Dlocal Ltd (DLO) 2023 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Dlocal fourth quarter 2023 results. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to the Company, please go ahead.

美好的一天，感謝您的支持。歡迎來到 Dlocal 2023 年第四季業績。（操作員指示）請注意，今天的會議正在錄製中。我現在將會議交給公司，請您繼續。

Good morning, everyone, and thank you for joining the fourth quarter 2023 earnings call today. If you have not seen the earnings release, a copy is posted in the financial section at the Investor Relations website.

大家早安，感謝您參加今天的 2023 年第四季財報電話會議。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。

On the call today, you have Pedro Arnt, Co-Chief Executive Officer; Sebastián Kanovich, Co-Chief Executive Officer; Sergio Focal, Co-President and Chief Strategy Officer; Diego Cabrera Canay, Chief Financial Officer; Maria Oldham as VP of Corporate Development, Investor Relations and Strategic Finance; and Soledad Nager, Head of Investors Relations.

今天的電話會議由聯合執行長佩德羅·阿恩特 (Pedro Arnt) 主持。塞巴斯蒂安·卡諾維奇，聯合執行長； Sergio Focal，聯合總裁兼首席策略長；迭戈‧卡布雷拉‧卡奈 (Diego Cabrera Canay)，財務長； Maria Oldham 擔任企業發展、投資者關係和策略財務副總裁；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 for live webcast and both the webcast and presentation may be accessed through Dlocal's website at investor.Dlocal.com. The recording will be available shortly after the event is concluded.

已提供投影片簡報以配合準備好的發言。活動正在進行網路直播，網路廣播和簡報均可透過 Dlocal 網站 Investor.Dlocal.com 存取。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 on 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 these 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有關 Dlocal 目前對未來事件的假設、期望和預測的現有資訊。儘管公司認為，考慮到目前可用的信息，我們的假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。

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 filings with the Securities and Exchange Commission, which are available on Dlocal's Investor Relations website.

由於多種原因，實際結果可能與Dlocal 的簡報或本次電話會議中討論的結果存在重大差異，包括Dlocal 向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，這些內容可在Dlocal 的投資者關係網站。

Now I will turn the conference over to Dlocal. Thank you. (video playing)

現在我將把會議交給Dlocal。謝謝。（影片播放）

Hi, everyone. As the video illustrates, we've just delivered an incredibly strong year that is finished on a high note with regards to increases in both TPV and revenue. As a growth company, these two metrics are really important to us since they reflect our merchant's choices. Remember, our TPV is their revenue, and is the best indicator of our ability to capture and retain share of wallet. We think in terms of decades, not quarters. And over the long run, which as I've just said, is what we're focused on, consistent growth in these two metrics, drive operational leverage, which in turn drives increased profitability and cash flow, which is ultimately what generates shareholder value creation.

大家好。正如影片所示，我們剛剛度過了令人難以置信的強勁一年，在 TPV 和收入成長方面都取得了豐碩成果。作為一家成長型公司，這兩個指標對我們來說非常重要，因為它們反映了我們商家的選擇。請記住，我們的 TPV 是他們的收入，也是我們獲取和保留錢包份額能力的最佳指標。我們以幾十年而不是幾個季度來思考。從長遠來看，正如我剛才所說，這就是我們關注的重點，這兩個指標的持續成長將推動營運槓桿，進而推動獲利能力和現金流的增加，最終會產生股東價值創建。

Now let me walk you through a more short term view, revealing our fourth quarter of 2023 results. We delivered what we consider stellar TPV growth of 55% year over year and an 11% quarter on quarter growth surpassing $5 billion to $5.1 billion. This is another quarterly record, proving our solutions, strong competitive position.

現在，讓我從更短期的角度向您介紹我們 2023 年第四季的業績。我們實現了我們認為的出色的 TPV 年成長 55%，環比成長 11%，超過 50 億美元至 51 億美元。這是另一個季度記錄，證明了我們的解決方案的強大競爭地位。

The strong TPV performance we deliver translated into revenue growth of 59% year on year and 15% quarter over quarter, reaching a record $188 million. Growth was driven by a very strong performance in our most competitive markets. Brazil, where revenues doubled year over year and grew 12% Q on Q, in Mexico, which was up 59% year on year and 18% quarter on quarter.

我們的冠捷表現強勁，營收年增 59%，季增 15%，達到創紀錄的 1.88 億美元。成長是由我們在競爭最激烈的市場中的強勁表現所推動的。巴西的營收年增 12%；墨西哥的營收年增 59%，季增 18%。

Additionally, Nigerian revenue doubled year over year and increased three times quarter on quarter, driven by widening spread between the official and the market exchange rates, which conversely also resulted in a significant increase in expatriation costs. This strength in our biggest markets, combined with continued growth across other markets, was offset by a negative 26% year on year and negative 56% quarter on quarter contraction in Argentina.

此外，由於官方匯率與市場匯率之間的利差擴大，尼日利亞的收入同比翻了一番，環比增長了三倍，這反過來也導致了外派成本的大幅增加。我們最大市場的這種優勢，加上其他市場的持續成長，被阿根廷年減 26% 和季減 56% 的收縮所抵消。

The weakness in Argentina was driven by two factors. First, a Q-on-Q decline in our higher take rate cross-border business as a consequence of tighter capital controls leading up to the year-end transition in government, which resulted in what we believe to be a temporary shift towards more local to local settlement by our merchants.

阿根廷的疲軟有兩個因素造成。首先，由於年底政府換屆之前資本管制收緊，我們認為跨境業務的採用率出現了環比下降，這導致我們暫時轉向更多本地業務由我們的商人在當地結算。

Second, the country's currency devalued significantly towards the end of the quarter, further affecting our performance in dollars, not unlike the impact felt by most other companies with a relevant exposure to the Argentine market.

其次，該國貨幣在本季末大幅貶值，進一步影響了我們以美元計價的業績，這與大多數其他與阿根廷市場相關的公司所受到的影響沒有什麼不同。

I'd like to remind you that despite the short term headwinds, we continue with a long-term view that Argentina is a relevant market for us and more importantly, for our merchants. In complexity we thrive, and we will continue to serve global merchants and consumers in that market. This impact that I've just narrated carried over to our gross profit line, resulting in a quarterly decrease in total gross profit to $70 million, that's down 6% Q on Q.

我想提醒您，儘管有短期阻力，但我們仍堅持長期觀點，認為阿根廷對我們來說是一個相關市場，更重要的是對我們的商人來說。我們在複雜性中茁壯成長，我們將繼續為該市場的全球商家和消費者提供服務。我剛才敘述的這種影響延續到了我們的毛利線上，導致毛利總額季度下降至 7,000 萬美元，環比下降了 6%。

However, if we exclude the Argentine segment, gross profit grew by 7% Q-on-Q. When we go to a year on year basis, gross profit grew by a still sound 27% year on year or a very strong 48% when we exclude Argentina. Our net take rate decreased during the quarter by [20.5] basis points Q-on-Q to 1.4%. This has been as a result of shifts in business mix with a lower share of payments and cross-border volumes. We believe that these results indicate that although downward pressure on take rates continues as we've repeatedly signalled, it is happening at a slow pace. And more importantly driven primarily by mix shift as we still continue to see limited pricing pressure that's derived from competitive dynamics.

然而，如果我們排除阿根廷業務，毛利則是季增 7%。當我們以同比為基礎時，毛利仍然穩健地同比增長了 27%，如果排除阿根廷，則同比增長非常強勁，達到 48%。本季我們的淨採用率季減 [20.5] 個基點至 1.4%。這是由於業務組合發生變化，支付份額和跨境交易量下降的結果。我們認為，這些結果表明，儘管正如我們一再暗示的那樣，採用率的下行壓力仍在繼續，但發生的速度很慢。更重要的是，這主要是由混合轉變推動的，因為我們仍然看到來自競爭動態的有限定價壓力。

Let's move on to our OpEx structure for the quarter. During Q4, we continued to invest further in building out our team and establishing processes and systems to support our long-term growth ambitions. As a consequence of these investments, overall, OpEx increased to $29 million in the quarter.

讓我們繼續討論本季的營運支出結構。第四季度，我們繼續進一步投資建立我們的團隊並建立流程和系統，以支持我們的長期成長目標。由於這些投資，本季整體營運支出增加至 2,900 萬美元。

Main areas of expense increases were, one, tech-related expenses, including engineers, software licenses and other IT and security expenses. Second, non-IT salaries and wages as we continue to strengthen our team, including important leadership positions. And third office expenses as we've grown our global footprint. Overall, OpEx represented 41% of gross profit compared to 31% the prior quarter. For a more detailed view, please refer to slide 18 from the accompanying earnings materials.

費用增加的主要領域是，一是技術相關費用，包括工程師、軟體許可證以及其他 IT 和安全費用。其次，非IT薪資和薪資隨著我們不斷加強我們的團隊，包括重要的領導職位。隨著我們全球業務的擴大，第三辦公室費用也隨之增加。整體而言，營運支出佔毛利的 41%，而上一季為 31%。欲了解更詳細的信息，請參閱隨附收益材料中的幻燈片 18。

I'd like to stress that we are convinced that these investments in technology, product and people are very relevant to continue building a sustainable, high-growth business. As we continue to gain scale, we expect to see operating leverage in the midterm. As I go down the P&L all this resulted in adjusted EBITDA of $49 million, up 22% year on year, but down 11% Q on Q.

