Jorge Echevarria: That’s very clear. Thank you.
Operator: Thank you. One moment for our next question. Our next question comes from Jason Kupferberg with Bank of America. Your line is now open.
Jason Kupferberg: Good morning, guys. Thanks for taking the question. As we think about potential trends in gross and net take rates for 2023, is the Q1 model a good proxy to use for the rest of the year? I mean, obviously, there’ll be vagaries quarter-to-quarter depending on all the mix factors you guys have talked about, but is Q1 a decent benchmark as a way to think about a reasonable range for full-year 2023 take rate?
Sebastian Kanovich: Sure. So, Maria, feel free to compliment. Jason, we believe it’s a fairly accurate indication of for the year. Obviously, this year, we’re giving guidance in terms of revenue. We are expecting revenue growth north of 50%, which we believe to be a great outlook and we are expecting EBITDA to grow at 40%. So, gross profit, which is the underlying breakdown between those two, should be pretty much in-line with those. So, I think Q1, it’s a good proxy for what we expect to happen in the full-year. Again, as you said, we continue to be a basket of industries, customers, and geographies. And therefore, our ticket will go up and will go down. But I think your comments are fair.
Jason Kupferberg: Okay. That’s helpful. And then just as we think about the quarter-over-quarter decline in gross take rate in the fourth quarter, obviously, it was a sizable move. Can you just break down, which of the mix factors that you’ve talked about were the most significant contributors to that quarter-over-quarter decline?
Sebastian Kanovich: Sure. Jason, I just want to comment on one thing, and I’ll let Maria cover exactly your question. We are proud of that results reported in Q1 €“ sorry, in Q4. Our revenue grew, our gross profit dollars grew. We continue to get this merchants to rely on our team in as many geographies as possible. So, I want to €“ at least I want to combine the filling we have here at DLocal of how proud we are for what we’ve achieved in Q4 and what we’ve seen also in Q1. Maria, I’ll let you take the question.
Maria Oldham: Sure. Thank you, Jason. On the net take rate that you see in Q4, first of all, like it’s a result of the mix, right? As we mentioned earlier, we have like higher local-to-local and pay-out volume in certain geographies. For example, Mexico is the geography that you can see. We grew like a 100% on a year base. This is a result of that. When you look into the net take rate, some of the decrease from the gross take rate , but there are still opportunities for us to optimize on the cost base.
Diego Cabrera Canay: Jason, I just could complement on that. We don’t face any backward pressures. We are not giving discounts. We are not renegotiating existing deals with our previous customers. So, what you see is a function of the mix and the growth. We don’t see any backward pressure. Obviously, as we onboard bigger merchants that send more volumes our way, they do have more bargaining power and some those newer deals come at lower take rates. But the fundamental underlying business, the conditions of the underlying business hasn’t changed.
Jason Kupferberg: Okay. So, no like-for-like pricing pressure, it sounds like. So thanks for clarifying that. My last question was just the vertical breakdown, financial services, obviously the largest piece in 2022 20% of TPV. I think you mentioned remittance companies in there. Is that the biggest piece of financial services? Just wanted to understand some of the different categories of merchants that are most significant in that vertical? Thank you.
