Jumia Technologies AG (JMIA) 2024 Q3 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 third quarter of 2024.

歡迎參加 Jumia 2024 年第三季業績電話會議。

(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'll 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 include forward-looking statements.

我們想提醒您，我們今天的討論將包括前瞻性陳述。

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 it over to Francis.

這樣，我就把它交給法蘭西斯了。

Good morning, everyone.

大家早安。

Thank you for joining us.

感謝您加入我們。

I will start today's call with a brief overview of our Q3 performance.

我將在今天的電話會議開始時簡要概述我們第三季的業績。

I will then focus our discussion on our plans for the use of proceeds from our completed ATM offering before turning the call over to Antoine for a deeper dive into our financials.

然後，我將重點討論我們如何使用已完成的 ATM 發行收益的計劃，然後將電話轉給 Antoine，以更深入地了解我們的財務狀況。

The third quarter marked a continuation of our efforts to strengthen the underlying fundamentals of our business.

第三季標誌著我們繼續努力加強我們業務的基本面。

We made tangible progress in advancing several structural updates to our operations, building on the progress we have made over the last several quarters.

在過去幾季取得的進展的基礎上，我們在推動業務的多項結構更新方面取得了實際進展。

This includes significant improvements to our logistics network as well as the consolidation of several of our warehouses into larger, more tech-enabled locations across our footprint.

這包括對我們的物流網絡進行重大改進，以及將我們的幾個倉庫整合為更大、技術含量更高的地點。

While these improvements caused temporary disruptions to day-to-day operations in the quarter, we are confident that our efforts have positioned us well to scale and drive profitable growth.

雖然這些改進對本季度的日常營運造成了暫時的干擾，但我們相信，我們的努力使我們能夠很好地擴大規模並推動獲利成長。

Usage KPIs this quarter were mixed.

本季的使用 KPI 好壞參半。

While we saw improvements in active customer count and physical goods orders, we experienced softness in GMV and total orders due to currency devaluations, flat JumiaPay orders and the aforementioned warehouse consolidation.

雖然我們看到活躍客戶數量和實體訂單有所改善，但由於貨幣貶值、JumiaPay 訂單持平以及上述倉庫整合，我們的 GMV 和總訂單量出現疲軟。

Quarterly active customers grew year over year for the first time since the third quarter of 2022, improving 1% to 2 million.

自 2022 年第三季以來，季度活躍客戶首次年增，成長 1%，達到 200 萬。

We also continue to attract and retain what we believe to be stickier and higher quality customers.

我們也持續吸引和留住我們認為更具黏性和更高品質的客戶。

Our Q2 90-day repurchase rate increased 304 basis points year over year as the number of new customers who placed an order in Q2 '24 and then placed another order within 90 days grew to 39% from 36% in Q2 '23.

我們的第二季度90 天回購率同比增長了304 個基點，因為在2024 年第二季度下了訂單並在90 天內再次下訂單的新客戶數量從23 年第二季度的36% 增長到了39 %。

Attracting a higher quality cohort has been an important proof point for our value proposition, showing we can drive repeat orders from returning customers without the use of promotions or discounts.

吸引更高品質的群體一直是我們價值主張的重要證明，這表明我們可以在不使用促銷或折扣的情況下吸引回頭客的重複訂單。

Orders this quarter totaled $5.9 million, a 4% year-over-year improvement.

本季訂單總額為 590 萬美元，年增 4%。

This growth was driven by a 5% year-over-year increase in physical goods orders, illustrating our success improving our supply, price points and the overall value proposition.

這一增長是由實體商品訂單同比增長 5% 推動的，這表明我們成功改善了供應、價格點和整體價值主張。

GMV grew by 29% in constant currency and was down 1% in reported currency year over year.

以固定匯率計算，GMV 成長了 29%，以報告貨幣計算，GMV 年減 1%。

Similar to last quarter, softness in GMV in reported currency was mainly the result of the ongoing effects of devaluations in Nigeria and Egypt in Q1 of 2024.

與上季類似，以報告貨幣計算的 GMV 疲軟主要是 2024 年第一季奈及利亞和埃及貨幣貶值持續影響的結果。

Devaluations also put pressure on top line revenue, which remained flat quarter over quarter, but declined 13% year over year to $36.4 million.

貨幣貶值也給營收帶來壓力，營收環比持平，但年減 13% 至 3,640 萬美元。

To support future growth and enhance efficiency, we are in the final steps of the process of relocating several fulfillment centers across four of our six largest markets, including Ghana, Nigeria, Egypt, and Cote d'Ivoire.

為了支持未來的成長並提高效率，我們正在搬遷六個最大市場中四個市場（包括加納、奈及利亞、埃及和科特迪瓦）的多個營運中心的最後步驟。

In each country, we consolidated several smaller fulfillment centers into one centrally located warehouse.

在每個國家/地區，我們將幾個較小的履行中心合併為一個位於中心的倉庫。

These new fulfillment centers are now strategically located to enable upcountry expansion while providing us with increased supply capacity, improvements in efficiency and reduced delivery times.

這些新的履行中心現在地理位置優越，可以實現向內地擴張，同時為我們提供更大的供應能力、提高效率並縮短交貨時間。

The relocation and transition did, however, negatively impact operations and expenses in Q3 '24 as we temporarily shifted supply and resources to these new fulfillment centers.

然而，搬遷和過渡確實對 24 年第三季的營運和支出產生了負面影響，因為我們暫時將供應和資源轉移到這些新的履行中心。

We do not anticipate any major additional impact to the business in Q4 '24 and beyond.

我們預計 24 年第 4 季及以後的業務不會受到任何重大的額外影響。

Operating loss was $20.1 million in Q3 '24 compared to $18.3 million in Q3 '23.

