Jumia Technologies AG (JMIA) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen. Thank you for standing by. Welcome to Jumia's results conference call for the 4th quarter of 2024. At this time, all participants are in a listen-only mode. And after the management's prepared remarks, there will be a question-and-answer session. I would now like to turn the call over to Ignatius Njoku. Head of investor relations for Jumia, please go ahead.

女士們、先生們，早安。感謝您的支持。歡迎參加 Jumia 2024 年第四季業績電話會議。此時，所有參與者都處於只聽模式。在管理階層發表準備好的發言後，將有一個問答環節。現在我想將電話轉給伊格納修斯‧恩喬庫 (Ignatius Njoku)。Jumia 投資者關係主管，請繼續。

Thank you. Good morning, everyone. Thank you for joining us today for our 4th quarter 2024 earnings call. With us today are Francis Dufay, CEO of Jamea, and Antoine Maillet-Mezeray, Executive Vice President, Finance and operations.

謝謝。大家早安。感謝您今天參加我們的 2024 年第四季財報電話會議。今天與我們在一起的有 Jamea 執行長 Francis Dufay 和財務和營運執行副總裁 Antoine Maillet-Mezeray。

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.

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 our 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 factor section of our annual report on Form 20 as as published on March 28, 2024.

此外，這些前瞻性陳述可能僅代表我們今天的預期。我們不承擔公開更新或修改這些聲明的義務。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 表年度報告中的風險因素部分。

As well as our other submissions with the SEC. In addition, on this call, we will refer to certain financial measures not reported in accordance with IFRS. You can find reconciliations of these non-IFRS financial measures to the corresponding IFRS financial measures and our earnings press release, which is available on our investor relations website. With that, I'll hand it over to Francis.

以及我們向美國證券交易委員會提交的其他文件。此外，在本次電話會議上，我們將參考某些未依照國際財務報告準則報告的財務指標。您可以在我們的投資者關係網站上找到這些非國際財務報告準則財務指標與相應的國際財務報告準則財務指標的對帳表以及我們的收益新聞稿。說完這些，我就把它交給法蘭西斯。

Good morning, everyone and thank you for joining us today. I will start the call with an update on the business and greater detail on our growth strategy for 2025 and beyond. I will then turn things over to Antoine for a deeper look at our financials.

大家早安，感謝大家今天的參與。我將在電話會議上首先介紹業務最新情況以及我們 2025 年及以後的成長策略的更多細節。然後，我將把事情交給安托萬 (Antoine)，讓他更深入地了解我們的財務狀況。

Overall, 2024 was a year marked by continued progress against our strategic growth initiatives. Our focus was on building the business and positioning Jumia for long term success. Throughout the year, we extended our reach beyond main urban centers into upcountry markets, expanded our product assortments, improved our cost structure, and enhanced our logistics capabilities, driving higher customer engagement and improved unit economics.

整體而言，2024 年是我們策略成長計畫持續取得進展的一年。我們的重點是打造業務並讓 Jumia 獲得長期成功。在這一年中，我們將業務範圍從主要城市中心擴展到內陸市場，擴大了產品種類，改善了成本結構，增強了物流能力，從而提高了客戶參與度並改善了單位經濟效益。

Towards the end of the year, we streamlined operations by consolidating our warehouse footprint and exiting our non strategic markets, South Africa and Tunisia.

接近年底，我們透過整合倉庫足跡並退出非戰略市場南非和突尼斯，簡化了營運。

Following these exits, we continue to operate in 9 countries. These strategic actions have been crucial to our success, excluding South Africa and Tunisia, our core marketplace business accelerated in Q424. Physical goods order grew by 18% year over year, with even strong growth in December. Highlighting the increased demand on our platform.

退出之後，我們繼續在 9 個國家開展業務。這些策略行動對我們的成功至關重要，除南非和突尼斯外，我們的核心市場業務在 2024 年第四季加速發展。實體商品訂單年增18%，12月份成長更為強勁。強調我們平台的需求不斷增加。

Quarterly active customers increased by 8%, underscoring the strength of our platform and the value we deliver. Notably, these results were achieved while reducing marketing spend from $6.2 million in Q4 23 to $4.8 million in Q424.

季度活躍客戶增加了 8%，凸顯了我們平台的實力和我們提供的價值。值得注意的是，這些結果是在將行銷支出從 23 年第四季的 620 萬美元減少到 24 年第四季的 480 萬美元的同時取得的。

Demonstrating our commitment to impactful cost-efficient marketing strategies. A key growth driver in Q424 was our Black Friday sales event, our largest of the year, held across nine countries in November. The strong performance of the event demonstrates our ability to provide the right product at the right price for Africa's value conscious customers. In Q424, demand was particularly robust in priority categories such as electronics and phones.

展現我們對具有影響力和成本效益的行銷策略的承諾。2024 年第四季的一個主要成長動力是我們的「黑色星期五」促銷活動，這是我們今年規模最大的促銷活動，於 11 月在 9 個國家舉行。這次活動的強勁表現證明了我們有能力為非洲注重價值的客戶提供合適的產品和合適的價格。2024 年第四季度，電子產品和手機等優先類別的需求尤其強勁。

In this quarter, our expanding international sourcing played a significant role in the success, with 3.4 million gross items sourced from international sellers, mostly from China, accounting for 31% of gross items, up 61% year over year. We also strengthened our Black Friday partnerships with global brands like L'Oreal and Xiaomi, both top sponsors of the event.

本季度，我們不斷擴大的國際採購對我們的成功發揮了重要作用，共有 340 萬件商品來自國際賣家，其中大部分來自中國，佔商品總額的 31%，同比增長 61%。我們也加強了與歐萊雅和小米等全球品牌的黑色星期五合作關係，它們都是黑色星期五活動的主要贊助商。

Personally, we continue to improve our efficiency and the customer experience. Our net promoter score rose to 63 in 24, a 17 points year over year increase, while our 90 days repurchase rate increased 375 basis points year over year, reflecting stronger customer loyalty and satisfaction. Notably, 40% of our new customers who placed an order in Q3 24 made another purchase within 90 days, up from 37% in Q3 2023.

就我個人而言，我們將繼續提高我們的效率和客戶體驗。我們的淨推薦值在 24 天內上升至 63，比去年同期增加了 17 個百分點，而我們的 90 天回購率比去年同期增加了 375 個基點，反映出客戶忠誠度和滿意度的提高。值得注意的是，在 2024 年第三季下單的新客戶中，有 40% 在 90 天內再次購買，這一比例高於 2023 年第三季的 37%。

Despite strong momentum and robust customer demands, micro headwinds continue to affect our performance. GMV declined 12% in USD but grew 13 year over year in constant currency. Reflecting the impact of early 2024 currency devaluations and a reduction in corporate sales. As a reminder beginning in Q423. Jumia benefited from strong corporate sales to local and regional distributors, particularly in Egypt.

