Dlocal Ltd (DLO) 2024 Q3 法說會逐字稿

Hello and thank you for standing by. Welcome to Dlocal third-quarter 2024 results conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Dlocal 2024 年第三季業績電話會議。（操作員說明）

I would now like to hand the conference over to Dlocal. You may begin.

我現在想把會議交給Dlocal。你可以開始了。

Good afternoon everyone and thank you for joining the third quarter 2024 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 Pedro Arnt, Chief Executive Officer; Mark Ortiz, Chief Financial Officer; Maria Oldham, SVP of Corporate Development, Strategy and Investor Relations; and Mirele Aragao, Head of Investor relations.

大家下午好，感謝您今天參加 2024 年第三季財報電話會議。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。今天的電話會議由執行長佩德羅·阿恩特 (Pedro Arnt) 主持。馬克‧奧爾蒂斯，財務長； Maria Oldham，企業發展、策略與投資者關係資深副總裁；和投資者關係主管 Mirele Aragao。

A slide presentation has been provided to accompany the prepared remarks. This event is being broadcast live via webcast and both the webcast and the 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。活動將透過網路直播進行現場直播，網路直播和簡報均可透過 Dlocal 網站 Investor.dlocal.com 進行訪問，錄製內容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 the currently available information and Dlocal's current assumptions, expectations and projections about future events. Whilst the company believes that our assumptions, expectations and projections are reasonable. Given currently available information, you are cautioned not to place undue reliance on those forward-looking statements.

在繼續之前，請允許我提一下，本次電話會議中包含的或提及的任何前瞻性陳述均基於當前可用的信息以及 Dlocal 目前對未來事件的假設、期望和預測。雖然公司認為我們的假設、期望和預測是合理的。鑑於目前可獲得的信息，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 section of Dlocal's filing with the Securities and Exchange Commission, which are available on Dlocal's investor relation website. I will now turn the conference over to Dlocal. Thank you.

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有重大差異，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所述的內容（可在Dlocal 網站上取得）投資者關係網站。我現在將會議轉交給 Dlocal。謝謝。

Thanks everyone for joining us today. Let me begin with a quick overview of our main highlights for the quarter. We're encouraged by how we see the business evolving.

感謝大家今天加入我們。讓我先快速概述一下本季的主要亮點。我們對業務的發展感到鼓舞。

After an admittedly soft first quarter, we see ourselves consistently gaining momentum. Despite a tough 2023 comparison driven by extraordinary gains in Argentina. We've once again returned to delivering a quarter of record results in both TPV and gross profit. Our margins, cash position and cash conversion have all improved quarter after quarter throughout 2024 a year that started off, admittedly weak has gained positive momentum.

在經歷了公認的疲軟第一季之後，我們看到自己不斷獲得動力。儘管 2023 年的比較很艱難，但由於阿根廷取得了非凡的成就。我們再次創造了季度 TPV 和毛利創紀錄的業績。2024 年開始，我們的利潤率、現金狀況和現金轉換率都逐季改善，儘管疲軟的情況已獲得積極的勢頭。

Let me go into greater detail now, starting off with our top line results. We continue to deliver significant growth with total payment volume re accelerating to over 40% year-over-year driven by our continued ability to expand our share of wallet of our existing global merchant base, as well as onboard new merchants. Both things underscoring our position as a trusted partner for global companies seeking to do business across emerging markets.

現在讓我更詳細地介紹一下，從我們的主要結果開始。在我們持續擴大現有全球商家錢包份額以及吸收新商家的推動下，我們持續實現顯著成長，總支付量較去年同期成長超過 40%。這兩件事都凸顯了我們作為尋求在新興市場開展業務的全球公司值得信賴的合作夥伴的地位。

Our performance this quarter was strong across diverse verticals countries and products. Notably, we ramped up operations in more countries offered more payment methods and gained share of wallet across important logos in the financial services software as a service on demand delivery, advertising, ride hailing and commercial verticals.

我們本季在不同的垂直國家和產品中表現強勁。值得注意的是，我們加強了在更多國家的業務，提供了更多的支付方式，並在金融服務軟體中的重要標誌中獲得了錢包份額，即按需交付、廣告、叫車和商業垂直領域的服務。

We increased payment volume in Argentina, Mexico, Egypt and other Latin America, mainly in Colombia and Peru, as well as in other Africa in Asia with very strong performance in South Africa. We reported record volume in our higher take rate, cross border business surpassing the 3 billion quarterly mark in cross border flows for the first time ever.

我們在阿根廷、墨西哥、埃及和其他拉丁美洲地區（主要是哥倫比亞和秘魯）以及亞洲其他非洲地區的支付量有所增加，其中南非的表現非常強勁。我們的跨國業務成交量創歷史新高，跨國業務季度跨國流量首次突破 30 億大關。

Our pipeline remains robust including both growth opportunities with existing merchants as well as new merchants. During the period, we successfully integrated major players including moneygram, one of the largest global providers of money transfer and payment services and other significance Remittance companies to serve them across Latin America, Africa and Asia.

我們的通路仍然強勁，包括現有商家和新商家的成長機會。在此期間，我們成功整合了主要參與者，包括速匯金（全球最大的匯款和支付服務提供者之一）以及其他重要的匯款公司，為他們在拉丁美洲、非洲和亞洲提供服務。

We also continue to ramp up volumes with one of the main Asian commerce players, expanding the regions in which we serve them and have now gone live in Brazil with one of the largest global fintech companies also out of Asia moving on to profitability. This quarter's results showcase the resilience of our business model.

我們也持續增加與亞洲主要商業參與者之一的業務量，擴大我們為他們提供服務的區域，目前已在巴西上線，全球最大的金融科技公司之一也在亞洲以外實現盈利。本季的業績展現了我們業務模式的彈性。

We reached record gross profit of $78 million with net take rates stable at 1.2% since Q1 2024. This is a consequence of our differentiated value proposition, continuous pursuit of cost efficiencies such as renegotiating with processors and the real value in solving complexities across emerging markets for our global merchants, which grants us pricing power and differentiates from more commoditized payments offerings that we see in the developed world.

自 2024 年第一季以來，我們的毛利達到了創紀錄的 7,800 萬美元，淨拿取率穩定在 1.2%。這是我們差異化價值主張、不斷追求成本效率（例如與處理商重新談判）以及為我們的全球商家解決新興市場複雜性的真正價值的結果，這賦予我們定價權，並與我們看到的更加商品化的支付產品區分開來在已開發國家。

We achieve those results despite weaknesses in most emerging market currencies from a currency perspective, applying constant currency growth rates across our main markets, Brazil, Mexico, Argentina, Egypt and Nigeria. Our gross profit would have been approximately 6% higher during the third quarter, 2024 or over 18% Q-o-Q growth and TPV growth would have been 14% quarter-over-quarter. Our adjusted EBITA reached $52 million. Despite continued investments in our engineering team, back office capabilities and our license portfolio all crucial for our long term success.

儘管從貨幣角度來看，大多數新興市場貨幣都存在疲軟，但我們在巴西、墨西哥、阿根廷、埃及和奈及利亞等主要市場採用了恆定的貨幣成長率，從而實現了這些成果。2024 年第三季度，我們的毛利將成長約 6%，較上季成長超過 18%，冠捷環比成長將達到 14%。我們調整後的 EBITA 達到 5,200 萬美元。儘管我們不斷投資於我們的工程團隊，但後台能力和我們的許可組合對於我們的長期成功至關重要。

Although adjusted EBITDA was down year over year, this represents the second consecutive quarter of increased operational leverage with adjusted EBITDA over gross profit margin. Now at 67% this demonstrates the operational leverage inherent in our business model, general philosophy of expense control and disciplined investment to deliver our long term growth ambitions, cash generation. Another strength in our financial model was also solid.

儘管調整後 EBITDA 同比下降，但這代表營運槓桿連續第二季增加，調整後 EBITDA 超過毛利率。現在為 67%，這顯示了我們業務模式中固有的營運槓桿、費用控制的整體理念和嚴格的投資，以實現我們的長期成長目標和現金產生。我們財務模式的另一個優勢也很穩固。

During the past three months, we had net cash from operating activities excluding merchant funds minus CapEx, accounting to $26 million a cash conversion of practically 100% to net income. I'd now like to cover some technology and product development deployments during the quarter that shed further light on what our core offering is and how we differentiate from competitors.