我想強調的是，我們相信這些對技術、產品和人員的投資對於繼續建立可持續、高成長的業務非常重要。隨著我們繼續擴大規模，我們預計在中期會看到營運槓桿。當我查看損益表時，所有這些導致調整後 EBITDA 為 4900 萬美元，同比增長 22%，但環比下降 11%。

Adjusted EBITDA margin contracted quarterly to 26%, primarily driven by the previously noted gross profit margin compression. Despite the slowdown in adjusted EBITDA, we continued to deliver best in class profitability. Our ratio of adjusted EBITDA to gross profit came in at 71% for the quarter, notwithstanding the investments undertaken, I've just walked you through.

調整後的 EBITDA 利潤率每季收縮至 26%，主要是由於先前提到的毛利率壓縮。儘管調整後 EBITDA 放緩，我們仍繼續提供一流的獲利能力。儘管進行了投資，但我剛剛向您介紹了本季調整後 EBITDA 與毛利的比率為 71%。

Net income totalled $28 million during the quarter, growing by 47% year on year. Sequentially. That was a decrease of 29%. As we detail in the accompanying presentation, the quarterly evolution of net income was negatively affected by lower EBITDA, inflation adjustments under IFRS, which are accounting impacts and increased stock-based compensation.

該季度淨利潤總計2800萬美元，年增47%。依次。下降了 29%。正如我們在隨附的簡報中詳細介紹的那樣，淨利潤的季度演變受到 EBITDA 下降、國際財務報告準則下的通貨膨脹調整（會計影響和股票薪酬增加）的負面影響。

Consequently, we've also observed an increase in our effective income tax rate from 18% the prior quarter to 21% in Q4. And that's a result of higher local to local share of pretax income and the fact that the IFRS inflation adjustments are non-deductible. Moving on to cash flow, during the quarter, we generated $36 million of free cash flow. That's our own fund generation and $166 million during the year.

因此，我們也觀察到第四季的有效所得稅率從上一季的 18% 上升至 21%。這是由於當地稅前收入所佔份額較高以及國際財務報告準則通膨調整不可扣除的事實。說到現金流，本季我們產生了 3,600 萬美元的自由現金流。這是我們自己的資金籌集，年內籌集了 1.66 億美元。

Our net income to free cash flow conversion continued to be above 100%. Strong Own Funds cash flow generation was mainly driven by the net income profile of our financial model and also by the recovery of $13 million of restricted cash that we had held as guarantees for standby letters of credit. During Q4, we also used part of our own funds to acquire an additional $16 million in Argentine dollar-linked treasury bonds in order to successfully hedge against FX exposure in that market.

我們的淨利潤與自由現金流的轉換率持續保持在 100% 以上。強大的自有資金現金流的產生主要是由我們財務模型的淨利潤狀況以及我們作為備用信用證擔保持有的 1300 萬美元限制性現金的回收推動的。第四季度，我們還使用部分自有資金額外購買了 1,600 萬美元的阿根廷美元掛鉤國債，以成功對沖該市場的外匯風險。

Consequently, we ended the year with a robust liquidity position of $326 million, including $223 million of available cash for general corporate purposes and $103 million of short-term investments. We remain committed to evaluating opportunities to take advantage of our differentiated financial profile that combines profitable growth with very strong cash generation, which allows us to explore inorganic growth, possible buybacks and instituting a dividend policy.

因此，我們在年底擁有 3.26 億美元的強勁流動性頭寸，其中包括用於一般企業用途的 2.23 億美元可用現金和 1.03 億美元的短期投資。我們仍然致力於評估機會，利用我們差異化的財務狀況，將獲利成長與強勁的現金產生結合起來，這使我們能夠探索無機成長、可能的回購和製定股息政策。

Overall, we're very proud of what we achieved in 2023, and we're also excited about our outlook for 2024 and even beyond. As I said before, I came to the Dlocal with a strong belief, this is an outstanding business with significant opportunities ahead. That conviction has done nothing but increase in my time here. As a team, we remain focused on capturing the huge market opportunity ahead of us by continuing to execute our land and expand strategy with our merchants, maximizing opportunities and gaining share of wallet from them.

總體而言，我們對 2023 年所取得的成就感到非常自豪，對 2024 年甚至更遠的前景感到興奮。正如我之前所說，我帶著堅定的信念來到Dlocal，這是一家出色的企業，未來蘊藏著巨大的機會。這種信念除了增加我在這裡的時間之外沒有任何作用。作為一個團隊，我們仍然專注於抓住我們面前的巨大市場機會，繼續執行我們的土地並與我們的商家一起擴展策略，最大化機會並從他們那裡獲得錢包份額。

We will also continue investing behind and tightening the foundations for future growth because we trust there will be a lot of future growth. First of all, we will further strengthen the Dlocal team, investing in human capital with a particular emphasis on the engineering pool. Second, we will further upgrade our back-office capabilities. And third, we want to continue investing behind our licensed portfolio throughout emerging markets, which we are convinced can become a unique asset in the coming years.

我們也將繼續投資並鞏固未來成長的基礎，因為我們相信未來會有很大的成長。首先，我們將進一步加強Dlocal團隊，投資人力資本，特別是工程人才庫。二是進一步提升後台能力。第三，我們希望繼續在整個新興市場投資我們的授權投資組合，我們相信這些投資組合在未來幾年可以成為獨特的資產。

And this last point, it's worth pointing out that we were granted incremental licensees and registries' across 10 markets during 2023 as the intro video showed. These three factors will contribute to further widening our competitive position over the long run.

最後一點，值得指出的是，如介紹影片所示，我們在 2023 年期間在 10 個市場獲得了增量許可和註冊。從長遠來看，這三個因素將有助於進一步擴大我們的競爭地位。

I'd like to now hand it over to Maria, who will walk you through how everything I've just outlined for you translate in terms of our financial outlook for 2024.

我現在想把它交給瑪麗亞，她將引導您了解我剛剛為您概述的所有內容如何轉化為我們 2024 年的財務前景。

Thank you, Pedro. Good morning, everyone. I would like to share our expectations for the full year 2024. We are adding TPV expectations this year as we believe this is the most relevant operational metric for our company. It is the cleanest indicator of market share. As we mentioned earlier, ultimately, our merchants chooses us by routing more and more volumes through our systems, than other alternatives they may have. We are guiding for TPV growth of 40% to 50%, surpassing $26 billion of TPV at the midpoint.

謝謝你，佩德羅。大家，早安。我想分享我們對 2024 年全年的期望。我們今年增加了 TPV 預期，因為我們相信這是與我們公司最相關的營運指標。它是最清晰的市場佔有率指標。正如我們之前提到的，最終，我們的商家透過我們的系統路由越來越多的交易量來選擇我們，而不是他們可能擁有的其他替代方案。我們預期 TPV 成長 40% 至 50%，中位數超過 260 億美元。

As we currently see things, incremental volume growth will be back ended in the year, starting off at a similar level to how we exited 2023 and picking up pace as the year progresses, given our growth in a highly seasonal e-commerce vertical and how we currently see our late-stage pipeline panning out. This strong TPV growth will be driven mainly by increased share of wallet from existing merchants and continued scaling of Tier 0 margins.

正如我們目前所看到的，考慮到我們在高度季節性的電子商務垂直領域的增長以及我們如何在 2023 年退出時，增量增長將在今年結束，並隨著時間的推移而加快步伐。我們目前看到我們的後期管道正在取得進展。TPV 的強勁成長將主要受到現有商家錢包份額增加以及 0 級利潤率持續擴大的推動。

We continue to benefit from structural tailwinds associated with digital economy and the growth of the middle-class in emerging markets. Africa and Asia are expected to grow at a faster pace, signalling the long-term potential for global growth. Verticals is most expected growth are e-commerce, advertising and ride-hailing. As we always emphasize, our main financial focus is on maximizing absolute dollar gross profit growth.

我們繼續受益於與數位經濟和新興市場中產階級成長相關的結構性順風。非洲和亞洲預計將以更快的速度成長，顯示全球成長的長期潛力。最預期成長的垂直產業是電子商務、廣告和叫車服務。正如我們一直強調的那樣，我們的主要財務重點是最大化絕對美元毛利成長。

Thus, we decided to guide for gross profit instead of revenue as we believe this metric better reflects how we run our business. We see gross profit for 2024 between $320 million and $360 million. Our gross profit range assumes, first, increased mix coming from Tier 0 margins as we continue to ramp up those global relationships, drive incremental TPV and wallet share from the world's leading tech companies, but at lower take rates.

因此，我們決定以毛利而不是收入為指導，因為我們相信該指標更好地反映了我們的業務運作方式。我們預計 2024 年毛利將在 3.2 億美元至 3.6 億美元之間。我們的毛利範圍首先假設，隨著我們繼續加強這些全球關係，增加來自世界領先科技公司的 TPV 和錢包份額，來自 0 級利潤率的組合會增加，但採用率較低。

Second, sustained growth in our local to local business. We see this as a validation of our [concentration] approach to payments, and proves that we are competitive versus local acquirers. Third, normalization or tightening of FX spreads in certain lower currency rate markets such as Argentina and Egypt that generated the windfall benefits in 2023. Despite the tightening of FX spreads being a headwind for our plan in 2024. It also represents a more sustainable and lower risk gross profit profile.

