美卡多 (MELI) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the MercadoLibre earnings conference call. (Operator Instructions) Due to some technical issues, we will begin this call with the Q&A segment. After the Q&A, we will have the video available to play on this call. Thank you for your understanding.

美好的一天，謝謝你的支持。歡迎來到 MercadoLibre 收益電話會議。 （操作員說明）由於一些技術問題，我們將從問答環節開始本次通話。問答結束後，我們將提供可在本次通話中播放的視頻。感謝您的理解。

(Operator Instructions) Our first question comes from the line of Andrew Ruben from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的安德魯魯本。

I'm interested on the commerce take rate. It was a strong quarter. We see the increase of about 50 bps for the seller final value fees, about 60 bps on the shipping fees. I'm curious if you could dig in a bit further on both of those items. Was there any change in your pricing policy? Was it mix? Anything maybe on the contra revenue line? Just trying to understand what drove the take rate expansion, would be helpful.

我對商業採取率很感興趣。這是一個強勁的季度。我們看到賣家最終價值費用增加了約 50 個基點，運費增加了約 60 個基點。我很好奇您是否可以進一步深入了解這兩個項目。你們的定價政策有什麼變化嗎？是混合的嗎？有什麼可能在反收入線上嗎？只是想了解是什麼推動了採用率擴張，將會有所幫助。

Can you hear me now?

你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

So we were just encouraging everyone to please take a look at the video after we're done with Q&A and apologies for the technical difficulty.

所以我們只是鼓勵大家在我們完成問答和技術困難後請看一下視頻。

Andrew, it's a little bit of the 3 things you mentioned. So we have begun or continued to selectively change shipping prices on select routes and zones in different markets. And so the net revenue from shipping has improved as a consequence of those pricing actions. Mix has been a driver of improving final value fees as there's some mix shift towards higher take rate categories. And typically, at the beginning of the year, in the first quarter, we also carry out selective pricing on seller fees across different geos in the marketplace.

安德魯，這是你提到的三件事中的一點點。因此，我們已經開始或繼續有選擇地更改不同市場的特定路線和區域的運費。因此，由於這些定價行動，航運淨收入有所提高。混合一直是提高最終價值費用的驅動力，因為有一些混合轉向更高的採用率類別。通常，在年初的第一季度，我們還會對市場上不同地區的賣家費用進行選擇性定價。

Great. And as a quick follow-up, you mentioned the pricing on select routes and zones in different markets. Is that more the core logistics fees? Or any change in how you've implemented some of the tests for fulfillment and warehousing specifically?

偉大的。作為快速跟進，您提到了不同市場中特定路線和區域的定價。這是核心物流費用嗎？或者您在實施一些具體的履行和倉儲測試方面有何改變？

Yes. No, so this is driven more by passing on cost increases to transportation costs within our network and less related to us beginning to ramp up the monetization on fulfillment. If anything, as I always said, the first sequential priority on fulfillment is to continue to drive incremental usage of the fulfillment service. We've seen some really solid pickup of fulfillment adoption throughout the first quarter, primarily in Brazil, exiting on a high note in terms of a historical high for Brazilian fulfillment penetration. So we continue to accomplish that first sequential goal.

是的。不，所以這更多是通過將成本增加轉嫁到我們網絡內的運輸成本來驅動的，而不是與我們開始提高履行貨幣化的相關性。如果有的話，就像我一直說的那樣，履行的首要順序是繼續推動履行服務的增量使用。我們在整個第一季度看到了一些真正穩固的實現採用率，主要是在巴西，就巴西實現滲透率的歷史高位而言，高調退出。因此，我們繼續實現第一個順序目標。

The ramp-up in monetization, we always said, is probably the second one sequentially, once we've reached more Mexico-like levels of fulfillment in the other markets. So the monetization improvements on logistics are not driven by incremental monetization on fulfillment services but much more by price increases on transportation costs.

我們總是說，一旦我們在其他市場達到更多類似墨西哥的履行水平，貨幣化的增加可能是連續的第二個。因此，物流貨幣化的改進不是由履行服務的增量貨幣化驅動的，而更多是由運輸成本的價格上漲驅動的。

Our next question comes from Irma Sgarz from Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

The continued rise in your product and technology development expenses leave relatively little doubt about your commitment to invest behind the innovation. But my question is, other than ad tech, are there any other specific new areas to which you're incrementally deploying more tax spend in 2023?

您的產品和技術開發費用的持續增加使您對投資創新的承諾產生了相對較小的懷疑。但我的問題是，除了廣告技術之外，您是否會在 2023 年逐步部署更多稅收支出的任何其他特定新領域？

And the second part to this question is related. I imagine you already use AI and machine learning across a number of products and functionalities. But with the advances on these technologies over the last 6 months or so, are there any new areas of application and opportunities that you're particularly excited about? And will they require, either through the OpEx or the CapEx line, greater investment cycle into the future?

這個問題的第二部分是相關的。我想您已經在許多產品和功能中使用了 AI 和機器學習。但是，隨著過去 6 個月左右這些技術的進步，是否有任何新的應用領域和機會讓您特別興奮？他們是否需要通過 OpEx 或 CapEx 線，對未來進行更大的投資週期？

So on product development, a couple of important, I think, clarifications. Yes, it continues to be the most significant line in terms of deleveraging. I think on super-solid top line, when we look at margin expansion, we've been able to generate incremental margin across most of our cost lines. The 2 that haven't, on a year-on-year basis, are certain sales taxes, primarily in Brazil, and then 220 basis points from product development.

所以關於產品開發，我認為有幾個重要的澄清。是的，它仍然是去槓桿化方面最重要的路線。我認為在超穩固的頂線，當我們考慮利潤率擴張時，我們已經能夠在我們的大部分成本線中產生增量利潤率。與去年同期相比，沒有的 2 個是某些銷售稅，主要是在巴西，然後是產品開發的 220 個基點。

Bear in mind that the rate of incremental hiring has come down from about 4,000 engineers to 2,000. And so a significant portion of those 220 basis points are a consequence of the annualization of all the engineers that we hired last year and not a continued acceleration in rate of engineers hiring. So for next year, we should begin to see a slowdown in the level of deleveraging from product development unless we significantly ramp up hirings again, which is currently not on the plans.

請記住，增量招聘的速度已經從大約 4,000 名工程師下降到 2,000 名。因此，這 220 個基點中的很大一部分是我們去年僱用的所有工程師的年化結果，而不是工程師僱用率的持續加速。因此，對於明年，我們應該會開始看到產品開發去槓桿化水平的放緩，除非我們再次大幅增加招聘，這目前還沒有在計劃中。

In terms of areas of investment, it really is across the board. We see our product and our technology as a competitive advantage. And those engineers are really split across the multiple different products and services that we are either building out or improving constantly. So they're fairly evenly distributed among the existing businesses you're well aware of.

從投資領域來說，確實是一刀切。我們將我們的產品和技術視為競爭優勢。這些工程師實際上分散在我們正在構建或不斷改進的多種不同產品和服務中。因此，它們相當均勻地分佈在您熟知的現有業務中。

In terms of AI, I think as most companies, we do see some very relevant short- to mid-term positive impact in terms of engineering productivity. And we are also increasing the amount of work being done on what elements of the consumer-facing experiences we can deploy AI on. I think the focus right now is on some of the more obvious use cases: improving and streamlining customer service and interactions with reps, improving workflows for reps through AI-assisted workflow tools and then deploying AI to help a better search and discovery in terms of better finding products on our website and better understanding specifications of products where existing LLMs are quite efficient.

