Dlocal Ltd (DLO) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to the dLocal Limited second-quarter 2025 results conference call.

感謝您的支持，歡迎參加 dLocal Limited 2025 年第二季業績電話會議。

I will now hand the call over to the company.

我現在將把電話轉給公司。

Good afternoon, everyone, and thank you for joining the second-quarter 2025 earnings call. If you have not seen the earnings release, a copy is posted in the Financials section of the Investor Relations website.

大家下午好，感謝大家參加 2025 年第二季財報電話會議。如果您還沒有看到收益報告，您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; Christopher Stromeyer, SVP of Corporate Development; and Mirele Aragao, Head of Investor Relations.

參加今天電話會議的有執行長 Pedro Arnt、臨時財務長 Jeffrey Brown、企業發展資深副總裁 Christopher Stromeyer 和投資者關係主管 Mirele Aragao。

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

已提供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進行，您可以透過 dLocal 網站 investor.dlocal.com 觀看網路直播和演講。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.

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、期望和預測。

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.

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，實際結果可能與 dLocal 的簡報中包含的結果或本次電話會議中討論的結果存在重大差異，包括 dLocal 向美國證券交易委員會提交的文件的前瞻性聲明和風險因素部分中所述的原因，這些文件可在 dLocal 的投資者關係網站上查閱。

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

現在我將會議交給 dLocal。謝謝。

Good afternoon, and thank you for joining us today. We delivered another quarter of solid growth and disciplined execution with significant acceleration across key financial metrics. These quarterly results are another testament to our high growth, expanding margin, and healthy free cash flow business model.

下午好，感謝您今天加入我們。我們又一個季度實現了穩健成長和嚴格執行，關鍵財務指標均顯著加快。這些季度業績再次證明了我們的高成長、不斷擴大的利潤率和健康的自由現金流業務模式。

They also demonstrate how we provide substantial value to our merchants. We continue to experience strong momentum across the business, once again setting a record high TPV of $9.2 billion and achieving our third consecutive quarter of over 50% year-over-year growth.

它們也展示了我們如何為商家提供巨大的價值。我們的整個業務繼續保持強勁勢頭，再次創下 92 億美元的 TPV 歷史新高，並連續第三個季度實現同比增長超過 50%。

Both revenue and gross profit also reached all-time highs of $256 million and $99 million, respectively. Our core markets, particularly Brazil and Mexico, rebounded to deliver solid performance, while the rest of our geographies are growing even faster. All this underscores our increased business diversification and the resilience of our larger markets.

營收和毛利也分別創下2.56億美元和9,900萬美元的歷史新高。我們的核心市場，特別是巴西和墨西哥，反彈並取得了穩健的業績，而我們其他地區的成長速度甚至更快。所有這些都凸顯了我們業務的日益多樣化以及更大市場的彈性。

Despite our ongoing investment cycle to support our future growth trajectory, we've posted five consecutive quarters of improvement in the adjusted EBITDA over gross profit ratio, demonstrating our commitment to investing towards rightsizing our business, but doing so in a disciplined manner. Net income for the quarter totaled $43 million, negatively impacted by the Argentine peso's devaluation on our bond portfolio.

儘管我們持續進行投資週期以支持我們未來的成長軌跡，但我們的調整後 EBITDA 與毛利率已連續五個季度改善，這表明我們致力於投資以優化業務規模，但將以有紀律的方式進行。本季淨收入總計 4,300 萬美元，受到阿根廷比索貶值對我們債券投資組合的負面影響。

Given the shifting market dynamics, we took the opportunity to expatriate funds more efficiently, reducing our position by over 80% and reallocating to US treasuries. This move reduces the expected volatility and increases our funds available for general corporate purposes. If we exclude these effects, net income would have been $53 million. These are all very positive outcomes over the long run despite the negative impact on this quarter's bottom line.

鑑於市場動態的變化，我們抓住機會更有效地調集資金，將持股減少了 80% 以上，並重新配置到美國國債。此舉降低了預期的波動性並增加了可用於一般公司用途的資金。如果我們排除這些影響，淨收入將達到 5,300 萬美元。儘管對本季的獲利產生了負面影響，但從長遠來看，這些都是非常積極的結果。

The business also continues to deliver strong cash generation, with $48 million in free cash flow this quarter, a clear reflection of the strength of our underlying operations and our solid financial position.

該業務也繼續實現強勁的現金產生，本季自由現金流達 4,800 萬美元，這清楚地反映了我們基礎營運的實力和穩固的財務狀況。

During the quarter, we added three new licenses: UAE, Turkey, and Philippines, an important milestone for us in our strategy to offer our merchants the advantages of our growing portfolio of financial services licenses across the global south.

在本季度，我們增加了三個新許可證：阿聯酋、土耳其和菲律賓，這是我們為商家提供我們在全球南部不斷增長的金融服務許可證組合優勢的策略中的一個重要里程碑。

Before we go into greater depth on this quarter's results, I'd like to take a few minutes to revisit the broader trends driving these strong results in our business.

在我們深入探討本季的業績之前，我想花幾分鐘時間重新回顧推動我們業務取得強勁業績的更廣泛趨勢。

First of all, we continue to observe a substantial long-term opportunity within the markets where we operate. Our addressable market, in terms of total payment volume, is valued at trillions of dollars, and because it still exhibits low penetration in digital adoption and card usage is projected to experience double-digit annual growth through 2030.

首先，我們繼續觀察到我們經營的市場中存在著巨大的長期機會。就總支付量而言，我們的目標市場價值數萬億美元，並且由於其數位化採用和卡使用方面的滲透率仍然較低，預計到 2030 年，我們的目標市場將實現兩位數的年增長率。

Second, if we look at our current merchants' business in the countries where we operate in, we see significant opportunities to grow our share of wallet with those merchants. This will happen as we expand with them into new countries, as we integrate additional APMs and unlock new lines of businesses that we do not yet serve.

其次，如果我們看看目前在經營業務的國家的商家業務，我們會發現有很大機會增加這些商家的錢包份額。隨著我們與他們一起擴展到新的國家，隨著我們整合更多的 APM 並開啟我們尚未服務的新業務線，這種情況將會實現。

The third growth vector is the addition of new merchants. One way to think about the potential growth in that merchant base is that we are still in the early stages of the S-curve of digital merchants adopting emerging markets payment localization.

第三個成長載體是新商家的加入。思考該商家群體潛在成長的一種方法是，我們仍處於數位商家採用新興市場支付在地化的 S 曲線的早期階段。

This growth we've observed follows an identifiable pattern. Merchants will typically start by launching their businesses in developed markets. And then as they expand into emerging markets, do so using only international acquiring. This nets them initial access to only a portion of the population, delivers lower conversion rates, and a generally poor user experience, ridden with hidden costs and friction.

我們觀察到的這種增長遵循可識別的模式。商家通常會先在已開發市場開展業務。然後，當他們擴展到新興市場時，只使用國際收購來實現。這使得他們最初只能接觸到一部分人群，轉換率較低，用戶體驗普遍較差，並且充斥著隱性成本和摩擦。

Eventually, the size of these businesses across EMs reach a scale that demands the localization of payments to solve for those barriers to adoption.

