美卡多 (MELI) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MercadoLibre Third Quarter 2019 Earnings Conference Call.

女士們、先生們，感謝大家的支持，並歡迎參加 MercadoLibre 2019 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Federico Sandler.

現在我想將會議交給今天的發言人費德里科·桑德勒。

Please go ahead, sir.

請繼續，先生。

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended September 30, 2019.

大家好，歡迎參加截至 2019 年 9 月 30 日的季度 MercadoLibre 收益電話會議。

I am Federico Sandler, Investor Relations Officer for MercadoLibre.

我是 MercadoLibre 投資者關係官 Federico Sandler。

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

今天發言的高級經理是財務長 Pedro Arnt。

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

此外，MercadoPago 執行長 Osvaldo Gimenez 也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.

這次電話會議也透過網路廣播，您可以透過我們網站的投資者關係部分查看。

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成長前景、行業趨勢以及產品和技術舉措等事項做出前瞻性陳述。

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

這些陳述是基於目前可獲得的資訊以及我們目前對未來事件的假設、預期和預測。

While we do 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.

雖然我們確實認為，鑑於目前可用的信息，我們的假設、期望和預測是合理的，但請注意不要過度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 section of our 10-K and other filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

由於多種原因，我們的實際結果可能與本次電話會議中討論的結果存在重大差異，包括我們向美國證券交易委員會提交的10-K 和其他文件中的前瞻性陳述和風險因素部分中描述的內容，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，我想提醒大家，在本次電話會議期間，我們可能會討論一些非公認會計準則措施。

A reconciliation of those measures to the nearest comparable GAAP measures can be found in our third quarter 2019 earnings press release available in our Investor Relations website.

這些指標與最接近的可比較 GAAP 指標的調整可以在我們的投資者關係網站上找到的 2019 年第三季收益新聞稿中找到。

Now let me turn the call over to Pedro.

現在讓我把電話轉給佩德羅。

Thank you, Federico.

謝謝你，費德里科。

Hi, everyone and thanks for joining our third quarter 2019 earnings call.

大家好，感謝您參加我們的 2019 年第三季財報電話會議。

I want to kick off by saying that we delivered another quarter of robust results.

我首先想說的是，我們又一個季度取得了強勁的業績。

We've made significant progress in executing against our strategic roadmap to not only deliver innovative technology solutions to our customers but also to continue democratizing e-commerce and digital financial services.

我們在執行策略路線圖方面取得了重大進展，不僅為客戶提供創新的技術解決方案，而且繼續實現電子商務和數位金融服務的民主化。

With that said, let me start with our FinTech progress report.

話雖如此，讓我從我們的金融科技進度報告開始。

During the quarter, we reached an important historical milestone, as for the first time ever, total payment volume away from MercadoLibre's marketplaces surpassed TPV on-marketplaces during the full quarter, and did so, not only on a consolidated basis but also in our largest market, Brazil.

在本季度，我們達到了一個重要的歷史里程碑，MercadoLibre 市場上的總支付量在整個季度超過了TPV 市場上的總支付量，而且不僅是在合併基礎上，而且是在我們最大的支付額上，這也是有史以來第一次。

As of this third quarter, 2 of our main countries are processing more payment volume away from our e-commerce platforms than on them, as Argentina and Brazil TPV off-marketplaces reached 63% and 52% of total TPV, respectively.

截至第三季度，我們的兩個主要國家從我們的電子商務平台處理的支付量超過了在其電子商務平台上處理的支付量，阿根廷和巴西TPV 場外交易分別達到了TPV 總額的63% 和52%。

Consequently and driven by the successful execution of all of our off-platform initiatives, TPV off-platform U.S. dollar growth accelerated to 140% year-on-year for the quarter.

因此，在我們所有平台外計畫成功執行的推動下，冠捷本季平台外美元成長率年增至 140%。

On a service-by-service level, starting with our merchant services business, the business continues to maintain momentum.

從服務層面來看，從我們的商家服務業務開始，該業務持續保持成長動能。

During the quarter, merchant services once again surpassed $1 billion at TPV on a consolidated basis.

本季度，冠捷的商業服務綜合收入再次超過 10 億美元。

Argentina and Brazil were highlights during the quarter as our Gateway solution scales as well as we execute on market-fit solutions for both larger merchants and long-tail merchants.

阿根廷和巴西是本季的亮點，因為我們的網關解決方案不斷擴展，並且我們為大型商家和長尾商家執行適合市場的解決方案。

Moving on to our MPOS service, the largest of our payments businesses off-platform in terms of TPV, we're pleased to report that it continues to grow strongly, with quarterly active merchants already surpassing the 2 million mark on a consolidated basis.

繼續我們的 MPOS 服務，就 TPV 而言，這是我們最大的平台外支付業務，我們很高興地報告說，它繼續強勁增長，季度活躍商戶在合併基礎上已突破 200 萬大關。

Additionally, transactions per unique active device continue to increase as usage grows in both Brazil, Argentina as well as in Mexico.

此外，隨著巴西、阿根廷和墨西哥使用量的成長，每台活躍設備的交易量也持續增加。

In Brazil, for MPOSs, we also launched our Point Pro device during the quarter, which has been gaining traction driven by our recent branding campaigns as we begin to observe meaningful improvements in top-of-mind and spontaneous awareness and surveys we have recently performed post campaign.

在巴西，對於MPOS，我們也在本季度推出了Point Pro 設備，隨著我們開始觀察到我們最近進行的首要意識和自發意識以及調查的有意義的改進，該設備在我們最近的品牌營銷活動的推動下獲得了關注後活動。

Our Point Pro device will enable us to pursue slightly larger merchants while in parallel, we have also launched a third device, the Point Mini, which will allow us to better serve the needs of our micro merchant segment of users.

我們的 Point Pro 設備將使我們能夠追求規模稍大的商戶，同時我們也推出了第三款設備 Point Mini，這將使我們能夠更好地滿足微型商家用戶的需求。

In Mexico, our MPOS business is also gaining traction as we scale out branding and communication campaigns.

在墨西哥，隨著我們擴大品牌和傳播活動，我們的 MPOS 業務也越來越受到關注。

Devices sold in Mexico grew by 58.5% versus last quarter and almost 200% versus last year, while active collectors during the quarter continued to grow north of 300% year-on-year.

墨西哥的設備銷量較上季度增長 58.5%，較去年增長近 200%，而本季度的活躍收藏者繼續同比增長 300% 以上。

Moving on to our wallet services, I am pleased to report that we have also reached an important milestone during the quarter.

繼續我們的錢包服務，我很高興地報告，我們在本季也達到了一個重要的里程碑。

For the first time since launch, wallet TPV almost reached $1 billion on a consolidated basis.

自推出以來，TPV 錢包綜合價值首次接近 10 億美元。

On an FX-neutral basis, TPV grew by a factor of over 4x versus last year.

在匯率中立的基礎上，TPV 比去年成長了 4 倍以上。

Additionally, consolidated quarterly active payers on the wallet grew a robust 35% versus last quarter, reaching 6.1 million active payers.

此外，錢包上的綜合季度活躍付款人較上季強勁成長 35%，達到 610 萬活躍付款人。

Argentina was a highlight during the quarter for our wallet business as we see positive results across most key KPIs.

阿根廷是本季我們錢包業務的一大亮點，因為我們在大多數關鍵 KPI 上都看到了積極的結果。

One of these is frequency of payment per unique payer.

其中之一是每個唯一付款人的付款頻率。

This metric reached almost 11 payments per unique payer during the quarter driven by successful execution in the rollout of our in-store QR network.

由於我們店內 QR 網路的成功部署，該指標在本季度達到了每個唯一付款人近 11 筆付款。

A testament to this is that in spite of the FX headwinds that occurred during the quarter in the country, spend per unique payers per quarter continues to rise in U.S. dollars, even reaching $200 per quarter.

證明這一點的是，儘管該國本季出現了外匯逆風，但每季每個獨立付款人的美元支出繼續上升，甚至達到每季 200 美元。

A significant part of this wallet success is driven, as I just mentioned, by in-store QR payments.

正如我剛才提到的，這種錢包的成功很大程度上是由店內二維碼支付所推動的。

During the quarter, we doubled the amount of QR payers and QR collectors versus the prior quarter, reaching 2 million and almost 1 million, respectively.

在本季度，我們的二維碼支付者和二維碼收集者數量比上一季增加了一倍，分別達到 200 萬和近 100 萬。

Additionally, in-store QR payments in Argentina already represent over 50% of total wallet TPV for the quarter.

此外，阿根廷店內二維碼支付已佔本季錢包 TPV 總額的 50% 以上。

As we advance with our payment strategy, we aspire to replicate the success we are seeing in Argentina across other markets in the region that have launched at a later date.

隨著我們支付策略的推進，我們渴望在稍後推出的該地區其他市場上複製我們在阿根廷看到的成功。

Still on FinTech, I want to take a moment to update you on our credit business, Mercado Credito.

仍然是關於金融科技，我想花點時間向您介紹我們的信貸業務 Mercado Credito 的最新情況。

Overall, the merchant credit business continues to grow at a healthy clip in terms of originations and is contributing to diversifying our revenue streams while generating more value-added services to our merchant base.

總體而言，商業信貸業務在起源方面繼續健康成長，並有助於實現我們的收入來源多元化，同時為我們的商業基礎提供更多增值服務。

We continue making inroads in growing our merchant credit business in Brazil and in Mexico during the quarter, as originations grew 118% year-on-year and 216% year-on-year, respectively.

本季度，我們在巴西和墨西哥的商業信貸業務持續取得進展，發放量較去年同期分別成長 118% 和 216%。

Additionally in Mexico, as we strengthen our scoring algorithms and have more data on our merchants, we have increased loan terms while still maintaining very low levels of uncollectibility.

此外，在墨西哥，隨著我們加強評分演算法並擁有更多有關商家的數據，我們增加了貸款條款，同時仍然保持非常低的無法收回水準。

In Argentina, and as a consequence of our strong FX headwinds and the increasing local benchmark interest rates that followed during the quarter, our overall merchant loan portfolio is down on a sequential basis when measured both in U.S. dollars as well as in terms of credit originations.

在阿根廷，由於強勁的外匯逆風以及本季當地基準利率的上升，以美元和信貸發放衡量，我們的整體商業貸款組合環比下降。

On the consumer credit side, on-platform consumer credits in Argentina continue to show resilience, giving us confidence that our scoring models continue to strengthen, as we do not observe increases in nonperforming loans despite the deteriorating macro conditions and higher benchmark rates.

