StoneCo Ltd (STNE) 2024 Q1 法說會逐字稿

Thank you, operator, and good evening, everyone. Joining me today on the call is our CEO, Pedro Zinner, our Chief Financial and Investor Relations Officer, Mateus Schwening, our Chief Strategy and Marketing Officer, Lia Matos, and our Head of Credit, Gregor Ilg. Today, we will present our first quarter 2021 results and provide an updated outlook for our business. I will now pass it over to Pedro, so he can share some highlights of our performance. Pedro?

謝謝接線員，大家晚上好。今天與我一起參加電話會議的有我們的執行長 Pedro Zinner、我們的財務與投資者關係長 Mateus Schwening、我們的首席策略和行銷長 Lia Matos 以及我們的信貸主管 Gregor Ilg。今天，我們將公佈 2021 年第一季業績，並提供最新的業務前景。我現在將其交給佩德羅，以便他可以分享我們表現的一些亮點。佩德羅？

Thank you, Roberta, and good evening, everyone. I would like to begin by briefly talking about our first quarter 2024 results, which I believe are the kick off to a great year ahead of us. Our business continued to grow strongly, while we kept on delivering our strategic priorities. In Financial Services, we performed well across all of our client offerings. Starting with payments. We posted strong TPV growth, including PIX and nearly matched the same volumes from the holiday shopping season in the fourth quarter. This quarter, we launched instant payments in Ton, fulfilling a key request from our micro-merchant clients. In banking, we continue to show progress in onboarding new and existing clients through our bundled banking and payment solutions. And today, approximately 80% of our active client base as our bundled offering.

謝謝你，羅伯塔，大家晚上好。首先，我想簡要談談我們 2024 年第一季的業績，我相信這是我們未來美好一年的開始。我們的業務持續強勁成長，同時我們繼續實現我們的策略重點。在金融服務領域，我們為所有客戶提供的服務表現良好。從付款開始。我們公佈了包括 PIX 在內的 TPV 強勁增長，並且幾乎與第四季度假日購物季的銷量持平。本季度，我們推出了 Ton 即時支付功能，滿足了小微型商家客戶的關鍵要求。在銀行業，我們透過捆綁的銀行和支付解決方案在吸引新客戶和現有客戶方面繼續取得進展。如今，我們大約 80% 的活躍客戶群都是我們的捆綁產品。

A couple of highlights I'd like to make are the start of our pilot with credit cards in tone and the evolution of the banking solution for SMBs in Stone with features such as PIX (inaudible) for our clients to simplify their workflows around paying their employees. And finally, our credit solution continues to grow according to plan. We maintain our conservative approach, but testing different client profiles to grow while making sure we balance our credit model. We have set up a specialized desk to offer credit to larger clients with TPV above R$500,000 per month, and this is just getting underway.

我想強調的幾個重點是我們以信用卡為主題的試點的開始，以及 Stone 中小企業銀行解決方案的演變，其中包括 PIX（聽不清楚）等功能，以便我們的客戶簡化其支付流程。 。最後，我們的信貸解決方案持續按計劃成長。我們保持保守的做法，但測試不同的客戶資料以實現成長，同時確保平衡我們的信用模型。我們設立了專門的服務台，為每月 TPV 超過 50 萬雷亞爾的大客戶提供信貸，而這一切才剛開始。

Now let me shift to our software business, which performed well this quarter, so in progress versus our previous quarter results and in line with our strategic priorities. Our vertical software grew well in the first quarter with an annual revenue increase of 12%, which was purely organic. Our enterprise software remains a detractor, moderating our total software revenue growth, considering that we're not emphasizing this part of the business. However, the strong performance in our vertical software, combined with our efficiency efforts continue to drive total profitability in this segment. As we discussed in our Investor Day, we will continue cross-selling financial solutions into areas of our software client base and evolve on creating software and financial services by (inaudible). In 2024, we are focusing on the retail and gas station verticals, the latter being a highlight in the quarter. In summary, I was pleased with the direction of our first quarter 2021 results, and I think we remain on track to deliver our guidance for the year. Now I'd like to pass it over to Lia to discuss our first quarter 2024 performance and strategic updates. Lia?

現在讓我談談我們的軟體業務，本季表現良好，與上一季的業績相比取得了進步，並且符合我們的策略重點。我們的垂直軟體在第一季成長良好，年收入成長了 12%，這完全是有機的。考慮到我們並不強調這部分業務，我們的企業軟體仍然是一個不利因素，阻礙了我們軟體總收入的成長。然而，我們垂直軟體的強勁表現，加上我們在效率方面的努力，繼續推動該領域的整體獲利能力。正如我們在投資者日討論的那樣，我們將繼續向我們的軟體客戶群交叉銷售金融解決方案，並透過（聽不清楚）不斷發展軟體和金融服務。 2024 年，我們將重點關注零售和加油站垂直產業，後者是本季的亮點。總之，我對 2021 年第一季業績的方向感到滿意，我認為我們仍有望實現今年的指導。現在我想將其交給 Lia，討論我們 2024 年第一季的業績和策略更新。利亞？

Thank you, Pedro, and good evening, everyone. As Pedro mentioned, we made progress in the first quarter across our strategic priorities, advancing on critical areas as we progress towards our 2024 and long-term goals. Before we start discussing our main financial highlights, I would like to remind you that from the first quarter '24 onwards, we have changed our internal accounting methodology for membership fees revenues. From now on, membership fees revenues will be deferred throughout the expected life of the merchant instead of being recognized entirely at the time of the acquisition of the merchant. The materials we're presenting incorporate this new internal accounting methodology as of the first quarter of '24. For this quarter, we will also present growth metrics using the previous methodology since this is the first and most impacted quarter. As you can see on Slide 4, our consolidated revenues grew 14% year-over-year, which combined with lower other and administrative expenses led to an increase of 75% in adjusted EBIT despite an increase in selling expenses due to the seasonality of investments in marketing and provisions for loan losses. These factors resulted in adjusted net income increasing by almost 90% year-over-year, reaching an adjusted net margin of 14.6%, up around 650 basis points.

謝謝佩德羅，大家晚上好。正如佩德羅所提到的，我們第一季在戰略重點方面取得了進展，在關鍵領域取得了進展，朝著 2024 年和長期目標邁進。在我們開始討論我們的主要財務亮點之前，我想提醒您，從 2024 年第一季開始，我們已經更改了會員費收入的內部會計方法。從現在起，會員費收入將在商家的整個預期壽命期間遞延，而不是在商家被收購時完全確認。我們提供的資料納入了截至 2024 年第一季的新內部會計方法。對於本季度，我們也將使用先前的方法來呈現成長指標，因為這是第一個也是受影響最大的季度。正如您在投影片 4 中看到的，儘管投資季節性導致銷售費用增加，但我們的綜合收入年增 14%，加上其他費用和管理費用的減少，導致調整後息稅前利潤增加 75%行銷和貸款損失撥備。這些因素導致調整後淨利潤年增近90%，調整後淨利率達到14.6%，成長約650個基點。

Now let's take a look at our Financial Services segment performance on Slide 5 to 9, starting on Slide 5 with the performance of our payments business for MSMBs. Our payments active client base increased 33% year-over-year, reaching almost 3.7 million active clients. Sequentially, this represented a net addition of 205,000 clients. The lower addition of clients compared to the previous year is primarily a result of the fact that we have caught up to the growth levels in the micro segment. As you will see on the pages that follow, besides optimizing our commercial strategy for growth and market share gains, we're also putting a lot of focus on improving our payments and banking bundle offerings to new client cohorts, both in Ton and Stone as well as driving more engagement with our solutions for older cohorts of clients. As you can see on Slide 6, this approach has resulted in profitable TPV growth and market share gains in the MSMB segments. MSMBTPV, including PIX P2M increased 24% year-over-year, excluding PIX P2M volumes, which were more than R$8 billion in the quarter, MSMBTPV increased more than 18% year-over-year. We achieved a strong growth while also increasing take rates by 15 basis points year-over-year to reach 2.54% with material contributions from all of our financial services solutions. We are continuously evolving our pricing and bundle strategy to achieve higher levels of client engagement, and we believe these strong numbers are the result of our competitive advantages in distribution, superior service and our increasing ability to offer more complete solutions to our clients.

現在讓我們來看看投影片 5 至 9 上我們的金融服務部門的業績，從投影片 5 開始，我們為中小型企業支付業務的業績。我們的支付活躍客戶群年增 33%，達到近 370 萬活躍客戶。隨後，客戶數量淨增加 205,000 名。與前一年相比，客戶增加量減少主要是因為我們已經趕上了微型細分市場的成長水準。正如您將在接下來的頁面中看到的那樣，除了優化我們的商業策略以實現成長和市場份額成長之外，我們還非常注重改善為 Ton 和 Stone 的新客戶群提供的支付和銀行捆綁服務並推動老年客戶群更多參與我們的解決方案。正如您在幻燈片 6 中看到的，這種方法帶來了 TPV 的盈利增長和 MSMB 細分市場的市場份額增加。 MSMBTPV（包括 PIX P2M）年增 24%，不包括本季超過 80 億雷亞爾的 PIX P2M 交易量，MSMBTPV 年成長超過 18%。在我們所有金融服務解決方案的實質貢獻下，我們實現了強勁成長，同時採用率也較去年同期提高了 15 個基點，達到 2.54%。我們不斷改進我們的定價和捆綁策略，以實現更高水平的客戶參與度，我們相信這些強勁的數字是我們在分銷、優質服務方面的競爭優勢以及我們為客戶提供更完整的解決方案的能力不斷增強的結果。

Moving to Slide 7. Let's discuss our banking performance. Our banking active client base nearly doubled year-over-year to around 2.4 million active clients. This growth was a result of the launch of Super Conta Ton in the beginning of 2023 and the continued activation of banking for Stone clients through our bundle offers. The decrease in growth rates compared to previous quarters is mainly due to the completion of our migration of Ton clients to our full banking solution. Going forward, we expect our banking active client base to grow more in line with the sequential increase in payments gross adds as we continue to effectively bundle payments and banking. This growth in our client base also helped drive a 53% year-over-year growth in client deposits, which reached R$6 billion in the quarter. Despite the seasonal grow-over effects from the fourth quarter and the lower average CDI in the period, ARPC increased to R$29.3 per month, driven by higher average deposits per client as a result of increased engagement with our banking solutions. As Pedro mentioned, this quarter, we made good progress in our product road map, starting to pilot credit cards for Ton clients as well as launching features that help our SMB clients to simplify their cash management workflows, such as paying suppliers and employees.

