美卡多 (MELI) 2022 Q2 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference call for the quarter ended June 30, 2022. I am Lissa Schreurs, Investor Relations Officer for MercadoLibre. Today, we will share our quarterly highlights on video. After which, we will begin our live Q&A session with our Chief Financial Officer, Pedro Arnt; and Chief Executive Officer of Mercado Pago, Osvaldo Gimenez.

大家好，歡迎參加截至 2022 年 6 月 30 日的季度 MercadoLibre 收益電話會議。我是 MercadoLibre 投資者關係官 Lissa Schreurs。今天，我們將在視頻中分享我們的季度亮點。之後，我們將開始與首席財務官 Pedro Arnt 的現場問答環節；和 Mercado Pago 的首席執行官 Osvaldo Gimenez。

I'll remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements. Our actual results may differ materially from those included in this conference call for a variety of reasons, including those described in the forward-looking statements and risk factors sections of our Form 10-K for the year ended December 31, 2021 and any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

我會提醒您，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術計劃等事項做出前瞻性陳述。這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。雖然我們認為我們的假設、預期和預測鑑於當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。由於各種原因，我們的實際結果可能與本次電話會議中包含的結果存在重大差異，包括我們截至 2021 年 12 月 31 日止年度的 10-K 表的前瞻性陳述和風險因素部分以及任何 MercadoLibre , Inc. 向證券交易委員會提交的其他適用文件，可在我們的投資者關係網站上查閱。

With that, let's begin with a summary of our results.

有了這個，讓我們開始總結我們的結果。

Hello, everyone. I'm pleased to present some of the highlights and key messages regarding the performance during the second quarter of 2022.

大家好。我很高興介紹有關 2022 年第二季度業績的一些亮點和關鍵信息。

Despite a challenging macroeconomic scenario, we delivered a strong quarter across all of our businesses. Our marketplace achieved consistent results despite the challenging environment for retail businesses with a gross merchandise volume of over $8.5 billion, delivering solid growth year-on-year despite tough comps for the second quarter.

儘管宏觀經濟形勢充滿挑戰，但我們在所有業務中都實現了強勁的季度表現。儘管零售業務環境充滿挑戰，但我們的市場取得了一致的業績，商品總額超過 85 億美元，儘管第二季度業績不佳，但仍實現了穩定的同比增長。

We reached over 40 million unique buyers during the second quarter with sustained levels of engagement and items sold per buyer. With a diverse seller base and an efficient logistics network for a wide variety of items, we have a differentiated user experience and product assortment to keep growing and drive further online commerce penetration throughout Latin America.

在第二季度，我們吸引了超過 4000 萬獨立買家，參與度和每位買家售出的物品都保持在持續水平。憑藉多元化的賣家基礎和高效的物流網絡，我們擁有差異化的用戶體驗和產品種類，以保持增長並進一步推動整個拉丁美洲的在線商務滲透。

On the FinTech side, Mercado Pago continues to grow and gain relevance in our ecosystem, delivering strong results in Q2. TPV surpassed $30 billion for the first time, growing both in acquiring and digital wallet. Mercado Pago reached 38 million unique active users, growing across all geographies. Mercado Credito continues to grow its credit book, reaching more consumers and sellers and delivering an important ecosystemic effect for engagement and loyalty. With sustained healthy trends in the second quarter, the credit business continues to contribute to our operating margin expansion.

在金融科技方面，Mercado Pago 繼續發展並在我們的生態系統中獲得相關性，在第二季度取得了強勁的業績。 TPV 首次超過 300 億美元，在收單和數字錢包方面均實現增長。 Mercado Pago 擁有 3800 萬獨立活躍用戶，在所有地區都在增長。 Mercado Credito 繼續擴大其信用額度，吸引更多的消費者和賣家，並為參與度和忠誠度帶來重要的生態系統效應。隨著第二季度的持續健康趨勢，信貸業務繼續為我們的營業利潤率增長做出貢獻。

As a consequence of the consistent performance in commerce and FinTech, we delivered record results in net revenues and EBIT, with strong improvements in cash generation during the second quarter. Revenues for FinTech have surpassed $1 billion in the quarter for the first time ever as our FinTech products gain more relevance in our ecosystem. In commerce, revenue growth comes mainly from our strength in third-party marketplace categories and the expansion of our advertising business.

由於商業和金融科技的持續表現，我們在淨收入和息稅前利潤方面取得了創紀錄的成績，第二季度的現金產生也有很大改善。隨著我們的金融科技產品在我們的生態系統中獲得更多相關性，金融科技的收入在本季度首次超過 10 億美元。在商業方面，收入增長主要來自我們在第三方市場類別的實力和我們廣告業務的擴展。

Our gross profit margin expanded year-over-year and quarter-on-quarter as we scaled our businesses and delivered operating leverage across most cost of goods sold. As a result of this, our operating profit reached a record in the quarter, with operating margins that were directionally in line with last year's as we continue to balance investments mainly in product and technology and the credit business with cost leveraging across other operational expenses.

隨著我們擴大業務規模並在大部分商品銷售成本中提供運營槓桿，我們的毛利率同比和環比都有所增長。因此，我們的營業利潤在本季度達到了創紀錄的水平，營業利潤率與去年的水平基本一致，因為我們繼續平衡主要對產品和技術以及信貸業務的投資與其他運營費用中的成本槓桿作用。

The second quarter closed with net profit in our 3 main segments, including Mexico, and with improvements in net income margin year-over-year. We also optimized our cash conversion cycle, leading to improved cash generation for all business units and strong cash from operations results.

第二季度結束時，我們的三個主要部門（包括墨西哥）實現了淨利潤，並且淨利潤率同比有所提高。我們還優化了我們的現金轉換週期，從而提高了所有業務部門的現金生成以及來自運營結果的強勁現金。

We will continue to target growth with the correct profitability and cash generation profile. This will mean balancing our focus on the long term with a commitment to constructing sustainable businesses with scalable financial models.

我們將繼續以正確的盈利能力和現金產生狀況為目標。這將意味著在我們對長期的關注與通過可擴展的財務模型構建可持續業務的承諾之間取得平衡。

A more detailed customary comment on the second quarter operational and financial highlights is now available in a management commentary letter to shareholders, which we release on our Investor Relations website.

現在，我們在投資者關係網站上發布的致股東的管理評論信中提供了關於第二季度運營和財務亮點的更詳細的慣例評論。

Before initiating the live Q&A sections of tonight's earnings we want to share with you some additional news and achievements from the quarter.

在開始今晚收益的現場問答部分之前，我們想與您分享本季度的一些其他新聞和成就。

Our marketplace continues to grow, and technology has an important role to improve the experience of our buyers and sellers, deploying continuous improvements to selection, search and discovery.

我們的市場繼續增長，技術在改善買家和賣家的體驗方面發揮著重要作用，不斷改進選擇、搜索和發現。

In our apparel section, we now have improved filter and brand searching. We expanded the MELI Places network, enabled for reverse logistics to improve the shopping experience for our customers. We also keep improving our delivery service throughout Latin America. The MELI Air network reduced our delivery times by 2 to 6 days in the North, Northeast and the Midwest regions of Brazil.