在消費信貸方面，阿根廷的平台消費信貸繼續表現出彈性，這讓我們對我們的評分模型繼續加強充滿信心，因為儘管宏觀狀況惡化和基準利率上升，但我們沒有觀察到不良貸款增加。

In Brazil, however, we are still observing higher levels of bad debt as models continue to improve and older vintages start to seek repeat loans.

然而，在巴西，隨著模型的不斷改進以及較舊年份開始尋求重複貸款，我們仍然觀察到壞帳水平較高。

Additionally, I am pleased to report that during the quarter, we launched our consumer credit business in Mexico, which should help us to further improve our value proposition to buyers in that country.

此外，我很高興地報告，本季我們在墨西哥推出了消費信貸業務，這將有助於我們進一步改善對該國買家的價值主張。

We've also hit strides in funding sources for Mercado Credito as we continue advancing in lowering funding costs and driving scale.

隨著我們在降低融資成本和擴大規模方面不斷取得進展，Mercado Credito 的融資來源也取得了長足進展。

In Argentina, we issued a public market securitization under the SME figure, which has allowed us to lower funding costs.

在阿根廷，我們根據中小企業數位發行了公開市場證券化，這使我們能夠降低融資成本。

While in Brazil, we launched our first consumer credit trust, also generating savings in funding that we will be able to pass through our buyers and sellers in the form of lower interest rates.

在巴西期間，我們推出了第一個消費者信貸信託基金，也節省了資金，我們將能夠以較低的利率形式透過買家和賣家傳遞這些資金。

Before we delve into the rest of the prepared remarks, I'd like to first make a few comments in regards to the increase in bad debt stemming from our credit business.

在我們深入討論準備好的其餘內容之前，我想先就我們的信貸業務導致的壞帳增加發表一些評論。

During the quarter, bad debt increased by $13.3 million, an increase of 86% versus last quarter.

本季壞帳增加 1,330 萬美元，較上季增加 86%。

This increase is explained for the most part by 2 of our more recently launched products in Brazil: consumer credits and MPOS merchant credits.

這一增長主要是由於我們最近在巴西推出的兩種產品：消費者信貸和 MPOS 商業信貸。

Given that we are at such an early stage in both of these products, the higher level of loan losses are within our expectations.

鑑於我們在這兩種產品上都處於早期階段，較高的貸款損失水準在我們的預期之內。

It's important to highlight that both in consumer credit and MPOS credits in Brazil, we are taking the appropriate measures to improve these loan losses going forward.

需要強調的是，在巴西的消費信貸和 MPOS 信貸方面，我們正在採取適當措施來改善未來的貸款損失。

We have adjusted pricing, taking advantage of incremental information we collect on nonperforming payers to strengthen our churn and behavioral credit scoring algorithms and have refocused on performing payers.

我們調整了定價，利用我們收集的不良付款人的增量資訊來加強我們的客戶流失和行為信用評分演算法，並重新專注於表現良好的付款人。

That wraps up the FinTech progress report.

金融科技進展報告到此結束。

We still have much to execute in the back half of the year and beyond.

下半年及以後我們還有很多工作要做。

It is imperative that we continually innovate and deepen our customer engagement in order to maintain and try to further widen the distance between our value proposition and that of our competitors.

我們必須不斷創新並深化客戶參與，以保持並努力進一步拉大我們與競爭對手的價值主張之間的距離。

And in keeping with that focus, the third quarter saw significant progress in consumer and merchant engagement on the Mercado Pago platform.

為了與此重點保持一致，第三季 Mercado Pago 平台上消費者和商家的參與度取得了重大進展。

Let's now move on to some of the high points from our marketplace business.

現在讓我們繼續討論市場業務的一些亮點。

Consolidated GMV accelerated for the third consecutive quarter to 37% year-on-year on an FX-neutral basis driven by solid execution in Argentina, Mexico, Colombia and Chile.

在阿根廷、墨西哥、哥倫比亞和智利穩健執行的推動下，在匯率中立的基礎上，綜合 GMV 連續第三個季度年增至 37%。

Despite macro headwinds, Argentina delivered the best quarter since Q2 '15 on an FX-neutral basis and continues to grow meaningfully above inflation.

儘管存在宏觀阻力，但在匯率中立的基礎上，阿根廷仍實現了自 15 年第二季以來最好的季度業績，並繼續大幅高於通膨水準的成長。

During the quarter, Argentina accelerated GMV on an FX-neutral basis to 80.2% year-on-year.

本季度，在匯率中立的基礎上，阿根廷的 GMV 年增至 80.2%。

Moving on to Mexico, it continues to be one of our fastest-growing markets, accelerating GMV growth on an FX-neutral basis to 47% year-on-year, continuing to gain market share and growing well above market growth rates.

轉向墨西哥，它仍然是我們成長最快的市場之一，在匯率中性的基礎上，GMV 年成長率加速至 47%，繼續擴大市場份額，成長遠高於市場成長率。

Additionally, we continue to see higher Net Promoter Scores as we improve our user experience and bring down delivery times and costs year-over-year as our managed logistics network expands.

此外，隨著我們改善用戶體驗並隨著我們的管理物流網路的擴展逐年減少交付時間和成本，我們繼續看到更高的淨推薦值。

Colombia FX-neutral GMV grew at the fastest pace over the last 28 quarters, accelerating to 50%, while Chile also accelerated to deliver the best quarter since the beginning of 2018, delivering FX-neutral GMV growth of 32% year-on-year.

哥倫比亞的匯率中性 GMV 增速為過去 28 個季度以來最快，加速至 50%，而智利也加速實現 2018 年初以來最好的季度業績，匯率中性 GMV 同比增長 32% 。

Incremental marketing investments, greater traffic and improving conversion rates explain the results delivered in the latter countries.

不斷增加的營銷投資、更大的流量和更高的轉換率解釋了後一個國家的成果。

Lastly, a recap of Brazil during the quarter, where results were uneven.

最後，回顧本季巴西的情況，結果參差不齊。

FX-neutral GMV growth came in at 24% year-on-year.

剔除匯率因素後，GMV 年成長 24%。

The deceleration was driven in part due to a Correios strike, which created approximately 200 basis points of quarterly headwind during the month of September.

經濟減速的部分原因是 Correios 罷工，該罷工在 9 月造成了約 200 個基點的季度逆風。

Additionally, initiatives to cap free GMV to 2% of GMV versus 5% last year also had a negative impact on growth.

此外，將免費 GMV 限制在 GMV 2%（去年為 5%）的措施也對成長產生了負面影響。

Despite the deceleration, incremental GMV added during Q3 '19 when compared to GMV of the prior year during the same quarter was still a robust $378.6 million, among the highest in recent quarters.

儘管成長放緩，但與去年同期相比，19 年第三季的增量 GMV 仍高達 3.786 億美元，是最近幾季中最高的。

In line with that, we're also encouraged to see unique buyers accelerating for the second consecutive quarter in Brazil to 25% growth year-on-year, while new buyers delivered the fastest pace of growth in over a year.

與此一致的是，我們也很高興看到巴西的獨立買家數量連續第二季年增 25%，而新買家的成長速度創一年多來最快。

Additionally, in Brazil, selection continues to deepen, as we reached 120.4 million listings during the quarter, another indicator that we continue to execute well on key KPIs.

此外，在巴西，選擇繼續深化，本季我們的房源數量達到 1.204 億，這也是我們在關鍵 KPI 上繼續出色執行的另一個指標。

Demand metrics for other countries continue to trend well, as unique buyers reached 26% year-on-year growth on a consolidated basis, while Argentina, Mexico, Chile and Colombia all accelerated sequentially year-on-year to 22%, 50%, 38% and 53% growth, respectively.

其他國家的需求指標持續保持良好趨勢，獨特買家綜合年增達 26%，而阿根廷、墨西哥、智利和哥倫比亞均較去年同期成長分別加速至 22%、50%、分別成長38%和53%。

Also, new buyers are accelerating in all geographies as we begin to invest more aggressively in marketing.

此外，隨著我們開始更積極地投資於行銷，所有地區的新買家都在加速成長。

On a consolidated basis, new buyers grew a robust 10 percentage points versus last quarter.

綜合來看，新買家較上季強勁成長 10 個百分點。

On the supply side, we also continue to focus on deepening selection available to our buyers through our cross-border initiatives, as cross border trade seller base and pipeline continues to grow and we integrate our international sellers into our logistics platforms.

在供應方面，隨著跨境貿易賣家基礎和管道的持續成長，以及我們將國際賣家整合到我們的物流平台中，我們也繼續專注於透過跨境舉措加深買家的選擇。

Fulfillment by MELI for cross-border is operational in Mexico, and we continue to strengthen partnerships with international carriers.

MELI 跨境配送服務已在墨西哥運營，我們將繼續加強與國際承運商的合作夥伴關係。

Additionally, we are starting to deploy our international seller supply into Brazil with early positive results.

此外，我們開始將國際賣家供應部署到巴西，並取得了初步積極成果。

Moving on to another key strategic priority for us and enabler of our enhanced marketplace vision, logistics.

轉向我們的另一個關鍵策略重點，即物流，它是我們增強市場願景的推動者。

Our own logistics network continued to grow during the quarter on a consolidated basis, reaching 1/3 of all items shipped, and gaining almost 20 percentage points of adoption versus last year and 7 percentage points versus last quarter.

我們自己的物流網絡在本季在綜合基礎上繼續成長，達到所有出貨物品的 1/3，採用率比去年提高了近 20 個百分點，比上個季度提高了 7 個百分點。

In Brazil, reliance on drop-shipping network continues to come down, reaching 71% of items shipped versus 90% last year, a clear reflection that our own network continues to grow and gain share of items shipped.

在巴西，對一件代發網絡的依賴持續下降，已發貨商品的比例達到71%，而去年為90%，這清楚地反映出我們自己的網絡持續增長並增加了已發貨商品的份額。

As of Q3 '19, this managed network reached almost 30% of items shipped while fulfillment penetration grew to 7%, up from last quarter.

截至 2019 年第 3 季度，該託管網路覆蓋了已發貨商品的近 30%，而履行滲透率則較上季度增長至 7%。

In Mexico, fulfillment penetration continues to move along full steam.

