美卡多 (MELI) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MercadoLibre's Second Quarter 2021 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 MercadoLibre 的 2021 年第二季度收益電話會議。 （操作員說明）

Please be advised that today's conference may be recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Lissa Schreurs. Please go ahead.

請注意，今天的會議可能會被錄製。 （操作員說明）我現在想將會議交給你今天的演講者 Lissa Schreurs。請繼續。

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended June 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 6 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 our 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，第 1A 項風險我們截至 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找到。

I will now turn the call over to Pedro.

我現在將把電話轉給佩德羅。

Welcome, everyone, and thanks for joining our second quarter 2021 earnings call. I'm pleased to announce that the team here at MercadoLibre delivered another quarter of strong growth in our commerce and FinTech businesses in Q2 2021, achieving record levels in both volume and revenues. This strong performance builds on the solid first quarter we had this year. We believe that our business is showing tremendous momentum despite immense volatility in our key markets due to the frequent closing of physical retail across Latin America.

歡迎大家，感謝大家加入我們的 2021 年第二季度財報電話會議。我很高興地宣布，MercadoLibre 的團隊在 2021 年第二季度實現了我們的商業和金融科技業務又一個季度的強勁增長，在數量和收入方面都達到了創紀錄的水平。這種強勁的表現建立在我們今年第一季度的穩健基礎之上。我們相信，儘管由於拉丁美洲的實體零售店頻繁關閉，我們的主要市場出現巨大波動，但我們的業務仍顯示出巨大的發展勢頭。

I'm proud to see the consistent execution of our plans while prioritizing innovation, speed of execution and user experience, all elements that are at the core of our corporate DNA. As hopefully, the region and the world prepare for a return to a post-pandemic reality, we see Latin America with enormous potential for continued growth in digital services. The last 18 months have generated a step function increase in digitalization of commerce and finance, setting the stage for sustained long-term growth throughout the region.

我很自豪地看到我們的計劃始終如一地執行，同時優先考慮創新、執行速度和用戶體驗，這些都是我們企業 DNA 的核心元素。希望該地區和世界為回歸大流行後的現實做好準備，我們看到拉丁美洲在數字服務方面具有持續增長的巨大潛力。在過去的 18 個月中，商業和金融數字化實現了階梯式增長，為整個地區的持續長期增長奠定了基礎。

In its latest 2021 report, eMarketer has pointed to Latin America as the leading region in the world for e-commerce sales growth, with almost 10 percentage points higher projections than the worldwide average. Additionally, 3 of our top markets, Brazil, Argentina and Mexico were listed among the top 5 growth markets globally. To deliver on that opportunity, we maintain our focus on executing our strategic plan as we have until now.

eMarketer 在其最新的 2021 年報告中指出，拉丁美洲是全球電子商務銷售增長的領先地區，其預測值比全球平均水平高出近 10 個百分點。此外，我們的 3 個主要市場巴西、阿根廷和墨西哥被列為全球前 5 大增長市場。為了抓住這個機會，我們將繼續專注於執行我們迄今為止的戰略計劃。

Taking a more short-term look as the region reopens, our businesses are scheduled to face tougher comparable growth rates as we fully lap 2020's surge. The data so far is encouraging as it seems to point to consumer behavior shifts towards online purchasing having staying power. This preliminary optimism can be quantified in the 2-year growth stocks for total payment volume on a consolidated FX neutral basis, which have accelerated from around mid-140% in Q1 '21 prepandemic to nearly 200% this past quarter as economies reopen. We will continue to observe these trends for the second half of the year as more reopenings occur across Latin America.

隨著該地區的重新開放，從更短期的角度來看，我們的業務預計將面臨更艱難的可比增長率，因為我們將完全迎接 2020 年的激增。迄今為止的數據令人鼓舞，因為它似乎表明消費者行為轉向具有持久力的在線購買。這種初步的樂觀情緒可以在合併外匯中性基礎上的總支付量的 2 年增長股中進行量化，隨著經濟重新開放，該股已從 21 年第一季度大流行前的 140% 左右加速至上個季度的近 200%。隨著拉丁美洲更多的重新開放，我們將在下半年繼續觀察這些趨勢。

With those opening remarks, let me now begin the quarterly review with an update of our commerce business during the second quarter. For the quarter, the first that compares against the prior year fully affected by a surge in demand for e-commerce driven by lockdowns. Consolidated gross merchandise volume grew 46% year-over-year on an FX-neutral basis, reaching over $7 billion. This represents an increase of almost $1 billion sequentially. We sold almost 245 million items in Q2, a growth of 37% year-over-year. We also saw improvements in the level of transactions per buyer compared to historic marks, a sign that we are sequentially driving increased engagement by our users. This quarter, we reached a record of 37.8 million unique buyers on our commerce platform alone.

有了這些開場白，現在讓我開始季度回顧，並在第二季度更新我們的商業業務。對於本季度，與上年相比，這是第一個完全受到封鎖推動的電子商務需求激增影響的季度。在外匯中性的基礎上，綜合商品總量同比增長 46%，達到 70 億美元以上。這意味著連續增加近 10 億美元。我們在第二季度售出了近 2.45 億件商品，同比增長 37%。與歷史記錄相比，我們還看到每位買家的交易水平有所提高，這表明我們正在逐步提高用戶的參與度。本季度，僅在我們的商業平台上，我們就達到了創紀錄的 3780 萬獨立買家。

At the segment level, we experienced strong growth in our key geographies. Brazil grew over 40% on an FX-neutral basis versus the prior year, in GMV with over 125 million items sold during the quarter. Argentina continues to post strong GMV growth, reaching over 60% year-over-year on an FX-neutral basis and with an all-time high number of unique buyers. We are also pleased to see Mexico who has eased out of lockdown restrictions during Q2, having maintained the number of buyers that we attracted the previous quarter. This led to increasing the items sold year-over-year by 30% and growing 29% in GMV on an FX-neutral basis during Q2. Finally, in Chile, where we have called out accelerated growth rates over the last 2 quarters, we are proud to have reached a growth of over 230% year-over-year on an FX-neutral basis.

在細分市場層面，我們在關鍵地區實現了強勁增長。在外匯中性的基礎上，巴西與上年相比增長了 40% 以上，GMV 在本季度售出超過 1.25 億件商品。阿根廷的 GMV 繼續保持強勁增長，在外匯中性的基礎上同比增長超過 60%，並且擁有歷史最高數量的獨特買家。我們也很高興看到墨西哥在第二季度放鬆了封鎖限制，保持了我們上一季度吸引的買家數量。這導致第二季度在外匯中性的基礎上，銷售額同比增長 30%，GMV 增長 29%。最後，在智利，我們在過去兩個季度呼籲加速增長，我們很自豪在外匯中性的基礎上實現了超過 230% 的同比增長。

We continue to invest in product breadth and shopping convenience as drivers to attract and retain buyers. As a result of our commercial efforts to increase assortment with our current and newer sellers across key categories, we once again grew total live listing this quarter, posting another record in selection availability. Beyond strengthening categories where we historically have a strong GMV such as auto parts, home and industries and consumer electronics, part of the surge in product depth comes from our continued expansion into consumer packaged goods and our supermarket experience. As an example, our recent partnerships with local physical food retailers such as Grupo Pao de Acucar in Brazil are off to a strong start. Buyer demand has surpassed our expectations, and we began accelerating fulfillment operations to strengthen our category experience as we look forward to adding more partners for the category. These warehouses will also help our first-party inventory, which also plays an important role in complementing the product assortment from partners in this category.

