Jumia Technologies AG (JMIA) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia's results conference call for the second quarter of 2023. (Operator Instructions)

早上好，女士們，先生們。謝謝你的支持。歡迎參加 Jumia 2023 年第二季度業績電話會議。（操作員說明）

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

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

Thank you. Good morning, everyone. Thank you for joining us today for our second quarter 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. 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.

謝謝。大家，早安。感謝您今天參加我們的 2023 年第二季度財報電話會議。今天與我們在一起的有 Jumia 首席執行官弗朗西斯·杜菲 (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所示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。

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 established on May 16, 2023, 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 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.

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 日制定的 20-F 表格年度報告的風險因素部分，以及我們向SEC 提交的其他材料。此外，在本次電話會議中，我們將提及未根據 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國際財務報告準則財務指標與相應國際財務報告準則財務指標的調節表，該新聞稿可在我們的投資者關係網站上找到。

With that, I'll hand over to Francis.

接下來，我將把工作交給弗朗西斯。

Thank you, Safae. Welcome, everyone. Thanks for joining us today. I am pleased to report another quarter of significant reduction in losses as we execute on our strategy with discipline and focus. Q2 '23 was the fourth consecutive quarter of loss reduction on a year-over-year basis with a material acceleration in the base of loss reduction. In Q2 '23, we cut both adjusted EBITDA and operating losses by 2/3, reaching the lowest level in over 4 years. This was achieved thanks to significant savings across the full cost structure. We cut our operating expenses by almost half in Q2 '23 compared to Q2 '22.

謝謝你，薩法埃。歡迎大家。感謝您今天加入我們。我很高興地報告，隨著我們嚴格、專注地執行我們的戰略，損失又大幅減少了一個季度。 23 年第二季度是連續第四個季度同比減少損失，損失減少的基礎大幅加速。 2023 年第二季度，我們將調整後 EBITDA 和運營虧損削減了 2/3，達到 4 年來的最低水平。這是由於整個成本結構的顯著節省而實現的。與 2022 年第二季度相比，我們在 23 年第二季度將運營費用削減了近一半。

We are reaching record levels of efficiency, particularly in fulfillment and sales and advertising expenses while improving our customer value proposition. And that's a very important point. We are not driving cost savings at the expense of our standards of operation. We are operating more efficiently with a leaner cost structure while improving the quality of our supply, expanding our logistics reach and providing our customers and sellers with a better value proposition overall.

我們正在達到創紀錄的效率水平，特別是在履行、銷售和廣告費用方面，同時改善我們的客戶價值主張。這是非常重要的一點。我們不會以犧牲運營標準為代價來節省成本。我們以更精簡的成本結構提高運營效率，同時提高供應質量，擴大物流範圍，並為我們的客戶和賣家提供更好的整體價值主張。

Having successfully right-sized our cost base, our top priority is now growth. And here, we are taking no shortcuts to drive growth. We are doing the heavy-lifting and fundamentals to build what we believe to be a sustainable foundation for long-term profitable growth at Jumia. We are now in the middle of this transition with the added complexity of a very challenging macro environment, which is heavily affecting usage performance.

在成功調整我們的成本基礎後，我們現在的首要任務是增長。在這裡，我們不走任何捷徑來推動增長。我們正在做繁重的工作和基礎工作，為 Jumia 的長期盈利增長奠定可持續的基礎。我們現在正處於這一轉變的中間，非常具有挑戰性的宏觀環境增加了複雜性，這嚴重影響了使用性能。

Let's now review the details of usage in Q2 '23. Quarterly active consumers, orders and GMV declined by 28%, 37% and 25% year-over-year, respectively. This was driven by a combination of factors. First, as I already mentioned, the macro environment remains extremely challenging. The average inflation level across our footprint reached 14.1% in June '23 with highs of 42.5% and 35.7% in Ghana and Egypt, respectively. In Nigeria, our largest markets, inflation reached an 18-year high in June at 22.8%. This is affecting consumer spending power and overall sentiment. And it's also restricting seller's ability to source goods since there continue to be very severe restrictions on imports in many countries.

現在讓我們回顧一下 23 年第 2 季度的使用詳細信息。季度活躍消費者、訂單和 GMV 同比分別下降 28%、37% 和 25%。這是由多種因素共同推動的。首先，正如我已經提到的，宏觀環境仍然極具挑戰性。 2023 年 6 月，我們業務範圍內的平均通脹水平達到 14.1%，其中加納和埃及的最高通脹水平分別為 42.5% 和 35.7%。在我們最大的市場尼日利亞，6 月份通脹率達到 18 年來的最高點 22.8%。這正在影響消費者的消費能力和整體情緒。由於許多國家仍然對進口實行非常嚴格的限制，這也限制了賣方採購貨物的能力。

The second driver of usage performance is internal. We continue to recalibrate our product and service portfolio, moving away from the most unprofitable categories with limited consumer lifetime value. This is currently impacting growth, but is the right thing to do to set the business on what we believe to be a solid foundation for growth. The most heavily affected categories were grocery and JumiaPay app services. We have now suspended our first-party grocery offering in most countries, and we have deemphasized the most promotional intensive services on the JumiaPay app.

使用性能的第二個驅動因素是內部的。我們繼續重新調整我們的產品和服務組合，遠離消費者終身價值有限、最無利可圖的類別。目前，這正在影響增長，但這是正確的做法，可以讓業務建立在我們認為的堅實增長基礎上。受影響最嚴重的類別是雜貨店和 JumiaPay 應用服務。我們現已暫停在大多數國家/地區提供第一方雜貨服務，並不再強調 JumiaPay 應用程序上最密集的促銷服務。

JumiaPay app services, combined with the FMCG category, which includes grocery products accounted for 45% of the volume decline this quarter and 31% of the GMV decrease. In contrast, we are very encouraged by the early signs of growth in some of the priority categories such as appliance where our efforts to rebuild supply are starting to pay off. The third driver of usage performance specific to GMV is foreign exchange. FX was a significant headwind and contributed 13 to 14 points to the 25% GMV decrease in Q2 '23. 9 out of 10 local currencies depreciated against the dollar in H1 '23 compared to the same period last year.

JumiaPay 應用服務與包括雜貨在內的快速消費品類別相結合，佔本季度銷量下降的 45% 和 GMV 下降的 31%。相比之下，我們對一些優先類別的早期增長跡象感到非常鼓舞，例如家電，我們重建供應的努力開始得到回報。 GMV 使用性能的第三個驅動因素是外匯。外匯是一個重大阻力，導致 23 年第二季度 GMV 下降 25%，導致 13 到 14 個百分點。與去年同期相比，2023 年上半年 10 種本幣中有 9 種兌美元貶值。

With respect to the Nigerian naira, the effects of the liberalization of the FX regime mid-June led the naira to drop by over 60% against the U.S. dollar in June. Clearly, there are lots of moving pieces on usage front, which are adversely affecting our performance on them. However, we remain confident that we have the right strategy to drive long-term profitable growth for our business. I will not spend too much time on the details of our growth strategy. We have gone through that at length in our prior earnings call. I will briefly remind you of the key levels anyway.

