WEBVTT - ICYMI: Latin America's E-Commerce Empire 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Carol Masser and

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<v Speaker 2>tim Stenoveek on Bloomberg Radio.

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<v Speaker 3>Hey listen, we have been really lucky in checking in

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<v Speaker 3>on the c suite this week, and a lot of

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<v Speaker 3>it has to do because so many companies around certainly

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<v Speaker 3>across the United States, but around the globe also reporting

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<v Speaker 3>their results. Shares of Mercado Libra they are actually trading

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<v Speaker 3>up about two point eight percent in today's session. They

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<v Speaker 3>will lower in the pre market, but certainly the regular

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<v Speaker 3>session investors coming in. This is after the e commerce

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<v Speaker 3>firm posted earnings that missed estimates. As the company ramps

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<v Speaker 3>up marketing spending to recruit more users, now move to

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<v Speaker 3>lower the threshold for free shipping in Brazil, also crimping profitability.

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<v Speaker 3>We'll get into that in just a moment. We'll point

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<v Speaker 3>out analysts the strategic value in these initiatives, saying they

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<v Speaker 3>will help shore up long term growth even as they

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<v Speaker 3>weigh on margins for the time being. So let's get

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<v Speaker 3>into the business. Time for our CFO briefing with us

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<v Speaker 3>is Martin Delos Santos. He is CEO of the e

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<v Speaker 3>commerce firm Ricordo Libra. He joins us from Montevideo, Uruguay,

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<v Speaker 3>and he will be featured we should point out in

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<v Speaker 3>the upcoming edition of the Bloomberg CFO Briefing newsletter, which

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<v Speaker 3>you can sign up for at Bloomberg dot com slash

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<v Speaker 3>CFO Briefing. Also with us is Nina Trentman. She's Bloomberg

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<v Speaker 3>News senior editor who writes the Bloomberg CFO Briefing newsletter.

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<v Speaker 3>She's here in studio Martin. Great to have you here

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<v Speaker 3>with Nina, Matt and myself talk to us about the quarter,

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<v Speaker 3>because it does seem that investors, analysts weighing in that

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<v Speaker 3>the biggest question is on investments and what you are

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<v Speaker 3>doing how they will provide some future growth. But welcome, welcome,

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<v Speaker 3>thank you for having me.

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<v Speaker 1>How are you?

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<v Speaker 2>Yes, we had a great quarter, really in terms of

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<v Speaker 2>the results that we delivered revenue group by thirty four

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<v Speaker 2>percent a year, the deliver operating income, a record operating

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<v Speaker 2>income of eight hundred and twenty five million got us.

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<v Speaker 2>I'm more important than that we continue to grow our

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<v Speaker 2>news surveys both on our commerce and fintech platform, our

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<v Speaker 2>barriers on the commerce platform, rule by twenty five percent

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<v Speaker 2>year a year on fintech grew by thirty percent, credit.

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<v Speaker 1>Book double year and year GMB, which is.

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<v Speaker 2>The volume to accepted America olivery rule by twenty nine

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<v Speaker 2>percent in Brazil thirty two percent in Mexico. In both

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<v Speaker 2>cases we continue to gain market share, so very good,

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<v Speaker 2>you know, very strong operating metrics. And as you said,

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<v Speaker 2>this particular quarter was a quarter of investments. We opened

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<v Speaker 2>two new food film and centers to add to the

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<v Speaker 2>more than thirty four filming centers that we have throughout

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<v Speaker 2>the region. We also made a big change in terms

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<v Speaker 2>of lowering the free shipping thresholds in Brazil, which is

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<v Speaker 2>a strategic move that we have been doing for many

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<v Speaker 2>years and it's paying off very nicely. And also we

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<v Speaker 2>cont due to invest in a credit card, but very

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<v Speaker 2>excited normally about the results. More important than that about

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<v Speaker 2>the future and the opportunity that we had ahead of us,

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<v Speaker 2>both in commerce as well as fintech.

