Dlocal Ltd (DLO) 2023 Q2 法說會逐字稿

Good day, and welcome to the DLocal Second Quarter 2023 Results. Please begin.

美好的一天，歡迎來到 DLocal 2023 年第二季度業績。請開始。

Good morning, everyone, and thank you for joining us for the DLocal Second Quarter 2023 Earnings Call today. If you have not seen the earnings release, a copy is posted in the financial section of the Investor Relations website. On the call today, you have Sebastian Kanovich, Chief Executive Officer; Sergio Fogel, Co-President and Chief Strategy Officer; Diego Cabrera Canay, Chief Financial Officer; Maria Oldham, SVP of Corporate Development, Investor Relations and Strategic Finance; and Soledad Nager, Head of Investor Relations.

大家早上好，感謝您今天參加我們的 DLocal 2023 年第二季度財報電話會議。如果您還沒有看到收益發布，投資者關係網站的財務部分會發布一份副本。今天的電話會議由首席執行官塞巴斯蒂安·卡諾維奇 (Sebastian Kanovich) 主持。 Sergio Fogel，聯席總裁兼首席戰略官；迭戈·卡布雷拉·卡奈 (Diego Cabrera Canay)，首席財務官； Maria Oldham，企業發展、投資者關係和戰略財務高級副總裁；和投資者關係主管 Soledad Nager。

A slide presentation has been provided to accompany the prepared remarks. This event is being broadcast live via webcast, and both the webcast and presentation may be accessed through DLocal's website at investor.dlocal.com. The recording will be made available shortly after the event is concluded.

已提供幻燈片演示文稿以配合準備好的發言。該活動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 DLocal's 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. Actual results may differ materially from those included in DLocal's presentation or discussed in this conference call for a variety of reasons including those described in the forward-looking statements and Risk Factors sections of DLocal's filings with the Securities and Exchange Commission, which are available on DLocal's Investor Relations website. Now I will turn the conference over to Sebastian Kanovich. Thank you.

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用的信息以及 DLocal 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。由於多種原因，實際結果可能與DLocal 的演示文稿或本次電話會議中討論的結果存在重大差異，其中包括DLocal 向美國證券交易委員會提交的文件中的前瞻性聲明和風險因素部分中描述的內容（可在DLocal 的網站上獲取）投資者關係網站。現在我將把會議交給塞巴斯蒂安·卡諾維奇。謝謝。

Good morning, everyone. Thanks for joining the call today. Before we start the call, let me thank all of you who joined the Investor Day back in June. For those who couldn't make it, the material is available on our Investor Relations website. Let me also add that we have in the call Pedro Arnt, who will be joining me as co-CEO. We are extremely excited to have Pedro joining the team. We are proud of the great talent that we have at DLocal and bringing Pedro is the ultimate example of this. Pedro will bring new energy and leadership and highly complementary set of skills to the company, helping us to continue scaling the business at pace and to realize the enormous opportunity that we have ahead of us. I would now like to invite Pedro to introduce himself.

大家，早安。感謝您今天加入通話。在我們開始電話會議之前，讓我感謝所有參加六月份投資者日活動的人。對於那些無法出席的人，可以在我們的投資者關係網站上獲取該材料。我還要補充一點，我們的電話會議中有佩德羅·阿恩特 (Pedro Arnt)，他將與我一起擔任聯合首席執行官。我們非常高興佩德羅加入團隊。我們為 DLocal 擁有的優秀人才感到自豪，引入 Pedro 就是最好的例子。佩德羅將為公司帶來新的活力和領導力以及高度互補的技能，幫助我們繼續快速擴展業務並實現我們面前的巨大機遇。現在我想請佩德羅介紹一下自己。

Thanks, Seba, and greetings, everyone. We thought it'd be useful for me to introduce myself today and share with you what's led me to join Seba, Sergio, Jacobo and the rest of the great team here at DLocal. They will then walk us through DLocal's strong business performance as they expertly do every quarter. Having worked in Latin American tech over the last 25 years, I've obviously been aware of DLocal since its inception merely 7 years ago. However, upon being approached by the Board and undertaking my diligence, what I found was a set of business success drivers even more remarkable than I had initially anticipated. I'd like to spell some of those out for you today.

謝謝 Seba，也向大家問好。我們認為今天自我介紹並與大家分享是什麼促使我加入 Seba、Sergio、Jacobo 以及 DLocal 偉大團隊的其他成員，這對我很有用。然後，他們將向我們介紹 DLocal 強勁的業務績效，就像他們每個季度都會熟練地做的那樣。過去 25 年裡，我一直在拉丁美洲科技行業工作，顯然自 DLocal 成立僅 7 年以來我就已經了解它了。然而，在董事會與我聯繫並進行盡職調查後，我發現一系列業務成功的驅動因素甚至比我最初預期的更加顯著。今天我想為您闡明其中一些內容。

First of all, a vast untapped total addressable market of $1.4 trillion within the rapidly expanding markets that we currently serve. Second, an exceptional opportunity for growth alongside these markets as well as the potential to extend our reach to numerous additional markets. And this allows us to increase our TAM by over 2.5x over the next 5 years. Third, the product and technology stack is fantastic as it serves many of the world's leading and most demanding mega cap tech companies. And fourth, this is an entirely customer-centric organization that's successively dedicated to our customers' success and continues to pile up client win over client win.

首先，在我們目前服務的快速擴張的市場中，還有一個價值 1.4 萬億美元的巨大的未開發市場。其次，這是與這些市場一起發展的絕佳機會，以及將我們的業務範圍擴展到許多其他市場的潛力。這使我們能夠在未來 5 年內將 TAM 增加 2.5 倍以上。第三，產品和技術堆棧非常出色，因為它為許多世界領先且要求最高的大型科技公司提供服務。第四，這是一個完全以客戶為中心的組織，不斷致力於客戶的成功，並不斷贏得客戶的青睞。

Growing clients by 41% CAGR and TPV by a phenomenal 126% CAGR over the past 3 years. And last, but certainly equally important, an extremely attractive financial model, characterized by a revenue CAGR of 101%, adjusted EBITDA over gross profit surpassing 70% and an annual conversion of free cash flow to net income exceeding 90%. So in essence, large TAM, great product and tech stack, a winning customer-focused organization and a free cash flow machine, and investors ideal vision realized, right? Absolutely. But like with any young successful company, there is always more work that can be done so as to further and fully realize the extraordinary value inherent in the exceptional business I've just described to you.

過去 3 年，客戶複合年增長率達到 41%，TPV 複合年增長率達到驚人的 126%。最後但同樣重要的是，一種極具吸引力的財務模式，其特點是收入複合年增長率為101%，調整後的EBITDA 超過毛利潤的70%，自由現金流每年轉換為淨利潤超過90 %。因此，從本質上講，大型 TAM、出色的產品和技術堆棧、以客戶為中心的成功組織和自由現金流機器，以及投資者實現的理想願景，對嗎？絕對地。但與任何年輕的成功公司一樣，總是有更多的工作可以完成，以便進一步充分實現我剛才向您描述的卓越業務所固有的非凡價值。

That work is already underway, and it's also where I hope to contribute the most in Phase 1 of my journey here. I'm confident we will find ways to accelerate even further the pace at which we are rolling out additional processes, deploying more and even better systems and adopting our organizational design to prepare DLocal for the future. I'm excited to see how all this will complement the extraordinary product and customer success work that's already being done on behalf of our clients to further build a formidable company at scale. And as all this happens, I firmly believe that as we undertake these measures, we will propel the local's trajectory and further unlock returns for all stakeholders involved. I look forward to engaging with you as we carry out this journey. Let me now turn the floor over to Seba again to go deeper into the results of the quarter that already show the positive direction things are headed in.

這項工作已經在進行中，這也是我希望在我的旅程的第一階段中做出最大貢獻的地方。我相信我們會找到方法進一步加快推出額外流程、部署更多甚至更好的系統以及採用我們的組織設計的步伐，為 DLocal 的未來做好準備。我很高興看到這一切將如何補充我們已經代表客戶完成的非凡產品和客戶成功工作，以進一步大規模建立一家強大的公司。隨著這一切的發生，我堅信，當我們採取這些措施時，我們將推動當地的發展，並進一步為所有相關利益相關者帶來回報。我期待著在我們開展這一旅程時與您互動。現在讓我再次將發言權交給 Seba，深入探討本季度的業績，這些業績已經表明事情正在朝著積極的方向發展。

Thank you, Pedro. And once again, welcome to the team. I am pleased to share that we've had another quarter of outstanding results. Our performance once again proves the distinctive strengths of our business which we continue to build focus on long-term profitable growth. These trends combine. One, superior technology, that is driven by our commitment to make the complex simple for our merchants with our one API and one integration, what we call One DLocal. Two, a well-diversified business across verticals, products and geographies, with vast geographic coverage of over 40 countries; and three, relentless execution of our merchant growth and cross-sell strategy across products and geographies. Last but not least, our lean and disciplined culture. We delivered all the previous trends with a lean team continuously striving for excellence.

謝謝你，佩德羅。再次歡迎您加入我們的團隊。我很高興與大家分享，我們又一個季度取得了出色的業績。我們的業績再次證明了我們業務的獨特優勢，我們將繼續專注於長期盈利增長。這些趨勢結合在一起。一是卓越的技術，這是由我們致力於通過我們的一個 API 和一種集成（我們稱之為 One DLocal）使我們的商家變得簡單的承諾所驅動的。第二，業務多元化，跨行業、跨產品、跨地域，地理覆蓋40多個國家；第三，堅持不懈地執行我們的跨產品和跨地區的商戶增長和交叉銷售策略。最後但並非最不重要的一點是我們的精益和紀律文化。我們通過不斷追求卓越的精幹團隊傳遞了所有先前的趨勢。

Our culture, it's key to continue delivering on our long-term ambitions. These factors underpin our continued success in building the best payments ecosystem across emerging markets based on our One DLocal, navigating the complexity of payments in these markets on behalf of our merchants, so they can remain focused on their core business. We have a proven track record in leveraging these factors to deliver robust dollar growth of TPV revenue, gross profit, adjusted EBITDA and net income.

我們的文化是繼續實現我們長期目標的關鍵。這些因素支撐著我們在基於 One DLocal 的新興市場上不斷成功構建最佳支付生態系統，代表我們的商戶應對這些市場支付的複雜性，使他們能夠繼續專注於其核心業務。我們在利用這些因素實現 TPV 收入、毛利潤、調整後 EBITDA 和淨利潤的強勁美元增長方面擁有良好的記錄。

Moving to our financial highlights of the quarter. This success was reflected across all metrics. TPV grew 80% year-over-year and a strong 22% quarter-over-quarter surpassing for the first time, the $4 billion mark. To put this in perspective, this quarterly TPV is more than double our TPV for the whole year of 2020, the year before we went public. We continue to focus on growing our business in absolute dollar terms. Revenue, gross profit and adjusted EBITDA all increased at double-digit rates, both year-over-year and quarter-over-quarter. We recorded the highest contribution in gross profit and adjusted EBITDA of the past 8 quarters, increasing $9 million in gross profit and $7 million in adjusted EBITDA quarter-over-quarter. We remain firmly committed to profitable growth at scale.

