Jumia Technologies AG (JMIA) 2023 Q1 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 first quarter of 2023. 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 2023 年第一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 first quarter 2023 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.

謝謝。大家，早安。感謝您今天加入我們的 2023 年第一季度財報電話會議。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。

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.

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。

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 May 16, 2023, as well as our other submissions with the SEC.

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 2023 年 5 月 16 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. With that, I'll hand over to Francis.

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. So we are now 7 months into the execution of our strategy to accelerate our progress towards profitability. And I'm very pleased to report today very good progress towards this call.

謝謝你，薩菲。歡迎大家，感謝您今天加入我們。因此，我們現在已經執行了 7 個月的戰略，以加速我們實現盈利的進程。我很高興今天向大家報告此次電話會議取得了非常好的進展。

In Q1 '23, adjusted EBITDA loss decreased by 51% year-over-year, reaching its lowest level in over 4 years. This is the third consecutive quarter of adjusted EBITDA loss reduction on a year-over-year basis.

23 年第一季度，調整後的 EBITDA 虧損同比下降 51%，達到 4 年來的最低水平。這是調整後的 EBITDA 虧損連續第三個季度同比減少。

And we are accelerating the pace of loss reduction after a 30% decrease in adjusted EBITDA loss in Q4 '22. The loss reduction this quarter was supported by significant cost savings as we reduced our operating expenses by 32.9% year-over-year. We are opening the box on every cost line in our P&L and driving efficiencies while maintaining our standards of operation and execution.

在 22 年第四季度調整後的 EBITDA 損失減少 30% 之後，我們正在加快減少損失的步伐。本季度的虧損減少得益於顯著的成本節約，因為我們的運營費用同比減少了 32.9%。我們正在打開損益表中每條成本線的框框並提高效率，同時保持我們的運營和執行標準。

We are very pleased with the progress made so far on costs and we believe that we still have room to drive further savings on fulfillment, tech and G&A costs as our efficiency measures continue to yield more results. I also want to be very clear that although we believe cost reduction to be an essential lever for breakeven, it's only one aspect of our broader profitability strategy.

我們對迄今為止在成本方面取得的進展感到非常滿意，並且我們相信，隨著我們的效率措施繼續取得更多成果，我們仍有進一步節省履行、技術和 G&A 成本的空間。我還想非常清楚地表明，儘管我們認為降低成本是實現收支平衡的重要槓桿，但這只是我們更廣泛的盈利戰略的一個方面。

The other very important lever for breakeven is obviously growth. And although growth in Q1 '23, sorry, was affected by a number of headwinds, we have significant growth runway in our markets, and we are working on the fundamentals of our business and consumer value proposition to capture this vast opportunity.

另一個非常重要的盈虧平衡槓桿顯然是增長。抱歉，儘管 23 年第一季度的增長受到了一些不利因素的影響，但我們在市場上有顯著的增長跑道，我們正在研究我們的業務和消費者價值主張的基本面，以抓住這個巨大的機會。

Let's now review the details of usage performance in Q1 '23. So quarterly active consumers, orders and GMV declined by 22%, 26% and 22% year-over-year, respectively. Usage dynamics were negatively affected by a combination of factors in Q1 '23.

現在讓我們回顧一下 Q1 '23 中使用性能的詳細信息。因此，季度活躍消費者、訂單和 GMV 分別同比下降 22%、26% 和 22%。在 23 年第一季度，使用動態受到多種因素的負面影響。

First of all, the macro environment remains very challenging. High inflation is affecting consumer spending power and restricting sellers' ability to source goods. We also faced a challenging operating environment in Q1 in Nigeria with protests related to the withdrawal, sorry, of high-denomination currency notes.

首先，宏觀環境依然充滿挑戰。高通脹正在影響消費者的消費能力並限制賣家的貨源能力。我們在尼日利亞的第一季度也面臨著充滿挑戰的經營環境，抗議活動與撤回大面額紙幣有關。

There were also security concerns around the election period in February '23 but as of today, the disruptions in Nigeria has subsided. Second, we took very deliberate actions that we knew would affect usage in the short term but are the right things to do for the long-term growth and profitability of our business. We recalibrated our product and service portfolio, moving away from unprofitable categories with limited consumer lifetime value.

23 年 2 月的選舉期間也存在安全問題，但截至今天，尼日利亞的混亂已經平息。其次，我們採取了非常慎重的行動，我們知道這些行動會在短期內影響使用，但對於我們業務的長期增長和盈利來說卻是正確的做法。我們重新調整了我們的產品和服務組合，擺脫了消費者生命週期價值有限的無利可圖類別。

As part of that, we have seized our first-party grocery offering in most countries and significantly reduced promotional intensity behind a number of services on the JumiaPay app. In fact, JumiaPay app services accounted for over 25% of GMV decline and over 40% of orders declined.

作為其中的一部分，我們已經在大多數國家/地區抓住了我們的第一方雜貨產品，並顯著降低了 JumiaPay 應用程序上許多服務背後的促銷強度。事實上，JumiaPay 應用服務佔 GMV 下降的 25% 以上，訂單下降的比例超過 40%。

JumiaPay app services, combined with the FMCG category, which includes grocery products, accounted for a total of 55% of the decline in items sold during the quarter.

JumiaPay 應用服務與包括雜貨產品在內的快速消費品類別相結合，共佔本季度銷售商品下降的 55%。

Lastly, for GMV specifically FX was a significant headwind and contributed, sorry, 15 percentage points to the 22% GMV decrease in Q1 '23. 9 out of 10 local currency depreciated against the U.S. dollar. The Egyptian Pound and Ghanaian Cedi, for example, depreciated by more than 80% against the dollar. While the Nigerian Naira, Kenyan Shilling and South African Rand depreciated by over 10%.

最後，對於 GMV，特別是外匯是一個重大的逆風，抱歉，導致 23 年第一季度 GMV 下降 22% 的 15 個百分點。十分之九的當地貨幣兌美元貶值。例如，埃及鎊和加納塞地兌美元貶值超過 80%。而尼日利亞奈拉、肯尼亞先令和南非蘭特貶值超過 10%。

We view these headwinds as temporary and we are working on a comprehensive plan to drive long-term profitable growth from Jumia. The focus of this plan is on getting the basics right across all geographies.