最終，新興市場的這些業務規模達到了需要支付在地化來解決採用障礙的程度。

And finally, they initiate a phased expansion into other emerging and frontier markets, repeating the cycle. dLocal is able to accompany them through that journey. So as we move up the S-curve with these merchants, we build a more diversified, stickier, and less volatile business that serves more merchants across more countries and in a greater number of payment methods.

最後，他們開始分階段向其他新興市場和前沿市場擴張，重複這個循環。 dLocal 能夠陪伴他們完成這趟旅程。因此，隨著我們與這些商家一起沿著 S 曲線前進，我們將建立一個更加多樣化、更具黏性、波動性更小的業務，為更多國家/地區的更多商家提供更多支付方式的服務。

We see this playing out in our numbers. We now serve nearly 760 merchants. If we consider the top 50 clients, they operate with us, on average, in 11 countries and using 48 payment methods. This is up from 8 and 35 only 18 months ago.

我們從數據中看到了這一點。我們目前服務近760家商戶。如果我們考慮前 50 名客戶，他們平均在 11 個國家/地區與我們合作並使用 48 種付款方式。這一數字較 18 個月前的 8 和 35 有所上升。

Our geographic diversification has increased as a consequence with our top three markets now representing less than 50% of revenues, down 8 percentage points since 2023. The revenue in the rest of our markets are growing almost 3 times faster if we look at the last four quarters. And so as we increase our merchant base and move up the S-curve with them, we expect merchant diversification to increase as well going forward.

因此，我們的地域多樣化程度有所提高，目前前三大市場的收入佔比不到 50%，自 2023 年以來下降了 8 個百分點。如果我們回顧過去四個季度，我們其餘市場的營收成長速度幾乎是原來的三倍。因此，隨著我們擴大商家基礎並隨之提升 S 曲線，我們預期未來商家多樣化也會隨之增加。

As I've highlighted in the past quarters, we continue to increase our pace of investment in product innovation. I'd like to share some of the highlights from the last three months of these deployments. Just last week, we launched SmartPix in Brazil.

正如我在過去幾季所強調的那樣，我們繼續加大對產品創新的投資步伐。我想分享過去三個月部署的一些亮點。就在上週，我們在巴西推出了 SmartPix。

This first-in-the-market, groundbreaking solution redefines the Pix experience and replicates most of the functionalities and convenience of card-on-file payments for merchants. SmartPix is already live with clients and demonstrates our commitment to being leaders in the alternative payment method space throughout the global south.

這個市場首創的突破性解決方案重新定義了 Pix 體驗，並為商家複製了存檔卡支付的大部分功能和便利性。SmartPix 已開始向客戶推出，這反映了我們致力於成為全球南方替代支付方式領域領導者的決心。

During the second quarter, we also launched multiple Buy Now, Pay Later integrations in several markets where we integrate market-leading BNPL solutions to our global merchants' checkouts. Following our installment offerings in Brazil and Argentina, this is another important step towards enabling our merchants to benefit from the massive demand for credit that exists throughout emerging markets. It is important to note that we are not taking credit risk ourselves, but are able to revenue share on the credit yields being made by our BNPL partners.

在第二季度，我們還在多個市場推出了多種「先買後付」整合服務，將市場領先的 BNPL 解決方案整合到我們全球商家的結帳流程中。繼我們在巴西和阿根廷推出分期付款服務之後，這是我們為使我們的商家能夠從新興市場的巨大信貸需求中獲益而邁出的又一重要一步。值得注意的是，我們自己並不承擔信用風險，但能夠分享 BNPL 合作夥伴所獲得的信用利益。

We also continue to make progress on our stablecoin solutions, where we believe we are uniquely positioned to take advantage of some of the opportunities arising. With our broad EM presence, highly developed payout and pay-in infrastructure, local FX liquidities and capabilities, and years of experience with stablecoins, we are a perfect on-ramp and off-ramp provider for stablecoin players and merchants looking to leverage the advantages of this emerging technology. Our partnerships with Circle and BVNK are some examples of the advances we are making in this space.

我們也在穩定幣解決方案方面繼續取得進展，我們相信我們擁有獨特的優勢，可以利用一些出現的機會。憑藉我們廣泛的新興市場業務、高度發達的支付和存入基礎設施、本地外匯流動性和能力以及多年的穩定幣經驗，對於希望利用這項新興技術優勢的穩定幣玩家和商家來說，我們是完美的入口和出口提供者。我們與 Circle 和 BVNK 的合作就是我們在這一領域取得的進步的一些例子。

Before I turn it over to Jeff to give you a detailed breakdown of our P&L for the quarter, I'd like to make a few comments regarding the operating leverage in our financial model. As you know, and as we've been very clear, we've been in an investment cycle focused on product, tech, operations, and compliance capabilities.

在讓傑夫向您詳細解釋本季的損益表之前，我想對我們的財務模型中的經營槓桿發表一些評論。如您所知，而且我們也非常清楚，我們一直處於專注於產品、技術、營運和合規能力的投資週期。

Yet despite this investment cycle, we've turned a corner and continued to deliver higher revenues per employee that are increasing and that are better than many of our public company best-in-class peers, all of whom, by the way, process more TPV than we do. This reflects that despite smaller scale, we have a very lean and efficient culture.

然而，儘管經歷了這樣的投資週期，我們還是度過了難關，繼續實現了更高的每位員工收入，而且這種收入還在不斷增加，比許多上市公司中的佼佼者都要好，順便說一句，這些公司處理的 TPV 都比我們多。這反映出，儘管規模較小，但我們擁有非常精簡和高效的文化。

Furthermore, we believe there are efficiency and scalability gains ahead of us from our ongoing AI and automation initiatives, which are a core part of where the technology resources from our investment cycle are being allocated.

此外，我們相信，我們正在進行的人工智慧和自動化計劃將帶來效率和可擴展性的提升，這是我們投資週期中技術資源分配的核心部分。

Great. So with that introduction, I'll now hand it over to Jeff to provide a more detailed review of our second-quarter results.

偉大的。介紹完畢後，我現在將把時間交給傑夫，讓他對我們第二季的業績進行更詳細的回顧。

Thank you, Pedro. Good afternoon, everyone. I'll walk you through the main figures for the quarter. We had another strong quarter, building on the positive trends we have seen since mid-2024. By consistently executing our strategy, we have once again hit record numbers in TPV, revenue, gross profit, and adjusted EBITDA, all while maintaining disciplined cost management and continuing our geographic expansion.

謝謝你，佩德羅。大家下午好。我將向您介紹本季的主要數據。我們又度過了一個強勁的季度，延續了自 2024 年中期以來看到的正面趨勢。透過持續執行我們的策略，我們在 TPV、收入、毛利和調整後 EBITDA 方面再次創下新高，同時保持嚴格的成本管理並繼續進行地域擴張。

Consequently, in the second quarter of 2025, our TPV surpassed $9 billion for the first time, growing 53% year over year and 14% quarter over quarter. In constant currency terms, TPV would have grown by 65% year over year.

