Jumia Technologies AG (JMIA) 2022 Q1 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 First Quarter of 2022. (Operator Instructions)

早上好，女士們，先生們。謝謝你的支持。歡迎參加 Jumia 2022 年第一季度業績電話會議。（操作員說明）

I would now like to turn the call over to Safae Damir, Head of Investor Relations for Jumia. Please go ahead.

我現在想將電話轉給 Jumia 投資者關係主管 Safae Damir。請繼續。

Thank you. Good morning, everyone. Thank you for joining us today for our first quarter 2022 earnings call. With us today are Sacha Poignonnec and Jeremy Hodara, Co-Founders and Co-CEOs of Jumia; and Antoine Maillet-Mezeray, CFO. This call is also being webcast on the IR section of our corporate website.

謝謝你。大家，早安。感謝您今天加入我們的 2022 年第一季度財報電話會議。今天和我們在一起的是 Jumia 的聯合創始人和聯合首席執行官 Sacha Poignonnec 和 Jeremy Hodara；和首席財務官 Antoine Maillet-Mezeray。此次電話會議也在我們公司網站的 IR 部分進行網絡直播。

We will 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. 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.

我們將從覆蓋安全港開始。我們想提醒您，我們今天的討論將包括前瞻性陳述。實際結果可能與前瞻性陳述中的結果大相徑庭。此外，截至今天，這些前瞻性陳述可能僅符合我們的預期。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 established on April 29, 2022, 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 2022 年 4 月 29 日制定的 20-F 表格年度報告的風險因素部分，以及我們向 SEC 提交的其他文件。

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，我們將參考未按照 IFRS 報告的某些財務指標。您可以在我們的收益新聞稿中找到這些非 IFRS 財務指標與相應 IFRS 財務指標的對賬，該新聞稿可在我們的投資者關係網站上找到。

With that, I'll hand over to Sacha.

有了這個，我將交給薩沙。

Thank you very much. Welcome, everyone, and thanks for joining us today. Before going into the specifics of performance, I would like to briefly remind you of our current strategy on Page 3. We are currently focused on scaling our platform in order to build a fast-growing and profitable business in e-commerce and fintech in Africa. We have built very strong foundations for our platform tailored to the specifics of our markets in Africa, the marketplace, the logistics platform, JumiaPay, payment and fintech solutions. We played the long game from the very beginning to position us for long-term growth and profitability. With this in place, we focused on building robust unit economics.

非常感謝你。歡迎大家，感謝您今天加入我們。在詳細介紹性能之前，我想在第 3 頁簡要提醒您我們當前的戰略。我們目前專注於擴展我們的平台，以便在非洲建立一個快速增長和盈利的電子商務和金融科技業務.我們已經為我們的平台建立了非常堅實的基礎，該平台針對我們在非洲的市場、市場、物流平台、JumiaPay、支付和金融科技解決方案的具體情況量身定制。我們從一開始就進行了長期的比賽，以實現長期增長和盈利。有了這個，我們專注於建立強大的單位經濟學。

The sequencing here is very important. We wanted to first set solid unit economics for the business before accelerating growth. We reached the important milestone of positive order contribution after logistic cost, and it's now been the case for 10 consecutive quarters. In parallel, we strengthened our balance sheet, raising $570 million in 2021 and 2020. And we worked on enhancing the diversity and the relevance of our marketplace. And now 2/3 of our GMV is coming from everyday product categories. On that basis, a strong platform, strong unit economics, we are now scaling the business towards profitability.

這裡的排序非常重要。在加速增長之前，我們希望首先為業務設定穩固的單位經濟效益。我們達到了物流成本後訂單正貢獻的重要里程碑，現在已經連續10個季度如此。與此同時，我們加強了資產負債表，在 2021 年和 2020 年籌集了 5.7 億美元。我們致力於增強市場的多樣性和相關性。現在我們 2/3 的 GMV 來自日常產品類別。在此基礎上，一個強大的平台，強大的單位經濟，我們現在正在擴大業務以實現盈利。

The 3 key building blocks to achieve profitability; number one, accelerating usage growth; number 2, accelerating monetization; and number 3, improving cost efficiency. Of course, JumiaPay remains a priority for us to drive the long-term value creation.

實現盈利的 3 個關鍵組成部分；第一，加速使用增長；第二，加速貨幣化；第三，提高成本效率。當然，JumiaPay 仍然是我們推動長期價值創造的優先事項。

Now let's go into our quarterly highlights. In Q1, we've delivered strongly on each of those building blocks. Page 4, accelerating usage growth. In Q1, we posted the fastest year-on-year GMV and order growth of the past 9 quarters, 27% and 40%, respectively.

現在讓我們進入我們的季度亮點。在第一季度，我們在每個構建模塊上都表現出色。第 4 頁，加速使用增長。在第一季度，我們公佈了過去 9 個季度中最快的 GMV 和訂單增長，分別為 27% 和 40%。

Next Page, accelerating monetization. Excluding consumer incentives, which are marketing investments, revenue and gross profit year-over-year growth rates also reached their highest levels over the past 9 quarters, 56% and 31%.

下一頁，加速貨幣化。剔除消費者激勵措施，即營銷投資，收入和毛利潤同比增長率也達到了過去 9 個季度的最高水平，分別為 56% 和 31%。

Number 3, next Page, improving cost efficiency. Sales and advertising per order and as a percentage of GMV, both reached their best levels over the past 4 quarters, $2 per order and 7.5% of GMV, and this improvement is taking place, while we are accelerating usage growth.

第 3 頁，下一頁，提高成本效率。每筆訂單的銷售額和廣告佔 GMV 的百分比均在過去 4 個季度達到了最佳水平，每筆訂單 2 美元和 GMV 的 7.5%，並且這種改善正在發生，同時我們正在加速使用增長。

Consumer incentives efficiency, consumer incentives are accounted for as revenue deduction. This efficiency is also improving sequentially, reaching 15% in Q1 compared to 18% in the third and fourth quarters of 2021. This is very much in line with what we communicated to the market in our last release. Back then, we said that the focus for sales advertising over the subsequent quarters will be to increase the efficiency, and that's exactly what we achieved in Q1.

消費激勵效率，消費激勵計入收入扣除。這種效率也在連續提高，第一季度達到 15%，而 2021 年第三和第四季度為 18%。這與我們在上一個版本中向市場傳達的信息非常一致。當時，我們說接下來幾個季度的銷售廣告重點將是提高效率，而這正是我們在第一季度取得的成果。

Finally, before going into more details, we move to Page 7, our adjusted EBITDA loss. We have, of course, been closely monitoring the fundamental macro and market shifts, which have been taking place over the past few months, and which are still unfolding. We are very confident in our path and execution towards profitability.

最後，在討論更多細節之前，我們轉到第 7 頁，即調整後的 EBITDA 損失。當然，我們一直在密切關注基本的宏觀和市場變化，這些變化在過去幾個月中一直在發生，並且仍在展開。我們對實現盈利的道路和執行非常有信心。

In terms of adjusted EBITDA, we believe we are past the peak of quarterly adjusted EBITDA loss that was reached in Q4, 2021. We also reiterate the guidance of $200 million to $220 million adjusted EBITDA loss for the full year of 2022. And starting from 2023, we expect to begin decreasing the adjusted EBITDA loss on a year-over-year basis.

在調整後的 EBITDA 方面，我們認為我們已經超過了 2021 年第四季度達到的季度調整後 EBITDA 虧損的峰值。我們還重申了 2022 年全年調整後 EBITDA 虧損 2 億美元至 2.2 億美元的指導。從到 2023 年，我們預計調整後的 EBITDA 虧損將開始同比下降。

Now I'll hand over to Jeremy to give more color and highlights of our Q1 results.

現在，我將交給 Jeremy，為我們的第一季度業績提供更多色彩和亮點。

Thank you, Sacha. Hello, everyone. So we're on Page 9 and we are executing with consistency and discipline to accelerate the usage growth. Our overarching objective continues to be further enhancing Jumia, as a digital destination for everyday needs and occasional purchases in Africa through a combination of marketing, commercial, logistics and technology levers.

謝謝你，薩沙。大家好。所以我們在第 9 頁，我們正在以一致性和紀律性執行以加速使用增長。我們的首要目標是通過營銷、商業、物流和技術槓桿的結合，進一步增強 Jumia，使其成為滿足非洲日常需求和偶爾購買的數字目的地。

On marketing, we continue our investments in consumer adoption and retention. The brand awareness is crucial, particularly as we operate in nascent e-commerce markets. We are very pleased to see Jumia ranked #6 in the 2021 Most Influential Brand survey in Egypt by Ipsos out of a total of 118 international and local brands, up from 7 position the year before. Importantly, we came #1 in the digital and e-commerce category for the second year in Europe. This is a very good achievement and Egypt is our second largest market and the one, where we operate alongside Amazon. This is a testimony to the strong execution of our team on the ground, and I want to salute them for their efforts. We are also incredibly grateful to our customers for their trust, and we continue to work very hard on bringing them more convenience and relevance.

在營銷方面，我們繼續投資於消費者採用和保留。品牌知名度至關重要，尤其是當我們在新興的電子商務市場開展業務時。我們很高興看到 Jumia 在益普索 2021 年埃及最具影響力品牌調查中排名第 6，在 118 個國際和本地品牌中排名第 6，高於前一年的第 7 位。重要的是，我們連續第二年在歐洲的數字和電子商務類別中排名第一。這是一個非常好的成就，埃及是我們的第二大市場，也是我們與亞馬遜一起運營的市場。這證明了我們團隊在實地的強大執行力，我要向他們的努力表示敬意。我們也非常感謝客戶的信任，我們將繼續努力為他們帶來更多的便利和相關性。

On commercial, we are focusing our execution on further penetrating the everyday product categories. In Q1, 2022, we added almost 1 million SKUs in the FMCG category, the highest number of SKU adds in this category in the past 8 quarters. We continue to work very closely with brands. An example of that is the pan-African partnerships we established with each of Coca-Cola and Danone across both our e-commerce and food delivery platforms.

