美卡多 (MELI) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to MercadoLibre Third Quarter 2021 Earnings Conference Call. (Operator Instructions) And please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker, Lissa Schreurs, Investor Relations Officer.

美好的一天，感謝您的支持。歡迎來到 MercadoLibre 2021 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您的發言人，投資者關係官 Lissa Schreurs。

Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended September 30, 2021. I am Lissa Schreurs, Investor Relations Officer for MercadoLibre. Our Chief Financial Officer, Pedro Arnt, will be leading today's prepared remarks. Joining him on the line is Chief Executive Officer of Mercado Pago, Osvaldo Gimenez, who will be available during today's Q&A session.

大家好，歡迎參加截至 2021 年 9 月 30 日的季度 MercadoLibre 收益電話會議。我是 MercadoLibre 投資者關係官 Lissa Schreurs。我們的首席財務官 Pedro Arnt 將主持今天準備好的講話。 Mercado Pago 的首席執行官 Osvaldo Gimenez 將與他一起在線，他將在今天的問答環節中與他聯繫。

I remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

我提醒您，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術計劃等事項做出前瞻性陳述。這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。雖然我們認為我們的假設、預期和預測鑑於當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。

Our actual results may differ materially from those included in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factors sections of our Form 10-K for the year ended December 31, 2020. Item 1A Risk Factors in Part 2 of the Form 10-Q for the quarter ended March 31, 2021, and any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

由於各種原因，我們的實際結果可能與本次電話會議中包含的結果存在重大差異，包括我們截至 2020 年 12 月 31 日止年度的 10-K 表的前瞻性陳述和風險因素部分中描述的那些。項目 1A 風險截至 2021 年 3 月 31 日的季度的 10-Q 表格第 2 部分中的因素，以及 MercadoLibre, Inc. 向證券交易委員會提交的任何其他適用文件，可在我們的投資者關係網站上查閱。

I will now turn the call over to Pedro.

我現在將把電話轉給佩德羅。

Hi, everyone, and thanks for joining our earnings call this quarter. I'll start with a few notes regarding our operating environment. Fortunately, we've seen a consistent easing of mobility restrictions across our region in the last few months with signs that we are approaching a new phase in our response to the COVID-19 pandemic. This is great news as only a year ago, we had experienced the peak of severe lockdowns and government financial aid interventions in the third quarter of 2020.

大家好，感謝您參加本季度的財報電話會議。我將從一些關於我們的操作環境的註釋開始。幸運的是，在過去幾個月中，我們看到整個地區的出行限制持續放寬，有跡象表明我們在應對 COVID-19 大流行方面正進入一個新階段。這是個好消息，因為就在一年前，我們在 2020 年第三季度經歷了嚴重封鎖和政府財政援助干預的高峰期。

On the business side, these positive trends also mean that this is the quarter of toughest year-over-year growth comparisons for our main metrics. Having spent over a year working through difficult macroeconomic and health care conditions throughout Latin America, we are starting to take stock of our role and our impact in commerce and financial services businesses throughout this time.

在業務方面，這些積極趨勢也意味著這是我們主要指標同比增長最艱難的季度。在整個拉丁美洲度過了一年多艱難的宏觀經濟和醫療保健條件之後，我們開始評估我們在這段時間內在商業和金融服務業務中的角色和影響。

In September, we released the results of a study titled Impacts That Matter conducted by Euromonitor that assessed our contribution to the socioeconomic environment and ecosystemic effects in our key geographies over the past year. We're proud to see that our mission of creating sustainable prosperity in our region through the democratization of commerce and access to financial services is coming to fruition.

9 月，我們發布了 Euromonitor 開展的一項名為“重要影響”的研究結果，該研究評估了我們在過去一年中對我們主要地區的社會經濟環境和生態系統影響的貢獻。我們很自豪地看到，我們通過商業民主化和獲得金融服務在我們地區創造可持續繁榮的使命正在實現。

Our platforms have enabled the main source of income for over 900,000 families in our region, and we generated 6 new jobs per hour during 2020 directly or semi directly through our ecosystem. As we expanded our credit business, over 40% of our SMEs accessed their first loans ever, most of which were geared towards investing in working capital for their businesses.

我們的平台為我們地區超過 900,000 個家庭提供了主要收入來源，並且我們在 2020 年通過我們的生態系統直接或半直接地每小時創造了 6 個新工作崗位。隨著我們擴大信貸業務，超過 40% 的中小企業獲得了他們有史以來的第一筆貸款，其中大部分用於為其業務投資營運資金。

Overall, we've enabled our merchants to grow their operations well beyond their cities and amplified their reach into a larger economy, becoming an even more important source of revenues during the challenging year of 2020. The full Euromonitor report summary has been uploaded to our website, and we encourage you to have a look at it.

總體而言，我們已使我們的商家能夠將其業務擴展到城市之外，並將他們的業務範圍擴大到更大的經濟體中，在充滿挑戰的 2020 年成為更重要的收入來源。完整的 Euromonitor 報告摘要已上傳到我們的網站，我們鼓勵您查看它。

As a result of what we believe to be these lasting contributions to financial inclusion and democratization of commerce through an improved experience for our users, our volume growth rates continue to demonstrate a solid trajectory over the long term. We've once again reached new records in gross merchandise volume, payment volumes and credit portfolio size, which demonstrates resilience and strength across all parts of our ecosystem.

由於我們認為通過改善用戶體驗對金融普惠和商業民主化做出了持久貢獻，我們的銷量增長率在長期內繼續呈現穩健的軌跡。我們在商品總量、支付量和信貸組合規模方面再次創下新紀錄，這證明了我們生態系統所有部分的彈性和實力。

Moreover, we see our engagement and satisfaction improving sequentially for both commerce and fintech services, which is particularly encouraging given the user base expansion that we have driven over the last year. Let me dive deeper into third quarter results, starting with our commerce business.

此外，我們看到我們在商業和金融科技服務方面的參與度和滿意度依次提高，考慮到我們在去年推動的用戶群擴張，這尤其令人鼓舞。讓我從我們的商業業務開始更深入地研究第三季度的業績。

For the first quarter, we achieved a new record in GMV of over $7.3 billion, posting a growth of almost 30% on an FX-neutral basis. This represents an increase of over $1.4 billion compared to the same quarter last year. We also see consistency on a 2-year CAGR growth in FX-neutral GMV of 73%, very similar to the 74% achieved in both Q1 and in Q2 of this year.

第一季度，我們的 GMV 創下了超過 73 億美元的新紀錄，在外匯中性的基礎上增長了近 30%。這比去年同期增加了超過 14 億美元。我們還看到，外匯中性 GMV 的 2 年復合年增長率保持在 73%，與今年第一季度和第二季度的 74% 非常相似。

We sold almost 260 million items in the third quarter, growing over 26% year-over-year. This growth is fueled by continued increases in our commerce user base. We reached 38.6 million unique buyers on the commerce side alone, and our buyers are demonstrating higher levels of engagement with increasing transactions per unique buyer sequentially. We're still seeing higher levels of new buyers to our platform compared to the periods before the pandemic. And of equal importance, we are maintaining better retention levels as well.

我們在第三季度售出了近 2.6 億件商品，同比增長超過 26%。這種增長是由我們的商業用戶群的持續增長推動的。僅在商業方面，我們就達到了 3860 萬獨立買家，我們的買家展示了更高水平的參與度，每個獨立買家的交易量依次增加。與大流行之前的時期相比，我們仍然看到更多的新買家加入我們的平台。同樣重要的是，我們也在保持更好的保留水平。

Taking a look across our geographies, the first that stands out in terms of growth is Brazil. With an FX-neutral growth of 28% in GMV, Brazil reached almost 138 million items sold during the third quarter. These growth rates are above what we had experienced prior to the pandemic and the 51% 2-year CAGR is flat compared to prior quarters with 53% in Q1 and the same 51% in Q2.

縱觀我們的地區，第一個在增長方面脫穎而出的是巴西。隨著外匯中性增長 28% 的 GMV，巴西在第三季度銷售了近 1.38 億件商品。這些增長率高於我們在大流行之前的經歷，51% 的 2 年復合年增長率與前幾個季度持平，第一季度為 53%，第二季度為 51%。

In Mexico, gross merchandise volume grew over 34% on an FX-neutral basis, accelerating compared to Q2 and growing unique buyers sequentially. Argentina reached almost 37% of GMV growth on an FX-neutral basis. And all 3 geographies improved in transactions per buyer versus the previous quarter, and Net Promoter Scores are also trending to their highest levels yet in several of these key geographies.

在墨西哥，在外匯中性的基礎上，商品總量增長超過 34%，與第二季度相比加速增長，並且獨立買家連續增長。在外匯中性的基礎上，阿根廷實現了近 37% 的 GMV 增長。與上一季度相比，所有 3 個地區的每位買家交易量均有所改善，其中幾個關鍵地區的淨推薦值也趨於最高水平。

We attribute the sustained and continuous increase in buyer engagement to several initiatives that we are running in parallel. First, our developments in product assortment and depths of products can be linked to this change in behavior towards higher frequency. Our marketplace is increasingly filled with well-recognized brands in the beauty, consumer electronics and consumer packaged goods industries, not only for marketplace sellers, but also through the development of our first-party assortment.

我們將買家參與度的持續和持續增加歸因於我們並行運行的幾項舉措。首先，我們在產品分類和產品深度方面的發展可以與這種行為向更高頻率的變化聯繫起來。我們的市場越來越多地充斥著美容、消費電子和消費品行業的知名品牌，不僅針對市場賣家，還通過我們的第一方分類開發。

Just as an example, in the last few months, items from Nike, Enjoei, Nivea and PlayStation can be found in our marketplace in Brazil, as well as Apple, Samsung and Asics that have been added to our platform in Mexico. Particularly for our grocery strategy, we have taken an additional step to expand our assortment with our first pilot programs for fresh items.

