Jumia Technologies (JMIA) 10 Aug 212021 Q2 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Jumia’s Results Conference Call for the Second Quarter of 2021. At this time, all participants are in a listen-only mode. After management’s prepared remarks, there will be a question-and-answer session. to Investor call Relations like Damir, to now of Head for would turn over the Safae I Jumia. Please go ahead.

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

the Safe you statements. covering those these to obligation We today. would today We include speak remind by or will the update Actual Moreover, publicly from Harbor. like to statements of may We differ only that will undertake forward-looking start forward-looking indicated statements. revise in materially discussions to no our these as results our forward-looking statements. may expectations

risk of Report on see could from XXXX. forward-looking statements the For expressed to March section a our actual of Factors differ please factors as discussion published results Form Risk XX-F of the that today, XX, some cause on the Annual

refer addition, reported certain call, this we to on accordance will with financial in measures IFRS. In not

presented which Investor U.S. measures like financial You corresponding available financial the these in forward. press two housekeeping in cover is to numbers Relations our release, be can dollar our our non-IFRS measures on website. will IFRS I earnings would find of reconciliations to also All points. going

Euro changes XXXX. the currency As presentation to U.S. a dollar result functional of April from the effective X, and

to that our will this year-over-year have this otherwise on I the presentation of basis we purposes, to QX presentation. out mention With been in I’ll XXXX all like provided would are Sacha. convenience that, results hand in rates, noted. in a Euro over For highlight unless growth also appendix point

thanks us and joining you, for everyone, today. Welcome, Safae. Thank

have started but quarters. support turns ensure This JumiaPay. in to long-term business has well Jeremy is growth detailed that results, we increased objectives would we our five results And I in investments because for to our as last during of as through can last growth milestone you and now the in accelerate have fastest on the as accelerated scales, This of business more. will usage the on long-term as to driving usage what Page growth. want to on over the increase investments is also early QX sales we JumiaPay remind to the payments. reflect a our announced X. platform well like of expense how a great our momentum transactions the us our strong moment are support technology call, growth have allows our that on and Our we walk much fundamentals say We’ve changed as had build growth already years our it very profitable. advertising last in that that process JumiaPay I to even third-party focus support possible to to

product put many more This categories years First, relevant now supply marketplace, brands those the a been to our on developing categories. significant the making us of in sellers, partnerships as inroads for years side and working with position which It we’ve The GMV make three everyday is diverse been of consumers. has our has our ago. and share marketplace XX%. from been XX% in was for never diversification in

level past past, economics now seven over for us GMV, $XXX in we’ve investments. profit the achieved nine growth. All strengthened set months, the firepower we our XX% over profit the this unit the that as row. important us growth stands margin from balance a and behind have doubling we at of finally, Secondly, positive discussed more been to raising We’ve And gives of a this this, was gives almost our flexibility invest fulfillment no sheet, two to past in now with at transformed we And because after significantly cash the much very generating COVID. economics. Gross have tailwind fund quarters million obviously, our gross over years. have particular unit is

So focus is business two of platform clear, across very scale On JumiaPay. our the objectives. forward serve Page executing all how we areas these and X, here’s going the develop are to

of brand course, We retention. here, to support are both drive acquisition drive even and view a to with up marketing awareness education And we accelerate adoption. and more ramping want investments consumer consumer e-commerce payment to,

range products such provide as broadest physical focus the app. grocery, most a the delivery, like also food on with services services goods These Our and everyday but services, categories. cover grocery FMCG, on delivery, of JumiaPay offered fashion, to commercial digital and lifestyle efforts beauty, relevant aim categories

all Our engagement our user support further for focused convenience rates. operations to And and the logistics key operations constantly on are of consumers. backbone delivery and and times the but reducing reach and network not least, is increasing conversion technology last

you deeper aiming innovation to over XX% tech end to and journey a is will enhance increase to particular, hub dive us pipeline that sellers. It year very hand time of Jumia exciting initiatives a launched our consumer City in each us and of who the newly by in are We busy in step the I more at Egypt. headcount for of And will into significantly mentioned. I’ll expand tech projects of serve our now some just and allow better QX the with the and by detail the through in walk Jeremy, performance and of consumers of both the Cairo

you, us thanks Thank today. joining and for Hello, Sacha. everyone,

the the the with during of quarter. usage review trends start Let’s

on Page X. We’re

accelerating transition QX spend. ramped mentioned, this growth. advertising of focused and And Sacha this a was we are sales six the reduced we As year our of really up in expense where context, quarters usage after marketing on very quarter

us to invest into Now has economics have that we growth. last versus more our allow what to changed in strength sufficient unique is year built

the seeing early First, we acceleration are signs of in business.