轉向我們本季度的財務亮點。這一成功體現在所有指標上。 TPV 同比增長 80%，環比強勁增長 22%，首次突破 40 億美元大關。從這個角度來看，這個季度的 TPV 是我們上市前一年 2020 年全年 TPV 的兩倍多。我們繼續專注於以絕對美元計算的業務增長。收入、毛利潤和調整後 EBITDA 均以兩位數的速度增長，無論是同比還是環比。我們創下了過去 8 個季度毛利潤和調整後 EBITDA 的最高貢獻，毛利潤環比增加了 900 萬美元，調整後 EBITDA 環比增加了 700 萬美元。我們仍然堅定地致力於大規模盈利增長。

In Q2 2023, our ratio of adjusted EBITDA to gross profit remained stable quarter-over-quarter at 74% which, again, is best in class. Moving to the next slide. We continue to invest thoughtfully in expanding our global team. We have hired new talent to pursue the opportunities we see in the market also strengthening our foundations to face our long-term ambitions. We grew our team to 806 employees. This is an increase of 174 full-time employees compared to second quarter 2022 or by 28% year-over-year.

2023 年第二季度，我們調整後 EBITDA 與毛利潤的比率環比保持穩定在 74%，這再次是同類中最好的。轉到下一張幻燈片。我們繼續深思熟慮地投資擴大我們的全球團隊。我們聘請了新的人才來尋求我們在市場上看到的機會，同時也加強了我們實現長期目標的基礎。我們的團隊規模擴大到 806 名員工。與 2022 年第二季度相比，全職員工增加了 174 名，同比增加 28%。

We continue to recruit talent globally, combining specific experience and skill set as well an on-the-ground knowledge, we reached 202 full-time employees in Africa and Asia by the end of Q2 2023. This now represents 25% 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 cultural fit. We are proud of our team and believe it is stronger than ever. Now I will pass on to Maria to discuss our execution on our growth strategy.

我們繼續在全球範圍內招聘人才，結合特定的經驗和技能以及實地知識，到2023 年第二季度末，我們在非洲和亞洲的全職員工達到了202 名。目前，這占我們員工隊伍的25% 。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具有很強文化契合度的人才。我們為我們的團隊感到自豪，並相信它比以往任何時候都更強大。現在我將請瑪麗亞討論我們的增長戰略的執行情況。

Thank you, Seba. Hi, everyone. Let me remind you how we view our growth engine. We have 3 axes of growth: one, product, two, merchants and three, geographies. On product. During this quarter, we continued to focus our efforts on deepening our presence in the countries in which we operate with a particular focus on Africa and Asia by establishing more direct connections with payment methods and acquirers and also continuing to enhance our solution. During the second quarter of 2023, we saw strong traction on our platform solution, in particular, from commerce marketplaces. On merchants, we delivered strong revenue growth, both from existing and new customers.

謝謝你，塞巴。大家好。讓我提醒您我們如何看待我們的增長引擎。我們有三個增長軸：一是產品，二是商家，三是地域。在產品上。本季度，我們繼續集中精力，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，深化我們在業務所在國家的業務，特別是非洲和亞洲。 2023 年第二季度，我們看到我們的平台解決方案受到強烈關注，尤其是來自商業市場的關注。在商戶方面，我們從現有客戶和新客戶那裡實現了強勁的收入增長。

Net retention rate continues to be best-in-class at 148% in Q2 2023. New merchants revenue reached $11 million in Q2 2023. We have very close relationships with our merchants, which enables us to grow together with them. Our top 10 merchants continue to show very high growth, totaling $94 million revenue in the quarter. Our 3 axes of growth compound to deliver rapid growth. All of our merchants, products, payment methods and markets are linked to one API. This means that merchants can access all of our products and payment methods without any additional work, generating high value to our customers while growing our business.

2023 年第二季度，淨留存率繼續保持同類最佳，達到148%。2023 年第二季度，新商戶收入達到1100 萬美元。我們與商戶有著非常密切的關係，這使我們能夠與他們共同成長。我們的前 10 名商戶繼續表現出非常高的增長，本季度總收入為 9400 萬美元。我們的三大增長軸可實現快速增長。我們所有的商家、產品、支付方式和市場都鏈接到一個 API。這意味著商家無需任何額外工作即可訪問我們的所有產品和支付方式，在發展業務的同時為我們的客戶創造高價值。

Now let's deep dive into one of the dimensions, geographies. In Latin America, where we have our largest scale, we continued to experience strong growth across the region in Q2 2023. This proves that we still have ample room for growth in LatAm, both with existing and new merchants. In the last 12 months to Q2 2023, revenues in Mexico increased by 85% year-on-year and in Brazil by 50% year-on-year. Growth in both countries has been driven mostly by merchants from commerce, advertising, streaming and ride-hailing verticals. We have been operating in both countries since 2016. So the sustained growth rates are a true indicator of the hyper growth potential that we still have in Latin America, even in our most mature markets. As you know, Brazil is where we started 7 years ago. It is also a highly developed markets in terms of digital payments penetration and technology, but this market is far from mature from a growth opportunity standpoint. This high growth in our large and competitive geographies such as Brazil, underscores the quality of our solution as we continue to gain share in the market.

現在讓我們深入探討其中一個維度：地理。在我們規模最大的拉丁美洲，我們在 2023 年第二季度繼續實現強勁增長。這證明我們在拉丁美洲無論是現有商戶還是新商戶仍然擁有充足的增長空間。截至 2023 年第二季度的過去 12 個月，墨西哥的收入同比增長 85%，巴西的收入同比增長 50%。這兩個國家的增長主要是由商業、廣告、流媒體和叫車垂直行業的商家推動的。自 2016 年以來，我們一直在這兩個國家開展業務。因此，持續的增長率是我們在拉丁美洲仍然擁有超高速增長潛力的真實指標，即使在我們最成熟的市場也是如此。如您所知，巴西是我們 7 年前開始的地方。就數字支付滲透率和技術而言，它也是一個高度發達的市場，但從增長機會的角度來看，這個市場還遠未成熟。我們在巴西等大型且競爭激烈的地區的高速增長突顯了我們解決方案的質量，因為我們不斷獲得市場份額。

We continue to see strong growth opportunities in Brazil going forward in Q2 2023, TPV and revenue in Brazil doubled year-over-year and increased by around 80% quarter-on-quarter. Recent growth has been mainly led by merchants in the commerce, advertising and streaming verticals. In Brazil, we also proved the success and robustness of our local to local solution. Brazil is a market with higher local to local share, and we have seen favorable trends in both cross-border and local-to-local flows. Moving on to Africa and Asia. Our merchants continue to signal strong demand for our solution in the region. Egypt, Morocco, Indonesia and Philippines are growing triple digit year-on-year and have the potential to become a significant part of our business. Our business in Africa and Asia continues to grow very fast. In the last 12 months to Q2 2023, revenues in Africa and Asia increased more than 3x year-on-year.

我們繼續看到 2023 年第二季度巴西的強勁增長機會，巴西的 TPV 和收入同比翻倍，環比增長約 80%。最近的增長主要由商業、廣告和流媒體垂直領域的商家帶動。在巴西，我們還證明了本地到本地解決方案的成功和穩健性。巴西是一個本地到本地份額較高的市場，我們看到跨境和本地到本地流動的良好趨勢。繼續前往非洲和亞洲。我們的商家繼續對該地區的解決方案發出強烈需求。埃及、摩洛哥、印度尼西亞和菲律賓的同比增長率為三位數，有潛力成為我們業務的重要組成部分。我們在非洲和亞洲的業務繼續快速增長。截至 2023 年第二季度的過去 12 個月，非洲和亞洲的收入同比增長超過 3 倍。

Excluding Nigeria, this region grew 78% year-on-year in the last 12 months to Q2 2023. In Q2 2023, Nigeria revenues increased by more than 4x year-on-year. The quarter-on-quarter deceleration was driven by the Naira devaluation in the last 15 days of the quarter. Nevertheless, Nigeria continues to present similar net take rates as other markets, and it is a key geography for DLocal. We continue to see great growth opportunities in the market.

不包括尼日利亞，該地區在截至 2023 年第二季度的過去 12 個月中同比增長了 78%。2023 年第二季度，尼日利亞收入同比增長超過 4 倍。季度環比減速是由於本季度最後 15 天奈拉貶值造成的。儘管如此，尼日利亞仍然呈現與其他市場相似的淨採用率，並且它是 DLocal 的關鍵地理位置。我們繼續看到市場巨大的增長機會。

Excluding this effect, revenues would have been in line with Q1 2023. Sergio shed more light on the recent market change later on in the presentation. Moving to the next slide. This case study illustrates the powerful combination of our 3 axes of growth. We onboarded this merchant, our global e-commerce platform prior to Q2 2021. We started processing volume for this merchant outside Latin America, in one country and only one product and service. Over the last few years, we have been able to successfully cross-sell new geographies, products and services.

排除這一影響，收入將與 2023 年第一季度保持一致。Sergio 在稍後的演示中詳細介紹了最近的市場變化。轉到下一張幻燈片。本案例研究說明了我們三個增長軸的強大結合。我們在 2021 年第二季度之前就加入了這個商家，這是我們的全球電子商務平台。我們開始在拉丁美洲以外的一個國家/地區為該商家處理一種產品和服務。在過去的幾年裡，我們已經能夠成功地在新的地區、產品和服務上進行交叉銷售。

The outcome speaks for itself. TPV has grown by more than 100x since Q2 2021, driven by a combination of: one, organic growth of our merchant, two, increase share of wallet; and three, additional payment methods, solutions and geographies. We now process volume for this merchant in 7 countries across Africa and Latin America. On top of processing pains and payouts, this merchant uses our platform solution in some of these geographies. We have seen strong growth coming from the platform solution as we develop tailor-made solutions at scale, including: one, our white label seller on board in QST and two, I split payment solution to ensure full flow compliance throughout the process and best user experience.

