美卡多 (MELI) 2024 Q3 法說會逐字稿

Good evening, and welcome to MercadoLibre's Q3 2024 conference call.

晚上好，歡迎參加 MercadoLibre 的 2024 年第三季電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Richard Cathcart, Investor Relations Officer.

我現在想將會議交給投資者關係官理查德·卡思卡特 (Richard Cathcart)。

Please go ahead.

請繼續。

Hello, everyone, and welcome to the MercadoLibre earnings conference call for ended September 30, 2024.

大家好，歡迎參加截至 2024 年 9 月 30 日的 MercadoLibre 收益電話會議。

Thank you for joining us.

感謝您加入我們。

I'm Richard Cascade, MercadoLibre's Investor Relations Officer.

我是理查德·卡斯卡德 (Richard Cascade)，MercadoLibre 的投資者關係官。

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 third quarter of 2024.

在我們繼續討論 2024 年第三季的業績之前。

I remind you that management may make or refer to, and this presentation may contain forward-looking statements and non-GAAP measures.

我提醒您，管理階層可能會做出或參考，本簡報可能包含前瞻性陳述和非公認會計準則措施。

So please refer to the disclaimer on screen, which will be available in our earnings materials on our Investor Relations website.

因此，請參閱螢幕上的免責聲明，該免責聲明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 the summary of our results.

接下來，讓我們開始總結我們的結果。

Hello, everyone.

大家好。

I am pleased to share that MercadoLibre a later quarter outstanding growth.

我很高興地告訴大家，MercadoLibre 在後一季實現了出色的成長。

We had an excellent quarter across all of our businesses and geographies.

我們所有業務和地區都度過了一個出色的季度。

So the strong performance was really all around.

因此，強勁的表現確實無所不在。

With these results, we reinforced our position as the leading e-commerce and fintech platform in Latin America.

憑藉這些成果，我們鞏固了作為拉丁美洲領先的電子商務和金融科技平台的地位。

Every time we have invested in enhancing our customer experience.

每次我們都投資於增強客戶體驗。

In the past, we have been rewarded with strong growth and improvements in our market position.

過去，我們的回報是強勁的成長和市場地位的提升。

In this quarter, we continue to make strategic investments in our platform, both commerce and fintech and the resulted in GMV growth of 34% year on year in Brazil and 27% in Mexico.

本季度，我們繼續對商業和金融科技平台進行策略性投資，巴西的 GMV 年成長 34%，墨西哥的 GMV 年成長 27%。

This also results in market share gains in both countries.

這也導致兩國市場份額的增加。

In Argentina, items sold grew at 16%, and we surpassed the 60 million items sold in our platform, which is the highest ever volume.

在阿根廷，銷量成長了 16%，我們平台上的銷量突破了 6000 萬件，這是有史以​​來的最高銷量。

We continue to see improvements in the Argentinian market.

我們繼續看到阿根廷市場的改善。

We have added a record of almost 7 million new buyers into our platform.

我們的平台新增近 700 萬買家，創歷史新高。

This is a number higher than the number that we saw during the peak of the pandemic.

這個數字高於我們在疫情高峰期間看到的數字。

So let me be clear on that, not even during the explosion of demand that we experienced in the pandemic, we saw a number of new users at this level.

因此，讓我明確一點，即使在我們在大流行期間經歷需求爆炸期間，我們也沒有看到這個級別的許多新用戶。

As most of you know, the penetration of e-commerce in Latin America continues to be relatively low when we compare it to other more developed regions.

眾所周知，與其他較發達地區相比，拉丁美洲的電子商務滲透率仍然相對較低。

Only 15% of core on online.

只有 15% 的核心線上。

So it's plenty of room to continue growing.

因此，它還有足夠的空間繼續成長。

As the lead player in the region, we have a crucial role in driving more volume online and increasing this penetration of e-commerce.

作為該地區的領先企業，我們在推動更多線上交易量和提高電子商務滲透率方面發揮著至關重要的作用。

For that purpose, we continue to invest in our strategic initiatives, such as logistics and our loyalty program.

為此，我們繼續投資於我們的策略舉措，例如物流和忠誠度計劃。

In Q3, we opened six new fulfillment senators, a in Brazil and one in Mexico, and that helps us improve or increase fulfillment penetration by 4.5 percentage points compared to a year ago.

在第三季度，我們新設立了 6 名履行參議員，一名在巴西，一名在墨西哥，這有助於我們與一年前相比提高或增加履行滲透率 4.5 個百分點。

We know that having more volume shipped out of our own fulfillment facilities results in a much better user experience for buyers and sellers in faster and more reliable delivery and a much better conversion of volume in turn, results in further growth of the ecosystem.

我們知道，從我們自己的履行設施中運出更多的貨物可以為買家和賣家帶來更好的用戶體驗，從而實現更快、更可靠的交付，進而實現更好的數量轉換，從而促進生態系的進一步發展。

Investment in technology also plays a critical role in bringing more business online because it removes biofriction.

技術投資在增加更多線上業務方面也發揮關鍵作用，因為它消除了生物摩擦。

Pricing engagement that we see for having with our products show that more and more people and consumers are choosing Mercado Pago as their main financial service provider.

我們看到的產品定價參與度表明，越來越多的人和消費者選擇 Mercado Pago 作為他們的主要金融服務提供者。

We continue to invest behind our credit card as is a critical product to achieve principality within our users.

我們繼續投資信用卡，因為這是在用戶中實現主權的關鍵產品。

In Q3, we issued new credit cards.

第三季度，我們發行了新的信用卡。

And the credit card TPV grew by 166% last year.

信用卡TPV去年成長了166%。

As we see improvements in our risk models, we have accelerated the underwriting of credit, not only credit card but also consumer and merchant credits, this resulted in growth of our portfolio of 77% compared to last year.

隨著我們風險模型的改進，我們加快了信貸承保速度，不僅包括信用卡，還包括消費者和商業信貸，這導致我們的投資組合比去年增長了 77%。

We know that the faster growth of our credit portfolio, combined with the shift more credit card as a percentage of total portfolio puts some short-term pressure on spreads.

我們知道，我們的信貸投資組合成長較快，加上信用卡佔總投資組合比例的增加，給利差帶來了一些短期壓力。

Rather stable NPLs that we have seen and the fact that the earlier cohorts of credit cards are already becoming profitable, gives us confidence in our investments.

我們看到的不良貸款相當穩定，而且早期的信用卡群體已經開始獲利，這讓我們對自己的投資充滿信心。

Turning now to our financial results.

現在轉向我們的財務表現。

Our strong operational KPIs translated into revenue growth of 35% year-on-year despite FX headwinds that we suffer in Mexico and Brazil.

儘管我們在墨西哥和巴西遭遇了外匯不利因素，但我們強勁的營運 KPI 轉化為同比 35% 的營收成長。

A successful Q3 performance is not just a result of the great execution of our team, but also a testament of the many growth opportunities that lie ahead of us in our business and ecosystem.

第三季的成功業績不僅是我們團隊出色執行力的結果，也證明了我們的業務和生態系統中存在著許多成長機會。

Our EBIT was $557 million with a 10.5% margin.

我們的息稅前利潤為 5.57 億美元，利潤率為 10.5%。

The majority of the margin compression from last year comes from the strategic initiatives to investments that we discussed earlier.

去年利潤率壓縮的大部分來自我們先前討論的投資策略舉措。

Investors can find more detail on those investments in our shareholder letter.

投資者可以在我們的股東信中找到有關這些投資的更多詳細資訊。

Net income rose by 11% compared to last year, reaching $397 million in the quarter, with lower EBIT partially offset by a reduction in our FX losses.

本季淨利比去年同期成長 11%，達到 3.97 億美元，息稅前利潤的下降被外匯損失的減少部分抵銷。

As we finish our 25th year anniversary, we continue to see tremendous growth opportunities ahead of us, both in commerce and fintech and now also in advertising.

在我們成立 25 週年之際，我們繼續看到巨大的成長機會，無論是在商業和金融科技領域，還是在廣告領域。

We have a clear vision of the future and are focused on the long-term growth, profitability, and cash flow generation our business.