因此，在 2025 年第二季度，我們的 TPV 首次超過 90 億美元，年增 53%，季增 14%。以固定匯率計算，TPV 年成長 65%。

Growth was particularly strong in remittances and commerce, followed by SaaS, delivery, streaming, and ride-hailing, slightly offset by weaknesses in advertising. Our TPV growth was broad-based. We saw strong quarter-over-quarter and year-over-year growth across cross-border, local-to-local, pay-in and payout flows. This reaffirms our leadership across a variety of solutions in our markets. Revenues reached $256 million in the second quarter and grew 50% year over year or 63% on a constant currency basis.

匯款和商業領域的成長尤其強勁，其次是 SaaS、送貨、串流媒體和叫車服務，但廣告領域的疲軟略微抵消了這一成長。我們的 TPV 成長具有廣泛的基礎。我們看到跨境、本地對本地、支付和支出流量較上月和年比均強勁成長。這再次確立了我們在市場上各種解決方案的領導地位。第二季營收達 2.56 億美元，年增 50%，以固定匯率計算成長 63%。

This follows from the strong volume growth with a recovery in Brazil and Mexico, important growth in Argentina, and notable contributions from Turkey, South Africa, and Pakistan. On a quarter-over-quarter basis, revenue was up 18%, exceeding TPV growth, given a high share of pay-ins.

這是由於巴西和墨西哥的復甦、阿根廷的顯著增長以及土耳其、南非和巴基斯坦的顯著貢獻而導致的。與上一季相比，由於支付比例較高，收入成長了 18%，超過了 TPV 的成長。

This positive result was partly offset by Egypt, where we experienced a partial volume loss due to a large merchant implementing redundancies in the market in addition to lower FX spreads as a result of the currency devaluation.

這項正面成果被埃及的情況部分抵消，在埃及，由於一家大型商家在市場上實施裁員，加上貨幣貶值導致外匯價差降低，我們的交易量出現部分損失。

Moving to gross profit dynamics. During the quarter, gross profit reached a record of $99 million, up 42% year over year, or approximately 55% on a constant currency basis. This volume was driven by volume growth in Argentina, Brazil, Egypt, and Mexico and growth in other markets, particularly Bolivia, South Africa, and Turkey. This is a demonstration of the continued globalization of our business with profits from both larger and smaller economies.

轉向毛利動態。本季度，毛利達到創紀錄的 9,900 萬美元，年增 42%，以固定匯率計算成長約 55%。這一成長得益於阿根廷、巴西、埃及和墨西哥的銷售成長以及其他市場（特別是玻利維亞、南非和土耳其）的成長。這顯示我們的業務正在持續全球化，無論是從較大經濟體或較小經濟體中都能獲得利潤。

On a quarter-over-quarter basis, gross profit increased by 17%, primarily driven by performance in Brazil, given a higher share of installment payments and the recovery of one-off processing costs from the previous quarter, Argentina's strong performance driven by higher volumes and increases in advancements, fully offsetting the impact of lower FX spreads, and performance in other Africa and Asian markets, particularly in South Africa due to volume growth and lower processing costs.

與上一季相比，毛利潤增長了 17%，主要由於巴西市場的業績增長（分期付款佔比更高以及一次性處理成本較上一季度有所回升）；阿根廷市場的強勁表現（受交易量增加和預付款增加的推動）完全抵消了外匯利差降低的影響；以及其他非洲和亞洲市場的業績增長（尤其是南非市場），得益於交易量的增長。

This positive result was offset by Egypt, as previously mentioned, and other LATAM markets that, despite volume growth across various countries, were adversely affected by retry costs invoiced during this quarter in Chile and Colombia. Excluding Chile and Colombia, these markets grew 9%.

如前所述，這項正面成果被埃及和其他拉丁美洲市場所抵消，儘管各國的銷量均有所增長，但本季智利和哥倫比亞的重試成本卻對其產生了不利影響。除智利和哥倫比亞外，這些市場成長了 9%。

Our net take rate showed an improvement of almost 3 basis points quarter over quarter, largely due to higher share of pay-ins and a recovery of processing costs from the previous quarter. These positive effects were partially offset by lower FX fees in Argentina as a result of spread compression. As you can see, a number of mix shifts impact the evolution of our take rate quarter to quarter.

我們的淨收入率比上一季提高了近 3 個基點，這主要是由於支付份額增加以及處理成本較上一季有所回升。由於利差壓縮，阿根廷的外匯費用降低，部分抵消了這些正面影響。如您所見，許多組合變化都會影響我們季度接受率的變化。

We continue to demonstrate operational leverage this quarter with careful expense management. Accordingly, for the second quarter, our total operating expenses were $43 million, representing a 10% increase quarter over quarter and a 9% increase year over year.

本季度，我們繼續透過謹慎的費用管理來展示營運槓桿。因此，第二季我們的總營運費用為 4,300 萬美元，季增 10%，年增 9%。

On a quarterly basis, the increase in OpEx is primarily linked to increases in headcount, especially in tech and higher third-party services. Adjusted EBITDA reached $70 million, up 21% quarter over quarter and 64% year over year. The ratio of adjusted EBITDA to gross profit for the quarter was 71%, up 2.7 percentage points versus the first quarter, marking this the fifth consecutive quarter of improvement.

按季度計算，營運支出的成長主要與員工人數的增加有關，尤其是技術和第三方服務的增加。調整後 EBITDA 達到 7,000 萬美元，季增 21%，年增 64%。本季調整後EBITDA與毛利比為71%，較第一季上升2.7個百分點，為連續第五季改善。

Although we anticipate a growth in OpEx in the second half of the year as we continue with our investment cycle, these results highlight our company's frugal culture and our built-in leverage in our business model. As Pedro mentioned previously, net income totaled $43 million for the quarter, impacted by the Argentine peso devaluation and expatriation costs from our Argentine bonds. We took advantage of a window to significantly lower our exposure to Argentine securities, which is expected to reduce volatility in our finance results going forward.

儘管我們預計隨著投資週期的持續，下半年營運支出將會成長，但這些結果凸顯了我們公司的節儉文化和我們商業模式中內建的槓桿作用。正如佩德羅之前提到的，本季淨收入總計 4,300 萬美元，受到阿根廷比索貶值和阿根廷債券的離境成本的影響。我們利用這個機會大幅降低了對阿根廷證券的投資風險，預計這將降低我們未來財務表現的波動性。

Our effective income tax rate ended the quarter at 16% compared to 10% in the first quarter of 2025 as a result of higher local-to-local share of pretax income. As you may recall, the effective tax rate in Q1 was favorably impacted by a one-off cost in Brazil.

由於稅前收入中本地對本地份額較高，本季末我們的有效所得稅率為 16%，而 2025 年第一季為 10%。您可能還記得，第一季的有效稅率受到了巴西一次性成本的正面影響。

Finally, our free cash flow for the quarter, defined as net cash from operating activities excluding merchant funds less CapEx, was $48 million, a significant 22% increase from the first quarter. We ended the period with a robust liquidity position with corporate cash and cash equivalents at approximately $254 million. The decrease versus the prior quarter reflects the payment of dividends in June.

最後，本季的自由現金流（定義為不包括商家資金減去資本支出的經營活動淨現金）為 4,800 萬美元，較第一季大幅成長 22%。本期間結束時，我們的流動性狀況良好，公司現金和現金等價物約為 2.54 億美元。與上一季相比的下降反映了 6 月的股息支付。

With this, I'll pass it back to Pedro for his concluding remarks.