24 年第 3 季的營運虧損為 2,010 萬美元，而 23 年第 3 季的營運虧損為 1,830 萬美元。

Adjusted EBITDA loss increased to $17 million in Q3 '24 from a loss of $14.8 million in Q3 '23.

調整後的 EBITDA 虧損從 2023 年第三季的虧損 1,480 萬美元增至 24 年第三季的 1,700 萬美元。

This is mainly due to a onetime $6 million beneficial impact from provision release in Q3 '23 that did not recur in Q3 '24.

這主要是由於 23 年第 3 季撥備發放的一次性 600 萬美元的有益影響在 24 年第 3 季沒有再次發生。

Loss before income tax improved to $17.8 million compared to a loss of $21.4 million a year ago, primarily driven by the evolution of operating loss and the shift from net foreign exchange losses in Q3 '23 to net foreign exchange gains in Q3 '24.

所得稅前虧損從去年同期的虧損 2,140 萬美元增至 1,780 萬美元，這主要是由於經營虧損的演變以及從 23 年第三季的淨外匯虧損轉向 24 年第三季的淨外匯收益。

As many of you know, we have completed an at-the-market offering in August, which generated $94.7 million in net proceeds, which includes all relevant equity transaction costs.

正如你們許多人所知，我們在 8 月完成了一次市場發行，產生了 9,470 萬美元的淨收益，其中包括所有相關的股權交易成本。

At the end of Q3 '24, our liquidity position was $164.6 million, which includes proceeds from the capital raise.

截至 24 年第三季末，我們的流動性部位為 1.646 億美元，其中包括融資收益。

We remain committed to a disciplined approach to allocate these funds as we accelerate our current initiatives with a particular focus on streamlining operations and driving growth.

我們仍然致力於以嚴格的方式分配這些資金，因為我們加快了當前的舉措，特別注重簡化營運和推動成長。

As a reminder, our strategic priorities are the following: first, focusing and committing to Africa and the African e-commerce market; second, improving cash efficiency; and third, building a strong customer value proposition.

提醒一下，我們的策略重點是：第一，聚焦並致力於非洲和非洲電商市場；第二，提高現金效率；第三，建立強大的顧客價值主張。

In terms of investments, we are deliberately focusing on the consumer value proposition as a driving force behind our growth objectives.

在投資方面，我們刻意專注於消費者價值主張，將其視為我們成長目標背後的驅動力。

Specifically, we will be focusing on the following buckets: refocusing on the company's most promising markets and opportunities, improving vendor technology, expanding customer acquisition, scaling the company's logistics network and expanding our supplier base and overall assortment.

具體來說，我們將重點關注以下方面：重新關注公司最有前途的市場和機會、改進供應商技術、擴大客戶獲取、擴大公司的物流網絡以及擴大我們的供應商基礎和整體品種。

Let me now provide broader context into how we plan to leverage these funds to support our growth.

現在讓我提供更廣泛的背景信息，說明我們計劃如何利用這些資金來支持我們的成長。

First and foremost, we continue to focus on strengthening our business primarily through stripping away nonstrategic businesses and offering.

首先也是最重要的，我們繼續專注於透過剝離非策略性業務和產品來加強我們的業務。

We are convinced that e-commerce demand in our key markets is huge, growing and largely underserved.

我們堅信，我們的主要市場的電子商務需求巨大且不斷增長，但在很大程度上服務不足。

We believe that we are in the early stages of capturing that latent demand and that we have only just scratched the surface of the customers we can ultimately serve.

我們相信，我們正處於捕捉潛在需求的早期階段，並且我們僅僅觸及了我們最終可以服務的客戶的表面。

By exiting non-strategic business units and countries, we believe that we can better serve our customers and drive growth while expanding supply in key categories to improve our value proposition across remaining markets.

透過退出非策略性業務部門和國家，我們相信我們可以更好地服務客戶並推動成長，同時擴大關鍵類別的供應，以改善我們在剩餘市場的價值主張。

Recall that in late '23, we moved to exit businesses deemed nonstrategic, including our food delivery operations while also reducing headcount.

回想一下，23 世紀末，我們開始退出被視為非策略性的業務，包括我們的食品配送業務，同時也減少了員工人數。

In October '24, we announced that we'll be ceasing operations in South Africa and Tunisia to focus on markets where we currently see the greatest growth potential.

24 年 10 月，我們宣布將停止在南非和突尼斯的業務，以專注於我們目前認為成長潛力最大的市場。

In the first nine months of 2024, South Africa and Tunisia together accounted for just 2% of orders and 3% of GMV of Jumia.

2024 年前 9 個月，南非和突尼斯合計僅佔 Jumia 訂單量的 2% 和 GMV 的 3%。

South Africa and Tunisia presented unique challenges due to their respective market dynamics.

南非和突尼斯由於各自的市場動態而面臨獨特的挑戰。

We believe that our decision to exit these countries allows us to streamline operations and concentrate resources on strengthening our overall business.

我們相信，退出這些國家的決定使我們能夠簡化營運並集中資源來加強我們的整體業務。

By doing so, we can focus on regions where we currently see the strongest potential for growth and profitability.

透過這樣做，我們可以專注於目前成長和獲利潛力最強的地區。

We remain confident that this strategic realignment will not impact our near or medium-term growth prospects.

我們仍然相信，這項策略調整不會影響我們的近期或中期成長前景。

We expect to incur costs associated with the closure of both of these markets.

我們預計會產生與關閉這兩個市場相關的成本。

Short-term impacts include employee termination costs, lease termination costs, asset liquidation and impairments.

