Dlocal Ltd (DLO) 2025 Q3 法說會逐字稿

(Operator Instructions) I will now hand the call over to the company.

（操作員指示）我現在將把電話轉接給公司。

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

各位下午好，感謝各位參加2025年第三季財報電話會議。如果您尚未看到獲利報告，該報告副本已發佈在投資者關係網站的財務版塊。

On the call today, you have Pedro Arnt, Chief Executive Officer; Jeffrey Brown, Interim Chief Financial Officer; Chris Stromeyer, SVP of Corporate Development; and Mirele Aragao, Head of Investor Relations.

今天參加電話會議的有：執行長 Pedro Arnt；臨時財務長 Jeffrey Brown；企業發展資深副總裁 Chris Stromeyer；以及投資者關係主管 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 the Dlocal website at investor.dlocal.com. The recording will be available shortly after the event is concluded.

已提供投影片簡報，以配合準備好的演講稿。本次活動將透過網路直播，您可以透過Dlocal網站investor.dlocal.com觀看直播和簡報。活動結束後不久，錄影將上線。

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. Whilst the company believes that our assumptions, expectations and projections are reasonable given currently available information, you are cautioned not to place undue reliance on those forward-looking statements.

在繼續之前，我想說明的是，本次簡報或電話會議中提及的任何前瞻性陳述均基於當前可獲得的資訊以及 Dlocal 對未來事件的當前假設、預期和預測。雖然公司認為，根據目前可獲得的信息，我們的假設、預期和預測是合理的，但請您注意，不要過度依賴這些前瞻性陳述。

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

由於各種原因，實際結果可能與 Dlocal 簡報中包含或本次電話會議中討論的結果存在重大差異，這些原因包括 Dlocal 向美國證券交易委員會提交的文件中「前瞻性聲明」和「風險因素」部分所描述的原因，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.

現在我將把會議交給Dlocal。謝謝。

Hello, everyone, and thanks for joining us today. We delivered another record quarter for the first time with TPV above $10 billion and gross profit that surpassed $100 million, yet another example of our strong growth and continued diversification, all of which underscore the potential and resilience of our business model. TPV, and I'd like to remind you that it's the key metric we continue to manage the business to trusting that long term scale and market share are the critical elements behind our investment thesis.

大家好，感謝各位今天收看我們的節目。我們再次創下季度新紀錄，總交易額首次超過 100 億美元，毛利超過 1 億美元，這再次證明了我們強勁的成長和持續的多元化，所有這些都突顯了我們商業模式的潛力和韌性。TPV，我想提醒大家，這是我們持續管理業務的關鍵指標，因為我們相信長期規模和市場份額是我們投資理念背後的關鍵要素。

So TPV grew nearly 60% year over year in dollars and 66% on a constant currency basis. This marks the fourth consecutive quarter of TPV growth above 50% compared to the prior year, a testament to the favorable secular trends in emerging markets and to our track record of execution with our merchants as they grow into new markets and new payment methods.

因此，以美元計算，TPV年增近60%，以固定匯率計算則成長了66%。這標誌著 TPV 連續第四個季度同比增長超過 50%，證明了新興市場良好的長期發展趨勢，也證明了我們在幫助商家拓展新市場和新支付方式方面所取得的良好業績。

Gross profit reached $103 million up roughly 32% year over year and 36% for the first nine months of 2025. The quarter's results was driven by strong volume growth across the business with particular strength in Brazil, Colombia, and other LatAm and other Africa and Asia segments, partially offset by a volatile macro situation in Argentina, temporary cost pressure in Mexico, potentially also headwinds from tariffs in that market and a full quarter's effect of the share of wallet losses in Egypt that we had already referenced in the second quarter.

毛利達到 1.03 億美元，年成長約 32%，2025 年前九個月年增 36%。本季業績主要得益於業務整體的強勁銷量成長，尤其是在巴西、哥倫比亞以及其他拉丁美洲、非洲和亞洲地區，但部分被阿根廷不穩定的宏觀經濟形勢、墨西哥的暫時性成本壓力、該市場關稅可能帶來的不利影響以及我們在第二季度已經提到的埃及市場份額損失對本季度業績的全面影響所抵消。

As anticipated, our investment cycle increased head count expenses. However, our disciplined expense management, sustained healthy operating leverage with adjusted EBITDA reaching $72 million, representing 70% of gross profit. We delivered a robust net income growth, primarily due to lower finance costs following a significant reduction of our exposure to Argentine peso-denominated bonds during the second quarter of '25.

正如預期的那樣，我們的投資週期增加了人力成本。然而，我們嚴格的費用管理，以及持續健康的經營槓桿，使調整後的 EBITDA 達到 7,200 萬美元，佔毛利的 70%。我們實現了強勁的淨收入成長，這主要得益於我們在 2025 年第二季大幅減少了對阿根廷比索計價債券的曝險，從而降低了融資成本。

And finally, adjusted free cash flow to net income conversion remains at healthy levels reinforcing the cash-generative nature of our business model. These strong results reflect our continued ability to navigate the fragmentation and complexity that's inherent in emerging markets financial infrastructure so that we can deliver value to our shareholders and growth to our investors. This complexity and fragmentation across the global South is not waning, but rather we would argue increasing.

最後，經過調整的自由現金流與淨收入的轉換率仍處於健康水平，這進一步鞏固了我們商業模式的現金產生能力。這些強勁的業績反映了我們持續有能力應對新興市場金融基礎設施固有的碎片化和複雜性，從而為我們的股東創造價值，為我們的投資者帶來成長。全球南方地區的這種複雜性和分裂性不僅沒有減弱，反而我們認為還在加劇。

In Brazil, local payment methods, driven by Pix, already account for more than half of e-commerce volume. We see these trends across all emerging markets. Local payments methods represent the majority of e-commerce volumes and are expected to reach nearly 60% by 2027.

在巴西，以 Pix 主導的本地支付方式已經佔電子商務交易額的一半以上。我們在所有新興市場都看到了這些趨勢。本地支付方式佔電子商務交易量的大部分，預計到 2027 年將達到近 60%。

Buy Now, Pay Later solutions -- one of our newer focus areas, although, smaller today -- are growing faster than the overall market, and we believe have enormous potential. Crypto corridors through stablecoins are also rapidly emerging as relevant in the payment infrastructure mix, opening up new business opportunities and positioning Dlocal as a key provider of on- and off-ramps between stablecoins and fiat across the over 40 markets where we operate.

「先買後付」解決方案——雖然目前規模較小，但卻是我們較新的重點領域之一——其成長速度超過了整體市場，我們認為它具有巨大的潛力。透過穩定幣建立的加密通道也在支付基礎設施組合中迅速崛起，開闢了新的商機，並將 Dlocal 定位為我們運營的 40 多個市場中穩定幣和法幣之間進出通道的關鍵提供者。

In the face of this ever-increasing complexity and fragmentation, our core value proposition, one Dlocal does nothing but increase in value to our merchants, being able to abstract all the complexity away to a single partner who has the widest and deepest coverage. And by that, I mean the most emerging market countries and the largest number of payment methods per country is fundamental. That is why our value proposition for merchants is to be the one-stop shop for their emerging market financial infrastructure needs, offering all card-based, local payment and alternative financial infrastructure in any given country.

