美卡多 (MELI) 2020 Q4 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended December 31, 2020.

大家好，歡迎參加截至 2020 年 12 月 31 日的季度 MercadoLibre 收益電話會議。

I am Federico Sandler, Investor Relations Officer for MercadoLibre.

我是 MercadoLibre 的投資者關係官 Federico Sandler。

Our senior manager presenting today is Pedro Arnt, Chief Financial Officer.

我們今天出席的高級經理是首席財務官 Pedro Arnt。

Additionally, Osvaldo Giménez, CEO of Mercado Pago, will be available during today's Q&A session.

此外，Mercado Pago 的首席執行官 Osvaldo Giménez 將出席今天的問答環節。

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.

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。

These statements are based on currently available information and our current assumptions, expectations and projections about future events.

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。

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.

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, and on any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available in 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，以及任何MercadoLibre, Inc. 向美國證券交易委員會提交的其他適用文件，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。

Hello, everyone, and welcome to our fourth quarter 2020 earnings conference call.

大家好，歡迎參加我們的 2020 年第四季度財報電話會議。

Our strong performance during the quarter further established our leadership position throughout Latin America, which is the world's fastest growing region for e-commerce according to eMarketer.

我們在本季度的強勁表現進一步確立了我們在整個拉丁美洲的領導地位，根據 eMarketer 的數據，拉丁美洲是全球電子商務增長最快的地區。

These positive market dynamics, combined with our strong execution and focus, are reflected in our quarterly performance where growth continued accelerating despite the gradual reopening of physical retail during the period.

這些積極的市場動態，加上我們強大的執行力和專注力，都反映在我們的季度業績中，儘管在此期間實體零售逐漸重新開放，但增長繼續加速。

I'll begin by addressing our commerce business, where items sold grew by triple digits in all major markets while transactions per buyer also hit record levels in major countries.

我將首先介紹我們的商業業務，在所有主要市場中，銷售的商品都增長了三位數，而主要國家/地區的每個買家的交易量也達到了創紀錄的水平。

During the fourth quarter, consolidated gross merchandise volume grew 110% year-over-year on an FX-neutral basis.

在第四季度，在外匯中性的基礎上，綜合商品總量同比增長 110%。

At the country level, Brazil was one of the highlights during the quarter with FX-neutral gross merchandise volume growth accelerating to 84% year-over-year while items sold doubled annually.

在國家層面，巴西是本季度的亮點之一，與外匯無關的商品總量同比增長加速至 84%，而商品銷量每年翻一番。

Additionally, other geographies experienced robust triple-digit growth rates.

此外，其他地區也經歷了強勁的三位數增長率。

While we encountered slight sequential deceleration in growth rates as retailers began reopening, this was less pronounced than expected.

儘管隨著零售商開始重新開業，我們的增長率略有連續減速，但這並沒有預期那麼明顯。

We had particularly strong performance in Mexico, whose contribution in units sold surpassed Argentina, becoming our second largest geography in terms of sold items, a sign that we are consolidating market share in that country.

我們在墨西哥的表現尤為強勁，其銷量貢獻超過阿根廷，成為我們銷量第二大的地區，這表明我們正在鞏固該國的市場份額。

Moreover, for the first time in our history, Mexico surpassed the $1 billion mark in quarterly gross merchandise volume.

此外，在我們的歷史上，墨西哥的季度商品總額首次超過了 10 億美元。

Consumer trends towards online consumption remained favorable, signaling positive prospects for future growth.

在線消費的消費趨勢依然良好，預示著未來增長的積極前景。

The number of buyers during the quarter reached a record high, resulting in almost 37 million unique buyers during the quarter and surpassing 60 million unique buyers for the full year 2020.

本季度的買家數量創歷史新高，本季度的獨立買家數量接近 3700 萬，2020 年全年的獨立買家數量超過 6000 萬。

The product breadth and increased convenience continues to attract new buyers at an accelerated pace when compared to pre-pandemic levels.

與大流行前的水平相比，產品的廣度和便利性的增加繼續以更快的速度吸引新買家。

In line with this, we've continued broadening our assortment, resulting in over 275 million live listings this quarter, and we remain a partner of choice for local and foreign merchants throughout Latin America.

與此一致，我們繼續擴大我們的產品種類，本季度的實時房源數量超過 2.75 億，我們仍然是整個拉丁美洲本地和外國商家的首選合作夥伴。

Our first-party offering continues to grow, reaching almost $200 million of total gross merchandise volume on a consolidated basis and representing high single digits of penetration during certain special promotional dates throughout the quarter.

我們的第一方產品繼續增長，在整個季度的某些特殊促銷日期，總商品總銷量達到近 2 億美元，並代表高個位數的滲透率。

Let me now provide some additional detail on Brazil's performance on an FX-neutral basis, which resulted in sequential GMV acceleration of 10 percentage points and was a highlight for us during the quarter.

現在讓我提供一些關於巴西在外匯中性基礎上的表現的更多細節，這導致 GMV 環比增長 10 個百分點，這對我們來說是本季度的一個亮點。

Categories such as consumer electronics, where we lagged at the beginning of 2020, grew north of 15 percentage points sequentially quarter-on-quarter, driven by a renewed commercial and technological focus.

在重新關注商業和技術的推動下，我們在 2020 年初落後的消費電子產品等類別環比增長超過 15 個百分點。

During 2020, our more deliberate focus on Black Friday sales generated impressive top line results.

在 2020 年，我們更加專注於黑色星期五的銷售產生了令人印象深刻的頂線業績。

We made a concentrated effort to increase both investments and collaboration across our business units to maximize this peak promotional season.

我們集中精力增加各業務部門的投資和協作，以最大限度地利用這個促銷旺季。

This included rebates and marketing campaigns, which leveraged our unique ecosystem of solution within advertising, credits, MercadoShops and Mercado Envios.

這包括回扣和營銷活動，這些活動利用了我們在廣告、積分、MercadoShops 和 Mercado Envios 中獨特的解決方案生態系統。

Unlike other years, we also increased our volume of promotional deals, marked by the launch of our new user interface called [Promotion Central] while expanding our improving return flows capacity.

與往年不同的是，我們還增加了促銷交易量，其標誌是推出了名為 [Promotion Central] 的新用戶界面，同時擴大了我們不斷提高的退貨流量能力。

As a result, we doubled Black Friday sales year-over-year both in terms of share as well as sessions, resulting in our highest fourth quarter market share on record.

結果，我們的黑色星期五銷售額在份額和會話方面都同比翻了一番，從而創造了有記錄以來最高的第四季度市場份額。

As we continue strengthening our Brazilian ecosystem, we are also attracting more global brands across multiple verticals.

隨著我們繼續加強我們的巴西生態系統，我們也在多個垂直領域吸引更多的全球品牌。

Relating to consumer products, we partnered with Heineken, Kimberly-Clark, Nestlé, PepsiCo and Heinz.

在消費品方面，我們與喜力、金佰利、雀巢、百事可樂和亨氏合作。

In electronics, we partner with brands such as Samsung.

在電子產品方面，我們與三星等品牌合作。

And in regards to home improvement, we are working with Black & Decker and [Carter].

在家居裝修方面，我們正在與 Black & Decker 和 [Carter] 合作。

Significant progress in this regard yields important brand equity for MercadoLibre and deepens our product breadth, advancing our goal of becoming a one-stop destination for e-commerce across a growing number of product categories.

這方面的重大進展為 MercadoLibre 帶來了重要的品牌資產，並加深了我們的產品廣度，推動了我們成為越來越多產品類別的電子商務一站式目的地的目標。

Let's now turn our focus to Mercado Envios, which continues to be a key value driver as we enhance our cross-regional logistics capabilities.

現在讓我們將注意力轉向 Mercado Envios，隨著我們增強跨區域物流能力，它仍然是一個關鍵的價值驅動因素。

Our managed network reached a penetration of almost 80%, with Argentina, Brazil and Mexico at 88%, 79% and 76%, respectively.

我們的託管網絡滲透率接近 80%，其中阿根廷、巴西和墨西哥分別達到 88%、79% 和 76%。

On a consolidated basis, fulfillment reached a penetration of over 1/3 of all items bought on our platform, led by Mexico at 60% while in Brazil, over 1/4 of all items are being fulfilled by MercadoLibre already.

綜合來看，在我們平台上購買的所有商品中，超過 1/3 的商品已被配送，墨西哥以 60% 領先，而在巴西，MercadoLibre 已經完成了超過 1/4 的商品配送。

During the quarter, we shipped 214 million items, a growth of 131% year-on-year, and totaled almost 650 million deliveries for the full year.

本季度，我們發貨了 2.14 億件，同比增長 131%，全年交付量接近 6.5 億件。

We also significantly improved our average lead times per shipment, reducing fourth quarter average lead times by 30% sequentially versus the prior quarter.

我們還顯著改善了每批貨物的平均交貨時間，與上一季度相比，第四季度的平均交貨時間環比減少了 30%。

Consequently, deliveries in less than 48 hours improved by 12 percentage points quarter-over-quarter and by 20 percentage points year-over-year.

因此，不到 48 小時的交付量環比提高了 12 個百分點，同比提高了 20 個百分點。

Within that, we meaningfully improved the share of same-day and next-day deliveries as well.

在此範圍內，我們還有意義地提高了當日和次日交付的份額。

These results are material in the context of significant volume growth during the peak quarterly period of late November and early December, where lockdowns were still in place due to the COVID-19 pandemic.

在 11 月底和 12 月初的季度高峰期銷量大幅增長的背景下，這些結果是重要的，由於 COVID-19 大流行，封鎖仍然存在。

Not only were we able to handle the excess volume without interruption, but we worked faster and more efficiently under extraordinary circumstances.

我們不僅能夠不間斷地處理多餘的交易量，而且在特殊情況下我們的工作速度更快、效率更高。

As you can see, the Mercado Envios team has been operating at an outstanding level of pace and effectiveness, and we have continued developing logistics capabilities at a quick pace.

如您所見，Mercado Envios 團隊一直以出色的速度和效率運作，我們繼續快速發展物流能力。

During the quarter, we continued to open multiple cross-docking stations and service centers while doubling our Places dropoff point footprint and successfully launched MELI Air with a fleet of 7 dedicated aircraft covering 8 routes across Mexico and Brazil to complement the use of our commercial airline capacity to continue driving down our delivery times.

