美卡多 (MELI) 2019 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by.

女士們，先生們，美好的一天，感謝你們的支持。

Welcome to the MercadoLibre First Quarter 2019 Earnings Conference Call.

歡迎來到 MercadoLibre 2019 年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，此電話會議正在錄音中。

I would now like to introduce your host for today's presentation, Mr. Federico Sandler.

我現在想介紹一下今天的演講主持人費德里科·桑德勒先生。

Sir, you may begin.

先生，您可以開始了。

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended March 31, 2019.

大家好，歡迎參加截至 2019 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, Marcos Galperín, Chief Executive Officer; and Osvaldo Giménez, Executive VP of Payments, will be available during today's Q&A session.

此外，首席執行官 Marcos Galperín；支付執行副總裁 Osvaldo Giménez 將出席今天的問答環節。

This conference call is also being broadcasted over the Internet and is available through the Investor Relations section of our website.

本次電話會議也在互聯網上播出，可通過我們網站的投資者關係部分獲得。

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 our currently available information and our current assumptions, expectations and projections about future events.

這些陳述基於我們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 on the Forward-Looking Statements and Risk Factors sections of our 10-K and other 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 10-K 的前瞻性陳述和風險因素部分以及我們向證券交易委員會提交的其他文件中描述的那些，這些文件可在我們的投資者關係網站。

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 2019 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 2019 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。

Thanks, Fede.

謝謝，費德。

Let me kick off this earnings call by stating that we are encouraged by entering this new year with continued momentum in our business and are seeing our strategy delivering on multiple fronts in a sustainable manner.

讓我在本次財報電話會議開始時說，進入新的一年，我們的業務繼續保持勢頭，我們感到鼓舞，並且看到我們的戰略以可持續的方式在多個方面實現。

Case in point, some of the key metrics for the quarter.

例如，本季度的一些關鍵指標。

Net revenues that accelerated for the fourth consecutive quarter on an FX neutral basis to 93% growth year-on-year as our Payments business continues to grow rapidly while we also have become more efficient in marketplace shipping spend.

由於我們的支付業務繼續快速增長，同時我們在市場運輸支出方面也變得更有效率，淨收入在外匯中性的基礎上連續第四個季度加速至同比增長 93%。

Operating income that was positive once again at $10.1 million and positive net income after 5 quarters of loss, giving us confidence in our ability to dial up or down the profit levels of our P&L as we see fit.

在虧損 5 個季度後，營業收入再次為正，達到 1010 萬美元，淨收入為正，這讓我們有信心在我們認為合適的情況下提高或降低損益表的利潤水平。

We continue to execute against a focused and strategic road map intended to capitalize on the secular trends of e-commerce and fintech in the region that will allow us to extend our market leadership.

我們將繼續執行旨在利用該地區電子商務和金融科技的長期趨勢的重點戰略路線圖，這將使我們能夠擴大我們的市場領導地位。

We are transforming from a pure third-party marketplace building (sic) [business] to building the leading e-commerce ecosystem and digital financial services platform in Latin America.

我們正在從純粹的第三方市場建設（原文如此）[業務]轉變為建設拉丁美洲領先的電子商務生態系統和數字金融服務平台。

In the process, we are redefining our relationship with our customers, increasing our touch points with transactions through logistics and financial service offerings, strengthening our technology platforms and in doing all this, increasing our addressable market as we are able to serve our users in a more expansive manner than in the past.

在此過程中，我們正在重新定義我們與客戶的關係，通過物流和金融服務產品增加我們與交易的接觸點，加強我們的技術平台，並在此過程中擴大我們的潛在市場，因為我們能夠為我們的用戶提供服務方式比過去更廣闊。

So let me begin our strategic progress report for the quarter with our fintech business this time, a growing area of focus for the organization.

因此，讓我這次以我們的金融科技業務開始我們本季度的戰略進展報告，這是該組織日益關注的領域。

MercadoPago has kicked off 2019 on a very strong note.

MercadoPago 以非常強勁的勢頭拉開了 2019 年的序幕。

During the first quarter of the year, total payment volume reached $5.6 billion, a growth of 83% year-on-year on an FX neutral basis.

今年第一季度，支付總額達到 56 億美元，在外匯中性的基礎上同比增長 83%。

As we increasingly focus our efforts on expanding our online-to-offline payments solutions in the markets where we are currently in and expanding the financial services we offer our merchants away from MercadoLibre's marketplaces, off-marketplace total payment volume already explained 95% of the incremental payment volume during the quarter.

隨著我們越來越集中精力在我們目前所在的市場擴展我們的線上到線下支付解決方案，並擴展我們為商家提供的金融服務，遠離 MercadoLibre 的市場，場外總支付量已經解釋了 95%本季度的增量支付量。

Off-marketplace total payment volume reached $2.5 billion and continued to gain incremental share from total payment volume, reaching 45% of total this quarter versus less than 1/3 only a year ago.

場外總支付量達到 25 億美元，並繼續從總支付量中獲得增量份額，本季度達到總額的 45%，而一年前還不到 1/3。

In line with that, in Argentina, where we have deployed our most complete payments ecosystem as of date, off-marketplace total payment volume represented more than half of TPV for the first time ever.

與此一致，在阿根廷，我們迄今為止部署了最完整的支付生態系統，場外總支付量有史以來第一次佔 TPV 的一半以上。

Also, during the first quarter of 2019, total payment transactions, in number not in volume, of the off-marketplace segment on a consolidated basis represented over 60% of all payments transactions, growing for the sixth consecutive quarter above 100% year-on-year and accelerating to 251% year-over-year.

此外，在 2019 年第一季度，場外交易的總支付交易（數量而非交易量）佔所有支付交易的 60% 以上，連續第六個季度同比增長超過 100% - 同比增長 251%。

These aforementioned off-marketplace data points that I had just called out give us increasing confidence that we are making meaningful inroads in growing and scaling our payments business well beyond our e-commerce marketplace and look to replicate the success we see in Argentina throughout other markets.

我剛剛提到的上述場外數據點讓我們越來越有信心，我們正在將支付業務的發展和規模擴展到我們的電子商務市場之外，並希望將我們在阿根廷看到的成功複製到其他市場.

Within that off-marketplace segment, we continue to be very encouraged with the results of our mobile POS business as it is increasingly becoming a key driver of incremental off-marketplace payment volume, a strong top line generator and perhaps most importantly, a key distribution tool for our other fintech offerings.

在場外市場中，我們繼續對我們的移動 POS 業務的結果感到非常鼓舞，因為它越來越成為增加場外支付量的關鍵驅動力，一個強大的收入產生者，也許最重要的是，一個關鍵的分銷我們其他金融科技產品的工具。

The installed base of MPOS devices in our main countries keeps growing at a steady clip.

我們主要國家/地區的 MPOS 設備安裝基數保持穩定增長。

A testament to this is the fact that payment transactions from MPOS devices alone already account for almost half of the off-platform payment transactions.

證明這一點的事實是，僅來自 MPOS 設備的支付交易就已占平台外支付交易的近一半。

In terms of MPOS payment volume, it surpassed the $1 billion mark for the first time during the first quarter, growing on a consolidated basis a solid 171% year-on-year on an FX neutral basis and an even stronger 260% year-on-year in U.S. dollars.

就 MPOS 支付量而言，第一季度首次突破 10 億美元大關，在外匯中性基礎上，綜合同比增長 171%，同比增長 260%。 - 年以美元計。

This growth of our MPOS business delivered during the quarter was driven, for the most part, by solid performances in Brazil and Argentina.

我們在本季度實現的 MPOS 業務的增長主要得益於巴西和阿根廷的穩健表現。

The build-out of our mobile wallet two-sided network also continues to scale and grow in size and frequency of use.

我們的移動錢包雙邊網絡的構建也在規模和使用頻率上繼續擴大和增長。

During the quarter, we reached an important milestone as we crossed the 3 million active payer mark in a single quarter on our wallet while active collectors accelerated to 420% year-on-year to over $0.5 million.

在本季度，我們達到了一個重要的里程碑，我們的錢包在一個季度內超過了 300 萬活躍付款人，而活躍收款人同比增長 420%，超過 50 萬美元。

Additionally, wallet total payment volume continues to grow triple digits both on an FX neutral and in U.S. dollars, while it also continues to gain share from off-platform total payment volume, reaching almost 20% on a consolidated basis, a gain of 400 basis points versus a year ago.

此外，錢包總支付量在外匯中性和美元方面繼續增長三位數，同時它也繼續從平台外總支付量中獲得份額，在綜合基礎上達到近 20%，增長了 400 基礎與一年前相比。

Continuing on our mobile wallet initiative, Argentina was also a highlight as we begin to observe the powerful synergies present in our O2O payments ecosystem.

繼續我們的移動錢包計劃，阿根廷也是一個亮點，因為我們開始觀察我們的 O2O 支付生態系統中存在的強大協同效應。

During the quarter, Argentina QR in-store payments share grew 40 percentage points versus last year, coming to represent 43% of all wallet total payment volume.

本季度，阿根廷二維碼店內支付份額比去年增長 40 個百分點，佔所有錢包總支付量的 43%。

It's also important to highlight that QR in-store payments in Argentina are delivering meaningful customer satisfaction as when we measure Net Promoter Scores, we observe a significant gap versus other existing offerings.

同樣重要的是要強調阿根廷的二維碼店內支付正在帶來有意義的客戶滿意度，因為當我們衡量淨推薦值時，我們觀察到與其他現有產品相比存在顯著差距。

Additionally, we continue to see both a shift in funding from credit or debit cards to account money as we add usage cases and ubiquity of use as well as growth in invested amounts in our asset management products that already surpassed 50% of total available account money in Argentina.

此外，我們繼續看到資金從信用卡或借記卡轉移到賬戶資金，因為我們增加了使用案例和無處不在的使用，以及我們資產管理產品的投資金額增長已經超過可用賬戶資金總額的 50%在阿根廷。

We look forward to launching this full stack of O2O solutions in Brazil and Mexico during the second half of the year.