在過去的三個月裡，我們的經營活動產生的淨現金（不包括商業資金減去資本支出）達到 2,600 萬美元，現金幾乎 100% 轉化為淨利。我現在想介紹本季的一些技術和產品開發部署，進一步闡明我們的核心產品是什麼以及我們如何與競爭對手區分開來。

Some context always remember that the backdrop of where we operate is an emerging market landscape where payments are still characterized by three main factors. They're fragmented, they're costly and they have lower performance. During the quarter, we launched our smart requests functionality, boosting our transaction performance and therefore improving conversion rates by an average of 1.22-percentage-points across the board.

有些背景總是記住，我們經營的背景是新興市場格局，支付仍然以三個主要因素為特徵。它們分散、成本高昂且性能較低。本季度，我們推出了智慧請求功能，提高了交易績效，從而將轉換率全面提高了平均 1.22 個百分點。

It may sound minor but it isn't, it actually represents in practical terms, 1.2% additional revenue to our merchants.

這聽起來可能微不足道，但事實並非如此，它實際上代表了我們商家 1.2% 的額外收入。

Smart requests rely on per country machine learning models that optimize routing and chaining. So as to maximize authorization rates for our merchants, we've also continued to develop increasingly advanced real time cost calculation models to optimize processing costs which also contributed to our gross profit achievement and stable net take rate.

智慧請求依賴每個國家的機器學習模型來優化路由和連結。為了最大限度地提高商家的授權率，我們也持續開發越來越先進的即時成本計算模型，以優化處理成本，這也有助於我們實現毛利和穩定的淨收入率。

A third area of innovation has been our launch of new and promising alternative payment methods as part of our ongoing efforts to deepen our infrastructure in various countries and add more value to our merchants. We've successfully deployed integrations with new pay in Brazil for global merchants. This represents an expansion of our payment method footprint with this widely adopted and advanced feature set APM.

第三個創新領域是我們推出新的、有前途的替代支付方式，作為我們不斷深化各國基礎設施並為我們的商家增加更多價值的努力的一部分。我們已在巴西為全球商家成功部署了與新支付方式的整合。這代表著我們的支付方式足跡透過廣泛採用的高階功能集 APM 而擴展。

Finally, we launched a new product to our suite of offerings, a standalone payment orchestration option which allows merchants to retain our smart routing fraud detection and unified reporting while obtaining their own licenses and contracting directly with processors in each market. Although this model may result in a lower take rate, net of acquiring costs. It enhances our ability to capture share of wallet with relevant clients and continues to add value to merchants through our single API connection and product functionalities. While delivering optimized conversion and cost results.

最後，我們在我們的產品套件中推出了一款新產品，這是一個獨立的支付編排選項，允許商家保留我們的智慧路由詐欺偵測和統一報告，同時獲得自己的授權並直接與每個市場的處理商簽訂合約。儘管這種模式可能會導致較低的採用率（扣除獲取成本）。它增強了我們與相關客戶爭奪錢包份額的能力，並透過我們的單一 API 連接和產品功能繼續為商家增加價值。同時提供最佳化的轉換和成本結果。

All of these improvements to the platform, as well as the development of new solutions serve to deepen our competitive advantages throughout the markets. We operate in enhance the stickiness of our products and potentially bring future revenue streams.

對平台的所有這些改進以及新解決方案的開發都有助於加深我們在整個市場的競爭優勢。我們的經營是為了增強我們產品的黏性，並有可能帶來未來的收入來源。

Lastly, we continue to invest in expanding our license portfolio, obtaining an international money transfer operators license in Nigeria financial system, auxiliary services license in Ecuador and a payment service provider and payment system operator license in Uganda.

最後，我們繼續投資擴大我們的牌照組合，獲得尼日利亞金融系統的國際匯款運營商牌照、厄瓜多爾的輔助服務牌照以及烏幹達的支付服務提供商和支付系統運營商牌照。

We still see this growing portfolio across complex and volatile emerging markets as very valuable intellectual property and adding to it every quarter is a deepening of our competitive advantages. Wrapping up, we're delivering on the outlined plan for sequential performance after Q1 consistently hitting record TPV. Holding the line on take rate declines showing best gross profit ever for a quarter and improving our margins through reduced absolute dollar OpEx, in short, things are trending in the right direction.

我們仍然將複雜且不穩定的新興市場中不斷增長的投資組合視為非常有價值的智慧財產權，並且每個季度的增加都加深了我們的競爭優勢。總而言之，在第一季持續創下 TPV 紀錄後，我們正在實施概述的連續業績計劃。維持接受率下降，顯示出一個季度以來最好的毛利，並透過減少絕對美元營運支出來提高我們的利潤率，簡而言之，事情正在朝著正確的方向發展。

With that, I'll hand it over to Maria to take you through a more detailed overview of our third quarter results and then to Mark to walk us through key financials.

接下來，我將把它交給瑪麗亞，讓您更詳細地了解我們第三季的業績，然後交給馬克，讓我們了解關鍵的財務數據。

Thank you, Pedro. Good afternoon everyone. As Pedro mentioned, despite some softness in Brazil, our third quarter results show healthy growth and momentum. We achieved TPV of $6.5 billion up 41% year-over-year and 8% quarter-over-quarter. From a business line perspective, our cross border flows grew 12% quarter-over-quarter and 35% year-over-year reaching $3 billion in TPV. Mainly driven by commerce, financial service on demand delivery and s verticals.

謝謝你，佩德羅。大家下午好。正如佩德羅所提到的，儘管巴西市場有些疲軟，但我們第三季的業績顯示出健康的成長和動能。我們實現了 65 億美元的 TPV，年增 41%，環比成長 8%。從業務線的角度來看，我們的跨境流量較上季成長 12%，年增 35%，TPV 達到 30 億美元。主要由商業、金融服務、按需交付和垂直行業推動。

Our local to local TPV increased by 4% quarter over quarter and 47% year-over-year with strong performance in Mexico and Argentina. We experienced sequential slowdown in growth in Brazil driven by a loss of share of wallet in credit card payments with a top commerce merchant as they were granted a payment license and were required to connect directly for acquires in order to remain compliant.

我們的本地到本地 TPV 環比成長 4%，年成長 47%，在墨西哥和阿根廷表現強勁。我們在巴西的成長經歷了連續放緩，原因是一家頂級商業商家的信用卡支付錢包份額下降，因為他們獲得了支付許可證，並被要求直接連接以進行收購，以保持合規性。

On a positive note, we see potential to reignite growth with that specific part through a pipeline that includes alternative payment methods and on board them to our new standalone payment orchestration option that Pedro described earlier excluding the impact of this merchant TPV in Brazil would have been up 8% quarter-over-quarter driven by advertising and commerce verticals.

從積極的方面來看，我們看到了透過包括替代支付方式在內的管道重新點燃該特定部分增長的潛力，並將它們納入我們新的獨立支付編排選項，佩德羅之前描述了這一點，排除了巴西商家TPV 的影響。

Our paints business grew 8% quarter-over-quarter and 35% year-over-year with strong performance in Mexico, Colombia, Argentina, South Africa and Egypt across various verticals. Our payout business grew 7% quarter-over-quarter and nearly 60% year-over-year driven by financial services and remittances. Moving to revenue. We achieved $186 million in Q3 representing a 13% year-over-year growth.

我們的塗料業務較上季成長 8%，較去年同期成長 35%，在墨西哥、哥倫比亞、阿根廷、南非和埃及的各個垂直領域均表現強勁。在金融服務和匯款的推動下，我們的支付業務較上季成長 7%，較去年同期成長近 60%。轉向收入。第三季我們實現了 1.86 億美元的收入，年增 13%。

This is mainly driven by Egypt with volume going over 90% year-over-year. Mexico with positive performance in commerce and financial services and other markets, particularly Colombia and South Africa with strong growth across commerce and ride, hailing verticals. These positive results compensated for the lower revenue in Nigeria due to the Naira devaluation in February 2024 and in Brazil, as previously discussed.