短期影響包括員工解約成本、租約終止成本、資產清算和減損。

While the decision to close this market is a difficult one when we think about our teams in these countries, I want to thank all of our team members for their hard work and commitments to the business.

雖然考慮到我們在這些國家的團隊，關閉這個市場的決定是一個艱難的決定，但我要感謝我們所有團隊成員的辛勤工作和對業務的承諾。

These teams have shown true resilience and dedication in the face of challenging market conditions, and we are grateful for their years of service to Jumia.

面對充滿挑戰的市場條件，這些團隊展現了真正的韌性和奉獻精神，我們感謝他們多年來為 Jumia 提供的服務。

Beyond our footprint, we are also enhancing tech across several areas to improve the customer experience and overall efficiency.

除了我們的足跡之外，我們還在多個領域增強技術，以改善客戶體驗和整體效率。

We continue to invest strategically in technology by leveraging AI and cutting-edge tools to enhance efficiency across the group.

我們持續利用人工智慧和尖端工具對技術進行策略性投資，以提高整個集團的效率。

Our initiatives focused on strengthening platform security, enhancing our marketing tools and improving warehouse and order management systems.

我們的措施專注於加強平台安全、增強我們的行銷工具以及改善倉庫和訂單管理系統。

We believe these efforts drive greater efficiency, enabling us to deliver higher quality service to both vendors and customers while keeping costs effectively managed.

我們相信這些努力可以提高效率，使我們能夠為供應商和客戶提供更高品質的服務，同時有效管理成本。

We believe we have refined our core value proposition for the African market and consumer and have a stronger understanding of the most effective marketing channels to reach our customers as well as how to keep them in funnel.

我們相信，我們已經完善了針對非洲市場和消費者的核心價值主張，並且對接觸客戶的最有效行銷管道以及如何將他們保留在漏斗中有了更深入的了解。

As we move forward, we will continue to focus on leveraging local channels like radio, local influencers and print while also identifying additional pathways to expand our CRM and SEO marketing channels.

隨著我們的前進，我們將繼續專注於利用廣播、當地影響者和印刷品等本地管道，同時尋找其他途徑來擴展我們的 CRM 和 SEO 行銷管道。

Diversifying our marketing mix is a key part of our strategy and enables us to become more relevant to local consumers, which leads to more efficient consumer acquisition.

行銷組合多元化是我們策略的關鍵部分，使我們能夠與當地消費者更加相關，從而更有效地獲取消費者。

Broader up country expansion will be another focus area for us.

更廣泛的國家擴張將是我們的另一個重點領域。

Today, over 54% of orders come from outside of major capital cities, and these areas are key growth markets for us.

如今，超過 54% 的訂單來自主要省會城市以外的地區，這些地區是我們主要的成長市場。

For example, this past quarter in Nigeria, year-over-year gross orders outside of Lagos and Abuja grew by 22% as we expanded up country.

例如，上個季度在奈及利亞，隨著我們擴大國家範圍，拉各斯和阿布賈以外的總訂單量比去年同期增加了 22%。

We plan to continue to extend our footprint outside of major urban areas in the coming years.

我們計劃在未來幾年繼續將我們的足跡擴展到主要城市地區之外。

Over time, we would increase JForce activations in these markets to meet more potential consumers where they lack significant capital investments.

隨著時間的推移，我們將增加 JForce 在這些市場的激活，以滿足更多缺乏大量資本投資的潛在消費者。

We believe these initiatives are among the most efficient strategies for growth and do not expect them to require significant capital investments.

我們相信這些舉措是最有效的成長策略之一，並且預期它們不需要大量資本投資。

We will continue to exercise discipline in allocating capital towards marketing and upcountry expansion.

我們將繼續恪守紀律，將資金分配給行銷和內地擴張。

Finally, we continue to prioritize expanding our supply, which we see as a key pillar to our value proposition.

最後，我們繼續優先考慮擴大供應，我們認為這是我們價值主張的關鍵支柱。

Not only have we made incremental improvements to our vendor platform to improve the vendor experience, but we continue to extend our Chinese vendor base to provide a diverse and affordable selection of products to our growing customer base.

我們不僅對供應商平台進行了漸進式改進以改善供應商體驗，而且還繼續擴大我們的中國供應商基礎，為我們不斷增長的客戶群提供多樣化且價格實惠的產品選擇。

We are also scaling our teams across countries for both local marketplace vendors and large global brands, which we believe is an important investment in medium-term growth.

我們也正在為當地市場供應商和大型全球品牌擴大跨國團隊規模，我們認為這是對中期成長的重要投資。

We're optimistic about Jumia's future.

我們對 Jumia 的未來感到樂觀。

We believe we have the right strategy and resources in place that will enable us to accelerate growth.

我們相信，我們擁有正確的策略和資源，將使我們能夠加速成長。

Our results show that we can tap the massive demand in Africa while operating efficiently as we move towards profitability.

我們的結果表明，我們可以利用非洲的巨大需求，同時在實現盈利的過程中高效運作。

I will now turn the call over to Antoine.

我現在將把電話轉給安東尼。

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。

Starting with the top line.

從頂線開始。

Revenue was $36.4 million, down 13% year over year, up 9% on a constant currency basis.

營收為 3,640 萬美元，年減 13%，以固定匯率計算成長 9%。

Marketplace revenue was $20.6 million, up 7% year over year and up 37% on a constant currency basis, primarily driven by commissions from third-party corporate sales in Egypt, partially offset by the impact of foreign exchange devaluations.

市場收入為 2,060 萬美元，年增 7%，以固定匯率計算成長 37%，主要由埃及第三方公司銷售佣金推動，部分被外匯貶值的影響所抵銷。

Revenue from first-party sales was $15.5 million, down 29% and down 14% on a constant currency basis, driven by lower first-party corporate sales in Egypt and the impact of foreign exchange.