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<v Speaker 4>You mentioned the threshold for free shipping in Brazil as

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<v Speaker 4>one of the contributors. I think to you missing estimates

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<v Speaker 4>for net profit as well as core earnings. I'm just wondering,

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<v Speaker 4>as a CFO of a fast growing business, how do

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<v Speaker 4>you think about profitability and how do you manage the

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<v Speaker 4>short versus versus long term.

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<v Speaker 1>That's it.

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<v Speaker 2>I mean we talked about this, Nina, I remember talking

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<v Speaker 2>to you a few quarters ago.

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<v Speaker 1>That's it.

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<v Speaker 2>We try to balance, right, We try to balance short

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<v Speaker 2>term profitability with the growth opportunities that we have ahead

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<v Speaker 2>of us.

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<v Speaker 1>So we want to make sure that we do not

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<v Speaker 1>miss those opportunities.

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<v Speaker 2>When you look at commerce penetration of e commerce in

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<v Speaker 2>Latin America, it's roughly, you know, mid teams of fifteen

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<v Speaker 2>percent compared to maybe twenty five percent, thirty or forty

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<v Speaker 2>percent even in China, hour in the US, So there's

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<v Speaker 2>plenty of room to continue growing the fintech side of

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<v Speaker 2>the business.

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<v Speaker 1>The same thing happened.

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<v Speaker 2>Most people in Latin America have not been financially included

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<v Speaker 2>by the financial system, so that we see a large

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<v Speaker 2>opportunity to expand our footprint on the fintech side of

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<v Speaker 2>the business, and Marcalo bar so at the same time,

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<v Speaker 2>to capture our opportunity, it requires investments. Some of those

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<v Speaker 2>investments might put some short term pressure, but I think

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<v Speaker 2>this is a good example. When we lower the free

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<v Speaker 2>free shipping threshold. It does put pressure in the short term,

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<v Speaker 2>but we have approve and over time, and we've been

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<v Speaker 2>doing this since twenty seventeen when we introduced free shipping

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<v Speaker 2>in Brazil. At that time the free shipping threshold was

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<v Speaker 2>one hundred and twenty raalites. We brought it down to

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<v Speaker 2>eighty and now we brought it down to twenty. So

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<v Speaker 2>we have proved all the time that by lowering the

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<v Speaker 2>free shipping threshold, we eliminate the most you know, the

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<v Speaker 2>high the most frictional point in terms of acquired buying

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<v Speaker 2>things online for people. So we're eliminating that friction really

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<v Speaker 2>generates a lot more volume and then eventually that translates

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<v Speaker 2>into profits. So I think it's a it's a strategy

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<v Speaker 2>that has paying out to us, and the long term

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<v Speaker 2>investors of Margalivera understand it, and we're already comfortable with

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<v Speaker 2>the investments that we're doing.

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<v Speaker 4>You mentioned Brazil. That's of course an interesting market just

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<v Speaker 4>in the current and Terraff debates that we're seeing with

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<v Speaker 4>the Brazilian government so far holding out to Trump and

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<v Speaker 4>basically not giving in on the Trump Terraff suggestions for Brazil.

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<v Speaker 4>Just wondering and how far are you seeing that play

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<v Speaker 4>out in terms of consumer confidence and consumer spending. Are

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<v Speaker 4>you seeing any impacts in countries like Brazil. I know

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<v Speaker 4>you're also doing business in Mexico and other countries, all

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<v Speaker 4>of which will face higher terrors as part of the

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<v Speaker 4>US renegotiation of terrorsts around the world.

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<v Speaker 2>Yes, this is something that we are monitoring closely. Obviously,

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<v Speaker 2>we do not export into the US, so there's no

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<v Speaker 2>direct impact on our business, but it can't have secondary

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<v Speaker 2>effects on the economy.

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<v Speaker 1>As you mentioned, we have not seen that so far.

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<v Speaker 2>As I mentioned earlier, we're growing by nine percent GMB

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<v Speaker 2>in Brazil. As that the management, which is amount of

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<v Speaker 2>money investing of our use of investor mar deliver.

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<v Speaker 1>More than now in Brazil.

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<v Speaker 2>A year, our credit card book has grown by one

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<v Speaker 2>hundred and eighteen percent. The profitability of the asset quality

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<v Speaker 2>of our credit book continues to be very solid in Brazil.