面對日益增長的複雜性和碎片化，我們的核心價值主張——一個 Dlocal——只會為我們的商家帶來更多價值，因為它能夠將所有複雜性抽象化，交給一個擁有最廣泛、最深入覆蓋範圍的合作夥伴。我的意思是，新興市場國家數量最多以及每個國家擁有最多的支付方式是至關重要的。因此，我們為商家提供的價值主張是成為其新興市場金融基礎設施需求的一站式服務商，在任何特定國家提供所有基於卡片的本地支付和替代金融基礎設施。

Last quarter, you may recall, we shared our view on the S-curve of digital merchants adopting payment localization throughout EM. As you can see here, our growth is broad-based within TPV contributions throughout that S-curve. We add new merchants, deepen our share of wallet with existing merchants, add payment methods and accompany them as they go to market in new countries.

您可能還記得，上個季度我們分享了我們對新興市場數位商家採用支付在地化的 S 曲線的看法。正如您在這裡看到的，我們的成長在整個 S 形曲線中，TPV 貢獻都是廣泛的。我們增加新的商戶，加深與現有商家的合作份額，增加支付方式，並陪伴他們進入新的市場。

And throughout, we benefit from secular trends of digitalization and economic growth in our markets and the desire of the world's preeminent brands to expand where growth is, which is across emerging markets. Most of these results are coming from existing merchants, a testament to the strength and size of our current merchant base. For example, our clients include six of the Mag-7.

而且，我們始終受益於市場數位化和經濟成長的長期趨勢，以及世界一流品牌希望在成長的地方（即新興市場）擴張的願望。這些結果大多來自現有商戶，證明了我們現有商家基礎的實力和規模。例如，我們的客戶包括六家 Mag-7 公司。

The strong volume growth with our key merchants, coupled with our value proposition, results in customer loyalty that we are very proud of. We have leading net retention of revenue when compared to most peers in the payments and software industry, reflecting durable upsell and cross-sell geographies, payment methods and flows. Since 2020, our NRR has always been above 100%, and this past quarter increased to 149%.

我們與主要商家的強勁銷售成長，加上我們的價值主張，帶來了我們引以為傲的客戶忠誠度。與支付和軟體產業的大多數同業相比，我們的淨收入留存率領先，這反映了我們持久的追加銷售和交叉銷售地域、支付方式和流程。自 2020 年以來，我們的淨收入率一直高於 100%，而上個季度則是成長至 149%。

During the quarter, we continued to partner with best-in-class players from a commercial and capabilities perspective to help them solve financial infrastructure challenges in our markets. Let me share with you some examples of high-profile recent integrations. Our work supporting Western Union's pay-ins across Latin America as they digitize their business.

本季度，我們繼續從商業和能力角度與業內頂尖企業合作，幫助他們解決我們市場中的金融基礎設施挑戰。讓我與大家分享一些近期備受矚目的整合案例。我們正在為西聯匯款在拉丁美洲的業務數位轉型提供支援。

The expansion of checkout options for the ride-hailing service Bolt across Africa, Asia and Latin America, leveraging our unique position to offer on and off ramps for stablecoins with Fireblocks for their global payments network.

我們正在擴大叫車服務 Bolt 在非洲、亞洲和拉丁美洲的結帳選項，利用我們獨特的優勢，透過 Fireblocks 為其全球支付網路提供穩定幣的存取通道。

And finally, partnering with Google on their agent payments protocol, AP2, as we jointly explore the opportunities AI bring to commerce. And as we continue to deliver great work on behalf of our merchants, and therefore, scale and increase breadth, depth and quality of service, our business becomes stickier as we saw in the NRR data I just shared and more importantly, ever more diversified.

最後，我們將與Google合作，共同探索人工智慧為商業帶來的機會，並共同推動其代理支付協議 AP2 的實施。隨著我們持續為商家提供優質服務，從而擴大服務範圍、深度和質量，我們的業務也變得更加穩定，正如我剛才分享的 NRR 數據所示，更重要的是，業務也變得更加多元化。

Last quarter, we highlighted how our country market concentration has been decreasing. Our top three markets continue to grow very healthily but at a slower pace than the rest creating diversification and thus, very importantly, reducing the impact of the inherited volatility of any individual emerging market on overall quarterly and annual results.

上個季度，我們重點介紹了我國市場集中度下降的情況。我們的三大市場繼續保持非常健康的成長，但成長速度低於其他市場，從而實現了多元化，因此，非常重要地降低了任何單一新興市場固有的波動性對整體季度和年度業績的影響。

And top merchant concentration, defined simply as the top 10 merchants on any given quarter remains broadly in line with historical levels, but as we deepen our share with existing merchants and onboard new large ones, the composition of the top 10 merchants rotates from quarter to quarter. Therefore, when we look at this on a cohort basis of the top 10 merchants of any given quarter, we see that they lose concentration as time goes on. And not because they shrink, but because other newer merchants grow more in most cases.

頂級商家集中度（簡單定義為每季排名前 10 名的商家）基本上與歷史水準一致，但隨著我們加深與現有商家的合作，並引入新的大型商戶，排名前 10 的商家組成每個季度都會發生變化。因此，當我們以每季排名前 10 的商家為單位進行觀察時，我們發現隨著時間的推移，他們的專注度會下降。不是因為它們規模縮小了，而是因為大多數情況下其他新商家發展得更快。

The importance of looking at this in a cohort level is that it shows that actual merchant diversification is actually increasing on a name by name basis, and are dependent on single merchants decreases over time. Our product innovation road map also remains a top priority as we look to diversify our revenue base and drive increased average revenue per merchant.

從群體層面來看，這一點的重要性在於，它表明實際的商家多元化程度正在逐一增加，而對單一商家的依賴程度則隨著時間的推移而降低。我們的產品創新路線圖仍是重中之重，因為我們希望將收入來源多元化，並提高每位商家的平均收入。

We wanted to provide two updates this quarter. First, our APMs-on-file capabilities now cover 27 of these local payment methods across 16 countries and is quickly growing, replicating card-on-file convenience to reduce checkout friction and lift conversion while allowing merchants to benefit from cost, speed and adoption of these leading local payment methods.

本季我們希望提供兩項更新。首先，我們的 APM-on-of-file 功能目前已覆蓋 16 個國家/地區的 27 種本地支付方式，並且正在快速增長，複製了卡片存檔的便利性，以減少結帳摩擦並提高轉換率，同時讓商家能夠從這些領先的本地支付方式的成本、速度和普及性中受益。

For example, after rolling out tokenization of Yape, a top APM in Peru, conversion rates on that payment method rose by a whopping 34 percentage points. Second, two weeks ago, we launched Buy Now, Pay Later Fuse, our proprietary aggregator for Buy Now, Pay Later solutions, it's now live in six countries with two more to follow shortly across Latin America, Africa, the Middle East and Asia.