在商業方面，我們的執行重點是進一步滲透日常產品類別。 2022 年第一季度，我們在快消品類別中新增了近 100 萬個 SKU，這是過去 8 個季度以來該類別中新增 SKU 的最高數量。我們將繼續與品牌密切合作。這方面的一個例子是我們與可口可樂和達能在我們的電子商務和食品配送平台上建立的泛非合作夥伴關係。

On logistics, our current execution focuses on further improving the speed of delivery and its cost effectiveness. For example, we are rolling out next-day free shipping on Jumia Express items for basket sizes above a minimum threshold. Jumia Express is an end-to-end logistics service provided to sellers, where items are stored in our warehouse and picked and packed by Jumia. In Q1, 2022, while we were still in the early days of this roll out, we already had 57% of shipped packages reaching consumers within 24 hours of order placing.

在物流方面，我們目前的執行重點是進一步提高交付速度和成本效益。例如，對於購物籃尺寸超過最小閾值的 Jumia Express 商品，我們將推出次日免費送貨服務。 Jumia Express 是為賣家提供的端到端物流服務，商品存放在我們的倉庫中，由 Jumia 挑选和包裝。在 2022 年第一季度，雖然我們仍處於推出初期，但我們已經有 57% 的包裹在下訂單後 24 小時內送達消費者手中。

Last but not least, technology enhancement is the key lever to accelerate usage growth. Thanks to increased tech headcount, we are accelerating product development and new features roll out. In Q1, 2022, we released revamped version of our homepages and product description pages for a more easy-to-use and engaging experience on the platform. The consistent execution on these 4 levers is what's driving the strong growth acceleration that you can see on Page 10.

最後但並非最不重要的一點是，技術增強是加速使用增長的關鍵槓桿。由於技術人員數量的增加，我們正在加速產品開發和新功能的推出。 2022 年第一季度，我們發布了主頁和產品描述頁面的改版版本，以在平台上提供更易於使用和引人入勝的體驗。這 4 個槓桿的持續執行推動了強勁的增長加速，您可以在第 10 頁看到。

On Page 10, first, in Q1, 2022 versus Q1, 2021, we had more consumers buying more often. That's exactly the kind of growth flywheel we want to see on our platform. Quarterly active consumers reached 3.1 million, up 29% year-over-year, as a result of robust increases in both new and returning customers. We have been driving a consistent increase in quarterly purchase frequency over the past 5 quarters, reaching 3 orders per quarterly active consumer in Q1 this year compared to 2.7 orders in the same quarter the year before.

在第 10 頁，首先，在 2022 年第一季度與 2021 年第一季度相比，我們有更多的消費者更頻繁地購買。這正是我們希望在我們的平台上看到的那種增長飛輪。由於新客戶和回頭客的強勁增長，季度活躍消費者達到 310 萬，同比增長 29%。在過去的 5 個季度中，我們一直在推動季度購買頻率持續增加，今年第一季度每個季度活躍消費者的訂單達到 3 個，而去年同期為 2.7 個訂單。

Second, we posted in Q1 the fastest order and GMV growth rates of the past 9 quarters. Orders accelerated by 40% year-over-year, reaching 9.3 million. We also posted strong GMV growth, notwithstanding the FX headwinds with GMV reaching $252.7 million, up 27% year-over-year and 35% on a constant currency basis. Just to give you a bit more color on the FX dynamics this quarter, we had 10 of our 11 local currencies depreciating against the dollar. In particular, the Nigerian naira, the West African franc and the Moroccan dirham depreciated by 9%, 7% and 6%, respectively, against the dollar in Q1 this year compared to Q1, 2021. Regardless of the FX volatility, there is very strong broad-based momentum across the business.

其次，我們在第一季度發布了過去 9 個季度最快的訂單和 GMV 增長率。訂單同比增長 40%，達到 930 萬。儘管存在外匯逆風，我們也公佈了強勁的 GMV 增長，GMV 達到 2.527 億美元，同比增長 27%，按固定匯率計算增長 35%。只是為了讓您對本季度的外匯動態有更多了解，我們的 11 種當地貨幣中有 10 種兌美元貶值。尤其是尼日利亞奈拉、西非法郎和摩洛哥迪拉姆，與 2021 年第一季度相比，今年第一季度兌美元分別貶值了 9%、7% 和 6%。整個業務的強勁廣泛勢頭。

On Page 11, you can see that all product categories are growing in both GMV and items sold terms. Despite the volatility and the supply chain situation for phones and electronics, we drove positive inflection in Q1 in these categories, which contributed to both GMV and items sold growth. The everyday product categories continue to be important growth drivers, and I'd like to call out the FMCG and food delivery categories, which really stood out in terms of volume growth in Q1, 2022. FMCG was up 180% year-over-year, while food delivery was up 86%, as we leverage both our e-commerce and food delivery platforms to meet the everyday needs of consumers in food items and staples. The strong volume growth in these categories is also translating into robust GMV growth with FMCG and food delivery growing by 75% and 61% year-over-year, respectively. The strong growth in everyday product category over the past 2 years drove a fundamental shift in GMV.

在第 11 頁，您可以看到所有產品類別的 GMV 和銷售商品數量都在增長。儘管手機和電子產品的供應鏈狀況存在波動性和供應鏈狀況，但我們在第一季度推動了這些類別的積極轉折，這促進了 GMV 和銷售商品的增長。日常用品類別仍然是重要的增長動力，我想指出快速消費品和食品配送類別，它們在 2022 年第一季度的銷量增長方面非常突出。快速消費品同比增長 180% ，而送餐量增長了 86%，因為我們利用我們的電子商務和送餐平台來滿足消費者對食品和主食的日常需求。這些類別的強勁銷量增長也轉化為強勁的 GMV 增長，快速消費品和食品配送分別同比增長 75% 和 61%。過去 2 年日常用品類別的強勁增長推動了 GMV 的根本轉變。

On Page 12, you can see that phones and electronics went from accounting 45% of GMV in Q1, 2020 to 33% in Q1, 2022. In contrast, both JumiaPay App service and food delivery saw their contribution to GMV increased by 4 percentage points over this period from 9% to 11%, respectively, in Q1, 2022. Within the everyday product categories, the home and fashion categories remain consistently the largest 2 product categories, each commanding a mid to high-teens share of the GMV.

在第 12 頁，您可以看到手機和電子產品在 GMV 中的佔比從 2020 年第一季度的 45% 上升到 2022 年第一季度的 33%。相比之下，JumiaPay App 服務和送餐服務對 GMV 的貢獻均增加了 4 個百分點在此期間，在 2022 年第一季度分別從 9% 到 11%。在日常用品類別中，家居和時尚類別始終是最大的兩個產品類別，每個類別在 GMV 中的份額均居於中高位。

Average order value stood at $27 in Q1, as we further penetrate more affordable, smaller ticket size categories. This strategy of increased product category diversification in favor of everyday item is not only a major driver of growth acceleration, it is also providing more resilience to our business model, as we increase our exposure to several categories, and that's [the threshold] in periods of macro volatility, such as the one we are currently going through. Compared to a couple of years ago, our platform is bigger, faster, growing and much more diversified and resilient.

第一季度的平均訂單價值為 27 美元，因為我們進一步滲透到更實惠、更小尺寸的類別。這種增加產品類別多樣化以支持日常用品的戰略不僅是加速增長的主要驅動力，而且還為我們的業務模式提供了更大的彈性，因為我們增加了對多個類別的敞口，這就是時期內的[門檻]宏觀波動，例如我們目前正在經歷的波動。與幾年前相比，我們的平台更大、更快、不斷增長，並且更加多樣化和有彈性。

Let's now move on to another key priority for us, which is JumiaPay on Page 14. We achieved a major milestone in Q1, as we were granted by the Central Bank of Nigeria, a Payment Service Solution Provider License or PSSP license. This is an instrumental license that will allow us to start offering JumiaPay payment processing solutions off-platform in Nigeria. We have now obtained the relevant licenses to start off-platform payment processing in our 2 largest markets, Nigeria and Egypt. We intend to scale the business progressively and in a disciplined manner to ensure the quality and safety of payment solutions for merchants and consumers, both on and off-platform.

現在讓我們繼續討論我們的另一個關鍵優先事項，即第 14 頁的 JumiaPay。我們在第一季度取得了一個重要的里程碑，因為我們獲得了尼日利亞中央銀行的支付服務解決方案提供商許可證或 PSSP 許可證。這是一個工具許可證，使我們能夠開始在尼日利亞提供非平台的 JumiaPay 支付處理解決方案。我們現在已獲得相關許可證，可以在我們的兩個最大市場尼日利亞和埃及開始平台外支付處理。我們打算以有紀律的方式逐步擴展業務，以確保為商家和消費者提供平台內外支付解決方案的質量和安全性。

Over the next few months, we will focus on adapting our payment product suite for an off-platform environment and build out additional relevant features for third-party merchants. In parallel, we continue expanding the range of digital and financial services available to consumers on the JumiaPay app. We have provided here the example of an e-doctor service that we are piloting in Nigeria, allowing consumers to access doctors remotely for a monthly subscription fee of $1. This initiative is in partnership with the CGAP, Consultative Group to Assist the Poor, a global partnership of more than 30 leading development organizations, as well as Meeting Doctors, a digital health service provider.

