PagSeguro Digital Ltd (PAGS) 2024 Q3 法說會逐字稿

Good evening. My name is Audir and I'll be your conference operator today. Welcome to PagSeguro Digital earnings call for the third quarter of 2024. The slide presentation for today's webcast is available on PagSeguro Digital Investor Relations website at investors.pagbank.com.

晚安.我叫奧迪爾，今天我將擔任您的會議操作員。歡迎參加 PagSeguro Digital 2024 年第三季財報電話會議。今天網路廣播的幻燈片簡報可在 PagSeguro 數位投資者關係網站 Investors.pagbank.com 上取得。

Please refer to the forward-looking statements and reconciliation disclosure in this presentation and in the company's earnings release appendix. (Operator Instructions) Today's conference is being recorded and will be available on the company's IR website after the event is concluded.

請參閱本簡報和公司收益發布附錄中的前瞻性陳述和調節表揭露。（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 Gustavo Sechin, Head of IR. Please go ahead, sir.

我現在想將電話轉給 IR 主管 Gustavo Sechin。請繼續，先生。

Hi everyone. I'm Gustavo Sechin, Head of Investor Relations of PagBank. I would like to welcome and thank you for joining us for our third quarter 2004 earnings call. Tonight, I have the company of Ricardo Dutra, our Principal Executive Officer; Alexandre Magnani, our CEO; and Artur Schunck, our CFO.

大家好。我是 Gustavo Sechin，PagBank 投資者關係主管。我謹歡迎並感謝您參加我們的 2004 年第三季財報電話會議。今晚，我們的執行長 Ricardo Dutra 陪伴著我。亞歷山大·馬格納尼，我們的執行長；和我們的財務長 Artur Schunck。

With that, I would like to turn it over to Dutra, who will begin today's presentation. Please, Dutra.

接下來，我想將其交給杜特拉，他將開始今天的演講。拜託，杜特拉。

Hello, everyone, and thanks for joining our third quarter 2024 earning call. I start on slide number 4 where we share our main operational and financial highlights. Our third quarter 2024 is one more chapter in our path to deliver sustainable growth combining TPV and banking revenue expansion and profitability.

大家好，感謝您參加我們的 2024 年第三季財報電話會議。我從第四張投影片開始，我們在其中分享了我們的主要營運和財務亮點。2024 年第三季是我們將 TPV 與銀行收入擴張和盈利能力相結合實現可持續增長的道路上的又一章。

I'm not going to run through each number on the slide, but I will highlight some of them. We ended the quarter with 32 million clients in both segments, payments and banking, adding close to 2 million clients to our customer base in the last 12 months.

我不會逐一介紹幻燈片上的每個數字，但我會突出顯示其中的一些數字。截至本季末，我們在支付和銀行業務領域擁有 3,200 萬客戶，在過去 12 個月內為我們的客戶群增加了近 200 萬客戶。

On payments, we registered a record volume of BRL136 billion of TPV, an impressive 37% growth year over year, which we'll give more color in the next section of our presentation. Our credit portfolio and funding are also growing very fast year over year.

在支付方面，我們的 TPV 交易量達到創紀錄的 1,360 億雷亞爾，年增 37%，令人印象深刻，我們將在演示的下一部分中對此進行更多介紹。我們的信貸投資組合和融資也逐年快速成長。

Moving to financial highlights as a result of a strong operational performance, total revenue grew 20% year over year reaching BRL4.8 billion, the highest quarter performance in our history.

由於強勁的營運業績，我們轉向財務亮點，總收入年增 20%，達到 48 億雷亞爾，這是我們歷史上最高的季度業績。

We also reached our highest quarterly net income in GAAP and Non-GAAP basis which reached BRL572 million, a 30% year over year growth. The solid results delivered boost on return on average equity close to 15%, a 182 bps increase despite our conservative capital structure.

我們也達到了以 GAAP 和非 GAAP 計算的最高季度淨利潤，達到 5.72 億雷亞爾，年增 30%。儘管我們的資本結構保守，但穩健的業績使平均股本回報率增長了 182 個基點，接近 15%。

Once again, we demonstrate with the current quarter performance, our ability to create value and deliver solid results. We are perhaps one of the very few companies in this segment, not to say, the only one that has managed to deliver positive results with positive net income in every single quarter since IPO despite industry dynamics and economic cycles.

我們再次透過當前季度的業績證明了我們創造價值和交付紮實成果的能力。我們或許是這一領域極少數的公司之一，更不用說，儘管行業動態和經濟週期不同，但自 IPO 以來每個季度都能實現淨利潤為正的業績的公司是唯一一家。

Our track record reinforces our commitment to create shareholder value. In this quarter, our diluted EPS on a GAAP basis reached BRL1.66, growing 31% versus previous year.

我們的業績記錄強化了我們創造股東價值的承諾。本季度，我們以 GAAP 計算的稀釋每股收益達到 1.66 巴西雷亞爾，比上年增長 31%。

Moving on to slide 5. Let me start with a quick update on our strategy. We have a clear view for PagBank, which is win on MSMB segment and diversify revenues beyond payments, paving the way for a larger profitable company.

繼續看投影片 5。讓我先快速更新一下我們的策略。我們對 PagBank 有一個清晰的看法，它在 MSMB 領域獲勝，並實現支付以外的收入多元化，為更大的盈利公司鋪平了道路。

Our DNA is built on the back of a history of disruption and leadership on opening new growth avenues with high performance execution, financial discipline, 360 degree security and clients and human capital-oriented culture, always with folks in our purpose which is to facilitate the financial lives of businesses and individuals.

我們的DNA建立在顛覆性的歷史和領導力的基礎上，透過高性能執行、財務紀律、360度安全以及以客戶和人力資本為導向的文化開闢新的成長途徑，始終與人們一起實現我們的目標，即促進企業和個人的財務生活。

With that in mind, let me remind you our strategic goals. Win on MSMB as we improve our digital ecosystem product offering, expand payments beyond POS. We are just starting our journey to catch up our fair share on the online segment, diversified banking revenue streams beyond merchants. Remember, we have more than 11 million pure banking only clients and finally, cross-sell credit products across the customer base.

考慮到這一點，讓我提醒您我們的策略目標。隨著我們改進數位生態系統產品供應，將支付擴展到 POS 以外的領域，贏得 MSMB 的青睞。我們剛開始追趕線上業務領域的公平份額，以及商家以外的多元化銀行收入來源。請記住，我們擁有超過 1,100 萬純銀行客戶，最後，我們還在整個客戶群中交叉銷售信貸產品。

On the right side of the slide, we can see our client segmentation. We keep successfully executing our strategy to move up in the pyramid, growing not only our core segments but also assessing large and accretive clients.

在幻燈片的右側，我們可以看到我們的客戶細分。我們不斷成功地執行我們的策略，以在金字塔中向上移動，不僅發展我們的核心細分市場，而且還評估大型和增值客戶。

Now, I'll hand it over to Alex for the quarterly highlights in the business units. Thank you.

現在，我將把業務部門的季度亮點交給 Alex。謝謝。

Thank you, Ricardo. Hello, everyone. In this section, we will break down the performance of our business unit for the third quarter of 2024. On slide 7, following the strategy update by Ricardo, we'll show how we are building PagBank for the long term.

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 2024 年第三季的業績。在幻燈片 7 上，根據 Ricardo 的策略更新，我們將展示如何長期建造 PagBank。

We have a fully integrated ecosystem, combining payments and banking with a full set of products and features that provides unique experience to our customers. In order to keep improving our offering and prepare the company for the future growth, our project initiatives are centered on accelerate volume increase, foster customer transactionality, increase the client monetization by gaining share of wallet and customer principality.

我們擁有完全整合的生態系統，將支付和銀行業務與全套產品和功能相結合，為我們的客戶提供獨特的體驗。為了不斷改進我們的產品並為公司未來的成長做好準備，我們的專案計劃集中在加速銷售成長、促進客戶交易性、透過獲得錢包份額和客戶主體來增加客戶貨幣化。

We are always executing on this front with constant focus on cyber security, preserving our solid balance sheet while investing consistent ESG initiatives.

