Dlocal Ltd (DLO) 2023 Q1 法說會逐字稿

Good day, and welcome to the dLocal First Quarter 2023 Results Call. (Operator Instructions) I would now like to turn the call over to Soledad Nager, Head of Investor Relations. You may begin.

美好的一天，歡迎參加 dLocal 2023 年第一季度業績電話會議。 （操作員說明）我現在想將電話轉給投資者關係主管 Soledad Nager。你可以開始了。

Thank you very much, operator. Good morning, everyone, and thank you for joining our third quarter 2023 earnings call today. If you have not seen our earnings release, a copy is both in the financial section of our Investor Relations website. 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. 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 the local website at investor.dlocal.com. The recording will be available shortly after the event is concluded.

非常感謝您，接線員。大家早上好，感謝您今天參加我們的 2023 年第三季度財報電話會議。如果您還沒有看過我們的收益發布，我們的投資者關係網站的財務部分中有一份副本。我們的首席執行官塞巴斯蒂安·卡諾維奇 (Sebastian Kanovich)、總裁兼首席運營官雅各布·辛格 (Jacobo Singer) 也參加了今天的電話會議。 Diego Cabrera Canay，我們的首席財務官；以及企業發展和投資者關係副總裁 Maria Oldham。我們將提供幻燈片演示來配合我們準備好的發言。該活動通過網絡直播進行現場直播，網絡廣播和演示文稿均可通過當地網站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. 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.

在繼續之前，請允許我提一下，本次電話會議中包含的或提及的任何前瞻性陳述均基於當前可獲得的信息以及當地當前對未來事件的假設、期望和預測。儘管該公司認為，根據當前可用信息，我們的假設、預期和預測是合理的，但請注意不要過分依賴這些前瞻性陳述。

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 Factors section of the local filings with the Securities and Exchange Commission, which are available on the local Investor Relations website. Now I will turn the conference over to Sebastian. Thank you.

由於多種原因，實際結果可能與本地演示中包含的或本次電話會議中討論的結果存在重大差異，其中包括在向美國證券交易委員會提交的本地文件中的前瞻性聲明和風險因素部分中描述的內容（可查閱）在當地投資者關係網站上。現在我將把會議交給塞巴斯蒂安。謝謝。

Good morning, everyone. Thanks for joining the call today. I'm pleased to share that we've had a very strong start to the year. Our TPV grew 70% year-over-year and 8% quarter-over-quarter, reaching $3.6 billion. Our revenue grew 57% year-over-year and 16% quarter-over-quarter to $137 million. We continue to focus on growing our absolute gross profit and EBITDA dollars. We've added $7 million gross profit and $5 million EBITDA in the first quarter of 2023. Both figures increased double digit year-over-year and quarter-over-quarter. Gross profit grew by 42% year-over-year and 12% quarter-over-quarter to reach $62 million and adjusted EBITDA grew by 38% year-over-year and 13% quarter-over-quarter to reach $45 million.

大家，早安。感謝您今天加入通話。我很高興地告訴大家，我們今年有一個非常強勁的開局。我們的 TPV 同比增長 70%，環比增長 8%，達到 36 億美元。我們的收入同比增長 57%，環比增長 16%，達到 1.37 億美元。我們繼續專注於增加絕對毛利潤和 EBITDA 美元。 2023 年第一季度，我們的毛利潤增加了 700 萬美元，EBITDA 增加了 500 萬美元。這兩個數字同比和環比均增長了兩位數。毛利潤同比增長 42%，環比增長 12%，達到 6200 萬美元；調整後 EBITDA 同比增長 38%，環比增長 13%，達到 4500 萬美元。

We have always been focused on delivering profitable growth while investing to achieve our long-term ambition, capitalizing on the huge opportunity ahead of us. We are proud to share that during the last 9 quarters, our ratio of adjusted EBITDA to gross profit has remained consistently above 70%. And -- This is because our disciplined investment approach is part of our DNA. We remain firmly focused on profitable growth at scale. We are still a young company in growth mode. Over the long term, there are clear opportunities to deliver operating leverage. Now Maria will discuss our operations and performance in Q1 2023.

我們始終專注於實現盈利增長，同時進行投資以實現我們的長期目標，充分利用我們面前的巨大機遇。我們很自豪地告訴大家，在過去 9 個季度中，我們調整後的 EBITDA 與毛利潤的比率一直保持在 70% 以上。而且——這是因為我們嚴謹的投資方法是我們 DNA 的一部分。我們仍然堅定地專注於大規模盈利增長。我們仍然是一家處於成長模式的年輕公司。從長遠來看，有明顯的機會來提供運營槓桿。現在，Maria 將討論我們 2023 年第一季度的運營和業績。

Thank you, Seb. Hi, everyone. During Q1 2023, we significantly grew our business with our top 10 merchants. In Q1 2023, our revenue from our top 10 merchants reached $80 million versus $45 million a year ago. Our top 10 merchant concentration actually increased in Q1 2023 because we delivered very rapid growth among our top 10 and with 2 merchants nearly entering the top 10 list.

謝謝你，塞布。大家好。 2023 年第一季度，我們與排名前 10 位的商家的業務顯著增長。 2023 年第一季度，我們來自前 10 名商家的收入達到 8000 萬美元，而一年前為 4500 萬美元。我們的前 10 名商戶集中度實際上在 2023 年第一季度有所增加，因為我們在前 10 名中實現了非常快速的增長，並且有 2 個商戶幾乎進入前 10 名名單。

We work extremely close with our merchants. During Q1 2023, our top 10 merchants on average processed payments with us in 10 countries versus 8 a year ago. And all of them leveraged the local products in at least 1 country in Africa and Asia. This is a testament to our successful cross-selling strategy and to our merchant stress in our solution. We are their partner of choice, both when they decide to go local in a country and also when they operate cross-border. 8 out of 10 of our top 10 merchants process with us both on a cross-border and local to local basis.

我們與我們的商家密切合作。 2023 年第一季度，我們排名前 10 的商戶平均在 10 個國家/地區通過我們處理付款，而一年前為 8 個國家/地區。它們都利用了非洲和亞洲至少 1 個國家的本地產品。這證明了我們成功的交叉銷售策略以及我們解決方案中的商家壓力。無論是當他們決定在某個國家進行本地化還是跨境運營時，我們都是他們的首選合作夥伴。我們排名前 10 的商家中有十分之八與我們進行跨境和本地到本地的處理。

Moving to the next slide. During the quarter, we focus our efforts on deepening our presence in the countries in which we already operate, mostly in Africa and Asia by establishing more direct connections with payment methods and acquirers and continuing to enhance our solution.

轉到下一張幻燈片。在本季度，我們的重點是通過與支付方式和收單機構建立更直接的聯繫並繼續增強我們的解決方案，深化我們在已開展業務的國家（主要是非洲和亞洲）的業務。

In our last earnings call, Jacob highlighted how excited we are about the growth opportunity in Nigeria. Let me share a little bit more of our journey in this country. We opened this country back in 2019 because one of our merchants needed us to help them access local payment methods. As our road map is driven in great part by our merchant needs and the request was within emerging markets, we made the launch of Nigeria priority. We were then able to offer this to our entire merchant base. And today, our solution in Nigeria is used by 6 out of our top 10 merchants. One great benefit of choosing our solution is the wide access to nontraditional payment methods. According to Statista, in Nigeria, only 3% of the population have a credit card. So merchants rely on us to connect to alternative payment methods and local card schemes, such as Verve. The opportunity in Nigeria is massive as the country has a huge and young population. Also, from the perspective of our merchants, it is a market that is complex to operate in and they strongly benefit from our solution there. As we mentioned in previous quarter, gross take rate is significantly higher than average, while net take rate is largely in line with other markets in which the local operates.

在我們上次的財報電話會議上，雅各布強調了我們對尼日利亞的增長機會感到多麼興奮。讓我分享一下我們在這個國家的旅程。我們早在 2019 年就開設了這個國家，因為我們的一位商家需要我們幫助他們使用本地支付方式。由於我們的路線圖在很大程度上是由我們的商家需求驅動的，並且該要求是在新興市場內，因此我們優先考慮推出尼日利亞。然後我們就能夠向我們的整個商家群提供此服務。如今，我們在尼日利亞的解決方案已被 10 名商家中的 6 家使用。選擇我們的解決方案的一大好處是可以廣泛使用非傳統支付方式。據 Statista 統計，在尼日利亞，只有 3% 的人口擁有信用卡。因此，商家依靠我們連接替代支付方式和本地卡計劃，例如 Verve。尼日利亞擁有龐大的年輕人口，因此機遇巨大。此外，從我們商家的角度來看，這是一個運營複雜的市場，他們從我們的解決方案中受益匪淺。正如我們在上一季度提到的，總採用率明顯高於平均水平，而淨採用率與當地經營的其他市場基本一致。

Gross profit margin is lower than the average, but we believe that over the medium-to-long term, as we go deeper into the region, developing more integrations and payment methods and gaining more efficiency and access in the FX markets, the gross profit will expand. As we always emphasize, we've focused on absolute dollar profit growth. Even if lower margin in the short term, maximizing absolute dollar profit will create the most valuable business in the long term. Now I will pass on to Jacob to discuss our achievements in the different geographies.

毛利率低於平均水平，但我們相信，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以及在外匯市場獲得更高的效率和准入，毛利潤將在將會擴大。正如我們一直強調的那樣，我們專注於絕對美元利潤增長。即使短期利潤率較低，從長遠來看，最大化絕對美元利潤也將創造最有價值的業務。現在我將請雅各布討論我們在不同地區取得的成就。

Africa and Asia have been a key engine of growth for us. Our merchants continue to sign a strong demand for our solution in these geographies, and these markets also have attractive economics. The result of our push into these regions speak for themselves. Revenue in Africa and Asia in Q1 2023 grew by 297% year-over-year and 53% quarter-over-quarter reaching $39 million with a large part of the acceleration driven by Nigeria. Asia and Africa already represent a relevant portion of our business at 28% of our revenue in Q1 2023.