例如，在秘魯頂級 APM Yape 推出代幣化之後，該支付方式的轉換率大幅提高了 34 個百分點。其次，兩週前，我們推出了“先買後付 Fuse”，這是我們專有的“先買後付”解決方案聚合器，目前已在六個國家上線，不久還將在拉丁美洲、非洲、中東和亞洲的兩個國家上線。

This is an important step towards enabling our merchants to benefit from the massive demand for credit in our markets. Although still in its infancy, we are seeing initial signs of product market fit with 2.5x growth in volumes quarter over quarter. It's also important to note that we deploy it via a revenue share model with local partners, taking no credit risk and generating a higher take rate payment volume on these transactions.

這是讓我們的商家能夠從市場上龐大的信貸需求中獲益的重要一步。雖然仍處於起步階段，但我們已經看到產品與市場契合的初步跡象，銷售量較上季成長了 2.5 倍。值得注意的是，我們透過與當地合作夥伴的收入分成模式來部署這項服務，無需承擔任何信用風險，並且從這些交易中獲得更高的佣金率和支付額。

To wrap up this section, the quarter clearly consolidates the positive trends we have seen over the last nine months, sustained growth, an improving business mix, disciplined cost posture and continued strong cash generation.

總結本節，本季度清晰地鞏固了我們在過去九個月中看到的積極趨勢，包括持續增長、業務組合改善、成本控制以及持續強勁的現金流。

And with that, let me pass the call on to Jeff who will walk you through a detailed analysis of this third quarter performance.

接下來，我將把電話交給傑夫，他將為大家詳細分析第三季的表現。

Thank you, Pedro. Good afternoon, everyone. I'll now take you through a detailed look at the numbers and the main drivers of our performance this quarter.

謝謝你，佩德羅。大家下午好。接下來，我將帶您詳細了解本季的各項數據以及業績的主要驅動因素。

We delivered another strong quarter, again setting records across TPV, revenue, gross profit, adjusted EBITDA and net income while keeping operating leverage at healthy levels despite continued investment. Our TPV reached $10.4 billion, representing significant growth of 59% year over year and 13% quarter over quarter. In constant currency terms, TPV would have grown by 66% year over year despite being impacted negatively by the depreciation of the Argentine peso.

我們又迎來了一個強勁的季度，在總交易額、收入、毛利、調整後 EBITDA 和淨利潤方面再次創下紀錄，同時儘管持續投資，仍保持了健康的經營槓桿水平。我們的總交易額達到 104 億美元，年增 59%，季增 13%。以固定匯率計算，儘管受到阿根廷比索貶值的負面影響，TPV仍年增了66%。

This strong result was particularly visible in remittances, e-commerce, on-demand delivery and SaaS verticals. Weakness in advertising is explained by Egypt, as mentioned by Pedro. Performance proved to be broad-based across all flows and products with each one achieving a new record high. This consistency powerfully validates the value proposition we offer our merchants.

這一強勁成果在匯款、電子商務、隨選配送和 SaaS 垂直領域尤為明顯。佩德羅提到的埃及的情況可以解釋廣告業的弱點。事實證明，所有流程和產品都表現出色，每一項都創下了新的歷史新高。這種一致性有力地驗證了我們為商家提供的價值主張。

Cross-border grew 13% quarter over quarter and 75% year over year, while local-to-local grew 13% sequentially and 46% year over year. Once again, this shows the staying power of our cross-border offering. Pay-ins grew 12% quarter over quarter and 55% year over year while pay-outs grew 14% quarter over quarter and 70% year over year. Revenue was $282 million, up 52% year over year or 63% on a constant currency basis.

跨境貿易季增 13%，年增 75%；本地貿易季增 13%，年增 46%。這再次證明了我們跨國業務的持久生命力。繳款額較上季成長 12%，較去年同期成長 55%；而支出金額較去年同期成長 14%，較去年同期成長 70%。營收達 2.82 億美元，年增 52%，以固定匯率計算成長 63%。

On a quarter-over-quarter basis, revenue was up by 10%, driven by volume growth. Moving to gross profit. During the quarter, gross profit reached a record of $103 million up 32% year over year or approximately 41% on a constant currency basis. This performance was primarily driven by volume growth with notable contributions year over year from Brazil, Argentina, and Colombia.

受銷量成長的推動，營收季增 10%。轉為毛利。本季毛利達到創紀錄的 1.03 億美元，年增 32%，以固定匯率計算成長約 41%。這項業績主要得益於銷量成長，其中巴西、阿根廷和哥倫比亞的銷量較去年同期成長尤為顯著。

On a quarter-over-quarter basis, gross profit increased by 4%, primarily driven by volume growth across frontier markets with strong performance in Colombia, Bolivia and Nigeria and Brazil's solid growth across streaming, e-commerce and advertising, coupled with higher share of pay-ins. This positive result was offset by Egypt, as previously discussed.

與上一季相比，毛利成長了 4%，主要得益於新興市場銷量的成長，其中哥倫比亞、玻利維亞和奈及利亞表現強勁，巴西在串流媒體、電子商務和廣告方面實現了穩健成長，此外付費用戶比例也有所提高。正如之前討論過的，埃及的比賽抵消了這一積極結果。

Argentina, reflecting lower interest rate spreads and a temporary increase in processing costs and a payment mix shift towards an APM with temporary margin pressure in Mexico as well as a slowdown in TPV growth, likely driven by increased tariffs on imports as we have cautioned in our last guidance update. The quarter was also impacted by a noncash IFRS inflation adjustment in Argentina.

阿根廷的情況反映了較低的利率差、暫時的處理成本增加以及支付組合向APM的轉變，墨西哥的情況則面臨暫時的利潤壓力，同時TPV增長放緩，這可能是由於進口關稅增加所致，正如我們在上次的業績指引更新中所警告的那樣。本季也受到阿根廷非現金 IFRS 通膨調整的影響。

Our net take rate was down sequentially, explained mainly by lower share from Egypt, volatility in Argentina and payment mix shifts in Mexico. It is important to note that take rates in our business can be volatile quarter to quarter given the many mix shifts by which they are affected. We continue to demonstrate operating leverage and careful expense management.

我們的淨收入率環比下降，主要原因是埃及的份額下降、阿根廷的波動以及墨西哥的支付方式變化。值得注意的是，由於受到許多因素的影響，我們業務中的成交率可能會出現季度波動。我們持續展現出高效率的營運槓桿和謹慎的費用控制。

Our total operating expenses were $48 million for the quarter, representing a 10% increase quarter over quarter and a 28% increase year over year. On a quarterly basis, the increase is driven mostly by salaries and wages, especially in sales and marketing and tech and offset by a $1 million decrease in impairment losses on financial assets. It is important to note that the increase in salaries and wages includes an almost $2 million increase in noncash share-based payments.