我們繼續投資於產品廣度和購物便利性，作為吸引和留住買家的驅動力。由於我們在商業上努力增加與現有和新賣家在關鍵類別中的分類，本季度我們再次增加了總的實時列表，在選擇可用性方面再創紀錄。除了加強我們歷來擁有強勁 GMV 的類別（例如汽車零部件、家居和工業以及消費電子產品）之外，產品深度的激增部分來自於我們對消費品包裝商品的持續擴張和我們的超市體驗。例如，我們最近與巴西 Grupo Pao de Acucar 等當地實體食品零售商的合作開局良好。買家需求超出了我們的預期，我們開始加速履行運營以加強我們的品類體驗，因為我們期待為該品類增加更多合作夥伴。這些倉庫還將幫助我們的第一方庫存，這在補充該類別合作夥伴的產品分類方面也發揮著重要作用。

We are also enthused about initiatives that will expand our assortment in fashion and apparel. We have dedicated product development teams working on recently implemented improvements to search and navigation aspects of our site to facilitate discovery of items in these categories. Along those lines, apparel is a key category to be featured in our upcoming live streaming platform, which we have already begun testing over the last few months.

我們也熱衷於擴大我們在時尚和服裝領域的產品種類的舉措。我們有專門的產品開發團隊致力於最近對我們網站的搜索和導航方面實施的改進，以促進這些類別中的項目的發現。沿著這些思路，服裝是我們即將推出的直播平台中的一個關鍵類別，我們在過去幾個月已經開始測試該平台。

With the additions of loved fashion brands and retailers, such as Grupo Restoque, ASICS, NIKE and the most recent announcement of our partnership with Grupo Arezzo, we believe we continue making important strides in this category.

隨著 Grupo Restoque、ASICS、NIKE 等深受喜愛的時尚品牌和零售商的加入，以及我們與 Grupo Arezzo 合作的最新公告，我們相信我們將繼續在這一類別中取得重要進展。

As markets gradually continue to reopen, we are directing our investments towards initiatives that will spur continued growth as well as user engagement and retention. So far this year, marketing investments have been geared towards stronger promotional events and increasing our coverage of orders with free shipping. We have also been driving branding campaigns to reinforce our brand's connection with our users and merchants. We believe these investments solidify our brands trust as a marketplace for frequent purchases, and expect to continue ramping up investment levels during the second half of the year.

隨著市場逐漸重新開放，我們將投資導向能夠刺激持續增長以及用戶參與度和留存率的計劃。今年到目前為止，營銷投資一直致力於加強促銷活動，並通過免費送貨擴大我們對訂單的覆蓋範圍。我們還一直在推動品牌推廣活動，以加強我們的品牌與用戶和商家的聯繫。我們相信這些投資鞏固了我們作為頻繁購買市場的品牌信任，並預計在下半年繼續提高投資水平。

On the retention front, we are encouraged by the positive trends we have observed so far in terms of engagement through our loyalty program. The users on our loyalty programs premium levels continue to grow as our user base engages in a growing number of additional MELI services. For example, we see a consistent increase in users in video and audio content subscriptions that are offered at a discount for our loyal users. Along with these efforts in category development, we believe that these marketing and loyalty initiatives are crystallizing the online shopping habit formation within our marketplace.

在保留方面，我們對迄今為止通過忠誠度計劃在參與方面觀察到的積極趨勢感到鼓舞。隨著我們的用戶群參與越來越多的額外 MELI 服務，我們忠誠度計劃高級級別的用戶繼續增長。例如，我們看到以折扣價為我們的忠實用戶提供的視頻和音頻內容訂閱的用戶數量持續增加。除了在品類開發方面的這些努力外，我們相信這些營銷和忠誠度舉措正在具體化我們市場中在線購物習慣的形成。

Let me now turn over to Mercado Envios where we have been consistently delivering transformative change. This is another key area of investment that we believe to be driving a distinctive experience for buyers and sellers and underlying our sustained growth. This quarter, we shipped over 230 million items, reaching increasingly faster speeds and reduced unit shipping costs on a consolidated basis. We took another step towards boosting our managed network in Q2, reaching a penetration of 83% on a consolidated basis, advancing in all geographies where we operate with our logistics solutions. Fast delivery at an efficient cost is a key priority for us. To keep pushing our boundaries on this front, during the second quarter, we launched same-day shipping deliveries from our fulfillment centers in Brazil, Mexico, Argentina and Chile.

現在讓我談談 Mercado Envios，我們一直在該處提供變革性變革。這是另一個關鍵的投資領域，我們認為這將為買家和賣家帶來獨特的體驗，並為我們的持續增長奠定基礎。本季度，我們運送了超過 2.3 億件商品，在綜合基礎上達到了越來越快的速度並降低了單位運輸成本。我們在第二季度進一步加強了我們的託管網絡，在綜合基礎上達到了 83% 的滲透率，在我們使用我們的物流解決方案運營的所有地區都取得了進步。以有效的成本快速交付是我們的首要任務。為了在這方面不斷突破我們的界限，在第二季度，我們在巴西、墨西哥、阿根廷和智利的運營中心推出了當天發貨服務。

In Brazil, with our current footprint, the same-day solution can reach almost 20% of national postal codes. Beyond our own fulfillment operations, fast delivery is also made possible through our expanding cross-docking network and our Flex solution. Cross-docking represented over 40% of shipments in Q2, leveraging our extensive network of pickup and drop-off points throughout the region. Our Flex service, where we leverage the logistics capabilities of our existing merchants for same-day deliveries is currently available in 5 major cities throughout Latin America and has a penetration of over 9% on our managed network.

在巴西，憑藉我們目前的足跡，當日解決方案可以覆蓋近 20% 的國家郵政編碼。除了我們自己的履行業務之外，我們還通過不斷擴大的越庫配送網絡和 Flex 解決方案實現快速交付。利用我們在整個地區廣泛的取件和投遞點網絡，交叉配送佔第二季度出貨量的 40% 以上。我們的 Flex 服務利用現有商家的物流能力實現當日送達，目前在拉丁美洲的 5 個主要城市提供服務，在我們的託管網絡中的滲透率超過 9%。

With all these adaptive logistics solutions, we saw sequential improvements in delivery times in Brazil, Argentina and Mexico this quarter. And on an aggregate level, considering all shipping modalities and geographies, our average delivery time is less than 1.5 days. All these Envios initiatives led to the first quarter ever where over half of all purchases are MELI were delivered the same or next day. We believe this to be a remarkable achievement. We are excited about the great advances in shipping we achieved over the last year and there is still more to come as we take our logistics expertise to more geographies and cast a wider net in terms of free and same-day deliveries.

