StoneCo Ltd (STNE) 2024 Q3 法說會逐字稿

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺少的文字。

(technical difficulty) All material can be found online at investors.stone.co. Throughout this conference call, the company will be presenting non-IFRS financial information, including adjusted net income and adjusted net cash. These are important financial measures for the company but are not financial measures as defined by IFRS.

（技術難度）所有資料均可在 Investors.stone.co 上線上找到。在整個電話會議中，該公司將展示非國際財務報告準則的財務信息，包括調整後的淨利潤和調整後的淨現金。這些是公司的重要財務指標，但不是 IFRS 定義的財務指標。

Reconciliations of the company's non-IFRS financial information to the IFRS financial information appears in today's press release. Finally, before we begin our formal remarks, I would like to remind everyone that today's discussion may include forward-looking statements. These forward-looking statements are not guarantees of future performance and therefore, you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from the company's expectation.

該公司的非國際財務報告準則財務資訊與國際財務報告準則財務資訊的調節表出現在今天的新聞稿中。最後，在我們開始正式發言之前，我想提醒大家，今天的討論可能包含前瞻性陳述。這些前瞻性陳述並不是對未來績效的保證，因此，您不應過度依賴它們。這些陳述受到許多風險和不確定性的影響，可能導致實際結果與公司的預期有重大差異。

Please refer to the forward-looking statements disclosure in the company's earnings press release. In addition, many of the risks regarding the business are disclosed in the company's Form 20-F filed with the Securities and Exchange Commission, which is available at www.sec.gov. Joining the call today is Stone's CEO, Pedro Zinner; the CFO and IRO, Mateus Scherer; the Strategy and Marketing Officer, Lia Matos; and the Head of IR, Roberta Noronha. I would now like to turn the conference over to your host, Pedro Zinner.

請參閱本公司財報新聞稿中所揭露的前瞻性聲明。此外，本公司向美國證券交易委員會提交的 20-F 表格中揭露了與該業務相關的許多風險，該表格可在 www.sec.gov 上取得。今天加入電話會議的是 Stone 的執行長 Pedro Zinner；財務長兼 IRO，Mateus Scherer；策略與行銷長 Lia Matos；以及 IR 主管 Roberta Noronha。現在我想將會議交給主持人佩德羅·辛納 (Pedro Zinner)。

Please proceed.

請繼續。

Thank you, operator, and good evening, everyone. Today, we will present our results for the third quarter of 2024 and provide an updated outlook for our business. I'd like to begin by highlighting some of the key milestones from our third quarter, a period marked by solid performance and significant business improvements, bringing us closer to achieving our annual targets, if not already meeting some of them. Upon reviewing the quarter, I can confidently state that we maintain committed to executing our strategies across various areas of our Financial Service segment.

謝謝接線員，大家晚上好。今天，我們將公佈 2024 年第三季的業績，並提供最新的業務前景。首先，我想強調第三季的一些關鍵里程碑，這段期間的業績表現穩定，業務顯著改善，使我們更接近實現年度目標（如果尚未實現其中一些目標）。在回顧本季時，我可以自信地說，我們仍然致力於在金融服務部門的各個領域執行我們的策略。

On the Payment side, we continue to observe encouraging trends in a healthy competitive environment. MSMB total payment volume grew by 20% year over year, reaching BRL114 billion and serving 4 million MSMB clients, all while maintaining healthy unit economics, a key priority for us.

在支付方面，我們繼續在健康的競爭環境中觀察到令人鼓舞的趨勢。MSMB 總支付量年增 20%，達到 1,140 億雷亞爾，為 400 萬 MSMB 客戶提供服務，同時保持健康的單位經濟效益，這是我們的首要任務。

In banking, demand deposits amounted to BRL6.7 billion, representing a 50% increase compared to the previous year. Having made significant strides in scaling our payments and banking bundles for clients, our current focus is on enhancing client engagement.

銀行業活期存款餘額67億雷亞爾，較上年增加50%。我們在為客戶擴展支付和銀行服務方面取得了重大進展，目前的重點是提高客戶參與度。

To achieve this, we are improving our clients' experience by developing additional solutions such as our savings product, which, despite being in its initial stages, has already shown positive results. Regarding credit, we are pleased to announce that we have surpassed our annual guidance, and in the quarter, we have a portfolio of BRL923 million, an impressive growth of nearly 30% quarter over quarter.

為了實現這一目標，我們正在透過開發其他解決方案（例如我們的儲蓄產品）來改善客戶的體驗，儘管該產品仍處於初始階段，但已顯示出積極的成果。關於信貸，我們很高興地宣布，我們已經超出了年度指導，本季度我們的投資組合達到 9.23 億雷亞爾，環比增長近 30%，令人印象深刻。

This portfolio is performing better than expected in terms of NPL levels, indicating that our credit offerings are aligned with our internal expectations and risk appetite. Our specialized credit desk, which commenced operations at the beginning of the year has delivered promising results in generating new deals and enhancing our distribution.

此投資組合的不良貸款水準表現優於預期，顯示我們的信貸產品符合我們的內部預期和風險偏好。我們的專業信貸服務台於今年年初開始運營，在產生新交易和加強分銷方面取得了可喜的成果。

Additionally, we have successfully executed our roadmap for loan products, making advancements in credit cards and launching Giro Facil, a revolving credit facility. We also continue to refine the experience our clients have throughout their credit cycle with us. In light of the performances I have just outlined, I'm proud to report that our MSMB take rate has reached a record of 2.58% in the quarter, setting a positive trajectory toward achieving our annual guidance of 2.49% and indicating sustained strong results in payments. In terms of software, we continue to see significant progress in cross-selling our financial service solutions to our software clients.

此外，我們還成功執行了貸款產品路線圖，在信用卡方面取得了進步，並推出了循環信貸設施 Giro Facil。我們也持續完善客戶在整個信貸週期的體驗。鑑於我剛才概述的表現，我很自豪地報告，本季度我們的 MSMB 利用率已達到創紀錄的 2.58%，為實現 2.49% 的年度指導設定了積極的軌跡，並表明我們在付款。在軟體方面，我們在向軟體客戶交叉銷售金融服務解決方案方面繼續取得重大進展。

Card TPV growth among these clients has exceeded twice the growth observed in MSMB volumes on a quarter-over-quarter basis. In addition, we are fully committed to executing our efficiency and cash-generating initiatives. As a result, our EBITDA margin increased by 1.6-percentage-points sequentially, now surpassing 18%. Given our commitment to acting in the best interest of our shareholders, we are currently evaluating options to maximize value, which I will discuss further in the end of this call.

這些客戶的卡片 TPV 成長速度是 MSMB 數量較上季成長的兩倍以上。此外，我們完全致力於執行我們的效率和現金產生計劃。結果，我們的 EBITDA 利潤率連續成長了 1.6 個百分點，目前超過 18%。鑑於我們致力於以股東的最佳利益行事，我們目前正在評估價值最大化的選擇，我將在本次電話會議結束時進一步討論。

Finally, on the efficiency front, we have seen our adjusted administrative expenses decreased by 7% year to date compared to last year, positioning us well to meet our 2024 guidance, which implies a 7% growth. I would also like to highlight that we have nearly completed our 1 billion share repurchase program in the third quarter.

最後，在效率方面，我們發現今年迄今調整後的管理費用比去年減少了 7%，這使我們能夠很好地實現 2024 年的指導，即成長 7%。我還想強調的是，我們在第三季幾乎完成了 10 億股股票回購計畫。

We recognize that we currently have excess capital, leaving us with a strong balance sheet position. We continuously evaluate the optimal use of capital to maximize shareholder returns and are now developing a more structured decision-making framework in consultation with our board.

我們認識到我們目前擁有過剩的資本，使我們的資產負債表狀況保持強勁。我們不斷評估資本的最佳利用，以最大限度地提高股東回報，目前正在與董事會協商制定更結構化的決策框架。

We expect to provide further visibility over the coming quarters. As a result of our adjusted net income growth of 35% and the execution of our buyback program, our adjusted basic earnings per share increased significantly by 43% year-over-year.

我們預計在未來幾季提供進一步的可見性。由於調整後淨利潤成長 35% 以及回購計畫的執行，調整後基本每股盈餘較去年同期大幅成長 43%。

Now, I'd like to turn the floor over to Lia, who will discuss our performance for the third quarter of 2024. Lia?

現在，我想請 Lia 發言，她將討論我們 2024 年第三季的業績。利亞？

Thank you, Pedro, and good evening, everyone. As Pedro mentioned, we're happy with our performance in the third quarter and with how we've been able to drive value to clients with our solutions and service. As presented on slide 4, we saw good traction in our consolidated financial results. Our total revenue and income grew 7% year over year or 8% when we disregard the change in our internal accounting methodology for membership fees revenues held in the first quarter of '24.