在我們的服裝部分，我們現在改進了過濾器和品牌搜索。我們擴展了 MELI Places 網絡，啟用逆向物流以改善客戶的購物體驗。我們還不斷改進我們在整個拉丁美洲的送貨服務。 MELI Air 網絡將我們在巴西北部、東北部和中西部地區的交貨時間縮短了 2 到 6 天。

In line with improvements in our buyer experience, our loyalty program has been growing, reaching millions of subscribers and strong year-on-year growth. After reaching Level 6, the highest on the program, users have higher frequency, GMV and retention, enjoying multiple benefits: from free shipping, special discounts and offers to access to content streaming partners. Our loyalty program also plays an important part in connecting and raising engagement, both in Mercado Libre and Mercado Pago, offering benefits in all of our services for our users.

隨著我們買家體驗的改善，我們的忠誠度計劃一直在增長，達到數百萬訂戶並實現強勁的同比增長。在達到該計劃的最高級別 6 後，用戶擁有更高的頻率、GMV 和留存率，享受多種好處：從免費送貨、特別折扣和優惠到訪問內容流媒體合作夥伴。我們的忠誠度計劃還在 Mercado Libre 和 Mercado Pago 的聯繫和提高參與度方面發揮著重要作用，為我們的用戶提供所有服務的好處。

On the FinTech side, our credit business also plays an important ecosystemic role as a tool to provide our merchant base with working capital and our consumer base with personal loans and credit cards. To continue to provide these solutions for our ecosystem, we recently announced new funding partnerships to expand credit lines in Brazil and Mexico. All of these initiatives that potentialize our ecosystem are a result of our tech DNA and execution focus. We believe times like this are ideal to invest and create sustained long-term differentiation, leveraging technology, and we will continue to invest in technology and in hiring engineers throughout the next quarters.

在金融科技方面，我們的信貸業務也發揮著重要的生態系統作用，作為一種工具，為我們的商戶群體提供營運資金，為我們的消費者群體提供個人貸款和信用卡。為了繼續為我們的生態系統提供這些解決方案，我們最近宣布了新的融資合作夥伴關係，以擴大巴西和墨西哥的信貸額度。所有這些使我們的生態系統發揮潛力的舉措都是我們技術 DNA 和執行重點的結果。我們相信這樣的時代是投資和創造持續的長期差異化、利用技術的理想時機，我們將在接下來的幾個季度繼續投資於技術和招聘工程師。

As we grow, we watch closely our impact in the communities and environments around us. That is why we've just launched another round of investments in our preservation program, Regenera America, in Brazil and Mexico to preserve Latin American biomes and biodiversity. As always, the best is yet to come.

隨著我們的成長，我們密切關注我們對周圍社區和環境的影響。這就是為什麼我們剛剛在巴西和墨西哥對我們的保護計劃 Regenera America 發起了另一輪投資，以保護拉丁美洲的生物群落和生物多樣性。與往常一樣，最好的還在後頭。

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（技術難度）

if you could just lay out which areas you're most focused on in terms of driving advertising revenues higher.

如果您可以列出在提高廣告收入方面您最關注的領域。

Thank you, Irma. Let me take them in reverse order. So you're correct. I think advertising is beginning to scratch the surface of its potential. There's room to increase the number of advertisers across many product categories, but obviously, as we grow into more and more categories and, equally important, as we grow our first-party business, which has a much higher attach rate of advertising in terms of percentage of GMV, that should also help. There's room for increased engagement for advertising. And all of this always driven by technology, so new formats and new positioning throughout our different ecosystems. We've started experimenting with advertising in the Mercado Pago world and the Mercado Pago app. And we have other formats that we can launch going forward. So I think this continues to be an opportunity that we're very enthusiastic about and, as I always say, is a very high margin one with EBIT margins in the high 70s, low 80s.

謝謝你，厄瑪。讓我把它們倒序排列。所以你是對的。我認為廣告開始觸及其潛力的表面。許多產品類別的廣告客戶數量仍有增加的空間，但顯然，隨著我們發展到越來越多的類別，同樣重要的是，隨著我們第一方業務的發展，就廣告的附加率而言，該業務的附加率要高得多GMV 的百分比，這也應該有所幫助。廣告的參與度還有提升的空間。而所有這一切總是由技術驅動，因此在我們不同的生態系統中出現了新的格式和新的定位。我們已經開始在 Mercado Pago 世界和 Mercado Pago 應用程序中試驗廣告。我們還有其他可以推出的格式。所以我認為這仍然是一個我們非常熱衷的機會，而且正如我一直所說的那樣，這是一個非常高的利潤率，EBIT 利潤率在 70 年代高位，80 年代低位。

In terms of what we're focused on going forward, correctly, we don't guide. I think we've shown that we have a good grasp right now of the cost structure in MELI. We continue to invest in a few critical areas like product development where we're not looking for operational leverage. But we continue to deliver solid improvements in gross profit, if you look at H1. And so I think I'm confident in our ability to continue to balance cost management with investing in growth. Where there's the greatest uncertainty going forward is just what happens to the health of the consumer in Latin America. But so far, everything we've seen despite, I think, concerns around the consumer, having been around in the second quarter as well, we've continued to deliver solid results. And I think the consequence of that is, to the best of our assessment, we've accelerated our share gains in Q2.

就我們未來的重點而言，正確地，我們不指導。我認為我們已經表明我們現在對 MELI 的成本結構有很好的把握。我們繼續投資於一些關鍵領域，例如我們不尋求運營槓桿的產品開發。但是，如果您查看 H1，我們將繼續實現毛利潤的穩健增長。因此，我認為我對我們繼續平衡成本管理和投資增長的能力充滿信心。未來最大的不確定性就是拉丁美洲消費者的健康狀況。但到目前為止，儘管我認為，我們所看到的一切都圍繞著消費者，在第二季度也存在，但我們繼續取得了可觀的成果。而且我認為這樣做的結果是，根據我們的最佳評估，我們在第二季度加速了我們的份額增長。

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

我們的下一個問題來自摩根士丹利的 Andrew Ruben。

Appreciate the additional disclosure you gave around the credit portfolio. I was hoping if you could dig in a bit more on how you've seen performance by the main product line: card, consumer and the merchant loans, just a bit more color how you're thinking about trends, both in loan performance and growth of those segments would be helpful.

感謝您圍繞信貸組合提供的額外披露。我希望您能深入了解一下主要產品線的表現：信用卡、消費者貸款和商業貸款，再稍微了解一下您對趨勢的看法，包括貸款表現和這些細分市場的增長會有所幫助。

Andrew, I think that, overall, when we look at our portfolio, there are, I'd say, 9 main segments between Argentina, Brazil and Mexico on the countryside and they are part of the markets, the merchants, the small merchants, and the consumers. And all of those 9 segments are profitable and have remained with margins similar to what we saw in prior quarters. So we are very, very happy with that performance. And the 10th would be credit card, which is a small product. We are still within the first year. We launched that a year ago. It's not yet profitable, but it's according to what we expected. So I think both have been evolving very positively. And tomorrow, we will provide extra information. We'll give more color to these details.