在本季度，我們繼續開設多個交叉停靠站和服務中心，同時將 Places 下車點的足跡增加一倍，並成功推出 MELI Air，擁有 7 架專用飛機，覆蓋墨西哥和巴西的 8 條航線，以補充我們對商業航空公司的使用繼續縮短我們的交貨時間的能力。

We look forward to continuing to unlock value from this important and growing part of our business as we move into 2021 and beyond.

隨著我們進入 2021 年及以後，我們期待繼續從我們業務的這一重要且不斷增長的部分中釋放價值。

With that, now let's move on to the fintech side of the business, another critical building block of our value proposition and our journey to democratizing money.

有了這個，現在讓我們進入業務的金融科技方面，這是我們價值主張的另一個關鍵組成部分，也是我們實現貨幣民主化的旅程。

Consolidated Mercado Pago total payment volume reached almost $16 billion, growing 134% year-over-year on an FX-neutral basis and totaling 659 million transactions in the fourth quarter, representing a growth of 131% year-over-year.

合併後的 Mercado Pago 總支付額達到近 160 億美元，在外匯中性基礎上同比增長 134%，第四季度交易總額為 6.59 億筆，同比增長 131%。

Our off-platform payments businesses reached $9.2 billion, growing at a robust 150% year-over-year on an FX-neutral basis.

我們的平台外支付業務達到 92 億美元，在外匯中性的基礎上，同比增長 150%。

Additionally, during the quarter, off-platform total payments in number represented over 75% of all Mercado Pago transactions.

此外，在本季度，平台外支付總額佔 Mercado Pago 所有交易的 75% 以上。

The trends towards digitization of money continued through the quarter, and our purely offline mobile point-of-sale offering point began showing signs of recovery throughout the period.

貨幣數字化的趨勢在整個季度都在持續，我們的純線下移動銷售點服務點在整個期間開始顯示出複甦的跡象。

Online payments grew 143% year-over-year on an FX-neutral basis and continued expanding its merchant base.

在外匯中性的基礎上，在線支付同比增長 143%，並繼續擴大其商戶基礎。

Within that growth, we saw sequential deceleration due to higher impact on long-tail sellers amidst the easing of the COVID-19 restrictions.

在這種增長中，由於 COVID-19 限制放鬆對長尾賣家的影響更大，我們看到了連續減速。

In Brazil, Mercado Pago was among the first players in the market to launch PIX as a means of payment.

在巴西，Mercado Pago 是市場上首批推出 PIX 作為支付方式的參與者之一。

Our PIX offering is now available for sellers running Checkout Pro or any related products such as payment links or other branded checkout plug-ins.

我們的 PIX 產品現在可供運行 Checkout Pro 或任何相關產品（例如支付鏈接或其他品牌結賬插件）的賣家使用。

Our speed and adaptation reflects the agility with which we acclimate to market development.

我們的速度和適應能力反映了我們適應市場發展的敏捷性。

MPOS continued its recovery towards pre-COVID levels of growth, reaching almost 90% year-over-year on an FX-neutral basis, with record activation rates and device sales leading to an increase in active devices.

MPOS 繼續恢復到 COVID 之前的增長水平，在外匯中性的基礎上同比增長近 90%，創紀錄的激活率和設備銷售導致活躍設備的增加。

Additionally, the scale benefits of this sustained growth are improving unit economics across the region.

此外，這種持續增長的規模效益正在改善整個地區的單位經濟效益。

Devices sold once again surpassed 1 million on a consolidated basis, reaching over 6 million active merchants in the last 12 months.

設備的綜合銷量再次超過 100 萬台，在過去 12 個月內達到超過 600 萬活躍商家。

Our mobile wallet, the cornerstone of our digital account approach to fintech, reached 3.3 billion in total payment volume, representing a 247% year-over-year growth on an FX-neutral basis.

我們的移動錢包是我們金融科技數字賬戶方法的基石，總支付量達到 33 億，在外匯中性的基礎上同比增長 247%。

We've successfully focused on increasing engagement of wallet usage with positive results and frequency of usage and number of users who engage in multiple wallet use case.

我們已經成功地專注於提高錢包使用的參與度，取得了積極的成果和使用頻率以及參與多個錢包用例的用戶數量。

We continued building our 2-sided network during the quarter, resulting in over 14 million active payers and 6 million active collectors.

我們在本季度繼續建設我們的雙邊網絡，產生了超過 1400 萬的活躍支付者和 600 萬活躍的收集者。

In-store QR payments started to again gain share over total wallet usage, representing 20 percentage points of wallet TPV.

店內二維碼支付開始再次佔據錢包總使用量的份額，佔錢包 TPV 的 20 個百分點。

The majority of wallet TPV primarily resulted from utilities and peer-to-peer transactions.

大多數錢包 TPV 主要來自公用事業和點對點交易。

We've continued to enhance our wallet value proposition by continuing to distribute cards tied to Mercado Pago wallet balances and credit lines for consumers and merchants to fund their wallets across Latin America.

我們通過繼續分發與 Mercado Pago 錢包餘額和信用額度相關的卡，為拉丁美洲的消費者和商家提供資金，從而繼續提升我們的錢包價值主張。

This is in addition to our ongoing overlay of savings tech and asset management products through Mercado Fondo, through which approximately 50 million users have invested funds in their wallet accounts.

這是我們通過 Mercado Fondo 持續覆蓋儲蓄技術和資產管理產品的補充，大約 5000 萬用戶通過 Mercado Fondo 將資金投入到他們的錢包賬戶中。

In Brazil, we've launched our own debit card, issuing over 3.8 million proprietary cards, replacing all of our previously issued third-party cards.

在巴西，我們推出了自己的借記卡，發行了超過 380 萬張專有卡，取代了我們之前發行的所有第三方卡。

Additionally, we launched a new overlay of Mercado Pago's insurtech products, theft and damage insurance.

此外，我們推出了 Mercado Pago 的保險科技產品、盜竊和損壞保險的新覆蓋。

This is our first insurance product and is integrated into our digital account as a new financial services feature, covering theft or damage of cellphones and Point Mini users.

這是我們的第一個保險產品，並作為一項新的金融服務功能集成到我們的數字賬戶中，涵蓋手機和 Point Mini 用戶的盜竊或損壞。

Before moving on to our financials, I'll provide a quick update on Mercado Crédito's quarterly performance.

在繼續我們的財務之前，我將簡要介紹一下 Mercado Crédito 的季度業績。

The portfolio which grew to $479 million more than doubled compared to the same period last year.

與去年同期相比，該投資組合增長到 4.79 億美元，增長了一倍多。

Originations during the quarter almost quadrupled versus the fourth quarter of 2019, surpassing $500 million for the first time.

與 2019 年第四季度相比，本季度的發行量幾乎翻了兩番，首次超過 5 億美元。

Not only did we drive accelerated growth of the business unit during the period, but we also maintained healthy NPL profiles, resulting in better profitability from our newer cohorts and lower APRs.

在此期間，我們不僅推動了業務部門的加速增長，而且我們還保持了健康的不良貸款狀況，從而從我們的新群組和較低的 APR 中獲得了更好的盈利能力。

With those business comments, let me now move on to our financial progress report for the fourth quarter.

有了這些商業評論，現在讓我繼續我們的第四季度財務進度報告。

Starting with a review of our P&L.

從回顧我們的損益表開始。

Fourth quarter consolidated net revenues of $1.3 billion increased year-over-year by 97% in U.S. dollars and 149% on an FX-neutral basis, driven by record acceleration in commerce net revenues.

受商業淨收入創紀錄加速的推動，第四季度合併淨收入為 13 億美元，按美元計算同比增長 97%，在外匯中性基礎上增長 149%。

At the country level, Brazil and Mexico revenues continued to accelerate, reaching 120% and 155% year-over-year growth on an FX-neutral basis.

在國家層面，巴西和墨西哥的收入繼續加速增長，在外匯中性的基礎上實現了 120% 和 155% 的同比增長。

For the third consecutive quarter, Argentina revenue grew by over 200% year-over-year on an FX-neutral basis.

在外匯中性的基礎上，阿根廷收入連續第三個季度同比增長超過 200%。

Countries such as Chile and Colombia grew by almost 300% and 150% year-over-year on an FX-neutral basis.

在外匯中性的基礎上，智利和哥倫比亞等國家同比增長近 300% 和 150%。

Notably, as we have previously shared, we have made significant recent investments in Mexico.

值得注意的是，正如我們之前所分享的，我們最近在墨西哥進行了大量投資。

The fourth quarter marked the first time that this segment surpassed Argentina while using an adjusted blue chip swap rate in terms of the percentage of our overall revenue that Mexico represents.

第四季度標誌著該部門首次超過阿根廷，同時使用調整後的藍籌掉期利率來計算墨西哥占我們總收入的百分比。

We believe this to be a milestone achievement.

我們相信這是一個里程碑式的成就。

Gross profit for the quarter was $489 million with a margin of 37%, down from 46% during the fourth quarter of 2019.

本季度毛利潤為 4.89 億美元，利潤率為 37%，低於 2019 年第四季度的 46%。

The decrease in gross profit margin resulted from an increase in cost of goods sold from our 1P business with aggressive holiday season pure product margins and from shipping operation costs as we invested in excess capacity to ensure best-in-class service levels on our managed network during the peak shopping season.

毛利率下降的原因是我們的 1P 業務銷售的商品成本增加，假日季節純產品利潤率高，以及航運運營成本增加，因為我們投資過剩產能以確保我們管理網絡上的一流服務水平在購物旺季。

Operating expenses, on the other hand, increased by only 36% year-over-year in U.S. dollars to $514 million.

另一方面，運營費用以美元計算僅同比增長 36% 至 5.14 億美元。

Despite the increase, this generated operational leverage with OpEx as a percentage of revenues improving by 17 percentage points year-over-year from 56% to 39% this year.

儘管有所增加，但運營支出佔收入的百分比同比增長 17 個百分點，從今年的 56% 提高到 39%。

Our Q4 P&L management aimed to strike a balance between continuing to deliver margin improvements from one year to the next while also igniting investment in both short- and long-term growth within the context of the gradual normalization of physical commerce and a competitive peak holiday season.

我們的第四季度損益管理旨在在實體商業逐漸正常化和競爭激烈的假日旺季的背景下，在從一年到下一年繼續實現利潤率改善與激發對短期和長期增長的投資之間取得平衡.

In the slides accompanying this presentation, we've included the more detailed breakdown of both of these items as we do every quarter.