我們對未來有一個清晰的願景，並專注於業務的長期成長、獲利能力和現金流生成。

Now I want to share some examples of innovation that we have implemented during the quarter.

現在我想分享我們在本季實施的一些創新範例。

So I'll turn it back to Richard I will explain those to you.

所以我會把它轉回給理查德，我會向你解釋這些。

MercadoLibre is a major driving force of the shift of offline to online commerce and financial inclusion in Latin America.

MercadoLibre 是拉丁美洲從線下到線上商務和金融普惠性轉變的主要推動力。

Continuously investing in our value proposition, service levels and user experience is key to making that happen for years to come.

持續投資於我們的價值主張、服務水準和使用者體驗是在未來幾年實現這一目標的關鍵。

We want to share a snapshot of just some of those investments in innovations today.

我們今天只想分享其中一些創新投資的概況。

In September, we have created the minimize benefits package to include cash back or extra installments on marketplace purchases and new fintech benefits.

九月，我們制定了最低福利計劃，包括市場購買的現金回饋或額外分期付款以及新的金融科技福利。

This means that users are able to get back much more than they pay for subscription, making Melimise the smartest choice for our users.

這意味著用戶可以獲得比訂閱費用更多的回報，這使得 Melimise 成為我們用戶最明智的選擇。

Those fintech benefits include cash back on all purchases made by the Mercado Pago credit card a higher yield on funds held in the remunerated accounts.

這些金融科技的好處包括 Mercado Pago 信用卡所有購買的現金回饋以及報酬帳戶中持有的資金的更高收益。

These benefits increase the differentiation of our credit card and digital account.

這些好處增加了我們信用卡和數位帳戶的差異化。

Cash back is paid in the Meli dollar stable coin and is deposited into users Mercado Pago accounts where it could be held or used to make purchases on the marketplace.

現金返還以 Meli 美元穩定幣支付，並存入用戶 Mercado Pago 帳戶，可以在該帳戶中持有或用於在市場上購物。

We also introduced an additional tier in Melimise that offers a cheaper plan and gives consumers a choice of two plans that best suits their needs.

我們還在 Melimise 中推出了額外的套餐，提供更便宜的計劃，並讓消費者可以選擇最適合他們需求的兩種計劃。

The essential plan includes free shipping, cashback or are marketplace purchases and all of the fintech benefits.

基本計劃包括免費送貨、現金返還或市場購買以及所有金融科技福利。

Whilst the total plan has all the benefits of the Essential plan plus great content with access to Disney+, Deza and discounts on other streaming services.

整體計劃擁有 Essential 計劃的所有優勢，以及可存取 Disney+、Deza 的精彩內容以及其他串流媒體服務的折扣。

Meli Delivery Day continues to be a core and popular piece of our loyalty program.

Meli 送貨日仍然是我們忠誠度計劃的核心和受歡迎的部分。

It enables free shipping on lower-value items, which drives higher purchase frequency and enables us to dilute our last-mile costs.

它可以為低價值商品提供免費送貨，從而提高購買頻率，並使我們能夠稀釋最後一英里的成本。

To incentivize the purchase of multiples for delivery on the users Meli delivery day.

激勵購買多件並在用戶 Meli 交貨日交貨。

We have made our free shipping of lower-value items more visible to the user as they engage with the platform.

當用戶與平台互動時，我們讓低價值商品的免費送貨更容易被用戶看到。

Several other initiatives aimed at improving the online purchasing journey have gone live in Q3.

其他幾項旨在改善線上購買旅程的措施已於第三季實施。

In Q3, this helps us to attract a record number of new buyers even higher than the previous peak during the COVID pandemic.

在第三季度，這幫助我們吸引了創紀錄的新買家數量，甚至比之前新冠疫情期間的高峰還要高。

We continue to develop category-specific as a way to drive off-line retail vertical by vertical.

我們繼續開發特定類別的產品，以此作為垂直推動線下零售的方式。

In auto parts, we launched a new feature that enables buyers to schedule an appointment with the mechanic to install the items they are purchasing, and we ship those items directly to the mechanic.

在汽車零件方面，我們推出了一項新功能，使買家能夠與機械師預約安裝他們購買的物品，然後我們將這些物品直接運送給機械師。

In the beauty category, we introduce technology that enables users to see different makeup products apply to their face in our app.

在美容類別中，我們引入了技術，使用戶能夠在我們的應用程式中看到不同的化妝產品應用於他們的臉部。

This tackles a major barrier to consumers buying makeup online.

這解決了消費者在線上購買化妝品的主要障礙。

To increase cross-category shopping, we launched a new tool that suggests a new high frequency category for users to shop based on that individual users profile.

為了增加跨類別購物，我們推出了一個新工具，可以根據個人用戶資料建議用戶購物的新高頻類別。

This personalized suggestion includes a short cut button to a category on the home page, a special coupon, a personalized landing page and push notifications.

這種個人化建議包括主頁上類別的快捷按鈕、特殊優惠券、個人化登陸頁面和推播通知。

An important driver of shifting offline retail online is the shipping experience.

線下零售轉向線上的一個重要驅動力是運輸體驗。

In September, we announced plans to more than double the number of fulfillment centers in Brazil by the end of 2025.

9 月，我們宣布計劃在 2025 年底前將巴西的配送中心數量增加一倍以上。

This means 11 new operations, 5 of which were added in Q3.

這意味著 11 項新業務，其中 5 項是在第三季新增的。

These investments will enable us to increase the number of cities where we deliver on the same day in Brazil by 40%. 63% of these operations will be outside of Sao Paulo as we increasingly regionalize our network.

這些投資將使我們能夠將巴西當天送達的城市數量增加 40%。隨著我們的網路日益區域化，其中 63% 的業務將位於聖保羅以外。

Some of them will be metro fulfillment centers similar to the model we introduced in Rio de Janeiro last year, which are smaller operations that target individual cities.

其中一些將成為地鐵配送中心，類似於我們去年在裡約熱內盧推出的模式，這是針對個別城市的小型營運。

This is just a snapshot of the innovations that have gone live recently, and we have a strong pipeline of innovations that will enhance our position as the destination of choice to shop online in Latin America because as always at MercadoLibre, the best is yet to come.

這只是最近推出的創新的一個快照，我們擁有強大的創新管道，這將增強我們作為拉丁美洲在線購物首選目的地的地位，因為在 MercadoLibre 一如既往，最好的尚未到來。

We will now begin the question-and-answer session with Martin de Los Santos, CFO; Ariel Szarfsztejn, Commerce President; and Osvaldo Gimenez, Fintech President.

我們現在將開始與財務長 Martin de Los Santos 的問答環節； Ariel Szarfsztejn，商務總裁；和金融科技總裁 Osvaldo Gimenez。

(Operator Instructions) Irma Sgarz, Goldman Sachs.

（操作員指令）Irma Sgarz，高盛。

I'd like to ask about the credit card portfolio where we saw was a quite pronounced growth.

我想問信用卡組合，我們看到成長相當明顯。

And there's a two-fold element to my question.

我的問題有兩個面向。

Firstly, what drove the incremental acceleration in the pace of quarter-over-quarter portfolio growth in the third quarter, specifically for the credit card, where you've sort of been originating at a pretty stable pace over the last couple of quarters.

首先，是什麼推動了第三季投資組合環比成長步伐的逐步加速，特別是信用卡領域，在過去幾個季度中，信用卡的成長速度相當穩定。

I know the messaging generally has been positive, and there are about acceleration.

我知道訊息總體上是積極的，並且有關於加速的信息。

But just surprised to see that jump from one quarter to the next, and I was curious to understand sort of in which geography or customer cohorts you've been leaning into for driving this incremental acceleration and whether we should think of further acceleration from here?

但令人驚訝的是，這種成長從一個季度跳到了下一個季度，我很好奇，想了解您傾向於哪些地理位置或客戶群來推動這種增量加速，以及我們是否應該考慮從這裡進一步加速？

And then the second element to that, you emphasized that part of the spread pressures were also from leaning into larger, longer duration loans to lower risk users in really all your geographies.

然後是第二個因素，您強調部分利差壓力也來自於向所有地區的低風險用戶提供更大、期限更長的貸款。

And I was curious if you could just expand a little bit more on that, what does it mean for growth ahead?