這主要是由埃及推動的，其銷量年增超過 90%。墨西哥在商業和金融服務以及其他市場上表現良好，特別是哥倫比亞和南非，在商業和乘車、叫車垂直領域均實現強勁成長。正如前面所討論的，這些積極的業績彌補了由於 2024 年 2 月奈拉貶值而導致的尼日利亞和巴西收入下降。

On a quarter-over-quarter basis revenue followed the TPV trend growing 8% driven by the performance in Argentina and Egypt with volumes increasing by over 30% in the period as well as the positive results in other Latam and other African Asia. Now moving to gross profit dynamics during the quarter, gross profit reached a record of $78 million up 5% year-over-year.

受阿根廷和埃及銷售量成長超過 30% 以及其他拉丁美洲和其他非洲亞洲業績的推動，環比營收跟隨 TPV 趨勢成長 8%。現在轉向本季的毛利動態，毛利達到創紀錄的 7,800 萬美元，年增 5%。

Despite the hard comparison with Q3, 2023 starting with LatAm gross profit was $56 million down 6% year-over-year driven by Argentina due to the lower effect spreads following the currency devaluation in December 2023 and Brazil given the reprice of our largest merchant which occurred in Q1 2024 and share losses in credit card payments.

儘管與第三季進行了嚴格比較，但2023 年拉丁美洲的毛利為5,600 萬美元，年減6%，這主要是由於2023 年12 月貨幣貶值後影響利差較低的阿根廷和巴西最大商家的重新定價所致。

This was partially offset by Mexico where gross profit grew over 60% year-over-year due to the volume growth and lower processing costs from the renegotiation with processors in Q1 2024 in Africa and Asia. Gross profit was also stellar with almost 50% growth year-over-year, mainly driven by our overall TPV growth in Egypt as discussed previously and TPV ramp up of our commerce merchant combined with cost optimization in South Africa on a quarter-over-quarter basis, gross profit increased by 12%.

這被墨西哥部分抵消，由於 2024 年第一季與非洲和亞洲加工商重新談判導致產量增長和加工成本降低，墨西哥的毛利同比增長超過 60%。毛利也很出色，同比增長近 50%，這主要是由於我們在埃及的整體 TPV 增長（如前所述）以及我們的商業商的 TPV 增長以及南非的環比成本優化所推動的在此基礎上，毛利成長12%。

In LatAm, gross profit increased by 4% quarter-over-quarter, driven by Mexico and other LatAm markets where we experienced 2 million growth from widening effect spreads that may eventually fade away in case of currency devaluation. These positive factors were partially offset by Brazil given the share losses on credit card payments of a top merchant and Argentina where we had higher expatriation costs. In Africa and Asia, gross profit increased by 39% quarter-over-quarter due to the same factors just discussed in the year-on-year comparison.

在拉丁美洲，毛利環比增長了4%，這主要得益於墨西哥和其他拉丁美洲市場的推動，在這些市場中，我們因利差擴大而實現了200 萬美元的增長，而這種利差在貨幣貶值的情況下最終可能會消失。這些正面因素被巴西（考慮到頂級商家的信用卡支付份額損失）和阿根廷（我們的外派成本較高）部分抵消。在非洲和亞洲，由於與去年同期比較中討論的相同因素，毛利較上月成長了 39%。

As you can see by these results, Q3 continued to build on the growth of Q2 and delivered record gross profit. Despite the softness in Brazil, demonstrating increased diversification on a geographic and merchant basis. As we continue to scale our business, we expect to reduce volatility on our top and bottom line.

從這些結果可以看出，第三季繼續在第二季的成長基礎上繼續發展，並實現了創紀錄的毛利。儘管巴西經濟疲軟，但在地理和商業基礎上表現出日益多元化。隨著我們繼續擴大業務規模，我們預計會減少營收和利潤的波動性。

In addition, please note that we provide detailed country by country information to help you better understand the drivers of our results. That said it is important to emphasize that our business is ultimately driven by the volume of our merchants interest to us and the unique dynamics of each of the markets. We encourage you to view our performance holistically as this perspective best reflects the quality and resilience of our business as a whole.

此外，請注意，我們提供了詳細的國家/地區信息，以幫助您更好地了解我們結果的驅動因素。儘管如此，需要強調的是，我們的業務最終是由商家對我們感興趣的數量以及每個市場的獨特動態所驅動的。我們鼓勵您從整體上看待我們的業績，因為這種觀點最能反映我們整個業務的品質和彈性。

Let me now hand it over to Mark to continue discussing our financials.

現在讓我把它交給馬克繼續討論我們的財務狀況。

Thank you, Maria. Hi, everyone. As discussed in previous quarters, we continue to invest in our capabilities and innovations to drive efficiencies across various areas of our business.

謝謝你，瑪麗亞。大家好。正如前幾季所討論的，我們繼續投資於我們的能力和創新，以提高我們業務各個領域的效率。

We have maintained investments in key areas critical to our future growth while balancing out other expenditures. Given our top line path with this are for Q3, our total operating expenses reached $37 million. A 6% decrease quarter-over-quarter and a 61% increase year-over-year. Most of the OpEx growth continues to be mainly allocated to product development and IT capabilities with these expenses increasing by 88% year-over-year.

我們保持對對未來成長至關重要的關鍵領域的投資，同時平衡其他支出。鑑於我們第三季的營收路徑，我們的總營運費用達到 3,700 萬美元。環比下降 6%，年增 61%。營運支出的大部分成長仍然主要分配給產品開發和 IT 能力，這些支出較去年同期成長 88%。

While combined sales and marketing and G&A expenses grew by 35% Pedro highlighted in his opening remarks. Some of the projects our tech and product teams have been working on during the past few months. We expect this allocation tilt toward product and it to continue in the future. The 6% decrease quarter-over-quarter is a reflection of our continued disciplined approach to expense management.

佩德羅在開場白中強調，銷售和行銷以及一般管理費用合計增加了 35%。我們的技術和產品團隊在過去幾個月一直在致力於一些專案。我們預計這種對產品的配置傾斜將在未來繼續下去。環比下降 6% 反映了我們持續嚴格的費用管理方法。

After a weaker than expected result in the first semester through reignited growth and cost management, we delivered an operating profit of $41 million for the quarter. Up 36% quarter-over-quarter and adjusted EBITDA of $52 million up 23% quarter-over-quarter representing an adjusted EBITDA margin of 28%. This marks the second consecutive quarter of increasing adjusted EBITDA and adjusted EBITDA margin.

透過重新點燃成長和成本管理，第一季的業績低於預期，但我們本季實現了 4,100 萬美元的營業利潤。季增 36%，調整後 EBITDA 為 5,200 萬美元，較上季成長 23%，調整後 EBITDA 利潤率為 28%。這標誌著調整後 EBITDA 和調整後 EBITDA 利潤率連續第二季成長。

The ratio of adjusted EBITDA to gross profit followed a similar trend reaching 67% for the quarter. Up 6% points quarter-over-quarter, turning now to net income. Net income was $27 million for the quarter down 42% quarter-over-quarter and 34% year-over-year. The earnings presentation provides a detail of the quarter-over-quarter evolution of net income which was mostly impacted by lower finance results.

調整後 EBITDA 與毛利的比率也呈現類似趨勢，本季達到 67%。環比成長 6%，現在轉向淨利潤。本季淨利為 2,700 萬美元，季減 42%，年減 34%。收益報告提供了淨利潤環比變化的詳細信息，這主要受到財務業績下降的影響。

More specifically deposit of $23 million non cash mark to market effect related to the Argentine bond investments in Q2 '24 as mentioned last quarter. And higher finance costs this quarter mainly driven by exchange differences and higher cost of hedges adjusted net income which excludes the impact of the Argentine bonds and a company loan was $43 million for the quarter down 5% quarter-over-quarter.