舉個例子，在過去的幾個月裡，我們在巴西的市場上可以找到來自 Nike、Enjoei、Nivea 和 PlayStation 的商品，以及已添加到我們在墨西哥的平台上的 Apple、Samsung 和 Asics。特別是對於我們的雜貨戰略，我們採取了額外的步驟，通過我們的第一個生鮮項目試點計劃來擴大我們的品種。

In Sao Paulo, we started operating with Mambo, a local food retailer to offer their fresh selection, and we are setting up similar partnerships for the coming quarters in both Buenos Aires and Mexico City. During these early days of moving into the supermarket category, we have observed that supermarket buyers not only have a higher purchasing frequency but also are demonstrating better user retention rates.

在聖保羅，我們開始與當地食品零售商 Mambo 合作，為他們提供新鮮的選擇，我們正在布宜諾斯艾利斯和墨西哥城的未來幾個季度建立類似的合作夥伴關係。在進入超市類別的早期階段，我們觀察到超市買家不僅購買頻率更高，而且用戶保留率也更高。

Second, we continue to enhance our tiered loyalty program, which not only builds strength on the commerce side, but also ties in our fintech services. With the strong partnerships we've developed with our content providers, we believe the benefits and discounts offered through the loyalty program are among the best-in-class. More recently, in September, we started giving users the option of purchasing access to our highest loyalty tier offering our most comprehensive benefits with the highest shipping and content discounts to these paid users.

其次，我們繼續加強我們的分層忠誠度計劃，這不僅增強了商業方面的實力，而且也加強了我們的金融科技服務。憑藉我們與內容提供商建立的牢固合作夥伴關係，我們相信通過忠誠度計劃提供的福利和折扣是同類中最好的。最近，在 9 月，我們開始為用戶提供購買訪問我們最高忠誠度等級的選項，為這些付費用戶提供我們最全面的福利以及最高的運費和內容折扣。

Finally, the consistent results of the last year proved the great importance of reliable, fast shipping to remove barriers to e-commerce. We made significant investments in the continued rollout of our managed logistics network during the third quarter.

最後，去年的一致結果證明了可靠、快速的運輸對於消除電子商務障礙的重要性。我們在第三季度對持續推出我們的託管物流網絡進行了大量投資。

So turning to Mercado Envios. The advances in speed and execution on the network are transforming the commerce experience throughout the region. In Q3, we shipped almost 248 million items and developed more capabilities to expand fulfillment throughout our key geographies. Our managed network penetration reached 86%, up from 64% in the same quarter last year.

所以轉向 Mercado Envios。網絡速度和執行力的進步正在改變整個地區的商業體驗。在第三季度，我們運送了近 2.48 億件商品，並開發了更多功能以在我們的主要地區擴展履行。我們的託管網絡滲透率達到 86%，高於去年同期的 64%。

Within that network, fulfillment by MercadoLibre is propelling growth, having reached 37% penetration. We launched 2 new fulfillment centers in Brazil this quarter and converted 2 existing fulfillment centers into centers that are now fully managed by us.

在該網絡中，MercadoLibre 的履行正在推動增長，已達到 37% 的滲透率。我們本季度在巴西推出了 2 個新的履行中心，並將 2 個現有的履行中心轉換為現在完全由我們管理的中心。

In Mexico, an additional fulfillment center was implemented and will be expanded in the coming months. Argentina, Colombia and Chile, we see more sellers and items being moved into our fulfillment centers. Overall, we have now 16 active fulfillment centers throughout the region, enabling our delivery times to improve every quarter.

在墨西哥，實施了一個額外的履行中心，並將在未來幾個月內擴大。阿根廷、哥倫比亞和智利，我們看到更多的賣家和商品被轉移到我們的履行中心。總體而言，我們現在在整個地區有 16 個活躍的履行中心，使我們的交貨時間每季度都得到改善。

Faster shipping is also coming through our cross-docking network, which represents over 40% of shipments. We are improving our service levels within cross-docking as we scale and mature the various nodes of this extensive network. As part of this expansion, we signed an agreement to acquire a specialized logistics technology company, Kangu, in the third quarter, after having developed a strong partnership of accelerated growth and shipping capabilities with them starting in 2019.

更快的運輸也來自我們的交叉對接網絡，佔發貨量的 40% 以上。隨著我們擴展和成熟這個廣泛網絡的各個節點，我們正在提高交叉對接中的服務水平。作為此次擴張的一部分，我們在第三季度簽署了收購專業物流技術公司 Kangu 的協議，該公司從 2019 年開始與他們建立了加速增長和運輸能力的強大合作夥伴關係。

Operating over 5,000 pickup and drop-off points, Kangu has created a differentiated value proposition for logistics in Brazil, Mexico and Colombia. It is asset-light and technologically integrated. This network, which we will now call MELI Places, is now part of our logistics assets allowing us to increase our network capillarity reaching more sellers and buyers at faster speeds and growing the model based on our geographical and service expansion opportunities.

Kangu 在巴西、墨西哥和哥倫比亞擁有 5,000 多個取件和取件點，為物流創造了差異化的價值主張。它是輕資產和技術集成的。這個網絡，我們現在將其稱為 MELI Places，現在是我們物流資產的一部分，使我們能夠增加我們的網絡毛細管能力，以更快的速度接觸更多的賣家和買家，並根據我們的地理和服務擴展機會發展模型。

One example of this is that over 60% of MELI places are already enabled for pickup functionality for buyers who have opted not to receive their purchases at their home address. In Mexico, we're already using some of these places to receive returns, an experience we will roll out to other countries shortly.

這方面的一個例子是，超過 60% 的 MELI 地點已經為選擇不在其家庭地址接收購買的買家啟用了取貨功能。在墨西哥，我們已經在使用其中一些地方來接收退貨，我們將很快將這種體驗推廣到其他國家。

We can also count on our Flex solution to improve shipping times for shipments traveling within the same urban area. Flex is already operating 7 days a week for all sites where it has been deployed. The Flex technology is also running part of the hybrid shipping model for supermarket items. While dry goods are being shipped from our fulfillment centers, fresh products shipped directly from the store to the buyer, leveraging the capabilities of the Flex network.

我們還可以依靠我們的 Flex 解決方案來縮短在同一城市區域內運輸的貨物的運輸時間。 Flex 已經在其部署的所有站點每週運行 7 天。 Flex 技術也是超市商品混合運輸模式的一部分。乾貨從我們的履行中心運送，而新鮮產品則直接從商店運送到買家，這充分利用了 Flex 網絡的功能。

Flex represents almost 10% of our shipments today and has developed particularly quickly in Argentina, Chile, Colombia and Uruguay, so far, while also delivering the fastest times on our network. Combining all of these flexible shipping capabilities, we are achieving our goals to run a faster and more reliable delivery operation. In the third quarter, almost 80% of all items were delivered within 48 hours, while consistently increasing the number of free items shipped.

Flex 占我們今天出貨量的近 10%，到目前為止，在阿根廷、智利、哥倫比亞和烏拉圭的發展尤其迅速，同時也在我們的網絡中提供了最快的時間。結合所有這些靈活的運輸能力，我們正在實現我們的目標，即運行更快、更可靠的交付操作。在第三季度，幾乎 80% 的商品在 48 小時內送達，同時免費送達的商品數量不斷增加。

We are developing more specialized capabilities to take on a variety of categories within our network. The continuous improvement around our shipping solutions goes hand-in-hand with our category development expansions. Our strategy to create the proprietary technology and infrastructure around logistics continues to open new strategic doors for us and has become one of our key assets and strength for our e-commerce operations.

我們正在開發更專業的能力來處理我們網絡中的各種類別。圍繞我們的運輸解決方案的持續改進與我們的類別開發擴展密切相關。我們圍繞物流創建專有技術和基礎設施的戰略繼續為我們打開新的戰略大門，並已成為我們電子商務運營的關鍵資產和優勢之一。

I'd like now to spend some time delving deeper into our fintech business, which we are extremely excited with. We are encouraged by the signs that we have reached a level of product maturity in certain parts of the fintech business. And simultaneously, we see vast opportunities to keep developing our reach into large markets of unbanked and underbanked users throughout Latin America.

我現在想花一些時間更深入地研究我們的金融科技業務，我們對此感到非常興奮。有跡象表明，我們在金融科技業務的某些部分已達到產品成熟度，我們對此感到鼓舞。同時，我們看到了巨大的機會，可以繼續將我們的影響力拓展到整個拉丁美洲的無銀行賬戶和銀行賬戶不足的用戶的大型市場。

We're focused on fueling these next growth engines by taking our new upcoming Fin products to market. In light of this, we've transitioned the organization to approach solution based on the end user and not the product offering and are, therefore, dividing our products and services into 2 organizational units, merchants and individuals.

我們專注於通過將我們即將推出的新 Fin 產品推向市場來推動這些下一個增長引擎。有鑑於此，我們已將組織轉變為基於最終用戶而非產品供應的解決方案，因此，我們將我們的產品和服務劃分為 2 個組織單位，商家和個人。

This should allow for better cross-selling opportunities and also a more consumer-focused go-to-market strategy. A more integrated view of each segment of merchants will enable us to provide more customized solutions within our product portfolio.

