美卡多 (MELI) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre earnings conference Call for the quarter ended September 30, 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 9 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 的投資者關係官員。

Today, we will share our quarterly highlights on video, after which we will begin our live Q&A session with our CEO, Marcos Galperin; Chief Financial Officer, Martin de los Santos; Fintech President, Osvaldo Gimenez; and Commerce EVP, Ariel Szarfsztejn.

今天，我們將透過影片分享我們的季度亮點，之後我們將開始與我們的執行長 Marcos Galperin 進行現場問答環節；財務長馬丁·德洛斯桑托斯；金融科技總裁 Osvaldo Gimenez；商務執行副總裁 Ariel Szarfsztejn。

Before we go on to discuss our results for the third 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.

在我們繼續討論2023 年第三季的業績之前，我提醒您，管理層可能會做出前瞻性陳述，本簡報可能包含前瞻性陳述，因此請參閱螢幕上的免責聲明，該免責聲明也將在我們的收益資料中提供在我們的投資者關係網站上。

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 Martin de los Santos, MercadoLibre's CFO. For those of you who haven't met me, I have been at MELI since 2007, first as a Board Member, and since 2012 as part of the management team. For the past 7 years, I have led the credit business until last August, when I took the position of CFO. I look forward to meeting as many of you as possible in due course.

大家好。我是 Martin de los Santos，MercadoLibre 的財務長。對於那些沒有見過我的人來說，我自 2007 年以來一直在 MELI，首先擔任董事會成員，自 2012 年起擔任管理團隊的一員。在過去的7年裡，我一直領導信貸業務，直到去年8月我擔任CFO。我期待著在適當的時候與盡可能多的人見面。

I'm pleased to report a strong set of results in my first quarter as CFO. With a strong successful third quarter across geographies, 2023 continues to show an attractive combination of growth and profitability, with a record in income from operations. With strong momentum across geographies in both commerce and fintech, MELI's revenues growth accelerated.

我很高興在擔任財務長的第一季報告一系列強勁的業績。憑藉著各地區第三季的強勁成功，2023 年繼續展現出有吸引力的成長和獲利能力組合，營運收入創歷史新高。憑藉跨地區商業和金融科技的強勁勢頭，MELI 的營收成長加速。

Mexico was particularly strong, with revenue growing above 60% year-on-year, while Brazil also posted a greater performance with around 40% growth. These 2 countries have again increased their contribution to our total revenues.

墨西哥的表現尤其強勁，營收年增超過 60%，而巴西的表現也更好，成長了 40% 左右。這兩個國家再次增加了對我們總收入的貢獻。

This strong business growth, combined with cost discipline led to OpEx and SG&A dilution as the business continues to scale. Income from operations more than doubled year-on-year for the fourth consecutive quarter, with margins expanding once again. Brazil was the largest contributor to our profit growth, representing a significant portion of it.

隨著業務規模的不斷擴大，強勁的業務成長加上成本控制導致營運支出和銷售、管理及管理費用攤薄。營運收入連續第四個季度年增一倍以上，利潤率再次擴大。巴西是我們利潤成長的最大貢獻者，佔其中的很大一部分。

During Q3, in the commerce business, we saw acceleration in GMV and items sold growth in the 3 main geographies where we operate, with higher items provider. This higher user engagement comes from continued experience improvements, especially on the logistics front, where we reached 48% of fulfillment penetration and offer better delivery promises, improving conversions and further development of categories through technology. As a result, we have a record of 50 million buyers and market share gains, especially in Brazil and Mexico.

在第三季度，在商業業務中，我們看到我們經營的 3 個主要地區的 GMV 和商品銷售成長加速，商品供應商也有所增加。更高的用戶參與度來自於持續的體驗改進，特別是在物流方面，我們的履行滲透率達到了 48%，並提供了更好的交付承諾，透過技術提高了轉換率並進一步開發了品類。結果，我們創下了 5,000 萬買家數量和市佔率成長的記錄，尤其是在巴西和墨西哥。

Mercado Pago off-platform TPV accelerated in all main countries. We saw an increased number of users and higher engagement metrics as we position Mercado Pago as a comprehensive financial service provider. On the digital accounts, we're particularly excited about the engagement with more people using the remunerated account and other asset management solutions in Brazil and Argentina, and better NPS in Mexico from UX improvements.

Mercado Pago 平台外 TPV 在所有主要國家均加速成長。當我們將 Mercado Pago 定位為綜合金融服務提供者時，我們看到了用戶數量的增加和參與度指標的增加。在數位帳戶方面，我們感到特別興奮的是，巴西和阿根廷有更多人使用有償帳戶和其他資產管理解決方案，墨西哥透過用戶體驗改進獲得了更好的 NPS。

In payments, the highlights for Q3 has been online payment solutions represented strong growth across the region. The great business continues to perform within our expectations through very healthy spread levels. As we saw NPLs improving, particularly in Brazil, we have accelerated originations in all of our products. During Q3, we issued over 1 million credit cards and surpassed $1 billion GMV for the first time. As our underwriting models continue to improve, we can tap into new opportunities such as offering larger credit lines with longer durations with the best offers of consumers.

在支付方面，第三季的亮點是線上支付解決方案代表了整個地區的強勁成長。透過非常健康的利差水平，偉大的業務繼續按照我們的預期表現。當我們看到不良貸款有所改善時，特別是在巴西，我們加快了所有產品的生產速度。第三季度，我們發行了超過 100 萬張信用卡，GMV 首次突破 10 億美元。隨著我們的核保模式不斷改進，我們可以利用新的機會，例如為消費者提供更大、期限更長的信用額度以及最優惠的報價。

Overall, in Q3, we achieved a combination of rapid growth, scale gains and margin improvements, showing the strength of our economic model. To deliver these results, we have invested in technology that provides a world-class user experience that enables us to be more efficient in terms of our cost structure. These results give us confidence to continue investing in future growth opportunities.

總體而言，第三季度，我們實現了快速成長、規模成長和利潤率改善的結合，顯示了我們經濟模式的優勢。為了實現這些成果，我們投資了能夠提供世界級用戶體驗的技術，使我們能夠在成本結構方面更有效率。這些結果讓我們有信心繼續投資未來的成長機會。

And now let me get back to Richard with business news.

現在讓我向理查德報告商業新聞。

During Q3, MercadoLibre relaunched our loyalty program as MELI Mas, an important step to enhance our loyalty value proposition with a simpler structure, more compelling shipping benefits and premium video and audio content. With MELI Mas, we now have a brand in which we can invest and raise awareness and increase engagement with MELI's ecosystem. MELI Mas gives users access to a world-class content bundle, free shipping above BRL 29 and 12 months with free music from Deezer, amongst other perks.

在第三季度，MercadoLibre 重新推出了我們的忠誠度計劃 MELI Mas，這是透過更簡單的結構、更引人注目的運輸優勢以及優質視訊和音訊內容來增強我們的忠誠度價值主張的重要一步。借助 MELI Mas，我們現在擁有了一個品牌，我們可以對其進行投資、提高知名度並增加與 MELI 生態系統的參與度。 MELI Mas 為用戶提供世界一流的內容組合包、29 巴西雷亞爾以上免費送貨、12 個月的 Deezer 免費音樂以及其他福利。

Our content bundle for MELI Mas users includes Disney+ and Star+ and special discounts to subscribe to HBO Max, Paramount Plus and Lionsgate Plus. Through Deezer, users are able to access a complete library of audio content and music, a service that we think users will be able to enjoy on a day-to-day basis. Users see the MELI Mas offering throughout our apps and website, where the value proposition becomes clear as they shop with us, with the MELI Mas logo clearly highlighted, building the brand of the loyalty program.

我們為 MELI Mas 用戶提供的內容包包括 Disney+ 和 Star+，以及訂閱 HBO Max、Paramount Plus 和 Lionsgate Plus 的特別折扣。透過 Deezer，用戶能夠存取完整的音訊內容和音樂庫，我們認為用戶將能夠在日常生活中享受這項服務。用戶在我們的應用程式和網站上看到 MELI Mas 產品，當他們在我們這裡購物時，價值主張變得清晰，MELI Mas 徽標清晰突出，建立了忠誠度計劃的品牌。

The shipping benefits are key to the program. MELI Mas users get free shipping on millions of items above BRL 29, versus the standard free shipping threshold of BRL 79, if the product is in one of our fulfillment centers and chosen for delivery on the user's MELI Delivery Day.