結果不言而喻。自 2021 年第二季度以來，TPV 增長了 100 倍以上，其推動因素包括：一、我們商家的有機增長，二、錢包份額的增加；第三，額外的支付方式、解決方案和地理位置。我們現在在非洲和拉丁美洲的 7 個國家為該商家處理交易量。除了處理麻煩和付款之外，該商家還在其中一些地區使用我們的平台解決方案。隨著我們大規模開發定制解決方案，我們看到了平台解決方案的強勁增長，其中包括：一是我們的QST 中的白標賣家；二是我拆分支付解決方案，以確保整個流程的全流程合規性和最佳用戶經驗。

This example is a testament to the fact that our business is built on the great relationship and customer service we have with our global merchants, who continue to choose our solution and grow together with us. Sergio will now discuss our emerging market focus in more depth and share a few updates on some of our key markets.

這個例子證明了我們的業務建立在我們與全球商家的良好關係和客戶服務之上，他們繼續選擇我們的解決方案並與我們共同成長。 Sergio 現在將更深入地討論我們對新興市場的關注，並分享我們一些主要市場的一些最新情況。

Thank you, Maria. Good morning, everyone. As you know, I have cofounded the company, and I have been serving as a Board member, since June this year, I have been part of the executive team. I am delighted to join this earnings call today and look forward to continuing meeting many of you. DLocal has been fully devoted to emerging markets since its inception. Where others see complexities, we see underserved markets with high growth potential. Buyers and sellers cannot transact due to the lack of infrastructure and the magnitude of lost opportunities is overwhelming. We are going after a very large market.

謝謝你，瑪麗亞。大家，早安。如你所知，我是這家公司的聯合創始人，並且一直擔任董事會成員，自今年六月以來，我一直是執行團隊的一員。我很高興參加今天的財報電話會議，並期待繼續與你們中的許多人見面。 DLocal自成立以來一直全力致力於新興市場。在其他人看到復雜性的地方，我們看到服務不足的市場具有高增長潛力。由於缺乏基礎設施，買家和賣家無法進行交易，並且失去的機會巨大。我們正在追求一個非常大的市場。

And after 7 years of strong growth, we are still only scratching the surface of this opportunity. Our markets enjoy structural tailwinds, a young growing population and urban connected middle-class, eager to consume and merchants that are only starting to customize their products for their needs and tastes. Emerging markets are complex. Our mission is to solve payments complexities for our merchants, including technological, operational and regulatory complexities. Our ability to adapt to changes in circumstances is one of our key operational strengths and underlies our value proposition of taking the complex and making it simple. Now I'd like to update you on recent developments in 3 specific markets.

經過 7 年的強勁增長，我們仍然只觸及了這個機會的表面。我們的市場享有結構性順風、不斷增長的年輕人口和渴望消費的城市中產階級以及剛剛開始根據自己的需求和品味定制產品的商家。新興市場很複雜。我們的使命是為商戶解決支付複雜性，包括技術、運營和監管複雜性。我們適應環境變化的能力是我們的關鍵運營優勢之一，也是我們化繁為簡的價值主張的基礎。現在我想向您介紹 3 個特定市場的最新動態。

One such change in parking conditions according to Argentina, as we stated in the filing in late April. The government and the Central Bank established new procedures to obtain foreign currency for the settlement of certain services. We have been operating in Argentina for many years now, and we have seen many, many changes in regulations. This is only the latest change and will probably not be the last. We will adapt to the new rules just as we have adapted to the previous ones. Our ability to do so is a competitive differentiator and an example of the value we add to our merchants. Given the magnitude of our business in Argentina, as we announced in our press release in June, we committed to show additional economic substance in the country. On June 14, we acquired with our own funds $48 million worth of Argentine dollar-linked treasury bonds. We acquired an additional $49 million by the end of July.

正如我們在 4 月底提交的文件中所述，阿根廷的停車條件發生了這樣的變化。政府和中央銀行製定了新的程序來獲取外幣以結算某些服務。我們已經在阿根廷運營多年，我們看到了很多法規的變化。這只是最新的變化，而且可能不會是最後一次。我們將適應新規則，就像我們適應以前的規則一樣。我們這樣做的能力是一個競爭優勢，也是我們為商家增加價值的一個例子。鑑於我們在阿根廷的業務規模，正如我們在 6 月份的新聞稿中宣布的那樣，我們致力於在該國展示更多的經濟實質。 6月14日，我們以自有資金購買了價值4800萬美元的阿根廷美元掛鉤國債。到 7 月底，我們又獲得了 4900 萬美元的資金。

We plan to use this in the following years to fund our local operations and investment opportunities in the market. We continue to collaborate with local authorities in Argentina to ensure that despite the macroeconomic situation, Argentinian customers are able to access international services. Moving to Nigeria, in mid-June, the Central Bank implemented a free floating policy of the Naira leading to the devaluation of the local currency, as Maria mentioned. I would like to highlight that we see the unification of the exchange rates as a positive for the country and for our business as it promotes transparency and efficiency, and it increases liquidity.

我們計劃在接下來的幾年中利用這筆資金為我們的本地運營和市場投資機會提供資金。我們繼續與阿根廷地方當局合作，以確保儘管宏觀經濟形勢嚴峻，阿根廷客戶仍能夠獲得國際服務。轉移到尼日利亞，正如瑪麗亞提到的，6月中旬，央行實施奈拉自由浮動政策，導致當地貨幣貶值。我想強調的是，我們認為統一匯率對國家和我們的業務都是積極的，因為它提高了透明度和效率，並增加了流動性。

This removes a lot of the friction that some of our customers see when expanding to Nigeria. We continue to operate normally in the country where we serve some of the world's largest technology merchants. We do not expect the depreciation of the Naira to have an impact on our gross profit. The negative impact on gross revenues will be offset by lower expectation costs. We continue to have a bullish outlook on the operations in Nigeria for the long run and continue to onboard and grow with merchants in the country. Last but not least, Brazil, shortly after the end of Q2, we reached another milestone in our evolution. At our Investor Day, we shared that we applied for a payment institution license in Brazil. I'm thrilled to share that we were granted this license in July. We can now offer more payment methods and solutions in Brazil and participate directly in Brazil's payment systems. We expect this to increase the efficiency of our operations in the country. Becoming a payments institution, carries with it a higher level of scrutiny by Brazil Central Bank.

這消除了我們的一些客戶在向尼日利亞擴張時遇到的很多摩擦。我們繼續在為世界上一些最大的技術商人提供服務的國家正常運營。我們預計奈拉貶值不會對我們的毛利潤產生影響。對總收入的負面影響將被較低的預期成本所抵消。從長遠來看，我們繼續看好尼日利亞的業務前景，並繼續與該國的商家一起發展。最後但並非最不重要的一點是，巴西，在第二季度結束後不久，我們達到了發展中的另一個里程碑。在投資者日，我們分享了我們在巴西申請支付機構許可證的消息。我很高興地告訴大家，我們已於 7 月份獲得了該許可證。我們現在可以在巴西提供更多的支付方式和解決方案，並直接參與巴西的支付系統。我們預計這將提高我們在該國的運營效率。成為支付機構需要巴西央行更高級別的審查。

We welcome such scrutiny in Brazil and in other countries as it helps boost the level of confidence of global merchants doing business in emerging markets and also increases our competitive advantage. This is a clear example of our ongoing efforts to further strengthen our compliance infrastructure across emerging markets. Being well diversified in over 40 emerging markets allows us to continue benefiting from very high growth regardless of the specific circumstances in any given geography. This is a key strength of our business. Diego will now review our financial highlights.

我們歡迎巴西和其他國家的此類審查，因為這有助於增強全球商人在新興市場開展業務的信心，也增強了我們的競爭優勢。這是我們不斷努力進一步加強新興市場合規基礎設施的一個明顯例子。在 40 多個新興市場的充分多元化使我們能夠繼續受益於非常高的增長，無論任何特定地區的具體情況如何。這是我們業務的關鍵優勢。迭戈現在將回顧我們的財務亮點。

Thank you, Sergio, and hi, everyone. We had another quarter of strong growth across our products and services. In terms of products, during Q2 2023, base increased by 70% year-over-year and by 27% quarter-over-quarter and payouts increased by 114% year-over-year and 10% quarter-over-quarter. The contribution of payout has increased year-over-year as we have been successful in providing last-mile payment services to financial services companies in emerging markets.

謝謝你，塞爾吉奧，大家好。我們的產品和服務又實現了一個季度的強勁增長。就產品而言，2023 年第二季度，基數同比增長 70%，環比增長 27%，支出同比增長 114%，環比增長 10%。由於我們成功地為新興市場的金融服務公司提供最後一英里的支付服務，支付的貢獻逐年增加。

Moreover, we continue to position ourselves as the payment service providers of choice in emerging markets for global payroll, social media, ride-hailing and on-demand delivery companies. During this quarter, we also saw strong traction both in pay-ins and pay-outs through our platform solution for marketplaces particularly in e-commerce in Brazil and Mexico. In terms of services, our cross-border and local to local volumes showed solid growth year-over-year and quarter-over-quarter.

此外，我們繼續將自己定位為全球薪資、社交媒體、網約車和按需送貨公司在新興市場的首選支付服務提供商。在本季度，我們還通過我們的市場平台解決方案，特別是巴西和墨西哥的電子商務市場，看到了付款和付款方面的強勁勢頭。在服務方面，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。

In Q2 2023, we increased by 33% or local-to-local volume quarter over quarter, mainly driven by merchants from commerce, advertising and retailing verticals. This resulted in growth in our local-to-local share reaching 49% in Q2 2023. We are product and vertical agnostic. All our products and services bring incremental profit and when we combine them, they bring synergies both for our merchants and for us, depending on which merchants we onboard in a given quarter as well as the relative growth rates of each merchant, there may be fluctuations in the share of pay-ins versus pay-outs and cross-border versus local-to-local.

2023 年第二季度，我們的本地到本地交易量環比增長了 33%，這主要是由商業、廣告和零售垂直行業的商家推動的。這導致我們的本地到本地份額在 2023 年第二季度增長至 49%。我們對產品和垂直領域不可知。我們所有的產品和服務都會帶來增量利潤，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，具體取決於我們在特定季度加入的商家以及每個商家的相對增長率，可能會有波動支付與支付的比例以及跨境與本地對本地的比例。

Overall, we see a positive growth outlook across all our products and services and see the diversification as a key strength. Revenues also reached a record high of $161 million in Q2 2023, growing 59% year-over-year and 17% quarter-over-quarter. During this quarter, we saw strong quarter-over-quarter revenue growth, particularly in online commerce, ride-hailing and on-demand delivery. And from a geographical standpoint, revenue grew quarter-over-quarter mainly from processing payments in Brazil, Mexico, South Africa, Egypt, Colombia, Peru and Costa Rica.

