Dlocal Ltd (DLO) 2021 Q2 法說會逐字稿

Hello, everyone. Welcome to dLocal's Second Quarter 2021 Results Conference Call. This event is being recorded. (Operator Instructions)

大家好。歡迎參加 dLocal 2021 年第二季業績電話會議。該事件正在被記錄。（操作員說明）

I'm going to turn the call over to dLocal.

我要把電話轉給 dLocal。

Thanks, operator. Welcome to our first quarterly earnings conference call after our IPO. As a reminder, this event is also being broadcast live via webcast and may be accessed through dLocal's website at investor.dlocal.com, where the presentation is also available. The replay will be available shortly after the event is concluded.

謝謝，接線生。歡迎參加我們首次公開募股後的第一次季度收益電話會議。提醒一下，該活動還透過網路直播進行現場直播，並且可以透過 dLocal 網站 Investor.dlocal.com 訪問，該網站也提供簡報。賽事結束後不久將提供重播。

Before proceeding, let me mention that any forward 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 their assumptions, expectations and projections are reasonable in view of 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，簡報中包含的或本次電話會議中提到的任何前瞻性聲明均基於當前可用的信息以及 dLocal 當前對未來事件的假設、期望和預測。儘管該公司認為，鑑於目前可獲得的信息，他們的假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。

Actual results may differ materially from those included in dLocal's presentation or discussed in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factors sections of dLocal's registration statements on Form F-1 and other filings with the Securities and Exchange Commission, which are available on dLocal's Investor Relations website.

由於多種原因，實際結果可能與dLocal 的簡報或本次電話會議中討論的結果有重大差異，包括dLocal 表格F-1 上的註冊聲明和其他向dLocal 提交的文件中的前瞻性聲明和風險因素部分中所述的結果。美國證券交易委員會，可在 dLocal 的投資者關係網站上找到。

Now I will turn the conference over to Sebastian Kanovich, our Chief Executive Officer. Seba, you may begin your presentation.

現在我將把會議交給我們的執行長塞巴斯蒂安·卡諾維奇（Sebastian Kanovich）。Seba，你可以開始你的演講了。

Hello, everyone, and thanks for joining our second quarter results conference call. Today, I'm joined by Sumita Pandit, our Chief Operating Officer; and Diego Cabrera Canay, our Chief Financial Officer. This is our first earnings call after our IPO on June 3, 2021, and we are excited to present an update on our business, and we thank you for your interest in our company.

大家好，感謝您參加我們的第二季業績電話會議。今天，我們的營運長 Sumita Pandit 也加入了我的行列。以及我們的財務長迭戈·卡布雷拉·卡奈 (Diego Cabrera Canay)。這是我們於 2021 年 6 月 3 日首次公開募股後的第一次財報電話會議，我們很高興介紹我們業務的最新情況，感謝您對我們公司的興趣。

Let's get right into it on Slide 3. We are aware that some of you are joining us to hear our story for the first time. So we are providing a recap of who we are, what are the problems we are addressing for our merchants and what we believe is our addressable market. We will then provide an update on our vectors of future growth, followed by a review of our financial performance. We will leave time for a Q&A session at the end.

讓我們從幻燈片 3 開始。我們知道你們中的一些人是第一次加入我們來聆聽我們的故事。因此，我們回顧一下我們是誰、我們正在為商家解決哪些問題以及我們認為我們的目標市場是什麼。然後，我們將提供有關未來成長向量的最新信息，然後審查我們的財務業績。最後我們將留出問答時間。

So who are we? dLocal enables global merchants to connect seamlessly with billions of emerging market consumers. Our platform, One dLocal presents a single API, single integration and single contract solution to our merchants. We are entirely B2B focused, and we are proud to count some of the largest global merchants as our customers, such as Microsoft, Rappi, Kuaishou, MailChimp, Wikimedia, inDriver and Wix. Today, our infrastructure supports our merchants across 30 emerging markets in Latin America, Africa and Asia.

那我們是誰？dLocal 讓全球商家能夠與數十億新興市場消費者無縫連接。我們的平台 One dLocal 為我們的商家提供單一 API、單一整合和單一合約解決方案。我們完全專注於 B2B，我們很自豪能夠將一些全球最大的商家作為我們的客戶，例如 Microsoft、Rappi、快手、MailChimp、Wikimedia、inDriver 和 Wix。如今，我們的基礎設施為拉丁美洲、非洲和亞洲 30 個新興市場的商家提供支援。

Now to the results. The second quarter has been our best quarter ever. Total process volume, TPV, grew 319% year-over-year when compared to the second quarter of 2020, reaching USD 1.5 billion, during the quarter. Our TPV this quarter represents a milestone for the company as it is the first time we have surpassed $1 billion in a single quarter.

現在看結果。第二季是我們有史以來最好的季度。與 2020 年第二季相比，總製程量 TPV 年增 319%，本季達到 15 億美元。本季我們的 TPV 代表了公司的一個里程碑，因為這是我們首次在單季內突破 10 億美元。

As you may remember, we grew our TPV 139% year-over-year in our first quarter of 2021. So our growth has continued to accelerate, both year-over-year as well as quarter-over-quarter. Our revenues in the second quarter of 2021 increased to $59 million, representing 186% year-over-year growth compared to the second quarter of 2020. Our business continues to benefit from cost discipline and efficiency as we continue to maintain our adjusted EBITDA margin along with high growth.

您可能還記得，2021 年第一季我們的 TPV 年增了 139%。因此，我們的成長持續加速，無論是同比還是環比。我們2021年第二季的營收增至5,900萬美元，與2020年第二季相比年增186%。隨著我們繼續保持調整後的 EBITDA 利潤率和高成長，我們的業務繼續受益於成本控制和效率。

Slide 4. Let us briefly compare our Q2 2021 performance vis-a-vis Q1 2021 as well as full year 2020. We have improved every financial metric we have discussed with you. Our second quarter revenue of $59 million is 46% quarter-over-quarter growth versus $40 million in Q1.

投影片 4。讓我們簡要比較 2021 年第二季的業績與 2021 年第一季以及 2020 年全年的業績。我們改進了與您討論的每項財務指標。我們第二季的營收為 5,900 萬美元，季增 46%，而第一季的營收為 4,000 萬美元。

Our Q2 2021 revenue growth of 186% compared to 124% in Q1 and 88% in full year 2020. We have previously highlighted the net retention rate metric as a key KPI we obsessively track. We achieved 196% net revenue retention in Q2 2021 versus an already impressive 186% in Q1 2021, and 159% in full year 2020. Our adjusted EBITDA margin in Q2 2021 remained stable at 44% in comparison with our adjusted EBITDA margin for the first quarter, higher than our Q2 2020 adjusted EBITDA margin of 40%.

與第一季的 124% 和 2020 年全年的 88% 相比，我們 2021 年第二季的營收成長了 186%。我們之前曾強調將淨保留率指標作為我們密切追蹤的關鍵 KPI。我們在 2021 年第二季度實現了 196% 的淨收入保留率，而 2021 年第一季的淨收入保留率已令人印象深刻，為 186%，2020 年全年為 159%。與第一季調整後 EBITDA 利潤率相比，我們 2021 年第二季調整後 EBITDA 利潤率穩定在 44%，高於 2020 年第二季調整後 EBITDA 利潤率 40%。

Merchants and consumers continue to evolve on their behaviors as the pandemic goes through its different stages in the multiple countries we operate in. We are seeing more digitalization, less cash and wider adoption of alternative payment methods. We believe these new consumer behaviors' changes are here to stay and will continue to have a positive effect on our business.

隨著疫情在我們開展業務的多個國家經歷不同的階段，商家和消費者的行為不斷改變。我們看到更多的數位化、更少的現金以及更廣泛的替代支付方式的採用。我們相信這些新的消費者行為的變化將會持續下去，並將繼續對我們的業務產生積極影響。

During this quarter, we have seen continued growth in our business from both existing and new merchants using our platform. Our global employee base has continued to strive and will remain focused on serving our merchants. We have embraced a hybrid model of work, office or home as we continue to be flexible about where our employees choose to work from.

在本季度，我們看到使用我們平台的現有和新商家的業務持續成長。我們的全球員工群繼續努力，並將繼續專注於為我們的商家提供服務。我們已經採用了工作、辦公室或家庭的混合模式，我們繼續靈活地選擇員工的工作地點。

This is not new for us as even pre-COVID, we had a flexible approach to physical locations, given our global roster of merchants and extensive emerging market network. For example, the 3 of us on this call today are based in different locations. I am calling from Israel, while Sumita is in California and Diego in Uruguay.