在墨西哥，履行滲透率繼續全速前進。

During the quarter, it reached 35% of items shipped, growing penetration 6 percentage points versus the prior quarter and almost 30 percentage points versus Q3 '18.

本季度，其出貨量達到了 35%，滲透率比上一季度增長了 6 個百分點，比 18 年第三季度增長了近 30 個百分點。

This successful execution is also allowing increase by 2 percentage points the amount of shipments in 2 days or less in Mexico versus last year.

此次成功執行也使墨西哥 2 天或更短時間內的出貨量比去年增加了 2 個百分點。

Argentina is making progress as well on the logistics front.

阿根廷在物流方面也取得了進展。

Mercado Envios penetration reached almost 70% of items shipped, while fulfillment reached 5% of items within the quarter of launching the service.

Mercado Envios 的滲透率幾乎達到了已發貨商品的 70%，而在推出該服務的季度內，履行率達到了 5%。

Another positive data point from Argentina is that our Flex logistics platform continues to fire on all cylinders and reached 10% of items shipped during the quarter, meaningfully contributing to increase by 23 percentage points the amount of shipments in 2 days or less in the country versus last year.

來自阿根廷的另一個積極數據是，我們的Flex 物流平台繼續全速運轉，達到了本季度發貨量的10%，這顯著地促進了該國2 天內或更短時間內的發貨量增加23 個百分點。

Now that I've covered the main highlights and business KPIs for the quarter, let's move on to financials where we have continued accelerating the pace of investment in our growth initiatives, mainly in marketing, as we move into the second half of 2019.

現在我已經介紹了本季度的主要亮點和業務 KPI，接下來讓我們轉向財務方面，隨著我們進入 2019 年下半年，我們繼續加快增長計劃（主要是營銷方面）的投資步伐。

During the third quarter, gross billings continued to maintain strong momentum, growing on an FX-neutral basis above 60% for the third consecutive quarter, while also accelerating in U.S. dollars to 45.4% year-on-year despite FX headwinds in some of our main countries.

第三季度，總帳單持續保持強勁勢頭，在匯率中立的基礎上連續第三個季度增長超過60%，同時儘管我們的一些地區面臨外匯不利因素，但以美元計算的賬單同比增速也加速至45.4%。

On a by country basis, gross billings delivered excellent performance as well on an FX-neutral basis, Brazil growing at 43.5% year-on-year, Argentina at 118.1% and Mexico at 104.4% year-on-year.

以國家來看，在匯率中立的基礎上，總帳單也表現出色，巴西年增 43.5%，阿根廷年增 118.1%，墨西哥年增 104.4%。

Consolidated net revenues grew faster than gross billings, both on an FX-neutral basis and U.S. dollar basis, growing to 91% year-on-year and 70%, respectively, and reaching $603 million as we continue investing behind free shipping, loyalty and optimized subsidies which have minimized contra revenues.

無論是在匯率中性基礎上還是在美元基礎上，合併淨收入的增長速度都快於總賬單的增長速度，同比分別增長91% 和70%，隨著我們繼續投資於免費送貨、忠誠度和服務，達到6.03 億美元。

Argentina was a highlight as net revenues accelerated sequentially over the 20 percentage points in dollars to 38.8% year-on-year during the quarter despite a devaluation of 13% in the Argentine peso versus the prior quarter.

阿根廷成為亮點，儘管阿根廷比索較上一季貶值 13%，但本季淨收入年增 20 個百分點以上，年增 38.8%。

On an FX-neutral basis, revenue accelerated again to 118.9% year-on-year, demonstrating the resiliency of our business in that country.

在匯率中立的基礎上，營收年增率再次加速成長至 118.9%，證明了我們在該國業務的彈性。

Net revenues in Brazil and Mexico also continue to grow at a very good clip, both in U.S. dollars and on an FX-neutral basis.

巴西和墨西哥的淨收入也繼續以非常好的速度成長，無論是美元還是在匯率中立的基礎上。

Net revenues in Brazil accelerated to 76.6% in dollars, while on an FX-neutral basis, it grew 77.3%.

巴西的淨收入以美元計算增長至 76.6%，而在匯率中性的基礎上增長了 77.3%。

Mexican net revenues grew triple digits in U.S. dollars for the fourth consecutive quarter to 146.4% year-on-year, and equally impressive, 152.5% on an FX-neutral basis.

以美元計算，墨西哥淨收入連續第四個季度實現三位數成長，年成長 146.4%，在匯率中立基礎上成長 152.5%，同樣令人印象深刻。

Gross profit was $284.3 million, representing 47.2% of revenues during the quarter and relatively flat versus 47.8% a year ago.

毛利為 2.843 億美元，佔本季營收的 47.2%，與去年同期的 47.8% 持平。

This 62 basis point margin compression was driven for the most part by shipping subsidies and warehousing costs of our managed network, which was partially offset by collection fees, sales taxes and hosting fees.

利潤率壓縮 62 個基點主要是由我們管理網路的運輸補貼和倉儲成本所推動的，而託收費、銷售稅和託管費部分抵銷了這筆成本。

On a sequential basis, gross profit was $284.3 million, representing 47.2% of revenues during the quarter versus 50% during Q2 of 2019.

以環比計算，毛利為 2.843 億美元，佔本季營收的 47.2%，而 2019 年第二季為 50%。

This 281-basis-point margin compression is explained for the most part by incremental inventory costs from the robust sales of MPOS devices during the quarter and increased shipping subsidies to promote adoption of our logistics network.

利潤率壓縮 281 個基點的主要原因是本季 MPOS 設備的強勁銷售導致庫存成本增加，以及為促進物流網路的採用而增加的運輸補貼。

We've included the detailed breakdown as we do every quarter of these and also the OpEx margin evolution I am about to cover in the slides that accompany this presentation.

我們已經提供了每個季度的詳細細分，以及我將在本簡報附帶的幻燈片中介紹的營運支出利潤率演變。

As reported, operating expenses ascended to $366.3 million or 60.7% of revenues versus 50.9% during the third quarter of 2018.

據報道，營運費用升至 3.663 億美元，佔營收的 60.7%，而 2018 年第三季為 50.9%。

On a sequential basis, operating expenses increased $81.4 million, which resulted in sequential margin compression of 848 basis points, mostly attributed to incremental marketing expenses and bad debt, as I previously discussed.

正如我之前所討論的，營運費用環比增加了 8,140 萬美元，導致利潤率環比壓縮 848 個基點，這主要歸因於行銷費用和壞帳的增量。

From these 848 basis points of sequential margin compression in OpEx, 689 basis points are explained by the incremental marketing expense while 194 basis points are explained by growth mainly in bad debt from our credit business in Brazil, both of these partially offset by 101 basis points of scale in salaries and wages in G&A, given that a significant portion of our G&A head count is in Argentina.

營運支出利潤率環比壓縮 848 個基點，其中 689 個基點是由增量營銷費用造成的，而 194 個基點是由我們在巴西信貸業務的壞賬增長造成的，兩者都被 101 個基點部分抵消鑑於我們G&A 員工的很大一部分在阿根廷，G&A 的薪資和薪資規模很大。

The step-up in marketing is explained almost entirely, 90% of it to the launch of our branding campaigns in our main countries as we continue to strengthen our e-commerce brand but perhaps more importantly, as we begin to build the Mercado Pago brand and begin to communicate the benefits of our payments ecosystem to our users through more traditional marketing channels.

行銷的加強幾乎完全可以解釋，其中 90% 是因為我們在主要國家/地區推出了品牌活動，因為我們繼續加強我們的電子商務品牌，但也許更重要的是，因為我們開始建立 Mercado Pago 品牌並開始透過更傳統的行銷管道向使用者傳達我們支付生態系統的好處。

It's important to highlight that although the volume and revenue returns on these branding initiatives will play out more in the midterm, we've already began to see increases in unaided brand awareness of MELI in the most recent brand tracking surveys that we've conducted.

需要強調的是，儘管這些品牌計劃的銷售和收入回報將在中期發揮更大作用，但在我們最近的品牌追蹤調查中，我們已經開始看到 MELI 的獨立品牌知名度有所提高。

If we break down that $51.3 million of incremental marketing spend Q-on-Q during this quarter, the vast majority, $46.2 million, were deployed to branding initiatives, 60% of those for the marketplace and 40% of those for payments.

如果我們細分本季環比增量行銷支出 5,130 萬美元，則絕大多數（4,620 萬美元）用於品牌推廣活動，其中 60% 用於市場，40% 用於支付。

As a result of these incremental investments I had walked you through, operating losses ascended to $81.9 million.

由於我向您介紹了這些增量投資，營運損失上升至 8,190 萬美元。

The 848-basis-point contraction that I just explained plus the 281-basis-point gross margin contraction covered earlier in COGS, explain the sequential decline and also the difference between positive EBIT and negative EBIT.

我剛剛解釋的 848 個基點的收縮加上前面在 COGS 中介紹的 281 個基點的毛利率收縮，解釋了連續下降以及正息稅前利潤和負息稅前利潤之間的差異。

Moving down the P&L, we saw $14.5 million in financial expenses attributed for the most part to interest accrual on our convertible note due 2028 and financial guarantees in Argentina.

從損益表向下看，我們發現 1,450 萬美元的財務費用主要歸因於 2028 年到期的可轉換票據的應計利息以及阿根廷的財務擔保。

Interest income increased by $229.5 million year-on-year to $28.5 million, mainly attributable to the proceeds from the convertible note issued in August 2018 on our follow-on offering earlier this year, which both generated more invested volume and interest gain and also due to higher float in Brazil and Argentina from our Payments business.

利息收入年增2.295 億美元，達到2,850 萬美元，主要歸因於我們今年稍早的後續發行中於2018 年8 月發行的可轉換票據的收益，這既產生了更多的投資額和利息收益，也由於從我們的支付業務中獲得更高的巴西和阿根廷浮動資金。

ForEx gain was $987,000, primarily as a result of strengthening the U.S. dollar over our Argentine peso net liability position in Argentina.

外匯收益為 987,000 美元，主要是由於美元相對於我們在阿根廷的阿根廷比索淨負債頭寸走強。

We recognized a valuation allowance on deferred tax assets in Mexico and Colombia, which accounted for $91.5 million and $7.2 million, respectively.

我們確認了墨西哥和哥倫比亞遞延稅資產的估價備抵，分別為 9,150 萬美元和 720 萬美元。

We still anticipate the possibility of eventually being able to use these tax credits in the future.