尼日利亞奈拉方面，受6月中旬外匯制度自由化的影響，6月份奈拉兌美元匯率下跌超過60%。顯然，在使用方面有很多變化，這對我們的性能產生了不利影響。然而，我們仍然相信我們有正確的戰略來推動我們業務的長期盈利增長。我不會花太多時間討論我們增長戰略的細節。我們在之前的財報電話會議中詳細討論了這一點。無論如何，我會簡要提醒您關鍵級別。

One, supply. We are focused on improving the quality and depth of supply on our platform, focusing on the core categories and these are Phones, Electronics, Home & Living along with fashion and beauty. Two, we are working on penetrating our addressable market more effectively. And this means tapping into the large consumer pools located outside of the main cities, which are hugely underserved by retail. We're currently doing a lot of work on the logistics and marketing fronts to penetrate these areas in a cost-effective manner.

一、供應。我們致力於提高平台上供應的質量和深度，重點關注核心類別，包括手機、電子產品、家居和生活以及時尚和美容。第二，我們正在努力更有效地滲透我們的目標市場。這意味著要開發主要城市以外的大型消費者群體，而這些地區的零售服務嚴重不足。我們目前在物流和營銷方面做了大量工作，以經濟高效的方式滲透到這些領域。

Third, we're enhancing our UI and UX to make our platform easier and more intuitive to use. And last but not least, JumiaPay is a key enabler for e-commerce growth to add more convenience and remove friction for consumers at the checkouts. A good example of that is JumiaPay on delivery, which we are rolling out in a number of countries to further reduce the use of cash. So these are very structural improvements on our platform, not hacks to drive quick growth. So we expect these efforts to pay out over time. That said, we are encouraged to see early signs of success in our efforts to rebuild supply in our priority categories.

第三，我們正在增強我們的用戶界面和用戶體驗，使我們的平台更容易、更直觀地使用。最後但並非最不重要的一點是，JumiaPay 是電子商務增長的關鍵推動者，可為消費者在結賬時增加更多便利並消除摩擦。 JumiaPay 貨到付款就是一個很好的例子，我們正在許多國家/地區推出該服務，以進一步減少現金的使用。因此，這些都是我們平台上的結構性改進，而不是為了推動快速增長而進行的黑客攻擊。因此，我們預計這些努力隨著時間的推移會得到回報。儘管如此，我們很高興看到我們重建優先類別供應的努力取得了成功的早期跡象。

Then looking at the GMV mix evolution over the past year, we clearly see an uptick in the share of Phones, Electronics and Home & Living, which we call general merchandise categories. They went from 52% of GMV in Q2 '22 to 59% of GM Q2 '23. You might recall that between 2020 and 2022, the prior management team was heavily focused on expanding everyday categories, in particular, the FMCG and grocery categories. And this proved to be complex operationally with very challenging economics. Unfortunately, the everyday categories drive came to a large extent at the expense of the general merchandise categories, which were historically the bread and butter of our platform. It was therefore essential for us to build or rebuild these categories and strengthen our positioning there.

然後看看過去一年的 GMV 組合演變，我們清楚地看到手機、電子產品和家居與生活（我們稱之為一般商品類別）的份額有所上升。它們從 22 年第二季度的 GMV 的 52% 上升到 23 年第二季度的 GMV 的 59%。您可能還記得，在 2020 年至 2022 年期間，之前的管理團隊主要致力於擴大日常品類，特別是快速消費品和雜貨品類。事實證明，這在操作上非常複雜，而且經濟上也非常具有挑戰性。不幸的是，日常類別的推動在很大程度上是以犧牲一般商品類別為代價的，而一般商品類別歷來是我們平台的支柱。因此，我們有必要建立或重建這些類別並加強我們在這些類別中的定位。

We are very pleased to see growing momentum in these categories again. For example, in Senegal, the Electronics category was the fastest growing category in GMV terms in Q2, up 58% year-over-year, followed by Home & Living, up 39% year-over-year. Similarly in Ghana, Phones was the fastest category -- fastest-growing category, up 25% year-over-year, followed by Home & Living, up 15% year-over-year. The increased share in general merchandise categories is driving an increase in average order value, which was up 18%, reaching $31 in Q2 '23. This is an important aspect of unit economics.

我們很高興看到這些類別再次出現增長勢頭。例如，在塞內加爾，電子品類是第二季度 GMV 增長最快的品類，同比增長 58%，其次是家居與生活品類，同比增長 39%。同樣，在加納，手機是增長最快的類別，同比增長 25%，其次是家居與生活，同比增長 15%。日用商品類別份額的增加推動了平均訂單價值的增長，23 年第二季度增長了 18%，達到 31 美元。這是單位經濟學的一個重要方面。

Smaller baskets are much more challenging economically and require very large scale and operating leverage on cost to breakeven. We are confident that our commercial strategy, along with our successful cost-cutting efforts will help us accelerate our path to profitability. And this is clearly reflected already in the acceleration of loss reduction.

較小的籃子在經濟上更具挑戰性，需要非常大的規模和成本運營槓桿才能實現盈虧平衡。我們相信，我們的商業戰略以及成功的成本削減努力將幫助我們加快盈利之路。這已經清楚地體現在損失的加速減少上。

Let's now move on to JumiaPay. I would like to start here by reiterating that the development of JumiaPay remains a priority for us. And we have outlined several ongoing initiatives to support this development, both on and off-platform. On-platform, we are focused on making JumiaPay an even more effective enabler of e-commerce. First, we are integrating more relevant payment methods to complete the payments using JumiaPay for the first time, customers link their JumiaPay accounts to the underlying payment method of their choice, and this can be debit or credit card, a bank account or a third-party e-wallet. We are in the process of expanding the range of payment methods that can be linked to JumiaPay accounts to support JumiaPay adoption.

現在讓我們轉向 JumiaPay。首先我想重申 JumiaPay 的發展仍然是我們的首要任務。我們概述了幾項正在進行的舉措來支持平台內外的這一發展。在平台上，我們致力於使 JumiaPay 成為更有效的電子商務推動者。首先，我們正在集成更多相關的支付方式，首次使用 JumiaPay 完成支付，客戶將他們的 JumiaPay 賬戶鏈接到他們選擇的底層支付方式，這可以是藉記卡或信用卡、銀行賬戶或第三方支付方式。派對電子錢包。我們正在擴大可鏈接到 JumiaPay 賬戶的支付方式範圍，以支持 JumiaPay 的採用。

Second, we are rolling out JumiaPay on delivery. This new feature allows customers to pay digitally upon delivery of their order through payment link or a QR code, thus reducing the need for cash. After a successful initial pilots in Kenya and Nigeria in Q1, we are now deploying JumiaPay on delivery in Morocco, Ghana and Uganda. While we are in the early days of the product rollout, the initial results are encouraging. In Kenya, 1/3 of postpaid transactions in Q2 '23 were completed using JumiaPay compared to 20% in March '23.