謝謝佩德羅，大家晚上好。正如佩德羅所提到的，我們對第三季的表現以及我們如何透過我們的解決方案和服務為客戶創造價值感到滿意。如投影片 4 所示，我們在合併財務表現中看到了良好的牽引力。我們的總收入和收入年增 7%，如果我們忽略 2024 年第一季會員費收入內部會計方法的變化，則增加 8%。

This growth is mainly a result of our performance in the MSMB segment, where we continue to grow client base and increase monetization. Our adjusted EBIT and net income both grew 35% year-over-year, with margin up 4.5% and 3.6 percentage points, respectively, to 21.8% and 17.5%. This improvement in margins was driven mainly by the combination of our top-line growth and lower financial expenses. Combining our adjusted net income growth with the significant repurchase of shares in the quarter, our adjusted basic EPS grew 43% year over year to reach BRL1.97 per share.

這一成長主要歸功於我們在 MSMB 領域的業績，我們在該領域不斷擴大客戶群並提高獲利能力。調整後息稅前利潤和淨利潤均較去年同期成長 35%，利潤率分別成長 4.5% 和 3.6 個百分點，達到 21.8% 和 17.5%。利潤率的改善主要是由於我們的營收成長和財務費用下降共同推動的。結合本季調整後淨利成長和大量股票回購，調整後基本每股盈餘年增 43%，達到每股 1.97 雷亞爾。

Now, let's dive further into our Financial Services segment performance. Starting with Payments on slide 5. Our MSMB client base reached almost 4 million active clients, a 21% growth year-over-year. The implied deceleration in the net addition of clients in the quarter results from different factors: first, due to the phasing out of marketing investments made in the first half of the year; and second, due to a bigger focus on the quality of clients onboarded with healthy unit economics, as well as allocating capital toward client engagement rather than purely increasing our base.

現在，讓我們進一步深入了解我們的金融服務部門的表現。從幻燈片 5 上的付款開始。我們的 MSMB 客戶群達到近 400 萬活躍客戶，較去年同期成長 21%。本季淨新增客戶隱含放緩的原因有很多：一是上半年行銷投入的逐步退出；其次，由於更加關注擁有健康單位經濟效益的客戶質量，以及將資本分配給客戶參與而不是純粹增加我們的基礎。

As you might also remember, we usually start the relationship with our clients with a payments and banking bundle, which opens the door for higher engagement with our multiple payments, banking, and credit solutions. We're proud to see that our focus on improving such bundles and products to our clients has driven positive results illustrated by our heavy user metric, which shows the percentage of MSMB clients with more than three products with us. Heavy users have been growing consistently, going from 21% a year ago to 34% this quarter. Regarding payment volumes, MSMB TPV grew 20% year over year to reach BRL114 billion in the quarter.

您可能還記得，我們​​通常透過支付和銀行業務捆綁包開始與客戶的關係，這為提高我們的多種支付、銀行業務和信貸解決方案的參與度打開了大門。我們很自豪地看到，我們致力於為客戶改進此類捆綁包和產品，從而帶來了積極的成果，這一點可以從我們的大量用戶指標中看出，該指標顯示了擁有我們三種以上產品的MSMB 客戶的百分比。重度用戶一直在持續成長，從一年前的 21% 上升到本季的 34%。在支付量方面，MSMB TPV 年增 20%，本季達到 1,140 億雷亞爾。

This growth is composed of a 12.4% growth in Card TPV and a 2.4 times growth in PIX QR code volumes as PIX continues to gain ground and cannibalize on debit volumes with net positive economic benefits for us and for our clients. As a result of a stable competitive environment in payments, allowing for healthy take rates, our focus on growing with good unit economics, and the increased engagement of our clients with more solutions.

這一增長由卡 TPV 的 12.4% 增長和 PIX 二維碼數量的 2.4 倍增長組成，因為 PIX 不斷取得進展並蠶食借記卡數量，為我們和我們的客戶帶來淨正經濟效益。由於支付領域穩定的競爭環境，可實現健康的採用率，我們專注於以良好的單位經濟效益實現成長，以及透過更多解決方案提高客戶的參與度。

We have reached a record take rate for MSMBs of 2.58% in the third quarter, nine basis points higher year over year and three basis points higher than the second quarter of '24. Moving to slide 6, we highlight our banking performance in the quarter. Our banking active client base grew 47% year over year to 2.8 million clients.

第三季中小型企業的採用率達到創紀錄的 2.58%，較去年同期高出 9 個基點，比 2024 年第二季高出 3 個基點。轉到投影片 6，我們將重點放在本季的銀行業績。我們的銀行活躍客戶群年增 47%，達到 280 萬客戶。

As Pedro mentioned, our efforts to sell bundled banking and payment solutions to new clients has achieved a good maturity level since the majority of new clients today on board with a payments and banking offer. Thus, our focus has shifted toward increasing engagement within our ecosystem. As a result, total deposits from clients reached BRL 6.8 billion in the quarter, 53% higher year over year. Our financier license received at the beginning of the year has allowed us to expand the array of solutions that we can offer to our clients.

正如佩德羅所提到的，我們向新客戶銷售捆綁銀行和支付解決方案的努力已經達到了良好的成熟度，因為今天大多數新客戶都接受了支付和銀行服務。因此，我們的重點已轉向增加生態系中的參與度。因此，本季客戶存款總額達到 68 億雷亞爾，年增 53%。我們在今年年初獲得的金融家許可證使我們能夠擴大可以為客戶提供的解決方案的範圍。

Of the BRL6.8 billion total retail deposits in the quarter, BRL6.7 billion referred to demand deposits, and BRL121 million relates to on-platform time deposits from our savings products, which we haven't actively marketed yet. Though still in its early stage, we've been carefully managing the balance between tightened deposits and demand deposits and we have seen accretive results while offering our clients a new alternative to manage their money within our ecosystem. In addition to on-platform time deposits, which are directed to our clients, we're also issuing time deposits distributed in third-party platforms outside our ecosystem, which we're calling off-platform time deposits. Those deposits have shown strong growth in the quarter, reaching BRL1.7 billion in funding for the company.

在本季 68 億雷亞爾的零售存款總額中，67 億雷亞爾為活期存款，1.21 億雷亞爾為我們尚未積極行銷的儲蓄產品的平台定期存款。儘管仍處於早期階段，但我們一直在謹慎管理存款收緊和活期存款之間的平衡，並且在為客戶提供在我們的生態系統內管理資金的新選擇的同時，也取得了積極成果。除了針對我們客戶的平台內定期存款外，我們還發行分佈在我們生態系統之外的第三方平台的定期存款，我們稱之為平台外定期存款。這些存款在本季表現出強勁成長，為公司提供的資金達到 17 億雷亞爾。

Now, let's move to credit on slide 7. We have BRL923 million in credit outstanding with our clients, which is already 15% above our annual guidance with still one quarter left to go. Out of this portfolio, BRL864 million is related to Merchant Solutions, which currently comprises our working capital solution and our revolving credit facility solution Giro Facil launched in the beginning of this quarter. The other BRL59 million relate to our credit card offer, which we're currently focusing on scaling within micro clients as it is an important part of the credit value proposition for this segment.

現在，讓我們轉到投影片 7 的出處。我們與客戶的未償信貸餘額為 9.23 億巴西雷亞爾，這已經比我們的年度指引高出 15%，而且還剩四分之一。在該投資組合中，8.64 億雷亞爾與 Merchant Solutions 相關，該解決方案目前包括我們的營運資金解決方案和本季初推出的循環信貸解決方案 Giro Facil。另外 5,900 萬巴西雷亞爾與我們的信用卡產品相關，我們目前專注於在微型客戶中擴展信用卡產品，因為它是該細分市場信用價值主張的重要組成部分。

When we look at provisions, we have been slowly converging the provision of the working capital solution to reach levels closer to the expected loss in our models. Thus, provision related to the working capital portfolio has been decreasing from 20% in the beginning of the year to 14% in the third quarter.

當我們考慮撥備時，我們一直在慢慢地收斂營運資金解決方案的撥備，以達到更接近模型中預期損失的水平。因此，與營運資金組合相關的撥備已從年初的20%下降至第三季的14%。

As a result of this convergence and since working capital is still our most relevant credit solution by far, total provision expenses have reduced to virtually zero this quarter compared with BRL19 million one year ago and BRL18 million in the second quarter of '24, contributing positively to our results when compared to previous periods. Regarding NPLs, the NPL 90 days for Merchant Solutions continues to increase as expected, while the portfolio matures, reaching 3.7% in the quarter compared with 2.6% for the previous quarter.

由於這種融合，並且由於迄今為止營運資金仍然是我們最相關的信貸解決方案，與一年前的1,900 萬雷亞爾和2024 年第二季度的1,800 萬雷亞爾相比，本季度的總撥備支出已減少至幾乎為零，做出了積極貢獻與之前時期相比，我們的結果。不良貸款方面，隨著投資組合的成熟，Merchant Solutions 的 90 天不良貸款持續增加，本季達到 3.7%，而上一季為 2.6%。

The decrease observed in the NPL 15 to 90 in the quarter was due to the better vintages when compared with the second quarter. Finally, on Slide 8, we summarize the performance of our Financial Services segment. The strong evolution of our main strategic drivers coupled with a stable competitive environment in payments has led to a solid financial performance. As such, financial services revenue reached BRL3 billion, 8% higher year over year, with an EBT margin of 22.8%, 5.1-percentage-points higher over the same period.

