Jumia Technologies AG (JMIA) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Jumia's Results Conference Call for the Third 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. With us today are Francis Dufay, CEO of Jumia, and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations. We'll start by covering the safe harbor. We would like to remind you that our discussions today will indicate forward-looking statements. Actual results may differ materially from those indicated in the forward-looking statements. Moreover, these forward-looking statements may speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today. Please see the Risk Factors section of our annual report on Form 20-F as published on May 16, 2023, as well as our other submissions with the SEC.

早安，女士們先生們，感謝你們的支持。歡迎參加 Jumia 2023 年第三季業績電話會議。目前，所有參與者都處於只聽模式。管理階層準備好發言後，將舉行問答環節。今天與我們在一起的有 Jumia 執行長 Francis Dufay 和財務與營運執行副總裁 Antoine Maillet-Mezeray。我們將從覆蓋安全港開始。我們想提醒您，我們今天的討論將顯示前瞻性陳述。實際結果可能與前瞻性陳述中所示的結果有重大差異。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。討論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。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，以及我們向 SEC 提交的其他資料。

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 financial -- on our Investors Relations website. With that, I'll hand over to Francis.

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財務投資者關係網站上找到。接下來，我將把工作交給法蘭西斯。

Thank you. Welcome, everyone, and thanks for joining us today. The third quarter was very important for Jumia as we were able to achieve much of what we had planned when we changed both the strategy and the leadership of the company. We made clear then that the overriding objective was to reduce losses and move towards profitability. We are happy to report that this quarter has seen further significant progress in loss reductions as well as cash management, while we now see the impact of our growth strategy. Let's now look at a few key indicators. The adjusted EBITDA loss of $15 million in Q3 23 was the lowest since our IPO in 2019. This represents a decrease in adjusted EBITDA losses by $31 million versus Q3 '22, down by 67% year-over-year and by 70% on a constant currency basis. Year-to-date, the adjusted EBITDA loss is $61 million, down by 61% compared to the $158 million in the first 9 months of 2022.

謝謝。歡迎大家，感謝您今天加入我們。第三季對 Jumia 來說非常重要，因為當我們改變公司的策略和領導層時，我們能夠實現大部分計劃。我們當時明確表示，首要目標是減少損失並獲利。我們很高興地報告，本季在減少損失和現金管理方面取得了進一步的重大進展，同時我們現在看到了我們的成長策略的影響。現在讓我們來看看幾個關鍵指標。 23 年第三季調整後EBITDA 損失為1,500 萬美元，是我們2019 年IPO 以來的最低水準。這意味著調整後EBITDA 損失比22 年第三季減少了3,100 萬美元，年減67%，環比下降70%。固定貨幣基礎。今年迄今為止，調整後的 EBITDA 損失為 6,100 萬美元，與 2022 年前 9 個月的 1.58 億美元相比下降了 61%。

Our liquidity position amounted to $147 million at the end of Q3 '23, which reflects a decrease of $19 million in Q3 '23 compared to a decrease by $66 million in Q3 '22, down by 71% year-over-year. This is the result of our comprehensive plan to build a leaner organization, stop certain unprofitable activities and capture efficiencies in operations and marketing. We strive to run our business with a key focus on achieving profitability and positive cash flow. And Q3 '23 has shown great progress in that regard. There is, of course, still a lot of work, but we're excited by the next phase of the turnaround at Jumia. As also explained previously, growth is crucial, and we are not only focused on cost reduction. We believe in our growth plan as we're already seeing positive signs while spending far less than in the past in all areas. We continue to execute our plan to build stronger fundamentals for growth in our core categories, and we are starting to see the impact.

截至 23 年第三季末，我們的流動性部位達到 1.47 億美元，與 22 年第三季減少 6,600 萬美元相比，23 年第三季減少了 1,900 萬美元，年減 71%。這是我們建立更精簡的組織、停止某些無利可圖的活動並提高營運和行銷效率的全面計劃的結果。我們努力經營業務，並專注於實現盈利和正現金流。 23 年第三季在這方面取得了巨大進展。當然，還有很多工作要做，但我們對 Jumia 下一階段的轉變感到興奮。正如之前所解釋的，成長至關重要，我們不僅僅關注降低成本。我們相信我們的成長計劃，因為我們已經看到了積極的跡象，而在所有領域的支出都比過去少得多。我們繼續執行我們的計劃，為核心類別的成長奠定更堅實的基礎，我們已經開始看到其影響。

Revenue reached $45 million, down by 11% year-over-year and up by 19% on a constant currency basis. GMV reached $181 million, declining by 25% year-over-year and by 3% on a constant currency basis. This compares to a decrease in adjusted EBITDA losses by 67% year-over-year and 70% on a constant currency basis and the decrease in sales and advertising expenses by 74% year-over-year and 67% on a constant currency basis. 5 countries reported positive GMV growth year-over-year on physical goods, both as reported and on a constant currency basis. These 5 countries accounted for 49% of the GMV from physical goods in Q3 '23. The GMV of our physical goods platform in all countries was down by 17% year-over-year and increased by 10% on a constant currency basis. The countries with positive GMV growth for the first in which we implemented our new strategy and the results give us confidence for the other countries in the group.