我們認為這些不利因素是暫時的，我們正在製定一項綜合計劃來推動 Jumia 的長期盈利增長。該計劃的重點是在所有地區獲得正確的基礎知識。

The first priority is to improve supply and assortment relevance by attracting high-quality sellers onto the platform. And I mean by that, relevant brands, strong local distributors and importers with a focus on core e-commerce categories such as phones, electronics, home appliances, fashion and beauty.

首要任務是通過吸引優質賣家進入平台來改善供應和分類相關性。我的意思是，相關品牌、強大的本地分銷商和進口商專注於核心電子商務類別，如手機、電子產品、家用電器、時尚和美容。

We have already taken steps to streamline our category mix with the pullback from third-party grocery so we can now focus on getting the right assortment and price points across relevant product categories. We are also working on enhancing seller management tools and processes to improve the experience of our sellers in Jumia.

我們已經採取措施通過第三方雜貨店的撤退來簡化我們的類別組合，因此我們現在可以專注於在相關產品類別中獲得正確的分類和價格點。我們還致力於增強賣家管理工具和流程，以改善我們賣家在 Jumia 中的體驗。

We have started rolling out a new version of our SellerCenter platform, which includes a broad suite of seller management tools to help them better manage and grow their businesses in Jumia.

我們已經開始推出新版本的 SellerCenter 平台，其中包括一套廣泛的賣家管理工具，以幫助他們更好地管理和發展他們在 Jumia 的業務。

Last but not least, we plan to further develop Jumia Global. This is a broader platform that allows overseas sellers, mostly Chinese to sell on Jumia. Jumia Global is a meaningful competitive advantage for Jumia as it allows us to offer consumer products that are not available locally at attractive price points and within a reasonable time frame.

最後但同樣重要的是，我們計劃進一步發展 Jumia Global。這是一個更廣泛的平台，允許海外賣家（主要是中國賣家）在 Jumia 上銷售。 Jumia Global 對 Jumia 來說是一個有意義的競爭優勢，因為它使我們能夠在合理的時間範圍內以極具吸引力的價格提供本地無法獲得的消費產品。

In addition to our commercial efforts, we are working on penetrating our addressable markets more effectively.

除了我們的商業努力，我們還致力於更有效地滲透我們的目標市場。

And we intend to do so by tapping into the large consumer pools located outside of primary cities, which are usually underserved by retail as we speak. For that we are expanding our logistics reach in these areas in a cost-effective manner, mostly through developing pick-up stations networks along relevant logistics routes. And these pick-up stations are usually operated by third-party partners who work on the strict guidelines and supervision from Jumia.

我們打算通過利用位於主要城市以外的大型消費者群體來做到這一點，正如我們所說的那樣，這些消費者通常缺乏零售服務。為此，我們正在以具有成本效益的方式擴大我們在這些地區的物流覆蓋範圍，主要是通過沿相關物流路線開發提貨站網絡。而這些取貨站通常由第三方合作夥伴運營，他們在 Jumia 的嚴格指導和監督下工作。

The second requirement to expand our reach is to adapt our marketing strategy. And this means leveraging relevant local channels to reach these populations, educate them about e-commerce and engage with them on an ongoing basis.

擴大影響力的第二個要求是調整我們的營銷策略。這意味著利用當地相關渠道接觸這些人群，對他們進行電子商務教育並持續與他們互動。

Ivory Coast is one of the countries that's at the forefront of developing e-commerce in secondary cities and rural areas and there are a number of learnings we can leverage to replicate the success in other countries.

科特迪瓦是在二線城市和農村地區發展電子商務最前沿的國家之一，我們可以利用許多經驗來複製其他國家的成功經驗。

In terms of marketing, we have found that local channels such as local radio, street activation, Jumia Force are much more effective at driving awareness and conversion rates than typical digital marketing channels.

在營銷方面，我們發現本地廣播、街道激活、Jumia Force 等本地渠道在提高知名度和轉化率方面比典型的數字營銷渠道更有效。

That's why we're very, very comfortable working with much smaller marketing budgets. It is not a question of spending large amounts on marketing. It's a question of deeply embedding ourselves within local communities to understand what resonates best with them.

這就是為什麼我們非常非常樂意使用更少的營銷預算。這不是在營銷上花費大量資金的問題。這是一個深入融入當地社區以了解最能引起他們共鳴的問題。

On the technology front, we are focusing on our development efforts on products and features that enhance the UI/UX to make our platform even easier and more intuitive to use. And last but not least, JumiaPay has an important role to play in the growth of e-commerce to add more convenience and remove friction at checkout.

在技術方面，我們專注於增強 UI/UX 的產品和功能的開發工作，使我們的平台更易於使用和更直觀。最後但並非最不重要的一點是，JumiaPay 在電子商務的發展中發揮著重要作用，可以增加更多便利並消除結賬時的摩擦。

We are now in the process of rolling out JumiaPay on delivery to allow digital payments on delivery and further reduce the use of cash. None of these actions are quick fixes or shortcuts to growth.

我們現在正在推出 JumiaPay 貨到付款，以實現貨到付款的數字支付，並進一步減少現金的使用。這些行動都不是快速修復或增長的捷徑。

These are fundamental improvements of our customer value proposition, so we expect the results to materialize over time. Now moving on to JumiaPay. TPV was $48.6 million, down 31% year-over-year and down 13% on a constant currency basis.

這些是我們客戶價值主張的根本改進，因此我們希望結果隨著時間的推移而實現。現在轉向 JumiaPay。 TPV 為 4860 萬美元，同比下降 31%，按固定匯率計算下降 13%。

FX effects were a significant headwind again to TPV performance, particularly the 87% depreciation of the Egyptian Pound, sorry, against the U.S. dollar. The drop in JumiaPay app TPV accounted for almost 60% of the total TPV decline.

外匯效應再次對 TPV 業績構成重大不利影響，尤其是埃及鎊兌美元貶值 87%。 JumiaPay 應用程序 TPV 的下降佔 TPV 總下降的近 60%。

This was a result of our decision to discontinue highly promotional services on the app that do not build sustainable cohorts, such as airtime recharge and watches. This development also led to a decline in TPV penetration from 28% in Q1 '22 to 25% in Q1 '23 despite an increase in TPV penetration in both our physical goods and food delivery platforms.