本季不良貸款 15 至 90 的下降是由於與第二季度相比年份更好。最後，在投影片 8 中，我們總結了金融服務部門的表現。我們主要策略驅動力的強勁發展，加上穩定的支付競爭環境，帶來了穩健的財務表現。其中，金融服務收入達30億雷亞爾，年增8%，息稅前利潤率為22.8%，較去年同期成長5.1個百分點。

Now, let's talk briefly about our software performance on Slide 9. We see positive trends from our cross-selling initiative of offering financial services to our software client base, the strategic focus for the software segment. This can be seen by the Card TPV of our clients that use both our financial services solutions and software solutions, which has reached BRL5.8 billion in the quarter, growing more than twice the sequential growth seen in our MSMB Card TPV. This result was boosted by our financial services specialist team, which has been doing a great job driving this cross-sell to strategic verticals within our software segment.

現在，讓我們簡單談談我們在 Slide 9 上的軟體效能。我們從向軟體客戶群提供金融服務的交叉銷售計劃中看到了積極的趨勢，這是軟體領域的策略重點。這一點可以從使用我們的金融服務解決方案和軟體解決方案的客戶的卡TPV 中看出，該客戶在本季度已達到58 億雷亞爾，增長速度是我們的MSMB 卡TPV 環比增長的兩倍多。這一結果是由我們的金融服務專家團隊推動的，該團隊在推動軟體領域內的策略垂直領域的交叉銷售方面做得非常出色。

Regarding software revenues, we have seen relatively stable performance year over year, growing 2.5% sequentially. On the bottom line, software-adjusted EBITDA reached BRL72 million in the quarter with a margin of 18.3%, 1.6-percentage-points higher quarter over quarter as we continue to manage the business for efficiency and cash generation.

在軟體收入方面，我們看到年比表現相對穩定，季增 2.5%。從利潤來看，本季軟體調整後的 EBITDA 達到 7,200 萬雷亞爾，利潤率為 18.3%，環比增長 1.6 個百分點，因為我們繼續管理業務以提高效率和現金生成。

Now, I want to pass it over to Mateus to discuss in more detail some of our key financial metrics. Mateus?

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, Lia, and good evening, everyone. I would like to start on slide 10, where we discuss the quarter-over-quarter evolution of our costs and expenses on an adjusted basis. Cost of services decreased as a percentage of revenue from 26.2% in the second quarter of '24 to 25.6% in the third quarter of '24 due to the reduction in loan loss provisions. Excluding credit provisions, the costs remained relatively stable as a percentage of revenue.

謝謝你，莉亞，大家晚上好。我想從幻燈片 10 開始，我們在其中討論調整後的成本和支出的季度環比變化。由於貸款損失撥備減少，服務成本佔收入的百分比從 2024 年第二季的 26.2% 下降至 24 年第三季的 25.6%。不計信貸準備金，成本佔收入的比例保持相對穩定。

Administrative expenses increased 5% year-over-year or 9% quarter over quarter, resulting in a sequential increase of 30 bps as a percentage of revenues. This increase was mainly attributed to higher provisions for variable compensation, which are seasonally higher in the second half of the year. Selling expenses increased 13% year over year and decreased 5% quarter over quarter or 150 basis points as a percentage of revenues. This decline was mainly driven by reduced marketing expenses considering that in the first half of the year, we sponsored a reality TV show, which ended in the second quarter.

管理費用較去年同期成長 5%，較上季成長 9%，佔營收的比例較上季成長 30 個基點。這一增長主要歸因於可變薪酬撥備的增加，該撥備在下半年季節性較高。銷售費用較去年同期成長 13%，季減 5%，即佔營收的百分比下降 150 個基點。這一下降主要是由於行銷費用減少所致，考慮到上半年我們贊助了一個真人秀節目，該節目於第二季結束。

Financial expenses decreased 13% year over year and increased 7% sequentially or 50 basis points as a percentage of revenues. The sequential increase was driven by higher funding needs due to TPV growth, lower share of equity in our funding mix following significant share buybacks this quarter, and a higher number of working days.

財務費用較去年同期下降 13%，季增 7%，即佔營收的百分比上升 50 個基點。環比成長的推動因素包括冠捷成長帶來的融資需求增加、本季大量股票回購後融資組合中股本份額的下降以及工作日數的增加。

These effects were partially offset by lower average funding spreads. This quarter, our proactive liability management played a key role in optimizing our funding costs as we repurchased 60% of our 2021 bond issuance, our most expensive debt instrument, and refinanced at significantly lower spreads through the issuance of new financial bills.

這些影響被較低的平均融資利差部分抵消。本季度，我們的主動負債管理在優化融資成本方面發揮了關鍵作用，我們回購了2021 年發行的債券（我們最昂貴的債務工具）的60%，並透過發行新的金融票據以大幅降低的利差進行再融資。

Our other expenses line increased by 12% year over year but remained relatively stable sequentially. As our revenues grew, other expenses as a percentage of revenues decreased by 20 basis points. Finally, our tax rate was 20% in the quarter, down from 23.8% in Q2. This reduction was primarily due to the repurchase of approximately 60% of our bonds and the transfer of the remaining portion to a local entity, allowing us to benefit from a tax shield on the associated interest expense.

我們的其他費用項目較去年同期成長 12%，但較上季保持相對穩定。隨著我們收入的成長，其他費用佔收入的百分比下降了 20 個基點。最後，本季我們的稅率為 20%，低於第二季的 23.8%。這一減少主要是由於回購了約 60% 的債券並將剩餘部分轉讓給當地實體，使我們能夠從相關利息費用的稅盾中受益。

This operation had a partial impact in Q3 and is expected to further benefit the company from Q4 onwards. Turning to slide 11. Our adjusted net cash position reached BRL4.9 billion by the end of the quarter, a decrease of BRL0.3 billion on a sequential basis. The main reason for the reduction was the execution of our 1 billion share buyback program, with an outflow of BRL742 million in the third quarter and BRL979 million year to date.

該業務在第三季產生了部分影響，預計從第四季開始將進一步使公司受益。轉到投影片 11。截至本季末，我們調整後的淨現金部位達到 49 億雷亞爾，季減 3 億雷亞爾。減少的主因是我們10億股股票回購計畫的執行，第三季流出7.42億雷亞爾，年初至今流出9.79億雷亞爾。

Finally, let's move to slide 12 to discuss our guidance. We are very pleased with our performance in these nine months of 2024. On the financial front, I feel we are well positioned to deliver our guidance despite factors that impacted our P&L like our decision to make a sizable share buyback, the internal changes in the methodology of membership fees, and macroeconomic headwinds with the unexpected rise of the yield curve. On the operating side, I'm excited to share that we have already met our guidance for the credit portfolio while maintaining NPLs completely under control and within our expectations are even better.

最後，讓我們轉到投影片 12 來討論我們的指導。我們對 2024 年這九個月的表現感到非常滿意。在財務方面，我認為，儘管存在影響我們損益的因素，例如我們決定進行大規模股票回購、會員費方法的內部變化以及宏觀經濟逆風以及宏觀經濟逆風，但我們仍處於有利地位，可以提供我們的指導。在營運方面，我很高興地告訴大家，我們已經達到了信用組合的指導方針，同時將不良貸款完全控制在我們的預期之內，甚至更好。

On the banking front, the business is also evolving as expected with clients engaging with our solutions and keeping their deposits within our ecosystem, placing us on the right path to reach our targets. On the payment side, MSMB CTPV continues to be the most challenging KPI. As it continues to grow at a faster pace than anticipated, we are still seeing the impact on our debit volumes. While this is accretive to our P&L, it shows a negative impact on our CTPV metric.

在銀行方面，隨著客戶參與我們的解決方案並將其存款保留在我們的生態系統中，業務也在按預期發展，使我們走上了實現目標的正確道路。在付款方面，MSMB CTPV 仍然是最具挑戰性的 KPI。由於它繼續以比預期更快的速度增長，我們仍然看到對我們借記額的影響。雖然這增加了我們的損益，但它對我們的 CTPV 指標產生了負面影響。

Additionally, as the outlook for interest rates significantly changed this quarter, we decided to prioritize on the side of profitability versus growth. While this may penalize our short-term CTPV growth, we continue to believe in our ability to grow above market longer term as we continue to strengthen our value proposition toward a complete solution to our clients. Regarding industry growth, we continue to see significant growth opportunities in the Brazilian market. We have a very dynamic and innovative environment, and we see electronic payment methods expanding well beyond private consumption.

此外，由於本季利率前景發生了顯著變化，我們決定優先考慮獲利能力而不是成長。雖然這可能會影響我們的短期 CTPV 成長，但我們仍然相信，隨著我們繼續強化我們的價值主張，為客戶提供完整的解決方案，我們有能力實現長期高於市場的成長。關於產業成長，我們持續看到巴西市場的巨大成長機會。我們擁有一個非常充滿活力和創新的環境，我們看到電子支付方式遠遠超出了私人消費的範圍。

While the pace of growth may differ from previous years, by engaging our clients with a broader suite of solutions, we establish a solid foundation for achieving our long-term targets. To that end, on monetization, our year-to-date results reflect an MSMB take rate of 2.55%, exceeding our guidance of 2.49% with significant contributions from banking credits and continued healthy pricing, particularly in payments.

