Dlocal Ltd (DLO) 2022 Q4 法說會逐字稿

Good day. Thank you for standing by. Welcome to DLocal Fourth Quarter 2022 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。謝謝你的支持。歡迎來到 DLocal 2022 年第四季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Soledad Nager, Head of Investor Relations. Please go ahead.

我現在想把會議交給您今天的發言人，投資者關係主管 Soledad Nager。請繼續。

Thank you very much, operator. Good morning, everyone, and thank you for joining our fourth quarter 2022 earnings call today. If you have not seen our earnings release, a copy is posted in the financial section of our Investor Relations website.

非常感謝你，接線員。大家早上好，感謝您今天參加我們的 2022 年第四季度財報電話會議。如果您還沒有看到我們的收益發布，我們的投資者關係網站的財務部分會發布一份副本。

On the call today, I'm joined by Sebastian Kanovich, our Chief Executive Officer; Jacobo Singer, our President and COO; Diego Cabrera Canay, our Chief Financial Officer; and Maria Oldham, Vice President of Corporate Development and Investor Relations.

今天，我們的首席執行官塞巴斯蒂安·卡諾維奇 (Sebastian Kanovich) 和我一起參加了電話會議； Jacobo Singer，我們的總裁兼首席運營官； Diego Cabrera Canay，我們的首席財務官；和 Maria Oldham，企業發展和投資者關係副總裁。

We are providing a slide presentation to accompany our prepared remarks. This event is being broadcast live via webcast, and both the webcast and presentation may be accessed through DLocal website at investor.dlocal.com. The recording will be available shortly after the event is concluded.

我們將提供幻燈片演示以配合我們準備好的發言。此活動將通過網絡直播進行現場直播，網絡直播和演示文稿均可通過 DLocal 網站 investor.dlocal.com 訪問。錄音將在活動結束後不久提供。

Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned in this conference call are based on currently available information and the local current assumptions, expectations and projections about future events.

在繼續之前，讓我提一下，演示文稿中包含的或本次電話會議中提及的任何前瞻性陳述均基於當前可用的信息以及當地當前對未來事件的假設、預期和預測。

While the company believes that our assumptions, expectations and projections are reasonable given currently available information, you are cautioned not to place undue reliance on those forward-looking statements. Actual results may differ materially from those included in the local presentation or discussed in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factor section of DLocal filings with the Securities and Exchange Commission, which are available on DLocal Investor Relations website.

雖然公司認為我們的假設、預期和預測根據當前可用信息是合理的，但請注意不要過分依賴這些前瞻性陳述。由於各種原因，實際結果可能與本地演示文稿或本次電話會議中討論的結果存在重大差異，包括前瞻性陳述和向美國證券交易委員會提交的 DLocal 文件的風險因素部分中描述的內容，這些內容可在在 DLocal 投資者關係網站上。

Now I will turn the conference over to Seba. Thank you.

現在我將會議轉交給 Seba。謝謝。

Good morning, everyone. Thanks for joining the call today. We will discuss our business and our results for full year '22 and Q4 '22. I want to start by thanking our key stakeholders. It was a challenging quarter in which we were under unwarranted attack and I could not be more grateful for the following: First, our customers. Through long-term partners, who we know chose carefully home to trust with their volumes. Their record TPV of $10.6 billion in 2022, including $3.3 billion in Q4, up 21% quarter-over-quarter is a testament to the trust they place in our solution and our business strength.

大家，早安。感謝您今天加入電話會議。我們將討論 22 年全年和 22 年第四季度的業務和業績。我想首先感謝我們的主要利益相關者。這是一個充滿挑戰的季度，我們受到了無端的攻擊，我非常感謝以下幾點：首先，我們的客戶。通過我們認識的長期合作夥伴，他們謹慎地選擇了家來信任他們的數量。他們在 2022 年創紀錄的 TPV 為 106 億美元，其中第四季度為 33 億美元，環比增長 21%，這證明了他們對我們的解決方案和我們的業務實力的信任。

We are grateful to our team, who continue to work very hard and remain committed to delivering against our long-term ambitions. We were tested and passed the test. Our operations continue to run smoothly and better than ever.

我們感謝我們的團隊，他們繼續非常努力地工作，並繼續致力於實現我們的長期目標。我們接受了測試並通過了測試。我們的運營繼續順利進行，並且比以往任何時候都更好。

Third, to our long-term investor partners. As you can see in the regulatory filings, our main shareholders continue to support us, recently increasing their positions, showing their confidence in and excitement about the future value creation potential of DLocal. We strongly believe in the business we are building, and we are continuing our share buyback program in accordance with our trading policy.

第三，對我們的長期投資夥伴。正如您在監管文件中看到的那樣，我們的主要股東繼續支持我們，最近增加了他們的頭寸，顯示了他們對 DLocal 未來價值創造潛力的信心和興奮。我們堅信我們正在建立的業務，我們將根據我們的交易政策繼續我們的股票回購計劃。

This was our second year as a public company. We have over-delivered on our initial expectations since we went public and 2022 was no exception. Before we deep dive into the results, I want to remind everyone why we started DLocal back in 2016 and how this drives everything we do up to today. We founded DLocal because we saw a very clear pain point. Accessing and doing business in emerging markets is very difficult. Emerging markets, in general, have much more fragmented payment systems and methods than developed markets. They also have more unstable and complex regulatory environment as well different tax rules and different consumer behaviors.

這是我們作為上市公司的第二年。自上市以來，我們超出了最初的預期，2022 年也不例外。在我們深入研究結果之前，我想提醒大家為什麼我們在 2016 年開始 DLocal，以及它如何推動我們所做的一切直到今天。我們創立 DLocal 是因為我們看到了一個非常明顯的痛點。進入新興市場並在其中開展業務非常困難。一般來說，新興市場的支付系統和方法比發達市場分散得多。它們還具有更加不穩定和復雜的監管環境以及不同的稅收規則和不同的消費者行為。

So even for large global companies with relevant resources, it is very time-consuming and frustrating to set up just a single new payment method in a single market. When you extrapolate that to the multitude of payment methods across the many emerging markets, it is a problem that is highly resource-intensive to solve, especially when you consider it is non-core for almost all businesses.

因此，即使對於擁有相關資源的大型全球公司而言，在單一市場中僅建立一種新的支付方式也是非常耗時且令人沮喪的。當您將其推斷到許多新興市場的眾多支付方式時，這是一個需要高度資源密集型解決的問題，尤其是當您認為它對幾乎所有企業而言都不是核心時。

This is where DLocal comes in. By doing all of the hard work of integrating over 900 payment methods across 40 emerging markets and making them all available through a single API, we are able to help companies avoid all this hustle. And because we support many hundreds of merchants, we benefit from economies of scale from combining their volumes.

這就是 DLocal 的用武之地。通過整合 40 個新興市場的 900 多種支付方式並通過單一 API 提供所有支付方式，我們能夠幫助公司避免所有這些麻煩。而且因為我們支持數百家商家，我們從合併他們的數量中受益於規模經濟。

Just to emphasize here through our One dLocal model, we provide a seamless experience for our merchants, 1 contract, 1 platform, 1 API, 1 source of support. From the perspective of our merchants, whether they are receiving Brazilian reais through PIX, a local instant payment method, or they are paying out Nigeria nairas via local bank transfer, they have only 1 integration.

通過我們的 One dLocal 模型在這裡強調，我們為我們的商家提供無縫體驗，1 個合同，1 個平台，1 個 API，1 個支持來源。從我們商家的角度來看，無論他們是通過本地即時支付方式 PIX 接收巴西雷亞爾，還是通過本地銀行轉賬支付尼日利亞奈拉，他們都只有 1 個集成。

We believe the growth of the company over the past 7 years is a testament to the attractiveness of this proposition for the merchants. Today, we serve some of the largest and best-known companies in the world, such as Microsoft and Meta. We allowed them to access over 2 billion consumers across 40 markets via 900-plus payment methods for both local-to-local and cross-border transactions, both pay-in and pay-out. And the exciting thing is that there is so much more to come, many more merchants on board, new markets to expand to, new products to launch and new payment methods to onboard.

我們相信公司在過去 7 年的發展證明了這一提議對商家的吸引力。今天，我們為世界上一些最大和最知名的公司提供服務，例如 Microsoft 和 Meta。我們允許他們通過 900 多種支付方式接觸 40 個市場的超過 20 億消費者，進行本地到本地和跨境交易，包括支付和支付。令人興奮的是，還有更多的事情要做，更多的商家加入，新的市場要擴展，新的產品要推出，新的支付方式要加入。

I often get asked if their problem dLocal is solving is really so hard, then how did merchants operate in emerging markets before dLocal existing? The fact is that these merchants managed to get by, but only by expanding a great amount of resources and time and by accepting that many customers would be left behind.

經常有人問我，dLocal 解決的問題是不是真的那麼難，那麼在 dLocal 出現之前，商家是如何在新興市場運營的？事實是，這些商家設法度過了難關，但只是通過擴展大量資源和時間，並接受許多客戶將被拋在後面。

Before working with us, if a global merchant wanted to do business in, let's say, 10 markets, they would have needed to integrate with at least 10 different providers, sign at least 10 contracts and handle at least 10 different partner relationships.

在與我們合作之前，如果一個全球商人想在比方說 10 個市場開展業務，他們將需要與至少 10 個不同的供應商整合，簽署至少 10 份合同並處理至少 10 個不同的合作夥伴關係。

Even then, they would often write-off some markets or some payment methods altogether because the burden of serving them was just too high, meaning they were leaving many customers behind. We are very proud to say that now once a merchant connects to dLocal, they are able to immediately increase their reach to 40 countries and 2 billion plus users and have everything they need to operate in all their markets we offer. Our merchants benefit from rapid expansion in reach, reduce cost and complexity and other benefits of the dLocal solution, including high acceptance and conversion rates, reduced friction, support for regulatory and tax compliance and FX translation and fraud prevention.

即使那樣，他們也經常會完全註銷某些市場或某些支付方式，因為為他們提供服務的負擔太重，這意味著他們將許多客戶拋在後面。我們非常自豪地說，現在一旦商家連接到 dLocal，他們就能夠立即將業務範圍擴大到 40 個國家和 20 億多用戶，並擁有在我們提供的所有市場中開展業務所需的一切。我們的商家受益於 dLocal 解決方案的快速擴張、降低成本和復雜性以及其他好處，包括高接受率和轉化率、減少摩擦、支持監管和稅收合規以及外匯翻譯和欺詐預防。

We believe that for companies that want to sell across multiple emerging markets, going with dLocal solution rather than doing their own integration is a no-brainer. We are proud to share with you that we partner with and serve some of the largest and most successful enterprise global merchant and marketplaces, including Meta, Microsoft, Shopify, Spotify, Salesforce, Deel, Wish, Expedia Group, among many others. We partnered with other world-leading names that we cannot share with you as well due to the disclosure restrictions.

我們認為，對於想要在多個新興市場進行銷售的公司而言，使用 dLocal 解決方案而不是進行自己的整合是一個明智的選擇。我們很自豪地與您分享我們與一些最大和最成功的企業全球商家和市場合作並為其提供服務，包括 Meta、Microsoft、Shopify、Spotify、Salesforce、Deel、Wish、Expedia Group 等。我們與其他世界領先的名稱合作，由於披露限制，我們也無法與您分享。

Together with the largest players operating out of the U.S. and Europe, we also serve leading companies born in emerging markets such as Shein, Tencent, Telegram, Rappi, DiDi and PedidosYa. We believe these are testaments to the value our solution delivers even companies from emerging markets that have local knowledge, find it way more convenient to leverage our solution rather than creating their own integrations. Our ability to bring on board the world top companies and retain them as loyal clients, whilst consistently growing our business with them is powered by our technology and highly customer-centric approach, which also drives our continuous and rapid product innovation pipeline.