在本演示文稿隨附的幻燈片中，我們像每個季度一樣，對這兩個項目進行了更詳細的細分。

Moving down the P&L.

向下移動損益表。

We incurred $31.6 million in financial expenses this quarter, mainly attributable to financial loans entered into 2020, primarily in Brazil and Argentina.

本季度我們發生了 3160 萬美元的財務費用，主要是由於進入 2020 年的金融貸款，主要是在巴西和阿根廷。

We also incurred interest expenses from our trusts related to the factoring of our credit card receivables in Argentina.

我們還從與我們在阿根廷的信用卡應收賬款保理有關的信託中產生了利息費用。

During the quarter, we also had a foreign exchange loss of $9.9 million mainly related to the difference of the Argentine official exchange rate and the blue chip swap rate at which we effectively exchanged retained earnings from our Argentine subsidiary.

在本季度，我們還有 990 萬美元的外匯損失，主要與阿根廷官方匯率和藍籌互換匯率的差異有關，我們有效地交換了阿根廷子公司的留存收益。

Interest income was $22.6 million, a 16% decrease year-over-year as a result of lower interest rates in our investments, as a consequence of the pandemic, mainly offset by higher interest income in Argentina as our float grows.

利息收入為 2,260 萬美元，同比下降 16%，原因是大流行導致我們的投資利率降低，主要被我們的流通量增長導致的阿根廷利息收入增加所抵消。

As a result of this, net loss for the quarter was $50.6 million.

因此，本季度的淨虧損為 5060 萬美元。

Building on the precedent we established in 2020, we are very proud to announce that we will release, in tandem with our annual report, our second consecutive annual sustainability report.

基於我們在 2020 年建立的先例，我們非常自豪地宣布，我們將在發布年度報告的同時發布連續第二份年度可持續發展報告。

Our commitment to sustainability has a strong connection with how we envision our business serving all our stakeholders.

我們對可持續發展的承諾與我們如何設想我們的業務為所有利益相關者服務有著密切的聯繫。

The report includes our sustainability metrics on key initiatives that include diversity, social inclusion, labor practices, energy consumption, greenhouse gas emissions and waste management, among other items.

該報告包括我們關於關鍵舉措的可持續性指標，其中包括多樣性、社會包容、勞工實踐、能源消耗、溫室氣體排放和廢物管理等。

Wrapping up, the fourth quarter of 2020 was another great quarter where the MELI team really put their heart and soul into executing for the benefit of our whole community of users.

最後，2020 年第四季度是另一個偉大的季度，MELI 團隊真正全心全意地執行，以造福我們整個用戶社區。

I'd like to reinforce, on behalf of MercadoLibre, our immense gratitude and appreciation towards all our employees and collaborators for their enormous effort to keep us safe during such a challenging year.

我謹代表 MercadoLibre 再次表示，我們對所有員工和合作者在如此充滿挑戰的一年中為確保我們的安全所做的巨大努力表示衷心的感謝和讚賞。

We're incredibly proud of what the team has achieved and the programs it has launched during the quarter.

我們為團隊所取得的成就及其在本季度推出的計劃感到無比自豪。

We believe these accomplishments underscore our compelling long-term growth outlook.

我們相信這些成就突顯了我們令人信服的長期增長前景。

We are steadfast in our conviction that we are making investments which will unlock our full potential over the years to come.

我們堅信，我們正在進行的投資將在未來幾年釋放我們的全部潛力。

The milestones we achieved in 2020 in the face of adversity demonstrate our ability to execute on multiple fronts and an indisputable commitment to growing commerce and fintech throughout Latin America.

面對逆境，我們在 2020 年取得的里程碑證明了我們在多個方面執行的能力以及對在整個拉丁美洲發展商業和金融科技的無可爭辯的承諾。

Elbow to elbow with our users and the broader community, we will continue to build our path towards financial inclusion and democratization of commerce in the continent.

與我們的用戶和更廣泛的社區並肩作戰，我們將繼續為非洲大陸的金融包容性和商業民主化建設我們的道路。

Thanks, everyone, as always, for joining the quarterly conference call, and we look forward to keeping you updated on our progress next quarter.

一如既往，感謝大家參加季度電話會議，我們期待著在下個季度向您通報我們的進展情況。

And we can now start taking questions.

我們現在可以開始提問了。

Thank you.

謝謝你。

(Operator Instructions) Our first question is from Irma Sgarz with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Irma Sgarz。

Pedro, as you think about the rest of the year and you think about how you're coming up against tougher comps probably inevitably at some point after the fantastic year you've had in 2020, what are some of the KPIs that you're most focused on in that journey you had, where GMV and TPV, to a lesser extent, of course, may take a toll from the tougher comps?

佩德羅，當您考慮今年餘下的時間並考慮如何在 2020 年度過美好的一年之後的某個時候不可避免地遇到更艱難的比賽時，您的一些 KPI 是什麼在你經歷的那段旅程中，最關注的是 GMV 和 TPV，當然，在較小程度上，可能會從更艱難的比賽中受到影響？

And where do you encourage for us to look?

你鼓勵我們去哪裡看？

And then, secondly, on the digital wallet, as you mentioned, you're focused on the increase in use cases to drive relevance and stickiness with wallet customers.

其次，在數字錢包上，正如您所提到的，您專注於使用案例的增加，以推動與錢包客戶的相關性和粘性。

Yet, at the same time, I think you also mentioned that peer-to-peer and utilities payments are still a very relevant portion of the transactions within the wallet.

然而，與此同時，我想你也提到了點對點和公用事業支付仍然是錢包內交易的一個非常相關的部分。

What are some of the examples of what you launched more recently in terms of use cases that you are most excited about?

就您最感興趣的用例而言，您最近推出了哪些示例？

Irma, thanks for the questions.

厄瑪，謝謝你的提問。

So I don't believe you should alter the KPI set you look at to follow our business.

因此，我認為您不應該更改您查看的 KPI 集來關注我們的業務。

I think we continue to focus on units sold, on merchandise volume, on total payment volume, and the strategy remains unchanged regardless of what happens with the comps.

我認為我們將繼續關注已售出的單位、商品數量、總支付量，無論組合發生什麼，策略都保持不變。

There's a strong focus on continuing to deliver more free shipping with faster delivery and more reliable delivery.

我們非常重視繼續以更快的交付速度和更可靠的交付方式提供更多免費送貨服務。

And then in terms of year-on-year comps, albeit it's true that, obviously, the comps become more difficult, I think also, we've been looking at sequential growth.

然後就同比組合而言，儘管確實，很明顯，組合變得更加困難，但我認為，我們一直在關注連續增長。

And that, to a certain degree, helps us understand what potentially happens once the year-over-year data changes, right?

這在一定程度上有助於我們了解一旦同比數據發生變化可能會發生什麼，對吧？

We've been sequentially, I think, continue to show good week-on-week evolution, and that is a way to look at something without the impact of pre- and post-COVID results.

我認為，我們一直在依次顯示出良好的每週演變，這是一種看待事物的方式，而不會受到 COVID 前後結果的影響。

So continue to track the same KPIs we've always tracked.

因此，請繼續跟踪我們一直跟踪的相同 KPI。

The strategy remains unchanged.

策略保持不變。

And in terms of Pago, I'll leave that to Osvaldo.

至於帕戈，我將把它留給奧斯瓦爾多。

Irma, so I'll say we did add some use cases, for example, transportation -- public transportation in some of the cities where we operate or tolls in Buenos Aires, for example; highway tolls that is.

Irma，所以我會說我們確實添加了一些用例，例如交通——例如，我們運營的一些城市的公共交通或布宜諾斯艾利斯的收費；就是高速公路收費。

But mostly, I would say the increased use we have seen is more related to users using different flows and doing them more frequently.

但大多數情況下，我會說我們看到的使用增加更多地與用戶使用不同的流程和更頻繁地使用它們有關。

And so when you look at engagement, for example, over the last year, in Q4 last year, we used to have on average 8 transactions per quarter per user, and now we're at 14.

因此，當您查看參與度時，例如，在去年第四季度，我們過去平均每個用戶每季度有 8 筆交易，現在是 14 筆。

So we have seen a significant increase in the number of transactions.

因此，我們看到交易數量顯著增加。

This is what we decided to do, not because we have added a lot of payments in the menu but just because we have been better at cross-selling them.

這就是我們決定做的，不是因為我們在菜單中添加了很多付款，而是因為我們在交叉銷售方面做得更好。

Our next question comes from Bob Ford with Merrill Lynch.

我們的下一個問題來自 Bob Ford 和 Merrill Lynch。

Congratulations on the quarter.

祝賀本季度。

Pedro, what's the split between new and reactivation in your unique active user growth?

Pedro，在您獨特的活躍用戶增長中，新用戶和重新激活用戶的區別是什麼？

And given all the improvements you've made in the marketplace across the region, how are you thinking about reactivating your buyers?

鑑於您在整個地區的市場上取得的所有改進，您如何考慮重新激活您的買家？

And when it comes to the mobile wallet, the growth rates you posted are fantastic, but relative to the size of the ecosystem, still seems small.

說到移動錢包，你發布的增長率是驚人的，但相對於生態系統的規模，仍然顯得很小。

How are you thinking about activating new mobile wallets?

您如何考慮激活新的移動錢包？

Bob, let me start with the wallet part.

鮑勃，讓我從錢包部分開始。

So some of the metrics in terms of -- you mentioned the size of the ecosystem.

因此，您提到了生態系統的規模方面的一些指標。

So one of the metrics we track is how does the number of downloads for MercadoLibre and Mercado Pago compare and the installed base for MercadoLibre and Mercado Pago compare.

因此，我們跟踪的指標之一是 MercadoLibre 和 Mercado Pago 的下載次數比較以及 MercadoLibre 和 Mercado Pago 的安裝基礎如何比較。

And so what we have seen recently is that, for example, in Argentina, those are evening out.

所以我們最近看到的是，例如，在阿根廷，那些都是晚上。

If you remember, a couple of years ago, probably the ratio was close to 20:1.

如果你還記得，幾年前，這個比例可能接近 20:1。

And in the fourth quarter, the number of downloads of MercadoLibre and Mercado Pago in Argentina were roughly the same.

而在第四季度，MercadoLibre 和 Mercado Pago 在阿根廷的下載量基本持平。

We are still in close to 2:1 in Brazil and 2.5:1 in Mexico.