在接下來的幾個月裡，我們將專注於調整我們的支付產品套件以適應平台外環境，並為第三方商家構建額外的相關功能。與此同時，我們繼續擴大 JumiaPay 應用程序上可供消費者使用的數字和金融服務的範圍。我們在這裡提供了我們正在尼日利亞試行的電子醫生服務示例，允許消費者以每月 1 美元的訂閱費遠程訪問醫生。該倡議與 CGAP（援助窮人諮詢小組）合作，該組織由 30 多個領先的發展組織組成的全球合作夥伴關係，以及數字健康服務提供商 Meet Doctors 合作。

Let's now move on to the performance of JumiaPay on-platform, starting with TPV on Page 15. JumiaPay TPV increased by 37% year-over-year and 45% on a constant currency basis. Despite the FX headwind, TPV posted its fastest growth rate in USD terms of the past 5 quarters, supported by the same growth in GMV. TPV penetration as a percentage of GMV reached a new high of 28% in Q1, up from 26% in Q1 the year before, as we focus on increasing the penetration of JumiaPay in a disciplined and gradual manner.

現在讓我們繼續討論平台上 JumiaPay 的性能，從第 15 頁的 TPV 開始。JumiaPay TPV 同比增長 37%，按固定貨幣計算增長 45%。儘管存在外匯逆風，但在 GMV 的相同增長支持下，冠捷以美元計的增長率在過去 5 個季度中實現了最快。 TPV 滲透率佔 GMV 的百分比在第一季度達到了 28% 的新高，高於去年第一季度的 26%，因為我們專注於以有紀律和漸進的方式提高 JumiaPay 的滲透率。

Turning to transactions on Page 16. JumiaPay transactions reached 3.2 million in Q1, up 32% year-over-year, supported by accelerating volume growth across the business and in the food delivery category in particular. Overall, 34% of orders placed in Q1, 2022 were completed using JumiaPay compared to 37% in Q1 in 2021.

轉向第 16 頁的交易。JumiaPay 交易在第一季度達到 320 萬筆，同比增長 32%，這得益於整個業務，尤其是食品配送類別的交易量增長加速。總體而言，2022 年第一季度 34% 的訂單是使用 JumiaPay 完成的，而 2021 年第一季度這一比例為 37%。

Here, I want to flag that we did increase JumiaPay transactions penetration, as a percentage of orders across Jumia e-commerce and food delivery platform. We saw very good transaction momentum in our e-commerce and food delivery platform, where JumiaPay transactions growth outpaced the growth of JumiaPay app transactions because the JumiaPay penetration is 100% on the JumiaPay app. The reduced share of JumiaPay app in the transaction led to a decline in the overall JumiaPay transactions penetration, as a percentage of orders. Overall, the growth momentum of JumiaPay on-platform is very robust, and we are very excited to embark on the next phase of our journey in payment, as we prepare to take our payment solution off-platform.

在這裡，我想指出，我們確實提高了 JumiaPay 交易滲透率，佔整個 Jumia 電子商務和食品配送平台訂單的百分比。我們看到我們的電子商務和食品配送平台的交易勢頭非常好，JumiaPay 交易增長超過了 JumiaPay 應用交易的增長，因為 JumiaPay 在 JumiaPay 應用上的滲透率為 100%。 JumiaPay 應用程序在交易中的份額減少導致整體 JumiaPay 交易滲透率下降，佔訂單的百分比。總體而言，JumiaPay 平台上的增長勢頭非常強勁，我們很高興能夠開始下一階段的支付之旅，因為我們準備將我們的支付解決方案帶到平台外。

I now hand over to Antoine, who will walk you through our financial performance in more detail.

我現在交給 Antoine，他將更詳細地向您介紹我們的財務業績。

Thank you, Jeremy. Hello, everyone. I will start with the monetization performance, which illustrates the progress on the second building block of our path to profitability, accelerating monetization. We want to balance fast usage growth with robust monetization of our platform, as we build a diversified monetization engine. That's exactly what we achieved in Q1, '22.

謝謝你，傑里米。大家好。我將從貨幣化表現開始，它說明了我們盈利之路的第二個組成部分的進展，即加速貨幣化。我們希望在快速使用量增長與我們平台的穩健貨幣化之間取得平衡，因為我們建立了一個多元化的貨幣化引擎。這正是我們在 22 年第一季度取得的成就。

On Page 18, you can see that as we posted strong usage growth, we delivered the fastest revenue and gross profit growth rates in over 2 years, excluding consumer incentives, which are marketing investments in nature at 56% and 31% year-on-year, respectively. FX was a headwind to top line growth this quarter. So on a constant currency basis, these rates are even higher at 65% and 38% year-on-year, respectively.

在第 18 頁，您可以看到，由於我們發布了強勁的使用增長，我們實現了兩年多來最快的收入和毛利潤增長率，不包括消費者激勵措施，這是自然的營銷投資，同比增長 56% 和 31%-年，分別。外匯是本季度營收增長的逆風。因此，在固定貨幣基礎上，這些比率甚至更高，分別為 65% 和 38%。

Let's now unpack revenue growth dynamics on Page 19. As a reminder, we have 3 main revenue components. The first one is the first-party revenue that we earn on business we have taken on a first-party or retail basis. The second one is the marketplace revenue, which are the various fees we generate from our third-party activities. The third component is other revenue, which at this stage, mainly includes revenue from all logistics-as-a-service activity launched in 2020. This bucket will include in the future revenue from off-platform payment processing once this activity is up and running.

現在讓我們在第 19 頁解開收入增長動態。提醒一下，我們有 3 個主要收入組成部分。第一個是我們從第一方或零售業務中獲得的第一方收入。第二個是市場收入，這是我們從第三方活動中產生的各種費用。第三部分是其他收入，現階段主要包括 2020 年推出的所有物流即服務活動的收入。一旦該活動啟動並運行，該部分將包括未來來自平台外支付處理的收入.

In terms of revenue trajectory, we observed 3 main things: first, the strong revenue growth, up 44% from $33 million in Q1, '21 to $47.6 million in Q1, '22. The growth was even stronger in constant currency terms at 53% year-on-year. Revenue growth was supported by a strong acceleration in first-party revenue, which was up by a factor of 2.5, as we undertook more business on a retail basis within our grocery category; second, we are seeing very good traction in our newer monetization streams, such as advertising or logistics-as-a-service, which is the major part of other revenue; third, this revenue growth momentum is giving us the flexibility to invest into growth in the form of consumer incentives, including sales discounts, shipping discounts and free shipping.

在收入軌跡方面，我們觀察到三個主要方面：第一，強勁的收入增長，從 21 年第一季度的 3300 萬美元增長 44% 至 22 年第一季度的 4760 萬美元。以固定匯率計算，增長更為強勁，同比增長 53%。收入增長得益於第一方收入的強勁增長，增長了 2.5 倍，因為我們在雜貨類別中開展了更多的零售業務；其次，我們在新的貨幣化流中看到了非常好的牽引力，例如廣告或物流即服務，這是其他收入的主要部分；第三，這種收入增長勢頭使我們能夠靈活地以消費者激勵的形式投資於增長，包括銷售折扣、運費折扣和免費送貨。

Let's now dive deeper into the various components of marketplace revenue on Page 20. Excluding the impact of consumer incentives, marketplace revenue was up 25% year-on-year and 32% on a constant currency basis. This was supported by the strong momentum in value-added services and marketing and advertising revenue streams.

現在讓我們在第 20 頁更深入地了解市場收入的各個組成部分。排除消費者激勵措施的影響，市場收入同比增長 25%，按固定匯率計算則增長 32%。這得益於增值服務以及營銷和廣告收入流的強勁勢頭。

Value-added services increased by 49% year-on-year, partly as a result of an increase in international logistics revenue. Marketing and advertising was up 40% year-on-year, supported by an acceleration in the number of advertising campaigns, which was up 55% year-on-year, as we run over 480 campaigns on behalf of almost 9,000 advertising clients. Advertising clients during the quarter included high-profile brands, partners such as Unilever, L'Oreal, Adidas, Xiaomi, Coca-Cola, Krispy Kreme, Burger King and many more.

增值服務同比增長49%，部分原因是國際物流收入增加。營銷和廣告同比增長 40%，這得益於廣告活動數量的加速增長，同比增長 55%，因為我們代表近 9,000 個廣告客戶開展了 480 多個活動。本季度的廣告客戶包括知名品牌、聯合利華、歐萊雅、阿迪達斯、小米、可口可樂、Krispy Kreme、漢堡王等合作夥伴。

Commissions and fulfillment revenue are both impacted by consumer incentives. Excluding this impact, commissions revenue was up 29%, driven by usage growth, while fulfillment revenue was up 4%, as we choose to reduce the shipping pass-throughs to customers.

佣金和履行收入都受到消費者激勵措施的影響。剔除這一影響，在使用量增長的推動下，佣金收入增長了 29%，而履行收入增長了 4%，因為我們選擇減少對客戶的運輸傳遞。

Moving on to gross profit on Page 21. We drove a significant step-up in gross profit before the impact of consumer incentives, which accelerated by 31% year-over-year and 38% in constant currency, while the margin as a percentage of GMV reached 13.8%, up almost 40 bps year-on-year. We are leveraging the strong level of underlying monetization to invest more into price competitiveness and shipping discounts, allowing us to increase the amount of consumer incentives from $2.1 million in Q1, '21 to $7.2 million in Q1, '22. Going forward, the growth in monetization will be partly reinvested to fund our free shipping initiative.

