Jumia Technologies AG (JMIA) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thanks for standing by. Welcome to Jumia's Results Conference Call for the Fourth Quarter of 2022. (Operator Instructions).

女士們先生們，美好的一天，感謝您的支持。歡迎來到 Jumia 2022 年第四季度的業績電話會議。（運營商說明）。

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 fourth quarter 2022 earnings call. With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. 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.

謝謝。大家，早安。感謝您今天加入我們的 2022 年第四季度財報電話會議。今天和我們在一起的是 Jumia 的首席執行官 Francis Dufay；財務和運營執行副總裁 Antoine Maillet-Mezeray。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存在重大差異。

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。

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。

With that, I hand over to Francis.

有了這個，我交給弗朗西斯。

Thank you, Safae. Welcome, everyone, and thanks for joining us today. I would like to start with a brief update on our strategy. So Antoine and I took on our new roles over 4 months ago now. Our mandate is very clear, taking Jumia to breakeven and building a growing and profitable business in Africa. We took swift action to support our path to profitability. And while it is still early days and there's a lot more that we're working on, the first results are very encouraging.

謝謝你，薩菲。歡迎大家，感謝您今天加入我們。我想首先簡要介紹一下我們的戰略。所以安托萬和我在 4 個多月前開始擔任我們的新角色。我們的任務非常明確，讓 Jumia 實現收支平衡，並在非洲建立一個不斷增長且盈利的業務。我們迅速採取行動支持我們的盈利之路。雖然現在還處於早期階段，我們還有很多工作要做，但初步結果非常令人鼓舞。

In Q4 '22, we made good progress on our strategic priorities. One, we have significantly reduced our losses. Two, we have enhanced business focus, terminating the number of nonproductivities to support our unit economics. Three, we have driven meaningful cost reduction. In Q4, it's mostly visible on fulfillment and marketing expenses, but we're working to drive more savings across the whole cost structure. And four, we have accelerated amortization, which has reached all-time highs in Q4.

在 22 年第四季度，我們在戰略重點方面取得了良好進展。第一，我們大大減少了損失。第二，我們加強了業務重點，終止了非生產性的數量以支持我們的單位經濟效益。第三，我們推動了有意義的成本削減。在第四季度，它主要體現在履行和營銷費用上，但我們正在努力在整個成本結構中節省更多費用。第四，我們加速了攤銷，這在第四季度達到了歷史新高。

Let me start with the reduction in losses on Page 5. Operating loss was down 41% year-on-year, reaching $49.8 million. Operating loss as a percentage of GMV decreased by over 8 percentage points year-on-year to 17.6%. Similarly, adjusted EBITDA loss was down 30% year-on-year, reaching $49.2 million. This takes full year '22 adjusted EBITDA loss to $207 million, near the bottom end of the guidance range we provided of $200 million to $220 million. So while this is good progress, we believe that we can do much, much better. And this is reflected in our guidance. We expect adjusted EBITDA loss for 2023 to decrease by up to 50% versus 2022. We'll come back to that at the end of our presentation.

讓我從第 5 頁的虧損減少開始。營業虧損同比下降 41%，達到 4980 萬美元。經營虧損佔 GMV 的百分比同比下降超過 8 個百分點至 17.6%。同樣，調整後的 EBITDA 虧損同比下降 30%，達到 4920 萬美元。這使 22 年全年調整後的 EBITDA 虧損達到 2.07 億美元，接近我們提供的 2 億至 2.2 億美元指導範圍的下限。因此，儘管這是一個很好的進展，但我們相信我們可以做得更好。這反映在我們的指南中。我們預計 2023 年調整後的 EBITDA 虧損將比 2022 年減少多達 50%。我們將在演示文稿結束時回到這一點。

To accelerate our progress towards profitability, we need to be much more focused and disciplined in our scope of activities. We've had a tendency in the past to spread ourselves (inaudible) across a very broad range of activities. We announced in our Q3 earnings call, our intention to enhance business focus and terminate a number of projects. These business exits have now been largely completed. We have discontinued Jumia Prime. The results from Prime in terms of consumer traction and stickiness as short of our targets. Other markets are probably not mature enough for this type of offering yet. We have also scaled back on our first-party grocery activity in Algeria, Ghana, Senegal and Tunisia to support our unit economics and reduce business complexity.

為了加快我們實現盈利的進程，我們需要在我們的活動範圍內更加專注和紀律嚴明。我們過去傾向於將自己（聽不清）分散到非常廣泛的活動中。我們在第三季度財報電話會議上宣布，我們打算加強業務重點並終止一些項目。這些業務退出現已基本完成。我們已停止使用 Jumia Prime。 Prime 在消費者吸引力和粘性方面的結果未達到我們的目標。對於此類產品，其他市場可能還不夠成熟。我們還縮減了在阿爾及利亞、加納、塞內加爾和突尼斯的第一方雜貨活動，以支持我們的單位經濟並降低業務複雜性。

Grocery comes with a number of procurement and logistics challenges and requires different scale for economics to work. It doesn't make sense for us at this stage to continue investing in this category in countries where it remains subscale. In addition, we have suspended our logistics as a service offering in a number of countries. We continue to be big believers in the logistics opportunity for Jumia across Africa. However, we need to first improve the efficiency of our logistics to serve better, our own e-commerce business. That said, we continue developing our logistics as a service activity in Nigeria, Morocco and Ivory Coast, where our logistics is ready to support third-party volume and where proof of concept has been established.

雜貨店面臨著許多采購和物流方面的挑戰，並且需要不同的經濟規模才能發揮作用。在這個階段，我們繼續在規模較小的國家投資這一類別是沒有意義的。此外，我們已暫停在多個國家/地區提供物流即服務。我們仍然堅信 Jumia 在整個非洲的物流機會。但是，我們需要首先提高物流效率，以更好地服務於我們自己的電子商務業務。也就是說，我們繼續在尼日利亞、摩洛哥和象牙海岸發展我們的物流服務活動，我們的物流已準備好支持第三方數量，並且已經建立了概念驗證。

Last but not least, we have discontinued in Q4 our food delivery operations in Egypt, Ghana and Senegal. In Egypt, although it's a large market, it is already very competitive with a number of established players. We were a late entrant in this space, launching our operations in the summer of '21, competing for market share in such a credit territory would have diluted our unit economics in the midterm with unclear upside. For Ghana and Senegal, we're talking about smaller markets in terms of opportunity and where our food delivery operations was subscale. We did not see attractive returns in the midterm to justify the investments. If we take all these business exits combined, we're talking about a relatively modest financial impact. In the 9 first months of 22 periods, exited businesses represent less than 4% of total GMV, 9% of revenue and 2% of EBITDA loss.

