美卡多 (MELI) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MercadoLibre First Quarter 2020 Earnings Conference Call.

女士們先生們，感謝您的支持，歡迎參加 MercadoLibre 2020 年第一季度收益電話會議。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員說明）提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Federico Sandler, Investor Relations Officer.

我現在想介紹一下今天的節目主持人，投資者關係官 Federico Sandler。

Please go ahead.

請繼續。

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

大家好，歡迎參加截至 2020 年 3 月 31 日的季度 MercadoLibre 收益電話會議。

I am Federico Sandler, Investor Relations Officer for MercadoLibre.

我是 MercadoLibre 的投資者關係官 Federico Sandler。

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

我們今天出席的高級經理是首席財務官 Pedro Arnt。

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

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

I remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives.

我提醒您，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術計劃等事項做出前瞻性陳述。

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

這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。

While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

雖然我們認為我們的假設、預期和預測鑑於當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。

Our actual results may differ materially from those 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, and on any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

由於各種原因，我們的實際結果可能與本次電話會議中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.

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。

A reconciliation of those measures to the nearest comparable GAAP measures can be found on our first quarter 2020 earnings press release available on our Investor Relations website.

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 年第一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。

Thank you, Federico, and hello, everyone, and thank you for your interest in joining MercadoLibre's First Quarter 2020 Earnings Conference Call.

謝謝大家，Federico，大家好，感謝您有興趣參加 MercadoLibre 的 2020 年第一季度收益電話會議。

So given the unique circumstances the world is facing due to the coronavirus outbreak, I'd like to first address recent trends and developments followed by our standard quarterly review.

因此，鑑于冠狀病毒爆發導致世界面臨的獨特情況，我想首先談談最近的趨勢和發展，然後是我們的標準季度審查。

Starting in March towards the back end of a successful first quarter in 2020, we began to observe near-term headwinds generated by the coronavirus outbreak.

從 3 月開始，到 2020 年第一季度的成功結束，我們開始觀察到冠狀病毒爆發產生的近期不利因素。

Although less affected than others, our business did register this impact, particularly in Brazil and Argentina, and primarily during the first weeks of the imposed lockdowns with a rebound throughout April.

儘管受到的影響比其他公司小，但我們的業務確實受到了這種影響，特別是在巴西和阿根廷，主要是在實施封鎖的最初幾週，整個 4 月份出現反彈。

From the onset, we have taken swift and decisive action to safeguard our employees and offer our platforms as solutions to the challenges being faced by our communities.

從一開始，我們就採取了迅速而果斷的行動來保護我們的員工，並提供我們的平台來解決我們社區面臨的挑戰。

We pride ourselves in being an agile and adaptable company whose business, people and community have played an important role alongside many others in facing up to the COVID-19 crisis.

我們以成為一家敏捷且適應性強的公司而自豪，其業務、人員和社區在應對 COVID-19 危機方面與許多其他人一起發揮了重要作用。

Consequently, our focus has mainly been on 3 fronts: the well-being of our teams; the uninterrupted operation of our commerce and FinTech solutions, which are uniquely suited to help society face the current pandemic; and the coordination of our efforts with the authorities in the countries we operate in to guarantee timely and well-allocated resource allocation.

因此，我們的重點主要集中在三個方面：我們團隊的福祉；我們的商業和金融科技解決方案的不間斷運行，這些解決方案特別適合幫助社會應對當前的流行病；與我們開展業務的國家的當局協調我們的努力，以確保及時和合理分配資源。

As early as March 16, we determined that over 9,000 MercadoLibre employees in 8 countries and across 20 offices, would start working remotely to ensure and promote social distancing norms, while maintaining on-site only the operational staff that was required to continue providing our services without disruptions.

早在 3 月 16 日，我們就確定 8 個國家和 20 個辦事處的 9,000 多名 MercadoLibre 員工將開始遠程工作，以確保和促進社會疏離規範，同時僅保留繼續提供服務所需的操作人員沒有中斷。

Precautions were taken to safeguard the help and safety of those staff members on-site, which are primarily members of our logistics network.

我們採取了預防措施來保障現場工作人員的幫助和安全，他們主要是我們物流網絡的成員。

Precautions were maximized to guarantee their health and safety.

採取了最大限度的預防措施，以保證他們的健康和安全。

For those who had moved to remote work overnight, all the technological training and emotional support that was necessary to guarantee efficiency, productivity and well-being was also made available.

對於那些在一夜之間轉移到遠程工作的人，還提供了保證效率、生產力和福祉所需的所有技術培訓和情感支持。

With our remote and secure on-site work plans in place, we activated our second area of focus committing to support consumers and merchants through multiple initiatives, which promote preventive actions and financially support their businesses or households.

憑藉我們遠程和安全的現場工作計劃，我們啟動了第二個重點領域，致力於通過多項舉措支持消費者和商家，促進預防措施並為他們的企業或家庭提供財務支持。

To that effect, we've put forth 10 critical initiatives.

為此，我們提出了 10 項關鍵舉措。

We've leveraged our platform's broad reach to launch a COVID-19 readiness campaign by temporarily changing our MercadoLibre and MercadoPago logos from an handshake to an elbow-to-elbow logo.

我們利用我們平台的廣泛影響力啟動了 COVID-19 準備活動，將 MercadoLibre 和 MercadoPago 標誌從握手標誌暫時更改為肘對肘標誌。

We used this elbow-to-elbow campaign to amplify official recommendations from leading health organizations on how to prevent and minimize the spread of the coronavirus.

我們利用這一肘對肘運動來擴大領先衛生組織關於如何預防和盡量減少冠狀病毒傳播的官方建議。

Secondly, we launched our new branding campaign, whose narrative is centered around stay-at-home, we are still delivering.

其次，我們推出了新的品牌宣傳活動，其故事圍繞著待在家裡，我們仍在提供。

We also deployed the necessary measures to ensure the continued operation of our logistics network and that our transportation partners for all product categories across all geographies could continue to operate.

我們還採取了必要的措施來確保我們的物流網絡的持續運營，並且我們在所有地區的所有產品類別的運輸合作夥伴都可以繼續運營。

We tweaked our user interfaces to facilitate discovery of products of greatest demand and most reliable delivery times.

我們調整了用戶界面，以促進發現需求最大的產品和最可靠的交貨時間。

We eliminated commissions on roughly 1,000 SKUs of essential products for nearly 100,000 merchants, understanding that purchases of these items will be essential for our buyers over the next few months.

我們為近 100,000 家商家取消了大約 1,000 個 SKU 基本產品的佣金，因為我們明白購買這些商品對我們的買家在未來幾個月內至關重要。

We reduced listing fees for new sellers to facilitate their transition from off-line to omnichannel, while stimulating depth of assortment on our marketplaces.

我們降低了新賣家的上市費用，以促進他們從線下向全渠道過渡，同時刺激我們市場上的分類深度。

We extended a 30-day grace period to repay loans for more than 2 million consumers and eliminated late fees for more than 150,000 merchants to alleviate some of the financial burden our users are facing as they seek to stabilize their finances.

我們延長了 30 天的寬限期，為超過 200 萬消費者償還貸款，並為超過 150,000 家商戶取消滯納金，以減輕我們的用戶在尋求穩定財務時所面臨的部分財務負擔。

We launched fundraising campaigns with the International Red Cross to deliver safety and hygiene kits to health workers and with regional NGOs to aid in the distribution of food to the most vulnerable.

我們與國際紅十字會發起籌款活動，為衛生工作者提供安全和衛生用品包，並與地區非政府組織合作，幫助向最弱勢群體分發食物。

We launched a supermarket purchasing experience in Argentina and Brazil to facilitate access to consumer packaged goods purchasing in cost-effective cards and quantities.

我們在阿根廷和巴西推出了超市購買體驗，以促進以具有成本效益的卡片和數量購買包裝消費品。

And lastly, to facilitate trade and mitigate economic hardship during periods of quarantine, governments throughout Latin America declared e-commerce and essential activity exempted from the lockdowns.

最後，為了在隔離期間促進貿易和減輕經濟困難，拉丁美洲各國政府宣布電子商務和基本活動不受封鎖限制。

To achieve this, we engaged and coordinated with governments in the region to keep our logistics operations functioning, helping to ease the negative impact of shelter-in-place lockdowns.

為了實現這一目標，我們與該地區的政府進行了接觸和協調，以保持我們的物流業務正常運轉，幫助緩解就地避難所封鎖的負面影響。

Our hearts go out to those individuals and families affected by COVID-19, and our gratitude and appreciation go out to all those brave individuals, who are on the front lines working through this unprecedented global health crisis.

我們的心與受 COVID-19 影響的個人和家庭同在，我們對所有勇敢的個人表示感謝和讚賞，他們在前線努力應對這場前所未有的全球健康危機。

At MercadoLibre, we will continue to leverage our platforms to support our communities during this important time, allowing continued access to commerce and financial services as our users try to get back on their feet.

在 MercadoLibre，我們將在這個重要時刻繼續利用我們的平台來支持我們的社區，在我們的用戶試圖重新站起來時繼續獲得商業和金融服務。

Let me now take just a few minutes before getting into our traditional quarterly review to update you on recent key performers indicators of the initiatives that I've just outlined.

現在讓我花幾分鐘時間進行我們傳統的季度審查，向您介紹我剛剛概述的舉措的近期關鍵績效指標。

Regionally, we saw variation in how imposed total or partial lockdowns impacted merchants businesses with important improvements as time elapsed.

從地區來看，我們看到實施的全部或部分封鎖對商家業務的影響隨著時間的推移而發生了顯著的改善。

Argentine merchants were initially more impacted than in Brazil, but they also rebounded more rapidly, whereas in Mexico, Colombia, Chile and Uruguay, merchants faced less disruption during March and nonetheless saw increased activity during April.

阿根廷商人最初受到的影響比巴西更大，但他們的反彈速度也更快，而在墨西哥、哥倫比亞、智利和烏拉圭，商人在 3 月份面臨的干擾較少，但在 4 月份的活動有所增加。

Marketplace key performance indicators hit a low point during the week of the 18th to the 24th of March.

市場關鍵績效指標在 3 月 18 日至 24 日這一周內跌至低點。

Year-on-year growth rate for items sold during that week troughed at 3.3%, with FX-neutral GMV declining by 1.4%.

當週銷售商品的同比增長率為 3.3% 的谷底，外匯中性 GMV 下降了 1.4%。

From then onwards, we have seen a strong rebound with growth rates accelerating in April to 76% year-on-year in items sold and 73% FX-neutral year-on-year in GMV for that full month.

從那時起，我們看到了強勁的反彈，4 月份的銷售額同比增長 76%，整個月的 GMV 同比增長 73%。

More broadly, changes in demand trends have led to a mix shift in sales as consumers prioritize the essential items, categories such as health, consumer packaged goods and toys and games showed strong volume growth, exceeding 100% year-on-year on an FX-neutral basis in some markets.

更廣泛地說，需求趨勢的變化導致了銷售的混合轉變，因為消費者優先考慮必需品，健康、包裝消費品、玩具和遊戲等類別顯示出強勁的銷量增長，在外匯市場上同比增長超過 100% -在一些市場中性基礎。

Conversely, higher ticket, nonessential categories, such as auto parts and consumer electronics saw marked declines in growth rates.

相反，高票價、非必需品類，如汽車零部件和消費電子產品，增長率顯著下降。

Moving on to recent trends in the FinTech business.

繼續討論金融科技業務的最新趨勢。

In mid-March, we also observed a deceleration in number and volume of payments processed, primarily as a result of lower foot traffic in bricks-and-mortar retail that use our MPOS and QR solutions.

3 月中旬，我們還觀察到處理的支付數量和數量都在減速，這主要是由於使用我們的 MPOS 和 QR 解決方案的實體零售店的客流量減少。

This negative impact was partially offset by strength in areas such as online payment merchant services, online wallet use cases and convenience store merchants.

這種負面影響被在線支付商家服務、在線錢包用例和便利店商家等領域的實力部分抵消。

Just like in the commerce business, the magnitude of negative impact was greater in the initial weeks following government-mandated lockdowns with gradual improvements since then.

就像在商業業務中一樣，在政府強制封鎖之後的最初幾週，負面影響的幅度更大，此後逐漸改善。

Consolidated April growth rates are above pre-COVID levels, driven by Argentina, Chile, Colombia and Mexico, with Brazil still lagging somewhat.

