Jumia Technologies AG (JMIA) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Jumia results conference call for the second quarter of 2024. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question-and-answer session.

早安，女士們先生們。感謝您的耐心等待，歡迎參加 Jumia 2024 年第二季業績電話會議。此時，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。

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

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有重大差異。

Moreover, these forward-looking statements may speak only to our expectations as of today, we undertake no obligation to publicly update or revise these statements. For a discussion of some of the risk factors that could cause actual results to differ from the forward-looking statements expressed today, please see the Risk Factors section of our Annual Report on Form 20-F as published on March 28, 2024, as well as our other submissions with the SEC.

此外，這些前瞻性陳述可能僅代表我們今天的預期，我們不承擔公開更新或修改這些陳述的義務。有關可能導致實際結果與今天表達的前瞻性陳述不同的一些風險因素的討論，請參閱我們於 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. You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures in our earnings press release which is available on our Investor Relations website.

此外，在本次電話會議中，我們將提及未根據 IFRS 報告的某些財務指標。您可以在我們的投資者關係網站上的收益新聞稿中找到這些非 IFRS 財務指標與相應 IFRS 財務指標的調節表。

With that, I'll hand it over to Francis.

這樣，我就把它交給法蘭西斯了。

Good morning, everyone, and thank you for joining us today. I will begin with an overview of our performance during the second quarter and will offer an update on our business and strategic objectives. I will then turn the call over to Antoine for more in-depth look at our financials followed by Q&A.

大家早安，感謝您今天加入我們。我將首先概述我們第二季的業績，並將提供有關我們業務和策略目標的最新資訊。然後我會將電話轉給安東尼，以更深入地了解我們的財務狀況，然後進行問答。

Building off of the momentum we saw in the first three months of the year, we delivered improvement in use HKP. eight in Q2 '24 and continued taking a diligent approach to cost management was further strengthened in cash efficiency. As part of this, we continue to prioritize executing against our strategic initiatives and building healthy fundamentals.

今年前三個月的勢頭，我們的香港郵政使用情況有所改善。 24 年第二季為 8 家，並繼續採取勤奮的成本管理方法，現金效率進一步加強。作為其中的一部分，我們繼續優先考慮執行我們的策略性舉措並建立健康的基本面。

Importantly, our efforts are delivering results and our progress is evident in our second quarter performance. In Q2 '24, orders grew a solid 6.9% year-over-year and increased 4.9% on a sequential basis. GMV in constant currency grew 35% year-over-year, driven by more efficient marketing spend and continued efforts to enhance our product assortments.

重要的是，我們的努力正在取得成果，我們的進步在第二季的業績中顯而易見。2024 年第二季度，訂單年增 6.9%，季增 4.9%。在更有效率的行銷支出和不斷努力增強我們的產品種類的推動下，以固定匯率計算的 GMV 年成長 35%。

GMV in USD declined by 5% year-over-year due to the impact of last quarter's devaluations in our two largest markets Nigeria and Egypt. Devaluations also impacted top-line revenue, which declined 17.2% year-over-year in the quarter. However, we have seen some signs of stabilization in Egypt, along with a sharp reduction of the spread between the official and ParAllele market-rates.

由於上季度我們最大的兩個市場尼日利亞和埃及貶值的影響，以美元計算的 GMV 年減 5%。貨幣貶值也影響了營收，本季營收年減 17.2%。然而，我們看到埃及出現了一些穩定的跡象，官方利率與 ParAllele 市場利率之間的利差也急劇縮小。

More importantly, our ability to drive GMV growth in constant currency illustrates that our value proposition is working. This is even more evident at the country level in Q2 2024, six of our countries delivered GMV growth up from five in the first quarter. For example, in Ghana, GMV grew 116.4% year over year in constant currency and was up 72.1% year over year in USD.

更重要的是，我們推動以固定匯率計算的 GMV 成長的能力表明我們的價值主張正在發揮作用。這在 2024 年第二季的國家層級更為明顯，其中六個國家的 GMV 成長高於第一季的 5 個。例如，在加納，以固定匯率計算，GMV 年成長 116.4%，以美元計算，GMV 年成長 72.1%。

This further validates that our strategy and value proposition are well suited to navigate unique African market dynamics. Orders per customer, excluding (inaudible) increased by 5.1% in Q2 2024, while AOV for physical goods reached $39.2, down 7.1% year-over-year. The decline in AOV is attributable to a shift in category mix this quarter.

這進一步證明我們的策略和價值主張非常適合駕馭獨特的非洲市場動態。2024 年第二季度，每位顧客的訂單（不包括（聽不清楚））成長了 5.1%，而實體商品的 AOV 達到 39.2 美元，年減 7.1%。AOV 的下降歸因於本季品類組合的變化。

In Q2 2024, a greater proportion of our sales volumes came from fashion, lower AOV category, driven by improvements in sourcing from Chinese vendors. We also experience lower corporate sales in Egypt. As a reminder, we do not aim for specific AOVs as we rather strive to provide the best value proposition in each of our priority categories, which include phones, electronics, home and living, fashion and beauty.