儘管成長速度可能與前幾年有所不同，但透過為客戶提供更廣泛的解決方案，我們為實現長期目標奠定了堅實的基礎。為此，在貨幣化方面，我們今年迄今的業績顯示，中小型企業的採用率為2.55%，超過了我們2.49% 的指導值，這得益於銀行信貸和持續健康的定價（尤其是在支付方面）的巨大貢獻。

We have successfully bundled our products and maintain the dynamic pricing strategy, allowing us to increase the level of engagement with our solutions while improving our target returns. It's important to note that our banking and credit solutions are already playing an important role in our P&L, providing us with more tools to engage and monetize the relationship with our clients.

我們成功地捆綁了我們的產品並維持了動態定價策略，使我們能夠提高解決方案的參與度，同時提高我們的目標回報。值得注意的是，我們的銀行和信貸解決方案已經在我們的損益表中發揮著重要作用，為我們提供了更多工具來加強與客戶的關係並從中獲利。

With that said, we posted yet another quarter of consistent results and continue to focus on the strategic priorities set forth in our Investor Day. Before we wrap up, I would like to hand it over to Pedro to discuss what we see for the software business ahead.

話雖如此，我們又發布了一個季度的一致業績，並繼續關注投資者日中提出的策略重點。在結束之前，我想將其交給 Pedro 來討論我們對未來軟體業務的看法。

Thank you, Mateus. Before we move into the Q&A session, I want to take a moment to address some recent developments by sharing our perspective on our software business, our outlook for this asset, and our strategic decisions as we move forward. As we have consistently communicated, we are fully executing our strategy, focused on cross-selling financial services to our software clients in priority verticals. Our approach also emphasizes efficiency and cash generation and we firmly believe this strategy not only creates substantial value for our clients but also drives long-term success for us.

謝謝你，馬特烏斯。在我們進入問答環節之前，我想花點時間透過分享我們對軟體業務的看法、我們對該資產的前景以及我們前進的策略決策來討論最近的一些發展。正如我們一貫所傳達的那樣，我們正在全面執行我們的策略，專注於向優先垂直領域的軟體客戶交叉銷售金融服務。我們的方法也強調效率和現金生成，我們堅信這項策略不僅為我們的客戶創造了巨大的價值，而且還推動了我們的長期成功。

We remain steadfastly committed to this strategy, and I'm pleased to report that we are on track with its execution. Our efforts are resulting in the growth of bundled software and financial services solutions that address critical client pain points within key strategic verticals.

我們仍然堅定地致力於這項策略，我很高興地報告說，我們正在執行該策略。我們的努力導致了捆綁軟體和金融服務解決方案的成長，這些解決方案解決了關鍵策略垂直領域內的關鍵客戶痛點。

While we have made significant strides with our financial services specialist distribution channel, we acknowledge the opportunity for further engagement with the Linx sales force. The success of our execution is reflected in our unwavering guidance and the strategic framework we established during our Investor Day, both of which remain firmly in place.

雖然我們在金融服務專業分銷管道方面取得了重大進展，但我們承認有機會與 Linx 銷售團隊進一步合作。我們執行的成功體現在我們堅定不移的指導和我們在投資者日期間建立的策略框架，兩者都仍然牢固地存在。

At the core of our mission is the objective to maximize shareholder value. And we approach this with an open mind toward innovative strategies. A key area we are exploring is whether we can achieve our cross-selling objectives through a commercial partnership instead of directly owning the software assets. This approach would allow for a lighter asset footprint and better allocation of our capital.

我們使命的核心是股東價值最大化的目標。我們以開放的態度對待創新策略。我們正在探索的一個關鍵領域是我們是否可以透過商業合作夥伴關係而不是直接擁有軟體資產來實現交叉銷售目標。這種方法將減少資產足跡並更好地分配我們的資本。

To that end, we have engaged advisors who are diligently analyzing and exploring potential alternatives for our software business. I want to emphasize that there is no set timeframe or predetermined outcome at this stage. We are thoughtfully considering all options with our shareholders' best interest as our top priority. We are committed to keep you informed about our progress as we navigate this assessment.

為此，我們聘請了顧問，他們正在努力分析和探索我們軟體業務的潛在替代方案。我想強調的是，現階段沒有設​​定的時間表或預定的結果。我們正在深思熟慮地考慮所有選擇，並將股東的最佳利益作為我們的首要任務。我們致力於在評估過程中隨時向您通報我們的進度。

Before we begin our Q&A, I want to express my sincere gratitude to each of you for your ongoing support. We are excited about our long-term goals and our commitment to delivering value for our shareholders.

在我們開始問答之前，我想先對大家一直以來的支持表示衷心的感謝。我們對我們的長期目標和為股東創造價值的承諾感到興奮。

With that, operator, could you please open the call for questions?

那麼，接線員，您可以打開電話提問嗎？

(Operator Instructions) Tito Labarta, Goldman Sachs.

（操作員指令）Tito Labarta，高盛。

Hi. Good evening. Thank you for the call and taking my questions. A couple of questions, if I may. First, just to think on your TPV, a very strong growth on the QR code, on the PIX QR code, offsetting maybe a bit slower growth on the Card TPV than you had originally guided for.

你好。晚安.感謝您的來電並回答我的問題。如果可以的話，有幾個問題。首先，想想你的 TPV，QR 碼、PIX QR 碼的成長非常強勁，抵消了卡片 TPV 的成長可能比你最初指導的慢一些。

How do you think about that continuing to evolve both the growth in the Card TPV and the PIX QR code? Because also you had a very nice improvement in the take rate. We would think the PIX QR code should have a lower take rate. So, just help us understand how that's impacting the take rate and then I have a second question after that. Thank you.

您如何看待卡片 TPV 和 PIX QR 碼的持續發展？因為您的接受率也有了很大的提升。我們認為 PIX 二維碼的採用率應該較低。因此，請幫助我們了解這如何影響採用率，然後我有第二個問題。謝謝。

Hi, Tito. Lia here. Thank you for your question. So, regarding TPV trends and how PIX impact that, so we continue to see PIX growth ahead of expected.

嗨，蒂托。利亞在這裡。謝謝你的提問。因此，關於 TPV 趨勢以及 PIX 如何影響這一趨勢，我們繼續看到 PIX 的成長超出預期。

And now we can say that there is visible cannibalization from debit volumes. But as we've said many times before, that's accretive for us because PIX substitutes debit and substitutes physical money. So, it's accretive both from the perspective of payments monetization, but also increased deposits and more money within the ecosystem. We expect this trend to continue.

現在我們可以說借記額出現了明顯的蠶食。但正如我們之前多次說過的，這對我們來說是增值的，因為 PIX 取代了借記卡並取代了實體貨幣。因此，從支付貨幣化的角度來看，它是增值的，而且還增加了生態系統內的存款和更多資金。我們預計這一趨勢將持續下去。

So, no reason for us to believe that PIX won't continue to gain ground, especially as efforts even within the Central Bank roadmap to improve usability of PIX will probably even improve adoption in the future. But as we -- if you were to consider the impact of PIX in our overall TPV, naturally take rates would be smaller. But again, it's important to highlight that this is all accretive because not only this is substitutes debit, but it's also incremental because it substitutes physical money.

因此，我們沒有理由相信 PIX 不會繼續取得進展，特別是在中央銀行路線圖中為提高 PIX 可用性所做的努力甚至可能會提高未來的採用率。但對我們而言，如果考慮 PIX 對我們整體 TPV 的影響，自然採用率會更小。但再次強調，這都是增值的，因為這不僅是替代借記，而且是增量的，因為它取代了實體貨幣。

Great. Thank you, Lia. And then just my second question, just want to understand the provisioning on the credit portfolio because you mentioned it's like near zero. I know the -- you mentioned that the expected credit losses improved, and we see that early NPLs improved, but the 90-day NPLs are going up.

偉大的。謝謝你，莉亞。然後是我的第二個問題，只是想了解信貸投資組合的撥備，因為你提到它幾乎是零。我知道——您提到預期信用損失有所改善，我們看到早期不良貸款有所改善，但 90 天不良貸款正在上升。

I think maybe you're still growing the loan portfolio quite a bit. I mean, 30% quarter-over-quarter growth. So, I'm not sure I completely understand why provisions would go to zero in the quarter when you're doing that type of growth even if the expected losses may be improving.

我認為也許您仍在大幅增加貸款組合。我的意思是，季度環比增長 30%。因此，我不確定我是否完全理解為什麼當你進行這種類型的成長時，即使預期損失可能有所改善，本季的準備金也會降至零。

Hey, Tito. Mateus here. Thanks for the question. So, I think we've mentioned this in a couple of quarters ago, but when we resumed our credit offering, we started to provision 20%, even though our expectations for expected credit losses were in the 10% range.

嘿，蒂托。馬特烏斯在這裡。謝謝你的提問。因此，我認為我們在幾個季度前就已經提到過這一點，但當我們恢復信貸發行時，我們開始撥備 20%，儘管我們對預期信貸損失的預期在 10% 的範圍內。

What we're seeing right now is that as the results are evolving according to our expectation, we are reducing this access in terms of provisioning. So, we're basically converging the level of provisions with our expected credit losses. And the way to look at that is that last quarter we had 18% of the portfolio provisions and now we're getting to 14% this quarter and this is an ongoing process.