我們與在美國和歐洲以外運營的最大公司一起，還為 Shein、騰訊、Telegram、Rappi、DiDi 和 PedidosYa 等新興市場的領先公司提供服務。我們相信，這些都證明了我們的解決方案所帶來的價值，即使是來自新興市場的具有本地知識的公司，也會發現利用我們的解決方案比創建自己的集成更方便。我們能夠吸引世界頂級公司並留住他們作為忠實客戶，同時不斷發展我們與他們的業務，這得益於我們的技術和高度以客戶為中心的方法，這也推動了我們持續快速的產品創新渠道。

Our sales teams are highly responsive and get to know our clients' businesses in depth allowing us to understand our clients' challenges and solve them together. This often results in the creation of new products and features that are useful to our broader merchant base, continuously increasing the value that our platform provides.

我們的銷售團隊反應迅速，深入了解客戶的業務，使我們能夠了解客戶的挑戰並共同解決這些問題。這通常會導致創建對我們更廣泛的商家群有用的新產品和功能，從而不斷增加我們平台提供的價值。

Now I will share a couple of examples of our partnerships with large global enterprise merchants. Our first example is Salesforce, a customer we recently onboarded. Through our close partnership with Salesforce, we came to learn a problem they were facing. Processing payments and expect trading funds in emerging markets is complex due to local regulations, macro volatility and currency fluctuations. We work together with Salesforce to develop a new solution for B2B cross-border payments. This solution solves the complexity of B2B payments, managing currency volatility, enabling local payment options and assuring their processing, expatriation and settlement of funds.

現在我將分享我們與大型全球企業商家合作的幾個例子。我們的第一個例子是 Salesforce，這是我們最近加入的客戶。通過與 Salesforce 的密切合作，我們了解了他們面臨的一個問題。由於當地法規、宏觀波動和貨幣波動，在新興市場處理付款和預期交易資金非常複雜。我們與 Salesforce 合作開發 B2B 跨境支付的新解決方案。該解決方案解決了 B2B 支付的複雜性，管理貨幣波動，啟用本地支付選項並確保其處理、匯出和資金結算。

With this solution, DLocal local enables B2B payments that typically have a higher average ticket. Merchants such as Salesforce can rely on DLocal's infrastructure to access different payment methods and FX markets, ensuring success in payments processing, expatriation and improving the reconciliation process.

借助此解決方案，DLocal 本地支持通常具有較高平均票價的 B2B 支付。 Salesforce 等商家可以依靠 DLocal 的基礎設施訪問不同的支付方式和外匯市場，確保支付處理、外派和改進對賬流程的成功。

Without our solution, Salesforce would have eventually stopped taking payments in this market. We have now expanded the service to other global markets and have several of our largest clients using this new solution.

如果沒有我們的解決方案，Salesforce 最終會停止在這個市場上接受付款。我們現在已將服務擴展到其他全球市場，我們的幾家最大客戶都在使用這一新解決方案。

On Slide 8. The case study shows the power of our solution, allowing Meta to access a broad range of payment methods across many markets. We have been working with them for more than 4 years, and now we serve them across multiple geographies and products. Through our close relationship with large global enterprise clients, such as Meta, we came to learn the challenges of receiving and sending payments via non-traditional payment methods. Companies were finding that they were losing conversion given their inability to receive non-traditional payments or through high friction user experience for this payment methods.

在幻燈片 8 上。案例研究展示了我們解決方案的強大功能，使 Meta 能夠在許多市場上使用廣泛的支付方式。我們已經與他們合作了 4 年多，現在我們為他們提供跨越多個地區和產品的服務。通過與 Meta 等大型全球企業客戶的密切關係，我們開始了解通過非傳統支付方式接收和發送付款的挑戰。公司發現由於無法接收非傳統付款或這種付款方式的高摩擦用戶體驗，他們正在失去轉換。

By integrating non-traditional payment methods, such as mobile money transfer and cash like payments, we enabled Meta to deliver a smooth and frictionless payments experience in Africa.

通過整合非傳統支付方式，例如移動匯款和現金支付，我們使 Meta 能夠在非洲提供順暢無摩擦的支付體驗。

Taking mobile money as an example, this non-traditional payment method has been growing rapidly, reaching 346 monthly active users in 2021 globally across all payment providers. In markets such as Kenya, mobile money transfer has a 60% penetrations versus 6% for credit cards. We opened up this payment method to Meta to allow them to increase their customer reach in these markets.

以移動支付為例，這種非傳統支付方式一直在快速增長，2021 年全球所有支付提供商的月活躍用戶達到 346 人。在肯尼亞等市場，移動匯款的普及率為 60%，而信用卡為 6%。我們向 Meta 開放了這種支付方式，讓他們能夠擴大在這些市場的客戶覆蓋面。

Now moving to the financial results. Let me give you a quick overview of 2022. Last year was an exceptional year for the local. Our TPV grew 75% year-on-year and surpassed $10 billion. Our revenue grew largely in line, growing by 72% year-on-year and reaching $419 million. We have over-delivered against our ambitious NRR target with NRR of 165% in 2022. We continue to focus on growing our absolute gross profit and EBITDA dollars. Gross profit grew by 55% year-on-year to $202 million and adjusted EBITDA grew by 54% year-over-year to reach $153 million.

現在轉到財務結果。讓我快速概述一下 2022 年。去年對當地人來說是不平凡的一年。我們的 TPV 同比增長 75%，超過 100 億美元。我們的收入增長基本符合預期，同比增長 72%，達到 4.19 億美元。我們已經超額完成了雄心勃勃的 NRR 目標，到 2022 年 NRR 達到 165%。我們將繼續專注於增加絕對毛利和 EBITDA 美元。毛利潤同比增長 55% 至 2.02 億美元，調整後的 EBITDA 同比增長 54% 至 1.53 億美元。

Despite the noise caused by the short seller report, we continue to grow the business in Q4, delivering strong TPV growth of 78% year-on-year and 21% quarter-on-quarter. We believe this demonstrates the consistent support of our existing clients as they continue to grow their business with us as well as our continued ability to sign up new merchants.

儘管賣空者報告引起了噪音，但我們在第四季度繼續發展業務，TPV 實現了強勁的同比增長 78% 和環比增長 21%。我們相信，這表明我們現有客戶的一貫支持，因為他們繼續與我們發展業務，以及我們繼續有能力簽約新商家。

Revenues grew 55% year-on-year and 6% quarter-on-quarter, with a slower revenue growth related to TPV, driven by geographic and product mix. We reached a gross profit of $202 million in 2022 and $55 million in Q4. We continue to focus on absolute dollar profit growth even with lower margins in the short term.

收入同比增長 55%，環比增長 6%，受地域和產品組合的推動，與冠捷相關的收入增長放緩。我們在 2022 年實現了 2.02 億美元的毛利潤，在第四季度實現了 5500 萬美元的毛利潤。我們繼續關注絕對美元利潤增長，即使短期內利潤率較低。

Now Maria will discuss our operations and performance in 2022.

現在，瑪麗亞將討論我們 2022 年的運營和業績。

Thank you, Seba. Hi, everyone. Our key axes of growth are threefold: products, merchants and markets. Regarding the first, products. Our solution enables pay-ins and pay-outs, both cross-border and local-to-local. The broader the payment methods coverage we have, the more value accretes to our platform as these methods become available to all our current and future customers and the wider are our moat.

謝謝你，塞巴。大家好。我們的主要增長軸有三個：產品、商家和市場。關於第一，產品。我們的解決方案支持跨境和本地到本地的支付和支付。我們擁有的支付方式覆蓋範圍越廣，我們平台的價值就越大，因為我們所有當前和未來的客戶都可以使用這些方式，我們的護城河也就越寬。

As Seba mentioned earlier in the call, one great benefit of DLocal solution is the ability to allow merchants access to non-traditional payment methods.

正如 Seba 在電話會議中早些時候提到的，DLocal 解決方案的一大優勢是能夠讓商家使用非傳統支付方式。

In 2022, 67% of our TPV came from non-credit card payment methods, including non-traditional payment methods such as local debit cards, bank transfers, digital wallets, mobile payments and cash alike methods. Example of these payment methods include PIX and Boleto in Brazil; Mobile Money in South Africa; UPI in India and OXXO in Mexico. Many of these payment methods have vastly higher penetration than credit cards.

2022 年，我們 67% 的 TPV 來自非信用卡支付方式，包括本地借記卡、銀行轉賬、數字錢包、移動支付和現金等非傳統支付方式。這些支付方式的例子包括巴西的 PIX 和 Boleto；南非的移動貨幣；印度的 UPI 和墨西哥的 OXXO。其中許多支付方式的普及率遠高於信用卡。

For example, in Nigeria, only 3% of the population have a credit card according to statistics. Focusing on cross-border volume, the weighting of non-credit card payment method is higher, accounting for 72% of our total cross-border transactions in 2022. Credit card volume, including local schemes as well, accounted for the remaining 28% of our cross-border volume in 2022.

例如，在尼日利亞，據統計只有 3% 的人口擁有信用卡。關注跨境交易量，非信用卡支付方式的權重更高，占我們 2022 年跨境交易總額的 72%。信用卡交易量，包括本地計劃，佔剩餘的 28%我們 2022 年的跨境交易量。

Now moving on to the merchant axis of growth. Our solution is industry agnostic. This allow us to onboard merchants from diverse business, providing us with a robust natural hedge of business cycles and seasonality. Currently, no single vertical accounts for more than 20% of our TPV. Our largest vertical in 2022 was financial services. In this vertical, we mainly serve payment service providers that use our Reais to reach emerging markets and the remittance companies. We also serve wallets with 1% of our total TPV and crypto with 0.2% of our total TPV.

現在轉向商家增長軸。我們的解決方案與行業無關。這使我們能夠吸引來自不同行業的商家，為我們提供強大的商業周期和季節性自然對沖。目前，沒有一個垂直行業占我們 TPV 的 20% 以上。我們在 2022 年最大的垂直領域是金融服務。在這個垂直領域，我們主要服務於使用我們的雷亞爾到達新興市場的支付服務提供商和匯款公司。我們還為錢包提供總 TPV 的 1% 和加密貨幣，為總 TPV 的 0.2%。

Other important verticals include commerce and advertising, streaming and on-demand delivery. In 2022, we drove growth across every single vertical, with the fastest growth rates observed being travel, commerce and on-demand delivery.

其他重要的垂直領域包括商業和廣告、流媒體和按需交付。 2022 年，我們推動了每個垂直領域的增長，觀察到的增長率最快的是旅遊、商業和按需交付。

During 2022, we continued onboarding new merchants to our platform. We have more than 600 enterprise merchants on our platform, and we currently actively manage more than 200 key accounts. We work extremely closely with merchants to help unlock new payment methods and new markets for them besides continued enhancement in our platform.

2022 年，我們繼續為我們的平台吸引新商家。我們的平台上有超過 600 家企業商戶，目前我們主動管理著 200 多個大客戶。除了持續改進我們的平台，我們還與商家密切合作，幫助他們開闢新的支付方式和新市場。

During 2022, our enterprise merchants on average processed payments in 8 countries compared to 6 countries in 2020. In 2022, they accepted on average 79 payment methods with us compared with 44 payment methods in 2020, an 80% increase. We are very excited about our sales pipeline in 2023, and we hope to share more about great new partnerships soon.

