Contextlogic Inc (LOGC) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to Wish's third-quarter 2023 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

美好的一天，感謝您的支持。歡迎參加 Wish 2023 年第三季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

I would now like to turn the conference over to Ralph Fong, Wish's Director of Investor Relations. Please go ahead.

我現在想將會議交給 Wish 投資者關係總監 Ralph Fong。請繼續。

Good afternoon, everyone, and welcome to Wish's third-quarter 2023 earnings conference call. I am Ralph Fong, Director of Investor Relations. And joining me today are our CEO Joe Yan, and our CFO and COO Vivian Liu.

大家下午好，歡迎參加 Wish 2023 年第三季財報電話會議。我是投資者關係總監 Ralph Fong。今天加入我的是我們的執行長 Joe Yan 以及我們的財務長兼營運長 Vivian Liu。

Today's prepared remarks have been pre-recorded. There is also a slide deck that has been posted to our investor relations website, which is available for your reference. Once we are finished with Joe and Vivian's remarks, we will hold a live Q&A session.

今天準備好的發言稿已預先錄製。我們的投資者關係網站上也發布了幻燈片，供您參考。一旦我們聽完 Joe 和 Vivian 的發言，我們將舉行現場問答環節。

The remarks made today include forward-looking statements that are related to, among other things, our financial expectations; business and restructuring plans; logistics and operational efficiencies; application and site enhancements, including tools and initiatives to improve customer experience and engagement; expectations regarding merchant relationships and strategic partnerships; the impact of our strategic, marketing and product initiatives, including ad spending and promotional events; and the anticipated return on our investments and their ability to drive future growth.

今天發表的言論包括與我們的財務預期等相關的前瞻性陳述；業務和重組計劃；物流和營運效率；應用程式和網站增強，包括改善客戶體驗和參與度的工具和措施；對商家關係和策略夥伴關係的期望；我們的策略、行銷和產品計劃的影響，包括廣告支出和促銷活動；以及我們投資的預期回報及其推動未來成長的能力。

Our actual results may differ materially from the results implied by these forward-looking statements if certain risks materialize or assumptions prove incorrect. Forward-looking statements involve risks and uncertainties which are described in today's earnings release and our periodic reports filed with the SEC. Any forward-looking statements that we make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.

如果某些風險成為現實或假設被證明不正確，我們的實際結果可能與這些前瞻性陳述所暗示的結果有重大差異。前瞻性陳述涉及今天的收益報告和我們向美國證券交易委員會提交的定期報告中所述的風險和不確定性。我們在本次電話會議中所做的任何前瞻性陳述均基於我們今天的信念和假設，我們不承擔任何更新這些陳述的義務。

Also, during the call, we will present both GAAP and non-GAAP financial numbers and metrics. A reconciliation of non-GAAP to GAAP results is included in today's earnings release, which you can find on our investor relations website and which is also filed with the SEC. A replay of this call will be posted to our investor relations website.

此外，在電話會議期間，我們將介紹 GAAP 和非 GAAP 財務數據和指標。今天的收益報告中包含了非 GAAP 與 GAAP 業績的對賬，您可以在我們的投資者關係網站上找到該報告，該報告也已向 SEC 備案。本次電話會議的重播將發佈到我們的投資者關係網站上。

With that, I will now turn the call over to Wish's CEO, Joe Yan.

現在，我將把電話轉給 Wish 的執行長 Joe Yan。

Thank you, Ralph. I would like to thank everyone for joining our third quarter 2023 earnings call.

謝謝你，拉爾夫。我要感謝大家參加我們的 2023 年第三季財報電話會議。

First and foremost, I would like to express our sadness at both the devastating attacks on Israel on October 7, 2023, as well as the resulting war. We extend our deepest sympathy to the families of all victims, as well as who have been impacted by this tragedy. Wish has merchants, contractors, and business partners throughout the region, and our employees have family and friends there, too. Our entire team is committed to supporting these friends, families, and colleagues during this most difficult time.

首先，我想對 2023 年 10 月 7 日以色列遭受的毀滅性襲擊以及由此引發的戰爭表示悲傷。我們向所有罹難者家屬以及受到這場悲劇影響的人們致以最深切的同情。 Wish 在整個地區擁有商人、承包商和業務合作夥伴，我們的員工也在那裡有家人和朋友。我們整個團隊致力於在這個最困難的時刻為這些朋友、家人和同事提供支持。

On this call, I will share with you our Q3 financial updates and discuss the business highlights. Vivian will then provide a deeper dive into financial results, share the fourth-quarter guidance, and comment on our operations. Finally, I will provide additional closing remarks before opening up the call to your questions.

在這次電話會議上，我將與您分享我們第三季的財務更新並討論業務亮點。然後，維維安將更深入地介紹財務業績，分享第四季度的指導，並對我們的營運發表評論。最後，在開始回答大家的問題之前，我將提供額外的結論。

Before I discuss our results, I would like to take a moment to speak about the other important news that we announced earlier today. The Board's decision to initiate a process to explore a range of strategic alternatives for Wish underscores our commitment to exploring all avenues to maximize shareholder value. We have engaged JPMorgan as our financial advisor to support this process.

