PagSeguro Digital Ltd (PAGS) 2024 Q1 法說會逐字稿

Welcome to PagSeguro Digital earnings call for the first quarter of 2024. The slide presentation for today's webcast will be available on PagSeguro Digital's Investor Relations website at investors.pagbank.com.

歡迎參加 PagSeguro Digital 2024 年第一季財報電話會議。今天網路廣播的幻燈片簡報將在 PagSeguro Digital 的投資者關係網站 Investors.pagbank.com 上提供。

(Operator Instructions) Today's conference is being recorded and will be available on the company's IR website after the event is concluded. I would now like to turn the call over to your host, Éric Oliveira, Head of IR. Please go ahead, sir.

（操作員說明）今天的會議正在錄製中，活動結束後將在該公司的 IR 網站上發布。現在我想將電話轉給主持人、IR 主管 Áric Oliveira。請繼續，先生。

Hello, everyone. Thanks for joining our first-quarter 2024 earnings call. After the speakers' remarks, there will be a question-and-answer session.

大家好。感謝您參加我們的 2024 年第一季財報電話會議。演講者發言後，將進行問答環節。

Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned on this conference call are based on currently available information and PagSeguro Digital's current assumptions, expectations, and projections about future events. While PagSeguro Digital believes that the assumptions, expectations, and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

在繼續之前，請允許我提一下，簡報中包含的或本次電話會議中提到的任何前瞻性陳述均基於當前可用的信息以及 PagSeguro Digital 目前對未來事件的假設、期望和預測。儘管 PagSeguro Digital 認為，鑑於當前可用信息，這些假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性聲明。

Actual results may differ materially from those included in PagSeguro Digital's earnings presentation or discussed on this conference call for a variety of reasons, including those described in the Forward-Looking Statements and Risk Factors sections of PagSeguro Digital's most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission, which are available on PagSeguro Digital's Investor Relations website at investors.pagbank.com.

由於多種原因，實際結果可能與PagSeguro Digital 的收益演示中包含的或本次電話會議中討論的結果存在重大差異，包括PagSeguro Digital 最新20-F 表格年度報告的前瞻性陳述和風險因素部分中描述的原因以及向美國證券交易委員會提交的其他文件，這些文件可在 PagSeguro Digital 的投資者關係網站 Investors.pagbank.com 上取得。

Finally, I would like to remind you that during this conference call, the company may discuss some non-GAAP measures, including those disclosed in the presentation. We present non-GAAP measures when we believe that the additional information is useful and meaningful to investors.

最後，我想提醒您，在本次電話會議期間，公司可能會討論一些非公認會計準則措施，包括演示中揭露的措施。當我們認為附加資訊對投資者有用且有意義時，我們會提出非公認會計準則衡量標準。

The presentation of this non-GAAP financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered separately from or as a substitute for our financial information prepared and presented in accordance with IFRS as issued by the IASB. For more details, the foregoing non-GAAP measures and the reconciliation of these non-GAAP financial measures to the most directly comparable IFRS measures are presented in the last page of this earnings presentation and earnings release.

本非公認會計原則財務資訊的列報並非根據任何全面的會計規則或原則編制，因此不應單獨考慮或取代我們根據 IFRS 發布的財務資訊編制和列報。有關更多詳細信息，上述非 GAAP 衡量標準以及這些非 GAAP 財務衡量標準與最直接可比的 IFRS 衡量標準的調整表請參見本收益報告和收益發布的最後一頁。

With that, let me turn the call over to Ricardo. Thank you.

現在，讓我把電話轉給里卡多。謝謝。

Hello, everyone, and thanks for joining our first-quarter 2024 earnings call. Once again, I have the company of Alex, our CEO; and Artur, our CFO. On this first section, I'll share the main operational and financial highlights for the quarter.

大家好，感謝您參加我們的 2024 年第一季財報電話會議。我們的執行長 Alex 再次陪伴著我；還有我們的財務長阿圖爾。在第一部分中，我將分享本季的主要營運和財務亮點。

Starting with slide 4, total revenue grew 15% year over year, reaching BRL4.3 billion, all-time high results for a first quarter with a strong TPV and revenue growth in all client segments. And our gross profit margin was 40.6%.

從投影片 4 開始，總營收年增 15%，達到 43 億雷亞爾，創第一季歷史新高，所有客戶細分市場的 TPV 和收入均強勁成長。我們的毛利率為40.6%。

We also reached the all-time high net income in non-GAAP basis of BRL522 million, a 32% year-over-year growth. And on the last bullet in the bottom of the slide, we can see our EPS reached BRL1.63, 36% higher than Q1 2023, also an all-time high.

我們也實現了非公認會計原則淨利潤 5.22 億雷亞爾的歷史最高水平，年增 32%。在投影片底部的最後一個項目符號中，我們可以看到我們的 EPS 達到了 1.63 巴西雷亞爾，比 2023 年第一季高出 36%，也是歷史新高。

Moving on to slide 5, we reached 31.4 million clients by the end of March, with 17.3 million active clients. We also had an all-time deposits level, reaching BRL30.6 billion, an impressive 64% increase year over year.

轉到投影片 5，截至 3 月底，我們的客戶數量達到 3,140 萬，其中活躍客戶達到 1,730 萬。我們的存款水準也創歷史新高，達到 306 億雷亞爾，年增 64%，令人印象深刻。

These strong results proves the power of our value proposition which has been contributing to increase of client engagement and has a positive impact on lowering our cost of funding, which increases prepayment spreads and net interest margin for our credit portfolio and, consequently, our profitability. Worth to say, our one-stop shop solution has been acknowledged under the PagBank brand as we were recognized as the Best Bank in Brazil by different institutes such as Forbes and iDinheiro, among others.

這些強勁的業績證明了我們價值主張的力量，它有助於提高客戶參與度，並對降低我們的融資成本產生積極影響，從而增加我們信貸投資組合的預付款利差和淨利差，從而提高我們的獲利能力。值得一提的是，我們的一站式解決方案已獲得 PagBank 品牌的認可，因為我們被福布斯和 iDinheiro 等不同機構評為巴西最佳銀行。

On slide 6, we share some highlights of the payments and banking units. In first column, in payments, we had a strong growth in our TPV reached BRL112 billion, a 27% year-over-year growth, reinforcing our strategy of keep growing in a profitable way.

在幻燈片 6 中，我們分享了支付和銀行部門的一些亮點。在第一欄中，在支付方面，我們的 TPV 強勁成長，達到 1,120 億雷亞爾，年成長 27%，強化了我們持續獲利成長的策略。

On the banking side, in the mid-column, we can see our cash-in reached BRL66.1 billion, a 48% growth year over year, aligned to our strategy to stimulate our clients to use PagBank as their primary account. Our credit portfolio grew 8% quarter over quarter to BRL2.7 billion, driven by the expansion of our credit underwriting on secured products.

在銀行業務方面，在中間欄，我們可以看到我們的現金達到 661 億雷亞爾，年增 48%，這與我們刺激客戶使用 PagBank 作為主要帳戶的策略相一致。在擔保產品信貸承銷規模擴大的推動下，我們的信貸投資組合較上季成長 8%，達到 27 億雷亞爾。

Also, in Q1, among all products we have launched or enhanced, I would like to highlight the launch of our business insurance for merchants in the PagBank partnership program, our payment solutions embedded in the most relevant software-as-a-service providers. Finally, we also took the decision to gradually resume in the second half of 2024, the offer of working capital loans for merchants and overdraft account offerings for merchants and consumers.

此外，在第一季度，在我們推出或增強的所有產品中，我想強調我們在PagBank 合作夥伴計劃中為商家推出的商業保險，我們的支付解決方案嵌入到最相關的軟體即服務提供者中。最後，我們也決定在2024年下半年逐步恢復為商家提供流動資金貸款以及為商家和消費者提供透支帳戶服務。

Now I pass the word over to Alex for the commentaries on the business units highlights for the quarter. Thank you.

現在我將這個消息轉交給亞歷克斯，讓他對本季業務部門亮點進行評論。謝謝。

Thank you, Ricardo. Hello, everyone. On this section, we'll be breaking down our business units' performance through the first quarter of 2024.

謝謝你，里卡多。大家好。在本節中，我們將詳細分析我們業務部門截至 2024 年第一季的業績。

Starting with payments on slide 8, we showed that our merchant acquiring business keeps growing through the combination of our superior value proposition and the broad reach of our sales channel, positively impacted by our sales force expansion that has started in the last year. We have been able to accelerate TPV growth faster than the industry, driven by our main merchant segments.

從投影片 8 中的付款開始，我們展示了我們的商家收單業務透過我們卓越的價值主張和廣泛的銷售管道相結合而不斷增長，這受到我們去年開始的銷售團隊擴張的積極影響。在我們主要商家細分市場的推動下，我們能夠以快於產業的速度加速冠捷的成長。

TPV reached BRL112 billion in Q1 '24, growing 27% year over year, with TPV per merchant growing 37% on a yearly basis. Continuing our strategy to expand our payments business' focus on merchants profile with better engagement and profitability, we observed a 5% growth year over year of our active merchants on a 30-day criteria when excluding nano-merchants.

2024 年第一季度，TPV 達到 1,120 億雷亞爾，年成長 27%，每個商家的 TPV 年成長 37%。我們繼續實施擴大支付業務重點關注具有更好參與度和盈利能力的商戶資料的策略，我們觀察到，在排除超微商戶的情況下，按照30 天的標準，我們的活躍商戶數量同比增長了5 %。

Moving on to slide 9, let's look further into MSMB segment, which gathers micro-merchants with monthly TPV up to BRL15,000 and small and medium merchants business with monthly TPV from BRL15,000 up to BRL1 million. MSMB's TPV grew 24% year over year, reaching BRL77.6 billion in the first quarter of 2024.

繼續看幻燈片9，讓我們進一步了解MSMB 細分市場，該細分市場聚集了每月TPV 高達15,000 雷亞爾的微型商家和每月TPV 從15,000 雷亞爾到100 萬雷亞爾的中小型商戶業務。 MSMB的冠捷科技年比成長 24%，2024 年第一季達到 776 億雷亞爾。

The strong merchants' gross adds positively contributed to this performance, combined with higher productivity in our HUBs and geographic expansion. We present an unparalleled value proposition to MSMB in Brazil. Our comprehensive approach embraces a broad reach of sales channel, ensuring maximum exposure and accessibility for merchants.

強大的商戶總增加額，加上我們中心的更高生產力和地理擴張，對這一業績做出了積極貢獻。我們向巴西的 MSMB 提出了無與倫比的價值主張。我們的全面方法涵蓋廣泛的銷售管道，確保商家獲得最大的曝光和可近性。

With instant settlement, we offer the cheapest working capital source, empowering business to drive without financial strain. Fast POS delivery and replacement ensures an interrupted service while our seamless integration of payments and banking simplifies transactions, enhancing efficiency and engagement. Additionally, we are also happy to share that PagVendas, our ERP software, has surpassed one million users, showing how we remain committed to innovation and customer satisfaction.

