美卡多 (MELI) 2023 Q2 法說會逐字稿

Hello everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended June 30, 2023. Thank you for joining us. I am Richard Cathcart, Investor Relations Officer at 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; Fintech President, Osvaldo Gimenez; and Commerce EVP, Ariel Szarfsztejn.

大家好，歡迎參加截至 2023 年 6 月 30 日的季度 MercadoLibre 收益電話會議。感謝您加入我們。我是理查德·卡思卡特 (Richard Cathcart)，MercadoLibre 的投資者關係官。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 進行現場問答環節；金融科技總裁 Osvaldo Gimenez；商務執行副總裁 Ariel Szarfsztejn。

Before going on to discuss our results of the second 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.

在繼續討論我們2023 年第二季度的業績之前，我提醒您，管理層可能會做出前瞻性陳述，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，該免責聲明也將在我們的收益材料中提供我們的投資者關係網站。

Before turning to our quarterly results, we would like to highlight that our new Investor Relations website is live and has new resources, such as videos, podcasts and frequently asked questions to help investors better understand our business. We have also improved navigation around the site, making it easier to find our earnings and SEC documents.

在討論我們的季度業績之前，我們想強調一下，我們新的投資者關係網站已上線，並提供新資源，例如視頻、播客和常見問題，以幫助投資者更好地了解我們的業務。我們還改進了網站周圍的導航，使其更容易找到我們的收益和 SEC 文件。

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

首先，我們來總結一下我們的結果。

Hello everyone. I'm pleased to share with you that MercadoLibre continues to sustain its strong momentum over the last few quarters. Q2 '23 was once again a very, very solid quarter. Rapid top-line growth and strong margin expansion were broad-based across geographies and business units, showing the strengths of our business and the potential of our financial model as we continue to scale.

大家好。我很高興與您分享 MercadoLibre 在過去幾個季度繼續保持強勁勢頭。 23 年第二季度再次是一個非常非常穩定的季度。快速的營收增長和強勁的利潤增長在各個地區和業務部門都有廣泛的基礎，顯示了我們的業務優勢以及隨著我們不斷擴大規模的財務模式的潛力。

Let me begin with the financial highlights. Our revenue growth remains high despite our size, and this, combined with operational efficiency and scale, led to a big step-up in our income from operations margin. Income from operations more than doubled year-on-year, reaching a new quarterly record. This quarterly result is a testament to the potential for solid margin expansion combined with above market rates of growth inherent in our performance. In the short run, not every quarter will look like this, there are still multiple growth vectors for us to invest behind, but it certainly points to the long term margin and cash upside we believe we can deliver.

讓我從財務亮點開始。儘管我們規模龐大，但我們的收入增長仍然很高，再加上運營效率和規模，導致我們的運營利潤率收入大幅增長。運營收入同比增長逾一倍，創下季度新紀錄。本季度業績證明了利潤率穩健擴張的潛力以及我們業績固有的高於市場增長率的潛力。從短期來看，並不是每個季度都會如此，我們仍然有多個增長向量可以投資，但這肯定表明我們相信我們可以實現長期利潤和現金上漲。

Turning to the KPIs of our commerce business. In Q2, MercadoLibre's GMV surpassed the 10 billion mark for the first time. This growth was driven mainly by Brazil and Mexico, which overtook Argentina to become our second largest commerce geography for the first time. Brazil and Mexico both delivered an acceleration of successful items growth compared to the previous quarter. As we continue to bolster MercadoLibre's value proposition, our leadership position in the region has been going from strength to strength.

轉向我們商業業務的 KPI。第二季度，MercadoLibre 的 GMV 首次突破 100 億大關。這一增長主要是由巴西和墨西哥推動的，這兩個國家首次超過阿根廷成為我們第二大商業地區。與上一季度相比，巴西和墨西哥的成功商品增長均有所加速。隨著我們繼續支持 MercadoLibre 的價值主張，我們在該地區的領導地位不斷增強。

Other highlights in commerce include fulfillment penetration in Brazil, which is accelerating, and reached a new high and also a further pickup in growth of our first-party business, which grew well ahead of overall GMV during Q2. On top of that momentum, our advertising business also remained strong, with revenue reaching the equivalent of 1.6% of GMV, driven by higher engagement with Product Ads.

商業方面的其他亮點包括巴西的履行滲透率正在加速並達到新高，以及我們的第一方業務增長進一步加快，其增長遠遠領先於第二季度的整體 GMV。除此之外，我們的廣告業務也保持強勁，在產品廣告參與度提高的推動下，收入達到相當於 GMV 的 1.6%。

Mercado Pago's TPV growth remained strong as well. The acquiring business delivered higher TPV per device, as our move upmarket to larger SMBs continues to deliver results in both Brazil and Mexico.

Mercado Pago 的 TPV 增長也依然強勁。收購業務為每台設備提供了更高的 TPV，因為我們向大型中小型企業的高端市場轉移繼續在巴西和墨西哥取得了成果。

On the digital account front, TPV and engagement with our more complete stack of products also improved, as the KPIs indicated. Insurtech and asset management, newer and smaller businesses, are also gaining traction as these products scale and we improve the experience and product offering to our consumers.

正如關鍵績效指標 (KPI) 所示，在數字帳戶方面，TPV 以及與我們更完整的產品堆棧的互動也有所改善。隨著這些產品規模的擴大以及我們改善為消費者提供的體驗和產品，保險科技和資產管理、新興企業和小型企業也越來越受到關注。

Turning to credit, NIMAL continue to expand on the back of healthy spreads in Mexico, a good performance from the credit card in Brazil and overall broadly stable delinquency. We are, once again, pleased to share MercadoLibre's strong results with our shareholders. We will continue to develop our value proposition, investing aggressively, yet with discipline and always focusing on long-term value creation. Just before we go into the Q&A, Richard will share some more detailed business news with you.

談到信貸，NIMAL 繼續擴張，得益於墨西哥健康的利差、巴西信用卡的良好表現以及總體穩定的拖欠率。我們很高興再次與股東分享 MercadoLibre 的強勁業績。我們將繼續發展我們的價值主張，積極投資，但嚴格遵守紀律，並始終專注於長期價值創造。在我們進入問答環節之前，理查德將與您分享一些更詳細的商業新聞。

Thank you, and I look forward to reporting back to you in a quarter.

謝謝您，我期待在一個季度內向您報告。

Today we want to share a more detailed view of our fintech operations in Mexico. For Mercado Pago, Mexico represents an exciting opportunity. It is a growing country, with a large population that currently has lower adoption of financial services than other markets in Latin America, such as Brazil.

今天，我們想更詳細地分享我們在墨西哥的金融科技業務。對於梅爾卡多帕戈來說，墨西哥代表著一個令人興奮的機會。這是一個不斷發展的國家，人口眾多，目前金融服務的採用率低於巴西等拉丁美洲其他市場。

Over the last few quarters, we have been rolling out our fintech product stack in Mexico, positioning Mercado Pago as one of the leaders in the development of the market for digital payments and other financial services. Our strategy is to serve both payers and merchants, focusing on users that are already within our ecosystem. As we do this, we build on the trust of MercadoLibre's brand and build on the user relationships and knowledge from the commerce business to better serve our fintech users.

在過去的幾個季度中，我們一直在墨西哥推出我們的金融科技產品組合，將 Mercado Pago 定位為數字支付和其他金融服務市場發展的領導者之一。我們的策略是為付款人和商家提供服務，重點關注已經在我們生態系統中的用戶。在我們這樣做的過程中，我們建立在 MercadoLibre 品牌的信任之上，並建立在用戶關係和商業業務知識的基礎上，以更好地為我們的金融科技用戶提供服務。

Mercado Pago users in Mexico can open their digital account within minutes for free. The money stored in the account generates interest at the benchmark rate through a partner and can be used at any time with our free debit card, money transfers and online payments. To get money into the account, users can transfer from other banks or use our money-in solution at physical stores, an important feature in an economy where cash is still dominant.