我們仍然預計未來最終有可能使用這些稅收抵免。

Should we be able to use the valuation allowances, they will be recorded as P&L gains in future periods.

如果我們能夠使用估值備抵，它們將在未來期間記錄為損益收益。

As a consequence of all this, net loss for the quarter ascended to $146.1 million, explained for the most part by the incremental investments in marketing and the aforementioned tax valuation allowances.

由於這一切，該季度的淨虧損上升至 1.461 億美元，這在很大程度上是由於行銷方面的增量投資和上述稅收估價補貼。

On a per-share basis, all this resulted in a basic net loss per share of $2.96.

以每股計算，所有這些導致每股基本淨虧損 2.96 美元。

Free cash flow, defined as cash from operating activities less payment for the acquisition of property, equipment and intangible assets net of cash acquired, was $124.1 million versus $74.4 million in the same period last year.

自由現金流（定義為經營活動產生的現金減去收購財產、設備和無形資產的付款並扣除所收購的現金）為 1.241 億美元，而去年同期為 7,440 萬美元。

Cash, short-term investments and long-term investments totaled $3.1 billion.

現金、短期投資及長期投資總計31億美元。

Reflecting on the first 3 quarters of 2019, we remain very encouraged by the performance of our business overall and remain excited about the opportunities that lay ahead of us.

回顧 2019 年前三個季度，我們的整體業務表現仍然令我們深受鼓舞，並對擺在我們面前的機會感到興奮。

We believe we are building superior experiences and products for our consumers and merchants and the sustained momentum we see in the business gives us confidence to continue investing.

我們相信，我們正在為消費者和商家打造卓越的體驗和產品，我們在業務中看到的持續勢頭讓我們有信心繼續投資。

We look forward to keeping you updated on our progress next quarter.

我們期待向您通報下季的最新進展。

And for now, we can take your questions.

現在，我們可以回答您的問題。

Thank you.

謝謝。

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

（操作員說明）我們的第一個問題來自瑞士信貸銀行的 Stephen Ju。

So Pedro, there's a ton of stuff to focus on given you guys are marching in multiple different directions, I'll just pick one.

佩德羅，考慮到你們正朝著多個不同的方向前進，有很多事情需要關注，我只選擇一個。

So the Pro mobile point-of-sale device that you guys just introduced, can you talk about whether the merchants that you're targeting there are existing MercadoLibre merchants or are these a completely different set of new merchants?

那麼你們剛推出的 Pro 行動銷售點設備，您能談談你們所針對的商家是現有的 MercadoLibre 商家還是完全不同的一組新商家？

I was wondering what the acquisition cost for these merchants might be and -- on a go-forward basis?

我想知道這些商家的收購成本可能是多少——在未來的基礎上？

And when you release, I guess, the mini version also, I guess, this is probably the version that's more appropriate for the merchant that would otherwise be on the marketplace?

當你發布迷你版本時，我想，這可能是更適合市場上商家的版本？

Hi Stephen, this is Osvaldo.

嗨，史蒂芬，我是奧斯瓦爾多。

And thanks for the question.

謝謝你的提問。

And with regards to Point Pro, we're addressing is really small businesses.

至於 Point Pro，我們針對的是小型企業。

In the past with our mini device, we were targeting mostly the long -- end of the long-tail, which were mostly individuals.

過去，我們的迷你設備主要針對的是長尾的長端，其中大部分是個人。

Now we're reaching to slightly larger businesses.

現在我們正在接觸規模稍大的企業。

And here, we are -- even though we are promoting it in our platform, I'd say most of the new users aren't necessarily already in the MercadoLibre platform.

在這裡，我們 - 儘管我們在我們的平台上推廣它，但我想說大多數新用戶不一定已經在 MercadoLibre 平台中。

So we are using a sales force and we're reaching out through to marketing to the specific merchants.

因此，我們正在使用銷售隊伍，並向特定商家進行行銷。

We have not and we are not disclosing the acquisition cost but we are very comfortable that the pricing is very appropriate and the payout period is reasonable.

我們沒有也不會揭露收購成本，但我們非常滿意定價非常合適且支付期合理。

And we also introduced a Point Mini chip, which is a device that is targeted on the smaller merchants but that already has a telephone chip in it so that it does not need to be paired with a telephone.

我們也推出了 Point Mini 晶片，這是一款針對小型商家的設備，但它已經內建了電話晶片，因此不需要與電話配對。

And we also introduced that during the last quarter.

我們也在上個季度介紹了這一點。

And these are addressing 2 different segments of the market.

這些產品針對的是兩個不同的市場領域。

As I was saying before, the smaller individuals and then slightly larger merchants.

正如我之前所說，先是規模較小的個人，然後是規模稍大的商人。

Our next question comes from Deepak Mathivanan with Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Pedro, can you talk about some of the initiatives that's driving use case and frequency growth on the wallet, perhaps in terms of the merchant type on the in-store side?

Pedro，您能否談談推動錢包用例和頻率增長的一些舉措，也許是在店內商家類型方面？

And without going into specifics, how are you planning to attack this aggressively in 2020 and beyond?

在不透露具體細節的情況下，您計劃在 2020 年及以後如何積極應對這一問題？

And then the in-store QR wallet payments is growing really fast, particularly in Argentina, how do you think about the monetization plan for this long term?

然後店內二維碼錢包支付成長非常快，特別是在阿根廷，您如何看待這個長期的貨幣化計劃？

What are the primary merchants that's seeing the usage right now?

現在看到這種使用情況的主要商家有哪些？

Hi, Deepak.

嗨，迪帕克。

This is Osvaldo.

這是奧斯瓦爾多。

Let me take the first part of the question.

讓我回答問題的第一部分。

With regards to use cases and increasing in frequency of users, I think the main drivers have been, on the one hand, adding use cases in each of the countries where we operate and the other one is adding popularity for the QR Code networks, those have been growing in all of Argentina, Brazil and Mexico and so the things we try to do is encourage users to do more transactions but also to use more than one different flow.

關於用例和用戶頻率的增加，我認為主要驅動力一方面是在我們運營的每個國家/地區增加用例，另一方面是增加 QR 碼網路的受歡迎程度，這些在阿根廷、巴西和墨西哥都在成長，因此我們嘗試做的事情是鼓勵用戶進行更多交易，同時也使用多種不同的流程。

We find that retention rates are higher when users engage in more than one of the use cases.

我們發現，當用戶參與多個用例時，保留率會更高。

Towards the latter part of the question and you asked about monetization plans, we have already made public to our users in Argentina that we will start charging 0.6% for stored balance transactions and for their card transactions starting during Q3.

對於問題的後半部分以及您詢問的貨幣化計劃，我們已經向阿根廷用戶公開，我們將從第三季度開始對存儲餘額交易及其卡交易收取 0.6% 的費用。

0.6%.

0.6%。

If I can just follow up on that.

如果我能跟進的話。

What is the size of that business right now roughly?

目前該業務的規模約為多少？

And can you provide on kind of growth characteristics of that?

你能提供一下它的生長特徵嗎？

Great.

偉大的。

So I think what we disclosed in the script was that, that business was approaching $1 billion during the quarter.

所以我認為我們在腳本中披露的是，該季度的業務接近 10 億美元。

It's growing at a very robust rate, so it's growing over 4x.

它的成長速度非常強勁，成長了 4 倍以上。

Our next question comes from Robert Ford with Bank of America.

我們的下一個問題來自美國銀行的羅伯特福特。

Osvaldo, can you talk a little bit about how rapidly your lending algorithms are evolving for consumers and MPOS clients in Brazil?

Osvaldo，您能談談您的貸款演算法為巴西消費者和 MPOS 客戶發展的速度有多快嗎？

And how you think about the growth of the credit book in Brazil as a whole?

您如何看待整個巴西信用帳簿的成長？

Great.

偉大的。

So you have the disclosures around originations, we'll get you the number in a second.

因此，您已經了解了有關來源的信息，我們會立即為您提供號碼。

Let me just address the evolution of the algorithms.

讓我談談演算法的演變。

So whenever we launch something new, obviously there is a little time that it takes for the algorithms to improve.

因此，每當我們推出新產品時，顯然演算法都需要一些時間來改進。

We began to see strong improvements in the third quarter and hopefully, we see them reflected as we move forward in the year.

我們在第三季開始看到強勁的進步，希望我們能在今年的前進中看到這些進步。

So we are seeing -- and we're comfortable with how the algorithms are performing.

所以我們看到——並且我們對演算法的執行方式感到滿意。

In terms of originations, when we look at Brazil, originations have been fairly stable.

就起源而言，當我們觀察巴西時，起源相當穩定。

Overall originations, Q-on-Q, slightly down.

整體發源量較上季略有下降。

And the same applies for the consumer book.

這同樣適用於消費者書籍。

So in terms of incremental originations, it's been similar size Q2, Q3 in the range of incremental $30 million, Brazil.

因此，就增量起源而言，巴西第二季和第三季的增量規模相似，增量為 3,000 萬美元。

And Pedro, you dictate that, right?

佩德羅，這是你決定的，對嗎？

This is not a demand issue.

這不是需求問題。

You're determining how quickly you grow those originations, correct?

你正在決定你發展這些起源的速度，對嗎？

We do.

我們的確是。

And if you look at our history, we've been very disciplined.

如果你回顧我們的歷史，你會發現我們一直都非常自律。

So either if macro conditions change or if we think the algorithms still need to get more robust, we can slow down origination rhythms and we have that -- done that in different quarters.

因此，如果宏觀條件發生變化，或者我們認為演算法仍然需要變得更加穩健，我們可以放慢發起節奏，我們已經在不同的季度做到了這一點。

This last quarter, for example, in Argentina, you'll see a strong slowdown for obvious reasons.

例如，在阿根廷的最後一個季度，由於顯而易見的原因，您會看到經濟大幅放緩。

So we continue to take a long-term view on this.

因此，我們繼續以長遠的眼光看待這個問題。

We continue to be very, I think, cautious in making sure we're being efficient.

我認為，我們在確保效率方面仍然非常謹慎。

And we entirely determine how much we open the spigot or close the spigot in terms of the origination volume.

我們完全根據起始體積來決定打開或關閉龍頭的程度。

Understood.

明白了。

And then I think Wish is one of the fastest growing sites in Brazil.

我認為 Wish 是巴西發展最快的網站之一。

How are you thinking about the cross-border business there and how are you balancing user experience with assortment growth and then GMV growth?

您如何看待那裡的跨境業務？

Yes.