2024 年第二季度，在中國供應商採購改善的推動下，我們的銷售中有更大比例來自 AOV 較低的時尚類別。我們在埃及的企業銷售額也有所下降。提醒一下，我們不是針對特定的 AOV，而是努力在每個優先類別中提供最佳價值主張，其中包括手機、電子產品、家居和生活、時尚和美容。

Quarterly active customers improved a solid 6% quarter over quarter in Q2 2024 and were flat year over year, which is an important milestone for Jumia. We believe that the improvement in active customers positions us to focus on reinvigorating Jumia's customer growth. As we noted last quarter, continued marketing efficiencies, helping us acquire what we believe to be a stickier and higher quality customer base.

2024 年第二季度，季度活躍客戶數季增 6%，年比持平，這對 Jumia 來說是一個重要的里程碑。我們相信，活躍客戶的改善使我們能夠專注於重振 Jumia 的客戶成長。正如我們上季度所指出的，持續的營銷效率幫助我們獲得了我們認為更具黏性和更高品質的客戶群。

Our 90-day repurchase rate for new customers improved 262 basis points in the first quarter of '24 to 36% from 33% in the same period last year further validating our strategy. Based on our previous successes in key markets, we believe that we can significantly improve our group average repurchase rate. For example, in (inaudible), we have already implemented several tactics to strengthen the consumer value proposition, including providing an enhanced assortment of goods and services with a view to capturing and retaining more loyal customers.

我們的新客戶90天回購率在2024年第一季提高了262個基點，從去年同期的33%提高到36%，進一步驗證了我們的策略。基於我們先前在關鍵市場取得的成功，我們相信我們可以顯著提高集團平均回購率。例如，在（聽不清楚）中，我們已經實施了多種策略來加強消費者價值主張，包括提供更豐富的商品和服務種類，以吸引和留住更多忠誠的客戶。

As a result, we achieved a 46% 90-day repurchase rate from Q1 2024 new customers. As we extended efforts across all of our markets, we expect to see group level repurchase rates improve. Building on this momentum. Disciplined cost management, combined with recent reductions in finance costs reduced our quarterly cash burn from $19.1 million in Q1 2024 to $8.7 million in Q2 2024.

結果，我們在 2024 年第一季的新客戶中實現了 46% 的 90 天回購率。隨著我們在所有市場上加大努力，我們預期集團層面的回購率將會提高。在此勢頭的基礎上再接再厲。嚴格的成本管理，加上最近財務成本的降低，使我們的季度現金消耗從 2024 年第一季的 1,910 萬美元減少到 2024 年第二季的 870 萬美元。

Last before income tax also decreased to $22.5 million versus a loss of $30.9 million a year ago and a loss of $39.6 million last quarter, driven by cost reductions and reductions in FX related finance costs as well as our cash repatriation. Adjusted EBITDA loss, which excludes finance costs, decreased to $16.3 million in line with the reduction in the operating loss and driven primarily by cost savings initiatives. The loss before income tax includes finance costs such as the impact of FX and cost of cash repatriation. Antoine will discuss this in more detail in a moment.

由於成本削減和外匯相關財務成本以及現金匯回的減少，去年所得稅前的所得稅也下降至 2,250 萬美元，而一年前為虧損 3,090 萬美元，上季虧損為 3,960 萬美元。調整後的 EBITDA 虧損（不包括財務成本）下降至 1,630 萬美元，這與營運虧損的減少一致，主要是由於成本節約措施的推動。所得稅前損失包括財務成本，例如外匯影響和現金匯回成本。安托萬稍後將更詳細地討論這個問題。

Ultimately, we are seeing nice momentum in the business, supported by an acceleration in the improvement of several of our usage trends. Our success is attributable to continued execution against our strategic initiatives. As a reminder, our strategy is focused around three key pillars. First, refocusing and recommitting to the African e-commerce market. Second, improving cash efficiency, and third, building a stronger consumer value proposition tailored to the needs and purchasing power of the African consumers.

最終，我們看到了業務的良好勢頭，這得益於我們的一些使用趨勢的加速改善。我們的成功歸功於持續執行我們的策略性舉措。提醒一下，我們的策略重點圍繞著三個關鍵支柱。首先，重新聚焦並致力於非洲電商市場。其次，提高現金效率，第三，根據非洲消費者的需求和購買力建立更強大的消費者價值主張。

Turning to our first objective, the team has done a good job simplifying Jumia's operations and strengthening our core business. This includes the work we've done to streamline operations throughout the entire business. We are now focused on accelerating Jumia's growth through our remaining two pillars. The first of those two remaining pillars is a commitment to improved cash efficiency.

談到我們的第一個目標，團隊在簡化 Jumia 的營運和加強我們的核心業務方面做得很好。這包括我們為簡化整個業務的運作所做的工作。我們現在專注於透過剩下的兩個支柱加速 Jumia 的發展。剩下的兩個支柱中的第一個是致力於提高現金效率。

In Q2 '24, we continue to make strides managing our cost structure, expanding our asset-light logistics network and taking a disciplined approach to marketing spends. As a reminder, our vast logistics network serves as a powerful enabler for e-commerce platform. During the quarter, we opened two new warehouses, one in Nigeria and another in Morocco to further consolidate operations expense, storage capacities, improve productivity and enhance our supply chain management capabilities.

在 2024 年第二季度，我們繼續在管理成本結構、擴大輕資產物流網絡以及對行銷支出採取嚴格的方法方面取得進展。需要提醒的是，我們龐大的物流網絡是電子商務平台的強大推動者。本季度，我們開設了兩個新倉庫，一個在尼日利亞，另一個在摩洛哥，以進一步整合營運費用、儲存能力、提高生產力並增強我們的供應鏈管理能力。

Additionally, we expect to open new warehouses in Egypt and Côte d'Ivoire in the coming weeks. We believe that these strategic moves positioned dramatic capture greater efficiency in each respective market and lay the foundation for growth at scale as we accelerate our expansion. More importantly, as a key part of our asset-light strategy, these warehouses are rented not owned, which limits the impact on our balance sheet.