墨西哥的 Mercado Pago 用戶可以在幾分鐘內免費開設數字帳戶。賬戶中存儲的資金通過合作夥伴按基準利率產生利息，並且可以隨時通過我們的免費借記卡、轉賬和在線支付使用。為了將資金存入賬戶，用戶可以從其他銀行轉賬或在實體店使用我們的存款解決方案，這在現金仍然占主導地位的經濟體中是一個重要特徵。

Another important characteristic of the Mexican market is remittances, a service used by millions of Mexicans every month. For Mercado Pago, this represents an opportunity to encourage the digitalization of cash, with transfer directly into the digital account. Mercado Pago offers these transfers through partnerships with two established and renowned players and recently launched a third partnership with an exciting startup, Felix Pago.

墨西哥市場的另一個重要特徵是匯款，這是每月數百萬墨西哥人使用的服務。對於 Mercado Pago 來說，這是一個鼓勵現金數字化的機會，可以直接轉入數字賬戶。 Mercado Pago 通過與兩位知名的知名球員合作提供這些轉會服務，最近又與一家令人興奮的初創公司 Felix Pago 建立了第三個合作夥伴關係。

Our consumer credit solutions are popular in Mexico and continue to perform well with our buy now, pay later product having higher penetration on the marketplace than our other geographies. This highlights the synergies of our ecosystem, with marketplace knowledge helping the underwriting of credit. We also offer consumer loans, with money deposited into the users account to fulfill day-to-day financial needs. The consumer credit book has increased in size significantly in the last 12 months and continues to perform well, with strong profitability and stable NPLs.

我們的消費者信貸解決方案在墨西哥很受歡迎，並且我們的“先買後付”產品繼續表現良好，與我們其他地區相比，在市場上的滲透率更高。這凸顯了我們生態系統的協同作用，市場知識有助於信貸承保。我們還提供消費貸款，將資金存入用戶帳戶以滿足日常財務需求。過去 12 個月，消費者信貸賬簿規模顯著增加，並繼續表現良好，盈利能力強勁，不良貸款穩定。

In the first half of 2023, we launched our credit card in Mexico to complement our consumer credit offer. This is an important product for the development of the market in Mexico as it drives engagement, principality and digitalization of cash. This product is still at small scale, but we expect it to be a key piece of the Pago value proposition in Mexico in the long-term.

2023 年上半年，我們在墨西哥推出了信用卡，以補充我們的消費信貸服務。這是墨西哥市場發展的重要產品，因為它推動了現金的參與度、公有性和數字化。該產品的規模仍然較小，但我們預計從長遠來看，它將成為墨西哥 Pago 價值主張的關鍵部分。

On top of that, this year we have expanded our insurance solutions, another important product with low penetration in Mexico. Like in other geographies, we began offering extended warranties for items bought on MercadoLibre, followed by insurance for life, cellphones, personal accidents and digital account cover, building a complete product stack for consumers' core needs. In Q2, we expanded the extended warranty product to cross-border purchases for the first time.

最重要的是，今年我們擴大了保險解決方案，這是墨西哥滲透率較低的另一個重要產品。與其他地區一樣，我們開始為在 MercadoLibre 購買的商品提供延長保修，隨後提供人壽保險、手機保險、人身意外保險和數字賬戶保險，為消費者的核心需求構建完整的產品體系。第二季度，我們首次將延保產品擴展到跨境購買。

In an underbanked country like Mexico, our strategy has been to serve and develop both sides of the market, payers and merchants, to drive market development. By bringing more consumers to digital finance, we also drive adoption among merchants in the country.

在像墨西哥這樣的銀行服務不足的國家，我們的策略是服務和發展市場雙方，即付款人和商戶，以推動市場發展。通過讓更多消費者接觸數字金融，我們還推動了該國商家的採用。

That is why Mercado Pago offers complete payment solution to these merchants, combined with the fastest payment settlement in the market and competitive receivable discount rates. During 2023, we increased our focus on our smart POS in Mexico, aimed at larger merchants that generate higher TPV. Merchants also have access to online payment tools and are able to offer payments in installments to their buyers. On top of these products, Merchants can access credit lines through Mercado Pago, many for the first time ever, to grow and develop their businesses.

這就是為什麼 Mercado Pago 為這些商戶提供完整的支付解決方案，結合市場上最快的支付結算和具有競爭力的應收賬款折扣率。 2023 年，我們更加關注墨西哥的智能 POS，瞄準產生更高 TPV 的大型商戶。商家還可以使用在線支付工具，並能夠向買家提供分期付款。除了這些產品之外，商家還可以通過 Mercado Pago 獲得信貸額度（其中許多是有史以來第一次），以發展和發展他們的業務。

Mexico is a market that is still at an early stage of development, but presents sizable opportunities for Mercado Pago and MercadoLibre. With a robust product offer, we firmly believe in the potential of our value proposition to Mexican individuals and merchants and will continue to work to tailor our services to their needs. As always, the best is yet to come.

墨西哥是一個仍處於早期發展階段的市場，但為 Mercado Pago 和 MercadoLibre 提供了巨大的機遇。憑藉強大的產品供應，我們堅信我們對墨西哥個人和商人的價值主張的潛力，並將繼續努力根據他們的需求定制我們的服務。一如既往，最好的尚未到來。

(Operator Instructions) Our first question comes from the line of Irma Sgarz of Goldman Sachs.

（操作員指令）我們的第一個問題來自高盛的 Irma Sgarz。

In your remarks, you state that you intend to use some of the headroom created by operating leverage to lean into certain areas of the business in the second half of this year. Can you just lay out for us which areas are a priority for the short and immediate near term? And I would imagine that credit cards in 1P, as you've previously noted are a top priorities here, but I'm curious where you're at regarding the lower value items or those items below the free shipping threshold, specifically in light of the ongoing cross-border discussion.

在您的講話中，您表示，您打算在今年下半年利用運營槓桿創造的一些空間來進軍某些業務領域。您能否為我們列出短期和短期內哪些領域是優先考慮的領域？我想，正如您之前指出的那樣，1P 中的信用卡是這裡的首要任務，但我很好奇您對價值較低的商品或低於免費送貨門檻的商品的看法，特別是考慮到正在進行的跨境討論。

And somewhat related to this, in Mexico, you have a more sizable cross-border operation compared to the other markets. Is this an operation that is margin accretive overall or for the Mexican market? And if so, can the same model be applied in Brazil?

與此相關的是，與其他市場相比，墨西哥的跨境業務規模更大。這項業務是否會增加整體或墨西哥市場的利潤？如果是這樣，同樣的模式可以在巴西應用嗎？

So in general, we continue to see multiple opportunities for us to invest behind our users and growth. We've been extremely pleased with the market share gains we've been delivering across the board over the last few quarters. And so it's important for us that we continue to carry out that balancing act between short-term margin expansion and long-term scale and overall size of the business. So I'm not skirting the answer, but it really is there are multiple growth vectors and multiple areas that we can choose to lean into in quarters where we feel where we're coming in very strong on bottom line and have opportunity to accelerate growth even more.

因此，總的來說，我們繼續看到多種投資支持用戶和增長的機會。我們對過去幾個季度全面實現的市場份額增長感到非常滿意。因此，對我們來說，繼續在短期利潤擴張與長期規模和業務總體規模之間取得平衡非常重要。因此，我並不是迴避答案，但確實存在多個增長向量和多個領域，我們可以選擇在我們認為盈利能力非常強勁並且有機會加速增長的季度進行投資更。

You've mentioned some of them, but there are multiple others. We've recently launched a new loyalty program. We continue to invest heavily in technology for our advertising business. And really, there are multiple vectors of growth and that's what we're trying to continue to be very consistent on, which is taking a long-term view in trying to capture as many opportunities as we can and continuing to maximize market share while delivering operational leverage over longer periods of time.

