美卡多 (MELI) 2020 Q2 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the Quarter Ended June 30, 2020. I am Federico Sandler, Investor Relations Officer for MercadoLibre. Our Senior manager presenting today is Pedro Arnt, Chief Financial Officer. Additionally, Osvaldo Gimenez, CEO of Mercado Pago will be available during today's Q&A.

大家好，歡迎參加截至 2020 年 6 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 Gimenez 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. 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 our year ended December 31, 2019, Item 1A-Risk Factors in Part II of our Form 10-Q for the quarter ended March 31, 2020, and on any of MercadoLibre, Inc's. other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

我提醒您，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術計劃等事項做出前瞻性陳述。這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。雖然我們認為我們的假設、預期和預測鑑於當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。由於多種原因，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. 的任何公司。向證券交易委員會提交的其他適用文件，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 in our second quarter 2020 earnings press release available in 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。這些措施與最接近的可比 GAAP 措施的對賬可以在我們的投資者關係網站上的 2020 年第二季度收益新聞稿中找到。

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 second quarter 2020 earnings conference call. Before we begin, I want to take a moment to highlight that our thoughts and well wishes continue to go out to all the individuals and families affected by COVID-19, both at our company and everywhere. We particularly extend our immense gratitude for and appreciation and recognition to all those brave souls who continue to work on the front lines through this unprecedented global health crisis.

大家好，歡迎參加我們的 2020 年第二季度財報電話會議。在我們開始之前，我想花一點時間強調，我們的想法和祝福將繼續傳達給我們公司和各地所有受 COVID-19 影響的個人和家庭。我們特別對所有在這場史無前例的全球健康危機中繼續在前線工作的勇敢者表示由衷的感謝、讚賞和認可。

As you may have seen, our latest branding campaign, elbow to elbow, which promotes social distancing, is one of the ways we are contributing to awareness around prevention, raising funds for treatment efforts and paying tribute to health care professionals. I'll detail our other contributions in a moment. We also want to take this opportunity to thank all of MercadoLibre's employees who have shown endless amounts of resiliency, effort, sense of purpose and courage, whether it be balancing the requirements of family, household and work responsibilities while conforming to social-distancing norms and working from home or showing up to work at our warehouses and service centers every day, enabling us to deliver the goods that our users need. We are all immensely proud of all the hard work our employees are doing during such trying times.

正如您可能已經看到的那樣，我們最新的品牌推廣活動“肘對肘”促進了社交距離，這是我們提高預防意識、為治療工作籌集資金和向醫療保健專業人員致敬的方式之一。我稍後會詳細介紹我們的其他貢獻。我們還想藉此機會感謝 MercadoLibre 的所有員工，他們表現出無盡的彈性、努力、目標感和勇氣，無論是在平衡家庭、家庭和工作責任的要求的同時，還是遵守社交距離規範和每天在家工作或出現在我們的倉庫和服務中心工作，使我們能夠交付用戶需要的貨物。我們都為我們的員工在如此艱難的時期所做的所有辛勤工作感到非常自豪。

Before I dive into the quarterly performance overview, let me share with you some of the efforts we continue to undertake in response to this pandemic. We have kept remote work for all the teams, except for our logistics personnel, for which we have applied the strictest norms of prevention and hygiene in all our logistics centers. Added temporarily to our payroll employees from Le Pain Quotidien in Argentina, while in July, we signed agreements with the master franchisees of brands such as McDonald's and Starbucks. In this manner, and together with the agreement that we have already implemented with LPQ, we will total 350 contracts under this collaborative labor initiative in Argentina. We are working towards extending this offer throughout Latin America.

在深入了解季度業績概覽之前，讓我與您分享我們為應對這一流行病而繼續做出的一些努力。除了我們的物流人員外，我們為所有團隊保持遠程工作，為此我們在所有物流中心都採用了最嚴格的預防和衛生規範。臨時增加了來自阿根廷 Le Pain Quotidien 的員工，而在 7 月，我們與麥當勞和星巴克等品牌的主要特許經營商簽署了協議。通過這種方式，再加上我們已經與 LPQ 達成的協議，我們將在阿根廷的這項合作勞工倡議下簽訂總計 350 份合同。我們正在努力將這一優惠擴展到整個拉丁美洲。

We have continued to manage the operation of our commerce, shipping and FinTech solutions without significant interruptions throughout the quarter, helping new and existing sellers to continue their operations as well as buyers to get their products on time. We have launched comprehensive support and training platforms for thousands of SMEs and entrepreneurs in the region, facilitating the onboarding of merchants that are starting to operate in the world of online commerce for the first time as well as generating alliances with some of the main e-commerce platforms that operate in this segment.

我們在整個季度繼續管理我們的商業、航運和金融科技解決方案的運營，沒有出現重大中斷，幫助新老賣家繼續運營，並幫助買家按時獲得產品。我們為該地區數以千計的中小企業和企業家推出了全面的支持和培訓平台，促進了首次在電子商務領域開始運營的商家的入職，並與一些主要的電子商務公司建立了聯盟。在該領域運營的商務平台。

We continue to strengthen our presence and our offering in the long-tail and mid-tail segments by enabling merchants to process food aid cards in Argentina and Brazil, already representing 10% of our MPOS TPV in Argentina and allowing for more than 40,000 new merchants to accept these emergency payments. We have promoted our payments link to avoid crowds of people at physical points of sale while also allowing small and medium-sized businesses to continue to operate. We improved the product's experience and enhanced the communication, positioning the payment link as an excellent solution for distance sales in the current context without needing to have an e-commerce site.

我們繼續加強我們在長尾和中尾細分市場的影響力和產品，使商家能夠在阿根廷和巴西處理食品援助卡，已經占我們在阿根廷 MPOS TPV 的 10%，並允許超過 40,000 家新商家接受這些緊急付款。我們推廣了我們的支付鏈接，以避免實體銷售點出現擁擠的人群，同時也允許中小型企業繼續運營。我們提升了產品體驗，加強了溝通，將支付環節定位為當前場景下遠程銷售的絕佳解決方案，無需電子商務網站。

And finally, we continued with our donation campaigns, helping NGOs and food banks in Argentina, Brazil, Mexico, Chile, Colombia, Peru and Uruguay, through the elbow-to-elbow challenge and campaigns. With that said, let's recap our performance during the quarter, starting with our e-commerce business.

最後，我們繼續開展捐贈活動，幫助阿根廷、巴西、墨西哥、智利、哥倫比亞、秘魯和烏拉圭的非政府組織和食品銀行通過肘對肘挑戰和活動。話雖如此，讓我們回顧一下我們在本季度的表現，從我們的電子商務業務開始。

E-commerce surged during the second quarter as we reached new milestones in penetration and experienced powerful tailwinds, which drove solid performance and overall execution across the board. Traffic and buyers accelerated strongly versus the first quarter with an unprecedented increase in engagement rates. Sessions grew by 48% year-on-year, an acceleration of 28 percentage points versus last quarter's growth. We also improved our conversion rates with buyers on our marketplace, surpassing the $30 million mark, reaching $31.5 million during the quarter.

隨著我們在滲透率方面達到新的里程碑並經歷了強大的順風，電子商務在第二季度飆升，這推動了穩健的業績和整體執行。與第一季度相比，流量和買家強勁增長，參與率空前提高。會話數同比增長 48%，較上一季度增長 28 個百分點。我們還提高了我們市場上買家的轉化率，超過了 3000 萬美元大關，在本季度達到了 3150 萬美元。

Engagement rate in terms of frequency of purchase increased from 4.3 items per unique buyer last year to 5.7, representing more than a 30% improvement annually on a consolidated basis. And new buyers attained a record growth of 75% year-on-year.

購買頻率方面的參與率從去年每位獨立買家的 4.3 件增加到 5.7 件，在綜合基礎上每年提高 30% 以上。新買家同比增長 75%，創歷史新高。

Consolidated gross merchandise volume doubled over last year, growing at 102% during the quarter, with all countries accelerating sequentially on an FX-neutral basis. On a country level, all of our countries accelerated from the first quarter as we delivered FX-neutral year-on-year growth rates of 230% for Argentina, 58% for Brazil and 122% for Mexico.

綜合商品總量比去年翻了一番，在本季度增長了 102%，所有國家在外匯中性的基礎上連續增長。在國家層面，我們所有國家都從第一季度開始加速，因為我們實現了阿根廷 230%、巴西 58% 和墨西哥 122% 的外匯中性同比增長率。

Colombia and Chile's combined growth was almost 200% year-over-year. We've become more focused on these 2 end markets given their increasingly attractive growth profiles as the business accelerates in scale. Our other segment grew 69% year-on-year on an FX-neutral basis. Furthermore, underlying the strength of the quarter, units sold growth exited the quarter growing above 100% year-on-year in all of Brazil, Argentina, Mexico, Chile and Colombia. At the category level, consumer electronics, which was once one of the most affected verticals at the beginning of the year started recovering during May and June to complement the sound growth rates in categories more directly related to COVID-driven consumer behavior changes, such as CPG and health, to name a few.

哥倫比亞和智利的總和同比增長近 200%。隨著業務規模的擴大，我們更加關注這兩個終端市場，因為它們的增長前景越來越有吸引力。在外匯中性的基礎上，我們的其他部門同比增長 69%。此外，在本季度強勁的基礎上，巴西、阿根廷、墨西哥、智利和哥倫比亞所有國家的銷售量在本季度均實現了超過 100% 的同比增長。在品類層面，曾經是年初受影響最嚴重的垂直行業之一的消費電子產品在 5 月和 6 月開始復蘇，以補充與 COVID 驅動的消費者行為變化更直接相關的品類的穩健增長率，例如CPG 和健康，僅舉幾例。

Regarding consumer electronics in Brazil, where we have been doing significant work to improve price competitiveness, assortment, amongst other initiatives. In this country, we exited the quarter with an almost 40% growth acceleration throughout the period, indicating that many of our efforts are beginning to pay off.

關於巴西的消費電子產品，我們一直在努力提高價格競爭力、產品種類以及其他舉措。在這個國家，我們在整個季度以近 40% 的增長加速結束了本季度，這表明我們的許多努力開始得到回報。

In consumer packaged goods, specifically, not only have we continued to see improvements in terms of adoption and growth but we are also continuing to verticalize the experience in this increasingly important category for us. On the product side, during the month of April, we launched our supermarket navigation in Brazil and Argentina, helping us accelerate conversions and growth in that category.