最後，我將把發言交還給佩德羅，請他作總結發言。

Thanks, Jeff. Moving on, I wanted to give you an update on guidance. On TPV and revenue, we expect to end the year around the upper limit of the guidance we shared at the beginning of the year. And on gross profit and adjusted EBITDA, we believe we are likely to exceed the previously stated upper limit. This is due to the strong performance in the first half of the year and the sustained momentum we expect across our businesses.

謝謝，傑夫。接下來，我想向您提供指導的最新資訊。對於 TPV 和收入，我們預計今年年底的業績將達到年初所給出的指導值的上限。就毛利和調整後的 EBITDA 而言，我們相信我們可能會超過先前規定的上限。這是由於上半年的強勁表現以及我們預期各業務將維持的持續成長動能。

We've provided new ranges for your benefit, but we do want to also highlight some risks to keep in mind as you evaluate them. One, the evolving macroeconomic and trade landscape globally and its potential impact on emerging market consumers. Second, the recent increases in tariffs on cross-border e-commerce in Mexico, along with potential regulatory changes in other markets. Third, shifting fiscal regimes in Brazil. And finally, the potential for currency devaluation and changes in capital controls in the markets where we operate.

我們為您提供了新的範圍，但我們也想強調在評估它們時需要牢記的一些風險。一、全球宏觀經濟和貿易格局的變化及其對新興市場消費者的潛在影響。其次，墨西哥近期提高了跨境電子商務的關稅，以及其他市場可能出現的監管變化。第三，巴西財政體制的轉變。最後，我們經營所在市場可能會出現貨幣貶值和資本管制變化的情況。

Despite the inherent risks, we remain optimistic on H2 2025. It is precisely in these environments of volatility that our key differentiators, a disciplined approach to scaling our business, deep local expertise, and a steadfast commitment to delivering value to our merchants, prove their worth. We're confident in our ability to navigate these challenges if and when they emerge and seize the significant opportunities that lay ahead.

儘管有固有風險，我們仍然對 2025 年下半年保持樂觀。正是在這些動盪的環境中，我們的關鍵差異化因素、擴展業務的嚴謹方法、深厚的本地專業知識以及為商家提供價值的堅定承諾證明了其價值。我們相信，一旦這些挑戰出現，我們有能力應對，並抓住未來的重大機會。

I have a final set of announcements that we think are perhaps the most relevant even on the back of such strong quarterly numbers. After a full review carried out by our Board of Directors on our corporate governance and structure and practices, we would like to announce a series of important decisions.

我還有最後一組公告，我們認為即使在如此強勁的季度數據下，這些公告也可能是最相關的。在董事會對公司治理、結構和實踐進行全面審查後，我們想宣布一系列重要決定。

First, on the people front. We are pleased to announce that Guillermo López Pérez will be joining us as our new CFO. Guillermo has 20 years of experience in the payments industry, first at American Express and more recently at Visa.

一是人民方面。我們很高興地宣布，Guillermo López Pérez 將加入我們，擔任新任財務長。吉列爾莫在支付行業擁有 20 年的經驗，先是在美國運通公司工作，最近又在 Visa 工作。

At Visa, he was the CFO of Continental Europe and more recently, has held positions at Tink, a leading European open banking provider and at Featurespace, a UK-based fintech specializing in real-time fraud detection and risk management. Guillermo brings with him deep expertise in fintech as well as a clear track record of scaling businesses. We're all very excited to welcome him on board. I also want to thank Jeff for his dedication and leadership throughout this transition period.

在 Visa，他曾擔任歐洲大陸的首席財務官，最近，他在歐洲領先的開放銀行提供商 Tink 和英國金融科技公司 Featurespace 任職，後者專門從事實時欺詐檢測和風險管理。吉列爾莫擁有金融科技領域的深厚專業知識以及擴展業務的良好業績記錄。我們都非常高興地歡迎他的加入。我還要感謝傑夫在整個過渡時期的奉獻和領導。

We're also pleased that Christopher Stromeyer had joined us in June as the SVP of Corporate Development. Chris brings with him years of experience at Bain across North and Latin America, and most recently served as Chief of Staff and Head of Strategy at the Latin American fintech Ualá. Some of you have already met Chris. He also leads our Investor Relations team as a part of his remit.

我們也很高興 Christopher Stromeyer 於六月加入我們，擔任企業發展資深副總裁。Chris 擁有在貝恩公司北美和拉丁美洲地區工作的多年經驗，最近擔任拉丁美洲金融科技公司 Ualá 的首席參謀長兼策略主管。你們中的一些人已經見過克里斯。他也負責領導我們的投資者關係團隊。

We are committed to transitioning to a majority independent Board. Our current independent directors are fully committed to continuing to serve in their roles, and we have begun the search for additional independent directors who will possess complementary backgrounds and skill sets.

我們致力於過渡到由多數成員組成的獨立董事會。我們現任的獨立董事已完全致力於繼續履行其職責，我們已經開始尋找更多擁有互補背景和技能的獨立董事。

Of the remaining non-independent directors, General Atlantic has agreed to remain on the Board as did I. The remaining seats will be held by members of the founding team. As we complete the new Board, we will also constitute nominating and corporate governance and compensation committees to further strengthen oversight and align with corporate best practices.

在其餘非獨立董事中，泛大西洋資本集團 (General Atlantic) 和我一樣同意繼續留在董事會。其餘席位將由創始團隊成員擔任。隨著新董事會的組建，我們也將成立提名委員會、公司治理委員會和薪酬委員會，以進一步加強監督並與公司最佳實踐保持一致。

In addition, we will cancel the treasury shares currently held on our balance sheet. This action underscores our ability to deliver strong underlying business growth while returning excess capital to shareholders, whether through dividends or buybacks and reflects alignment with corporate governance best practices. We've covered a lot of ground today, strong business momentum and a lot going on here at dLocal, just as we always expected.

此外，我們將取消目前資產負債表上持有的庫存股。這項措施凸顯了我們實現強勁基礎業務成長的能力，同時透過股利或回購向股東返還過剩資本，並體現了與公司治理最佳實踐的一致性。正如我們一直預期的那樣，我們今天已經討論了很多內容，業務勢頭強勁，dLocal 也發生了很多事情。

Thank you all for your trust and partnership, and we can now open the call for questions.

感謝大家的信任與合作，現在我們可以開始提問了。

(Operator Instructions) Tito Labarta, Goldman Sachs.

（操作員指示）高盛的 Tito Labarta。

All right. Thank you. Good evening, Jeff and everyone. Thank you for the call and taking my questions. Congratulations on the strong results and the higher guidance. I guess just on the higher guidance, just to understand, what drove the, I guess, the better-than-expected results? I mean you saw volume growth. I mean, Brazil and Mexico were strong. But did anything surprise you from compared to when you gave your initial guidance?