在討論我們的結果之前，我想花點時間談談我們今天早些時候宣布的其他重要消息。董事會決定啟動一項流程，為 Wish 探索一系列策略替代方案，突顯了我們致力於探索所有途徑以實現股東價值最大化的承諾。我們聘請摩根大通作為我們的財務顧問來支持這個過程。

While the Board conducts this work, we will continue to execute on our strategic plan for growth and value creation. We have not set the definitive timetable for completion of this process. We will not have any further comment on this process today. I want to emphasize that there can be no assurance regarding the results or outcome of this process. We also do not intend to comment further on this process and will make further announcements as we deem appropriate and in accordance with law.

在董事會進行這項工作的同時，我們將繼續執行我們的成長和價值創造策略計劃。我們尚未設定完成此過程的明確時間表。今天我們不會對此過程發表任何進一步評論。我想強調的是，我們無法保證這過程的結果或結果。我們也不打算對此流程發表進一步評論，並將在我們認為適當的情況下依法發布進一步公告。

With that said, let's discuss our third-quarter results. In the third quarter of 2023, total revenue were $60 million, down 52% year over year, primarily driven by lower ad spend. Note that Q3 revenues were in line with guidance range of $55 million to $65 million. On the bottom-line, we reported adjusted EBITDA loss of $54 million, compared to adjusted EBITDA loss of $95 million in the same time period last year and a loss of $66 million in Q2 2023.

話雖如此，讓我們討論一下我們的第三季業績。 2023 年第三季度，總收入為 6,000 萬美元，年減 52%，主要是因為廣告支出減少。請注意，第三季收入符合 5,500 萬美元至 6,500 萬美元的指導範圍。就利潤而言，我們報告調整後 EBITDA 虧損為 5,400 萬美元，而去年同期調整後 EBITDA 虧損為 9,500 萬美元，2023 年第二季虧損為 6,600 萬美元。

Also, note that the Q3 2023 adjusted EBITDA result exceeded the higher end of guidance range of a loss of $65 million to $55 million. We ended the third quarter with cash, cash equivalents, and marketable securities of $445 million.

另請注意，2023 年第三季調整後 EBITDA 結果超出了指導範圍的上限，即虧損 6,500 萬美元至 5,500 萬美元。截至第三季末，我們的現金、現金等價物和有價證券為 4.45 億美元。

While we are not able to change the macro and industry trend, we continue to focus on what we can control. Across the entire organization, our team demonstrated resilience and agility throughout the quarter in their approach to navigating increasingly challenging market dynamics, characterized by macro and the competitive pressures. Our ability to reduce our adjusted EBITDA loss on both a year-over-year and a sequential basis has been the result of proactive and the decisive actions to manage our cost structure and improve our operational efficiencies.

雖然我們無法改變宏觀和行業趨勢，但我們會繼續關注我們能控制的事情。在整個組織中，我們的團隊在整個季度中展示了應對日益嚴峻的市場動態（以宏觀壓力和競爭壓力為特徵）的韌性和敏捷性。我們能夠逐年和連續減少調整後 EBITDA 損失，是我們採取積極果斷行動管理成本結構和提高營運效率的結果。

Throughout the third quarter and in the last several weeks, we continued to make progress on our three foundational pillars. Let me now share the recent business highlights.

在整個第三季和過去幾周里，我們繼續在三個基本支柱上取得進展。下面我就跟大家分享一下近期的業務亮點。

Our first pillar is improving the customer experience. As part of our efforts to further improve the customer experience and drive basket-building, our product team experimented with the Keep Shopping feature on the homepage of Wish app. The feature highlights specific landing pages and feeds to better showcase categories and products that are of recent interest, and makes more product-adjacent recommendations.

我們的第一個支柱是改善客戶體驗。為了進一步改善客戶體驗並推動購物籃建設，我們的產品團隊在Wish應用程式的主頁上嘗試了「繼續購物」功能。該功能突出顯示特定的登陸頁面和提要，以更好地展示最近感興趣的類別和產品，並提供更多與產品相關的推薦。

Our goal is to further drive user engagement, convert interest into transactions, better act on hot leads and recommend complementary items. Additionally, to further assist in our customers' product exploration journey, our team is working tirelessly on exploring ways to leverage generative AI to create product collections at scale to further drive engagement and basket-building opportunities for our customers.

我們的目標是進一步提高用戶參與度，將興趣轉化為交易，更好地針對熱門線索採取行動並推薦互補商品。此外，為了進一步協助客戶的產品探索之旅，我們的團隊正在不懈地探索利用生成式人工智慧大規模創建產品​​系列的方法，以進一步推動客戶的參與度和購物籃機會。

In Q3, we formed a partnership with North American parcel pick-up and drop-off counter network, PUDO. The partnership enables Wish customers to click and collect parcels from more than 1,200 PUDOpoint counters across the US and Canada. The collaboration with PUDO supports our broader goal to improve the shopping experience by providing enhanced level of convenience for our shoppers through enabling hassle-free package retrieval from numerous locations.

第三季度，我們與北美包裹收發櫃檯網路PUDO建立了合作夥伴關係。此次合作使 Wish 客戶能夠從美國和加拿大的 1,200 多個 PUDOpoint 櫃檯點擊並領取包裹。與 PUDO 的合作支持我們更廣泛的目標，即透過從多個地點輕鬆取回包裹，為購物者提供更高水準的便利，從而改善購物體驗。

At the same time, it opens up new avenues for independent retailers to drive increased foot traffic and revenue streams generated by package collections. By end of the year, the Wish Local network of pick-up points are expected to reach 24,000 globally.