是的。

So I think on CBT, really what we've been more focused on recently is how do we offer a CBT offering that's differentiated from some of the other global players, and a lot of that is focused on the user experience, both for sellers and buyers.

因此，我認為在 CBT 方面，我們最近更關注的是如何提供與其他一些全球參與者不同的 CBT 產品，其中許多都集中在用戶體驗上，無論是對於賣家還是買家。

So we're working on how do we really streamline the whole process in terms of shipping, customs, trying to figure out if there are ways to get inventory into country faster and therefore, to your doorstep, faster once you've ordered.

因此，我們正在研究如何真正簡化運輸、海關方面的整個流程，試圖找出是否有方法可以更快地將庫存運送到國內，從而在您下訂單後更快地送到您家門口。

I think that's been one of the reasons why growth there hasn't been explosive because we've really tried to focus on building out the right user experience.

我認為這就是為什麼成長沒有爆炸性的原因之一，因為我們確實努力專注於打造正確的用戶體驗。

And we've made consistent and solid strides on that, and I think, hopefully, when we look back in a few years, that will have become a sizable business with a user experience and Net Promoter Scores that clearly differentiate it from some of the faster growing Wishes or other players that focus more just on getting demand from China to Brazil and not so much on the user experience on the way.

我們在這方面取得了一致而堅實的進展，我認為，希望幾年後當我們回顧時，這將成為一家規模龐大的企業，其用戶體驗和淨推薦值明顯不同於其他一些公司。的Wishes 或其他參與者更關注從中國到巴西的需求，而不是關注途中的使用者體驗。

Our next question comes from Mike Olson with Piper Jaffray.

我們的下一個問題來自 Mike Olson 和 Piper Jaffray。

I know you don't provide specific go-forward guidance but Q3 was a fairly dramatic change in operating loss.

我知道您沒有提供具體的未來指導，但第三季的營運虧損發生了相當大的變化。

So just wondering how do you think about kind of the near to medium-term operating loss.

所以只是想知道您如何看待近中期的經營虧損。

So to correlate your loss run rate kind of be more like Q2 or more like Q3 or somewhere in between?

因此，要將您的損失運行率與 Q2 或 Q3 或介於兩者之間的某個位置關聯起來？

And would you say the company is still focused on profitable growth that you described before?

您是否認為該公司仍然專注於您之前描述的獲利成長？

And if so, what kind of time line can take it back towards that?

如果是這樣，什麼樣的時間軸可以讓它回到那個狀態？

So we need to make sure that we balance, is a sustainable business, with making sure that we're also capturing opportunities that exist in front of us and that we're aware of what the competitive dynamics are.

因此，我們需要確保我們的平衡，是一個可持續的業務，同時確保我們也抓住了我們面前存在的機會，並且我們了解競爭動態是什麼。

I think if you look at the quarterly disclosures, you'll see that we've tried to give a lot indication on Q3 on where the incremental margin compression comes from.

我認為，如果您查看季度披露的信息，您會發現我們試圖在第三季度提供很多關於增量利潤壓縮來自何處的指示。

You'll see a lot of that is either increased investment in customer acquisition and marketing or the entire wallet and payment strategy across multiple geos, which is something that we do want to invest in because we see an enormous TAM and a very, very large opportunity.

你會看到，其中很多要么是增加了對客戶獲取和營銷的投資，要么是跨多個地理區域的整個錢包和支付策略的投資，這是我們確實想要投資的，因為我們看到了巨大的TAM 和非常非常大的規模。

In some cases, with longer payback times on merchants we acquire or in the case of wallet, an enormous opportunity with a very good proof of concept in Argentina but still in a market launch monetization model.

在某些情況下，我們收購的商家或錢包的投資回收期較長，這是一個巨大的機會，在阿根廷有很好的概念驗證，但仍處於市場推出的貨幣化模式。

And then on the marketplace, I think we've identified an opportunity to increment our brand awareness and our brand equity, so you'll see in the disclosures that there has been almost the entirety of the incremental spend sequentially is on marketing.

然後在市場上，我認為我們已經找到了提高品牌知名度和品牌資產的機會，因此您會在披露中看到幾乎所有增量支出都用於行銷。

Marketing is something that's very easy for us to control and that we also think scales well going forward if we sustain these levels of revenue growth while still being a material marketing budget to continue to consolidate our leadership.

行銷是我們很容易控制的事情，我們也認為，如果我們維持這些收入成長水平，同時仍然有大量的行銷預算來繼續鞏固我們的領導地位，那麼行銷的規模就會很好。

Our next question comes from Marcelo Santos of JPMorgan.

我們的下一個問題來自摩根大通的馬塞洛·桑托斯。

The first question I'd like to make is could you please give some description of the more or less ballpark number on profitability levels for the different businesses you have.

我想問的第一個問題是，您能否對您所擁有的不同業務的盈利水平的大致數字進行一些描述。

Like, general terms, I think you did this in the past just wanted an update now.

就像，一般而言，我認為您過去這樣做只是想現在更新。

And the second question is regarding the MPOS.

第二個問題是關於MPOS的。

Do you plan or do you offer a raise sort of softer together with payments, is that something that's on the pipeline to help the merchants together with the payments?

您是否計劃或是否提供更溫和的加薪和付款，是否正在醞釀中以幫助商家付款？

These are the 2 questions.

這是2個問題。

So very quickly.

所以非常快。

Relative profitability by the different businesses, we don't disclose.

不同業務的相對獲利能力，我們沒有透露。

I think at times, we've given overall indication but given how competitive the situation is getting, I think you have very good disclosures per segment, not by business line.

我認為有時我們已經給出了總體指示，但考慮到形勢的競爭程度，我認為每個細分市場都有很好的披露，而不是按業務線。

And obviously, these businesses are in very different stages of growth and development.

顯然，這些企業處於截然不同的成長和發展階段。

So I would argue that the steady-state current -- sorry, that the current P&Ls and what they look like is by no means an indication of what those businesses could deliver in terms of margins and P&L at scale.

因此，我認為，目前的穩態電流——抱歉，當前的損益表及其外觀絕不表明這些企業可以在規模上實現利潤和損益。

Again, just to reiterate, right, if you look at many of the FinTech initiatives, right now it's more about growth in TPV and customer acquisition and making sure that customer engagement and customer user metrics are going in the right direction, and then when we hit a certain level of scale, we start introducing the monetization model.

再次重申，如果你看看許多金融科技計劃，現在更多的是關於 TPV 和客戶獲取的增長，並確保客戶參與度和客戶用戶指標朝著正確的方向發展，然後當我們達到一定規模後，我們開始引入變現模式。

And if you look at Argentina, as Osvaldo just mentioned, we're going to be doing that this quarter.

如果你看看阿根廷，正如奧斯瓦爾多剛才提到的那樣，我們將在本季這樣做。

And I think that reiterates our commitment to monetizing the wallet and the FinTech initiatives when the time is right.

我認為這重申了我們在時機成熟時將錢包貨幣化和金融科技計劃的承諾。

But that right time could be in the relatively short term as what we're doing in Argentina.

但這個正確的時機可能是在相對較短的時間內，就像我們在阿根廷所做的那樣。

Our next question comes from Ravi Jain with HSBC.

我們的下一個問題來自匯豐銀行的 Ravi Jain。

A couple of quick questions.

幾個簡單的問題。

So the first one on Brazil, on the GMV growth.

第一個是關於巴西的 GMV 成長。

Do you think that is -- is it -- is there room to kind of accelerate that in 2020 in terms of -- especially given the competitive landscape is getting intense, where local peers are raising money and international players are trying to also expand that offering, how do you see MELI's positioning and your strategy, do you think you want to accelerate your logistics buildout, do you think that's going to be the key thing or you want to just continue investing in branding and that's how you plan to go attack the competition?

您認為 2020 年是否有加速的空間，特別是考慮到競爭格局變得越來越激烈，當地同行正在籌集資金，國際參與者也試圖擴大這一規模您如何看待MELI 的定位和戰略？想加速物流建設嗎？

And the second question is, do you see some synergy or the potential for bringing the 2 businesses together?

第二個問題是，您是否看到了將這兩個業務結合在一起的協同作用或潛力？

Are the users of the wallet becoming more and more buyers on your e-commerce platform?

錢包的用戶是否成為您電商平台上越來越多的買家？

Or should we think that the e-commerce buyers are your first adopters of the wallet?

或者我們應該認為電子商務買家是錢包的第一批採用者？

How do you think about cross-selling between the 2 businesses?

您如何看待這兩家企業之間的交叉銷售？

Okay.

好的。

Sorry, just one thing, I got cut off before finishing the answer to the previous one.

抱歉，只有一件事，我在完成上一篇的回答之前就被打斷了。

So very quickly, in terms of the software for the MPOSs, when you look at the MPOS devices that we distribute and the merchant base and the multiplicity of services and products that we're pursuing, currently, we don't have as a high priority software or ERP-like solutions.

因此，就 MPOS 的軟體而言，很快，當您查看我們分銷的 MPOS 設備、商業基礎以及我們正在追求的服務和產品的多樣性時，目前，我們沒有很高的標準。的解決方案。

We're much more focused on the multiple other financial services that we're offering and not the ERP business.

我們更關注我們提供的多種其他金融服務，而不是 ERP 業務。

We do look to integrate with existing ERPs like the Linx partnership we announced last quarter, but in general, it's not a focus of us to build our own core ERP.

我們確實希望與現有的 ERP 集成，例如我們上季度宣布的 Linx 合作夥伴關係，但總的來說，建立我們自己的核心 ERP 並不是我們的重點。

Brazil, I don't think it's an either-or question.

巴西，我認為這不是一個非此即彼的問題。

We're very focused on the rollout of our logistics platform.

我們非常專注於物流平台的推出。

We're actually extremely pleased with the results we're seeing there in terms of migrating more and more volume onto our own network and also the sophistication and the results we're seeing on that network.

實際上，我們對在將越來越多的流量遷移到我們自己的網路上所看到的結果以及我們在該網路上看到的複雜性和結果感到非常滿意。

So that will be a poor component of our differentiation in our value prop in Brazil and that drives a lot of OpEx through the P&L.

因此，這將是我們在巴西的價值支柱差異化的一個糟糕組成部分，並且會透過損益表推動大量營運支出。

I think because we're seeing incremental improvements in Net Promoter Scores and engagement metrics, that also gives us greater encouragement to also invest more in marketing to communicate some of those new services and new brand attributes but just in general, to attract more visitors and buyers to the category.

