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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Hey listen, we have been really lucky in checking in

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Speaker 2: on the c suite this week, and a lot of

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Speaker 2: it has to do because so many companies around certainly

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Speaker 2: across the United States, but around the globe also reporting

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Speaker 2: their results. Shares of Mercado Libre they are actually trading

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Speaker 2: up about two point eight percent in today's session. They

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Speaker 2: will lower in the pre market, but certainly the regular

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Speaker 2: session investors coming in. This is after the e commerce

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Speaker 2: firm posted earnings that missed estimates. As the company ramps

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Speaker 2: up marketing spending to recruit more users, now move to

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Speaker 2: lower the threshold for free shipping in Brazil, also cripping profitability.

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Speaker 2: We'll get into that in just a moment. We'll point

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Speaker 2: out analysts the strategic value in these initiatives, saying they

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Speaker 2: will help shore up long term growth even as they

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Speaker 2: weigh on margins for the time being. So let's get

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Speaker 2: into the business. Time for our CFO briefing with us,

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Speaker 2: his Martin de los Santos, he's CEO of the e

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Speaker 2: commerce firm Riccardo Libre. He joins us from Montevideo, Uruguay,

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Speaker 2: and he will be featured we should point out in

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Speaker 2: the upcoming edition of the Bloomberg CFO Briefing newsletter, which

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Speaker 2: you can sign up for at Bloomberg dot com slash

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Speaker 2: CFO Briefing. Also with us as Nina Trapman. She's Bloomberg

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Speaker 2: News senior editor who writes the Bloomberg CFO Briefing newsletter.

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Speaker 2: She's here in studio Martin. Great to have you here

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Speaker 2: with Nina, Matt and myself talk to us about the quarter,

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Speaker 2: because it does seem that investors analyst weighing in that

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Speaker 2: the biggest question is on investments and what you are

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Speaker 2: doing how they will provide some future growth. But welcome, welcome,

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Speaker 2: thank you for having me.

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Speaker 1: How are you?

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Speaker 3: Yes, we had a great quarter, really in terms of

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Speaker 3: the results that we delivered revenue Glubay thirty four percent

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Speaker 3: a year, the delivery operating income a record operating income

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Speaker 3: of eight hundred and twenty five million dollars. I'm more

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Speaker 3: important than that we continue to grow our news surveys

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Speaker 3: both on our commerce and fintech platform. Our buyers on

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Speaker 3: the commerce platform luble by twenty five percent year a year.

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Speaker 1: On fintech's rule Bay thirty percent.

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Speaker 3: Credit book double year and year GMB, which is the

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Speaker 3: volume to accepted America liver grule by twenty nine percent

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Speaker 3: in Brazil thirty two percent in Mexico. In both cases

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Speaker 3: we continue to gain market share, so very good, you know,

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Speaker 3: very strong operating metrics. And like you said, this particular

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Speaker 3: quorder was a quarter of investments. We opened two new

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Speaker 3: food filming centers to add to the more than thirty

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Speaker 3: four film centers that we have throughout the region.

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Speaker 1: We also made a big change.

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Speaker 3: In terms of lowering the free shipping threshold in Brazil,

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Speaker 3: which is a strategic move that we have been doing

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Speaker 3: for many years and it's paying off very nicely. And

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Speaker 3: also we got you to invest in a credit card,

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Speaker 3: but very excited normally about the results. More important than

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Speaker 3: that about the future and the opportunity that we had

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Speaker 3: ahead of us, both in commerce as well as filtech.

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Speaker 4: You mentioned the threshold for free shipping in Brazil as

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Speaker 4: one of the contributors. I think to you missing estimates

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Speaker 4: for net off it as well as core earnings. I'm

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Speaker 4: just wondering, as a CFO of a fast growing business,

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Speaker 4: how do you think about profitability and how do you

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Speaker 4: manage the short versus versus long term that's.

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Speaker 3: I mean, we talked about this, Nina, I remember talking

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Speaker 3: to you a few quarters ago.

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Speaker 1: That's it.

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Speaker 3: We try to balance, right, We try to balance short

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Speaker 3: term profitability with the growth opportunities that we have ahead

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Speaker 3: of us.

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Speaker 1: So we want to make sure that we do not

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Speaker 1: miss those opportunities.

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Speaker 3: When you look at commerce penetration of e commerce in

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Speaker 3: Latin America, it's roughly mid teams fifteen percent compared to

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Speaker 3: maybe twenty five percent, thirty or forty percent in China,

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Speaker 3: hour in the US, So there's plenty of room to

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Speaker 3: continue growing the fintex side of the business. The same

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Speaker 3: thing happened most people in Latin America have not been

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Speaker 3: financially included by the financial system, so that we see

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Speaker 3: a large opportunity to expand our footprint on the fintech

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Speaker 3: side of the business and Marcalo Pao so at the

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Speaker 3: same time, to capture our opportunity, it requires investments. Some

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Speaker 3: of those investments might put some short pressure, but I

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Speaker 3: think this is a good example. When we lower the

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Speaker 3: free free shipping threshold, it does put pressure in the

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Speaker 3: short term, but we have approve and over time, and

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Speaker 3: we've been doing this since twenty seventeen when we introduced

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Speaker 3: free shipping in Brazil. At that time the free shipping

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Speaker 3: threashold was one hundred and twenty rarees. We brought it

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Speaker 3: down to eighty and now we brought it down to twenty.