其次，我們正在推出 JumiaPay 送貨上門服務。這項新功能允許客戶在訂單交付後通過支付鏈接或二維碼進行數字支付，從而減少對現金的需求。第一季度在肯尼亞和尼日利亞成功進行初步試點後，我們現在正在摩洛哥、加納和烏干達部署 JumiaPay 送貨上門服務。雖然我們正處於產品推出的早期階段，但初步結果令人鼓舞。在肯尼亞，23 年第二季度 1/3 的後付費交易是使用 JumiaPay 完成的，而 2023 年 3 月這一比例為 20%。

Third, we are developing Buy-Now-Pay-Later solutions in partnership with third-party partners to support purchases on our platform. Through JumiaPay, our customers can access consumer finance options offered by third-party partners who are responsible for credit underwriting and loan disbursements. And last but not least, we intend to be very disciplined in terms of initiatives that we pursue. We are focusing on what brings tangible value to our ecosystem while supporting our path to profitability. For instance, we have been rationalizing the digital services offered on the JumiaPay app to focus on the ones that drive healthy repeat purchase behavior while offering attractive economics.

第三，我們正在與第三方合作夥伴合作開發“先買後付”解決方案，以支持在我們平台上的購買。通過 JumiaPay，我們的客戶可以獲得由負責信貸承銷和貸款支付的第三方合作夥伴提供的消費金融選項。最後但並非最不重要的一點是，我們打算在我們追求的舉措方面非常自律。我們專注於為我們的生態系統帶來切實價值，同時支持我們的盈利之路。例如，我們一直在合理化 JumiaPay 應用程序上提供的數字服務，重點關注那些能夠推動健康的重複購買行為，同時提供有吸引力的經濟效益的服務。

As part of that, we have suspended a number of services that were historically promotionally intensive, such as airtime recharge services, vouchers and many more. This has negatively impacted JumiaPay performance in the first half of '23, and we expect it to continue affecting JumiaPay performance for the rest of the year. Off-platform, we believe that JumiaPay has strong development potential to process payments on behalf of third-party merchants.

作為其中的一部分，我們暫停了一些歷來促銷密集的服務，例如通話充值服務、優惠券等等。這對 JumiaPay 在 23 年上半年的業績產生了負面影響，我們預計它將繼續影響 JumiaPay 在今年剩餘時間的業績。平台外，我們認為JumiaPay在代表第三方商戶處理支付方面具有強大的發展潛力。

Here again, we plan to drive off-platform development in a disciplined manner, starting in the countries where we already have obtained -- where we have already obtained the relevant licenses to do so, Nigeria and Egypt. A number of improvements to our own platform solutions are transferable to off-platform, including the Buy-Now-Pay-Later solutions. We are also developing specific products and features to support our off-platform development. For instance, we are developing a white-label checkout solution for third-party merchants, allowing them to offer payments under their own brand name on their platforms.

在這裡，我們再次計劃以有紀律的方式推動平台外開發，從我們已經獲得相關許可的國家開始，尼日利亞和埃及。我們自己的平台解決方案的許多改進可以轉移到平台外，包括“先買後付”解決方案。我們還在開發特定的產品和功能來支持我們的平台外開發。例如，我們正在為第三方商家開發白標結賬解決方案，允許他們在自己的平台上以自己的品牌提供付款。

Let's now review the performance of JumiaPay in Q2 '23 in more detail. In line with our objective of making JumiaPay an even more effective e-commerce enabler, we are significantly increasing the penetration of JumiaPay in both our physical goods and food delivery platforms. Let's start with TPV. TPV was $56.9 million, down 23% year-over-year and down 6% on a constant currency basis. FX was again a significant headwind to TPV performance. In particular, the 76% depreciation of the Egyptian pound versus the dollar. The decline in JumiaPay app TPV accounted for almost 90% of the total TPV decline. This was a result of our decision to move away from highly promotional digital services and the app that drives limited consumer lifetime value. This is in line with the disciplined imperative that I outlined earlier as well as our focus story on profitable growth.

現在讓我們更詳細地回顧一下 JumiaPay 在 2023 年第二季度的表現。為了實現讓 JumiaPay 成為更有效的電子商務推動者的目標，我們正在大幅提高 JumiaPay 在實體商品和食品配送平台中的滲透率。我們先從冠捷開始。 TPV 為 5690 萬美元，同比下降 23%，按固定匯率計算下降 6%。外匯再次成為冠捷業績的重大阻力。特別是埃及鎊兌美元貶值76%。 JumiaPay 應用 TPV 的下降幾乎佔 TPV 總下降的 90%。這是我們決定放棄高度促銷的數字服務和推動有限消費者終身價值的應用程序的結果。這符合我之前概述的嚴格要求以及我們對盈利增長的關注焦點。

On a sequential basis, TPV was up 12%, supported by the strong growth of JumiaPay on delivery. TPV penetration as a percentage of GMV increased from 27.4% in Q2 '22 to 28.1% in Q2 '23, supported by increased TPV penetration in both physical goods and food delivery platforms. In physical goods, TPV penetration increased from 21.8% in Q2 '22 to 26.3% in Q2 of '23. In food delivery, the increase was even more significant from 24.8% to 32.3% over the same period.

受 JumiaPay 交付強勁增長的支撐，TPV 環比上漲 12%。 TPV 滲透率佔 GMV 的百分比從 22 年第二季度的 27.4% 上升到 23 年第二季度的 28.1%，這得益於 TPV 在實物商品和食品配送平台中滲透率的提高。在實物商品中，TPV 滲透率從 22 年第二季度的 21.8% 上升到 23 年第二季度的 26.3%。在食品配送方面，增幅更為顯著，同期從24.8%增至32.3%。

Now moving on to JumiaPay transactions. JumiaPay transactions reached $2.1 million in Q2 '23, down 38% year-over-year. Here again, the decline is largely attributable to JumiaPay app, which accounted for over 90% of the overall JumiaPay transaction decline. Transactions penetration as a percentage of orders on both our physical goods and food delivery platforms increased significantly. Physical goods transactions penetration increased from 19.3% in Q2 '22 to 26.1% in Q2 '23, and from 23.2% to 32.1% in food delivery over the same period.

現在轉向 JumiaPay 交易。 JumiaPay 交易額在 2023 年第二季度達到 210 萬美元，同比下降 38%。同樣，下降主要歸因於 JumiaPay 應用程序，該應用佔 JumiaPay 交易下降總量的 90% 以上。我們的實物商品和食品配送平台上的交易滲透率佔訂單的百分比顯著增加。實物商品交易滲透率從 22 年第二季度的 19.3% 上升到 23 年第二季度的 26.1%，同期食品配送的滲透率從 23.2% 上升到 32.1%。

Overall, 32% of orders placed on the Jumia platform in Q2 '23 were completed using JumiaPay compared to 32.7% in the second quarter of '22. The slight decline in overall penetration is due to the reduction of JumiaPay app services in the transaction mix. Wrap up on JumiaPay despite mix effects impacting headline performance. We are making good progress on penetration. We are strengthening the quality and relevance of our products to better serve e-commerce merchants, both on and off-platform.