我們期待今年下半年在巴西和墨西哥推出全套 O2O 解決方案。

Our merchant services business has also delivered encouraging results as this quarter was the second consecutive quarter of acceleration, growing 75% on an FX neutral basis across all sites.

我們的商戶服務業務也取得了令人鼓舞的業績，因為本季度是連續第二個季度加速增長，在所有網站的外匯中性基礎上增長了 75%。

We are also pleased with our results on the credits front.

我們也對我們在學分方面的結果感到滿意。

In Brazil, optimizations to our collections and credit scoring capabilities have positively impacted merchant default rates and consequently have accelerated the pace of originations in number and nominal amount during the quarter.

在巴西，我們對收款和信用評分能力的優化對商家違約率產生了積極影響，因此加快了本季度發起數量和名義金額的速度。

In line with that, I am also pleased to report that in Mexico, merchant credits are tracking extremely well with positive adoption and the lowest default rates of any of the markets that we offer the product.

與此一致，我也很高興地報告，在墨西哥，商家信用跟踪非常好，積極採用和我們提供產品的任何市場的最低違約率。

Finally, we also began offering our credit solution to our MPOS users in Mexico, which we believe should strengthen our value proposition in that country given how underserved this merchant base is when it comes to access to credit.

最後，我們還開始向墨西哥的 MPOS 用戶提供我們的信貸解決方案，鑑於該商戶群在獲得信貸方面服務不足，我們認為這將加強我們在該國的價值主張。

It is also important to highlight that our consumer credit business in Argentina and Brazil continues to fire on all cylinders as originations are up Q-on-Q by a factor of almost 1.2x.

同樣重要的是要強調，我們在阿根廷和巴西的消費信貸業務繼續火力全開，因為發起人數環比增長了近 1.2 倍。

Our vision is that access to innovative technology must be an engine of financial inclusion and opportunity throughout Latin America, and we remain deeply committed to advancing on that goal.

我們的願景是，獲得創新技術必須成為整個拉丁美洲金融包容性和機會的引擎，我們仍然堅定地致力於推進這一目標。

The region is rapidly accelerating towards digital payments, and we know that we have a huge opportunity ahead of us to make a real difference to the constituencies we serve across the region.

該地區正在迅速加快數字支付的步伐，我們知道我們面前有一個巨大的機會，可以為我們在該地區服務的選民帶來真正的改變。

Let's move on to some of the highlights in our logistics business unit, a key enabler of greater transactionality, engagement and conversion on our marketplaces.

讓我們繼續討論我們物流業務部門的一些亮點，這是我們市場上更大的交易性、參與度和轉化率的關鍵推動力。

I'm pleased to report that we continue to improve and have great control over user experience as we shift more volume to MercadoEnvios.

我很高興地報告，隨著我們將更多的交易量轉移到 MercadoEnvios，我們將繼續改進並更好地控制用戶體驗。

Penetration of our shipping solution on a consolidated basis grew 10 percentage points year-on-year to 81% of all items sold.

我們的運輸解決方案在綜合基礎上的滲透率同比增長 10 個百分點，達到所有銷售商品的 81%。

In line with that, we are also making progress in shifting volume to our managed network.

與此一致，我們也在將數量轉移到我們的託管網絡方面取得進展。

On a consolidated basis, cross-docking efforts reached 17% penetration versus 7% last year while dropshipping decreased to 76%, and the managed network reached almost 1/4 of all items shipped.

在綜合基礎上，交叉對接工作的滲透率達到 17%，而去年為 7%，同時代發貨下降至 76%，託管網絡幾乎佔所有發貨物品的 1/4。

During the quarter, Argentina was a highlight as MercadoEnvios penetration grew by 19 percentage points year-on-year to 56% of items sold, allowing for more widespread adoption of free shipping in that country that is driving strong marketplace growth there.

在本季度，阿根廷是一個亮點，因為 MercadoEnvios 的滲透率同比增長 19 個百分點，達到銷售商品的 56%，這使得該國更廣泛地採用免費送貨，從而推動了該國市場的強勁增長。

We are also enthused by the results of our Flex solution, but first let me remind you what that is.

我們也對我們的 Flex 解決方案的結果充滿熱情，但首先讓我提醒您這是什麼。

Flex is a MELI proprietary technology that is ideally suited for local or intra-city deliveries where our technology overlay enables existing logistics partners that currently work with our merchants to scan, upload and deliver packages through our MercadoEnvios network.

Flex 是一種 MELI 專有技術，非常適合本地或城市內交付，我們的技術覆蓋使目前與我們的商家合作的現有物流合作夥伴能夠通過我們的 MercadoEnvios 網絡掃描、上傳和交付包裹。

Through this solution, we are able to not only reduce our reliance on traditional carriers but also drive penetration of Envios higher while also taking care of last mile in a much more efficient fashion, which is generally the more complicated part of getting goods from a merchant to a buyer's doorstep.

通過這個解決方案，我們不僅能夠減少對傳統運營商的依賴，還能提高 Envios 的滲透率，同時以更高效的方式處理最後一英里，這通常是從商家那裡獲取商品的更複雜的部分到買家家門口。

Since its launch in late 2018, MELI Flex shipping solution has already reached 5% of all items shipped, representing over 50% of the shipments within the city of Buenos Aires.

自 2018 年底推出以來，MELI Flex 運輸解決方案已達到所有已運輸物品的 5%，佔布宜諾斯艾利斯市內超過 50% 的運輸量。

These shipments are not only meaningfully cheaper than dropshipping or cross-docking but they also have better lead times with over 90% of deliveries occurring same day or next day, which is resulting in more sales and better conversions for those merchants who adopt the product.

這些貨物不僅比直銷或交叉對接便宜得多，而且交貨時間也更短，超過 90% 的交貨發生在同一天或第二天，這為那些採用該產品的商家帶來了更多的銷售和更好的轉化。

We look forward to continuing to deploy Flex in several other large cities where we operate throughout the region during the remainder of this year.

我們期待在今年剩餘時間內繼續在我們在整個地區開展業務的其他幾個大城市部署 Flex。

On the fulfillment by MercadoLibre front, penetration continues to scale well in Mexico gaining 5 percentage points of adoption sequentially and reaching 20% of all items shipped, while in Brazil scaling up has lagged somewhat remaining flat quarter-on-quarter as we continue to build out product and processes to scale it.

在 MercadoLibre 方面，墨西哥的滲透率繼續良好擴展，採用率連續提高 5 個百分點，達到所有發貨物品的 20%，而在巴西，隨著我們繼續建設，擴展率在一定程度上落後於季度環比持平推出產品和流程以擴大規模。

However, in Brazil, cross-docking does continue to grow steadily as it's reached 15% of items versus only 5% last year.

然而，在巴西，越庫業務確實繼續穩步增長，已達到 15% 的項目，而去年僅為 5%。

The operational metrics on our managed network are also encouraging.

我們託管網絡的運營指標也令人鼓舞。

On a consolidated basis, average lead times improved by 40% on a year-on-year basis, and median lead times improved by almost 25% versus last year.

綜合來看，平均交貨時間同比提高了 40%，中位數交貨時間比去年提高了近 25%。

Also, shipments arriving in less than 2 days reached almost half of all MercadoEnvios deliveries on a consolidated regional basis.

此外，在不到 2 天的時間內到達的貨物幾乎佔 MercadoEnvios 所有交付的區域的一半。

We've also made advances in growing the size of our managed network as the build-out of fulfillment capacity continues in full swing.

隨著履行能力的建設繼續全面展開，我們在擴大託管網絡的規模方面也取得了進展。

During the quarter, we opened one fulfillment center in Buenos Aires with 200,000-unit storage capacity, a second fulfillment center in São Paulo with 350,000-unit storage capacity and a cross-docking center also in the city of São Paulo with a processing capacity of 60,000 orders per day.

本季度，我們在布宜諾斯艾利斯開設了一個倉儲能力為 200,000 件的物流中心，在聖保羅開設了第二個倉儲能力為 350,000 件的物流中心，還在聖保羅市開設了一個處理能力為每天60,000個訂單。

Now let's move to some of the highlights in the marketplace business.

現在讓我們轉向市場業務中的一些亮點。

Despite increasingly tougher comps and continued optimizations in our shipping subsidies, the marketplace business continues to show great resiliency.

儘管我們的運輸補貼越來越嚴格並且不斷優化，但市場業務繼續表現出極大的彈性。

Gross merchandise volume reached $3.1 billion on an FX neutral basis.

在外匯中性的基礎上，商品總交易量達到 31 億美元。

Consolidated GMV reaccelerated to 27% year-on-year growth driven by solid execution in Argentina and steady performance in Mexico.

由於阿根廷的穩健執行和墨西哥的穩定表現，綜合 GMV 同比增長重新加速至 27%。

Argentine GMV on an FX neutral basis accelerated to 70% year-on-year and Mexico maintained momentum at 48% year-on-year growth despite the toughest comp of the year where it grew 70% in Q1 of '18.

在外匯中性的基礎上，阿根廷的 GMV 同比加速至 70%，墨西哥保持了 48% 的同比增長勢頭，儘管在 18 年第一季度增長了 70%，這是今年最艱難的一年。

The solid performances in Argentina and Mexico were partially offset on a GMV basis by Brazil which grew 18% on an FX neutral basis.

阿根廷和墨西哥的穩健表現部分抵消了巴西在外匯中性基礎上增長 18% 的 GMV 基礎。

However, average 2-year local currency growth for the first quarter in Brazil remained at around 44%, indicating that part of the slowdown should be attributed to the very tough comps from the prior year.

然而，巴西第一季度的平均 2 年當地貨幣增長率保持在 44% 左右，這表明部分放緩應歸因於去年非常艱難的業績。

Additionally, the deceleration in Brazil is also explained by the implementation of free listing caps, resulting in a reduction of free GMV from 11% during the first quarter of 2018 to only 5% of GMV this quarter.

