Dlocal Ltd (DLO) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to the dLocal first-quarter 2025 results call. (Operator Instructions) Please be advised that today's conference is being recorded.

感謝您的支持。歡迎參加 dLocal 2025 年第一季業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I will now like to hand the conference over to dLocal. Please go ahead.

現在我想將會議移交給 dLocal。請繼續。

Good afternoon, everyone, and thank you for joining the first-quarter 2025 earnings call today. If you have not seen the earnings release, a copy is posted in the financial section of the investor relations website.

大家下午好，感謝大家參加今天的 2025 年第一季財報電話會議。如果您還沒有看到收益報告，可以在投資者關係網站的財務部分看到一份副本。

On the call today, you have Pedro Arnt, Chief Executive Officer; Jeffrey Brown, interim Chief Financial Officer; and Mirele Aragão, Head of Investor Relations. A slide presentation has been provided to accompany the prepared remarks. This event is being broadcast live via webcast and both the webcast and presentation may be accessed through dLocal's website at investor.dlocal.com. The recording will be available shortly after the event is concluded.

參加今天電話會議的有執行長 Pedro Arnt、臨時財務長 Jeffrey Brown 和投資者關係主管 Mirele Aragão。已提供幻燈片簡報來配合準備好的發言。本次活動將透過網路直播，您可以透過 dLocal 網站 investor.dlocal.com 觀看直播和演講。活動結束後，錄音也將立即發布。

Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned in this conference call are based on currently available information and DLocal's current assumptions, expectations and projections about future events. While the company believes that our assumptions, expectations, and projections are reasonable given currently available information, you are cautioned not to place undue reliance on those forward-looking statements.

在繼續之前，我要提一下，簡報中包含的或本次電話會議中提到的任何前瞻性陳述均基於當前可用的資訊以及 DLocal 對未來事件的當前假設、預期和預測。儘管公司認為，根據目前可用的信息，我們的假設、期望和預測是合理的，但我們仍提醒您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's filings with the Securities and Exchange Commission. which are available on dLocal's investor relations website.

由於各種原因，包括 dLocal 向美國證券交易委員會提交的文件中前瞻性聲明和風險因素部分中所述的原因，實際結果可能與 dLocal 的演示文稿中或本次電話會議中討論的結果存在重大差異。這些文件可在 dLocal 的投資者關係網站查閱。

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

現在我將會議交給 dLocal。謝謝。

Thanks everyone for joining us today. Despite a more volatile global macroeconomic backdrop in 2025, the year has started broadly in line with our expectations. Building on the momentum of previous quarters, dLocal continues to demonstrate strong execution and to prove the resilience of our business model, once again achieving record highs across key financial and operational metrics, despite Q1 not benefitting from seasonal strength in e-commerce.

感謝大家今天的參與。儘管 2025 年全球宏觀經濟背景更加動盪，但這一年的開局基本上符合我們的預期。基於前幾季的良好勢頭，dLocal 繼續展現出強勁的執行力，並證明了我們商業模式的韌性，儘管第一季並未受益於電子商務的季節性強勁增長，但 dLocal 的主要財務和營運指標再次創下歷史新高。

We believe consistent sequential growth is a confirmation of our company's ability to compound growth over extended periods of time, consequently delivering shareholder returns. Our net retention rate of TPV reached an impressive 144%. This figure demonstrates the defensibility of our business with our merchant base.

我們相信，持續的連續成長證明了我們公司在長期內實現複合成長的能力，從而為股東帶來回報。我們的TPV淨留存率達到了令人印象深刻的144%。這個數字證明了我們的業務對於商家群體的防禦能力。

Additionally, we are encouraged by TPV that grew north of 50% for a second consecutive quarter, underscoring the success of our strategy and the increasing demand for our services. These results reflect our continued commitment to innovation, customer satisfaction, and expanding our footprint throughout emerging markets.

此外，我們對冠捷科技連續第二季成長超過 50% 感到鼓舞，這凸顯了我們策略的成功以及對我們服務日益增長的需求。這些結果反映了我們對創新、客戶滿意度以及擴大新興市場影響力的持續承諾。

Furthermore, we continue to carry out strategic investments in technology and operations that are directly fueling our strong results this quarter and building a robust foundation for sustained financial performance by strengthening our infrastructure, optimizing efficiency, expanding our service offerings, and elevating service quality.

此外，我們繼續在技術和營運方面進行策略性投資，這直接推動了我們本季的強勁業績，並透過加強基礎設施、優化效率、擴展服務範圍和提高服務品質為持續的財務業績奠定了堅實的基礎。

Key accomplishments highlighted during the quarter include: our TPV reached the milestone of $8 billion, reflecting a 53% year-over-year growth, or 72% in constant currency, and a 5% quarter-over-quarter increase in volume. This performance has been driven by sustained expansion in cross-border payment volumes, supported by Chile, Pakistan, Nigeria, Turkey and Brazil, as well as robust growth across multiple verticals, with notable contributions from sectors such as remittances, commerce, financial services, and streaming.

本季的主要成就包括：我們的 TPV 達到了 80 億美元的里程碑，年增 53%，以固定匯率計算成長 72%，交易量較上季成長 5%。這一業績得益於跨境支付量的持續擴張，其中智利、巴基斯坦、奈及利亞、土耳其和巴西的支持，以及多個垂直領域的強勁成長，其中匯款、商業、金融服務和串流等行業做出了顯著貢獻。

Revenue and gross profit hit record highs of $217 million and $85 million, respectively. As in previous quarters, we continue to see the strength of continued geographic diversification, with a notable contribution from other LATAM markets during the period.

營收和毛利分別創下2.17億美元和8,500萬美元的歷史新高。與前幾季一樣，我們繼續看到持續的地域多元化的實力，其中在此期間其他拉丁美洲市場做出了顯著的貢獻。

While we continue to invest in OpEx to support and accelerate our future growth trajectory, we are still driving operational efficiencies across the organization. The adjusted EBITDA to gross profit ratio reached 68%, a slight improvement when compared to the previous quarter, reflecting our ability to scale effectively. Despite ongoing investments, we have continued to improve our revenue per headcount over the last four quarters.

在我們繼續投資營運支出以支持和加速我們未來的成長軌跡的同時，我們仍在推動整個組織的營運效率。調整後的 EBITDA 與毛利率達到 68%，與上一季相比略有改善，反映了我們有效擴大規模的能力。儘管持續進行投資，但過去四個季度我們的人均收入仍在持續提高。

Finally, we generated strong cash flow, with free cash flow to net income conversion at 85%, reinforcing our commitment to a high growth, expanding margin and cash generating financial model.

最後，我們產生了強勁的現金流，自由現金流向淨收入的轉換率達到 85%，這強化了我們對高成長、擴大利潤率和產生現金的財務模式的承諾。

Now, moving on to our commercial update, we would like to share some of the highlights from the quarter. You will find additional detail in the accompanying slides. These results highlight our ability to maintain and strengthen these relationships over time, ultimately increasing our share of wallet with them.

現在，我們繼續討論商業更新，我們想分享本季的一些亮點。您將在隨附的幻燈片中找到更多詳細資訊。這些結果凸顯了我們長期維持和加強這些關係的能力，最終增加了我們在他們心中的份額。

We continue to strengthen our partnership with Temu, enabling their customers to transact seamlessly across more than 15 emerging markets across Africa, Asia, and Latin America. The partnership with Zepz is ramping up across key markets, demonstrating strong growth in LATAM, as well as in several African and Asian countries. We remain committed to supporting the merchant's global expansion efforts, launching operations in new markets in Africa, further strengthening their global footprint.

我們繼續加強與 Temu 的合作夥伴關係，使他們的客戶能夠在非洲、亞洲和拉丁美洲的 15 多個新興市場無縫交易。與 Zepz 的合作正在各主要市場不斷加強，在拉丁美洲以及多個​​非洲和亞洲國家均呈現強勁成長。我們將繼續致力於支持商家的全球擴張努力，在非洲的新市場開展業務，進一步加強其全球影響力。

And another noteworthy partnership has been Rappi, which has been achieving significant growth in both Colombia and Argentina, after a latest round of new feature deployments on their behalf.

另一個值得注意的合作夥伴是 Rappi，在為哥倫比亞和阿根廷部署了最新一輪新功能後，Rappi 在這兩個國家都取得了顯著增長。

On the technology front, our advancements were centered on leveraging automation and AI to drive operational efficiency and optimized performance across key areas.

在技​​術方面，我們的進步集中在利用自動化和人工智慧來提高關鍵領域的營運效率和優化性能。

On the artificial intelligence front, the implementation of AI improved efficiency in customer experience and compliance monitoring, by automating tasks previously handled manually.