此外，我們預計未來幾週將在埃及和科特迪瓦開設新倉庫。我們相信，這些策略舉措大大提高了各市場的效率，並為我們加速擴張時的大規模成長奠定了基礎。更重要的是，作為我們輕資產策略的關鍵部分，這些倉庫是租用的而不是自有的，這限制了對我們資產負債表的影響。

Jumia has vast logistics network is made up of third-party logistics providers, local entrepreneurs as well as a network of local pickup stations. This network is vital to Jumia's growth and our ability to efficiently scale and deliver packages safely and with expanding geographic reach. Our logistics partners appropriators and operate their own businesses, including managing the trucks, vehicles and pickup stations and the human capital.

Jumia 擁有龐大的物流網絡，由第三方物流供應商、當地企業家以及當地取貨站網路組成。這個網路對於 Jumia 的發展以及我們有效擴展和安全交付包裹並擴大地理覆蓋範圍的能力至關重要。我們的物流合作夥伴撥款並經營自己的業務，包括管理卡車、車輛和皮卡站以及人力資本。

The entire network is tracked and managed through Jumia's proprietary technology platform. Under this model, we can scale and grow the network with relatively low incremental investments while ensuring low operating costs, thanks to have thanks to healthy competition within our ecosystem. It also serves as a strong competitive advantage as Jumia provides as partners with large reliable volumes in the local markets and the necessary management tools to empower the growth.

整個網路透過 Jumia 的專有技術平台進行追蹤和管理。在這種模式下，我們可以透過相對較低的增量投資來擴展和發展網絡，同時確保較低的營運成本，這要歸功於我們生態系統內的良性競爭。它還具有強大的競爭優勢，因為 Jumia 作為合作夥伴在當地市場提供大量可靠的銷售以及促進成長所需的管理工具。

Continued discipline around our logistics network delivers reductions in fulfillment expenses as a percentage of GMV from 5.9% in Q2 2023 to 5.5% this quarter. Fulfillment expense per order, excluding Jumia pay app orders, was $2.17 versus $2.58 in the same quarter last year. We have successfully reduced delivery cost per order while expanding our network in smaller cities due to strong gains in productivity as well as appropriately adjusting service levels to local demand.

我們物流網路的持續紀律使得履行費用佔 GMV 的百分比從 2023 年第二季的 5.9% 下降到本季的 5.5%。每份訂單的配送費用（不包括 Jumia 支付應用程式訂單）為 2.17 美元，而去年同期為 2.58 美元。由於生產率的大幅提高以及根據當地需求適當調整服務水平，我們成功降低了每個訂單的配送成本，同時擴大了我們在較小城市的網路。

From a cash management standpoint, currency devaluations play far less impactful role in the second quarter. This contributed to lower finance and FX costs and led to a lower net loss. We also maintained 67% of our cash balance in USD in the quarter and continue to introduce further efficiencies in our repatriations strategy.

從現金管理的角度來看，貨幣貶值在第二季的影響要小得多。這有助於降低財務和外匯成本，並減少淨虧損。本季我們也維持了 67% 的現金餘額為美元，並繼續提高匯回策略的效率。

Beyond logistics and cash management's efficient and optimized marketing spend remains key to managing our cost base. Year over year, spend was still down 19% relative to Q2 '23, we modestly increased marketing spend by 18.2% quarter over quarter to $4.4 million in Q2 24 to support Jumia's Anniversary Sale, our second largest commercial events of the year. We feel confident that we have a deeper appreciation of the most efficient channels such as SEO, CRM as well as localized offline marketing channels. And we are leaning more heavily into these areas given our early success.

除了物流和現金管理之外，高效和優化的行銷支出仍然是管理我們成本基礎的關鍵。與去年同期相比，支出仍比2023 年第二季下降19%，但我們在24 年第二季的行銷支出環比小幅增加了18.2%，達到440 萬美元，以支持Jumia 的周年紀念特賣，這是我們今年第二大的商業活動。我們有信心對最有效的管道（如 SEO、CRM 以及在地化的線下行銷管道）有更深入的了解。鑑於我們早期的成功，我們更傾向於這些領域。

Finally, our last strategic objective is a commitment to building a strong value proposition. We've mentioned before the building the right value proposition is imperative to our growth. The African consumer is incredibly cost-conscious, and we'll always look for the best possible price online, offline. And so having the right supply at the right price is essential. No amount of marketing will make up for it if we did that, which is why we continue to focus on building what we believe to be the right supply through work with both local African and international vendors and brands.

最後，我們的最後一個策略目標是致力於建立強大的價值主張。我們之前提到過，建立正確的價值主張對於我們的發展至關重要。非洲消費者非常注重成本，我們總是會在線上、線下尋找最優惠的價格。因此，以合適的價格提供合適的供應至關重要。如果我們這樣做，再多的行銷也無法彌補這一點，這就是為什麼我們繼續專注於透過與非洲當地和國際供應商和品牌合作來建立我們認為正確的供應。

For example, to improve sourcing from Chinese vendors. We have expanded our team in China, growing our office headcount in Shenzhen by 21% year over year and are looking to open new sourcing offices across the country beyond creating the right supply. Our Jumia Pay platform is key to building the right value proposition and enabling e-commerce by providing a variety of cashless payments and Buy Now Pay Later options through outside credit partners.