轉到投影片 7。我們的銀行活躍客戶群年增近一倍，達到約 240 萬活躍客戶。這一增長得益於 2023 年初 Super Conta Ton 的推出，以及透過我們的捆綁優惠持續為 Stone 客戶提供銀行服務。與前幾季相比成長率的下降主要是由於我們完成了 Ton 客戶向完整銀行解決方案的遷移。展望未來，隨著我們繼續有效地將支付和銀行業務捆綁在一起，我們預計我們的銀行業務活躍客戶群將隨著支付總額的連續增長而增長。我們客戶群的成長也推動客戶存款年增 53%，本季達到 60 億雷亞爾。儘管受到第四季度的季節性增長影響以及該期間平均 CDI 較低，ARPC 仍增至每月 29.3 雷亞爾，這是由於我們銀行解決方案的參與度增加而導致每個客戶的平均存款增加。正如Pedro 所提到的，本季度，我們在產品路線圖上取得了良好進展，開始為Ton 客戶試點信用卡，並推出了幫助我們的中小企業客戶簡化現金管理工作流程的功能，例如向供應商和員工付款。

Moving to Slide 8. I will talk about our credit performance. This quarter, we disbursed around R$295 million, reaching a portfolio of almost R$532 million, an increase of roughly 72% quarter-over-quarter. Provision expenses for working capital expected losses totaled R$44 million in the period, resulting in accumulated provision expenses of R$106 million as we are still constituting provisions in the amount of 20% of our portfolio. Although we are doing this conservatively, the performance of our vintages is above our expectations with NPLs between 50 and 90 days of 2.2% and NPLs over 90 days of 1.5%. As we've highlighted before, this is still a recently launched portfolio, so the ratio of (inaudible) loans should increase as our cohorts mature. This year, we will continue with disbursements without changing our approach towards risk evaluation and close monitoring of market conditions. To summarize the performance of our Financial Services segment, the first quarter was again marked by strong TPV growth and higher take rates, resulting in financial services revenue growth of 16% year-over-year in the first quarter, reaching R$2.7 billion. As a result, our adjusted EBIT reached R$529 million with an adjusted EBITDA margin of 19.5%, which increased more than 600 basis points year-over-year.

轉到幻燈片 8。本季度，我們支付了約 2.95 億雷亞爾，投資組合達到近 5.32 億雷亞爾，季增約 72%。本期營運資金預期損失撥備費用總計為 4,400 萬雷亞爾，導致累計撥備費用為 1.06 億雷亞爾，因為我們仍按投資組合的 20% 計提撥備。儘管我們的做法比較保守，但我們年份的表現超出了我們的預期，50 至 90 天之間的不良貸款率為 2.2%，90 天以上的不良貸款率為 1.5%。正如我們之前強調的，這仍然是最近推出的投資組合，因此隨著我們的群體成熟，（聽不清楚）貸款的比例應該會增加。今年，我們將繼續撥款，但不會改變風險評估和密切監控市場狀況的方法。總結我們金融服務部門的表現，第一季再次以強勁的 TPV 成長和更高的使用率為標誌，導致第一季金融服務收入年增 16%，達到 27 億雷亞爾。結果，我們的調整後息稅前利潤達到 5.29 億雷亞爾，調整後 EBITDA 利潤率為 19.5%，年成長超過 600 個基點。

Moving to Slide 10. Let's talk about our software performance and strategic evolutions. Quarter-over-quarter, the payments TPV of clients that use both financial services and software solutions decreased 13%, primarily due to the seasonal effect in our retail vertical, which is strongly impacted by the higher volumes in the holiday shopping season of the fourth quarter. However, our gas station vertical, which has been a priority focus since last year has a positive performance quarter-over-quarter. These SMB clients have been increasingly receptive to our efforts to provide an end-to-end solution that combines management software, payments and banking. On Page 11, you can see the highlights of the performance of our vertical software business. As you can see, vertical software revenue grew 12% year-over-year. The priority verticals where we're focusing our initial strategic efforts to integrate financial services now account for 47% of total software revenues. Our software solutions in other verticals also had a strong quarter across different products. As a result, our vertical software now accounts for 76% of our total software revenues.

前往投影片 10。 Quarter-over-quarter, the payments TPV of clients that use both financial services and software solutions decreased 13%, primarily due to the seasonal effect in our retail vertical, which is strongly impacted by the higher volumes in the holiday shopping season of the fourth四分之一.然而，我們自去年以來一直優先關注的加油站垂直業務季度環比表現良好。這些中小企業客戶越來越接受我們提供結合管理軟體、支付和銀行業務的端到端解決方案的努力。在第11頁，您可以看到我們垂直軟體業務的業績亮點。如您所見，垂直軟體收入年增 12%。我們最初將策略重點放在整合金融服務的優先垂直領域，目前佔軟體總收入的 47%。我們在其他垂直領域的軟體解決方案在不同產品上也有強勁的季度表現。因此，我們的垂直軟體現在占我們軟體總收入的 76%。

In Slide 12, you can see that total Software segment revenue reached R$369 million, but grew lower than our vertical software. This is because overall software revenues include our more mature enterprise business. However, as a result of our focus on vertical software and our efficiency initiatives, our adjusted EBITDA in the Software segment increased to R$66 million in the quarter, up 65% year-over-year, improving our adjusted EBITDA margin by over 650 basis points to reach 17.8% in the quarter. As Pedro mentioned, the first quarter marked the beginning of an important year of strategic advancement for our business trajectory. Now I want to pass it over to Mateus to discuss in more detail some of our key financial metrics. Mateus?

在投影片 12 中，您可以看到軟體部門的總收入達到 3.69 億雷亞爾，但增幅低於我們的垂直軟體。這是因為整體軟體收入包括我們更成熟的企業業務。然而，由於我們專注於垂直軟體和效率舉措，本季軟體部門的調整後 EBITDA 增至 6,600 萬雷亞爾，年成長 65%，調整後 EBITDA 利潤率提高了 650 倍以上本季的成長率達到17.8 %。正如佩德羅所提到的，第一季標誌著我們業務軌跡策略發展的重要一年的開始。現在我想將其交給 Mateus，以更詳細地討論我們的一些關鍵財務指標。馬特烏斯？

Thank you, Leah, and good evening, everyone. I'd like to begin on Slide 13, where we discuss the quarter-on-quarter evolution of our cost and expenses as a percentage of revenues on an adjusted basis. Cost of services reached R$810 million, increasing 12% year-on-year and staying flattish quarter-on-quarter. Sequentially, cost of services increased 160 bps as a percentage of revenues as a result of higher transaction logistics and G&A costs as we grow our client base and higher provision for loan losses, which amounted to R$44 million in the first quarter of '24 versus R$39 million in the first quarter of '23. Administrative expenses decreased 12% year-on-year, leading to a 220 basis point reduction as a percentage of revenues when compared to the first quarter of '23. Sequentially, administrative expenses decreased 16%, down 100 basis points as a percentage of revenues due to seasonally higher personnel expenses in the first quarter and lower third-party services expenses in the first quarter. We remain committed to our guidance of spending less than R$1.15 million in administrative expenses for 2024, which implies a growth of less than 7% for the year.

謝謝你，利亞，大家晚上好。我想從幻燈片 13 開始，我們在其中討論了調整後的成本和費用佔收入百分比的季度環比變化。服務成本達8.1億雷亞爾，較去年成長12%，較上季持平。隨後，由於我們的客戶群不斷擴大，交易物流和一般管理費用增加，加上貸款損失撥備增加，服務成本佔收入的百分比增加了160 個基點，24 年第一季貸款損失準備金達到4,400 萬雷亞爾，而2023 年第一季營收為 3,900 萬雷亞爾。管理費用較去年同期下降 12%，佔營收比例較 2023 年第一季下降 220 個基點。由於第一季人員費用季節性上升以及第三方服務費用下降，管理費用隨後下降了 16%，佔收入的百分比下降了 100 個基點。我們仍然致力於 2024 年管理費用支出低於 115 萬雷亞爾的指導方針，這意味著該年的成長低於 7%。

Selling expenses increased 36% year-on-year and 17% quarter-on-quarter, up 220 basis points sequentially as a percentage of revenues. This increase is mainly attributed to higher market investments as a result of a planned sponsorship for a reality television show, combined with higher investments in our sales team. Financial expenses decreased 2.2% year-on-year, leading to a 470 basis point reduction as a percentage of revenues. Quarter-on-quarter, financial expenses decreased 5.5% and remained flattish as a percentage of revenues. Lastly, other expenses decreased 58% sequentially and 230 basis points as a percentage of revenues as a result of lower share-based compensation expenses, which includes a nonrecurring positive impact of R$40 million from the net effect of cancellation and new rents of incentive plans and lower contingencies.

銷售費用較去年同期成長 36%，較上季成長 17%，佔營收的比例較上季成長 220 個基點。這一成長主要歸因於計劃贊助電視真人秀而導致的市場投資增加，以及我們對銷售團隊的投資增加。財務費用較去年同期下降2.2%，佔收入比例下降470個基點。財務費用較上月下降 5.5%，佔收入比例持平。最後，由於股權激勵費用減少，其他費用環比下降 58%，佔收入的百分比下降 230 個基點，其中包括激勵計劃取消和新租金的淨效應帶來的 4,000 萬雷亞爾的非經常性積極影響和較低的意外情況。

Turning to Slide 13. Our adjusted net cash position was R$5.1 billion, reflecting an increase of R$1.2 billion year-on-year and R$87 million for the quarter. Lower when compared to previous quarters as we continue to deploy capital towards the expansion of our credit portfolio and also as a result of seasonally higher cash consumption in labor and social liabilities in the quarter. As we kick starting the year, I believe our first quarter results demonstrate we are executing on our plan, and we remain well on track to deliver our 2024 guidance. With that said, operator, can you please open the call up to questions.

轉向幻燈片 13。與前幾季相比有所下降，因為我們繼續部署資本以擴大信貸投資組合，而且本季勞動力和社會負債方面的現金消耗季節性較高。在新年伊始，我相信我們第一季的業績表明我們正在執行我們的計劃，我們仍然有望實現 2024 年的指導。話雖如此，接線員，您能打開電話提問嗎？

Okay. At this time, we are going to open it up for questions and answers. (Operator Instructions). Our first question comes from Eduardo Rosman with BTG.

好的。這時候，我們就開放問答環節。 （操作員說明）。我們的第一個問題來自 BTG 的愛德華多·羅斯曼。

I do have 2 questions here. The first one is on capital allocation, right? We know that you already did a lot, but you still have a lot of exposure to software, right? With many verticals that are not a priority. You own [Tag], for instance, which is seeing a big decline in revenues as you also have a big stake (inaudible) and potentially other stakes in other companies as well, right? So just wanted to hear from you if there is room to keep improving the capital allocation and the cash position in the following quarters? That's the first question. And the second one, just trying to understand here your expectations for deposits, right? You have a guidance which is above R$7 billion for the year. But you ended the first quarter with R$6 billion, right, which is very good, given the -- that's -- usually, it's a weak quarter from a seasonality point of view, right? So I just wanted to understand your thoughts here if the expectations are now looking conservative for the year.