通過所有這些自適應物流解決方案，我們看到本季度巴西、阿根廷和墨西哥的交貨時間連續改善。總體而言，考慮到所有運輸方式和地理位置，我們的平均交貨時間不到 1.5 天。所有這些 Envios 舉措導致第一季度超過一半的購買是 MELI 在同一天或第二天交付。我們相信這是一項了不起的成就。我們對過去一年在航運方面取得的巨大進步感到興奮，隨著我們將我們的物流專業知識帶到更多的地區，並在免費和當日送達方面撒下更廣泛的網絡，我們還會有更多的進步。

Let's now review our performance for FinTech. During Q2, Mercado Pago surpassed $17.5 billion in total payment volume on a consolidated basis, growing 72% on an FX-neutral basis year-over-year. This represented a total of almost 730 million transactions for the quarter, almost 100 million more compared to the first quarter of '21, and growing 80% year-over-year. Off-platform TPV grew 94% compared to Q2 '20, reaching $10.3 billion. We were very pleased to see TPV rising both in B2B and B2C payment solutions.

現在讓我們回顧一下我們在金融科技方面的表現。在第二季度，Mercado Pago 的綜合支付總額超過 175 億美元，在外匯中性基礎上同比增長 72%。這意味著本季度的交易總數接近 7.3 億筆，與 21 年第一季度相比增加了近 1 億筆，同比增長 80%。與 20 年第二季度相比，平台外 TPV 增長了 94%，達到 103 億美元。我們很高興看到 TPV 在 B2B 和 B2C 支付解決方案中的增長。

Starting with the merchant solutions, we are particularly glad to see strong levels of total payment volume for online payments during the quarter. TPV for this online payment segment grew 67% year-on-year on an FX-neutral basis with strong advances in Brazil, Argentina and Chile. We are expanding structurally into SME and long tail sellers through partnerships with other e-commerce platforms for which we are the standard checkout option. In addition, the cross-selling of online payment services into our mobile point-of-sale seller base has also been an important channel for adding merchants. For point, our point-of-sale offering, we accelerated TPV growth in the second quarter, delivering 94% growth year-over-year on a consolidated FX-neutral basis. This is the highest total payment volume growth rate booked per point since the onset of the pandemic in 2020, even in the context of continued lockdowns throughout part of the region.

從商戶解決方案開始，我們特別高興地看到本季度在線支付的總支付量處於強勁水平。在不影響外彙的情況下，這一在線支付領域的 TPV 同比增長 67%，巴西、阿根廷和智利的增長強勁。通過與我們作為標準結賬選項的其他電子商務平台的合作，我們正在結構性地擴展到中小企業和長尾賣家。此外，將在線支付服務交叉銷售到我們的移動銷售點賣家群也是增加商家的重要渠道。就我們的銷售點產品而言，我們在第二季度加快了 TPV 的增長，在綜合外匯中性基礎上實現了 94% 的同比增長。這是自 2020 年大流行開始以來每點預訂的最高總支付量增長率，即使在該地區部分地區持續封鎖的情況下也是如此。

Device sales are still booming, having reached a total of 1.1 million devices sold this quarter and with a more premium device mix compared to prior periods. While Brazil continues to drive most of the growth per point, we begin to see consistent traction in Argentina and a rapidly scaling business in Mexico.

設備銷售仍在蓬勃發展，本季度共售出 110 萬台設備，與前期相比，設備組合更加優質。雖然巴西繼續推動每個點的大部分增長，但我們開始看到阿根廷的持續牽引力和墨西哥的快速擴張業務。

Turning now to our B2C solutions. Our wallet business booked a total payment volume growth rate of 107% on a consolidated FX-neutral basis. Our wallet, as one of the features within our digital account, is showing multiple signs of improved engagement levels from users, growing 43% in amounts of payers per user as well as showing sustained growth in average transaction value. In addition, more wallet users are keen on investing their savings in the Mercado Pago digital account. For the second quarter, we reached slightly above 19 million investment accounts active, up from 11.4 million in the second quarter of 2020 and 15.7 million in the first quarter of 2021.

現在轉向我們的 B2C 解決方案。在綜合外匯中性基礎上，我們的錢包業務的總支付量增長率為 107%。作為我們數字賬戶中的一項功能，我們的錢包顯示出用戶參與度提高的多個跡象，每位用戶的付款人數量增長了 43%，並且顯示出平均交易價值的持續增長。此外，更多的錢包用戶熱衷於將他們的積蓄投資於 Mercado Pago 數字賬戶。第二季度，我們的活躍投資賬戶略高於 1900 萬，高於 2020 年第二季度的 1140 萬和 2021 年第一季度的 1570 萬。

Overall, our payments ecosystem has added and engaged more users in Q2, both payers and collectors compared to previous quarter. We reached over 39 million payers off platform, with over 50 million payers just from the wallet this quarter. On the collector side, in Q2, we reached 13.6 million total off-platform sellers, a record for us, and up from 6.9 million during the same period last year. Over this wide and growing base of users, we are confident that we can continue to overlay financial services through the digital wallet, such as insurance, debit cards and more immediately, access to credit loans, which I will now review in more detail.

總體而言，與上一季度相比，我們的支付生態系統在第二季度增加並吸引了更多用戶，包括付款人和收款人。本季度，我們在平台外吸引了超過 3900 萬付款人，僅來自錢包的付款人就超過了 5000 萬。在收藏家方面，在第二季度，我們的平台外賣家總數達到了 1360 萬，這是我們的記錄，高於去年同期的 690 萬。在這個廣泛且不斷增長的用戶群中，我們相信我們可以繼續通過數字錢包覆蓋金融服務，例如保險、借記卡以及更直接的信用貸款，我現在將更詳細地回顧這些服務。

Our credit business grew significantly in Q2. We originated another record over $700 million in credit this quarter. This compares to $133 million in the same period last year. As such, we closed Q2 with our largest portfolio so far, reaching over $800 million. We see strong and consistent growth from all 3 of our credit books, consumer, merchants online and merchants offline. Credits to consumers, in particular, are driving the most accelerated growth rates and now represent over 50% of our current total portfolio. As an important channel for consumer credit, our buy now pay later feature for payments within our wallet has already reached double-digit penetration rates in Brazil and Mexico. On the country level, we had the most significant uptick in originations coming from Mexico this quarter. And Brazil and Argentina continue to expand at impressive triple-digit growth rates.