運輸優勢是該計劃的關鍵。如果商品位於我們的營運中心之一併選擇在用戶的MELI 送貨日送貨，則MELI Mas 用戶可以享受29 巴西雷亞爾以上的數百萬件商品的免費送貨服務，而標準免費送貨門檻為79 巴西雷亞爾。

As consumers look for products on MercadoLibre, they will see the MELI Mas logo on the products that are eligible and they can filter that search for MELI Mas items.

當消費者在 MercadoLibre 上尋找產品時，他們將在符合條件的產品上看到 MELI Mas 徽標，並且可以過濾搜尋 MELI Mas 商品。

As a new delivery option, loyalty users can choose a specific day of the week to receive all of their packages. This solution enables us to sell and deliver lower value items with the great experience that MELI is known for whilst maintaining cost discipline in our P&L.

作為新的送貨選項，忠誠度用戶可以選擇一周中的特定一天來接收所有包裹。該解決方案使我們能夠利用 MELI 聞名的豐富經驗來銷售和交付較低價值的物品，同時在損益表中保持成本控制。

Users still have the option for same and next-day delivery if they want item delivered quickly, if they are willing to pay for shipping on items below the free shipping threshold, or for free for items above the threshold.

如果用戶希望快速交付商品，如果他們願意為低於免費送貨閾值的商品支付運費，或者為高於閾值的商品免費支付運費，他們仍然可以選擇當天和隔日送貨。

To access all of these benefits, users can subscribe or earn their way inorganically by engaging with MELI's ecosystem. Subscribing is quick and easy and users can choose between a credit card, automatic charge from their Mercado Pago account or a monthly invoice. So the subscription is accessible for different types of users. We're able to offer buyers the full benefits bundle for just the equivalent of 2 to 3 paid shipping charges.

為了獲得所有這些好處，用戶可以透過參與 MELI 的生態系統來訂閱或以無機方式賺錢。訂閱既快速又簡單，使用者可以選擇信用卡、Mercado Pago 帳戶自動扣費或每月發票。因此，不同類型的用戶都可以存取訂閱。我們能夠為買家提供全部優惠，只需支付 2 到 3 次運費。

For users who earn points by shopping with MercadoLibre to get the MELI Mas membership, our credit card offers the double points, enabling users to reach the loyalty status more quickly.

對於透過 MercadoLibre 購物賺取積分以獲得 MELI Mas 會員資格的用戶，我們的信用卡提供雙倍積分，使用戶能夠更快地達到忠誠度狀態。

In August, we launched a big marketing campaign to raise awareness of the program, and initial results give us confidence that MELI Mas complements our value proposition, bringing extensive benefits to even more MercadoLibre users.

八月，我們發起了一場大型行銷活動，以提高該計劃的知名度，初步結果讓我們相信 MELI Mas 補充了我們的價值主張，為更多 MercadoLibre 用戶帶來廣泛的好處。

We're confident in the program's long-term potential because, as always at MercadoLibre, the best is yet to come.

我們對該計劃的長期潛力充滿信心，因為正如 MercadoLibre 一貫的那樣，最好的尚未到來。

Thank you. At this time, we will conduct a question-and-answer session. (Operator Instructions) And our first question this evening comes from Andrew Ruben from Morgan Stanley.

謝謝。這時候，我們將進行問答環節。 （操作員說明）今晚我們的第一個問題來自摩根士丹利的安德魯魯本。

Welcome again, Martin. Perhaps, Marcos taking advantage of your joining today. It's been a period of strength for the business. We've seen a lot of the past year's investments flowing through to results. So as you look from here, say, over the next 3 to 5 years, I'd be curious to hear what the opportunities you see for MELI that you're personally most excited about still?

再次歡迎，馬丁。也許，馬科斯會利用你今天的加入。這是該業務的強勁時期。我們看到去年的許多投資都取得了成果。因此，當您展望未來 3 到 5 年時，我很想知道您認為 MELI 的哪些機會是您個人最興奮的？

Andrew. Good to be here. Yes, we're really happy with the way the business has been evolving the last 24 months, at least, really growing very nicely, gaining market share and lately also gaining scale and increasing margins. As you know, we don't guide, but there are many exciting things going on, particularly, obviously, AI.

安德魯。很高興來到這裡。是的，我們對業務在過去 24 個月的發展方式感到非常滿意，至少，成長確實非常好，贏得了市場份額，最近還擴大了規模，提高了利潤。如您所知，我們不提供指導，但有許多令人興奮的事情正在發生，尤其是人工智慧。

That hopefully will enable us to provide our users a better experience, enable us to launch innovative ideas, and also scale and gain efficiencies, whether it is in customer service, or whether it is in fraud prevention or whether it is in the way our developers, 15,000 developers, go about developing and performing quality control, et cetera. So obviously, looking forward for the next 3 years, I think that's a key thing to look into.

希望這將使我們能夠為用戶提供更好的體驗，使我們能夠推出創新想法，並擴大規模並提高效率，無論是在客戶服務方面，還是在欺詐預防方面，還是在我們的開發人員的方式方面，15,000 名開發人員，負責開發和執行品質控制等。顯然，展望未來三年，我認為這是需要研究的關鍵問題。

Our next question comes from Irma Sgarz of Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

Congratulations on the results. Marcos, also taking advantage of you joining the call.

祝賀結果。馬科斯，也利用你加入通話的機會。

If you're looking at the KPIs that determine compensation across the exact team or the leadership team, how do you think these will evolve from here, again, thinking maybe over a multiple year basis? And asking the same question maybe in a slightly different way, are there any incrementally new KPIs to watch for as you go into this next phase of growth and investment that you or the board feel should gain maybe perhaps more important to incentivize the right amount of investment versus risk taking?

如果您正在研究確定整個團隊或領導團隊薪酬的關鍵績效指標（KPI），那麼您認為這些指標將如何從這裡演變，再次考慮可能多年的基礎？也許以稍微不同的方式問同樣的問題，當您進入下一階段的成長和投資時，是否有任何增量新的關鍵績效指標值得關注，您或董事會認為應該獲得這些指標，這對於激勵適量的員工可能更重要投資與冒險？

So obviously, we try to compensate our -- myself and the key employees based on long-term results, not in quarterly or even yearly -- actually, our long-term retention program is a 6-year program. And obviously, we're in a very dynamic environment and a very dynamic business. If you look at MercadoLibre 6 years ago, both in terms of scale but also in the scope of things that we do and where we're today, extremely different company. And I expect that to be the case in the next 6 years, whether it is in fintech that we're moving into, insurance that is already our business that has gained relevance and scale, whether it is assets under management that is growing so strongly across all of our geographies, whether it's our credit card business that didn't exist a few years ago and it's a very sizable business, our overall credit business.

顯然，我們試圖根據長期結果，而不是按季度甚至每年來補償我們自己和關鍵員工，實際上，我們的長期保留計劃是一個為期 6 年的計劃。顯然，我們處於一個非常動態的環境和一個非常動態的業務。如果你看看 6 年前的 MercadoLibre，無論是從規模還是從我們所做的事情的範圍以及我們今天的情況來看，都是一家截然不同的公司。我預計未來 6 年會出現這種情況，無論是我們正在進入的金融科技領域，還是已經成為我們已獲得相關性和規模的業務的保險，無論是管理資產增長如此強勁在我們所有的地區，無論是幾年前還不存在的信用卡業務，還是我們的整體信貸業務，這是一項非常規模的業務。

So obviously, and there are new businesses that are coming along and that we expect them to gain scale and scope. And as they do, obviously, they will have an impact in our results and in our compensation and in the KPIs, whether it is Mercado Play, which is our advertising supported streaming operation or whether it's Clips, which is our short videos launch, both of which are really gaining, really nice traction. So obviously, there are many things that we're doing. And as they gain scale, they become important in terms of KPIs and also in terms of results and compensation. I don't know if that answers your question, Irma.

顯然，新業務正在湧現，我們預計它們將擴大規模和擴大範圍。顯然，無論是 Mercado Play（我們的廣告支援串流運營）還是 Clips（我們的短視頻發布），它們都會對我們的業績、薪酬和 KPI 產生影響。其中確實獲得了非常好的吸引力。顯然，我們正在做很多事情。隨著規模的擴大，它們在 KPI 以及結果和薪酬方面變得越來越重要。我不知道這是否能回答你的問題，艾爾瑪。

Yes. I think that partly answer that.

