美卡多 (MELI) 2020 Q3 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended September 30, 2020. I am Federico Sandler, Investor Relations Officer for MercadoLibre. Our senior manager presenting today is Pedro Arnt, Chief Financial Officer. Additionally, Osvaldo Giménez, CEO of Mercado Pago, will be available during today's Q&A session.

大家好，歡迎參加截至 2020 年 9 月 30 日的季度 MercadoLibre 收益電話會議。我是 MercadoLibre 投資者關係官 Federico Sandler。我們今天出席的高級經理是首席財務官 Pedro Arnt。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. These statements are based on currently available information and our current assumptions, expectations and projections about future events.

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。

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 discussed in this call for a variety of reasons, including those described in the forward-looking statements and Risk Factors sections of our 10-K for the year ended December 31, 2019, Item 1A, Risk Factors, in Part II of our Form 10-Q for the quarter ended March 31, 2020, among any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available in our Investor Relations website.

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討論的結果存在重大差異，包括我們截至 2019 年 12 月 31 日止年度的 10-K 的前瞻性陳述和風險因素部分中描述的那些，第 1A 項，風險因素，在我們截至 2020 年 3 月 31 日的季度的 10-Q 表格的第二部分，以及 MercadoLibre, Inc. 向證券交易委員會提交的任何其他適用文件中，這些文件可在我們的投資者關係網站上找到。

Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found on our third quarter 2020 earnings press release available on our Investor Relations website.

最後，我想提醒您，在本次電話會議期間，我們可能會討論一些非 GAAP 措施。可以在我們的投資者關係網站上的 2020 年第三季度收益新聞稿中找到這些措施與最接近的可比 GAAP 措施的對賬。

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 third quarter 2020 earnings conference call. Before we begin, I'd like to express our continued thoughts and well wishes to those affected by COVID-19, both at our company and everywhere. We particularly extend our immense gratitude, appreciation and recognition to those who continue to help us combat this unprecedented global health crisis.

大家好，歡迎參加我們的 2020 年第三季度財報電話會議。在開始之前，我想向我們公司和各地受 COVID-19 影響的人們表達我們持續的想法和良好的祝愿。我們特別向那些繼續幫助我們應對這場史無前例的全球健康危機的人們表示衷心的感謝、讚賞和認可。

Getting to our results. MercadoLibre recorded another strong quarter, driven by high demand for e-commerce and FinTech services. Brazil, Chile and Colombia delivered very strong results in both e-commerce and FinTech, while our Mexican operation is still experiencing robust growth despite slight deceleration.

得到我們的結果。 MercadoLibre 在電子商務和金融科技服務的高需求推動下又錄得一個強勁的季度。巴西、智利和哥倫比亞在電子商務和金融科技方面都取得了非常強勁的業績，而我們的墨西哥業務儘管略有減速，但仍在強勁增長。

Let me dive deeper, starting with the third quarter e-commerce progress report. Increased demand continued during the third quarter despite the gradual reopening of physical retail throughout the region. We attribute this to improved service levels and the incremental depth of assortment with which we served millions of buyers during the quarter. In this particular regard, during the quarter, we surpassed the 300 million milestone in live listings, reaching 304 million.

讓我深入探討，從第三季度電子商務進展報告開始。儘管整個地區的實體零售逐漸重新開放，但第三季度的需求繼續增加。我們將此歸因於服務水平的提高和我們在本季度為數百萬買家提供服務的分類深度的增加。在這方面，在本季度，我們的實時列表超過了 3 億個里程碑，達到 3.04 億。

Since the beginning of the pandemic, we've observed that buyers have diversified their purchases across a wider range of verticals on our platform. This, in turn, activates and engages them in a greater number of services and increases overall purchase frequency. The step-up in online purchasing has been stable across all sites in the region.

自大流行開始以來，我們觀察到買家在我們平台上的更廣泛垂直領域的購買多樣化。這反過來又會激活並讓他們參與更多的服務，並提高整體購買頻率。該地區所有網站的在線購買增長一直穩定。

MercadoLibre's consolidated gross merchandise volume growth accelerated to 117% year-on-year on an FX-neutral basis. At the regional level, Brazil and Argentina accelerated to 74% and 242% year-on-year on an FX-neutral basis, respectively. Mexico's performance is notable given how COVID-19 impacted the region, delivering yet another quarter of GMV growth above 100% year-on-year, also on an FX-neutral basis.

在外匯中性的基礎上，MercadoLibre 的綜合商品總量增長同比加速至 117%。在區域層面，在外匯中性的基礎上，巴西和阿根廷的同比增速分別加快至 74% 和 242%。鑑於 COVID-19 對該地區的影響，墨西哥的表現引人注目，在外匯中性的基礎上，GMV 同比增長又超過 100%。

The growth of our Mexican business has been remarkable over the past few quarters. In fact, if we were to adjust our GMV growth for the blue-chip exchange rate in Argentina, rather than the official exchange rate, our Mexican business is already at a size comparable to that of Argentina. This is a clear indicator of not only the phenomenal execution we've delivered, but the large opportunity that still lies ahead for us in Mexico.

在過去幾個季度，我們的墨西哥業務增長顯著。事實上，如果我們根據阿根廷的藍籌匯率而不是官方匯率調整我們的 GMV 增長，我們的墨西哥業務規模已經與阿根廷相當。這不僅清楚地表明了我們已經交付的非凡執行力，而且還清楚地表明了我們在墨西哥的巨大機遇。

Brazil's excellent performance can be explained by our ability to identify and act on opportunities for improvement in overall execution, product development and commercial initiatives that involve the selection and value proposition on subcategories where we had lower market share.

巴西的出色表現可以解釋為我們能夠識別並採取行動改善整體執行、產品開發和商業計劃的機會，這些機會涉及我們市場份額較低的子類別的選擇和價值主張。

During the quarter, these initiatives resulted in the launch of pricing per category, renewed focus on underrepresented subcategories, growth in official store mix, improved rebate programs for merchants, increases in payment approval rates and post-sale service enhancements for sellers and buyers. Fundamentally, we also continue to drive penetration on our managed network, which is the key pillar to generate better customer satisfaction and stickiness.

在本季度，這些舉措導致推出了按類別定價、重新關注代表性不足的子類別、官方商店組合的增長、商家返利計劃的改進、支付批准率的提高以及買賣雙方的售後服務增強。從根本上說，我們還將繼續推動我們託管網絡的滲透，這是提高客戶滿意度和粘性的關鍵支柱。

Consequently, these initiatives have translated into market share gains across Brazilian e-commerce as well as gains across key consumer electronics categories. Additionally, we also improved our Net Promoter Score by offering buyers some of the fastest delivery times in Brazil when items are shipped from our fulfillment centers.

因此，這些舉措已轉化為巴西電子商務市場份額的增長以及主要消費電子產品類別的增長。此外，當商品從我們的運營中心發貨時，我們還為買家提供了巴西最快的交貨時間，從而提高了我們的淨推薦值。

Countries in the Andean region continued to outperform well above year-opening expectations, particularly Chile, but also the case for Colombia. During the quarter, we launched a few important product initiatives that we believe will help us scale faster while improving the end-to-end shopping experience in those countries.

安第斯地區國家的表現繼續遠超年初預期，尤其是智利，哥倫比亞也是如此。在本季度，我們推出了一些重要的產品計劃，我們相信這些計劃將幫助我們更快地擴大規模，同時改善這些國家的端到端購物體驗。

And on the logistics front, we continued expanding our services. Our Flex app is now available in Chile and Colombia, while we continue to scale our fulfillment services in parallel. These are important initiatives within our ecosystem that we believe will help bridge the gap in terms of delivery times and position MercadoLibre extremely well in those markets.

在物流方面，我們繼續擴展我們的服務。我們的 Flex 應用程序現已在智利和哥倫比亞推出，同時我們繼續並行擴展我們的履行服務。這些是我們生態系統中的重要舉措，我們相信這些舉措將有助於彌合交付時間方面的差距，並使 MercadoLibre 在這些市場中處於非常好的地位。

Looking ahead, we will continue deploying our ecosystemic solutions in the Andean region in line with the offerings already available in other main countries as we move into Q4 and 2021.

展望未來，隨著我們進入第四季度和 2021 年，我們將繼續在安第斯地區部署我們的生態系統解決方案，與其他主要國家/地區已經提供的產品保持一致。

On the commerce demand side, unique buyers reached an all-time high of 35 million during the third quarter of 2020. This growth year-on-year in unique buyers was achieved not only by being able to successfully retain existing users, but also by maintaining momentum in the growth of new buyers. During the quarter, we added 2 million unique buyers in Brazil. Retention of early cohorts also continues to improve.

在商業需求方面，獨特買家在 2020 年第三季度達到了 3500 萬的歷史新高。獨特買家的同比增長不僅得益於成功留住現有用戶，還得益於保持新買家增長勢頭。本季度，我們在巴西增加了 200 萬獨立買家。早期同伙的保留率也在繼續提高。

On a category basis, looking at consumers electronics, a key vertical for us. We observed acceleration to approximately 100% year-on-year growth on a consolidated basis during the third quarter. Specifically in Brazil, the performance improvement in this vertical can be explained in part by greater corporate focus and execution, the rollout of dynamic pricing structure and greater investment in performance marketing to reposition our platform as a go-to destination for this specific vertical. Another key vertical for us, consumer packaged goods, grew at a robust 181% year-on-year on a consolidated basis during the third quarter of 2020.

