PagSeguro Digital Ltd (PAGS) 2023 Q4 法說會逐字稿

Good evening. My name is Audir, and I will be your conference operator for today's call. Welcome to PagSeguro Digital Earnings Call for the fourth quarter of 2023. The slide presentation for today's webcast is available on PagSeguro Digital's Investor Relations website at investors.pagbank.com. (Operator Instructions) Today's conference is being recorded and will be available on the company's IR website after the event is concluded.

晚安.我叫奧迪爾，我將擔任今天電話會議的會議接線生。歡迎參加 2023 年第四季 PagSeguro 數位收益電話會議。今天網路廣播的幻燈片簡報可在 PagSeguro Digital 的投資者關係網站 Investors.pagbank.com 上取得。 （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。

I would now like to turn the call over to your host, Éric Oliveira, Head of IR. Please go ahead, sir.

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 fourth quarter 2023 earnings call. After the speaker's remarks, there will be a question-and-answer session.

大家好。感謝您參加我們的 2023 年第四季財報電話會議。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.

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。

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.

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 factor 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，包括PagSeguro Digital 最新表格20 年度報告的前瞻性陳述和風險因素部分中描述的原因，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上討論的結果存在重大差異。

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. 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.

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。本非 GAAP 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，因此不應與我們根據 IFRS 編制和列報的財務資訊分開考慮或替代我們的財務資訊：由 IASB 發布。

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 webcast presentation and earnings release. With that, let me turn the call over to Ricardo. Thank you.

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 衡量標準的調節，請參見本網絡廣播演示和收益發布的最後一頁。現在，讓我把電話轉給里卡多。謝謝。

Hello, everyone, and thanks for joining our fourth quarter 2023 earnings call. Once again, I have the company of Alex, our CEO; and Artur, our CFO.

大家好，感謝您參加我們的 2023 年第四季財報電話會議。我們的執行長 Alex 再次陪伴著我；還有我們的財務長阿圖爾。

Going to Slide 3. I'm happy to announce in 2023, we had the largest net income in the history of the company. We successfully passed through a pandemic and a high interest rate cycle for a longer-than-expected period. Meanwhile, we have diversified our business model beyond long tail, beyond POS and beyond payments, managing the risk related to the credit cycle and, at the same time, reshaping our funding structure backed by deposits.

轉到投影片 3。我很高興地宣布，到 2023 年，我們將實現公司歷史上最高的淨利潤。我們成功度過了疫情和比預期更長的高利率週期。同時，我們的業務模式多元化，超越了長尾、超越了POS、超越了支付，管理了與信貸週期相關的風險，同時重塑了以存款為支撐的融資結構。

Recently, we have been accelerating our growth, already reflected in the quarterly operating trends, which combined to the easing cycle of the Brazilian interest rate should positively and additionally, contribute to the business evolution, delivering growth, revenue diversification and profitability.

最近，我們一直在加速成長，這已經反映在季度營運趨勢中，這與巴西利率的寬鬆週期相結合，應積極地促進業務發展，實現成長、收入多元化和盈利能力。

By the end of 2023, we reached 31 million clients, and we processed almost BRL 1 trillion in financial transactions in 2023, a 30% growth year-over-year.

截至 2023 年底，我們的客戶數已達 3,100 萬，2023 年處理的金融交易額近 1 兆雷亞爾，年增 30%。

In Payments, we keep growing in a profitable way and our TPV reached BRL 394 billion. Aligned to our strategy to become a comprehensive one-stop shopping payments gathering cards, boletos, PIX, among others, our Cash-in reached BRL 217 billion, a 59% growth year-over-year. Combined, they drove up deposits to all-time high level, reaching BRL 28 billion, reinforcing the power of our closing loop which helps lowering companies' cost of funding. And in our credit portfolio, the share of secured products reached 66%, 25 percentage points higher than 1 year ago.

在支付領域，我們持續獲利成長，TPV 達到 3,940 億雷亞爾。配合我們成為集卡、boletos、PIX等在內的綜合性一站式購物支付的策略，我們的現金收入達到2,170億雷亞爾，同比增長59%。它們共同推動存款達到歷史最高水平，達到 280 億雷亞爾，增強了我們閉環的力量，有助於降低公司的融資成本。在我們的信貸組合中，擔保產品的份額達到了66%，比一年前提高了25個百分點。

In the shareholders' return column, we can see our earnings per share reached BRL 5.10, 12% higher than 2022. Net income in non-GAAP basis reached BRL 1.8 billion in 2023. And we also used BRL 400 million to buyback shares in 2023, 37% more than 2022.

在股東回報一欄中，我們可以看到我們的每股盈餘達到了5.10巴西雷亞爾，比2022年成長了12%。2023 年，非 GAAP 淨利達到 18 億雷亞爾。2023年我們也用了4億雷亞爾回購股票，比2022年增加了37%。

Finally, our value-added to society stand out. We have become a benchmark among digital banks, fintechs in Latin America landscape by including millions of Brazilians into the digital financial system, positively impacting clients, suppliers, investors, employees and the society. That was possible due to our unique lean and high technological infrastructure in terms of security, AML and data privacy with much lower impact on climate in comparison to the banking industry around the world, allowing us to roll out new products faster and managing new and existing risks with an affordable price for our clients.

最後，我們對社會的附加價值脫穎而出。透過將數百萬巴西人納入數位金融系統，我們已成為拉丁美洲地區數位銀行和金融科技的標桿，對客戶、供應商、投資者、員工和社會產生了積極影響。這是可能的，因為我們在安全、反洗錢和資料隱私方面擁有獨特的精益和高科技基礎設施，與世界各地的銀行業相比，對氣候的影響要小得多，使我們能夠更快地推出新產品並管理新產品和現有產品為我們的客戶提供負擔得起的價格的風險。

Moving to the next slide, our Q4 '23 highlights. EPS reached BRL 1.53, 25% (sic) [24%] higher than Q4 2022. Total revenue grew 10% year-over-year, reaching BRL 4.3 billion with all-time high non-GAAP net income of BRL 520 million.

轉到下一張投影片，我們的 23 年第 4 季亮點。EPS 達到 1.53 雷亞爾，比 2022 年第四季高出 25%（原文如此）[24%]。總營收年增 10%，達到 43 億雷亞爾，非 GAAP 淨利達到歷史新高的 5.2 億雷亞爾。

The disciplined CapEx deployment resulted in BRL 11.2 billion in net cash balance by the end of the quarter, 13% higher than previous year, driven by cash earnings generation. Cash and financial investments reached BRL 6.2 billion, 112% growth year-over-year.

在現金收益產生的推動下，嚴格的資本支出部署使得截至本季末的淨現金餘額達到 112 億雷亞爾，比去年同期成長 13%。現金和金融投資達到 62 億雷亞爾，年增 112%。

On the payments' side, TPV growth accelerated in all merchants' segments, reaching BRL 114 billion, 21% higher than Q4 2022 and TPV per merchant and SMB TPV grew 32% and 31% respectively.

在支付方面，所有商家細分市場的 TPV 均加速成長，達到 1,140 億雷亞爾，比 2022 年第四季成長 21%，每個商家的 TPV 和中小企業 TPV 分別成長 32% 和 31%。

In Financial Services, we see client engagement constant growth. Our Cash-in, which is composed by all PIX P2P and wire transfers sent from another financial institutions into PagBank account, marked BRL 66 billion with Cash-in per active client, growing 43% when compared to Q4 2022, reaching BRL 4,000 per active client. This increase drove up deposits to the all-time high level, reaching almost BRL 28 billion.

在金融服務領域，我們看到客戶參與度持續成長。我們的現金由所有PIX P2P 和從其他金融機構發送到PagBank 帳戶的電匯組成，每個活躍客戶的現金為660 億雷亞爾，與2022 年第四季度相比增長了43%，達到每個活躍客戶4,000 雷亞爾客戶。這一增長將存款推至歷史最高水平，達到近 280 億雷亞爾。

Now I'll pass the word over to Alex for the commentaries on the operating highlights for the quarter.

現在我將把這個消息轉給亞歷克斯，讓他對本季的營運亮點進行評論。

Thank you, Ricardo. Hello, everyone. On this first session, will show how our value proposition in Payments has unlocked new addressable markets by reaching relevant milestones throughout 2023.

謝謝你，里卡多。大家好。在第一場會議上，我們將展示我們在支付領域的價值主張如何透過在 2023 年實現相關里程碑來解鎖新的潛在市場。

Going to Slide 6, our strategy to expand our service to a more diversified merchant profile led our payments business to move beyond micro-merchants. Our go-to-market strategy has been focusing on merchant's activation, healthy cohorts and cross-selling rather than merchants' net adds growth since 2022. On top of it, we have been strengthening our sales force since September 2023. As a result, our TPV from SMBs and large accounts grew, respectively, 31% and 11% year-over-year in Q4 '23.

轉到投影片 6，我們將服務擴展到更多元化的商家檔案的策略使我們的支付業務超越了小型商家。自 2022 年以來，我們的進入市場策略一直專注於商家的活化、健康的群體和交叉銷售，而不是商家的淨增加成長。除此之外，自 2023 年 9 月以來我們一直在加強我們的銷售團隊。因此，我們來自中小企業和大型客戶的 TPV 在 23 年第 4 季分別年增了 31% 和 11%。

We have also unlocked new market beyond point-of-sales, ramping up online payments with the conclusion of MoIP integration and the revamp of our cross-border payment business unit called PagSeguro International. Furthermore, additional features such as Tap on Phone and facial authentication for payments via link has enabled our merchants to sell more through a seamless and integrated omnichannel solution.

我們也開拓了銷售點以外的新市場，透過 MoIP 整合的完成以及名為 PagSeguro International 的跨境支付業務部門的重組，加大了線上支付的力度。此外，諸如「點擊電話」和透過連結進行付款的臉部驗證等附加功能使我們的商家能夠透過無縫整合的全通路解決方案銷售更多產品。

As service levels become more and more relevant in clients' decision about their acquirer option, we also would like to share the great improvements done in our service levels. During the past 3 years, our teams have been working hard to increase client satisfaction, while promoting additional cost savings through processes, automation and optimization.

隨著服務水準與客戶對收單機構選擇的決策越來越相關，我們也想分享我們在服務水準方面取得的巨大進步。在過去 3 年中，我們的團隊一直努力提高客戶滿意度，同時透過流程、自動化和優化進一步節省成本。

We show on Slide 7 that our merchant acquiring business remains solid and through the combination of our superior value proposition and the broad reach of our sales channels, we have been able to accelerate TPV growth faster than the industry, driven by our merchants' segments. TPV reached BRL 114 billion in Q4 '23, growing 21% year-over-year with similar trends observed in the first weeks of 2024.