2022 年，我們的企業商戶平均在 8 個國家/地區處理付款，而 2020 年為 6 個國家/地區。2022 年，他們平均接受了 79 種付款方式，而 2020 年為 44 種，增長了 80%。我們對 2023 年的銷售渠道感到非常興奮，我們希望盡快分享更多關於偉大的新合作夥伴關係的信息。

The growth of our business with our top 10 merchants has been significant. In 2022, our revenue coming from top 10 merchants amounted to $211 million versus $128 million in 2021. At the same time, we continue to diversify our revenues with respect to our merchants base. Our top 10 client concentration has been decreasing year-over-year, dropping to 50% of our total revenues in 2022 compared with 56% in 2021 and 64% in 2020.

我們與前 10 大商家的業務增長顯著。 2022 年，我們來自前 10 大商家的收入為 2.11 億美元，而 2021 年為 1.28 億美元。與此同時，我們繼續在商家基礎上實現收入多元化。我們的前 10 大客戶集中度逐年下降，到 2022 年下降到我們總收入的 50%，而 2021 年和 2020 年分別為 56% 和 64%。

Moving on to the third axis of growth, geographies. Since our inception, we harbored global ambitions. We dream big. We started with a single, very localized payment method in Brazil. Our early success encouraged us to expand to other emerging markets and our highly scalable solution allowed us to do so rapidly. This has enabled us to grow our operations to 40 countries across Latin America, Africa and Asia, with the latest addition being Honduras in Q4 2022.

轉向第三個增長軸，地理。自成立以來，我們就懷有全球雄心。我們夢想遠大。我們從巴西單一的、非常本地化的支付方式開始。我們早期的成功鼓勵我們擴展到其他新興市場，而我們高度可擴展的解決方案使我們能夠迅速做到這一點。這使我們能夠將業務擴展到拉丁美洲、非洲和亞洲的 40 個國家/地區，最新增加的國家是 2022 年第四季度的洪都拉斯。

In 2023, we will continue to pursue our expansion strategy based on 2 factors: the needs of our merchants and the attractives of the potential new markets. In addition, we will continue to balance the demands of adding new countries with deepening our presence in the countries in which we already operate. All these drives towards our goal of being the partner of choice for our global merchants across emerging markets in which they wish to operate.

2023年，我們將繼續基於兩個因素實施擴張戰略：商家的需求和潛在新市場的吸引力。此外，我們將繼續在增加新國家的需求與深化我們在已經開展業務的國家的業務之間取得平衡。所有這些都推動我們實現成為全球商戶希望開展業務的新興市場的首選合作夥伴的目標。

Now I will pass on to Jacobo to discuss our achievements in the different geographies.

現在我將轉交給 Jacobo 來討論我們在不同地區取得的成就。

Thank you, Maria. Africa and Asia have been a key engine of growth for us. Our merchants continue to signal strong demand for our solution in these geographies, and these markets also have attractive economics. The results of our push into these regions speaks for themselves. Revenue in Africa and Asia in 2022 grew by 259% year-over-year, reaching $74 million in 2022, with significant opportunities ahead of us.

謝謝你，瑪麗亞。非洲和亞洲一直是我們增長的主要引擎。我們的商家繼續表示在這些地區對我們的解決方案有強烈需求，而且這些市場也具有誘人的經濟效益。我們進軍這些地區的成果不言而喻。 2022 年非洲和亞洲的收入同比增長 259%，到 2022 年達到 7400 萬美元，我們面臨著重大機遇。

In 2021, Africa and Asia revenue represented 8% of our total revenue. In 2022, this grew to 18% of total revenues. In Q4, revenues increased by 5x year-over-year and grew 4% quarter-over-quarter, reaching $26 million. This is more than the $21 million revenue we recorded for the 12 months of 2021. We were able to further grow revenues in the region in Q4, despite the high comparison of [80%] quarter-over-quarter growth in Q3.

2021 年，非洲和亞洲收入占我們總收入的 8%。到 2022 年，這一比例增長到總收入的 18%。第四季度，收入同比增長 5 倍，環比增長 4%，達到 2600 萬美元。這超過了我們在 2021 年的 12 個月中記錄的 2100 萬美元的收入。儘管第三季度環比增長 [80%] 的高比較，但我們能夠在第四季度進一步增加該地區的收入。

This geographic diversification complements our business vertical diversification as well as creating more value to our platform for current and future customers, widening our moat. It is still early days for us in these regions, and we are very excited about what we believe to be a significant opportunity ahead.

這種地域多元化補充了我們的業務垂直多元化，並為我們的平台為當前和未來的客戶創造更多價值，拓寬了我們的護城河。我們在這些地區的發展還處於早期階段，我們對我們認為未來的重要機遇感到非常興奮。

In Africa, we are seeing strong traction in Nigeria, South Africa, Egypt, Morocco, Turkey and Kenya in particular. Meanwhile, in Asia, we are seeing strong traction in India, Indonesia, Malaysia, Pakistan and Philippines, to name a few.

在非洲，我們在尼日利亞、南非、埃及、摩洛哥、土耳其和肯尼亞看到了強勁的吸引力。與此同時，在亞洲，我們看到印度、印度尼西亞、馬來西亞、巴基斯坦和菲律賓等國家的強勁吸引力。

We are excited to see how these regions continue to grow as we both cross-sell to merchants that originally started the relationship with us in Latin America as well as some more new merchants that are based in Africa and Asia. Among those regions, I would like to call out Nigeria. We experienced higher-than-expected growth in Nigeria, which already accounts for 12% and 8% of our revenues in Q4 and full year 2022, respectively.

我們很高興看到這些地區如何繼續增長，因為我們既向最初在拉丁美洲開始與我們建立關係的商家進行交叉銷售，也向一些位於非洲和亞洲的新商家進行交叉銷售。在這些地區中，我想指出尼日利亞。我們在尼日利亞的增長高於預期，這已經分別占我們 2022 年第四季度和全年收入的 12% 和 8%。

We are very positive about the growth opportunities there. From the perspective of our merchants, it is a market that is large but complex to operating. We believe they can benefit strongly from our solutions there.

我們對那裡的增長機會非常樂觀。從我們商家的角度來看，這是一個很大但操作複雜的市場。我們相信他們可以從我們那裡的解決方案中受益匪淺。

Growth in Nigeria is accretive to DLocal, albeit with lower gross profit margin. Over the medium to long term, as we go deep in the region, developing more integrations and payment methods and gaining more efficiency in accessing the FX market, we believe the gross profit margin will expand. We look forward to keeping you updated on our growth in the region over the following period. As we always emphasize, we focus on absolute dollar profit growth even with lower margins in the short term, maximizing absolute dollar profit will create the most valued business in the long run.

儘管毛利率較低，但尼日利亞的增長對 DLocal 有促進作用。從中長期來看，隨著我們深入該地區，開發更多的集成和支付方式，並提高進入外匯市場的效率，我們相信毛利率將會擴大。我們期待在接下來的一段時間內讓您了解我們在該地區的發展情況。正如我們一直強調的那樣，即使在短期內利潤率較低的情況下，我們也專注於絕對美元利潤增長，從長遠來看，最大化絕對美元利潤將創造最有價值的業務。

Moving on to Latin America. We continue to see solid growth across the region in 2022, with revenue growing by 54% year-over-year to $345 million in 2022.

轉向拉丁美洲。 2022 年，我們繼續看到整個地區的穩健增長，2022 年收入同比增長 54% 至 3.45 億美元。

Going into more detail. In Q4 2022, revenue grew by 30% year-over-year and by 6% quarter-over-quarter to $93 million. We continue to be very excited about our growth prospects in the region as we onboard new merchants and cross-sell to our current base. Our revenue is well diversified across the markets with no country accounting for more than 20% of total revenues in 2022. Key highlights were very robust revenue growth in Mexico, 104%; and growth of 44% in other LatAm markets, mainly from Peru and Colombia.

進入更多細節。 2022 年第四季度，收入同比增長 30%，環比增長 6%，達到 9300 萬美元。我們繼續對我們在該地區的增長前景感到非常興奮，因為我們吸引了新的商家並交叉銷售到我們目前的基地。我們的收入在各個市場非常多元化，2022 年沒有一個國家的收入佔總收入的 20% 以上。主要亮點是墨西哥的收入增長非常強勁，達到 104%；其他拉美市場增長 44%，主要來自秘魯和哥倫比亞。

Despite the challenges, accessing foreign exchange markets in Argentina, we delivered strong revenue growth of 55% year-over-year. The situation has largely normalized, and we have been able to operate with no major problems. Important to highlight that the revenue distribution by market is a result of our merchant strategy. Our commercial teams are internally organized by merchant, and we do not optimize for targets by geography. We have global agreements with our merchants, and we offer them access to all the emerging markets in which we operate supporting them in the markets in which they wish to grow.

儘管面臨挑戰，進入阿根廷的外匯市場，我們實現了 55% 的同比強勁收入增長。情況已基本正常化，我們的運營沒有出現重大問題。需要強調的是，按市場劃分的收入分配是我們商家策略的結果。我們的商業團隊是由商家內部組織的，我們不會針對地理目標進行優化。我們與我們的商家簽訂了全球協議，我們為他們提供進入我們經營所在的所有新興市場的機會，支持他們在他們希望發展的市場中發展。

Slide 19. We continue to invest thoughtfully in expanding our global team. We have higher new talent, particularly in the areas of sales and marketing, tech, and product, and operations to pursue the opportunities we see in the market and to drive towards our long-term objectives.

幻燈片 19。我們繼續深思熟慮地投資於擴大我們的全球團隊。我們擁有更多的新人才，特別是在銷售和營銷、技術、產品和運營領域，以尋求我們在市場上看到的機會並推動實現我們的長期目標。

Tech-related growth continue to represent around 40% of our FTEs supporting our rapid innovation of new products. In 2022, we grew our team by 191 FTEs or by 36% year-over-year to 726 employees, while our gross profit grew 55% over the same period of time.

與技術相關的增長繼續占我們 FTE 的 40% 左右，支持我們對新產品的快速創新。 2022 年，我們的團隊增加了 191 名全職員工，同比增長 36% 至 726 名員工，而我們的毛利潤同期增長了 55%。

Our headcount has significantly expanded sale of the Americas as we focus on hiring locally to leverage on the ground knowledge and develop deep understanding of local marketing and sales process. We reached 159 FTEs in Africa and Asia by the end of the year 2022, representing 22% of our workforce. We will continue to invest in talent in a disciplined way, staying lean and always ensuring that we have more talent that has a strong cultural fit. We are proud of our team and believe it is a strong observer.

我們的員工人數顯著擴大了美洲的銷售，因為我們專注於在當地招聘以利用實地知識並加深對當地營銷和銷售流程的了解。到 2022 年底，我們在非洲和亞洲擁有 159 名 FTE，占我們員工總數的 22%。我們將繼續以有紀律的方式投資於人才，保持精簡併始終確保我們擁有更多具有強烈文化契合度的人才。我們為我們的團隊感到自豪，並相信它是一個強大的觀察者。

Diego will now review our financial highlights.

迭戈現在將回顧我們的財務亮點。

Thank you, Jacobo, and hi, everyone. We continue to scale our business rapidly. We saw record TPV during 2022, surpassing the $10 billion mark, increasing 75% year-over-year. In Q4 2022, we saw strong growth in our TPV, reaching $3.3 billion, up by 78% year-over-year and a strong 21% quarter-over-quarter. Our cross-border and local-to-local volumes showed solid growth year-over-year and quarter-over-quarter, following the trends in Q3.