momentum US$XXX.X by to emerging category, first we increasing growth very the of are our on X% deployed Food basis. a user areas million, $X.X disruption last pandemic. on posting consumers GMV of quarterly platform the volume look new fastest orders reaching the force year-over-year, business product was following the XX% by was where during at to continue of growth currency which five down details reignite of volume seeing late in orders XX% the the number delivery volume growth the past on When we quarters. category acceleration the the on fastest-growing orders ever the and The onset delivery our platform the as almost is annual and consumers up we the quarter. of accounting of area Food for year million, growth our highest of the terms, total XX% strong we adjusted XX% reached existing clearly. acquire ones. up was X million, active engage in With

demand in categories posted trends contrast, to disruption app. particular, Under was and category X, of offered These everyday year QX, in this favor continue The GMV in last accounting category, digital quarter services, up due you QX and more to by with largest are to year. and in experiencing ever momentum. This of both lifestyle JumiaPay was GMV to XX% strong that consumer than services QX digital year. the due nature we strong years high very the include went electronics and financial see compared supply of and for terms the an can last GMV in what in services compared multiple the of share see which alongside offered category size, In product in of XX% see for in during in decline X% muted fastest-growing category. to has On this year, umbrella, GMV quarterly phone are ticket last including XX% lifestyle the to factors, global diversification QX QX a increased to this ago. item. of compared JumiaPay. food contributing continue GMV quarter, XX% we the year two delivery electronics chipset XX% to In discretionary GMV, QX services from set year, its category stockage, Page of accounting GMV Phone everyday categories this the up

front, physical category which On also categories volume-wise was category, like call to the the the sorry, of largest continues consumable the the which I front fastest-growing fashion, to category in physical out GMV us. and focus terms be goods grocery on would – our for among is platform.

consumer our Here, platforms we needs in to the are and of variety space. this both leveraging meet on-demand e-commerce

platform caters to purchases. size Our larger basket e-commerce for plant grocery

can XX,XXX of We XXX,XXX over Jumia live year from this QX outlets consumers in XXX of onboarding last we within for sellers brand of taking category approximately on-demand add-on Through this and and the our one product convenience June delivery year into of brands and end FMCG have from listings pace tailor category. this account to make onboarded alone, In almost accelerated this of June and hour. grocery end purchases supermarkets platform, year. FMCG items Food, in

micro piloting user offer for for fulfillment located in of or dark it stickiness. value and category to supply we use density engagement because also logistics us And fulfillment category. a This and the in stores platform orders. proposition population the centers are compelling grocery drives a consumers areas this We high the of is have relevant strategic relationships

well below are pilots to pockets Page on of the of on signs front with acquisition acceleration. today’s These retention. accelerate color we marketing, across and as the are strong to to starting growth meaningfully this our up to And and and on and the While marketing significant acceleration drive our we’re we ramping marketing months. usage are momentum, platform. to multiple business see I’d few informed consumer we what have the above as more early you investments opportunity X, line by give insights encouraged like doing the tier initiatives technology consumer On multiple drive on in past

we across are We channels. here these have selected implementing highlighted initiatives

such customer consumers. activities retargeting from focused targeting, app performance are Google online channels below-the-line starting brand as and more installs journeys, awareness, all consumer Facebook phases as Our cover as our and of on returning well

amount to We on leveraging XXXX, XXXX the last are increasing compared marketing year. spend of these in efficiency channels of the learnings overall

video we a ads and goes are includes approach, brand audiences. response campaigns engaging targeted on that beyond more with towards – also implement relevant also We direct intend Facebook full particularly to awareness content more funnel