在阿根廷、智利、哥倫比亞和墨西哥的推動下，4 月份的綜合增長率高於 COVID 之前的水平，而巴西仍然有些落後。

Consequently, off marketplace total payment volume growth during the second half of March was 95.4% year-on-year on an FX-neutral basis.

因此，在外匯中性的基礎上，3 月下半月的場外總支付量同比增長 95.4%。

And total payment in number was 87.3% year-on-year growth.

支付總額同比增長87.3%。

And for April, these growth rates have been 155.6% and 119.8%, respectively.

4 月份，這些增長率分別為 155.6% 和 119.8%。

So summing up where we stand.

所以總結一下我們的立場。

We've seen 3 phases: a strong start to the first quarter that got derailed during the back half of March and rebounded by April.

我們已經看到了 3 個階段：第一季度的強勁開局，在 3 月下半月出軌，到 4 月反彈。

Given these recent trends, we remain optimistic that despite everything that has been occurring, we will still be able to make progress towards our annual objectives without having to delay or materially modify our investments or strategic initiatives.

鑑於最近的這些趨勢，我們仍然樂觀地認為，儘管發生了一切，我們仍然能夠在實現我們的年度目標方面取得進展，而不必延遲或實質性地修改我們的投資或戰略計劃。

We recognize that in these times, the services rendered by both our commerce and payment platforms are essential for many people across the region, and we will do our best to not let them down.

我們認識到，在這個時代，我們的商業和支付平台提供的服務對於該地區的許多人來說都是必不可少的，我們將盡最大努力不讓他們失望。

We also remain attentive to any change in demand or supply patterns that might again modify our capital allocation strategy.

我們還繼續關注可能再次修改我們的資本配置策略的需求或供應模式的任何變化。

Now that I've covered COVID-19 key related trends and updates, let's move on to our progress report for the quarter, starting with the marketplace business.

既然我已經介紹了 COVID-19 的關鍵相關趨勢和更新，讓我們繼續討論本季度的進度報告，從市場業務開始。

Consolidated marketplace GMV grew 34.2% year-on-year on an FX-neutral basis, reaching $3.4 billion, while items sold grew 27.6% year-on-year reaching $105.7 million, also on a consolidated basis.

在外匯中性的基礎上，綜合市場 GMV 同比增長 34.2%，達到 34 億美元，而在綜合基礎上，已售商品同比增長 27.6%，達到 1.057 億美元。

On a country-by-country basis, during the first quarter of 2020, Argentina, Brazil and Mexico GMV grew at 81.5%, 15% and 54.5% year-on-year on an FX-neutral basis, respectively.

按國家/地區劃分，2020 年第一季度，在外匯中性的基礎上，阿根廷、巴西和墨西哥的 GMV 分別同比增長 81.5%、15% 和 54.5%。

Late quarter mix shift towards lower ASP categories and temporary demand pullback negatively affected these results.

季度末的組合轉向較低的平均售價類別和暫時的需求回落對這些結果產生了負面影響。

Items growth accelerated in Brazil and Mexico to 25.9% year-on-year and 66.5% year-on-year, respectively, showing the positive impact of mix shift.

巴西和墨西哥的項目增長分別加速至同比 25.9% 和 66.5%，顯示出組合轉變的積極影響。

In Argentina, items sold during the quarter decreased 2.4% from the same period last year as we transitioned through the implementation of flat fee pricing last year during the second quarter.

在阿根廷，由於我們在去年第二季度實施了固定費用定價，本季度銷售的商品比去年同期下降了 2.4%。

Chile and Colombia delivered robust rates of growth during the quarter, accelerating to 57% and 44.8% year-on-year, respectively, on an FX-neutral basis.

智利和哥倫比亞在本季度實現了強勁的增長率，在外匯中性的基礎上，同比分別加速至 57% 和 44.8%。

In terms of supply, live listings offered on MercadoLibre's marketplaces reached $267.4 million during the quarter, registering a 29.8% year-on-year growth.

在供應方面，MercadoLibre 市場上提供的實時列表在本季度達到 2.674 億美元，同比增長 29.8%。

This deceleration was mainly driven by Brazil and Argentina, where certain sellers were unable to operate under the current lockdown regimes.

這種減速主要是由巴西和阿根廷推動的，在目前的封鎖制度下，某些賣家無法經營。

On average, seller paused roughly 1/3 of listings during late March.

平均而言，賣家在 3 月下旬暫停了大約 1/3 的房源。

Cross-border trade has also been negatively impacted by COVID-19 as Chinese merchants listed around 40% fewer products in January and 15% fewer products in March.

跨境貿易也受到 COVID-19 的負面影響，因為 1 月份中國商家列出的產品減少了約 40%，3 月份的產品減少了 15%。

Moving on to logistics.

繼續物流。

Fulfillment penetration continued improving across the board, reaching 11.3% in Argentina, 14.1% in Brazil, and 43.1% in Mexico, yielding 19.9% fulfillment penetration on a consolidated basis.

履約滲透率全面提高，阿根廷達到 11.3%，巴西達到 14.1%，墨西哥達到 43.1%，在綜合基礎上實現了 19.9% 的履約滲透率。

Meanwhile, cross-docking reached 51.1% in Argentina and 28.1% in Brazil, getting us to 23.4% adoption on a consolidated basis.

與此同時，交叉對接在阿根廷達到 51.1%，在巴西達到 28.1%，使我們的綜合採用率達到 23.4%。

All in, we are rapidly approaching having half of our shipments already running on our own logistics network, quite a feat given where we were only a few quarters ago.

總而言之，我們正在迅速接近一半的貨物已經在我們自己的物流網絡上運行，考慮到我們僅在幾個季度前的情況，這是一項了不起的壯舉。

These positive results are in large part a consequence of the continued expansion of our network.

這些積極的結果在很大程度上是我們網絡持續擴展的結果。

As we launched new hybrid cross-docking centers in Curitiba and Belo Horizonte in Brazil and added service center nodes and over 700 drop-off points.

我們在巴西的庫裡提巴和貝洛奧里藏特推出了新的混合交叉對接中心，並增加了服務中心節點和 700 多個下車點。

Additionally, we also launched our Flex logistics solution in Chile and Colombia to complement our existing drop shipping offerings, enabling us to reduce reliance on any single carrier.

此外，我們還在智利和哥倫比亞推出了 Flex 物流解決方案，以補充我們現有的一件代發產品，使我們能夠減少對任何單一承運人的依賴。

Let me now take on a quarterly update for FinTech.

現在讓我對金融科技進行季度更新。

Off-platform total payment volume decelerated during the quarter, growing 139.5% year-on-year on an FX-neutral basis, with Brazil growing 101.8%, Mexico 114.6%, and Argentina 221.2%.

平台外總支付量在本季度放緩，在外匯中性的基礎上同比增長 139.5%，其中巴西增長 101.8%，墨西哥增長 114.6%，阿根廷增長 221.2%。

Total payments in number grew 102% year-on-year for the quarter on a consolidated basis.

按合併計算，本季度總支付金額同比增長 102%。

The deceleration in number and volume of payments processed, as already mentioned earlier, was primarily driven by lower foot traffic in physical retail during March, which had a direct impact on lower mobile point-of-sale and QR total payment volume growth, partially offset by the relative strength in our merchant services business, where we process online, away from our marketplaces.

如前所述，處理的支付數量和數量的減速主要是由於 3 月份實體零售的客流量減少，這直接影響了移動銷售點和二維碼總支付量增長的下降，部分抵消了由於我們的商家服務業務的相對實力，我們在線處理，遠離我們的市場。

Mobile point-of-sale business was still strong, driven by January and February momentum, growing total payment volume 103.3% year-on-year on an FX-neutral basis for the full quarter.

在 1 月和 2 月勢頭的推動下，移動銷售點業務仍然強勁，在整個季度的外匯中性基礎上，總支付量同比增長 103.3%。

Brazil, Argentina and Mexico grew 82.7%, 173.6% and 234.5% year-on-year on an FX-neutral basis, respectively.

在外匯中性的基礎上，巴西、阿根廷和墨西哥分別同比增長 82.7%、173.6% 和 234.5%。

The pace of MPOS sales remained solid with over 900,000 devices sold during the quarter.

MPOS 銷售步伐保持穩健，本季度售出超過 900,000 台設備。

In addition, we are encouraged by the launch of our new plus device, which is geared towards catering larger merchants and will allow us to continue driving higher average revenue per user within this business line.

此外，我們對推出新的 plus 設備感到鼓舞，該設備旨在為更大的商家提供服務，並將使我們能夠繼續在該業務線內推動更高的每用戶平均收入。

Our online payments, merchant services solutions grew 81.7% year-on-year on an FX-neutral basis.

在外匯中性的基礎上，我們的在線支付、商戶服務解決方案同比增長 81.7%。

The greatest deceleration in this business was in Mexico, which grew at 62.4% year-on-year on an FX-neutral basis.

該業務減速最大的是墨西哥，在外匯中性的基礎上同比增長 62.4%。

This was partially offset by the growth in the other countries segment with 109.5% year-on-year growth, also on an FX-neutral basis.

這被其他國家部分的增長部分抵消，同比增長 109.5%，也是在外匯中性的基礎上。

The deceleration in Mexico can mostly be explained by higher exposure to cross-border businesses, specifically our merchants in China that began to see the impact of COVID-19 early on in the quarter.

墨西哥的減速主要可以解釋為跨境業務的敞口增加，特別是我們在中國的商家在本季度初開始看到 COVID-19 的影響。

During the first quarter, MercadoPago's mobile wallet delivered $1.3 billion in payment volume on a consolidated basis, growing 299% year-on-year on an FX-neutral basis.

在第一季度，MercadoPago 的移動錢包綜合支付量為 13 億美元，在外匯中性基礎上同比增長 299%。

The slowdown in in-store QR payments and wallet transportation payments were due to seasonality plus obviously, the total or partial lockdowns that occurred by mid-March as well as the rationalization in marketing expenditures on our part.

店內二維碼支付和錢包運輸支付的放緩是由於季節性因素，顯然，3 月中旬發生的全部或部分鎖定以及我們營銷支出的合理化。

Monetization of QR payments in Brazil, where we started to charge 100 basis points merchant discount rate earlier in the year also slowed down growth.

巴西二維碼支付的貨幣化，我們在今年早些時候開始收取 100 個基點的商家折扣率，這也減緩了增長。

But perhaps more importantly, lent increasing proof-of-concept to the QR network as we took this important step towards building a sustainable business model.

但也許更重要的是，隨著我們朝著建立可持續商業模式邁出重要一步，QR 網絡的概念驗證越來越多。

Unique wallet payers reached a milestone, as during the quarter, we surpassed the 8 million mark, growing over 155% year-on-year on a consolidated basis.

獨特的錢包付款人達到了一個里程碑，在本季度，我們超過了 800 萬大關，在綜合基礎上同比增長超過 155%。

Mexico led growth with 252.8% growth and surpassed the 1 million mark in payers for a quarter for the first time.

墨西哥以 252.8% 的增長率領跑增長，並在一個季度內首次突破 100 萬大關。

We're also pleased to announce that during the quarter, we launched Mercado Fondo in Mexico in partnership with Grupo Bursatil Mexicano, who has over 35 years of experience in the Mexican financial sector.

我們還很高興地宣布，在本季度，我們與在墨西哥金融領域擁有超過 35 年經驗的 Grupo Bursatil Mexicano 合作在墨西哥推出了 Mercado Fondo。

The gradual rollout of asset management in Mexico began in mid-January and was finished by February 28.

墨西哥資產管理的逐步推出於 1 月中旬開始，並於 2 月 28 日完成。

The first month of operations was in line with the results in Argentina and Brazil in terms of user acquisition over a similar period of time since launch, capturing 5% of users with balances being transferred to asset management products.

自推出以來，第一個月的運營與阿根廷和巴西在用戶獲取方面的結果相近，獲得了 5% 的用戶，餘額被轉移到資產管理產品。

Mercado Crédito's total outstanding credit portfolio reached $177.6 million during the first quarter decreasing by 16.5% Q-on-Q as a result of the devaluation of the region's currencies.

由於該地區貨幣貶值，Mercado Crédito 的未償信貸組合總額在第一季度達到 1.776 億美元，環比下降 16.5%。

In local currency, Argentina's portfolio grew by 15.4%, was flat in Brazil and grew in Mexico by 13.1%.