謝謝 Jacobo，大家好。我們繼續快速擴展我們的業務。我們在 2022 年看到了創紀錄的 TPV，超過 100 億美元大關，同比增長 75%。 2022 年第四季度，我們的 TPV 增長強勁，達到 33 億美元，同比增長 78%，環比增長 21%。按照第三季度的趨勢，我們的跨境和本地到本地交易量同比和環比均出現穩健增長。

In Q4, we also experienced high growth in local-to-local TPV, increasing by 125% year-over-year and 30% quarter-over-quarter due to the strong performance of some of our merchants. Cross-border volume increased by 50% year-over-year and by 13% quarter-over-quarter.

在第四季度，由於部分商家的強勁表現，我們的本地到本地 TPV 也實現了高速增長，同比增長 125%，環比增長 30%。跨境交易量同比增長 50%，環比增長 13%。

Cross-border accounted for 53% of our total TPV in Q4 2022 and 58% for the full year 2022, driven by the ramp-up of recently onboarded merchants with a high mix of local-to-local. We have seen large merchants tend to have a combined strategy. 55% of our top 20 merchants use both local-to-local and cross-border services.

2022 年第四季度，跨境占我們總 TPV 的 53%，佔 2022 年全年的 58%，這是由於最近入駐的商家數量增加，本地到本地的比例很高。我們已經看到大型商家傾向於採用組合策略。我們排名前 20 位的商家中有 55% 使用本地到本地和跨境服務。

During 2022, we drove growth both in pay-ins and pay-outs, increasing by 91% and 39%, respectively. We have seen a steady increase in TPV quarter-after-quarter. Specifically, in Q4 2022, pay-ins increased by 65% year-over-year and by 14% quarter-over-quarter. In Q4 2022, pay-outs increased by 119% year-over-year and 40% quarter-over-quarter.

2022 年期間，我們推動了收入和支出的增長，分別增長了 91% 和 39%。我們看到 TPV 逐季穩步增長。具體而言，在 2022 年第四季度，入金同比增長 65%，環比增長 14%。 2022 年第四季度，支出同比增長 119%，環比增長 40%。

We are product agnostic, all our products bring incremental profit. And when we combine them, they bring synergies both for our merchants and for us. Depending on which customers we onboard and their strategy in the quarter, their share of pay-ins versus pay-outs may vary. We see product diversification as one of the strengths of our business.

我們與產品無關，我們所有的產品都會帶來增量利潤。當我們將它們結合起來時，它們會為我們的商家和我們帶來協同效應。根據我們加入的客戶和他們在本季度的策略，他們的支付份額可能會有所不同。我們將產品多元化視為我們業務的優勢之一。

Going forward, we are very positive about the continued growth of our products. Pay-ins accounted for 71% of our total TPV in Q4 2022 and 75% for the full year 2022. Revenues also reached a new record high of $118 million during Q4 2022 and $419 million for the year 2022, having grown 55% and 72% year-over-year, respectively.

展望未來，我們對產品的持續增長非常樂觀。 2022 年第四季度，支付額占我們總 TPV 的 71%，佔 2022 年全年的 75%。收入在 2022 年第四季度也創下歷史新高，達到 1.18 億美元，2022 年達到 4.19 億美元，分別增長 55% 和 72% % 同比，分別。

Compared to Q3 2022, revenues increased by 6%. Our revenues over TPV or gross take rate was 3.6% during the quarter compared to 4.1% in Q3. Fluctuations from quarter-to-quarter are mainly driven by changes in the business mix. In Q4 2022, we had a combination of higher local-to-local pay-outs, some large global retail merchants with lower than average take rate growing faster and a decrease in revenue in Argentina with higher than average take rate.

與 2022 年第三季度相比，收入增長了 6%。本季度我們的收入超過 TPV 或毛利率為 3.6%，而第三季度為 4.1%。季度間的波動主要受業務組合變化的驅動。在 2022 年第四季度，我們的本地到本地支出增加，一些收入低於平均水平的大型全球零售商增長更快，阿根廷的收入下降但收入高於平均水平。

Zooming in on our revenues, we continue delivering strong revenue growth, both from our existing customers and from our new customers. During 2022, of the 72% year-over-year revenue growth, 65% of $158 million came from existing merchants and 7% or $17 million came from new merchants. For Q4 2022, of the 55% year-over-year revenue growth 46% or $35 million came from existing merchants and 9% or $7 million came from new merchants.

著眼於我們的收入，我們繼續實現來自現有客戶和新客戶的強勁收入增長。 2022 年，在 72% 的同比收入增長中，1.58 億美元中的 65% 來自現有商家，7% 或 1700 萬美元來自新商家。 2022 年第四季度，在 55% 的同比收入增長中，46% 或 3500 萬美元來自現有商家，9% 或 700 萬美元來自新商家。

We delivered strong net revenue retention, reaching 165% for the full year versus our expectation of 150% plus. This is the result of having almost no churn, less than 1%. The organic growth of our merchants in emerging markets our ability to continue bringing them to new countries, products, payment methods and to increase share of wallet.

我們實現了強勁的淨收入保留率，全年達到 165%，高於我們預期的 150% 以上。這是幾乎沒有客戶流失（不到 1%）的結果。我們的商家在新興市場的有機增長，我們有能力繼續將他們帶到新的國家、產品、支付方式並增加錢包份額。

Moving to Slide 25. We remain focused on growing gross profit dollars. During the year, we were able to scale our gross profit to $202 million, up by 55% year-over-year. In Q4, our gross profit reached $55 million, up 42% year-over-year and 2% quarter-over-quarter. We continue to focus on incremental gross profit dollar amounts as we have been consistently delivering on. From a gross profit margin perspective, we maintained healthy margins at 47% in Q4 and 48% for the 12 months of 2022.

轉到幻燈片 25。我們仍然專注於增加毛利潤。在這一年中，我們能夠將毛利潤擴大到 2.02 億美元，同比增長 55%。第四季度，我們的毛利潤達到 5500 萬美元，同比增長 42%，環比增長 2%。正如我們一直在實現的那樣，我們繼續關注增量毛利潤金額。從毛利率的角度來看，我們在第四季度和 2022 年的 12 個月保持了 47% 和 48% 的健康利潤率。

Particularly in Q4, our gross margin was impacted by higher volumes from global merchants in certain geographies and a decrease in revenues in Argentina. Some of the decrease in gross take rate is mirrored in lower cost take rate, but not all. We expect further optimization of our costs to be realized in the upcoming periods. We also remain focused on growing our EBITDA. During the year, we were able to scale our adjusted EBITDA to $153 million, up 54% year-on-year. Adjusted EBITDA was $40 million for the fourth quarter of 2022, increasing by 39% year-over-year.

特別是在第四季度，我們的毛利率受到某些地區全球商家銷量增加和阿根廷收入下降的影響。總採納率的一些下降反映在較低的成本採納率上，但不是全部。我們預計在未來一段時間內將進一步優化我們的成本。我們還繼續專注於增加我們的 EBITDA。年內，我們能夠將調整後的 EBITDA 擴大至 1.53 億美元，同比增長 54%。 2022 年第四季度調整後的 EBITDA 為 4000 萬美元，同比增長 39%。

Compared to Q3 2022, adjusted EBITDA dropped by 3% as a result of continued investment in expanding our team, marketing and travel expenses related to 2 main annual commercial events and higher legal fees. As a result, our adjusted EBITDA margin was 34% in Q4. For the year 2022, our adjusted EBITDA margin was 37% and delivering on our expectations for the year of 35% plus.

與 2022 年第三季度相比，調整後的 EBITDA 下降了 3%，這是由於繼續投資於擴大我們的團隊、與 2 項主要年度商業活動相關的營銷和差旅費用以及更高的法律費用。因此，我們在第四季度調整後的 EBITDA 利潤率為 34%。對於 2022 年，我們調整後的 EBITDA 利潤率為 37%，達到了我們 35% 以上的預期。

Before handing the call back to Seba for the closing remarks, I will briefly touch on our net income and liquidity.

在將電話轉回 Seba 作結束語之前，我將簡要介紹一下我們的淨收入和流動性。

Reported net income totaled $109 million during the year compared to $78 million in the full year 2021, an increase of 40% year-over-year. Reported net income in Q4 2022 totaled $19 million. During Q4, we incurred expenses of $8 million related to FTX less provision of $5.6 million and short-seller related legal and advisory expenses of $2 million. Excluding these expenses that we believe are non-recurring in nature, net income would have been $116 million in 2022, an increase of 49% year-over-year and $27 million in Q4 2022.

本年度報告的淨收入總計 1.09 億美元，而 2021 年全年為 7800 萬美元，同比增長 40%。 2022 年第四季度報告的淨收入總計 1900 萬美元。在第四季度，我們產生了 800 萬美元與 FTX 相關的費用減去 560 萬美元的準備金和 200 萬美元的賣空相關法律和諮詢費用。排除這些我們認為屬於非經常性支出的費用，2022 年淨收入為 1.16 億美元，同比增長 49%，2022 年第四季度為 2700 萬美元。

Besides non-recurring items, net income in Q4 2022 was impacted by net financial losses of $3 million, mainly driven by negative exchange differences and higher income taxes in the quarter. The annual income tax was 10%, in line with previous years.

除了非經常性項目外，2022 年第四季度的淨收入還受到 300 萬美元的淨財務損失的影響，這主要是由於負匯兌差異和本季度所得稅增加所致。年度所得稅為10%，與往年一致。

Regarding our cash position, in Q4, we took extraordinary short-term measures to bring additional comfort to our merchants and partners using our own funds. As we have constantly maintained a healthy balance sheet, we have the flexibility and could comfortably absorb this short-term impact with our own funds. This resulted in an increase in other assets of $53 million, which mainly includes $19 million in cash collateral for standby letter of credits required by merchants, $20 million in cash collateral for credit lines with banks, $13 million of advancements to merchants and increasing $2 million in warranties for credit cards and processors.

關於我們的現金狀況，在第四季度，我們採取了非常規的短期措施，為使用我們自有資金的商家和合作夥伴帶來額外的安慰。由於我們一直保持健康的資產負債表，我們具有靈活性，可以輕鬆地用我們自己的資金吸收這種短期影響。這導致其他資產增加 5300 萬美元，其中主要包括 1900 萬美元用於商戶所需備用信用證的現金抵押品、2000 萬美元用於銀行信貸額度的現金抵押品、1300 萬美元給商戶的預付款以及增加 200 萬美元信用卡和處理器的保修。

We expect this situation to normalize over the next quarter. As of December 31, 2022, we had consolidated cash of $468 million with $248 million of own funds. We believe our strong cash position remains a competitive advantage.

我們預計這種情況將在下個季度恢復正常。截至 2022 年 12 月 31 日，我們擁有 4.68 億美元的綜合現金和 2.48 億美元的自有資金。我們相信我們強大的現金狀況仍然是一個競爭優勢。

Seba, the floor is yours.

Seba，地板是你的。

Thanks, Diego. Exceptionally for Q1 2023, I would like to share our expectation based on how the business is tracking. For the first 3 months of 2023, we expect TPV between $3.5 billion and $3.6 billion, revenue between $135 million and $138 million and gross profits between $57 million and $59 million. For the full year 2023, the outlook is revenue between $620 million and $640 million, with an implied NRR between 140% and 150% and adjusted EBITDA in the range of $200 million to $220 million.