總體而言，我們認為所有產品和服務都有積極的增長前景，並將多元化視為關鍵優勢。 2023 年第二季度收入也創下歷史新高，達到 1.61 億美元，同比增長 59%，環比增長 17%。本季度，我們看到收入環比強勁增長，尤其是在線商務、網約車和按需配送領域。從地域角度來看，收入環比增長主要來自巴西、墨西哥、南非、埃及、哥倫比亞、秘魯和哥斯達黎加的支付處理。

We remain focused on growing absolute gross profit dollars, which is the key success metric of our business. Our gross profit reached $71 million in Q2 up 43% year-over-year and 14% quarter-over-quarter, with net take rate at 1.6%. Processing costs over TPV remained stable at 2% quarter-over-quarter. Gross profit margin and net take rate remained almost unchanged quarter-over-quarter, even with a high increase in the share of local-to-local volume. The waterfall chart on the left shows the main changes in our gross profit margin quarter-over-quarter.

我們仍然專注於增加絕對毛利潤，這是我們業務成功的關鍵指標。第二季度我們的毛利潤達到 7100 萬美元，同比增長 43%，環比增長 14%，淨收入率為 1.6%。 TPV 的加工成本環比穩定在 2%。儘管本地到本地交易量的份額大幅增加，但毛利率和淨拿取率環比幾乎保持不變。左側的瀑布圖顯示了我們毛利率環比的主要變化。

Gross profit margin was positively impacted by changes in merchant mix, particularly in Brazil. This was offset by the higher share of pay-ins and local-to-local volume and lower share of revenues in Argentina.

毛利率受到商家結構變化的積極影響，尤其是在巴西。這被阿根廷較高的付費份額和本地交易量以及較低的收入份額所抵消。

Moving to the right hand of the slide, the slight decrease in the net take rate from 1.7% in Q1 2023 to 1.6% in Q2 2023, was driven by similar factors, particularly by a higher share of local-to-local volume and by country mix with higher share of revenues in Brazil and Mexico and lower in Argentina. Profitability remains a top priority. During the quarter, we were able to grow our adjusted EBITDA to $52 million, up 36% year-over-year and 14% quarter-over-quarter. Adjusted EBITDA margin was 32% in Q2.

轉向幻燈片右側，淨佔用率從2023 年第一季度的1.7% 略有下降至2023 年第二季度的1.6%，這是由類似因素推動的，特別是本地到本地交易量所佔份額的增加以及巴西和墨西哥的收入份額較高，阿根廷的收入份額較低。盈利能力仍然是重中之重。本季度，我們的調整後 EBITDA 增長至 5200 萬美元，同比增長 36%，環比增長 14%。第二季度調整後 EBITDA 利潤率為 32%。

Our adjusted EBITDA over gross profit remained stable quarter-over-quarter at 74% as we continued investing in our people both in terms of compensation and expanding the team. Net income totaled $45 million during the quarter, growing by 46% year-over-year. Sequentially, it increased by 26% quarter-over-quarter. Net income for the quarter includes $7.5 million of net financial gains. These results were driven by our funds held in interest-bearing accounts and money markets, partially offset by the financial cost of hedges across the market. We also saw an increase in our effective income tax rate from 11% in Q1 to 16% in Q2, driven by a higher share of profits in local markets as a result of higher local-to-local TPV and financial gains. Let's move to cash generation.

隨著我們繼續在薪酬和擴大團隊方面對員工進行投資，調整後的 EBITDA 與毛利潤之比保持穩定在 74%。該季度淨利潤總計 4500 萬美元，同比增長 46%。隨後，環比增長了 26%。該季度的淨利潤包括 750 萬美元的淨財務收益。這些結果是由我們在計息賬戶和貨幣市場中持有的資金推動的，部分被整個市場對沖的財務成本所抵消。我們的有效所得稅率也從第一季度的 11% 上升到第二季度的 16%，這是由於本地到本地 TPV 和財務收益的提高導致本地市場的利潤份額增加。讓我們轉向現金生成。

During the first 6 months of the year, we observed strong cash flow generation. The main drivers of our cash increase were our net income residentially converts to cash and an increase in net trade payables particularly as a result of the growth our business with negative working capital and a higher average settlement period to our merchants. This resulted in an increase of $141 million. We invested $61 million in completing our share repurchase program and $48 million in Argentine dollar-linked treasury bonds as part of our commitment to increase our economic substance in the country. We believe our strong cash position remains a competitive advantage as it allows us to continue investing in the business. Seba, the floor is yours.

今年前 6 個月，我們觀察到強勁的現金流產生。我們現金增長的主要驅動力是我們的淨利潤轉化為現金，以及淨貿易應付賬款的增加，特別是由於我們的業務增長，營運資本為負，以及對商戶的平均結算期更長。這導致增加了 1.41 億美元。作為我們增強該國經濟實質的承諾的一部分，我們投資了 6100 萬美元來完成股票回購計劃，並投資了 4800 萬美元購買與阿根廷美元掛鉤的國債。我們相信，我們強大的現金狀況仍然是競爭優勢，因為它使我們能夠繼續投資於該業務。塞巴，地板是你的。

Thanks, Diego. We are very proud of the strong set of results we delivered during the first half of the year, and we are even more excited about the runway ahead of us. We see continuous growth of our business in the second half of the year. Given the outstanding first 6 months performance, we would be on track to over-deliver on our guidance of revenue while being in line on EBITDA. However, due to the currency depreciation in Nigeria, which will reduce revenues with neutral impact on gross profit. In other words, it won't affect our gross profit dollar amount. We expect to end the year in line with guidance in terms of both revenue and EBITDA.

謝謝，迭戈。我們對上半年取得的強勁業績感到非常自豪，對前方的道路更加興奮。我們看到下半年我們的業務持續增長。鑑於前 6 個月的出色表現，我們將有望超額實現我們的收入指導，同時符合 EBITDA。然而，由於尼日利亞貨幣貶值，這將減少收入，對毛利潤影響中性。換句話說，它不會影響我們的毛利潤金額。我們預計今年年底的收入和 EBITDA 均符合指引。

Revenues between $620 million and $640 million and adjusted EBITDA in the range of $200 million to $220 million. We have a truly diversified business that can deliver on our goals under changing specific circumstances in certain markets, and we are very, very pleased to be in such a position. We remain dedicated to building the best financial infrastructure for global merchants in emerging markets. The value proposition of our One DLocal platform is clear to help our navigate local complexities in receiving and sending payments in emerging markets. Everything that we do, is focused on further improving this value proposition. I want to send a 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 the Q&A, which Pedro will also be joining.

收入在 6.2 億至 6.4 億美元之間，調整後 EBITDA 在 2 億至 2.2 億美元之間。我們擁有真正多元化的業務，可以在某些市場不斷變化的具體情況下實現我們的目標，我們非常非常高興能夠處於這樣的位置。我們仍然致力於為新興市場的全球商家建立最好的金融基礎設施。我們的 One DLocal 平台的價值主張很明確，可以幫助我們應對新興市場接收和發送付款的當地複雜性。我們所做的一切都是為了進一步改善這一價值主張。我要向我們的全球團隊、客戶和投資者的持續支持表示衷心的感謝。我現在將交回接線員以開始問答，佩德羅也將加入。

(Operator Instructions)

（操作員說明）

Our first question comes from Tito Labarta with Goldman Sachs.

我們的第一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

Congrats on the strong results and strong hire from -- Pedro, congratulations Pedro on new role. A couple of questions, if I may. Maybe Pedro, if I could start with you, thanks for some of the comments you gave on the opportunities you see in joining DLocal but buying several questions, and we'll love to hear from you coming from MELI well-respected company. Just to understand a little bit the sort of reasoning to come over to DLocal? I mean you talked a little bit about the opportunity you coming here at Co-CEO role, but would just love to hear a little bit more from a personal perspective. What excited you so much to make that switch?

祝賀佩德羅的出色業績和出色的聘用，祝賀佩德羅擔任新職務。如果可以的話，有幾個問題。也許 Pedro，如果我可以從您開始，感謝您對加入 DLocal 的機會發表的一些評論，但購買了幾個問題，我們很樂意聽到您來自 MELI 備受尊敬的公司的來信。只是為了了解一點來到 DLocal 的理由嗎？我的意思是，您談到了擔任聯合首席執行官的機會，但很想從個人角度聽到更多信息。是什麼讓你如此興奮地做出這樣的轉變？

So we'd love to hear from you on that. And then second question on the revenues, very strong performance on revenues, Seba, as you mentioned, you're maintaining the guidance there. But let's get a little bit more color. Do you think Brazil can continue to grow the way we saw it growing this quarter? And is that coming from like one particular merchant? Is it several merchants that are giving a lot of local-to-local volumes there? And do you expect some headwinds because of the depreciation in Argentina next quarter as well? Just to understand a little bit some of the revenue dynamics and how it could evolve on a quarterly basis from here?

因此，我們很樂意聽取您的意見。然後是關於收入的第二個問題，Seba 的收入表現非常強勁，正如您提到的，您將維持那裡的指導。但讓我們多一點顏色。您認為巴西能否繼續像我們本季度看到的那樣增長？這是來自某個特定商人嗎？是不是有幾家商家在那裡提供大量本地到本地的銷量？您預計下個季度阿根廷的貶值也會帶來一些阻力嗎？只是為了了解一些收入動態以及它如何從這裡開始按季度發展？

Great to be here. Thanks for the question. I think I laid it out in the prepared remarks. This is a phenomenal business with a large expanding TAM, great technology and product, the right customer focus and a winning sales organization and a super attractive financial model. So DLocal is a gem. What I've done and what I've seen over the last 24 years is how to build scale. And I think I've seen scale in Latin America and tech like few others have had because I've had the privilege to work at the largest Latin American tech company from nearly 0 to where it is today. And I've seen how the way you generate value and technology is by building scale and compounding results over the long term. And I think DLocal is the ideal landing spot for the next channel -- next leg in my professional career to be able to generate scale and compound results over a long time with a business that operates in a growing TAM and has a phenomenal financial model. So this is a decision that makes extreme sense for me. And I think I can add a lot of value to the great work that's being done here at DLocal.

很高興來到這裡。謝謝你的提問。我想我已經在準備好的發言中闡述了這一點。這是一家非凡的企業，擁有規模不斷擴大的 TAM、出色的技術和產品、正確的客戶關注點、成功的銷售組織以及極具吸引力的財務模式。所以 DLocal 是一顆寶石。過去 24 年裡我所做的和我所看到的就是如何擴大規模。我認為我在拉丁美洲和科技領域看到了很少有其他人能夠看到的規模，因為我有幸在拉丁美洲最大的科技公司工作，從接近 0 到今天的水平。我已經看到瞭如何通過建立規模和長期復合結果來創造價值和技術。我認為 DLocal 是下一個渠道的理想落腳點——我職業生涯的下一個階段，能夠在一個不斷增長的 TAM 中運營並擁有非凡財務模型的企業長期產生規模和復合成果。所以這是一個對我來說非常有意義的決定。我認為我可以為 DLocal 所做的偉大工作增添很多價值。

Thanks, Pedro, and Tito, thanks for your question. So there's a lot to unpack there. Please let me know if we are covering everything. On the guidance question -- I'm sorry, on the guidance question. So we are very proud of the first half results. We are clearly trading towards the higher end of that guidance in terms of revenue, but are clearly preferring to take a conservative approach given the macro environment specific changes of circumstances such as the devaluation of Nigeria affect our revenue number, but not our gross profit. We would like to see one more quarter before we update our yearly guidance out of abundance of customers.