第一方銷售收入為 1,550 萬美元，下降 29%，以固定匯率計算下降 14%，原因是埃及第一方企業銷售下降以及外匯影響。

Gross profit was $22.9 million, up 3% year over year or 30% on a constant currency basis, largely in line with the evolution of third-party sales.

毛利為 2,290 萬美元，年增 3%，以固定匯率計算成長 30%，很大程度上與第三方銷售的發展一致。

Gross profit as a percentage of GMV remained flat at 14% when compared to Q3 '23.

與 23 年第三季相比，毛利佔 GMV 的百分比維持在 14%。

Looking at expenses, fulfillment expenses for the quarter were USD10.3 million, up 5% year over year and 22% on a constant currency basis.

從費用來看，本季的履行費用為 1,030 萬美元，年增 5%，以固定匯率計算成長 22%。

This increase was primarily driven by one-time costs associated with ongoing warehouse consolidations and growth in orders.

這一增長主要是由與持續倉庫整合和訂單增長相關的一次性成本所推動的。

The impact was partially offset by currency devaluations, primarily in Nigeria and Egypt.

這種影響被貨幣貶值（主要是尼日利亞和埃及）部分抵消。

We expect these consolidation efforts to drive operational efficiencies and cost savings in the coming quarters.

我們預計這些整合工作將在未來幾季提高營運效率並節省成本。

Fulfillment expense per order, excluding JumiaPay app orders, which do not incur logistics costs, remained flat year over year at $2.4 million and increased 16% on a constant currency basis.

每筆訂單的履行費用（不包括不會產生物流成本的 JumiaPay 應用訂單）與去年同期持平，為 240 萬美元，按固定匯率計算增長了 16%。

Fulfillment expense as a percentage of GMV remained flat year over year at 6%.

配送費用佔 GMV 的百分比與去年同期持平，為 6%。

Sales and advertising expenses remained flat year over year at $4.4 million and increased 34% on a constant currency basis, driven by targeted investments in online marketing to drive usage growth.

銷售和廣告費用與去年同期持平，為 440 萬美元，按固定匯率計算增長了 34%，這主要得益於在線營銷的針對性投資，以推動使用量增長。

Going forward, we expect these expenses will increase as we focus on efficient inexpensive channels as part of our customer acquisition strategy.

展望未來，我們預計這些費用將會增加，因為我們將重點放在高效且廉價的管道上，作為我們的客戶獲取策略的一部分。

Advertising expense per order decreased to $0.7 from $0.8 in Q3 '23.

每個訂單的廣告費用從 23 年第 3 季的 0.8 美元下降到 0.7 美元。

As a percentage of GMV, sales and advertising expense remained flat year over year at 3%.

銷售和廣告費用佔 GMV 的百分比與去年同期持平，為 3%。

Turning to technology.

轉向技術。

Technology and content expense remained flat year over year at $9.7 million and up 2% on a constant currency basis.

科技和內容支出與去年同期持平，為 970 萬美元，以固定匯率計算成長 2%。

This was driven by savings from reduced staff costs, offset by ongoing investments to improve our platform's quality and integrity.

這是由於員工成本降低而節省的成本，以及為提高平台品質和完整性而進行的持續投資所抵消的。

G&A expense, excluding share-based compensation, was $17.6 million, up 14% year over year and up 26% on a constant currency basis.

不包括股權激勵的一般管理費用為 1,760 萬美元，年增 14%，以固定匯率計算成長 26%。

This increase was due to the nonrecurrence of a USD6 million release of provision in Q3 '23, which did not recur in Q3 '24.

這一增長是由於 23 年第 3 季不再發放 600 萬美元的準備金，而 24 年第 3 季也沒有再發放。

The overall increase in G&A expense was partially offset by reductions in various cost components, including staff costs.

一般行政費用的整體成長被包括員工成本在內的各種成本組成部分的減少所部分抵銷。

Now turning to profitability.

現在轉向獲利能力。

Adjusted EBITDA loss was USD17 million compared to a loss of $14.8 million in Q3 '23, reflecting the net impact of the revenue and expense dynamics described before, primarily driven by the absence of the prior year nonrecurring tax provision benefit recognized under G&A expense.

調整後的EBITDA 損失為1700 萬美元，而23 年第三季的損失為1480 萬美元，反映了先前描述的收入和支出動態的淨影響，這主要是由於沒有在一般管理費用下確認的上一年非經常性稅務撥備福利所致。

Loss before income tax from continuing operations was $17.8 million, a 17% improvement year over year or 2% on a constant currency basis.

持續經營業務的所得稅前虧損為 1,780 萬美元，年增 17%，以固定匯率計算成長 2%。

This improvement was primarily driven by the evolution in operating loss and the shift from net foreign exchange losses in Q3 '23 to net foreign exchange gains in Q3 '24, contributing to an increase in finance income and an increase in finance costs year over year.

這一改善主要是由於經營虧損的演變以及從 23 年第三季的淨匯兌虧損轉變為 24 年第三季的淨匯兌收益，導致財務收入增加和財務成本同比增加。

Touching on balance sheet and cash flow.

觸及資產負債表和現金流。

CapEx in Q3 '24 was $0.9 million, and our liquidity position was $164.6 million, comprised of $85.8 million in cash and cash equivalents and $38.8 million in term deposits and other financial assets.

24 年第三季的資本支出為 90 萬美元，我們的流動性部位為 1.646 億美元，其中包括 8,580 萬美元的現金和現金等價物以及 3,880 萬美元的定期存款和其他金融資產。

This concludes to total liquidity position of $147.4 million in Q3 2023 and of $92.8 million in Q2 '24.