本季我們的總營運支出為 4,800 萬美元，季增 10%，年增 28%。按季度來看，成長主要由薪資和工資推動，尤其是在銷售、行銷和科技領域，但卻被金融資產減損損失減少 100 萬美元所抵銷。值得注意的是，薪資和薪資的成長包括近 200 萬美元的非現金股權支付成長。

Adjusted EBITDA reached approximately $72 million, up 2% quarter over quarter and 37% year over year. The ratio of adjusted EBITDA to gross profit for the quarter was approximately 70%. Our revenue per employee had a second quarter of strong growth as we realized gains from our investment cycle and reaped initial returns on our automation and AI projects.

調整後 EBITDA 達到約 7,200 萬美元，季增 2%，年增 37%。本季調整後 EBITDA 與毛利比約為 70%。隨著我們從投資週期中獲利，並從自動化和人工智慧專案中獲得初步回報，我們第二季的員工人均收入實現了強勁成長。

As Pedro mentioned previously, net income totaled $52 million for the quarter, explained by lower finance costs following the reduction of our exposure to Argentine peso-denominated bonds. Over the next few months, we expect to fully diversify away from the portfolio of Argentine securities generating less volatility from financial results on an ongoing basis. Regarding income taxes, our effective income tax rate for the quarter was 15%.

正如佩德羅之前提到的，本季淨收入總計 5,200 萬美元，這得益於我們減少了對阿根廷比索計價債券的投資，從而降低了融資成本。在接下來的幾個月裡，我們預計將完全分散投資，減少對阿根廷證券投資組合的依賴，從而持續降低財務表現的波動性。關於所得稅，本季我們的實際所得稅率為 15%。

Finally, our free cash flow for the quarter was $38 million.

最後，我們本季的自由現金流為 3,800 萬美元。

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

接下來，我將把麥克風交還給佩德羅，請他作最後總結發言。

Thanks, Jeff. Before concluding, we wanted to give you an update on guidance. We reiterate our guidance numbers given where we see the business tracking as of today. However, there are continued important risks to consider that we want to make sure we call out. We currently expect TPV to exceed the high end of the range we shared during the second quarter '25 earnings call. Market share and merchant traction remained very strong.

謝謝你，傑夫。在結束之前，我們想向您報告指導情況。鑑於我們目前對業務發展狀況的觀察，我們重申先前的業績指引。然而，仍有一些重要的風險需要考慮，我們希望確保將其指出來。我們目前預計 TPV 將超過我們在 2025 年第二季財報電話會議上分享的範圍上限。市場佔有率和商家參與度依然非常強勁。

And once again, let me remind you that this for us is the most important metric. Revenue is tracking around the upper limit for the year while gross profit and adjusted EBITDA are likely to be between the midpoint and the upper level. As highlighted last time around, it's important to consider the evolving global macro currency and trade landscape throughout EMs. More specifically, recent increase in tariffs in Mexico for low-value goods have already caused a slowdown in our Mexican business as witnessed this quarter.

再次提醒各位，這對我們來說是最重要的指標。營收預計將接近年度上限，而毛利和調整後 EBITDA 可能介於中點和上限之間。正如上次強調的那樣，在考慮新興市場中不斷變化的全球宏觀貨幣和貿易環境時，這一點非常重要。更具體地說，墨西哥近期提高低價值商品關稅已經導致我們在墨西哥的業務放緩，正如本季所見。

That, along with potential trade barriers in other markets, should be followed closely. Also, shifting fiscal and tax regimes in Brazil, as we also called out last quarter is another potential headwind. And finally, potential for currency devaluations and/or changes in FX regimes beyond Argentina, such as Egypt or Bolivia.

這一點，以及其他市場可能存在的貿易壁壘，都應該密切注意。此外，正如我們上個季度所指出的，巴西財政和稅收制度的轉變也是另一個潛在的不利因素。最後，阿根廷以外的國家，如埃及或玻利維亞，也可能出現貨幣貶值和/或外匯管理制度變化。

Now with that, let me wrap up. As a team, we are squarely focused on continuing to execute on the large opportunity before us, confident that we're building a leading emerging market financial infrastructure company over the next decade and beyond.

好了，我就說到這裡吧。作為一個團隊，我們正全力以赴地繼續掌握眼前的巨大機遇，並堅信在未來十年及更長的時間裡，我們將打造一家領先的新興市場金融基礎設施公司。

Thanks, everyone, for your trust and partnership, and we'll now open the line for your questions.

感謝大家的信任與合作，現在我們將開放提問環節。

(Operator Instructions) Tito Labarta, Goldman Sachs.

（操作說明）Tito Labarta，高盛集團。

I guess two questions, if I can. I guess, first on Argentina? I know you've been flagging sort of some concern about the FX. But how much of Argentina was impacted just by the uncertainty around the elections in September and then going into October? Do you think now with the market views as a positive outcome to the election, can that subside and can potential growth in Argentina offset some potential FX devaluation from here?

如果可以的話，我想問兩個問題。我猜，首先是阿根廷？我知道你之前對FX有一些擔憂。但是，9 月及 10 月的選舉不確定性對阿根廷的影響究竟有多大？您認為目前市場普遍認為選舉結果積極，這種情緒會消退嗎？阿根廷的潛在成長能否抵銷目前可能出現的貨幣貶值？

And then my second question, I mean you also mentioned changing tax regimes in Brazil. There was some news intra-quarter impacting Netflix and taxes on expecting funds outside of Brazil. If you can give some color on how that could potentially impact your business, if at all, and how that could impact volumes between cross-border and our local-to-local?

我的第二個問題是，您也提到了巴西稅收制度的改變。本季內有一些消息對 Netflix 和巴西境外預期資金的稅收產生了影響。您能否詳細說明這可能會對您的業務產生怎樣的潛在影響（如果有的話），以及這會對跨境交易量和本地交易量產生怎樣的影響？

Thanks, Tito. Argentina, we have seen a gradual pickup in total payment volume post elections as consumers in that market probably sense a little bit more of stability and predictability of the economy. So from a TPV perspective, it has been positive. We now need to observe what happens with exchange rates, right? And I think that was our only note of caution. It's a market that we are very bullish on for the fourth quarter in terms of volume growth and the underlying growth of our business.

謝謝你，蒂托。阿根廷大選後，我們看到支付總量逐漸回升，因為該市場的消費者可能會感受到經濟更加穩定和可預測。所以從TPV（總觀看次數）的角度來看，結果是正面的。現在我們需要觀察匯率的走勢，對吧？我想這是我們唯一需要注意的地方。我們非常看好該市場第四季的銷售成長和我們業務的潛在成長。

We just don't know what's going to happen with FX and so we're monitoring that one closely short term. I think longer term, the signs coming out of Argentina are positive. And the spread compressions that negatively affected the third quarter and were the principal driver of weak gross profit. A lot of that has been repriced, so as to improve spreads again. And so that's also positive in terms of potential for Argentina in Q4.