我很好奇您是否可以對此進行更多擴展，這對未來的成長意味著什麼？

And if you're generally feeling more confident about your underwriting mechanisms, why wouldn't that make you maybe go into perhaps like slightly higher risk classes where you may be initially seeding smaller loans, but then sort of have more of a ramp-up over time as you feel more confident with those new customers?

如果您對自己的承保機制整體更有信心，為什麼這不會讓您進入可能稍高的風險類別，您可能最初會發放較小的貸款，但隨後會增加更多的貸款隨著時間的推移，您對這些新客戶是否更有信心？

Let me start with the second part of the question about NIMAL and then I move back to credit cards.

讓我從有關 NIMAL 的問題的第二部分開始，然後我回到信用卡。

With regards to NIMAL, yes, NIMAL this quarter of 13% driven by basically three key drivers.

關於 NIMAL，是的，本季 NIMAL 成長了 13%，基本上是由三個關鍵驅動因素推動的。

The largest one is the ramp-up I'll refer to the minute of the credit card business, whose share in the portfolio rose from 25% a year ago to 39% now.

最大的一個是信用卡業務的成長，信用卡業務在投資組合中的份額從一年前的 25% 上升到現在的 39%。

And since this is a lower spread product.

由於這是一種價差較低的產品。

This increase in product mix or in credit mix affected NIMAL.

產品組合或信貸組合的增加影響了 NIMAL。

Also, we are continuing moving up market.

此外，我們正在繼續向高端市場邁進。

We are very, very happy with this.

我們對此感到非常非常高興。

We have started in the low end, and we're happy with the move market.

我們從低端起步，我們對行動市場感到滿意。

And the way to do that is with longer durations and also offering larger lines to lower risk customers.

實現這一目標的方法是延長期限，並為風險較低的客戶提供更大的線路。

These are credits that are very profitable but have lower spreads than the one we had which were smaller to lower income customers.

這些信貸非常有利可圖，但利差比我們為低收入客戶提供的優惠要低。

And the third part of it is that simply by the fact that we have been accelerating the size of the portfolio whenever we grow the portfolio, initially, we have to a higher proportion of provisions.

第三部分是，只要我們擴大投資組合，我們就一直在加速擴大投資組合的規模，因此最初我們必須提高撥備比例。

And then the revenues from the interest comes afterwards.

然後利息收入隨之而來。

So whenever we're growing very rapidly, there is a hit to NIMAL.

因此，每當我們快速成長時，NIMAL 就會受到衝擊。

And having said that, I would say, asset quality indicators are solid.

話雖如此，我想說的是，資產品質指標是可靠的。

We have had broadly stable growth rates, both for the 15, 90 days NPLs, which has been stable at 7.8%.

無論是 15 天還是 90 天的不良貸款，我們的成長率基本上都穩定，一直穩定在 7.8%。

Now moving on to the first part of the question with regards to credit card.

現在轉到有關信用卡的問題的第一部分。

And yes, we are excited with how this business is evolving, both in Brazil and in Mexico.

是的，我們對這項業務在巴西和墨西哥的發展感到興奮。

Brazil is a country where we have been doing this for longer.

巴西是我們這樣做的時間較長的國家。

And the good news we have is that when we look at all the cohorts from 2021 and 2022, all of those already have positive variable contributions and even some cohorts in early 2023 also have a positive value of contributions are already net positive.

我們得到的好消息是，當我們查看 2021 年和 2022 年的所有隊列時，所有這些隊列都已經具有正變量貢獻，甚至 2023 年初的一些隊列也具有正貢獻值，已經是淨正值。

So the fact that we are growing so fast and that the recent cohort represent a significant part of our total portfolio makes -- has an impact in our returns or in our P&L in the current quarter, and we are very excited with how the product is evolving not only because the cohorts are already profitable, but also because we see all of the drivers that the increased penetration of credit cards bring us from higher Net Promoter Scores, higher increased transactionality in users who have credit cards, both in the marketplace, but also off the marketplace, increased use of other Mercado Pago power products and in general, an increase in principality.

因此，事實上，我們成長如此之快，而且最近的群體代表了我們整個投資組合的重要組成部分，這對我們本季的回報或損益產生了影響，我們對產品的表現感到非常興奮不斷發展不僅是因為這些群體已經獲利，也因為我們看到了信用卡普及率的提高為我們帶來的所有驅動因素，包括更高的淨推薦值、擁有信用卡的用戶的交易量更高，無論是在市場上還是在市場上。

So we are excited with how that is evolving.

因此，我們對這種情況的發展感到興奮。

You mentioned, regarding the number of cars we were issuing, I think that beyond the number of cards, which is growing, I think that we are doing two other things.

你提到，關於我們發行的汽車數量，我認為除了卡片的數量不斷增長之外，我認為我們正在做另外兩件事。

One is increasing the size of the lines, and therefore, increasing the TPV, which we believe is the more relevant metrics in the TPV of the portfolio of credit cards.

一是增加額度規模，進而增加 TPV，我們認為這是信用卡組合 TPV 中更相關的指標。

And all of that has resulted in the increase in the penetration of cards in the portfolio, as I mentioned before.

正如我之前提到的，所有這些都導致​​了卡片在產品組合中滲透率的增加。

Andrew Ruben, Morgan Stanley.

安德魯魯本，摩根士丹利。

Hoping to dig in a bit to the shipping investments, given the 5 distribution centers in Brazil in a quarter being quite sizable.

鑑於巴西一個季度內的 5 個配送中心規模相當大，希望能在航運投資方面有所投入。

So hoping you can help give us some color on how long a distribution center typically takes to ramp up and reach productivity.

因此，希望您能幫助我們了解配送中心通常需要多長時間才能提高生產力。

And you mentioned the reach outside of Sao Paulo, but perhaps if there's any incremental category or capabilities otherwise, these facilities give you?

您提到了聖保羅以外的地區，但也許這些設施可以為您提供任何增量類別或功能？

And then related, we recall last year, you had some network capacity constraints during the season.

與此相關的是，我們記得去年，您在季節期間遇到了一些網路容量限制。

So I'm curious with the network expansion so far this year, what are your views on how the capacity now compares to your demand expectations during the holiday season.

因此，我對今年迄今為止的網路擴張感到好奇，您對目前的運力與假期期間的需求預期相比有何看法。

Andrew, Ariel here.

安德魯，艾瑞爾在這裡。

So yes, as you said, we made a significant progress in terms of facilities for our fulfillment operations I think we've been saying this for quite some time, fulfillment leads to higher GMV because of faster delivery promises, higher conversion rates, stronger buyer and seller NPS and from there, higher retention rates.

所以，是的，正如您所說，我們在履行營運的設施方面取得了重大進展，我想我們已經這麼說了很長一段時間了，履行會帶來更高的GMV，因為更快的交付承諾、更高的轉換率、更強大的買家和賣家 NPS，從而獲得更高的留任率。

And I think we were clear in the past that we need to grow our fulfillment capacity because of three things.

我認為我們過去很清楚，由於三件事，我們需要提高我們的履行能力。

A, because of the expectation of future demand, we need to grow capacity with what we think the business will continue to grow in the future.

A、因為對未來需求的預期，我們需要以我們認為未來業務會持續成長的方式來增加產能。

And luckily, we see huge opportunity for growth in our marketplaces, both in Brazil and in Mexico.

幸運的是，我們看到了巴西和墨西哥市場的巨大成長機會。

Second, we need higher -- we need to build capacity because of the increases in fulfillment penetration that we are consistently having in Brazil.

其次，我們需要更高的水準——我們需要建立能力，因為我們在巴西的履行滲透率一直在提高。

And last but not least, there's a normalizing effect of capacity available in Mexico.

最後但並非最不重要的一點是，墨西哥的可用產能出現了正常化效應。

So overall, we are confident that with this capacity that we are bringing into the network, we will not only have the required square meters to deal with big demands from our sellers and buyers, but more importantly, to continue growing and expanding our business in the different regions.

因此，總的來說，我們相信，憑藉我們引入網路的能力，我們不僅將擁有所需的平方公尺來滿足賣家和買家的巨大需求，更重要的是，能夠繼續發展和擴大我們的業務不同的地區。

In terms of the first part of your question, ramp-ups and productivity, we are consistently making progress in shortening the productivity ramp-up window from our representatives, but it's natural, right?

