美卡多 (MELI) 2021 Q1 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎來到 MercadoLibre 的 2021 年第一季度財報電話會議。 （操作員說明）

It is now my pleasure to introduce Investor Relations Officer, Lissa Schreurs.

現在我很高興介紹投資者關係官 Lissa Schreurs。

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended March 31, 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 3 月 31 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. 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.

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。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 部分以及 MercadoLibre, Inc. 向證券交易委員會提交的任何其他適用文件中的因素，這些文件可在我們的投資者關係網站上找到。

Now let me turn the call over to Pedro.

現在讓我把電話轉給佩德羅。

Hi, everyone, and welcome to our first quarter 2021 earnings call. Our financial results were once again marked by accelerating growth due to strong demand for e-commerce and fintech services within an improving but still challenging environment. While some key markets began to gradually open physical retail, in others, lockdowns were enforced in major cities towards the end of the quarter.

大家好，歡迎來到我們的 2021 年第一季度財報電話會議。由於在改善但仍然充滿挑戰的環境中對電子商務和金融科技服務的強勁需求，我們的財務業績再次以加速增長為標誌。雖然一些主要市場開始逐步開放實體零售，但在其他一些市場，主要城市在本季度末實施了封鎖。

Online consumption throughout remains strong, and we experienced favorable consumer trends as digital services share of wallet continue to grow. Our solid quarterly performance illustrates our commitment to executing our long-term strategic priorities as we remain focused on our purpose of democratizing access to commerce and money in Latin America, recognizing the important economic role we play in the countries where we operate.

整個在線消費依然強勁，隨著數字服務在錢包中的份額持續增長，我們經歷了有利的消費趨勢。我們穩健的季度業績表明我們致力於執行我們的長期戰略重點，因為我們仍然專注於實現拉丁美洲商業和資金獲取民主化的目標，並認識到我們在我們經營所在國家發揮的重要經濟作用。

Let me start us off with the results from our commerce business in Q1. We generated triple-digit growth in items sold and maintained record levels of transactions per buyer quarter-on-quarter. This constituted a formidable level of engagement given seasonal differences between Q4 and Q1. Volume-wise, consolidated gross merchandise volume grew 114% year-over-year on an FX-neutral basis.

讓我從第一季度商業業務的結果開始。我們在銷售的商品上實現了三位數的增長，並保持了每名買家的交易量季度環比的創紀錄水平。考慮到第四季度和第一季度之間的季節性差異，這構成了強大的參與度。在交易量方面，在外匯中性的基礎上，綜合商品總量同比增長 114%。

Across our geographies, all countries either maintained or posted higher growth rates compared to the fourth quarter of 2020. In Brazil, our largest market, we doubled items sold and nearly doubled GMV versus the prior year. In Mexico, we continue to accelerate our sequential growth in items sold and GMV. All other geographies showed positive trends in GMV growth as well, with Chile, in particular, increasing its share in our business substantially.

在我們的各個地區，與 2020 年第四季度相比，所有國家/地區都保持或公佈了更高的增長率。在我們最大的市場巴西，我們的銷售額翻了一番，GMV 幾乎翻了一番。在墨西哥，我們繼續加快銷售商品和 GMV 的連續增長。所有其他地區的 GMV 增長也呈現出積極趨勢，尤其是智利，其在我們業務中的份額大幅增加。

Product diversification is becoming an increasingly important driver of growth to overlay on to our ever-improving delivery service levels and highly competitive pricing. To achieve this, we are focusing on both category and merchant type expansion. For example, during Q1, we made significant strides in amplifying our experience in consumer packaged goods. We established initial partnerships with traditional large food retailers in Mexico and Brazil and reached new record levels of inventory depths across categories.

產品多樣化正成為增長的日益重要的驅動力，以覆蓋我們不斷提高的交付服務水平和極具競爭力的價格。為實現這一目標，我們專注於品類和商家類型的擴展。例如，在第一季度，我們在擴大我們在消費包裝商品方面的經驗方面取得了重大進展。我們與墨西哥和巴西的傳統大型食品零售商建立了初步合作夥伴關係，並在各個類別的庫存深度方面達到了新的記錄水平。

User experience in CPG is also benefiting from our logistics footprint. In Brazil, over half of CPG items are already being shipped from our own fulfillment centers, helping us improve user experience and deliver consumer expectations. On the merchant front, as you know, our marketplace is composed of a mix of small sellers and big brands, and we have been attracting more global and local household name brands across multiple verticals as we continue to strengthen our e-commerce ecosystem.

CPG 的用戶體驗也受益於我們的物流足跡。在巴西，超過一半的 CPG 商品已經從我們自己的運營中心發貨，這有助於我們改善用戶體驗並滿足消費者的期望。如您所知，在商家方面，我們的市場由小賣家和大品牌組成，隨著我們繼續加強我們的電子商務生態系統，我們已經在多個垂直領域吸引了更多的全球和本地家喻戶曉的品牌。

In consumer electronics, for example, we have added partnerships with Panasonic, ASUS and Intelbras, while our CPG portfolio now includes stores by JMacedo and Mondelez. As a result, approximately 20% of our marketplace sales are already coming from official stores, an increase of 7 percentage points over the same quarter last year.

例如，在消費電子產品方面，我們增加了與松下、華碩和 Intelbras 的合作夥伴關係，而我們的 CPG 產品組合現在包括 JMacedo 和 Mondelez 的商店。因此，我們大約 20% 的市場銷售額已經來自官方商店，比去年同期增加了 7 個百分點。

Overall, product depth also continues to improve as live listings have reached almost 300 million listings this quarter, increasing versus the fourth quarter in all major geographies. Part of this increase was driven by the growth of unique sellers in our marketplace with almost 1 million total sellers with successful sales during the quarter. We will continue to grow our already ample seller base, adding almost 200,000 new sellers to our marketplace this quarter.

總體而言，產品深度也在繼續提高，因為本季度實時列表已達到近 3 億個列表，與所有主要地區的第四季度相比都有所增加。這一增長的部分原因是我們市場上獨特賣家的增長，本季度共有近 100 万賣家成功銷售。我們將繼續擴大我們已經充足的賣家基礎，在本季度為我們的市場增加近 200,000 名新賣家。

Before moving on to logistics, let me briefly address our growing loyalty program. We continue to expand our content offering while delivering great value in terms of new subscribers for our initial content partners, Disney+, Deezer and HBO. More importantly, we are seeing strong signs of incremental engagement from user cohorts that purchase content through our loyalty program. Building on this initial success will be a growing focus for us.

在繼續討論物流之前，讓我簡要介紹一下我們不斷增長的忠誠度計劃。我們繼續擴展我們的內容產品，同時為我們的初始內容合作夥伴 Disney+、Deezer 和 HBO 提供新用戶方面的巨大價值。更重要的是，我們看到通過我們的忠誠度計劃購買內容的用戶群體增加參與度的強烈跡象。在這一初步成功的基礎上，我們將越來越關注這一點。

Let's now move on to developments relating to Mercado Envios, a primary contributor to our commerce business. During Q1, our logistics capabilities were a focal point of our operating strategy, reaching new company records in terms of reach, speed, scale and cost. Our managed network reached a penetration of 80% on a consolidated basis, with Argentina, Brazil and Mexico at 87%, 83% and 79%, respectively. Our expansion in Brazil was particularly notable, and we are also pleased with our progress in Colombia and Chile, which demonstrate our speed in execution. We have now reached 63% and 53% penetration of items shipped through our managed network in those markets, respectively. We view this as a remarkable progress considering we began implementing our managed network operation in Colombia and Chile only a little over a year ago, at the height of the COVID-19 pandemic outbreak.

現在讓我們繼續討論與 Mercado Envios 相關的發展，它是我們商業業務的主要貢獻者。在第一季度，我們的物流能力是我們運營戰略的重點，在覆蓋範圍、速度、規模和成本方面創下了新的公司記錄。我們的託管網絡綜合滲透率達到 80%，其中阿根廷、巴西和墨西哥分別達到 87%、83% 和 79%。我們在巴西的擴張尤為顯著，我們也對我們在哥倫比亞和智利的進展感到高興，這證明了我們的執行速度。現在，我們在這些市場中通過我們的託管網絡運送的物品的滲透率分別達到了 63% 和 53%。考慮到我們僅在一年前開始在哥倫比亞和智利實施託管網絡運營，當時正值 COVID-19 大流行爆發的高峰期，我們認為這是一個顯著的進步。

Regarding our fulfillment operations. On a consolidated basis, we now have over 32% of all items sold on our platform originating in our fulfillment centers. This is driven mainly by expansions in Brazil, Argentina and other countries in the Andean region, while Mexico maintains the leading position with 60% of items being fulfilled by MercadoLibre, but stable in penetration sequentially.

關於我們的履行操作。在合併的基礎上，我們現在在我們的平台上銷售的所有商品中有超過 32% 來自我們的履行中心。這主要是由巴西、阿根廷和安第斯地區其他國家的擴張推動的，而墨西哥保持領先地位，60% 的項目由 MercadoLibre 完成，但滲透率連續穩定。

During Q1, we shipped over 208 million items, and for the third consecutive quarter, registered a year-over-year growth above 130% in shipments. Our lead times per shipment set a new record for speed. We significantly improved the share of same-day and next-day delivery in every single country, even while sustaining high levels of growth in total items shipped. Overall, 74% of all volume was delivered in less than 48 hours, a notable 21 percentage point improvement versus a year ago.