這是因為我們決定停止在應用程序上停止不建立可持續隊列的高度促銷服務，例如通話時間充值和手錶。這一發展還導致 TPV 滲透率從 22 年第一季度的 28% 下降到 23 年第一季度的 25%，儘管 TPV 在我們的實物商品和食品配送平台中的滲透率有所增加。

JumiaPay transactions reached $2 million in Q1 '23, down 38% year-over-year. The transactions decline on the JumiaPay app accounted for over 80% of the overall JumiaPay transactions decline. 29% of orders placed on the platform -- on the Jumia platform in Q1 '23 were completed using JumiaPay compared to 34% in Q1 '22.

JumiaPay 交易在 23 年第一季度達到 200 萬美元，同比下降 38%。 JumiaPay 應用程序的交易下降佔 JumiaPay 整體交易下降的 80% 以上。 23 年第一季度在 Jumia 平台上的平台訂單中有 29% 是使用 JumiaPay 完成的，而 22 年第一季度這一比例為 34%。

Here, again, the decline in penetration was mostly attributable to the reduction of JumiaPay app services in the transactions mix with JumiaPay transactions penetration as a percentage of orders actually increasing in both physical goods and food delivery platforms.

同樣，滲透率的下降主要歸因於 JumiaPay 應用程序服務在交易組合中的減少，而 JumiaPay 交易滲透率在實物商品和食品配送平台中實際增加的訂單百分比。

As I mentioned earlier, Jumia Pay continues to be a strategic priority for Jumia, and we're working on making it an even more effective enabler for e-commerce business. The initial rollout of JumiaPay on delivery in Kenya is showing very good traction.

正如我之前提到的，Jumia Pay 仍然是 Jumia 的戰略重點，我們正在努力使其成為電子商務業務的更有效推動者。 JumiaPay 在肯尼亞首次推出的送貨上門服務表現出了很好的吸引力。

In March 23, which was the first full month of rollout, 20% of postpaid orders in Kenya were completed using JumiaPay. Also, we remain focused on expanding our payment processing activities of platform in Nigeria and Egypt, where we have previously obtained the relevant licenses to do so. I will now hand over to Antoine who will walk you through our financials.

3 月 23 日，即推出的第一個完整月份，肯尼亞 20% 的後付費訂單是使用 JumiaPay 完成的。此外，我們仍然專注於擴大我們在尼日利亞和埃及的平台支付處理活動，我們之前已獲得相關許可。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 kick off with the review of our top line performance on Page 10. Revenue reached USD 46.3 million in Q1 '23, down 3% year-on-year and up 24% on a constant currency basis.

謝謝，弗朗西斯。大家好。我將從第 10 頁對我們的頂級業績的回顧開始。23 年第一季度的收入達到 4630 萬美元，同比下降 3%，按固定匯率計算增長 24%。

Marketplace revenue growth, which was 4% and 21% on a constant currency basis was offset by first-party revenue decline. This was mainly a result of the scale back of the grocery subcategory, which was largely undertaken on a first-party basis.

市場收入增長（按固定匯率計算分別為 4% 和 21%）被第一方收入下降所抵消。這主要是雜貨子類別縮減的結果，這主要是在第一方的基礎上進行的。

Other revenue was down 68% year-on-year, mostly due to the suspension of our logistics as a service offering in most markets, except Nigeria, Morocco and Ivory Coast. We took this decision in Q3 last year to reduce business complexity and allow country to enhance their logistics capacity and efficiency before taking on third-party volumes.

其他收入同比下降 68%，這主要是由於我們在除尼日利亞、摩洛哥和科特迪瓦以外的大多數市場暫停提供物流即服務。我們在去年第三季度做出了這個決定，以降低業務複雜性，並允許國家在承擔第三方數量之前提高他們的物流能力和效率。

Let's now unpack the growth dynamics of our marketplace revenue. Marketplace revenue reached USD 27.4 million, up 4% on a year-on-year basis and 21% on a constant currency basis. This is a robust performance considering GMV was down 22% and 6% on a constant currency basis over the same period.

現在讓我們解開我們市場收入的增長動力。市場收入達到 2740 萬美元，同比增長 4%，按固定匯率計算增長 21%。考慮到 GMV 在同一時期按固定匯率計算分別下降了 22% 和 6%，這是一個強勁的表現。

Marketplace revenue growth was supported by strong commissions revenue momentum which was up 40% year-on-year and 61% on a constant currency basis. This momentum was the result of the commission take rate increases we implemented in mid-2022.

市場收入增長得益於強勁的佣金收入勢頭，同比增長 40%，按固定匯率計算增長 61%。這種勢頭是我們在 2022 年年中實施的佣金率提高的結果。

Marketing and advertising revenue was stable year-over-year and up 32% on a constant currency basis. FX effects resulted in significant headwind to this revenue line due to the high weight of the Egyptian Pound in the marketing revenue mix and its depreciation by 87% against the USD in Q1 '23.

營銷和廣告收入同比穩定，按固定匯率計算增長 32%。由於埃及鎊在營銷收入組合中的權重很高，並且在 23 年第一季度兌美元貶值了 87%，因此外匯效應對該收入線造成了重大不利影響。

Value-added services revenue, which mainly includes logistics revenue from sellers and fulfillment revenue, which include shipping fees from consumers decreased by 11% and 21% year-on-year, respectively. And this was mostly driven by the decline in volumes.

增值服務收入，主要包括來自賣家的物流收入和履行收入，其中包括來自消費者的運費，分別同比下降 11% 和 21%。這主要是由於銷量下降所致。

That being said, we are significantly improving the monetization of our logistics services and the pass-through of our fulfillment costs. The ratio of the sum of fulfillment and value-added services revenue over fulfillment expense increased from 62% in Q1 '22 to a record high of 79% in Q1 '23.

話雖如此，我們正在顯著提高物流服務的貨幣化和履行成本的轉嫁。履行和增值服務收入與履行費用之和的比率從 22 年第一季度的 62% 上升到 23 年第一季度的 79% 的歷史新高。

Let's now move on to gross profit, which was also resilient in Q1 '23, reaching USD 28.6 million, up 5% and 24% on a constant currency basis.