特別是在消費品包裝方面，我們不僅在採用和增長方面繼續看到改進，而且我們還在繼續垂直化這個對我們越來越重要的類別的體驗。在產品方面，4 月份，我們在巴西和阿根廷推出了超市導航，幫助我們加快了該類別的轉化和增長。

In line with that, we also continued enhancing the navigation experience through our shopping cart as we enabled users to bundle items in a single order and be able to access free shipping benefits on this category as well. We have also made solid progress on our cross-border trade initiatives to deepen assortment and selection during the quarter, especially in Mexico.

與此一致，我們還通過我們的購物車繼續增強導航體驗，因為我們使用戶能夠將商品捆綁在一個訂單中，並且還能夠獲得該類別的免費送貨優惠。我們還在本季度深化分類和選擇的跨境貿易舉措方面取得了實質性進展，尤其是在墨西哥。

Our improved output was primarily driven by our Chinese sellers being able to recover from the initial impact of COVID-19 to their businesses. Additionally, during the second quarter, we launched pricing per category in Mexico and Chile. This had already been made available in Colombia since the first quarter where we lowered commissions for consumer electronics categories and increased them for higher-margin merchant categories like fashion and apparel as well as furniture, among others. This initiative allowed us to better adapt pricing to our merchants margin structures and be more competitive without compromising overall monetization and take rates.

我們提高產量的主要原因是我們的中國賣家能夠從 COVID-19 對其業務的最初影響中恢復過來。此外，在第二季度，我們在墨西哥和智利推出了按類別定價。自第一季度以來，這已經在哥倫比亞推出，我們降低了消費電子產品類別的佣金，並增加了時尚和服裝以及家具等利潤率較高的商業類別的佣金。這一舉措使我們能夠更好地調整定價以適應我們的商家利潤結構，並在不影響整體貨幣化和利率的情況下更具競爭力。

I'll now turn to logistics, a growth area that continues to unlock powerful synergies with our marketplaces. Our managed network has been central to growing our e-commerce businesses and being able to handle the increased demand resulting from the pandemic, validating the resources we have been allocating to the growth of our own logistics network over the previous years. We are delivering on time and cost efficiently across the region with our consolidated Net Promoter Score continuing to improve.

我現在將轉向物流，這個增長領域將繼續與我們的市場發揮強大的協同作用。我們的管理網絡對於發展我們的電子商務業務和應對大流行導致的需求增加至關重要，這驗證了我們過去幾年為發展我們自己的物流網絡而分配的資源。我們的綜合淨推薦值繼續提高，我們在整個地區按時和成本高效地交付。

In fact, our managed network NPS reached an all-time high in Brazil with users highlighting speed of delivery and merchants quality of our shipping services. We've also been able to maintain delivery speed while growing volume, particularly for deliveries arriving in less than 48 hours, where year-over-year, we improved by 10 percentage points, the consolidated share of these rapid deliveries, especially in Brazil, where that improvement was a 13 percentage points.

事實上，我們管理的網絡 NPS 在巴西達到了歷史最高水平，用戶強調了我們運輸服務的交付速度和商家質量。我們還能夠在增加數量的同時保持交付速度，特別是對於在 48 小時內到達的交付，與去年同期相比，我們提高了 10 個百分點，這些快速交付的綜合份額，特別是在巴西，提高了 13 個百分點。

Same-day deliveries also improved on a consolidated sequential basis, with countries such as Brazil, more than doubling from prior year quarter share, mainly attributable to a higher penetration of our Flex service, which already accounts for 5% of the consolidated volume. Important milestones in Mercado Envios did not stop there. Our managed network penetration surpassed the 50% mark on a consolidated basis.

同日交付量在綜合環比基礎上也有所改善，巴西等國家/地區的份額比去年同期增加了一倍以上，這主要是由於我們的 Flex 服務的滲透率更高，該服務已經佔綜合量的 5%。 Mercado Envios 的重要里程碑並沒有就此止步。我們的託管網絡滲透率在綜合基礎上超過了 50%。

Brazil and Argentina reached 51% and 79%, respectively. Fulfillment in Brazil reached 17% of total shipments, exiting the quarter with a penetration of nearly 20% in June. The remaining 30 points of the Brazilian managed network coming from our rapidly expanding cross stocking operations. In Mexico, we maintained the pace of execution with fulfillment penetration stable on a sequential basis.

巴西和阿根廷分別達到 51% 和 79%。巴西的履行達到了總出貨量的 17%，在本季度結束時，6 月份的滲透率接近 20%。巴西管理網絡的其餘 30 個點來自我們快速擴展的交叉庫存業務。在墨西哥，我們保持了執行速度，履約滲透率連續穩定。

On the shipping product and technology front, we are pleased to report that MELI logistics, our integration of micro carriers into our managed network gained penetration in Brazil and Mexico. We also launched technology for this product in Argentina during the quarter, enabling us to more efficiently manage the pandemic-driven surge in demand we have faced. As a result of this integration and as our Flex logistics solution continues to gain share, we continue to generate efficiencies in our shipping costs with savings Q-on-Q of around 23% per unit shipped.

在航運產品和技術方面，我們很高興地報告說，我們將微型承運人整合到我們的管理網絡中的 MELI 物流在巴西和墨西哥獲得了滲透。我們還在本季度在阿根廷推出了該產品的技術，使我們能夠更有效地管理我們面臨的由大流行驅動的需求激增。由於這種整合以及我們的 Flex 物流解決方案繼續獲得份額，我們將繼續提高運輸成本的效率，每單位出貨量環比節省約 23%。

Given the success of our managed network, we've continued scaling this important initiative with the launch of our first fulfillment centers in Chile and Colombia as we double down on our efforts to maintain our leadership position in these countries. Additionally, we also continued with the expansion and rollout of our Flex logistics solution, launching it in Uruguay and Chile during the quarter.

鑑於我們託管網絡的成功，我們繼續擴大這一重要舉措，在智利和哥倫比亞推出了我們的首個履行中心，同時我們加倍努力保持我們在這些國家的領導地位。此外，我們還繼續擴展和推出 Flex 物流解決方案，於本季度在烏拉圭和智利推出。

The latter should not only help us drive greater penetration of Mercado Envios in the aforementioned countries but also enable us to have more influence over the last-mile delivery, being able to generate efficiencies on the most cumbersome part of the shipping journey. Additionally, we continued expanding places, our drop off point solution in Brazil. We now have over 1,300 places up off points throughout 4 states. During the pandemic, given that some of our drop-offs weren't marked as nonessential activities and weren't able to open, we implemented an alternative places offering, MELI-branded place trucks. This initiative was deployed in safe, high-density locations in São Paulo, providing an innovative experience to sellers at a reduced cost.

後者不僅應該幫助我們推動 Mercado Envios 在上述國家/地區的更大滲透，而且使我們能夠對最後一英里的交付產生更大的影響，能夠在運輸過程中最繁瑣的部分提高效率。此外，我們繼續擴展地點，即我們在巴西的下車點解決方案。我們現在在 4 個州有超過 1,300 個地點。在大流行期間，鑑於我們的一些下車沒有被標記為非必要活動並且無法開放，我們實施了替代場所，提供 MELI 品牌的場所卡車。該計劃部署在聖保羅的安全、高密度地點，以較低的成本為賣家提供創新體驗。

With that, now let's move on to the FinTech side of the business, another critical building block of our ecosystemic strategy. Our off-platform payments business exceeded our expectations during the period due to the strong performance of our online payments business and the relative resiliency demonstrated by our physical in-store solutions, MPOS and QR. Consequently, Mercado Pago surpassed the 52 million payers mark during the quarter, growing 64% year-on-year, accelerating sequentially by more than 21 percentage points.

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的另一個關鍵組成部分。由於我們的在線支付業務的強勁表現以及我們的實體店內解決方案、MPOS 和 QR 表現出的相對彈性，我們的平台外支付業務在此期間超出了我們的預期。因此，Mercado Pago 本季度的付款人超過了 5200 萬，同比增長 64%，環比增長超過 21 個百分點。

We've also seen better engagement rates with our payment solution, achieving almost 8 transactions per quarter per unique payer. During the quarter, off-platform total payment volume accelerated sequentially to 175% year-on-year on an FX-neutral basis with a stellar 339% year-on-year growth in Argentina, a strong performance in Mexico and in the other segments, which are growing over 220%. Brazil, on the other hand, has a greater off-platform total payment volume contribution from mobile POS systems, which rely on foot traffic, which, given the aforementioned lockdowns, was a more compromised segment than online payments. The impact of the pandemic on the MPOS business translated into a slower off-platform TPV growth pace in Brazil of 84% year-on-year.

我們還看到我們的支付解決方案的參與率更高，每個唯一付款人每季度實現近 8 筆交易。本季度，在外匯中性的基礎上，平台外總支付量同比增長 175%，阿根廷同比增長 339%，墨西哥和其他領域表現強勁，增長超過 220%。另一方面，巴西的移動 POS 系統對平台外總支付量的貢獻更大，移動 POS 系統依賴於人流量，鑑於上述封鎖，與在線支付相比，該系統受到的影響更大。大流行對 MPOS 業務的影響轉化為巴西平台外 TPV 同比增長 84% 的放緩。

During the second quarter, our online payments processing business, what we call merchant services, delivered one of the highest historical growth rates, reaching 164% year-on-year on an FX-neutral basis. The latest shift towards e-commerce consumption benefited us across all regions. Notably, we recorded year-on-year growth of 457% in Colombia and 258% in Argentina, both on an FX-neutral basis. Not only did our online services accelerate on both number and volume processed but also on the onboarding of new merchants adopting our payments offerings. This has accelerated the migration of sellers to the online world, both large and long tail, leading to a record acquisition during the second quarter.

在第二季度，我們稱為商戶服務的在線支付處理業務實現了歷史最高增長率之一，在外匯中性基礎上達到 164% 的同比增長率。向電子商務消費的最新轉變使我們在所有地區都受益。值得注意的是，在外匯中性的基礎上，我們在哥倫比亞和阿根廷分別錄得 457% 和 258% 的同比增長。我們的在線服務不僅在處理的數量和數量上都得到了加速，而且在採用我們的支付產品的新商家的入職方面也得到了加速。這加速了賣家向在線世界的遷移，無論是大尾還是長尾，導致第二季度的收購創紀錄。

Mobile wallet also had a strong quarter as it benefited from a consumer shift to contactless payments. Although we did observe a deceleration in the in-store payment solutions like our QR and MPOS products. The latter 2 continued to be affected by lower foot traffic due to COVID-19 throughout the quarter. As a result, consolidated wallet TPV accelerated to 373% year-on-year on an FX-neutral basis. Overall wallet adoption reached 9.5 million active payers during the quarter with almost 10 transactions per quarter per unique payer, accelerating the frequency of purchase versus prior quarters.