透過即時結算，我們提供最便宜的營運資金來源，使企業能夠在沒有財務壓力的情況下開展業務。快速 POS 交付和更換可確保服務中斷，而我們的支付和銀行業務無縫整合則簡化了交易，提高了效率和參與度。此外，我們也很高興地告訴大家，我們的 ERP 軟體 PagVendas 的用戶數量已超過 100 萬，這表明我們如何繼續致力於創新和客戶滿意度。

Moving on to the next slide here on slide 10, we show how our TPV from the LMEC segment has performed, comprised by large merchants, e-commerce, and cross-border clients. In the first quarter of 2024, this segment posted a 35% TPV growth in comparison to Q1 '23, reaching BRL34.2 billion in transactions.

前往投影片 10 中的下一張投影片，我們展示了 LMEC 細分市場（由大型商家、電子商務和跨境客戶組成）的 TPV 的表現如何。2024 年第一季度，該細分市場的 TPV 與 23 年第一季相比成長了 35%，交易金額達到 342 億雷亞爾。

We are increasing our share of wallet on large merchant segment that gathers business with monthly TPV above BRL1 million, driven by the development of an integrated omnichannel payments platform embedded with management software solutions for more than 350 software partners from the new PagBank partnership program. Our online segment posted a strong TPV growth, with e-commerce boosted by our strategy to unravel PIX QR code and tap on phone for e-commerce platforms.

我們正在增加我們在大型商家領域的錢包份額，這些商家收集每月TPV 超過100 萬雷亞爾的業務，這是由於開發了一個整合的全通路支付平台，該平台嵌入了新PagBank 合作夥伴計畫中超過350 個軟體合作夥伴的管理軟體解決方案。我們的線上業務部門實現了強勁的 TPV 成長，我們解開 PIX 二維碼並利用手機打造電子商務平台的策略推動了電子商務的發展。

Leveraging facial authentication helped to enhance security measures in online transactions, ensuring trust and reliability. Furthermore, our cross-border unit, under the brand PagSeguro International, is connecting foreign merchants with Latin American buyers, fostering a seamless experience and enriched global commerce ecosystem.

利用臉部認證有助於增強線上交易的安全措施，確保信任和可靠性。此外，我們的跨國部門以 PagSeguro International 品牌為外國商家與拉丁美洲買家搭建橋樑，打造無縫體驗並豐富全球商業生態系統。

Moving on to the banking business, our strategy to provide seamless experience combining payments, value-added service, and banking through multiple interfaces for merchants and consumers continue to drive engagement up. This engagement increase resulted in over BRL66 billion in PagBank cash-in composed by PIX P2P, wire transfers, deposits through boleto and invoices into PagBank accounts from other financial institutions.

轉向銀行業務，我們的策略是透過多種介面為商家和消費者提供將支付、增值服務和銀行業務結合的無縫體驗，繼續提高參與度。參與度的增加導致 PagBank 現金收入超過 660 億雷亞爾，由 PIX P2P、電匯、透過 Boleto 存款以及從其他金融機構存入 PagBank 帳戶的發票組成。

Finally, cash-in per active client, an important indicator of our client engagement, grew 44% year over year, reaching [BRL39,000] per client. Our active banking clients base reached 16.9 million clients, a 4% year-over-year growth.

最後，每位活躍客戶的現金收入（我們客戶參與度的重要指標）年增 44%，達到每位客戶 [39,000 巴西雷亞爾]。我們的活躍銀行客戶群達到 1,690 萬客戶，年增 4%。

We also present in this slide the breakdown of active customers growth by product, which demonstrate the increasing penetration of our financial products and service and how powerful the value proposition of our banking platform is. The number of clients using investments and credit products clearly stands out, growing 85% and 235%, respectively, compared to Q1 '23.

我們也在這張投影片中按產品展示了活躍客戶成長的詳細情況，這表明我們的金融產品和服務的滲透率不斷提高，以及我們銀行平台的價值主張有多麼強大。使用投資和信貸產品的客戶數量明顯突出，與 23 年第一季相比分別成長了 85% 和 235%。

On slide 12, we share that deposits were up 64% compared to the first quarter of 2024, reaching a record of almost BRL31 billion, boosted by our AAA rating attributed by S&P Global, which enhanced our CDs distribution among retail and institutional investors, on and off platform. Checking accounts balance, the cheapest funding source and a key performance indicator to measure client engagement, grew 37% year over year.

在投影片12 中，我們分享了存款較2024 年第一季成長了64%，達到近310 億雷亞爾的創紀錄水平，這得益於標準普爾全球公司對我們的AAA 評級，這增強了我們在零售和機構投資者中的CD 分配。支票帳戶餘額是最便宜的資金來源，也是衡量客戶參與度的關鍵績效指標，較去年同期成長 37%。

Annual percentage yield for checking accounts and total deposits remained compelling, creating a unique engine connecting pricing power without harming profitability by lowering the average cost of funding for the company. We remain so excited about the Brazilian payments opportunity and have a privileged position of holding a solid balance sheet and low cost of funding like big banks, while demonstrating speed and superior product user experience like fintechs.

支票帳戶和總存款的年收益率仍然引人注目，創造了一個獨特的引擎，連接定價能力，同時降低了公司的平均融資成本，而不會損害獲利能力。我們對巴西的支付機會仍然感到非常興奮，並擁有像大銀行一樣保持穩健的資產負債表和低成本融資的特權地位，同時展示像金融科技公司一樣的速度和卓越的產品用戶體驗。

Moving on to the next slide, slide 13 shows that our credit portfolio resumed growth since Q3 2023. And this quarter, it reached BRL2.7 billion, with increasing share of secured products now representing more than 70% of our book loan, promoting financial inclusion, education, and important financing lines to our clients through this product.

轉到下一張投影片，投影片 13 顯示我們的信貸投資組合自 2023 年第三季以來恢復了成長。本季度，這一數字達到了 27 億雷亞爾，擔保產品的份額不斷增加，目前占我們圖書貸款的 70% 以上，透過該產品促進了金融包容性、教育和向客戶提供重要的融資管道。

We successfully passed through the pandemic, the rising of Brazilian interest rates, and one of the worst credit cycles in the country, with no negative impacts in our financial results and without compromising our long-term growth strategy. During this period, we took the opportunity to completely review our credit cycle fundamentals, enhancing our onboarding process, fraud prevention, risk assessment, underwriting, and collection policies and procedures.

我們成功度過了疫情、巴西利率上升以及全國最糟糕的信貸週期之一，沒有對我們的財務業績產生任何負面影響，也沒有影響我們的長期成長策略。在此期間，我們藉此機會全面審查了我們的信貸週期基礎知識，加強了我們的入職流程、詐欺預防、風險評估、承保以及收款政策和程序。

The results were fully captured by the relevant improvement in our asset quality, lowering our NPL90 from 18% to 4.5% in 12 months. And now we see an opportunity to gradually resume the credit underwriting of other credit lines in the second half of 2024, such as working capital loans and overdraft account limits.

我們的資產品質的相關改善充分體現了這一成果，12 個月內，我們的 NPL90 從 18% 降至 4.5%。現在我們看到了在2024年下半年逐步恢復其他信貸額度信貸承銷的機會，例如流動資金貸款和透支帳戶限額。

Now I turn over to Artur for the financial highlights of the first quarter of 2024. Arthur, please.

現在我請 Artur 了解 2024 年第一季的財務要點。亞瑟，請。

Thanks, Alexandre. Hello, everyone, and thank you for joining us in the call. In this last section of our presentation, I will share the consolidated financial results for the first quarter of 2024.

謝謝，亞歷山大。大家好，感謝您加入我們的通話。在我們演示的最後一部分中，我將分享 2024 年第一季的合併財務表現。

Here on slide 15, I'm proud to announce an all-time high quarterly non-GAAP net income, which reached BRL522 million, growing 33% versus Q1 '23, with non-GAAP earnings per share at BRL1.63. Net income on a GAAP basis achieved BRL483 million in the first quarter of 2024, growing above 30% year over year, with earnings per share on a diluted basis marking BRL1.50, BRL0.37 better than the same period of last year. This result was especially driven by a strong operational and financial performance, as shown in the coming slides.

在投影片 15 上，我很自豪地宣布，非 GAAP 季度淨利潤達到歷史新高，達到 5.22 億雷亞爾，比 23 年第一季成長 33%，非 GAAP 每股收益為 1.63 雷亞爾。 2024年第一季以美國通用會計準則計算的淨利達4.83億雷亞爾，較去年同期成長30%以上，稀釋後每股盈餘為1.50雷亞爾，優於去年同期0.37雷亞爾。這一結果尤其受到強勁的營運和財務表現的推動，如接下來的幻燈片所示。

Moving on to slide 16, Q1 '24 total revenue and income growth accelerated to 15% on a yearly basis, positively impacted by higher volumes from acquiring. Consolidated gross profit margin keeps trending up, reaching 40.6% over the total revenue as we have been successful in balancing growth and profitability, driven by the execution of our strategy focused on clients with better unit economics and higher engagement.

轉到投影片 16，24 年第 1 季總營收和營收成長加速至每年 15%，這受到收購量增加的正面影響。綜合毛利率持續上升，達到總收入的 40.6%，因為我們成功地平衡了成長和獲利能力，這得益於我們執行專注於具有更好單位經濟效益和更高參與度的客戶的策略。

Looking at our business segments in the graph on the right side, payments revenue reached BRL3.9 billion, an 18% year-over-year growth, with a gross profit margin marked 39%. Banking revenue grew BRL40 million quarter over quarter, mostly driven by interest income from credit, float, and cash position, combined to service fees linked to higher client engagement.

從右圖我們的業務部門來看，支付收入達到39億雷亞爾，年增18%，毛利率達到39%。銀行業務收入環比增長 4000 萬雷亞爾，主要是由信貸、浮動和現金頭寸產生的利息收入以及與更高的客戶參與度相關的服務費推動的。

Gross profit for our banking segment reached 60% in the quarter. It is important to highlight that the gross profit margin in banking is higher than payments even based on our strategy of underwriting secured credit products that naturally presents low yields, combined to hold yields paid on deposits to attract and engage new clients.

本季我們銀行業務的毛利達到了 60%。需要強調的是，即使基於我們承銷擔保信貸產品的策略，銀行業的毛利率仍高於支付毛利率，這些產品自然呈現出低收益率，同時保持存款支付收益率以吸引和吸引新客戶。

In the next slide, we share how our discipline in capital allocation has been an important tool to balance growth and profitability, leading to higher value creation, with an earnings before tax growth of 35% this quarter versus the same quarter of last year. I would like to pick up three specific lines to comment.

在下一張投影片中，我們將分享我們的資本配置紀律如何成為平衡成長和獲利能力的重要工具，從而創造更高的價值，本季稅前利潤與去年同期相比成長了 35%。我想挑出三句話來發表評論。

Even with a TPV growth of 27% year over year, financial costs grew 1.7% in the same year-over-year comparison that resulted in a leverage of approximately 250 basis points over total revenue and income. In nominal terms, Q1 '24's cost was BRL40 million lower than Q4 '23. This performance was positively impacted by our successful deposit franchise that reduced our average cost of funding.

即使 TPV 年成長 27%，財務成本年增 1.7%，導致總收入和收益的槓桿率達到約 250 個基點。以名目價值計算，24 年第一季的成本比 23 年第四季低了 4,000 萬雷亞爾。我們成功的存款特許經營權降低了我們的平均融資成本，對這一業績產生了積極影響。

Total losses fell more than 18% year over year, mainly due to relevant developments on KYC and onboarding processes, decreasing fraud and chargeback amounts. On top of that, the better quality on the credit portfolio reduces the level of loan loss provision in the quarter.