營收達 4,500 萬美元，年減 11%，以固定匯率計算成長 19%。 GMV 達 1.81 億美元，年減 25%，以固定匯率計算下降 3%。相較之下，調整後 EBITDA 虧損年減 67%，以固定匯率計算下降 70%，銷售和廣告費用較去年同期下降 74%，以固定匯率計算下降 67%。 5 個國家報告實體商品 GMV 年比正成長，無論是以報告數據或固定匯率計算。這 5 個國家佔 23 年第三季實體商品 GMV 的 49%。我們的實體商品平台在所有國家的 GMV 年減 17%，以固定匯率計算成長 10%。我們在這些國家中率先實施了新策略，實現了 GMV 正成長，其結果讓我們對集團中的其他國家充滿信心。

As you are aware, there are a number of activities in the Jumia Group, and we have decided to focus, in particular, on physical goods. This came with clear decisions to deprioritize other areas so that we could focus on our organization on the right battles. For example, within physical goods, we chose to deprioritize and streamline a number of categories such as FMCG. In food delivery services operated on our Jumia Food platform, we chose to focus last year on our biggest markets and discontinued operations in 3 countries. Similarly, we decided to refocus our work on JumiaPay towards building a stronger enabler for our e-commerce business, thus increasing the penetration of JumiaPay on our platforms. Off platform expansion of JumiaPay remains prioritized specifically in Egypt and Nigeria, where we have the relevant licenses.

如您所知，Jumia 集團開展了多項活動，我們決定特別關注實體商品。隨之而來的是明確的決定，取消其他領域的優先順序，以便我們能夠專注於我們的組織進行正確的戰鬥。例如，在實體商品中，我們選擇降低優先順序並簡化快速消費品等一些類別。在 Jumia Food 平台上營運的食品配送服務中，我們去年選擇將重點放在最大的市場上，並停止了在 3 個國家的業務。同樣，我們決定重新專注於 JumiaPay 的工作重點，為我們的電子商務業務打造更強大的推動者，從而提高 JumiaPay 在我們平台上的滲透率。 JumiaPay 的平台外擴張仍然優先考慮在埃及和奈及利亞，我們在這兩個國家擁有相關許可證。

Let me now remind you of what we outlined when we took over leadership of the business. Strategies for cost control and profitable growth and our approach to making Jumia the pre-eminent e-commerce business in Africa. One year ago we made a conscious decision to reorganize the company and focus on a few key priorities in order to establish a stronger foundation for growth. Today, we are pleased to see clear progress not only in terms of cost and cash management, but also in terms of what we consider to be growth fundamentals. Our plan does not end here, and we still have a lot of work to do to execute on those priorities. This is just a start.

現在讓我提醒您我們接任該業務領導層時概述的內容。成本控制和利潤成長的策略以及我們使 Jumia 成為非洲卓越的電子商務企業的方法。一年前，我們有意識地決定重組公司，並專注於幾個關鍵優先事項，以便為成長奠定更堅實的基礎。今天，我們很高興看到不僅在成本和現金管理方面取得了明顯進展，而且在我們認為的成長基本面方面也取得了明顯進展。我們的計劃並沒有就此結束，為了執行這些優先事項，我們還有很多工作要做。這只是一個開始。

Looking at the long term, we believe that this strategy will give us a unique advantage in capturing the growth of consumption and e-commerce in Africa. With the African population expected to increase by the UN from 1.5 billion in 2023 to 2.5 billion in 2050, we are looking at an amazing opportunity. We need to build the right assets for the long term, and we believe that our strategy is doing just that. We focus on creating a better value proposition for customers that we can sustain in the long run as well as greater barriers to entry. Let me outline some of the activities and initiatives that have produced a significant turnaround in the fortunes of Jumia. First, our supply side strategy and execution. As previously stated, we believe that demand in our African market is large, but largely unfulfilled and it is our goal to address this issue for our customers. We intend to do this by collaborating with vendors and brands to provide the greater selection at competitive price points. Consumers in our markets are price sensitive and will seek the best deal, whether online or offline. Our efforts to create a stronger value proposition in core categories, which we define as phones, electronics, home and living, fashion and beauty have resulted in better repurchase rates from new customers acquired in those categories and increased average order value for physical goods. We seek to continuously improve our assortments and price points, working with both international brands and local vendors.

從長遠來看，我們相信這項策略將為我們抓住非洲消費和電子商務成長的獨特優勢。聯合國預計非洲人口將從 2023 年的 15 億增加到 2050 年的 25 億，我們正在尋找一個絕佳的機會。我們需要建立適合長期的資產，我們相信我們的策略正在做到這一點。我們專注於為客戶創造更好的、可以長期維持的價值主張，並提高進入障礙。讓我概述一下使 Jumia 的命運發生重大轉變的一些活動和舉措。首先，我們的供給面策略和執行。如前所述，我們相信非洲市場的需求很大，但基本上沒有被滿足，我們的目標是為客戶解決這個問題。我們打算透過與供應商和品牌合作來實現這一目標，以具有競爭力的價格提供更多選擇。我們市場上的消費者對價格敏感，無論在線上或線下都會尋求最優惠的價格。我們努力在手機、電子產品、家居和生活、時尚和美容等核心品類中創造更強大的價值主張，從而提高了這些品類新客戶的回購率，並提高了實體商品的平均訂單價值。我們尋求與國際品牌和當地供應商合作，不斷改進我們的產品種類和價格點。

Second, achieving operational efficiencies. Operational efficiency continues to improve, with fulfillment expenses per order excluding JumiaPay, reaching $2.1 down by 26% year-over-year and 8% on a constant currency basis. Efficiencies were achieved while expanding our footprint in secondary cities throughout 2023. This expansion is being driven by the growth of our branded pickup stations network which now accounts for 44% of physical goods deliveries increasing by 8 percentage points versus last year. Third, improving marketing efficiency. While focusing on stronger supply, better outreach to customers and an overall improved customer value proposition, we continued shifting the focus away from costly marketing channels in Q3 '23. This led to a decrease in sales and advertising expenses from -- sorry, to $4.3 million, down by 74% year-over-year and 67% on a constant currency basis as well as a reduction in consumer incentives, such as vouchers and free shipping.