移動錢包也有一個強勁的季度，因為它受益於消費者轉向非接觸式支付。儘管我們確實觀察到我們的 QR 和 MPOS 產品等店內支付解決方案出現減速。後兩者繼續受到整個季度由於 COVID-19 導致的客流量減少的影響。因此，在外匯中性的基礎上，綜合錢包 TPV 同比增長 373%。本季度，錢包的整體採用率達到 950 萬活躍支付者，每個獨立支付者每季度進行近 10 筆交易，與前幾個季度相比，購買頻率加快了。

Second quarter MPOS TPV grew on a consolidated FX-neutral basis by 80% year-on-year. This performance was impacted more negatively during April, with year-on-year growth of 71% but accelerated through May and June, exiting the quarter at a growth rate of 89% year-on-year, almost reaching pre-COVID levels. Additionally, in Argentina, we are happy to report that we launched our point plus device, which should enable us to move up the merchant base and have a more complete value proposition that facilitates better cross-selling to marketplace merchants who also have physical stores.

第二季度 MPOS TPV 在綜合外匯中性基礎上同比增長 80%。這一業績在 4 月份受到了更大的負面影響，同比增長 71%，但在 5 月和 6 月加速，以同比 89% 的增長率退出該季度，幾乎達到了 COVID 之前的水平。此外，在阿根廷，我們很高興地報告說，我們推出了積分加設備，這將使我們能夠提升商家基礎並擁有更完整的價值主張，從而促進更好地交叉銷售給也有實體店的市場商家。

Although, as I just mentioned, the pandemic negatively impacted the physical retail footprint across the region, our active MPOS merchant base increased during the second quarter to $3 million, while on a consolidated basis, device sales surpassed the previous quarter mark, reaching almost 1 million devices sold. This strong momentum of device sales and user base growth is mostly due to the trend towards digital payments, cash shortages and an increased propensity towards local purchases in smaller convenience stores.

儘管正如我剛才提到的，大流行對整個地區的實體零售足跡產生了負面影響，但我們活躍的 MPOS 商戶在第二季度增加到 300 萬美元，而在綜合基礎上，設備銷售額超過了上一季度的大關，達到近 1萬台設備售出。設備銷售和用戶群增長的強勁勢頭主要是由於數字支付的趨勢、現金短缺以及在小型便利店本地購買的傾向增加。

We also implemented different initiatives to accelerate the transactional volume, including, but not limited to, lowering fees, eliminating interest charges on credits, cross-selling the payments link and enabling the feature of acceptance of emergency aid as a means of payment.

我們還實施了不同的舉措來加快交易量，包括但不限於降低費用、取消信貸利息費用、交叉銷售支付環節以及啟用接受緊急援助作為支付手段的功能。

Staying on FinTech, one quick update on our PayPal commercial agreement. We are very pleased to announce that PayPal is now available for cross-border transactions on MercadoLibre in Brazil and Mexico and also available as a payment option within Mercado Mercado Pago'sPago's online checkout for foreign shoppers. This is a first step that we hope will generate powerful synergies between both companies and boost even further our common objective to democratize payments throughout Latin America.

繼續關注 FinTech，快速更新我們的 PayPal 商業協議。我們很高興地宣布，PayPal 現在可以在巴西和墨西哥的 MercadoLibre 上進行跨境交易，並且還可以在 Mercado Mercado Pago'sPago 的外國購物者在線結賬中作為支付選項。這是第一步，我們希望這將在兩家公司之間產生強大的協同效應，並進一步推動我們在整個拉丁美洲實現支付民主化的共同目標。

Moving on to Mercado Crédito. During the quarter, we slowed our pace of originations in order to manage our exposure to merchant and consumer credit risk as the pandemic and lockdowns got stronger at the beginning of the quarter. We've been able to mitigate default rate impacts due to the swift prevention measures taken. Consequently, nonperforming loans actually improved Q-on-Q on a consolidated basis.

繼續前往 Mercado Crédito。在本季度，隨著大流行和封鎖在本季度初變得更加嚴重，我們放慢了發起速度，以管理我們面臨的商家和消費者信貸風險。由於採取了迅速的預防措施，我們已經能夠減輕違約率的影響。因此，不良貸款在綜合基礎上實際上環比有所改善。

This was, in a large part, explained by the slowdown in the pace of originations during April that I just mentioned as our teams shifted origination towards users with good historical credit behavior while we also enhanced our collection mechanisms and processes. Along these lines, it's also important to highlight that as we entered into May and June and we had more data in our models, we gained a better, more confident understanding of users, which enabled us to more accurately predict their behavior and also to ramp up originations again.

這在很大程度上可以解釋為 4 月份發起速度放緩，我剛剛提到我們的團隊將發起轉向具有良好歷史信用行為的用戶，同時我們還加強了收款機制和流程。沿著這些思路，同樣重要的是要強調，隨著我們進入 5 月和 6 月，我們的模型中有更多數據，我們對用戶有了更好、更自信的了解，這使我們能夠更準確地預測他們的行為並提高再次上升起源。

When we analyze the nonperforming loans through the second quarter on a monthly basis, they have kept improving all the way through the end of June. The lower bad debt levels plus higher interest rates have resulted in an improvement in the profitability of our credits business during the second quarter.

當我們按月分析第二季度的不良貸款時，它們一直在持續改善，直到 6 月底。較低的壞賬水平加上較高的利率導致我們的信貸業務在第二季度的盈利能力有所改善。

Let me now move on to the review of our financial progress report for the quarter. The financial performance we delivered during the second quarter has been stellar. However, I do want to take a moment to highlight 2 things before I walk you through the actual results. First, I want to acknowledge an event that took place during the quarter, which resulted in a bad debt charge of $27 million. Within Mercado Pago, we traditionally have agreements with multiple unaffiliated entities under which our users are able to deposit cash at the agencies of these entities for credit to their Mercado Pago accounts. These amounts are recognized on our balance sheet as receivables from these unaffiliated entities.

現在讓我繼續審查我們本季度的財務進度報告。我們在第二季度的財務表現非常出色。但是，在帶您了解實際結果之前，我確實想花點時間強調兩件事。首先，我要承認本季度發生的一起事件，導致 2700 萬美元的壞賬費用。在 Mercado Pago 內，我們傳統上與多個非附屬實體簽訂協議，根據這些協議，我們的用戶可以在這些實體的代理機構存入現金，以記入他們的 Mercado Pago 賬戶。這些金額在我們的資產負債表中確認為來自這些非關聯實體的應收款項。

During the month of June, we became aware that one of the unaffiliated entities we work with in Argentina that acted as a cash collection agent had accumulated a number of receivables that they did not settle to our bank accounts. Upon review, we realized that collection efforts for these balances had not been carried out and that the aging of these accounts receivables exceeded the allowed limits established by our internal controls. As a result, we've booked the charge to our P&L to reflect that the collections are past due our aging policies, while we continue to work to recover the amount from the counterpart.

在 6 月份，我們了解到，與我們在阿根廷合作的一家作為收款代理的非關聯實體積累了一些未結算到我們銀行賬戶的應收賬款。經審查，我們意識到尚未對這些餘額進行催收工作，並且這些應收賬款的賬齡超出了我們內部控制規定的允許限制。因此，我們已將費用記入損益表，以反映由於我們的賬齡政策已逾期，同時我們將繼續努力從對應方收回金額。

We've also identified this event as an opportunity to improve our internal controls on this specific matter in order to avoid a similar situation occurring in the future. We've also revised all other accounts and have found no evidence of similar deficiencies and collections efforts with other entities that form part of our payments value chain.

我們還將此事件確定為改善我們對此特定事項的內部控制的機會，以避免將來發生類似情況。我們還修改了所有其他賬戶，沒有發現與構成我們支付價值鏈一部分的其他實體存在類似缺陷和收款工作的證據。

Second, and to state the obvious, this has been a unique quarter. Changes in consumer demand brought about by the pandemic have accelerated adoption of digital platforms significantly throughout the region. We believe this has both the enduring impact of greater scale benefits in general to our financials as well as the short-term benefit of allowing us to significantly decrease marketing spend while still benefiting from accelerating organic traffic.

其次，很明顯，這是一個獨特的季度。大流行帶來的消費者需求變化極大地加速了整個地區對數字平台的採用。我們認為，這既有更大的規模效益對我們的財務狀況產生持久影響，也有短期效益讓我們能夠顯著減少營銷支出，同時仍能從加速有機流量中受益。

As we see it, that first trend is sustainable. The second one, less so as we plan to re-ramp up sales and marketing investments in our business to acquire and retain the growing number of users that have moved online during the last few months. With those 2 comments out of the way, let me start my review of our P&L with comment on consolidated net revenues.

正如我們所見，第一個趨勢是可持續的。第二個，因為我們計劃重新增加對我們業務的銷售和營銷投資，以獲取和保留在過去幾個月中越來越多的在線用戶。排除這兩條評論後，讓我從對合併淨收入的評論開始審查我們的損益表。

For the second quarter, they ascended to $878.4 million, a year-on-year increase of 61% in U.S. currencies and 123% on an FX-neutral basis as we continue to optimize shipping subsidies and costs that minimize contra revenues from free shipping programs and benefit from the surge in demand throughout our platforms. Gross profit for the second quarter was $427.2 million at a margin of 49% compared to 50% during the second quarter of 2019. The margin compression resulted primarily from an increase in shipping operating costs as a percentage of net revenues, partially offset by a decrease in collection fees as a percentage of revenues.

第二季度，隨著我們繼續優化航運補貼和成本，最大限度地減少免費航運計劃的收入並從我們平台的需求激增中受益。第二季度毛利潤為 4.272 億美元，利潤率為 49%，而 2019 年第二季度為 50%。利潤率壓縮主要是由於航運運營成本占淨收入的百分比增加，部分被下降所抵消收取費用佔收入的百分比。

Sequentially, we've improved gross margins by 66 basis points, mostly driven by better margins on the shipping warehousing front and efficiencies both in shipping carrier costs, MPOS purchase of devices and collection fees. In the slides accompanying this presentation, we've included, as we do every quarter, a detailed breakdown of these as well as the OpEx margin evolution that I'll cover quickly now.