我們始終在這方面執行，不斷關注網路安全，保持穩健的資產負債表，同時投資一致的 ESG 措施。

Moving on to the next slide, we reached 32.1 million clients by the end of September, adding 2 million clients. In the last 12 months. We ended the quarter serving 17.7 million active clients led by the growth in the banking business.

轉到下一張投影片，到 9 月底，我們的客戶數量達到了 3,210 萬，新增了 200 萬客戶。在過去 12 個月裡。在銀行業務成長的帶動下，本季末我們為 1,770 萬活躍客戶提供服務。

As far as the active merchants client base, we saw a decrease of 3% year over year due to our strategy to focus on profitable merchants with more cross selling opportunities. Excluding nano merchants from our base, we presented a 2% growth year over year. Nano margins represents only 1% of our total TPV.

就活躍商家客戶群而言，由於我們的策略是專注於具有更多交叉銷售機會的獲利商戶，因此我們的活躍商家客戶群較去年同期下降了 3%。排除我們基地中的奈米商家，我們的年成長率為 2%。奈米利潤僅占我們總 TPV 的 1%。

Now let's take a closer look at payments on slide 9. Here, we show that our merchant acquiring business keeps growing faster than the industry with solid growth registering all segments. TPV reached BRL136 billion in Q3 '24 growing 37% year over year with TPV per merchant growing 43% on a yearly basis.

現在讓我們仔細看看幻燈片 9 上的付款。在這裡，我們展示了我們的商家收單業務的成長速度持續快於產業，所有細分市場均可穩健成長。2024 年第三季度，TPV 達到 1,360 億雷亞爾，年增 37%，每個商家的 TPV 年成長 43%。

We had a strong growth in MSMB and LMEC as a result of our strategy of attracting profitable merchants in the payments landscape that also has monetization potential on financial service. This quarter for the first time, we are breaking down the percentage of our total TPV linked to PIX. The expansion of PIX P2M increased total addressable market and has a positive impact on margins.

由於我們在支付領域吸引獲利商家的策略，我們在 MSMB 和 LMEC 領域取得了強勁成長，這些商家在金融服務方面也具有貨幣化潛力。本季我們首次詳細分析了與 PIX 相關的總 TPV 的百分比。PIX P2M 的擴展增加了潛在市場總量，並對利潤率產生了積極影響。

Looking further into the MSMB segment which gathers merchants with monthly TPV up to BRL1 million, TPV grew 26% year over year, reaching BRL88 billion in the third quarter of 2024. Our strong value proposition, higher productivity and expansion in our HUBs gross adds were key factors to achieve this great performance resulting in a year over year TPV addition of BRL18.2 billion.

進一步觀察 MSMB 細分市場，該細分市場聚集了每月 TPV 高達 100 萬雷亞爾的商戶，TPV 年比增長 26%，在 2024 年第三季達到 880 億雷亞爾。我們強大的價值主張、更高的生產力以及中心總增加額的擴張是實現這一出色業績的關鍵因素，導致 TPV 年比增加 182 億雷亞爾。

Regarding the LMEC segment comprised by large retail margins, e-commerce and cross border clients, we had a 62% TPV growth compared to Q3 '23, reaching BRL48 billion in volume which accounts for more than one-third of our total TPV. This growth is led by new verticals in special, our online segment with e-commerce and cross border mainly under the PagSeguro International brand.

對於由大型零售利潤、電子商務和跨境客戶組成的LMEC 細分市場，與23 年第三季相比，我們的TPV 成長了62%，交易量達到480 億雷亞爾，占我們總TPV 的三分之一以上。這一成長是由新的垂直領域引領的，特別是我們的線上細分市場，包括電子商務和跨境業務，主要以 PagSeguro International 品牌為主導。

We are also increasing our share of wallet on larger merchant segments that gather business with monthly TPV, above BRL1 million with a strong growth on cards-not-present transactions, expanding our market beyond POS.

我們也增加了在較大商家領域的錢包份額，這些商家每月 TPV 超過 100 萬雷亞爾，無卡交易強勁成長，從而將我們的市場擴展到 POS 之外。

Move on to the banking business on slide 10. We show that our strategy to provide seamless experience, combining payments, value-added service and banking through multiple interfaces is definitely driving up customer engagement.

前往投影片 10 上的銀行業務。我們表明，我們提供無縫體驗、透過多個介面將支付、增值服務和銀行業務結合的策略無疑會提高客戶參與度。

As a result, we reached BRL83.9 billion PagBank cash-in composed by PIX P2P, wire transfers and boletos invoice collections into PagBank accounts. Cash-in per active client, an important indicator of our client engagement grew 43% year over year reaching BRL4,900 per client.

結果，我們透過 PIX P2P、電匯和 boletos 發票託收將 839 億雷亞爾的 PagBank 現金存入 PagBank 帳戶。每位活躍客戶的現金收入是我們客戶參與度的重要指標，較去年同期成長 43%，達到每位客戶 4,900 雷亞爾。

The evolution of our engagement metrics is on the bottom right graph which demonstrates the increasing usage of our app, the success in fostering transactionality through PIX and new payment and the penetration of our investments and insurance across our customer base. As of September, more than 5 million clients had investments in our platform.

我們的參與度指標的演變位於右下角的圖表中，它展示了我們應用程式的使用量不斷增加，透過PIX 和新支付方式成功促進了交易性，以及我們的投資和保險在客戶群中的滲透。截至9月份，超過500萬名客戶在我們的平台上進行了投資。

Here on slide 11, we can see that our credit portfolio keeps growing at a steady base since resuming growth on Q3 2023. This quarter, the total portfolio reached BRL3.2 billion, 30% increase year over year. This growth comes on the back of an increasing share of secure products, which currently represents 85% of our book loan, promoting financial inclusion, education and important finance lines to our clients.

在投影片 11 中，我們可以看到，自 2023 年第三季恢復成長以來，我們的信貸投資組合持續穩定成長。本季度，投資組合總額達32億雷亞爾，年增30%。這一增長得益於安全產品份額的不斷增加，目前安全產品占我們圖書貸款的 85%，為我們的客戶促進了金融包容性、教育和重要的金融業務。

This quarter, we have gradually and cautiously resume and secured landing. Although, it should not have significant impact on total portfolio in the next few quarters. We believe unsecured landing is an important growth engine for the company in the medium long term.

本季度，我們逐步、謹慎地復工並落地。儘管如此，它不會對未來幾季的總投資組合產生重大影響。我們認為，無擔保著陸是公司中長期的重要成長引擎。

When we consider the financial operations related to prepayment to merchants because of our instant settlement feature on the acquiring side, the expanded credit portfolio reaches more than BRL44 billion, representing 50% increase in the last 12 months.

當我們考慮到由於收單方的即時結算功能而與商家預付款相關的金融業務時，擴大的信貸組合達到超過440億雷亞爾，在過去12個月內增長了50%。

Our NPL90 on the bottom right of the slide, it demonstrates the improvement on our asset quality in the last 12 months, moving from 10.7% to 2.5% in the period.

幻燈片右下角的 NPL90 顯示我們的資產品質在過去 12 個月內有所改善，期間從 10.7% 升至 2.5%。

In the next slide, we show how robust our deposit franchise is to reduce funding costs. The total deposits were up 59% compared to the third quarter of 2023, reaching BRL34.2 billion. Annual percentage yield for checking accounts and total deposits trended down, supporting the company's balance between growth and profitability by lowering the average cost of funding.

在下一張投影片中，我們展示了我們的存款業務在降低融資成本方面的實力。存款總額較 2023 年第三季成長 59%，達到 342 億雷亞爾。支票帳戶和總存款的年收益率呈下降趨勢，透過降低平均融資成本來支持公司成長和獲利之間的平衡。

In this sense, as we grow our deposits franchise, we have started to explore our alternatives to further reduce the current cost of funding, considering the current interest rate scenario.

從這個意義上說，隨著我們擴大存款業務，考慮到目前的利率情況，我們已經開始探索替代方案，以進一步降低目前的融資成本。

APY for checking accounts reached 47% of the CDI in the quarter, helping to reduce our total cost of deposits to 92% of the CDI. As I mentioned, the primary use of our deposits is to fund prepayment to merchants as well as our book loan.

