美卡多 (MELI) 2024 Q1 法說會逐字稿

Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended March 31, 2024. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer.

大家好，歡迎參加截至 2024 年 3 月 31 日的季度 MercadoLibre 收益電話會議。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 management team.

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管理團隊進行現場問答。

Before we go on to discuss our results for the first quarter of 2024, I remind you that management may make or refer to and this present may contain forward-looking statements and non-GAAP measures. 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 2024 年第一季的業績之前，我提醒您，管理階層可能會做出或參考，本報告可能包含前瞻性陳述和非公認會計準則措施。因此，請參閱螢幕上的免責聲明，該免責聲明也可在我們的投資者關係網站上的收益資料中找到。

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 report another quarter of solid results with excellent operational and financial performance in Brazil and Mexico. Both countries posted GMV growth, approximately 30% year-on-year as we carry over a strong momentum from Q4. This above market growth is being driven by several factors, to improvement of user experience we minimized as a highlight, our strategic investment in chip infrastructure, which are driving faster growth in specific target regions and a well-executed marketing campaign that is leveraging on the awareness we generated in Q4 around peak season.

大家好。我很高興地報告巴西和墨西哥又一個季度取得了穩健的業績，營運和財務表現出色。這兩個國家的 GMV 均實現年增約 30%，延續了第四季的強勁勢頭。上述市場成長是由多個因素推動的，包括我們將用戶體驗的改善作為一個亮點，我們對晶片基礎設施的戰略投資，這推動了特定目標區域的更快增長，以及利用我們在第四季度旺季期間產生了意識。

In addition, our advertising business continues to grow nicely and reached regular levels of GMV penetration in all of the markets where we operate. Mercado Pago also had a solid performance in Mexico and Brazil. Some of the highlights being the acquiring business growing at accelerated rate sequentially in both countries. We had a solid credit growth portfolio surpassing the $4.4 million and growing strongly from last year and a strong quarter for Mercado Pago credit card. We issued 1.5 million cars during this quarter. The TPV reached $1.9 billion, growing 133% from last year.

此外，我們的廣告業務繼續良好成長，並在我們經營的所有市場中達到了常規的 GMV 滲透率水準。 Mercado Pago 在墨西哥和巴西也有出色的表現。其中一些亮點是兩國的收購業務連續加速成長。我們擁有超過 440 萬美元的穩健信貸成長組合，並且比去年強勁成長，Mercado Pago 信用卡季度表現強勁。本季我們發行了 150 萬輛汽車。 TPV 達到 19 億美元，比去年成長 133%。

In summary, in Q1, we delivered a strong operational performance in commerce and fintech both in Brazil and Mexico, which has offset the negative impact of a weak macro in Argentina, and the peso devaluation in the country.

綜上所述，第一季度，我們在巴西和墨西哥的商業和金融科技領域均取得了強勁的營運業績，抵消了阿根廷宏觀疲軟以及比索貶值的負面影響。

Before turning to our financial performance in more detail, I'd like to highlight that there are a couple of reporting updates that have taken effect in this quarter. Investors can find a summary of the impacts on our financials in this quarter, shareholders letter and a full reconciliation in our earnings presentation.

在更詳細地討論我們的財務表現之前，我想強調一下，本季已生效的一些報告更新。投資者可以在我們的收益報告中找到對我們本季財務狀況的影響摘要、股東信函以及完整的對帳表。

My comments today will refer to the numbers that are comparable to the figures we reported in Q1 last year. Consolidated revenues grew at a fast pace on the back of the strong operational momentum that I mentioned earlier. Brazil and Mexico, had an outstanding quarter and the revenues growth was sufficient to offset the impact of headwinds in Argentina.

我今天的評論將涉及與我們去年第一季報告的數字相當的數字。在我之前提到的強勁營運動能的支持下，合併收入快速成長。巴西和墨西哥的季度表現出色，營收成長足以抵消阿根廷不利因素的影響。

Income from operations grew strongly year-on-year, once again, with margin expansion being driven by Mexico and Brazil. This reflects the combination of growth, scale and cost efficiency that drives operational leverage. And our long-term ambition is to continue delivering both growth and profit, and we are confident in our ability to achieve that.

營運收入再次較去年同期強勁成長，利潤率擴張由墨西哥和巴西推動。這反映了推動營運槓桿的成長、規模和成本效率的結合。我們的長期目標是繼續實現成長和利潤，我們對實現這一目標的能力充滿信心。

Net income grew at a faster pace than income from operation as lower FX losses in Argentina were partially offset by lower operational income in that country. Furthermore, the reporting updates I mentioned earlier, have a broadly neutral impact on net income.

淨利潤成長速度快於營運收入成長，因為阿根廷較低的外匯損失被該國較低的營運收入部分抵消。此外，我之前提到的報告更新對淨利潤產生了大致中性的影響。

Overall, we are very pleased with the performance of the business in Q1 despite the headwind from Argentina. And this is a great way to kick off MercadoLibre's 25th anniversary.

總的來說，儘管來自阿根廷的阻力，我們對第一季的業務表現非常滿意。這是 MercadoLibre 成立 25 週年的一個很好的方式。

Now I'll pass over to Richard for more on the solid foundations we have built over the past 25 years, looking ahead for the next 25 years of MercadoLibre.

現在，我將請 Richard 詳細介紹我們在過去 25 年中所建立的堅實基礎，並展望 MercadoLibre 的未來 25 年。

In 2024, MercadoLibre will celebrate its 25th anniversary. And we look back on the progress we've made in the merchandise, commerce and financial services in Latin America.

2024 年，MercadoLibre 將慶祝成立 25 週年。我們回顧了拉丁美洲在商品、商業和金融服務方面的進展。

Today, Meli is the leading technology company in the region and a major tech company globally, and is being recognized for its innovation, growth and impact in the region.

如今，Meli 是該地區領先的科技公司，也是全球主要的科技公司，並因其創新、發展和在該地區的影響力而受到認可。

In addition to business growth and impact, MercadoLibre has a consistent track record of generating shareholder value since our IPO in 2007. We look forward to the next 25 years with great confidence and optimism as we still see plenty of opportunities to continue to grow and fulfill our mission in a region that provides us with a large addressable market.

除了業務成長和影響力之外，自2007 年首次公開募股以來，MercadoLibre 在創造股東價值方面一直保持著良好的記錄。實現目標我們的使命是為我們提供一個巨大的潛在市場。

In Latin America, e-commerce is far from mature and financial services are right for disruption. We are the leading e-commerce platform in the region, which has significant potential for growth from new buyer and higher frequency as engagement and penetration of retail rise.

在拉丁美洲，電子商務還遠未成熟，金融服務正面臨顛覆。我們是該地區領先的電子商務平台，隨著零售參與度和滲透率的上升，新買家的成長潛力和更高的頻率都具有巨大的潛力。

By building the fastest and most extensive delivery network in the region and by offering the widest assortment and the best UX, we have become a natural destination for buyers and sellers. This drives a uniquely powerful and self-reinforcing network effect as sellers invest to maximize their sales by capitalizing on our traffic, while buyers receive an ever-improving value prop, which drives more traffic and growth.