謝謝佩德羅和蒂托，謝謝你的問題。所以那裡有很多東西需要解壓。如果我們涵蓋了所有內容，請告訴我。關於指導問題——抱歉，關於指導問題。所以我們對上半年的結果感到非常自豪。就收入而言，我們顯然正在朝著該指導方針的高端進行交易，但考慮到宏觀環境的具體變化，例如尼日利亞的貶值，我們顯然更願意採取保守的方法，這會影響我們的收入數字，但不會影響我們的毛利潤。由於客戶數量眾多，我們希望在更新年度指導之前再看到一個季度。

Tito, you know this, we have constantly overdelivered on all metrics to which we have guided since we went public over 2 years ago. And the other thing I'll say is that the guidance -- the yearly guidance we provided accounts for close to 50% year-on-year growth at best-in-class margin. And this is a great outcome for our 2023 and a testament again of the resilience and the well diversified that our business is -- the other thing we'll say is that we do reiterate our midterm guidance of 25% CAGR at a gross profit level and a gross profit to EBITDA margin of 75%, which again are best-in-class.

蒂托，你知道這一點，自兩年多前上市以來，我們一直超額實現我們所指導的所有指標。我要說的另一件事是，我們提供的年度指導在同類最佳利潤率下實現了接近 50% 的同比增長。這是我們 2023 年的一個偉大成果，再次證明了我們業務的彈性和多元化——我們要說的另一件事是，我們確實重申了毛利潤水平復合年增長率 25% 的中期指導毛利潤與EBITDA 的比率為75%，這再次是同類中最好的。

Giving you a little bit more qualitative comment, Tito, Brazil was great news. We grew over 100% year-over-year, 80% quarter-over-quarter but also Mexico grew at close to 80% year-over-year. And I call those 2 geographies out because they are some of our most mature and I think the underlying message here is that our geographies continue to compound and they continue to differentiate and they continue to drive growth for our merchants. We're going to have quarters when we're in market, it's going to grow faster than others, and that's perfectly expectable. Keep in mind, our growth is dependent on our merchant growth. And some of them will decide to ramp up faster in one country versus the other. And that's not something we control, not something we want to control. What we do want to say is that we have multiple levers of growth working at the same time. And in that sense, this quarter was a good testament for that.

巴西蒂托，給你一些更定性的評論是個好消息。我們的同比增長超過 100%，環比增長 80%，墨西哥的同比增長也接近 80%。我之所以將這兩個地區排除在外，是因為它們是我們最成熟的地區之一，我認為這裡的潛在信息是，我們的地區繼續複合，它們繼續差異化，它們繼續推動我們商家的增長。當我們進入市場時，我們將有幾個季度，它的增長速度將比其他公司更快，這是完全可以預期的。請記住，我們的增長取決於我們的商家增長。其中一些人會決定在一個國家比在另一個國家更快地發展。這不是我們可以控制的事情，也不是我們想要控制的事情。我們想說的是，我們有多種增長槓桿同時發揮作用。從這個意義上說，本季度就是一個很好的證明。

There are several merchants driving that growth. We are not relying on any particular merchant across any particular geography. So in that sense, a great, great quarter for us. You had a question on Argentina devaluation. Sergio, I know you have some remarks on this that are probably worth commenting on. But the only thing I'll say Tito, on this is that we serve global merchants -- global merchants think in dollar amount. So typically, what we've seen over the years is whenever there's a devaluation, our merchants tend to reprice pretty fast. In other words, a big streaming services doesn't think of their product being worse -- think of their product being worse a certain amount of dollars. And if there's evaluation, they typically price really fast.

有幾家商家推動了這種增長。我們不依賴任何特定地理位置的任何特定商家。所以從這個意義上說，這對我們來說是一個非常非常好的季度。您有關於阿根廷貶值的問題。 Sergio，我知道您對此有一些可能值得評論的評論。但蒂托，我唯一要說的是，我們為全球商人服務——全球商人以美元金額來考慮。因此，多年來我們所看到的情況是，每當貨幣貶值時，我們的商家往往會很快重新定價。換句話說，大型流媒體服務並不認為他們的產品更差，而是認為他們的產品更差一定數量的美元。如果有評估，它們通常定價非常快。

Our next question comes from Guilherme Grespan with JPMorgan.

我們的下一個問題來自摩根大通的 Guilherme Grespan。

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 just wanted to start on the new management arrangement. Just maybe if before Seba, Pedro maybe just want to comment a little bit on how do you foresee kind of splitting day-to-day duties going forward, especially once Pedro has the opportunity to ramp up on the business.

我只是想開始新的管理安排。也許在塞巴之前，佩德羅可能只想評論一下您如何預見未來的日常職責劃分，特別是一旦佩德羅有機會擴大業務。

Jason, sure. Pedro, feel free to complement this. So Jason, first of all, Pedro and me have extremely complementary backgrounds. Ours is an opportunity that has plenty, plenty of challenges that we need to tackle. And whenever you have the ability of finding a talent like Pedro and getting him to join, it's an absolute no-brainer for us. We are still in the workings of the exact past that each one of us is going to be undertaken. But fundamentally, from a trend perspective, we are very, very complementary, and this couldn't be better news for us.

傑森，當然。佩德羅，請隨意補充這一點。所以傑森，首先，佩德羅和我的背景非常互補。我們面臨著一個機遇，但同時也有很多挑戰需要我們應對。每當你有能力找到像佩德羅這樣的天才並讓他加入時，這對我們來說絕對是理所當然的事情。我們仍然處於我們每個人將要從事的過去的工作中。但從根本上來說，從趨勢的角度來看，我們非常非常互補，這對我們來說再好不過了。

Okay. And then my second question was just on -- you had that helpful slide showing the bridge on the gross margins. Just as you think about the second half and recognizing there's obviously unpredictability from a mix perspective. I mean what sort of a kind of a base case working assumption that you guys are thinking about for second half gross margins just in the context of the fact that you're obviously reiterating the guide on adjusted EBITDA for the year.

好的。然後我的第二個問題是——你有一張有用的幻燈片，顯示了毛利率的橋樑。正如您思考下半場並認識到從混合角度來看顯然存在不可預測性。我的意思是，你們正在考慮下半年毛利率的基本情況假設，因為你們顯然是在重申今年調整後 EBITDA 的指南。

I know, Pedro, you have some remarks you were making and you were cut short. I bet if you want to go for that.

我知道，佩德羅，你剛才發表了一些言論，但被打斷了。我敢打賭，如果你想這麼做的話。

No, no. I was just reiterating. I think we'll figure out the governance throughout my process. I've obviously done diligence and the chemistry we built not only with Seba, but with the entire team gives me confidence that there's plenty of work to be done here and our complementarity, I think, will make that even easier. So I'm not concerned at all about that.

不，不。我只是重申一下。我想我們會弄清楚整個過程中的治理。顯然，我已經盡了努力，我們不僅與 Seba，而且與整個團隊建立了化學反應，這讓我相信這裡還有很多工作要做，我認為我們的互補性將使這變得更加容易。所以我對此一點也不擔心。

Jason, on your question on guidance, again, we are known to be a very conservative company in this front. We are taking an extremely conservative approach given the market environment. We are clearly trading towards the higher end of that revenue guidance that we provided. We don't provide shorter-term guidance. And I want to emphasize that we are building this for the long run. We believe 50% -- over 50% year-on-year growth. And again, the midterm guidance of 35% CAGR, it's best-in-class. And that's what they're focusing on. We want to retain flexibility to continue to invest in the opportunity we have. This is the time for us to differentiate. The emerging market opportunity is bigger than ever, and we want to retain the flexibility to invest as much as we see fit while maintaining the disciplined approach we've always have.

傑森，關於你的指導問題，我們再次被認為是一家在這方面非常保守的公司。考慮到市場環境，我們採取了極其保守的方法。顯然，我們正在朝著我們提供的收入指導的高端進行交易。我們不提供短期指導。我想強調的是，我們的建設是為了長期目標。我們相信 50%——同比增長超過 50%。再說一次，中期指導複合年增長率為 35%，是同類中最好的。這就是他們關注的重點。我們希望保持靈活性，繼續投資我們擁有的機會。這是我們要區別對待的時候了。新興市場的機會比以往任何時候都更大，我們希望保留我們認為合適的投資靈活性，同時保持我們一貫的嚴格方法。

If I look at gross margin and take rate in the second quarter, it was very similar to the first quarter, 1% decrease in gross margin from 45% to 44%. 0.1% decrease in the CAGR that was part of your question. It's basically the result of business mix. As you see in this quarter, we had higher share of local-to-local. And we have different country mix, particularly in some countries with contributed to higher share of gross margin. We don't solve for that. As we mentioned (inaudible) when and how to grow. So the behavior of those metrics in the second half will be basically of how (inaudible).

如果我看一下第二季度的毛利率和轉化率，它與第一季度非常相似，毛利率下降了 1%，從 45% 降至 44%。您問題中的複合年增長率下降了 0.1%。這基本上是業務組合的結果。正如您在本季度所看到的，我們在本地到本地的份額更高。我們有不同的國家組合，特別是在一些毛利率佔比較高的國家。我們不解決這個問題。正如我們提到的（聽不清）何時以及如何成長。因此，下半年這些指標的表現基本上將是如何（聽不清）。

Our next question comes from Guilherme Grespan with JPMorgan.

我們的下一個問題來自摩根大通的 Guilherme Grespan。

Two questions on my side. The first one is related to Nigeria. You mentioned that you expect some impact from the deval, I think it was 40% to 50% deval on the FX, and we already see hitting the revenues declined the share of Nigeria on total top line. But it was interesting to hear that you do not expect any impact into gross profit. So I'm trying to reconcile those 2 statements. The only way I can think of is that your gross profit margin in Nigeria is close to 0. And I do want to confirm if we operate in the country with very little margins, and the second one is related to financial income. It was a very large contribution from gross financial income in the quarter.