更具體地說，如上季提到的，與 24 年第二季的阿根廷債券投資相關的 2,300 萬美元非現金存款符合市場效應。本季財務成本上升主要是由於匯差和對沖成本上升造成的，調整後淨利潤（不包括阿根廷債券和公司貸款的影響）為 4,300 萬美元，環比下降 5%。

Our effective income tax rate decreased to 8% from 18% last quarter, primarily driven by lower pretax income in Argentina on a year-to-date basis, our effective tax rate stands at 18%. Moving on to cash flow for the quarter net cash from operating activities excluding merchant funds less CapEx amounted to $26 million up from $19 million in Q2 2'4 representing a 37% increase.

我們的有效所得稅率從上季的 18% 下降至 8%，主要是因為今年迄今阿根廷稅前收入較低，我們的有效稅率為 18%。接下來是本季的現金流，經營活動產生的淨現金（不包括商業資金減去資本支出）從 2'4 第二季的 1,900 萬美元增至 2,600 萬美元，成長了 37%。

With that, we continue to hold a strong liquidity position of $320 million including $208 million of available cash for general corporate purposes and $112 million of short term investments even after the $100 million share buyback executed this year.

因此，即使在今年執行了1 億美元的股票回購之後，我們仍繼續持有3.2 億美元的強勁流動性頭寸，其中包括用於一般公司用途的2.08 億美元可用現金和1.12 億美元的短期投資。

With this, Let me hand it over back to Pedro for closing remarks.

現在，讓我將其交還給佩德羅進行總結發言。

Thanks Mark. Before we conclude our presentation, I'd like to state that our guidance remains unchanged in light of our Q3, 2024 results and what we've seen through Q4. However, it's important to reinforce that Q4 results are heavily weighted towards the next three to four weeks, given the expected seasonal lift in commerce volumes and Black Friday. Now let me wrap up our earnings call by emphasizing our long term optimism driven by the strength and resilience of our business model.

謝謝馬克。在結束演示之前，我想聲明，鑑於 2024 年第三季的業績以及我們在第四季度所看到的情況，我們的指導意見保持不變。然而，重要的是要強調，鑑於商業量的預期季節性增長和黑色星期五，第四季度的業績對未來三到四周的影響很大。現在，讓我在結束財報電話會議時強調我們業務模式的實力和彈性所帶來的長期樂觀情緒。

Dlocal is a young and dynamic company less than eight years old and yet during this period, it's delivered extraordinary growth. We've expanded our roster of sophisticated enterprise, merchants increased our share of wallet with them and built operations across the most relevant emerging markets globally. Adding products, new alternative payment methods and licenses over these years.

Dlocal 是一家年輕而充滿活力的公司，成立不到八年，但在此期間，它實現了非凡的成長。我們擴大了成熟企業的名單，商家增加了我們與他們的錢包份額，並在全球最相關的新興市場建立了業務。這些年來增加了產品、新的替代支付方式和許可證。

This growth underscores our success in serving and supporting these most demanding digital merchants with tailored solutions that meet their evolving needs. We navigate the highly complex and changing payment landscape and regulatory environments across EM with one of the most complete emerging market processing ecosystems.

這一成長突顯了我們在為這些要求最苛刻的數位商家提供客製化解決方案來服務和支援方面取得了成功，以滿足他們不斷變化的需求。我們利用最完整的新興市場處理生態系統之一來應對整個新興市場高度複雜且不斷變化的支付環境和監管環境。

Our best in class orchestration layer, competitive forex liquidity and rates, robust fallback and redundancy features efficient fraud prevention engines and KYC regulatory and compliance layers are built to suit each market. We serve the comprehensiveness of our one Dlocal solution allows our merchants to add new markets and payment methods at a marginal incremental implementation cost, providing cost effective and speedy geographic go to market strategies.

我們一流的編排層、具有競爭力的外匯流動性和匯率、強大的回退和冗餘功能、高效的詐欺預防引擎以及 KYC 監管和合規層都是為了適應每個市場而構建的。我們提供全面的 Dlocal 解決方案，使我們的商家能夠以邊際增量實施成本添加新的市場和支付方式，從而提供具有成本效益和快速的地理進入市場策略。

This value supports the resilience of our business despite operating in the volatile global south, the quarter, we've just closed, exemplifies both the volatility I just mentioned. And more importantly, the increasing resilience of our business despite softness in our largest market. We've delivered record levels of TPV and gross profit.

儘管我們在動盪的全球南方開展業務，但這一價值支持了我們業務的彈性，我們剛結束的季度體現了我剛才提到的波動。更重要的是，儘管我們最大的市場疲軟，但我們的業務彈性不斷增強。我們的 TPV 和毛利達到了創紀錄的水平。

We have rebounded from weakness in 1Q to deliver two consecutive quarters of consistent growth in metrics as well as in adjusted EBITDA.

我們從第一季的疲軟中反彈，指標和調整後 EBITDA 連續兩季持續成長。

This type of sequential growth when compounded over many quarters shows the extraordinary potential of Dlocal secular trends also favor us. We have a huge and growing TAM underpinned by shifts towards payment digitalization. The growing importance of emerging and frontier markets and surging demand for cross border and instant payment methods. Industry forecasts predict the cross border payment market can reach $65 trillion by 2030.

這種連續成長在多個季度複合後表明 Dlocal 的非凡潛力也對我們有利。我們擁有龐大且不斷成長的 TAM，其基礎是支付數位轉型。新興和前沿市場的重要性日益增加，跨境和即時支付方式的需求激增。產業預測到 2030 年跨境支付市場規模將達到 65 兆美元。

And we see ourselves as well positioned to be capturing a reasonable portion of that growth in this immense opportunity. Our ability to innovate and capitalize on these trends coupled with our financial model characterized by operational leverage and good cash conversion will fuel long term value creation for both our shareholders and merchants.

我們認為自己有能力在這個巨大的機會中抓住成長的合理部分。我們創新和利用這些趨勢的能力，加上我們以營運槓桿和良好現金轉換為特徵的財務模式，將為我們的股東和商家創造長期價值。

We're just beginning to realize the compounding nature of the all this and we remain steadfast in our mission to deliver on this promise in all the relevant geographies that our merchants need us to be. Thanks to those who have shown us continued support and confidence and I look forward to updating you on our progress in the upcoming quarters.

我們剛開始意識到這一切的複雜性，我們仍然堅定不移地履行我們的使命，在我們的商家需要我們所有相關的地區兌現這一承諾。感謝那些給予我們持續支持和信心的人們，我期待向您通報我們在未來幾季取得的最新進展。

With that, we can now take questions.

至此，我們現在可以提問了。

(Operator Instructions)

（操作員說明）

Beatriz Abreu, Goldman Sachs.

比阿特麗斯·阿布魯，高盛。

Hi, everyone. Thank you for the call and for taking my question. My first question is on the gross profit loss in Brazil. So you showed in the presentation, I think Maria alluded in the prepared remarks of lost and share of wallet in one top merchant in Brazil. Could you maybe give us some more color on that if you expect other merchants to follow suit? What what specifically happened there?

大家好。感謝您的來電並回答我的問題。我的第一個問題是關於巴西的毛利損失。所以你在演講中表明，我認為瑪麗亞在準備好的言論中提到了巴西一位頂級商人的錢包損失和份額。如果您希望其他商家效仿，您能否提供我們更多資訊？那裡具體發生了什麼事？

And my second question is regarding the decrease in G&A in the quarter, right fell 16% sequentially. And I think Mark mentioned that it's due to additional cost controls, but Pedro mentioned that you still intend to continue with the plan on investing and you're an engineering team back office capabilities, etcetera. So just wondering if that expense line is, if that level still makes sense going forward, given your investment plans, how should we think about expenses going forward? Does it increase from here? And especially going forward into next year also. Thank you.

我的第二個問題是關於本季 G&A 的下降，季減 16%。我認為馬克提到這是由於額外的成本控制，但佩德羅提到您仍然打算繼續投資計劃，並且您是工程團隊的後台能力等等。因此，只是想知道該費用線是否是，如果該水平在未來仍然有意義，考慮到您的投資計劃，我們應該如何考慮未來的費用？從這裡開始增加嗎？尤其是明年。謝謝。

Thank you. Just some context before I answer the specifics on Brazil, I think it's important to not forget that we run the company based on merchants and increasingly global and diversified contracts with those merchants.