第二，本地業務持續成長。我們認為這是對我們[集中]支付方式的驗證，並證明我們相對於本地收單機構具有競爭力。第三，阿根廷和埃及等某些較低匯率市場的外匯利差正常化或收緊，在 2023 年帶來了意外收益。儘管外匯利差收緊對我們 2024 年的計畫構成了阻力。它也代表了更可持續和更低風險的毛利狀況。

And four, mix of growth shifting to less mature markets where we haven't scaled yet. Final guidance is on adjusted EBITDA, we are committed to running a financial model that combines robust midterm gross profit growth with EBITDA margin that is among the best in our concept. This is our model of highly profitable growth. As such, we are reaffirming our midterm guidance of 25% to 35% gross profit growth, 75% adjusted EBITDA to gross profit margin.

第四，成長組合轉向我們尚未擴大規模的不太成熟的市場。最終指引是調整後的 EBITDA，我們致力於運行一種財務模型，將強勁的中期毛利成長與 EBITDA 利潤率結合起來，這是我們概念中最好的。這就是我們的高利潤成長模式。因此，我們重申毛利成長 25% 至 35%、調整後 EBITDA 佔毛利率 75% 的中期指引。

The trajectory towards that midterm guidance comes in for 2024 at around 70% adjusted EBITDA to gross profit. This is an adjusted EBITDA of $220 million to $260 million. We foresee OpEx increasing around 45% year on year. When compared to Q4 run rate, OpEx growth will be around 25%, despite a two times growth rate expected for TPV in 2024. Confirming the operational leverage acquisition in our business model and indicating that much of the incremental OpEx spends necessary for the long-term growth has already been incurred during H2 2023.

2024 年中期指引的軌跡為調整後 EBITDA 佔毛利的 70% 左右。調整後的 EBITDA 為 2.2 億至 2.6 億美元。我們預計營運支出將年增約 45%。與第四季度的運行率相比，儘管冠捷 2024 年的成長率預計將達到兩倍，但營運支出成長率將在 25% 左右。確認我們的業務模式中的營運槓桿收購，並表明長期成長所需的大部分增量營運支出已在 2023 年下半年發生。

This growth in year-on-year OpEx will be driven primarily by tech investments as we aim to grow our talent pool by around 50%. Other main areas of OpEx growth will include sales and operations. As our short-term guidance indicates we are investing in discipline. So as not to deviate significantly from our midterm margin guidance. And by reiterating our midterm outlook as we look beyond 2024, we are signalling that once we conclude our short-term investment cycle in tools, processes and people to secure our ability to scale the company for long-term growth. We believe we will start to see the operational leverage inherent to our business model kick in even more clearly.

營運支出的年成長將主要由技術投資推動，因為我們的目標是將人才庫擴大 50% 左右。營運支出成長的其他主要領域將包括銷售和營運。正如我們的短期指導表明我們正在對紀律進行投資。以免大幅偏離我們的中期利潤指引。透過重申 2024 年以後的中期展望，我們發出訊號，一旦我們結束對工具、流程和人員的短期投資週期，就能確保我們有能力擴大公司規模，實現長期成長。我們相信，我們將開始更清楚地看到我們業務模式固有的營運槓桿作用。

As mentioned in the opening remarks, that kind of scaling is what generates the cash flow that drives shareholder value creation over time. The clear potential of the local becomes obvious if one compounds our growth in line with our midterm target over a multiyear period.

正如開場白中所提到的，這種規模化會產生現金流，隨著時間的推移推動股東價值創造。如果我們的成長符合我們的中期目標，那麼當地的明顯潛力就會變得顯而易見。

Let me now hand it over to Seba.

現在就讓我把它交給賽巴吧。

In a carefully planned transition that unfolded since August, Pedro is set to take on the role of sole CEO. My commitment to the local remains strong, and I will actively lead the newly established commercial and M&A committee as part of the company's Board of Directors. Over the past few months, Pedro and I have not only work together but learn from each other, capitalizing on our complementary skills to enhance the Company's performance, especially in navigating intricate situations.

自 8 月以來，在經過精心策劃的過渡中，佩德羅將擔任唯一執行長。我對當地的承諾仍然堅定，我將作為公司董事會的一部分積極領導新成立的商業和併購委員會。在過去的幾個月裡，佩德羅和我不僅一起工作，而且互相學習，利用我們互補的技能來提高公司的業績，特別是在處理複雜的情況時。

As we progress through the next phase of our transition plan, emphasizing efficiency in daily decision making, we are confident that Pedro is the ideal person to oversee Dlocal's day-to-day operations. His instrumental role in scaling one of the most successful emerging market technology companies speaks volumes about its capabilities. Pedro's focus will be on the ongoing mission of company building, while my attention turns towards identifying pivotal growth opportunities for Dlocal in the future.

隨著我們下一階段過渡計畫的進展，強調日常決策的效率，我們相信 Pedro 是監督 Dlocal 日常運作的理想人選。他在擴大最成功的新興市場技術公司之一的規模方面所發揮的重要作用充分說明了該公司的能力。Pedro 的重點將放在公司建設的持續使命上，而我的注意力則轉向尋找 Dlocal 未來的關鍵成長機會。

Now I'll hand it back to Sergio to unveil further details of our upcoming managemental changes.

現在我將把它交還給塞爾吉奧，以公佈我們即將進行的管理變革的更多細節。

Hi, everyone. Thank you, Seba, for sharing this news with us. On behalf of Dlocal's Board of Directors and the shareholders, I want to express our deep gratitude for your significant contributions to our company since inception. Working with you has been and will continue to be an absolute pleasure. Witnessing your journey, steering the local from its humble beginnings to a thriving start-up in Latin America and now to a global powerhouse fills me with pride.

大家好。謝謝 Seba 與我們分享這個消息。我謹代表 Dlocal 董事會和股東，對你們自公司成立以來為我們做出的重大貢獻表示深深的謝意。與您一起工作一直並將繼續是一種絕對的愉快。見證你們的旅程，帶領當地從卑微的起步到拉丁美洲蓬勃發展的新創企業，現在成為全球巨頭，這讓我感到自豪。

As we move forward, we anticipate a shift in the leadership style needed by the company according to the various stages in its evolution. The challenges of 2023 prompted a dispensing approach leading to operational consolidation. With these changes now on track, we are transitioning to an offensive strategy. Our focus is on reaccelerating our long-term growth prospects through a combination of innovation with new product launches, expanded coverage in high-potential verticals and growing our commercial team to ensure it is fit for purpose and when the right opportunities arise in organic growth through M&A

隨著我們的前進，我們預期公司所需的領導風格會根據其發展的各個階段而轉變。2023 年的挑戰促使採取分配方法，從而實現營運整合。隨著這些變化現已步入正軌，我們正在轉向進攻性策略。我們的重點是透過創新與新產品發布相結合、擴大高潛力垂直行業的覆蓋範圍以及發展我們的商業團隊來重新加速我們的長期增長前景，以確保其符合目的，並在有機增長中出現合適的機會時通過嘛

Sebastian's pivotal role in leading the newly constituted commercial business development and M&A committee will be instrumental in executing this more assertive strategy, year towards long-term value creation for our shareholders. In my capacity as founder, principal shareholder and active manager, it's immensely gratifying to observe Pedro, Seba and the Board collaborating to navigate this transition seamlessly.

塞巴斯蒂安在領導新成立的商業業務發展和併購委員會中發揮的關鍵作用將有助於執行這項更有自信的策略，為我們的股東創造長期價值。身為創辦人、主要股東和積極管理者，我非常高興地看到 Pedro、Seba 和董事會合作無縫地完成這項過渡。

Our unwavering objective remains to preserve the core values and the capabilities that fuelled our growth while embracing new opportunities as we scale into a much larger organization that can best serve our merchants throughout emerging markets. We firmly believe in this strategy, as proof of this during 2023, as the main shareholders of the company. We have bought back $160 million worth of the local shares, showing our confidence in the long-term success of the business. In many ways, I see myself as a good story of our company's legacy and culture. Stealing the course to maintain continuity while also bridging the path towards essential changes that will secure our future success.

我們堅定不移的目標仍然是保留推動我們成長的核心價值和能力，同時隨著我們擴大規模成為一個能夠為整個新興市場的商家提供最佳服務的更大的組織，擁抱新的機會。作為公司的主要股東，我們堅信這項策略，並在 2023 年證明這一點。我們回購了價值1.6億美元的本地股票，顯示了我們對業務長期成功的信心。在很多方面，我認為自己是我們公司傳統和文化的一個很好的故事。搶先一步以保持連續性，同時也為實現重大變革鋪平道路，以確保我們未來的成功。

With this, let me hand it over back to Pedro.

有了這個，讓我把它交還給佩德羅。

Thanks, Sergio. As we reconfigure these leadership structures, I'm also very pleased to announce the newest addition to the team. Mark Ortiz will be joining the Company as Chief Financial Officer, starting his role in April. As we continue our upward trajectory, we sought a robust financial leader capable of guiding us through the next phase of our growth.