在人工智能方面，我認為與大多數公司一樣，我們確實看到了一些非常相關的中短期工程生產力方面的積極影響。我們還在增加我們可以在哪些面向消費者的體驗元素上部署 AI 的工作量。我認為現在的重點是一些更明顯的用例：改進和簡化客戶服務以及與銷售代表的互動，通過人工智能輔助的工作流程工具改進銷售代表的工作流程，然後部署人工智能以幫助更好地搜索和發現更好地在我們的網站上查找產品，並更好地理解現有 LLM 非常有效的產品規格。

And then beyond that, I think there's a lot of work going on, and we hope to come up with other innovative forms of AI that we can place into the consumer-facing experience. But the ones I just mentioned are the ones that we're currently working on the most.

除此之外，我認為還有很多工作正在進行，我們希望提出其他創新形式的人工智能，我們可以將其置於面向消費者的體驗中。但是我剛才提到的那些是我們目前正在做的最多的。

Our next question comes from Marcelo Santos from JPMorgan.

我們的下一個問題來自摩根大通的馬塞洛桑托斯。

I wanted to ask about the improved logistic economics you mentioned in the release. Is this mostly because of pricing that you passed through? Or are you experiencing also benefits of scale or more efficiency like cost-based improved economics?

我想問一下您在新聞稿中提到的改進後勤經濟學。這主要是因為您通過了定價嗎？或者您是否也在體驗規模效益或更高效率，例如基於成本的改進經濟？

Yes. So it's not just driven by price increases. We continue to see improvements in terms of productivity across different portions of our network. So it's a combination of pricing and scale increases and scale benefits.

是的。因此，這不僅僅是由價格上漲驅動的。我們繼續看到我們網絡不同部分的生產力有所提高。所以這是定價和規模增長以及規模效益的結合。

Our next question is from Thiago Macruz from Itaú BBA.

我們的下一個問題來自 Itaú BBA 的 Thiago Macruz。

Congrats on a great quarter. You've mentioned that the 1P operation has reached a turning point in this Q1. Can you shed some light on the main differences that you're seeing the economics of the business today? And also, you're generating plenty of cash. Would it make sense to invest a tad more and accelerate the consolidation of the market chiefly in Brazil where we now see a somewhat softer competitive environment?

祝賀一個偉大的季度。你提到1P操作在這個Q1到了一個轉折點。您能否闡明您在當今企業經濟學中看到的主要差異？而且，您正在產生大量現金。多投資一點並加速主要在巴西的市場整合是否有意義，我們現在看到巴西的競爭環境有所緩和？

Great. So I think as we signaled over the past few quarters, we had slowed down the first-party business, in large part because we had grown it initially very fast and there was a significant amount of internal operations that we wanted to be able to fix, which would allow us to then reaccelerate that business with a healthy margin structure and much better internal operations. What you're beginning to see now are the initial phases of that turnaround. So we feel a lot more confident in how that business is being run. We're beginning to see margin improvements across different product lines in 1P, and hence, you're seeing some of the acceleration. And going forward, if we continue to see these positive trends, you should continue to see the 1P business accelerating growth going forward, which should give us some interesting benefits across the categories where 1P can be an important competitive factor.

偉大的。所以我認為，正如我們在過去幾個季度發出的信號，我們放慢了第一方業務，很大程度上是因為我們最初的增長非常快，並且我們希望能夠修復大量的內部運營，這將使我們能夠以健康的利潤結構和更好的內部運營來重新加速該業務。您現在開始看到的是轉變的初始階段。因此，我們對該業務的運營方式更有信心。我們開始看到 1P 不同產品線的利潤率有所提高，因此，您會看到一些加速。展望未來，如果我們繼續看到這些積極趨勢，您應該會繼續看到 1P 業務在未來加速增長，這應該會給我們帶來一些有趣的好處，因為 1P 可能是一個重要的競爭因素。

On your point of investing even more aggressively to consolidate market share, I think if you look at our 1P results and you look at certain things like marketing spend, certain couponing efforts, investment behind the logistics network, you will see that we did lean into the market, especially in Brazil, where there is more market share up for grabs short term. The return on those investments was a very strong acceleration in top line, which actually meant that margin-wise, it was contributed from a dollar perspective. So we do feel that we are investing more aggressively to try to more rapidly strengthen our leadership position, and we do see that reflected in market share numbers.

關於你更積極地投資以鞏固市場份額的觀點，我想如果你看看我們的 1P 結果，看看某些事情，比如營銷支出、某些優惠券的努力、物流網絡背後的投資，你會發現我們確實傾向於市場，尤其是巴西，短期內有更多市場份額可供爭奪。這些投資的回報是收入的一個非常強勁的加速，這實際上意味著從利潤的角度來看，它是從美元的角度貢獻的。所以我們確實覺得我們正在更積極地投資以試圖更快地加強我們的領導地位，我們確實看到市場份額數字反映了這一點。

Investing even more probably gets us into areas where the return on those incremental investments don't make as much sense thinking long term. And so I think we continue to manage the P&L in an aggressive way, striving, first and foremost, for market share gains and above-market growth but, at the same time, understanding that, at the scale we have, we want that incremental market share to come in a way that's profitable. And that continues to be the way that we're managing those incremental investments across different markets.

投資更多可能會讓我們進入那些增量投資的回報從長遠來看沒有多大意義的領域。因此，我認為我們將繼續以積極的方式管理損益，首先是爭取市場份額增長和高於市場的增長，但與此同時，我們明白，以我們現有的規模，我們希望增量以有利可圖的方式獲得市場份額。這仍然是我們管理不同市場增量投資的方式。

Our next question is from Pedro Pinto from BBI.

我們的下一個問題來自 BBI 的 Pedro Pinto。

I would like to hear from you your ambition on commerce business across the regions. As long as market share gains in Mexico and Brazil seems to be in good shape, do you think it's time to increase focus in other regions such as Chile? So basically, I would like to know what are the intent of timing and deliverables in this front.

我想听聽您對跨地區商業業務的雄心壯志。只要墨西哥和巴西的市場份額增長勢頭良好，您認為是時候增加對智利等其他地區的關注了嗎？所以基本上，我想知道這方面的時間安排和可交付成果的意圖是什麼。

Yes. Great question. I think we continue to see a very attractive midterm opportunity in the end markets Chile, Colombia, Peru. Chile has some very tough comps based on macro issues in the previous years. A lot of money was put into consumer pockets that went enlarged into consumption. And so that means that the rate of acceleration in Chile has been significantly down and even negative over the last few quarters. And we're beginning to see that beginning to turn around. GMV growth was already slightly positive this quarter and revenue growth rebounded and was much more positive than in previous quarters. So we're confident that Chile should continue that turnaround and that improvement. Chile, not so long ago, was one of our fastest-growing markets throughout the pandemic. And so we think that once the comp issues are behind us, there's a lot of potential from that market.

是的。很好的問題。我認為我們繼續在智利、哥倫比亞和秘魯的終端市場看到一個非常有吸引力的中期機會。智利有一些基於前幾年宏觀問題的非常艱難的競爭。大量資金進入了消費者的口袋，擴大了消費。因此，這意味著在過去幾個季度中，智利的增速明顯放緩，甚至為負。我們開始看到這種情況開始好轉。本季度 GMV 增長已經略微為正，收入增長出現反彈，並且比前幾個季度更為積極。因此，我們相信智利應該繼續這種轉變和改進。不久前，智利還是我們在整個大流行期間增長最快的市場之一。因此我們認為，一旦補償問題已經過去，這個市場就會有很大的潛力。

Peru is still quite small for us, we are increasing our customer acquisition and marketing spend there this year versus prior years. Nothing that dramatically impacts the consolidated P&L., but for the size of that market, that is a significant ramp-up in marketing spend over last year. And hopefully, we see enough returns on that, that then we can continue to double-down on Peru.