同時，它為獨立零售商開闢了新的途徑，以增加包裹收集帶來的客流量和收入流。到今年年底，Wish Local 的全球提貨點網路預計將達到 24,000 個。

Turning to our second pillar, which is deepening our merchant relationships. As a marketplace platform, we continue to recognize that our merchants play a pivotal role in providing excellent customer experience. We have always had an unwavering focus on strengthening relationships with our global merchants who have delivered best-in-class experiences to our consumers.

轉向我們的第二個支柱，即深化我們的商人關係。作為一個市場平台，我們繼續認識到我們的商家在提供卓越的客戶體驗方面發揮關鍵作用。我們始終堅定不移地致力於加強與全球商家的關係，他們為我們的消費者提供了一流的體驗。

As an example, every month, we conduct a survey of our merchants to better understand their needs and gauge their overall sentiment [to us]. Consistent with the last several quarters, the findings of our recent Merchant NPS survey in Q3 indicated that merchants valued highly the ease of onboarding and selling, our global customer traffic, and logistics support. Going forward, we expect to continue to survey our merchants to learn more about how to make Wish an even better and more user-friendly marketplace for their businesses.

例如，我們每個月都會對商家進行一項調查，以更好地了解他們的需求並評估他們[對我們]的整體情緒。與過去幾季一致，我們最近在第三季進行的商家 NPS 調查結果表明，商家高度重視入職和銷售的便利性、我們的全球客戶流量和物流支援。展望未來，我們預計將繼續對我們的商家進行調查，以了解更多關於如何使 Wish 成為一個對其企業更好、更用戶友好的市場。

Throughout the third quarter, we continued to refine the Wish Standards program, which is designed to help improve the quality of merchants and product listings on Wish. We continued to see the program have a positive impact on the business, resulting in a reduction in customer refund rates. At Wish, we are poised to drive the overall customer experience at the platform level through measuring and rewarding merchants who perform well in areas that matter most to our customers, such as refund rates and policy compliance.

在整個第三季度，我們繼續完善 Wish 標準計劃，該計劃旨在幫助提高 Wish 上商家和產品清單的品質。我們繼續看到該計劃對業務產生積極影響，導致客戶退款率降低。在 Wish，我們準備好透過衡量和獎勵在對客戶最重要的領域（例如退款率和政策合規性）表現良好的商家來推動平台層面的整體客戶體驗。

To this same end, we recently published our inaugural Anti-Counterfeiting Report. In essence, the report provides insights into the progress we have made over the past six months in our efforts to reduce the sale of counterfeit goods and enforce policies preventing the listing of counterfeit products on our platform.

為此，我們最近發布了首份防偽報告。本質上，該報告深入了解了我們過去六個月在減少假冒商品銷售和執行防止假冒產品在我們平台上列出的政策方面所取得的進展。

Counterfeiting is a serious problem in our industry. And as a large marketplace, we recognize we have a responsibility to our customers to promote a greater degree of transparency on this important issue and do what we can to identify and remove listings of counterfeit goods.

假冒偽劣是我們行業中的一個嚴重問題。作為一個大型市場，我們認識到我們有責任對客戶提高這一重要問題的透明度，並盡我們所能識別和刪除假冒商品的清單。

Last week, we announced an agreement with French ecommerce SaaS solution provider, Octopia, which is expected to open up a gateway for hundreds of Europe-based merchants to start selling on the Wish platform. As part of the agreement, which is set to go live in the current quarter, Wish will only allow merchants with merchant ratings of four, five, or above as we continue on our journey to improve the range of listings on our platform.

上週，我們宣布與法國電子商務 SaaS 解決方案提供商 Octopia 達成協議，預計將為數百家歐洲商家打開在 Wish 平台上銷售的入口網站。作為定於本季上線的協議的一部分，Wish 將只允許商家評級為 4、5 或以上的商戶，同時我們將繼續改善平台上的清單範圍。

We are excited to develop our partnership with Octopia. The breadth and depth of merchants that Octopia is bringing to our platform is differentiated as their merchants offer a broad range of goods spanning consumer electronics, beauty, fashion, home and garden, and hobbies.

我們很高興與 Octopia 發展合作關係。 Octopia 為我們平台帶來的商家的廣度和深度各不相同，因為他們的商家提供廣泛的商品，涵蓋消費性電子產品、美容、時尚、家居和園藝以及愛好。

I will now discuss our third pillar of achieving operational excellence. As a result of our ongoing efforts to reduce friction on our platform, we continued to make good progress in the key operational metrics in Q3. For example, the average time-to-door in six of our major markets further improved by approximately five days when compared to the same period of 2022. Our on-time delivery rate was about 91%, mostly flat when compared to last quarter.

我現在將討論實現卓越營運的第三個支柱。由於我們不斷努力減少平台上的摩擦，我們在第三季的關鍵營運指標上繼續取得了良好進展。例如，與 2022 年同期相比，我們六個主要市場的平均到門時間進一步縮短了約 5 天。

The continued progress in our average time-to-door in the major markets we serve also favorably impacted refund rates and customer experience. Specifically, our customer refund rates decreased by 9% year over year in the quarter.