這應該會帶來更好的交叉銷售機會，以及更以消費者為中心的市場推廣策略。對每個商家細分的更綜合視圖將使我們能夠在我們的產品組合中提供更多定制的解決方案。

On the individual side, our strategy is to drive deeper relationships with our users and offer them a greater array of services through the digital account. To illustrate our efforts under this framework, we will begin disclosing our TPV with an additional breakdown of Acquiring TPV and digital TPV from now on.

在個人方面，我們的策略是與我們的用戶建立更深層次的關係，並通過數字賬戶為他們提供更多的服務。為了說明我們在此框架下的努力，我們將開始披露我們的 TPV，並從現在開始額外細分獲取 TPV 和數字 TPV。

Together, Acquiring TPV and Digital Account TPV add to our consolidated total payment volume in the region, which reached $20.9 billion in the third quarter, growing 59% on an FX-neutral basis. This represents over 865 million payment transactions in the quarter, growing 55% year-over-year.

收購 TPV 和數字賬戶 TPV 共同增加了我們在該地區的綜合支付總額，第三季度達到 209 億美元，在外匯中性基礎上增長 59%。這代表本季度超過 8.65 億筆支付交易，同比增長 55%。

Now let me give you a more detailed update on third quarter performance for our Acquiring TPV, which encapsulates on-platform payments as well as merchant services for online payments, the mobile point-of-sale business and QR payments. Acquiring TPV reached $15.4 billion, growing 46% on a consolidated FX-neutral basis.

現在讓我為您提供關於我們收購 TPV 的第三季度業績的更詳細更新，它封裝了平台支付以及在線支付、移動銷售點業務和二維碼支付的商戶服務。收購冠捷達 154 億美元，在綜合外匯中性基礎上增長 46%。

Within that, on-platform TPV reached $7.5 billion at a 29% FX-neutral growth, in line with our on-platform GMV growth. Online payments outside of our platform had a similar growth level of 32% on an FX-neutral basis, though with a more accentuated deceleration compared to Q2 and as expected since physical retail started to reopen during this period and the year-over-year comparisons steepened.

其中，平台上 TPV 以 29% 的外匯中性增長達到 75 億美元，與我們平台上 GMV 的增長一致。我們平台外的在線支付在外匯中性的基礎上也有 32% 的類似增長水平，但與第二季度相比減速更為嚴重變陡。

The leading highlights in terms of growth were MPOS and QR payments during the third quarter. We were happy to see strong payment volume figures in both of these segments as individuals and merchants are now back to safer mobility in the region with Point TPV growing 78% on a consolidated FX-neutral basis and with $1.3 million in device sales this quarter.

增長方面的主要亮點是第三季度的 MPOS 和 QR 支付。我們很高興看到這兩個領域的支付量數據強勁，因為個人和商家現在在該地區恢復了更安全的移動性，Point TPV 在綜合外匯中性基礎上增長了 78%，本季度的設備銷售額為 130 萬美元。

Equally important are the advances of the QR payments for our merchants, which have accelerated in growth this quarter in all geographies. The new Digital Account TPV encompasses the individual payment services available in our wallet as well as all card payments, including debit, prepaid and credit. But we are excluding unmonetized transfers other than peer-to-peer between Mercado Pago accounts.

同樣重要的是我們商戶的二維碼支付的進步，本季度所有地區的二維碼支付都在加速增長。新的數字賬戶 TPV 包括我們錢包中可用的個人支付服務以及所有卡支付，包括借記卡、預付卡和信用卡。但我們不包括 Mercado Pago 賬戶之間的點對點以外的未貨幣化轉賬。

Digital TPV reached $5.5 billion in the third quarter with a 101% growth on a consolidated FX-neutral basis. The digital account is also the platform that hosts multiple additional services for users beyond the payments reflected in TPV, such as the adoption and management of a consumer credit line, hiring of insurance policies and certificates and the typical bank transfers to other outside accounts.

數字 TPV 在第三季度達到 55 億美元，在綜合外匯中性基礎上增長 101%。除了 TPV 所反映的付款之外，數字賬戶還是為用戶託管多種附加服務的平台，例如採用和管理消費者信用額度、租用保險單和證書以及向其他外部賬戶進行典型的銀行轉賬。

Though not reflected in our reported payment volume, these other services have increasingly better user interfaces and integration with our full ecosystem. We believe these other accessory services are key to maintaining users' trust and engaging with ample financial services available in the Mercado Pago digital account as we increasingly vie for the principality in financial services of our user base.

雖然沒有反映在我們報告的支付量中，但這些其他服務具有越來越好的用戶界面並與我們的整個生態系統集成。我們認為，隨著我們越來越多地爭奪我們用戶群的金融服務公國，這些其他附屬服務是維持用戶信任和參與 Mercado Pago 數字賬戶中提供的充足金融服務的關鍵。

And while I'm on engagement, I'd like to introduce a new methodology of counting and tracking unique fintech active users. Within our former MercadoLibre ecosystem of almost 78.7 million actively quarterly users in Q3, we have a subset of users that are employing a Mercado Pago fintech product, which we call unique fintech active users.

當我參與其中時，我想介紹一種新的方法來計算和跟踪獨特的金融科技活躍用戶。在我們以前的 MercadoLibre 生態系統中，第三季度有近 7870 萬活躍的季度用戶，我們有一部分用戶正在使用 Mercado Pago 金融科技產品，我們稱之為獨特的金融科技活躍用戶。

We count a user as a unique fintech active user if they've engaged in at least one of the following services within the quarter: wallet payment online, in-app or in-store transfers withdrawals, consumer or merchant credit borrowers, card users, fintech sellers and fintech active products such as asset management and insurtech users. We had 31.6 million unique fintech active users in the third quarter of 2021 alone, a growth of 13% compared to last year's similar quarter.

如果用戶在本季度內至少參與了以下一項服務，我們會將其視為唯一的金融科技活躍用戶：在線錢包支付、應用內或店內轉賬取款、消費者或商家信貸借款人、卡用戶、金融科技賣家和金融科技活躍產品，如資產管理和保險科技用戶。僅在 2021 年第三季度，我們就有 3160 萬獨立金融科技活躍用戶，與去年同期相比增長 13%。

Until the last quarter, we had been giving a lot of attention to the number of wallet payers which continued to trend upwards during the third quarter, reaching 16.8 million wallet payers, up from 15.1 million in the second quarter. Yet given our increasing attention to serving individuals beyond the payment facilities offered in the wallet, we believe that the unique fintech active user metric better reflects our user base that is engaged with our digital account.

直到上個季度，我們一直非常關注錢包支付者的數量，該數量在第三季度繼續呈上升趨勢，達到 1680 萬錢包支付者，高於第二季度的 1510 萬。然而，鑑於我們越來越重視在錢包中提供的支付設施之外為個人提供服務，我們認為獨特的金融科技活躍用戶指標更好地反映了我們與我們的數字賬戶互動的用戶群。

We are looking forward to sharing more around this metric as our products continue to mature, and the number of features per user presents growing trends. A key extension of our fintech services that supports our merchant and individual user bases as our credit business. We have exciting developments taking place in this part of the ecosystem, and we believe it will be a core server to users that are entering basic financial services in our region.

隨著我們的產品不斷成熟，我們期待圍繞這一指標分享更多信息，並且每個用戶的功能數量呈現增長趨勢。我們金融科技服務的重要延伸，支持我們的商家和個人用戶群作為我們的信貸業務。我們在生態系統的這一部分發生了令人興奮的發展，我們相信它將成為進入我們地區基本金融服務的用戶的核心服務器。

Our credit business took another significant step in Q3, surpassing the $1 billion mark in total portfolio size. The $1.1 billion credit portfolio is the result of originating over $1 billion during the quarter. Our consumer credit book is leading the growth with our 2 main products: personal loans and credits for purchases on our platforms.

我們的信貸業務在第三季度又邁出了重要的一步，總投資組合規模超過了 10 億美元。 11 億美元的信貸組合是本季度發起超過 10 億美元的結果。我們的消費者信用賬簿通過我們的 2 個主要產品引領增長：個人貸款和在我們平台上購買的信用。

While credits for purchases is still the main product, personal loans for possible uses outside of our platform are accelerating and achieving a greater presence in the consumer credit book. At a country level, our consumer credit book is growing at high triple digits across all countries.

雖然購買信用仍然是主要產品，但在我們平台之外可能使用的個人貸款正在加速發展，並在消費者信用賬簿中佔有更大的份額。在國家層面，我們的消費者信用記錄在所有國家都以三位數的速度增長。

Overall, we've reached almost 36 million consumers with preapproved credit lines at their disposal, up from 27 million in the second quarter. In the merchant credit portfolio for both online and off-line merchants, we see continued expansion in our merchant base opting for a credit line. We've made improvements to the product interface and collection processes that create a seamless and effective experience for our merchants.

總體而言，我們已經為近 3600 萬消費者提供了預先批准的信貸額度，高於第二季度的 2700 萬。在線上和線下商戶的商戶信用組合中，我們看到選擇信用額度的商戶基礎持續擴大。我們對產品界面和收款流程進行了改進，為我們的商家創造了無縫且有效的體驗。

We developed repayment methods so that merchants can now settle their loans on either a fixed installment over time are opt to settle through a percentage of their transacted volume with us. At the country level, we saw a spike increase in credit loans in Argentina, Brazil and Mexico. Considering our full credit portfolio, nonperforming loans are stable compared to the previous quarter.