謝謝。在回答有關巴西的具體情況之前，請先介紹一些背景信息，我認為重要的是不要忘記我們是基於商人以及與這些商人簽訂的日益全球化和多元化的合同來運營公司的。

We don't really decide where our merchants are going to ask us for support what markets to open or what specific countries volumes will be up or down.

我們並沒有真正決定我們的商家將在哪裡向我們尋求支持，開放哪些市場或哪些特定國家的交易量將增加或減少。

We do trust that in general, merchant relationships will grow consistently given the quality of the service we offer.

我們確實相信，總的來說，鑑於我們提供的服務質量，商家關係將持續發展。

And when we look at the second quarter, one of the things that I'm the proudest of is how despite weakness in a market that is very relevant, like Brazil, we were still able to deliver record gross profit.

當我們回顧第二季度時，我最自豪的事情之一是，儘管巴西等相關市場疲軟，我們仍然能夠實現創紀錄的毛利。

And that's a testament that what we have been saying. And that is that as we scale and diversify the business, the fluctuations that are inherent in emerging markets will become easier to manage through diversification. And Q3 is definitely a case in point where again, despite weakness across a few key markets, strength across a growing number of relevant markets allowed us to deliver record gross profit nonetheless.

這證明了我們一直在說的話。也就是說，隨著我們業務規模的擴大和多元化，新興市場固有的波動將透過多元化變得更容易管理。第三季絕對是一個很好的例子，儘管幾個關鍵市場表現疲軟，但越來越多的相關市場的強勁表現仍然使我們能夠實現創紀錄的毛利。

And I think this is very, very important when we think of the Dlocal opportunity and investment thesis going forward. On Brazil specifically, Brazil has a very particular regulatory environment, this specific merchant was granted a payment institution license and the regulatory environment in Brazil does not allow a sub acquirer or a payment institution to process through another sub acquirer, leading them to have to go direct to acquirers.

我認為，當我們考慮 Dlocal 的機會和投資主題時，這一點非常非常重要。具體到巴西，巴西有一個非常特殊的監管環境，該特定商家獲得了支付機構許可證，而巴西的監管環境不允許子收單機構或支付機構透過另一個子收單機構進行處理，導致他們必須去直接面向收購方。

And that's just the way it played out, you really should not extrapolate that to other markets. And I would not extrapolate that to other merchants either. I think this is somewhat of a particular situation. More importantly, the orchestration product we launched is a product that has both an offensive nature and a defensive nature. The defensive nature is that it allows us to address exactly this type of situation where the merchant can now run on their own licenses, have their own direct contracts with acquirer.

這就是它的發展方式，你真的不應該推論到其他市場。我也不會將這一點推斷給其他商家。我認為這是一個特殊的情況。更重要的是，我們推出的編排產品是一個兼具進攻性和防禦性的產品。防禦性的本質是，它使我們能夠準確地解決這種情況，即商家現在可以使用自己的許可證運行，與收單方簽訂自己的直接合約。

Yet continue to use our one Dlocal solution and benefit from our technology stack. We've already migrated this specific merchant over to the orchestration product. We're off to a strong start in Q4, beginning to recoup volumes beginning to increase again, share of wallet on credit cards and we hope to be able to continue to execute, perform and regain as much if not all of that volume going forward.

但請繼續使用我們的單一 Dlocal 解決方案並從我們的技術堆疊中受益。我們已經將此特定商家遷移到編排產品。我們在第四季度有了一個良好的開端，開始收回交易量，信用卡錢包的份額開始再次增加，我們希望能夠繼續執行、執行和恢復盡可能多的交易量（如果不是全部的話）。

I'll let Mark take the one on costs.

我會讓馬克負責費用問題。

Thanks Pedro. In terms of cost, I think it's important to notice that we still continue to invest in our future and in our folks here. So I think it'll be, it's interesting to see the fact that even though the G&A came down and it was really in an action that we took around up to the first quarter, it was a bit of a weaker quarter for us. We decided to take some actions and we did, we do some cost around third parties and some other areas that we thought were prudent to do this in the shorter term.

謝謝佩德羅。就成本而言，我認為重要的是要注意到我們仍然繼續投資於我們的未來和這裡的人。所以我認為，有趣的是，儘管總費用和行政費用下降了，而且這確實是我們在第一季之前採取的行動，但對我們來說，這個季度有點疲軟。我們決定採取一些行動，我們確實這樣做了，我們在第三方和其他一些我們認為在短期內採取謹慎做法的領域付出了一些代價。

We continue to invest in our product and IT folks. So if you look at quarter-over-quarter, the IT and in product costs have gone up by about 8% the other cost came down by 6%. And that's part of where the G&A cost comes down as well for going. Looking forward here. We expect that cost to slightly rise again. We're going to continue to invest in our infrastructure. We're going to continue to invest in our IT. So we see that those costs slightly going up here, but we're going to continue to be measured in terms of how we look at each of one of those costs and those investments for the future.

我們繼續投資我們的產品和 IT 人員。因此，如果你看一下季度環比，你會發現 IT 和產品成本上升了約 8%，而其他成本則下降了 6%。這也是 G&A 成本下降的一部分。在這裡期待。我們預計成本將再次小幅上升。我們將繼續投資我們的基礎設施。我們將繼續投資 IT。因此，我們看到這些成本在這裡略有上升，但我們將繼續根據如何看待每項成本和未來的投資來衡量。

Very clear. Thank you.

非常清楚。謝謝。

Guilherme Grespan, JPMorgan.

吉列爾姆‧格雷斯潘，摩根大通。

Hi, good morning everyone. Thank you for the presentation. Congrats on results, very strong operational performance. Just on the country base, Pedro. We noticed very strong gross profit growth specifically on the other geographies which is not sure if we can say non core because as you said, you're a global company, but it's outside the, the names you usually put in the breakdown of cross border profit other [Lata] and other Africa was very strong. So just to confirm if there is any new geography that you were seeing that is ramping up very fast. And what is the nature of the business if it's more, cross border or more local to local in those geographies? Thank you.

嗨，大家早安。謝謝您的介紹。祝賀結果，非常強勁的營運績效。就在國家基地，佩德羅。我們注意到特別是在其他地區的毛利成長非常強勁，不確定我們是否可以說非核心，因為正如你所說，你是一家全球性公司，但它超出了你通常在跨境細分中列出出的名稱其他[拉塔]和其他非洲地區的利潤非常強勁。所以只是為了確認您是否看到任何新的地理區域正在快速增長。如果該業務是跨國業務，或在這些地區屬於本地業務，那麼該業務的性質是什麼？謝謝。

Thanks. Great question. I think another one of the strengths in the quarter was the performance in the cross border business. As Maria noted it crossed $3 billion for the first time in a quarter of TPV. And part of that strength is aided by this increasing diversification in more and more markets. So the answer is many of these newer markets are indeed cross border.

謝謝。很好的問題。我認為本季的另一個優勢是跨國業務的表現。正如瑪麗亞所指出的那樣，冠捷科技在一個季度內首次突破 30 億美元。這種優勢的部分原因是越來越多的市場日益多樣化。因此，答案是許多新市場確實是跨國的。

They tend to be more frontier markets in some cases where infrastructure for payments is somehow less developed and merchants are less inclined to have to incur in costs of setting up local operations, dealing with local payments. And so the fact that they're already integrated into our one, Dlocal solution makes it very easy for them to add these markets. And this is exactly what we're very good at.

在某些情況下，它們往往是更前沿的市場，因為支付基礎設施在某種程度上不太發達，商家不太願意承擔建立本地業務、處理本地支付的成本。因此，他們已經整合到我們的 Dlocal 解決方案中，這一事實使他們可以非常輕鬆地添加這些市場。這正是我們非常擅長的。

We did give specifics around some of the markets that we're most excited about and where we've seen significant strength, it's a good combination of LatAm and also Africa and Asia. So in addition to continued strength in Mexico, which is a core market in Egypt, which we've been strong in for a while we've now began to see the emergence of a really strong franchise in South Africa, Colombia performed incredibly well this quarter as did Peru.