隨後，我們將毛利率提高了 66 個基點，這主要是由於航運倉儲方面的利潤率提高以及航運承運人成本、MPOS 設備購買和收款費用方面的效率提高。在本演示文稿隨附的幻燈片中，我們像每個季度一樣，詳細介紹了這些內容以及運營支出利潤率的演變，我現在將快速介紹。

Operating expenses increased to $327.7 million, an increase of 15% year-on-year in dollars. As a percentage of revenues, operating expenses were 37% compared to 52% during the second quarter of 2019. The $43.1 million decrease is mainly due to marketing expenditure decreases that were made possible as a result of the extraordinary growth in organic demand brought about by the effects of the COVID-19 pandemic on consumer behavior. This was partially offset by $25.5 million increase in bad debt expenses explained by the recognition of $27 million charge from the aforementioned accumulated accounts receivables from an unaffiliated entity in Argentina, a increase of $14.5 million in our buyer protection program expenses, mainly in Mexico and Argentina, a $2.3 million increase in chargebacks from credit cards due to the increase in our Mercado Pago transaction volume, a $1.6 million increase in other sales expenses mainly related marketing initiatives and a $1.5 million increase in salaries and wages. Additionally, we had a onetime charge in the valuation methodology of how we account for our long-term retention plan of $15.3 million. As a result, operating income was $99.4 million compared to a loss of $29.7 million during the prior quarter. As a percentage of revenues, operating income margin was 11.3%, improving by 1,587 basis points on a sequential basis. Excluding the bad debt onetime charge, operating income would have been $126.1 million, representing a margin of 14.4%.

運營費用增至 3.277 億美元，按美元計算同比增長 15%。營業費用佔收入的百分比為 37%，而 2019 年第二季度為 52%。減少 4310 萬美元的主要原因是營銷支出減少，這是由於COVID-19 大流行對消費者行為的影響。這部分被壞賬費用增加 2550 萬美元所抵消，原因是確認上述阿根廷非關聯實體的累計應收賬款 2700 萬美元，我們的買方保護計劃費用增加了 1450 萬美元，主要在墨西哥和阿根廷，由於我們的 Mercado Pago 交易量增加，信用卡拒付增加了 230 萬美元，主要與營銷計劃相關的其他銷售費用增加了 160 萬美元，工資和工資增加了 150 萬美元。此外，我們在估值方法中對我們如何計算 1530 萬美元的長期保留計劃進行了一次性收費。因此，營業收入為 9940 萬美元，而上一季度虧損 2970 萬美元。作為收入的百分比，營業收入利潤率為 11.3%，環比提高 1,587 個基點。不計一次性壞賬費用，營業收入為 1.261 億美元，利潤率為 14.4%。

Moving down our P&L. The company incurred $27 million in financial expenses for this quarter, mainly attributable to financial loans entered into during the second quarter of 2020, mainly in Brazil and Argentina, and interest expenses from our trusts related to our factoring business in Argentina and the 2028 convertible notes we have issued. Interest income was $18.8 million, a 44% decrease year-over-year as a result of lower interest rates in our investment as a consequence of the pandemic. As a result of this, net income for the second quarter ascended to $55.9 million.

降低我們的損益表。公司本季度的財務費用為 2700 萬美元，主要是由於 2020 年第二季度主要在巴西和阿根廷簽訂的金融貸款，以及與我們在阿根廷的保理業務和 2028 年可轉換票據相關的信託利息費用我們已經發出。由於大流行導致我們的投資利率降低，利息收入為 1880 萬美元，同比下降 44%。因此，第二季度的淨收入上升至 5590 萬美元。

Before wrapping up, I want to recognize this delicate moment in history, one that has taken a toll on all of us in health, wealth and spirit. At MercadoLibre, our stated business mission is to democratize commerce and payments. With so many businesses being hard hit, we have the unique opportunity to connect and empower millions of Latin American entrepreneurs, while continuing to partner with governments across the region in our role as an essential service. Never has our mission been more relevant and never have we felt more determined to fulfill it.

在結束之前，我想承認歷史上的這一微妙時刻，它對我們所有人的健康、財富和精神造成了影響。在 MercadoLibre，我們既定的商業使命是使商業和支付民主化。由於有如此多的企業受到重創，我們有獨特的機會聯繫數百萬拉丁美洲企業家並賦予他們權力，同時繼續與該地區的政府合作，發揮我們作為基本服務的作用。我們的使命從未如此重要，我們也從未像現在這樣堅定地去完成它。

We will continue to do our part to help get the world back on its feet. And once we get there, we hope to celebrate that achievement with all of you, elbow to elbow.

我們將繼續儘自己的一份力量，幫助世界重新站起來。一旦我們到達那裡，我們希望與你們所有人一起慶祝這一成就，並肩作戰。

Thank you, 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 take your questions.

一如既往地感謝大家參加電話會議，我們期待在下個季度向您通報我們的進度報告。有了這個，我們可以回答您的問題。

(Operator Instructions) Our first question comes from Stephen Ju with Crédit 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, can you talk about the changes to the fee structure that is now expanding out of Colombia. Presumably, this should result in greater listing selection and hopefully purchase velocity, but we wanted to confirm that you are indeed seeing this pickup although it might be difficult to disaggregate the impact versus the pandemic's impact. Also, when do you anticipate rolling out the fee structure changes to Brazil?

那麼佩德羅，你能談談現在在哥倫比亞以外擴展的收費結構的變化嗎？據推測，這應該會導致更多的上市選擇和購買速度，但我們想確認您確實看到了這種回升，儘管可能很難區分影響與大流行的影響。此外，您預計何時將費用結構變更推廣到巴西？

Stephen, thanks. So the fee structure aims, as you anticipate, to better match the fees we charge merchants with the economics of different categories and therefore should drive more merchants to want to list, we're trying to accomplish this in a way that is take rate neutral. So we're not trying to raise take rates nor diminish them. And you are correct. Disaggregating impact from the overall context is extremely difficult. I think the one assertion we can make is that the balancing of take rate has worked well in the markets where we've done this. And obviously, our marketplaces are on fire across the board. So we anticipate and we are working on the rollout to Brazil. We haven't communicated a specific date yet, I believe. But this is something that given the positive impact in the other countries, we are looking to roll it out to the other markets.

斯蒂芬，謝謝。因此，正如您預期的那樣，費用結構旨在更好地使我們向商家收取的費用與不同類別的經濟狀況相匹配，因此應該推動更多商家想要上市，我們正試圖以一種利率中性的方式實現這一目標.所以我們不會試圖提高或降低利率。你是對的。從整體環境中分解影響是極其困難的。我認為我們可以做出的一個斷言是，在我們已經做到這一點的市場中，採取率的平衡運作良好。顯然，我們的市場全面火爆。因此，我們預計並正在努力將其推廣到巴西。我相信，我們還沒有溝通具體的日期。但鑑於對其他國家的積極影響，我們正在尋求將其推廣到其他市場。

Our next question comes from Irma Sgarz from Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

Congrats on the quarter. In the monetization of e-commerce, the commerce revenues, the commerce GMV, you had some impressive results. I know there's a couple of different forces at play. And you mentioned in your opening remarks the impact of reduced optimized pre-shipping subsidies and corporate revenues. Could you just maybe touch upon a little bit more color on what were the main drivers here and how you maybe seeing that progressing into -- if there's anything sort of one-off term that we may not be seeing into the back half of this year?

祝賀本季度。在電子商務的貨幣化、商業收入、商業 GMV 方面，你取得了一些令人印象深刻的成果。我知道有幾種不同的力量在起作用。您在開場白中提到了減少優化的裝運前補貼和企業收入的影響。您能否就這裡的主要驅動因素以及您如何看待這種情況的進展進行更多的顏色說明-如果有什麼我們可能不會在今年下半年看到的一次性術語?

Irma, sorry, I'm not sure I understood the first part of the question.

厄瑪，對不起，我不確定我是否理解了問題的第一部分。

It's about the monetization rate or the implied take rate of the commerce revenues over the GMD, which improved year-over-year and quarter-over-quarter by an impressive amount. And I wanted to understand were to sort of separate the different impacts from -- I think there's probably also to some extent, some accounting effects. Some of the revenues or some of the shipping costs are shifting to different lines. But how should we think about this into the back half of the year in 2020 -- in 2021.

這是關於商業收入在 GMD 上的貨幣化率或隱含獲取率，其同比和環比都有顯著的提高。我想理解的是，將不同的影響與 - 我認為在某種程度上可能還有一些會計影響。一些收入或一些運輸成本正在轉移到不同的線路。但是我們應該如何考慮到 2020 年下半年——2021 年。

So I think what you're seeing now probably already begins to reflect a more stabilized level in terms of representation of where the revenues are presented. And in terms of free shipping, I think we're analyzing, going forward, where there are opportunities to increase free shipping. But given that there also have been significant improvements, as we called out in cost of shipping and whatnot, we actually see pockets of opportunities to offer more free shipping without negatively affecting monetization. So I think the quarter should be a reasonable indication of where the year could play out in terms of the monetization level on the marketplace. The other issue, Irma, that drives the deltas and monetization on a consolidated basis is if you look at the growth rates, we are seeing tremendous performance out of Colombia, Chile. Even Mexico continues to drive phenomenal growth. Brazil rebounded significantly, but when you compare growth rates to these other markets, it's lower. So our mix shift is moving to some of these newer markets with big opportunity. And they typically have lower monetization levels on the commerce side as they are earlier stage.

因此，我認為您現在所看到的可能已經開始反映收入表現形式的更加穩定的水平。在免費送貨方面，我認為我們正在分析未來有機會增加免費送貨的地方。但鑑於也有重大改進，正如我們在運輸成本等方面所呼籲的那樣，我們實際上看到了一些機會，可以提供更多免費送貨，而不會對貨幣化產生負面影響。所以我認為這個季度應該是一個合理的跡象，表明今年市場上的貨幣化水平可能會在哪裡發揮作用。另一個在綜合基礎上推動增量和貨幣化的問題是，如果你看一下增長率，我們會看到哥倫比亞和智利的巨大表現。甚至墨西哥也繼續推動著驚人的增長。巴西大幅反彈，但與其他市場相比，增長率更低。因此，我們的組合轉變正在轉向其中一些具有巨大機會的新市場。由於處於早期階段，它們在商業方面的貨幣化水平通常較低。

Our next question comes from Bob Ford of 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, I wanted to ask 2 questions if it's okay. Can you talk a little bit about adoption rates at QR and in points of sale with CLO link and your other Brazilian partners and how you expect that to ramp? And also, how are you thinking about remittances and the adoption of the digital solution given the very high cash orientation of the market today?