繼續第 21 頁的毛利潤。在消費者激勵措施的影響之前，我們推動了毛利潤的顯著增長，同比增長 31%，按固定匯率計算增長 38%，而利潤率GMV 達到 13.8%，同比增長近 40 個基點。我們正在利用強大的潛在貨幣化水平對價格競爭力和運輸折扣進行更多投資，從而使我們能夠將消費者激勵金額從 21 年第一季度的 210 萬美元增加到 22 年第一季度的 720 萬美元。展望未來，貨幣化的增長將部分用於為我們的免費送貨計劃提供資金。

Even after the impact of consumer incentives, the growth trajectory in monetization over a 2-year period is very strong between Q1, '20 and Q1, '22, gross profit was up 36%. We are very pleased with the strong monetization performance in Q1, '22 and are even more excited by the new revenue streams we are developing.

即使在消費者激勵措施的影響之後，在 20 年第一季度和 22 年第一季度之間，兩年期間貨幣化的增長軌跡非常強勁，毛利潤增長了 36%。我們對 22 年第一季度強勁的貨幣化表現感到非常滿意，並且對我們正在開發的新收入流更加興奮。

In this context, I would like to give you more color on Page 22 on one of these new revenue streams, our logistics-as-a-service offering. At the beginning of our journey, logistics was one of the most challenging aspects of our operating environment with multiple hurdles such as the lack of addresses, a lack of organized and reliable capacity, storage space issues, the predominance of cash on delivery and so on. 10 years into our journey, we can confidently say that we've cracked most of these issues. We have built a tech-rich asset-light logistics platform with strong reach across our countries of operations.

在這種情況下，我想在第 22 頁為您提供更多關於這些新收入來源之一的信息，即我們的物流即服務產品。在我們旅程的開始，物流是我們運營環境中最具挑戰性的方面之一，存在多個障礙，例如缺乏地址、缺乏有組織和可靠的容量、存儲空間問題、貨到付款占主導地位等. 10 年的旅程，我們可以自信地說，我們已經解決了大部分問題。我們已經建立了一個技術豐富的輕資產物流平台，在我們的運營國家擁有強大的影響力。

Our network counts over 700 logistics partners that we manage and integrate to our platform through a dedicated tech stack. We also have an extensive physical network of 50,000 square meters of warehousing space and over 3,000 drop-off and pick-up stations. Today, we are in a position to help other businesses overcome these infrastructure challenges by giving them access to our logistics platform. We offer end-to-end logistics services from warehousing and pick packing to door delivery and payment collection with full visibility and tracking of the journey of the package. Our offering is also modular and can be adjusted under a la carte basis to suit the needs of our logistics clients. We are seeing very good demand from this service. The number of packages shipped in Q1, '22 reached a new record of 3.5 million, generating over $1.2 million in revenue from more than 1,250 clients.

我們的網絡包括 700 多個物流合作夥伴，我們通過專門的技術堆棧管理並集成到我們的平台中。我們還擁有 50,000 平方米的倉儲空間和 3,000 多個收貨站的廣泛物理網絡。今天，我們能夠通過讓他們訪問我們的物流平台來幫助其他企業克服這些基礎設施挑戰。我們提供從倉儲和揀貨包裝到送貨上門和收款的端到端物流服務，對包裹的運輸過程進行全面的可視化和跟踪。我們的產品也是模塊化的，可以在點菜的基礎上進行調整，以滿足我們物流客戶的需求。我們看到這項服務的需求非常好。 22 年第一季度發貨的包裹數量達到了 350 萬個的新紀錄，從 1,250 多個客戶那裡產生了超過 120 萬美元的收入。

Let's now move on to costs, starting with fulfillment expense on Page 24. Fulfillment is largely a variable cost and evolved in line with volumes in Q1, '22. As we grew orders by 40% year-on-year, fulfillment expense was up 42% and 50% on a constant currency basis. Here, I would like to point out that fulfillment expense includes both the costs associated with Jumia platform orders and the costs associated with our logistics-as-a-service offering. The number of packages within this activity increased significantly from 0.8 million in Q1, '21 to 3.5 million in Q1, '22.

現在讓我們繼續討論成本，從第 24 頁的履行費用開始。履行在很大程度上是一種可變成本，並隨著 22 年第一季度的數量而發展。隨著我們的訂單同比增長 40%，按固定匯率計算，履行費用分別增長了 42% 和 50%。在這裡，我想指出，履行費用既包括與 Jumia 平台訂單相關的成本，也包括與我們的物流即服務產品相關的成本。此活動中的包裹數量從 21 年第一季度的 80 萬個顯著增加到 22 年第一季度的 350 萬個。

Moving on to sales and advertising expense, Page 25. As mentioned by Jeremy earlier, marketing investments are a core lever to drive usage growth, and we continued increasing these investments on a year-on-year basis in Q1, '22. Sales and advertising expense reached $18.8 million, up 94% year-on-year and 99% on a constant currency basis. That's in the context of a very low comp base over the past 2 years with sales and advertising expense significantly curtailed in 2020 and up until the middle of 2021.

轉到銷售和廣告費用，第 25 頁。正如 Jeremy 之前提到的，營銷投資是推動使用增長的核心槓桿，我們在 22 年第一季度繼續增加這些投資。銷售和廣告費用達到 1880 萬美元，同比增長 94%，按固定匯率計算增長 99%。這是在過去 2 年的薪酬基數非常低的背景下，銷售和廣告費用在 2020 年和 2021 年年中大幅減少。

When we take a 3-year perspective, the Q1, '22 sales and advertising amount is modestly above pre-pandemic levels with a 3-year CAGR of 12%. The main change is the channel mix of marketing investments with an increased share allocated to above-the-line channels such as TV, radio, video advertising, et cetera, from 28% in Q1, '19 to 37% in Q1, '22.

從 3 年的角度來看，22 年第一季度的銷售和廣告金額略高於大流行前水平，3 年復合年增長率為 12%。主要變化是營銷投資的渠道組合，分配給電視、廣播、視頻廣告等線上渠道的份額從 19 年第一季度的 28% 增加到 22 年第一季度的 37% .

When we look at the sequential trends over the past 9 months, we can see that we are slowing down the pace of marketing investment increases for 228% and 159% year-on-year in the third and fourth quarters of '21 to 94% year-on-year in Q1, '22. As we move beyond the initial phase of marketing ramp-up of H2, '21, we are stabilizing the levels of marketing investments and starting to generate better marketing efficiency.

當我們查看過去 9 個月的環比趨勢時，我們可以看到我們在 21 至 94% 的第三季度和第四季度將營銷投資同比增長 228% 和 159% 的速度放緩22 年第一季度與去年同期相比。隨著我們超越 21 年下半年營銷加速的初始階段，我們正在穩定營銷投資水平並開始產生更好的營銷效率。

On Page 26, we can see significant improvement sequentially in marketing efficiency metrics. Sales and advertising expense per order and as a percentage of GMV, both reached in Q1, '22 their lowest levels in 4 quarters at $2 per order and 7.5% of GMV. This is an important development in our progress towards profitability, as we are now scaling the business, while improving marketing efficiency.

在第 26 頁，我們可以看到營銷效率指標的顯著改善。每筆訂單的銷售和廣告費用以及佔 GMV 的百分比都在第一季度達到了 4 個季度以來的最低水平，每筆訂單為 2 美元，佔 GMV 的 7.5%。這是我們在實現盈利方面取得進展的一個重要進展，因為我們現在正在擴大業務規模，同時提高營銷效率。

Moving on to technology and G&A costs on Page 27. Technology continues to be an important area of investment for us to support the long-term growth of our business, both on the e-commerce and payment front. Technology expense reached $13 million in Q1, '22, up 56% year-on-year and 62% on a constant currency basis, as we increase technology headcount to support innovation and product development.

繼續第 27 頁的技術和 G&A 成本。技術仍然是我們支持電子商務和支付方面業務長期增長的重要投資領域。隨著我們增加技術人員以支持創新和產品開發，技術費用在 22 年第一季度達到 1300 萬美元，同比增長 56%，按固定匯率計算增長 62%。

G&A, excluding SBC, reached $13.1 million in Q1, '22, up 23% year-on-year and 30% on a constant currency basis. This is mostly due to an increased hiring in the second half of '21 to strengthen the management team in selected areas to support the long-term growth of the business. On a sequential basis, G&A excluding SBC was down 6% compared to Q4, '21. We believe we have the right team structure at this stage and expect the G&A base to remain relatively stable going forward, as we reinforce strong discipline on hiring and overhead costs.

不包括 SBC 的 G&A 在 22 年第一季度達到 1310 萬美元，同比增長 23%，按固定匯率計算增長 30%。這主要是由於 21 年下半年增加了招聘，以加強選定領域的管理團隊，以支持業務的長期增長。在連續的基礎上，不包括 SBC 的 G&A 與 21 年第四季度相比下降了 6%。我們相信我們現階段擁有正確的團隊結構，並預計 G&A 基礎將在未來保持相對穩定，因為我們加強了招聘和管理費用方面的嚴格紀律。

Turning on to adjusted EBITDA loss, Page 28. Adjusted EBITDA loss reached $55.3 million in Q1, '22, up 70% year-on-year and 76% on a constant currency. The year-over-year comparison is impacted by a low base in Q1, '21, where adjusted EBITDA loss was down 17% year-on-year. Importantly, as mentioned by Sacha earlier, we believe we are now past the peak of adjusted EBITDA losses, which was reached in Q4, '21.

