Jumia Technologies AG (JMIA) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們，先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to Jumia's results conference call for the first quarter of 2024.

歡迎參加 Jumia 2024 年第一季業績電話會議。

(Operator Instructions) With us today are Francis Dufay, CEO of Jumia; and Antoine Maillet-Mezeray, Executive Vice President, Finance and Operations.

（操作員說明）今天與我們在一起的是 Jumia 執行長 Francis Dufay；財務和營運執行副總裁 Antoine Maillet-Mezeray。

We will start by covering the Safe Harbor.

我們將從安全港開始。

We would like to remind you that our discussions today will indicate forward-looking statements.

我們想提醒您，我們今天的討論將顯示前瞻性陳述。

Actual results may differ materially from those indicated in the forward-looking statements.

實際結果可能與前瞻性陳述中所示的結果有重大差異。

Moreover, these forward-looking statements may speak only to our expectations as of today.

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.

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 as published on March 28, 2024, as well as our other submissions with the SEC.

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 2024 年 3 月 28 日發布的 20-F 表格年度報告的風險因素部分作為我們向SEC 提交的其他材料。

In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS.

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。

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.

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 the call over to Francis.

這樣，我就把電話轉給法蘭西斯。

Hello, everyone, and thank you for joining us this morning.

大家好，感謝您今天早上加入我們。

I want to begin today's call with a review of our performance and an update on progress against our strategic growth objectives.

我想在今天的電話會議開始時回顧一下我們的業績，並介紹我們策略成長目標的最新進展。

I will then turn the call over to Antoine for a more in-depth review of our financials and we'll conclude with a Q&A session.

然後我會將電話轉給安東尼，讓他對我們的財務狀況進行更深入的審查，最後我們將進行問答環節。

Jumia is off to a strong start of the year.

Jumia 今年開局強勁。

After a transformational 2023, we have continued to work diligently to reduce costs and improve cash efficiency, while establishing a leaner and more agile organization primed for growth.

在經歷了轉型的 2023 年後，我們繼續努力降低成本並提高現金效率，同時建立一個更精簡、更敏捷的組織，為成長做好準備。

In the first quarter, we saw tangible results that our strategy is working.

在第一季度，我們看到了我們的策略正在發揮作用的實際成果。

In line with expectations, GMV improved to $181.5 million, up 5% year over year or 39% on a constant currency basis.

符合預期，GMV 增至 1.815 億美元，年增 5%，以固定匯率計算成長 39%。

This was driven by continued efforts to enhance our product assortment, complemented by more efficient marketing spend and a reduction in consumer discounts.

這是由於我們不斷努力增強產品種類，並輔以更有效率的行銷支出和消費者折扣的減少。

AOV also expanded by 3% year over year to $39.6 in the quarter, while other growth climbed 1.9%.

本季 AOV 也年增 3% 至 39.6 美元，而其他成長則攀升 1.9%。

Combined, these results helped drive top-line revenue of $48.9 million, up 19% year over year or 57% on a constant currency basis.

這些業績加在一起，推動總營收達到 4,890 萬美元，年增 19%，以固定匯率計算成長 57%。

At the same time, we are delivering greater efficiencies across our cost base.

同時，我們正在提高整個成本基礎的效率。

Here, we are targeting more efficient marketing channels, streamlining our logistics network, while reducing G&A and tech expenses.

在這裡，我們的目標是更有效的行銷管道，簡化我們的物流網絡，同時減少一般管理費用和技術費用。

These efforts reduced our quarterly cash burn from $22 million to $19.1 million in Q1 illustrating that we can still grow at scale without spending heavily.

這些努力將我們第一季的季度現金消耗從 2,200 萬美元減少到 1,910 萬美元，這表明我們仍然可以在不大量支出的情況下實現規模增長。

Our loss before income tax increased to $39.6 million from $29.2 million a year ago due in large part to outside finance costs driven by significant FX impact in the quarter mostly without the cash impact.