其次，實現營運效率。營運效率持續提高，每筆訂單的履行費用（不包括 JumiaPay）達到 2.1 美元，年減 26%，以固定匯率計算下降 8%。 2023 年，我們在擴大在二線城市的足跡的同時提高了效率。這一擴張是由我們的品牌取貨站網絡的增長推動的，該網絡目前佔實物貨物交付的44%，比去年增加了8個百分點。三是提高行銷效率。在專注於加強供應、更好地接觸客戶以及整體改善客戶價值主張的同時，我們在 23 年第 3 季繼續將重點從昂貴的行銷管道上轉移。這導致銷售和廣告費用從——抱歉，減少至 430 萬美元，年減 74%，以固定匯率計算下降 67%，同時還減少了優惠券和免費等消費者激勵措施船運。

Fourth, building a lean organization. We have built a leaner organization, with G&A expenditures, excluding stock-based compensation at $15.9 million, down by 43% year-over-year and 33% on a constant currency basis. This was primarily driven by savings in staff costs after rightsizing our structure earlier this year. Year-to-date, the head count in G&A functions was reduced by 317, which corresponds to a 19% headcount reduction. As part of the organizational changes, we have meaningfully reduced the size of our team in Dubai and relocated leadership positions to our African offices close to our consumers, our sellers and our operations.

第四，建設精實組織。我們建立了一個更精簡的組織，不包括股票薪酬的 G&A 支出為 1,590 萬美元，年減 43%，以固定匯率計算下降 33%。這主要是由於今年早些時候調整了我們的結構後節省了員工成本。年初至今，G&A 職能部門的員工人數減少了 317 人，相當於減少了 19%。作為組織變革的一部分，我們有意義地縮小了杜拜團隊的規模，並將領導職位轉移到靠近消費者、賣家和營運部門的非洲辦事處。

Moving on, let's look into our usage trends in Q3. Quarterly active customers reached 2.3 million, down versus last year, but nearly stable quarter-over-quarter at minus 3%. We see this near stabilization in active customers versus Q2 as a positive development. Q3 seasonality with long holidays and back-to-school expenditures weighing on household budgets is typically less favorable than Q2 in our core categories. Additionally, we held a major commercial event called Jumia Anniversary in June, but no similar promotional activities took place in Q3. The company received a total 7.2 million orders in the last quarter, which is down 23% compared to Q3 '22. Year-over-year decrease is largely driven by actions taken to recalibrate our products and services portfolio, moving away from the most unprofitable categories with limited consumer lifetime value. This has impacted usage, but it was the right thing to do since we want to drive profitable growth.

接下來，讓我們來看看第三季的使用趨勢。季度活躍客戶數達 230 萬，比去年下降，但季減幾乎穩定在負 3%。我們認為，與第二季度相比，活躍客戶的接近穩定是一個積極的發展。在我們的核心類別中，第三季的季節性因素，長假和返校支出對家庭預算造成壓力，通常不如第二季有利。此外，我們在 6 月舉辦了一場名為 Jumia Anniversary 的大型商業活動，但在第三季沒有進行類似的促銷活動。該公司上季共收到 720 萬份訂單，較 22 年第三季下降 23%。年比下降主要是由於我們採取了重新調整產品和服務組合的行動，擺脫了消費者終身價值有限的最無利可圖的類別。這影響了使用量，但這是正確的做法，因為我們希望推動利潤成長。

However, orders were up by 11% compared to Q2 '23. This positive development is driven by an increase in JumiaPay app orders, thanks to some promotional activities. Physical goods orders remained nearly stable quarter-over-quarter, declining by 1%. Similar to the trend in active customers, we see the stability in physical goods orders as a positive evolution with regard to seasonality effects and lower promotional intensity in Q3. GMV reached $181 million, down by 25% year-over-year and by 3% on a constant currency basis. This is a significant improvement versus Q1 and Q2 '23, when our GMV decreased respectively by 22% and 25% year-over-year and 6% and 11% on a constant currency basis. This trend is primarily driven by physical goods with GMV of physical goods down by 17% year-over-year, but up by 10% on a constant currency basis, primarily as a result of our efforts to focus on core categories.

然而，與 2023 年第二季相比，訂單量增加了 11%。這一積極的發展是由 JumiaPay 應用程式訂單的增加所推動的，這要歸功於一些促銷活動。實體商品訂單較上季維持基本穩定，下降 1%。與活躍客戶的趨勢類似，我們認為實體商品訂單的穩定性是季節性影響和第三季促銷強度降低的正面演變。 GMV 達 1.81 億美元，年減 25%，以固定匯率計算下降 3%。與 2023 年第一季和第二季相比，這是一個顯著的進步，當時我們的 GMV 年比分別下降了 22% 和 25%，以固定匯率計算分別下降了 6% 和 11%。這一趨勢主要由實體商品推動，實體商品的 GMV 年減 17%，但以固定匯率計算成長 10%，這主要是由於我們努力專注於核心品類。

As we have explained in more detail over the past quarters, macroeconomic trends remain challenging. High inflation across markets and currency devaluations have an impact on both customers and vendors. However, we believe that our strategy, which places a strong emphasis on securing supply and better price points is very effectively mitigating these challenges. For example, Ghana was one of our fastest-growing countries in Q3 in terms of GMV. This happened against a challenging macroeconomic backdrop with 38% year-over-year inflation in Ghana, the highest level across our 11 countries, very negatively impacting purchasing power. Despite this, our team did an outstanding job of making our product lineup more competitive in the electronics, appliances and fashion categories, especially with entry-level brands. This was combined with very efficient marketing strategies, focusing on price leadership and targeting cost-conscious consumers.