此外，巴西的減速也可以通過實施免費上市上限來解釋，導致免費 GMV 從 2018 年第一季度的 11% 減少到本季度僅佔 GMV 的 5%。

It is also important to note in Brazil that we exited the quarter at a higher growth rate than we entered it.

同樣重要的是要注意在巴西，我們在本季度結束時的增長率高於我們進入時的增長率。

We continue to focus on category expansion as a catalyst for growth of our marketplace businesses.

我們繼續專注於品類擴張，以此作為我們市場業務增長的催化劑。

During the quarter, we have expanded and improved our supermarket experience in Mexico with already more than 18,500 consumer packaged good SKUs available on our site.

在本季度，我們擴展並改善了我們在墨西哥的超市體驗，我們的網站上已經提供了 18,500 多個消費者包裝好的 SKU。

Although still at an early stage, we observe that basket size is also approximately 20% higher on orders that have supermarket items in Mexico, a clear indicator that the key vertical to increase purchase frequency on the site is trending in the right direction.

儘管仍處於早期階段，但我們觀察到在墨西哥有超市商品的訂單的購物籃尺寸也增加了約 20%，這清楚地表明增加網站購買頻率的關鍵垂直方向正在朝著正確的方向發展。

In line with that, we've also improved the user experience in our apparel vertical by enhancing discovery engines, further facilitating returns and strengthening our intellectual property program which has been instrumental in incorporating established brands that improve assortment and bring brand equity to our marketplaces.

與此一致，我們還通過增強發現引擎、進一步促進回報和加強我們的知識產權計劃來改善我們服裝垂直領域的用戶體驗，該計劃有助於整合已建立的品牌，從而改善分類並為我們的市場帶來品牌資產。

As a consequence, apparel is the fastest-growing category growing at 79% year-on-year on an FX neutral basis consolidated.

因此，在外匯中性基礎上，服裝是增長最快的類別，同比增長 79%。

Not only do we continue to expand categories, but we are also deepening product selection and assortment.

我們不僅繼續擴大品類，而且也在深化產品選擇和分類。

Listings available on the platform, a measure of depth of inventory, surpassed the 200 million mark for the first time.

衡量庫存深度的平台上可用房源首次超過 2 億大關。

This quarter also marks the ninth consecutive quarter of growth in this important KPI at a rate higher than 50% over the prior year.

本季度也標誌著這一重要 KPI 連續第九個季度以高於去年 50% 的速度增長。

We also continue to make strides on our shift towards a mobile-first platform.

我們還在向移動優先平台轉變方面繼續取得長足進步。

During the first quarter of the year, mobile app GMV represented almost 50% of gross merchandise volume, a 10 percentage point improvement versus a year ago, while 81% of all new registered users were also coming from mobile devices.

今年第一季度，移動應用 GMV 佔商品總量的近 50%，比一年前提高了 10 個百分點，而所有新註冊用戶的 81% 也來自移動設備。

If we consider web mobile into this mix, GMV coming from mobile experiences is 63% of total gross merchandise volume.

如果我們將網絡移動納入這一組合，來自移動體驗的 GMV 佔商品總銷量的 63%。

Finally, we made meaningful progress in offering more robust search and discovery experiences to our buyers through our catalog initiative.

最後，我們通過目錄計劃在為買家提供更強大的搜索和發現體驗方面取得了有意義的進展。

During the quarter, cataloged gross merchandise volume reached 29%, 38%, 25% of GMV in Brazil, Argentina and Mexico, respectively, representing an improvement in the mid- to low teens year-on-year for these markets.

本季度，巴西、阿根廷和墨西哥的目錄商品總量分別達到 GMV 的 29%、38%、25%，代表這些市場的中低端市場同比有所改善。

This is an important initiative for us since cataloging allows us to understand better the inventory we carry, enables us to better understand what products to show our buyers and consequently, allows us to highlight the second-to-none price and selection we offer to our users in the region.

這對我們來說是一項重要的舉措，因為編目使我們能夠更好地了解我們攜帶的庫存，使我們能夠更好地了解向買家展示哪些產品，從而使我們能夠突出我們提供給我們的首屈一指的價格和選擇區域內的用戶。

As we grow the percentage of gross merchandise volume that is cataloged, our buyers will be able to find the products they are looking for more quickly and this should result in higher conversion rates.

隨著我們增加編目的商品總量的百分比，我們的買家將能夠更快地找到他們正在尋找的產品，這應該會帶來更高的轉化率。

Before I move on to financials, let me give you an update on a recent secondary offering we performed during the first quarter of 2019 where we finalized a successful capital raise of $2 billion from both financial investors as well as a strategic investor, PayPal.

在我轉向金融之前，讓我向您介紹我們在 2019 年第一季度進行的最近一次二次發行的最新情況，我們最終成功地從金融投資者和戰略投資者 PayPal 那裡籌集了 20 億美元的資金。

This capital raise gives us greater balance sheet flexibility over the long run, and we expect to use this capital primarily to fund the growth of our payment initiatives, build out our logistics capacity and drive the adoption of these services as well as for general corporate purposes.

從長遠來看，此次融資為我們提供了更大的資產負債表靈活性，我們希望將這筆資金主要用於資助我們的支付計劃的增長、建立我們的物流能力並推動這些服務的採用以及一般企業用途.

As we move forward in the year, we will outline in greater detail how our pace of investment will pick up with specific call outs of areas where we are increasing spend levels.

隨著我們在這一年的前進，我們將更詳細地概述我們的投資步伐將如何隨著我們正在增加支出水平的領域的特定呼籲而加快。

We maintain long-term opportunities such as payments and logistics as priorities, with potential for margin contraction in the short term depending on the return windows of these investments that we carry out.

我們將支付和物流等長期機會作為優先事項，短期內可能出現利潤率收縮，具體取決於我們進行的這些投資的回報窗口。

It's also important to highlight that we are very pleased that PayPal was a strategic investor in the transaction.

同樣重要的是要強調，我們很高興 PayPal 成為交易的戰略投資者。

The latter, we believe, not only validates the joint vision we share in terms of business and purpose to digitalize the economy and leverage technology to generate financial inclusion, but also to offer compelling financial solutions to those who are unserved or underserved by traditional financial institutions.

我們認為，後者不僅驗證了我們在業務和目的方面的共同願景，即數字化經濟和利用技術來產生金融包容性，而且還為那些沒有得到傳統金融機構服務或服務不足的人提供令人信服的金融解決方案。 .

The trust that has been built over the years with PayPal and the history we have of informally interacting gives us the confidence that we will be able to find areas that will generate synergies with each other as we move forward into the future.

多年來與 PayPal 建立的信任以及我們非正式互動的歷史讓我們相信，在我們邁向未來的過程中，我們將能夠找到彼此產生協同效應的領域。

In this regard, our teams are working on determining commercial agreements that can be put in place that complements PayPal's global merchant base, data, products and technology with our local know-how and distribution capabilities.

在這方面，我們的團隊正在努力確定可以實施的商業協議，以利用我們的本地知識和分銷能力補充 PayPal 的全球商戶基礎、數據、產品和技術。

Let me now move on to financials.

現在讓我談談財務。

During the quarter, we continue taking the necessary steps to recalibrate our P&L and rebalance our financial model to deliver sustainable growth.

在本季度，我們將繼續採取必要措施重新調整損益表並重新平衡我們的財務模型，以實現可持續增長。

From a top line perspective, gross billings ascended to $549 million (sic) [$547.8 million], the 20th consecutive quarter of gross billings growth above 60% on an FX neutral basis driven by improved monetization on our marketplaces and continued successful execution on our Payments business, particularly on our financing business and off-platform revenue streams through merchant services and MPOS.

從收入的角度來看，總賬單上升至 5.49 億美元（原文如此）[5.478 億美元]，在外匯中性的基礎上，總賬單連續第 20 個季度增長超過 60%，這是由於我們市場上的貨幣化改善以及我們的付款持續成功執行業務，特別是我們的融資業務和通過商戶服務和 MPOS 的平台外收入流。

On an FX neutral basis, our main countries also delivered solid performance from a gross billings perspective on an FX neutral basis.

在外匯中性的基礎上，我們的主要國家在外匯中性的基礎上從總帳單的角度也取得了穩健的表現。

Mexico maintained momentum growing 113.5%, Argentina accelerated to 108.2% and Brazil sustained solid percentage growth of 50%, reaching 50.9% year-on-year.

墨西哥保持增長113.5%的勢頭，阿根廷加速至108.2%，巴西保持50%的穩健百分比增長，同比達到50.9%。

Consolidated net revenue came in strong as well, reaching $473.8 million and accelerating to 93% year-on-year in FX neutral basis as we optimized shipping and loyalty program subsidies.

隨著我們優化運輸和忠誠度計劃補貼，綜合淨收入也強勁增長，達到 4.738 億美元，在外匯中性基礎上同比增長 93%。

Gross profit ascended to $237 million during the quarter, representing 50% of net revenues versus 50.7% last year.

本季度毛利潤上升至 2.37 億美元，占淨收入的 50%，而去年為 50.7%。

Shipping carrier and operating costs explain most part of the gross margin compression over the prior year.

航運公司和運營成本解釋了去年毛利率壓縮的大部分原因。

We've included a detailed breakdown of these and also other OpEx margin evolution in the cover slides that accompany this presentation.

我們在本演示文稿隨附的封面幻燈片中詳細介紹了這些以及其他運營支出利潤率的演變。

As reported, operating expenses grew to $226.9 million or 47.9% of revenues versus 59.9% during the first quarter of 2018.

據報導，運營費用增長至 2.269 億美元，佔收入的 47.9%，而 2018 年第一季度為 59.9%。

Main drivers of OpEx leverage this quarter were attributed to scaling marketing given increases in efficiencies on buyer protection payouts, lower loan loss provisions from our credit portfolio as well as leverage in salaries and wages.

本季度運營支出槓桿的主要驅動因素歸因於擴大營銷規模，因為買方保護支付效率的提高、我們信貸組合中貸款損失準備金的降低以及工資和工資的槓桿作用。

As a result, operating profit for the first quarter of 2019 ascended to $10.1 million, an increase of $11 million versus last quarter.