好的。謝謝。傑夫和大家晚上好。感謝您的來電並回答我的問題。祝賀取得的優異成績和上級的指導。我想只是基於更高的指導，只是為了了解，是什麼推動了比預期更好的結果？我的意思是你看到了銷量的成長。我的意思是，巴西和墨西哥實力很強。但是與您最初給出的指導相比，有什麼事情讓您感到驚訝嗎？

And I guess, how do you think about the sustainability of this 50%-ish TPV growth? Just to think about how eventually that could decelerate. I mean, I think the long-term potential is still very strong, but just to think about how that could moderate over time. And yes, what was like better than expected that you're getting more volumes than maybe initially thought?

我想問一下，您如何看待這個 50% 左右的 TPV 成長的可持續性？只是想想最終這種速度會如何減緩。我的意思是，我認為長期潛力仍然非常強勁，但只是想想隨著時間的推移這種潛力會如何減弱。是的，您獲得的數量可能比最初想像的要多，這比預期的要好嗎？

Thanks, Tito. So very strong results, obviously, given the level of the raise that we are giving on our guidance. We see the business with a much stronger momentum than we were seeing when we entered the year. I think it's fairly spread across the board. We saw Brazil rebound very quickly.

謝謝，蒂托。顯然，考慮到我們給出的指導幅度的提高，我們的業績非常強勁。我們看到，業務發展勢頭比年初強勁得多。我認為它已經相當普及了。我們看到巴西隊迅速反彈。

Mexico was up again after a weak quarter. With the exception of Egypt, the rest of Africa and Asia also doing really well. And other, LatAm, as we mentioned, Colombia with negative impact on gross profit from -- retries from prior quarters. But other than that, a lot of strength there as well. So it's really across the border.

墨西哥在經歷了一個疲軟的季度後再次上漲。除埃及外，非洲和亞洲其他國家的表現也相當不錯。而其他拉丁美洲國家，正如我們所提到的，哥倫比亞對毛利產生了負面影響——與前幾季相比有所下降。但除此之外，那裡也有很多力量。所以這確實跨越了邊界。

As we've said, we think that part of the shifting landscape geopolitically has shined a greater light and greater relevance on emerging markets as a venue for growth for global merchants. And when you look at the S-curve explanation that we were giving during the prepared remarks, I think what we're trying to say is that we see a pickup in interest in localizing payments from global merchants. We're seeing them take on more markets with us, more local payment market methods in markets where they were already operating.

正如我們所說，我們認為地緣政治格局的變化使新興市場作為全球商人成長場所的地位更加突出、更加重要。當您看到我們在準備好的發言中給出的 S 曲線解釋時，我認為我們想要表達的是，我們看到全球商家對本地化支付的興趣增加。我們看到他們與我們一起開拓了更多的市場，在他們已經經營的市場中採用了更多的本地支付市場方式。

So again, always hard to predict across EM what's going to happen 24, 36 months out. But we feel that this surprise to the upside for us in how the first half of the year has played out seems to be something that we will continue to see into the back half of the year. There are risks that we've outlined. So we're being somewhat cautious on the guidance. But in general, we've seen the business enter the third quarter with the same positive momentum that it exited the first half.

所以，我們仍然很難預測 24 到 36 個月後新興市場會發生什麼事。但我們認為，上半年的這種意外驚喜似乎將在下半年持續顯現。我們已經概述了存在的風險。因此，我們對指導持謹慎態度。但總體而言，我們看到業務進入第三季時仍保持著與上半年相同的正面動能。

Great. That's helpful. Thank you, Pedro. Maybe just a follow-up to that. When you think about maybe the breadth of this growth relative to your merchants, is it coming from maybe a few particular merchants? Are you seeing it across the board, all of your merchants?

偉大的。這很有幫助。謝謝你，佩德羅。也許只是對此的後續行動。當您考慮相對於商家而言的這種成長廣度時，它是否可能來自少數特定的商家？你們的所有商家都看到了這一點嗎？

Just to think, I mean, given the wallet share you have, there is a lot of room to grow. But how do we think about the breadth of increased volume from all of your merchants across? Or is it concentrated in a few merchants?

想想看，我的意思是，考慮到你擁有的錢包份額，還有很大的成長空間。但是我們要如何看待所有商家的交易量成長幅度呢？還是集中在少數商家？

Yeah. So if you look at the concentration of revenue over merchants, you'll see that, that number hasn't started to diversify as much as well. So I think it's fair to say that this increased push into emerging markets and the really deep localization of payments continues to be more prevalent among the very large global players. Now that does not mean that the strong results are driven by one or two merchants. I would characterize this as being driven by the top 20 merchants. And so I think that's also good news.

是的。因此，如果你觀察商家的收入集中度，你會發現，這個數字還沒有開始多元化。因此，我認為可以公平地說，加大對新興市場的投入以及支付的深度在地化在大型全球參與者中將繼續變得更加普遍。但這並不意味著強勁的業績是由一兩個商家推動的。我認為這是受到前 20 名商家推動的。所以我認為這也是個好消息。

Yeah. Okay. No. That's super helpful. Thank you and congrats again on the strong results.

是的。好的。不。這非常有幫助。謝謝您，並再次恭喜您所取得的優異成績。

Guilherme Grespan, JPMorgan.

摩根大通的 Guilherme Grespan。

Thank you, Pedro. Thank you for the presentation and good luck to Guillermo, Chris, and Will that joined the Board. Pedro, two questions on my side. The first one is related to Brazil. You mentioned the one-off processing costs as a gain. And just a clarification.

謝謝你，佩德羅。感謝您的演講，並祝福加入董事會的 Guillermo、Chris 和 Will 好運。佩德羅，我有兩個問題。第一個與巴西有關。您提到一次性加工成本是一項收益。只是澄清一下。

I remember you had this one-off cost last quarter. I just want to understand if it was a reversal. So it was a billable positive this quarter that's going to be a one-off and won't repeat next quarter? Or it's simply adjusting for the fact that there was a one-off last quarter that doesn't repeat? So just to be clear, if it was a reversal or only the fact that you didn't have this cost.

我記得上個季度你有這筆一次性費用。我只是想知道這是否是一種逆轉。那麼，這是本季的可計費正收益，而且是一次性的，下個季度不會重複嗎？或者它只是根據上個季度發生的一次性事件不會重複這一事實進行調整？所以要明確的是，這是否是一種逆轉，或者只是你沒有這筆費用的事實。

And then my second question, I'm going to take the opportunity to ask about stablecoins. To be honest, 90% of my discussions on the local has been on this topic. And I think it's not obvious. A lot of people, they have the view that this is a threat to the business, but I think you do have some use cases as an opportunity. So just to share your view, a few minutes sharing your view on how you see stablecoins impacting your business, and if there is anything in the short term that is happening with your clients. Thank you.

然後我的第二個問題是，我將藉此機會詢問有關穩定幣的問題。說實話，我在當地的討論90%都是關於這個主題的。我認為這並不明顯。很多人認為這對企業來說是一種威脅，但我認為你確實有一些用例可以作為機會。因此，只是為了分享您的觀點，請花幾分鐘時間分享您對穩定幣如何影響您的業務的看法，以及短期內您的客戶是否會發生什麼事情。謝謝。

Okay. So first of all, on Brazil, a part of this is a reversal, not all of it is a reversal. And I think more importantly, what you're looking for is we don't see this as something that generates as much quarterly -- quarter-on-quarter sequential headwinds that we think Brazil will then decelerate significantly moving into the third quarter.