非洲和亞洲一直是我們增長的關鍵引擎。我們的商家繼續在這些地區簽署對我們解決方案的強烈需求，並且這些市場也具有有吸引力的經濟效益。我們進軍這些地區的結果不言而喻。 2023 年第一季度，非洲和亞洲的收入同比增長 297%，環比增長 53%，達到 3900 萬美元，其中很大一部分是由尼日利亞推動的。 2023 年第一季度，亞洲和非洲已占我們業務的相關部分，占我們收入的 28%。

In Q1 2023, we saw strong growth in Nigeria with revenues increasing by 16x year-over-year and 91% quarter-over-quarter. Nigeria accounted for 20% of our revenues in Q1 versus 2% a year ago. We are also very proud of the progress we have achieved in several other markets such as Egypt, Morocco, Indonesia and Malaysia, all of them growing triple digits year-over-year and becoming more relevant to our business. 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.

2023 年第一季度，我們在尼日利亞實現了強勁增長，收入同比增長 16 倍，環比增長 91%。尼日利亞占我們第一季度收入的 20%，而一年前為 2%。我們也對我們在埃及、摩洛哥、印度尼西亞和馬來西亞等其他市場取得的進展感到非常自豪，所有這些市場均同比增長三位數，並且與我們的業務更加相關。對於我們在這些地區的發展來說，現在還處於早期階段，我們對未來的重大機遇感到非常興奮。

Moving on to Latin America. We continued to see solid growth across the region in Q1 2023 with revenue growing by 27% year-over-year and 6% quarter-over-quarter to $98 million. Q1 2023 marked Argentina's return to positive revenue growth, increasing by 41% quarter-over-quarter, albeit still at slightly lower levels than a year ago. LATAM, excluding Argentina, showed strong revenue growth of 38% year-over-year and was stable quarter-over-quarter.

繼續前往拉丁美洲。 2023 年第一季度，我們繼續看到該地區的穩健增長，收入同比增長 27%，環比增長 6%，達到 9800 萬美元。 2023 年第一季度，阿根廷收入恢復正增長，環比增長 41%，但仍略低於去年同期水平。拉美地區（不包括阿根廷）的收入同比增長 38%，環比穩定。

On a quarter-to-quarter basis, you might see revenue growth with (inaudible). For example, in the past quarter, Mexico outperformed other markets. We look at 12 months view to see a normalized view in order to assess the development of our region. In the last 12 months to Q1 2023, each of the main countries individually showed significant revenue growth greater than 20% year-over-year and 62% growth on the aggregate. It is important to highlight that the revenue distribution by market is a result of our merchant strategy. Our commercial teams are internally organized for merchants, and we do not optimize for targets by geography. We have global agreements with our merchants, and we offer them access to all of the emerging markets in which we operate, supporting them in the markets in which they wish to grow. We continue to invest thoughtfully in expanding our global team.

按季度計算，您可能會看到收入增長（聽不清）。例如，在過去的季度中，墨西哥的表現優於其他市場。我們通過 12 個月的觀察來了解標準化的觀點，以評估我們地區的發展。截至 2023 年第一季度的過去 12 個月中，每個主要國家/地區的收入均顯著增長，同比增長超過 20%，總體增長 62%。需要強調的是，按市場劃分的收入分配是我們商業策略的結果。我們的商業團隊是內部為商家組織的，我們不會按地理位置來針對目標進行優化。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，並在他們希望發展的市場中為他們提供支持。我們繼續深思熟慮地投資擴大我們的全球團隊。

We have hired new talent, particularly in the areas of sales and marketing, taken product and operations to pursue the opportunities we see in the market and to drive towards our long-term objectives.

我們聘請了新的人才，特別是在銷售和營銷領域，利用產品和運營來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 roles now account for around 41% of our FTEs supporting our rapid innovation of new products. In Q1 2023, we grew our team by 201 FTEs or by 36% year-over-year to 763 employees. We continue to recruit talent outside of the Americas as we focus on hiring locally to leverage on the ground knowledge and develop a deep understanding of local market idiosyncrasies. We reached 173 FTEs in Africa and Asia by the end of Q1 2023, representing 23% of our workforce. We will continue to invest in talent in a disciplined way, staying lean and always ensuring that we onboard talent that has a strong (inaudible) feet. We are proud of our team and believe it is a strong asset. Diego will now review our financial highlights.

目前，技術相關職位約占我們 FTE 的 41%，支持我們新產品的快速創新。 2023 年第一季度，我們的團隊增加了 201 名 FTE，即同比增長 36%，達到 763 名員工。我們繼續在美洲以外招聘人才，因為我們專注於本地招聘，以利用實地知識並深入了解當地市場的特質。截至 2023 年第一季度末，我們在非洲和亞洲的 FTE 人數達到 173 人，佔員工總數的 23%。我們將繼續以嚴謹的方式投資人才，保持精幹，並始終確保我們擁有實力強勁（聽不見）的人才。我們為我們的團隊感到自豪，並相信這是一筆強大的資產。迭戈現在將回顧我們的財務亮點。

Thank you, Jacobo, and hi, everyone. We have seen a steady increase in pay-ins and pay-outs TPV quarter after quarter. During Q1 2023, pay-ins increased by 52% year-over-year and by 7% quarter-over-quarter. Pay-outs increased by 133% year-over-year and 11% quarter-over-quarter. The production remains relatively unchanged quarter-over-quarter with pay-ins accounting for 70% of our TPV and pay-outs for the remaining 30%. The contribution from pay-out has increased year-over-year as we have been successful in providing the last mile payment service in emerging markets to global public payment companies, and we continue to position ourselves as a payment service provider of choice in emerging markets for global payroll, ride-hailing and on-demand delivery companies.

謝謝你，雅各布，大家好。我們看到 TPV 的收入和支出逐季穩步增長。 2023 年第一季度，付費收入同比增長 52%，環比增長 7%。支出同比增長 133%，環比增長 11%。產量環比保持相對不變，付費佔 TPV 的 70%，付費佔剩餘的 30%。支付貢獻逐年增加，我們已成功為全球公共支付公司提供新興市場最後一公里支付服務，並繼續將自己定位為新興市場首選支付服務提供商面向全球薪資、網約車和按需配送公司。

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 involve and their strategy in the quarter, the share of pay-ins versus pay-outs may vary. We see product diversification as one of the strengths of our business. Going forward, we are very positive about the continued growth of our products.

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。根據我們涉及的客戶及其本季度的策略，付款與付款的比例可能會有所不同。我們將產品多元化視為我們業務的優勢之一。展望未來，我們對我們產品的持續增長非常樂觀。

Our cross-border and local-to-local volume showed solid growth year-over-year and quarter-over-quarter. With cross-border volume growing quarter-over-quarter by 12%, increasing its share contribution from 53% in Q4 to 55% in Q1 2023. As Maria mentioned earlier in the call, we have seen that large merchants tend to have a combined strategy and we expect fluctuation between services to continue from quarter-to-quarter.

我們的跨境和本地到本地的交易量同比和環比均呈現穩健增長。隨著跨境交易量環比增長 12%，其份額貢獻從第四季度的 53% 增加到 2023 年第一季度的 55%。正如瑪麗亞之前在電話會議中提到的，我們看到大型商戶往往擁有戰略，我們預計服務之間的波動將持續每個季度。

Revenues also reached a record high of $137 million in Q1 2023, growing 57% year-over-year and 16% quarter-over-quarter. We continue delivering strong revenue growth both from our existing and from our new customers. During Q1 2023, of the 57% year-over-year revenue growth, 47 percentage points or $41 million came from existing merchants and 10 percentage points or $9 million came from new merchants. Our revenues over TPV or gross take rate was 3.8% during the quarter compared to 3.6% in Q4 2022. Fluctuations from quarter-to-quarter are mainly driven from changes in business mix. As Nigeria and Argentina with higher-than-average gross take rate were the main drivers of the quarter-over-quarter revenue and growth take growth.

2023 年第一季度收入也創下 1.37 億美元的歷史新高，同比增長 57%，環比增長 16%。我們繼續從現有客戶和新客戶那裡實現強勁的收入增長。 2023 年第一季度，在 57% 的同比收入增長中，47 個百分點（4100 萬美元）來自現有商家，10 個百分點（900 萬美元）來自新商家。本季度我們的收入與冠捷 (TPV) 的收入或毛收入比率為 3.8%，而 2022 年第四季度為 3.6%。季度與季度之間的波動主要由業務組合的變化驅動。由於尼日利亞和阿根廷的毛收入高於平均水平，是季度收入和增長收入增長的主要推動力。

We continue to deliver a strong net revenue retention of 147% for the quarter. This is driven by very low churn, less than 1% year-over-year. The organic growth of our mergers in emerging markets and our ability to continue bringing them to new countries, products, payment methods and increased share of wallet.

本季度我們繼續保持 147% 的強勁淨收入保留率。這是由於客戶流失率非常低，同比低於 1%。我們在新興市場的合併的有機增長，以及我們繼續將其引入新國家、產品、支付方式和增加錢包份額的能力。

Moving on to Slide 16. We remain focused on growing absolute gross profit dollars. During Q1, our gross profit reached $62 million, up 42% year-over-year and 12% quarter-over-quarter, with a net take rate stable quarter-over-quarter at 1.7%. During the quarter, we also see an increase in processing cost from 1.8% in Q4 2022 to 2% in Q1 2023, which is in line with increase in gross take rate from 3.6% to 3.8%. These increases are mainly attributable to the increase in TPV in Nigeria with higher fees and higher expatriation costs.

繼續看幻燈片 16。我們仍然專注於增加絕對毛利潤。第一季度，我們的毛利潤達到 6200 萬美元，同比增長 42%，環比增長 12%，淨拿取率環比穩定在 1.7%。在本季度，我們還發現處理成本從 2022 年第四季度的 1.8% 增加到 2023 年第一季度的 2%，這與總利用率從 3.6% 增加到 3.8% 的情況一致。這些增長主要歸因於尼日利亞 TPV 的增加，費用和外派成本更高。

From a gross profit margin perspective, margins dropped to 45% compared to 47% in Q4 2022 and 50% in Q1 2022. The waterfall chart on the right shows the main changes in our gross profit margin. Product, service mix and cost optimization contributed favorably to the margin as we had a higher share of cross-border on pay-outs quarter-on-quarter. In contrast, the country mix reduced the margin as we experienced strong growth in Nigeria, which brings positive gross profit in dollars with net take rate largely in line with other markets but a lower than average gross profit margin.