social certain back as and scale with drive Both the channel more Egypt. to channel overall channels, countries education even education further in and offline the above-the-line always channels to brand campaign. visibility we marketing acquisition on tool our such plan our a we of this consumer on media the success increasing line Lastly, consumer of as are influencers investment in

targeted also launched areas advertising geo-targeting campaign. We and out-of-home are leveraging identify tools underpenetrated to

growth tool. more strategy Lastly, with engagement our rollout targeted our are CRM consumer enhancing we deploying consumer new the of incentives

and We opt uplift. really with the drive the developed on of more the There every that all more refined to notification disciplined is silver us and granular allowing to approach. content, allows learning out tool bullet based journey. targeting have algorithms step both for respect consumer push of piloted audience That’s marketing. no us comes CRM execution the usage and machine down single reduce tailored across and each and spirit our It to

of Moving backbone platform, in area technology and the features build more on platform. to our this investment increasing engagement we user on on enhance to is to experience and are and Tech products Page X. our our

Egypt. tech headcount Cairo, to on by the hub a end We newly the tech launched XX% our focus of increase planning our with in year, are by

et and hub this including content, projects. such will a Cairo include to front-end examples of slide. our host increase own on few dedicated site plan tech projects professionals cetera. the We product, of Our homepage personalization highlighted XXX teams over We search, will widgets, to

very as sales campaign. picture in to These branding start and developing our of to to long-term features nature Our time, pay influencers. we execute including selected consumer weekly creation, responding gamified reviews user-generated not investments uploading Last to flash over daily content them enhance plan we sellers and with well animations gamification as social such And strategy. expect least, dedicated out and to but we customers acceleration – our are features for planning are we we plan and content. content, teams and commerce on are content video more and

an forms Let’s our now acceleration strategy. which part turn XX, of to JumiaPay on Page integral

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on in performance JumiaPay Page Moving XX. on the to QX

constant a And to of parallel within year. that percentage XXXX. penetration penetration JumiaPay surpassing adjusted of currency and the as multiple to increased first the currency GMV last Egypt in of decrease While this we’re countries the in as in TPV GMV percentage XX% TPV and year from QX our with GMV. on by pleased see On-platform Nigeria both in XX.X% have of in a half rates significant decreased XX.X% basis, X% penetration QX higher with reached of footprint

payment on of to of transaction the fastest XX. growth by our Overall JumiaPay the on more the compared in financial meaningful to XX%, XX.X% delivery technology, using grow momentum portion over XXXX. volume hand a in off-platform now to transaction and orders transaction platform drive XX.X% will JumiaPay category. development. business quarters. volumes There growth accelerating placed JumiaPay strong walk supported growth for the of in to who increased on runway product by quarter the performance XXXX support in the in our of the Page second quarter and rate in marketing investment through both on particularly to past food was further was second and include Jumia Antoine, Moving for us with adoption increased I and four were competed you JumiaPay detail. JumiaPay

X%. revenue with Thank monetization you. profit start Hello In I’ll XXXX, QX up up and gross metric. was X% our everyone. marketplace

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the further ramping on monetization to up use and we monetization give to growth. invest streams new are flexibility fulfillment As into revenue, commissions the us intensity we

of these marketing increased in supported by One at sponsor which of growth advertising, solutions. is QX our by and streams XX% robust product XXXX,

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to on costs on Moving XX. Page

past and US$X.X offset increased in expense the XXXX, after cost gross despite fulfillment profit consecutive and our our our economics the Fulfillment in fulfillment quarter million, acceleration centers. and QX unique This have remained the is in staff expense. as increase QX savings orders versus shipping in was freight by efficiency stable an fulfillment in XXXX expense economic costs particular. two profit years, positive of Over reached transformed up after Gross of seventh we XX%. fulfillment

XXXX the value-added The our to ratio streams, our via XX% and usage expense of support XXXX. we value-added services growth. fluctuate an sum our of This and from addition, fulfillment respectively. revenue of fulfillment proportion pass-through XX% of targeted our sellers the fulfillment intend to increased in ratio combination we consumers of In expense measured on fulfillment shipping and the near-term as are to QX expense increasing may the subsidies fulfillment pass of in QX as revenue services to to use in able

Page Moving advertising to costs, and sales on XX.

support advertising US$XX Sales double our expense in QX and XXXX. and in million more than XXXX, also usage to spend the increasing QX are advertising reached investments We sales growth.