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<v Speaker 2>So we have not seen any you know, any deterioration

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<v Speaker 2>on macro on consumption, but obviously it's something that we

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<v Speaker 2>are monitoring closely.

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<v Speaker 5>Martin Gundya Matt Miller here in the studio with the ladies.

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<v Speaker 5>I was really blown away by the growth at Mercado

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<v Speaker 5>CREDITO and I wonder if you're watching closely for signs

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<v Speaker 5>of credit stress there because I think you had like

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<v Speaker 5>ninety percent growth.

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<v Speaker 2>That's correct, that's correct, Thank you for the question. Yeah, obviously,

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<v Speaker 2>when we look at credit, we take it very seriously.

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<v Speaker 2>We are very careful in the way we manage credit.

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<v Speaker 1>But the way I used to.

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<v Speaker 2>Run the credit business before taking the position of CFO,

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<v Speaker 2>So the first thing we look at is the health

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<v Speaker 2>of our book. We saw that mpls and we disclosed

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<v Speaker 2>this number are the lowest record, lowest number it.

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<v Speaker 1>Since we've been disclosed in the metric.

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<v Speaker 2>The NAYMUN, which is a measure of profitability, is also

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<v Speaker 2>improving quarter and quarter. So we see very healthy science

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<v Speaker 2>in terms of our book and a profit ability. So

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<v Speaker 2>the reason why you're seeing ninety one percent growth in

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<v Speaker 2>our credit book is because we are seeing good results

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<v Speaker 2>in terms of our models predicting default rates and the

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<v Speaker 2>quality of our credit book continues to be very healthy.

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<v Speaker 1>If we need something different, we will.

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<v Speaker 2>Slow down because we you know, we're very conscious with

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<v Speaker 2>the way we will manage our credit business.

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<v Speaker 3>We're talking with Martin de los Santos. He is the

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<v Speaker 3>CFO Mercado Libre joining us from Uruguay. We should also

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<v Speaker 3>point out that this is the largest company we to

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<v Speaker 3>point Latin America's most valuable company if you think about

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<v Speaker 3>market caps, so really significant. We were talking about fintech,

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<v Speaker 3>and you know, you were talking about kind of the

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<v Speaker 3>health of that portfolio, but what can you tell us

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<v Speaker 3>more Martine when it comes to the mix of customers

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<v Speaker 3>that are in that portfolio.

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<v Speaker 2>I think what we're seeing is that we're seeing all

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<v Speaker 2>the different type of customers within the economics segments of

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<v Speaker 2>the populations. Keep in mind that we acquire most of

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<v Speaker 2>our users, most of our credit users from the marketplace

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<v Speaker 2>and all you know, all types of people using our marketplace,

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<v Speaker 2>so we have the advantage of having the distribution of medicalivery,

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<v Speaker 2>but also they buying information that those people have on

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<v Speaker 2>our marketplace, and we use that information through AI and

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<v Speaker 2>machine learning models to escore people.

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<v Speaker 1>And we have models that.

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<v Speaker 2>Are very accurate at predicting credit risks. So you will

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<v Speaker 2>find people of all kinds of social levels within our

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<v Speaker 2>ecosystems that are like half of the people that we

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<v Speaker 2>offer crede to. We offer credit for the first time

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<v Speaker 2>they never had access to create but Also the other

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<v Speaker 2>half are people that we properly moving their fintech business

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<v Speaker 2>to us because we offer it much better user experience

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<v Speaker 2>than the traditional.

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<v Speaker 4>Bands Martin one question in terms of earnings, I noted

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<v Speaker 4>that you also pointed out the impact of the Argentine

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<v Speaker 4>peso on your results. Of course, we've seen JAVMLA make

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<v Speaker 4>various changes in Argentina in recent months, including making changes

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<v Speaker 4>to the companies to the country's currency, which has resulted

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<v Speaker 4>to in basically the spread between the official and inofficial

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<v Speaker 4>rate falling apart. Just wondering how that's impacting your business

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<v Speaker 4>and specifically also are you changing your hedging strategy for Argentina.

