美卡多 (MELI) 2022 Q1 法說會逐字稿

Hello, and welcome to the MercadoLibre Earnings Conference Call for the Quarter Ended March 31, 2022. I am Lissa Schreurs, Investor Relations Officer for MercadoLibre. Today, we will share our quarterly highlights on video. After which, we will begin our live Q&A session with our Chief Financial Officer, Pedro Arnt; and Chief Executive Officer of Mercado Pago, Osvaldo Gimenez.

您好，歡迎參加截至 2022 年 3 月 31 日的季度 MercadoLibre 收益電話會議。我是 MercadoLibre 投資者關係官 Lissa Schreurs。今天，我們將在視頻中分享我們的季度亮點。之後，我們將開始與首席財務官 Pedro Arnt 的現場問答環節；和 Mercado Pago 的首席執行官 Osvaldo Gimenez。

I remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

我提醒您，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術計劃等事項做出前瞻性陳述。這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。雖然我們認為我們的假設、預期和預測鑑於當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。

Our actual results may differ materially from those included in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factors section of our Form 10-K for the year ended December 31, 2021, and any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website.

由於各種原因，我們的實際結果可能與本次電話會議中包含的結果存在重大差異，包括我們截至 2021 年 12 月 31 日止年度的 10-K 表的前瞻性陳述和風險因素部分中描述的那些，以及任何MercadoLibre, Inc. 向證券交易委員會提交的其他適用文件，可在我們的投資者關係網站上查閱。

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

有了這個，讓我們開始總結我們的結果。

Hi, everyone. I'm pleased to present some of the highlights and key messages regarding the performance in Q1 of 2022. We had a very strong start to the year, setting a sound base for the challenging ramp-up ahead of us in the coming quarters.

大家好。我很高興介紹 2022 年第一季度業績的一些亮點和關鍵信息。我們今年開局非常強勁，為未來幾個季度面臨的挑戰增長奠定了良好的基礎。

Our marketplace growth has remained consistent for yet another quarter. We reached almost $7.7 billion in gross merchandise volume, growing nearly 32% on an FX-neutral basis and sustaining a 2-year CAGR above 70%.

我們的市場增長在另一個季度保持穩定。我們的商品總量達到近 77 億美元，在外匯中性基礎上增長近 32%，並維持 70% 以上的 2 年復合年增長率。

With almost 40 million unique buyers in the quarter, buyer behavior remains sticky. Total items per buyer continues to grow versus last year's pandemic impacted year. We're confident that the depth of product and category mix on our marketplace and the quality of our seller base places us in a unique position to drive continued growth with solid monetization in commerce.

本季度有近 4000 萬獨立買家，買家行為仍然具有粘性。與去年受大流行影響的年份相比，每位買家的總物品數量繼續增長。我們相信，我們市場上產品和類別組合的深度以及我們賣家群的質量使我們處於獨特的位置，可以通過穩固的商業貨幣化來推動持續增長。

The services attached to our marketplace are also continuing to expand. Specifically, the advertising business has been a consistent highlight in terms of growth and margin structure and has almost doubled in revenues year-over-year as we've improved our technology to serve ads throughout our platforms. We will continue to launch more features and channels behind this business.

附加到我們市場的服務也在繼續擴展。具體而言，廣告業務在增長和利潤結構方面一直是一個亮點，並且隨著我們改進了在整個平台上投放廣告的技術，收入同比幾乎翻了一番。我們將繼續在這項業務背後推出更多功能和渠道。

We're also very encouraged by the performance of the FinTech business during this quarter. Total payment volume surpassed $25 billion for the first time ever and has accelerated in both Acquiring and in digital account TPV with important growth in overall FinTech take rates.

我們也對本季度金融科技業務的表現感到非常鼓舞。總支付額有史以來首次超過 250 億美元，並且在收購和數字賬戶 TPV 方面都在加速，整體金融科技採用率顯著增長。

We had almost 36 million unique active users in the FinTech segment, growing across all of our geographies, boosted by higher engagement in wallet payments and the growth in credit users. The credit portfolio continues to deliver consistent profitable growth, while the credit books are performing to our expectations.

我們在金融科技領域擁有近 3600 萬獨立活躍用戶，在我們所有的地區都在增長，這得益於錢包支付參與度的提高和信貸用戶的增長。信貸組合繼續實現持續的盈利增長，而信貸賬簿的表現符合我們的預期。

Regarding our financial results, we've achieved a new record in terms of total revenues, even higher than the fourth quarter of last year, with improvements in monetization in both commerce and FinTech. Our gross margins have improved year-over-year with better operating leverage over our cost base. And in line with our objective to grow profitably, we've sustained consolidated EBIT margins at similar levels to Q1 of last year despite the tough comp.

關於我們的財務業績，我們在總收入方面取得了新的記錄，甚至高於去年第四季度，商業和金融科技的貨幣化都有所改善。我們的毛利率同比有所提高，運營槓桿比我們的成本基礎更好。根據我們實現盈利增長的目標，儘管競爭艱難，我們的綜合息稅前利潤率仍保持在與去年第一季度相似的水平。

Bottom line performance was equally strong, delivering record net income for the first quarter. A more detailed customary commentary on the first quarter operational and financial highlights are now available in a management commentary letter to stakeholders, which we will now release to our Investor Relations website on the day of earnings.

底線表現同樣強勁，第一季度實現了創紀錄的淨收入。關於第一季度運營和財務亮點的更詳細的慣例評論現在可以在給利益相關者的管理評論信中獲得，我們現在將在收益當天發佈到我們的投資者關係網站。

And before initiating the live Q&A section of tonight's earnings call, there are a few more highlights we want to share with you.

在開始今晚財報電話會議的現場問答部分之前，我們還想與您分享一些亮點。

MercadoLibre continues to expand its ecosystem to offer its 140 million users' solutions that simplify and improve their digital experience for buying and selling and to deliver on our mission to democratize access to e-commerce and financial services in Latin America. Logistics operations are increasingly efficient, not only due to scale, but also through the use of technology to optimize each step of the process.

MercadoLibre 繼續擴展其生態系統，為其 1.4 億用戶提供解決方案，以簡化和改善他們的數字購買和銷售體驗，並履行我們在拉丁美洲實現電子商務和金融服務訪問民主化的使命。物流運營的效率越來越高，這不僅是因為規模，還因為通過使用技術來優化流程的每個步驟。

Our fulfillment continues to grow, driving more same-day and next-day deliveries. We started the year of 2022 with 40% of the volume of delivery by fulfillment. And we already have 20 sites in operation.