我們所服務的主要市場的平均送貨上門時間的持續進步也對退款率和客戶體驗產生了有利的影響。具體來說，本季我們的客戶退款率年減了 9%。

We also saw a 19% year-over-year improvement in customer NPS alongside encouraging average transaction value and the buyer conversion rates in Q3. In particular, average transaction value and the buyer conversion increased by 31% and approximately 5% respectively, in the third quarter of 2023, when compared to the same period last year.

我們還發現，第三季客戶 NPS 年比提高了 19%，平均交易價值和買家轉換率也令人鼓舞。特別是，與去年同期相比，2023 年第三季的平均交易額和買家轉換率分別成長了 31% 和約 5%。

As previously announced, the implementation of the workforce reduction was largely completed by the end of Q3. Going forward, we expect to realize run-rate savings of approximately $43 million to $46 million on an annualized basis, starting in the current quarter. In addition, we have taken a number of actions to rationalize our cost base and reduce overall operating expenses. Bringing it all together, I'm pleased with the progress we are making on each of our foundational pillars.

正如先前宣布的那樣，裁員的實施在第三季末已基本完成。展望未來，我們預計從本季開始，按年計算，將實現運行率節省約 4,300 萬至 4,600 萬美元。此外，我們還採取了一系列行動來合理化我們的成本基礎並降低整體營運費用。總而言之，我對我們在每個基礎支柱上取得的進展感到高興。

Now, I would like to discuss our strategic focus. 13 years ago, Wish revolutionized the ecommerce space by creating a mobile-first, discovery-based, personalized, and fun shopping experience. 13 years into our journey, our vision hasn't changed, which is to unlock ecommerce for the underserved by giving users access to a wide selection of affordable goods and providing merchants with access to millions of users globally.

現在我想談談我們的策略重點。 13 年前，Wish 創造了行動優先、基於發現的、個人化且有趣的購物體驗，徹底改變了電子商務領域。 13 年來，我們的願景沒有改變，即透過讓用戶獲得多種價格實惠的商品，並為商家提供接觸全球數百萬用戶的機會，為服務水平低下的人們開啟電子商務之路。

What has changed over the years is that we are now on an accelerated path to re-invent Wish with an ever-greater sense of urgency. We remain committed to providing a differentiated shopping experience and competitive prices for our customers. Our key focus is to keep improving the customer experience, which we believe plays a critical role in driving user engagement and growth.

這些年來發生的變化是，我們現在正以前所未有的緊迫感加速重塑 Wish。我們仍然致力於為客戶提供差異化的購物體驗和有競爭力的價格。我們的重點是不斷改善客戶體驗，我們相信這在推動用戶參與和成長方面發揮關鍵作用。

Looking ahead, as part of our sustainable growth strategy, first of all, we intend to differentiate through verticals by expanding our product range within the beauty and health and consumer electronics categories.

展望未來，作為我們永續成長策略的一部分，首先，我們打算透過擴大美容健康和消費性電子產品類別的產品範圍，在垂直領域實現差異化。

For the beauty and health category, we recognize that there is an increasing consumer demand for health and wellness products that are designed to support and enhance well-being, physical, mental, and emotional health. Importantly, affordability is critical to improving the accessibility of those products for consumers. We are encouraged by the growth trajectory in this vertical, and we believe we are positioned to capitalize on the business opportunities there. We expect to further expand the range of products within the beauty and health category on the platform.

對於美容和健康類別，我們認識到消費者對旨在支持和增強福祉、身體、心理和情緒健康的健康和保健產品的需求不斷增長。重要的是，負擔能力對於提高消費者對這些產品的可近性至關重要。我們對這一垂直領域的成長軌跡感到鼓舞，我們相信我們有能力利用那裡的商機。我們期望進一步擴大平台上美容健康類別的產品範圍。

Within the consumer electronics vertical, refurbished electronics is a fast-growing market. Third-party market research indicates that global refurbished electronics market is estimated to be valued at $48 billion in 2023 and is expected to grow at a CAGR of 10% from 2023 to 2030. Much of the growth in this market is attributable to increased consumer focus on environmental sustainability, coupled with the rising demand for high-quality electronic products at the budget-friendly price points in the current environment.

在消費性電子產品垂直領域，翻新電子產品是一個快速成長的市場。第三方市場研究表明，到2023 年，全球翻新電子產品市場估計價值480 億美元，預計2023 年至2030 年複合年增長率為10%。的提高環境永續性，以及當前環境下對價格實惠的高品質電子產品的需求不斷增長。

In terms of competitiveness, the critical success factors for the refurb market include strategic partnership and a local inventory, which some of the peer companies in our industry may not have access to. At Wish, we already have a strong merchant network in the US and Europe for refurb electronics supply. Moving forward, we intend to capitalize on our merchant base to deliver value-driven, refurbished Tier-1 consumer electronics, such as cell phones, tablets, laptops, et cetera, as well as small home appliances and home improvement products.

就競爭力而言，翻新市場的關鍵成功因素包括策略合作夥伴關係和本地庫存，而我們行業的一些同行公司可能無法獲得這些。在 Wish，我們已經在美國和歐洲擁有強大的翻新電子產品供應商網路。展望未來，我們打算利用我們的商業基礎來提供價值驅動的翻新一級消費性電子產品，例如手機、平板電腦、筆記型電腦等，以及小家電和家居裝修產品。

Second, building upon vertical differentiation, we are setting out on the next phase of our sustainable growth strategy, which is to re-invent the customer journey via a content and interest product vision. The success of Wish is really driven by innovation. For example, the discovery-based shopping experience, for which we are known, is designed to inspire our customers, but we want to do much more with it.