我們在巴西仍然接近 2:1，在墨西哥接近 2.5:1。

But in all of the cases, we see that we are increasing the number -- the installed base of Mercado Pago faster than the installed base of MercadoLibre.

但在所有情況下，我們都看到我們正在增加數量——Mercado Pago 的安裝基數比 MercadoLibre 的安裝基數更快。

So I think that there's still work we can do, but we have been getting better at making sure that most of our users use both of our platforms.

所以我認為我們仍然可以做一些工作，但我們在確保我們的大多數用戶使用我們的兩個平台方面做得越來越好。

Bob, I think we don't typically disclose the breakout between reactivated buyers and new buyers or existing buyers.

Bob，我認為我們通常不會披露重新激活的買家與新買家或現有買家之間的突破。

I think what we see in the fourth quarter is it was the record quarter historically in number of buyers on the marketplace.

我認為我們在第四季度看到的是歷史上市場上買家數量創紀錄的季度。

So obviously, the installed base is very large, but we've also continued to add and reactivate buyers at a good pace.

顯然，安裝基數非常大，但我們也繼續以良好的速度增加和重新激活買家。

And never before had we had as many buyers during a quarter as we did in the fourth quarter of 2020.

我們在一個季度的買家數量從未像 2020 年第四季度那樣多。

So MercadoLibre continues to increasingly be more and more ubiquitous and almost 37 million unique buyers in the quarter.

因此，MercadoLibre 在本季度繼續變得越來越普遍，擁有近 3700 萬獨立買家。

Our next question is from Marcelo Santos with JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

I have 2. One is if you could comment any potential initiatives you would be considering on the food e-commerce.

我有 2 個。一個是如果您可以評論您將考慮在食品電子商務方面的任何潛在舉措。

So we saw some news in Brazil and just wanted to know what you're thinking on that.

所以我們在巴西看到了一些新聞，只是想知道你對此有何看法。

And the second, on the credit product, I see you were advancing very quickly now.

第二，關於信貸產品，我看到你現在進步很快。

Could you say something about new products in credit?

您能談談信貸方面的新產品嗎？

There are also some news regarding automotive credit, regarding insurance.

還有一些關於汽車信貸、保險的新聞。

So maybe you would be -- you would start offering other types of insurance.

所以也許你會——你會開始提供其他類型的保險。

The news are not very clear if you would be the underwriter or not.

如果你是承銷商，這個消息不是很清楚。

So I think if you could throw some light on what initiatives you have on credit would be great as well.

所以我認為，如果你能對你在信貸方面的舉措有所了解，那也很棒。

Great.

偉大的。

So for now, the focus is still on consumer packaged goods, not involved in fresh or chilled or perishables.

因此，目前，重點仍放在消費品包裝上，不涉及新鮮、冷藏或易腐爛的商品。

I do think we've said that we see that category as an important category in terms of frequency, and it's a category that we're doing a lot of work with.

我確實認為我們已經說過，就頻率而言，我們將該類別視為一個重要類別，並且我們正在為此做很多工作。

We think our combination of logistics capability plus top of mind and share of wallet potentially allows us to be an important player there.

我們認為我們的物流能力加上首要考慮和錢包份額的結合可能使我們成為那裡的重要參與者。

So I would say stay tuned.

所以我會說請繼續關注。

And eventually, if we launch something, obviously, we'll communicate it.

最終，如果我們推出一些東西，很明顯，我們會傳達它。

But for now, the focus in CPG continues to be around dry, and that business is performing quite well.

但就目前而言，CPG 的關注點繼續保持不變，而且該業務的表現相當不錯。

And it's a good stepping stone for any other forays we might choose to make in the general supermarket area.

對於我們可能選擇在一般超市區域進行的任何其他嘗試，這是一個很好的墊腳石。

And with regards to credit, I would say -- let me start with what we have already done and then what we are starting to do now.

關於信用，我想說——讓我從我們已經完成的事情開始，然後是我們現在開始做的事情。

What we have already done, which have grown faster last year, was related to offering credits not only on the MercadoLibre platform but on the Mercado Pago platform.

我們已經完成的工作（去年增長更快）不僅涉及在 MercadoLibre 平台上而且在 Mercado Pago 平台上提供積分。

For example, the ability to pay utilities using a small loan or to take personal loans, those have been probably 2 of the large drivers behind the new products we launched.

例如，使用小額貸款支付公用事業費用或獲得個人貸款的能力，這可能是我們推出的新產品背後的兩大驅動力。

In terms of what's coming, we are already in a pilot to offer a credit card in Brazil.

就即將發生的事情而言，我們已經在巴西進行試點以提供信用卡。

So it's a small pilot now, but we plan to scale that during this year.

所以它現在是一個小型試點，但我們計劃在今年擴大規模。

And in terms of insurance, what we started offering is theft and damage insurance.

在保險方面，我們開始提供的是盜竊和損壞保險。

And here, we are not the underwriter, we work with underwriters.

在這裡，我們不是承銷商，我們與承銷商合作。

So we are the channel, but we will do -- we are the channel to sell, and also, we will help users with their claims.

所以我們是渠道，但我們會這樣做——我們是銷售渠道，而且我們將幫助用戶提出索賠。

Our next question comes from Stephen Ju with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

Okay.

好的。

Pedro, can you talk about the set of circumstances that got Mexico to 60% fulfillment penetration and hence, what more work needs to be done in Brazil and other regions to get from 25% to 30% fulfillment to theoretically 60% to 70%?

Pedro，您能否談談使墨西哥的履行滲透率達到 60% 的一系列情況，因此，巴西和其他地區還需要做哪些工作才能從 25% 到 30% 的履行率達到理論上的 60% 到 70%？

And then, Osvaldo, a follow-up question on the wallet, if I may.

然後，奧斯瓦爾多，關於錢包的後續問題，如果可以的話。

So can you talk about the users and the growth rate there?

那麼你能談談那裡的用戶和增長率嗎？

It doesn't seem like you grew users sequentially from the third quarter, which I believe was also at 14 million or so.

從第三季度開始，您的用戶似乎並沒有按順序增長，我相信這也是 1400 萬左右。

So is this a matter of expanding the use cases like you talked about just now and then subsequently, going, out there to drive awareness?

那麼，這是否是像你剛才所說的那樣擴展用例，然後去那裡提高意識？

Sure.

當然。

So I think first of all, Stephen, just to put that in context, the overriding objective is to deliver fast, predictable and hopefully, as much free shipping as possible.

所以我認為首先，斯蒂芬，把它放在上下文中，最重要的目標是提供快速、可預測和希望盡可能多的免費送貨。

And we can accomplish that as we do more and more deliveries on our own managed network.

隨著我們在自己的託管網絡上進行越來越多的交付，我們可以實現這一目標。

Within that network, fulfillment obviously has a series of benefits.

在那個網絡中，履行顯然有一系列好處。

But even when we look at our cross-docking initiatives, which in Brazil have made tremendous advances over the past year, the speed at which we've migrated the overwhelming majority of volume to our own managed network and away from dropship, I think, is one of the highlights of 2020.

但是，即使我們看看我們的交叉對接計劃，在過去的一年裡在巴西取得了巨大的進步，我認為，我們將絕大多數交易量遷移到我們自己的託管網絡並遠離代發貨的速度，是2020年的亮點之一。

And we feel extremely well positioned in terms of our logistics capabilities there with the combination of cross-docking plus fulfillment.

我們覺得我們的物流能力非常好，結合了交叉對接和履行。

And now moving sellers from cross-docking towards fulfillment, we believe, is a matter of time and just as the sellers mature and grow more accustomed with our services, move them from cross-docking, where we're doing pickups at their locations, to getting them to send us more inventory upfront.

我們認為，現在將賣家從越庫轉移到履行只是時間問題，正如賣家成熟並越來越習慣我們的服務一樣，將他們從越庫轉移，我們在他們的位置進行取貨，讓他們預先向我們發送更多庫存。

So I think that's something that should continue to evolve.

所以我認為這應該繼續發展。

As we open more and more distribution centers closer to more merchants, that should also help.

隨著我們在靠近更多商家的地方開設越來越多的配送中心，這也應該有所幫助。

And we believe that with time, we will get there.

我們相信，隨著時間的推移，我們會到達那裡。

Stephen, within -- let me address the wallet part of your question.

斯蒂芬，內 - 讓我解決你問題的錢包部分。

I would say that when you look at the numbers sequentially, it's true there was a growth but not as steep as you have seen in the past.

我想說的是，當您按順序查看數字時，確實有增長，但沒有您過去看到的那麼陡峭。

I would say we have a huge acceleration between the second and third quarter, driven in some part by Auxílio Emergencial in Brazil.

我想說我們在第二季度和第三季度之間有一個巨大的加速，這在一定程度上是由巴西的 Auxílio Emergencial 推動的。

And now that, that was fading out in the fourth quarter, we maintained numbers in Brazil, but we didn't continue to accelerate.

現在，這種情況在第四季度逐漸消失，我們在巴西保持了數字，但我們沒有繼續加速。

Nonetheless, when you look at year-on-year numbers, we were last year at 8 million mark in our quarterly payers in Q4, and we had 14 million payers in Q4 this year.

儘管如此，當您查看同比數字時，我們去年第四季度的季度付款人為 800 萬大關，而今年第四季度我們有 1400 萬付款人。

So it's a significant growth.

所以這是一個顯著的增長。

But it's correct, your point, it was 13.7 million in Q3 and 14.2 million in Q4.

但這是正確的，你的觀點是，第三季度為 1370 萬，第四季度為 1420 萬。

But the main reason for that is Auxílio Emergencial.

但主要原因是 Auxílio Emergencial。

Our next question comes from Ravi Jain with HSBC.

我們的下一個問題來自匯豐銀行的 Ravi Jain。

So Pedro, on the e-commerce end, could you give us an update on your thoughts around the first-party business?

那麼 Pedro，在電子商務方面，您能否向我們介紹一下您對第一方業務的看法？

You mentioned it was $200 million for the fourth quarter.

你提到第四季度是 2 億美元。

How do you see that in the near or medium term?

您如何看待近期或中期的情況？

Any thoughts on that and also on the marketing spend for the year 2021 as things reopen?

隨著事情的重新開始，對此以及 2021 年的營銷支出有何想法？

And Osvaldo, on fintech, I mean, you've clearly shown a meaningful acceleration in the credit business.