在人工智慧方面，人工智慧的實施透過自動化先前手動處理的任務提高了客戶體驗和合規性監控的效率。

On the process automation front, automation was enhanced in handling chargebacks and refunds, substantially augmenting merchant win rate on chargebacks and accelerating refund flows.

在流程自動化方面，處理退款和退款的自動化程度已提高，大幅提高了商家退款的成功率並加快了退款流程。

On integration efficiencies, a redesigned integration system dramatically accelerated the setup process for new integrations, cutting down the time required from days to just a few hours. We’ve also made advances in our MCP server and LLM-friendly API documentation for integrating to dLocal, aiming for a near future where simple prompts will allow our merchant’s engineers to complete end to end integration with our systems through AI agents.

在整合效率方面，重新設計的整合系統大大加快了新整合的設定過程，將所需時間從幾天縮短到幾個小時。我們還在 MCP 伺服器和 LLM 友好 API 文件方面取得了進展，以便與 Local 集成，目標是在不久的將來，透過簡單的提示，我們的商家工程師將能夠透過 AI 代理完成與我們系統的端到端集成。

And on the merchant settlement front, the implementation of an improved merchant settlement system streamlined operations and greatly reduced the need for manual intervention in merchant settlements. These automation initiatives are beginning to deliver results.

在商戶結算方面，改進的商戶結算系統的實施簡化了操作，並大大減少了商戶結算中人工幹預的需要。這些自動化措施開始產生效果。

More importantly, this is not a side project; it's a core strategic imperative that will shape our future. Over the midterm, the results should deliver operational leverage and enhanced capabilities, as we progressively integrate these technologies across the entire organization over the coming years. We anticipate these efforts will lead to a noticeable slowdown in midterm hiring growth, improved operational leverage, and ultimately, a more robust and scalable business.

更重要的是，這不是附帶專案；而是塑造我們未來的核心策略要務。從中期來看，隨著我們在未來幾年逐步將這些技術整合到整個組織中，這些結果應該會帶來營運槓桿和增強的能力。我們預計這些努力將導致中期招聘成長明顯放緩、營運槓桿提高，並最終實現更強勁、更具可擴展性的業務。

Another key area of investment focuses on continuously optimizing performance to maximize conversion rates and TPV, while delivering trusted and agile services to our merchants. During the first quarter, we enhanced our smart request strategies, a machine learning model that optimizes conversion rates by dynamically changing the API message to the acquirer during authorization, which resulted in a 1.2 percentage point increase in conversion rates.

另一個重點投資領域是持續優化效能，以最大限度地提高轉換率和 TPV，同時為我們的商家提供值得信賴且靈活的服務。在第一季度，我們增強了智慧請求策略，這是一種機器學習模型，透過在授權期間動態變更發送給收單方的 API 訊息來優化轉換率，從而使轉換率提高了 1.2 個百分點。

In some African markets, we deployed Smart 3DS, strengthening payment security protocols for high-risk transactions and driving a 6 percentage point improvement in conversion rates in those markets. We've continued to be a driving force behind network tokenization readiness and support across networks in Argentina, Colombia, Uruguay, and Peru, boosting system-wide conversion rates in those countries, with notable gains in Colombia at 1.6 percentage points, and Argentina at yearly 1.2 percentage points.

在一些非洲市場，我們部署了智慧 3DS，加強了高風險交易的支付安全協議，並推動這些市場的轉換率提高了 6 個百分點。我們繼續成為阿根廷、哥倫比亞、烏拉圭和秘魯等國網路代幣化準備和支持的重要推動力，提高了這些國家的全系統轉換率，其中哥倫比亞的轉換率顯著提高了 1.6 個百分點，阿根廷的轉換率每年提高了 1.2 個百分點。

Finally, it's important to highlight our continuous effort in growing our license portfolio, which increases our competitive advantage as our global merchants seek to navigate complex regulatory environments we serve them in. During this quarter, we added three new registrations to our portfolio, two in Argentina as aggregator/payment facilitator and one in Chile as sub-acquirer cross-border system operator.

最後，值得強調的是，我們不斷努力擴大許可證組合，這增強了我們的競爭優勢，因為我們的全球商家正在努力應對我們為他們服務的複雜監管環境。本季度，我們在投資組合中增加了三個新註冊，兩個在阿根廷作為聚合器/支付服務商，一個在智利作為次級收單機構跨境系統運營商。

The first quarter of 2025 demonstrated strong execution across many of the levers of our strategic plan. Our commercial team effectively leveraged existing merchant relationships and established new partnerships. Financially, we executed our investment plan in a responsible and efficient manner. In addition, our operations and technology teams delivered improved effectiveness to our merchants, and our legal and regulatory teams focused on expanding our license portfolios.

2025 年第一季證明了我們策略計畫的許多槓桿都得到了強有力的執行。我們的商業團隊有效地利用了現有的商家關係並建立了新的合作夥伴關係。在財務方面，我們以負責任和有效率的方式執行了我們的投資計劃。此外，我們的營運和技術團隊為商家提供了更高的效率，我們的法律和監管團隊專注於擴大我們的許可證組合。

With that intro, let me hand it over to Jeff to take you through a more detailed overview of our first quarter results.

介紹完畢後，請容許我把時間交給 Jeff，他將為您更詳細地介紹我們的第一季業績。

Thank you, Pedro. Good afternoon, everyone. I am pleased to be with you today for my first earnings call as interim CFO. I want to thank the board and the leadership team for their trust and support. And I look forward to working with all of you.

謝謝你，佩德羅。大家下午好。我很高興今天能作為臨時財務長與大家一起參加我的第一次財報電話會議。我要感謝董事會和領導團隊的信任和支持。我期待與大家合作。

Let's now turn to the results for the quarter. As mentioned by Pedro, our first quarter has progressed as expected, continuing the trends observed since the second quarter of 2024. We have consistently executed our strategy, demonstrating strong operational performance by, once again, delivering record levels of revenue and gross profit, along with disciplined cost management and ongoing geographic diversification.

現在讓我們來看看本季的業績。正如佩德羅所說，我們的第一季進展如預期，延續了 2024 年第二季以來的趨勢。我們始終如一地執行我們的策略，透過再次實現創紀錄的收入和毛利、嚴格的成本管理和持續的地域多元化，展現出強勁的營運績效。

As a result, in the first quarter of 2025, TPV reached $8.1 billion, representing a growth of 53% year over year and 5% quarter over quarter. In constant currency, TPV would have grown 72% year over year.

因此，2025年第一季，TPV達到81億美元，年增53%，季增5%。以固定匯率計算，TPV 的年增率為 72%。

From a business line perspective, our cross-border flows grew 14% quarter over quarter and 76% year over year. reaching a milestone of $4 billion for the first time, mainly driven by remittances, commerce, financial services, and streaming across different markets.

從業務線來看，我們的跨國流量環比成長 14%，年增 76%，首次達到 40 億美元的里程碑，主要受到匯款、商業、金融服務和跨不同市場的串流媒體的推動。

Our local-to-local TPV decreased by 3% quarter over quarter and increased 33% year over year. The quarter-over-quarter comparison is explained by the commerce performance in Mexico, given the seasonality effect in the fourth quarter, and partial loss of share of wallet with a large merchant.

我們的本地對本地 TPV 環比下降 3%，年增 33%。考慮到第四季度的季節性影響以及大型商家錢包份額的部分損失，季度環比的對比可以用墨西哥的商業表現來解釋。

Our pay-ins business grew 2% quarter over quarter and 49% year over year, with strong performance in on-demand delivery, commerce, and streaming, partially offset by weakness in the advertising vertical. Our pay-outs business grew 12% quarter over quarter and 61% year over year, driven by remittances and financial services.

我們的付費業務環比成長 2%，年成長 49%，按需交付、商業和串流媒體表現強勁，但廣告垂直領域的疲軟部分抵消了這一成長。在匯款和金融服務的推動下，我們的支付業務環比成長 12%，年增 61%。

Moving on to revenue, revenue reached $217 million in the first quarter, up 18% year over year, or up 36% on a constant currency basis, driven by the volume growth in Argentina and the performance in other markets in Latin America and Africa and Asia, with strong growth across commerce remittances and on-demand delivery verticals. These results were partially offset by Brazil, despite experiencing year-over-year volume growth, reported a decline in revenue primarily due to the migration to the payment orchestration model, which brings lower take rates and a shift in the payment mix from a large merchant.