正如我們在過去幾個季度更詳細地解釋的那樣，宏觀經濟趨勢仍然充滿挑戰。市場的高通膨和貨幣貶值對客戶和供應商都有影響。然而，我們相信，我們的策略非常重視確保供應和更好的價格點，可以非常有效地緩解這些挑戰。例如，就 GMV 而言，加納是第三季成長最快的國家之一。這是在充滿挑戰的宏觀經濟背景下發生的，加納的通貨膨脹率為 38%，是我們 11 個國家中的最高水平，對購買力產生了非常負面的影響。儘管如此，我們的團隊仍然出色地完成了工作，使我們的產品系列在電子、電器和時尚類別（尤其是入門級品牌）中更具競爭力。這與非常有效的行銷策略相結合，注重價格領先並針對注重成本的消費者。

Let's now look at our progress in building stronger core categories in physical goods. We have identified key categories in which we want to succeed and become the top choice for consumers across markets; phones, electronics, human living, fashion and beauty. These categories were selected back in late '22 based on simple criteria; relevance to our consumers and market size, ability for Jumia to source supply based on our experience across 11 countries and expected profitability of each segment, especially taking into consideration challenges in logistics. This exercise led to the deprioritization of some categories such as groceries, where sourcing is complex and economics are very challenging for e-commerce. Our focus in '23 has been on developing a better supply chain across these categories using a variety of methods in all countries, such as first, improving vendor experience, working particularly on spinning up payments and fixing operational pain points for marketplace vendors. Second, we are providing better support and planning for our key partners in different countries, usually known brands or their authorized distributors.

現在讓我們來看看我們在打造更強大的實體商品核心品類方面的進展。我們已經確定了我們希望取得成功並成為各個市場消費者的首選的關鍵類別；電話、電子產品、人類生活、時尚和美容。這些類別是在 22 年末根據簡單的標準選擇的；與我們的消費者和市場規模的相關性、Jumia 根據我們在 11 個國家的經驗以及每個細分市場的預期盈利能力採購供應的能力，特別是考慮到物流方面的挑戰。這種做法導致雜貨等某些類別的優先順序降低，這些類別的採購很複雜，而且對電子商務來說經濟性非常具有挑戰性。我們在 23 年的重點是在所有國家/地區使用各種方法在這些類別中開發更好的供應鏈，例如首先改善供應商體驗，特別是加快支付速度並解決市場供應商的營運痛點。其次，我們為不同國家的主要合作夥伴（通常是知名品牌或其授權經銷商）提供更好的支援和規劃。

Third, we aim to secure more partnerships to distribute international brands in Africa. For example, we signed an agreement with Starlink back in October '23 and will soon be distributing their residential kits in Nigeria to start with. We are thrilled to join forces as a key partner of Starlink to expand this groundbreaking technology across Africa. This aligns perfectly with our mission of using technology to improve lives across the continent. Fourth, we are also strengthening our cooperation with long-term partners by enabling them to expand through the continent with Jumia Support. We are pleased to share that we have agreed new partnerships in Q3 with renowned brands, notably with L'Oreal and Adidas.

第三，我們的目標是建立更多合作關係，在非洲分銷國際品牌。例如，我們早在 23 年 10 月就與 Starlink 簽署了一項協議，很快就會開始在尼日利亞分發他們的住宅套件。我們很高興能夠作為 Starlink 的主要合作夥伴攜手合作，將這項突破性技術推廣到整個非洲。這與我們利用科技改善整個非洲大陸生活的使命完美契合。第四，我們也加強與長期合作夥伴的合作，使他們能夠透過 Jumia 支持在整個非洲大陸擴張。我們很高興地宣布，我們在第三季與知名品牌（尤其是歐萊雅和阿迪達斯）達成了新的合作關係。

And fifth, we improved the management of our vendor base in China. As part of the Jumia Global program, Chinese vendors are able to address the unfulfilled demand in categories like home products and electronic accessories across our markets. For example, we have taken steps to improve the profitability of our vendors and reduce the operational leakage while securing more supply from them. These actions are starting to bear fruit. We see in Q3, several important trends materializing. Our mix is changing in significant ways. And the share of GMV and items sold from our core categories is increasing. Particularly, Home & Living categories have demonstrated strong progress with GMV growing 24% year-over-year and 62% on a constant currency basis. The share of items sold from noncore categories, primarily including FMCG and groceries, decreased from 21% in Q3 '22 to 13% in Q3 '23. As a logical consequence, average order value for physical goods is improving from $37 in Q3 '22 to $39 in Q3 '23. Increasing the AUV is an important enabler for profitability, while we also decreased our fulfillment expenses per order.

第五，我們改進了對中國供應商的管理。作為 Jumia Global 計畫的一部分，中國供應商能夠解決我們市場上家居產品和電子配件等類別中未滿足的需求。例如，我們已採取措施提高供應商的獲利能力並減少營運洩漏，同時確保他們提供更多供應。這些行動已開始取得成果。我們在第三季看到了幾個重要趨勢的實現。我們的組合正在發生重大變化。我們核心品類的 GMV 和商品銷售份額正在增加。尤其是家居與生活類別取得了強勁進展，GMV 年成長 24%，以固定匯率計算成長 62%。非核心類別（主要包括快速消費品和雜貨）銷售的商品份額從 22 年第三季的 21% 下降到 23 年第三季的 13%。合乎邏輯的結果是，實體商品的平均訂單價值從 22 年第三季的 37 美元上升到 23 年第三季的 39 美元。增加 AUV 是獲利能力的重要推動因素，同時我們也減少了每筆訂單的履行費用。

We have a great case example of the relevance of the strategy in Senegal. While we had historically struggled with volatile or insufficient supply across our core categories in Senegal, our team based in Dakar managed to build a much better assortment, leading to robust year-over-year growth in both GMV and orders in Q3 '23. For example, in the Home & Living categories, we have built stronger relationships with local suppliers and agree on yearly supply plans with a view to securing consistent assortments across the whole year. We have also worked to grow specific categories with several Pan African and European brands willing to enter this market, such as Leroy Merlin, a leader in the home improvement category in Europe which sells exclusively on Jumia in Senegal.