由此得出，2023 年第三季的總流動性部位為 1.474 億美元，2024 年第二季的總流動性部位為 9,280 萬美元。

Our total liquidity position at the end of the third quarter of '24 included the net proceeds of the ATM completed in August.

2024 年第三季末我們的總流動性部位包括 8 月完成的 ATM 的淨收益。

The net proceeds from the offering were $94.7 million after accounting for all equity transaction costs.

考慮到所有股權交易成本後，此次發行的淨收益為 9,470 萬美元。

In the statement of cash flows for the third quarter, Jumia reported $96.7 million related to the ATM.

在第三季現金流量表中，Jumia 公佈與 ATM 相關的 9,670 萬美元。

The remaining transaction costs will be reflected in subsequent periods as they are paid.

剩餘交易費用將在支付時反映在後續期間。

Net cash flow used in operating activities was $26.8 million, driven by negative working capital contribution, notably impacted by third-party sales cycles and a one-time provision settlement of $1.8 million.

營運活動使用的淨現金流量為 2,680 萬美元，主要受到負營運資本貢獻的推動，特別是受到第三方銷售週期和 180 萬美元一次性撥備結算的影響。

The cash flow was also impacted by technology subscription fees aimed at enhancing platform quality and integrity and the continued optimization of our warehouse network.

現金流還受到旨在提高平台品質和完整性的技術訂閱費以及我們倉庫網路的持續優化的影響。

We maintain our disciplined approach to cash management while supporting strategic growth initiatives.

我們保持嚴格的現金管理方法，同時支援策略成長計畫。

I will now turn the call back over to Francis for guidance.

我現在將把電話轉回弗朗西斯尋求指導。

Thanks, Antoine.

謝謝，安托萬。

Today, we are reaffirming guidance for the full year 2024.

今天，我們重申 2024 年全年的指導方針。

We aim to further reduce our cash utilization for the full year 2024 as compared to full year 2023.

與 2023 年全年相比，我們的目標是進一步減少 2024 年全年的現金利用率。

Additionally, based on the positive impact of our growth strategy, we project an increase in both orders and GMV in 2024, excluding the potential impact of foreign exchange.

此外，基於我們成長策略的正面影響，我們預計 2024 年訂單和 GMV 將雙雙成長，排除外匯的潛在影響。

As a reminder, our biggest shopping event of the year, our annual Black Friday sale is happening this November.

提醒一下，我們今年最大的購物活動，我們的年度黑色星期五促銷活動將於今年 11 月舉行。

The event kicked off November 1 and runs until November 30.

活動從11月1日開始，一直持續到11月30日。

The annual event continues to grow in popularity across countries and plays a pivotal role in promoting nationwide e-commerce adoption.

這項一年一度的活動在各國越來越受歡迎，並在促進全國電子商務的採用方面發揮關鍵作用。

It also reaffirms Jumia's commitment, providing a convenient and dependable online shopping experience.

它還重申了 Jumia 的承諾，提供便利可靠的線上購物體驗。

With the recent warehouse consolidations, supply enhancements, and inventory preparations, we believe we are well positioned to capitalize on this year's event.

透過最近的倉庫整合、供應增強和庫存準備，我們相信我們已做好充分利用今年活動的準備。

We look forward to sharing more with you next quarter.

我們期待下個季度與您分享更多資訊。

We believe to be on the right path and are confident in Jumia's future as we accelerate growth towards profitability.

我們相信，隨著我們加速成長以實現盈利，我們走在正確的道路上，並對 Jumia 的未來充滿信心。

We are encouraged to see continued resilience in our usage and business fundamentals despite the first quarter currency devaluation headwinds that continue to impact GMV and top-line revenue.

儘管第一季貨幣貶值的不利因素繼續影響 GMV 和營收，但我們的使用量和業務基本面持續保持彈性，對此我們感到鼓舞。

We are confident that we have the right plan and the right team in place and look forward to updating you on our progress in the future.

我們相信我們擁有正確的計劃和合適的團隊，並期待向您通報我們未來的進展。

We can now open the call for Q&A.

我們現在可以開啟問答環節。

(Operator Instructions) Brad Erickson, RBC Capital Markets.

（操作員指令）Brad Erickson，RBC 資本市場。

Great.

偉大的。

Thanks, guys and good afternoon.

謝謝大家，下午好。

Thanks for taking the question.

感謝您提出問題。

So I had a few.

所以我有一些。

First, there's a pretty big delta between the GMV growth and the order growth.

首先，GMV 成長和訂單成長之間存在相當大的差異。

And I'm just curious, like what's going on in terms of like mix or from an AOV perspective that's leading to that?

我只是很好奇，例如混合方面發生了什麼，或者從 AOV 的角度來看，導致了這種情況？

Any drivers you want to call out?

您想呼叫任何司機嗎？

I think there's a 25-point gap between GMV and orders here.

我認為這裡的 GMV 和訂單之間存在 25 個百分點的差距。

So just curious what's going on there.

所以只是好奇那裡發生了什麼事。

Hi, Brent.

嗨，布倫特。

Thanks for asking.

謝謝你的詢問。

So let me take the question.

那麼就讓我來回答這個問題。

So indeed, there's a pretty big gap between order growth on physical goods at 5% and GMV growth in constant currencies of 29% this quarter.

事實上，本季實體商品訂單成長 5% 與以固定貨幣計算的 GMV 成長 29% 之間存在相當大的差距。

There are many -- I mean, there are several different factors impacting that.