祝賀本季度。佩德羅，如果可以，我想問兩個問題。您能否與 CLO 鏈接和您的其他巴西合作夥伴談談 QR 和銷售點的採用率，以及您希望如何提高？此外，鑑於當今市場的高度現金導向，您如何看待匯款和數字解決方案的採用？

And then you've made tremendous progress with respect to the managed network, particularly in Brazil. Can you talk a little bit about the possible impact in the event of another Correios strike in Brazil and how you can mitigate that given a greater integration.

然後您在託管網絡方面取得了巨大進步，尤其是在巴西。您能否談談在巴西再次發生 Correios 罷工時可能產生的影響，以及如何通過更大程度的整合來減輕這種影響。

Bob, this is Osvaldo. With regards to adoption of QR codes in Brazil, what we saw, in general -- not only in Brazil, but in general, during the second quarter was that due to the diminished foot traffic in the case of wallet, we saw an acceleration in those flows. We do not require people to be in person. So we saw acceleration in P2P payments, in mobile -- in top-up of mobile phones and also in payment of utilities.

鮑勃，這是奧斯瓦爾多。關於在巴西採用 QR 碼，我們看到的總體情況——不僅在巴西，而且總體而言，在第二季度，由於錢包的人流量減少，我們看到了加速那些流動。我們不要求人們親自到場。因此，我們看到了 P2P 支付、移動支付——手機充值以及公用事業支付的加速。

In terms of QR code, given that there was a significant decrease in foot traffic and that some of the categories where we have been stronger are related to food or gas station, what we did was we reduced the number of incentives and discounts we were providing. With regards to your specific questions of how do we expect the ramp-ups with CLO links, so far, we have seen some transactions there, but it's difficult to discern quite the effect given this reduction in overall foot traffic and lower use of in-store payments during the quarter. If -- I'm not sure I got your second question right. Was it related to remittances, right?

在二維碼方面，鑑於客流量顯著減少，並且我們做強的一些類別與食品或加油站有關，我們所做的是減少了我們提供的獎勵和折扣的數量.關於您的具體問題，即我們如何預期 CLO 鏈接的增加，到目前為止，我們已經看到了一些交易，但鑑於整體客流量的減少和 in- 的使用減少，很難看出效果如何本季度的商店付款。如果——我不確定你的第二個問題是否正確。跟匯款有關吧？

It was. And given the cash orientation of the market today, how do you plan to change that behavior pattern? Would you expect that the -- certainly, the fees and the foreign exchange spreads have to be much more competitive with your value proposition.

它是。鑑於當今市場的現金導向，您打算如何改變這種行為模式？您是否期望 - 當然，費用和外匯價差必須與您的價值主張更具競爭力。

Yes. And with regards to remittances, we have been doing more business development and partnering with other companies to become stronger here. As you know, part of the agreement we have with PayPal is that we will leverage their Zoom platform. And we are already working on together managing remittances from the U.S. into Mexico. They have a huge distribution of people who could fund those accounts in the U.S., and they will be able to pay to our account holders in Mexico. Beyond that, we have also started working with Western Union and providing them with the ability also to both fund and disburse placement. It's not live yet, but we have announced it already. You can already fund transactions using Mercado Pago, but you will also be able to disburse transactions using Mercado Pago.

是的。在匯款方面，我們一直在做更多的業務發展，並與其他公司合作，在這裡變得更強大。如您所知，我們與 PayPal 達成的部分協議是我們將利用他們的 Zoom 平台。我們已經在共同管理從美國到墨西哥的匯款。他們有大量的人員可以為美國的這些賬戶提供資金，他們將能夠向我們在墨西哥的賬戶持有人付款。除此之外，我們還開始與西聯匯款合作，為他們提供資金和支付安置的能力。它還沒有上線，但我們已經宣布了。您已經可以使用 Mercado Pago 為交易提供資金，但您也可以使用 Mercado Pago 支付交易。

Great. On the managed network, just to quickly level set, so the managed network has been our build-out of our own logistics network over the past few years, where we control transportation, cross-docking and fulfillment. Within the managed network, there is an operation we call MELI logistics, which further has driven the success we've had in terms of managing the surge in demand over the past few months, which is where we begin to rely less and less on large transportation companies and are able to rely on smaller middle mile, last mile and first mile operators. The consequence of all this is that our overall reliance on Correios has continued to diminish month-on-month and Q-on-Q. So if you look at the rumblings of Correios, a potential strike, I think we anticipate it to not be very long or severe. We believe that Correios will try to maintain level of operation as well as possible. We are in constant communications with them. But most importantly, we are much more able today to shift volume away from Correios. We are not entirely unreliant on them, but we are incredibly better equipped than in all the previous strikes we've had to face as a consequence of everything that we've been building on the logistics front, which is really, really one of the highlights of our execution over the past few months and quarters.

偉大的。在託管網絡上，只是為了快速水平設置，因此託管網絡在過去幾年中一直是我們自己的物流網絡的構建，我們控制運輸、交叉對接和履行。在託管網絡中，有一個我們稱為 MELI 物流的運營，這進一步推動了我們在管理過去幾個月的需求激增方面取得的成功，這也是我們開始越來越少依賴大型物流的地方運輸公司，並且能夠依賴較小的中間一英里、最後一英里和第一英里運營商。所有這一切的結果是，我們對 Correios 的整體依賴持續下降，環比和環比下降。因此，如果你看看 Correios 的隆隆聲，一個潛在的罷工，我認為我們預計它不會很長或很嚴重。我們相信 Correios 將盡可能保持運營水平。我們一直在與他們保持聯繫。但最重要的是，我們今天更有能力將交易量從 Correios 轉移出去。我們並非完全不依賴它們，但由於我們在後勤戰線上一直在建設的一切，我們的裝備比我們之前不得不面對的所有罷工都要好得多，這真的是真的我們過去幾個月和幾個季度的執行亮點。

Our next question comes from Andrew Ruben with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Andrew Ruben。

I was wondering if you could please talk some more about some of the assortment initiatives. First, you mentioned CPG and supermarket. Just curious how meaningful these categories are now and how you're viewing the pace of rollout. And then second, on the first-party assortment, any similar color there on your targets for 1P within the mix? Thanks very much.

我想知道您是否可以多談談一些分類計劃。首先，您提到了消費品和超市。只是好奇這些類別現在有多麼有意義，以及您如何看待推出的速度。其次，在第一方分類中，您的 1P 目標上是否有類似的顏色？非常感謝。

Sure. So consumer practical goods, of which supermarket is a sub initiative, is a category that has been obviously surging throughout the COVID period, but it still represents mid-single to high-single digits for us in the most successful markets with tremendous upside and opportunity as we begin to focus more and more on it. Our first-party initiatives are still smaller than that. They're probably in the lower-single digits but again, also a lot of building blocks that we have put in place over the last few quarters, and we feel we are increasingly better equipped to be able to accelerate investments and execution behind 1p to complement inventory gaps or to drive greater price competitiveness of our 3P efforts. And I would say that the third element in terms of assortments that you don't mention but is important is the current crisis has also generated a significant pickup in inbound interest and in pipeline of brands and merchants working with us to onboard into our marketplace. So that has also been another area where, because of all the building blocks that we've put in place over the last few years, we feel we can be of assistance to many merchants, large brands, OEMs as well that weren't working with us in the past and can start working now or for merchants who are already working with us to be able to double down on their marketplace efforts.

當然。因此，以超市為子計劃的實用消費品是一個在整個 COVID 期間明顯飆升的類別，但在最成功的市場中，它仍然代表著中個位數到高個位數，具有巨大的上升空間和機會隨著我們開始越來越關注它。我們的第一方倡議仍然比這要小。它們可能處於較低的個位數，但同樣，我們在過去幾個季度中已經建立了許多構建塊，我們覺得我們越來越有能力加速投資和執行 1p 到補充庫存缺口或提高我們 3P 工作的價格競爭力。我想說的是，就分類而言，你沒有提到但很重要的第三個因素是，當前的危機也引起了入境興趣的顯著增加，以及與我們合作進入我們市場的品牌和商家的管道。因此，這也是另一個領域，由於我們在過去幾年中建立的所有構建塊，我們覺得我們可以為許多無法正常工作的商家、大品牌、原始設備製造商提供幫助過去與我們合作，現在可以開始工作，或者為已經與我們合作的商家加倍努力。

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。

A couple of quick ones from my end. In terms of the investment priorities, what do you see as maybe more strengthened or accelerated for 2020 now? And maybe what is something which is slightly delayed, both maybe on the marketplace and the FinTech end. And the second one is on -- specifically on fintech. I mean you announced a partnership with HBO recently, but should we expect in the future to have multiple streaming partners or services that you would kind of work with. And what are the features? Could you kind of give us some color on that you're planning for the loyalty program? And do you expect that there will be a strong marketing campaign around the loyalty program at some point?

我這邊有幾個快速的。就投資重點而言，您認為 2020 年現在哪些方面可能會更加加強或加速？也許是在市場和金融科技方面略有延遲的東西。第二個正在上——特別是在金融科技上。我的意思是您最近宣布與 HBO 建立合作夥伴關係，但我們是否應該期望在未來擁有多個流媒體合作夥伴或您願意合作的服務。以及有哪些特點？你能給我們一些關於你計劃忠誠度計劃的顏色嗎？您是否預計會在某個時候圍繞忠誠度計劃展開強有力的營銷活動？

Great. Ravi, so at the risk of being repetitive, but I think this is important, our strategy and our investment cycle, by and large, remains unchanged. If we were scrambling now to try to react to the opportunities arising because of COVID, I don't think we could be as successful as we're being. This is a consequence of work in logistics and category expansion and overall user experience that, obviously, we've been highly focused on over many years now. Fortune comes to those that are prepared.