謝謝，塞爾吉奧。當我們重新配置這些領導架構時，我也很高興地宣布團隊的最新成員。Mark Ortiz 將於 4 月開始擔任公司財務長。隨著我們繼續向上發展，我們尋找一位能夠引導我們下一階段成長的穩健財務領導者。

Mark brings a wealth of experience in that sense, boasting over 30 years of senior financial leadership, primarily at GE Capital, where he held roles as global FP&A leader and Global Controller across multiple departments. Mark's extensive background includes not only key financial expertise that's fit to our current requirements, but also working assignments across over 20 markets, making him well suited for the global complexity that our company presents.

Mark 在這方面帶來了豐富的經驗，擁有 30 多年的高階財務領導經驗，主要是在 GE Capital 擔任多個部門的全球 FP&A 領導者和全球財務長。Mark 廣泛的背景不僅包括適合我們目前要求的關鍵財務專業知識，還包括跨 20 多個市場的工作任務，使他非常適合我們公司呈現的全球複雜性。

I trust Mark is the optimal CFO's choice to propel us to the next level of growth and reinforce our standing as our front runner in payment solutions for emerging markets. I hope everyone has a chance to meet Mark over the coming years and share the same enthusiasm we have with his arrival. I also wanted to make sure we all extend our gratitude to Diego Cabrera Canay for his invaluable contributions to Dlocal.

我相信馬克是財務長的最佳選擇，他將推動我們邁向新的成長水平，並鞏固我們作為新興市場支付解決方案領跑者的地位。我希望每個人在未來幾年都有機會見到馬克，並分享我們對他的到來同樣的熱情。我還想確保我們所有人都向 Diego Cabrera Canay 表示感謝，感謝他為 Dlocal 做出的寶貴貢獻。

Diego played a pivotal role in establishing numerous finance functions at the Company, prepped it for substantial international expansion and growth, and guided the company through its public listing process. Over the last three and a half years, Diego has been a steward of a business that has grown 10 times in TPV, opened over 20 country operations and multiplied its market cap by four times. We wish Diego the best.

迭戈在公司建立眾多財務職能方面發揮了關鍵作用，為公司大幅國際擴張和成長做好了準備，並指導公司完成了公開上市流程。在過去的三年半裡，Diego 一直管理著冠捷的業務，該業務增長了 10 倍，在 20 多個國家/地區開設了業務，市值也增加了四倍。我們祝福迭戈一切順利。

In summary, I'd like to thank our global team, our valued customers and our investors for all their continued support. And before we head back to your questions, I'd like to wrap up today's prepared remarks with one last thought. 2023 was a watershed year for Dlocal. Despite facing significant market tests and macro challenges, we believe we've demonstrated the resilience of both our value proposition to our merchants and also of our business model, persistently growing and thriving through turbulent times.

總之，我要感謝我們的全球團隊、尊貴的客戶和投資者的持續支持。在我們回到你們的問題之前，我想用最後一個想法來結束今天準備好的發言。 2023 年對 Dlocal 來說是一個分水嶺的一年。儘管面臨重大的市場考驗和宏觀挑戰，我們相信我們已經向商家展示了我們的價值主張以及我們的商業模式的彈性，在動盪的時期持續增長和繁榮。

We believe we emerge strengthened and focused on tapping into the immense business opportunity ahead of us. We're committed to realizing the long term curve penny purpose of unlocking the potential of emerging markets. What we mean by this is building a bridge between the growing base of billions of consumers in the global sell and the products and services they demand, but that until very recently were exclusive to the minority of consumers who had access to payment mechanisms from developed markets.

我們相信，我們會變得更強大，並專注於挖掘擺在我們面前的巨大商機。我們致力於實現釋放新興市場潛力的長期曲線目標。我們的意思是在全球銷售中不斷增長的數十億消費者群體與他們所需的產品和服務之間建立一座橋樑，但直到最近，這仍然是少數能夠使用已開發市場支付機制的消費者所獨有的。 。

And as we accomplish this mission of closing the digital divide for emerging market consumers, we're also tapping into an incredibly attractive long-term market opportunity that is the one that underlies the investment thesis in Dlocal. I look forward to giving you updates on our progress along this journey as the quarters evolve.

當我們完成為新興市場消費者縮小數位落差的使命時，我們也在利用一個極具吸引力的長期市場機會，這也是 Dlocal 投資主題的基礎。我期待著隨著季度的發展向您提供我們在這一過程中取得的最新進展。

And with that, we can take your questions.

這樣，我們就可以回答您的問題了。

Thank you. (Operator instructions)

謝謝。（操作員說明）

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hi. Good morning, everyone, thank you for the call and taking my questions. A couple of questions, I guess if I can. Maybe to start with Argentina, just given all the moving parts there, just to clarify from the comments from -- I think you mentioned that there was more local to local transactions now, is that mean that your existing merchants, are they getting a local subsidiary and then are able to interact locally or are they being as they are and not being able to do cross-border keeping money in the country? Just to understand some of the mechanics given the issue there.

你好。大家早安，感謝您致電並回答我的問題。有幾個問題，我想如果可以的話。也許從阿根廷開始，考慮到那裡的所有活動部件，只是為了從評論中澄清——我想你提到現在有更多的本地到本地交易，這是否意味著你現有的商家，他們是否獲得了本地交易子公司，然後能夠在當地進行互動，還是他們本身就無法在該國跨境保存資金？只是為了了解一些存在問題的機制。

And then would you expect this to sort of normalize in 1Q already or would it take longer to normalize? And somewhat related to that, just on the gross profit guidance of $320 million to $360 million, what does that imply for Argentina, does that mean if Argentina sort of remains as it is -- you're sort of at the midpoint of that guidance. Do you expect Argentina to improve deliver either at the higher and the refinery, we are in a good course at the lower end.

那麼您是否期望這種情況在第一季就已經正常化，還是需要更長的時間才能正常化？與此有些相關的是，僅就 3.2 億至 3.6 億美元的毛利指引而言，這對阿根廷意味著什麼？如果阿根廷保持現狀，這是否意味著您處於該指導的中間位置。您是否期望阿根廷提高高端和煉油廠的交付量，我們在低端的情況良好。

And then my second question, I guess is more on Nigeria and Egypt. Could you also see big devaluations there in the first quarter of this year and we did see a big growth in both Nigeria and other Asia and Africa, if you can help us understand what the potential impact of those devaluation should be, I guess in 1Q and how that may have been reflected in the guidance? Thank you.

然後我的第二個問題，我想更多的是關於尼日利亞和埃及。您是否也看到今年第一季貨幣大幅貶值，我們確實看到尼日利亞以及其他亞洲和非洲的貨幣大幅增長，如果您能幫助我們了解這些貶值的潛在影響應該是什麼，我想在第一季指南中如何反映這一點？謝謝。

Thanks, Tito. So lots of moving pieces. Let me walk down the questions. So the increase in local to local settlements in Argentina, is not a change in how our merchants are set up, but rather as volatility increased and more importantly capital controls tightened even further leading into the election, many merchants started to opt for local settlement.

謝謝，蒂托。有很多移動的部分。讓我來解答這些問題。因此，阿根廷本地到本地結算的增加，並不是我們商家的設置方式發生了變化，而是隨著波動性的增加，更重要的是，隨著選舉進一步收緊資本管制，許多商家開始選擇本地結算。

We don't necessarily think that's a structural change. We see that eventually as capital controls are lifted, there is an opportunity to regain those flows into cross-border, but that will take continued normalization in Argentina, which we believe will have a midterm not happening short term.

我們不一定認為這是結構性變化。我們認為，最終隨著資本管制的解除，有機會重新獲得跨國資金流，但這需要阿根廷繼續正常化，我們認為短期內不會出現中期正常化。

Our guidance for the year when we compare it to the 2023 comps does assume Argentina structurally, although potentially has an opening of capital controls will also have tighter spreads on FX as the government has signalled an intent to move towards a single exchange rate. So we do build into our 2024 guidance, lower gross profit from Argentina when compared to 2023 on a margin perspective.

當我們將其與 2023 年進行比較時，我們對今年的指導確實在結構上假設了阿根廷，儘管可能開放資本管制，但由於政府已表示有意轉向單一匯率，因此外匯利差也會收窄。因此，從利潤率角度來看，我們確實將阿根廷的毛利低於 2023 年，納入 2024 年指引。

What we need to see is does macro improve enough so that towards the end of the year, volumes pick up significantly. Or is that more of a mid-term trend. We do believe that long term, that market continues to be an important and attractive market for us.

我們需要看到的是宏觀經濟是否有足夠的改善，以便在年底時銷售量會顯著回升。或者說這更像是一種中期趨勢。我們確實相信，從長遠來看，該市場對我們來說仍然是一個重要且有吸引力的市場。

Egypt, I would say has similar dynamics. Egypt, as we've seen in Q1, the devaluation and that's made for tighter spreads on repatriation and cross-border flows. Potentially it starts signalling greater liquidity in the market for FX, but at a lower margin profile than what we had up until now. And just to give you an order of magnitude, Egypt full year represented roughly less than 10% of our business, but growing towards the back half of the year, given that spreads were widening and now with the tightening of spreads on FX for 2024, we also assume that Egypt becomes a bit of a headwind short term for us, so into 2024.