好的。首先，對巴西來說，這部分是逆轉，但不是全部。我認為更重要的是，你正在尋找的是，我們認為這不會產生像我們認為巴西經濟在進入第三季後將大幅減速的季度環比逆風。

But there is an element of this, not -- there's a part of the result that is a consequence of a reversal. Notwithstanding, Brazil has actually rebounded well and to the best of our current knowledge, should sustain that momentum in terms of gross profit into the third quarter at least and ideally for the remainder of the year and in the future as well.

但其中有一個因素，不是——結果的一部分是逆轉的結果。儘管如此，巴西實際上已經強勁反彈，而且據我們目前所知，至少在第三季度，巴西的毛利應該能夠保持這種勢頭，理想情況下，在今年剩餘時間和未來也應該能夠保持這種勢頭。

So the accounting reversal isn't enough where we think it generates a significant enough sequential comp that then we see Brazil pulling back again next quarter, at least to the best of our knowledge through August 13.

因此，我們認為會計逆轉還不夠，它不會產生足夠顯著的連續成長，然後我們會看到巴西在下個季度再次回落，至少據我們截至 8 月 13 日所知。

Stablecoins, interesting. I think there is somewhat of a misconception that this is only a threat to us. We actually think that we're uniquely positioned to take advantage of stablecoin adoption as it begins to grow. A couple of reasons for that. I think, first of all, we have been involved in the space for a few years now.

穩定幣，很有趣。我認為人們有一種誤解，認為這對我們只是一種威脅。事實上，我們認為，隨著穩定幣的普及，我們擁有獨特的優勢來利用它。有幾個原因。我認為，首先，我們已經涉足這個領域幾年了。

I think in the past, that was a bit of a no-no, but that knowledge and that experience, I think, is an advantage now. When you think about how stablecoins are increasingly being adopted, there is still enormous need for the on-ramps and the off-ramps, and really on-ramps and off-ramps from fiat to stable and from stable to fiat, we are uniquely positioned to offer that service. They are about local liquidity and attractive FX rates, both of which are strengths of dLocal because of our pay-ins and payouts businesses across multiple, multiple emerging markets.

我認為在過去，這有點不可以，但我認為，現在這種知識和經驗是一種優勢。當你考慮到穩定幣的採用率越來越高時，對入口和出口的需求仍然巨大，而從法定貨幣到穩定貨幣以及從穩定貨幣到法定貨幣的入口和出口，我們具有提供該服務的獨特優勢。它們與本地流動性和有吸引力的外匯匯率有關，這兩者都是 dLocal 的優勢，因為我們的支付業務遍布多個新興市場。

We also already offer our merchants the ability to settle to us or from us in stablecoin so as to accelerate settlement times of cross-border flows. And so if you think about it that way, our belief is that some of the hardest parts to build within the stablecoin value chain, which is the shift from fiat to stable and then back from stable to fiat and also where a lot of the margin in stablecoin lies because of FX is exactly where dLocal plays and participates. So very specifically, we have a vertical sales force and a vertical product team focusing on this, and we actually think that there's an opportunity for us to capture.

我們也為商家提供了使用穩定幣向我們結算或從我們結算的能力，以加快跨境流動的結算時間。如果你這樣想，我們認為穩定幣價值鏈中最難建構的部分，即從法定貨幣到穩定幣，再從穩定幣到法定貨幣的轉變，以及穩定幣因外匯而產生的大量利潤，正是 dLocal 發揮作用和參與的地方。具體來說，我們有一個垂直銷售團隊和一個垂直產品團隊專注於此，我們確實認為這是一個我們可以抓住的機會。

More conceptually, if you think about what we do, we essentially solve merchants' needs for different ways to pay and to settle money cross-border. And so unless you're an absolute maximalist and you believe that fiat will altogether go away or local currencies will altogether go away and all of global trade all of a sudden happens in US-denominated stablecoins, which we certainly do not believe is the case, then that generates all sorts of merchant needs around their stablecoin infrastructure that dLocal and its partners are really -- that's what we do. That's what we're all about. So we currently see stablecoin as an opportunity much more than a threat.

從概念上講，如果你思考我們所做的事情，我們本質上解決了商家對不同支付方式和跨國結算方式的需求。因此，除非你是一個絕對的極端主義者，並且你相信法定貨幣會完全消失或當地貨幣會完全消失，並且所有全球貿易都會突然以以美元計價的穩定幣進行（我們當然不相信情況會是這樣），否則這將產生圍繞穩定幣基礎設施的各種商家需求，而 dLocal 及其合作夥伴實際上就是——這就是我們所做的。這就是我們所要做的。因此，我們目前認為穩定幣是個機遇，而非威脅。

That's clear, Pedro, and congrats for the quarter.

很清楚，佩德羅，恭喜本季取得佳績。

Jamie Friedman, Susquehanna International Group.

傑米‧弗里德曼，薩斯奎漢納國際集團。

I was wondering what your updated messaging might be about take rates, Pedro. So you had an improvement here. It sounds like you're calling out pay-in and payout mix and some processing-related stuff. But when you step back really longer term, how are you structuring your thoughts about the trajectory of take rates?

佩德羅，我想知道你更新的有關收取率的資訊是什麼。所以你在這方面有所進步。聽起來您正在呼喚存款和支出組合以及一些與處理相關的東西。但是，當您從更長遠的角度回顧時，您如何建立關於接受率軌蹟的想法？

Thanks, Jamie. It remains unchanged. I think even if you look at the guidance, we continue to see our merchants significantly growing their volumes with us, potentially hitting new pricing tiers. I think in general, we continue to exert downward pressure on our acquirers and processors, but we also see merchants exerting downward pressure on the cost of processing payments on us. So we still believe that the general trend is a downward trend.

謝謝，傑米。它保持不變。我認為，即使你看一下指導，我們仍然會看到我們的商家大幅增加與我們的交易量，並有可能達到新的定價層級。我認為總體而言，我們繼續對收單機構和處理商施加下行壓力，但我們也看到商家對我們處理支付的成本施加下行壓力。所以我們還是認為整體趨勢是下降的。

Now what we've been saying for some time now, and I think the last few quarters have validated is that, that erosion in take rate is gradual, that as we offer more frontier markets and mix shift moves away from some of the larger markets.

我們已經說了一段時間了，而且我認為過去幾個季度已經證實了這一點，那就是接受率的下降是漸進的，隨著我們向更多的前沿市場提供服務，並且混合轉變正在遠離一些較大的市場。

And more importantly, as we accelerate our go-to-market of new products and new value-added services such as Buy Now Pay Later, those are also potentially higher take rate products. And so that all in, although we still think take rates will continue to decline, we probably have a more constructive view in both the pace of that decline and also what the bottom may be.

更重要的是，隨著我們加快新產品和新加值服務（如「先買後付」）的上市，這些產品也可能具有更高的接受率。總而言之，儘管我們仍然認為利率將繼續下降，但我們對下降速度以及底部位置可能都有更建設性的看法。

Okay. Thank you for that. And then when you were describing the vectors of growth and the S-curve of adoption, you also talked about new products. And then you referenced them -- introduced the Pix functionality parcel out of the Pix expanded solution. I'm just wondering, what are you excited about in terms of new product introductions? What are the merchants asking you about? And what's your time frame for delivery on those?

