PagSeguro Digital Ltd (PAGS) 2021 Q1 法說會逐字稿

Hello, everyone, and thank you for waiting. Welcome to PagSeguro PagBank's First Quarter 2021 Results Conference Call. This event is being recorded (Operator Instructions) After PagSeguro PagBank's remarks, there will be a question-and-answer session. (Operator Instructions) This event is also being broadcast live via webcast and may be accessed through PagSeguro PagBank's website at investors.pagseguro.com, where the presentation is also available. Participants may view these slides in any order they wish. The replay will be available shortly after the event is concluded. Those following the presentation via webcast may pose their questions on PagSeguro PagBank's website.

大家好，感謝大家的等待。歡迎參加 PagSeguro PagBank 2021 年第一季度業績電話會議。該活動正在錄製中（操作員說明） PagSeguro PagBank 發言後，將進行問答環節。（操作員說明）該活動還通過網絡直播進行現場直播，並且可以通過 PagSeguro PagBank 的網站 Investors.pagseguro.com 進行訪問，該網站也提供演示文稿。參與者可以按照他們希望的任何順序觀看這些幻燈片。賽事結束後不久將提供重播。通過網絡廣播觀看演示文稿的人可以在 PagSeguro PagBank 的網站上提出問題。

Before proceeding, let me mention that any forward statements included in the presentation or mentioned on this conference call are based on currently available information and PagSeguro PagBank's current assumptions, expectations and projections about future events. While PagSeguro PagBank believes that their assumptions, expectations and projections are reasonable in view of currently available information, you are cautioned not to place undue reliance on those forward-looking statements. Actual results may differ materially from those included in PagSeguro PagBank's presentation or discussed on this conference call for a variety of reasons, including those described in the forward-looking statements and risk factors sections of PagSeguro PagBank's registration statements on Form 20F and other filings with the Securities and Exchange Commission, which are available on PagSeguro PagBank's Investor Relations website.

在繼續之前，請允許我提一下，演示文稿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 PagBank 目前對未來事件的假設、預期和預測。儘管 PagSeguro PagBank 認為，鑑於當前可獲得的信息，他們的假設、預期和預測是合理的，但請注意不要過分依賴這些前瞻性陳述。由於多種原因，實際結果可能與PagSeguro PagBank 的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，包括PagSeguro PagBank 表格20F 上的註冊聲明和其他向公司提交的文件中的前瞻性聲明和風險因素部分中描述的結果美國證券交易委員會，可在 PagSeguro PagBank 的投資者關係網站上找到。

Finally, I would like to remind you that during this conference call, the company may discuss some non-GAAP measures. For more details, the foregoing non-GAAP measures and the reconciliation of those non-GAAP financial measures to the most directly comparable GAAP measures are presented in the last page of this webcast presentation.

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。有關更多詳細信息，本網絡廣播演示文稿的最後一頁介紹了上述非 GAAP 衡量標準以及這些非 GAAP 財務衡量標準與最直接可比的 GAAP 衡量標準的調節表。

Now I will turn the conference over to Mr. Ricardo Dutra, CEO. Mr. Dutra, you may begin your presentation.

現在我將會議交給首席執行官 Ricardo Dutra 先生。杜特拉先生，您可以開始您的演講了。

Good evening from São Paulo, everyone, and thanks for joining our first quarter results conference call. Tonight, I have here with me Artur Schunck, our Chief Financial Officer; and Éric Oliveira, our Head of Investor Relations.

聖保羅的大家晚上好，感謝您參加我們的第一季度業績電話會議。今晚，與我同在的還有我們的首席財務官 Artur Schunck；埃里克·奧利維拉 (Éric Oliveira)，我們的投資者關係主管。

First of all, we hope you and your families are well and safe. Before we move on, just a quick update about the outbreak of COVID-19 in Brazil. It seems the worst is over. However, the economic recovery may take a while due to the speed of vaccination rollout in Brazil. Although we are enthusiastic about the availability of effective vaccines, the rate at which vaccinations are taking place in Brazil is still low when compared to other countries like the U.S. Consequently, merchants and consumers have changed their behaviors to keep working in this scenario with more digitalization, less cash and the adoption of alternative payment methods.

首先，我們希望您和您的家人一切安好。在我們繼續之前，先簡單介紹一下巴西爆發的 COVID-19 疫情最新情況。看來最糟糕的時期已經過去了。然而，由於巴西疫苗接種速度很快，經濟復甦可能需要一段時間。儘管我們對有效疫苗的出現感到興奮，但與美國等其他國家相比，巴西的疫苗接種率仍然較低。因此，商家和消費者已經改變了他們的行為，以更加數字化的方式繼續在這種情況下工作、減少現金並採用替代支付方式。

Meanwhile, our dedicated employees have been doing an extraordinary job to keep serving our clients with excellence. Thank you very much, PagSeguro PagBank's team. Despite the pandemic, the resilience of our business model and our focused execution allowed us to achieve great results and records in several KPIs in this quarter.

與此同時，我們敬業的員工一直在做著出色的工作，以繼續為我們的客戶提供卓越的服務。非常感謝 PagSeguro PagBank 的團隊。儘管發生了大流行，但我們業務模式的彈性和專注的執行力使我們在本季度的多個關鍵績效指標上取得了良好的成果和記錄。

I'm pleased to report that PagSeguro achieved a record consolidated TPV, growing 102% year-over-year and kept adding 300,000 merchants to more than 1 million PagBank users per quarter, while total revenues were above BRL 2 billion in the quarter. In fact, we are the company with the highest growth in terms of volumes, net adds and have been increasing our acquiring market share in the past quarters, reaching approximately 9% in Q1 '21 versus 5.9% in Q1 '19. Our last quarter's performance, we have reinforced our belief that both businesses, acquiring and banking will deliver robust growth in years to come.

我很高興地向大家報告，PagSeguro 實現了創紀錄的綜合 TPV，同比增長 102%，每季度不斷增加 30 萬商戶，PagBank 用戶超過 100 萬，而本季度總收入超過 20 億雷亞爾。事實上，我們是銷量、淨增量增長最高的公司，並且在過去幾個季度中我們的收購市場份額一直在增​​加，21 年第一季度達到約9%，而19 年第一季度為5.9%。我們上一季度的表現更加堅定了我們的信念，即收單業務和銀行業務將在未來幾年實現強勁增長。

Talking about banking. We continue to see unprecedented changes in the highly concentrated banking industry in Brazil. Although we have experimented the entry of new players in the last few years, PagBank being the precursor of this movement, in December 2020, more than 70% of the Brazilian credit portfolio was concentrated among the top 5 banks. We see that as a huge business opportunity and the reason to bring more competition to an economic segment that has been basically the same for decades. The opportunity to change people's lives through digital medium runs in PAGS professional veins.

談論銀行業。我們繼續看到巴西高度集中的銀行業發生前所未有的變化。儘管我們在過去幾年嘗試了新參與者的進入，PagBank 是這一運動的先驅，但截至 2020 年 12 月，巴西信貸投資組合的 70% 以上集中在前 5 家銀行。我們認為這是一個巨大的商機，也是為數十年來基本保持不變的經濟領域帶來更多競爭的原因。通過數字媒體改變人們生活的機會融入了 PAGS 的專業脈絡。

We consider ourselves exceptionally well positioned to continue to disrupt banking in Brazil because of 3 main reasons: first, our tech DNA. Approximately 6,500 engineers in our group with the best-in-class professionals working for PAGS. Second, our unique expertise in launching the Brazilian Internet. Since the early beginning back in 1996, which today, the most visible aspect is the UOL audience, with a reach around 90% or more Brazilian Internet eyeballs, right after Facebook with 92% and Google with 96% reach. And third, the fact that we are the first movers, creating a new market unserved by the competition before us and finally, but not least, a strong culture and excellent execution, I would assume as PAGS way of doing it.

我們認為自己處於非常有利的位置，可以繼續顛覆巴西的銀行業，主要有以下三個原因：首先，我們的技術基因。我們團隊約有 6,500 名工程師，其中包括為 PAGS 工作的一流專業人員。其次，我們在推出巴西互聯網方面擁有獨特的專業知識。自 1996 年早期開始以來，如今最引人注目的方面是 UOL 受眾，其覆蓋率約為 90% 或更多巴西互聯網眼球，僅次於 Facebook 的 92% 和 Google 的 96% 的覆蓋率。第三，事實上我們是先行者，創造了一個沒有我們面前的競爭的新市場，最後但並非最不重要的是，強大的文化和卓越的執行力，我認為這是 PAGS 的做法。

We operate in an evolving industry whose answers to some questions are not 100% clear. For that reason, we permanently promote self-criticism. But having said that, we can affirm our investment thesis relies on the following 6 pillars: first, payments is the best entering door for digital banking. PAGS has the largest Brazilian merchant base that generates recurring revenues through a digital account that naturally provide cross-selling opportunities for additional banking products.

我們所處的行業不斷發展，一些問題的答案並不是 100% 明確。因此，我們永遠提倡自我批評。但話雖如此，我們可以肯定我們的投資論點依賴於以下六大支柱：第一，支付是數字銀行的最佳入口。PAGS 擁有巴西最大的商業基礎，通過數字賬戶產生經常性收入，這自然為其他銀行產品提供交叉銷售機會。

Payments industry has consistently grown 2 digits in the last 2 decades, driven by merchants accepting new electronic payments. New payment methods, such as NFC, P2P, among others, continue to replace cash transactions. For example, in the first quarter, NFC volumes increased in almost 8x in comparison to the same period of last year.

在接受新電子支付的商戶的推動下，支付行業在過去 20 年中持續以兩位數增長。NFC、P2P等新型支付方式不斷取代現金交易。例如，第一季度，NFC 銷量比去年同期增長了近 8 倍。

We consolidate our leadership in long term market and we see limited competition as incumbents have given up serving these clients. Now we will prove our thesis that is much easier to go up in the pyramid than to go down in it with our Hub strategy.

我們鞏固了在長期市場中的領導地位，並且由於現有企業已經放棄為這些客戶提供服務，因此競爭有限。現在我們將證明我們的論點：通過我們的樞紐策略，在金字塔中上升比在金字塔中下降容易得多。

Our Hubs are extremely successful, and we are gaining market share with profitable SMB's clients very rapidly. Second, online is core. Online payments go on as core for us, and our focus has delivered a growth of 140% in Q1 '21. PAGS is enhancing omnichannel solutions for merchants and increasing cross border transactions. In first quarter, cross-border volumes increased 3x compared to the same period of last year.

我們的中心非常成功，我們正在迅速贏得盈利的中小企業客戶的市場份額。第二，線上是核心。在線支付仍然是我們的核心，我們的重點在 21 年第一季度實現了 140% 的增長。PAGS 正在增強商家的全渠道解決方案並增加跨境交易。第一季度跨境交易量較去年同期增長3倍。

Third, cards and lending are core. Because banking industry is highly concentrated, Brazilian banking population is too huge, and the spreads are very high. This is an opportunity for us, 17x larger than payments in terms of revenue pool. PAGS has been worked with cards and loans in the last 3 years, mainly focused on the micro merchants, creating a unique database and credit models to manage returns and risks. Clearly, a strong entry barrier for new players.

第三，卡和貸款是核心。由於銀行業高度集中，巴西銀行業人口規模太大，利差非常高。這對我們來說是一個機會，就收入池而言，它比支付大 17 倍。PAGS 在過去 3 年裡一直致力於信用卡和貸款業務，主要針對微型商戶，創建了獨特的數據庫和信用模型來管理回報和風險。顯然，這對新玩家來說是一個強大的進入壁壘。

Fourth, new financial products are core. PAGS movement to go up in the pyramid to conquer market share in SMB's market can and will be replicated with other financial services. Fifth, technology, customer experience and product development are core. Technology, innovative and client-centric culture, combined with the lean structure, promoter disruption, awareness and engagement.

第四，新型金融產品是核心。PAGS 向金字塔上升以征服中小企業市場份額的運動可以而且將會被其他金融服務複製。第五，技術、客戶體驗和產品開發是核心。技術、創新和以客戶為中心的文化，與精益結構、推動者顛覆、意識和參與相結合。

In the first quarter, PAGS reached 48 million apps downloads and processed BRL 81 billion. We believe that value relies on active and recurrent clients. And we are happy to announce that we surpassed the mark of 10 million active clients in PagBank's second anniversary.