我們在投影片7 中顯示，我們的商家收單業務依然穩健，透過卓越的價值主張和廣泛的銷售管道相結合，在商家細分市場的推動下，我們能夠以快於行業的速度加速TPV 的增長。TPV 在 2023 年第 4 季達到 1,140 億雷亞爾，年成長 21%，2024 年頭幾週也出現了類似的趨勢。

MSMB TPV posted 27% growth versus fourth quarter 2022, primarily driven by SMBs followed by micro merchants. As Ricardo mentioned earlier, we also continued to see growth in TPV from large accounts, which is a result of our evolution on the development of an integrated omnichannel payments platform for large customers.

MSMB TPV 較 2022 年第四季成長 27%，主要由中小型企業推動，其次是微型商家。正如里卡多之前提到的，我們也繼續看到來自大客戶的 TPV 成長，這是我們為大客戶開發整合全通路支付平台的結果。

During the Q4 '23, we also observed a relevant growth of 14% among the long tail segment, in which we are already the market share leaders.

在 23 年第 4 季度，我們還觀察到長尾細分市場的相關成長為 14%，我們已經是該領域的市佔率領導者。

Moving on to Slide 8, the instant prepayment product, which combines payment service and financial service through the PagBank account, has promoted an increased footprint in SMB merchants and larger share of wallet, resulting in 32% year-over-year growth in TPV per merchant.

接下來看 Slide 8，透過 PagBank 帳戶將支付服務和金融服務結合起來的即時預付款產品，促進了中小企業商戶的覆蓋範圍和錢包份額的擴大，導致每人 TPV 同比增長 32%商人。

Our current strategy remains focused on disciplined CapEx deployment and merchants' activation rather than net adds. We observe it once again the growth of our active merchants, 3% year-over-year when excluding nano-merchants. On the top of it, POS activation has continued to move up, which represents a positive sign of our strategy playing out.

我們目前的策略仍然專注於嚴格的資本支出部署和商家激活，而不是淨增加。我們再次觀察到活躍商家的成長，排除奈米商家後年增 3%。最重要的是，POS 活化率持續上升，這是我們策略發揮作用的積極跡象。

On this next section, we'll share some highlights about the financial service business.

在下一部分中，我們將分享有關金融服務業務的一些亮點。

Our strategy is to provide a seamless experience combining payments, value-added services and banking through multiple interfaces for merchants and consumers.

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在一起的無縫體驗。

In 2023, we reached an important landmark in SMB bank account. Nowadays, not only micro merchants can grow faster their business with one-stop shop solution, but also small and medium business can rely on our app and internet banking to manage multiple sales proceeds, multiple payment methods, multiple sales channels in a simple, digital, safe and seamless way.

2023 年，我們在中小企業銀行帳戶方面達到了一個重要里程碑。如今，不僅小微型商家可以透過一站式解決方案更快地發展業務，中小企業也可以依靠我們的應用程式和網路銀行以簡單、數位化的方式管理多種銷售收入、多種支付方式、多種銷售通路。

For consumers, we are in the very early stages to capture the opportunities we have ahead of us. Still, we were also able to create a complete retail digital banking experience, simplifying the financial lives of our clients. Our credit cards backed by investments help to educate our customers and their monthly income usage.

對消費者來說，我們正處於抓住機會的早期階段。儘管如此，我們也能夠創造完整的零售數位銀行體驗，簡化客戶的財務生活。我們以投資為後盾的信用卡有助於教育我們的客戶及其每月收入的使用。

Our payroll loans through our digital channel provides affordable APRs and no need to reach out a bank branch. For the savers, our investment platform is robust and our high-yield savings account unable to manage cash liquidity while providing the best returns.

我們透過數位管道提供的薪資貸款提供實惠的年利率，無需聯繫銀行分行。對於儲戶來說，我們的投資平台很強大，我們的高收益儲蓄帳戶無法在提供最佳回報的同時管理現金流。

Due to all of that, in Slide 11, we present that PagBank clients grew 12% year-over-year, surpassing 31 million clients, placing us among the most relevant Brazilian financial institutions with more than 3 million new clients added in the past 12 months.

因此，在投影片 11 中，我們顯示 PagBank 客戶年增 12%，客戶數超過 3,100 萬，使我們躋身最相關的巴西金融機構之列，在過去 12 年新增客戶超過 300 萬。

Our active clients base reached 16.7 million clients, leading to BRL 66 billion in PagBank Cash-in, composed by PIX P2P and wire transfers inflows into PagBank accounts from other financial institutions. Finally, Cash-in per active client, an important indicator of the increasing engagement with our client base grew 43% year-over-year, reaching BRL 4,000 per client.

我們的活躍客戶群達到 1,670 萬，導致 PagBank 現金收入達 660 億雷亞爾，由 PIX P2P 和其他金融機構電匯流入 PagBank 帳戶組成。最後，每位活躍客戶的現金收入（衡量我們客戶群參與度不斷提高的重要指標）年增 43%，達到每位客戶 4,000 雷亞爾。

Moving on to the next slide. Combined, TPV it and PagBank Cash-in led deposits up 33% compared to the fourth quarter of 2022, reaching a record of BRL 27.6 billion. This deposit level was boosted by our AAA rating attributed by S&P Global, which enhanced our CDs distribution among institutional and retail investors, on and off-platform. Checking accounts balance, the cheapest funding source and a key performance indicator to measure client engagement grew 31% year-over-year, driving down our annual percentage yields to 94% of the CDI.

轉到下一張投影片。TPV it 和 PagBank Cash-in 合計帶動存款較 2022 年第四季成長 33%，達到創紀錄的 276 億雷亞爾。這一存款水準得益於標準普爾全球 (S&P Global) 給予我們的 AAA 評級，這增強了我們在平台內外機構和散戶投資者中的 CD 分銷。支票帳戶餘額、最便宜的資金來源和衡量客戶參與度的關鍵績效指標年增 31%，將我們的年收益率降至 CDI 的 94%。

Slide 13 shows that our credit portfolio reached BRL 2.5 billion due to our ongoing runoff of the working capital loan portfolio combined with the tax planning to write-off nonperforming loans started in 2Q '23. We expect this runoff effect to stabilize over the next quarters.

投影片 13 顯示，我們的信貸投資組合達到了 25 億巴西雷亞爾，這是由於我們不斷減少營運資金貸款投資組合，再加上 2023 年第二季開始的沖銷不良貸款的稅收計畫。我們預計這種徑流效應將在未來幾季穩定下來。

Payroll loan and advancing FGTS withdrawal already accounts for more than 50% of the portfolio, expanding our offerings to consumers primarily through a seamless experience and cheaper cost structure. Our go-to-market strategy for secured loans is based on competitive and digital end-to-end onboarding, risk assessment, underwriting and collection. This also includes our offering of credit cards backed by investments and savings.

薪資貸款和提前 FGTS 提款已佔投資組合的 50% 以上，主要透過無縫體驗和更便宜的成本結構向消費者擴展我們的產品。我們的擔保貸款市場策略是基於競爭性和數位化的端到端引導、風險評估、承銷和催收。這也包括我們提供以投資和儲蓄為支持的信用卡。

The total credit portfolio share composed by secured products, reached 66%, resulting in the ongoing trend in NPL90 to 7.5%, the lowest since 2Q '22.

由擔保產品構成的信貸組合總份額達到 66%，導致不良貸款 90 持續上升至 7.5%，為 2022 年第二季以來的最低水準。

Now I turn over to Artur for the financial highlights of the fourth quarter and full year 2023. Artur, please.

現在，我請 Artur 了解 2023 年第四季和全年的財務亮點。阿圖爾，請。

Thanks, Alexandre. Hello, everyone, and thank you for joining us in the call. This quarter, I am proud to announce all-time high net income GAAP and non-GAAP.

謝謝，亞歷山大。大家好，感謝您加入我們的通話。本季度，我很自豪地宣布 GAAP 和非 GAAP 淨利潤創下歷史新高。

Net income on a non-GAAP basis reached BRL 520 million, growing 27% versus Q4 '22. On a yearly basis, non-GAAP net income reached BRL 1.8 billion, 11% higher than 2022. GAAP net income reached BRL 488 million in the last quarter of 2023, growing 20% year-over-year. On a yearly basis, GAAP net income reached BRL 1.7 billion, 10% higher versus 2022. Earnings per share reached BRL 1.53, BRL 0.26 better than in the last quarter. For the year, EPS reached BRL 5.10, 12% better than 2022.

以非 GAAP 計算的淨利潤達到 5.2 億雷亞爾，比 2022 年第四季成長 27%。以年度計算，非 GAAP 淨利潤達到 18 億雷亞爾，比 2022 年成長 11%。2023 年最後一個季度 GAAP 淨利達到 4.88 億雷亞爾，年增 20%。以年度計算，GAAP 淨利潤達到 17 億雷亞爾，比 2022 年成長 10%。每股收益達1.53雷亞爾，較上季提高0.26雷亞爾。全年每股收益達到 5.10 雷亞爾，比 2022 年成長 12%。

Moving on to Slide 16. This quarter, we had a record of BRL 1.7 billion in gross profit, a 19% growth in comparison to Q4 '22. On a yearly basis, gross profit reached BRL 6 billion, a 9% increase versus 2022. We consider the gross profit as the best KPI to capture our margins evolution, since it considers the impact of financial expenses and total losses in the spreads.

轉到投影片 16。本季度，我們的毛利達到創紀錄的 17 億雷亞爾，與 2022 年第四季相比成長 19%。以年度計算，毛利達到 60 億雷亞爾，比 2022 年成長 9%。我們認為毛利是捕捉利潤變化的最佳關鍵績效指標，因為它考慮了財務費用和利差總損失的影響。

We highlight 2 factors that has been positively contributing to gross profit. First one is PIX QR code growth, due to the better unit economics with instant settlement and lower costs in comparison to cards. Second is the growth of total deposits since the access to a cheaper funding source enables pricing power with healthy margins.

我們強調了對毛利產生正面貢獻的兩個因素。第一個是 PIX 二維碼的成長，因為與卡片相比，即時結算具有更好的單位經濟效益和更低的成本。其次是總存款的成長，因為獲得更便宜的資金來源可以實現定價能力和健康的利潤。

Q4 '23, total revenue and income grew 10% on a yearly basis, positively impacted by higher volumes from acquiring. Net take rate decreased in the quarter, and this downtrend is natural to continue in coming quarters, due to the growing share of larger merchants in our TPV, which has lower churn and lower take rates.

23 年第 4 季度，總收入和收入年增 10%，這受到收購量增加的正面影響。本季的淨使用率有所下降，而這種下降趨勢在未來幾季自然會持續下去，因為我們的 TPV 中大型商家的份額不斷增加，而 TPV 的客戶流失率和使用率較低。

On Slide 17, revenues from Payments unit grew 8% quarter-over-quarter, while gross profit grew 13% in the same period. TPV growth and transactional cost savings due to interchange cap impacted positively the current performance versus Q4 '22. Comparing quarter-over-quarter, the increase was mainly due to client mix change towards larger clients with lower take rates but incremental gross profit contribution.