打開調整後的 EBITDA 損失，第 28 頁。調整後的 EBITDA 損失在 22 年第一季度達到 5530 萬美元，同比增長 70%，按固定匯率計算增長 76%。同比比較受到 21 年第一季度基數較低的影響，調整後的 EBITDA 虧損同比下降 17%。重要的是，正如 Sacha 之前提到的，我們相信我們現在已經過了調整後 EBITDA 損失的峰值，該峰值在 21 年第四季度達到。

Let's now move on to balance sheet and cash flow items on Page 29. CapEx in Q1, '22 was $1.7 million. We are yet to see the effect of logistics investments as we guided towards $15 million to $25 million of CapEx in 2022 for logistics capacity expansion and upgrades, which will be mostly carried out over the second half of '22.

現在讓我們繼續討論第 29 頁的資產負債表和現金流項目。22 年第一季度的資本支出為 170 萬美元。我們尚未看到物流投資的效果，因為我們在 2022 年將資本支出引導至 1500 萬至 2500 萬美元，用於物流能力擴張和升級，這主要在 22 年下半年進行。

Net change in working capital resulted in an outflow of $23.4 million in Q1, '22. Historically, working cap had a relatively neutral cash flow impact on a yearly basis. That said, it can be impacted quarterly by cutoff effects and upfront prepayment. This was the case in Q1, '22, where we paid upfront the cost of early hosting services to secure better pricing.

營運資本的淨變化導致 22 年第一季度流出 2340 萬美元。從歷史上看，營運上限每年對現金流的影響相對中性。也就是說，它可能每季度受到截止效應和預付款的影響。 22 年第一季度就是這種情況，我們預先支付了早期託管服務的成本以確保更好的定價。

Cash utilization for the quarter was $78.2 million in Q1, '22, impacted by the working capital outflow during the quarter. At the end of March 22, we had a liquidity position of $421 million, comprised of $89 million of cash and cash equivalents and $333 million of term deposits and other financial assets.

受本季度營運資金流出的影響，22 年第一季度本季度的現金利用率為 7820 萬美元。截至 3 月 22 日，我們的流動資金頭寸為 4.21 億美元，其中包括 8900 萬美元的現金和現金等價物以及 3.33 億美元的定期存款和其他金融資產。

With that, I'll hand over to Sacha for concluding remarks.

有了這個，我將交給 Sacha 做總結髮言。

Thank you, Antoine. Thank you, Jeremy. I think very strong quarter of execution on our strategy to scale the business towards profitability, and importantly, the quarter, where we can see some concrete results on the 3 building blocks of our path to profitability, and we have clear initiatives underway to make even more progress on each one.

謝謝你，安托萬。謝謝你，傑里米。我認為在我們將業務擴展到盈利的戰略上執行的季度非常強勁，重要的是，在本季度，我們可以看到我們盈利之路的 3 個基石的一些具體成果，我們正在採取明確的舉措來平衡每一項都有更多的進步。

On usage growth, we all know there is no profitability without bigger scale. You've heard us say it multiple times in the past. In Q1, we accelerated growth very nicely, fastest order growth, faster GMV growth rates of the past 9 quarters. And as we look ahead, we intend to maintain this good momentum that we currently have on usage growth by continuing our execution on all relevant areas of the business.

在使用增長方面，我們都知道沒有更大的規模就沒有盈利能力。您過去曾多次聽到我們這樣說。在第一季度，我們非常好地加速了增長，訂單增長最快，過去 9 個季度的 GMV 增長率更快。展望未來，我們打算通過繼續在業務的所有相關領域執行，來保持我們目前在使用增長方面的良好勢頭。

And here, it's not just maintaining marketing investments and improving their efficiency, it's about keeping the great work that we've been doing on the everyday product categories, it's about going to the next level on the logistics front with the roll out of the next-day free shipping and free delivery on Jumia Express, and of course, it's about continuing to build great technology to offer even more seamless and engaging experience for the consumers on the platform.

在這裡，這不僅僅是維持營銷投資和提高效率，而是保持我們在日常產品類別上所做的出色工作，隨著下一個產品的推出，物流方面更上一層樓- Jumia Express 上的免費送貨和免費送貨，當然，它是關於繼續構建偉大的技術，為平台上的消費者提供更加無縫和引人入勝的體驗。

On monetization, we won bigger scale to drive more revenues and gross profit dollars. We do not believe in the growth model that front loads scale without a robust monetization model in place. In Q1, excluding consumer incentives, we recorded the fastest revenue and gross profit growth rate in over 2 years. And we still have great upside to accelerate monetization, leveraging the diversified engine that we have built.

在貨幣化方面，我們贏得了更大的規模以推動更多的收入和毛利潤。我們不相信在沒有穩健的貨幣化模型的情況下，前端負載會擴大規模的增長模型。在第一季度，不包括消費者激勵措施，我們錄得兩年多來最快的收入和毛利潤增長率。利用我們建立的多元化引擎，我們仍有很大的優勢來加速貨幣化。

On first-party revenue, we grew first-party revenue by over 80% year-over-year over the past 9 months. This is now allowing us to further enhance our margins and regularly negotiate volume rebates with our suppliers.

在第一方收入方面，過去 9 個月，我們的第一方收入同比增長 80% 以上。現在，這使我們能夠進一步提高我們的利潤，並定期與我們的供應商協商數量回扣。

On the marketplace, same logic applies. We're leveraging the accelerating usage growth to extract more monetization. We have brought a lot of growth over the last 9 months to our third-party sellers, and today, we have room to increase commission take-rates in a number of categories. We've already started doing that. But of course, as always in a gradual and disciplined manner. And as we have referred earlier to the roll out of the free next-day delivery on Jumia Express, this is an enabler for us to increase the monetization of Jumia Express. So lots of opportunities in the marketplace revenue.

在市場上，同樣的邏輯也適用。我們正在利用加速的使用增長來獲取更多的貨幣化。在過去的 9 個月裡，我們為第三方賣家帶來了很大的增長，今天，我們有空間提高多個類別的佣金率。我們已經開始這樣做了。但當然，一如既往地循序漸進、有紀律。正如我們之前提到的，在 Jumia Express 上推出免費的次日送達服務，這是我們提高 Jumia Express 貨幣化的推動力。市場收入中有很多機會。

In addition, further monetization upside on advertising, logistics-as-a-service, which are still nascent today, but we have very good traction, as you have seen, and we have potential also here for a lot of growth. And finally, we have now obtained the licenses in Egypt and Nigeria to take JumiaPay off-platform. And this is a long-term, very exciting, meaningful revenue growth opportunity. It's not a prerequisite for us to reach breakeven, but it will be incremental monetization upside to give us even more flexibility and optionality in our path to profitability.

此外，廣告、物流即服務的進一步貨幣化優勢在今天仍處於初期階段，但正如您所見，我們有很好的牽引力，我們也有很大的增長潛力。最後，我們現在已經在埃及和尼日利亞獲得了將 JumiaPay 移出平台的許可。這是一個長期的、非常令人興奮的、有意義的收入增長機會。這不是我們達到盈虧平衡的先決條件，但這將是增加貨幣化的上行空間，為我們在盈利道路上提供更大的靈活性和選擇性。

And finally, on the third building block, cost efficiency in Q1, we've seen our marketing efficiency improved both on a per order basis and percentage of GMV, reaching their lowest level in the past 4 quarters. We still have meaningful potential to drive further efficiency gains in marketing, generate operating leverage on tech and G&A. We've reinforced cost discipline across the cost structure and the overheads in particular.

最後，在第三個組成部分，第一季度的成本效率，我們看到我們的營銷效率在單筆訂單和 GMV 百分比方面都有所提高，達到過去四個季度的最低水平。我們仍然有巨大的潛力來推動營銷效率的進一步提高，在技術和 G&A 方面產生運營影響力。我們加強了成本結構，特別是間接費用的成本紀律。

For the full year 2022, we continue to focus on those 3 building blocks. And here, we take the opportunity to reiterate and add on the guidance that we provided during the last quarter release, which is that we expect further acceleration in year-on-year GMV growth in 2022 compared to what we saw in H2 of last year, where the growth was 15%. We're stabilizing the level of marketing investment, and we confirm that we expect to invest between $50 million and $55 million in sales and advertising for the first half of 2022, and this compares with $55 million in H2 of 2021. So very similar level of investment, and this is why we call this stabilization.

在 2022 年全年，我們將繼續關注這 3 個構建模塊。在這裡，我們藉此機會重申並補充我們在上一季度發佈時提供的指導，即與去年下半年相比，我們預計 2022 年 GMV 的同比增長將進一步加速，增長率為 15%。我們正在穩定營銷投資水平，我們確認我們預計在 2022 年上半年在銷售和廣告方面投資 5000 萬至 5500 萬美元，而 2021 年下半年為 5500 萬美元。所以非常相似的水平投資，這就是我們稱之為穩定的原因。

Then we expect we confirm, I would say, to expect to invest between 15 and $25 million of CapEx this year. Of course, we are very cash disciplined that we're committed to investing in the long-term strength of the platform and the CapEx investment will be focused on the logistic platform, obviously, and will allow us to increase our reach, increase our speed of delivery and drive also cost efficiency going forward. And we also confirm that we expect an adjusted EBITDA loss for the full year between 200 and $220 million compared with $197 million last year. And on a quarterly basis, we believe that we are past the peak of adjusted EBITDA loss, which was reached in Q4. And starting from 2023, we expect to begin decreasing the adjusted EBITDA loss on a year-over-year basis.