偉大的。拉維，因此冒著重複的風險，但我認為這很重要，我們的戰略和投資週期大體上保持不變。如果我們現在爭先恐後地試圖對 COVID 帶來的機會做出反應，我認為我們不可能像現在這樣成功。這是物流和品類擴展以及整體用戶體驗工作的結果，顯然，我們多年來一直高度關注這一點。幸運降臨在有準備的人身上。

So at the margins, I would say, we have accelerated even further the rollout of our own logistics network because that has been key throughout this period, and it's been tremendously encouraging to see how well the logistics operation has been able to deploy an even greater number of nodes in our own networks at an accelerating pace successfully. Obviously, from a category perspective, we have redirected resources and focus potentially away from some slower categories over the next few quarters, like apparel or auto parts to some of the faster-growing ones like CPG, supermarket, health and beauty. But again, this is not a change in strategy. It's marginal reallocations of capital.

因此，在邊際上，我想說，我們甚至進一步加快了我們自己的物流網絡的推出，因為這一直是整個時期的關鍵，看到物流運營能夠部署更大的物流網絡，這是非常令人鼓舞的。我們自己的網絡中的節點數量成功地加快了速度。顯然，從品類的角度來看，我們已將資源重新定位，並可能在接下來的幾個季度將注意力從一些較慢的品類（如服裝或汽車零部件）轉移到一些增長較快的品類，如 CPG、超市、健康和美容品。但同樣，這並不是戰略上的改變。這是資本的邊際重新配置。

On the FinTech side, I would say there is an increased focus on the overall digital account as we see greater digital adoption and a somewhat slower adoption of certain in-store QR categories, primarily in restaurants and food. So there's a bit of a shift there. We still see restaurants, foods and other in-store QR categories and MPOs as tremendous opportunities long and midterm. So I would say this is more of a pause before we start reaccelerating. And we've already began to see that when you look at our comments on MPOS in Brazil and other markets as we compare the exiting of the quarter to the beginning of the quarter.

在金融科技方面，我想說的是，隨著我們看到更多的數字採用率和某些店內二維碼類別的採用速度有所放緩，主要是在餐館和食品中，人們越來越關注整體數字賬戶。所以那裡有一點轉變。我們仍然將餐廳、食品和其他店內二維碼類別和 MPO 視為長期和中期的巨大機遇。所以我想說，在我們開始重新加速之前，這更像是一個暫停。當您查看我們對巴西和其他市場 MPOS 的評論時，我們已經開始看到這一點，因為我們將本季度的退出與本季度初進行了比較。

The final point I would say is we have also, as a consequence of this, seen and been able to work with governments in helping them distribute a lot of the aid that is being distributed throughout Latin America, particularly in Brazil, that has generated a ramp-up in users receiving account balances as a consequence of these aid services and fundings by governments. And so that's also driven the focus I mentioned previously on digital account.

我要說的最後一點是，我們也因此看到並能夠與各國政府合作，幫助他們分配大量援助，這些援助正在整個拉丁美洲，特別是巴西，產生了由於這些援助服務和政府提供的資金，收到賬戶餘額的用戶數量增加。因此，這也推動了我之前提到的對數字賬戶的關注。

On your second question, we do intend, and the strategy is, to be able to work with leading entertainment and content companies in ways that are accretive to their objectives of customer acquisition and billing and charging of those customers throughout Latin America given the capabilities that Mercado Pago has while simultaneously being able to generate value for our users within the loyalty program from discounts and special benefits and promotions that we are able to negotiate with these partners. So the idea is to generate a sort of a subscription hub for our users with benefits while, at the same time, driving incremental customer acquisition of digitally savvy and high-frequency users and also help these partners with the challenges in billing, charging and credit that exist throughout the region and that we've solved very efficiently with Mercado Pago. But content is only one of the prongs behind the loyalty program. Free shipping, obviously, was the initial one that's been incredibly successful. But our idea is to continue to overlay other benefits as we partner with more and more companies in the region that want access to our growing user base of loyal users and are willing to give benefits and discounts to those users in order to acquire them.

關於你的第二個問題，我們確實打算並且策略是，能夠與領先的娛樂和內容公司合作，以增加他們在整個拉丁美洲的客戶獲取和計費和收費的目標的能力， Mercado Pago 同時能夠通過我們能夠與這些合作夥伴協商的折扣、特殊福利和促銷活動在忠誠度計劃中為我們的用戶創造價值。因此，我們的想法是為我們的用戶創建一種訂閱中心，並從中受益，同時推動對數字化和高頻用戶的增量客戶獲取，並幫助這些合作夥伴應對計費、收費和信用方面的挑戰整個地區都存在這些問題，我們已經通過 Mercado Pago 非常有效地解決了這些問題。但內容只是忠誠度計劃背後的一部分。顯然，免費送貨是第一個非常成功的產品。但我們的想法是繼續疊加其他好處，因為我們與該地區越來越多的公司合作，這些公司希望訪問我們不斷增長的忠實用戶群，並願意為這些用戶提供好處和折扣以獲取他們。

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 have 2 questions. The first one, Pedro, maybe you're a bit repetitive, but do you foresee any logistics bottleneck in your entire system with the acceleration of growth? Or are you very comfortable with the pace of the investment that you are making and if you could highlight where you see more critical volumes and capacity to drive?

我有 2 個問題。第一個，佩德羅，也許你有點重複，但你是否預見到隨著增長的加速，你的整個系統會出現任何物流瓶頸？或者您是否對您正在進行的投資步伐感到非常滿意，並且您是否可以突出顯示您看到更多關鍵數量和驅動能力的地方？

And the second question, the question is related to the payment link. You mentioned in your opening remarks that you are promoting more the payment link as a feature to help like reduce in-store agglomerations, et cetera. But do you foresee a long-term opportunity here of both engagement and monetization, if possible?

而第二個問題，這個問題與支付環節有關。您在開場白中提到，您正在推廣更多的支付鏈接作為一項功能，以幫助減少店內聚集等。但是，如果可能的話，您是否預見到參與和貨幣化的長期機會？

Great. So let me take the first one, and Osvaldo can take the second one. We are extremely focused on continuing to generate incremental capacity in our logistics networks, and we are investing significantly behind that. We have already communicated incremental warehouses for Brazil. We have recently launched a new warehouse in Chile. We will be doing so in Colombia and very, very rapidly building out what I mentioned before, which is MercadoLibre logistics, which allows us to access capacity from small companies, independent truck drivers and whatnot. So our expectation is that we can continue to generate that incremental capacity as our volumes grow. So far, so good. It's an ongoing process. It's challenging, but most importantly, we believe that it generates an enormous competitive advantage because what we are building is truly unique. And if you look at service levels of that logistics part of our overall network throughout the COVID crisis, they have been extremely good while, at the same time, driving down prices. So this is a strong competitive advantage as we build it out.

偉大的。所以讓我拿第一個，奧斯瓦爾多可以拿第二個。我們非常專注於繼續在我們的物流網絡中增加容量，並且我們在這方面進行了大量投資。我們已經傳達了巴西的增量倉庫。我們最近在智利開設了一個新倉庫。我們將在哥倫比亞這樣做，並且非常非常迅速地建立我之前提到的 MercadoLibre 物流，它使我們能夠從小公司、獨立卡車司機等處獲得能力。因此，我們的期望是，隨著數量的增長，我們可以繼續產生增量容量。到目前為止，一切都很好。這是一個持續的過程。它具有挑戰性，但最重要的是，我們相信它會產生巨大的競爭優勢，因為我們正在構建的東西確實是獨一無二的。如果你看看在整個 COVID 危機期間我們整個網絡的物流部分的服務水平，它們一直非常好，同時壓低了價格。因此，在我們構建它時，這是一個強大的競爭優勢。

With regards to the payments link technology we have for many, many years, it has clearly accelerated as a consequence of COVID. Part of what has happened is many individuals and small businesses, which in the past did not sell online or could always be able to collect in person were not able to do so. And so they had -- they started to sell online and probably through very big [means] for sometimes sharing a payments link through WhatsApp or other social media or even deliveries where they are able to collect online, and this has seen a significant acceleration. We see this as an opportunity to engage those small merchants and help them move along, start doing more e-commerce in general. And we see that the monetization is pretty healthy because usually, these are merchants in the very long tail. So we do not need to offer any discounts on our fees. So monetization is very good. With regards to the long-term opportunity, we believe we saw it mostly as an entry point into e-commerce for these individuals and small merchants.

關於我們多年來擁有的支付鏈接技術，由於 COVID 的影響，它明顯加速了。發生的部分原因是許多個人和小企業，過去不在線銷售或總是能夠親自收集，但無法這樣做。所以他們有 - 他們開始在線銷售，可能通過非常大的 [手段] 有時通過 WhatsApp 或其他社交媒體共享支付鏈接，甚至可以在線收集的交付，這已經看到了顯著的加速。我們認為這是一個機會，可以吸引這些小商家，幫助他們繼續前進，開始做更多的電子商務。而且我們看到貨幣化非常健康，因為通常，這些都是很長尾巴的商家。所以我們不需要對我們的費用提供任何折扣。所以貨幣化非常好。關於長期機會，我們認為我們主要將其視為這些個人和小商家進入電子商務的切入點。

Our next question comes from Edward Yruma with KeyBanc Capital Markets.

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

2 quick ones for me. First, thank you for that commentary on marketing. I guess at what point do you believe that you'll have to relayer in marketing again? Will this occur in the third quarter?

2個快速的給我。首先，感謝您對營銷的評論。我想你認為在什麼時候你將不得不再次在營銷方面進行中繼？這會發生在第三季度嗎？

And second, given some of the favorable quarter-on-quarter trends in Mercado Crédito, are you expanding now, at this stage, credit issuance?

其次，鑑於 Mercado Crédito 的一些有利的季度環比趨勢，您現在是否在現階段擴大信貸發行？

Sure. So very quickly without guiding, which we don't, we have begun to once again invest behind customer acquisition and even more so brand building. This is a unique opportunity with tremendous fast forward in digital adoption by consumers throughout the region. And so this is not a time to focus on marketing efficiencies. We believe the scale benefits from the business will still be there. But certainly, we want to be aggressive and to capture the opportunity. So we have already begun to spend more on marketing. Q2 really was anomalous in that marketing spend. We cut back entirely as we try to understood what was going on and the organic demand was still there. We've now began to take the learnings from all that and to selectively deploy capital in both sales and marketing again. It should still be efficient. But yes, we are already spending.