謝謝，迭戈。特別是對於 2023 年第一季度，我想根據業務跟踪情況分享我們的期望。 2023 年前 3 個月，我們預計冠捷的收入在 35 億美元至 36 億美元之間，收入在 1.35 億美元至 1.38 億美元之間，毛利潤在 5700 萬美元至 5900 萬美元之間。對於 2023 年全年，收入前景在 6.2 億美元至 6.4 億美元之間，隱含 NRR 在 140% 至 150% 之間，調整後的 EBITDA 在 2 億美元至 2.2 億美元之間。

We believe these are solid numbers that show we can keep growing the business rapidly. As we always emphasize, we focus on maximizing absolute dollar profit growth, which will create the most valuable business in the long run. We are very proud of what we achieved in 2022 and even more excited with the runway ahead of us. We remain humble and focused on providing the best and most comprehensive solution for our merchants in emerging markets.

我們相信這些都是可靠的數字，表明我們可以保持業務快速增長。正如我們一直強調的那樣，我們專注於最大化絕對美元利潤增長，從長遠來看，這將創造最有價值的業務。我們為我們在 2022 年取得的成就感到非常自豪，對我們面前的跑道更加興奮。我們保持謙虛，專注於為我們在新興市場的商家提供最好、最全面的解決方案。

Big thank you to our global team, our customers and our investors for their continued support.

非常感謝我們的全球團隊、我們的客戶和我們的投資者一直以來的支持。

I'll now hand it back to the operator to open it up for questions.

我現在將其交還給接線員，讓其打開提問。

(Operator Instructions) Our first question comes from the line of Tito Labarta with Goldman Sachs.

（操作員說明）我們的第一個問題來自 Tito Labarta 與高盛的合作。

Thanks for all the additional disclosures that was helpful as well. A couple of questions. I guess to start, just to understand a little bit the use of the cash in the quarter, I know how Diego just kind of went over it a little bit. But was this kind of at the request of your merchants? I mean did you need to do this to retain some of these merchants? And you said that you expect this to normalize in the next quarters. Did it normalize already in 1Q? I don't know if you can give some color on how your cash ended in 1Q? Or will it take longer? So just to understand a little bit the need to continue to do this and if that's some type of retention tool to keep your clients? And is it directly related to the issues with the third-party report that we saw?

感謝所有其他有用的披露。幾個問題。我想開始，只是為了了解一點現金在本季度的使用情況，我知道迭戈是如何稍微回顧一下的。但這是應你們商家的要求嗎？我的意思是你需要這樣做來留住其中的一些商家嗎？你說你希望這會在接下來的幾個季度正常化。它在第一季度已經正常化了嗎？我不知道您是否可以說明您的現金在 1Q 的收支情況？還是需要更長的時間？因此，只是想稍微了解一下繼續這樣做的必要性，以及這是否是某種類型的保留工具來留住您的客戶？和我們看到的第三方報告的問題有直接關係嗎？

And then my second question, I guess, on the net take rate or your gross profit margin. The net take rate has continued to fall. The gross margin has been declining. You mentioned Jacobo, I think, as you continue to grow in Africa, there should be some increase in that. But yet you've grown in Africa a lot and that the gross margin has fallen just over the last year or so and even in 1Q, that's going to fall again. So just to help us understand a little bit what's driving that pressure? I mean, is it just mix? Is there anything else competitively putting pressure on those net take rates? Any color you can give on that would be helpful.

然後我想我的第二個問題是關於淨利率或你的毛利率。淨利率繼續下降。毛利率一直在下降。你提到了 Jacobo，我認為，隨著你在非洲的不斷發展，應該會有一些增長。但是你在非洲增長了很多，毛利率在過去一年左右下降了，甚至在第一季度，毛利率還會下降。所以只是為了幫助我們了解一點是什麼推動了這種壓力？我的意思是，它只是混合嗎？是否還有其他競爭性因素對這些淨利率施加壓力？您可以提供的任何顏色都會有所幫助。

Tito, thanks very much for your question, Sebastian here. So starting on the cash point, we are very proud of what -- of the results we posted in Q4 and Q1. Many of our merchants bought with their volumes. And you've seen record volumes for us in Q4 and the flash numbers in Q1. Obviously, this has been a stressful time for us at DLocal, and we wanted to make sure we use our balance sheet during this stressful time to shore up content with our merchants. This is, we believe, a short-term impact, if you will, and it's a tool that we'll continue to use.

蒂托，非常感謝你的問題，這裡是塞巴斯蒂安。因此，從現金點開始，我們為我們在第四季度和第一季度發布的結果感到非常自豪。我們的許多商人都購買了他們的數量。你已經看到我們在第四季度的創紀錄數量和第一季度的閃光數字。顯然，這對我們 DLocal 來說是一個壓力很大的時期，我們希望確保在這個壓力大的時期使用我們的資產負債表來支持我們的商家的內容。我們相信，如果您願意的話，這是一種短期影響，我們將繼續使用它。

We offered both advancements in the settlement period and credit lines -- sorry, and bank guarantees for some of our merchants. We don't expect those to be sustained over the long run. And those customers that will require so will intend to charge for that because, if anything, that's a revenue opportunity.

我們提供了結算期預付款和信用額度——抱歉，我們還為我們的一些商家提供了銀行擔保。我們預計這些不會長期持續下去。那些需要這樣做的客戶將打算為此收費，因為如果有的話，那是一個收入機會。

I think the fact that we are a public company and there's the level of scrutiny there is on us, obviously, plays in our advantage. And we've always spoken about the importance of having a strong cash position, which, in a situation like the one we went through in Q4, I think, has proven to be the right strategy. Jacobo?

我認為，我們是一家上市公司，而且我們受到嚴格的審查，這顯然對我們有利。我們一直在談論擁有強大現金頭寸的重要性，我認為，在我們在第四季度經歷的情況下，這已被證明是正確的策略。雅各布？

Okay. On the gross profit point, Tito, we continue to optimize for our gross profit dollars. And if anything, we are extremely proud of saying that our gross profit grew over 50% year-on-year. That's a key metric. We'll continue to accrue and bring those customers onboard provided that they're accretive to our customers -- sorry, to our platform. This is a long-term game. We are not optimizing for a given quarter. We won't optimize for the long run.

好的。在毛利點上，Tito，我們繼續優化我們的毛利美元。如果有的話，我們非常自豪地說我們的毛利潤同比增長超過 50%。這是一個關鍵指標。我們將繼續積累並吸引這些客戶，前提是他們會增加我們的客戶——對不起，我們的平台。這是一場長期博弈。我們沒有針對給定的季度進行優化。從長遠來看，我們不會優化。

We want Shein, TikTok, Meta, Microsoft to be our partners for decades, not for a quarter. And therefore, we'll happily take our business eventually at lower margin than the current one, provided that is at the gross profit dollars. That's the key point here. Every time we add a new customer in a new geography, Jacobo, during the remarks mentioned Nigeria, that's compounding our value proposition. We are a better business when customers use us in Nigeria. We might have a lower gross profit margin in the short run, but we see that as an opportunity and nothing but that.

我們希望 Shein、TikTok、Meta、Microsoft 成為我們幾十年而不是四分之一的合作夥伴。因此，我們很樂意最終以比目前更低的利潤率開展業務，前提是這是毛利潤美元。這是這裡的關鍵點。每次我們在新的地理區域添加新客戶時，Jacobo，在提到尼日利亞的言論中，都會使我們的價值主張更加複雜。當客戶在尼日利亞使用我們時，我們的業務會更好。短期內我們的毛利率可能較低，但我們認為這是一個機會，僅此而已。

We've spoken about net take rates going down over time, we are open about it. But we believe the name of the game in the business we are in is to continue to gain scale through TPV. And therefore, the gross profit dollar amount will continue to increase. I want to emphasize this point. We want to continue to serve our customers everywhere. In as many geographies with as many products as possible, we will never have a gross profit margin target. We will have a gross profit dollar target.

我們已經談到淨利率會隨著時間的推移而下降，我們對此持開放態度。但我們相信，我們所處行業的遊戲名稱是通過 TPV 繼續擴大規模。因此，毛利潤金額將繼續增加。我想強調這一點。我們希望繼續為各地的客戶提供服務。在盡可能多的產品盡可能多的地區，我們永遠不會有毛利率目標。我們將有一個毛利潤美元目標。

Great. No, that's helpful. Just a couple of follow-ups, if I may. Just on the -- can you give color on -- did you have to do that again in 1Q? Did your cash -- could you use more cash in 1Q for those purposes that you mentioned? And you also, I think you used about $15 million to pay back a loan you mentioned. Was that your -- do you want to do that? Did the bank call that in any way, just to understand a little bit what happened with that loan position as well?

偉大的。不，那很有幫助。如果可以的話，只是一些後續行動。就在 - 你能給顏色 - 你必須在 1Q 再次這樣做嗎？你的現金——你能在第一季度為你提到的那些目的使用更多現金嗎？還有你，我想你用了大約 1500 萬美元來償還你提到的一筆貸款。那是你的——你想那樣做嗎？銀行是否以任何方式調用它，只是為了稍微了解一下該貸款頭寸發生了什麼？

And then just to clarify on the gross profit, I mean, I understand you're targeting gross profit dollars. But as you grow, I guess, more in Asia and Africa, should we expect initially that there's some pressure on that margin? And as you scale up in those countries, that's where you can see some of the operating leverage and the gross margin expanded, just to understand the trajectory of that?

然後只是為了澄清毛利，我的意思是，我知道你的目標是毛利美元。但隨著你的成長，我猜，更多的是在亞洲和非洲，我們是否應該在一開始就預料到這個利潤率會有一些壓力？當你在這些國家擴大規模時，在那裡你可以看到一些經營槓桿和毛利率擴大，只是為了了解它的軌跡？

Sure. I'll take the second part. Jacobo, Diego, I'll let you complement on the cash point. Maria, also feel free to complement, please. Tito, We are -- I don't want to sound like a broken record, but we are not optimizing for the gross profit margin. Obviously, there's opportunities for us. When we just launch a new geography, we are not fully optimized. We don't have the full suite of products. We don't have pay-ins, pay-outs, cross-border, local-to-local. We typically also don't have the width of partnerships from a banking standpoint that in a more mature stage, we would have.

當然。我來做第二部分。 Jacobo，Diego，我會讓你補充現金點。瑪麗亞，也請隨時補充。蒂托，我們是——我不想听起來像破紀錄，但我們並沒有針對毛利率進行優化。顯然，我們有機會。當我們剛剛推出一個新的地理區域時，我們並沒有完全優化。我們沒有全套產品。我們沒有入金、出金、跨境、本地到本地。從銀行業的角度來看，我們通常也沒有像在更成熟的階段那樣廣泛的合作夥伴關係。

So it could be say that when we launch, we are leaving some money on the table. We are happy to do that. We believe that's the right thing for our business in the long run. But this is also a function of which geographies that are going to grow faster and which customers are going to grow faster. Keep in mind, it's also -- it's always -- we're always powering hundreds of merchants across 40 geographies across many products, that will always result in our margin going up and going down the way you've seen it. And that's why we care so much about this gross profit dollar concept.

所以可以說，當我們推出時，我們會在桌面上留下一些錢。我們很樂意這樣做。我們相信，從長遠來看，這對我們的業務來說是正確的。但這也是哪些地區增長更快以及哪些客戶增長更快的函數。請記住，它也是 - 它總是 - 我們一直在為 40 個地區的數百家商家提供許多產品，這將始終導致我們的利潤率按照您所看到的方式上升和下降。這就是為什麼我們如此關心這個毛利美元概念的原因。

That's how we ask our commercial teams to focus. That's what we compensate them on, because that's where we believe the real value is for our company. We need to bring more gross profit dollars. That's how we are going to build a great business on the long run.