我認為，因為我們看到淨推薦值和參與度指標不斷提高，這也給了我們更大的鼓勵，讓我們在行銷方面投入更多資金，以傳達一些新服務和新品牌屬性，但總的來說，是為了吸引更多訪客和買家到該類別。

So I think we're being more aggressive on the marketing front, incrementally and sequentially, and it's not in detriment of investments that we're making in user experience or technology or fulfillment.

因此，我認為我們在行銷方面更加積極主動，逐步逐步進行，這不會損害我們在使用者體驗、技術或履行方面的投資。

And again, we don't give forward guidance on growth rates but I do think that we hope that all these investments could lead to a better user experience, and hopefully, that leads to more incremental growth.

再說一次，我們不會就成長率提供前瞻性指導，但我確實認為我們希望所有這些投資能帶來更好的用戶體驗，並希望這能帶來更多的增量成長。

In terms of ecosystem and platform, now obviously we believe that, that's one of, if not the biggest differentiator that we have and we need to focus on.

就生態系統和平台而言，現在顯然我們相信，這是我們擁有且需要關注的最大差異化因素之一。

I think when you look at it today, there's probably more that we have leveraged the existing user base of e-commerce to drive wallet and FinTech usage.

我認為，當你今天看到它時，我們可能會利用現有的電子商務用戶群來推動錢包和金融科技的使用。

However, I think it's roughly split 50-50, 50% of monthly active payers have some sort of activity on the marketplace and 50% are just net new FinTech users that hopefully over time we are able to bring on to the marketplace.

然而，我認為大約是50-50 人，50% 的每月活躍付款人在市場上有某種活動，50% 只是新的金融科技用戶，希望隨著時間的推移，我們能夠將他們帶入市場。

As we launch our revamped Mercado Puntos loyalty program over the next few quarters, that should be instrumental in driving more and more cross usage and cross-selling of our entire ecosystem.

隨著我們在接下來的幾個季度推出改進的 Mercado Puntos 忠誠度計劃，這應該有助於推動我們整個生態系統越來越多的交叉使用和交叉銷售。

Our next question comes from Gustavo Oliveira with UBS.

我們的下一個問題來自瑞銀集團的古斯塔沃·奧利維拉。

I wanted to understand still the Brazil GMV growth.

我還想了解巴西 GMV 的成長情況。

You've been reducing your shipping subsidies as you grew more comfortable with your algorithm.

隨著您對演算法越來越滿意，您一直在減少運輸補貼。

Is -- do you have any intention on increasing, again, the subsidies?

您是否有意再次增加補貼？

Or you think you already found the optimal level that you want to work with going forward?

或者您認為您已經找到了您想要繼續工作的最佳水平？

And whether you prefer to invest more of that resourcing in the brand investment?

您是否願意將更多資源投入品牌投資？

Yes.

是的。

So look, obviously, we are always innovating and always thinking of ways to drive better user experience, more volume.

所以，顯然，我們一直在創新，一直在思考如何推動更好的使用者體驗、更大的銷售。

So I think MELI is always about potentially changing things.

所以我認為 MELI 總是有可能改變事物。

Right now, I think we have reduced versus prior years the level of subsidies as a percentage of revenue.

目前，我認為與前幾年相比，我們已經降低了補貼水準佔收入的百分比。

But we also feel that the subsidies we offer now are a lot more intelligent and a lot more targeted.

但我們也覺得現在的補貼更聰明、更有針對性。

If you look at it sequentially, there was actually a slight increase in subsidies, not so much on transportation but subsidies aimed at getting merchants to send more inventory to our fulfillment centers, and that's had very positive results in terms of growth of the managed network, and fulfillment in Brazil has begun to grow again as you saw in the numbers.

如果您按順序查看，實際上補貼略有增加，不是在運輸方面，而是旨在讓商家向我們的履行中心發送更多庫存的補貼，這對託管網絡的增長產生了非常積極的結果，正如您在數字中看到的那樣，巴西的滿足感已開始再次增長。

Again, I want to stress.

我想再次強調。

I don't think this is a trade-off between marketing or shipping.

我不認為這是行銷或運輸之間的權衡。

I think a lot of the marketing spend has been incremental, and that's what's driven the change in the P&L profile, and we're confident that, that's the right thing to do for this phase of the business where we need to invest in growth of FinTech and user acquisition, and where we see an improving user experience on the marketplace and we want to invest behind that.

我認為許多行銷支出都是增量的，這就是推動損益狀況變化的原因，我們相信，對於我們需要投資於成長的業務階段來說，這是正確的做法。市場上的使用者體驗不斷改善，我們希望對此進行投資。

That's, I think, the way we're looking at the incremental marketing investment that was in the P&L in Q3 going forward at least for this phase.

我認為，這就是我們看待第三季損益表中增量行銷投資的方式，至少在這個階段是如此。

Our next question comes from Irma Sgarz with Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

So regarding the managed network where you made a lot of progress on a quarter-over-quarter basis, as you look out further into the future and you continue to sort of deepen your footprint, there's 2 questions here.

因此，關於託管網絡，您在季度環比上取得了很大進展，當您進一步展望未來並繼續加深您的足跡時，這裡有兩個問題。

Firstly, what do you think in terms of, like, what you need in terms of footprint?

首先，您認為您需要什麼足跡？

Is it more a question of, like, of getting additional distribution center space or maybe increasing more hubs and increasing potentially even the level of automation in your network?

這更像是一個問題，例如獲得額外的配送中心空間，或增加更多的樞紐，甚至可能提高網路的自動化程度？

And then secondly, as you sort of think again further out and look through your merchant base, do you have any plans for also offering additional services where you help your merchants directly target their local client through sort of click and collect initiatives within their stores where you could just offer the sort of interface on the marketplace and connect -- to connect buyers and sellers and then also a solution on the logistics but where it doesn't really go through your fulfillment or cross stocking but offers basically local transportation solution?

其次，當您進一步思考並審視您的商家基礎時，您是否有計劃提供額外的服務，幫助您的商家通過在商店內進行點擊和收集活動來直接瞄准他們的本地客戶你可以在市場上提供某種介面並進行連接——連接買家和賣家，然後再提供一個物流解決方案，但它並不真正經過你的履行或交叉庫存，而是提供基本上本地的運輸解決方案？

Okay.

好的。

So I think most of the elements you included in your question at the beginning in terms of what other additions to the managed network we believe we will continue to see in terms of incremental warehouses, incremental service centers and hubs and increased automation, I think the answer is yes.

因此，我認為您一開始在問題中包含的大部分元素是關於託管網路的其他新增內容，我們相信我們將繼續看到增量倉庫、增量服務中心和樞紐以及增強的自動化，我認為答案是肯定的。

Remember that in our model, warehouses and incremental service centers, that those are OpEx, they're not CapEx.

請記住，在我們的模型中，倉庫和增量服務中心是營運支出，而不是資本支出。

Incremental automation, depending on what it is, is CapEx, that, that's a very manageable number.

增量自動化，取決於它是什麼，是資本支出，這是一個非常容易管理的數字。

And so all of those are part of our network plans for all the countries where we're building out the managed network.

因此，所有這些都是我們為所有正在建立託管網路的國家/地區制定的網路計劃的一部分。

In terms of click and collect, Irma, so the functionality does exist.

就點擊提貨而言，Irma，所以該功能確實存在。

So we can work with select retailers on click and collect.

因此，我們可以與精選零售商合作，進行「點擊提貨」。

Having said that however, I think our focus, not being a bricks and mortar retailer who has some cost into building, is much more on building out the fastest and most efficient network to get packages to your doorstep but potentially the overlay, and we began to do some of this in Brazil, of drop-off points and eventually pickup points but not so much storefronts of our merchants but rather nodes within our network where drop-off and pickup can occur.

然而話雖如此，我認為我們的重點不是成為一家有一定建設成本的實體零售商，而是更多地建立最快、最有效的網絡，將包裹送到您家門口，但可能是覆蓋網絡，我們開始在巴西做一些這樣的事情，包括下車點和最終取貨點，但不是我們商家的店面，而是我們網路內可以發生下車和取貨的節點。

So our focus, I think, is more of a pure native e-commerce player for now, it isn't trying to leverage existing physical stores and more on building out the efficiency and the speed of our own network.

因此，我認為，我們目前的重點更多的是純粹的本土電子商務參與者，它不會試圖利用現有的實體店，更致力於建立我們自己網路的效率和速度。

We can work with select retailers who want to on offering click and collect on what they sell on the platform but that hasn't been a focus.

我們可以與一些想要為他們在平台上銷售的商品提供點擊提貨服務的零售商合作，但這並不是我們關注的焦點。

Our next question comes from Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

My first question is just on the marketing spend.

我的第一個問題是關於行銷支出。

I'm looking at the slide in your presentation, which is very helpful, just breaking it down between branding, performance and promotion.

我正在看您簡報中的幻燈片，這非常有幫助，只是將其分解為品牌、績效和促銷。

And I was a little surprised perhaps that so much is -- about 50% looks like is on branding.

也許讓我有點驚訝的是，大約 50% 的內容似乎都與品牌有關。

The majority of that on the marketplace given you're such a well-known brand already.

鑑於您已經是一個如此知名的品牌，因此市場上的大部分產品都是如此。

Just talk about the decision behind your marketing allocation, and do you find that like in terms of trying to draw first-time users onto the digital wallet, that promotions and performance marketing aren't good ways to do that.

只要談談您的行銷分配背後的決定，您是否發現，就像試圖吸引首次用戶使用數位錢包一樣，促銷和績效行銷並不是做到這一點的好方法。

Yes.

是的。

So a couple of things.

有幾件事。

First of all, these include both commerce and FinTech branding investments.

首先，其中包括商業和金融科技品牌投資。

Bear in mind that when you -- you should look at the branding investment probably on an annualized basis to have a better sense of overall percentage of revenues.

請記住，當您--您應該以年化形式查看品牌投資，以便更好地了解總體收入百分比。

We've concentrated a lot of the investments in Q3 and a little of that in Q4, that doesn't necessarily signal that, that is an ongoing quarterly amount.

我們在第三季度集中了大量投資，在第四季度集中了一小部分投資，這並不一定表明，這是一個持續的季度金額。

Although we have a very strong brand, as e-commerce becomes more and more mainstream, we still see opportunities to drive more user and more top-of-mind behind the MercadoLibre brand.