我們的履行繼續增長，推動更多的當日和次日交付。我們在 2022 年開始時交付量的 40% 通過履行完成。我們已經有 20 個站點在運營。

MELI Places is also growing. There are already more than 5,800 spaces like this in Latin America, offering sellers the ability to drop off and allowing customers to pick up and return packages in a very convenient manner.

MELI Places 也在不斷發展壯大。拉丁美洲已經有超過 5,800 個這樣的空間，為賣家提供了下車的能力，並允許客戶以非常方便的方式取貨和退貨。

Mercado Credito is an important catalyst of the MercadoLibre ecosystem. Almost 10 million users already have an active credit line. The greater their engagement on our platform, the better we can score them for credit. Users can take loans through the app to make payments on the Mercado Pago checkout or when making a PIX payment in Brazil. The merchants receive the funds instantly.

Mercado Credito 是 MercadoLibre 生態系統的重要催化劑。近 1000 萬用戶已經擁有活躍的信用額度。他們在我們平台上的參與度越高，我們就可以更好地為他們評分。用戶可以通過該應用程序在 Mercado Pago 結賬時或在巴西進行 PIX 付款時進行貸款。商家立即收到資金。

We are also creating an easy way to manage cryptocurrencies on our digital accounts. In the first quarter of the launch, the crypto wallet reached the mark of 1 million users that have purchased or sold cryptocurrencies.

我們還在創建一種簡單的方法來管理我們數字賬戶上的加密貨幣。在發布的第一季度，加密錢包達到了 100 萬購買或出售加密貨幣的用戶。

The MercadoLibre ecosystem is experiencing a peak of operations growth in recent years and will continue to evolve. In this complex environment, clear priorities and agility will be essential to perform with excellence and to continue to innovate. To do so, we will also hire over 13,000 employees in the region by the end of 2022, totaling a team of more than 43,000 employees.

MercadoLibre 生態系統近年來正經歷著運營增長的高峰，並將繼續發展。在這個複雜的環境中，明確的優先事項和敏捷性對於卓越執行和繼續創新至關重要。為此，我們還將在 2022 年底之前在該地區招聘超過 13,000 名員工，總計超過 43,000 名員工。

As always, the best is yet to come.

與往常一樣，最好的還在後頭。

(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 Andrew Ruben。

And I might like to dig in a bit more on -- there's a number of cost pressures in the backdrop, whether it's oil or rising interest rates. I was hoping you could update us on your strategy of passing through these higher costs on the commerce side. And any thoughts on elasticity when you make those moves?

而且我可能想進一步挖掘 - 背景中有許多成本壓力，無論是石油還是利率上升。我希望您能向我們介紹您在商業方面通過這些更高成本的策略。當你做出這些動作時，你對彈性有什麼想法嗎？

Andrew, thanks. So we have been trying to pass on at least a portion of those costs to offset both increases in transportation costs through labor increases and obviously, oil cost. And if you look at the management of the interest rate increases that have been significant principally in Brazil over the last 2, 3 quarters, I think we've done a good job of being able to offset a lot of that pressure through pricing.

安德魯，謝謝。因此，我們一直試圖轉嫁這些成本的至少一部分，以抵消因勞動力增加而導致的運輸成本增加，顯然還有石油成本。如果你看一下過去 2、3 個季度主要在巴西顯著的加息的管理，我認為我們已經做得很好，能夠通過定價來抵消很多這種壓力。

And clearly, the business continues to grow at a healthy clip. So we will continue to try to find the right balance of being able to push through cost increases and finding the right mix of elasticity so that we don't slow down the business more than what makes sense, given how much opportunity still lays ahead of us.

顯然，該業務繼續以健康的速度增長。因此，我們將繼續嘗試在能夠推動成本增加和找到正確的彈性組合之間找到適當的平衡，這樣我們就不會因為仍然存在大量機會而放慢業務的合理性。我們。

Our next question comes from Irma Sgarz with Goldman Sachs.

我們的下一個問題來自高盛的 Irma Sgarz。

So also on expenses, when you think about the forward for the different lines, and we've seen some moving parts here in the quarter, obviously, with the build-out of the credit book on the one hand side, but you also, in the release, called out sort of higher G&A and expenses around some of the investments that you're making.

同樣在費用方面，當您考慮不同線路的前鋒時，我們在本季度已經看到了一些移動部分，顯然，一方面是信用簿的增加，但您也，在發布中，圍繞您正在進行的一些投資提出了更高的 G&A 和費用。

When you think about the cadence of these investments going forward, can you just talk us through a little bit of the puts and takes of different areas where you're incrementally investing more, specifically on the operational expense side?

當您考慮這些投資未來的節奏時，您能否與我們談談您正在增加投資的不同領域的一些看跌期權，特別是在運營費用方面？

And then if I may ask a second question, you make an interesting point in the release about the next leg of fulfillment improvement being about technology to optimize the operations. So just curious, if you could share some examples, whether it's in warehousing or routing, what you're implementing to just run your operations at an even higher level?

然後，如果我可以問第二個問題，您在發布中提出了一個有趣的觀點，即履行改進的下一個環節是關於優化運營的技術。所以只是好奇，如果您可以分享一些示例，無論是在倉儲還是路由方面，您正在實施什麼以在更高級別上運行您的操作？

Great. So product development, primarily through the increase in engineers, is the 1 of the 3 areas where potentially we continue to be very committed to investing behind that. These are the kind of investments that then unlock all sorts of software development and product improvements that should help us to sustain growth for many years and launch all the different products we have in mind.

偉大的。因此，產品開發，主要是通過增加工程師，是我們可能繼續致力於投資的三個領域之一。這些投資可以解鎖各種軟件開發和產品改進，幫助我們維持多年的增長並推出我們想到的所有不同產品。

Sales and marketing was showing operational leverage. And ideally, we can continue to deliver on that going forward. And then G&A on a year-on-year basis didn't, but I think that's another line where we would strive to deliver operational leverage there going forward.

銷售和市場營銷顯示出運營槓桿。理想情況下，我們可以繼續實現這一目標。然後按年計算的 G&A 沒有，但我認為這是我們將努力在未來提供運營槓桿的另一條線。

I think in general, our management of the P&L continues to be what it has been over the last few quarters of communication, which is, we run a business that's growing very well, and on top of that is a profitable business with a growing operational income profile, which I think in this day and age is the right way to manage an e-commerce business and something that not many competitors necessarily can say. So that will continue to be the way we're trying to manage the P&L.