第一季度，PAGS 應用程序下載量達到 4800 萬次，處理量為 810 億雷亞爾。我們相信價值依賴於活躍和經常性的客戶。我們很高興地宣布，在 PagBank 成立兩週年之際，我們的活躍客戶數量突破了 1000 萬大關。

And sixth, regulator environment helps. Regulatory change such as Pix marketplace of receivables and Open Bank create a positive environment for new players like us. With these initiatives and achievements, we are truly committed to keep promoting the financial inclusion in Brazil, making investments that are accretive and will bring higher returns in the future.

第六，監管環境有所幫助。Pix 應收賬款市場和開放銀行等監管變革為我們這樣的新參與者創造了積極的環境。憑藉這些舉措和成就，我們真正致力於繼續促進巴西的金融包容性，進行增值投資，並在未來帶來更高的回報。

Finally, the pandemic is not over in Brazil. This year will be another challenging one, but if you prepare to face it, and ready to explore the economic rebound in the coming years. That said, Artur and I will present some slides, and we'll have a Q&A session at the end.

最後，巴西的疫情尚未結束。今年將是又一個充滿挑戰的一年，但如果你準備好面對它，並準備好探索未來幾年的經濟反彈。也就是說，阿圖爾和我將展示一些幻燈片，最後我們將舉行問答環節。

On Slide 3, we highlight the achievements of the first quarter. We break down in 3 sections: first, operating and financial results; second, PagSeguro, our FRM business; and third, PagBank, our banking business. Start with the operation and financial highlights.

在幻燈片 3 上，我們重點介紹了第一季度的成就。我們分為三個部分：第一，運營和財務業績；第二，PagSeguro，我們的FRM業務；第三，PagBank，我們的銀行業務。從運營和財務亮點開始。

Consolidated TPV of BRL 81 billion, up 102% year-over-year. Total revenue and income of BRL 2.1 billion, up 30% year-over-year with consolidated net take rate of 2.41%. Adjusted EBITDA of BRL 573 million, up 12% year-over-year despite PagBank and Hub's investments. Non-GAAP net income of BRL 327 million, down 11% year-over-year. Excluding onetime events during the quarter, adjusted EBITDA of BRL 617 million, up 20% year-over-year, and non-GAAP net income of BRL 271 million, up 1% year-over-year.

綜合TPV為810億雷亞爾，同比增長102%。總收入和收入為21億雷亞爾，同比增長30%，綜合淨收入率為2.41%。儘管有 PagBank 和 Hub 的投資，調整後 EBITDA 仍為 5.73 億雷亞爾，同比增長 12%。非 GAAP 淨利潤為 3.27 億雷亞爾，同比下降 11%。不計本季度一次性事件，調整後 EBITDA 為 6.17 億雷亞爾，同比增長 20%，非 GAAP 淨利潤為 2.71 億雷亞爾，同比增長 1%。

Moving to PagSeguro. Acquiring TPV of BRL 50 billion in Q1, up 58% year-over-year despite new lockdowns in the end of March 2021. Online TPV grew 140% year-over-year while Hubs TPV grew 410% year-over-year, diversifying our exposure to new segments. Active Merchants of 7.3 million, with a net addition of 301,000 new merchants or 1.8 million more merchants in comparison to the same period of 2020.

搬到 PagSeguro。儘管 2021 年 3 月底實施了新的封鎖措施，但第一季度以 500 億雷亞爾收購 TPV，同比增長 58%。在線 TPV 同比增長 140%，而 Hubs TPV 同比增長 410%，使我們對新細分市場的投資更加多元化。活躍商戶達730萬戶，新增商戶淨增30.1萬戶，較2020年同期淨增180萬戶。

Total acquiring revenues of BRL 1.9 billion, with adjusted EBITDA of BRL 725 million, margin of 38%. During this quarter, we launched PagPhone, the first worldwide one-stop shop POS, which combines acquiring, banking and software. We also launched Moderninha ProFit, a small POS with integrated printer and Auditek app, our reconciliation software.

總收購收入為 19 億雷亞爾，調整後 EBITDA 為 7.25 億雷亞爾，利潤率為 38%。本季度，我們推出了 PagPhone，這是全球首個一站式 POS，集收單、銀行業務和軟件於一體。我們還推出了 Moderninha ProFit，這是一款帶有集成打印機和 Auditek 應用程序（我們的對賬軟件）的小型 POS。

Moving to PagBank. PagBank TPV of BRL 31 billion, up 261% year-over-year, boosted by wire transfers and bill payments. PagBank app downloads of 48 million, with almost 7 million downloads in the quarter. PagBank active clients of 9.1 million, up 144%, with a net addition of 1.3 million in the quarter. PagBank consumer clients of 3.5 million, 5x larger than first quarter 2020.

搬到 PagBank。在電彙和賬單支付的推動下，PagBank TPV 達到 310 億雷亞爾，同比增長 261%。PagBank 應用程序下載量為 4800 萬次，本季度下載量接近 700 萬次。PagBank 活躍客戶達 910 萬，增長 144%，本季度淨增 130 萬。PagBank 消費者客戶數量為 350 萬，是 2020 年第一季度的 5 倍。

In first quarter 2021, consumers represented 38% of PagBank active clients. Credit portfolio of BRL 773 million, deposits of BRL 5 billion and PagBank CDs surpassing BRL 1.4 billion in March 2021. During this quarter, we also announcing the cash back offering for Payroll Portability, and launched new third-party investment funds and personal accident insurance.

2021 年第一季度，消費者佔 PagBank 活躍客戶的 38%。2021 年 3 月，信貸組合為 7.73 億雷亞爾，存款為 50 億雷亞爾，PagBank CD 超過 14 億雷亞爾。在本季度，我們還宣布了 Payroll Portability 的現金返還服務，並推出了新的第三方投資基金和個人意外保險。

Moving to Slide 4. 2 years ago, we launched PagBank, aiming to explore and capture the existing opportunity in Brazil. At that time, we had a few products in our portfolio, providing the base digital account features only to our merchants.

轉向幻燈片 4。 2 年前，我們推出了 PagBank，旨在探索和抓住巴西現有的機會。當時，我們的產品組合中有一些產品，僅向我們的商家提供基本數字帳戶功能。

In Slide 5, we can see all the achievements throughout the last 2 years, becoming a complete ecosystem now serving both merchants and consumers as we were able to combine acquiring, banking, partnerships, software, marketplace, insurance, investment, loans and cards.

在幻燈片5 中，我們可以看到過去2 年所取得的所有成就，成為一個完整的生態系統，現在為商家和消費者提供服務，因為我們能夠將收單、銀行、合作夥伴關係、軟件、市場、保險、投資、貸款和卡結合起來。

Moving to Slide 6. We show how powerful is our ecosystem and how it is boosting our growth trends. First, I'll talk about client acquisition and awareness. We reached 7.3 million active merchants, up 33% year-over-year and 9.1 million PagBank clients in the first quarter of 2021. It represents a growth of 146% year-over-year.

轉到幻燈片 6。我們展示了我們的生態系統有多麼強大以及它如何推動我們的增長趨勢。首先，我將討論客戶獲取和認知度。2021 年第一季度，我們的活躍商戶數量達到 730 萬，同比增長 33%，PagBank 客戶數量達到 910 萬。同比增長 146%。

Moving down, we can see we reached 48 million downloads in PagBank as of March 2021. Talking about engagement, we observed the acceleration of volumes growth, consolidated TPV increased 102% year-over-year, while net consolidated TPV grew 215% when compared with Q1 2020.

向下看，我們可以看到，截至 2021 年 3 月，PagBank 的下載量已達到 4800 萬次。談到參與度，我們觀察到銷量增長加速，綜合 TPV 同比增長 102%，而淨綜合 TPV 與 2020 年第一季度相比增長 215%。

Our market share in the Brazilian payments industry reached 9%, more than 3 percentage points in comparison to the first quarter of 2019. Our products per user ratio increased from 2.5 to 2.7, which also indicates higher engagement of our clients. Last but not less important in third quarter, PAGS monetization. Revenue and EBITDA growth shows we were able to monetize our businesses and to balance growth with profitability. Total revenues increased 30% year-over-year, and our adjusted EBITDA increased 12%.

我們在巴西支付行業的市場份額達到9%，比2019年第一季度提高了3個百分點以上。我們的每用戶產品比率從 2.5 增加到 2.7，這也表明我們的客戶參與度更高。第三季度最後但同樣重要的是 PAGS 貨幣化。收入和 EBITDA 增長表明我們能夠將業務貨幣化並平衡增長與盈利能力。總收入同比增長 30%，調整後 EBITDA 增長 12%。

Moving to Slide 7, we'll start presenting our operating figures for the acquiring business. Our TPV growth remains strong, with a 58% increase over a year, boosted by TPV promotion growth, which grew 18% when compared with first quarter 2020. A net merchant adds that reached 300,000 between January and March this year, ended the quarter with 7.3 million active merchants.

轉向幻燈片 7，我們將開始展示收購業務的運營數據。我們的 TPV 增長依然強勁，同比增長 58%，這得益於 TPV 促銷增長，與 2020 年第一季度相比增長了 18%。一位網商補充說，今年 1 月至 3 月期間，活躍商戶數量達到 30 萬，本季度末活躍商戶數量為 730 萬。

The strong growth despite new lockdowns in Brazil, was driven mainly by a fast cash conversion into electronic payments and success in our new verticals and client segments, such as online and Hubs. Volumes growth for April and May were very strong, respectively, 108%, and 91% increase year-over-year despite the new lockdowns we had in Brazil in 2021.

儘管巴西實施了新的封鎖措施，但仍實現了強勁增長，這主要是由於現金快速轉換為電子支付以及我們在新垂直行業和客戶細分市場（例如在線和中心）的成功。儘管 2021 年巴西實施了新的封鎖措施，但 4 月和 5 月的銷量增長非常強勁，分別同比增長 108% 和 91%。

Moving to Slide 8. Total acquiring revenues were BRL 1.9 billion, up 29% year-over-year, accelerating the growth in comparison to 2020. Acquiring adjusted EBITDA up 28% year-over-year, with EBITDA margin of 38%. TPV mix improved in comparison to the fourth quarter, which drove up acquiring net take rate and payments profitability. Excluding PagBank revenues and transaction costs, acquiring intake rate increased 17 basis points in comparison to previous quarter, reaching 2.23%.

轉向幻燈片 8。總收購收入為 19 億雷亞爾，同比增長 29%，與 2020 年相比加速增長。收購調整後 EBITDA 同比增長 28%，EBITDA 利潤率為 38%。冠捷組合與第四季度相比有所改善，這推動了收購淨接受率和支付盈利能力。剔除 PagBank 收入和交易成本，收購率較上季度上升 17 個基點，達到 2.23%。

Moving to Slide 9. Here represents some new acquired initiatives we have been exploring. First, our Online TPV, which has been growing much faster than previous year. In first quarter 2021, our online volumes grew 140% versus 13% in 2020. The acquisition of MoIP, a digitalization process boosted by pandemic and our several initiatives to incentivize online payments and omnichannel solutions were the main drivers. Also, we are happy to announce card-not-present transactions during this quarter increased 116% year-over-year.

轉到幻燈片 9。這裡展示了我們一直在探索的一些新獲得的舉措。首先是我們的在線冠捷科技，它的增長速度比去年快得多。2021 年第一季度，我們的在線交易量增長了 140%，而 2020 年為 13%。收購 MoIP、疫情推動的數字化進程以及我們激勵在線支付和全渠道解決方案的多項舉措是主要驅動力。此外，我們很高興地宣布本季度無卡交易同比增長 116%。

Moving to our SMB Hub strategy. Our 2021 volume trends indicate we will be in the top of the range of our current guidance, which was 11% of acquired TPV. Our forecast is to have a 250 to 300 Hubs up and running in several cities and regions until the end of 2021, reaching 83% percent of Brazilian GDP coverage. Finally, software subscribers reached 621,000, 8.5% of PAGS' active merchants. We plan to provide additional disclosure of our Hub strategy in the coming quarters.