本季支票帳戶的年化殖利率達到 CDI 的 47%，有助於將我們的總存款成本降低至 CDI 的 92%。正如我所提到的，我們存款的主要用途是為商家預付款以及圖書貸款提供資金。

As of September, our loan to total funding ratio which considers total funding in relation to our expanded credit portfolio was at 116%, a reduction in comparison to last year due to the strong operational TPV increase on the acquiring business.

截至 9 月份，我們的貸款與總資金比率（考慮與我們擴大的信貸投資組合相關的總資金）為 116%，由於收購業務的營運 TPV 強勁增長，與去年相比有所下降。

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

現在，我請 Artur 了解 2024 年第三季的財務要點。阿圖爾，請。

Thanks Alexandre. Hello, everyone. Thank you so much for taking the time to join us today. Now on, I will present our consolidated financial results for the third quarter of 2024.

謝謝亞歷山大。大家好。非常感謝您今天抽出時間加入我們。現在，我將介紹 2024 年第三季的合併財務表現。

Moving on to slide 14, Q3 '24 total revenue and income growth accelerated to 20% on a yearly basis, positively impacted by higher volumes from acquiring and the acceleration of our banking segment. Consolidated gross profit margin reached 39.3% over the total revenue, in line with our guidance on a year-to-date basis as we have been successful in balancing growth and profitability in all segments driven by the execution of our strategy focused on clients with higher engagement.

繼續看投影片 14，24 年第 3 季總營收和營收成長較去年同期加速至 20%，這受到收購量增加和銀行業務加速發展的正面影響。綜合毛利率達到總收入的 39.3%，與我們年初至今的指導一致，因為我們在執行專注於客戶的策略的推動下，成功地平衡了所有細分市場的增長和盈利能力。

Looking at the graphs on the right side, payments revenue reached at BRL4.3 billion, a 17% year over year growth with a gross profit margin of 36%. Banking revenue grew 52% year over year, mostly driven by interest income from credit, flowed from cash position combined to service fees, linked to client engagement with a higher profitability. Gross profit from our banking segment reached 68% over revenue increasing for the fourth consecutive quarter, even underwriting mostly secured credit products.

看右圖，支付收入達43億雷亞爾，年增17%，毛利率為36%。銀行收入年增 52%，主要是由信貸利息收入推動的，這些利息收入從現金頭寸合併到服務費，與更高的盈利能力的客戶參與度相關。即使承銷大部分擔保信貸產品，我們銀行業務的毛利連續第四個季度超過營收成長 68%。

Moving on to the next slide, we can see how gross profit is driven by an accretive expansion on the payment segment and how the increasing penetration in new growth avenues like large retail merchants, online and products like PIX affects client, product and pricing mix, all of them with a positive result.

前往下一張投影片，我們可以看到支付領域的不斷擴張如何推動毛利，以及大型零售商、線上和 PIX 等新增長途徑的日益滲透如何影響客戶、產品和定價組合，所有這些都取得了正面的結果。

Additionally, the contribution from banking as mentioned on the previous slide is being more and more important to the company. On a yearly basis, gross profit grew 24% and the banking segment represented 18% versus 11% in the previous year. Financial expenses optimization and better losses management allowed us to sustain our margins.

此外，上一張投影片中提到的銀行業的貢獻對公司來說越來越重要。毛利年增 24%，銀行業務佔 18%，而上年為 11%。財務費用優化和更好的損失管理使我們能夠維持利潤。

On a quarterly basis, gross profit grew 4% with banking increasing its participation by 400 basis points, showing how fundamental we used to diversify revenue streams to different and complementary products and services.

按季度計算，毛利增加了 4%，銀行業的參與度增加了 400 個基點，這表明我們過去如何將收入來源多元化到不同且互補的產品和服務。

In the slide 16, we take a closer look to our costs and expenses. Our financial discipline which is always an important tool to balance growth and profitability was paramount to achieve the current results. This quarter, we can already see operating leverage in comparison to previous quarter.

在投影片 16 中，我們仔細研究了我們的成本和支出。我們的財務紀律始終是平衡成長和獲利能力的重要工具，對於實現當前的業績至關重要。本季度，我們已經可以看到與上一季相比的營運槓桿。

In the cost side, transaction costs decreased 20 basis points as a percentage of TPV benefiting from the TPV mix driven by a higher share of PIX. Financial costs was positively impacted by optimizations from our funding structure, larger volumes of checking accounts and CDs lower yields. Those items were important to mitigate the impact of three additional working days this quarter and a 25 basis points of Brazilian interest rate hike.

在成本方面，受益於 PIX 份額增加推動的 TPV 組合，交易成本佔 TPV 的百分比下降了 20 個基點。我們的融資結構最佳化、支票帳戶數量增加和存款證收益率降低對財務成本產生了積極影響。這些項目對於減輕本季額外三個工作天和巴西升息 25 個基點的影響非常重要。

Total losses reduced by 30% on a yearly basis due to better risk management approach. Operating expenses decreased to 16.8% of total revenue and income with a leverage of 20 basis points. The year over year increase was mainly driven by marketing initiatives to increase awareness of banking products and personal expenses reflecting the strengthening of sales force.

由於更好的風險管理方法，總損失每年減少 30%。營運支出佔總收入和收入的比例下降至 16.8%，槓桿率為 20 個基點。年比成長主要是由於提高銀行產品認知度的行銷舉措以及反映銷售隊伍加強的個人支出所推動的。

This expansion was aimed at supporting the company's current growth cycle with a positive impact on total revenue and income. Moving forward, a more stable trajectory should be expected, creating an opportunity for additional operating leverage.

此次擴張旨在支持公司當前的成長週期，並對總收入和收入產生積極影響。展望未來，預計會出現更加穩定的軌跡，從而為增加營運槓桿創造機會。

The year increase in depreciation and amortization and POS write-off in nominal terms is aligned to the current capital expenditure cycle. It is important to highlight that tax efficiency initiatives are part of the business, and we are always seeking for tax optimization.

以名目價值計算的折舊、攤提和 POS 沖銷的年度成長與當前資本支出週期一致。需要強調的是，稅收效率措施是業務的一部分，我們一直在尋求稅收優化。

Moving on to slide 17, I'm proud to announce the highest quarterly earnings per share in our history, growing 31% year over year. As we show throughout the presentation, the third quarter was a good chapter in our growth trajectory with a solid operational and financial performance.

轉到投影片 17，我很自豪地宣布我們歷史上最高的季度每股收益，年增 31%。正如我們在整個演示中所展示的那樣，第三季度是我們成長軌蹟的良好篇章，具有穩健的營運和財務業績。

As a result, we have delivered an all-time high quarterly net income which reached BRL572 million on a non-GAAP basis, growing 30% versus Q3 '23. Net income on a GAAP basis reached BRL531 million in the third quarter, growing above 30% year over year.

因此，我們實現了歷史最高的季度淨利潤，以非 GAAP 計算達到 5.72 億雷亞爾，與 23 年第三季相比成長了 30%。第三季以公認會計準則計算的淨利達5.31億雷亞爾，年增30%以上。

With earnings per share on a diluted cap basis, marking BRL1.66, a 31% increase on a yearly comparison. Equity position expanded to BRL14.4 billion with a return on average equity of 14.8% despite the conservative capital structure with a Basel index of 31% in line with our strategy of balancing growth and profitability.

稀釋後每股收益為 1.66 雷亞爾，年增 31%。儘管資本結構保守，巴塞爾指數為 31%，但股本部位擴大至 144 億雷亞爾，平均股本回報率為 14.8%，符合我們平衡成長和獲利能力的策略。

A quick buyback update. As mentioned in the beginning of the presentation, we have concluded last August our first program, fully executing $250 million and have launched a second program of $200 million which we have been executing opportunistically.

快速回購更新。正如在介紹開始時提到的，我們在去年 8 月完成了第一個計劃，全面執行了 2.5 億美元，並啟動了第二個 2 億美元的計劃，我們一直在機會主義地執行該計劃。

2024 already is the record of buyback executed in our history. It is important to remember that since 2018, we have bought back more than BRL1.1 billion, a clear indicator of our commitment to shareholder value creation.