XXXX more the with over all six reduction However, and to as it QX And return after as levels is this largely acquisition in outlined prior of spent a investment of are across the retention significant period marketing we earlier. line in amount quarters. deployed by Jeremy marketing investment channels relevant historical customer

the of administrative Turning area with G&A trend reaching US$XX.X second expense, of XX. US$X.X content expense, Page and to technology and provision particularly up decrease is XX%. and another reached in to SBC of increased X%. mostly action technology million, quarter down million included US$X Technology for was The General class investment as excluding XXXX expense a million, settlement. provisions, attributable

to on adjusted EBITDA Page Moving XX. on

acceleration We our of as was excluding development expansion after have profit capital our allocation loss and sales fulfillment technology the expenses than and and the generated clear expense Adjusted gross and savings objectives reflects expense, XX% by increase investments, in SBC. usage G&A that. in EBITDA JumiaPay increased larger growth of advertising and gross

cash balance turn flow. sheet and now Let’s to

I’ll CapEx which we mainly Cash QX are in Logistics with manner, resulted That payables in Anniversary of as and in XXXX. an working the of position million. US$XX of to US$XX.X lower June as campaign, requirements. the change an our disciplined over million hand That associated JumiaPay position With a in was equivalent thanks than for million increase This in XXXX specific in US$X.X model. to in as operations to investing platform for the million in capital acceleration that, limited during sheet Jumia increase defined XXXX. firepower activities, adjusted used was or the We in in stronger cash end The asset-light development. took QX utilization usage our with QX the CapEx balance at June cash operate Jumia is outflow capital very XXXX significantly growth the place US$XX.X quarter in the and investments Net US$XXX.X operating remarks. inflow XXXX. attributable gives increasing a Sacha leveraging was of an investment concluding loss manner quarter. to us was cash million, in EBITDA working benefits

you see we acceleration. expense much. and very summary, Thank transition In we of after early confident usage advertising quarter to marketing ramped signs, some where the those our up investments on about positive sales you, of was Antoine. impact QX We spend. a Thank are reduced six growth and quarters started

the past two highlighted, foundations our have on years for set transformational, we execution to strong have and As priorities. accelerate us Jumia been for have

last are we for going We’re the untapped fintech by very market this in clear. Accelerate overnight. e-commerce phase new we equipped marketing uniquely development the not vast capital, we’re and both we of the also The as be see the to very to – we We excited capitalize us believe call, entering. to usage technology on gradual. and a fronts, objectives. will during that accept forward on objectives deploying happen we We JumiaPay, opportunity. more opportunity, acceleration and it expect are particularly achieve growth, and are mentioned And these

we growth moment plan the some continue more term, success whether services. strategy. long-term shortcut about JumiaPay accelerating will no And seen pursuit it’s the that earlier already of and you early now strong take nature. milestones in And pocket orders our told of QX investments with quick we of very wins. with app have delivery sharing making success a or of to on We you Many in Jeremy as signs food execute are we are in we

breakeven for on our growth acceleration, course, focused and And reaching very are agenda. currently the for very ecosystem to building we business the We are consumers remain while much committed of to decades in successful come. a partners thriving on

usage to investments, operator, you monetization disciplined. attention. the we approach profitability. and support but allocation be are diversification growth our and path expect our capital will near cost your economics to very Thank now in to ultimately term Our may And we take fluctuation much for streams see continue up unit of questions. ramp the to to we We as some ready

the now announce affiliation question. your gentlemen, pose questions. Instructions] then for today question Aaron is open Ladies floor and from for Kessler. Your coming Please is your [Operator first