在投影片 17 中，支付部門的營收季增 8%，而同期毛利成長 13%。與 22 年第 4 季相比，TPV 的成長和由於互換上限而節省的交易成本對當前業績產生了積極影響。與上一季相比，成長主要是由於客戶結構向大客戶轉變，其接受率較低，但毛利貢獻增加。

In the next slide, Financial Services vertical's total revenues reached BRL 253 million in fourth quarter of 2023, while a strong increase in gross profit, reaching BRL 125 million, up 24% on a quarterly basis, mainly driven by higher margins. We ended 2023 with BRL 515 million in gross profit, a 30% increase versus last year.

在下一張幻燈片中，金融服務垂直行業的總收入在2023 年第四季達到2.53 億雷亞爾，而毛利強勁增長，達到1.25 億雷亞爾，按季度增長24%，這主要是由於利潤率上升。截至 2023 年，我們的毛利為 5.15 億雷亞爾，比去年成長 30%。

Moving to Slide 19. We continue observing leverage on costs and expenses. Financial expenses closed at BRL 841 million versus BRL 855 million in the fourth quarter of 2022. This decrease is mainly explained by our lower average cost of funding, driven by a higher level of deposits and lower basic interest rate, partially offset by strong TPV growth.

轉到投影片 19。我們持續觀察成本和費用的槓桿。財務費用為 8.41 億雷亞爾，而 2022 年第四季為 8.55 億雷亞爾。這一下降主要是由於我們的平均融資成本較低，這是由較高的存款水平和較低的基本利率推動的，部分被冠捷的強勁增長所抵消。

Total losses decreased 36% year-over-year, accounting BRL 123 million, driven by lower provisions for expected credit losses and credit underwriting mostly on secured products. This performance is very important as it shows the evolution of our risk assessment tools and the quality of our collection process. The 2.8% is the lowest level of losses as a percentage of revenue since first quarter of 2019.

總損失年減 36%，達 1.23 億雷亞爾，主要是由於預期信用損失準備金減少以及主要針對擔保產品的信用承保所致。這一表現非常重要，因為它展示了我們風險評估工具的演變和收集流程的品質。2.8% 是自 2019 年第一季以來虧損佔收入比例的最低水準。

Operating expenses reached BRL 700 million and 13% increase year-over-year. The increase is mainly due to the strengthening of our sales force and marketing expenses to support and accelerate the positive momentum of the company's growth, which will continue to contribute to the revenue expansion and product cross-selling going forward.

營運費用達到 7 億雷亞爾，年增 13%。這一成長主要是由於我們的銷售團隊和行銷費用的加強，以支持和加速公司成長的積極勢頭，這將繼續有助於未來的收入擴張和產品交叉銷售。

In the Slide 20, our cash earnings continued to gain momentum, driven by disciplined control in total costs and expenses, as mentioned in the previous slide, but also revenue growth with higher margins reaching a positive amount of BRL 454 million, up 11% versus same period of 2022. On an annual basis, we have ended 2023 with over BRL 1.5 billion in cash earnings, a 65% increase versus the previous year.

在投影片20 中，我們的現金收入持續保持成長勢頭，這得益於對總成本和費用的嚴格控制（如上一張投影片所述），而且收入成長和利潤率提高達到了4.54 億雷亞爾的正數，比去年同期成長了11% 2022 年同期。截至 2023 年，我們的年度現金收入超過 15 億雷亞爾，比上一年增長 65%。

CapEx marked BRL 521 million, mainly due to the upbeat trends in merchants' gross adds and product development on tech, but lower quarter-over-quarter. Looking forward, our discipline in capital allocation and efficiencies in tech investments will remain without harming the new ventures we are entering into it.

資本支出為 5.21 億雷亞爾，主要是由於商家總增加額和科技產品開發的樂觀趨勢，但較上季有所下降。展望未來，我們在資本配置和技術投資效率方面的紀律將繼續存在，而不會損害我們正在進入的新企業。

Depreciation and amortization, including POS write-off, totaled BRL 405 million, representing 9.3% of total revenue and income, a slightly reduction versus previous quarter, keeping the pace to coverage to CapEx levels in the coming quarters to unlock additional profitability in the future.

折舊和攤銷（包括POS 沖銷）總計4.05 億雷亞爾，佔總收入和收入的9.3%，較上一季度略有下降，保持了未來幾季資本支出水準的覆蓋率，以在未來釋放額外的盈利能力。

Moving on to Slide 21. The solid results from this quarter contributes to the increase in our equity position with 60% being composed by retained net income, reinforcing our commitment to shareholders on capital allocation and returns.

繼續看投影片 21。本季的穩健績效有助於我們的股本部位增加，其中 60% 由留存淨利潤構成，強化了我們對股東的資本配置和回報承諾。

Our net cash balance ended the third quarter at BRL 11.2 billion. In the past 12 months, our cash generation amounted to BRL 3.7 billion from which BRL 2 billion were invested in POS purchases and technology developments and approximately BRL 400 million were used in buyback shares.

截至第三季末，我們的淨現金餘額為 112 億雷亞爾。在過去 12 個月中，我們產生的現金達 37 億雷亞爾，其中 20 億雷亞爾投資於 POS 採購和技術開發，約 4 億雷亞爾用於回購股票。

As of December, Treasury held more than 4% of total shares issued and the company bought back BRL 1 billion in shares since 2021 that represents more than 80% of the total program approved in 2018. Cash and financial investments ended 2023 with over BRL 6.2 billion, a 112% increase year-over-year, which demonstrates the success of our strategy of best balancing growth and profitability with a solid balance sheet to support our business evolution.

截至 12 月，財政部持有已發行股票總數的 4% 以上，並且自 2021 年以來該公司回購了 10 億雷亞爾的股票，佔 2018 年批准計畫總額的 80% 以上。截至 2023 年末，現金和金融投資超過 62 億雷亞爾，同比增長 112%，這表明我們通過穩健的資產負債表實現最佳平衡增長和盈利能力的戰略取得了成功，以支持我們的業務發展。

On the final slide, we would like to share our guidance for 2024 based on the current scenario. We expect total payment volume to achieve between BRL 441 billion to BRL 457 billion, with healthier gross profit margin above Q4 '23 level of 38.5% over total revenue and income.

在最後一張投影片中，我們希望分享基於當前情況的 2024 年指引。我們預計總支付量將達到 4,410 億雷亞爾至 4,570 億雷亞爾，毛利率將高於 23 年第四季的水平，佔總營收和營收的 38.5%。

Net income in non-GAAP basis should be between BRL 2.05 billion to BRL 2.15 billion, considering the similar level of 2023's effective tax rate.

考慮到 2023 年有效稅率的類似水平，非 GAAP 基礎上的淨利潤應在 20.5 億雷亞爾至 21.5 億雷亞爾之間。

Following up, CapEx should be between BRL 2 billion to BRL 2.2 billion and D&A plus POS write-offs amount between BRL 1.9 billion to BRL 2 billion.

隨後，資本支出應在 20 億雷亞爾至 22 億雷亞爾之間，D&A 加上 POS 沖銷金額應在 19 億雷亞爾至 20 億雷亞爾之間。

Now we have ended the presentation, and we will start the Q&A session.

現在我們的演講結束了，我們將開始問答環節。

(Operator Instructions) Our first question comes from Antonio (inaudible) from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Antonio（聽不清楚）。

Congrats on the results. Very strong guidance. Let me focus on this. So please, if you could share a little bit on operating expense assumptions and also take rate assumptions for further guidance.

祝賀結果。非常有力的指導。讓我重點講一下這一點。因此，請您分享一些關於營運費用假設的信息，並以費率假設作為進一步的指導。

Antonio, thank you for the question. This is Ricardo. I will start with the take rate. If you look at the take rates moving forward, take rate should go down a little bit, not because we are decreasing prices, but because of changing the client mix with more SMBs. SMB is getting share in the total payment volumes. And to be honest, as the financial income and financial expenses are very important to our business, it's better to look at the gross profit yield, so to say, which captures the financial expenses.

安東尼奧，謝謝你的提問。這是里卡多。我將從接受率開始。如果你看看未來的採用率，你會發現採用率應該會略有下降，這不是因為我們降低了價格，而是因為更多的中小型企業改變了客戶組合。中小企業正在獲得總支付量的份額。老實說，由於財務收入和財務費用對我們的業務非常重要，所以最好看一下毛利率，也就是說，它反映了財務費用。

So if you look at the gross profit yield, you're going to see that is very stable regardless of the growth, regardless of the change in the client mix. You're going to see that the percentage of the gross profit compared to TPV, is very stable throughout the quarters. But if you look specifically net rate should go down a little bit again because of the change in the client mix with more SMBs. Regarding OpEx, Artur will clarify to you. Thank you.

因此，如果您查看毛利潤率，您會發現無論成長如何，無論客戶組合如何變化，毛利率都非常穩定。您將看到，與冠捷相比，毛利的百分比在整個季度都非常穩定。但如果你仔細觀察的話，由於更多中小型企業的客戶端組合發生了變化，淨利率應該會再次下降一點。關於OpEx，Artur將為您澄清。謝謝。

Antonio, it's Artur speaking. Regarding to OpEx, it's important to mention that the growing is according to our growth strategy. So the company is growing. OpEx should grow too that means OpEx will grow more than inflation for 2024, but enable to pressure the margins increase going forward, okay. We are seeing and considering this guidance, marketing a little bit higher than used to be in the 9 months of 2023.

安東尼奧，我是阿圖爾。關於營運支出，值得一提的是，成長是根據我們的成長策略進行的。所以公司正在成長。營運支出也應該成長，這意味著 2024 年營運支出的成長將超過通貨膨脹，但能夠對未來的利潤成長施加壓力，好吧。我們正在查看並考慮這項指導，2023 年 9 個月的行銷量略高於以往。

So something similar to Q4. Personnel expense is higher because we strengthened our sales force in the end of Q3 and also other expenses more related to infrastructure that we are considering to support the volumes that we will have.

與 Q4 類似。人員費用較高，因為我們在第三季末加強了銷售隊伍，以及與我們正在考慮支持我們將擁有的銷售的基礎設施更相關的其他費用。

Our next question comes from Eduardo Rosman from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Eduardo Rosman。

So congrats on the numbers. I have two questions here. First, on your potential credit growth or prepayment growth. We can see that you have lower losses, a very strong Cash-in, right, which suggests improvement in the principality. So clients using more PagBank as their main bank and a lot of deposits, right? So what are you waiting for in order to expand a little bit more on your asset base, because clearly, if that happens, your results can improve faster. That would be the question number one.