我們的所得稅前虧損從一年前的 2,920 萬美元增加到 3,960 萬美元，這在很大程度上是由於本季重大外匯影響（主要沒有現金影響）導致的外部融資成本。

Adjusted EBITDA loss, which excludes this cost, declined to $4.3 million in the first quarter or 94% on a constant currency basis.

第一季調整後 EBITDA 損失（不包括此項成本）下降至 430 萬美元，以固定匯率計算下降 94%。

Our results are more notable when considered against the challenging macro backdrop in some of our markets.

考慮到一些市場充滿挑戰的宏觀背景，我們的業績更加引人注目。

In the first quarter, we saw further currency devaluations in Egypt and Nigeria, two of our largest markets.

第一季度，我們最大的兩個市場埃及和奈及利亞的貨幣進一步貶值。

The Nigerian Naira devaluated to NGN1,396 from NGN461 to USD1 or roughly 200% year-over-year devaluation.

奈及利亞奈拉從 461 奈及利亞奈拉兌 1 美元貶值至 1,396 奈及利亞奈拉，年減約 200%。

In Egypt, the Egyptian Pound devaluated from EGP47 to EGP31 to USD1, or an approximately 50% year-over-year devaluation.

在埃及，埃及鎊從 47 埃鎊貶值至 31 埃鎊再兌 1 美元，較去年同期貶值約 50%。

This has a significant impact on consumer purchasing power as well as supply availability.

這對消費者購買力以及供應可用性有重大影響。

However, Jumia's ability to secure sufficient inventory and offer the diversified product assortment at competitive prices continues to keep customers engaged in our platform.

然而，Jumia 能夠確保充足的庫存並以有競爭力的價格提供多樣化的產品種類，繼續保持客戶對我們平台的參與度。

For example, despite volatile market conditions, we are seeing positive orders growth in countries like Nigeria and Ghana, illustrating the strength of Jumia's value proposition.

例如，儘管市場環境波動，我們仍然看到尼日利亞和加納等國家的訂單出現積極增長，這說明了 Jumia 價值主張的優勢。

On the other hand, we also saw positive movement in selected currencies against the US Dollar and some policy changes that we believe indicate macro improvements in selected countries.

另一方面，我們也看到某些貨幣兌美元匯率出現正面走勢，以及一些我們認為顯示某些國家宏觀經濟改善的政策變化。

For example, after the Egyptian government floated the Egyptian Pounds and significantly increased interest rates, the country has experienced a large influx of US Dollars from foreign investors.

例如，埃及政府實施埃及鎊浮動並大幅提高利率後，外國投資者大量湧入美元。

In Nigeria, there are early signs of macro improvement, while in Kenya, the Shilling has gained almost 19% in the first quarter.

在奈及利亞，宏觀經濟出現改善的早期跡象，而在肯亞，先令在第一季上漲了近 19%。

We are actively monitoring conditions on the ground and remain hopeful that the environment will improve as we continue executing against our growth strategy.

我們正在積極監測當地的情況，並且仍然希望隨著我們繼續執行我們的成長策略，環境將會改善。

As a reminder, our growth strategy is centered around three key pillars.

提醒一下，我們的成長策略圍繞著三個關鍵支柱。

First, we are focused on strengthening our core business while simplifying our operating model to create nimbler and more efficient operations.

首先，我們專注於強化核心業務，同時簡化營運模式，打造更靈活、更有效率的營運。

Second, we are committed to improving cash efficiency by optimizing marketing spend and reducing our overall cost base.

其次，我們致力於透過優化行銷支出和降低整體成本基礎來提高現金效率。

And third, we are building strong operating fundamentals by improving supply and assortments and expanding outside of the main urban centers.

第三，我們正在透過改善供應和品種以及向主要城市中心以外擴張來建立強大的營運基礎。

Beginning with strengthening our core business, we believe that by simplifying the bank experience and focusing on the basics, we can better serve our customers and drive growth.