我們開發了還款方式，以便商家現在可以在一段時間內以固定分期付款方式償還貸款，他們可以選擇通過他們與我們交易量的一定百分比來結算。在國家層面，我們看到阿根廷、巴西和墨西哥的信用貸款激增。考慮到我們的全部信貸組合，不良貸款與上一季度相比是穩定的。

Overall, and at the individual portfolio level, we are encouraged to see our ability to score and manage risk as we extend more credit lines to our users and all of our credit books were profitable during the third quarter. Building on our credit capabilities and our ambition to extend the services attached to the digital account, we are excited by the first waves of implementation of our credit card, for now rolled out only in Brazil.

總體而言，在個人投資組合層面，隨著我們向用戶提供更多信貸額度並且我們所有的信貸賬戶在第三季度都實現了盈利，我們很高興看到我們評分和管理風險的能力。基於我們的信用能力和我們擴展數字賬戶服務的雄心，我們對信用卡的第一波實施感到興奮，目前僅在巴西推出。

We expect the credit card to be one of the key features of our digital account to unlock future payment volume growth as well as a means to increase user engagement and retention. In Q3, we were focused on new features for the credit card product and understanding our user behavior better. There are several encouraging signs that we are headed in the right direction for the credit card.

我們預計信用卡將成為我們數字賬戶的主要功能之一，以解鎖未來支付量的增長，以及提高用戶參與度和保留率的一種手段。在第三季度，我們專注於信用卡產品的新功能並更好地了解我們的用戶行為。有幾個令人鼓舞的跡象表明，我們正朝著信用卡的正確方向前進。

Net Promoter Scores for Mercado Pago credit card holders trended significantly above our Mercado Pago averages during the third quarter. Secondly, over half of the credit card transactions are already occurring outside of our marketplace and payment platforms, which is significant in our road map to drive the principality of our digital account.

Mercado Pago 信用卡持有人的淨推薦值在第三季度明顯高於我們的 Mercado Pago 平均值。其次，超過一半的信用卡交易已經發生在我們的市場和支付平台之外，這在我們推動數字賬戶公國的路線圖中非常重要。

We also have a long waiting list of users demonstrating interest in accessing our credit card, which we will begin to score and unlock in the coming months. By stitching together our credit products with our payment and commerce services, our ecosystem is becoming increasingly more robust.

我們還有一長串等待使用我們信用卡的用戶，我們將在接下來的幾個月內開始對其進行評分和解鎖。通過將我們的信貸產品與我們的支付和商業服務相結合，我們的生態系統變得越來越強大。

We are seeing greater depth in our relationships with merchants and users that begin to engage with several touch points throughout our ecosystem. The credit business has the ability to fuel these increased connections between consumers and merchants, unlocking higher conversion rates and overall more financial inclusion.

我們看到我們與商家和用戶的關係越來越深入，這些商家和用戶開始與我們生態系統中的多個接觸點進行互動。信貸業務有能力推動消費者和商家之間的聯繫不斷增加，從而實現更高的轉化率和總體上更多的金融包容性。

With that overview, now let's go over our financial results for the quarter quickly. We had a record achievement in quarterly revenues, surpassing $1.8 billion on a consolidated basis, growing 66.5% in U.S. dollars and 72.9% on an FX-neutral basis. In Brazil, revenues grew 69% on an FX-neutral basis, while Argentina and Mexico posted even higher FX-neutral growth rates with 83% and almost 76%, respectively.

有了這個概述，現在讓我們快速回顧一下我們本季度的財務業績。我們在季度收入方面取得了創紀錄的成就，綜合收入超過 18 億美元，以美元計算增長 66.5%，在外匯中性基礎上增長 72.9%。在巴西，在外匯中性的基礎上，收入增長了 69%，而阿根廷和墨西哥的外匯中性增長率更高，分別為 83% 和近 76%。

Revenue growth is driven by consistent growth in our third-party and first-party merchandise as well as payment volumes and the expansion of our credit business while maintaining the consistent monetization levels seen in the previous quarter. The strong results occurred despite revenues being negatively impacted by continuous rises of interest rates in Brazil, which compressed spreads on our financing businesses that are reported net of funding costs.

收入增長是由我們的第三方和第一方商品的持續增長以及支付量和信貸業務的擴張推動的，同時保持上一季度的一致貨幣化水平。儘管收入受到巴西利率持續上升的負面影響，但仍取得了強勁的業績，這壓縮了我們融資業務的利差，這些利差報告為扣除融資成本後。

During the quarter, we were able to partially offset this impact by implementing initiatives that diversify funding sources and through pricing. For the third quarter, gross profit was almost $807 million at a margin of 43.4%, very similar to the 43% margin in Q3 2020 and to the average of the first half of the year.

在本季度，我們能夠通過實施使資金來源多樣化的舉措和定價來部分抵消這種影響。第三季度毛利潤接近 8.07 億美元，利潤率為 43.4%，與 2020 年第三季度 43% 的利潤率和上半年的平均水平非常相似。

We faced some bottom line headwinds as we expand our first-party business and incur more operational costs while expanding our own logistics network. But these effects are partially offset by cost reductions on our payment collection fees and leveraging our customer service costs as we reach scale.

隨著我們擴大第一方業務並在擴大我們自己的物流網絡的同時產生更多運營成本，我們面臨一些底線阻力。但是，這些影響被我們的收款費用降低以及隨著我們達到規模而利用我們的客戶服務成本而部分抵消。

As we do every quarter, we've included a detailed breakdown of these margin effects in the slides accompanying this presentation as well as the OpEx margin evolution. Regarding our operating expenses, which represented 34.8% of revenues, we see sustained operating leverage from the scale and efficiencies over the last year and an improvement of 80 basis points on a year-over-year comparison.

正如我們每個季度所做的那樣，我們在本演示文稿隨附的幻燈片中詳細列出了這些利潤率影響以及運營支出利潤率的演變。關於佔收入 34.8% 的運營費用，我們看到去年規模和效率的持續運營槓桿，同比提高 80 個基點。

Operating expenses were $646 million, with higher bad debt expenses as we grow our credit book that are offset by efficiencies and other marketing initiatives and G&A expenses. Consequently, we booked $160 million in EBIT in the third quarter at a margin of 8.6%.

運營費用為 6.46 億美元，隨著我們的信用額度增加，壞賬費用增加，這些費用被效率和其他營銷計劃以及 G&A 費用所抵消。因此，我們第三季度的息稅前利潤為 1.6 億美元，利潤率為 8.6%。

It's important to note that this quarter, our Argentine subsidiary's eligibility under the knowledge-based economy promotional regime was approved, which we have described further in our 10-Q filing. The tax benefits granted under the promotional regime are retroactive to January 2020 and will also apply to our future results. We've recognized this retroactive effect in full in our Q3 financial results.

值得注意的是，本季度，我們的阿根廷子公司在知識經濟促進制度下的資格獲得批准，我們在 10-Q 文件中進一步描述了這一點。根據促銷制度授予的稅收優惠可追溯至 2020 年 1 月，也將適用於我們未來的業績。我們在第三季度的財務業績中完全認識到了這種追溯效應。

In terms of net income, in Q3, we reached over $95 million at a margin of 5.1%, including these one-off impacts. On an adjusted basis, correcting for savings that are nonrecurring in nature, net income margin would have been closer to 2% for the quarter.

就淨收入而言，在第三季度，我們以 5.1% 的利潤率達到了超過 9500 萬美元，包括這些一次性影響。在調整後的基礎上，校正非經常性儲蓄，本季度的淨利潤率將接近 2%。

Before my final comments, one announcement I'd like to make on our executive leadership structure. We'd like to share the news that after 22 years working with us, Stelleo Tolda has decided to leave his full-time role as President, Commerce Business, effective April 1 of next year.

在我最後發表評論之前，我想就我們的行政領導結構發表一個聲明。我們想分享一個消息，在與我們共事 22 年後，Stelleo Tolda 決定從明年 4 月 1 日起辭去商務業務總裁的全職職務。

Stelleo has been a key executive at MercadoLibre from the beginning of our journey, having had multiple roles during these years. Words really fail to describe the impact that Stelleo has had during this time. We're all incredibly lucky and grateful to have been able to count on him over the years. Fortunately, Stelleo will remain closely linked to MercadoLibre as a formal adviser to the company and its Board of Directors, allowing us to continue to benefit from his continued advice in the future.

從我們的旅程開始，Stelleo 就一直是 MercadoLibre 的關鍵高管，在這些年裡擔任過多個職務。言語真的無法描述 Stelleo 在此期間所產生的影響。多年來，我們都非常幸運和感激能夠依靠他。幸運的是，Stelleo 將作為公司及其董事會的正式顧問與 MercadoLibre 保持密切聯繫，使我們能夠在未來繼續從他的持續建議中受益。

As we previously stipulated in our company's executive succession planning process, we're also very pleased to announce that Ariel Szarfsztejn will take on the role of Executive Vice President, Commerce. Many of you already know Ari from his time leading our strategy and corporate development teams.

正如我們之前在公司的高管繼任計劃流程中規定的那樣，我們也非常高興地宣布，Ariel Szarfsztejn 將擔任商務部執行副總裁一職。你們中的許多人在 Ari 領導我們的戰略和企業發展團隊時就已經認識他了。

And more recently, he has been the driving force behind the build-out of our logistics network, a key differentiating aspect of our business today. Ariel has been working closely with Stelleo for the past few years and will continue to do so in the future.

最近，他一直是我們物流網絡建設的推動力，這是我們當今業務的一個關鍵差異化方面。過去幾年，Ariel 一直與 Stelleo 密切合作，並將在未來繼續這樣做。

This is a bittersweet feeling that I have making the announcement. But on behalf of everyone at MercadoLibre, we will miss having Stelleo involved in day-to-day operations and are, at the same time, pleased that we can transition this leadership position through an in-house process, highlighting the depth of internal talent we have at the organization. We are all very confident that under Ariel's leadership, our commerce operation will continue to thrive.