我們的信貸業務在第二季度顯著增長。我們在本季度創造了另一個創紀錄的超過 7 億美元的信貸。相比之下，去年同期為 1.33 億美元。因此，我們以迄今為止最大的投資組合結束了第二季度，達到了超過 8 億美元。我們看到我們所有 3 個信用賬簿、消費者、在線商家和離線商家的強勁且持續增長。尤其是對消費者的信貸推動了最快的增長率，現在占我們當前總投資組合的 50% 以上。作為消費信貸的重要渠道，我們的“先買後付”功能在巴西和墨西哥已經達到了兩位數的滲透率。在國家層面，本季度來自墨西哥的原產地增長最為顯著。巴西和阿根廷繼續以驚人的三位數增長率擴張。

We have reached approximately 27 million consumers with approved credit lines in the region by this point, almost 9x more than Q2 last year. After the temporary increase in NPLs we had experienced at the beginning of Q1, stemming primarily from government financial aid user cohorts, we have returned to overall healthy NPL profiles for our credit book in Q2 and feel confident to keep expanding our credit offering while managing healthy margins after loss provisions. We also expanded the rollout of the Mercado Pago proprietary hybrid NFC-enabled card during Q2, issuing an additional 4.2 million cards, almost 3 million of which are in Brazil.

到目前為止，我們已經在該地區獲得了大約 2700 萬獲批信貸額度的消費者，幾乎是去年第二季度的 9 倍。在我們在第一季度初經歷的主要來自政府財政援助用戶群體的不良貸款暫時增加之後，我們在第二季度的信用賬簿中恢復了整體健康的不良貸款狀況，並有信心在管理健康的同時繼續擴大我們的信貸供應損失準備金後的保證金。我們還在第二季度擴大了 Mercado Pago 專有混合 NFC 卡的推出，額外發行了 420 萬張卡，其中近 300 萬張在巴西。

Particularly in the month of June, we began to accelerate the credit card distribution and activation on certain user cohorts with many more yet to activate in the coming quarters. The early responses to our new credit card users are encouraging as they tend to have higher customer satisfaction with Mercado Pago services overall and have been consistently increasing their credit card use frequency over these initial trial periods. We believe that the credit business is foundational in our efforts to democratize access to money in Latin America. In a region with high indexes of unbanked and underbanked populations, demand for loans of all sizes and circumstances is rampant. Our extended marketplace from the commerce and the payments verticals gives us the infrastructure, expertise and data to properly score, distribute and manage loans to a variety of profiles.

特別是在 6 月份，我們開始加速某些用戶群的信用卡分發和激活，未來幾個季度還有更多用戶群尚未激活。對我們的新信用卡用戶的早期反應令人鼓舞，因為他們總體上對 Mercado Pago 服務的客戶滿意度更高，並且在這些初始試用期內一直在不斷提高他們的信用卡使用頻率。我們相信，信貸業務是我們努力使拉丁美洲的資金獲取民主化的基礎。在一個沒有銀行賬戶和銀行賬戶不足的人口指數很高的地區，對各種規模和環境的貸款的需求都很猖獗。我們從商業和支付垂直領域擴展的市場為我們提供了基礎設施、專業知識和數據，以正確評分、分配和管理對各種配置文件的貸款。

With that, let's now turn to our review of financial results for the second quarter. I'll start with the P&L. We're following a strong first quarter in terms of revenues. We maintained strong traction in revenue growth in Q2 and reached $1.7 billion in net revenues on a consolidated basis, growing 94% in U.S. dollars and 103% on an FX-neutral basis. At the country level, on an FX-neutral basis, Argentina grew 112%, and Mexico, 76%. In Brazil, on an FX-neutral basis, we surpassed 100% growth in net revenues this quarter. In all key geographies, there were significant contribution to revenue growth from both commerce and FinTech. For the quarter, gross profit was $754 million at a margin of 44.3%, decreasing from 48.6% in Q2 of 2020, but improving compared to the 3 prior quarters. Margin dilution year-over-year is largely a consequence of our expansion of the first-party e-commerce sales and rollout of logistics fulfillment center operations.

有了這個，讓我們現在轉向我們對第二季度財務業績的審查。我將從損益表開始。就收入而言，我們正在追隨強勁的第一季度。我們在第二季度保持強勁的收入增長勢頭，合併後的淨收入達到 17 億美元，以美元計算增長 94%，在外匯中性基礎上增長 103%。在國家層面，在外匯中性的基礎上，阿根廷增長 112%，墨西哥增長 76%。在巴西，在外匯中性的基礎上，我們本季度的淨收入增長超過 100%。在所有主要地區，商業和金融科技都對收入增長做出了重大貢獻。本季度毛利潤為 7.54 億美元，利潤率為 44.3%，低於 2020 年第二季度的 48.6%，但與前三個季度相比有所改善。利潤率同比稀釋主要是由於我們擴大了第一方電子商務銷售和推出物流履行中心業務。

Sequentially, over the last year, we have been leveraging margin expansion in our payment collection fees, and since the fourth quarter of 2020, have captured efficiencies in our shipping unit costs. 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. Following the trend from the first quarter, during the second quarter, we continue to see scale and efficiency effects in our operating expenses year-over-year. Operating expenses were $588 million, which represents 34.5% of net revenues, sustaining and slightly improving the operating leverage from prior quarters while maintaining consistent investment levels in product development and sales and marketing spend.

因此，在過去的一年裡，我們一直在利用我們的收款費用的利潤率擴張，並且自 2020 年第四季度以來，我們的運輸單位成本效率得到了提高。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。跟隨第一季度的趨勢，在第二季度，我們繼續看到我們的運營費用同比出現規模和效率影響。運營費用為 5.88 億美元，占淨收入的 34.5%，維持並略微提高了前幾個季度的運營槓桿，同時在產品開發和銷售和營銷支出方面保持一致的投資水平。

During the second quarter, we reached strong triple-digit top line growth on an FX-neutral basis while delivering an improvement in EBIT profitability levels. We believe that we are investing towards sustainable growth and starting to reap some of the scale advantages that flow through our P&L.

在第二季度，我們在外匯中性的基礎上實現了強勁的三位數收入增長，同時提高了息稅前利潤水平。我們相信，我們正在為可持續增長進行投資，並開始獲得一些通過我們的損益表產生的規模優勢。

Wrapping up our performance highlights for today, a final reflection. For many countries in Latin America, physical retail is only beginning to reopen, and there is still much uncertainty in the region surrounding the pandemic. Given this backdrop, our role is to keep expanding our ecosystem by staying committed to improving our service levels and our reach with our merchant and user bases. In addition, we will continue committed to investing in both user acquisition as well as improving and investing behind more features and a better user experience that improve customer retention and engagement, key factors of sustaining preference for the digital commerce and financial services that we can offer. Finally, I'd like to thank our now 20,000 employees and our extended community of partners for another quarter of outstanding execution. We are grateful to everyone who has joined our quarterly conference call, and I look forward to sharing our progress next quarter with you. We're now happy to take your questions.