這對我們來說並不新鮮，即使在新冠疫情之前，考慮到我們的全球商家名單和廣泛的新興市場網絡，我們對物理地點也採取了靈活的方法。例如，我們今天參加這次電話會議的 3 個人位於不同的地點。我從以色列打電話，而 Sumita 在加利福尼亞，迭戈在烏拉圭。

We have continued our efforts on the expansion front, growing our presence in Africa and Southeast Asia. We have launched 4 new countries in the first half of this year. We have added 10-plus new merchants in the second quarter of 2021. We continue to benefit from the diversification of our business across verticals. Some verticals such as retail, streaming, advertising saw accelerated growth as business benefited from post-pandemic return to work and the gradual opening of economies.

我們繼續努力擴張，擴大在非洲和東南亞的業務。今年上半年我們推出了 4 個新國家。2021 年第二季度，我們新增了 10 多家新商家。我們繼續受益於跨垂直行業的業務多元化。隨著疫情後復工和經濟逐步開放，零售、串流媒體、廣告等垂直行業出現了加速成長。

Our margins have remained stable in comparison with our previous quarter, even with continued investment in our infrastructure and people. We have continued to hire and strengthen our employee count in key functions. The head count in dLocal grew 100% year-over-year. We see tremendous opportunity in the markets, merchants and products that we serve. And we intend to continue to invest in our people, platform and technology as we pursue a path of growth.

儘管我們持續投資基礎設施和人員，但與上一季相比，我們的利潤率仍保持穩定。我們持續招募和加強關鍵職能部門的員工人數。dLocal 的員工人數較去年同期成長 100%。我們在我們所服務的市場、商家和產品中看到了巨大的機會。在追求成長之路的過程中，我們打算繼續投資我們的人員、平台和技術。

Our disciplined approach to growth and profitability till date has provided us with a unique position. We intend to continue investing in growth, and therefore, our margins may decrease in the coming quarters. We will maintain our discipline to ensure that every new dollar we process will contribute to our margin.

迄今為止，我們對成長和利潤的嚴格方法為我們提供了獨特的地位。我們打算繼續投資於成長，因此，未來幾季我們的利潤率可能會下降。我們將保持我們的紀律，以確保我們處理的每一美元都將有助於我們的利潤。

Slide 5. What are the problems we are addressing? There are 3 primary challenges that we are solving for our merchants. First, payment methods are local by nature and very diverse in the 30 countries we serve. On top of that, we are seeing a trend of continued fragmentation as consumers adopt newly available payment methods. Cash methods are getting replaced by digital payment methods, offering even more opportunities for consumers to participate in digital online commerce. Merchants are keen to access this rapidly growing end market without building the payment rails themselves.

投影片 5. 我們正在解決哪些問題？我們正在為商家解決 3 個主要挑戰。首先，支付方式本質上是本地化的，並且在我們服務的 30 個國家/地區非常多樣化。最重要的是，隨著消費者採用新的支付方式，我們看到了持續分散的趨勢。現金方式正被數位支付方式取代，為消費者提供了更多參與數位線上商務的機會。商家熱衷於進入這個快速成長的終端市場，而無需自己建立支付通道。

Second, achieving healthy conversion rates while keeping fraud under control is a challenge in emerging markets. We deliver high conversion rates and lower friction through automatic validation and dynamic routing of transactions to multiple acquirers and payment methods.

其次，在控制詐欺的同時實現健康的轉換率是新興市場面臨的挑戰。我們透過自動驗證和動態路由交易到多個收單機構和支付方式，提供高轉換率和更低的摩擦。

And third, we make the complex simple for our merchants. For those of you who have traveled to any of the markets we serve, you will know that no 2 markets in these regions are the same. We enable our merchants to keep up with the change in regulatory and tax frameworks in emerging markets.

第三，我們讓商家變得簡單。對於那些去過我們所服務的任何市場的人來說，您會知道這些地區沒有兩個市場是相同的。我們幫助我們的商家跟上新興市場監管和稅務框架的變化。

Slide 6. As you may remember, we offer both pay-in and payout capabilities to our merchants. A typical fund flow for a pay-in transaction from an emerging market user to a global enterprise merchant requires smart routing, payments processing, withholding tax collection, FX management and merchant fund settlement. Our typical pay-outs fund flow in the opposite direction from a global merchant to an emerging market user, imagine if you will, a ride-hailing company driver or a food delivery worker requires user payment disbursement, income tax management, FX management, payments processing and merchant fund collection.

投影片 6。您可能還記得，我們​​為商家提供付款和付款功能。從新興市場用戶到全球企業商家的收款交易的典型資金流需要智慧路由、支付處理、預扣稅徵收、外匯管理和商家資金結算。我們典型的支付資金流向相反的方向，從全球商家流向新興市場用戶，想像一下，如果你願意的話，叫車公司司機或食品配送工人需要用戶支付、所得稅管理、外匯管理、支付加工及商家資金收取。

Our platform enables all of this by leveraging our connectivity to 600-plus local payment methods, including cards, bank deposits, wallets and alternative payment methods as well as local acquirers, banks and nonfinancial institutions. We are not on acquirer ourselves and instead connect to multiple acquirers in the local markets where we operate. We have recently launched issuing as a service to our global merchant. We have launched our first pilot with the merchant and expect this product to be highly complementary to our current product offering.

我們的平台透過與 600 多種本地支付方式（包括銀行卡、銀行存款、錢包和替代支付方式以及本地收單機構、銀行和非金融機構）的連接來實現這一切。我們自己並不是收購方，而是與經營所在的當地市場的多個收購方建立聯繫。我們最近向全球商家推出了發行服務。我們已經與商家啟動了第一個試點，並期望該產品能夠與我們目前的產品提供高度互補。

Sumita, over to you.

蘇田，交給你了。

Thanks, Seba. Slide 7. Our business benefits from strong industry tailwinds, such as the increasing globalization of online commerce the rise of the digital economy along with the rise of digital goods that move even more quickly across borders than physical goods, the aspirational middle class that is expanding and is keen to buy the products and services that users in the western developed economies have always had access to.

謝謝，塞巴。投影片7. 我們的業務受益於強大的行業推動力，例如線上商務的日益全球化、數位經濟的興起以及比實體商品更快跨境流通的數位商品的興起，以及不斷壯大的有抱負的中產階級階級並熱衷於購買西方已開發經濟體用戶一直可以獲得的產品和服務。

Purchasing power continues to expand in these countries, and there is a trend towards equalization of purchasing power that is driving global consumption trends. Global merchants are meeting their own growth forecast they have promised their investors by going outside their domestic markets to pursue growth. As a result, traditional borders of commerce continue to blur. We, therefore, grow organically with our merchants. The complexity of the markets we serve meets our solution powerful.

這些國家的購買力不斷擴大，購買力均等化的趨勢正在推動全球消費趨勢。全球商人正在透過走出國內市場尋求成長來實現他們向投資者承諾的成長預測。結果，傳統的商業邊界繼續變得模糊。因此，我們與我們的商家一起有機成長。我們服務的市場的複雜性滿足了我們強大解決方案的需求。

Slide 8. We commissioned a market study by AMI to measure our addressable market in the countries we serve. E-commerce volume in the countries we serve was estimated to be $1.2 trillion, of which $0.4 trillion is pay-ins and is expected to grow at a 27% annual growth rate, and $0.8 trillion is pay-outs. AMI expects the share of pay-outs to increase versus pay-ins, which implies an even higher percentage growth for pay-outs than 27%. This includes both cross-border and local to local e-commerce transactions. This does not include China e-commerce volume because we process minimal volume of payments in China.

投影片 8. 我們委託 AMI 進行了一項市場研究，以衡量我們在所服務國家/地區的潛在市場。我們服務的國家的電子商務交易額估計為 1.2 兆美元，其中 0.4 兆美元為付款，預計將以 27% 的年增長率增長，0.8 兆美元為付款。AMI 預計支出份額相對於支出份額將增加，這意味著支出成長率將高於 27%。這包括跨境和本地到本地的電子商務交易。這不包括中國電子商務量，因為我們在中國處理的支付量很少。

Also, not all of this volume is comprised of global merchants. However, our TPV at $1.5 billion for the quarter is a very small fraction of the opportunity ahead of us. We grew our TPV an impressive 319% year-over-year in our second quarter, we grew 139% year-over-year in our first quarter. In the first half of 2021, we achieved USD 2.4 billion in TPV, 15% more than what we processed on a 2020 full year basis.

此外，並非所有這一數量都由全球商家組成。然而，本季 15 億美元的 TPV 只是我們面前機會的一小部分。我們第二季的 TPV 年成長了 319%，第一季年增了 139%。2021 年上半年，我們實現了 24 億美元的 TPV，比 2020 年全年的處理量增加了 15%。

We have 3 primary vectors of growth: Commercial efforts, product expansion and geographic expansion. On the commercial effort side, we are focused on 3 levers: Organic growth of our merchants; our ability to cross-sell through account management; and our ability to add new clients. On the product front, we continue to enhance our product portfolio with improvement in our features for pay-ins and pay-outs, together with the development and launch of new product lines.