我這裡確實有兩個問題。第一個是關於資本配置，對嗎？我們知道您已經做了很多工作，但您仍然接觸很多軟體，對嗎？對於許多垂直行業來說，這並不是優先事項。例如，您擁有 [Tag]，該公司的收入大幅下降，因為您還擁有其他公司的大量股份（聽不清楚）以及潛在的其他股份，對吧？所以只是想聽聽您的意見，在接下來的幾個季度中，資本配置和現金狀況是否還有繼續改善的空間？這是第一個問題。第二個，只是想了解您對存款的期望，對吧？今年的指導金額超過 70 億雷亞爾。但第一季結束時營收為 60 億雷亞爾，對吧，這非常好，因為從季節性角度來看，通常這是一個疲軟的季度，對嗎？因此，如果今年的預期現在看起來比較保守，我只是想了解您的想法。

Rosman, thank you for the question, Mateus here. I'll take the first part regarding capital allocation and then pass it over to Lia on the banking side. So on capital allocation, I think it's fair to divide the question in 2 parts. First, I think we mentioned at Investor Day, but we do have a buyback plan in place. At this moment, right, it's a R$1 billion program, for which we did not buy any shares yet. I think the message here is that we remain committed to our long-term targets and therefore, we continue to believe that this is a good alternative for capital allocation. So it's basically a matter of playing the execution for the new product so that we have a solid framework in place in decision process. So that's the first piece. I think the second piece is also regarding the M&A, right, you mentioned [Hikone], and other companies that we have. Here, I think the message is that currently, we are still focused on improving the efficiency of those businesses. And I think you can see from the EBITDA margins on software that this is making progress quarter-by-quarter. But in regards to selling those assets, I mean, we've always analyzed different options in order to maximize shareholder value, but the business as a whole is performing well and generating cash so we have no urgency to 7 assets. So to be direct here. I think there is indeed an optionality to exit some assets for which we don't see as strategic, but that's not the focus at this moment. The focus is on efficiency.

羅斯曼，謝謝你的提問，馬特烏斯。我將討論有關資本配置的第一部分，然後將其傳遞給銀行方面的利亞。因此，關於資本配置，我認為將問題分為兩部分是公平的。首先，我想我們在投資者日提到過，但我們確實有回購計劃。目前，這是一個 10 億雷亞爾的計劃，我們還沒有買任何股票。我認為這裡傳達的訊息是，我們仍然致力於我們的長期目標，因此，我們仍然相信這是資本配置的一個很好的選擇。因此，這基本上是執行新產品的問題，以便我們在決策過程中有一個堅實的框架。這就是第一部分。我認為第二塊也是關於併購，對吧，你提到了[彥根]，以及我們擁有的其他公司。我認為這裡傳達的訊息是，目前我們仍然專注於提高這些業務的效率。我認為你可以從軟體的 EBITDA 利潤中看到，這正在逐季度取得進展。但在出售這些資產方面，我的意思是，我們一直在分析不同的選擇，以實現股東價值最大化，但整個業務表現良好並產生現金，因此我們並不急於出售 7 項資產。所以直接在這裡。我認為確實可以選擇退出一些我們認為不具戰略意義的資產，但這不是目前的重點。重點是效率。

Yes. If I might just add, I think it's in line with the last comment on Mateus. I think what we're trying to do is really improve cost efficiency initiatives to maximize value along these verticals that were not prioritized in the business plan. I think when time comes, we'll provide more visibility in terms of how we're going to position ourselves.

是的。如果我可以補充一下，我認為這與 Mateus 的最後評論一致。我認為我們正在努力做的是真正提高成本效率計劃，以在業務計劃中未優先考慮的這些垂直領域中最大化價值。我認為時機成熟時，我們將在如何定位自己方面提供更多的可見性。

Great. Rosman, Lia here, just to talk a little bit about trends in deposits. So indeed, we saw a strong performance in deposits in the first quarter and results were to some extent above our expectations. So this growth has been driven by so many factors, right? As Pedro mentioned, we continue to successfully bundle payments and banking to new sales, which leads to high penetration of clients that (inaudible) as the main banking solution and the banking (inaudible). And we're also seeing higher levels of engagement with our clients leaving money within our ecosystem for a longer period as we go. So we're very happy with this evolution. It is, like you mentioned, beyond our expectation and thus point to us surpassing the guidance that we gave for the year. That said, we need to monitor this trend a little bit further throughout the year and then of course, if this remains consistent. We're naturally going to keep you updated, but we think it's a bit early to talk about reviewing guidance.

偉大的。羅斯曼、莉亞，只是簡單談談存款的趨勢。事實上，我們看到第一季存款表現強勁，結果在某種程度上超出了我們的預期。那麼這種成長是由許多因素推動的，對吧？正如佩德羅所提到的，我們繼續成功地將支付和銀行業務捆綁到新的銷售中，這導致作為主要銀行解決方案和銀行業務（聽不清楚）的客戶的高滲透率。我們也看到與客戶的互動程度更高，從而將資金留在我們的生態系統中的時間更長。所以我們對這種演變感到非常滿意。正如您所提到的，這超出了我們的預期，因此表明我們超越了我們今年給予的指導。也就是說，我們需要全年進一步監測這一趨勢，當然，如果這種趨勢保持一致的話。我們自然會及時向您通報最新情況，但我們認為現在談論審查指南還為時過早。

Next question from Kaio Prato with UBS.

瑞銀凱奧普拉托 (Kaio Prato) 提出的下一個問題是。

I have 2 questions on my side, please. The first one is related to your other expenses line. You had like a nonrecurring adjustment of R$70 million this quarter. I just would like to better understand what exactly it is about because that the net effect from the divestment is lower than that. And still on other expenses line, if you could please explain why we had like a reversal in share bid composition this quarter? And my second question, please, if I may, is related to your MDRs. Even considering the adjustment to the membership remodel, we can see that consolidated MDRs actually reduced this quarter in a quarter where we usually opposite because of seasonal effect. So I just would like to understand the moving parts here if this could be reflecting any type of pricing pressure or discount in order to incentivize deposits? And what can we expect going forward?

我有兩個問題，請問。第一個與您的其他費用項目有關。您希望本季進行 7,000 萬雷亞爾的非經常性調整。我只是想更了解它到底是什麼，因為撤資的淨效應低於此。還是在其他費用方面，您能否解釋一下為什麼我們本季的股票出價構成出現逆轉？如果可以的話，我的第二個問題與你們的 MDR 有關。即使考慮到會員資格重塑的調整，我們也可以看到，本季的綜合 MDR 實際上有所下降，而我們通常因季節性效應而相反的季度。因此，我只是想了解這裡的活動部分是否可以反映任何類型的定價壓力或折扣以激勵存款？未來我們可以期待什麼？

Thank you. So let me pick up the first question and then we move on to the revenues. So in regard to other expenses, you're right, we have basically 2 FX. The first one is not on the IFRS P&L, right, which we don't adjust. And here, we have a negative impact from the divestments of (inaudible), which amounts to around R455 million. Other than that, we basically have the revaluation of coal and put options on the other companies that we have derived, for example, [Hecla]. So it's nothing new that is adjusted here, it's basically the same effect of actions on the M&A side. And then talking about the share base piece, which impacts our adjusted net income. Here, you're also right, we have a one-off effect, which contributed to around R$30 million, positive to the number. And basically on the line, we had 2 big effects on the quarter. The first one is a recurring one where we had some movement of our SUs related to our annual equity bonus, which includes more than 1,300 employees. And the second effect, which was the one-off is basically related to the board changes that we announced in the first quarter. So when you look at these 2 effects together, what we had was basically a grant of 2.49 million shares but a conciliation of 3.94 million shares. So in the quarter, we had a net reduction in share-based instruments outstanding, which also contributed to the P&L by around R$30 million. And again, you have a piece that is one-off and another piece that is recurring, which is the fact that we have less share-based instruments outstanding right now.

謝謝。讓我回答第一個問題，然後我們繼續討論收入。所以關於其他費用，你是對的，我們基本上有2外匯。第一個不在 IFRS 損益表中，對吧，我們不對其進行調整。在這裡，我們受到（聽不清楚）撤資的負面影響，金額約 4.55 億蘭特。除此之外，我們基本上對煤炭進行了重估，並對我們派生的其他公司（例如，[Hecla]）授予了選擇權。所以這裡的調整並不是什麼新鮮事，基本上和併購方面的動作效果是一樣的。然後談論影響我們調整後淨利潤的股票基礎部分。在這裡，你也是對的，我們有一個一次性效應，貢獻了大約 3000 萬雷亞爾，對這個數字是正面的。基本上，我們對本季產生了兩個重大影響。第一個是經常性的，我們的 SU 發生了一些與我們的年度股權獎金相關的變動，其中包括 1,300 多名員工。第二個影響是一次性的，基本上與我們在第一季宣布的董事會變動有關。因此，當你綜合考慮這兩種影響時，我們基本上得到的是 249 萬股的授予，但 394 萬股的調解。因此，本季度，我們已發行的股票工具淨減少，這也為損益貢獻了約 3,000 萬雷亞爾。再說一次，你有一個是一次性的，另一個是經常性的，事實上，我們現在流通的基於股票的工具較少。

Now the second question, I think it was related to MBRs and pricing in general, right? Here, I think there are also 2 pieces to the question. The first piece when you look at the take rate evolution as a whole, you saw basically a 16 basis point increase year-on-year and also a sizable increase quarter-on-quarter. Both of these changes were basically related to the contribution of the new solutions, so we could break down a 15 basis point increase in take rates that we had year-on-year, it's basically a function of banking and products contributing more to our revenue. On the MDR side, I think the variation month-over-month is basically attributed to the seasonality on CPV. You're right that we had the effect from membership fees were which impacted (inaudible). but when we exclude that from the calculation, it's basically a matter of seasonality.

現在第二個問題，我認為這與 MBR 和一般定價有關，對吧？在這裡，我認為這個問題也有兩個部分。第一篇文章，當你從整體上觀察匯率演變時，你會發現基本上同比增長了 16 個基點，而且環比也有相當大的增長。這兩項變化基本上都與新解決方案的貢獻有關，因此我們可以分解我們的採用率同比增長 15 個基點，這基本上是銀行和產品對我們收入貢獻更大的函數。在 MDR 方面，我認為逐月變化基本上歸因於 CPV 的季節性。你是對的，我們受到了會費的影響（聽不清楚）。但當我們將其從計算中排除時，這基本上是季節性問題。

Okay. Just a follow-up in terms of the seasonality that you mentioned, shouldn't it be like more positive in terms of your MDRs Q-on-Q because of the card mix and so on? So I just would like to understand this part.