所以恭喜你的數字。我在這裡有兩個問題。首先，關於您潛在的信貸成長或預付款成長。我們可以看到您的損失較低，現金收入非常強勁，對吧，這表示公國的情況有所改善。所以客戶使用更多的 PagBank 作為他們的主要銀行和大量的存款，對吧？那麼，為了進一步擴大您的資產基礎，您還在等什麼，因為顯然，如果發生這種情況，您的表現可以更快地改善。這是第一個問題。

And question #2 would be about dividends, right? We can see naturally that you are buying back shares. So I think your EPS has been even better, right? So -- but you're still generating a lot of cash. You have a CapEx plan that is not going to go up anymore. You have -- you're generating more cash than you need. Why not paying dividends as well? So that's it.

問題#2 是關於股息，對嗎？我們自然可以看到你正在回購股票。所以我認為你的每股收益甚至更好，對吧？所以——但你仍然能產生大量現金。您有一個不會再增加的資本支出計劃。你產生的現金超出了你的需要。為什麼不支付股息呢？就是這樣了。

Eduardo, thank you for the question. I will start, and then Artur can talk about the dividends and so on. Regarding the Cash-in, you're right, we have -- we had a very strong Cash-in Q4, BRL 66 billion in Cash-in. Deposits growing to BRL 28 billion, the all-time high. And as you know, deposits are important for a bank because you can have this cost of funding to be competitive and then you can offer better products on the other hand, regarding to credit and so on.

愛德華多，謝謝你的提問。我先開始，然後阿圖爾可以談談股息等等。關於兌現，你是對的，我們第四季的兌現非常強勁，兌現金額為 660 億雷亞爾。存款成長至 280 億雷亞爾，創歷史新高。如您所知，存款對銀行很重要，因為您可以讓融資成本具有競爭力，然後您可以在另一方面提供更好的產品，例如信貸等。

We know that we're going to have a diverse top five portfolio. That's part of our plan. In the past 2 years, we have noticed an unfavorable scenario in Brazil that you know very well, what you saw in delinquency and given the big banks and incumbent banks. And then we decided to create this portfolio with secured products. We've been building this portfolio in the past years. We will keep building this portfolio in 2024.

我們知道我們將擁有多樣化的前五名投資組合。這是我們計劃的一部分。在過去的兩年裡，我們注意到巴西出現了一種你非常了解的不利情況，即大銀行和現有銀行的拖欠情況。然後我們決定用安全產品來創建這個產品組合。過去幾年我們一直在建立這個產品組合。我們將在 2024 年繼續建立該產品組合。

We are running some tests in unsecured products. We have the team here. We have the processes in place. And we will start offering this credit and secure when you think it is appropriate, but you're going to do in a cautious way, but we are finding that because at this point, we are building these deposits and building the cyclical portfolio, which is important for the future.

我們正在不安全的產品中執行一些測試。我們這裡有團隊。我們有適當的流程。當您認為合適時，我們將開始提供這種信貸和擔保，但您將以謹慎的方式行事，但我們發現，因為此時我們正在建立這些存款並建立週期性投資組合，這對未來很重要。

Because depending on the economic cycle, we should be more aggressive in unsecured or if it an economic cycle, it's easy. We can go to -- I'm sorry, if the economic cycle is more hard, we can go to secure and if it's more easy, we go to unsecure, but you've got to build this credit portfolio if time passes by. But we're going to do it cautiously in the following quarters, probably going to have some good news.

因為根據經濟週期，我們應該在無擔保方面更加積極，或者如果是經濟週期，這很容易。我們可以——抱歉，如果經濟週期更加困難，我們可以轉向安全，如果經濟週期更容易，我們可以轉向不安全，但如果時間過去，你必須建立這個信貸投資組合。但我們將在接下來的幾季謹慎行事，可能會帶來一些好消息。

Eduardo, Artur speaking. Nice to talk to you. Talking about capital allocation and more specific to dividends and share buyback. You are right, we use it to buyback shares. In the past -- the last buyback was executed on October '23, and we will continue executing in an opportunistic way.

愛德華多，阿圖爾。很高興和你聊天。談資本配置，更具體地說是股利和股票回購。你是對的，我們用它來回購股票。過去－最後一次回購是在23年10月執行的，我們將繼續以機會主義的方式執行。

In 2023, we bought back BRL 400 million and 37% higher than 2022. Now we have in our treasury, 4% of outstanding shares, and there is $45 million remaining to execute in the program approved. But we are discussing internally a new buyback program as -- and we will disclose as soon as we conclude the buyback program that we have approved in 2018, but there is no discussions on dividends at this moment. We see many growth opportunities and investment in new ventures that will provide higher returns in the future. So this is the reason that right now we are not discussing dividends at this point.

2023 年，我們回購了 4 億雷亞爾，比 2022 年增加了 37%。現在，我們的財務庫中有 4% 的已發行股票，批准的計劃還剩 4500 萬美元需要執行。但我們正在內部討論一項新的回購計劃——我們將在完成 2018 年批准的回購計劃後立即披露，但目前沒有關於股息的討論。我們看到了許多成長機會和對新企業的投資，這些機會將在未來提供更高的回報。因此，這就是我們現在不討論股息的原因。

Our next question comes from Kaio Prato from UBS.

我們的下一個問題來自瑞銀集團的 Kaio Prato。

I have two on my side, if I may, please. The first one, it is also related to credit, but more specifically to the credit card portfolio. I understand that the product is secured. And at the same point, we are seeing the level of deposits and investments in the PagBank continuing to increase, which is really good. So my question is, why are we not seeing, I would say, a sequential increase in the credit card portfolio since it is secured, and we are seeing an increase in terms of investment.

如果可以的話，我這邊有兩個人。第一個，它也與信用有關，但更具體地說與信用卡組合有關。我了解該產品是安全的。同時，我們看到 PagBank 的存款和投資水準持續增加，這確實很好。所以我的問題是，我想說，為什麼我們沒有看到信用卡投資組合的連續增加，因為它是有擔保的，而且我們看到投資方面的增加。

So I just would like to understand the rationale behind that if you are being more cautious on the credit card even if the -- backed by the investments or not? And also, if you think at some point, I would say, to gain some traction in the fixed credit products that we are seeing from some other peers, as probably you are one of the main players in terms of fixed market share nowadays. And then I have a follow-up with the second question.

所以我只是想了解背後的理由，如果您對信用卡更加謹慎，即使 - 有投資支持嗎？而且，如果您認為在某個時候，我會說，要在我們從其他同行那裡看到的固定信貸產品中獲得一些吸引力，因為您可能是當今固定市場份額的主要參與者之一。然後我對第二個問題進行跟進。

Thank you for your question. Regarding the credit card portfolio, you're right. We are -- been growing our deposits, as I said before, close to BRL 28 billion, the all-time high. Explanation for -- when you look at our data and you don't see the credit card growing faster is because we have the payroll and the FGTS products growing faster than the rest of the portfolio. That's the first one. So they're getting share.

謝謝你的問題。關於信用卡投資組合，你是對的。正如我之前所說，我們的存款一直在增加，接近 280 億雷亞爾，創歷史新高。解釋--當您查看我們的數據時，您沒有看到信用卡增長更快，這是因為我們的工資單和 FGTS 產品比其他產品組合增長得更快。這是第一個。所以他們正在獲得份額。

And the other part is because we are replacing part of our unsecured credit card portfolio to secure the credit card. So probably you don't see the growth because we are changing this mix from unsecured credit card to secured credit card because when you look at Slide 13, this 30%, 12% is secured and 18% is still unsecured and then we are making this shift. So that's why you're not seeing the growth because of these 2 moving parts.

另一部分是因為我們正在更換部分無擔保信用卡組合以確保信用卡安全。因此，您可能看不到增長，因為我們正在將這種組合從無擔保信用卡更改為有擔保信用卡，因為當您查看幻燈片13 時，這30%、12% 是有擔保的，而18% 仍然是無擔保的，然後我們正在製作這種轉變。這就是為什麼你看不到這兩個移動部分帶來的成長。

Regarding the PIX market share, where we keep working with our acquiring solution, and we see that big credit are not going -- getting, let's say, share from the credit card product because of many reasons. So we are following that very close. But at this point, it's very small. We see that still consumer prefer to use a credit card because they have all the system regarding chargebacks, all the security and so on, not to say the installments. And so we are following that, but we don't see that changing dynamic because of this new product that some players are trying to develop.

關於 PIX 市場份額，我們一直致力於我們的收單解決方案，並且我們看到大額信貸不會繼續——比如說，由於多種原因而無法從信用卡產品中獲得份額。所以我們正在密切關注這一點。但在這一點上，它非常小。我們看到消費者仍然更喜歡使用信用卡，因為他們擁有所有有關退款、所有安全性等的系統，更不用說分期付款了。因此，我們正在關注這一點，但我們沒有看到由於一些參與者正在嘗試開發的新產品而導致的動態變化。

Okay. And my second question is around the effective tax rate. We saw that it actually reduced this quarter. Again, I think it's around 18%, down from 21% last quarter. So I just would like to understand the drivers here. And why is considered, I would say, implied in your guidance in terms of effect tax rate for 2024, please?

好的。我的第二個問題是關於有效稅率的。我們看到這個季度實際上有所減少。我再次認為這一比例約為 18%，低於上季的 21%。所以我只是想了解這裡的驅動程式。我想說，為什麼您在 2024 年有效稅率的指導中隱含了這一點？

Kaio, you're right. When you see the Q4 compared to Q3. But if you look at the whole year, you're going to see that in 2023, when compared to 2022, we have a higher tax rate, which means that our earnings before tax is growing. And regarding the guidance, I'll let Artur just explained to you, but it's pretty straightforward here.

凱奧，你說得對。當你看到 Q4 與 Q3 的比較。但如果你看一下全年，你會發現2023年，與2022年相比，我們的稅率更高，這意味著我們的稅前利潤正在增加。關於指導，我會讓 Artur 向您解釋，但這裡非常簡單。

Yes, Kaio, thanks for the question. And considering for 2024, we are considering effective tax rate in the same level of 2023. So that's the point.

是的，凱奧，謝謝你的提問。考慮到2024年，我們正在考慮與2023年相同水準的有效稅率。這就是重點。

Our next question comes from Yuri Fernandes from JPMorgan.

我們的下一個問題來自摩根大通的尤里·費爾南德斯。

I have two questions also. One is on the credit regarding the NPL. You mentioned and it improved again, now running around 7.5, so my question is, if you have any kind of outlook for this NPL? Like should we continue to see NPL improvements for you? So that's the first one.

