MELI的財報,大致上都滿穩健的,本季也不例外。
總營收增長31%,但這是按美元計算的,如果是匯率中性,營收增長57.2%,整體增長動能維持得不錯,跟過去兩季的水平大致相約。
利潤表現更是十分亮眼。毛利率穩定,但營業利益和EPS都有很大的突破,相信這是財報後股價大漲的最主要原因。
本季營業利益是558M,按年增長123%,營業利潤率擴大到16.3%。翻查了一下紀錄,這最少是從2018年以來最高的水平。EPS 5.16,同樣也是創了近年新高。
管理層說,從短期來說,不要期待每個季度都會有這樣的盈利表現,因為他們仍然有很多個地方需要投資,但長期來說,會有結構性的利潤和現金增長。
In the short run, not every quarter will look like this, there are still multiple growth vectors for us to invest behind, but it certainly points to the long term margin and cash upside we believe we can deliver.
結構性的增長主要來自巴西和墨西哥市場。管理層強調一點,這種盈利擴張並不只是來自近期增長迅速的信貸業務。本季除了自銷產品(first party business)的獲利率略有收縮,幾乎其他所有的商業和金融科技領域都看到相當強勁的獲利能力增長。
Yes. So the Mexican expansion in margin and this applies to Brazil as well. Brazil and Mexico both drove the lion's share of the growth in EBIT and margin expansion. And it's been remarkably consistent across multiple products, both in commerce and fintech. So with the exception of the 1P margin that contracted slightly, pretty much all other revenue streams are coming in with very solid cost management and strong growth in revenue. So this wasn't driven solely by credits, in Mexico nor in Brazil. I mean, I think that's important to point out.
其他業務指標都很健康。包括GMV同比增長23%,跟上一季相約。
活躍用戶增長7.9%,較上一季的4.1%加快。
營業現金流流入1,412M,較上一季的859M多。
帳上現金(Cash and cash equivalents + Short-term investments)進一步創高來到4,699M,財務狀況穩健。
真要講瑕疵的話,大概是。。。
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