總體而言，23 年第二季度 Jumia 平台上的訂單中有 32% 是使用 JumiaPay 完成的，而 22 年第二季度這一比例為 32.7%。整體滲透率略有下降是由於交易組合中 JumiaPay 應用服務的減少。儘管混合效應影響了總體表現，但還是對 JumiaPay 進行總結。我們在滲透方面取得了良好進展。我們正在加強產品的質量和相關性，以更好地為平台內外的電子商務商家提供服務。

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

現在我將把時間交給安托萬，他將向您介紹我們的財務狀況。

Thank you, Francis. Hello, everyone. Let's start with a review of our top line performance on Page 12. Revenue reached $48.5 million in Q2 '23, down 15% year-on-year and up 6% on a constant currency basis. First party revenue was $21.9 million, down 12% year-over-year, but up 19% on a constant currency basis. FX was a significant headwind to first-party revenue performance, in particular, the Egyptian pound depreciation year-over-year. On a constant currency basis, we saw a strong growth in first-party revenue in Egypt due to strong momentum in first-party general merchandise sales. We always aim to get the right supply for our customers and therefore, might do retail business in an opportunistic manner to bridge temporarily any assortment gaps on our platform.

謝謝你，弗朗西斯。大家好。讓我們首先回顧一下第 12 頁的營收表現。23 年第二季度的收入達到 4850 萬美元，同比下降 15%，按固定匯率計算增長 6%。第一方收入為 2190 萬美元，同比下降 12%，但按固定匯率計算增長 19%。外匯對第一方收入表現構成重大阻力，特別是埃及鎊同比貶值。按固定匯率計算，由於第一方一般商品銷售勢頭強勁，我們在埃及的第一方收入強勁增長。我們始終致力於為客戶提供合適的供應，因此，可能會以機會主義的方式開展零售業務，以暫時彌補我們平台上的任何品種差距。

Let's now unpack the performance of our marketplace revenue. Marketplace revenue reached $26.1 million, down 15% year-over-year and stable on a constant currency basis. Commissions revenue was up 7% year-over-year and 24% on a constant currency basis. This was mostly due to commission take rate increases implemented in mid-2022. Marketing and advertising revenue was down 18% year-over-year but up 5% on a constant currency basis. The challenging macro context is causing advertisers to be more cautious with their ad spend.

現在讓我們來分析一下我們的市場收入表現。市場收入達到 2610 萬美元，同比下降 15%，按固定匯率計算保持穩定。佣金收入同比增長 7%，按固定匯率計算增長 24%。這主要是由於 2022 年中期實施的佣金收取率上調。營銷和廣告收入同比下降 18%，但按固定匯率計算增長 5%。充滿挑戰的宏觀環境導致廣告商對其廣告支出更加謹慎。

Value-added services revenue, which mainly includes logistics revenue from sellers and fulfillment revenue, which includes shipping fees from consumers, decreased by 36% and 23% year-over-year in parallel with the decline in volumes. That 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 56% in Q2 '22 to a record high of 80% in Q2 '23. This supports our unit economics and helps reduce our losses.

增值服務收入（主要包括來自賣家的物流收入和履約收入（包括來自消費者的運費））在銷量下降的同時，同比分別下降了 36% 和 23%。也就是說，我們正在顯著提高物流服務的貨幣化和履行成本的轉嫁。履約和增值服務收入總和與履約費用的比率從 22 年第二季度的 56% 上升到 23 年第二季度的 80% 的歷史新高。這支持了我們的單位經濟效益並有助於減少我們的損失。

Gross profit reached $26 million in Q2 '23, down 13% year-over-year and up 2% on a constant currency basis. Commission take rate increases drove an expansion in gross profit margin, which went from 11% in Q2 '22 to 12.9% in Q2 '23. Let's now move to cost where we have been making very significant progress. Fulfillment expense reached $13.7 million, down 50% year-on-year and 42% on a constant currency basis in parallel with the decline in orders. Importantly, we are reaching record levels of logistics efficiency. Fulfillment expense per order, excluding JumiaPay app orders, which do not incur logistics costs, decreased by 30% from $3.2 in Q2 '22 to $2.2 in Q2 '23.

2023 年第二季度毛利潤達到 2600 萬美元，同比下降 13%，按固定匯率計算增長 2%。佣金收入的增加推動了毛利率的擴大，毛利率從 22 年第二季度的 11% 上升到 23 年第二季度的 12.9%。現在讓我們轉向成本方面，我們已經取得了非常重大的進展。配送費用達到 1,370 萬美元，同比下降 50%，按固定匯率計算下降 42%，同時訂單量也下降。重要的是，我們的物流效率達到了創紀錄的水平。每個訂單的履行費用（不包括不會產生物流成本的 JumiaPay 應用訂單）下降了 30%，從 22 年第二季度的 3.2 美元下降到 23 年第二季度的 2.2 美元。

As a percentage of GMV, fulfillment expense improved from 10.2% to 6.8%. This is a very important transformation of our logistics economics and reflects the success of the initiatives we have been working on across our logistics chain. These include a higher share of pickup station deliveries, which increased for 33% of shipped physical goods orders in Q2 '22 to 42% in Q2 '23. We are strategically expanding our pickup station network to penetrate undertapped areas of the market in a cost-effective manner. We have also been optimizing our footprint and logistics routes, improving warehousing staff productivity, reducing packaging costs, along with many other initiatives.

履約費用佔 GMV 的百分比從 10.2% 提高到 6.8%。這是我們物流經濟的一次非常重要的轉變，反映了我們在整個物流鏈中一直致力於的舉措的成功。其中包括更高的提貨站交付份額，佔已發貨實物訂單的 22 年第二季度的 33% 增加到 23 年第二季度的 42%。我們正在戰略性地擴展我們的皮卡站網絡，以經濟高效的方式滲透市場中尚未開發的領域。我們還一直在優化我們的足跡和物流路線、提高倉儲員工的生產力、降低包裝成本以及許多其他舉措。

Sales and advertising expense reached $5.8 million, down 74% year-on-year and 71% on a constant currency basis as we continue to bring more discipline to our marketing investments. We see a clear improvement in our marketing efficiency ratio with sale and advertising expense per order decreasing by 59% from 2.2 in Q2 '22 to 0.9 in Q2 '23. As a percentage of GMV, sales and advertising expense reached 2.9% in Q2 '23, which is more than 5% points improvement year-on-year.