安德魯，我認為總的來說，當我們查看我們的投資組合時，我想說，阿根廷、巴西和墨西哥之間的農村有 9 個主要部分，它們是市場的一部分，商人，小商人，和消費者。所有這 9 個部門都是盈利的，並且保持與我們在前幾個季度看到的相似的利潤率。所以我們對這種表現非常非常滿意。第10個是信用卡，這是一個小產品。我們還在第一年。我們在一年前推出了它。它尚未盈利，但符合我們的預期。所以我認為兩者都在非常積極地發展。明天，我們將提供額外的信息。我們將為這些細節提供更多色彩。

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

我們的下一個問題來自摩根大通的 Marcelo Santos。

First question is if you could talk a bit about the profitability ex credit. So you said, Pedro, that the gross margins are improving. But how do you see the business excluding the credit? Should that part also see profitability improving? And how were the gains in that front?

第一個問題是您是否可以談一談扣除信貸的盈利能力。所以你說，佩德羅，毛利率正在提高。但是您如何看待不包括信用的業務？那部分是否也應該看到盈利能力提高？那方面的收益如何？

And the second question is, how relevant is credit to GMV generation nowadays? Could you give some ballpark idea on what's the penetration maybe per country or in a consolidated level. How much of your marketplace sales are done through credit?

第二個問題是，如今信貸與 GMV 生成的相關性如何？您能否就每個國家或綜合水平的滲透率給出一些大致的想法。您的市場銷售中有多少是通過信貸完成的？

Marcelo, let me start with the second part of the question regarding how relevant is credit to GMV generation. I would say, it varies on a country-by-country basis. But in some countries, I'd say, it goes from mid-single digits to very low double digits.

Marcelo，讓我從關於信用與 GMV 生成的相關性的問題的第二部分開始。我會說，它因國家而異。但在一些國家，我想說，它從中個位數到非常低的兩位數。

Look, the operating profit that we delivered is delivered from operational lever and improvement sequentially across most of our business units. Credit is obviously an important piece of that. We've given some disclosure on interest margin after losses. You can calculate cost of funding. The operating cost is fairly small there to get to your own assumptions on profit in terms of EBIT dollar from credit. But it's still significantly less or maybe around slightly above 1/3 of the overall number.

看，我們交付的營業利潤來自我們大多數業務部門的運營槓桿和改進。信用顯然是其中的重要組成部分。我們已經披露了虧損後的息差。您可以計算資金成本。那裡的運營成本相當小，無法根據信貸的息稅前利潤對利潤進行自己的假設。但它仍然明顯少於或可能略高於總數的 1/3。

So the remaining numbers show growth in profit coming from the advertising business and some significant profitability improvements across the rest of the Mercado Pago products who are either improving their EBIT generation or, for some of the still money-losing products that we're investing for the long term like the digital wallet or the digital core bank account, those are improving significantly their negative margins, and we see a good runway towards eventually profitability there. So don't assume that our incremental EBIT is coming solely from the credit business, not at all. We're seeing good operational leverage sequentially across most of the product lines.

因此，其餘數字顯示來自廣告業務的利潤增長，以及其他 Mercado Pago 產品的盈利能力顯著提高，這些產品要么提高了 EBIT 生成，要么對於我們正在投資的一些仍在虧損的產品從長期來看，像數字錢包或數字核心銀行賬戶，它們的負利潤率正在顯著提高，我們看到了一條通往最終盈利的良好道路。所以不要假設我們的增量息稅前利潤完全來自信貸業務，根本不是。我們在大多數產品線中都看到了良好的運營槓桿。

I think one last thought on this, the one where we are seeing the least amount of incremental EBIT, if we look on a year-on-year basis, is Brazil marketplace. But that is primarily driven by the increase in interest rates that compressed some of the financing revenues on marketplace. Off-marketplace, we've been able to pass those interest rate increases on to the consumer across most of the Pago products. On-marketplace, as you know, the price of the parcelada sem juro, we have not changed it for competitive dynamics, and I think it's helped us gain shares.

我認為最後一個想法是巴西市場，如果我們按年來看，我們看到的 EBIT 增量最少。但這主要是由於利率上升壓縮了市場上的一些融資收入。在場外，我們已經能夠通過大多數 Pago 產品將這些加息傳遞給消費者。如您所知，在市場上，parcelada sem juro 的價格，我們並沒有因為競爭動態而改變它，我認為它幫助我們獲得了份額。

Our next question comes from the line of Kaio Prato of UBS.

我們的下一個問題來自瑞銀的Kaio Prato。

I have two questions on my side, please, also related to Mercado Credito solution. The first one is regarding asset quality. So we saw that your 90 days coverage ratio actually decreased quarter-over-quarter. So just wondering if this concerns you at some point and could trigger a further increase in provisions going forward. And what is the level of coverage that you think would be a comfortable level without harming your growth level? And then I will follow up with my second question, please.

拜託，我有兩個問題，也與 Mercado Credito 解決方案有關。第一個是關於資產質量。因此，我們看到您的 90 天覆蓋率實際上環比下降。因此，只是想知道這是否會在某些時候讓您擔心，並可能引發未來進一步增加規定。在不損害您的增長水平的情況下，您認為舒適的覆蓋水平是多少？然後我會跟進我的第二個問題。

So the question was why have the coverage ratio gone slightly down from quarter-to-quarter. And the reason for that is that we provisioned on originations. And as originations, we have decelerated a little bit. As we are originating credit, provisions have come down a little bit. Nonetheless, it's way over 100%, 170%.

所以問題是為什麼覆蓋率從季度到季度略有下降。其原因是我們提供了起源。作為起源，我們已經減速了一點。由於我們正在發放信貸，因此準備金有所下降。儘管如此，它還是超過了 100%、170%。

On top of that, to give you a little more, if you want, qualitative color on the credit business, I think that throughout this year, we have been aggressive in being able to expand our credit business to riskier segments. We have been able to do that by charging accordingly to those non-retail segments, and those are higher rates. And therefore, our margins have been maintained or even increased. And the contribution for credit has increased quarter-to-quarter.

最重要的是，如果你願意的話，為了給你更多關於信貸業務的定性色彩，我認為在今年全年，我們一直在積極地將信貸業務擴展到風險更高的領域。我們已經能夠通過對那些非零售部門收取相應的費用來做到這一點，而且這些費用更高。因此，我們的利潤率一直保持甚至增加。對信貸的貢獻也逐季增加。

Having said that, as we see some deterioration in the market, in the current quarter, we are starting to be a little bit more cautious and then necessarily is offering credit to those segments, which we didn't this year, which in the past, we have offered credit to.