現在讓我們繼續討論毛利潤，它在 23 年第一季度也具有彈性，達到 2860 萬美元，按固定匯率計算分別增長 5% 和 24%。

Commission take rate increases drove a strong expansion in gross profit margin, which went from 10.8% in Q1 '22 to 14.4% in Q1 '23. Moving on to costs. Fulfillment expense reached USD 17 million (sic) [USD 16 million], down 34% year-on-year and 22% on a constant currency basis in parallel with the decline in orders.

佣金率的提高推動了毛利率的強勁擴張，從 22 年第一季度的 10.8% 上升到 23 年第一季度的 14.4%。繼續成本。履行費用達到 1700 萬美元（原文如此）[1600 萬美元]，同比下降 34%，與訂單下降同時按固定匯率計算下降 22%。

Fulfillment expense per order, excluding JumiaPay app orders, which do not include logistics costs, decreased by 20% from $3.1 in Q1 '22, down to $2.5 in Q1 '23. As a percentage of GMV, fulfillment expense improved from 9.5% to 8.1%.

每個訂單的履行費用（不包括 JumiaPay 應用程序訂單，不包括物流成本）從 22 年第一季度的 3.1 美元下降了 20%，下降到 23 年第一季度的 2.5 美元。作為 GMV 的百分比，履行費用從 9.5% 提高到 8.1%。

These efficiency improvements are early signs of success of the initiatives we are working on across our logistics chain. These include optimizing our footprint and logistics routes, improving warehousing staff management and productivity, reducing packaging costs and many more.

這些效率改進是我們在整個物流鏈中開展的舉措取得成功的早期跡象。其中包括優化我們的足跡和物流路線、改善倉儲人員管理和生產力、降低包裝成本等等。

As we continue executing on these initiatives, we expect to drive further improvement in efficiency compared to current levels. Sales and advertising expense reached USD 5.8 million, down 69% year-on-year and 65% on a constant currency basis as we continue to bring more discipline to our marketing investment.

隨著我們繼續執行這些舉措，我們希望與當前水平相比進一步提高效率。銷售和廣告費用達到 580 萬美元，同比下降 69%，按固定匯率計算下降 65%，因為我們繼續加強營銷投資的紀律性。

This drove an improvement in marketing efficiency ratios with sales and advertising expense per order decreasing by 58% from $2 in Q1 '22, down to $0.8 in Q1 '23. As a percentage of GMV sales and advertising expense reached 2.9% in Q1 '23, which is more than 4.5% point improvement year-on-year.

這推動了營銷效率比率的提高，每筆訂單的銷售和廣告費用從 22 年第一季度的 2 美元下降了 58%，降至 23 年第一季度的 0.8 美元。 23 年第一季度，GMV 銷售額和廣告費用佔 GMV 的百分比達到 2.9%，同比提高 4.5 個百分點以上。

We are comfortable working with much smaller marketing budgets and we don't believe growth has to come at the expense of marketing efficiency. As mentioned by Francis earlier, growth is primarily a function of how good our customer value proposition is.

我們樂於使用更小的營銷預算，我們不認為增長必須以犧牲營銷效率為代價。正如 Francis 之前提到的，增長主要取決於我們的客戶價值主張有多好。

And [if] there are any gaps in basics, no amount of marketing spend can effectively address that. That's why we are focused today on enhancing the consumer value proposition where needed to create a sustainable foundation for long-term growth.

而且 [如果] 在基礎知識方面存在任何差距，再多的營銷支出也無法有效解決這個問題。這就是為什麼我們今天專注於在需要為長期增長創造可持續基礎的地方加強消費者價值主張。

Moving on to technology and G&A cost. Second, content expense reached $11.8 million, down 9% year-over-year and down 1% on a constant currency basis. Tech is a core part of our DNA, and we remain committed to improving the experience of our users through the rollout of relevant products.

繼續討論技術和 G&A 成本。其次，內容費用達到 1180 萬美元，同比下降 9%，按固定匯率計算下降 1%。技術是我們 DNA 的核心部分，我們始終致力於通過推出相關產品來改善用戶體驗。

That being said, there are further savings opportunities for us on the tech cost front as we continue optimizing our tech infrastructure while improving staff productivity. G&A expense, excluding share-based compensation, reached USD 25 million in Q1 '23, down 16% year-on-year and 5% on a constant currency basis.

話雖如此，隨著我們繼續優化我們的技術基礎設施，同時提高員工生產力，我們在技術成本方面還有進一步節省的機會。 G&A 費用（不包括基於股份的薪酬）在 23 年第一季度達到 2500 萬美元，同比下降 16%，按固定匯率計算下降 5%。

The staff cost component of G&A expense excluding share-based compensation expense, decreased by 21% year-on-year as a result of the organizational changes undertaken in Q4 '22.

由於 22 年第四季度進行的組織變革，G&A 費用的員工成本部分（不包括基於股份的薪酬費用）同比下降 21%。

Note that Q1 '23 figures [do not] yet reflect the full impact of these headcount cuts as Q1 still included the last month salaries of some of the leavers.

請注意，23 年第一季度的數據 [並未] 反映這些裁員的全部影響，因為第一季度仍然包括一些離職者的最後一個月的工資。

Let's now look at our balance sheet on Page 15. CapEx in Q1 '23 was $0.8 million. We are returning to quarterly levels around $1 million mark after the logistics and technology investments of last year.

現在讓我們看看第 15 頁上的資產負債表。23 年第一季度的資本支出為 80 萬美元。在去年的物流和技術投資之後，我們將回到大約 100 萬美元的季度水平。

Net change in working capital had an inflow impact of $7.4 million, largely due to an improvement in the payable cycle, which had a positive cash effect of $6.2 million. Cash utilization for the quarter was $23.5 million. This is a reduction of approximately 60% compared to both Q1 and Q4 '22.

營運資金的淨變化產生了 740 萬美元的流入影響，這主要是由於應付週期的改善，產生了 620 萬美元的正現金效應。本季度的現金使用量為 2350 萬美元。與 22 年第一季度和第四季度相比，這減少了大約 60%。

At the end of March 22, we had a liquidity position of $205.4 million comprised of $86.9 million of cash and cash equivalents and $180.6 million of term deposits and other financial assets. And our efforts to significantly reduce cash utilization allowed us to meaningfully expand our cash runway. I'll now hand over to Francis, who will walk you through our guidance on PAge 16.