我也有兩個問題。其中之一是關於不良貸款的信用。你提到它又有所改善，現在運行在7.5左右，所以我的問題是，你對這個不良貸款有什麼展望嗎？就像我們應該繼續看到您的不良貸款有所改善嗎？這是第一個。

And I have a follow-up on COGS. When I check your administrative expenses, here, it was pretty good down year-over-year. You mentioned some seasonal effects here. I would like to understand a little bit what is driving your improvement on administrative expenses because you're growing, revenues are growing, everything, you're investing more, and it called my attention that administrative expenses if you look at non-GAAP or GAAP is improving. So that's my second one.

我對銷貨成本有一個後續行動。當我檢查你們這裡的管理費用時，年比下降得相當不錯。您在這裡提到了一些季節性影響。我想了解是什麼推動了您在管理費用方面的改進，因為您正在增長，收入在增長，一切，您都在增加投資，這引起了我的注意，如果您查看非公認會計原則或公認會計準則正在改善。這是我的第二個。

Yuri, regarding the NPLs, we see that NPLs 1 year ago was around 20%, and now it's down to 7%. It's a very good achievement, a lot of work here to do so. And looking forward, we see these trends with the same path, the NPLs going down mainly because we are getting more control with the credit concession with the collection and all the processes that we have in place and also because of the change in the mix with more secured products. So looking forward, with the credit portfolio that we have at this point and that we plan for 2024, we expect the NPLs to keep going down. Regarding second question, Artur will explain to you.

Yuri，關於不良貸款，我們看到一年前的不良貸款約為20%，現在已降至7%。這是一個非常好的成就，為此我們做了很多工作。展望未來，我們看到這些趨勢具有相同的路徑，不良貸款下降主要是因為我們對催收信貸優惠和我們現有的所有流程有了更多的控制，也因為混合貸款的變化更安全的產品。因此，展望未來，根據我們目前的信貸投資組合和 2024 年的計劃，我們預計不良貸款將繼續下降。關於第二個問題，Artur將為您解釋一下。

So Yuri, thank you for the question. In terms of administrative expenses, we had a decrease in comparison to Q4 '22, mainly due to seasonal efficiencies captured in this quarter. We also have there part of the long-term incentive plan booklet. And so there are some reversal on that plan.

尤里，謝謝你的提問。就管理費用而言，與 22 年第 4 季相比，我們有所下降，主要是由於本季度捕獲的季節性效率。我們也有長期激勵計劃小冊子的一部分。因此，該計劃出現了一些逆轉。

I think Artur what are the seasonal efficiency that you capture this quarter?

我想阿圖爾本季的季節性效率是多少？

This is Éric. In Q4 '22, we have a reversal in our long-term incentive plan. So this created like an easier comp in order to not fully capture the effect. So I recommend you to observe the non-GAAP basis in order to proper model the administrative expenses moving forward.

這是阿里克。22 年第 4 季度，我們的長期激勵計畫發生了逆轉。因此，這就像一個更簡單的合成，以便不完全捕捉效果。因此，我建議您遵守非公認會計準則基礎，以便對未來的管理費用進行正確建模。

But Éric, even on the non-GAAP, it was down and it's adjusted by the (inaudible). We can check this later. It's not that material, but it's call my attention that it's down.

但是，即使按照非 GAAP 計算，它也有所下降，並根據（聽不清楚）。我們可以稍後檢查一下。雖然不是那麼重要，但它已經倒塌了，這引起了我的注意。

Yes. Kaio, I think it's important -- sorry, Yuri it's important to mention that, okay, administrative expenses -- Eric, you can follow up with you after the call and another meeting, no problem. But it's important to say to you that OpEx is the most important then only take a look in specific lines, okay?

是的。Kaio，我認為這很重要 - 對不起，尤里，重要的是要提到，好吧，行政費用 - 埃里克，你可以在電話和另一次會議後跟進，沒問題。但重要的是要告訴你，OpEx 是最重要的，然後只看特定的行，好嗎？

Yes, Yuri, it's all about long-term incentive plans, okay? We can follow up, but it's a difference between the long-term incentive plans in Q4 2022 and in Q4 2023, okay? So this is the main difference here. But definitely, we can follow up with you, okay?

是的，尤里，這一切都是關於長期激勵計畫的，好嗎？我們可以跟進，但是2022年第四季的長期激勵計畫和2023年第四季的長期激勵計畫是有區別的，好嗎？這是這裡的主要區別。但我們絕對可以跟進你，好嗎？

Our next question comes from John Coffey from Barclays.

我們的下一個問題來自巴克萊銀行的約翰·科菲。

Great. Basically my follow -- I had two questions. I was asking both at once. So when it comes to your guidance for the TPV in 2024, it looks like the range is about 12% to 16%, midpoint 14%. Given that you had a 21% growth in Q1, can you help us think about the cadence of the growth in the other 3 quarters? Is it roughly going to be 12% perhaps? Or is it going to be moving up and down as those quarters go on?

偉大的。基本上我的看法是──我有兩個問題。我同時問了兩個。因此，當談到 2024 年 TPV 的指導時，範圍約為 12% 至 16%，中點為 14%。鑑於第一季成長了 21%，您能否幫助我們思考其他三個季度的成長節奏？大概是12%吧？或者隨著這些季度的繼續，它會上下波動嗎？

And the second question is, given that you did give 2024 guidance, does this contemplate that we're going to have about 7 more 50 basis point (inaudible) cuts in the -- I think it's remaining 7 meetings of the Brazilian Central Bank over the course of the year?

第二個問題是，鑑於您確實給出了 2024 年的指導，這是否考慮到我們將再削減 7 次 50 個基點（聽不清楚）——我認為巴西央行的剩餘 7 次會議今年的課程？

John, thank you for the question. You're right. Our guidance between 12% and 16%, midpoint is 14%. The industry expects to grow in the high single digit, low double digits. So we expect to grow a little bit more than the industry. What we saw in Q1 is not the same number but a similar trend than what you had in Q4 2023.

約翰，謝謝你的提問。你說得對。我們的指導價在 12% 到 16% 之間，中點是 14%。該行業預計將以高個位數、低兩位數的速度成長。因此，我們預期成長速度會比產業成長快一些。我們在第一季看到的數字與 2023 年第四季的數字不同，但趨勢相似。

So it's a good momentum in TPV. So that's why we are confident to give this guidance at this point with the best information that we have, which is the performance from Q4, January and almost the full month of February. So that's regarding TPV.

所以冠捷的勢頭很好。因此，我們有信心在此時利用我們所掌握的最佳資訊（即第四季度、1 月和幾乎整個 2 月的表現）來提供此指導。這就是冠捷科技的情況。

Regarding the interest rate that is going down, the last report you saw from Central Bank is to have CDI or SELIC by the end of the year as 9%. And you know that when we have this decrease, we have a lower cost of funding. So we are considering that in our business plan and in our guidance for 2024. So that's the assumption that we have at this point, getting the end of the year with 9%.

關於利率下降，你從央行看到的最後一份報告是，到年底CDI或SELIC為9%。你知道，當我們的資金減少時，我們的融資成本就會降低。因此，我們正在我們的業務計劃和 2024 年指導中考慮這一點。這就是我們目前的假設，即年底的成長率為 9%。

Our next question comes from Neha Agarwala from HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Congratulations on the results of the strong quarter. Two quick clarifications. First on the tax rate. So you clearly mentioned that you're expecting in your guidance effective tax rate to be stable year-on-year in 2024. But given that we've seen an increase between '22 to '23 and with growing relevance of PagBank, shouldn't the effective tax rate be gradually moving upwards. So if you could explain the dynamic there.

祝賀強勁的季度業績。兩個快速澄清。首先是稅率。因此，您明確提到，您預計 2024 年有效稅率將與去年同期相比穩定。但考慮到我們在 22 年至 23 年間看到了成長，而 PagBank 的相關性不斷增強，有效稅率不應該逐漸上升嗎？所以如果你能解釋一下那裡的動態。

And my second question is on the TPV. All of last year, you've been focused more on the MSME, but it seems like now the volume growth is improving both in the SME as well as in the micro merchants. How do you see the TPV mix evolving during 2024? Any noticeable changes that we should be mindful of?

我的第二個問題是關於TPV 的。去年全年，您更專注於中小微型企業，但現在看來，中小企業和微型商家的銷售成長正在改善。您如何看待 TPV 組合在 2024 年的發展？我們應該注意哪些明顯的改變？

Thank you for the question. I will start with the TPV and then Artur can clarify the tax rate.

感謝你的提問。我將從 TPV 開始，然後 Artur 可以澄清稅率。

Regarding TPV, you're right, we're growing more in SMBs, but when we break down [SMEs] and SMBs, you're going to see we're going more in SMBs. And we expect to keep growing more in SMBs because we have all the sales force focused on these type of clients.

關於冠捷，你是對的，我們在中小型企業中成長得更多，但是當我們分解[中小型企業]和中小型企業時，你會看到我們在中小型企業中成長得更多。我們預計中小型企業將繼續成長，因為我們所有的銷售人員都專注於這些類型的客戶。

And of course, they have a TPV promotion higher than in the small merchants. So that's why we expect the SMBs to keep gaining share in the total mix, and that's part of the explanation or the main reason that's why net take rate should go down, but the gross profit as a percent of TPV being stable because they're going to have other adjustments in other lines such as lower financial expenses and other adjustments that we are going to do in the company for -- to achieve this guidance.

當然，他們的TPV促銷比小商家更高。因此，這就是為什麼我們預計中小型企業將在整體組合中繼續獲得份額，這是淨採用率應該下降的部分解釋或主要原因，但毛利佔 TPV 的百分比保持穩定，因為它們我們將在其他方面進行其他調整，例如降低財務費用以及我們將在公司中進行的其他調整，以實現此指導。

But going back to your question, SMB will gain share in the total mix. That's what we expect.

但回到你的問題，中小企業將在整個組合中獲得份額。這就是我們所期望的。

So Neha, in terms of tax rate, naturally, you are right. When we have more revenues in the banking, legal entity, the effective tax rate should go up, but we have an efficient tax planning here to work with all the legal entities that we have in the group.

所以Neha，就稅率而言，你自然是對的。當我們在銀行、法人實體中獲得更多收入時，有效稅率應該會上升，但我們在這裡有一個有效的稅務規劃，可以與集團中的所有法人實體合作。

And we are not considering any increase in comparison to 2023. So this is the reason that we said in the guidance that we have the same level of 2023, even considering that financial sales should increase the revenue for the company.

與 2023 年相比，我們不考慮任何增加。所以這就是我們在指導中說我們與 2023 年保持相同水平的原因，即使考慮到金融銷售應該會增加公司的收入。

If I could just clarify one thing. Last year has been a bit weak in terms of merchant net adds in the long tail. You've been losing nano merchants. And that's been more of a conscious decision to improve profitability. How is that evolving during 2024? Should we see stability there? Are you done with all the cleaning up that you had to? Any color on the long tail would be very helpful.