然後我們預計我們會確認，我會說，預計今年將投資 15 至 2500 萬美元的資本支出。當然，我們非常注重現金，我們致力於投資於平台的長期實力，顯然，資本支出投資將集中在物流平台上，這將使我們能夠擴大覆蓋範圍，提高速度交付和驅動的成本效益也向前發展。我們還確認，我們預計全年調整後的 EBITDA 虧損在 200 至 2.2 億美元之間，而去年為 1.97 億美元。而且按季度計算，我們認為我們已經超過了第四季度達到的調整後 EBITDA 虧損的峰值。從 2023 年開始，我們預計將開始逐年減少調整後的 EBITDA 損失。

And now before going into Q&A, those -- this was a lot of numbers, but let's just remind ourselves for a second of the huge opportunities that we are pursuing here and as well as the great impact that we are having on the continent and beyond. We believe we have decades of growth ahead of us. There are hundreds of millions of potential consumers, who will enter the market over the coming decades. The market opportunity is massive. Nigeria will be the third most populous country in the planet in 20, 30 years just after China and India.

現在在進行問答之前，那些數字很多，但讓我們提醒一下我們在這裡追求的巨大機會以及我們對非洲大陸及其他地區產生的巨大影響.我們相信我們還有數十年的增長。未來幾十年將有數億潛在消費者進入市場。市場機會巨大。尼日利亞將在 20 到 30 年後成為地球上人口第三多的國家，僅次於中國和印度。

Egypt is an amazing market. We have spent years building a platform to serve those consumers. This is very hard, and this is very unique. We have a very strong position in our market, and you've seen Egypt #1 e-commerce planet. What we're doing today is both addressing our ongoing path to profitability and lay ground to capture the long-term opportunity. And last but not least, we're impacting the lives of millions of consumers and sellers across the continent. Thank you very much for your attention, and we are now ready for questions.

埃及是一個了不起的市場。我們花了數年時間建立一個平台來服務這些消費者。這是非常困難的，這是非常獨特的。我們在市場上擁有非常強大的地位，您已經看到埃及排名第一的電子商務星球。我們今天所做的既是解決我們持續的盈利之路，也是為抓住長期機會奠定基礎。最後但同樣重要的是，我們正在影響整個非洲大陸數百萬消費者和賣家的生活。非常感謝您的關注，我們現在可以提問了。

(Operator Instructions) Our first question is coming from Aaron Kessler with Raymond James.

（操作員說明）我們的第一個問題來自 Aaron Kessler 和 Raymond James。

A couple of questions. Maybe first just on the consumer incentives now that you've been running the consumer incentives for a couple of quarters now. Can you just talk about maybe the effectiveness of that and maybe conversion rate and maybe the ROI of those customers that are using consumer incentives in terms of repeat shopping, et cetera? And then just maybe on the lower sales and marketing spend in the quarter, are you finding more marketing efficiencies kind of versus prior quarters? Or is that just maybe a step down more due to kind of Q1 seasonality?

幾個問題。既然您已經運行了幾個季度的消費者激勵措施，也許首先只是關於消費者激勵措施。您能否談談其有效性以及轉化率以及那些在重複購物等方面使用消費者激勵措施的客戶的投資回報率？然後可能只是由於本季度較低的銷售和營銷支出，您是否發現與前幾個季度相比，營銷效率更高？還是由於第一季度的季節性因素，這可能只是進一步下降？

Thanks, Aaron. Very good questions. On the consumer incentives, consumer incentive is for us and completely integrated into our marketing strategy, which is to drive the customer lifetime value for the long term, right? So here, we have different stages of the funnel for the consumers, from driving the awareness of the existence of Jumia to driving the adoption. And then as we drive the adoption to drive the loyalty and the repeat purchase, which ultimately form the customer lifetime value.

謝謝，亞倫。非常好的問題。在消費者激勵上，消費者激勵是對我們而言的，完全融入我們的營銷策略中，即長期驅動客戶終身價值，對吧？因此，在這裡，我們為消費者提供了不同的渠道，從提高對 Jumia 存在的認識到推動採用。然後，當我們推動採用以推動忠誠度和重複購買時，最終形成客戶終身價值。

And in terms of consumer incentives, we have different types, of course, right? So there are certain consumer incentives, which are price reductions of certain products, where we tend to lower products, for example, we lowed the price of the product to drive adoption and to drive repeat. There are certain coupons and vouchers, which can be distributed to various segments of consumers based on the objective that we have for those, for example, to make them discover a new category or to make them discover Jumia Express or to make them buy for the first time, lots of different types of strategies to engage the various segments, which are there. And then, of course, there is the, the shipping fee reduction that we are financing through the free shipping program.

當然，在消費者激勵方面，我們有不同的類型，對吧？因此，有某些消費者激勵措施，即某些產品的降價，我們傾向於降低產品，例如，我們降低產品的價格以推動採用和推動重複。有一些優惠券和代金券，可以根據我們的目標分配給不同的消費者群體，例如，讓他們發現一個新的類別或讓他們發現 Jumia Express 或讓他們購買第一次，有很多不同類型的策略來吸引各個細分市場。然後，當然，還有我們通過免費送貨計劃融資的運費降低。

So here, we have, I would say, a wide range of strategies, which are at play when it comes to consumer incentives, and they're, as I said, an integral part of our strategy to drive the long-term CLV. And as you pointed out, we started to ramp up the investments in consumer incentives together with the ramp-up in sales and advertising. I think it was more or less during the Q2 of last year, right? So I think here, we have a lot of learnings, and we optimize, and we continue to optimize. We see strong efficiency. And we're quite happy with what we're seeing. And I think it's driving a lot of CLV overall.

所以在這裡，我想說，我們有各種各樣的策略，這些策略在消費者激勵方面發揮著作用，正如我所說，它們是我們推動長期 CLV 戰略的一個組成部分。正如您所指出的，我們開始加大對消費者激勵措施的投資，同時增加銷售和廣告。我認為它或多或少是在去年的第二季度，對吧？所以我認為在這裡，我們有很多學習，我們優化，我們繼續優化。我們看到了強大的效率。我們對所看到的非常滿意。而且我認為它總體上推動了很多 CLV。

In terms of sales and advertising, it's -- here, I think we are maintaining, and we're salvaging the investments from H2. And there's certainly a little bit of seasonality, which is always happening in Q1 because it's a -- it's the new year, it's post Christmas, it's post the year-end spend and so on and so forth. But I think here, we're seeing some pretty good improvement of efficiency. And certainly, there is going to be always some -- some variations in the amount of sales and advertising that we spend.

在銷售和廣告方面，我認為我們正在維持，我們正在挽救 H2 的投資。而且肯定有一點季節性，這總是在第一季度發生，因為它是一個 - 這是新年，是聖誕節後，是年終支出等等。但我認為在這裡，我們看到了一些相當不錯的效率提高。當然，總會有一些——我們花費的銷售和廣告數量的一些變化。

I think we will always expect to spend a little bit more in Q4 than in Q1. But I think the efficiency level that we're seeing, we're confident that we can continue to gradually sustain them and gradually improve them over time. So they are not -- the increased efficiency is not particularly related to spending less, and we think that we will, in the long term, continue to drive efficiency.

我認為我們總是希望在第四季度花費比第一季度多一點。但我認為我們所看到的效率水平，我們有信心可以繼續逐漸維持它們並隨著時間的推移逐漸提高它們。所以他們不是——提高效率與減少支出沒有特別的關係，我們認為，從長遠來看，我們將繼續提高效率。

Our next question is coming from Lamont Williams with Stifel.

我們的下一個問題來自 Lamont Williams 和 Stifel。

The first question I have is, what are you seeing from your buyers on the platform in the midst of some of the macro challenges and high inflation and whatnot? And what do you expect you'll see kind of as we go through the balance of the year? And then, I have a follow-up.

我的第一個問題是，在一些宏觀挑戰和高通脹等情況下，您從平台上的買家那裡看到了什麼？在我們度過今年的剩餘時間時，您希望您會看到什麼？然後，我有一個跟進。

Yes. I mean it's a very important question, and I think it's still unfolding in many ways, right, because many things are happening almost on a daily basis and impacting the consumers, the supply, the prices and as you say, and whatnot, as you said, right? So there's a lot.

是的。我的意思是這是一個非常重要的問題，而且我認為它仍在以多種方式展開，對，因為許多事情幾乎每天都在發生，並影響著消費者、供應、價格以及正如你所說的那樣說，對吧？所以有很多。

Look, I think at the end of the day, we are amazingly well positioned because we are offering a very wide range of assortment, and we are offering solutions and access to consumers of products, which are very relevant with our positioning in the everyday categories and with very good prices. So at the end of the day, we are a reflection of the supply and whatever disruption is happening on the supply, of course, will disrupt the supply everywhere. But the beauty of Jumia is that we bring this amazing assortment, we bring this amazing experience, and we bring very good prices. So consumers will still need to buy everyday products, they will still need to do that.

看，我認為歸根結底，我們處於非常有利的位置，因為我們提供非常廣泛的分類，並且我們提供解決方案並接觸產品的消費者，這與我們在日常類別中的定位非常相關並且價格非常優惠。因此，歸根結底，我們是供應的反映，無論供應發生什麼中斷，當然都會擾亂各地的供應。但 Jumia 的美妙之處在於我們帶來了令人驚嘆的分類，我們帶來了令人驚嘆的體驗，我們帶來了非常優惠的價格。所以消費者仍然需要購買日常用品，他們仍然需要這樣做。

And if at all, when there is more pressure, I would say, on prices or on the wallets, consumers are more picky and consumers compare more, and I think that positions us very well, right? So I think we're pretty confident that whatever happens, we are relevant, and we will be relevant given our positioning and given our value proposition. Now of course, some categories will suffer, right? And some categories consider will trade down and more consumers will delay some purchases. So be it, I think not all categories will do well this year, but we will do well because we are well positioned on everything and on everyday categories, especially.