2024年已經是我們歷史上執行回購的記錄。重要的是要記住，自 2018 年以來，我們已經回購了超過 11 億雷亞爾，這清楚地表明了我們對股東價值創造的承諾。

Moving on to slide 18, just a quick follow up on our current guidance. Despite macroeconomic conditions and uncertainties, we are on track to deliver or surpass the top of the range of expected results for 2024 as shown on this slide.

繼續看投影片 18，這是對我們目前指南的快速跟進。儘管宏觀經濟狀況和不確定性存在，但我們預計將實現或超過 2024 年預期業績範圍的頂部，如本投影片所示。

Now, let me give the word back to Alexandre for the closing remarks.

現在，讓我轉告亞歷山大作結束語。

Thank you, Artur. Before we finish, let's move on to the next slide for closing remarks. Overall, the results we posted reflects the successful execution of our strategy which aims to strengthen our presence in our core segments as well as diversifying our revenues beyond payments.

謝謝你，阿圖爾。在結束之前，讓我們轉到下一張投影片進行結束語。總體而言，我們公佈的業績反映了我們策略的成功執行，該策略旨在加強我們在核心領域的影響力，並使我們的收入多元化，超越支付。

Once again, we achieved an all-time high net income, proving our ability to deliver consistent results despite macro and market environments. The banking operation is an important contributor to that result growing at a faster pace than the overall business at 54% year over year, making it more relevant for our business performance and revenue diversification.

我們再次實現了歷史最高的淨利潤，證明了我們有能力在宏觀和市場環境下實現一致的業績。銀行業務是這項業績的重要貢獻者，其成長速度比整體業務更快，年增 54%，這使其與我們的業務績效和收入多元化更加相關。

I also highlight our ability to promote financial cost efficiency by reducing our cost of funding in the period which was leveraged by our strong deposits franchise. Finally, as I mentioned earlier, this performance demonstrates our commitment to create shareholder value.

我還強調了我們透過降低這段期間的融資成本來提高財務成本效率的能力，這得益於我們強大的存款業務。最後，正如我之前提到的，這項業績反映了我們對創造股東價值的承諾。

One of our top priorities as we deliver a robust and sustainable EPS growth of 31% with a return on average equity close to 15% combined with a solid and conservative capital structure.

這是我們的首要任務之一，因為我們實現了 31% 的強勁且可持續的每股收益成長、接近 15% 的平均股本回報率以及堅實而保守的資本結構。

Now let me give back the word to the operator and we'll start the Q&A session. Thank you.

現在讓我向接線生回話，我們將開始問答環節。謝謝。

(Operator Instructions) Beatriz Abreu, Goldman Sachs.

（操作員指令）Beatriz Abreu，高盛。

Hi everyone. Good evening. Thanks for the call and congrats on the results. I have two questions on my side. The first one is on TPV. So strong TPV increase even we can see that non-PIX TPV increased 5% sequentially. And thanks for the additional disclosure there.

大家好。晚安.感謝您的來電並祝賀結果。我這邊有兩個問題。第一個是在 TPV 上。TPV 成長如此強勁，我們甚至可以看到非 PIX TPV 環比增長了 5%。感謝您的額外披露。

Would like to know if there's any comments on the MSMB trends and especially any color that you can give on non-PIX MSMB. What the increase was without considering PIX, if you have any comments there, that would be great.

我想知道是否對 MSMB 趨勢有任何評論，尤其是您可以對非 PIX MSMB 提供的任何顏色。在不考慮 PIX 的情況下增加了多少，如果您有任何意見，那就太好了。

And then the second question is on prepayment revenues also strong increase on that line. If you could give more color on the performance and how do you see that line performing going forward? Do you think those levels are sustainable going forward? That would be great. Thank you.

第二個問題是預付款收入也大幅成長。如果你能給表演更多的色彩，你認為這條線今後的表現如何？您認為這些水平未來可持續嗎？那太好了。謝謝。

Hi, Beatriz. Thank you for the question. I'll start with the first one, talking about TPV, cards TPV in MSMB. I would say that part of this result is the result of the investments we've been doing in our HUBs. We are working for a while in these HUBs and giving our people more tools in such a way that they can increase productivity and trying to make a better offer for the SMBs.

嗨，比阿特麗斯。謝謝你的提問。我先從第一個開始，談TPV，MSMB中的卡TPV。我想說，這個結果的部分原因是我們在中心所做的投資的結果。我們在這些中心工作了一段時間，為我們的員工提供更多工具，以便他們可以提高生產力，並努力為中小企業提供更好的服務。

As we always say, we try to combine our acquiring or payment solution with the account for those who are interested in having a very good account, a decent account for the business with no tariffs and high yield CDs, multiple cards.

正如我們常說的，我們嘗試將我們的收單或支付解決方案與那些有興趣擁有一個非常好的帳戶、一個體面的企業帳戶、無關稅和高收益CD、多張卡的人的帳戶結合起來。

So it's part of the result of the strategy we've been thinking and executing in the past years, which is to win on SMBS with the right tools, right value proposition for this type of client. And of course, train the sales people in such a way that you can increase productivity and have a better performance out there.

因此，這是我們過去幾年一直在思考和執行的策略結果的一部分，即透過為此類客戶提供正確的工具和正確的價值主張來贏得SMBS。當然，對銷售人員進行培訓可以提高生產力並獲得更好的績效。

So I would say that's the main reason. There is no one-off, nothing like that. And we are seeing the same trend in Q4 when you look at TPV for SMBs and TPV overall of the company. For the second question, I'll pass the word to Artur.

所以我想說這是主要原因。沒有一次性的事情，沒有那樣的事情。當你觀察中小企業冠捷科技和冠捷科技公司整體情況時，我們在第四季看到了同樣的趨勢。對於第二個問題，我將轉告阿圖爾。

Beatriz, it's good to talk to you. Thank you for your question. Regarding to prepayment revenue, we have a change last quarter that we moved part of the revenue transaction -- yeah, revenue transaction to prepayment revenue. And nothing is wrong. It's only a movement from one line to another one.

比阿特麗斯，很高興和你說話。謝謝你的提問。關於預付款收入，我們上個季度發生了變化，我們將部分收入交易轉移到了預付款收入。沒有什麼問題。這只是從一條線到另一條線的移動。

On top of that, the prepayment business is aligned to our TPV growth, especially because we have large volume of our clients receiving instantly the transactions that they pass in our POSs and checkouts. I'm sorry. Complementing the answer that the trend will continue in the coming quarters.

最重要的是，預付款業務與我們的 TPV 成長保持一致，特別是因為我們有大量客戶立即收到他們在我們的 POS 和結帳處傳遞的交易。對不起。補充了這一趨勢將在未來幾季持續的答案。

[Antonio Huechi, Bank of America]

[安東尼奧·韋奇，美國銀行]

Hello, guys. Congrats on the results and thank you for the Q&A. I have two questions on my side. So first on credit. I'd like to know if your landing appetite has changed from last quarter to this one. And we have -- well, we have been discussing higher than expected to (inaudible) for the next year and the threats of this pressure in small and medium versions. So what's your focus? So if you could elaborate on your change or potential change of appetite here?

哈嘍，夥計們。祝賀結果並感謝您的問答。我這邊有兩個問題。所以首先要賒帳。我想知道您的著陸偏好與上一季相比是否發生了變化。我們已經 - 嗯，我們一直在討論明年的高於預期（聽不清楚）以及中小型版本中這種壓力的威脅。那你的重點是什麼？那麼您能否在此詳細說明您的改變或潛在的食慾改變？

And also, if you could explore a little bit more your strategy on LMEC, you mentioned large retail accounts and also online. So if you could dive a bit deeper here on which -- what is the attractiveness of this client? What kind of clients are you targeting here? What kind of services you are exploring? This would be great. Thank you.

另外，如果您可以進一步探討您在 LMEC 上的策略，您提到了大型零售帳戶和線上帳戶。那麼，如果您可以更深入地了解一下，這個客戶的吸引力是什麼？您的目標客戶是哪一類？您正在探索什麼樣的服務？這太好了。謝謝。

Antonio. Thank you for the question. Well, talking about credit, our appetite for credit changed a little bit. We've been piloting some non-secured products in the last quarter. It's nothing material, but of course, we are testing the models, testing the processes, the collection and so on.