我們無法預知外匯市場將如何走勢，因此短期內我們將密切關注其動態。我認為從長遠來看，阿根廷釋放出的跡像是積極的。而價差收窄對第三季產生了負面影響，也是毛利疲軟的主因。很多商品都重新定價，以再次改善價差。因此，這對阿根廷在第四季的潛力來說也是個好消息。

On Brazil, the specific tax that our client referred to is one of the many moving pieces in the Brazilian fiscal puzzle. That particular one, not only does it not affect us, but I think potentially with some of our payment structures could become more attractive for global merchants looking for local payment capabilities that don't get subject to that specific tax.

關於巴西，我們的客戶提到的具體稅收只是巴西財政體系中眾多複雜因素之一。這項稅收不僅不會影響我們，而且我認為，對於尋求不受該項特定稅收影響的本地支付能力的全球商家而言，我們的一些支付結構可能會變得更具吸引力。

But in general, because the ruling doesn't apply to payment facilitators such as ourselves. So that's not a negative. The only things we're mentioning about the Brazilian fiscal landscape, just to be clear here, is we haven't necessarily seen anything that negatively impacts us. There has just been so many moving pieces there that we're just leaving a note for investors to track all the occurrences but there is no anticipation at this point that something will negatively affect us during the next few quarters, given everything that's been determined up to now.

但總的來說，因為該裁決不適用於像我們這樣的支付服務提供者。所以這並不是一件壞事。需要說明的是，我們在此提及的巴西財政狀況，只是目前還沒有出現任何對我們產生負面影響的情況。目前情況變化太多，我們只能在此留個說明，供投資人關注所有事件的進展。但鑑於目前為止所有已確定的事項，我們預計未來幾季不會有任何不利因素對我們產生影響。

Okay. That's clear, Pedro. Just two quick follow-ups, if I may. On the FX in Argentina, I mean, for now, it seems like the government wants to maintain the band that they have. If that band is maintained at least in the short term, is that more positive for you? So they let the currency float, would that potentially be more negative? Just to understand how the band removing of the band and what happens afterwards would impact you?

好的。很清楚了，佩德羅。如果可以的話，我再補充兩點。就阿根廷的FX而言，我的意思是，就目前來看，政府似乎想要維持現有的樂團陣容。如果該水準至少在短期內得以維持，這對你來說是否更有利？所以他們允許貨幣自由浮動，這會不會產生更大的負面影響？只是想了解一下移除腕帶以及移除腕帶後會發生什麼對您產生什麼影響？

And second question on Brazil, there have been something about taxing fintechs at a higher rate, which was not passed by Congress. But just curious, would you have been potentially one of those fintechs that would have had that higher tax rate if that had been passed or just curious where your Brazilian subsidiary would fit in that tax regime?

關於巴西的第二個問題，曾有提議對金融科技公司徵收更高的稅率，但該提案並未獲得國會通過。我只是好奇，如果這項法案通過，您是否會成為那些需要繳納更高稅率的金融科技公司之一？或者您只是好奇您的巴西子公司在這種稅收制度下會處於什麼位置？

So if Argentina remains within their currently informed crawling peg, then that's probably a positive outcome for us. I think what would be negative for us or for anyone with exposure to Argentina. And just to put this in context, right, Argentina was only 12% of our business from a gross profit perspective this last quarter. So I understand it's a complex market, but let's not focus only on that market when we're seeing phenomenal strength across other markets.

所以如果阿根廷繼續保持目前這種循序漸進的狀態，對我們來說可能是個正面的結果。我認為這對我們或任何接觸過阿根廷的人來說都是負面的。為了讓大家更理解這一點，需要指出的是，上個季度阿根廷的業務（以毛利潤計算）僅占我們業務的 12%。我知道這是一個複雜的市場，但是當我們看到其他市場表現出驚人的強勁勢頭時，我們不要只關注這個市場。

Brazil, which was a concern has rebounded excluding Egypt, other Africa and Asia continue to perform really well, and the rest of Latin America came in really strong. So just to, I think, take a step back and put Argentina in context, or else we focus on the noise there and not on everything else that's going on. But I think the answer to your question is, if things remain within the crawling peg which the government is extremely committed to and has the significant backing of the US government as well, then that's a positive outcome for us moving forward.

巴西（先前令人擔憂）除埃及外已出現反彈，非洲和亞洲其他地區繼續表現良好，拉丁美洲其他地區表現強勁。所以我覺得，我們應該退後一步，把阿根廷放在更大的背景下看待，否則我們會只專注於那裡的喧囂，而忽略其他正在發生的事情。但我認為，對於你的問題，答案是：如果一切都保持在政府極力堅持的、並且得到了美國政府大力支持的緩慢發展軌道上，那麼這對我們來說就是一個積極的結果。

If they let it float then it depends on how big is there of a devaluation, if any. So who knows? Brazil, on the potential fintech tax regime, I don't know the answer to that.

如果允許其自由浮動，那麼就取決於貶值幅度有多大（如果有的話）。誰知道呢？關於巴西潛在的金融科技稅收制度，我不知道答案。

Okay. I could follow up with you on that separately. Thanks for that, Pedro. And that's a bit on the things that are concerned, but I just want to make sure the questions get answered.

好的。我可以另行就此事與您聯繫。謝謝你，佩德羅。以上就是一些相關事宜，但我只想確保所有問題都能得到解答。

No, no, super understood. Just trying to put it in a larger context as well.

不不，完全明白了。我只是想把它放在一個更大的背景下看待。

Of course, of course. I'll appreciate that. Thanks a lot, Pedro.

當然，當然。我會很感激的。非常感謝，佩德羅。

Matthew Coad, Truist Securities.

Matthew Coad，Truist Securities。

Pedro, like you mentioned, another really strong quarter of volume growth above 50% year over year. It seems to me like a lot of the strength has come from the remittances and e-commerce verticals. And I was just hoping that you could kind of like opine on that and touch on the outsized drivers of growth there?

佩德羅，正如你所說，又是一個銷量同比增長超過 50% 的強勁季度。在我看來，大部分成長動能都來自匯款和電子商務領域。我只是希望您能就此發表一下看法，並談談推動該地區成長的主要因素？

And then also maybe talk about how you're thinking about those verticals for the next 12 months. Should we be worried at all about a slowdown due to tariffs, due to tax regimes, due to law of large numbers and tougher comps? Just hoping that you could touch on that a bit more.

然後還可以談談你對未來 12 個月這些垂直領域的規劃。我們是否應該擔心關稅、稅收制度、大數定律和更嚴格的比較等因素會導致經濟放緩？希望您能再詳細談談這方面。

Yes. So look, these are two of the largest digital payment verticals. Commerce is probably the largest so the fact that it continues to grow nicely in a way is an indexation of the overall digital payment landscape in emerging markets. I'd also point to pretty strong growth across a fairly diversified number of verticals. I mean, hovering at around that 50% average, you have our streaming business, Software-as-a-Service merchants, on-demand delivery merchants, ride-hailing merchants.