其次，在垂直差異化的基礎上，我們正​​在製定永續成長策略的下一階段，即透過內容和興趣產品願景重新發明客戶旅程。 Wish的成功確實是由創新所驅動的。例如，我們以發現為基礎的購物體驗而聞名，旨在激勵我們的客戶，但我們希望利用它做更多的事情。

For starters, we are planning on leveraging AI to create personalized shopping content and experiences that are brought to life through target micro-collections and innovative social content. Simply put, our platform is expected to evolve over time as we look to infuse the customer shopping experience with curated, interest-led content. We are in the very early stages of implementing our content strategy at this juncture, and we look forward to sharing our progress with you in the coming months.

首先，我們計劃利用人工智慧來創建個人化的購物內容和體驗，透過目標微型收藏和創新的社交內容來實現這些內容和體驗。簡而言之，我們的平台預計會隨著時間的推移而發展，因為我們希望將精心策劃的、以興趣為導向的內容注入客戶的購物體驗。目前我們正處於實施內容策略的早期階段，我們期待在未來幾個月與您分享我們的進展。

On top of that, our team is focused on increasing our DAU and will be looking to execute on several key initiatives going forward, including: investing in our search experience on the platform; enhancing video and continue exploring experiences to make it easier for buyers to continue exploring products and adding to shopping carts; optimizing the incentives, deals, and coupons available to our users to boost conversion; and introducing new growth channels as well as improving existing unpaid channels like notifications and emails.

最重要的是，我們的團隊專注於增加 DAU，並將尋求執行未來的幾項關鍵舉措，包括：投資於我們在平台上的搜尋體驗；增強影片並繼續探索體驗，使買家更容易繼續探索產品並添加到購物車；優化用戶可用的激勵措施、交易和優惠券，以提高轉換率；引入新的成長管道以及改進通知和電子郵件等現有的免費管道。

To sum it all up, I am energized by the opportunities ahead of us and our ability to draw on our strengths to develop new shopping experiences for our customers. With that, let me now turn the call over to our CFO and COO, Vivian Liu, to discuss our financial results in more detail and give you an update on our operations.

總而言之，我對我們面前的機會以及我們利用自身優勢為客戶開發新購物體驗的能力感到充滿活力。現在，讓我將電話轉給我們的財務長兼營運長 Vivian Liu，更詳細地討論我們的財務業績，並向您介紹我們營運的最新情況。

Thank you, Joe. Now I will add more color on Q3 financial performance, provide Q4 financial guidance and discuss operational updates.

謝謝你，喬。現在，我將為第三季的財務表現添加更多色彩，提供第四季度的財務指導並討論營運更新。

On the user metrics, we had 11 million monthly active users and 9 million last 12-month active buyers in the third quarter of 2023, which represented a decline of 54% and 44%, respectively, year over year. The decline was largely driven by our decision to reduce ad spend over the past several quarters as we remained focused on achieving target returns on our ad spend.

在使用者指標上，2023 年第三季我們的月活躍用戶數為 1,100 萬，過去 12 個月的活躍買家數為 900 萬，年比分別下降 54% 和 44%。下降的主要原因是我們在過去幾季決定減少廣告支出，因為我們仍然專注於實現廣告支出的目標回報。

To put things in perspective, our ad spend was lower by 60% during Q3 on a year-over-year basis. The total last 12-month ad spend decreased by more than 30% versus the same period of the prior year. Additionally, we continued to see increased competition in the ecommerce industry as some of our peers focused on driving new user acquisition and retention by offering deep discounts and incentives. We believe that such competition further impacted our monthly active users and buyer count in Q3 2023.

客觀來看，第三季我們的廣告支出較去年同期下降了 60%。過去 12 個月的廣告支出總額與去年同期相比下降了 30% 以上。此外，我們繼續看到電子商務行業的競爭加劇，因為我們的一些同行專注於透過提供大幅折扣和激勵措施來推動新用戶的獲取和保留。我們認為，此類競爭進一步影響了我們 2023 年第三季的月度活躍用戶和買家數量。

Total revenues in Q3 were $60 million, a decline of 52% year over year. This decline was across core marketplace, ProductBoost, and the logistics, primarily driven by lower order volumes associated with lower monthly active users and last 12-month active buyers as a result of lower ad spend as previously mentioned.

第三季總營收為 6 千萬美元，年減 52%。這一下降發生在核心市場、ProductBoost 和物流領域，主要是由於前面提到的廣告支出減少導致每月活躍用戶和過去 12 個月活躍買家的訂單量減少。

Q3 gross profit was $14 million, a decline of 59% year over year. Gross margin was 23% versus 27% in Q3 2022. Gross margin performance was mainly driven by the decline in marketplace gross profits due to lower revenue. Quarter over quarter, however, gross margin improved by 4%, thanks to higher commission rates, additional cost savings and higher logistics margin.