談到收入，第一季營收達到 2.17 億美元，年成長 18%，以固定匯率計算成長 36%，這得益於阿根廷的交易量成長以及拉丁美洲、非洲和亞洲其他市場的表現，商業匯款和按需交付垂直領域的強勁成長。這些結果被巴西部分抵消，儘管巴西經歷了交易量同比增長，但報告收入下降，主要原因是向支付編排模式的遷移，這帶來了較低的收取率和大型商家支付組合的轉變。

Furthermore, Egypt demonstrated strong year-over-year volume growth. However, its revenue performance faced tough comps due to a wider gap between the official and market exchange rates during the first two months of Q1 2024.

此外，埃及的出口量較去年同期成長強勁。然而，由於2024年第一季前兩個月官方匯率與市場匯率差距擴大，其營收表現面臨嚴峻挑戰。

On a quarter-over-quarter basis, revenue grew 6% above TPV growth, positively impacted by higher cross-border share in the mix. The positive result was partially offset by Mexico, as I explained earlier.

與上一季相比，營收成長比 TPV 成長高出 6%，這受到跨境份額增加的正面影響。正如我之前所解釋的，這一積極成果被墨西哥部分抵消了。

Turning to growth profit dynamics, we continue to benefit from the increasing geographic diversification of our operations. This diversification, as highlighted in previous quarters, enables the company to sustain strong growth momentum, even in the face of short-term challenges in certain markets.

談到成長利潤動態，我們繼續受益於業務日益增長的地域多樣化。正如前幾季所強調的，這種多元化使公司即使在面臨某些市場短期挑戰的情況下也能保持強勁的成長勢頭。

During the quarter, growth profit reached a record level of $85 million. up 35% year over year, or close to 60% on a constant currency basis, driven by the volume growth in Argentina, performance in Egypt, and growth in other markets, particularly Chile and Turkey. These results were partially offset by Brazil, which, in addition to the revenue effects previously explained, was also impacted by one-off incremental processing costs.

本季度，成長利潤達到創紀錄的 8,500 萬美元，年成長 35%，以固定匯率計算則成長近 60%，這得益於阿根廷的銷量成長、埃及的業績以及其他市場（尤其是智利和土耳其）的成長。這些結果被巴西部分抵消，巴西除了先前解釋的收入影響外，還受到一次性增量加工成本的影響。

On a quarter-over-quarter basis, gross profit increased by 1%, driven by Argentina with gross profit following revenue trends in addition to increasing advancement volumes, which have higher take rates, and a wider gap between official and parallel effects in Q1 2025 versus Q4 2024, and two other LATAM markets with highlights being the positive performance in Chile. This result was offset by drivers in Brazil and Mexico, as explained previously.

與上一季相比，毛利成長了 1%，這得益於阿根廷的推動，阿根廷的毛利跟隨收入趨勢，此外還有不斷增加的推進量，其收取率更高，2025 年第一季度與 2024 年第四季度相比官方效應和平行效應之間的差距更大，以及其他兩個拉美市場，其中亮點是智利的積極表現。如前所述，這一結果被巴西和墨西哥的駕駛者所抵消。

In addition, despite volume growth across various countries, other Africa and Asia, was adversely affected by increased processing costs in South Africa and Nigeria. Net take rate was down 4 basis points quarter over quarter driven by mostly by, one, weakness in a key merchant in the advertising sector; and two, the one-off increasing costs in Brazil as I just explained. Those effects were partially compensated by higher FX fees in Argentina, higher shares of cross border, and the growth in frontier markets.

此外，儘管各國產量均有所成長，但其他非洲和亞洲國家卻因南非和奈及利亞加工成本上漲而受到不利影響。淨接受率較上季下降 4 個基點，主要原因是：一是廣告業一個主要商家的疲軟；二是我剛才解釋過的巴西一次性成本增加。阿根廷外匯費用的提高、跨境份額的增加以及前沿市場的成長部分抵消了這些影響。

Moving down our P&L, we maintained our disciplined expense management improving operational leverage this quarter. While planned investments in technology and operations are expected to increase throughout the rest of the year, these results demonstrate our company's frugal culture and the inherent leverage within our business model.

在降低損益表的同時，我們保持了嚴格的費用管理，並提高了本季的營運槓桿。雖然預計今年剩餘時間內技術和營運方面的計畫投資將會增加，但這些結果體現了我們公司的節儉文化和我們商業模式中固有的優勢。

With this, for the first quarter, our total operating expenses are at $39 million, a 6% decrease quarter over quarter, and an 8% increase year over year. On an annual comparison, most of the OpEx growth is explained by the increase in headcount as we continue to invest in our capabilities.

其中，第一季我們的總營運費用為 3,900 萬美元，較上季下降 6%，較去年同期成長 8%。從年度比較來看，隨著我們持續投資於自身能力，大部分的營運支出成長都是由員工人數的增加所造成的。

On a quarterly basis, the decrease in OpEx is primarily attributed to a reduction in G&A and technology and development expenses, driven by the decrease in third-party services and travel expenses combined with the timing of the implementation of new initiatives. This decrease was partially offset by growth in headcount within both technology and operations, particularly through the hiring of engineers, and the expansion of our operational footprint in strategically important markets, and an increase in sales and marketing expenses driven by key commercial events that typically occur in the first half of the year.

按季度計算，營運支出的下降主要歸因於一般及行政費用以及技術和開發費用的減少，這得益於第三方服務和差旅費用的減少以及新舉措實施的時間安排。這一下降被技術和營運部門員工數量的增長（特別是透過聘用工程師）和在具有戰略意義的市場擴大營運範圍以及通常發生在上半年的重大商業事件推動的銷售和行銷費用的增加所部分抵消。

As a result, we delivered an operating profit of $46 million for the quarter, up 8% quarter over quarter and 70% year over year. Adjusted EBITDA reached $58 million, up 2% quarter over quarter and 57% year over year, representing an adjusted EBITDA margin of 27%. The ratio of adjusted EBITDA to gross profit was 68% for the quarter, slightly above the fourth quarter, marking the fourth consecutive quarter of improvement.

因此，本季我們的營業利潤達到 4,600 萬美元，季增 8%，年增 70%。調整後 EBITDA 達到 5,800 萬美元，季增 2%，年增 57%，調整後 EBITDA 利潤率為 27%。本季調整後EBITDA與毛利之比為68%，略高於第四季度，連續第四季度實現改善。

Moving on to net income, net income was $47 million for the quarter, up 57% quarter over quarter, and 163% year over year. Compared to the prior quarter, the result was impacted by a positive non-cash mark-to-market effect related to our Argentine bond investments and lower finance costs.

談到淨收入，本季淨收入為 4,700 萬美元，季增 57%，年增 163%。與上一季相比，業績受到與阿根廷債券投資相關的正面非現金以市價計價效應和較低的融資成本的影響。

Our effective income tax rate ended at 10% for the quarter compared to 27% in the fourth quarter 2024, or 16% when excluding the tax settlement as mentioned in the last earnings release, as a result of higher cross-border share of pre-tax income and a lower pre-tax income in Brazil, given the higher costs as explained previously.

本季我們的有效所得稅率為 10%，而 2024 年第四季為 27%，若不包括上次收益報告中提到的稅務結算，則為 16%，這是由於跨境稅前收入份額增加，而巴西的稅前收入減少（因為成本較高，如前所述）。

Lastly, free cash flow for the quarter. which is the net cash from operating activities, excluding merchant funds, less CapEx, amounted to $40 million, up from $33 million in the fourth quarter of 2024, representing a 22% increase. We ended the quarter with cash and cash equivalents totaling approximately $512 million, up $86 million versus the previous period, and $125 million of short-term investments.

最後，本季的自由現金流，即不包括商家資金減去資本支出的經營活動淨現金，為 4,000 萬美元，高於 2024 年第四季的 3,300 萬美元，增幅為 22%。本季末，我們的現金和現金等價物總額約為 5.12 億美元，比上一季增加 8,600 萬美元，短期投資為 1.25 億美元。

Related to cash, you have probably already seen in our filing the company has made some announcements regarding dividends. I'll turn it over to Pedro to tell you more.

關於現金，您可能已經在我們的文件中看到，公司已經發布了一些有關股息的公告。我會把這個問題交給佩德羅來告訴你更多。

So, on that capital allocation front. We are announcing that our Board of Directors has approved both a dividend policy, as well as the payment of an extraordinary cash dividend. The one off dividend will be of approximately $0.525 per common share, for a total cash outlay of $150 million. This decision reflects our commitment to returning value to our shareholders while maintaining a disciplined approach to capital allocation.