透過在該地區建立最快、最廣泛的交付網絡，並提供最廣泛的品種和最佳的用戶體驗，我們已成為買家和賣家的自然目的地。這會產生獨特的強大且自我強化的網路效應，因為賣家透過利用我們的流量進行投資，以最大限度地提高銷售額，而買家則獲得不斷提高的價值支撐，從而推動更多的流量和成長。

We're also building one of the largest retail media platforms in the region, which leverages our extensive first-party data to offer advertisers unique audience targeting capabilities and complete full funnel strategy. We are challenging the status quo in financial services and by offering a wide array of easy-to-use services for individuals and merchants, large markets underserved by incumbents, we have become one of the region's leading fintechs.

我們也正在建立該地區最大的零售媒體平台之一，該平台利用我們廣泛的第一方數據為廣告商提供獨特的受眾定位能力和完整的全通路策略。我們正在挑戰金融服務的現狀，透過為個人和商家以及現有企業服務不足的大型市場提供一系列易於使用的服務，我們已成為該地區領先的金融科技公司之一。

Our ecosystem is our competitor advantage in fintech services. Its data is uniquely rich and enables us to cross-sell. It's also enabled us to have a better view of credit risk and operate a business, which matches the lowest cost to serve in the region. We have built a highly profitable acquiring business on the back of the technology and know-how developed for our marketplace. We are one of the largest fintech in this market and are well placed for market share gains across the region.

我們的生態系統是我們在金融科技服務領域的競爭優勢。其數據極為豐富，使我們能夠進行交叉銷售。它還使我們能夠更好地了解信用風險並經營業務，這與該地區最低的服務成本相符。憑藉為我們的市場開發的技術和專業知識，我們建立了高利潤的收單業務。我們是該市場上最大的金融科技公司之一，並且處於有利地位，可以擴大該地區的市場份額。

We are also building Meli Más with the ambition of being the largest and most valued loyalty in the region by leveraging our ecosystem to offer unique benefits. Technology is at the heart of everything we do. And having one of the largest teams of engineers in the region shows nonstop innovation and product development.

我們也正在打造 Meli Más，目標是透過利用我們的生態系統提供獨特的優勢，成為該地區最大、最有價值的忠誠度公司。科技是我們所做一切的核心。擁有該地區最大的工程師團隊之一表明了不間斷的創新和產品開發。

We have a diversified mix of revenue with ample opportunities for growth monetization. Our scale, financial discipline and tech growth mentality, mean we have low-cost structures with solid and sustainable profitability. MercadoLibre's powerful intrinsic impact on the people we serve encourages entrepreneurship and promotes financial inclusion. We are proud of the achievements over the last 25 years, but our mission is far from complete. As a leader in an e-commerce market that is far from mature and one of the leaders in the financial services market that is right for disruption, we are confident and optimistic in our future growth. As we look forward to the next 25 years, we are confident that the best is yet to come.

我們擁有多元化的收入組合，並擁有充足的成長貨幣化機會。我們的規模、財務紀律和技術成長心態意味著我們擁有低成本結構和穩定且可持續的獲利能力。 MercadoLibre 對我們服務的人們具有強大的內在影響，鼓勵創業並促進金融包容性。我們對過去 25 年所取得的成就感到自豪，但我們的使命還遠遠沒有完成。作為遠未成熟的電子商務市場的領導者和適合顛覆的金融服務市場的領導者之一，我們對未來的成長充滿信心和樂觀。當我們展望下一個 25 年時，我們相信最好的尚未到來。

Thank you. At this time, we will conduct a question-and-answer session. (Operator Instructions) Joining us for the Q&A are Martin Delos Santos, CFO; Osvaldo Gimenez, FinTech President; and Ariel Szarfsztejn, Commerce President.

謝謝。這時候，我們將進行問答環節。 （操作員說明）財務長 Martin Delos Santos 參加了我們的問答； Osvaldo Gimenez，金融科技總裁；和商務總裁 Ariel Szarfsztejn。

(Operator Instructions) Our first question comes from Andrew Ruben with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的安德魯魯本。

Congratulations on the 25 years. It's helpful on the table you provide in the release that breaks down the peso-denominated and non-peso EBIT. Just thinking about the Argentina business, the units down 5%. It didn't strike us as a major decline, but you had a big hit on EBIT. So was hoping you could walk us through the situation during the quarter where you had mismatch between revenue and costs?

祝賀您 25 週年。這對您在新聞稿中提供的表格很有幫助，該表格可以細分以比索計價和非比索的息稅前利潤。僅考慮阿根廷業務，單位就下降了 5%。我們並沒有認為這是一個重大的下降，但你的息稅前利潤受到了很大的打擊。那麼，您是否希望您能為我們介紹一下該季度收入與成本不符的情況？

And perhaps if you could, even how the business evolved on a month-over-month basis within given how fast moving the Argentina macro situation has been?

也許如果可以的話，考慮到阿根廷宏觀情勢變化的速度有多快，甚至業務逐月發展如何？

Andrew, this is Martin. Yes. As you know, we -- in Argentina, we faced -- 2 things happened. The devaluation of Argentina, which reduced the size of our business. And as you know, Argentina is high margin -- EBIT margin business operation. And then we have the macro situation that obviously puts some pressure in terms of consumption. We've seen reduced volume and demand even though, as you know, we manage a marketplace, which is very resilient to this type of situation. So I think we outperformed the consumption in general in the country, but we did suffer some loss of volume in Argentina in the commerce side of the business.

安德魯，這是馬丁。是的。如你所知，我們——在阿根廷，我們面臨——發生了兩件事。阿根廷貨幣貶值，導致我們的業務規模縮小。如您所知，阿根廷是高利潤率——息稅前利潤率的企業。然後我們的宏觀形勢顯然給消費帶來了一些壓力。如您所知，我們管理的市場對這種情況非常有彈性，但我們看到數量和需求都在減少。因此，我認為我們的表現優於該國的整體消費，但我們在阿根廷的商業方面確實遭受了一些銷售損失。

In terms of cost mismatch, I think we saw some inflation in terms of our shipping cost in Argentina. There was some pressure on that line of our P&L. And then to wrap up the situation in the country. On the fintech side, the business performed extremely well. We continue to have a very strong brand in Argentina. Assets under management growing 64% year-on-year. We doubled the number of users of our investment products. The acquiring business in Argentina growing 300% more than inflation and then active users also growing at 31% year-on-year. So overall, I think that's what you can -- you see in terms of operating income.

就成本不匹配而言，我認為我們在阿根廷的運輸成本出現了一些通貨膨脹。我們的損益表上存在一些壓力。然後總結一下國內的情況。在金融科技方面，該業務表現非常出色。我們在阿根廷仍然擁有非常強大的品牌。管理資產年增64%。我們的投資產品的用戶數量增加了一倍。阿根廷的收單業務成長超過通貨膨脹率 300%，活躍用戶也較去年同期成長 31%。總的來說，我認為這就是你可以看到的——從營業收入的角度來看。

And then when you go below operating income, as the double effect -- exchange rate situation in Argentina has been normalizing. We see significantly lower FX losses in Argentina. So that's compensated in the net income line of the P&L.

然後，當你低於營業收入時，由於雙重效應——阿根廷的匯率狀況已經正常化。我們看到阿根廷的外匯損失顯著降低。因此，這在損益表的淨利潤行中得到了補償。

So overall, I would say that Argentina was a headwind in terms of EBIT, partially compensated at the net income level because of the lower FX and lower taxes that we paid this quarter in Argentina. But obviously, we had an extraordinary quarter in Brazil and Mexico that I'm sure we'll go in more detail later on the call.