我們現在看到的是，隨著結果按照我們的預期發展，我們正在減少這種訪問的配置。因此，我們基本上將準備金水準與我們的預期信用損失相一致。看待這個問題的方法是，上個季度我們有 18% 的投資組合準備金，現在本季我們將達到 14%，這是一個持續的過程。

So, over the coming quarters, we're going to continue to have these conversions of both models and that's why you see a low provision in the quarter.

因此，在接下來的幾個季度中，我們將繼續對這兩種型號進行這些轉換，這就是為什麼您會看到本季的供應量較低。

OK. So, this low level should probably continue as you continue to adjust to get closer to that 10%.

好的。因此，當您繼續調整以接近 10% 時，這個低水平可能會持續下去。

Yes. That's correct.

是的。這是正確的。

OK. Great. Thanks, Mateus.

好的。偉大的。謝謝，馬特烏斯。

Daniel Vaz, Safra.

丹尼爾·瓦茲，薩弗拉。

Hi, everyone. Hi, Pedro, Lia, Mateus. Congrats on the results, and thank you for the opportunity to ask questions. I wanted to get your view on the Card TPV for 2025.

大家好。嗨，佩德羅、利亞、馬特烏斯。祝賀結果，並感謝您有機會提問。我想了解您對 2025 年卡 TPV 的看法。

I was looking into the new Stone Retail Index Data for September and October. And it looks like physicals kind of struggling to show relevant growth month after month. So, is that any concern on your side? I see the digital growing well, but probably have a lower breakdown on your early revenues. So, how can we cross that data from the Stone Index to your expectations for 2025 on the Card, especially on the Card TPV for 2025? Thank you.

我正在研究 9 月和 10 月的新石材零售指數數據。看起來體力月復一月都在努力展現相關的成長。那麼，您有什麼擔憂嗎？我認為數位業務成長良好，但早期收入的細分可能較低。那麼，我們如何將 Stone Index 中的數據與您對 2025 年卡的預期（尤其是對 2025 年卡 TPV 的預期）進行交叉？謝謝。

Hi, Daniel. Lia here. So, thank you for the question. We're not going to point out numbers for '25 at this point. But in terms of trends, what we can say is that we see the growth levels that we are at right now at 20% as very healthy. Naturally, there is this shift between debit volumes and PIX volumes and that shift for us from an economics perspective is accretive as we've mentioned several times before.

嗨，丹尼爾。利亞在這裡。所以，謝謝你的提問。目前我們不會指出 25 年的數字。但就趨勢而言，我們可以說的是，我們認為目前 20% 的成長水準非常健康。當然，借方交易量和 PIX 交易量之間存在這種轉變，從經濟學角度來看，這種轉變對我們來說是增值的，正如我們之前多次提到的那樣。

And what's important for us to highlight is as long as we can maintain this healthy and solid pace of growth in clients and TPV this is really the driving force for the monetization cycle within our business as it drives not only payments monetization but also deposit growth and engagement with our overall banking and credit. So, as much as we continue to see this shift between PIX and debits, we don't think that that's going to go away, as I just mentioned.

對我們來說，重要的是要強調的是，只要我們能夠保持客戶和TPV 的健康穩健的成長速度，這確實是我們業務中貨幣化週期的驅動力，因為它不僅推動支付貨幣化，還推動存款成長和參與我們的整體銀行和信貸業務。因此，儘管我們繼續看到 PIX 和借記之間的這種轉變，但正如我剛才提到的，我們認為這種轉變不會消失。

And we will take that into account when we talk about 2025 TPV guidance because remember that when we set the guidance last year for TPV, we were at a very different place in terms of PIX penetration in the overall industry. So, PIX is here to stay. We will take that into account in our -- when we talk about 2025 but that's ahead and that's what we can say right now.

當我們談論 2025 年 TPV 指導時，我們會考慮到這一點，因為請記住，當我們去年為 TPV 制定指導時，就 PIX 在整個行業中的滲透率而言，我們處於一個非常不同的位置。因此，PIX 將繼續存在。當我們談論 2025 年時，我們會考慮到這一點，但那是未來，這就是我們現在可以說的。

OK. Thank you. And if I may follow up, you mentioned a shift in the panorama of PIX penetration, but we also have a shift in the macroeconomic environment. So, how does that impact your maybe sales force capacity that you added? Like, marketing expenses are still on a high level. So, any changes in the way you want to run your business in 2025 due to the macroeconomic deterioration in Brazil?

好的。謝謝。如果我可以跟進的話，您提到了 PIX 滲透率的變化，但我們的宏觀經濟環境也發生了變化。那麼，這對您增加的銷售人員能力有何影響？比如，行銷費用仍然處於高水準。那麼，由於巴西宏觀經濟惡化，您希望在 2025 年經營業務的方式發生什麼變化？

Thanks for the question, Daniel. So, in terms of sales force planning, it doesn't really change the outlook. The way that we plan sales force internally is more toward a bottoms-up approach. So, looking at the markets at a very granular level and making sure that we have the time to address.

謝謝你的提問，丹尼爾。因此，就銷售團隊規劃而言，它並沒有真正改變前景。我們內部規劃銷售人員的方式更多的是由下而上的方法。因此，我們要非常細緻地審視市場，並確保我們有時間來應對。

But when we talk about the change in the yield curve, I think the other side of it is the pricing side. And to that end, I think we've been emphasizing this in a couple of quarters as well, but pricing has become a lot more dynamic within the company, meaning that we continuously evaluate the profitability of our cohorts and then we adjust prices accordingly.

但當我們談到殖利率曲線的變化時，我認為它的另一面是定價面。為此，我認為我們在幾個季度中也一直在強調這一點，但公司內部的定價變得更加動態，這意味著我們不斷評估我們團隊的獲利能力，然後相應地調整價格。

And with the new interest rate environment, what we're going to do is basically we're going to gradually incorporate this new yield curve in our decision-making and evaluate the economics of passing through these shifts to our clients. So, it should be a natural progress.

在新的利率環境下，我們要做的基本上是逐步將新的殖利率曲線納入我們的決策中，並評估將這些轉變傳遞給客戶的經濟效益。所以，這應該是一個自然的進步。

The only important note here is that we tend not to make big price movements in the 4Q given the strong seasonality. So, I think these waves of passing through the new yield curve should be stronger from the first quarter of '25 onwards.

這裡唯一重要的一點是，鑑於季節性較強，我們傾向於在第四季出現大幅價格波動。因此，我認為從 25 年第一季開始，穿越新殖利率曲線的浪潮應該會更強。

OK. Thank you. Very, very clear. Thank you again for the opportunity.

好的。謝謝。非常非常清楚。再次感謝您提供的機會。

Thank you.

謝謝。

Thank you.

謝謝。

Mario Pierry, Bank of America.

馬裡奧·皮里，美國銀行。

Hey, guys. Good evening. Congratulations on the quarter. I wanted to explore a little bit more exactly on the take rate and I think you answered part of that question -- in the previous question. But basically, when we look at your MSMB take rates right like you were running at 2.58%, you were guiding for 2.49%.

嘿，夥計們。晚安.恭喜本季。我想更準確地探討接受率，我認為您在上一個問題中回答了該問題的一部分。但基本上，當我們查看您的 MSMB 利用率時，就像您運行的 2.58% 一樣，您的指導值為 2.49%。

The mix has been weaker than expected given PIX. So, why is your take rate higher than what you were expecting? Is it because you already started to implement higher prices for your clients? You said a lot, right, that the competitive environment is very rational, or is it because the banking product is more profitable for you?

鑑於 PIX，該組合弱於預期。那麼，為什麼您的接受率會高於您的預期呢？是因為您已經開始為客戶實施更高的價格嗎？你說了很多，對吧，競爭環境是非常理性的，還是因為銀行產品對你來說利潤比較高？

Mario, thanks for the question. Mateus here. So, when you look at the delta between the take rates that we are reporting, the 2.58% and the 2.49% that was the guidance. Basically, the whole delta is explained by a higher penetration of both credit and banking.

馬裡奧，謝謝你的提問。馬特烏斯在這裡。因此，當您查看我們報告的採用率之間的差異時，您會發現 2.58% 和 2.49% 是指導值。基本上，整個三角洲的原因是信貸和銀行業的滲透率較高。

Mainly, of course, we're going to start to have the impact of the yield curve over the deposits. But when you look at the actual level of deposits, we're also ahead of guidance, right? And in terms of credits, again, in the 3Q, we already met the guidance. So, the contribution that we're seeing in the P&L is bigger than what we anticipated. So, I think it has less to do with the mix of PIX versus Card TPV and more to do with the penetration of new solutions in the company.