秘魯對我們來說仍然很小，與往年相比，我們今年增加了那裡的客戶獲取和營銷支出。沒有什麼會顯著影響綜合損益，但就該市場的規模而言，這是去年營銷支出的顯著增加。希望我們看到足夠的回報，然後我們可以繼續加倍押注秘魯。

And Colombia is potentially the market that's been most challenging for us. I think, in general, that's true for all of e-commerce, but we still see that as an attractive market. And eventually, I think we will try to figure that out. I don't think it's a matter at this point of investing more. We actually have a P&L in Colombia that is not profitable and that receives the right amount of investment. It's more a matter of waiting for the market to mature a little bit and for us to continue to improve on execution and product rollouts so that we can see better results coming out of that market.

哥倫比亞可能是對我們最具挑戰性的市場。我認為，總的來說，所有電子商務都是如此，但我們仍然認為這是一個有吸引力的市場。最終，我認為我們會嘗試解決這個問題。我認為在這一點上增加投資不是問題。實際上，我們在哥倫比亞有一個損益表，它沒有盈利，但獲得了適量的投資。更重要的是等待市場成熟一點，讓我們繼續改進執行和產品推出，以便我們可以看到該市場產生更好的結果。

Our next question comes from Geoffrey Elliott from Autonomous.

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

Wanted to ask one on the credit side. It looks like the IMAL is down quite a bit sequentially. And I know in the slides, you mentioned an element of seasonality around bad debt. But if we look at the bad debt provisions, they're a bit higher than 4Q but quite a bit lower than 2Q and 3Q when the IMAL was higher. So can you help us understand a bit better what's going on there? Is that a mix shift is pricing change? Is it about funding cost? What's driven that down? And how should we think about it going forward?

想問一個信用方面的問題。看起來 IMAL 連續下降了很多。我知道在幻燈片中，你提到了壞賬的季節性因素。但如果我們看一下壞賬撥備，它們會比 4Q 高一點，但比 IMAL 較高的 2Q 和 3Q 低很多。那麼你能幫助我們更好地了解那裡發生了什麼嗎？混合轉變是定價變化嗎？與資金成本有關嗎？是什麼導致了這種情況？我們應該如何考慮它的發展？

Geoffrey. Yes, IMAL is down from what I think was an exceptional high fourth quarter, still 39% for the quarter. And I think it came down for a combination of things. On the one hand, we had slightly lower revenue. The fourth quarter typically is a quarter where we see a higher participation of merchant credits, and it usually comes down in the first quarter. Also, in the first quarter, we increased the issuing of credit cards, which there, you book the losses initially, but then most of the volume does not generate revenues because it gets paid in full, and that brings down a little bit IMAL. Also, as you book the losses initially, that also increases the (inaudible). And finally, as the portfolio rose in the quarter, the third thing that impacts is the change in the portfolio that impacts IMAL. That's why it came down. We're still comfortable with the 39% volume.

杰弗裡。是的，IMAL 低於我認為的第四季度異常高的水平，該季度仍為 39%。而且我認為它歸結為多種因素。一方面，我們的收入略有下降。第四季度通常是我們看到商業信貸參與度更高的一個季度，而且通常會在第一季度下降。此外，在第一季度，我們增加了信用卡的發行量，在那裡，你最初記入了損失，但隨後大部分數量都沒有產生收入，因為它得到了全額支付，這降低了一點 IMAL。此外，當您最初登記損失時，這也會增加（聽不清）。最後，隨著本季度投資組合的增加，影響 IMAL 的第三件事是投資組合的變化。這就是它下降的原因。我們仍然對 39% 的交易量感到滿意。

And you mentioned accelerating in credit cards. What have you seen that's giving you confidence to do that? And how much more potential is there to continue to ramp up growth in cards.

你提到了信用卡的加速發展。你看到了什麼讓你有信心去做那件事？還有多少潛力可以繼續推動卡片的增長。

We feel confident and we're always looking at cohorts and approval rates, and we felt comfortable that, I would say, in the second half of the first quarter, we were comfortable that we're willing to issue more cards, so we issued significantly more cards in the first quarter than we did in the fourth quarter of last year. And we'll see how conditions remain. But so far, we are comfortable with what we're seeing and with the latest segment of cards we have issued.

我們充滿信心，我們一直在關注群體和批准率，我們感到很自在，我想說，在第一季度的下半年，我們很自在願意發行更多卡片，所以我們發行了第一季度的卡片數量明顯多於去年第四季度。我們將看看情況如何。但到目前為止，我們對所看到的以及我們發行的最新部分卡片感到滿意。

(Operator Instructions) Jamie Friedman from Susquehanna International Group.

（操作員說明）來自 Susquehanna International Group 的 Jamie Friedman。

Deepak Mathivanan from Wolfe Research.

來自 Wolfe Research 的 Deepak Mathivanan。

Great. Pedro, first question, ads penetration gains were a little bit lower than we expected. I understand there is some lumpiness to it. But can you talk about the product road map in 2023 and kind of the efforts to accelerate the penetration?

偉大的。佩德羅，第一個問題，廣告滲透率的增長比我們預期的要低一點。我知道它有一些腫塊。但是你能談談2023年的產品路線圖以及加速滲透的努力嗎？

And then second question, can you talk about the drivers of the credit book growth, particularly on the consumer side? What signals are you seeing in the market to enable growing the book? And is there kind of like a level for IMAL merchants that we can expect you to hold as you sort of lean in and grow the book again?

然後第二個問題，你能談談信用賬簿增長的驅動因素，特別是在消費者方面嗎？您在市場上看到哪些信號可以促進圖書的增長？對於 IMAL 商家來說，是否有某種水平，我們可以期望您在傾斜並再次發展這本書時保持這種水平？

Great. So on advertising, the business continues to grow very nicely. It grew at 62% year-on-year, which is very much in line with the growth rate over the past 3 quarters. This is dollar growth. So momentum is still quite strong. GMV did accelerate this quarter versus prior quarter. So that makes it a tougher comp for the ad business given that we're dividing revenue by GMV on the penetration metric. If GMV growth had been similar to prior quarter, we would have had a 10 basis point increase Q-on-Q in advertising penetration or something along those lines. And then potentially, bear in mind that Q1 is also seasonally less of a season for advertisers to invest as aggressively as in Q4. So the rollover on a sequential basis from Q4 to Q1 is not necessarily one where we should see significant penetration gains.

偉大的。因此，在廣告方面，業務繼續增長得非常好。同比增長62%，與過去3個季度的增速非常吻合。這是美元的增長。所以勢頭還是相當強勁的。本季度 GMV 確實比上一季度有所加快。因此，鑑於我們在滲透指標上將收入除以 GMV，因此這對廣告業務來說是一個更艱難的競爭。如果 GMV 的增長與上一季度相似，我們的廣告滲透率或類似的東西將有 10 個基點的環比增長。然後可能要記住，第一季度也不是廣告商像第四季度那樣積極投資的季節。因此，從第四季度到第一季度的連續翻轉不一定是我們應該看到顯著滲透率增長的地方。

And then finally, a lot of the technology that's being launched over the last few quarters, as we've been saying, potentially takes some time before it gets fully adopted by advertisers. And so the next few quarters, we would expect to see increases once again in penetration given that we'd like to see advertising revenues outpacing GMV growth. Finally, if you look at the year-on-year penetration gains, to strip out seasonality, those continue to be quite, quite encouraging.