好的。只是您提到的季節性方面的後續行動，由於卡片組合等因素，您的 MDR Q-on-Q 方面不應該更加積極嗎？所以我只是想了解這部分。

Yes, the seasonality on the [BRP] salon is positive. Again, we had a lower decrease in the first quarter as a result of more debit mix and now it's positive, but then you also have the seasonality in terms of client mix, right? And that I think answers the question.

是的，[BRP] 沙龍的季節性是積極的。同樣，由於借方組合增加，我們第一季的下降幅度較小，現在是積極的，但客戶組合方面也有季節性，對吧？我認為這回答了問題。

Our next question comes from Antonio Ruette with Bank of America.

我們的下一個問題來自美國銀行的 Antonio Ruette。

Congrats on the results. So I would like to focus on credit. So first, if you could explore what is on different since you restarted the product. So in terms of the credit and the asset quality, the credit growth, what has been a surprise so far? Also, if you could explore a little bit a possible guidance revision since as you added more than R$200 million in portfolio quarter-over-quarter. I guess you could be -- you could reach guidance but less in the second quarter or close to that. Also, if you could explore a little bit competition. So we see peers getting increasingly intense competition segment, we see banks going down the pyramid the corporate rebate, we also see other acquirers more focused on credit, so how do you see competition on the SME segment that you are focusing on? And finally, to conclude here, provisions if you expect to continue to provision 20% of your loan book?

祝賀結果。所以我想把重點放在信用上。首先，您是否可以探索一下自重新啟動產品以來發生了什麼變化。那麼，就信貸、資產品質、信貸成長而言，迄今為止有何驚喜？此外，如果您可以探索可能的指導修訂，因為您的投資組合季度環比增加了超過 2 億雷亞爾。我想你可能會達到指導，但在第二季度會減少或接近這一水平。另外，如果你能探索一點競爭的話。因此，我們看到同業的競爭越來越激烈，我們看到銀行在企業回扣方面沿著金字塔往下走，我們也看到其他收購者更加關注信貸，那麼您如何看待您所關注的中小企業領域的競爭？最後，總結一下，如果您希望繼續撥備貸款帳簿的 20%，那麼撥備呢？

Thank you for the question, Pedro speaking. Well, I'll kick off with the guidance. I think as you said, the results for the first Q were indeed better than what we initially expected, especially on banking and credit. If we see these trends to be consistent throughout the year, we will mostly likely land above our guidance. But that said, our guidances were already set as a lower bound and I think it's still premature to talk about changing in the first quarter of the year. So I'll pass it over to Greg, who will talk about the credit, and then we'll move to Lia and Mateus.

謝謝你的提問，佩德羅。好吧，我將從指導開始。我認為正如你所說，第一季的結果確實比我們最初預期的要好，特別是在銀行和信貸方面。如果我們看到這些趨勢全年保持一致，我們很可能會高於我們的指導。但話雖如此，我們的指導已經被設定為下限，我認為現在談論今年第一季的改變還為時過早。所以我會把它交給 Greg，他會談論功勞，然後我們將轉向 Lia 和 Mateus。

Antonio. With regards to your first question, what we did differently, we explored this extensively in our Investors Day last year. And what I can tell you now is what happened over the last 12 years. Well, we completed 1 year since the soft launch of our working capital facilities and looking backwards, I really believe we accomplished quite a lot. On the positive side, I would point out that we were able to structure the entire credit cycle and not only the concession phase. We have all the controls in place to monitor the growth from a very close perspective and prepare to react on a timely manner. This monitoring process has allowed us to test and improve a variety of models and policies, always challenging ourselves to improve efficiency and unlock new cohorts. This is also the reason why we are still growing on a nonlinear mode, almost on a step-like curve, reflecting the release of offers to new customers.

安東尼奧.關於你的第一個問題，我們做了什麼不同的事情，我們在去年的投資者日對此進行了廣泛的探討。我現在可以告訴你的是過去12年發生的事。自從我們的營運資本設施軟啟動以來，我們已經完成了一年的時間，回顧過去，我真的相信我們已經取得了許多成就。從積極的一面來看，我想指出的是，我們能夠建立整個信貸週期，而不僅僅是特許權階段。我們擁有所有控制措施，可以從非常密切的角度監控成長情況，並準備好及時做出反應。這種監控過程使我們能夠測試和改進各種模型和政策，始終挑戰自己以提高效率並解鎖新群體。這也是為什麼我們仍然以非線性模式成長的原因，幾乎是階梯式曲線，反映了向新客戶發布的優惠。

Besides policies and models, we also managed to test quite a lot our pricing strategy, which is adjusted to size, risk, amongst others. We also succeeded in test bundling banking and acquiring features. The team is practically form and complete one of the major challenges we faced by the beginning of the process, and we managed to keep the performance of the portfolio within our risk appetite parameters and pretty much without any major bumps on the road. On the improvement opportunities, I would say that we still have a huge opportunity to extract more value from our hubs. So far, the growth of our credit portfolio has been more focused on our app, and we understand that there is a huge potential to be unlocked by using this channel more efficiently. There are also many opportunities to improve communication overall. We are still in the beginning of our journey to interact with our clients in a deeper way, and this is reflected in less-than-expected conversion rates. We strongly believe that we can and will evolve on this matter, and we will accelerate.

除了政策和模型之外，我們還成功地測試了許多我們的定價策略，根據規模、風險等進行調整。我們也成功測試了捆綁銀行業務和取得功能。團隊實際上已經組建並完成，這是我們在流程開始時面臨的主要挑戰之一，我們成功地將投資組合的表現保持在我們的風險偏好參數範圍內，幾乎沒有遇到任何重大障礙。關於改進機會，我想說，我們仍然有巨大的機會從我們的樞紐中獲得更多價值。到目前為止，我們的信貸投資組合的成長更集中在我們的應用程式上，我們知道透過更有效地使用這個管道可以釋放巨大的潛力。還有很多機會可以改善整體溝通。我們仍處於與客戶更深入互動的旅程的開始，這反映在低於預期的轉換率上。我們堅信，我們能夠而且將會在這個問題上取得進展，而且我們會加速前進。

Although we already tested bundling, we understand that we could have begun earlier and also believe that we barely scratch the surface here. Besides strengthening the relationship, we believe that the more we interact with our clients, combining different product platforms, the better the performance of the portfolio will be. And last but not least, we did not advance over our link customers yet. The potential here is huge. We are implementing new processes to capture these opportunities that should lead to a significant increase in share over time.

儘管我們已經測試了捆綁，但我們知道我們可以更早開始，也相信我們在這裡僅僅觸及了表面。除了加強關係外，我們相信與客戶互動越多，結合不同的產品平台，投資組合的表現就越好。最後但並非最不重要的一點是，我們還沒有超越我們的連結客戶。這裡的潛力是巨大的。我們正在實施新流程來抓住這些機會，隨著時間的推移，這些機會將導致份額顯著增加。

Great. Antonio, let me complement you with some thoughts on competition, which I believe was one of your questions. So I think regarding competition, nothing really new regarding the competitive environment. We continue to see benefits in our P&L from the reduction in interest rates with financial expenses as a percentage of revenue decreasing 4.7 percentage points year-over-year. And in our view, this is consistent with the fact that over the short to medium term, the competitive environment is much more rational and stable and players will benefit from decreasing interest rates. So we see, if anything, a much more rational competitive environment. That's the first message. But another important message is that longer term, we're going to remain focused on executing the strategy that we talked about in the Investor Day. We're going to continue to strengthen our execution and evolve our product road map. And as Mateus mentioned, over the last year, we've seen tangible impact in take rates already from -- coming from monetization levers beyond payments. But the other way to look at this is that we're only at the beginning of this trajectory, there's still a lot of work for us to do in the evolution of our banking, in saving our credit portfolio, building bundles with software to better monetize financial services relationship with our clients. So essentially, to finalize the (inaudible), we really believe we're on the right track and each step is only going to strengthen our differentiation in serving MSMBs. So I think this is a total competition.

偉大的。安東尼奧，讓我補充一些關於競爭的想法，我相信這是你的問題之一。所以我認為就競爭而言，競爭環境並不是什麼新鮮事。我們繼續看到利率下降為我們的損益帶來好處，財務費用佔收入的百分比年減了 4.7 個百分點。我們認為，這與中短期內競爭環境更加理性和穩定，參與者將從利率下降中受益的事實是一致的。因此，我們看到了一個更理性的競爭環境。這是第一條訊息。但另一個重要訊息是，從長遠來看，我們將繼續專注於執行我們在投資者日討論的策略。我們將繼續加強我們的執行力並發展我們的產品路線圖。正如馬特烏斯所提到的，在過去的一年裡，我們已經看到了除支付之外的貨幣化槓桿對收取率的實際影響。但從另一個角度來看，我們只是處於這一軌蹟的開始，在銀行業的發展、保存我們的信貸投資組合、建立軟體捆綁包以更好地發展銀行業務方面，我們還有很多工作要做。因此，從本質上講，為了最終確定（聽不清楚），我們確實相信我們走在正確的軌道上，每一步都只會加強我們在服務中小型企業方面的差異化。所以我認為這是一場全面的競爭。

And I think the last piece was around the [overlay], right? Whether we're going to keep provisioning 20% or converge to the risk model. And to that end, I think the message is that in 2024, we will converge to risk-based approach. It's probably going to start either in the second Q or third Q but towards the end of the year, we should have the provision conversion to our models.

我認為最後一塊是圍繞著[覆蓋]的，對吧？我們是否要維持 20% 的撥備率，還是收斂到風險模型。為此，我認為要傳達的訊息是，到 2024 年，我們將轉向基於風險的方法。它可能會在第二季或第三季開始，但到年底，我們應該對我們的模型進行規定轉換。

Many questions Antonio I think we covered them, right?

安東尼奧 我想我們已經討論了很多問題，對嗎？

Next question from Neha Agarwala with HSBC.

匯豐銀行 Neha Agarwala 提出的下一個問題是。

Hello, can you hear me? Just a quick one. Regarding the registry of receivables, has there been more operational improvement? How have you been able to use the data from the registry of receivables? And how is it helping in terms of underwriting? Any update there would be very helpful.