我認為總的來說，我們對損益的管理仍然是過去幾個季度的溝通方式，也就是說，我們經營的業務增長非常好，除此之外，還有一個盈利的業務，業務不斷增長收入概況，我認為在當今時代，這是管理電子商務業務的正確方式，而且不是很多競爭對手都可以說的。所以這將繼續是我們試圖管理損益的方式。

In terms of where technology impacts our logistics operation, I think in general, everything we do at MercadoLibre tries to have technology at the core. This is a combination of software to improve routing, to optimize demand analytics, to try to get more items into a parcel and also increased investments in automation.

就技術對我們物流運營的影響而言，我認為總的來說，我們在 MercadoLibre 所做的一切都試圖以技術為核心。這是一種軟件組合，可改善路線、優化需求分析、嘗試將更多物品放入包裹中，並增加對自動化的投資。

You look at most of our warehouses, cross docks, service centers, we continue to invest in improving automation, layout to increase productivity and be able to continue to drive down costs, which we then -- some of that drops to our bottom line. Some of that allows us to afford an even more expensive free shipping program.

你看看我們的大多數倉庫、交叉碼頭、服務中心，我們繼續投資於提高自動化、佈局以提高生產力並能夠繼續降低成本，然後我們 - 其中一些下降到我們的底線。其中一些使我們能夠負擔得起更昂貴的免費送貨計劃。

But most importantly, we think is one of the biggest competitive advantages we have is the quality of our logistics network and also our continued commitment to continue to drive cost out of it.

但最重要的是，我們認為我們最大的競爭優勢之一是我們的物流網絡的質量，以及我們對繼續降低成本的持續承諾。

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

我們的下一個問題來自美國銀行的 Rob Ford。

Congratulations on the quarter. Pedro, can you comment a little bit about the competitive response with the increases in terms of the reductions in terms or other pricing that you may have taken?

祝賀本季度。 Pedro，您能否就您可能採取的降低條款或其他定價方面的競爭反應發表一些評論？

Bob, so look, I think we are going to do what we think is right for the combination of our business and our consumers. And I think we've been intelligent in the way we've optimized pricing and optimized installments.

鮑勃，所以看，我認為我們將做我們認為適合我們業務和消費者結合的事情。而且我認為我們在優化定價和優化分期付款的方式上很聰明。

And again, like I said in the earlier question, if you look at growth over the last few quarters, combined with bottom line performance, I think we've been able, especially on the financial piece, to weather a very dramatic increase in interest rates quite interesting.

再說一次，就像我在前面的問題中所說的那樣，如果你看看過去幾個季度的增長，再加上底線表現，我認為我們已經能夠，尤其是在財務方面，經受住了利息的急劇增長利率相當有趣。

If you look at take rates on the FinTech business, it does show how we have been activating the pricing levers to offset those increases in costs and yet, TPV, creditor originations, all of those businesses continue to deliver incredibly strong growth rates even against an incredibly tough Q1 comp.

如果你看一下金融科技業務的利率，它確實顯示了我們是如何激活定價槓桿來抵消成本增加的，然而，冠捷科技、債權人發起，所有這些業務都繼續提供令人難以置信的強勁增長率，即使面對令人難以置信的艱難 Q1 比賽。

So I think our commitment is to try to continue to deliver that kind of performance as we did in this last quarter. Competitors will do what competitors will do. I think that's not where we have to focus and not where we will focus.

因此，我認為我們的承諾是嘗試繼續提供我們在上個季度所做的那樣的表現。競爭對手會做競爭對手會做的事。我認為這不是我們必須關注的地方，也不是我們將關注的地方。

Understood. And I've been fascinated with your entry into the payroll services space. Can you talk a little bit about your initial pilots and how we should think about that scaling?

明白了。我對你進入工資服務領域很著迷。你能談談你最初的試點以及我們應該如何考慮這種擴展嗎？

I think that we're still very, very early on with regards to payroll. We're very excited about the opportunity in terms of having more principality, and we're just really getting started with the wallet and we cannot comment on that yet.

我認為我們在工資單方面仍然非常非常早期。我們對擁有更多公國的機會感到非常興奮，我們才真正開始使用錢包，我們還不能對此發表評論。

Understood. And then when it comes to putting multiple items into a single parcel, Pedro, can you talk about the implications for maybe delivery costs, but also centralizing more inventory and maybe further build out of the work to warehouse network?

明白了。然後，當談到將多個物品放入一個包裹時，佩德羅，您能否談談對運輸成本的影響，以及集中更多庫存以及進一步構建倉庫網絡的工作？

Sure. So clearly, the ability to continue to drive more items per purchase is one of the most critical drivers of continuing to lower cost. Obviously, the centralization of inventory. So continued adoption of fulfillment by MELI, combined with intelligent inventory location, should help us improve even more on our ability to reduce split purchases where we might be shipping 1 item from 1 FC and another item in the same shopping cart from a different FC, and that's a big focus for us right now.

當然。很明顯，繼續推動每次購買更多商品的能力是繼續降低成本的最關鍵驅動因素之一。顯然，庫存的集中化。因此，MELI 繼續採用履行，結合智能庫存定位，應該有助於我們進一步提高減少拆分購買的能力，我們可能會從 1 個 FC 運送一件商品，而從不同的 FC 運送同一購物車中的另一件商品，這對我們來說是一個很大的焦點。

And it should have a positive impact across most of our categories, but a more dramatic impact on higher item per basket categories such as CPG, which -- and groceries, which long term is an important category for us. So the better we can get at that, the better the economics look in groceries in some of these categories and the faster we can accelerate there.

它應該對我們的大多數類別產生積極影響，但對每個籃子類別中較高的項目產生更大的影響，例如 CPG 和雜貨，這對我們來說是一個長期的重要類別。因此，我們在這方面做得越好，在某些類別的雜貨中，經濟學看起來就越好，我們在這方面的速度就越快。

And obviously, those are large share of consumer wallet categories in the region and also importance for engagement and recurrence. So it is an area of focus for the logistics team and something that we should be working on diligently through the remainder of the year to continue to improve our ability to increase items in a single box leaving from a single FC.

顯然，這些是該地區消費者錢包類別的很大一部分，對於參與和重複也很重要。因此，這是物流團隊關注的一個領域，也是我們應該在今年剩餘時間裡努力工作的事情，以繼續提高我們增加從單個 FC 離開的單個盒子中的物品的能力。

Our next question comes from Marcelo Santos with JPMorgan.

我們的下一個問題來自摩根大通的 Marcelo Santos。

I have 2. The first is if you could discuss the NPLs on the credit product, how it behaves on a same product basis, like on each portfolio? And if you could attribute how much of the increase we saw sequentially to changes in the mix and how much to macro scenario?