我想說埃及也有類似的動態。埃及，正如我們在第一季看到的那樣，貨幣貶值導致匯回和跨境流動的利差收緊。它可能開始表明外匯市場的流動性更大，但保證金狀況比我們迄今為止的水平要低。只是為了給你一個數量級，埃及全年約占我們業務的 10%，但考慮到利差不斷擴大，而且現在隨著 2024 年外匯利差收緊，下半年的增長量，我們還假設埃及在短期內對我們來說會有點不利，所以到2024 年。

Nigeria as somewhat of a different situation. I think as we've said consistently, the revenue fluctuations in Nigeria don't really flow through gross profit as much. So gross profit in Nigeria for the quarter was roughly in line with what it was for Q3, very, very slightly down despite the big increase in revenues. And so the guidance for Nigeria is that in terms of trajectory, we hope to continue to see TPV growth there generally at similar margin levels than what we had in 2023.

尼日利亞的情況有些不同。我認為正如我們一直所說的那樣，尼日利亞的收入波動實際上並沒有那麼多地影響毛利。因此，尼日利亞本季的毛利與第三季大致持平，儘管收入大幅成長，但略有下降。因此，對奈及利亞的指導是，就發展軌跡而言，我們希望繼續看到 TPV 的成長總體上與 2023 年的利潤水準相似。

Great. That's helpful. Very clear, Pedro. Maybe just a follow-up, if I can. On -- back on Argentina, just to make sure I understood correctly, see that merchants are opting for local settlement, that means that they're basically keeping money in Argentina, and I guess they're not bringing that -- I'm just trying to think how that necessarily impact their business. But I guess the assumption would be as things normalize, they would eventually expatriate that money back to their home country. And then could you get some additional revenues as that happened, just to make sure I understood that correctly.

偉大的。這很有幫助。非常清楚，佩德羅。如果可以的話，也許只是後續行動。回到阿根廷，只是為了確保我理解正確，看到商人選擇當地結算，這意味著他們基本上把錢留在阿根廷，我想他們不會帶來這些 - 我只是想想這對他們的業務有何必然影響。但我猜想，隨著事情正常化，他們最終會將這筆錢匯回自己的祖國。然後你能在發生這種情況時獲得一些額外的收入，只是為了確保我正確理解這一點。

That's correct. So we have two flavours of settlement. We can settle locally and therefore, we don't have an FX component to our fee or the core of our business, roughly half of the volume we can settle for merchants internationally and then there's an additional fee for the repatriation service. What we've seen in Q4, and you see that in the disclosures is that the mix has shifted more towards local to local, and that's been particularly the case in Argentina as capital controls tightened towards the end of the year.

這是正確的。所以我們有兩種解決方案。我們可以在本地結算，因此，我們的費用或核心業務中沒有外匯成分，大約是我們可以為國際商家結算的交易量的一半，然後還有額外的匯回服務費用。我們在第四季度看到的，以及您在披露中看到的情況是，這種組合已經更多地轉向本地到本地，隨著年底資本管制收緊，阿根廷的情況尤其如此。

Okay, that's clear. Thanks a lot Pedro. Appreciate the response.

好的，很清楚了。非常感謝佩德羅。感謝您的回應。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

Hey this is (Inaudible) on for Jason. In your prepared remarks, you mentioned making investments in hiring and upgrading office capabilities in '23. Can you give us an idea of the cadence of these investments throughout the year? Will they be sort of like spread evenly or front or back-end loaded? Any details there would be helpful.

嘿，這是傑森的（聽不清楚）。在您準備好的發言中，您提到在 23 年對招聘和升級辦公室能力進行了投資。您能否向我們介紹一下這些投資全年的節奏？它們會均勻分佈還是前端或後端加載？任何細節都會有幫助。

Two quick thoughts there. The first one, as you can see from the margin structure, the adjusted EBITDA, the gross profit margin in the '24 guidance at the midpoint, we are leaning into the business to build the right foundations, but we're doing so in a very, very disciplined manner. So even in this year where we're not delivering operational leverage, we're still coming in at what would be best-in-class adjusted EBITDA to gross profit margin at around 70%. I think that's important to stress.

有兩個快速的想法。第一個，正如你從利潤率結構、調整後的 EBITDA、24 年指導中的毛利率中看到的那樣，我們正在向業務傾斜以建立正確的基礎，但我們這樣做是在非常非常有紀律的方式。因此，即使今年我們沒有提供營運槓桿，我們的調整後 EBITDA 毛利率仍處於同類最佳水平，約為 70%。我認為強調這一點很重要。

The cadence of incremental investment, if we look at the Q4 run rate is really not significantly increased into 2024, which should be one of the heavier years in terms of investment. And we continue to be optimistic about the mid-term operational leverage and even more so the long-term operational leverage of our financial model, as is the case with most payments companies. And therefore, we've reiterated the midterm guidance.

增量投資的節奏，如果我們看第四季的運作率，到2024年確實沒有顯著增加，這應該是投資較重的年份之一。我們繼續對我們財務模型的中期營運槓桿，甚至長期營運槓桿持樂觀態度，就像大多數支付公司的情況一樣。因此，我們重申了中期指引。

The cadence of that could potentially be slightly skewed towards the first half of the year. But since the biggest areas of incremental investment, as we said, is engineering talent. And that's also one of the reasons why we're optimistic about mid-term operational leverage, is a lot of what we're doing is building capabilities to be able to automate more to be more efficient. Dlocal will continue to want to run as a lean organization where we automate as much as we can.

其節奏可能會稍微偏向今年上半年。但正如我們所說，增量投資最大的領域是工程人才。這也是我們對中期營運槓桿持樂觀態度的原因之一，我們正在做的很多事情都是建立能夠實現更多自動化以提高效率的能力。Dlocal 將繼續希望作為一個精益組織來運營，我們將盡可能實現自動化。

But so if we're able to hire more of those engineers in the first half of the year, excellent, that might lean, it might skew the investments to H1. But we want to make sure we're hiring the right people. So that could end up being evenly distributed throughout the year, depending on the pace of hiring.

但是，如果我們能夠在今年上半年僱用更多的工程師，那就太好了，這可能會傾斜，這可能會導致上半年的投資偏向。但我們想確保我們僱用了合適的人。因此，這最終可能會在全年均勻分配，具體取決於招募速度。

Okay. Cool. Thanks.

好的。涼爽的。謝謝。

Neha Agarwal, HSBC.

尼哈·阿加瓦爾，匯豐銀行。

Hi. Thank you for taking my question. Just a quick one in terms of volume growth, are you seeing a pickup or slowdown from your key merchandising changes in terms of which verticals are more important or less important, anything to highlight in terms of volume growth?

你好。感謝您回答我的問題。就銷售成長而言，您是否看到主要銷售變化的加速或放緩，哪些垂直行業更重要或更不重要，在銷售成長方面有什麼值得強調的嗎？

And then second question is again on Argentina, should we expect Argentina, Nigeria -- Nigeria, you mentioned could be a bit of a headwind, but what other distortions can we expect a decent first half of this year from countries like Argentina, Nigeria and any specific colour would be veery helpful. Thank you very much.

然後第二個問題又是關於阿根廷的，我們是否應該期待阿根廷、尼日利亞——尼日利亞，你提到的可能會有點逆風，但我們還能期待阿根廷、尼日利亞等國家今年上半年有什麼其他扭曲？任何特定的顏色都會非常有幫助。非常感謝。

Hi Neha. Thanks. So in terms of verticals, if you look at the disclosures, we continues to see incredible strength in e-commerce, that was nearly 200% year-on-year growth as a vertical and then continued strength across many of the other verticals, financial services, ride-hailing. We saw, I would say, less relevant growth in the high 20s or low 20s across on-demand delivery and advertising, some of that driven by the Argentina situation and some of that more globally. But in general, I would say there hasn't been a significant change in verticals with the exception that e-commerce continues to gain mix.

嗨尼哈。謝謝。因此，就垂直行業而言，如果你看一下披露的信息，我們會繼續看到電子商務領域令人難以置信的實力，垂直行業的同比增長接近200%，然後許多其他垂直行業、金融行業和金融業界也持續保持強勁勢頭。服務、叫車。我想說的是，我們看到按需配送和廣告領域 20 多歲或 20 多歲的相關成長不太明顯，其中一些是由阿根廷局勢推動的，還有一些是全球性的。但總的來說，我想說，除了電子商務繼續獲得混合之外，垂直行業並沒有發生重大變化。

We are a particularly well-suited service provider and solution for many of the global e-commerce players as they globalize more and more. So we're seeing some really interesting gains in new markets that we are offering to some of the largest global e-commerce players.

隨著許多全球電子商務參與者越來越全球化，我們是特別適合他們的服務提供者和解決方案。因此，我們在向全球一些最大的電子商務參與者提供的新市場中看到了一些非常有趣的收益。

On Argentina, Nigeria and Egypt, just to be clear, again, on what I said before, what we've built into the guidance is we expect for Argentina and Egypt, a certain level of margin headwinds when we think of gross profit margin in those markets as exchange rates spreads have tightened. And so that is built in to '24, the tougher comps from '23 in those two markets that had high margins on wide FX spreads, especially in Q2 and Q3.

關於阿根廷、奈及利亞和埃及，再次澄清一下，正如我之前所說，我們在指導中提出的內容是，當我們考慮到毛利率時，我們預計阿根廷和埃及將出現一定程度的利潤率逆風。隨著匯率利差收緊，這些市場。因此，這是在24 年中建立的，在這兩個市場中，從23 年開始，這兩個市場在外匯利差較大的情況下獲得了高利潤，特別是在第二季度和第三季度。

Nigeria, I said, is a different situation where at the revenue level, we do see oscillations because of fluctuations between the official and the market exchange rate, but it's much more neutral at the gross profit level. And so Nigeria, we see a similar gross profit margin for the 2024 guidance.