以當地貨幣計算，阿根廷的投資組合增長了 15.4%，巴西持平，墨西哥增長了 13.1%。

By the end of the quarter, the NPL ratios had not shown a deterioration due to the COVID-19 crisis.

到本季度末，不良貸款率並未因 COVID-19 危機而惡化。

Nonetheless, to manage our exposure to merchant and consumer credits amongst global pandemic, we slowed credit origination to both merchants and consumers significantly.

儘管如此，為了在全球大流行中管理我們對商家和消費者信貸的敞口，我們顯著減緩了對商家和消費者的信貸發放。

As a consequence, as well as the devaluation impact of the country's currencies, we shrunk our merchant credit portfolio by 21.1%, our consumer credit portfolio by 5.2% and our mobile point-of-sale credit portfolio by 20.4% Q-on-Q in U.S. dollars.

因此，加上該國貨幣貶值的影響，我們的商戶信貸組合環比縮減了 21.1%，我們的消費信貸組合縮減了 5.2%，我們的移動銷售點信貸組合縮減了 20.4%以美元計。

These defensive measures led to nonperforming loans that were 30 days past due that represented 10.8% of total loans during the first quarter of 2020.

這些防禦措施導致逾期 30 天的不良貸款佔 2020 年第一季度總貸款的 10.8%。

We also recorded an $8.7 million increase in bad debt provisions versus Q4.

與第四季度相比，我們的壞賬準備金增加了 870 萬美元。

This increase is explained for the most part due to a change in U.S. GAAP accounting norms effective January 1, where we adopted the model of current expected credit losses to account for our allowances for loan losses.

這一增長在很大程度上是由於 1 月 1 日生效的美國公認會計準則會計準則的變化，我們採用當前預期信用損失模型來計算我們的貸款損失準備金。

Previously to the change, we accounted for loan losses using an incurred loss model, where we accounted for loan losses as we incurred them.

在更改之前，我們使用已發生損失模型對貸款損失進行會計處理，在該模型中，我們在發生貸款損失時對其進行會計處理。

Going forward, we will book loan loss provisions.

展望未來，我們將計入貸款損失準備金。

At the moment, the credit is originated based on actuarial calculations and subsequently adjust those provisions as credits are repaid.

目前，信貸是根據精算計算產生的，隨後在償還信貸時調整這些準備金。

With that, let me now move on to our financials for the quarter.

有了這個，讓我現在繼續討論本季度的財務狀況。

Consolidated net revenues for the first quarter were $652.1 million, a year-on-year increase of 37.6% in U.S. dollars and 70.5% on an FX-neutral basis as we continue to optimize shipping subsidies and costs that minimize contra revenues from free shipping programs.

第一季度的合併淨收入為 6.521 億美元，按美元計算同比增長 37.6%，在外匯中性基礎上增長 70.5%，因為我們繼續優化航運補貼和成本，以最大限度地減少免費航運計劃的對立收入.

Commerce now represents 58.4% of our total net revenues compared to 41.6% for FinTech.

商業現在占我們總淨收入的 58.4%，而金融科技佔 41.6%。

Gross profit was $312.8 million with a margin of 48% compared to 50% in the first quarter of 2019.

毛利潤為 3.128 億美元，利潤率為 48%，而 2019 年第一季度為 50%。

This 205 basis points margin compression was driven for the most part by warehousing costs from our fulfillment operations, partially offset by collection fee improvements and salary and wages leverage in our customer services operations.

這 205 個基點的利潤率壓縮在很大程度上是由我們履行業務的倉儲成本推動的，部分被我們的客戶服務業務中的收款費提高以及工資和工資槓桿所抵消。

On a sequential basis, 224 basis points of margin improvement are mostly explained by declining MPOS sales costs.

在連續的基礎上，224 個基點的利潤率提高主要是由於 MPOS 銷售成本下降所致。

In the slides accompanying this presentation, we've included, as every quarter, a detailed breakdown of these as well as the OpEx margin evolution that I'll cover quickly now.

在本演示文稿隨附的幻燈片中，我們每個季度都包含了這些內容的詳細細分以及我現在將快速介紹的 OpEx 利潤率演變。

Operating expenses were $342.5 million, an increase of 51% year-on-year in U.S. dollars.

營業費用為 3.425 億美元，按美元計算同比增長 51%。

As a percentage of revenues, operating expenses were 52.5% compared to 47.9% during the first quarter of 2019.

營業費用佔收入的百分比為 52.5%，而 2019 年第一季度為 47.9%。

These 251 basis points of margin compression are attributable, primarily to increases in sales force-related costs, the bad debt provisions I just covered and increased marketing spend.

這 251 個基點的利潤率壓縮可歸因於銷售人員相關成本的增加、我剛剛涵蓋的壞賬準備金以及營銷支出的增加。

Sequentially, there was $34.7 million of Q-on-Q improvement in operating leverage that was mostly driven by a decrease of $60.2 million in marketing expenditures, partially offset by the same bad debt charges.

隨後，運營槓桿環比改善了 3470 萬美元，這主要是由於營銷支出減少了 6020 萬美元，部分被相同的壞賬費用所抵消。

Loss from operations was $29.7 million compared to a loss of $68.9 million during the prior quarter.

運營虧損為 2970 萬美元，而上一季度為 6890 萬美元。

As a percentage of revenues, the loss from operations reached 4.6%, improving by 567 basis points sequentially.

運營虧損佔收入的百分比達到 4.6%，環比下降 567 個基點。

Moving down the P&L, the company incurred $23.6 million in financial expenses this quarter, mainly attributable to secured financial loans and interest expenses related to our payments business in Argentina.

降低損益表，該公司本季度的財務費用為 2360 萬美元，主要歸因於與我們在阿根廷的支付業務相關的擔保財務貸款和利息費用。

Interest income was $36.8 million, a 50.5% increase year-on-year as a result of the equity offering during March 2019, which generated more invested volume and interest gain and also a higher float in Argentina.

利息收入為 3,680 萬美元，同比增長 50.5%，原因是 2019 年 3 月的股票發行，產生了更多的投資額和利息收益，以及更高的阿根廷流通股。

In delivering these results, we've sought to maintain a sustainable balance between growth and investments, which for the quarter led to a net loss of $21.1 million.

在實現這些結果時，我們力求在增長和投資之間保持可持續的平衡，這導致本季度淨虧損 2110 萬美元。

As I wrap up the prepared remarks, I don't want to lose sight of the extraordinary time we are living in.

當我結束準備好的發言時，我不想忘記我們生活在這個非凡的時代。

We thank everyone in our communities who are doing everything they can to get us through, whether it is by staying home to remain safe or by making it to work to keep our health systems and economies running.

我們感謝社區中的每一個人，他們竭盡全力幫助我們度過難關，無論是呆在家里以保持安全，還是努力保持我們的衛生系統和經濟運行。

We remain committed to doing our part by empowering our merchants to continue operating, by securing deliveries of goods needed by households and by supporting the normal operation of payments and financial value chains.

我們仍然致力於通過授權我們的商家繼續運營、確保家庭所需商品的交付以及支持支付和金融價值鏈的正常運作來儘自己的一份力量。

MercadoLibre will emerge from this situation stronger and with an even greater sense of purpose.

MercadoLibre 將在這種情況下變得更強大，並具有更大的目標感。

We trust the dedication and commitment being demonstrated by our entire organization, will allow us to continue executing our strategy with no significant interruptions.

我們相信我們整個組織所表現出的奉獻精神和承諾將使我們能夠繼續執行我們的戰略，而不會出現重大中斷。

And in doing so, play our part in contributing to making things less difficult during these trying times.

在此過程中，發揮我們的作用，為在這些艱難時期減少困難做出貢獻。

We look forward, as always, to keeping you updated on our progress next quarter, and we'd like to take your questions now.

我們一如既往地期待著在下個季度讓您了解我們的最新進展，我們現在想回答您的問題。

(Operator Instructions) Our first question comes from the line of Stephen Ju from Crédit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Stephen Ju。

Pedro, both you and everybody else and management are doing well and staying safe through the crisis.

佩德羅，你和其他所有人以及管理層都做得很好，並在危機中保持安全。

So from a big picture perspective, the circumstances and reasons why the acceleration is happening in April is tragic, but at the same time, this should catalyze a faster change in consumer behavior, both the commerce and the payment side and all the regions where you operate.

所以從大局來看，4月份加速發生的情況和原因是悲慘的，但與此同時，這應該會催化消費者行為的更快變化，無論是商業端還是支付端，以及你所在的所有地區。操作。

So talk about like what you may be doing to retain as much of the momentum as you can.

因此，請談論您可能正在做的事情以盡可能多地保留動力。

I would have to think, MercadoLibre has always under-indexed for certain product categories historically.

我不得不認為，MercadoLibre 在歷史上總是對某些產品類別的索引不足。

So shouldn't the conversations with brands and sellers in those other categories be getting easier?

那麼與其他類別的品牌和賣家的對話不應該變得更容易嗎？

And second, the -- I think you disclosed the 8 million users who are now using the mobile wallet, should we think the TAC on these users are effectively 0 at this point?

其次，我認為您披露了現在使用移動錢包的 800 萬用戶，我們是否應該認為這些用戶的 TAC 在這一點上實際上是 0？

And are your existing MercadoLibre users whom you -- are these the existing MercadoLibre users whom you were able to convert?

您是現有的 MercadoLibre 用戶嗎？這些是您能夠轉換的現有 MercadoLibre 用戶嗎？

And I guess, consequently, is the Venn diagram overlap still fairly large between your commerce and the FinTech platforms?

因此，我想，您的商業和金融科技平台之間的維恩圖重疊是否仍然相當大？

Are you starting to see a wider divergence in the user base?

您是否開始看到用戶群出現更大的分歧？

Great.

偉大的。

So thanks, Stephen.

所以謝謝，斯蒂芬。

I think fortunately, we're all doing very well on this end, and we wish the same to everyone on the line.

我認為幸運的是，我們在這方面都做得很好，我們希望在線上的每個人都一樣。

So look, I think that there is the potential we still need to wait and see a few more months that to a certain degree, what's happening around us will generate some sort of fast forward in a shift from physical to digital.

所以看，我認為我們仍然需要等待幾個月，在某種程度上，我們周圍發生的事情將在從物理到數字的轉變中產生某種快進。

And so I think we're very focused, primarily on 3 levers here to see if we can hold that momentum going forward.

所以我認為我們非常專注，主要集中在三個槓桿上，看看我們是否能保持這種勢頭。

And the first one is to deliver on the user experience and the promise.

第一個是兌現用戶體驗和承諾。

That's very closely tied to logistics, but it also means that we need to keep operating the entire machinery, which is being obviously strained, while continuing to deliver the service that's expected of us because what we don't want is to have new users or users' onboarding new categories and facing that negative user experience.

這與物流密切相關，但這也意味著我們需要繼續運行顯然緊張的整個機器，同時繼續提供我們期望的服務，因為我們不希望有新用戶或用戶加入新類別並面臨負面的用戶體驗。

So we're tremendously proud of the work that's been done by the logistics team.

因此，我們為物流團隊所做的工作感到無比自豪。

Our MercadoLibre's operation has continued to operate and to deliver within standard service levels.

MercadoLibre 的運營繼續在標準服務水平內運營和交付。

We are seeing considerable mix shift, same story as for other players similar to us globally.

我們看到了相當大的組合轉變，與全球其他與我們類似的參與者的情況相同。

And so we're trying to very quickly accelerate plans that we already have in place for certain categories within consumer packaged goods and other areas.

因此，我們正在努力快速加快我們已經為消費品和其他領域中的某些類別制定的計劃。

And related to that, and you did mention this also is how do we continue to onboard more and more merchants, both for financial services and also for our commerce businesses because, obviously, there's increased desire to pursue digital channels, and we are a critical partner for anyone trying to move into the digital world.

與此相關，您確實提到了這也是我們如何繼續為金融服務和我們的商業業務吸引越來越多的商家，因為顯然，人們越來越渴望追求數字渠道，而我們是關鍵任何試圖進入數字世界的人的合作夥伴。

So there is a reramping up of sales force is to be able to engage and to deliver on those incremental conversations.

因此，需要重新組建銷售隊伍，以便能夠參與並交付這些增量對話。

So I would say the biggest focus is to make sure that we can deliver on the incremental volume that we're seeing so that users have a good first experience.