截至 3 月 22 日，我們的流動性頭寸為 2.054 億美元，包括 8690 萬美元的現金和現金等價物以及 1.806 億美元的定期存款和其他金融資產。我們為顯著降低現金利用率所做的努力使我們能夠有意義地擴大我們的現金跑道。現在我將交給 Francis，他將引導您完成我們在第 16 頁的指導。

Thanks, Antoine. Our Q1 '23 results show strong progress towards breakeven and further support the guidance we provided earlier this year. As such, we are reiterating this guidance and remain committed to further accelerating our progress towards breakeven. For the full year '23, we expect adjusted EBITDA loss to reach between $100 million to $120 million.

謝謝，安托萬。我們的 23 年第一季度業績顯示在實現收支平衡方面取得了巨大進展，並進一步支持了我們今年早些時候提供的指導。因此，我們重申這一指導方針，並繼續致力於進一步加快我們實現收支平衡的進程。對於 23 年全年，我們預計調整後的 EBITDA 虧損將達到 1 億至 1.2 億美元。

At the bottom of the guidance range, this means cutting adjusted EBITDA loss by more than half versus '22 in line with what was already achieved in Q1 '23. We expect sales and advertising expense to reach between $30 million to $40 million.

在指導範圍的底部，這意味著將調整後的 EBITDA 損失減少一半以上，與 22 年相比，與 23 年第一季度已經實現的目標一致。我們預計銷售和廣告費用將達到 3000 萬至 4000 萬美元。

At the bottom of the range we're talking about a reduction of 60% versus '22. I will reiterate here that although we are cutting the overall amount of marketing spend, we are extremely focused on driving usage growth on the platform. Our marketing spend, although lower, is much more efficient as we tap into more relevant channels for our consumers.

在該範圍的底部，我們談論的是與 22 年相比減少 60%。我將在此重申，儘管我們正在削減營銷支出總額，但我們非常專注於推動平台上的使用增長。我們的營銷支出雖然較低，但隨著我們為消費者開發更多相關渠道，效率要高得多。

And in parallel, we continue to work on multiple dimensions of our value proposition in consumers and selection, price and convenience. Lastly, we expect G&A, excluding share-based compensation to reach between $90 million and $105 million compared to $118 million in '22.

與此同時，我們繼續致力於我們在消費者和選擇、價格和便利性方面的價值主張的多個維度。最後，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 22 年為 1.18 億美元。

And this is essentially a reflection of the headcount cuts completed already in Q4 '22 and does not incorporate the benefits of ongoing initiatives such as office space rationalization.

這實質上反映了 22 年第四季度已經完成的裁員，並沒有包括辦公空間合理化等正在進行的舉措的好處。

We are encouraged by the good progress made this quarter towards breakeven. Going forward, we to maintain the cost discipline and drive further efficiencies by redoubling our efforts on the growth front to scale the business towards profitability. With that, we are ready to take your questions.

我們對本季度在收支平衡方面取得的良好進展感到鼓舞。展望未來，我們將通過在增長方面加倍努力以擴大業務以實現盈利，從而維持成本紀律並進一步提高效率。這樣，我們就可以回答您的問題了。

(Operator Instructions) And our first question this morning is coming from Luke Holbrook from Morgan Stanley. Please go ahead.

（操作員說明）我們今天早上的第一個問題來自摩根士丹利的 Luke Holbrook。請繼續。

I've just got a couple of questions from my side. The first is, it looks like you've raised commission rates quite significantly over the past year now. If I exclude, I guess, cancellations from your GMV, it goes from like 15% to 19%.

我剛收到幾個問題。首先，看起來你們在過去一年中大幅提高了佣金率。我猜，如果我從你的 GMV 中排除取消，它會從 15% 到 19%。

I'm just wondering what the reaction has been from merchants over that time. Do you think you're reaching a maximum for the monetization efforts that you put into there?

我只是想知道當時商家的反應是什麼。你認為你在那裡投入的貨幣化努力是否達到了最大值？

And then the second one is your actives are down quite significantly year-on-year. I just wonder if you could just talk a bit about the trends through the quarter and into April and May particularly in light of your sales and advertising falling about 70% quarter-on-quarter?

然後第二個是你的活躍度同比下降非常顯著。我只是想知道您是否可以談談整個季度以及 4 月和 5 月的趨勢，特別是考慮到您的銷售額和廣告環比下降了 70% 左右？

Sorry, Luke, I didn't get the last -- the second question. You mentioned something was down, which I think was...

抱歉，盧克，我沒有回答最後一個問題——第二個問題。你提到有什麼東西壞了，我認為是...

Yes, you actives. Yes, your active space is down about 1/4 year-on-year. So just wondering how it trended through the quarter given your sales and advertising reduction?

是的，你活躍。是的，您的活動空間同比下降了大約 1/4。所以只是想知道在您的銷售和廣告減少的情況下它在整個季度的趨勢如何？

Okay, clear. so let me start with the first question then. So indeed, we increased take rates through commissions and value-added services last year quite significantly. I think the reaction from sellers was fine. I mean, of course, they were not cheering for that, but (inaudible) where sellers understand that we bring value and we're creating a business for them.

好的，清楚了。那麼讓我從第一個問題開始。因此，去年我們通過佣金和增值服務顯著提高了佣金率。我認為賣家的反應很好。我的意思是，當然，他們並沒有為此歡呼，而是（聽不清）賣家明白我們帶來了價值並且我們正在為他們創造業務。

We made sure that the new commissions were not endangering their business. And they understood that they were -- I mean, they had to pay a fair price for the value that we are creating for them. So we had no backlash, no bad reaction, no bad (inaudible) nothing of that kind from the vendors.

我們確保新佣金不會危及他們的業務。他們明白他們是——我的意思是，他們必須為我們為他們創造的價值付出合理的代價。所以我們沒有強烈反對，沒有不良反應，也沒有來自供應商的不良（聽不清）任何事情。

The question about whether we've reached the maximum, it's very hard to tell when you reach the maximum until you overstep it. The decision we've made relatively at this stage is that we don't want to push further on the mandatory take rate through commissions mostly because a large part of our growth plan relies on improving the consumer value proposition, which mostly comes in our markets where consumers are cash constrained, if I can put it this way which mostly comes from improving the assortment, the price points, the availability of goods, and this depends on vendors.