最後，正如我們一直在說的那樣，過去幾個季度推出的許多技術可能需要一些時間才能被廣告商完全採用。因此，在接下來的幾個季度中，鑑於我們希望看到廣告收入超過 GMV 增長，我們預計滲透率將再次增長。最後，如果你看一下同比滲透率的增長，剔除季節性因素，這些仍然非常非常令人鼓舞。

Deepak, with regards to credit, we feel comfortable increasing origination, mostly, I'd say, Mexico and Argentina, in that order; and to a lower degree, in Brazil. And the reason was that we always continue having control groups seeing if those are profitable. And if we thought there was profitability and was willing to take more risk and expand the number of consumers we're reaching out to in Mexico and Argentina, and we did so. In the case of Brazil, mostly the increase in origination was in the credit card business towards the second half of the quarter. And in terms of merchant credits, it has remained stable from the prior quarter, mostly.

Deepak，關於信用，我們覺得增加起源地很舒服，我想說，主要是墨西哥和阿根廷，按這個順序；在較低程度上，在巴西。原因是我們總是繼續讓控制組看看這些是否有利可圖。如果我們認為有盈利能力並且願意承擔更多風險並擴大我們在墨西哥和阿根廷接觸的消費者數量，我們就會這樣做。就巴西而言，在本季度下半年，信用卡業務的增長主要來自信用卡業務。就商業信貸而言，與上一季度相比，它基本上保持穩定。

And you had a final question regarding IMAL, I'm not sure I got that one.

你有一個關於 IMAL 的最後一個問題，我不確定我是否回答了這個問題。

Yes. I think I can jump in here. Look, Deepak, I think there is a growing number of credit products out there that could affect credit. So I think we're not giving any kind of directionality on where we think the interest margin after losses might trend. We'll report those back to you guys on a quarter-per-quarter basis. Also, because as we begin to see, as Osvaldo was just saying, an improvement in credit conditions, in the credit cycle, that potentially encourages us to start opening the spigot again in originations. And even within customer segments, we could see lower margin segments that, when you risk-adjust, are actually very attractive to move into and will generate incremental dollars from credit but won't necessarily be incremental in terms of IMAL.

是的。我想我可以跳進這裡。聽著，Deepak，我認為有越來越多的信貸產品可能會影響信貸。因此，我認為我們並沒有就我們認為虧損後的息差可能走向的方向給出任何方向性。我們將每季度向你們報告這些情況。此外，正如我們開始看到的那樣，正如 Osvaldo 剛才所說的那樣，信貸週期中信貸條件的改善，這可能會鼓勵我們開始再次打開源頭的水龍頭。甚至在客戶細分市場中，我們也可以看到利潤率較低的細分市場，當您進行風險調整時，這些細分市場實際上非常有吸引力，並且會從信貸中產生增量美元，但在 IMAL 方面不一定會增加。

So we'll keep you guys posted as this moves forward. I think the books are still very, very young. And you could see potential volatility in margin structures because of segment and product mix shifts that might occur going forward.

因此，我們會在進展過程中及時通知大家。我認為這些書還非常非常年輕。由於未來可能發生的細分市場和產品組合變化，您可能會看到利潤率結構的潛在波動。

Our next question comes from Stephen Ju from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So the Argentina unit growth has reverted back positive, but it's still a little bit unusual to see that number in the single digits. So I get that we can't grow high double digits forever, but can we talk about what you may be seeing from either a cyclical or a secular perspective that might be moving that growth around?

所以阿根廷的單位增長已經恢復正數，但看到個位數的數字仍然有點不尋常。所以我知道我們不能永遠保持兩位數的高增長，但我們能否談談您從周期性或長期角度可能看到的可能推動這種增長的情況？

And second, now that you've probably seen one of the mobile operating system owners release a savings account product, then I think it was able to gather a pretty large sum of deposits immediately on the release, so you're already pretty well on your way with the credit products, but does this event directionally prompts greater urgency on the asset management product development for you?

其次，既然你可能已經看到其中一位移動操作系統所有者發布了一款儲蓄賬戶產品，那麼我認為它能夠在發佈時立即收集到相當大的一筆存款，所以你已經很好了您對信貸產品的看法，但此事件是否定向提示您對資產管理產品開發的緊迫性？

Stephen, thanks. Argentina, I would attribute the weakness in that business primarily to very volatile macro conditions. You're correct. I think it's a business that we've historically seen it perform well even in weaker macro, as generally is the case for MELI. I think over the past few quarters, currency restrictions have made difficult to import goods. So I don't see anything structural there.

斯蒂芬，謝謝。阿根廷，我認為該業務的疲軟主要歸因於非常不穩定的宏觀環境。你是對的。我認為這是一項我們在歷史上看到的業務，即使在較弱的宏觀經濟中也表現良好，就像 MELI 的情況一樣。我認為在過去的幾個季度裡，貨幣限制使得進口商品變得困難。所以我在那裡看不到任何結構性的東西。

Argentina still has a level of e-commerce penetration, of retail that is lower than Brazil, for example. It's a market where we have probably the strongest market share and is far from saturation. So that should be an attractive market for us mid and long term, and we will just have to navigate through the short-term volatility. Bear in mind that also because structurally, it's a less competitive market, it's also a market where we are more focused on profitability than growth. And if you look at the bottom line results coming out of Argentina, those are still extremely, extremely strong.

例如，阿根廷的電子商務滲透率仍然低於巴西。這是一個我們可能擁有最強市場份額並且遠未飽和的市場。因此，從中長期來看，這對我們來說應該是一個有吸引力的市場，我們只需要度過短期波動。請記住，這也是因為從結構上講，這是一個競爭較弱的市場，也是一個我們更關注盈利能力而不是增長的市場。如果你看看阿根廷的底線結果，它們仍然非常非常強勁。

And then with regards to, how do you call it, the virtual account that offers a return, I would say it's very similar to what we have been offering for the last 4 or 5 years in all of our top 3 markets. And what has happened recently is, with interest rates going up, clearly, there's an incentive to move money out of savings accounts from banks, which usually pays 0, and into money market accounts. And the ones we offer in each of the market has the advantage that they have instant availability. And returns vary with local interest rates, but in Brazil, it's in the order of 13%; in Argentina, given the incredibly high rates, it's in the order of 69%; and in Mexico, it's in the order of 6% or 5%.

然後關於提供回報的虛擬賬戶，你怎麼稱呼它，我想說它與我們過去 4 或 5 年在所有前 3 大市場中提供的非常相似。最近發生的事情是，隨著利率上升，很明顯，有一種動機將資金從通常支付為 0 的銀行儲蓄賬戶轉移到貨幣市場賬戶。我們在每個市場上提供的產品都具有即時可用的優勢。回報率因當地利率而異，但在巴西，約為 13%；在阿根廷，鑑於令人難以置信的高利率，它大約為 69%；在墨西哥，這一比例約為 6% 或 5%。

So what we have seen is a significant increase in asset under management, which is growing over 100% year-over-year, and we believe that this flow is likely to continue. And so I believe that this is a product, the one they launched and the one we have, that has a huge opportunity given that banks continue to pay 0 or very close to 0, in most cases, in Latin America in savings accounts.