Osvaldo，在金融科技方面，我的意思是，你已經清楚地展示了信貸業務的有意義的加速。

Maybe give us some color on what is driving your confidence in turning the taps on.

也許讓我們了解一下是什麼讓您有信心打開水龍頭。

An dhow do you plan to manage the credit risk as you grow this portfolio even higher than this?

當您將該投資組合發展得比這更高時，您打算如何管理信用風險？

So the 1P business continues to be a business that we see as a tactical way to help when there is certain inventory breakage within our marketplace seller base, when we think that there are certain anchor products that we can sell more efficiently than merchants.

因此，當我們的市場賣家群中出現某些庫存中斷時，當我們認為某些錨定產品可以比商家更有效地銷售時，1P 業務仍然是我們認為的一種戰術方式來提供幫助。

And if you look at our Q4 market share results and the relative strength we had in Black Friday when compared to our own performance in other years, it goes to show how 1P can be very useful for these peak promotional seasons.

如果你看看我們第四季度的市場份額結果，以及與我們自己在其他年份的表現相比，我們在黑色星期五的相對實力，就會發現 1P 在這些促銷旺季非常有用。

So I think that business should continue to grow share and volume.

所以我認為業務應該繼續增長份額和數量。

It's also very helpful when we're launching new categories to get us up and running very fast.

當我們推出新類別以讓我們快速啟動和運行時，它也非常有幫助。

So it's also instrumental in growing CPG, which has been a success story so far for ourselves.

因此，它也有助於發展 CPG，到目前為止，這對我們來說是一個成功的故事。

So it's not the core.

所以它不是核心。

It continues to be tactical but should grow and help us across those key tactical areas I just mentioned.

它仍然是戰術性的，但應該在我剛才提到的那些關鍵戰術領域發展並幫助我們。

Marketing spend, I think what we've said is as physical retail has begun to reopen, as competitors have begun to spend again in marketing, obviously, there has been a ramp-up in spend when compared to the second quarter and the third quarter, which were sort of anomalies in that you had significant demand surge with very little spending.

營銷支出，我認為我們所說的是隨著實體零售業開始重新開放，隨著競爭對手再次開始在營銷上支出，顯然與第二季度和第三季度相比，支出有所增加，這是一種異常情況，因為您的需求大幅增加，而支出卻很少。

And so we're once again investing in acquiring new customers and bringing customers on to our platform as we see improved Net Promoter Scores and improved performance.

因此，我們再次投資於獲取新客戶並將客戶帶入我們的平台，因為我們看到淨推薦值和績效有所提高。

I also think that over time, we also aim to drive a certain amount of operational leverage from marketing spend.

我還認為，隨著時間的推移，我們還旨在從營銷支出中獲得一定程度的運營槓桿。

Our marketing budgets in absolute terms are very large, given the pace that revenues have grown.

鑑於收入增長的速度，我們的絕對營銷預算非常龐大。

And so it will be about finding that right equilibrium between continue to invest in growth and at the same time, making sure that we are also beginning to manage those investments efficiently from a bottom line perspective.

因此，這將是在繼續投資於增長和同時確保我們也開始從底線的角度有效地管理這些投資之間找到正確的平衡。

And Ravi, regarding credit, I would say the reason we decided to be more aggressive on the origination front is a combination of 2 things.

Ravi，關於信用，我想說我們決定在創始方面更具侵略性的原因是兩件事的結合。

On the one hand, I think we got more confidence on our scoring models and experience after several quarters already with COVID around, and we were able to originate with healthy spreads.

一方面，我認為在 COVID 出現幾個季度之後，我們對我們的評分模型和經驗更有信心，並且我們能夠以健康的傳播開始。

And then also, we have been working a lot on improving and automating our collection tools.

此外，我們一直在努力改進和自動化我們的收集工具。

So I think that, that also helps us be more aggressive in originating because we know we are better at collecting.

所以我認為，這也有助於我們在原創方面更具侵略性，因為我們知道我們更擅長收集。

Our next question comes from Gustavo Oliveira with UBS.

我們的下一個問題來自瑞銀的 Gustavo Oliveira。

I would like to follow up on the 1P impact on your business, Pedro.

Pedro，我想跟進 1P 對您的業務的影響。

We see the 6.3% impact on margins.

我們看到對利潤率的 6.3% 影響。

But obviously, we don't know the magnitude of that margin -- the level that the margin is running now.

但顯然，我們不知道保證金的大小——保證金現在的水平。

Do you think you're already running an optimal level?

你認為你已經達到了最佳水平嗎？

And what are the lessons learned from a profitability standpoint that you're seeing in the 1P business?

從您在 1P 業務中看到的盈利能力的角度來看，有哪些經驗教訓？

I know you're using it tactically, but as you said, it will also grow and will become more sustainable in some of the categories.

我知道你在戰術上使用它，但正如你所說，它也會增長，並且在某些類別中變得更加可持續。

So if you could share some of your thoughts on the profitability of that business going forward.

因此，如果您可以分享您對該業務未來盈利能力的一些想法。

The second question is also on the gross margin.

第二個問題也是關於毛利率的。

When you talk about the excess capacity you have invested in logistics for the managed network, is there an expectation that you could see some cost dilution going forward or more pressure in the very short term on that excess capacity?

當您談到您為託管網絡在物流上投資的過剩產能時，您是否期望您會看到未來的成本稀釋或在極短期內對過剩產能造成更大壓力？

And one last question, if I may.

最後一個問題，如果可以的話。

On your Mercado credit business as you accelerate growth, what are the implications for your funding strategy?

隨著您加速增長，您的 Mercado 信貸業務對您的融資策略有何影響？

Anything that needs to be adjusted there?

那裡有什麼需要調整的嗎？

Great.

偉大的。

Thanks, Gustavo.

謝謝，古斯塔沃。

So I would say that we are definitely not yet at what we think the long-term steady-state margin structure for 1P can be.

所以我想說，我們肯定還沒有達到我們認為的 1P 的長期穩態利潤率結構。

We are still building out scale.

我們仍在擴大規模。

We are -- there's a category mix that is tilted to some lower-margin categories like CPG.

我們是 - 有一個類別組合傾向於一些利潤率較低的類別，如 CPG。

As we build out more 1P capabilities in higher-margin categories, that will also help.

隨著我們在利潤率更高的類別中建立更多的 1P 能力，這也將有所幫助。

But even if you look at our PPMs, our product margins, they are still, we believe, lower than they will be as we gain more purchasing scale, we optimize processes, et cetera.

但是，即使您查看我們的 PPM、我們的產品利潤率，我們相信，隨著我們獲得更多采購規模、我們優化流程等，它們仍然低於它們將要達到的水平。

So this is a business that we're investing in to build it out.

因此，這是我們正在投資以建立它的業務。

And like most businesses in the early stages, we invest aggressively because we trust, going forward, we will be able to optimize the economics around that.

和大多數處於早期階段的企業一樣，我們積極投資，因為我們相信，在未來，我們將能夠優化經濟。

So certainly, the longer-term story for 1P should be of margin improvements versus where it is today at a relatively low scale still.

因此，可以肯定的是，1P 的長期故事應該是利潤率的提高，而今天的規模仍然相對較低。

On shipping, very quickly, I think what we intended to mean by excess capacity is leading into the peak holiday season.

在航運方面，我認為我們所說的產能過剩很快就會進入假日旺季。

I think we tend to err on the side of making sure that we are -- we have enough excess capacity so that people don't receive their holiday purchases after Christmas.

我認為我們傾向於錯誤地確保我們是——我們有足夠的過剩產能，這樣人們就不會在聖誕節後收到他們的假日購物。

And I think that drives up the unit cost per shipping a little bit when we overshoot perhaps more than ideally.

而且我認為，當我們超出理想情況時，這會稍微提高每次運輸的單位成本。

Once things normalize back in Q1 and Q2 and also as the business gets more and more efficient at both predicting volumes but also more flexible in being able to upsize and downsize capacity utilization, we should be able to better manage that going forward.

一旦事情在第一季度和第二季度恢復正常，並且隨著業務在預測數量方面變得越來越高效，而且能夠更加靈活地擴大和縮小產能利用率，我們應該能夠更好地管理這一點。

And I think we're already beginning to see improvements there.

而且我認為我們已經開始看到那裡的改進。

And Gustavo, with regards to credit, as we continue to increase our accelerations, what we have been doing is increasing the funding available on banks we work with to offload part of those loans.

而 Gustavo，關於信貸，隨著我們繼續加快速度，我們一直在做的是增加與我們合作的銀行的可用資金，以減輕部分貸款。

Today, roughly, we keep on our books 70% of those loans and we offload the other 30%.

今天，大致而言，我們將這些貸款的 70% 保留在賬簿上，而我們卸載了另外 30%。

And probably, medium term, we plan to grow more towards the 50%-50%.

可能，從中期來看，我們計劃向 50%-50% 增長更多。

So that, in that way, shouldn't require lots of additional funding on our balance sheet.

因此，通過這種方式，我們的資產負債表上不應該需要大量額外資金。

And our next question comes from Edward Yruma with KeyBanc Capital.

我們的下一個問題來自 KeyBanc Capital 的 Edward Yruma。

I guess first, good to see you guys close some of the pricing gaps in places like Brazil, particularly in consumer electronics.

我想首先，很高興看到你們縮小巴西等地的一些價格差距，特別是在消費電子產品方面。

Is this just a move to be more price competitive during the holiday season?

這僅僅是為了在假期期間更具價格競爭力的舉措嗎？

Or do you think that you're going to kind of continue to keep the pricing gaps tight?

還是您認為您會繼續保持價格差距縮小？

And then as a follow-up, interesting commentary on the growth in Mexico.

然後作為對墨西哥增長的後續有趣評論。

It seems like other retailers are making big moves there as well.

似乎其他零售商也正在那裡採取重大行動。

Do you expect to be able to maintain or grow share in that market given what looks like an increasingly competitive environment?

鑑於競爭日益激烈的環境，您是否期望能夠保持或增加該市場的份額？

Great.

偉大的。

So part of the 1P business when we talk about tactical, and I talked about anchor products, is the ability to, especially for these anchor products, be able to be more price competitive, and that's very relevant in categories like consumer electronics.

因此，當我們談論戰術時，1P 業務的一部分，我談到了主打產品，是能夠，特別是對於這些主打產品，能夠更具價格競爭力，這與消費電子等類別非常相關。

So this isn't exclusively a fourth quarter strategy.