話雖如此，當我們看到市場有所惡化時，在本季度，我們開始變得更加謹慎，然後必然會向這些細分市場提供信貸，而我們今年沒有這樣做，而在過去，我們提供了信用。

Okay. Perfect. And the second question is related to the credit card business in Brazil. Just if you could provide any details, I don't know, the level of NPLs of this product or at least how this compared to the overall industry in Brazil, especially the digital banks? And you also mentioned that this project is not positive yet in terms of margins, so if you could mention when do you expect this product to become profitable. And last, but not the least, how comfortable you are nowadays in terms of increasing the pace of origination in this product?

好的。完美的。第二個問題與巴西的信用卡業務有關。如果你能提供任何細節，我不知道這個產品的不良貸款水平，或者至少與巴西的整個行業，尤其是數字銀行相比如何？而且你還提到這個項目在利潤率方面還不是積極的，所以如果你能提到你預計這個產品什麼時候可以盈利。最後但並非最不重要的一點是，您現在在加快該產品的開發速度方面有多舒服？

Okay. So you'll get some additional product disclosures on loan performance in the Q tomorrow. I think with a credit card product that is basically less than a year old, comparisons are not going to be very useful. I think the way you build out a solid and profitable credit card business is over multiple years, which has been the case of many of the neo banks. So this is very early for us.

好的。因此，您將在明天的 Q 中獲得有關貸款業績的一些額外產品披露。我認為對於基本上不到一年的信用卡產品，比較不會很有用。我認為您建立穩固且有利可圖的信用卡業務的方式需要多年時間，許多新銀行就是這種情況。所以這對我們來說還為時過早。

We continue to see, I think, a product that will be very critical for our long-term strategy and that we're continuing to invest behind. Obviously, once we've distributed cards to the strongest end users we had, the deepest relationships with in the earlier quarters, we're now slowing down the rate of new cards, but it's still growing. And we're seeing improving profitability as those earlier cohorts begin to clean up and perform better and better.

我認為，我們繼續看到一款對我們的長期戰略非常關鍵的產品，我們將繼續投資。顯然，一旦我們將卡片分發給我們擁有的最強大的最終用戶，與前幾個季度最深的關係，我們現在正在放慢新卡片的速度，但它仍在增長。隨著那些早期的同類開始清理並表現越來越好，我們看到盈利能力正在提高。

So it's early. I think we're going at the right pace, making sure that we have the right underwriting capacity. And long term, this is still a critical product for us within our FinTech ecosystem.

所以還早。我認為我們正在以正確的速度前進，確保我們擁有正確的承保能力。從長遠來看，這仍然是我們金融科技生態系統中的關鍵產品。

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

我們的下一個問題來自美國銀行的 Bob Ford。

Congratulations on the quarter. I'll ask them really quickly. What was behind the strong unique buyer growth rates in the quarter in Brazil, Argentina and Mexico? Given the regional deceleration in e-commerce, we found them very noteworthy.

祝賀本季度。我會很快問他們。巴西、阿根廷和墨西哥本季度強勁的獨特買家增長率背後的原因是什麼？鑑於電子商務的區域減速，我們發現它們非常值得注意。

And then can you also discuss the move into used car loans with Creditas in Mexico? And maybe more broadly, the transition from a transaction or, I should say, an insertion-based model into a transaction-based model across classifieds?

然後你能否與墨西哥的 Creditas 討論進入二手車貸款的問題？也許更廣泛地說，從事務或我應該說基於插入的模型到跨分類的基於事務的模型的過渡？

And then lastly, how does your deal with Western Union change your strategy in remittances and maybe the functionality road map you're building out for Pago in Mexico?

最後，您與西聯匯款的交易如何改變您的匯款策略以及您為墨西哥 Pago 制定的功能路線圖？

So Bob, I think, again, when we look at the consumer backdrop, when we look at the general, I think, e-commerce market data, and we look at our Q2 numbers, what we're seeing is the return on the investments that we've been carrying out over years in user experience, in logistics, in payments and credit. I think the unique buyer metric is a consequence of that. I think consumers, when they begin to get tighter in their wallet, they will probably focus more and more of their spend on places where they can find selection, value and convenience. And we seem to be gaining a growing number of that user preference and choice throughout Latin America when you look at market share. So I don't think I have any specific call-out. Marketing and customer acquisition has continued to scale actually as a percentage of revenue. So this is not an uptick in investment, this is simply a consequence of everything we've done over the past multiple years in driving the best user experience possible.

所以鮑勃，我認為，當我們再次查看消費者背景時，當我們查看一般的電子商務市場數據時，我們查看第二季度的數據，我們看到的是多年來，我們一直在用戶體驗、物流、支付和信貸方面進行投資。我認為獨特的買家指標是其結果。我認為消費者，當他們的錢包開始收緊時，他們可能會越來越多地將支出集中在可以找到選擇、價值和便利的地方。當您查看市場份額時，我們似乎在整個拉丁美洲獲得了越來越多的用戶偏好和選擇。所以我不認為我有任何具體的呼籲。營銷和客戶獲取實際上佔收入的百分比繼續擴大。因此，這並不是投資的增加，這僅僅是我們在過去多年為推動最佳用戶體驗所做的一切努力的結果。

The Creditas experience in Mexico, I think, is a small pilot with a company that we think does a great job in that space. And I think it's similar deals that we have with financial institutions in Brazil. It continues to inform our understanding of that space and is potentially a space that eventually Mercado Credito could look to expand with a combination not just of these partnerships but also building a product for securitized lending, which is an interesting space throughout Latin America.

我認為，Creditas 在墨西哥的經驗是一個小型試點，我們認為這家公司在該領域做得很好。我認為這是我們與巴西金融機構的類似交易。它繼續告知我們對該領域的理解，並且可能是 Mercado Credito 最終可以尋求擴展的空間，不僅可以通過這些合作夥伴關係的組合，還可以構建證券化貸款產品，這是整個拉丁美洲的一個有趣空間。

In terms of the transition to a more transaction-based model within classifieds, I think we're still working on that. We see the potential of that space. We see that it's a high-traffic category within MELI, so one that we should be able to cross-sell very efficiently to. But I don't think we have defined or have really figured out how we move into the transactional model. Some of our previous intents around reservations and whatnot, I don't think, have been the right solution. So in typical MELI fashion, we will continue to iterate and think through the business model until eventually we find something that sticks and we can see a reacceleration in classifieds.

在向分類廣告中更多基於交易的模型過渡方面，我認為我們仍在努力。我們看到了這個空間的潛力。我們看到它是 MELI 中的一個高流量類別，因此我們應該能夠非常有效地進行交叉銷售。但我認為我們還沒有定義或真正弄清楚我們如何進入事務模型。我認為，我們之前圍繞保留之類的一些意圖並不是正確的解決方案。因此，以典型的 MELI 方式，我們將繼續迭代和思考商業模式，直到最終我們找到一些堅持下去的東西，我們可以看到分類廣告的重新加速。

Remittances is a market that we've always identified as a large market. We think allowing remitters in the U.S. to be able to send remittances direct into a Mercado Pago wallet, which generates all sorts of use cases for the receiver, he can purchase, he can then use his debit card, he can pay utility bills, he can use in-store QR, is an interesting solution rather than driving that consumer to have to go to a Western Union kiosk and extract cash. It drives further financial inclusion. So it's a win for Mercado Pago, and it's a potential added service for our partners. We're pleased to have partnered with Western Union, but you will see other partnerships in this space as we look to grow our pie of the very, very large remittance business.