第一季度，我們出貨量超過 2.08 億件，出貨量連續第三個季度同比增長 130% 以上。我們每批貨物的交貨時間創下了新的速度記錄。我們顯著提高了每個國家/地區的當日送達和次日送達份額，同時保持了總發貨量的高水平增長。總體而言，74% 的交易量在 48 小時內交付，與一年前相比顯著提高了 21 個百分點。

These results were driven by the sustained expansion of our logistics network. We recently started operating 2 new fulfillment centers, one in Santa Catarina, Brazil and another near Monterrey in Mexico. New service centers were also added to our network in Brazil. Simultaneously, our same-day logistics solution gained greater participation in Brazil, Colombia and Chile. This advances our objective of increasing fast deliveries within major urban centers, and we are now operating deliveries during weekends as well. As you can see, the Mercado Envios team is operating at an outstanding pace while unlocking greater levels of efficiency within our network.

這些結果是由我們的物流網絡的持續擴張推動的。我們最近開始運營 2 個新的履行中心，一個位於巴西聖卡塔琳娜州，另一個位於墨西哥蒙特雷附近。我們在巴西的網絡也增加了新的服務中心。同時，我們的當日物流解決方案在巴西、哥倫比亞和智利獲得了更多的參與。這推進了我們在主要城市中心增加快速交付的目標，我們現在也在周末進行交付。如您所見，Mercado Envios 團隊以出色的速度運作，同時在我們的網絡中釋放更高水平的效率。

Additionally, recognizing that free shipping is an attractive value proposition for our customers, in March, we reduced our free shipping threshold to BRL 79 in Brazil. This delivers several benefits. First, we now have an even more comprehensive free shipping program for buyers in the region, a key differentiating factor for MercadoLibre. Second, we expect to cover a greater portion of our GMV and items that ship for free. We strongly believe that these developments within our logistics services will be drivers of sustained improvements in customer satisfaction and experience.

此外，我們認識到免費送貨對我們的客戶來說是一個有吸引力的價值主張，因此在 3 月份，我們將巴西的免費送貨門檻降低至 79 巴西雷亞爾。這帶來了幾個好處。首先，我們現在為該地區的買家提供更全面的免費送貨計劃，這是 MercadoLibre 的一個關鍵差異化因素。其次，我們希望覆蓋我們的 GMV 和免費運送的商品的更大部分。我們堅信，我們物流服務的這些發展將推動客戶滿意度和體驗的持續改善。

Finally, on a related matter, we are also proud of our ecological conservation initiative, Regenera America, following the issuance of our sustainability bond earlier this year. Integrating sustainable practices that complement our logistics operations and get us closer to carbon neutrality is a growing part of our strategy to positively contribute towards stopping climate change over time. With that, I'll now address the fintech side of the business, a critical lever within our ecosystem to democratize money and access to financial services.

最後，在相關問題上，我們也為我們的生態保護計劃 Regenera America 感到自豪，這是在今年早些時候發行我們的可持續發展債券之後。整合可持續實踐以補充我們的物流業務並使我們更接近碳中和，這是我們為隨著時間的推移為阻止氣候變化做出積極貢獻而製定的戰略中越來越重要的一部分。有了這個，我現在將討論業務的金融科技方面，這是我們生態系統中使資金民主化和獲得金融服務的關鍵槓桿。

For the first quarter, Mercado Pago total payment volume reached $14.7 billion on a consolidated basis, growing almost 130% year-over-year on an FX-neutral basis. This represented a total of 630 million transactions for Q1 at a growth rate of 117% compared to the same quarter last year. On-platform payments volume grew by 119% on a consolidated basis, largely driven by the strong performance of the commerce business in Brazil. For our off-platform payments, TPV grew by 136% compared to Q1 '20. We are continuing to successfully build our network of active collectors and payers.

第一季度，Mercado Pago 的綜合支付總額達到 147 億美元，在外匯中性的基礎上同比增長近 130%。這意味著第一季度的交易總量為 6.3 億筆，與去年同期相比增長了 117%。平台支付量在綜合基礎上增長了 119%，主要受巴西商業業務強勁表現的推動。對於我們的平台外支付，TPV 與 20 年第一季度相比增長了 136%。我們將繼續成功地建立我們的活躍收款人和付款人網絡。

On the collector side, we have over 11 million off-platform merchants on a consolidated basis, with almost $7 million in Brazil alone. Additionally, during Q1, we reached almost 35 million off-platform unique payers during the quarter.

在收藏家方面，我們擁有超過 1100 萬個平台外商家，僅在巴西就有近 700 萬美元。此外，在第一季度，我們在本季度達到了近 3500 萬平台外獨立付款人。

I'll now detail the various segments of our off-platform payments business, starting with Point, our point-of-sale offering. Point was resilient throughout the lockdown. Despite reduced physical retail volume, Point payment volume grew 90% on an FX-neutral basis, setting new volume records in Brazil, Mexico and Argentina. New device sales reached almost 1 million units, with strong growth in Mexico. POS sales in Mexico benefited from the launch of our top-of-the-line device geared towards larger merchants, where we improved our value proposition by distributing debit cards to Point device holders as well. On the flip side, POS sales in Brazil were challenged by increased restrictions on mobility as well as seasonality, resulting in 650,000 new merchant POS sales this quarter, a very solid number, but down from previous quarters despite the record-high volume processed through POSs in Brazil.

我現在將詳細介紹我們的平台外支付業務的各個部分，從我們的銷售點產品 Point 開始。在整個封鎖期間，Point 都很有彈性。儘管實體零售量減少，但在不影響外彙的情況下，積分支付量增長了 90%，在巴西、墨西哥和阿根廷創造了新的交易量記錄。新設備銷量達到近 100 萬台，在墨西哥增長強勁。墨西哥的 POS 銷售受益於我們面向大型商戶推出的頂級設備，我們通過向點設備持有者分發借記卡來改善我們的價值主張。另一方面，巴西的 POS 銷售受到流動性和季節性限制增加的挑戰，導致本季度新增 650,000 個商戶 POS 銷售，這是一個非常穩定的數字，但儘管通過 POS 處理的數量創歷史新高，但與前幾個季度相比有所下降在巴西。

Online payments grew 139% year-over-year on an FX-neutral basis. Underlying this growth are 2 opposing trends. On one hand, we continue expanding our services to online merchants and SMEs, establishing ourselves as a payment solution of choice for many new online businesses. During the quarter, we maintained our small, mid- and larger-sized merchant acquisition productivity with no indication of volatility in seller churn. On the other hand, long tail sellers that boosted activity during the peak of lockdowns in the region have decreased in volume as economies open and also driven by seasonality. To complete the review of our portfolio of financial services, let me address the growing number of financial solutions for payers offered through our digital wallet.

在外匯中性的基礎上，在線支付同比增長 139%。這種增長的背後是兩個相反的趨勢。一方面，我們繼續將我們的服務擴展到在線商家和中小企業，將自己確立為許多新在線業務的首選支付解決方案。在本季度，我們保持了中小型和大型商戶的收購效率，沒有跡象表明賣家流失率存在波動。另一方面，隨著經濟開放以及季節性因素的推動，在該地區封鎖高峰期促進活動的長尾賣家數量有所減少。為了完成對我們金融服務組合的審查，讓我談談通過我們的數字錢包為付款人提供的越來越多的金融解決方案。

Total payment volume associated with the wallet on a consolidated basis was $2.9 billion. This represents a deceleration to 192% year-over-year on an FX-neutral basis. The slowdown was driven by Brazil and Argentina, where diminished government financial aid this quarter negatively impacted growth in total payers on the wallet, while less marketing spend as a percentage of wallet TPV reduced user growth but improved profitability. Although we are pleased to see nearly 3x FX-neutral growth in wallet payments volume, our ultimate goal is more ambitious than primarily payments.

與錢包相關的綜合支付總額為 29 億美元。在外匯中性的基礎上，這意味著同比減速至 192%。經濟放緩是由巴西和阿根廷推動的，本季度政府財政援助的減少對錢包總支付者的增長產生了負面影響，而營銷支出佔錢包 TPV 的百分比減少了用戶增長，但提高了盈利能力。雖然我們很高興看到錢包支付量增長了近 3 倍的外匯中性增長，但我們的最終目標比主要支付更加雄心勃勃。

Our strategy is to transition from being primarily a digital payments platform to a principal financial services provider. To accomplish this, we are beginning to better balance the investment required for growing the number of payers in our ecosystem with investments in driving higher levels of adoption of our multiple financial services, thus setting the foundation for product diversification towards a more balanced and sustainable revenue and profit mix between payment, credit, insurance and savings tech offerings.

我們的戰略是從主要的數字支付平台轉變為主要的金融服務提供商。為了實現這一目標，我們開始更好地平衡增加生態系統中支付者數量所需的投資與推動更高水平採用我們的多種金融服務的投資，從而為產品多樣化奠定基礎，以實現更平衡和可持續的收入支付、信貸、保險和儲蓄技術產品之間的利潤組合。

To advance this objective of broadening our service offerings within the wallet, we made important product development steps during Q1. On the insurance front, we saw consistent acceleration in our extended warranty product in Brazil, Argentina and Mexico, with solid multi-quarter sequential improvements in sales attach rates. We also expanded the rollout of theft and damage insurance in Brazil for cell phones, a service that we can cross-sell within our marketplace.