就您問題的第一部分（提升和生產力）而言，我們在縮短代表的生產力提升窗口方面不斷取得進展，但這是自然的，對吧？

So every time we open a fulfillment center, we start operating with lower utilization, which then tends to grow.

因此，每次我們開設營運中心時，我們都會以較低的利用率開始運營，然後利用率往往會成長。

So yes, to your point, in the short term, you can see some cost pressures, but this capacity is crucial for our growth, for our scale and our -- for our long-term strategy of serving our users.

所以，是的，就你的觀點而言，短期內你可以看到一些成本壓力，但這種能力對於我們的成長、我們的規模以及我們服務使用者的長期策略至關重要。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

I wanted to ask you about the differences between the Brazil credit card experience and Mexico so far.

我想問您迄今為止巴西信用卡體驗與墨西哥信用卡體驗之間的差異。

So you have these two markets where you're growing contrast like perhaps NIMAL NPL frequency, whatever information you could bring would be interesting.

因此，在這兩個市場上，您的對比可能會越來越明顯，例如 NIMAL NPL 頻率，您可以提供的任何資訊都會很有趣。

Marcelo, I'll say that probably the most relevant difference for us is that when we launched the credit card in Brazil, it was the first time we were doing this.

馬塞洛，我想說，對我們來說最相關的區別可能是，當我們在巴西推出信用卡時，這是我們第一次這樣做。

So initially, we started relying on the models we have built for consumer loans.

因此，最初，我們開始依賴我們為消費貸款所建構的模型。

And then we learned and iterated on how to adjust those models.

然後我們學習並迭代如何調整這些模型。

And every roughly six months, we have been able to roll out a new generation of models.

大約每六個月，我們就能夠推出新一代模型。

And we did learn quite a lot along those lines.

我們確實在這些方面學到了很多。

Therefore, when we launched the product in Mexico last year, we had more experience, and really, we're more reliable in terms of what to expect.

因此，當我們去年在墨西哥推出該產品時，我們擁有了更多的經驗，而且實際上，我們在預期方面更加可靠。

Therefore, I would say the ramp-up in Mexico has been significantly faster than it was in Brazil.

因此，我想說墨西哥的成長速度明顯快於巴西。

And also, there are some, I would say, significant differences in the structure of the market for credit cards in both countries.

而且，我想說，兩國的信用卡市場結構有一些顯著差異。

Clearly, the penetration of credit cards in Brazil is significantly higher than what it is in Mexico.

顯然，信用卡在巴西的普及率明顯高於墨西哥。

And therefore, we believe the opportunity in Mexico is huge.

因此，我們相信墨西哥的機會是巨大的。

Having said that, there is less public information about how and credit scoring for the users in Mexico.

話雖如此，關於墨西哥用戶的信用評分方式和信用評分的公開資訊較少。

So you have to rely a little more on internal information and less third parties information.

所以你必須多依賴內部信息，少依賴第三方信息。

Also, there are differences in terms of when and how the working capital works in each country because you have to sell the transactions in Mexico, the next day in Brazil is after 30 days.

此外，每個國家的營運資金運作時間和方式也存在差異，因為您必須在墨西哥出售交易，而在巴西，第二天是 30 天後。

So the working capital requirements are higher in Mexico than they are in Brazil.

因此，墨西哥的營運資金要求高於巴西。

And I think those are the main differences.

我認為這些是主要的區別。

Geoffrey Elliott, Autonomous.

傑弗瑞‧艾略特，《自治》。

If I could go back to the point about the investment you're making in fulfillment, you've opened quite a few fulfillment centers in Q3.

如果我可以回到關於您在履行方面進行的投資的問題，您在第三季度開設了相當多的履行中心。

You've got another, I believe, 5 or 6 planned by the end of 2025.

我相信，到 2025 年底，您還計劃再建 5 到 6 個。

Can you give us a sense of how long this is going to weigh on margins, weigh on profitability.

您能否讓我們了解一下這將對利潤率和獲利能力造成影響多久？

Because it's clearly had a pretty significant impact relative to where you were a quarter or 2 ago.

因為與一兩個季度前相比，它顯然產生了相當重大的影響。

.

。

Martin here.

馬丁在這裡。

Are you -- it's just like you said, we continue -- and I think Ariel was mentioning this before, we continue to invest in fulfillment centers in the case of Brazil to increase their fulfillment penetration and to take it to the same level of similar levels that we have in Mexico and in Mexico, just to give up the growth of the business, which this quarter grew at 27% year on year.

就像你說的，我們繼續，我想 Ariel 之前提到過這一點，我們繼續投資巴西的履行中心，以提高其履行滲透率，並將其提升到類似水平我們在墨西哥和墨西哥的水平，只是放棄了業務的成長，本季年增了27%。

And I think the -- if you look at the margin pressure in this particular quarter, there wasn't a lot of margin compression because of fulfillment.

我認為，如果你看看這個特定季度的利潤壓力，你會發現，由於履約，利潤並沒有太多壓縮。

Most of the compression came from credit cards, as Osvaldo mentioned recently.

正如奧斯瓦爾多最近提到的，大部分壓縮來自信用卡。

So to answer your question, we will continue to invest business as usual as we have been doing it for the past five years.

因此，為了回答你的問題，我們將像過去五年一樣繼續像往常一樣進行業務投資。

And if you look back over the past five years, penetration increased significantly.

如果你回顧過去五年，滲透率顯著增加。

Has always put some short-term pressure on margins.

總是給利潤率帶來一些短期壓力。

But because of the incremental volume that it brings because of the better user experience and so on, then we are able to dilute those costs in addition to all the focus that we put on productivity.

但由於更好的用戶體驗等帶來的增量量，除了我們對生產力的所有關注之外，我們還能夠稀釋這些成本。

This quarter, we improved significantly the productivity.

本季度，我們的生產力顯著提高。

The actual cost per shipment is down year-on-year even though we have higher penetration of fulfillment.

儘管我們的履行滲透率更高，但每次發貨的實際成本仍比去年同期下降。

So I think this particular quarter, there wasn't a significant pressure for margins because of that.

因此，我認為這個特定季度的利潤率並沒有因此受到重大壓力。

But we will continue to invest in fulfillment and business as usual as we have done it in the past.

但我們將像過去一樣繼續投資於履行和業務。

Just to complement, Martin, Geoffrey, -- another point to highlight here is that not necessarily every new warehouse that we open is a 100-square-meter facility, right?

Martin、Geoffrey 補充一下，這裡要強調的另一點是，我們開設的每個新倉庫不一定都是 100 平方公尺的設施，對嗎？

So a few quarters back, we announced that we are testing our first metro fulfillment center in Rio de Janeiro.

幾個季度前，我們宣布正在裡約熱內盧測試我們的第一個地鐵配送中心。

This quarter, two of the warehouses that we opened are metro fulfilment centers potentially in the coming years. will open more of those, which are -- have a different profile and different type of investment and, of course, different.

本季度，我們開設的兩個倉庫可能在未來幾年成為地鐵配送中心。將開設更多這樣的項目，它們具有不同的形象和不同的投資類型，當然也各不相同。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

I wanted to ask about Slide 19.

我想問一下投影片 19 的情況。

It's the margin bridge and specifically about the bad debt call out here.

這是保證金橋樑，特別是關於這裡的壞帳呼叫。

I'm wondering, is that -- is that like the fail first of new originations?

我想知道，這是否就像新發明的第一次失敗？

Or is there something underlying the credit quality that's maybe different than you had modeled?

或者信用品質背後是否存在某些可能與您建模的不同的因素？

Jamie, -- let me start with the last part of your question.

傑米，——讓我從你問題的最後一部分開始。

In fact, we are very confident about the credit quality and the prediction of our models, and this is the reason, as Osvaldo explained, that we're accelerating our credit origination.

事實上，我們對信貸品質和模型的預測非常有信心，正如奧斯瓦爾多所解釋的那樣，這就是我們正在加速信貸發放的原因。

So that part is not explaining this 3.4-percentage-point compression that you are pointing out to.