是的。我認為這部分回答了這個問題。

And our next question comes from Marcelo Santos with 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 discuss a bit the profitability and margin. It was a very strong print that you had this quarter, above the previous one. And in the previous one, you were indicating that you might give some back to reinvest in growth. But actually things improved from the previous quarter. So I wanted to understand what happened so that the improvement came? And how do you see this trade-off going forward? There's something new element that allowed the trade-off not to happen and you to grow and have margins at the same time. I just wanted to touch on this point.

我想討論一下獲利能力和利潤率。本季的印刷效果非常好，高於上一季。在上一篇中，您表示您可能會回饋一些資金以再投資於成長。但實際上情況比上一季有所改善。所以我想了解到底發生了什麼，從而帶來了改善？您如何看待這種權衡的未來？有一些新的元素可以讓這種權衡不再發生，同時你可以實現成長並獲得利潤。我只是想談談這一點。

It's Martin here. Yes. In fact, we did have a great quarter in terms of profitability, reaching 18% EBITDA margin coming from last quarter of 16%. I would say that most of the businesses and countries performed extremely well during the quarter, particularly the 3P marketplace that was the biggest contributor to margin improvements, but also the acquiring business, the credit business, as well as the advertising business, in that particular order, also contributed to margin improvement.

馬丁在這裡。是的。事實上，我們的季度獲利能力確實不錯，EBITDA 利潤率從上季度的 16% 升至 18%。我想說的是，大多數企業和國家在本季的表現都非常好，特別是 3P 市場，它是利潤率提高的最大貢獻者，而且收單業務、信貸業務以及廣告業務，特別是訂單，也有助於利潤率的改善。

When we look at by country-by-country, most of the improvement come from Brazil, where we improved 12 percentage points year-on-year, and Mexico 6 percentage points year-on-year. And also, we're gaining scale by growing as we did, we gained significant scale and we were able to dilute part of our costs, which we obviously manage with a lot of discipline.

當我們按國家來看時，大部分的改善來自巴西，年比提高了 12 個百分點，墨西哥年增了 6 個百分點。而且，我們透過像以前那樣成長來擴大規模，我們獲得了顯著的規模，並且能夠稀釋部分成本，顯然我們透過大量的紀律來管理成本。

Having said that, we have been investing behind our business, which is the main goal. We think that we're in a -- we operate in an industry where we have a lot of investment opportunities that we need to make sure that we continue to look at the long-term prospects of the business. So we'll continue to invest in logistics where we increased 6 percentage points of fulfillment penetration. We also, in this particular quarter, as we launched MELI Mas, we invested behind the brand to promote the new loyalty program. We continue to invest in smaller countries like Chile and Colombia. We have a team of 15,000 developers that continue to build our product and we're investing on our own product.

話雖如此，我們一直在業務背後進行投資，這也是我們的主要目標。我們認為，我們所處的行業有很多投資機會，我們需要確保我們繼續專注於業務的長期前景。因此，我們將繼續投資物流，將履行滲透率提高 6 個百分點。此外，在這個特定的季度，當我們推出 MELI Mas 時，我們對品牌進行了投資，以推廣新的忠誠度計劃。我們繼續投資於智利和哥倫比亞等較小的國家。我們擁有一支由 15,000 名開發人員組成的團隊，他們繼續開發我們的產品，我們正在投資自己的產品。

So again, we're managing the business not to a particular target -- margin target, but we're managing for the long term. But this quarter was a very good quarter, not only because we improved the margins, but also because we grew, we gained market share, in particular in Brazil and Mexico.

再說一次，我們管理業務不是為了特定的目標——利潤目標，而是為了長期目標。但本季是一個非常好的季度，不僅因為我們提高了利潤率，還因為我們成長了，我們獲得了市場份額，特別是在巴西和墨西哥。

And the next question comes from Maria Clara Infantozzi with Itau BBA.

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

I'd like to start a bit about the credit business in Brazil. You mentioned that you just accelerated the penetration in the longer duration consumer products here. Can you please elaborate on that? Should we expect a shift in MELI's credit concession strategy in Brazil? And so far, how have you been receiving the evolution of the credit quality of those new cohorts, please?

我想先談談巴西的信貸業務。您提到您剛剛加速了對較長持續時間消費品的滲透。能詳細說明一下嗎？我們是否應該期待 MELI 在巴西的信貸優惠策略發生轉變？到目前為止，您對這些新群體的信用品質的演變有何看法？

Yes, as we mentioned, we saw an increase in the spreads we're seeing in Brazil and, therefore, felt confident to increase the pace of origination in our consumer business there. And we're -- so far, we're happy with the results we're seeing, and we continue to accelerate the pace of originations. And we have also increased the pace of issuing credit cards in Brazil. For the same reason, we're encouraged by the results we're seeing and how every time we create royal, we have better credit scoring and better solutions.

是的，正如我們所提到的，我們看到巴西的價差有所增加，因此我們有信心加快我們在那裡消費業務的起源步伐。到目前為止，我們對所看到的結果感到滿意，我們將繼續加快創新的步伐。我們也加快了在巴西發行信用卡的步伐。出於同樣的原因，我們對所看到的結果以及每次創建皇家時如何獲得更好的信用評分和更好的解決方案感到鼓舞。

And it comes from Kaio Prato with UBS.

它來自瑞銀集團的 Kaio Prato。

My question is also on the FinTech business, please. You mentioned during the presentation the importance of the credit card strategy, to be the main financial provider of choice of your users. So in light of this, my question is, out of your almost 50 million unique FinTech users, how many clients see Mercado Pago as a principal digital account nowadays? If you have some percentage of principality that you can share. And how much do you think you can achieve in the future, please?

我的問題也是關於金融科技業務。您在演示中提到了信用卡策略的重要性，即成為用戶選擇的主要金融服務提供者。因此，有鑑於此，我的問題是，在您近 5000 萬的獨立金融科技用戶中，現在有多少客戶將 Mercado Pago 視為主要數位帳戶？如果你有一定比例的公國可以分享。請問您認為您未來能達到多少成就？

Kaio, we have not disclosed in the past principality. What we have disclosed, and this continues to be the case, is that when we look at all of our users in a given country, particularly in Brazil, which is the one country where we have more of our credit portfolio and more of our credit products launch, what we're seeing is a continuous increase in the amount of products that our users are using and in the availability, not only of consumer credit but also of credit cards. And these 2, together with asset under management, which is growing near triple digits in Brazil and Mexico and over triple digits in Argentina, are, I'd say, a key component of a user becoming principal.

凱奧，我們過去的公國並沒有透露過。我們所揭露的情況（而且情況仍然如此）是，當我們查看某一特定國家（特別是巴西）的所有用戶時，我們在巴西擁有更多的信貸投資組合和更多的信貸產品推出後，我們看到用戶使用的產品數量和可用性不斷增加，不僅是消費信貸，還有信用卡。我想說，這兩者，加上管理的資產（巴西和墨西哥的成長接近三位數，阿根廷的成長超過三位數），是使用者成為主體的關鍵組成部分。

So all of the metrics are going in the right direction. The other one is TPV generated both by a credit card and a debit card. But we have never disclosed a principality measure.

因此，所有指標都在朝著正確的方向發展。另一種是由信用卡和金融卡產生的TPV。但我們從未透露過公國措施。

Okay. And just to follow-p, my last question on the credit card business. How are you seeing the discussion about the change in the framework of credit cards in Brazil nowadays? And what could be the impact on your side, not only in terms of potential P&L impact but also in terms of your appetite for further increased origination on credit card?

好的。接下來是我關於信用卡業務的最後一個問題。您如何看待目前巴西信用卡框架變化的討論？這對您來說可能會產生什麼影響，不僅是在潛在的損益影響方面，而且是在您對進一步增加信用卡發放的興趣方面？

Sure, Kaio. So I think that -- this is not the first time that this is discussed in Brazil. I think the jury is still out. There are many things that are being discussed. One of them is having a potential cap on interest rates. Other one is probably limiting to some degree parcela sem juros or interest-free interest rates. And the third one is probably putting a cap on the interchange each of those would affect us in different ways, still very early. Until we have the details, we're not able to tell.

當然可以，凱奧。所以我認為，這並不是巴西第一次討論這個問題。我認為陪審團還沒有定論。有很多事情正在討論。其中之一是潛在的利率上限。另一種可能是在某種程度上限制了 parcela sem juros 或無息利率。第三個可能是對交換設定上限，其中每一個都會以不同的方式影響我們，但現在還很早。在我們掌握細節之前，我們無法判斷。

We believe that parcela sem juros is a key driver for consumption in Brazil and probably that should limit how much that is affected.