最後但同樣重要的是，我們在第四季度停止了在埃及、加納和塞內加爾的食品配送業務。在埃及，雖然這是一個很大的市場，但它已經與許多老牌企業競爭激烈。我們是這個領域的後來者，在 21 世紀夏天開始運營，在這樣一個信用領域爭奪市場份額會在中期稀釋我們的單位經濟效益，而且上升空間不明朗。對於加納和塞內加爾，我們談論的是較小的市場，因為我們的送餐業務規模較小。我們沒有看到有吸引力的中期回報來證明投資的合理性。如果我們將所有這些業務退出結合起來，我們談論的是相對溫和的財務影響。在 22 個時期的前 9 個月，退出的業務佔總 GMV 的不到 4%，佔收入的 9% 和 EBITDA 損失的 2%。

That said, they help us to significantly reduce business complexity and free up capital and management bandwidth to focus on core priorities such as growth topics. One of these priorities is to significantly reduce costs and operate at a much higher level of efficiency. What is visible in the Q4 '22 results is the significant decrease in fulfillment and sales and advertising expenses, sorry, which declined by 21% and 41%, respectively, year-on-year. And we are working to drive further efficiencies this year in our fulfillment and marketing costs.

也就是說，它們幫助我們顯著降低業務複雜性並釋放資本和管理帶寬以專注於增長主題等核心優先事項。這些優先事項之一是顯著降低成本並以更高的效率運行。從 22 年第四季度的結果中可以看出，履行、銷售和廣告費用顯著下降，對不起，分別同比下降 21% 和 41%。今年我們正在努力提高我們的履行和營銷成本的效率。

Antoine will provide you more color on this later on. What is it to favorably impact our P&L is the significant action that we have taken on G&A costs. We took some tough decisions on headcount in Q4. This has led to the termination of over 900 positions for expanding to a 20% headcount reduction. We have done a thorough work of streamlining functions to create linear, more productive teams and fully committed to the execution of our strategy.

安托萬稍後會為您提供更多的顏色。對我們的 P&L 產生有利影響的是我們對 G&A 成本採取的重大行動。我們在第四季度對員工人數做出了一些艱難的決定。這導致 900 多個職位被終止，以擴大到裁員 20%。我們已經徹底精簡職能，以創建線性的、更高效的團隊，並全力執行我們的戰略。

As part of that, we have significantly reduced our presence in Dubai, cutting headcount by over 60%. Most of the remaining staff are being relocated to our African offices closer to our consumers, sellers and operations. The implementation of these changes resulted in $3.7 million in one-off restructuring costs booked in Q4 '22. We expect this headcount reductions to allow us to save over 30% in monthly staff costs starting from March 23 as compared to October '23 staff cost baseline.

作為其中的一部分，我們大幅減少了在迪拜的業務，裁員超過 60%。剩下的大部分員工都被重新安置到我們的非洲辦事處，離我們的消費者、賣家和運營更近。這些變化的實施導致 22 年第四季度記入了 370 萬美元的一次性重組成本。從 3 月 23 日開始，與 23 年 10 月的員工成本基準相比，我們預計此次裁員將使我們的每月員工成本節省 30% 以上。

Accelerating our path to profitability requires both tighter cost control, as we've seen, and revenue growth. The major driver in the reduction in adjusted EBITDA loss in Q4 '22 was the acceleration of monetization to record highs. Gross profit was up 22% year-on-year and 38% in constant currency terms. Gross profit margin reached an all-time high of 14.5% of GMV, a step-up of over 4 percentage points compared to Q4 '21. This was driven by record highs reached across commissions, advertising and value-added services.

正如我們所見，要加快我們的盈利之路，既需要更嚴格的成本控制，也需要收入增長。 22 年第 4 季度調整後 EBITDA 虧損減少的主要驅動因素是貨幣化加速創下歷史新高。毛利潤同比增長 22%，按固定匯率計算增長 38%。毛利率達到 GMV 的 14.5% 的歷史新高，與 21 年第四季度相比提高了 4 個百分點以上。這是由佣金、廣告和增值服務創下的歷史新高推動的。

Clearly, we've made very good progress this quarter across monetization and cost reduction, and this positions us very well to further reduce our losses. Let's now dive deeper into Q4 performance. I will cover operating KPIs, while Antoine will walk you through our financials. Let me start with usage dynamics on Page 10. We are facing very significant macro challenges in several important markets, and this is affecting usage performance on our platform.

顯然，本季度我們在貨幣化和降低成本方面取得了非常好的進展，這使我們有能力進一步減少損失。現在讓我們更深入地了解第四季度的表現。我將介紹運營 KPI，而 Antoine 將向您介紹我們的財務狀況。讓我從第 10 頁的使用動態開始。我們在幾個重要市場面臨著非常重大的宏觀挑戰，這正在影響我們平台的使用性能。

Inflation is reaching new highs. In Ghana, for example, inflation reached 54% in December, its highest level in over 2 decades. Another example in Egypt, which is our second largest market. The latest CPI print came in at 26% in January this year. That's the highest level in over 5 years. Inflation is putting significant pressure on consumer spend. And the FX trench that we're seeing in many of our countries is creating major supply issues.

通貨膨脹率達到新高。例如，在加納，12 月份的通貨膨脹率達到 54%，是 20 多年來的最高水平。另一個例子是埃及，它是我們的第二大市場。今年 1 月最新的 CPI 數據為 26%。這是 5 年來的最高水平。通貨膨脹給消費者支出帶來巨大壓力。我們在許多國家看到的外匯戰壕正在造成重大的供應問題。

Egypt, for instance, faced a crisis of goods accumulated imports throughout 2022 due to a shortage of U.S. dollars. And we are seeing similar supply challenges in other countries such as Tunisia and Algeria, which is inevitably impacting our sales. That is the important background to have in mind when looking at our usage performance.