因此，我們看到的是管理資產的顯著增加，同比增長超過 100%，我們相信這種流動可能會持續下去。因此，我相信這是一種產品，他們推出的產品和我們擁有的產品，鑑於銀行繼續支付 0 或非常接近 0，在大多數情況下，在拉丁美洲的儲蓄賬戶中，這是一個巨大的機會。

Our next question comes from Neha Agarwala from HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

I gathered that you are more open to accelerating gradually the pace of 1P. What impact should we see coming from that in terms of margin cost take rate? Anything that you can express about that, that would be very helpful, the impact of the 1P acceleration.

我了解到您更願意逐漸加快 1P 的步伐。就保證金成本採用率而言，我們應該看到什麼影響？關於 1P 加速的影響，您可以表達的任何內容都將非常有幫助。

And my second question is on the credit business. There was a bit of acceleration in terms of credit origination. I understand it's mostly from Mexico and Argentina. But should we see a continued acceleration in the coming quarters as things are stabilizing in Brazil? Or would you still remain resilient and kind of maintain originations and grow selectively for the rest of the year?

我的第二個問題是關於信貸業務。信貸發放方面出現了一些加速。我知道它主要來自墨西哥和阿根廷。但隨著巴西局勢趨於穩定，我們是否應該看到未來幾個季度繼續加速增長？或者在今年餘下的時間裡，您是否仍會保持彈性並保持起源並有選擇地增長？

So the 1P business has been improving its margin structure across pretty much all categories but continues to have a lower margin than the rest of our businesses. To be more precise, it continues to be negative in terms of EBIT margin. So a growth in the 1P business now should be instrumental in strengthening categories where we under-index; in having a better selection for our consumers, which are all long-term positive; it should help us continue to gain scale within 1P purchasing and logistics, which should continue to improve the margins within 1P until eventually it's turning positive. But short term, they're detrimental on margins.

因此，1P 業務一直在改善幾乎所有類別的利潤率結構，但利潤率仍然低於我們其他業務。更準確地說，它在息稅前利潤率方面繼續為負。因此，現在 1P 業務的增長應該有助於加強我們指數不足的類別；為我們的消費者提供更好的選擇，這都是長期積極的；它應該幫助我們在 1P 採購和物流中繼續擴大規模，這應該會繼續提高 1P 內的利潤率，直到最終轉正。但短期內，它們不利於利潤率。

In terms of take rate, it's the opposite story, obviously. There, we book the full revenue base, and so it's a catalyst of accelerating revenue and improving take rates. But again, all in, we believe 1P is going to be critical for long-term success in certain specific categories. And so we think that it's very positive news that we're beginning to pick that business up again in terms of growth rates given that we feel more comfortable about the user experience and the margin trajectory that we will be able to deliver going forward in our 1P operation.

就採用率而言，顯然是相反的故事。在那裡，我們預訂了全部收入基礎，因此它是加速收入和提高收入率的催化劑。但是，總而言之，我們相信 1P 對於某些特定類別的長期成功至關重要。因此，我們認為這是一個非常積極的消息，因為我們對用戶體驗和我們未來能夠提供的利潤軌跡感到更加滿意，因此我們開始在增長率方面再次提升該業務1P操作。

In terms of credit originations, I would say that our credit models, one of the most important things they do, is to sort users in terms of increased risk. And so most, I'd say, are very well calibrated. And so whenever, in a given cohort, we are seeing that we have good results, we're willing to go to the next one. But beyond that, what we have been doing is keep control groups whenever they want to start giving loans to a segment we are not giving loans in the past. And whenever we see there's profitability in that group, we are willing to expand that segment. That has happened already is going on now with Argentina and Mexico. It is not yet the case in Brazil. Whenever we see that profitability starts to improve in those control groups, we'll will be more willing to originate trade faster in Brazil.

在信用來源方面，我想說我們的信用模型是他們所做的最重要的事情之一，就是根據增加的風險對用戶進行分類。因此，我想說的是，大多數都經過了很好的校準。因此，無論何時，在給定的隊列中，我們看到我們取得了良好的結果，我們都願意去下一個。但除此之外，我們一直在做的是，只要他們想開始向我們過去沒有提供貸款的細分市場提供貸款，我們就會保留控制組。每當我們看到該集團有盈利能力時，我們就願意擴大該細分市場。這已經發生在阿根廷和墨西哥。巴西的情況還不是這樣。每當我們看到這些對照組的盈利能力開始改善時，我們就會更願意更快地在巴西開展貿易。

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

我們的下一個問題來自美國銀行的羅伯特福特。

Congratulations on the quarter. Pedro, can you discuss trends in terms of items per box coming from the distribution centers across your various markets? And as you enable the drop-off returns in your places or agencies, how is that driving new category trial and GMV growth versus areas without those return services.

祝賀這個季度。 Pedro，你能討論一下來自各個市場的配送中心的每箱物品的趨勢嗎？當你在你的地方或機構啟用退貨時，與沒有這些退貨服務的地區相比，這如何推動新類別試驗和 GMV 增長。

Bob, items per order has had a very gradual trend up as fulfillment penetration continues to grow and as we get better at co-locating inventory, but the numbers have not been significant or material. It's been very, very slightly steeping up and to the right. So I think as we continue to grow fulfillment penetration, and like I said, we exited Q1 on a record high for Brazil, hopefully, that allows to drive that number up. We're also going to be innovating significantly on network design on certain options for consumers at checkout that will allow them to bundle purchases into single deliveries or bundle greater numbers of delivery slots, which should also help us drive up items per order, lower cost and to be able to give some of those cost improvements back to the consumers who select that slower option.

鮑勃，隨著履行滲透率的持續增長以及我們在共同定位庫存方面做得更好，每個訂單的項目數量呈非常漸進的趨勢，但數字並不顯著或實質性。它一直非常、非常輕微地向上和向右傾斜。因此，我認為隨著我們繼續提高履行滲透率，就像我說的那樣，我們以巴西創紀錄的高位退出第一季度，希望這能夠推動這一數字上升。我們還將在結賬時針對消費者的某些選項在網絡設計方面進行重大創新，這將使他們能夠將購買的商品捆綁到單次送貨或捆綁更多數量的送貨時段，這也應該有助於我們提高每筆訂單的商品數量，降低成本並能夠將其中一些成本改進返還給選擇較慢選項的消費者。

In terms of greater category trial as a consequence of offering better return options, I'll need to be in debt with you on the answer to that. We do see an improved return experience, and we do see increases in returns on the part of consumers, which are helping our NPS, but I haven't seen the data that allows us to cross reference that to incremental category growth. So I don't know the answer to your question.

就提供更好的退貨選項帶來的更大類別試驗而言，我需要向你欠下這個問題的答案。我們確實看到了退貨體驗的改善，我們確實看到了消費者退貨的增加，這有助於我們的 NPS，但我還沒有看到允許我們將其交叉引用到增量類別增長的數據。所以我不知道你問題的答案。

Our next question comes from Trevor Young from Barclays.

我們的下一個問題來自巴克萊銀行的 Trevor Young。

Okay. Great. Just first one, dovetailing on that last one, innovating on the network design and so forth, it looks like CapEx is down Q-on-Q and it's below trend in recent quarters. Was there anything like timing related there? And should we expect that to rebound later in the year as maybe you make some of those investments in innovating on the network design?