安東尼奧.謝謝你的提問。好吧，說到信貸，我們對信貸的興趣發生了一些變化。上個季度我們一直在試行一些無擔保產品。這沒什麼實質的，但當然，我們正在測試模型、測試流程、集合等等。

But I would say that at this point, we have opportunity to keep growing in the secured portfolio as you can see in our performance inQ3 again. So we grew our portfolio from BRL2.9 billion to BRL3.2 billion. And this growth came from the secure part of the portfolio. We still see the opportunity to keep growing in this secure part of the portfolio.

但我想說，在這一點上，我們有機會在安全投資組合中繼續成長，正如您在第三季的業績中再次看到的那樣。因此，我們將投資組合從 29 億雷亞爾增加到 32 億雷亞爾。這種成長來自投資組合的安全部分。我們仍然看到投資組合中這一安全部分繼續增長的機會。

And we are piloting and testing some products for our base. I would say that despite of the macro environment, we see there is an opportunity in our base for clients that are low risk that we may access at some point. We just don't think that's the right time to do so. And we need to be secured, that is the right time to offer this kind of non-secure products. But it's part of the road map and we're going to do at some point in the near future.

我們正在為我們的基地試點和測試一些產品。我想說的是，儘管存在宏觀環境，但我們認為我們的低風險客戶群中存在著機會，我們可能會在某個時候接觸到這些客戶。我們只是認為現在不是這樣做的好時機。我們需要安全，這是提供此類非安全產品的正確時機。但這是路線圖的一部分，我們將在不久的將來的某個時候這樣做。

Talking about LMEC, the type of client that we have, we are having online clients that are coming to us to work with Pags. As we mentioned in some calls before, we worked with two different solutions for a while, the PAGS Solution and the Wirecard/Moip solution that we bought in 2020.

說到 LMEC，我們擁有的客戶類型，我們有一些線上客戶來找我們與 Pags 合作。正如我們之前在一些電話中提到的，我們曾使用過兩種不同的解決方案一段時間，即 PAGS 解決方案和我們在 2020 年購買的 Wirecard/Moip 解決方案。

And now we have one platform, complete platform with many features that the online clients are looking for. So we're having these new clients in the online segment and the large merchants that -- remember that for us, the large merchants is above BRL1 million in cards per month. So I'm not talking about BRL50 million per month. I'm talking about BRL1 million per month, above that.

現在我們擁有一個平台，一個完整的平台，具有線上客戶正在尋找的許多功能。因此，我們在線上領域擁有這些新客戶和大型商家——請記住，對我們來說，大型商家每月的卡片數量超過 100 萬雷亞爾。所以我說的不是每月 5000 萬雷亞爾。我說的是每月 100 萬雷亞爾，以上。

But for these clients, we are looking for accretive clients. We are not looking for market share. We are looking for clients that are profitable. And for some of the clients, for instance, we make the price that is feasible for us and some of them use as a backup for instance.

但對於這些客戶，我們正在尋找增值客戶。我們不是在尋求市場佔有率。我們正在尋找能夠獲利的客戶。例如，對於一些客戶，我們制定對我們來說可行的價格，其中一些客戶用作備用。

So we have 20%, 25% of the volumes or 15% of the volumes. They test our services, they like they can escape and use more and more. But again, these type of clients we are getting, they are profitable. We are not buying market share. We don't have the interest to keep buying market share or to buy market share and to grow market share in terms of volumes. We are looking for clients that are profitable and accredited to the bottom line.

所以我們有 20%、25% 或 15% 的銷售量。他們測試我們的服務，他們喜歡可以逃脫並使用越來越多的服務。但同樣，我們得到的這類客戶是有利可圖的。我們不是在購買市場佔有率。我們沒有興趣繼續購買市場份額或購買市場份額並增加市場份額的數量。我們正在尋找能夠獲利且有信譽的客戶。

That's super clear. Thank you. And one more if I may. On your administrative expenses, you mentioned higher provisions for personal expenses compared to last year. So just trying to get what's in that here. You were talking about well, this is back office or anything specific related to personnel?

說的超清楚啊謝謝。如果可以的話，再來一張。關於您的行政費用，您提到與去年相比，個人費用準備金有所增加。所以只是想了解這裡的內容。你說的是，這是後台辦公室還是與人員相關的任何具體內容？

It's Artur speaking. Regarding to these provisions, we are talking about the bonus for the year as we are performing above the guidance that we provided. So we have additional provisions in general in the company. It's not located in a specific department or on specific position in the company. It's in the total.

說話的是阿圖爾。關於這些規定，我們談論的是當年的獎金，因為我們的表現高於我們所提供的指導。所以我們公司一般都有額外的規定。它不位於公司的特定部門或特定職位。這是總數中的。

(inaudible) Citi.

（聽不清楚）花旗銀行。

Hi, all. Thanks for the opportunity of making questions. My questions related to the sensitivity to interest rates. Could you please remind us or if there's any update to what is the impact on 100 basis increase in the Selic rate? Thanks.

大家好。感謝您提供提問的機會。我的問題涉及對利率的敏感性。您能否提醒我們，或有沒有更新，Selic 利率增加 100 個基點有何影響？謝謝。

Hey, thank you for the question. Regarding to this sensitivity, each 100 basis points of change up or down in the [Selic] rate and based on the current scenario that we have today in our funding cost represents around BRL300 million in the cost of financial expenses.

嘿，謝謝你的提問。考慮到這種敏感性，[Selic] 利率每上升或下降 100 個基點，並且根據我們目前的融資成本情況，就代表著約 3 億雷亞爾的財務費用成本。

That's going to be around BRL300 million before taxes. And it is worth to say that of course, we're going to work here to mitigate the increase of financial expenses as we have been doing in this past year. So there are some levers that we may use here. Of course, the first one is to increase price, but we can also look for to diversify the source of funding, we can change the yields that they pay in our CDs and so on.

稅前金額約 3 億雷亞爾。值得一提的是，我們當然將在這裡努力減輕財務費用的增加，就像我們去年所做的那樣。所以我們可以在這裡使用一些槓桿。當然，第一個是提高價格，但我們也可以尋求資金來源多元化，我們可以改變他們在我們的CD中支付的收益率等等。

So we are, of course, evaluating the interest rates of Brazil very close and we're going to take the actions in order to mitigate the increase and to offset even if it is partially, but we're going to work to mitigate part of the increased interest rate.

因此，當然，我們正在非常接近評估巴西的利率，我們將採取行動以減輕成長並抵消，即使是部分成長，但我們將努力減輕部分成長增加的利率。

Thank you. If I may a follow up on that, this impact you just mentioned, it's for 12 month horizon. That's correct?

謝謝。我可以跟進一下，您剛才提到的影響是 12 個月的影響。這是正確的嗎？

That's correct.

這是正確的。

A 100 basis points, BRL300 million in 12 months.

12 個月內上漲 100 個基點，即 3 億雷亞爾。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Hi, guys. This is Nate Svensson on for Bryan today. So going to the sides, I think the increasing engagement metrics you shared on slide 10 that are leading to really strong growth in cash in and cash in per client really stand out to us.

嗨，大家好。我是內特·斯文森今天為布萊恩發言。因此，從側面來說，我認為您在幻燈片 10 中分享的不斷增加的參與度指標對我們來說非常引人注目，這些指標導致現金和每個客戶的現金真正強勁增長。

I know you've been making a lot of investments to drive engagement, but I'm hoping you could elaborate further on what specifically you think is standing out and resonating with clients. So maybe some areas that have maybe exceeded your expectations and what you think the most important levers to drive further engagement going forward are?

我知道您已經進行了大量投資來提高參與度，但我希望您能進一步詳細說明您認為哪些內容能夠脫穎而出並與客戶產生共鳴。那麼，也許有些領域超出了您的預期，您認為推動進一步參與的最重要槓桿是什麼？

Well, thank you for the question. You're right. In slide 10, we disclosed some of the metrics -- engagement metrics that you have, and they are growing very fast to be honest, more than what we expected. But that's great.

