Farfetch Limited (NYSE:FTCH) Q1 2023 Earnings Conference Call May 18, 2023 4:30 PM ET

Corporate Participants

Alice Ryder - VP, Investor Relations

José Neves - Founder, Chairman & Chief Executive Officer

Stephanie Phair - Group President

Elliot Jordan - Chief Financial Officer

Conference Call Participants

Doug Anmuth - JPMorgan

Lauren Schenk - Morgan Stanley

Geoff De Mendez - Bank of America Merrill Lynch

Irwin Boruchow - Wells Fargo

Nick Jones - JMP securities

Blake Anderson - Jefferies

Marvin Fong - BTIG

Operator

Good afternoon, and welcome to Farfetch Q1 2023 Results Conference Call. My name is Leila and I will be your conference operator today. [Operator Instructions]. Thank you.

I'd now like to turn the call over to Alice Ryder, VP of Investor Relations. Ms. Ryder, you may begin your conference.

Alice Ryder

Hello, and welcome to Farfetch's first quarter 2023 conference call. Joining me today to discuss our results are José Neves, our Founder, Chairman and Chief Executive Officer; Elliot Jordan, our Chief Financial Officer; and Stephanie Phair, our Group President. Please note that in this otherwise stated all comparisons on this call will be on a year-over-year basis. During today's call, we will also be displaying a slide presentation throughout our prepared remarks, which can be accessed as part of the live webcast at farfetchinvestors.com. Following the call, the slide presentation will also be uploaded to the site.

Before we begin, we would like to remind you that our discussions today will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and forward-looking statements made today speak only to our expectations as of today. We undertake no obligation to publicly update or revise them.

For a discussion of some of the important risk factors that could cause actual results to differ, please see the Risk Factors section of our Form 20-F filed with the SEC on March 8, 2023. In addition, we will refer to certain financial measures not reported in accordance with IFRS on this call. You can find reconciliations of these non-IFRS financial measures to the IFRS financial measures in our earnings press release, which is available on our website at farfetchinvestors.com.

And now I'd like to turn the call over to José.

José Neves

Hello, everyone. Thank you for joining us today.

I'm pleased to report that Farfetch is back to growth. This is despite the continued headwinds from Russia, China and the stronger U.S. dollar, with Q1 2023 adjusted revenue up 4% or 13% on a constant currency basis, and adjusted EBITDA margin improving for the first time in five quarters.