例如，由於美元短缺，埃及在整個 2022 年面臨商品累計進口危機。我們在突尼斯和阿爾及利亞等其他國家也看到了類似的供應挑戰，這不可避免地影響了我們的銷售。這是查看我們的使用性能時要牢記的重要背景。

Quarterly active consumers reached $3.2 million, down 15% year-on-year. This is partly a reflection of the macro challenges I just mentioned. And we also took deliberate action on our side to reduce emphasis on categories with more challenging unit economics, including grocery as well as the number of digital services on the JumiaPay app.

季度活躍消費者達到 320 萬美元，同比下降 15%。這在一定程度上反映了我剛才提到的宏觀挑戰。我們還採取了有意識的行動，減少對單位經濟更具挑戰性的類別的重視，包括雜貨店以及 JumiaPay 應用程序上的數字服務數量。

Similarly, orders declined by 12% year-on-year as a result of both macro challenges and debride category rationalization. GMV reached $283 million, down 14% year-on-year and flat on a constant currency basis. FX was a material headwind to GMV performance in Q4, with all local currencies depreciating against the U.S. dollar.

同樣，由於宏觀挑戰和清創術類別合理化，訂單同比下降 12%。 GMV 達到 2.83 億美元，同比下降 14%，按固定匯率計算持平。外匯是第四季度 GMV 表現的重大不利因素，所有當地貨幣兌美元都在貶值。

In particular, the Egyptian Pound, Nigerian Naira and West African CFA, depreciated by respectively, 23%, 6% and 12% against the U.S. dollar in '22 compared to '21. On the other hand, we made meaningful progress in the reduction of the overall rate of cancellations, failed deliveries and returns of CFDR. This is an important indicator of operational efficiencies to reduce reverse flows. We made particularly good progress on the consumer cancellation front as a result of enhanced user interface and experience as well as improving consumer education. The CFDR rate as a percentage of GMV improved from 22% in 2021 to 20% in 2022, while the CFDR rate as a percentage of orders improved from 16% in 2021 to 15% in 2022.

特別是埃及鎊、尼日利亞奈拉和西非非洲金融共同體在 22 年和 21 年分別對美元貶值了 23%、6% 和 12%。另一方面，我們在降低 CFDR 的整體取消率、交付失敗率和退貨率方面取得了有意義的進展。這是減少逆流的運營效率的重要指標。由於增強了用戶界面和體驗以及改進了消費者教育，我們在消費者取消方面取得了特別好的進展。 CFDR 佔 GMV 的百分比從 2021 年的 22% 提高到 2022 年的 20%，而 CFDR 佔訂單的百分比從 2021 年的 16% 提高到 2022 年的 15%。

To conclude on usage dynamics. I would like to emphasize that despite the macro challenges that we're seeing today, we are more than ever confident about the long-term growth opportunity in our markets. In fact, a core part of our strategy is to further strengthen our fundamentals to drive sustainable long-term growth with healthy unit economics. I had covered that in more detail in our November call, but I'd like to call out one of the initiatives that I had mentioned around supply improvements.

總結使用動態。我想強調的是，儘管我們今天看到了宏觀挑戰，但我們對市場的長期增長機會比以往任何時候都更有信心。事實上，我們戰略的核心部分是進一步加強我們的基本面，以健康的單位經濟來推動可持續的長期增長。我在 11 月的電話會議中對此進行了更詳細的介紹，但我想談談我提到的關於改善供應的一項舉措。

Some countries have been on this journey for a few months now and are already showing good signs of improvement. Just one example in Senegal that I was overseeing as part of my prior role. We stepped up our commercial efforts in the consumer electronics category in 2022, focusing on attracting more brands and quality suppliers to the platform. This is already yielding very positive results with GMV uplift of almost 90% year-on-year in Q4 '22 in the consumer electronics category. And we're obviously replicating similar actions across categories and across countries.

一些國家已經踏上了幾個月的旅程，並且已經顯示出良好的改善跡象。這只是塞內加爾的一個例子，我在之前的職責中負責監督。我們在 2022 年加大了在消費電子品類的商業力度，重點吸引更多品牌和優質供應商入駐該平台。這已經產生了非常積極的結果，消費電子類別的 GMV 在 22 年第四季度同比增長了近 90%。顯然，我們正在跨類別和跨國家/地區復制類似的行動。

Now moving on to JumiaPay on Page 11. JumiaPay TPV and transactions are closely linked to the underlying usage of our platform. So in the context of declining GMV and with the reduction of marketing incentives to drive prepayment penetration, JumiaPay TPV posted a decline of 18% year-on-year in Q4 '22. On a constant currency basis, TPV was flat year-on-year. FX was a significant headwind to TPV performance, particularly the 23% depreciation on the Egyptian Pound versus the U.S. dollar in '22.

現在轉到第 11 頁的 JumiaPay。JumiaPay TPV 和交易與我們平台的基礎使用密切相關。因此，在 GMV 下降的背景下以及推動預付款滲透的營銷激勵措施減少的情況下，JumiaPay TPV 在 22 年第四季度同比下降了 18%。按固定匯率計算，冠捷同比持平。外匯是 TPV 業績的重大不利因素，尤其是 22 年埃及鎊兌美元貶值 23%。

On-platform penetration of JumiaPay as a percentage of GMV remained relatively stable at 26% in Q4 '22 compared to 27% in Q4 '21. JumiaPay transactions reached $2.9 million in Q4 '22, down 26% year-on-year. This was a result of the decline in orders during the quarter, particularly, sorry, on the JumiaPay app, where we meaningfully scaled back promotional intensity to support unit economics.