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Speaker 3: So we have proved all the time that by lowering

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Speaker 3: the free shipping threshold, we eliminate the most you know,

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Speaker 3: the high, the most frictional point in terms of buying

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Speaker 3: things online for people. So we're eliminating that friction, really

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Speaker 3: generates a lot more volume and then eventually that translates

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Speaker 3: into profits.

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Speaker 1: So I think it's a it's a strategy that has paid.

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Speaker 3: Out to us, and the long term investors of Margalivera

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Speaker 3: understand it, and we're already comfortable with the investments that

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Speaker 3: we're doing.

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Speaker 4: You mentioned Brazil. It's of course an interesting market just

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Speaker 4: in the current terror of debates that we're seeing with

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Speaker 4: the Brazilian government so far holding out tow to Trump

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Speaker 4: and basically not giving in on the Trump Terraff suggestions

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Speaker 4: for Brazil. Just wondering and how far are you seeing

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Speaker 4: that play out in terms of consumer confidence and consumer spending.

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Speaker 4: Are you seeing any impacts in countries like Brazil I

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Speaker 4: know you're also doing business in Mexico and other countries,

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Speaker 4: all of which will face higher terrors as part of

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Speaker 4: the US renegotiation of terrorsts around the world.

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Speaker 3: Yes, this is something that we are monitoring closely. Obviously,

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Speaker 3: we do not export into the US, so there's no

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Speaker 3: direct impact on our business, but it can have secondary

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Speaker 3: effects on the economy, as you mentioned, we have not

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Speaker 3: seen that so far. As I mentioned earlier, we are

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Speaker 3: growing by twenty nine percent our GMB in Brazil as

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Speaker 3: that the management which is amount of money investing of

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Speaker 3: our users, investor mark delivery more than DOW in Brazil

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Speaker 3: ear year. Our credit card book has grown by one

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Speaker 3: hundred and eighteen percent. The profitability of the acid quality

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Speaker 3: of our credit will continue to be very solid in Brazil.

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Speaker 1: So we have not seen any you.

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Speaker 3: Know, any deterioration on macro, on consumption, but obviously it's

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Speaker 3: something that we are monitoring closely.

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Speaker 5: Martine Gwendia Matt Miller here in the studio with the ladies.

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Speaker 5: I was really blown away by the growth at Mercado

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Speaker 5: Credito and I wonder if you're watching closely for signs

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Speaker 5: of credit stress there, because I think you had like

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Speaker 5: ninety percent growth.

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Speaker 1: That's correct, that's correct. Thank you for for a question.

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Speaker 3: Yeah, obviously, when we look at credit, we take it

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Speaker 3: very seriously. We are very careful in the way we

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Speaker 3: manage credit, but the way I used to run the

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Speaker 3: great business before taking the position of CFO. So the

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Speaker 3: first thing we look at is the health of our book.

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Speaker 3: We saw that npls and we disclosed this number are

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Speaker 3: the lowest record, lowest number since we've been disclosed in

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Speaker 3: the metric. The NAYMA, which is a measure of profitability,

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Speaker 3: is also improving quarter on quarter. So we see very

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Speaker 3: healthy science in terms of our book and a profiliarity.

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Speaker 3: So the reason why you're seeing ninety one percent growth

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Speaker 3: in our credit book is because we are seeing good

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Speaker 3: results in terms of our models predicting default rates and

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Speaker 3: the quality of our prede book continues to be very healthy.

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Speaker 3: If we need something different, we will slow down because

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Speaker 3: you know, we're very conscious with the way we manage

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Speaker 3: our credit business.

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Speaker 2: We're talking with Martin de los Santos. He is the

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Speaker 2: CFO Mercado Libre joining us from Uruguay. We should also

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Speaker 2: point out that this is the largest company we to

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Speaker 2: point Latin America's most valuable company if you think about

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Speaker 2: market caps, so really significant. We were talking about fintech,

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Speaker 2: and you know, you were talking about kind of the

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Speaker 2: health of that portfolio, but what can you tell us

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Speaker 2: more Martine when it comes to the mix of customers

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Speaker 2: that are in that portfolio.

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Speaker 3: I think what we're seeing is we're seeing all the

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Speaker 3: different type of customers within the economics segments of the population.

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Speaker 3: Keep in mind that we acquire most of our users,

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Speaker 3: most of our credit users from the marketplace and all

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Speaker 3: types of people using our marketplace, so we have the

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Speaker 3: advantage of having the distribution of medicalivery, but also they

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Speaker 3: buying information that those people have on our marketplace, and

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Speaker 3: we use that information through AI and machine learning models

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Speaker 3: to escore people, and we have models that are very

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Speaker 3: accurate at predicting credit risks.