好的。謝謝你。然後，當您描述成長向量和採用的 S 曲線時，您也談到了新產品。然後您引用了它們——從 Pix 擴充解決方案中引入了 Pix 功能包。我只是想知道，對於新產品的推出，您感到興奮的是什麼？商家問你什麼問題？您的交付時間表是怎樣的？

Yeah. So the products mentioned are all live. I think if I had to answer your question, I would probably answer that we see significant merchant interest in credit offerings and the ability to offer credit to their consumers across emerging markets without necessarily want to underwrite credit themselves.

是的。所以提到的產品都是活的。我想如果我必須回答你的問題，我可能會回答，我們看到商家對信貸產品有濃厚的興趣，並且有能力向新興市場的消費者提供信貸，而不一定願意自己承保信貸。

Hence, the Buy Now, Pay Later Fuse platform, which allows them to offer the best-in-market buy now, pay later players and gives us leverage to rev share with the buy now, pay later players because we're giving them massive distribution into some of the world's largest digital companies. So that's one area that we're focused on, and we see things moving at a fast pace.

因此，有了「先買後付」Fuse 平台，他們就可以為市場上最好的「先買後付」玩家提供服務，並且我們也可以與「先買後付」玩家分享收益，因為我們為他們提供了進入一些全球最大數位公司的大規模分銷管道。這是我們關注的一個領域，我們看到事情正在快速發展。

SmartPix is a quite unique way to access Pix, combining the open banking framework available in Brazil as well as the Pix rails, and that allows us to build features for Pix that make it more feature resembling credit cards and tokenized payment methods, which has also shown a lot of interest in our merchants. And then the third area we mentioned is the stablecoin and crypto space.

SmartPix 是一種非常獨特的訪問 Pix 的方式，它結合了巴西現有的開放銀行框架以及 Pix 軌道，這使我們能夠為 Pix 建立功能，使其更像信用卡和標記化支付方式，這也引起了我們商家的極大興趣。然後我們提到的第三個領域是穩定幣和加密貨幣空間。

So I think those are probably the three areas that we're looking at the most in this cycle of product innovation. A fourth one is potentially beginning to also offer solutions for off-line global merchants. And those four, I think, are the areas of new product launches that most of our engineering resources are being allocated to.

所以我認為這可能是我們在這個產品創新週期中最關注的三個領域。第四個可能也開始為線下全球商家提供解決方案。我認為，這四個是我們大部分工程資源分配到的新產品發布領域。

Okay. Thanks for the color. I'll jump back in the queue.

好的。謝謝你的顏色。我會重新回到隊列中。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Hi. Thank you for taking my question and congratulations on the numbers. First, can I ask about -- you mentioned tariff as a risk and cross-border as well. Can you elaborate a bit on that? How do you see the impact of tariffs? And where do you see the biggest risk for dLocal coming from that?

你好。感謝您回答我的問題，並祝賀您取得這樣的成績。首先，我可以問一下──您提到關稅是一種風險，而且跨境也有這種風險。能詳細說明一下嗎？您如何看待關稅的影響？您認為 dLocal 面臨的最大風險是什麼？

My second question is -- was on the product innovation. And can you double-click on the offline piece that you mentioned that's still upcoming? Previously, dLocal had mentioned that offline is not as fast growing as online, and therefore, you don't want to have capabilities on the offline side. So it seems that, that has changed. If you can please explain what is your thinking on that.

我的第二個問題是關於產品創新。您能雙擊您提到的即將推出的離線部分嗎？先前 dLocal 曾提到，線下的成長速度不如線上快，因此不希望線下擁有相關能力。看來，情況已經改變。如果可以的話請解釋一下您對此的想法。

And my last question is on costs. I think you did a great job this quarter, better than expected on the cost front. Should we expect to see more controlled cost growth in the second half of this year and you've turned the corner on the cost side? Or were there any one-offs which might not be there in the second half? Thank you so much.

我的最後一個問題是關於成本的。我認為本季你們做得很好，成本方面比預期的要好。我們是否應該預期今年下半年成本成長將更加可控，你們在成本方面已經扭轉了局面？或者是否存在一些下半場可能不會出現的一次性事件？太感謝了。

Thanks, Neha. So tariffs, I think there's two things we need to monitor closely. And in a way, they're related to the rapidly shifting tariff wars or tariff being used as a central part of geopolitics. So for example, Mexico has recently increased the de minimis on imports of e-commerce. And obviously, that's something that potentially could impact our merchants.

謝謝，Neha。因此，對於關稅，我認為有兩件事我們需要密切關注。從某種程度上來說，它們與快速變化的關稅戰或關稅作為地緣政治的核心部分有關。例如，墨西哥最近提高了電子商務進口的最低限度。顯然，這可能會對我們的商家產生影響。

We haven't seen any negative impact so far, but that's something to monitor closely. And what we highlight as a potential risk is simply as there's greater clarity on how the US starts imposing tariffs on trade partners, are there retaliatory measures, how does the Brazil-US issue end up, I think it's still unclear. So I think this is a potential risk, not a risk that we are calling out because of any headwinds that we have seen so far in our business.

到目前為止我們還沒有看到任何負面影響，但這是需要密切監測的事情。我們強調的潛在風險是，隨著美國如何開始對貿易夥伴徵收關稅、是否會採取報復措施、巴西與美國的問題將如何結束等問題變得越來越清晰，我認為這些仍然不清楚。所以我認為這是一個潛在的風險，而不是我們因為迄今為止在業務中看到的任何不利因素而發出警報的風險。

So just potentially in terms of GMV slowdown could happen if there's no noise around tariffs. So that could be looked to GMV?

因此，如果關稅方面沒有出現任何問題，那麼 GMV 增速就有可能放緩。那麼這可以看作是 GMV 嗎？

Correct.

正確的。

Not take rate?

不接受利率？

No, not really. I think the more immediate risk is simply that these tariffs could hinder cross-border commerce, which is the largest category we service. Or if the concept of digital taxes were to emerge, that could also impact many of our digital merchants. And again, just to stress, this is a risk given the uncertain trade environment, nothing that we have been seeing in our numbers. Offline, look, offline is still by far the largest market in terms of where payments occur in the emerging world.

不，不是真的。我認為更直接的風險是這些關稅可能會阻礙跨境貿易，而跨境貿易是我們服務的最大類別。或者，如果數位稅的概念出現，這也可能會影響我們的許多數位商家。再次強調，鑑於不確定的貿易環境，這是一種風險，而我們的數據並未顯示這一點。線下，你看，就支付方式而言，線下仍然是新興世界迄今為止最大的市場。

And what we began to see is that we were being approached by digital companies, but who somehow serviced the offline world. So either ISVs or payment companies who had smart POSs or SMB ERPs tied to POSs and that we're looking for a technology partner that could help them with payments and expatriation on those hardwares that served physical commerce.