在類別的基礎上，著眼於消費電子產品，這對我們來說是一個關鍵的垂直領域。我們觀察到第三季度綜合同比增長加速至約 100%。特別是在巴西，這一垂直領域的績效改善部分歸因於企業更加關注和執行、動態定價結構的推出以及對績效營銷的更多投資，以將我們的平台重新定位為該特定垂直領域的首選目的地。對我們而言，另一個關鍵垂直領域是消費品，在 2020 年第三季度，綜合基礎上的同比增長高達 181%。

For all our top geos within the CPG vertical, product launches, product enhancements and partnerships were a key theme during the quarter. In our Brazilian supermarket vertical within CPG, we implemented navigation improvements such as a progress bar to reach free shipping thresholds, along with new commercial promotional dates, the relaunch of the Supermercado and specials in some categories and also continued working to deepen assortment.

對於我們在 CPG 垂直領域的所有頂級地區來說，產品發布、產品增強和合作夥伴關係是本季度的一個關鍵主題。在 CPG 的巴西垂直超市中，我們實施了導航改進，例如達到免費送貨門檻的進度條、新的商業促銷日期、重新推出 Supermercado 和某些類別的特價商品，並繼續努力深化分類。

In Mexico, the third quarter, we've entered into agreements with JBP, Diageo and Grupo Modelo ABI in order to further develop these categories within our platform, while also promoting responsible consumption. Additionally, to promote this category, beginning in the fourth quarter, we've waived flat fees for our sellers and brands for products that are delivered from our fulfillment centers.

在墨西哥，第三季度，我們與 JBP、Diageo 和 Grupo Modelo ABI 簽訂了協議，以便在我們的平台內進一步開發這些類別，同時促進負責任的消費。此外，為了推廣這一類別，從第四季度開始，我們已經免除了我們的賣家和品牌從我們的履行中心交付的產品的固定費用。

Staying on e-commerce but turning now to marketing. During the third quarter, we reignited marketing spend after an atypical second quarter, doubling the size of our marketing investments in our marketplace on an absolute basis compared to the prior quarter. With that said, we are still investing at a lower rate than our original pre-COVID plan due to the pandemic's continued impact in driving consumers online and because we are still generating robust organic traffic growth.

留在電子商務，但現在轉向營銷。在第三季度，我們在非典型的第二季度之後重新啟動了營銷支出，與上一季度相比，我們在市場上的營銷投資規模絕對翻了一番。話雖如此，由於大流行對推動消費者上網的持續影響以及我們仍在產生強勁的有機流量增長，我們仍然以低於我們最初的 COVID 前計劃的速度進行投資。

In the Andean region, we've accelerated the pace of marketing investments versus prior quarters, both in absolute values and as a percentage of GMV. This increase was particularly notable in Chile and Colombia, where we reinforced branding campaigns and invested in special dates and performance marketing campaigns with solid results. Most notably, our Chilean operations now lead the top-of-mind measurements that we carry out in that country for the first time.

在安第斯地區，與前幾個季度相比，我們加快了營銷投資的步伐，無論是絕對值還是佔 GMV 的百分比。這一增長在智利和哥倫比亞尤為顯著，我們加強了品牌推廣活動，並投資於特殊日期和績效營銷活動，取得了可觀的成果。最值得注意的是，我們在智利的業務首次成為我們在該國開展的首要測量工作。

Let me now turn over to logistics, a key enabler of growth for our commerce business. Our logistics operations have been instrumental in helping us navigate through these trying times. And its powerful synergies with our e-commerce business have unlocked meaningful value, not only has helped us drive higher Net Promoter Scores and customer satisfaction, but it is increasingly becoming a competitive advantage in multiple countries.

現在讓我談談物流，這是我們商業業務增長的關鍵推動力。我們的物流業務在幫助我們度過這些艱難時期方面發揮了重要作用。它與我們的電子商務業務的強大協同作用釋放了有意義的價值，不僅幫助我們提高了淨推薦值和客戶滿意度，而且它正日益成為多個國家的競爭優勢。

Our Mercado Envios managed network continued gaining penetration during the third quarter, reaching 64% on a consolidated basis, exiting the quarter at 74% overall adoption. Brazil, Mexico and Argentina reached 68%, 56% and 84%, respectively. Fulfillment in Brazil reached 22% of total shipments while in Mexico, it has already surpassed 55% share of shipments. As a result, we've been able to deliver faster and more efficiently.

我們的 Mercado Envios 託管網絡在第三季度繼續獲得滲透率，在綜合基礎上達到 64%，本季度以 74% 的整體採用率結束。巴西、墨西哥和阿根廷分別達到 68%、56% 和 84%。巴西的配送量達到總發貨量的 22%，而在墨西哥，它已經超過了發貨量的 55%。因此，我們能夠更快、更高效地交付。

In Brazil, we managed to improve delivery times and lower costs despite the Correios strike, which lasted for approximately 6 weeks this year. However, since we successfully migrated significant shipping volumes on to our managed network, we've been able to not only almost double the amount of items we've delivered versus last year, but also significantly enhanced service levels, recording a 20 percentage point improvement in shipments being delivered in less than 48 hours.

在巴西，儘管今年持續了大約 6 週的 Correios 罷工，我們還是設法縮短了交貨時間並降低了成本。然而，由於我們成功地將大量運輸量遷移到我們的託管網絡，我們不僅能夠將交付的物品數量與去年相比幾乎翻倍，而且還顯著提高了服務水平，記錄了 20 個百分點的提升在不到 48 小時內交付的貨物。

The growth of our MELI logistics proprietary technology within the managed network, combined with the addition of Flex in the Greater São Paulo area, helped scale our manage network, resulting in lower shipping costs and delivery times improvements versus last quarter.

我們的 MELI 物流專有技術在託管網絡中的發展，加上 Flex 在大聖保羅地區的加入，幫助擴展了我們的託管網絡，與上一季度相比，降低了運輸成本並縮短了交貨時間。

Another development in Brazil was the reduction of our free shipping threshold to BRL 99 during the quarter. This had 2 key benefits. First, it broadened what was an already comprehensive free shipping program in Brazil. Second, it enabled us to cover a greater share of our marketplace GMV within the free shipping program.

巴西的另一項發展是本季度我們將免費送貨門檻降低至 99 巴西雷亞爾。這有兩個關鍵好處。首先，它擴大了巴西已經很全面的免費送貨計劃。其次，它使我們能夠在免費送貨計劃中覆蓋更大份額的市場 GMV。

In Mexico, the incorporation of cross-stocking to our Mexican managed network is part of our expansion plan in order to reduce our dependence on commercial carriers, enabling us to find more capacity to accompany our increasing volumes and growth in that country.

在墨西哥，將交叉庫存納入我們的墨西哥管理網絡是我們擴張計劃的一部分，以減少我們對商業運營商的依賴，使我們能夠找到更多的能力來配合我們在該國不斷增加的數量和增長。

And finally, on logistics, we are happy to report that Colombia and Chile continue to gain penetration of our managed network, ramping at a very fast clip, reaching 14% and 15%, respectively, an almost 10 percentage point improvement versus last quarter.

最後，在物流方面，我們很高興地報告說，哥倫比亞和智利繼續獲得我們託管網絡的滲透率，並以非常快的速度增長，分別達到 14% 和 15%，與上一季度相比提高了近 10 個百分點。

Execution and logistics has been stellar across multiple geos. During the quarter, as I've just called out, we simultaneously shifted volume into our own managed network, while continuing to invest and expand the buildout of our logistics infrastructure, despite trying circumstances. We are confident that the increased pace of execution in this expansion will enable us to be amongst the best-in-class in terms of service levels and continue to gain efficiencies in shipping costs going forward.

執行和物流在多個地區都很出色。正如我剛才所說，在本季度，我們同時將數量轉移到我們自己的託管網絡中，同時繼續投資和擴大我們的物流基礎設施的建設，儘管情況很艱難。我們相信，此次擴張中執行速度的加快將使我們在服務水平方面成為一流的，並在未來繼續提高運輸成本效率。

With that, let's now move on to FinTech side of the business, another central building block of our ecosystem strategy and value proposition. Mercado Pago reached almost 60 million unique payers during the quarter, adding 7.5 million payers, mainly attributable to Brazil. FX-neutral consolidated total TPV grew by 161% year-over-year during the quarter.

有了這個，現在讓我們轉向業務的金融科技方面，這是我們生態系統戰略和價值主張的另一個核心組成部分。 Mercado Pago 在本季度達到了近 6000 萬獨立付款人，增加了 750 萬付款人，主要來自巴西。本季度，外匯中性合併總 TPV 同比增長 161%。

Our off-platform payments business accelerated sequentially to 197% year-on-year on an FX-neutral basis, not only with a robust performance of online payments, but also an improvement in our in-store payment solution, particularly mobile point-of-sale devices. We have observed that some segments that had not been heavily impacted during the quarantine regimes have now began to recover.

在外匯中性的基礎上，我們的平台外支付業務同比增長 197%，不僅在線支付表現強勁，而且我們的店內支付解決方案也有所改進，尤其是移動終端-銷售設備。我們觀察到，一些在隔離期間沒有受到嚴重影響的部分現在已經開始恢復。

The transportation segment we serve is one example of hard-hit segments that are now beginning to recover. Off-platform unique payers reached 36 million, with Brazil reaching almost 20 million. Specifically in Brazil, we reached an all-time high of unique payers added, adding almost 4.2 million over the prior quarter. On the collectors' front, we reached almost 11 million active collectors, with Brazil leading on the merchant acquisition front.