因此，在資本配置方面。我們宣布，董事會已批准股利政策以及派發特別現金股利。一次性股息約為每股 0.525 美元，總現金支出為 1.5 億美元。這項決定體現了我們致力於為股東帶來價值回報，同時保持嚴謹的資本配置方式。

After careful consideration of our capital allocation strategy, we concluded that a dividend policy aligns with our long-term objectives. Our company expects to generate consistent cash flows over time. This cash generation will suffice to meet our strategic goals, including possible inorganic growth through targeted mergers and acquisitions, increases in CapEx when required, and investments in larger business development deals.

在仔細考慮了我們的資本配置策略後，我們得出結論，股利政策符合我們的長期目標。我們公司期望隨著時間的推移產生穩定的現金流。這些現金足以滿足我們的策略目標，包括透過有針對性的併購實現的可能的無機成長、在需要時增加資本支出以及對更大規模業務發展交易的投資。

The dividend policy which we are launching will provide an annual dividend payment equal to 30% of the company’s free cash flow. This approach will allow us to return capital to shareholders while ensuring that we maintain flexibility to reinvest in growth opportunities as they arise.

我們即將推出的股利政策將提供相當於公司自由現金流 30% 的年度股利。這種方法使我們能夠向股東返還資本，同時確保我們保持靈活性，以便在成長機會出現時進行再投資。

The first dividend under this policy would be payable in 2026 based on our free cash flow performance for the preceding year, once FY 2025 audited financials are released and pending Board approval at that time. The 2025 extraordinary dividend will be paid to all shareholders as of the record date of May 27, with a payment date of June 10.

根據該政策，第一筆股利將於 2026 年支付，基於我們前一年自由現金流的表現，屆時 2025 財年審計財務報表將發布，並等待董事會批准。2025年度特別股利將向截至5月27日股權登記日的全體股東發放，發放日期為6月10日。

In evaluating the most efficient way to return capital to investors, we carefully weighed the option of a dividend versus share buybacks. Given the current limited liquidity in our stock, we, along with our advisors, determined that a dividend was the optimal choice.

在評估向投資者返還資本的最有效方式時，我們仔細權衡了股息與股票回購的選擇。鑑於我們股票目前的流動性有限，我們和我們的顧問一致認為，發放股息是最佳選擇。

A buyback program in the order of $150 million, with future repurchases in the order of 30% of our free cash flow, would have placed further liquidity constraints on our trading volumes, potentially impacting the stock's performance. By opting for a dividend, we ensure a direct and equitable return of capital to our shareholders while preserving the flexibility needed to execute our strategic initiatives effectively, without placing additional strain on the daily liquidity of trading in dLocal shares.

一項價值 1.5 億美元的回購計劃，以及未來將回購約占我們自由現金流 30% 的計劃，將對我們的交易量造成進一步的流動性限制，可能影響股票的表現。透過選擇股息，我們確保向股東直接、公平地返還資本，同時保留有效執行策略計畫所需的靈活性，而不會對 dLocal 股票交易的每日流動性造成額外壓力。

Before we wrap up, I would like to take a step back and reflect on the bigger picture as we announce how our 2025 has started. While short-term macroeconomic headwinds persist across emerging markets, we remain deeply confident in the strength of the secular growth trends shaping these regions. Our long-term investment thesis is built around a massive and expanding addressable market, supported by powerful demographic and technological shifts.

在我們結束之前，我想回顧一下我們宣布 2025 年如何開始的更大前景。儘管短期宏觀經濟逆風在新興市場持續存在，但我們對這些地區長期成長趨勢的強度仍充滿信心。我們的長期投資理念是圍繞著龐大且不斷擴大的潛在市場建立的，並由強大的人口和技術變革提供支持。

Nearly 90% of the global population under the age of 20 will reside in emerging markets by 2050. These regions are also projected to account for approximately 65% of global economic growth by 2035. This youthful, tech-native population is driving the rapid adoption of digital solutions, especially in areas like mobile payments, digital wallets, and embedded financial services. This demographic momentum reinforces our investment thesis; a massive addressable market, high topline growth, attractive margins, strong cash generation, and a robust innovation pipeline that allows us to be a market leader.

至2050年，全球近90%的20歲以下人口將居住在新興市場。預計到 2035 年這些地區將佔全球經濟成長的約 65%。這個年輕、技術型的群體正在推動數位解決方案的快速應用，尤其是在行動支付、數位錢包和嵌入式金融服務等領域。這種人口成長動能強化了我們的投資論點：龐大的潛在市場、高營收成長、誘人的利潤率、強勁的現金創造能力以及強大的創新管道，這些讓我們成為市場領導者。

At the same time, global trade dynamics are evolving. The ongoing discussions around tariffs and the fragmentation of traditional trade models are creating opportunities for both emerging markets and dLocal. We are seeing a shift to a more multilateral, diversified global trading environment.

同時，全球貿易動態也在改變。圍繞關稅和傳統貿易模式碎片化的持續討論正在為新興市場和 dLocal 創造機會。我們看到全球貿易環境正向更加多邊化、多樣化轉變。

And this shift is prompting developed economies to engage with emerging markets more strategically and with greater urgency, an environment that plays directly into dLocal’s mission of empowering global merchants to localize and optimize their payment strategies in these high-growth regions of the world.

這種轉變促使已開發經濟體更策略性、更迫切地與新興市場接觸，而這種環境直接符合 dLocal 的使命，即幫助全球商家在這些高成長地區在地化和優化他們的支付策略。

While global players such as many of the mega cap companies have already embraced localization and alternative payment methods, a significant portion of the market remains underserved on this front. As emerging markets gain prominence, demand for seamless, localized payment solutions will only accelerate, substantially expanding our total addressable market.

儘管許多大型公司等全球參與者已經接受了在地化和替代支付方式，但很大一部分市場在這方面仍然服務不足。隨著新興市場日益重要，對無縫、在地化支付解決方案的需求只會加速，從而大幅擴大我們的整體潛在市場。

Crucially, this shift also underscores the importance of flawless execution. Competition in this space is expected to intensify, but we continue to differentiate ourselves through our ability to deliver reliable, cost-effective, and frictionless payment solutions.

至關重要的是，這種轉變也強調了完美執行的重要性。預計該領域的競爭將會加劇，但我們將繼續透過提供可靠、經濟且無摩擦的支付解決方案來保持差異化。

Our ongoing improvements in Net Promoter Score, which results from our focus on addressing emerging market specific payments fragmentation and merchant pain points through bespoke financial infrastructure solutions, evidences stronger relationships with our partners and the fact that we are uniquely positioned to capture the incremental volume arising from these structural shifts.

我們的淨推薦值不斷提高，這源於我們專注於透過客製化的金融基礎設施解決方案解決新興市場特定的支付碎片化和商家痛點，這證明了我們與合作夥伴的關係更加牢固，並且我們在捕捉這些結構性轉變帶來的增量方面具有獨特的優勢。

The opportunity ahead is both massive and tangible, and we are confident in our ability to seize it. That’s why we are reaffirming our full-year guidance and remaining fully committed to disciplined execution and with relentless focus on long-term, sustainable growth.

眼前的機會巨大而真實，我們有信心抓住它。這就是為什麼我們重申全年指導方針，並繼續全力致力於嚴格執行，並堅持不懈地關注長期可持續成長。

Thank you for your continued trust and support. And with that, we are happy to take your questions.

感謝您一直以來的信任與支持。我們非常樂意回答您的問題。

(Operator Instructions) Tito Labarta, Goldman Sachs.

（操作員指示）高盛的 Tito Labarta。

Hi, I'm Tito. Thanks for taking my question. I got one question for two parts, I guess. Can you maybe give some color on the growth in Argentina. You mentioned there that there was some increase in advance and volume. So just to understand that a little bit better. How sustainable is that? Do you think that can increase? Was there any seasonality to that?

你好，我是 Tito。感謝您回答我的問題。我想，我有一個分成兩個部分的問題。能否介紹一下阿根廷的成長情況？您提到預付款和交易量都有增加。這樣就能更好地理解這一點。這種做法的可持續性如何？您認為這還能增加嗎？這其中有季節性嗎？

And then in Mexico, I understand the deep volume from the commerce players. Just the partial volume loss with the large merchant. Can you give any additional color? Do you expect that to be a risk at all? The volume there, just understand what's going to happen? Thank you.

然後在墨西哥，我了解到商業參與者的深度交易量。只是與大商家的部分交易量損失。您能提供任何額外的顏色嗎？您認為這會是個風險嗎？那裡的音量，才明白會發生什麼事？謝謝。

Sure, Tito. So Argentina seems sustainable. We've seen a pick up in interest in that market from global merchants and a search for more alternative payment methods. So as capital controls are gradually lifted in Argentina, we do begin to see companies begin to look at that market again with favorable eyes and leaning into it. Mexico, we need to execute better and reignite growth there.