JumiaPay 的平台滲透率佔 GMV 的百分比在 22 年第四季度保持相對穩定，為 26%，而 21 年第四季度為 27%。 JumiaPay 交易在 22 年第四季度達到 290 萬美元，同比下降 26%。這是本季度訂單下降的結果，特別是，抱歉，在 JumiaPay 應用程序上，我們有意義地縮減了促銷強度以支持單位經濟。

Overall, 29% of orders placed on Jumia in Q4 '22 were completed using JumiaPay compared to 35% in Q4 '21. This is mostly a result of the transactions decline on the JumiaPay app. As JumiaPay app penetration is almost 100% on the JumiaPay app. So JumiaPay penetration is 100% on 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.

總體而言，22 年第 4 季度 Jumia 下達的訂單中有 29% 是使用 JumiaPay 完成的，而 21 年第 4 季度這一比例為 35%。這主要是由於 JumiaPay 應用程序的交易下降。由於 JumiaPay 應用程序在 JumiaPay 應用程序上的滲透率幾乎為 100%。所以 JumiaPay 在 JumiaPay 應用上的滲透率為 100%。 JumiaPay 應用程序在交易組合中的份額減少導致 JumiaPay 整體交易滲透率下降，佔訂單的百分比。

JumiaPay continues to be a strategic priority for Jumia, and we're working on product and UX to make it an even more effective enabler for e-commerce business. That said, we do not intend to subsidize prepayment penetration on the platform, and our priority is very much on supporting our margins.

JumiaPay 仍然是 Jumia 的戰略重點，我們正在致力於產品和用戶體驗，使其成為電子商務業務的更有效推動者。也就是說，我們不打算補貼平台上的預付款普及率，我們的首要任務是支持我們的利潤率。

Last but not least, we remain focused on expanding our payment processing activities in Nigeria and Egypt, where we have previously obtained the relevant licenses to do so.

最後但並非最不重要的一點是，我們仍然專注於擴大我們在尼日利亞和埃及的支付處理活動，我們之前已經在這些地方獲得了相關許可。

I will now hand over to Antoine, who will walk you through our financials.

我現在將交給 Antoine，他將向您介紹我們的財務狀況。

Thanks, Francis. Hello, everyone. I'll start with a review of our top line performance on Page 13. Despite the major challenges we are facing in the macro front, we posted very strong top line performance in Q4 '22. Revenue was up 7% year-on-year and 23% on a constant currency basis. This was driven by marketplace revenue momentum, which accelerated by 27% year-on-year and 45% on a constant currency basis.

謝謝，弗朗西斯。大家好。我將從第 13 頁上對我們的頂線表現的回顧開始。儘管我們在宏觀方面面臨著重大挑戰，但我們在 22 年第四季度的頂線表現非常強勁。收入同比增長 7%，按固定匯率計算增長 23%。這是由市場收入勢頭推動的，同比增長 27%，按固定匯率計算增長 45%。

On the other hand, first-party revenue was down 15% year-on-year and flat on a constant currency basis. This was largely a result of our decision to scale back the grocery category to reduce operational complexity and support our margins. Other revenue was down 9% year-on-year and up 2% on a constant currency basis, partly due to the suspension of our logistics as a service offering in a number of geographies.

另一方面，第一方收入同比下降 15%，按固定匯率計算持平。這主要是因為我們決定縮減雜貨類別以降低運營複雜性並支持我們的利潤率。其他收入同比下降 9%，按固定匯率計算增長 2%，部分原因是我們在多個地區暫停提供物流服務。

Let's now unpack the growth dynamics of our marketplace revenue. Marketplace revenue reached an all-time high of $41.2 million in '22. Commissions was the fastest-growing marketplace revenue stream, up 81% year-on-year and up 105% in constant currency, reaching a record of $16 million. This was the result of commission rate increases implemented in Q2 and Q3 '22.

現在讓我們解開我們市場收入的增長動力。市場收入在 22 年達到 4120 萬美元的歷史新高。佣金是增長最快的市場收入來源，同比增長 81%，按固定匯率計算增長 105%，達到創紀錄的 1600 萬美元。這是 22 年第二季度和第三季度實施的佣金率上調的結果。

Marketing and advertising was the second fastest-growing revenue stream, up 76% year-on-year and up 96% in constant currency, reaching an all-time high of USD 7.4 million. This was driven by the strong momentum in third-party advertisers revenue, which more than doubled year-on-year.

營銷和廣告是增長第二快的收入來源，同比增長 76%，按固定匯率計算增長 96%，達到 740 萬美元的歷史新高。這是由第三方廣告商收入的強勁勢頭推動的，該收入同比增長了一倍多。

Value-added services also reached a record high at 9.5%, up 11% year-on-year and up 27% in constant currency as a result of a strong increase in warehousing service revenue. On the other hand, fulfillment revenue was down 23% year-on-year and down 11% in constant currency as a result of the selective deployment of next day free delivery earlier in 2022. We are currently making adjustments to the free shipping program. We are introducing higher minimum basket sizes and further restricting its geographical scope to support unit economics.

由於倉儲服務收入的強勁增長，增值服務也創下歷史新高，達到 9.5%，同比增長 11%，按固定匯率計算增長 27%。另一方面，由於 2022 年初有選擇地部署了次日免費送貨服務，履行收入同比下降 23%，按固定匯率計算下降 11%。我們目前正在對免費送貨計劃進行調整。我們正在引入更高的最小籃子規模，並進一步限制其地理範圍以支持單位經濟。

The strong marketplace revenue momentum is driving an acceleration in gross profit. Gross profit reached an all-time high of USD 41 million, up 22% year-on-year and 38% on a constant currency basis. This also led to an all-time high gross profit margin as a percentage of GMV at 14.5%.

強勁的市場收入勢頭正在推動毛利潤的加速增長。毛利創歷史新高，達到 4100 萬美元，同比增長 22%，按固定匯率計算增長 38%。這也導致毛利率佔 GMV 的百分比達到 14.5%，創歷史新高。

And now moving on to costs. Fulfillment expense reached USD 24 million, down 21% year-on-year and 6% on a constant currency basis, partly as a result of orders declining 12% during this period. The ratio of fulfillment expense per order, excluding JumiaPay app orders, which do not incur logistic costs, decreased by 17% from 3.24% in Q4 '21 to 2.17% in Q4 '22. As a percentage of GMV, fulfillment expense dropped 74 bps from 9.2% in Q4 '21, down to 8.5% in Q4 '22. These efficiency gains are encouraging, and we are focused on driving even more savings with a number of initiatives underway. These include optimizing our footprint and logistics routes, improving warehousing staff productivity and reducing packaging costs.