從毛利率的角度來看，利潤率下降至 45%，而 2022 年第四季度為 47%，2022 年第一季度為 50%。右側的瀑布圖顯示了我們毛利率的主要變化。產品、服務組合和成本優化對利潤率做出了有利貢獻，因為我們的跨境支付份額季度環比提高。相比之下，國家組合降低了利潤率，因為我們在尼日利亞經歷了強勁的增長，這帶來了以美元計的正毛利潤，淨採用率基本上與其他市場一致，但毛利率低於平均水平。

Excluding Nigeria, gross profit margin would have been above 50% in the previous quarters, reaching 54% in Q1 2023, increasing from 51% in Q4 2022 also excluding Nigeria. We also remained focused on growing EBITDA. During the quarter, we were able to grow our adjusted EBITDA to $45 million, up 38% year-over-year and 13% quarter-over-quarter. Adjusted EBITDA margin was 3% in Q1. The year-over-year and quarter-over-quarter decrease is driven by the gross margin decrease. Particularly, in Q1 2023, the main driver of that decrease was the high growth in Nigeria with lower than average gross margin.

如果不包括尼日利亞，前幾個季度的毛利率將超過 50%，到 2023 年第一季度將達到 54%，高於 2022 年第四季度（不包括尼日利亞）的 51%。我們還繼續專注於增長 EBITDA。本季度，我們的調整後 EBITDA 增長至 4500 萬美元，同比增長 38%，環比增長 13%。第一季度調整後 EBITDA 利潤率為 3%。同比和環比下降是由於毛利率下降所致。特別是在 2023 年第一季度，這一下降的主要驅動因素是尼日利亞的高增長，但毛利率低於平均水平。

Net income totaled $35 million in the quarter, growing by 35% year-over-year. Sequentially, it increased by 83% as in Q4 2022, we incurred nonrecurring expenses of $8 million. Before handing the call back to Seba for the closing remarks, I will touch on liquidity. In Q1 2023, we observed strong net cash generation of $50 million, even considering that we acquired $37 million of our own shares as part of the $100 million buyback program. The 2 main drivers of our cash flow generation were our profits and a sequential normalization of funds advanced or (inaudible) as warranties for merchants and partners and the main use of cash was the buyback.

該季度淨利潤總計 3500 萬美元，同比增長 35%。隨後，截至 2022 年第四季度，該數字增加了 83%，我們產生了 800 萬美元的非經常性費用。在將電話交還給 Seba 進行結束語之前，我將談談流動性。 2023 年第一季度，我們觀察到強勁的淨現金生成量為 5000 萬美元，即使考慮到我們作為 1 億美元回購計劃的一部分收購了 3700 萬美元的自有股票。我們產生現金流的兩個主要驅動力是我們的利潤和預付資金的連續正常化或（聽不清）作為對商家和合作夥伴的保證，現金的主要用途是回購。

During our last earnings call, we shared with you that we have taken extraordinary short-term measures in the form of warranties and advancements of funds to bring additional comfort to our merchants and partners using our own funds. We also mentioned that we expected the situation to normalize over the next quarters. In Q1, we have already collected $10 million out of the $13 million in advances we gave to some of our merchants, and we recovered $4 million of the restricted cash we held as warranty or standby letters of credit, decreasing the amount of other assets from $57 million to $43 million.

在我們上次的財報電話會議上，我們與您分享了我們已經採取了非常規的短期措施，以保證和預支資金的形式，為使用我們自有資金的商家和合作夥伴帶來額外的安慰。我們還提到，我們預計情況將在未來幾個季度恢復正常。在第一季度，我們已經從向部分商戶提供的 1300 萬美元預付款中收回了 1000 萬美元，並收回了作為擔保或備用信用證持有的限制性現金中的 400 萬美元，從而減少了其他資產的金額5700萬至4300萬美元。

Finally, we observed a sequential normalization of the settlement periods of our merchants that were in a few cases, reduced in Q4, and we continue generating cash as we grew our TPV, altogether generating an inflow of $32 million from the variation of the net trade receivables and payables.

最後，我們觀察到我們商戶的結算週期逐漸正常化，在某些情況下，第四季度有所縮短，隨著 TPV 的增長，我們繼續產生現金，總共從淨交易的變化中產生了 3200 萬美元的流入應收賬款和應付賬款。

We ended March 1, 2022, with a consolidated cash position of $518 million with $233 million of own funds and $285 million of merchant funds. We believe our strong cash position remains a competitive advantage. Seba, the floor is yours.

截至 2022 年 3 月 1 日，我們的綜合現金頭寸為 5.18 億美元，其中自有資金為 2.33 億美元，商業資金為 2.85 億美元。我們相信，我們強大的現金狀況仍然是競爭優勢。塞巴，地板是你的。

Thanks, Gil. We are very proud of our strong start to 2023 and continue to be excited with the runway ahead of us. Our performance shows that a distinctive strength of our business, which we continue to build focus on long-term profitable growth, combining our robust dollar growth on a TPV revenue, gross profit, adjusted EBITDA and net income basis, from a strategic standpoint, a proven track record in executing our merchant cross-sell strategy and outstanding geographic expansion, capitalizing on the huge opportunity ahead of us. This is all underpinned by our tech DNA and merchant-centric approach.

謝謝，吉爾。我們對 2023 年的強勁開局感到非常自豪，並對前方的道路繼續感到興奮。我們的業績表明我們業務的獨特優勢，我們將繼續專注於長期盈利增長，將冠捷營收、毛利潤、調整後 EBITDA 和淨利潤基礎上的強勁美元增長相結合，從戰略角度來看，在執行我們的商家交叉銷售策略和出色的地域擴張方面擁有良好的記錄，充分利用我們面前的巨大機遇。這一切都以我們的技術 DNA 和以商家為中心的方法為基礎。

Last and most importantly, our lean and disciplined culture. We deliver all this with a lean team continuously striving for excellence. Our culture is key to continue delivering our long-term ambitions. We reaffirm our outlook for the rest of the year. 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.

最後也是最重要的是，我們的精益和紀律文化。我們通過一支不斷追求卓越的精幹團隊來實現這一切。我們的文化是繼續實現我們長期目標的關鍵。我們重申對今年剩餘時間的展望。收入在 6.2 億至 6.4 億美元之間，隱含 NRR 在 140% 至 150% 之間，調整後 EBITDA 在 2 億至 2.2 億美元之間。

We remain humble and focused on providing the best and most comprehensive solution for our merchants in emerging markets. I am thrilled to share more about our business and our trajectory in our first ever Investor Day on June 8. We will be celebrating 2 years as a public company. A lot has changed since the IPO, and we are excited to see you again and share an update on the next chapter of our story. Big thank you to our global team, our customers and our investors for their continued support. I'll now hand back to the operator to open up for questions.

我們保持謙虛，專注於為新興市場的商家提供最好、最全面的解決方案。我很高興能在 6 月 8 日的首個投資者日分享更多有關我們業務和發展軌蹟的信息。我們將慶祝上市公司兩週年。自首次公開募股以來發生了很多變化，我們很高興再次見到您並分享我們故事下一章的最新情況。非常感謝我們的全球團隊、客戶和投資者的持續支持。我現在將交回接線員以提出問題。

(Operator Instructions) out first question comes from Jorge Kuri with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Jorge Kuri。

Hello? Can you hear me?

你好？你能聽到我嗎？

Jorge, we hear you.

豪爾赫，我們聽到你的聲音。

Thanks and congrats on the numbers and the additional disclosure. Much appreciated. I wanted to see if you can double-click on the Nigeria business evidently has grown to be your biggest geography. And there's a lot of questions out there in the market about how do you operate in that market that has a very high capital controls and restrictions. Can you maybe walk us through what percentage of that business is cross-border versus local to local. And the part that is cross-border, how does it operate from an FX perspective? Can you access all of your needs in the official FX market. Is there any restrictions for you to repatriate currency? Is there a parallel market that you're accessing. I think it will be beneficial for everyone to understand exactly the limitations and how you deal with them as you grow that business?

感謝並祝賀這些數字和額外的披露。非常感激。我想看看您是否可以雙擊尼日利亞業務，顯然已經成為您最大的地區。市場上存在很多關於如何在資本管制和限制非常嚴格的市場中運營的問題。您能否向我們介紹一下跨境業務與本地業務的比例是多少？那麼跨境的部分，從外彙的角度來看它是如何運作的？您可以在官方外匯市場上滿足您的所有需求嗎？您匯回貨幣有任何限制嗎？您正在訪問是否存在平行市場？我認為準確了解這些限制以及在發展業務時如何處理這些限制對每個人都有好處？

And then my second question is on Argentina. There was a really nice uptick in revenues in Argentina in the first quarter. And so I just wanted to see if this is the first of several similar step-ups that we're going to see as that operation normalizes? Or was this sort of like a one-off and you continue to expect the business to be a little bit under pressure because of the difficulties there.

我的第二個問題是關於阿根廷的。第一季度阿根廷的收入出現了非常好的增長。所以我只是想看看這是否是隨著該操作正常化我們將看到的幾個類似升級中的第一個？或者這有點像一次性的，你仍然預計業務會因為困難而承受一些壓力。

Jorge. Thank you very, very much for the questions. I apologize in advance. I'm under the flue. So I apologize for my voice. Nigeria. So we are extremely excited about our results in Nigeria. We think it's very, very positive news. That's part of the beauty of the company and part of the beauty of our value proposition.

喬治。非常非常感謝您提出的問題。我提前道歉。我在煙道下。所以我為我的聲音道歉。尼日利亞。因此，我們對尼日利亞的成果感到非常興奮。我們認為這是非常非常積極的消息。這是公司之美的一部分，也是我們價值主張之美的一部分。

We started in Nigeria in 2019. So this is not an overnight success. It's taken us over 4 years to get to this point, and we are extremely proud of it. Just to give you a sense, today, 6 out of our top 10 merchants are using us in Nigeria both cross-border and local to local. Nigeria has a market dynamic where there's very, very few international credit cards. There's a credit card called Verve, which is very prevalent. And as you said -- sorry, I apologize. There's very limited -- there's very straight capital controls.

我們於 2019 年在尼日利亞起步。所以這並不是一朝一夕的成功。我們花了四年多的時間才達到這一點，我們對此感到非常自豪。只是為了讓您了解一下，今天，我們排名前 10 的商家中有 6 個在尼日利亞跨境和本地到本地使用我們的服務。尼日利亞的市場充滿活力，國際信用卡非常非常少。有一種名為 Verve 的信用卡非常流行。正如你所說——抱歉，我道歉。資本管制非常有限——非常直接。

What happens in Nigeria is that there's a market rate, there's an official rate and there's a market rate. We are accessing today the market rate, we are licensed to do so. And that's why you see our margins -- Our gross margins to be lower than our net take rate -- sorry, that our gross margins to be lower than they are in average. Our net take rate is accretive. It's very much in line with other markets. In other words, we make money in Nigeria. We create value for our merchants, but the margins are lower. This is part of the expectations we have going forward. As we normalize access to the FX market, as we gain scale in both pay-ins, pay-outs across border and local to local, we expect our margin to potentially increase. Jacobo free to complement please.