從加強核心業務開始，我們相信透過簡化銀行體驗並專注於基礎知識，我們可以更好地服務客戶並推動成長。

As the leading Pan-African e-commerce player, we have a well-developed strategy informed by our first-mover advantage and extensive local knowledge of the logistics and payment landscape.

作為領先的泛非電子商務參與者，我們擁有完善的策略，這得益於我們的先發優勢以及對物流和支付領域的豐富的本地知識。

In late 2023, we moved to exit businesses into non-strategic including Jumia Food, while also reducing headcount across multiple areas to deliver greater operating efficiencies.

2023 年底，我們將業務轉向包括 Jumia Food 在內的非策略業務，同時也減少了多個領域的員工人數，以提高營運效率。

Additionally, we are focused on making JumiaPay, a stronger enabler of our e-commerce platform.

此外，我們也致力於使 JumiaPay 成為我們電子商務平台的更強大的推動者。

We are streamlining the user experience to reduce processing times and the number of steps needed to validate payment and continue to roll out JumiaPay on delivery in some of our largest markets to increase the number of cashless orders.

我們正在簡化用戶體驗，以減少處理時間和驗證付款所需的步驟數，並繼續在一些最大的市場推出 JumiaPay 貨到付款，以增加無現金訂單的數量。

We already had a successful rollout in Kenya and are in the process of implementing this in Nigeria and we believe that over half of the transactions could be cashless by the end of 2024.

我們已經在肯亞成功推出，並且正在尼日利亞實施這項計劃，我們相信到 2024 年底，超過一半的交易將實現無現金化。

Combined, these efforts have increased the share of physical goods transactions in JumiaPay by 12.6% year over year.

這些努力加起來，使 JumiaPay 的實體商品交易份額比去年同期增加了 12.6%。

In addition to JumiaPay, our vast logistics network also serves as a powerful enabler of our e-commerce platform.

除了 JumiaPay 之外，我們龐大的物流網路也是我們電子商務平台的強大推動者。

Our localized integrated logistics network is effective in harnessing the power of local partners to expand our footprint and drive commerce beyond major urban markets.

我們的在地化綜合物流網絡能夠有效地利用當地合作夥伴的力量來擴大我們的足跡並推動主要城市市場以外的商業活動。

To improve our network optimization and reach more underserved communities, we have increased the number of pickup station deliveries by 18% year over year in the first quarter.

為了改善我們的網路優化並覆蓋更多服務不足的社區，我們第一季的取貨站送貨數量比去年同期增加了 18%。

We are also improving our proprietary systems to drive scalability, enhance warehouse staff efficiencies, and reduce packaging costs.

我們也正在改進我們的專有系統，以提高可擴展性、提高倉庫員工的效率並降低包裝成本。

These efforts are delivering real tangible results.

這些努力正在帶來切實可見的成果。

As a percentage of GMV, fulfillment expense improved from 7% to 5%, while fulfillment expense per order excluding JumiaPay app orders, decreased by 20% year over year to $2.41 Turning to our second growth pillar.

作為 GMV 的百分比，履行費用從 7% 提高到 5%，而每筆訂單的履行費用（不包括 JumiaPay 應用訂單）同比下降 20% 至 2.41 美元。

Here, we are focused on improving cash efficiencies through optimization of marketing spend.

在這裡，我們專注於透過優化行銷支出來提高現金效率。

In Q1, we reduced marketing spend by 30% year over year and focused attention on more efficient marketing channels, including CRM and SEO.

第一季度，我們的行銷支出較去年同期減少了 30%，並將注意力集中在更有效率的行銷管道上，包括 CRM 和 SEO。

For example, we have enhanced SEO and customized our marketing notifications and newsletters to target the specific needs and preferences of local markets.

例如，我們增強了搜尋引擎優化並客製化了行銷通知和新聞通訊，以滿足當地市場的特定需求和偏好。

Our more disciplined and targeted approach is also attracting a stickier and higher-quality customer base as evidenced by the growth in GMV, orders per customer, and the repurchase rate this quarter.