轉向我們的中小企業中心戰略。我們 2021 年的銷量趨勢表明，我們將處於當前指導範圍的頂部，即所收購冠捷科技的 11%。我們預計，到 2021 年底，將在多個城市和地區建立並運行 250 至 300 個中心，覆蓋巴西 GDP 的 83%。最終，軟件訂閱者達到 621,000 人，佔 PAGS 活躍商戶的 8.5%。我們計劃在未來幾個季度進一步披露我們的中心戰略。

Now moving to Slide 10. We will share some PagBank figures. Starting with the strong growth of PagBank TPV, once again, a triple digit growth, totaling BRL 31 billion, accelerating the growth in comparison to 2020. On the top right, we have our PagBank active client figures, which was 9.1 million, being 38% composed by consumers.

現在轉到幻燈片 10。我們將分享一些 PagBank 數據。以 PagBank TPV 的強勁增長為開端，再次實現三位數增長，總計 310 億雷亞爾，與 2020 年相比加速增長。右上角是 PagBank 的活躍客戶數量，為 910 萬，其中 38% 由消費者組成。

Net adds were 1.3 million, with consumers representing 58% of first quarter net additions. These figures show a strength to serve both merchants and consumers with our 2-sided ecosystem. Bottom left, we share our product per user ratio. In first quarter 2021, our products per user reached 2.7, 0.2 higher than the same period of 2020, reinforcing client stickiness to our ecosystem.

淨增人數為 130 萬，其中消費者佔第一季度淨增人數的 58%。這些數字顯示了我們通過雙邊生態系統為商家和消費者提供服務的實力。左下角，我們分享了每個用戶的產品比率。2021年第一季度，我們的每用戶產品達到2.7個，比2020年同期增加0.2個，增強了客戶對我們生態系統的粘性。

PagBank revenues reached BRL 149 million, up 48% year-over-year and accelerating in April 2021 to above 80% when compared to April 2020. Although April 2020 was the worst pandemic month in Brazil impacted by lockdowns, which drove down withdraws and card spending.

PagBank 收入達到 1.49 億雷亞爾，同比增長 48%，與 2020 年 4 月相比，2021 年 4 月加速增長至 80% 以上。儘管 2020 年 4 月是巴西受封鎖影響最嚴重的疫情月份，導致取款和卡支出下降。

Additionally, for those clients with higher engagement, such as merchants active in PagBank and consumers with Payroll Portability, we offer some free ATM withdrawals per month, exchanging short-term revenues for higher engagement and future monetization.

此外，對於那些參與度較高的客戶，例如活躍於 PagBank 的商家和擁有 Payroll Portability 的消費者，我們每月提供一些免費的 ATM 取款，用短期收入換取更高的參與度和未來的貨幣化。

In first quarter 2021, PagBank adjusted EBITDA was a loss of BRL 78 million, driven by headcount increase, marketing expenses and transaction costs. Also, in first quarter, we had a onetime event related to digital account losses, not related to loan provisions or credit risk management, amounting BRL 73 million.

2021 年第一季度，由於員工人數增加、營銷費用和交易成本，PagBank 調整後的 EBITDA 虧損 7800 萬雷亞爾。此外，在第一季度，我們發生了一次與數字賬戶損失相關的一次性事件，與貸款撥備或信用風險管理無關，損失金額為 7300 萬雷亞爾。

The massive data leak in Brazil, which happened in January 2021, did not affect any of our systems, data or infrastructure. However, it provided information to fraudster activities in online transactions and bill payments. As we identified these transactions, we immediately blocked them. Again, this is a onetime event.

2021 年 1 月發生的巴西大規模數據洩露事件沒有影響我們的任何系統、數據或基礎設施。然而，它為在線交易和賬單支付中的欺詐活動提供了信息。當我們發現這些交易時，我們立即阻止了它們。再次強調，這是一次性事件。

Moving to Slide 11. We present some additional data about PagBank and PagInvest. The number of active cards increased 3x in comparison to the first quarter of 2019. In May, we launched a new home marketing campaign in partnership with Visa to foster card payments. In this campaign, PagBank clients will receive cash price, and one of them will get a house.

轉到幻燈片 11。我們提供有關 PagBank 和 PagInvest 的一些額外數據。與 2019 年第一季度相比，活躍卡數量增加了 3 倍。5 月份，我們與 Visa 合作推出了一項新的家庭營銷活動，以促進信用卡支付。在本次活動中，PagBank 客戶將獲得現金價格，其中一名客戶將獲得一套房子。

Day-to-day banking, the number of PagBank app logins was 549 million in the first quarter of the year, while Bill Payments transactions has been gaining a lot of traction. This is a very good sign, since usually clients elect their main banks to centralize bill payments.

日常銀行業務方面，今年第一季度 PagBank 應用程序登錄量為 5.49 億次，而賬單支付交易也獲得了很大的關注。這是一個非常好的跡象，因為通常客戶會選擇他們的主要銀行來集中支付賬單。

Finally, PagInvest assets under custody reached BRL 4.2 billion, up 127% year-over-year, with PagBank CDs, almost doubling the size quarter-over-quarter. Worth to say, all this AUC is based in PagBank CDs and a few investment funds. We plan to have equities and treasury bonds in the following weeks, which we expect to help increase assets under our custody.

最後，PagInvest 託管資產達到 42 億雷亞爾，同比增長 127%，其中 PagBank CD 的規模幾乎環比增加了一倍。值得一提的是，所有這些 AUC 都是基於 PagBank CD 和一些投資基金。我們計劃在接下來的幾週內持有股票和國債，預計這將有助於增加我們託管的資產。

Recently, we allowed our investment platforms to receive orders 20 hours a day, 7 days a week, and we also launched a new third-party investment funds managed by well-known investment firms in Brazil, such as Western Asset, Alaska, Hashdex, BNP Paribas, Journey and AZ Quest.

最近，我們允許我們的投資平台每週7天、每天20小時接單，我們還推出了新的由巴西知名投資公司管理的第三方投資基金，如Western Asset、Alaska、Hashdex、法國巴黎銀行、Journey和AZ Quest。

Now I would like to turn the conference over to Artur, our CFO, who will talk about our credit portfolio and our financial results for the quarter. Artur, please go ahead.

現在我想將會議交給我們的首席財務官阿圖爾，他將討論我們的信貸投資組合和本季度的財務業績。阿圖爾，請繼續。

Thanks, Ricardo, and good evening, everyone. In the Slide 12, we show our credit portfolio where the performance is improving every day based on credit models result. We ended the month of March with a total credit portfolio of BRL 773 million, being 53% of working capital loans, 42% credit cards and 3% of other credit products.

謝謝里卡多，大家晚上好。在幻燈片 12 中，我們展示了我們的信貸投資組合，根據信貸模型結果，其績效每天都在改善。截至 3 月底，我們的信貸組合總額為 7.73 億雷亞爾，其中 53% 為營運資金貸款，42% 為信用卡，3% 為其他信貸產品。

As we have been tracking very close, the NPLs by cohorts for working capital loans and for credit cards trends are getting better since August 2020, showing very healthy numbers.

正如我們一直密切跟踪的那樣，自 2020 年 8 月以來，營運資金貸款和信用卡趨勢的不良貸款正在好轉，顯示出非常健康的數字。

Our confidence has been increasing and encouraging us to reach the highest level of credit disbursements in May. We expect to increase credit originations going forward, mainly in the second half of this year. Our cash position remains very strong with a positive balance of BRL 8.1 billion enforced by the issuance of PagBank CDs to fund the credit disbursements. Loans to the deposit ratio was 53% guaranteeing stamina to grow our credit portfolio in a healthy and sustainable way.

我們的信心不斷增強，並鼓勵我們達到五月份信貸支出的最高水平。我們預計未來將增加信貸發放，主要是在今年下半年。我們的現金狀況仍然非常強勁，通過發行 PagBank CD 為信貸支出提供資金，實現了 81 億雷亞爾的正餘額。存貸比達53%，為信貸組合健康可持續發展提供了後勁。

Moving to Slide 13, we present our quarterly financial results. On the top left, our consolidated net take rate reached 2.41%, representing an increase of 11 basis points in comparison to Q4 '20 and 6 basis points versus Q3 '20, driven by better TPV mix with more credit and lower debit transactions and a longer duration for credit cards receivables and installments.

轉向幻燈片 13，我們展示季度財務業績。在左上角，我們的綜合淨採用率達到2.41%，與20 年第4 季度相比增加了11 個基點，與20 年第3 季度相比增加了6 個基點，這得益於更好的TPV組合、更多的信貸交易和更低的借記交易以及信用卡應收賬款和分期付款的期限更長。

In the top right graphic, we share our non-GAAP total costs and expenses, which totaled BRL 1.6 billion in the first quarter of 2021, up 51% year-over-year. Cost of sales and services represented 70% of total costs and expenses remained at the same level of Q1 '20 and increased 49% year-over-year.

在右上圖中，我們分享了我們的非 GAAP 總成本和費用，2021 年第一季度總計 16 億雷亞爾，同比增長 51%。銷售和服務成本佔總成本和費用的 70%，與 20 年第一季度持平，同比增長 49%。

The main drivers were higher interchange and card scheme fees following the TPV growth, higher depreciation and amortization related to our solid active merchants additions during the past quarters and expenses to new products and services developed to PagBank.

主要驅動因素是 TPV 增長後交換和卡計劃費用上漲、與過去幾個季度我們穩定活躍的商戶增加相關的折舊和攤銷增加以及 PagBank 開發的新產品和服務的費用。

Selling expenses represented 23% of total costs and expenses and increased 94% year-over-year due to headcount expansion for our Hubs and the onetime digital account losses of BRL 73 million previously explained by Ricardo. If we exclude the digital account losses, this line increased 56% versus the same period of last year.

銷售費用佔總成本和費用的 23%，同比增長 94%，原因是我們中心的人員擴張以及里卡多之前解釋的 7300 萬雷亞爾的一次性數字賬戶損失。如果排除數字賬戶損失，該線比去年同期增長了 56%。

In the bottom left chart, our adjusted EBITDA was BRL 573 million, excluding the negative effect of BRL 73 million related to onetime digital account losses not related to loan provisions or credit risk management and the positive effect of BRL 29 million related to tax provision reversal.

在左下圖表中，我們調整後的EBITDA 為5.73 億雷亞爾，不包括與貸款撥備或信用風險管理無關的一次性數字賬戶損失相關的7300 萬雷亞爾的負面影響，以及與稅收撥備沖銷相關的2900 萬雷亞爾的積極影響。

The recurrent adjusted EBITDA was BRL 618 million, with a margin of 30%. Finally, in the bottom right, we share our capital allocation strategy. During the first quarter of the year, we invested almost BRL 393 million, being 62% in POS acquisitions and 38% in other initiatives, mainly related to product and software developments. As a percentage of our revenues, CapEx decreased 4 percentage points reaching 19% versus 23% in the first quarter of 2020.

經常性調整後 EBITDA 為 6.18 億雷亞爾，利潤率為 30%。最後，在右下角，我們分享了我們的資本配置策略。今年第一季度，我們投資了近 3.93 億雷亞爾，其中 62% 用於 POS 收購，38% 用於其他計劃，主要與產品和軟件開發相關。資本支出占我們收入的百分比下降了 4 個百分點，達到 19%，而 2020 年第一季度為 23%。

Thank you all for joining us tonight. Now I pass the word back to Dutra to conclude the presentation.

感謝大家今晚加入我們。現在我將的話傳回杜特拉以結束演示。

Thank you, Artur. Moving to Slide 14, we present PagPhone. During the last quarters, we were working very hard to launch the first device in the world, which combines acquiring, banking and smartphone. Everything in one single device created a real one-stop shop solution for our merchants, reinforcing our leadership in long tail market and continue to be a company driven by innovation.