匯款是一個我們一直認為是大市場的市場。我們認為允許美國的匯款人能夠將匯款直接發送到 Mercado Pago 錢包，這會為收款人生成各種用例，他可以購買，然後可以使用他的借記卡，他可以支付水電費，他可以使用店內二維碼，這是一個有趣的解決方案，而不是讓消費者不得不去西聯匯款亭提取現金。它推動了進一步的金融包容性。所以這是 Mercado Pago 的勝利，也是我們合作夥伴的潛在附加服務。我們很高興與西聯匯款合作，但隨著我們希望擴大我們在非常非常大的匯款業務中的蛋糕，您會在這個領域看到其他合作夥伴關係。

Our next question comes from the line of João Soares of Citi.

我們的下一個問題來自花旗的 João Soares。

Just a quick one on my side. Pedro, if you could talk a little bit more about the 1P. If I'm not mistaken, we saw a slightly lower contribution sequentially when we look into the first quarter. Now into this quarter, I don't know, it seems like -- if you could talk maybe if there is any change here in the 1P strategy and talk about any changes, how you're seeing your relationship with consumer electronics, home appliances, suppliers, I think, would be interesting.

只是我身邊的一個快速的。 Pedro，如果你能多談談 1P。如果我沒記錯的話，當我們查看第一季度時，我們看到的貢獻順序略低。現在進入本季度，我不知道，似乎 - 如果您可以談談 1P 策略是否有任何變化，並談論任何變化，您如何看待您與消費電子產品、家用電器的關係，我認為供應商會很有趣。

Yes. So when you refer to contribution, I assume you're referring to the mix of total GMV coming from the first-party business. You're correct, we have decelerated that business somewhat. I think I've addressed this somewhat. Our 1P business overall is still a business that is money-losing at the EBIT line. And in the current market context, and as we've looked to tighten the screws and improve our efficiencies in terms of margin and also cash generation, that business falls under the bucket of businesses that we continue to believe are long-term critical but that we will grow at a slightly lower rate given the current market context, focus more aggressively on improving pure product margins and direct contributions and EBIT margins within the different 1P categories. And once those margins are, again, either breakeven or positive or very close to breakeven, then we can reaccelerate growth there.

是的。所以當你提到貢獻時，我假設你指的是來自第一方業務的總 GMV 的組合。你是對的，我們已經在一定程度上減緩了這項業務。我想我已經解決了這個問題。我們的 1P 業務總體上仍然是在 EBIT 線上虧損的業務。在當前的市場環境下，隨著我們尋求擰緊螺絲並提高我們在利潤率和現金生成方面的效率，該業務屬於我們仍然認為具有長期重要性的業務範疇，但鑑於當前的市場環境，我們將以略低的速度增長，更積極地專注於提高不同 1P 類別中的純產品利潤率以及直接貢獻和 EBIT 利潤率。一旦這些利潤率再次達到盈虧平衡或正值或非常接近盈虧平衡，我們就可以在那裡重新加速增長。

So we're pleased with the direction the 1P business is going. Again, we continue to see it as strategic long term. But given current market context, we thought it made sense to slow down growth a little bit as we improved operational efficiency and got closer and closer to EBIT breakeven or even positive before we reaccelerate aggressively.

因此，我們對 1P 業務的發展方向感到滿意。同樣，我們繼續將其視為長期戰略。但考慮到當前的市場環境，我們認為在我們提高運營效率並越來越接近 EBIT 盈虧平衡甚至正值之前，稍微放慢增長速度是有意義的，然後我們才會重新積極加速。

Our next question comes from Marvin Fong of BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

I wanted to reiterate that I appreciate all the additional disclosure that you have made. Two questions, if I could, on the FinTech side. So first question, just looking at your disclosure about the average exposure per user, so for example, $1,400 for online merchant, $150 for a consumer, should we think about these levels, in the 4 categories you disclosed, being about where you expect them to stay? Or is there room for these average balances to grow over time in any other categories you're talking about? Just trying to understand what the opportunity for growth there is on a per user basis.

我想重申，我感謝您所做的所有額外披露。如果可以的話，在金融科技方面有兩個問題。所以第一個問題，只看你披露的每個用戶的平均曝光率，例如，在線商家 1,400 美元，消費者 150 美元，我們是否應該考慮這些水平，在你披露的 4 個類別中，是關於你期望它們的位置留下來？或者，在您所說的任何其他類別中，這些平均餘額是否有隨時間增長的空間？只是試圖了解每個用戶的增長機會。

And then my second question, on the Imo, the percentage you mentioned in the shareholder letter averages around 30% historically. So should we view that as perhaps a level that you would consider to be the normalized margin? And in that case, if you're earning above 30%, like you did this last quarter, that you might see opportunity to get more aggressive with your loan growth versus slowing it down when that percentage is lower?

然後我的第二個問題，關於 Imo，你在股東信中提到的百分比歷史平均約為 30%。那麼我們是否應該將其視為您認為是標準化邊際的水平？在這種情況下，如果您的收入超過 30%，就像您上個季度所做的那樣，您可能會看到在貸款增長方面更加積極的機會，而不是在該百分比較低時放慢速度？

So Marvin, I'd say with regard to our exposure per user, it depends on a couple of things. Probably the most important one is how fast we are growing our new cohorts. Typically, when we bring new users, onboard them, we get to new either merchants or consumers who start with lower credit lines. As those cohorts mature and we feel comfortable with the users, we expand those credit lines. So you'd expect for the older cohorts, those numbers will continue expanding. And there's a lot of room for growth we have there, particularly from the consumer side of the business because we start very conservatively. On the other hand, as we bring in new cohorts and we are going very fast, typically, the mix will change and these new clients will have lower lines. So I think that will be the main driver.

所以馬文，關於我們每個用戶的曝光率，我想說，這取決於幾件事。最重要的可能是我們的新群體增長速度有多快。通常，當我們帶來新用戶時，我們會接觸到信用額度較低的新商家或消費者。隨著這些群體的成熟並且我們對用戶感到滿意，我們會擴大這些信用額度。因此，您會期望對於較老的隊列，這些數字將繼續擴大。我們在那裡有很大的增長空間，特別是從業務的消費者方面，因為我們開始非常保守。另一方面，隨著我們引入新的群體並且我們的發展速度非常快，通常情況下，組合會發生變化，這些新客戶的產品線會更低。所以我認為這將是主要驅動力。

On interest margin after losses, as you see from the new disclosures, those have fluctuated. And that's a consequence of new products, new segments, launches in new markets. And this is still the very early days of our credit business. And so we will continue to launch new products. We will continue to expand into new user segments, always prioritizing our confidence in the quality of the underwriting of our models. So I don't think I would signal that this is a steady state.