儘管發展勢頭強勁且客戶需求旺盛，但微小的阻力仍持續影響我們的業績。GMV 以美元計算下滑了 12%，但以固定匯率計算年增了 13%。反映了 2024 年初貨幣貶值和企業銷售額下降的影響。從 Q423 開始提醒。Jumia 受益於對當地和地區分銷商的強勁企業銷售，尤其是在埃及。

However, this trend reversed in Q4 24, highlighting the cyclical nature of demand. Average order value for physical goods orders decreases from $45.5 in Q4 23 to $35.5 in 24. This decline was driven by currency variations and lower corporate sales.

然而，這一趨勢在24年第四季發生了逆轉，凸顯了需求的周期性。實體商品訂單的平均訂單價值從 23 年第四季的 45.5 美元下降到 24 年的 35.5 美元。這一下降是由於貨幣波動和企業銷售額下降造成的。

We view this mixed shift as an opportunity to improve our relevance in selected categories, improve other level profitability and support healthy usage growth. Revenue in the quarter was $45.7 million down 23% year over year in USD, and then 2% in constant currency driven by the same factors that I have just mentioned.

我們將這種混合轉變視為一個機會，可以提高我們在特定類別中的相關性，提高其他層面的獲利能力，並支持健康的使用成長。本季營收為 4,570 萬美元，以美元計算，年減 23%，以固定匯率計算，下降 2%，這些因素與我剛才提到的相同。

Adjusted the EBITDA was negative $13.7 million compared to negative $6 million dollars in 423. Last before income tax from continuing operations was $17.6 million in the quarter compared to $17.1 million in Q4 23.

調整後 EBITDA 為負 1,370 萬美元，而 423 的 EBITDA 為負 600 萬美元。本季持續經營業務的稅前利潤為 1,760 萬美元，而 23 年第四季為 1,710 萬美元。

Antoine will elaborate shortly on Q4 24 loss before income tax from continuing operations. Cash burn for the quarter was $30.6 million compared to $26.8 million in Q4 23. This was primarily driven by the following. One-time termination costs of $1.3 million related to the closure of our operations in South Africa and Tunisia. Working capital increase of $13.5 million aligned with our strategy to expand assortments and secure more goods at competitive prices.

安托萬 (Antoine) 稍後將詳細說明第四季 24 月持續經營業務的稅前虧損。本季現金消耗為 3,060 萬美元，而 23 年第四季為 2,680 萬美元。這主要是由以下因素推動的。與關閉我們在南非和突尼斯的業務有關的一次性終止費用為 130 萬美元。營運資本增加 1,350 萬美元，符合我們擴大商品種類和以有競爭力的價格獲得更多商品的策略。

While we significantly increase our working capital in the second half of 24, we expect smaller adjustments in the future. Capital expenditure of $1.8 million primarily invested in logistics equipment or fulfillment centers opened in 2024.

雖然我們在24年下半年大幅增加了營運資本，但我們預期未來的調整幅度會較小。資本支出 180 萬美元，主要用於投資 2024 年開設的物流設備或履行中心。

And the payment of $2.1 million of equity transaction costs from the August at the market offering. Looking ahead, we are confident in our path forward is a much stronger and much more efficient business than it was just 2 years ago. We have introduced greater operational discipline, started a clear usage growth trajectory, and established a solid foundation to build upon in the coming years.

並支付8月市場發行時的210萬美元的股權交易費用。展望未來，我們有信心，我們的業務將比兩年前更強大、更有效率。我們引入了更嚴格的營運紀律，開始了明確的使用成長軌跡，並為未來幾年的發展奠定了堅實的基礎。

In 2025 we will continue building on this foundation with a focus on two key areas driving top line growth and achieving broader operational efficiencies to enhance profitability and strengthen cash flow. We see multiple levers to drive growth. First, upcountry expansion. We are doubling down on upcountry expansion to unlock new markets and address underserved regions without increasing fixed costs.

2025 年，我們將繼續在此基礎上，重點關注兩個關鍵領域，推動營收成長並實現更廣泛的營運效率，以提高獲利能力和加強現金流。我們看到了推動成長的多個槓桿。第一，向內陸擴張。我們正在加倍努力向內陸地區擴張，以開拓新市場並解決服務不足地區的問題，同時不增加固定成本。

Demand outside the main urban centers remains strong, with upcountry orders accounting for 56% of Q4 24 and 54% of full year 24 orders up from 49% and 48% in Q4 23 and 23 respectively.

主要城市中心以外的需求依然強勁，內陸地區訂單佔24年第四季訂單的56%和24年全年訂單的54%，高於23年第四季和23年的49%和48%。

Leveraging our differentiated logistics network and deep partnerships with third party providers. We are expanding pickup stations outside main urban centers. We believe this expansion will drive lower fulfillment costs while strengthening customer trust and engagement. Our extensive 3PL network represents a competitive mode of other e-commerce players lacking the necessary infrastructure for delivery beyond major cities.

利用我們差異化的物流網絡和與第三方供應商的深度合作關係。我們正在主要城市中心以外擴建取貨站。我們相信，此次擴張將降低履行成本，同時增強客戶信任和參與。我們廣泛的第三方物流網絡代表了其他缺乏大城市以外配送必要基礎設施的電子商務參與者的競爭模式。

Second, Product assortment extension. We plan to expand our product assortment at affordable prices by sourcing directly from international sellers. This approach allows us to procure high demand products directly from key manufacturing countries like China and Turkey.

第二，產品種類延伸。我們計劃透過直接從國際賣家採購來以實惠的價格擴大我們的產品種類。這種方法使我們能夠直接從中國和土耳其等主要製造國採購高需求產品。

China remains a strong sourcing hub, and we are strengthening our teams and deepening supplier relationships. Our progress in international sourcing is evident in our 2024 full year performance, with 9.5 million gross items sourced from international sellers, mostly from China, accounting for 28% of gross items, up 38% year over year.

中國仍然是一個強大的採購中心，我們正在加強我們的團隊並深化供應商關係。我們在國際採購方面的進步在我們 2024 年全年業績中得到了明顯體現，有 950 萬件商品來自國際賣家，其中大部分來自中國，佔商品總額的 28%，同比增長 38%。

Outside China While diversifying our sourcing network by onboarding new sellers and adding products from other countries, including Egypt and Turkey.