所以我想說，最大的重點是確保我們能夠交付我們所看到的增量數量，以便用戶獲得良好的第一體驗。

In terms of TAC, just one comment.

就 TAC 而言，只有一條評論。

The 8 million was full quarter.

800 萬是整個季度。

We still had our marketing running during Q1, obviously, much more efficient than previous quarters, especially for wallet, we mentioned that in some of the prepared remarks, but we were still investing.

我們在第一季度仍然進行營銷，顯然比前幾個季度效率更高，特別是對於錢包，我們在一些準備好的評論中提到了這一點，但我們仍在投資。

And so those TACs were not 0, but there is greater efficiency in the overall marketing spend behind driving those 8 million wallet users, which is a good sign.

所以這些 TAC 不是 0，但推動這 800 萬錢包用戶的整體營銷支出效率更高，這是一個好兆頭。

I would say April is where given the enormous organic demand that's existing, marketing spend has been low, and so TACs have come down.

我想說，鑑於現有的巨大有機需求，4 月份的營銷支出一直很低，因此 TAC 已經下降。

Marketing spend has not been 0, and we also need to see what happens as the world normalizes and off-line offerings once again emerged and what happens to TACs at those points.

營銷支出並非為零，我們還需要看看隨著世界正常化和線下產品再次出現會發生什麼，以及在這些時候 TAC 會發生什麼。

But April, obviously, there's much less investment in marketing just because there's so much organic demand, especially on the commerce side.

但 4 月份，很明顯，營銷方面的投資要少得多，因為有機需求如此之多，尤其是在商業方面。

And on the payment side, there's probably a lot less of an impetus to invest in a lot of the discounts because a big part of wallet was in-store and foot traffic.

在支付方面，投資大量折扣的動力可能要小得多，因為錢包的很大一部分是店內和人流量。

Obviously, there isn't too much sense in investing behind that, but we have (inaudible) behind online use cases and other use cases that have picked up demand.

顯然，在這背後進行投資並沒有太大意義，但我們（聽不清）支持在線用例和其他已經滿足需求的用例。

Our next question comes from the line of Edward Yruma from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Edward Yruma。

Again, my best thoughts for you and your teams and their continued health.

再次，我對您和您的團隊以及他們的持續健康表示最好的想法。

Interesting commentary on the pullback in credit.

關於信貸回落的有趣評論。

I guess what proof points will you look for in terms of reestablishing accessibility to credit?

我想您在重建信貸可及性方面會尋找哪些證據？

And in the short term, how do you expect this will impact the P&L?

在短期內，您預計這將如何影響損益表？

Edward, this is Giménez.

愛德華，這是希門尼斯。

So in terms of credit, we have already -- we're starting and giving credit.

因此，就信用而言，我們已經 - 我們正在開始並給予信用。

We have 2 large segments.

我們有 2 個大的細分市場。

On the one hand, we have merchants to which we are loaning working capital.

一方面，我們向商家提供營運資金。

And there, what we did was first slowed down the origination of credit until we saw how these were reacting on the marketplace.

在那裡，我們首先減緩了信貸的產生，直到我們看到它們對市場的反應。

Even though, in general, the marketplace has accelerated, not all merchants are the same.

儘管總體而言，市場已經加速發展，但並非所有商家都是一樣的。

Some of those -- some of them have -- are growing significantly faster than before because of what they are selling, and there's a slowdown in another one.

其中一些——其中一些已經——增長速度明顯快於以前，因為他們銷售的是什麼，而另一個則放緩了。

So we wanted to make sure we got that right before starting and giving loans to them again, but we are already doing that on a country-by-country basis.

因此，我們希望在開始並再次向他們提供貸款之前確保我們做到了這一點，但我們已經在逐個國家這樣做了。

And then on the consumer side, what we are -- we never stopped originated loans.

然後在消費者方面，我們是什麼 - 我們從未停止過原始貸款。

However, we did reduce the amount of loans we were giving.

但是，我們確實減少了我們提供的貸款金額。

What we did was maintaining, offering new loans to people who already have paid us back.

我們所做的是維持，向已經償還我們的人提供新貸款。

We wanted to try to avoid an adverse selection and having people who have problems with their current stock conditions, getting a loan from us and not being able to pay it back.

我們想盡量避免逆向選擇，避免出現對當前庫存狀況有問題的人，從我們那裡獲得貸款而無法償還。

But now as we get more confident with the situation, we also plan to rescale that.

但現在隨著我們對這種情況更有信心，我們也計劃重新調整它。

Great.

偉大的。

And one follow-up, if I may.

如果可以的話，還有一個後續行動。

It sounds like the Brazilian business is maybe reramping a little bit slower than your other businesses.

聽起來巴西業務的發展速度可能比您的其他業務慢一點。

Is that a macro issue?

是宏觀問題嗎？

Or are there other factors at play?

還是有其他因素在起作用？

So I think if you look at the commerce business, the Brazilian business, even if you look at Q1 results was growing somewhat slower than the other businesses, and it began to accelerate in April.

所以我認為，如果你看一下商業業務，巴西業務，即使你看第一季度的業績增長速度也比其他業務要慢，並且在 4 月份開始加速。

When we look at relative growth rates, April to pre-COVID, they look pretty good for Brazil.

當我們查看從 4 月到 COVID 之前的相對增長率時，它們看起來對巴西來說相當不錯。

I'll let Osi give you some more color on payments, but I think for payments that's probably a fair assessment.

我會讓 Osi 為您提供更多關於付款的信息，但我認為對於付款，這可能是一個公平的評估。

Thank you, Pedro.

謝謝你，佩德羅。

I'll add to that, that in the case of Brazil, on the online payment side of the business, we did have a few large clients who were either related to the tourism industry or to entertainment or even to cross-border trade.

我還要補充一點，以巴西為例，在業務的在線支付方面，我們確實有一些與旅遊業或娛樂業甚至跨境貿易有關的大客戶。

And for those the volumes are obviously significantly down.

而對於那些人來說，交易量顯然顯著下降。

And then in the MPOS business, I think on the case of Argentina, a larger proportion of those MPOS came from supermarkets and small mom-and-pop stores who sold food and these ones are thriving.

然後在 MPOS 業務中，我認為在阿根廷的案例中，更大比例的 MPOS 來自超市和出售食品的小型夫妻店，這些商店正在蓬勃發展。

However, in Brazil, this percentage is lower, and therefore, the recovery is taking a little bit longer than in the case of Argentina.

然而，在巴西，這個百分比較低，因此，復甦所需的時間比阿根廷稍長。

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

我們的下一個問題來自美國銀行的 Bob Ford。

Can you talk a little bit about your decision to pull forward the consumables launches?

你能談談你推動消耗品發布的決定嗎？

How that's scaling?

這是如何縮放的？

How you're thinking about the value proposition in terms of price, assortment, service levels and geographic availability?

您如何看待價格、分類、服務水平和地理可用性方面的價值主張？

And how did that decision to pull the consumables forward impact and as well as wave in the take rates, how did that impact profitability in the quarter?

以及該決定如何將消耗品向前拉動並影響採用率，這對本季度的盈利能力有何影響？

Sure.

當然。

So first of all, just, I think, to set relative size.

所以首先，我認為，設置相對大小。

These categories, even in the most successful markets such as Mexico, where we were already a few steps ahead, are probably mid-single digits of GMV, and then the smaller countries are a bit behind that.

這些品類，即使在我們已經領先幾步的墨西哥等最成功的市場，也可能是 GMV 的中個位數，而較小的國家則稍稍落後。

So in terms of overall impact to the profitability and whatnot, it's not that relevant.

因此，就對盈利能力等的整體影響而言，它並沒有那麼重要。

The greater focus right now is ramping up the user interfaces.

現在更大的焦點是提升用戶界面。

We launched the supermarket interface we had in Mexico to both Brazil and Argentina and to as quickly as we can, improving SKU selection.

我們盡快向巴西和阿根廷推出了我們在墨西哥擁有的超市界面，以改進 SKU 選擇。

There's a strong timing to how we're trying to do consumer packaged goods to our own logistics network.

我們如何嘗試將消費品包裝到我們自己的物流網絡中，這是一個很好的時機。

And that's a combination of fulfilled by us, but also to a certain degree, 1P so there's a ramp-up in purchase orders and the ramp-up in trying to go direct-to-consumer packaged good companies and get them to either sell to us or fulfill through us.

這是我們實現的組合，但在一定程度上也是 1P，因此採購訂單增加，並且嘗試直接面向消費者包裝好的公司並讓它們出售給我們或通過我們實現。

When we look at the value prop right now, clearly, there's still room for expansion in SKUs and selection.

當我們現在看價值道具時，很明顯，SKU 和選擇仍有擴展空間。

A lot of the very, very strong growth that we've seen in GMV is driven by the obvious high-need products.

我們在 GMV 中看到的許多非常非常強勁的增長都是由明顯的高需求產品推動的。

And so it was fairly easy to source that low number of SKUs quickly.

因此，快速採購少量 SKU 相當容易。

The challenge if we want to remain relevant in this category as things normalize, is to make sure that we have the right work -- we've done the right work in terms of incremental assortment.

如果我們想隨著事情正常化而在這一類別中保持相關性，所面臨的挑戰是確保我們有正確的工作——我們在增量分類方面做了正確的工作。

So I think the answer to your question is, we've done a lot in terms of rolling out the front ends for the supermarket experience.

所以我認為你的問題的答案是，我們在推出超市體驗的前端方面做了很多工作。

We've been agile to be able to source the inventory that we know is in high demand now, and we're diligently working in the background to be able to have the future SKU count and selection that will be necessary once things normalize a little bit.

我們一直很靈活，能夠採購我們知道現在需求量很大的庫存，並且我們正在後台努力工作，以便能夠擁有未來的 SKU 數量和選擇，一旦事情稍微正常化，這將是必要的少量。

Impact on profitability is not something we're too concerned with right now, given that the volume is low.

鑑於交易量很低，我們現在不太關心對盈利能力的影響。

But we do trust that the more we do from our own fulfillment centers and the more volume we drive to those fulfillment centers, we're seeing unit costs come down in general.

但我們確實相信，我們從自己的履行中心做的越多，我們開往這些履行中心的數量越多，我們看到的單位成本總體上會下降。

And so that should also apply to these consumer packaged good categories.

因此，這也應該適用於這些消費品包裝好的類別。

And so the final step will be just to make sure that we can increase average items per order, which is typically the other key driver between making these work.

因此，最後一步將只是確保我們可以增加每個訂單的平均商品數量，這通常是使這些工作發揮作用的另一個關鍵驅動因素。

And Pedro, if I understand correctly, order placed in the morning in São Paulo are fulfilled the same day's afternoon, next day, next day in Rio.

還有佩德羅，如果我理解正確的話，早上在聖保羅下的訂單會在當天下午、第二天、第二天在里約執行。

How are you thinking about making that value proposition more broadly available in Brazil?

您如何考慮在巴西更廣泛地推廣該價值主張？

Yes.

是的。

So this doesn't apply just for consumer packaged goods.

因此，這不僅僅適用於消費包裝商品。

I think what you're highlighting is simply a reflection of the tremendous work that's being done by the logistics team in terms of being able to service large urban areas that are relatively close to our warehouses as we grow the footprint of our own network in what we consider to be best-in-class times.

我認為您所強調的只是物流團隊在能夠為相對靠近我們倉庫的大城市地區提供服務方面所做的巨大工作的反映，因為我們擴大了我們自己的網絡在什麼方面的足跡我們認為這是一流的時代。

So it's certainly new.

所以它肯定是新的。

This is recent, and then really the improvements have been phenomenal.

這是最近的事，然後真正的改進是驚人的。

We're communicating it as we make sure that we can scale that efficiently.

我們正在溝通它，因為我們確保我們可以有效地擴展它。

And we do think that will be a very strong part of the value prop, but not just for those categories, but rather across the board for all of our service offering.

而且我們確實認為這將是價值支柱的一個非常重要的部分，但不僅適用於這些類別，而且適用於我們所有的服務產品。

Our next question comes from the line of Andrew Ruben from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Andrew Ruben。

I was just hoping that you could talk through some of the drivers of TPV off marketplace.

我只是希望你能談談 TPV 場外的一些驅動因素。

This seemed more resilient, really, particularly in April than we would have expected based on the physical exposure.