您已經提到了其中一些，但還有其他多個。我們最近推出了一項新的忠誠度計劃。我們繼續大力投資廣告業務的技術。事實上，增長有多種載體，這就是我們正在努力保持一致的，即以長遠的眼光來嘗試抓住盡可能多的機會，並在交付的同時繼續最大化市場份額較長時期內的運營槓桿。

The CBT business in Mexico is performing very well. I think it's a very good example of how when we focus on cross-border trade and we build out the product, we can deliver strong results. Cross-border GMV in Mexico has been growing at about 2x the growth of non-cross-border GMV, and it is a profitable business.

墨西哥的CBT業務表現非常好。我認為這是一個很好的例子，說明當我們專注於跨境貿易並開發產品時，我們可以取得強勁的成果。墨西哥的跨境GMV增長速度約為非跨境GMV增長的2倍，而且是一項有利可圖的業務。

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鮑勃·福特。

Congratulations on the quarter. Pedro, can you talk about advertising and the operating leverage in Mexico specifically, there were some big gains there in the context of building that credit book, we thought the performance was all the more impressive. And in the last week, you've changed the lending page for the cross-border business in Brazil, you've added new categories and you've gotten up to about 4.2 million listings. How are you thinking about cross-border and the relevance of the value proposition following the Remessa Conforme and how long will the Remessa Conforme compliance certification process take in your view?

祝賀本季度。佩德羅，您能具體談談墨西哥的廣告和運營槓桿嗎？在建立信用簿的背景下，那裡取得了一些巨大的收益，我們認為業績更加令人印象深刻。上週，您更改了巴西跨境業務的貸款頁面，添加了新類別，並且已獲得約 420 萬個列表。您如何看待跨境以及 Remessa Conforme 後價值主張的相關性？您認為 Remessa Conforme 合規認證流程需要多長時間？

And then lastly, can you talk a little bit about Mercado Play? How many titles are you launching with? How do the economics of the model work? And what have the initial changes in engagement been so far from the users in the early stages, both in terms of the marketplace as well as Mercado Pago?

最後，您能談談 Mercado Play 嗎？您推出了多少款遊戲？該模型的經濟學原理如何？到目前為止，無論是在市場還是 Mercado Pago 方面，早期階段的用戶參與度發生了哪些變化？

Bob, this is Ariel here. Let me start with cross-border in Brazil, which have been generating some discussions in the last few weeks. So we've been competing against Asian players in Brazil for several years now. And moreover, the old scheme and the way it's implemented created some loop holes for companies who were supposedly importing B2C items at 0 import tax rate in the country. So the way we think about it is that if anything, the new scheme will actually increase taxes for everyone. I guess time will tell if the -- these improvements that will be generated with the new model will actually increase demand or not. But we still think that the best case scenarios in terms of lead times will still be far from our same-day and next-day value proposition that we are currently offering in Brazil.

鮑勃，這是愛麗兒。讓我從巴西的跨境問題開始，過去幾週這引起了一些討論。所以我們多年來一直在巴西與亞洲選手競爭。此外，舊計劃及其實施方式為那些本應以零進口稅率在該國進口 B2C 商品的公司造成了一些漏洞。因此，我們的想法是，如果有的話，新計劃實際上會增加每個人的稅收。我想時間會證明新模型帶來的這些改進是否會真正增加需求。但我們仍然認為，就交貨時間而言，最佳情況仍與我們目前在巴西提供的當日和次日價值主張相去甚遠。

But simultaneously, the new scheme presents an opportunity for MercadoLibre as well, our CBT business in the country is almost non-existent. So we think that we can actually build and scale a robust cross-border business, taking advantage of our own strength, such as our traffic, the trust in our brands, our payment infrastructure, our local logistics, et cetera, et cetera. As Pedro was saying before, our cross-border business in Mexico is growing twice as much as our website. But if you look at what we are doing in cross-border in Chile and Colombia, where we also put some focus is growing triple-digits in each of those countries. So we think we could build something around cross-border with a new scheme, we'll probably be putting some effort in there whenever our resources allow us to do so. And that's the way I guess it will play out.

但與此同時，新計劃也為 MercadoLibre 提供了機會，我們在該國的 CBT 業務幾乎不存在。因此，我們認為，利用我們自己的優勢，例如我們的流量、對我們品牌的信任、我們的支付基礎設施、我們的本地物流等等，我們實際上可以建立和擴展強大的跨境業務。正如佩德羅之前所說，我們在墨西哥的跨境業務增長是我們網站的兩倍。但如果你看看我們在智利和哥倫比亞的跨境業務，我們還重點關注這些國家的三位數增長。因此，我們認為我們可以通過新的計劃圍繞跨境建立一些東西，只要我們的資源允許，我們可能會在這方面投入一些努力。我猜這就是結果。

Regarding Mercado Play, I think it's too early. We are just deploying our first version of the product, increasing the catalog. So not much to be said on that one, not many numbers to share either. I guess, Pedro, you want to take leverage in Mexico?

關於Mercado Play，我認為現在還為時過早。我們剛剛部署該產品的第一個版本，增加了目錄。因此，對此沒有太多可說的，也沒有太多可以分享的數字。我想，佩德羅，你想在墨西哥發揮影響力嗎？

Yes. So the Mexican expansion in margin and this applies to Brazil as well. Brazil and Mexico both drove the lion's share of the growth in EBIT and margin expansion. And it's been remarkably consistent across multiple products, both in commerce and fintech. So with the exception of the 1P margin that contracted slightly, pretty much all other revenue streams are coming in with very solid cost management and strong growth in revenue. So this wasn't driven solely by credits, in Mexico nor in Brazil. I mean, I think that's important to point out.

是的。因此，墨西哥利潤率的擴張也適用於巴西。巴西和墨西哥都推動了息稅前利潤和利潤率擴張的大部分增長。而且在商業和金融科技領域的多種產品中，這一點都非常一致。因此，除了 1P 利潤率略有收縮之外，幾乎所有其他收入來源都具有非常可靠的成本管理和強勁的收入增長。因此，無論是在墨西哥還是在巴西，這不僅僅是由信貸推動的。我的意思是，我認為指出這一點很重要。

Just one follow-up, if I could, and that is, Ariel, how long do you think the Remessa Conforme compliance and certification process is going to take?

如果可以的話，我只想問一個後續問題，那就是 Ariel，您認為 Remessa Conforme 合規性和認證流程需要多長時間？

I think it depends more on the government than on ourselves. So it's hard to answer that question. We are ready and eager to engage in such a scheme. We think that, as I was saying before, that this could present an opportunity for us, but timing from a government perspective to adjust processes, customs, et cetera, it's hard to predict.

我認為這更多地取決於政府而不是我們自己。所以這個問題很難回答。我們已經準備好並渴望參與這樣的計劃。我們認為，正如我之前所說，這可能為我們提供機會，但從政府的角度來看，調整流程、海關等的時機很難預測。

Just one more thing, I think it's important. You asked on the model around play, the financial model. I think it's important to point out that the upfront outlay on content is extremely controlled. Most of the contracts are structured primarily with a revenue share. Remember, this is an advertising video-on-demand platform and so we really are trying to build out solid technology product learn, but the outlays in terms of commitments on content are efficiently managed and most of the economic model will work around rev share with the content [providers].