正如您從新的披露中看到的那樣，在損失後的息差方面，這些已經波動。這是新產品、新細分市場、新市場推出的結果。這仍然是我們信貸業務的早期階段。因此，我們將繼續推出新產品。我們將繼續拓展新的用戶群，始終將我們對模型承保質量的信心放在首位。所以我不認為我會表示這是一個穩定的狀態。

The more important thing and the reason we think that it's important to give this disclosure is that just looking at NPLs, without understanding the pricing and the spreads, is really an incomplete way of understanding our credit business. And what you can see, if you look at any of the historical quarters, is that the Imos are actually extremely healthy. And if you assume, cost of funding, you know it's close to market, one of the big competitive advantages of Mercado Libre is that our cost to serve and our cost to acquire is extremely low because most of these users are already MercadoLibre or Mercado Pago users who we don't have to acquire and who we have multiple touch points with.

更重要的是，我們認為披露這一信息很重要的原因是，僅查看不良貸款，而不了解定價和利差，實際上是了解我們信貸業務的不完整方式。如果您查看任何歷史區域，您可以看到，Imos 實際上非常健康。如果你假設，資金成本，你知道它接近市場，Mercado Libre 的一大競爭優勢是我們的服務成本和獲取成本極低，因為這些用戶中的大多數已經是 MercadoLibre 或 Mercado Pago我們不需要獲取的用戶以及與我們有多個接觸點的用戶。

So this is a very profitable business for us. And even as NPLs have increased, and part of that is just the math, we've been able to price risk very effectively, and the margins have been very healthy and have actually been better in the second quarter than the 2 prior quarters, which is why we continue to remain very confident with the credit business because not only is it a significant catalyst for more sales, for better sales, for more working capital for our merchants, but it's also been a great business the way we've been managing underwriting and pricing.

所以這對我們來說是一項非常有利可圖的業務。即使不良貸款增加了，其中一部分只是數學計算，我們已經能夠非常有效地對風險進行定價，並且利潤率非常健康，實際上第二季度比前兩個季度更好，這這就是為什麼我們繼續對信貸業務充滿信心的原因，因為它不僅是促進更多銷售、更好銷售、為我們的商家提供更多營運資金的重要催化劑，而且按照我們一直管理的方式，它也是一項偉大的業務承銷和定價。

Richard Cathcart, Bradesco BBI.

理查德·卡思卡特，布拉德斯科 BBI。

Just a couple of quick ones here. So firstly, GMV growth in the other markets, so ex the big 3 markets, was down, I think, 18% year-on-year. So perhaps you could just give us a few pointers as to what's going on there.

這裡只有幾個快速的。首先，其他市場的 GMV 增長，除三大市場外，我認為同比下降了 18%。所以也許你可以給我們一些關於那裡發生的事情的指示。

And then the second question just on Mexico, a very, very decent margin there. I think probably the highest you've delivered on a quarterly basis in Mexico. You've already talked about kind of the areas where you're leveraging. I just wanted to ask if there was anything specific that you would call out that has contributed to that margin in Mexico.

然後是關於墨西哥的第二個問題，那裡的差距非常非常大。我認為這可能是您在墨西哥每季度交付的最高金額。您已經談到了您正在利用的領域。我只是想問一下，您是否會提出任何具體的內容，這有助於墨西哥的利潤率。

Great. So the other segment, which includes all other markets, the largest market there is Chile. Chile is a market that had phenomenal performance last year. It grew 4x certain quarters. A significant part of that was driven by distributions on pension funds that spurred a very significant consumption boom last year. And so the comp is extremely, extremely tough. And the expectation was that Chile would, short term, decelerate because of the tough comp. When we take a longer-term look and we look at how that business has been growing over the 2-year CAGR or over a longer period of time, Chile is a significant outperformer and, I think, shows the increased potential that some of the smaller other markets still have for us. So it's entirely driven by comps in Chile and slower growth in Colombia compared to other markets.

偉大的。所以另一個細分市場，包括所有其他市場，最大的市場是智利。智利是一個去年表現非凡的市場。它在某些季度增長了 4 倍。其中很大一部分是由養老基金的分配推動的，去年刺激了非常顯著的消費熱潮。所以比賽非常非常艱難。並且預期智利會因為艱難的競爭而在短期內減速。當我們從長遠來看，我們看看該業務在 2 年的複合年增長率或更長的時間內是如何增長的，智利是一個顯著的表現出色的國家，我認為，它顯示了一些增長的潛力其他較小的市場仍然對我們有用。因此，與其他市場相比，它完全是由智利的競爭和哥倫比亞的增長放緩所驅動的。

Mexico, I think what's interesting about Mexico, since you asked the question, is, this is the first profitable quarter out of Mexico in the last 5 years. If you recall, 5 years ago, we engaged in a very aggressive investment cycle, confident that, long term, if we invested in Mexico, given the size of the market, the potential of the market, eventually scale would kick in and Mexico would become a profitable business at a much larger size. And additionally, it's allowed us to defend our leadership position where, despite an incredibly competitive market, we still are market leaders.

墨西哥，我認為墨西哥的有趣之處在於，自從您提出問題以來，這是過去 5 年墨西哥第一個盈利的季度。如果你回想一下，5 年前，我們進行了一個非常激進的投資週期，我們相信，從長遠來看，如果我們在墨西哥投資，考慮到市場規模和市場潛力，最終規模會發揮作用，墨西哥會成為規模更大的盈利企業。此外，它使我們能夠捍衛我們的領導地位，儘管市場競爭異常激烈，但我們仍然是市場領導者。

So I think this, for us, is a confirmation of the potential for Mexico to be a very large market and a profitable market as we emerge from the heavy investment cycle and start to reap some of the benefits of scale and of the investments made in the past. I think this is a bit ahead of schedule. So this is not necessarily a trend in terms of short-term performance, but it definitely confirms the conviction we've had all along that Mexico will be profitable and also very large when we look at longer term.

所以我認為，對我們來說，這證實了墨西哥有潛力成為一個非常大的市場和一個有利可圖的市場，因為我們從繁重的投資週期中走出來，並開始從規模和投資中獲得一些好處。過去。我認為這有點提前了。因此，就短期表現而言，這不一定是一種趨勢，但它肯定證實了我們一直以來的信念，即從長期來看，墨西哥將是有利可圖的，而且規模也很大。

Our next question comes from the line of Stephen Ju of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So I think on the disclosure, you once again called out fulfillment penetration, having reached about 40% across your network. So are you basically at a point where you can start combining multiple items per delivery as of yet? Or do you think we need to see a higher level of order density or fulfillment penetration in order to start doing that?

因此，我認為在披露時，您再次呼籲履行滲透率，在您的網絡中已達到約 40%。那麼，到目前為止，您是否基本上可以開始在每次交付時組合多個項目？還是您認為我們需要看到更高水平的訂單密度或履行滲透率才能開始這樣做？

And one more on the FinTech side, if I may. I think, in the past, you've mentioned really access to asset management products for your wallet users as another sort of pillar for growth of your FinTech revenue. So our recollection is that this has been out in Argentina for some time. So maybe it's a little bit more mature there versus the other regions. So is there anything you can share in terms of your users' propensity or willingness to keep a balance in their wallets?