因此，2019 年第一季度的營業利潤上升至 1010 萬美元，比上一季度增加了 1100 萬美元。

Below operating income, we saw $15.6 million in financial expenses attributed for the most part to financial interest related to the convertible notes due in 2028.

在營業收入之下，我們看到 1560 萬美元的財務費用主要歸因於與 2028 年到期的可轉換票據相關的財務利息。

Interest income increased by 166% year-on-year to $24.4 million mainly attributable to a higher float in Argentina and Brazil as well as the proceeds from the convertible note issued in August of last year.

利息收入同比增長 166% 至 2,440 萬美元，主要是由於阿根廷和巴西的流通量增加以及去年 8 月發行的可轉換票據的收益。

Our ForEx line was negative $3.7 million mainly due to the U.S. dollar revaluation over our Argentine peso net asset position in Argentina.

我們的外匯線為負 370 萬美元，主要是由於美元對我們在阿根廷的阿根廷比索淨資產頭寸進行了重估。

As a result of all this, net income ascended to $11.9 million, an increase of $14.2 million versus last quarter, resulting in basic net income per share of $0.13.

由於這一切，淨收入上升至 1,190 萬美元，比上一季度增加 1,420 萬美元，每股基本淨收入為 0.13 美元。

That wraps up our strategic report.

我們的戰略報告到此結束。

We started the first quarter of 2019 on firm footing, and although we are very encouraged by the performance of our business and the opportunities that lie ahead of us, we still have plenty of work to do in order to deliver on our product road map and consolidate our leadership position.

我們在 2019 年第一季度站穩腳跟，儘管我們對我們的業務表現和擺在我們面前的機會感到非常鼓舞，但我們仍有大量工作要做，以實現我們的產品路線圖和鞏固領導地位。

We have accelerated our revenue growth and earnings growth with positive cash flow while we continue building superior experiences for our users.

我們以正現金流加速了我們的收入增長和盈利增長，同時我們繼續為我們的用戶打造卓越的體驗。

The sustained momentum we see in the business gives us confidence to continue investing behind high potential areas such as fintech and logistics.

我們在業務中看到的持續發展勢頭使我們有信心繼續投資於金融科技和物流等高潛力領域。

We are very pleased with our progress and look forward to keeping you updated next quarter as we continue to democratize commerce and money throughout Latin America.

我們對我們的進展感到非常滿意，並期待在下個季度為您提供最新信息，因為我們將繼續在整個拉丁美洲實現商業和金錢的民主化。

With that, let me turn it back to the operator for your questions.

有了這個，讓我把它轉回給接線員問你的問題。

Thank you very much.

非常感謝。

(Operator Instructions) Our first question or comment comes from the line of Deepak Mathivanan from Barclays.

（操作員說明）我們的第一個問題或評論來自巴克萊銀行的 Deepak Mathivanan。

Congrats on a great quarter.

祝賀一個偉大的季度。

This is Mario Lu on for Deepak.

這是迪帕克的馬里奧·盧。

So we noticed that you currently started charging low-value item shipping surcharges in Argentina, similar to the program you have in Brazil.

因此，我們注意到您目前開始在阿根廷收取低價值物品的運費附加費，類似於您在巴西的計劃。

So should we expect to see meaningful revenue benefits from this?

那麼我們是否應該期望從中看到有意義的收入收益呢？

Are lower ASP items a large portion of free shipping in Argentina?

較低的 ASP 商品在阿根廷的免費送貨中佔很大比例嗎？

The mix of low ASP and high ASP is fairly consistent.

低 ASP 和高 ASP 的組合相當一致。

What you need to bear in mind is that the actual amount we are charging on low ASP items in Argentina is materially lower than Brazil.

您需要記住的是，我們在阿根廷對低 ASP 商品收取的實際費用遠低於巴西。

So from the point of view of how many items this will impact and therefore, both the revenue increase but the slowdown in units, we expect it to be less impactful than Brazil was.

因此，從這將影響多少項目以及收入增長和單位增長放緩的角度來看，我們預計它的影響將低於巴西。

Our next question or comment comes from the line of Robert Ford from Bank of America.

我們的下一個問題或評論來自美國銀行的羅伯特福特。

Congrats on the quarter as well.

也祝賀本季度。

I was very impressed with the increase in the contribution margin in Brazil, I think more than doubled.

巴西的邊際貢獻增加給我留下了深刻的印象，我認為增加了一倍以上。

And I was wondering if you could maybe break it down in terms of the contributors there, please?

我想知道你是否可以根據那裡的貢獻者來分解它，好嗎？

Okay.

好的。

So just to make sure we're looking at the same thing, the improved contribution margin in Brazil is the question, right?

因此，為了確保我們關注的是同一件事，巴西提高邊際貢獻是個問題，對吧？

Yes, Pedro.

是的，佩德羅。

We've got you close to 26% and about 11% last year.

去年我們讓你接近 26% 和 11%。

I'm sorry.

對不起。

I'm not looking at Brazil.

我不看巴西。

I'm looking at it at the wrong line.

我看錯了。

But nevertheless, there's a big improvement and I was just wondering what the factors were behind that?

但是儘管如此，還是有了很大的進步，我只是想知道這背後的因素是什麼？

Yes.

是的。

So we just want to make sure because some of us here thought it was a decrease that you had asked about.

所以我們只是想確定一下，因為我們中的一些人認為這是您所詢問的減少。

So definitely there are optimizations in shipping costs, both at the contra rev level, but also at the actual cost level.

因此，運輸成本肯定有優化，無論是在反向轉速水平上，還是在實際成本水平上。

There are slightly about 400 basis points of improvement sequentially and about 1,000 year-on-year in more efficient marketing spend.

在更有效的營銷支出方面，環比改善了約 400 個基點，同比增加了約 1,000 個基點。

Those are really the 2 biggest drivers.

這些確實是兩個最大的驅動因素。

Those are big numbers.

這些都是很大的數字。

And then, Pedro, could you touch a little bit on maybe some of the wallet functionality across your major markets?

然後，佩德羅，你能談談你主要市場的一些錢包功能嗎？

You've mentioned that you're going to launch a full stack of O2O solutions in the second half, but I was wondering if you could tell us a little bit of what you have now in the major economies and how you see that -- what you need, I guess, in terms of doing bank approvals and functionality to go live.

您提到您將在下半年推出一整套 O2O 解決方案，但我想知道您能否告訴我們一些您現在在主要經濟體中擁有的情況以及您對此的看法——我猜你需要什麼，在銀行審批和上線功能方面。

Yes.

是的。

Great question.

好問題。

Thanks.

謝謝。

So I would say that Argentina is really the country where the O2O efforts have been rolled out in a set of both actual live product functionalities, but equally important, enough business development and on boarding of the merchant side of the network, whether that be what we call single-player cases, so utility payments, telephone top-ups, transportation agreements.

所以我想說，阿根廷真的是一個 O2O 努力已經在一系列實際的現場產品功能中推出的國家，但同樣重要的是，足夠的業務發展和網絡商家端的登機，不管那是什麼我們稱之為單人案例，如公用事業支付、電話充值、交通協議。

So large agreements with anchor use cases and also a multiplicity of smaller merchants that start accepting the QR code.

與錨定用例的大型協議以及開始接受 QR 碼的眾多小型商家。

So Argentina, that's a fairly robust, although still early stage ecosystem and hence, we're seeing the results we're seeing in Argentina.

所以阿根廷，這是一個相當強大的生態系統，儘管仍處於早期階段，因此，我們看到了我們在阿根廷看到的結果。

Brazil, although most of the functionalities are live product-wise, there are still improvements to be made in terms of the ability to fund wallets.

巴西，儘管大多數功能都是實時產品，但在為錢包提供資金的能力方面仍有待改進。

And more importantly, we are not as far along in the business development and rollout of the merchant side of that network.

更重要的是，我們在該網絡的商家端的業務發展和推出方面還沒有走得那麼遠。

Yes, so we're going to begin to aggressively start pursuing the commercial efforts in Brazil during the ongoing quarter in terms of building the merchant side of the network.

是的，因此我們將在本季度開始在巴西積極開展商業工作，以建立網絡的商家端。

And Mexico, I would say, is the third phase where there are still features to be rolled out and have not yet began to aggressively roll out merchant adoption, and that also starts to pick up during this quarter.

我想說的是，墨西哥是第三階段，仍有一些功能需要推出，尚未開始積極推出商家採用，而且在本季度也開始回升。

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

我們的下一個問題或評論來自匯豐銀行的 Ravi Jain。

A couple of quick questions.

幾個快速的問題。

So first on the Brazil GMV growth.

首先是巴西 GMV 的增長。

Are you happy with the 18% growth in this quarter?

您對本季度 18% 的增長感到滿意嗎？

Of course, we understand that the current first half part on the quarter-on-quarter, it has slowed down.

當然，我們了解到，目前上半年環比上，它已經放緩。

And we also see that shipping subsidy has come down.

我們還看到航運補貼已經下降。

So is there space to increase the shipping subsidy and reaccelerate that business in Brazil?

那麼是否有空間增加航運補貼並重新加速巴西的業務？

What are your thoughts on the Brazil GMV?

您對巴西 GMV 有何看法？

And the second question is on the Payments business.

第二個問題是關於支付業務的。

We, of course, have seen a lot of aggressive moves by competitors in the MPOS business.

當然，我們已經看到競爭對手在 MPOS 業務中採取了許多激進的舉措。

If the prepayment revenues come down materially over time, how does that change your investment plan?

如果預付款收入隨著時間的推移大幅下降，這將如何改變您的投資計劃？

I mean do you start using more of the cash on the balance sheet instead to invest in the Payments business?

我的意思是您是否開始使用資產負債表上的更多現金來投資支付業務？

Great.

偉大的。

So I think the prepared remarks tried to convey clearly that we think that the headline Brazilian GMV growth number was probably the low point of the quarter, certainly not something that we are content with.