你好，你聽得到我說話嗎？只是快一點。在應收帳款登記方面，操作上是否有更多改進？您如何使用應收帳款登記處的資料？它對承保有何幫助？那裡的任何更新都會非常有幫助。

Neha, Mateus here. So there are 2 sides to the question. First, regarding the registry business on a stand-alone basis. To that end, I think (inaudible) has been profitable for (inaudible) but no big changes in terms of the operations. And then there is a piece on the credit side, right? And to that end, I think the message is that it's mostly working on this. We have been able to access the collateral for all the main providers when we are underwriting, and that's a very important collateral to our business.

尼哈，馬特烏斯在這裡。所以這個問題有兩個面向。首先，關於註冊登記業務的獨立性。為此，我認為（聽不清楚）已經獲利（聽不清楚），但營運方面沒有太大的變化。然後還有信用方面的一塊，對吧？為此，我認為傳達的訊息是，它主要致力於此。當我們承保時，我們已經能夠獲得所有主要提供者的抵押品，這對我們的業務來說是非常重要的抵押品。

Okay. So you have been able to access the volume from other players and the collateral is working well as of now?

好的。那麼您已經能夠從其他玩家處獲取交易量並且抵押品目前運作良好？

Yes. Yes, it is.

是的。是的。

Has there been any instance that you made use of that collateral so far?

到目前為止，您是否曾經使用過該抵押品？

Yes. So in our renegotiation process in general, I think the first step is basically accessing the receivables that we have against the clients as collateral. And then only afterwards that we move towards the field where we actually renegotiate the credits. So it has been the first, I would say, gatekeep in terms of collecting the credit and it's fully operational now.

是的。因此，在我們的重新談判過程中，我認為第一步基本上是取得我們以客戶作為抵押品的應收帳款。然後，只有在此之後，我們才會進入實際重新談判製作人員名單的領域。所以我想說，在收集信貸方面，它是第一個把關人，而且現在已經全面運作。

Next question from Yuri Fernandes with JPMorgan.

尤里·費爾南德斯 (Yuri Fernandes) 與摩根大通 (JPMorgan) 提出了下一個問題。

I have a follow-up on Kaio's question on the adjustments on your net income. Just confirming that both the net effect of PPAC, the R$53 million is there and also the lower compensation, the lower share-based compensation, the R$40 million. When I checked the Table 4, it's not clear for me where those 2 items are there. So just making sure that the negative was removed out of the positive result of your recurring adjustment? That's the first one. And on -- my second question would be on your administrative expenses. They were really good. I know there is some seasonality here but even year-over-year, it's down a lot. I think you mentioned third-party services helping you. So if you can provide more color, which are those services like how this line should behave going forward.

我對Kaio關於你們淨利調整的問題進行了跟進。只是確認 PPAC 的淨效應（5,300 萬雷亞爾）以及較低的薪酬（較低的基於股份的薪酬）（4,000 萬雷亞爾）都存在。當我檢查表 4 時，我不清楚這兩項在哪裡。那麼，只要確保從定期調整的正面結果中消除負面結果就可以了嗎？這是第一個。我的第二個問題是關於你們的管理費用。他們真的很好。我知道這裡有一些季節性，但即使同比，它也下降了很多。我想您提到了可以幫助您的第三方服務。因此，如果您可以提供更多顏色，那麼這些服務就像這條線今後應該如何表現一樣。

Thank you for your question. So on the first piece, let's talk about the adjustments. So we only adjust basically mark-to-market related to M&A transactions. We don't adjust share base compensation whatsoever. So it's fully expensed. And therefore, the positive one-off is not adjusted, right. The only thing that is adjusted to that end is the loss on the divestment of [impact] in this quarter and keep in mind that in the first quarter, we had the opposite effect. We had a gain on the amount of EBITDA, which was not adjusted as well. So that's the first piece. The second piece, I think, is related to administrative expenses. And here, I think you're right, there was a sizable reduction quarter-on-quarter, but also year-on-year. When we look at the quarter-on-quarter evolution, it's mostly due to seasonality. I think we've been vocal on the fall from the first quarter. The administrative expenses was seasonally higher back then, and it's the opposite way right now. But when you look at an annual comparison, then most of the benefits are related to the initiatives that we have in place in the company, namely the zero-based budgeting initiative and also the implementation of the shared (inaudible) center. And here, on a macro level, basically, what we're doing is unifying processes in our corporate functions and over time, this leads to lower expenses related to third-party services and administrative expenses in general. So that's the main trend on the line.

謝謝你的問題。那麼第一塊我們就來說說調整。所以我們基本上只調整與併購交易相關的市值計價。我們不會調整任何股基薪酬。所以完全是花銷了。因此，積極的一次性沒有調整，對吧。為此進行的唯一調整是本季[影響]剝離帶來的損失，請記住，在第一季度，我們產生了相反的效果。我們獲得了 EBITDA 金額的收益，但也沒有進行調整。這就是第一部分。我認為第二部分與行政費用有關。我認為你是對的，季度環比和同比都有大幅下降。當我們觀察季度環比的演變時，這主要是由於季節性所致。我認為從第一季開始我們就一直在大聲疾呼。當時的管理費用季節性較高，現在則相反。但是，當您進行年度比較時，大多數收益都與我們在公司實施的舉措有關，即零基預算舉措以及共享（聽不清楚）中心的實施。在宏觀層面上，基本上，我們正​​在做的是統一公司職能中的流程，隨著時間的推移，這會導致與第三方服務和一般管理費用相關的費用降低。這就是主要趨勢。

Next question is from Jorge Kuri with Morgan Stanley.

下一個問題來自摩根士丹利的 Jorge Kuri。

Hi, everyone. Thanks for the opportunity to ask questions. I wanted to ask about selling expenses. You mentioned the 36% year-on-year jump, 17% quarter-over-quarter was partly due to a marketing expense related to a sponsorship of a TV show and investments in yourself team. Would it be possible for you to quantify how much of that R$529 million was the TV show. And I'm asking this because as you look at marketing expenses, going of 36% for a revenue growth of 14% or a TPV growth of 13% for the quarter, that it's actually concerning if it's not most of it, the TV show, right, where you're actually having to spend much more in sales and marketing for the underlying business in order to grow revenues at a lower pace. And even if I just look at over the last 12 months, forget about this quarter, if I just look at the last 12 months, your marketing expenses 12 months over 12 months are up 21% for a TPV growth, which is much less than that. And so I'm just wondering to what extent some of it also is a more competitive industry. And I did hear the response that Lia posed to a question -- a couple of questions before that the competition remains rational, but this level of incremental marketing expenses to grow the business at a much lower pace, especially considering that you have, I don't know, 25%, 30% market share in your core business of SMBs, maybe 20%. How should we think about that? And how do you think that's going to evolve going forward in order for you to keep this pace of revenue growth, we're going to continue to see these just out growth in marketing expenses. How do you think about all of those things?

大家好。感謝您有機會提問。我想問一下銷售費用。您提到年成長 36%，季增 17%，部分原因是與電視節目贊助和對自己團隊的投資相關的行銷費用。您能否量化一下這 5.29 億雷亞爾中有多少是電視節目？我問這個問題是因為當你看看行銷費用時，本季營收成長14%，TPV 成長13%，行銷費用為36%，如果這不是其中的大部分，那實際上是令人擔憂的，電視節目，對，你實際上必須在基礎業務的銷售和行銷上花費更多，才能以較低的速度增長收入。即使我只看過去 12 個月，忘記本季度，如果我只看過去 12 個月，您的 12 個月行銷費用在 12 個月中的 TPV 增長增長了 21%，這遠低於那。所以我只是想知道其中一些在多大程度上也是一個更具競爭力的行業。我確實聽到了莉亞對一個問題提出的回應——之前的幾個問題，競爭仍然是理性的，但是這種增量營銷費用水平以低得多的速度增長業務，特別是考慮到你有，我不知道不知道，你的中小企業核心業務的市佔率是25%、30%，也許是20%。我們該如何思考這個問題？您認為未來將如何發展才能維持這種收入成長速度，我們將繼續看到行銷費用的成長。您如何看待所有這些事情？

Thanks for the question, Jorge. So let me start with the explanation of marketing expense, and then we talk about the increase (inaudible). So on selling expense first, I think we have to segregate the sequential evolution from the yearly evolution. When you look on a year-over-year perspective, in the first quarter of '23, we had some one-offs related to reallocation of variable compensation between selling and admin. So this makes a year-on-year evolution less relevant here. Now I think the best way to look at the number is indeed looking at the sequential evolution, which was 17%. And on that front, basically, everything is related to our investments in the (inaudible). So the sequential increase in selling is mostly a function of that, which basically impacts first quarter and to a lesser extent, second quarter as well.

謝謝你的提問，豪爾赫。因此，讓我先解釋行銷費用，然後我們討論增加（聽不清楚）。因此，首先在銷售費用方面，我認為我們必須將順序演變與年度演變分開。從同比的角度來看，在 23 年第一季度，我們遇到了一些與銷售和管理之間可變薪酬重新分配相關的一次性問題。因此，這使得逐年演變在這裡不再那麼重要。現在我認為查看這個數字的最佳方式確實是查看順序演變，即 17%。在這方面，基本上，一切都與我們對（聽不清楚）的投資有關。因此，銷售量的環比增長主要是其影響的函數，基本上影響第一季度，並在較小程度上影響第二季度。

Now when we look ahead, we still see some opportunities to invest in distribution channels and I think we've been vocal to say that as long as we see healthy return hurdles, we'll continue to do so. But with that said, as a percentage of revenues, I think we should start to see operational leverage fitting in, in this line throughout the year. So that's the first piece referring to the selling evolution in general. I think the second piece that you mentioned is whether we are seeing some kind of effect from competition and the link between those investments and the top line growth, right? And to that end, first of all, I think the best way to look at the number is not looking at the consolidated TPV, the investments we do in selling have very little to do with the growth in key accounts, which I think we've mentioned, we are being opportunistic. So on parts, it can go more on other quarters it can go lower that. But when you look at the evolution of MSMB TPV, I think the message is not that we are decelerating actually. So if you look at the evolution of TPVs, including PIX, which we monetize (inaudible), basically, we grew 24% this quarter, above 25% in the first quarter and third key was in the low 20s. So the message here is either stable or accelerating but not decelerating.