我有 2。第一個是您是否可以討論信貸產品的不良貸款，它在同一產品基礎上的表現如何，例如在每個投資組合上？如果您可以將我們順序看到的增長中有多少歸因於組合的變化，又有多少歸因於宏觀情景？

And the second question is, if you could comment on your efforts to increase logistic monetization, what have you done so far? And what's in store for the rest of the year?

第二個問題是，如果您可以評論一下您為提高物流貨幣化所做的努力，那麼到目前為止您做了什麼？今年剩下的時間裡有什麼？

So Marcelo, with regards to NPLs, directionally, I would say that the combination of factors, where we are very, very confident with how the business is evolving. There has been a little increase in NPLs, but it's mostly because we are growing the consumer business faster than the merchant business and that we are pricing that risk already. So the spreads remain fairly constant. We were -- there was nothing unexpected here.

所以馬塞洛，關於不良貸款，我想說的是綜合因素，我們對業務的發展方式非常非常有信心。不良貸款略有增加，但這主要是因為我們的消費者業務增長速度快於商家業務，而且我們已經在為這種風險定價。因此，點差保持相當穩定。我們是——這裡沒有什麼出乎意料的。

And that is related to 2 factors, as I mentioned. First is the increase of the consumer volume. And particularly, we are doing more personal loans rather than buy now, pay later. And we know that's a little bit riskier, and it's priced higher and also is related to the increase on the size of the share of credit card within all of the credit volume. But I think that is going exactly as we expected.

正如我所提到的，這與兩個因素有關。首先是消費量的增加。特別是，我們正在做更多的個人貸款，而不是現在購買，以後付款。而且我們知道這有點風險，而且價格更高，並且與信用卡在所有信貸量中所佔份額的增加有關。但我認為這完全符合我們的預期。

Our next question comes from...

我們的下一個問題來自...

Sorry. No, there's -- sorry, there's a second part to the question.

對不起。不，還有——抱歉，問題還有第二部分。

So look, in terms of -- no, we were -- in terms of monetization of fulfillment, it's still very much in the early phases. Today, in terms of overall commerce revenues, it's insignificant. It's less than 1%. And we have only really initiated most of the charges so far for low-rotating inventory that's not intelligently utilizing capacity in the warehouses. And only over the last few months have we launched utilization rental space. So actually having to pay to use our fulfillment centers.

所以看，就 - 不，我們是 - 在實現的貨幣化方面，它仍處於早期階段。今天，就整體商業收入而言，它微不足道。它不到 1%。到目前為止，我們只對沒有智能利用倉庫容量的低周轉庫存收取大部分費用。僅在過去幾個月中，我們才推出了利用租賃空間。所以實際上必須付費才能使用我們的履行中心。

So we'll try to keep you posted over the next few quarters, what the reception to that by merchants is, whether it's having any negative effects on incremental adoption of fulfillment or not. So far, the charges for poorly managed inventory have been very positive because they help reduce low-rotating inventory in the warehouses.

因此，我們將嘗試在接下來的幾個季度內向您發布消息，商家對此的接受程度如何，是否對逐步採用履行產生任何負面影響。到目前為止，管理不善的庫存費用一直是非常積極的，因為它們有助於減少倉庫中的低周轉庫存。

And as you can see, fulfillment percentages, although somewhat flat, it's not driven by this. It's driven by other factors. So that's been working very well. And we'll now have to see what the impact of the introduction of the rental for using fulfillment. So the fulfillment by now a service fee will be, again, very early for that.

正如您所看到的，履行百分比雖然有些平淡，但並非受此驅動。它是由其他因素驅動的。所以這一直工作得很好。我們現在必須看看引入租金對使用履行的影響。因此，到目前為止，服務費的履行將再次為時過早。

And the next question comes from the line of Kaio Prato with UBS.

下一個問題來自瑞銀的Kaio Prato。

So my question is related to Mercado Credit Solution as well. So I'd just try to understand what gives you confidence that you can continue growing the credit portfolio, even with the signs of NPLs increasing today?

所以我的問題也與 Mercado Credit Solution 有關。所以我只是想了解是什麼讓你有信心繼續擴大信貸組合，即使今天不良貸款的跡像也在增加？

And just would like to better understand about the risk models, if you believe you have an advantage versus other FinTech's because of your marketplace data that helps you on the underwriting or if there is any other reason?

只是想更好地了解風險模型，如果您認為由於您的市場數據可以幫助您進行承保，或者是否有任何其他原因，您比其他金融科技公司更有優勢？

And finally, I would like to understand as well, if you are increasing rates charges in the credit business because of higher policy rates in LatAm as well?

最後，我也想了解一下，您是否也因為拉美更高的政策利率而提高了信貸業務的費率收費？

So look, what gives us confidence is simply looking at performance so far. I don't want to get into any forward-looking comments on how the credit business will perform. If we look at what we've done so far in a tough environment, we've been able to continuously grow originations in the size of the book at a good pace. And as Osvaldo just walked you through, the significantly largest portion of the increase in NPLs are a consequence of product mix, and only a smaller portion of the NPL increases are driven by improvement in existing products. So less than 1/3 of the NPL dis-improvements.

所以看，讓我們有信心的只是看看迄今為止的表現。我不想就信貸業務的表現發表任何前瞻性評論。如果我們看看我們迄今為止在艱難的環境中所做的事情，我們已經能夠以良好的速度不斷地增加書籍大小的原創作品。正如 Osvaldo 剛剛向您介紹的那樣，不良貸款增加的最大部分是產品組合的結果，而不良貸款增加的一小部分是由現有產品的改進驅動的。因此，不到 1/3 的不良貸款改善。

We continue to believe that the data we have on consumers, the touch points with consumers, the collections operations we've built our competitive advantages that help our underwriting. But notwithstanding, I think we need to continue to deliver on that and continue to grow the books in line with our confidence in our underwriting, and then we'll see what happens going forward. But so far, all the signs continue to be positive and executing to plan.

我們仍然相信，我們擁有的消費者數據、與消費者的接觸點、我們建立的競爭優勢有助於我們的承保。但儘管如此，我認為我們需要繼續實現這一目標，並根據我們對承保的信心繼續增加賬簿，然後我們將看看未來會發生什麼。但到目前為止，所有跡像都繼續積極並按計劃執行。

Complementing on that basically, today, the 3 main products, which are merchant loans online, merchant loans off-line and consumer credit, in each of the 3 countries, Argentina, Brazil and Mexico, all those 9 segments are profitable. So we remain confident that we'll continue being profitable going forward. And this has been in an environment where the SELIC over the last year has increased from 2.75% to 12.75%.