現在轉向成本。履行費用達到 2400 萬美元，同比下降 21%，按固定匯率計算下降 6%，部分原因是在此期間訂單下降 12%。每筆訂單的履行費用比率（不包括不產生物流成本的 JumiaPay 應用程序訂單）從 21 年第四季度的 3.24% 下降 17% 至 22 年第四季度的 2.17%。作為 GMV 的百分比，履行費用從 21 年第四季度的 9.2% 下降 74 個基點，下降到 22 年第四季度的 8.5%。這些效率提升令人鼓舞，我們正致力於通過一系列正在進行的舉措來推動更多的節約。其中包括優化我們的足跡和物流路線、提高倉儲人員的工作效率和降低包裝成本。

Sales and advertising expense reached USD 18.5 million, down 41% year-on-year and 35% on a constant currency basis as we continue to bring more discipline to our marketing investments. This led to an improvement of marketing efficiency ratios with sales and advertising expense per order decreasing by 32% from $2.8 in Q4 '21, down to $1.9 in Q4 '22. As a percentage of GMV, sales and advertising expense reached 6.5% in Q4 '22, almost 3 points improvement year-on-year. We still have room to generate even more efficiencies by improving the relevance and cost effectiveness to our marketing channels. There is an important distinction I'd like to make here, reducing marketing spend and seeking more efficiencies does not mean we are planning to sacrifice growth in pursuit of profitability. I do recognize that in the past, periods of faster growth came with marketing inefficiencies and that's something we plan to change. We firmly believe that we can drive usage growth while improving unit economics and efficiencies.

銷售和廣告費用達到 1850 萬美元，同比下降 41%，按固定匯率計算下降 35%，因為我們繼續加強營銷投資的紀律性。這導致營銷效率比率提高，每筆訂單的銷售和廣告費用從 21 年第四季度的 2.8 美元下降 32%，降至 22 年第四季度的 1.9 美元。 22 年第四季度，銷售和廣告費用佔 GMV 的百分比達到 6.5%，同比提高近 3 個百分點。我們仍有空間通過提高營銷渠道的相關性和成本效益來提高效率。我想在這裡做出一個重要的區分，減少營銷支出和尋求更高的效率並不意味著我們計劃為了追求盈利而犧牲增長。我確實認識到，在過去，快速增長的時期伴隨著營銷效率低下，這是我們計劃改變的事情。我們堅信，我們可以在提高單位經濟性和效率的同時推動使用量增長。

In fact, we have countries within our portfolio such as Ivory Coast of Senegal that are growing at faster rates than in the group with much better marketing economics. And this is a model we intend to replicate across the group.

事實上，我們投資組合中的一些國家（例如塞內加爾的象牙海岸）的增長速度快於營銷經濟學更好的國家。這是我們打算在整個團隊中復制的模型。

Moving on to technology costs. We continue investing in our tech backbone. Tech and content expense reached USD 14.5 million, up 10% year-on-year and 20% on a constant currency basis. This was partly due to the higher hosting fees during the quarter. That said, on a sequential basis, fixed staff costs were down 14% as the headcount cuts undertaken earlier in 2022 are paying off. We expect to drive further tech cost efficiencies as staff reductions continue to pay off and infrastructure optimization starts yielding results.

繼續討論技術成本。我們繼續投資於我們的技術骨幹。技術和內容支出達到 1450 萬美元，同比增長 10%，按固定匯率計算增長 20%。部分原因是本季度託管費用較高。也就是說，由於 2022 年初進行的裁員正在取得成效，固定員工成本環比下降了 14%。隨著裁員繼續取得成效，基礎設施優化開始產生成果，我們預計將進一步提高技術成本效率。

Let's now turn to G&A cost. G&A, excluding share-based compensation, reached USD 37.1 million, up 16% year-on-year and 28% on a constant currency basis. G&A included USD 3.2 million of restructuring costs associated with headcount rationalization conducted during the quarter. Excluding restructuring costs and share-based compensation, staff costs were down 12%, both year-on-year and quarter-on-quarter. We expect these headcount reductions to allow us to save over 30% in monthly staff costs starting from March '23 as compared to the October '22 staff cost baseline. To wrap up on cost, we have made good progress in cost reduction in Q4 '22. However, this only reflects the traction of the work we are doing across the P&L, and we expect to drive more savings throughout '23, which is reflected in our guidance.

現在讓我們轉向 G&A 成本。 G&A（不包括基於股份的薪酬）達到 3710 萬美元，同比增長 16%，按固定匯率計算增長 28%。 G&A 包括 320 萬美元與本季度進行的人員合理化相關的重組成本。剔除重組成本和股權激勵，員工成本同比和環比下降 12%。我們預計，與 22 年 10 月的員工成本基準相比，這些裁員將使我們從 23 年 3 月開始每月的員工成本節省 30% 以上。總結一下成本，我們在 22 年第四季度的成本削減方面取得了良好進展。然而，這僅反映了我們在整個損益表中所做工作的吸引力，我們希望在整個 23 年推動更多節省，這反映在我們的指導中。

Let's now move on to balance sheet and cash flow items. CapEx in Q4 '22 was USD 2.8 million, mostly relating to logistics and technology equipment purchases. Net change in working cap had an outflow impact of USD 13 million largely due to a significant increase in trade receivable and prepayments. This was mostly related to the prepayment of hosting fees for '23 to secure better pricing.

現在讓我們繼續討論資產負債表和現金流量項目。 22 年第四季度的資本支出為 280 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 1300 萬美元的流出影響，這主要是由於貿易應收賬款和預付款項的顯著增加。這主要與預付 '23 的託管費有關，以確保更好的定價。

Cash utilization for the quarter was $58.2 million, which is a 6% decline compared to Q3 '22 and 15% reduction compared to Q4 '21. At the end of December '22, we had a liquidity position of USD 228 million comprised of $72 million of cash and cash equivalents and $156 million of term deposits and other financial assets.