是的。你看，這是兩個最大的數位支付垂直領域。商業支付可能是規模最大的支付方式，因此它持續良好成長的事實在某種程度上反映了新興市場整體數位支付格局的發展。我還想指出，在相當多元化的多個垂直領域，成長動能都非常強勁。我的意思是，我們的串流媒體業務、軟體即服務商家、按需配送商家、叫車商家，這些業務的佔比都徘徊在 50% 左右的平均值。

So almost the entire online consumer digital world is growing at or around that average. And then the one that continues to be soft is advertising. I think looking into 2026, we expect continued strength in remittances in commerce.

因此，幾乎整個線上消費數位世界的成長速度都達到或接近這個平均值。而廣告業則始終保持疲軟。展望2026年，我認為商業匯款將持續保持強勁勢頭。

Let me remind you that remittances is particularly important because it generates outbound flows into the emerging world, and that makes us somewhat unique in that we are one of the global PSPs, if not the one with the best balance between pay-ins and pay-outs, which generate cross-selling opportunities across merchants, but also allows for interesting netting opportunities, which keep the take rate on our businesses more defensible given those netting opportunities where we keep the entire FX spread. And we see no signs of alarm for those business.

讓我提醒您，匯款尤其重要，因為它能為新興世界帶來資金流出，這使我們顯得有些獨特，因為我們是全球支付服務提供者之一（如果不是唯一一家），在收款和付款之間實現了最佳平衡，這不僅為商戶創造了交叉銷售機會，也帶來了有趣的淨額結算機會，鑑於這些淨額結算率，我們可以保留全部額度機會，因此我們可以保留所有競爭力，從而更具競爭力，從而更具競爭力，從而使我們更具競爭力的佣金機會，我們可以保留全部佣金。我們沒有看到這些企業出現任何恐慌跡象。

Now obviously, when you're growing at over 200% like the remittance business year on year, you could potentially see natural deceleration but nothing beyond what's expected when you're coming from such strong growth.

顯然，當匯款業務像匯款業務一樣年增長率超過 200% 時，可能會出現自然放緩，但這也在意料之中，畢竟它經歷瞭如此強勁的增長。

That was super helpful. And then just as my quick follow-up, I want to talk about the take rate. So on the positive side, what I was trying to better understand, you guys provide that nice walk in the deck. And you're pointing to a 4 bp headwind from an others category. I was wondering if you could shine some light on what that was? And if there was anything onetime in there that could reverse?

那真是太有幫助了。最後，我想快速補充一點，談談轉換率。所以從積極的方面來說，我一直想更了解的是，你們提供了在甲板上散步的好地方。你指出其他類別有 4 個基點的不利影響。我想請您解釋一下那是什麼？如果其中有任何曾經發生過的事情可以逆轉呢？

And then the other thing I wanted to ask was in -- on the guidance slide, you guys mentioned the potential risk of aggressive discounting by competitors. Is that just a risk to be aware of? Or is that something that you've been seeing in some of your markets?

另外，我還想問一下——在指導性幻燈片中，你們提到了競爭對手可能採取激進折扣策略的潛在風險。這只是需要注意的風險嗎？或者，這是您在某些市場中觀察到的現象嗎？

Yes. So there is a strong one-off nature to that other. So that's not necessarily a continued compression of take rate. I think if you were to call it a normalized take rate, pulling out one-offs, it would have remained above 100 basis points for the quarter. And we've always pointed to the fact that I think the general trend for take rate, we believe, is still potentially downward but with a volatile trajectory and not necessarily at a very fast pace. I mean, had this been 103%, then it would have only been down 4 basis points sequentially after having gone up a little bit in the second quarter versus the first quarter.

是的。所以，另一個事物具有很強的個別性。所以這不一定代表成交率會持續下降。我認為，如果將其稱為正常化提取率，剔除一次性項目，那麼該季度的提取率將保持在 100 個基點以上。我們一直指出，我們認為，總體而言，持倉率的趨勢仍然可能下降，但軌跡波動較大，而且速度不一定會很快。我的意思是，如果這個數字是 103%，那麼在第二季度比第一季略有上升之後，環比只會下降 4 個基點。

Discounting, I don't think it's that necessarily we're alerting folks to something that's very specific to this quarter. But generally, every single Q4, this is common in the payments industry where you will see more discounting in exchange for volume during the peak shopping season occurring from competitors, we do it as well. So it's simply, I think, part of what we observed in the industry during the peak season is something that's worth pointing out as just to be aware of.

撇開其他因素不談，我認為我們並不是刻意提醒大家注意本季發生的某些事情。但一般來說，每個第四季度，支付行業都會出現這種情況，你會看到競爭對手在購物旺季期間為了增加交易量而提供更多折扣，我們也會這樣做。所以，我認為，我們在旺季期間在業界觀察到的一些現象，值得指出，以便大家有所了解。

Guilherme Grespan, JPMorgan.

Guilherme Grespan，摩根大通。

Congratulations on the results. My question is on Brazil, trying to get together here the pieces that I have on Brazil, a pretty strong rebound sequentially again. And we have our internal tracking here. We saw a very strong performance since May specifically, at least in our tracking. So my question is basically trying to understand the nature. Is it a specific client? How much concentrated is this additional revenues and gross profit you're getting from Brazil.

恭喜你取得好成績。我的問題是關於巴西的，我正在努力把我掌握的關於巴西的資訊整理出來，他們再次取得了相當強勁的反彈。我們這裡有內部追蹤系統。至少在我們的追蹤數據中，自五月以來，我們看到了非常強勁的表現。所以我的問題本質上是想了解其本質。是某個特定的客戶嗎？你從巴西獲得的額外收入和毛利集中度有多高？

And if you can provide a little bit more color, I also see that the gross profit margin of the country has been moving up. It made a bottom at 38% in the first quarter, now rebounded to 50%, which tends to hint sometimes that this is more FX cross-border. So in summary, long story short, just trying to understand what is the composition of this Brazilian growth pretty strong rebound.

如果能再補充一些細節的話，我還注意到該國的毛利率一直在上升。第一季觸底至 38%，目前已回升至 50%，這有時暗示外匯跨國交易更為活躍。總而言之，長​​話短說，我只是想了解巴西經濟成長強勁反彈的組成。

Yes. So first one, categorically, it's not driven by a single merchant. It's driven by a strong reacceleration of growth in some of our long-term global relationships, combined with the ramp-up of some important adds that we made in 2024 and then some important wins from more recently that have also begun to pick up steam very fast. So it's very likely that most of the relevant global digital services or e-commerce players that are performing well in Brazil now, we power some or all of their payments.

是的。首先，可以明確地說，它不是由單一商家驅動的。這主要得益於我們一些長期全球合作關係的強勁復甦，以及我們在 2024 年新增的一些重要項目和最近取得的一些重要成果，這些成果也開始迅速發展壯大。因此，目前在巴西表現良好的大多數相關全球數位服務或電子商務企業，很可能都由我們為其部分或全部支付提供支援。

So Brazilian strength has been very broad-based. Brazil does have a higher share of cross-border and also a higher take rate composition than, say, Mexico, which is the next market in size. So that means that there are more cross-border merchants and more ForEx that we do in Brazil and also better spreads than in Mexico.

