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D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) Q4 2023 Earnings Call Transcript

D-Market Elektronik Hizmetler ve Ticaret A.S. (NASDAQ:HEPS) Q4 2023 Earnings Call Transcript March 25, 2024

D-Market Elektronik Hizmetler ve Ticaret A.S. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Ladies and gentlemen, thank you for standing by. I am Sabrina, your Chorus Call operator. Welcome and thank you for joining the Hepsiburada Conference Call and Live Webcast to present and discuss the Fourth Quarter and Full Year 2020 Financial Results. All participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. [Operator Instructions] At this time, I would like to turn the conference over to Ms. Nilhan Onal, CEO; Mr. Seckin, CFO; Ms. Helin Celikbilek, Investor Relations Director. Ms. Celikbilek, you may now proceed.

Helin Celikbilek: Thanks, operator. Thank you for joining us today for Hepsiburada's Fourth Quarter and Full Year 2023 Earnings Call. I'm pleased to be joined on the call today by our CEO, Nilhan Onal Gokcetekin; and our CFO, Seckin Koseoglu. The following discussion, including responses to your questions, reflects management's views as of today's date only. We undertake no obligation to update or revise this information except as required by law. Certain statements made on today's call are forward-looking statements, and actual results may differ materially from these forward-looking statements. Please refer to today's earnings release as well as the risk factors described in the Safe Harbor slide of today's supplemental slide deck, today's press release, the 6-K, our Form 20-F filed with the SEC on May 1st, 2023, and other SEC filings for information on factors that could cause our actual results to differ materially from these forward-looking statements.

A delivery man driving a van in metropolitan city, carrying last-mile delivery services of the company.
A delivery man driving a van in metropolitan city, carrying last-mile delivery services of the company.

Also, we will reference certain non-IFRS measures during today's call. Please refer to the appendix of our supplemental slide deck as well as today's press release for a presentation of the most directly comparable IFRS measure and relevant IFRS to non-IFRS reconciliation. As a reminder, a replay of this call will be available on our Investor Relations website. And with that, I will hand it over to our CEO, Nilhan.


Nilhan Onal Gokcetekin: Thank you, Helin. Welcome, everyone, and thank you for joining us. I'm delighted to be with you today to present our fourth quarter and full year 2023 results. It has been over a year since I first addressed you as the CEO of Hepsiburada. At that time, I made it clear that my mandate was building Hepsiburada's profitability turnaround. Last year, we have weathered a period of election-related uncertainty as well as the fallout of a tragic earthquake in February. Simultaneously, we remain in an inflationary environment, pressuring consumer purchasing power. Regardless, I am very proud to note our excellent teamwork, our focus to strategy and meticulous execution have resulted in strong financials. Our GMV more than doubled year-on-year in '23, valuable the average inflation rate.

We delivered a substantial EBITDA turnaround with an highest full year gross contribution margin of 10.6% and diligent OpEx management. Our EBITDA as percentage of GMV rose by 400 basis points yearly to 1.8%. With robust cash generation from operations and optimized investments, we recorded a free cash flow of around TRY3.9 billion on an adjusted for inflation basis. These results confirm the validity of our strategic plans and encourage us to aim higher going forward. Now let me compare our performance in Q4 and full year against our guidance. We broke our all-time high sales record during legendary November and high shopping trend also continued in December. This resulted in exceeding our quarterly guidance for both GMV growth and EBITDA.

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To continue reading the Q&A session, please click here.