尼日利亞的情況是有市場利率、官方利率和市場利率。我們今天正在獲取市場價格，我們已獲得這樣做的許可。這就是為什麼你會看到我們的利潤率——我們的毛利率低於我們的淨利用率——抱歉，我們的毛利率低於平均水平。我們的淨採用率不斷增加。這與其他市場非常一致。換句話說，我們在尼日利亞賺錢。我們為商家創造價值，但利潤較低。這是我們對未來的期望的一部分。隨著我們進入外匯市場的正常化，隨著我們跨境和本地到本地的收款、付款規模的擴大，我們預計我們的利潤率可能會增加。請Jacobo免費補充。

So Jorge, thank you very much for (inaudible) And thank you for the question. It's important to also mention as you asked is as of today, we are able to fulfill 100% of our needs in the market and to operate at scale and to serve all of our merchants with a full suite of products. It's important to mention that also in Nigeria, we managed to be super successful in Nigeria because for global merchants, we want to grow in scale within the market. It's a must to go local. And under some API, they are integrated to us. They manage to offer all the local payment methods, which are, as an example Verve, and operate and grow and go for scale in the market.

豪爾赫，非常感謝您（聽不清）並感謝您提出的問題。值得一提的是，正如您所要求的那樣，截至今天，我們能夠 100% 滿足市場需求，並實現規模化運營，並為所有商戶提供全套產品。值得一提的是，在尼日利亞，我們也取得了超級成功，因為對於全球商家來說，我們希望在市場內擴大規模。去當地是必須的。並且在一些API下，它們被集成到我們身上。他們設法提供所有本地支付方式，例如 Verve，並在市場上運營、發展和擴大規模。

Okay. sorry. On your question on Argentina. The best way to look at our business is not by country-by-country basis and not on a quarter-by-quarter basis, but across regions. So your question -- your point is fair. We've had a great quarter in Argentina we are seeing fundamentally good trends coming back to this market after a crisis that impacted us during Q3 and Q4. So you saw some of the normalization that we were mentioning. Obviously, Argentina is a complex market, and it has its volatility. But I think the key point in Argentina is how reliant the merchants are on ourselves.

好的。對不起。關於你關於阿根廷的問題。審視我們業務的最佳方式不是按國家、按季度，而是跨地區。所以你的問題——你的觀點是公平的。我們在阿根廷度過了一個很棒的季度，在第三季度和第四季度影響我們的危機之後，我們看到基本良好的趨勢又回到了這個市場。所以你看到了我們提到的一些標準化。顯然，阿根廷是一個複雜的市場，並且有其波動性。但我認為阿根廷的關鍵在於商人對我們自己的依賴程度。

This applies also to Nigeria. We are solving for a very complex environment. We are solving countries like Argentina or Nigeria for merchants, including Facebook, Netflix, Spotify. So these are very relevant countries and merchants on the ground and for the country. And we expect for them to be able to continue to navigate. We are operating successfully in Argentina since 2016 across every macroeconomic environment. We don't expect that to change in the near future.

這也適用於尼日利亞。我們正在解決一個非常複雜的環境。我們正在為阿根廷或尼日利亞等國家的商家提供解決方案，包括 Facebook、Netflix、Spotify。因此，這些都是當地和國家非常相關的國家和商人。我們希望他們能夠繼續航行。自 2016 年以來，我們在阿根廷的各個宏觀經濟環境中均取得了成功運營。我們預計這種情況在不久的將來不會改變。

Our next question comes from Tito Labarta with Goldman Sachs.

我們的下一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

A couple of questions. One, I guess, first, a follow-up on Argentina. Just some concerns about a potential currency devaluation. I know you've had a lot of issues in Argentina the last few quarters, which seems to be correcting. But if there is a devaluation of the currency, how could that impact your business, if at all, just help us think about potential risk related to that.

有幾個問題。我想，首先是對阿根廷的後續行動。只是對潛在貨幣貶值的一些擔憂。我知道過去幾個季度阿根廷遇到了很多問題，這似乎正在得到糾正。但如果貨幣貶值，這會對您的業務產生什麼影響（如果有的話），這只是幫助我們思考與此相關的潛在風險。

And then my second question, I mean, I guess, around Latin America, but more specific in Brazil, the growth in Latin America has somewhat slowed. And if you look at Brazil, last 4 quarters, revenues have been kind of flattish. And I know you say don't look at any 1 country in particular. But just to understand if there's anything going on, particularly in Brazil, why the revenues have been kind of flattish. Any color you can give on the outlook there would be helpful.

然後我的第二個問題，我想，在拉丁美洲，但更具體地說在巴西，拉丁美洲的增長有所放緩。如果你看看巴西，過去四個季度的收入基本持平。我知道你說不要特別關注任何一個國家。但只是想了解是否有什麼情況發生，特別是在巴西，為什麼收入一直持平。您可以為那裡的前景提供任何顏色都會有幫助。

Thank you very much for the question. So in terms of devaluation, we've been operating in Argentina for all these years, and there's been constant devaluation. And our business hasn't suffered from it. Keep in mind that we have global merchants that think of their products in dollars. So typically, when there's a devaluation, they reprice. Devaluation doesn't affect at all our ability to expatriate or repatriate funds. It's just a different price at which we buy or [sell] currency. So we don't expect any impact on the valuation of the currency. We don't have FX exposure to Argentina. Our revenues are in dollars, in [USD] accounts. So the valuation of the peso wouldn't affect us the same way that it hasn't affected us in the past.

非常感謝你的提問。所以就貶值而言，我們在阿根廷經營這些年了，一直在貶值。我們的業務並沒有因此受到影響。請記住，我們有全球商人以美元來考慮他們的產品。因此，通常情況下，當貨幣貶值時，他們會重新定價。貨幣貶值完全不會影響我們調出或匯回資金的能力。這只是我們買入或[賣出]貨幣的不同價格。因此，我們預計不會對貨幣估值產生任何影響。我們對阿根廷沒有外匯敞口。我們的收入以美元計，在[美元]賬戶中。因此，比索的估值不會像過去那樣影響我們。

In terms of Brazil, your question is fair. We've grown Brazil the last 12 months growth, it's been 30%, LATAM it is 38%. Mexico, just to give you a sense was 93%. The reason why I chose this metric is because those are meant to be the most mature markets. We are seeing very positive trends already in Q2 in Brazil. Brazil, it's a market that has slightly more exposure in our end on retail. Retail, obviously, it's a little bit more seasonal in Q4 than in Q1. So we expect growth in Q2 to come from multiple different markets, including Brazil and Mexico. So if you will, we expect more of a normalization in that sense. We don't grow in step -- we did not grow in step function. So you don't see linear growth and that's why if you have seen it annually, it's typically an easier thing to do.

就巴西而言，你的問題是公平的。過去 12 個月，巴西增長了 30%，拉丁美洲增長了 38%。墨西哥，只是給你一個感覺，是 93%。我選擇這個指標的原因是因為這些市場是最成熟的市場。我們在巴西第二季度已經看到了非常積極的趨勢。巴西是一個我們在零售方面的業務稍微多一些的市場。顯然，零售業第四季度比第一季度更具季節性。因此，我們預計第二季度的增長將來自多個不同的市場，包括巴西和墨西哥。因此，如果您願意的話，我們期望在這個意義上實現更多的正常化。我們的成長不是一步步的——我們的成長不是一步步的。因此，您看不到線性增長，這就是為什麼如果您每年都看到線性增長，那麼這通常是一件更容易做到的事情。

Our next question comes from Dom Falavina with JPMorgan.

我們的下一個問題來自摩根大通的 Dom Falavina。

So a couple of questions here. The first one, Seba, just to understand, when you provide services to your clients in Argentina, are you able to provide the official effects today about 230 or the market effects about 460. And then I'll ask the second one.

這裡有幾個問題。第一個，Seba，想了解一下，你們在阿根廷給客戶提供服務的時候，你們能不能提供今天官方效果230左右，或者市場效果460左右。然後我問第二個。

Dom, hi, how are you? Thanks for the question. Both, there's a set of merchants that access what's called (inaudible) , which is what you call the official rate. And there's another set of merchants that access the market rate. We've operated with both models. We spoke about this in our Q3 and Q4 calls where that access has been limited. What we've seen is that merchants do business in the country independently of the FX rate. The reality is that they are here to stay. Our merchants are very consolidated in this country. On the FX number or the price of the currency is just -- that's a given point. Keep in mind, when you have an official rate, you also have a set of taxes that apply. So we operate in both models. We also have pay-outs, which are tough to hedge and the opposite flow. So both dynamics are important. Jacobo feel free to complement.

多姆，嗨，你好嗎？謝謝你的提問。兩者都有一組商家可以訪問所謂的（聽不清），這就是您所說的官方匯率。還有另一組可以使用市場價格的商家。我們已經使用過這兩種模型。我們在第三季度和第四季度的電話會議中談到了這一點，其中訪問受到限制。我們看到的是，商家在該國開展業務不受匯率影響。現實是他們會留下來。我們的商人在這個國家非常集中。外匯數字或貨幣價格只是——這是一個給定的點。請記住，當您有官方稅率時，您也有一組適用的稅費。所以我們在這兩種模式下都運營。我們也有難以對沖的支出和相反的流動。所以這兩種動力都很重要。雅各布隨時補充。

Let me just ask just to make sure -- and how about for yourself? Are you able to expatriate that the official, the market or both also.

讓我問一下，只是為了確定一下——那麼你自己呢？你能外派官方、市場還是兩者兼而有之。

Jacob? I think you are muted.

雅各布？我覺得你靜音了

Sorry. So, Dom. Let me be clear about 1 point. Our revenues and profits are dollar-denominated also in Argentina. We collect revenues in dollars and our revenues are deducted prior to settlements, which are dollar denominated. Dollar has a rule in all of the markets, including Argentine.