還有一件事，我認為這很重要。您詢問了有關遊戲的模型，即財務模型。我認為需要指出的是，內容的前期支出受到嚴格控制。大多數合同的結構主要是收入分成。請記住，這是一個廣告視頻點播平台，因此我們確實正在努力構建可靠的技術產品學習，但內容承諾方面的支出得到了有效管理，並且大多數經濟模型將圍繞收益共享進行內容[提供者] 。

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安德魯魯本。

Couple items on logistics here. We saw the 40 basis point increase in Brazil fulfillment penetration. Curious what drove the step change and what the bottlenecks are for increasing that figure further? And then when looking at the quarter, we see about an 80 basis point increase for shipping fees within the take rate. Curious what's driving that, how you're thinking about the fee structure?

這裡有幾個關於物流的項目。我們看到巴西履行滲透率增加了 40 個基點。好奇是什麼推動了這一階躍變化以及進一步增加這一數字的瓶頸是什麼？然後，當我們查看本季度時，我們發現運費上漲了約 80 個基點。好奇是什麼推動了這一點，您如何考慮費用結構？

Yes. So regarding the first one, on fulfillment, I see stronger demand from sellers in trying to engage with our fulfillment program. I think we have also improved our technology and product to streamline new seller onboarding plus existing selling farming. So we have the technology and tools to tell the sellers exactly what we think will sell in fulfillment and to help them drive more inventory into our warehouses. So the combination of the 2 is probably the key explanation behind the increase in fulfillment penetration. That was the first part.

是的。因此，關於第一個，在履行方面，我看到賣家嘗試參與我們的履行計劃的需求更強烈。我認為我們還改進了我們的技術和產品，以簡化新賣家的入職和現有的銷售農業。因此，我們擁有技術和工具來準確地告訴賣家我們認為將在履行過程中銷售什麼，並幫助他們將更多庫存推入我們的倉庫。因此，兩者的結合可能是履行滲透率增加背後的關鍵解釋。這是第一部分。

The second one, Andrew, can you remind me?

第二個，安德魯，你能提醒我嗎？

Yes. Just around the impact in the quarter, we're seeing the increase in shipping fees. Curious what's driving it.

是的。就本季度的影響而言，我們看到運費有所增加。好奇是什麼在驅動它。

Yes. When you look at market shipping take rate, you should bear in mind that that's a combination of 2 things. On the one hand, it's how much we charge our buyers and sellers for logistics services. But on the other hand, you have contract revenues including -- contract costs, including their mainly distribution costs. So the 70 basis points improvement that you see in shipping take rates are a combination of both. So we have always been disciplined and explicit in saying that we will try to [trough up] the logistics inflation to our buyers or sellers whenever it makes sense.

是的。當您查看市場運輸率時，您應該記住這是兩件事的組合。一方面，這是我們向買家和賣家收取的物流服務費用。但另一方面，你有合同收入，包括合同成本，包括主要的分銷成本。因此，您看到的運輸率提高 70 個基點是兩者的結合。因此，我們一直嚴格而明確地表示，只要有必要，我們將盡力向買家或賣家解決物流通脹問題。

And on the second hand, we have been also very effective in trying to get productivity improvement from our distribution operation as well. So the combination of the 2 is basically what explains the 70 basis points that you see there.

另一方面，我們也非常有效地嘗試提高分銷業務的生產力。因此，兩者的結合基本上可以解釋您在那裡看到的 70 個基點。

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馬塞洛·桑托斯。

I have 2. The first, I wanted to ask about the Argentinian peso exercise that you did, the simulation that you put in the release. I wanted to understand how you dealt with costs that might be denominated in pesos, but are effectively driven by U.S. dollar? For example, I don't know, I imagine developers probably they earn money in pesos, but their salary is somehow linked to the U.S. dollar. Did you just get the cost in peso whatever they were and converted and did the exercise? Or did you use some discretion to try to address this issue that maybe this cost will increase if there is a devaluation? That's the first question.

我有 2 個問題。首先，我想詢問您所做的阿根廷比索練習，以及您在發布中進行的模擬。我想了解您如何處理可能以比索計價但實際上由美元驅動的成本？例如，我不知道，我想開發人員可能以比索賺錢，但他們的工資在某種程度上與美元掛鉤。您是否剛剛獲得了比索的成本（無論它們是什麼）並進行了轉換並進行了練習？或者您是否使用了一些酌處權來嘗試解決這個問題，如果貨幣貶值，成本可能會增加？這是第一個問題。

And the second question is about the credit card in Brazil. Is this product already producing positive [new mile]?

第二個問題是關於巴西的信用卡。該產品是否已產生積極的[新里程]？

Let me take the first one. I think, first of all, important to note, the spirit of the disclosure, and we can get into more detail, if necessary, is to clarify that when quantifying the impact of a devaluation in Argentina, it's not as simple as linearly devaluing revenues and costs from Argentina because there are also Argentine-denominated costs that don't appear in the Argentine segment but appear in the other segments because we export a lot of services from Argentina. And that obviously has a positive impact on margins in other country segments because the revenues there are not Argentine peso denominated.

讓我拿第一個。我認為，首先，需要注意的是，披露的精神，如果有必要的話，我們可以更詳細地說明，是為了澄清，在量化阿根廷貨幣貶值的影響時，它並不像收入線性貶值那麼簡單以及來自阿根廷的成本，因為還有一些以阿根廷計價的成本，這些成本不會出現在阿根廷部分，但會出現在其他部分，因為我們從阿根廷出口大量服務。這顯然對其他國家/地區的利潤產生了積極影響，因為那裡的收入不是以阿根廷比索計價的。

Your question about Argentine peso-denominated costs, but that could potentially have an underlying tied to U.S. dollars. I think that's a third derivative that the model doesn't take into account, but I would disagree that this is a linear pass-through. Salaries in Argentina are in Argentine pesos. Obviously, Argentina is a high inflationary country because of the consistent devaluation of its currency, but a devaluation probably actually generates a benefit in terms of IT costs, at least in the midterm.

你關於阿根廷比索計價成本的問題，但這可能與美元掛鉤。我認為這是模型沒有考慮的三階導數，但我不同意這是線性傳遞。阿根廷的工資以阿根廷比索為單位。顯然，阿根廷是一個高通脹國家，因為其貨幣持續貶值，但貶值實際上可能會在 IT 成本方面帶來好處，至少在中期是這樣。

Marcelo, with regards to the credit card in Brazil, I would say that as you recall, during the second half of last year, we were more conservative in terms of regional credit given the macro environment. And we made good use of the time to rebuild our business model and we are very happy with how they have been evolving. And therefore, I would say from the last quarter of last year until now, we nearly tripled -- more than tripled the number of cards we issued in a given quarter. We are excited about the results we have seen. It's -- marginally these cohorts are accretive, but it's still very early on in the game and we need to continue growing.

馬塞洛，關於巴西的信用卡，我想說的是，去年下半年，考慮到宏觀環境，我們在區域信貸方面更加保守。我們充分利用了這段時間來重建我們的業務模式，我們對它們的發展方式感到非常滿意。因此，我想說，從去年最後一個季度到現在，我們在特定季度發行的信用卡數量幾乎增加了兩倍。我們對所看到的結果感到興奮。這些群體的數量略有增加，但仍處於遊戲的早期階段，我們需要繼續增長。

So just to understand, margin accretive means that they're generating positive EBIT. I just want to understand if the contribution is positive or negative.

因此，要理解，利潤增值意味著他們正在產生正的息稅前利潤。我只是想了解貢獻是積極的還是消極的。

Instead of EBIT, let's say, marginal contribution. The margin contribution is positive over the last cohorts we have issued. Still, this is a small number.