為了推進擴大我們在錢包內提供的服務的目標，我們在第一季度採取了重要的產品開發步驟。在保險方面，我們看到我們在巴西、阿根廷和墨西哥的延保產品持續加速增長，銷售附加率連續多個季度穩步提高。我們還在巴西擴大了手機盜竊和損壞保險的推廣範圍，我們可以在我們的市場內交叉銷售這項服務。

Regarding our proprietary cards, we issued 3.8 million more cards this quarter, 2.6 million of those in Brazil. The advantage of these recently rolled out cards is that they can be enabled as hybrid debit and credit cards, and they will be our platform to grow our revolving credit product in the coming months. Our asset management services within the wallet are another example of growth in added financial services, having added over 770,000 new users with invested funds in their wallet accounts during Q1 for a total of over 15 million investment accounts with positive balances.

關於我們的專有卡，本季度我們發行了 380 萬張卡，其中 260 萬張在巴西。這些最近推出的卡的優勢在於它們可以作為藉記卡和信用卡混合使用，它們將成為我們在未來幾個月發展循環信貸產品的平台。我們錢包內的資產管理服務是增加金融服務的另一個例子，在第一季度增加了超過 770,000 名新用戶的錢包賬戶中的投資資金，總計超過 1500 萬個餘額為正的投資賬戶。

Finally, incoming deposits into our digital account have increased such that payers with account money have doubled compared to Q1 of last year, potentially confirming the increased intention to engage with the financial services provided in our wallet beyond mainly payments. Consequently, we reached 14 million active wallet users during Q1, similar in number to Q4, while seeing growth in per user engagement as payers are increasing the frequency and value of transactions consistently over time as well as solid growth in adoption of incremental financial services in the wallet, as I have just described above, service by service.

最後，進入我們數字賬戶的存款有所增加，以至於與去年第一季度相比，擁有賬戶資金的付款人翻了一番，這可能證實了我們錢包中提供的金融服務的參與意願增加，而不僅僅是支付。因此，我們在第一季度達到了 1400 萬活躍錢包用戶，數量與第四季度相似，同時看到每個用戶的參與度有所增長，因為付款人隨著時間的推移不斷增加交易的頻率和價值，以及在採用增量金融服務方面的穩健增長正如我剛才所描述的，錢包是一個接一個的服務。

We are still in the early days of our journey of becoming a principal provider of financial services through the wallet, and the initial results are very encouraging.

我們仍處於通過錢包成為主要金融服務提供商的早期階段，初步結果非常令人鼓舞。

Finally, I'll provide a performance update from Mercado Credito. In Q1, our portfolio surpassed $575 million, more than doubling our volume versus the same quarter the previous year. During the quarter, we originated over $582 million, and our consumer credit portfolio continues to drive growth in all geographies. This growth has come with increases in NPLs. Specifically, we've seen NPLs increase among a particular segment of users who have found it difficult to service small loans once government financial aid subsidies were removed. Upon observing this at the beginning of the year, we incorporated these new conditions into our credit scoring models in a timely manner, thus exiting the quarter with improving performance on NPLs. Consequently, notwithstanding this quarterly increase in bad debt in the Brazilian consumer credit books, we remain confident that we will be able to continue growing credit originations with sustained profitability going forward.

最後，我將提供來自 Mercado Credito 的性能更新。第一季度，我們的投資組合超過 5.75 億美元，與去年同期相比增加了一倍多。在本季度，我們創造了超過 5.82 億美元，我們的消費信貸組合繼續推動所有地區的增長。這種增長伴隨著不良貸款的增加。具體來說，我們已經看到，一旦政府財政援助補貼被取消，他們發現難以償還小額貸款的特定用戶群中的不良貸款有所增加。在年初觀察到這一點後，我們及時將這些新情況納入我們的信用評分模型，從而以改善不良貸款績效的方式結束了本季度。因此，儘管巴西消費者信貸賬簿中的壞賬本季度有所增加，但我們仍然相信，我們將能夠繼續增加信貸來源，並在未來保持盈利。

Let me now move on to a review of our financial progress for the first quarter. I'll begin with consolidated net revenues. We began 2021 booking the highest net revenue growth rate over the last 5 quarters. Having reached almost $1.4 billion in revenue, we grew 111% in U.S. dollars and 158% on an FX-neutral basis. At the country level, on an FX-neutral basis, Argentina once again grew above the 200% mark. Mexico nearly grew 150%. We were encouraged by our Q1 net revenue growth in Brazil of 139%, surpassing the growth rates of previous quarters.

現在讓我來回顧一下我們第一季度的財務進展。我將從合併的淨收入開始。我們從 2021 年開始錄得過去 5 個季度的最高淨收入增長率。在達到近 14 億美元的收入後，我們以美元計算增長了 111%，在外匯中性的基礎上增長了 158%。在國家層面，在外匯中性的基礎上，阿根廷再次增長到 200% 以上。墨西哥幾乎增長了 150%。我們對巴西第一季度淨收入增長 139% 感到鼓舞，超過了前幾個季度的增長率。

Gross profit in Q1 was $591 million at a margin of 43%, decreasing from the 48% recorded in Q1 of 2020, but increasing 6 percentage points sequentially. This trend is explained by our growth and expansion of investments, which support our long-term strategy.

第一季度毛利潤為 5.91 億美元，利潤率為 43%，低於 2020 年第一季度的 48%，但環比增長 6 個百分點。這一趨勢可以通過我們的投資增長和擴張來解釋，這支持我們的長期戰略。

Over the past 12 months, we've expanded our 1P business, booking product costs in our COGS line. In addition, as we continue to roll out our own shipping network and have built more fulfillment centers, shipping operation costs have increased as a proportion of cost over net revenues. For greater detail, and as we do every quarter, we've included a detailed breakdown of these margin effects in the slides accompanying this presentation, along with the OpEx margin evolution as well.

在過去的 12 個月中，我們擴大了 1P 業務，在我們的 COGS 產品線中預訂產品成本。此外，隨著我們繼續推出自己的運輸網絡並建立更多的履行中心，運輸運營成本在成本與淨收入中的比例有所增加。更詳細的信息，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。

We see efficiencies and scale reflected in our operating expenses compared to last year. Operating expenses were $500 million in Q1, and we have sustained improved operating leverage. OpEx as a percentage of revenues improved 17 percentage points year-over-year, decreasing from 53% to 36% this year. Between our new sustained net revenue growth and continued investments in developing our brand, user base and logistics capabilities, we reached Q1 of 2021 with positive EBIT dollars compared to a loss in Q1 of last year.

與去年相比，我們看到我們的運營費用反映了效率和規模。第一季度的運營費用為 5 億美元，我們的運營槓桿持續改善。運營支出佔收入的百分比同比增長 17 個百分點，從今年的 53% 下降到 36%。在我們新的持續淨收入增長和對發展我們的品牌、用戶群和物流能力的持續投資之間，我們在 2021 年第一季度的息稅前利潤為正，而去年第一季度則為虧損。

Moving down the P&L. The company incurred $91 million in financial expenses this quarter, turning a very strong EBIT quarter into the red. However, the main driver of this is nonrecurring. We recorded a $49 million charge related to our convertible debt repurchase transaction. We also increased year-over-year tax payments from increased earnings in multiple geographies.

向下移動損益表。該公司本季度產生了 9100 萬美元的財務費用，將非常強勁的 EBIT 季度變成了虧損。然而，這種情況的主要驅動力是非經常性的。我們記錄了與可轉換債務回購交易相關的 4900 萬美元費用。我們還因多個地區的收入增加而增加了同比納稅額。

This quarter, we also have a foreign exchange loss of a little over $15 million, primarily from share repurchases carryforward in Argentina at the blue-chip swap rate. Interest income was $25 million, a 32% decrease year-over-year, resulting from lower interest rates on investments versus the first quarter of 2020. Ultimately, Q1 closed with a net loss of $34 million after tax, yet with an improved net income margin of almost 1 percentage point compared to last year, and more importantly, a return to profitability, if excluding one-off charges.

本季度，我們的外匯損失也略高於 1500 萬美元，主要來自阿根廷以藍籌互換利率進行的股票回購結轉。利息收入為 2500 萬美元，同比下降 32%，原因是投資利率低於 2020 年第一季度。最終，第一季度稅後淨虧損 3400 萬美元，但淨收入有所改善與去年相比，利潤率提高了近 1 個百分點，更重要的是，如果不計一次性費用，則恢復盈利。

To wrap up, I'll note that we've gotten off to a great start to 2021. Our top line growth is very solid, and we have successfully executed our plans to drive incremental EBIT through our financial model. We are still facing trying times in Latin America as the COVID-19 pandemic remains present. We remain immensely grateful to our almost 19,000 employees and collaborators for their continuous commitment to provide financial inclusion and democratization of commerce, while keeping us safe and thriving. As has been the case over the past 12 months, we will keep building towards our goals, elbow to elbow with our community of users throughout Latin America.