我們有一個很好的案例來說明該策略在塞內加爾的相關性。雖然我們在塞內加爾的核心品類歷來一直面臨供應不穩定或供應不足的問題，但我們位於達喀爾的團隊成功地打造了更好的品類，導致 23 年第三季度的 GMV 和訂單同比強勁增長。例如，在家居與生活類別中，我們與當地供應商建立了更牢固的關係，並就年度供應計劃達成一致，以確保全年品種一致。我們也與多個願意進入市場的泛非和歐洲品牌合作，共同發展特定類別，例如歐洲家居裝修類別的領導者 Leroy Merlin，該品牌在塞內加爾的 Jumia 上獨家銷售。

What you see here is just the beginning of a very broad transformation. We are happy to see this early impact but there is still a lot to be done and the high unmet demand to be served. The priorities set for 2023 on supply on core categories will remain at the top of the agenda for 2024 as well. Progress on supply in our core categories is a critical part of our strategy and enables us to change the way we drive growth. In the past, we invested a lot of money and management attention in stimulating demand. We spent heavily on expensive online marketing channels as well as customer incentives such as free shipping vouchers and other customer discounts paid by Jumia. This often generated unprofitable volumes. We are now building on what we believe to be much healthier fundamentals.

你在這裡看到的只是一個非常廣泛的轉變的開始。我們很高興看到這種早期影響，但仍有許多工作要做，還有大量未滿足的需求需要滿足。 2023 年確定的核心品類供應優先事項也仍將是 2024 年議程的重中之重。我們核心品類的供應進展是我們策略的重要組成部分，使我們能夠改變推動成長的方式。過去，我們投入了大量的資金和管理階層的注意力來刺激需求。我們在昂貴的線上行銷管道以及客戶激勵措施上投入了大量資金，例如免費送貨券和 Jumia 支付的其他客戶折扣。這通常會產生無利可圖的銷售。我們現在正在建立我們認為更健康的基本面。

First, we believe that improved assortments and price points will enable us to drive more free traffic from being a top-of-mind destination for consumers as well as improved repurchase rates. We are pleased to see early impact on our cohort behavior as the 30 days repurchase rate of our Q3 '23 cohorts of new customers acquired from our core categories has already increased by 2 percentage points compared to the same period last year. Second, we have been expanding our logistics reach and marketing actions outside of the capital cities. There, we seek to penetrate markets historically underserved by both physical retail and e-commerce. In those cities, we run very efficient marketing activities resulting to mostly offline actions and leveraging our large JForce network of commissioned agents.

首先，我們相信，品種和價格點的改進將使我們能夠成為消費者的首選目的地，從而帶來更多的免費流量，並提高復購率。我們很高興看到我們的群體行為受到早期影響，因為從我們的核心類別獲得的 23 年第三季新客戶群的 30 天復購率與去年同期相比已經增加了 2 個百分點。其次，我們一直在擴大首都城市以外的物流範圍和行銷活動。在那裡，我們尋求滲透歷史上實體零售和電子商務服務不足的市場。在這些城市，我們進行非常有效率的行銷活動，大部分都是線下行動，並利用我們龐大的 JForce 委託代理商網路。

And third, our marketing teams have focused their efforts on growing free channels such as customer relationship management, CRM and search engine optimization SEO and improving the efficiency of the other channels, such as paid online marketing. For example, the share of CRM in total visits to physical goods on our platform in Q3 '23 increased by 25% year-over-year, thanks to better customization of pontifications, thanks to our app users. Similarly, the share of SEO increased by 36% year-over-year. This strategy enables us to secure significant efficiencies in marketing. At group level, sales and advertising expenses decreased by 74% year-over-year and 67% on a constant currency basis as we as we particularly scale down on online marketing channels. On physical goods, we also significantly scaled down the virtuous campaign, free shipping and other discounts funded by Jumia leading to a decline in the share of orders benefiting from such consumer incentives from 44% to 27% year-over-year.

第三，我們的行銷團隊專注於發展免費管道，如客戶關係管理、CRM 和搜尋引擎優化 SEO，並提高其他管道的效率，如付費線上行銷。例如，23 年第 3 季度，CRM 在我們平台上實體商品總訪問量中所佔的份額同比增長了 25%，這要歸功於我們的應用程式用戶更好的客製化的誇誇其談。同樣，SEO 的份額同比增長了 36%。這項策略使我們能夠顯著提高行銷效率。在集團層面，由​​於我們特別縮減了網路行銷管道，銷售和廣告費用較去年同期下降了 74%，以固定匯率計算則下降了 67%。在實體商品方面，我們也大幅縮減了 Jumia 資助的良性活動、免費送貨和其他折扣，導致受益於此類消費者激勵措施的訂單比例同比從 44% 下降至 27%。

Let's look at how the strategy is working out in another country, Uganda, where we made progress on all 3 dimensions this year. Looking at supply improvements we have recorded strong year-over-year growth in Beauty, Home & Living and electronics, thanks to our efforts aimed at building more consistent supply and price leadership. Increased sales from these categories more than offset the decline in the FMCG segment. We also started a major plan to extend our distribution footprint across Uganda at the end of 2022, and we are now reaping the first benefits with a greater share of new customers and orders coming from cities outside of the capital. For instance, our team achieved great results in the northern regions in cities like Gulu and Lira, thanks to faster delivery and very relevant off-line marketing campaigns in those cities.

