MercadoLibre, Inc. Q1 FY2025 Earnings Call

Richard Cathcart: Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended March 31, 2025. 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 management team. Before we go on to discuss our results for the first quarter of 2025, I remind you that management may make or refer to and this presentation may contain forward-looking statements and non-GAAP measures. So please refer to the disclaimer on screen, which will also be available in our earnings materials on our Investor Relations website. Please note that this call is being recorded and a replay will be made available on our IR website as well. With that, let's begin with a short message from our CFO. Martin de los Santos: Hello, everyone. We are excited to kick-off 2025 with another great quarter at MercadoLibre, as we continue to deliver strong growth across both e-commerce and fintech. In Q1, we maintained the rapid pace of net revenue growth achieved in 2024, while making solid progress on all of our strategic initiatives. This momentum is fueled by continued investments and improvements in the value proposition for our users. In commerce, we continue to deliver strong growth outpacing all of our major markets. Brand preference metrics for our marketplace reached all-time highs in Brazil, Mexico, Argentina and Chile during the qua