Great, thank James. Kessler, you. Aaron I’m Raymond

more in Just quarter, multiyear into impact well. user be we GMV? of seeing the a should should QX And to And maybe some Obviously, lot you’re in What near quickly, success to for the if just on COVID marketing as Thank term, still marketing top you it there? key can the discuss to metrics the investors. the analyze the a more measures of Or that kind going key the success? analyze journey of or we a at you. second, mind of on of the expect this multiyear of on growth then focused just side. benefit are side? you’re maybe a is be one start QX? watching to quarter the looking Is And

for much questions. very Thanks the

from disruption and on as this or know, way think lockdown, the of seen stores preventing deliveries on a we’ve been for you example, movement, COVID because things normally been a for could on of that. Africa, a night, it’s our the seen is commenting still shop, the partners U.S. tailwind. curfew, they the go I And from restaurants And we we’ve have at know what opening Perhaps preventing more impact, not been you of at a And like still seen we to lot could restrictions doing has the delivery. delivery have in as lot same than largely night even and in, all day. during people quite Europe contrary

that And So right? big in X:XX announced deliveries at lot few course, it’s ability some a from and of a cities weeks, our last there, doing PM, the here do for are of of curfews limiting restaurants example, that. and, the few food limiting so night to been home. delivery there And still happening at have

minor. months. believe still of last we are right, over call that now, but more the rather have normally those So some as I look, we operating that, we we right would And few been see

particular and us, keep minor there. are last usage it’s in than And an we we that orders we basis three on for a no time, usage that of a seeing what GMV, been are the to the acceleration. question. which comes sales over of see, marketing, see, see, acceleration the terms is obviously, metrics to of the So want good rather active everyday Given the right? advertising consumers, to And our and the and again, tends on orders they’re to grow more investments that focused in we’re course, you given with lag categories, the because few weeks, very consumer. is are the But metric focus and doing disruption overall driving mind our clearly, it fastest engaging priorities, tailwind. of the we the the some and obviously there’s a that a here net benefits start When of it’s some that some change between in as in the

of want metrics as can the want orders that well the KPIs I And of those again, we of consumer are, And acceleration, I the this marketing, when on benefits? over – those than time look metric both one as say, So right? be will see the would well at gradual. But growth over be as think basis, we the over efficiency an annual as to year-over-year the they others. think of proactive will GMV, more to number we metrics. ratio course, of we various over that the to of the watch usage a the grow bit orders the time,

and them we and gradually more of next see again, some QX, of in the to them So more we start that see in quarters. few are will very we confident

Sacha. you, Thank Great.

Sarah from is pose then Simon. Your your question affiliation coming question. announce next Please your

Berenberg. two got from have Sarah I please. questions, Hi,

acquisition in you if the away of you the familiar in of Foods the becoming on at customer of you’re one and is, marketing First shift of X, quite & seeing costs? up terms And was, that’s give one sort obviously Electronics. investment, ramped us terms can from look color as second what evolution we Slide

that because would to assuming up And FMCG is So physical you’ve FMCG fashion, goods. is and faster than said the X build-out. FMCG you growing from growing – is XX. than be overall I’m delivery is that talked about biggest faster food

just category I’m which is color Thanks. If a wondering give more within there? shrinking? or maybe us section, just is not the can what’s bit So which you the isn’t blue growing

course. Sarah. of Yes, Thanks,

And On has how you to them and acquisition consumers, to have of on tricky right it’s allocation on a line, doing it’s tricky as view how the new how so those to a we of much right? YouTube us, on acquisition one investments and forth. tricky returning on make it’s looking. videos and some and question, so can education a for the call lot customer so through off-line consumers consumer we’re bottom is because but when and billboards customer cost careful be decide the like goes And really now, very cost, you activities assumptions, different much versus goes about depending because

this quarters. marketing So is four like to dollars why over period the we look of efficiency a at our of

trend quarters, investment XXXX. level have time, we marketing have advertising we’ve given see and few same of direction. consumers that reduced now how to the engage over last XX-month reduced last And LTM, the time, active and six we in I to with invest the But last sales metric back continue At the and the consumers. those this marketing right over quarters. the much to at order reduced the we’ll Looking the in think we brought and

last shape because we’ll good to XX time, efficiency, but right? and months the next the longer were from with efficient up, over not consumers the online transactions we’ll months, as direction efficiency how I of see a trending So it in as the think will be years, period time with last that have e-commerce the time, XX obviously, I think they I will general. multiple keep in few quarters become But comfortable right the get more over think as unique. and quite deviate