這似乎更有彈性，真的，特別是在 4 月份，比我們根據實際暴露所預期的要好。

So maybe just some puts and takes on MPOS and QR versus merchant services?

所以也許只是一些 MPOS 和 QR 與商家服務的比較？

And maybe color on the proportion of your MPOS base that's shuttered for the moment and would have went to 0 would be very helpful.

也許你的 MPOS 基礎比例上的顏色暫時關閉並且會變為 0 會非常有幫助。

Sure, Andrew.

當然，安德魯。

So we definitely saw a picture where different businesses have been evolving in different ways throughout April -- end of March and April.

因此，我們肯定看到了一張圖片，其中不同的業務在整個 4 月以不同的方式發展——3 月底和 4 月。

Let's start with online payments.

讓我們從在線支付開始。

In online payments, as I already mentioned, there are a few verticals where volume is down, such as tourism and entertainment and cross-border trade, but beyond that, we have seen, in general, an acceleration because many businesses are trying to migrate online.

在在線支付方面，正如我已經提到的，有一些垂直領域的交易量下降，例如旅遊和娛樂以及跨境貿易，但除此之外，我們看到總體上出現加速，因為許多企業都在嘗試遷移在線的。

And so particularly, we see this with towards the long tail, where there are lots of small businesses that, for the first time, need to sell online, and there -- many of those are adopting Mercado Pago.

特別是，我們看到了長尾，那裡有很多小企業第一次需要在線銷售，而且其中許多正在採用 Mercado Pago。

And so we are seeing positive trends particularly in Argentina, but we are also seeing a rebound in the Brazil and Mexico and -- however, very, very strong countries have been Chile and Colombia.

因此，我們看到了積極的趨勢，尤其是在阿根廷，但我們也看到了巴西和墨西哥的反彈，而且——然而，非常非常強大的國家是智利和哥倫比亞。

In all of those, we are seeing strong trends.

在所有這些中，我們都看到了強勁的趨勢。

If we move towards MPOS, there the share by vertical varies significantly from a country-to-country basis.

如果我們轉向 MPOS，那麼垂直市場的份額會因國家而異。

If we were start to start with -- for us, Brazil is the largest market.

如果我們開始 - 對我們來說，巴西是最大的市場。

And their volumes are still below -- roughly 25% below what they were before the start of the lockdown.

而且它們的數量仍然低於鎖定開始前的水平約 25%。

And that is mostly because what we're seeing is many of the verticals, such as automobiles, clothing outlets, transportation and so on have been significantly affected.

這主要是因為我們看到的是許多垂直行業，比如汽車、服裝店、交通等都受到了重大影響。

For us, one of the larger proportions, retail used to be 16% of MPOS, service providers 11%, restaurants, 11%.

對我們來說，其中一個較大的比例是，零售曾經是 MPOS 的 16%，服務提供商是 11%，餐館是 11%。

And all of those have been significantly affected.

所有這些都受到了重大影響。

And on the other hand, supermarkets, which have not been affected, were only 2% of our TPV.

而另一方面，沒有受到影響的超市僅占我們冠捷的 2%。

And that's why in Brazil, we are still seeing volumes that have declined comparing with before the start of the lockdown.

這就是為什麼在巴西，與封鎖開始前相比，我們仍然看到交易量有所下降。

On the other hand, in Argentina, supermarkets were very large already -- they already represented 38% of TPV and they have grown significantly and gained share, and they already had over 55% of TPV.

另一方面，在阿根廷，超市已經非常大了——它們已經占到了冠捷的 38%，並且已經顯著增長並獲得了份額，它們已經擁有超過 55% 的冠捷。

And therefore, these were not only not affected, but they're growing very, very strongly.

因此，這些不僅沒有受到影響，而且還在非常非常強勁地增長。

And so the net effect for Argentina is that volume is slightly -- basically flat.

所以對阿根廷的淨影響是成交量略微——基本持平。

It's only 3% below what it was before COVID.

它僅比 COVID 之前的水平低 3%。

Mexico, the trend is, I would say, even the decline has been steeper than in Brazil, but coming from a very small base.

墨西哥，我想說，趨勢是，即使下降幅度也比巴西更大，但來自一個非常小的基數。

When compared with Brazil or Argentina, volume is down 35%.

與巴西或阿根廷相比，銷量下降了 35%。

Again, it's mostly because not many of those merchants sold any of the essentials that have been relevant over the last few weeks, and supermarkets only represented a 3.5% of total volume.

同樣，這主要是因為過去幾週沒有多少商家出售任何相關的必需品，超市僅佔總銷量的 3.5%。

So in general, retail, particularly clothing and services are significantly down.

因此，總體而言，零售，尤其是服裝和服務業顯著下降。

Supermarkets and essentials are up and in the one country where that was more relevant that it was Argentina, the volume has suffered less.

超市和必需品都在增加，在一個與阿根廷更相關的國家，銷量受到的影響較小。

Moving on to wallet.

繼續錢包。

In wallet, we have both things happened at the same time.

在錢包中，我們同時發生了兩件事。

We have, on the one hand, QR code, and then we had both mobile top-ups, utilities and then P2P payments.

一方面，我們有二維碼，然後我們有移動充值、公用事業和 P2P 支付。

Clearly, offline is the one that is suffering the most.

顯然，線下是最痛苦的。

In the case of QR code payments, we have -- we can split that between long tail, which is doing okay.

在二維碼支付的情況下，我們有——我們可以把它分成長尾，這很好。

But on the other hand, we have this large merchants, which were mostly either in the fast food industry or gas stations.

但另一方面，我們有這麼大的商人，他們大多在快餐行業或加油站。

And in general, fast food -- or restaurants in general are closed, so we are not seeing any volume there and gas stations volumes are significantly down.

總的來說，快餐店或一般餐館都關門了，所以我們看不到那裡有任何銷量，加油站的銷量也大幅下降。

On the other hand, when we move on to online users of the wallet, we have really spiked.

另一方面，當我們轉向錢包的在線用戶時，我們真的飆升了。

For example, payments -- utility payments or mobile top-ups are significantly high, mostly so in Argentina, but also in other markets.

例如，支付——公用事業支付或移動充值非常高，主要是在阿根廷，但在其他市場也是如此。

But mostly so in Argentina.

但在阿根廷大多如此。

And then we have revamped the P2P payment, and we are starting to see an acceleration in P2P payments.

然後我們改進了 P2P 支付，我們開始看到 P2P 支付的加速。

Our next question comes from the line of Marcelo Santos from JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

I hope you're all doing well and remain doing well.

我希望你們都做得很好並繼續做得很好。

The question would be on the cost side of the business.

問題在於業務的成本方面。

What are the main impacts that we should see in the coming months, given this change in the business?

鑑於業務的這種變化，我們應該在未來幾個月看到哪些主要影響？

Understanding lower marketing expenses, perhaps higher bad debt.

了解較低的營銷費用，也許是較高的壞賬。

Could you discuss a bit how the cost changes?

你能談談成本如何變化嗎？

Yes.

是的。

Marcelo, thank you.

馬塞洛，謝謝。

I hope everyone is safe on your side as well.

我希望每個人都在你身邊安全。

So look, I think we always want to stress that this is a very dynamic and early situation.

所以看，我想我們總是想強調這是一個非常動態和早期的情況。

So we'll be able to get into greater detail on the quarter when we announce it.

因此，當我們宣布該季度時，我們將能夠更詳細地了解該季度。

I think in terms of trends and drivers, from a top line perspective, we are seeing primarily in commerce strength in volume.

我認為就趨勢和驅動因素而言，從頂線的角度來看，我們主要看到的是數量上的商業實力。

And even on the FinTech side, as Osvaldo just outlined, significant resiliency on a relative basis to everything that's happening around us.

甚至在金融科技方面，正如 Osvaldo 剛剛概述的那樣，相對於我們周圍發生的一切而言，它具有顯著的彈性。

There has been an initial decrease in marketing spend and sales force-related expenditures.

營銷支出和與銷售人員相關的支出最初出現了下降。

Obviously, we're not visiting people to sign people on.

顯然，我們不是為了讓人們簽約而訪問人們。

We've kept sales forces at home or we've stopped using third-party sales forces, and demand has been primarily organic.

我們將銷售人員留在國內，或者我們已經停止使用第三方銷售人員，需求主要是有機的。

So that's beneficial so from the spend side.

所以從支出方面來說這是有益的。

We're seeing less discounting and couponing to drive usage, both on the FinTech, but to a lesser degree also on the commerce side, but primarily on FinTech.

我們看到，在金融科技領域，用於推動使用的折扣和優惠券減少了，但在商業方面的程度也較低，但主要是在金融科技領域。

And in general, you're seeing certain adjustments to expenses.

總的來說，您會看到對費用的某些調整。

This is offset, obviously, by -- to a certain degree, there will be COVID-related costs to logistics.

顯然，這在一定程度上被與 COVID 相關的物流成本所抵消。

There is a mix shift, and I think this was alluded to in one of the previous questions to certain categories where margins are potentially a little bit tighter.

有一個混合轉變，我認為這在之前的一個問題中提到了某些類別的利潤率可能會更緊一點。

And I think we also need to see what happens at a macro level in terms of demand as we roll into May, June and then the rest of the year.

我認為，隨著我們進入 5 月、6 月和今年剩餘時間，我們還需要看看宏觀層面的需求會發生什麼。

So when we look at April and the initial phase of this, obviously, marketing had been a big part of our spend, sales and marketing, that's down.

因此，當我們查看 4 月份和初始階段時，顯然，營銷一直是我們支出、銷售和營銷的重要組成部分，但這種情況已經下降。

Logistics costs on a per unit basis are actually coming down compared to the dropship network as we roll more and more volume over our network.

與直銷網絡相比，單位物流成本實際上正在下降，因為我們在我們的網絡上滾動越來越多的量。

So that's good for the long term.

所以從長遠來看這是好事。

Short term, it doesn't mean that logistics costs -- as logistics has increased adoption are lower than dropship or we didn't have to manage warehouses and whatnot, but they're kind of in line.

短期來看，這並不意味著物流成本——隨著物流採用率的提高低於直銷，或者我們不必管理倉庫等等，但它們是符合要求的。

And so the increase in bad debt that you mentioned on the credit side, but that seems to be fairly controlled as well unless nonperforming loans spike.

所以你在信貸方面提到的壞賬增加，但這似乎也得到了相當的控制，除非不良貸款飆升。

So short term, I think there's been fairly solid top line and some pullback on expenses.

所以短期內，我認為收入相當穩固，支出有所回落。

We're not going to stay within a defensive position.

我們不會停留在防守位置。

I think we see an enormous opportunity here with this fast forward of the movement online.

我認為，隨著在線運動的快速發展，我們在這裡看到了巨大的機會。

And now that we feel fairly comfortable about how the business is performing, you will see us begin to pick up spend somewhat, but not necessarily to the levels we were at before.

現在我們對業務的表現感到相當滿意，你會看到我們開始有所增加，但不一定達到我們以前的水平。

Perfect.

完美的。

I have another one.

我還有一個。

Could you please comment, there were some news in the Brazilian media discussing the states potentially wanting the marketplaces to collect taxes.

您能否發表評論，巴西媒體上有一些新聞討論了可能希望市場徵稅的州。

So there was some noise in the media.

因此，媒體上出現了一些噪音。

Could you discuss this if possible?

如果可能的話，你能討論一下嗎？

Yes.

是的。

So last I had checked, we had not received any formal notification.

所以上次我查了一下，我們沒有收到任何正式的通知。

Obviously, we're aware both of the media coverage.

顯然，我們都知道這兩種媒體的報導。

And that in general, and especially with potential macro conditions going forward, there are conversations from different states and in some cases, with different states regarding state taxes.

總的來說，特別是在潛在的宏觀條件下，來自不同州的對話，在某些情況下，與不同的州就州稅進行了對話。

I think the way we're approaching this is through the federations and the trade associations.

我認為我們解決這個問題的方式是通過聯合會和行業協會。

I think this is fairly early on in the conversation to try to drive any conclusions as to how this might potentially play out.

我認為這是在對話的早期階段，試圖得出關於這可能如何發揮作用的任何結論。

Our understanding is that some of these initiatives won't be able to prosper.