我說過，尼日利亞的情況不同，在收入水平上，我們確實看到由於官方匯率和市場匯率之間的波動而出現波動，但在毛利潤水平上則要中性得多。因此，我們在尼日利亞 2024 年的指導中看到了類似的毛利率。

Perfect. Super clear Pedro. One last one, I know this year, the focus is more on setting up the organization and investing a bit more on setting up the company, but any plans in terms of revenue diversification? You talked about additional services like (Inaudible) is any of new services on your mind that we would expect during this year or next year? Thank you so much.

完美的。超清晰的佩德羅。最後一個，我知道今年的重點更多是建立組織並在建立公司上投入更多一點，但是在收入多元化方面有什麼計劃嗎？您談到了其他服務，例如（聽不清楚）您認為我們預計在今年或明年有哪些新服務？太感謝了。

So as Sergio mentioned in his remarks, our strategy is one of being innovative in launching new products into the market and also pursuing new verticals. We've had tremendous recent success with the marketplace product, and we hope to continue to see that in 2024, we've launched an invoice product, which is aimed at corporate treasuries and accounts receivables that we'd like to push and see that grow.

正如塞爾吉奧在演講中提到的，我們的策略之一是在向市場推出新產品和追求新的垂直市場方面進行創新。我們最近在市場產品方面取得了巨大的成功，我們希望在 2024 年繼續看到我們推出了發票產品，該產品針對的是我們希望推動的企業財務和應收帳款，並看到生長。

And then there are a few new verticals that we're beginning to plant the seeds for, and we'll need to see how those play out, as you know, in our business, there are sometimes long lead times in terms of moving into a new vertical and then those ramp-ups really kick in. So if anything, those are expected more towards the back end of '24 and then potentially into '25.

然後，我們開始為一些新的垂直領域播下種子，我們需要看看它們的效果如何，正如你所知，在我們的業務中，有時需要很長的準備時間才能進入一個新的垂直領域，然後這些提升就真正開始了。因此，如果有的話，這些預計會在 24 年底出現，然後可能會在 25 年出現。

Jamie Friedman, Susquehanna International Group.

傑米‧弗里德曼，薩斯奎哈納國際集團。

Hi, guys. Thank you for taking my questions. I like the new format of the presentation by the way I just want to mention, but I wanted to ask about the revenue growth from new merchants up 68.6%, which accelerated from the third quarter. Can you help unpack that? Is that from the new merchants that you had alluded to earlier in the year or if you could share a framework about how to think about new framework by new merchant contribution, it would be helpful.

嗨，大家好。感謝您回答我的問題。我只是想提一下，我喜歡這種新的演示形式，但我想問新商家的收入增長了 68.6%，比第三季度有所加速。你能幫忙解壓嗎？這是來自您今年早些時候提到的新商家，還是您可以分享一個關於如何透過新商家貢獻來思考新框架的框架，這將會有所幫助。

Still there Pedro?

佩德羅還在嗎？

We're here. We're just making sure we get our numbers right.

我們到了。我們只是確保我們的數字正確。

Okay. Just wanted to make sure you guys didn't get disconnected.

好的。只是想確保你們沒有斷線。

Yeah. No, we're here. So Jamie, thanks for the comments on the presentation. I'll give you directional, so and when I look at the new merchant growth, there's a combination of some of the well-known large global brands, particularly some out of Asia that have been relying on us for their expansion mainly into Latin America, but we continue to increase set of new geographies with them.

是的。不，我們來了。傑米，感謝您對簡報的評論。我會給你方向，所以當我看到新的商家成長時，有一些知名的大型全球品牌的組合，特別是一些亞洲以外的品牌，它們一直依賴我們主要向拉丁美洲擴張，但我們繼續與他們一起增加新的地理位置。

You see that when you look at the e-commerce vertical, the growth there, we've had some ramp up from another very large global merchant in Chile. That's also adding to that. And then the rest is fairly distributed among some smaller Tier two merchants that we've onboarded and whose ramp up has been quicker sometimes also because they typically exclusively used to us for their international expansion.

你會發現，當你觀察電子商務垂直領域的成長時，我們已經從智利的另一家大型全球商人那裡得到了一些成長。這也增加了這一點。然後其餘的部分公平地分配給我們已經加入的一些較小的二級商家，這些商家的成長有時更快，因為他們通常專門使用我們來進行國際擴張。

Okay. And maybe just as a follow-up to that same direction, I should know this, but can you remind us how much of the TPV or revenue come from the installed base each year? If that's an obvious question, I apologize. But if not, is there a way to think about that?

好的。也許只是作為同一方向的後續行動，我應該知道這一點，但您能否提醒我們每年有多少 TPV 或收入來自安裝基礎？如果這是一個顯而易見的問題，我深表歉意。但如果沒有，有沒有辦法去思考這個問題？

Jamie, I think Maria or Diego or Seba can take that one.

傑米，我認為瑪麗亞、迭戈或塞巴可以接受那個。

Just one more clarification on your previous question, also some of those Tier two merchants have an overlay from Nigeria. We've seen the big revenue jump in Nigeria because of the exchange issue, so that also drives some of the new merchant volume growth. I'd say the large global merchants in Latin America. That's long term, sustainable and very healthy. The Nigeria piece, as you know, is somewhat more volatile and less impactful at a gross profit level. And I'll hand it over to the team for the question on recurring revenue versus new merchant revenue.

對您之前的問題再澄清一下，其中一些二級商家也有來自尼日利亞的覆蓋範圍。由於匯率問題，我們看到尼日利亞的收入大幅成長，因此這也推動了一些新商家數量的成長。我想說的是拉丁美洲的大型全球商人。這是長期的、可持續的、非常健康的。如您所知，尼日利亞業務的波動性更大，且在毛利潤水平上的影響力較小。我將把它交給團隊來回答有關經常性收入與新商家收入的問題。

Sure. In terms of our business trends, one of those is [our NRR]. So we continue to post 149% NRR for Q4 at 150% for the year, which shows that we continue to grow our existing merchant base. We are still in mid low 10s on the market wallet share, post so they are very high potential still from our existing base. We'll continue to work on our pipeline with very strong names coming in, in Q4, you saw $12 million of revenues coming from new merchant cohorts, and this is pretty much in line with the pricing up the cohorts.

當然。就我們的業務趨勢而言，其中之一是[我們的NRR]。因此，我們繼續將第四季的 NRR 定為 149%，全年的 NRR 為 150%，這表明我們繼續擴大現有的商家基礎。我們的市場錢包份額仍處於 10 左右左右，因此從我們現有的基礎來看，它們仍然具有很高的潛力。我們將繼續致力於我們的管道，在第四季度，您會看到來自新商家群體的收入達到 1200 萬美元，這與群體定價非常一致。

Great Thank you, Maria. Thank you, Pedro.

非常感謝你，瑪麗亞。謝謝你，佩德羅。

[Matt Coad, Autonomous Research].

[馬特·科德，自主研究]。

I think that was for me. The [Matt Coad] from Autonomous Research. Guys your language, I feel like changed a little bit in terms of potential M&A. Just wanted to ask a question about that. Just if you could double-click on kind of like what assets -- what type of assets would you treat.

我想那是給我的。來自自治研究的 [Matt Coad]。夥計們，你們的語言，我覺得在潛在的併購方面有點改變。只是想問一個問題。如果您可以雙擊類似的資產，您會處理哪種類型的資產。

Matt, Sebastian here. Thanks for the question come.

馬特，賽巴斯蒂安在這裡。謝謝你的提問。

We've stayed very consistent over the years about our intention to potentially do M&A. We've been extremely conservative around us, particularly because we really like our Company on organic growth story, we'll continue to look at three potential vectors. One is a commercial distribution. The other one is product innovation and the third one geographic footprint. Ideally, we'll combine all three of those. We've done only one deal in our history, which was in our view, an absolute home run back in 2021.

多年來，我們對於潛在併購的意圖一直非常一致。我們一直非常保守，特別是因為我們真的很喜歡我們公司的有機成長故事，我們將繼續關註三個潛在的向量。一種是商業發行。第二個是產品創新，第三個是地理足跡。理想情況下，我們將結合所有這三個。我們歷史上只完成過一筆交易，我們認為這是 2021 年的絕對本壘打。

But at the same time, we'll always benchmark any potential M&A against our own company-owned it would we could potentially do buying back our own shares. So when we yes, are we bullish as a company, we always make sure to benchmark those again, against the local competition, M&A target. We have a big pipeline of opportunity and we continue to engage with multiple targets, there's nothing imminent today, but it's definitely a vector that we're going to continue to explore. We believe there's going to be consolidation in this space and we believe that the local is very well positioned to be a consolidator.