我們開始發現，數位公司正在與我們接洽，但他們卻以某種方式為線下世界提供服務。因此，無論是 ISV 還是擁有智慧 POS 或與 POS 綁定的 SMB ERP 的支付公司，我們都在尋找一個技術合作夥伴，幫助他們處理服務於實體商務的硬體的支付和移交。

And as a consequence of these specific merchant contracts, we've began to develop the capabilities at dLocal to not only process payments online, but also to process payments at POSs in the physical world. So it's early stages. There are already contracts tied to this that once they go live, we will announce. But that has been the thinking behind trying to also offer solutions for offline merchants. It's really been a reaction to specific RFPs we won and contracts that we've signed.

由於這些特定的商家合同，我們開始開發 dLocal 的功能，不僅可以處理線上支付，還可以處理現實世界中 POS 機的支付。所以現在還處於早期階段。目前已經有與此相關的合同，一旦合約上線，我們就會宣布。但這也是試著為線下商家提供解決方案背後的想法。這實際上是對我們贏得的具體 RFP 和簽署的合約的回應。

Jeff, I don't know if you want to take the one on OpEx for the second half of the year?

傑夫，我不知道你是否願意接受下半年的營運支出的諮詢？

On OpEx, I think the answer is we continue to expect to increase OpEx over the next few quarters. We're going to be doing more hiring, want to hire into product technology operations. I think some of these comments were made in our recorded remarks, expansion expenses into new markets and new products. And then we still have some third-party expenses in our budget that we expect to spend in the second half of the year. So to answer shortly, we expect OpEx to continue to increase, and I think that's implicit in our guidance.

關於營運支出，我認為答案是我們預計未來幾季營運支出將繼續增加。我們將進行更多的招聘，希望招募更多的人才從事產品技術營運工作。我認為其中一些評論是在我們的錄音評論中提出的，即新市場和新產品的擴張費用。我們的預算中還有一些第三方費用，預計將在下半年支出。因此，簡短地回答一下，我們預計營運支出將繼續增加，我認為這隱含在我們的指導中。

Understood. Thank you so much.

明白了。太感謝了。

Matt Coad, Truist.

馬特·科德（Matt Coad），Truist。

Hey. Good evening, guys. Thanks for taking the question. Pedro, I wanted to go back to the net take rate discussion. Just wanted to make sure we have all the moving pieces right here, particularly on the 18-point headwind from the tighter FX spreads in Argentina, the 15-point tailwind from the processing cost recovery. Could you provide a little bit of color on like what you expect for 3Q, right? Like what impacts here were onetime and we should adjust for them versus like what impacts are ongoing as we look forward?

嘿。大家晚上好。感謝您回答這個問題。佩德羅，我想回到淨利率的討論。只是想確保我們掌握了所有活動要素，特別是阿根廷外匯利差收窄帶來的 18 點逆風，以及加工成本回收帶來的 15 點順風。您能否稍微透露一下您對第三季的預期？例如，這裡哪些影響是曾經發生的，我們應該對其進行調整，而哪些影響會持續存在？

Yeah. Let me start with the second part of the question, which perhaps is the more relevant one. If you look at the midpoint of guidance, there's a slight reduction in take rate. And so we do expect, as I said earlier, that the trend is slightly down. The Argentina impacts, as you realize, they offset each other.

是的。讓我先談談問題的第二部分，這也許是更相關的部分。如果你看一下指導的中點，你會發現接受率略有下降。因此，正如我之前所說，我們確實預計趨勢會略有下降。如您所知，對阿根廷的影響是相互抵消的。

So when there's a compression in spreads between official and parallel rates, it reduces our revenue, but it also lowers our costs somewhat in line. And so those offset each other.

因此，當官方匯率和平行匯率之間的利差縮小時，我們的收入就會減少，但成本也會隨之降低。所以它們互相抵消。

So for the remainder of the year, to the best of our current knowledge, we have take rates that are slightly down, almost flat, getting us to a full year take rate that at the midpoint is still above 100 basis points. It's hard to predict this because it depends a lot, as you can see here from the drivers of what the final mix between pay-ins and payouts, local to local and cross-border country and merchant mix are.

因此，就今年剩餘時間而言，據我們目前所知，我們的利率將略有下降，幾乎持平，從而使全年利率中點仍然高於 100 個基點。這很難預測，因為這取決於許多因素，正如您可以從支付和支出、本地對本地和跨境國家和商家組合的最終組合驅動因素中看到的那樣。

So I'm not being coy here. It's that genuinely, we understand the drivers very well. It's not really in our control how these different drivers necessarily play out. What's implied at the midpoint of guidance again is a slight continued reduction in take rates, which is consistent with the answer I gave earlier.

所以我在這裡並不害羞。事實上，我們非常了解驅動因素。我們實際上無法控制這些不同的驅動因素如何發揮作用。指導中點再次暗示接受率將繼續略微下降，這與我之前給出的答案一致。

Thanks, Pedro. That's super helpful. I understand that there's a lot of moving pieces. And then for my follow-up, I wanted to go back to the point on the top 10 merchants, right? Revenue growth with these merchants is still really strong, up 49% year over year. I was hoping you could touch -- like break down that growth for us a little bit.

謝謝，佩德羅。這非常有幫助。我知道有很多事情需要處理。然後，作為我的後續問題，我想回到前 10 名商家的問題上，對嗎？這些商家的營收成長仍然非常強勁，年增 49%。我希望您能為我們稍微解釋一下這種增長情況。

I'm curious how much of that growth is coming from these merchants using dLocal in more countries. And then as we think about growth from this growth vector going forward, what does the pipeline look like now in terms of these companies using dLocal in even more countries compared to, say, 12 months ago?

我很好奇其中有多少成長來自於更多國家使用 dLocal 的商家。然後，當我們考慮未來從這個成長向量成長時，與 12 個月前相比，這些公司在更多國家使用 dLocal 的情況如何？

Yes. Look, as a general trend, and you see that in the data points we shared, not of top 10 merchants, but of top 50 merchants, we do see a consistent increase in the number of markets we serve for our merchants across most of the larger merchants. I'd say that trend is even more marked in the top 10.

是的。看起來，作為一個總體趨勢，你會看到，在我們分享的數據點中，不是前 10 名商家，而是前 50 名商家，我們確實看到，在大多數大型商家中，我們為商家服務的市場數量正在持續增長。我想說，這種趨勢在前十名中更為明顯。

So if I think of the top three or four merchants, a significant portion of the growth is from new markets, in addition to most of them also growing their TPV with us in existing markets, either because their businesses grow or because we gain share of wallet.

因此，如果我考慮排名前三或四的商家，那麼很大一部分增長來自新市場，此外，他們中的大多數也在現有市場與我們一起增加 TPV，要么是因為他們的業務增長，要么是因為我們獲得了錢包份額。

There are a few top 10 merchants where growth has been more about simply gaining share of wallet in existing markets and less so about more markets. So it's hard to give you a blanket answer. In general, yes, the average number of markets we serve for top 50 merchants, you have the data. And for top 10, that growth is even more noticeable in terms of the number of markets that we serve for the top 10 merchants.

有幾家排名前十的商家，其成長更多的是簡單地獲得現有市場的錢包份額，而不是更多的市場。所以很難給你一個籠統的答案。總的來說，是的，我們為前 50 名商家服務的市場平均數量，您有數據。對於前 10 名商家而言，從我們為其服務的市場數量來看，這種成長更加明顯。

Thanks, Pedro.

謝謝，佩德羅。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。