我們有 3 個主要的成長方向：商業努力、產品擴張和地理擴張。在商業努力方面，我們專注於三個槓桿：我們商家的有機成長；我們透過帳戶管理進行交叉銷售的能力；以及我們增加新客戶的能力。在產品方面，我們持續增強我們的產品組合，改善我們的存款和支出功能，以及開發和推出新產品線。

On the geographic expansion vector, we are constantly deepening our presence in the countries where we currently operate, together with significant efforts to expand our offering into new countries. As an example of the latter, we have added Vietnam, Malaysia and Guatemala to our platform in Q2. Our financial results are a reflection of the power of our platform, the operating leverage of our business and the stickiness of our merchant relationships.

在地理擴張方面，我們不斷深化在目前開展業務的國家/地區的業務，同時大力將我們的產品/服務擴展到新的國家。作為後者的一個例子，我們在第二季將越南、馬來西亞和瓜地馬拉加入我們的平台。我們的財務表現反映了我們平台的力量、我們業務的營運槓桿以及我們商戶關係的黏性。

Our revenue growth plus EBITDA margin, the Rule of 40, as some of you may call this metric, was 129% in 2020, 168% in Q1 2021, and 230% in Q2 2021. We believe that the strong cash flow generation of our business also supports an inorganic strategy that will accelerate our time to market. We plan to pursue inorganic opportunities to accelerate any of our 3 growth vectors, including commercial efforts, product or geographic expansion.

我們的營收成長加上 EBITDA 利潤率（40 法則，有些人可能會稱之為這個指標），2020 年為 129%，2021 年第一季為 168%，2021 年第二季為 230%。我們相信，我們業務產生的強勁現金流也支持無機策略，從而加快我們的上市時間。我們計劃尋求無機機會來加速我們三個成長方向中的任何一個，包括商業努力、產品或地理擴張。

Let's double click on these 3 growth vectors. Slide 10, commercial vector. We saw expansion in our relationships with existing and new merchants. We are actively targeting merchants globally, including in China that are looking to expand outside their local market and expand into Latin America, Africa and Asia.

讓我們雙擊這 3 個成長向量。投影片 10，商業向量。我們與現有和新商家的關係得到了擴展。我們積極瞄準全球（包括中國）的商家，他們希望將業務擴展到本地市場之外，並擴展到拉丁美洲、非洲和亞洲。

Our net retention rate, as shown on this slide, is a function of organic growth of our merchants, our increase in share of wallet of our merchants, increase in products per merchant, increase in countries per merchant and increase in payment methods per merchant. We continued to improve our net retention rate, 196% in Q2 2021 by improving our commercial efforts with our existing merchants.

如這張投影片所示，我們的淨保留率是我們商家的自然成長、我們商家錢包份額的增加、每個商家產品的增加、每個商家所在國家/地區的增加以及每個商家支付方式的增加的函數。透過加強與現有商家的商業努力，我們持續提高淨保留率，2021 年第二季達到 196%。

We calculate NRR by measuring the dollar revenues we earn from existing merchants we had on our platform on a year-over-year basis. Therefore, $100 of revenues in Q2 2020 from the same set of merchants became $196 in Q2 2021. This is a key KPI we obsessively measure as it indicates the strength and predictability of our merchant relationships.

我們透過衡量我們從平台上現有商家獲得的逐年美元收入來計算 NRR。因此，2020 年第二季來自同一組商家的 100 美元收入在 2021 年第二季變為 196 美元。這是我們沉迷於衡量的關鍵關鍵績效指標，因為它顯示了我們商家關係的強度和可預測性。

We've onboarded 10-plus new merchants this quarter, including a merchant that is a U.S. content provider that launched in 13 countries with us, change.org, a global short video sharing app and a social network platform that develops a lip-syncing video that launched in 4 countries with us. Revenues from new clients was $19 million in Q2 2021 versus $1 million in Q2 2020. Revenues coming from merchants onboarded in the last 12 months are considered under new clients for this KPI. This is a rolling measure for a year-over-year comparison.

本季度我們已經加入了 10 多家新商家，其中包括一家與我們一起在 13 個國家/地區推出的美國內容提供商商家、全球短視頻共享應用程序 Change.org 以及開發口型同步的社交網絡平台與我們一起在4 個國家/地區推出的影片。2021 年第二季新客戶營收為 1,900 萬美元，而 2020 年第二季為 100 萬美元。過去 12 個月內入駐的商家的收入被視為此 KPI 的新客戶項下。這是逐年比較的滾動指標。

Slide 11, product sector. Our product innovation journey is never static. Emerging markets are always changing, and we believe we need to remain agile as it is our biggest competitive advantage. In this quarter, we continued to bring enhancements to our pay-ins solution with new features such as the FlexibleScheduler, enabling dynamic fund transfer, we improved our TaxManager to allow tax handling by payment methods, both debit or credit, we added new integrations to add redundancy in our card processing in existing markets, and we added new payment methods.

投影片 11，產品部門。我們的產品創新之旅從來都不是一成不變的。新興市場總是在變化，我們相信我們需要保持敏捷，因為這是我們最大的競爭優勢。在本季度，我們繼續透過FlexibleScheduler等新功能增強我們的付款解決方案，從而實現動態資金轉移，我們改進了TaxManager以允許通過借記或貸記等付款方式進行稅務處理，我們添加了新的集成在現有市場中增加卡片處理的冗餘，並且我們添加了新的支付方式。

We also enhanced our pay-out solution, expanding our instant pay-outs in more countries. We added direct connections with new partners and banks and we went live with fixed mobile app in Brazil through our own APK. We improved our fraud and data capabilities with new machine learning models tailored for retail and gaming verticals. We added profiling and fingerprinting tools and went live with device ID among other KYC improvements. Our issuance-as-a-service solution enables merchants to create new lines of revenue and easily issue prepaid cards in local currencies to reach millions of consumers in emerging markets.

我們也增強了支付解決方案，將即時支付擴展到更多國家。我們增加了與新合作夥伴和銀行的直接聯繫，並透過我們自己的 APK 在巴西推出了固定行動應用程式。我們透過專為零售和遊戲產業量身定制的新機器學習模型提高了我們的詐欺和資料能力。我們添加了分析和指紋識別工具，並啟用了設備 ID 以及其他 KYC 改進。我們的發行即服務解決方案使商家能夠創造新的收入來源，並輕鬆發行當地貨幣的預付卡，以覆蓋新興市場的數百萬消費者。

Slide 12, geography vector. We've added 4 countries to our network in the first half of 2021. Our strategy is not to innovate in a vacuum. And to the extent possible, have a merchant in meeting when we open a new country. This is an example of our disciplined growth strategy. Our expansion strategy is both merchant-led. That is we go where our merchants ask us for a solution as well as dLocal led. That is markets where we know that there will be demand. We are not dependent on any single country for our performance. We also don't forecast our performance by country. We are solely focused on measuring our performance by our merchants.

第 12 投影片，地理向量。2021 年上半年，我們的網路新增了 4 個國家。我們的策略不是在真空中創新。當我們打開一個新國家時，盡可能讓商人參加會議。這是我們嚴格的成長策略的一個例子。我們的擴張策略都是以商人為主導的。這就是我們的商家向我們尋求解決方案以及 dLocal 主導的地方。我們知道這些市場將會有需求。我們的表現不依賴任何單一國家。我們也不按國家預測我們的表現。我們只專注於衡量商家的表現。

Slide 13. We see strong growth across verticals with a 319% year-over-year TPV growth as our business benefits from diversification. Our business model is not dependent on the performance and outlook of any single industry vertical. We see continued growth in verticals such as ride hailing and travel that started seeing strong return in volumes in the first quarter of 2021. We are also seeing accelerated growth in multiple verticals such as streaming, retail, advertising and financial services.

幻燈片 13。由於我們的業務受益於多元化，我們看到各個垂直行業的強勁成長，TPV 年比成長 319%。我們的商業模式不依賴任何單一垂直產業的表現和前景。我們看到叫車和旅遊等垂直行業的持續成長，這些產業的銷售量在 2021 年第一季開始出現強勁回報。我們也看到串流媒體、零售、廣告和金融服務等多個垂直領域的加速成長。

I'm now going to hand it over to Diego to review our financial highlights.