但同時，我們將始終將任何潛在的併購與我們自己公司擁有的股票進行比較，我們是否有可能回購自己的股票。因此，當我們是的時候，作為一家公司，我們是否看好，我們總是確保根據當地競爭和併購目標再次進行基準測試。我們有大量的機會，我們繼續與多個目標接觸，今天沒有什麼迫在眉睫的事情，但這絕對是我們將繼續探索的載體。我們相信這個領域將會出現整合，我們相信當地已經處於成為整合者的有利位置。

Super helpful Seba. Thank you. And then just as my follow-up guys, the short term investment cycle that you guys have touched on so far today, just kind of wanted to unpack that a little bit more and just -- it makes sense to us right like there's a lot of reinvestment that needs to occur to run a complicated cross-border payment system. Could you unpack a little bit like of why that's occurring today and why it hasn't occurred over time? And kind of just reinforce why you think this is kind of a onetime investment cycle rather than just natural reinvestment that needs to occur consistently over time.

超級樂於助人的塞巴。謝謝。然後，正如我的後續人員一樣，你們今天到目前為止所涉及的短期投資週期，只是想進一步解釋一下，這對我們來說很有意義，就像有很多東西一樣運行複雜的跨境支付系統需要進行再投資。您能否解釋一下為什麼今天會發生這種情況以及為什麼隨著時間的推移沒有發生這種情況？這只是強化了為什麼你認為這是一種一次性投資週期，而不僅僅是需要隨著時間的推移持續發生的自然再投資。

Sure. And let me start by the back question. There is an element of playing catch-up. Let me give some more granularity when we look at 2024 guidance and where we're increasing our investments. The greatest area of incremental spend is on the engineering talent pool. We were striving to grow that talent pool by between 50% and 75%, and that's by far the largest increase in expense.

當然。讓我從後面的問題開始。其中存在追趕的因素。當我們查看 2024 年指導以及我們在哪些方面增加投資時，讓我提供更詳細的資訊。增量支出最大的領域是工程人才庫。我們努力將人才庫擴大 50% 到 75%，這是迄今為止最大的費用成長。

The second area is in operations as we begin to consolidate our position across these 40 plus markets. We continue to add more processing partners, more relationship with issuers, more relationships with the local payments' ecosystem, and that requires a level of increase on feet in the ground to build increasingly more robust operational capabilities in many markets where initially we launch with the bare minimum necessary to serve our merchants. And then we add more and more capabilities in those markets.

第二個領域是運營，我們開始鞏固我們在這 40 多個市場的地位。我們繼續增加更多的處理合作夥伴，與發行人建立更多的關係，與當地支付生態系統建立更多的關係，這需要增加腳踏實地的水平，以便在許多市場中建立日益強大的運營能力，在在這些市場中，我們最初推出了為我們的商家提供服務所需的最低限度。然後我們在這些市場中添加越來越多的功能。

So I think part of the pickup in spend is just the natural tendency to go deeper in markets. But then that has sort of a flattening out. I think we've said we don't necessarily aspire to cover 80 markets, our footprint will grow if our merchants ask for more markets, but we believe we have a good grasp on most of the attractive emerging markets and so you go a bit deeper, but there is a point where you already feel you have very robust capabilities, and the investment cycle flattens out a little bit.

因此，我認為支出增加的部分原因是深入市場的自然趨勢。但隨後這種情況就趨於平緩。我想我們已經說過，我們不一定渴望涵蓋80 個市場，如果我們的商家要求更多市場，我們的足跡將會擴大，但我們相信我們已經很好地掌握了大多數有吸引力的新興市場，所以你可以稍微走一步更深層次，但有一個點，你已經感覺自己擁有非常強大的能力，並且投資週期變得平坦一些。

And the same goes for IT. I mean, clearly, we're not going to be growing our engineering talent pool at those levels consistently over a multiyear process because that's simply not efficient. We do think there's a bit of catching up to do. And we also think that with this leaning into the engineering talent, short term, it also allows us to be much more efficient on the back end of that because we're able to automate more and more functions that otherwise would require increases in headcount or third-party services.

IT 領域也是如此。我的意思是，很明顯，我們不會在多年的過程中持續增加這些等級的工程人才庫，因為這根本沒有效率。我們確實認為還有一些工作要做。我們也認為，透過這種對工程人才的傾斜，短期內，它也使我們在後端變得更加高效，因為我們能夠自動化越來越多的功能，否則需要增加人員數量或第三方服務。

Hence, we believe that there's this cadence of specific --

因此，我們相信有這種特定的節奏--

(Technical Difficulty)

（技術難度）

When we look at our late-stage pipeline, if we execute well on what looks like a promising late-stage pipeline, our expectation is that the business begins to pick up as we move forward towards the end of the year. Again, that's predicated on continued successful execution, but to the best of our knowledge today that's what's built into the guidance.

當我們審視我們的後期管道時，如果我們在看起來有前途的後期管道上執行得很好，我們的預期是，隨著我們向年底前進，業務開始回升。同樣，這是建立在持續成功執行的基礎上的，但據我們今天所知，這就是指南中的內容。

All right. Thank you. I just had one follow up, given that I think we only have, like, you know, 10 or 12 more days left in Q1, you've seen a lot of the quarter already. Do you have any idea early comments you could say about anything that you may have seen in January, February or what we've seen of March so far regarding any early indicators and just any thoughts you have Q1

好的。謝謝。我剛剛進行了一次跟進，因為我認為第一季只剩下 10 或 12 天了，您已經看到了本季度的大部分內容。您對 1 月、2 月可能看到的任何早期評論或我們迄今為止 3 月看到的關於任何早期指標以及您對第一季的任何想法有什麼想法嗎？

I think we should follow the protocol and we'll comment on Q1 when we come out with the complete information and communication to the market. So we'll be more than glad to give you guys as much detail as is necessary when we announce Q1, I think in terms of the general cadence built into the guidance, which was your previous question, we've given you as much directional understanding of what the guidance implies as makes sense at this point.

我認為我們應該遵循協議，當我們向市場提供完整的資訊和溝通時，我們將對第一季發表評論。因此，當我們宣布第一季時，我們將非常高興為你們提供盡可能多的細節，我認為就指南中內置的整體節奏而言，這是你們之前的問題，我們已經為你們提供了盡可能多的指導理解該指南的含義在這一點上是有意義的。

All right. Thanks, Pedro.

好的。謝謝，佩德羅。

Ashwin Shirvaikar, Citi.

阿什溫‧希爾瓦卡 (Ashwin Shirvaikar)，花旗銀行。

Thank you. I appreciate all the detail and colour on the call, Pedro, a question for you. As I sort of look at the stock over time. One of the repeat issues for the stock has been just dearly definition of where you focus, which is emerging markets, which implies, narrow situations, volatility, influence of regulation by country so on. So is there anything you think you could do from a organizational design or risk management perspective, and I know it may already be in progress, but just want to figure out what you can do to and avoid sort of the quarter to quarter volatility by country that has played the stock for many quarters in a row now.

謝謝。我很欣賞通話中的所有細節和色彩，佩德羅，有個問題想問你。當我隨著時間的推移觀察這隻股票時。該股重複出現的問題之一就是對重點的明確定義，即新興市場，這意味著狹窄的情況、波動性、國家監管的影響等。那麼，您認為從組織設計或風險管理的角度來看您可以做些什麼，我知道它可能已經在進行中，但只是想弄清楚您可以做些什麼並避免按國家/地區劃分的季度波動該股已經連續多個季度表現不佳。

Yeah, I wish I had a better answer for you. But the reality is that we operate in volatile parts of the world. The answer to that is scale, as our business continues to grow, as our TPV continues to come from an increasing number of markets and increasing number of merchants, in general that diversification ideally, we'll generate less lumpiness in the business as it scales out. That's both from an exposure to a market, but also exposure to merchant.

是的，我希望我能為你提供更好的答案。但現實是，我們在世界動盪的地區開展業務。答案是規模，隨著我們的業務不斷成長，我們的TPV 繼續來自越來越多的市場和越來越多的商家，一般來說，理想的多元化，隨著規模的擴大，我們將在業務中產生更少的混亂出去。這既來自於對市場的暴露，也來自於對商人的暴露。

We still have a higher level of concentration in the top merchants and is ideal. And then we strive to have if we look forward to three, five years. So the best answer I can give you is, this is a lumpy business driven by the complexity of the markets where we operate and the fact that our merchants sometimes take long to ramp up and then when they begin to ramp up, ramp up very aggressively as we saw in the fourth quarter, where concentration actually increased driven by two merchants that have given us incremental share and have grown volumes significantly.

我們對頂級商家的集中度仍然較高，是理想的。然後，如果我們期待三五年，我們就會努力實現。因此，我能給你的最佳答案是，這是一項不穩定的業務，原因是我們經營的市場的複雜性，以及我們的商家有時需要很長時間才能擴大規模，然後當他們開始擴大規模時，就非常積極地擴大規模正如我們在第四季度看到的那樣，在兩家商家的推動下，集中度實際上有所增加，這兩家商家為我們帶來了增量份額，並且銷量顯著增長。

So the solve here is not a short term solve. It is what it is. And the solve this simply size, scale and diversification ideally generates more predictable revenue streams going forward. Also focus on gross profit, that is a metric that although it's also characterized by the volatility, typical of emerging markets is less volatile than the revenue metric and hence why we've been giving increased importance to that one.

所以這裡的解決不是短期的解決。就是這樣。解決這個簡單的規模、規模和多元化問題可以理想地產生更可預測的未來收入流。也要關注毛利，雖然也以波動性為特徵，但典型的新興市場的波動性低於收入指標，因此我們越來越重視這項指標。

Okay. Now that makes a ton of sense. I guess the second question is just with the with regards to all the changes that have been going on at Dlocal, as you've been having conversations with your clients, do they care about all the internal changes going on? Or is it more or less that they need these capabilities in emerging markets? The list of companies that provide services across multiple markets is a short list. And so the TPV growth should continue at a healthy level.