因此，總的來說，我想說，阿根廷在息稅前利潤方面是一個逆風，但由於我們本季度在阿根廷支付的匯率較低和稅收較低，因此在淨收入水平上得到了部分補償。但顯然，我們在巴西和墨西哥度過了一個非凡的季度，我相信我們稍後會在電話會議上詳細介紹。

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

我們的下一個問題來自美國銀行的鮑伯福特。

Happy anniversary, and congratulations on a great quarter. Can you quantify the impact from the shift of Easter on the marketplace as well as Pago and Brazil and Mexico?

週年紀念快樂，並祝賀您度過了一個美好的季度。您能否量化復活節的轉變對市場以及帕果、巴西和墨西哥的影響？

And then in Argentina, what percent of GMV is done by sellers with less than 10,000 (inaudible) per month? And how much would that -- would the proposed tax cuts represent to those smaller sellers in terms of GMV. And what do you need before you're willing to turn the key on interoperability in Argentina in terms of economics, security or any other issues?

那麼在阿根廷，每月銷售額低於 10,000（聽不清楚）的賣家佔 GMV 的比例是多少？就 GMV 而言，擬議的減稅措施對那些規模較小的賣家來說意味著多少？在您願意在阿根廷的經濟、安全或任何其他問題上開啟互通性之前，您需要什麼？

Bob, it's Martin here. Let me take the first part. I think you were asking about the effect of Easter on our volume. But as you know, we always see a reduced volume on those days because typically, in our countries, it's 4 consecutive holiday days. I mean this quarter, in particular, was a little bit stronger because last year, Easter fell on Q2 and this year fell in Q1. So if you look at the numbers for March, there were affected by those 4 days. So there was a little bit of loss of volume, which will eventually reverse next quarter because the opposite happens that will play in favor of April probably. So that's in terms of the...

鮑勃，我是馬丁。讓我來看第一部分。我想您是在問復活節對我們銷售的影響。但如您所知，我們總是會看到這些日子的交易量減少，因為通常在我們的國家/地區，這是連續 4 個假期。我的意思是，特別是這個季度，表現要強一些，因為去年復活節落在第二季度，今年落在第一季。因此，如果您查看 3 月的數據，您會發現受到這 4 天的影響。因此，成交量略有下降，這最終將在下個季度逆轉，因為相反的情況可能會在四月發揮作用。所以，就...而言

5% is that fair, given the -- is that what we should think about it?

5% 是公平的，因為我們應該考慮這個問題？

We (inaudible) the month-by-month numbers. But I'd say in March, we probably lost 5 or 6 percentage points in that particular month. We'll see what happens in April when we announce Q2.

我們（聽不清楚）逐月的數字。但我想說的是，在 3 月份，我們可能在那個特定月份損失了 5 或 6 個百分點。我們將在四月宣布第二季時看看會發生什麼。

Bob, let me answer the part of the interoperate to question in Argentina. So as you know, we built a QR code network that is extremely successful in Argentina, and a few years back, we were required to interoperate in account-to-account transactions, which we have been doing for a few years -- 2 or 3 years now, and that is working very well.

鮑勃，讓我回答有關阿根廷的互通問題的部分。如您所知，我們建立了一個在阿根廷非常成功的二維碼網絡，幾年前，我們需要在帳戶到帳戶交易中進行互操作，我們已經這樣做了幾年 - 2 或現在已經3 年了，效果非常好。

And now what -- there's a mandate that we need to also interoperate for credit card transactions which are a minor part of our transactions in Argentina and the majority are account to account. So this is a minor part of that volume is credit card transactions.

現在，我們還需要對信用卡交易進行互通，這只是我們在阿根廷交易的一小部分，而且大部分是帳戶對帳戶的交易。因此，信用卡交易量僅佔該交易量的一小部分。

And the way we built the network is there was not a -- when we built it a few years back, there was not a standard for critical transactions. We do those transactions in a way with our process as online payment transactions. And so to be able to interoperate, we need 2 things. On the one hand, there's a technical requirement that those transactions need to be tokenized for the network to be secure.

我們建構網路的方式是——幾年前我們建立網路時，沒有關鍵交易的標準。我們以線上支付交易的流程進行這些交易。為了能夠互通，我們需要兩件事。一方面，技術要求是這些交易需要被標記化以確保網路的安全。

And on the other hand, is we need to agree on commercial terms with the counterparties, which are likely to be -- will be banks and other wallets. We are in that process. We have -- already on our side, we are able to process tokenized transactions, but we have not yet received those. And meanwhile, we are negotiating with the banks about if there will be some sort of interchange or fee for the wallets involved in these interoperable transactions.

另一方面，我們需要與交易對手就商業條款達成一致，而交易對手很可能是銀行和其他錢包。我們正處於這個過程中。我們已經能夠處理代幣化交易，但我們還沒有收到這些交易。同時，我們正在與銀行協商是否會對參與這些可互通交易的錢包進行某種形式的交換或收取費用。

Bob, I think to answer your last question regarding Argentina, obviously, we are observing and analyzing the reform that's going on right now to see what the impact would be on our merchants. And then the number of merchants, I think you are referring to smaller merchants is a number that we don't disclose specifically.

鮑勃，我想回答你關於阿根廷的最後一個問題，顯然，我們正在觀察和分析目前正在進行的改革，看看這會對我們的商人產生什麼影響。然後商戶的數量，我想你指的是較小的商戶，這個數字我們沒有具體透露。

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 ask you about the profitability of Argentina. There was a very steep decline in the EBIT contribution of Argentina versus what you reported last year. I just wanted to understand, is this kind of a new ongoing level, a new level for Argentina, given this new currency reality? Or was there something more like one-off in this quarter that could be reversed in the next couple of quarters? Just because Today, Argentina is the way you disclose almost the same profitability as the rest, why it used to be much more profitable? So I just wanted to understand that. Thank you.

我想問一下阿根廷的獲利能力。與您去年報告的數據相比，阿根廷的息稅前利潤貢獻大幅下降。我只是想了解，考慮到這種新的貨幣現實，這是否是一個新的持續水平，對阿根廷來說是一個新水平？或者本季是否存在類似一次性的情況，但在接下來的幾季可能會逆轉？僅僅因為今天，阿根廷的獲利能力與其他國家幾乎相同，為什麼它以前的獲利能力要高得多？所以我只是想了解這一點。謝謝。

Martin here, Marcelo. Thank you for your question. I think we mentioned before, Argentina had some tough macro situation. The devaluation also didn't help because when you look at the revenue books of Argentina, because of the devaluation by definition, strong relative to the other countries. Also had some tough macro and demand issues that affected, in particular, the commerce side of the business.

馬丁在這裡，馬塞洛。謝謝你的問題。我想我們之前提到過，阿根廷的宏觀情況很嚴峻。貶值也無濟於事，因為當你查看阿根廷的收入帳簿時，因為根據定義，貶值相對於其他國家來說是強勁的。也存在一些棘手的宏觀和需求問題，特別是影響了業務的商業方面。

But then also Brazil and Mexico grew extraordinarily high -- sorry, high rate. Just to put it in perspective, the EBIT of Argentina decreased year-on-year, as you mentioned, but the EBIT outside of Argentina grew by 185 percentage points. So almost double the EBIT coming from other countries. So as a result of that, you can see the current -- the share of EBIT coming from Argentina now is at 19% compared to a year ago, that was about 60%.