好的。偉大的。只是第一個，與最後一個相吻合，在網絡設計上進行創新等等，看起來資本支出在 Q-on-Q 上有所下降，並且低於最近幾個季度的趨勢。那裡有時間相關的東西嗎？我們是否應該期望它在今年晚些時候反彈，因為您可能會在網絡設計創新方面進行一些投資？

And then second question on market share gains in Brazil, did that come from certain categories where competitors are maybe seeding some share? Or was it more broad-based than that?

然後是關於巴西市場份額增長的第二個問題，這是否來自某些類別，而競爭對手可能正在獲得一些份額？或者它的基礎比這更廣泛？

Yes. So the CapEx improvements do have an element of phasing. There were certain investments in logistics that we initially had budgeted for the first quarter that had been pushed back into second, third and fourth quarter. So there is an element of phasing to that slowdown in CapEx. Our CapEx trajectory also will be somewhat volatile as new warehouses and new nodes come into play in different markets at different times, depending on the specific network rollouts across the multiple geographies where we're scaling out MELI Logistics. But specifically, Q1 did have phasing elements and the shipping-related CapEx came in quite low, below $50 million for the quarter.

是的。所以資本支出的改進確實有分階段的因素。我們最初為第一季度製定的某些物流投資預算已推遲到第二、第三和第四季度。因此，資本支出放緩有一個分階段的因素。隨著新倉庫和新節點在不同時間在不同市場發揮作用，我們的資本支出軌跡也會有些波動，這取決於我們正在擴展 MELI Logistics 的多個地區的特定網絡部署。但具體而言，第一季度確實有階段性因素，與航運相關的資本支出非常低，本季度低於 5000 萬美元。

On market share gains, they've been consistent across multiple categories. I do think that, as we said, those share gains, in part, are because we leaned into the specific change in market structure and the relative balance sheet weakness of certain market participants. So a lot of that is coming from share that's being given up by other players, but it was fairly distributed across all categories. So when we look at category per category market share, we're seeing ourselves as market share gainers across most categories.

在市場份額增長方面，它們在多個類別中保持一致。我確實認為，正如我們所說，這些股票收益部分是因為我們傾向於市場結構的具體變化和某些市場參與者的相對資產負債表疲軟。因此，其中很多來自其他參與者放棄的份額，但它在所有類別中的分佈是公平的。因此，當我們查看每個類別的市場份額時，我們將自己視為大多數類別的市場份額獲得者。

Our last question comes from Jamie Friedman from Susquehanna International Group.

我們的最後一個問題來自 Susquehanna International Group 的 Jamie Friedman。

So Pedro, Oswaldo, I wanted to ask in terms of the IMAL progression. I know you called out the typical Q4 to Q1 seasonality. Can you remind us, I know you don't give guidance, how to think about IMAL typical seasonality, say, into Q2?

所以 Pedro，Oswaldo，我想問一下 IMAL 進展。我知道您提到了典型的 Q4 到 Q1 季節性。你能提醒我們嗎，我知道你沒有給出指導，如何考慮 IMAL 典型的季節性，比如進入第二季度？

Jamie, I'd say that probably there's more seasonality in the fourth quarter given that we usually give more loans to merchants in the fourth quarter. Then I would say as to specific seasonality in general going from quarter-to-quarter, I think it will be, as we mentioned before, more related to what happens to the portfolio, how fast we decide to grow in each the segments and each of the markets and then, obviously, how delinquencies evolve.

傑米，我想說第四季度可能會有更多的季節性，因為我們通常在第四季度向商家提供更多貸款。然後我想說的是一般來說每個季度的具體季節性，正如我們之前提到的，我認為這將更多地與投資組合發生的事情有關，我們決定在每個細分市場和每個細分市場增長的速度有多快市場，然後，很明顯，拖欠是如何演變的。

Okay. And then if I could just ask a high-level question about the regulatory environment, especially in Brazil, especially apropos of credit, Credito and Mercado Pago. How would you describe, is it benign, is the coast clear? Historically, the government has been very supportive, I think, of incubating fintechs. Has that changed? Or how would you overall characterize the regulatory environment in Brazil relative to Fintech?

好的。然後，如果我可以問一個關於監管環境的高級問題，尤其是在巴西，尤其是信貸、Credito 和 Mercado Pago 的相關問題。你會如何描述，它是良性的，海岸是否暢通無阻？我認為，從歷史上看，政府一直非常支持孵化金融科技。那改變了嗎？或者您如何總體描述巴西相對於金融科技的監管環境？

I'd say that, in general, Brazil has been the one country where the central bank and the government has been the most pro-competition and really, I would say, encouraging both banks and fintechs to compete on an equal footing. And so most of the regulations we have seen in the past has been around that. PIX has been probably the most successful example, but there have been more recent impacts such as the caps on interchange fees, lately on prepaid cards. So I would say it has always been pro-consumer and pro-competition. I think that they have been very pragmatic and practical whenever we have pointed out that some of the things they were posing were not practical, but I think at least we were heard.

我想說的是，總的來說，巴西一直是中央銀行和政府最支持競爭的國家，我想說的是，巴西確實鼓勵銀行和金融科技公司在平等的基礎上競爭。因此，我們過去看到的大部分法規都是圍繞這一點展開的。 PIX 可能是最成功的例子，但最近出現了更多影響，例如最近對預付卡的交換費上限。所以我想說它一直是有利於消費者和有利於競爭的。每當我們指出他們提出的某些內容不切實際時，我認為他們都非常務實和務實，但我認為至少我們聽到了。

As I mentioned, that was our last question. As we prepare to play a video, which you can access on the company IR website, I would now like to turn it back to Pedro Arnt, MercadoLibre's Chief Financial Officer, for closing remarks.

正如我提到的，這是我們的最後一個問題。當我們準備播放一段視頻時，您可以在公司 IR 網站上訪問該視頻，現在我想把它轉回給 MercadoLibre 的首席財務官 Pedro Arnt 作結束語。

Thank you, everyone. So incredibly strong start to the year, top line ahead of our expectations, very strong margin evolution. We're really pleased with how the business has gotten off to the start of the year. We're going to continue to invest throughout the remaining quarters in the year to continue to gain customer preference, expand market share if we execute well, and hopefully, we'll see the kind of response from our users and consumers from all the hard work going on here at MELI as we did in the first quarter.

謝謝大家。今年開局非常強勁，收入超出我們的預期，利潤率變化非常強勁。我們對公司今年年初的表現非常滿意。我們將在今年剩餘的幾個季度繼續投資，以繼續獲得客戶偏好，如果我們執行得好，擴大市場份額，希望我們能看到我們的用戶和消費者的反應。 MELI 的工作與我們在第一季度所做的一樣。

Apologies on the technical difficulty with the video. We do encourage you to take a look at it. It has some interesting product detail on the advertising product that I know has been the target of a lot of the questions on how we're improving the stack. So that should be up and available for you to take a look at, and we do encourage you to do so. And we look forward to speaking with you again when we report the next quarter.

對視頻的技術困難表示歉意。我們鼓勵您看一看。它有一些關於廣告產品的有趣產品細節，我知道這一直是我們如何改進堆棧的許多問題的目標。所以這應該已經準備好供您查看，我們鼓勵您這樣做。我們期待在下個季度報告時再次與您交談。

Hello, everyone, and welcome to the MercadoLibre earnings conference for the quarter ended March 31, 2023. Thank you for joining us. I'm Richard Cathcart, Investor Relations Officer at MercadoLibre.