嗯，謝謝你的提問。你說得對。在投影片 10 中，我們揭露了一些指標——您擁有的參與度指標，說實話，它們成長得非常快，超出了我們的預期。但這太好了。

As we have this complete digital bank, we have many, many features, but there are some of them that people use more and more. Of course, the most common is to cash in and cash out and cash out, people can send wire transfer PIX on using our cards. And that's the part of our -- or pay bills. So that's part of the -- one of the services. The most common usage services here are the cash in, cash out plus cards.

當我們擁有這個完整的數位銀行時，我們有很多很多功能，但其中一些功能人們使用得越來越多。當然，最常見的是兌現、兌現、兌現，人們可以使用我們的卡片進行電匯PIX。這就是我們的一部分——或者支付賬單。這是其中一項服務的一部分。這裡最常見的使用服務是提現、提現加卡。

But we also are seeing very good engagement and very good stickiness in terms of investments. We've been working with investments for a while offering high yield CDs in such a way that we can have these clients that come to us and very fast. They already send the documentation and then they make an investment which is great for the stickiness as well.

但我們也看到了投資方面非常好的參與度和黏性。一段時間以來，我們一直在與投資合作，提供高收益 CD，這樣我們就可以讓這些客戶非常快速地找到我們。他們已經發送了文件，然後進行了投資，這對於粘性也很有好處。

And in slide 10, we also gave some color about the insurance. That's another product that is linked with some of our products. The most common is the insurance for PIX and for insurance for cards. So if you lose your card and if someone use our cards, you can reimbursement up to some value, to some amount.

在投影片 10 中，我們也對保險做了一些說明。這是與我們的一些產品相關的另一種產品。最常見的是 PIX 保險和卡片保險。因此，如果您遺失了卡片並且有人使用了我們的卡，您可以報銷一定價值、一定金額的補償。

So those are the -- I mean, I would say it's the digital banking. It's the online digital banking. When you have 32 million clients, people use a lot of service but say the most common are those that I just mentioned to you, and we keep working to increase the engagement.

這些就是——我的意思是，我想說的是數位銀行。這就是線上數位銀行。當您擁有 3,200 萬客戶時，人們會使用很多服務，但最常見的是我剛才向您提到的服務，我們將繼續努力提高參與度。

People are using our app more and more as we can see in the first chart from 31 times per month to 35 times per month. And that's the, I mean, we're keeping -- working the engagement and then we can cross sell products, we can cross sell credit products. And at the end of the day, we are trying to get these clients to use us as their main bank and to get the principality of the client.

正如我們在第一個圖表中看到的那樣，人們越來越多地使用我們的應用程序，從每月 31 次增加到每月 35 次。我的意思是，這就是我們正在保持的合作，然後我們可以交叉銷售產品，我們可以交叉銷售信貸產品。最終，我們正在努力讓這些客戶使用我們作為他們的主要銀行，並獲得客戶的主權。

That's great color. I really appreciate that. For the follow up, I want to step back a bit and maybe ask a higher level question about the long-term trajectory of the company. You continue to print really strong results and you're clearly gaining share in the market, but there's been so much change in evolution in the business, moving more towards banking and obviously, the overall macro environment in Brazil over the past few years.

那顏色真棒。我真的很感激。對於後續行動，我想退一步，也許會問一個關於公司長期發展軌跡的更高層次的問題。你繼續取得非常強勁的業績，並且顯然正在獲得市場份額，但業務發展發生了很大變化，更多地轉向銀行業，顯然，過去幾年巴西的整體宏觀環境也發生了變化。

So I think there's a lot of investors that still have questions on what the right long-term growth and profitability outlook for the company is. So maybe in light of that, can you talk about how you view the financial profile of the company over the next several years and whether or not you've given any thought to potentially providing some sort of mid-term guide to help level set expectations for both analysts and investors. Thanks.

因此，我認為許多投資者仍然對公司正確的長期成長和獲利前景有疑問。因此，也許有鑑於此，您能否談談您如何看待公司未來幾年的財務狀況，以及您是否考慮過提供某種中期指南來幫助設定預期對於分析師和投資者來說。謝謝。

Well, thank you. Right. The market has been changing a lot in the past years. Remember, we founded this company in 2006 as an online solution. We launched the first device around 2012. We didn't have a bank. Now we have this second largest digital bank in the country in terms of users.

嗯，謝謝。正確的。在過去的幾年裡，市場發生了很大的變化。請記住，我們在 2006 年成立了這家公司，作為線上解決方案。我們在 2012 年左右推出了第一台設備。我們沒有銀行。現在我們擁有全國用戶數第二大的數位銀行。

And we are of course following what's going on in the market and pivoting the company to take advantage of what we see in the market. We are a technology company at the end of the day. So that's why I have the speed and I have the flexibility to work with the company in such a way that we can serve the client's needs.

當然，我們正在關注市場上正在發生的事情，並調整公司以利用我們在市場上看到的優勢。歸根究底，我們是一家科技公司。這就是為什麼我有足夠的速度和靈活性與公司合作，以滿足客戶的需求。

We've been seeing many changes in last years and the last one I would say was the PIX that was launched in November 2020. And since then, we've been growing a lot in PIX and monetizing PIX, transactions and PIX is a very good tool for digital banks for cash-in and cash out as well.

去年我們看到了許多變化，我要說的最後一個變化是 2020 年 11 月推出的 PIX。從那時起，我們在 PIX 方面有了很大的發展，並將 PIX、交易貨幣化，PIX 對於數位銀行來說也是一個非常好的提現和提現工具。

And when we get the data that, we may use this data to give credit for the client. But I'd say, in mid-term, I don't have a number here to give it to you. But as we said throughout the slides, we plan and we will do it that will grow the revenues beyond payments. We know that some payments have been growing.

當我們獲得這些數據時，我們可以使用這些數據為客戶提供信用。但我想說的是，從中期來看，我這裡沒有數字可以給你。但正如我們在整個幻燈片中所說的那樣，我們計劃並且我們將這樣做，以增加支付以外的收入。我們知道一些付款一直在增長。

There is still room to grow in terms of payments in Brazil because PIX is still cannibalizing cash. Cards are cannibalizing cash. Cards penetration are faster than the growth of the economy of the country. If you see the country, it's growing around 3% and cards overall are growing more than 10%.

巴西的支付領域仍有成長空間，因為 PIX 仍在蠶食現金。卡正在蠶食現金。卡的普及速度快於該國經濟的成長速度。如果你看看這個國家，你會發現它的成長率約為 3%，而信用卡整體成長率超過 10%。

So there is still higher penetration in the economy in terms of electronic payments. So payments will keep growing and we'll take advantage of that. But in a parallel avenue, we're going to take advantage of this growth of the revenues in the banking side of the company.

因此，電子支付在經濟中的滲透率仍然較高。因此，支付將繼續增長，我們將利用這一點。但在平行的途徑中，我們將利用公司銀行業務收入的成長。

So mid-term, the banking side is going to be more and more important. That's what you have in mind, that's where we're going to work to execute, keep growing payments, but try to grow fast in the banking side.

因此，從中期來看，銀行業將變得越來越重要。這就是你的想法，這就是我們將努力執行的地方，保持支付成長，但嘗試在銀行方面快速成長。

Carlos Lopez, HSBC.

卡洛斯·洛佩茲，匯豐銀行。

Hello. Good evening and thank you for taking my question. I wonder if you could give us a bit more of an update on your buyback program. What do you expect after you complete the current one? Is this an ongoing feature? Would you expect to do another one next year?

你好。晚上好，感謝您提出我的問題。我想知道您能否向我們提供有關您的回購計劃的更多最新資訊。完成目前任務後，您有何期望？這是一個持續的功能嗎？您預計明年再做一次嗎？

And second, would you tell us if you have any exposure to the gaming or gambling industry which has been in present in Brazil lately. Thank you so much.

其次，您能否告訴我們您是否接觸過巴西最近出現的遊戲或賭博產業。太感謝了。

Carlos. Thank you for the question. I will start with the last one. Part of our transactions are done online in the online segment. Part of the online transactions are related to PAGS International and part of that related to gaming. We do have some clients that offer gaming for the consumers.