我們服務的運輸部門是受重創的部門之一，現在開始復蘇。平台外獨立付款人達到 3600 萬，巴西達到近 2000 萬。特別是在巴西，我們增加的獨立付款人達到了歷史最高水平，比上一季度增加了近 420 萬。在收藏家方面，我們達到了近 1100 萬活躍收藏家，其中巴西在商家收購方面處於領先地位。

Starting with online payments. Consolidated TPV accelerated to 204% year-on-year on an FX-neutral basis during the quarter, with growth having been led by performances in Argentina and Brazil. For Brazil, we saw solid online payments growth, especially in the long tail and social seller segments, setting new records for seller acquisition, more than tripling the number of active sellers. The growth in Brazil's online merchant base is the result of a series of actions we took focused on the acquisition of sellers, especially those that started selling online for the first time.

從在線支付開始。在外匯中性的基礎上，本季度綜合 TPV 同比加速至 204%，增長由阿根廷和巴西的表現引領。對於巴西，我們看到了穩健的在線支付增長，尤其是在長尾和社交賣家領域，創下了賣家收購的新紀錄，活躍賣家數量增加了兩倍多。巴西在線商家基礎的增長是我們採取一系列行動的結果，重點是收購賣家，尤其是那些首次開始在線銷售的賣家。

In line with that, we also relaunched marketing campaigns with healthy seller acquisition costs and shorter payback periods. We also expanded our cross-sell actions with other Mercado Pago verticals, especially with Point and QR. Additionally, we launched incentive programs in conjunction with the main e-commerce platforms to facilitate the onboarding of new sellers to the online world.

與此一致，我們還以健康的賣家獲取成本和更短的投資回收期重新啟動了營銷活動。我們還擴大了與其他 Mercado Pago 垂直市場的交叉銷售活動，尤其是 Point 和 QR。此外，我們與主要電子商務平台聯合推出了激勵計劃，以促進新賣家進入在線世界。

And in Argentina, the other strong performer, online payments accelerated sequentially, mainly attributable to promotional dates, social sellers and an improved checkout. Social sellers' monthly acquisition reached an average of 113,000 in September versus the historical average of 33,000, where our main focus was to generate better cross-sell capabilities and optimization of marketing initiatives.

在另一個表現強勁的阿根廷，在線支付環比增長，這主要歸功於促銷日期、社交賣家和結賬的改善。 9 月份社交賣家的月平均收購量達到 113,000 次，而歷史平均水平為 33,000 次，我們的主要重點是提高交叉銷售能力和優化營銷計劃。

Our MPOS business has delivered solid execution as governments begin to ease quarantine measures. In Brazil, TPV accelerated 14 percentage points versus last quarter, almost reaching pre-COVID levels of growth. The pace at which we are selling devices was also a positive surprise, with more than 1.3 million devices sold across Lat Am during the quarter.

隨著政府開始放寬隔離措施，我們的 MPOS 業務取得了穩健的執行。在巴西，TPV 與上一季度相比增長了 14 個百分點，幾乎達到了疫情前的增長水平。我們銷售設備的速度也令人驚喜，本季度在拉美地區銷售了超過 130 萬台設備。

And staying on Brazil, MPOS third quarter TPV cohorts are incorporating more TPV compared to January cohorts, which shows a robust acceleration in the cadence of MPOS growth. This is in line with the sales levels of devices, which also grew at a faster pace if we compare September to January.

在巴西，MPOS 第三季度 TPV 隊列與 1 月份隊列相比納入了更多的 TPV，這表明 MPOS 增長的節奏強勁加速。這與設備的銷售水平一致，如果我們將 9 月與 1 月進行比較，設備的銷售水平也以更快的速度增長。

In Brazil, we launched Point Smart our top-of-the-line device focused on businesses that require a simple, fast and modern terminal. This device should enable better cross-sell for marketplace merchants who have physical stores and now are able to cater to their in-store payment needs given the new device we are offering.

在巴西，我們推出了 Point Smart 我們的頂級設備，專注於需要簡單、快速和現代終端的企業。鑑於我們提供的新設備，該設備應該能夠為擁有實體店並且現在能夠滿足他們的店內支付需求的市場商家提供更好的交叉銷售。

And in the case of Argentina, during the quarter, we grew 129% year-on-year on an FX-neutral basis. One important highlight from our MPOS business there is that as we evolved to multi-product with the launch of our Point Plus device, such rollout has been very well received.

就阿根廷而言，在本季度，我們在外匯中性的基礎上同比增長了 129%。我們 MPOS 業務的一個重要亮點是，隨著 Point Plus 設備的推出，我們向多產品發展，這種推出非常受歡迎。

Moving on to our mobile wallet, another key factor in our ecosystem. Our wallet TPV growth continued to accelerate on a consolidated and FX-neutral basis to 381% year-over-year. The share of payments once again skewed towards P2P transactions, utilities payments and cell phone top-ups as a consequence of COVID-19.

繼續我們的移動錢包，這是我們生態系統中的另一個關鍵因素。在綜合和外匯中性的基礎上，我們的錢包 TPV 增長繼續加速，同比增長 381%。由於 COVID-19，支付份額再次偏向 P2P 交易、公用事業支付和手機充值。

Per our last call, the second quarter represented an important milestone in terms of product migration and adoption of payment flows from the physical world to the digital world. And during the third quarter, we've been able to maintain the payment volume reached in the prior quarter and continue growing. We focused on minimizing churn in order to retain digitized users gained and acquired during the pandemic.

根據我們上次的電話會議，第二季度是產品遷移和採用從物理世界到數字世界的支付流方面的一個重要里程碑。在第三季度，我們已經能夠維持上一季度達到的支付量並繼續增長。我們專注於最大限度地減少客戶流失，以保留在大流行期間獲得和獲得的數字化用戶。

P2P payments continue to gain share of payments within the wallet. This trend was evident across the region. The large pickup in peer-to-peer during the quarter was not only driven by quarantines and shift to digital, but also by the launch of a new product experience and new free pricing for all transfers made with account money and debit card when P2P transactions.

P2P 支付繼續在錢包內獲得支付份額。這一趨勢在整個地區都很明顯。本季度 P2P 的大幅回升不僅受到隔離和向數字化轉型的推動，還受到新產品體驗的推出和 P2P 交易時使用賬戶資金和借記卡進行的所有轉賬的新免費定價的推動.

Finally, on wallet, during the third quarter, we were able to grow the active payers to almost 14 million on a consolidated basis. In Brazil, we added a record high number of unique payers for a single quarter. We also have made inroads on the opposite end of the wallet as our collector network continues to grow at a healthy pace, reaching 5.5 million active wallet collectors on a consolidated basis, an all-time high on this front, more than doubling versus the prior quarter.

最後，在錢包方面，在第三季度，我們能夠在綜合基礎上將活躍付款人增加到近 1400 萬。在巴西，我們在一個季度增加了創紀錄的獨立付款人數量。隨著我們的收集器網絡繼續以健康的速度增長，我們還在錢包的另一端取得了進展，在綜合基礎上達到 550 萬活躍的錢包收集器，在這方面創下歷史新高，比之前增加了一倍以上四分之一。

Let me now move on to our credit business. Mercado Crédito had a record third quarter with an all-time high in terms of originations, growing 157% Q-on-Q. While our loan portfolio also reached an all-time high of $284 million as we've been able to originate more loans with lower NPLs. During the quarter, we had increased the APRs as we calibrated for higher delinquency rates. However, as the quarter progressed, we observed that defaults were, in fact, improving, resulting in better profitability profiles.

現在讓我談談我們的信貸業務。 Mercado Crédito 第三季度創歷史新高，創歷史新高，環比增長 157%。雖然我們的貸款組合也達到了 2.84 億美元的歷史新高，因為我們能夠以較低的不良貸款發放更多貸款。在本季度，我們增加了 APR，因為我們針對更高的拖欠率進行了校準。然而，隨著本季度的進展，我們觀察到違約情況實際上正在改善，從而帶來更好的盈利狀況。

In Brazil, we extended terms for online merchants up to 18 months and increased caps while also improving lifetime values. On consumer credit and express money users, we made our policies more flexible by lowering caps. Additionally, we've been able to enhance adoption of our credit products by leveraging artificial intelligence methods that enable us to do a credit offer at a point in the user journey where there is a greater tendency for adoption.

在巴西，我們將在線商家的期限延長至 18 個月，並提高了上限，同時還提高了終身價值。在消費信貸和快遞貨幣用戶方面，我們通過降低上限使我們的政策更加靈活。此外，我們已經能夠通過利用人工智能方法來提高我們的信用產品的採用率，這些方法使我們能夠在用戶旅程中更傾向於採用的點提供信用。

Originations on consumer credits accelerated 140% versus last quarter. Within our credit products, MPOS in-store merchant originations almost doubled, while our express money credit product more than tripled its volume versus last quarter. Originations to merchants on our marketplace grew a solid 172% versus last quarter. Additionally, we launched our micro credits offering, now representing about 15% of consumer credits in terms of originations.