這就是我們要求我們的商業團隊集中註意力的方式。這就是我們對他們的補償，因為這是我們認為對我們公司真正有價值的地方。我們需要帶來更多的毛利美元。從長遠來看，這就是我們建立偉大企業的方式。

Jacobo or Diego, feel free to complement on the cash point.

Jacobo 或 Diego，隨時補充現金點。

Thank you, Seba. We'll start on the fundamentals on the cash point, Tito, and we'll let you on the specifics on the number. So if we expect this situation to be the new normal for the coming quarters, answer is no. This is, I'd say, a one-off under a specific situation that has been under attack during the ending of the last quarter. It's not a trend. It's not a strategy. It was a single situation which where we use our cash to bring confidence to our merchants. If anything, we expect that situation to start normalizing within the next quarters in the very short term.

謝謝你，塞巴。我們將從現金點的基礎知識開始，Tito，我們會讓您了解數字的細節。因此，如果我們預計這種情況將成為未來幾個季度的新常態，答案是否定的。我想說，這是在上個季度末受到攻擊的特定情況下的一次性事件。這不是趨勢。這不是一種策略。這是我們用現金給商家帶來信心的唯一情況。如果有的話，我們預計這種情況將在很短的時間內在接下來的幾個季度內開始正常化。

And I guess, you asked a bit about the loan. The loan is -- loans will take from time-to-time in local countries to finance working capital. We had a $15 million loan that we canceled in Q4. That is totally business as usual. Obviously, that resulted in use of our own cash. From time-to-time, we may take a different type of loans in different countries to do that in the future.

我想，你問了一些關於貸款的問題。貸款是 - 貸款將不時在當地國家為營運資金提供資金。我們在第四季度取消了一筆 1500 萬美元的貸款。這完全照常進行。顯然，這導致使用了我們自己的現金。將來，我們可能會不時地在不同國家/地區獲得不同類型的貸款來做到這一點。

I also would like to highlight that we started a buyback program, and we used $2 million of our own cash by the end of the year. But keep in mind that the buyback started 1 week before the year-end. And we have already used $40 million, so that is going very well as expected.

我還想強調的是，我們啟動了回購計劃，到年底我們使用了 200 萬美元的自有現金。但請記住，回購是在年底前 1 週開始的。我們已經使用了 4000 萬美元，因此進展順利，符合預期。

Okay. Great. No, that's helpful. And just so saying -- just so that I'm clear, so does it sound like it normalized in 1Q, but in the next couple of quarters, the use of cash should begin to normalize, correct?

好的。偉大的。不，那很有幫助。這麼說 - 我很清楚，聽起來它在 1Q 正常化，但在接下來的幾個季度，現金的使用應該開始正常化，對嗎？

Totally. And again, not -- we don't expect significant differences in Q1. But particularly after this, we definitely expect that going back to normal and recovery in that cash or start charge you for it.

完全。再一次，不是——我們預計第一季度不會有顯著差異。但特別是在此之後，我們絕對希望恢復正常並恢復現金或開始向您收費。

Next question comes from Jorge Echevarria with Morgan Stanley.

下一個問題來自摩根士丹利的 Jorge Echevarria。

So I appreciate -- we appreciate the new disclosure. Looking at the 20-F filing where you also disclosed the TPV breakdown by country, we can calculate the implied take rate for Argentina and Brazil. We're getting at 10.4% revenue yield for Argentina and 3.5% for Brazil in 2021. So I want to understand what are the costs associated to Argentina to get to a gross profit take rate? And whether you are or not using wallets like FTX for repatriation in Argentina as well?

所以我很感激——我們很感激新的披露。查看您還按國家/地區披露了 TPV 細分的 20-F 文件，我們可以計算出阿根廷和巴西的隱含採納率。到 2021 年，阿根廷的收入收益率為 10.4%，巴西的收入收益率為 3.5%。所以我想了解阿根廷獲得毛利潤率的相關成本是多少？您是否也使用像 FTX 這樣的錢包在阿根廷匯款？

Jorge, thank you very much for the question. No, we don't use any wallets in Argentina. The take rate, it's always our -- the gross take rate, it's always a reflection of the underlying cost structure. So the numbers you pointed are accurate. On the -- on Argentina, the cost of processing payments, it's very high. Keep in mind, many of our payments in Argentina are done using installments, which are very high cost. And therefore, our net take rate should be pretty much in line in both countries.

Jorge，非常感謝你提出這個問題。不，我們在阿根廷不使用任何錢包。採用率，它始終是我們的 - 總採用率，它始終反映了潛在的成本結構。所以你指出的數字是準確的。在阿根廷，處理付款的成本非常高。請記住，我們在阿根廷的許多付款方式都是分期付款，成本非常高。因此，我們的淨接受率在這兩個國家應該基本一致。

Expatriating funds from Argentina is expensive. Argentinian pesos is a less liquid currency than many others and therefore has a higher cost to expatriate. But fundamentally, we're always reflecting our gross take rate every underlying cost to process that given payments. So when you look at our net take rate basis, countries tend to be more in line. And I understand that's harder to see from a growth standpoint because, again, the underlying cost structures are different.

從阿根廷匯出資金是昂貴的。阿根廷比索的流動性低於許多其他貨幣，因此外派人員的成本更高。但從根本上說，我們總是反映我們處理給定付款的每一項潛在成本的毛利率。因此，當您查看我們的淨利率基礎時，各國往往更加一致。而且我知道從增長的角度來看很難看到這一點，因為潛在的成本結構又是不同的。

And just to emphasize -- Jorge, sorry on this. We operate in many of the largest local and regional global banks in Argentina. We are approved by them. We comply with Central Bank requirements. And that's an example in Argentina in a situation where we do have the maturity that we are still to get in Nigeria, where we already have all those banking partners. We already have all those redundancies that allow us to be more efficient. That's the stage we would like to be over time will be in some of the markets where we are operating in Africa and [Argentina.]

只是想強調——Jorge，對此深表歉意。我們在阿根廷的許多最大的本地和區域性全球銀行開展業務。我們得到了他們的認可。我們遵守中央銀行的要求。這就是阿根廷的一個例子，在這種情況下，我們確實擁有我們在尼日利亞仍然需要的成熟度，我們已經擁有所有這些銀行合作夥伴。我們已經有了讓我們更有效率的所有冗餘。這是我們希望隨著時間的推移，在我們在非洲和 [阿根廷] 開展業務的一些市場中達到的階段。

Our next question comes from Jason Kupferberg with Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

As we think about potential trends in gross and net take rates for 2023, is the Q1 model a good proxy to use for the rest of the year? I mean, obviously, there'll be vagaries quarter-to-quarter depending on all the mix factors you guys have talked about. But is Q1 a decent benchmark as a way to think about a reasonable range for full year 2023 take rate?

當我們考慮 2023 年毛利率和淨利率的潛在趨勢時，Q1 模型是否適合在今年剩餘時間使用？我的意思是，很明顯，每個季度都會變幻莫測，這取決於你們談論的所有混合因素。但是，作為考慮 2023 年全年採用率合理範圍的一種方式，第一季度是否是一個不錯的基準？

Sure. So Maria, Diego, feel free to complement. Jason, we believe it's a fairly accurate indication of where we're going to land for the year. Obviously, this year, we've given guidance in terms of revenue. We are expecting revenue growth north of 50%, which we believe to be a great outlook, and we are expecting EBITDA to grow up 40%.

當然。所以 Maria、Diego 可以隨意補充。傑森，我們相信這是對我們今年的目標的相當準確的指示。顯然，今年我們在收入方面給出了指導。我們預計收入增長超過 50%，我們認為這是一個很好的前景，我們預計 EBITDA 將增長 40%。

So gross profit, which is the underlying breakdown between those 2, should be pretty much in line with those. So I think Q1 is a good proxy for what we expect to happen in the full year. Again, as you said, we continue to be a basket of industries, customers and geographies, and therefore, our take rate will go up and will go down. But I think your comments are fair.

因此，毛利潤，即這兩者之間的潛在細分，應該與這些基本一致。所以我認為第一季度很好地代表了我們預計全年會發生什麼。同樣，正如你所說，我們仍然是一個由行業、客戶和地區組成的籃子，因此，我們的採用率將上升並下降。但我認為你的評論是公平的。

Okay. That's helpful. And then just as we think about the quarter-over-quarter decline in gross take rate in the fourth quarter, obviously, it was a sizable move. Can you just break down which of the mix factors that you've talked about were the most significant contributors to that quarter-over-quarter decline?

好的。這很有幫助。然後就像我們考慮第四季度毛利率環比下降一樣，顯然，這是一個相當大的變化。您能否分解一下您所談到的哪些混合因素是導致環比下降的最重要因素？

Sure. Jason, I just want to comment on one thing, and I'll let Maria cover exact to your question. We are proud of the results we posted in Q1 -- sorry, in Q4. Our revenue grew, our gross profit dollars grew, we continue to get these merchants to rely on us in as many geographies as possible. So I want to -- this, I want to convince the feeling we have here at DLocal of how proud we are of what we've achieved in Q4 and what we are -- what we've seen also in Q1. Maria, let you take the question.

當然。 Jason，我只想評論一件事，我會讓 Maria 準確回答你的問題。我們為我們在第一季度發布的結果感到自豪——抱歉，在第四季度。我們的收入增長了，我們的毛利潤也增長了，我們繼續讓這些商家在盡可能多的地區依賴我們。所以我想 - 這個，我想說服我們在 DLocal 的感覺，我們對我們在第四季度取得的成就以及我們在第一季度所看到的是多麼自豪。瑪麗亞，讓你回答這個問題。

Sure. Thank you, Jason. On the net take rate that you see in Q4, first of all, like is a result of the mix, right? As we mentioned earlier, we have like higher local-to-local and pay-out volume in certain geographies. For example, Mexico is a geography that you can see, we grew like 100% on a year base. This is a result of that. When you look into the net take rate, some of the decrease from the gross take rate with (inaudible) but there are still opportunities for us to optimize on the cost base.

當然。謝謝你，傑森。在 Q4 中看到的網拍率，首先，喜歡是混合的結果，對嗎？正如我們之前提到的，我們希望在某些地區有更高的本地到本地和支付量。例如，墨西哥是一個你可以看到的地理區域，我們每年增長 100%。這是一個結果。當您查看淨收入率時，總收入率有所下降（聽不清），但我們仍有機會在成本基礎上進行優化。

Jason, and if I just could complement on that, we don't face any backwards pressures. We are not giving discounts. We are not renegotiating existing deals with our previous customers. So what do you say it's a function of the mix and the growth. We don't see any backward pressure. Obviously, as we onboard bigger merchants that send more volumes our way, they do have more bargaining power and some of those newer deals come at lower take rates. But the fundamental underlying business -- the conditions of the underlying business hasn't changed.

傑森，如果我能對此進行補充，我們不會面臨任何倒退壓力。我們不提供折扣。我們不會與以前的客戶重新談判現有交易。那麼你怎麼說這是混合和增長的函數。我們沒有看到任何倒退壓力。顯然，隨著我們加入更大的商家，向我們發送更多的交易量，他們確實擁有更多的議價能力，而且其中一些新交易的成交率較低。但基本的基礎業務——基礎業務的條件沒有改變。

Okay. So no like-for-like pricing pressure, it sounds like, so thanks for clarifying that. My last question was just the vertical breakdown, financial services, obviously, the largest piece in 2022, 20% of TPV. I think you mentioned remittance companies in there. Is that the biggest piece of financial services? Just wanted to understand some of the different categories of merchants that are most significant in that vertical?