當然，蒂托。因此阿根廷似乎是可持續的。我們看到全球商家對該市場的興趣日益濃厚，並開始尋求更多替代支付方式。因此，隨著阿根廷的資本管制逐漸取消，我們確實開始看到企業開始再次以讚賞的眼光看待該市場並傾向於進入該市場。墨西哥，我們需要更好地執行並重新激發那裡的成長。

We don't see anything from a structural perspective that shouldn't allow us to accomplish that with better execution. It did grow sequentially despite the seasonal weakness. So that's, I think, positive.

從結構角度來看，我們認為沒有什麼不能讓我們透過更好的執行來實現這一目標。儘管受到季節性疲軟的影響，但其銷量確實實現了連續成長。所以我認為這是積極的。

And on the specific explanation on share loss, I think Mexico had been the strongest grower throughout large parts of 2024 with concentration around a few merchants that drove a lot of those growth. And so small shifts in volumes from those merchants can drive a lot of the slowdown in that market. As we continue to scale it out and diversify across more merchants, then the impact of a single merchant isn't as big. There is no merchant churn. These are small changes in share of wallet that can go in either direction in subsequent quarters.

關於份額損失的具體解釋，我認為墨西哥在 2024 年的大部分時間裡都是成長最強勁的地區，主要集中在少數幾個推動了大部分成長的商人身上。因此，這些商家的交易量發生微小變化可能會導致該市場大幅放緩。隨著我們繼續擴大規模並向更多商家多元化發展，單一商家的影響力就不會那麼大了。沒有商家流失。這些都是錢包份額的微小變化，在接下來的幾個季度中可能會朝任何一個方向變化。

Thanks, Pedro. That's helpful. Maybe just on the take rates in Argentina, you mentioned that those advanced involving set higher take rates. How sustainable is that, particularly if there's more interest in Argentina, maybe things become a little bit easier? Are those take rates in Argentina sustainable, you think?

謝謝，佩德羅。這很有幫助。也許只是關於阿根廷的接受率，您提到那些先進的涉及設定了更高的接受率。這種做法的可持續性如何？特別是如果人們對阿根廷的興趣增加，事情可能會變得更容易？您認為阿根廷的這些收費率是否可持續？

Great. So Argentina is one of the markets where one of the products that we sell is a full-payment suite white label. And as part of that, we also get involved in the discounting of receivables and in different financing alternatives for our merchant. There's no credit risk involved, nothing of that type, but it does generate an incremental take rate when there are periods where consumers are buying more on installments. And therefore, there's more advancing of receivables or factoring of receivables.

偉大的。因此，阿根廷是我們銷售全套付款套件白標產品的市場之一。作為其中的一部分，我們也參與應收帳款貼現以及為商家提供不同的融資選擇。這其中不涉及任何信用風險，但當消費者分期付款購買更多商品時，它確實會產生增量利率。因此，應收帳款的預付或應收帳款保理會增加。

So it's inherent to the business model. It's inherent to a particular product that Argentina has the greatest exposure to that product. And so, I think it's sustainable in that we have a higher take rate there as a consequence of periods where consumers are buying on longer installments and there's more factoring involved.

所以它是商業模式所固有的。對於某種特定產品而言，阿根廷是該產品的最大市場，這是其固有特徵。因此，我認為這是可持續的，因為我們有更高的收費率，因為消費者的分期付款期限更長，並且涉及更多的保理。

Okay, that's good. Thank you, Pedro.

好的，那很好。謝謝你，佩德羅。

Jamie Friedman, Susquehanna International Group.

傑米‧弗里德曼，薩斯奎漢納國際集團。

Hey, guys. Congratulations. Good start to the year. I'll ask a couple just up front to get them out of way. So first, on the operating expenses, Pedro, they grew 3%. This is adjusted operating expenses, grew 3% in the quarter. That did seem to be lower than what was contemplated on an annual basis. So just trying to figure out, is that going to come back? Was that temporary? That's the first one.

嘿，大家好。恭喜。今年的開始很好。我會請前面的一對夫婦把他們讓開。首先，就營運費用而言，佩德羅，成長了 3%。這是調整後的營運費用，本季成長了 3%。這確實似乎低於年度預期。所以只是想弄清楚，它會回來嗎？那是暫時的嗎？這是第一個。

Then, yeah, in terms of that five basis point impact from the advertising client that's on slide, I closed the deck already, but it's that slide where you show the reconciliation of take rate. I was just wondering, that seems like a lot for what seemed to be one client. Is that contemplated to continue in the current guidance, and you know, any context on that one? So those are the two questions. Thank you.

然後，是的，就幻燈片上廣告客戶的五個基點的影響而言，我已經結束了演講，但那張幻燈片展示了接受率的對帳。我只是想知道，對於一個客戶來說，這似乎太多了。這是否打算在當前指導下繼續下去？您知道這方面有什麼背景嗎？這就是兩個問題。謝謝。

Hi, Jamie, this is Jeff. Thanks for your questions. On the OpEx side, I would just say mostly that there is a slight element of timing there, but I think really we're continuing to make sure we're laser focused on the expense base of the business and just being really responsible there.

嗨，傑米，我是傑夫。感謝您的提問。在營運支出方面，我主要想說的是，這其中存在一些時間因素，但我認為我們確實會繼續確保我們專注於業務的費用基礎，並真正負責任。

It's a very large global client in the advertising space and if their growth slows down relative to others, which doesn't necessarily mean that they're decreasing, then we have merchant mix shift in the TPV away from a higher take rate merchant, with significant operations with us in Egypt, which is one of the very high take rate markets.

這是廣告領域非常大的全球客戶，如果他們的成長相對於其他客戶放緩（這並不一定意味著他們在減少），那麼我們的 TPV 商家組合就會從更高的佣金率商家轉移，我們在埃及有大量業務，埃及是佣金率非常高的市場之一。

And so as other merchants in other verticals and other verticals outpace that merchant, it drives down the take rate. So it's a mixed shift issue. This is a global -- very, very, very, very large mega cap merchant. And so that explains the five basis points of impact.

因此，當其他垂直行業和其他垂直行業的其他商家超越該商家時，就會降低收費率。所以這是一個混合轉變問題。這是一家全球性的——非常非常非常大的巨型市值商人。這就解釋了影響的五個基點。

Okay, that makes sense. I'll drop back in the queue. Thank you.

好的，這很有道理。我會回到隊列中。謝謝。

Gail Elmer, JPMorgan.

蓋爾·埃爾默，摩根大通。

Thank you, Pedro, Jeff. Congratulations on the quarter and on the capital agenda, interesting announcement. The two questions on my side, the first one is related to other LATAM. Pretty strong performance in the quarter. I tried to calculate here the gross profit margin. It was 40%, so nothing crazy. It seems to be less related to take rates and more related to volumes.

謝謝你，佩德羅，傑夫。恭喜本季和資本議程，有趣的公告。我這邊有兩個問題，第一個問題與其他 LATAM 有關。本季表現相當強勁。我嘗試在這裡計算毛利率。比例是 40%，所以沒什麼好奇怪的。它似乎與接受率關係不大，而與交易量關係更大。

So just want a little bit more color if that statement makes sense or not? And if you can provide a little bit more granularity, what happened in other LATAM that was so strong?

那麼，我只是想稍微解釋一下，看看這個說法是否有意義？如果您能提供更詳細的信息，那麼其他拉丁美洲國家為何表現如此強勁？

And then the second quarter is actually a follow-up, just in terms of the margins of the business EBITDA margins, also strong this quarter. Just want to understand how you're seeing the evolution throughout the quarters. If we should see these margins by some reason decline, or if it's natural to expect some either stable or some increase on those margins? Thank you.

然後，第二季度實際上是一個後續季度，僅就業務 EBITDA 利潤率而言，本季也很強勁。只是想了解您如何看待整個季度的演變。我們是否應該看到這些利潤率因某種原因下降，或者我們自然地預期這些利潤率會保持穩定或增加？謝謝。

Sorry, just trying to get the numbers for you. So other LATAM has shown really strong TPV evolution across some of the more frontier-ish markets that are showing positive growth as merchants globalize payments more and more. So there is an element of what we typically look at in terms of take rate. But you could also look at it in terms of gross margin, where you're beginning to have more volume and more frontier markets with higher take rates, some of the Central American markets, some of the markets in South America that are not the large economies.