與上一季度相比，消費信貸的發放增長了 140%。在我們的信貸產品中，MPOS 店內商戶發起幾乎翻了一番，而我們的快遞貨幣信貸產品的數量比上一季度增加了兩倍多。與上一季度相比，我們市場上的商家來源增長了 172%。此外，我們還推出了小額信貸產品，目前約佔消費者信貸來源的 15%。

With that, let's now move on to our financial progress report for the quarter. Let's start with the review of our P&L with comments on consolidated net revenues. For the third quarter, they reached $1.116 billion, surpassing the $1 billion mark for the first time in the quarter and representing a year-on-year increase of 85% in U.S. dollars and 149% on an FX-neutral basis, mainly attributable to commerce net revenues that continued accelerating and reached their highest historical growth rate.

有了這個，現在讓我們繼續討論本季度的財務進度報告。讓我們從對合併淨收入的評論開始回顧我們的損益表。第三季度達到 11.16 億美元，本季度首次突破 10 億美元大關，按美元計算同比增長 85%，在外匯中性基礎上增長 149%，主要歸因於商務淨收入繼續加速增長並達到歷史最高增長率。

Gross profit for the third quarter was $480 million, with a margin of 43% compared to 47% during the third quarter of 2019. The decrease in gross profit margin resulted primarily from an increase in shipping operation costs as a percentage of net revenues. In the slides accompanying this presentation, we've included, as we always do, a detailed breakdown of these as well as the OpEx margin evolutions that I'll cover quickly now.

第三季度毛利潤為 4.8 億美元，利潤率為 43%，而 2019 年第三季度為 47%。毛利率下降主要是由於航運運營成本占淨收入的百分比增加。在本演示文稿隨附的幻燈片中，我們一如既往地詳細介紹了這些內容以及運營支出利潤率的變化，我現在將快速介紹這些變化。

Operating expenses were $397 million, an increase of 8.4% year-on-year in dollars. As a percentage of revenues, operating expenses were 35.6% compared to 60.7% during the third quarter of 2019. The increase is primarily a consequence of marketing expenditure efficiencies, representing over 1,500 basis points improvement that we achieved as a result of the growth in organic demand brought about by the effects of the COVID-19 pandemic on consumer behavior.

營業費用為 3.97 億美元，按美元計算同比增長 8.4%。作為收入的百分比，運營費用為 35.6%，而 2019 年第三季度為 60.7%。這一增長主要是營銷支出效率的結果，由於有機增長，我們實現了超過 1,500 個基點的改進COVID-19 大流行對消費者行為的影響所帶來的需求。

Moving down the P&L, the company incurred $24.5 million in financing expenses this quarter, mainly attributable to financial loans entered into during the third quarter of 2020, primarily in Brazil and Argentina, and interest expenses from our trusts related to the factoring of our credit card receivables in Argentina.

降低損益表，該公司本季度發生了 2450 萬美元的融資費用，主要是由於 2020 年第三季度主要在巴西和阿根廷簽訂的金融貸款，以及與信用卡保理相關的信託利息費用阿根廷應收賬款。

During the quarter, we also had a foreign exchange loss of $30.4 million mainly related to the difference of the Argentine official exchange rate and the blue-chip swap rate at which we effectively carry out stock repurchases in Argentine pesos. We also believe this operation presents an added benefit of generating greater transparency around FX rate distortions that arise as a consequence of Argentina's multiple exchange rates.

在本季度，我們還出現了 3040 萬美元的匯兌損失，主要與阿根廷官方匯率的差異以及我們有效地以阿根廷比索進行股票回購的藍籌掉期匯率有關。我們還認為，這一操作帶來了額外的好處，即在阿根廷多重匯率導致的匯率扭曲方面產生更大的透明度。

Interest income was $24.6 million, a 13.7% 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. As a result of this, net income for the third quarter was $15 million.

由於大流行導致我們的投資利率降低，利息收入為 2460 萬美元，同比下降 13.7%，這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。因此，第三季度的淨收入為 1500 萬美元。

Wrapping up today's call, we want to reinforce our commitment to the democratization of commerce and money. The opportunity ahead of us remains sizable, and we feel increasingly confident that we can capitalize on it.

結束今天的電話會議，我們希望加強我們對商業和金錢民主化的承諾。我們面前的機會仍然很大，我們越來越有信心利用它。

Thanks, everyone, as always, for joining the conference call, and we look forward to keeping you updated on our progress report next quarter. With that, we can now take your questions.

感謝大家一如既往地參加電話會議，我們期待著在下個季度向您通報我們的進度報告。有了這個，我們現在可以回答你的問題了。

(Operator Instructions) Our first question comes from Stephen Ju of Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Stephen Ju。

So Pedro, in your prepared remarks, you talked about consumer electronics growing at, I think, 100% year-over-year. I know it's probably hard to tell, given the circumstances, but do you think that is a supply-led acceleration due to the change in the commission rate? Or is there like a price elasticity factor there as well as merchants adjust to the new rates?

所以佩德羅，在你準備好的評論中，你談到了消費電子產品的增長，我認為，同比增長 100%。我知道在這種情況下可能很難說，但你認為這是由於佣金率的變化而導致的供應主導的加速嗎？還是那裡有價格彈性因素以及商家適應新費率？

And also in regards to the CPG effort, you talked about, I guess, a deeper assortment there also. Is that mostly through third-party sellers that you're getting the deeper assortment right now? Or have you started to form, I guess, larger and deeper relationships with the brands directly?

還有關於 CPG 的努力，我猜你也談到了更深層次的分類。您現在主要通過第三方賣家獲得更深的分類嗎？或者你是否已經開始直接與品牌建立更大更深入的關係？

Great, Stephen. So on consumer electronics, what we highlighted was that we've really focused on some of these categories that we had identified as categories where we were lagging in fair share compared to our overall expectations for market share. And we've really began to execute better on those categories. So it's a combination of product improvements, new pricing, very strong execution on the commercial front to source better deals with OEMs that are coming across and then a more aggressive pricing and rebate policy also on price points at which we sell. So to get that kind of a turnaround, it really takes, I think, concerted execution across the board.

太好了，斯蒂芬。因此，在消費電子產品方面，我們強調的是，我們確實專注於我們認為與我們對市場份額的總體預期相比，我們在公平份額方面落後的一些類別。我們真的開始在這些類別上表現得更好。因此，它結合了產品改進、新定價、在商業方面非常強大的執行，以便與遇到的原始設備製造商達成更好的交易，然後在我們銷售的價格點上採取更積極的定價和回扣政策。因此，要實現這種轉變，我認為確實需要全面協調執行。

On consumer practical goods, we continue to have a growing 1P presence, but that business is still primarily 3P. And again, we're just sourcing well from existing marketplace vendors. And really, that's one of the areas where if you look at the user experience over the last few months, we've been perhaps more innovative than in many other places in terms of supermarket navigation and really improving the purchase of consumer packaged goods. And then, obviously, assisted by the overall pandemic and a very strong shift of demand online in those categories, probably growing more than any other throughout the pandemic.

在實用消費品方面，我們繼續擁有不斷增長的 1P 業務，但該業務仍以 3P 為主。再一次，我們只是從現有的市場供應商那裡採購。真的，如果你看看過去幾個月的用戶體驗，這就是我們在超市導航和真正改善消費包裝商品購買方面可能比許多其他地方更具創新性的領域之一。然後，顯然，在整體大流行和這些類別中在線需求的強烈轉變的幫助下，在整個大流行期間增長可能比其他任何類別都多。

And our next question comes from Andrew Ruben of Morgan Stanley.

我們的下一個問題來自摩根士丹利的安德魯魯本。

Great. So we've seen a big pickup in your managed network penetration again this quarter. So I'm just curious, for the quarter itself, how the Correios strike impacted the figures and your short-term strategy? And then thinking longer term, any update on where the managed network penetration could reach over time?

偉大的。因此，我們在本季度再次看到您的託管網絡滲透率大幅上升。所以我只是好奇，對於本季度本身，Correios 罷工如何影響數據和你的短期戰略？然後從長遠考慮，隨著時間的推移，託管網絡滲透率可能達到的任何更新？

Yes. So counterintuitively, I think the strikes that we face end up being at an incredible positive for us long run because: a, they reinforce our commitment to moving volume on to our own managed marketplace at an accelerated pace, but it also gives our merchants a very strong incentive to migrate volume on to the managed marketplace.

是的。因此，與直覺相反，我認為從長遠來看，我們面臨的罷工最終對我們來說是一個令人難以置信的積極因素，因為：a，它們強化了我們對加快將交易量轉移到我們自己管理的市場的承諾，但它也給我們的商家一個將交易量遷移到託管市場的強烈動機。

So not only is Brazil driving that increase in managed marketplace volume shift. That's happening in other key markets as well, with very positive results in terms of delivery times and delivery costs. But yes, the strike in Brazil accelerates that move.

因此，不僅巴西推動了託管市場交易量的增加。這也發生在其他主要市場，在交付時間和交付成本方面取得了非常積極的成果。但是，是的，巴西的罷工加速了這一行動。

And we see this as a one-way door. So once merchants have moved on to our fulfillment cross-docking and places operations, they tend to stay. And we make all the efforts for them to stay on the managed network. And so our aspirations are to continue moving volume on to the managed marketplace because we see the significant positive impact it has on delivery time, cost and Net Promoter Scores.