我們更嚴格和有針對性的方法也吸引了更具黏性和更高品質的客戶群，本季 GMV、每位客戶訂單和回購率的成長證明了這一點。

No longer are we attracting customers based on promotions or discounts where they tend to order once and then leave the platform.

我們不再透過促銷或折扣來吸引客戶，他們傾向於訂購一次然後離開平台。

Rather, our cohort data shows that roughly 39% of people in our Q4 2023 cohort of new customers completed a second purchase within 90 days.

相反，我們的隊列數據顯示，在 2023 年第四季度的新客戶隊列中，大約 39% 的人在 90 天內完成了第二次購買。

This compares to 36% of people in the Q4 2022 cohort reordering in Q1 2023.

相比之下，2022 年第四季隊列中有 36% 的人在 2023 年第一季進行了重新排序。

This 300 basis point improvement is significant for an e-commerce company like Jumia, where we have ended many vouchers and free shipping offerings and began moving away from categories like groceries, which have high repurchase rates, but poor economics.

這300 個基點的改善對於像Jumia 這樣的電子商務公司來說意義重大，我們已經結束了許多優惠券和免費送貨服務，並開始放棄雜貨等類別，這些類別的複購率很高，但經濟效益不佳。

On the expense side, we continue to take a disciplined approach to cost management.

在費用方面，我們繼續採取嚴格的成本管理方法。

To date, we have reduced overall headcount by 43% since the end of 2022.

迄今為止，自 2022 年底以來，我們的整體員工人數已減少 43%。

In Q1, we made further reductions, helping to deliver 31% year-over-year decline in G&A expenses.

第一季度，我們進一步削減開支，使一般管理費用年減 31%。

These actions enable a leaner and nimbler organization that can move quickly and react faster to support future profitable growth.

這些行動使組織更加精簡、更有靈活，能夠快速行動、更快反應，以支持未來的獲利成長。

Additionally, we are refining our cash repatriation and foreign exchange strategy.

此外，我們正在完善現金匯回和外匯策略。

Over the last four quarters, we have repatriated cash from several of our main African markets to Germany.

在過去的四個季度中，我們已將現金從幾個主要非洲市場匯回德國。

As of Q1, 79% of our liquidity position was held in US Dollars.

截至第一季度，我們 79% 的流動性部位以美元持有。

We know from years of operating in Africa that these efforts helped limit our risk, as well as our exposure to fluctuating local currency valuations.

從我們在非洲多年的營運經驗來看，這些努力有助於限制我們的風險以及當地貨幣估值波動的風險。

We will continue to be disciplined in this area as we move forward in order to effectively manage our cash position.

隨著我們的前進，我們將繼續在這方面遵守紀律，以有效管理我們的現金部位。

For our final growth pillar, we are building strong business fundamentals with a focus on securing the supply of in-demand products.

對於我們的最終成長支柱，我們正在建立強大的業務基礎，重點是確保需求產品的供應。

Purchaser behavior in Africa is quite unique, diversified by relatively low incomes and a strong focus on affordability.

非洲的購買者行為非常獨特，由於收入相對較低且非常注重負擔能力而多樣化。

At the same time, there is a significant amount of pent-up demand that's fully served by the current retail networks.

同時，目前的零售網絡完全滿足了大量被壓抑的需求。

At Jumia, we are uniquely positioned to capitalize on this market gap by prioritizing high-demand products in categories including electronics, phones, home and living as well as fashion and beauty.

在 Jumia，我們擁有獨特的優勢，可以透過優先考慮電子、電話、家居和生活以及時尚和美容等類別的高需求產品來利用這一市場空白。

By offering the right products at affordable price points and leveraging our reliable logistics network, we are well-positioned to service the African e-commerce market.

透過以實惠的價格提供合適的產品並利用我們可靠的物流網絡，我們有能力為非洲電子商務市場提供服務。

Our success is evidenced by the continued growth in the AOV of vehicle goods, which climbed to $46.2 in Q1 versus $41.9 in the prior year.