卡洛斯.謝謝你的提問。我將從最後一個開始。我們的部分交易是在線上部分在線完成的。線上交易部分與 PAGS International 相關，部分與遊戲相關。我們確實有一些客戶為消費者提供遊戲。

They are all regulated companies, and it helped us because it is accretive, but it is not something that is important for the bottom line in such a way that if there is any change in this type of sector, the P&L of PAGS is going to change. So it helps but it's marginal and there's no material but we do have some clients in gaming because clients came to us.

它們都是受監管的公司，它對我們有幫助，因為它具有增值性，但這對於盈利來說並不重要，因為如果此類行業發生任何變化，PAGS 的損益將會下降。所以它有幫助，但它是微不足道的，沒有材料，但我們確實有一些遊戲客戶，因為客戶來找我們。

But again, they are all regulated serious companies. And it's part of the TPV from PAGS International, which is part of our online TPV. So it's a very small size of our payment volumes.

但同樣，它們都是受監管的嚴肅公司。它是 PAGS International 的 TPV 的一部分，也是我們線上 TPV 的一部分。所以這在我們的支付量中只佔很小的一部分。

Well, in terms of our buyback program, we concluded in August, the first program that we launched. That was about $250 million in the same month. In August, we launched the second one, $200 million which is partially executed. Actually, we executed around 20% of this new program in the months in the sequence after August.

就我們的回購計劃而言，我們在八月結束了，這是我們啟動的第一個計劃。同月，這一數字約為 2.5 億美元。8月份，我們推出了第二個項目，金額為2億美元，已部分執行。事實上，我們在 8 月之後的幾個月中執行了大約 20% 的新計劃。

We are always trying to do in the most efficient way under the market conditions and we also have other capital location opportunities, but there is no rush here to execute this buyback. We are executing in the most efficient way based on the market conditions.

我們一直在努力在市場條件下以最有效的方式進行，我們也有其他資本定位機會，但我們並不急於執行這次回購。我們根據市場情況以最有效的方式執行。

Can you remind us of en the program expires? The takeout program?

您能提醒我們該計劃已過期嗎？外賣計劃？

It's not expired. The new program we launched in August $200 million, we executed 20% and there is no expiration date.

還沒過期。我們8月推出的新計畫價值2億美元，我們執行了20%，而且沒有到期日。

So this one has no expiration there. Okay. And if I can go back to the previous one about the exposure to the gaming industry, can you give us a sense, I mean, you say it's a material but are we talking about 1% of TPV, 5% of TPV? What order of magnitude can you tell us?

所以這個沒有過期。好的。如果我可以回到上一篇關於遊戲產業的曝光，你能給我們一個感覺，我的意思是，你說它是一種材料，但我們談論的是冠捷的 1%、冠捷的 5%？您能告訴我們什麼數量級嗎？

Carlos, I would say to you, TPV is not important. Let's talk about bottom line. Bottom line is a low, low, low, low, low, low, low single digit. So it's no material.

卡洛斯，我想對你說，冠捷並不重要。我們來談談底線。底線是低、低、低、低、低、低、低個位數。所以這不是物質。

Low single digit meaning 1%, 2%, 3% that type of thing?

低個位數意味著 1%、2%、3% 之類的東西？

We don't give the guidance cars, but it's very small. It's more to the bottom of the number that you said, but it's a very, very small. It's something that helps in bottom line, of course. But again, it's no material. And we take advantage of that because we will try to take of deposits of the consumers. I mean, we try to cross sell some other products. But today, it's no material to the bottom line.

我們不提供引導車，但它很小。它更接近你所說的數字的底部，但它非常非常小。當然，這對盈利有幫助。但話又說回來，這不是物質。我們利用這一點，因為我們將嘗試吸收消費者的存款。我的意思是，我們嘗試交叉銷售一些其他產品。但今天，這對底線來說已經不重要了。

Henato Meloni from Autonomos Research, please, Mr Maloney. Your microphone is open.

來自 Autonomos Research 的 Henato Meloni，有請，馬洛尼先生。您的麥克風已開啟。

Hey, congrats on the results and thanks here for for the question. So first, I wanted just to talk a bit about the initiatives you're mentioning to reduce your cost of deposits. I think it was very successful on the cost. But then, we saw a decline here on checking accounts, a sequential decline.

嘿，恭喜你的結果，並感謝你提出這個問題。首先，我想談談您提到的降低存款成本的措施。我認為從成本上來說這是非常成功的。但隨後，我們看到支票帳戶出現下降，連續下降。

So I'm trying to understand the dynamics that you're seeing here. Are you going to be able to regrow balances here with the same level, what we're seeing?

所以我試圖了解你在這裡看到的動態。您是否能夠以我們所看到的相同水平重新增加餘額？

And if you allow me for just a second question, that's more of a follow up on interest rates. Last quarter, when you revise the guidance, you mentioned that your assumption was for Selic at the end of the year was 10.5%. And then previously, you were saying that you can like pull the levers and compensate for this. So I just wanted to make sure that you're still seeing a similar scenario despite of the increasing rates. Thank you.

如果您允許我問第二個問題，這更多的是關於利率的後續問題。上個季度，當您修改指引時，您提到您對 Selic 年底的假設是 10.5%。之前，您說過您可以拉動槓桿並對此進行補償。因此，我只是想確保儘管比率不斷上升，您仍然會看到類似的情況。謝謝。

Renato, thank you for the questions. First one, I guess you're talking about slide 12, checking accounts that went from BRL11.5 billion to BRL10.5 billion. What happened is that in the second quarter, the last day of the second quarter was a Sunday. So when you look at the end of the quarter, we have this TPV from Friday, Saturday and Sunday.

雷納托，謝謝你的提問。第一張，我想您談論的是幻燈片 12，支票帳戶從 115 億雷亞爾增加到 105 億雷亞爾。發生的事情是，第二節的最後一天是星期日。因此，當您查看本季末時，我們會看到週五、週六和週日的 TPV。

And in Q3, the last day was Monday. So usually people come on Monday, they cash out, they withdraw the money. So that's why -- it's just because of seasonality. It's not any issue or nothing like that. If we evaluate the daily average of each quarter, the daily average of deposits is growing. So it's just because one quarter ended on a Sunday in Q2 and Q3 ended on a Monday. But on average, we keep growing deposits. So that's the explanation for these checking accounts.

第三季的最後一天是星期一。所以通常人們週一來，他們會兌現，提取資金。這就是原因——這只是因為季節性。這不是任何問題或類似的事情。如果我們評估每季的日均存款，存款日均在成長。所以這只是因為第二季有一個季度在周日結束，而第三季在周一結束。但平均而言，我們的存款持續成長。這就是這些支票帳戶的解釋。

The other question about the interest rates, as you can see in our guidance slide, we are confident we're going to deliver the guidance we gave it by the end of the year -- by the beginning of the year. If you look at TPV net income, we expect to be still a little bit higher than what the guidance that we gave.

關於利率的另一個問題，正如您在我們的指導幻燈片中看到的那樣，我們有信心我們將在年底前 - 年初之前提供我們給予的指導。如果你看看冠捷淨利潤，我們預計仍會比我們給的指導稍高一些。

So another way to answer our questions, we are going to offset the increase in interest rate they're going to have in Brazil in 2024 and deliver the net income that we guided at the beginning of the year.

因此，回答我們問題的另一種方式是，我們將抵消 2024 年巴西利率的上漲，並實現我們年初指導的淨利潤。

Kaio Da Prato, UBS.

Kaio Da Prato，瑞銀。

Hello, everyone. Good evening. Thanks for the Q&A. I have two on my side, please. The first one is on prepayment. You disclosed your expanded portfolio with BRL41 billion volumes in prepayment for merchants, just checking if this is indeed the amount that you prepaid for the merchants during the quarter or if it is the outstanding balance in the end of the period.