對不起。那麼，多姆。讓我澄清1點。我們在阿根廷的收入和利潤也是以美元計價的。我們以美元收取收入，並在結算前扣除我們的收入，結算以美元計價。美元在包括阿根廷在內的所有市場都有統治地位。

Yes. But let me be -- get to the part that I want to understand. You're recognizing $20 million approximately in revenues in Argentina. Those, if I understand accounting rules, they have to be converted by FX. We have other companies recovery there that were the same. But that other case, they don't really expatriate or they don't take out the money. So in reality, like if they were to exchange that in market rate, in your case, it would be like you're actually not earning $20 million, you're earning in market rate, $10 million in Argentina. So the point I'm trying to get here is like when you convert, can you get the 230. And the same is in Nigeria because as you said you also were doing both or we are looking at an accounting statement that has an official rate, but that money is either parked or converted as different rate and how exactly is that flowing in income statement.

是的。但讓我——開始講我想理解的部分。您確認阿根廷的收入約為 2000 萬美元。那些，如果我了解會計規則，它們必須通過外匯轉換。我們那裡其他公司也有同樣的恢復情況。但在另一種情況下，他們並沒有真正移居國外，或者他們沒有取出錢。所以實際上，如果他們按照市場匯率進行兌換，在你的情況下，你實際上並沒有賺到 2000 萬美元，而是按市場匯率賺到，在阿根廷賺了 1000 萬美元。所以我想在這裡表達的一點是，當你轉換時，你能得到 230 嗎？在尼日利亞也是如此，因為正如你所說，你也同時進行了這兩種操作，或者我們正在查看一份具有官方匯率的會計報表，但是這筆錢要么被停放，要么以不同的匯率轉換，以及這些錢在損益表中的流動情況到底如何。

Thank you, Dom, and thank you for following up. We'll reinforce this as it's very important. To be clear, we expatriate all the funds at the official rate. We get the dollar amount of everything we have expatriated. On prior settling to the merchants, we adopt our fees in dollar amount. What that means that at the time we deduct revenues from fees, the funds are [already in dollars] in our operating entities in the EU or the U.S.

謝謝你，Dom，也謝謝你的跟進。我們將加強這一點，因為它非常重要。需要明確的是，我們按照官方匯率將所有資金匯出國外。我們得到了我們移居國外的所有物品的美元金額。在事先向商家結算時，我們以美元金額收取費用。這意味著，當我們從費用中扣除收入時，資金[已經以美元形式]存在於我們位於歐盟或美國的運營實體中。

There is no money parked in Argentine or anything like that where...

在阿根廷或類似的地方沒有停放錢......

Yes, our profits are in dollars, in U.S. and European Union accounts. It's not FX neutral, it's dollar accounts in global markets. We don't hold our profits in local currency in local markets.

是的，我們的利潤以美元計價，存入美國和歐盟賬戶。它不是外匯中性的，而是全球市場上的美元賬戶。我們不在當地市場以當地貨幣持有利潤。

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。

I wanted to come back on Argentina -- or sorry, on Nigeria, I should say. I know you've been there since 2019, but pretty remarkable growth just in the last 12 months, you've gone from 2% of total revenue to 20%. Can you just call out what some of the most significant drivers of that have been? Is it a handful of large merchants that have really scaled operations there? And then can you just go a little bit deeper into why the gross margin is lower? Is it pay-in, pay-out mix? Is it cross-border, local to local mix? Is it just what processing costs are in the country for some of the alternative payment methods.

我想回到阿根廷——或者抱歉，我應該說是尼日利亞。我知道你們自 2019 年以來就一直在那裡，但僅在過去 12 個月內就實現了相當顯著的增長，你們已經從占總收入的 2% 增加到了 20%。您能指出其中最重要的驅動因素是什麼嗎？是少數幾家真正規模化經營的大商戶嗎？那麼您能更深入地解釋一下為什麼毛利率較低嗎？是付款還是付款混合？是跨境、本地到本地的混合嗎？這是否正是該國某些替代支付方式的處理成本？

Jason, thank you very much for the question. So what has happened in Nigeria is that our product has gotten better incrementally. It's not easy to gain the trust of your merchants going to a new region. That's not something that happens overnight. Today, 6 out of our Top 10 customers operate with us in Nigeria, and we are extremely, extremely proud of that.

傑森，非常感謝你的提問。所以在尼日利亞發生的事情是我們的產品逐漸變得更好。要獲得前往新地區的商家的信任並不容易。這不是一朝一夕就能發生的事情。如今，我們的十大客戶中有六家在尼日利亞與我們合作，我們對此感到非常非常自豪。

Also from a competitive dynamic, you see that the reality on the ground is that there are not many alternatives to the service we offer, particularly not when dealing with global public companies. And I think we've been able to differentiate on that. And again, our product gets better over time. And we have a much deeper understanding, a much deeper product line in this country. And the other thing is that there's a clear understanding by global merchants that Nigeria is a massive opportunity. You are looking at one of the biggest countries from a population standpoint on the world. It's one of the countries where there's the most expectation for growth. And at the same time, it's an extremely complex country to navigate. And when you add all those ingredients together, it's a perfect mix for us.

另外，從競爭動態來看，您會發現實際情況是我們提供的服務沒有太多替代方案，特別是在與全球上市公司打交道時。我認為我們已經能夠在這一點上實現差異化。再說一次，我們的產品隨著時間的推移變得越來越好。我們對這個國家有了更深入的了解，更深入的產品線。另一件事是，全球商人清楚地認識到尼日利亞是一個巨大的機遇。從世界人口的角度來看，您正在觀察世界上最大的國家之一。它是最有增長預期的國家之一。與此同時，這是一個極其複雜的國家。當您將所有這些成分添加在一起時，這對我們來說就是完美的組合。

The thing I'd say is that it's not only Nigeria. I know Nigeria has been extremely positive and great growth, and we're very proud of that. But you see many of the same dynamics in our business in Egypt, in Morocco, Indonesia, in Malaysia, some of that takes time. But over time, and that's why we continue to insist on investing on this opportunity. We believe those things compound and allow us to differentiate.

我想說的是，這不僅僅是尼日利亞。我知道尼日利亞取得了非常積極和巨大的增長，我們對此感到非常自豪。但你會看到我們在埃及、摩洛哥、印度尼西亞、馬來西亞的業務中有許多相同的動態，其中一些需要時間。但隨著時間的推移，這就是為什麼我們繼續堅持投資這個機會。我們相信，這些因素使我們能夠實現差異化。

We are extremely bullish about the opportunity in Nigeria, not only because of Nigeria because -- but also because when merchants views us in Nigeria, we are a better company. We become more entrenched. We have much more significant competitive advantage, and we differentiate from every other player out there.

我們非常看好尼日利亞的機會，不僅因為尼日利亞，還因為當尼日利亞的商人看到我們時，我們是一家更好的公司。我們變得更加根深蒂固。我們擁有更顯著的競爭優勢，並且我們與其他所有參與者都不同。

In terms of margin, Maria or Diego, feel free to complement. We have a much higher than average gross take rate. We have a very much in line net take rate, and that's a function of our cost of processing payments and expatriation. And that's what's driving it. When I insist on this point of the 40 countries, I know Nigeria calls out everyone's attention, and we are very proud of it. But there's many levers, and that's why we care so much about covering these levers. You ran some quarters where one country is going to grow faster. In this case it was Nigeria. There's going to be other quarter, it is going to be Brazil. Other one is going to be Indonesia. And we think that's a perfectly healthy thing.

在保證金方面，瑪麗亞或迭戈，請隨意補充。我們的總成交率遠高於平均水平。我們的淨接受率非常穩定，這是我們處理付款和外派成本的函數。這就是推動它的因素。當我堅持40個國家的這一點時，我知道尼日利亞引起了所有人的關注，我們為此感到非常自豪。但槓桿有很多，這就是為什麼我們如此關心涵蓋這些槓桿。在你的一些季度中，一個國家將會增長得更快。在這種情況下，是尼日利亞。還會有其他地區，那就是巴西。另一個國家是印度尼西亞。我們認為這是一件非常健康的事情。

Thank you, Jason. Just complementing on the gross profit margin, very important to notice that Nigeria is one of our expansion markets. And then as we go deeper in the market, building more connections if required and gaining volume scale, we have opportunities to improve our processing costs and expand our gross margin.

謝謝你，傑森。只是補充毛利率，非常重要的是要注意到尼日利亞是我們的擴張市場之一。然後，隨著我們深入市場，在需要時建立更多連接並獲得銷量規模，我們有機會提高加工成本並擴大毛利率。

Right, right. Okay. That makes sense. Just as a follow-up, I wanted to ask about your own cash balance. I know you had the $37 million of buybacks in the quarter. So we did see a quarter-over-quarter decline in your own cash. Just as we think about directionally for the second quarter? How should we be looking at that figure? Do you think your own cash will go up or down quarter-over-quarter in Q2?

是的是的。好的。這就說得通了。作為後續行動，我想問一下您自己的現金餘額。我知道你們本季度回購了 3700 萬美元。因此，我們確實看到您的自有現金環比下降。就像我們思考第二季度的方向一樣？我們應該如何看待這個數字？您認為第二季度您自己的現金會環比增加還是減少？

Diego, do you want to take it?

迭戈，你想接受嗎？

Sure. Thank you for the question. And first thing to say, we had a very strong cash generation during the quarter. Our total cash increased by $50 million, even after investing $37 million in the share buyback program. This would have been $87 million increase in the quarter without that. $18 million of this comes from an inflow from the release of a portion of the warranties and advancements we provided to the merchants and partners. And we also recorded net income of $35 million that converts to cash and the inflow we generate with the growth of the TPV. And we expect this trend to continue going forward.

當然。感謝你的提問。首先要說的是，我們在本季度擁有非常強勁的現金生成能力。即使在股票回購計劃中投資了 3700 萬美元，我們的現金總額仍增加了 5000 萬美元。如果沒有這一點，本季度將增加 8700 萬美元。其中 1800 萬美元來自我們向商家和合作夥伴提供的部分保證和進步的流入。我們還記錄了 3500 萬美元的淨利潤，可轉換為現金以及隨著 TPV 的增長而產生的流入。我們預計這種趨勢將繼續向前發展。

With regards to our own funds, you have to -- whenever you analyze our own cash, you need to analyze both what is in the own bank accounts and the profits that we still have pending to be transferred from the other accounts. If you consider those two together, you see that our own cash increased by $20 million even after again, buying $37 million of the share buyback program. So excluding that, the increase in own cash is $57 million. We have a higher amount of profit pending to be transferred to our own bank accounts compared to Q4, and that is because we released our financial statements in April. So we basically have the amounts we had in Q4 plus the profits of the quarter. We expect this to sequentially reduce in the following quarter.