所以我認為準備好的評論試圖清楚地表達我們認為巴西的整體 GMV 增長數字可能是本季度的低點，當然不是我們滿意的東西。

As you mentioned, part of that is the consequence of the optimization around shipping.

正如您所提到的，其中一部分是圍繞運輸進行優化的結果。

Bear in mind also that January and February of last year were the 2 highest growth months in a multiyear cycle so there still is an element of very, very tough comps.

還要記住，去年 1 月和 2 月是多年周期中增長最快的兩個月，因此仍然存在非常非常艱難的組合。

And then as March rolled around, and especially the back end of March, the comps get easier and so we already exited the quarter at a better growth rate than that.

然後隨著 3 月的到來，尤其是 3 月底，比賽變得更容易，所以我們已經以比這更好的增長率退出了本季度。

As we've revamped our shipping capabilities, I think there is now the intelligence in place to invest equal amounts in shipping but in a more efficient manner.

隨著我們改進了我們的運輸能力，我認為現在有智慧在運輸上投資等量但以更有效的方式。

And so that hopefully will be an incremental way to try to reignite growth in Brazil.

因此，這有望成為嘗試重新點燃巴西增長的漸進方式。

And then obviously, the flip side of the slowdown in the business was the positive contribution in Brazil we just walked through Bob's question on marketing spend.

然後很明顯，業務放緩的另一面是巴西的積極貢獻，我們剛剛討論了鮑勃關於營銷支出的問題。

So I think a combination of simply more efficient investing, additionally, easier comps and potentially more investments on an absolute basis are the 3 levers with which we will try to reignite growth in Brazil.

因此，我認為將更有效的投資、更簡單的組合和可能更多的絕對投資相結合，是我們將試圖重新點燃巴西增長的三個槓桿。

Regarding the payments question, I would say that we continue to have an aggressive growth plan for Brazil and the other markets going forward.

關於付款問題，我想說我們將繼續為巴西和其他市場製定積極的增長計劃。

I would say that over the last few weeks, some of our competitors have started doing specific actions that even though have been more aggressive when we look into the situation, we don't feel that the segment of micro merchant where we mostly operate, we don't anticipate a significant impact there and therefore, we did not modify our prices.

我想說的是，在過去的幾周里，我們的一些競爭對手已經開始採取具體行動，儘管我們在調查情況時更加激進，但我們並不認為我們主要經營的微商部分，我們預計不會產生重大影響，因此，我們沒有修改我們的價格。

Bear in mind that we settle transactions in most cases in T plus 0. So it is valuable for our merchants because we're already very, very good.

請記住，我們在大多數情況下以 T 加 0 結算交易。所以這對我們的商家很有價值，因為我們已經非常非常好。

And so far we have not noticed a reduction in volume.

到目前為止，我們還沒有註意到數量的減少。

Having said that, we will continue to monitor what other players do and we'll adjust our own pricing in order to remain competitive, if necessary.

話雖如此，我們將繼續監控其他玩家的行為，並在必要時調整自己的定價以保持競爭力。

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

我們的下一個問題或評論來自摩根大通的 Marcelo Santos。

I wonder if you could discuss a little bit more on the opportunities of Mercado Crédito so that you can start reaccelerating, already appeared in the balance sheet.

我想知道您是否可以更多地討論一下 Mercado Crédito 的機會，以便您可以開始重新加速，已經出現在資產負債表中。

So what are the main changes made?

那麼主要的變化是什麼？

And what's the potential you see for the coming quarters, for the coming year in the various markets that you are in?

您在未來幾個季度、來年在您所在的各個市場中看到的潛力是什麼？

Okay, Marcelo.

好的，馬塞洛。

So I think that in the last few quarters we have seen 2 changes.

所以我認為在過去的幾個季度中，我們看到了 2 個變化。

On the one hand, we have introduced consumer credit in Brazil which was before only available in Argentina, and it has been growing very, very nicely.

一方面，我們在巴西推出了以前只在阿根廷提供的消費信貸，而且它一直在非常非常好地增長。

And second, on the merchant credit front, what happened last year was that we had a peak in the first quarter.

其次，在商戶信貸方面，去年發生的事情是我們在第一季度達到了頂峰。

That was due to a product rollout.

那是由於產品的推出。

In the first quarter last year was the first time we offered the holders of a loan to get a second loan.

去年第一季度是我們第一次向貸款持有人提供第二筆貸款。

And therefore, we had a huge increase or a large increase in the number of credit.

因此，我們的信貸數量大幅增加或大幅增加。

Since most credits are for 12 months, we have a second peak now in this first quarter, and that is related to those second loans expiring and being renewed.

由於大多數信貸期限為 12 個月，我們現在在第一季度有第二個高峰，這與第二筆貸款到期和續簽有關。

I think those are the 2 main drivers behind the increase in terms of credit.

我認為這是信貸增長背後的兩個主要驅動力。

Our next question or comment comes from the line of James Friedman from Susquehanna.

我們的下一個問題或評論來自 Susquehanna 的 James Friedman。

It's Jamie.

是傑米。

Congratulations on the great numbers guys.

祝賀偉大的數字傢伙。

Can you hear me okay?

你能聽到我的聲音嗎？

We can hear you.

我們可以聽到你的聲音。

Yes.

是的。

So I just wanted to ask a couple of things, mostly on the payments side.

所以我只想問幾件事，主要是在支付方面。

So Pedro, in terms of going at or approaching or above now in Argentina and across the company the 50% threshold of payments coming off-platform, is that more of like a mythical level or is there something really strategic about that, that we should contemplate?

因此，就目前在阿根廷和整個公司而言，Pedro 達到或接近或超過平台外支付的 50% 門檻，這更像是一個神話般的水平，或者對此有什麼真正的戰略意義，我們應該沉思？

That's sort of the first question.

這是第一個問題。

I'll just ask the second one.

我只問第二個。

With regard to PayPal, I mean you use the same language that they use which is commercialization.

關於 PayPal，我的意思是您使用與他們使用相同的語言，即商業化。

I was wondering, is it too early to ask for some use cases of how you guys might work together?

我想知道，現在詢問你們如何一起工作的一些用例還為時過早嗎？

Or if that's too specific, like is it fair to assume that it's going to be more on the merchant as opposed to the consumer side, like you describe in your need to commercialize the merchant side of Brazil with terminalization or with QR codes.

或者，如果這太具體了，是否可以公平地假設它將更多地放在商家而不是消費者方面，就像你描述的你需要通過終端化或二維碼將巴西的商家商業化。

Anyway, a couple of use cases on the PayPal side would be helpful.

無論如何，PayPal方面的幾個用例會有所幫助。

So the first one, there is no scientific relevance to the 50% threshold.

所以第一個，與 50% 的閾值沒有科學相關性。

I think it's just a notion that the off-platform business, which is by far the largest TAM, continues to grow faster than on-marketplace, but that's all there is to it.

我認為這只是一個概念，即迄今為止最大的 TAM 平台外業務繼續比市場上增長更快，但僅此而已。

The only thing I'll add on Pedro's comment is that since more and more we are targeting offline transactions and since e-commerce is only 5% of retail in Latin America, the total addressable market for the offline is really very large, significantly larger than online, so we expect this to continue.

在 Pedro 的評論中，我唯一要補充的是，由於我們越來越多地瞄準線下交易，而且由於電子商務僅佔拉丁美洲零售業的 5%，因此線下的總潛在市場確實非常大，要大得多比在線，所以我們預計這種情況會繼續下去。

And then in terms of PayPal, I think we need to continue to hold off until the actual agreements are hammered out.

然後就 PayPal 而言，我認為我們需要繼續推遲，直到敲定實際協議。

They do not imply a focus on merchants versus consumers.

它們並不意味著關注商家與消費者。

I think we're looking at areas where we can be synergistic to each other and drive win-win business combinations.

我認為我們正在尋找可以相互協同並推動雙贏業務組合的領域。

And those could be either on the consumer side or the merchant side, but I think we'll be able to address those in detail once we actually get them signed.

這些可能是消費者方面的，也可能是商家方面的，但我認為一旦我們真正簽署了這些協議，我們就能夠詳細解決這些問題。

Okay.

好的。

If I could just sneak in one more.

如果我能再偷偷溜進去一個。

I won't bother you on the early settlement or the prepayment.

我不會在提前結算或預付款上打擾你。

Maybe this one.

也許這個。

So you were calling out some differences between the Argentina and Brazil market on the payment side.

因此，您在支付方面指出了阿根廷和巴西市場之間的一些差異。

If MercadoPago could like invent the future payments world of Lat Am, would you prefer it to be carded or not carded?

如果 MercadoPago 可以發明未來的拉丁美洲支付世界，您更喜歡刷卡還是不刷卡？

And how does that play to your strategic strengths?

這如何發揮您的戰略優勢？

Look, so let me answer that with 2 slightly different takes.

看，所以讓我用 2 個稍微不同的鏡頭來回答這個問題。

First of all is, we need to be where the consumer is and where the merchant is.

首先是，我們需要消費者在哪裡，商家在哪裡。

So if merchants want credit cards, we...

因此，如果商家想要信用卡，我們...

(technical difficulty)

（技術難度）

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

The line disconnected.

線路斷了。

We'll see if we can get them back connected.

我們將看看是否可以讓它們重新連接。

The backup line is connected.

備用線路已連接。

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

The conference will resume momentarily as soon as we get the speaker line back connected.

一旦我們重新連接揚聲器線路，會議將立即恢復。

Hello?

你好？

You're on with the backup line, sir.

先生，您正在使用備用線路。

Pedro, you cut out when you were saying you'll go where the merchant or the consumer goes, and then you cut out.

佩德羅，當你說你會去商人或消費者去的地方時，你切斷了，然後你切斷了。

Sorry about that.

對於那個很抱歉。

So something happened with the line.

所以這條線發生了一些事情。

So we were saying merchant and consumer choice is important to us.