總損失年減超過 18%，主要是由於 KYC 和入職流程的相關發展，詐欺和退款金額減少。最重要的是，信貸組合品質的提高降低了本季的貸款損失撥備水準。

Operating expenses were flattish versus Q4 '23 and grew 21% year over year, driven by higher personnel expenses due to the strengthening of our sales force and additional marketing investments to acquire new payment clients and distribute financial services. The strategy behind the capital allocation is to create efficiencies and support the company, especially in the growth cycles.

營運費用與 2023 年第 4 季持平，年增 21%，這是由於我們加強銷售隊伍以及為獲取新支付客戶和分銷金融服務而進行的額外行銷投資導致人員費用增加。資本配置背後的策略是創造效率並支持公司，特別是在成長週期中。

Moving on to slide 18, we show how solid is our capital structure for the PAGS momentum. Equity position expanded to BRL13.8 billion, with the returned earnings representing 61% of the total, which demonstrates the success of our strategy of best balancing growth and profitability.

繼續看投影片 18，我們展示了我們的資本結構對於 PAGS 勢頭的穩固程度。股權部位擴大至138億雷亞爾，回報收益佔總收益的61%，證明了我們最佳平衡成長和獲利能力的策略的成功。

Cash and financial investments ended the first quarter of 2024 with BRL8.8 billion, twice as seen in Q1 '23. In the last week of March, we anticipated fundraising from April that increased cash position in Q1 '24. Going forward, the cash and financial investments position are expected to run between 40% to 50% of equity balance.

截至 2024 年第一季度，現金和金融投資為 88 億雷亞爾，是 23 年第一季的兩倍。在 3 月的最後一周，我們預計 4 月的募款活動將增加 24 年第一季的現金部位。展望未來，現金和金融投資部位預計將佔股本餘額的 40% 至 50%。

On the final slide, we would like to reinforce our guidance for 2024, but acknowledging we started the year in a very good pace. We expect total payment volume to achieve between BRL441 billion to BRL457 billion, with healthier gross profit margin above 40% over total revenue and income.

在最後一張投影片中，我們希望加強對 2024 年的指導，但承認我們以非常好的步伐開始了這一年。我們預計總支付量將達到 4,410 億雷亞爾至 4,570 億雷亞爾，更健康的毛利率將超過總收入和收入的 40% 以上。

The guidance on gross profit margin was updated to above 40%, as we are no longer excluding other financial income from the calculation. We consider this view more appropriate and a fair reading of our net financial results.

毛利率指引更新至40%以上，因為我們不再將其他財務收入排除在計算之外。我們認為這種觀點更合適，也更公平地解讀了我們的淨財務表現。

Net income in non-GAAP basis should be between BRL2.5 billion to BRL2.15 billion, considering the similar level of 2023's effective tax rate. Following up, CapEx should be between BRL2 billion to BRL2.2 billion. And D&A plus POS write-offs amount between BRL1.9 billion to BRL2 billion.

考慮到 2023 年有效稅率的類似水平，非公認會計準則基礎上的淨利潤應在 25 億雷亞爾至 21.5 億雷亞爾之間。後續資本支出應在 20 億雷亞爾至 22 億雷亞爾之間。和D&A加上 POS 註銷金額在 19 億雷亞爾至 20 億雷亞爾之間。

Now let me give the word back to the operator, and we will start the Q&A session.

現在讓我將話回話給接線員，然後我們將開始問答環節。

(Operator Instructions) Mario Pierry, Bank of America.

（操作員指令）Mario Pierry，美國銀行。

Hi, guys. Good afternoon. Congratulations on the results. Let me ask you two questions.

嗨，大家好。午安.祝賀結果。讓我問你兩個問題。

One, when we look at your growth, your TPV growth, we're seeing the large corporate segment growing faster than the MSMB. Could you explore a little bit the profitability of both segments and taking consideration also the ability to grow deposits, looking beyond just payments, right? So how do you see the profitability of both segments on a holistic approach?

第一，當我們觀察您的成長、您的 TPV 成長時，我們發現大型企業部門的成長速度快於 MSMB。您能否稍微探討一下這兩個細分市場的獲利能力，並考慮增加存款的能力，而不僅僅是支付，對吧？那麼，您如何從整體角度看待這兩個細分市場的獲利能力？

And then the second question is related to your comments that you are ready to accelerate some lending in the second half of the year. You said working capital for merchants in -- overdraft for merchants and consumers, can you give us any visibility on how big do you think this portfolio can be? And why are you feeling confident now that you want to accelerate the lending?

第二個問題與您的評論有關，您準備在下半年加速一些貸款。您提到了商家的營運資金－商家和消費者的透支，您能否告訴我們您認為這個投資組合有多大？為什麼您現在對加速放貸充滿信心？

Because, again, when we look at the economy in Brazil, it's doing okay. It's not doing great. And -- but however, I think maybe you have been working on your credit models, and you have been preparing yourselves to start lending. So just give us the reasons why you're ready to accelerate lending. Thank you.

因為，當我們觀察巴西的經濟時，會發現它的表現還不錯。表現不太好。但是，我認為也許你們一直在研究你們的信用模型，並且你們一直在準備開始貸款。因此，請告訴我們您準備加速放款的原因。謝謝。

Hi, Mario. This is Ricardo. Thank you for the question. Good to hear you. So I'll start with your first question about the TPV in these two different segments.

嗨，馬裡奧。這是里卡多。感謝你的提問。很高興聽到你的聲音。因此，我將從您關於這兩個不同領域的 TPV 的第一個問題開始。

You're right when you say that large merchants is growing faster than the MSMB, growing 35% and MSMB growing 24%. The blended grew 27%. I guess, it is important to take advantage and highlight that we grew 27% while the market grew close to 11%. So we keep gaining share, being more profitable, increasing engagement. So the performance is very well, as we can see in Q1.

您說的沒錯，大型商家的成長速度比 MSMB 快，成長了 35%，MSMB 成長了 24%。混合成長了 27%。我想，重要的是要利用並強調我們成長了 27%，而市場成長接近 11%。因此，我們不斷獲得份額、提高利潤、提高參與度。所以表現非常好，正如我們在第一季看到的那樣。

First thing here, when you say large merchants, in our criteria here, is not the same as large merchants that we hear from other players. That's the first thing. So sometimes, you say large merchants, people think about the Walmart from Brazil, a large merchant with a very, very small spread; not the case here. But of course, they have lower profitability when compared with MSMB.

首先，當你說大商人時，按照我們這裡的標準，與我們從其他玩家那裡聽到的大商人不同。這是第一件事。所以有時候，你說大商戶，人們會想到來自巴西的沃爾瑪，一個價差非常非常小的大商家；這裡的情況並非如此。但當然，與中小型企業相比，它們的獲利能力較低。

The other advantage that we have from the large merchants that they bring deposits. So when you look at the merchant in a more complete or holistic way, we may have lower margin in the acquiring, but a higher deposit base. That's going to help our cost of funding to be lower and to be -- in Q1, it was 94% of CDI.

我們從大商戶那裡得到的另一個優點是他們帶來了存款。因此，當你以更全面或更全面的方式看待商家時，我們的收單利潤率可能較低，但存款基礎較高。這將有助於降低我們的融資成本，第一季，融資成本為 CDI 的 94%。

So if you look only in the acquiring, large merchants are less profitable than MSMB. But if you look in a holistic way, they're still less profitable but not that much. Because they bring other advantages that we need to put into the account, into these two different segments.

因此，如果只看收單，大型商家的利潤低於中小型企業。但如果你從整體來看，它們的利潤仍然較低，但也沒有那麼多。因為它們帶來了我們需要考慮這兩個不同細分市場的其他優勢。

And going to your second question, which is kind of related to the first one, we -- as you said, the economy is doing okay. And our decision to go for these non-secured products is because, regardless if the economy is doing well or not, we have good clients over here.

至於你的第二個問題，這與第一個問題有點相關，正如你所說，經濟表現良好。我們決定購買這些無擔保產品是因為，無論經濟表現好壞，我們在這裡都有很好的客戶。

So it doesn't mean that if the economy is doing bad that our clients will have delinquencies. So that's not the case. We have good clients here. We have these large clients that -- they are kind of stable, and they are looking for credit.

因此，這並不意味著如果經濟不景氣，我們的客戶就會拖欠債務。所以事實並非如此。我們這裡有很好的客戶。我們有這些大客戶——他們比較穩定，並且正在尋求信貸。

So what we've been doing in the last, I would say, two years is to improve the processes, improving the back-office operations, improving our collection process. And then we are -- we think it's time for us to resume the offer of these two products.

所以我想說，過去兩年我們一直在做的就是改進流程，改進後台運營，改進我們的收款流程。然後我們認為是時候恢復提供這兩種產品了。

So the working capital for SMBs -- I guess, you're expecting that I give more color on that. But the working capital for SMBs, the duration is going to be around 15 months. Interest rates will be different depending on the client. So it will be customized for each client. And of course, it will be higher than what we charge for the prepayment because in the prepayment, we don't have any risk.

因此，中小企業的營運資金——我想，你期望我對此給予更多的說明。但中小企業的營運資金期限約為 15 個月。利率會根據客戶的不同而不同。因此，它將為每個客戶量身定制。當然，它會高於我們對預付款收取的費用，因為在預付款中，我們沒有任何風險。

And in overdraft, we're going to offer for merchants and consumers. The limits are small and lower than 30 days because that's the dynamics of this product. And interest rate, as allowed by regulation, is up to 8% per month. So that's what we have so far for these two products.

在透支方面，我們將為商家和消費者提供透支服務。限制很小並且低於 30 天，因為這是該產品的動態。根據監管規定，利率最高可達每月 8%。這就是我們迄今為止對這兩種產品的了解。

That's very clear. Let me follow up really quick, Dutra, in terms of the size that you think this portfolio can get to until the end of the year. And then, when you talk about the market share -- while you're gaining market share, do you think this is a temporary thing, or do you think it's a structural thing?

這非常清楚。杜特拉，讓我快速跟進一下您認為這個投資組合到今年年底可以達到的規模。然後，當你談論市場份額時——當你獲得市場份額時，你認為這是暫時的，還是結構性的？

And the question is -- clearly, Cielo is going through some changes in terms of controlling. So maybe they are a little bit distracted operationally. I don't know. So the question is, do you think you have the ability to continue to gain share? Thanks.

問題是——顯然，Cielo 在控制方面正在經歷一些變化。所以也許他們在操作上有點心煩意亂。我不知道。那麼問題來了，你認為你有能力繼續獲得份額嗎？謝謝。

Hi, Mario. Regarding the size of the portfolio, it's too early for us to give any guidance at this point because we are at the very, very early stage. So we're going to start, then we're going to follow the performance. And then as we have a credit portfolio with non-secured products -- a little bit bigger than what we have today.

嗨，馬裡奧。關於投資組合的規模，我們現在給出任何指導還為時過早，因為我們還處於非常非常早期的階段。所以我們要開始，然後我們要專注在表演上。然後，我們擁有包含無擔保產品的信貸投資組合——比我們今天的規模要大一些。

And of course, it's very small today. We can give more color on that. But it's too early for us to give you any guidance about the size of the portfolio and so on. But we will resume in second-half 2024 at the beginning of the second half.