儘管我們擁有非常強大的品牌，但隨著電子商務變得越來越主流，我們仍然看到了 MercadoLibre 品牌背後吸引更多用戶和更多關注的機會。

And like I said earlier, part of what we're communicating there are also some of the newer attributes we have.

正如我之前所說，我們正在溝通的部分內容還有我們擁有的一些新屬性。

So the speed of our delivery network, the prevalence of free shipping and other newer benefits of the marketplace as it's really improved its service.

因此，我們的配送網路的速度、免費送貨的普及以及市場的其他新優勢確實改善了其服務。

And then on the FinTech piece, if you were to look, we do have to build out the Mercado Pago brand.

然後在金融科技方面，如果你想看的話，我們確實必須打造 Mercado Pago 品牌。

If you look at some of these markets, MercadoLibre is incredibly well known.

如果你看看其中一些市場，MercadoLibre 是非常有名的。

Mercado Pago is a brand, which is historically on-marketplace.

Mercado Pago 是一個歷史悠久的品牌。

And so there is room to start building the standalone knowledge behind Mercado Pago.

因此，還有空間開始建構 Mercado Pago 背後的獨立知識。

It's the first time we've ever done any brand building for Mercado Pago.

這是我們第一次為 Mercado Pago 進行品牌建立。

It's always been known and used primarily on the marketplace.

它一直以來主要在市場上廣為人知並使用。

We do agree with you that for customer engagement and customer acquisition, promotional and targeted discounts are very effective, and that's really where most of the promotional budget comes in is for the FinTech piece.

我們確實同意您的觀點，對於客戶參與和客戶獲取，促銷和有針對性的折扣非常有效，而這實際上是大部分促銷預算用於金融科技的地方。

But because we've never generated any awareness around the brand, and there are other competitors that have invested brand marketing behind their brands, I think there is room to do that as well.

但因為我們從未對品牌產生任何認知，而且有其他競爭對手在其品牌背後投資了品牌行銷，所以我認為也有這樣做的空間。

And we're pleased with both the quality of the campaigns and some of the initial results we're seeing in terms of incremental brand awareness and top-of-mind.

我們對活動的品質以及我們在品牌知名度和關注度方面所看到的一些初步結果感到滿意。

Great.

偉大的。

And as a follow-up, my follow-up question, just on the decision to start charging a transaction fee on the digital wallet in Argentina, I believe you said.

作為後續行動，我的後續問題，就是關於開始在阿根廷的數位錢包上收取交易費的決定，我相信你說過。

But could you just help us with that thought process?

但你能幫助我們思考這個過程嗎？

Like, why do it now when you're still at an early stage of adoption?

例如，當您仍處於採用的早期階段時，為什麼現在就這樣做呢？

Do you feel like you can start charging the transaction fee and it won't slow growth?

您是否覺得可以開始收取交易費並且不會減緩成長？

Or is there more that you've decided to sort of increase or sort of drive more profitability and slow down growth a little?

或者您決定增加或提高盈利能力並稍微放慢增長速度？

If you could just comment on that, that'd be great.

如果您能對此發表評論，那就太好了。

Hi, Marvin, this is Osvaldo.

嗨，馬文，我是奧斯瓦爾多。

So I think it's 2 things.

所以我認為這是兩件事。

On the one hand, we believe we are offering an unbelievable good value proposition.

一方面，我們相信我們正在提供令人難以置信的良好價值主張。

We continue to believe that after this price increase, this will be a hell of a good value proposition.

我們仍然相信，在這次提價之後，這將是一個非常好的價值主張。

We will continue to be the cheapest electronic payment method in the market.

我們將繼續成為市場上最便宜的電子支付方式。

We will charge 0.6% for both stored balance and debit cards, and this is cheaper than the going rate everybody pays for debit cards in Argentina, which is 0.9%.

我們將對儲存餘額和金融卡收取 0.6% 的費用，這比阿根廷每個人為借記卡支付的現行費率（0.9%）便宜。

So we see really it's a huge value proposition, and we also think that it was worth doing it as a proof of concept and to test the market and see how they start -- are okay with starting to pay transaction fees for these, for QR Code payments.

所以我們確實看到這是一個巨大的價值主張，我們也認為值得將其作為概念驗證並測試市場並看看它們如何開始 - 可以開始為這些 QR 支付交易費用代碼付款。

Yes.

是的。

And just complementing that, and I think it is important is, we're committed to investing behind the business if we know that there's actually an attractive business behind that.

補充一點，我認為重要的是，如果我們知道該業務背後實際上有一個有吸引力的業務，我們就會致力於對其進行投資。

And so we felt that in Argentina, we had enough traction with the free product that it was time to start monetizing and also to make sure that we start building out a business that's sustainable in profit over the long term.

因此，我們認為，在阿根廷，我們對免費產品有足夠的吸引力，是時候開始貨幣化，並確保我們開始建立長期可持續利潤的業務。

And I think that's a reflection of how we've always approached our businesses and that hasn't changed.

我認為這反映了我們一直以來處理業務的方式，而且這一點沒有改變。

What's changed, I think, is just our desire to use the scale we have and the capital we have to invest aggressively to really gain users and then to, as rapidly as we can without hurting that long-term growth, beginning to monetize and actually build out a sustainable business.

我認為，發生的變化只是我們希望利用我們擁有的規模和我們必須積極投資的資本來真正獲得用戶，然後在不損害長期增長的情況下盡快開始貨幣化並實際建立可持續發展的業務。

So that's what we do in credit.

這就是我們在信用方面所做的事情。

It's what we're beginning to do in QR.

這就是我們在 QR 中開始做的事情。

It's what we do in MPOS.

這就是我們在 MPOS 中所做的事情。

It's what we've always done in merchant services.

這就是我們在商家服務方面一直以來所做的事情。

Our next question comes from Tom Champion with Cowen.

我們的下一個問題來自 Tom Champion 和 Cowen。

Just to ask, can you comment on any marketplace buyer changes in Brazil since the launch of Prime in mid-September.

請問，自 9 月中旬推出 Prime 以來，您對巴西市場買家的變化有何評論？

And also what's the status of the Correios strike?

另外，Correios 罷工的情況如何？

Has that been resolved or does it remain ongoing or did it flow into 4Q?

這個問題是否已解決、是否仍在繼續或是否已進入第四季度？

And then on the payment side, the QR network appears to be a real important frequency lever with the wallet in Argentina.

然後在支付方面，二維碼網路似乎是阿根廷錢包真正重要的頻率槓桿。

I'm just curious if it's available at this point in Brazil?

我只是好奇現在在巴西是否可以使用？

Look, I think we haven't seen any changes in our business attributable to anything that's happened on the Prime front.

看，我認為我們的業務沒有因 Prime 方面發生的任何變化而發生任何變化。

It's very, very early stage.

現在還處於非常非常早期的階段。

I would say we compete with them very aggressively and head-on in Mexico.

我想說，我們在墨西哥與他們的競爭非常積極、正面。

I think we like what we're seeing from how our business continues to perform there.

我認為我們對我們在那裡的業務持續表現感到滿意。

Brazil, I would say there's a very, very big difference between the business we have and the business they are running.

巴西，我想說我們擁有的業務和他們經營的業務之間有非常非常大的差異。

And so I don't think we attribute anything to whatever was launched by a competitor during the quarter.

因此，我認為我們不會將任何東西歸因於競爭對手在本季推出的任何產品。

Correios strike is over.

郵政罷工結束了。

Obviously, it had an impact on our business.

顯然，這對我們的業務產生了影響。

I think we said in the ballpark of 2% of GMV growth in the quarter.

我認為我們所謂的本季 GMV 成長率約為 2%。

It was only a few days, so obviously the impact in the month of September was larger than that.

時間只有幾天，顯然九月的影響比這還要大。

I think the silver lining to this is unlike the last time Correios had a strike, our managed network, we were able to move volume away from Correios towards the managed network.

我認為一線希望與上次 Correios 罷工不同，我們的託管網絡，我們能夠將交易量從 Correios 轉移到託管網絡。

That's one of the reasons why we saw the strong improvement in managed network adoption in Brazil during the quarter.

這就是我們在本季看到巴西託管網路採用率大幅提高的原因之一。

And increasingly going forward, every time this happens again, I think we will be better and better prepared to simply move volume away from whoever has an operational complication to other carriers.

今後，每當這種情況再次發生時，我認為我們都會做好越來越充分的準備，將業務量從出現營運問題的航空公司轉移到其他航空公司。

We can already do that in Argentina and Mexico quite well.

我們在阿根廷和墨西哥已經可以很好地做到這一點。

In Brazil, there is still significant reliance on Correios but that's waning at a very consistent pace month-on-month.

在巴西，人們對 Correios 的依賴仍然很大，但這種依賴逐月以非常一致的速度減弱。

In regards to QR Code network, as you mentioned, Tom, definitely, it has been a frequency lever in Argentina and we have seen that across the Mercado Pago ecosystem, but those users who use QR Codes do more transactions every month.

關於 QR 碼網絡，正如 Tom 您所提到的，它確實是阿根廷的一個頻率槓桿，我們已經在 Mercado Pago 生態系統中看到了這一點，但使用 QR 碼的用戶每月會進行更多交易。

In Brazil, what has happened so far is, remember, we launched -- we actually launched during the second quarter.

在巴西，到目前為止發生的事情是，記住，我們推出了——我們實際上是在第二季度推出的。

In the third quarter, they're very excited with the acceleration transactions on of monthly active payers and monthly active sellers we have seen.

在第三季度，他們對我們看到的每月活躍付款人和每月活躍賣家的交易加速感到非常興奮。

So we are very excited about that acceleration.

所以我們對這種加速感到非常興奮。

But most of that acceleration has been driven by new users and new sellers joining the network followed by an increase in frequency.

但這種加速大部分是由新用戶和新賣家加入網路以及頻率增加所推動的。

If it involves as it is in Argentina, the first thing that needs to happen is for the popularity to increase for there to be more payment options available and then we should see increase in frequency.

如果涉及像阿根廷這樣的情況，首先需要做的就是提高受歡迎程度，以便有更多的付款選項可用，然後我們應該會看到頻率的增加。

Our next question comes from John Coffey with Susquehanna.

我們的下一個問題來自薩斯奎哈納的約翰·科菲。

As I remember from previous calls, and maybe I'm forgetting something, that your cross-border transactions were fairly minimal.