謝謝你，阿圖爾。轉到幻燈片 14，我們介紹 PagPhone。在過去的幾個季度中，我們非常努力地推出了世界上第一款集收單、銀行和智能手機於一體的設備。一切都在一個設備中，為我們的商家創造了真正的一站式解決方案，鞏固了我們在長尾市場的領導地位，並繼續成為一家以創新為驅動的公司。

Finally, on Slide 15, our last slide, represent Moderninha ProFit. This is the smallest POS with integrated printer in the market. Initiatives like this help us to offer a better customer experience and to allocate capital more efficiently. Consequently improving our LTV per cap ratios.

最後，幻燈片 15（我們的最後一張幻燈片）代表了 Moderninha ProFit。這是市場上最小的帶有集成打印機的 POS。此類舉措有助於我們提供更好的客戶體驗並更有效地分配資本。因此提高了我們的按上限生命週期價值比率。

With that, we end our presentation, and you can start the Q&A session. Thank you. Operator, please?

至此，我們的演示結束，您可以開始問答環節了。謝謝。接線員，請說？

(Operator Instructions) Our first question comes from Jorge Kuri with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Jorge Kuri。

Congrats on the numbers. I have 2 questions, please. The first one is on your TPV guidance of 40%. I think that chart on Page 7 is quite telling. I think you're running at significantly above that. And hopefully, we've passed the worst of this year. Is it possible that the number is just significantly above that, it wouldn't be surprising given that current trends that you end up at 55% to 60% growth. And what stops you from updating that guidance? Or where do things could potentially go wrong and we do end up in 40%, which would be a big deceleration from the first 5 months of this year?

恭喜你的數字。我有 2 個問題，請問。第一個是關於 40% 的 TPV 指導。我認為第 7 頁的圖表很能說明問題。我認為你的運行速度明顯高於這個值。希望我們已經度過了今年最糟糕的時期。這個數字是否有可能遠高於這個數字，考慮到當前的趨勢，您最終會實現 55% 到 60% 的增長，這並不奇怪。是什麼阻止您更新該指南？或者哪些地方可能會出現問題，而我們最終的增長率確實是 40%，這與今年前 5 個月相比將是一個很大的減速？

And my second question is on NPLs, and I'm not sure if this is related to the digital losses. I'm not sure that I understood properly what that is. But anyway, my question is on NPLs going to your Slide #12, where you have the pre-pandemic cohorts and the past August 2020 cohorts. Can you maybe explain how loan losses are trending over the last few months, particularly given the difficulties of the first quarter? And just if you can explain what those digital losses are and if indeed, those are part of the NPLs.

我的第二個問題是關於不良貸款的，我不確定這是否與數字損失有關。我不確定我是否正確理解那是什麼。但無論如何，我的問題是有關 NPL 的問題，請轉到您的幻燈片 #12，其中有大流行前的隊列和過去 2020 年 8 月的隊列。您能否解釋一下過去幾個月貸款損失的趨勢，特別是考慮到第一季度的困難？如果你能解釋一下這些數字損失是什麼，如果確實如此，那麼這些損失就是不良貸款的一部分。

Good to hear you. Thank you for the question, and thank you for the compliment as well. This is Ricardo. I will start with TPV and then begin answering your question #2 and then Artur can complement. But talking about TPV, you're right, we are running above the 40% guidance. We are confident with this guidance. And the reason that we do not update is because we are still in the mid of the pandemic in Brazil. I mean, we have some uncertainty looking forward. We have tougher comps in the second half 2020 because the government had BRL 300 billion in coronavouchers last year in second half. So we have tougher comps. And we need to wait and see how it's going to be the economic recovery in Brazil. So that's why we don't update at this point. As time passes by, we will be more than happy to update that. So that's why we are confident with this 40% at this time.

很高興聽到你的聲音。謝謝你的提問，也謝謝你的誇獎。這是里卡多。我將從 TPV 開始，然後開始回答你的問題 #2，然後 Artur 可以補充。但說到 TPV，你是對的，我們的運行速度高於 40% 的指導值。我們對這一指導充滿信心。我們之所以不更新，是因為巴西仍處於疫情之中。我的意思是，我們未來有一些不確定性。我們在 2020 年下半年的競爭更加激烈，因為去年下半年政府發放了 3000 億雷亞爾的新冠優惠券。所以我們有更嚴格的比賽。我們需要拭目以待，看看巴西的經濟復甦情況如何。所以這就是我們現在不更新的原因。隨著時間的推移，我們將非常樂意更新。所以這就是為什麼我們現在對這40%充滿信心。

Talking about the digital losses, just to be clear here, there is no relation with credit, no relation with loans. That happened because we were, I would say, more aggressive than what it should in terms of authorizing some bill payment transactions. And then what we had is people coming here, paying bills, some of them with credit cards, and then we had chargebacks afterwards. So we had this -- we are saying here in Q1, but actually was in February and March. We already adjusted that. We didn't have any impact in April and May. So it is really a one-off, it is really a thing that happened in February and March, and that's it. There is nothing that's going to happen in Q2 regarding to that. And again, there is no relationship with NPLs or things like that.

談到數字損失，這裡需要澄清的是，與信用無關，與貸款無關。我想說，發生這種情況是因為我們在授權某些賬單支付交易方面比應有的更加積極。然後我們看到的是人們來到這裡支付賬單，其中一些人用信用卡，然後我們就收到了退款。我們說的是第一季度，但實際上是在二月和三月。我們已經對此進行了調整。四月和五月我們沒有受到任何影響。所以這真的是一次性的，確實是二三月份發生的事情，就這樣了。第二季度不會發生任何與此相關的事情。再說一次，與不良貸款或類似的事情沒有任何關係。

Just to be clear here, I want to reinforce that we didn't have any problems with our infrastructure, with our data or data leak. What it had was a massive data leak in Brazil in January 2021. It was in the news. And probably, we're aggressive in authorizing some bill payments transactions to credit cards. So that's it. We already adjusted that and it not happening in Q2.

在此需要澄清的是，我想強調的是，我們的基礎設施、數據或數據洩漏沒有任何問題。2021 年 1 月，巴西發生了大規模數據洩露事件。這是新聞裡的事。也許，我們正在積極授權信用卡進行一些賬單支付交易。就是這樣了。我們已經對此進行了調整，但第二季度沒有發生這種情況。

And talking about the NPLs in Slide 12, I'll ask Artur to help us here. And again, Jorge, thank you very much for the question.

談到幻燈片 12 中的 NPL，我將請 Artur 在這裡幫助我們。豪爾赫，再次非常感謝你提出這個問題。

Jorge, it's Artur speaking. And thank you so much for your question. It's a pleasure to talk to you. I think the idea of this graph is show you that when we start to offer credits again in August '20, our NPLs are much better than we have before. Because we learned a lot during the pandemic period. And so you know that in March '20, we stopped our originations. And we learned a lot, adjusted our models, hired new people, more experience to that. And so now we are having met better results than we had before. And the idea is just to give you more color about it, because we don't know -- we don't give the number. So it's important to you to understand that we have a better performance right now than before. And that's it. And so we are very happy with the numbers and encouraging us to accelerate the originations going forward.

豪爾赫，我是阿圖爾。非常感謝你的提問。很高興與您交談。我認為這張圖的目的是向您展示，當我們在 20 年 8 月再次開始提供信貸時，我們的不良貸款比以前好得多。因為疫情期間我們學到了很多。所以你知道，20 年 3 月，我們停止了我們的創作。我們學到了很多東西，調整了我們的模式，僱用了新員工，獲得了更多經驗。所以現在我們取得了比以前更好的結果。這個想法只是為了給你更多關於它的信息，因為我們不知道——我們不給出這個數字。因此，了解我們現在的表現比以前更好對您來說很重要。就是這樣。因此，我們對這些數字感到非常滿意，並鼓勵我們加快推進進程。

Our next question comes from Mariana Taddeo with UBS.

我們的下一個問題來自瑞銀集團的瑪麗安娜·塔迪奧。

So regarding the SMB segment, you mentioned that should represent 7% to 11% of your total TPV this year. But could you share how much it represents today? Also if you could give us some color, where are the merchants in this segment coming from, from the incumbents, from Eastern or any other player, I don't know, if you could share that. And also in the presentation, you mentioned the penetration of the software within the SMB clients. I want to understand if you are offering the banking credit products to them? And how is this penetration?

關於 SMB 細分市場，您提到這應該佔今年總 TPV 的 7% 到 11%。但您能分享一下它在今天代表著多少意義嗎？另外，如果您能給我們一些信息，這個細分市場中的商家來自哪裡，來自現有企業，來自東方或任何其他參與者，我不知道，您是否可以分享這一點。在演示中，您還提到了該軟件在 SMB 客戶端中的滲透。我想了解一下你們是否向他們提供銀行信貸產品？而這個滲透力如何呢？

Mariana, this is Ricardo. Thank you for the question. So we are not disclosing the exactly number of Hubs TPV in the total TPV at this point, Mariana. We -- as we said at the presentation, we plan to give more color as time passes by. Just we don't want to give this information at this point for strategic and competitive reasons. Regarding the players that we are getting in this segment, it varies, but usually, it follows the market share in SMB's so the majority of them we are getting from incumbents. And then we have someone -- some others coming from new players. But it follows a little bit the market share of this segment. We are the, let's say, the newcomer here. We are the company that is, let's say, competing with the other ones being the aggressive here. So that's why we are getting all these new merchants and TPV grew 410% year-over-year.

瑪麗安娜，這是里卡多。感謝你的提問。因此，Mariana，目前我們並未透露總 TPV 中 Hubs TPV 的確切數量。正如我們在演示中所說，我們計劃隨著時間的推移提供更多的色彩。只是出於戰略和競爭原因，我們目前不想提供此信息。關於我們在這一領域獲得的參與者，情況各不相同，但通常情況下，它遵循中小企業的市場份額，因此我們中的大多數都是從現有企業獲得的。然後我們就有了一些人——其他一些人來自新玩家。但它稍微遵循了該細分市場的市場份額。可以說，我們是這裡的新來者。可以說，我們是一家與其他積極進取的公司競爭的公司。這就是為什麼我們吸引了所有這些新商家，並且 TPV 同比增長了 410%。

Regarding the software, the 8.5%. We actually use the information we had from software to put in our models, in our credit models because we have more information from the ones who use software versus the other that don't use it. I don't have here in the top of my mind, how is the penetration of credit for these clients to be sincere. But it's one variable of the model, not the main one, but it helps us to improve our models. I don't know if I answered your question.

關於軟件，8.5%。我們實際上使用從軟件中獲得的信息來放入我們的模型、信用模型中，因為與不使用軟件的人相比，我們從使用軟件的人那裡獲得了更多的信息。我腦子裡想的不是這些客戶的信用滲透率如何是真誠的。但這是模型的一個變量，不是主要變量，但它可以幫助我們改進模型。我不知道我是否回答了你的問題。

Yes. On this second part of the question in terms of banking and credit. I just want to understand if you're offering, if they have the credit products or, I don't know, credit cards or something like this?

是的。關於銀行和信貸問題的第二部分。我只是想了解你們是否提供信貸產品，或者我不知道信用卡或類似的產品？

Yes. Yes, we are offering credit for SMBs as well. We are growing our credit portfolio, BRL 160 million in this quarter. The -- almost 100% of this BRL 160 million, we focused on the merchants. Very small part of that is focused on consumers, for a small pilots here and there. But the majority of that is for the merchants. And yes, we are offering credit for SMBs as well.

是的。是的，我們也為中小企業提供信貸。我們正在擴大信貸投資組合，本季度達到 1.6 億雷亞爾。在這 1.6 億雷亞爾中，我們幾乎 100% 都專注於商家。其中很小一部分是針對消費者的，針對各地的小型試點。但其中大部分是針對商人的。是的，我們也為中小企業提供信貸。

Our next question comes from Bryan Keane with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩·基恩。

Congratulations on the results, especially given the tough economic environment. 2 questions, I guess, be interested in some more color on the increase in the TPV per merchant, I think it was up 18% year-over-year versus 3% looking at last year's increase. And so just trying to understand how much of that is stimulus versus what's driving -- what's been the driving factor there?