我們認為這是一扇單向門。因此，一旦商家轉移到我們的履行交叉對接並開展業務，他們往往會留下來。我們盡一切努力讓他們留在託管網絡上。因此，我們的願望是繼續將銷量轉移到託管市場，因為我們看到它對交付時間、成本和淨推薦值產生了重大的積極影響。

I don't think we give specific near-term or long-term objectives. Suffice to say that the more we move to the managed network, the better it is for our consumers and for our merchants.

我認為我們沒有給出具體的近期或長期目標。可以說，我們越多地轉向託管網絡，對我們的消費者和商家來說就越好。

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

我們的下一個問題來自高盛的 Irma Sgarz。

In your opening remarks, in the press release, you made a comment about -- that you're starting to strive for the highest segments of the merchant pyramid.

在你的開場白中，在新聞稿中，你發表了評論——你開始爭取商人金字塔的最高部分。

Can you just expand a little bit on any disciplinary measures that you're taking that you'd call out for FinTech and e-commerce on that front?

您能否稍微擴展一下您正在採取的任何紀律措施，您會在這方面呼籲金融科技和電子商務？

So I'll quickly start with commerce since I've already mentioned some of it. We clearly are seeing incremental traction in our efforts to complement the historic core base of SMEs that sell on our marketplace with a growing number of flagship store and official stores across multiple categories. And so this is somewhat driven by rapid consumer demand online that is forcing many of these brands and OEMs to engage more constructively with online channels like our marketplace, but also as we improve our product and we improve our ability to sell into enterprises, we are able to onboard a growing number of companies that sell direct through us.

因此，我將快速從商業開始，因為我已經提到了其中的一些。顯然，我們正在努力通過越來越多的旗艦店和多個類別的官方商店來補充在我們的市場上銷售的中小企業的歷史核心基礎。因此，這在一定程度上是由快速的在線消費者需求推動的，這迫使許多品牌和 OEM 以更具建設性的方式參與我們的市場等在線渠道，而且隨著我們改進產品和提高向企業銷售的能力，我們正在能夠加入越來越多通過我們直接銷售的公司。

We mentioned some of them in the CPG category in the prepared remarks. And there are others across consumer electronics. Samsung is rapidly becoming one of the largest marketplace sellers in many countries and a slew of others.

我們在準備好的評論中提到了其中的一些在 CPG 類別中。消費電子產品中還有其他的。三星正迅速成為許多國家和許多其他國家和地區最大的市場賣家之一。

Irma, with regards to FinTech, on the POS front, as you know, in the past, we consider mostly on individuals. A few quarters ago, we launched our Point Pro, which is a device with a printer on it. And what you saw was that the average volume of sales per device was over twice what we had on the MPOS segment. And now more recently, we launched Smart POS. And again, we are seeing a step-up with TPV, which is roughly 40% higher than the one we already had with Point Pro.

Irma，就金融科技而言，在 POS 方面，如您所知，在過去，我們主要考慮個人。幾個季度前，我們推出了 Point Pro，這是一款帶有打印機的設備。你看到的是，每台設備的平均銷量是我們 MPOS 細分市場的兩倍多。而最近，我們推出了 Smart POS。再一次，我們看到 TPV 的升級，比我們已經使用 Point Pro 的水平高出大約 40%。

So we continued to see increased volumes per device, and we are starting to be able to penetrate SMBs, which is a tad were out of our scope.

因此，我們繼續看到每台設備的銷量增加，並且我們開始能夠滲透到中小型企業，這有點超出了我們的範圍。

Our next question comes from Bob Ford, Bank of America.

我們的下一個問題來自美國銀行的 Bob Ford。

Congratulations on the quarter. Pedro, can you talk a little bit about your use of air cargo? There seems to be a lot going on besides the dedicated aircraft in Brazil. And I'm curious in terms of what the implications of excess passenger capacity means for freighter availability and your costs, now whether or not this has implications for network design and your buildout priorities. And how should we think about other markets when it comes to air cargo?

祝賀本季度。 Pedro，你能談談你對航空貨運的使用嗎？除了巴西的專用飛機之外，似乎還有很多事情要做。我很好奇客運能力過剩對貨機可用性和您的成本意味著什麼，現在這是否對網絡設計和您的擴建優先級產生影響。在航空貨運方面，我們應該如何看待其他市場？

So the overriding objective is how can we increase the number of parcels delivered in less than 2 days and then eventually continue to shorten that time. And for that, especially in the larger geos like Brazil and Mexico, air is a critical piece of this.

所以最重要的目標是我們如何在不到 2 天的時間內增加包裹的數量，然後最終繼續縮短這個時間。為此，特別是在巴西和墨西哥等較大的地區，空氣是其中的關鍵部分。

We started with air, as you mentioned, using excess capacity on commercial carriers. And as we understood that part of the business better and the volume began to ramp up, we've continued to sort of integrate in that value chain, and we now start having freight-only 3PLs that provide exclusive routes and exclusive planes for us. Hence, the news yesterday of the yellow-liveried MercadoLibre Air airplanes. And that will be a growing part of our network design as we strive to go faster.

正如你所提到的，我們從空運開始，使用商業航空公司的過剩運力。當我們了解到部分業務更好並且數量開始增加時，我們繼續在該價值鏈中進行整合，我們現在開始擁有僅貨運 3PL，為我們提供獨家航線和獨家飛機。因此，昨天有關黃色制服的 MercadoLibre Air 飛機的消息。隨著我們努力加快速度，這將成為我們網絡設計中越來越重要的一部分。

Importantly, there's no CapEx involved in that. These are third-party logistics air providers. And when we look at unit costs, we're trying to be selective in terms of routes where we have enough scale, where the overall negative impact on unit cost is manageable, yet the acceleration in delivery times is impactful.

重要的是，其中不涉及資本支出。這些是第三方物流空運供應商。當我們查看單位成本時，我們試圖在我們有足夠規模的路線方面進行選擇，對單位成本的總體負面影響是可控的，但交貨時間的加快是有影響的。

And no, it's not just a Brazil thing. It already happens in Mexico. And I assume that as the networks grow in other markets, we will also look into it.

不，這不僅僅是巴西的事情。它已經發生在墨西哥。我假設隨著網絡在其他市場的發展，我們也會對其進行研究。

Makes perfect sense. And maybe just one other question, if I might. Can you talk a little bit about app usage, year-on-year, in terms of engagement, conversion rates, improved navigation, impacts for client acquisition costs? And then is there a reason to maintain separate Mercado and Pago apps? Or is there an opportunity that we should be considering longer term?

完全有道理。如果可以的話，也許只是另一個問題。你能談談應用程序的使用情況嗎？那麼是否有理由維護單獨的 Mercado 和 Pago 應用程序？或者是否有我們應該考慮長期的機會？

So we continue to see traffic and volume migrate increasingly, obviously, to mobile. I think we're already above 80% of volume is mobile, and 2/3 is already app volume. And obviously, that's a consequence of a combination of consumer demand shift, but also our continued focus on improving those app experiences.

因此，我們繼續看到流量和流量顯然越來越多地遷移到移動端。我認為我們已經有超過 80% 的流量是移動的，而 2/3 已經是應用程序的流量。顯然，這是消費者需求轉變的結果，也是我們持續關注改善這些應用體驗的結果。

In terms of number of downloads, not always an ideal metric because our cadence of investment in downloads may vary Q-on-Q, but we continue to grow that base. And we believe that our installed base of both MELI apps and MFA apps continue to be one of our strongest competitive advantages across the region.

就下載數量而言，這並不總是一個理想的指標，因為我們在下載方面的投資節奏可能會隨著季度的變化而變化，但我們會繼續擴大這一基礎。我們相信，我們安裝的 MELI 應用程序和 MFA 應用程序基礎仍然是我們在該地區最強大的競爭優勢之一。

And our next question comes from Gustavo Oliveira of UBS.

我們的下一個問題來自瑞銀的古斯塔沃奧利維拉。

Pedro, I have 2 questions. The first one is, I would like to understand a little bit better the impact of the -- on gross margins and perhaps on overall operating profit margin coming from the elevated penetration of 1P in the business.

佩德羅，我有 2 個問題。第一個是，我想更好地了解 1P 在業務中的滲透率提高對毛利率以及整體營業利潤率的影響。

I think in one of the charts you show here, there is a 210 bps impact coming from cost of sales of goods. I wonder whether this is already coming from the increase in 1P penetration. So if you could explore that a little bit.

我認為在您在這裡展示的一張圖表中，商品銷售成本產生了 210 個基點的影響。我想知道這是否已經來自 1P 滲透率的增加。所以，如果你能稍微探索一下。

And the second question is with respect to the growth of off-platform unique payers in Brazil. The 4.2 million new unique payers that you had in this quarter, what are the drivers of this growth? Is this related to kind of any of your efforts associated with peaks and making sure that that's probably helping your growing unique payers base? Or there are other drivers behind that?

第二個問題是關於巴西平台外獨立付款人的增長。您在本季度擁有 420 萬新的唯一付款人，這種增長的驅動力是什麼？這是否與您與高峰相關的任何努力有關，並確保這可能有助於您不斷增長的獨特付款人基礎？還是背後有其他驅動因素？

Gustavo, let me start with the second question, the one regarding the acceleration of platform payers in -- mostly in Brazil. And I would say peaks did not yet have an effect on that. But what was a significant catalyst for that was Auxílio Emergencial, emergency payments made in Brazil. We saw a significant ramp-up in the number of people connecting their cash account with the Mercado Pago account to be able to access those funds and to make payments afterwards using Mercado Pago. And so we saw a spike in terms of downloads and of accounts being funded and then of payments made in Brazil, driven by Auxílio Emergencial.