汽車商品 AOV 的持續成長證明了我們的成功，第一季的 AOV 攀升至 46.2 美元，而去年同期為 41.9 美元。

The ability to deliver the right assortment is a direct result of our continued efforts to broaden our supply base.

提供正確品種的能力是我們不斷努力擴大供應基礎的直接結果。

In the first quarter, we expanded relationships with new brands as well as with local and international vendors.

在第一季度，我們擴大了與新品牌以及本地和國際供應商的關係。

On the brand front, we are developing partnerships with notable international players to further consumer engagement on our marketplace.

在品牌方面，我們正在與著名的國際參與者建立合作夥伴關係，以進一步提高消費者對我們市場的參與。

In Egypt, for example, we are working with Samsung and LG to expand the availability of their goods to the Egyptian market, where there is strong demand for the electronics and phones.

例如，在埃及，我們正在與三星和 LG 合作，將他們的產品擴展到埃及市場，因為埃及市場對電子產品和手機的需求強勁。

Having obtained importation licenses in Egypt, we're able to move quickly to unlock demand from both individuals and corporate customers.

在埃及取得進口許可證後，我們能夠迅速採取行動，釋放個人和企業客戶的需求。

We are also empowering local merchants and sellers by offering them access to the Jumia marketplace with low barriers to entry and access to millions of customers.

我們也為當地商家和賣家提供進入 Jumia 市場的低進入門檻並接觸數百萬客戶，從而為他們提供支援。

While in many cases, currency devaluation or importation barriers make it cost prohibitive for consumers to purchase international brands by onboarding local vendors and African brands, customers have greater choices and are ensured more competitive pricing, thanks to a more flexible supply chain.

雖然在許多情況下，貨幣貶值或進口障礙使得消費者透過當地供應商和非洲品牌購買國際品牌的成本過高，但由於供應鏈更加靈活，客戶擁有更多選擇，並確保更具競爭力的價格。

To help vendors and brands reach more consumers, we are expanding our geographic footprint beyond major urban centers.

為了幫助供應商和品牌接觸更多消費者，我們正在將我們的地理足跡擴展到主要城市中心之外。

While the opportunity in large metropolitan areas remained important, opportunities outside the cities are significant, and capturing that market will be an important growth driver.

雖然大城市地區的機會仍然很重要，但城市以外的機會也很重要，而佔領該市場將成為重要的成長動力。

Today, roughly 51% of our orders are outside capital cities versus 48% a year ago.

如今，我們約 51% 的訂單來自首府城市以外，而一年前這一比例為 48%。

For example, in Nigeria, we are revamping our logistics capabilities to reach even more cities with shorter lead times and at a lower cost.

例如，在奈及利亞，我們正在改進我們的物流能力，以更短的交貨時間和更低的成本到達更多城市。

Our network of Boots on the Ground agents known as JForce is a key asset to this expansion efforts.

我們的 Boots on the Ground 代理網絡（稱為 JForce）是此次擴張工作的關鍵資產。

By serving as an intermediary between customers and Jumia, our JForce is a key enabler of e-commerce adoption.

透過充當客戶和 Jumia 之間的中介，我們的 JForce 是電子商務採用的關鍵推動者。

By the end of 2024, our goal is to have improved our efficiency and cost base across nearly 400 cities to effectively reach a broader customer base, while getting the most out of the markets in which we currently operate.

到 2024 年底，我們的目標是提高近 400 個城市的效率和成本基礎，以有效覆蓋更廣泛的客戶群，同時充分利用我們目前營運的市場。

As we look to the rest of 2024 and beyond, we remain excited about Jumia's future.

展望 2024 年剩餘時間及以後，我們仍然對 Jumia 的未來感到興奮。

Our strategy is working and is driven by our deep local knowledge and over a decade of experience in Africa.