有很多——我的意思是，有幾個不同的因素會影響這一點。

One is definitely the mix -- the evolution of the mix.

其中之一絕對是混合——混合的演變。

Across countries, we have different trends, of course.

當然，在不同國家，我們有不同的趨勢。

But we have refocused over the past two years, our mix towards our key categories that are fashion, beauty, home and living, electronics and phones that typically have a higher average item value and average order value than what we saw in the past with a higher component of groceries and FMCG.

但在過去的兩年裡，我們重新調整了重點，我們的產品組合轉向了時尚、美容、家居和生活、電子產品和手機等關鍵類別，這些類別的平均商品價值和平均訂單價值通常比我們過去看到的要高。

So this shift in the mix that we're still seeing -- I mean, that we're still seeing year over year to date is definitely impacting our average basket size, which you can see here in those numbers.

因此，我們仍然看到的這種組合的轉變 - 我的意思是，迄今為止我們仍然逐年看到，這肯定會影響我們的平均購物籃規模，您可以在這些數字中看到。

And then there's a dimension of inflation happening in the countries, countries that had like significant devaluations, but not only where it's just driving up the prices of products, especially those manufactured outside of the country.

然後，在那些貨幣大幅貶值的國家中，會出現一定程度的通貨膨脹，但不僅僅是在推高產品價格的地方，尤其是在國外製造的產品的價格。

So it's a mix of both.

所以它是兩者的混合。

But definitely, the shift in the mix is driving higher value baskets that are helping us to break even at order level.

但可以肯定的是，組合的轉變正在推動更高的價值籃子，這有助於我們在訂單水平上實現收支平衡。

Got it.

知道了。

That's great.

那太棒了。

And then just on the order growth, you're obviously lapping a period where you're intentionally pulling back on marketing and everything.

然後，就訂單成長而言，您顯然正在經歷一段故意縮減行銷和一切的時期。

So you're now back to a little bit of year-over-year growth.

所以你現在又恢復了一點點同比增長。

What would theoretically be required to maybe see a bigger acceleration just on the order growth specifically?

從理論上講，要實現訂單成長的更大加速，需要什麼？

So I think one of the assumptions when we look at orders growth and usage growth in general in e-commerce across the world is marketing, right?

因此，我認為當我們觀察全球電子商務的訂單成長和使用量成長時，假設之一就是行銷，對嗎？

And it's been assumed that Jumia for many years that orders growth is heavily created with marketing spend and actually marketing spend had to increase exponentially.

Jumia 多年來一直認為訂單成長很大程度上是由行銷支出創造的，而實際上行銷支出必須呈指數級增長。

In the context of our African markets, we believe it's very different.

在我們非洲市場的背景下，我們認為情況非常不同。

We believe that -- the greatest part of growth and most of growth, I'm not going to say, say 90%, but overall growth is driven by the value proposition, which is heavily driven by supply and prices and the ability to distribute to the customers at very competitive prices with reliable service.

我們相信－成長的最大部分和大部分成長，我不會說，比如說90%，但整體成長是由價值主張驅動的，而價值主張在很大程度上是由供應、價格以及分銷能力驅動的以極具競爭力的價格和可靠的服務為客戶提供服務。

So nothing fancy.

所以沒什麼花俏的。

It's not about more ads on Meta and Google.

這與 Meta 和 Google 上的更多廣告無關。

It's not about delivering same day.

這與當天交付無關。

It's really -- I mean, for our heavily cost-conscious customers, it's really all about getting the best value proposition, for the right assortment at the best price.

我的意思是，對於我們非常注重成本的客戶來說，真正重要的是獲得最佳價值主張，以最優惠的價格獲得正確的產品組合。

When we look at our growth today, I mean, although the numbers are not very impressive yet, we're talking 1% in active consumers and 5% in orders, and we want to get to much better numbers in the future.

當我們看到今天的成長時，我的意思是，雖然這些數字還不是很令人印象深刻，但我們談論的是活躍消費者的1% 和訂單的5%，我們希望在未來獲得更好的數字。

These numbers, I mean, are being delivered without increasing marketing budgets, and we believe we can still be more efficient on marketing.

我的意思是，這些數字是在不增加行銷預算的情況下實現的，我們相信我們仍然可以提高行銷效率。

So the big drivers to accelerate on growth going forward in coming quarters and '25 will be basically consistent improved delivery on fundamental topics.

因此，未來幾季和 25 年加速成長的主要推動力將是基本主題交付的基本一致改進。

The biggest one being improving the supply, keeping them improving the supply.

最大的一個是改善供應，讓他們不斷改善供應。

We've discussed that in the previous quarters.

我們在前幾季已經討論過這個問題。

One of the big -- I mean, one of the easiest examples to explain here would be getting more supply from our Chinese supplier base that we're tapping through cross-border e-commerce and also local fulfillment for our Chinese vendors.

其中一個重要的- 我的意思是，這裡解釋的最簡單的例子之一是從我們的中國供應商基地獲得更多的供應，我們正在通過跨境電子商務以及為我們的中國供應商提供本地履行。

We're expanding our teams in China.

我們正在擴大在中國的團隊。

We're expanding our vendor base.

我們正在擴大我們的供應商基礎。

We're looking to open new offices across new manufacturing regions in China.

我們希望在中國的新製造地區開設新辦事處。

So we can get more supply that's extremely well priced, very competitive for African consumers, and that is expected to have a significant impact on top line growth.

因此，我們可以獲得更多價格極為優惠、對非洲消費者極具競爭力的供應，預計將對收入成長產生重大影響。

Additional projects would be better expansion, I mean, accelerated expansion of country -- we've mentioned in the past that, well, there's a lot of latent demand that's fully served across Africa, in particular, outside of the biggest cities, outside of the capital cities.