Gustavo，讓我從第二個問題開始，關於平台支付者在巴西的加速發展——主要是在巴西。我會說峰值還沒有對此產生影響。但是，在巴西進行的緊急付款是 Auxílio Emergencial 的重要催化劑。我們看到將他們的現金賬戶與 Mercado Pago 賬戶關聯起來以便能夠訪問這些資金並在之後使用 Mercado Pago 進行付款的人數顯著增加。因此，在 Auxílio Emergencial 的推動下，我們看到下載量和獲得資金的賬戶數量以及隨後在巴西支付的數量激增。

Yes. And then on the 1P business, Gustavo, this is a business that we are investing behind. We think that it has a key role to play going forward in terms of being able to step in with 1P offerings where there are inventory breakage or inventory gaps from our marketplace. It allows us to be very competitive versus other 1P competitors in terms of promotional calendar and pricing. And so this is an important part of our strategy going forward.

是的。然後是 1P 業務，Gustavo，這是我們正在投資的業務。我們認為，在我們的市場存在庫存破損或庫存缺口的情況下，能夠介入 1P 產品方面，它可以發揮關鍵作用。它使我們在促銷日曆和定價方面與其他 1P 競爭對手相比更具競爭力。因此，這是我們未來戰略的重要組成部分。

In the early years, it's a business that has less scale than what it will have in the future. And so when you look at current pure product margins and the overall P&L, it does compress gross margins. I think the important thing here is to understand that we're investing into it because we trust that as it scales and grows, there will be leverage on PPM on down. And that business, longer term, isn't necessarily going to be as much of a drag on gross margins as it is in the very early phases.

在早期，這是一個規模小於未來規模的業務。因此，當您查看當前的純產品利潤率和整體損益時，它確實會壓縮毛利率。我認為這裡重要的是要了解我們正在對其進行投資，因為我們相信隨著它的擴展和增長，PPM 將會下降。從長遠來看，這項業務不一定會像在早期階段那樣拖累毛利率。

Currently, Pedro, what's the penetration of 1P in your total GMV?

目前，Pedro，1P 在您的總 GMV 中的滲透率是多少？

Hello? Hello, Pedro. I think we can't hear you.

你好？你好，佩德羅。我想我們聽不到你的聲音。

I'm not sure if we got cut off. I think the last part of the answer was that we don't...

我不確定我們是否被切斷了。我認為答案的最後一部分是我們不...

Yes, Pedro. I think...

是的，佩德羅。我認為...

Yes. Sorry. So we were saying that we don't disclose what the percentage of 1P is, but it's growing nicely, and it's still relatively small in the single digits.

是的。對不起。所以我們說我們沒有透露 1P 的百分比是多少，但它增長得很好，而且它仍然相對較小，只有個位數。

And our next question comes from Ravi Jain of HSBC.

我們的下一個問題來自匯豐銀行的 Ravi Jain。

The first one is given that your electronics GMV is growing nicely, is there a change in the way you think about like the big holiday sales like Black Friday, et cetera, in terms of promotions and things like that?

第一個是考慮到您的電子產品 GMV 增長良好，在促銷等方面，您對黑色星期五等大型假日銷售的看法是否發生了變化？

And the second one was more on the Andean region. That has obviously been growing nicely. And when you look at the revenue split, it's still under-indexed quite a bit. So maybe some color around what exactly do you want to focus on in Chile, Colombia, in terms of whether it's going to be CPG, electronics? Is it going to be logistics that's going to drive a lot of -- or is it going to be the payments and the loyalty together?

第二個更多是在安第斯地區。這顯然發展得很好。當您查看收入分配時，它仍然被低估了很多。那麼，就CPG、電子產品而言，也許你想在智利、哥倫比亞關注什麼？是物流會推動很多 - 還是會是支付和忠誠度？

So some color on what exactly are your main focus for the Andean region, that will be helpful.

因此，對您對安第斯地區的主要關注點進行一些說明，這將很有幫助。

So let me start with the Andean region answer. I think this goes to show the enormous opportunity that exists in those markets once we begin to have enough resources to continue to aggressively invest in Brazil and Mexico, but also start investing more aggressively in those markets. And by investing aggressively, I don't necessarily mean spend. Those markets were actually profitable during the quarter, but I do mean having greater and greater human capital, primarily engineering resources to be able to take the user experience and the technology in those markets to the level that Brazil and Mexico are at. And so there is no different strategy for those markets. It's all of the things you mentioned that have allowed us to be successful in the other markets.

所以讓我從安第斯地區的答案開始。我認為這表明一旦我們開始有足夠的資源繼續在巴西和墨西哥大舉投資，同時也開始在這些市場進行更積極的投資，這些市場就存在巨大的機會。通過積極投資，我並不一定意味著花費。這些市場在本季度實際上是盈利的，但我的意思是擁有越來越多的人力資本，主要是工程資源，能夠將這些市場的用戶體驗和技術提升到巴西和墨西哥的水平。因此，這些市場沒有不同的策略。正是您提到的所有事情使我們能夠在其他市場取得成功。

Yes, logistics is already a big piece of the acceleration. We have, as you know, warehouse in Chile operational, one in Colombia on the way and the growing managed network in those markets. We have a strong CPG business. So in a way, they -- as we have more and more resources, we can focus on those markets. And they have the benefit of being able to leapfrog some things because they can benefit from a lot of the innovation that's occurring in Brazil and Mexico that maybe wasn't present in those markets when they had the size that Colombia, Mexico -- sorry, Colombia, Chile now have.

是的，物流已經是加速的重要組成部分。如您所知，我們在智利有一個倉庫正在運營，在哥倫比亞的一個倉庫正在建設中，並且在這些市場中不斷增長的託管網絡。我們擁有強大的 CPG 業務。所以在某種程度上，他們——隨著我們擁有越來越多的資源，我們可以專注於這些市場。他們的好處是能夠超越某些事情，因為他們可以從巴西和墨西哥發生的許多創新中受益，而這些創新可能在他們擁有哥倫比亞和墨西哥的規模時並不存在於這些市場——抱歉，哥倫比亞、智利現在都有。

So similar strategy, greater ability to invest behind them. The demand and the market opportunity, we believe, was always there, and we're now beginning to capture that. And going forward, we continue to expect solid growth from those markets.

所以類似的策略，更大的投資能力在他們身後。我們相信，需求和市場機會一直存在，我們現在開始抓住這一點。展望未來，我們繼續期待這些市場的穩健增長。

That's helpful, Pedro. And on the holiday events like Black Friday, do you see any change in your thought process?

這很有幫助，佩德羅。在黑色星期五這樣的節日活動中，您是否發現自己的思維過程有任何變化？

I think in previous years, we have been quite willing to stay on the sidelines in some of these year-end promotions that typically were dominated by 1P retailers. As we improve both our 1P capabilities, but in our general sourcing and execution across some of these key categories, I think we believe we can invest somewhat more aggressively because the user experience and the price competitiveness is there on our marketplace. And so you will see us, I think, be less on the sideline during the Q4 critical promotional period.

我認為在前幾年，我們非常願意在這些通常由 1P 零售商主導的年終促銷活動中保持觀望。隨著我們提高我們的 1P 能力，但在我們在這些關鍵類別中的一般採購和執行方面，我認為我們相信我們可以更積極地投資，因為用戶體驗和價格競爭力在我們的市場上存在。所以你會看到我們，我認為，在第四季度的關鍵促銷期間，我們會少一些旁觀。

And our next question comes from Edward Yruma of KeyBanc Capital Markets.

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

I guess first on Mexico, I know you kind of highlighted the share opportunity there. I guess as you think in the medium term, what kind of investments are necessary to kind of continue to propel growth in Mexico?

我想首先在墨西哥，我知道你強調了那裡的分享機會。我想正如您在中期認為的那樣，需要什麼樣的投資才能繼續推動墨西哥的增長？

And then second, on Brazil credit, nice to see you leaning into that. I know it was maybe about 1 year, 1.5 years ago that you ran into some issues in Brazil. What are you doing this time around to ensure that delinquencies and charge-offs don't tick up, knowing that I think you mentioned using AI more as a tool?

其次，在巴西的信用，很高興看到你傾向於這樣做。我知道大約 1 年，1.5 年前，你在巴西遇到了一些問題。知道我認為你提到更多地使用人工智能作為工具，你這次做了什麼來確保拖欠和沖銷不會增加？

Okay. So I think recapitulating on our Mexico story, if we look back over the last 4 years, where, as you know, we've invested very aggressively, certainly, that was the right strategy. We look at Mexico and the growth it's had, the competitive position we continue to maintain in that market and the incredible advances we've made in terms of the user experience we're able to offer. This is exactly how we want to manage our business, which is to take a long-term view and invest behind the kind of things that we know generate long-term value. And obviously, the logistics network there is the first one that comes to mind, but there are other things we've been doing.