我現在將把它交給迭戈來回顧我們的財務亮點。

Thanks, Sumita. Let's start with Slide 15. Since we started our operations 5 years ago, we have on average, almost doubled our TPV year after year. We see an acceleration in our TPV growth with 319% in the second quarter of 2021 compared to 60% in the fiscal year 2020. This growth benefits from specific verticals such as ride hailing and travel that were affected in Q2 2020. We are also seeing tremendous growth in all the other verticals, such as streaming, retail, advertising and financial services.

謝謝，蘇田。讓我們從幻燈片 15 開始。自 5 年前開始營運以來，我們的 TPV 平均每年幾乎翻倍。我們看到 2021 年第二季的 TPV 成長加速，達到 319%，而 2020 財年為 60%。這一增長受益於 2020 年第二季受影響的特定垂直行業，例如叫車和旅行。我們也看到所有其他垂直行業的巨大成長，例如串流媒體、零售、廣告和金融服務。

Let me highlight that even in Q2 2020, during the heart of the pandemic, we have still grown 17% year-over-year. While we expect to see continued strength in our business in the remainder of the year, the percentage growth mainly normalized as the comparable quarters in the second half of 2020 had already seen significant growth.

我要強調的是，即使在 2020 年第二季度，在疫情最嚴重的時期，我們仍然比去年同期成長了 17%。雖然我們預計今年剩餘時間我們的業務將持續強勁，但百分比成長主要正常化，因為 2020 年下半年的可比季度已經顯著成長。

Let's move to Slide 16. Our revenues in the second quarter 2021 reached USD 59 million, 186% year-over-year growth from Q2 2020, and 46% quarter-over-quarter growth from Q1 2021. Our revenue over TPV ratio or take rate was 4.1% in Q2 2021 versus 4.3% in Q1 2021. This is equal to the take rate we had in 2019. This ratio changes based on the underlying business mix.

讓我們轉到投影片 16。我們2021年第二季的營收達到5,900萬美元，較2020年第二季年增186%，較2021年第一季較上季成長46%。2021 年第二季我們的營收與 TPV 的比率或採用率為 4.1%，而 2021 年第一季為 4.3%。這與 2019 年的採用率相同。此比率會根據基礎業務組合而變化。

In 2020, pay-ins have swung to a larger portion of our overall business, resulting in a higher revenue over TPV ratio of 5%. This ratio also increases as the volumes with some of our largest merchants increase, given that we set pricing tiers by volumes in our merchant agreements. Higher volumes with our largest merchants, typically decreases the ratio, but it's great for our business as we bring incremental EBITDA.

2020 年，付費收入在我們整體業務中所佔的比例已上升，導致收入與冠捷的比率提高至 5%。鑑於我們在商家協議中按數量設定定價等級，隨著我們一些最大的商家的交易量增加，這一比率也會增加。我們最大的商家的銷售增加通常會降低該比率，但這對我們的業務非常有利，因為我們帶來了增量 EBITDA。

Let's switch to Slide 17. We are very pleased with our continued improvement in adjusted EBITDA. In Q2 2021, our adjusted EBITDA grew to $25.9 million, 213% year-over-year growth and 45% quarter-over-quarter growth. Our adjusted EBITDA margin remained stable at 44% in last quarter and improved 384 basis points year-over-year.

讓我們切換到投影片 17。我們對調整後 EBITDA 的持續改善感到非常滿意。2021 年第二季度，我們調整後的 EBITDA 成長至 2,590 萬美元，較去年同期成長 213%，較上季成長 45%。上季我們調整後的 EBITDA 利潤率穩定在 44%，年增 384 個基點。

We have achieved this while we have continued to invest in our people, platform and technology. We intend to continue investing in growth, and therefore, our margin may decrease in the coming quarters, maintaining our discipline to drive profitable growth with every additional dollar that we process.

我們在不斷投資於人才、平台和技術的同時實現了這一目標。我們打算繼續投資於成長，因此，我們的利潤率在未來幾季可能會下降，保持我們的紀律，用我們處理的每一美元來推動獲利成長。

Cost of services dropped from 2.6% of TPV in the second quarter 2020 to 1.7% of TPV in the second quarter of 2021, mainly as a result of business mix. Operating expenses grew $11.2 million year-over-year, mainly driven by expenses related to the secondary portion of the initial public offering for $3 million, stock-based compensation for $2.1 million, and salaries and wages, that was $3.7 million as we double our headcount and brought key talent on board.

服務成本從 2020 年第二季佔 TPV 的 2.6% 下降至 2021 年第二季佔 TPV 的 1.7%，這主要是業務組合的結果。營運費用年增1,120 萬美元，主要是由於與首次公開募股的二次部分相關的費用（300 萬美元）、基於股票的薪酬210 萬美元，以及工資和工資（隨著我們的收入翻倍，該費用為370 萬美元）所推動。人員數量並引進了關鍵人才。

Let's continue with Slide 18. Of the 186% year-over-year revenue growth in Q2 2001, $20 million came from existing merchants and $19 million came from new merchants. The comparable numbers of Q1 2021 were $15 million and $7 million, respectively.

讓我們繼續看投影片 18。2001 年第二季營收年增 186%，其中 2,000 萬美元來自現有商家，1,900 萬美元來自新商家。2021 年第一季的可比較數字分別為 1,500 萬美元和 700 萬美元。

Revenues from existing merchants are those revenues that are driven by merchants that we're already processing in the same quarter of last year. And revenues from new merchants are those revenues that are driven by merchants that started operating with us after the second quarter of last year. As mentioned, our net revenue retention rate continues to improve with 196% in the second quarter of 2021 compared to an already outstanding 106% in the first quarter.

現有商家的收入是由我們去年同一季度已經處理的商家所驅動的收入。來自新商家的收入是去年第二季後開始與我們合作的商家所帶來的收入。如前所述，我們的淨收入保留率在 2021 年第二季度持續提高，達到 196%，而第一季則已達到 106%。

Switching to Slide 19. When we look at our KPI per merchant, we see that they have sequentially continued to improve. The average number of countries per merchant in the second quarter of 2021, reached 7% compared to 6% in the first quarter. Given that we have already built our payments network in 30 countries, very significant capability to continue to bring our merchants to new geographies. And the same applies to the payment methods per merchant. We reached 62% compared to 63% in the first quarter, while we offer more than 600 payment methods in the countries that we operate.

切換到投影片 19。當我們查看每個商家的 KPI 時，我們發現他們連續不斷地改善。2021 年第二季每位商家的平均國家數量達到 7%，而第一季為 6%。鑑於我們已經在 30 個國家/地區建立了支付網絡，我們有能力繼續將我們的商家帶到新的地區。這同樣適用於每個商家的付款方式。我們的使用率達到了 62%，而第一季為 63%，同時我們在營運所在國家/地區提供了 600 多種支付方式。

With that, I will turn it back to Seba to conclude.

說到這裡，我將把它轉回 Seba 來結束。

Thanks, Diego. On Slide 20. In conclusion, our 5 strengths are as follows: First, we have a large and expanding addressable emerging market ecosystem; second, we have a direct integration with some of the largest online merchants in the world; third, our scalable single API technology infrastructure makes the complex simple for our merchants; fourth, we are diversified across verticals and clients; and fifth, our rapid growth is combined with our disciplined profitability. And this is just the beginning. We continue to remain focused, humble and agile as we enable our global merchants to connect with billions of emerging market users and execute on our growth strategy.

謝謝，迭戈。在投影片 20 上。總而言之，我們的5大優勢如下：首先，我們擁有龐大且不斷擴大的新興市場生態系統；其次，我們與世界上一些最大的線上商家有直接整合；第三，我們可擴展的單一 API 技術基礎架構使我們的商家變得簡單；第四，我們在垂直產業和客戶領域實現多元化；第五，我們的快速成長與嚴格的獲利能力結合。而這只是個開始。我們將繼續保持專注、謙虛和敏捷，幫助我們的全球商家與數十億新興市場用戶建立聯繫並執行我們的成長策略。

Thank you for joining us today. I will now request the operator to open it up for questions.

感謝您今天加入我們。我現在請求接線員打開它詢問問題。

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

（操作員說明）我們的第一個問題來自摩根士丹利的 Jorge Kuri。

Congrats on the numbers. I have 2 questions, if I may. The first one is on your new merchant growth of $19 million, was pretty spectacular, more than 2x what you did in the previous quarter. Can you give us a little bit of a sense of who those new merchants are? How big can they be? Could any of them potentially be 1 of your top 10 merchants? That's evidently a very large uptick in new merchant growth. I'm assuming there's some really large clients there.

恭喜你的數字。如果可以的話，我有兩個問題。第一個是關於您的新商家成長 1,900 萬美元，非常驚人，是上一季的 2 倍以上。您能否讓我們稍微了解一下這些新商家是誰？它們能有多大？他們中的任何一個有可能成為您的十大商家之一嗎？這顯然是新商家成長的一個非常大的成長。我假設那裡有一些非常大的客戶。

And then the second question is on your net revenue retention rate of $196 million is evidently well ahead of what you did last year, well ahead of the soft guidance you had provided of around $150 million, $160 million. How do you see this number trending in the second half of this year?