當然，主要是我們將開始受到存款殖利率曲線的影響。但當你看看實際的存款水準時，我們也領先於指導，對吧？在積分方面，在第三季度，我們再次達到了指導目標。因此，我們在損益表中看到的貢獻比我們的預期還要大。因此，我認為這與 PIX 與 Card TPV 的混合關係不大，而與新解決方案在公司中的滲透關係更大。

OK. That's clear. And based on your previous answer then, even though we're still seeing higher rates in Brazil, that you could implement that we're going to see, right, a shift in your pricing to reflect this higher yield curve. So, what you're saying basically is that the take rate should be going higher from these levels, correct?

好的。很清楚。根據您先前的回答，即使我們仍然看到巴西的利率較高，您也可以實現我們將看到您的定價變化以反映這種較高的殖利率曲線。那麼，您基本上是說，採用率應該從這些水平提高，對嗎？

Yes, that's right. So, when you look at 3Q, you don't see yet a big impact from repricing because the yield curve is expected to rise from Q4 onwards. So, this will probably take place from the first quarter of '25 onwards and then that's correct. So, the take rate should go up as a result of these repricing waves.

是的，沒錯。因此，當你看第三季時，你還看不到重新定價的重大影響，因為殖利率曲線預計從第四季開始上升。所以，這可能會從 25 年第一季開始發生，然後這是正確的。因此，由於這些重新定價浪潮，採取率應該會上升。

Perfect. And let me ask you a second question unrelated. We saw right that the credit card portfolio is growing at a faster pace. I think I read somewhere that you said that you increased the attractiveness of the credit card product.

完美的。讓我問你第二個無關的問題。我們正確地看到信用卡組合正在以更快的速度成長。我想我在某處讀到您說您增加了信用卡產品的吸引力。

Can you explain what do you mean by that? What changes have you made to the credit card product?

你能解釋一下這是什麼意思嗎？信用卡產品有哪些變化？

Hi, Mario. Lia here. So, essentially, the message here is we're still at the beginning of scaling our credit card products. We've launched it now for both Ton and Stone.

嗨，馬裡奧。利亞在這裡。因此，本質上，這裡的資訊是我們仍處於擴展信用卡產品的開始階段。我們現在已經為 Ton 和 Stone 推出了它。

We do believe that credit card has a strong value proposition for the micro segment. And we're taking a similar approach here in terms of carefully increasing our offer according to what we observe in terms of performance, making sure that we maintain a conservative approach with regards to risk. So, pretty similar to what we did at the beginning of the scaling of our working capital solution. We are still fine-tuning from the perspective of the offer.

我們確實相信信用卡對於微型細分市場具有強大的價值主張。我們在這裡採取類似的方法，根據我們在績效方面觀察到的情況，謹慎地提高我們的報價，確保我們在風險方面保持保守的態度。因此，這與我們在擴大營運資金解決方案之初所做的非常相似。從offer的角度我們還在微調。

So, basically, what is the right value proposition for credit cards within SMBs versus micro? We know it is different. They have different needs. These are different segments that behave differently. So, the message here is that it's very much at the beginning of the growth of this product and we're still kind of learning with these early stages. And naturally, as we evolve, we will provide more visibility as we continue to scale.

那麼，基本上，中小企業信用卡與微型信用卡的正確價值主張是什麼？我們知道這是不同的。他們有不同的需求。這些是表現不同的不同部分。因此，這裡的訊息是，該產品還處於發展的開始階段，我們仍在這些早期階段進行學習。當然，隨著我們的發展，我們將隨著規模的不斷擴大而提供更多的可見性。

Perfect. Thank you very much.

完美的。非常感謝。

Thank you, Mario.

謝謝你，馬裡奧。

Neha Agarwala, HSBC.

尼哈·阿加瓦拉，匯豐銀行。

Hi. Congratulations on the results, and thank you for taking my question. If you can dive a bit into PIX. Right now, you mentioned that the take rate that you get from PIX is pretty similar to what you have on the debit cards.

你好。恭喜你的結果，並感謝你提出我的問題。如果您能深入了解 PIX。現在，您提到從 PIX 獲得的利率與借記卡上的利率非常相似。

So, technically cannibalization of debit cards does not really have an impact on your overall take rate. Do you expect this dynamic to change? Would you see expect as PIX gains prevalence, would you see competition in terms of pricing among your peers, which leads to lower pricing for PIX and makes it a bit less attractive? And on that we have more new features coming on PIX, right?

因此，從技術上講，借記卡的蠶食並不會真正影響您的整體接受率。您預計這種動態會改變嗎？隨著 PIX 的普及，您是否會看到同行之間在定價方面的競爭，從而導致 PIX 的定價較低並使其吸引力下降？除此之外，我們還將在 PIX 上推出更多新功能，對吧？

We have the automatic and the recurring PIX payments. What is your expectation as these new products are launched and adopted? Would you think that this could cannibalize credit cards as well? And if so, what are the ways that it could impact your business? So, if you can just start with that first. Thank you.

我們有自動和定期的 PIX 付款。對於這些新產品的推出和採用，您有何期望？您認為這也會蠶食信用卡嗎？如果是這樣，它會以哪些方式影響您的業務？所以，如果你可以先從那裡開始。謝謝。

Hi, Neha. Lia here. So, let me elaborate a little bit further on PIX QR code and our perspectives on monetization. So, it is very clear that PIX QR code, the dynamic QR code integrated to the POS machine is a very different user experience, especially for SMB clients because it allows reconciliation.

嗨，尼哈。利亞在這裡。因此，讓我進一步詳細說明 PIX QR 碼以及我們對貨幣化的看法。因此，很明顯，PIX QR 碼（整合到 POS 機的動態 QR 碼）是一種非常不同的使用者體驗，特別是對於 SMB 用戶端，因為它允許對帳。

There's a big difference in terms of fraud. We know that PIX P2P, so the types of static QR code or other capture methods in PIX that are not dynamic, they tend to have a much higher level of fraud. So, we firmly believe that this is kind of a value-add in terms of offering a new payment solution for our clients and that is here to stay, right? So, PIX NFC is just another step in that direction. We do believe that as PIX NFC improves the user experience, especially on the side of the consumer, that's going to likely accelerate the trend where PIX cannibalizes on debit volumes.

詐欺方面有很大差別。我們知道PIX是P2P，因此PIX中的靜態二維碼類型或其他非動態的捕獲方法往往具有更高的詐欺程度。因此，我們堅信，這在為我們的客戶提供新的支付解決方案方面是一種增值，而且這種增值將持續存在，對吧？因此，PIX NFC 只是朝這個方向邁出的又一步。我們確實相信，隨著 PIX NFC 改善用戶體驗，特別是在消費者方面，這可能會加速 PIX 蠶食借記卡數量的趨勢。

We do not see PIX cannibalizing on credit volumes. I think ABEX data on Card TPV growth kind of points to that direction, right? We continue to see healthy growth in credit card TPV. Within our base, we do not see any evidence of PIX cannibalizing on credit volumes, especially because of the nature of installments, right? So, we haven't seen this as a relevant trend at all within our base. Our base case scenario is really PIX continuing to grow in adoption versus debit volumes.

我們不認為 PIX 會蠶食信貸量。我認為 ABEX 關於 Card TPV 成長的數據有點指向這個方向，對吧？我們繼續看到信用卡冠捷科技的健康成長。在我們的基礎內，我們沒有看到任何 PIX 蠶食信貸量的證據，特別是因為分期付款的性質，對嗎？因此，我們根本沒有將其視為我們基地內的相關趨勢。我們的基本案例情境實際上是 PIX 的採用率與借記額相比持續成長。

And because this is a value-added solution that we offer clients in terms of all the features associated to any payment method, we don't believe that monetization is likely to change. But then again, a very important aspect of PIX for us is that it substitutes cash, and that's all accretive, right? So, more deposits within our ecosystem, everything I've already said. But that kind of summarizes the picture in terms of how we see PIX.

由於這是我們為客戶提供的增值解決方案，包含與任何支付方式相關的所有功能，因此我們認為貨幣化不會改變。但話又說回來，PIX 對我們來說非常重要的一個方面是它取代了現金，而這都是增值的，對嗎？所以，我們的生態系統中有更多的存款，我已經說過了。但這概括了我們如何看待 PIX 的情況。

And you're not seeing any pressure from your peers in terms of pricing for PIX processing?

您沒有看到同行在 PIX 處理定價方面有任何壓力嗎？

No, no news around that.

不，沒有這方面的消息。

And on that front, if I may add, Lia, remember that how we price PIX nowadays is closer to the dynamics of net MDRs to debits. And if you think about the pricing of debit transaction, it was a fee that was supposed to cover the distribution costs, the reconciliation features, and so on and so forth.

在這方面，Lia，請記住，我們現在對 PIX 的定價方式更接近淨 MDR 與借方的動態。如果你考慮一下借記交易的定價，你會發現這筆費用應該涵蓋分銷成本、對帳功能等等。

And that pricing is stable for quite a while now in the market. So, we're not really worried about these trends or these challenges in terms of pricing per PIX. I think it's quite an stable environment nowadays.

而且這個價格在市場上已經穩定了相當長的一段時間。因此，我們並不真正擔心這些趨勢或每個 PIX 定價方面的挑戰。我認為現在的環境相當穩定。

Great. Two more questions. First, on the take rate, in the key account segment, there was a big 14 basis points quarter-on-quarter jump. So, if you could just explain what led to that improvement in the take rate for key accounts? And my second question is on the credit book.