現在，當我們展望未來時，我們仍然看到一些投資分銷管道的機會，我認為我們一直直言不諱地說，只要我們看到健康的回報障礙，我們就會繼續這樣做。但話雖如此，作為收入的百分比，我認為我們應該開始看到全年營運槓桿都在這一行中發揮作用。這是第一篇涉及整體銷售演變的文章。我認為您提到的第二個問題是，我們是否看到競爭以及這些投資與營收成長之間的連結產生了某種影響，對吧？為此，首先，我認為查看數字的最佳方式不是查看合併的 TPV，我們在銷售方面所做的投資與主要客戶的增長關係不大，我認為我們'我們已經提到過，我們是在投機取巧。因此，在零件方面，它可以走得更多，而在其他方面則可以走得更低。但當你觀察 MSMB TPV 的演變時，我認為傳達的訊息並不是我們實際上正在減速。因此，如果你看看 TPV 的演變，包括我們貨幣化的 PIX（聽不清楚），基本上，我們本季成長了 24%，第一季成長超過 25%，第三個關鍵是在 20 左右。所以這裡的資訊要嘛穩定，要嘛加速但不減速。

So again, that's pretty much how we see the line. The evolution is mostly explained indeed by the reality [visual] investments that we did. And in terms of [into] growth, I think the proper way to look at the numbers looking at MSMB volumes and not TPV in general. I don't know if I answered all your questions Jorge?

再說一次，這就是我們對這條線的看法。這種演變其實主要是透過我們所做的現實[視覺]投資來解釋的。就成長而言，我認為看待數字的正確方法是著眼於 MSMB 銷量，而不是整體的 TPV。我不知道我是否回答了你所有的問題，豪爾赫？

Yes, yes, that was clear. Thank you very much Mateus. Appreciate it. I mean if I just adjust for -- if I adjust for this quarterly, John, yes, there seems to be some operating leverage on the last 12-month basis of your selling expenses, but not a lot. And so I guess I'm still just wondering how should we think about the amount of expenses that you needed to put into the business, given the big market share that you have? And how does that relate to competition? So anything -- any view that you have around that would be helpful.

是的，是的，這很清楚。非常感謝馬特烏斯。欣賞它。我的意思是，如果我只是調整 - 如果我調整本季度，約翰，是的，在過去 12 個月的銷售費用基礎上似乎存在一些運營槓桿，但不是很多。因此，我想我仍然想知道，鑑於您擁有巨大的市場份額，我們應該如何考慮您需要投入業務的費用金額？這與競爭有何關係？所以任何事情——你所擁有的任何觀點都會有幫助。

Yes, yes, for sure. So like I said, I think the sequential increase that we had was mostly due to the reality TV Show investment. And going forward, on a nominal basis, it shouldn't grow that much. So most of the leverage from continuing to grow top line having this baseline in terms of selling. And then [Alec] piece, I think when talking about operational leverage in the line, especially looking at the first quarter, it's also important to remind that we had a negative one-off in the revenue side, right, which was the R$60 million from the change in the recognition of membership fees. When you factor that in and then you look excluding the investments of (inaudible), I think it's more clear to see the operational leverage that is kicking in there.

是的，是的，當然。正如我所說，我認為我們的連續成長主要是由於真人秀節目的投資。展望未來，從名義上看，它不應該成長那麼多。因此，持續成長收入的大部分槓桿作用都具有銷售方面的基準。然後[Alec] 的文章，我認為在談論該行的營運槓桿時，特別是在第一季度，同樣重要的是要提醒我們，我們在收入方面出現了一次性負數，對吧，即60 雷亞爾萬元起因於會員費的認定而改變。當您考慮到這一點，然後排除（聽不清楚）的投資時，我認為可以更清楚地看到其中發揮的營運槓桿作用。

Next question from Daniel Vaz with Safra.

丹尼爾·瓦茲 (Daniel Vaz) 和薩弗拉 (Safra) 提出了下一個問題。

I have a question regarding credit. So we know you're offering your working capital solution for a limited portion of your client base, right, so mainly in the upper part of the SMB. So I wanted to ask you if you have already been testing pilots in smaller clients? And how have been this -- the outcome of this testing so far? So are you willing to expand the eligible base at some point in this year? Have you been doing that? So it will be good to hear from you.

我有一個關於信用的問題。因此，我們知道您正在為有限部分的客戶群提供營運資金解決方案，對吧，主要是中小型企業的上層客戶。所以我想問您是否已經在較小的客戶中進行了試點測試？到目前為止，測試的結果如何？那麼您願意在今年的某個時候擴大符合條件的基礎嗎？你一直這樣做嗎？所以很高興收到您的來信。

Yes. Daniel, yes, we have expanded our offer to lower customers, both on the working capital facility and also we are initiating now a test with credit cards on our Ton business. So we are evolving on covering the entire client bases with a credit offer. And so far, I mean, the tests have been successful, and we think that there is opportunity to expand here and reaching out for more customers.

是的。丹尼爾，是的，我們已經將我們的服務範圍擴大到了較低的客戶，包括營運資金便利，而且我們現在正在對我們的 Ton 業務發起信用卡測試。因此，我們正在不斷發展，以信貸優惠覆蓋整個客戶群。我的意思是，到目前為止，測試已經成功，我們認為有機會在這裡擴展並接觸更多客戶。

Yes. I think the one caveat here, Daniel, like Gregor mentioned, it is still on test phase here. So I wouldn't say we are right to roll out yet. I think the message is that the early indicators are good. But again, we're taking a cautious approach in credit in general and then especially on micro merchants, which we know are more volatile and risky, right, by nature, it's going to be even more cautious. So I wouldn't expect a big evolution already contributing to results this year. It's most about testing and learning this year.

是的。我認為這裡有一個警告，丹尼爾，就像格雷戈爾提到的那樣，它仍然處於測試階段。所以我不會說我們推出這個產品是正確的。我認為傳達的訊息是早期指標良好。但同樣，我們對信貸總體上採取謹慎態度，特別是對小微商戶，我們知道它們的波動性和風險更大，本質上，它會更加謹慎。因此，我預計今年的業績不會有重大變化。今年最重要的是測驗和學習。

And if I may, just a quick one on the change of the accounting method. So how are you recognizing revenues now? It's a 12-month base, it's at 24-month?. Could you just give a little refresh for us?

如果可以的話，請簡單介紹一下會計方法的變更。那麼您現在該如何確認收入呢？這是12個月的基數，還是24個月的基數？能為我們介紹一下嗎？

Yes. So open to the last quarter, membership fees were basically recognized as soon as the client was onboarded, so it was upfront. Now it's basically deferred throughout the lifetime of the clients. We don't disclose the specifics in terms of how many months we are using. But I mean, it's very close to market standards. So if you look at the peers, I think you should have a good benchmark for that.

是的。所以到了上個季度，會員費基本上是在客戶入職後就確認的，所以是預付的。現在它基本上被推遲到客戶的整個生命週期。我們不會透露我們使用了多少個月的具體資訊。但我的意思是，它非常接近市場標準。因此，如果你看看同行，我認為你應該有一個很好的基準。

Next question from Tiago Binsfeld with Goldman Sachs.

蒂亞戈·賓斯菲爾德 (Tiago Binsfeld) 與高盛 (Goldman Sachs) 提出了下一個問題。

I have just one on financial expenses. If you could discuss what are your main expectations for terminal [SELIC]. And also, if you could discuss if you have any initiatives to lower financial expenses by year-end? And finally, if you have any plans to remunerate deposits, remind us what has been your strategy here?

我只有一份財務費用。您可以討論一下您對終端 [SELIC] 的主要期望是什麼。另外，您是否可以討論一下您在年底前是否有任何降低財務費用的舉措？最後，如果您有任何獎勵存款的計劃，請提醒我們您的策略是什麼？

Thanks for the question, (inaudible). So first, let's start with our perspective for our terminal (inaudible). I think to be really honest here, we don't have a perspective here. I think our approach is basically to look at the market data that we have and then we adjust our pricing accordingly. I think we mentioned this a few times, but our pricing has become a lot more dynamic nowadays. So basically, we have the trends that we use to onboard a client. But over time, we adjusted upwards or downwards according to the volumes that we're seeing, the solutions that the clients are using. So it has become a dynamic process. And to that end, I think it allows us to adjust whatever slip we see in our phones in a very quick manner. So that's piece number one. Secondly piece regarding initiatives to lower financial expenses, I think our team has done a great job over the past quarters and years, not only of being more efficient in terms of the spreads that we have, but also being a lot more conservative. So if you look at the credit profile of the company, we're having longer and longer term, which is good.

謝謝你的提問（聽不清楚）。首先，讓我們從對終端的看法開始（聽不清楚）。我認為說實話，我們這裡沒有觀點。我認為我們的方法基本上是查看我們擁有的市場數據，然後相應地調整我們的定價。我想我們已經提到過幾次了，但現在我們的定價變得更加動態。基本上，我們有用於吸引客戶的趨勢。但隨著時間的推移，我們根據我們看到的數量和客戶使用的解決方案向上或向下調整。所以它變成了一個動態的過程。為此，我認為它允許我們以非常快速的方式調整我們在手機中看到的任何滑動。這是第一件。其次，關於降低財務費用的舉措，我認為我們的團隊在過去幾季和幾年裡做得很好，不僅在我們擁有的點差方面更加高效，而且也更加保守。因此，如果你看看公司的信用狀況，你會發現我們的信用期限越來越長，這是好事。

Now when you look at the structural initiatives that we have in place, I think the main one to mention is the finance license, which we got end of last year. And that basically allows us to access retail funding and also to access the deposit base that we have to fund prepayments and credit. But on both of these fronts, our approach is really cautious because we want to make sure that we don't cannibalize our current deposit base for which we don't remunerate anything. And as you can see by the results, it's getting quite a lot of traction without that, right? So basically, what we're doing right now is testing. We have a very small pilot in terms of remunerating deposits. We're also testing the waters in terms of retail funding, and that's pretty much the mode of the year. I wouldn't expect any big movements on the balance sheet in 2024. And the final question, can you remind me what was it?

現在，當你看到我們已經採取的結構性措施時，我認為最值得一提的是我們去年年底獲得的金融許可。這基本上使我們能夠獲得零售資金，並獲得我們必須為預付款和信貸提供資金的存款基礎。但在這兩方面，我們的做法都非常謹慎，因為我們希望確保不會蠶食我們不支付任何報酬的現有存款基礎。正如你從結果中看到的，如果沒有這個，它就會獲得很大的吸引力，對吧？所以基本上，我們現在正在做的就是測試。我們在有償存款方面有一個非常小的試點。我們也在零售融資方面進行試水，這幾乎是今年的模式。我預計 2024 年資產負債表不會有任何重大變動。

My final question was on the deposits. What's your strategy for remuneration or paying for deposits eventually?