額外的項目將是更好的擴張，我的意思是，國家的加速擴張——我們過去提到過，整個非洲有很多潛在的需求得到了充分的滿足，特別是在最大的城市之外，在首都城市。

We believe that we have the right business model to serve people in a very, very cost-efficient way.

我們相信我們擁有正確的商業模式，能夠以非常非常經濟高效的方式為人們服務。

And as we are able to open the right delivery network, very, very cheap, very low cost to serve populations in new areas, smaller cities, we're able to tap new markets, get new active consumers and grow our usage.

由於我們能夠開放正確的配送網絡，以非常非常便宜、非常低的成本為新地區、較小城市的人口提供服務，我們能夠開拓新市場，吸引新的活躍消費者並增加我們的使用量。

On that front, we shared today one important number in a very important country, which is Nigeria.

在這方面，我們今天分享了一個非常重要的國家的一個重要數字，那就是尼日利亞。

So in Nigeria, specifically and very importantly, our orders from outside of the two capital cities, which are Lagos and Abuja, grew year over year by 22%, which is pretty significant, in particular, in the context of Nigeria, that's been pretty rough for business over the past year.

因此，在尼日利亞，特別且非常重要的是，我們來自兩個首都城市（拉各斯和阿布賈）以外的訂單同比增長了22％，這是非常重要的，特別是在尼日利亞的背景下，這是相當可觀的。

So we are really encouraged by those trends.

因此，我們對這些趨勢感到非常鼓舞。

So sorry, it's a long answer to a short question.

很抱歉，這是對一個簡短問題的一個很長的回答。

But all in all, accelerated growth is going to come from consistent high-quality delivery on those fundamental projects that will bring compounded impact over time, and we're starting to see at country level very, very positive signs.

但總而言之，加速成長將來自於這些基礎項目的持續高品質交付，這些項目將隨著時間的推移帶來複合影響，而且我們開始在國家層面看到非常非常積極的跡象。

Although -- and I will say it again, I mean, 1% active consumer growth is not the most impressive number.

雖然——我會再說一遍，我的意思是，1% 的活躍消費者成長並不是最令人印象深刻的數字。

When we look more in detail, we see really positive evolutions and impact from fundamental actions, and we believe it's going to pay off in the coming quarters.

當我們更詳細地觀察時，我們看到了基本行動的真正積極的演變和影響，我們相信這將在未來幾季得到回報。

Got it.

知道了。

That's great color.

那顏色真棒。

No worries on the long answer.

不用擔心答案很長。

We appreciate the color.

我們欣賞它的顏色。

And just adding to that, again, we believe it's not about increasing marketing budgets, and we believe we can -- I mean, we believe we can become even more efficient on marketing.

再補充一點，我們相信這不是增加行銷預算，我們相信我們可以——我的意思是，我們相信我們可以在行銷方面變得更有效率。

The dynamics in our markets are very different from, let's say, the US, Europe, Dubai, and other countries where there's a more direct correlation with like online marketing, which is mostly not the case for our customer base.

我們市場的動​​態與美國、歐洲、杜拜和其他國家有很大不同，這些國家與網路行銷有更直接的相關性，而我們的客戶群大多並非如此。

Just a few more if I could.

如果可以的話，就再多說幾句吧。

On the exit of South Africa and Tunisia, I guess, just talk about that, if you could. what were the main characteristics of those countries that led you to exit?

關於南非和突尼斯的退出，我想，如果可以的話，就談談這個吧。導致您退出的那些國家的主要特徵是什麼？

Or maybe to put it a little differently, what was different about those countries as compared to your other current incumbent markets?

或者換句話說，這些國家與您目前的其他現有市場相比有何不同？

Sure.

當然。

I will start with South Africa.

我將從南非開始。

So I mean, first of all, it's a tough decision, and it was a tough decision, particularly thinking of the teams, but we had to do it.

所以我的意思是，首先，這是一個艱難的決定，這是一個艱難的決定，特別是考慮到團隊，但我們必須這樣做。

It's all about resource allocation and we're a business.

這一切都與資源分配有關，而我們是一家企業。

So that's the resources of decisions we have to take at some point.

這就是我們在某個時刻必須做出的決策的資源。

And the recent fundraising gave us the flexibility to take -- to make those decisions and take the short-term cost impact.

最近的募款使我們能夠靈活地做出這些決定並承受短期成本影響。

South Africa is quite a unique market in Africa for e-commerce because it's a lot more mature than any other market when it comes to retail and logistics.

南非是非洲一個非常獨特的電子商務市場，因為它在零售和物流方面比其他任何市場都成熟得多。

So quite different -- very different dynamics.

非常不同——非常不同的動態。

Also a very competitive market with well-established players.

這也是一個競爭非常激烈的市場，擁有成熟的參與者。

And Jumia had been operating in South Africa under a different brand, a different business model, mostly in retail and only focused in fashion.

Jumia 一直在南非以不同的品牌、不同的商業模式運營，主要從事零售業，只專注於時尚業。

So we had been clear in the past that it was noncore and that it was not -- I mean, not built along the same lines and based on the same assets than as in the other countries.

因此，我們過去就明確表示，它是非核心的，而且它不是——我的意思是，它不是按照與其他國家相同的路線和基於相同的資產建造的。

So it was relatively straightforward decision, unfortunately.

不幸的是，這是一個相對簡單的決定。

And then when we look at Tunisia, it's been a market where, I mean, local dynamics have been rougher than in other countries.

然後，當我們看看突尼斯時，我的意思是，這是一個當地市場比其他國家更艱難的市場。

Market potential is definitely lower if you look at population and GDP, obviously.