所以我們說商家和消費者的選擇對我們很重要。

Now having said that, we believe that non-carded, so the QR network we're trying to build through IP technology, so Internet protocols and mobile devices can offer much greater disruption to financial services in terms of lower cost, more efficient distribution and more massive distribution than proprietary networks that are owned by a Visa or a Mastercard.

話雖如此，我們相信無卡，所以我們試圖通過 IP 技術構建的二維碼網絡，因此互聯網協議和移動設備可以在更低的成本、更有效的分發和比 Visa 或 Mastercard 擁有的專有網絡更大規模的分發。

So we will follow where consumer and merchant choice is.

因此，我們將關註消費者和商家的選擇。

But if we have our say, we believe you can deliver a better experience and a more cost-efficient experience in a non-carded world, and that's what we're trying to construct.

但是，如果我們有發言權，我們相信您可以在沒有卡片的世界中提供更好的體驗和更具成本效益的體驗，這就是我們正在努力構建的。

Our next question or comment comes from the line of Stephen Ju from Crédit Suisse.

我們的下一個問題或評論來自瑞士信貸的 Stephen Ju。

Pedro or Marcos, if you want to weigh in here also.

佩德羅或馬科斯，如果你也想在這裡稱重。

From a strategic perspective and particularly for Brazil, you are walking away from dealing with what looks like economically irrational transactions.

從戰略角度，尤其是對巴西而言，您正在擺脫看似經濟上不合理的交易。

So if they're irrational for you, then chances are they're probably irrational for your competitors as well.

因此，如果它們對您來說是不合理的，那麼它們對您的競爭對手也可能是不合理的。

So do you think e-commerce growth in the country has entered a period of structurally slower growth or are you seeing some of your competitors willing to underwrite the volume that from a unit economics perspective may be irrational?

那麼，您是否認為該國的電子商務增長已經進入了結構性增長放緩的時期，或者您是否看到您的一些競爭對手願意承保從單位經濟學角度來看可能不合理的數量？

And I think also in your prepared remarks, you called out consumer credit originations in Brazil and Argentina are up by a factor of 1.2.

而且我認為在你準備好的評論中，你提到巴西和阿根廷的消費信貸增加了 1.2 倍。

So then that speaks from, I'm guessing, a very rapid pace of off-platform versus on-platform loans.

那麼，我猜，平台外貸款與平台內貸款的速度非常快。

So what are some of the friction headwinds you guys saw more recently that is driving this?

那麼你們最近看到的一些摩擦阻力是什麼？

(technical difficulty)

（技術難度）

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

The backup line just disconnected as well, hold for just a second.

備用線路也剛剛斷開，稍等片刻。

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

We're speaking to the speaker line right now.

我們現在正在與揚聲器線路通話。

We'll get them back into the room momentarily.

我們會馬上讓他們回到房間裡。

Please hold.

請等候。

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

Your conference call will resume momentarily.

您的電話會議將立即恢復。

Please hold.

請等候。

Ladies and gentlemen, please stand by.

女士們，先生們，請稍候。

Go ahead, sir.

去吧，先生。

You're back in.

你回來了

Sorry, apologies.

對不起，道歉。

We have a line and a backup line and for whatever reason, they both failed at different moments, so apologies for that.

我們有一條線路和一條備用線路，無論出於何種原因，它們都在不同的時刻都失敗了，因此對此深表歉意。

I don't know if we still have folks on the line.

我不知道我們是否還有人在線。

I'll answer Stephen's question and then we'll see the other questions we have.

我會回答斯蒂芬的問題，然後我們會看到我們的其他問題。

So I would say that if you look at the evolution of the free shipping program in Brazil, we were probably the company that was most aggressive last year and was most willing to subsidize unit economics that in the short term didn't make sense in an attempt to generate volume on certain routes or by investing longer lifetime values.

所以我想說，如果你看看巴西免費送貨計劃的演變，我們可能是去年最激進的公司，最願意補貼在短期內沒有意義的單位經濟。嘗試在某些路線上增加銷量或通過投資更長的生命週期價值。

With the cost changes last year, even those longer lifetime values stopped making sense for us.

隨著去年成本的變化，即使是那些更長的生命週期價值對我們來說也不再有意義。

But I don't think that our rationalization of our program to a more intelligent and more rational player necessarily implies changes from other players.

但我不認為我們將我們的程序合理化為一個更聰明、更理性的玩家必然意味著其他玩家的變化。

So I think you just need to look at the way we're trying to invest less in shipping or same amounts on percentage-wise but in a more intelligent way.

所以我認為你只需要看看我們是如何嘗試減少對運輸的投資或以百分比計算相同數量的投資，但以一種更智能的方式。

And I don't think there's a read-through to what other players are or aren't doing.

而且我不認為其他玩家在做什麼或不做什麼是通讀的。

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

我們的下一個問題或評論來自 KeyBanc Capital 的 Edward Yruma。

This is Matt on for Ed.

這是埃德的馬特。

So you've done a good job improving search and discovery.

因此，您在改進搜索和發現方面做得很好。

Wondering if you can elaborate a bit about your catalog initiative.

想知道您是否可以詳細說明您的目錄計劃。

How exactly is the data being cataloged?

數據究竟是如何編目的？

And I assume it's being carried out by your sellers.

我認為它是由你的賣家執行的。

How do you incent them to do this?

你如何激勵他們這樣做？

And finally, how does improving search and discovery flow through to conversion rate?

最後，改進搜索和發現如何提高轉化率？

Yes.

是的。

Great question on catalog.

關於目錄的好問題。

High-level answer, yes, sellers have to share information with us.

高層回答，是的，賣家要跟我們分享信息。

We have tried to build the data architecture in a way that we can, with the least amount of data requested, try to fill in gaps, but it does require some work from sellers.

我們試圖以一種我們可以用最少的數據請求來填補空白的方式構建數據架構，但這確實需要賣家的一些工作。

The efforts have been a combination of gamification.

這些努力是遊戲化的結合。

So if you look at our Seller Central, it's very explicit in the improvement that you can get from complete datasets that allow us to place your product on the catalog efficiently and then also improvements in conversion, either through better search and sort algorithms.

因此，如果您查看我們的賣家中心，您可以從完整的數據集中獲得非常明確的改進，這使我們能夠有效地將您的產品放在目錄中，然後通過更好的搜索和排序算法改進轉換。

And eventually, hopefully, sometime this year, actual view item pages that concentrate much more volume on cataloged items.

最終，希望在今年的某個時候，實際查看項目頁面將更多的體積集中在編目項目上。

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

我們的下一個問題或評論來自 BTIG 的 Marvin Fong。

Just 2 questions, if I could.

如果可以的話，只有2個問題。

First one on Envios Flex.

Envios Flex 上的第一個。

If you could just give us an idea about just the cost advantage of Flex versus some of the other last-mile solutions that you guys currently use.

如果您能給我們一個關於 Flex 與你們目前使用的其他一些最後一英里解決方案的成本優勢的想法。

That would be very interesting.

那將是非常有趣的。

And then also in terms of the other major cities you're thinking about entering, give us a sense of how much those areas represent in terms of GMV?

然後就您正在考慮進入的其他主要城市而言，讓我們了解這些地區在 GMV 方面代表了多少？

And then secondly on merchant services, the reacceleration in growth, if you can just add color on what exactly is driving that.

其次是商戶服務，即增長的重新加速，如果你能在究竟是什麼推動這一點上添加顏色的話。

Is that just general improvement in online activity by the sites or is there something you guys are particularly doing to improve the TPV growth in that channel?

這僅僅是網站在線活動的普遍改善，還是你們特別為改善該渠道的 TPV 增長而做的事情？

Okay.

好的。

So first of all, the current version of Flex is not a significant driver of improved cost.

因此，首先，當前版本的 Flex 並不是提高成本的重要驅動力。

It is a significant driver of improved delivery times.

這是縮短交貨時間的重要推動力。

Flex is what enables same-day delivery, for example.

例如，Flex 可以實現當日交付。

And so that's really the focus.

所以這才是真正的重點。

And it's also in many markets, especially for large, concentrated urban areas, a very quick way to on board merchants because they continue to use their same delivery infrastructure but now powered by our technology and our capacity to deliver.

而且它也在許多市場中，特別是對於大型集中的城市地區，這是一種非常快速的方式來吸引商家，因為他們繼續使用相同的交付基礎設施，但現在由我們的技術和我們的交付能力提供支持。

In terms of what we're trying to accomplish with coverage of Flex, we're going to start rolling it out in the large urban areas in different countries.

就我們試圖通過覆蓋 Flex 實現的目標而言，我們將開始在不同國家的大城市地區推廣它。

I don't think we have the data right here what percentage of our sales São Paulo, Rio, Minas will represent in Brazil.

我認為我們這裡沒有數據，聖保羅、里約、米納斯在巴西的銷售額占我們的百分比。

But remember that, that doesn't mean that you get 100% of the volume in those countries.

但請記住，這並不意味著您可以在這些國家/地區獲得 100% 的銷量。

So I think if we look at Buenos Aires, that is probably a high single digits, mid-single digits of total GMV in one large city.

所以我認為，如果我們看看布宜諾斯艾利斯，那可能是一個大城市總 GMV 的高個位數，中個位數。

I think you can assume that even as we roll out other large areas, the initial phases are single digits of our GMV, if that.

我想你可以假設，即使我們推出其他大區域，初始階段也是我們 GMV 的個位數，如果是這樣的話。

And then over time, we hope to be able to increase that adoption.

然後隨著時間的推移，我們希望能夠增加這種採用率。

Flex is one part of a multiple series of services.

Flex 是一系列服務的一部分。

Fulfillment is another one.

實現是另一回事。

Cross-docking is another one.

交叉對接是另一種情況。

And I think all of those combined is really what we're trying to grow in detriment of the dropship model which is the one where we have the lowest service levels and the least control over quality.

而且我認為所有這些結合起來確實是我們正在努力發展的，這有損於我們的服務水平最低且對質量控制最少的直銷模式。

Then going on to the merchant services question.