抱歉，我只是想幫您取得這些數字。因此，其他拉美地區在一些更前沿的市場中表現出了非常強勁的 TPV 演變，隨著商家越來越多地實現支付全球化，這些市場呈現出積極的成長。因此，我們通常會考慮接受率方面的因素。但你也可以從毛利率的角度來看待這個問題，你開始擁有更多的交易量和更多的前沿市場，這些市場具有更高的接受率，一些中美洲市場，一些南美洲市場，這些市場都不是大型經濟體。

So it is partially driven by improved take rates in frontier markets, which we've always said is part of our thesis and part of the reason that we believe that although there is a secular decline in take rates, there are strong offsets to that as well as we continue to diversify into more and more markets. Chile was particularly strong within that segment of other Latin America. Chile does have a higher gross margin profile than Brazil or Mexico, more in line with Argentina, and that's a consequence of merchant mix and payment mix.

因此，這在一定程度上是由前沿市場的接受率提高所推動的，我們一直說這是我們論點的一部分，也是我們認為儘管接受率長期下降，但隨著我們繼續向越來越多的市場多元化發展，將出現強勁的抵消作用的部分原因。智利在拉丁美洲其他地區中表現尤為強勁。智利的毛利率確實高於巴西或墨西哥，與阿根廷更一致，這是商家組合和支付組合的結果。

So that's the answer on other LATAM gross profit TPV versus take rates. I think it's double strength there. It's strong TPV growth. And yes, because they are smaller markets, they tend to command take rates that are above the average.

這就是其他 LATAM 毛利 TPV 與佣金率的答案。我認為那裡的力量是雙倍的。TPV 成長強勁。是的，因為它們是較小的市場，所以它們往往會獲得高於平均水平的利率。

On the EBITDA evolution, as Jeff mentioned, there is an element of timing of the expenses throughout the year on OPEX. So this is not linear. There's more expenses planned for subsequent quarters. And as we made clear, this is still a year of investment for us.

關於 EBITDA 的演變，正如 Jeff 所提到的，營運支出 (OPEX) 全年都有一定的時間因素。所以這不是線性的。後續季度計劃有更多支出。正如我們明確表示的那樣，今年對我們來說仍然是投資的一年。

Having said that, I think the beauty of this financial model is that it is an asset-like model with significant leverage opportunity. And so when we say we're still investing behind the business, if we do so efficiently and in a controlled manner, we can hit our target of modest margin expansion this year. And then exiting this year, we should be able to allow the natural leverage of the model to begin to flow through.

話雖如此，我認為這種金融模式的優點在於它是一種具有巨大槓桿機會的資產式模型。因此，當我們說我們仍在投資該業務時，如果我們以有效且可控的方式進行投資，我們就能實現今年利潤率適度擴張的目標。然後在今年退出時，我們應該能夠讓該模型的自然槓桿開始發揮作用。

If you overlay to that everything that's happening on the AI front in automation, particularly to help you improve cost structures, and I tried to address this in the prepared remarks, I think it's positive in terms of our ability to return to margin levels we've had in the past and eventually even surpass those when you take more of a midterm view of how we're thinking through cost structures and potential to generate incremental EBITDA. But let's not get ahead of our skis for 2025 just yet.

如果您將自動化領域人工智慧方面發生的一切疊加起來，特別是為了幫助您改善成本結構，並且我試圖在準備好的評論中解決這個問題，我認為這對我們恢復到過去的利潤率水平的能力是積極的，並且當您從中期角度考慮我們如何思考成本結構和產生增量 EBITDA 的潛力時，最終甚至會超越這些水平。但我們現在還不要急著預測 2025 年的滑雪狀況。

That's clear, thank you for the explanation. Congratulations again.

很清楚，謝謝你的解釋。再次恭喜。

Jorge Kuri, Morgan Stanley.

摩根士丹利的豪爾赫·庫裡 (Jorge Kuri)。

Thank you. Hi, everyone, and congrats on the quarterly numbers. I have two questions if I may. The first one is on Brazil. Would you mind double clicking on both revenues and gross profit in Brazil? Revenues are down 20% year on year. Gross profit, down 27%. Your gross profit margin, down 400 basis points.

謝謝。大家好，恭喜你們取得的季度業績。如果可以的話我有兩個問題。第一個是關於巴西的。您介意雙擊巴西的收入和毛利嗎？收入較去年同期下降20%。毛利下降27%。您的毛利率下降了400個基點。

You did mention that there was a one-off cost impact. How much of that decline in gross profit is that one of how much of the decline in revenues is something you can gain back out of the path forward look for Brazil both revenues and gross profits? I mean, given it's still your biggest or second biggest market, I think it's important to drill a little bit more on the dynamics there.

您確實提到存在一次性成本影響。毛利的下降有多少是收入下降的一部分，您可以從巴西的未來道路中獲得多少收入和毛利？我的意思是，鑑於它仍然是你最大或第二大市場，我認為對那裡的動態進行更深入的了解是很重要的。

And then my second question is, I know you don't have a big CapEx, you're generating a decent amount of cash flow, but it still feels like distributing half of your cash back to investors. By the way, your float is very small, so it's back to the founders. In these early days of emerging market growth and e-commerce growth and everything you said, Pedro, at the end of your presentation about just the excitement and massive opportunity in emerging markets, wouldn't that be just best used in redeploying to the company? Thank you.

我的第二個問題是，我知道您的資本支出並不大，但您產生了相當數量的現金流，但感覺就像是將一半的現金回饋給了投資者。順便說一句，您的浮動資金非常少，因此它又回到了創始人手中。佩德羅，在新興市場和電子商務成長的初期，以及您在演講結束時所說的有關新興市場的興奮和巨大機遇的一切，這難道不是重新部署到公司最好的用途嗎？謝謝。

Great. Good questions, Jorge. So first one on Brazil, where I think the glass half full is it's beginning to stabilize after a few quarters of shrinking in terms of volume as well as gross profit. At least the volumes have began to pick up again, far from where it needs to be. Much like my answer on Mexico, nothing structural there. I think the tendency of moving from negative TPV to at least growing TPV is the right direction. And as we continue to grow and execute, ideally we can see Brazil accelerate.

偉大的。好問題，豪爾赫。首先談談巴西，我認為樂觀的一點是，在經歷了幾個季度的銷售和毛利萎縮之後，巴西市場開始趨於穩定。至少交易量已經開始回升，但還遠遠沒有達到應有的水準。就像我對墨西哥的回答一樣，那裡沒有任何結構性的東西。我認為從負的 TPV 轉向至少成長的 TPV 的趨勢是正確的方向。隨著我們繼續成長和執行，理想情況下我們可以看到巴西的加速發展。

And if not, it's not market dynamics, it's purely execution. Going into greater detail on the drivers of your question, there's two things. If you will recall, we had on a year-on-year basis the now infamous repricing from our largest merchant, which was still present in our Q1 '24 numbers. So we don't really comp away from that until Q2.

如果不是，那就不是市場動態，而是純粹的執行問題。更詳細地解釋你的問題的驅動因素，有兩件事。如果你還記得的話，我們最大的商家對價格進行了逐年調整，現在這已是臭名昭著，而這一調整仍然存在於我們 24 年第一季的數據中。因此，直到第二季度我們才會真正擺脫這個困境。

You also had the migration to the gateway product of a portion of our Brazilian volume, which as we said at the time, is lower take rate. So that's what's driving the gross profit compression. So part of that is comped away starting Q2. The launch of the gateway product is more towards the second half of the year. And then there are about $2.5 million of one-off costs, which don't repeat themselves in subsequent quarters. So that's the impact on gross profit of these one-off costs in Q1 for Brazil.

您還將我們的部分巴西業務遷移到了網關產品，正如我們當時所說的那樣，其接受率較低。這就是導致毛利壓縮的原因。因此，從第二季開始，部分補償已經取消。網關產品的推出時間預計在今年下半年。另外還有約 250 萬美元的一次性成本，這些成本在隨後的季度中不會重複出現。這就是這些一次性成本對巴西第一季毛利的影響。

Brazil is still an enormous market with huge opportunities for us. We've seen cross-border flows pick up. We're seeing a lot of innovation on picks, automated picks coming up, the emergence more and more of digital wallets. So again, if we execute, Brazil will deliver growth for the foreseeable future. And it's down to us to capture that.

巴西仍然是一個巨大的市場，對我們來說有著巨大的機會。我們看到跨境流動正在回升。我們看到了許多選擇方面的創新，自動選擇的出現，以及越來越多的數位錢包的出現。所以，如果我們執行的話，巴西將在可預見的未來實現成長。而我們要做的就是抓住這一點。

On the capital allocation policy, a couple of thoughts, Jorge. One is, if you look at our history over the last few years, it's not that big of a divergence. I mean, the company deployed over $100 million in share buybacks in 2023. It deployed another $100 million in share buybacks in 2024. So to your point of reinvesting back in the business for growth, we get that.