顯然，如果你看看人口和 GDP，市場潛力肯定會更低。

Country dynamics have been tough over the past couple of years.

過去幾年，國家動態一直很艱難。

And in the end, it's a choice in resource allocation.

歸根結底，這是資源配置的選擇。

We could have turned around the country.

我們本來可以扭轉這個國家的局面。

We could certainly have delivered better impact and so on.

我們當然可以產生更好的影響等等。

But we believe it's a better allocation of our resources, money, people, management time and focus to dedicate -- I mean, to dedicate our attention to other countries with bigger potential.

但我們相信，這是對我們的資源、資金、人員、管理時間和重點的更好分配——我的意思是，將我們的注意力集中到其他具有更大潛力的國家。

Got it.

知道了。

And then last one, just on the EBITDA.

最後一項是 EBITDA。

You called out some of the onetime stuff that occurred, I guess, from just a free cash flow perspective, losses flat on EBITDA Q over Q. I guess besides just the higher unit volumes, maybe just speak to the algorithm of driving those losses down over time, which is obviously what you're guiding to.

我想，你提到了一些曾經發生過的事情，從自由現金流的角度來看，EBITDA Q 的虧損與 Q 持平。隨著時間的推移，這顯然是你所引導的。

Thanks.

謝謝。

Yeah.

是的。

So -- the higher level here, the idea is the following.

所以——這裡的更高層次，想法如下。

We've done a lot of the work on the cost base over the past 1.5 years, right?

在過去的 1.5 年裡，我們在成本基礎上做了很多工作，對嗎？

I mean we -- for example, we divided workforce by half.

我的意思是，例如，我們將勞動力分成了一半。

We're not going to do that again in the coming weeks, as you can imagine.

正如您可以想像的那樣，未來幾週我們不會再這樣做。

Going forward, it's obvious that profitability is going to be the result of both mostly an improvement in top line revenue.

展望未來，很明顯，獲利能力將主要是營收改善的結果。

So that's usage growth and strong management of our margins and further improvement of efficiency.

這就是使用量的成長、對利潤的強大管理以及效率的進一步提高。

We believe we can deliver on both.

我們相信我們能夠實現這兩點。

We have the first signs of our ability to grow usage at the end of this year -- I mean, this quarter.

我們在今年年底（我的意思是本季）首次看到了我們有能力增加使用量的跡象。

And we believe there's still more efficiency to be captured from across the cost base.

我們相信，從整個成本基礎來看，仍然可以提高效率。

I mentioned marketing.

我提到了行銷。

You saw this quarter that we moved warehouses to better fulfillment centers that will be more efficient.

您看到本季我們將倉庫搬到了更好的履行中心，效率更高。

That will have an impact on fulfillment costs.

這將對履行成本產生影響。

So it could be a long list.

所以這可能是一個很長的清單。

But we believe we can still improve on efficiency through innovation, scale and new processes and ways of working.

但我們相信，我們仍然可以透過創新、規模以及新流程和工作方式來提高效率。

And definitely, we will -- top line revenue growth will be a decisive contribution to breakeven.

當然，我們會－營收成長將對損益平衡做出決定性貢獻。

Got it.

知道了。

That's great color.

那顏色真棒。

Thank you.

謝謝。

Thank you.

謝謝。

And there were no other questions in queue.

並且隊列中沒有其他問題。

At this time, I would now like to hand the call back to Francis Duffy for closing remarks.

現在，我想將電話轉交弗朗西斯·達菲 (Francis Duffy) 致閉幕詞。

Thank you very much.

非常感謝。

So as we said during the call, this is a mixed quarter in terms of results.

正如我們在電話會議中所說，就業績而言，這是一個好壞參半的季度。

We, of course, want to deliver better results.

當然，我們希望能取得更好的成果。

But looking at the bright side here, I think in this tough quarter, we see positive impact and continued progress on our key growth projects.

但從好的一面來看，我認為在這個艱難的季度，我們看到了關鍵成長項目的正面影響和持續進展。

We see active customers growing.

我們看到活躍客戶不斷成長。

We see repurchase rate improving.

我們看到回購率有所提高。

We see continued success in key projects like upcountry expansion that I mentioned Nigeria, which is a very important country for us.

我們看到關鍵項目持續取得成功，例如我提到的尼日利亞的內陸擴張，這對我們來說是一個非常重要的國家。

In the very short run, we're also seeing strong preparation and a strong buildup towards Black Friday, which is an important event to step up our volumes towards '25.

從短期來看，我們也看到黑色星期五的準備工作和強勁的積累，這是我們邁向 25 週年的重要活動。

And most importantly, we have achieved this quarter significant impact and progress on big fundamentals that drive medium-term impact.

最重要的是，本季我們在推動中期影響的重大基本面方面取得了重大影響和進展。

We have done decisive action in refocusing and simplifying the business.

我們在重新調整業務重點和簡化業務方面採取了果斷行動。

I mentioned South Africa and Tunisia.

我提到了南非和突尼斯。

We've moved to better fulfillment -- bigger, better fulfillment centers in four of our most important markets.

我們已經轉向更好的履行——在我們四個最重要的市場建立了更大、更好的履行中心。

And we believe, ultimately, the work done this quarter confirms our growth levers for the coming years, which is an important data point as it will be a key component to our path to profitability.

我們相信，最終，本季完成的工作證實了我們未來幾年的成長槓桿，這是一個重要的數據點，因為它將成為我們獲利之路的關鍵組成部分。

And this quarter delivered significant improvement on the fundamentals that will help us to deliver a strong '25.

本季基本面取得了顯著改善，這將有助於我們實現強勁的 25 年業績。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。