當然。在沒有指導的情況下很快，我們沒有，我們已經開始再次投資於客戶獲取，更是如此品牌建設。這是一個獨特的機會，整個地區的消費者在數字化應用方面取得了巨大的進步。因此，現在不是關注營銷效率的時候。我們相信該業務的規模效益仍將存在。但可以肯定的是，我們想要積極進取並抓住機會。所以我們已經開始在營銷上投入更多。第二季度的營銷支出確實異常。當我們試圖了解正在發生的事情並且有機需求仍然存在時，我們完全削減了開支。我們現在已經開始從這一切中吸取教訓，並再次有選擇地在銷售和營銷中部署資本。它應該仍然有效。但是，是的，我們已經在花錢了。

And Ed, with regards to Mercado Crédito, initially in the second quarter, we were cautious because we wanted to make -- to see how each merchant and each consumer was doing. But we -- as you are saying, we are expanding the offering, the credit issuance. In fact, our credit offering is already above pre-COVID levels.

Ed，關於 Mercado Crédito，最初在第二季度，我們很謹慎，因為我們想做——看看每個商家和每個消費者的表現如何。但是我們 - 正如你所說，我們正在擴大產品，信用發行。事實上，我們提供的信貸已經高於疫情之前的水平。

Our next question comes from Deepak Mathivanan with Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Great. Pedro, I realize that you don't want to provide guidance, but can you provide some additional color on what you're seeing in July and August on the e-commerce and FinTech business? Obviously, these are volatile times, but it seems like e-commerce has stayed strong through July in many markets. But can you talk about what you're seeing? And then the second question on MPOS. You mentioned that it's close to pre-COVID levels already. What type of businesses are driving the recovery at this time? And can you talk a little bit about how much of the merchants that you had in 2019 are likely lost permanently in this business?

偉大的。 Pedro，我知道您不想提供指導，但是您能否就您在 7 月和 8 月看到的電子商務和金融科技業務提供一些額外的顏色？顯然，這是動蕩的時期，但在許多市場中，電子商務似乎在整個 7 月份都保持強勁勢頭。但是你能談談你所看到的嗎？然後是關於 MPOS 的第二個問題。您提到它已經接近 COVID 之前的水平。什麼類型的企業目前正在推動復甦？您能否談談您在 2019 年擁有的商家中有多少可能會在此業務中永久流失？

So I think very quickly. We mentioned in the prepared remarks that we exited the quarter and entered the July period across most markets in a stronger fashion than we did in the beginning of the quarter, which was already quite strong as a consequence of consumers moving online. But I think there's still a lot that we need to wait and see what happens on a macro level, so we will give you an update when we report the next quarter. But certainly, we have gone from strength to strength.

所以我想得很快。我們在準備好的評論中提到，我們在大多數市場中以比本季度初更強勁的方式退出本季度並進入 7 月期間，由於消費者在線轉移，這已經相當強勁。但我認為我們還有很多事情需要等待，看看宏觀層面會發生什麼，所以我們會在下個季度報告時給你一個更新。但可以肯定的是，我們已經變得越來越強大。

With regards to MPOS, as we mentioned in the prepared remarks, we did see an acceleration in the number of active merchants. We have 3 million active merchants. And this, I would say, is related to 2 facts. On the one hand, we -- as people prefer to stay away from cash, we have seen an increased demand of devices. And for the first time, we sold about 1 million devices in the quarter. What type of merchants? It's mostly -- it's more merchants. Nonetheless, we have been able to move up the merchant base. We're starting to move up the merchant base, both in Argentina and Brazil. We launched in the prior quarter, we have launched the MPOS Pro in Brazil, and we launched an MPOS plus in Argentina, which are added to these higher merchant base. And something that's worth mentioning -- and I'd say, various little -- categories varies a little bit on a country-by-country basis. In Argentina, it's more -- we're seeing more small supermarkets and mono block stores using our MPOS. And in Brazil, it's mostly smaller individuals and merchants. Additionally, a driver behind the increase in volume during the quarter has been government aid, both in Argentina and Brazil, which is disbursed through bank accounts or special cards. And these are -- we have been able to launch the possibility to accept these cards, both in Argentina and Brazil. And this has driven debit card volume in both countries.

關於 MPOS，正如我們在準備好的評論中提到的，我們確實看到活躍商戶的數量有所增加。我們有 300 萬活躍商家。我想說，這與兩個事實有關。一方面，我們——因為人們更喜歡遠離現金，我們看到了對設備的需求增加。我們在本季度首次售出了約 100 萬台設備。什麼類型的商家？主要是——更多的是商人。儘管如此，我們已經能夠提升商人基礎。我們開始提昇在阿根廷和巴西的商家基礎。我們在上一季度推出，我們在巴西推出了 MPOS Pro，我們在阿根廷推出了 MPOS plus，這些都被添加到這些更高的商戶基礎中。值得一提的是——我想說，各種小——類別在不同國家/地區的基礎上略有不同。在阿根廷，情況更多——我們看到越來越多的小型超市和單體商店使用我們的 MPOS。在巴西，主要是較小的個人和商人。此外，本季度銷量增長的一個驅動因素是阿根廷和巴西的政府援助，這些援助通過銀行賬戶或特殊卡支付。這些是 - 我們已經能夠在阿根廷和巴西推出接受這些卡的可能性。這推動了兩國借記卡的交易量。

Our next question comes from Jamie Friedman with Susquehanna.

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

I'll just ask the 2 upfront. So it sounds like, as we've seen elsewhere, the payments business is clearly benefiting from the e-commerce business. I was wondering if you would say the opposite is true. Is the e-commerce business also benefiting from the payments business. Maybe you could reference some examples. Because it seemed like there was a big boost in Mercado Pago net new actives or accounts on file and their usage. So that's the first question.

我會先問2個。所以聽起來，正如我們在其他地方看到的那樣，支付業務顯然受益於電子商務業務。我想知道你是否會說相反的情況。電子商務業務是否也從支付業務中受益。也許你可以參考一些例子。因為看起來 Mercado Pago 的淨新活動或存檔帳戶及其使用情況有了很大的提升。所以這是第一個問題。

And then, let's see. About this CPG mix, we recognize it's a great opportunity. And it seems like you've monetized that opportunity. But where are we in that journey? When do you see it like being more material than just mid- to high single digits?

然後，讓我們看看。關於這種 CPG 組合，我們認識到這是一個很好的機會。看起來你已經利用這個機會獲利了。但是，我們在那段旅程中處於什麼位置？你什麼時候認為它比中高個位數更重要？

So let me take a stab at both, and Osvaldo can complement. Clearly, we have a unique platform approach to our business where we combine commerce and payments in as synergistic a fashion as we can. So all these users that are on-boarding the digital wallet and coming into payments eventually through the loyalty program, through cross-sell. But I would say the loyalty program is the big bet there. We should be able to convert those to commerce users as well. I would characterize that one as more opportunity than actually immediately happening because a lot of these users will first come on to the payments wallet begin to use the systems, and then we have to, with time, be able to cross-sell to them.

所以讓我對兩者都進行嘗試，奧斯瓦爾多可以補充。顯然，我們有一個獨特的平台方法來處理我們的業務，我們將商業和支付以盡可能協同的方式結合起來。因此，所有這些登錄數字錢包並最終通過忠誠度計劃通過交叉銷售進行支付的用戶。但我想說忠誠度計劃是那裡的大賭注。我們也應該能夠將這些用戶轉化為商業用戶。我認為這是一個比實際立即發生的機會更多的機會，因為這些用戶中的許多人將首先進入支付錢包並開始使用系統，然後我們必須隨著時間的推移能夠交叉銷售給他們。

On the CPG mix, I think there is still a lot to come. We will continue to expand our CPG offering in our supermarket offering. We will continue to invest in the technology and the front ends to make purchases more verticalized within those categories. We will combine this with more and more 1P mix. So I would say this is in the very early innings. It's gotten to mid- to high single digits faster than we thought because of COVID, but there is still a lot to grow. And when we look at share of wallet and overall consumer spend in the region, this is obviously one of the very big categories that we still under index. So I think the upside there is quite significant as we continue to build user experiences around that category.

在 CPG 組合上，我認為還有很多事情要做。我們將繼續在我們的超市產品中擴展我們的 CPG 產品。我們將繼續投資於技術和前端，以使這些類別中的採購更加垂直化。我們將把它與越來越多的 1P 組合結合起來。所以我會說這是在很早的局。由於 COVID，它比我們想像的要快到中高個位數，但仍有很多增長空間。當我們查看該地區的錢包份額和整體消費者支出時，這顯然是我們仍在指數中的非常大的類別之一。因此，我認為隨著我們繼續圍繞該類別構建用戶體驗，其優勢非常顯著。

The only thing I would add is that we are already seeing, as you have mentioned, both Mercado Pago uses card transactions on MercadoLibre and vice versa. For the quarter, we had, in total, 52 million payers. And if we were to look at each of the verticals, 31 million were on platform, 30 million off platform. So there was a 9 million overlap doing both on and off platform transactions during the quarter. And what we're seeing is increased number of transactions payments per quarter, and we believe this extra visibility will result in extra driving in both verticals.

我唯一要補充的是，正如您所提到的，我們已經看到，Mercado Pago 都在 MercadoLibre 上使用卡交易，反之亦然。本季度，我們總共有 5200 萬付款人。如果我們查看每個垂直行業，3100 萬在平台上，3000 萬在平台外。因此，本季度有 900 萬次平台內外交易重疊。我們看到的是每季度交易支付數量的增加，我們相信這種額外的可見性將導致兩個垂直領域的額外推動。

Our next question comes from Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Two -- just one quick one. On the new commission structure in certain countries, could you just help us understand if we should just assume that the overall take rate will stay consistent with prior history? Or would it move one way or the other up or down as a result of the changes?

兩個——只是一個快速的。關於某些國家/地區的新佣金結構，您能否幫助我們了解我們是否應該假設整體採用率將與之前的歷史保持一致？或者它會由於變化而向上或向下移動嗎？

And then the second one, perhaps for Osvaldo, the new PIX initiative that should be coming into play in Brazil, starting November, just curious what your thoughts on that are. Do you see it as a major catalyst for new user adoption of digital wallets in general? Thank you.