關於資本配置政策，我有幾個想法，豪爾赫。一方面，如果你回顧我們過去幾年的歷史，你會發現分歧並沒有那麼大。我的意思是，該公司在 2023 年部署了超過 1 億美元的股票回購。該公司將在 2024 年再投入 1 億美元回購股票。因此，對於您提到的重新投資於業務以實現成長的觀點，我們理解。

But the beauty of this business model and this financial model is that you don't need to throw capital at it. It's asset light. It's very driven by innovation, execution, and service model differentiation, and not by CapEx or compressing margins. If anything, I think we've said it's another investment year. Don't know if the market loved that, but we know it's what we need to do. So we are investing back into the business and then there's significant natural leverage in the business.

但這種商業模式和財務模式的美妙之處在於你不需要投入資金。這是輕資產。它主要由創新、執行和服務模式差異化驅動，而不是由資本支出或壓縮利潤率驅動。無論如何，我想我們已經說過這​​是另一個投資年。不知道市場是否喜歡這樣，但我們知道這是我們需要做的。因此，我們將重新投資於該業務，然後該業務將產生顯著的自然槓桿作用。

Leaving all that cash on the balance sheet, I think, doesn't make sense from an ROE perspective. It leaves us with a unlevered balance sheet with significant cash on it, which from a defensibility perspective is potentially not ideal either. And so we're executing the way we have been executing over the last few years, which is ensuring that we're investing where we need to invest, confident in the business model's ability to generate cash, and then giving the portion of that cash that we feel is unnecessary back to investors.

我認為，從 ROE 的角度來看，將所有現金留在資產負債表上是沒有意義的。這給我們留下了一個無槓桿的資產負債表，上面有大量現金，從防禦性角度來看，這可能也不是理想的。因此，我們正在執行過去幾年來一直在執行的方式，即確保我們在需要投資的地方進行投資，對商業模式產生現金的能力充滿信心，然後將我們認為不必要的那部分現金返還給投資者。

Share buybacks at this level of daily float is probably not a good idea, and hence, the dividend. In terms of our dry powder, we do also have significant short-term investments of about $120 million. So the overall cash available and the portion of this that we're returning, is not exactly half of it. But again, it's fairly consistent with the level of cash returns from prior years. And the business had to continue to grow. and to be able to invest everywhere it needed to invest.

以這種每日流通股數回購股票可能不是一個好主意，因此，股息也不好。就我們的現金而言，我們也確實有大約 1.2 億美元的大量短期投資。因此，可用的現金總額和我們要退還的部分還不到一半。但同樣，這與前幾年的現金回報水準相當一致。且業務必須持續成長，並且能夠在所有需要投資的地方進行投資。

Great. Thank you, Pedro, and congrats again.

偉大的。謝謝你，佩德羅，再次恭喜你。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Hi, Pedro. And congratulations on the quarter. Just two quick questions. First, on visit to Mexico, the softness of volumes, where do you think these volumes are going in terms of your competitors?

你好，佩德羅。恭喜本季取得佳績。只要問兩個簡單的問題。首先，在造訪墨西哥時，您發現銷售量疲軟，您認為這些銷售量相對於您的競爭對手如何？

And second question, you noted that the processing costs in South Africa and Nigeria inched up a bit. Could you explain why that happened? Because we're noticing that the cost of services percentage of revenues have been going up. So just like to get more clarity on that and how that should trend. Thank you so much.

第二個問題，您注意到南非和奈及利亞的加工成本略有上漲。你能解釋為什麼會發生這種情況嗎？因為我們注意到服務成本佔收入的百分比一直在上升。所以只是想更清楚地了解這一點以及其趨勢如何。太感謝了。

Mexico, when we refer to share of wallet losses, by definition it means it's going to someone else. I think that's the nature of this business. We compete across over 40 markets. We generally are significant share gainers in most of our merchants. And in most markets, that doesn't always play out that way from one quarter to the next.

墨西哥，當我們提到錢包損失份額時，根據定義，這意味著這筆錢落到了別人的手中。我認為這就是這個行業的本質。我們在 40 多個市場中競爭。我們在大多數商家的市佔率總體上都有顯著成長。而在大多數市場中，這種情況並不總是逐季度發生。

The beauty of an increasingly diversified global south business, as I've been saying for a few quarters now, is that weakness in one market in one quarter increasingly gets offset by strength elsewhere. So this quarter we had weakness in gross profit in emerging Africa and Asia. We didn't have a great quarter in Brazil or Mexico, but rest of LATAM and Argentina were able to pick up. Whereas in the past, maybe we had a different situation.

正如我最近幾季一直在說的那樣，全球南方業務日益多元化的美妙之處在於，一個市場在某個季度的疲軟會逐漸被其他市場的強勁表現所抵消。因此本季我們在新興非洲和亞洲的毛利表現疲軟。我們在巴西和墨西哥的季度表現並不出色，但拉丁美洲其他地區和阿根廷的表現有所回升。而在過去，我們的情況可能有所不同。

So again, I don't think competitive dynamics are such that we can't reignite growth in any of these markets, but there will be quarters where we will lose share on some merchants and in some markets, and many others where we will win share.

所以，我再說一遍，我認為競爭態勢不會讓我們無法在任何一個市場重新點燃成長的火花，但在某些季度，我們會在某些商家和某些市場失去份額，而在許多其他季度，我們會贏得份額。

Nigeria and South Africa, just a couple of quick thoughts there that I think are relevant. Typically, when you see these costs eking up, it'll be driven by one of two factors. Not lack of scale or lack of ability to flex that scale to improve cost on a per processor basis, but it typically means that either through smart routing decisions or merchant overrides, we've prioritized performance over cost on the pipes that we are routing merchant volume to in a specific market.

尼日利亞和南非，我認為這兩個國家有幾點相關的想法。通常，當您看到這些成本不斷上升時，這是由兩個因素之一引起的。並不是缺乏規模或缺乏靈活調整規模以改善每個處理器成本的能力，而是通常意味著，無論是透過智慧路由決策還是商家覆蓋，我們都優先考慮在特定市場中將商家數量路由到的管道的性能而不是成本。

So part of our management of all this is we will at times send volume through a slightly more expensive pipe to ensure merchant performance. Thinking long term, we will then work with processors where performance is weak but have a better cost to see if we can improve that performance and then reroute back through those processors. And that's really the bread and butter of what we do. And the reason over longer periods of time, we believe we add enormous value to global merchants that simply don't have that kind of local capability to manage around multiple processors and their respective performances.

因此，我們對這一切的管理的一部分是，我們有時會透過稍微昂貴的管道發送數據，以確保商家的表現。從長遠考慮，我們將與效能較弱但成本更低的處理器合作，看看是否可以提高效能，然後再透過這些處理器重新路由。這確實是我們工作的重心。從長遠來看，我們相信我們為全球商家增加了巨大的價值，而這些商家根本沒有那種本地能力來管理多個處理器及其各自的效能。

The other driver that affects Nigeria and South Africa is also payment-type mix. When you move away from just credit cards and you begin to look at APMs, bank transfers, that could also have an impact as the mix between those different payment-type shifts from one quarter to another.

影響尼日利亞和南非的另一個驅動因素也是支付類型組合。當你不再只是使用信用卡，而是開始關注APM、銀行轉帳時，這也會產生影響，因為不同支付方式的組合會從一個季度轉移到另一個季度。

That's good. If I could just go back on the competition, could you point out maybe one or two things that you could do differently or that you're trying to do to reignite growth in Brazil and Mexico as you pointed out?

那挺好的。如果我可以回到競爭的話題，您能否指出一兩件您可以做不同的事情，或者您正在嘗試做的事情，以重新激發巴西和墨西哥的增長，正如您所指出的？

I mean, our strategy continues to be one of landing new merchants. Brazil and Mexico for that should actually be very fertile ground. If you think of merchants that begin to look at localization of payments across emerging markets, typically, the first markets where you do that are the larger, more attractive markets across the global south. So you will start with a Brazil, with a Mexico, with an India, with an Indonesia.

我的意思是，我們的策略仍然是吸引新商家。巴西和墨西哥其實應該是非常肥沃的土地。如果您想到商家開始關注新興市場的支付在地化，通常，您首先考慮的市場是全球南部較大、更具吸引力的市場。因此，你將從巴西、墨西哥、印度、印尼開始。

So there's a lot of trying to attract more merchants to our solutions in those markets. It's selling those markets to existing merchants that don't use us there. And it's ensuring competitive conversion rates, pricing, uptime, and latency for existing merchants that are already processing with us in those markets so that they give us more share of wallet and not less share of wallet there.