本季度的現金利用率為 5820 萬美元，與 22 年第三季度相比下降了 6%，與 21 年第四季度相比下降了 15%。截至 22 年 12 月末，我們的流動性頭寸為 2.28 億美元，包括 7200 萬美元的現金和現金等價物以及 1.56 億美元的定期存款和其他金融資產。

I'll now hand over to Francis, who will walk you through our guidance on Page 20.

現在我將交給 Francis，他將引導您完成我們在第 20 頁上的指導。

Thank you, Antoine. We remain fully committed to accelerating our progress towards breakeven. For 2023, we expect adjusted EBITDA loss to reach between $100 million to $120 million. At the bottom of this guidance range, this means cutting adjusted EBITDA loss by more than half versus 2022. The progress we made in Q4 '22, alongside the initiatives we're currently working on gives us confidence in our ability to hit this range. We have baked into this guidance realistic assumptions in terms of usage dynamics. The macro situation remains a headwind. So we essentially assume a continuation of the same usage trends observed in Q4 '22. What's supporting the adjusted EBITDA loss reduction is significant cost savings that results from efficiency initiatives that are largely underway.

謝謝你，安托萬。我們仍然完全致力於加快實現盈虧平衡的進程。到 2023 年，我們預計調整後的 EBITDA 虧損將達到 1 億至 1.2 億美元。在此指導範圍的底部，這意味著與 2022 年相比，調整後的 EBITDA 損失減少了一半以上。我們在 22 年第四季度取得的進展以及我們目前正在開展的舉措使我們對達到這一範圍的能力充滿信心。我們已將使用動態方面的現實假設納入本指南。宏觀形勢依然不利。因此，我們基本上假設 22 年第 4 季度觀察到的相同使用趨勢將繼續存在。支持調整後的 EBITDA 損失減少的是主要正在進行的效率舉措帶來的顯著成本節約。

With that in mind, we expect sales and advertising expense to reach between $30 million to $46 million. At the bottom of the range, we're talking about a reduction of over 60% versus 2022. Antoine made an important distinction earlier in the call. And let me stress that again, cutting marketing does not mean neglecting growth.

考慮到這一點，我們預計銷售和廣告費用將達到 3000 萬至 4600 萬美元。在該範圍的底部，我們談論的是與 2022 年相比減少 60% 以上。Antoine 在早些時候的電話會議中做出了重要區分。讓我再次強調，削減營銷並不意味著忽視增長。

In fact, we are doing thorough work and supply logistics and customer experience to drive sustainable growth for the long term. However, in the near term, the macro remains challenging, which is likely to continue to affect usage on the platform. And this calls for even more caution and discipline on cost management.

事實上，我們正在做徹底的工作，提供物流和客戶體驗，以推動長期可持續增長。然而，在短期內，宏觀仍然具有挑戰性，這可能會繼續影響平台的使用。這需要在成本管理上更加謹慎和嚴格。

In that period, we expect G&A, excluding share-based compensation, to reach between $90 million and $105 million compared to $122 million in 2022. The organizational changes conducted in Q4 '22 will help us drive meaningful staff cost savings in 2023. Antoine and I took a number of decisive actions in the very first days of our mandate.

在此期間，我們預計 G&A（不包括基於股份的薪酬）將達到 9000 萬至 1.05 億美元，而 2022 年為 1.22 億美元。22 年第四季度進行的組織變革將幫助我們在 2023 年推動有意義的員工成本節約。Antoine 和在我們上任的最初幾天，我採取了一些果斷行動。

Some of these were difficult, such as advanced cuts and business exits, but we believe they were necessary to set the business and a solid foundation to reach profitability. We are also driving a number of cultural changes at Jumia. Fostering a culture of innovation with a sharper focus on cost discipline. We have also removed layers of central management and business complexity to empower management in Africa to own and drive their country's agenda with a clear focus on profitability and long-term sustainable growth. There is very strong buying and commitment across the organization to deliver on our strategy, and we look forward to updating you on our progress on the next call.

其中一些是困難的，例如提前削減和業務退出，但我們認為它們對於建立業務和實現盈利的堅實基礎是必要的。我們還在 Jumia 推動了一些文化變革。培養創新文化，更加註重成本紀律。我們還消除了中央管理和業務複雜性的層次，使非洲的管理層能夠擁有和推動他們國家的議程，明確關注盈利能力和長期可持續增長。整個組織都有非常強烈的購買力和承諾來實現我們的戰略，我們期待在下一次電話會議上向您通報我們的進展情況。

With that, we are ready to take your questions.

這樣，我們就可以回答您的問題了。

(Operator Instructions) Your first question for today is coming from Luke Holbrook at Morgan Stanley.

（操作員說明）您今天的第一個問題來自摩根士丹利的 Luke Holbrook。

You made a significant reduction in staff, 900 positions. You're having your sales and advertising expense this year. I think you discussed consumers facing macro pressures. So I guess putting that all together, what are the assumptions that you're making from a top line perspective to hit the adjusted EBITDA guidance for this year.

您大幅裁員，裁員 900 個。你今年有銷售和廣告費用。我想你討論了消費者面臨的宏觀壓力。所以我想把所有這些放在一起，你從頂線的角度做出的假設是什麼，以達到今年調整後的 EBITDA 指導。

As we said in the call, we're not giving the guidance on top line for this year. But in our assumptions, we basically do not see -- we do not forecast or foresee material changes to the trends that we've seen in Q4, I put it this way. However, we are working very, very hard to reverse the trends and to deliver much better top line than what we've seen in the past quarter, working on fundamentals of supply, the rentals of customer experience, UX and distribution.

正如我們在電話會議中所說，我們不會提供今年的收入指導。但在我們的假設中，我們基本上看不到——我們沒有預測或預見我們在第四季度看到的趨勢會發生重大變化，我是這樣說的。然而，我們正在非常、非常努力地扭轉趨勢，並提供比我們在過去一個季度看到的更好的收入，致力於供應的基本面、客戶體驗的租賃、用戶體驗和分銷。

And just historically, we've had, I guess, supply chain issues and macro conditions blamed on underperformance in terms of profitability. From what you're saying, if there is a deviation on top line trajectory from what you're expecting, you'll take further actions? Is that correct, just to make sure that you're hitting that adjusted EBITDA kind of loss guidance? Is that right interpretation?