我們認為，parcela sem juros 是巴西消費的關鍵驅動力，這可能會限制受影響的程度。

Our next question comes from Scott Devitt with Wedbush.

我們的下一個問題來自韋德布希的斯科特·德維特。

I had 2 questions. Maybe a different spin on the first question, which is, Marcos, back in 2019, this was like a little over a $2 billion revenue business, doing like $1.1 billion in gross profit. And you're approaching like 7x those levels now. So the growth through the pandemic, and comping the comps and everything else, it's almost unprecedented, and yet you're growing at rates that are similar to where you were growing back in 2019.

我有兩個問題。也許對第一個問題有不同的解釋，馬可斯，早在 2019 年，這就像一個略高於 20 億美元的收入業務，毛利約為 11 億美元。現在你已經接近這個水平的 7 倍了。因此，疫情期間的成長，以及比較比較和其他一切，這幾乎是前所未有的，但你的成長速度與 2019 年的成長速度相似。

So I'm curious, as you think about like what's transpired over the last 4 years, if you can kind of frame how you think about the mainstream in e-commerce because of the pandemic and how that may have benefited a market like Latin America uniquely relative to other markets versus drivers of the business that were more company-specific like improvements in the e-commerce experience because of faster shipping times and things like that are the benefits of having a broader ecosystem with payments? Just how you think of the components or the build of how this business has gotten so big, so fast and just keeps growing at this pace. That's kind of the first question.

所以我很好奇，當你思考過去 4 年發生的事情時，你是否可以框架一下你如何看待疫情導致的電子商務主流，以及這可能如何使拉丁美洲這樣的市場受益相對於其他市場而言，與更特定於公司的業務驅動因素相比，例如由於更快的運輸時間而改善電子商務體驗等，擁有更廣泛的支付生態系統的好處是什麼？您如何看待這個業務如何變得如此龐大、如此迅速並以這種速度持續成長的組成部分或建構。這是第一個問題。

And then the second one, if you could just talk a bit more about the advertising business in the quarter. I didn't -- I may have missed it. I didn't see the absolute amount. But if you can just talk about how that's trending and how you're thinking about the ad business longer term?

然後是第二個問題，您能多談談本季的廣告業務嗎？我沒有——我可能錯過了。我沒看到絕對金額。但您能否談談這一趨勢以及您對廣告業務的長期看法？

Okay. Thank you, Scott. So yes, obviously, COVID was, in general, around the world, very good for e-commerce companies, and the same thing happened in Latin America. We basically doubled during COVID, during those 2 years, 2021 and 2020. But unlike what happened in other parts of the world, we continue to grow at a very healthy rate once life resumed to normal.

好的。謝謝你，斯科特。所以，是的，顯然，總的來說，新冠疫情對世界各地的電子商務公司來說非常有利，同樣的事情也發生在拉丁美洲。在新冠疫情期間，也就是2021 年和2020 年的兩年裡，我們的成長率基本上翻了一番。但與世界其他地區發生的情況不同，一旦生活恢復正常，我們就會繼續以非常健康的速度成長。

We're very happy about that. We think that we had done prior to 2019 a lot of things. We had invested a lot of money and efforts on mostly technology, so COVID got us at the right time, in the right place. We were able to benefit, I think, more than other players in the region when that happened.

我們對此感到非常高興。我們認為在2019年之前我們已經做了很多事情。我們在技術上投入了大量資金和精力，因此新冠疫情在正確的時間、正確的地點幫助了我們。我認為，當這種情況發生時，我們比該地區的其他參與者受益更多。

And since then, when we grew in scale, obviously, the power of the ecosystem is very strong, and we continue to add features and functionalities and products to this ecosystem, advertising being one of them. Financing on the credit cards being another one, insurance being another one. And more recently, all the content plays, whether it's our partnership with Disney and other great content providers that we're distributing through MELI Mas, or whether it's Mercado Play or whether it's our Clips.

從那時起，當我們規模擴大時，顯然，生態系統的力量非常強大，我們不斷在這個生態系統中添加特性、功能和產品，廣告就是其中之一。信用卡融資是另一種，保險是另一種。最近，所有內容都可以播放，無論是我們與迪士尼和其他優秀內容提供者的合作夥伴關係（我們透過 MELI Mas 分發），還是 Mercado Play 或我們的 Clips。

So we continue to add features and functionalities and products and brands. And I think we have a -- we have created something that is pretty unique in the region and around the world, and each part strengthens the other. And we have a lot of scale. As you mentioned, we're 7 times the size we had a few years back. And more importantly, our growth rate is still very healthy, and we have a very strong balance sheet, and we intend to continue innovating, continue investing and continue focusing in the next 5 to 10 years and not in the next 3 to 4 quarters.

因此，我們不斷添加特性和功能以及產品和品牌。我認為我們已經創造了一些在該地區和世界各地都非常獨特的東西，並且每個部分都相互加強。我們有很大的規模。正如您所提到的，我們的規模是幾年前的 7 倍。更重要的是，我們的成長率仍然非常健康，我們擁有非常強勁的資產負債表，我們打算在未來5到10年而不是未來3到4個季度繼續創新、繼續投資和繼續關注。

And then Ariel can give you more background on advertising.

然後 Ariel 可以為您提供更多有關廣告的背景知識。

Scott, Ariel here. So ads continue to grow well. We grew about 70% in revenue this quarter for the sixth consecutive quarter with no major changes in strategy. We continue improving our product with feedback from advertising and promoting our solutions to different segments of sellers and brands. Product ads continues to be the main driver of growth, specifically the self-service sellers, but we're seeing more and more traction from other segments as well.

史考特，艾麗爾在這裡。因此廣告持續保持良好成長。本季我們的營收連續第六個季度成長約 70%，策略沒有發生重大變化。我們根據廣告回饋不斷改進我們的產品，並向不同細分市場的賣家和品牌推廣我們的解決方案。產品廣告仍然是成長的主要動力，特別是自助賣家，但我們也看到其他細分市場的吸引力越來越大。

Overall, we had a quarter with 1.7% of penetration of ads as a percentage of GMV, but I think it's worth highlighting the case of Argentina. So structurally, given market dynamics, Argentina has a lower ads penetration. And if you were to factor in there the fact that inflation makes it even harder for advertisers to follow up our GMV growth, and also the effect of having a bit lower demand from advertising in Argentina because of structural context, more out of talks and some other effects, it's worth saying that if you were to take out Argentina of the equation, penetration of advertising in our GMV, would be roughly close to 2%.

總體而言，我們有一個季度的廣告滲透率佔 GMV 的百分比為 1.7%，但我認為值得強調阿根廷的案例。因此，從結構上看，考慮到市場動態，阿根廷的廣告滲透率較低。如果你考慮到通貨膨脹使廣告商更難跟上我們的 GMV 成長的事實，以及由於結構性背景、更多的談判和一些因素導致阿根廷廣告需求略有下降的影響。值得一提的是，如果除去阿根廷的其他影響，廣告在我們GMV 中的滲透率將大致接近2%。

Our next question comes from Melissa Byun with Bank of America.

我們的下一個問題來自美國銀行的 Melissa Byun。

It may actually be Bob Ford. Congratulations on the quarter. How much of the Brazilian GMV growth is coming from markets where you now have a distribution center and faster shipping within Brazil or before you were sending that from Sao Paulo or a more distant location? And then what percent of GMV is now being delivered on a MELI Delivery Day? And where do you expect that to stabilize as we move forward?

實際上可能是鮑伯福特。恭喜本季。巴西 GMV 成長有多少來自於您現在在巴西境內擁有配送中心和更快運輸速度的市場，或者在您從聖保羅或更遠的地方發送之前？那麼現在 MELI 交付日交付的 GMV 百分比是多少呢？隨著我們的前進，您預計這種情況會穩定在哪裡？

And then lastly, can you discuss your use of AI in search, product recommendations and risk plays?

最後，您能討論一下您在搜尋、產品推薦和風險遊戲中使用人工智慧嗎？

Bob, this is Ariel. Thanks for your questions. I think we don't typically disclose demand data based on geographic segmentations or even logistics methods. But I would say more and more we're trying to grow on both of the segments that you have highlighted in your first 2 questions. So we're being proactive in trying to gain traction and market share in some of the regions where our market share today is underrepresented. That means that we do see increased demand coming from areas that are more far away from our fulfillment center. Still the main capitals and cities of Brazil do concentrate a big share of our demand.