但隨後巴西和墨西哥的成長率也異常高——抱歉，成長率很高。客觀地說，正如您所提到的，阿根廷的息稅前利潤比去年同期下降，但阿根廷以外的息稅前利潤增加了185個百分點。因此，來自其他國家的息稅前利潤幾乎翻了一番。因此，您可以看到目前來自阿根廷的息稅前利潤份額為 19%，而一年前約為 60%。

So I think Argentina, again, the devaluation is behind us that we see macro effect in Q1, and we'll have to see how the rest of the year plays out. But again, we think that in terms of the EBIT contribution it's a little bit normalized for the other reasons that I mentioned earlier today. That as we have the exchange rate higher than it used to be with the devaluation is more normalized because of its lower FX losses, but on a net income level, the variance is not so high, okay?

因此，我認為阿根廷再次貶值，我們在第一季看到了宏觀效應，我們必須看看今年剩餘時間的表現。但我們再次認為，就息稅前利潤貢獻而言，由於我今天早些時候提到的其他原因，它已經有點正常化了。由於我們的匯率比過去更高，貶值的情況更加正常化，因為外匯損失較低，但在淨收入水平上，方差並沒有那麼高，好嗎？

So I will focus a lot more on net income as the main metric to evaluate the results of MercadoLibre. As we have been saying in the past, we were mentioning there was a little bit of a distortion in the EBIT because of the FX in Argentina now is behind. So I think in terms of the FX distortion, I could say that it's something that is a new normal, and now we have numbers that are more normalized in terms of EBIT results.

因此，我將更加關注淨利潤，將其作為評估 MercadoLibre 業績的主要指標。正如我們過去所說，我們提到息稅前利潤有一點扭曲，因為阿根廷的外匯現在落後了。因此，我認為就外匯扭曲而言，我可以說這是一種新常態，現在我們的息稅前利潤結果更加標準化。

And your next question comes from Irma Sgarz with Goldman Sachs.

你的下一個問題來自高盛的 Irma Sgarz。

I'd like to ask about Meli Más and logistics. Thank you for the use for commentary in the shareholder letter. Now as you get further into the rollout of the Meli Más program. Where are you in terms of logistics network efficiency gains from the uplift to overall volume and units per shipment? And are the costs from greater free shipping subsidies that you provide there now more than offset or -- by those efficiencies? Or will that take more time as you adjust the flow of the network and the overall engagement still rises. I'd also be curious if there's any notable differences in take-up and engagement with that program between Brazil and Mexico.

我想詢問有關 Meli Más 和物流的問題。感謝您在股東信中發表評論。現在，當您進一步了解 Meli Más 計劃時。就總體積和每批貨物數量的提升所帶來的物流網絡效率提升而言，您的表現如何？你們現在提供的更多免費送貨補貼的成本是否足以被這些效率所抵銷或抵銷？或者當您調整網路流量時會花費更多時間，整體參與度仍然會上升。我還很好奇巴西和墨西哥之間對該計劃的接受和參與是否有顯著差異。

Irma, Martin here. Yes, we have seen very good adoption of Meli Más both in terms of adopting the MELI Delivery Day for those members that -- those users are enrolled into the Meli Más program. But also, we have seen incremental engagement and volume on our platform.

艾爾瑪，馬丁在這裡。是的，我們已經看到 Meli Más 得到了很好的採用，無論是在為那些註冊了 Meli Más 計劃的會員採用 MELI 送貨日方面。而且，我們也看到我們平台上的參與度和數量不斷增加。

So the results that we are expecting in terms of growth driven by Meli Más, we are seeing them there. And we are super excited with those results. Obviously, that increases a little bit the cost of our shipping operations. We estimate that year-on-year, have the number here to share with you. It does put some pressure on margin. I think it adds 20 basis points as a percentage of GMV of course, but it's more than compensated value -- incremental value that we're generating through Meli Más.

因此，我們在 Meli Más 推動的成長方面所期待的結果，我們正在那裡看到。我們對這些結果感到非常興奮。顯然，這增加了我們運輸業務的成本。我們估計是同比，這裡有這個數字跟大家分享。這確實給利潤率帶來了一些壓力。當然，我認為它佔 GMV 的百分比增加了 20 個基點，但這不僅僅是補償價值——我們透過 Meli Más 產生的增量價值。

And then in terms of your first part of the question, optimization, we think we are still at very early stages of optimizing Meli Más. Remember, Meli Más comes with MELI Delivery Day, which is day in a week that the user chooses to get their products. So as we continue to scale the Meli Más, we will be able to lower cost of shipping by optimizing the way we group certain products and the way we optimize the delivery cost of getting the products to our users. So it's early stages, but very optimistic and very encouraged by the results of engagement and adoption so far.

然後，就問題的第一部分（優化）而言，我們認為我們仍處於優化 Meli Más 的早期階段。請記住，Meli Más 附帶 MELI 送貨日，這是用戶選擇在一周中獲取產品的一天。因此，隨著我們繼續擴大 Meli Más 規模，我們將能夠透過優化某些產品的分組方式以及優化將產品交付給用戶的交付成本的方式來降低運輸成本。所以現在還處於早期階段，但迄今為止的參與和採用結果非常樂觀且令人鼓舞。

Yes. That's very exciting. And may I just ask about also the reacceleration in TPV growth in Brazil. You highlighted new devices and -- and we know that you've been shifting up a market, but I was hoping to just get a bit more detail on the drivers of this acceleration and the direction of the incremental margin that comes attached to the revenues on this?

是的。這非常令人興奮。我想問巴西 TPV 成長重新加速的問題。您強調了新設備，我們知道您一直在提升市場地位，但我希望能更詳細地了解這種加速的驅動因素以及收入帶來的增量利潤的方向關於這個？

So there were 2 components to the acceleration of TPV in Brazil. I would say the most relevant one -- the more relevant one is online payment. We have been able to -- I think there are several quarters in a row now where we have been able to accelerate the growth of online payments in Brazil, mostly by adding several larger merchants, big merchants and increasing the share of wallet we do with them. And there are several drivers for this, but definitely better performance and better approval rates.

因此，冠捷在巴西的加速發展有兩個因素。我想說最相關的一個——更相關的是在線支付。我們已經能夠——我認為現在我們已經連續幾個季度能夠加速巴西在線支付的增長，主要是通過增加幾家較大的商家、大商家以及增加我們使用的錢包份額來實現的。這有幾個驅動因素，但絕對是更好的性能和更高的支援率。

We are very encouraged by how we see these operations continuing. And then on the point-of-sale business, as we mentioned in prior calls, we have been changing a go-to-market strategy, and that is having a good effect, and we are seeing that business growing at an accelerated rate on a quarter-on-quarter basis. So both -- mostly online payments, but also to some degree, the point-of-sale business are accelerating in Brazil.

我們對這些行動的持續進行感到非常鼓舞。然後在銷售點業務方面，正如我們在先前的電話會議中提到的，我們一直在改變進入市場的策略，這產生了良好的效果，我們看到業務在加速成長按季度計算。因此，巴西的銷售點業務（主要是線上支付）和某種程度上的銷售點業務都在加速發展。

And just to complement that, in terms of monetization, as we disclosed on the investor presentation, you can see that we continue to increase the cross-selling of credit to our acquiring users. So that continues to improve the profitability of that business.