大家好，歡迎參加截至 2023 年 3 月 31 日的季度 MercadoLibre 收益會議。感謝您加入我們。我是 MercadoLibre 的投資者關係官 Richard Cathcart。

Today, we will share our quarterly highlights on video, after which we'll begin our live Q&A with our Chief Financial Officer, Pedro Arnt; and Chief Executive Officer of Mercado Pago, Osvaldo Gimenez.

今天，我們將通過視頻分享我們的季度亮點，之後我們將開始與我們的首席財務官 Pedro Arnt 進行現場問答； Mercado Pago 首席執行官 Osvaldo Gimenez。

Before we go on to discuss our results for the first quarter of 2023, I remind you that management may make, and this presentation may contain, forward-looking statements. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website and our Form 10-K for the year ended 2022.

在我們繼續討論我們 2023 年第一季度的業績之前，我提醒您管理層可能會做出前瞻性陳述，並且本演示文稿可能包含前瞻性陳述。因此，請參閱屏幕上的免責聲明，該聲明也將在我們投資者關係網站上的收益材料和 2022 年底的 10-K 表格中提供。

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

有了這個，讓我們從我們的結果總結開始。

Hello, everyone. I'm pleased to share the key messages around MercadoLibre's performance during the first quarter of 2023. Our businesses continue to deliver strong growth with solid momentum in GMV and TPV. This quarter, we also hit a significant milestone in unique active users, which surpassed 100 million across our ecosystem for the first time.

大家好。我很高興分享有關 MercadoLibre 在 2023 年第一季度業績的關鍵信息。我們的業務繼續以 GMV 和 TPV 的強勁勢頭實現強勁增長。本季度，我們在獨立活躍用戶方面也達到了一個重要的里程碑，在我們的生態系統中首次超過 1 億。

In commerce, unique growth accelerated in all geographies. And this helped drive an acceleration of items sold and of FX-neutral GMV growth in our 3 largest geographies and also on a consolidated basis. Moreover, this acceleration translated into market share gains, particularly in Brazil, our largest market.

在商業領域，獨特的增長在所有地區都在加速。這有助於推動我們 3 個最大地區以及綜合基礎上的商品銷售和外匯中性 GMV 增長的加速。此外，這種加速轉化為市場份額的增加，尤其是在我們最大的市場巴西。

Commerce revenues continued to grow rapidly on the back of faster GMV growth as well as higher monetization. This is all a consequence of a well-executed value proposition across geographies, which also resulted in take-rate expansion. This higher take rate was driven primarily by shipping fees, ad revenues and minor price increases we carried out to offset rising costs.

在更快的 GMV 增長和更高的貨幣化的支持下，商業收入繼續快速增長。這都是跨地區執行良好的價值主張的結果，這也導致了接受率的擴大。這種較高的採用率主要是由運費、廣告收入和我們為抵消成本上升而進行的小幅提價推動的。

On the fintech business, strong results were also delivered once again, especially driven by off-platform TPV growth that more than doubled versus the prior year on an FX-neutral basis. We see similar trends as in 2022 in both the digital account and our acquiring businesses.

在金融科技業務方面，也再次取得了強勁的業績，特別是在平台外 TPV 增長的推動下，在外匯中性的基礎上，該增長比上一年增長了一倍多。我們在數字賬戶和我們的收單業務中看到了與 2022 年類似的趨勢。

On the credit side, Mercado Credito delivered another solid quarter of profitability. We continue to be cautious about the risk that we take on and, in that context, the portfolio size was similar to the prior quarter and still focused on lower risk cohorts. Non-performing loans are at comfortable levels, therefore. And as a result, the business has maintained a high margin.

在信貸方面，Mercado Credito 實現了又一個穩健的季度盈利。我們繼續對我們承擔的風險持謹慎態度，在這種情況下，投資組合規模與上一季度相似，並且仍然專注於風險較低的人群。因此，不良貸款處於舒適的水平。因此，該業務一直保持著較高的利潤率。

Consequently, these trends in the fintech business lines led to another quarter of rapid revenue growth there, albeit at a somewhat slower rate than the previous quarter as we lap last year's sharp growth in credit revenue.

因此，金融科技業務線的這些趨勢導致該業務又一個季度的收入快速增長，儘管由於我們超越了去年信貸收入的大幅增長，增速比上一季度有所放緩。

When looking at bottom line performance, the first quarter of 2023, we once again delivered an operating leverage on strong revenue growth, which resulted in profit expansion, with margins well ahead of the first quarter of last year. During Q1, we've reached quarterly income from operations, accompanied by strong generation of cash flow from operations. This shows our commitment to delivering operational efficiency as our businesses grow at above-market rates and continue to gain scale.

在查看 2023 年第一季度的底線業績時，我們再次利用強勁的收入增長實現了經營槓桿，從而實現了利潤擴張，利潤率遠高於去年第一季度。在第一季度，我們實現了季度運營收入，同時運營產生了強勁的現金流。這表明我們致力於提高運營效率，因為我們的業務以高於市場的速度增長並繼續擴大規模。

Dilution of G&A expenses and a positive mix shift towards higher-margin revenue streams, accompanied by growing advertising and net logistics revenues, drove this margin expansion. At the same time, we've continued to invest heavily in technology as we look to build our competitive advantages for the years to come.

G&A 費用的稀釋和向利潤率更高的收入流的積極組合轉變，伴隨著廣告和淨物流收入的增長，推動了利潤率的增長。與此同時，我們繼續大力投資技術，希望在未來幾年建立我們的競爭優勢。

In summary, We've gotten off to a great start to the year. We've even been able to surpass our targeted levels for combined growth and profitability.

總而言之，我們今年開局不錯。我們甚至已經能夠超越我們的綜合增長和盈利目標水平。

Richard will now share some more detailed business views with you. Thank you.

理查德現在將與您分享一些更詳細的商業觀點。謝謝。

We continue to innovate and invest to build the technology and capabilities that will strengthen our competitive advantages and support our growth and profitability for the years to come.

我們將繼續創新和投資以構建技術和能力，以增強我們的競爭優勢並支持我們未來幾年的增長和盈利能力。

The development of Mercado Pago continues to play an important role in our growth. We have developed and launched several new products and services over the last 2 years to position Mercado Pago as a provider of a full suite of financial service to our users. During the first quarter of 2023, we took another important step by launching a marketing campaign in Brazil to raise awareness of this value proposition and Mercado Pago's ability to all of our users' day-to-day financial needs. The campaign highlights the direct connection between MercadoLibre and Mercado Pago and leverages the awareness of, and trust in, our yellow world to promote our blue world fintech business. These campaigns reach millions of users, both off-line and online, and they show the strength and synergy of our ecosystem.

Mercado Pago 的發展繼續在我們的成長中發揮重要作用。在過去的 2 年裡，我們開發並推出了多項新產品和服務，將 Mercado Pago 定位為為我們的用戶提供全套金融服務的提供商。在 2023 年第一季度，我們又邁出了重要的一步，在巴西發起了一場營銷活動，以提高人們對這一價值主張和 Mercado Pago 滿足所有用戶日常財務需求的能力的認識。該活動突出了 MercadoLibre 和 Mercado Pago 之間的直接聯繫，並利用人們對我們黃色世界的認識和信任來促進我們的藍色世界金融科技業務。這些活動覆蓋了數百萬線下和線上用戶，它們展示了我們生態系統的實力和協同作用。

Mercado Ads continues to be a major area of investment for us across geographies as we develop the product technologies needed to provide a world-class solution to our advertisers. Today, we want to share an update on what we have achieved so far and the many improvements still to come.