中國以外 我們透過吸收新賣家和增加來自其他國家（包括埃及和土耳其）的產品來實現採購網絡多元化。

In late 2004, we partnered with Hepi Borada, a leading Turkish e-commerce platform to introduce affordable Turkish brands to Jumia. Building on this momentum, we will continue scaling our intentional sourcing initiatives to drive rapid expansion.

2004 年末，我們與土耳其領先的電子商務平台 Hepi Borada 合作，向 Jumia 引入價格實惠的土耳其品牌。在此勢頭的基礎上，我們將繼續擴大有意採購計劃，以推動快速擴張。

Third, customer and seller experience. In 2024 we updated our cellar platform to streamline and simplify the cellar experience. Beyond growth, driving greater efficiency is critical to achieving break even.

第三，客戶和賣家的體驗。2024 年，我們更新了酒窖平台，以簡化和簡化酒窖體驗。除了成長之外，提高效率對於實現收支平衡也至關重要。

We remain focused on marketing efficiency by prioritizing low cost or free channels, such as our revamped CRM and localized offline channels like paper catalogs, reminiscent of the iconic CIS catalog in the US. These offline strategies, including Bottom of the Pyramid initiatives, drive strong engagement and credibility.

我們仍然專注於行銷效率，優先考慮低成本或免費管道，例如我們改進的 CRM 和本地化線下管道（如紙質目錄），讓人想起美國標誌性的 CIS 目錄。這些線下策略，包括金字塔底層計劃，推動了強大的參與和可信度。

We are also increasing our gforce presence with the number of active GForce agents reaching 29,000 in Q424. Representing a 39% increase year over year. Looking ahead to 25, we plan to further expand our Gor prisons, particularly in regions outside the main urban centers.

我們也正在擴大我們的 gForce 影響力，到 2024 年第四季度，活躍的 GForce 代理程式數量已達到 29,000 名。較上年同期成長 39%。展望 2025 年，我們計劃進一步擴大我們的 Gor 監獄，特別是在主要城市中心以外的地區。

Then in logistics we aim to increase productivity and benefit from our more streamlined warehouse footprint established in 204. We are also increasing productivity with automation in our call centers, where chatbots handle more basic customer inquiries.

在物流方面，我們的目標是提高生產力，並從我們於 204 年建立的更精簡的倉庫足跡中受益。我們還透過呼叫中心的自動化來提高生產力，其中聊天機器人可以處理更多基本的客戶諮詢。

We believe our tech platform can scale significantly without material additional costs. Overall, I am energized by our progress on business fundamentals are clearly visible in usage growth and efficiency metrics.

我們相信，我們的技術平台可以在不增加任何額外成本的情況下大幅擴展。總的來說，我對我們在業務基礎方面取得的進展感到振奮，這在使用量成長和效率指標上清晰可見。

We believe we have the right strategy and the right team in place to drive meaningful expansion across the business. By driving top line growth, improving operational efficiencies, and maintaining disciplined expense management, we have a clear line of sight to achieve profitability. We are delivering positive gross profit after deducting all fulfillment expenses. In 2024, it was $57.6 million which is 8% of total GMV.

我們相信，我們擁有正確的策略和合適的團隊來推動整個業務的有意義的擴張。透過推動營業額成長、提高營運效率和維持嚴格的費用管理，我們可以清楚地看到獲利能力的提高。扣除所有履行費用後，我們的毛利為正。2024 年，該數字為 5,760 萬美元，佔 GMV 總額的 8%。

Hence, our focus is on building scale while further improving efficiency. The usage trends and GMV growth trajectory we delivered this quarter give us confidence that we're on the right path. To summarize, we are optimistic about Jumia's future, as 2 years of committed efforts are now delivering results.

因此，我們的重點是擴大規模，同時進一步提高效率。本季公佈的使用趨勢和 GMV 成長軌跡讓我們相信我們正走在正確的道路上。總而言之，我們對 Jumia 的未來充滿信心，因為兩年的努力現在正在取得成果。

I'd like to thank our employees for their hard work and dedication during this time. We are now well positioned for growth and acceleration and further progress towards profitability. I will now turn the call over to Antoine for a review of our financials.

我要感謝我們的員工在這段時間的辛勤工作和奉獻。我們現在已經做好了成長、加速和進一步實現獲利的準備。現在我將把電話轉給安托萬 (Antoine)，讓他審查我們的財務狀況。

Thank you, and thank you everyone for joining us today. First start with a review of our top line performance. Fourth quarter revenue was $45.7 million, down 23% year over year and down 2% on a constant currency basis for the quarter. The decline in revenue was primarily due to lower corporate sales in Egypt.

謝謝大家，也謝謝大家今天的參加。首先回顧一下我們的頂線表現。第四季營收為 4,570 萬美元，年減 23%，以本季固定匯率計算下降 2%。收入下降主要是由於埃及企業銷售額下降。

As a reminder, Jumia experienced strong corporate sales in Egypt starting Q423, driven by high volume purchases from local and regional distributors. This trend reversed in Q4 24 as corporate buyers scaled back purchases amid macroeconomic uncertainties and shifting procurement cycles.

提醒一下，從 23 年第四季開始，Jumia 在埃及的企業銷售表現強勁，這得益於當地和地區分銷商的大量採購。由於宏觀經濟不確定性和採購週期變化，企業買家減少了採購量，這一趨勢在 24 年第四季發生了逆轉。

For the full year, revenue was $167.5 million, down 10% year over year, up 17% on a constant currency basis for the year. Marketplace revenue for the fourth quarter was $22.8 million down 31% year over year and down 11% on a constant currency basis.

全年營收為 1.675 億美元，年減 10%，以全年固定匯率計算成長 17%。第四季市場營收為 2,280 萬美元，年減 31%，以固定匯率計算下降 11%。

On a full year, marketplace revenue was $89.4 million, down 9% year over year and at 21% in constant currency. Fourth quarter revenue from first-party sales was $22.5 million down 14%, but up 8% on a constant currency basis. For the full year, revenue from first party sales was $76.5 million, down 11%, but up 14% on a constant currency basis.