最後，我要指出的是，我們在 2021 年有了一個良好的開端。我們的收入增長非常穩健，我們已經成功地執行了通過我們的財務模型推動 EBIT 增長的計劃。由於 COVID-19 大流行仍然存在，我們在拉丁美洲仍面臨艱難時期。我們仍然非常感謝我們近 19,000 名員工和合作者，他們不斷致力於提供金融包容性和商業民主化，同時保證我們的安全和繁榮。與過去 12 個月的情況一樣，我們將繼續朝著我們的目標前進，與整個拉丁美洲的用戶社區並肩作戰。

Thanks, everyone, for joining this quarterly conference call, and we look forward to keeping you updated on our progress in a few months. With that, we can now take your questions.

感謝大家參加本季度電話會議，我們期待在幾個月內向您通報我們的進展情況。有了這個，我們現在可以回答你的問題了。

(Operator Instructions) Our first question comes from the line of Andrew Ruben with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Andrew Ruben。

Congratulations on the results. So my question is on wallet. So the color is very helpful, and the strategy is clear. And it seems like some less focus on TPV and active payers as the markers of progress. So my question is, what metrics are you looking at internally? And what would you suggest investors look at to judge the success and traction of the wallet initiatives more broadly?

祝賀結果。所以我的問題是關於錢包的。所以顏色很有幫助，策略也很清楚。似乎有些人不太關注 TPV 和積極付款人作為進步的標誌。所以我的問題是，您在內部查看哪些指標？你會建議投資者看什麼來更廣泛地判斷錢包計劃的成功和吸引力？

Andrew, thanks for that question. We continue to look at TPV and active payers. It's a metric we take close look at. What has happened, I would say, in the last 2 quarters is, on the one hand, government aid, which has been last year a step function in growth, slowed down or disappeared mostly in both Brazil and Argentina on the one hand. And then on the other hand, we also saw that there were lockdowns throughout the countries where we operate. We decided to invest less aggressively on the marketing side to acquire new users. We decided to save those marketing dollars for later in the year where we hope these countries will be open.

安德魯，謝謝你的問題。我們繼續關注 TPV 和活躍的付款人。這是我們仔細研究的指標。我想說，過去兩個季度發生的事情一方面是政府援助，這是去年增長的一個階梯函數，一方面在巴西和阿根廷大部分地區都放緩或消失了。另一方面，我們還看到在我們開展業務的所有國家/地區都有封鎖。我們決定減少在營銷方面的投資以獲取新用戶。我們決定將這些營銷資金留到今年晚些時候，我們希望這些國家能夠開放。

On the other hand, I'd say, more and more, we are looking beyond just wallet and towards becoming a more comprehensive financial services platform. And so we have been also focusing more on, for example, debit cards in Brazil. And now we have just launched credit cards in Brazil so that we have a more significant share in total marketing -- total financial spend of our users, and that has been the focus recently.

另一方面，我想說，我們越來越多地超越錢包，轉向成為一個更全面的金融服務平台。因此，我們也更加關注例如巴西的借記卡。現在我們剛剛在巴西推出了信用卡，因此我們在整體營銷中佔有更重要的份額——我們用戶的總財務支出，這一直是最近的焦點。

Our next question comes 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。

Again, congratulations on the quarter. Just a couple of questions. How are you thinking about your dual app structure these days? And would combining the 2 help drive greater wallet activation, frequency and more efficient wallet funding? Or is the cost and speed and size too high a price to pay given the technology base that the consumer has?

再次祝賀本季度。只是幾個問題。這些天你如何看待你的雙重應用程序結構？將兩者結合起來是否有助於推動更大的錢包激活、頻率和更有效的錢包融資？或者考慮到消費者擁有的技術基礎，成本、速度和尺寸是否太高而無法支付？

And then I recall you beginning to accept bitcoin some time ago in the marketplace and now the treasury move and facilitating real estate transactions in bitcoin. Can you buy bitcoin with ARS? And how are you thinking about the use of bitcoin, both in general terms and as possibly a store of value for your wallet users?

然後我記得你前段時間開始在市場上接受比特幣，現在金庫轉移並促進了比特幣的房地產交易。你可以用 ARS 購買比特幣嗎？你如何看待比特幣的使用，無論是從廣義上講，還是作為你錢包用戶的價值儲存手段？

Bob, thanks. So first of all, on the app structure. I think going back to the previous question and to the increased focus on widespread financial services distribution. If you think about that as the ultimate goal and how do we move towards principality in financial services for our users, implied in that is that a lot of the payments functionality should expand. I think there's a lot in the pipeline in terms of incremental financial services, features and products. So trying to cram all that in into a single UX is not the direction we're going.

鮑勃，謝謝。首先，關於應用程序結構。我想回到上一個問題，以及對廣泛金融服務分佈的日益關注。如果您將此視為最終目標，以及我們如何在為用戶提供金融服務方面邁向公國，這意味著許多支付功能應該擴展。我認為在增量金融服務、功能和產品方面有很多準備工作。因此，試圖將所有這些都塞進一個單一的用戶體驗中並不是我們前進的方向。

Having said that, if you look at the numbers, we have around 60 million users on the commerce side that we increasingly cross-sell and try to get them to also download the financial services Pago app. So they're bare-boned payments functionalities in the yellow commerce app. And increasingly, we will try to drive those users over to the financial services app through cross-linkages through promotions. And that's where we are aggressively focused on expanding the amount of financial services that they use from us.

話雖如此，如果你看一下數字，我們在商業方面有大約 6000 萬用戶，我們越來越多地交叉銷售，並試圖讓他們也下載金融服務 Pago 應用程序。所以它們是黃色商務應用程序中最基本的支付功能。我們將越來越多地嘗試通過促銷的交叉鏈接將這些用戶吸引到金融服務應用程序。這就是我們積極專注於擴大他們從我們這裡使用的金融服務數量的地方。

At the end of the day, if you look at long term, the real potential in fintech goes way beyond payments and into the distribution of the other forms of financial services: credit, insurance, asset management, savings, all the products we have, and we're now focused on growing.

歸根結底，如果你從長遠來看，金融科技的真正潛力遠不止支付，還包括其他形式的金融服務的分佈：信貸、保險、資產管理、儲蓄，我們擁有的所有產品，我們現在專注於增長。

The crypto question is an interesting one. The crypto positions that our treasury has been purchasing are not usage of ours. This is U.S. dollars that we are purchasing crypto with. I think this has multiple objectives. One of them is we've always been long-term thinkers, and we believe this is a good use of long-term store value for our treasury at the right amount and at the prudent amounts. But it's also us making sure that we are quickly moving up the learning curve in terms of understanding crypto and making sure that opportunities that we are sure will arise, we are able to move into them and have a good understanding of what's going on. But this is not a way to purchase or store value of Argentine currency. That's not what we're doing here.

加密問題是一個有趣的問題。我們的財政部一直在購買的加密貨幣頭寸不是我們的使用。這是我們用來購買加密貨幣的美元。我認為這有多個目標。其中之一是我們一直是長期思考者，我們相信這是對我們國庫的長期存儲價值以適當的數量和謹慎的數量進行的很好的利用。但我們也要確保我們在理解加密方面快速提升學習曲線，並確保我們確定會出現機會，我們能夠進入它們並很好地了解正在發生的事情。但這不是購買或儲存阿根廷貨幣價值的方法。這不是我們在這裡所做的。

And I think, as a company, we are excited with opportunities that probably will emerge in the fintech world around crypto, and we want to make sure that we are learning and well-versed or as much as we can. And that's, I think, one of the reasons we're doing this from treasury and also other parts of the company.

我認為，作為一家公司，我們對圍繞加密貨幣的金融科技世界可能出現的機會感到興奮，我們希望確保我們正在學習和精通或盡可能多地學習。我認為，這就是我們從財務部門和公司其他部門這樣做的原因之一。

And our next question comes from the line of Irma Sgarz with Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

In your marketing expense line, you had an increase after a couple of quarters of sort of having a relatively flatlined expenses given the environment. What contains channels and geographies would you just call out? And was it more commerce so than fintech, it sounded like it from your prepared remarks, but just wanted to follow-up and get a little bit more detail.

在您的營銷費用線中，考慮到環境，在幾個季度的費用相對平穩之後，您的費用有所增加。包含頻道和地理位置的內容是什麼？它是否比金融科技更具商業性，從您準備好的評論中聽起來像是，但只是想跟進並獲得更多細節。

And connected to that, in the product and developed technology expense line, you've -- obviously, altogether, we're seeing a lot of leverage in expenses, but that expense line was also up quite strongly in the fourth quarter and to a lesser extent. Now when you think about the breakdown of your product and technology development expenses now for 2021 compared to, let's say, 2018, 2019, where have the main shifts taken place?

與此相關的是，在產品和開發技術費用線中，您已經 - 顯然，總的來說，我們看到了很多費用槓桿，但該費用線在第四季度也非常強勁，並且達到了程度較輕。現在，當您考慮到 2021 年與 2018 年、2019 年相比的產品和技術開發費用明細時，主要變化發生在哪裡？

Great, Irma. So on sales and marketing, if you look at the sequential evolution, it was actually seasonally up Q4 to Q3, and then it's up Q1 to Q4 again. That increase is not driven by actual customer acquisition, brand, programmatic, couponing, but it's driven by 2 other elements within that. One of them is the buyer protection program. So as TPV grows and also as we have more and more fulfillment blueprint items fulfilled by us, we have a larger coverage and guarantee promise. And those numbers are up about -- that's the biggest driver of the sequential increase.