如果我能澄清一件事就好了。就長尾的商業淨增加而言，去年有點疲軟。你一直在失去奈米商人。這更多的是為了提高獲利能力而做出的有意識的決定。2024 年情況會如何演變？我們應該看到那裡的穩定嗎？您完成了所有必須做的清理工作嗎？長尾巴上的任何顏色都會非常有幫助。

Neha, if we look at the total merchants, it should stabilize at some point in 2024. We don't have a specific quarter that's going to happen. But if you go one of the slides in the presentation or remember Slide 8, you're going to see that if we exclude the nano merchants that it's a big number of merchants but that they have a very small percent of TPV, it's only 1.3% of TPV.

Neha，如果我們看一下商家總數，它應該會在 2024 年的某個時候穩定下來。我們沒有具體的季度發生情況。但是，如果您查看簡報中的一張投影片或記住投影片8，您會發現，如果我們排除Nano 商家，那麼商家數量很大，但他們在TPV 中所佔的比例非常小，僅為1.3 TPV 的%。

If we exclude these merchants, you see that our base grew 3%. So -- but going back to your question, it should stabilize at some point, but we are looking more at the total TPV that we are giving this guidance to grow between 12% and 16% in the whole company.

如果我們排除這些商家，您會發現我們的基數成長了 3%。那麼，回到你的問題，它應該會在某個時候穩定下來，但我們更專注的是我們給出的指導，整個公司的 TPV 成長在 12% 到 16% 之間。

Our next question comes from Gabriel Gusan from Citi.

我們的下一個問題來自花旗銀行的 Gabriel Gusan。

My question is about the TPV acceleration in SMBs. I'd like you to double-click on the strategy that's been implemented. Is it more regions? Is it more salespeople? Are you doing more adds or overall spending more in marketing? Is it helping? And can you please comment on competitive landscape in that segment that has allowed you to outperform so much in the quarter?

我的問題是關於中小型企業的 TPV 加速。我希望您雙擊已實施的策略。是不是更多地區了？是不是銷售人員多了？您是否在行銷方面做了更多的添加或總體支出更多？有幫助嗎？您能否評論一下該細分市場的競爭格局，正是這些競爭格局使您在本季取得如此出色的表現？

Gabriel, thank you for the question. As you can imagine, there is no silver bullet here. It's a mix of many things. So we did have more -- a little bit more people in the sales force, but we also have been focused on the SMBs with a very strong value proposition for the banking products. So we are offering them our banking products, and then they can decide to work with us not only because of the acquiring, but because of the whole package or the whole value proposition that you bring to them.

加布里埃爾，謝謝你的提問。正如您可以想像的那樣，這裡沒有靈丹妙藥。這是很多事情的混合體。因此，我們的銷售團隊確實有更多的人員，但我們也一直專注於對銀行產品具有非常強大的價值主張的中小企業。因此，我們向他們提供我們的銀行產品，然後他們可以決定與我們合作，不僅因為收購，而且因為你為他們帶來的整個方案或整個價值主張。

We keep gaining share from other players because of the service, because everything that we offer, the instant settlement, the logistics that you have that are one of the best in the market, if not the best. So all these things, the service levels and the service that you offer help us to get this SMB client. So there is no one specific reason with the mix of many things, at the end of the day is to serve the client the best way that we can.

由於服務，我們不斷從其他參與者那裡獲得份額，因為我們提供的一切、即時結算、物流，即使不是市場上最好的，也是市場上最好的之一。因此，所有這些事情、您提供的服務等級和服務都有助於我們獲得這個 SMB 用戶端。因此，許多事情的混合沒有一個特定的原因，歸根結底是我們能以最好的方式為客戶服務。

And about the competitive landscape and pricing environment?

那麼競爭格局與定價環境呢？

In competitive landscape, to be honest, Gabriel, everyone is being more rational. We don't see any company trying to buy market share, even the companies that was gaining share in Q3. For instance, some of the companies loss share in Q4.

在競爭的環境下，老實說，加布里埃爾，每個人都在變得更加理性。我們沒有看到任何公司試圖購買市場份額，即使是在第三季度獲得份額的公司也是如此。例如，一些公司在第四季度損失了份額。

So we see everyone being more rational, which is good in the market. So pretty much the same that have been seen in the last year. No irrational movements. Everyone looking for profitability. And the industry is growing. As you can see in the total year, the industry grew 10%. So I mean the industry is growing. Everyone is trying to get the clients and not making irrational movements.

所以我們看到每個人都比較理性，這對市場來說是件好事。與去年的情況幾乎相同。沒有不合理的動作。每個人都在尋求獲利。而且這個行業正在不斷成長。正如您所看到的，該行業全年增長了 10%。所以我的意思是這個行業正在成長。每個人都在努力爭取客戶，而不是做出非理性的舉動。

Our next question comes from William Tang from Susquehanna.

我們的下一個問題來自薩斯奎哈納的 William Tang。

It's Jamie Friedman at Susquehanna. So two questions. One, with regard to guidance, over the years, you've given guidance, sometimes not giving guidance. I'm just curious philosophically in terms of where your thinking is now as to do you feel like your visibility has improved such that you can guide? That's one thing.

我是薩斯奎哈納的傑米·弗里德曼。那麼兩個問題。第一，關於指導，這些年來你們有指導，有的時候不指導。我只是從哲學上好奇你現在的想法在哪裡，你是否覺得你的知名度已經提高了，你可以指導？這是一回事。

And then in terms of the SMB mix shift, which I know is an evaluation. How are we thinking about the HUB support strategy related to the evolution of the merchant base? So the first is on the guidance, the second is on the HUBs.

然後就中小企業混合轉變而言，我知道這是一個評估。我們如何思考與商家基礎演變相關的 HUB 支援策略？所以第一個是關於指導，第二個是關於集線器。

James, thank you for the question. Regarding the guidance, yes, if we look back during the pandemic and even a little bit after the pandemic, we used to give a quarterly guidance because there is a lot of uncertainty in the market, so people are concerned about TPV, consumption and so on.

詹姆斯，謝謝你的提問。關於指引，是的，如果我們回顧一下疫情期間，甚至疫情過後一段時間，我們曾經給出季度指引，因為市場存在很多不確定性，所以人們關心冠捷、消費等。

So we took this decision back there to give a quarterly guidance to give the comfort for the market and for the investors what we are seeing because there was some, let's say, people think there could be more volatility in the market, consumption going down and so on. So that's why we decided to give the quarterly guidance.

因此，我們做出了這個決定，提供季度指導，以使市場和投資者感到安慰，因為我們看到的是，因為有人認為市場可能會出現更多波動，消費下降，很快。這就是我們決定提供季度指導的原因。

And when we decided to stop to give the quarterly guidance, the main reason was that everyone looks only for the specific numbers for the quarter, and we're not looking for the whole picture for the trajectory of the company -- for everything that the company was developing and all the clients and so on.

當我們決定停止提供季度指導時，主要原因是每個人都只專注於該季度的具體數字，而我們並不是在尋找公司發展軌蹟的全貌——即公司正在發展，所有的客戶等等。

And we decided to give the guidance for 2024 because I think it's a good decision to give this comfort to the investors so that you can understand what you're thinking. It's not a short term guidance, a quarterly guidance. We have this, let's say, plan for the 2024 that we can execute against this guidance, and we think it's going to be a good north for everyone to understand what we're thinking and what we are seeing and the results of the company that you expect. So yes, that's regarding the guidance.

我們決定給予 2024 年的指導，因為我認為給投資者帶來安慰是一個很好的決定，這樣他們就能理解自己的想法。這不是短期指導，而是季度指導。比方說，我們有一個2024 年的計劃，我們可以根據這一指導來執行，我們認為這對每個人來說都是一個很好的指導，可以了解我們的想法、我們所看到的以及公司的結果你期望的。是的，這與指導有關。

And regarding the SMB evolution, the HUB strategy, the HUBs, of course, helps us to get the clients. And of course, the HUB is also helped us to serve the clients. So not only to acquire the clients but also to make some farming to cross-sell some products and even to deliver some support and some service for the client -- the SMB clients. So we are using the HUBs in very different ways, not only to acquire the clients but also to support them and to make some farming, and we keep working with the HUBs. We grew a little bit in Q3 2023. Yes, so that's why we've seen the HUB so far.

關於中小企業的發展，HUB策略，HUB當然可以幫助我們獲得客戶。當然，HUB也幫助我們服務客戶。因此，不僅要獲得客戶，還要進行一些農業交叉銷售某些產品，甚至為客戶（中小企業客戶）提供一些支援和服務。因此，我們以非常不同的方式使用 HUB，不僅是為了獲取客戶，也是為了支持他們並進行一些農業，我們繼續與 HUB 合作。我們在 2023 年第三季略有成長。是的，這就是我們到目前為止看到 HUB 的原因。

Our next question comes from Josh Siegler from Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Josh Siegler。

This is Will Carlson on for Josh. Two questions. The first one is, what services are you seeing new clients onboard with? And how is this shaping the way you think about platform investments looking forward?

我是威爾·卡爾森（Will Carlson）為喬許（Josh）代言。兩個問題。第一個是，您看到新客戶使用哪些服務？這如何影響您對未來平台投資的看法？

And then second question, can you dive into the improvements you're implementing for onboarding and risk assessment to reduce chargebacks and losses?

第二個問題，您能否深入了解您正在實施的入職和風險評估改進措施，以減少退款和損失？

We -- of course, the declines that we have in the acquiring business, usually, they get the device, and many clients decide to use our cards because it's a way for them to cash out so they can have a card, they can withdraw the money, they can make purchases and so on. So usually, these 2 products go very well with the clients.

當然，我們在收單業務方面有所下降，通常，他們獲得設備，許多客戶決定使用我們的卡，因為這是他們兌現的一種方式，這樣他們就可以擁有卡，他們可以提款有了錢，他們就可以購物等等。所以通常情況下，這兩種產品都很受顧客歡迎。

And we try to offer them another additional services such as investments, insurance and so on. So part of the clients are buying or acquiring this service, but usually, they acquire the POS -- the device and the cards.

我們嘗試為他們提供其他附加服務，例如投資、保險等。因此，部分客戶正在購買或獲得這項服務，但通常他們會獲得 POS——設備和卡片。

Regarding the chargebacks -- and regarding the investments platform, your second question, we keep evolving the platform. A few months ago, we didn't have, for instance, stocks. Today, we do have stocks, but we don't have options for instance. So we'll keep evolving this platform and the prioritization takes into account what our clients are looking for.

關於退款以及關於投資平台，你的第二個問題，我們不斷發展這個平台。例如，幾個月前，我們沒有股票。今天，我們確實有股票，但我們沒有選擇權。因此，我們將持續發展這個平台，優先順序將考慮到我們客戶的需求。

I know we've got many questions in the past about crypto and so on, but that was not the type of price that we had in our base. So right now, we keep evolving this investment platform because it helps us to get the client to increase engagement. But we are having some prioritization here. We are in the path to have a complete platform in the following quarters. Regarding chargebacks, I'll pass the word to Alex.