如果可以的話，還有一個在金融科技方面。我認為，在過去，您曾提到真正為您的錢包用戶提供資產管理產品，這是您金融科技收入增長的另一種支柱。所以我們的回憶是，這在阿根廷已經有一段時間了。因此，與其他地區相比，那裡可能更成熟一些。那麼，就用戶在錢包中保持餘額的傾向或意願而言，您有什麼可以分享的嗎？

Yes, let me start with the second part of the question with regard to users' propensity to store balance in Mercado Pago. I think that we have seen increased balance in all of the countries, particularly so, I'd say, in Argentina because, on the one hand, we have the wallet where we're seeing lots of daily transaction and it's very convenient to have that store balance in order to pay those transactions easily. And what we have seen over the last year is an increase in the mix of payments that has gone with the store balance. On top of that, we offer in Argentina a money market fund, and that money market fund yields north of 30%, which is below inflation, but it's north of 30% larger than what you get in a savings account. So it's really no-brainer as a user to have the money in Mercado Pago and being able to use it any time.

是的，讓我從關於用戶在 Mercado Pago 中存儲餘額的傾向的問題的第二部分開始。我認為我們已經看到所有國家/地區的餘額都有所增加，尤其是在阿根廷，因為一方面，我們擁有可以看到大量日常交易的錢包，而且擁有它非常方便存儲餘額以便輕鬆支付這些交易。我們在去年看到的是隨著商店餘額的增加而增加的支付組合。最重要的是，我們在阿根廷提供貨幣市場基金，該貨幣市場基金的收益率在 30% 以上，低於通貨膨脹率，但比您在儲蓄賬戶中獲得的收益高出 30% 以上。因此，作為用戶，在 Mercado Pago 有錢並且可以隨時使用它真的很容易。

With regards to Brazil, the one thing we offer now is just interest on the balance in your account. But I'd say, in the last few quarters, some of our competitors who used to offer the same thing have stopped doing so and that has made the Mercado Pago account more attractive. And still, what we offer is pretty basic. And we are in the process of building better-yielding products from Mercado Pago, and we expect this to increase. We believe that storing balance in Brazil account is a big part of our ambition to gain principality, being regarded as a full solution for basic banking.

關於巴西，我們現在提供的一件事就是對您賬戶餘額的利息。但我想說，在過去的幾個季度中，我們過去提供相同服務的一些競爭對手已經停止這樣做，這使得 Mercado Pago 帳戶更具吸引力。儘管如此，我們提供的還是非常基本的。我們正在從 Mercado Pago 構建更高產量的產品，我們預計這會增加。我們認為，將餘額存儲在巴西賬戶是我們獲得公國雄心的重要組成部分，被視為基本銀行業務的完整解決方案。

Great. On orders per shipment, so obviously, we already do that. All orders where more than one product come out of one fulfillment center, obviously, are multi-item per order. I think there are many drivers that we still can act on to drive up orders per shipment. It's true that fulfillment penetration is one of them, but incremental fulfillment penetration also comes with a growing number of warehouses, so it's more complex than that. I think a lot of it is tied to the user interface and how we can drive larger shopping carts but then increase the number of items per order and decrease, obviously, the unit economics on each shipment. So I think I mentioned this last quarter. I would say this is still a lever that we're working on and where we can drive incremental operational efficiencies going forward. I think the number has been relatively stable for a few quarters. So there is opportunity there.

偉大的。對於每批貨物的訂單，很明顯，我們已經這樣做了。顯然，所有來自一個履行中心的多於一種產品的訂單都是多件商品。我認為有許多驅動因素我們仍然可以採取行動來推動每次發貨的訂單。確實，履行滲透是其中之一，但隨著倉庫數量的增加，不斷增加的履行滲透也隨之而來，因此它比這更複雜。我認為其中很多都與用戶界面以及我們如何驅動更大的購物車有關，但隨後會增加每個訂單的商品數量，並且顯然會降低每批貨物的單位經濟性。所以我想我在上個季度提到了這一點。我想說這仍然是我們正在努力的一個槓桿，我們可以在其中推動不斷提高的運營效率。我認為這個數字已經相對穩定了幾個季度。所以那裡有機會。

Our next question comes from Neha Agarwala of HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

I hope you can hear me now.

我希望你現在能聽到我的聲音。

We can hear you now.

我們現在可以聽到你的聲音了。

Perfect. I have three questions. First, a quick clarification on the Creditas comment in Mexico. Did you say that you were looking to do securitized credit on your own balance sheet in the future? Or would you stick to the partnership model?

完美的。我有三個問題。首先，快速澄清一下墨西哥的 Creditas 評論。您是否說過您希望將來在自己的資產負債表上進行證券化信貸？還是你會堅持合作模式？

I think we are open to having a combination of both things, but we'll have to wait and see.

我認為我們願意將兩者結合起來，但我們必須拭目以待。

Okay. My second question is on the funding cost. Could you talk a little bit about how you fund your credit and the prepayment business? The combination of keeping it on your own balance sheet versus using third-party funding, how has that evolved? And where should we see this going forward? And my last question is regarding asset quality. What changes have you implemented in the credit business -- and here, I'm talking in terms of maybe ticket size or approval rates, et cetera -- to prepare for a potential worsening in the asset quality cycle?

好的。我的第二個問題是關於資金成本。你能談談你如何為你的信用和預付款業務提供資金嗎？將其保留在您自己的資產負債表上與使用第三方資金相結合，這是如何演變的？我們應該在哪裡看到這一點？我的最後一個問題是關於資產質量。您在信貸業務中實施了哪些改變——在這裡，我說的是票面規模或批准率等等——為資產質量週期的潛在惡化做準備？

Great. So let me start with funding. The funding is done through multiple funding windows. And we believe that, for the long-term health of the business, having availability to multiple funding sources is the correct structure, and then we can vary between funding structures based on cost and depth of each different funding pool at different times. So today, some of that is done through equity with a very attractive ROE. Some of that is done through SPVs, or FIDCs specifically in Brazil, with some of our financial partners, Goldman Sachs and Citi being two of the largest. And then increasingly in Brazil, we have what would resemble retail funding, although we are not a bank, which is the issuance of certificates of deposit, which is also one of our sources of funding.

偉大的。所以讓我從資金開始。資金是通過多個資金窗口完成的。我們相信，為了企業的長期健康，擁有多個資金來源是正確的結構，然後我們可以根據每個不同資金池在不同時間的成本和深度來改變資金結構。所以今天，其中一些是通過具有非常有吸引力的 ROE 的股權來完成的。其中一些是通過 SPV 或特別是巴西的 FIDC 完成的，我們的一些金融合作夥伴高盛和花旗是最大的兩個。然後在巴西，我們越來越多地擁有類似於零售資金的東西，儘管我們不是銀行，這是發行存款證，這也是我們的資金來源之一。

In terms of the evolution over time, what you've seen is increasingly, over time, a mix shift towards third-party funding as the business grows and as the amount of equity that we're willing to commit to that, I think, has decreased. We're confident that going forward, the combination of these third-party funding sources, plus incremental equity that we are willing to invest in the business given the ROE, can fund the growth in the credit business for the foreseeable future.