全年來看，市場收入為 8,940 萬美元，年減 9%，以固定匯率計算下降 21%。第四季第一方銷售收入為 2,250 萬美元，下降 14%，但以固定匯率計算則成長 8%。全年第一方銷售收入為 7,650 萬美元，下降 11%，但以固定匯率計算成長 14%。

Turning now to gross profits. Fourth quarter gross profit was $23.9 million, down 36% year over year, or 18% on a constant currency basis. For the full year, gross profit was $99.5 million, reflecting a 7% decline year over year, but up 23% on a constant currency basis. Gross profit margin was impacted by macroeconomic headwinds, including currency devaluation and reduction in corporate sales, as discussed earlier. Gross profit margin as a percentage of GMV for the fourth quarter was 12% compared to 16% in Q4 23. For the full year, gross profit margins stood at 14% compared to 14% in 2023.

現在來談談毛利。第四季毛利為 2,390 萬美元，年減 36%，以固定匯率計算下降 18%。全年毛利為 9,950 萬美元，年減 7%，但以固定匯率計算成長 23%。如同前面所討論的，毛利率受到宏觀經濟不利因素的影響，包括貨幣貶值和企業銷售額下降。第四季毛利率佔GMV的百分比為12%，而23年第四季為16%。全年毛利率為 14%，而 2023 年為 14%。

Turning to expenses, we are pleased with the progress in reducing costs and remain committed to driving further operational efficiencies in 2025. Finland expense for the quarter was $12.9 million, up 11% year on year, and up 36% on a constant currency basis. For the full year, fulfillment expense was $41.9 million a 4% decrease year over year, but a 20% increase on a constant currency basis, partly driven by external factors such as fuel prices denominated in USD.

談到費用，我們對降低成本的進展感到滿意，並將繼續致力於在 2025 年進一步提高營運效率。芬蘭本季的支出為 1,290 萬美元，年增 11%，以固定匯率計算成長 36%。全年履行費用為 4,190 萬美元，較上年下降 4%，但以固定匯率計算則增加 20%，部分原因是受以美元計價的燃油價格等外部因素影響。

Fulfillment expense per order, excluding Junior pay app orders, decrease to $2.24 down 4% or up 19% year over year on a constant guarantee basis. Sales and advertising expense was $4.8 million for the quarter, down 24% year over year and up 2% in constant currency, driven by targeted online marketing expenses as we focus on growing orders to supply expansion with minimal incremental marketing spent.

每筆訂單的履行費用（不包括 Junior pay 應用程式訂單）下降至 2.24 美元，比去年同期下降 4%，或以恆定保證金額上漲 19%。本季銷售和廣告費用為 480 萬美元，年減 24%，以固定匯率計算成長 2%，這主要是由於我們專注於增加訂單以擴大供應，同時盡量減少增量行銷支出，從而增加了有針對性的線上行銷費用。

For the full year, sales and advertising expense was $17.3 million, down 19%, but up 13% on a constant currency basis. As a percentage of GMV sales and advertising expense was 2%, the 36 basis points decreased from 423. For the full year, sales and advertising expense of the percent of GME was 2% compared to 3% in 2023.

全年銷售和廣告費用為 1,730 萬美元，下降 19%，但以固定匯率計算則成長 13%。由於GMV銷售額和廣告費用佔2%，因此該數字較423個基點下降了36個基點。全年而言，GME 的銷售和廣告費用佔比為 2%，而 2023 年為 3%。

Technology and content expense was $10 million for the fourth quarter, representing an increase of 1% and up 5% in constant currency. For the full year, technology and quantum expense was $37.5 million, down 10% year over year. And down 7% year in constant currency. Fourth quarter GNA expense, excluding share-based payment expense was $12.9 million at 5% year over year and 9% on a constant currency basis.

第四季科技與內容支出為 1,000 萬美元，成長 1%，以固定匯率計算成長 5%。全年技術和量子支出為3750萬美元，年減10%。以固定匯率計算，年減 7%。第四季 GNA 費用（不含股權支付費用）為 1,290 萬美元，年增 5%，以固定匯率計算成長 9%。

It's important to note that Q4 2023 GNA cost included a $9 million of non-recurring tax benefits and for Q4 2024, an 8.2% tax benefit reversal. Staff cost component of DNA expenses, excluding shared death compensation expense, increased to $10 million primarily driven by termination costs associated with our exit from Tunisia and South Africa. For the full year, DNA expense, excluding share-based compensation expense was $63.4 million, down 8% year over year and 5% on a constant currency basis.

值得注意的是，2023 年第四季的 GNA 成本包括 900 萬美元的非經常性稅收優惠，以及 2024 年第四季 8.2% 的稅收優惠逆轉。DNA 費用中的員工成本部分（不包括共享死亡補償費用）增加至 1000 萬美元，這主要由於我們退出突尼斯和南非相關的解僱費用。全年 DNA 費用（不含股權激勵費用）為 6,340 萬美元，較去年同期下降 8%，以固定匯率計算下降 5%。

Staff cost components of TNA expense, excluding share-based compensation expense decreased to $34.6 million, down 13% year over year. Turning to profitability, adjusted BDA declined to a negative $13.7 million, or negative $12.2 million on a constant currency basis for the quarter.

TNA 費用中的員工成本部分（不包括股權激勵費用）下降至 3,460 萬美元，較去年同期下降 13%。談到獲利能力，調整後的 BDA 本季下降至負 1,370 萬美元，以固定匯率計算為負 1,220 萬美元。

For the full year, adjusted the video was negative $51.3 million. While we use adjusted EBITDA as a supplemental measure of operational performance, we would like to reiterate that loss before income tax from continuing operations captures items that are not included in adjusted.

就全年而言，調整後的影片收入為負 5,130 萬美元。雖然我們使用調整後的 EBITDA 作為營運績效的補充指標，但我們想重申，持續經營業務的稅前虧損涵蓋了調整後未包含的項目。

One of these items is net finance cost. Net finance costs include effects related to our Treasury activities, notably the impact of cash repatriation. The effects are not captured in adjusted. In Q4 2023, despite adjusted EBDA being essentially at breakeven level, Emir's loss for the period was significantly affected by the financial costs incurred from Treasury activities repatriating cash to our headquarters.

其中一項是淨財務成本。淨財務成本包括與我們的財務活動相關的影響，特別是現金匯回的影響。調整後未捕捉到效果。2023 年第四季度，儘管調整後的 EBDA 基本上處於盈虧平衡水平，但 Emir 當期的虧損受到財務活動將現金匯回總部所產生的財務成本的嚴重影響。

These costs are helpful in understanding the overall financial health of the company. By focusing on loss before income tax from continuing operations, we include these financial expenses which helps us get a comprehensive picture of Jumia's financial performance.