至於我們自己的資金，每當你分析我們自己的現金時，你都需要分析我們自己的銀行賬戶中的資金以及我們仍有待從其他賬戶轉移的利潤。如果你把這兩者放在一起考慮，你會發現即使在再次購買了 3700 萬美元的股票回購計劃之後，我們自己的現金也增加了 2000 萬美元。因此，排除這一點，自有現金增加 5700 萬美元。與第四季度相比，我們有更多的利潤待轉入我們自己的銀行賬戶，這是因為我們在四月份發布了財務報表。所以我們基本上有第四季度的金額加上該季度的利潤。我們預計這一數字將在下個季度依次減少。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Thank you. So I want to stay on the cash question because as I look at Page 19 of your presentation. You're kind of talking about releasing restricted cash to your own funds, the $10 million decrease in merchant advancements and the decrease in guarantees to merchant credit processors. Could you provide some of the rationale behind this? Is this sort of a structural development that continues to benefit you in the future? Or is this sort of a one-off thing you did and maybe some background on why this is?

謝謝。所以我想繼續討論現金問題，因為當我看到您演示文稿的第 19 頁時。您所說的是向您自己的資金釋放受限制的現金、減少 1000 萬美元的商戶預付款以及減少對商戶信貸處理商的擔保。您能否提供一些背後的理由？這種結構性發展是否會在未來繼續讓您受益？或者這是您一次性做的事情，也許有一些背景說明為什麼會這樣？

Maria, do you want to take it?

瑪麗亞，你想接受嗎？

Sure. Thank you, Seb. Thank you for your question. First of all, as we mentioned in Q4, we took extraordinary measures to provide comfort to our merchants. And this is the reason why you see that other assets increasing. As we mentioned in Q4, we expect that to reduce over time. And this reduction of $14 million is the trend that we have highlighted. We expect that to continue reducing.

當然。謝謝你，塞布。謝謝你的問題。首先，正如我們在第四季度提到的，我們採取了非常措施來為商家提供安慰。這就是為什麼你看到其他資產增加的原因。正如我們在第四季度提到的，我們預計這一數字會隨著時間的推移而減少。減少 1400 萬美元是我們強調的趨勢。我們預計這一數字將繼續減少。

So in other words, this is sort of a structural development or in terms of how you transact with your clients and try your contracts and so on and so forth, just to confirm.

換句話說，這是一種結構性的發展，或者就你如何與客戶進行交易以及嘗試你的合同等等而言，只是為了確認。

Assuming this is a normalization of the previous trend. So we were under [attack] in Q4. We told you this would normalize in Q1 and that has normalized already, and it's going to continue to normalize over Q2 and Q3. So there's no structural difference in our business. we don't require balance sheet to grow. Our TPV actually generates cash, and that's what you see in this current quarter, our cash bal increasing. So there was no fundamental distinction or difference in our business dynamics in this Q1, there was a normalization from what was happening before the [shorts that are reported].

假設這是先前趨勢的正常化。所以我們在第四季度受到了[攻擊]。我們告訴過您，這將在第一季度正常化，並且已經正常化，並且將在第二季度和第三季度繼續正常化。所以我們的業務不存在結構性差異。我們不需要資產負債表來增長。我們的 TPV 實際上產生現金，這就是您在本季度看到的情況，我們的現金餘額在增加。因此，第一季度我們的業務動態沒有根本性的區別或差異，與[報告的空頭]之前發生的情況相比已經正常化。

Understood Yes. Yes. It is clear. The other question I had was with regards to -- so as I look at sort of your TPV growth, your revenue growth, your gross profit growth and adjusted EBITDA growth. Of course, the fastest one is TPV and the slowest growth is adjusted EBITDA. So -- and I do see the explanation, growth in Nigeria as a primary driver of why gross profit growth is slower, investments you're making as a driver of for why adjusted EBITDA growth is even slower than that.

明白了 是的。是的。很明顯。我的另一個問題是——當我查看你們的 TPV 增長、收入增長、毛利潤增長和調整後 EBITDA 增長時。當然，增長最快的是TPV，增長最慢的是調整後的EBITDA。因此，我確實看到了這樣的解釋：尼日利亞的增長是毛利潤增長放緩的主要驅動力，而你所做的投資是調整後 EBITDA 增長甚至比這更慢的驅動力。

My question is more of normalization over time because entering into new countries is part of your business model. you continue to do this. You already mentioned that Nigeria is still relatively early stage for you. So in terms of financial metrics, what is a good normalized gross profit margin level? What is a normalized EBITDA margin level over time?

我的問題更多的是隨著時間的推移實現正常化，因為進入新的國家是你的商業模式的一部分。你繼續這樣做。您已經提到尼日利亞對您來說仍處於相對早期的階段。那麼從財務指標來看，什麼是好的標準化毛利率水平呢？隨著時間的推移，標準化 EBITDA 利潤率水平是多少？

Maria start and Diego, Maria feel free to complement. Actually, I appreciate the question. So I think it's good to get one step back and see where we are currently standing. When you (technical difficulty), which is the way that some of our competitors report we are best-in-class. We've had a 74% margin this quarter. It's been consistently over 70%. And we think we are in a very healthy position. We are having a base to take, (technical difficulty) We think that will be a very big mistake for us and for our shareholders.

瑪麗亞開始和迭戈合作，瑪麗亞隨時補充。事實上，我很欣賞這個問題。所以我認為退後一步看看我們目前的處境是件好事。當你（技術難度）時，這是我們的一些競爭對手報告我們是一流的方式。本季度我們的利潤率為 74%。一直保持在70%以上。我們認為我們處於非常健康的位置。我們有一個基礎，（技術難度）我們認為這對我們和我們的股東來說將是一個非常大的錯誤。

We want to keep the independence of investing. We have the benefit of already having a very profitable business. We do so in a very disciplined approach. So we guided you already on the numbers for this year. That's what we can say for now. There's no fundamental reason why we would change that at this point.

我們希望保持投資的獨立性。我們的優勢在於已經擁有非常盈利的業務。我們以非常嚴格的方式做到這一點。我們已經為您提供了今年的數字指導。這就是我們現在可以說的。目前我們沒有任何根本原因要改變這一點。

You mentioned geographic expansion. Yes, it's going to continue to come. At the same time, there's no other hundred markets we want to go after. We already have 40%, I believe that (technical difficulty) So we are not optimizing. We don't have any particular targets that we are optimizing for. We want to keep the independence and the ability to continue to invest, which we believe is the right thing to do. Again, taking into account that (technical difficulty)

您提到了地域擴張。是的，它還會繼續出現。與此同時，我們沒有其他一百個市場想要開拓。我們已經有40%了，我相信（技術難度）所以我們沒有優化。我們沒有任何正在優化的特定目標。我們希望保持獨立性和繼續投資的能力，我們認為這是正確的做法。再次考慮到（技術難度）

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。

Congratulations on the quarter. A few clarifications. First, on Nigeria, with the number you provided, I think you calculated gross profit margin of about 9% for Nigeria. You mentioned that the fees is higher. Repatriation costs are higher in Nigeria, but when can we expect to normalize and at what level? I think it is currently quite dilutive to your overall gross profit margin. And even in terms of dollar amount, it's 3%, 4% of total gross profit dollars.

祝賀本季度。一些澄清。首先，關於尼日利亞，根據你提供的數字，我認為你計算出尼日利亞的毛利率約為9%。你提到收費比較高。尼日利亞的遣返費用較高，但我們何時才能恢復正常，恢復到什麼水平？我認為目前它對你們的整體毛利率來說相當攤薄。即使按金額計算，也佔總毛利潤的3%、4%。

My second question is on the cash balance. Last quarter, you mentioned that you consumed 72 million in own funds in providing advances to select merchants. Is it right to assume that of this 72 million you were able to release $18 million this quarter. And my third question is on the TPV growth. Can you give us some sense of how the pipeline for 2Q and 3Q are evolving since you have very good visibility on how your merchants are behaving? That would be very helpful color.

我的第二個問題是關於現金餘額。上個季度，您提到您在向特定商家提供預付款時消耗了 7200 萬自有資金。假設您本季度能夠釋放這 7200 萬美元中的 1800 萬美元，是否正確？我的第三個問題是關于冠捷的增長。既然您對商家的行為有很好的了解，您能否給我們介紹一下第二季度和第三季度的渠道是如何演變的？這將是非常有幫助的顏色。

Sure. Thank you, Neha, for the questions. I'll start with the Nigeria one. Our net take rate in Nigeria is higher than average. It means that it brings gross profit dollars to our business. That's what we want, and that's what we're optimizing for. Yes, Nigeria is dilutive to our margins. Tomorrow, if we switch off Nigeria, our margins will go to 54%. We don't think that's the right thing to do. We don't think that's a smart thing to do. I don't think that creates value for the long run.

當然。謝謝尼哈的提問。我將從尼日利亞開始。我們在尼日利亞的淨採用率高於平均水平。這意味著它為我們的業務帶來了毛利潤。這就是我們想要的，也是我們正在優化的。是的，尼日利亞正在稀釋我們的利潤。明天，如果我們關閉尼日利亞業務，我們的利潤率將達到 54%。我們認為這不是正確的做法。我們認為這不是明智之舉。我認為從長遠來看這不會創造價值。

How fast are those margins going to normalize? We don't know. We expect that over time to normalize in the mid- to long term. It's also a function of how the market develops, how our customers develop how our product develops. But even today, at the current scenario, we want to continue to do this business. We think this is a great business for our company. And again, we are not optimizing for the margin structure. We don't think that's the right thing for our business to do. Nigeria contributes our profits at a very similar level that every other market. The dynamics behind revenue are different, and that's why you see it, the margin being as lower. But If tomorrow morning, we switch off Nigeria, our margin jumps to 54%, but we are a much, much worse company. That's the first question. In terms of cash, Maria, and Diego, I'll let you take it.