然後繼續商戶服務問題。

I will say that, that thing, merchant services grew in local currency 108% year-on-year.

我會說，那件事，以當地貨幣計算的商戶服務同比增長了 108%。

We saw an acceleration in all top 3 markets: Argentina, Brazil and Mexico.

我們看到所有前三大市場的增長都在加速：阿根廷、巴西和墨西哥。

So I think we have been improving the thing.

所以我認為我們一直在改進這件事。

It has been growing.

它一直在增長。

And that is what generated most of the growth.

這就是大部分增長的原因。

There is one extra factor.

還有一個額外的因素。

In the year ago, we went through, we had lost a significant merchant, and that caused some lower growth during 12 months.

一年前，我們經歷了，我們失去了一個重要的商人，這導致了 12 個月的增長放緩。

That now that we have lapped, we have seen a significant increase.

既然我們已經搭上，我們已經看到了顯著的增長。

So if you look at Brazil, we have had 4 quarters with accelerating growth.

因此，如果你看看巴西，我們已經有 4 個季度加速增長。

In Q3, we grew more than Q2; Q4 more than Q3; and now significantly more than Q4.

在第三季度，我們的增長超過了第二季度；第四季度多於第三季度；現在明顯超過第四季度。

That's what has driven the revenue growth in merchant services.

這就是推動商家服務收入增長的原因。

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

我們的下一個問題或評論來自高盛的 Irma Sgarz。

Congrats on the quarter.

祝賀本季度。

Regarding the marketing spend where you drove quite a lot of leverage this quarter specifically in Brazil.

關於您在本季度特別是在巴西推動大量槓桿的營銷支出。

When we sort of think about that line going forward from here, how do you think about sort of the cadence for this going forward, not just for the rest of this year, but also for subsequent years?

當我們從這裡開始考慮這條線時，您如何看待這種前進的節奏，不僅是今年剩餘時間，而且是隨後幾年？

I would imagine that the building of the two-sided payment system and the building of the Pago brand, specifically in Brazil, will require a little bit of marketing spend.

我想，雙邊支付系統的建設和 Pago 品牌的建設，特別是在巴西，將需要一點營銷支出。

Is that something that you expect to show up in that line or not really?

那是您希望出現在該行中的東西嗎？

And the same also for the deployment of the complete suite of fintech solutions, should that be something that impacts your R&D line or your development line or again, nothing too relevant to expect in terms of cadence of investments here in this line?

對於全套金融科技解決方案的部署也是如此，這是否會影響您的研發線或開發線，或者再次影響這一線的投資節奏，與預期無關？

Okay.

好的。

So as you know, Irma, we try to not get into too much forward-looking guidance, but I think they're both great questions so I'll comment a high-level one then.

如你所知，Irma，我們盡量不涉及太多前瞻性指導，但我認為它們都是很好的問題，所以我會評論一個高層次的問題。

I'll start with the R&D one.

我將從研發開始。

I think we continue to be very aggressive in trying to grow out the engineering pool and the number of engineers we hire.

我認為我們繼續非常積極地嘗試擴大工程庫和我們僱用的工程師數量。

But I think even if we accomplish our hiring targets, there's a natural scale to the business.

但我認為，即使我們完成了招聘目標，業務也有自然的規模。

And so I don't think you should see too much margin compression from R&D spend.

所以我認為你不應該看到研發支出對利潤造成太大的壓縮。

This is more about just focusing on reallocating engineers more and more to the new fintech initiatives.

這更多地只是專注於將工程師越來越多地重新分配給新的金融科技計劃。

And of the incremental engineers, more and more will get assigned to fintech initiatives.

在增量工程師中，越來越多的人將被分配到金融科技計劃中。

The marketing question is a great question.

營銷問題是一個很好的問題。

I think probably the best way to answer is, your assumptions are correct.

我認為最好的回答方式可能是，您的假設是正確的。

I think as we move into the remainder of the year and we begin to -- as I outlined -- begin to launch our commercial efforts in Brazil and Mexico to build out the two-sided network, that will mean incremental marketing spend.

我認為，隨著我們進入今年餘下的時間，我們開始——正如我所概述的——開始在巴西和墨西哥開展我們的商業活動，以建立雙邊網絡，這將意味著增加營銷支出。

I think we're willing to acquire consumers for the wallet, looking at longer-term return profiles.

我認為我們願意為錢包吸引消費者，著眼於長期回報概況。

So that could also generate greater marketing as a percentage of revenue investment.

因此，這也可以產生更大的營銷佔收入投資的百分比。

And then in general, the first quarter is one where we had very, very limited investment in brand advertising.

總的來說，第一季度我們在品牌廣告方面的投資非常非常有限。

If you continue to take a long-term view, which we do, I think brand advertising is an important complement to performance marketing and programmatic marketing.

如果你繼續以長遠的眼光看待我們，我認為品牌廣告是效果營銷和程序化營銷的重要補充。

And we also have a second brand that we want to start building now, which is the payment brand.

我們還有第二個品牌，我們現在要開始打造，那就是支付品牌。

And so that also means incremental investment.

因此，這也意味著增量投資。

So I would assume that probably marketing is at a fairly high point in terms of efficiency and that there should be increased investment moving forward.

因此，我假設營銷在效率方面可能處於相當高的水平，並且應該增加未來的投資。

Our next question or comment comes from the line of Tom Champion from Cowen.

我們的下一個問題或評論來自 Cowen 的 Tom Champion。

I'm curious if you could talk about the revenue profile of off-platform TPV relative to on-platform?

我很好奇您能否談談平台外 TPV 相對於平台上的收入狀況？

That's the first question.

這是第一個問題。

Also, it seemed like shipping time improved a lot again.

此外，運輸時間似乎再次改善了很多。

And could you just talk about the key drivers there?

你能談談那裡的關鍵驅動因素嗎？

It sounds like Flex was a contributor, but anything else that might have contributed there would be great to hear.

聽起來 Flex 是一個貢獻者，但任何其他可能做出貢獻的東西都會很高興聽到。

Sorry.

對不起。

So as we try to gather some data points for the first question, can you walk us through the second one again, please?

因此，當我們嘗試為第一個問題收集一些數據點時，請您再介紹一下第二個問題，好嗎？

Sure.

當然。

If I have it correct, shipping times improved quite a bit relative to the fourth quarter.

如果我沒記錯的話，與第四季度相比，運輸時間有了很大改善。

And it sounds like from your comments that Flex might have had something to do with that.

從您的評論看來，Flex 可能與此有關。

I'm just curious if there were any other drivers there?

我只是好奇那裡有沒有其他司機？

Sure.

當然。

So Flex is still fairly small.

所以 Flex 仍然相當小。

Flex, like I said, is mid-single digits of the Argentine GMV.

就像我說的，Flex 是阿根廷 GMV 的中個位數。

So that's not really what's driving most of the improvements in time.

所以這並不是真正推動大部分時間改進的原因。

I think most of the improvements in time are actually driven by improvements in the network, both our managed network as we have more percentage going to fulfillment, better delivery times in our cross-docking network, but also -- and this is important -- our transportation partners on the dropship network have also improved significantly their delivery times.

我認為大部分時間上的改進實際上是由網絡的改進驅動的，我們的託管網絡，因為我們有更多的百分比去履行，我們的交叉對接網絡中更好的交付時間，而且 - 這很重要 -我們在直銷網絡上的運輸合作夥伴也顯著改善了他們的交貨時間。

So sequentially, Q1 was the best quarter in terms of consolidated delivery times in the last 5 quarters, but it was fairly slightly better than Q3 and somewhat better than Q4.

因此，就過去 5 個季度的綜合交付時間而言，Q1 是最好的季度，但比 Q3 略好，比 Q4 略好。

The dramatic improvement was over a year ago where Q1 of last year delivery times have really improved very much over the last 4 quarters as we built out the managed network.

一年多以前的顯著改善是去年第一季度的交付時間在過去四個季度中隨著我們構建託管網絡而真正改善了很多。

So going to the first question regarding the profile of off-platform versus on-platform.

所以轉到關於平台外與平台上的配置文件的第一個問題。

We mentioned the revenue profile and regarding the ASPs.

我們提到了收入概況和 ASP。

ASPs in general are pretty similar in terms of on versus off-platform.

一般來說，ASP 在平台上與平台外非常相似。

In terms of revenue, it's different strictly because on-platform we don't charge a specific amount.

在收入方面，嚴格來說是不同的，因為在平台上我們不收取特定金額。

Our fee for bundles in the MercadoLibre is fixed.

MercadoLibre 中的捆綁包費用是固定的。

Probably the one difference there is that we usually see more use of financing and more financing revenues in on-platform and in MPOS and less so in online merchant services.

可能存在的一個區別是，我們通常在平台和 MPOS 中看到更多的融資使用和更多的融資收入，而在在線商家服務中則較少。

So there is one difference there.

所以這裡有一個區別。

Another difference is that you got frequency of use that probably wallet is the one where we see the highest businesses use.

另一個區別是你的使用頻率可能是我們看到企業使用最多的錢包。

Consumers are the ones who started this, particularly in countries where wallet is popular, in particular in Argentina where share growth is getting a lot of volume and the frequency is higher in those regions versus other verticals.

消費者是這一切的始作俑者，尤其是在錢包很受歡迎的國家，尤其是在阿根廷，那裡的份額增長量很大，而且這些地區的頻率高於其他垂直市場。

Our next question or comment comes from the line of Kunal Madhukar from Deutsche Bank.

我們的下一個問題或評論來自德意志銀行的 Kunal Madhukar。

A couple, if I could.

一對，如果可以的話。

With regard to the payment launch or the more complete build-out of the payments are offered in Brazil and in Mexico...

關於付款啟動或更完整的付款擴展在巴西和墨西哥提供...

Sorry, can you speak up a little bit louder?

對不起，你能大聲一點嗎？

We're having trouble hearing you.

我們很難聽到你的聲音。

Okay.

好的。

Sorry.

對不起。

Ask a couple, if I could.