這些成本有助於了解公司的整體財務狀況。透過專注於持續經營業務的稅前虧損，我們將這些財務費用納入其中，這有助於我們全面了解 Jumia 的財務表現。

In Q4 2024. The lower corporate sales reduce the need for repatriation, thereby lowering financial costs. And just the EBITBDA does not fully reflect this change as it does not account for these financial activities.

2024 年第四季。企業銷售額下降減少了遣返的需要，從而降低了財務成本。而 EBITBDA 本身並不能完全反映這一變化，因為它沒有考慮到這些財務活動。

Therefore, the last before income tax from continuing operations should be considered in order to gain a fuller view of Jumia's financial state, capturing both operational efficiencies and the impact of the financial result, which we believe are important to understand the company's overall progress towards sustainable profitability.

因此，應該考慮持續經營業務的最後稅前收入，以便更全面地了解 Jumia 的財務狀況，了解營運效率和財務結果的影響，我們認為這對於了解公司實現可持續盈利的整體進展非常重要。

The loss before income tax from continuing operations for the fourth quarter was 17.6 million dollars USD, a 3% increase year over year or 19% decline on a constant currency basis. The iron loss was primarily driven by $13.2 million decline in gross profit largely due to reduced corporate sales in Egypt. A $0.3 million decrease in operating expenses, a $12.3 million reduction in net finance costs during the quarter, with both partially offsetting the impact on gross profit compared to Q4 2023.

第四季持續經營業務的稅前虧損為 1,760 萬美元，較上年同期增加 3%，以固定匯率計算則下降 19%。鐵損主要由於埃及企業銷售額下降導致毛利下降1,320萬美元。本季營業費用減少 30 萬美元，淨財務成本減少 1,230 萬美元，與 2023 年第四季相比，兩者均部分抵銷了對毛利的影響。

The loss before income tax from continuing operations for the full year was $97.6 million yearly, 1% down year over year and 8% decline on a constant currency basis a link to the balance sheet and cash flow. We ended 2024 with a solid liquidity position of $133.9 million including $55.4 million in cash and cash equivalents and $78.6 million in deposits and other financial assets.

全年持續經營業務的稅前虧損為 9,760 萬美元，年減 1%，以固定匯率計算下降 8%（與資產負債表和現金流掛鉤）。截至 2024 年，我們的流動資金狀況穩健，為 1.339 億美元，其中包括 5,540 萬美元的現金和現金等價物以及 7,860 萬美元的存款和其他金融資產。

This compares to term deposits and other financial assets of $85.1 million in Q4 2023 and $78.8 million in Q3 2024. Jumia's liquidity position decreased by 13.6 million in Q4 2024, compared to a decrease of 26.8 million in Q4 23.

相較之下，2023 年第四季的定期存款和其他金融資產為 8,510 萬美元，2024 年第三季的定期存款和其他金融資產為 7,880 萬美元。2024 年第四季度，Jumia 的流動性狀況減少了 1,360 萬，而 23 年第四季則減少了 2,680 萬。

In the fourth quarter, net cash flow used in operating activities was $26.5 million driven by approximately $1.3 million in market exit costs related to South Africa and Tunisia. A working capital impact of $13.5 million LD which was driven by pre-payments to suppliers and payable cycles aimed at expanding the supplier base and overall product assortments. CapEx in Q4 2024 was $1.8 million higher than Q4 2023 due to investment to equip the new warehouses where we recently started operations. The effects for the full year total $3.7 million. We also pay the $2.1 million equity transaction costs on the August ATM offering. For the full year, that cash flow used for operating activities was $57.2 million.

第四季度，經營活動所用的淨現金流為 2,650 萬美元，其中主要包括與南非和突尼斯相關的市場退出成本約 130 萬美元。營運資本影響為 1,350 萬美元 LD，其主要來自向供應商預付款和應付週期，旨在擴大供應商基礎和整體產品分類。2024 年第四季的資本支出比 2023 年第四季高出 180 萬美元，因為我們投資裝備最近開始營運的新倉庫。全年影響總計 370 萬美元。我們也支付了 8 月 ATM 發行的 210 萬美元股權交易成本。全年用於經營活動的現金流量為 5,720 萬美元。

In conclusion, despite the challenging macroeconomic environment, we delivered strong usage growth, underscoring that our strategy is working. We remain focused on optimizing costs while positioning the business for long term growth and profitability. Our ongoing efforts to improve operational efficiency will remain a key priority in 2025. I will now turn the call back over to for Francis Dufay guidance.

總之，儘管宏觀經濟環境充滿挑戰，我們仍然實現了強勁的使用量成長，這表明我們的策略正在發揮作用。我們將繼續專注於優化成本，同時為業務的長期成長和獲利做好準備。我們持續努力提高營運效率仍將是 2025 年的首要任務。現在我將把電話轉回給 Francis Dufay 進行指導。

Let me turn to our expectations for 2025. Our focus remains on driving healthy growth, improving operational efficiency, and positioning Jumia for profitability. We are currently observing favorable trends in the first quarter, giving us confidence in establishing our full year 2025 guidance as follows.

讓我來談談我們對 2025 年的期望。我們的重點仍然是推動健康成長、提高營運效率和實現 Jumia 的利潤。我們目前觀察到第一季的良好趨勢，這使我們有信心製定如下 2025 年全年指引。

We anticipate physical goods orders to grow between 15% and 20% year over year. This reflects the strong demand for physical goods items driven by our strategic initiatives outlined earlier. GMV is projected to be between $795 million and $830 million in 2025, a year over year increase of 10% and 15% respectively, excluding foreign exchange impacts. We forecast loss before income tax to be in the range of $65 million to $70 million a year over year decrease of 33% and 28% respectively. Thank you all for your attention. We are now ready to take questions.

我們預計實體商品訂單將年增 15% 至 20%。這反映了我們先前概述的策略性舉措所推動的對實體商品的強勁需求。預計到 2025 年，GMV 將在 7.95 億美元至 8.3 億美元之間，不包括外匯影響，年成長分別為 10% 和 15%。我們預測稅前虧損將在 6,500 萬美元至 7,000 萬美元之間，年減 33% 和 28%。感謝大家的關注。我們現在準備好回答問題了。

Thank you. At this time, we'll be conducting our question-and-answer session. (Operator Instructions)

謝謝。此時，我們將進行問答環節。（操作員指令）

The first question today will be coming from Brad Erickson from RBC.