就隨時間的演變而言，隨著時間的推移，隨著業務的增長以及我們願意承諾的股權數量，你所看到的越來越多的混合轉向第三方資金，我認為，已經減少了。我們相信，在未來，這些第三方資金來源的結合，加上考慮到 ROE，我們願意投資於該業務的增量股權，可以在可預見的未來為信貸業務的增長提供資金。

With regards to asset quality, I would say that, during last year, we have been growing aggressively our credit portfolio, focusing mostly on profitability, not in growth itself but in profitability, and we have been able to do so by reaching out to riskier consumers, riskier merchants and pricing accordingly. That's why despite taking more risk, we have been able to maintain margins and grow profitably.

關於資產質量，我想說，在去年，我們一直在積極增長我們的信貸組合，主要關注盈利能力，而不是增長本身，而是盈利能力，我們能夠通過接觸風險更高的產品來做到這一點消費者、風險較高的商家和相應的定價。這就是為什麼儘管承擔了更多風險，我們仍然能夠保持利潤率並實現盈利增長。

Now I'd say, as the credit environment is looking more cautious, we are also becoming a little bit more cautious. And what we are doing is probably focusing more on those consumers who will be more creditworthy and being more cautious and lowering offers or removing offers to those segments that are riskier. And we have started doing this actually this quarter, this third quarter, very early in this third quarter, in the consumer business. And we have already started doing so in the credit card business in the prior quarter, in the second quarter.

現在我想說，隨著信貸環境看起來更加謹慎，我們也變得更加謹慎。我們正在做的可能是更多地關注那些更有信譽、更謹慎的消費者，並降低或取消對風險較高的細分市場的報價。我們實際上在本季度、本第三季度、本第三季度的早期，在消費者業務中已經開始這樣做了。我們已經在上一季度和第二季度開始在信用卡業務中這樣做。

Our next question comes from the line of Geoffrey Elliott of Autonomous.

我們的下一個問題來自 Autonomous 的 Geoffrey Elliott。

We'll go to our final question in queue, which comes from the line of Sean Dunlop of Morningstar.

我們將進入隊列中的最後一個問題，該問題來自 Morningstar 的 Sean Dunlop。

Just a couple of quick ones on the commerce business. It looked like the third-party take rate declined a little bit year-over-year. I'm just sort of wondering what drove that, particularly given that the ads business is growing? Is that going to be category mix or higher shipping incentives, maybe higher-priced products that might see lower fixed fees? It looks like that seller final value fee is a flat fee component. And I've got one quick follow-up.

只是一些關於商業業務的快速操作。看起來第三方接受率同比略有下降。我只是想知道是什麼推動了這一點，特別是考慮到廣告業務正在增長？這將是類別組合還是更高的運輸激勵措施，也許是價格更高的產品可能會降低固定費用？看起來賣方最終價值費用是一個固定費用組成部分。我有一個快速跟進。

Okay. Great. So I think it's down very slightly. It's about, what is it, like 30 bps, primarily on increases in interest rate that compressed some of the take rate on 0 installment financing listing types. And then also different growth rates, especially Brazil, with lower rate growth than some of the other markets. Brazil is the highest take rate market. Those 2 factors account for that 30 bps compression. I think year-over-year, it's actually up by 10 bps. In general, I would say it's a solid level of monetization, around 16.5% to 17%, that we've been able to sustain.

好的。偉大的。所以我認為它下降了很多。它是關於，它是什麼，比如 30 個基點，主要是由於利率的上升壓縮了 0 分期融資上市類型的部分利率。然後還有不同的增長率，尤其是巴西，增長率低於其他一些市場。巴西是利率最高的市場。這兩個因素解釋了 30 bps 的壓縮率。我認為年復一年，它實際上上升了 10 個基點。總的來說，我會說這是一個穩定的貨幣化水平，大約 16.5% 到 17%，我們已經能夠維持。

Got it. That's helpful. Yes, I was looking specifically at that third-party business. But diving a little bit to first-party, what's the long-term appetite for that? Obviously, a little bit slower here in the near term. But is that still double-digit percentage of GMV in the long run?

知道了。這很有幫助。是的，我專門研究了第三方業務。但是對第一方稍微投入一點，對此的長期興趣是什麼？顯然，在短期內會慢一點。但從長遠來看，這仍然是 GMV 的兩位數百分比嗎？

Yes. 1P clearly has a role to play. I guess, one way to simplify the strategic thought is there are certain subcategories in our very wide selection where market structure of the third-party market might not be the most efficient, either because there are very few suppliers, because third-party merchants don't have access to competitive pricing, and that's typically where we'll step in with 1P. I think it's fair to say that our long-term ambition of percentage of overall mix is in excess of single digits. Exactly what it will be will depend a lot on our capacity to execute and how also our third-party business evolves. Where it's incredibly efficient and there's less need for us to step in, then I think we will remain 3P and asset-light. Where we can better serve our consumers by stepping in with a 1P offering, we will see that. So we need to monitor that over time, but it should continue to grow.

是的。 1P 顯然可以發揮作用。我想，簡化戰略思路的一種方法是，在我們非常廣泛的選擇中，有一些子類別，第三方市場的市場結構可能不是最有效的，要么是因為供應商很少，因為第三方商家沒有無法獲得有競爭力的價格，而這通常是我們使用 1P 介入的地方。我認為可以公平地說，我們在整體組合百分比方面的長期目標超過個位數。它將在很大程度上取決於我們的執行能力以及我們的第三方業務如何發展。如果它非常高效並且我們不需要介入，那麼我認為我們將保持 3P 和輕資產。我們可以通過提供 1P 產品更好地服務於我們的消費者，我們將看到這一點。因此，我們需要隨著時間的推移對其進行監控，但它應該會繼續增長。

At this time, I'd like to turn the call back over to Pedro Arnt for closing remarks. Sir?

在這個時候，我想把電話轉回給 Pedro Arnt 來結束髮言。先生？

Great. Thank you. So really pleased with the quarterly results. I think we are delivering on a combination of growth above market with market share gains, improving profitability. And one thing that hasn't been mentioned is also improvements in our cash conversion cycle, in our cash from operations and the increase in liquid assets that we have on our balance sheet. So a great quarter, I think the team has done phenomenal work, and we look forward to updating you after Q3. Thank you very much.

偉大的。謝謝你。對季度業績非常滿意。我認為我們正在實現高於市場的增長與市場份額增長相結合，從而提高盈利能力。還沒有提到的一件事是我們的現金轉換週期、運營現金和資產負債表上流動資產的增加。這是一個很棒的季度，我認為團隊已經完成了非凡的工作，我們期待在第三季度之後更新您。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。