我這邊有兩個問題。第一個與尼日利亞有關。您提到您預計貶值會產生一些影響，我認為外匯貶值了 40% 到 50%，而且我們已經看到收入下降導致尼日利亞在總收入中所佔的份額下降。但有趣的是，您預計毛利潤不會受到任何影響。所以我試圖協調這兩個陳述。我能想到的唯一辦法是，你們在尼日利亞的毛利率接近於0。而且我確實想確認一下我們在這個利潤率很低的國家開展業務，第二個是與財務收入有關。這是本季度總財務收入的巨大貢獻。

I imagine this is related to Argentinian bonds. If you can recap how much those bonds are paying. And if we had any nonrecurring financial gains, meaning the appreciation of the bond in the quarter, or if it is level of $19 million gross income per quarter should be the new recurring level given how you're invested in those bonds.

我想這與阿根廷債券有關。如果您能回顧一下這些債券的支付金額。如果我們有任何非經常性財務收益，即本季度債券的升值，或者如果每季度總收入達到 1900 萬美元，則考慮到您對這些債券的投資方式，應該是新的經常性水平。

Thank you very much for the question. So we've spoken a lot in Nigeria in the past. Actually, in our Q1 call, we called this out, how Nigeria had a higher than average -- a much higher than average gross take rate and much, much worse margin structure given the gap between the market rate and the official rate. That was a drag on our margin structure, and that's why you saw it eroding. We broke that down in previous quarters. What has happened is that the Nigerian government has unified those 2 markets, and therefore, the gap that was existing before between market rates and official rates, doesn't exist anymore. We never process payments in any country at 0 margin. That's not the business varying. Every dollar we process contributes to our profit. What we said is that at a gross profit level, which is the key metric we keep track of internally, this will be neutral if not positive.

非常感謝你的提問。所以我們過去在尼日利亞談了很多。實際上，在我們的第一季度電話會議中，我們指出了尼日利亞的毛利率高於平均水平，考慮到市場利率與官方利率之間的差距，利潤率結構要差得多。這對我們的利潤結構造成了拖累，這就是為什麼你看到它被侵蝕。我們在前幾個季度對此進行了細分。所發生的情況是，尼日利亞政府已經統一了這兩個市場，因此，之前市場利率和官方利率之間存在的差距不再存在。我們絕不會在任何國家以 0 保證金處理付款。這並不是業務的不同。我們處理的每一美元都有助於我們的利潤。我們所說的是，在毛利潤水平（這是我們內部跟踪的關鍵指標）上，即使不是積極的，這也將是中性的。

Let me explain why. The gap in the FX in Nigeria made it very hard for merchants to understand why -- there was an official market rate and there was the market rate and why they had to navigate a lot of that complexity, some of that complexity is now sold. So for our global merchants, it's now easier to navigate this country, and we expect that to be one, neutral to positive from a gross profit standpoint, but two, obviously accretive to our margin structure.

讓我解釋一下原因。尼日利亞的外匯缺口讓商家很難理解其中的原因——有官方市場匯率，也有市場匯率，以及為什麼他們必須應對如此復雜的情況，其中一些複雜情況現在已被出售。因此，對於我們的全球商人來說，現在在這個國家航行變得更加容易，我們預計從毛利潤的角度來看，這一點是中性到積極的，但第二點顯然會增加我們的利潤結構。

We spoke about our margin being punished before, given our Nigeria business. Now we probably get some upside from it. Maria, do you have anything to complement on this point, please.

我們之前談到過，由於我們的尼日利亞業務，我們的利潤受到了懲罰。現在我們可能會從中得到一些好處。瑪麗亞，在這一點上你還有什麼要補充的嗎？

Yes, the only thing I would add is that not only it's not 0, it's actually profit higher than average net margin rates in the country.

是的，我唯一要補充的是，它不僅不是0，而且實際上利潤高於全國平均淨利潤率。

On your second question on the financial project, Maria, do you want to take it?

關於你關於金融項目的第二個問題，瑪麗亞，你想接受嗎？

So sure. We had in the quarter roughly $7.4 million of financial profits that is basically the result of higher -- or having higher amounts of cash in local markets, in countries like Brazil or Argentina, as you mentioned. Part is the bond. As you mentioned, roughly $2 million, $3 million is results of the bond, but mostly is money markets and interest-bearing accounts that we have in those countries that generate cash. We use part of those process profits to invest in hedges to be fully covered, and that is the cost -- the financial cost that you see in the P&L. The net of those 2 has been very positive in the quarter. Over the medium term, that should sequentially go back to a lower number. But particularly this quarter, we had these situations where we have a significant amount of cash invested also at the operating company level with higher interest rates.

非常確定。正如您提到的，我們本季度的財務利潤約為 740 萬美元，這基本上是由於當地市場（如巴西或阿根廷）擁有更多現金的結果。部分是債券。正如您提到的，大約 200 萬美元、300 萬美元是債券的收益，但主要是我們在那些產生現金的國家擁有的貨幣市場和計息賬戶。我們使用這些過程利潤的一部分來投資對沖以進行完全覆蓋，這就是成本——您在損益表中看到的財務成本。本季度這兩者的淨收益非常積極。從中期來看，這一數字應該會逐漸回到較低的水平。但特別是在本季度，我們遇到了這樣的情況，即我們在運營公司層面也投入了大量現金，且利率較高。

Just if I may, how much those bonds, Argentinian bonds are paying?

請問阿根廷債券的支付金額是多少？

So they are mark-to-market. The interest rate, the nominal interest rate of only is minimal at 0.4% because they are dollar linked but it's mainly the result of the mark-to-market of that bond. But again, out of the financial income of the quarter, only a small portion of that is the bond. Most of the financial income is a result of cash held in money markets are interest-bearing accounts, I would say in Brazil, Argentina and at the operating company level.

所以它們是按市場定價的。利率，名義利率最低為 0.4%，因為它們與美元掛鉤，但這主要是該債券按市值計價的結果。但同樣，在本季度的財務收入中，只有一小部分是債券。我想說的是，在巴西、阿根廷和運營公司層面，大部分財務收入是由於貨幣市場中持有的現金是計息賬戶而產生的。

I would like to complement on the Nigeria question just to make sure this is clear. When there's a devaluation, 2 things happened, our gross take rate goes down, but our cost of processing goes down. So that's why you see this being neutral at a gross profit level. Our cost of expectation will decline heavily in the same amount as our gross revenue will decline because those are a function of the spread between the official market rate and the market risk. So that's why you see this being (inaudible). I hope that's clear. I know it's complex, but I want to make sure this is properly understood.

我想補充一下尼日利亞問題，以確保這一點是明確的。當貨幣貶值時，會發生兩件事，我們的毛利率下降，但我們的處理成本下降。這就是為什麼你認為毛利潤水平是中性的。我們的預期成本將大幅下降，其幅度與我們的總收入下降的幅度相同，因為這些是官方市場利率與市場風險之間利差的函數。這就是為什麼你會看到這個存在（聽不清）。我希望這是清楚的。我知道這很複雜，但我想確保人們正確理解這一點。

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。

Maybe I can also start with -- congratulations to Pedro and also a question for you. The local issue has never really been growth, which you mentioned. One of the key reasons you're coming is the growth in TAM opportunity. I feel like the issue, as you had mentioned, is scalability over time, scalability of technology where you can bring your expertise, governance and a few other things. So maybe you can talk a little bit more about the challenges that you feel like they need to overcome? And if in your early view based on just the diligence you did, if you feel like the investments that need to be made might be an impact on the longer-term margin structure. I know it's very, very early days, but just based on the diligence that you've done so far.

也許我也可以首先祝賀佩德羅，同時也問你一個問題。正如你提到的，當地的問題從來都不是增長。您前來的主要原因之一是 TAM 機會的增長。正如您所提到的，我覺得問題在於隨著時間的推移，技術的可擴展性，您可以帶來您的專業知識、治理和其他一些東西。那麼也許您可以多談談您認為他們需要克服的挑戰？如果您早期認為基於您所做的盡職調查，您是否認為需要進行的投資可能會對長期利潤結構產生影響。我知道現在還處於非常非常早期的階段，但這只是基於您迄今為止所做的努力。

Thank you. That's a fantastic question. So conceptually, first of all, and I think this is important. Like any company that's grown as much and as fast as DLocal has, there are growing pains in scaling up. I think that's evident, and I agree with your diagnostic. There's already prior to my arrival, a lot of focus as with any company that's growing and work being done to strengthen whatever is needed to strengthen and to prepare for scale. But that is a big part of what I've liked about the challenge is I feel that, that's what I've done and what I like doing and what I know how to do. So we really need to set this up so that this company can grow 5x, 10x, 50x, once the opportunity arises. It's a bit early. I think I will get back to you guys with a better diagnostic.

謝謝。這是一個很棒的問題。首先，從概念上講，我認為這很重要。與任何像 DLocal 一樣發展迅速的公司一樣，擴大規模也面臨著成長的陣痛。我認為這是顯而易見的，我同意你的診斷。在我到來之前，就像任何正在成長的公司一樣，已經有很多焦點，並且正在開展工作來加強所需的一切，並為擴大規模做好準備。但我喜歡這個挑戰的一個重要原因是我覺得這就是我所做的、我喜歡做的以及我知道如何做的。因此，我們確實需要進行設置，以便一旦機會出現，這家公司就可以增長 5 倍、10 倍、50 倍。時間有點早了。我想我會給你們帶來更好的診斷結果。

I am not a big believer in throwing money at these kinds of problems. I think we throw a passion for problem solving and systems at these problems, but I still need to complete my diagnostic. This is literally day 2 for me. So stay tuned, and I think we'll come back to you guys with clarity on whether this is a matter of simply continuing to build everything that's being built or if there might be a ramp-up in investments needed. Give me a little more time, give Seba, (inaudible) and myself some time to take a look at this.

我不太相信花錢解決這類問題。我認為我們對解決問題和解決這些問題的系統充滿熱情，但我仍然需要完成我的診斷。這對我來說實際上是第二天。因此，請繼續關注，我想我們會向你們明確說明這是否是簡單地繼續建造正在建造的一切的問題，或者是否可能需要增加所需的投資。再給我一點時間，給 Seba（聽不清）和我自己一些時間來看看這個。

I truly appreciate that answer. Seba, maybe something we have discussed before sort of on an in-country basis the objective perhaps of achieving reasonable balance between pay-ins and payouts. As you look at your forward opportunity the next 5, 6 countries that you feel should ramp up, how do you feel you're situated as far as that in-country balance is concerned?

我真的很欣賞這個答案。 Seba，也許我們之前在國內討論過，目標可能是在支付和支付之間實現合理的平衡。當您審視您認為應該增加的未來 5、6 個國家/地區的未來機會時，您認為就國內平衡而言，您的處境如何？

Sorry, just one thing I wanted to add is relevant. If the challenge to scale is investing a little margin, and I'm not saying that's the case, we've reiterated our midterm guidance. But if that's the challenge, then this is a company with best-in-class margin structure, and there's room to do so. So I really think it's a double positive here.