我猜，從歷史上看，我們曾將供應鏈問題和宏觀環境歸咎於盈利能力方面的表現不佳。根據您的說法，如果頂線軌跡與您的預期存在偏差，您會採取進一步行動嗎？這是否正確，只是為了確保您達到調整後的 EBITDA 損失指導？這樣的解釋對嗎？

We will make sure that we hit the guidance definitely?

我們將確保我們一定會達到指導？

Your next question for today is coming from Aaron Kessler at Raymond James.

今天的下一個問題來自 Raymond James 的 Aaron Kessler。

A couple of questions. One, just the decline in customers and orders on a year-over-year basis that you saw, I think you said that was mostly macro. Was there any other factors, though, including scaling back some of these initiatives that weighed on the kind of the customer order growth in the quarter?

幾個問題。第一，你看到的客戶和訂單同比下降，我想你說這主要是宏觀的。但是，是否還有任何其他因素，包括縮減其中一些影響本季度客戶訂單增長的舉措？

Sorry, Aaron, I didn't get the second half of the question.

抱歉，Aaron，我沒聽清問題的後半部分。

Is there any other factors besides macro [metro] kind of the decline in customers and orders such as some of the newer scaling back some of these initiatives?

除了宏觀 [metro] 類型的客戶和訂單下降之外，是否還有其他因素，例如一些較新的縮減其中一些舉措？

No. I think that there are many trends at play. I mean, definitely macro is the biggest driver. When you talk about macro, there are 2 big things at play. One is inflation and the other one is supply disruption. So inflation, we mentioned, for example, Ghana that has 54% yearly inflation. This is obviously impacting purchasing power for our customers.

不，我認為有很多趨勢在起作用。我的意思是，宏觀絕對是最大的驅動力。當你談論宏觀時，有兩件大事在起作用。一是通貨膨脹，二是供應中斷。所以通貨膨脹，我們提到，例如，加納的年通貨膨脹率為 54%。這顯然影響了我們客戶的購買力。

The second big piece is hard currencies and missing hard currency in each of our countries that is impacted heavily ability to import in some countries like in Egypt, which has the consequences impacting our ability to get the right supply on the platform and the right lineup of products. So this is by far the biggest driver. There are also some other drivers. For example, we have made conscious and deliberate decisions to optimize and rationalize some categories such as FMCG or JumiaPay app. So we're seeing negative trends on those segments, but we know why, and this is a very deliberate choice.

第二大塊是我們每個國家的硬通貨和缺失的硬通貨，這嚴重影響了在埃及等一些國家的進口能力，這影響了我們在平台上獲得正確供應的能力和正確的陣容產品。所以這是迄今為止最大的驅動因素。還有一些其他驅動程序。例如，我們已經做出有意識和深思熟慮的決定來優化和合理化某些類別，例如 FMCG 或 JumiaPay 應用程序。所以我們在這些細分市場上看到了負面趨勢，但我們知道原因，這是一個非常慎重的選擇。

On the other hand, we have some segments in some categories that are growing because we are -- or that are performing way better than the average because we're already starting the review of fundamentals on those segments.

另一方面，我們在某些類別中有一些細分市場正在增長，因為我們 - 或者表現優於平均水平，因為我們已經開始審查這些細分市場的基本面。

Any more details you can provide on the -- you saw a nice growth in commission revenues in the quarter. I guess how much of that was kind of from higher pricing that you've rolled out or cutting back the level of couponing you've used previously as well?

您可以提供更多詳細信息 - 您看到本季度佣金收入有不錯的增長。我想其中有多少是來自您推出的更高定價或削減您之前使用的優惠券水平？

Yes. Yes, absolutely. So in this quarter, we have reached an all-time high at 14.5% of gross profit versus GMV. That's mostly the consequence of commissions increase and that was undertaken mid-'22. We're also hitting a record level of advertising revenues. However, going forward, we will be very disciplined on monetization, and we'll take it more as a byproduct of scale. So we do not expect further commission increases in the near term, and we do not foresee a material increase in gross profit margin for the future quarters versus Q4. But basically, yes. So a share of that is from the (inaudible), I mean sales contribution from advertising and another share is from kind of mandatory take rates from commissions, and that we want to be careful about because we don't want to hurt the economic equation of our vendors, and we want to make sure that the platform remains attractive for new vendors to join.

是的。是的，一點沒錯。因此，在本季度，我們的毛利潤與 GMV 之比達到了 14.5% 的歷史新高。這主要是佣金增加的結果，並且是在 22 世紀中期進行的。我們的廣告收入也創下了歷史新高。然而，展望未來，我們將在貨幣化方面非常自律，我們將更多地將其視為規模的副產品。因此，我們預計近期佣金不會進一步增加，而且我們預計未來幾個季度的毛利率與第四季度相比不會有實質性增長。但基本上，是的。所以其中一部分來自（聽不清），我的意思是廣告的銷售貢獻，另一部分來自佣金的強制性收取率，我們要小心，因為我們不想破壞經濟方程式我們的供應商，我們希望確保該平台對新供應商的加入仍然具有吸引力。

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。

Can you just -- as you bring down sales and marketing expense for next year, could you just talk about the shift that you are planning and the marketing mix, I think historically, you've done mostly -- most of the mix has been performance marketing. Can you just talk about how you're thinking about next year?

你能不能——當你降低明年的銷售和營銷費用時，你能不能談談你正在計劃的轉變和營銷組合，我認為從歷史上看，你已經完成了大部分——大部分組合是績效營銷。你能談談你對明年的看法嗎？

So a very good question. And let me give also a broader answers because it's a very important point. So we indeed scaling back on sales and advertising expense. And as Antoine mentioned, we're cutting on significant efficiency and may I even say waste from the past. And we believe we can do that because we see little correlation between marketing spend and growth of the countries when you look country by country. So quite comfortable going forward with this plan. But we're doing -- we're not just reducing stuff. We also have a very clear plan to enable sustainable growth with healthy economics.