好的。所以聽起來沒有類似的定價壓力，所以感謝你澄清這一點。我的最後一個問題只是垂直細分，金融服務，顯然是 2022 年最大的一塊，佔 TPV 的 20%。我想你在那裡提到了匯款公司。這是最大的金融服務嗎？只是想了解在該垂直領域最重要的一些不同類別的商家？

Sure. Jason, for disclosure reasons, we cannot say the exact names, but these are all U.S.-listed public companies that rely on our services to access emerging markets, the likes of the Visas and Worldpays and Flywires are pioneers of this world. They use our Reais to access emerging markets. We believe this is a testament of how powerful our proposition is.

當然。 Jason，出於披露的原因，我們不能說出確切的名字，但這些都是依賴我們的服務進入新興市場的美國上市上市公司，像 Visas 和 Worldpays 以及 Flywires 這樣的公司都是這個世界的先驅。他們使用我們的雷亞爾進入新興市場。我們相信這證明了我們的主張有多麼強大。

So they rely on our services to access these emerging markets where we operate. And we like those partnerships because through those, we get distribution. We get access to customers that otherwise we wouldn't be getting. Just to use an example, Flywire will serve education merchants. Those are not our target merchants. And those are the type of partners that we want.

因此，他們依靠我們的服務來進入我們運營的這些新興市場。我們喜歡這些合作夥伴關係，因為通過這些合作夥伴關係，我們可以獲得分銷。我們可以接觸到否則我們無法接觸到的客戶。舉個例子，飛匯會服務教育商家。那些不是我們的目標商家。這些就是我們想要的合作夥伴類型。

We want to have direct connections with Google, with Facebook, with Meta, with so many others, but we are okay on having a financial institution between us and those when the underlying merchant is not that -- it's not at least our target customers.

我們希望與穀歌、Facebook、Meta 以及許多其他公司建立直接聯繫，但我們可以接受在我們和那些潛在商家不是——至少不是我們的目標客戶時，在我們和那些人之間建立金融機構。

Our next question comes from Neha Agarwala with HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

The data that you provided, we are seeing shift from cross-border to local-to-local, a change in mix shift for your TPV. That should put pressure on your take rate. I believe that would be incorporated in the guidance that you are providing of gross take rate for 2023 coming around 3.8%, as you mentioned, should be similar to 1Q. So why is this spread happening? Is it more because you're seeing large merchants creating their subsidiaries locally and that is why they're moving from cross-border to local-to-local? Or is it because of the type of merchants here, or you have onboarded recently? So if you can shed some light on that mix, that would be helpful.

您提供的數據，我們看到從跨境到本地到本地的轉變，您的 TPV 的混合轉變發生了變化。這應該會給你的接受率帶來壓力。我相信這將納入您提供的 2023 年毛利率約為 3.8% 的指導中，正如您提到的那樣，應該與第一季度相似。那麼為什麼會發生這種傳播呢？是否更多是因為您看到大型商家在本地創建子公司，這就是他們從跨境轉移到本地到本地的原因？或者是因為這裡的商家類型，或者你最近才入職？因此，如果您能闡明該組合，那將會很有幫助。

Sure. Neha, I think the right word is not shift. It's evolution. We have seen no shift from merchants moving from cross-border to local-to-local. What we do see is that merchants -- we are winning more and more merchants that decide to do business in local-to-local. Diego mentioned during his remarks that 55% of our top 20 use us in both local-to-local and cross-border. And I want to explain this. This is the same customer. This can be Microsoft that decides to use us local-to-local in one given geography and cross-border in one other.

當然。 Neha，我認為正確的詞不是轉變。這是進化。我們沒有看到商家從跨境轉移到本地到本地的轉變。我們看到的是商家——我們正在贏得越來越多決定在本地到本地開展業務的商家。 Diego 在他的發言中提到，我們前 20 名中有 55% 在本地到本地和跨境中使用我們。我想解釋一下。這是同一個客戶。這可能是微軟決定在一個給定的地理區域使用我們本地到本地，而在另一個地理區域使用我們的跨境服務。

What we are not seeing and I want to emphasize this point, it's merchants starting on cross-border and then moving to a local-to-local product. We serve merchants where they're already big. So these are not start-ups that go big and they want to set up their entities. Many of our key customers already have their entity set up in many of our key geographies. And therefore, choose whether to use as the local-to-local or cross-border. We internally see this as a huge strength. This wasn't obvious a few years back that we will be able to win those local-to-local deals.

我們沒有看到的是，我想強調這一點，商家從跨境開始，然後轉向本地到本地的產品。我們為已經很大的商家提供服務。所以這些都不是想做大的初創企業，他們想要建立自己的實體。我們的許多主要客戶已經在我們的許多主要地區設立了實體。因此，選擇是作為本地到本地還是跨境使用。我們內部認為這是一個巨大的力量。幾年前，這並不明顯，我們將能夠贏得那些本地到本地的交易。

Now it's clear that not only do we win them, but they continue to expand with us. And we believe that compounds our value proposition. We want to make sure that merchants can never graduate from us. And therefore, we need to make sure that we go with them if they decide to be local-to-local, cross-borders, pay-ins, pay-outs, Latin America, Africa or Asia.

現在很明顯，我們不僅贏得了他們，而且他們繼續與我們一起擴張。我們相信這複合了我們的價值主張。我們要確保商家永遠無法從我們這裡畢業。因此，如果他們決定本地到本地、跨境、支付、支付、拉丁美洲、非洲或亞洲，我們需要確保我們與他們一起去。

Very helpful. If I can ask another question. Could you shed more light on financial income and financial expenses. Should we expect with the use of cash in paying back loan and giving guarantees to large merchants, should we expect financial income to be weaker in the coming quarters? And how should we think about the evolution of financial expenses as that has been quite significant in the last 2 quarters?

很有幫助。如果我可以問另一個問題。你能更清楚地說明財務收入和財務支出嗎？我們是否應該預期隨著現金用於償還貸款和向大商戶提供擔保，我們是否應該預期未來幾個季度的財務收入會疲軟？我們應該如何看待財務費用的演變，因為它在過去兩個季度非常顯著？

Diego, do you take it?

迭戈，你接受嗎？

Sure. Neha, so basically, we started having high financial statements, particularly in Q3. That was the result of having higher positions in many countries, one of them be in Argentina and the pesos with all the regulation that we have at that point. That is sequentially going down, and I would say pretty much normal by the end of the year. So we still have higher financial expenses in Q3 and Q4, but we expect that to continue reducing going forward.

當然。 Neha，基本上，我們開始擁有高財務報表，尤其是在第三季度。這是在許多國家/地區擁有更高職位的結果，其中之一是在阿根廷和比索，我們當時擁有所有監管。這是連續下降的，我想說到今年年底就很正常了。因此，我們在第三季度和第四季度的財務費用仍然較高，但我們預計未來會繼續減少。

You will also see that we also have a significant financial income. Actually, the number for Q4, if I'm not wrong, is $18 million of expenses, [$18] million for the year. $18 million for financial expenses, $19 million of financial income. They tend to offset each other. But -- so whenever we have to hedge funds, we also put them in money markets or interest-bearing account. So they represent a higher expense, but also higher income.

你也會看到我們也有一筆可觀的經濟收入。實際上，如果我沒記錯的話，第四季度的數字是 1800 萬美元，全年 [18] 萬美元。財務費用1800萬美元，財務收入1900萬美元。它們往往相互抵消。但是——所以每當我們需要對沖基金時，我們也會把它們放在貨幣市場或生息賬戶中。因此，它們代表了更高的支出，但也代表了更高的收入。

If we look at the net financial expenditure together, I think it was like $2 million, $3 million net in the quarter, which is not very different to what we have in previous quarters.

如果我們一起看淨財務支出，我認為本季度的淨財務支出約為 200 萬、300 萬美元，這與我們前幾個季度的情況差別不大。

Should the use of own cash for the purposes you mentioned earlier, should that have an impact on your P&L by any means?

如果將自有現金用於您之前提到的目的，是否會對您的損益產生任何影響？

Not much. Keep in mind that most of our cash, we have it at the consolidated level in U.S. dollars in global banks. That eventually give us, let's say, 4% interest rate. So the only part of a profitability that we were signing is that 4% take rate on the amounts we use for letter of credits. And again, we expect the situation to sequentially go back to normally, particularly in Q2 and Q3. So we will likely recover those balances in our balance sheet.

不多。請記住，我們的大部分現金，我們在全球銀行中以美元形式統一存放。比方說，這最終給了我們 4% 的利率。因此，我們簽署的盈利能力的唯一部分是我們用於信用證的金額的 4% 利率。同樣，我們預計情況會依次恢復正常，尤其是在第二季度和第三季度。因此，我們很可能會在資產負債表中收回這些餘額。

Our next question comes from Andrew Bauch with SMBC Nikko Securities.

我們的下一個問題來自 SMBC 日興證券的 Andrew Bauch。

Thanks for taking the call and for all the added disclosure provided this quarter. I appreciate your comment on the gross margin and that you're not necessarily managing this business to gross margin, but the absolute gross profit dollars growth. Using the -- some of the earlier commentary you made that the margins in the first quarter should be somewhat in the same range for the rest of the year. We're still seeing a pretty sizable deceleration in absolute gross profit dollars growth in 2023.

感謝您接聽電話並感謝本季度提供的所有額外披露。我很欣賞你對毛利率的評論，你不一定要管理這項業務的毛利率，而是絕對毛利潤的增長。使用 - 您之前發表的一些評論認為，第一季度的利潤率應該與今年剩餘時間的利潤率大致相同。我們仍然看到 2023 年絕對毛利潤增長有相當大的減速。

I mean, is there something in 2023 that is going to be the headwind? And thinking about the longer term, are there variables that we should think about that would either accelerate this growth beyond where it's implying in 2023 or something that's headwind in 2023 that we're not necessarily maybe catching?

我的意思是，2023 年會有什麼不利因素嗎？從長遠來看，是否存在我們應該考慮的變數，這些變數會加速這種增長超過 2023 年所暗示的水平，或者在 2023 年我們不一定能抓住的逆風？

Andrew, thank you very much for your question. We are guiding to 50% growth in revenue. I don't call that a headwind. We are very optimistic about our business. And I don't think there are many businesses growing profitably at 50% at the scale where we are. So we are extremely bullish on all the underlying trends. We believe we have very, very significant secular tailwinds. Merchants are moving online. Merchants care more about emerging markets. We are indexed to some of biggest companies in the world.

安德魯，非常感謝你的提問。我們正在指導收入增長 50%。我不稱之為逆風。我們對我們的業務非常樂觀。而且我認為沒有多少企業能像我們這樣以 50% 的規模實現盈利增長。因此，我們非常看好所有潛在趨勢。我們相信我們有非常非常重要的長期順風。商家正在向網上轉移。商家更關心新興市場。我們與世界上一些最大的公司建立了索引。

So we are -- we see the guidance we provided are extremely positive. We believe our business is in a very unique position. We proved to be a leader in emerging markets. I think there's going to be significant value that the leader is going to be able to accrue. So we see nothing negative. If anything, having the customers we have, having the products we have, having the footprint we have in the geographies where we operate, makes us extremely, extremely bullish. And again, we believe the guidance reflects a 50% growth, 40% growth in EBITDA, which is already positive, we believe it's a great place to be.