為了補充這一點，在貨幣化方面，正如我們在投資者演示中所揭露的那樣，您可以看到我們繼續增加向收購用戶的信貸交叉銷售。因此，這將繼續提高該業務的獲利能力。

(Operator Instructions) Our next question comes from Geoffrey Elliott with Autonomous.

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

The change in Mercado Envios from agent to principal, the accounting impacts of that are all very clear. So thank you for that. But from a business point of view, what was the objective there? What does this mean in practice for the -- what does it mean in practice on the business side? And why you're doing it? Why you made this change in terms of conditions.

Mercado Envios 從代理人到委託人的轉變，其會計影響非常明顯。非常感謝你的幫忙。但從商業角度來看，這樣做的目的又是什麼？這在實踐中意味著什麼——在業務方面的實踐中意味著什麼？為什麼要這麼做？為什麼你在條件上做出了這個改變。

Geoffrey, this is Ariel here. So we see the process on the opposite. So over the last 4 or 5 years, we've been switching from operating purely with national post offices and carriers across Latin America into building our own logistics network. And basically, that process has already occurred.

傑弗裡，這是艾瑞爾。所以我們看到了相反的過程。因此，在過去的四、五年裡，我們已經從純粹與拉丁美洲的國家郵局和承運商合作轉向建立自己的物流網絡。基本上，這個過程已經發生了。

So -- what we've done now is adjusted our terms and conditions, bearing ourselves the responsibility for the execution, which is something we've been already doing. So there's nothing new in terms of the way we operate. I think that process has occurred already, and we are just now adjusting contractually and formally the way we've been operating for quite some time.

所以－我們現在所做的是調整我們的條款和條件，我們自己承擔執行的責任，這是我們已經在做的事情。因此，我們的營運方式並沒有什麼新意。我認為這個過程已經發生了，我們現在只是在合約上和正式上調整我們已經有一段時間的運作方式。

Okay. So it sort of reflects kind of you taking the risk rather than a national postal service taking the risk?

好的。所以這在某種程度上反映了你所承擔的風險，而不是國家郵政服務所承擔的風險？

Say that again?

再說一次？

So essentially, you're taking the risk on the shipping rather than the national postal service in the different countries, and that's why you've made this change.

因此，從本質上講，您承擔的是運輸風險，而不是不同國家/地區的國家郵政服務風險，這就是您做出此更改的原因。

We already had the risk. So this is what we've been doing since we launched our own last mile operation in 2019, since which have been taking over warehouses operations, our line costs, et cetera, et cetera. So nothing new, no risk profile changes. Right now, it's just formalizing something that has been happening already.

我們已經有風險了。這就是我們自 2019 年推出自己的最後一哩業務以來一直在做的事情，此後一直在接管倉庫運營、我們的線路成本等等。所以沒有什麼新的東西，風險狀況也沒有改變。現在，它只是將已經發生的事情正式化。

I would say that there's no change operationally. There's no incremental risk. This is just an accounting adjustment that we make. And it reflects better the way the business is running.

我想說的是，操作上沒有變化。不存在增量風險。這只是我們所做的會計調整。它更好地反映了企業的運作方式。

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。

Just quickly on the credit business. We saw a continued decline in the 90-day NPL, but there was an increase in the early delinquency, which you mentioned is partly because of the shift in the mix of business cohorts. Could you please elaborate on that as to why they the early delinquencies have increased? And what do you mean by a shift to riskier cohorts. Thank you so much.

只是快速開展信貸業務。我們看到90天不良貸款持續下降，但早期拖欠率增加，你提到部分原因是業務群體結構的改變。您能否詳細說明為什麼早期拖欠率增加了？轉向高風險群是什麼意思？太感謝了。

So there were 2 components to the increase in early delinquencies. On the one hand, as you mentioned, we have been taking more risk going to riskier segments. And the reason we are doing that is because our models are better at forecasting risk and rightly evaluating the risk of each user. And therefore, we are also pricing this accordingly.

因此，早期拖欠款的增加有兩個因素。一方面，正如您所提到的，我們一直在風險較高的領域承擔更多風險。我們這樣做的原因是因為我們的模型能夠更好地預測風險並正確評估每個用戶的風險。因此，我們也相應地定價。

And so even though there are higher NPL, these credits have been priced with an adequate spread. So it's not a source of concern there. And the other factor that happened was the last week of March, the last week of the quarter ended with 4 days that were either weekend or holidays. And therefore, collections were typically lower than typical. Because in the last 4 days of the month, there was an invoice that we had been due in those days that was passed over to the following months, and there was a small effect for the fact that -- Good Friday and Good Thursday were the last 2 nonworking days of the month.

因此，儘管不良貸款較高，但這些信用的定價仍具有適當的價差。所以這不是一個令人擔憂的問題。發生的另一個因素是 3 月的最後一周，該季度的最後一周有 4 天是週末或假期。因此，收藏量通常低於典型水平。因為在該月的最後 4 天，有一張我們在這些天到期的發票被轉至接下來的幾個月，而且這一事實的影響很小——耶穌受難日和耶穌受難日是該月最後2 個非工作天。

If I can ask another question, when I look at your average interest rate, and this is excluding the increase in provisions, there has been a drop of about 800 basis points quarter-on-quarter on the average interest rate for your loan book. I understand part of that is probably driven by the expansion in the credit card portfolio. But given the fact that you're moving into riskier cohorts, which are priced accordingly, why such a sharp decline quarter-on-quarter?

如果我可以問另一個問題，當我查看你們的平均利率時，不包括準備金的增加，你們貸款簿的平均利率環比下降了約 800 個基點。據我了解，部分原因可能是信用卡投資組合的擴張所致。但考慮到您正在進入風險較高的群體，而這些群體的定價也相應較高，為什麼季度環比下降如此之大？

It's Martin here. I think -- well, firstly, when we compare year-on-year, the NIMAL margins, I think is what you're referring to is improving despite the fact that we have a larger share of credit cards, which, as you know, is lower NIMAL product.

馬丁在這裡。我認為——嗯，首先，當我們比較同比時，我認為你所指的 NIMAL 利潤率正在改善，儘管事實上我們擁有更大的信用卡份額，正如你所知，是較低的 NIMAL 產品。

On a sequential basis, typically Q1 -- actually, let's put the way, Q4 tends to be a good quarter for credits because of a very strong collections because of the 13 months in the quarter and the year. So Q4 is a good month for collection. Q3 is seasonally a lower month for collections. So that's normal. It's something that is expected, in addition to 2 other things happening. Speed in terms of growth of our credit card portfolio is also contributing to that and also the fact that we accelerated originations of other products, and that generates more provisions upfront. Remember, we provision 100% of the losses upfront when we originate. So we have a Q like Q1, where we accelerated sequentially originations, that tends to put pressure on margin. Like Osvaldo mentioned, there's nothing to worry about. We continue to have very strong EBIT margin animal margin at 31.5 percentage points. So it's something that is under control and as expected.