第二個問題是，你們 1.96 億美元的淨收入保留率顯然遠高於你們去年的表現，遠高於你們提供的大約 1.5 億美元、1.6 億美元的軟指導。您如何看待今年下半年這個數字的趨勢？

Jorge, so the -- on your first question, I think the -- an important clarification to make is that this is a trailing metric. So we are taking into account every customer as new merchants that weren't there a year ago. So you'll see that, that number continues to evolve. Having said that, yes, this was a very strong quarter. Sumita touched on her remarks on some of the merchants we've been able to win, including a social network, a U.S. content provider, a short video sharing app.

Jorge，所以，關於你的第一個問題，我認為，需要做出的重要澄清是，這是一個追蹤指標。因此，我們將每位客戶視為一年前不存在的新商家。所以你會看到，這個數字不斷在改變。話雖如此，是的，這是一個非常強勁的季度。Sumita 談到了她對我們能夠贏得的一些商家的評論，包括一家社交網絡、美國內容提供商、一家短視頻共享應用程式。

And for us, Jorge, the -- what we believe is more important is the trajectory rather than the starting point. Yes, we are extremely excited of these customers we've been able to onboard. But having the ability of onboarding them is -- they won. Then it's where we need to make sure we are continuing adding value into new geographies, new products. And that's where our net revenue retention starts to trigger and starts to compound.

對我們來說，豪爾赫，我們認為更重要的是軌跡而不是起點。是的，我們對能夠加入這些客戶感到非常興奮。但擁有讓他們入職的能力——他們贏了。然後我們需要確保我們繼續為新地區、新產品增加價值。這就是我們的淨收入保留開始觸發並開始複合的地方。

So we are definitely excited with the current ones we've been able to onboard, but hopefully, we'll be able to see their growth in the next many quarters to come. And on your second question around net revenue retention. Sumita, do you want to take it?

因此，我們對目前能夠加入的產品感到非常興奮，但希望我們能夠在接下來的幾季看到它們的成長。關於你關於淨收入保留的第二個問題。蘇田，你要接受嗎？

Yes. Surely. Happy to step out. So I think, Jorge, the question. I want to make sure that we understand the methodology carefully here. So when we say revenues from new clients and that number was $19 million in second quarter 2021, that number used to be $1 million in second quarter 2020. And the reason you see that increase is that's revenue from any new clients in the last 12 months. And so it could be a client that we added in Q3 of last year or Q4 of last year or Q1 of this year. All of that aggregates into that $19 million number. And that's why in comparison to Q2, that number looks that big, $19 million versus $1 million.

是的。一定。高興地走出去。所以我想，豪爾赫，這個問題。我想確保我們仔細理解這裡的方法。因此，當我們說來自新客戶的收入時，2021 年第二季的數字為 1,900 萬美元，而 2020 年第二季的數字為 100 萬美元。您看到成長的原因是過去 12 個月來自新客戶的收入。因此，它可能是我們在去年第三季或去年第四季或今年第一季新增的客戶。所有這些加起來就是 1900 萬美元。這就是為什麼與第二季相比，這個數字看起來那麼大，分別為 1900 萬美元和 100 萬美元。

On your question on the guidance, what I would say is that this has been a fantastic quarter for us. If you look at the year-over-year growth rate numbers, the reason also the percentages are so high is that Q2 2020 was right in the middle of the pandemic, and we are getting the benefit of a slightly lower base last year in the second quarter. I think as we look out over the next 2 quarters, we expect our dollar numbers to look good, but I would not predict our percentage growth rates that are similar to what we've been able to achieve in the second quarter because Q3 and Q4 of last year were stronger quarters than Q2 of last year.

關於您關於指導的問題，我想說的是，這對我們來說是一個美妙的季度。如果你看一下同比成長率數據，你會發現百分比如此高的原因是 2020 年第二季正值大流行中期，而我們受益於去年基數略低。第二季。我認為，當我們展望未來兩個季度時，我們預計我們的美元數字看起來不錯，但我不會預測我們的百分比成長率與我們在第二季度實現的成長率相似，因為第三季和第第四季去年的季度比去年第二季強勁。

Sorry to push back. But -- so again -- my first question stands. So what type of merchants are you adding that the ramping of the revenues rapidly and there are bringing such a large amount of new revenues? And whether or not this could be much bigger sort of like top 10 revenues. We're trying to understand how can your revenues ramp up from here? And I think it will be really helpful if you can help us understand what -- who are these clients? What are -- sort of what they do? How big they are? Even the names would be very useful to try to get a better sense of how revenues can go up from here?

抱歉推遲。但是——再說一次——我的第一個問題仍然存在。那麼您新增的是什麼類型的商家，收入成長迅速，並帶來如此大量的新收入？以及這是否會像前十大收入那樣更大。我們試圖了解您的收入如何從這裡開始增加？我認為如果您能幫助我們了解這些客戶是誰，那將會非常有幫助。他們是做什麼的？它們有多大？即使是名字對於更好地了解這裡的收入如何增加也非常有用？

Sure. So first of all, I think it's worth conceptually discussing who we focused on. We are serving some of the largest companies in the world. And many of those names you can -- you get to see on our website. Obviously, we try to stay -- we try to make sure we disclose together with them, and those are the names that we've been able to disclose out there. But these are companies that have ambitions to operate in more than 1 country, that are some of the world leaders in their respective areas. We've announced some of those partnerships during not only the last quarter, but during the year. So a lot of those customers are out there. And we, obviously, have expectations for them to become much, much bigger.

當然。因此，首先，我認為值得從概念上討論我們關注的對象。我們為世界上一些最大的公司提供服務。您可以在我們的網站上看到其中許多名稱。顯然，我們試圖留下來——我們試圖確保我們與他們一起披露，這些是我們已經能夠披露的名字。但這些公司有志於在多個國家開展業務，並且在各自領域中處於世界領先地位。我們不僅在上個季度而且在今年宣布了其中一些合作夥伴關係。所以很多這樣的客戶都在那裡。顯然，我們期望它們變得越來越大。

Sumita was touching on the thumb point.

住田正在觸摸拇指的尖端。

Well, we believe our numbers to be very impressive, and we are extremely proud of them, we are clearly still a drop in the ocean of the opportunity we have ahead. And we are of the idea that those volumes in emerging markets are going to be driven by the type of merchants we serve, which are the largest companies in the world. So that's our -- I would like to give you a name but that's -- I hope some further clarification on who those merchants are.

嗯，我們相信我們的數字非常令人印象深刻，我們對此感到非常自豪，但我們顯然仍然是我們面前機會的滄海一粟。我們認為，新興市場的銷售將由我們服務的商家類型驅動，這些商家是世界上最大的公司。這就是我們的——我想給你一個名字，但那是——我希望進一步澄清這些商人是誰。

Our next question comes from Tito Labarta with Goldman Sachs.

我們的下一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

Also congratulations on the very strong results. Two questions. I'm kind of piggybacking a little bit on Jorge's questions a bit. But yes, first on the growth of new merchants, more -- given the strong growth at IPO, you had mentioned you didn't expect -- most of the growth you expected to be coming from the existing merchants. So are there more new merchants that going forward from here on out, that you can boost that growth from new merchants more than you initially expected?

也祝賀我們取得了非常出色的成績。兩個問題。我有點順應喬治的問題。但是，是的，首先是新商家的成長，更多——考慮到首次公開募股的強勁增長，你提到你沒有預料到——你預期的大部分增長將來自現有商家。那麼，從現在開始，是否會有更多的新商家加入，您可以比您最初預期的更多地促進新商家的成長？

I guess, maybe to rephrase it, post-IPO, has something changed where you think you can maybe capture more new merchants than before, which should boost that growth?

我想，也許換句話說，IPO後，發生了一些變化，你認為你可能會比以前吸引更多的新商家，這應該會促進成長？

And then second question also on the net revenue retention rate. I guess following up on Jorge's question, right, you had guided for that 150% to 160%. You're well above that. I mean, is -- looking back, do you think that 150% to 160% was too conservative? Can you accelerate even from here in that 196%? I understand you have soft comps last year. But just to get a sense, right, 196%, well above that 150%, it looks like there should be upside to that 150% to 160% guidance that you had given at the IPO. Is that fair to assume?