鮑勃，這是愛麗兒。感謝您的提問。我認為我們通常不會根據地理細分甚至物流方法來揭露需求資料。但我想說，我們越來越多地努力在您在前兩個問題中強調的兩個細分市場上取得成長。因此，我們正在積極主動地嘗試在我們目前市場份額不足的一些地區獲得吸引力和市場份額。這意味著我們確實看到來自距離我們的履行中心更遠的地區的需求增加。儘管如此，巴西的主要首都和城市仍然集中了我們需求的很大一部分。

Kind of same thing happens with MELI Delivery Day. It's still super early days. So not many data or not much data to be shared on that regard. But I do want to say that it's slowly gaining traction, of course, aided by the launch of MELI Mas in Brazil and in Mexico. So more and more, we're seeing consumers actively choosing the MELI Delivery Day as a way to receive their packages.

MELI 送貨日也發生了類似的情況。現在還處於早期階段。因此，在這方面沒有太多數據可供分享。但我確實想說，當然，在 MELI Mas 在巴西和墨西哥推出的幫助下，它正在慢慢獲得關注。因此，我們越來越多地看到消費者積極選擇 MELI 送貨日作為接收包裹的方式。

Last question in terms of AI and search, we're working on that. I mean we're putting a lot of effort into building solutions around AI. I think we don't have much to disclose as of now, but search, reviews, questions and answers, buy box and products, as Marcos was saying, copilot for our developer. We're looking at the broad range of AI uses for MercadoLibre to boost consumer demand and efficiency. And we're happy with the progress that we have so far, but not much to be said yet.

關於人工智慧和搜尋的最後一個問題，我們正在研究。我的意思是，我們正在投入大量精力圍繞人工智慧建立解決方案。我認為到目前為止我們沒有太多可透露的，但搜尋、評論、問題和答案、購買框架和產品，正如馬科斯所說，我們開發人員的副駕駛。我們正在研究 MercadoLibre 的廣泛人工智慧用途，以提高消費者需求和效率。我們對迄今為止所取得的進展感到滿意，但目前還沒有太多可說的。

And building on that, we have been using AI for a long time now for many, many years, both in terms of fraud prevention and credit scoring. In both 2 instances, they are pretty much use cases which are ideal for AI, because we have, in the case of fraud prevention, millions of transactions every day and with a clear outcome, either fraud or not fraud. So with the right variables, we can build a very strong model that has predicted and have really best-in-class fraud prevention. And with that -- with the knowledge and given the experience we have been building on credits, we have also been -- built our credit scoring models leveraging the AI.

在此基礎上，我們在詐欺預防和信用評分方面已經使用人工智慧很多年了。在這兩種情況下，它們幾乎都是人工智慧的理想用例，因為在預防詐騙的情況下，我們每天有數百萬筆交易，並且有明確的結果，無論是詐騙還是非詐騙。因此，有了正確的變量，我們就可以建立一個非常強大的模型，該模型可以預測並具有真正一流的詐欺預防能力。有了這些——憑藉我們在信用基礎上累積的知識和經驗，我們也——利用人工智慧建立了我們的信用評分模型。

Makes a lot of sense, Osvaldo. It seems like with the larger data lakes, faster processing speeds, more sophisticated LLMs, it just gets better. And then, Ariel, just to follow up, can you comment a little bit in terms of where you do have consumers choosing a delivery day, are you seeing materially improvements -- or materially improved densities and improvements in terms of average shipping costs? Or is it still a little bit too early to discuss?

很有道理，奧斯瓦爾多。似乎有了更大的資料湖、更快的處理速度、更複雜的法學碩士，它就會變得更好。然後，Ariel，接下來，您能否就消費者選擇交貨日期的情況發表一些評論，您是否看到實質性改進，或者密度的實質性改進以及平均運輸成本的改進？還是現在討論還為時過早？

Yes. So I think it is early to discuss. We're seeing some efficiencies in our operations driven by the fact that we can consolidate shipment and take advantage of some of our idleness when we operate. I think scale in -- or density in distribution, I believe it's too early. So again, I'm sorry for this, but not many details to be shared. I would say the variables are moving in the direction that we expect, but too early to share numbers behind that.

是的。所以我認為現在討論還為時過早。我們看到我們的營運效率有所提高，因為我們可以整合貨運並利用營運時的一些閒置時間。我認為擴大規模——或者說分佈密度，我認為現在還為時過早。再次，我對此感到抱歉，但沒有太多細節可以分享。我想說，變數正在朝著我們預期的方向發展，但分享背後的數字還為時過早。

And our next question comes from Marvin Fong with BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Congratulations on the great quarter. I'd like to ask maybe a 2-part question on cross-border. So in Mexico, I think your shareholder letter cited you grew very strongly there, which is interesting because I think Temu only recently entered the country, is also seeing some strong adoption. So could you just kind of discuss how you see the cross-border market in Mexico evolving? Is it that Temu's entry is actually growing the pie for everybody?

恭喜這個偉大的季度。我想問一個關於跨國的問題，分成兩個部分。因此，在墨西哥，我認為您的股東信中提到您在那裡發展得非常強勁，這很有趣，因為我認為 Temu 最近才進入該國，也看到了一些強勁的採用。那麼您能否談談您如何看待墨西哥跨境市場的發展？特木的加入實際上是在為每個人做大蛋糕嗎？

And the second part of the question is, how might this inform your strategy in Brazil, as I understand your cross-border penetrate -- or the mix relative to your GMV is very low, but that presents an opportunity for you? And then I have 1 other question.

問題的第二部分是，這將如何影響您在巴西的策略，據我了解您的跨境滲透率 - 或者相對於您的 GMV 的組合非常低，但這為您提供了機會？然後我還有另外 1 個問題。

Thanks, Marvin. So I'd say before going into the details first and foremost. Over the last 24 years, we've been always competing with players from all over the world. So in a sense, we're used to having new entrants trying to get a pie of Latin America. We've seen Temu get into Mexico, in particular, in May, more or less. We've seen them making progress in app downloads and monthly active users. They seem to be spending a lot of money on marketing on social media, directly consumers has been trying to download their app.

謝謝，馬文。所以我首先要說的是，在討論細節之前。在過去的 24 年裡，我們一直在與來自世界各地的玩家競爭。因此，從某種意義上說，我們已經習慣了新進入者試圖從拉丁美洲分一杯羹。我們或多或少看到 Temu 進入墨西哥，特別是在五月。我們看到他們在應用程式下載量和每月活躍用戶數方面取得了進步。他們似乎在社交媒體上花費了大量資金進行行銷，消費者一直在嘗試下載他們的應用程式。

We're obviously monitoring that closely. But our data suggests that there is a bigger overlap between their business and the one with other cross-border platforms. Our business in the meantime continues to perform really well, as shown by the acceleration of items sold to 38%. Unit growth has been strong across the board, including categories where some of those players are focusing on, and all ASP ranges. And our competitive advantages remain untouched, I would say, particularly logistics, which enables us to deliver fast shipping and payments, which allow us to provide attractive financing to our users.

我們顯然正在密切監視這一點。但我們的數據表明，他們的業務與其他跨境平台的業務有更大的重疊。同時，我們的業務繼續表現出色，商品銷售加速成長至 38% 就表明了這一點。單位數量增長全面強勁，包括一些參與者關注的類別以及所有平均售價範圍。我想說，我們的競爭優勢仍然沒有受到影響，特別是物流，它使我們能夠提供快速的運輸和付款，這使我們能夠為用戶提供有吸引力的融資。

So in the end, our playbook remains the same. We continue strengthening our business with more sellers, more brands, more assortment, more financing, faster delivery, while we also continue investing in improving our own cross-border trade capabilities. And also through MELI Mas, we think we're also now offering free shipping on lower ticket items, which was not the case in MercadoLibre up until 2 months ago.