太好了，艾爾瑪。所以在銷售和營銷方面，如果你看一下連續的演變，它實際上是第四季度到第三季度的季節性增長，然後又是第一季度到第四季度的增長。這種增長不是由實際的客戶獲取、品牌、程序化、優惠券推動的，而是由其中的其他兩個因素推動的。其中之一是買家保護計劃。因此，隨著冠捷的發展以及我們履行的履行藍圖項目越來越多，我們擁有更大的覆蓋範圍和保證承諾。這些數字正在上升——這是連續增長的最大驅動力。

And then the other one, as is disclosed in the financial statements in greater detail, is incremental bad debt on the credit book, but that's also because revenues and originations are growing extremely well. So there's a matching revenue growth from that increase in bad debt, which are the loan loss provisions on the credit book. The actual underlying branding and customer acquisition costs are down sequentially as one would expect from seasonality.

然後另一個，正如財務報表中更詳細披露的那樣，是信用賬簿上的增量壞賬，但這也是因為收入和來源增長得非常好。因此，壞賬的增加帶來了相應的收入增長，這是信用賬簿上的貸款損失準備金。正如人們對季節性因素所預期的那樣，實際的基礎品牌和客戶獲取成本依次下降。

Product developments, I think, continues to be an area of strong investment for us in absolute dollars. It continues to scale year-over-year from a margin perspective. And the single biggest line item there, obviously, is headcount. We have a lot of development and a lot of product features on our road map. And so we're aggressively trying to ramp up our engineering team. We're looking to almost more than double actually our engineering teams over last year. We're convinced that that's the right place to be investing long term. And so I think the combination of significant growth in absolute terms, but still scaling from a margin perspective is a good combination for a tech company. We can continue to invest aggressively in growing the engineering talent pool but still deliver margin expansion.

我認為，以絕對美元計算，產品開發對我們來說仍然是一個強有力的投資領域。從利潤率的角度來看，它繼續逐年擴大。顯然，其中最大的一個項目是員工人數。我們的路線圖上有很多開發和產品功能。因此，我們正在積極嘗試擴大我們的工程團隊。我們希望我們的工程團隊實際上是去年的兩倍多。我們相信這是進行長期投資的正確地方。因此，我認為絕對值顯著增長的組合，但從利潤率的角度來看仍然是擴展的，對於一家科技公司來說是一個很好的組合。我們可以繼續大力投資以擴大工程人才庫，但仍能擴大利潤率。

And our next question comes from the line of Ravi Jain with HSBC.

我們的下一個問題來自匯豐銀行的 Ravi Jain。

Just quick 2 questions. First, I think on e-commerce. Could you give maybe some color around purchase frequency and retention rates, particularly about the cohort that came on to your platform in the last 2, 3 quarters? I mean I'm trying to figure out how do we look at normalization of growth once you start comping the tougher ones next few quarters.

只需快速 2 個問題。首先，我認為電子商務。您能否就購買頻率和保留率提供一些顏色，特別是關於過去 2、3 個季度進入您平台的同類群組？我的意思是，我正試圖弄清楚一旦你開始在接下來的幾個季度中應對更艱難的增長，我們如何看待增長的正常化。

And the second one, probably a little bit more on the fintech, just following up on a couple of previous questions, right? You mentioned that you have lowered the marketing spend and the incremental financial services is what it's going to drive. So maybe some color on what are the important features that you think will drive incremental adoption from here. What will take it from 14 million users to a number, let's say, a couple of fold from there? We've seen recent salary portability. Is it that? Is it credit? Some color on what you think would drive adoption will be super helpful.

第二個，可能更多關於金融科技，只是跟進之前的幾個問題，對吧？您提到您已經降低了營銷支出，並且將推動增量金融服務。因此，也許對您認為將從這裡推動逐步採用的重要功能有所了解。什麼會使它從 1400 萬用戶變成一個數字，比方說，從那裡翻幾倍？我們已經看到最近的工資可移植性。是那個嗎？是信用嗎？你認為會推動採用的一些顏色將非常有幫助。

Okay. Great. So let me start with the first one. I think on the cohort number, I don't have it off the top of my head. Obviously, there's a seasonal adaptation if we look at Q4 to Q1 cohorts. But nothing worrying in the cohort analysis. I think if anything, when we look at the growth of our businesses once we started comping with the COVID last year quarter over the last few weeks, we obviously will see a deceleration in the headline growth rate, but sequential evolution continues to be pretty solid across most markets. And so we need to continue to closely monitor this. I think as we rolled into May and June, in some markets, the comps get progressively more difficult.

好的。偉大的。所以讓我從第一個開始。我認為在隊列編號上，我並沒有想到它。顯然，如果我們查看 Q4 到 Q1 的隊列，則存在季節性適應。但在隊列分析中沒有什麼令人擔憂的。我認為，如果有的話，當我們在過去幾週開始應對去年第四季度的 COVID 時，當我們審視我們的業務增長時，我們顯然會看到整體增長率減速，但連續演變仍然相當穩固在大多數市場。因此，我們需要繼續密切關注這一點。我認為隨著我們進入 5 月和 6 月，在某些市場，比賽變得越來越困難。

But so far, when we look at the sequential evolution of growth week-on-week and month-on-month, there certainly seems to be a good amount of purchases that have moved online throughout the pandemic and that are staying online. Now bear in mind also that a lot of our geographies have gone back into lockdown. And so that also, I think, affects demand patterns. So we might have to look at this over a longer period into Q2 and Q3. But so far, I would say, encouraging results in terms of how much online purchasing has remained online.

但到目前為止，當我們觀察每周和每月增長的連續演變時，似乎肯定有大量購買在整個大流行期間轉移到網上並且保持在線。現在還要記住，我們的許多地區已經重新進入封鎖狀態。因此，我認為，這也會影響需求模式。因此，我們可能需要在第二季度和第三季度的較長時間內對此進行研究。但到目前為止，我想說的是，就在線購買的數量而言，這是令人鼓舞的結果。

Going to the fintech question, Ravi. I'd say that there are several features that we have been building or we are building to increase engagement with our wallet. Some of them are how users can use Mercado Pago to pay in new ways. For example, we launched a couple of quarters ago, our debit card. And the interesting thing about the debit card is that any Mercado Pago user in Brazil has a virtual debit card. So whenever they have funds in Mercado Pago, they are able to generate a credit card number and use that to pay online anywhere. And if they want, they can ask for a plastic, but they cannot pay online.

談到金融科技問題，拉維。我想說的是，我們一直在構建或正在構建幾個功能來增加我們錢包的參與度。其中一些是用戶如何使用 Mercado Pago 以新方式付款。例如，我們在幾個季度前推出了借記卡。借記卡的有趣之處在於，巴西的任何 Mercado Pago 用戶都擁有一張虛擬借記卡。因此，只要他們在 Mercado Pago 有資金，他們就可以生成一個信用卡號碼並使用該號碼在任何地方進行在線支付。如果他們願意，他們可以要求塑料，但他們不能在線支付。

Also, we will continue to increase the amount of credit lines we offer those users for them to have an extra reason to choose us, to drive the credit use. And combining those 2 things, we just launched our credit card in Brazil. So the cards we had launched previously, the debit ones, are hybrid cards, and we can add credit functionality on top of those, and we have started to do that in April. So whenever we get our users who have both a debit card already with them and also a good score with us, we will be able to offer them a credit line on the same plastic.

此外，我們將繼續增加我們為這些用戶提供的信用額度，讓他們有額外的理由選擇我們，以推動信用使用。結合這兩件事，我們剛剛在巴西推出了我們的信用卡。因此，我們之前推出的借記卡是混合卡，我們可以在這些卡之上添加信用卡功能，我們已於 4 月開始這樣做。因此，只要我們的用戶既擁有借記卡，又擁有良好的分數，我們就可以為他們提供同一塑料的信用額度。

Then we are working on expanding our savings and investment products. So far, the only product we offer is the money market in Brazil, Argentina and Mexico, and the plan for this year is to expand the investment offerings that we have in Brazil. Then we will continue to grow our insurance products. So far, extended warranty and theft and damage are the 2 products we have available, the second one only in Brazil. We are finding new ways to increase adoption of both products. So there are a few other things that are coming that we have not yet disclosed. But basically, the idea here is to increase the cross-sell among products and to increase the engagement.

然後我們正在努力擴大我們的儲蓄和投資產品。到目前為止，我們提供的唯一產品是巴西、阿根廷和墨西哥的貨幣市場，今年的計劃是擴大我們在巴西的投資產品。然後我們將繼續發展我們的保險產品。到目前為止，延長保修和盜竊和損壞是我們提供的 2 種產品，第二種僅在巴西。我們正在尋找新的方法來增加這兩種產品的採用率。所以還有一些其他的事情我們還沒有透露。但基本上，這裡的想法是增加產品之間的交叉銷售並增加參與度。

You mentioned salary portability and WhatsApp integration, those are 2 things that we have called out recently. Still too early to have results of those. But what we want to achieve is to gain principality in the use of the Mercado Pago account.