例如，改善從中國供應商的採購。我們擴大了在中國的團隊規模，深圳辦事處的員工數量同比增長了 21%，除了創造合適的供應之外，還希望在全國範圍內開設新的採購辦事處。我們的 Jumia Pay 平台透過外部信貸合作夥伴提供各種無現金支付和「先買後付」選項，是建立正確價值主張和實現電子商務的關鍵。

This quarter we also announced two new BNPL partnerships in Nigeria, bringing total BNPL services to six while the offering is still in its infancy. We are seeing promising signs of adoption and look forward to sharing more detail on our progress. In addition to creating or supply expanding beyond capital cities is key to Jumia's value proposition.

本季度，我們也宣佈在奈及利亞建立兩個新的 BNPL 合作夥伴關係，使 BNPL 服務總數達到六個，而該服務仍處於起步階段。我們看到了有希望的採用跡象，並期待分享有關我們進展的更多細節。除了創造或供應之外，向首都城市以外的地區擴展也是 Jumia 價值主張的關鍵。

Smaller cities are major opportunity for growth and acceleration because the supply is even more underserved than capital cities. Jumia can provide the variety and choice that customers in more rural areas are looking for and our logistics network enables us to deliver efficiently. The mix of orders in secondary cities versus capital cities is now 53% compared to 48% last year and 51% in the first quarter of '24.

較小的城市是成長和加速的主要機會，因為供應比首都城市更缺乏服務。Jumia 可以提供更多農村地區客戶所需的品種和選擇，我們的物流網絡使我們能夠高效交付。二線城市與首府城市的訂單比例目前為 53%，而去年為 48%，2024 年第一季為 51%。

Of the orders placed in secondary cities, 73% were fulfilled through bigger stations showing how important they are to our continued growth and acceleration. These pickup stations owned by third party partners cut down on fulfillment and delivery costs while offering a central location to increase customer engagement.

在二線城市下的訂單中，73%是透過較大的站點完成的，這表明它們對我們的持續成長和加速有多麼重要。這些由第三方合作夥伴擁有的取貨站降低了履行和交付成本，同時提供了一個中心位置來提高客戶參與度。

This includes placing and receiving orders while also providing a space for consumers to ask questions and to educate them on our product assortment, pricing and delivery components. This helps to further embed Jumia to the fabric of local communities as economic value and build trust, thus increasing the value proposition and convenience for consumers while keeping Jumia's costs low.

這包括下訂單和接收訂單，同時也為消費者提供提問的空間，並向他們介紹我們的產品分類、定價和交付組件。這有助於進一步將 Jumia 作為經濟價值融入當地社區並建立信任，從而增加消費者的價值主張和便利性，同時保持 Jumia 的成本較低。

One of our top performing countries for secondary cities is Cote d'Ivoire, where 65% of our orders were achieved outside of the capital city in the quarter versus approximately 53% average at the group level as we roll out our proven best practices across all the countries, we are seeing positive results. For example, in Nigeria, the shelf orders from outside of major cities such as Lagos and Abuja, increased 413 basis points to approximately 50% versus Q2 '23.

我們在二線城市中表現最好的國家之一是科特迪瓦，本季我們65% 的訂單是在首都以外地區完成的，而集團層面的平均水平約為53%，因為我們在所有領域都推出了經過驗證的最佳實踐。例如，在奈及利亞，來自拉各斯和阿布賈等主要城市以外的貨架訂單比 2023 年第二季增加了 413 個基點，達到約 50%。

Similarly, in Kenya, the share of orders outside of major cities such as Nairobi and Yanbu, increased 564 basis points to approximately 54%. This is Q2 2023. Looking forward, we're excited and optimistic about Jumia's future. We are confident in our strategy and we are committed to executing and accelerating growth in the future. We are proving with tangible results that's well positioned to scale and tap domestic demand in Africa while moving forward towards profitability.

同樣，在肯亞，內羅畢和延布等主要城市以外的訂單份額增加了 564 個基點，達到約 54%。這是 2023 年第二季。展望未來，我們對 Jumia 的未來感到興奮和樂觀。我們對我們的策略充滿信心，並致力於執行和加速未來的成長。我們正在以實際的成果證明，我們有能力擴大和挖掘非洲的內需，同時邁向獲利。

I will now turn things over to Antoine.

我現在把事情交給安托萬。

Thank you, Francis, and thank you, everyone, for joining us today. I will now provide an in-depth look at our second quarter results. Starting with the top line. Revenue was USD36.5 million, down 17.2% year over year and up 15% on a constant currency basis. Marketplace revenue wasUSD20 million, down 10.1% year over year or up 27.2% on a constant currency basis, primarily impacted by Nigeria's currency devaluation in the first quarter and partially offset by higher commissions.