因此，該部分並未解釋您指出的 3.4 個百分點的壓縮。

Here, what's happening is that we increased roughly $1 billion portfolio quarter on quarter.

在這裡，我們的投資組合季度環比增加了約 10 億美元。

If you were to look at it year on year, we increased by 72%.

如果你比看的話，我們成長了 72%。

And as Osvaldo mentioned, when you increase the portfolio very rapidly as we did this quarter, you provisioned the losses upfront.

正如奧斯瓦爾多所提到的，當你像我們本季那樣快速增加投資組合時，你就預先準備了損失。

And that happens not only on credit card, but also on consumer credit and merchant credits, which are very profitable books.

這種情況不僅發生在信用卡上，也發生在消費信貸和商業信貸上，這些都是非常有利可圖的書籍。

But as we accelerate, we need to provision upfront, and that generates an incremental bad debt which is generating compression margin this quarter.

但隨著我們的加速，我們需要預先撥備，這會產生增量壞賬，從而在本季度產生壓縮利潤率。

So it's not related to the performance of the portfolio.

所以它與投資組合的表現無關。

When you look at NPLs, which we also pulled this year, you can see that they are pretty much under control.

當你看到我們今年也撤回的不良貸款時，你會發現它們幾乎得到了控制。

And the fact that we're accelerating, I think it speaks about our confidence in the way we are originating, which by the way, we're accelerating in all of the markets and all of the products.

事實上，我們正​​在加速，我認為這說明了我們對我們的起源方式的信心，順便說一句，我們正在所有市場和所有產品上加速。

So we feel very comfortable about the quality of our books.

所以我們對我們書籍的品質感到非常滿意。

Craig Maurer, FT Partners.

克雷格‧毛雷爾，《金融時報》合夥人。

I wanted to ask if you could perhaps separate out the margin compression related to onetime costs of setting up new facilities versus the ongoing cost of operating those facilities.

我想問您是否可以將與建立新設施的一次性成本和運營這些設施的持續成本相關的利潤壓縮分開。

And second, the ad penetration rate was flat or unchanged quarter-over-quarter.

其次，廣告滲透率季持平或不變。

I was curious what your expectation is for penetration going into the fourth quarter and perhaps next year, if you can comment on that.

我很好奇您對第四季度甚至明年的滲透率有何期望，如果您能對此發表評論的話。

.

。

Craig, it's Martin here.

克雷格，我是馬丁。

We don't disclose specifics of the margin compression, which part we have treated to ramp up versus overall incremental cost of fulfillment.

我們沒有透露利潤壓縮的具體情況，我們已經處理了這部分利潤壓縮與整體增量履行成本的比較。

But if you see on the disclosures and the investor level, you can see that the impact of our investments in fulfillment was relatively low, less than 1 percentage point of compression.

但如果你看揭露和投資人層面，你會發現我們的投資對履約的影響相對較低，壓縮了不到1個百分點。

So that's as much as I want to say about that.

這就是我想說的話。

I think, as I mentioned earlier, over time, we make up for those short-term pressures through incremental volume, and we feel very comfortable about the investment that we're making in for treatment.

我認為，正如我之前提到的，隨著時間的推移，我們透過增加數量來彌補這些短期壓力，並且我們對我們在治療方面的投資感到非常滿意。

So Craig, this is Ariel.

克雷格，這是愛麗兒。

To your question about that, we are pleased with the performance we had this quarter.

對於你的問題，我們對本季的表現感到滿意。

We grew 86% in FX neutral, 37% in US dollars.

我們以外匯中性計算成長了 86%，以美元計算成長了 37%。

And as you said, we reached 2% of revenues over GMB this quarter, that's an increase of 0.3 percentage points year over year, with Brazil and Mexico reaching record high penetration once again.

正如您所說，本季我們的營收達到了 GMB 的 2%，年成長了 0.3 個百分點，其中巴西和墨西哥的滲透率再次達到歷史新高。

So we are happy with the fact that ad revenues are growing well above our GMV.

因此，我們對廣告收入的成長遠高於我們的 GMV 感到高興。

We continue to see great potential for our ads business in the future as we develop more technology, better product stack across the full funnel of advertising.

隨著我們在整個廣告管道中開發更多技術、更好的產品堆棧，我們繼續看到未來廣告業務的巨大潛力。

Still growth will never be linear, so we are not focused on analyzing what's happening quarter over quarter.

但成長永遠不會是線性的，因此我們不會專注於分析每季發生的情況。

There are seasonality mix effects, FX, whatever, many, many levers they are that do explain changes.

季節性混合效應、外匯等等，很多很多的槓桿確實可以解釋變化。

But conceptually, we are excited with the progress we are making and see great results from all of our efforts.

但從概念上講，我們對所取得的進展感到興奮，並看到我們所有努力的巨大成果。

Thank you.

謝謝。

Deepak Mathivanan, Cantor Fitzgerald.

迪帕克·馬蒂瓦南，坎托·菲茨杰拉德。

So on the ramp in credit cards, can you give us some color based on historical cohorts, how it's likely to drive volume growth either on e-commerce or fintech over the next few quarters?

那麼，關於信用卡的成長，您能否根據歷史數據為我們提供一些信息，說明未來幾個季度信用卡將如何推動電子商務或金融科技的銷售成長？

Is there anything you can share on typical customer behavior post the issuance of the credit cards just in terms of the benefits to e-commerce and then on the processing side.

關於信用卡發行後的典型客戶行為，您是否可以分享一些關於電子商務和處理方面的好處。

And then secondly, just to get some specifics on the NIMAL difference between the various products, how does it differ between credit cards and consumer credit?

其次，為了了解各種產品之間 NIMAL 差異的一些細節，信用卡和消費信貸之間有何不同？

How much is NIMAL generally lower in credit cards.

信用卡裡的NIMAL一般要低多少。

So that we can think about modeling the headwinds for the future a little more precisely.

這樣我們就可以考慮更精確地對未來的逆風進行建模。

Hello, Deepak.

你好，迪帕克。

So with regards to the impact the credit card has on our users and ecosystem and what we see -- the first thing we see is those users who have access to a credit cards start using it.

因此，關於信用卡對我們的用戶和生態系統的影響以及我們所看到的，我們首先看到的是那些有權使用信用卡的用戶開始使用它。

And on top of that are using also a credit line the users who are happy with MercadoLibre and Mercado Pago.

除此之外，對 MercadoLibre 和 Mercado Pago 感到滿意的用戶還可以使用信用額度。

They have the highest engagement.

他們的參與度最高。

They use our products more often.

他們更頻繁地使用我們的產品。

They buy more on the marketplace.

他們在市場上購買更多。

So clearly, it increases the engagement those users have with us.

很明顯，它增加了用戶與我們的互動。

And then you, those are -- those users who have all of these products -- then second next are those who use a credit card and then those views are credits and so on.

然後你，那些擁有所有這些產品的用戶，接下來是那些使用信用卡的用戶，然後這些視圖是積分等等。

But basically, getting a credit card significantly increases engagement.

但基本上，獲得信用卡可以顯著提高參與度。

Also, another factor that is very relevant is when you look at penetration of payment methods within the marketplace, we see that we were already building a proportion of mix that was coming from our consumer loans.

此外，另一個非常相關的因素是，當您查看市場中支付方式的滲透率時，我們發現我們已經建立了一部分來自消費貸款的組合。

Mexico probably is a great case because it was the case where we had the highest penetration of consumer loans within the marketplace.

墨西哥可能是一個很好的例子，因為我們的消費貸款在市場上的滲透率最高。

And on top of that, we are adding the layer for the credit card.

最重要的是，我們正在添加信用卡層。

So we continue gaining share with credit products of all of the volume in the marketplace, and therefore, it becomes more and more profitable.

因此，我們繼續獲得市場上所有數量的信貸產品的份額，因此，它變得越來越有利可圖。

I'd say those are the most relevant impacts.

我想說這些是最相關的影響。

In terms of ramping, we'll continue increasing the cards we issue, we'll continue increasing the lines and so on.

在升級方面，我們將繼續增加我們發行的卡牌，我們將繼續增加線路等等。

We are comfortable how this is working.

我們對這種方式的運作方式感到滿意。

Martin here.