第三季毛利為 1,400 萬美元，年減 59%。毛利率為 23%，而 2022 年第三季為 27%。然而，由於佣金率提高、成本節省和物流利潤率提高，毛利率環比提高了 4%。

Total operating expenses were $94 million, a reduction of 42% year over year. Reduced ad spend, lower customer support service costs, and the lower employee headcount accounted for a majority of the reduction in operating expenses. Excluding stock-based compensation, total operating expenses were down by 40% year over year.

總營運費用為 9,400 萬美元，年減 42%。廣告支出的減少、客戶支援服務成本的降低以及員工人數的減少是營運費用減少的主要原因。不包括股票薪酬，總營運費用較去年同期下降 40%。

Our net loss was $80 million compared to a net loss of $124 million in the third quarter of 2022. On a year-over-year basis, the decrease in gross profit was offset by the decline in operating expenses, resulting in a decrease in net loss in Q3 2023.

我們的淨虧損為 8,000 萬美元，而 2022 年第三季的淨虧損為 1.24 億美元。出現虧損。

Our adjusted EBITDA was a loss of $54 million compared to an EBITDA loss of $95 million in Q3 2022. Q3 2023 EBITDA result was above the high end of the guidance range of a loss of $65 million to $55 million.

我們調整後的 EBITDA 虧損 5,400 萬美元，而 2022 年第三季的 EBITDA 虧損為 9,500 萬美元。

We reported operating cash flow and free cash flow of negative $86 million for Q3 2023, compared to operating cash flow and free cash flow of negative $100 million in Q3 2022. The year-over-year improvement in operating cash flow was primarily driven by a decline in net loss, coupled with favorable changes in working capital. We ended Q3 with $445 million in cash, cash equivalents, and marketable securities, and no long-term debt.

我們報告稱，2023 年第三季的營運現金流和自由現金流為負8,600 萬美元，而2022 年第三季的營運現金流和自由現金流為負1 億美元。是由於淨虧損下降，加上營運資本的有利變動。截至第三季末，我們擁有 4.45 億美元的現金、現金等價物和有價證券，並且沒有長期債務。

I would now like to provide guidance for the fourth quarter of 2023. For Q4, we expect the total revenue to be in the range of $50 million to $60 million, and adjusted EBITDA loss to be in the range of $65 million to $55 million. Revenues are expected to remain under pressure, primarily driven by intensified customer acquisition from both incumbent and newer competitors in ecommerce.

我現在想提供 2023 年第四季度的指導。預計營收將繼續面臨壓力，這主要是由於電子商務領域現有和新競爭對手的客戶獲取力度加大。

EBITDA is expected to improve significantly on a year-over-year basis as the projected decline in revenues is more than offset by cost savings across COGS and operating expenses.

預計 EBITDA 將同比顯著改善，因為預計收入下降將被銷貨成本和營運費用的成本節省所抵消。

Let me now offer a few updates on our operations, particularly on the merchant-focused events, as well as merchandising and logistics. In Q3, we hosted two merchant summits: our first European Merchant Summit in London and our Global Annual Merchant Summit in Shenzhen, China. Between the two summits, we held a total of 14 sessions with approximately 325 merchants in-person and 30,000 visitors joining online.

現在讓我介紹一下我們營運的一些最新情況，特別是針對商家的活動以及銷售和物流。第三季度，我們舉辦了兩場商人高峰會：在倫敦舉行的首屆歐洲商人高峰會和在中國深圳舉行的全球年度商人高峰會。在兩次高峰會期間，我們共舉辦了 14 場會議，約 325 家商戶現場參會，30,000 名觀眾在線上參會。

From navigating international markets to optimizing individual user experiences, both merchant summits served as a knowledge hub of exchanging innovative ideas for merchants looking to expand their global reach. The feedback on the events we received was exceedingly positive.

從開拓國際市場到優化個人使用者體驗，兩次商家高峰會都成為了尋求擴大全球影響力的商家交流創新想法的知識中心。我們收到的有關活動的回饋非常正面。

Building upon the success of the Wishmas and Wish Anniversary merchandising events in the first half of 2023, we are now turning our attention to capitalize on the holiday season. During the month of November, we will be running our Every Day is Black Friday campaign for the second consecutive year where we will have merchant-funded promotions as well as daily deals and weekly flash sales for our high-touch categories, such as health and beauty, women's fashion, electronics, and home essentials, across the 60-plus markets we serve. Approximately 1.4 million great products have been enrolled in this campaign to bring amazing value to our customers.

在 2023 年上半年 Wishmas 和 Wish 週年紀念促銷活動成功的基礎上，我們現在將注意力轉向利用假期季節。在 11 月份，我們將連續第二年開展「每天都是黑色星期五」活動，其中我們將為我們的高接觸類別（例如健康和我們服務的60 多個市場涵蓋美容、女性時尚、電子產品和家居必需品。大約有 140 萬件優質產品參與了這項活動，為我們的客戶帶來驚人的價值。

To get a head start on holiday preparations, last month, we launched a new brand campaign to raise awareness of Wish as the ultimate destination for holiday shopping. In essence, the multi-channel, multi-market Gift Guide campaign showcased a fantastic suite of merchandise, from quirky gadgets and entertaining games to stylish fashion items and the delightful home decor products, all available on the Wish platform.