我知道我們過去對加密貨幣等有很多疑問，但這不是我們基礎的價格類型。所以現在，我們不斷發展這個投資平台，因為它可以幫助我們提高客戶的參與度。但我們在這裡有一些優先順序。我們將在接下來的幾季內打造一個完整的平台。關於退款，我會轉告亞歷克斯。

Well, we have done many improvements on our onboarding and also getting biometrical information and validation of our customers. We also implemented some second authentication factor in our cash out. Some of our solutions for online payments, we have implemented facial authentication for the transaction.

嗯，我們在入職方面做了許多改進，也取得了客戶的生物辨識資訊和驗證。我們也在兌現過程中實施了一些第二個身份驗證因素。我們的一些線上支付解決方案，我們已經為交易實施了臉部認證。

So we can improve not only chargeback but also conversion rates, and we have been putting in place a lot of intelligence and usage of our data to prevent -- to better prevent fraud in our ecosystem in payments and financial service altogether. And we have been scanning our base and being more rigorous on the onboarding process to avoid fraudulent activity in our ecosystem.

因此，我們不僅可以提高退款率，還可以提高轉換率，並且我們已經投入了大量的情報和數據的使用，以更好地防止我們的支付和金融服務生態系統中的詐欺行為。我們一直在掃描我們的基礎，並在入職流程上更加嚴格，以避免我們的生態系統中出現詐欺活動。

Our next question comes from Bryan Keane from DB.

我們的下一個問題來自 DB 的 Bryan Keane。

It's Bryan Keane at Deutsche Bank. Just thinking back here strategically, going through thinking about the IPO process, when you guys came out, you were growing mostly micro merchants in the payment business and growth rates were well above industry. Then over the past 18 months, well, I guess the recent 6 months, there's been a massive transition. But I guess going back, we went to in the Payments business of basically growing at market.

我是德意志銀行的布萊恩‧基恩。只是從策略上回想一下，透過思考IPO過程，當你們出來時，你們主要在支付業務上發展小微商，並且增長率遠遠高於行業。然後在過去 18 個月裡，嗯，我想最近 6 個月裡，發生了巨大的轉變。但我想回過頭來，我們的支付業務基本上是在市場上成長的。

And obviously, the stock was under quite a bit of pressure under that. And then now we've completely reversed, and we're back to gaining share versus the market significantly in the Payments business, in particular. Can you just talk about structurally what's changed in the strategy that's worked? And how sustainable you think the share gains are now in the payments business?

顯然，該股在此之下承受著相當大的壓力。現在我們已經完全扭轉了局面，特別是在支付業務領域，我們重新獲得了顯著的市場份額。您能從結構上談談行之有效的策略發生了什麼變化嗎？您認為支付業務目前的份額成長有多可持續？

Yes, you're right. The company started with micro merchants in the IPO 6 years ago. And of course, it's part of this dynamic market for the company to evolve and to change.

你是對的。該公司6年前以微商IPO起家。當然，這是公司不斷發展和變革的動態市場的一部分。

I would not say that we are making this transition, but I would say we are doing this expansion because we are not only focused on serving the micro merchant, but also addition we are having the SMBs as well. So we are growing the size of the pie that we can work with. And in my opinion, we've been very, very successful in doing this expansion, as you can see in our SMBs.

我不會說我們正在進行這種轉變，但我會說我們正在進行這種擴張，因為我們不僅專注於為微型商家提供服務，而且我們還擁有中小企業。因此，我們正在做大我們可以合作的蛋糕。在我看來，我們在擴張方面非常非常成功，正如您在我們的中小企業中看到的那樣。

Part of the market in terms of micro merchant, doesn't grow at the same pace that used to grow 6 years ago because, of course, we have more penetration of credit cards, acceptance in the micro merchant so that's why we don't see the growth. It's not saturated, but it's not only at the same pace that it used to grow in the past.

就微型商家而言，部分市場的成長速度不再像 6 年前那樣成長，因為當然，我們信用卡的滲透率更高，微型商家的接受度也更高，所以這就是我們不這樣做的原因看到增長。它尚未飽和，但其成長速度不僅與過去相同。

So that's why you don't see this number of merchants growing at the same pace that it used to grow in the past. But what we do see is credit cards getting more penetration in PC. We also see opportunity in micro merchants -- in SMBs, not only because they're getting any clients, but because they are getting TPV from other acquirers they work with. Sometimes they have more than one acquire about trying to make this TPV for us so that also helps to understand why we're growing more than the market.

這就是為什麼你看不到這些商家數量的成長速度與過去相同。但我們確實看到信用卡在個人電腦中的滲透率越來越高。我們也看到了微型商家（中小型企業）的機會，不僅因為他們獲得了客戶，還因為他們從合作的其他收單機構獲得了 TPV。有時，他們會進行不只一項收購，試圖為我們製造 TPV，這也有助於理解為什麼我們的成長速度超過了市場。

But we are not growing significantly more as we have only the micro merchants because -- I mean, the size of the company is also much bigger than it used to be in the past. So markets expect to grow high single digit, low double-digit in 2024, and our guidance is between 12% and 16%.

但我們並沒有顯著成長，因為我們只有微型商家，因為──我的意思是，公司的規模也比過去大得多。因此，市場預計 2024 年將出現高個位數成長、低兩位數成長，我們的指引在 12% 至 16% 之間。

So I'll not say that the strategy has changed that much. We are just trying to get SMBs as much as we can, try to make the shift from other acquirers to work with us. And of course, we also take advantage of the credit card penetration in PC that is still happening in Brazil.

所以我不會說策略改變了那麼多。我們只是想盡可能吸引中小企業，嘗試從其他收購方轉向與我們合作。當然，我們也利用信用卡在個人電腦中的滲透率，這種情況在巴西仍然存在。

Yes. It just looks like the execution on the share gain side of what you're growing versus the market has improved, especially over the last 2 quarters. So I was just trying to see if there's anything in particular to think about the mix of business. Obviously, all those [call outs] you bring up are logical, but the amount of share gain that you guys are now getting is better than the market expected and better than our expectations.

是的。看起來你的成長相對於市場的份額收益方面的執行情況有所改善，尤其是在過去兩個季度。所以我只是想看看是否有什麼特別需要考慮的業務組合。顯然，你提出的所有這些[呼籲]都是合乎邏輯的，但你們現在獲得的份額增益量好於市場預期，也比我們的預期好。

It's important to mention that we also have done in the past year many investments to explore new and nonprofitable segments where we didn't have too much participation and penetration such as online payments, cross-border payments and also serve larger merchants with integration, with automation systems and all these integrated partners that we have been integrating our payment platform into them. So this is also helping us to explore other markets that we wouldn't reach before and also in a profitable way.

值得一提的是，我們在過去的一年裡也做了很多投資來探索新的、非營利的領域，在這些領域我們沒有太多的參與和滲透，例如線上支付、跨境支付，也透過整合服務更大的商戶，自動化系統和所有這些整合合作夥伴，我們一直在將我們的支付平台整合到其中。因此，這也幫助我們探索以前無法觸及的其他市場，並且以盈利的方式。

Our next question comes from Tito Labarta from Goldman Sachs.

我們的下一個問題來自高盛的 Tito Labarta。

Congratulations on the strong results. A couple of questions. I guess a little follow-up just on the competitive environment. Just kind of curious how you think if there could be any changes we're seeing one of your competitors, potentially being privatized by its owners. We've heard Pfizer in the U.S. wants to grow Clover in Brazil.

祝賀取得了優異的成績。有幾個問題。我想對競爭環境進行一些跟進。只是有點好奇，如果我們看到您的競爭對手之一可能被其所有者私有化，您會如何看待是否可能發生任何變化。我們聽說美國輝瑞公司希望在巴西種植三葉草。

And just as things get better, I mean could there be any potential changes in the competitive environment? I mean you seem pretty comfortable with growing faster than the market going into next year. But just any thoughts about how that could potentially change, if anything?

隨著情況變得更好，我的意思是競爭環境是否會發生任何潛在的變化？我的意思是，你似乎對明年的成長速度比市場成長速度感到滿意。但是否有關於這種情況可能如何改變的想法（如果有的話）？

And then second question on the loan book. From a different angle, a little bit, as you grow more in SMBs, is that something you would consider perhaps doing some working capital loans, so those SMBs, some of your are competitors doing that and some of your bank-owned competitors kind of compete from the banking perspective? So is that something that you would look into or consider another way to increase your take rate potentially?

然後是關於貸款簿的第二個問題。從不同的角度來看，隨著您在中小型企業中的發展越來越多，您可能會考慮做一些營運資金貸款，所以那些中小型企業，您中的一些是這樣做的競爭對手，而您的一些銀行擁有的競爭對手則是從銀行業的角度來看競爭？那麼您是否會研究或考慮另一種方法來提高您的採用率？

Okay. Tito, thank you for your question. Well, I will start with the competitive landscape. Well, regarding to the move you mentioned about some of the contractors getting together their banking and acquiring operation. This is good news for us because it only proves our successful model.

好的。蒂托，謝謝你的提問。好吧，我將從競爭格局開始。好吧，關於您提到的一些承包商將其銀行業務和收單業務整合在一起的舉措。這對我們來說是個好消息，因為它只證明了我們的成功模式。

We were born in an integrated way between payments and financial service. And we believe we have a strong value proposition that makes a total difference in the market because it addresses our customers' needs in our platform. Our customers, they get paid instantly 24 hours a day, 7 days a week. They say they have the automatic savings features. They're getting their money returns in a much higher way than other competitors and also they use these funds as limit for their cards. So we have these all integrated.

我們是以支付和金融服務一體化的方式誕生的。我們相信，我們擁有強大的價值主張，可以在市場上產生巨大的差異，因為它滿足了客戶在我們平台上的需求。我們的客戶每週 7 天、每天 24 小時都能立即收到付款。他們說他們有自動儲蓄功能。他們以比其他競爭對手高得多的方式獲得資金回報，並且他們使用這些資金作為他們的卡的限額。所以我們把這些都整合起來了。

What we see looking at some of the competitors is that they have 2 big legacies, the acquiring legacy systems and the banking legacy systems. And in order to get this integrated, working properly to offer a superior value proposition like we do, we think it will take time. It will be hard for them. So this is actually good news.

我們看到一些競爭對手有兩大遺留系統：收單遺留系統和銀行遺留系統。為了像我們一樣整合並正常工作以提供卓越的價值主張，我們認為這需要時間。這對他們來說會很難。所以這其實是個好消息。

And as we see right now, there are some of the players that are working in this integration mode between acquiring and banking for a while, and we don't see that much challenge in the competitive landscape. What we observe is that there are some market share gain cycles, the alternate between market share gain and profitability recovery cycles. So what we see is a more rational competition and it's fine for us.