這是我宣布宣布的一種苦樂參半的感覺。但代表 MercadoLibre 的每個人，我們會懷念 Stelleo 參與日常運營，同時很高興我們可以通過內部流程轉變這一領導職位，突出內部人才的深度我們在本組織有。我們都非常有信心，在 Ariel 的領導下，我們的商業運營將繼續蓬勃發展。

In closing, I'd like to reiterate that our mission to democratize commerce and financial services in Latin America remains at the forefront of our minds, even as we begin to see positive indications that we are exiting the gravest part of the pandemic throughout the region.

最後，我想重申，我們在拉丁美洲實現商業和金融服務民主化的使命仍然是我們的首要任務，儘管我們開始看到積極跡象表明我們正在擺脫整個地區大流行的最嚴重部分.

We continue to include and care for the communities around us through the expansion of our business. We had another quarter of consistent robust results and in parallel, continue to plant seeds for our next growth avenues across the business and geographies where we are present. We are excited about the opportunities we have in front of us that will allow us to both build upon our current accomplishments and further innovate as we continue to focus on our long-term growth strategy.

我們通過擴展業務繼續包容和關心我們周圍的社區。我們又取得了四分之一的穩健業績，與此同時，我們繼續為我們所在業務和地區的下一個增長途徑播下種子。我們對擺在我們面前的機會感到興奮，這些機會將使我們能夠在當前成就的基礎上進一步創新，同時繼續專注於我們的長期增長戰略。

And finally, I'd like to mention that we now have 27,000 employees that are making all these achievements possible along with our increasingly connected network of partners. I'm grateful to see the consistent level of execution and coordination within this ever-growing group of talents. And I'm also very proud that despite the hard work we demand of them, they continue to rank us highly as an employer, having ranked us among the top 25 best employers globally according to Great Place to Work.

最後，我想提一下，我們現在有 27,000 名員工，與我們日益緊密的合作夥伴網絡一起，使所有這些成就成為可能。我很高興看到這個不斷增長的人才群體中始終如一的執行和協調水平。我也很自豪，儘管我們要求他們努力工作，但他們仍然將我們列為雇主，根據 Great Place to Work 將我們列為全球最佳雇主 25 名。

Thanks, everyone, for joining us on the quarterly conference call to follow our progress. And as always, we are now happy to take your questions.

感謝大家加入我們的季度電話會議以跟踪我們的進展。和往常一樣，我們現在很高興回答您的問題。

(Operator Instructions) Our first question comes from Bob Ford with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Bob Ford。

Congratulations on the quarter. Pedro, how big is your exposure to PAX? How big -- or how much did it impact payments in the quarter, if at all? Or I guess, how is it impacting payments day-to-day? And how are you solving for that? And are chip shortages resulting in any scarcity of replacement MPOS units? And just with respect to supply chain issues as well, are you seeing any impact on platform inventory going into year-end?

祝賀本季度。 Pedro，您對 PAX 的了解有多大？有多大——或者說它對本季度的支付有多大影響（如果有的話）？或者我猜，它對日常付款有何影響？你是如何解決這個問題的？芯片短缺是否會導致更換 MPOS 單元的短缺？就供應鏈問題而言，您是否看到到年底對平台庫存有任何影響？

Bob, this is Eduardo. So with regard to PAX, they are 1 of our 5 suppliers for POSs. So, so far, we have not found anything to be concerned about the POS that we sell or the smart devices we sell. So we continue to work with them as we normally. And then with regard to team shortages, I'd say so far, we have been able to continue selling all of our devices.

鮑勃，這是愛德華多。所以關於 PAX，他們是我們 5 家 POS 供應商中的 1 家。所以，到目前為止，我們還沒有發現任何值得關注的關於我們銷售的 POS 或我們銷售的智能設備。因此，我們繼續像往常一樣與他們合作。然後關於團隊短缺，我想說到目前為止，我們已經能夠繼續銷售我們所有的設備。

We do have some concerns around smart POSs. There is some shortage there. But our expectation is that we will sell devices that we will be able to sell it. There was no shortage. But at some point, we would not be able to continue selling devices. So I'd say that would be our concern.

我們確實對智能 POS 有一些擔憂。那裡有些短缺。但我們的期望是我們將銷售我們能夠銷售的設備。沒有短缺。但在某些時候，我們將無法繼續銷售設備。所以我會說這將是我們的關注點。

On inventory, Bob, I think the global reality is well known to everyone. What we've done on our end is we've started working with our merchants. And the 1P business also additionally allows us to try to identify inventory gaps and try to step in as merchants of record ourselves. And we started working with them towards the holiday season a lot earlier than we ever have before, I would say at the beginning of this quarter.

關於庫存，鮑勃，我認為全球現實是眾所周知的。我們最終所做的是我們已經開始與我們的商家合作。而 1P 業務還允許我們嘗試找出庫存缺口，並嘗試自己作為記錄商家介入。我們比以往任何時候都更早地開始與他們合作迎接假期，我會說是在本季度初。

So the situation is the one well known to everyone. What has been under our control, we've tried to front-load a lot of the preparation inventory step in with 1P. And we like the amount of selection and the depth of selection we have for the upcoming shopping season, given the overall reality.

所以情況是大家都知道的。在我們的控制之下，我們嘗試在 1P 中預先加載許多準備庫存步驟。考慮到整體現實，我們喜歡即將到來的購物季的選擇數量和選擇深度。

Our next question comes from Richard Cathcart with Bradesco.

我們的下一個問題來自 Richard Cathcart 和 Bradesco。

Just one on the Digital Account TPV that you disclosed for the first time here. I think that's pretty aligned with the wallet TPV previously. So the last few quarters, it's been running between 3 billion and 3.5 billion. This quarter, a big jump to 5.5 billion. So perhaps you could just give us a little bit more information about what the driver there or the driver of that big jump quarter-on-quarter.

您在此處首次披露的數字帳戶 TPV 上只有一個。我認為這與之前的錢包 TPV 非常一致。所以過去幾個季度，它一直在 30 億到 35 億之間運行。本季度大幅躍升至55億。因此，也許您可以向我們提供更多關於那裡的驅動程序或季度環比大躍進的驅動程序的信息。

So Richard, we started to disclose the detailed account PD. It is similar to what we were disclosing in the past, but it has 2 caveats. First, it includes all of the wallet payments, but not QR code payments. QR code payments we are disclosing on the acquiring side of the equation. So we did TPV for acquiring. And then what we are adding is card transactions. So TPV was 5.5 billion, as you said, and it's growing at over 100% year-on-year in local currencies.

所以理查德，我們開始公開詳細的賬戶 PD。它類似於我們過去披露的內容，但有兩個警告。首先，它包括所有的錢包支付，但不包括二維碼支付。我們在等式的收單方披露二維碼支付。所以我們做了冠捷收購。然後我們添加的是卡交易。如您所說，TPV 為 55 億美元，按當地貨幣計算，其同比增長超過 100%。

Does that answer your question, Richard?

這能回答你的問題嗎，理查德？

Yes.

是的。

Our next question comes from Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Pedro, I think you mentioned in your prepared remarks an increasing percentage of items on free shipping. Just wanted to see if I can get some clarification on that comment. Do you mean that there's just a greater number of SKUs on a site which qualify for free shipping or that you're underwriting I guess a greater amount of free shipping subsidies.

好的。所以佩德羅，我想你在準備好的評論中提到了越來越多的免費送貨商品。只是想看看我是否可以對該評論進行澄清。你的意思是網站上有更多的 SKU 有資格獲得免費送貨，或者你正在承保我猜更多的免費送貨補貼。

And just taking a step back a little bit, as you look at the all-in cost to the consumer relative to some of your competitors who offer all you can eat shipping, do you think your offering is sufficient to effectively disincentivize users from signing up for that upfront monthly or annual subscription fee.

稍微退後一步，當你看到消費者相對於一些提供所有你可以吃的運輸的競爭對手的總成本時，你認為你的產品是否足以有效地抑制用戶註冊預付月費或年費。

Great, Stephen. So first of all, I think the remarks point to the fact that the volume of purchases made on MELI without the consumer having to pay for shipping hit an all-time high of over 70% of our volume. And when we look at items that can be shipped through Mercado Envios that number is almost 80%. And so we actually view that as probably the most widespread free shipping program available without the need for the consumer to pay a subscription.

太好了，斯蒂芬。因此，首先，我認為這些言論指出了這樣一個事實，即無需消費者支付運費即可在 MELI 上進行的購買量達到了我們交易量 70% 以上的歷史新高。當我們查看可以通過 Mercado Envios 運送的物品時，這個數字幾乎是 80%。因此，我們實際上認為這可能是最廣泛的免費送貨計劃，無需消費者支付訂閱費用。

We now also offer a paid subscription for consumers that potentially are looking for even more free shipping than that. But our understanding still is that for our markets, with consumers with potentially less disposable income, the fact that nearly 70-plus percent of our volume is done on free shipping without any subscription cost actually a tremendous value proposition to users.

我們現在還為可能正在尋找更多免費送貨服務的消費者提供付費訂閱服務。但我們的理解仍然是，對於我們的市場而言，消費者的可支配收入可能較少，事實上，我們近 70% 的銷量是通過免費送貨完成的，沒有任何訂閱成本，這對用戶來說實際上是一個巨大的價值主張。

Our next question comes from Marcelo Santos with JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

The first is the reacceleration of active payer additions. I know you're focusing more on fintech users now, but the natural cures to have it with the active payers. And there was a big jump this quarter. So could you please just talk a bit about what's happening and what have you done to for that to have on our comment on the market?