讓我們看看該戰略在另一個國家烏幹達的實施情況如何，今年我們在所有三個方面都取得了進展。從供應改善來看，由於我們致力於建立更一致的供應和價格領先地位，我們在美容、家居和生活以及電子產品領域實現了強勁的同比增長。這些類別的銷售額成長遠遠抵消了快速消費品領域的下降。我們還啟動了一項重大計劃，旨在於 2022 年底擴大我們在烏幹達的分銷足跡，現在我們正在收穫第一批好處，來自首都以外城市的新客戶和訂單比例更大。例如，我們的團隊在北部地區的古盧和里拉等城市取得了很好的成績，這要歸功於這些城市更快的交付和非常相關的線下行銷活動。

Looking at marketing channels. We focused on improving our CRM routines, sending more customized offers to various segments of app users and thus driving more visits to our platform. All in all, strong execution of the group strategy in Uganda led to robust year-over-year growth in Q3 '23 on both GMV and orders while sharply reducing marketing costs and improving our economics. We see similar stories across countries and physical goods, already enabling 5 countries to report positive year-over-year GMV growth in Q3. We see this as very positive evolution, which we believe confirms that our strategy enables us to build long-term growth while preserving our cash.

看行銷管道。我們專注於改進我們的 CRM 例程，向不同細分市場的應用用戶發送更多客製化優惠，從而吸引更多的訪問我們的平台。總而言之，烏幹達集團策略的有力執行導致 23 年第三季 GMV 和訂單同比強勁增長，同時大幅降低了行銷成本並改善了我們的經濟效益。我們在各個國家和實體商品中看到了類似的情況，已經使 5 個國家在第三季度實現了同比 GMV 正成長。我們認為這是非常積極的演變，我們相信這證實了我們的策略使我們能夠在保留現金的同時實現長期成長。

Let's now look at recent developments on JumiaPay. As explained previously, we have decided to focus primarily on making JumiaPay an effective enabler of e-commerce. We are working towards this objective, sorry, in several ways. First, we are integrating more relevant payment methods for customers to complete their orders in Jumia platforms. Although we already have a broad range of payment methods such as credit cards and mobile money wallets, we keep on adding new solutions based on the needs of customers in each and every country. Second, we are rolling out JumiaPay on delivery. This feature allows customers to pay digitally upon delivery of the order, thus reducing the need for cash and simplifying our operations. In Kenya, 80% of physical goods transactions in Q3 '23 were completed using JumiaPay compared to 28% in Q4 '22, driven by the introduction of JumiaPay on delivery.

現在讓我們來看看 JumiaPay 的最新動態。如前所述，我們決定主要專注於使 JumiaPay 成為電子商務的有效推動者。抱歉，我們正在透過多種方式努力實現這一目標。首先，我們正在整合更多相關的付款方式，以便客戶在 Jumia 平台上完成訂單。儘管我們已經擁有信用卡和行動錢包等廣泛的支付方式，但我們仍在根據每個國家客戶的需求不斷添加新的解決方案。其次，我們正在推出 JumiaPay 送貨上門服務。此功能允許客戶在訂單交付時進行數位支付，從而減少對現金的需求並簡化我們的操作。在肯亞，由於引入了 JumiaPay 送貨服務，23 年第 3 季 80% 的實體商品交易是使用 JumiaPay 完成的，而 22 年第 4 季這一比例為 28%。

Third, we are developing Buy Now Pay Later solutions in partnership with third-party credit providers 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. As a result, we see constant progress in the share of transactions paid through JumiaPay from 17.8% in Q3 2022, sorry, to 27.1% in Q3 '23 for physical goods and from 23.9% to 34.2% for food delivery. Total JumiaPay transactions increased by 8% year-over-year in Q3 '23 driven by an increase in orders on the JumiaPay app, thanks to promotional activities. JumiaPay TPV is down by 28% year-over-year, reflecting foreign exchange variations in Nigeria and Egypt and up by 3% on a constant currency basis.

第三，我們正在與第三方信貸提供者合作開發「先買後付」解決方案，以支持在我們平台上的購買。透過 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。因此，我們看到透過JumiaPay 支付的交易份額不斷進步，從2022 年第三季的17.8%（抱歉）到23 年第三季的27.1%（實體商品），以及食品配送從23.9% 增加到34.2% 。由於促銷活動，JumiaPay 應用程式訂單增加，23 年第 3 季 JumiaPay 交易總額較去年同期成長 8%。 JumiaPay TPV 年減 28%，反映尼日利亞和埃及的外匯變化，以固定匯率計算成長 3%。

Looking at off-platform opportunities, we believe that JumiaPay has strong development potential to process payments on behalf of third-party merchants. We want to drive off-platform developments in a disciplined manner, starting in Egypt and Nigeria, where we have already obtained the relevant licenses to do this. I will now hand over to Antoine who will walk you through our financials.

著眼於平台外機會，我們認為JumiaPay在代表第三方商家處理支付方面具有強大的發展潛力。我們希望以有紀律的方式推動平台外開發，從埃及和奈及利亞開始，我們已經在這兩個國家獲得了相關許可。我現在將交給安東尼，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 11. Revenue reached $44.9 million in Q3 '23, down 11% year-over-year and up 19% on a constant currency basis. FX was a significant headwind to revenue performance. Third-party revenue was $21.9 million, up 33% year-over-year and 85% on a constant currency basis. We experienced significant growth in first-party revenue from business opportunities in Egypt. This is consistent with our focus on improving supply from retail whenever relevant.