當然，今天它很小。我們可以對此給予更多的色彩。但我們現在向您提供有關投資組合規模等方面的指導還為時過早。但我們會在2024年下半年開始時恢復。

And regarding the gaining share in TPV and our growth, I guess, the -- what we're seeing right now is -- all the investments we've been doing in the last years, we've seen that it's maturing more and more. So all the investments we've been doing in the account, with the products that we launched for PagBank, different cards, CDs, so we see that this integrated offer is really paying off.

關於 TPV 份額的增加和我們的成長，我想，我們現在看到的是，我們在過去幾年中所做的所有投資，我們已經看到它正在變得越來越成熟。因此，我們在帳戶中進行的所有投資，以及我們為 PagBank 推出的產品、不同的卡片、CD，所以我們看到這種綜合服務確實得到了回報。

And we see the same momentum that we saw in Q1, a very strong momentum in Q2 as well. In Mother's Day -- at the beginning of May 2024, on Mother's Day in Brazil, we had the TPV record in the history of the company. And we've been -- keep growing in the second half -- second quarter in a very strong way as well.

我們看到了與第一季相同的勢頭，第二季也出現了非常強勁的勢頭。母親節－2024年5月初，巴西母親節，我們創造了公司歷史上的冠捷記錄。我們在下半年持續成長，第二季也以非常強勁的方式成長。

So good momentum. I don't see any big change looking forward. And as you said, there are some other companies that are making some restructuring and so on, and we keep accelerating. Sales productivity has been growing. So I mean, I don't see any change in the short term, the momentum of the company in terms of TPV.

勢頭這麼好。我認為未來不會有任何重大變化。正如你所說，還有一些其他公司正在進行一些重組等等，我們不斷加速。銷售生產力一直在成長。所以我的意思是，我認為短期內冠捷公司的勢頭不會有任何變化。

Very clear. Thank you very much.

非常清楚。非常感謝。

Thank you, Mario.

謝謝你，馬裡奧。

Tito Labarta, Goldman Sachs.

蒂托·拉巴塔，高盛。

Hi, good evening. Thank you for the call, for taking my question, and congrats on the results. A couple of questions also.

嗨，晚上好。感謝您的來電，回答我的問題，並對結果表示祝賀。還有幾個問題。

Just on your net income guidance for the year, just annualizing this quarter, you'll already be at the high end of that guidance. We could read that two ways. One, you expect earnings to remain flattish for the rest of the year? Or do you think there could be some upside risk to that guidance, I mean, just assuming earnings will continue to improve from here?

僅根據您今年的淨利潤指導，僅對本季度進行年度化，您就已經處於該指導的高端。我們可以用兩種方式來解讀。第一，您預計今年剩餘時間的獲利將保持穩定？或者您認為該指引可能存在一些上行風險，我的意思是，假設收益將繼續改善？

And then second question, just on the expense side, expenses were kind of flattish on the quarter. But if you look at other expenses, that fell quite a bit, while personnel and the selling expenses were up around 8%, 9%. Just to understand the dynamic going forward, if you can give some color on those different expense line items and the different growth rates that we can expect. Thank you.

第二個問題，僅在費用方面，本季的費用基本上持平。但如果你看看其他費用，你會發現下降了不少，而人員費用和銷售費用則上漲了 8%、9% 左右。只是為了了解未來的動態，是否可以對這些不同的費用項目以及我們可以預期的不同成長率進行一些說明。謝謝。

Hi, Tito. Thank you for the question. I'll take the first one. And then the second one, I'm going to pass to Artur to answer.

嗨，蒂托。感謝你的提問。我就拿第一個。然後第二個問題，我將交給 Artur 來回答。

But the first one, regarding the guidance, you're right. We are in the top of the guidance in Q1, if you look at the guidance we gave for the full year. In all KPIs, we are performing better than the guidance, but it's only the first quarter. We only had 25% of the year, first two months.

但第一個，關於指導，你是對的。如果你看看我們給出的全年指導，我們在第一季的指導中名列前茅。在所有 KPI 中，我們的表現都優於指導，但這只是第一季。我們只花了一年中 25% 的時間，也就是前兩個月。

So it's too early for us to give any -- to make any change in the guidance at this point. But we are confident that we'll be ready, and we'll be able to reach the top of the guidance. So there is no, let's say, any sign that we may have problems in the near future. But as I said, it's too early for us to change any guidance at this point. I'll pass the word to Artur.

因此，我們現在對指導意見做出任何改變還為時過早。但我們有信心我們會做好準備，並且我們將能夠達到指導的最高點。因此，沒有任何跡象表明我們在不久的將來可能會遇到問題。但正如我所說，我們現在改變任何指導意見還為時過早。我會把話轉達給阿圖爾。

Hey, Tito. Good to talk to you. So regarding to our operating expenses, we are managing in a disciplined way all the costs that we have and the expenses, too. So we achieved in this quarter 16.4% of our revenue, and that's the level that we are expecting also going forward.

嘿，蒂托。很高興和你說話。因此，關於我們的營運費用，我們正在以嚴格的方式管理我們的所有成本和費用。因此，我們在本季實現了 16.4% 的收入，這也是我們預期的未來水準。

And if we compare to Q1 '23 and Q4 '23, was a similar level. So that's the reason our management is controlling the expenses here. And remembering that in operating expenses, we include personnel expenses, marketing and advertising, and other administrative expenses.

如果我們與 23 年第一季和 23 年第四季進行比較，則處於相似的水平。這就是我們的管理層控制這裡費用的原因。請記住，在營運費用中，我們包括人員費用、行銷和廣告以及其他管理費用。

Okay. So the best way to think about that is a percent of revenues should remain stable-ish from here.

好的。因此，考慮這個問題的最佳方法是，收入的百分比從現在開始應該保持穩定。

Thank you, Tito.

謝謝你，蒂托。

John Coffey, Barclays.

約翰‧科菲，巴克萊銀行。

Great. Thank you very much for taking my question. The first one, and unless I missed it, I don't think that you gave your -- I think, your TPV growth for the first three weeks of April. I think that's been a tradition you've had for the past few quarters. Is that something you can disclose?

偉大的。非常感謝您回答我的問題。第一個，除非我錯過了，否則我認為您沒有提供 4 月前三週的 TPV 增長。我認為這是過去幾季你們一直以來的傳統。這是你可以透露的嗎？

Hi, John. We are not disclosing information about Q2 at this point, but it's been strong. It's been similar levels to what we had in Q1.

你好，約翰。目前我們還沒有透露有關第二季度的信息，但它的信息很強勁。這與我們第一季的水平相似。

And as I said, in the previous question here, in first week of May, in Mother's Day in Brazil, we had the historical TPV record of the company -- in the whole history of the company. So far, good momentum and similar levels of growth of TPV at this point.

正如我所說，在上一個問題中，五月的第一周，即巴西的母親節，我們獲得了該公司歷史上的 TPV 記錄——在該公司的整個歷史中。到目前為止，冠捷科技的勢頭良好，成長水準相似。

All right. Thank you. And I just had one related follow-up. When we think about the growth in Q1 of TPV, which was very high and specially pretty high versus the 21%, I think, you gave for January -- and I think that 21% reflected the first three weeks of January.

好的。謝謝。我剛剛進行了一項相關的後續行動。當我們考慮 TPV 第一季的成長時，我認為，與您給出的 1 月份的 21％ 相比，該增長非常高，特別是相當高 - 我認為 21％ 反映了 1 月份的前三週。

So you really saw a step up maybe in that last week of January plus February and March. Can you just describe a little bit more about what's going on here? Is this new sales teams who have ramped up? Are there any other factors that we should be thinking about that will help us shape our ideas of where TPV growth can go for the remaining three quarters?

所以你可能在一月份的最後一周以及二月和三月確實看到了進步。您能多描述一下這裡發生的事情嗎？這是新成立的銷售團隊嗎？我們是否應該考慮其他因素來幫助我們形成關於冠捷在剩餘三個季度的成長方向的想法？

Hi, John. There are some reasons that we are growing at this level. I would say one of them is that our value proposition is really maturing. Sometimes, things take a while to take off. So clients really understand the powerful combination of payments and banking.

你好，約翰。我們能達到這個水平是有一些原因的。我想說其中之一是我們的價值主張確實正在成熟。有時，事情需要一段時間才能起飛。因此，客戶真正了解支付和銀行業務的強大結合。

They understand when they use our device or POS to sell. The money goes straight to the digital account instantly right after the sale. The money that stays in the account, they have high yields. They have a card that is easy to use. It's easy to understand the history of the transactions, the conciliation that we offer.

他們了解何時使用我們的設備或 POS 進行銷售。銷售後，資金立即直接轉入數位帳戶。留在帳戶裡的錢，他們的收益率很高。他們有一張易於使用的卡。您可以輕鬆了解交易歷史記錄以及我們提供的調解服務。

So I would say the value proposition is really maturing. Also, our sales productivity has been growing in the past quarters. The sales team understand -- as time passes by, they understand better and better out of our proposition. And of course, the productivity also increased. And we also had an increase in marketing.

所以我想說，價值主張確實正在成熟。此外，我們的銷售生產力在過去幾個季度一直在成長。銷售團隊理解－隨著時間的推移，他們對我們的主張的理解越來越好。當然，生產力也提高了。我們也增加了行銷力道。

So it's a combination of different levers, I would say, to deliver this kind of growth. So there's no silver bullet. That's the other way to answer. There's no silver bullet. It's a mix of different things, and things are really maturing here. All the investments we've been doing in the PagBank and all the features clients are using, understanding -- and as I said, good momentum, good momentum.

因此，我想說，要實現這種成長，需要結合不同的槓桿。所以沒有靈丹妙藥。這是另一種回答方式。沒有靈丹妙藥。這是不同事物的混合體，而這裡的事物正在真正成熟。我們在 PagBank 的所有投資以及客戶正在使用、理解的所有功能——正如我所說，良好的勢頭，良好的勢頭。

All right. Thank you.

好的。謝謝。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Congrats on the results. Maybe just on the first-quarter results, I know they were higher than what we were expecting in consensus. Was there -- were they also higher than what you guys were forecasting internally? And anything you would point to that drove maybe the upside surprise versus your internal forecast?

祝賀結果。也許僅就第一季的業績而言，我知道它們高於我們的共識預期。它們是否也高於你們內部的預測？與您的內部預測相比，您認為可能會帶來上行驚喜的因素是什麼？

Hi, Bryan. Thank you for the question. It is higher than what we thought or what we forecasted. We've been seeing a strong growth in TPV. I guess, even the industry didn't expect to grow 11% in first quarter. The industry grew very strong in Brazil, if we look at 11.4% in first quarter.

嗨，布萊恩。感謝你的提問。它高於我們的想法或預測。我們看到冠捷科技的強勁成長。我猜，連業界都沒有想到第一季會成長11%。巴西的該產業成長非常強勁，第一季成長了 11.4%。

So we thought that we would not grow at that pace. So we're kind of -- positive surprise. We also were able to have very good management in financial expenses, regardless of these discussions about interest rates, what's going to be the interest rate by the end of the year.