首先是積極付款人增加的重新加速。我知道您現在更多地關注金融科技用戶，但與活躍付款人一起擁有它的自然療法。本季度出現了大幅增長。那麼，您能否談談正在發生的事情以及您做了什麼來對我們對市場的評論發表意見？

And the second question is regarding the potential impact of new regulations in Brazil regarding prepaid cards. Is that a negative to you? Or could that be a positive because you spend less? How could we frame that?

第二個問題是關於巴西新法規對預付卡的潛在影響。這對你不利嗎？或者這可能是積極的，因為你花費更少？我們怎麼能把它框起來？

Marcelo, let me start with the second question. You gave us -- you asked us and with regards to the potential change in regulation. But as you know, what happened is Brazilian Central Bank is analyzing putting a cap on interchanges for prepaid cards. We do issue prepaid cards and this could have an impact.

馬塞洛，讓我從第二個問題開始。你給了我們 - 你問我們以及關於監管的潛在變化。但如您所知，巴西中央銀行正在分析對預付卡交換設置上限。我們確實發行預付卡，這可能會產生影響。

There are 2 different in terms that they're talking about on the one hand, this cap that could reduce the interchange we collect for those transactions. And then the second effect they're considering is shortening the payment period from 26 days to 2 days. We already pay most of the vast majority of the transactions at 2 days because those are offline transactions only on factors will pay later. So that would not have an impact in working capital. It would have yet an impact on the financial side.

一方面，他們在談論兩個不同的術語，這個上限可能會減少我們為這些交易收集的交換。然後他們正在考慮的第二個影響是將付款期限從 26 天縮短到 2 天。我們已經在 2 天內支付了絕大多數交易，因為這些是離線交易，僅考慮因素將在以後支付。因此，這不會對營運資金產生影響。這將對財務方面產生影響。

But on the other hand, as an acquirer and as a process of transactions, we will be paid -- will be paid earlier and will pay a lower merchant discount rate or interchange fee, depending if we are an aggregator or we are using on gateway for those transactions. I think those effects will be of similar magnitude. So at this point, the calculations don't make us concerned. We believe that those things would be a similar impact and the total effect will not be material. That's our expectation.

但另一方面，作為收單方和交易流程，我們將得到報酬——將更早得到報酬，並將支付較低的商戶折扣率或交換費，具體取決於我們是聚合商還是在網關上使用對於那些交易。我認為這些影響將具有相似的程度。所以在這一點上，計算不會讓我們擔心。我們相信這些事情會產生類似的影響，並且總體影響不會是重大的。這是我們的期望。

On wallet, first of all, I think as you pointed out in the question, we do increasingly encourage you to look at the active fintech users of nearly 32 million. It's a better metric to understand users across our entire financial service offering.

首先，關於錢包，我認為正如您在問題中指出的那樣，我們確實越來越鼓勵您關注近 3200 萬活躍的金融科技用戶。這是了解我們整個金融服務產品的用戶的更好指標。

But having said that, you're accurate in that there was an acceleration in wallet payers, and it's actually driven across the different use cases. We see a pickup again in QR payments from wallet in part driven by gradual reopenings as consumers are able to use the wallets and physical stores increasingly.

但話雖如此，你說得對，錢包支付者的數量正在加速增長，而且它實際上是在不同的用例中推動的。隨著消費者能夠越來越多地使用錢包和實體店，我們看到錢包中的二維碼支付再次回升，部分原因是逐步重新開放。

But also as gradually, our wallet becomes better distributed, we also see a nice pickup in peer-to-peer transfers within the wallet, and also growth in utilities and cell phones. So I think it's a gradual acceleration with core underlying metrics that are strong on the wallet, which is great news, but also the number of overall fintech users is about twice that large.

但也逐漸地，我們的錢包變得更好地分佈，我們也看到錢包內的點對點轉賬的良好回升，以及公用事業和手機的增長。所以我認為這是一個逐漸加速，核心基礎指標在錢包上很強大，這是個好消息，而且整體金融科技用戶的數量大約是原來的兩倍。

And one more thing. We are seeing increased engagement, more transactions per user.

還有一件事。我們看到參與度增加，每位用戶的交易量增加。

Our next question is from Andrew Ruben with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Andrew Ruben。

My questions relate a bit to the macro backdrop, specifically in Brazil. First, on consumer credit. Can you talk through what gives you comfort in continuing the high levels of growth of the consumer credit book amid a backdrop that appears to becoming a bit more difficult? And then related with interest rates in your spread-based businesses, could you provide a bit more color on how you think about the ability to ultimately pass through higher pricing?

我的問題與宏觀背景有關，特別是在巴西。首先，關於消費信貸。您能否談談在似乎變得有點困難的背景下，是什麼讓您在繼續保持消費信貸的高水平增長時感到欣慰？然後與您基於價差的業務的利率相關，您能否提供更多關於您如何看待最終通過更高定價的能力的顏色？

Andrew, with regard to consumer credit, we have had a very good quarter, I think probably of the credit products. I think our credit, all 3 of them have been profitable in all 3 markets. So in the 9 different markets we're in, we were able to have good profitability.

安德魯，關於消費信貸，我們有一個非常好的季度，我認為可能是信貸產品。我認為我們的功勞，他們三個都在所有三個市場中都盈利了。因此，在我們所處的 9 個不同市場中，我們能夠獲得良好的盈利能力。

We have also been able to significantly increase not only the portfolio but the number of loans outstanding and the number of offers outstanding. There were -- there is 6 million people with offers for credit during the quarter. So far, we are very optimistic with how the product is evolving.

我們不僅能夠顯著增加投資組合，還能夠顯著增加未償貸款數量和未償報價數量。有 - 本季度有 600 萬人提供信貸。到目前為止，我們對產品的發展方式非常樂觀。

Sorry, Andrew, on Brazilian interest rates, we are a company that will strive to not have to pass on increased fee structures to consumers where possible. So the first steps we're taking is how do we try to improve our funding costs. And in that sense, the financial institution license that we've been granted in Brazil has been instrumental because it does really give us access to cheaper funding sources from that financial institution.

抱歉，安德魯，關於巴西利率，我們是一家致力於盡可能不將增加的費用結構轉嫁給消費者的公司。因此，我們採取的第一步是我們如何嘗試改善我們的資金成本。從這個意義上說，我們在巴西獲得的金融機構許可證起到了重要作用，因為它確實讓我們能夠從該金融機構獲得更便宜的資金來源。

So I think the idea is, first and foremost, to try to improve cost structure and to avoid as much as possible, passing on increased fees on the marketplace to merchants. We might have to around the edges on certain types of credit passed on some of that cost. But again, we will do whatever we can to avoid the impact of passing that on to consumers, while at the same time trying to manage our bottom line goals.

所以我認為這個想法首先是嘗試改善成本結構並儘可能避免將市場上增加的費用轉嫁給商家。我們可能不得不在某些類型的信貸上繞過一些成本。但同樣，我們將盡我們所能避免將其傳遞給消費者的影響，同時努力管理我們的底線目標。

Our next question comes from Irma Sgarz with Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

Yes, maybe just piggybacking on the last question, if you could expand a little bit on the funding strategy for creditor, how you see that evolve from here? I think Osvaldo had already commented on that earlier this year. But I was just curious that given that creditors been growing even faster than expected. How do you see sort of off balance sheet versus on evolving in the different sources that you're using and maybe how you see it evolving into 2022?

是的，也許只是捎帶最後一個問題，如果您可以稍微擴展一下債權人的融資策略，您如何看待從這裡演變而來的？我認為奧斯瓦爾多今年早些時候已經對此發表了評論。但我只是好奇，鑑於債權人的增長速度甚至比預期的還要快。您如何看待資產負債表外的情況與您使用的不同來源的演變以及您如何看待它演變到 2022 年？

And yes, thank you for disclosing the fintech users, that's very helpful. I was curious, not sure if I'm thinking about this the right way. But if you could talk about the intersection that you have between the 31.6 million fintech, active fintech uses and the overall MELI users -- or sorry, and the active buyers that you have, which I think were 37 million, 38 million.

是的，感謝您披露金融科技用戶，這非常有幫助。我很好奇，不確定我是否以正確的方式思考這個問題。但如果你能談談你在 3160 萬金融科技、活躍金融科技用戶和整體 MELI 用戶之間的交集——或者對不起，你擁有的活躍買家，我認為是 3700 萬、3800 萬。

Surely, Irma. So on credits, I think we continue to execute on the plan we've had all along. We signed incremental deals with some of our banking partners in different markets for the SPBs, the [Fujiki] that we use to fund that. We're on track to exit the year within our objectives of having almost half of the credits already coming from third-party funding.

當然，艾爾瑪。因此，在信用方面，我認為我們將繼續執行我們一直以來的計劃。我們與我們在不同市場的一些銀行合作夥伴簽署了關於 SPB 的增量交易，我們用來資助它的 [Fujiki]。我們有望在我們的目標內退出這一年，即幾乎一半的信貸已經來自第三方資金。

And going forward, given the immense potential in the credit book, and you can see the Q-on-Q on year-on-year growth in the size of the credit book, it's phenomenal. We will continue to open outside windows for funding. Additionally, and tying into the previous answer, the financial institution in Brazil also allows us to issue Letras Financeiras, CDBs and whatnot, which are a also very, very efficient way to fund the credit book as it continues to grow.

