MercadoLibre, Inc.

Hello everyone and welcome to the MercadoLibre earnings conference call for the quarter-ended June 30th, 2024. Thank you for joining us. I'm Richard Cathcart, MercadoLibre's Investor Relations Officer. Today we will share our quarterly highlights on video, after which we will begin our live Q&A session with our CFO, Martín de los Santos, our FinTech President, Oswaldo Jiménez, and our Commerce President, Ariel Scharstein. Thank you. Thank you. Thank you.

Tomorrow, August 2nd, 2024, marks 25 years since we founded Mercado Libre with the mission of democratizing commerce and financial services in Latin America. Over those 25 years, we have built a sustainable company that provides millions of small and medium-sized businesses with the tools they need to compete with larger players. We have enabled the shift to online retail by providing tens of millions of consumers with world-class levels of service. And we have included millions of people into the financial system across the region for the first time. These are notable achievements, but they are also just a baseline from which we think about our even bigger ambitions to deliver on our mission at an even greater scale. We are as optimistic as ever about the opportunities that are ahead of us and we are excited to pursue them with a culture of entrepreneurship, excellence and innovation that has served us well for the last 25 years. This is therefore a great moment to reaffirm our belief that the best is yet to come. Now I will pass it on to Martin for more information on the second quarter of 2024. Thank you, Marcos. Hello, everyone.

I am pleased to highlight MercadoLibre's outstanding performance in the second quarter of 2024, with strong growth across our key business units, as well as solid bottom-line financial results. In commerce, we saw the highest growth in sold items and unique buyers in 2021, with both metrics accelerating sequentially. GMB performed well across geographies, particularly in Brazil, where the 36% growth remarks the highest level also since 2021. In Mexico, we maintained our momentum with successful hot sales once again. And in Argentina, we saw a positive growth in terms of item sales, reverting the negative growth that we saw during Q1. This growth is a result of our commitment to improving the user experience through innovation and technology, and the investments we continue to make in our key strategic initiatives such as fulfillment and minimize. In fintech services, we saw a strong growth in monthly active users, which surpassed the 50 million mark for the first time. And we also saw very solid engagement metrics demonstrating the traction that Mercado Pago has within our users. We continue to see a very positive adoption of our remunerated account in all of our major markets, resulting in strong growth of asset under management. Our consumer and merchant credit books continue to scale while delivering strong profitability. During the quarter, we issued 1.6 million new credit cards and the TPV grew by 3x compared to last year. The credit card is a critical component of our fintech value proposition, and we feel confident about scaling this product as a result of the improving accuracy of the underwriting model. Acquiring TPB grew also very strongly in Brazil, Mexico, and Argentina, and this was a result of the move-up market strategy that we're implementing that enables us to reach larger merchants and also the continuous investments that we make in the online payment segment. Our consolidated financial results for the second quarter reflect the strong performance of our commerce and fintech operations, with revenues of $5.1 billion growing above 40% year-on-year. We delivered income from operations of $726 million and net income of $531 million. resulting in net income margin of 10.5%, which is the highest in the last eight years. For more information on our results, please refer to our shareholders' letter. Now I will pass it on to Richard for more business news.