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Speaker 1: So you will find people of all kinds of.

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Speaker 3: Social levels within our ecosystems that are like half of

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Speaker 3: the people that we offer grade too. We offer credit

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Speaker 3: for the first time they never had access to create.

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Speaker 3: But also the other half are people that properly moving

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Speaker 3: their fintech business to us because we offer it much

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Speaker 3: better user experience than the traditional bands.

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Speaker 4: Martin one question in terms of earnings, I noted that

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Speaker 4: you also pointed out the impact of the Argentine peso

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Speaker 4: on your results. Of course, we've seen JAVMLA make various

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Speaker 4: changes in Argentina in recent months, including making changes to

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Speaker 4: the companies to the country's currency, which has resulted to

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Speaker 4: in basically the spread between the official and inofficial rate

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Speaker 4: falling apart. Just wondering how that's impacting your business and

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Speaker 4: specifically also are you changing your hedging strategy for Argentina.

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Speaker 3: Yeah, I think that the HEADLFT of Argentia that we

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Speaker 3: continue to see a big recovery. I mean unique virus

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Speaker 3: in Argentina group by thirty percent your year, our GMB

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Speaker 3: group by seventy five percent in local currency or thirty

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Speaker 3: five percent in dollars, the items sold on the platform group.

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Speaker 1: By forty six percent, so very strong recovery.

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Speaker 3: As we see inflation coming down, consumption improving, and also

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Speaker 3: as you mentioned, the FX market.

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Speaker 1: Be normalized also helps our business.

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Speaker 3: They opened the economy, so we are bringing more products

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Speaker 3: from the US into Argentina as well.

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Speaker 1: So most you know, most of the business.

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Speaker 3: Are performed here extremely well in Argentina and we're very happy.

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Speaker 1: With the way things are going for our business.

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Speaker 5: There you mentioned, Martine, you ran credit before at Mayer Coutolibre.

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Speaker 5: You ran also strategy into it and you were at

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Speaker 5: Paine before that, so you know strategy up and down.

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Speaker 5: I want to know about your strategy regarding ad revenue

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Speaker 5: because it was also searched like up thirty eight percent.

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Speaker 5: Is that a profit center for you, a future profit

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Speaker 5: center or do you view that more as a tool

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Speaker 5: to drive your core marketplace growth?

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Speaker 1: Yeah? Other times in business is roughly a one billion

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Speaker 1: dollar business.

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Speaker 3: He's rowing at thirty eight percent, as you mentioned, and

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Speaker 3: he's as a profit business for the company, but it

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Speaker 3: has tremendous potential going forward.

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Speaker 1: If you look at the number of people interacting with

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Speaker 1: our ecosystem.

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Speaker 3: Last year we had more than one hundred million people

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Speaker 3: buying on Marcaire have sixty eight millium monthly active users

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Speaker 3: of our fintech platform.

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Speaker 1: So in terms of a.

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Speaker 3: Number of eyeballs within Latin America, we are the third

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Speaker 3: largest pan regional platform and that gives us a great

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Speaker 3: opportunity to continue distributing advertising. We also can leverage all

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Speaker 3: the one first part the information that we have on

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Speaker 3: our users or to target marketing campaigns. So we see

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Speaker 3: a big, very large opportunity. I think it's more future

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Speaker 3: to the past and advertising business. We're just getting started,

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Speaker 3: but as you mentioned, we have been growing very rapidly

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Speaker 3: for the past several years.

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Speaker 1: There's plenty of growth going forward.

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Speaker 2: Martin just got about twenty seconds. We always liked to

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Speaker 2: when we've got lucky enough to have someone like yourself

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Speaker 2: a global CEO, how would you describe the global outlook?

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Speaker 2: And just quickly.

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Speaker 3: Yeah, I think well, obviously we operate in Latin America

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Speaker 3: and depending on the countries and countries have some tough

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Speaker 3: micro situations and some others might be in a very

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Speaker 3: conditioned we're talking about Argentina recovering. But at the end

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Speaker 3: of the day, I think in our business in particular,

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Speaker 3: the trend of people moving online is so much stronger

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Speaker 3: than macroduct We have plenty of opportunities ahead of us.

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Speaker 3: And the same thing on fintech. Right where we're operating

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Speaker 3: in America, where petuation of fintech products is very very low,

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Speaker 3: we play a big role in terms of generating financial.

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Speaker 1: Inclusion throughout the region. So we're very optimistic about at

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Speaker 1: least on our.

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Speaker 2: Region, So glad we could get some time with you.

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Speaker 2: Martin de la Santa Ceo, Mercado Libro, cfo, excuse me.

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Speaker 2: Mercado Libre gave him a little bit of a promotion

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Speaker 2: in Inina treatment.

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Speaker 1: Thank you.