在此基礎上，今天，在線商戶貸款、線下商戶貸款和消費信貸這 3 個主要產品在阿根廷、巴西和墨西哥這 3 個國家中的每一個，這 9 個細分市場都實現了盈利。因此，我們仍然相信我們將繼續盈利。這是在去年 SELIC 從 2.75% 增加到 12.75% 的環境中。

Yes. Just a follow-up in terms of the policy rate. I just would like to understand if in the Quadrem products, are you also increasing the rates charges because of this increase in SELIC rates?

是的。只是在政策利率方面的後續行動。我只是想了解在 Quadrem 產品中，您是否也因為 SELIC 費率的增加而增加了費率？

So certainly, we are. But again, remember that given the segments where we lend, the performance of the credit books, because of the spreads, is the more relevant driver versus incremental points in terms of cost of capital. So the answer to your question is yes. But really the most significant driver to sustain the profitability and the performance of the books continues to be the quality of the underwriting.

所以當然，我們是。但同樣，請記住，考慮到我們放貸的細分市場，由於利差的存在，與資本成本的增量點相比，信用賬簿的表現是更相關的驅動因素。所以你的問題的答案是肯定的。但真正維持盈利能力和賬面業績的最重要驅動因素仍然是承保質量。

Our next question comes from Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So first, Pedro, can you provide a little bit more color on the GMV growth during the quarter? You guys are compounding at a pretty healthy pace on top of very tough comps. Maybe elaborate a little bit on how the cohorts that came in during the 2020 are behaving in terms of the spend. And what are the spend levels you see in the initial transaction levels of some of the new customers?

那麼首先，佩德羅，您能否提供更多關於本季度 GMV 增長的信息？你們在非常艱難的比賽中以相當健康的速度複利。或許可以稍微詳細說明一下 2020 年進入的同類群組在支出方面的表現。您在一些新客戶的初始交易水平中看到的支出水平是多少？

And then the second question, obviously, many companies, in our coverage universe and certainly much more broadly, are revisiting their capital allocation decisions in the face of tough capital markets and then also a weak macro environment. You guys obviously have a lot of growth opportunities ahead. What is the kind of thought process in terms of balancing between an uncertain macro environment in the future and then also your capital allocation needs?

然後是第二個問題，顯然，在我們的覆蓋範圍內，當然還有更廣泛的範圍內，許多公司正在重新審視其資本配置決策，以應對艱難的資本市場以及疲軟的宏觀環境。你們顯然有很多增長機會。在未來不確定的宏觀環境與您的資本配置需求之間取得平衡時，會有什麼樣的思考過程？

Thanks, Deepak. So if you look at the 2-year CAGRs, we continue to deliver very consistent growth, which for us is a sign that unlike other e-commerce markets or players that have given back significant portion of what was gained during the pandemic. MELI purchases for our consumers seem to have been very sticky.

謝謝，迪帕克。因此，如果您查看 2 年的複合年增長率，我們將繼續實現非常穩定的增長，這對我們來說是一個跡象，這表明與其他電子商務市場或參與者不同，他們已經回饋了大流行期間獲得的大部分收益。 MELI 為我們的消費者購買似乎一直很粘。

When we look at cohort behavior or engagement behavior in general, it's up a little versus last year. So there hasn't been a deterioration in engagement levels or cohort behavior. We haven't seen a continuation of the incremental engagement from new cohorts either. So it's been slightly above flattish, which, again, in the context of dramatic reopening of physical retails, we think is very, very strong performance.

當我們總體上查看群組行為或參與行為時，與去年相比略有上升。因此，參與度或群體行為並沒有惡化。我們也沒有看到來自新群體的增量參與的延續。因此，它略高於持平，再次，在實體零售大幅重新開放的背景下，我們認為這是非常非常強勁的表現。

In terms of capital allocation along similar lines, I think we are in a privileged position of running a high-growth e-commerce business that's a market leader and yet also is able to deliver profits, incremental profits. And so we're not at a point where we are changing our capital allocation.

在類似的資本配置方面，我認為我們處於經營高增長電子商務業務的特權地位，該業務是市場領導者，但也能夠提供利潤，增量利潤。所以我們還沒有改變我們的資本配置。

As I answered earlier on the margin question, we will continue to invest in engineers. We will continue to invest in capacity for our fulfillment network. We believe that those generate long-term competitive advantages. We might even see some rationalization in the market over the next few years, which could position us to capture even more of the incremental consumer spend that moves online.

正如我之前在保證金問題上回答的那樣，我們將繼續投資於工程師。我們將繼續為我們的履行網絡投資容量。我們相信這些會產生長期的競爭優勢。在接下來的幾年裡，我們甚至可能會看到市場的一些合理化，這可能使我們能夠捕捉到更多在線移動的增量消費者支出。

Latin America is still early stage. So there's a lot of incremental spend that will move online over the next few years, and we want to make sure that we continue to take a long-term view on all that.

拉丁美洲仍處於早期階段。因此，未來幾年將有大量的增量支出轉移到線上，我們希望確保我們繼續對這一切採取長遠的眼光。

At the same time, we continue to strive to generate operational leverage where it makes sense, sales and marketing, G&A. You've seen us rationalize very, very significantly the amount of couponing and discounting spent on our FinTech business. And all of that is what leads to the incremental operating income that we've delivered this quarter versus many previous quarters.

與此同時，我們繼續努力在合理的情況下產生運營槓桿，銷售和營銷，G&A。您已經看到我們非常、非常顯著地合理化了我們在金融科技業務上花費的優惠券和折扣金額。所有這些都是導致我們本季度與之前許多季度相比增加營業收入的原因。

And so I think that management of the P&L, commitment to invest where we need to invest for the long term, is still the same, and we really are not reassessing capital allocation. Should conditions change, obviously, we will move quickly, but that's not where we're at so far.

所以我認為損益表的管理，承諾投資我們需要長期投資的地方，仍然是一樣的，我們真的沒有重新評估資本配置。顯然，如果情況發生變化，我們將迅速採取行動，但這不是我們目前所處的位置。

Our next question comes from Jamie Friedman with Susquehanna.

我們的下一個問題來自 Jamie Friedman 和 Susquehanna。

Congratulations on the results. I just wanted to ask a kind of combination of Slide 9 and Slide 17.

祝賀結果。我只是想問一種幻燈片 9 和幻燈片 17 的組合。

On Slide 9, you showed the growth of the off platform. And -- so this is a TPV off marketplace, I mean. And that is now up to 68% of your total, up 103%. So Pedro, when you think about the impact of that on the take rates, like does off-platform have inherently different take rates than everything else?