因此，這不僅僅是第四季度的戰略。

I think going forward, we intend to use the 1P business in part to be able to continue to close some of those pricing gaps, and that's a part of our ongoing strategy.

我認為展望未來，我們打算部分利用 1P 業務來繼續縮小其中的一些定價差距，這是我們持續戰略的一部分。

We also need to find the right equilibrium between 1P rebates and coupons and managing the overall P&L.

我們還需要在 1P 返利和優惠券之間找到正確的平衡點，並管理整體損益。

But no, this is not just a Q4 initiative.

但不，這不僅僅是第四季度的舉措。

I think part of our ability to reignite growth in Brazil when we look at the 3 quarters of 2020 has been driven by our ability to identify those pricing gaps and close them.

我認為，當我們回顧 2020 年的三個季度時，我們重新點燃巴西增長的部分能力是由我們識別這些定價差距並縮小它們的能力所驅動的。

And so this is something that we intend to continue to do going forward because it's been a part of our growth story.

所以這是我們打算繼續做的事情，因為它是我們成長故事的一部分。

Look, our Mexico business continues to perform incredibly well.

看，我們的墨西哥業務繼續表現出色。

That business has sustained very, very high levels of growth now over multiple quarters.

現在，該業務在多個季度中保持了非常非常高的增長水平。

And if you look at year-on-year evolution of bottom line and margin structure, although we continue to lose money in Mexico, I think we're carrying out the stated plan of, as we gain scale, improving those margins and eventually, through more scale and sustained growth, have that business be profitable as our other businesses are.

如果你看一下底線和利潤率結構的逐年演變，雖然我們在墨西哥繼續虧損，但我認為我們正在執行既定計劃，隨著規模的擴大，提高利潤率，最終，通過更大的規模和持續增長，讓該業務像我們的其他業務一樣盈利。

So, so far, Mexico, I think, has been an extremely positive part of our story, and we're very pleased with the way that business has continued to grow top line and the share it's been able to hold in Mexico.

所以，到目前為止，我認為墨西哥一直是我們故事中非常積極的一部分，我們對業務持續增長的方式以及它能夠在墨西哥持有的份額感到非常滿意。

Our next question is from Andrew Ruben with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Andrew Ruben。

So a couple of questions on take rate.

所以有幾個關於錄取率的問題。

First, on the category-level pricing, is there any update here?

首先，關於品類定價，這裡有更新嗎？

Should we be thinking about this as an ongoing initiative?

我們是否應該將其視為一項持續的舉措？

Or was that more of a onetime adjustment?

或者這更像是一次調整？

And then second on some incremental drivers.

然後是一些增量驅動程序。

Any update you could provide on how you're thinking about monetizing either the advertising offering or fulfillment fees?

您可以提供有關您如何考慮通過廣告產品或履行費用獲利的任何更新？

So category pricing was, I think, a structural rejigging of how we price.

因此，我認為類別定價是對我們定價方式的結構性調整。

We used to have single prices for all categories, and now we determine fees and take rates on a per-category basis and even a subcategory basis.

我們過去對所有類別都有單一價格，現在我們根據每個類別甚至子類別確定費用和費率。

So in general, that gives us greater flexibility going forward to be -- to extract more or less monetization from different product categories over time.

所以總的來說，這給了我們更大的靈活性——隨著時間的推移從不同的產品類別中提取或多或少的貨幣化。

I don't think we're going to be tinkering with take rates on a constant basis.

我不認為我們會不斷地修改收取率。

You want to give sellers predictability over time.

您希望隨著時間的推移為賣家提供可預測性。

But certainly, it's a system that now has been rolled out to a growing number of markets and gives us greater flexibility and also aligns our pricing much better with the economics of merchants.

但可以肯定的是，該系統現已推廣到越來越多的市場，為我們提供了更大的靈活性，同時也使我們的定價更符合商家的經濟狀況。

And we've been able to carry that out in most geos, which was the intention, in either a take rate neutral or even slightly accretive fashion.

而且我們已經能夠在大多數地區以中性甚至略微增加的方式在大多數地區實現這一點，這是我們的意圖。

So we pulled that off so far successfully.

所以到目前為止，我們成功地實現了這一目標。

In terms of incremental drivers of monetization, of the 2 you mentioned, advertising certainly is one that we think is a more immediate driver of increased overall take rate.

就貨幣化的增量驅動因素而言，在您提到的兩個方面，廣告無疑是我們認為提高整體採用率的更直接驅動因素之一。

There's a lot of innovation going on there, and I think we're investing more in terms of technology on the advertising platform.

那裡有很多創新，我認為我們在廣告平台的技術方面投入更多。

On the fulfillment front, we do have fees to incentivize merchants to send us the right type of inventory and to rotate inventory in an efficient manner.

在履行方面，我們確實收取費用來激勵商家向我們發送正確類型的庫存並以有效的方式輪換庫存。

I don't think we're at a stage yet where monetizing fulfillment is an overriding objective.

我認為我們還沒有處於將實現貨幣化作為壓倒一切目標的階段。

It's still more about onboarding more and more inventory and continue to just have the fastest and most widely available free or cheap shipping for our consumers.

它仍然更多的是關於加入越來越多的庫存，並繼續為我們的消費者提供最快、最廣泛可用的免費或廉價送貨服務。

So monetization of fulfillment is probably something that's not on the cards anytime over the next few quarters.

因此，在接下來的幾個季度中，實現貨幣化可能不會出現在任何時候。

Advertising should drive incremental take rate.

廣告應該推動增量採用率。

Our next question is from Kunal Madhukar with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kunal Madhukar。

A couple, if I could.

一對，如果可以的話。

One, on the 37 million unique buyers you mentioned during the quarter, when you look across the serviceable opportunity for all households within the key geographies, what percentage of those households do you think you reached during the fourth quarter?

第一，關於您在本季度提到的 3700 萬獨立買家，當您查看關鍵地區所有家庭的可用機會時，您認為您在第四季度達到了這些家庭的百分比？

And then on the advertising side, in terms of like the scope for like take rate improvement and what have you, to what extent do you think -- would that be more like promoted listings?

然後在廣告方面，就點贊率提高的範圍以及你有什麼，你認為在多大程度上——這更像是促銷列表？

Or would that be maybe getting CPGs and the brands to kind of come in and advertise along with the products?

或者這可能是讓 CPG 和品牌進入並與產品一起做廣告？

Yes.

是的。

The first question, I don't know the answer off the top of my head, percentage of households that we've reached.

第一個問題，我不知道答案，我們已經達到的家庭百分比。

As we continue to grow number of unique buyers, obviously, that number continues to expand.

隨著我們不斷增加獨特買家的數量，顯然，這個數字還在繼續擴大。

And I think equally importantly, we still think this is a region that is in the early stages of e-commerce not only because there are still significantly more users that we can bring on to the platform, but much more importantly, when you look at the average frequency and the average recency of our consumer base, we think that there is still significant room for growth there.

我認為同樣重要的是，我們仍然認為這是一個處於電子商務早期階段的地區，不僅因為我們可以為平台帶來更多的用戶，而且更重要的是，當你看到我們的消費群的平均頻率和平均新近度，我們認為那裡仍有很大的增長空間。

So e-commerce as a whole in the region continues to be in the single digits of retail even post pandemic.

因此，即使在大流行之後，該地區的整個電子商務仍然保持在零售的個位數。

And overall frequency of usage measured by cohorts or items per buyer continues to improve consistently Q-on-Q.

並且按每個買家的群組或物品衡量的總體使用頻率持續不斷地 Q-on-Q 提高。

Fourth quarter cohorts were once again better than Q3 across a lot of the frequency metrics and return metrics.

在許多頻率指標和回報指標上，第四季度的隊列再次優於第三季度。

And equally important, when compared to more developed e-commerce markets or even some of the key Asian markets, there's ample room to get our consumers to buy more from us and to use more and more of our services, and that should drive significant growth going forward.

同樣重要的是，與更發達的電子商務市場甚至一些主要的亞洲市場相比，我們的消費者有足夠的空間從我們這裡購買更多商品並使用我們越來越多的服務，這將推動顯著增長往前走。

In terms of advertising, it's a bit of both things.

在廣告方面，兩者兼而有之。

There's still room for us to drive more investments in our promoted listings or our Mercado Clicks platform from the existing merchant base, so pay for placement or pay for conversion, which has a very good fit with mid-tail and long-tail merchants.

我們仍有空間從現有商家群中推動對我們的促銷列表或我們的 Mercado Clicks 平台進行更多投資，因此為放置付費或為轉化付費，這非常適合中尾和長尾商家。

But also, a lot of the investments we're making is in working closer with not just CPG but brands and branded retailers in general for them to be able to advertise more on our platforms.

而且，我們正在進行的許多投資不僅是為了與 CPG 密切合作，而且是為了讓他們能夠在我們的平台上做更多的廣告。

Obviously, categories like CPG, as we get stronger there, begins to allow for advertising partnerships with some of the largest advertisers globally.

顯然，隨著我們在那裡變得更強大，像 CPG 這樣的類別開始允許與全球一些最大的廣告商建立廣告合作夥伴關係。

And that's one of the reasons that we're optimistic about the growth possibilities for the ad business.

這也是我們對廣告業務增長潛力持樂觀態度的原因之一。

But it's across both types of products, advertising and also product placements and conversion advertising products on the platform.

但它涵蓋了兩種類型的產品、廣告以及平台上的產品展示位置和轉化廣告產品。

Our next question comes from Jamie Friedman with Susquehanna.

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

Congratulations on the great results.

祝賀偉大的結果。

Let me just ask a couple upfront.

讓我先問幾個。

So Pedro, when you said that Mexico is now the second biggest, ahead of Argentina, were you referring to the e-commerce business or the payments business or both?

那麼佩德羅，當你說墨西哥現在是第二大，領先於阿根廷時，你是指電子商務業務還是支付業務，還是兩者兼而有之？

That's one question.

這是一個問題。

I know it's not that easy to break them out, but that's the first question.

我知道打破它們並不容易，但這是第一個問題。

The second question is any update on the PayPal agreement and how you're thinking about the framework for product rollout in 2021?

第二個問題是關於 PayPal 協議的任何更新，以及您如何考慮 2021 年產品推出的框架？

And then the last one is PagSeguro and some others are moving around between moving like upmarket, mid-market, SMB market, out of the long tail.