這些利潤率將以多快的速度恢復正常？我們不知道。我們預計，隨著時間的推移，這種情況將在中長期內恢復正常。它還取決於市場如何發展、我們的客戶如何發展以及我們的產品如何發展。但即使在今天，在目前的情況下，我們仍想繼續做這項業務。我們認為這對我們公司來說是一項偉大的業務。再說一次，我們並沒有優化利潤結構。我們認為這對我們的企業來說不是正確的做法。尼日利亞為我們貢獻的利潤水平與其他市場非常相似。收入背後的動力是不同的，這就是為什麼你會看到它，利潤率較低。但如果明天早上我們關閉尼日利亞業務，我們的利潤率就會躍升至 54%，但我們的公司情況要糟糕得多。這是第一個問題。至於現金，瑪麗亞和迭戈，我讓你拿走。

Yes, our own cash, if you include the profit that we still haven't transferred to our own bank accounts grew $20 million, and that is after the $37 million we invested in the share buyback. We had, at the end of the quarter, $74 million of cash that we haven't transferred. That is basically what we had at December. That was about $38 million, plus the estimated profit of the quarter. We follow a very prudent approach before transferring profits to our own bank accounts. So we make sure that we have audited information.

是的，如果算上我們尚未轉入自己銀行賬戶的利潤，我們自己的現金增加了 2000 萬美元，這是在我們投資於股票回購的 3700 萬美元之後。截至本季度末，我們還有 7400 萬美元現金尚未轉移。這基本上就是我們 12 月份的情況。加上本季度的預計利潤，這一數字約為 3800 萬美元。在將利潤轉移到我們自己的銀行賬戶之前，我們採取非常謹慎的做法。因此，我們確保我們已經審核了信息。

Keep in mind that we filed our financial statements by April after we closed the first quarter, so both the Q4 and the Q1 numbers were audited after the quarter. During Q2, we expect to transfer those funds or a substantial part of those funds to our bank accounts, and we will still have always the profits that we generate in the quarter pending to be transferred as results are being audited.

請記住，我們在第一季度結束後於四月份提交了財務報表，因此第四季度和第一季度的數據都在季度後進行了審計。在第二季度，我們預計將這些資金或其中很大一部分資金轉移到我們的銀行賬戶，並且由於正在審計結果，我們仍將保留本季度產生的利潤等待轉移。

Neha, your last point on TPV, we are seeing very healthy pipeline. I mentioned before, we are seeing so far in the quarter very healthy trends across multiple geographies. Again, I've said this in the past, we've never been a better company from a product standpoint and from geographic footprint standpoint. And when you look at our merchant base, it's the best it's ever been. So we are very optimistic about our Q2 numbers and our Q3 going forward. And as you said, yes, we do have a good sense of visibility. And so far, everything we've seen is very positive across multiple different geographies.

Neha，您關於 TPV 的最後一點，我們看到了非常健康的管道。我之前提到過，本季度到目前為止，我們在多個地區看到了非常健康的趨勢。我過去曾說過，從產品的角度和地理足蹟的角度來看，我們從來沒有成為一家更好的公司。當您查看我們的商業基礎時，您會發現這是有史以​​來最好的。因此，我們對第二季度和第三季度的未來非常樂觀。正如您所說，是的，我們確實具有良好的可見性。到目前為止，我們在多個不同地區所看到的一切都是非常積極的。

Can I just follow up with Diego on the cash but it's not very clear to me. So $72 million was used up in 4Q. Of that $18 million was released this quarter and you still have $54 million tied up with some merchants, which is going to be released in the coming quarters. Is that right?

我可以跟迭戈跟進一下現金的情況嗎，但我不太清楚。因此第四季度用掉了 7200 萬美元。其中 1800 萬美元是本季度釋放的，還有 5400 萬美元與一些商家相關，這些資金將在未來幾個季度釋放。是對的嗎？

I'm not sure if I follow the numbers you are calculating, Neha. But basically, if you are talking about the restricted cash, that's a different question.

我不確定我是否遵循了你正在計算的數字，Neha。但基本上，如果你談論的是受限制的現金，那就是另一個問題了。

No. I'm not talking about restricted cash. Okay. In fourth quarter, you mentioned that you used $72 million of own funds because you wanted to give guarantees or advanced receivables to some of your select merchants to give them comfort, right, the $72 million is fine.

不，我說的不是現金限制。好的。第四季度，您提到您使用了7200萬美元的自有資金，因為您想為您選擇的一些商戶提供擔保或預收賬款，以讓他們感到安慰，對，7200萬美元可以。

It's actually $53 million.

實際上是5300萬美元。

Yes, probably that $72 million includes also reductions in settlement periods and some other measures that we had in Q4, but we're already reimbursed in Q1.

是的，這 7200 萬美元可能還包括結算期限的縮短以及我們在第四季度採取的其他一些措施，但我們已經在第一季度得到了補償。

And that's the point we were raising. All of those trends are normalizing. So they normalize in Q1, and we expect them to continue to normalize in Q2, Q3 and Q4.

這就是我們提出的觀點。所有這些趨勢都正在正常化。因此，它們在第一季度正常化，我們預計它們將在第二季度、第三季度和第四季度繼續正常化。

If you look at our cash flow, you will see that we have also an inflow of $32 million of the net increase in trade payables and receivables, and that is also part of that normalization or that improvement as settlement periods of the merchants went back to normal, but also as we grew our TPV, we also grow our cash.

如果你看看我們的現金流，你會發現我們的貿易應付賬款和應收賬款淨增加也有 3200 萬美元的流入，這也是隨著商家的結算期回到正常化或改善的一部分。這很正常，但隨著我們擴大 TPV，我們的現金也會增加。

And Neha, I want to emphasize one last point. Sorry, I think this is important. Our business doesn't require balance sheet for us to grow. So growth, it's accretive. We have negative working capital before we receive the funds and then we settle and that remains the case. That's why you see our cash going up consistently.

Neha，我想強調最後一點。抱歉，我認為這很重要。我們的業務不需要資產負債表來實現增長。所以，增長是增值的。在我們收到資金之前，我們的營運資金是負數，然後我們結算，情況仍然如此。這就是為什麼我們的現金持續增長。

Has the settlement period reduced after the fourth quarter?

第四季度之後結算週期是否縮短了？

No.

不。

So you still have 7 to 14 days settlement period?

那麼你們還有7到14天的結算期嗎？

Settlement period improved after the Q4. We have a longer settlement period typically.

第四季度後結算週期有所改善。我們通常有較長的結算期。

The $32 million cash increase you have in net trade receivables and payables as the result of TPV increase, but also of the normalization of most of the settlement periods we reduced in Q4.

由於 TPV 的增加，以及我們在第四季度縮短的大部分結算週期的正常化，您的淨貿易應收款和應付賬款現金增加了 3200 萬美元。

Then why has the settlement period increased?

那麼為什麼結算週期會增加呢？

Settlement period, We had said, I mean, period increasing. It's a good thing. It means that we paying much...

結算期，我們說過，我的意思是，週期增加。這是一件好事。這意味著我們付出了很多...

It's a good thing. It definitely shows that your merchants are more confident leaving the cash with you. But I'm just curious as to why has it increases is because in Nigeria has a higher settlement period and that's why your average settlement period has gone up? I'm just trying to understand why it has gone up?

這是一件好事。這絕對錶明您的商家更有信心將現金留給您。但我只是好奇為什麼它會增加，因為尼日利亞的結算期更長，這就是為什麼你們的平均結算期增加了？我只是想了解為什麼它上漲了？

No, because you have seen a decrease in settlement periods. And now you're seeing a normalization back to previous level.

不，因為您已經看到結算週期縮短了。現在你看到正常化回到了之前的水平。

Okay. Okay. So after fourth quarter, it decreased and then now it is going back to normal?

好的。好的。那麼第四季度之後就下降了，現在又恢復正常了嗎？

Yes, you see all the trends trending in a positive direction.

是的，您看到所有趨勢都朝著積極的方向發展。

Our next question comes from Matthew Cook with Alton (technical difficulty)

我們的下一個問題來自 Matthew Cook 和 Alton（技術難度）

Another one on Nigeria for me. Curious how you're thinking about sequential growth from here? Revenues were up 93% quarter-over-quarter. And we were doing some rough math. So like assuming a 5% gross take rate and if you annualize that volume, that points to say like $2 billion of annualized volume from Nigeria, that would be about 1% of total consumer spending there. And say, like 25% of total e-commerce activity in Nigeria. So it seems like you're pretty far penetrated in that market. So I was just hoping that you could kind of like provide some additional color on like how you see growth from there.

為我準備的另一篇關於尼日利亞的文章。好奇您如何考慮從這裡開始的連續增長？收入環比增長 93%。我們正在做一些粗略的數學計算。因此，假設毛利率為 5%，如果將該數量按年計算，則意味著尼日利亞的年化交易量為 20 億美元，大約佔該國消費者支出總額的 1%。比如說，佔尼日利亞電子商務活動總量的 25%。所以看來你們在這個市場的滲透率相當高。所以我只是希望你能提供一些額外的顏色，比如你如何看待從那裡的增長。

Matthew, thanks very much for your question. So obviously, I've said it before about other markets, you don't grow in step function. So our growth is not linear. And typically, you see a quarter where you go a little bit faster. You've seen it in the past on the normalization and then growth again. I have to disagree with you in terms of penetration. Please share those stats. From what we've seen, we are only scratching the surface even with the merchant base that we have today. So 6 out of 10 operate with us in Nigeria, out of the top 10. There's only there 4 more for us to capture. And our business is still relatively small from a TPV standpoint in the year.

馬修，非常感謝你的問題。顯然，我之前已經說過關於其他市場的事情，你不會以階梯函數的方式成長。所以我們的增長不是線性的。通常情況下，您會看到四分之一的速度稍快一些。你過去已經看到過正常化和再次增長的情況。在滲透方面我不得不不同意你的觀點。請分享這些統計數據。從我們所看到的來看，即使我們擁有今天的商業基礎，我們也只是觸及了表面。因此，前 10 名中，尼日利亞的 10 家公司中有 6 家與我們合作。我們只需要捕獲另外 4 家。從今年冠捷的角度來看，我們的業務仍然相對較小。

So we believe that there's significant growth to come over the years. We are not saying it's going to come next quarter, but that's not what we're optimizing for. And we are optimizing for growth in the long term in Nigeria, compounding with all the other markets that we operate. And in that sense, we are actually extremely confident.

因此，我們相信未來幾年將會出現顯著增長。我們並不是說它將在下個季度出現，但這不是我們優化的目的。我們正在優化尼日利亞的長期增長，並與我們經營的所有其他市場相結合。從這個意義上說，我們實際上非常有信心。

That's super helpful. And then just my second question, the payout volume growth continues to be really robust. I was hoping you could opine on that a little bit more in terms of kind of like vertical mix and geography mix as well.

