Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Martin de Los Santos: We generated $214 million in adjusted free cash flow for the quarter, even after absorbing higher capital expenditure of $441 million and investing $2.1 billion into the growth of our credit book.Demand and orders: Martin de Los Santos: In Brazil, items per buyer grew 19% year-on-year in Q2 despite the fact that we've been adding large numbers of new buyers, who typically start out purchasing far less than an average user.Margins: Martin de Los Santos: This quarter's EBIT margin of 6.7% was down 550 basis points year-on-year as we continue to prioritize long-term strategic investments over short-term profitability.Analyst Q&A
Analyst Deepak Mathivanan asked: Just wanted to follow up on EBIT margin. EBIT margin came in pretty much as you anticipated sequentially in 2Q. It does seem like some of the investments were offset by improvements in NIMAL on the consumer credit side. Can you comment about the sustainability of margins at these levels in the second half? Management Martin de Los Santos answered: So that's a good example of AI contributing to profits. Then on the productivity side, I think in the past, we talked about customer service. As an example, 4 years ago, we used to have 10,000 reps on customer service. Today, we have 7,000 reps, even though the business grew by 3x during that period of time. And that's because 90% of the interactions are done without a human participating on the issue. In product development, obviously, that's tremendous productivity gains. We have 20,000 developers that are using AI.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：马丁·德·洛斯·桑托斯表示：本季度，即便承担了4.41亿美元的更高资本支出并向信贷业务规模增长投入21亿美元，我们仍实现了2.14亿美元的调整后自由现金流。需求与订单：马丁·德·洛斯·桑托斯表示：第二季度，在巴西市场，尽管我们新增了大量初始购买力低于普通用户的新买家，但每位买家的购买商品量同比增长了19%。利润率：马丁·德·洛斯·桑托斯表示：本季度EBIT利润率为6.7%，同比下降550个基点，因为我们仍优先推进长期战略投资而非短期盈利能力。分析师问答
分析师迪帕克·马蒂瓦南提问：我们想跟进EBIT利润率的问题。第二季度EBIT利润率基本符合您方此前的环比预期，部分投资似乎被消费信贷业务的NIMAL改善所抵消，能否请您评论下半年该利润率在当前水平的可持续性？ 管理层马丁·德·洛斯·桑托斯回答：这是人工智能助力利润的绝佳例子。在生产力方面，以客服为例，4年前我们有1万名客服代表，如今业务规模增长3倍，客服代表却仅7000人，这是因为90%的交互无需人工参与。产品开发领域也获得巨大生产力提升，目前有2万名开发人员在使用人工智能。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