關於我們是否達到最大值的問題，很難判斷您何時達到最大值，直到您超越它。我們在現階段做出的相對決定是，我們不想通過佣金進一步提高強制性收取率，主要是因為我們的增長計劃的很大一部分依賴於改善消費者價值主張，而這主要來自我們的市場在消費者現金受限的地方，如果我可以這樣說的話，這主要來自於改進品種、價格點、商品可用性，這取決於供應商。

So we don't want to be pushing them just too hard at this stage because we absolutely need them to improve the value proposition of our platform and drive long-term growth with low marketing costs. So we're not planning on going to further than where we are today.

所以我們不想在這個階段對他們施加太大的壓力，因為我們絕對需要他們來改善我們平台的價值主張，並以較低的營銷成本推動長期增長。所以我們不打算比今天更進一步。

We believe it's a fair take rate that brings value -- I mean that creates value for both vendors and for Jumia. And we're satisfied with that level of monetization. I don't want to take the risk to push it too far.

我們相信這是一個帶來價值的公平接受率——我的意思是它為供應商和 Jumia 創造了價值。我們對這種貨幣化水平感到滿意。我不想冒險把它推得太遠。

Then on the usage trends through the quarter, I think -- I mean, the trend is pretty similar for the whole quarter. I would not say it's correlated through marketing. I think what happened from the start is that we had a number of decisions, very deliberate actions that had an impact on usage on short-term usage.

然後關於整個季度的使用趨勢，我認為 - 我的意思是，整個季度的趨勢非常相似。我不會說它與營銷相關。我認為從一開始就發生的事情是我們有很多決定，非常慎重的行動對短期使用產生了影響。

So as we decided to pull back from first-party grocery in many countries, as we stopped very -- I mean the intense promotional activity on the JumiaPay app, for example, this has a direct short-term impact on usage that has materialized through the whole Q1 quite evenly, and that keeps on materializing in some way in the months after that.

因此，當我們決定從許多國家/地區的第一方雜貨店撤回時，因為我們停止了非常 - 我的意思是 JumiaPay 應用程序上的激烈促銷活動，例如，這對通過實現的使用產生了直接的短期影響整個 Q1 相當均勻，並且在那之後的幾個月里以某種方式繼續實現。

So I would not comment on specific trends within the quarter. What matters the most to me is that we put together the right building blocks and work on fundamentals to get to long-term growth. Short-term impact was something that was unfortunately part of the plan. It has to happen when you pull back heavy discounts or you remove a category that's unprofitable.

所以我不會評論本季度的具體趨勢。對我來說最重要的是，我們將正確的基石放在一起，並致力於實現長期增長的基本面。不幸的是，短期影響是計劃的一部分。當您撤回大幅折扣或刪除無利可圖的類別時，它就必鬚髮生。

But we're also very happy to see some improvement at country level thanks to the work that we've delivered on commercial and improved supply and better distribution and better penetration in our markets.

但我們也很高興看到國家層面的一些改善，這要歸功於我們在商業和改善供應以及更好的分銷和更好的市場滲透方面所做的工作。

Perfect. Just do you disclose grocery as a percent of your GMV or not [then] I see?

完美的。我明白了，你是否披露雜貨佔 GMV 的百分比？

(inaudible). So can -- sorry, Luke, I didn't get...

（聽不清）。也可以——對不起，盧克，我沒聽懂……

Yes, Yes, grocery in the GMV mix. Do you disclose that given its significance this quarter?

是的，是的，GMV 組合中的雜貨店。考慮到它在本季度的重要性，你會透露嗎？

No, we did not disclose it. I can -- I mean, what we mentioned earlier on is that in the GMV decrease that we saw this quarter, JumiaPay app and grocery accounted for 34% of the total decline. That's 1/3 of the whole decline at the group level. But grocery was definitely not the biggest by category by far.

不，我們沒有透露。我可以——我的意思是，我們之前提到的是，在本季度我們看到的 GMV 下降中，JumiaPay 應用程序和雜貨店佔總下降的 34%。這是集團層面整體下降的 1/3。但到目前為止，雜貨絕對不是最大的類別。

It was certainly the most complex, but definitely not the biggest.

它當然是最複雜的，但絕對不是最大的。

Your next question is coming from Aaron Kessler from Raymond James.

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

Maybe just a couple of questions. First, you mentioned kind of opportunities for additional expense cuts in kind of the P&L. Can you just give us a sense -- it doesn't seem like there's much room left on advertising. Should we assume that's kind of more G&A or just other areas that you can discuss?

也許只是幾個問題。首先，您提到了在損益表中額外削減開支的機會。你能不能給我們一個感覺——似乎沒有多少廣告空間了。我們是否應該假設這是更多的 G&A 或您可以討論的其他領域？

And then it sounds like the biggest impact to revenues on kind of a sequential basis was product mix or maybe you can just rank-order kind of macro product mix and FX for us?

然後聽起來對收入的最大影響是產品組合，或者你可以為我們排序宏觀產品組合和外匯？

Okay. So correct me if I'm wrong. But on your first question on the opportunity for further savings across the cost base. I think I mean the good news in a way is that we see more opportunity for savings, right? I think we've already had quite some impact on costs.

好的。如果我錯了，請糾正我。但是關於你的第一個問題，關於在整個成本基礎上進一步節省的機會。我想我的意思是某種程度上的好消息是我們看到了更多的儲蓄機會，對吧？我認為我們已經對成本產生了相當大的影響。

But when we keep -- we keep on looking every day and we're waking up every morning thinking of how we get to profitability. If you look at the different items in the P&L, on the fulfillment part, we're just at the beginning of a very long process.

但是當我們繼續——我們每天都在尋找，我們每天早上醒來都在思考我們如何實現盈利。如果您查看損益表中的不同項目，在履行部分，我們才剛剛開始一個非常漫長的過程。

So our cost per -- our CPO, cost per order on fulfillment is at USD 2.5 now, excluding JumiaPay app. But the measures that we started a couple of months ago are just starting to yield impact.