所以我們 - 我們看到我們提供的指導非常積極。我們相信我們的業務處於非常獨特的位置。事實證明，我們是新興市場的領導者。我認為領導者將能夠積累重要的價值。所以我們看不到任何負面影響。如果有的話，擁有我們擁有的客戶，擁有我們擁有的產品，擁有我們在我們經營所在地區的足跡，讓我們非常、非常樂觀。再一次，我們認為該指引反映了 EBITDA 增長 50%、40%，這已經是積極的，我們相信這是一個很好的地方。

No, I appreciate that. I think just everybody is trying to -- if you're saying you're managing the business to absolute gross profit dollars growth, we're trying to think about it in the same way. Thinking about the conversations you're having with incremental logos, it's nice to see some additional big names with Meta and Salesforce. I mean how much more big names are out there or marquee logos that you may or may not be in discussions with in the months and quarters ahead? And how can you talk and characterize their ambitions in emerging markets as particularly as we get out of this current macro situation?

不，我很感激。我認為每個人都在嘗試 - 如果你說你正在管理業務以實現絕對毛利潤美元增長，我們正試圖以同樣的方式考慮它。想想您與增量徽標的對話，很高興看到 Meta 和 Salesforce 的一些其他知名人士。我的意思是，在接下來的幾個月和幾個季度中，您可能會或可能不會討論多少大牌或大牌標誌？您如何談論和描述他們在新興市場的野心，尤其是在我們擺脫當前的宏觀形勢時？

Sure. We have a very deep pipeline. And having a healthy pipeline, it's always a function of having more product to sell to those customers. We see products and geographies as touch points. There's more things we can go and discuss with our customer base. We are very proud of the logos we have, but we're also very conscious -- we are very conscious about those that are still not our customers. We are a very commercially oriented organization. So we know who those customers are, and we want to be able to import them.

當然。我們有很深的渠道。擁有健康的渠道，總是有更多的產品可以賣給這些客戶。我們將產品和地理位置視為接觸點。我們可以去和我們的客戶群討論更多的事情。我們為我們擁有的徽標感到非常自豪，但我們也非常注意——我們非常注意那些仍然不是我們客戶的人。我們是一個非常商業化的組織。所以我們知道這些客戶是誰，我們希望能夠導入他們。

The other thing that has happened is that, as we opened new geographies, whole new verticals have opened up from this, that we didn't see coming. And that's -- it does, if anything, a huge opportunity. On the macro side, obviously, you guys will have a much better view on the market front than we do. What we understand from our own conversations and many of this is anecdotal, is that customers understand that emerging markets are important, they're finding a lot of their growth. So that's the growth they're not finding in the U.S. and in Europe, they are finding in emerging markets.

發生的另一件事是，隨著我們開闢新的地理區域，全新的垂直領域由此開闢，我們沒有預見到。那就是——如果有的話，它確實是一個巨大的機會。顯然，在宏觀方面，你們對市場的看法會比我們好得多。我們從自己的談話中了解到，其中很多都是軼事，客戶明白新興市場很重要，他們正在尋找很多增長點。所以這就是他們在美國和歐洲找不到的增長，他們在新興市場找到了。

There's obviously an environment where some of them have less resources to invest on this and, therefore, need to rely more on services like ours. We've seen payments becoming smaller. And that's obviously can be a challenge, but most importantly, it's an opportunity. We want merchants to rely more and more on our infrastructure. And we believe the emerging markets are here to stay and are here to stay and are going to be the driver of growth for many of our merchants, and we are indexed to that.

顯然，他們中的一些人在這方面投入的資源較少，因此需要更多地依賴像我們這樣的服務。我們已經看到付款變得越來越小。這顯然是一個挑戰，但最重要的是，這是一個機會。我們希望商家越來越依賴我們的基礎設施。我們相信，新興市場將繼續存在，並將繼續存在，並將成為我們許多商家增長的驅動力，我們已將其納入索引。

Our next question comes from Kaio Prato with UBS.

我們的下一個問題來自瑞銀的 Kaio Prato。

So on other side here, I have a question related to the guidance for 2023. When you look to your guidance for adjusted EBITDA and revenues, we see that the bottom of the guidance of EBITDA could imply an EBITDA margin of 31% for 2023. The bottom of the guidance, which would be way below the adjusted EBITDA that you reported for 2022 around 6 percentage points below.

因此，在另一方面，我有一個與 2023 年指導相關的問題。當您查看調整後 EBITDA 和收入的指導時，我們看到 EBITDA 指導的底部可能意味著 2023 年 EBITDA 利潤率為 31%。指導的底部，這將遠低於您報告的 2022 年調整後 EBITDA 約 6 個百分點。

I just wonder if you could please share with us the dynamic behind that, what should be the drivers for that? Just trying to understand if this could be much more related to cost and gross profit margin contraction that I think you already mentioned in this call? Or this is much more related to a potential increase in expenses? And what should be the driver for that?

我只是想知道您是否可以與我們分享這背後的動力，驅動因素應該是什麼？只是想了解這是否與我認為您已經在本次電話會議中提到的成本和毛利率收縮有關？或者這與潛在的支出增加關係更大？驅動力應該是什麼？

Thank you, Kaio, for your question. Maria, Diego, feel free to complement. Kaio, I don't want to sound like a broken record, but we are not optimizing for the margin -- for the percentage margin. We are guiding towards in the lower range of the guidance, at least $70 million of adjusted EBITDA. We believe that number to be very healthy and very positive. We also don't believe this is a time for us to over optimize on EBITDA margin. We believe if we do that, we would be hurting our business. This is a time for us to differentiate.

謝謝你，Kaio，你的問題。 Maria、Diego，隨時補充。 Kaio，我不想听起來像破紀錄，但我們並不是在優化利潤率——百分比利潤率。我們正在指導較低的指導範圍內，調整後的 EBITDA 至少為 7000 萬美元。我們相信這個數字非常健康和積極。我們也不認為現在是我們過度優化 EBITDA 利潤率的時候。我們相信，如果我們這樣做，就會損害我們的業務。這是我們與眾不同的時候。

There are not many profitable companies out there. We've seen many of our competitors retrenching and focusing on less on emerging markets. We want to do the exact opposite. So this is the time for us to invest. Gross profit dollars are going to be there, but we want to continue to have the ability of investing. It would be relatively easy for us to bring our EBITDA margins up. It's just to reduce the speed of the investment, but we don't believe that's the right thing to do in the situation where we are.

能賺錢的公司不多。我們已經看到我們的許多競爭對手縮減開支並減少對新興市場的關注。我們想做恰恰相反的事情。所以現在是我們投資的時候了。毛利潤美元將在那裡，但我們希望繼續擁有投資能力。提高我們的 EBITDA 利潤率對我們來說相對容易。這只是為了降低投資速度，但我們認為在我們所處的情況下這不是正確的做法。

We want to continue to be profitable the way we are. We believe we are a very profitable company and one that has shown to be able to drive profits and add value to each customers at the same time. We want to intend -- we intend sorry to continue to stay focus on it. Maria, feel free to complement.

我們希望繼續以我們現在的方式盈利。我們相信我們是一家非常有利可圖的公司，並且已經證明能夠同時為每個客戶增加利潤和增值。我們打算 - 我們打算抱歉繼續關注它。瑪麗亞，隨時補充。

Kaio, Thank you for your question. I want to also point out that we believe we have very healthy margins. I know your point to fiscal margin, we have very healthy margins. And then on the EBITDA level, it's also good to look into EBITDA over gross profit. And then you'll see that over time, like we have increase in this, we were at 56% in 2019. For the 2022 year, we're at 77%. So we believe this is extremely health and why we are still investing on the growth opportunity for our business.

凱奧，謝謝你的問題。我還想指出，我們相信我們的利潤率非常健康。我知道你對財政利潤率的看法，我們的利潤率非常健康。然後在 EBITDA 層面上，將 EBITDA 看成毛利潤也很好。然後你會看到隨著時間的推移，就像我們在這方面有所增加一樣，我們在 2019 年達到了 56%。到 2022 年，我們達到了 77%。所以我們相信這是非常健康的，也是為什麼我們仍在投資於我們業務的增長機會。

Okay. Just a quick follow-up here in terms of expenses. If you take a look on your D&A expenses, even excluding the one-off related to the internal review, we saw a huge increase on a quarter-over-quarter basis. So just would like to understand what happened here this quarter? And also if this should be the same level that we could expect, specifically on the D&A for the following quarters?

好的。就費用而言，這裡只是一個快速跟進。如果你看一下你的 D&A 費用，即使不包括與內部審查相關的一次性費用，我們也會看到環比大幅增長。那麼只想了解本季度這裡發生了什麼？而且這是否應該與我們預期的水平相同，特別是在接下來幾個季度的 D&A 上？

Diego, do you want to take it?

迪亞哥，你要不要？

(technical difficulty)

（技術難度）

At this time, I'd like to hand the conference back over to Mr. Kanovich for closing remarks.

此時，我想將會議交還給 Kanovich 先生作閉幕詞。

Sorry, I was speaking and can I answer the question?

抱歉，我正在發言，我可以回答這個問題嗎？

Yes.

是的。

Yes. Sorry. I was saying that you should typically see longer periods such as 1 quarter. This quarter was very particular in terms of expenses. Keep in mind that we have the one-off for FTX of $5.6 million. So we have $2 million related to short-seller expenses in terms of due diligence and accounting and legal work. And we also increased our investment in people. You will see that. We have around $2 million or higher than average stock-based compensation expense. You should expect that going forward.

是的。對不起。我是說您通常應該看到更長的時間段，例如 1 個季度。這個季度在開支方面非常講究。請記住，我們有 560 萬美元的一次性 FTX 資金。因此，在盡職調查、會計和法律工作方面，我們有 200 萬美元與賣空者相關的費用。我們還增加了對人員的投資。你會看到的。我們有大約 200 萬美元或高於平均股票補償費用。你應該期待未來的發展。

And finally, Q4 is strong in some seasonal events. We have 2 main commercial events. One is DLocal Connect, the big event, we buy merchants in (inaudible) And also, we have another strong event the Money 2020. So those typically happen in Q4 and are not occurring during the whole year.

最後，第四季度在一些季節性事件中表現強勁。我們有兩個主要的商業活動。一個是 DLocal Connect，這是一個大事件，我們在（聽不清）購買商家，而且，我們還有另一個重要事件 Money 2020。所以這些通常發生在第四季度，而不是全年發生。

I would now like to hand the conference back over to Mr. Kanovich for closing remarks.

我現在想將會議交還給 Kanovich 先生作閉幕詞。

Thank you, everyone, and thanks for the call. Again, I want to thank our customers, our team and our investors for their continued support. This has been -- Q4 has been a stressful time for the company, and I couldn't be prouder of how we weather the storm. We continue to be extremely bullish on our perspectives on the business. And again, this is a time to be thankful to all of those who have been very supportive of us, and thanks, everyone, for the questions.

謝謝大家，也謝謝你的來電。再次，我要感謝我們的客戶、我們的團隊和我們的投資者一直以來的支持。這一直是——第四季度對公司來說是一個充滿壓力的時期，我為我們如何度過這場風暴感到無比自豪。我們仍然非常看好我們對業務的看法。再一次，現在是時候感謝所有一直非常支持我們的人，感謝大家提出的問題。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。每個人，祝你有美好的一天。