隨著我們開發為廣告商提供世界級解決方案所需的產品技術，Mercado Ads 仍然是我們跨地區的主要投資領域。今天，我們想分享一下我們迄今為止取得的成就以及還有待改進的最新進展。

MercadoLibre served millions of unique buyers in the first quarter of 2023, with 7 out of 10 searches being unbranded. This gives our advertisers an opportunity to position their brands, promote their products and increase their sales with our proprietary solutions.

MercadoLibre 在 2023 年第一季度為數百萬獨特買家提供服務，10 次搜索中有 7 次是非品牌搜索。這使我們的廣告商有機會通過我們的專有解決方案來定位他們的品牌、推廣他們的產品並增加他們的銷售額。

Mercado Ads currently offers solutions that serve the needs of advertisers in different stages of the customer journey for full funnel strategies for branding and performance. At the top of the funnel, we have our display solution that can be seen on our marketplace home and the category pages and also in the Mercado Pago app, generating awareness and creating brand value. In the last few months, we completely rebuilt our display solution. Now our advertisers can influence the entire customer journey, including high-impact placements especially for the consideration stage.

Mercado Ads 目前提供的解決方案可滿足客戶旅程不同階段的廣告商對品牌和績效的全漏斗策略的需求。在漏斗的頂部，我們有我們的展示解決方案，可以在我們的市場主頁和類別頁面以及 Mercado Pago 應用程序中看到，從而產生知名度並創造品牌價值。在過去的幾個月裡，我們完全重建了我們的顯示解決方案。現在，我們的廣告商可以影響整個客戶旅程，包括具有高影響力的展示位置，尤其是在考慮階段。

In Q1 2023, we launched our programmatic platform. Brands and agencies now have an automated display buying platform that leverages one of our main assets, our unparalleled first-party data. The depth and granularity of our data let us build targeting capabilities, accurate real-time bidding models, live reports and unique insights analysis.

2023 年第一季度，我們推出了程序化平台。品牌和代理商現在擁有一個自動展示購買平台，該平台利用我們的主要資產之一，即我們無與倫比的第一方數據。我們數據的深度和粒度使我們能夠構建目標定位能力、準確的實時競價模型、實時報告和獨特的洞察分析。

Further down the funnel, we have our performance advertising solution focused on helping sellers to increase their product visibility in the search results and product pages. The media buying process is an auction based on sophisticated algorithms, which takes into consideration the price the seller is willing to pay per click and also the ads relevance. This enables us to guarantee a good experience to both the buyer and the seller and accomplishes the value proposition of increasing the chance of converting a click into a sale. With product ads, sellers can boost their products into the positions in the search results and also on the product page details in carousels. More placements of carousels are being released such as the new carousel with products only based on top-of-mind brands. This shows how we continue to innovate even in our most advanced ads products.

在漏斗的更下方，我們的效果廣告解決方案專注於幫助賣家提高他們的產品在搜索結果和產品頁面中的可見度。媒體購買過程是基於復雜算法的拍賣，它考慮了賣家願意為每次點擊支付的價格以及廣告的相關性。這使我們能夠保證為買賣雙方提供良好的體驗，並實現增加將點擊轉化為銷售的機會的價值主張。通過產品廣告，賣家可以將他們的產品提升到搜索結果中的位置，也可以在輪播中的產品頁面詳細信息中展示。正在發布更多輪播展示位置，例如僅基於首選品牌的產品的新輪播。這表明我們如何在最先進的廣告產品中繼續創新。

As part of the search advertising products, we are now developing a new product called Brand Ads, which is being tested with specific brands. This product focuses on the consideration stage of the funnel to help users discover new products, and the format is based on keyword targeted. It also provides context to a brand to present its storytelling of a category with a group of products in the top position of the search results.

作為搜索廣告產品的一部分，我們現在正在開發一種名為 Brand Ads 的新產品，該產品正在針對特定品牌進行測試。本產品專注於漏斗的考慮階段，幫助用戶發現新產品，形式以關鍵詞為導向。它還為品牌提供上下文，以在搜索結果的頂部位置展示其類別故事和一組產品。

Our priority is always to find the best balance between return on investment for the seller, product relevance for the buyer and monetization for MercadoLibre. Behind all of these products, there is a robust tech stack that enables a seamless experience for consumers and advertisers. This is where a lot of work has been done, behind the scenes, over the last 12 months. We offer our sellers an ad console where they can create, manage and optimize their campaigns for each of Mercado Ads' products and stages of the funnel while analyzing real-time reports to track results and improve campaigns.

我們的首要任務始終是在賣家的投資回報、買家的產品相關性和 MercadoLibre 的貨幣化之間找到最佳平衡。在所有這些產品的背後，都有一個強大的技術堆棧，可以為消費者和廣告商提供無縫體驗。這是過去 12 個月在幕後完成大量工作的地方。我們為我們的賣家提供一個廣告控制台，他們可以在其中為每個 Mercado Ads 產品和漏斗階段創建、管理和優化他們的廣告活動，同時分析實時報告以跟踪結果並改進廣告活動。

Behind the scenes, our Ads Server works to target ads to the right audience, optimize pricing and determine the placement of each listing. This is done considering several factors, including the quality and price of the product, the seller's of reputation and the budget and expected return of those sellers willing to advertise products. Within seconds, this process creates a specific combination of listings, including sponsored and organic content, which optimizes for conversion and GMV.

在幕後，我們的廣告服務器致力於將廣告定位到合適的受眾、優化定價並確定每個列表的位置。這樣做要考慮幾個因素，包括產品的質量和價格、賣家的聲譽以及那些願意為產品做廣告的賣家的預算和預期回報。在幾秒鐘內，此過程會創建特定的列表組合，包括贊助內容和有機內容，從而優化轉化率和 GMV。

On top of that, our Ads Measurement technology works to bring real-time metrics to advertisers and guarantee the attribution of the results to the right Ads product. We still have an extensive road map ahead to improve the insights given to our advertisers.

最重要的是，我們的廣告衡量技術致力於為廣告商提供實時指標，並保證將結果歸因於正確的廣告產品。我們仍然有一個廣泛的路線圖來改進給我們的廣告商的洞察力。

With the development of these products and technologies, we have the first version of a complete ad tech stack that strengthens our ability to develop our Ads business and offer a world-class experience to advertising agencies, brands and other sellers on Latin America's largest e-commerce platform. We still have more work to do as much as the technology has been recently launched, so we're engaging with brands and advertising agencies to understand their feedback and incorporate it into the technology.

隨著這些產品和技術的發展，我們擁有了完整廣告技術堆棧的第一個版本，它增強了我們發展廣告業務的能力，並為拉丁美洲最大的電子商務網站上的廣告代理商、品牌和其他賣家提供世界一流的體驗。商務平台。由於該技術最近推出，我們還有更多工作要做，因此我們正在與品牌和廣告代理商合作，以了解他們的反饋並將其納入技術。

We continue to accelerate investment in Ads technology, and this leaves us optimistic about the business' long-term potential to growth and profitability. This is yet another example of that, as always, at MercadoLibre, the best is yet to come.

我們繼續加快對廣告技術的投資，這讓我們對業務的長期增長和盈利潛力持樂觀態度。這是另一個例子，一如既往，在 MercadoLibre，最好的還在後頭。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Have a great evening.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。祝你有個愉快的夜晚。