這是一個很好的問題。讓我也給出更廣泛的答案，因為這是非常重要的一點。所以我們確實縮減了銷售和廣告費用。正如 Antoine 所提到的，我們正在顯著降低效率，我什至可以說過去的浪費。我們相信我們可以做到這一點，因為當您逐個國家/地區查看時，我們發現營銷支出與國家/地區的增長之間幾乎沒有關聯。繼續執行此計劃非常自在。但我們正在做——我們不僅僅是在減少東西。我們還有一個非常明確的計劃，以實現健康經濟的可持續增長。

So while reducing marketing budgets, we're also launching much more structural actions with medium- to long-term impact that are, of course, more difficult to execute than throwing money on marketing, but that will have the best long-term and most -- the biggest long-term impact. So we're rebuilding the value proposition of our platform category by category in each country, focusing on key categories, fashion, duty electronics, home and living. Basically, what we're doing is we're onboarding or re-onboarding the right brands and vendors, securing best prices and selection. This -- I insist on this one, this may sound a bit basic and obvious in from Western countries, but this is absolutely critical in emerging markets in Africa where supply is a permanent challenge for both consumers and retailers, and it's a battle for us.

因此，在減少營銷預算的同時，我們還推出了更多具有中長期影響的結構性行動，當然，這些行動比在營銷上投入資金更難執行，但這將帶來最好的長期和最——最大的長期影響。因此，我們正在每個國家按類別重建我們平台類別的價值主張，重點關注關鍵類別、時尚、電子產品、家居和生活。基本上，我們正在做的是我們正在加入或重新加入合適的品牌和供應商，確保最好的價格和選擇。這個——我堅持這個，這在西方國家可能聽起來有點基礎和明顯，但這在非洲的新興市場是絕對重要的，那裡的供應對消費者和零售商來說都是一個永久性的挑戰，這對我們來說是一場戰鬥.

Second, we're expanding to reach outside of our capital cities to reach consumers outside of the big cities. So we're expanding the consumer base through a broader distribution network and more relevant marketing channels to target those customers. So to your question, we're adding to our mix to our marketing mix much more underground activation, much -- programs that are tailored for people who are not necessarily fluent with the new communication channels, who don't have the Internet -- access to the Internet, for example. And we have many, many good proofs of concept from a number of countries that we can leverage there. And then we're improving CX, removing pain points such as spinning up returns. And we're doing a lot of tech work to improve our UX. We're not delivering -- we're not planning on delivering new fancy features on the app, we are rather focused on fixing basics, fixing issues and simplifying the experience.

其次，我們正在向首都城市以外的地區擴張，以接觸大城市以外的消費者。因此，我們正在通過更廣泛的分銷網絡和更相關的營銷渠道來擴大消費者基礎，以瞄準這些客戶。所以對於你的問題，我們正在為我們的營銷組合添加更多的地下激活，很多 - 為不一定熟悉新的溝通渠道，沒有互聯網的人量身定制的計劃 -例如，訪問互聯網。我們有許多來自許多國家的很好的概念證明，我們可以在那裡利用它們。然後我們正在改進 CX，消除諸如增加回報之類的痛點。我們正在做很多技術工作來改善我們的用戶體驗。我們不提供——我們不打算在應用程序上提供新的奇特功能，我們更專注於修復基礎、解決問題和簡化體驗。

To give you an example at the moment, we're working on fixing issues with our log-in process that was negatively impacting our customers. We prefer to focus on that rather than delivering new creative features at the moment because we want to make sure that is strong enough and supports our growth story. So that's the overall picture. And as part of that, changing the mix of marketing, obviously, has a very -- it's very important. So what's happening specifically on marketing, as I was mentioning, so we're increasing the share of budget and management focus on underground activation and marketing channels that are relevant for customers who are fully connected to the Internet. So print flyers, local radios, and street activation and so on are very good examples. We are also scaling up our efforts and the tech focus in our CRM and our on-site improvement. We have great -- we have huge customer database, and we can leverage it even more with better CRM tools and processes. So we're working on that a lot. And we're improving our on-site performance. So we make better use of the direct traffic on the platform. We, of course, still have paid marketing channels, but with much lower budget and with much greater focus on efficiency.

舉個例子，我們正在努力解決對我們的客戶產生負面影響的登錄流程問題。我們更願意專注於此，而不是目前提供新的創意功能，因為我們想確保它足夠強大並支持我們的成長故事。這就是整體情況。作為其中的一部分，改變營銷組合顯然非常重要。因此，正如我剛才提到的，營銷方面正在發生什麼，所以我們正在增加預算份額，並將管理重點放在與完全連接到互聯網的客戶相關的地下激活和營銷渠道上。因此，印刷傳單、當地廣播和街頭活動等都是很好的例子。我們還在 CRM 和現場改進方面加大力度和技術重點。我們擁有巨大的客戶數據庫，我們可以通過更好的 CRM 工具和流程更好地利用它。所以我們正在做很多工作。我們正在改進我們的現場表現。所以我們更好地利用平台上的直接流量。當然，我們仍然有付費營銷渠道，但預算要低得多，而且更加註重效率。

And just you talked about some changes or reductions in business lines and the digital categories. Could you just touch on that? And what exactly you did with some of your individual business lines?

剛才你談到了業務線和數字類別的一些變化或減少。你能談談嗎？你對你的一些個人業務線做了什麼？

So in the past quarter, we've been deliberately more disciplined in marketing investments across the board, of course, and in JumiaPay and JumiaPay app, in particular. So we have pulled back pens on some of the heavily promotional categories on the JumiaPay app, such as airtime sales and virtual sales, which, as a consequence, obviously has impacted the sales in this quarter. But as we focused on getting better economics, we do not intend to subsidize heavily the growth of such categories in the near term.

因此，在過去的一個季度中，我們在全面的營銷投資方面有意更加自律，當然，尤其是在 JumiaPay 和 JumiaPay 應用程序方面。因此，我們撤回了 JumiaPay 應用程序上一些大力促銷的類別，例如通話時間銷售和虛擬銷售，這顯然影響了本季度的銷售。但由於我們專注於獲得更好的經濟效益，我們不打算在短期內大量補貼此類類別的增長。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開您的線路。感謝您的參與。