謝謝你，法蘭西斯。大家好。讓我們先回顧第 11 頁的營收表現。23 年第 3 季的營收達到 4,490 萬美元，年減 11%，以固定匯率計算成長 19%。外匯是收入表現的重大阻力。第三方營收為 2,190 萬美元，年增 33%，以固定匯率計算成長 85%。我們從埃及的商機中獲得了第一方收入的顯著成長。這與我們在相關情況下改善零售供應的重點是一致的。

Turning now to gross profit. Gross profit reached $25.1 million in Q3 '23, down 23% year-over-year and up 2% on a constant currency basis. Gross profit margin as a percentage of GMV reached 13.9% compared to 13.5% in Q3 '22, supported by improved retail margins and reduced spending on consumer incentives and promotions. Let's now move to cost where we continue making significant progress. Fulfillment expense amounted to $12 million, down 48% year-over-year and 35% on a constant currency basis. Importantly, we continue achieving record levels of logistics efficiency. Fulfillment expense per order, excluding JumiaPay app orders, which do not incur logistics costs, decreased by 26% year-on-year to $2.10 from 2.9% in Q3 '22 and 8% on a constant currency basis. As a percentage of GMV, fulfillment expense improved from 9.6% to 6.6%. This consistent improvement reaffirms the significance of our ongoing logistics transformation as we continue to build upon the success of our logistics optimization initiatives. These include a higher share of pickup station deliveries, which increased from 36% of shipped physical good orders in Q3 '22 to 44% in Q3 '23.

現在轉向毛利。 23 年第三季毛利達到 2,510 萬美元，年減 23%，以固定匯率計算成長 2%。毛利率佔 GMV 的百分比達到 13.9%，而 22 年第三季為 13.5%，這得益於零售利潤率的提高以及消費者激勵和促銷支出的減少。現在讓我們轉向成本，我們繼續取得重大進展。履行費用為 1,200 萬美元，年減 48%，以固定匯率計算下降 35%。重要的是，我們的物流效率繼續達到創紀錄的水平。每份訂單的履行費用（不包括不產生物流成本的 JumiaPay 應用程式訂單）年減 26%，從 2022 年第三季的 2.9% 下降至 2.10 美元，以固定匯率計算為 8%。履約費用佔 GMV 的百分比從 9.6% 提高到 6.6%。這種持續的改進再次證明了我們正在進行的物流轉型的重要性，因為我們將繼續在物流優化計劃的成功基礎上再接再厲。其中包括更高的提貨站交付份額，從 22 年第 3 季已發貨實體商品訂單的 36% 增加到 23 年第 3 季的 44%。

We persist in our strategic expansion of the pickup station network to penetrate undertapped arrears of the market in a cost-effective manner. We've expanded our footprint beyond main cities, enhanced warehousing staff productivity, reduced packaging costs, along with many other initiatives. This improvement in efficiency illustrates our ability to capture savings across our logistics chain while strategically expanding our logistics footprint outside of the main cities and improving our customer experience.

我們堅持策略性擴張取貨站網絡，以具成本效益的方式滲透尚未開發的欠款市場。我們已將業務範圍擴展到主要城市之外，提高了倉儲員工的工作效率，降低了包裝成本，並採取了許多其他措施。這種效率的提高表明我們有能力在整個物流鏈中節省成本，同時策略性地將我們的物流足跡擴展到主要城市之外並改善我們的客戶體驗。

Sales and advertising expense amounted to $4.3 million in Q3 '23, down 74% year-over-year and 67% on a constant currency basis as we continue bringing discipline to our marketing investments. We see a clear improvement in our marketing efficiency ratio with sales and advertising expense per order decreasing by 66% from $1.7 in Q3 '22 to $0.6 in Q3 '23. As a percentage of GMV, sales and advertising expense reached 2.4% in Q3 '23, which is more than 400 basis points improvement year-over-year. This reduction in sales advertising expense reflects our strategy to build a stronger customer value proposition that emphasize better supply of physical goods and geographical reach over costly marketing campaigns and promotions. We believe that this is the most relevant and viable approach to our African markets. We have already experienced positive development across 5 markets where physical goods GMV is growing year-over-year despite significantly reduced marketing expenditures.

隨著我們繼續嚴格行銷投資，2023 年第三季的銷售和廣告費用為 430 萬美元，年減 74%，以固定匯率計算下降 67%。我們看到我們的行銷效率大幅提高，每個訂單的銷售和廣告費用從 22 年第 3 季的 1.7 美元下降到 23 年第 3 季的 0.6 美元，下降了 66%。 23 年第三季度，銷售和廣告費用佔 GMV 的百分比達到 2.4%，比去年同期增加 400 個基點以上。銷售廣告費用的減少反映了我們建立更強大的客戶價值主張的策略，該策略強調更好的實體商品供應和地理覆蓋範圍，而不是昂貴的行銷活動和促銷。我們相信，這是對我們非洲市場最相關、最可行的方法。我們已經在 5 個市場取得了積極的發展，儘管行銷支出大幅減少，但實體商品 GMV 仍在逐年成長。

Moving on to technology and content and G&A expense. Tech and content expense reached $10.1 million, down 26% year-over-year as reported and on a constant currency basis and down 9% quarter-over-quarter. While we have meaningfully reduced costs in the last year, we remain committed to driving further savings in the future. Our efforts to rationalize infrastructure and software costs and staff structure are ongoing, and we see additional opportunities for efficiency. These include locating 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.