展望未來，考慮到信貸賬簿的巨大潛力，你可以看到信貸賬簿規模的同比增長，這是驚人的。我們將繼續開放外部窗口以獲取資金。此外，與之前的答案相聯繫，巴西的金融機構還允許我們發行 Letras Financeiras、CDB 等，這也是一種非常非常有效的方式來為信貸簿提供資金，因為它繼續增長。

So I think things are evolving positively in terms of overall cost, which is helping spreads, and we will continue to work to make sure that we have multiple windows available to continue to fund the credit book also off of our own balance sheet. In terms of the user metrics, I think what we're trying to do there is to give you metrics that do not have too much overlap.

因此，我認為總體成本方面正在發生積極變化，這有助於利差，我們將繼續努力確保我們有多個可用窗口來繼續為我們自己的資產負債表之外的信用簿提供資金。在用戶指標方面，我認為我們正在嘗試為您提供沒有太多重疊的指標。

So marketplace Pago users who use Pago to purchase on the marketplace, we are not including in that unique fintech active user base. So you can add them both to get to an overall sense of actual total payers that have engaged with Mercado Pago either on the marketplace or off the marketplace, which then becomes a sizable number of, I think, something close to probably $70 million.

因此，使用 Pago 在市場上購買的市場 Pago 用戶，我們不包括在那個獨特的金融科技活躍用戶群中。因此，您可以將它們都添加到市場上或市場外與 Mercado Pago 互動的實際總付款人的總體感覺，然後變成相當大的數量，我認為可能接近 7000 萬美元。

Probably one other thing that we are not including in the metric, we are including the metric, as we mentioned, those who are paying with either the wallet or payments online, in-app or in-store as we draw consumer merchant credit card borrowers, card users fintech sellers and fintech active products such as asset management.

可能我們未將另一件事包括在指標中，正如我們所提到的，當我們吸引消費者商家信用卡借款人時，我們將指標包括在那些使用錢包或在線、應用內或店內付款的人、卡用戶、金融科技賣家和資產管理等金融科技活躍產品。

What we are not including in the metrics is people who are paying at the POS we own or people who are paying at a checkout as a guest and not logging into our credentials as the Mercado Pago number. The total number of payers from Mercado Pago would be higher, and we're not including those.

我們不包括在指標中的是在我們擁有的 POS 付款的人或在結帳時以客人身份付款且未以 Mercado Pago 號碼登錄我們的憑據的人。 Mercado Pago 的付款人總數會更高，我們不包括這些。

Our next question comes from Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

Frank on for Deepak here. So I wanted to start, can we talk a little bit about fulfillment in Brazil? You talked about new fulfillment centers, but were periods where we're at with regard to the ideal model, looking for what kind of areas you have to build out and how we should think about some of the monetization plans from sellers?

弗蘭克在這裡代替迪帕克。所以我想開始，我們能談談在巴西的成就嗎？您談到了新的履行中心，但我們正處於理想模式的時期，尋找您必須建立什麼樣的區域以及我們應該如何考慮賣家的一些貨幣化計劃？

And then beyond that, can you talk a little bit about your expectations for investment levels in the holiday season? Both, a, on the -- in regards to stepping up spend on marketing or other customer acquisition programs. And then as you mentioned before about kind of looking to work with vendors ahead of any supply chain issues, what kind of incremental investments that could incur.

除此之外，你能談談你對假期投資水平的期望嗎？兩者，a，關於增加營銷或其他客戶獲取計劃的支出。然後正如你之前提到的，在任何供應鏈問題之前尋求與供應商合作，可能會產生什麼樣的增量投資。

Great. So the more we see the power of our logistics network in terms of fast, reliable and ideally free shipping. I think the more conviction we have to continue to build out the multiple nodes within the shipping network and to build those closer and closer to the consumer.

偉大的。因此，我們越能看到我們的物流網絡在快速、可靠和理想的免費送貨方面的力量。我認為我們越有信心繼續在航運網絡中建立多個節點，並建立越來越接近消費者的節點。

So I think we will continue to build out more fulfillment centers, also fulfillment centers to be able to accommodate for a growing type of inventory. We've added bulky fulfillment center inventories. At some point, we will continue to grow and expand our supermarket and fresh offering. And I think equally important in terms of the long-term stickiness and loyalty of our users, we are now beginning to roll out our logistics network in some of the MDM countries. That ideally will ignite significant growth there.

因此，我認為我們將繼續建立更多的履行中心，以及能夠容納不斷增長的庫存類型的履行中心。我們添加了龐大的履行中心庫存。在某個時候，我們將繼續發展和擴大我們的超市和生鮮產品。我認為，就我們用戶的長期粘性和忠誠度而言，同樣重要的是，我們現在開始在一些 MDM 國家推出我們的物流網絡。理想情況下，這將點燃那裡的顯著增長。

We've already begun to see that in Chile, and hopefully, Colombia will follow suit as well as continuing to build out the logistics network in Mexico, Brazil and Argentina. So I think, again, we are building out what we think is one of the best-in-class networks in the region, and we will continue to grow the nodes on that network.

我們已經開始在智利看到這一點，希望哥倫比亞也能效仿，並繼續在墨西哥、巴西和阿根廷建立物流網絡。所以我認為，我們正在建立我們認為是該地區最好的網絡之一，我們將繼續在該網絡上增加節點。

In terms of Q4, as you know, we like to not give too much forward-looking comment. In general, it is a quarter where marketing spend and customer acquisition increases. We then see those users retained, and we can benefit from them in the upcoming year. Typically, overall shipping cost as merchants send more inventory to our fulfillment centers at times also increases. And so from a margin perspective, it typically is a weaker quarter.

如您所知，就第四季度而言，我們不想給出過多的前瞻性評論。一般來說，這是營銷支出和客戶獲取增加的季度。然後我們會看到這些用戶被保留下來，我們可以在來年從中受益。通常，隨著商家向我們的履行中心發送更多庫存，整體運輸成本有時也會增加。因此，從利潤率的角度來看，它通常是一個較弱的季度。

And then in terms of incremental cost in working with merchants, I don't see that there's any material cost aspect there. I think the way we've tried to manage around that has been to work with the merchants from a lot earlier on to try to plan and secure inventory. And then, yes, it's very likely that we will step in with more of our 1P business in the fourth quarter.

然後就與商家合作的增量成本而言，我認為那裡沒有任何材料成本方面。我認為我們試圖解決這個問題的方法是從很早開始就與商家合作，以嘗試計劃和確保庫存。然後，是的，我們很可能會在第四季度介入更多的 1P 業務。

And the 1P business, at the scale it's at now, which is phenomenal improvement, if you look at year-over-year and how fast that business has grown. But at this scale, from a margin perspective, it still is detrimental to margins versus a 3P sale. And so as mix naturally tends a little bit more towards 1P in the fourth quarter, that also typically delivers a structurally weaker margin during that quarter.

而 1P 業務，以現在的規模來看，這是驚人的進步，如果你看看年復一年的情況以及該業務的增長速度。但在這種規模下，從利潤率的角度來看，與 3P 銷售相比，它仍然不利於利潤率。因此，由於混合在第四季度自然會更傾向於 1P，這通常也會在該季度產生結構性較弱的利潤率。

Our next question comes from Jamie Friedman with Susquehanna.

我們的下一個問題來自 Jamie Friedman 和 Susquehanna。

When you said before the -- on the credit product, you had 36 million approvals, up from 27 million. Is that -- does that mean they've been approved and drawn or just approved?

當你之前提到信貸產品時，你有 3600 萬個批准，高於 2700 萬個。那是——這是否意味著他們已經被批准和抽籤或剛剛批准？

When I mentioned we had 36 million approvals is those are the number of users to which we approved a credit line. Of those, 6 million are using it or use it during the quarter. So what I mean is we have been able to -- and this number was, if I'm not wrong, 27 million the prior quarter. So we increased by 9 million the number of people with the credit offering just in the last quarter. So we are very excited by that and also very excited about how we have grown our portfolio. We have grown our portfolio ForEx in the last year.

當我提到我們有 3600 萬個批准時，這就是我們批准信用額度的用戶數量。其中，有 600 萬人正在使用它或在本季度使用它。所以我的意思是我們已經能夠 - 如果我沒記錯的話，這個數字是上一季度的 2700 萬。因此，僅在上個季度，我們就增加了 900 萬提供信貸的人數。所以我們對此感到非常興奮，也對我們如何擴大我們的投資組合感到非常興奮。去年，我們擴大了我們的外匯投資組合。

Okay. And then just a more general question. I appreciate the changing characterization of the fintech and unique fintech active users. That's really helpful. When you said at the beginning, Pedro, about ecosystems of merchant and individual in your go-to-market. Could you elaborate on that, what's that about? Like why are you decomposing merchant and individual on the fintech side?

好的。然後只是一個更一般的問題。我很欣賞金融科技不斷變化的特徵和獨特的金融科技活躍用戶。這真的很有幫助。佩德羅，當您在開始時談到您進入市場中的商家和個人生態系統時。你能詳細說明一下嗎，那是關於什麼的？比如你為什麼要在金融科技方面分解商家和個人？

Sure. So I think as a product and technology company that we are, we place a lot of focus on the quality of the products and the user experience. What -- as we've grown out the portfolio of payments products, what that was leading to was a less cohesive go-to-market and sales strategy because we had a lot of product focus.