馬丁在這裡。

Regarding minimal spreads, we don't disclose specific spreads by country or product, but I can give you directionally consumer credits and personal loans have the highest NIMAL margins throughout followed by merchant credits, which has also a relatively high margin.

關於最小利差，我們不會按國家或產品揭露具體利差，但我可以給你定向消費信貸和個人貸款的 NIMAL 利潤率最高，其次是商業信貸，其利潤率也相對較高。

In both of those products, as we move up market, we expect to reach users with lower risk with whom we charge lower interest rates and they will result in lower -- smaller spreads, but it will be incremental volume as Osvaldo was mentioning before.

在這兩種產品中，隨著我們向高端市場邁進，我們預計會接觸到風險較低的用戶，我們向他們收取較低的利率，這將導致利差降低，但正如奧斯瓦爾多之前提到的那樣，這將是增量。

Credit card itself as it is ramping up.

信用卡本身正在崛起。

And remember, the credit card, it takes several months, a few months to reach profitability.

請記住，信用卡需要幾個月的時間才能獲利。

So as we are scaling the NIMAL spread of the credit card is neutral or marginally negative, but we have seen the older cohorts becoming positive already.

因此，當我們擴大信用卡的 NIMAL 利差時，信用卡的 NIMAL 利差是中性或略為負值，但我們已經看到較老的群體已經變得積極。

So we are confident that as we continue to increase our portfolio and clean the other cohorts who will reach profitability at a portfolio level.

因此，我們有信心，隨著我們繼續增加我們的投資組合併清理其他群體，他們將在投資組合層面實現盈利。

Neha Agarwala, HSBC.

尼哈·阿加瓦拉，匯豐銀行。

Okay.

好的。

Perfect.

完美的。

Sorry, zooming in again on the credit cards.

抱歉，再次放大信用卡。

Could you just give us a breakdown as to the usage of credit cards on platform and of roughly, both in Brazil and Mexico.

能給我們詳細介紹巴西和墨西哥平台上信用卡的使用情況嗎？

And also, any sense of what percentage of your credit card portfolio is in Brazil versus Mexico?

另外，你知道巴西和墨西哥的信用卡組合分別佔多少比例嗎？

My other question is on the software business.

我的另一個問題是關於軟體業務的。

You mentioned that in Brazil in the acquiring space, -- you are -- you launched software to increase the monetization of the acquiring business.

您提到在巴西的收單領域，您推出了軟體來提高收單業務的貨幣化程度。

How the software business is in-house?

軟體業務內部狀況如何？

Are you building software in-house?

您在內部建立軟體嗎？

Or are you working with software providers and attaching it with your POS to make the usage seamless for the merchants?

或者您正在與軟體供應商合作並將其與您的 POS 相連，以便商家無縫使用？

And what is the ambition there?

那裡的野心是什麼？

If you could elaborate a bit more on that?

能否詳細說明一下？

Would it be organic, M&A partnership.

這會是有機的併購夥伴關係嗎？

Thank you so much.

太感謝了。

The first part of the question was related to credit card use between the marketplace and off platform.

問題的第一部分與市場和平台外的信用卡使用有關。

I would say that, in general, the majority of the volume we do, both in Brazil and in Mexico is off-platform.

我想說的是，總的來說，我們在巴西和墨西哥所做的大部分交易量都是平台外的。

I would say over 60% of the volume we do in both countries is off platform.

我想說，我們在這兩個國家所做的 60% 以上的業務量都是在平台外進行的。

Even though we do the extra incentives for people to use the card on platform, we believe it's great because they show that they're not just using the card for those incentives, but that we are gaining principality.

儘管我們為人們在平台上使用該卡提供了額外的激勵措施，但我們相信這很棒，因為他們表明他們不僅使用該卡來獲得這些激勵措施，而且我們正在獲得主權。

And in many cases, this is the card that gets top of wallet and gets us more frequently.

在很多情況下，這張卡是最划算的，並且更頻繁地吸引我們。

With regard to software, I think it's, as you mentioned, it's an important part of the strategy of our acquiring business, and we are making good advances in the trial, we mentioned some of those in the letter, but for the most part, it will be in comodevelopers.

關於軟體，我認為，正如您所提到的，它是我們收購業務策略的重要組成部分，我們在試驗中取得了良好的進展，我們在信中提到了其中一些，但大多數情況下，它將在comodevelopers 中。

Typically, we have not been very acquisitive in terms of buying other companies.

通常情況下，我們在收購其他公司方面並不是非常積極。

So most likely will be on development.

所以很可能會處於開發階段。

Let me complement that, Martin.

讓我補充一下，馬丁。

Thank you.

謝謝。

I will say that -- two things.

我要說的是──兩件事。

On the one hand, there are many things we want to develop.

一方面，我們想要發展的東西很多。

We have started with catalog, the ability to invoice and also to keep stocks and then I think that we will develop related to basically to become really neural system of small and medium stores.

我們從目錄、發票能力和庫存能力開始，然後我認為我們基本上將發展成為中小型商店的真正神經系統。

There are many things that we need to do to be able to achieve that, but we are starting to see good results in terms of engagement and driving higher use of Mercado Pago in particular with SMB where they usually have several MPOs in front of them.

為了實現這一目標，我們需要做很多事情，但我們開始在參與度和推動 Mercado Pago 的更高使用率方面看到良好的成果，特別是對於中小企業，他們通常有幾個 MPO。

Also, with regards to acquiring, we have seen some -- I think that this is typically very complex because you really need to integrate it with all of the payment system, and we have seen other companies struggled with this in the past.

另外，在收購方面，我們已經看到了一些——我認為這通常非常複雜，因為你確實需要將其與所有支付系統集成，而且我們過去也看到其他公司在這方面遇到了困難。

So it's a likely -- it's always something we look into, but we usually prefer to develop it ourselves.

所以這很可能是我們一直在研究的東西，但我們通常更喜歡自己開發它。

Robert Ford, Bank of America.

羅伯特福特，美國銀行。

Can you talk a little bit about the rate of adoption of Melimise in Brazil and Mexico?

您能談談 Melimise 在巴西和墨西哥的採用率嗎？

And more specifically, how behavior patterns change following subscription on the marketplace and also across other verticals and are there any early indications of incremental principality?

更具體地說，在市場上以及其他垂直領域進行訂閱後，行為模式將如何變化，是否有任何漸進公國的早期跡象？

And then how is Melimise impacting Blue funding as well.

那麼 Melimise 又如何影響 Blue 的融資呢？

Martin.

馬丁.

As you know, we did -- we implemented a change in our loyalty program this quarter, where we opened two tiers of the program, one priced at $2, which included all the benefits of free shipping that we traditionally had, including also now the fintech benefits of cash backs, both on the marketplace as well as when you use the credit card outside of MercadoLibre.

如您所知，我們確實- 本季度我們對忠誠度計劃進行了更改，我們開設了兩個級別的計劃，其中一個價格為2 美元，其中包括我們傳統上擁有的免費送貨的所有好處，還包括現在的免費送貨服務。

And then we have the other -- the traditional one, which is called Melimise total, which includes all the benefits plus the content from this.

然後我們還有另一個 - 傳統的，稱為 Melimise Total，其中包括所有好處以及其中的內容。

We don't disclose specific numbers on, but we have seen very positive adoptions.

我們沒有透露具體數字，但我們看到了非常積極的採用情況。

We have the new program, the one that lower-priced one.

我們有新的計劃，一個價格較低的計劃。

We have seen a lot of users engaging with that loyalty program.

我們已經看到很多用戶參與了這個忠誠度計劃。

And then the effects of people enrolling into a program are similar to what we have seen in the past.

人們參與一個計畫的效果與我們過去看到的類似。

We've seen more uses, more better conversion, better engagement with our platform.

我們看到了更多的用途、更好的轉換、更好的參與我們的平台。

So it's all very beneficial to us.

所以這一切對我們來說都是非常有益的。

We're very excited about the relaunch of a program, but it's still too early to share our actual numbers on that.

我們對重新啟動一個計劃感到非常興奮，但現在分享我們的實際數字還為時過早。

Many refer to the Blue money.

