And the other thing I’ll say is that the guidance — the yearly guidance we provided accounts for close to 50% year-on-year growth at best-in-class margin. And this is a great outcome for our 2023 and a testament again of the resilience and the well diversified that our business is. The other thing we’ll say is that we do reiterate our midterm guidance of 35% CAGR at a gross profit level and a gross profit to EBITDA margin of 75%, which again are best-in-class. Giving it a little bit more of qualitative comment, Tito, Brazil was great news. We grew over 100% year-over-year, 80% quarter-over-quarter but also Mexico grew at close to 80% year-over-year. And I call those two geographies out because they are some of our most mature and I think the underlying message here is that our geographies continue to compound and they continue to differentiate and they continue to drive growth for our merchants.
We’re going to have quarters where one market is going to grow faster than others, and that’s perfectly expectable. Keep in mind, our growth is dependent on our merchant growth. And some of them will decide to ramp up faster in one country versus the other. And that’s not something we control nor something we want to control. What we do want to say is that we have multiple levers of growth working at the same time. And in that sense, this quarter was a good testament for that. There are several merchants driving that growth. We are not relying on any particular merchant across any particular geography. So in that sense, a great, great quarter for us. You had a question on Argentina devaluation. Sergio, I know you have some remarks on this that are probably worth commenting on.
But the only thing I’ll say to you on this is that we serve global merchants — global merchants think in dollar amounts. So typically, what we’ve seen over the years is whenever there’s a devaluation, our merchants tend to reprice pretty fast. In other words, a big streaming services doesn’t think of their product being worse 10 pesos, they think of their product being worse a certain amount of dollars. And if there’s devaluation, the typically reprice really fast.
Operator: Thank you. Our next question comes from Guilherme Grespan with JPMorgan. Your line is open.
Sebastian Kanovich: Operator, I’m not sure if it’s me, but I’m not listening. [Indiscernible] Thank you. Can we move to the next question please?
Operator: Our next question comes from Jason Kupferberg with Bank of America. Your line is open. Jason Kupferberg, your line is open.
Jason Kupferberg: Hi, good morning. Thank you for taking the question. I just wanted to start on the new management arrangement. Just maybe if Seb and Pedro, maybe just want to comment a little bit on how do you foresee kind of splitting day-to-day duties going forward, especially once Pedro has the opportunity to ramp up on the business?
Sebastian Kanovich: Hi, Jason, sure. Pedro, feel free to complement this. So Jason, first of all, Pedro and me have extremely complementary backgrounds. Ours is an opportunity that has plenty, plenty of challenges that we need to tackle. And whenever you have the ability of finding a talent like Pedro and getting him to join, it’s an absolute no-brainer for us. We are still in the workings of the exact path that each one of us is going to be undertaking. But fundamentally, from a trend perspective, we are very, very complementary, and this couldn’t be better news for us.
Jason Kupferberg: Okay. And then my second question was just on — you had that helpful slide showing the bridge on the gross margins. Just as you think about the second half and recognizing there’s obviously unpredictability from a mix perspective, I mean what sort of a — kind of a base case working assumption that you guys are thinking about for second half gross margins just in the context of the fact that you’re obviously reiterating the guide on adjusted EBITDA for the year? Thanks.