祝賀我們取得的成果，特別是考慮到嚴峻的經濟環境。我想有兩個問題對每個商家的 TPV 增長感興趣，我認為它同比增長了 18%，而去年的增長為 3%。因此，我們只是想了解其中有多少是刺激因素，哪些是驅動因素——驅動因素是什麼？

And then my second question on the margins. Obviously, you guys are making a lot of investments and the margins were impacted by those investments. Just was hoping you guys could give us some color on what the net income margin might look like going forward for the rest of the year and how much to expect for the investments in the Hubs and PagBank, et cetera?

然後是我的第二個問題。顯然，你們正在進行大量投資，而利潤受到這些投資的影響。只是希望你們能給我們一些關於今年剩餘時間淨利潤率的情況，以及對 Hubs 和 PagBank 等投資的預期多少？

Bryan, thank you for the question, and thank you for the compliment. Talking about the average TPV per merchant, there are some drivers here. If we look in Brazil, we are seeing the penetration of cards in PC is increasing. It used it to be, I guess, 40%, and now it's close to 44%. So we see more adoption of electronic payments. And we are also increasing our participation of online and Hubs in our total TPV. So as we go up a little bit in the pyramid, the average TPV promotion will grow as well. So I guess, those are the 2 main drivers here. People using more cards, less cash. And also, we are having more TPV coming from online and for Hubs.

布萊恩，謝謝你的提問，也謝謝你的讚美。談到每個商家的平均TPV，這裡有一些驅動因素。如果我們看看巴西，我們會發現卡在 PC 中的滲透率正在增加。我猜以前是 40%，現在接近 44%。因此，我們看到電子支付越來越多地被採用。我們還增加了在線和中心在總 TPV 中的參與度。因此，當我們在金字塔中向上移動一點時，平均 TPV 促銷也會增長。所以我想，這些是這裡的兩個主要驅動因素。人們使用更多的卡，更少的現金。此外，我們還有更多來自在線和 Hub 的 TPV。

Bryan, Artur speaking. Thank you so much for your question. It's a pleasure to talk to you again. And so regarding to margins, as you said, we invested a lot during the last months. And also in this quarter, we invested a lot in PagBank to hire more headcount and product development to develop products like PagInvest, insurance, credit and also we are investing in Hubs with sales force, facilities, rentals and also marketing to promoting our new products and services.

布萊恩，阿圖爾。非常感謝你的提問。很高興再次與您交談。因此，關於利潤率，正如您所說，我們在過去幾個月進行了大量投資。同樣在本季度，我們對PagBank 進行了大量投資，以僱用更多員工和產品開發人員來開發PagInvest、保險、信貸等產品，並且我們還投資於擁有銷售人員、設施、租賃和營銷的中心，以推廣我們的新產品和服務。

And also right now, we are -- in terms of nominal, we are slightly better in the bottom line in 2021 even though our focus is to reach the best balance between growth and profitability, looking for a bigger company in the future, gaining scale to leverage expenses. And so we are much more focused right now in the growth of the company to leverage expenses in the future and improve margin as well in 2022 or 2023 in the more mid, long term.

而且現在，就名義而言，我們在 2021 年的盈利稍好一些，儘管我們的重點是在增長和盈利能力之間達到最佳平衡，在未來尋找一家更大的公司，擴大規模來槓桿化支出。因此，我們現在更加關注公司的發展，以平衡未來的支出，並在中長期內提高 2022 年或 2023 年的利潤率。

Got it. And any guidance on where we should set our models in terms of the net income margin going forward for this year, just given those investments you talked about?

知道了。鑑於您談到的這些投資，我們應該在今年的淨利潤率方面設定我們的模型，有什麼指導嗎？

Yes, Bryan, we gave the guidance for TPV for CapEx. What we can say here that in absolute terms, our net income this year will be better than last year. We don't have the exactly number here. But as Artur said, we are looking for, let's say, more growth this year than profitability. But in absolute terms, you're going to see a better net income this year versus 2020. Even with this challenge that we are seeing in the first quarter, with lockdowns and so on and more debit transaction and so on. So that's, I'd say, a better guidance I can give you at this point.

是的，布萊恩，我們為冠捷資​​本支出提供了指導。在這裡我們可以說，從絕對值來看，我們今年的淨利潤會比去年更好。我們這裡沒有確切的數字。但正如阿圖爾所說，我們希望今年的增長多於盈利能力。但從絕對值來看，今年的淨利潤將比 2020 年更好。即使我們在第一季度看到了這一挑戰，包括封鎖等以及更多的借記交易等。我想說，這就是我現在可以給你的更好的指導。

Our next question comes from Craig Maurer, Autonomous Research.

我們的下一個問題來自自治研究中心的 Craig Maurer。

I was wondering just some housekeeping items. You provided TPV growth for the acquiring channel through April and May. Could you provide what the total consolidated TPV growth was for April and May? Second, I wanted to return to the noncredit digital account losses. Just some additional clarification. I mean it sounds like you're authorizing Bill Pay on credit cards, but that something went awry, and you wound up with a lot of chargebacks. Were these fraudulent bill payments? Were these -- I'm trying to understand what went wrong in that -- I know it's onetime, but what went wrong in that authorization process that might be a learning experience for you?

我只是想知道一些家務用品。您提供了截至 4 月和 5 月收購渠道的 TPV 增長情況。您能否提供 4 月和 5 月的合併 TPV 總增長是多少？其次，我想回到非信用數字賬戶的損失。只是一些額外的說明。我的意思是，聽起來您正在授權信用卡上的賬單支付，但出了問題，您最終收到了很多退款。這些是欺詐性的賬單支付嗎？我試圖了解其中出了什麼問題，我知道這是一次性的，但是授權過程中出了什麼問題，這對您來說可能是一次學習經歷？

And lastly, in the SMB Hub business, are you seeing a strong degree of software uptake and to what degree are you seeing perhaps an omnichannel opportunity in the SMB software in the SMB business? And can you bring MoIP to address some of that?

最後，在 SMB Hub 業務中，您是否看到了強大的軟件採用率？您在 SMB 業務中看到了 SMB 軟件的全渠道機會到什麼程度？您能否利用 MoIP 來解決其中的一些問題？

Craig, this is Ricardo. Thank you for the question. We must discuss here internally how it's going to be, if you want to -- if you can give the TPV for PagBank. We didn't give in this call. We just see what is the best way to give this disclosure, of course, is growing a lot. We just closed in May. But I mean, we can discuss if you can make it public before next call. I don't have the answer to you at this point.

克雷格，這是里卡多。感謝你的提問。如果您願意的話，我們必須在內部討論這將如何進行——如果您可以為 PagBank 提供 TPV。我們沒有在這次通話中屈服。我們只是看看什麼是提供此披露的最佳方式，當然，正在增長很多。我們五月剛關門。但我的意思是，我們可以討論您是否可以在下次電話會議之前將其公開。目前我還沒有給你答案。

Talking about the digital account losses that you asked. We were aggressive in authorizing some transactions. The models for Bill Payments, let's say, authorizing more transactions than it should, so it's not credit related, it's not NPLs related to loans or things like that. It's just that people came here to pay bills through credit cards, that the majority of the chargebacks. And we authorized some of the transactions that after we reviewed, we should not have authorized. I mean we were aggressive in doing that. So that's what happened. There is no data leak. There is nothing like that. Just people came here, decided to pay a bill and then we had this charge-back. That's as simple as that.

談論你問的數字賬戶損失。我們積極授權一些交易。比方說，賬單支付的模型授權了比應有的更多交易，因此它與信用無關，也與貸款或類似事物相關的不良貸款無關。只是人們來這裡是通過信用卡支付賬單，這才是大部分退款的原因。而且我們授權了一些我們審核後不應該授權的交易。我的意思是我們在這樣做時非常積極。這就是發生的事情。不存在數據洩露。沒有那樣的事情。只是人們來到這裡，決定支付賬單，然後我們就收到了退款。就這麼簡單。

Regarding SMB and Hubs. Yes, they are using our software, although we know that our software at some point, they are very complete, but to some type of merchants, they require something more sophisticated. But at the end of the day, what we are looking here, we are bringing the merchants that are 4.0 to 5.0x larger than long tail. So they are still small. They are not very sophisticated. Part of them could be omnichannel, but we know that part of them will not be omnichannel, because of their business.

關於中小企業和集線器。是的，他們正在使用我們的軟件，雖然我們知道我們的軟件在某些方面非常完整，但對於某些類型的商家來說，他們需要更複雜的東西。但歸根結底，我們在這裡尋找的是比長尾大 4.0 到 5.0 倍的商家。所以它們還很小。他們不是很複雜。他們中的一部分可能是全渠道的，但我們知道，由於他們的業務，他們中的一部分不會是全渠道的。

Just, let's say, the guy from the restaurant, sometimes he's going to find a new platform to make delivery and PagBank will not provide that for him, although we have a small platform, just to give an example here. The guy that has auto parts, probably will not sell -- will not, let's say, fix cars and reach these customers through online. So we see some opportunity for omnichannels.

只是，比方說，餐廳的那個人，有時他會尋找一個新的平台來進行送貨，而 PagBank 不會為他提供這個平台，儘管我們有一個小平台，只是在這裡舉個例子。擁有汽車零部件的人可能不會出售——比方說，不會修理汽車並通過在線接觸這些客戶。所以我們看到了全渠道的一些機會。

For those who we think that is feasible, we can offer solutions, link of payments and things like that, but I would say the majority of them still today, they are not omnichannel. They are more physical stores, because we are going, let's say, in the bottom of the pyramid of SMBs. So they are not well sophisticated for softwares. And part of them are not ready for omnichannels. And that's fine.

對於那些我們認為可行的人，我們可以提供解決方案、支付鏈接之類的東西，但我想說的是，其中大多數至今仍然存在，它們不是全渠道的。它們更多的是實體店，因為我們正處於中小型企業金字塔的底部。所以它們對於軟件來說並不復雜。其中一部分還沒有為全渠道做好準備。那很好。

The -- at the end of the day, what I want is to bring them for acquiring and make them to use PagBank, get the data at some point, increase the relationship, stay in the relationship with them, we could -- we could offer credit and credit cards and so on. So that's the -- our idea is much more to have the financial services embedded with our solution, than other solutions at this point.

- 歸根結底，我想要的是讓他們進行收購併讓他們使用 PagBank，在某個時候獲取數據，增加關係，保持與他們的關係，我們可以 - 我們可以提供信用卡和信用卡等。這就是——我們的想法更多是將金融服務嵌入到我們的解決方案中，而不是目前的其他解決方案。

And are you seeing any change in behavior around PIX, any P2M transactions? Or is it still mainly a P2P channel?

您是否看到 PIX 和 P2M 交易方面的行為發生任何變化？還是主要還是P2P渠道？

Well, Craig, we don't see PIX hurting our acquiring business or people using PIX to make payments. What you see is PIX replacing wire transfers. So let's say, if you had a bill that you used it to pay through wire transfer. So people did not use cards. Now they are using PIX, because PIX is free and this is continuous and so on. But we don't see PIX let's say, cannibalizing our acquiring business, as you could see in our growth, 58% year-over-year. So we -- that's the thesis that you have, the hypothesis that you have from the beginning since when we started talking about PIX in the beginning of last year. PIX is much more to replace wire transfers. At some point, to replace cash and help digitalization of some people in Brazil. And then we can take advantage by offering PagPhone, and you could see that we are growing more than 1 million PagBank clients per quarter.

克雷格，我們不認為 PIX 會損害我們的收單業務或使用 PIX 進行付款的人們。您所看到的是 PIX 正在取代電匯。假設您有一張賬單，您用它通過電匯支付。所以人們沒有使用卡片。現在他們使用PIX，因為PIX是免費的並且這是連續的等等。但我們並沒有看到 PIX 蠶食我們的收單業務，正如您在我們的同比增長 58% 中看到的那樣。所以我們——這就是你們的論點，從去年年初我們開始談論 PIX 以來你們從一開始就提出的假設。PIX 更能取代電匯。在某個時候，取代現金並幫助巴西一些人實現數字化。然後我們可以通過提供 PagPhone 來利用這一優勢，您可以看到我們每季度增加超過 100 萬 PagBank 客戶。

Our next question comes from Mario Pierry with Bank of America.