最後一個是 PagSeguro，其他一些則在高端市場、中端市場、SMB 市場之間徘徊，走出長尾。

I'm just wondering, for you guys, is the long tail still the focus as well though?

我只是想知道，對於你們來說，長尾仍然是重點嗎？

Or is there any adjustment to how you define the market?

或者你對市場的定義是否有任何調整？

So those are 3 questions: Mexico and then PayPal and then SMB.

所以這是 3 個問題：墨西哥，然後是 PayPal，然後是 SMB。

Yes.

是的。

So just Mexico, the clear answer there, I think we were referring to in terms of units sold, so that's clearly a commerce metric and then also looking at sales volumes on an FX-adjusted basis using the blue chip swap rate in Argentina.

所以只有墨西哥，那裡的明確答案，我認為我們指的是銷售單位，所以這顯然是一個商業指標，然後還使用阿根廷的藍籌掉期利率在外匯調整的基礎上查看銷售量。

So it was a comment on the commerce business.

所以這是對商業業務的評論。

I think on payments, and I'll use that to transition over to Osvaldo, Mexico has a significant opportunity, but it is certainly still smaller than Argentina.

我考慮付款，我會用它來過渡到奧斯瓦爾多，墨西哥有很大的機會，但它肯定仍然比阿根廷小。

With regards to the 2 questions, first one was regarding the PayPal agreement and what are we doing next.

關於這兩個問題，第一個是關於 PayPal 協議以及我們接下來要做什麼。

And remember, there were 3 tracks we're working on.

請記住，我們正在製作 3 首曲目。

Track 1 and 2 are live.

軌道 1 和 2 是現場直播。

There's still work to do there, but they are live already.

那裡還有工作要做，但它們已經上線了。

And those are PayPal merchants receiving payments with -- from Mercado Pago through payments and vice versa, Mercado Pago merchants or MercadoLibre itself receiving payments from PayPal users.

這些是 PayPal 商家從 Mercado Pago 通過付款接收付款，反之亦然，Mercado Pago 商家或 MercadoLibre 本身從 PayPal 用戶那裡接收付款。

Those are live.

那些是活的。

And the third one we are working on is remittances would soon -- from the U.S. into Mexico.

我們正在處理的第三個問題是匯款很快就會從美國匯入墨西哥。

And that is what we're working on right now.

這就是我們現在正在做的事情。

And then with regards to SMBs, I would say, it depends a lot on the vertical.

然後關於中小型企業，我想說，這在很大程度上取決於垂直方向。

Probably the one area where we're working more towards SMBs is in MPOS.

可能我們對 SMB 進行更多工作的一個領域是 MPOS。

In the MPOS business, we've started with a long tail, and now we are addressing this market.

在 MPOS 業務中，我們從長尾開始，現在我們正在解決這個市場。

Significantly in Argentina, already 50% of the TPV we are receiving are for SMBs.

值得注意的是，在阿根廷，我們收到的 TPV 中已經有 50% 是針對中小企業的。

So we are very excited with that number.

所以我們對這個數字感到非常興奮。

And that is driven by the 2 new products we have launched in recent quarters, such as our Point Plus and smart POS, both of them.

這是由我們最近幾個季度推出的 2 款新產品推動的，例如我們的 Point Plus 和智能 POS。

And that's on the point front.

這是最重要的。

And then on the online payment, I would say, there, our core has been SMBs.

然後關於在線支付，我想說，我們的核心是中小企業。

And we are starting to work now more with small merchants and in individuals, but so far, our core has been SMB.

我們現在開始更多地與小商家和個人合作，但到目前為止，我們的核心一直是 SMB。

Our next question comes from Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Great.

偉大的。

Just 2 for me.

對我來說只有2個。

First, if you could just -- you referenced PIX a little bit in the prepared statements.

首先，如果您可以——您在準備好的語句中稍微引用了 PIX。

I was just wondering if there was any significant impact that PIX had on your TPV in Brazil in the fourth quarter.

我只是想知道 PIX 在第四季度對您在巴西的 TPV 是否有任何重大影響。

And if so, if you could give us some way to quantify that.

如果是這樣，如果你能給我們一些量化的方法。

But also, if you could just talk about any trends you're seeing in the market so far in the first quarter.

而且，如果你能談談你在第一季度迄今為止在市場上看到的任何趨勢。

And then my second question, you guys obviously made tremendous forward improvement in your managed network.

然後我的第二個問題，你們顯然在管理網絡方面取得了巨大的進步。

Just wondering if you could give us an idea of the improvement in demand that you see when a product is available in 2-day shipping or less versus a longer time period.

只是想知道您是否可以讓我們了解當產品在 2 天或更短的時間內與更長的時間段內可用時，您看到的需求改善情況。

That might be helpful for us to know.

這可能有助於我們了解。

Marvin, let me start with PIX.

馬文，讓我從 PIX 開始。

I would say that so far, we have seen a significant shift in transfers towards PIX, but these are mostly DOC and TED transfers and also some boletos, which are good.

我想說，到目前為止，我們已經看到向 PIX 轉移的重大轉變，但這些轉移主要是 DOC 和 TED 轉移，還有一些很好的 boletos。

It's good that it's happening because those PIX transactions are online real time and they work 24/7.

發生這種情況很好，因為這些 PIX 交易是實時在線的，並且可以 24/7 全天候工作。

So it gives us -- it makes it easier for us on the marketplace to structure shipping because we receive payments throughout the weekend.

所以它給了我們——它使我們在市場上更容易安排運輸，因為我們在整個週末都會收到付款。

And before with boleto, it was only working during weekdays.

而在使用 boleto 之前，它只在工作日工作。

And also, these transactions are faster and cheaper.

而且，這些交易更快、更便宜。

Now when it comes to -- those are transfers mostly.

現在談到 - 這些主要是轉移。

When it comes to payments, so far, the impact has been marginal.

在支付方面，到目前為止，影響微乎其微。

We've only seen some of our users paying in PIX merchants and vice versa, third parties paying on our network.

我們只看到我們的一些用戶在 PIX 商家中付款，反之亦然，第三方在我們的網絡上付款。

But so far, those have been marginal.

但到目前為止，這些都是微不足道的。

Great.

偉大的。

Look, on shipping, we don't disclose lift on improved times.

看，在運輸方面，我們沒有透露改善時間的提升。

We continue to have as one of our most important objectives to increase the percentage of shipments we do next day, to increase the percentage of shipments we do same day even as we push more and more same day.

我們繼續將增加第二天發貨的百分比作為我們最重要的目標之一，即使我們在同一天推得越來越多，也要增加我們當天發貨的百分比。

So clearly, we believe that, that helps conversions.

很明顯，我們相信這有助於轉化。

It helps stickiness, and it's one of the most important drivers of incremental volume.

它有助於增加粘性，並且是增加銷量的最重要驅動因素之一。

But we don't disclose any specific elasticities around improvements in delivery time and lift in GMV.

但我們沒有透露任何具體的彈性圍繞交付時間的改進和 GMV 的提升。

But it is one of our important objectives, and we've continued to consistently, over the last few quarters, increase both the percentage of items delivered next day and also same day.

但這是我們的重要目標之一，在過去的幾個季度中，我們一直在持續增加第二天和當天交付的物品的百分比。

Our next question comes from Gabriel Simoes with Itaú BBA.

我們的下一個問題來自 Itaú BBA 的 Gabriel Simoes。

So a couple of months ago, you disclosed a few initiatives you believe could unlock significant value here for Brazil, such as the take rate verticalization, the 1P, the Buybox, optimizing the installment policy and lowering the cost of shipping.

所以幾個月前，您披露了一些您認為可以為巴西釋放重大價值的舉措，例如收取率垂直化、1P、Buybox、優化分期付款政策和降低運輸成本。

So could you provide details on the status of these initiatives here and which you believe have contributed the most to the acceleration we've seen this year in the Brazilian operation?

那麼，您能否在此處詳細介紹這些舉措的狀態，以及您認為哪些舉措對我們今年在巴西的運營中看到的加速做出了最大貢獻？

Then the second, I know we've gone over several questions on your 1P operation, but it would be interesting to understand if you could provide some detail on how the $200 million from this round were spread out between the countries in which you operate.

然後第二個，我知道我們已經討論了關於你的 1P 運營的幾個問題，但如果你能提供一些關於這一輪 2 億美元如何在你運營所在的國家/地區分配的詳細信息，將會很有趣。

And do you think that this operation is more strategic in any of the regions?

您認為這項行動在任何地區都更具戰略意義嗎？

And if so, if you could provide some color on why, that would be interesting as well.

如果是這樣，如果你能提供一些顏色說明為什麼，那也會很有趣。

Great.

偉大的。

So look, let me take the first one first.

所以看，讓我先拿第一個。

Our e-commerce platform obviously is the more the overall experience improves, the more people buy, the more people return.

我們的電商平台顯然是整體體驗越提升，買的人越多，回的人也越多。

It's not always easy to parse out these different initiatives quantitatively to measure the specific impact of each one.

定量分析這些不同的舉措以衡量每一項的具體影響並不總是那麼容易。

I think if you look at the rate Brazil was growing in the first quarter and you look at the rate Brazil is growing and even if you adjust for the pandemic by looking at market share within Brazil, we've made significant strides over 2020.

我認為，如果你看看巴西第一季度的增長速度，你看看巴西的增長速度，即使你通過觀察巴西的市場份額來調整大流行病，我們在 2020 年也取得了長足的進步。

And we exit 2020, I would say, in a very strong position with very, very strong market share.

我想說，我們退出 2020 年，處於非常強勢的地位，擁有非常非常強大的市場份額。

And we had started the year, I think, in a position of relative weakness.

我認為，我們在今年開始時處於相對弱勢的位置。

So very pleased with Brazilian results.

對巴西的結果非常滿意。

We believe shipping has been a very, very important part of that story, both the ability to manage the surge in demand that occurred without sacrificing service levels but actually improving service levels over the year and also a free shipping program that is increasingly more and more widespread and obviously resonates well with consumers.

我們相信航運一直是這個故事中非常非常重要的一部分，既能在不犧牲服務水平但實際上提高一年來服務水平的情況下管理需求激增的能力，也能提供越來越多的免費送貨計劃廣泛且顯然與消費者產生了良好的共鳴。

1P has contributed.

1P貢獻了。

I would say there are other geographies where 1P is ahead of Brazil.

我想說還有其他地區 1P 領先於巴西。

So it's a part of the story but it's not a key part of the story.