我們的理解是，其中一些舉措將無法成功。

But again, following it closely, we haven't been officially notified, so that gives you an indication of how early on this is.

但同樣，密切關注它，我們還沒有得到正式通知，所以這讓你知道這有多早。

And we'll have to see how all of this plays out.

我們將不得不看看這一切是如何發生的。

Our next question comes from the line of Deepak Mathivanan from Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Glad to know that everybody is safe.

很高興知道每個人都安全。

Two questions from us.

我們提出了兩個問題。

First, Pedro, can you help understand the impact of reduced commissions and listing fees for certain off-line to online categories and type of merchants in response to COVID-19 on the take rate side?

首先，佩德羅，您能否幫助了解針對 COVID-19 對採取率方面的響應，某些離線到在線類別和商家類型的佣金和上市費用減少的影響？

You talked about it in the prepared remarks.

你在準備好的評論中談到了它。

Do these merchants represent a sizable portion of the volume at this time?

這些商家在這個時候代表了相當大的一部分嗎？

And then second question, a little bit bigger picture question.

然後是第二個問題，一個更大的問題。

You had a lot of long-term priorities like loyalty integration and then also a good build-out of the first-party business in various geographies.

你有很多長期的優先事項，比如忠誠度整合，然後在各個地區建立良好的第一方業務。

Obviously, now there are a lot more urgent pressing situations that you have to prioritize, how should we think about some of these things as we go into the back half and some of the initial shocks from COVID-19 sort of mitigates?

顯然，現在您必須優先考慮許多更緊迫的緊迫情況，當我們進入後半部分時，我們應該如何考慮其中一些事情，並且 COVID-19 帶來的一些最初的衝擊會有所緩解？

Great.

偉大的。

So first of all, the discounts that we've been granting should not have a material impact on monetization.

所以首先，我們一直給予的折扣不應該對貨幣化產生重大影響。

I think we've attempted to target limited number of SKUs that we understand are the ones in most need and in highest [demand] and -- but we've also tried to be prudent around how we've done this.

我認為我們已經嘗試針對數量有限的 SKU，我們認為這些 SKU 是最需要和最高 [需求] 的，而且 - 但我們也試圖謹慎對待我們如何做到這一點。

So I think what we're trying to say is, we shouldn't assume that all of the GMV growth linearly flows through to incremental profit.

所以我認為我們想說的是，我們不應該假設所有的 GMV 增長都會線性地流向增量利潤。

But thanks for asking the question.

但是感謝您提出這個問題。

These should not be material discounts across the board, nor on a significant number of SKUs, nor to a significant number of merchants and not necessarily sustained over time.

這些不應該是全面的實質性折扣，也不應該是大量 SKU 或大量商家的折扣，也不一定會隨著時間的推移而持續。

Second, I think, what we're trying to transmit to everyone, at least so far in this evolving situation, is that we feel that we really haven't had to derail too many of our strategic objectives.

其次，我認為，至少到目前為止，在這種不斷變化的情況下，我們試圖傳達給每個人的是，我們認為我們真的不必破壞我們的太多戰略目標。

I think it's very -- we -- call it luck, call it having seen it well.

我認為這是非常 - 我們 - 稱之為運氣，稱之為看到它。

The fact that our logistics network was one of our priorities has really began to pay off.

我們的物流網絡是我們的首要任務之一，這一事實已經真正開始得到回報。

But if anything, one of the areas that one would normally be doubling down on right now was already one of the key objectives for us this year, which was to continue to move more and more volume onto our own logistics network.

但如果有的話，現在通常會加倍努力的領域之一已經是我們今年的主要目標之一，那就是繼續將越來越多的貨物轉移到我們自己的物流網絡上。

First party, as I mentioned, is also something that fits very well with the COVID necessities that are emerging.

正如我所提到的，第一方也非常適合正在出現的 COVID 必需品。

We had always said that 1P would be critical for the consumer packaged good development.

我們一直說1P對於消費包裝好的發展至關重要。

And so if anything, 1P is helping us as we accelerate CPG, granted apparel is a category that's particularly hard hit.

因此，如果有的話，1P 正在幫助我們加速 CPG，當然，服裝是一個受到特別嚴重打擊的類別。

That also had a strong 1P component.

這也有一個強大的 1P 組件。

But what we've done is we've reprioritized within the 1P organization to different products and categories, which allows us to continue to build out simply by tweaking what kind of inventory we're focusing on.

但我們所做的是我們在 1P 組織內重新確定了不同產品和類別的優先級，這使我們能夠通過調整我們關注的庫存類型來繼續構建。

And then loyalty is something that I don't necessarily characterize as something that's been derailed.

然後忠誠度是我不一定將其描述為脫軌的東西。

Potentially within the larger scheme of things, there might be some move away of efforts away from that.

可能在更大的計劃中，可能會有一些遠離它的努力。

But by no means have we postponed any of our loyalty initiatives or developments or business development attempts.

但我們絕不會推遲任何忠誠度計劃或發展或業務發展嘗試。

And we continue to think that building on our loyalty program will be critical for us.

我們仍然認為，建立我們的忠誠度計劃對我們來說至關重要。

And so we remain pretty committed to continuing to roll out new loyalty benefits and features as the year advances.

因此，隨著時間的推移，我們仍然非常致力於繼續推出新的忠誠度福利和功能。

Our next question comes from the line of Ravi Jain from HSBC.

我們的下一個問題來自匯豐銀行的 Ravi Jain。

I have 2 quick questions.

我有 2 個簡單的問題。

The first one more on -- just a follow-up on the product categories.

第一個更多 - 只是對產品類別的跟進。

Are you thinking -- are there initiatives for you to maybe grow your market share in electronics appliances, especially in Brazil?

您是否在想——您是否有可能增加您在電子設備市場份額的舉措，尤其是在巴西？

And on the consumer packaged goods, is there a plan in the future to maybe expand that to, I don't know, groceries and perishables?

在消費品方面，未來是否有計劃將其擴展到雜貨和易腐品？

Is that kind of in plans to look at maybe partnerships, M&A, et cetera?

是否有計劃考慮合作夥伴關係、併購等？

And the second question is, there has been, obviously, an improvement in fulfillment.

第二個問題是，顯然，成就感有所改善。

But when I look at the managed network on a sequential basis and the same thing with digital -- with the wallet users on a sequential basis, the growth was relatively flat in overall managed network and overall wallet users.

但是，當我按順序查看託管網絡以及與數字相同的情況時——按順序查看錢包用戶時，整體託管網絡和整體錢包用戶的增長相對平穩。

Is there an impact of COVID-19 there?

那裡有 COVID-19 的影響嗎？

And maybe that's why there's a little bit more flattish growth sequentially.

也許這就是為什麼連續增長有點平緩的原因。

How should we think about that?

我們應該怎麼想？

Okay.

好的。

So let me take those in reverse order.

所以讓我把它們倒序排列。

So when you look at the managed network, the answer is, yes, and it's related to the category mix shift.

因此，當您查看託管網絡時，答案是肯定的，而且它與類別組合轉變有關。

When you look at some of these CPG categories, especially when COVID initially hit because those were not high-priority categories, they were not necessarily on fulfillment by MELI or cross-docking.

當您查看其中一些 CPG 類別時，尤其是當 COVID 最初因為這些類別不是高優先級類別而受到衝擊時，它們不一定由 MELI 或交叉對接來實現。

A lot of the gelled alcohol, face masks and whatnot were being sold and continue to be sold in large degree by merchants on dropship network.

很多凝膠酒精、口罩和諸如此類的東西正在銷售，並繼續由直銷網絡上的商家大量銷售。

So in some markets, we actually even saw a bit of a decline in fulfillment as a percentage of volume as a consequence of COVID-driven mix shift in categories.

因此，在某些市場中，由於 COVID 驅動的類別組合轉變，我們實際上甚至看到了履行量佔銷量的百分比有所下降。

Now obviously, we're working quickly on the background as we identify those merchants to bring them on board to fulfillment because as we mentioned earlier, that's what really guarantees the quickest delivery times, the most reliable delivery times and going forward, the lowest cost.

現在很明顯，我們正在迅速在後台工作，因為我們確定了那些商家，讓他們參與進來，因為正如我們前面提到的，這才是真正保證最快的交付時間、最可靠的交付時間以及未來最低成本的原因.

But so on the fulfillment side, sequentially, yes, that is driven by COVID-related mix shift.

但是在履行方面，是的，這是由與 COVID 相關的混合轉變所驅動的。

And wallet, I think Osvaldo covered this, absolutely a big part of wallet volume and by strategic design were in-store purchases, a lot of that was in the restaurant category, which obviously is one of the most hit categories.

而錢包，我認為 Osvaldo 涵蓋了這一點，絕對是錢包數量的很大一部分，並且通過戰略設計是店內購買，其中很多是在餐廳類別中，這顯然是最受歡迎的類別之一。

So if we look at a lot of the high-level business development deals we had with anchor clients, McDonald's, Burger King, Starbucks that I think exemplifies how COVID imposed quarantines and shutdown of in-store traffic obviously affects the wallet business.

因此，如果我們看看我們與主要客戶麥當勞、漢堡王、星巴克達成的許多高級業務開發交易，我認為這些交易可以說明 COVID 實施隔離和關閉店內流量顯然會影響錢包業務。

In terms of consumer packaged goods and CE, I think we addressed this earlier a little bit, CPG.

在消費品和 CE 方面，我認為我們在 CPG 之前已經解決了這個問題。

I think this will accelerate our plans to move into this category.

我認為這將加速我們進入這一類別的計劃。

Obviously, we're starting from a kind of things that our current fulfillment centers can handle.

顯然，我們是從我們目前的履行中心可以處理的一種事情開始的。

So it doesn't include fresh, and it doesn't include certain chilled temperatures or frozen temperatures.

所以它不包括新鮮的，也不包括某些冷藏溫度或冷凍溫度。

I think we began to do work in understanding the overall impact of that and how if and when we should move into those spaces.

我認為我們開始著手了解其整體影響以及我們應該如何以及何時進入這些空間。

But I wouldn't anticipate anything soon.

但我不會很快預料到任何事情。

I think the focus right now, and there's plenty of us -- room for us to grow, is on CPG that does not include groceries or chilled and frozen, that's probably a Phase 2 or a Phase 3 in the future.

我認為現在的重點，我們中的很多人——我們有很大的成長空間，是不包括雜貨或冷藏和冷凍的 CPG，這可能是未來的第 2 階段或第 3 階段。

And then consumer electronics is, obviously, a category that demand has come down somewhat, although we're beginning to see signs of life again in April.

然後消費電子產品顯然是一個需求有所下降的類別，儘管我們在 4 月份開始再次看到復甦的跡象。

And that's, I think, a plan that we had from before, which is continue to expand our 1P for consumer electronics.

我認為，這就是我們之前製定的計劃，即繼續擴大我們的消費電子產品的 1P。

Hopefully, this will accelerate onboarding of certain OEMs through flagship stores as they look more and more for digital solution.

希望這將通過旗艦店加速某些 OEM 的入職，因為他們越來越尋求數字解決方案。

So we are ramping up our commercial efforts there and then trying to close deal with consumer electronics, OEMs and brands.

因此，我們正在加大我們在那裡的商業努力，然後嘗試與消費電子產品、原始設備製造商和品牌達成交易。

And then we continue to work on what we identified as the other area, which is how do we continue to improve pricing in consumer electronics through our buy box, through discount central and rebates.

然後我們繼續致力於我們確定的另一個領域，即我們如何通過我們的購買框、折扣中心和回扣繼續提高消費電子產品的定價。

And then obviously, category-specific pricing that we did roll out in Colombia, and that's worked well.

然後很明顯，我們確實在哥倫比亞推出了針對特定類別的定價，而且效果很好。

And so we're thinking about rolling out category-specific pricing potentially to other markets, which hopefully allows us to in a well-managed revenue transition, lower take rates in categories where merchants have smaller margins, increase categories where merchants have better margins and all-in, become more competitive in terms of pricing in those lower margin categories by having a lower take rate for merchants.

因此，我們正在考慮將特定類別的定價潛在地推廣到其他市場，這有望使我們能夠進行管理良好的收入過渡，降低商戶利潤率較低的類別的收取率，增加商戶利潤率更高的類別，以及全力以赴，通過降低商家的接受率，在那些利潤率較低的類別中的定價方面變得更具競爭力。

So that's something that had started pre-COVID and we're not really sidetracking any of those efforts despite the slowdown in demand.