第二個問題也是關於淨收入保留率。我想跟進 Jorge 的問題，對吧，你已經指導了 150% 到 160%。你遠高於這個水平。我的意思是，回頭看，你是否認為 150% 到 160% 太保守了？從這裡開始你還能加速 196% 嗎？我知道你們去年有軟比賽。但只是為了感受一下，對吧，196%，遠高於 150%，看起來你在 IPO 時給出的 150% 到 160% 的指導應該還有上升空間。這樣假設公平嗎？

I can start with the second question, Tito, which is on your question on net retention rate. And then let's come back to the new merchant question. On the net retention rate, if we look at our cohorts over a period of time, the reason we've spoken about the 150% to 160% -- by the way, that was also our net retention rate number for our full year 2020, as you may remember.

我可以從第二個問題開始，蒂托，這是關於你關於淨保留率的問題。然後讓我們回到新的商人問題。關於淨保留率，如果我們觀察一段時間內的同類群組，就會發現我們所說的 150% 到 160% 的原因——順便說一句，這也是我們 2020 年全年的淨保留率數字，你可能還記得。

When we look at cohorts over a slightly longer period of time and we look at the trends, we see that the 160% number is actually quite stable. So I think in the medium term, we still think that, that is the right net retention rate to consider as those cohorts mature. In the initial years, when we add a merchant, our NRR could be really, really high, but it stabilizes as we've discussed with you in the past. So we think that the 150% to 160% is still the right medium-term net retention rate. And therefore, it's still what we've modeled.

當我們觀察稍長一段時間內的群組並觀察趨勢時，我們發現 160% 的數字實際上相當穩定。因此，我認為從中期來看，我們仍然認為，隨著這些群體的成熟，這是值得考慮的正確淨保留率。在最初幾年，當我們新增商家時，我們的 NRR 可能非常非常高，但正如我們過去與您討論的那樣，它會穩定下來。所以我們認為150%到160%仍然是適當的中期淨保留率。因此，它仍然是我們所建模的。

In terms of your first part of the question, which was related to your new merchants, we actually think that, that number will actually come down because we've added some very large merchants in the last 12 months. As I mentioned, it's a rolling measure. So keep in mind, these are not new merchants we added only in this quarter. These are any merchants that were not in our book of business in Q2 of 2020.

就問題的第一部分而言，這與新商家有關，我們實際上認為，這個數字實際上會下降，因為我們在過去 12 個月中增加了一些非常大的商家。正如我所提到的，這是一項滾動措施。因此請記住，這些並不是我們僅在本季度新增的新商家。這些商家不在我們 2020 年第二季的業務名錄中。

So it's a rolling measure of any new merchants in the last 12 months. And so we've added some merchants in the last 12 months that are contributing to that new client number. We expect that number to come down in the next 2 quarters as that rolling measure changes.

因此，這是對過去 12 個月內所有新商家的滾動衡量。因此，我們在過去 12 個月中增加了一些商家，這些商家為新客戶數量做出了貢獻。我們預計隨著滾動指標的變化，這個數字將在未來兩個季度下降。

Great, Sumita. And just to complement on that, sorry. The other driver for new merchant growth is having the ability of having new products, both -- sorry, new product and new geographies. So you had a question around are there more customers to be won? And what we expect is that through additional geographies, through additional products through additional capabilities, on the mid- to long term, we'll be able to continue adding merchants, not necessarily at the pace we did this quarter. But yes, we do believe there's plenty of opportunity ahead in terms of new logos to bring into the platform.

太棒了，蘇田。只是為了補充這一點，抱歉。新商家成長的另一個驅動力是擁有新產品的能力，對不起，新產品和新地域。那麼您有個問題：是否可以贏得更多客戶？我們期望的是，透過更多的地理位置、透過更多的產品和更多的功能，從中長期來看，我們將能夠繼續增加商家，不一定是按照我們本季的速度。但是，是的，我們確實相信在將新徽標引入該平台方面存在大量機會。

Great, Seba and Sumita, that's helpful. Maybe one follow-up then on the net revenue retention rate again. I understand in the midterm, yes, it should trend lower to that 150%, 160%. But I guess in the shorter term, it looks like that should be running higher, right? So midterm, maybe, I guess, to quantify the midterm, is that like in 2, 3 years? And in the shorter term, there seems to be some upside? Or is the midterm next year, just to try to quantify that in the midterm a little bit?

太好了，Seba 和 Sumita，很有幫助。也許還有一個關於淨收入留任率的後續行動。我明白，在中期，是的，它應該會下降到 150%、160%。但我想從短期來看，看起來應該會更高，對吧？所以中期，我想，量化中期，可能是2、3年後的事？從短期來看，似乎還有一些好處？還是明年的中期選舉，只是為了在中期選舉中稍微量化一下？

Yes. I think that it's about 2 years from the start of when a merchant comes on board. So it's a cohort-based measure, Tito, and I think we discussed this with you during the IPO as to how those cohorts trend out. We've added some pretty large merchants in the last 12 months. We expect them to stabilize in about 24 months from the beginning of when they come on our platform. So I would say it's in the next 12 to 18 months is where we see the 150% to 160% to be a stable place.

是的。我認為從商家加入開始大約需要兩年的時間。所以這是一個基於隊列的衡量標準，蒂托，我想我們在 IPO 期間與您討論了這些隊列的趨勢。在過去 12 個月裡，我們增加了一些相當大的商家。我們預計它們在進入我們平台後約 24 個月內將穩定下來。所以我想說，在接下來的 12 到 18 個月裡，我們看到 150% 到 160% 會保持穩定。

Our next question comes from Neha Agarwala with HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Congratulations on the earnings, very strong results. I have a clarification, mostly on the revenues and TPV. Does that also include the impact of the PrimeiroPay acquisition that you closed in April of this year? I believe some of the new merger revenues might be driven from the acquisition of PrimeiroPay. Is that right to assume?

恭喜你的獲利，非常強勁的業績。我有一個澄清，主要是關於收入和 TPV。這是否還包括您今年 4 月完成的 PrimeiroPay 收購的影響？我相信一些新的合併收入可能來自於收購 PrimeiroPay。這樣的假設正確嗎？

Yes, this includes PrimeiroPay.

是的，這包括 PrimeiroPay。

Could you tell us what would the TPV and the revenues look like without PrimeiroPay -- without the inclusion of PrimeiroPay this quarter?

您能否告訴我們，如果沒有 PrimeiroPay（本季不包括 PrimeiroPay），TPV 和營收會是什麼樣子？

I don't think they're disclosing that information, Neha, but I would say that it's not significant enough to make as much of a difference to the numbers, but we are not disclosing the PrimeiroPay numbers separately. Because it was an asset deal, as you know, we acquired the assets of PrimeiroPay. We will not be breaking out those numbers, but it's not significant enough to be broken out either.

我不認為他們會披露這些信息，Neha，但我想說的是，這還不足以對數字產生太大影響，但我們不會單獨披露 PrimeiroPay 數字。因為這是一項資產交易，如您所知，我們收購了 PrimeiroPay 的資產。我們不會分解這些數字，但它也沒有重要到需要分解的程度。

Okay. Perfect. And then again, on the operating expenses, this quarter was a bit high because of some extraordinaries. But going forward, should we expect costs to be a bit elevated? As you mentioned, you expect some cash -- we could see some pressure on margins. What is your expectations in terms of costs, given that revenues are already coming very strong so far? So should we see a pickup in the costs? Do you plan to have stronger geographical expansion in the coming quarters? Any color on that?

好的。完美的。再說一次，在營運費用方面，由於一些特殊情況，本季有點高。但展望未來，我們是否應該預期成本會略為上升？正如您所提到的，您期望獲得一些現金——我們可能會看到利潤率面臨一些壓力。鑑於到目前為止收入已經非常強勁，您對成本有何期望？那我們應該看到成本上升嗎？您是否計劃在未來幾季進行更強勁的地域擴張？那上面有什麼顏色嗎？

Neha, this is Diego. So if you look at Q2 2021, the main one-off expenses that we have were the IPO expenses for roughly $3 million, and some M&A expenses mainly related to PrimeiroPay for around $300,000. So everything else is organic and expect to continue a sequential increase going forward as we continue to grow. So you should exclude those numbers, and the rest is a trend that will continue going forward.

尼哈，這是迭戈。因此，如果你看看 2021 年第二季度，我們的主要一次性費用是 IPO 費用，約為 300 萬美元，以及一些主要與 PrimeiroPay 相關的併購費用，約為 30 萬美元。因此，其他一切都是有機的，隨著我們的不斷發展，預計未來將繼續持續成長。所以你應該排除這些數字，剩下的就是將繼續向前發展的趨勢。

Okay. And lastly, on the issuer-as-a-service program, you launched a pilot program. How has the response been so far? And when do you think you can formally launch this new service for your clients?