好的。現在這很有意義。我想第二個問題是關於 Dlocal 正在發生的所有變化，因為你一直在與你的客戶進行對話，他們關心正在發生的所有內部變化嗎？還是他們在新興市場或多或少需要這些能力？跨多個市場提供服務的公司名單只是一個簡短的名單。因此，TPV 的成長應該會繼續保持在健康的水平。

Hi, Ashwin. How are you? Seba here. Thanks for the question. So Ashwin, the way merchants, bulge, if you will, it's worth some to still on because that's what they get to the set of revenue, gross profit EBITDA. So it's more on our own efficiency. And if anything, we've seen that merchants not only continue to both for Dlocal, but they do so at the scale that we've never seen before. And that last year we grew our volumes and more than 50%.

嗨，阿什溫。你好嗎？塞巴在這裡。謝謝你的提問。因此，阿什溫（Ashwin），商人的膨脹方式，如果你願意的話，值得一些人繼續堅持下去，因為這就是他們獲得的收入、毛利 EBITDA 的總和。所以更多的是我們自己的效率。如果有什麼不同的話，那就是我們看到商家不僅繼續為 Dlocal 服務，而且他們這樣做的規模是我們以前從未見過的。去年我們的銷量成長了 50% 以上。

You see quarter-over-quarter growth. I think that's a testament of how valuable what we are doing if Merchants derive a lot of value from our offering and we continue to be extremely differentiated. And if you ask me that probably what makes you the most bullish. We've been through a lot last year and the fact that we haven't lost any customer, but not only that -- as we have been able to grow as much as we did. I think it's a testament of how unique our positioning it.

您會看到季度環比的增長。我認為，如果商家從我們的產品中獲得很多價值並且我們繼續保持差異化，那麼這就證明了我們所做的事情是多麼有價值。如果你問我這個問題，可能是什麼讓你最樂觀。去年我們經歷了很多事情，事實上我們沒有失去任何客戶，但不僅如此——因為我們已經能夠像我們一樣成長。我認為這證明了我們的定位是多麼獨特。

Merchants want Dlocal to be a living creature. And we've always been a living creature where we're always iterating and trying to become a better company. We will continue to do so. And I think if there's anything that our customers value is the fact that we are very innovative, we move fast, we will continue to do so and will intend to continue to do so. We are very, very optimistic for what we see in 2023 and what we are seeing and for the future.

商家希望 Dlocal 成為一個活生生的生物。我們一直是一個活生生的生物，我們總是在迭代並努力成為一家更好的公司。我們將繼續這樣做。我認為，如果說我們的客戶看重什麼的話，那就是我們非常創新，我們行動迅速，我們將繼續這樣做，並且打算繼續這樣做。我們對 2023 年以及我們所看到的和未來非常非常樂觀。

Thank you.

謝謝。

Kaio Prato, UBS.

凱歐普拉托，瑞銀。

Hello, everyone. Good morning. Thanks for the opportunity. I have two on my side, please.

大家好。早安.感謝您提供的機會。我這邊有兩個，請。

First is a quick follow-up on Argentina, please. You mentioned in your first answer that believe that merchants will probably come back, it's quite for operations. But just to understand here what makes you comfortable with that? Like in other words, why do think it would make sense for merchants to opt for cross border again to today, you have probably worked with other options. So just like to understand if you're already seeing increasing demand for cross border again at this point and then I will come back to the second thing.

首先是關於阿根廷的快速跟進。您在第一個回答中提到相信商家可能會回來，這對營運來說是相當有利的。但只是想了解一下是什麼讓您對此感到滿意？換句話說，為什麼今天仍然認為商家選擇跨國是有意義的，您可能已經嘗試過其他選擇。因此，我想了解您是否已經再次看到跨境需求不斷增加，然後我將回到第二件事。

Okay. So our indication was not that merchants are doing cross-border through other options. Merchants with stricter capital controls were settling locally. So as to not leave funds with their processor, namely us but have the funds themselves. The ultimate objective of these merchants is to repatriate those funds. Many times the alternative to local payment methods like the ones we offer is simply international processing, which is more expensive, has lower performance and also locks out millions of consumers.

好的。因此，我們的跡象並不是商家正在透過其他選擇進行跨境交易。資本管制較嚴格的商人正在當地定居。為了不將資金留給他們的處理者，也就是我們，但他們自己擁有資金。這些商人的最終目標是匯回這些資金。很多時候，我們提供的本地支付方式的替代方案只是國際處理，這種方式成本更高，性能較低，而且還會將數百萬消費者拒之門外。

So just if we look at the underlying dynamics of payments, and that's why we exist and why we add so much value to our merchants, the cross-border option many times is a better solution for them than local to local. At the end of the day, we need to serve our merchants, which whatever is best for them. We don't decide if it's local to local or cross-border. We've seen really good growth in our local to local business which is something that was doubted of us and we've delivered consistently. So we'll see what happens.

因此，只要我們看看支付的潛在動態，這就是我們存在的原因，也是我們為商家增加如此多價值的原因，對於他們來說，跨境選擇很多時候是比本地到本地更好的解決方案。歸根結底，我們需要為我們的商家提供服務，無論什麼對他們來說都是最好的。我們不決定它是本地到本地還是跨境。我們看到我們本地到本地的業務確實取得了良好的成長，這是我們所懷疑的，但我們始終如一地實現了這一目標。所以我們會看看會發生什麼。

But the conversations with merchants and the underlying logic is that eventually as capital controls are lifted cross border will pick up again. And we do have access in Argentina for a series of verticals to do cross-border repatriation already. So we're beginning to see increased liquidity, and we're beginning to see that market open. And therefore, short term, we don't see any dramatic change in what we saw in Q4. But more midterm, we do believe that cross-border can pick up again.

但與商人的對話和基本邏輯是，隨著資本管制的取消，跨國交易最終將再次回升。我們已經在阿根廷擁有一系列垂直管道來進行跨境遣返。因此，我們開始看到流動性增加，我們開始看到市場開放。因此，短期來看，我們認為第四季的情況不會有任何巨大變化。但從中期來看，我們確實相信跨國業務可以再次復甦。

Okay, good. This is very clear. Thank you, Pedro. And the second one is regarding to your latter that you mentioned that about the license portfolio, I just would like to understand if you could give us an example of license that you are in to pursue this year and what benefits could that bring to the company, just wondering if you are thinking about the process in Brazil at this point. Thank you.

好的。這是非常清楚的。謝謝你，佩德羅。第二個是關於您提到的關於許可證組合的後者，我只是想了解您是否可以給我們一個您今年要尋求的許可證的示例，以及這會給公司帶來什麼好處，只是想知道您此時是否正在考慮巴西的流程。謝謝。

Okay. I believe our license portfolio in Brazil is already complete for what we have applied to in terms of short and mid-term plans. It's one of the markets where we have multiple licenses. When I look globally, we have many, many licenses in the pipeline, both at an emerging market level and also at an OpCo level, the licenses for us; A, enable us to integrate more vertically. So many times, we don't have to rely on licensed partners. If we have the license ourselves, which allows us to offer better solutions. In some cases, the licenses allow us to move into verticals or flows that we can't pursue without the license.

好的。我相信我們在巴西的許可組合已經完成了我們在短期和中期計劃中所應用的內容。這是我們擁有多個許可證的市場之一。當我放眼全球時，我們有很多很多牌照正在醞釀之中，無論是在新興市場層面還是在營運公司層面，這些牌照都屬於我們； A，使我們能夠更垂直地整合。很多時候，我們不必依賴授權合作夥伴。如果我們自己擁有許可證，這使我們能夠提供更好的解決方案。在某些情況下，許可證允許我們進入沒有許可證就無法從事的垂直領域或流程。

And equally important, the license, I think is brings us under regulatory oversight and gives our merchants an added sense of comfort with the operation. So because of that, there is, as we've said, a fairly large pipeline of licenses and registries that we've applied for, we've continued to be granted some of those in Q1. We'll give detail when we announce Q1, and that should continue to be that trend going forward. We actually see a robust License portfolio across complex emerging markets as a potential competitive advantage when we think of Dlocal long term.

同樣重要的是，我認為許可證使我們受到監管監督，並使我們的商家對營運更加放心。因此，正如我們所說，我們申請了相當大的許可證和註冊管道，我們在第一季繼續獲得其中一些。當我們宣布第一季度時，我們將提供詳細信息，這應該繼續是未來的趨勢。事實上，當我們考慮 Dlocal 的長期發展時，我們將跨越複雜的新興市場的強大許可組合視為潛在的競爭優勢。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

And I'm not showing any further questions at this time. I'd like to turn the call back over to the Company for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回公司以聽取結束語。

Thanks, everyone, for the questions. A lot of information we've sent your way. I hope the increased disclosures are helpful, and we look forward to updating you on our Q1 results in the coming months. Thank you very much.

謝謝大家的提問。我們已向您發送了許多訊息。我希望增加的披露能有所幫助，我們期待在未來幾個月內向您通報我們第一季的最新業績。非常感謝。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。