所以我們認為我們不會以這樣的速度成長。所以我們有點——正面的驚喜。我們在財務費用方面也能有很好的管理，不管這些關於利率的討論，到年底利率是多少。

So we were able to manage fairly well the financial expenses and, of course, managing the margins. Our credit portfolio is also maturing and growing. After many quarters, we saw this increase of 8% of the credit portfolio, growing from BRL2.5 billion to BRL2.7 billion. Yeah, so good dynamics here in terms of growth and profitability and some positive surprises, to be honest.

因此，我們能夠很好地管理財務費用，當然還有管理利潤。我們的信貸組合也在不斷成熟和成長。經過多個季度，我們看到信貸投資組合增加了 8%，從 25 億雷亞爾成長到 27 億雷亞爾。是的，老實說，這裡在成長和盈利能力方面表現得非常好，而且還帶來了一些積極的驚喜。

Got it. No, that's helpful. And then just a follow-up question on the net income margins. Just thinking about the rest of the year -- I see the full guidance -- but is there any seasonality to think about as we go through the fiscal year between second through fourth quarter on margins? Is there any different levels of cadence we should think about, or should it be pretty similar as the first quarter kind of the margin we saw?

知道了。不，這很有幫助。然後是關於淨利潤率的後續問題。想想今年剩下的時間——我看到了完整的指導——但是當我們從第二季度到第四季度的利潤率經歷本財年時，是否有任何季節性需要考慮？我們是否應該考慮任何不同程度的節奏，或者它是否應該與我們看到的第一季的利潤非常相似？

Hi, Bryan. We expect margins to be similar or even a little bit higher usually in Q4 because of seasonality and because of the higher mix of debit. Margins sometimes go down because the seasonality of the quarter. People use more debit cards.

嗨，布萊恩。由於季節性因素和借方組合的增加，我們預計第四季度的利潤率通常會相似甚至更高一些。由於季度的季節性，利潤率有時會下降。人們使用更多的借記卡。

The debit card -- debit TPV gained share in the mix in Q4. But looking forward, in Q2, Q3, we don't see any change. We don't see any different margin than what we had in Q1. It should be similar or even slightly higher than what we had in Q1.

簽帳卡－冠捷簽帳卡在第四季的市佔率有所增加。但展望未來，在第二、第三季度，我們沒有看到任何變化。我們沒有看到與第一季相比有任何不同的利潤率。它應該與我們在第一季的情況相似甚至略高。

Great. Congrats again on the solid results.

偉大的。再次恭喜取得的紮實成果。

Thank you, Bryan.

謝謝你，布萊恩。

Neha Aggarwal, HSBC.

尼哈·阿加瓦爾，匯豐銀行。

Hello. Thank you for taking my question. Congratulations on the solid results. I have two questions at my end.

你好。感謝您回答我的問題。祝賀取得了紮實的成果。最後我有兩個問題。

First, on the SMB segment specifically, previously, you used to break down the MSMB segment. So could you just give us a bit more color on how the SMB segment per se has been growing? And have you been opening any new HUBs in the last few quarters or increasing the sales force to further penetrate the SMB segment. So any color on that?

首先，具體來說，在 SMB 段上，之前您曾經對 MSMB 段進行過分解。那麼您能給我們更多關於中小企業細分市場本身如何成長的資訊嗎？您在過去幾季是否開設了任何新的中心或增加了銷售團隊以進一步滲透中小企業市場。那麼有什麼顏色嗎？

And my second question is on PIX. The TPV growth is extremely strong, and I believe you do not include PIX volumes in your acquiring TPV. But could you give us a sense of what percentage of your total acquiring TPV would roughly be the PIX volumes. I believe, previously, you mentioned anything like 2%, 3% of the total acquiring TPV. So if you could provide color on that. Thank you so much.

我的第二個問題是關於 PIX 的。TPV 的成長非常強勁，我相信您在收購 TPV 時並未包括 PIX 數量。但您能否讓我們了解一下 PIX 交易量約佔 TPV 總收購量的百分比。我相信，之前您提到了收購冠捷科技總額的 2%、3% 之類的內容。所以如果你能提供顏色的話。太感謝了。

Hi, Neha. The -- we really are not breaking down the MSMBs. We are giving this full -- this blended information about these two -- this segment. I would say, sometimes, the micro becomes a small company. So it's hard -- sometimes, it's hard even to divide that.

嗨，尼哈。我們確實不會破壞中小型企業。我們正在提供有關這兩個部分的完整資訊。我想說，有時，微型公司會變成小公司。所以這很難——有時，甚至很難劃分它。

So that's why we decide to give the information together. But I would say you that SMB is growing a little bit faster than the micro. Because, of course, they are -- they have a higher TPV when compared to micro, and our sales force in the HUBs are focused on SMBs.

這就是為什麼我們決定一起提供這些資訊。但我想說的是，中小型企業的成長速度比微型企業快一點。當然，因為與微型企業相比，它們的 TPV 更高，而且我們在中心的銷售人員主要針對中小企業。

We did not increase the sales force too much in Q1, but we did have an increase. It's part of the plan to keep it growing. We see the opportunity. We think the growth is accretive to the result. We have very good paybacks. So that's why we decided to increase sales force a little bit in Q1.

第一季我們沒有過度增加銷售人員，但確實有所增加。這是保持其增長計劃的一部分。我們看到了機會。我們認為成長會增加結果。我們有很好的回報。這就是我們決定在第一季稍微增加銷售人員的原因。

And regarding PIX, of course, PIX helped in the growth. But even if you're not considering PIX, we would be -- the growth will be higher 20s. So it doesn't mean that because of the PIX, we had this strong growth. So it's very -- I'll say you that is a very healthy growth, with a large part of the growth still coming from cards, coming from credit cards, coming from installments.

至於 PIX，當然，PIX 幫助了成長。但即使您不考慮​​ PIX，我們也會——增長將高於 20 多歲。因此，這並不意味著我們因為 PIX 而實現瞭如此強勁的成長。所以，我想說，這是一個非常健康的成長，很大一部分成長仍然來自卡片、來自信用卡、來自分期付款。

So as I said before, the 11.4% that industry reported in the growth doesn't have PIX. So industry is really maturing here. We're going to know -- a week or 10 days from now, we're going to know the penetration of credit cards in the Brazilian consumption. Because we're going to have the report about the Brazilian consumption a week from now.

正如我之前所說，業界報告的 11.4% 的成長沒有 PIX 的影響。所以這裡的工業確實正在成熟。我們將會知道－一週或十天後，我們就會知道信用卡在巴西消費中的滲透率。因為我們將在一週後收到有關巴西消費的報告。

We expect that the penetration is growing, is increasing. So good momentum, good things happening at the same time. And I would say you the growth, regardless of the breakdown between micro SMBs, PIX, or cards, the growth is very strong and very stable throughout these different segments.

我們預計滲透率正在成長，正在增加。如此良好的勢頭，好事同時發生。我想說的是，無論微型中小企業、PIX 或卡片之間的細分如何，這些不同細分市場的成長都非常強勁且非常穩定。

Thank you, Dutra. Very clear. Congratulations again.

謝謝你，杜特拉。非常清楚。再次恭喜。

Thank you, Neha. (technical difficulty)

謝謝你，尼哈。（技術難度）

Kaio Prato, UBS.

凱歐普拉托，瑞銀。

Hello, good evening. Thanks for the opportunity to ask questions. I have two on my side, please.

你好，晚上好。感謝您有機會提問。我這邊有兩個，請。

First, on your revenues, regarding the financial income. This quarter, it was basically flat versus last quarter, even with the seasonality solid in numbers, basically the historical high again this quarter. And if you look at the financial yields, like excluding the financial expense, it was better than expected.

首先，關於你的收入，關於財務收入。本季與上季基本持平，儘管季節性因素較多，本季基本上再次創歷史新高。如果你看一下財務收益率，例如排除財務費用，那就好於預期。

So just wondering if you can share with us what are the drivers behind that and if you are seeing prepayment penetration rising at some point, please? And then I will follow up with my second question.

所以想知道您是否可以與我們分享背後的驅動因素是什麼，以及您是否看到預付款滲透率在某個時候上升？然後我將繼續我的第二個問題。

Hi, Kaio. Thank you for the question. Regarding the financial income and financial expenses or the spread of these two different lines of the P&L, when compared to TPV, you're right. Even with the seasonality played against us -- because in Q4, you have -- we have Christmas, Black Friday, the 13th salary in Brazil.

嗨，凱奧。感謝你的提問。關於財務收入和財務費用或損益表這兩條不同線的利差，與冠捷相比，你是對的。即使季節性因素對我們不利——因為在第四季度，我們有聖誕節、黑色星期五、巴西的第 13 個工資。

So even with this seasonality that doesn't help in Q1, we were able to grow our financial income. And we were able to manage better the financial expenses because of the way that we work here in the treasury department, the way that we are managing the financial expenses, I would say.

因此，即使這種季節性對第一季沒有幫助，我們仍然能夠增加我們的財務收入。我想說，我們之所以能夠更好地管理財務費用，是因為我們在財務部門的工作方式，以及我們管理財務費用的方式。

So -- and of course, we should take into consideration the deposits. When you see deposits growing 64% year over year, it also helps to lower the cost of funding. So at the end of the day, it's a better financial income, the way we manage our pricing version, and managing better the expenses, which includes increased deposits. So no big change, no one-offs. It's just part of the dynamic of the business.

所以——當然，我們應該考慮存款。當您看到存款年增 64% 時，這也有助於降低融資成本。因此，歸根結底，這是更好的財務收入、我們管理定價版本的方式以及更好地管理費用（包括增加存款）的方式。所以沒有太大的改變，沒有一次性的。這只是業務動態的一部分。

And Kaio -- it's Artur speaking -- only to take advantage on what Dutra said and only to stabilize the same level that we manage this financial income plus financial expenses or excluding financial expenses, I incentivize you to include other financial income. Because our expenses also includes the cost of deposits that are invested in treasury bonds, for example, okay?

Kaio——我是 Artur 說的——只是為了利用 Dutra 所說的，只是為了穩定我們管理財務收入加上財務費用或排除財務費用的同一水平，我鼓勵你包括其他財務收入。因為我們的開支還包括投資國債的存款成本，例如，好嗎？

So in our view, the best way to understand our financial result is considering financial income plus other financial income, less financial expenses. That's the result is a little bit better than you are seeing in our calculation.

因此，我們認為，了解財務結果的最佳方法是考慮財務收入加上其他財務收入，減去財務費用。結果比您在我們的計算中看到的要好一些。

Okay. Very clear. Thanks a lot. And then my follow-up question is on costs, please, if I may. We are seeing it growing at a slower pace than your TPV as well, both year on year and quarter on quarter, which is a good number.

好的。非常清楚。多謝。如果可以的話，我的後續問題是關於費用的。我們發現它的成長速度也比您的 TPV 慢，無論是同比還是環比，這是一個不錯的數字。

So I just would like to understand, what are the main drivers of these efficiency gains here that we are seeing as it has been reducing as a percentage of TPV? And what else can we expect going forward in terms of efficiency? And finally, we saw a reduction in other expense this quarter, I think, by almost 40%. Just if you can share some thoughts here, the drivers behind that, please? Thank you.