好的。最後，關於發行人即服務計劃，你們啟動了一個試點計劃。到目前為止反應如何？您認為什麼時候可以正式為您的客戶推出這項新服務？

Neha. So we've launched a pilot. The product is readily available to our customers who wish to use it. Obviously, we have enterprise merchants, so the sales cycles, as you are well aware, are long. So we see this product the same way as we've seen pay-outs back in the day, pay-ins as highly complementary, one with each other. We, going forward, don't intend to break down revenue by product because, again, we are always driven by this idea of having more products and more solutions to offer our merchants. The product is readily available for merchants who want to be onboarded. Having said that, we expect the proper ramp-up to take time.

尼哈。所以我們啟動了一個試點。該產品可供希望使用的客戶隨時使用。顯然，我們有企業商家，所以銷售週期，正如你所知，很長。因此，我們看待這款產品的方式與我們過去看待支付、支付的方式相同，它們是高度互補的，彼此是一體的。展望未來，我們不打算按產品細分收入，因為我們始終受到為商家提供更多產品和更多解決方案的想法的驅動。該產品可供想要加入的商家隨時使用。話雖如此，我們預期適當的提升需要時間。

Okay. And you separately monetize that. It's not included as the full package. That is a service that merchants can take up on a separate basis and you can monetize that service?

好的。然後你單獨將其貨幣化。它不包含在完整包中。這是商家可以單獨使用的服務，您可以透過該服務獲利嗎？

Exactly. So exactly the same way of pay-ins and pay-outs work where there's a fee for a pay-in transaction, there's a fee for a pay-out transaction. There will be a fee for issuing -- for our issuing product. So yes, it's going to be a new revenue line, if you will, from a -- you'll see bundled, but it will be a new source of revenue for our growth.

確切地。因此，與支付和支付的工作方式完全相同，支付交易需要付費，支付交易也需要支付費用。對於我們發行的產品，發行將收取一定的費用。所以，是的，如果你願意的話，這將是一條新的收入線——你會看到捆綁銷售，但這將成為我們成長的新收入來源。

Our next question comes from Ashwin Shirvaikar with Citi.

我們的下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Congratulations from me as well. Good quarter. You had mentioned the benefit of ride -hailing and travel as your clients recover from the impact of the pandemic. Could you maybe emphasize this or maybe indicate how much more benefit you might get if you just get back to, say, 2019 levels from purely economic recovery?

我也表示祝賀。好季度。您提到了當您的客戶從大流行的影響中恢復過來時，乘車和旅行的好處。您是否可以強調這一點，或者指出如果您從純粹的經濟復甦中恢復到 2019 年的水平，您可能會獲得多少更多的好處？

Sure, Ashwin. Obviously, we are a very different business than what we were back in 2019. So that normalization wouldn't make much of a change. We are not dependent on any particular vertical or industry. We are really well diversified. So yes, we've seen some recovery on the ride hailing and travel, okay? But we are not counting on any sort of pre-pandemic numbers. We don't forecast that way. We are not counting on that to happen. If it happens, it will be good news for us. But at the end of the day, we like to believe we've been COVID-agnostic.

當然，阿什溫。顯然，我們的業務與 2019 年截然不同。因此，正常化不會帶來太大變化。我們不依賴任何特定的垂直行業或行業。我們確實非常多元化。所以，是的，我們已經看到叫車和旅行有所復甦，好嗎？但我們並不指望任何疫情前的數字。我們不會那樣預測。我們並不指望這種情況會發生。如果發生的話，對我們來說將是個好消息。但歸根結底，我們願意相信我們對新冠病毒是不可知的。

Yes, there's been industries that have accelerated. There have been others that have been losers. But we believe in the long run, we are one a very sustainable trajectory, which will have some losers that are going to lag. And therefore, our performance is going to lag together with them. but we are not counting on any bounce back of any of those industries to move the needle for us.

是的，有些產業已經加速發展。還有一些人是失敗者。但我們相信，從長遠來看，我們是一條非常永續的發展軌跡，其中會有一些落後者。因此，我們的表現將落後於他們。但我們並不指望這些產業的任何反彈來推動我們的發展。

Understood. And then a separate question, as you ramp up many of these new clients that you're signing including perhaps, transition over some of the PrimeiroPay clients. What should we expect with regards to a margin impact from that? Is that what you're indicating when you say that margins may be a bit softer in the nearer-term quarters?

明白了。然後是一個單獨的問題，當您增加您正在簽署的許多新客戶時，可能包括過渡到一些 PrimeiroPay 客戶。對於由此產生的利潤率影響，我們該期待什麼？當您說近期幾季的利潤率可能會有所下降時，這就是您所表示的意思嗎？

Yes. I think, Ashwin -- I think on the margin question, as you can see, our margins have stayed stable between Q1 and Q2. And we think that we will really look to invest over the next few quarters. And we think that there could be some margin compression from the 44% level in the coming quarters. And the reason for that is really driven by our expansion plans, our product plans and I think our commercial efforts.

是的。我認為，阿什溫 - 我認為關於利潤率問題，正如您所看到的，我們的利潤率在第一季和第二季之間保持穩定。我們認為我們將真正考慮在接下來的幾個季度進行投資。我們認為未來幾季的利潤率可能會比 44% 的水平有所壓縮。原因實際上是由我們的擴張計劃、我們的產品計劃以及我認為我們的商業努力所推動的。

The other thing to also keep in mind is that one of the reasons, I think Diego mentioned this in his remarks, where he walked you through what the revenue over TPV number is. And it's at 4.1% in this quarter, was 4.3% in Q1.

另一件要記住的事情是，我認為迭戈在他的演講中提到了這一點，他向您介紹了 TPV 收入的數字是多少。本季為 4.1%，第一季為 4.3%。

The reason we think that there could be some margin compression is we continue to see tremendous volume growth from our large merchants. And I think we've mentioned this to you, we have volume cleared in our contract. So as the dollar volume goes up and the peers go up, the pricing comes down, which is actually good for our business. We actually like it because that means that we're going to get more volume. But I think given those 2 factors, we think that while on a dollar basis, we will continue to grow, from a margin perspective, we expect to see some compression in the next 2 quarters.

我們認為利潤率可能會受到一定程度壓縮的原因是我們繼續看到大型商家的銷售量大幅成長。我想我們已經向您提到過這一點，我們的合約中已經清算了數量。因此，隨著美元交易量的增加和同業的增加，定價就會下降，這實際上對我們的業務有利。我們實際上很喜歡它，因為這意味著我們將獲得更多的銷售。但我認為考慮到這兩個因素，我們認為雖然以美元為基礎，我們將繼續成長，但從利潤率角度來看，我們預計未來兩個季度會出現一些壓縮。

Would you be able to size the level to which -- I mean, I'm still talking low 40s, so not lower than that?

你能否確定一個級別——我的意思是，我仍然在談論 40 左右，所以不低於這個水平？

Yes. I think we are talking low 40s, I think -- if you think about the 2020 year numbers, both for net retention and margin, we think that, that's a good place for us to plan for.

是的。我認為我們談論的是 40 歲以下，如果你考慮 2020 年的數字，無論是淨保留率還是利潤率，我們認為，這是我們計劃的好地方。

(Operator Instructions) Our next question comes from Soomit Datta with New Street Research.

（操作員說明）我們的下一個問題來自 New Street Research 的 Soomit Datta。

And congratulations on very good numbers. Just 2 other quick ones for me, please. First of all, just on pay-in and pay-out, which I guess is shaping your take rate to a degree. Are we kind of broadly back to, if you like, the historic ratios we've seen between pay-in and pay-out. And so can we think about this level as kind of being a little bit more normalized? Or do you still think post-COVID, there's a bit of a reset like likely to take place?

恭喜你取得了非常好的數字。請給我另外 2 個快速的。首先，就付款和付款而言，我認為這在一定程度上影響了您的接受率。如果你願意的話，我們是否會回到我們所看到的支付與支付之間的歷史比率？那麼我們是否可以將這個水平視為更正常化一點？或者你仍然認為在新冠疫情之後，可能會發生一些重置嗎？

Secondly, just on competition, which hasn't been mentioned. Are we seeing anything by way of response from either the incumbent and/or banks -- of e-banks, imagine anything kind of happening on a competitive front, which is worth flagging. And then just a final one, please, maybe just looking forward, you talked a little bit about card issuance-as-a-service, which sounds pretty interesting. And one other thing I was interested in was prepayment income, which is such a source of revenue and profit across Latin America in particular. Any thoughts on whether that is a revenue you could try and pursue going forward?

其次，只是關於競爭，沒有提到。我們是否透過現有銀行和/或電子銀行的反應看到了任何事情，想像一下在競爭方面發生的任何事情，這是值得警惕的。最後，請，也許只是期待，您談到了發卡即服務，這聽起來很有趣。我感興趣的另一件事是預付款收入，這是拉丁美洲尤其是收入和利潤的來源。對於這是否是您未來可以嘗試追求的收入有什麼想法嗎？

Soomit, so on the question around the split between pay-ins and pay-outs, we've seen those 2 evolve along the years, and we believe it's going to continue to evolve. We are still a micro in a macro world. So depending on which customers we are able to onboard and at what speed, you'll see pay-ins, pay-outs, gaining a different share.