因此，我們正努力吸引更多商家使用這些市場的解決方案。我們把這些市場賣給那些不利用我們服務的現有商家。並且它確保了已經與我們在這些市場中合作的現有商家具有競爭力的轉換率、定價、正常運行時間和延遲，以便他們給我們更多的錢包份額，而不是更少的錢包份額。

So there are multiple growth drivers. And hence, my conviction that there are no structural issues. This is about execution. And let's see what happens over the next few quarters, and ideally, we've found the way to reignite growth in those markets. And again, just to stress again, the increased diversification leaves us with confidence that weakness in one market will increasingly be able to be offset by strength in a growing number of other markets.

因此存在多種成長動力。因此，我確信不存在結構性問題。這是關於執行的問題。讓我們看看接下來幾季會發生什麼，理想情況下，我們已經找到了重新激發這些市場成長的方法。再次強調，多樣化程度的提高讓我們有信心，一個市場的疲軟將越來越能夠被越來越多其他市場的強勁成長所抵消。

Perfect, thank you so much.

非常好，非常感謝。

John Coffey, Barclays.

巴克萊銀行的約翰·科菲。

Great, thank you very much for taking my call. Pedro, one question for you. I think I read an interview that you made earlier in the year. I think you had mentioned that dLocal was considering some kind of M&A. And then again, you mentioned M&A, either in your prepared comments or in response to somebody. So I was wondering, when it comes to M&A, are you just sort of casually browsing the store right now or their particular functions or licenses or capabilities or Rolodex of clients that you're actively pursuing and considering a purchase for?

太好了，非常感謝您接聽我的電話。佩德羅，問你一個問題。我想我讀過您今年早些時候接受的一次採訪。我想您提到過 dLocal 正在考慮某種併購。再說了，您提到了併購，無論是在您準備好的評論中還是在回應某人時。所以我想知道，當談到併購時，您現在是否只是隨意瀏覽商店或他們的特定功能或許可證或能力或您正在積極追求並考慮購買的客戶的 Rolodex？

So I think the comments on M&A and the way we're looking at M&A right now is, we do see something that I think many of us in the fintech space had kind of been talking about for a few years now, but is finally happening, which is you begin to have a fairly large cohort of funded companies through the heydays of fintech that have become subscale and really begin to realize that they need to nestle their product, their service, under a larger company with a more robust balance sheet to be able to continue to grow.

因此，我認為關於併購的評論以及我們現在看待併購的方式是，我們確實看到了一些我認為金融科技領域的許多人已經談論了幾年但終於發生了的事情，那就是你開始擁有相當多的在金融科技鼎盛時期獲得資助的公司，這些公司已經變得規模較小，並真正開始意識到他們需要將他們的產品和服務置於一家擁有更強勁。

And so we're looking at a lot of interesting opportunities in a valuation ZIP code that we can carry out with the cash that we have on hand and the cash that we look to generate. So the answer to the Rolodex, think, I don't know if it's a Rolodex, but there are a lot of opportunities to find good assets at now attractive valuations that could be interesting add-ons to what we're doing. And if we find something that is executable and we execute, obviously, we'll communicate to the market. But that's where the Corp Dev team is spending their time.

因此，我們在估值郵遞區號中尋找許多有趣的機會，我們可以利用手頭上的現金和我們希望產生的現金來實現這些機會。因此，對於 Rolodex 的回答是，我認為，我不知道它是否是一個 Rolodex，但是有很多機會可以以現在有吸引力的估值找到優質資產，這些資產可以成為我們正在做的事情的有趣附加部分。如果我們發現某些可執行的東西並加以執行，顯然我們會向市場傳達。但這正是 Corp Dev 團隊花費時間的地方。

Great. Thank you. I just have one follow up for Jeff. When we consider your OpEx for the remaining three quarters, I was wondering -- and I know it's hard to say, but given that you're in this period of investment, when we think about like technology costs or sales costs or G&A, should we expect the Q2, Q3, Q4, are these roughly in line with what you see in Q1 or is there some sort of like higher peaks or low points during the remaining three quarters? Just trying to get a certain sense of what that investment cadence could look like?

偉大的。謝謝。我只想跟進傑夫一件事。當我們考慮剩餘三個季度的營運支出時，我想知道——我知道這很難說，但考慮到您正處於這個投資期，當我們考慮技術成本或銷售成本或一般及行政費用時，我們是否應該預期第二季度、第三季度、第四季度，這些是否與您在第一季度看到的大致一致，或者在剩餘的三個季度中是否存在更高的峰值或低點？只是想了解一下投資節奏是什麼樣的嗎？

I think, looking forward, again, we mentioned there's some timing elements here. We do think OpEx will go up and the investments will go up, again, still staying very focused on not overspending and being very diligent there or prudent there. When we think about the mix, I think that we'll continue to invest more and more and shift more onto the tech side more than anything, but I think we will see an increase across the board.

我認為，展望未來，我們再次提到這裡有一些時間因素。我們確實認為營運支出將會上升，投資也會上升，同樣，我們仍然非常注重不超支，並且非常勤勉或謹慎。當我們考慮組合時，我認為我們將繼續投入越來越多的資金，並將更多的資金轉向技術方面，但我認為我們將看到全面的成長。

All right, thank you.

好的，謝謝。

Cassie Chan, Bank of America.

美國銀行的 Cassie Chan。

Great. Thanks. I just wanted to ask about trends that you're seeing in April or May that have been relatively similar to what you've seen in the first quarter or in March. And are you kind of assuming that macro continues to remain volatile, but relatively steady overall for the remainder of the year? Thank you.

偉大的。謝謝。我只是想問您在四月或五月看到的趨勢與第一季或三月看到的趨勢相對相似。您是否認為宏觀經濟在今年剩餘時間內將繼續保持波動，但總體上相對穩定？謝謝。

Sure. We're continuing to see things trend within the range of expectations. I think any bad news, we'd be informing it. I'd rather talk about Q2 once we report Q2, but I think that's the answer. Nothing significant to report at this time. And a business that we understand had strong Q3, stronger Q4, continued momentum into Q1, and we're not seeing any relevant signs of slowdown.

當然。我們繼續看到事態發展在預期範圍內。我認為，如果有任何壞消息，我們都會告知。我寧願在我們報告第二季度後談論第二季度，但我認為這就是答案。目前沒有什麼重要的事情需要報告。據我們了解，該業務在第三季度表現強勁，第四季度表現更加強勁，並延續了第一季的勢頭，而且我們沒有看到任何相關的放緩跡象。

Okay, that's helpful. And then I guess on that -- the take rate bridge that you guys provided, so the higher share of payouts, was some weakness in the key advertising merchant and then the one-off processing cost. Are these expected to all continue into QQ and the rest of the year? Just thinking about how the shape of the rest of the year comes out in terms of the gross profit take rates that we should be modeling.

好的，這很有幫助。然後我猜想——你們提供的接受率橋樑，即更高的支出份額，是主要廣告商的一些弱點，然後是一次性處理成本。預計這些都會延續到 QQ 和今年剩餘時間嗎？只是思考一下，就我們應該建模的毛利率而言，今年剩餘時間的情況會如何。

So if you look at the midpoint of our annual guidance, it expected a continued, yet I would say, increasingly asymptotic compression and take rates. I think it was somewhere in the low-teens, full year. So if you think of four or five basis points for Q1, in general, things are tracking in line with our expectations on the product mix pricing front as well.

因此，如果你看一下我們年度指導的中點，它預計會持續，但我想說，壓縮和接受率會越來越接近。我認為全年氣溫都在十幾度左右。因此，如果您認為第一季的漲幅為 4 或 5 個基點，那麼總體而言，情況也符合我們對產品組合定價的預期。

Again, I think the bearish thesis that the repricing last year was the first shoe to drop. By now, we can eliminate that thesis. And now, there's a secular trend towards take rate decline. We need to manage around that through pricing, through expansion into higher take rate frontier markets, as I mentioned earlier.

再次，我認為去年重新定價的看跌論點是第一個出現的問題。現在，我們可以消除這個論點。現在，接受率呈現長期下降趨勢。正如我之前提到的，我們需要透過定價、透過擴展到更高接受率的前沿市場來解決這個問題。

I think you'll see as the year progresses, we're feeling better about our innovation pipeline. So our ability to push new products and services that ideally help us monetize better. So we're managing for take rate and Q1 decline. You have the bridge there and in line with our expectations.

我想你會看到隨著時間的推移，我們對我們的創新管道感覺越來越好。因此，我們推出新產品和服務的能力理想情況下可以幫助我們更好地實現盈利。因此，我們正在應對接受率和第一季的下滑。你們那裡有座橋，符合我們的期望。

Okay, thank you.

好的，謝謝。

Thank you. I'm showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。我目前沒有其他問題。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。