偉大的。還有兩個問題。首先，在大客戶領域，成交率較上季大幅上漲14個基點。那麼，您能否解釋一下是什麼導致了大客戶的接受率提高？我的第二個問題是關於信用簿的。

You mentioned that you expect about a 10% expected loss and that's why you want to bring the reserves as percentage of your loan book to around 10%, which is currently 14%. When I look at some players like for instance MercadoLibre, who kind of breaks down it by segment, and they do credit to merchants both on and off platform, their reserves as percentage of loan book is around 30%, 40%.

您提到您預計損失約為 10%，這就是為什麼您希望將準備金佔貸款帳簿的百分比提高到 10% 左右（目前為 14%）。當我觀察一些像 MercadoLibre 這樣的參與者時，他們按細分市場進行細分，他們向平台內外的商家提供信貸，他們的準備金佔貸款帳簿的百分比約為 30%、40%。

So, is there a difference in the kind of merchants? What are you seeing that makes you think that to have reserves of 10%? Why not? I mean, given that Brazil is a difficult market, and it's your first time doing great, why not maintain a higher level of provisioning than what you expect just to have some safeguard? Thank you so much.

那麼，商家的種類有差別嗎？您看到了什麼讓您認為儲備金為 10%？為什麼不呢？我的意思是，鑑於巴西是一個困難的市場，而且這是您第一次做得很好，為什麼不保持比您期望的更高水平的供應，只是提供一些保障呢？太感謝了。

OK. Neha, I'll take the quickly the key accounts question and then pass it over to Mateus to elaborate on NPL dynamics. So, within our key accounts, it was an 11.3% sequential reduction in TPV. That's basically because we lost remember that there is volume concentration within the segment.

好的。 Neha，我將快速處理關鍵客戶問題，然後將其交給 Mateus 詳細說明不良貸款動態。因此，在我們的主要客戶中，TPV 環比減少了 11.3%。這基本上是因為我們忘記了該細分市場內存在體積集中的情況。

So, we lost a significant volume from one specific sub-acquirer and evidently because this is a large player that counts positively toward shift mix in terms of take rates. So, this move was -- also happened with an observed take rate improvement of 14 basis points. So, it's simply a mix effect. So, Mateus, you want to elaborate a little bit on NPLs?

因此，我們從特定的子收購方那裡損失了大量交易量，顯然是因為這是一個大型參與者，在收購率方面對轉變組合有正面影響。因此，這項措施也發生了，觀察到的採用率提高了 14 個基點。所以，這只是一個混合效果。那麼，Mateus，您想詳細說明一下不良貸款嗎？

Yeah, for sure. So, on the question of why we're talking about 10% as a level of expected credit losses when other peers are reporting on the 30% level, I think we're talking about a different mix of clients here. So, if you look at the average ticket of our current credit portfolio, we're talking about BRL30,000 in average loan size. If you look at the peers, we're talking about maybe 10 times lower.

是的，當然。因此，當其他同行報告 30% 的水平時，為什麼我們談論 10% 作為預期信用損失水平的問題，我認為我們在這裡談論的是不同的客戶組合。因此，如果您查看我們目前信貸投資組合的平均票據，我們談論的平均貸款規模約為 30,000 雷亞爾。如果你看看同行，我們談論的可能是低 10 倍。

And I think if you were to look at the profile of clients that these other players are targeting, it would be more similar to a micro merchant and not an SMB merchants. Of course, we have initiatives to test and learn on that segment. But when we talk about our current working capital offering, it's mostly targets within SMB. So, that's the difference.

我認為，如果您查看這些其他參與者的目標客戶的概況，您會發現它更類似於微型商家，而不是中小企業商家。當然，我們有計劃在該領域進行測試和學習。但當我們談論當前的營運資金提供時，它主要是針對中小企業內部的目標。所以，這就是區別。

Understood. Thank you so much, Lia and Mateus. Very helpful.

明白了。非常感謝利亞和馬特烏斯。非常有幫助。

Thank you, Neha.

謝謝你，尼哈。

Thank you.

謝謝。

Jamie Friedman, SIG.

傑米·弗里德曼，SIG。

Hi. Congratulations, guys. I have one for Mateus and one for Lia. The first one is, how should we think about financial expenses going forward because those were a little bit below Mateus what we were anticipating on a sequential basis.

你好。恭喜你們，夥伴們。我有一份給馬特烏斯，一份給莉亞。第一個是，我們應該如何考慮未來的財務支出，因為這些支出略低於馬特烏斯我們連續預測的水平。

And then Lia in terms of the bundling strategy is that actually impacting merchant growth, bundling strategy, and merchant growth? Thank you.

然後，Lia 就捆綁策略而言，實際上影響了商家成長、捆綁策略和商家成長嗎？謝謝。

Hey, Jamie. So, I'll start with the financial expenses question and then pass it over to Lia. So, in terms of financial expenses, when you think about the drivers of that line, there are basically four main factors. Our funding needs are the first one.

嘿，傑米。所以，我將從財務費用問題開始，然後交給 Lia。因此，就財務費用而言，當您考慮該線路的驅動因素時，基本上有四個主要因素。我們的資金需求是第一位的。

The mix of funding sources, funding from third parties versus equity, the level of interest rates, and the funding spreads, right? When you look at the 3Q, financial expenses rose by 7% quarter over quarter basically given the following impacts. So, first, we had an increase in the number of working days in the quarter, which were 5% higher. Second, it's related to the funding needs piece. So, we had growing TPV and therefore bigger funding needs.

資金來源的組合、來自第三方的資金與股權的資金、利率水準和資金利差，對嗎？從第三季來看，財務費用較上季成長7%，主要是受到以下影響。因此，首先，我們本季的工作天數增加了 5%。其次，這與資金需求有關。因此，我們的 TPV 不斷成長，因此資金需求也越來越大。

And third, we did a sizable buyback in the quarter as well. So, our mix of equity versus debt, of course, was lower. On the other hand, we're talking a lot about the new financial instruments that we're issuing because of the financier license. And what we're seeing overall in our financial expenses is a reduction in the funding spreads.

第三，我們在本季也進行了大規模回購。因此，我們的股本與債務的組合當然較低。另一方面，我們正在談論很多關於我們因金融家許可證而發行的新金融工具。我們在財務支出中看到的總體情況是資金利差的減少。

So, that's the offsetting factor here that bridges the gap. Now, when we look ahead, I think the only difference that we're going to see starting in the 4Q is that interest rates should start to rise, right, according to the yield curve. So, when we think about the dynamics of financial expenses in relation to revenues, I think that's the big shift. So, we should have a more challenging scenario in terms of financial expense, solely due to the yield curves, but all the other factors, I think they are on a positive trend.

所以，這就是彌補差距的抵銷因素。現在，當我們展望未來時，我認為我們從第四季度開始看到的唯一區別是，根據殖利率曲線，利率應該開始上升，對吧。因此，當我們考慮財務費用相對於收入的動態時，我認為這是一個重大轉變。因此，就財務費用而言，我們應該面臨更具挑戰性的情況，這僅僅是由於殖利率曲線，但所有其他因素，我認為它們都處於積極趨勢。

So, we're going to continue to generate cash. Funding spreads are also showing a positive trend and funding needs are basically a result of TPV growth. So, those are the main factors there. Lia?

因此，我們將繼續產生現金。資金利差也呈現正面的趨勢，資金需求基本上是冠捷成長的結果。所以，這些都是主要因素。利亞？

Yeah. Jamie, so just taking your question on bundling and bundling strategies and how that has affected client-based growth. So, there's not a direct relationship. So, our net adds and the dynamics of client-based growth is really a result of two main factors.

是的。傑米，請回答您關於捆綁和捆綁策略以及這如何影響基於客戶的成長的問題。所以，沒有直接關係。因此，我們的淨增加和基於客戶的成長動力實際上是兩個主要因素的結果。

First, what Mateus mentioned, that is the effect of the sponsorship and our marketing investments and the sponsorship in the reality show that happened in the first half of the year phasing out. So, there is a seasonal impact in terms of client-based growth. And second, our decision to really weigh on the side of profitability versus growth. So, really paying attention on the quality of the clients versus the actual number of clients that we onboard.

首先，馬特烏斯提到的，這是贊助和我們的行銷投資以及上半年真人秀贊助逐步取消的影響。因此，基於客戶的成長存在季節性影響。其次，我們決定真正權衡獲利能力與成長方面的因素。因此，真正關注客戶的品質與我們所加入的實際客戶數量。

Speaking more broadly, when we think about bundling, I think there's two slightly different dynamics there. Number one is bundling when we talk about cross-selling financial services to our software clients. We disclosed the cross-sell TPV metric. I think that's a good guide of that evolution.

更廣泛地說，當我們考慮捆綁時，我認為存在兩種略有不同的動態。當我們談論向軟體客戶交叉銷售金融服務時，第一個是捆綁。我們揭露了交叉銷售 TPV 指標。我認為這是對這一演變的一個很好的指導。

It doesn't impact so much client base growth because of a mix effect. Basically, those are larger clients, right, the nature of those software clients is medium clients within SMBs. So, in actual number of clients, it's not that relevant, but it is significant in terms of TPV growth and we're seeing pretty good performance of our specialist sales channel within financial services. Cross-selling financial services bundled to software -- to our software clients.