今天的第一個問題來自 RBC 的 Brad Erickson。

Hey guys, good morning. Thanks for taking the questions. To start, Francis, just right before this, you said you're observing certain trends in Q1. Can you maybe just give us a little bit more color on kind of what you're seeing right now?

嘿，大家早安。感謝您回答這些問題。首先，弗朗西斯，就在這之前，您說過您觀察到了第一季的某些趨勢。您能否向我們稍微詳細講述一下您目前看到的情況？

Hi Brad, yes. So, we're seeing in Q1 continued progress on all those growth and usage, which gives us confidence to issue the guidance of 1515 to 20 points of growth over year. We also see, we're also seeing continued and strong execution and discipline on the cost side. Which gives us confidence to guide on the net loss based on the improved efficiency and cost management, we continue to see Q1.

嗨，布拉德，是的。因此，我們在第一季看到所有這些成長和使用都取得了持續的進展，這使我們有信心發布 1515 至 20 個點的年度成長預期。我們也看到，成本方面的執行和紀律持續強大。這使我們有信心在效率和成本管理改善的基礎上預測淨虧損，我們將繼續關注第一季。

Got it. That's helpful. And then on order growth, obviously saw the nice acceleration with kind of the added inventory for the holiday, I guess the question is like, is there anything preventing you from bringing on say more selection? It kind of seems like, you're in some ways you're almost supply constrained, so what would be preventing you from kind of bringing on more selection, leading the incremental demand, or is that just as simple as that's what we're seeing in kind of your full year guidance.

知道了。這很有幫助。然後就訂單成長而言，顯然看到了假期增加的庫存帶來的良好加速，我想問題是，有什麼阻礙您帶來更多的選擇嗎？看起來，在某種程度上，您的供應幾乎受到限制，那麼，是什麼阻止您帶來更多的選擇，引領增量需求，或者這就像我們在您的全年指導中看到的一樣簡單。

Yeah, I mean, I think we've always been very clear that the challenge is more on the supply side and on the demand side in our markets. We believe there's ample demand in Africa, but it's poorly supplied overall, and we, I mean, we as Jumia can really help fix that GAAP and solve the problem. So, most of our focus has been on increasing supply and improving value for money for our customers.

是的，我的意思是，我認為我們一直都很清楚，挑戰更多的是來自於我們市場的供給方和需求方。我們相信非洲有充足的需求，但整體供應不足，而我們作為 Jumia 確實可以幫助修復 GAAP 並解決問題。因此，我們的大部分重點是增加供應和提高客戶的性價比。

I would say there's no magic fix for that. It's a lot of operational improvement and a long list of action to get there. And it's not like we can double assortment tomorrow morning. It's a long process. What we see what's happening at the moment, we see that we have, I mean we're expanding again our customer base. We're growing our orders, I mean because we have more supply, better value for money, better price points, but it's the result of A couple of years of work focusing on that plan to deliver better value for money from onboarding new suppliers, local suppliers bringing supply from overseas, improving the tools that we give to our vendors so it's easier for them to list, improving vendor experience, improving operations for them.

我想說沒有什麼神奇的方法可以解決這個問題。為了達到這一目標，需要進行大量的營運改善和一系列的行動。而我們也不可能明天早上就將品種增加一倍。這是一個漫長的過程。從目前發生的情況來看，我們看到我們正在再次擴大我們的客戶群。我們的訂單量正在增加，我是說因為我們有更多的供應、更好的性價比、更好的價格點，但這是我們幾年來專注於該計劃的工作的結果，該計劃旨在通過引入新的供應商、本地供應商從海外帶來供應、改進我們為供應商提供的工具（使他們更容易列出清單）、改善供應商體驗、改善他們的營運價格更好、改善他們的營運價格。

It's a very long list of actions, so there's no magic fix here, but it's a continued focus to keep on growing supply, keep on growing the vendor base, local and international.

這是一長串的行動，因此這裡沒有什麼靈丹妙藥，但需要持續關注不斷增加供應，不斷擴大本地和國際供應商基礎。

Got it. It's helpful and then. Just on the kind of 1P versus 3P mix, you mentioned the kind of cyclical trends in Europe, in Egypt that affected things, you kind of just elaborate on, sort of why that was, how to think about that mix and kind of your opportunities to acquire that first party inventory and how that will kind of continue to evolve in terms of the mix between first party and third party.

知道了。這很有幫助。就 1P 與 3P 組合而言，您提到了歐洲、埃及的周期性趨勢對其產生了影響，您可以詳細闡述為什麼會這樣，如何看待這種組合，以及您獲得第一方庫存的機會，以及在第一方和第三方組合方面，這種組合將如何繼續發展。

Yeah, so I think two parts to that to my answer. First of all, we indeed see a decline in corporate sales, which are largely first party, particularly in Egypt. And so, we saw reduced bulk purchases from regional distributors in Egypt back, amid some level of macroeconomic uncertainty. Purchase cycles have changed.

是的，我認為我的答案分為兩個部分。首先，我們確實看到企業銷售額有所下降，尤其是在埃及，主要是第一方銷售額。因此，在一定程度的宏觀經濟不確定性下，我們看到埃及地區分銷商的批量採購量減少。購買週期已經改變。

We're hitting kind of a low point when it comes to corporate sales at company level at this stage. We acknowledge the cyclical nature of demand here, but we keep on chasing this opportunity. And then when you look at our mix between 1P and 3%, I mean we're very clear that we're pragmatic here. We're not aiming to increase 1P. We use 1P whenever it gets us better supply and better value for money for our customers. So, we don't foresee massive changes in the mix of 1% excluding for the impact of corporate sales.

目前，就公司層級而言，我們的企業銷售正處於低谷。我們承認這裡的需求具有周期性，但我們會繼續追逐這個機會。然後，當您查看我們的 1P 和 3% 之間的組合時，我的意思是我們非常清楚我們在這裡是務實的。我們的目標不是增加 1P。只要 1P 能夠為我們的客戶提供更好的供應和更高的性價比，我們就會使用它。因此，除了企業銷售的影響外，我們預計 1% 的結構不會發生重大變化。

Perfect. And then maybe if you could just unpack the physical order growth from the overall order growth, what's kind of behind that mixed shift and what's the AOV effect as well from that mixed shift and just kind of how to think about that going forward mix wise?

完美的。那麼，如果您可以從整體訂單成長中解析出實體訂單成長，那麼這種混合轉變背後的原因是什麼？

Yeah. Of course. So, when we look at physical orders growth, it's definitely driven by all the levers we've been pulling over the past 2 years. So up country expansion, as we explained, better assortment and better value for money in pretty much all the countries, better customer experience as we explained today, and more efficient and more relevant marketing tactics I mean relevant to the countries where we operate. And that translates into growth by category, and it drives our mix also in a certain way.