Slide just on hard X, it’s here. tell Now you to

FMCG trend overall, are I think the and doing that is it’s well. – Fashion, Beauty

think I doing fashion well. is

last of year maybe items and lot a first were QX, for think in I time. masks having the we COVID-related

big one well. one there’s category changing could that I here, not is So is or maybe name trend that that but not big doing

last now. generic there happen that a I is mind not from only of because that, Perhaps to that’s major out there. of the is QX right There’s when it’s can come something think because a changed but it’s specifically thing mix started that some it that to bit year, and the more trend.

And think digital growth the digital last weren’t of you. a Okay. payments you’ve this then presentation, quarter, But like you within digital, particularly I scaled profitable highlighted category. for which some highlighted services you actually back in as that

phone mobile that changed in because think things back of recharge you but you stuff like you scaled have on So switched QX, QX? have that and philosophy back more kind in I on

No, not specifically.

based very for to decisions I value think that make and those categories on But categories, us. important them we continuing still is are still there and to the trend those lifetime right. tend customer see with

good more more services, micro gaming loans I that trend no, So on of have more a in done about users continues. momentum right. trend we QX because we app think a see the trend those JumiaPay so The categories just QX. and and it’s in continues, lot than like on. And financial and we And of means in it lots that talked time, their doing we’ve not that

So I we very this And think that will it’s continue. hope good.

Okay.

imply, XX X some than to GMV flat, you pluses you the said, you makes – think follow-up the about? from sense talked are from minuses service on did sense? services has if grow you of that given digital the mean the stay in the and less final the given maybe growth digital digital think been as if I I about Did higher growth we would would emphasizing has that food Sorry, separately growth mean, been digital be, that of services. delivery, Do services,

because on so a on services – And digital those probably have and bit more the the airtime. that mentioned I usage services, you on less on usage

last food disruption, think impacted on which quite was year, the delivery, in strongly I by right. the quarter

going think less significantly that. where down or disruptions. May I So starting in of last we quite food And graph we’ve course, delivery of year shown shown year, seen those we this something like had this had

delivery previous of Sarah. – some sense, on if faster some because, quarter, food from this that the disruptions of of So the gone makes quarter has course, the in the

much. Thanks very yes. Yes, Cool.

Lamont Williams. announce is Please your question. Your coming next question and your affiliation from pose

Stifel. Hi, Williams with Lamont

of kind When that look the even rate run this investment look question. quick year, ramp for this a year? Or saw expect at just this balance we is going So – level from we quarter we on of the for the marketing the more? expense the of we can balance should see

to to would able gradually ramp be We this up from level. hope

of the and more it driven. of an is the conversion brand, part part – investment marketing performance is we in course, Of

be take view, level? definitive but as increase intention So the please from don’t it would gradually to that a

– go ahead. – as Okay. you look And I’m is sorry,

you the And this we – was I coming as I we have we that year QX, Black look same so right? think had on. to think you have also QX, almost the about had just And if I two in level that Friday right? perspective, a level and see can per think XXXX, here, we as

appreciate year you QX I of So think from QX, when historical the the you course, of Friday. QX, per means of of have because level but level take also I ramp increase. from need perspective It to to years gradual Black two from both up say the

And follow-up, terms a by Great. volume growth there the geography? just of is as in just callouts any Okay.

special. nothing No,

well still very, Africa, and We’re Africa, of we’ve the Egypt, Africa, West South XX% out XX% then about outstanding North activity. very there. Nigeria, East about nothing got diversified. Africa,

on better it’s pretty some course, it’s this there and overall, always countries think less story. that. some I doing still and valid of a But than a think are and I countries bit consistent –

Okay, great. Thank you.

[Operator are in Instructions] more queue. There no questions

Thank to much. in Bye-bye. much, few available. updating always, you feedback and if we Great. everyone, any questions, the And Well, looking are thank next so as everyone. care, you Take months. very forward any there’s you

and today’s does Thank call. you, ladies This conference conclude gentlemen.

phone at participation. lines you You your disconnect wonderful your may day. Thank this have and time, for a