所以我只是想了解，我們看到這些效率提升的主要驅動因素是什麼，因為它佔 TPV 的百分比一直在下降？在效率方面我們還能期待什麼？最後，我認為本季其他費用減少了近 40%。請您在這裡分享一些想法，背後的驅動因素，好嗎？謝謝。

Well, it's Artur again. Talking about expenses, you are right. We grew our revenue by 15% this quarter versus Q1 '23, and our total cost and expenses grew 12%. So we could leverage around 70 basis points when we compare to our revenues, so the total cost by revenue. We are leveraging the costs that we have.

好吧，又是阿圖爾。說到費用，你是對的。與 23 年第一季相比，本季我們的營收成長了 15%，總成本和支出成長了 12%。因此，當我們與收入進行比較時，我們可以利用大約 70 個基點，即總成本除以收入。我們正在利用我們現有的成本。

The main drivers on this performance was related to, especially, financial costs. As we mentioned, we are doing a great job on managing these costs through banking insurances and especially, bringing more deposits to the company. That dragged us to have more deposits in Q1 versus Q4 '23.

這一業績的主要驅動因素尤其與財務成本有關。正如我們所提到的，我們在透過銀行保險管理這些成本方面做得很好，特別是為公司帶來了更多存款。這促使我們在第一季比 23 年第四季有更多的存款。

Total losses also create a good leverage to us. All the developments that we did in KYC and onboarding process and also in the transactional process provided to us better chargeback numbers. Total losses in credit also performed well.

總虧損也為我們創造了良好的槓桿作用。我們在 KYC 和入職流程以及交易流程中所做的所有開發都為我們提供了更好的退款數字。信貸總損失也表現良好。

And in other -- in operating expenses, as I mentioned before, we could have a good number in terms of other expenses. That means administrative expenses. And in personal expenses and marketing, we are now in a growth cycle.

在其他方面，正如我之前提到的，在營運費用方面，我們可以有很多其他費用。這意味著行政費用。在個人開支和行銷方面，我們現在正處於成長週期。

And then we are investing more in strengthening our sales force, investing in marketing that is an important tool to the company to acquire new clients, and also distribute digital services and reinforcing our brand, PagBank, that is quite new in the market. And we need to invest and promote this brand to the clients.

然後，我們加大投資力度，加強銷售隊伍，投資行銷，這是公司獲取新客戶的重要工具，同時還分銷數位服務，強化我們的品牌 PagBank，這是市場上相當新的品牌。我們需要向客戶投資和推廣這個品牌。

Okay, thank you.

好的謝謝。

Okay, thank you, Kaio.

好的，謝謝你，凱奧。

Sheriq Sumar, Evercore ISI.

謝里克‧蘇馬爾 (Sheriq Sumar)，Evercore ISI。

Yeah, hi. Thanks a lot for taking my questions. I have two questions here. So on the competitive dynamics, I just want to follow up on that.

是的，嗨。非常感謝您回答我的問題。我在這裡有兩個問題。因此，關於競爭動態，我只想跟進。

Are you seeing any threat from international players? Because Pfizer from -- with CLOVER is trying to enter into this market. And are there other new players where you're seeing like increasing competition? And what's been Pag's response on that?

您是否看到來自國際球員的威脅？因為輝瑞（Pfizer）與 CLOVER 正試圖進入這個市場。您認為有其他新的參與者會加劇競爭嗎？帕格對此有何回應？

Hi, Sheriq. Thank you for the question. I'll split the answer in two parts. The first one related to the international players, we don't see any international player coming to the market and getting market share or growing faster than us or, let's say, getting market share from players.

嗨，謝里克。感謝你的提問。我將把答案分成兩部分。第一個與國際參與者有關，我們沒有看到任何國際參與者進入市場並獲得市場份額或成長速度比我們更快，或者說，從參與者那裡獲得市場份額。

And one of the reasons -- I would say, the main reason is because we've got to have an integrated solution, if you want to grow in Brazil. If you just come with a pure acquirer, you're probably going to get some market share from big players with a very, very low margins. And that's not the way that we work.

原因之一 - 我想說，主要原因是因為如果你想在巴西發展，我們必須有一個整合的解決方案。如果你只是與一個純粹的收購者合作，你可能會以非常非常低的利潤從大公司獲得一些市場份額。這不是我們的工作方式。

So we believe, really, in the integration between payments and banking, and making the bank more and more complete as time passes by. And the end game is to get the principality of the client in terms of the banking account.

因此，我們確實相信支付和銀行業務之間的整合，並隨著時間的推移使銀行變得越來越完善。最終的遊戲是獲得客戶在銀行帳戶方面的主權。

Because, then, it's a very virtual cycle where the money stays here because the cash-in is through the POS, and the cash out is going to help through a card. And then we get interchange revenue. So that's the beauty of the business here that we have by having an integration. So that's the part of the answer for the international.

因為，這是一個非常虛擬的循環，錢留在這裡，因為現金是透過 POS 存入的，而現金取出則透過卡片來幫助。然後我們得到交換收入。這就是我們透過整合所擁有的業務的美妙之處。這就是國際問題答案的一部分。

And I would take advantage because that's also the part of the answer for the second part for the local players here. We don't see -- we are not seeing big changes in competitive dynamics here. We have a very clear competitor in the micro and small business and then another one in the medium business, I would say.

我會利用這一點，因為這也是本地玩家第二部分的答案的一部分。我們沒有看到——我們沒有看到這裡的競爭動態發生重大變化。我想說，我們在微型和小型企業中有一個非常明顯的競爭對手，然後在中型企業中有另一個競爭對手。

So they are the two competitors who have been completing in the last years. The incumbents from the big banks, they are stable in terms of market share or losing a little bit. And we don't see that changing that much. So to be honest, the competition is very similar from what we've been seeing in the last quarters.

所以他們是過去幾年一直完成比賽的兩位競爭對手。來自大銀行的老牌企業，他們的市佔率穩定或略有下降。我們認為這種情況不會有太大變化。老實說，競爭與我們在過去幾季所看到的非常相似。

And we are in this growth cycle because things are maturing. We increased our sales force a little bit. Sales productivity in the HUBs is growing. So -- and online payment is also growing. So I mean -- we are having this different leverage. So -- but going back to your question, no big changes in the competition, not even from international payers or local players.

我們正處於這個成長週期，因為事情正在成熟。我們稍微增加了銷售隊伍。中心的銷售效率正在不斷提高。因此，線上支付也在增長。所以我的意思是──我們擁有不同的槓桿作用。那麼，回到你的問題，競爭沒有重大的變化，甚至來自國際支付者或本地玩家也沒有。

Thank you so much. And my follow-up is on the active merchant side. It's nice to see that it was flat sequentially. That's a two-part question here.

太感謝了。我的後續行動是在活躍的商家方面。很高興看到它連續持平。這是一個由兩部分組成的問題。

So, A, is like how much more runoff can we see on the nano-merchant side? And B, is there a possibility for you to break down what is the composition of large merchants, micro, and SMB within the BRL6.5 million?

那麼，A，我們可以在奈米商家方面看到多少徑流？B，您能否細分一下這650萬雷亞爾中大商家、微型商家和中小企業的組成？

Hi, Sheriq. We don't give the disclosure. And also, to be honest, there is no definition in the market about what is large, what is medium, and what is -- and then even if we decide to give this information, it's kind of messy because it's different comparison when you look to other players. So -- but we are not disclosing this number.

嗨，謝里克。我們不予披露。而且，說實話，市場上沒有關於什麼是大、什麼是中、什麼是的定義——即使我們決定提供這些信息，這也有點混亂，因為當你看時，這是不同的比較給其他玩家。所以——但我們不會透露這個數字。

In terms of nano, you're right. It's kind of stable. We expect that this number of active merchants could be stabilized in the following quarters. But to be honest, nano-merchants, although they have -- they might be millions in our base, they are responsible only for 1.5% of our TPV, with very, very small volumes.

就奈米而言，你是對的。有點穩定。我們預計活躍商戶數量將在接下來的幾季保持穩定。但說實話，奈米商人，儘管他們在我們的基礎上可能有數百萬，但他們只占我們 TPV 的 1.5%，而且數量非常非常小。

And we do believe that we should keep working in the micro and the SMBs, where we have this competitive advantage by having the bank. We know how to handle these clients. They are -- they have good margins, and they are growing.

我們確實相信，我們應該繼續在微型和中小企業領域開展工作，因為我們透過擁有銀行而擁有這種競爭優勢。我們知道如何處理這些客戶。他們有很好的利潤，而且還在成長。

So the main goal here is to get more TPV from the clients that we have in the base as well and get a share of wallet from other competitors they -- these merchants might be eventually splitting the volumes between us and other player, and convince them to use us. So that's the main dynamics here, getting new clients starting from the micro and SMBs.

因此，這裡的主要目標是從我們基地的客戶那裡獲得更多的 TPV，並從其他競爭對手那裡獲得錢包份額——這些商家最終可能會在我們和其他玩家之間分配數量，並說服他們使用我們。這就是這裡的主要動力，從微型和中小型企業開始獲取新客戶。

Nanos, they have lots of volumes in terms of clients, but very, very small volumes in terms of TPV, in terms of money. So the idea is to keep working with micros and increasing share in these clients.

Nanos，就客戶而言，他們擁有大量的數量，但就 TPV 而言，就資金而言，他們的數量非常非常小。因此，我們的想法是繼續與微型企業合作，並增加這些客戶的份額。

Thank you so much. Thanks, Dutra, for taking my questions.

太感謝了。謝謝杜特拉回答我的問題。

Thank you very much.

非常感謝。

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩弗拉。

Hi, everyone. Congrats on the results. A couple of questions here. So I saw that your personnel expenses increased significantly. You attributed that to the increase of sales force. Also, marketing expense fall the same trend, right?

大家好。祝賀結果。這裡有幾個問題。所以我看到你們的人員開支大幅增加。您將此歸因於銷售人員的增加。另外，行銷費用也呈現下降趨勢，對嗎？

So if you could elaborate a bit more on this increase. So how many salespeople do you hire and if you expect to hire more throughout the year? So what's the strategy behind this? Are you willing to penetrate further in specific niches or maybe increase cross-selling in banking and related products?

那麼您能否詳細說明一下這一增長。那麼您僱用了多少銷售人員以及您是否預計全年僱用更多銷售人員？那麼這背後的策略是什麼呢？您是否願意進一步滲透特定領域或增加銀行及相關產品的交叉銷售？

So are we talking about a hunter profile or a farmer profile of this personnel, as you need to improve service or a lower churn? So if you could elaborate a bit more and give us more color, it would be very helpful. Thank you.

那麼，當您需要改善服務或降低流失率時，我們是在談論該人員的獵人資料還是農民資料？因此，如果您能詳細說明並給我們更多的色彩，那將會非常有幫助。謝謝。

Hi, Daniel. This is Alexandre. We are not actually disclosing the number of salespeople we have in the field. What we can say at this point is that the increase we did in our sales force for specific geographic locations that we felt that we were underpenetrated, comparing to our average penetration, and also -- what also drove our TPV growth was the maturing of the investments we've done in our online payments, cross-border payments platforms. All based in putting together a superior value proposition in all of these segments.