謝謝法蘭西斯，也謝謝大家今天加入我們。我現在將深入介紹我們第二季的業績。從頂線開始。營收為3,650萬美元，年減17.2%，以固定匯率計算成長15%。市場收入為2,000萬美元，年減10.1%，以固定匯率計算成長27.2%，主要受到第一季尼國貨幣貶值的影響，部分被佣金上漲抵銷。

Diving a little deeper while Nigeria's currency devaluation dampened revenue, we did see improvement across our revenue drivers in constant currency. Value added services was USD3.6 million, up 3.7% in constant currency. Fulfillment revenues was USD3.8 million, up 14.1% in constant currency and commissions was USD10.2 million, up 62.9% in constant currency, driven primarily by third party corporate sales in Egypt. Revenue from first party sales was $16.1 million, down 23.8% and up 4% on a constant currency basis, primarily driven by a decrease in comparable sales in Egypt.

在奈及利亞貨幣貶值抑制收入的同時，更深入地研究一下，我們確實看到以固定匯率計算的收入驅動因素有所改善。加值服務為 360 萬美元，以固定匯率計算成長 3.7%。履行收入為 380 萬美元，以固定匯率計算增長 14.1%，佣金為 1,020 萬美元，以固定匯率計算增長 62.9%，這主要受到埃及第三方公司銷售的推動。第一方銷售收入為 1,610 萬美元，下降 23.8%，以固定匯率計算成長 4%，主要是由於埃及可比銷售額下降。

Gross profit for the quarter wasUSD21.6 million, down 5.7% year over year or up 34.5% on a constant currency basis. Gross profit margin as a percentage of GMV remained relatively stable at 12.7% compared to 12.8% in Q2 '23. This result were driven primarily by the currency devaluation in Nigeria, offset by 17% year-over-year reduction in customer incentives and promotions in the quarter as part of our improved marketing spend efficiency.

該季度毛利為2,160萬美元，年減5.7%，以固定匯率計算成長34.5%。毛利率佔 GMV 的百分比保持相對穩定，為 12.7%，而 23 年第二季為 12.8%。這一結果主要是由尼日利亞貨幣貶值推動的，但本季客戶激勵和促銷活動年減 17% 所抵消，這是我們提高行銷支出效率的一部分。

Looking at expenses, we continue to improve our cost base with fulfillment expenses of USD9.3 million, down 12.2% year over year and up 17.7% on a constant currency basis. Fulfillment expense per order, excluding Jumia Pay app orders, which do not incur logistics costs, decreased 15.9% year over year, but increased 12.6% on a constant currency basis. The increase in constant currency was primarily driven by fuel costs, which are up by (inaudible) and are therefore impacted by local currency devaluations. Fulfillment expense as a percentage of GMV improved 44 basis points year over year to 5.5%.

從費用來看，我們持續改善成本基礎，履行費用為 930 萬美元，年減 12.2%，以固定匯率計算成長 17.7%。每筆訂單的配送費用（不包括不產生物流成本的 Jumia Pay 應用訂單）年減 15.9%，但以固定匯率計算成長 12.6%。固定貨幣的成長主要是由燃料成本推動的，燃料成本因（聽不清楚）而上漲，因此受到當地貨幣貶值的影響。配送費用佔 GMV 的百分比年增 44 個基點至 5.5%。

Another important proof point of our logistics transformation taking hold. This includes expanding our logistics footprint outside of major cities by increasing the number of pickup stations, thus helping us reach underserved communities and expand our market while driving down fulfillment costs. Additionally, we are improving our proprietary systems to drive scalability while enhancing warehouse efficiency and reducing packaging costs.

我們物流轉型的另一個重要證明。這包括透過增加取貨站的數量來擴大我們在主要城市之外的物流足跡，從而幫助我們到達服務不足的社區並擴大我們的市場，同時降低履行成本。此外，我們正在改進我們的專有系統，以提高可擴展性，同時提高倉庫效率並降低包裝成本。

Sales & Advertising expenses were USD4.4 million for the second quarter, down 19.2% year over year and up 19.7% on a constant-currency basis, driven by continued focus on optimized marketing spend. We are concentrating on more efficient marketing channels, including an increased emphasis on localized offerings and further leveraging our (inaudible) as a percentage of GMV.

第二季銷售和廣告費用為 440 萬美元，年減 19.2%，在持續關注優化行銷支出的推動下，以固定匯率計算成長 19.7%。我們專注於更有效的行銷管道，包括更重視在地化產品，並進一步利用我們（聽不清楚）佔 GMV 的百分比。

Sales & Advertising expense was 2.6%, 45% basis points year-over-year decrease from Q2 2023 demonstrating that our strategy to enhance the customer value proposition by prioritizing supply improvement, although costly marketing spend is taking hold.

銷售和廣告費用為 2.6%，較 2023 年第二季度同比下降 45% 個基點，這表明我們透過優先考慮供應改善來增強客戶價值主張的策略，儘管成本高昂的行銷支出正在佔據主導地位。

Turning to technology. Technology and content expense was USD8.7 million, down 18.5% year over year and down 14.4% on a constant-currency basis. This was driven by improved management of our hosting infrastructure, operational tools and reductions in our end. As we move forward, we will remain disciplined in our approach to costs in this area while balancing the need to develop new features to improve the customer experience from a localized level.

轉向技術。技術和內容支出為 870 萬美元，年減 18.5%，以固定匯率計算下降 14.4%。這是由於我們託管基礎設施、營運工具的管理得到改善以及最終的減少所推動的。隨著我們的前進，我們將繼續嚴格控制這一領域的成本，同時平衡開發新功能的需求，以改善在地化的客戶體驗。

G&A expense, excluding share based compensation, was USD17.6 million in Q2 '24, up 1.9% year over year and up 25.6% on a constant currency basis, driven by the release of a tax provision in the second quarter of '23, which did not recur in the second quarter of '24. Partially offsetting this increase was a decline in staff costs. Of course, component of G&A expense, excluding share-based compensation expense, decreased to 16.6% as a result of reductions in headcounts.