接下來是技術和內容以及一般管理費用。技術和內容支出達到 1,010 萬美元，以固定匯率計算，年減 26%，季減 9%。儘管我們去年大幅降低了成本，但我們仍致力於在未來進一步節省成本。我們正在努力合理化基礎設施和軟體成本以及員工結構，我們看到了更多提高效率的機會。其中包括增加我們在非洲的開發人員和技術人員的比例，使其更靠近我們的客戶和賣家。科技是我們 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 $15.9 million in Q3 '23, down 43% year-on-year and 33% on a constant currency basis. G&A expense included a USD 6 million beneficial impact from a tax provision release. Excluding the impact of this provision release and share-based compensation, G&A expense was $21.9 million in Q3 '23, down 22% year-over-year and 11% on a constant currency basis. The staff cost component of G&A expense excluding share-based compensation expense, decreased by 32% year-over-year as a result of the organizational changes that have been implemented.

2023 年第三季度，不包括股權激勵的一般管理費用達到 1,590 萬美元，年減 43%，以固定匯率計算下降 33%。一般管理費用包括稅務撥備釋放帶來的 600 萬美元的有益影響。排除此撥備發放和股權激勵的影響，2023 年第三季的一般管理費用為 2,190 萬美元，年減 22%，以固定匯率計算下降 11%。由於已實施的組織變革，一般管理費用中的員工成本（不包括股權激勵費用）比去年同期下降了 32%。

Moving on to balance sheet and cash flow items. CapEx in Q3 '23 was USD 0.3 million as we remain committed to an asset-light model. Our liquidity position reached $147.4 million, comprised of $44.3 million in cash and cash equivalents and $93.1 million in term deposits and other financial assets. Our Q2 '23 liquidity position amounted to $166.3 million, marking a decrease of $19 million in Q3 '23 compared to a decrease of $66 million in Q3 '22 and a decrease of $39.1 million in Q2 '23. The reduction in the pace of the decrease of our liquidity illustrates our efforts to preserve our available cash resources. Net cash flow used in operating activities reached $24 million, down by 55% in Q3 '23 compared to the same period in '22.

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 年第三季的資本支出為 30 萬美元。我們的流動性部位達到 1.474 億美元，其中包括 4,430 萬美元的現金和現金等價物以及 9,310 萬美元的定期存款和其他金融資產。我們 23 年第 2 季的流動性部位達到 1.663 億美元，與 22 年第 3 季減少 6,600 萬美元和 23 年第 2 季減少 3,910 萬美元相比，23 年第 3 季減少了 1,900 萬美元。我們的流動性減少速度的放緩表明我們為保護可用現金資源所做的努力。 23 年第三季經營活動使用的淨現金流量達到 2,400 萬美元，較 22 年同期下降 55%。

For the third consecutive quarter, our working cap remained positive with a cash effect of $0.4 million in Q3 '23. This positive trend reflects our efforts to increase efficient management of receivables, inventory and payables, which are designed to improve our overall cash position. I now hand over to Francis, who will walk you through our guidance.

我們的工作上限連續第三個季度保持正值，23 年第 3 季的現金效應為 40 萬美元。這一正面趨勢反映了我們努力提高應收帳款、庫存和應付帳款的有效管理，旨在改善我們的整體現金狀況。我現在將任務交給法蘭西斯，他將引導您完成我們的指導。

I do apologize we appear to have lost Francis' line.

我很抱歉我們似乎失去了弗朗西斯的線路。

So maybe I'm going to do it. We remain committed to reducing our losses, improving our cash efficiency and progressing towards profitable growth. Considering the meaningful expense reductions made in the 9 months ended September 30, 2023, we currently expect the adjusted EBITDA loss of $80 million to $90 million compared to the previously communicated range of $90 million to $100 million. This implies a 57% to 61% year-over-year reduction in adjusted EBITDA loss. Our initial guidance for adjusted EBITDA loss range from $100 million to $120 million. As you can see, we are ahead of our projections, thanks to strong execution.

所以也許我會這麼做。我們仍致力於減少損失、提高現金效率並逐步實現獲利成長。考慮到截至 2023 年 9 月 30 日的 9 個月中顯著的費用削減，我們目前預計調整後 EBITDA 損失為 8000 萬美元至 9000 萬美元，而之前通報的範圍為 9000 萬美元至 1 億美元。這意味著調整後 EBITDA 損失年減 57% 至 61%。我們對調整後 EBITDA 損失的初步指引範圍為 1 億美元至 1.2 億美元。正如您所看到的，由於強大的執行力，我們領先於我們的預測。

This quarter was important for Jumia as we believe it shows that we can achieve the ambition that we set about 1 year ago when we outlined our new strategy. We have made steady progress on cash efficiency, and our growth strategy is now developing positive signs. Going forward, we are focused on further improving our economics and achieving profitable growth. More than ever, we believe that we are doing the right thing to grow a profitable business, and we are confident in our ability to capture the amazing potential of e-commerce across Africa.

本季對 Jumia 來說很重要，因為我們相信它表明我們可以實現大約一年前製定新策略時設定的目標。我們在現金效率方面取得了穩步進展，我們的成長策略目前正在出現積極跡象。展望未來，我們的重點是進一步改善經濟並實現獲利成長。我們比以往任何時候都更加相信，我們正在做正確的事情來發展盈利業務，並且我們對抓住整個非洲電子商務的驚人潛力的能力充滿信心。

Thank you. At this time, we will be conducting our question-and-answer session. (Operator Instructions). One moment, please, while we poll for questions. As we have no questions in queue at this time, this concludes today's conference, and you may disconnect your lines, and we thank you for your participation.

謝謝。此時，我們將進行問答環節。 （操作員說明）。請稍等一下，我們將進行投票提問。由於目前我們沒有問題在排隊，因此今天的會議到此結束，您可以掛斷電話，我們感謝您的參與。