為了搶先做好節日準備，上個月，我們發起了一項新的品牌活動，以提高 Wish 作為假日購物終極目的地的知名度。從本質上講，多通路、多市場的禮品指南活動展示了一系列精彩的商品，從古怪的小玩意和娛樂遊戲到時尚的時尚物品和令人愉悅的家居裝飾產品，所有這些都可以在Wish平台上找到。

The ads appeared across digital platforms, streaming services, and radio in the key markets we serve and were also carried across the Wish app, emails and social media platforms.

這些廣告出現在我們服務的主要市場的數位平台、串流媒體服務和廣播中，也出現在 Wish 應用程式、電子郵件和社群媒體平台上。

From the logistics operation standpoint, in Q3, we expanded our logistics networks in the APAC region. Specifically, we signed a partnership agreement with Singapore Post Limited, through which we expected to significantly improve the shipping experiences for our Australian customers. Buyers in that region can now expect their orders to arrive in less than two weeks versus the three weeks previously.

從物流營運的角度來看，第三季我們擴大了亞太地區的物流網絡。具體來說，我們與新加坡郵政有限公司簽署了合作協議，希望透過該協議顯著改善澳洲客戶的運輸體驗。該地區的買家現在可以預計他們的訂單將在不到兩週內送達，而之前是三週。

In addition, we expanded our merchant network in South Korea through a strategic partnership with one of South Korea's leading logistics providers, Rincos. The partnership is designed to streamline the process for Korean merchants seeking to ship goods overseas through the Wish platform.

此外，我們透過與韓國領先的物流供應商之一 Rincos 建立策略合作夥伴關係，擴大了在韓國的商家網絡。此次合作旨在簡化希望透過 Wish 平台向海外運送貨物的韓國商家的流程。

Logistics have been a critical driver of our merchant and buyer engagement. Thanks to the hard work of the logistics team, our logistics operations have seen steady and material improvements in the past two years. Nowadays, the majority of buyers in our top markets can expect to receive their orders within two weeks for holiday shopping.

物流一直是我們商家和買家參與的關鍵驅動力。在物流團隊的努力下，近兩年來，我們的物流運作有了穩定的實質改善。如今，我們頂級市場的大多數買家預計將在兩週內收到假期購物訂單。

Despite the challenging macro environment, we are cautiously optimistic about the upcoming holiday season, and we look forward to bringing a fun, easy and personalized shopping experience to our customers.

儘管宏觀環境充滿挑戰，我們對即將到來的假期持謹慎樂觀態度，期待為客戶帶來有趣、輕鬆和個人化的購物體驗。

With that, I will now turn over the call to Joe for his closing remarks.

現在，我將把電話轉給喬，讓他發表結束語。

Thank you, Vivian. To close, I'll leave you with a few final thoughts. Following the reduction in force announced in early August, Wish is now a much leaner company and our goal is to become a more efficient and a profitable company. I would like to thank our employees for their hard work and dedication, and I also want to thank our customers, merchants, and partners for their support.

謝謝你，維維安。最後，我想給大家留下一些最後的想法。繼 8 月初宣布裁員之後，Wish 現在是一家精簡得多的公司，我們的目標是成為一家更有效率、更有利潤的公司。我要感謝我們員工的辛勤工作和奉獻，也要感謝我們的客戶、商家和合作夥伴的支持。

While I'm encouraged by the progress we have made in our strategic priorities, I acknowledge that we still have a lot of work ahead of us. As we look towards the future, we remain focused on executing on the three foundational pillars and delivering value to our shareholders.

雖然我對我們在策略重點方面取得的進展感到鼓舞，但我承認我們仍有大量工作要做。展望未來，我們仍然專注於執行三大基本支柱並為股東創造價值。

At this time, operator, could you please open the call for Q&A?

接線員，現在可以打開電話問答嗎？

Certainly. One moment for our first question. Laura Champine, Loop.

當然。請稍等一下我們的第一個問題。勞拉‧尚平，《循環》。

Thanks for taking my question. It's really about the reason for the timing for seeking strategic alternatives. And just a clarification, I understand that competition has increased, but is it still increasing sequentially versus what you believe that you saw a quarter ago, or is this just an expectation that as the holidays occur, things will get more competitive?

感謝您提出我的問題。這實際上是關於尋求策略替代方案的時機的原因。需要澄清的是，我知道競爭有所增加，但與您認為一個季度前看到的情況相比，競爭是否仍在繼續增加，或者這只是一種預期，隨著假期的到來，競爭會變得更加激烈？

Thanks, Laura. This is Joe. Thanks for the question. So as we said earlier, we will not be commenting further on the strategic review process. So given this and that, we are here to discuss our financial and operational performance for the quarter. We will appreciate it if you could keep your question focused on our results.

謝謝，勞拉。這是喬。謝謝你的提問。因此，正如我們之前所說，我們不會對戰略審查過程進一步發表評論。有鑑於此，我們在這裡討論本季的財務和營運業績。如果您能將問題集中在我們的結果上，我們將不勝感激。

Okay. But on the competition, could I get an answer on that? Is the competition greater sequentially than it was in the June quarter? Or is it just that the holiday quarter is always more competitive and you would expect that to continue?

好的。但在比賽中，我能得到答案嗎？競爭是否比六月季度更加激烈？或者只是假期季度的競爭總是更加激烈，並且您希望這種情況持續下去？

So we are still facing the intense competition in the ecommerce industry, as some of the market participants focus on driving new user acquisition and the retention by offering very deep discounts and the incentives. So we may not be able to outspend some of our competitors in terms of the marketing dollar.