如果真的有壓力的話，我會說，在價格或錢包上，消費者更挑剔，消費者比較多，我認為這對我們來說非常有利，對吧？所以我認為我們非常有信心，無論發生什麼，我們都是相關的，並且考慮到我們的定位和價值主張，我們將是相關的。當然，現在某些類別會受到影響，對吧？一些品類考慮會降價，更多的消費者會推遲一些購買。就這樣吧，我認為今年並非所有類別都會做得很好，但我們會做得很好，因為我們在所有方面都處於有利地位，尤其是在日常類別中。

Okay. And then more of a -- on a longer-term question. You talked about a couple of interesting third off-platform initiatives with JumiaPay. How are you thinking about the monetization over time? Is there any kind of timing around that? And kind of what can you expect to see that -- how you expect to see that develop over time?

好的。然後更多的是關於一個長期問題。您談到了一些有趣的關於 JumiaPay 的第三個平台外計劃。隨著時間的推移，您如何看待貨幣化？有什麼時間安排嗎？你能期待看到什麼——你希望看到它隨著時間的推移如何發展？

Yes. I think, I mean, we're starting to see on the 2 off-platforms, we have 2 -- we have -- advertising is more of an on-platform, but then we have advertising, and then we have JumiaPay, and then we have Jumia Logistics and advertising, I think it's moving well. You can see very good growth rate this quarter, and we are rolling out a lot of solutions to help brands advertise on Jumia. And I think this is an area that we will continue. It's starting to show some good impact and will continue in the future.

是的。我認為，我的意思是，我們開始在 2 個平台外看到，我們有 2 個——我們有——廣告更像是一個平台上的，但是我們有廣告，然後我們有 JumiaPay，還有然後我們有 Jumia 物流和廣告，我認為它進展順利。您可以看到本季度的增長率非常好，我們正在推出許多解決方案來幫助品牌在 Jumia 上做廣告。我認為這是我們將繼續的一個領域。它開始顯示出一些良好的影響，並將在未來繼續。

The second one, of course, logistics, we start to display some numbers, and we've -- you've seen the number of packages that we shipped this quarter that we have over 1,000 clients and that we start to generate over $1 million of revenue. So I think this is moving well. And we see here the long-term opportunity, which is very big in logistics. Of course, it's not a secret that logistic in Africa is very hard, and I think we've developed something that is absolutely unique.

第二個，當然是物流，我們開始顯示一些數字，我們已經 - 你已經看到我們本季度運送的包裹數量，我們有超過 1,000 個客戶，我們開始產生超過 100 萬美元的收入。所以我認為這進展順利。我們在這裡看到了長期的機會，這在物流方面非常重要。當然，非洲的物流非常困難已經不是什麼秘密了，我認為我們已經開發出絕對獨一無二的東西。

And I mean, 57% of our shipped packages reached consumers within 24 hours in Africa, right? I mean, this is, I think, exceptional. So this asset I think we're going to continue to develop it and bring you the numbers. We don't give specific guidance because it's still early days. And as we have more visibility and so on, we'll bring more guidance. I think for now, we bring the numbers as they are, and we are committed to continuing to grow it without giving particular guidance.

我的意思是，我們 57% 的包裹在 24 小時內到達非洲消費者手中，對吧？我的意思是，我認為這是非常特殊的。因此，我認為我們將繼續開發這項資產並為您帶來數字。我們沒有給出具體的指導，因為它還處於早期階段。隨著我們有更多的知名度等等，我們將帶來更多的指導。我認為目前，我們按原樣提供數字，並且我們致力於在不提供特別指導的情況下繼續增長它。

I think on JumiaPay, JumiaPay is a long-term, very important asset for us. And here, you don't go lightly into starting to process third-party payments, right? This is a new area. And the first step is to get the license and this step is already a huge achievement on its own, right? So to get a license, you have to develop a number of processes, and you have to, of course, apply to the Central Bank, and then, pass a number of audits and verification and so on. And we've obtained that, which speaks very highly of the quality of the product that we have built, our level of compliance, our level of execution on JumiaPay.

我認為在 JumiaPay 上，JumiaPay 對我們來說是一項長期的、非常重要的資產。在這裡，您不會輕易開始處理第三方付款，對嗎？這是一個新領域。第一步是獲得許可證，這一步本身已經是一個巨大的成就，對吧？所以要拿到執照，你必須制定一些流程，當然，你必須向中央銀行申請，然後通過一些審計和驗證等等。我們已經獲得了這一點，這對我們所構建的產品質量、我們的合規水平以及我們在 JumiaPay 上的執行水平都非常重視。

And now that we have those licenses, we are going to tailor our solution to the merchants and start rolling it out, right? So I think we are still several quarters away from showing meaningful revenue because we are now in the phase of adapting the product to take it to the market, right? So this is more something that I think we will start updating at least in a few quarters.

現在我們擁有了這些許可證，我們將為商家量身定制我們的解決方案並開始推出，對嗎？所以我認為我們距離顯示可觀的收入還有幾個季度，因為我們現在正處於調整產品以將其推向市場的階段，對吧？所以這更多的是我認為我們將至少在幾個季度內開始更新的內容。

Our next question is coming from Sarah Simon with Berenberg.

我們的下一個問題來自 Sarah Simon 和 Berenberg。

I've got a couple of questions. First one was on working capital, and you -- there was a comment in the release about taking on more first party inventory. So I'm just wondering how we should think about working capital in that context going forward? Because I assume there, you've got to pay for the goods before you start selling them. That was the first thing.

我有幾個問題。第一個是關於營運資金，而你 - 發布中有一條關於承擔更多第一方庫存的評論。所以我只是想知道在這種情況下，我們應該如何看待未來的營運資金？因為我假設在那裡，您必須在開始銷售商品之前為商品付款。那是第一件事。

The second one was on the repeat purchase rate. Can you give us an idea? Because I don't think you've ever told us this, what proportion of your customers, let's say, in the current quarter, the active customers are people, who have previously shopped on Jumia or maybe think of it the other way, which is what percentage of the customer growth came from completely new customers? That would be helpful.

第二個是重複購買率。你能給我們一個想法嗎？因為我認為您從未告訴過我們，您的客戶中有多少比例，比如說，在當前季度，活躍客戶是以前在 Jumia 上購物過的人，或者可能以另一種方式想到的人，百分之幾的客戶增長來自全新的客戶？那會很有幫助。

And then the final one was just in terms of the phasing of advertising, obviously, your guidance for H1 implies quite a lot of an increase in spend in Q2. Can you just remind us what sort of promotional weeks there are in Q2 versus Q1, if it's to do with kind of advertising to the event or if there's something else behind that phasing?

然後最後一個只是在廣告分階段方面，顯然，您對 H1 的指導意味著 Q2 的支出增加了很多。您能否提醒我們第二季度和第一季度有哪些促銷週，是否與活動的廣告類型有關，或者該階段背後還有其他原因？

Yes. Thank you, Sarah. I think to start with the last one because it's kind of the easiest is we usually do the Jumia anniversary in June or sometimes in July. It depends on a number of things, a calendar date around Ramadan and the rainy season in some countries and so on. But it's -- and this year, it will take place in June, and this year is the 10-year anniversary of Jumia. So this is typically a good opportunity for us to bring lots of good prices, good deals and just good momentum for our sellers and our consumers. So that's why in Q2, you will see more investment than Q1 and is for this specific anniversary, right? I think our working capital...

是的。謝謝你，莎拉。我想從最後一個開始，因為最簡單的是我們通常在六月或七月舉行 Jumia 週年紀念。這取決於很多事情，齋月前後的日曆日期和一些國家的雨季等等。但它是——今年，它將在六月舉行，今年是 Jumia 成立 10 週年。因此，這通常是我們為賣家和消費者帶來大量優惠價格、優惠交易和良好勢頭的好機會。所以這就是為什麼在第二季度，你會看到比第一季度更多的投資，而且是為了這個特定的周年紀念日，對吧？我認為我們的營運資金...

Okay. When was Jumia anniversary last year? When did Jumia anniversary last year?

好的。去年 Jumia 週年紀念日是什麼時候？去年 Jumia 週年紀念日是什麼時候？

Yes. Yes, you have to refresh that exactly the date. I believe last year was also fully in June, but some country overlapping in July. I would say most of the country fully in June and some of them in June and July. We can follow up separately to make sure you have that thing I think when we release Q2, and we will provide such comparison to make sure that there's no calendar effect.

是的。是的，您必須準確地刷新日期。我相信去年也是完全在六月，但一些國家在七月重疊。我會說全國大部分地區都在六月，其中一些在六月和七月。我們可以單獨跟進以確保您在我們發布 Q2 時擁有我認為的東西，並且我們將提供此類比較以確保沒有日曆效應。

On the working capital, yes, well, I think we are conducting more first party because I think it's the -- the market requires it and it's a good opportunity for us. I think we are going to see the inventory level continue to increase. But at the same time, we're getting also increased payment terms over time, right? So I'm not sure the net-net impact on the cash would be significant. If inventory was to increase or will increase, I think we will also get payment terms.

在營運資金方面，是的，嗯，我認為我們正在進行更多的第一方，因為我認為這是 - 市場需要它，這對我們來說是一個很好的機會。我認為我們將看到庫存水平繼續增加。但與此同時，隨著時間的推移，我們的付款條件也會增加，對吧？所以我不確定對現金的淨淨影響會很大。如果庫存增加或將增加，我想我們也會得到付款條件。

And we tend to have to do retail on high turning SKUs, right? So we don't tend to buy, let's say, for next year's fashion collection, right? We would buy some FMCG for the next few weeks or we will buy some in electronics for the 10-year anniversary or something like that, right? So I don't think that we would see a meaningful, meaningful impact on working capital because the increased inventory would be compensated by increased payment terms or by just short selling cycle.