所以最終，我們的策略保持不變。我們繼續透過更多的賣家、更多的品牌、更多的品種、更多的融資、更快的交付來加強我們的業務，同時我們也繼續投資於提高我們自己的跨境貿易能力。另外，透過 MELI Mas，我們現在也為低價商品提供免費送貨服務，而直到 2 個月前，MercadoLibre 還沒有提供這種服務。

Moving into the second part of the question, which is Brazil. I think Remessa Conforme is still too new. So it's hard to say. We have applied to a program. We got accepted just a few weeks back. So not so much to share. But we remain confident, as I was saying, for Mexico, that the combination of fast deliveries, local payments and financing, a strong brand, buyer trust will continue to differentiate MercadoLibre versus other companies. And simultaneously, if the new regulation allows so, we will continue building capabilities as to be able to compete in cross-border in Brazil as we're doing it today in Mexico, in Chile and Colombia.

進入問題的第二部分，即巴西。我認為 Remessa Conforme 還是太新了。所以很難說。我們已經申請了一個計劃。幾週前我們就被錄取了。所以分享的不多。但正如我所說，對於墨西哥，我們仍然充滿信心，快速交付、本地支付和融資、強大品牌和買家信任的結合將繼續使 MercadoLibre 與其他公司區分開來。同時，如果新法規允許，我們將繼續建立能力，以便能夠在巴西進行跨境競爭，就像我們今天在墨西哥、智利和哥倫比亞所做的那樣。

Sure. And just my follow-up, a bigger picture question. I think it was a very strong quarter in terms of acquiring more fintech active users. And I was just curious beyond what you wrote in the shareholder letter, could you elaborate on what's driving that? Was it more internal initiatives? Or do you think it was some component just from the broader economy and whatnot? So just would love some color there.

當然。這只是我的後續行動，一個更大的問題。我認為，就獲取更多金融科技活躍用戶而言，這是一個非常強勁的季度。我只是好奇除了你在股東信中寫的內容之外，你能詳細說明是什麼推動了這一點嗎？是更多的內部舉措嗎？或者你認為它只是來自更廣泛的經濟的某些組成部分等等？所以只是喜歡那裡的一些顏色。

So I think there are several factors contributing to that. One of those is our remunerated account, cuentas remuneradas, both in Argentina and in Brazil, which is doing very well. What we pay our users depends on what the risk-free rate is in each of the countries. In Brazil it's around 13%; in Mexico around 10%. In Argentina, given recent spike in inflation and interest rate, it has been close to 100%. So this gives users a huge incentive to move out of banks with savings accounts, which may times pay 0 or only pay after 30 days, and move their money into Mercado Pago. I think that has been part of the driver.

所以我認為有幾個因素促成了這一點。其中之一是我們的付費帳戶，cuentas remuneradas，在阿根廷和巴西都表現良好。我們向用戶支付的費用取決於每個國家的無風險利率。在巴西，這一比例約為 13%；墨西哥約 10%。在阿根廷，鑑於近期通膨和利率飆升，已接近100%。因此，這給用戶帶來了巨大的動力，讓他們離開擁有儲蓄帳戶的銀行，這些銀行有時可能會支付 0 或僅在 30 天後支付，並將資金轉移到 Mercado Pago。我認為這是司機的一部分。

Another part of the driver, I think, has been, as we were saying, the increased availability and offering of credits that we're giving out, in that case, I would say it's mostly, in the case of -- in Brazil and in Mexico, not so in Argentina, where we have been cautious given this rate environment.

我認為，驅動因素的另一部分是，正如我們所說，我們提供的信用的可用性和提供的增加，在這種情況下，我想說這主要是在巴西和在墨西哥，情況並非如此，在阿根廷，鑑於當前的利率環境，我們一直保持謹慎態度。

And our next question comes from Trevor Young with Barclays.

我們的下一個問題來自巴克萊銀行的特雷弗楊。

Great. On the MELI Mas subscription plans, is there any color that you can share on initial subscriber counts here in the first 4 -- 2 or 3 months, excuse me? Is that ramping as you expected? And then second question, can you give us an update on where we're in terms of logistics monetization? I realize you've indicated it will be gradual over a number of years, but just any update over the last few quarters would be helpful.

偉大的。關於 MELI Mas 訂閱計劃，請問您可以在前 4、2 或 3 個月內分享有關初始訂閱者數量的任何顏色嗎？是否如您預期的那樣成長？第二個問題，可以為我們介紹一下我們在物流貨幣化方面的最新進展嗎？我知道您已經表示這將在幾年內逐步進行，但過去幾季的任何更新都會有所幫助。

Thanks all for your questions, Martin here. I think it's too early to tell. As Ari mentioned before, we launched this program a few months ago. We're seeing good engagement with the program as well as with the MELI Delivery Day, but it's too early to share numbers in terms of adoption. I think in the coming quarters, we'll be -- we will share more information. But we're excited about the program. Ari?

謝謝大家的提問，馬丁。我認為現在說還為時過早。正如阿里之前提到的，我們幾個月前啟動了這個計畫。我們看到該計劃以及 MELI 交付日的參與度很高，但現在分享採用率方面的數字還為時過早。我認為在接下來的幾個季度，我們將分享更多資訊。但我們對這個計劃感到很興奮。阿里？

Yes, Trevor. So on monetizing shipping, I think our Q3 results and our year-to-date results show that we have been able to pull levers to offset some of the headwinds that we have in shipping from higher inflation rates in the logistics environment and higher fulfillment penetration that has helped us keep our total net shipping costs over GMV broadly stable in 2023.

是的，特雷弗。因此，在航運貨幣化方面，我認為我們第三季的業績和今年迄今的業績表明，我們已經能夠利用槓桿來抵消物流環境中較高的通貨膨脹率和較高的履約滲透率帶來的一些不利因素。這有助於我們在 2023 年保持總淨運輸成本相對 GMV 的大致穩定。

I mean, we still think that we have plenty of opportunities to improve our net shipping costs by focusing on productivity, efficiency, scale benefits, et cetera. But we also want to incentivize more sellers to use our fulfillment solutions, particularly in Brazil.

我的意思是，我們仍然認為我們有很多機會透過專注於生產力、效率、規模效益等來改善我們的淨運輸成本。但我們也希望激勵更多賣家使用我們的履行解決方案，特別是在巴西。

So in all, there is potential to monetize fulfillment, specifically in the future if we decide to do so. But as we have always said, we're not in a rush to do that. We're always mindful of what monetization might imply for consumer prices and competition. And we're happy with the way we're managing our P&L in general.

總而言之，如果我們決定這樣做，那麼實現貨幣化是有潛力的，特別是在未來。但正如我們一直所說的，我們並不急於這樣做。我們始終關注貨幣化對消費者物價和競爭可能意味著什麼。整體而言，我們對管理損益表的方式感到滿意。

And our next question comes from Geoffrey Elliott with Autonomous.

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

I wanted to touch on the off-line POS business in Brazil, it looks like fintech services take rates were down a little bit. We saw that you rolled out some pricing there that is cheaper for the merchant, but clearly, less beneficial for you, it looks, in terms of the MDRs that you're charging. And the publicly traded competitors, obviously, the stock prices are a fraction of what they were a couple of years ago. Can you just remind us, how does that off-line POS business fit with the rest of MELI? What is the synergy there?

我想談談巴西的線下POS業務，看起來金融科技服務的使用率下降。我們看到您在那裡推出了一些對商家來說更便宜的定價，但顯然，就您收取的 MDR 而言，對您來說不太有利。顯然，公開交易的競爭對手的股價只是幾年前的一小部分。您能否提醒我們，線下 POS 業務與 MELI 的其他業務有何契合度？那裡有什麼協同作用？

And then if you're thinking out 5 years, 10 years, how is that going to fit into the rest of what you're doing? Does it still really make sense for that business to be a focus? Or is it something that could become smaller over time or maybe doesn't make sense to keep over time?

然後，如果你正在考慮 5 年、10 年，這將如何適應你正在做的其他事情？該業務成為焦點是否仍有意義？或者隨著時間的推移，它可能會變得更小，或者隨著時間的推移可能沒有意義保留？

Geoffrey. We see the POS business, the in-store business as a big part of our fintech offering. We allow merchants to charge with Mercado Pago online, offline. Some are very small merchants, some are SMBs, and even some are larger merchants. And we have been able to provide this solution, I'd say, in a very profitable way, and we continue to do so. The profitability behind our POS business has been very good throughout the quarter.