我們的策略正在發揮作用，並由我們深厚的當地知識和十多年來在非洲的經驗推動。

We are acquiring higher quality, more profitable customers while spending less and growing our business amid the challenging macro environment.

在充滿挑戰的宏觀環境中，我們正在獲得更高品質、利潤更高的客戶，同時減少支出並發展我們的業務。

We are confident that we have the right strategy in place and are beginning to see real tangible return on investment.

我們相信我們已經制定了正確的策略，並開始看到真正實際的投資回報。

We are committed to continuing to execute and look forward to providing updates on our progress in the coming months.

我們致力於繼續執行，並期待在未來幾個月提供最新進展。

With that, I will turn it over to Antoine for a review of our financials.

這樣，我將把它交給安東尼來審查我們的財務狀況。

Antoine?

安托萬？

Thank you, Francis, and thank you, everyone, for joining us today.

謝謝法蘭西斯，也謝謝大家今天加入我們。

I will now give an in-depth look at our first-quarter results.

我現在將深入了解我們第一季的業績。

Starting with the top line, total revenue was USD48.9 million, up 19% year over year or 57% on a constant currency basis.

從營收開始，總營收為 4,890 萬美元，年增 19%，以固定匯率計算成長 57%。

Marketplace revenue was USD25.9 million, up 11% year over year or 48% on a constant currency basis, driven by higher commissions and corporate sales, partially offset by the impact of foreign exchange.

市場收入為 2,590 萬美元，年增 11%，以固定匯率計算成長 48%，主要受到佣金和企業銷售增加的推動，但部分被外匯影響所抵銷。

Revenue from first-party sales was USD22.4 million up 29% year over year or 69% on a constant currency basis, driven by sales of larger ticket items such as electronics and home and living, partially offset by the impact of foreign exchange.

第一方銷售收入為 2,240 萬美元，年增 29%，以固定匯率計算成長 69%，主要受到電子產品、家居和生活等大件商品銷售的推動，但部分被外匯影響所抵銷。

Gross profit was USD31.2 million, up 25% year over year or 67% on a constant currency basis.

毛利為3,120萬美元，較去年同期成長25%，以固定匯率計算成長67%。

Gross profit margin as a percentage of GMV was 17.2%, compared to 14.4% in Q1 2023.

毛利率佔 GMV 的百分比為 17.2%，而 2023 年第一季為 14.4%。

These improvements were driven by corporate sales, improved market place margins and reduction in spending on customer incentives and promotions as part of our improved marketing spend efficiency.

這些改進是由企業銷售、提高的市場利潤以及減少客戶激勵和促銷支出所推動的，這是我們提高行銷支出效率的一部分。

On the expense side, we continue to improve our cost base with fulfillment expenses of USD9.4 million down 21% year over year or up 5% on a constant currency basis.

在費用方面，我們持續改善成本基礎，履行費用為 940 萬美元，年減 21%，以固定匯率計算成長 5%。

Fulfillment expense per order, excluding JumiaPay app orders, which do not incur logistics cost, increased 20% year over year but increased 7% on a constant currency basis.

每筆訂單的配送費用（不包括不產生物流成本的 JumiaPay 應用訂單）年增 20%，但以固定匯率計算成長 7%。

Fulfillment expenses as a percentage of GMV improved from 6.8% in Q1 2023 to 5.2% this quarter, illustrating the importance of our logistics transformation to Jumia's growth.

配送費用佔 GMV 的百分比從 2023 年第一季的 6.8% 提高到本季的 5.2%，這說明了我們的物流轉型對 Jumia 成長的重要性。

Not only we are continuing to expand our logistics footprint outside of major cities, but we have also been successful in reducing packaging cost and enhancing the customer experience all of which are helping to optimize our cost base.

我們不僅繼續擴大主要城市以外的物流足跡，而且還成功降低了包裝成本並增強了客戶體驗，所有這些都有助於優化我們的成本基礎。

Sales and advertising expense was USD3.7 million, down 30% year over year and up 3% on a constant currency basis, driven by more efficient marketing spend.