我們確實詳細介紹了一些我們最感興趣的市場，我們看到了巨大的優勢，這是拉丁美洲、非洲和亞洲的良好結合。因此，除了在墨西哥（埃及的核心市場）的持續強勢之外，我們已經在該市場表現強勁一段時間了，我們現在開始看到南非出現了真正強大的特許經營權，哥倫比亞在這方面的表現非常出色秘魯也是如此。

So really interesting to see a growing number of countries that are delivering strong results in TPV and gross profit. And it's exactly that type of global diversification that drives what we believe is very long term sustained growth opportunities, but also increased diversification to be able to manage the inherent fluctuations that exist in emerging markets.

看到越來越多的國家在 TPV 和毛利方面取得了強勁的業績，這真的很有趣。正是這種類型的全球多元化推動了我們認為的長期持續成長機會，同時也增加了多元化，以便能夠管理新興市場存在的固有波動。

That's clear. Thank you and congratulations again.

很清楚。再次感謝並恭喜。

[Matt and Leo], Susquehanna International Group.

[馬特和利奧]，薩斯奎哈納國際集團。

Hi, it's Jamie Friedman. So I want to ask, is it fair to think of the fourth quarter guidance as a run rate for 2025? I realize you're not giving guidance yet for next year. But any context about how to think about the relationship between the fourth quarter and '25 would be helpful.

嗨，我是傑米·弗里德曼。所以我想問，將第四季指導視為 2025 年的運行率是否公平？我知道你還沒有為明年提供指導。但任何關於如何思考第四季和 25 世紀之間關係的背景都會有所幫助。

Hey, Jamie, thanks, difficult question. So first of all, let me just try to parse that out a little bit. This is still a high growth company. When we look at our pipeline, we see significant opportunities that as we convert them should lead to definitely a consistently growing book of business into '25 and beyond.

嘿，傑米，謝謝，這是個難題。首先，讓我試著稍微解析一下。這仍然是一家高成長的公司。當我們審視我們的管道時，我們看到了重大機遇，當我們將它們轉換時，肯定會導致 25 年及以後的業務持續成長。

Part of that success is also driven by continued strength in the commerce category which also means that we'll be exposed to increased seasonality as e-commerce everyone knows is much more backloaded, particularly in the fourth quarter. And so the balance between the strength of seasonality and the inherent sustained long term growth of the book.

這項成功的部分原因還在於商業類別的持續強勁，這也意味著我們將面臨季節性的增加，因為眾所周知，電子商務的積壓程度更高，尤其是在第四季。因此，季節性的強度與書籍固有的持續長期成長之間的平衡。

Beyond the seasonal effect is one that I think it's probably too soon for us to go on record on when we revise mid term guidance, which is an annual process for us, we'll be able to give you greater clarity on what 2025 looks like. I think the key messages here is we're optimistic about the pipeline. We're seeing a consistent improvement quarter-on-quarter since the beginning of the year. So certainly we feel like we're exiting the year on a very different cadence than the way we entered the year, which is for us. Very positive when we start looking into 2025.

除了季節性影響之外，我認為在修訂中期指導時，我們可能還為時過早，這對我們來說是年度流程，我們將能夠讓您更清楚地了解 2025 年的情況。我認為這裡的關鍵訊息是我們對管道感到樂觀。自今年年初以來，我們看到季度環比持續改善。因此，我們當然覺得我們將以一種與進入這一年的方式截然不同的節奏結束這一年，這對我們來說是這樣。當我們開始展望 2025 年時，這是非常積極的。

Okay, thanks and then -- that's clear. I wanted to ask about remittances.

好的，謝謝，然後——那就清楚了。我想問一下匯款的事。

So, you had the some real nice traction and the growth number in front of me, but it was like 80%. I'm doing that memory. When you go into the money grams of the world or others with a Remittance narrative, what do you, what does that conversation look like? And what do you feel like? Is your competitive advantage with your Remittance offering?

所以，我面前有一些真正不錯的牽引力和成長數字，但大約是 80%。我正在做那個記憶。當您透過匯款敘述進入世界的貨幣克或其他人時，您會做什麼，對話是什麼樣的？你感覺怎麼樣？您的匯款產品具有競爭優勢嗎？

Yeah. So at the end of the day, what most Remittance companies are looking for when they're looking for infrastructure is speed of the payout and it's FX competitiveness and availability of liquidity, which ties to speed. What's somewhat unique about Dlocal is that with the phenomenal execution that the payout team has been delivering, we kind of combine a very strong franchise in payouts with a very strong franchise and pay ins, which is somewhat unusual, I don't want to say entirely unique, but it definitely its strength, that ability of having both the flows that are going southbound.

是的。因此，歸根結底，大多數匯款公司在尋找基礎設施時所尋求的是支付速度以及與速度相關的外匯競爭力和流動性可用性。Dlocal 的獨特之處在於，憑藉支付團隊所提供的驚人執行力，我們將非常強大的支付特許經營權與非常強大的特許經營權和支付收入結合起來，這有點不尋常，我不想說完全獨特，但它絕對是它的優勢，即擁有向南流動的能力。

So the Remittance flows and the pay in flows that are going northbound is what allows us in markets where Netting is regulatorily permissible to have extremely fast payout capacity at very competitive FX pricing and strong liquidity because we have money in the market that needs to leave the markets and money that's trying to come into the market.

因此，北向的匯款流和支付流使我們能夠在監管允許淨額結算的市場中以極具競爭力的外匯定價和強大的流動性擁有極快的支付能力，因為我們在市場上有資金需要離開市場和試圖進入市場的資金。

On top of that, it's about the quality of the technology stack that they integrate into. And our service model where we have feet on the ground and a long standing relationship with banks, with wallets, with all the end points for remittances across these markets that not many people have built that kind of local operations and local integrations.

最重要的是，這與它們整合的技術堆疊的品質有關。我們的服務模式腳踏實地，與銀行、錢包以及跨這些市場的所有匯款端點建立了長期的關係，但沒有多少人建立了這種本地運營和本地整合。

And then the final thing is again through one integration layer, many times we're able to offer you multiple markets across the global South rather than having to pursue specific partnerships for specific regions or for specific countries. So it's a pretty potent bundle and I think that's really what's driving the success we've seen in that business over the last year.

最後一件事是再次通過一個整合層，很多時候我們能夠為您提供全球南方的多個市場，而不必為特定地區或特定國家尋求特定的合作夥伴關係。所以這是一個非常有效的捆綁，我認為這確實是推動我們去年在該業務中取得成功的原因。

Got it. Thank you, Pedro. I'll drop back in the queue.

知道了。謝謝你，佩德羅。我會回到隊列中。

Neha Aggarwal, HSBC.

尼哈·阿加瓦爾，匯豐銀行。

Hi. Thank you for taking my question just a quick one on the gross profit margin. When we look at Latin America, we are at a margin of around 38%. Whereas in the other deals, we're around 56%. How, where should we expect this to normalize? What is a good level of gross profit margin to expect? Because we think over time you should be gaining more leverage in terms of reducing cost with your partners and that should reduce the cost of doing business. You can elaborate on that. It's a more medium term question that would be helpful to understand.

你好。感謝您快速回答我關於毛利率的問題。當我們觀察拉丁美洲時，我們的利潤率約為 38%。而在其他交易中，我們的比例約為 56%。我們該如何、哪些方面期望這種情況正常化？理想的毛利率水準是多少？因為我們認為，隨著時間的推移，您應該在降低合作夥伴成本方面獲得更多影響力，從而降低開展業務的成本。你可以詳細說明這一點。這是一個更中期的問題，有助於理解。

Sure. I think you're understanding the building blocks accurately. There's always inherent. I think cost negotiation power as we grow our business and gain scale. A big part of what we do is aggregation theory in that rather than have global merchants have to negotiate with local processors on a case by case basis, we aggregate all of that volume, we negotiate based on that aggregate volume and even by keeping our spread, we're still able to continuously lower costs, right? And if you look at year-over-year, there have been, I think circa 20 basis points. I believe it is already of cost improvements in terms of processing costs. And that's something that we think we can continue to improve going forward.