您提到了薪水可移植性和 WhatsApp 集成，這是我們最近提出的兩件事。得出這些結果還為時過早。但我們想要實現的是在使用 Mercado Pago 帳戶時獲得公國。

And our next question comes 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。

I have 2, the first is on margins. I want to touch a bit on the question that Irma did. I wanted to understand a little bit better. You saw a big improvement in margin year-over-year because of lower marketing. And you also mentioned that you saved a bit on marketing dollars in the fintech because there was a lockdown, so you didn't want to spend the money now. So we saw this very high margin. Is this a margin that is kind of a little bit boosted because you invest less in marketing and we should see a normalization of this marketing? Or is this -- could be seen as a normal level that you are having? Just -- that's the first question.

我有 2 個，第一個在邊距上。我想談談 Irma 提出的問題。我想更好地理解一點。由於營銷減少，您看到利潤率同比大幅提高。你還提到你在金融科技領域節省了一點營銷費用，因為有封鎖，所以你現在不想花錢。所以我們看到了這個非常高的利潤。這是因為您在營銷上的投資減少而導致的利潤率有所提高，我們應該看到這種營銷的正常化嗎？或者這 - 可以被視為您所擁有的正常水平？只是——這是第一個問題。

And the second question, my perception was that the revenue was very strong, like the monetization was very strong. Could you please comment if there was anything positively impacting monetization, either on fintech or on the e-commerce?

第二個問題，我的看法是收入非常強勁，就像貨幣化非常強大一樣。如果有任何對金融科技或電子商務產生積極影響的因素，您能否發表評論？

Great. So look, I think the margin improvement sequentially are driven by more factors than only marketing, but marketing is a significant one. Marketing tends to have somewhat of a seasonal outlay. So obviously, towards the end of the year shopping season, the margin compresses somewhat. In Q1, I think this year, as we said, was one of marketing pullback. So I don't think you should expect this kind of margin leverage, but I don't think you should assume numbers similar to Q4 of last year either.

偉大的。所以看，我認為利潤率的連續提高是由更多的因素推動的，而不僅僅是營銷，但營銷是一個重要的因素。營銷往往具有一定的季節性支出。所以很明顯，接近年底的購物季，利潤有所壓縮。正如我們所說，在第一季度，我認為今年是營銷回調之一。所以我認為你不應該期待這種保證金槓桿，但我認為你也不應該假設與去年第四季度相似的數字。

I think we do look to drive year-on-year leverage off of the marketing expenses. And given how fast our revenue base is growing, we can do that, while at the same time, being extremely competitive in the absolute number of dollars that we're deploying versus the prior year.

我認為我們確實希望從營銷費用中扣除同比槓桿。鑑於我們的收入基礎增長速度如此之快，我們可以做到這一點，同時在我們部署的絕對美元數量上與上一年相比具有極強的競爭力。

There were also improvements, and this is bleeding over to your second question. There were a lot of operational efficiencies on shipping costs. Some of those are COGS, but also some of those are more efficient contra revenues. I remind you that we -- some of our transportation costs are contra revs. And as that got more efficient into Q1, that's helped revenue growth. When we look at cost per shipment, those have been coming down sequentially across the board in almost all geographies. And that's also, I think, a consequence of good operational efficiency from the logistics team and also the benefits of scale.

也有改進，這是你的第二個問題。在運輸成本方面有很多運營效率。其中一些是銷貨成本，但也有一些是更有效的對比收入。我提醒你，我們 - 我們的一些運輸成本是相反的。隨著第一季度的效率提高，這有助於收入增長。當我們查看每批貨物的成本時，幾乎所有地區的成本都在全面下降。我認為，這也是物流團隊良好的運營效率以及規模優勢的結果。

And then we've also seen a return to more mix shift on payments of credit card over debit. Debit was very prevalent throughout a lot of the government aid usage, and credit has better monetization than debit. And so that's reverted back to levels closer to where we are -- were prior to Q3, and that's also helped improve take rate.

然後我們還看到信用卡支付比借記卡支付更多的混合轉變。在許多政府援助的使用中，借記非常普遍，而貸記比借記具有更好的貨幣化能力。因此，這已恢復到更接近我們所處的水平——在第三季度之前，這也有助於提高接受率。

Our next question comes from the line of Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So Pedro, I think you've been looking to add CPG as a more meaningful part of the consumer offering for some time now. So is there anything you can add there in terms of what the increase in this percentage has done for, hopefully, greater velocity of purchase and hence, as an output, maybe customer lifetime value?

所以佩德羅，我認為你一直在尋求將 CPG 作為消費者產品中更有意義的一部分添加一段時間。那麼，關於這個百分比的增加對於提高購買速度以及因此作為輸出，也許是客戶生命週期價值所做的貢獻，你有什麼可以補充的嗎？

And second, I think you've been looking to onboard some lower ASP items from sellers in Asia, perhaps with a faster delivery and service offering versus the competition. So can you give us an update on how that initiative is going?

其次，我認為您一直在尋求從亞洲賣家那裡購買一些 ASP 較低的商品，也許與競爭對手相比，它們提供更快的交付和服務。那麼，您能否向我們介紹一下該計劃的進展情況？

Great. So CPG, there is some initial data that points to better engagement and performance across non-CPG categories from users that purchase CPG. So we are beginning to see data that proves out, I think, the thesis of getting involved in high-frequency CPG categories that it does help lifetime values across other categories.

偉大的。因此，CPG 有一些初始數據表明，購買 CPG 的用戶在非 CPG 類別中的參與度和表現更好。所以我們開始看到數據證明，我認為，參與高頻 CPG 類別的論文確實有助於其他類別的生命週期價值。

Now bear in mind that -- and especially in the early years of the rollout of the CPG product, that obviously does come at a cost, right? So even though lifetime values are improving, the incremental CPG sales are done at a much lower margin than other categories until that business reaches scale and becomes a much better margin business. But I think we continue to focus on growing that and expanding that, and you will see a lot of innovation on our CPG and supermarket front like you have over the past few quarters.

現在請記住——尤其是在 CPG 產品推出的最初幾年，這顯然是有代價的，對吧？因此，即使生命週期價值正在提高，增量 CPG 銷售的利潤率仍遠低於其他類別，直到該業務達到規模並成為利潤率更高的業務。但我認為我們將繼續專注於發展和擴展它，你會在我們的 CPG 和超市方面看到很多創新，就像過去幾個季度一樣。

We've already announced a couple of high-profile deals with very large retailers across the region to help them move more sales through our CPG channels, supermarkets. And so this is obviously a very large TAM category with very high-frequency and one that the data we are seeing, I think, is leading us in the direction of continuing to build this out going forward.

我們已經宣布與該地區的大型零售商達成幾項備受矚目的交易，以幫助他們通過我們的 CPG 渠道和超市增加銷售額。因此，這顯然是一個非常大的 TAM 類別，頻率非常高，我認為我們所看到的數據正在引導我們朝著繼續向前發展的方向發展。

CBT, solid growth, very consistent. We continue to build out more and more sourcing capabilities in Asia. We now have feet in the ground there. We're seeing very strong impact of that in Mexico, for example, where it's relevant. We're also beginning to now focus on sourcing more and more North American merchants because we're seeing good results as we improve products and features, and users are better able to find cross-border listings and offerings on our site. So again, I think that's another part of our long-term vision is to turn global supply local for our consumers across Latin America, and we will do that by continuing to expand our sourcing efforts, both in Asia but also in North America.

CBT，穩健增長，非常一致。我們繼續在亞洲建立越來越多的採購能力。我們現在有腳在地上。我們在墨西哥看到了非常強烈的影響，例如，在它相關的地方。我們現在也開始專注於採購越來越多的北美商家，因為隨著我們改進產品和功能，我們看到了良好的結果，並且用戶能夠更好地在我們的網站上找到跨境列表和產品。再說一次，我認為我們長期願景的另一部分是為拉丁美洲的消費者提供本地化的全球供應，我們將通過繼續擴大我們在亞洲和北美的採購工作來做到這一點。

Your next question comes from the line of Thiago Macruz with Itaú.

您的下一個問題來自 Thiago Macruz 和 Itaú 的台詞。

Well, we continue to see a massive active user growth year-over-year in Brazil even above competition, even though you're the market leader by a mile. So I was wondering if you had to list, in order of importance, the top 3 indigenous factors that are supporting this growth, what would you list? What would you say?

好吧，我們繼續看到巴西的活躍用戶同比大幅增長，甚至超過了競爭對手，即使你是市場領先者。所以我想知道你是否必須按重要性列出支持這種增長的三大本土因素，你會列出什麼？你打算說什麼？

Sorry. We just want to make sure we got your question, it cut off a little bit. Can you repeat the back end of the question, please?

對不起。我們只是想確保我們得到了您的問題，它被切斷了一點。你能重複一下問題的後端嗎？

Absolutely. So I was just wondering if you had to list the most important factors that are supporting your active user growth in Brazil, indigenous ones, what would it be?