因此，我們仍然面臨電子商務行業的激烈競爭，因為一些市場參與者專注於透過提供非常大的折扣和激勵措施來推動新用戶的獲取和保留。因此，我們在行銷費用方面可能無法超過一些競爭對手。

However, what we can do here is to drive the sustainable growth and focus on acquiring users through the high-touch category as what we shared in the prepared remarks, and also convert users to buyers through the removing restriction in the user journey. This is something actually we keep focusing on, and improving the users' shopping experience on our app.

然而，我們在這裡能做的是推動永續成長，專注於透過高接觸品類獲取用戶，就像我們在準備好的評論中分享的那樣，並透過消除用戶旅程的限制將用戶轉化為買家。這實際上是我們一直在關注的事情，並改善用戶在我們應用程式上的購物體驗。

And lastly, it's about increasing the average transaction value right through the freight rate shipping and also other basket-building initiatives. This is something actually really can help us to drive the basket-size building.

最後，它是透過運費率運輸和其他籃子建設舉措來增加平均交易價值。這實際上確實可以幫助我們推動籃子大小的建築。

Understood. Thank you.

明白了。謝謝。

Ygal Arounian, Citigroup.

Ygal Arounian，花旗集團。

Hey, guys, you have [Max Moran] for Ygal. Thanks for taking the question. I guess maybe putting the competition aside, what are you seeing in the macro today quarter to date? How is the consumer trending? And you're cautiously optimistic about the holiday season. So what's driving that optimism?

嘿，夥計們，Ygal 有 [Max Moran]。感謝您提出問題。我想也許把競爭放在一邊，您對今天本季迄今為止的宏觀情況有何看法？消費趨勢如何？您對假期持謹慎樂觀的態度。那麼是什麼推動了這種樂觀情緒呢？

This is Vivian Liu. Thank you for the question. So as Joe mentioned, we have been really focused on driving organic growth. And I think the holiday season obviously is helpful and we have launched the Every Day is a Black Friday campaign and that that momentum is pretty strong. So that's a big plus for us for the Q4.

這是劉若英。謝謝你的提問。正如喬所提到的，我們一直致力於推動有機成長。我認為假期顯然是有幫助的，我們已經推出了「每天都是黑色星期五」活動，而且這種勢頭非常強勁。所以這對我們第四季來說是一個很大的優勢。

Besides that, we are also implementing a set of the growth initiatives to further improve the conversion rate, remove frictions for the new users, and so on and so forth. So that list goes on.

除此之外，我們還實施了一系列成長舉措，以進一步提高轉換率、消除新用戶的摩擦等等。這樣的清單還在繼續。

And I think the -- with our top-line growth and also our focus on the cost efficiency, we feel pretty good about Q4 so far. But obviously, we can't share a whole lot more. We only have one month for Q4 so far, and a lot could happen in the second and the third month. But so far, the momentum from the growth initiatives is pretty strong, and we are pretty -- we are consciously optimistic for that reason.

我認為，憑藉我們的營收成長以及對成本效率的關注，到目前為止，我們對第四季的感覺相當不錯。但顯然，我們無法分享更多。到目前為止，第四季度只有一個月的時間，第二個月和第三個月可能會發生很多事情。但到目前為止，成長舉措的勢頭相當強勁，因此我們非常樂觀。

Okay. Thanks. I guess, is there anything else you can share, I guess, just more broadly like macro trends, maybe not necessarily Wish specific, but with what you're seeing from the consumers in general?

好的。謝謝。我想，你還有什麼可以分享的嗎？

Yeah. I think from a macro standpoint, obviously, the inflation is still pretty high and the disposal income is still pretty tight for most shoppers. And in this environment, people tend to trade it down on price and seeking more deals and promotions. Wish has been known for value for price, right? And it's a destination for a lot of value-conscious customers, particularly for the holiday shopping.

是的。我認為從宏觀角度來看，顯然，通貨膨脹仍然相當高，對於大多數購物者來說，可支配收入仍然相當緊張。在這種環境下，人們傾向於降低價格並尋求更多優惠和促銷活動。 Wish一直以性價比而聞名，對吧？它是許多注重價值的顧客的目的地，尤其是假日購物的目的地。

So we expect that momentum to continue to be favorable to us. So I think that's probably a tailwind for us for Q4 as well. Yeah, I think probably, if the inflation pressure continue to rise, then it could -- at a certain point, it could be a headwind for us, but so far I think macro level has been helping us.

因此，我們預計這種勢頭將繼續對我們有利。所以我認為這也可能對我們第四季來說是個順風車。是的，我認為，如果通膨壓力繼續上升，那麼在某種程度上，這可能對我們來說是一個阻力，但到目前為止，我認為宏觀層面一直在幫助我們。

Okay, great. Thanks. Very helpful.

好的，太好了。謝謝。非常有幫助。

(Operator Instructions) And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Wish's CEO, Joe Yan. Please go ahead, sir.

（操作員說明） 今天節目的問答環節到此結束。我想把這個計畫交還給 Wish 的執行長 Joe Yan。請繼續，先生。

Thanks, everyone, for joining our earnings conference call, and we look forward to talking to you throughout the quarter.

感謝大家參加我們的收益電話會議，我們期待在整個季度與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。