問幾個，如果可以的話。

With regard to the new offerings that you are planning to launch within payments and logistics and in Brazil and in Mexico, how does the competitive landscape kind of look in those countries for those services?

關於您計劃在支付和物流以及巴西和墨西哥推出的新產品，這些國家的競爭格局如何看待這些服務？

Okay.

好的。

So let me start out with logistics very quickly.

所以讓我很快開始物流。

I think Mexico is a very competitive market in terms of the quality of the networks of some of the larger online retailers.

我認為就一些大型在線零售商的網絡質量而言，墨西哥是一個競爭非常激烈的市場。

Fortunately, it's also by far our most efficient logistics network and so that allows us to be very competitive, but it is the market with the highest, I think, consumer expectation given what ourselves and other competitors are delivering.

幸運的是，它也是迄今為止我們最有效的物流網絡，這使我們具有很強的競爭力，但我認為，考慮到我們和其他競爭對手所提供的產品，它是消費者期望最高的市場。

I think Brazil, both because of geographical complexity and distribution but also the quality of existing networks, consumer expectations are probably a step behind as is the quality of service of our competitors still.

我認為巴西，由於地理複雜性和分佈以及現有網絡的質量，消費者的期望可能落後了一步，我們競爭對手的服務質量仍然如此。

And so maybe one way to characterize it is, if we continue to deliver on our road map in Brazil, we think it puts us in a very competitive position as a leader in terms of quality of network.

因此，也許一種描述它的方式是，如果我們繼續在巴西實現我們的路線圖，我們認為這將使我們在網絡質量方面處於非常有競爭力的地位。

In Mexico, I think we need to deliver on our road map to continue to be among the companies with the best time, but it is a competitive scenario.

在墨西哥，我認為我們需要實現我們的路線圖，以繼續成為擁有最佳時間的公司之一，但這是一個競爭激烈的場景。

And on the payments side?

在支付方面？

On the payments side, I'd say Brazil in general is the most competitive market in Latin America.

在支付方面，我想說巴西總體上是拉丁美洲最具競爭力的市場。

And it also, I think, is the one where we have grown the most.

我認為，它也是我們成長最多的地方。

Initially in MPOS, but also where we are rolling out the full bundle of products.

最初是在 MPOS 中，但也是我們推出全套產品的地方。

We will be rolling out QR code payment.

我們將推出二維碼支付。

We launched already both consumer and merchant credit in the last couple of quarters.

在過去的幾個季度中，我們已經推出了消費者和商家信貸。

We launched a functionality in wealth management when we pay consumers who keep their balance with us.

當我們向與我們保持平衡的消費者付款時，我們推出了一項財富管理功能。

So I think we have a very complete offering.

所以我認為我們有一個非常完整的產品。

We are competing there with many players, but most of them have more of a niche approach, wherein they are more focused on either acquiring or will stay on the wallet side, but we believe that we have a more comprehensive approach.

我們在那裡與許多參與者競爭，但他們中的大多數人都有更多的利基方法，他們更專注於獲取或將留在錢包方面，但我們相信我們有更全面的方法。

Mexico, I'll say, is less competitive than Brazil, but we are also at an earlier stage and we only now are starting to invest more.

我想說，墨西哥的競爭力不如巴西，但我們也處於早期階段，我們現在才開始增加投資。

We had both on MPOS and we had in our wallet.

我們在 MPOS 上都有，我們在錢包裡都有。

And we have not yet rolled out the asset management solution which we will roll out in the coming quarters.

而且我們還沒有推出我們將在未來幾個季度推出的資產管理解決方案。

And one other question, if I could.

還有一個問題，如果可以的話。

You've done a great job kind of getting most of the different countries back into profitability.

您在使大多數不同國家/地區恢復盈利方面做得很好。

What's happening with Mexico?

墨西哥怎麼了？

Why do we have lingering losses or contribution losses from Mexico?

為什麼我們有來自墨西哥的揮之不去的損失或貢獻損失？

Two reasons.

兩個原因。

One of them, I think, you alluded to in your initial question.

我認為，其中之一是您在最初的問題中提到的。

It's a more competitive market where other competitors are also losing significant amounts of money.

這是一個競爭更加激烈的市場，其他競爭對手也在損失大量資金。

It's also a smaller market so it doesn't have all the scale advantages of Brazil or Argentina, for example.

它也是一個較小的市場，因此它不具備巴西或阿根廷的所有規模優勢。

And so we've been fairly committed to continue to invest in that market because the size of the opportunity is very large.

因此，我們一直相當致力於繼續投資該市場，因為機會的規模非常大。

It's the second-largest economy in the region.

它是該地區的第二大經濟體。

And additionally, we're fairly confident that at larger scale, that business can have a healthy P&L as we see in other markets.

此外，我們相當有信心，在更大的範圍內，該業務可以像我們在其他市場看到的那樣擁有健康的損益。

And so it's a matter of continuing to invest behind it to make sure that we reach that scale as quickly as possible and hopefully, faster and at more scale than competitors.

因此，需要繼續在其背後進行投資，以確保我們盡快達到這個規模，並希望比競爭對手更快、更大規模。

Our next question or comment comes from the line of Pedro Fagundes from Bradesco BBI.

我們的下一個問題或評論來自 Bradesco BBI 的 Pedro Fagundes。

We take comfort in knowing that it's Latin America in general that has communications problems, not just ourselves.

我們很欣慰地知道，整個拉丁美洲存在溝通問題，而不僅僅是我們自己。

Hello.

你好。

Can you guys hear me?

你們能聽到我嗎？

Hello.

你好。

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Okay.

好的。

Just wanted to come back to the comment you made on fulfillment in Brazil having lagged in the quarter.

只是想回到您對本季度在巴西的履行情況所做的評論。

Just hoping you could maybe elaborate a little bit as to why that was?

只是希望你能詳細說明為什麼會這樣？

I mean are you seeing any kind of resistance from sellers?

我的意思是你看到賣家有任何阻力嗎？

Is there any kind of friction or maybe a specific capability you guys are still moving out at this point?

在這一點上，你們是否有任何摩擦或特定的能力？

And second question on the Brazil GMV.

第二個關於巴西 GMV 的問題。

You guys mentioned apparel.

你們提到了服裝。

Is there any specific focus from you guys at this point regarding specific categories to the extent you try to tap into this, say, second wave of growth for e-commerce?

在這一點上，你們是否有任何關於特定類別的特別關注，以致你試圖利用這一點，比如電子商務的第二波增長？

Yes.

是的。

So I think let's dig into the numbers a little bit.

所以我想讓我們深入研究一下這些數字。

Our fulfillment efforts in Brazil in terms of penetration and adoption by sellers were flat sequentially.

我們在巴西的滲透率和賣家採用率方面的履約努力環比持平。

So that's not good.

所以這不好。

It's not that it's down.

不是它倒下了。

And I think in summation, yes, there still are friction points that we need to continue to solve for our merchants in terms of on boarding inventory with us.

我認為總而言之，是的，在與我們合作的庫存方面，我們仍然需要繼續為我們的商家解決一些摩擦點。

And that's what we're working on.

這就是我們正在努力的方向。

And additionally, we also did pull back on the subsidies we were offering to fulfill through us, and that also had some impact on flat.

此外，我們也確實撤回了通過我們提供的補貼，這也對公寓產生了一些影響。

When we look at the cross-docking network, so packages that still work on our own network but that are initially at the merchant location.

當我們查看交叉對接網絡時，仍然可以在我們自己的網絡上運行但最初位於商家位置的包裹。

And we do both first mile and then cross-dock and long haul and last mile.

我們先做第一英里，然後做跨碼頭、長途和最後一英里。

That continues to trend positively and gained a few percentage points in terms of adoption the last quarter.

這繼續呈積極趨勢，並在上個季度的採用率方面增加了幾個百分點。

So I think to unlock once again the growth of fulfillment, it's a combination, first and foremost, of technology solutions to unlock the friction.

因此，我認為要再次釋放滿足感的增長，首先是技術解決方案的組合，以釋放摩擦。

And we could analyze and will be probably investing again in some incentives to get sellers to trial the fulfillment solution.

我們可以分析並且可能會再次投資一些激勵措施，讓賣家試用履行解決方案。

In terms of categories, I think we called out a few of the categories that we are focusing on building out compelling user experiences to try to capture.

在類別方面，我認為我們列出了一些我們專注於構建引人注目的用戶體驗以嘗試捕捉的類別。

Apparel was one of these.

服裝就是其中之一。

And we called out as one of the fastest-growing categories.

我們稱其為增長最快的類別之一。

And I think we're performing very well there, but there's still room for more growth.

我認為我們在那裡的表現非常好，但仍有更大的增長空間。

It's a very large category.

這是一個非常大的類別。

And we continue to work on consumer packaged goods which is a very large category and a very high-frequency category.

我們繼續致力於消費包裝商品，這是一個非常大的品類和非常高頻的品類。

We're still in much earlier stages there, but it's probably the next big one that we're focused on.

我們仍處於早期階段，但這可能是我們關注的下一個重要階段。

Good strides there in Mexico in terms of selection.

墨西哥在選擇方面取得了長足的進步。

Brazil is the next market we begin to focus on.

巴西是我們開始關注的下一個市場。

Thank you.

謝謝你。

I'm showing no additional questions in the queue at this time.

我目前沒有在隊列中顯示其他問題。

I'd like to turn the conference back over to management for any closing remarks.

我想將會議交回管理層，以便發表任何結束語。

Great.

偉大的。

We apologize for the mess-up on the communication, and we look forward to next quarter when we continue to give you updates on how the business is going.

對於溝通上的混亂，我們深表歉意，我們期待下個季度繼續向您提供有關業務進展的最新信息。

Thanks, everyone, and hope to talk soon.

謝謝大家，希望盡快談。

Ladies and gentlemen, thank you for participating in today's conference.

女士們，先生們，感謝你們參加今天的會議。

This concludes the program.

程序到此結束。

You may now disconnect.

您現在可以斷開連接。

Everyone have a wonderful day.

每個人都有美好的一天。