總結我們今天的表現亮點，最後的反思。對於拉丁美洲的許多國家來說，實體零售才剛剛開始重新開放，圍繞大流行的地區仍然存在很大的不確定性。在這種背景下，我們的職責是通過繼續致力於提高我們的服務水平以及我們與商家和用戶群的影響力來不斷擴展我們的生態系統。此外，我們將繼續致力於投資於用戶獲取以及改進和投資於更多功能和更好的用戶體驗，以提高客戶保留率和參與度，這是維持對我們可以提供的數字商務和金融服務的偏好的關鍵因素.最後，我要感謝我們現在的 20,000 名員工和我們擴展的合作夥伴社區，感謝他們又一個季度的出色執行。我們感謝所有參加我們季度電話會議的人，我期待在下個季度與您分享我們的進展。我們現在很高興回答您的問題。

(Operator Instructions) And our first question coming from the line of Stephen Ju with Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Stephen Ju。

Okay. So Pedro, I wanted to follow up on the same-day delivery expansion in Brazil. How quickly do you think you can get to full coverage of the country with same day? And can you quantify how much of the customers order velocity picks up as the service level is improving? And I guess, secondarily, the eternal optimist in me wants to believe that as you and your peers take steps to increase selection and delivery service, e-commerce adoption should hopefully accelerate. So do you think you're starting to see that steeper part of the S curve of adoption as of yet? Or is it still too difficult to disaggregate relative to what is happening with the pandemic?

好的。所以佩德羅，我想跟進巴西的當日交付擴展。您認為您可以多快在同一天全面覆蓋全國？隨著服務水平的提高，您能否量化客戶訂單速度的提升幅度？其次，我想，我心中永遠的樂觀主義者希望相信，隨著您和您的同行採取措施增加選擇和交付服務，電子商務的採用有望加速。那麼，您是否認為您已經開始看到採用 S 曲線的陡峭部分了？或者，相對於大流行正在發生的事情，分解是否仍然太困難？

Stephen, thanks. So first of all, the evolution of our rapid shipping solutions, so same and next day, certainly is one of the strongest pillars of our value proposition today. Taking Brazil, for example, I think we're already at about 2,000 cities where our packages can be delivered same or next day, which when you look back just a few years really is a phenomenal, phenomenal improvement in the value proposition. And I think that's one of the things that's driving the sustained growth in our business and share. Parsing out exactly how much lift comes from that is not something that we disclosed. But I think it's sufficient to say, and we've seen this globally that as you shorten times and you improve predictability and you overlay that with the fact that our free shipping program has done nothing but become more and more widespread, you have a very potent cocktail of improving user experience.

斯蒂芬，謝謝。因此，首先，我們快速運輸解決方案的發展，無論是同一天還是第二天，肯定是我們今天價值主張的最強大支柱之一。以巴西為例，我認為我們已經在大約 2,000 個城市，我們的包裹可以在當天或次日送達，當你回顧過去幾年時，這確實是價值主張的顯著提升。我認為這是推動我們業務和份額持續增長的因素之一。準確分析由此產生的提升量並不是我們透露的。但我認為這足以說明，我們已經在全球範圍內看到了這一點，隨著您縮短時間並提高可預測性，並且您將其與我們的免費送貨計劃除了變得越來越廣泛之外沒有任何作用的事實相疊加，您擁有非常改善用戶體驗的有效雞尾酒。

And we will continue to focus on expanding as much as we can that. Same day, which is your specific question in a way is really determined by the number of FCs where we can locate inventory within same-day delivery. That's an ever-expanding footprint, I think, in a well-managed and cautious way from a CapEx perspective because most of these are OpEx. We don't own or build the FCs. And we will continue to grow out that footprint to get closer to our consumers.

我們將繼續專注於盡可能多地擴展。同一天，在某種程度上，這是您的具體問題，實際上取決於我們可以在當天交付內找到庫存的 FC 數量。我認為，從資本支出的角度來看，這是一個不斷擴大的足跡，以一種管理良好和謹慎的方式，因為其中大部分都是運營支出。我們不擁有或建造 FC。我們將繼續擴大這一足跡，以更接近我們的消費者。

On the S curve, look, I think the last 5 quarters have seen tremendous acceleration in the rate of adoption of digital services, obviously somewhat pandemic-driven or very pandemic-driven. But that, I think, has gotten us closer to the more inclined portion of the S curve. And where we're seeing that so far, and I want to remain somewhat cautious until we get through H2, is that like we said in the prepared remarks, the 2-year stacks actually look better coming out of the pandemic than they did going into the pandemic, which means that a lot of this demand that has moved online probably stays online, which is one way to define the steeper portion of the S curve.

在 S 曲線上，看，我認為過去 5 個季度的數字服務採用率出現了巨大的加速，顯然有點受大流行驅動或非常受大流行驅動。但是，我認為，這讓我們更接近 S 曲線更傾斜的部分。到目前為止我們看到的地方，我想在我們度過下半年之前保持謹慎，就像我們在準備好的評論中所說的那樣，從大流行中出來的 2 年堆棧實際上看起來比實際情況要好進入大流行，這意味著很多已經轉移到網上的需求可能仍然在線，這是定義 S 曲線更陡峭部分的一種方式。

And our next question coming from the line of Andrew Ruben with Morgan Stanley.

我們的下一個問題來自摩根士丹利的安德魯魯本。

I'm curious thinking about the investment stance into the second half. It was another quarter here where -- versus our expectations and meaningful upside on margin. So can you talk about what you're thinking about spending directionally for the back half? And specifically, where that's going to perhaps a bit more color on the marketing, on the loyalty and related initiatives where you could see that incremental OpEx flowing to?

我很好奇下半年的投資立場。這是另一個季度 - 與我們的預期和利潤率的顯著上升相反。那麼你能談談你對後半部分的定向支出的想法嗎？具體來說，這可能會給營銷、忠誠度和相關計劃帶來更多色彩，您可以看到增量運營支出流向何處？

Yes. Great. So I think it is important to note that we typically look at our efforts to deliver conservative but consistent operational leverage on the business on annual cycles. And so the way money gets invested across a year sometimes isn't necessarily very linear across quarters. The back half of the year has the more heavy promotional activity around Black Friday in Q4. There are certain brand efforts that get staged more in the second half than the first half. I think we've continued to tweak and you've seen that thresholds around free shipping to make the free shipping program more available and even more widespread. There is a lot that we're doing and is showing very encouraging signs in loyalty and content distribution related to loyalty. So these are some of the main areas of potential incremental investment for the back half of the year.