我們的下一個問題來自美國銀行的馬里奧·皮耶里。

Congratulation on the results. Let me ask you 2 questions as well, primarily related to revenue generation. How should we think about the direction of your take rate on the acquiring business, taking in consideration, right, the expansion -- the Hub expansion. And also taking in consideration that the economy is opening up, so we should see a better mix of credit versus debit? And also, when we think about the take rate on PagBank. I think it's fair to say that PagBank is growing much faster than we anticipated. So I was wondering if you think that you can achieve your target or your soft target of 30% of revenues coming from PagBank 3 years from now, if maybe we could anticipate that.

祝賀結果。我也問你兩個問題，主要與創收有關。我們應該如何考慮您對收購業務的接受率的方向，考慮到，對，擴張——中心擴張。並且考慮到經濟正在開放，所以我們應該看到信貸與借記卡的更好組合？而且，當我們考慮 PagBank 的收取率時。我認為可以公平地說 PagBank 的增長速度比我們預期的要快得多。所以我想知道您是否認為您可以實現 3 年後 30% 的收入來自 PagBank 的目標或軟目標，​​我們是否可以預見到這一點。

Mario, this is Ricardo. Thank you for the question. Regarding acquiring take rates, as you could see, we grew 17 basis points in Q1 versus Q4, even with more TPV coming from SMBs, which have -- which has a lower net take rate, because, I mean they are a little bit larger merchants.

馬里奧，這是里卡多。感謝你的提問。關於收購率，正如您所看到的，我們在第一季度比第四季度增長了17 個基點，即使更多的TPV 來自中小企業，它們的淨收購率較低，因為，我的意思是它們更大一點商人。

So looking forward, what we expect from the acquiring take rates to be stable. There's going to be some violation here and there, but to be stable because we're going to have more clients coming from Hubs. Would put some pressure in the acquire -- in the net take rate coming down. On the other hand, we have the tailwind that is the mix of payments, more credit.

因此，展望未來，我們預計收購率將保持穩定。到處都會有一些違規行為，但要保持穩定，因為我們將有更多的客戶來自 Hubs。會給收購帶來一些壓力——淨收購率下降。另一方面，我們有支付和更多信貸組合的順風。

So what I can -- looking forward here this year we expect to be stable or improve a little bit. But let's see how it's going to be. In Brazil, we have a lot of ups and downs and lockdowns suddenly. Unfortunately, the rate of vaccination is not going pretty fast as we see in other countries.

所以我能做的——展望今年，我們預計會保持穩定或有所改善。但讓我們看看會怎樣。在巴西，我們突然經歷了很多起起落落和封鎖。不幸的是，疫苗接種率並沒有像我們在其他國家看到的那樣快。

Some people talking about third wave. Some cities making lockdowns, some others opening. So it's still a lot of uncertainty. But to give, let's say, soft guidance here, let's consider it stable even with the pressure coming from the Hubs, which, in our opinion, it's a very good performance.

有人在談論第三次浪潮。一些城市實施封鎖，另一些城市則開放。所以還是有很大的不確定性。但是，在這裡給出軟指導，讓我們考慮即使在來自輪轂的壓力下它也是穩定的，在我們看來，這是一個非常好的表現。

The other question about the 30% PagBank, it's hard to say if we're going to be able to make it earlier than that, Mario. We prefer to keep 2024. Let's follow the following quarters. And then we can update what you saw in April is a good level of revenues in April, much better than Q1. Let's wait a little bit, and then we can, let's say, update it. But it's feasible to have before that, I just don't want to affirm that at this point.

另一個關於 30% PagBank 的問題，很難說我們是否能夠比這更早實現，馬里奧。我們更願意保留 2024 年。讓我們關注接下來的幾個季度。然後我們可以更新您在四月份看到的情況，四月份的收入水平很好，比第一季度好得多。讓我們稍等一下，然後我們就可以更新它。但在那之前是可行的，我只是現在不想確認這一點。

Yes. Mario, this is Eric. I'd just like to reinforce here that we will reach 30% in 1 of the quarters in 2024. This is not an easy task, right? Because we have been seeing payments growth, very fast and solid, right? And even our new verticals, such as Hubs and the Online. So it's a hard task here, but we continue to be committed to this 30% in 1 of the quarters in 2024.

是的。馬里奧，這是埃里克。我想在此強調，到 2024 年，我們將在其中一個季度達到 30%。這不是一件容易的事，對吧？因為我們看到支付增長非常快且穩定，對嗎？甚至我們的新垂直領域，例如中心和在線。因此，這是一項艱鉅的任務，但我們繼續致力於在 2024 年的其中一個季度內實現 30%。

Okay. Let me follow-up then here on PagBank. Even if we add back these losses that you booked of BRL 73 million, we're calculating revenues per client of about BRL 24. Is that about right? And when we look in the fourth quarter, we have around BRL 27. And 1 year ago, at around BRL 27 million any reason why revenues per client are coming down at PagBank?

好的。讓我在 PagBank 上跟進一下。即使我們加回您登記的 7300 萬雷亞爾的損失，我們計算出每個客戶的收入約為 24 雷亞爾。是這樣嗎？當我們查看第四季度時，我們大約有 27 雷亞爾。一年前，PagBank 的每位客戶收入約為 2700 萬雷亞爾，有什麼原因會下降呢？

Well, Mario, we should make the math here just to be if we have the same numbers that you have, but usually, the dynamics for PagBank monetization were the following. We bring the client, they stay here for a while. They start using, engaged with the solution and then we see monetization afterwards. So there is some lag between bringing the client and having the revenue. So that's why, at some point, we see the number of clients coming to 9.1, but the revenue has not come at the same pace, because it takes a while. And that's even more true if we think about consumers, because the consumers don't have the automatic cash out that you have from the acquiring clients. So even if the client loves our app, and it's easy to use, very good UX and so on, if he doesn't have any money there, he cannot do anything. So that's why we see some lag between bringing the clients and then the revenue. So that's the main explanation of that.

好吧，馬里奧，我們應該在這裡進行數學計算，看看我們是否擁有與您相同的數字，但通常情況下，PagBank 貨幣化的動態如下。我們帶來了客戶，他們在這裡停留了一段時間。他們開始使用並參與該解決方案，然後我們就看到了貨幣化。因此，吸引客戶和獲得收入之間存在一定的滯後性。這就是為什麼，在某個時候，我們看到客戶數量達到 9.1，但收入卻沒有以同樣的速度增長，因為這需要一段時間。如果我們考慮消費者，情況就更是如此，因為消費者無法像收購客戶那樣自動兌現。因此，即使客戶喜歡我們的應用程序，並且它易於使用、非常好的用戶體驗等，如果他沒有錢，他也無能為力。這就是為什麼我們看到吸引客戶和收入之間存在一些滯後。這就是主要的解釋。

We also said in the presentation for some of the clients, we decide to give free ATM withdrawals, which should bring revenues a little bit down. It's not material, but of course, it doesn't help. So those are, let's say, the main reasons here. But the main reason, the main driver is the lag between bringing the client and the -- having the revenue from these clients.

我們還在一些客戶的演示中表示，我們決定提供免費的 ATM 取款服務，這應該會導致收入略有下降。這不是物質，但當然沒有幫助。可以說，這些就是主要原因。但主要原因、主要驅動力是吸引客戶和從這些客戶那裡獲得收入之間的滯後。

Perfect. Very clear. And just a final follow-up then on PagBank here. I think in the past, you had talked about maybe breaking even PagBank in the second half of next year. Is that still your view?

完美的。非常清楚。最後的後續行動是在 PagBank 上進行的。我想過去您曾談到可能在明年下半年實現 PagBank 收支平衡。這仍然是你的觀點嗎？

Yes. That's our view. That's our view.

是的。這是我們的觀點。這是我們的觀點。

Our next question comes from Jeff Cantwell with Guggenheim.

我們的下一個問題來自古根海姆的傑夫坎特威爾。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Great, great. I wanted to ask you one quick question on PagBank. You've grown here PagBank 5 million to 9.1 million over the course of 2 years, which is impressive. And I thought the active card base has increased by over 3x, while you're also layering in new products. And clearly, they're seeing uptake in more and more adoption. And I think that all suggests that your average revenue per user should continue to increase, perhaps more material things continue to normalize. Do you agree with that idea? And the reason I ask is because we see other banks some in Brazil with fairly high average revenue per user numbers. And so I think it's still early days for you guys. So I'm just curious if you agree with that. And if you can give us some updated thoughts on what your ARPU impact that might go to over time? Any color or thoughts there would be appreciated.

很棒很棒。我想問您一個關於 PagBank 的簡單問題。在 2 年內，PagBank 的用戶數量已從 500 萬增長到 910 萬，這令人印象深刻。我認為有源卡基數增加了 3 倍以上，同時您還在增加新產品。顯然，他們看到了越來越多的採用。我認為所有這些都表明每個用戶的平均收入應該繼續增加，也許更多的物質事物繼續正常化。你同意這個想法嗎？我之所以問這個問題，是因為我們看到巴西的其他銀行的每用戶平均收入相當高。所以我認為對你們來說現在還為時尚早。所以我很好奇你是否同意這一點。您能否向我們提供一些關於您的 ARPU 隨著時間的推移可能產生的影響的最新想法？任何顏色或想法將不勝感激。

Jeff, thank you for the question. I was trying to, let's say, to explain that as well for Mario, but -- yes, in the medium to long term, we expect the revenues from PagBank users to go up. That's one of the drivers for us to reach the 30% of the revenues of the company coming from PagBank by 2024. What we have here is that there is a, let's say, a longer time between opening the account and starting generating revenues. And this is even more true when we have the consumers because the consumers don't have the cash in. So we need to open the account and then wait to receive the card and then they're going to receive some money here, some wire transfer for other banks or PIX or the payroll or so on. But yes, you're right, we are bringing these clients. That's the first -- let's say, we have this framework to bring the client, engage and then monetize.

傑夫，謝謝你的提問。比如說，我也試圖向 Mario 解釋這一點，但是，是的，從中長期來看，我們預計 PagBank 用戶的收入將會增加。這是我們到 2024 年實現公司 30% 的收入來自 PagBank 的驅動力之一。我們現在的情況是，比方說，從開設賬戶到開始產生收入之間有更長的時間。當我們有消費者時更是如此，因為消費者沒有現金。所以我們需要開立賬戶，然後等待收到卡，然後他們會在這裡收到一些錢，一些其他銀行或 PIX 的電匯或工資單等。但是，是的，你是對的，我們正在帶來這些客戶。這是第一個——比方說，我們有這個框架來吸引客戶、參與然後貨幣化。

I would say we are between the first and second step today. We are still having lots of accounts, millions of accounts every quarter, so bringing new clients. The engagement is increasing. Monetization is happening, but it doesn't happen at the same pace. There is this lag between bringing the clients and then start monetizing. But looking in the medium term, that's the idea. I said before, we are running some pilots in -- with consumers, making some additional products to them, testing with them. We're going to have -- in a few weeks, we're going to have equities here. So people could buy stocks here. We're going to have treasury bonds. We just launched 2 options of insurance, personal insurance and home insurance. So the idea is to make this cross-sell and increase the average revenue per user in PagBank. That's the idea, that's the dynamics that we expect to happen.

我想說，今天我們正處於第一步和第二步之間。我們仍然擁有大量賬戶，每個季度有數百萬個賬戶，因此帶來了新客戶。參與度正在增加。貨幣化正在發生，但並沒有以同樣的速度發生。從吸引客戶到開始盈利之間存在著一定的滯後性。但從中期來看，這就是想法。我之前說過，我們正在與消費者一起進行一些試點，為他們製造一些額外的產品，並與他們一起進行測試。幾週後，我們將在這裡擁有股票。所以人們可以在這裡購買股票。我們將擁有國債。我們剛剛推出了兩種保險選擇，個人保險和房屋保險。因此，我們的想法是進行交叉銷售並增加 PagBank 每個用戶的平均收入。這就是我們的想法，這就是我們期望發生的動態。

Great. I appreciate that. And then a quick follow-up on PagPhone. I was hoping you could give us some thoughts on why now? And just how that piece fits into the strategy? And maybe just kind of consolidated or thinking on the acquiring side while you're building a one-stop shop for micro merchants and how that might sort of be a driver for you guys, maybe in terms of net adds, volumes, et cetera?