按順序來看，通常是第一季——實際上，換句話說，第四季度往往是信貸的好季度，因為該季度和一年中有 13 個月，收款非常強勁。所以第四季是收藏的好月份。第三季是季節性收藏較少的月份。所以這很正常。除了發生的其他兩件事之外，這是預料之中的事情。我們信用卡組合的成長速度也促成了這一點，而且我們加速了其他產品的推出，並產生了更多的預付款。請記住，我們在發起時就預先準備了 100% 的損失。因此，我們有一個像 Q1 一樣的 Q，我們連續加速啟動，這往往會對利潤率造成壓力。就像奧斯瓦爾多提到的那樣，沒有什麼好擔心的。我們的動物息稅前利潤率仍然非常強勁，達到 31.5 個百分點。所以這是在控制之中且符合預期的事情。

Your outlook on the credit business changed or modified slightly in the last month given that we are now looking at probably a higher for longer kind of rate scenario in both Brazil and Mexico.

鑑於我們現在正在考慮巴西和墨西哥的長期利率情景，您對信貸業務的展望在上個月發生了輕微變化或修改。

Sorry, Neha, could you repeat the question, please?

抱歉，Neha，您能重複一下這個問題嗎？

With your outlook in terms of picking up in originations in both Brazil and Mexico, has that changed over the last month given that we are probably now looking for a higher for longer rate scenario in both countries?

鑑於您對巴西和墨西哥的起源回升的展望，考慮到我們現在可能正在尋找這兩個國家更高的長期利率情景，上個月情況是否發生了變化？

No, it hasn't. We continue to have the same strategy as we have in the past, which is to continue to cautiously increase our credit book as we feel more confident in terms of our underwriting capabilities, as Osvaldo mentioned. And then also, we are focusing a lot on growing our credit card, which is a critical product for or fintech strategy because it has all -- many benefits in addition to the credit card, users that pick on -- start using the credit card, use most of our other fintech products to bring their salaries into our account. They might take a loan, they might get insurance, and start using the debit card and so on. So it's an important part of our strategy.

不，還沒有。我們繼續採取與過去相同的策略，即繼續謹慎地增加我們的信用帳簿，因為我們對我們的承保能力更有信心，正如奧斯瓦爾多所提到的那樣。此外，我們也非常注重發展我們的信用卡，這是金融科技策略的關鍵產品，因為除了信用卡之外，它還有很多好處，用戶開始使用信用卡，並使用我們大多數其他金融科技產品將他們的工資計入我們的帳戶。他們可能會貸款，他們可能會獲得保險，並開始使用借記卡等等。所以這是我們策略的重要組成部分。

With regards to interest rates being a little bit higher, expectations then being higher -- as I -- relatively very small factor when compared to the spreads we have.

至於利率稍微高一點，預期就會更高——就像我一樣——與我們的利差相比，這個因素相對很小。

Just to complement that, the fact that our loans are typically short maturity allow us to adjust very rapidly to changing interest environment. So...

作為補充，我們的貸款通常期限較短，這一事實使我們能夠非常迅速地適應不斷變化的利率環境。所以...

Our next question comes from Maria Clara Infantozzi with Itaú BBA.

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

I wanted to explore the potential of monetization of logistics services ahead given that you showed consistent improvement in the average speed of delivery and also accelerated penetration for another quarter. So does the company intend to start being more vocal on charging for the procurement services. How far are we from such a scenario?

我想探索未來物流服務貨幣化的潛力，因為您在平均交付速度方面表現出持續改善，並且在另一個季度加快了滲透率。該公司是否打算開始更直言不諱地對採購服務收費。我們距離這樣的場景還有多遠？

Maria Clara, Ariel here. Thanks for your question. I think there's no change in strategy for us. As we've been saying over the last few quarters, we know that there's an opportunity in the long run to increase our monetization on our shipping infrastructure.

瑪麗亞·克拉拉，愛麗兒在這裡。謝謝你的提問。我認為我們的策略沒有改變。正如我們在過去幾個季度所說的那樣，我們知道從長遠來看，我們有機會增加我們的航運基礎設施的貨幣化。

For now, we remain focused on a, capturing the most out of the efficiencies potential that we have, which means continue driving productivity gains and reducing costs; b, I would say, getting sellers to operate with our network, particularly continue improving our fulfillment penetration, which has been going up consistently and three, being disciplined regarding passing through inflation increases. But we know we have another lever for the longer term as to continue monetizing. We just don't think it's the right time.

目前，我們仍然專注於a，最大限度地發揮我們所擁有的效率潛力，這意味著繼續提高生產力並降低成本； b，我想說的是，讓賣家使用我們的網路進行運營，特別是繼續提高我們的履行滲透率，該滲透率一直在持續上升，第三，在通過通貨膨脹增加方面受到約束。但我們知道，從長遠來看，我們還有另一個槓桿來繼續貨幣化。我們只是認為現在還不是時候。

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 25 years. So a couple of questions. I'd like to get a little more detail on origination side. I believe it was about the same growth rate as last quarter in dollar terms. But just curious if how much Argentina factored into that. So perhaps you can give us some detail by country. Like how originations performed, did accelerate versus last quarter?

恭喜您 25 週年。有幾個問題。我想了解起源方面的更多細節。我相信以美元計算，成長率與上季大致相同。但只是好奇阿根廷是否在其中考慮了多少。也許您可以按國家/地區向我們提供一些詳細資訊。就像發起的表現如何，與上季相比是否有所加速？

And then second question, just on MELI Delivery Days. I believe you gave us some disclosure about how many of your shipments are generated by that channel. Just curious if you could give us an idea, is that all a significant money favor for you guys? Or is it really just designed to kind of lower stress on the network, but it's not particularly saving on cost. And additionally, just maybe some idea of where that percentage can go over time?

然後是第二個問題，就在 MELI 交貨日。我相信您向我們披露了您的發貨量是由該渠道產生的。只是好奇你能否給我們一個想法，這對你們來說是一筆重大的金錢恩惠嗎？或者它真的只是為了減輕網路壓力而設計的，但並沒有特別節省成本。此外，也許只是知道隨著時間的推移，這個百分比會走向何方？

And Marvin, in terms of origination, most of the acceleration is coming from Brazil, where we are very comfortable with how our models are performing, and we see increased demand for loans. In Argentina, we continue to be cautious. We have accelerated versus last quarter -- we have grown versus last quarter, but we are at a rate which is significantly low -- in dollar terms, significantly lower than what it was prior to the elections. And in Mexico, we are growing on a year-on-year basis, but the origination was similar to that of prior quarter.

馬文，就起源而言，大部分加速來自巴西，我們對我們的模型的表現非常滿意，我們看到貸款需求的增加。在阿根廷，我們繼續保持謹慎態度。與上季相比，我們有所加速——與上季相比，我們有所成長，但我們的成長率明顯較低——以美元計算，明顯低於選舉前的水平。在墨西哥，我們正在同比增長，但起源與上一季相似。

And I would add to that, that we had a devaluation in the middle. So that also affects the growth rates in Argentina when you compare year-on-year basis. But we'll continue to have a very healthy book in Argentina is probably the lowest NPLs (inaudible), but we are cautious, as Osvaldo mentioned.

我想補充一點，我們中間經歷了貶值。因此，當您比較同比時，這也會影響阿根廷的成長率。但我們將繼續在阿根廷擁有一本非常健康的書，可能是最低的不良貸款（聽不清楚），但我們很謹慎，正如奧斯瓦爾多所提到的。

Marvin, Ariel here. Regarding MELI Delivery Day, I think for the first time in our investor presentation, we have provided you with some details on slow shipment share. So you can see that -- more than 5% of our shipments were delivered with a slow method. Most of which is coming from MELI Delivery Day, which basically means that we saw a good adoption of MDD whenever buyers were using the Meli Más offering to get free shipping in low ASP items.