我們可以說，不是息稅前利潤，而是邊際貢獻。與我們發行的上一批產品相比，保證金貢獻是積極的。儘管如此，這個數字仍然很小。

Our next question comes from the line of Deepak Mathivanan of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的迪帕克·馬蒂瓦南 (Deepak Mathivanan)。

This is Zack on for Deepak. Just a follow-up on the [large volume] question. Just specifically on the Argentina macro. Obviously, it's very challenging. The unit growth is holding up relatively well, just decelerated slightly. But just curious about how you're thinking about kind of going forward, the investment specifically in this country -- in this area? And how to think about kind of staffing levels? Is this an area where you're thinking you're reevaluating kind of the investing in staffing levels currently? Or are you kind of happy with where things stand?

這是迪帕克的紮克。只是[大容量]問題的後續。具體來說是阿根廷宏觀經濟。顯然，這是非常具有挑戰性的。單位增長保持相對良好，只是略有放緩。但只是好奇你如何考慮未來的發展，特別是在這個國家——在這個領域的投資？如何考慮人員配備水平？您是否正在考慮在這個領域重新評估目前對人員配置水平的投資？或者你對現狀感到滿意嗎？

And then also just touching base on the inflationary trends, specifically on the logistics side in Brazil, kind of noted that you're passing through some of these costs on to consumers. Is that inflation pressure primarily on the labor or the partner side or both perhaps? And how should we think about the kind of pace of inflation kind of into the back half of the year? Is it accelerating decelerating? Or is it kind of relatively stable and kind of expect the kind of path through to kind of continue going forward?

然後，剛剛觸及通貨膨脹趨勢，特別是在巴西的物流方面，有點注意到你正在將其中一些成本轉嫁給消費者。通脹壓力主要來自勞工方面還是合作夥伴方面，或者兩者都有？我們應該如何看待今年下半年的通脹速度？是在加速減速嗎？或者它是一種相對穩定的並且期待某種繼續前進的路徑？

Let me take the last one first. I think you're better off asking a macro economist on inflationary expectations for the back half of the year. On Argentina, we continue to see tremendous potential in that market. If you look at what we've built in Pago, it's phenomenal. Our commerce position from a competitive position is extremely strong. And if anything, there is a greater possibility now than maybe 2 or 3 years ago that Argentina mid-term might course correct. So we're definitely not considering anything like scaling down our commitment to the country or pulling out. If anything, we have a sense that, that might be one of the areas where we can lean into it a little bit more in the back half of the year and accelerate unit growth even more.

讓我先來說最後一個。我認為你最好向宏觀經濟學家詢問下半年的通脹預期。在阿根廷，我們繼續看到該市場的巨大潛力。如果你看看我們在帕果建造的東西，就會發現這是驚人的。從競爭地位來看，我們的商業地位非常強大。如果說有什麼不同的話，那就是阿根廷中期選舉正確的可能性比兩三年前更大。因此，我們絕對不會考慮減少對國家的承諾或退出之類的事情。如果有的話，我們有一種感覺，這可能是我們在今年下半年可以進一步投入並進一步加速單位增長的領域之一。

I think unit growth, if you compare to historical levels in Argentina has actually been anemic, Mexico, Brazil, Chile have been outperforming Argentina. So there might be an opportunity there to reaccelerate unit growth on the commerce side. On the fintech side, it's been absolutely firing on all cylinders.

我認為，如果與阿根廷的歷史水平相比，單位增長實際上很乏力，墨西哥、巴西、智利的表現一直優於阿根廷。因此，可能有機會重新加速商業方面的單位增長。在金融科技方面，它絕對是全速運轉。

Regarding the first part of your second question, I would say inflation is coming from both. It's, on the one hand, coming from salaries, from operations, but it's also [decel] and distribution inflation. So typically, across every country in LatAm, we see logistics inflation being higher than average inflation in the country and that has been the case in the first half of the year, I would say.

關於第二個問題的第一部分，我想說通貨膨脹是兩者共同造成的。一方面，它來自工資、運營，但它也來自[減速]和分配通脹。因此，通常情況下，在拉丁美洲的每個國家，我們都會看到物流通脹高於該國的平均通脹，我想說，今年上半年的情況就是如此。

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銀行的Stephen Ju。

Great. So it's really nice to see this meaningful jump in your first-party GMV here even on a sequential basis. So can you talk about the halo effect that you may hopefully be seeing in terms of the shopping behavior in the consumer? And secondarily, I mean, today, it's consumer electronics, but where else can you look to plug some of the assortment gaps that you might have right now? And if you can also talk about how has your thinking evolved in terms of greater or lower willingness to expand this business given the competitive environment?

偉大的。因此，很高興看到您的第一方 GMV 出現這種有意義的跳躍，即使是連續的。那麼您能談談您希望在消費者的購物行為方面看到的光環效應嗎？其次，我的意思是，今天，它是消費電子產品，但是您還可以在哪裡尋找來填補目前可能存在的一些品種差距？您是否也可以談談，在競爭環境下，您的想法是如何演變的，即在擴大或降低業務的意願方面？

Stephen, Ariel here. So yes, we definitely see this acceleration as a consequence of all the investments that we have been putting into the business for several years. So our logistics improvement, the user experience and our investments in technology, the assortment and selection expansion, our retail business, our efforts to ensure price competitiveness. So I guess all the levers combined are driving user behavior and more transactions in our platform, which linked to the brand performance and the way we think our customers love MercadoLibre are definitely generating the numbers that you see.

斯蒂芬，艾麗爾在這裡。所以，是的，我們肯定認為這種加速是我們多年來對該業務投入的所有投資的結果。因此，我們的物流改進、用戶體驗和技術投資、品種和選擇的擴展、我們的零售業務、我們為確保價格競爭力所做的努力。因此，我認為所有槓桿都在推動我們平台上的用戶行為和更多交易，這與品牌表現以及我們認為客戶喜愛 MercadoLibre 的方式相關，肯定會產生您所看到的數字。

In terms of assortment experience, I guess, we'll continue to -- in trying to build the biggest available selection in the market. That's part of our essence and we'll continue doing so in the near future.

就品種體驗而言，我想，我們將繼續努力打造市場上最大的可用選擇。這是我們本質的一部分，我們將在不久的將來繼續這樣做。

Our next question comes from the line of Maria Clara Infantozzi of Itau BBA.

我們的下一個問題來自 Itau BBA 的 Maria Clara Infantozzi。

My question relates to the 1P operation, you showed consistent growth in this quarter with improving profitability trends but also still dilutive to margins. So I'd like you to please elaborate on more details about when should we expect an improvement with better contributive margins for the 1P operation. And also, if possible, would be like to hear your perceptions about the competitive landscape here in Brazil and in Mexico.

我的問題與 1P 運營有關，本季度你們表現出持續增長，盈利趨勢有所改善，但仍然稀釋了利潤率。因此，我希望您能詳細說明我們何時應該期望 1P 運營能夠獲得更好的貢獻利潤率的改善。另外，如果可能的話，我想听聽您對巴西和墨西哥競爭格局的看法。

So on margin structure, 1P has actually been playing out very much in line with the way we had anticipated in that as we gain scale, as we improve operational efficiencies and build out organization. We actually see very significant margin improvement year-over-year and even sequentially. It's still not profitable, and that's a function of the fact that it's still subscale versus some of our competitors. And so we need to continue to invest behind growing the business and the natural operational leverage will continue to kick in.

因此，在利潤結構方面，隨著我們擴大規模、提高運營效率和建立組織，1P 的表現實際上與我們預期的方式非常一致。實際上，我們看到利潤率逐年甚至連續增長非常顯著。它仍然沒有盈利，這是因為它與我們的一些競爭對手相比仍然規模較小。因此，我們需要繼續投資於業務增長，自然的運營槓桿將繼續發揮作用。

When we can turn that business positive is probably not over the next few quarters. It's more of a mid-term objective of ours. But again, very pleased with the results this quarter, not only from a top line perspective, but also how margins are improving as the business grows. On competition, I can hand it over to Ari.