隨著我們繼續嚴格營銷投資，銷售和廣告費用達到 580 萬美元，同比下降 74%，按固定匯率計算下降 71%。我們看到我們的營銷效率明顯提高，每個訂單的銷售和廣告費用從 22 年第二季度的 2.2 下降到 23 年第二季度的 0.9，下降了 59%。 23 年第二季度，銷售和廣告費用佔 GMV 的比例達到 2.9%，同比提高 5 個百分點以上。

I want to stress here that while we are reducing our marketing budgets, we remain committed to driving the profitable long-term growth of Jumia. We believe that the primary driver to unlock demand at this stage is not marketing spend but rather a fundamental announcement of selection, price and convenience. Our priority today is on improving these fundamentals with a particular focus on capturing deeper and higher quality supply.

我想在此強調，雖然我們正在減少營銷預算，但我們仍然致力於推動 Jumia 的盈利性長期增長。我們認為，現階段釋放需求的主要驅動力不是營銷支出，而是選擇、價格和便利性的基本公佈。我們今天的首要任務是改善這些基本面，特別關注獲得更深層次和更高質量的供應。

Moving on to technology and G&A costs. Tech and content expense reached $11.1 million, down 22% year-over-year and down 21% on a constant currency basis. While this is a meaningful reduction, we have room to drive further savings as we continue rationalizing our software costs and staff structure. As part of that, we intend to locate an increased share of our developers and tech personnel in Africa, closer to our customers and sellers. Technology is a core part of our DNA, and we remain committed to developing better products and features to improve the experience of all participants on our platform.

接下來討論技術和一般管理費用。技術和內容支出達到 1110 萬美元，同比下降 22%，按固定匯率計算下降 21%。雖然這是一個有意義的減少，但隨著我們繼續合理化我們的軟件成本和員工結構，我們還有進一步節省成本的空間。作為其中的一部分，我們打算將更多的開發人員和技術人員安置在非洲，更靠近我們的客戶和賣家。技術是我們 DNA 的核心部分，我們仍然致力於開發更好的產品和功能，以改善我們平台上所有參與者的體驗。

G&A expense, excluding share-based compensation reached $17.7 million in Q2 '23, down 33% year-over-year and down 20% on a constant currency basis. G&A expense included a $4.1 million beneficial impact from a tax provision release. Excluding the impact of this provision release and share-based compensation, G&A was $21.8 million in Q2 '23. The staff cost component of G&A, excluding share-based compensation, decreased by 32% year-over-year due to the organizational changes we have been undertaking.

2023 年第二季度，不包括股權激勵的一般管理費用達到 1,770 萬美元，同比下降 33%，按固定匯率計算下降 20%。一般管理費用包括稅收撥備釋放帶來的 410 萬美元的有益影響。排除本次撥備發放和股權激勵的影響，2023 年第 2 季度的一般管理費用為 2180 萬美元。由於我們一直在進行組織變革，G&A 的員工成本（不包括股權薪酬）同比下降了 32%。

In less than a year, we have completed a major overhaul of our organization. We have removed significant layers of managerial complexity and largely reduced our presence in Dubai in favor of Africa. Importantly, thanks to a deep understanding of our operations, we drove major staff cost savings without affecting our ability to serve our customers and sellers. I want to acknowledge here the hard work and resilience of our teams who have made this possible.

在不到一年的時間裡，我們完成了對組織的重大改革。我們已經消除了顯著的管理複雜性，並大幅減少了我們在迪拜的業務，轉而支持非洲。重要的是，由於對我們運營的深入了解，我們在不影響我們為客戶和賣家服務的能力的情況下節省了大量員工成本。我想在此感謝我們團隊的辛勤工作和韌性，是他們使這一切成為可能。

Moving on to balance sheet and cash flow items. CapEx in Q2 '23 was $0.3 million as we remain committed to an asset-light model. The expansion of our logistics and pickup station network that we referred to earlier is all down leveraging third-party partners, allowing us to scale faster and in a CapEx-light manner. Net change in working capital had a cash flow impact of $2.2 million, supported by a $2.4 million increase in payables related to the Jumia Anniversary campaign. Cash utilization for the quarter was $38 million. This included a $19 million adverse currency effect on cash with $13 million related to the Nigerian devaluation in June '23.

接下來討論資產負債表和現金流量項目。由於我們仍然致力於輕資產模式，23 年第二季度的資本支出為 30 萬美元。我們之前提到的物流和取貨站網絡的擴張完全是利用第三方合作夥伴，使我們能夠以資本支出較少的方式更快地擴展規模。營運資金的淨變化對現金流產生了 220 萬美元的影響，這得益於與 Jumia 週年紀念活動相關的應付賬款增加了 240 萬美元。該季度的現金利用率為 3800 萬美元。其中包括 1,900 萬美元的貨幣不利影響，其中 1,300 萬美元與 2023 年 6 月尼日利亞貨幣貶值有關。

Notwithstanding FX headwind, cash utilization was down 42% year-over-year in Q2 '23. At the end of June 2023, we had a liquidity position of $166 million comprised of $61 million of cash and cash equivalents and $105.3 million of term deposits and other financial assets. Of this total liquidity position, nearly 70% is [all] in USD and therefore not exposed to local currencies risk. We feel comfortable with our liquidity position and our successful efforts to reduce losses and cash utilization allow us to materially extend our cash runway.

儘管存在外匯逆風，23 年第二季度現金利用率仍同比下降 42%。截至 2023 年 6 月末，我們的流動性頭寸為 1.66 億美元，其中包括 6100 萬美元的現金和現金等價物以及 1.053 億美元的定期存款和其他金融資產。在總流動性頭寸中，近 70% 為美元，因此不會面臨當地貨幣風險。我們對我們的流動性狀況感到滿意，並且我們在減少損失和現金利用率方面所做的成功努力使我們能夠實質性地擴展我們的現金跑道。

I now hand over to Francis, who will walk you through our guidance.

我現在將任務交給弗朗西斯，他將引導您完成我們的指導。

Thank you, Antoine. We have a clear objective of reducing losses and accelerating our path to profitability, and we are delivering strongly on that. Considering the good progress made on loss reduction in H1 '23, we are now updating our adjusted EBITDA loss guidance for the full year 2023. We expect adjusted EBITDA loss of $90 million to $100 million loss compared to the previously communicated range of $100 million to $120 million. This implies over 50% year-over-year reduction in adjusted EBITDA loss.

謝謝你，安托萬。我們有一個明確的目標，即減少損失並加速實現盈利，並且我們正在大力實現這一目標。考慮到23 年上半年在減少損失方面取得的良好進展，我們現在正在更新2023 年全年調整後EBITDA 損失指引。我們預計調整後EBITDA 損失為9000 萬美元至1 億美元，而之前公佈的損失範圍為1 億美元至1 億美元。 1.2 億美元。這意味著調整後 EBITDA 損失同比減少 50% 以上。

We expect also our cost efficiency efforts to continue paying off in 2023. We are updating our sales and advertising expense guidance to reflect lower marketing spend. As I mentioned earlier, we are focused on enhancing business fundamentals to drive growth, while directing our marketing spend towards the most relevant and cost-effective channels. As such, for the full year 2023, we expect sales and advertising expense of $20 million to $30 million versus the previously communicated range of $30 million to $40 million. This compares to $76 million in 2022.