是的。當然。因此，當我們觀察實體訂單成長時，它肯定是由過去兩年來我們一直在努力推動的所有因素所驅動。因此，正如我們所解釋的那樣，在國家擴張方面，幾乎所有國家都提供更好的產品組合和更好的性價比，更好的客戶體驗，正如我們今天所解釋的那樣，以及更有效率、更相關的行銷策略，我的意思是與我們經營所在的國家相關。這轉化為類別的成長，並且也在某種程度上推動了我們的產品組合。

So, we explained, I think, in one of the first quarters that we had a mixed shift towards more fashion that decreased the AOV at the time. We explained this quarter that we saw quite some success in categories such as electronics that have slightly higher AOV.

所以，我想，我們在第一季就解釋過，我們向時尚的轉變，降低了當時的 AOV。我們在本季度解釋道，我們在電子產品等平均價值略高的類別中看到了相當大的成功。

The way we look at it is the following. The AOV is just a consequence of the mix. We want to be the best and deliver the best value for money in each of our priority categories fashion, beauty, smartphones, electronics, and the home living. And by delivering the best value for money in each category, while we grow the best business in each country. This leads to different, I mean, to mix shifts and different mix of categories at country level, but we don't see it as a problem. We don't see a lower AOV as a problem because we're very focused on unique economics at all levels. As we make sure that we maintain the right economics even if the AOV is lower. It depends on the categories.

我們的看法如下。AOV 只是混合的結果。我們希望在時尚、美容、智慧型手機、電子產品和家居生活等每個優先類別中做到最好，並提供最物有所值的服務。透過在每個類別中提供最物有所值的產品，我們在每個國家都發展最好的業務。這會導致不同的情況，我的意思是，國家層面的混合班次和不同類別的混合，但我們不認為這是一個問題。我們不認為較低的 AOV 是一個問題，因為我們非常注重各個層面的獨特經濟。因為我們確保即使 AOV 較低，也能維持正確的經濟效益。這取決於類別。

To give you a quick example, for example, for electronic accessories, the AOV would be lower than for appliances, but our take rate, the commission will be making would be obviously significantly higher. So all in all, we make sure that we are profitable at all the level after fulfillment costs, whatever the category and so whatever the whatever the impact of the mix. And with that we see the mixed shift as an opportunity because it actually enables us to penetrate, to increase penetration in specific categories in our in our markets. It enables us to feed, I mean to fuel our growth in active customers, our growth in orders this quarter. It's because we're managing to penetrate better specific categories that may have a lower AOV, but it's not a problem for our business.

舉一個簡單的例子，例如，對於電子配件，AOV 會低於家用電器，但我們的佣金率顯然會高得多。總而言之，我們確保在扣除履行成本後，我們在各個層面都能實現盈利，無論是哪個類別，也無論組合的影響如何。我們將混合轉變視為一個機會，因為它實際上使我們能夠滲透，並提高我們市場中特定類別的滲透率。它使我們能夠滿足需求，我的意思是促進我們本季活躍客戶的成長，訂單的成長。這是因為我們正在設法更好地滲透可能具有較低 AOV 的特定類別，但這對我們的業務來說不是問題。

Yeah, understood that's great. And then when you talk about consolidating, what you've been doing in terms of consolidating your warehouse footprint and market, can you help us just maybe at like a market level like what does that do efficiency wise from like a service level perspective and then obviously cost perspective, anything you can share there would be helpful.

是的，明白了，太好了。然後，當您談到整合時，您在整合倉庫足跡和市場方面做了什麼，您能否在市場層面幫助我們，例如從服務水平角度來看，這對效率有什麼影響，然後顯然從成本角度來看，您能分享的任何資訊都會有所幫助。

Of course, so we had inherited early 23, a logistics set up with massive inefficiencies. For example, in countries like Egypt or Nigeria, we had 3 warehouses or more in the same city. A smaller locations that required a lot of moves in between and really prevented us from getting greater efficiencies and economies of scale. So, what happened in 24 is that we have consolidated, I mean in most of our countries we have consolidated several small warehouses or freshmen centers into one big one that's actually able to store more products.

當然，我們繼承了 23 年初的物流設置，其效率非常低。例如，在埃及或奈及利亞等國家，我們在同一個城市有 3 個或更多的倉庫。較小的地點需要多次搬遷，這確實阻礙了我們獲得更高的效率和規模經濟。因此，24 年發生的事情是，我們進行了合併，我的意思是，在大多數國家，我們將幾個小倉庫或新生中心合併成一個實際上能夠存放更多產品的大倉庫。

And that enables us to have a much better control on efficiency, productivity, security, and going forward deliver much better efficiencies when you look at fulfillment costs. So all those changes have been done mostly in the second half of 24, which took us some time, took us some focus, and took us some money. And that's why you also see limited improvements at the end of 24 in terms of fulfillment efficiency, so fulfillment cost per order. But it gives us confidence when it comes to achieving a lot more savings on fulfillment in 25 now that the hard work, the structural work has been done.

這使我們能夠更好地控制效率、生產力和安全性，並在履行成本方面提供更高的效率。所以所有這些變化大多是在 24 年的下半年完成的，這花了我們一些時間、一些精力和一些金錢。這就是為什麼您還會看到在 24 小時後，履行效率（即每個訂單的履行成本）的改進有限。但既然艱苦的工作和結構性工作已經完成，我們就有信心在 25 年內實現更多的節約。

Got it. That's great. I have a, maybe I have a few more here. Thanks for putting up with me. Maybe one for, where are we from a kind of a fixed cost basis as we start out 25, we made a lot of reductions obviously over the past year or two. Just where are we kind of in terms of the fixed cost base here going forward.

知道了。那太棒了。我有，也許我這裡還有更多。謝謝你的包容。也許其中一個是，我們從固定成本基礎開始，25 年過去了，我們在過去一兩年顯然做了很多削減。就未來的固定成本基礎而言，我們處於什麼位置？

Hi, thank you. As you saw that over 2024, we've been able to reduce drastically the cost I mean over the last two years. Where we are now is for sure we are not going to divide by the level of our staff, nor the level of our tech cost. But what we believe is two things. First, we can get another 20% efficiency, and that's what we are doing as we speak. So, 20% of costly. And the second thing is that we discussed structure, we believe we are able to operate to process between 2 and 3 times the volumes we have now. So it's a mix of cost reduction and increased efficiency.