然後是第二個，也許是奧斯瓦爾多，新的 PIX 計劃應該從 11 月開始在巴西發揮作用，只是好奇你對此有何看法。您是否認為它是新用戶普遍採用數字錢包的主要催化劑？謝謝你。

So on the changes in take rates, again, just to level set, we are rising take rates on categories where merchants typically have higher margins, and we are lowering take rates in categories where merchants typically have lower margins, and we are trying to accomplish this in a take rate neutral fashion. Consolidated take rate for MELI should continue to consistently grow as consumers and merchants adopt more and more of our services, and we're able to better monetize our user base from this incremental adoption of services. But the specific marketplace pricing, we are trying to carry this out in a take rate neutral fashion. We've been successful in doing that in Colombia. And so far, in Mexico and Chile, likewise, but it is a moving target.

因此，關於收取率的變化，再次，只是為了保持水平，我們正在提高商家通常具有較高利潤率的類別的收取率，並且我們正在降低商家通常具有較低利潤率的類別的收取率，我們正在努力實現這是採取率中性的方式。隨著消費者和商家越來越多地採用我們的服務，MELI 的綜合使用率應該會繼續持續增長，並且我們能夠通過這種逐漸採用的服務更好地從我們的用戶群中獲利。但是對於特定的市場定價，我們正試圖以一種中性的方式執行此操作。我們在哥倫比亞成功地做到了這一點。到目前為止，在墨西哥和智利也是如此，但它是一個移動的目標。

And with regard to PIX, we are very excited with the initiative. We believe we have lots of effects. But if were to speak about one in each of the online and offline, online, we are excited mostly because up until now, it was very difficult to accept debit cards in Brazil. So most of the commerce was done only with credit card, and we believe that picks will enable millions and millions of users who did not have either a credit card or did not have available balance in the credit card to do more transactions online.

關於 PIX，我們對這一舉措感到非常興奮。我們相信我們有很多影響。但是，如果要在線上和線下各說一個，在線上，我們很興奮，主要是因為到目前為止，巴西還很難接受借記卡。因此，大部分交易僅使用信用卡完成，我們相信，選擇將使數百萬沒有信用卡或信用卡中沒有可用餘額的用戶能夠進行更多的在線交易。

And then with regards to off-line, we believe that it will drive acceleration of acceptance of QR Codes in Brazil. And I think that there will be -- we are preparing to work there in increasing the number of stores and our sales force to reach out to these stores. We believe that QR in PIX, combined with the ability to process credit card transactions, which we already have, will also enable the -- to accelerate the deployment of QR code payments in the country. So we are working on that.

然後關於線下，我們相信它將推動巴西加速接受二維碼。而且我認為會有 - 我們正準備在那裡增加商店的數量和我們的銷售人員以接觸這些商店。我們相信，PIX 中的二維碼與我們已經擁有的處理信用卡交易的能力相結合，也將能夠加速在該國部署二維碼支付。所以我們正在努力。

Our next question comes from Marcelo Santos from JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

I wanted to ask about your long-term strategy for logistics, especially in Brazil, where we see some of your marketplace competitors operating some sort of omnichannel using their network of stores as advanced inventory locations. Do you think this could create a disadvantage in the long-term? Do you think they would be able to provide quicker deliveries given that they would have the inventory closer to the consumer? And what's your view on that?

我想問一下你們的長期物流戰略，尤其是在巴西，我們看到你們的一些市場競爭對手使用他們的商店網絡作為先進的庫存地點運營某種全渠道。您認為這會在長期內造成不利影響嗎？鑑於庫存更接近消費者，您認為他們能夠提供更快的交貨嗎？您對此有何看法？

Let's see. First of all, I think we have always said that we believe that long term, as consumers get more demanding as they do in developed markets, home delivery beats pickups. So our approach is to build out the number of FCs we have to get inventory closer to consumers but continue to deliver to your doorstep, not have you have to drive to the retail location to get the product, which, at the end of the day, is the same thing as an off-line purchase. To your doorstep also allows us to get things to you quicker. Having said that, we also have initiatives that look to replicate some of those elements of having a physical store footprint. So we are rapidly growing our pickup and drop off points throughout most of our network to be able to have greater nodes for merchants to drop things off, which would be the equivalent of what some competitors could try to do with the stores. But clearly, our network design does not try to turn a physical store, which we don't have, into a highly optimized e-commerce, fulfillment center or cross-docking or service center. But rather, we focus entirely on building out capabilities to get things to your doorstep faster and cheaper than anyone else.

讓我們來看看。首先，我認為我們一直說，從長遠來看，隨著消費者在發達市場的要求越來越高，送貨上門勝過取貨。因此，我們的方法是增加 FC 的數量，我們必須讓庫存更接近消費者，但繼續送貨到您家門口，而不是您必須開車到零售地點才能獲得產品，最終, 和線下購買是一樣的。到您家門口還可以讓我們更快地把東西送到您手中。話雖如此，我們也有一些舉措，旨在復制擁有實體店足蹟的一些元素。因此，我們正在我們的大部分網絡中迅速增加我們的取貨點和還貨點，以便能夠為商家提供更多的送貨點，這相當於一些競爭對手可以嘗試對商店做的事情。但很明顯，我們的網絡設計並沒有試圖將我們沒有的實體店變成高度優化的電子商務、履行中心或交叉對接或服務中心。相反，我們完全專注於建立能力，以比其他任何人更快、更便宜的方式將東西送到您家門口。

Our next question comes from Kunal Madhukar with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Kunal Madhukar。

I wanted to understand the competitive landscape, not only within online but also with off-line, in terms of -- you just mentioned competitors using their stores as fulfillment centers or as part of the logistics network. So what do you see in terms of them kind of going more and more online in Brazil as well as in Mexico?

我想了解競爭格局，不僅在線上而且線下，您剛才提到競爭對手將他們的商店用作履行中心或物流網絡的一部分。那麼你認為他們在巴西和墨西哥越來越多地上網是什麼？

So look, I think we really continue to focus on our users and building out our capabilities. If we do that, I think history has shown that we are in a unique position because of the platform we have, the capabilities we have, the brand we have to continue to gain share over long periods of time and to be the market leader in this rapidly expanding space. So really, our focus is how do we continue to execute the way we have been executing, continue to launch innovative product to get into more categories. And that is how we believe we will build competitive advantages and continue to be successful in the competitive scenario. Obviously, the region is competitive. Consumers -- sorry, competitors also have their initiatives, but we stay focused on ourselves and our consumers. We trust that we will continue to lead and gain share as this market expands.

所以看，我認為我們真的會繼續關注我們的用戶並建立我們的能力。如果我們這樣做，我認為歷史表明，由於我們擁有的平台、我們擁有的能力、我們必須在很長一段時間內繼續獲得份額並成為市場領導者的品牌，我們處於一個獨特的位置。這個迅速擴大的空間。所以真的，我們的重點是我們如何繼續執行我們一直執行的方式，繼續推出創新產品以進入更多類別。這就是我們相信我們將建立競爭優勢並在競爭環境中繼續取得成功的方式。顯然，該地區具有競爭力。消費者——抱歉，競爭對手也有他們的舉措，但我們始終專注於自己和消費者。我們相信，隨著這個市場的擴大，我們將繼續領先並獲得份額。

Our next question comes from John Colantuoni with Jefferies.

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

It sounds like you made a lot of progress in supermarket in CPG during the quarter. Can you discuss what initiatives you have in place to help retain CPG sellers once the pandemic is over? Also, can you talk about any key changes in purchasing frequency and retention that you've observed in other categories that you directly attribute to the expansion of your CPG offerings?

聽起來您在本季度的 CPG 超市方面取得了很大進展。您能否討論一下大流行結束後您採取了哪些措施來幫助留住 CPG 賣家？另外，您能否談談您在其他類別中觀察到的購買頻率和保留率的任何關鍵變化，這些變化直接歸因於您的 CPG 產品的擴展？

Thanks. Great questions. So there is a lot of work on front ends and product initiatives. We've launched our supermarket navigation in more markets now. We've continued to try to optimize pricing for CPG eliminating flat fees and offering more free shipping, even on lower ASP items in some countries. So that should move volume, and merchants will go and remain where volume is moved for you. We've also begun to complement with 1P purchasing, which deepens our relationship with a lot of the CPG brands because we are now both buying from them and also helping them with marketplace. We have began to build deeper advertising relationships with these CPG companies where there is co-marketing and co-spending occurring. So we offer them consumer insights, consumer data and ability to also market their CPG lines on the marketplace in addition to it being highly transactional, and they can even go direct-to-consumer. And we are seeing interesting evidence that consumers who purchase in CPG are more engaged across other categories. Again, the CPG category is still small, and we need to see how well this data holds up. But the initial data is very encouraging in terms of CPG purchasing cohorts showing very good behavior across other categories, posterior to having purchased CPG. So that's also encouraging for us.

謝謝。好問題。因此，在前端和產品計劃方面有很多工作要做。我們現在已經在更多市場推出了超市導航。我們繼續嘗試優化 CPG 的定價，取消固定費用並提供更多免費送貨，即使在某些國家/地區的平均售價較低的商品也是如此。所以這應該會移動交易量，而商家會去並留在為你移動交易量的地方。我們還開始補充 1P 採購，這加深了我們與許多 CPG 品牌的關係，因為我們現在既從他們那裡購買，也幫助他們建立市場。我們已經開始與這些存在共同營銷和共同支出的 CPG 公司建立更深層次的廣告關係。因此，我們為他們提供消費者洞察、消費者數據以及在市場上推銷他們的 CPG 產品線的能力，此外它還具有高度交易性，他們甚至可以直接面向消費者。我們看到有趣的證據表明，購買 CPG 的消費者對其他類別的參與度更高。同樣，CPG 類別仍然很小，我們需要看看這些數據的支持程度。但就 CPG 購買群體而言，最初的數據非常令人鼓舞，在購買 CPG 之後，其他類別表現出非常好的行為。所以這對我們來說也是令人鼓舞的。

And ladies and gentlemen, this does conclude the Q&A portion of today's conference. I'd like to turn the call back over to our host.

女士們先生們，今天會議的問答部分到此結束。我想把電話轉回給我們的主人。

Great. Thanks, everyone. We are incredibly encouraged by the last 4 months. We are incredibly proud of the work of our teams in a difficult time, but we still have a lot of work to do. So we will get back to that and look forward to reporting again to you in a few months time. Thank you very much.

偉大的。感謝大家。在過去的 4 個月裡，我們深受鼓舞。我們為我們的團隊在困難時期所做的工作感到無比自豪，但我們還有很多工作要做。因此，我們將回到這一點，並期待在幾個月後再次向您報告。非常感謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。