當我們能夠將業務轉為積極的時候，可能不是在接下來的幾個季度。這更像是我們的中期目標。但同樣，我們對本季度的業績非常滿意，不僅從營收角度來看，而且從利潤隨著業務增長的角度來看也是如此。比賽的話，我可以交給阿里。

Yes. So I think Latin America has become one of the most intense competitive scenarios in the world probably. We have the big American players investing heavily in the region. We have Asian players. We have local players to defend their position. So I guess we are all trying to serve the customers in different ways. Luckily for us, I think our strategy has played well if you were to look at third-party data. It seems that the case that we have been gaining market share both in Mexico and in Brazil, even in this tough environment. So we hope to continue doing so, investing behind the business and trying to make the maximum out of the investments that we have been putting together over the last few years.

是的。所以我認為拉丁美洲可能已經成為世界上競爭最激烈的地區之一。美國大型企業在該地區進行了大量投資。我們有亞洲球員。我們有本土球員來捍衛自己的立場。所以我想我們都在嘗試以不同的方式為客戶服務。對我們來說幸運的是，如果你查看第三方數據，我認為我們的策略發揮了良好的作用。看來，即使在這種艱難的環境下，我們在墨西哥和巴西的市場份額也一直在增加。因此，我們希望繼續這樣做，對業務進行投資，並努力充分利用我們過去幾年的投資。

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

我們的下一個問題來自瑞銀集團的Kaio Prato。

I have 2 on my side, please. The first is on the net interest margin after losses of that business. So this quarter, you disclosed the new mile, which included the funding costs, of interest to see that even including the funding cost in all means time, so if you compare the first quarter (inaudible) like 31%, while we're only looking to new mile, it was 37%. So it seems that your funding cost is not that high. So I just would like to understand how we calculate these funding costs here given own funding cost and (inaudible) funding cost or just one of them? And how could that be that low, please. And then I'll follow up with my third question.

我這邊有 2 個，請。第一個是該業務虧損後的淨息差。因此，本季度，您披露了新里程，其中包括融資成本，值得注意的是，即使包括所有時間的融資成本，所以如果您比較第一季度（聽不清），大約為 31%，而我們只展望新里程，這一比例為37%。看來你的資金成本並沒有那麼高。所以我只是想了解我們如何在這裡計算這些融資成本，考慮到自己的融資成本和（聽不清）融資成本或只是其中之一？請問怎麼可能這麼低。然後我將繼續我的第三個問題。

Sure, Kaio. So the funding cost is the blended average of the underlying cost on the credit book. So it's the cost of the (inaudible) and it's the cost of the debt that we take on to fund that and our equity participation.

當然可以，凱奧。因此，融資成本是信用賬簿上基本成本的混合平均值。所以這是（聽不清）的成本，也是我們為融資和股權參與而承擔的債務成本。

Okay. So this includes the third-party funding costs as well, right. And then the --

好的。所以這也包括第三方融資成本，對吧。然後是——

Yes, it includes the cost of third-party funding as well, indeed.

是的，它確實也包括第三方融資的成本。

Okay. And the second question is on take rate on the fintech business as well. So excluding the [quest] business, particularly it had a reduction of more than 10 basis points quarter-over-quarter. So part of this is related to finance fees. But in a quarter-over-quarter basis, we basically don't see major change in interest rates. I just would like to understand what were the main drivers here if this was related to lower prices as well? And what can we expect going forward especially in light of (inaudible) expected, especially in thesis?

好的。第二個問題是金融科技業務的採用率。因此，排除 [quest] 業務，尤其是它的季度環比下降超過 10 個基點。所以其中一部分與財務費用有關。但從環比來看，我們基本上沒有看到利率發生重大變化。我只是想了解如果這也與較低的價格有關，那麼這裡的主要驅動因素是什麼？我們可以期待什麼，特別是考慮到（聽不清）預期，特別是在論文中？

Yes. So a couple of the key drivers on the compression of the fintech take rate, and they're fairly even distributed among these 3 drivers. So there's compression on Argentine financing revenues, where we've had less financed TPV as a percentage of overall revenues. And as the reference rates in Argentina have been going up, that's also tightened some of the profitability on Argentine financing. In Argentina, the wallet business, which continues to perform incredibly well, but also saw some decrease in take rates through mix shift in the different monetizations on QR and the other transactional fees that we have in Argentina.

是的。因此，壓縮金融科技佔用率的幾個關鍵驅動因素，它們在這三個驅動因素中的分佈相當均勻。因此，阿根廷融資收入受到壓縮，TPV 融資佔總收入的比例較低。隨著阿根廷參考利率的不斷上升，這也收緊了阿根廷融資的部分盈利能力。在阿根廷，錢包業務繼續表現出色，但由於 QR 上的不同貨幣化和我們在阿根廷的其他交易費用的混合轉移，採用率也有所下降。

And then the MPOS business in Brazil also drove roughly also 1/3 of the take rate compression in fintech. That's primarily less devices sold as we move more and more upmarket into larger merchants. We have merchants with higher TPV per merchant, but obviously, they purchase less machines. And so the revenues on the sales of machines as net new machine sales decelerate, is the third driver of compression on the fintech take rate. And like I said, roughly each one of these 3 drivers have a similar magnitude on the fintech compression.

然後，巴西的 MPOS 業務也推動了金融科技領域大約 1/3 的採用率壓縮。這主要是隨著我們將越來越多的高端市場轉移到更大的商家，銷售的設備減少了。我們有每個商家的 TPV 較高的商家，但顯然，他們購買的機器較少。因此，隨著新機器淨銷售減速，機器銷售收入是壓縮金融科技採用率的第三個驅動因素。正如我所說，這三個驅動因素中的每一個對金融科技的壓縮程度大致相似。

And very mind Kaio that for the last point Pedro mentioned, these machines are always sold at a loss, so lower revenues but also lower cost.

請注意 Kaio，對於佩德羅提到的最後一點，這些機器總是虧本出售，因此收入較低，但成本也較低。

(Operator Instructions) Our next question comes from the line of Geoffrey Elliott of Autonomous.

（操作員說明）我們的下一個問題來自 Autonomous 的 Geoffrey Elliott。

Could we talk a bit more about credit in Mexico, clearly a very different market from Brazil in terms of the credit penetration of the consumer, the amount of existing credit relationships they're likely to have. How does that feed into the underwriting that you do? What opportunities does that create? And what are the potential pitfalls of lending to people who've got less experience of taking credit before?

我們能否多談談墨西哥的信貸，就消費者的信貸滲透率以及他們可能擁有的現有信貸關係的數量而言，墨西哥顯然是一個與巴西截然不同的市場。這對您所做的承保有何影響？這會創造什麼機會？向以前沒有多少信貸經驗的人放貸有哪些潛在的陷阱？

Geoffrey, so definitely, as you say, we see a huge opportunity in Mexico to start with our (inaudible) within our platform. Mexico is a one country with by far the highest penetration. And beyond that, overall in consumer originations, Mexico is already higher than the rest of the country this time for the first time ever. Mexico is higher than all other countries for the first time ever. It's our largest consumer book for the third quarter in a row and it continues to be the largest portfolio. So we are very excited overall with the opportunity. Our NPLs continue to be very good and continue to decrease.

杰弗裡，所以正如你所說，我們在墨西哥看到了一個巨大的機會，可以從我們的平台（聽不清）開始。墨西哥是迄今為止普及率最高的國家之一。除此之外，總體而言，墨西哥的消費者來源地已經首次高於該國其他地區。墨西哥有史以來第一次高於所有其他國家。這是我們連續第三季度最大的消費類書籍，並且仍然是最大的產品組合。因此，我們總體上對這個機會感到非常興奮。我們的不良貸款繼續保持良好狀態並持續下降。

And what we see is an opportunity beyond our transactions (inaudible) and beyond consumer credit. That's why we have got into credit card. We launched our credit card for friends and families earlier this year, and then we started to expand it, is still very small, but we believe that we have a huge opportunity and that we can leverage our ecosystem to serve many of our users who oppose to other countries have, in general, less penetration of credit products. Some of them are not -- credit score is worse and therefore, we believe we have an opportunity to serve them very well.