我們還預計我們的成本效率努力將在 2023 年繼續獲得回報。我們正在更新我們的銷售和廣告費用指南，以反映較低的營銷支出。正如我之前提到的，我們專注於增強業務基礎以推動增長，同時將我們的營銷支出用於最相關和最具成本效益的渠道。因此，我們預計 2023 年全年的銷售和廣告費用為 2000 萬至 3000 萬美元，而之前公佈的範圍為 3000 萬至 4000 萬美元。相比之下，2022 年這一數字為 7600 萬美元。

Last but not least, given the good progress made in H1 '23, we are also updating our G&A guidance. Excluding share-based compensation, we expect G&A expense of $85 million to $95 million versus $90 million to $105 million previously. This compares to $118 million in 2023 (sic) [2022] and is essentially a reflection of headcount reduction. We remain committed to driving the business towards profitability. We have made good progress on cost savings so far, executing very strongly despite a very challenging macroeconomic backdrop. We intend to maintain very strong discipline as we work on getting back to growth.

最後但並非最不重要的一點是，鑑於 23 年上半年取得的良好進展，我們也在更新我們的一般管理費用指南。不包括股權激勵，我們預計一般管理費用為 8500 萬至 9500 萬美元，而之前為 9000 萬至 1.05 億美元。相比之下，2023 年為 1.18 億美元（原文如此）[2022]，這本質上反映了員工人數的減少。我們仍然致力於推動業務實現盈利。到目前為止，我們在成本節約方面取得了良好進展，儘管宏觀經濟背景非常具有挑戰性，但我們的執行力度仍然非常強勁。我們打算在努力恢復增長的過程中保持非常嚴格的紀律。

As part of that, we will continue making fundamental enhancements to our platform, and this means securing better supply and pricing while offering a more convenient experience to customers and sellers. We are confident that this approach will pay off in the medium term and we can see encouraging signs already at country and category levels to support that. Overall, we remain very confident in the long-term growth potential of our markets and our ability to capture this opportunity in a profitable manner.

作為其中的一部分，我們將繼續對我們的平台進行根本性增強，這意味著確保更好的供應和定價，同時為客戶和賣家提供更便捷的體驗。我們相信這種方法將在中期得到回報，我們可以看到國家和類別層面已經出現了令人鼓舞的跡象來支持這一點。總體而言，我們對市場的長期增長潛力以及以盈利方式抓住這一機會的能力仍然充滿信心。

With that, we are ready to take your questions.

這樣，我們就準備好回答您的問題了。

(Operator Instructions) Our first question is coming from Luke Holbrook with Morgan Stanley.

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

Just 2 questions from me. The first is just on the fact that orders were down 37% in Q2. That worsened from 28% in Q1. So I'm just wondering if you can just comment on where the trends were heading during the quarter and perhaps where the exit rate was for order to clients by the end of the quarter or maybe on post-quarter trends.

我只有兩個問題。第一個原因是第二季度訂單下降了 37%。這一情況比第一季度的 28% 有所惡化。因此，我只是想知道您是否可以評論一下本季度的趨勢，以及到季度末或季度後趨勢時客戶訂單的退出率。

And then the second one is, have you seen merchants pass on kind of the higher commission rates that you're now charging them to consumers that have maybe weakened perhaps the end of proposition and demand from that side?

第二個問題是，您是否看到商家將您現在向消費者收取的較高佣金率轉嫁給消費者，這可能削弱了這一方面的主張和需求？

So let me take your questions. So on the order trends first, so there are several things to be taken separately, I would say. A lot of it is due to the very deliberate actions, right? We deemed that share of the business was not sustainable with healthy economics. And that's why we've been sharply reducing categories that require very high promotional intensity and all yielded very bad economics, for example, JumiaPay app services or groceries and FMCG. Just that FMCG and JumiaPay app services is -- the 2 segments are responsible for 45% of the decline in items sold, which is a good proxy for orders decline.

那麼讓我來回答你的問題。所以我想說，首先是訂單趨勢，所以有幾件事需要分開考慮。很多都是由於非常刻意的行為造成的，對嗎？我們認為，在健康的經濟形勢下，該業務的份額是不可持續的。這就是為什麼我們一直在大幅減少那些需要非常高的促銷強度且經濟效益非常差的類別，例如 JumiaPay 應用服務或雜貨和快速消費品。只是快速消費品和 JumiaPay 應用服務——這兩個細分市場造成了所售商品下降 45%，這是訂單下降的一個很好的代表。

So nearly half of the loss is coming from very deliberate action and sustainable segments. Then most of the rest is heavily driven, I would say, by the macro environment. I think one thing that I will never stress enough is that we're facing right now in emerging markets and especially in Africa, possibly the worst macroeconomic situation in a decade or more, high inflation, very restrictive economic policies, prediction and so on. It's heavily impacting the supply -- the quality of -- the quantity and quality of supply that we can get and the purchasing power of consumers.

因此，近一半的損失來自非常謹慎的行動和可持續的細分市場。我想說，其餘大部分都是由宏觀環境驅動的。我認為我永遠不會強調的一件事是，我們現在在新興市場，特別是在非洲面臨著可能是十年或更長時間以來最糟糕的宏觀經濟形勢，高通脹，非常限制性的經濟政策，預測等等。它嚴重影響了供應——質量——我們可以獲得的供應的數量和質量以及消費者的購買力。

So all that is sharply driving the trends in usage as you can see. Then when we look at the intra-quarter trends, there was no meaningful difference, sorry, between the months. When we look at post quarter trends, we're starting to see some encouraging signs on volumes in a number of countries after starting Q3. And I cannot comment very much in detail yet, but we think that countries have started the transformation a bit earlier and that have now stabilized macro environment, I will not say great, but stabilized macro environment are starting to see an inflection point.

正如您所看到的，所有這些都極大地推動了使用趨勢。然後，當我們查看季度內趨勢時，抱歉，幾個月之間沒有顯著差異。當我們審視季度後趨勢時，我們開始看到第三季度開始後許多國家的銷量出現一些令人鼓舞的跡象。我還不能詳細評論，但我們認為各國較早開始轉型，現在宏觀環境已經穩定，我不會說很好，但穩定的宏觀環境開始出現拐點。

I'm talking, for example, Ivory Coast, Morocco, Senegal, Ghana, Uganda. So this includes quite a few really big markets for us. And these are very encouraging signs and I'd be happy to comment a bit more on that during the next earnings release in 3 months. Then to the last question on merchants passing on the higher commission's rate to consumers. So we've seen a bit of that in some categories, so it really depends on markets and categories. In some categories, there was -- the effect was really neutral. I mean there was no impact on consumer prices. In some other categories, a bit of the pricing -- of the commissions increase were passed on to consumers. But we tried to make it to do it in a smart way.

