MERCADOLIBRE CLIENT CALL - RICHARD CATHCART FIRESIDE CHAT: FY 23 ROUND UP - SHIPPING/LOGISTICS/ARGENTINA

WHAT: We have rescheduled our call with MercadoLibre's Richard Cathcart (previously set for 12 March) and coming in just before the closed period starts (1 April).

WHEN: Thursday 28th March, 8am ET / 12pm UK

The stock has pulled back since reporting Q4s, on higher cost and perhaps ongoing concern on Argentina. We explore:- 

• Shipping costs and a quick refresher: what's billed, where? OpEx, Contra revenue? How should we think about the subsidy on shipping given promotions on Meli + and the cost miss in Q4?
• How does the push into 1P play into this?
• Improving logistics - higher spend vs monetisation. Where will the 50% fulfilment penetration head to, how much more spend is needed? Where is MercadoLibre versus peers like Amazon, what is the pace of spend in the future?
• Competition update from Chinese/other E-Comm operators. Following Temu launch in Mexico, expectations for Brazil?
• Change of leadership at MercadoPago Brasil:  Andre Chaves, former VIP of Strategy new appointment. Expecting changes? App update? Underlying dynamics on Payments getting better in Brazil?
• Digital Ad - lessons from 2023, take up through 2024 (ex Argentina)
• Outlook for Credit: prospects by Geo and by Segment (personal loan, credit card, BNPL)
• Argentina - moderating inflation but demand under pressure. How to think about $ profitability through 2024