當然。我認為您準確地理解了構建塊。總有固有的。我認為，隨著我們業務的發展和規模的擴大，談判能力會受到影響。我們所做的很大一部分是聚合理論，因為我們不必讓全球商家根據具體情況與當地加工商進行談判，而是聚合所有數量，根據該總量進行談判，甚至保持價差，我們還是能夠不斷降低成本，對吧？如果你看一下同比情況，我認為大約有 20 個基點。我相信就加工成本而言已經是成本改善了。我們認為我們可以繼續改進這一點。

The cross border, as we mentioned before, some of these newer markets tend to in general terms, be higher margin markets because they have a combination of a higher mix of cross border, but also tend to be currency payers because they are more exotic currencies that have higher margins.

跨境，正如我們之前提到的，一般而言，其中一些較新的市場往往是利潤率較高的市場，因為它們具有更高的跨境組合，但也往往是貨幣支付者，因為它們是更奇異的貨幣具有更高的利潤率。

So that's also, I think I'd add when you're trying to project margins into the mid term on the flip side of that country mix and then also payment mix because margins do vary by payment mix, whether it's cards, whether it's debit, whether it's APMs, whether it's account to account is what is a little bit harder to predict at the end of the day. We're not shooting for a margin. We're receiving merchant specific solves for as many payment methods as many markets as possible. And we're trying to optimize the gross profit dollars that we're generating off of that so hard to give very specific guidance on where it lands. But those are the building blocks to think through how the financial model scales into the future.

所以，我想我會補充一點，當你試圖將利潤率預測到該國家組合的另一面的中期時，然後還要考慮付款組合，因為利潤率確實會因付款組合而異，無論是卡還是藉記卡，是否是 APM，是否是帳戶到帳戶，最終都很難預測。我們不是為了利潤而拍攝。我們正在收到針對盡可能多的市場的盡可能多的支付方式的商家特定解決方案。我們正在努力優化我們從中產生的毛利，因此很難就其落腳點提供非常具體的指導。但這些都是思考金融模式如何擴展到未來的基石。

Last question Pedro on the cost for this year, you mentioned investments leading to higher OpEx. How should we think about the investments going forward? Do you think you'll be done with these enhancements in the business in 2024 or should we continue to expect more investments coming through in 2025 or should you again go back to gaining operational leverage. How should we think about the OpEx going forward? Thank you so much.

佩德羅關於今年成本的最後一個問題，您提到了投資導致更高的營運支出。我們該如何看待未來的投資？您認為您會在 2024 年完成這些業務增強嗎？我們該如何看待未來的營運支出？太感謝了。

Yeah. So if you look at the last sequential quarters, we have been delivering consistent operational leverage quarter-on-quarter.

是的。因此，如果你看看最近幾個連續季度，我們一直在季度環比地提供一致的營運槓桿。

If you look at where we were last year, where we were already at the mid term guidance point, when we look at Q3, which was somewhere in the mid 70s to the best of our current thinking, that's still very much the mid term level we'd like to achieve. And I think the answer to your specific question on investment versus leverage, what we're trying to show is that we're still in a phase.

如果你看看我們去年的情況，我們已經處於中期指導點，當我們看看第三季度時，根據我們目前的最佳想法，這仍然是 70 年代中期的水平。我認為，對於你關於投資與槓桿的具體問題的答案，我們試圖表明的是，我們仍處於一個階段。

I don't know if it's for another two quarters, three quarters, four quarters where we have to combine both continuing to lean into the business to build the right capabilities with the right directionality of progressing towards those midterm targets. I think after we get through this phase, which is not now and it's not in the beginning of '25 but it's not in the very distant future either.

我不知道在接下來的兩個季度、三個季度、四個季度中，我們是否必須將兩者結合起來，繼續向業務傾斜，以建立正確的能力和實現這些中期目標的正確方向。我認為在我們度過這個階段之後，這不是現在，也不是 25 年初，但也不是在很遙遠的未來。

You see the business potentially kicking in to a whole entire year of operational leverage, which is typical of a payments product, right? In the meantime, we will have to deal with other moving pieces. Like what happens with take rates, what happens with country mix? But from a cost perspective, I think the answer is there's still a few more quarters of disciplined investment. Ideally that investment is not such that it offsets leverage, but it doesn't foresee the full operational leverage built into the financial model until a few more quarters out.

您認為該業務可能會啟動一整年的營運槓桿，這是支付產品的典型特徵，對嗎？同時，我們將不得不處理其他移動的問題。就像採用率會發生什麼事一樣，國家組合會發生什麼事？但從成本角度來看，我認為答案是還需要幾個季度的嚴格投資。理想情況下，投資不會抵消槓桿作用，但直到幾個季度後，它才能預見財務模型中內建的全部營運槓桿。

Thank you, Pedro. Thank you so much.

謝謝你，佩德羅。太感謝了。

John Coffey, Barclays.

約翰‧科菲，巴克萊銀行。

Great. Thank you very much for taking my question. I guess the first is I was wondering, you mentioned some investments that you recently made in Nigeria, Ecuador and Uganda. If you start to pay off, where do you see them? Is it just with more volume TPV or do you see like lower COGS? I just want to trying to get a better understanding of, you know how that shows up on the income statement.

偉大的。非常感謝您回答我的問題。我想第一個問題是我想知道，你提到了你最近在尼日利亞、厄瓜多和烏幹達進行的一些投資。如果你開始獲得回報，你會在哪裡看到它們？只是 TPV 產量增加還是 COGS 更低？我只是想更好地理解，你知道它是如何顯示在損益表上的。

And the second question which I can just ask now is on your payments orchestration solution. Is this something that your merchants have to opt into? Are they auto enrolled? I was wondering if you provide a little bit more information about who you're approaching with this solution. Is it new customers existing and how the financials might be a little bit different from the solutions they may have been using in the past? Thanks.

我現在可以問的第二個問題是關於您的支付編排解決方案。這是您的商家必須選擇的嗎？他們是自動註冊的嗎？我想知道您是否提供更多有關此解決方案的接觸對象的資訊。是否有新客戶以及財務狀況與他們過去使用的解決方案有何不同？謝謝。

Yeah, so the question on licenses is actually a good question. Unfortunately, licenses do not come with improved cost structures. As we all know, they come with regulatory cost. They also we increasingly believe are a differentiating factor when you're offering solutions to global North merchants for emerging and frontier markets. So what we hear from our merchants is that from a perspective of compliance, alignment and trust, it's always better for them if they're able to flow their payments through a regulated partner than an unregulated one.

是的，所以關於許可證的問題實際上是一個好問題。不幸的是，許可證並沒有改善成本結構。眾所周知，它們會帶來監管成本。我們也越來越相信，當您為新興和前沿市場的全球北方商人提供解決方案時，它們是一個差異化因素。因此，我們從商家那裡聽到的是，從合規性、一致性和信任的角度來看，如果他們能夠透過受監管的合作夥伴進行支付，那麼對他們來說總是比不受監管的合作夥伴更好。

And so where we should see this over the long run is on greater volumes and winning more deals because we have this license portfolio that aligns and gives our merchant comfort on how we're approaching these complex markets. But I don't think it's that easy to model short term. This is more just a commercial advantage that we believe we have as we grow that license portfolio.

因此，從長遠來看，我們應該看到的是更大的銷售量和贏得更多的交易，因為我們擁有這個許可組合，可以讓我們的商家對我們如何接近這些複雜的市場感到放心。但我認為短期建模並不那麼容易。這更像是我們相信隨著我們擴大許可組合而擁有的商業優勢。

On orchestration at the end of the day, what we're trying to do is to give our merchants the broadest array of solutions that we can while at the same time maintaining the simplicity and the ease of integration of the one, Dlocal solution. So orchestration essentially is merchants can choose to keep it very simple. And we have the contract and we have the the merchant of record model with the processors or for merchants who would rather keep our service operations reporting fraud models, technological integrations, but want to have direct contracts with processors and therefore not use the merchant of record model. We can also offer it to them.