傑弗裡.我們將 POS 業務、店內業務視為我們金融科技產品的重要組成部分。我們允許商家透過 Mercado Pago 在線、離線進行收費。有些是非常小的商家，有些是中小企業，甚至有些是較大的商家。我想說，我們已經能夠以一種非常有利可圖的方式提供這個解決方案，並且我們將繼續這樣做。我們的 POS 業務整個季度的獲利能力都非常好。

We have seen some -- have to make some changes as we move upmarket. Some of that is related to what we saw in terms of changing our go-to-market strategy. As we attract larger merchants, in some cases, what we do is we offer lower processing fees. But we get -- on the other hand, it's better for the merchant because they get lower processing fees, as you said. But it's good for us too, because what we see is higher activation rate and higher TPV per device. So not necessarily we're getting a lower margin in terms of -- margin on top of TPV, but we're getting a larger margin per device sold.

當我們朝著高端市場邁進時，我們已經看到一些必須做出一些改變。其中一些與我們在改變市場策略方面所看到的有關。當我們吸引較大的商家時，在某些情況下，我們所做的是提供較低的處理費。但另一方面，正如您所說，這對商家來說更好，因為他們的處理費更低。但這對我們也有好處，因為我們看到的是每台設備的啟動率和 TPV 更高。因此，我們不一定會獲得比 TPV 更高的利潤，但每售出的設備我們會獲得更高的利潤。

And so I think that this continues to be very good for us.

所以我認為這對我們來說仍然非常有利。

I'd say -- I'd add to that on the POS front, in this quarter, we have been changing -- making some changes beyond pricing in terms of our go-to-market strategy, and we're very encouraged by the results we're seeing, again, in terms of activation and TPV per device.

我想說 - 我想補充一點，在 POS 方面，在本季度，我們一直在改變 - 在我們的上市策略方面做出了一些超出定價的改變，我們對此感到非常鼓舞我們再次看到了每台設備的活化和TPV 方面的結果。

And the synergy with the rest of the business with this POS machine operation, where is that?

而這台POS機營運與其他業務的協同作用又在哪裡呢？

So we're offering, I would say, on 2 sides. On the one hand, is many merchants, they sell online, they sell offline, they sell through MercadoLibre, they sell through the POS. So there's a synergy there in having pretty much all of their sales coming through Mercado Pago to them. And on the other hand, many of these merchants, in some cases, are individuals, and we're able to cross-sell different products to them and offer more banking products to them basically.

所以我想說，我們提供兩個方面的服務。一方面，有很多商家，他們在線上銷售，線下銷售，透過 MercadoLibre 銷售，透過 POS 銷售。因此，他們幾乎所有的銷售都透過 Mercado Pago 進行，從而產生了協同效應。另一方面，在某些情況下，這些商家中有許多是個人，我們能夠向他們交叉銷售不同的產品，並基本上向他們提供更多的銀行產品。

So we offer them -- it's not only the device we're giving them and the process we're giving them. We're offering them a credit where they invest in cuentas remuneradas. We have started to offer them a credit card to individuals based on the business they run. And so, really is part of our banking solution, and there are many products we're offering to them. There's a good synergy between all of the rest of the banking products we offer.

因此，我們為他們提供的不僅僅是我們為他們提供的設備以及我們為他們提供的流程。我們為他們提供信貸，讓他們投資於cuentas remuneradas。我們已開始根據他們經營的業務向個人提供信用卡。因此，這確實是我們銀行解決方案的一部分，我們向他們提供許多產品。我們提供的所有其他銀行產品之間具有良好的協同作用。

And our next question comes from Neha Agarwala with HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Congratulations on the strong quarter. Just 2 quick questions. First, on the 1P business, we talked earlier in the year about some acceleration, gradual acceleration in the 1P business. How is that going? And what is the vision going forward?

恭喜季度表現強勁。只是兩個簡單的問題。首先，關於1P業務，我們在今年稍早談到了1P業務的一些加速、逐步加速。進展如何？未來的願景是什麼？

And my second question is on the credit quality. There was a little bit of an uptick for the early delinquencies. Could you explain to us where is that coming from? Despite some pickup in the loan growth, maybe Mexico is not doing as well. So if you could talk a little bit about the early delinquencies and about how the portfolio in Mexico is performing, that would be very helpful.

我的第二個問題是關於信用品質。早期拖欠率略有上升。你能給我們解釋一下它是從哪裡來的嗎？儘管貸款成長有所回升，但墨西哥的表現也許並不好。因此，如果您能談談早期的拖欠情況以及墨西哥的投資組合表現如何，那將非常有幫助。

This is Ariel. So 1P grew 58% year-over-year on a consolidated basis. If you were to look at this by country, Brazil actually grew considerably more than this. So the way we think about it is that 1P remains a strategic priority for us. We see this as a key lever to compete and gain market share in certain categories, consumer electronics being one of the clearest probably examples of that.

這是艾瑞爾。因此，1P 在合併基礎上比去年同期成長了 58%。如果你照國家來看的話，巴西的成長其實比這個高得多。因此，我們的想法是，1P 仍然是我們的策略重點。我們認為這是在某些類別中競爭和獲得市場份額的關鍵槓桿，消費性電子產品可能是最明顯的例子之一。

We're very happy with the transformation of our 1P business over the last 12 months. We've had major improvements in our ability to manage pricing, promotions, stocks with the help of technology. We have also seen significant improvements in the way we connect and relate with suppliers and the way we negotiate with them. We think that all these progress are structural gains that will put the business on strong footing for long-term growth and market share gains. So we remain optimistic and keep investing behind that business.

我們對過去 12 個月 1P 業務的轉型感到非常滿意。在科技的幫助下，我們管理定價、促銷、庫存的能力有了重大提升。我們也看到我們與供應商的聯繫方式以及與他們談判的方式有了顯著改進。我們認為所有這些進展都是結構性收益，將為業務的長期成長和市場份額的成長奠定堅實的基礎。因此，我們保持樂觀並繼續投資該業務。

Neha, and with regards to NPLs in Mexico, let me split that in 2. On the merchant side, NPLs have remained very flat. The spreads are very healthy. So those are very good results. And we have been able to increase origination.

Neha，關於墨西哥的不良貸款，讓我將其一分為二。在商業方面，不良貸款仍然非常平穩。價差非常健康。所以這些都是非常好的結果。我們已經能夠增加起源。

And then on the consumer side, actually, they have increased a little bit, but by design. What happened is our spreads are very healthy, so we decided to take a little bit more risk and to increase the amount of origination, and that usually comes with slightly higher NPLs. But those have been priced in, in the rates we're offering. So spreads continue to be super healthy in Mexico. And that was part of the strategy, to grow faster, even though NPLs may increase, it's priced in already.

然後在消費者方面，實際上，它們增加了一點，但這是有意為之的。所發生的情況是，我們的利差非常健康，因此我們決定承擔更多的風險並增加發起金額，這通常會導致不良貸款略高。但這些已經在我們提供的價格中定價了。因此，墨西哥的利差仍然非常健康。這是策略的一部分，為了更快地成長，儘管不良貸款可能會增加，但它已經反映在價格中了。

Perfect. If I can follow up on the 1P. Could you give us some numbers regarding the penetration as a percentage of GMV, where it was at the end of last year, where it is now currently, just to get an understanding of the pace of growth?

完美的。如果我可以跟進1P。您能否給我們一些有關滲透率佔 GMV 百分比的數字，去年年底的情況和目前的情況，以便了解成長速度？

Yes. So penetration keeps improving, increasing, particularly in Brazil, we're in the low or mid-single digits, around 3% or 4% penetration. Again, we're extremely happy with the progress that we've made so far, and we'll keep investing in growing the business, while we continue also improving our profitability, which has been the case this quarter.

是的。因此，滲透率不斷提高、增加，特別是在巴西，我們處於中低個位數，大約 3% 或 4% 的滲透率。同樣，我們對迄今為止所取得的進展感到非常滿意，我們將繼續投資於業務成長，同時繼續提高獲利能力，本季就是這樣。

Our next question comes from Joao Soares with Citi.

我們的下一個問題來自花旗銀行的若昂·蘇亞雷斯。

I have 2 questions here. One, the first one, I just wanted to hear a little bit about Black Friday preparations. We've been hearing a lot of news how excited the company is, and maybe talk a little bit about any expectations in terms of the winning categories here. So any granularity in terms of expectations?

我這裡有兩個問題。一，第一個，我只是想聽聽一些有關黑色星期五準備工作的資訊。我們已經聽到很多關於該公司多麼興奮的消息，也許還可以談談對這裡獲勝類別的任何期望。那麼期望的粒度有多大嗎？

And the second question is talking a little bit about the 1P, just to follow up on that. In regards to profitability, how that -- you talked about in the press release about improving profitability. So just wanted to hear a little bit about where we're right now and where do you think we could be? I know the company doesn't guide, but any qualitative message on this would be appreciated.