當然。所以我認為作為一家產品和技術公司，我們非常關注產品的質量和用戶體驗。什麼——隨著我們擴大支付產品組合，導致我們的產品進入市場和銷售策略缺乏凝聚力，因為我們有很多產品重點。

As we try to shift to dividing merchant and individuals within how we view the market, the idea is to be able to think from the consumer backwards and to be able to more effectively and efficiently cross-sell the entire products within the MercadoLibre universe, which could also include marketplace and content offerings that we have based on the consumer segment and less so on the individual products.

當我們試圖在我們對市場的看法上將商家和個人分開時，我們的想法是能夠從消費者的角度來思考，並能夠更有效地交叉銷售 MercadoLibre 世界中的整個產品，這還可以包括我們基於消費者細分的市場和內容產品，而不是基於單個產品的產品。

Our next question is from Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Just 2 for me. Just 1 on fintech. It looks like the take rate might have compressed a little. So was that due to the spread compression that you were alluding to, Pedro? And if so, could you maybe talk about with a little more granularity, which revenue line might be more impacted than others?

對我來說只有2個。在金融科技上只有 1 個。看起來採取率可能已經壓縮了一點。那是因為你提到的傳播壓縮嗎，佩德羅？如果是這樣，您能否更詳細地談談，哪條收入線可能比其他收入線受到更大的影響？

And then second question, just on the third quarter. It looks like it was a bit of a bit of an improvement in the COVID conditions towards the back half of the quarter in Brazil and Mexico. Just curious if you could comment on how that might have affected your GMV trends throughout the quarter?

然後是第二個問題，就在第三季度。看起來巴西和墨西哥的 COVID 狀況在本季度後半段有所改善。只是好奇您是否可以評論一下這可能如何影響整個季度的 GMV 趨勢？

Sure. So just on the fintech take rate, you're absolutely right. What we see is we see continued improvements driven by credit revenues, about 10 incremental basis points Q-on-Q. But then with the increase in financing costs, and my previous comment that we're trying to not have to pass all of that on to consumers, we saw about 20 basis points of contraction on take rates because of the higher cost in financing. So that's kind of how the key drivers play out on that.

當然。因此，僅就金融科技的採用率而言，您是絕對正確的。我們看到的是，我們看到信貸收入持續改善，環比增長約 10 個基點。但隨著融資成本的增加，以及我之前的評論，我們試圖不必將所有這些都轉嫁給消費者，由於融資成本較高，我們看到收取利率收縮了約 20 個基點。所以這就是關鍵驅動因素如何發揮作用。

Then with regard to COVID conditions that I said, yes, as you mentioned, I'd say it has been more of a normalization of commerce during the last quarter with increased fascination rates and lower contagious rate.

然後關於我說的 COVID 條件，是的，正如你所提到的，我想說的是上個季度的商業正常化，吸引率增加，傳染率降低。

And so what we have seen is probably a reacceleration in the use of PR code an increase in the use of POS and probably comparisons for online payments and the marketplace itself tougher a little bit because a year ago was we were right in the middle of the big boom driven in part by lockdowns and in part by (inaudible) and government payments. So that's why this quarter than the prior one.

因此，我們所看到的可能是 PR 代碼使用的重新加速，POS 使用的增加，以及在線支付和市場本身的比較，因為一年前我們正處於中間階段大繁榮部分是由封鎖推動的，部分是由（聽不清）和政府支付推動的。所以這就是為什麼這個季度比上一個季度。

Just one thing here, Osvaldo is correcting me, retroactively, accurately correcting me. So on the unique user metric, what I meant to say is when we measure the unique metric user, that the number of users that we report as fintech users does not include payments on the marketplace.

這裡只有一件事，奧斯瓦爾多正在糾正我，追溯，準確地糾正我。所以關於唯一用戶指標，我的意思是當我們衡量唯一指標用戶時，我們報告為金融科技用戶的用戶數量不包括市場上的支付。

Now if one of those users also used the marketplace, he could appear on the marketplace metric if we are to disclose that. So we're not duplicating the users. My intention was to say that those nearly 32 million users are users that only fall into that bucket because of fintech usage. So that was regarding to Irma's question.

現在，如果其中一位用戶也使用了市場，如果我們要披露這一點，他可能會出現在市場指標上。所以我們不會復制用戶。我的意圖是說，這近 3200 萬用戶是因為金融科技的使用才落入那個桶的用戶。這就是關於 Irma 的問題。

Our next question comes from Jan Thomson with Autonomous.

我們的下一個問題來自 Autonomous 的 Jan Thomson。

I think you mentioned earlier that fulfillment as a percentage of total deliveries was at 30% in all markets. I know that Mexico typically leads that and Brazil somewhere in the middle. Do you have the breakdown by country, again, like you've given on previous calls by chance.

我認為您之前提到過，在所有市場中，履行佔總交付量的百分比為 30%。我知道墨西哥通常領先於此，而巴西則處於中間位置。您是否再次按國家/地區細分，就像您在之前的電話中偶然給出的那樣。

Yes. I think what we've disclosed this time around is the overall level, I think your assumptions are fairly right. but we didn't give out any of the country-by-country fulfillment levels. Fulfillment continues to trend in the right direction. And hence, that's also tied to my comment on the continued conviction behind investing in more warehouses as more and more inventory comes in.

是的。我認為我們這次披露的是整體水平，我認為您的假設是相當正確的。但我們沒有給出任何國家/地區的履行水平。履行繼續朝著正確的方向發展。因此，這也與我對隨著越來越多的庫存進入而投資更多倉庫的持續信念的評論有關。

I think what we didn't answer there was the monetization part of that question. We will introduce gradually and cautiously, but we will introduce incremental monetization to sellers using our fulfillment services because we feel that there's significant value add to these users. And the level of penetration and the feedback we're getting from our merchants allows us to start sometime next year, introducing monetization on items that are stored in our fulfillment centers. And part of that is that we continue to see good traction and adoption of our fulfillment offering.

我認為我們沒有回答那個問題的貨幣化部分。我們將逐步謹慎地引入，但我們將向使用我們的履行服務的賣家引入增量貨幣化，因為我們認為這些用戶具有顯著的增值。滲透水平和我們從商家那裡得到的反饋使我們能夠在明年某個時候開始，對存儲在我們履行中心的商品引入貨幣化。部分原因是我們繼續看到我們的履行產品具有良好的牽引力和採用率。

Perfect. I actually grabbed this up, and I see it on Slide 7 now. So I should not ask with my lips, I should ask with my eyes, I guess, next time. Sorry about that.

完美的。我實際上抓住了它，現在我在幻燈片 7 上看到了它。所以我不應該用嘴唇問，我應該用眼睛問，我想，下次。對於那個很抱歉。

Okay. Next question is from Kaio Prato with UBS.

好的。下一個問題來自瑞銀的Kaio Prato。

So my question is more related to the quality business. So I just would like to have a sense from you, which is the line that's gaining more traction looking to the consumer side, if this is a clean credit product or if it is by an open bidder offering? And if you could share the penetration level of the buy-now-pay-later products in each geography in the third quarter as well.

所以我的問題更多地與質量業務有關。所以我只是想從你那裡得到一個感覺，如果這是一個清潔信貸產品還是通過公開投標提供的產品，這就是在消費者方面獲得更多吸引力的產品線？如果你能在第三季度分享每個地區的“先買後付”產品的滲透水平。

I also -- the consumer side of our credit business, we have 2 main products. The first one is how similar to buy now, pay later, but we operate purchasing loans. And these are loans where people pay in installments, typically between 2 installments and 12 installments, and we usually charge an interest for those. Only in Mexico, we have started offering the first 30 days for free.

我還有——我們信貸業務的消費者方面，我們有兩個主要產品。第一個是類似於現在購買，以後付款，但我們經營購買貸款。這些是人們分期付款的貸款，通常在 2 期到 12 期之間，我們通常會為此收取利息。只有在墨西哥，我們才開始免費提供前 30 天。

So if you want to pay later, you can do it for free. But it's basically a buy-now-pay-later loan where we charge interest, given the integrated conditions in Latin America. And to that, we have recently added personal loans, which is money we deposit into the wallet in the Mercado Pago wallet. And users are free to use it anywhere or to withdraw it to the bank account or through an ATM.

因此，如果您想稍後付款，則可以免費進行。但考慮到拉丁美洲的綜合條件，它基本上是一種先買後付的貸款，我們收取利息。除此之外，我們最近還增加了個人貸款，這是我們存入 Mercado Pago 錢包中的錢。用戶可以在任何地方自由使用它，也可以將其提取到銀行賬戶或通過 ATM。

So those are the 2 products. We are very excited with the growth of the second one. But we are not at this stage disclosing specific percentages or country details. On top of those 2 consumer products, the third one is credit card. We launched our credit card a couple of quarters ago, and we are excited with the initial growth.

所以這是2個產品。我們對第二個的增長感到非常興奮。但我們現階段並未披露具體的百分比或國家詳情。在這兩種消費產品之上，第三種是信用卡。我們在幾個季度前推出了信用卡，我們對最初的增長感到興奮。

And sir, I'm not showing any further questions in the queue.

先生，我沒有在隊列中顯示任何其他問題。

Great. So thank you, everyone, for listening in. We look forward to giving you a full year and a wrap-up of Q4 when we announce those numbers. Until then, happy holidays to everyone at MercadoLibre. We will diligently be working through the holiday season to make sure everyone's parcels arrive in time and almost certainly with free shipping. Thank you.

偉大的。因此，謝謝大家的聆聽。我們期待在宣布這些數字時給您一整年的時間和第四季度的總結。在此之前，MercadoLibre 的每個人節日快樂。我們將在假期期間努力工作，以確保每個人的包裹都能及時送達，而且幾乎可以肯定是免費送貨。謝謝你。

Thank you. And this concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝你。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。