絕對地。所以我只是想知道您是否必須列出支持您在巴西的活躍用戶增長的最重要因素，土著人，會是什麼？

Sure. So first of all, I think clearly, on the commerce side, there has been significant uplift in consumers purchasing online and engaging with our platform, initially driven by the pandemic. I think for MELI, the fact that so many users were driven to our platform in the early days of the pandemic and realized that the logistics capabilities we had built out over the previous years really were incredibly efficient, both in terms of the expansiveness of free shipping, but also service levels were fantastic for us.

當然。因此，首先，我清楚地認為，在商業方面，最初受大流行驅動的消費者在線購買和與我們平台的互動有了顯著提升。我認為對於 MELI，在大流行初期，有這麼多用戶被吸引到我們的平台，並意識到我們在前幾年建立的物流能力確實非常高效，無論是在免費的擴展性方面運輸，但服務水平對我們來說也很棒。

I think had this happened 2 or 3 years earlier where our logistics build out had not been where it was, we would have had a very different capability to retain a lot of these new cohorts of users. So I think clearly, pandemic-driven initial trial or users who had lapsed and then returned to the platform and realize that the overall user experience was dramatically different from either what they anticipated or what they had experienced in the past has been a very, very important driver of growth.

我認為，如果這發生在 2 或 3 年前，我們的物流建設還沒有達到現在的水平，我們將擁有非常不同的能力來留住許多這些新的用戶群。所以我清楚地認為，大流行驅動的初始試用或已經失效然後返回平台並意識到整體用戶體驗與他們預期或他們過去經歷的截然不同的用戶已經非常非常增長的重要動力。

And we see that also with the evolution of Net Promoter Scores and the fact that despite the huge surge in volume, our delivery times have consistently improved sequentially quarter-on-quarter, and the amount of free shipping has expanded. You might have realized in Q1, we lowered the threshold for free shipping in Brazil to BRL 79. So really, MELI has by far the most expansive free shipping program, I think, of online retailers in Brazil.

我們還看到，隨著淨推薦值的發展，儘管數量激增，但我們的交貨時間環比持續改善，免費送貨的數量也在擴大。您可能在第一季度已經意識到，我們將巴西的免費送貨門檻降低到 79 雷亞爾。所以說真的，我認為 MELI 擁有迄今為止巴西在線零售商中最廣泛的免費送貨計劃。

And then on the fintech side of the business, I would say that drivers have been a little bit different in each of the verticals. Basically, if you want, online payments have been sort of in sync in the marketplace where the shift towards e-commerce has benefited the merchant services business. Then somehow countercyclical has been MPOS, where we saw a little bit of a slowdown when there was less traffic to stores.

然後在業務的金融科技方面，我想說每個垂直領域的驅動因素都有點不同。基本上，如果您願意，在線支付在市場上已經同步，向電子商務的轉變使商家服務業務受益。然後以某種方式反週期的是 MPOS，當商店的客流量減少時，我們看到了一點放緩。

Nonetheless, I would say that our shift upmarket enabled us to reaccelerate growth in the last couple of quarters, and that has been significant in terms of TPV. And I think we have already discussed the wallet.

儘管如此，我想說的是，我們向高端市場的轉變使我們能夠在過去幾個季度重新加速增長，這對 TPV 而言意義重大。我想我們已經討論過錢包了。

And our next question comes from the line of Soomit Datta with New Street Research.

我們的下一個問題來自 New Street Research 的 Soomit Datta。

Two quick questions, please, one on commerce and one on fintech. Just on the commerce side, do you mind giving us, please, an update on what you're seeing specifically on the competitive side from Shopee? There's been quite a bit of noise about their presence in the Brazilian market potential to expand into Mexico. I just wondered, I mean, that kind of seemed to coincide with the drop in free shipping to BRL 79. I wonder, was that a response to the competition? Or was that just part of the ongoing business kind of thinking?

請提兩個簡單的問題，一個是關於商業的，一個是關於金融科技的。就商業方面而言，您介意向我們提供有關您在 Shopee 競爭方面所看到的具體情況的最新信息嗎？關於他們在巴西市場擴張到墨西哥的潛力的存在相當多的噪音。我只是想知道，我的意思是，這似乎與免費送貨降至 79 巴西雷亞爾相吻合。我想知道，這是對競爭的回應嗎？或者這只是正在進行的商業思維的一部分？

And then next, please, just on fintech. Sorry to go back to the wallet again. I just wanted to double check. My sort of sense was always get usability on the wallet. And use the wallet to then layer on financial services. Should we now be thinking actually that the models shifted slightly and actually, yes, we'll look to sell financial services, but maybe it'll be more focused outside of the wallet going forward?

然後，請，就在金融科技上。很抱歉再次回到錢包。我只是想仔細檢查一下。我的感覺總是在錢包上獲得可用性。然後使用錢包對金融服務進行分層。我們現在是否應該真正考慮模型略有變化，實際上，是的，我們將尋求銷售金融服務，但也許它會更加專注於錢包之外的未來？

Great. So we don't comment on specific competitors. I think as a whole, given the size of the opportunity of commerce and fintech in Latin America, the fastest-growing e-commerce region in the world right now, obviously, there will be competitors. We've always tried to observe and learn from our competitors. And if things that they are doing better, we can replicate, we will replicate. But no, we didn't lower free shipping as a response to a specific competitor. We've done that across the board in different geographies. We've been doing that consistently over time.

偉大的。所以我們不對具體的競爭對手發表評論。我認為，作為一個整體，鑑於拉丁美洲這個目前世界上發展最快的電子商務地區的商業和金融科技機會的規模，顯然會有競爭對手。我們一直試圖觀察和學習我們的競爭對手。如果他們做得更好，我們可以復制，我們將復制。但不，我們沒有降低免費送貨作為對特定競爭對手的回應。我們已經在不同的地區全面做到了這一點。隨著時間的推移，我們一直在這樣做。

And the vision has always been that as we gain efficiencies from scale and from operational efficiency, we will allow some of those improvements to drop to the bottom line, and we will return some of those to our consumers in the form of more free shipping, which generates a tremendous flywheel. And I think the combination of logistics efficiency and free shipping that we have today across the region is really unrivaled at the regional level.

我們的願景一直是，隨著我們從規模和運營效率中獲得效率，我們將允許其中一些改進降到最低限度，我們將以更多免費送貨的形式將其中一些返還給我們的消費者，這會產生一個巨大的飛輪。而且我認為我們今天在整個地區擁有的物流效率和免費送貨的結合在地區層面上確實是無與倫比的。

Continuing to add wallet users is a very important part of the strategy. We're not trying to say that that's not the case. And the wallet continues to be a fundamental distribution channel as our payments to attract users to then cross-sell other financial services. I think what we're trying to say here is that massively acquiring wallet users, if then you are not also investing and focusing in cross-selling other financial services, is not really the long-term strategic blueprint that we've set for ourselves. So we need to increasingly find the balance between, yes, acquiring as many users as we can as fast as we can, but also making sure that those users we are acquiring are interested, and we are able to cross-sell other services to us.

繼續增加錢包用戶是該策略非常重要的一部分。我們並不是說事實並非如此。錢包仍然是一個基本的分銷渠道，因為我們的支付是為了吸引用戶然後交叉銷售其他金融服務。我想我們在這裡想說的是，如果你不同時投資並專注於交叉銷售其他金融服務，那麼大規模獲取錢包用戶並不是我們為自己設定的長期戰略藍圖。 .因此，我們需要越來越多地在兩者之間找到平衡，是的，盡可能快地獲得盡可能多的用戶，同時確保我們獲得的用戶感興趣，並且我們能夠向我們交叉銷售其他服務.

So I think Andrew's question at the beginning in a way encapsulates the way we're managing the business, which is number of payers as a KPI is probably still very important if we can also deliver on number of users of asset management, number of users of credit, number of users of Insurtech and the other products that are obviously the higher-margin products and the more interesting from the long run. So wallet users is still core to our strategy, but increasingly more balanced with also consistent cross-selling into that user base of the other better margin financial products.

所以我認為安德魯一開始的問題在某種程度上概括了我們管理業務的方式，即作為 KPI 的付款人數量可能仍然非常重要，如果我們還可以提供資產管理的用戶數量，用戶數量信用、保險科技的用戶數和其他產品顯然是利潤率更高的產品，從長遠來看更有趣。因此，錢包用戶仍然是我們戰略的核心，但與其他利潤率更高的金融產品的用戶群的交叉銷售也越來越平衡。

And our next question comes from the line of Deepak Mathivanan with Wolf Research.

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

Just a couple of quick ones. Sorry, if they were asked already, been -- I was jumping around a couple of calls. So Pedro, can you talk about how big the first-party business was on e-commerce during 1Q? And then where do you expect it to reach for the rest of the year? Is the margin profile of 1P kind of at a place where you want it to be? Or is there opportunities to improve that as well?

只是幾個快速的。抱歉，如果他們已經被問到了，那就是 - 我正在跳過幾個電話。那麼Pedro，您能談談第一季度電子商務的第一方業務有多大嗎？然後你預計它會在今年剩下的時間裡到達哪裡？ 1P 的保證金配置文件是否在您想要的位置？還是有機會改進它？

And then the second question. Can you provide some color on April trends on e-commerce? Obviously, the COVID situation in LatAm is very volatile. But what are you seeing in terms of kind of relative consumer behavior, maybe in countries where vaccination rates are over-indexing with respect to the average?

