Sebastian Kanovich: I know, Pedro, you have some remarks that you were making and they were quite short, and then if you want to go for that?
Pedro Arnt: No, no. I was just reiterating. I think we’ll figure out the governance throughout my process. I’ve obviously done diligence and the chemistry we built not only with Seba, but with the entire team gives me confidence that there’s plenty of work to be done here and our complementarity, I think, will make that even easier. So I’m not concerned at all about that.
Diego Cabrera Canay: Jason, on your question on guidance, again, we are known to be a very conservative company in this front. We are taking an extremely conservative approach given the market environment. We are clearly trading towards the higher end of that revenue guidance that we provided. We don’t provide shorter-term guidance. And I want to emphasize that we are building this for the long run. We believe 50% — over 50% year-on-year growth. And again, the midterm guidance of 35% CAGR, it’s best-in-class. And that’s what they’re focusing on. We want to retain flexibility to continue to invest in the opportunity we have. This is the time for us to differentiate. The emerging markets opportunity is bigger than ever, and we want to retain the flexibility to invest as much as we see fit while maintaining the disciplined approach we’ve always had.
Sergio Fogel: If I may, if you look at gross margin and take rate in the second quarter, it was very similar to the first quarter, 1% decrease in gross margin from 25% to 24%, 0.1% decrease in the CAGR, that was part of your question. It’s basically the result of business mix. As you see in this quarter, we had higher share of local-to-local. And we have different country mix, particularly some countries which contributed to higher share of gross margin. We don’t solve for that. As we mentioned, our merchant decides when and how to grow. So the behavior of those measures in the second half [indiscernible].
Jason Kupferberg: Okay. Thank you for the comments.
Operator: Thank you. Our next question comes from Guilherme Grespan with JPMorgan. Your line is open.
Guilherme Grespan: Hello, can you hear me?
Sebastian Kanovich: Yes, we do.
Guilherme Grespan: Yes. Thank you, Seba, and the team for the presentation. Two questions on my side. The first one is related to Nigeria. You mentioned that you expect some impact from the [deval] (ph), I think it was 40% to 50% deval on the FX, and we already see it hitting the revenues declined the share of Nigeria on total top-line. But it was interesting to hear that you do not expect any impact into gross profit. So I’m trying to reconcile those two statements. The only way I can think of is that your gross profit margin in Nigeria is close to zero. And I do want to confirm if we operate in the country with very little margins, and the second one is related to financial income. It was a very large contribution from gross financial income in the quarter.
I imagine this is related to Argentinian bonds. If you can recap how much those bonds are paying. And if we had any non-recurring financial gains, meaning the depreciation of the bond in the quarter of if this level of $19 million gross income per quarter should be the new recurring level given now you’re invested in those bonds? Thanks.
Sebastian Kanovich: Guilherme, thank you very much for the question. So we’ve spoken about Nigeria in the past. Actually, in our Q1 call, we called this out, how Nigeria had a higher than average — a much higher than average gross take rate and much, much worse margin structure given the gap between the market rate and the official rate. That was a drag on our margin structure, and that’s why you saw it eroding. We broke that down in previous quarters. What has happened is that the Nigerian government has unified those two markets, and therefore, the gap that was existing before between market rates and official rates, doesn’t exist anymore. We never process payments in any country at zero margin. That’s not the business variant.