在幻燈片 9 上，您展示了平台外的增長。而且——我的意思是，這是一個 TPV 場外市場。現在，這佔您總數的 68%，增長了 103%。所以佩德羅，當你考慮到這對獲取率的影響時，平台外的獲取率是否與其他所有事物本質上不同？

And then related to that, in terms of the 65 basis points of increase in your FinTech take rate, I realize you decompose that between credit and other. If you could help us a little bit to think about pricing, I think it's a fair question, why is the FinTech take rate up to that degree?

然後與此相關，就您的金融科技採用率增加 65 個基點而言，我意識到您將其分解為信貸和其他。如果你能幫助我們考慮一下定價，我認為這是一個公平的問題，為什麼金融科技的使用率會達到這個程度？

So I'll let Osvaldo answer the take rate question. In general, off-marketplace TPV today is driven significantly, and so is the acceleration, by the -- not the acquiring business, but the processing business. A lot of that is on the back of our wallet. Some of that is because our wallet, in a way, is a natural hedge to reopening's as is our MPOS business.

所以我會讓 Osvaldo 回答接受率的問題。總的來說，今天場外 TPV 受到了顯著推動，加速也是如此——不是收購業務，而是加工業務。其中很多都在我們錢包的背面。其中一些是因為我們的錢包在某種程度上是重新開放的自然對沖，就像我們的 MPOS 業務一樣。

And so as economies have reopened, we've seen those businesses step in with strong acceleration in growth. The wallet business is not a business that has a higher take rate mix than the TPV average. So the strong improvements in take rates are explained by what Osvaldo will walk you through right now.

因此，隨著經濟重新開放，我們已經看到這些企業以強勁的增長速度介入。錢包業務並不是一個比 TPV 平均值更高的業務。因此，奧斯瓦爾多現在將引導您完成的內容解釋了錄取率的大幅提升。

Yes. Those have been mostly related to the increase in credit revenues on the overall Mercado Pago TPV -- or Mercado Pago revenues actually. And therefore, I would say, we have been able to maintain typically the same transactional revenues about increased component of credit revenues and a few other things, but mostly has been the credit revenues on top of what we're already doing, given that our mix -- our portfolio has grown faster than our TPV over the last year.

是的。這些主要與整個 Mercado Pago TPV 的信貸收入增加有關——或者實際上是 Mercado Pago 收入。因此，我想說，我們能夠在增加信貸收入的組成部分和其他一些事情上保持通常相同的交易收入，但主要是我們已經在做的事情之上的信貸收入，因為我們的混合——我們的產品組合在去年的增長速度超過了我們的冠捷。

Our next question comes from Marvin Fong from BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Congratulations on the quarter. Two questions. I would like to follow-up on what you're saying about the great performance in the wallet and, in particular, the 100%-plus growth in QR payments. So should we view that primarily as driven by the reopening? Or were there other factors at play to drive the acceleration in QR?

祝賀本季度。兩個問題。我想跟進你所說的錢包的出色表現，特別是 QR 支付的 100% 以上的增長。那麼我們是否應該將其視為主要由重新開放所驅動？還是有其他因素在推動 QR 的加速？

And my second question is just on Argentina. We don't talk about it much, but it looks like it had a nice step up on the e-commerce side, both in terms of units sold and GMV on a 2-year basis. Anything to call out there that you're doing in Argentina that you can then apply to your other geographies?

我的第二個問題是關於阿根廷的。我們很少談論它，但看起來它在電子商務方面取得了不錯的進步，無論是在售出的單位數和 2 年的 GMV 方面。你在阿根廷所做的任何事情都可以被應用到你的其他地區嗎？

Marvin, yes, I would say that there has been an acceleration in the use of their wallet. Probably part of that is related to reopening's across all countries. Basically, we're comparing with the first quarter with some lockdowns last year.

馬文，是的，我會說他們的錢包使用速度有所加快。可能其中一部分與所有國家/地區的重新開放有關。基本上，我們與去年第一季度進行了一些封鎖比較。

Nonetheless, we believe this has been a significant aspiration. I think that in all of last year, we never grew at this pace at the 200% year-on-year. And significantly, this has happened. We have grown a lot in Argentina. Really the world has taken a lot of traction, and it's pretty much everywhere in Argentina. And we have also seen significant growth, both in Brazil and Mexico. So it has happened in all 3 countries.

儘管如此，我們相信這是一個重大的願望。我認為在去年全年，我們從未以 200% 的同比速度增長。重要的是，這已經發生了。我們在阿根廷成長了很多。真的，世界受到了很大的影響，在阿根廷幾乎無處不在。我們也看到了巴西和墨西哥的顯著增長。所以這在所有三個國家都發生了。

And Argentina, so certainly, it's shown acceleration in units and acceleration in GMV. I would say that it's good to see Argentina rebounding. If you look at the previous 2 quarters, that business, which has historically been very strong because of tough comps and other things, had delivered somewhat sluggish growth. And we're seeing it come back to, I think, the kind of growth that we expect from that business.

和阿根廷，當然，它的單位和 GMV 都顯示出加速。我會說很高興看到阿根廷反彈。如果您查看前兩個季度，該業務由於艱難的競爭和其他因素而在歷史上一直非常強勁，但增長有些緩慢。我認為，我們看到它回到了我們期望從該業務中獲得的那種增長。

So it's good news. It was a strong performance, but I think it's also fair to acknowledge that it's coming off of 2 previous Qs that were fairly easy to accelerate growth given that they were clearly among, most of our geos, some of the sluggish growth.

所以這是個好消息。這是一個強勁的表現，但我認為承認它是從之前的 2 個相當容易加速增長的 Q 中脫穎而出的也是公平的，因為它們顯然屬於我們大多數地區的一些緩慢增長。

Our next question comes from Stephen Ju with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Stephen Ju。

So I guess, kind of taking a step back and looking at it from, I guess, 30,000 feet. The relationship that you guys have with the merchant and the nature of what you're selling them has expanded pretty significantly over the years. So you first provided them with the traffic and the transactions and then you help enable payments and you're -- now you're helping to provide delivery and logistics services and now you're increasingly providing them with working capital.

所以我想，有點退後一步，從 30,000 英尺的高度看它。多年來，你們與商人的關係以及所售商品的性質已經顯著擴大。因此，您首先為他們提供流量和交易，然後您幫助啟用支付，您現在正在幫助提供交付和物流服務，現在您越來越多地為他們提供營運資金。

So this is a pretty significant suite of services that you're providing your merchant clientele. So -- and I think in the past, you've talked about wanting to provide folks with the e-commerce platform services. So where are you in bringing all of your services together holistically in an e-commerce in a box type service?