因此，我們的每筆成本——我們的 CPO，每筆訂單的履行成本現在為 2.5 美元，不包括 JumiaPay 應用程序。但我們幾個月前開始的措施才剛剛開始產生影響。

We still have very diverse levels of impact across countries and when all countries will be aligned with best practices, we believe we can still get more savings. Then on marketing costs, I think we've already done quite a lot. We're confident that this is a sustainable level given the actions that we started on building better value proposition and driving better penetration across the country.

我們在各個國家/地區仍然具有不同程度的影響，當所有國家/地區都採用最佳實踐時，我們相信我們仍然可以節省更多。然後在營銷成本上，我認為我們已經做了很多。考慮到我們開始建立更好的價值主張和推動更好的全國滲透率的行動，我們相信這是一個可持續的水平。

Then on G&A, we have been reducing costs while also reducing complexity and streamlining the organization, reducing number of business lines I mean simplifying the lives of everyone and we believe that we can still get more savings, especially because what you see in Q1 here does not reflect the full extent of what we've done.

然後在 G&A 方面，我們一直在降低成本，同時降低複雜性和精簡組織，減少業務線的數量我的意思是簡化每個人的生活，我們相信我們仍然可以節省更多，特別是因為你在第一季度看到的確實如此不能反映我們所做工作的全部內容。

Lots of the salaries are still -- still present in Q1 P&L and will no longer be in the P&L in Q2 or Q3 so we're yet to see the full impact of headcount and broadly speaking, of all G&A savings in that P&L.

許多薪水仍然 - 仍然存在於第一季度的損益表中，並且將不再出現在第二季度或第三季度的損益表中，因此我們還沒有看到員工人數的全部影響以及從廣義上講，該損益表中所有 G&A 節省的影響。

And then we also believe that we have some gains to make in tech. And so the tech teams and tech products, we are making some progress on infrastructure, and we also believe that we can get more efficiency from teams. So we're really not at the end of the journey.

然後我們也相信我們在技術方面有一些收穫。因此，技術團隊和技術產品，我們在基礎設施方面取得了一些進展，我們也相信我們可以從團隊中獲得更高的效率。所以我們真的還沒有走到盡頭。

I mean, as I said earlier, cost is not only dimension of the plan, but I want to make it clear that we're not at the end of the journey when it comes to making Jumia a leaner and more efficient company. And then, Aaron, sorry, would you mind repeating the second question?

我的意思是，正如我之前所說，成本不僅是計劃的維度，而且我想明確表示，在讓 Jumia 成為一家更精簡、更高效的公司的過程中，我們還沒有走到盡頭。然後，亞倫，抱歉，你介意重複第二個問題嗎？

Yes. Second question, just kind of on the relative magnitude of the impact to the kind of growth in Q1, the revenue maybe -- revenues in Q1 versus Q4 obviously declined, just maybe the impact of macro product mix and FX, which we called out. Just should we assume product mix was the biggest impact and then kind of macro and then FX or just if you can rank those?

是的。第二個問題，關於對第一季度增長的影響的相對大小，收入可能——第一季度的收入與第四季度相比明顯下降，可能是我們提到的宏觀產品組合和外彙的影響。我們是否應該假設產品組合是最大的影響，然後是宏觀因素，然後是外匯，或者你是否可以對這些因素進行排名？

So I will answer directionally. So product mix is changing slowly. I mean product mix is, by definition, something that takes time to evolve so from Q4 to Q1, you don't have radical changes to the point that it has an impact. A visible impact on revenue.

所以我會定向回答。所以產品組合正在緩慢變化。我的意思是，根據定義，產品組合是需要時間演變的東西，所以從第四季度到第一季度，你沒有發生根本性的變化，以至於它產生了影響。對收入的明顯影響。

Although we're gradually evolving towards the top categories that we're working on being fashion beauty, TV, home appliance, phones and electronics, then the macro situation is pretty much the same that we discussed 3 months ago. FX is still not helping us, it's a significant headwind. I would say, no major change on that front at this stage.

雖然我們正在逐漸向時尚美容、電視、家電、電話和電子產品這些我們正在努力的頂級類別發展，但宏觀情況與我們 3 個月前討論的情況幾乎相同。 FX 仍然沒有幫助我們，這是一個重大的逆風。我會說，現階段在這方面沒有重大變化。

Great. And just maybe finally, anything you would call out in terms of geographic performance? Any major differences you saw among your kind of main regions?

偉大的。也許最後，您會在地理性能方面提出什麼要求？您在您所在的主要區域中發現了哪些主要差異？

So I will remain a bit directional, so we're not disclosing country data on an ongoing basis. But directionally speaking, we see that -- I mean, macro is the main driver of that performance for the worst cases, if I can put it this way.

所以我會保持一點方向性，所以我們不會持續披露國家數據。但從方向上講，我們看到——我的意思是，宏觀是最壞情況下表現的主要驅動力，如果我能這樣說的話。

We're starting to see some bright spots in some countries where the early actions of the turnaround plan are starting to pay off. So for example, we're seeing very strong resilience and good performance on top line and also one of the best performance on marketing efficiency in Ivory Coast and Senegal.

我們開始在一些國家/地區看到一些亮點，在這些國家/地區，扭虧為盈計劃的早期行動開始見效。因此，例如，我們看到非常強大的彈性和良好的收入表現，也是科特迪瓦和塞內加爾營銷效率的最佳表現之一。

We're seeing a brighter spot in Morocco, where top line is improving after a couple of rough quarters. And that's the main -- I mean that's a few highlights and then the countries where macro is the most deteriorated, obviously, the ones that are struggling more.

我們在摩洛哥看到了一個亮點，在經歷了幾個艱難的季度後，那裡的收入正在改善。這就是主要的 - 我的意思是這是一些亮點，然後是宏觀經濟最惡化的國家，顯然，那些正在掙扎的國家。

But overall, the same level of execution. Same quality of execution and same level of consistency in the actions that we're rolling out, deliver more or less the same results across countries provided we have the similar macro environment.

但總的來說，執行水平相同。如果我們擁有相似的宏觀環境，那麼在我們推出的行動中，相同的執行質量和相同水平的一致性會在不同國家/地區提供或多或少相同的結果。

Your next question is coming from Catherine O'Neill from Citi. Catherine, please proceed with your question.