受 2023 年第二季稅務撥備發布的推動，2024 年第二季的一般管理費用（不包括股權激勵）為 1,760 萬美元，較去年同期成長 1.9%，以固定匯率計算成長 25.6%。 24 年第二季沒有再發生。員工成本的下降部分抵消了這一成長。當然，由於員工人數減少，G&A 費用（不包括股權激勵費用）下降至 16.6%。

Now turning to profitability. Adjusted EBITDA loss declined year over year to USD16.3 million or decline $16.1 million on a constant currency basis, driven primarily by the cost reduction initiatives I previously discussed.

現在轉向獲利能力。調整後 EBITDA 虧損年減至 1,630 萬美元，以固定匯率計算下降 1,610 萬美元，這主要是由我之前討論的成本削減舉措推動的。

Loss before income taxes from continuing operations was $22.5 million, a 27.1% decrease year over year or up 1.1% on a constant currency basis. The decrease was again driven by our cost reduction initiatives. As Francis discussed, the loss before income tax includes finance costs to ensure that you understand the impact of finance cost on the business.

持續經營業務稅前虧損為 2,250 萬美元，年減 27.1%，以固定匯率計算成長 1.1%。這一下降再次是由我們的成本削減措施推動的。正如方濟各所討論的，所得稅前損失包括財務成本，以確保您了解財務成本對業務的影響。

Let me take a moment to discuss this dynamic in more detail. In Q1 2024 of finance costs were primarily driven by the foreign exchange impact resulting from the devaluation of both the Nigerian era and the addiction pound against the USD, as well as costs associated with cash repatriation. In contrast Q2 '24, finance growth were primarily impacted by non-cash losses recognized in the sale of financial assets.

讓我花點時間更詳細地討論這個動態。2024 年第一季的財務成本主要是由尼日利亞時代貶值和英鎊兌美元熱衷造成的外匯影響以及與現金匯回相關的成本所驅動的。相較之下，24 年第二季度，財務成長主要受到金融資產出售中確認的非現金損失的影響。

These assets consisting of investments in securities measure by fair value on the impact income statement upon decent growth. This shift in the contributor to finance cost between the two quarters, highlight the varying insurances, both cash and non-cash that impact our performance metrics The thing on balance sheet and cash flow, CapEx in Q2 '24 was $0.7 million and our liquidity position was USD92.8 million, comprising $45.1 million in cash and cash equivalents and $47.7 million in term deposits and the financial assets.

這些資產包括證券投資，以公允價值衡量，對良好成長對損益表的影響。兩個季度之間財務成本貢獻者的這種變化，突顯了影響我們績效指標的不同保險（包括現金和非現金）。美元，我們的流動性狀況9,280 萬美元，其中現金及現金等價物 4,510 萬美元，定期存款和金融資產 4,770 萬美元。

This compares to a liquidity position of $120.6 million in Q4 '23 and $101.5 million in Q1 '24. The net cash flow used in operation activities was USD8.4 million and net change in working cap was $6.7 million in the second quarter of 2024.

相較之下，23 年第四季的流動性部位為 1.206 億美元，24 年第一季的流動性部位為 1.015 億美元。2024 年第二季度，經營活動使用的現金流量淨額為 840 萬美元，工作上限淨變動為 670 萬美元。

Finally, I want to highlight that the company initiated an at-the-market equity offering this morning. Detailed information about the offering is available in the prospectus supplement filed with the SEC prior to this call. We expect to use the proceeds of the offering for general corporate purposes, including to help support our continued focus on customer acquisition, expand our supplier base, scale our logistics network, and improve our marketing and (inaudible) technology.

最後，我想強調的是，該公司今天早上啟動了市場股票發行。有關此次發行的詳細信息，請參閱本次電話會議之前向 SEC 提交的招股說明書補充文件。我們希望將此次發行的收益用於一般企業用途，包括幫助支持我們繼續專注於客戶獲取、擴大我們的供應商基礎、擴大我們的物流網絡以及改進我們的行銷和（聽不清楚）技術。

As you've heard from us today. We've been very disciplined and efficient with our cash utilization and plan to continuing doing so. The additional equity will further strengthen our balance sheet and help accelerate our growth trajectory.

正如您今天從我們那裡聽到的那樣。我們在現金使用方面一直非常有紀律和高效，併計劃繼續這樣做。額外的股權將進一步加強我們的資產負債表，並有助於加速我們的成長軌跡。

With that, I will turn the call over to Francis for details on guidance.

這樣，我會將電話轉給弗朗西斯，以獲取有關指導的詳細資訊。

Thanks, Antoine. Based on our continued strong performance, we are reiterating our outlook for 2024. We remain committed to reducing our losses and accelerating our progress towards cash efficiency and profitable growth. Specifically, we aim to further reduce our cash utilization as compared to full year '23. And based on the positive impact of our growth strategy, Jumia projects, an increase in both orders and GMV in 2024, excluding the potential impact of foreign exchange.