例如，我說的是科特迪瓦、摩洛哥、塞內加爾、加納、烏干達。所以這對我們來說包括很多非常大的市場。這些都是非常令人鼓舞的跡象，我很樂意在 3 個月後發布的下一次收益報告中對此進行更多評論。然後是關於商家將較高佣金率轉嫁給消費者的最後一個問題。我們在某些類別中看到了一些這樣的情況，所以這實際上取決於市場和類別。在某些類別中，效果確實是中性的。我的意思是這對消費者價格沒有影響。在其他一些類別中，佣金增加的一部分定價被轉嫁給了消費者。但我們試圖以一種聰明的方式做到這一點。

So the bigger increases were in categories where price competitiveness is a bit less relevant. And I mean -- and where selection and assortment are more relevant than in other categories. So for example, in categories like home and fashion, we see more -- we see that consumers give more importance to choice and selection and vendors were able to pass on a slice, not all of it, but a slice of the commissions increase with no meaningful impact. We still managed to stabilize the volumes on those categories. I hope that answers your questions. But basically, this is not the main driver. I mean, this is not a key driver for volume decrease.

因此，增幅較大的是價格競爭力不太相關的類別。我的意思是——選擇和分類比其他類別更相關。例如，在家居和時尚等類別中，我們看到更多——我們看到消費者更加重視選擇和選擇，而供應商能夠傳遞一部分，而不是全部，但是隨著佣金的增加，一部分佣金會增加。沒有有意義的影響。我們仍然設法穩定了這些類別的銷量。我希望這能回答您的問題。但基本上，這不是主要驅動力。我的意思是，這並不是銷量下降的關鍵驅動因素。

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

我們的下一個問題來自花旗銀行的凱瑟琳·奧尼爾。

I've got a few questions actually. Firstly, I just wondered if you could provide a bit more detail on what you're doing when you -- around the high quality and lower price supply that you're talking about as a key driver for the business or key focus at the moment and where in particular you're seeing those gaps either geographically or by category? And just sort of how long that process might take? That's the first question.

其實我有幾個問題。首先，我只是想知道您是否可以提供更多關於您正在做什麼的細節 - 圍繞您所說的高質量和較低價格的供應，這是目前業務的關鍵驅動力或關鍵焦點您在哪些地區或類別上特別發現了這些差距？這個過程可能需要多長時間？這是第一個問題。

Second, I guess, sort of linked to that is when do you think we should start to see maybe a return to growth again in terms of the number of active customers? Then thirdly, on JumiaPay, where you were talking about some of the off-platform opportunities, I don't know if you're able to provide a bit more detail on how you think about the size of those opportunities and the revenue streams or revenue models associated with those? And then finally, just on your cash balance. I just wanted to understand a bit more about whether there's any trapped cash and what the competition is.

其次，我想，與此相關的是，您認為我們什麼時候應該開始看到活躍客戶數量再次恢復增長？第三，在 JumiaPay 上，您談到了一些平台外機會，我不知道您是否能夠提供更多詳細信息，說明您如何看待這些機會的規模和收入流或與之相關的盈利模式有那些？最後，就你的現金餘額而言。我只是想更多地了解是否有現金被困以及競爭是什麼。

Sorry, I didn't catch the last question, Cathy.

抱歉，我沒聽清最後一個問題，凱茜。

On your current cash balance or cash and equivalents, just a bit more detail on, is there any sort of trapped cash and just what the composition of that cash balances and the accessibility of that.

關於您當前的現金餘額或現金及等價物，請更詳細地說明是否存在任何類型的被困現金，以及該現金餘額的構成及其可訪問性。

Sure. All right. Let me try to take the first 3 questions and, Antoine, if you don't mind, I'll leave you the fourth question. So on the concept of improving supply and prices, which is a huge part of our plan to return to growth, let me try to give you more details. Your first sub-question was where do we have a gap. We had gaps, I mean, in many places, if I can put it this way. So in most countries and most categories, what happened is that in the past, Jumia relied heavily on stimulating demand, mostly through marketing actions and promotions, while we actually operate in markets with the most challenging part of the equation is actually supply.

當然。好的。讓我嘗試回答前 3 個問題，Antoine，如果您不介意的話，我將把第四個問題留給您。因此，關於改善供應和價格的概念，這是我們恢復增長計劃的重要組成部分，讓我嘗試向您提供更多細節。你的第一個子問題是我們的差距在哪裡。我的意思是，如果我可以這麼說的話，我們在很多地方都有差距。因此，在大多數國家和大多數類別中，過去的情況是，Jumia 嚴重依賴刺激需求，主要是通過營銷活動和促銷，而我們實際上在市場中運營，其中最具挑戰性的部分實際上是供應。

There is demand in all of our markets. There is plenty of demand. It's just [fully served]. And you need to -- I mean we need to figure out a world where you cannot buy everything you like at any time. If you need a fridge, there's new one brand in the market. If you need shoes, well, there's only one color at the shop or they're only half of the sizes. So our consumers in the markets where we operate are mostly faced with issues to access supply. So the right way to growth, that's my very deep belief and that's how we shape the plan is to work on supply rather than demand. We have traffic. We have demand. We need better supply for our consumers and this is what has worked in the past in a selection of countries at Jumia.

我們所有的市場都有需求。需求量很大。這只是[完全服務]。你需要——我的意思是我們需要弄清楚一個你不能隨時購買你喜歡的一切的世界。如果您需要一台冰箱，市場上有新品牌。如果您需要鞋子，那麼商店裡只有一種顏色或者只有一半尺碼。因此，我們經營所在市場的消費者大多面臨著獲取供應的問題。因此，正確的增長方式是我堅信的，也是我們制定計劃的方式，那就是著眼於供給而不是需求。我們有交通。我們有需求。我們需要為消費者提供更好的供應，這就是 Jumia 過去在一些國家的做法。

So we ended up in cases where we were investing quite heavily in marketing on categories where, clearly, we didn't have the right assortment where competition off-line and online at better prices, more brands, more selections. And at this point, you can spend any amount in marketing is not going to make up for the gap in selection. So -- and that was pretty much across the board. I mean, some countries were faring better. I think we gave the examples of Ghana, Ivory Coast and a few quarters ago. But that's -- that was really the challenge across our countries.

因此，我們最終出現了這樣的情況：我們在品類營銷上投入了大量資金，但顯然，我們沒有合適的品類，無法以更好的價格、更多的品牌和更多的選擇進行線下和線上的競爭。而此時，你在營銷上花費任何金額都無法彌補選擇上的差距。所以——這幾乎是全面的。我的意思是，一些國家的情況更好。我想我們在幾個季度前舉了加納、科特迪瓦的例子。但這確實是我們各國面臨的挑戰。

So what we're doing for that is we -- I mean, -- we're working with the people who have the power in the market and who have the supply. So all suppliers, merchants, vendors, whatever the name, they exist. I mean, there are many of them in our markets. There are those who have access to brands, access to international supply, can import, have the financial power to bringing sufficient quantities. And we need -- I mean, that's what we've been doing for a while. We need to convince them to come back to Jumia, least all of the assortments give us better prices than other distributors in the rest of the market. So we can start generating volumes and revenue for them.