因此，巴西的實力基礎非常廣泛。與墨西哥（規模第二大的市場）相比，巴西的跨國交易份額更高，交易比例也更高。這意味著巴西的跨境商家更多，外匯交易量更大，而且點差也比墨西哥更優惠。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

Congratulations on the results. So I wanted to ask you, Pedro, about your comments in your prepared remarks about the relative growth of local-to-local and the expectation of that going forward and the comment about Buy Now, Pay Later in the same context. So first, I want to clarify with those comments. Is that -- were you speaking specifically about Brazil? Or is that more broadly across the platform?

恭喜取得好成績。所以我想問你，佩德羅，關於你在準備好的發言稿中提到的本地化交易的相對增長以及對未來發展的預期，還有你在同一背景下提到的“先買後付”模式。首先，我想就這些評論做出澄清。你是特指巴西嗎？或者說，這種情況在整個平台上普遍存在？

And secondly, how could we interpret the take rate conclusions of that? Because it would seem to me like if local-to-local is outgrowing cross-border, that's dilutive to take rate, but local-to-local take rate may be moving higher if there's more about Buy Now, Pay Later, if you know what I mean.

其次，我們該如何解讀研究得出的接受率結論？在我看來，如果本地交易超過跨境交易，就會稀釋本地交易的轉換率，但如果「先買後付」模式更加普及，本地交易的轉換率可能會上升，你明白我的意思嗎？

So those are two questions in there.

所以，這裡面有兩個問題。

Okay. So look, I think the cross-border volumes and cross-border mix, so the part of our business that has a local payment transaction, followed by repatriation of funds to the merchant overseas which was a concern a few years back, if that was going to lose mix significantly has had very strong staying power.

好的。所以你看，我認為跨境交易量和跨境交易組合，也就是我們業務中先進行本地支付交易，然後將資金匯回海外商戶的部分（幾年前我們曾擔心這部分業務會大幅下滑），已經展現出了非常強勁的持續性。

It's gained share for most of the past quarters and has remained a fairly stable, I think, overall mix for the company. So I don't think anything that we've seen in the recent history leads us to worry too much about a significant mix shift towards local-to-local, which understandably does have a lower take rate.

在過去的大部分季度裡，它的市場份額都在成長，而且我認為，它一直是公司整體業務結構中相當穩定的組成部分。因此，我認為我們近期所看到的任何事情都不會讓我們過於擔心市場結構會大幅轉向本地市場，儘管本地市場的接受度較低也是可以理解的。

But again, if you look at the percentage of cross-border volume, it has held up nicely. Buy Now, Pay Later, again, early, but what we're saying is, I think it's gotten off the gates to a good start. We're seeing significant merchant interest in looking at the Buy Now, Pay Later offerings. We've integrated a few Buy Now, Pay Later into some of our largest merchants and this is still a relatively small platform in terms of the number of Buy Now, Pay Later options that we're offering.

但再看跨國交易量的百分比，它一直保持良好狀態。「先買後付」模式雖然還處於早期階段，但我們想說的是，我認為它已經取得了良好的開端。我們看到商家對「先買後付」服務表現出了濃厚的興趣。我們已將一些「先買後付」功能整合到我們一些最大的商家中，但就我們提供的「先買後付」選項的數量而言，這仍然是一個相對較小的平台。

That will only grow over time as we offer more Buy Now, Pay Later players and also in more countries. And as I said in my prepared remarks, the Buy Now, Pay Later offering does have the potential for being higher in terms of take rate because we monetize not only the merchant but also the credit originator by keeping a rev share on the credit that is distributed through Dlocal onto the merchants' client.

隨著我們推出更多「先買後付」產品，並在更多國家推出更多產品，這一數字只會不斷增長。正如我在準備好的發言稿中所說，「先買後付」服務在成交率方面確實有可能更高，因為我們不僅讓商家獲利，還讓信貸發起機構獲利，因為我們會從透過 Dlocal 分配給商家客戶的信貸中保留一部分收益分成。

Yes, that makes sense. I think we were trained at MDRs overall on Buy Now, Pay Later or higher, so presumably, you participate. I wanted to ask -- I got a lot of questions, but I'll just ask one more and drop it back into the queue. But -- in terms of your comments about alternative payment methods and 25 on-file. I kind of lost the train of thought there. Like my understanding was you had 1,000 or more APMs when I last checked. How is it different that you have 25 on-file, if I heard you right? Like what is that -- what does that mean?

是的，這很有道理。我認為我們在 MDR 培訓中普遍接受的是「先買後付」或更高級別的服務，所以想必你也參與其中。我本來想問——我有很多問題，但我只問最後一個，然後把它放回隊列裡。但是—關於您提到的替代付款方式和 25 個存檔帳戶。我剛才有點思路斷了。據我所知，上次我查看時，你們的 APM 至少有 1000 人次。如果我理解沒錯的話，你存檔裡有 25 個記錄，這有什麼不同？那是什麼？那是什麼意思？

Right. I think the on-file solution is a piece of what we call smart APMs. So these are tokenized APMs with additional features that we build on top of them with the objective of making the performance of these payment methods, be more and more feature rich and have performances more akin to credit cards.

正確的。我認為文件內解決方案是我們所謂的智慧型應用效能管理 (APM) 的一部分。因此，這些是帶有附加功能的代幣化 APM，我們在此基礎上建立這些功能，目的是使這些支付方式的性能越來越豐富，功能越來越強大，性能越來越接近信用卡。

So the vision with the APM suite is eventually to be able to get APMs to perform in line with credit cards, yet they typically have an advantage of being real time, in some cases, being 24/7 and being a very, very commonly used, if not the most commonly used payment methods across emerging markets.

因此，APM 套件的願景是最終使 APM 的性能與信用卡保持一致，但它們通常具有即時性的優勢，在某些情況下，甚至可以全天候使用，並且是新興市場非常非常常用的支付方式，即使不是最常用的支付方式。

So the differentiation between a normal noncard payment method and a part of this suite of products is that these have tokenization and added features that we're building in, which make the merchant experience and performance better.

因此，普通的非卡片支付方式與這套產品之間的差異在於，這些產品具有令牌化和我們正在建構的附加功能，從而改善了商家體驗和效能。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

First, really exciting new launches and initiatives that you had talked about. Just to clarify, I mean, with these -- the 27 APMs that you just mentioned, if I'm not wrong, the net take rate for APMs would be lower than that for cards. Your gross profit margin might be the same for both products, but in general, the net take rate should be lower for APMs.

首先，您提到的那些令人興奮的新產品發布和舉措。澄清一下，我的意思是，就你剛才提到的這 27 個 APM 而言，如果我沒記錯的話，APM 的淨收益率會低於卡片的淨收益率。兩種產品的毛利率可能相同，但一般來說，APM 的淨利率應該較低。

That's right. They actually have a slightly better margin. They are lower in net take rate because they tend to be cheaper. They also have a significantly lower and cheaper cost basis. I think in many cases, their potential, as you well know, is that their volume increases are significant because a lot of the digitalization and inclusion of consumers across emerging markets, is not really happening on cards or internationally enabled credit cards, but happening through many of these real time networks or digital wallets. So the play there is a significant volume play. But yes, they do have lower net take rates.