大家好。晚安.感謝您的問答。我這邊有兩個，請。第一個是預付款。您揭露了您擴大的投資組合，為商家預付了 410 億雷亞爾，只需檢查這是否確實是您在本季度為商家預付的金額，或者是否是期末的未清餘額。

And additionally, it's growing by 52% year on year, much higher than your TPV growth, which is already high at 36%. So just trying to understand, want to explained this difference if it means indeed much more penetration. And if so, what are the drivers behind that?

此外，它的年成長率為 52%，遠高於您的 TPV 成長率，後者已經高達 36%。所以只是想了解一下，想解釋一下這種差異是否確實意味著更多的滲透。如果是這樣，背後的驅動因素是什麼？

And the second one, just to follow up. We saw the numbers of your share buybacks and you mentioned about no rush on concluding the program. I just would like to understand if you could see any different usage of your net cash balance going forward for 2025 which is above BRL12 billion. I don't know if you are thinking about dividend distribution as well or any type of consolidation in the market could be expected as well. Thank you very much.

第二個，只是為了跟進。我們看到了您的股票回購數量，並且您提到不急於完成該計劃。我只是想了解您是否會看到 2025 年超過 120 億雷亞爾的淨現金餘額有任何不同的用途。我不知道您是否也在考慮股息分配，或者市場上是否也可能出現任何類型的整合。非常感謝。

Kaio, the first question related to the prepayment amount that we put in the slide 11. So it's the outstanding balance when we compare the accounts receivable for payments and the money that we need to pay to the merchants in the liabilities. So that's the balance that we have in our income statement.

Kaio，第一個問題與我們在投影片 11 中放入的預付款金額有關。所以當我們比較應收帳款和負債中我們需要支付給商家的錢時，它就是未結餘額。這就是我們損益表中的餘額。

The volume increased at 52% higher than the TPV. But if you consider the nominal variation from last year to this year, you can see that it's pretty much the same. The other point inside this number is the level of AR securitization in our assets. That last year was a little bit higher than this year and then impacted this amount.

銷量比TPV高出52%。但如果你考慮去年和今年的名義變化，你會發現它幾乎是一樣的。這個數字中的另一點是我們資產中 AR 證券化的水平。去年的數字比今年高一點，然後影響了這個數字。

In terms of our buyback program, we consider that we have opportunities to continue to invest in the company. We see that we have opportunities in the company related to banking, related to continue to grow in payments. And it's important to us to navigate in macroeconomic scenario as we have today, like the Selic rate increasing.

就我們的回購計劃而言，我們認為我們有機會繼續投資該公司。我們看到我們在與銀行業務相關的公司中有機會，與支付業務的持續成長有關。對我們來說，應對當今的宏觀經濟狀況非常重要，例如 Selic 利率的上升。

And we prefer to focus in our growth despite any volatility in the micro scenario. And when we say that we have opportunities, we are saying that we have opportunities in the products that we have and grow our business in a sustainable way.

儘管微觀情況有任何波動，但我們更願意專注於成長。當我們說我們有機會時，我們是說我們在我們擁有的產品中擁有機會，並以可持續的方式發展我們的業務。

Okay. Thanks. So probably no change in our capital structure looking forward for 2025. Is that right?

好的。謝謝。因此，展望 2025 年，我們的資本結構可能不會改變。是這樣嗎？

Kaio, let me answer in a different way. So we are always assessing the capital structure of the company, trying to find the best balance for the company. And of course, there are many variables here. We should consider the volatility that I have in Brazil. Just to give an example, everyone thought that the Selic would be around 9% or 9.5% by the end of this year, right?

Kaio，讓我以不同的方式回答。所以我們一直在評估公司的資本結構，試著為公司找到最佳的平衡。當然，這裡有很多變數。我們應該考慮巴西的波動性。舉個例子，大家都以為今年底Selic會是9%、9.5%左右吧？

So we're talking about close to 12%, that type of volatility, I would say that they have in Brazil. We got to have a strong balance sheet to navigate through this economic cycle. But we are always assessing the capital of the company, looking the opportunities in such a way that we can make it more optimized.

所以我們談論的是接近 12% 的波動，我想說巴西有這種波動。我們必須擁有強大的資產負債表才能度過這個經濟週期。但我們始終在評估公司的資本，尋找機會，使其更優化。

But you got to be ready for this type of volatility and also to take advantage of opportunities that may appear in the market in terms of M&A or things like that. But the message is I cannot say to you that the capital structure is going to be the same in 2024 -- in 2025 because we're always again assessing the capital structure of the company.

但你必須為這種波動做好準備，並利用市場上可能出現的併購或類似機會。但我要傳達的訊息是，我不能對你們說，2024 年和 2025 年的資本結構將保持不變，因為我們總是再次評估公司的資本結構。

If there is any change, if we're going to use the cash in a different way for buybacks or things like that, we're going to communicate the market properly. But just to make it sure here, it doesn't mean that the capital structure of the company is going to be the same in 2025.

如果有任何變化，如果我們打算以不同的方式使用現金進行回購或類似的事情，我們將與市場進行適當的溝通。但需要澄清的是，這並不意味著公司的資本結構在 2025 年會保持不變。

[William Bayard, Itau BBA].

[威廉·貝亞德，Itau BBA]。

So thank you for your time. My question here is regarding your client shift mix and how it affects your main sources of revenues being like prepayments and transaction fees. So I understand that prepayment rates, they might shift but trying to keep it constant and also keeping the allocation of part of this prepayment as you shifted between lines, but trying to make it all comparable.

謝謝您的寶貴時間。我的問題是關於您的客戶輪班組合以及它如何影響您的主要收入來源，例如預付款和交易費用。因此，我理解預付款率可能會發生變化，但會盡力保持不變，並在您在線路之間轉換時保持部分預付款的分配，但盡量使其具有可比性。

So as you increase your average tickets, you grow more on LMEC segments and also as PIX are increasing penetration. Are you becoming more transaction dependent or more prepayment revenue dependence, right? As you change it -- as you shift it, how you consider that in your revenue lines? I guess, it's quite harder to understand this from where I'm sitting, but if you could elaborate on that would be great.

因此，當您增加平均門票時，您在 LMEC 細分市場上的成長就會更多，同時 PIX 的滲透率也會增加。您是否變得更加依賴交易或更依賴預付款收入，對嗎？當你改變它時——當你改變它時，你如何在你的收入線中考慮這一點？我想，從我所處的位置來看，要理解這一點相當困難，但如果你能詳細說明這一點，那就太好了。

Hey, William. Thank you for your question. Here we prefer to analyze in the total revenue, not splitting exactly in transaction and financial income. When we see the company growing 20% in a consistent way, we can say that independently, we are bringing clients that are more transactional for the company.

嘿，威廉。謝謝你的提問。這裡我們更願意以總收入來分析，而不是嚴格依照交易收入和財務收入來劃分。當我們看到公司持續成長 20% 時，我們可以獨立地說，我們正在為公司帶來更具交易性的客戶。

But also, we are growing the number of clients that is more related to prepayment. So we analyze the revenue together. So 20% in a yearly basis or even 6% quarter over quarter in a consistent way is the most important point for us.

而且，我們正在增加與預付款更相關的客戶數量。所以我們一起分析收入。因此，對我們來說最重要的一點是，每年增長 20%，甚至季度環比增長 6%。

Okay. Thanks. And regarding prepayment pricing increases, do you have any news here when you plan to do it? If you plan to do it at all?

好的。謝謝。關於預付款價格上漲，您計劃何時這樣做有什麼消息嗎？如果你打算這樣做嗎？

Well, definitely when we see the Selic moving up quite fast as we are seeing right now, we work a lot and try to price the clients as much as possible. Obviously, trying to avoid churn but moving the direction to pass this additional cost to the clients.

嗯，當然，當我們看到 Selic 像我們現在看到的那樣快速上漲時，我們會做很多工作，並嘗試為客戶提供盡可能高的價格。顯然，我們正在努力避免客戶流失，但正在努力將額外成本轉嫁給客戶。

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。

Well, thank you everyone for investing the time to listen to our quarterly call and for the answer as well. So thank you very much. Talk to you next call. Thank you.

好的，感謝大家花時間聆聽我們的季度電話會議並給出答案。非常感謝。下次打電話再跟你談。謝謝。

This does concludes 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度過一個美好的夜晚。