而且我們往往不得不在高周轉的 SKU 上進行零售，對嗎？所以我們不傾向於購買明年的時裝系列，對吧？我們會在接下來的幾週內購買一些快速消費品，或者我們會在 10 週年之際購買一些電子產品或類似的東西，對吧？因此，我認為我們不會看到對營運資本產生有意義的、有意義的影響，因為增加的庫存將通過增加付款條件或縮短銷售週期來補償。

Right. Okay. And then I think on cohort, yes, I mean there's a number of questions I think here. We've been publishing in the past some data point on loyalty, some data point on the split of returning and new consumers. And so here, I will simply answer qualitatively that we are seeing very good momentum both on the loyalty and on the adoption. At some point in the future, we hope or we may decide to publish more data. It's hard to just comment here quantitatively without giving the numbers. But qualitatively, I can tell you that we're seeing good momentum on both adoption and loyalty.

對。好的。然後我想到隊列，是的，我的意思是我認為這裡有很多問題。我們過去一直在發布一些關於忠誠度的數據點，一些關於回頭客和新消費者劃分的數據點。因此，在這裡，我將簡單地定性地回答，我們在忠誠度和採用率方面都看到了非常好的勢頭。在未來的某個時候，我們希望或者我們可能決定發布更多數據。很難在這裡定量評論而不給出數字。但從質量上講，我可以告訴你，我們在採用率和忠誠度方面都看到了良好的勢頭。

Our next question is coming from Luke Holbrook with Morgan Stanley.

我們的下一個問題來自摩根士丹利的盧克霍爾布魯克。

I was just going to ask you on from a unit economic perspective, on the one hand, you're making quite a few efforts to improve consumer frequency, but on the other hand, average order values have declined, I think, 9% year-on-year in the first quarter. So just basically wondering how that impacts your road map to profitability, where you think the average order value start to stabilize? And I've just got a follow-up after that.

我只是想從單位經濟的角度問你，一方面，你在努力提高消費頻率，但另一方面，平均訂單價值下降了，我認為，9% 年- 第一季度同比。因此，基本上只是想知道這如何影響您的盈利路線圖，您認為平均訂單價值在哪裡開始穩定？在那之後我剛剛進行了跟進。

Yes. Thank you for the question, Luke. I think you're right, the average order value is going down 9%, and I think this is expected, and I think this is a trend that will continue. It's hard to predict exactly where the AOV is going to stand. But certainly, I think we continue, and we will continue to see it coming down over time, maybe not at that speed, but here, it's hard to predict.

是的。謝謝你的問題，盧克。我認為你是對的，平均訂單價值下降了 9%，我認為這是意料之中的，而且我認為這是一個將繼續下去的趨勢。很難準確預測 AOV 的位置。但可以肯定的是，我認為我們會繼續下去，隨著時間的推移，我們將繼續看到它下降，也許不會以那種速度下降，但在這裡，很難預測。

And I think you see that, I mean, over the last few years, we've managed to really build a sustainable unit economics to drive the profits of the orders. And you see the gross profit has moved from 3.4 to $4 now to 3.7, but I would say this is quite positive that despite going from $33 to $27, we managed to keep the same dollars per gross profit, right? So the percentage of AOV, we're now almost at 14% of gross profit. So we've managed to grow by 4 points, as we saw the average order value going down. The fulfillment expense, we managed to capture slight efficiency. Of course, here, there are lots of things, which are at play. And so we're still generating $1 out of the $27 after fulfillment.

我想你看到了，我的意思是，在過去的幾年裡，我們已經成功地建立了一個可持續的單位經濟來推動訂單的利潤。你看到毛利潤從 3.4 美元到 4 美元現在到 3.7 美元，但我會說這是非常積極的，儘管從 33 美元到 27 美元，我們設法保持每毛利潤相同的美元，對嗎？所以 AOV 的百分比，我們現在幾乎是毛利潤的 14%。所以我們成功地增長了 4 個百分點，因為我們看到平均訂單價值下降。在履行費用方面，我們設法取得了輕微的效率。當然，這裡有很多東西在起作用。所以我們仍然在完成後的 27 美元中產生 1 美元。

So I think we're seeing that our business model is very adaptive and managed to adapt to the shifts that has been happening towards the everyday category. And now it's really about rolling out all these initiatives that we mentioned on driving more revenues and driving better margins on retail, driving better commissions and pass-through on the marketplace, driving more monetization in Jumia Express, increasing advertising revenues now that we also work even more with FMCG, we have the opportunity to tap into the marketing contributions of those suppliers and with sellers, and then logistics, Jumia Logistics and JumiaPay.

所以我認為我們看到我們的商業模式非常適應並設法適應日常類別發生的變化。現在真的是要推出我們提到的所有這些舉措，以推動更多收入和提高零售利潤率，推動更好的佣金和市場傳遞，推動 Jumia Express 的更多貨幣化，增加廣告收入，因為我們也在工作更重要的是，通過快速消費品，我們有機會利用這些供應商和賣家的營銷貢獻，然後是物流、Jumia Logistics 和 JumiaPay。

And as we roll out all those, we need to see the dollar value of the gross profit after fulfillment increase. So I think here, we are certainly not worried by the drop of the AOV. I think it's something we are actually driving. We are in a good place. But we want to be in an even better place and continue to drive more monetization to improve our gross profit and to grow the absolute dollars that we're making after fulfillment.

當我們推出所有這些時，我們需要看到實現增加後毛利潤的美元價值。所以我認為在這裡，我們當然不擔心 AOV 的下降。我認為這是我們實際上正在推動的事情。我們在一個好地方。但我們希望處於一個更好的位置，並繼續推動更多的貨幣化，以提高我們的毛利潤並增加我們在完成後賺取的絕對收入。

Understood. And also just as a follow-up, in the last couple of years, you've been impacted a little bit by supply chain issues, sourcing of goods in the current inflationary environment and the issues that have resulted across the world, how does that impact you going forward? Will this result in kind of a buildup in inventories?

明白了。此外，作為後續行動，在過去的幾年中，您受到供應鏈問題、當前通貨膨脹環境下的商品採購以及在全球範圍內產生的問題的影響，這是怎麼回事影響你前進？這會導致庫存增加嗎？

And just as another a side point as well. Can you just comment on the local press reports on the possible bid to acquire the Company, that would be helpful?

就像另一個方面一樣。您能否就當地媒體關於可能收購該公司的報導發表評論，這會有所幫助嗎？

Yes. Of course, I think on the supply chain, I believe really that I mean a lot of the negative impacts during the COVID year was about curfews and local disruptions of not being able to move the products around having our sellers not being able to come and deliver in our warehouse because of restrictions of movements and things like that, which were really, really impacted almost like the supply chain, but from a logistics perspective, right?

是的。當然，我認為在供應鏈上，我真的認為我的意思是，在 COVID 年期間的許多負面影響是關於宵禁和當地無法移動產品導致我們的賣家無法來的中斷和在我們的倉庫中交付是因為行動限制和類似的事情，這真的，真的幾乎像供應鏈一樣受到影響，但從物流的角度來看，對吧？

The issues that we see in the supply chain in terms of access and products not arriving or not leaving China or things like that have been happening, will continue to happen. And this is -- I think the answer I was -- I was giving to the earlier question, which is we are a reflection of the market. We are very well positioned with the everyday category.

我們在供應鏈中看到的關於准入和產品未到達或未離開中國或類似情況的問題將繼續發生。這是 - 我想我的答案 - 我給了之前的問題，我們是市場的反映。我們在日常類別中處於非常有利的位置。

So whenever there is some disruption in the category, it's going to impact that category. But overall, people still need to function if I may use that expression, right, and they will come and look for the categories that they need and for the everyday categories, which are extremely important and extremely relevant, right? So I think this is what we expect for that.

因此，只要該類別出現一些中斷，就會影響該類別。但總的來說，如果我可以使用這種表達方式，人們仍然需要發揮作用，對，他們會來尋找他們需要的類別和日常類別，這些類別非常重要且非常相關，對吧？所以我認為這是我們對此的期望。

Now in terms of the market rumors, we don't comment on, I would say, such speculations. And as per the U.S. Securities law, any shareholder, who has more than 5% needs to make himself known. So I guess, I guess that's what we would expect. So here, we cannot comment on speculations like that. But again, if any one passes the 5%, they will have to make themselves known.

現在就市場傳言而言，我們不評論，我想說，這樣的猜測。根據美國證券法，任何持股超過 5% 的股東都需要讓自己出名。所以我想，我想這就是我們所期望的。所以在這裡，我們不能對這樣的猜測發表評論。但同樣，如果有人超過 5%，他們將不得不讓自己知道。

(Operator Instructions) There appear to be no further questions in the queue. Do you have any closing comments you'd like to finish with?

（操作員說明）隊列中似乎沒有其他問題。你有什麼結束評論想要結束嗎？

I just want to thank everyone for the support and looking forward to a great Q2, great Jumia anniversary 10 years, and we'll reconnect together in 3 months. And in the meantime, we are always available to discuss and connect. Thank you, everyone. Take care.

我只想感謝大家的支持，並期待一個偉大的第二季度，偉大的 Jumia 10 週年紀念日，我們將在 3 個月內重新聯繫在一起。與此同時，我們隨時可以討論和聯繫。謝謝大家。小心。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your lines at this time. Have a wonderful day. Thank you for your participation.

謝謝你們，女士們，先生們。這確實結束了今天的電話會議。此時您可以斷開線路。有一個美好的一天。感謝您的參與。