是的。偉大的。因此，我認為重要的是要注意，我們通常會著眼於我們在年度週期內為業務提供保守但一致的運營槓桿的努力。因此，資金在一年內的投資方式有時不一定在各個季度之間非常線性。下半年，Q4黑色星期五前後的促銷活動比較重。有些品牌的努力在下半年比上半年更多。我認為我們一直在進行調整，您已經看到圍繞免費送貨的門檻，以使免費送貨計劃更可用，甚至更廣泛。我們正在做很多事情，並且在忠誠度和與忠誠度相關的內容分發方面顯示出非常令人鼓舞的跡象。因此，這些是今年下半年潛在增量投資的一些主要領域。

So don't assume that H1 necessarily is a readout of what the entire year can look like. I think you need to look at full year chunks to understand how we're leveraging the P&L sequentially from 1 year to the next. And I think it's fair to say that given the results we're seeing, we could decide to be more aggressive in the second half around specific initiatives that I've just outlined.

所以不要假設 H1 一定是全年的樣子。我認為您需要查看全年的部分，以了解我們如何從一年到下一年按順序利用損益。我認為可以公平地說，鑑於我們所看到的結果，我們可以決定在下半年圍繞我剛剛概述的具體舉措更加積極。

Our next question coming from the line of Bob Ford with Bank of America.

我們的下一個問題來自美國銀行的 Bob Ford。

Congratulations on the quarter. Pedro, in the quarter, you seem to be doing some gamification, AB testing in Brazil. How should we think about your use of gamification elements going forward? And you also seem to be growing more comfortable in your comments with respect to the loyalty stack that you've put together so far. Does it need any further refinement prior to you really hitting the accelerator? And then Osvaldo, I believe you were recently quoted in the press exploring crypto as a store of value for wallet users. In which countries could you legally opt for crypto? And how much development work needs to be done to enable that? And then lastly, Pedro, you mentioned you're doing great in Chile, and it's been going well for some time now. Is the new Colina distribution center or the regional infrastructure that you've built out playing a role yet. I know it had a soft open in the quarter, but it seems a bit early, but I wasn't sure.

祝賀本季度。 Pedro，在本季度，您似乎在巴西進行了一些遊戲化、AB 測試。我們應該如何看待你們未來對遊戲化元素的使用？而且，您對迄今為止匯總的忠誠度堆棧的評論似乎也變得更加自在。在您真正踩到加速器之前，它是否需要進一步改進？然後是 Osvaldo，我相信你最近在媒體上被引述到探索加密作為錢包用戶的價值存儲。您可以在哪些國家/地區合法地選擇加密貨幣？需要做多少開發工作才能實現這一點？最後，佩德羅，你提到你在智利做得很好，而且已經有一段時間了。新的 Colina 配送中心或您建立的區域基礎設施是否正在發揮作用。我知道它在本季度有一個軟開放，但似乎有點早，但我不確定。

Bob, thanks for the questions. So on gamification, I think interesting initial trials. One characteristic of ours, and you've seen this as we've always, I think, not only try to innovate and see what works but also learn from what's going on globally. I think gamification is one area that we hadn't made too many advances on. And we are tinkering and toying with it, and we'll see what comes out. But I think not too much else to note there. I think we've seen players globally leverage gamification efforts efficiently for e-commerce. And so hopefully, it's another driver we find to drive engagement. Loyalty, like I said in the previous question, we are encouraged by everything we're seeing. I think our content distribution play continues to add more content providers. It continues to grow the number of users that are signing up for those content partners through MercadoLibre and Mercado Pago as part of the loyalty program. But certainly, there are years of never-ending refinements and improvements ahead for the loyalty program.

鮑勃，謝謝你的提問。所以在遊戲化方面，我認為有趣的初步試驗。我們的一個特點，你已經看到了這一點，我認為，我們不僅要嘗試創新，看看什麼是有效的，還要從全球正在發生的事情中學習。我認為遊戲化是我們沒有取得太多進展的一個領域。我們正在修補和玩弄它，我們會看看會發生什麼。但我認為那裡沒有太多需要注意的地方。我認為我們已經看到全球玩家有效地利用遊戲化努力進行電子商務。因此，希望這是我們發現的另一個推動參與的驅動因素。忠誠度，就像我在上一個問題中所說的那樣，我們對所看到的一切感到鼓舞。我認為我們的內容分發遊戲繼續增加更多的內容提供商。作為忠誠度計劃的一部分，它繼續增加通過 MercadoLibre 和 Mercado Pago 註冊這些內容合作夥伴的用戶數量。但可以肯定的是，忠誠度計劃還有多年永無止境的改進和改進。

We do think that the value proposition continues to get better and better. And as a consequence of that, I think you'll see us get more aggressive around communicating it and pushing it and other potential ways to get more users up into higher loyalty levels. but there is still significant innovation and new benefits that we will look to overlay into the loyalty program.

我們確實認為價值主張會繼續變得越來越好。因此，我認為您會看到我們在溝通和推動它以及其他潛在方式方面變得更加積極，以使更多用戶達到更高的忠誠度水平。但我們仍希望將重要的創新和新的好處覆蓋到忠誠度計劃中。

And Bob, with regards to crypto, we don't have anything to announce yet. Basically, the quote you saw in the press, the specific question was whether we were keeping track or what's happening in the U.S. with several large wallets allowing people to buy, hold and sell crypto. And that was pretty much it, and we are just understanding -- looking into that, understanding the market and understanding restrictions.

Bob，關於加密，我們還沒有任何要宣布的事情。基本上，你在媒體上看到的報價，具體問題是我們是否在跟踪或在美國發生了什麼，有幾個大錢包允許人們購買、持有和出售加密貨幣。差不多就是這樣，我們只是在理解——研究這個，理解市場和理解限制。

That's helpful. And then lastly on Chile. Is the growth that you're experiencing now in any way related to the new distribution center, Colina, it increases your holding capacity and my understanding is by 4x.

這很有幫助。最後是智利。您現在所經歷的增長是否與新的配送中心 Colina 相關，它增加了您的容納能力，我的理解是 4 倍。

I think the causality there maybe can't entirely be attributed to that. Chile has been the success story of the past 18 months. I think it's a market that a few years back was one of our, I guess, more challenging markets, and it has become in terms of growth and market share gains and user feedback, a very, very strong market for us. Demand has grown the most of any market over the last 15 months, and continues to deliver, as you've seen this quarter, very, very solid results. And that will demand more fulfillment capacity, more distribution capacity. So we will certainly double down in our fulfillment and logistics efforts in Chile, given that consumers are increasingly relying on us for day-to-day shopping needs, et cetera. So it's part, I think, of a virtuous cycle, but I don't think we can attribute too much causality to the distribution center. I think pandemic, what's being done with distribution of pension funds and just overall fantastic execution by the team in Chile.

