operating in, given the current macro, trust with suppliers is very important, and we have contentiously decided to be super sharp on payment terms and even, from time to time, to secure the product to pay in advance-- this has a bit impacted our cash flow. Then the key driver to reduce cash burn is reducing the cost, and we're going to reduce EBITDA at this stage, it's a bit too early to give more guidance, and I will give you more information in the Q4 release.

是的，我會採取第三個——現金消耗是三件事的函數：資本支出、工作上限變動和 EBITDA。關於資本支出，到目前為止，2022 年是投資的一年，我們打算在未來幾個季度減少資本支出投資。在工作上限方面，本季度我們受到 Jumia 週年營銷發票支付的影響，這產生了重大影響。我們必須牢記，在我們經營的市場中，考慮到當前的宏觀形勢，與供應商的信任非常重要，我們有爭議地決定在付款條件上非常敏銳，甚至不時地確保產品安全提前付款——這對我們的現金流有一點影響。然後減少現金消耗的關鍵驅動因素是降低成本，我們現階段將減少 EBITDA，現在給出更多指導還為時過早，我將在第四季度發佈時為您提供更多信息。

Your next question for today is coming from Lamont Williams at Stifel.

您今天的下一個問題來自 Stifel 的 Lamont Williams。

The first is on food delivery. It's been one of the fastest-growing categories over the last couple of quarters. Could you just talk about the unit economics for that category for food delivery overall? And then secondly, on the sales and marketing. How are you thinking about the balance between what level you could have for marketing costs and still grow your exit customer base at a pretty healthy rate? How do you think about where that balance is kind of-- how well of an absolute expense rate we can get to.

首先是送餐。它是過去幾個季度增長最快的類別之一。您能否談談整體送餐類別的單位經濟效益？其次，關於銷售和營銷。您如何考慮營銷成本的水平與仍以相當健康的速度增加退出客戶群之間的平衡？你如何看待這種平衡——我們可以達到多少絕對費用率。

All right, so, to your first question on food delivery. So, that's our restaurant segment. So, as we mentioned, the trends are pretty good, plus 25% year-on-year GMV growth, and we're very happy with the dynamics that we see in this sector. This is very much a core part of our business, and we intend to keep on pushing different segments, especially in very successful geographies like Nigeria. Anyway, you mentioned economics. This is a segment that we intend to manage with the same level of increased discipline, increased focus and increased level of execution across the board. We are open to stopping projects on a country-by-country basis if we believe they're not adding value and really apply the same principle that we are playing to the rest of the e-commerce business.

好吧，關於你的第一個關於送餐的問題。所以，這是我們的餐廳部分。因此，正如我們所提到的，趨勢非常好，GMV 同比增長 25%，我們對該行業的動態感到非常滿意。這是我們業務的核心部分，我們打算繼續推動不同的細分市場，尤其是在尼日利亞等非常成功的地區。不管怎樣，你提到了經濟學。這是一個我們打算以同樣的紀律水平、更高的關注度和更高的執行水平來管理的細分市場。如果我們認為這些項目沒有增加價值，並且真正應用了我們在其他電子商務業務中所遵循的相同原則，我們願意逐個國家停止項目。

On your second question, towards the balance between marketing and growth, if I get correctly, very interestingly, we have many success cases in the group of countries that have been able to manage very, very-- I mean, very good levels of efficiency in marketing spend while building up new categories and building growth for the whole business with very healthy economy. So we don't really see a balance between growing and spending in marketing. It's more about doing the right things, spending right on the right channels with the right levels of efficiency. Having said that, for Q4, we reiterate our guidance on marketing spend. And of course, marketing spend remains part of the strategy. And I may have [indiscenible] third question.

關於你的第二個問題，關於營銷和增長之間的平衡，如果我沒弄錯的話，非常有趣的是，我們在國家集團中有許多成功案例，它們能夠管理非常、非常——我的意思是，非常高的效率水平在營銷支出方面，同時建立新類別並在經濟非常健康的情況下為整個業務建立增長。因此，我們並沒有真正看到營銷增長和支出之間的平衡。更多的是做正確的事，在正確的渠道上以正確的效率水平正確地支出。話雖如此，對於第四季度，我們重申了我們對營銷支出的指導。當然，營銷支出仍然是戰略的一部分。我可能有 [音頻不清晰] 第三個問題。

No, that's it. And actually, maybe, can I just-- a follow-up question on the assortment. If you talk about there's some gaps in assortment and you're going to move back into consumer electronics. Are there any other categories where you might see some gaps in the assortment that you could give a little bit more detail on?

不，就是這樣。實際上，也許，我可以 - 關於分類的後續問題。如果您談論分類中存在一些差距，那麼您將回到消費電子產品領域。是否有任何其他類別，您可能會在分類中看到一些差距，您可以提供更多細節？

Very good question. So as we mentioned, we want to open that both country-by-country, geography-by-geography, and this is what makes sense for the business. We need that kind of level of granularity. When we look country-by-country, the big picture is that our core categories are more or less the same across the board, and that's why we know that we have very good customer traction, and we can have healthy economics, and we know it for a fact. That's electronics, including food, TV, computing, consumer appliances, home categories, fashion and beauty. These are the bread and butter categories of Jumia, and e-commerce in general. And across those categories, we see that in all countries are not at the same level of development, and we're trying to do the right decision country-by-country, category-by-category, distributor-by-distributor, brand-by-brand to improve our assortments and get the supply. These are really the basics. We want to win at this stage. Of course, there are ways to go more deeper to expand into new categories. I mean I can give you an example, last year, I recall did great progress on building the category of agricultural inputs, agricultural tools and insurance. This is just an example. We're open to expanding into new categories. But really, at this stage, we just want to make sure we get the basics right.

很好的問題。因此，正如我們提到的，我們希望逐個國家、逐個地理地開放，這對企業來說是有意義的。我們需要那種粒度級別。當我們逐個國家看時，大局是我們的核心品類或多或少都是一樣的，這就是為什麼我們知道我們有很好的客戶吸引力，我們可以有健康的經濟，我們知道這是事實。那是電子產品，包括食品、電視、計算機、消費電器、家居品類、時尚和美容產品。這些是 Jumia 的麵包和黃油類別，以及一般的電子商務。在這些類別中，我們看到所有國家的發展水平都不相同，我們正在努力逐個國家、逐個類別、逐個分銷商、逐個品牌做出正確的決定-按品牌分類以改善我們的分類並獲得供應。這些確實是基礎知識。我們想在這個階段獲勝。當然，有辦法更深入地拓展新品類。我的意思是我可以舉個例子，我記得去年在建立農業投入品、農具和保險品類方面取得了很大進展。這只是一個例子。我們願意擴展到新的類別。但實際上，在這個階段，我們只想確保我們掌握了正確的基礎知識。

There appear to be no further questions in queue. I would like to turn the floor back over to Francis for any closing comments.

隊列中似乎沒有其他問題。我想將發言權轉回給弗朗西斯，聽取任何結束評論。

Thank you. So, I would like to thank all of you for joining the call today. We will be very much looking forward to sharing with you more progress on our plan in 3 months. Thank you very much.

謝謝你。所以，我要感謝大家參加今天的電話會議。我們非常期待在 3 個月內與您分享我們計劃的更多進展。非常感謝。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone 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。此時您可以斷開電話線，度過美好的一天。感謝您的參與。