你的下一個問題來自花旗的 Catherine O'Neill。凱瑟琳，請繼續你的問題。

Great. I've got 3 questions, if that's okay. The first one is on Jumia Global that you mentioned in terms of bringing overseas sellers on board. I just wondered if you could provide a bit more detail on that in terms of how meaningful you think that could be over time in terms of broadening the proposition and the impact on GMV and whether those sellers come on at the same take rates, whether we see sort of impact there?

偉大的。我有3個問題，如果可以的話。第一個是在 Jumia Global 上，您提到了在引入海外賣家方面。我只是想知道您是否可以就此提供更多詳細信息，說明您認為隨著時間的推移，在擴大提議和對 GMV 的影響方面會有多大意義，以及這些賣家是否以相同的接受率出現，我們是否看到那裡的影響了嗎？

Then secondly, within SG&A, I just wondered how much sort of one-off restructuring costs you'd expect this year and you saw in the first quarter? And then the final question is, if you're talking about there's more efficiency to come from fulfillment and tech and the savings in SG&A were fully reflected in the 1Q.

然後，其次，在 SG&A 中，我只是想知道你今年預計會有多少一次性重組成本，你在第一季度看到了什麼？然後最後一個問題是，如果你談論的是來自履行和技術的更高效率，並且 SG&A 的節省在第一季度得到了充分體現。

I just wondered why you didn't maybe upgrade your adjusted EBITDA guidance? As in do we expect to sort of ongoing quite challenging top line, is that sort of what prevented that?

我只是想知道您為什麼不升級調整後的 EBITDA 指南？正如我們是否期望某種持續的相當具有挑戰性的頂線一樣，這就是阻止它的原因嗎？

Okay. Sorry, Catherine, may I please ask you to repeat the second question.

好的。抱歉，凱瑟琳，我可以請你重複第二個問題嗎？

Yes. The second question was just within SG&A or within your OpEx, I just wondered how much one-off or restructuring costs you saw in 1Q and you'd expect for this year that obviously won't repeat then when we go into next year?

是的。第二個問題只是在 SG&A 或您的運營支出中，我只是想知道您在第一季度看到了多少一次性或重組成本，您預計今年顯然不會在我們進入明年時重複？

Okay. Okay, sure. So let me start with Jumia Global. So Jumia Global, I mean, it's a business line that's, I guess, quite well known to everyone in the call, all big platforms in the world have that kind of overseas e-commerce activity.

好的。好的，當然。那麼讓我從 Jumia Global 開始。所以 Jumia Global，我的意思是，這是一個業務線，我想，在電話會議中每個人都非常了解，世界上所有的大平台都有這種海外電子商務活動。

Jumia Global for us is a huge advantage as we discussed several times, I mean, in the previous calls. We deeply believe that our markets are constrained by supply rather than demand.

Jumia Global 對我們來說是一個巨大的優勢，因為我們在之前的電話會議中多次討論過。我們深信，我們的市場受供應而非需求制約。

The daily challenge of the African consumer is about finding the right product at the right price in the market where there's just not enough supply or poorly distributed. For us being able to access that -- tap directly the vast pool of Chinese suppliers, mostly Chinese, is a huge advantage.

非洲消費者每天面臨的挑戰是在供應不足或分佈不均的市場上以合適的價格找到合適的產品。對我們來說，能夠直接利用大量的中國供應商（主要是中國人）是一個巨大的優勢。

It means we can bring to our 11 markets products that are often not available or way too expensive or fully distributed at the right price because we would have cut off like layers of intermediaries with very good service with some check on quality, which will increase trust from the customers and in the process since we're creating a lot of value for both customers and vendors.

這意味著我們可以向我們的 11 個市場提供通常無法獲得或過於昂貴或以合適的價格完全分銷的產品，因為我們會切斷像中介層一樣的優質服務和一些質量檢查，這將增加信任來自客戶和流程，因為我們為客戶和供應商創造了很多價值。

We're able to capture a sizable take rate that's really enables us -- I mean, that makes it a very viable business for us to put it this way. So it's a business that's, I think, even more relevant for us in emerging markets in Africa than it can be for other players in other places in the world. That is financially strong and viable and that we aim to keep on developing. We have countries with fairly high penetration rate of Jumia Global and we're trying to replicate -- I mean, we're not trying, we are actually busy replicating the same good practices across most of our 11 markets.

我們能夠獲得相當大的採用率，這確實使我們能夠 - 我的意思是，這使我們以這種方式表達它是一項非常可行的業務。因此，我認為，與世界其他地方的其他參與者相比，這項業務對我們在非洲新興市場的影響更大。這在財務上是強大且可行的，我們的目標是繼續發展。我們有 Jumia Global 滲透率相當高的國家，我們正在努力複製——我的意思是，我們沒有嘗試，實際上我們正忙於在我們 11 個市場中的大多數市場複製相同的良好做法。

So a very strong asset for us and a very important part of the plan. Then your question on one-off restructuring costs. So we had -- we did not separate it in the numbers that we're presenting here because it was not meaningful. Maybe Safae or Antoine, do you want to comment on that?

因此，這對我們來說是一項非常強大的資產，也是該計劃的一個非常重要的部分。然後是關於一次性重組成本的問題。所以我們 - 我們沒有在我們在這裡展示的數字中將它分開，因為它沒有意義。也許是 Safae 或 Antoine，你想對此發表評論嗎？

No, you're right. It was not material and so we have not disclosed it. What was more material is the fact that we have kept in Q1 salaries of people who now have left and will decrease the staff cost in the coming quarters.

不，你是對的。它不重要，因此我們沒有披露。更重要的是，我們保留了現在離職人員的第一季度工資，並將在未來幾個季度降低員工成本。

And Catherine to your last question. So indeed, we did not upgrade the guidance. We would be happy to do it in the future if we confirm the good progress. Yes, that can be a topic for the coming quarters. Right now, we're still -- we're working within the guidance in this quarter, and we consider that we're going to see further improvement in costs.

凱瑟琳回答你的最後一個問題。所以確實，我們沒有升級指南。如果我們確認進展良好，我們將很樂意在未來這樣做。是的，這可能是未來幾個季度的主題。現在，我們仍然 - 我們在本季度的指導範圍內工作，我們認為我們將看到成本進一步改善。

Thank you. We have reached the end of the question-and-answer session. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。我們已經結束了問答環節。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。

Thank you, everyone.

謝謝大家。