然後是第二個問題。您能否提供一些關於 4 月電子商務趨勢的顏色？顯然，拉丁美洲的 COVID 局勢非常不穩定。但是，您在相對消費者行為方面看到了什麼，也許是在疫苗接種率相對於平均值高出指數的國家？

Deepak, thanks. Look, so we've improved disclosure on 1P, and you now have 1P revenues broken out in the P&L as a revenue line. It was slightly below $150 million, but you'll have that now consistently as the rule requires.

迪帕克，謝謝。看，所以我們改進了 1P 的披露，現在您在損益表中將 1P 收入作為收入線細分。它略低於 1.5 億美元，但您現在可以按照規則要求始終如一地擁有它。

Margin-wise, there is ample room for margin improvement in the 1P business going forward. This is still a relatively small business, where there are improvements in pure product margins as we drive more purchasing scale and also significant improvements as we become more efficient in the operation overall. So I would say that we are investing in this business now and that the margin structure, the way it looks today is not at all where we envision and are confident we can get it to look into next year and beyond.

利潤率方面，未來 1P 業務的利潤率仍有很大提升空間。這仍然是一個相對較小的業務，隨著我們擴大採購規模，純產品利潤率有所提高，並且隨著我們在整體運營中變得更有效率，也有顯著改善。所以我想說我們現在正在投資這項業務，利潤率結構，它今天的樣子根本不是我們想像的那樣，並且有信心我們可以在明年及以後看到它。

Very quickly, I touched upon this already. But I think in general, we still need to be cautious and wait. The comps get progressively more difficult in some markets into May and June. But so far, in general, I think the trends we've seen for most markets are encouraging. We continue to see sequential growth in our business in line with what we had been seeing at the beginning of the year. So even if the year-on-year growth rates decline, the sequential increases, which is really what you should be looking at have not indicated in any way that consumers are massively moving back offline as soon as they can.

很快，我已經談到了這一點。但我認為，總的來說，我們仍然需要謹慎等待。到 5 月和 6 月，一些市場的比賽變得越來越困難。但到目前為止，總的來說，我認為我們在大多數市場上看到的趨勢是令人鼓舞的。我們繼續看到我們的業務連續增長，與我們在年初看到的一致。因此，即使同比增長率下降，連續增長，這正是你應該看到的，並沒有以任何方式表明消費者正在盡快大規模地回到線下。

I think we've offered enough of a compelling value proposition that a lot of that demand seems to be sticking. And like I said before, also bear in mind that lockdowns have been extended or reinstated in many of our markets. So that also is still impacting demand patterns.

我認為我們已經提供了足夠令人信服的價值主張，很多需求似乎都在堅持。就像我之前說的，還要記住，我們的許多市場已經延長或恢復了封鎖。因此，這也仍在影響需求模式。

And our next question comes from the line of Jamie Friedman with Susquehanna.

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

Pedro, in your prepared remarks, you -- I thought you had said something to the effect that you had seen a slowdown in some volumes in the long-tail sellers as economies reopened. I may have misheard you, but if that's the case, could you elaborate on that one?

佩德羅，在你準備好的發言中，你——我認為你說過一些話，大意是你看到隨著經濟重新開放，長尾賣家的一些交易量有所放緩。我可能聽錯了，但如果是這樣的話，你能詳細說明一下嗎？

And then I'll just ask the other one upfront. In a previous answer, Pedro, you mentioned sourcing more North American merchants. And I'm just wondering, is that where PayPal comes in? Or am I thinking about that the wrong way?

然後我會提前問另一個。在之前的回答中，佩德羅，您提到採購更多的北美商人。我只是想知道，這就是 PayPal 的用武之地嗎？還是我想錯了？

Jamie, with regard to the long tail, what we had seen last year was that there were many lockdowns, many small retailers that were using payment link mostly related to delivery. And as there was a greater opening of the economy in Latin America, some of that volume slowed down. But beyond that, we continue to see very strong growth in long tail in POS. So it was mostly in the online payments business related to payment link because of the increase.

Jamie，關於長尾，我們去年看到的是有很多封鎖，許多小型零售商使用的支付鏈接主要與送貨有關。隨著拉丁美洲經濟更加開放，其中一些數量放緩了。但除此之外，我們繼續看到 POS 的長尾增長非常強勁。所以主要是在與支付環節相關的在線支付業務中，因為增加了。

My remarks on sourcing North American merchants is not related to PayPal. We have seen better results and good product development and user experience in our cross-border efforts. Those efforts so far had primarily focused on sourcing product from Asian merchants. We believe that there is significant inventory in North America that's attractive to users throughout Latin America and not necessarily available. And so we're moving into that second pocket of global inventory that we think is interesting for our user base throughout Latin America by sourcing directly ourselves and having feet on the street in the U.S. and Canada. But no, this doesn't refer to any specific initiative with PayPal.

我關於採購北美商家的評論與 PayPal 無關。我們在跨境努力中看到了更好的結果以及良好的產品開發和用戶體驗。迄今為止，這些努力主要集中在從亞洲商人那裡採購產品。我們認為，北美有大量庫存對整個拉丁美洲的用戶具有吸引力，但不一定可用。因此，我們正在進入我們認為對我們整個拉丁美洲的用戶群感興趣的全球庫存的第二個口袋，方法是直接自己採購併在美國和加拿大的街道上開展業務。但是，不，這並不涉及 PayPal 的任何具體舉措。

Your next question comes from the line of Marvin Fong with BTIG.

您的下一個問題來自 BTIG 的 Marvin Fong。

Yes. Just 2 quick ones on fintech. I just wanted to follow-up on the 11 million collector number. I was just reviewing the notes from last quarter, and I think you guys said it was 6 million in the fourth quarter. So just wanted to check to see if that was correct. And if so, what explains the pretty dramatic increase in collectors. But just potentially, in general, could you comment on how your trends are going in terms of adding collectors to the ecosystem?

是的。金融科技上只有 2 個快速的。我只是想跟進1100萬收藏家的數量。我剛剛回顧了上一季度的筆記，我想你們說第四季度是 600 萬。所以只是想檢查一下是否正確。如果是這樣，是什麼解釋了收藏家的急劇增加。但是，總的來說，您能否就將收集器添加到生態系統方面的趨勢發表評論？

And then my next question, just on the credit portfolio, the amount outstanding didn't seem to increase as much at quarter end, as we saw last quarter, even though originations was actually greater, still above $500 million. So the question is, are we seeing any change in sort of the dynamics with borrowers paying back? Anything to call out there, that would be great to provide some insight there.

然後我的下一個問題，就信貸組合而言，在季度末，未償金額似乎沒有像我們上個季度所看到的那樣增加那麼多，儘管起源實際上更大，仍然超過 5 億美元。所以問題是，我們是否看到借款人還款的動態有任何變化？任何可以在那裡調用的東西，如果能在那裡提供一些見解，那就太好了。

Great. So on collectors, let me just briefly recap the sequencing for you. 11 million is the number of collectors off the MELI marketplace, right? So we exclude MELI merchants, to give you a number of users that are merchants receiving payments through us or P2P people receiving payments. That number is up about 77% year-on-year. But if we look at Q4, which is seasonally very strong, it was actually higher than 11 million. It was closer -- slightly below 12 million.

偉大的。因此，對於收藏家，讓我為您簡要回顧一下排序。 1100 萬是 MELI 市場之外的收藏家數量，對吧？因此，我們排除了 MELI 商家，為您提供一些用戶，這些用戶是通過我們接收付款的商家或接收付款的 P2P 人員。這一數字同比增長約 77%。但如果我們看一下季節性非常強勁的第四季度，它實際上高於 1100 萬。它更接近——略低於 1200 萬。

So again, nearly 80% growth year-on-year but, sequentially as expected due to seasonality, down. So I'm not sure what the 6 million number could be. Maybe it's another data point.

同樣，同比增長近 80%，但由於季節性原因，按預期順序下降。所以我不確定 600 萬這個數字是多少。也許這是另一個數據點。

Then with regard to the credit portfolio, if I got the question right, it was the relation between the growth in terms of originations and in terms of growth in the overall credit portfolio. Originations grew in the quarter 10% sequentially quarter-on-quarter. There were $527 million in last quarter and $582 million this quarter. And then the overall credit portfolio grew 16% from $452 million to $526 million. But in general, the duration of our portfolio is pretty short, mostly because a big part of that is consumer loans that typically are for 4 months. So the growth of quarter-on-quarter of origination is pretty much in line with the growth in the overall effect.

然後關於信貸組合，如果我的問題是正確的，那就是起源增長與整體信貸組合增長之間的關係。本季度的發起量環比增長 10%。上一季度為 5.27 億美元，本季度為 5.82 億美元。然後整體信貸組合從 4.52 億美元增長 16% 至 5.26 億美元。但總的來說，我們投資組合的期限很短，主要是因為其中很大一部分是通常為期 4 個月的消費貸款。因此，環比增長與整體效應的增長基本一致。

This concludes today's earnings call. Thank you for participating, and you may now disconnect.

今天的財報電話會議到此結束。感謝您的參與，您現在可以斷開連接。