正如我們現在所看到的，有些參與者在收單和銀行業務之間的這種整合模式中工作了一段時間，我們在競爭格局中沒有看到太大的挑戰。我們觀察到，存在一些市佔率成長週期，即市佔率成長和獲利能力恢復週期之間的交替。所以我們看到的是更理性的競爭，這對我們來說很好。

Regarding to your other question about our lending strategy -- our credit portfolio. What we see is that we have been able to create a very strong customer engagement in our banking business, and we see a very big growth of Cash-in into our accounts and also deposits. And also, we have been able to generate more traction on service that generate revenues for us, such as cards, insurances, due payment and other features we have in our platform.

關於你關於我們的貸款策略—我們的信貸組合的另一個問題。我們看到的是，我們已經能夠在銀行業務中建立非常強大的客戶參與度，並且我們的帳戶現金和存款都出現了非常大的成長。此外，我們還能夠在為我們帶來收入的服務上產生更多的吸引力，例如卡片、保險、到期付款和我們平台上的其他功能。

So it's important we know that credit is a fundamental pillar of our banking strategy on the last year or the last few years. And right now, we are focusing in creating this strong portfolio of secured loans as we are also, in parallel, improving all of our infrastructure to manage risk properly and that we can be in the future, mixing our loans with nonsecured loans portfolio in order to raise our spreads, our margins in this activity.

因此，重要的是我們知道信貸是我們去年或過去幾年銀行策略的基本支柱。目前，我們專注於創建強大的擔保貸款組合，同時我們也在改善所有基礎設施，以正確管理風險，並且我們可以在未來將我們的貸款與無擔保貸款組合混合在一起，以便提高我們的點差，我們在這項活動中的利潤。

Important to say, Tito, that we don't see that as a differentiation when we try to get the acquiring clients. So we are not seeing any pressure from players that work or that offer working capital versus our value proposition. So that is important just to be clear here.

重要的是，蒂托，當我們試圖獲得收購客戶時，我們並不認為這是一種差異化。因此，我們沒有看到來自有效或提供營運資金的參與者對我們的價值主張產生任何壓力。因此，在這裡澄清這一點很重要。

Our next question comes from Soomit Datta from New Street Research.

我們的下一個問題來自 New Street Research 的 Soomit Datta。

I just wanted to go to the reference in the slides on online and cross-border. You touched on it briefly. I'm just intrigued, you're calling that out. Maybe you could talk a little bit about the opportunity in a shade more detail just in terms of what are the different competitive dynamics, what exactly are you doing in that area of the acquiring market. And at the end of the day, how significant could these two opportunities become?

我只是想看看幻燈片中關於線上和跨境的參考。你簡單地談到了它。我只是很好奇，你這麼說。也許你可以更詳細地談論這個機會，例如不同的競爭動態是什麼，你在收購市場的那個領域到底在做什麼。歸根究底，這兩個機會會變得多麼重要？

Okay. The origin of our cross-border operation started in 2012 when we acquired a company called BoaCompra, and this business -- we have been running this business in parallel to the PagSeguro business for a while in a more segregated fashion. And just recently, about a year ago, we decided to really integrate these cross-border payment business platform into our core business -- into our core payment business in order to get some of our competitive advantages we have in acquiring business in that platform. So we could serve a lot more customers and bigger customers, more complex customers that we were doing in the past. This has been very successful. We did a real revamp in this business.

好的。我們跨國業務的起源始於 2012 年，當時我們收購了一家名為 BoaCompra 的公司，而這項業務我們已經以更隔離的方式與 PagSeguro 業務並行運營了一段時間。就在最近，大約一年前，我們決定真正將這些跨境支付業務平台整合到我們的核心業務中——整合到我們的核心支付業務中，以便獲得我們在該平台上獲取業務時所擁有的一些競爭優勢。因此，我們可以為更多的客戶、更大的客戶、更複雜的客戶提供服務。這非常成功。我們對這項業務進行了真正的改造。

Now we have been able to gain some new clients and accelerate growth. So we see a very interesting growth avenue by exploring these cross-border business, uniting all the assets and capacity, our brand into it. Actually, by the way, we have changed the name from BoaCompra to PagSeguro International in order to leverage the business visibility.

現在我們已經能夠獲得一些新客戶並加速成長。因此，透過探索這些跨境業務，將我們的所有資產和產能以及我們的品牌整合到其中，我們看到了一條非常有趣的成長途徑。事實上，順便說一下，我們已經將名稱從 BoaCompra 更改為 PagSeguro International，以提高業務知名度。

That's interesting. And maybe just a quick follow-up. So are you sort of up against the same competitors? Is it a different set of peers that you're up against? Any different kind of dynamics in the market?

那很有意思。也許只是快速跟進。那麼你們面臨的是同樣的競爭對手嗎？你面對的是一群不同的同儕嗎？市場上有什麼不同的動態嗎？

Our focus on this business, today, we offer payment solutions for all countries in Latin America, for any foreign company. So the competitors might be different depending on the solution. Let's say, for the cross-border, probably there's going to be different players than what we have in the online environment in Brazil and different than what you have in the POS business in Brazil.

我們專注於這項業務，今天，我們為拉丁美洲所有國家的任何外國公司提供支付解決方案。因此，根據解決方案的不同，競爭對手可能會有所不同。比方說，對於跨國業務，可能會有與巴西線上環境中的參與者不同的參與者，以及與巴西 POS 業務中的參與者不同的參與者。

So there are players that are, let's say, focused on this type of services so the competitors are, might be different than what we have in the POS market in Brazil -- the acquiring market in Brazil.

因此，有些參與者專注於此類服務，因此競爭對手可能與巴西 POS 市場（巴西收單市場）的競爭對手不同。

Our next question comes from Andrew Geraghty from Morgan Stanley.

我們的下一個問題來自摩根士丹利的安德魯·杰拉蒂。

Congrats on the results. I was hoping you could elaborate on the contribution of PIX to total TPV growth. And then when we think about the 2024 guidance, how much of that is being driven by PIX, if we can maybe disaggregate PIX from it? Just kind of create a fair comparison versus the rest of the industry?

祝賀結果。我希望您能詳細說明 PIX 對 TPV 總成長的貢獻。然後，當我們考慮 2024 年指導時，如果我們可以將 PIX 從中分離出來，其中有多少是由 PIX 驅動的？只是與行業其他公司進行公平比較嗎？

And maybe if we want to think of it relative to the ABECS projections and whatnot. If you could kind of just give us a sense of how much of the growth is being driven by PIX, that would be great.

也許如果我們想相對於 ABECS 預測等來考慮它。如果您能讓我們了解 PIX 推動了多少成長，那就太好了。

Well, the participation of PIX QR code is similar to what we see in the industry, is low single digit, and we don't think that's going to change dramatically in 2024. So that's why -- that's what we saw in 2023. That's what we expect for 2024. We don't give disclosure of the exact number, but it's similar to what we see in other players in the industry. And of course, we are talking about PIX QR code, which is the type of transaction that generates some revenues for us.

嗯，PIX 二維碼的參與度與我們在行業中看到的類似，是低個位數，我們認為這種情況在 2024 年不會發生巨大變化。這就是為什麼——這就是我們在 2023 年看到的情況。這就是我們對 2024 年的期望。我們沒有透露確切的數字，但這與我們在業內其他參與者中看到的類似。當然，我們談論的是 PIX QR 碼，這種交易類型可以為我們帶來一些收入。

Our last question comes from Renato Meloni from Autonomous Research.

我們的最後一個問題來自 Autonomous Research 的 Renato Meloni。

I had a follow-up on take rates. So first, if you could break down the decline in 4Q between seasonality and mix change? And then I know you already said that you expect some compression in 2024, but I would appreciate if you can give some level here that we should expect? And also, when you're thinking that we will stabilize?

我對成交率進行了追蹤。首先，您是否可以將第四季的下降分解為季節性和組合變化之間的關係？然後我知道您已經說過您預計 2024 年會出現一些壓縮，但如果您能在這裡給出我們應該期望的一些水平，我將不勝感激？而且，你什麼時候認為我們會穩定下來？

Renato, to be honest, here, we, of course, we follow many KPIs and net take rate is one of the KPIs. But we follow more closely the gross profit as a percent of TPV because gross profit captures the financial expenses that we have. And of course, it is important for us because we have all these instant settlement that you need to fund the transaction.

雷納托，說實話，在這裡，我們當然遵循許多 KPI，而淨收入率就是 KPI 之一。但我們更密切地關注毛利佔 TPV 的百分比，因為毛利反映了我們的財務費用。當然，這對我們來說很重要，因為我們擁有您為交易提供資金所需的所有即時結算。

And of course, we have financial expenses to get this funding. So I don't have here in the top of my mind or even in my hand to give you the exact net take rate for 2024. What I do have here that we follow very closely is the gross profit as a percentage of TPV, which has been stable around 1.5% throughout the past quarters, and we don't think that's going to change dramatically in 2024.

當然，我們需要財務費用才能獲得這筆資金。因此，我的腦海中、甚至手中都沒有為您提供 2024 年的確切淨收入率。我所掌握的我們非常密切關注的是毛利佔 TPV 的百分比，在過去幾個季度中一直穩定在 1.5% 左右，我們認為這一情況在 2024 年不會發生巨大變化。

So what I'm trying to say here is that net take rate, I don't have the information to give to you at this point. And I don't think that is the most important KPI for us at this point because, again, of the financial expenses line that we have in our P&L and importance that we have for the cost of funding.

所以我在這裡想說的是淨接受率，目前我沒有可以提供給您的資訊。我認為這對我們來說並不是目前最重要的關鍵績效指標，因為我們的損益表中的財務費用線以及我們對融資成本的重要性。

Thank you. That's all the questions that we have for today. I will pass the line back to PagSeguro Digital's team for their concluding remarks. Please, go ahead.

謝謝。這就是我們今天要問的所有問題。我會將這條線轉回 PagSeguro Digital 團隊，讓他們進行總結演講。請繼續。

Thank you everyone for participation in the call. Thank you for the questions. And I would like to take advantage here for -- to say a big thank you for all the Pag's team for the great results in 2023. Thank you very much. See you in next quarter. Thank you.

感謝大家參與此次通話。謝謝你的提問。我想藉此機會向所有 Pag 團隊在 2023 年取得的優異成績表示衷心感謝。非常感謝。下季見。謝謝。

This does conclude PagSeguro Digital's conference call. We thank you for your participation, and wish you a very good evening.

PagSeguro Digital 的電話會議到此結束。我們感謝您的參與，並祝您有個美好的夜晚。