抱歉，我只想添加一件事是相關的。如果擴大規模的挑戰是投資一點利潤（我並不是說事實如此），那麼我們重申了我們的中期指導。但如果這就是挑戰，那麼這就是一家擁有一流利潤結構的公司，而且還有空間。所以我真的認為這是雙重積極的。

Thank you, Pedro. Ashwin, on your question on pay-ins and payouts. So we like both products that are extremely complementary, but we never have an internal target for one versus the other. It's not us that decide what product we are selling. It's our customers that decide what products they want to buy from us. We always built our operations on a completely stand-alone basis. And let me explain it. We never subsidize pay-ins with payouts. We never do every dollar in our platform is processed at a profit, independently of it being pay-in or pay-out. So we do see significant traction for both products, but that's never an internal objective. What we'll see over time in the newer countries is that sometimes one product ramps up faster than the other and then over time, things balance out. But we never set a restriction in terms of how much growth. In other words, if we can grow extremely fast, our pay-ins product and our pay-outs product will be a little bit lower, that's perfectly okay for us. Over time we know those things do balance out. But even if they don't, we are still okay in the long run.

謝謝你，佩德羅。阿什溫（Ashwin），關於您關於付款和付款的問題。因此，我們喜歡這兩種極具互補性的產品，但我們從來沒有針對其中一種產品製定內部目標。決定我們銷售什麼產品的不是我們。我們的客戶決定他們想從我們這裡購買什麼產品。我們始終在完全獨立的基礎上開展業務。讓我解釋一下。我們絕不用支出來補貼支出。我們從來不會讓平台上的每一塊錢都以利潤為目的進行處理，無論是存入還是支出。因此，我們確實看到這兩種產品具有巨大的吸引力，但這從來都不是內部目標。隨著時間的推移，我們將在新興國家看到的是，有時一種產品的增長速度比另一種產品更快，然後隨著時間的推移，情況就會達到平衡。但我們從來沒有對增長多少進行限制。換句話說，如果我們能夠極快地增長，我們的付費產品和付費產品就會低一點，這對我們來說完全沒問題。隨著時間的推移，我們知道這些事情確實會平衡。但即使他們不這樣做，從長遠來看我們仍然沒問題。

Our next question comes from Jitender Singh with HSBC.

我們的下一個問題來自匯豐銀行的 Jitender Singh。

This is Neha Agarwala with HSBC, I guess I used the wrong link. Firstly, I'd like to welcome Pedro. Very nice to have you here at DLocal. My question during this quarter is related to the revenues in Brazil, which saw a big jump quarter-on-quarter. I believe this is driven by stronger volumes in Brazil which led to stronger revenues. So if you could just elaborate on that and give any color what drove that? Also, the TPV growth this quarter was almost 22% quarter-on-quarter, which is significantly higher than an average of about 10-plus percent that we've seen in the previous quarters. So I believe we should expect this to normalize in the coming quarters and see a more normal level of sequential TPV evolution?

我是匯豐銀行的 Neha Agarwala，我想我使用了錯誤的鏈接。首先，我要歡迎佩德羅。很高興您來到 DLocal。我本季度的問題與巴西的收入有關，巴西的收入環比大幅增長。我相信這是由巴西銷量增加推動的，這導致收入增加。那麼，您是否可以詳細說明這一點並給出任何顏色，是什麼推動了這一點？此外，本季度 TPV 環比增長近 22%，明顯高於我們在前幾個季度看到的約 10% 以上的平均水平。因此，我認為我們應該預期這種情況會在未來幾個季度正常化，並看到 TPV 連續演變的更正常水平？

So yes, our TPV grew in Brazil and therefore, our revenues grew. What I'll say is that we spoke about this in the past. We have a great solution in Brazil. The Brazilian market is massive. There's a huge dump for us to go after. And this quarter, it was just a testament of those trends that we were expecting in -- that we spoke about in previous quarters. I think this should also be a lesson from what is -- how is it that our business works. We offer 40 geographies. Those geographies compound and help us win in different places at constant times. So the fact that we won in Brazil during this last quarter. It's not just a testament of our Brazil solution. It's a testament of the overall platform. This wasn't a Brazil win. This was DLocal win that manifested during this quarter in Brazil and in Mexico. Last quarter, it was in Nigeria. So we expect growth to continue in this market.

所以，是的，我們的 TPV 在巴西有所增長，因此我們的收入也有所增長。我要說的是我們過去討論過這個問題。我們在巴西有一個很好的解決方案。巴西市場巨大。有一個巨大的垃圾場等待我們去尋找。本季度，這只是我們在前幾個季度談到的預期趨勢的證明。我認為這也應該是一個教訓——我們的業務是如何運作的。我們提供 40 個地區。這些地理位置複合在一起，幫助我們在不同的時間、不同的地方取得勝利。事實上，我們在上個季度在巴西取得了勝利。這不僅僅是我們巴西解決方案的證明。這是整個平台的證明。這不是巴西的勝利。這是 DLocal 在本季度在巴西和墨西哥取得的勝利。上個季度是在尼日利亞。因此，我們預計該市場將繼續增長。

Growth rate again, we reiterate our guidance on how we see growth going forward. But I want to emphasize the point that our business is better understood at the global level, at a macro level and not at a geography by geography based. Geography by geography basis, our merchant base decisions that will always be happy to accommodate for, what we are keeping track of it, how do we make sure we land and expand with our customers? How do we make sure we solve more pay-in points? how do we make sure we are offering more products because that's where the real value is.

再次增長，我們重申了對未來增長的指導。但我想強調一點，我們的業務在全球層面、宏觀層面上得到更好的理解，而不是基於地理位置。地理位置的基礎上，我們總是樂於適應的商業基礎決策，我們正在跟踪它，我們如何確保我們登陸並擴大我們的客戶？我們如何確保解決更多的支付點？我們如何確保我們提供更多產品，因為這才是真正的價值所在。

And regarding the sequential growth in TPV.

關於 TPV 的連續增長。

We are seeing our business firing at all cylinders. We spoke in the past about our pipeline being healthier than ever. I continue -- we continue to see a very, very strong pipeline. Anecdotally, during this quarter, we -- during this quarter without an impact yet in the current results, we were able to sign 2 of the top 10 global merchants. So there's plenty of growth to come. Again, we don't always control the sequence at what that growth happens. That's why our focus on the mid- to long-term, it's into doing our business. But we continue to see great logo wins. We continue to see a great pipeline and a great opportunity generation. We need to continue to build the product and make sure we are best-in-class across all 40 emerging markets that we are.

我們看到我們的業務全速運轉。我們過去曾談到我們的管道比以往任何時候都更加健康。我繼續說，我們繼續看到一個非常非常強大的管道。有趣的是，在本季度，我們在當前業績尚未受到影響的情況下，與全球 10 強商家中的 2 家簽約。因此，未來還會有很大的增長。同樣，我們並不總是控制生長發生的順序。這就是為什麼我們專注於中長期，專注於開展我們的業務。但我們繼續看到偉大的標誌獲勝。我們繼續看到一個巨大的管道和一個巨大的機會的產生。我們需要繼續打造產品，並確保我們在所有 40 個新興市場中處於一流水平。

Our next question comes from Jamie Friedman with Equity Research.

我們的下一個問題來自股票研究部的傑米·弗里德曼。

Let me echo the congratulations Pedro. So my first one is for Pedro. I was just wondering, and it may be early, but a question that investors ask a lot is with regard to DLocal compliance and I was wondering, since you incubated a great payments company as well and Mercado Pago, what's your perspective on the compliance infrastructure at DLocal. That's one question. I'll just ask my second one as well. Sergio, we appreciated your comments about Argentina, and this is part of a continuum. But I was wondering at a very high level, is this the same, worse, better in terms of the regulatory scrutiny at Argentina now than what you have seen in the past? So the first one is for Pedro, the second one for Sergio.

讓我也向佩德羅表示祝賀。所以我的第一個是給佩德羅的。我只是想知道，這可能還為時過早，但投資者經常問的一個問題是關於DLocal 合規性的，我想知道，既然你也孵化了一家偉大的支付公司和Mercado Pago，你對合規基礎設施有何看法在DLocal。這是一個問題。我也只問我的第二個。塞爾吉奧，我們感謝您對阿根廷的評論，這是一個連續體的一部分。但我在一個非常高的層面上想知道，就阿根廷現在的監管審查而言，這是否與過去所看到的相同、更糟、更好？所以第一個是佩德羅的，第二個是塞爾吉奧的。

Thanks Jamie, and thanks, Neha. Thanks also before I had answered you. So again, guys, this is day 1. But obviously, that's an area that I've done as much diligence as possible throughout our conversations. And I think what's important to understand is that the reason we add so much value to our customers is that we tackle complex markets. Markets that operate very differently. I think my running joke yesterday with the press was if all of the emerging markets were Switzerland, then we wouldn't generate the kind of margins, take rates and value that we add. And so I see a compliance team and a compliance organization that is compliant.

謝謝杰米，謝謝尼哈。在我回答你之前也謝謝你。再說一次，伙計們，這是第一天。但顯然，在我們的談話中，我已經在這個領域做了盡可能多的努力。我認為重要的是要理解，我們為客戶增加如此多價值的原因是我們應對複雜的市場。運作方式截然不同的市場。我認為我昨天與媒體經常開玩笑的是，如果所有新興市場都是瑞士，那麼我們就不會產生這樣的利潤，不會收取我們增加的利率和價值。因此，我看到了一個合規團隊和一個合規的合規組織。

This is a publicly traded company in the U.S. and as such, needs to be compliant. We will face local challenges regardless of how much infrastructure processes and systems we continue to build. So that's part of our value. I don't think it's something that concerns me, and it's something that -- and I want to stress here, we'll continue to be built out. The impression here should not be that this hasn't been built out. This hasn't been done. There's a great team here led by great people. And my job is to continue to make sure that we invest and we strengthen across all of our internal functions.

這是一家在美國上市的公司，因此需要合規。無論我們繼續建設多少基礎設施流程和系統，我們都將面臨當地的挑戰。這就是我們價值的一部分。我認為這不是我關心的事情，而是——我想在這裡強調，我們將繼續發展。這裡的印像不應該是這還沒有建成。這還沒有完成。這裡有一支由優秀人才領導的優秀團隊。我的工作是繼續確保我們對所有內部職能進行投資和加強。

I will take the second question. Well, the situation in Argentina right now is, as you may know from the news, it's extremely volatile and there have been changes in the last -- actually in the last couple of days, almost every day, there is a change in regulation. We are big believers in the country in the long term. Right now, all -- we as the rest of the market is in a wait-and-see mode to see how this is going to evolve and what's going to happen with the election. All I can say is that we have been in the country for a long time now. We are particularly flexible. We know the market very well. We are (inaudible) applied to us to the rest of the market. We believe that we have the best knowledge and flexibility in the market, and we will use our unique position to gain advantage.

