Sebastian Kanovich: Thank you, Kaio for your question. Maria, Diego, feel free to complement. Kaio, I don’t want to sound like a broken record, but we are not optimizing for the margin, for the percentage margin. We are guiding to add in the lower range of the guidance at least $70 million of adjusted EBITDA. We believe that number to be very healthy and very positive. We also don’t believe this is a time for us to over optimize on EBITDA margin. We believe if we do that, we would be hurting our business. This is a time for us to differentiate. There are not many profitable companies out there. We’ve seen many our competitors retrenching and focusing on less on emerging markets. We want to do the exact opposite. So, this is a time for us to invest.
Gross profit dollars are going to be there, but we want to continue to have the ability of investing. It will be relatively easy for us to bring our EBITDA margins up. It’s just to reduce the speed of the investment. But we don’t believe that’s the right thing to do in the situation where we are. We want to continue to be profitable the way we are. We believe we are a very profitable company and one that has shown to be able to drive profits and add value to its customers at the same time. We intend to continue to stay focused on in. Maria, Diego feel free to complement.
Maria Oldham: Kaio, thank you for your question. I want to also point out that we believe we have very healthy margins. I know your point to fiscal margin, we have very healthy margins. And then on the EBITDA level is also good to look into EBITDA over gross profit. And then you see that over time like we have increasing this, we were at 56% in 2019. For the 2022 year, we’re at 77%. So, we believe this is extremely and why we are still investing on the growth opportunities for our business.
Kaio Prato: Okay. Thank you very much. Just a quick follow-up here in terms of expenses. If you take a look on your D&A expenses, even excluding the one-off related to the internal review, we saw a huge increase on a quarter-over-quarter basis. So, just would like to understand what happened here this quarter? And also, if this should be the same level that we could expect, specifically on the D&A for the following quarters?
Sebastian Kanovich: Diego, do you want to take it?
Operator: At this time, I’d like to hand the conference back over to Mr. Kanovich for closing remarks.
Diego Cabrera Canay: Sorry, I was speaking and €“ can I answer the question?
Operator: Yes. Thank you.
Diego Cabrera Canay: Yes. Sorry. I was saying that you should typically see number of deals at just one quarter. This quarter was very particular in terms of expenses. Keep in mind that we had the one-off for FTX of 5.6 million. We have $2 million related to short seller expenses in terms of and accounting and legal work. And we also increase our investment in people, you will see that. If we have around $2 million or higher than average stock-based compensation expense, you should expect that going forward. And finally, Q4 is strong in some seasonal events. We have two main commercial events. One is DLocal Connect. The big event we . And also we have another strong event in Money 2020. So, those typically happened in Q4 and are not occurring during the whole year.