好的。所以我想回顧一下我們在墨西哥的故事，如果我們回顧過去 4 年，如你所知，我們在墨西哥進行了非常積極的投資，當然，這是正確的策略。我們著眼於墨西哥及其增長，我們在該市場繼續保持的競爭地位，以及我們在能夠提供的用戶體驗方面取得的令人難以置信的進步。這正是我們想要管理我們的業務的方式，即以長遠的眼光，投資於我們知道會產生長期價值的事物。顯然，首先想到的是那裡的物流網絡，但我們一直在做其他事情。

So that will continue to be the case in Mexico. We're not going to take a short-term view on that market. We continue to take a long-term view in a very competitive market.

因此，墨西哥的情況將繼續如此。我們不會對這個市場採取短期的看法。在競爭激烈的市場中，我們繼續著眼長遠。

Having said that, as you all know, there are scale benefits to our business. And so if you look at the level of losses and the margin structure, despite us continue to be extremely aggressive in absolute dollar terms, that's also continued -- has improved consistently over time.

話雖如此，眾所周知，我們的業務具有規模效益。因此，如果您查看損失水平和保證金結構，儘管我們以絕對美元計算仍然非常激進，但這種情況仍在繼續——隨著時間的推移不斷改善。

And so I think Mexico has been playing out very positively, and we will continue to pursue the long game investing, but also understanding that scale benefits will come to our P&L as we continue to grow that business. And it's a business that continues to double year-on-year.

因此，我認為墨西哥的表現非常積極，我們將繼續進行長期投資，但也明白隨著我們繼續發展該業務，規模收益將惠及我們的損益表。這是一項繼續同比增長一倍的業務。

With regards to operations -- with regards to price in Brazil taken in the second quarter, we took a cautious approach as the pandemic was just starting. We were not sure how both our merchant and consumers would react to that. Nonetheless, the [industry as it stands] will continue, improving our model, collecting more data and improving our collection efforts. So we felt very comfortable during the third quarter, and we were able both, on the consumer and merchant side, to triple the number of loans we offer, and that's where you see an increase in more hand on the size of the portfolio and at the same time, a decrease in nonperforming loans.

關於運營——關於第二季度巴西的價格，我們採取了謹慎的態度，因為大流行才剛剛開始。我們不確定我們的商家和消費者對此有何反應。儘管如此，[行業現狀] 將繼續發展，改進我們的模型，收集更多數據並改進我們的收集工作。因此，我們在第三季度感到非常自在，我們能夠在消費者和商家方面將我們提供的貸款數量增加三倍，這就是您看到投資組合規模和同時，不良貸款減少。

And our next question comes from Thiago Macruz of Itaú.

我們的下一個問題來自 Itaú 的 Thiago Macruz。

Pedro, we've seen several players endeavoring into fresh goods and foodservice categories, especially here in Brazil, in an attempt to generate traffic and decrease customer acquisition costs. Do you think you guys will play a part in those 2 categories as well? I would like to understand what are the pros and cons of doing that.

佩德羅先生，我們已經看到有幾家公司正在努力涉足生鮮食品和餐飲服務類別，尤其是在巴西，以試圖產生流量並降低客戶獲取成本。你認為你們也會在這兩個類別中發揮作用嗎？我想了解這樣做的利弊。

And regarding peaks, there is clearly an impact here in the money in and out of digital wallets in the country. I'm curious to hear what other opportunities you believe can come from the launching of this payment to in Brazil this month.

關於峰值，該國數字錢包的進出資金顯然會受到影響。我很想知道您認為本月在巴西推出這項付款會帶來哪些其他機會。

Yes. Look, I think we aim to be able to supply whatever our consumers want from us and where demand pockets are. We don't comment on future category developments or where we might be going, but we are -- we look to be the stop and the online solution that our consumers go to for all the things that it makes sense for us to sell.

是的。看，我認為我們的目標是能夠提供消費者想要從我們這裡得到的任何東西以及需求口袋在哪裡。我們不會評論未來的類別發展或我們可能要去的地方，但我們 - 我們希望成為我們的消費者為我們銷售有意義的所有東西而去的站點和在線解決方案。

So clearly, category expansion is a part of our growth story as we continue to aim to gain share of wallet of consumers, but we'd rather comment on specific category expansion once we launch something rather than in advance.

很明顯，類別擴展是我們增長故事的一部分，因為我們繼續致力於獲得消費者錢包的份額，但我們寧願在推出某些產品後評論特定類別的擴展，而不是提前發表評論。

Thiago, with regard to peaks, it's still very early, but we are excited by the initial result. So now I would say the last time central bank published data, we were second in the number of big (inaudible).

蒂亞戈，關於巔峰，現在還為時過早，但我們對初步結果感到興奮。所以現在我想說的是，上次中央銀行發布數據時，我們在大（聽不清）的數量上排名第二。

Yesterday, started also the top launch and at least are able to for this payment. So far, our debts are going on track according to our plan. The ramp-up will be in the next couple of weeks on November 15, surgically, all loans have to be lived for all clients.

昨天，也開始頂發了，起碼可以為這個付款了。到目前為止，我們的債務正在按照我們的計劃走上正軌。在接下來的幾週內，11 月 15 日將進行加速，通過手術，所有貸款都必須為所有客戶償還。

And we believe this will have an impact. It started out with the possibility that (inaudible) will provide. And the one hand, we believe that it will have an impact in terms of transfers of loan and debt transfers for P2P and then also for P to merchant, in that case. Nonetheless, we believe that the fact that Ps does not support the installment, probably, will make it less than what [we thought] it would be. Now definitely we are developing [mutuals] to allow (inaudible) of our flows.

我們相信這會產生影響。它始於（聽不清）將提供的可能性。一方面，我們認為這將對 P2P 的貸款和債務轉移產生影響，在這種情況下，也會對 P 到商家產生影響。儘管如此，我們相信 Ps 不支持分期付款這一事實可能會使它比 [我們認為的] 它會少。現在，我們肯定正在開發 [mutuals] 以允許（聽不清）我們的流程。

And our next question comes from Deepak Mathivanan of Barclays.

我們的下一個問題來自巴克萊的 Deepak Mathivanan。

It's Trevor on for Deepak. On the commerce side, can you talk about how cohort level trends over the last 3 months have evolved? Are you seeing active buyers that came to the platform in April and May still continue to exhibit similar frequency and spend?

迪帕克是特雷弗。在商業方面，您能否談談過去 3 個月的隊列水平趨勢如何演變？您是否看到 4 月和 5 月來到該平台的活躍買家仍繼續表現出相似的頻率和支出？

And how about on the new customer trends, are cohort sizes still similar? And lastly, any commentary on active buyer growth coming from like truly new customers versus existing customers that were dormant, kind of reactivating?

那麼在新的客戶趨勢方面，群組規模是否仍然相似？最後，關於活躍買家增長的評論來自真正的新客戶與處於休眠狀態的現有客戶，有點重新激活？

Yes. So cohort performance has continued to be very strong and improved sequentially across most key metrics. If we look at the quarterly evolution of new buyers acquired during the growth of online demand because of COVID. So users who we acquired over the last few months at a very rapid pace have continued to remain engaged, and the overall cohort performance has actually improved sequentially quarter after quarter.

是的。因此，同類群組的表現繼續非常強勁，並且在大多數關鍵指標上都有所改善。如果我們看一下由於 COVID 導致在線需求增長期間獲得的新買家的季度演變。因此，我們在過去幾個月中以非常快的速度獲得的用戶繼續保持參與度，整體隊列表現實際上逐季改善。

In terms of the new cohorts, I would say the last quarter was in line with the previous pandemic cohort, perhaps slightly below in terms of their initial performance, but still historically strong compared to any other prior quarter we could have.

就新隊列而言，我想說上個季度與之前的大流行隊列一致，可能略低於他們的初始表現，但與我們可能擁有的任何其他上一季度相比，仍然具有歷史性的強勁表現。

And our next question comes from Marcelo Santos of JPMorgan.

我們的下一個問題來自摩根大通的馬塞洛桑托斯。

The first question is in the post -- regarding the post office strike. So was there a negative impact in the end in terms of growth? And could you help to like for us to have a feeling or the migration to manage logistics in the end help to offset completely that?

第一個問題在帖子中——關於郵局罷工。那麼最終對增長有負面影響嗎？您能否幫助我們產生一種感覺或遷移到管理物流最終有助於完全抵消這一點？

And the second question is about EBITDA margin, EBIT margin. So profitability also came quite strong again this quarter. Are you reaching a point where you should kind of keep a more positive profitability at the more mature businesses like generated results, as you mentioned last year, like the more mature ones should build more results? Or should we still ramp up more investments and end up doing more the trade-off in terms of -- in growth? These are the 2 questions.

第二個問題是關於 EBITDA 利潤率、EBIT 利潤率。因此，本季度的盈利能力也再次變得相當強勁。正如您去年提到的那樣，您是否應該在更成熟的業務中保持更積極的盈利能力，例如產生的結果，就像更成熟的業務應該建立更多的結果一樣？或者我們是否應該繼續加大投資並最終在增長方面做出更多的權衡？這是2個問題。

Yes. So Correios, like I tried to transmit, we believe long term is something -- or the Correios strike, sorry, is something that ends up being very beneficial to us we migrated thousands of incremental large merchants away from the drop ship model onto our managed network as a consequence of the strike.