這是正確的。他們的利潤率實際上略高一些。它們的淨成交率較低，因為它們往往價格更低。它們的成本基礎也明顯更低、更便宜。我認為在許多情況下，正如您所知，它們的潛力在於其交易量的增長非常顯著，因為新興市場消費者的數位化和包容性並沒有真正透過銀行卡或國際信用卡來實現，而是透過許多即時網路或數位錢包來實現的。所以這場比賽是一場成交量很大的比賽。但沒錯，它們的淨捕獲率確實較低。

Yes. So it could also be -- act as a differentiator versus your competitors by giving much better conversions on APMs and gaining a higher wallet share for these particular type of volumes?

是的。所以，這也有可能——透過在平均每千次展示成本 (APM) 上提供更高的轉換率，並在特定類型的交易量中獲得更高的錢包份額，從而與競爭對手形成差異化優勢？

Correct. And I think more importantly, even than that is that consumers across the emerging world increasingly are adopting and using these local or alternative payment methods as their preferred payment methods. And even from a regulatory and almost geopolitical standpoint, many of these present sort of payment sovereignty for local governments.

正確的。而且我認為更重要的是，新興世界的消費者正越來越接受和使用這些本地或替代支付方式作為他們首選的支付方式。即使從監管和地緣政治的角度來看，其中許多也賦予了地方政府某種支付主權。

And so they're getting significant government backing and being widely adopted because of that as well. So we really envision local payment methods as a rapidly, rapidly growing portion of payments across most of the markets in the global south and we want to make sure that we've built the best suite of APMs with the best performance to capture that growing share of payments.

因此，它們獲得了政府的大力支持，並因此被廣泛採用。因此，我們確實認為本地支付方式在全球南方大多數市場的支付份額將迅速增長，我們希望確保我們建立了性能最佳的APM套件，以抓住不斷增長的支付份額。

Perfect. My second question is on the take rate evolution more in the medium term. So as you mentioned, all of these factors will probably put pressure on the net take rate. And one way to offset is by probably having more embedded finance products and the BNPL aggregator that you launched is one of those products that you could offer. But apart from that, what are the other embedded finance kind of products, which some of your competitors are probably trying to focus on for instance, card issuing or the stablecoin on runoff ramp that you mentioned?

完美的。我的第二個問題是關於中期內的採用率變化。正如您所提到的，所有這些因素都可能對淨吸收率造成壓力。彌補損失的一種方法是增加嵌入式金融產品，而您推出的 BNPL 聚合器就是您可以提供的產品之一。但除此之外，還有哪些其他類型的嵌入式金融產品，例如您的一些競爭對手可能正在努力關注的發卡或您提到的穩定幣退出管道？

What are the products that we can think of in the medium term that would offset some of the pressure on the net take rate?

從中長期來看，我們可以考慮哪些產品來緩解淨接受率所面臨的部分壓力？

Yes. So I think, broadly, there will be a lot of financial infrastructure that we would like to build for our global merchants in emerging markets. The ones we've addressed because we have specific projects are built on, I think you mentioned most of them. It's the Buy Now, Pay Later product. It's our card-present capabilities. So the ability to also attack the largest portion of the payments market across the global site, which is still physical POSs or tap-to-phone solutions for physical global merchants we've mentioned and it's a big area of focus for us, stablecoins.

是的。所以我認為，總的來說，我們希望為新興市場的全球商家建立大量的金融基礎設施。我們已經討論過這些問題，因為我們有具體的項目是建立在這些問題之上的，我想你已經提到了其中的大部分。這是「先買後付」產品。這是我們的刷卡支付能力。因此，我們有能力攻擊全球支付市場中佔比最大的部分，也就是我們先前提到的實體 POS 機或面向全球實體商家的手機支付解決方案，而穩定幣正是我們重點關注的領域。

So helping our merchants adopt stablecoins either as a way to move money cross-borders or potentially offering them the on-ramps and the off-ramps from stable to stable across the markets where we are important liquidity providers with competitive FX and liquidity. And we have some solutions that we offer in terms of KYC-as-a-service or verification-as-a-service for merchants who need a one API integration for KYC and verification across the markets where we serve.

因此，我們將幫助我們的商家採用穩定幣，無論是作為跨境資金轉移的一種方式，還是為他們提供在各個市場之間進行穩定幣存取款的管道，而我們是這些市場的重要流動性提供商，擁有具有競爭力的外匯和流動性。我們為需要在我們的服務市場中進行 KYC 和驗證的商家提供了一些解決方案，包括 KYC 即服務或驗證即服務。這些商家需要透過一個 API 整合來實現 KYC 和驗證。

So those are the ones that either exist as products or we've mentioned because they're rolling out. I think more conceptually, we're getting better at building product and rolling out product. And so as merchant needs emerge, we feel increasingly confident that we'll be able to build product to address those. But we haven't specifically mentioned any of the other things we're working on.

所以，這些要么已經作為產品存在，要么我們提到是因為它們正在推出。我認為從概念上講，我們在產品開發和產品推廣方面做得越來越好。因此，隨著商家需求的出現，我們越來越有信心能夠開發出滿足這些需求的產品。但我們還沒有具體提及我們正在進行的其他任何項目。

Just to clarify on the card present capability that you mentioned. You're not trying to enter the offline POS business, right? Now your presence is 100% online volumes. You're not trying to go into the offline volumes, right?

關於您提到的刷卡功能，我想澄清一下。你不是想進軍線下POS機業務吧？現在你的業務100%來自線上。你不是想訪問離線卷吧？

No, there are use cases where merchants that have a very similar profile to the ones we have today would benefit from our technology, our integration, our scale and aggregation so that we could offer our payment capabilities at physical point of sale.

不，在某些情況下，與我們現有商家情況非常相似的商家可以從我們的技術、整合、規模和聚合中受益，以便我們可以在實體銷售點提供支付功能。

One example is merchants that deliver physical point-of-sale ERPs or other types of ISVs who need an integration between the software they sell and the physical POS. And so we're building a platform that does that integration and performs that payment. And so that would give us access to digital merchants that actually pursue physical clients, whether they be SMBs, restaurants or that kind of thing.

例如，提供實體銷售點 ERP 系統的商家或其他類型的獨立軟體開發商 (ISV) 需要將他們銷售的軟體與實體 POS 系統整合。因此，我們正在建立一個能夠實現這種整合並執行支付的平台。這樣一來，我們就能接觸到那些真正追求實體客戶的數位商家，無論是中小企業、餐廳或其他類型的商家。

And there are no further questions in the queue at this time. Ladies and gentlemen. This does conclude our conference for today. Thank you for participating, and you may now disconnect.

目前隊列中沒有其他問題了。女士們，先生們。今天的會議到此結束。感謝您的參與，您現在可以斷開連接了。