Soomit，關於付費和付費之間的劃分問題，我們已經看到這兩者多年來不斷發展，我們相信它會繼續發展。我們仍然是宏觀世界中的微觀。因此，根據我們能夠吸引哪些客戶以及以何種速度，您會看到付款、付款，並獲得不同的份額。

So I don't think we can point you to any material stage split between those 2. Depending on who the merchants are and how strongly they use our platform, you'll see that, that continues to evolve. On the competition question, we've lived for many years in a very competitive space. We believe there's many great companies, many great payment companies worldwide. Some of them are public. But we also are of the idea that this opportunity in emerging markets is huge. And we also believe we are very well positioned to capture, hopefully, a lot of that opportunity.

因此，我認為我們無法向您指出這兩者之間的任何實質階段劃分。根據商家是誰以及他們使用我們平台的程度，您會看到這一點不斷發展。關於競爭問題，我們多年來一直生活在一個競爭非常激烈的環境中。我們相信全世界有很多偉大的公司、很多偉大的支付公司。其中一些是公開的。但我們也認為新興市場的機會是巨大的。我們也相信，我們有能力抓住很多這樣的機會。

Some of the competitive advantage that we build in, the idea of having the direct connections, the idea, the technology, having the deep cultural understanding of the markets where we operate, we believe are sustainable advantages. So to answer your question, we are counting on competition to be aggressive. But at the same time, we are confident of the efforts on the advantages built in into our platform.

我們建立的一些競爭優勢，即擁有直接連結的想法、想法、技術、對我們經營所在市場的深刻文化理解，我們相信是永續的優勢。因此，為了回答你的問題，我們希望競爭更加激烈。但同時，我們對平台內建優勢的努力充滿信心。

The fourth -- the third question is on prepayment. I'll start. Sumita, feel free to complement. As of now, we don't make revenues from prepayments the way you would see for other companies, in particular, in Brazil. Is that an opportunity? Probably yes. It's not included in any of our internal forecasts. We are more focused today on continuing with our geographic road map, continue with our product road map. And if anything that would be a quick or an easy win to pursue further down the line.

第四、第三個問題是關於預付款的。我開始吧。住田，歡迎補充。截至目前，我們並沒有像其他公司那樣透過預付款獲得收入，尤其是在巴西。這是一個機會嗎？可能是。它不包含在我們的任何內部預測中。今天我們更專注於繼續我們的地理路線圖，繼續我們的產品路線圖。如果有的話，那將是進一步追求的快速或輕鬆的勝利。

Our next question comes from Domingos Falavina with JPMorgan.

我們的下一個問題來自摩根大通的多明哥斯法拉維納。

At the sound of being repetitive here, congratulations as well, amazing figures. I'm adding a little bit, I think, to Jorge's first question. You guys brought in a lot of your clients. And I remember you guys had kind of a funnel that the sales process is long, like you said.

聽到這裡重複的聲音，也恭喜你，驚人的數字。我想，我要對豪爾赫的第一個問題補充一點。你們帶來了很多客戶。我記得你們有一個銷售流程很長的漏斗，就像你說的。

So if you could give even if it's either quantitative or qualitative comments on kind of how this pipeline looks, like an example, you had in the last stage of this funnel, like 30 companies have converted 10 of them and maybe you're moving an additional 5 to this funnel. We just want to kind of grasp or understand a little bit how this pipeline of new clients, how much really it is, how it's evolving.

因此，如果您可以就該管道的外觀給出定量或定性的評論，例如，您在該漏斗的最後階段，例如 30 家公司已經轉換了其中 10 家，也許您正在移動一家公司向該漏斗添加5個。我們只是想掌握或了解一點新客戶的管道，它到底有多少，它是如何發展的。

Dom, so we've onboarded 10 new merchants in the last quarter, but that's -- probably doesn't tell much of the story. Part of the reason why we've decided to become public was we wanted to raise awareness in the market of our existence, to our merchants, and we believe we managed to do so to a certain extent. But that by no means has an impact on our current quarter. If anything, that will help us drive more leads into that funnel that we were discussing.

Dom，所以我們在上個季度加入了 10 個新商家，但這可能並不能說明很多問題。我們決定公開的部分原因是我們希望提高市場對我們存在的認識，以及我們的商家的認識，我們相信我們在某種程度上做到了這一點。但這絕不對我們目前季度產生影響。如果有的話，這將幫助我們將更多的線索引入我們正在討論的管道。

The other thing is that, that funnel is fed by opportunities that are based on geographies and products. So the more geographies we have, the more products we have, the more we are able to have a conversation with any customer and tell them, "We have a service to offer you." So we see a pipeline that is extremely healthy, but it's full of opportunities across all different stages. But also, if you remember what we discussed at IPO, there's 2 key funnels for us.

另一件事是，該漏斗是由基於地理位置和產品的機會提供的。因此，我們擁有的地理位置越多，我們擁有的產品越多，我們就越能夠與任何客戶進行對話並告訴他們，“我們可以為您提供服務。”因此，我們看到了一條非常健康的管道，但它在各個不同階段都充滿了機會。而且，如果您還記得我們在 IPO 時討論的內容，我們有兩個關鍵管道。

It's a new sales funnel. We are going after the new merchants. But at the same time, there's an account management funnel, which is the one that drives the net revenue retention. And that's the one we focus the most, making sure there's more opportunities with each one of these customers that are onboarded, and it's never been healthier.

這是一個新的銷售管道。我們正在追尋新的商人。但同時，還有一個帳戶管理漏斗，它是推動淨收入保留的漏斗。這是我們最關注的一點，確保每位入職的客戶都有更多的機會，而且這種情況從未如此健康。

Very clear. And in the new companies kind of like in this last stage, did it grow or did you shrink? So basically, did you absorb most of the opportunities? Or are you basically stable as far as the things that we're expecting, let's say, next 6 months.

非常清楚。在新公司中，就像最後階段一樣，它是成長還是萎縮？那麼基本上，你是否抓住了大部分機會？或者說，就我們預期的情況而言，比如說未來 6 個月，您是否基本穩定？

Dom, it's very much in line with what we we're expecting. Again, enterprise merchants, by nature, are cyclical. There's going to be times where we're going to have higher new merchants. There's going to be times where we're going to be slower. That's why we care so much about the account management funds. Having a customer in our world doing that $1 we do means not much. What we want to know is that those customers continue to grow with us, continue to drive more business.

Dom，這非常符合我們的預期。再次強調，企業商人本質上是週期性的。有時我們會出現更多的新商家。有時候我們會放慢腳步。這就是為什麼我們如此關心帳戶管理資金。在我們的世界裡，讓一個客戶做我們所做的 1 美元的事情並沒有多大意義。我們想知道的是，這些客戶繼續與我們一起成長，並繼續推動更多業務。

And that's where we are the most focused, making sure we have enough opportunity with our current merchants in our platform because we know new merchants will come, but we also know that our success is going to be tied with us delivering value to them and being able to grow with them as they grow.

這就是我們最關注的地方，確保我們的平台上現有的商家有足夠的機會，因為我們知道新的商家將會到來，但我們也知道我們的成功將與我們為他們提供價值並成為他們聯繫在一起。能夠隨著他們的成長而與他們一起成長。

Maybe one other -- sorry, one other -- I would say, a big opportunity for us is merchants that want to grow outside their home countries. I think we mentioned that in our prepared remarks, we see that there is tremendous pent-up demand from merchants looking to go outside their home countries, including from China. So as we keep highlighting, we don't actually process a significant payment volume in China, but we do work with Chinese merchants outside China, and that's also been beneficial to us.

也許另一個 - 對不起，另一個 - 我想說，對我們來說一個巨大的機會是想要在本國以外發展的商人。我想我們在準備好的發言中提到，我們看到想要走出本國（包括中國）的商人有巨大的被壓抑的需求。因此，正如我們不斷強調的那樣，我們實際上並沒有在中國處理大量的支付量，但我們確實與中國境外的中國商家合作，這對我們也有利。

Thank you. I would now like to turn the call back over to Sebastian for any further remarks.

謝謝。我現在想將電話轉回塞巴斯蒂安以徵求進一步意見。

Thanks, everyone, for joining today. We are glad, and thanks for your questions. We are happy to stay in touch in the future. Thank you very much.

謝謝大家今天的加入。我們很高興，也感謝您的提問。我們很高興將來保持聯繫。非常感謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。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。