在更有效率的行銷支出的推動下，銷售和廣告費用為 370 萬美元，年減 30%，以固定匯率計算成長 3%。

Advertising efficiency has improved as evidenced by advertising expense per order, decreasing from USD1.2 in Q1 2023 to USD0.8 in Q1 2024.

從每個訂單的廣告費用來看，廣告效率有所提高，從 2023 年第一季的 1.2 美元下降到 2024 年第一季的 0.8 美元。

As a percentage of GMV, sales, and advertising expense was 2.1%, an improvement of 102 basis points from Q1 2023, reflecting the success of our strategy to drive order growth through supply improvement versus increased marketing spend.

銷售和廣告費用佔 GMV 的百分比為 2.1%，比 2023 年第一季度提高了 102 個基點，反映出我們透過改善供應而不是增加行銷支出來推動訂單成長的策略取得了成功。

Turning to Technology, our Tech and Content expense was USD9.1 million this quarter, down 19% year over year or 17% on a constant currency basis.

說到技術，本季我們的技術和內容費用為 910 萬美元，年減 19%，以固定匯率計算下降 17%。

This was driven by savings achieved through better management of hosting infrastructure, operational tools, and reductions in overhead.

這是由於透過更好地管理託管基礎設施、營運工具和減少管理費用而實現的節省。

We have also relocated broader share of our developers and tech personnel to markets closer to our customers and sellers in Africa.

我們也將更多的開發人員和技術人員轉移到更靠近非洲客戶和賣家的市場。

As we move forward, we remain disciplined in our approach to cost in this area, while balancing the need to develop new features to improve the customer experience.

隨著我們的前進，我們在這一領域的成本方法上保持嚴格，同時平衡開發新功能以改善客戶體驗的需求。

G&A expense, excluding share-based compensation was USD15.3 million down 37% year over year and 23% on a constant currency basis.

不包括股權激勵的一般管理費用為 1,530 萬美元，年減 37%，以固定匯率計算下降 23%。

This decrease was driven mainly by a reduction in tax provision and by a decline in staff costs during the quarter.

這一下降主要是由於本季稅收撥備的減少和員工成本的下降。

Staff cost components of G&A expense, excluding share-based compensation expense, decreased to 16% as a result of reductions in headcount.

由於員工人數減少，一般管理費用中的員工成本部分（不包括股權激勵費用）下降至 16%。

Turning to profitability.

轉向盈利能力。

Adjusted EBITDA loss declined to 4.3 million or USD1.4 million on a constant currency basis.

調整後 EBITDA 損失降至 430 萬美元（以固定匯率計算為 140 萬美元）。

For greater clarity and visibility, let me quickly touch on how our finance costs impact our income statement.

為了更清晰和可見，讓我快速談談我們的財務成本如何影響我們的損益表。

Specifically, finance costs on the income statement increased when we consolidate our earnings from areas experiencing currency devaluations as the conversion is done at the lower rates.

具體來說，當我們合併貨幣貶值地區的收入時，損益表上的財務成本會增加，因為轉換是以較低的匯率進行的。

Looking at loss before income tax from continuing operations, it totaled USD39.6 million in the quarter, a 36% increase year over year or 12% on a constant currency basis.

從持續經營業務的所得稅前虧損來看，本季虧損總額為 3,960 萬美元，年增 36%，以固定匯率計算成長 12%。

The increase was largely driven by a USD12 million increase in net foreign exchange losses, mostly without cash impact, as a result of currency devaluation in Nigeria and Egypt and an increase in finance costs related to our treasury activities.

這一增長主要是由於尼日利亞和埃及貨幣貶值以及與我們的財務活動相關的財務成本增加導致淨外匯損失增加了 1,200 萬美元，大部分沒有現金影響。

The increase also reflects losses associated with our investment portfolio management activities.

這一增長也反映了與我們的投資組合管理活動相關的損失。

Adjusting from this outsized currency translation effect, our loss before income tax would have been USD26.4 million as compared to USD27.3 million in the first quarter of 2023, representing a 3% improvement year over year.