我認為那裡的因果關係可能不能完全歸因於此。智利是過去 18 個月的成功故事。我認為這是一個幾年前我們的市場之一，我猜，更具挑戰性的市場，它已經成為增長和市場份額增長和用戶反饋方面，對我們來說非常非常強大的市場。在過去的 15 個月中，需求增長是所有市場中增長最快的，並且正如您在本季度所看到的那樣，繼續提供非常非常可靠的結果。這將需要更多的履行能力、更多的配送能力。因此，鑑於消費者越來越依賴我們來滿足日常購物需求等，我們肯定會在智利的履行和物流工作上加倍努力。所以我認為這是良性循環的一部分，但我認為我們不能將太多的因果關係歸咎於配送中心。我認為大流行，養老基金的分配以及智利團隊的整體出色執行。

Our next question coming from the line of Marcelo Santos with JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

The first question is regarding the same-day delivery. You mentioned that 20% of postal codes can get same day delivery. What will be an estimate on how much of GDP is covered by this postal codes, so just to get a better sense of purchasing power? And the second question is about the live stream initiatives you mentioned in the prepared remarks. Could you give a little bit more detail on what this initiative is about? What are the plans for that?

第一個問題是關於當天交貨。您提到 20% 的郵政編碼可以當天送達。對這個郵政編碼覆蓋多少 GDP 的估計值是多少，以便更好地了解購買力？第二個問題是關於你在準備好的評論中提到的直播計劃。您能否詳細介紹一下該倡議的內容？對此有何計劃？

So let's see. Logically, those postal codes where it makes sense to aim for same-day delivery are the ones where we will have fulfillment centers, and they are determined by where most of the demand lies. I don't know off the top of my head exactly what GDP those 20% represent. But clearly, it will be the lion's share of the largest metropolitan areas. Today, roughly 50% of our gross merchandise volume is probably being delivered within a 24-hour window. So as we continue to roll out more FCs, that number should only continue to move north.

那麼讓我們看看。從邏輯上講，那些以當日送達為目標的郵政編碼是我們將擁有履行中心的那些郵政編碼，它們由大部分需求所在的位置決定。我完全不知道這 20% 代表的 GDP 究竟是多少。但很明顯，它將是最大的大都市區的最大份額。今天，我們大約 50% 的商品總量可能在 24 小時內交付。因此，隨著我們繼續推出更多 FC，這個數字只會繼續向北移動。

Live streaming, if you look at -- live streaming, first of all, is an incremental discovery opportunity for our user base, obviously, with very, very strong traction in some Asian e-commerce markets. So it has an initial vision, which is how do we generate better discovery on MELI, which has historically been very much search-driven. But if we think bigger picture and longer term, it also ties in well with a lot of the things we're doing around content distribution for partners as this starts a kernel of our own content and complementary content that we can distribute. So another example of something that's very initial. In the early stages, it's more about driving more engagement, more eyeballs and better conversions to products. And then we see if it's working, and we take it from there.

直播，如果你看的話 - 首先，直播是我們用戶群的增量發現機會，顯然，在一些亞洲電子商務市場具有非常非常強大的吸引力。所以它有一個初步的願景，那就是我們如何在 MELI 上產生更好的發現，這在歷史上一直非常受搜索驅動。但是，如果我們從更大的角度和更長遠的角度考慮，它也與我們圍繞合作夥伴的內容分發所做的許多事情密切相關，因為這啟動了我們自己的內容和我們可以分發的補充內容的內核。這是另一個非常初始的例子。在早期階段，更多的是推動更多的參與度、更多的眼球和更好的產品轉化。然後我們看看它是否有效，然後我們從那裡拿走它。

Our next question coming from the line of Craig Maurer with Autonomous Research.

我們的下一個問題來自自治研究的 Craig Maurer。

The first is about the competitive dynamic in Brazil. This is the #1 question we're getting from investors. And you made some impressive comments regarding your fulfillment capability in Brazil. So I was wondering if you could perhaps try to talk about or define how many years behind do you think the competition is in terms of their fulfillment ability in Brazil, perhaps focusing on new entrants like Shopee. Second, you talked about increasing sales of more sophisticated point-of-sale payment devices. And I was trying to understand when do you think the larger merchants that you're selling these 2 will begin to start contributing to acceleration in off-platform TPV growth?

首先是關於巴西的競爭動態。這是我們從投資者那裡得到的第一個問題。您對您在巴西的履約能力發表了一些令人印象深刻的評論。所以我想知道您是否可以嘗試談論或定義您認為競爭在巴西的履行能力方面落後了多少年，也許專注於像 Shopee 這樣的新進入者。其次，您談到了增加更複雜的銷售點支付設備的銷量。我試圖了解您認為您銷售的這 2 個大型商家何時開始為加速平台外 TPV 增長做出貢獻？

Look, on the competitive front, I think we always say the market has been competitive. It's a huge opportunity. It will continue to be competitive. And rather than looking at how many years of a head start do we have, it's how can we move consistently faster and accelerate our own pace of rollout of our network to try to continue to drive up same and next-day delivery, continue to expand free shipping. So I think the playbook so far, we've been very successful, and we just need to make sure that we don't get complacent, and we continue to do everything in our power to drive down cost, return a part of that improved cost back to consumers in the form of more free shipping and continue to roll out the network efficiently so that we can get faster and faster. And I think it's an ongoing race, and we don't want to measure how far ahead we are because that could breed complacency.

看，在競爭方面，我想我們總是說市場競爭激烈。這是一個巨大的機會。它將繼續具有競爭力。而不是看我們有多少年的領先優勢，而是我們如何能夠始終如一地更快地移動並加快我們自己的網絡部署步伐，以嘗試繼續推動當日交付和次日交付，繼續擴大免運費。所以我認為到目前為止，我們已經非常成功了，我們只需要確保我們不會自滿，我們會繼續盡我們所能降低成本，回報一部分改進的成本以更多免費送貨的形式將成本返還給消費者，並繼續有效地推出網絡，以便我們能夠越來越快。而且我認為這是一場持續的比賽，我們不想衡量我們領先多少，因為這可能會滋生自滿情緒。

Craig, with regards to our MPOS business, we are already seeing the effects of moving up market, mostly in Argentina, and it's starting to happen in Brazil, too. In Mexico, we are just getting started there. But bear in mind that this mentioned larger segments is really are SMEs basically, in the past, we're addressing mostly individuals and these devices are targeted towards SMEs, but there's already an effect we are seeing in Argentina.

Craig，關於我們的 MPOS 業務，我們已經看到了市場上行的影響，主要是在阿根廷，而且巴西也開始出現這種情況。在墨西哥，我們才剛剛開始。但請記住，上面提到的更大的細分市場基本上是中小企業，過去，我們主要針對個人，這些設備針對的是中小企業，但我們已經在阿根廷看到了效果。

(Operator Instructions) Our next question coming from the line of Irma Sgarz with Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的 Irma Sgarz。

It sounds like you had some strong progress again in terms of user engagement on the platforms, and that remains something that you continue to call out on your comments. So I was just curious to what extent you're working on bringing on in more personalization into the user experience, whether it's in the interface, in search, discovery, maybe even leveraging sort of the cross-fertilization across Pago into e-commerce to drive product discovery on a more personalized level? And then second question, switching just to merchant, the online merchant service segment where you called out that you're seeing good growth. So I was just curious if you think that you're taking market share there? And whether there is any pressure on the MDRs or whether you're maintaining the same level of profitability there?