因此，這是您為商家客戶提供的一套非常重要的服務。所以 - 我認為過去，您曾談到希望為人們提供電子商務平台服務。那麼，您在哪裡可以將您的所有服務整體整合到一個盒子式服務中的電子商務中呢？

Yes. So I think increasingly, when you look at the different pieces that we've built: logistics, payments, credit, even the relaunched shops front-end, plus the integration with the marketplace so that you can drive multichannel operations, each one of those now is probably scaled. And we've built enough capabilities that we can start considering becoming more aggressive there in terms of bundling it all together or in different combinations and then offering that to merchants away from the marketplace.

是的。所以我越來越多地認為，當你看到我們構建的不同部分時：物流、支付、信貸，甚至是重新啟動的商店前端，加上與市場的整合，這樣你就可以推動多渠道運營，每一個現在可能是按比例縮放的。我們已經建立了足夠的能力，我們可以開始考慮在將它們捆綁在一起或以不同的組合方式變得更加積極，然後將其提供給遠離市場的商家。

So -- and then if you think of advertising as an overlay on top of that to assist merchants to drive traffic to their shop store or back into their MercadoLibre listings, it really becomes a very powerful combination that, when you look at many of our competitors that offer each one of these services on a stand-alone basis, whether that be payments processing or credit or marketplace or storefronts or just an advertising platform, we believe that the ecosystem approach is a really, really powerful way to sell these different services. So clearly, this is something that we're doing work on. It's part of our strategy, and we'll keep you guys appraised on this as these products take more and more form.

所以——然後，如果您將廣告視為最重要的疊加層，以幫助商家將流量吸引到他們的商店或回到他們的 MercadoLibre 列表中，它確實成為一個非常強大的組合，當您查看我們的許多競爭對手在獨立的基礎上提供這些服務中的每一項，無論是支付處理、信貸、市場或店面還是只是一個廣告平台，我們相信生態系統方法是銷售這些不同服務的一種非常非常強大的方式.很明顯，這是我們正在做的事情。這是我們戰略的一部分，隨著這些產品的形式越來越多，我們會讓你們對此進行評估。

You already see live Pago clients that have an integrated shipping offering. And obviously, Mercado Shops has an integrated shipping offering to many of these clients. So these things are already being piloted in market, and we'll have to iterate and see how we improve on those products and then go into full deployment mode sometime in the future.

您已經看到具有集成運輸產品的實時 Pago 客戶。顯然，Mercado Shops 為其中許多客戶提供綜合運輸服務。所以這些東西已經在市場上進行試點，我們將不得不迭代並看看我們如何改進這些產品，然後在未來的某個時候進入全面部署模式。

(Operator Instructions) Our next question comes from Trevor Young with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Trevor Young。

Just looking back at last year, your nearly doubled headcount, and a big piece of that came on your R&D organization, can you just tell us how you feel about staffing levels now kind of going forward into this year? Are there any pockets where you expect to have kind of outsized investment? Or should we expect headcount growth to maybe slow here and more closely near your revenue growth?

回顧去年，您的員工人數幾乎翻了一番，其中很大一部分來自您的研發組織，您能否告訴我們您對今年的人員配備水平有何看法？有沒有你期望有超額投資的口袋？或者我們是否應該期望這裡的員工人數增長可能會放緩，並且更接近您的收入增長？

Yes. So like I said before, I think the engineering headcount commitment remains unwavering. I think as in most product-focused technology companies, the biggest bottleneck is the number of engineers that you have that are able to push code and build products. And so we want to be -- we want to continue to be aggressive in growing that team.

是的。所以就像我之前說的，我認為工程人員的承諾仍然堅定不移。我認為與大多數以產品為中心的技術公司一樣，最大的瓶頸是能夠推動代碼和構建產品的工程師數量。所以我們想成為——我們想繼續積極地發展這支球隊。

I think when we've looked at the moments MELI has sputtered in growth, it's been the moment where we've run up against more engineering bottlenecks. And the moments where we've grown the most is when we've had enough output capacity in terms of code and product build-out to continue to innovate and launch and cater to all the needs of our consumers. So we're not going to, I think, waver on the commitment to continue to grow the engineering talent pool.

我認為，當我們看到 MELI 增長停滯的時刻時，我們遇到了更多的工程瓶頸。而我們成長最快的時刻是當我們在代碼和產品構建方面有足夠的輸出能力來繼續創新和推出並滿足我們消費者的所有需求時。因此，我認為，我們不會動搖繼續擴大工程人才庫的承諾。

I think all other areas, we will look to grow headcount significantly less than revenue growth. There are inflationary pressures in terms of salaries and wages. I think the battle for talent is heating up throughout Latin America. So we'll be as diligent as we can in terms of managing salaries and wages. But again, we need to make sure that we're not trying to drive too much operational leverage short term and sacrificing on continuing to have the best human capital in the region, which is our objective.

我認為在所有其他領域，我們的員工人數增長將大大低於收入增長。工資和工資方面存在通脹壓力。我認為整個拉丁美洲的人才爭奪戰正在升溫。因此，我們將在管理工資和工資方面盡我們所能。但同樣，我們需要確保我們不會試圖在短期內推動過多的運營槓桿並犧牲繼續擁有該地區最好的人力資本，這是我們的目標。

So again, we'll do what's right there, but it's an area that we believe investing behind, particularly engineers and the product development organization.

再說一遍，我們會做正確的事情，但我們相信這是一個值得投資的領域，尤其是工程師和產品開發組織。

That's really helpful. And just a quick follow-up on ad revenue. I think in the video, you mentioned that it nearly doubled year-on-year. It's now up over 1% penetration, I believe. Can you just unpack what the lift is there on gross margin or EBIT and then saving the bridge? And then remind us where you think that penetration rate as a percentage of GMV can go over time?

這真的很有幫助。並且只是對廣告收入的快速跟進。我認為在視頻中，您提到它幾乎同比翻了一番。我相信它現在的滲透率已經超過 1%。你能解開毛利率或息稅前利潤的提升，然後拯救橋樑嗎？然後提醒我們，您認為滲透率佔 GMV 的百分比會隨著時間的推移而變化嗎？

Yes. So the more we build product and technology, here we are again, I mean, we improve the ACOs for our merchants, the quality of the platform that we serve, the more we believe in the long-term potential of that business to grow significantly.

是的。因此，我們構建的產品和技術越多，我們又來了，我的意思是，我們改善了我們的商家的 ACO，我們所服務的平台的質量，我們越相信該業務的長期潛力顯著增長.

So no publicly stated long-term goal. I think certainly, it can be a lot more than 1% of GMV, and we will continue to strive to deliver significant growth there, both in absolute terms, but also as a percentage of GMV. And of course, GMV should also continue to grow for many years to come.