我的最後一個問題是關於存款的。您最終的薪酬或支付押金策略是什麼？

Well, I think we covered that. But basically, the message here is the following: We have a very good business in our banking products, which is basically built upon the working capital needs of our clients, right? So we offer a single solution for them, and we're able to get this deposit base without remunerating, but we also see space to advance on banking on the remunerated side, so basically taking the savings pocket of our clients. If you look back at the Investor Day, I think the approach that we shared was basically creating an automated savings product, which is basically using the same engine that we have in credit, where we get a percentage of the TPV, but redirecting that feature towards clients that are savers. So we're basically able to help our clients to save towards their goals. And on that product, the idea is to remunerate the deposit base. But again, being really cautious here not to cannibalize the product that we have in place. So that's basically the strategy there.

嗯，我想我們已經討論過了。但基本上，這裡的資訊如下：我們的銀行產品業務非常好，這基本上是建立在客戶的營運資金需求之上的，對嗎？因此，我們為他們提供單一的解決方案，我們能夠在沒有報酬的情況下獲得這個存款基礎，但我們也看到了有報酬的銀行業務的發展空間，所以基本上是拿走我們客戶的儲蓄口袋。如果你回顧投資者日，我認為我們分享的方法基本上是創建一個自動儲蓄產品，它基本上使用與我們信貸相同的引擎，我們獲得一定比例的 TPV，但重定向該功能面向儲蓄客戶。因此，我們基本上能夠幫助我們的客戶實現他們的目標。對於該產品，其想法是向存款基礎提供報酬。但再次強調，這裡要非常謹慎，不要蠶食我們現有的產品。這基本上就是那裡的策略。

Next question from Jamie Friedman with SIG.

傑米·弗里德曼 (Jamie Friedman) 和 SIG 提出了下一個問題。

Let me echo the congratulations. I wanted to ask about the take rate on key accounts. It was up 14 basis points year-on-year and 15 basis points sequentially. So I'm just -- and I understand that's part of the strategy. I'm wondering, though, how high can this go? Because it seems like you've got a very good cadence there.

讓我也表達祝賀吧。我想問一下大客戶的佣金率。年比上漲14個基點，季增15個基點。所以我只是——我知道這是戰略的一部分。但我想知道，這能達到多高？因為看起來你的節奏非常好。

Jamie, Lia here. So I think regarding take rate trends in key accounts. So the 1 basis point increase quarter-on-quarter is basically product mix, credit versus debit and the 14 basis point increase year-over-year is really a consequence of our strategy in terms of repricing and offering spot prepayments for some clients. So I think the overall message here is, let's remember that key accounts for (inaudible) accounts as sort of an opportunistic strategy. So -- if we find a key account clients where we can have a good relationship in terms of pricing and good returns or even a more broad sort of product discussions that enabled us to have a more profitable relationship, we will do so, but that's not really the focus of our execution. So we're -- we've been a lot more opportunistic there. It's hard to pinpoint what the trend will be. I think that the trend that we are seeing is more or less kind of in line with what we expect, right? So take rates slightly positive from this effect of a higher emphasis on profitability and repricing. But on the PPC side, it tends to be volatile. So it's hard to see point and trends. I think those are the takeaways.

傑米，莉亞在這裡。所以我認為關於大客戶的接受率趨勢。因此，季度環比增長 1 個基點基本上是產品組合、信用卡與借記卡的關係，而同比增長 14 個基點實際上是我們在重新定價和為某些客戶提供現貨預付款方面的策略的結果。所以我認為這裡的總體訊息是，讓我們記住（聽不清楚）帳戶的關鍵帳戶是一種機會主義策略。因此，如果我們找到一個大客戶客戶，我們可以在定價和良好回報方面建立良好的關係，甚至進行更廣泛的產品討論，使我們能夠建立更有利可圖的關係，我們就會這樣做，但那就是不是我們執行的重點。所以我們——我們在那裡更加投機取巧。很難確定趨勢是什麼。我認為我們看到的趨勢或多或少符合我們的預期，對吧？因此，由於更加重視獲利能力和重新定價，利率略有上升。但在 PPC 方面，它往往會波動。所以很難看出要點和趨勢。我認為這些就是重點。

And in answer to your previous question, I think you had addressed the opportunity to lend into the Linx merchant base, which my understanding is I don't believe you'd be gone. So how and when are you thinking about that opportunity? If you could elaborate on that?

在回答您之前的問題時，我認為您已經解決了向 Linx 商業基礎提供貸款的機會，我的理解是我不相信您會離開。那麼您是如何以及何時考慮這個機會的呢？如果您能詳細說明一下嗎？

Yes. So we disclosed this metric that we -- (inaudible) Is it, lending on mix was the question, Jamie.

是的。因此，我們披露了這個指標——（聽不清楚）是不是，混合貸款是問題所在，傑米。

Yes, I'm sorry, if I didn't say it right. That's what I meant to say, yes.

是的，如果我說得不對，我很抱歉。這就是我想說的，是的。

Okay, yes. So like Gregor mentioned, right, we're just starting to look at the opportunities for credit in the Linx client base. So what we know is that it is a big opportunity, and it's very in line with what Pedro said at the beginning of the call today to sort of implement a specific process for higher average TPV clients because that is the profile of Linx clients overall. Even within those priority verticals, the average CPV of those clients tends to be somewhere around R$200,000, R$500,000 a month. So these are medium clients within the SMB space. We know that there is a very significant opportunity there. And this will fall into the context of the whole -- the overall cross-selling initiative, right? So in order to provide lending to those clients we want to do so in a context where we actually offer the full [some] solution integrated software. So it's really very early days. We know the opportunity is big. We're starting to organize ourselves around that opportunity. But at this point, the focus on cross-selling is a lot more really the structural go-to-market initiatives that enable us to actually start to offer financial services, solutions to software clients. So yes, we are excited with the credit opportunity in Linx client base, but it's very early days to give any more precise figures on that.

好吧，是的。正如 Gregor 所提到的那樣，我們剛開始在 Linx 客戶群中尋找信貸機會。因此，我們知道這是一個巨大的機會，而且這與 Pedro 在今天電話會議開始時所說的非常一致，即為平均水平較高的 TPV 客戶實施特定流程，因為這是 Linx 客戶的整體概況。即使在這些優先垂直行業中，這些客戶的平均每次觀看費用也往往在每月 20 萬雷亞爾至 50 萬雷亞爾左右。因此，這些是中小企業領域的中型客戶。我們知道那裡有一個非常重要的機會。這將屬於整體的背景——整體交叉銷售計劃，對吧？因此，為了向這些客戶提供貸款，我們希望在實際提供完整的[某些]解決方案整合軟體的情況下這樣做。所以現在還為時過早。我們知道機會很大。我們開始圍繞這個機會進行組織。但在這一點上，對交叉銷售的關注更多的是結構性進入市場計劃，使我們能夠真正開始向軟體客戶提供金融服務和解決方案。所以，是的，我們對 Linx 客戶群中的信貸機會感到興奮，但現在給出更準確的數據還為時過早。

Next question is from Pedro Leduc with Itaú BBA.

下一個問題來自 Itaño BBA 的 Pedro Leduc。

Thank you, guys, for the question. Good evening. Two, first, on the financial side that your guys are looking at for the -- have had the new document recently out on what you have seen in revenues or the funding side, early thoughts and maybe how you can manage around that? And the second, from the early portfolio that you have on the credit side, if you're already seeing benefits bet on churn, be it on higher share of wallet or those clients is credit helping you, you believe (technical difficulty) through credit, but is it bringing positive side effects on other things.

謝謝你們的提問。晚安.第二，首先，在你們正在尋找的財務方面——最近發布了一份新文件，介紹了你們在收入或資金方面所看到的情況、早期的想法，以及你們如何解決這個問題？第二，從您在信貸方面擁有的早期投資組合來看，如果您已經看到了流失的好處，無論是錢包份額更高還是那些客戶的信貸可以幫助您，您相信通過信貸（技術難度） ，但它是否會對其他事情帶來正面的副作用？

I'm not sure we understood the first part of your question. If you could please repeat it? Sorry. I think you're chopping a little bit for us. I don't know if you can go to a spot where there's a little better connection.

我不確定我們是否理解你問題的第一部分。如果可以的話請重複一次好嗎？對不起。我認為你為我們節省了一點錢。我不知道你是否可以去一個訊號好一點的地方。

While we wait for Pedro. Next question from Renato Miloni.

當我們等待佩德羅時。雷納托·米洛尼的下一個問題是。

My first question is on the asset quality of the credit portfolio. I know it's a bit early to look at NPLs, but I wonder what you're seeing the margin here and if you can compare that to what we're seeing in the industry numbers? And then maybe if you have an expectation of where NPLs will stabilize NY. And then I have a second question here on your funding strategy and if you -- how do you see space to continue using your own cash generation as a funding source here? Or if you expect that to -- the mix to shift going forward?

我的第一個問題是關於信貸組合的資產品質。我知道現在關注不良貸款還為時過早，但我想知道您在這裡看到的利潤率是多少，您是否可以將其與我們在行業數據中看到的利潤率進行比較？然後，如果你預計不良貸款將在哪裡穩定紐約。然後我有第二個問題是關於你們的融資策略，如果你們──你們如何看待繼續使用自己的現金產生作為資金來源的空間？或者，如果您預計這種組合會改變？

Thank you, Renato. Let me start on the latter question. So basically, we fund credit notes using our capital structure, right? So we have a net equity in that. I think we're not looking towards having a specific instrument for credit, like factoring out risk (inaudible), basically because it's too expensive in Brazil. So if there is an option at an attractive rate, we will, for sure, consider. But given the structure that we have in Brazil, I think it's likely that the strategy for (inaudible) may continue the same. And then on asset quality, I think you're right that looking at NPLs alone, it's basically really affected by the speed of growth, right. I think what we can share from nowadays is basically two things, so first, in terms of expected losses, our models are pointing towards the 10% threshold. So when you think about NPLs over '19, it should increase, right? It shouldn't stay at 1.5% or 2% area. It should move towards this expected credit loss level and be slightly below that. So that's the first piece of the message. The second, I think, is looking at cohort data. So I think in the Investor Day, we shared the over 30 month 3 for the portfolio. And I think we disclosed at that time between 3% and 4% for the cohort and that pretty much remains the same nowadays. So I think the performance for the portfolio has remained really consistent over the past many months.