偉大的。我很感激。然後在 PagPhone 上進行快速跟進。我希望你能給我們一些關於為什麼現在的想法？這部分內容如何融入戰略？當你為微型商家建立一站式商店時，也許只是在收購方面進行整合或思考，以及這如何成為你們的驅動力，也許是在淨增加、數量等方面？

Yes. Yes. So you're right. That's exactly for the micro merchants or the long tail. We don't think that's a device for someone who has a lot of transactions every day because it's -- I mean, POS is better for this type of volumes when you have a lot of transactions than when you have a few transactions per day. So it's focused on the micro merchants. Everyone has a smartphone. Some of the guys use it to have the smartphone and pair through Bluetooth with our mPOS with Minizinha. So the idea here is to have everything in one device. They already received the device with the PagBank account, because they create these accounts when they buy the device. They create, let's say, the login and password. So they have the app there. They can order a card and so on. So the idea is to have an additional option for the long tail for the micro merchant.

是的。是的。所以你是對的。這正是針對微商或長尾的。我們認為這種設備不適合每天進行大量交易的人，因為我的意思是，當您進行大量交易時，POS 比每天進行少量交易時更適合此類交易量。所以它的重點是微商。每個人都有智能手機。有些人用它來連接智能手機，並通過藍牙與我們的 mPOS 和 Minizinha 配對。所以這裡的想法是將所有內容都集中在一台設備中。他們已經收到帶有 PagBank 帳戶的設備，因為他們在購買設備時創建了這些帳戶。比如說，他們創建登錄名和密碼。所以他們有這個應用程序。他們可以訂購卡片等。所以我們的想法是為微商提供一個額外的長尾選擇。

The average ticket is much higher than other POS. So although we are selling better than what we expected, we don't have the same volumes that we have for smaller POS and Minizinha Chip and things like that because of the price. But I mean, it's doing well. The idea, as you said, is to have for the long tail one-stop shop and people can use it as a POS acquiring digital account and as a smartphone. And it is a very good smartphone, by the way, with cameras and so on. So that's the idea.

平均票數比其他POS高很多。因此，儘管我們的銷量比我們預期的要好，但由於價格原因，我們的銷量不如小型 POS 和 Minizinha 芯片等產品。但我的意思是，它做得很好。正如您所說，這個想法是建立長尾一站式商店，人們可以將其用作 POS 收單數字賬戶和智能手機。順便說一句，它是一款非常好的智能手機，帶有攝像頭等功能。這就是我們的想法。

Our next question comes from Rayna Kumar with Evercore.

我們的下一個問題來自 Evercore 的 Rayna Kumar。

Really good to see the strong TPV coming out of PagBank, and of course, you're acquiring. I'm just curious to understand if COVID-19 had any material impact on the prepaid card interchange revenue may you make impact with PagBank?

很高興看到 PagBank 的強大 TPV，當然，您正在收購。我只是想知道 COVID-19 是否對預付卡交換收入產生任何重大影響，您可以對 PagBank 產生影響嗎？

Rayna, thank you for the question. The reason that our revenues in PagBank were not even higher than what they were, it's because we did have some impact that people not using prepaid cards. Because the cashing and even the, let's say, the coronavoucher from the government didn't happen in Q1 and also people using less cash. We also make some revenues from people taking the money through ATMs. We charged some tariffs there. There was a decrease in that. People at home, not using cash. So that's part of the explanation why the revenues from PagBank in Q1 weren't even higher.

雷娜，謝謝你的提問。我們在 PagBank 的收入之所以沒有比現在高，是因為我們確實對不使用預付卡的人們產生了一些影響。因為兌現，甚至政府發放的新冠優惠券在第一季度都沒有發生，而且人們使用的現金也減少了。我們還從人們通過自動櫃員機取錢獲得一些收入。我們在那裡收取了一些關稅。這方面有所減少。人們在家，不使用現金。這就是為什麼 PagBank 第一季度的收入沒有更高的部分原因。

So I mean, it's not a big issue. It's good volumes. We are still the #1 in prepaid cards in the country by far, and we are sure that once the economy rebounds, we're going to have the rebound as well. And part of our investments, we didn't mention before, but part of the investments that we've been doing since 2020 in 2021 is because we know the COVID, although is a little bit longer in Brazil when compared to other countries, COVID is something temporary and the economy will rebound. And when the economy rebounds, we just want to be ready to take advantage. That's what we did in 2020. That's what we did in 2021. That's why we were the company with the highest growth in terms of TPV in our market, taking share from others creating this new market and bringing these new customers.

所以我的意思是，這不是一個大問題。數量很好。到目前為止，我們仍然是該國預付卡領域的第一名，我們確信一旦經濟反彈，我們也將出現反彈。我們之前沒有提到的部分投資，但是我們從 2020 年到 2021 年以來一直在進行的部分投資是因為我們了解新冠病毒，儘管與其他國家相比，新冠病毒在巴西的時間要長一些。這是暫時的，經濟將會反彈。當經濟反彈時，我們只想做好充分利用的準備。這就是我們在 2020 年所做的。這就是我們在 2021 年所做的。這就是為什麼我們是市場上 TPV 增長最快的公司，從其他公司那里奪取了份額，創造了這個新市場並帶來了這些新客戶。

So but going back to your question, yes, there was a little bit impact in the prepaid card because of a little, let's say, lower spending in the prepaid cards in Q1, but it's something temporary. It's not a big issue.

所以，回到你的問題，是的，預付卡受到了一點影響，因為第一季度預付卡的支出有所下降，但這是暫時的。這不是什麼大問題。

Got it. It's very helpful. And then on your Hub strategy, you gave us some clues on your potential volume contribution from Hubs in 2021. Could you help us better understand what the potential revenue and earnings contribution could be this year?

知道了。這非常有幫助。然後，關於您的 Hub 策略，您向我們提供了一些有關 2021 年 Hub 的潛在銷量貢獻的線索。您能否幫助我們更好地了解今年的潛在收入和盈利貢獻是什麼？

Well, Rayna, we can give you more color about Hub strategy when we think it is appropriate. We -- of course, we are having this operation here, trying to beat other companies that are already there on the street. So we are here as the challengers. So we just don't want to give too much information about our performance at this point. We gave the guidance about TPV. Once we think it's feasible to give more color on that, we can give you. It's not because I don't want it, just because of, let's say, competitive reasons, we just don't want to give too much information about it. And let's say, let's have this operation up and running, and then we can when it is more mature, we can give more color even with more confidence about the numbers and our performance. But so far, we're doing very well. We are beating our estimates. That's why we said that we expect to be in the top of the range of TPV, which was 11%. That's the guidance. So we are doing well.

好吧，Rayna，當我們認為合適時，我們可以為您提供有關 Hub 策略的更多信息。當然，我們在這裡開展這項業務，試圖擊敗街上已經存在的其他公司。所以我們作為挑戰者來到這裡。所以我們現在不想提供太多有關我們表現的信息。我們給出了關于冠捷科技的指導。一旦我們認為可以為此提供更多顏色，我們就可以為您提供。這並不是因為我不想要它，只是因為，比如說，競爭原因，我們只是不想提供太多有關它的信息。比方說，讓我們啟動並運行這個操作，然後當它更加成熟時，我們可以提供更多的色彩，甚至對數字和我們的表現更有信心。但到目前為止，我們做得很好。我們超出了我們的預期。這就是為什麼我們說我們預計將處於 TPV 範圍的頂部，即 11%。這就是指導。所以我們做得很好。

Our next question comes from Tito Labarta with Goldman Sachs.

我們的下一個問題來自高盛的蒂托·拉巴塔（Tito Labarta）。

So maybe just one quick follow-up on PagBank. In terms of the client additions at PagBank remains pretty healthy. Do you think -- and you kind of alluded to it, but about 1 million clients per quarter is sustainable -- like for how long that's sustainable? Or maybe another way to get to the 30% of revenues, how many clients do you think you would need to have? I mean at the pace you are going you can easily be over 20 million clients in a few years. Is that a reasonable assumption?

所以也許只是 PagBank 的一個快速跟進。就 PagBank 的客戶增長而言，仍然相當健康。你是否認為——你有點提到過，但每季度大約 100 萬客戶是可持續的——比如可持續多久？或者也許另一種方式來獲得 30% 的收入，您認為您需要擁有多少客戶？我的意思是，按照您的發展速度，幾年內您的客戶數量將輕鬆超過 2000 萬。這是一個合理的假設嗎？

And maybe in terms of the products that they use, I mean, is sort of the main cash just like the prepaid cards or like which products do you think is generating the most interest amongst the PagBank clients?

也許就他們使用的產品而言，我的意思是，主要現金就像預付卡一樣，或者您認為哪些產品在 PagBank 客戶中產生了最大的興趣？

Thank you for the question. Yes, we do think it's feasible to have 1 million new clients per quarter. Hard to say when it's going to be over. I remember, just to make a quick parenthesis here, but we've got this question about acquiring and merchants in the past 3 years, how it could be sustainable, if it could be sustainable for us to add 1 million merchants per year or 250,000 per quarter and we are doing this since 2018 since we became public. So every year, we -- at some point, we think it's going to be a challenging one, but we always beat our estimates because we're still playing a huge market.

感謝你的提問。是的，我們確實認為每季度擁有 100 萬新客戶是可行的。很難說什麼時候結束。我記得，只是為了在這裡快速插入一句，但我們在過去 3 年裡有一個關於收單和商家的問題，它如何可持續，如果我們每年增加 100 萬或 25 萬個商家是可持續的自2018年上市以來，我們一直在每個季度這樣做。因此，每年，我們——在某些時候，我們認為這將是一個具有挑戰性的挑戰，但我們總是超出我們的預期，因為我們仍在競爭一個巨大的市場。

So in terms of merchants, we expect to have 30 million people in Brazil that work by themselves or they may need a POS, so there is still -- according to our estimates here, 1/3 penetration at this point. In terms of PagBank, some estimates say that we have 25% to 30% of people without the bank account. Even after COVID with all digitalization, maybe it's a little bit lower than that, but it's still huge. And that's why we are pointing 1 million, more than a million per quarter. And we also said in the presentation here, we closed March with 9.1 million and in May, we already surpassed 10 million. So we already added 900,000 in Q2 -- in previous Q2, and we still have part of May and full June. So we think it's feasible to have this 1 million for a while.

因此，就商戶而言，我們預計巴西將有 3000 萬人自行工作，或者他們可能需要 POS，因此根據我們的估計，目前仍有 1/3 的滲透率。就 PagBank 而言，據估計，我們有 25% 至 30% 的人沒有銀行賬戶。即使在新冠疫情發生後，數字化程度可能會比這個低一些，但仍然是巨大的。這就是為什麼我們指的是 100 萬，每個季度超過 100 萬。我們在這裡的演示中也說過，3 月份我們的用戶數量為 910 萬，而 5 月份我們已經超過了 1000 萬。因此，我們已經在第二季度——之前的第二季度——增加了 900,000 人，而且我們還有 5 月的部分時間和整個 6 月的時間。所以我們認為暫時擁有這100萬是可行的。

To be sincere, I don't have in the top of my mind, the number of clients in PagBank to give a number, but you can imagine, we already have more than 10 million. I don't think it's impossible to have this 20 million that you mentioned.

說實話，我並沒有想到 PagBank 的客戶數量是多少，但你可以想像，我們已經超過 1000 萬了。你說的這2000萬我覺得不是不可能的。

And about the -- why people come to us? I guess there are many reasons here. First, because our brand, the strength of our brand, people know how we work, people know it's let's say, you're a company that you can have the confidence, you can put our money here. We have the distribution through UOL that covers more than 90% of eyeballs in Brazil right after Google and Facebook.

關於——為什麼人們來找我們？我想這裡面有很多原因。首先，因為我們的品牌，我們品牌的力量，人們知道我們是如何工作的，人們知道我們可以說，你是一家可以有信心的公司，你可以把我們的錢放在這裡。我們通過 UOL 進行的分發覆蓋了巴西 90% 以上的眼球，僅次於 Google 和 Facebook。

We invest in marketing. We've been investing in the account. We do a lot of research, how people use it, when -- where they are having some difficulty, try to make it better, easy to use. It's very simple, just download the app and in up to 3 minutes you open account. You send your picture, and it's done. And it's a full free account.