所以沒有公開聲明的長期目標。我認為當然，它可能遠遠超過 GMV 的 1%，我們將繼續努力在那裡實現顯著增長，無論是絕對值，還是佔 GMV 的百分比。當然，GMV 也應該在未來很多年繼續增長。

In terms of the impact, I think we've gone on record saying that it's an extremely high-margin business. It runs at an over 70% EBIT margin today. And so a lot of those incremental revenues really have a very, very good flow-through to the operating income line, more so than most of our other business units, which also makes it a very attractive opportunity.

就影響而言，我認為我們已經公開表示這是一項利潤率極高的業務。它今天的息稅前利潤率超過 70%。因此，很多增量收入確實有非常非常好的流入營業收入線，比我們的大多數其他業務部門都要好，這也使它成為一個非常有吸引力的機會。

So it should be one of the big drivers of take rate increases over the next few years and certainly of incremental operating income.

因此，它應該是未來幾年利率上升的主要驅動力之一，當然也是增加營業收入的主要驅動力之一。

Our next question comes from Soomit Datta with New Street Research.

我們的下一個問題來自 New Street Research 的 Soomit Datta。

It's on FinTech and focusing on Brazil for a second, please. First of all, are you seeing any impact of PIX at all on debit volumes in the long tail? I take it would be acquirer volumes look very healthy this quarter, but I just wondered whether within the mix, you're beginning to see any impact from that?

請先關註一下金融科技，再關註一下巴西。首先，您是否看到 PIX 對長尾借方數量有任何影響？我認為本季度的收購方數量看起來非常健康，但我只是想知道在組合中，您是否開始看到任何影響？

And then secondly, I think you recently launched a installment, buy now, pay later scheme over PIX as well, beginning to see a few of those in the market in Brazil. What are your expectations for that product? Can you give any initial feedback on how that's going?

其次，我認為您最近也推出了通過 PIX 分期付款，即買即付的計劃，開始在巴西市場上看到其中的一些。您對該產品有什麼期望？您能否就進展情況提供任何初步反饋？

I would say, yes, it's -- regarding the first question, with debit volume being affected by PIX, I would say it's marginal at this stage. Probably, what we are seeing is very, very small individuals who -- in the past, probably would buy small POS and MPOS, where they don't need to do it because they get -- they used to get a few payments per month by debit card, and now they are able to get those through PIX.

我會說，是的，這是 - 關於第一個問題，借方數量受到 PIX 的影響，我想說在這個階段它是微不足道的。可能，我們看到的是非常非常小的個人——在過去，他們可能會購買小型 POS 和 MPOS，他們不需要這樣做，因為他們得到了——他們過去每月收到幾筆付款通過借記卡，現在他們可以通過 PIX 獲得這些。

That is really a very, very small, long tail. So I don't think it's affecting our numbers necessarily. And if anything, we are -- we continue to see a healthy increase in the mix of credit versus debit card in our POS. So I'll say there is some impact, but in a very long tail. When we look at larger merchants, the volume they are getting from PIX is really marginal.

那真的是一條非常非常小的長尾巴。所以我認為這不一定會影響我們的人數。如果有的話，我們 - 我們繼續看到我們的 POS 中信用卡與借記卡的組合健康增長。所以我會說有一些影響，但很長。當我們查看較大的商家時，他們從 PIX 獲得的交易量確實是微不足道的。

And then moving on to buy now, pay later and PIX, it's a product we have already is developed and we are starting to test first within our own -- with our own merchants. And we are excited by that opportunity. That -- it means that anyone who has our wallet and is trying to pay on a QR code will be able -- today, he is able to do it with a store balance. But in the future, he will also be able to do it with a credit we are providing them on the spot.

然後繼續現在購買，稍後付款和 PIX，這是我們已經開發的產品，我們首先開始在我們自己的內部進行測試 - 與我們自己的商家一起。我們對這個機會感到興奮。那 - 這意味著任何擁有我們錢包並嘗試使用二維碼付款的人都能夠 - 今天，他能夠用商店餘額來完成。但在未來，他也將能夠通過我們現場提供的信用來做到這一點。

So we believe that this will significantly expand the scope of merchants where we can offer buy now, pay later because it's not only will be the merchant we acquired, but any merchant who has PIX.

因此，我們相信這將顯著擴大我們可以提供現在購買，以後付款的商家範圍，因為它不僅是我們收購的商家，而且是任何擁有 PIX 的商家。

And if I may, just a quick follow-up. I mean is that expected to cannibalize credit cards, do you think, at all? Or is this going to kind of sit alongside it?

如果可以的話，只是快速跟進。我的意思是，這會蠶食信用卡嗎，你覺得呢？或者這會和它並排嗎？

I think it will be more of a different segment. Typically, most of the target of our buy now, pay later consumers are consumers who either don't have a credit card or they have topped up their credit limit. And that's why they're willing to pay extra -- we charge for buy now, pay later. Remember as opposed to some players in the U.S., in Latin America, we charge for that because interest rates are higher. So if you have balance available on your credit card, probably you will still use your credit card, but this expands the market for financing at the point of sale.

我認為這將是一個不同的細分市場。通常，我們現在購買後付款的大部分目標消費者是沒有信用卡或已達到信用額度的消費者。這就是他們願意支付額外費用的原因——我們現在收費，以後再付款。請記住，與美國的一些參與者相反，在拉丁美洲，我們收取費用是因為利率更高。因此，如果您的信用卡上有可用餘額，您可能仍會使用信用卡，但這會擴大銷售點的融資市場。

And at this time, I'm showing no further questions at this time. I'd like to hand the conference back over to Pedro Arnt, CFO, for closing remarks.

而在這個時候，我現在沒有進一步的問題。我想把會議交還給首席財務官 Pedro Arnt 做閉幕詞。

Thank you. Thanks, everyone, for assisting. We hope the new format has made the initial remarks more engaging, certainly shorter.

謝謝你。謝謝大家幫忙。我們希望新格式使最初的評論更吸引人，當然更短。

Just a reminder to everyone, the traditional management comment that you've grown accustomed to is still available. It's now simply in the form of a letter that we post on the IR website rather than having to hear me voice over. We're quite pleased with the video format. It gives us more time for Q&A as well. So hopefully, we'll repeat that next quarter, and we look forward to speaking again in 3 months with an update on the full first half of the year. Thank you.

只是提醒大家，您已經習慣的傳統管理評論仍然可用。現在它只是以我們在 IR 網站上發布的信件的形式，而不必聽到我的聲音。我們對視頻格式非常滿意。它也讓我們有更多的時間進行問答。所以希望我們會在下個季度重複這一點，我們期待在 3 個月後再次發言，並提供今年上半年的最新消息。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。