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<v Speaker 2>Yeah, I think that the headline Argentia that we continue

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<v Speaker 2>to see a big recovery, I mean unique virus in

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<v Speaker 2>Argentina group by thirty percent your year, our GMB group

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<v Speaker 2>by seventy five percent in local currency or thirty five

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<v Speaker 2>percent in dollars, the items sold on the platform group

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<v Speaker 2>by forty six percent, so very strong recovery as we

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<v Speaker 2>see inflation coming down, consumption improving, and also as you mentioned,

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<v Speaker 2>the FX.

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<v Speaker 1>Market be normalized. Also how helps out business.

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<v Speaker 2>They opened the economy, so we are bringing more products

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<v Speaker 2>from the US into Argentina as well. So most you know,

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<v Speaker 2>most of the business are performed extremely well in Argentina

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<v Speaker 2>and we're very happy with the way things are going

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<v Speaker 2>for our business there.

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<v Speaker 5>You mentioned, Martine, you ran credit before at Marcattolibra, you

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<v Speaker 5>ran also strategy into it and you were at Bane

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<v Speaker 5>before that, so you know strategy up and down. I

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<v Speaker 5>want to know about your strategy regarding AD revenue because

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<v Speaker 5>it was also searched like up thirty eight percent. Is

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<v Speaker 5>that a profit center for you, a future profit center

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<v Speaker 5>or do you view that more as a tool to

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<v Speaker 5>drive your core marketplace growth?

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<v Speaker 1>Yeah? Other times in business is roughly a one billion

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<v Speaker 1>dollar business.

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<v Speaker 2>He's rowing at thirty eight percent, as you mentioned, and

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<v Speaker 2>he said, you know, it's a profit business for the company,

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<v Speaker 2>but it has tremendous potential going forward.

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<v Speaker 1>If you look at the number of people interacting with

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<v Speaker 1>our ecosystem.

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<v Speaker 2>Last year, we had more than one hundred million people

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<v Speaker 2>buying on Marclure. That sixty eight meters monthly active users

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<v Speaker 2>of her fintech platform. So in terms of a number

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<v Speaker 2>of eyeballs within Latin America, we are the third largest

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<v Speaker 2>pan regional platform and that gives has a great opportunity

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<v Speaker 2>to continue distributing advertising. We also can leverage all the

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<v Speaker 2>one first part the information that we have on our

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<v Speaker 2>users or to target marketing campaigns. So we see a big, big,

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<v Speaker 2>very large opportunity. I think it's more future too than

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<v Speaker 2>pass and advertising business. We're just getting started, but as

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<v Speaker 2>you mentioned, we have been growing very rapidly for the

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<v Speaker 2>past several years.

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<v Speaker 1>There's plenty of growth going forward.

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<v Speaker 3>Martin just got about twenty seconds. We always liked it

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<v Speaker 3>when we've got lucky enough to have someone like yourself

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<v Speaker 3>a global CEO. How would you describe the global outlook?

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<v Speaker 3>And just quickly.

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<v Speaker 2>Yeah, I think well, obviously we operate in Latin America,

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<v Speaker 2>and you know, depending on the countries, some countries have

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<v Speaker 2>some tough micro situations and some others might be in

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<v Speaker 2>a very conditioned we're talking about Argentina recovering day. I

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<v Speaker 2>think in our business in particular, the trend of people

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<v Speaker 2>moving online is so much stronger than macro that we

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<v Speaker 2>have plenty of opportunities ahead of us. And the same

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<v Speaker 2>thing on on fintech right where we're operating in America,

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<v Speaker 2>where petuation of fintech products is very very low. We

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<v Speaker 2>play a big role in terms of generating financial inclusion

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<v Speaker 2>throughout the region, so we're very optimistic about Macro.

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<v Speaker 3>This is on our region, so glad we could get

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<v Speaker 3>some time with you. Martin de la Santa Ceo, Mercado

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<v Speaker 3>Libro cfo excuse me, Mercado Libre gave them a little

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<v Speaker 3>bit of a promotion and intreatment.

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<v Speaker 1>Thank you.