嗨，丹尼爾。這是亞歷山大.我們實際上並沒有透露該領域的銷售人員數量。此時我們可以說的是，與我們的平均滲透率相比，我們認為滲透率較低的特定地理位置的銷售隊伍有所增加，而且推動我們 TPV 增長的因素是市場的成熟我們在在線支付、跨境支付平台上進行的投資。所有這些都是基於在所有這些細分市場中整合卓越的價值主張。

So we believe that we have reached a very good level of productivity in our sales force and also by investing in all the technology that help these people to promote the sales with more intelligence. We not only grew the productivity, but we also shortened the learning cycle of the new teams that we just hired.

因此，我們相信，我們的銷售團隊已經達到了非常好的生產力水平，並且透過投資所有技術來幫助這些人員以更聰明的方式促進銷售。我們不僅提高了生產力，也縮短了剛聘用的新團隊的學習週期。

Got it, got it. Thank you. Very helpful.

明白了，明白了。謝謝。很有幫助。

Okay, thank you.

好的謝謝。

Soomit Datta, New Street Research.

蘇米特達塔，新街研究。

Yeah. Hi, guys. Thanks very much, and congratulations on the strong numbers. A couple of questions from me, please.

是的。嗨，大家好。非常感謝，並祝賀強勁的數字。請我問幾個問題。

Firstly, can you remind me what is your embedded assumption for Selic for the year-end, which feeds into your net income guidance? Obviously, there's been some kind of change of outlook there in the last few weeks. So just curious what is built into the net income guidance, please?

首先，您能否提醒我，您對年底 Selic 的內在假設是什麼，該假設將納入您的淨利潤指引？顯然，過去幾週人們的看法發生了某種變化。所以我只是好奇淨利指導包含了什麼？

And then, secondly, could I just take you to -- back to slide 18 in the presentation, just looking at the chart on the right-hand side, where we can see the increase in cash and financial investments? And I was just kind of curious what the implications of this are.

其次，我能否帶您回到簡報中的投影片 18，看看右側的圖表，我們可以在其中看到現金和金融投資的增加？我只是有點好奇這代表什麼。

You've kind of talked about 40% to 50% of cash balance as a percentage of book equity going forward. Are you thinking about using cash on hand to fund prepayments. If you could just talk through the implications of that chart, please, will be super helpful. Cheers.

您談到了 40% 到 50% 的現金餘額佔未來帳面淨值的百分比。您是否正在考慮使用手頭現金來支付預付款。如果您能簡單地談談該圖表的含義，將會非常有幫助。乾杯。

Hi, Soomit. This is Arthur speaking. Thank you for your two questions. The first one related to the expectation for Selic going forward, what I can tell you is that based on the level that we have today -- and we are not expecting too much drop this year based on the information that we have.

嗨，蘇米特。這是亞瑟說話。謝謝你的兩個問題。第一個與對 Selic 未來的預期有關，我可以告訴你的是，根據我們今天的水平，根據我們掌握的信息，我們預計今年不會有太多下降。

We are working hard to manage this level of Selic right now through deposits. So all of our management is focused on bringing more deposits to the company. That is the cheapest third-party funding source that we have. But the guidance remain unchanged because of that until now.

我們現在正在努力透過存款來管理這一級別的 Selic。因此，我們所有的管理層都專注於為公司帶來更多存款。這是我們擁有的最便宜的第三方資金來源。但因此到目前為止，指導意見保持不變。

Regarding to -- the second question related to the level of cash and investments -- and financial investments that we have today, in the end of March, only to explain you why we have this BRL8.8 billion in Q1 '24, we had a very good opportunity to advance receivables to bank issuers in the last time on March, that would be -- that we used it in April '24. That's the reason our cash position increased.

關於——第二個問題與現金和投資水平有關——以及我們今天在 3 月底擁有的金融投資，只是為了向您解釋為什麼我們在 24 年第一季擁有 88 億雷亞爾，我們有這是3 月最後一次向銀行發行人預付應收帳款的絕佳機會，我們在24 年4 月使用了它。這就是我們現金部位增加的原因。

Going forward, we are thinking to work around 40% to 50% of our equity in cash. And this cash is based on some mandatory deposits that we have in treasury bonds, our PIX account to run the business, and based on our asset liability management that controls our liquidity risk.

展望未來，我們考慮將 40% 至 50% 左右的股權以現金形式運作。這些現金是基於我們在國債中的一些強制性存款、我們用於營運業務的 PIX 帳戶以及控制流動性風險的資產負債管理。

So in terms of -- as you mentioned, related to prepayment, yes, we are using the results that we are achieving today to support the growth in the company, that part of this growth also requires more money to prepayment of our merchants.

因此，正如您所提到的，與預付款相關，是的，我們正在利用今天的成果來支持公司的成長，而這種成長的一部分也需要更多的錢來預付款給我們的商家。

Okay. That's clear. Thank you.

好的。很清楚。謝謝。

Okay, thank you.

好的謝謝。

James Friedman, Susquehanna International Group.

詹姆斯‧弗里德曼，薩斯奎哈納國際集團。

Sorry about that. I'm here. Thank you for taking my question. Artur, I wanted to ask about what your message is about the credit portfolio mix, secured versus unsecured.

對於那個很抱歉。我在這。感謝您回答我的問題。阿圖爾，我想問您關於信貸投資組合（有擔保與無擔保）的資訊是什麼。

What is -- how should we be thinking about that evolution on the secured side going forward? I see you're at 73%. But should this change in the mix continue with this magnitude?

我們該如何思考安全的未來演變？我看到你的分數是 73%。但這種混合變化是否應該繼續如此大規模？

Hi, James. As I mentioned before, we are going to resume these different products, working capital, and overdraft account in second half. So it's going to be small steps. We are at the very early stage. So I don't think we should consider this mix changing dramatically going forward.

嗨，詹姆斯。正如我之前提到的，我們將在下半年恢復這些不同的產品、營運資金和透支帳戶。所以這將是一小步。我們正處於非常早期的階段。所以我認為我們不應該考慮這種組合在未來發生巨大的變化。

So it's going to be similar to the levels that we have today. Because we already have this portfolio of BRL2.7 billion. The majority of this BRL2.7 billion is secured. And we don't think that's going to change in short term. We're going to start in second half in very small steps.

所以它將與我們今天的水平相似。因為我們已經擁有價值 27 億雷亞爾的投資組合。這 27 億雷亞爾的大部分已得到擔保。我們認為這種情況短期內不會改變。我們將在下半場以非常小的步伐開始。

So let's see. As time passes by, we can give more color on that. But the best information I have at this point, I would say you -- the non-secured is going to be small in short term. So this mix will not change looking forward for the following quarters.

那麼讓我們來看看。隨著時間的推移，我們可以賦予它更多的色彩。但我想說的是，我目前掌握的最好資訊是，短期內無擔保的規模將會很小。因此，這種組合在接下來的幾季中不會改變。

Perfect. And then more generally about the new product rollout, especially when you look at things like the PagBank partnership program or the business insurance for merchants, I'm just curious, how typically do you go to market with those? How are they being sold, and what in general has been the consumer merchant response to the new product rollout? Thank you.

完美的。然後，更一般地說，關於新產品的推出，特別是當您查看 PagBank 合作夥伴計劃或商家的商業保險等內容時，我只是很好奇，您多久會將這些產品推向市場？它們的銷售情況如何？謝謝。

Well, the partnership program is based on software that we have partnership with more than 300 different software-as-a-service providers. So some of them use -- or the majority of them use our smart POSs. Remember, our smart POS is an Android one, and then you can install an app. It's kind of the ERP.

嗯，合作夥伴計劃基於我們與 300 多家不同的軟體即服務供應商建立合作夥伴關係的軟體。因此，他們中的一些人或大多數人使用我們的智慧 POS。請記住，我們的智慧型 POS 是 Android 系統，然後您可以安裝一個應用程式。這有點像 ERP。

Let's say, you have a parking lot, and then you can use your POS to manage your parking lot. Or if you have a restaurant, you can install a different app for your restaurant to take the orders, to split the payments between different people in the same table. And let's say you have a drug store or a gas station, you can use your software that you already use, combine it with our payment solutions.

假設您有一個停車場，然後您可以使用 POS 來管理您的停車場。或者，如果您有一家餐廳，您可以為您的餐廳安裝不同的應用程式來接受訂單，以便在同一張桌子上的不同人之間分攤付款。假設您有一家藥局或加油站，您可以使用您已經使用的軟體，將其與我們的支付解決方案結合。

So the distribution of this partnership -- we usually distribute the POS, and the merchant decides to use the software they already use or someone recommended to them. So that's the way that it works in terms of partnership. It's a combination between our payment solution with a third-party software.

因此，這種合作關係的分配——我們通常分配 POS，商家決定使用他們已經使用的軟體或有人向他們推薦的軟體。這就是合作關係的運作方式。它是我們的支付解決方案與第三方軟體的組合。

And the insurance that you're asking, usually, the majority of the issuance we sell through the app. Some of them we sell during the onboard. Some of them we sell during the cross-sell of different products. Let's say, we are asking for a card, and then I can offer you an insurance for your card. If you lose your card, someone uses your card, I can reimburse you. So it depends. We have different types of insurance.

您所要求的保險通常是我們透過應用程式銷售的大部分保險。其中一些是我們在船上出售的。其中一些是我們在不同產品的交叉銷售過程中出售的。假設我們要一張卡，然後我可以為您的卡提供保險。如果你遺失了你的卡，有人使用你的卡，我可以補償你。所以這取決於。我們有不同類型的保險。

And for the merchants, that we mentioned in the presentation, the sale of these insurance is done through the HUBs. When they go there to work with the POS, they can also sell the insurance. So that's different channels for different products, depending on the type of the client.

對於我們在演示中提到的商家來說，這些保險的銷售是透過集線器完成的。當他們去那裡用POS工作時，他們還可以銷售保險。因此，根據客戶的類型，不同的產品有不同的管道。

Perfect. Thank you.

完美的。謝謝。

Thank you.

謝謝。

Yuri Fernandes, JPMorgan.

尤里‧費爾南德斯，摩根大通。

Thank you, guys, and congrats on the quarter. I have a question on your TPV volume guidance. This was a pretty strong BRL112 billion, 27% year over year. And your guidance is basically BRL441 billion, BRL457 Billion.

謝謝你們，夥計們，恭喜本季。我對你們的 TPV 銷售指導有疑問。這是相當強勁的 1,120 億雷亞爾，年增 27%。您的指導基本上是 4,410 億雷亞爾、4,570 億雷亞爾。

If we consider the seasonality for the first quarter -- I know it's not the smartest way to see this -- but historically, first Qs are 22% of yearly TPV. And this would imply more than BRL500 billion if you keep this historical seasonality for the first quarter. And basically, you need to decelerate to maybe industry trends from those 20%-plus to maybe 12% -- something around 12% to deliver your guidance.

如果我們考慮第一季的季節性——我知道這不是最明智的看待這一點的方式——但從歷史上看，第一個季度佔年度 TPV 的 22%。如果第一季保持這段歷史季節性，這將意味著超過 5,000 億雷亞爾。基本上，您需要將行業趨勢從 20% 以上減速到 12% 左右——大約 12% 左右才能提供您的指導。

So my question is, how are you seeing your TPV guidance for this year? Like, why not revising -- like, can you surprise us positively? Or do you see any deceleration that make this strong first quarter be kind of a one-off?