因此，我們為此所做的就是——我的意思是——我們正在與那些在市場上擁有權力並且擁有供應的人合作。所以所有的供應商、商人、供應商，無論叫什麼名字，他們都存在。我的意思是，我們的市場上有很多這樣的產品。有些人能夠獲得品牌、獲得國際供應、可以進口、有財力帶來足夠的數量。我們需要——我的意思是，這就是我們一段時間以來一直在做的事情。我們需要說服他們回到 Jumia，至少所有品種都給我們提供比市場其他經銷商更好的價格。這樣我們就可以開始為他們創造銷量和收入。

It's a long process. Sometimes it means rebuilding relationships. Sometimes it means building them from scratch. Sometimes it means re-growing your accounts that had been with us for a while, but were too small, and so on and so forth. It's a lot of personal relationships as well in many of the markets where we operate. History -- and good and bad history plays a role. So it takes time, but it's definitely the right thing to do. And we see that when relationships are rebuilt and volume starts flowing again, we're off to a very, very positive trend.

這是一個漫長的過程。有時這意味著重建關係。有時這意味著從頭開始構建它們。有時，這意味著重新增加您在我們這裡已經有一段時間但太小的賬戶，等等。在我們經營的許多市場中也有很多個人關係。歷史——好的和壞的歷史都會發揮作用。所以這需要時間，但這絕對是正確的做法。我們看到，當關係重建並且交易量再次開始流動時，我們就會走向一個非常非常積極的趨勢。

So to your question around day or time, it's very hard to put a number on that. But what we see, I mean it takes 6 to 12 months to fully turn around the country, let me put it this way, to turn around the suppliers relationships, released to everyone, rebuild categories one by one, invest marketing on the right categories, so rebuild our reputation on those categories and get the customers coming back and then get positive cycle of reinforcement with more sales, more supply and so on. Yes. But -- I mean, I said 6 to 12 months.

因此，對於您關於日期或時間的問題，很難給出具體數字。但我們看到的是，我的意思是需要6到12個月才能完全扭轉全國，讓我這樣說，扭轉供應商關係，向所有人發布，一一重建類別，在正確的類別上投資營銷，因此重建我們在這些類別上的聲譽並讓客戶回來，然後通過更多銷售、更多供應等獲得強化的良性循環。是的。但是——我的意思是，我說的是 6 到 12 個月。

So if you do the math, you can understand that a large part of our countries have been in this transformation for more than 6 or 12 months. So we should start seeing the impact at country level already. And this is what I was mentioning we're starting to see an inflection in many countries. So the impact is coming, not yet impacting the whole group trajectory, but we're starting to see very, very positive signs. So that was to your first question.

因此，如果你算一下，你就會明白，我們很大一部分國家已經經歷了超過 6 或 12 個月的轉變。因此，我們應該已經開始看到國家層面的影響。這就是我剛才提到的，我們開始在許多國家看到這種變化。因此，影響即將到來，尚未影響整個集團的發展軌跡，但我們開始看到非常非常積極的跡象。這就是你的第一個問題。

Second question is when do we return to growth? So I cannot put a clear figure on that, unfortunately. We're working very hard on that. It's clearly our priority. I mean you can see that we have delivered quite effectively on cost reduction, on cash preservation. Our top priority is clearly growth at this stage. And we know that we're getting back to it. It's very hard to tell you whether it's in 1, 2 or 3 quarters. It's very hard to put an exact number on that.

第二個問題是我們什麼時候恢復增長？因此，不幸的是，我無法給出明確的數字。我們正在為此努力。這顯然是我們的首要任務。我的意思是，您可以看到我們在降低成本和保留現金方面非常有效。現階段我們的首要任務顯然是增長。我們知道我們正在回到這個話題。很難告訴你是在 1、2 還是 3 個季度。很難給出一個確切的數字。

Then off-platform revenues for JumiaPay, so what's the size of the opportunity. So it's very hard to size. What we're doing now is that we're negotiating -- we're improving the product and negotiating with key partners for very selected contracts in a very selective way so we can prove the concept, have happy customers and then expand again. So we're not at a stage where we can say exactly how many million or billion dollars it's going to generate but we're really focused on improving the added value, the scalability in Nigeria and Egypt specifically.

然後是 JumiaPay 的平台外收入，那麼機會有多大。所以很難確定尺寸。我們現在正在做的是談判——我們正在改進產品，並以非常有選擇性的方式與主要合作夥伴就精選合同進行談判，以便我們可以證明這個概念，擁有滿意的客戶，然後再次擴張。因此，我們還不能準確地說出它將產生多少百萬或十億美元，但我們真正專注於提高附加值，特別是尼日利亞和埃及的可擴展性。

And then to your fourth question, can I leave that to you, Antoine?

然後是你的第四個問題，我可以把這個問題留給你嗎，安托萬？

Yes. But can you please repeat the question because my line is not very good and it wasn't clear to me.

是的。但是你能重複一下這個問題嗎，因為我的台詞不太好，而且我不清楚。

Yes, no problem. I was just wondering if you could give a bit more detail on the current cash situation in terms of whether there's any trapped cash anywhere and what the competition is with regards to cash (inaudible)

是沒有問題。我只是想知道您是否可以更詳細地介紹當前的現金狀況，包括是否有任何地方被困現金以及現金方面的競爭是什麼（聽不清）

Yes, okay. Okay. Yes, yes. So you know that we are operating in 11 different jurisdictions and they all have their own ForEx regulation. Some of them -- in some of them, it's very easy to repatriate cash. Some of them are a bit more difficult to deal with because the regulation is a bit complex. What I can tell you is that as we speak, we have -- there are no countries where we have material amount of cash from which we cannot repatriate.

是的，好的。好的。是的是的。所以您知道，我們在 11 個不同的司法管轄區開展業務，它們都有自己的外匯法規。其中一些——在其中一些——匯回現金非常容易。其中一些問題處理起來比較困難，因為監管有點複雜。我可以告訴你的是，就在我們說話的時候，我們沒有任何國家擁有我們無法彙回的大量現金。

And we have already started to repatriate for more than a couple of countries. There is no, as we speak, cash trapped in any countries where we would have cash that we are not going to use. And maybe an additional point, the recent evolution in Nigeria, which is probably a very good move in terms of macro will help to restore confidence in the ForEx market and makes it easier to repatriate cash from the country.

我們已經開始向多個國家遣返。正如我們所說，在任何我們擁有現金卻不會使用的國家，都不會有現金被困。也許還有一點，尼日利亞最近的發展，從宏觀角度來看可能是一個非常好的舉措，將有助於恢復對外匯市場的信心，並使從該國匯回現金變得更加容易。

At this time, we have reached the end of our question-and-answer session. And this concludes today's conference. So you may disconnect your lines at this time and we thank you for your participation.

至此，我們的問答環節已經結束了。今天的會議到此結束。因此，您此時可以斷開線路，我們感謝您的參與。