所以這是在 COVID 之前就已經開始的事情，儘管需求放緩，但我們並沒有真正放棄任何這些努力。

Our next question comes from the line of Marvin Fong from BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Glad everyone is staying safe.

很高興每個人都保持安全。

Pretty much everything has been asked.

幾乎所有的事情都被問到了。

I just have one left.

我只剩下一個了。

I was just curious if you could comment on all of these new users that you're adding?

我只是想知道您是否可以對您添加的所有這些新用戶發表評論？

Are you observing any differences in terms of the cohort that you're adding during the pandemic, be it mix of urban versus outside cities, perhaps age or even income?

您是否觀察到在大流行期間添加的隊列方面有任何差異，無論是城市與外部城市的混合，也許是年齡甚至收入？

Is it -- is there anything that you can say about the new users you're adding?

是嗎 - 關於您要添加的新用戶，您有什麼要說的嗎？

And as a second follow-up, is this changing your thought in terms of how much of, say, in Brazil, Argentina or Mexico, you think you can cover with your managed logistics network?

作為第二個後續行動，這是否會改變你的想法，比如在巴西、阿根廷或墨西哥，你認為你的管理物流網絡可以覆蓋多少？

Yes.

是的。

So there's -- there are 2 drivers behind the incremental demand.

所以有 - 增量需求背後有兩個驅動因素。

One is the one you've identified, which is incremental new users.

一種是您已確定的，即增量新用戶。

I think when we look at the clip at which the commerce business is adding new users, it is up even from pre-COVID, so absolutely.

我認為，當我們查看商業業務正在增加新用戶的剪輯時，它甚至比 COVID 之前有所上升，所以絕對如此。

But also, and I think equally importantly, is the engagement of our existing users is also up, obviously, as they purchase more and more.

而且，我認為同樣重要的是，我們現有用戶的參與度也在上升，顯然，隨著他們購買的越來越多。

There are differences in terms of category mix shift, but that's across the board.

在類別組合轉變方面存在差異，但這是全面的。

It's not that the newer cohorts are particularly more or less inclined to certain categories.

這並不是說較新的群體特別或多或少地傾向於某些類別。

I think that's happening across the board.

我認為這種情況正在全面發生。

And geographically, I'll have to get back to you.

在地理上，我將不得不回复你。

I don't know that one-off the top of my head.

我不知道那是我的頭頂。

In terms of network design, look, the answer is our network design already is (inaudible) to be able to cover most of the geographies.

在網絡設計方面，看，答案是我們的網絡設計已經（聽不清）能夠覆蓋大部分地區。

So I don't think this has changed anything in terms of network design.

所以我不認為這在網絡設計方面有任何改變。

Priority, as we mentioned earlier, continues to be to drive to a best-in-class service in large urban areas where many of the pockets of demand are, but we also -- if you look at where we're laying our footprint of service centers and last-mile centers, you'll see that it's very expensive.

正如我們之前提到的，優先事項仍然是在有許多需求的大城市地區提供一流的服務，但我們也 - 如果你看看我們在哪裡鋪設我們的足跡服務中心和最後一英里中心，你會發現它非常昂貴。

We have service centers in Manaus, in the middle of the Amazon, in the northeast of Brazil.

我們在巴西東北部亞馬遜河中部的馬瑙斯設有服務中心。

So the idea really is as volume moves away from the dropship network onto our network for us to be able to service all the states and subregions of the different markets as efficiently as the dropship network did.

因此，這個想法實際上是隨著量從 dropship 網絡轉移到我們的網絡上，以便我們能夠像 dropship 網絡一樣高效地為不同市場的所有州和次區域提供服務。

So from the goal, I think our ambition there was to be very efficient on a nationwide level, and that doesn't necessarily change.

所以從目標來看，我認為我們的目標是在全國范圍內非常有效，這不一定會改變。

Even when you look at where we're planning incremental warehouses, the 2 that we've already announced for Brazil and in Mexico, they do have as one of their primary objectives, quicker and lower cost delivery to the south and the north of Brazil, whereas today, most of our warehouses are in São Paulo.

即使你看看我們計劃在哪裡增加倉庫，我們已經宣佈在巴西和墨西哥建立兩個倉庫，他們的主要目標之一是更快、更低成本地向巴西南部和北部交付，而今天，我們的大部分倉庫都在聖保羅。

Our next question comes from the line of Rodrigo Nistor from Itau.

我們的下一個問題來自 Itau 的 Rodrigo Nistor。

So during April, fulfillment penetration surged in Brazilian markets.

因此，在 4 月份，巴西市場的履約滲透率飆升。

So do you think that, that acceleration could lead you to increase your managed penetration targets or maybe reduce the time frame in which you were previously pretending to achieve those objectives?

那麼您是否認為，這種加速可能會導致您增加管理的滲透目標，或者可能會縮短您之前假裝實現這些目標的時間範圍？

And also, if you perceive a shift in the way merchants view a fulfillment proposal due to the current context?

此外，如果您認為商家在當前環境下看待履行建議的方式發生了變化？

I think I got stuck in, apologies.

我想我被卡住了，道歉。

I think the focus on fulfillment and the managed network has been with the increase in volume to make sure that is able to continue to take on that incremental demand and that incremental volume on short notice.

我認為對履行和託管網絡的關註一直是隨著數量的增加，以確保能夠在短時間內繼續滿足增加的需求和增加的數量。

And that's what we've been, I think, the most pleased with, is that we have been able to manage that surge in demand without having to significantly erode our delivery promises or the quality of the delivery, not just for essential categories, but across the board.

這就是我們一直以來最滿意的，我認為，我們能夠管理需求激增，而不必顯著削弱我們的交付承諾或交付質量，不僅是基本類別，而且全線。

And if you look at marketplaces globally, that hasn't necessarily been the case for everyone.

而且，如果您查看全球市場，則並非所有人都如此。

So I don't think we're changing objectives or getting more aggressive quite yet.

所以我不認為我們正在改變目標或變得更加激進。

The focus right now is to make sure that we can continue to deliver satisfactory and hopefully, best-in-class or close to best-in-class user experiences as demand continues to surge.

目前的重點是確保隨著需求的持續激增，我們能夠繼續提供令人滿意的、有希望的一流或接近一流的用戶體驗。

I think potentially once we get through the next few months and we have a better sense, we can reset and see whether we get more aggressive or not.

我認為，一旦我們度過接下來的幾個月並且我們有更好的感覺，我們就可以重新設置，看看我們是否會變得更有侵略性。

And then in terms of merchant adoption, I don't know if this is necessarily COVID related.

然後在商家採用方面，我不知道這是否一定與 COVID 相關。

I think our plan all along was always to be able to show merchants that as our network gets cheaper and faster in terms of delivery that, that generates better conversion and more sales and so the ultimate sales pitch behind getting merchants to onboard fulfillment and the managed network is that.

我認為我們的計劃一直是能夠向商家展示，隨著我們的網絡在交付方面變得更便宜和更快，這會產生更好的轉化和更多的銷售，因此最終的銷售宣傳是讓商家實現和管理網絡就是這樣。

Now obviously, if this accelerates that, then better for us, but I don't see that as a departure in what the vision had been on all along as a consequence of what's happening.

現在顯然，如果這加速了這一點，那麼對我們來說更好，但我不認為這與正在發生的事情的結果背離了一直以來的願景。

So the most important takeaway, and again, this is very dynamic and very fluid is, we're extremely proud of how we've been able to take on the incremental volume across all product categories and continue to offer service levels that are in line with what we had pre-COVID and in certain large metro areas, primarily in Brazil, actually improved delivery times and service levels.

因此，最重要的收穫是，這是非常動態和非常流暢的，我們為我們能夠在所有產品類別中承擔增量數量並繼續提供符合要求的服務水平感到非常自豪借助我們在 COVID 之前的情況以及在主要在巴西的某些大都市地區，實際上改善了交付時間和服務水平。

And we don't think that's a small [feat] at all.

而且我們根本不認為這是一個小[壯舉]。

And that's what we're most focused on sustaining at least for the remainder of this quarter before we start resetting expectations going forward.

在我們開始重新設定未來預期之前，這就是我們最關注的至少在本季度剩餘時間內維持的內容。

Our next question comes from the line of John Coffey from Susquehanna.

我們的下一個問題來自 Susquehanna 的 John Coffey。

From a macro point of view, is there any slowdown of labor in the ports in your markets or any reduced import levels from Asia that could potentially put a bottleneck in supply of any of the verticals of the marketplace has strengthened?

從宏觀角度來看，您所在市場港口的勞動力是否出現放緩，或者來自亞洲的進口水平是否有所下降，這可能會導致市場垂直市場的供應出現瓶頸？

And just one another and then I can hop off.

一個接一個，然後我就可以下車了。

How do you rate the likelihood of a pullback on the Correios service due to COVID?

您如何評價因 COVID 導致 Correios 服務回調的可能性？

Is that a realistic scenario?

這是一個現實的場景嗎？

Okay.

好的。

I was surprised that we were going to get away without a question on supply chains and supply -- so thanks for asking.

我很驚訝我們會在沒有關於供應鍊和供應的問題的情況下離開——所以謝謝你的提問。

Look, we did some checks.

看，我們做了一些檢查。

I think we have seen, obviously, at the margins, certain merchants or certain product categories, where supply chains seem to have come under strain.

我認為我們顯然已經看到，在某些商家或某些產品類別的邊緣，供應鏈似乎受到了壓力。

We also are seeing the opposite in certain categories where inventory stock has increased.

在庫存增加的某些類別中，我們也看到了相反的情況。

And there could be potential there for liquidation or people more interested in adding digital channels.

那裡可能有清算的潛力，或者人們對添加數字渠道更感興趣。

We haven't seen any significant disruptions in large parts -- product domains or very relevant SKUs in terms of the supply chain as of yet.

到目前為止，我們還沒有看到任何重大的中斷——產品領域或供應鏈方面非常相關的 SKU。

So that's also been positive.

所以這也是積極的。

It has happened, but it's happened either at the margin or in certain obvious products that everyone is sort of straining the supply chain.

它已經發生了，但它發生在邊緣或某些明顯的產品中，每個人都在某種程度上使供應鏈緊張。

I don't know masks is one example.

我不知道口罩就是一個例子。

Correios, I don't want to venture a guess here.

Correios，我不想在這裡冒險猜測。

I mean with the Brazilian situation in COVID right now, it's possibly the most fluid one.

我的意思是，就巴西目前的 COVID 情況而言，這可能是最不穩定的情況。

And so we'll have to see.

所以我們必須看看。

So far, I think we haven't seen any negative impact.

到目前為止，我認為我們還沒有看到任何負面影響。

And hopefully, that will continue to be the case.

希望這種情況會繼續下去。

We had -- there were some drop-off points in Correios at the beginning of COVID in certain states in Brazil that were either tracking did not show up or whatnot.

我們有 - 在巴西某些州的 COVID 開始時，Correios 有一些下車點，要么沒有出現跟踪，要么沒有出現。

But I think that normalized relatively quickly.

但我認為這很快就正常化了。

And so that, I think, gives a certain amount of comfort.

所以，我認為，給了一定的安慰。

MPOS supply, which is the third piece, I think, Osvaldo can cover, I think I was talking more about our own merchants.

MPOS供應，這是第三塊，我認為Osvaldo可以覆蓋，我想我更多地是在談論我們自己的商家。

Yes.

是的。

So far, we have had no problems with MPOS supply, however, that we are aware of.

到目前為止，我們知道 MPOS 供應沒有問題。

Part of the supply of -- but the majority of MPOS we sell in Brazil are manufactured in a factory in Manaus, in the north of Brazil, which is an area with many COVID cases.

部分供應——但我們在巴西銷售的大部分 MPOS 是在巴西北部馬瑙斯的一家工廠生產的，該地區有許多 COVID 病例。

So far, we have had no problems, but that is one area where there is a risk that we are trying to keep covered.

到目前為止，我們沒有遇到任何問題，但這是一個存在風險的領域，我們正試圖保持覆蓋。

Our next question comes from the line of John Colantuoni from Jefferies.

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

Can you talk about how your GMV growth in April compares to other e-commerce players in your key markets?

您能否談談您 4 月份的 GMV 增長與您主要市場中的其他電子商務參與者相比如何？

And second, have you started to develop a time line for when you'll start pulling back on the concessions you provided sellers during the pandemic?