考慮到這種巨大的貨幣換算影響，我們的所得稅前虧損將為 2,640 萬美元，而 2023 年第一季為 2,730 萬美元，年減 3%。

Looking at the balance sheet and cash flow, CapEx in Q1 2024 was USD0.8 million.

從資產負債表和現金流量來看，2024 年第一季的資本支出為 80 萬美元。

Our liquidity position was USD101.5 million comprised of USD28.6 million in cash and cash equivalents with cash impacted by currency devaluations in several of our top markets and USD72.8 million in term deposits and other financial assets.

我們的流動性部位為 1.015 億美元，其中包括 2,860 萬美元的現金和現金等價物（其中現金受到幾個主要市場貨幣貶值的影響）以及 7,280 萬美元的定期存款和其他金融資產。

This compares to term deposits and other financial assets of USD118.6 million in Q1 2023 and USD85.1 million in Q4 2023.

相較之下，2023 年第一季的定期存款和其他金融資產為 1.186 億美元，2023 年第四季為 8,510 萬美元。

Net cash flow from operating activities was USD4.5 million and working capital was USD10.8 million in the first quarter of 2024.

2024年第一季經營活動產生的現金流量淨額為450萬美元，營運資本為1,080萬美元。

Similar to our earnings, our cash balance is at times impacted by one-time non-cash expenses, primarily foreign exchange related.

與我們的收入類似，我們的現金餘額有時會受到一次性非現金支出（主要是外匯相關支出）的影響。

From a cash flow perspective, in addition to the sizable non-cash expenses, we also incurred a USD5.9 million loss on currency translation due to the aforementioned devaluations in some of our largest markets, which negatively impacted our liquidity position in Q1.

從現金流的角度來看，除了大量的非現金支出外，由於上述一些最大市場的貶值，我們還產生了590 萬美元的貨幣換算損失，這對我們第一季的流動性狀況產生了負面影響。

As Francis noted, we are actively refining our cash repatriation and foreign exchange strategy having already repatriated cash from several of our main African markets to Germany.

正如弗朗西斯指出的那樣，我們正在積極完善我們的現金匯回和外匯策略，已經將現金從我們的幾個主要非洲市場匯回德國。

As a reminder, 79% of our liquidity position in Q1 was held in USD helping to limit our exposure to shifts in local currency valuations.

提醒一下，我們第一季 79% 的流動性部位是以美元持有的，這有助於限制我們受到當地貨幣估值變化的影響。

I will now turn it back to Francis for a detailed guidance.

我現在將其轉回給弗朗西斯以獲得詳細指導。

Thanks, Antoine.

謝謝，安托萬。

Based on our strong performance and operational improvements in recent quarters, we are reiterating our previously announced guidance for 2024, which aims to further reduce cash utilization compared to the full-year 2023.

基於我們最近幾季的強勁業績和營運改進，我們重申先前宣布的 2024 年指引，旨在與 2023 年全年相比進一步減少現金利用率。

We are also projecting an increase in both orders and GMV, excluding the impact of foreign exchange based on the positive impact of our growth strategy.

基於我們成長策略的正面影響，我們也預期訂單和 GMV 都會增加，排除外匯的影響。

As we move forward, we believe our strategy is strong and that we have the right team in place to drive toward profitability.

隨著我們的前進，我們相信我們的策略是強有力的，並且我們擁有合適的團隊來推動獲利。

Our results from the Q1 demonstrate that we are making progress on implementing our strategic plan and advancing on our path to profitability.

第一季的結果表明，我們在實施策略計劃和實現盈利的道路上正在取得進展。

We can now open the call for Q&A.

我們現在可以開啟問答環節。

(Operator Instructions) There are no questions in the queue.

（操作員說明）隊列中沒有問題。

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

今天的會議到此結束，此時您可以掛斷電話了。

Thank you for your participation.

感謝您的參與。