所以我的問題是，您如何看待今年的 TPV 指引？例如，為什麼不修改一下──比如，你能帶給我們正面的驚喜嗎？或者您看到任何減速使得第一季的強勁表現成為一次性的？

And I have a second question on capital allocation. You report this cash in financials. But when we try to estimate your net cash, you have over BRL11 billion of net cash. You are growing your deposits.

我的第二個問題是關於資本配置的。您在財務報表中報告這筆現金。但當我們嘗試估算您的淨現金時，您的淨現金超過 110 億雷亞爾。您正在增加存款。

So just a refresh, like I remember you discussed in the past quarter about doing a new buyback program, if you have anything on that. If you can have any comment on dividends, M&A, like how -- basically, how to allocate because you are seeing -- it's a good thing -- you're seeing a pile of cash. So just asking like what should we expect from this money? Thank you.

所以，請刷新一下，就像我記得您在上個季度討論過進行新的回購計劃一樣，如果您對此有任何了解的話。如果你能對股息、併購有任何評論，例如如何——基本上，如何分配，因為你看到——這是一件好事——你看到了一堆現金。所以只是問我們應該從這筆錢中得到什麼？謝謝。

Hi, Yuri. Regarding TPV, you're right. There is definitely upside risk. We just don't want to change the guidance or give this type of increase in the guidance because we only had three months of the year. Of course, we are seeing the TPV in April and May that we look at every day our intra-day.

嗨，尤里。關於TPV，你是對的。肯定有上行風險。我們只是不想改變指導或增加這種指導，因為我們一年只有三個月的時間。當然，我們每天都會看到 4 月和 5 月的 TPV。

But we decided to wait a little bit and see how it will evolve. As I said before, the momentum is strong. We see a strong momentum for the company as a whole, considering TPV, considering banking, considering cash-in. And definitely, there is this upside risk.

但我們決定稍等一下，看看它會如何發展。正如我之前所說，勢頭強勁。我們看到整個公司的強勁勢頭，考慮到冠捷、考慮到銀行業、考慮到現金。當然，存在上行風險。

If we judge that it's time or that is -- the right thing to do is to revise the guidance, we're going to do it. But we just think that at this point, it's too early to make any change. And the other thing I would say is that in second-half 2023, our TPV was strong as well. So there could be some hard comps in the second half.

如果我們判斷現在是時候修改指南了，或者說正確的做法是修改指南，我們就會這樣做。但我們只是認為目前做出任何改變還為時過早。我想說的另一件事是，在 2023 年下半年，我們的冠捷也很強勁。所以下半場可能會有一些艱難的比賽。

It doesn't mean that we see a risk for our guidance. Again, there's definitely upside risk higher than the top of the guidance, but we just want to wait a little bit. And then maybe in second quarter, we could revise if we think it's time to do so. Because the second-quarter call is going to be in August. So from there, we're going to have more visibility -- what happen throughout the year.

這並不意味著我們認為我們的指導有風險。同樣，肯定存在高於指導上限的上行風險，但我們只想稍等一下。然後也許在第二季度，如果我們認為是時候的話，我們可以進行修改。因為第二季的電話會議將於八月舉行。因此，從那時起，我們將獲得更多的可見性——全年發生的事情。

Hi, Yuri. It's Artur speaking again. So regarding capital allocation, our thinking here is to -- looking for growth opportunities, especially organically. We analyzed a lot of M&As and so on, but we didn't figure out anything that can create any transformation to the company right now.

嗨，尤里。又是阿圖爾說話了。因此，關於資本配置，我們的想法是－尋找成長機會，尤其是有機成長機會。我們分析了很多併購等，但我們現在沒有找出任何可以為公司帶來任何轉型的東西。

If something appears, we will communicate properly. But we are looking forward to grow our products, services in payments, in banking products to merchants, to consumers, to all our clients. And the TPV is growing close to 30%. Our result, more than 30% in the quarter.

如果出現什麼狀況，我們會好好溝通。但我們期待向商家、消費者和所有客戶發展我們的支付、銀行產品產品和服務。TPV 成長接近 30%。我們的結果是，本季成長超過 30%。

So the cash flow that we are generating, we are reinvesting in the business because we need to support this momentum. It's a positive momentum for the company. We are growing a lot, again, a new cycle of growth for the company. And we decided to use this capital to run the business and support this momentum.

因此，我們正在對產生的現金流進行再投資，因為我們需要支持這種勢頭。這對公司來說是一個積極的勢頭。我們再次取得了長足的發展，公司進入了新的成長週期。我們決定利用這筆資金來經營業務並支持這一勢頭。

Regarding to dividends, we are not discussing any program at this point. And the share buyback program, we're still having BRL45 million in the original plan that we launched a long time ago.

關於股息，我們目前不討論任何計劃。至於股票回購計劃，我們在很久以前啟動的原始計劃中仍然有 4500 萬雷亞爾。

I guess, it's $45 million, right?

我猜，是 4500 萬美元，對吧？

$45 million, exactly. Thank you, Dutra.

確切地說是 4500 萬美元。謝謝你，杜特拉。

Thank you, guys. Super clear. And congrats again. Thank you.

感謝你們。超級清晰。再次恭喜。謝謝。

Okay. Thank you so much.

好的。太感謝了。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Hi, everyone. Congrats here on the results, and thanks for the space to ask questions. So first, on deposit growth, I'm curious here what you're seeing for the rest of the year. Growth rates are pretty high. So I wonder if you see it similar or maybe decelerating going further into the year?

大家好。在此祝賀結果，並感謝您提供提問的空間。首先，關於存款成長，我很好奇今年剩餘時間你會看到什麼。增長率相當高。所以我想知道你是否認為今年的情況類似，或者可能會減速？

And my second question is just a follow-up on selling expenses. If you look at just this expense line as a percentage of revenues, it's been going up. But previously in the call, you mentioned that on a consolidated basis, we should expect a relatively stable ratio when you're looking that against revenues.

我的第二個問題是關於銷售費用的後續問題。如果你只看這條費用線佔收入的百分比，它一直在上升。但之前在電話會議中，您提到，在綜合基礎上，當您將其與收入進行比較時，我們應該預期一個相對穩定的比率。

But specifically at selling expenses, do you think, given your growth prospects here, this will continue to go up, and then it's going to be compensated by lowering other cost lines? Or everything is pretty much stable on your planning now? Thank you.

但特別是在銷售費用方面，考慮到您在這裡的成長前景，您是否認為這筆費用會繼續上升，然後透過降低其他成本線來補償？或者現在你的計劃一切都已經穩定了？謝謝。

Hi, Renato. This is Alexandre. Thanks for the question on the deposits. Regarding to the deposits, what we can say is that we are working with the integrated value proposition between our payments and banking platform. And this has been very successful to drive deposits up and drive more and more engagement of our payments customers within the banking business.

嗨，雷納托。這是亞歷山大.感謝您提出有關存款的問題。關於存款，我們可以說的是，我們正在研究支付和銀行平台之間的整合價值主張。這非常成功地推動了存款的增加，並推動我們的支付客戶越來越多地參與銀行業務。

Also, throughout our CDs, high-yield CDs offerings, we are also able to capture new customers outside of the relationship of the acquiring business. And also, through the payroll loans, we are also bringing new customers that does not have a relationship with the acquiring business. And these new customers are engaging with the account and bringing more deposits.

此外，透過我們的 CD、高收益 CD 產品，我們也能夠在收購業務關係之外吸引新客戶。此外，透過薪資貸款，我們也帶來了與收單業務沒有關係的新客戶。這些新客戶正在與該帳戶互動並帶來更多存款。

So we believe that our strategy is in the right way for us to keep growing our deposits on the next quarters. But we don't have a specific guidance for that.

因此，我們相信我們的策略是正確的，可以讓我們在接下來的幾季繼續增加存款。但我們對此沒有具體的指導。

(inaudible) it's Artur again. Renato, regarding to the selling expenses -- and before I talk to selling expenses, I would like to adjust one comment that I did in the Kaio's question. That was related to the leverage I said to total costs and expenses. I mentioned that it was 70 basis points, but we have a leverage of 220 basis points versus Q1 '23.

（聽不清楚）又是阿圖爾。雷納托，關於銷售費用——在我談論銷售費用之前，我想調整一下我在 Kaio 問題中所做的一項評論。這與我所說的總成本和費用的槓桿有關。我提到它是 70 個基點，但與 23 年第一季相比，我們的槓桿率為 220 個基點。

Regarding to selling expenses, we are including, in this line, marketing expenses that we mentioned. We will keep this level of marketing in the coming quarters. Because it's totally focused to support this growth, acquiring new clients, and enforcing PagBank brand in the market.

關於銷售費用，我們在這一行中包括我們提到的行銷費用。我們將在未來幾季保持這種行銷水平。因為它完全專注於支持這種成長、獲取新客戶以及在市場上強化 PagBank 品牌。

Inside this line, we also have total losses that, as I mentioned, we are performing very well. And we expect to continue doing this performance going forward. And on top of that, we also have the sales -- the cost of sales force. As we mentioned, we are strengthening our sales force.

在這條線上，我們也有總虧損，正如我所提到的，我們的表現非常好。我們預計未來將繼續進行這樣的表演。最重要的是，我們還有銷售——銷售人員的成本。正如我們所提到的，我們正在加強我們的銷售團隊。

And part of this amount was captured in Q1. Part of this amount will be captured in the coming quarters. On top of that, in personnel expenses, we have the collective agreement bargaining that happens in Q2. And all of these items should be considered to project the selling expenses going forward. We achieved BRL435 million in Q1, and I expect that we have a higher amount going forward, but not too much.

其中一部分金額是在第一季捕獲的。該金額的一部分將在未來幾個季度內獲得。最重要的是，在人事費用方面，我們在第二季進行了集體協議談判。所有這些項目都應該被考慮來預測未來的銷售費用。我們在第一季實現了 4.35 億雷亞爾，我預計未來的金額會更高，但不會太多。

Thanks. And just a quick follow-up, when you say marketing expenses at the same level, you mean the same financial absolute level or the same level relative to revenues?

謝謝。快速跟進一下，當您說行銷費用處於同一水平時，您是指相同的財務絕對水平還是相對於收入的相同水平？

At this point, what I can share is the same nominal level.

此時，我能分享的是相同的名義等級。

Same nominal level. Understood. Thanks, and congratulations again for the results.

標稱水準相同。明白了。謝謝，並再次恭喜結果。

Okay, thank you so much.

好的，非常感謝。

Thank you. That's all the questions we have for today. I will now pass the line back to Alexandre Magnani for the concluding remarks. The floor is yours.

謝謝。這就是我們今天要問的所有問題。現在我將把電話轉回亞歷山大·馬格納尼，讓其作總結發言。地板是你的。

Thank you, everyone, for the participation in our call. We really believe that our business model that combines payments and banking is bringing all the results for all of our investments we have done during all of these years. We look forward for the next call and to see you again. Bye.

感謝大家參與我們的電話會議。我們堅信，我們將支付和銀行業務相結合的業務模式正在為我們這些年來所做的所有投資帶來所有成果。我們期待下次通話並再次見到您。再見。

Thank you. This does conclude PagSeguro Digital first-quarter 2024 earnings conference call. We would like to thank you again, and wish you a great evening.

謝謝。PagSeguro Digital 2024 年第一季財報電話會議到此結束。我們再次感謝您，並祝您有個愉快的夜晚。