Maria Clara Infantozzi: Thank you so much.
Operator: Standby for our next question. And it comes from Kaio Prato with UBS. Kaio, your line is open. Please go ahead.
Kaio Prato: Hello, everyone. Good evening. Thank you for taking my question. My question is also on the FinTech business, please. You mentioned during the presentation the importance of credit card strategy, to be the main financial provider of choice of your users. So in light of this, my question is, out of your almost 50 million unique FinTech users, how many clients see Mercado Pago as a principal digital account nowadays? If you have some percentage of principality that you can share. And how much do you think you can achieve in the future, please? Thank you.
Osvaldo Gimenez: Kaio, we have not disclosed in the past principality. What we have disclosed, and this continues to be the case, is that when we look at all of our users in a given country, particularly in Brazil, which is the one country where we have more of our credit portfolio and more of our credit products launch, what we are seeing is a continuous increase in the amount of products that our users are using and in the availability, not only of consumer credit but also of credit cards. And these two, together with asset under management, which is growing near triple digits in Brazil and Mexico and over triple digits in Argentina, are, I’d say, a key component of a user becoming principal. So all of the metrics are going in the right direction. The other one is TPV generated both by a credit card and a debit card. But we have never disclosed a principality measure.
Kaio Prato: Okay. Thank you very much. And just to follow-up, my last question on the — credit card business. How are you seeing the discussion about the change in framework of credit cards in Brazil nowadays? And what could be the impact on your side, not only in terms of potential P&L impact but also in terms of your appetite for further increased origination on credit card?
Pedro Arnt: Sure, Kaio. So I think that — this is not the first time that this is discussed in Brazil. I think the jury is still out. There are many things that are being discussed. One of them is having a potential cap on interest rates. Other one is probably limiting to some degree — or interest-free interest rates. And the third one is probably putting a cap on the interchange each of those would affect us in different ways, still very early. Until we have the details, we are not able to tell. We believe that [indiscernible] is a key driver for consumption in Brazil and probably that should limit how much that is affected.
Kaio Prato: Okay. Thank you very much.
Operator: Our next question comes from Scott Devitt with Wedbush. Please go ahead.
Scott Devitt: I had two questions. Maybe a different spin on the first question, which is, Marcos, back in 2019, this was like a little over a $2 billion revenue business, doing like $1.1 billion in gross profit. And you’re approaching like 7 times those levels now. So the growth through the pandemic, and comping the comps everything else, it’s almost unprecedented, and yet you’re growing at rates that are similar to where you were growing back in 2019. So I’m curious, as you think about like what’s transpired over the last 4 years, if you can kind of frame how you think about the mainstream in e-commerce because of the pandemic and how that may have benefited a market like Latin America uniquely relative to other markets versus drivers of the business that were more company-specific like improvements in the e-commerce experience because of faster shipping times and things like that are the benefits of having a broader ecosystem with payments?
Just how you think of the components or the build of how this business has gotten so big, so fast and just keeps growing at this pace. That’s kind of the first question. And then the second one, if you could just talk a bit more about the advertising business in the quarter. I didn’t — I may have missed it. didn’t see the absolute amount. But if you can just talk about how that’s trending and how you’re thinking about the ad business longer term. Thank you.
Marcos Galperin: Okay. Thank you Scott, so yes, COVID was in general around the world is very good ecommerce company, and the same thing happened in Latin America. We basically doubled during COVID, during those two years, 2021 and 2020. But unlike what happened in other parts of the world, we continue to grow at a very healthy rate once life resumed to normal. We’re very happy about that. We think that we had done prior to 2019 a lot of things. We had invested a lot of money and efforts on mostly technology, so got us at the right time, in the right place. We were able to benefit, I think, more than other players in the region when that happened. And since then, when we grew in scale, obviously, the power of the ecosystem is very strong, and we continue to add features and functionalities and products to this ecosystem, advertising being one of them.
Financing on the credit cards being another one, insurance being another one. And more recently, all the content plays, whether it’s our partnership with Disney and other great content providers that we are distributing through MELI Mas, or whether it’s or whether it’s Mercado Play our Clips. So we continue to add features and functionalities and products brands. And I think we have a — we have created something that is pretty unique in the region and around the world, and each part strengthens the other. And we have a lot of scale. As you mentioned, we are seven times the size we had a few years back. And more importantly, our growth rate is still very healthy, and we have a very strong balance sheet, and we intend to continue innovating, continue investing and continue focusing in the next 5 to 10 years and not in the next three to four quarters.
And then Ariel can give you more background on advertising.
Scott Devitt: Thanks.