我記得之前的電話中，也許我忘了一些事情，你們的跨國交易相當少。

I thought I recall there were some transactions between countries like Brazil and maybe China.

我想我記得巴西和中國等國家之間有一些交易。

But I know you've called it out a little bit more in these call.

但我知道你在這些電話中已經提到了更多。

I was wondering if you could just walk me through a few basic use cases of some cross-border transactions you would have today or are planning in the near future.

我想知道您是否可以向我介紹您今天或在不久的將來計劃進行的一些跨境交易的一些基本用例。

And the last question, just also a pretty short one.

最後一個問題也很短。

As far as your marketing spend in Q3, should we figure this as a little bit more bursty?

就您第三季的行銷支出而言，我們是否應該認為這有點突然？

Or could this be a new trajectory that we might see going ahead in the next few quarters?

或者這可能是我們在未來幾季可能看到的新軌跡？

So just one clarification.

所以只有一項澄清。

When we refer to cross-border here, the focus is really on cross-border commerce.

當我們在這裡提到跨境時，重點實際上是跨境商業。

So it's more on our retail business.

所以這更多的是我們的零售業務。

What we're trying to do there is to offer a cross-border solution that unlike the more prevalent ones, really focus on companies that have global merchant bases and then push product globally in how we can leverage our existing marketplace and the benefits of that marketplace locally to bring in inventory, not so much intra-Latin America but primarily from Asian merchants and North American merchants.

我們正在努力做的是提供一種跨境解決方案，與更流行的解決方案不同，真正專注於擁有全球商業基礎的公司，然後在全球範圍內推廣產品，以了解我們如何利用現有市場及其優勢當地市場引入庫存，不是在拉丁美洲內部，而是主要來自亞洲商人和北美商人。

But deeply integrated into some of the assets that we've built on the marketplace.

但深度融入我們在市場上建立的一些資產。

So when I mentioned earlier, I think Bob's question around tying cross-border trade to the user experience, it's how can we leverage the assets we build in logistics to get those cross-border items to your doorstep a lot faster than you would if you were buying on some of the other global platforms.

因此，當我之前提到時，我認為鮑勃關於將跨境貿易與用戶體驗聯繫起來的問題是，我們如何利用我們在物流中建立的資產，將這些跨境物品更快地送到您的家門口，而不是像您這樣我們在其他一些全球平台上購買。

How can we use local teams we have to really facilitate and expedite tariffs and customs processes so it's less of a hassle for people purchasing on the platform.

我們如何利用本地團隊來真正促進和加快關稅和海關流程，從而減少人們在平台上購買的麻煩。

And the idea then is to get global inventory to the doorsteps of Latin American consumers.

我們的想法是將全球庫存送到拉丁美洲消費者的家門口。

It's not so much focused on payments.

它不太關注支付。

Look, marketing -- again, we don't guide, I think we've given you guys a thought process on why we think the timing is right to pick up the pace of marketing investments.

看，行銷——再說一次，我們不提供指導，我想我們已經給你們提供了一個思考過程，說明為什麼我們認為現在是加快行銷投資步伐的正確時機。

Very obvious on the FinTech space, we're attacking many different fronts simultaneously.

在金融科技領域非常明顯，我們同時在攻擊許多不同的戰線。

QR network, MPOS, cards, merchant services, and we see tremendous opportunity here and we want to make sure that we invest behind it and we need to build out the brand.

QR 網路、MPOS、卡片、商業服務，我們在這裡看到了巨大的機會，我們希望確保我們對其進行投資，並且我們需要建立品牌。

And then on the marketplace, because of all the improvements we've made, we think it makes sense to strengthen some of the brand attributes, communicate some of the new brand attributes.

然後在市場上，由於我們所做的所有改進，我們認為加強一些品牌屬性、傳達一些新的品牌屬性是有意義的。

Going forward, I think a lot will depend on the performance and what we see in the data around these investments.

展望未來，我認為很大程度上將取決於績效以及我們在這些投資的數據中看到的情況。

Brand investments are not performance-like that you can see immediate impact.

品牌投資不像業績可以立竿見影。

We will be tracking key numerical KPIs through surveys, through direct site organic traffic and other ways, but we need to give it a little bit more time to see what the residual impact of those brand investments are.

我們將透過調查、直接網站自然流量和其他方式追蹤關鍵的數位 KPI，但我們需要多一點時間來了解這些品牌投資的剩餘影響是什麼。

And I think based on that, we'll have a clearer sense of how we continue to invest going forward.

我認為基於此，我們將對未來如何繼續投資有更清晰的認識。

So I think you guys should focus every quarter on what we did during the quarter rather than forward-looking.

所以我認為你們每季都應該關注我們在本季所做的事情，而不是前瞻性的。

Our next question comes from Richard Cathcart with Bradesco.

我們的下一個問題來自理查德·卡思卡特和布拉德斯科。

I wanted to talk about the managed network in Brazil and specifically, kind of what behavior you're seeing from consumers that are receiving their products via the managed network.

我想談談巴西的託管網絡，特別是透過託管網絡接收產品的消費者所看到的行為。

Clearly, I think they're getting a better service than via Correios, and so I think what I'm trying to get at is if you're seeing any kind of improvement in frequency or conversion as they continue to increasingly receive products from the managed network.

顯然，我認為他們獲得了比透過 Correios 更好的服務，因此我認為我想要了解的是，隨著他們繼續越來越多地從託管網路。

Yes.

是的。

So look, we're beginning to see some of the numerical flow-through of the benefits of the managed network in Brazil.

因此，我們開始看到巴西託管網路帶來的一些效益的數位體現。

So lead times are becoming cheaper than -- sorry, faster than the rest of the other alternatives.

因此，交貨時間變得比其他替代方案更便宜——抱歉，比其他替代方案更快。

Transportation costs are coming down.

運輸成本正在下降。

So it's becoming cheaper to deliver packages across the network, although it's still far from full capacity.

因此，透過網路遞送包裹變得越來越便宜，儘管它還遠遠沒有達到滿載能力。

And perhaps most importantly to your question, Net Promoter Scores are now higher on the managed network than away from it.

也許對您的問題來說最重要的是，託管網路上的淨推薦值現在比遠離託管網路的淨推薦值更高。

At this point, roughly 6 points higher and tracking to widening that spread.

目前，大約上漲了 6 個點，而利差正在擴大。

Conversions are a little bit more difficult to measure because there's a lot of other stuff that impacts conversion so the tests haven't been as conclusive there.

轉換率的測量有點困難，因為還有很多其他因素會影響轉換率，因此測試還沒有那麼決定性。

But again, I think we're increasing the convinced on both the immediate and also long-term benefits of the managed network versus the old DropShip network.

但我再次強調，與舊的 DropShip 網路相比，我們對託管網路的直接和長期效益越來越有信心。

And if I may, just a quick follow-up for Osvaldo, I think.

如果可以的話，我想，我想對奧斯瓦爾多進行快速跟進。

I wanted to ask about the promotions, the discounts that you've been offering to consumers to use the Mercado Pago wallet.

我想詢問一下你們為使用 Mercado Pago 錢包的消費者提供的促銷活動和折扣。

Can you just give us a little bit of color about kind of what you're learning from those discounts and promotions and kind of how that is impacting users' behavior?

您能否向我們介紹一下您從這些折扣和促銷活動中學到了什麼，以及這如何影響用戶的行為？

Sure Richard, let me tell you about our experience in Argentina, which probably is what we're using as a base for what we're doing now in Brazil and Mexico.

當然，理查德，讓我告訴你我們在阿根廷的經歷，這可能是我們現在在巴西和墨西哥所做的事情的基礎。

When we started in Argentina, we started with always on promotions so every time you went to get in a store you'd get a promotion.

當我們在阿根廷起步時，我們總是從促銷開始，所以每次你進入商店你都會得到促銷。

Then we switched off to every time -- these stores or payers would go lighthouses with other larger merchants, we're giving you a discount the first time you paid in each of those.

然後我們每次都會關閉 - 這些商店或付款人會與其他較大的商家一起去燈塔，我們會在您第一次在其中每個付款時給您折扣。

And we are at that stage now in Brazil.

巴西現在正處於這個階段。

And eventually in Argentina, we were able to diminish the amount of promotion we did.

最終在阿根廷，我們能夠減少我們所做的促銷活動。

The first month we did this -- we stop doing promotions, there was a little bit of a slowdown but a month after that, we were growing at the same rate as we were before, we're at very similar rate.

我們這樣做的第一個月——我們停止促銷，有一點放緩，但一個月後，我們的成長速度與之前相同，我們的速度非常相似。

So we are following that playbook in Brazil early on which had won to add as many sellers and as many buyers as possible, payers as possible and eventually, we will focus on improving and making more efficient the discounts.

因此，我們很早就在巴西遵循這一策略，該策略贏得了盡可能多的賣家和買家、盡可能多的付款人的支持，最終，我們將專注於改進和提高折扣效率。

Our final question comes from Rodrigo Nistor with Itau.

我們的最後一個問題來自 Rodrigo Nistor 和 Itau。

Regarding the shipping in Brazil.

關於巴西的運輸。

If you can give us more color on the steps you are taking to increase the consumer penetration and which are the main obstacles you are facing there?

您能否為我們提供更多關於您為提高消費者滲透率而採取的步驟的資訊以及您在這方面面臨的主要障礙是什麼？

Okay.

好的。

Great.

偉大的。

So I think like we said, the level of fulfillment penetration really began to pick up again from a low base but nearly doubled sequentially this quarter.

因此，我認為就像我們所說的那樣，履約滲透率確實開始從較低的基數再次回升，但本季環比幾乎翻了一番。

I think it's been a combination of solving some of the friction around sending inventory to us, building better tools for sellers, building more efficient pickup routes, more frequent pickup routes and then combined with economic incentives that we did offer.

我認為這是解決向我們發送庫存的一些摩擦、為賣家建立更好的工具、建立更高效的提貨路線、更頻繁的提貨路線，然後與我們提供的經濟激勵相結合的結合。

So I think we were kind of stuck for 2 quarters there without too many improvements in adoption.

所以我認為我們在這兩個季度陷入了困境，在採用方面沒有太多改進。

We begin to see that pick up again, and I think our level of confidence right now that we will continue to scale out our fulfillment network and also our cross-docking network is pretty good.

我們開始看到這種情況再次回升，我認為我們現在對繼續擴大我們的履行網路和交叉配送網路的信心非常好。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。