其次，您是否已開始製定時間表，以確定何時開始撤回在大流行期間向賣家提供的讓步？

Sure.

當然。

So first of all, market share data for April is not something that we've seen a lot of.

因此，首先，4 月份的市場份額數據並不是我們經常看到的。

I think it's fair to say that this is not necessarily a MELI exclusive issue.

我認為公平地說，這不一定是 MELI 獨有的問題。

Obviously, I think commerce, in general is accelerating.

顯然，我認為商業總體上正在加速發展。

So what we're seeing is a more rapid shift from offline to online.

所以我們看到的是從線下到線上的更快轉變。

And so again, we always stress this, we don't see this as a zero-sum game for a very long time.

同樣，我們總是強調這一點，我們在很長一段時間內都不認為這是一場零和遊戲。

I don't know specific market share data of the competitors, [we'll have to look at that], but I do believe that there is plenty of room for everyone to grow.

我不知道競爭對手的具體市場份額數據，[我們必須看看那個]，但我相信每個人都有很大的成長空間。

And we also think that there are certain elements of our value proposition, we've talked a lot about the logistics piece that are important differentiators going forward.

而且我們還認為我們的價值主張中有某些元素，我們已經討論了很多關於物流方面的重要差異化因素。

The second question, I don't remember it.

第二個問題，我不記得了。

What was it?

它以前如何？

Just the -- have you started to develop a time line for -- to start pulling back on concession?

只是——你是否已經開始製定時間表——開始撤回讓步？

Exactly.

確切地。

Yes.

是的。

Thank you.

謝謝你。

So we already have started to pull back on concessions, I think, gradually.

因此，我認為我們已經開始逐步撤回讓步。

So there's 2 things going on as we move into April.

所以當我們進入四月時，有兩件事發生。

There are certain elements of free final value fees in certain categories that we began to pull back on.

我們開始撤回某些類別中的某些免費最終價值費用的某些要素。

And I think we're going to try to do this in a more targeted way.

我認為我們將嘗試以更有針對性的方式做到這一點。

So rather than simply take an entire category to 0 commissions, trying to identify merchants that are -- have deep inventory and that are fulfilling through us and whatnot and try to work this in a way that we can continue to guarantee the supply of low-cost essential products to our consumers, but in a both financially more intelligent way and also a more targeted way.

因此，與其簡單地將整個類別設為 0 佣金，不如嘗試找出那些擁有大量庫存並通過我們等等來履行職責的商家，並嘗試以一種我們可以繼續保證低供應的方式來實現這一點。為我們的消費者購買基本產品，但以更明智的財務方式和更有針對性的方式。

And the other thing is that to offset some of that, you're also going to begin to see us very gradually, very efficiently and very intelligently begin to once again open marketing spend in certain channels and in certain areas that had been closed during April.

另一件事是，為了抵消其中的一部分，你也將開始看到我們非常漸進、非常有效和非常聰明地開始在某些渠道和某些領域再次開放營銷支出，這些支出在 4 月份已經關閉.

So if in one extent, we might raise take rates again to our merchants back to normalcy, hopefully those incremental marketing spend also gives them a further boost in demand that offset some of that take rate compression.

因此，如果在某種程度上，我們可能會再次將我們的商家的費率提高到正常水平，希望這些增量營銷支出也能進一步刺激他們的需求，從而抵消部分費率壓縮。

But that's already begun to happen.

但這已經開始發生了。

Our next question comes from the line of Irma Sgarz from Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

Thank you for the incremental detail you've been providing on the prepared remarks.

感謝您在準備好的評論中提供的增量細節。

Just one question on comment that you made in the opening statement, where you mentioned that in Brazil and Argentina, you paused -- or sellers paused about 1/3 of listings due to operational limitations.

關於您在開幕詞中發表的評論的一個問題，您提到在巴西和阿根廷，由於運營限制，您暫停了 - 或者賣家暫停了大約 1/3 的商品。

What are you seeing as biggest sources of interruption there?

你認為最大的干擾源是什麼？

And what can you do to mitigate the impact?

你能做些什麼來減輕影響？

And how quickly do you feel that portion of the listings or the sellers can recover from here?

你覺得這部分房源或賣家能多快從這裡恢復？

Yes.

是的。

Irma, thank you.

艾瑪，謝謝。

So look, clearly, the biggest disruption were the quarantines that were imposed; in the case of Argentina, very stringent and nationwide; in the case of Brazil, somewhat more state by state, but also very stringent and so merchants who do not fulfill through us because we were never -- our fulfillment centers have never stopped operating.

因此，顯然，最大的破壞是實施的隔離。就阿根廷而言，非常嚴格且在全國范圍內；就巴西而言，各州之間的差異更大，但也非常嚴格，因此商家不通過我們履行，因為我們從來沒有——我們的履行中心從未停止運營。

But merchants that did not fulfill through us and because of restrictions on movement were unable to make it to their stores to prepare packages and to deliver packages either to our milk runs or on dropship networks were the ones that primarily at first were most affected.

但是，由於行動限制，沒有通過我們履行訂單的商家無法到他們的商店準備包裹，也無法將包裹運送到我們的牛奶店或直銷網絡，這些商家最初受到的影響最大。

We've worked fairly closely with regulators and authorities in the different countries to, as March rolled into April, ensure that e-commerce activities were included within the exemptions for quarantine regimes.

我們與不同國家的監管機構和當局密切合作，以確保在 3 月至 4 月期間將電子商務活動納入隔離制度的豁免範圍內。

And so when we look at Argentina, for example, that's a big story that tells why there was a significant slowdown during 2 weeks in March, and then the business began to pick up again.

因此，例如，當我們看阿根廷時，這是一個重要的故事，它說明了為什麼在 3 月份的兩週內出現了顯著放緩，然後業務又開始回升。

So by this point, as we moved into May, our sense is that the overwhelming majority of those merchants that had to face restrictions and had to limit inventory are up and running again, and that explains also the strength the business delivered during April.

因此，到現在為止，當我們進入 5 月份時，我們的感覺是，那些不得不面臨限制並不得不限制庫存的商家中的絕大多數都重新開始運營，這也解釋了 4 月份業務的強勁表現。

And that last comment was related to Argentina, specifically in terms of the business picking up?

最後一條評論與阿根廷有關，特別是在業務回升方面？

No.

不。

I think again, with different levels, but I think the way we've tried to characterize this is almost -- there were 3 phases to this.

我再想一次，有不同的層次，但我認為我們試圖描述這一點的方式幾乎是——這有 3 個階段。

There was an initial phase.

有一個初始階段。

Q1 was coming along fairly well.

Q1 進展順利。

You can see that in the numbers.

你可以在數字中看到這一點。

Very strong pullback primarily in Argentina and Brazil during the back half of March, as we said.

正如我們所說，3 月下半月主要在阿根廷和巴西出現非常強勁的回調。

Mexico, Chile and Colombia, much less pronounced slowdown during March.

墨西哥、智利和哥倫比亞在 3 月份的放緩幅度要小得多。

And then overall, in most markets, a rebound in April.

然後總體而言，在大多數市場中，4 月份出現反彈。

Now the rebound is, yes, stronger in Argentina, Mexico, Chile and Colombia, but it is pronounced in Brazil as well.

是的，現在阿根廷、墨西哥、智利和哥倫比亞的反彈更加強勁，但在巴西也很明顯。

Our next question comes from the line of Richard Cathcart from Bradesco.

我們的下一個問題來自 Bradesco 的 Richard Cathcart。

Just a question on Brazil.

只是一個關於巴西的問題。

So we've seen that the number -- the penetration of fulfillment are rising to, I think, around 14% for the quarter, 15% at the end of the quarter, and then I think you mentioned 20% in April.

所以我們已經看到這個數字 - 我認為本季度的履行滲透率正在上升到 14% 左右，在本季度末達到 15%，然後我認為你在 4 月份提到了 20%。

So my question about the April number there is, if you're seeing kind of a larger number of sellers moving into fulfillment, or if that's a result of some of the mix shift that we've seen as a result of the COVID-19?

所以我關於 4 月份的數字的問題是，如果你看到更多的賣家開始履行訂單，或者這是我們看到的 COVID-19 導致的一些混合變化的結果?

No.

不。

It is merchant migration and greater adoption of the product.

這是商家的遷移和產品的更多采用。

If anything, I think what I had mentioned is that the COVID-19 mix shift initially was detrimental to fulfillment adoption.

如果有的話，我認為我提到的是 COVID-19 的混合轉變最初不利於實現採用。

The -- so this is -- I would characterize this as true sustainable increase in usage of our fulfillment solution in these markets.

- 所以這就是 - 我將其描述為在這些市場中使用我們的履行解決方案的真正可持續增長。

March was already strong.

三月已經很強勁了。

So it's not -- on that specific metric, obviously, the number of shipments that are being handled by our fulfillment centers has increased dramatically as GMV has increased and units even more than GMV.

所以它不是 - 在這個特定的指標上，顯然，隨著 GMV 的增加和單位數量甚至超過 GMV，我們的履行中心處理的貨物數量急劇增加。

But when we look at penetration levels, I would say that it was already trending positively towards Q1 and April has been in some markets like Brazil in line with March, slightly up and across the board, up a little bit more.

但是，當我們查看滲透水平時，我會說它已經向第一季度呈積極趨勢，並且 4 月份在巴西等一些市場與 3 月份持平，略有上升，全面上升，略高一些。

But it's a metric that I think is a consequence of the work that we've been carrying out over the last few quarters and not something that's necessarily COVID explained.

但我認為這是一個指標，是我們過去幾個季度一直在開展的工作的結果，而不是 COVID 必須解釋的東西。

Okay.

好的。

Great.

偉大的。

And just a follow-up, if I may.

如果可以的話，只是一個後續行動。

So you mentioned in the answer to Irma's question that Brazil is showing strong growth in April, but it is kind of lagging a little bit in the other markets.

所以你在回答 Irma 的問題時提到，巴西在 4 月份表現出強勁增長，但在其他市場上有點落後。

GMV growth did show some slowdown quarter-on-quarter.

GMV 增長確實顯示出環比放緩。

What's your reading of those trends?

你對這些趨勢有什麼看法？

Is it primarily just around COVID-19?

它主要是在 COVID-19 附近嗎？

Or are there some other things that perhaps are having an impact there?

或者還有其他一些可能在那裡產生影響的事情嗎？

No.

不。

I think Brazil, even if you look at Q4 numbers, there were certain things that we were trying to address in our Brazilian market.

我認為巴西，即使您查看第四季度的數據，我們也試圖在巴西市場解決某些問題。

I think we covered some of those in the previous quarter, they were very much driven by certain categories.

我認為我們在上一季度涵蓋了其中一些，它們在很大程度上受到某些類別的驅動。

There were some questions on consumer electronics, where we had seen a slowdown that was more marked in that category than others.

有一些關於消費電子產品的問題，我們看到該類別的放緩比其他類別更為明顯。

We had also identified that certain categories that were fast growers within the online world were categories that we were coming into from a smaller overall base.

我們還發現，在線世界中增長較快的某些類別是我們從較小的整體基礎進入的類別。

And I think that continued to explain what was happening in the first quarter.

我認為這繼續解釋第一季度發生的事情。

So I think the recipes to remedy that are the same ones we identified, which was accelerated category expansion and move into first-party and to a whole series of initiatives that we had for consumer electronics that I just covered a few questions ago to reignite the growth in that category.

因此，我認為補救的方法與我們確定的相同，即加速類別擴展並進入第一方以及我們針對消費電子產品的一系列舉措該類別的增長。

I think if anything, COVID has accelerated some of those and so that, to a certain degree, I think the better results in April are a consequence, obviously, of incremental online demand.

我認為，如果有的話，COVID 加速了其中的一些，因此，在某種程度上，我認為 4 月份更好的結果顯然是在線需求增加的結果。

But also hopefully are also the results of some of the initiatives that we have been working on since Q4 that are beginning to ideally impact and drive some of that acceleration.

但也希望是我們自第四季度以來一直在努力的一些舉措的結果，這些舉措開始理想地影響並推動一些加速。

Thank you.

謝謝你。

This does conclude the question-and-answer session of today's program as well as the program.

這確實結束了今天節目的問答環節以及節目。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。

Great day.

愉快的一天。