許多人提到的是藍錢。

As you know, we're giving cash back on purchases of MercadoLibre as well as cores done with the Mercado Pago credit card those cash backs are done on mainly dollar.

如您所知，我們對購買 MercadoLibre 以及使用 Mercado Pago 信用卡完成的核心產品提供現金返還，這些現金返還主要以美元形式進行。

It's still too early.

現在還為時過早。

I mean we've seen users accumulating those balances.

我的意思是我們已經看到用戶累積了這些餘額。

They are accumulating more than expanding it.

他們累積的不僅僅是擴張。

So actually balance their accounts is increasing, but there's nothing really to report so far.

因此，實際上他們的帳戶餘額正在增加，但到目前為止還沒有什麼值得報告的。

It's too early.

還太早了。

João Soares, Citibank.

若昂·蘇亞雷斯，花旗銀行。

Two questions on my side.

我這邊有兩個問題。

The first one, I just wanted to hear your thoughts.

第一個，我只是想聽聽你的想法。

I mean we're looking to Brazil, the car environment, right?

我的意思是我們正在關注巴西的汽車環境，對嗎？

It seems like October had a slight uptick in households with outstanding debt, right?

看起來十月未償還債務的家庭略有增加，對嗎？

So it seems like there's some -- of course, with the interest rates increasing, the coupons increase in interest rates here in Brazil to 11.25%.

所以看起來好像有一些——當然，隨著利率的上升，巴西的息票利率上升到 11.25%。

So it seems like you're very confident in growing keep the origination at this space, right?

所以看起來你對在這個空間保持起源非常有信心，對嗎？

But how are you thinking about the macro?

但您如何看待宏觀？

Could it impact somehow, right?

它會以某種方式產生影響嗎？

And just going back to the question about Brazil and Mexico.

回到關於巴西和墨西哥的問題。

I just still -- I didn't understand how much is Mexico growing versus Brazil.

我仍然不明白墨西哥相對於巴西成長了多少。

If you could please clarify.

如果可以請澄清一下。

Yes, João, it's Martin here.

是的，喬奧，我是馬丁。

Yes.

是的。

It's correct.

這是正確的。

We'll be seeing this increase in interest rate in Brazil.

我們將看到巴西利率的上升。

We have seen it in different countries where we operate.

我們在開展業務的不同國家都看到過這種情況。

But the reality is when we look at our credit business, much more important than 1 or 2 points of increase in interest rate or the cost of funding is an ability to predict defaults.

但現實是，當我們審視我們的信貸業務時，比利率或融資成本增加 1 或 2 個百分點更重要的是預測違約的能力。

Now that's the biggest part of the cost structure of our products.

現在這是我們產品成本結構的最大部分。

Again, once again, we are accelerating because we feel very confident about the improvements that we have made on models, and we're reaching new segments of the population that are lower risk.

我們再次加速，因為我們對我們在模型上所做的改進非常有信心，我們正在接觸風險較低的新群體。

So I think macro, overall, it does not affect this product as much as a bit to predict bad debt.

所以我認為宏觀上，總體來說，它不會對這個產品產生太大的影響來預測壞帳。

And on the second part of the question, we don't disclose precise numbers by country.

關於問題的第二部分，我們不會按國家/地區披露確切的數字。

What I was referring to is that if you compare the first year or the first quarter of Mexico to the first ones in Brazil, we are issuing cards in Mexico at a significantly faster rate than we did in Brazil, basically because we have had more prior experience building credit card models.

我指的是，如果你將墨西哥的第一年或第一季與巴西的第一年或第一季度進行比較，我們在墨西哥發卡的速度比在巴西快得多，基本上是因為我們之前有更多擁有建立信用卡模型的經驗。

.

。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yes.

是的。

I wanted to ask about the fulfillment center ambitions.

我想問一下營運中心的目標。

You obviously I think in Brazil and 1 in Mexico.

顯然，我認為是在巴西，1 在墨西哥。

Is this a multiyear investment cycle.

這是一個多年的投資週期嗎？

And then I'm also curious, as you have a higher density of fulfillment centers that's maybe a little bit more hub and spoke.

然後我也很好奇，因為你們有更高密度的履行中心，可能有點軸輻。

What type of benefits are you seeing in terms of cost to serve and ability to do shorter delivery windows.

您在服務成本和縮短交付視窗的能力方面看到了哪些類型的好處。

Josh, Ariel here.

喬什，艾麗爾在這裡。

So to the first part of your question, there is no new multiyear cycle or change in ambitions.

因此，對於你問題的第一部分，沒有新的多年周期或雄心壯志的變化。

We've been always saying that we pretend to continue building the capacity that we need in order to make sure we can deal with the growth in demand that we are forecasting for MercadoLibre.

我們一直在說，我們假裝繼續建立我們所需的能力，以確保我們能夠應對我們預測的 MercadoLibre 需求成長。

The growth in penetration that we'll have in Brazil and other countries and normalizing the capacity required to operate in Mexico after a few years in which we were running super tight.

我們在巴西和其他國家的滲透率將有所增長，並且在經歷了幾年的極度緊張之後，我們在墨西哥運作所需的產能將正常化。

So no new direction, no changes in terms of investment cycles, just reality on what we think we need to continue gaining market share as we have been doing over the last few years.

因此，沒有新的方向，沒有投資週期的變化，只有我們認為需要繼續獲得市場份額的現實，就像我們過去幾年所做的那樣。

To the second part of your question, there is definitely an angle in terms of geographic expansion.

對於你問題的第二部分，在地理擴張方面肯定存在一個角度。

We are not only building warehouses in the main capitals of the countries as we have announced.

我們不僅像我們宣布的那樣在各國主要首都建立倉庫。

We are also regionalizing our capacity more and that means that we'll be better equipped to serve our customers with faster delivery promises and hence, better hopefully, retention rates coming from them.

我們也進一步對我們的產能進行區域化，這意味著我們將能夠更好地為我們的客戶提供更快的交付承諾，因此更有希望提高他們的保留率。

Different profiles of warehouses have different unit economics, I think we have never gone that deep into disclosure, and we'll probably do not do so in the future.

不同類型的倉庫具有不同的單位經濟效益，我認為我們從未如此深入地披露信息，將來我們可能也不會這樣做。

But as I was saying before, the story and the type of unit economics and investment modes that we're thinking are not changing from what we were thinking in the past, this is the type of investments that we need to continue growing and serving our users.

但正如我之前所說，我們正在思考的故事、單位經濟類型和投資模式並沒有改變我們過去的想法，這就是我們需要繼續成長和服務我們的投資類型。

And let me just to complement from a cash flow perspective, these are investments that are business as usual.

讓我從現金流的角度補充一下，這些投資都是照常進行的。

If you look at the CapEx during this quarter in which we opened 6 fulfillment centers, our logistics was $120 million, which was more than last quarter, of course, but as a percentage of revenue is relatively stable compared to the past several quarters.

如果你看一下本季我們開設了 6 個營運中心的資本支出，我們的物流費用為 1.2 億美元，當然比上季度要多，但與過去幾個季度相比，佔收入的百分比相對穩定。

So it's something that it's not an investment cycle.

所以這不是一個投資週期。

It's not -- obviously, this quarter, we opened more fulfillment in the past couple of quarters, but this is business as usual as Ariel mentioned.

顯然，本季度我們在過去的幾個季度中開設了更多的履行業務，但正如 Ariel 所提到的那樣，一切照舊。

Geoffrey Elliott, Autonomous.

傑弗瑞‧艾略特，《自治》。

I just wanted to get some explanation on one point.

我只是想就某一點得到一些解釋。

There's a note that G&A expenses rose 1.1 percentage points year-on-year, of which 0.8 percentage points due to a nonrecurring expense that relates to certain customer refunds for prior periods.

值得注意的是，G&A 費用年增 1.1 個百分點，其中 0.8 個百分點是由於與前期某些客戶退款相關的非經常性費用所致。

What happened there?

那裡發生了什麼事？

Why refund customers for prior periods.

為什麼要退還給客戶前期費用。

It's Martin here.

馬丁在這裡。

Yes, as you mentioned, there was a 1.1 compression on the margin because of G&A.

是的，正如您所提到的，由於 G&A，利潤率壓縮了 1.1。

Most of that is related to a non-recurring expense this quarter, which is a refund to fintech users for the past several years back.