所以這是故事的一部分，但不是故事的關鍵部分。

And then category take rate obviously has allowed us to improve supply and to bring more and more branded merchants on to the platform, which has been very helpful in categories like consumer electronics, which is one of the focus areas in terms of acceleration of growth in Brazil.

然後品類吸收率顯然使我們能夠改善供應，並將越來越多的品牌商家帶到平台上，這對消費電子等品類非常有幫助，這是加速增長的重點領域之一巴西。

The one that maybe we haven't made as many advances is on the optimization of the credit and promotional credit on the platform.

可能我們沒有取得太多進展的是平台上的信用和促銷信用的優化。

Not to say that the credit books and the availability of credit haven't increased significantly, but we haven't rolled out too many initiatives to have greater intelligence and greater targeted credit offerings.

並不是說信貸賬簿和信貸可用性沒有顯著增加，但我們沒有推出太多舉措來提供更高的智能和更有針對性的信貸產品。

That's something that we still have in the books.

那是我們在書中仍然存在的東西。

But I would say shipping probably first and then Buybox, category-specific take rate and 1P.

但我會說可能先發貨，然後是 Buybox、特定類別的獲取率和 1P。

Difficult to parse those out, but those have also been helpful.

很難將它們解析出來，但它們也很有幫助。

And then we don't disclose the 1P business yet by geography.

然後我們還沒有按地理位置披露 1P 業務。

It's a business that we're executing across most geos and should continue to grow and perform well there across many different markets.

這是我們在大多數地區執行的一項業務，應該會繼續增長並在許多不同的市場中表現良好。

Our next question comes from John Colantuoni with Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

MercadoLibre continues to generate impressive growth outside of the 3 largest geographies.

MercadoLibre 在 3 個最大的地區之外繼續產生令人印象深刻的增長。

Maybe you can help us better understand how nascent the opportunity is in those markets through the lens of how they compare to your largest markets in terms of strategic priorities, stage of building out capabilities like logistics and any notable competitive dynamics we should be aware of.

也許您可以幫助我們更好地了解這些市場的機會是如何新生的，通過它們與您最大的市場在戰略優先事項、物流等能力建設階段以及我們應該注意的任何顯著競爭動態方面的比較。

And then my second question is on the credit business.

然後我的第二個問題是關於信貸業務。

Can you help disaggregate how much of the growth in your portfolio during Q4 was driven by expanding within existing users versus loaning to new users?

您能否幫助分解第四季度投資組合的增長中有多少是由現有用戶的擴張驅動的，而不是藉給新用戶的驅動？

Great.

偉大的。

So both Chile and Colombia have been highlights of the year.

所以智利和哥倫比亞都是今年的亮點。

Chile right now is by far the fastest growing market and Colombia is second in terms of rate of growth and -- despite the fact that we still don't have the full platforms rolled out in those markets in terms of the offering of our fulfillment centers, penetration of Envios in general and the same goes for Pago and many of the Pago offerings, both on platform but more importantly, off platform.

智利目前是迄今為止增長最快的市場，哥倫比亞在增長率方面位居第二，儘管我們在提供履行中心方面仍然沒有在這些市場推出完整的平台，Envios 的普遍滲透，Pago 和許多 Pago 產品也是如此，無論是在平台上，但更重要的是，在平台外。

So as we continue to roll out more and more of the features that are already existent in the big 3 markets, we believe that those solid growth rates, we potentially could maintain those, and those should be incremental contributors to our overall metrics going forward.

因此，隨著我們繼續推出越來越多在三大市場中已經存在的功能，我們相信這些穩健的增長率，我們可能會保持這些，並且這些應該是我們未來整體指標的增量貢獻者。

When you look at the relative size of the Chilean or the Colombian economies, we as a company have typically under-indexed that somewhat.

當您查看智利或哥倫比亞經濟體的相對規模時，我們作為一家公司通常會在一定程度上低估這一點。

And I think with these rapid growth rates, these countries, in a way, are beginning to grow more into fair share.

而且我認為，隨著這些快速的增長率，這些國家在某種程度上正開始更多地增長到公平的份額。

So it's been good to see Chile and Colombia accelerate the way they have accelerated over the past few quarters.

因此，很高興看到智利和哥倫比亞在過去幾個季度加速發展。

And John, we don't usually -- we don't disclose how many of the exact credit loans were to new users versus old users doing more credit.

約翰，我們通常不會 - 我們不會透露有多少確切的信用貸款是提供給新用戶的，而老用戶則提供了更多的信用。

I think what we usually provide is the number -- the growth in number of users who originated the credit, and those grew by 118% year-on-year.

我認為我們通常提供的是數字——發起信用的用戶數量的增長，同比增長 118%。

We originated 4.2 million credits during the quarter -- 4.2 million users were granted at least 1 credit during the quarter.

我們在本季度創造了 420 萬個積分——420 萬用戶在本季度獲得了至少 1 個積分。

And our last question is from Trevor Young with Barclays.

我們的最後一個問題來自巴克萊銀行的 Trevor Young。

Just touching on Mexico again.

只是再次觸及墨西哥。

Can you like rank order, help us understand what's really helping you consolidate share and whether you can apply those learnings to some of the other regions?

您能否喜歡排名順序，幫助我們了解真正幫助您鞏固份額的因素以及您是否可以將這些知識應用到其他一些地區？

Is it the strong fulfillment mix that's driving like better and faster delivery for consumers?

是強大的履行組合推動了消費者更好更快的交付嗎？

And then the second one, just on that insurance product that you mentioned, covering like theft and damage for phones and other electronics, how have attach rates been?

然後是第二個，就你提到的那個保險產品，包括手機和其他電子產品的盜竊和損壞，附加費率如何？

And do customers get offered that product at checkout when buying certain electronics?

購買某些電子產品時，客戶是否會在結賬時獲得該產品？

And is this just table stakes?

這只是賭注嗎？

Or is that a differentiator for you?

或者這對你來說是一個差異化因素？

Sorry, can you repeat the second question?

對不起，你能重複第二個問題嗎？

We didn't quite catch it fully.

我們並沒有完全掌握它。

Sure.

當然。

Just on the insurance product for electronics, how have the attach rates been?

就電子產品的保險產品而言，附加費率如何？

And do customers get offered that at checkout?

客戶在結賬時會得到這個嗎？

Great.

偉大的。

So look, obviously, we port learnings across our different geographies, and the things that have worked for us in Mexico, we've already been deploying in other markets.

因此，顯然，我們在不同地區移植了學習成果，以及在墨西哥對我們有用的東西，我們已經在其他市場進行了部署。

Mexico was the first market where we saw the power of fast and free shipping.

墨西哥是我們看到快速和免費送貨力量的第一個市場。

It's led the way in terms of fulfillment adoption.

它在履行採用方面處於領先地位。

And all those on the logistics network are things that we are -- have already been replicating to the other markets for quite some time now.

物流網絡上的所有這些都是我們的東西——已經復製到其他市場已經有一段時間了。

And Brazil, I would say, in 2020, has been a market where we made tremendous advances in terms of our network capabilities.

我想說的是，在 2020 年，巴西一直是我們在網絡能力方面取得巨大進步的市場。

Mexico is one of the largest markets in terms of cross-border trade, and that's something that we're beginning to focus on rolling out to Brazil as well and how we can make that work more effectively in Brazil.

就跨境貿易而言，墨西哥是最大的市場之一，這也是我們開始關注向巴西推廣的內容，以及我們如何在巴西更有效地開展這項工作。

So that's another Mexican learning that's been ported over.

所以這是另一個被移植過來的墨西哥學習。

But in general, I would say our strategies are similar across markets, and we try to cross-pollinate whatever is working in one market into other markets, and I think that's part of the reason.

但總的來說，我會說我們的策略在各個市場都是相似的，我們試圖將一個市場上的任何有效的東西交叉授粉到其他市場，我認為這是部分原因。

It's been more about do we have the resources to be able to deploy what we've learned in one market across others.

更重要的是，我們是否擁有能夠將我們在一個市場中學到的知識部署到其他市場的資源。

And going back a little bit to Chile and Colombia, part of what's happening as a consequence of our scale is that also we have more and more engineers and we're able to have more resources available not only for some of the smaller business units like advertising but also for some of the newer geographies to be able to put them on equal footing over time with the platforms that we have in Brazil and Mexico.

再回到智利和哥倫比亞，由於我們的規模，我們擁有越來越多的工程師，我們能夠為一些較小的業務部門提供更多資源，例如廣告，但也讓一些較新的地區能夠隨著時間的推移與我們在巴西和墨西哥的平台處於平等地位。

With regards to insurance, up until recently, the only product we used to offer were external guarantees, and those were only offered on the MercadoLibre app at the time of the checkout.

關於保險，直到最近，我們唯一提供的產品是外部擔保，而且這些產品僅在結賬時在 MercadoLibre 應用程序上提供。

Now we extend -- we launched theft and damage, and we offer those too on the Mercado Pago app.

現在我們擴展了——我們推出了盜竊和損壞功能，我們也在 Mercado Pago 應用程序上提供了這些功能。

And those can be done at any point and not only during the checkout but afterwards.

這些可以在任何時候完成，不僅在結帳期間，而且在之後。

And also, since -- as opposed to extended warranty, these are subscriptions based.

而且，因為 - 與延長保修相反，這些都是基於訂閱的。

So once we get a user to buy them, we keep charging them as long as they want to continue having the protection.

因此，一旦我們讓用戶購買它們，只要他們想繼續獲得保護，我們就會繼續向他們收費。

We have not disclosed, so far, attachment rates.

到目前為止，我們尚未披露附件率。

But I think that -- we believe that we have plenty of opportunity to increase those.

但我認為——我們相信我們有很多機會增加這些。

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

先生，我沒有在隊列中顯示任何其他問題。

You may continue with your final remarks.

你可以繼續你的最後評論。

Great.

偉大的。

So thank you, everyone, for your interest.

因此，感謝大家的關注。

Thanks for the questions.

感謝您的提問。

We get back to work, plenty to build, plenty to continue to deploy, and we will look forward to giving you updates on Q1 in a few months.

我們重新開始工作，有很多東西要構建，還有很多東西要繼續部署，我們期待在幾個月後為您提供第一季度的更新。

Thank you very much.

非常感謝。

And with that, ladies and gentlemen, we thank you for your participation in today's program.

女士們，先生們，我們感謝你們參與今天的節目。

You may now disconnect.

您現在可以斷開連接。