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  "documentTitle": "dLocal (DLO)",
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  "authorName": "Carson Block",
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  "presentationDate": "2022-11-16 00:00:00",
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  "notes": "The slide uses a comparative table to set up a 'fraud-exposure' argument regarding DLO's financial reporting.",
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      "text": "DLO’s Net Take Rate is multiples of those of its comps.",
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      "text": "DLO’s lowest take rate cohorts increased their share of TPV, which should have lowered the overall take rate. DLO ramped up local-to-local business with lower margins (e.g., Google). Industry sentiment suggests DLO charges competitive, not premium, pricing.",
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      "text": "Net Take Rate: 2.91%",
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      "text": "Note 1: Ebanx TPV figures are estimates... Note 2: DLO's 2019 revenue growth is based on comparison with its 2018 UK LLP and Malta Operating's financials.",
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      "text": "12 TPV is the denominator in the Take Rate equation...",
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      "text": "Comparative table of TPV, YoY growth, and Take Rates for DLO, EBANX, Adyen, and PAGS.",
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      "text": "DLO’s 2020 Take Rate Seemingly Defies Reality",
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