其中大部分與本季的非經常性費用有關，這是過去幾年向金融科技用戶的退款。

What happened this quarter, we made a change to our consumer and merchant credit products in Brazil, but from now on, when you user faces an installment a few days before the actual due date, we'll be refunding them the base which the advancements, sorry, in terms of the days that they prepay.

本季發生的情況是，我們對巴西的消費者和商業信貸產品進行了更改，但從現在開始，當您的用戶在實際到期日前幾天面臨分期付款時，我們將退還他們預付款的基礎，抱歉，就他們預付款的天數而言。

So even if it's a few cents, we will refund them for that installment.

因此，即使是幾美分，我們也會退還他們那部分款項。

So this is where we are we doing that going forward.

這就是我們未來要做的事。

We decided to go back in time and refund our users for the past several years.

我們決定回到過去，向過去幾年的用戶退款。

And those are refunds that are very, very small on average $4 per user, $0.40 per actual installment paid in advance those are few days, but we felt that it was the right thing to do to make it to make it up for them since then, we are not making a change going forward.

這些退款非常非常小，平均每個用戶 4 美元，每筆實際分期付款 0.40 美元，提前支付幾天，但我們認為從那時起，用這筆錢來彌補他們的損失是正確的做法，我們不會繼續做出改變。

So this is the one-off that we registered this quarter.

這是我們本季註冊的一次性產品。

[Rodrigo Gaston], IBBA.

[羅德里戈·加斯頓]，IBBA。

Just two questions here on the loyalty program.

這裡只有兩個關於忠誠度計劃的問題。

First, if you're seeing any kind of margin pressure coming from the loyalty program given that you the program this quarter.

首先，考慮到您本季實施的忠誠度計劃，您是否發現任何形式的利潤壓力。

So any margin pressure on this front, how much we're investing on that?

那麼這方面的獲利壓力，我們在這方面投資了多少呢？

That's the first point.

這是第一點。

And the second one, what are the main unit economics difference between the essential plan the total plan that we just launched.

第二個問題，基本計劃和我們剛推出的總體計劃之間的主要單位經濟差異是什麼。

So just curious here to understand how you see that.

所以我只是好奇想了解你是如何看待這一點的。

What are the main KPIs and the difference in terms of economics?

主要的 KPI 以及經濟方面的差異是什麼？

It's Martin here.

馬丁在這裡。

I think your question is related to margin -- potential margin pressures because of the loyalty program.

我認為你的問題與利潤有關——忠誠度計劃帶來的潛在利潤壓力。

First of all, all the benefits that I was mentioning before, the Fintech-related benefits and the cash back, we started in this quarter, so it's still ramping up.

首先，我之前提到的所有福利，與金融科技相關的福利和現金回饋，我們從本季開始，所以它仍在增加。

The way we are investing that is we're relocating marketing dollars to the loyalty program.

我們的投資方式是將行銷資金重新分配到忠誠度計畫上。

So we don't expect that to generate significant margin pressure.

因此，我們預計這不會產生重大的利潤壓力。

But also keep in mind that expectation of the loyalty program is to bring incremental volumes that should compensate that whatever investment we make on the program.

但也要記住，對忠誠度計劃的期望是帶來增量，這應該補償我們在該計劃上所做的任何投資。

So just to complement on unit economics, while we don't disclose the whole details on our program.

因此，只是為了補充單位經濟效益，而我們不會透露我們計劃的全部細節。

Bear in mind that in the total subscription, we need to pay Disney for a big chunk of what we collect as part of our agreement with the subscription for content, while in our essential subscription, we are basically giving our users the same type of benefits within our ecosystem, but we don't have to pay content.

請記住，在總訂閱中，我們需要向迪士尼支付我們收集的大部分內容，作為我們與內容訂閱協議的一部分，而在我們的基本訂閱中，我們基本上為用戶提供相同類型的好處在我們的生態系內，但我們不必為內容付費。

So basically, the revenues we get from the subscription do help us sustain or pay for the benefits that we are providing with our users.

所以基本上，我們從訂閱中獲得的收入確實有助於我們維持或支付我們為用戶提供的福利。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

I was just hoping you could elaborate or share some observations about Argentina on the marketplace side.

我只是希望您能詳細闡述或分享一些關於阿根廷市場的觀察。

I see in here that in the presentation you described it as Argentina improving significantly being driven by growth initiatives and consumption trends.

我在這裡看到，在演講中，您將阿根廷描述為在成長舉措和消費趨勢的推動下，阿根廷正在顯著改善。

But could you elaborate further what the market environment looking like in Argentina?

但能否進一步闡述阿根廷的市場環境？

.

。

Jamie, Ariel here.

傑米，艾瑞爾在這裡。

So yes, as we mentioned in the presentation, we see an improvement in the growth rate and the health of our business in Argentina.

所以，是的，正如我們在演示中提到的，我們看到阿根廷業務的成長率和健康狀況有所改善。

It's, on the 1 hand, there is an improvement in general consumer behavior and the macro scenario that definitely play a role for us in terms of a tailwind to expand our business.

一方面，整體消費者行為和宏觀情勢的改善無疑對我們業務擴展起到了推動作用。

But also there is something around our own performance, right?

但我們自己的表現也有一些問題，對吧？

So we continue to roll out experience improvement, assortment, improvement, removing friction from our users.

因此，我們持續推出體驗改進、分類、改進，消除使用者的摩擦。

We've also taken measures to help our buyers and sellers while taking care and preserving our P&L to boost frequency and drive conversion rates like installment, shipping prices, et cetera.

我們也採取措施幫助買家和賣家，同時注意和維護我們的損益表，以提高頻率並提高分期付款、運費等轉換率。

But in general, we remain very, very optimistic what we are seeing in the country, demand is performing well, and we are satisfied with the turnaround that we saw over the last few months.

但總的來說，我們仍然非常非常樂觀地看到該國的情況，需求表現良好，我們對過去幾個月所看到的轉變感到滿意。

Yes.

是的。

Just to complement that, on the fintech business, we're also seeing very good traction in Argentina.

作為補充，在金融科技業務方面，我們在阿根廷也看到了非常好的吸引力。

With interest rates coming down, NPLs under control and very good spreads on our credit product, we also accelerated credit this quarter in Argentina.

隨著利率下降、不良貸款得到控制以及我們信貸產品的良好利差，我們本季也加快了在阿根廷的信貸進程。

So very positive signs as well from the fintech side.

金融科技方面也出現了非常正面的跡象。

There are no more questions in the queue.

隊列中沒有更多問題。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I'd like to turn the conference back over to Martin de Los Santos for any closing remarks.

我想將會議轉回給馬丁·德洛斯桑托斯發表閉幕詞。

Thanks, everybody, for joining the call tonight.

謝謝大家參加今晚的電話會議。

We had another quarter of strong results and great growth throughout our business.

我們又一個季度取得了強勁的業績，整個業務也取得了巨大的成長。

As we mentioned, we invested during this quarter on credits, which is strategic for Mercado Pago as well as logistics, which is critical to continue bringing volume on line.

正如我們所提到的，我們在本季度進行了信貸投資，這對 Mercado Pago 以及物流都具有戰略意義，這對於繼續提高銷售至關重要。

We are very well positioned to capture all the investment -- the growth opportunities that we have ahead of us, and we are investing behind those with discipline, focusing on long-term and sustainable profitable growth.

我們處於非常有利的位置，可以抓住所有投資，即我們面前的成長機會，並且我們正在嚴格遵守紀律的基礎上進行投資，專注於長期和可持續的盈利增長。

Let me take a minute now to remember Mario Vasquez, who passed away a couple of months ago.

現在讓我花一點時間來紀念幾個月前去世的馬裡奧巴斯克斯。

He was a Board member for MercadoLibre for 17 years he left a very strong mark on all of us, all of us who had a chance to work with him for those years.

他擔任 MercadoLibre 董事會成員長達 17 年，他給我們所有人，以及這些年來有機會與他共事的所有人留下了深刻的印象。

So we are going to miss him.

所以我們會想念他的。

And will now close the call, and thank you again for joining.

現在結束通話，再次感謝您的加入。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。