謝謝，安托萬。基於我們持續強勁的表現，我們重申對 2024 年的展望。我們仍然致力於減少損失並加速實現現金效率和獲利成長。具體來說，我們的目標是與 23 年全年相比進一步減少現金利用率。基於我們成長策略的正面影響，Jumia 預計 2024 年訂單和 GMV 都會增加，排除外匯的潛在影響。

As we move forward, we are confident in Jumia's future and our ability to accelerate our growth. We have the right plan and the right team to advance on the path towards profitability and look forward to keeping you updated on our progress. We can now open the call for Q&A.

隨著我們的前進，我們對 Jumia 的未來和加速成長的能力充滿信心。我們擁有正確的計劃和合適的團隊來推動盈利之路，並期待向您通報我們的最新進展。我們現在可以開啟問答環節。

Thank you. At this time we will be conducting a question-and-answer session. (Operator Instructions)

謝謝。此時我們將進行問答環節。（操作員說明）

Fawne Jiang, Benchmark.

江芳，基準。

Hi. Hey Francis, Antoine. thank you for taking my questions. A couple of here first in terms of growth, GMV growth of first, all in second quarter on differences, as you point out a few factors. I just wonder going forward in terms of the sustainability.

你好。嘿弗朗西斯，安托萬。感謝您回答我的問題。正如您指出的一些因素，首先是成長的幾個方面，首先是 GMV 成長，所有這些都在第二季出現差異。我只是想知道可持續性的進展。

One moment, please. It looks like her line disconnect. Fawne your line is unmuted.

請稍等一下。看起來她的線路斷開了。Fawne 你的線路未靜音。

Hey you guys hear me.

嘿，你們聽我說。

Yeah.

是的。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

If I could just quickly repeat my question earlier. So in terms of sustainability of your GMV growth on it seems like you have in more countries and was growing in the second quarter versus first quarter. So are we looking for more countries to growth countries?

如果我能早點快速重複我的問題就好了。因此，就 GMV 成長的可持續性而言，似乎您在更多國家/地區擁有成長，並且第二季度與第一季相比有所成長。那麼我們是否正在尋找更多的國家來發展成長國家？

Or are we looking at higher growth on the existing in our growth countries. So in another words, what is from your perspective capital perspective? Any color in terms of system -- sustainability as of the magnitude of your GMV growth, that will be very helpful.

或者我們是否正在尋求在我們的成長國家現有的基礎上實現更高的成長。那麼換句話說，從你的資本角度來看是什麼？系統方面的任何顏色——可持續性以及 GMV 增長幅度，都會非常有幫助。

All right. Thanks a lot. So looking at GMV growth this quarter and overall usage growth, we are pleased to see continued acceleration on all usage KPIs that we see as most relevant being the stabilization of the active consumer base being growth in orders by 7% year-over-year which is a continued improvement over the past five quarters and GMV growth in local currency, which is about 35%, very close to what we had last quarter.

好的。多謝。因此，從本季的 GMV 成長和整體使用量成長來看，我們很高興看到所有使用量 KPI 持續加速，我們認為最相關的是活躍消費者基礎的穩定，即訂單年增 7%，過去五個季度持續改善，以當地貨幣計算的GMV 成長約為35%，非常接近上個季度的水準。

And we do not foresee any reason why this would not be sustainable. And maybe let me remind you of some of the factors that are behind that and that we can say that we did it's sustainable and we are rolling out the same actions, similar actions across all markets and with what we see a similar impact. So we mentioned the example of countries and the expansion that we're doing in smaller cities. And as we push we did, we gave the example of Kenya and Nigeria as we push this.

我們沒有預見到任何原因導致這種情況不可持續。也許讓我提醒您這背後的一些因素，我們可以說我們所做的是可持續的，我們正在所有市場上推出相同的行動，類似的行動以及我們看到的類似的影響。因此，我們提到了國家的例子以及我們在較小城市中所做的擴張。在我們推動的過程中，我們舉了肯亞和奈及利亞的例子。

I mean, as we roll out the same actions and tactics that we started in other countries before, we're seeing similar impacts and positive growth in those cities. So bottom line, as we roll out and execute the right creative execution plan across countries, we see similar impact and we benefit from kind of compounded impact of those actions. I think we've been operating in Africa for over 10 years now, we know how to mitigate all macro challenges that have happened over the past two years.

我的意思是，當我們推出之前在其他國家/地區開始的相同行動和策略時，我們在這些城市看到了類似的影響和積極的成長。因此，最重要的是，當我們在各個國家推出並執行正確的創意執行計劃時，我們看到了類似的影響，並且我們從這些行動的複合影響中受益。我認為我們已經在非洲開展業務十多年了，我們知道如何緩解過去兩年發生的所有宏觀挑戰。

And we see very clearly that the action plan and the strategy that we've laid out for the company is working in more and more countries. So going forward, yes, we expect inventories to I mean, can we expect the group to accelerate. We expect countries to be growing. I cannot comment or guide on number of countries or level of growth, but bottom line doing our actions that are being rolled out has delivered impact and will keep on delivering more impact. So we don't see any reason why we cannot sustain growth in the future.

我們非常清楚地看到，我們為公司製定的行動計劃和策略正在越來越多的國家發揮作用。因此，展望未來，是的，我們預計庫存將加速成長。我們預計各國都會成長。我無法對國家數量或增長水平發表評論或指導，但我們正在推出的行動的底線已經產生了影響，並將繼續產生更大的影響。因此，我們認為沒有任何理由無法在未來維持成長。

Thanks Francis. Second question, especially regarding your monetization, your tax rate. If I calculate correctly, your market pay commission rate, it was growing year on year, but it seems like a fairly big decline quarter on quarter on any driver behind that? And how should we think about your commission rate in that take rate going forward?