馬文，艾瑞爾在這裡。關於 MELI 交割日，我認為在我們的投資者演示中，我們第一次向您提供了有關緩慢出貨份額的一些詳細資訊。所以你可以看到——我們超過 5% 的發貨是透過慢速方式交付的。其中大部分來自 MELI 交付日，這基本上意味著每當買家使用 Meli Más 產品來獲得低 ASP 商品的免費送貨時，我們就會看到 MDD 的良好採用。

To your question on economics, I think we are seeing savings coming from that delivery model as more and more, we can consolidate items in the same box and the same delivery route, but still, we think that there's ample room for the program to continue scaling and driving costs down even more through more density in routes, more items per box or even incremental transactions that could be delivered in the same delivery as well. So good progress so far. We are excited with the results that we've seen, but the opportunity there is also relevant.

對於你關於經濟學的問題，我認為我們看到這種交付模式帶來的節省越來越多，我們可以將物品整合在同一個盒子和相同的交付路線中，但我們仍然認為該計劃有足夠的空間繼續進行透過提高路線密度、每箱增加更多物品，甚至可以在同一交付中交付增量交易，進一步擴大規模並降低成本。到目前為止進展順利。我們對所看到的結果感到興奮，但其中的機會也很重要。

Our next question comes from Craig Mauer with FT Partners.

我們的下一個問題來自 FT Partners 的 Craig Mauer。

Happy anniversary. I wanted to ask about the ad penetration rate that moved up from 1.6% to 1.9%. Was this related to the GMV coming down Argentina? Or was this an actual improvement in adoption?

週年快樂。我想問一下廣告滲透率從 1.6% 上升到 1.9% 的情況。這與阿根廷的 GMV 下降有關嗎？還是這是採用率的實際改進？

Ariel here again. So we had a very strong quarter in ad. As you said, penetration went up 30 basis points Q-on-Q and revenues grew 64% in dollars year-over-year, almost 100% in constant currency. I think the increase in penetration is definitely not coming only from Argentina. We saw a consistent increase in penetration across every country and Mexico actually presented the highest growth, both in terms of dollars and in terms of revenues as a percentage of GMV. So overall, excited what happened this quarter and more importantly, convinced that the opportunity we have in front of us remains to be big, and we have many levers to continue capturing that.

愛麗兒又來了。因此，我們的廣告季度表現非常強勁。正如您所說，滲透率環比上升了 30 個基點，收入以美元計算同比增長 64%，以固定匯率計算幾乎 100%。我認為滲透率的成長絕對不只來自阿根廷。我們看到每個國家的滲透率都在持續成長，而墨西哥實際上成長最快，無論是美元還是收入佔 GMV 的百分比。總的來說，我們對本季發生的事情感到興奮，更重要的是，相信我們面前的機會仍然很大，而且我們有很多手段來繼續抓住這一機會。

Can you just remind if there's any seasonality in that number that we should be watching out for?

您能否提醒一下，這個數字是否存在我們應該注意的季節性？

No, we don't think there's a specific reason on seasonality. We made several product improvements, both in terms of the algorithms that we use for the bidding processes, we made changes in our placements in our sales results. So many moving parts that did help us get some acceleration there.

不，我們認為季節性沒有具體原因。我們對產品進行了多項改進，無論是在投標過程中使用的演算法方面，還是在銷售結果中的展示位置都進行了更改。如此多的活動部件確實幫助我們在那裡獲得了一些加速。

And our next question comes from Kaio Prato with UBS.

我們的下一個問題來自瑞銀集團的 Kaio Prato。

Good evening. Hello, everyone. Thanks for the opportunity for questions. I have 2 here on my side, please. First, 2 questions on the fintech, okay. First, on the accounting reclassification that you made this quarter, if you could explain the rationale behind this change and why did you decide to do this now?

晚安.大家好。感謝您提供提問的機會。我這邊有兩個，請。首先，有兩個關於金融科技的問題。首先，關於本季進行的會計重新分類，您能否解釋一下這項變更背後的理由以及為什麼現在決定這樣做？

And the second is related to Mexico. If you could please help us understand the strategy behind the Fintech business there, specifically on the banking business. Is your plan is to compete with the fintechs that are growing there or if this should be much more financial for the marketplace business. Because looking to the financial (inaudible) there, seeing they're not having a banking license to make the business much more difficult than in Brazil, for instance. You need some partners public for investment, lending. I just would like to understand you view on this and if you are planning any (inaudible) through your license there as well?

第二個與墨西哥有關。如果您可以的話，請幫助我們了解那裡的金融科技業務背後的策略，特別是銀行業務。您的計劃是與那裡正在成長的金融科技公司競爭，還是這對市場業務來說應該更具財務意義。因為看看那裡的金融（聽不清楚），發現他們沒有銀行執照，這使得業務比巴西等地困難得多。你需要一些公共夥伴來進行投資、借貸。我只是想了解您對此的看法，以及您是否也計劃透過您的許可證進行任何（聽不清楚）？

Martin here. In terms of the reporting update, as we explained in the investor letter, what we did is basically, in the past, we had the interest income and cost from the whole operation below EBIT as we -- the Mercado Pago business evolved from being a wallet to being more of a digital banking business, A lot of the business was the float that we had on that particular operation, which we brought above within EBIT right now. So we now recognize the interest that we generated as revenue and the cost that we generate as cost of goods sold.

馬丁在這裡。就報告更新而言，正如我們在投資者信中所解釋的那樣，我們所做的基本上是，在過去，我們整個業務的利息收入和成本低於息稅前利潤，因為我們——Mercado Pago業務從一家從錢包到更多的數位銀行業務，許多業務都是我們在該特定業務上擁有的浮動資金，我們現在將其納入息稅前利潤。因此，我們現在將產生的利息確認為收入，將產生的成本確認為銷售成本。

And that's better reflection, better reporting in terms of the nature of our business. And in fact, this is the way we have been managing our business for quite a while. So I think this is an improvement in terms of disclosures and this is the reason why we did this at this point.

就我們的業務性質而言，這是更好的反思和更好的報告。事實上，這就是我們長期以來管理業務的方式。所以我認為這是披露方面的改進，這也是我們此時這樣做的原因。

Building on Martin's comment, definitely the time value of money has been an integral part of how we price our fintech services. Everything we do from acquiring from when we pay sellers and even more so now with a larger offering in terms of fintech services. So we believe that this reflects better how we look at the business and how this business is really a financial business. .

根據馬丁的評論，貨幣時間價值無疑已成為我們金融科技服務定價的一部分。我們所做的一切都是從向賣家付款時獲取的，現在更是如此，在金融科技服務方面提供了更多服務。因此，我們相信這更好地反映了我們如何看待該業務以及該業務如何真正成為一項金融業務。 。

With regard to the second question about Mexico and our strategy, our strategy is to be the largest fintech in Mexico. We will offer a full-fledged solution of products from -- acquired on the one hand, to fintech services on the other one. There, we -- for a long time now, we have been able to offer our wallet. And on top of that, we have been doing quite for several years and America for several years.