我們看到的是超越我們的交易（聽不清）和消費信貸的機會。這就是我們進入信用卡領域的原因。今年早些時候，我們為朋友和家人推出了信用卡，然後我們開始擴展它，規模仍然很小，但我們相信我們有一個巨大的機會，我們可以利用我們的生態系統來為許多反對我們的用戶提供服務總體而言，其他國家的信貸產品滲透率較低。其中一些不是——信用評分更差，因此，我們相信我們有機會為他們提供很好的服務。

And any pitfalls with lending to people who just don't have as much of a credit history because credit has not been available to them before.

向那些沒有太多信用記錄的人提供貸款可能會遇到任何陷阱，因為他們以前無法獲得信貸。

We believe that it's an opportunity. As you know, our loans are typically very small to start with, and we have the information of transactions they have done on MercadoLibre. So I think that has been working very well since we started and we are to continue growing this.

我們相信這是一個機會。如您所知，我們的貸款通常規模很小，而且我們有他們在 MercadoLibre 上進行的交易信息。因此，我認為自我們開始以來，這種方式一直運作良好，我們將繼續發展這一方式。

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

我們的下一個問題來自 BTIG 的 Marvin Fong。

Two questions for me. So I think it's just begun and then Brazil is in the process of a debt renegotiation program. I think it's already released some encouraging statistics. My question is, what's sort of your view about this program? Do you think it could unlock new opportunities for credit and extending credit to more people? And do you have any specific plans to target prospective borrowers as this program evolves?

有兩個問題問我。所以我認為這才剛剛開始，然後巴西正在進行債務重新談判計劃。我認為它已經發布了一些令人鼓舞的統計數據。我的問題是，您對這個計劃有何看法？您認為它是否可以釋放新的信貸機會並向更多人提供信貸？隨著該計劃的發展，您是否有任何針對潛在藉款人的具體計劃？

And then second question, you mentioned you've launched a new loyalty program. I was just curious what were -- what are some of the new features of the program? And can you share any metrics about how more productive people and the loyalty program are versus users that are not in the loyalty program?

第二個問題，您提到您已經啟動了一項新的忠誠度計劃。我只是好奇該程序有哪些新功能？您能否分享任何有關人員和忠誠度計劃與未加入忠誠度計劃的用戶相比效率更高的指標？

Great. So on the Brazilian program to ease the burden of credit on consumers, I think we began to see the first flow through to our own user base. It's probably early to tell whether through open banking initiatives and other areas we'll be able to target those users or not. In general, the conceptual answer is if it helps deleverage consumers in general, it probably generates a healthier consumer lending backdrop in a whole, but not too many deep insights to share with you at this point.

偉大的。因此，關於巴西減輕消費者信貸負擔的計劃，我認為我們開始看到第一個流向我們自己的用戶群。現在判斷我們是否能夠通過開放銀行計劃和其他領域瞄準這些用戶可能還為時過早。總的來說，概念性的答案是，如果它總體上有助於消費者去槓桿化，那麼它可能會在整體上產生更健康的消費貸款背景，但目前沒有太多深刻的見解可以與您分享。

On loyalty, so -- looking to announce changes to the program, simplified understanding of how the program works, continuous efforts to improve content that we can offer and to continue to sign more partnerships that give access to MercadoLibre loyalty users more and more benefits. We think that the fact that we straddle both your financial life and your commercial life gives us a unique opportunity to build a very differentiated loyalty program. We have some really strong content partnerships and content overlays that now have gotten complemented with MELI play. And so we are continuing to focus on building out the loyalty program.

關於忠誠度，希望宣布計劃的變更，簡化對計劃運作方式的理解，不斷努力改進我們可以提供的內容，並繼續簽署更多合作夥伴關係，為 MercadoLibre 忠誠度用戶提供越來越多的好處。我們認為，我們橫跨您的金融生活和商業生活這一事實為我們提供了一個獨特的機會來建立一個非常差異化的忠誠度計劃。我們有一些非常強大的內容合作夥伴關係和內容覆蓋，現在已經通過 MELI play 得到了補充。因此，我們將繼續專注於建立忠誠度計劃。

The numbers of paid loyal users, so users who haven't necessarily been earning their way into the loyalty program but are actually willing to pay for the program so that they can gain those benefits has been growing consistently quarter-on-quarter, which we think validates that we're building a very compelling user proposition and the data around the lift that we get in our users after they sign up for the program continues to be positive. We've shared some of those in previous calls. So stay tuned. You'll see a relaunch of the loyalty program soon, and it's a continuous effort to really turn that into a competitive advantage.

付費忠誠用戶的數量，即那些不一定通過忠誠度計劃賺取收入但實際上願意為該計劃付費以便獲得這些好處的用戶數量一直在逐季度持續增長，我們認為認為驗證了我們正在建立一個非常引人注目的用戶主張，並且在用戶註冊該計劃後我們獲得的有關提升的數據仍然是積極的。我們在之前的電話會議中分享了其中的一些內容。所以請繼續關注。您很快就會看到忠誠度計劃的重新啟動，並且需要不斷努力才能真正將其轉化為競爭優勢。

Our next question comes from the line of Neha Agarwala of HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

My first question is regarding the Brazil GMV growth, which remains strong. This rate is a bit sequentially, but it's continued to remain strong. So what are the main drivers behind that? Do you continue to see some market share gain after America now? Or in general, do you think your value proposition and the assortment is benefiting the GMV growth and helping you to gain market share? So that's my first question.

我的第一個問題是關於巴西 GMV 的增長，該增長仍然強勁。這個比率有點連續，但仍然保持強勁。那麼這背後的主要驅動因素是什麼？現在，繼美國之後，您的市場份額還會繼續增加嗎？或者總的來說，您認為您的價值主張和產品類別是否有利於 GMV 增長並幫助您獲得市場份額？這是我的第一個問題。

My second question is regarding the average yield of your loan book. If we do not consider the provisions, if you just see the yield on your loan book, that went up from -- in my calculation, 73% in last quarter annualized to 76%. And this is despite the strong growth that we've seen in credit cards, which are dilutive to the short-term interest income. What has led to this increase in the yield? Has there been some repricing or growth in more consumer loans that help led to this increase in yield. If you could elaborate a bit on that?

我的第二個問題是關於您的貸款簿的平均收益率。如果我們不考慮準備金，如果你只看到貸款賬簿上的收益率，根據我的計算，年化收益率從上個季度的 73% 上升到 76%。儘管我們看到信用卡業務強勁增長，但信用卡業務卻稀釋了短期利息收入。是什麼導致了產量的增加？是否有一些重新定價或更多消費貸款的增長有助於導致收益率的增加？您能否詳細說明一下？

And my last question is on customer deposits. Have you -- are you already taking customer deposits in Brazil and Mexico? Or what is the strategy there? Is that something that you think could -- you would like to do in the future?

我的最後一個問題是關於客戶存款的。您是否已接受巴西和墨西哥的客戶存款？或者說那裡的策略是什麼？這是您認為將來可以做的事情嗎？

Neha, Ariel here. So today is MercadoLibre's 24th birthday. And I'd like to think that the market share gains and the acceleration in growth that we are seeing in the business today is basically a consequence of everything we've been doing over these last 24 years. So we think -- and we like to think that we have the best value proposition and customer experience available in the market and we'll continue putting our efforts behind building so in the near future.