你好，謝謝。正如您所看到的，到 2024 年，我們已經能夠大幅降低成本，我的意思是在過去兩年。我們現在肯定不會按照員工水準或技術成本水準來劃分。但我們相信兩件事。首先，我們可以再提高 20% 的效率，這就是我們現在正在做的事情。因此，成本是20％。第二件事是我們討論了結構，我們相信我們能夠處理目前 2 到 3 倍的處理量。因此，這是降低成本和提高效率的結合。

Got it. And then maybe to expand on that just a little bit, that's really helpful on the kind of volume form I think you've talked about this in the past of just kind of like some sort of.

知道了。然後也許可以稍微擴展一下，這對於我認為您過去已經談論過的音量形式非常有幫助，就像某種形式一樣。

A magnitude of order volumes from current levels, what it would be necessary to achieve profitability. Can you just update kind of relative to your comments a minute ago?

從目前的水平來看，訂單量需要達到一定的量才能獲利。您能否更新一下您剛才的評論？

Yeah, so I mean if you look at the Gross margin after fulfillment cost, you'll see that we are in average between 6% and 8% depending on the quarter and the and the volumes. And so, what we believe with the fixed cost, which is fixed, sorry, is that we would require the volumes, all things being equal to between double and triple, to get to profitability.

是的，所以我的意思是，如果你看一下扣除履行成本後的毛利率，你會發現我們的平均毛利率在 6% 到 8% 之間，具體取決於季度和數量。因此，我們認為，在固定成本（抱歉，是固定的）的情況下，我們需要將產量（所有因素均相同）提高一倍或三倍，才能實現盈利。

Got it. Okay, that's great. And then last 100, sorry, go ahead.

知道了。好的，太好了。最後 100，抱歉，請繼續。

I'd like to if I take an example of something which is a big bucket of cost, it's hosting. For the whole thing is a significant cost and we had inherited quite expensive set up from the past. Not only we've been able to reduce the cost of this contract, but the way we have set up our platform, our software now. Result in a less consuming operation. So, what would take 10, 1 year ago consumes today 5. So, it's a double effect of better negotiations for the contract and better utilization of our infrastructure, which results in us believing that we could do much more volumes and not paying anything more to the to the provider that us.

我想舉一個成本很大的專案的例子，那就是託管。對於整件事來說，這是一筆巨大的成本，而且我們繼承了過去相當昂貴的設置。我們不僅能夠降低這份合約的成本，而且還能夠降低我們平台和軟體的建立方式。從而減少操作的消耗。因此，1 年前需要 10 個的工作，今天只需要 5 個。因此，這是更好的合約談判和更好地利用我們基礎設施的雙重效果，這使我們相信我們可以完成更多的工作量，而不需要向提供者支付任何更多費用。

Got it. And then last one for me. You mentioned the balance sheet, obviously feeling better now, given the stronger cash position, just given kind of your inventory strategy and thinking about your volume growth guidance this year, do you feel like you are kind of where you need to be as we look forward to the year and into the holiday? I know I'm. Looking a little far ahead at this point, but how are you feeling from that perspective?

知道了。對我來說這是最後一個。您提到了資產負債表，現在顯然感覺好多了，考慮到更強的現金狀況，考慮到您的庫存策略，並考慮今年的銷售增長預期，當我們期待新的一年和假期時，您是否覺得您已經達到了您需要的水平？我知道我是。現在把眼光放得有點遠，但從這個角度來看你感覺如何？

I'll take the first part of the question and Francis will take the second one. When you look at the cash flow this year, you can see in this quarter, sorry, you can see that the impact of working GAAP was significant, and this illustrates what we said we would do when we raised cash in August. We were not going to increase the market expense, but we stick to the strategy which consists in offering better supply. Offering better supply is buying more products. And making sure in pre-payments or inventory, making sure that we can be favored by the suppliers and the vendors we are working with, and payment terms is very important in Africa to get there. So, we have increased the level of working cap and as Francis mentioned, we believe that we'll have only. Adjustment in the future but that we are not going to increase it as we did in Q4.

我將回答問題的第一部分，弗朗西斯將回答問題的第二部分。當你查看今年的現金流時，你可以看到本季度的現金流變化，很抱歉，你可以看到 GAAP 的影響是巨大的，這說明了我們在 8 月籌集現金時說過要做的事情。我們不會增加市場費用，但我們會堅持提供更好供應的策略。提供更好的供應就是購買更多的產品。確保預付款或庫存，確保我們能夠獲得與我們合作的供應商和廠商的青睞，付款條件在非洲非常重要。因此，我們提高了工作上限水平，正如弗朗西斯所提到的，我們相信我們只會擁有。未來我們會進行調整，但我們不會像第四季那樣增加它。

Yeah, adding on that, we explained that in Q4 we increased working capital by $13.5 million which is significant and is in line with our strategy and what we said after the ATM. So, we are going, we were going to push supply and invest in supply. We believe it's a better location of our money than handing it over to, I mean putting excess marketing budget, I would say. And going forward, we expect this impact quarter to quarter to really moderate. I mean, we're not going to increase working capital by such magnitude in the next quarters, definitely, and it puts us, I believe, in the right place. It really helps us to fuel growth, customer acquisition and all that growth. It puts us in the right place so we can attract more vendors, get better value for money and better selection for customers.

是的，此外，我們解釋說，在第四季度，我們的營運資本增加了 1350 萬美元，這是很重要的，符合我們的策略以及我們在 ATM 之後所說的內容。所以，我們要推動供應並投資供應。我們認為，這比把多餘的行銷預算交給他們來花更划算。展望未來，我們預期這種影響將逐漸逐漸緩和。我的意思是，我們肯定不會在接下來的幾季大幅增加營運資本，我相信，這讓我們處於正確的位置。它確實幫助我們促進成長、客戶獲取以及所有的成長。它使我們處於正確的位置，以便我們能夠吸引更多的供應商，獲得更好的性價比並為客戶提供更好的選擇。

Got it, that's all for me. I appreciate it.

知道了，對我來說就這些了。我很感激。

Thank you, Brad.

謝謝你，布拉德。

Thank you.This does conclude the end of today's question and answer session, so I will hand it back to Mr. Dufay for any closing comments.

謝謝。

No further comment. Thank you all for your attention and looking forward to catching up next quarter.

暫無評論。感謝大家的關注，期待下季的進展。

Thank you. This does conclude today's conference, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的會議到此結束，各位現在可以掛斷電話了，我們感謝您的參與。