關於第二個問題，關於墨西哥和我們的策略，我們的策略是成為墨西哥最大的金融科技。我們將提供全面的產品解決方案，一方面是收購的產品，另一方面是金融科技服務。在那裡，我們——很長一段時間以來，我們一直能夠提供我們的錢包。最重要的是，我們已經做了好幾年了，美國也做了好幾年了。

Last year ago -- 3 quarters ago, we launched our credit card, which is growing very, very strongly, and we work together with a third party to offer remunerated account, which is basically a money market. But money is available 24/7 in the Mercado Pago account. So we have a full offering, and we believe there's a huge opportunity that Mexico right now is going through a transformation similar to the one -- the market underwent in Brazil in the last 5, 7 or 10 years where our financial inclusion will increase a lot. With access to pay, we increased a lot, and we have a huge opportunity to be the leaders in this market.

去年前——三個季度前，我們推出了信用卡，該信用卡的成長非常非常強勁，我們與第三方合作提供有償帳戶，這基本上是一個貨幣市場。但 Mercado Pago 帳戶中的資金可以 24/7 全天候使用。因此，我們提供了全面的產品，我們相信墨西哥目前正在經歷類似巴西市場在過去 5 年、7 年或 10 年中經歷的轉型，我們的金融包容性將會提高很多。透過支付，我們成長了很多，我們有巨大的機會成為這個市場的領導者。

Okay. This is clear. Any plans for a potential upgrade in your license in Mexico?

好的。這很清楚。您在墨西哥的駕照有升級的方案嗎？

Yes. Today, we are working with the Mexico license that we are able to do what we have to do. We regularly reevaluate whether in the future, we might need license. And if so, once we do anything, we will let you know.

是的。今天，我們正在獲得墨西哥許可，我們能夠做我們必須做的事情。我們定期重新評估將來是否需要許可證。如果是這樣，一旦我們採取任何行動，我們就會通知您。

Our next question comes from Jamie Friedman with Susquehanna International Group.

我們的下一個問題來自薩斯奎哈納國際集團的傑米·弗里德曼。

I wanted to ask a question about Argentina. So it looked like FX-neutral growth in Argentina came in slower than inflation. And I think in your prepared remarks, attributed that to reduced consumer demand. So I'm just trying to gauge that. Is that trend something that you are contemplating to continue? Because in the past, the pattern has been that Argentina revenue would consistently outgrow inflation. So is this a new reality that we need to consider?

我想問一個關於阿根廷的問題。因此，在匯率中立的情況下，阿根廷的成長速度似乎慢於通貨膨脹。我認為在你準備好的發言中，將其歸因於消費者需求的減少。所以我只是想衡量一下。您打算繼續這種趨勢嗎？因為過去的模式是阿根廷的收入成長始終超過通貨膨脹。那麼這是我們需要考慮的新現實嗎？

Martin here. I think we can talk about this quarter in which we saw a recession in Argentina slowdown in consumption, as you clearly mentioned, growth was high in nominal terms, but below inflation. And in fact, in dollar terms, was also decreased from last year.

馬丁在這裡。我認為我們可以談論本季度，我們看到阿根廷經濟衰退，消費放緩，正如您明確提到的，名義增長很高，但低於通膨。事實上，以美元計算，也較去年下降。

As we are monitoring the situation in the country, and we'll deal with the macro situation as it goes within the year. But as I mentioned earlier, we operate a marketplace that is very resilient to these type of situations. We have seen (inaudible) past not in Argentina, but in other markets and we'll come out strong. We have a very strong brand, and we'll continue to manage the country as it is on the fintech side of the business. As I mentioned earlier, we are performing extremely well in Argentina, given the market conditions. On the commerce side, we are outperforming the general retail industry.

由於我們正在監測國內的局勢，我們將根據年內的宏觀情況來應對。但正如我之前提到的，我們所經營的市場對此類情況非常有彈性。我們已經看到（聽不清楚）過去不是在阿根廷，而是在其他市場，我們會變得堅強。我們擁有非常強大的品牌，我們將繼續管理該國的金融科技業務。正如我之前提到的，考慮到市場條件，我們在阿根廷的表現非常好。在商業方面，我們的表現優於一般零售業。

Let me complement on the fintech side. I'd say we have seen some deceleration in the point-of-sale business. However, the QR code, the wallet continues to grow very strongly and above inflation, and we have been cautious on the credit side. And...

讓我補充一下金融科技方面的內容。我想說，我們看到銷售點業務放緩。然而，二維碼、錢包持續強勁成長且高於通膨，我們在信貸方面一直持謹慎態度。和...

And then if I could just follow up, switching gears on the Slide 18, and I apologize if you answered this, but I might have missed it. But the gross margin compression of 3.9% related to the change in shipping conditions, terms and conditions, what was that about?

然後，如果我能跟進，切換幻燈片 18 的檔位，如果您回答了這個問題，我深表歉意，但我可能錯過了。但毛利率壓縮3.9%與運輸條件、條款和條件的變化有關，這是怎麼回事？

Yes. I think that's the fact that the margin is decreased because we have higher rates. So what we try to do in that space is try to explain, to try to normalize the change that we include to better understand the results of this quarter. So because we had roughly $300 million more revenues that we will have had not made this change, that effectively increases the denominator. So that reduces the margin, and this is what we adjusted there.

是的。我認為事實上利潤率下降是因為我們的利率較高。因此，我們在這個領域試圖做的就是嘗試解釋，嘗試使我們所包含的變化正常化，以便更好地理解本季的結果。因此，由於我們的收入增加了大約 3 億美元，如果我們不進行這項改變，這實際上會增加分母。這樣就減少了利潤，這就是我們調整的內容。

This concludes the question-and-answer session. I would now like to turn it back to Martin de los Santos, CFO.

問答環節到此結束。我現在想把它轉回給財務長馬丁·德洛斯桑托斯 (Martin de los Santos)。

Thanks, everybody, for joining. As we mentioned, we are very excited about the first quarter of our 25th year, particularly with the results that we saw in Mexico and Brazil, which we saw tremendous growth, both in terms of fintech and commerce with also improving profitability. As we mentioned, the EBIT margin of Brazil and Mexico combined doubled year-on-year and that's the result of the commerce business doing very well in terms of ads, shipping efficiencies, business that continues to improve profitability.

謝謝大家的加入。正如我們所提到的，我們對 25 週年的第一季感到非常興奮，特別是我們在墨西哥和巴西看到的結果，我們看到了金融科技和商業方面的巨大增長，盈利能力也有所提高。正如我們所提到的，巴西和墨西哥的息稅前利潤率合計同比翻了一番，這是商業業務在廣告、運輸效率以及持續提高盈利能力方面表現出色的結果。

And then the fintech business in Brazil and Mexico is also thriving, growing credit portfolio, growing very nicely and improving profitability as well as acquiring business performing extremely well. And then as we continue to grow, we also gain operational leverage that is going through our P&L. As we mentioned on the bottom line in terms of net income, very strong net income growth year-on-year. So again, very excited about the results and looking forward to talking to you next quarter.

巴西和墨西哥的金融科技業務也蓬勃發展，信貸組合不斷成長，成長非常好，獲利能力不斷提高，收購業務表現也非常出色。然後，隨著我們的不斷發展，我們也獲得了貫穿損益表的營運槓桿。正如我們在淨利潤方面提到的，淨利潤同比增長非常強勁。再說一遍，我對結果感到非常興奮，並期待下個季度與您交談。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。