Financial Data and Key Metrics Changes - Total Payment Volume (TPV) reached $41 billion, up 60% year-over-year, with a significant acceleration as the year progressed [4] - Revenue surpassed $1 billion for the first time, with adjusted free cash flow of $191 million, up 110% year-over-year [7][19] - Net income reached $197 million, up 63% year-over-year, and adjusted EBITDA increased by 38% year-over-year [7][21] Business Line Data and Key Metrics Changes - TPV retention reached 158% and net revenue retention was 145%, indicating strong customer loyalty and service value [5] - The Buy Now, Pay Later Fuse product grew 88% quarter-over-quarter, showing strong merchant adoption [12] - Gross profit grew 37% year-over-year, driven primarily by sustained TPV growth [7] Market Data and Key Metrics Changes - The company processed payments in 44 markets across the Global South, nearly doubling its footprint over the last five years [9] - Brazil, Mexico, South Africa, and Colombia showed particularly strong TPV growth, with on-demand delivery and e-commerce being key verticals [18] - Alternative payment methods (APMs) accounted for a significant portion of quarterly TPV, reflecting the growing trend in emerging markets [11] Company Strategy and Development Direction - The company aims to capture the massive opportunity in emerging markets, with a total addressable market for digital payments estimated at over $2 trillion [13] - The strategy includes expanding into new geographic markets and enhancing product offerings, such as stablecoin solutions and AI-driven payment methods [10][29] - The company plans to maintain a disciplined capital allocation strategy, focusing on growth investments, liquidity, and shareholder returns [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong growth, projecting TPV growth of 50%-60% year-over-year for 2026 [24] - The company acknowledged the inherent volatility in emerging markets but emphasized its ability to navigate these complexities [26] - Management highlighted the importance of scaling operations and maintaining efficiency to drive profitability [15] Other Important Information - The company has returned 64% of adjusted free cash flow generated since 2022 to shareholders and confirmed a dividend policy of 30% of the prior year's free cash flow [31] - The company is introducing operating profit metrics for greater transparency in performance comparisons with industry peers [21] Q&A Session Summary Question: Where will TPV growth come from in 2026? - Management indicated that growth will be broad-based, with strong contributions expected from Latin America, Africa, and new markets in Asia and the Middle East [38] Question: What is the outlook for gross margin in Argentina? - Management noted that Argentina remains a high-growth market despite FX volatility affecting costs, and they expect gross margins to recover as conditions normalize [41][42] Question: What is the status of stablecoin adoption? - Management reported that while there is growing interest in stablecoins, significant volume at checkout has not yet materialized, with more activity seen in digital asset marketplaces [48] Question: What drove the strong gross profit growth in Brazil? - Management attributed the growth to a rebound in TPV and strong monetization from mid-tier merchants, but cautioned that such dispersion may not be sustainable [57] Question: What are the risks to the company's guidance? - Management highlighted global macroeconomic factors, geopolitical risks, and FX volatility as potential risks, while also noting strong partnerships with leading digital companies as a positive factor [89]