尼哈，愛麗兒在這裡。今天是 MercadoLibre 的 24 歲生日。我認為，我們今天在業務中看到的市場份額的增長和增長的加速基本上是我們過去 24 年所做的一切的結果。所以我們認為——而且我們願意認為我們擁有市場上最好的價值主張和客戶體驗，並且我們將在不久的將來繼續努力實現這一目標。

Great. Happy Birthday, it is 24 years since Barco started it in a garage, as everyone knows. On yields, Neha, 2 things. I think you've kind of hit on it. So we've continued to be fairly selective on who we're extending credit to. We haven't expanded into higher risk segments, but we have slightly started to move into mid-risk segments. We've also seen some upward pressures in terms of funding costs in some of our markets. And so that's also led to higher APRs. The combination of those yield improvements and significant improvements in bad debt is what has been driving the improvement e-malls on a sequential basis.

偉大的。生日快樂，眾所周知，巴可公司在車庫裡創業已有 24 年了。關於收益率，Neha，有兩件事。我想你已經明白了。因此，我們繼續對向誰提供信貸有相當的選擇性。我們還沒有擴展到較高風險的領域，但我們已經開始稍微進入中等風險的領域。我們還看到一些市場的融資成本面臨一些上行壓力。這也導致了更高的年利率。這些收益率的提高和壞賬的顯著改善相結合，推動了電子商城的環比改善。

And with regard to taking deposits, we do offer accounts which are remunerated in each of the 3 main markets in Brazil, in Mexico and in Argentina. What we pay users typically what we are able to get from those funds. So for example, in Brazil, it's close to CVI, which is close to 14% in Brazil -- and Mexico is in Europe of 10% and Argentina is at this point, 80%, and this compares in many cases, to savings accounts from banks, which pays 0. And as a consequence of that, these deposit assets under management have been growing a lot in the last year. The growth for Brazil has been very high-single digits -- sorry, very high-double digits, not triple digits, but very high double digits. In the case in Argentina, is well into the triple digit, part of that is inflation. But even if you take inflation of the question, we have seen growth of 80% in terms of number of users using our remunerating accounts in Argentina.

關於吸收存款，我們確實提供在巴西、墨西哥和阿根廷這三個主要市場中獲得報酬的賬戶。我們向用戶支付的費用通常是我們能夠從這些資金中獲得的費用。例如，在巴西，它接近 CVI，在巴西接近 14%，墨西哥在歐洲為 10%，而阿根廷目前為 80%，這在許多情況下與儲蓄賬戶進行比較來自銀行，支付0。因此，管理的這些存款資產在去年大幅增長。巴西的增長一直是非常高的個位數——抱歉，是非常高的兩位數，不是三位數，而是非常高的兩位數。以阿根廷為例，該數字遠達三位數，其中部分原因是通貨膨脹。但即使你考慮到這個問題的膨脹，我們也看到阿根廷使用我們的付費賬戶的用戶數量增長了 80%。

And in Mexico, it's also a very good and very competitive product. I think we are paying the higher rates in the market, but it's still rather fairly new as compared to one in Brazil or Argentina, though the volumes are not as high, but we do take deposits in all 3 countries with different formats depending on what regulation permits in the case of Argentina, for example, and in the case of Mexico, many of those deposits are then at a money market fund run by third-party.

而且在墨西哥，它也是一個非常好的、非常有競爭力的產品。我認為我們在市場上支付的利率較高，但與巴西或阿根廷相比，它仍然相當新，儘管交易量沒有那麼高，但我們確實在這三個國家接受不同格式的存款，具體取決於什麼例如，在阿根廷和墨西哥的情況下，監管允許，其中許多存款都存放在第三方運營的貨幣市場基金中。

And how much of your loan book would you say is now backed by customer deposits, roughly?

您認為您的貸款賬簿中有多少現在是由客戶存款支持的？

The only country where we can use the deposit to back credit is in Brazil and it's something that we do marginally and we do it marginally because we have the strategy at this stage to grow the assets under management, and therefore, we are passing through most of the -- nearly all of the returns we get from those deposits. So at this stage, it's marginal and only do it when we take CDBs, which is our equivalent of CDs in it.

我們可以使用存款來支持信貸的唯一國家是巴西，這是我們邊際做的事情，我們這樣做是邊際的，因為我們現階段有增加管理資產的戰略，因此，我們正在經歷大多數我們從這些存款中獲得的幾乎所有回報。所以在這個階段，它是邊際的，只有當我們採用CDB時才會這樣做，這相當於我們裡面的CD。

Next question comes from the line of John Colantuoni of Jefferies.

下一個問題來自 Jefferies 的 John Colantuoni。

This is Chris on for John. Can you give us some more color on how the credit book performs by region in the second quarter and in terms of your plans to expand it? Are you still seeing those comparables expanding primarily in Mexico and Argentina? Or have you seen any green shoots in Brazil that could get you more comfortable with expanding beyond the credit card product there.

這是克里斯替約翰發言。您能給我們更多關於第二季度信用賬簿按地區的表現以及您的擴展計劃的信息嗎？您是否仍然看到這些可比公司主要在墨西哥和阿根廷擴張？或者您是否在巴西看到過任何新芽，可以讓您更輕鬆地擴展到那裡的信用卡產品之外。

John, so I think that the credit book continues to perform very well across the board. And we have -- we continue to see good NIMALs which are improved. I think that we raised rates and expectation of higher default rates and these were lower, so we have probably record-high NIMAL. And we have been able to grow the volume both, as you mentioned, both in Argentina and in Mexico. In Brazil, we are still below a year ago, which was probably our peak origination in second quarter of last year, but we have been growing sequentially our portfolio for the last several quarters and before rates continue to come down.

約翰，所以我認為信用簿繼續全面表現良好。我們繼續看到優秀的 NIMAL 得到了改進。我認為我們提高了利率和更高違約率的預期，但這些都較低，所以我們的 NIMAL 可能創歷史新高。正如您提到的，我們在阿根廷和墨西哥的銷量都得到了增長。在巴西，我們仍低於一年前，這可能是我們去年第二季度的峰值，但在過去幾個季度和利率繼續下降之前，我們一直在連續增長我們的投資組合。

So I think we are excited with the results and willing to continue growing the volume. If you were to look at bad debt as a percentage of our portfolio, we have come down for the last 1, 2, 3, 4, 5 quarters in a row. So since the second quarter of last year, for last 5 quarters, we have been reducing the bad debt, in the last quarter, increasing the size of the portfolio. Although as I mentioned, in the case of Brazil, it's still below what it was a year ago.

因此，我認為我們對結果感到興奮，並願意繼續增加產量。如果你看一下壞賬占我們投資組合的百分比，你會發現我們在過去的 1、2、3、4、5 個季度中連續下降。因此，自去年第二季度以來，在過去的五個季度中，我們一直在減少壞賬，在最後一個季度，增加了投資組合的規模。儘管正如我所提到的，就巴西而言，它仍然低於一年前的水平。

(Operator Instructions) I am showing no further questions at this time. So I would like to turn the conference back to Pedro Arnt, MercadoLibre's Chief Financial Officer for closing remarks.

（操作員說明）我目前沒有提出任何進一步的問題。因此，我想請 MercadoLibre 首席財務官 Pedro Arnt 致閉幕詞。

Thanks, everyone. Great start of the year, phenomenal first half, continue to gain share, showing the power of our operational model and to top it all off, 24 years of working, clearly paying off. So thanks for the interest, and we look forward to updating you in a quarter.

感謝大家。今年開局良好，上半年表現出色，市場份額繼續增加，展示了我們運營模式的力量，最重要的是，24 年的工作顯然得到了回報。感謝您的關注，我們期待在一個季度內為您提供最新信息。

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。