謝謝你，雷納托。讓我從後一個問題開始。所以基本上，我們利用我們的資本結構為信用票據提供資金，對吧？所以我們有淨資產。我認為我們並不尋求建立特定的信貸工具，例如排除風險（聽不清楚），主要是因為它在巴西太昂貴了。因此，如果有價格有吸引力的選擇，我們肯定會考慮。但考慮到我們在巴西的結構，我認為（聽不清楚）的策略可能會繼續保持不變。然後在資產品質方面，我認為你是對的，僅看不良貸款，它基本上確實受到成長速度的影響，對吧。我認為我們現在可以分享的基本上是兩件事，所以首先，就預期損失而言，我們的模型指向 10% 的閾值。因此，當您考慮 19 年以上的不良貸款時，它應該會增加，對嗎？它不應停留在 1.5% 或 2% 面積。它應該接近這一預期信用損失水平並略低於該水平。這就是訊息的第一部分。我認為第二個是查看隊列數據。所以我認為在投資者日，我們分享了 30 多個月的投資組合。我認為我們當時披露的該群體的比例在 3% 到 4% 之間，現在幾乎保持不變。因此，我認為該投資組合的表現在過去幾個月中一直保持穩定。

And the final point, I think you mentioned is around return, so the margin per credit. I think we're not disclosing the margin itself, but what we can say in terms of rates, we usually charge between 3% to 5% per month. We are on the lower end of that range (inaudible), basically because we are choosing clients that have a better risk profile in general. And then if you combine the 3% per month, with the 10% expected credit losses, I think you should arrive at the margin for the product pretty easy. So that's the message there.

我認為您提到的最後一點是關於回報，即每學分的利潤。我認為我們不會透露保證金本身，但就費率而言，我們通常收取每月 3% 至 5% 的費用。我們處於該範圍的下限（聽不清楚），基本上是因為我們選擇的客戶整體上具有更好的風險狀況。然後，如果您將每月 3% 的利率與 10% 的預期信用損失結合起來，我認為您應該很容易得出該產品的保證金。這就是那裡的資訊。

Next question from John Coffey with Barclays.

約翰·科菲 (John Coffey) 與巴克萊銀行 (Barclays) 提出了下一個問題。

I just had 2 questions for you. For one, on your TPV, it seems like your top line TPV number now includes PIX. And so if that's the case, and that's kind of your primary TPV metric, how should I think about your guidance, especially your MSMB TPV of that 412 floor. Is that just tying to the TPV without PIX? And then likewise, when we think about the MSMB take rate, would that be considered with TPV, again, including PIX or excluding? And just the last question I had, the second question. For the MSMB payment net adds, I think Lia said in her prepared remarks that we saw a little bit of a decline this quarter because now Stone is reaching, I think, like market growth rates, if I understood that correctly, for MSMBs, does that mean like we should -- that's kind of a good cadence in that 200 range to think about net adds going forward? Or am I off on that?

我只是有 2 個問題想問你。其一，在您的 TPV 上，您的頂線 TPV 號碼現在似乎包括 PIX。因此，如果是這種情況，而這是您的主要 TPV 指標，我應該如何考慮您的指導，尤其是 412 層的 MSMB TPV。是不是只跟 TPV 綁定而沒有 PIX？同樣，當我們考慮 MSMB 的採用率時，是否會再次考慮 TPV，包括 PIX 還是排除？這是我的最後一個問題，第二個問題。對於MSMB 支付網絡的增加，我認為Lia 在她準備好的發言中表示，我們看到本季度略有下降，因為我認為，現在Stone 正在達到市場增長率，如果我理解正確的話，對於MSMB 來說，確實這意味著我們應該——在 200 範圍內考慮未來的淨增加，這是一個很好的節奏嗎？還是我不喜歡這個？

Lia here, so I'm going to take both questions. First, on TPV I think it's important to note that we disclose both, right? So both TPV considering PIX P2M and TPV only considering cards, right? So the reason why we're disposing -- we've always disclosed both. But PIX P2M has more and more incrementally become a relevant and important acceptance method for our clients. Let's also remember that we monetized PIX P2M in line with debit net MDR, and we allow our clients to reconcile P1 as a payment method. So I think this is just a little bit of context to start answering the question. So in fact, regarding the guidance of TPV, we are seeing TPV trends considering only card volumes close behind with our guidance. But additionally, we're positively prepared with the strong performance that we're seeing in PIX P2M volumes, where we're going strongly on a sequential basis. And like I said, it's not positive for us because we monetize that in line with debit net MDR and it is very positive for our clients because for them, it is a cheaper solution in terms of payment acceptance and money gets (inaudible) instantaneously. So just to give the numbers again, TPV including PIX grew 24%, while if we exclude PIX P2M, we saw 18% growth, and the 18% growth is very much in line with what our guidance in the year -- for the year implied. So the message is we remain committed with the TPV guidance. And we're going to continue to disclose both figures, right? TPV with PIX P2M and TPV considering only cards.

莉亞在這裡，所以我將回答這兩個問題。首先，關於冠捷，我認為重要的是要注意我們同時披露了兩者，對嗎？那麼冠捷考慮 PIX P2M 和冠捷只考慮卡，對吧？所以我們處置的原因──我們總是揭露這兩點。但 PIX P2M 已經越來越成為我們客戶相關且重要的接受方法。我們還請記住，我們根據借方淨 MDR 將 PIX P2M 貨幣化，並且我們允許客戶將 P1 作為付款方式。所以我認為這只是開始回答這個問題的一些背景。因此，事實上，關於冠捷的指導，我們看到冠捷的趨勢只考慮卡片數量，緊跟著我們的指導。但此外，我們已經做好了積極準備，因為我們在 PIX P2M 卷中看到了強勁的表現，我們將在連續的基礎上強勁表現。就像我說的，這對我們來說不是積極的，因為我們根據借方淨MDR 進行貨幣化，這對我們的客戶來說非常積極，因為對於他們來說，在付款接受和即時收到資金（聽不清楚）方面，這是一種更便宜的解決方案。因此，再次給出數字，包括 PIX 在內的 TPV 增長了 24%，而如果我們排除 PIX P2M，我們看到了 18% 的增長，而 18% 的增長與我們今年的指導非常一致。因此，我們要傳達的訊息是，我們將繼續遵守 TPV 的指導方針。我們將繼續披露這兩個數字，對吧？ TPV 與 PIX P2M 和 TPV 僅考慮卡片。

The second part of the question was net adds, right?

問題的第二部分是淨添加，對嗎？

Yes.

是的。

Yes. So you are right that what we expect going forward in terms of net adds is more -- levels more or less in line with what we saw this quarter. So since over the last year, we strongly increased our penetration in the micro segment. It's not surprising that incremental growth is smaller. That said, we're really happy with the commercial performance in the quarter. It is associated with our participation in (inaudible). I think we have discussed it earlier in the call. But importantly, regarding this investment in (inaudible) May this quarter, we did see a very positive impact in the quarter, but we also expect that tail effect throughout the year. It's important for us to maintain the consistency of the communication so that we can really capture the value in terms of more brand recognition, stronger communication to a broader organs, right? So all of that for us is a positive trend, and we expect net adds to be in line with what we're seeing, and we're happy with that level. But also as remember, we don't have net assets with single objective function because it's important that we are always looking at healthy payback hurdles and that we can grow with good profitability. So I think that's the big message, John.

是的。所以你是對的，我們預計未來淨增加的水平或多或少與我們本季看到的水平一致。因此，自去年以來，我們大力提高了在微型細分市場的滲透率。增量成長較小並不令人意外。也就是說，我們對本季的商業表現非常滿意。它與我們的參與有關（聽不清楚）。我想我們之前在電話會議中已經討論過這個問題。但重要的是，關於本季 5 月（聽不清楚）的這項投資，我們確實看到了該季度非常正面的影響，但我們也預計全年都會產生尾部效應。對我們來說，保持溝通的一致性很重要，這樣我們才能真正獲得更高的品牌認知度、與更廣泛的機構進行更強有力的溝通方面的價值，對嗎？因此，所有這一切對我們來說都是一個積極的趨勢，我們預計淨增加量將與我們所看到的一致，我們對這個水平感到滿意。但也要記住，我們沒有單一目標函數的淨資產，因為重要的是我們始終專注於健康的回報障礙，並且我們能夠以良好的獲利能力實現成長。所以我認為這是一個重要的信息，約翰。

There are no questions at this time. This concludes the question-and-answer session. I will now turn it over to Pedro Zinner, CEO at StoneCo for final considerations.

目前沒有問題。問答環節到此結束。現在我將把它交給 StoneCo 執行長 Pedro Zinner 進行最終考慮。

Well, thank you very much. I think before we end the call, I just wanted to provide an update in terms of the tragedy in (inaudible). I think we are engaged and committed to the situation, supporting our clients, employees and local communities with a series of programs and initiatives. Our commitment to Brazilian Japanese is above all a commitment to people. And we have partnered with Union Brazil, which is an NGO that has been on the front lines of the floods for months to support those who needed at most at this time. I think the other question is regarding the impact in terms of our TPV and guidance and so forth. So we've seen a significant impact in TPV within the region with some cities reducing TPV by up to 40%. But that said, our exposure to (inaudible) is about 4% to 6% of our TPV. So the impact will be most likely limited and should not impact our guidance. In terms of the P&L, there will be a negative impact in the second quarter, not only as a result of the TPV impact, but also because we are fully committed to supporting our clients and employees within the region. We have already accepted the subscription fees of our clients in the region. We have reduced the payment fees, provided a great period of 90 days in credit repayments among many other actions. I think it's still too early to quantify the impact for the quarter, but the message here is that we remain committed to the guidance despite of those effects and were considered about the tragedy that has actually happened in the country. With that said, I'd like to thank you all for participating in the call and see you in our next quarter results. Thank you very much.

好的，謝謝。我想在我們結束通話之前，我只是想提供有關（聽不清楚）悲劇的最新資訊。我認為我們致力於並致力於應對這種情況，透過一系列計劃和舉措支持我們的客戶、員工和當地社區。我們對巴西日語的承諾首先是對人的承諾。我們也與巴西聯盟合作，這是一個非政府組織，幾個月來一直奮戰在洪水前線，為目前最需要幫助的人提供支援。我認為另一個問題是關於我們的 TPV 和指導等方面的影響。因此，我們看到該地區的 TPV 受到了重大影響，一些城市的 TPV 降低了高達 40%。但話雖如此，我們的（聽不清楚）風險敞口約為 TPV 的 4% 至 6%。因此，影響很可能是有限的，不應影響我們的指導。就損益表而言，第二季將會產生負面影響，這不僅是于冠捷的影響，還因為我們完全致力於支持該地區的客戶和員工。我們已經接受了該地區客戶的訂閱費用。我們降低了付款費用，提供了 90 天的信用還款期限等諸多措施。我認為現在量化本季的影響還為時過早，但這裡傳達的訊息是，儘管存在這些影響，我們仍然致力於該指導，並考慮了該國實際發生的悲劇。話雖如此，我要感謝大家參加這次電話會議，我們下季業績再見。非常感謝。

Thank you. This does conclude today's presentation.

謝謝。今天的演講到此結束。