聽起來您在平台上的用戶參與度方面再次取得了重大進展，這仍然是您繼續在評論中提出的問題。所以我只是好奇你在多大程度上致力於在用戶體驗中引入更多的個性化，無論是在界面、搜索、發現中，甚至可能利用 Pago 的交叉施肥到電子商務中來在更個性化的層面上推動產品發現？然後是第二個問題，只切換到商家，在線商家服務領域，您稱您看到了良好的增長。所以我只是好奇你是否認為你在那裡佔據了市場份額？ MDR 是否有任何壓力，或者您是否在那裡保持相同的盈利水平？

Irma, thanks for the questions. I think more of the focus and the heavy lifting on user interface is still around removing friction. There's work being done around discovery. There are the gamification efforts. I think incremental personalization in the UI and how you interface with the platform probably would be overplaying where our product priorities are right now. So I guess the answer is, look, there's always an attempt to make the experience more and more catered to each user, but it's not really one of the big product pushes right now that are probably more focused on expanding services. There's a lot of product innovation going on, both in the FinTech world and the loyalty programs and even on commerce. Discovery, gamification, not an enormous focus at this point in time in increased personalization of the user interface.

厄瑪，謝謝你的提問。我認為用戶界面上更多的重點和繁重的工作仍然是消除摩擦。圍繞發現開展了一些工作。有遊戲化的努力。我認為 UI 中的增量個性化以及您與平台的交互方式可能會誇大我們目前的產品優先級。所以我想答案是，看，總是試圖讓體驗越來越迎合每個用戶，但這並不是現在真正的大產品推動之一，可能更專注於擴展服務。金融科技領域和忠誠度計劃甚至商業領域都在進行大量產品創新。發現、遊戲化，目前還不是增加用戶界面個性化的重點。

Irma, with regards to online merchant and merchant services, we do seem to be growing faster than the market, both in Brazil, Chile and Argentina. So I would say we are gaining share in those markets. And with regard to MDRs. We have not yet seen a lot of pressure in terms of MDR. What we have seen is, in particular, in Brazil -- sorry, yes, in Brazil PIX growing faster, growing very well and that necessarily have lower MDR than the rest of the car market. So if you were to look at the average, there might be some MDR compression, but it's only because of the part that is coming from PIX.

Irma，關於在線商家和商家服務，我們的增長速度似乎確實快於巴西、智利和阿根廷的市場。所以我想說我們正在這些市場中獲得份額。關於 MDR。在 MDR 方面，我們還沒有看到很大的壓力。我們所看到的尤其是在巴西——抱歉，是的，在巴西，PIX 增長更快，增長非常好，而且其 MDR 必然低於其他汽車市場。因此，如果您查看平均值，可能會有一些 MDR 壓縮，但這只是因為來自 PIX 的部分。

And our next question coming from the line of Deepak Mathivanan with Wolfe Research.

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

So first, can you talk about how wallet use cases evolved during the second quarter? Also, I realize you don't provide any guidance, but as you comp the impact of government relief payout in the second half from last year, how should we think about the impact on those on the year-on-year growth rate? And then second question, GMV growth was pretty strong even as you started lapping some of the benefits from last year. Can you talk about the underlying customer cohorts maybe in terms of category adoption, frequency? Also, if you can provide some color on July trends that would be great.

那麼首先，你能談談第二季度錢包用例是如何演變的嗎？另外，我知道您沒有提供任何指導，但是當您將去年下半年政府救濟金的影響進行比較時，我們應該如何考慮這些對同比增長率的影響？然後第二個問題，GMV 增長相當強勁，即使你開始享受去年的一些好處。您能否從類別採用、頻率方面談談潛在的客戶群？此外，如果您可以為 7 月的趨勢提供一些顏色，那就太好了。

So with regards to wallet, I would say that mostly, the -- typically, the payers we count in those 50 million people who paid with our wallet in the quarter are mostly coming from 6 use cases, and those are mobile top-ups, transportation, paying utilities, QR payments, B2B transfers. And those are mainly. Now if we were to look also people who are paying -- making big payments or transfers with our wallet that would add another 3 million payers more to the quarter. And so we are excited that we are seeing increased engagement in all 3 countries and that people who are using the wallet are also using it more often.

所以關於錢包，我想說的是，通常情況下，我們在本季度使用我們的錢包支付的 5000 萬人中計算的付款人主要來自 6 個用例，這些是移動充值，交通、支付水電費、二維碼支付、B2B 轉賬。主要是這些。現在，如果我們還要看看正在付款的人——用我們的錢包進行大筆付款或轉賬，這將在本季度再增加 300 萬付款人。因此，我們很高興看到所有 3 個國家/地區的參與度都在增加，並且使用錢包的人也更頻繁地使用它。

The second question you asked is with regards to the coming quarters. As you mentioned, we do not provide guidance, but as you also know, we have seen an increased step function with the increase in wallet use in Brazil a year ago. And that happened mostly during the second and third quarter. So those are the 2 quarters that will be more challenging than as we continue. We expect to continue growing the wallet, the comparisons will become easier.

你問的第二個問題是關於未來幾個季度的。正如您所提到的，我們不提供指導，但您也知道，隨著一年前巴西錢包使用量的增加，我們看到了階梯函數的增加。這主要發生在第二和第三季度。因此，這兩個季度將比我們繼續進行時更具挑戰性。我們預計錢包會繼續增長，比較會變得更容易。

Sorry, in terms of GMV strengths, category mix is a part of the story. I think we're seeing growth -- continued sustained growth in apparel. CPG is especially in units, gaining traction and becoming more relevant, and that's a high-frequency category. I don't think the cohorts have dramatically changed. I think really what we see in the deceleration is just primarily the math of the tougher comps. So that's why we've pointed to looking at 2-year growth rates, which have remained quite solid despite rapid reopening in Mexico and gradual reopening across other markets.

抱歉，就 GMV 優勢而言，類別組合是故事的一部分。我認為我們正在看到增長——服裝持續持續增長。 CPG 尤其是在單位中，獲得牽引力並變得更加相關，這是一個高頻類別。我不認為同夥發生了巨大的變化。我認為我們在減速中看到的實際上只是更艱難的組合的數學。這就是為什麼我們要關注 2 年的增長率，儘管墨西哥迅速重新開放並在其他市場逐步重新開放，但增長率仍然相當穩定。

I'm showing no further questions at this time. I would now like to turn the call back over to the speakers for any closing remarks.

我現在沒有進一步的問題。我現在想把電話轉回給發言者，以便發表任何結束語。

Great. Thank you, everyone. We continue to hope that everyone remains safe, back to work for us, still many, many things to do, and we look forward to being able to update you, as always, in a quarter's time. Thank you.

偉大的。謝謝大家。我們繼續希望每個人都保持安全，重新為我們工作，還有很多很多事情要做，我們期待能夠像往常一樣在一個季度後更新您。謝謝你。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。