Having said that, big picture Latin America I think presents a very compelling investment argument mid to long term, growing middle class, growing access to credit, more stable macroeconomic policies in most of the countries in the region, and I'm sure we'll get to Venezuela and Argentina at some point, than any time in my 40 years of having lived in the region and been in the region. So I think both at a macro and a secular level, compelling positive situation for us going forward.

Ross Sandler

Okay. And then some of the more specific related to the company and some of the things you guys have done in the last 12 months or so. A little over a year ago, you guys basically ripped out all the code that supported the website, the various websites that you managed across the region, and you went through this process of kind of rebuilding the technology in a more flexible way. So, can you just walk us through without getting too deep into the technical aspects of it what were some of the more consumer or merchant-facing pieces that got upgraded and how did this impact conversion rates on the platform?

Pedro Arnt

Sure. So, you know, when you look at online retailing, it's still a fairly new industry as a whole, and so there still are significant points of friction and significant usability learnings that we're going through as an industry. And so it's fundamental as an online retailer that you have a lot of capacity, you constantly innovative and AB test, and really push the envelope on removing friction from the buying piece, whether that is the age-old showing less pages and more clicks, whether it's making the payment process more integrated and more streamlined.

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