我們投資於營銷。我們一直在賬戶上投資。我們做了很多研究，研究人們如何使用它，當他們遇到一些困難時，嘗試使其變得更好，易於使用。非常簡單，只需下載應用程序，最多 3 分鐘即可開設帳戶。你發送你的照片，就完成了。這是一個完全免費的帳戶。

People just come to us because they know it's a free account. They can have interest and their balances. And although we make it free for the consumers or for the user, we are receiving money from the companies. We are, let's say, receiving the bills and so on. So those are the main reasons. People come to us, because it's free, strength of the brand, distribution -- efficient distribution that you have and investing as well.

人們之所以來找我們，是因為他們知道這是一個免費帳戶。他們可以有利息和余額。儘管我們為消費者或用戶免費提供服務，但我們還是從公司那裡收到錢。比方說，我們正在收到賬單等。這些是主要原因。人們來到我們這裡，因為它是免費的，品牌的力量，分銷——你擁有的高效分銷和投資。

Our next question comes from Otavio Tanganelli with Bradesco BBI.

我們的下一個問題來自 Bradesco BBI 的 Otavio Tanganelli。

I wanted to ask on PagBank as well. The credit portfolio increased a little over BRL 200 million or almost BRL 200 million quarter-on-quarter. I wanted to understand if NPLs are behaving well and the economy is expected to improve in the coming quarters. Why not accelerate loan originations or when should we see, I would say, more aggressiveness in terms of the loan book here?

我也想問PagBank。信貸投資組合增加略高於 2 億雷亞爾，環比增加近 2 億雷亞爾。我想了解不良貸款是否表現良好以及未來幾個季度經濟是否有望改善。為什麼不加速貸款發放，或者我想說，我們什麼時候應該看到貸款賬簿方面更加積極主動？

Artur speaking. Thank you so much for your questions. A pleasure to talk to you. So we are showing that we have a better NPLs for credit but we are a conservative company. We have a lot of cautious about the uncertainty of the market. As Dutra said, some people are saying that we could have a third wave here, or other issues related to COVID. We don't know exactly when the economy will rebound. But we have all the conditions to accelerate. We are starting to doing that in Q2 and so you will see in the coming quarters, better volumes, we will increase our portfolio in the right way, so we are understanding them all, understanding NPLs, understanding the performance and growing the portfolio. We understand that this is the best way to do that. And so we have the conditions to accelerate more. But we are cautious related to the economy, related to the moment that we are living in the country. And so you will see in the future, our portfolio growing.

阿圖爾在講話。非常感謝您的提問。很高興與你交談。因此，我們表明我們有更好的不良貸款，但我們是一家保守的公司。我們對市場的不確定性持謹慎態度。正如杜特拉所說，有些人說我們可能會出現第三波浪潮，或與新冠病毒相關的其他問題。我們不知道經濟何時會反彈。但我們具備加速的所有條件。我們在第二季度開始這樣做，所以你會在接下來的幾個季度看到更好的銷量，我們將以正確的方式增加我們的投資組合，所以我們正在了解所有這些，了解不良貸款，了解績效並擴大投資組合。我們知道這是實現這一目標的最佳方式。因此我們有條件進一步加速。但我們對經濟、對我們生活在這個國家的時刻持謹慎態度。因此，您將來會看到我們的產品組合不斷增長。

And Otavio, this is Ricardo. Thank you for the question. Good talking to you as well. We were ready to accelerate last year, but of course, when you have the model when you have COVID with a lot of open-downs and lockdowns, there is a lot of noise in the data. So that's why we didn't accelerate before. I just want to have the right moment to do. We are not in a hurry to do that. We know it is important. We just want to do in the right way. We see some other players in the market, doing some aggressive -- growing the portfolio and the NPLs will come. We know that -- and you know that so that the NPLs will come if you don't give the right credit for the right person, and you don't have the collection processes and so on. So we just want to be ready and be confident that we can accelerate a little bit. We are already with the BRL 700 million, almost BRL 800 million, close to BRL 1 billion. So we are growing, but step-by-step, not doing, let's say, crazy movements here and doing step by step. So -- but we will accelerate at some point that we think it's feasible, and we are confident to do so.

奧塔維奧，這是里卡多。感謝你的提問。和你聊天也很好。我們去年就準備好加速，但是當然，當你有了新冠疫情期間的模型，並進行了大量的開放和封鎖時，數據中就會出現很多噪音。所以這就是我們之前沒有加速的原因。我只是想找個合適的時機去做。我們並不急於這樣做。我們知道這很重要。我們只想以正確的方式做事。我們看到市場上的其他一些參與者正在採取一些激進的做法——擴大投資組合，不良貸款將會出現。我們知道這一點，您也知道這一點，因此，如果您沒有為正確的人提供正確的信用，並且您沒有催收流程等，那麼不良貸款就會出現。所以我們只是想做好準備並相信我們可以加快一點速度。我們已經有了 7 億雷亞爾、近 8 億雷亞爾、接近 10 億雷亞爾。所以我們正在成長，但是是一步一步的，不是在這裡做瘋狂的動作，而是一步一步地做。所以，但我們會在我們認為可行的某個時刻加速，並且我們有信心這樣做。

Our next question comes from Neha Agarwala with HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Congratulations on the good results. Most of my questions have been answered, but very quickly, and I know you can't give more information on the Hubs. But it seems like the Hubs are doing quite well, and exceeding your expectations. What do you think are the strengths of PagSeguro, which is helping you to gain clients either from incumbents or the other players? Is it the service quality? Is it the brand image? Or are you doing something different on the distribution? So what are your strengths in the -- in that particular segment?

恭喜取得好成績。我的大部分問題都得到了解答，但速度很快，而且我知道您無法提供有關集線器的更多信息。但看起來 Hubs 的表現相當不錯，超出了你的預期。您認為 PagSeguro 的優勢是什麼？它可以幫助您從現有企業或其他參與者那裡贏得客戶？是服務質量嗎？是品牌形象嗎？或者你在發行版上做了一些不同的事情？那麼，您在該特定領域的優勢是什麼？

And my second question is on the monetization of the software opportunity. I mean, you already have a good take up, 8.5% of the client base uses software. So are you already monetizing it? Can you give us some range to what percentage of revenue comes from software? And what is the opportunity that you see here?

我的第二個問題是關於軟件機會的貨幣化。我的意思是，您已經有了很好的使用率，8.5% 的客戶群使用軟件。那麼您已經將其貨幣化了嗎？您能否告訴我們軟件收入所佔百分比的範圍？您在這裡看到的機會是什麼？

Thank you, Neha, for the question. We -- let's talk first about the Hubs. We always said that and we made this -- we mentioned that during the presentation that our thesis is that it's easier to go up in the pyramid than to go down when you think about the size of the merchants in terms of TPV. So we started with long tail. As you know, we had all this platform that is very scalable. Easy to use, self-service. So we have all this, let's say, online DNA here that we can serve the small clients here.

謝謝尼哈的提問。我們——讓我們首先談談集線器。我們總是這麼說，我們也這樣做了——我們在演講中提到，我們的論點是，當你考慮到商家在 TPV 方面的規模時，在金字塔中上升比下降更容易。所以我們從長尾開始。如您所知，我們擁有非常可擴展的平台。易於使用，自助服務。所以我們擁有所有這些，比如說，在線DNA，我們可以在這里為小客戶提供服務。

When you go up in the pyramid, it's just a matter of distribution, the platform is the same. The solution is the same. The easier the solution, the better for the merchant. It doesn't matter how is the size of the merchant, but if it's easy to use every merchant will like it. It doesn't matter if you're a small one or a big one. So it's a matter of distribution here.

當你進入金字塔時，這只是一個分配問題，平台是一樣的。解決方案是一樣的。解決方案越簡單，對商家來說就越好。商家規模大小不重要，只要好用，每個商家都會喜歡的。無論您是小人還是大人，都沒有關係。所以這裡是一個分配問題。

And as I said before, we have a strong brand. We see a lot of unsatisfied merchants in the SMBs. So at some point, they don't have the right service, and that's why we come there, and we can bring these merchants to us. We have good devices here. We have a portfolio of 7 devices. The merchants also like our devices. So there are some components here that we can use, some instruments that you can use to bring these merchants. It's not a matter of price and try just beating the price at some point. The merchant even wants to pay you more if they have a good service. So that's the dynamics behind going to SMB, but we are proving here the thesis that it's much easier to go up in the pyramid than to go down first.

正如我之前所說，我們擁有強大的品牌。我們在中小企業中看到很多不滿意的商家。因此，在某些時候，他們沒有合適的服務，這就是我們來到那裡的原因，我們可以將這些商家帶到我們這裡。我們這裡有很好的設備。我們擁有 7 種設備的產品組合。商家也喜歡我們的設備。所以這裡有一些我們可以使用的組件，一些你可以用來吸引這些商人的工具。這不是價格問題，嘗試在某個時候擊敗價格。如果服務好的話，商家甚至願意付更多錢給你。這就是進入中小型企業背後的動力，但我們在這裡證明了這樣一個論點：在金字塔中向上爬比先向下走要容易得多。

And talking about software, the 8.5% a very small part of that we monetize. We are not charging the majority of them. We are giving this software for free. We think today there is not a lot of money. Our merchant is not sophisticated to pay for a software. So we try to -- we are making here for free.

說到軟件，8.5% 只是我們貨幣化的一小部分。我們不會向其中的大多數收取費用。我們免費提供該軟件。我們認為今天沒有很多錢。我們的商家並不擅長支付軟件費用。所以我們嘗試——我們在這裡免費製作。

At some point, if we see an opportunity that you can charge, we will do it. But from own softwares that we have, we have some premium features from the loyalty software and also premium features from reconciliation software. The other softwares that you have, that the point-of-sale that you can use, let's say, put some products, coffee, cross sell and other stuff, and then you just can have a database of clients, database of Hubs, we are giving this for free. So today, we are not charging just to be sincere, very small part of that is paying for it, it could be an opportunity in the future. But I mean, we don't have that in the short-term plan.

在某些時候，如果我們看到您可以收費的機會，我們就會這樣做。但從我們自己的軟件來看，我們擁有忠誠度軟件的一些高級功能以及對賬軟件的高級功能。你擁有的其他軟件，你可以使用的銷售點，比如說，放置一些產品，咖啡，交叉銷售和其他東西，然後你就可以擁有一個客戶數據庫，中心數據庫，我們免費提供這個。所以今天我們收費不只是出於誠意，其中很小一部分是付費的，這可能是未來的一個機會。但我的意思是，我們的短期計劃中沒有這個。

That concludes our Q&A session. I would like to turn the floor over to Mr. Ricardo Dutra for his final remarks. Please, Mr. Dutra.

我們的問答環節到此結束。我想請里卡多·杜特拉先生髮表最後的講話。請杜特拉先生。

Hi, everyone. Thank you very much for your time. As you could see, the company is doing well. All the KPIs are growing. Number of clients, TPV we are seeing a lot of traction in PagBank. So it seems the worst is over in terms of the pandemic. We are not 100% okay in Brazil, still waiting for the vaccinations, but it seems the worst is over, what you had in Q2 and Q3 last year. So the future is bright. And thank you very much, again see you in next quarter. Thank you very much.

大家好。非常感謝您的寶貴時間。如您所見，該公司經營狀況良好。所有的 KPI 都在增長。從 TPV 客戶數量來看，我們在 PagBank 中看到了很大的吸引力。因此，就大流行而言，最糟糕的時期似乎已經過去。我們在巴西並沒有100%好，仍在等待疫苗接種，但去年第二季度和第三季度最糟糕的情況似乎已經過去了。所以未來是光明的。非常感謝您，下季度再見。非常感謝。

The PagSeguro PagBank's First Quarter 2021 results conference call is now concluded. Thank you for your participation. Have a good night, and thank you for using Chorus Call. You may now disconnect.

PagSeguro PagBank 2021 年第一季度業績電話會議現已結束。感謝您的參與。祝您有個美好的夜晚，感謝您使用 Chorus Call。您現在可以斷開連接。