是的。所以 Correios，就像我試圖傳達的那樣，我們相信長期是某種東西——或者 Correios 罷工，抱歉，最終對我們非常有益，我們將成千上萬的增量大型商家從運輸模式轉移到我們管理的網絡作為罷工的結果。

Short term, it's still a headwind. So I think we calculated anywhere between mid- to high single digits of growth that we lost because during the strike, delivery promises were longer, conversion rates dropped, parcels took longer to arrive in doorsteps.

短期來看，仍是逆風。因此，我認為我們計算了我們損失的中高個位數增長之間的任何地方，因為在罷工期間，交付承諾更長，轉換率下降，包裹到達家門口的時間更長。

So again, it's short term, it's negative. Mid to long term, it's positive because it gives us incremental arguments with merchants to move them onto the managed network. And we saw that significant increase in sellers now fulfilling through us or using our network for pickup and then injection into our logistics network.

再說一次，這是短期的，是負面的。從中長期來看，這是積極的，因為它為我們與商家提供了更多的爭論，將他們轉移到託管網絡上。我們看到現在通過我們履行或使用我們的網絡取貨然後注入我們的物流網絡的賣家顯著增加。

In terms of profitability profile, as you know, we don't guide. But I think conceptually, the way you've laid out the question is accurate. Our more mature businesses and the larger, more mature geos have strong natural scale in them. And so they should continue to be able to drive some operational leverage. Now don't forget that this is a highly competitive market. And again, we will continue to take the long road.

如您所知，就盈利狀況而言，我們不提供指導。但我認為從概念上講，您提出問題的方式是準確的。我們更成熟的業務和更大、更成熟的地區擁有強大的自然規模。因此，他們應該繼續能夠推動一些運營槓桿。現在不要忘記這是一個競爭激烈的市場。同樣，我們將繼續走漫長的道路。

So if we need to err on the side of remaining aggressive on our investments and driving growth and market share, that continues to be our #1 priority. If we're able to accomplish that and also take advantage of economies of scale, fantastic.

因此，如果我們需要在繼續積極投資並推動增長和市場份額方面犯錯，那仍然是我們的第一要務。如果我們能夠做到這一點並利用規模經濟，那就太好了。

And then there are newer business units and newer initiatives that we've launched, CPG, 1P, insurtech that could be very, very large opportunities and that we will invest behind.

然後我們推出了更新的業務部門和更新的計劃，CPG、1P、保險科技，這可能是非常非常大的機會，我們將在後面進行投資。

And our next question comes from Jamie Friedman of Susquehanna.

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

Pedro, do you have any view about the impact of the corona vouchers, the stimulus program? Any way to detect how much that may have helped your TPV?

佩德羅，你對新冠代金券和刺激計劃的影響有什麼看法嗎？有什麼方法可以檢測到這對您的 TPV 有多大幫助？

I would say they basically had an impact in numbers of payers during the quarter to (inaudible) accounts. In terms of TPV, I don't think there's a number we can specifically point to because there were many you can use, especially paid to the corona vouchers, that we had impact us in a number of ways.

我想說，他們基本上對本季度（聽不清）賬戶的付款人數量產生了影響。就 TPV 而言，我不認為我們可以具體指出一個數字，因為您可以使用很多，尤其是支付給電暈代金券，我們在很多方面對我們產生了影響。

Okay. And then do you happen to have any update on the PayPal operating agreement? What are you guys doing together? What do you have operationalized in the market at this point? And what are your future plans?

好的。然後你碰巧有任何關於 PayPal 運營協議的更新嗎？你們在一起做什麼？您目前在市場上實施了什麼？以及你未來的計劃是什麼？

So Jamie, what we have already launched for the ability for PayPal payers to pay cross-border in MercadoLibre in Brazil and Mexico and also for PayPal payers to pay in the merchant side at the customers at São Paulo in these 2 countries.

所以 Jamie，我們已經推出了讓 PayPal 付款人在巴西和墨西哥的 MercadoLibre 進行跨境支付的能力，以及讓 PayPal 付款人在這兩個國家/地區的聖保羅客戶的商家端付款。

And now we're working on the other parts. One of them is for MercadoLibre payers to be able to pay on global PayPal merchant. And the third one is to focus on remittances from the U.S. into Mexico, driven by someone on the PayPal side and by our distribution network in Mexico. But those 2, we are working on them and have not yet been launched.

現在我們正在研究其他部分。其中之一是 MercadoLibre 付款人能夠在全球 PayPal 商家上付款。第三個是專注於從美國匯款到墨西哥，由 PayPal 方面的人員和我們在墨西哥的分銷網絡推動。但是那些 2，我們正在研究它們，尚未推出。

And our next question comes from John Colantuoni of Jefferies.

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

Can you talk about how efforts across the Brazil retail landscape to spread out sales events this holiday season could impact overall promotional spending this year? And related to that dynamic, I'm curious whether you're seeing any signs that competitors with large physical store footprints are putting even more effort into driving sales to their e-commerce offerings, given the impact the pandemic may have on consumers' desire to shop in store?

您能否談談巴西零售業在這個假日季節開展銷售活動的努力會如何影響今年的整體促銷支出？與這種動態相關，我很好奇你是否看到任何跡象表明，鑑於大流行可能對消費者的需求產生影響，擁有大型實體店足蹟的競爭對手正在加大力度推動其電子商務產品的銷售在商店購物？

Yes. I think I feel more comfortable recapping how Q4 plays out once we've actually gone through the quarter and anticipate how competitors might play and what might happen. Like I said, I think we're focused on our own Q4 execution. You should see us see less on the sidelines than in previous years. We feel that we are better equipped to participate aggressively in those promotional activities, and let's see how it plays out.

是的。一旦我們真正經歷了這個季度，並預測競爭對手的表現和可能發生的情況，我認為我會更自在地回顧第四季度的表現。就像我說的，我認為我們專注於我們自己的第四季度執行。你應該看到我們在場邊看到的比往年少。我們覺得我們更有能力積極參與這些促銷活動，讓我們看看結果如何。

And then in terms of where consumer affinity for online versus for physical store purchases, I think as we've seen gradual reopening of retail, we are seeing more traffic rising that we see primarily in the gradual rebound of our MPOS business and our in-store to our businesses in FinTech.

然後就消費者對在線購物與實體店購買的親和力而言，我認為隨著我們看到零售業逐漸重新開放，我們看到更多的流量上升，主要體現在我們的 MPOS 業務和我們的 in-存儲到我們在金融科技領域的業務。

So I do think that slowly consumers are beginning to return to physical stores.

所以我確實認為消費者開始慢慢回到實體店。

(Operator Instructions) And our next question comes from Kunal Madhukar of Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Kunal Madhukar。

A couple, if I could. One, with regard to the recent Amazon Prime Day and the awareness that we could have generated for e-commerce in general. Typically, what we see in the U.S. is a lot of other retailers, competitors to Amazon, kind of report like higher growth, higher trading volumes around those days. Curious what you saw?

一對，如果可以的話。第一，關於最近的亞馬遜 Prime Day 以及我們本可以為電子商務產生的普遍意識。通常情況下，我們在美國看到的是許多其他零售商，亞馬遜的競爭對手，類似的報告在那些日子裡增長更快，交易量更高。好奇你看到了什麼？

And then again, picking up on what Amazon is doing in the U.S. in terms of Amazon Flex, where they've actually helped finance trucks and trailers and what-have-you advance for last-mile delivery. Is that something which is -- which would be an option for you guys in Brazil as a way to kind of get around the couriers' bottleneck.

再說一次，在亞馬遜 Flex 方面了解亞馬遜在美國所做的事情，他們實際上幫助為卡車和拖車提供資金，以及為最後一英里交付提供的資金。那是什麼 - 這將是你們在巴西的一種選擇，作為一種繞過快遞員瓶頸的方式。

So let me attempt an answer. I think, first of all, Prime Day was -- we had some initiatives that we think blunted the value proposition. We increased our free shipping offering during those weeks, and we saw good results on our end during those weeks.

所以讓我嘗試一個答案。我認為，首先，Prime Day 是——我們有一些我們認為削弱了價值主張的舉措。在那幾週內，我們增加了免費送貨服務，並在這幾週內看到了不錯的結果。

And then in terms of network design and what they're doing, I think my only thought is we've historically always tried to understand very well what's happening in the global e-commerce landscape. And if there are things that are applicable or things that are worth emulating, I think we've always been very adept at doing so and adapting it to whatever the local reality is.

然後在網絡設計和他們正在做的事情方面，我認為我唯一的想法是我們一直試圖很好地理解全球電子商務領域正在發生的事情。如果有適用的東西或值得效仿的東西，我認為我們一直非常擅長這樣做，並使其適應當地的實際情況。

And our network is a case in point in that. We firmly believe that we are building out the most efficient network in the region across multiple geographies, not just in Brazil or just Mexico. And that obviously requires hiring the right people, investing aggressively, but also learning what others are doing globally and replicating where apt.

我們的網絡就是一個很好的例子。我們堅信，我們正在跨多個地區建立該地區最有效的網絡，而不僅僅是在巴西或墨西哥。這顯然需要雇傭合適的人，積極投資，但也需要了解其他人在全球範圍內正在做什麼，並在適當的地方進行複制。

Thank you. And ladies and gentlemen, this does conclude our question-and-answer session. Thank you for participating on today's conference call, and you may now disconnect.

謝謝你。女士們，先生們，這確實結束了我們的問答環節。感謝您參加今天的電話會議，您現在可以斷開連接。