第二個問題是關於 1P 的一些討論，只是為了跟進。關於獲利能力，您在新聞稿中談到如何提高獲利能力。所以只是想聽聽一些關於我們現在的情況以及您認為我們可以達到什麼水平？我知道該公司不提供指導，但任何有關這方面的定性資訊將不勝感激。

Yes. Joao. This is Ariel. So Black Friday penetration keeps us busy for sure. We're extremely excited with the way our company has been performing, and we think and are expecting to have a great big season. All of our teams, commercial, marketing, shipping, they are all preparing their work as to continue with the inertia that we had this quarter and this year and having a great event, both in Black Friday, Christmas, et cetera. We know this is a relevant moment for our consumers, and we want to be there to satisfy their needs.

是的。若昂.這是艾瑞爾。因此，黑色星期五的滲透肯定讓我們很忙。我們對公司的表現感到非常興奮，我們認為並期待一個偉大​​的賽季。我們所有的團隊，商業、行銷、運輸，他們都在準備工作，以繼續我們本季和今年的慣性，並在黑色星期五、聖誕節等舉辦一場精彩的活動。我們知道這對我們的消費者來說是一個重要的時刻，我們希望滿足他們的需求。

Regarding profitability, as I was mentioning before, we see very strong profitability improvements, particularly in Brazil. I think we're getting smarter in the way we buy. So having better negotiations, which give us better terms. We're getting better at managing inventory. So our days of stock are getting better and hence, our working capital as well. We're getting also smarter in the way we price the items we sell. And we're also working a lot in taxation efficiency, which is key to compete in Brazil.

關於獲利能力，正如我之前提到的，我們看到獲利能力非常強勁，特別是在巴西。我認為我們的購買方式變得越來越聰明。因此，進行更好的談判，這會為我們帶來更好的條件。我們在庫存管理方面做得越來越好。因此，我們的庫存狀況越來越好，我們的營運資金也越來越好。我們對所售商品的定價方式也變得更加明智。我們也在稅收效率方面做了大量工作，這是在巴西競爭的關鍵。

So again, we're moving and pulling all the levers as to make this a strategic and profitable business for the company. We're yet not there, but we'll continue to be working in that direction.

因此，我們再次移動並拉動所有槓桿，使之成為公司的策略性且有利可圖的業務。我們還沒有做到這一點，但我們將繼續朝這個方向努力。

(Operator Instructions) Our next question comes from Deepak Mathivanan from Wolfe Research.

（操作員說明）我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

A couple of questions. So first, can you give some additional color on the improved loyalty program? What are you seeing in the early days in terms of frequency, average spend compared to a nonmember from the program? I know it's in early stages, but any color there would be great.

有幾個問題。首先，您能為改進後的忠誠度計劃提供一些額外的資訊嗎？與該計劃的非會員相比，您在早期的頻率、平均支出方面看到了什麼？我知道它還處於早期階段，但任何顏色都會很棒。

And then the second one, the Central Bank interest rate is coming down in Brazil consistently. We just saw another cut today. Can you remind us the implications of this to your business on profitability? I guess, I mean we can wait for the Q to see the financing revenues. But wondering if there is a way you can help us the benefits to EBIT from this dynamic in the last few months?

第二個是巴西央行利率持續下降。今天我們剛剛看到了另一次削減。您能否提醒我們這對您的業務獲利能力有何影響？我想，我的意思是我們可以等待 Q 看到融資收入。但想知道是否有辦法幫助我們從過去幾個月的這種動態中獲得息稅前利潤的收益？

Deepak, Ariel here. So we don't disclose specific data on MELI Mas yet. But I would say, on the one hand, our old loyalty program, L6, already generated an increase in frequency and GMV per buyer whenever they decided to subscribe to our program. We're seeing the same or an even better trend with the new subscribers who are joining our MELI Mas program and also with the existing subscribers who are getting used to the new benefits and the new value proposition of our program.

迪帕克，艾瑞爾在這裡。所以我們還沒有透露 MELI Mas 的具體數據。但我想說，一方面，每當買家決定訂閱我們的計劃時，我們舊的忠誠度計劃 L6 就已經產生了每個買家的頻率和 GMV 的增加。我們看到加入 MELI Mas 計劃的新訂戶以及正在習慣我們計劃的新福利和新價值主張的現有訂戶都出現了相同甚至更好的趨勢。

So in general terms, we're excited with the engagement that we see in the platform. Again, too early to be seen. Communications has just started. Our product keeps evolving. So we have many, many things to continue working on as to make customers even more aware of all the benefits and the way they can interact with that program. So, excited, but I don't know, hopefully, we'll be able to share more details in the next call.

因此，總的來說，我們對平台上的參與度感到興奮。再說一遍，還太早，看不到。通訊才剛開始。我們的產品不斷發展。因此，我們有很多很多事情需要繼續努力，以使客戶更加了解所有好處以及他們與該計劃互動的方式。所以，很興奮，但我不知道，希望我們能在下次電話會議中分享更多細節。

And with regards to interest rates coming down in Brazil, it tends to be good for us. I'd say, for several reasons. Mostly on the marketplace where interest rates are lower, we tend to see more transactions on those transactions where we charge our interest rate. And then, for what we offer as parcela sem juros, then the price tends to be -- the cost tends to be lower for us, so profitability improves.

至於巴西利率的下降，這往往對我們有利。我想說，有幾個原因。大多數情況下，在利率較低的市場上，我們傾向於在我們收取利率的交易中看到更多的交易。然後，對於我們提供的 Parcela sem Juros 來說，價格往往是——我們的成本往往較低，因此盈利能力會提高。

And then on the fintech side, I'd say, it's also positive but closer to neutral because many times what happens is competitive pressures make that we have to pass those savings to merchants. That has been the case when rates increase and will probably be the case as rates decrease. So overall, it's positive for us.

然後在金融科技方面，我想說，這也是積極的，但更接近中性，因為很多時候發生的情況是競爭壓力使得我們必須將這些節省轉嫁給商家。利率上升時就是這種情況，利率下降時也可能是這種情況。總的來說，這對我們來說是積極的。

Okay, we have -- our last question comes from William Tang with Susquehanna International.

好的，我們的最後一個問題來自薩斯奎哈納國際公司的 William Tang。

I just wanted to quickly ask on credit. So last quarter, I think there were comments about expanding lending into mid-risk segments, no higher risk segments just yet. So I just wanted to ask what were you seeing there? Were there any surprises or adjustments that you encountered?

我只是想快速賒欠一下。因此，上個季度，我認為有人評論說將貸款擴大到中等風險領域，但目前還沒有更高風險領域。所以我只是想問你在那裡看到了什麼？有沒有遇到什麼驚喜或調整？

Actually, that is exactly what we're doing. We have been increasing originations in Brazil, both on the consumer credit side and on the credit card side. On the consumer credit, probably what's happening is, to some degree, we're -- remember, up until a year ago, we were issuing more credit, then we became more restrictive. So you don't yet see this impact in terms of the total portfolio. But originations are up, and we're expanding, as you said, into the mid-risk segment.

事實上，這正是我們正在做的事情。我們一直在增加巴西的消費信貸和信用卡方面的起源。在消費信貸方面，在某種程度上，可能發生的情況是，我們——記住，直到一年前，我們發放了更多信貸，然後我們變得更加嚴格。因此，您還沒有看到對總投資組合的影響。但起源有所增加，正如您所說，我們正在擴展到中等風險領域。

And also on the credit card front, we have been able to expand our offering, and that's where we're issuing more cards by -- also by addressing this mid-risk segment and incorporating more information from third parties into our models.

同樣在信用卡方面，我們已經能夠擴大我們的產品範圍，這就是我們發行更多信用卡的地方，同時也透過解決這個中等風險部分並將來自第三方的更多資訊納入我們的模型中。

And this concludes the question-and-answer session. I would like to turn it back now to Martin de los Santos, Chief Financial Officer for MercadoLibre.

問答環節到此結束。我現在想把話題轉回 MercadoLibre 財務長 Martin de los Santos。

Thanks, everybody, for your questions. I'm looking forward to reporting back to you next year with our fourth quarter results. Good night.

謝謝大家的提問。我期待明年向您報告我們第四季的業績。晚安。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

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。