在最終的編排方面，我們想要做的是為我們的商家提供最廣泛的解決方案，同時保持 Dlocal 解決方案的簡單性和易於整合。因此編排本質上是商家可以選擇保持非常簡單。我們有合同，我們有與處理者的記錄商家模型，或者對於那些寧願讓我們的服務運營報告欺詐模型、技術集成，但希望與處理者直接簽訂合同，因此不使用記錄商家的商家模型。我們也可以提供給他們。

And we actually see this product more as a way of pursuing incremental business and incremental merchants who potentially already have relationships with processors or who want to enter a market under that model. And we can now offer them that solution as well. So really at the end of the day, the end game is to be able to solve whatever the merchant needs are under different contractual models based on whatever the merchants want.

實際上，我們更將此產品視為追求增量業務和增量商家的一種方式，這些商家可能已經與加工商建立了關係，或者想要在該模式下進入市場。我們現在也可以為他們提供該解決方案。因此，歸根結底，最終的遊戲是能夠根據商家想要的任何內容，在不同的合約模式下解決商家的任何需求。

Great. Thank you very much.

偉大的。非常感謝。

Cassie Chan, Bank of America.

卡西·陳，美國銀行。

Hey guys, thanks for taking my question. So I guess just wanted to go back to fourth quarter. I know you guys mentioned typical seasonality given the ramp up of commerce and, and the holiday shopping. And you know, obviously the full year guide was reiterated, which kind of implies stable quarter-over-quarter growth both on GP and in margins, but mainly focusing on the top line for the fourth quarter, I guess like, is there anything that you guys have seen in the data quoted a date as a reason to believe why the 4Q seasonality, you know, that you typically expect wouldn't materialize or is it just, you know, trying to be a little bit more conservative given obviously volatility in the emerging markets. And then, and then I have a follow up. Thank you.

嘿夥計們，謝謝你提出我的問題。所以我想只是想回到第四季。我知道你們提到了典型的季節性，因為商業和假日購物的增加。你知道，顯然全年指南得到了重申，這意味著毛利率和利潤率都實現了穩定的季度環比增長，但主要關注的是第四季度的營收，我想，有什麼你們已經在數據中看到引用的日期作為相信為什麼您通常預期的第四季度季節性不會實現的理由，或者您知道，考慮到明顯的波動性，試圖更加保守一點在新興市場。然後，然後我有一個後續行動。謝謝。

Hey, Cassie, thanks for that. The answer is obviously, we haven't had a stellar management of guidance so far this year and the fourth quarter is very particular because as you know, the real quarter plays out over the next four weeks. So mid November to mid December right before the holidays. And so it's a quarter where I think a certain level of caution is necessary given that we don't really know how the full quarter plays out until we see the next four weeks. I think quarter to date TPV, trends are coming in very solid. We're seeing a rebound in Brazil like I mentioned before. But again, unfortunately, I think we still need to Err on the side of being crystal clear that despite the strong start to the quarter, the next four weeks is where it all plays out.

嘿，卡西，謝謝你。答案顯然是，今年到目前為止，我們還沒有出色的指導管理，第四季度非常特別，因為如您所知，真正的季度將在接下來的四個星期內結束。所以十一月中旬到十二月中旬就在假期之前。因此，我認為在這個季度需要保持一定程度的謹慎，因為在接下來的四個星期之前，我們並不真正知道整個季度的情況如何。我認為冠捷科技本季以來的趨勢非常穩定。正如我之前提到的，我們看到巴西出現反彈。但不幸的是，我認為我們仍然需要非常清楚地意識到，儘管本季開局強勁，但接下來的四週才是一切結束的時候。

Okay, understood. And I guess just wanted to ask about the Top 10 clients, you know, that was up nicely. I think about 16% and then non Top 10 clients of about 8%. I think in terms of revenue growth, how should we think about ongoing revenue concentration? It's obviously still above, you know, 60% of your total revenues and, and diversification as well both within top and non Top 10 clients going forward. Thank you.

好的，明白了。我想我只是想問一下十大客戶的情況，你知道，這很好。我認為大約 16%，然後是非前 10 名客戶大約 8%。我認為就收入成長而言，我們應該如何看待持續的收入集中度？您知道，它顯然仍然高於您總收入的 60%，並且未來的前 10 名客戶和非前 10 名客戶的多元化程度也很高。謝謝。

Yeah. So as you've seen from my remarks, I think I'm very encouraged and very optimistic by our diversification from a region perspective and market perspective. We're seeing merchants who try us in a few markets really trust what we're, how we're performing for them and asking us for a growing number of emerging and frontier markets.

是的。正如您從我的演講中看到的那樣，我認為從區域角度和市場角度來看，我們對我們的多元化感到非常鼓舞和樂觀。我們看到在一些市場嘗試我們的商家確實信任我們的產品、我們為他們提供的服務，並要求我們進入越來越多的新興和前沿市場。

And we're seeing that play out in the numbers in terms of diversifying our business based on a growing number of markets that are performing well from a merchant perspective. Again, the mid term vision is also to be able to reduce reliance on the Top 10 and Top 25 merchants.

我們看到，基於越來越多從商家角度來看表現良好的市場，我們的業務多元化在數位方面得到了體現。同樣，中期願景也是能夠減少對前 10 名和前 25 名商家的依賴。

However, that might be a little bit more of a mid term play. When I look at this emerging world footprint, the reality is that the merchants that are really focused on these markets have a tendency to be the larger really global players that have large enough businesses across the global South that they're optimizing across the markets that we offer.

然而，這可能更像是中期遊戲。當我審視這個新興世界的足跡時，現實情況是，真正專注於這些市場的商家往往是真正規模更大的全球參與者，他們在南半球擁有足夠大的業務，因此他們正在優化這些市場。我們提供。

The Tier 2 or Tier 3 merchants today, I think are still more about beginning to wade into the water of of global go to market and emerging markets. So I see that as a second wave of growth, the good thing there is that's exactly why I'm so optimistic as to why the local can sustain growth for a very prolonged period of time going forward.

今天的二級或三級商家，我認為更多的是開始涉足全球市場和新興市場。因此，我認為作為第二波成長，有一個好處，這就是為什麼我對當地能夠在未來很長一段時間內維持成長如此樂觀的原因。

Because there's a whole bunch of merchants in the digital world that are emerging and that aren't really focused on their global South footprint and will be in a few years for now where I see most of that interest is in the really, really large global digital players. And so I think that we will still have concentration in line with what you're seeing today with slight improvements into the next few quarters. I don't anticipate that deconcentrating very quickly.

因為數位世界中有一大群正在興起的商人，他們並沒有真正專注於他們在全球南方的足跡，而且幾年後我發現他們的大部分興趣都集中在真正非常大的全球市場上。因此，我認為我們的注意力仍將與您今天所看到的一致，並在接下來的幾季中略有改善。我預計這種情況不會很快分散。

That's very helpful. Thanks so much guys.

這非常有幫助。非常感謝你們。

Thank you, ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back to Dlocal for closing remarks.

謝謝你們，女士們先生們，我不再在隊列中顯示任何其他問題。我現在想將電話轉回 Dlocal 進行結束語。

Thanks everyone for the interest. I think things continue to progressively get more and more encouraging. As we said, this is our second consecutive quarter of very consistent improvement on a sequential basis. If we continue to deliver like this, the power of compounding sequential growth in the high, single digit, low double digits is phenomenal when you look at that over a multi year period. And so that's what the entire team at Dlocal is laser focused on executing and delivering on. And I look forward to updating you on how the fourth quarter played out in a few months. Thank you. And until then.

感謝大家的關注。我認為事情繼續變得越來越令人鼓舞。正如我們所說，這是我們連續第二季季持續改善。如果我們繼續像這樣交付，當你在多年期間觀察時，高個位數、低兩位數的複合連續增長的力量是驚人的。這就是 Dlocal 整個團隊專注於執行和交付的目標。我期待著在幾個月後向您通報第四季度的最新情況。謝謝。直到那時。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。