謝謝弗朗西斯。第二個問題，特別是關於你的貨幣化、你的稅率。如果我計算正確的話，你們的市場支付佣金率是逐年增長的，但似乎季度環比下降幅度相當大，這背後有什麼驅動因素嗎？我們該如何考慮您未來的佣金率？

So I will share the answer with Antoine, I'm looking at our marketplace and commissions, which kept our commissions fairly stable across the marketplace over the past 1.5 years, we want to provide those centers with stabilities. So we make sure that we incentivize them to bring more supply to our platform and we can enhance our assortment and value proposition. That's our very clear business priority, making sure we deliver a better value proposition and it comes just providing stable environment for centers.

所以我將與 Antoine 分享答案，我正在研究我們的市場和佣金，這使我們的佣金在過去 1.5 年裡在整個市場上保持相當穩定，我們希望為這些中心提供穩定性。因此，我們確保激勵他們為我們的平台帶來更多供應，這樣我們就可以增強我們的品種和價值主張。這是我們非常明確的業務優先事項，確保我們提供更好的價值主張，並為中心提供穩定的環境。

I will let Antoine comments on taking (inaudible)

我會讓安托萬評論一下（聽不清楚）

On the year over year variance, we are pretty stable because of what Francis is just said. And if we compare to Q1 '24, the decrease is mainly due to the corporate sales in some countries like Egypt.

就同​​比差異而言，由於弗朗西斯剛才所說，我們相當穩定。如果我們與 24 年第一季相比，下降的主要原因是埃及等一些國家的企業銷售。

Got it. Any color going forward?

知道了。以後還有什麼顏色嗎？

I think we I mean, we intend to keep our GP1 stable around this quarter percentage, but we will we will keep on working and capturing your battery materials in corporate channels, which many of us do. But as Hans said, we do not want to increase monetization because it would hurt the vendor's participation to the year, the ecosystem.

我想我們的意思是，我們打算將我們的 GP1 穩定在本季度的百分比左右，但我們將繼續努力並在企業管道中獲取您的電池材料，我們許多人都這樣做。但正如漢斯所說，我們不想增加貨幣化，因為這會損害供應商對當年生態系統的參與。

Got it. My next question is actually regarding your sales marketing. I noticed that there was a moderate uptake. Your sales and marketing spending quarter on quarter. And I just wonder how should we look at the sales marketing spending going forward, especially in combination with your capital raising? Are we expecting your we are accelerating the growth element one is just marketing activities. And secondly, on one level, I think customer active customer growth, could we anticipate?

知道了。我的下一個問題實際上是關於您的銷售行銷。我注意到有適度的吸收。您每季的銷售和行銷支出。我只是想知道我們應該如何看待未來的銷售行銷支出，特別是與您的融資結合？我們是否期待您的幫助？其次，在某個層面上，我認為客戶活躍客戶的成長，我們可以預期嗎？

Yeah. So indeed, you notice that we spent a little more in marketing this quarter than the previous quarter. In this specific quarter, in Q2 2024, it was meant as a slight boost. So we could support our second biggest commercial event of the year, which is Algeria, it Anniversary Sale, which worked well, as you can see the data usage KPIs going forward. I mean, we and particularly in light, we've done with Mr. Luca shares offering, we want to make sure that we have the opportunity to accelerate on customers' acquisition, which may happen through increased density marketing, of course.

是的。事實上，您注意到我們本季在行銷方面的支出比上一季多了一些。在 2024 年第二季度這個特定季度，這意味著略有提升。因此，我們可以支持今年第二大商業活動，即阿爾及利亞週年促銷活動，效果很好，您可以看到未來的數據使用 KPI。我的意思是，我們，特別是考慮到我們已經完成了盧卡先生的股票發行，我們希望確保我們有機會加速客戶獲取，當然，這可能透過增加密度行銷來實現。

And so we want to make sure that we can grow our customer base, which we've just stabilized this quarter, which is quite a milestone for dramatically shrinking for a while. And we believe that now we can capture of a lot more consumers across the African continent.

因此，我們希望確保我們能夠擴大我們的客戶群，我們本季剛剛穩定了客戶群，這對於一段時間內大幅萎縮來說是一個里程碑。我們相信，現在我們可以吸引非洲大陸更多的消費者。

And we're working with in countries with over 600 million people. So we can have a much bigger customer base and definitely and new customers acquisition will be an important topic for us in the coming quarters as we believe that we've made significant progress on quality of service, expanding the supply chain and enhancing our assortment and value proposition. It may be the right time indeed to accelerating customer value proposition, which would mobilize marketing budgets indeed.

我們正在與人口超過 6 億的國家合作。因此，我們可以擁有更大的客戶群，毫無疑問，新客戶的獲取將是我們未來幾季的一個重要主題，因為我們相信我們在服務品質、擴大供應鏈和增強我們的品種和價值主張。現在可能確實是加速客戶價值主張的正確時機，這確實會調動行銷預算。

Got it. Thank you so much.

知道了。太感謝了。

Thank you, Fawne.

謝謝你，法恩。

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

今天的會議到此結束，您現在可以掛斷電話了。感謝您的參與。