這非常有幫助。接下來是我的第二個問題，支付量的增長仍然非常強勁。我希望你能在垂直混合和地理混合方面對此有更多的看法。

Sure. So again, we don't optimize for one product over the other. You've seen in this quarter, cross-border mix going up. Last quarter, it was going down. So -- and we are not crowded from one or the other. We're agnostic in that sense. [Rights] sharing, it's a strong payout vertical for us. Education -- sorry, payroll payments are a strong payouts vertical for us. But fundamentally, it's many of the same merchant. And it's more of commercial dynamic of what customers kick in at what speed. Growth in payout is spread across the board. So it's not -- there's no significant dynamics difference in one country versus the other from a product mix standpoint. So we really like the pay-outs products because it's highly complementary with our pay-ins the same way cross-border and local-to-local are complementary. But there's not much more color we can add in this.

當然。再說一次，我們不會針對一種產品來優化另一種產品。您已經在本季度看到跨境組合的增加。上個季度，這一數字有所下降。所以——我們並不擁擠於其中之一。從這個意義上說，我們是不可知論者。 [權利]共享，這對我們來說是一個強大的支付垂直領域。教育——抱歉，工資支付對我們來說是一個強有力的垂直支付。但從根本上來說，很多都是同一個商人。更重要的是客戶以什麼速度介入的商業動態。支出增長全面。所以事實並非如此——從產品組合的角度來看，一個國家與另一個國家沒有顯著的動態差異。所以我們真的很喜歡支付產品，因為它與我們的支付產品高度互補，就像跨境和本地到本地的互補一樣。但我們無法在其中添加更多顏色。

Line is open.

線路已開通。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we do.

是的，我們願意。

Sorry. Sorry -- just a couple for me, please. One, just a question on the hedges. I think there's a reference in the press release to lower hedging activity, and we see that in a better financial result for the quarter. Just wondered given there's more exposure to kind of higher inflation economies, why would that be the case? If you could help explain that? That's the first question, please. I'll come back with a second one.

對不起。抱歉——請給我幾個。一，只是一個關於對沖的問題。我認為新聞稿中提到了對沖活動的減少，我們認為本季度的財務業績會更好。只是想知道，鑑於對高通脹經濟體的敞口更大，為什麼會出現這種情況？如果你能幫忙解釋一下嗎？這是第一個問題，請。我會帶著第二個回來。

Sure. Sorry, who's this?

當然。抱歉，這是誰？

Sorry. Soomit, new Street Research.

對不起。蘇米特，新街頭研究。

Sure. I appreciate it. Diego, Maria, do you want to take it?

當然。我很感激。迭戈、瑪麗亞，你想接受嗎？

Sure. Yes. During the quarter, we reduced our exposure, particularly in Argentina. We told you that in the second half of the year, we sequentially normalized the situation there. So basically, Europe, keep in mind that we have a practice of hedging every open positions in local currencies. And what happened during Q1 is that we reduced -- we have much lower positions, very low positions in Argentina. So we reduced the cost of hedges. We keep any dollar that we have available investments. So you will see that in financial results during the quarter, we turned around the numbers and we came to positive financial results because of that.

當然。是的。本季度，我們減少了風險敞口，特別是在阿根廷。我們告訴你，下半年我們已經逐步實現了那裡的局勢正常化。因此，基本上，歐洲請記住，我們有對沖當地貨幣的每個未平倉頭寸的做法。第一季度發生的事情是我們減少了——我們在阿根廷的頭寸要低得多，非常低。所以我們降低了對沖成本。我們保留可用投資的任何美元。所以你會看到，在本季度的財務業績中，我們扭轉了數字，因此我們取得了積極的財務業績。

Okay. Clear. And then a quick follow-up, please, again, just back to Nigeria. Just kind of trying to move away from the margin or the gross margin discussion, which obviously relates to the higher gross take rate. But just to keep things simple, as your processing costs and FX costs hopefully come down over time, do you keep that profit or do you pass that on to the merchant?

好的。清除。然後是快速跟進，請再次回到尼日利亞。只是試圖擺脫利潤率或毛利率的討論，這顯然與較高的毛利率有關。但為了簡單起見，隨著您的處理成本和外匯成本有望隨著時間的推移而下降，您會保留利潤還是將其轉嫁給商家？

Thanks for the question. So the way we price, it's typically we first understand the costs and then we price. And that's why we always say we optimize for gross profit. So should cost go down, some of that we'll share with the merchant, other part of that -- a significant part of that will be our own efficiency. The more we can get closer to the banking system, understanding getting better access to liquidity, getting better terms, our merchant contracts are not, for the most part, tied to our costs. So that would be an upside to us.

謝謝你的提問。因此，我們定價的方式通常是我們首先了解成本，然後定價。這就是為什麼我們總是說我們針對毛利潤進行優化。因此，如果成本下降，我們將與商家分享其中的一部分，另一部分——其中很大一部分將是我們自己的效率。我們越接近銀行系統，了解更好地獲得流動性，獲得更好的條款，我們的商業合同在很大程度上就不會與我們的成本掛鉤。所以這對我們來說是一個好處。

Okay. And so presumably, your net take rate will go up then?

好的。那麼你的淨採用率大概會上升嗎？

It has the potential to go up significantly.

它有潛力大幅上漲。

Our next question comes from John Coffey with Barclays.

我們的下一個問題來自巴克萊銀行的約翰·科菲。

I have yet another question on Nigeria. And really, my question pertains to the verticals in which you're starting to see some of these volumes. Last quarter, you gave a really helpful slide. I think, Page 11, where you showed that I think 20% of your TPV was in financial services. Second biggest bucket was commerce. Is there any kind of color you could give on where Nigeria slots into the different verticals? Is it one of those? Is it really completely spread out across all verticals?

我還有一個關於尼日利亞的問題。事實上，我的問題與您開始看到其中一些卷的垂直領域有關。上個季度，您做了一張非常有用的幻燈片。我想，第 11 頁，您表明我認為您的 TPV 的 20% 是在金融服務領域。第二大桶是商業。您可以用某種顏色來表示尼日利亞在不同垂直領域的位置嗎？是其中之一嗎？它真的完全分佈在所有垂直領域嗎？

Thank you for the question. It's very well diversified, very similar dynamics than our overall business. So that's why the 6 out of 10 merchants is a good signal for this. Our top 10 are very well diversified, and the same applies [to Nigeria]. So no particular vertical has more prevalent than us.

感謝你的提問。它非常多元化，與我們的整體業務非常相似。所以這就是為什麼十分之六的商家對此是一個很好的信號。我們的前十名非常多元化，這同樣適用於[尼日利亞]。因此，沒有哪個垂直行業比我們更流行。

Great. And just one quick follow-on. I think you said Nigeria and Argentina as markets that are complex to navigate and that really seems to be your sweet spot for adding value. When we look beyond those 2 markets, would you say -- and I think you may have mentioned this before, are Egypt, Morocco and Indonesia in that same kind of category where they're particularly complex versus more sort of more developed markets where there's more efficiencies? And does that -- do you view those as the next real big opportunities?

偉大的。這只是一個快速的後續行動。我認為您說尼日利亞和阿根廷是難以駕馭的市場，而這似乎確實是您增加價值的最佳點。當我們超越這兩個市場時，您會說——我想您之前可能已經提到過，埃及、摩洛哥和印度尼西亞是否屬於同一類別，它們特別複雜，而相對於更發達的市場來說，它們特別複雜效率更高？您是否認為這些是下一個真正的巨大機遇？

Sure. So we operate across 40 emerging markets, and they are all complex realistically. That's our specialty. That's where we exist. I'd love to think that people now -- I'd love to see that people now think of Brazil as a developed market. It wasn't the case when we launched. So we see the (technical difficulty) plenty of friction, we are in the business of solving friction and abstracting it for our merchants. And whether we like it or not there's plenty of friction today and to come in emerging markets. So that's what they are falling for.

當然。因此，我們在 40 個新興市場開展業務，實際上這些市場都很複雜。這是我們的專長。這就是我們存在的地方。我很樂意看到人們現在認為巴西是一個發達市場。我們剛推出時情況並非如此。因此，我們看到（技術難度）存在大量摩擦，我們致力於解決摩擦並將其抽象為我們的商家。無論我們喜歡與否，今天和新興市場都會出現很多摩擦。這就是他們所追求的。

Indonesia, Malaysia, Morocco, Egypt, South Africa. Yes, just to name a few, but the same could be said around Mexico. And the same could be said around Pakistan. So there's plenty of friction for us to solve. As we solve it, we typically manage to add a lot of value to our customers and at the same time, capture some of that value for our company.

印度尼西亞、馬來西亞、摩洛哥、埃及、南非。是的，僅舉幾例，但墨西哥各地也是如此。巴基斯坦也是如此。因此，我們有很多摩擦需要解決。當我們解決這個問題時，我們通常會設法為客戶增加很多價值，同時為我們的公司獲取一些價值。

That's all the time we have for questions. I'd like to turn the call back over to CEO, Sebastian Kanovich for closing remarks.

這就是我們提問的時間。我想將電話轉回首席執行官塞巴斯蒂安·卡諾維奇 (Sebastian Kanovich) 致閉幕詞。

Sure. Thanks very much. Thanks, everyone, for listening to today's call. I hope that this was helpful. It was a pleasure being here today. I just want to make (technical difficulty) focus on the short term. I would like to reemphasize to everyone that we continue to build this business to focus on and making efficient for the long term. That's why you see us investing in geographic and product growth. We are extremely excited about the opportunity we have to go after such a huge market and build a multibillion revenue business over the coming years. I want to thank you all for your questions and comments. And we are very much looking forward to seeing you all on our Investor Day on the 8th of June. Thanks for time and enjoy the rest of your day.

當然。非常感謝。謝謝大家收聽今天的電話會議。我希望這對您有所幫助。今天很高興來到這裡。我只是想讓（技術難度）關注短期。我想向大家再次強調，我們將繼續發展這項業務，以長期關注並提高效率。這就是為什麼我們投資於地域和產品增長。我們對有機會追求如此巨大的市場並在未來幾年建立數十億美元的收入業務感到非常興奮。我要感謝大家提出的問題和意見。我們非常期待在 6 月 8 日的投資者日見到大家。感謝您抽出寶貴的時間，祝您度過愉快的一天。

Thank you for your participation. This does conclude the program. You may now disconnect.

感謝您的參與。這確實結束了該程序。您現在可以斷開連接。