我來回答第二個問題。嗯，正如你從新聞中知道的那樣，阿根廷現在的情況非常不穩定，而且最近發生了變化——實際上在過去幾天裡，幾乎每天，監管都會發生變化。從長遠來看，我們對這個國家充滿信心。現在，我們以及市場的其他部分都處於觀望狀態，看看情況將如何演變以及選舉將會發生什麼。我只能說，我們已經在這個國家呆了很長時間了。我們特別靈活。我們非常了解市場。我們（聽不清）適用於市場的其他部分。我們相信我們擁有市場上最好的知識和靈活性，我們將利用我們獨特的地位來獲得優勢。

Our next question comes from Matt Coad with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Matt Coad。

I wanted to just ask a couple more on Argentina. Based on the press release and your opening statement, it seems like the investigation there is going well. Just hoping you could double-click on that. And then interested in how the incremental hiring in Argentina could impact your margins over the long term? And then last one, and this kind of might be a similar answer to the one you guys just gave. If we do see dollarization ultimately in Argentina, how does that impact your business?

我想再問一些關於阿根廷的問題。根據新聞稿和你的開場陳詞，調查似乎進展順利。只是希望你能雙擊它。然後對阿根廷的增量招聘如何影響您的長期利潤感興趣？最後一個，這可能與你們剛剛給出的答案類似。如果我們最終在阿根廷看到美元化，這會對您的業務產生什麼影響？

Okay. I will take it. So about the investigation we shared -- we have a lot of green share on the case and we will do that if there is any material information. About the hiring, we are growing our payroll. We just decided that the growth is going to come more from Argentina than before. It is a place where we find a very good talent and we have complete prioritized Argentina over other countries. Right now, we have over 150 FTEs and again, as you know, hiring takes time until you find the right talent and onboarding, et cetera. But we are on track to increasing our workforce there. We don't see it impacting the P&L. Again, you can find a very good talent. In the short term, it's a bit cheaper than other parts of the world. But in the mid- to long-term, we expect it to convert to international or to emerging market prices.

好的。我會接受的。關於我們分享的調查，我們對此案有很多綠色分享，如果有任何重要信息，我們就會這樣做。關於招聘，我們正在增加工資。我們剛剛決定，增長將比以前更多地來自阿根廷。這是我們找到非常優秀人才的地方，我們完全優先考慮阿根廷而不是其他國家。目前，我們有超過 150 名全職員工，正如您所知，招聘需要時間才能找到合適的人才併入職等等。但我們正在努力增加那裡的勞動力。我們認為它不會影響損益表。再次，你可以找到非常優秀的人才。從短期來看，它比世界其他地區便宜一些。但從中長期來看，我們預計它將轉換為國際或新興市場價格。

And regarding dollarization, I don't know if it's going to happen, it's very hard to speculate on that. If it were to happen, of course, it would make our life much easier in terms of processing cross-border payments, so we would welcome that.

關於美元化，我不知道它是否會發生，很難對此進行推測。當然，如果這種情況發生，我們在處理跨境支付方面會變得更加容易，所以我們對此表示歡迎。

Super helpful. And then I just had like one quick follow-up. The tax rate was a bit higher this quarter at 16%, 11% last quarter and you noted like the mix to local-to-local and more financial income driving that. Could you provide any guidance for like how we should think about modeling the tax rate going forward?

超級有幫助。然後我就進行了一次快速跟進。本季度的稅率略高，為 16%，上季度為 11%，您注意到地方與地方之間的混合以及更多的財務收入推動了這一點。您能否提供任何指導，例如我們應該如何考慮未來的稅率建模？

So again, it will be the result of the mix of profits we have in the different countries that we operate. There are very different tax rates within the different jurisdictions. And as you know, we currently have operations in 40 countries, another 5 countries at holding and operating company level is really complex to a specific number. As long as we continue having higher local-to-local profit as we did this quarter, and we also have financial income, particularly in countries like Brazil, Argentina that would trigger higher income tax rate because those countries did have a tax rate of 30-plus percent.

同樣，這將是我們在不同國家經營業務的利潤混合的結果。不同司法管轄區的稅率差異很大。如您所知，我們目前在 40 個國家/地區開展業務，另外 5 個國家/地區的控股和運營公司層面的具體數字非常複雜。只要我們繼續像本季度那樣獲得更高的本地對本地利潤，並且我們還有財務收入，特別是在巴西、阿根廷等國家，這將引發更高的所得稅稅率，因為這些國家的稅率確實為 30 -加百分比。

So as long as that situation continues, we expect to have similar tax rate as what you have seen in Q2. But again, we don't guide for that because it will be basically the outcome of the changes in mix by country and the different type of transactions that we eventually have.

因此，只要這種情況持續下去，我們預計稅率就會與第二季度相似。但同樣，我們不會對此進行指導，因為這基本上是國家/地區組合變化以及我們最終擁有的不同類型交易的結果。

Our next question comes from Kaio Prato with UBS.

我們的下一個問題來自瑞銀集團的 Kaio Prato。

I have 2 quick questions on my side, please. The first is following the management change. Just would like to have your view about the strategy going forward if there will be any change given the recent movements or if there is any other initiatives beyond payments and your current products that you could pursue in the medium term and if so, if you can give us an example would be really helpful, please. And the second one, if I may, is just another quick follow-up in Argentina. I'm not sure if I completely understood, but I think in one of your answers, you mentioned that you do not expect any impact from the additional deval in the peso as you reprice your clients, otherwise, you will have a negative input, is that right? Just would like to confirm? And if so, if have you already repriced your client this week after the devaluation or not.

我有兩個簡單的問題。首先是管理層變動。只是想了解一下您對未來戰略的看法，考慮到最近的走勢是否會發生任何變化，或者除了支付和您當前的產品之外，您是否可以在中期內採取任何其他舉措，如果可以，您可以嗎？請給我們一個例子會很有幫助。如果可以的話，第二個只是在阿根廷的另一個快速後續行動。我不確定我是否完全理解，但我認為在您的一個答案中，您提到，當您為客戶重新定價時，您預計比索的額外貶值不會產生任何影響，否則，您將得到負面輸入，是對的嗎？只是想確認一下？如果是這樣，您是否已經在貶值後本週重新定價了您的客戶。

Pedro, I'll take the second part and let you take the first one, which is the fastest. It's not that we reprice, Kaio, it's not our merchants reprice. So they reprice our services and therefore, we are indexed to their dollar amount and as such, our own revenues reprice. It's not that we increase our take rate. It's not our merchant have higher amounts or charge higher amounts, and therefore, we are the fact of repricing ourselves.

佩德羅，我拿第二部分，讓你拿第一部分，這是最快的。不是我們重新定價，Kaio，不是我們商家重新定價。因此，他們重新定價我們的服務，因此，我們與他們的美元金額掛鉤，因此我們自己的收入也重新定價。這並不是說我們提高了採用率。並不是我們的商家有更高的金額或收取更高的金額，因此，我們是自己重新定價的事實。

So I learned a long time ago, you don't fix something that isn't broken. Look at the first half that we've just delivered. Our Brazilian business, our largest business, grew revenues nearly doubled year-on-year. Our newer markets, which are a huge opportunity, Africa and Asia, I think, grew over 2x, nearly 2.5x. We've had some one-offs. We had a devaluation in Nigeria and the currencies in Argentina. But if I look at the long-term prospects for this business, that's a big reason why I'm here, this does not need a change in strategy at all.

所以我很久以前就知道了，你無法修復沒有損壞的東西。看看我們剛剛交付的上半部分。我們最大的業務巴西業務的收入同比增長了近一倍。我們的新市場（非洲和亞洲）是一個巨大的機遇，我認為增長了 2 倍以上，接近 2.5 倍。我們有過一些一次性的經歷。尼日利亞和阿根廷的貨幣貶值。但如果我著眼於這項業務的長期前景，這就是我在這裡的一個重要原因，這根本不需要改變策略。

Okay. But just wondering if you could pursue any other opportunity beyond payments or no, if not the strategy?

好的。但只是想知道除了付款之外您是否可以尋求任何其他機會，或者是否可以，如果不是策略的話？

The addressable market, the global reach of this company presents significant opportunities for us. So again, reiterate the local strategy is clear. The vision is clear. It's incredibly compelling. And what we need to do is execute on behalf of our global merchants behind their needs in fintech and emerging markets.

該公司的目標市場和全球影響力為我們提供了巨大的機遇。所以再次重申本土戰略是明確的。願景很清晰。這是令人難以置信的引人注目。我們需要做的是代表我們的全球商家執行他們在金融科技和新興市場的需求。

Thank you. That's all the time we have for questions. I'd like to turn the call back over to Seba for closing remarks.

謝謝。這就是我們提問的時間。我想將電話轉回 Seba 進行結束語。

Pedro I think closing remarks are yours today.

佩德羅 我想您今天應該致閉幕詞。

Yes. Thanks for that, Seba. So first of all, thank you, everyone. Just to reiterate how excited I am to be here and the opportunity. And I do want to leave everyone with a final thought. Companies tend to get lost if they start placing excessive focus on the short term. And so we want to continue to reiterate and reemphasize to everyone that we're building this business for the long term. And that's where we're making our decisions. I'm convinced that, that is how value is created in technology, as I said earlier, when you compound the kind of results we're delivering over longer periods of time. So our job as leaders of this organization is to find the best way for DLocal to be able to compound those results over a long period of time.

是的。謝謝你，塞巴。首先，謝謝大家。只是重申我對來到這里和有這個機會感到多麼興奮。我確實想讓每個人都有一個最後的想法。如果公司開始過度關注短期，他們往往會迷失方向。因此，我們想繼續向大家重申並再次強調，我們正在長期發展這項業務。這就是我們做出決定的地方。我堅信，這就是技術創造價值的方式，正如我之前所說，當你將我們在較長時間內交付的結果結合起來時。因此，作為該組織的領導者，我們的工作是找到 DLocal 能夠長期復合這些結果的最佳方法。

That's why you see us investing in geographies, in product and systems, we're super, super excited about this opportunity. We have a huge market to attack globally to turn to a multibillion dollar revenue business over the coming years, and that's where our focus is. I look forward to updating everyone on our progress on that journey over the course of the next few quarters. And thank you very much.

這就是為什麼你會看到我們在地域、產品和系統方面進行投資，我們對這個機會感到非常非常興奮。我們在全球範圍內擁有一個巨大的市場，可以在未來幾年內轉向數十億美元的收入業務，這就是我們的重點所在。我期待著在接下來的幾個季度向大家通報我們在這一過程中取得的最新進展。非常感謝你。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。