由於混合效應，它不會對客戶群成長產生太大影響。基本上，這些都是較大的客戶端，對吧，這些軟體客戶端的本質就是中小企業內的中型客戶端。因此，就實際客戶數量而言，這並不那麼相關，但就冠捷成長而言，它意義重大，而且我們看到我們在金融服務領域的專業銷售管道表現相當不錯。向我們的軟體客戶交叉銷售與軟體捆綁在一起的金融服務。

So, that's one part of the strategy. We're happy with the evolutions there. And when we think about our micro and SMB client base, both with Stone and Ton offerings, we're basically at the point now that the vast majority of clients already on board with a payments and banking bundle. That's been the reality for a while.

所以，這是該戰略的一部分。我們對那裡的進展感到滿意。當我們考慮我們的微型和中小企業客戶群時，無論是 Stone 還是 Ton 產品，我們基本上都處於這樣的階段：絕大多數客戶已經使用了支付和銀行服務。這已經是一段時間以來的現實了。

I would say that that part of the strategy of bundling payments and banking, that's already reached relative maturity and that's really driven a big part of the deposits growth in the past. Now, naturally, that's going to be more about engaging further with the banking and the credit, etc. But I would say that those bundling strategies, they will continue to evolve naturally as our roadmap evolves. But that's not what's driving the dynamics in terms of client-based growth.

我想說，支付和銀行業務捆綁策略的一部分已經相對成熟，並且在過去確實推動了存款成長的很大一部分。現在，自然地，這將更多地涉及進一步參與銀行和信貸等。但這並不是推動以客戶為基礎的成長的動力。

Got it. Thank you both so much.

知道了。非常感謝你們倆。

Thank you, Jamie.

謝謝你，傑米。

Thank you.

謝謝。

Guilherme Grespan, JPMorgan.

吉列爾姆‧格雷斯潘，摩根大通。

Good evening, everyone. Thank you for the Q&A. My question is going to be on capital allocation. I think Zinner started the call talking a little bit that you guys are studying a little bit more the requirements of allocation to the business and maybe you have excess cash, and I think it's a fair discussion.

大家晚上好。感謝您的問答。我的問題是關於資本配置。我認為津納在通話開始時談到了你們正在更多地研究業務分配的要求，也許你們有多餘的現金，我認為這是一個公平的討論。

We discussed a lot. You basically you were sitting at BRL5 billion excess cash, you generate almost BRL2 billion net cash per year. And when we discuss here, we basically see two restrictions, I think, to the capital distribution. The first one would be capital.

我們討論了很多。基本上，您擁有 50 億雷亞爾的多餘現金，每年產生近 20 億雷亞爾的淨現金。當我們在這裡討論時，我認為我們基本上看到了資本分配的兩個限制。第一個是資本。

But when we do our math here, you were already sitting in our estimates more than 40% capital ratio in Brazil. And the second would be the working capital funding need, which in our impression is that the securitization market in Brazil, it's already fairly developed.

但當我們在這裡進行計算時，我們估計巴西的資本比率已經超過 40%。第二個是營運資金需求，在我們的印像中，巴西的證券化市場已經相當發達。

So, my question to you is basically out of the BRL5 billion that we're sitting in excess cash, the internal analysis that you guys are carrying, how much you think you can distribute or out of the BRL2 billion net cash that you generate per year, how much can you distribute? And the second question is basically the management incentive to that. I think part of the alignment here come from the KPIs.

因此，我向你們提出的問題基本上是我們持有的50 億雷亞爾多餘現金，你們正在進行的內部分析，你們認為可以分配多少，或者從你們每人產生的20 億雷亞爾淨現金中分配多少 年，你能分配多少？第二個問題基本上是管理階層對此的激勵。我認為這裡的部分一致性來自 KPI。

If we're planning to change the management KPI from nominal profit to ROE or at least TPS profit per share? Thank you.

如果我們計劃將管理 KPI 從名目利潤更改為 ROE 或至少 TPS 每股利潤？謝謝。

Thank you, Grespan. So, I'll take the first part of the question regarding the framework of capital allocation. So, I think in general your view is the right one. So, when we look at the capital structure of the company nowadays.

謝謝你，格雷斯潘。因此，我將回答有關資本配置框架的問題的第一部分。所以，我認為總的來說你的觀點是正確的。所以，當我們看看現在公司的資本結構。

We think that we are maintaining a solid and conservative capital structure with room for optimization. And I think we can see that not only by the adjusted net cash position that you mentioned, but also, when you think about capitalization levels and the level of diversification in our funding sources, we're in a good shape nowadays.

我們認為，我們正在維持穩健而保守的資本結構，並且具有最佳化的空間。我認為我們不僅可以透過你提到的調整後的淨現金部位看到，而且當你考慮資本化水準和我們資金來源的多元化水準時，我們現在的狀況良好。

Like you mentioned, I think the company continues to generate cash each quarter, even after accounting for the growth of the credit book. And based on those factors, again, we think that we have some excess of capital.

正如您所提到的，我認為公司每季都會繼續產生現金，即使考慮到信用帳簿的成長也是如此。基於這些因素，我們再次認為我們有一些過剩的資本。

And our mindset here is not to accumulate capital within the company. If we judge that we have capital in excess of what we need to execute the plan, the idea is to develop a framework to distribute that to shareholders in one way or the other. As for these specific figures, given that we are still finishing this framework, we're not going to be sharing right now how many biddings we think that are available to be distributed or so on and so forth. But like Pedro mentioned in the call, I think the idea is to provide this visibility to the market in the coming quarters.

我們的心態不是在公司內部累積資本。如果我們判斷我們的資本超過了執行計劃所需的資本，我們的想法就是開發一個框架，以某種方式將其分配給股東。至於這些具體數字，鑑於我們仍在完成這個框架，我們現在不會分享我們認為可以分發的投標數量等等。但就像佩德羅在電話中提到的那樣，我認為我們的想法是在未來幾季向市場提供這種可見性。

So, we're working on that right now. And on the incentive question, do you want to take this one, Pedro?

所以，我們現在正在努力。關於激勵問題，佩德羅，你想接受這個嗎？

Yeah. On the incentive side, I think you reached a fair point. And I think it's part of the whole framework in terms of the discussion on how we're going to allocate capital and make the decisions over time. I think the discussion is as of today is really centered, as you mentioned, more on the EPS side rather than ROE itself.

是的。在激勵方面，我認為你達到了一個公平的觀點。我認為這是整個框架的一部分，討論我們將如何分配資本並隨著時間的推移做出決策。我認為，正如您所提到的，截至今天的討論實際上更多地集中在每股收益方面，而不是淨資產收益率本身。

But it's part of the whole framework discussion that we're having. And I think we're going to be providing more visibility on the first quarter of next year.

但這是我們正在進行的整個框架討論的一部分。我認為我們將在明年第一季提供更多的可見性。

OK. Thank you.

好的。謝謝。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Hi, everyone. Thanks for the call here and taking the questions. So, my first question was on the software business. And thinking here of Pedro's comments last call, it seemed that he was still, I'd say, more convicted on owning the asset to benefit from the cross-selling opportunities.

大家好。感謝您致電並回答問題。所以，我的第一個問題是關於軟體業務的。想到佩德羅上次電話會議的評論，我想說，他似乎仍然更加堅信擁有該資產以從交叉銷售機會中受益。

So, I wonder here what drove the strategy change here now that you're considering potential sale on the asset? And then if you allow me for a quick second question, just wondering what you expect to be the recurring effective tax rate now that you might have some benefits here on the bond repurchase? Thank you.

那麼，我想知道，既然您正在考慮出售該資產，那麼是什麼推動了策略的改變？然後，如果您允許我快速提出第二個問題，只是想知道您現在期望的經常性有效稅率是多少，因為您可能會在債券回購方面獲得一些好處？謝謝。

Hi, Renato. Thank you for the question. I think we remain confident that offering software to our clients is a key pillar of our strategy as we highlighted in Investor Day presentation. But now the product integrations are established, we believe that we can drive cross-selling opportunities through commercial partnerships without necessarily owning the asset.

嗨，雷納托。謝謝你的提問。我認為我們仍然相信，正如我們在投資者日演講中所強調的那樣，向客戶提供軟體是我們策略的關鍵支柱。但現在產品整合已經建立，我們相信我們可以透過商業合作夥伴關係推動交叉銷售機會，而不必擁有該資產。

And I think this is what I tried to highlight in the call. So, while we're very confident in terms of our ability to execute our strategy that way, any transaction will only be pursued if it will add shareholder value. And we believe that, sorry, we believe that there is no big change in the strategy at all.

我認為這就是我在電話中試圖強調的內容。因此，雖然我們對以這種方式執行策略的能力非常有信心，但只有在能夠增加股東價值的情況下才會進行任何交易。我們認為，抱歉，我們認為策略根本沒有太大的改變。

I think the way we want to move is really in terms of a more asset-light strategy using commercial contracts to actually revamp our balance sheet in some ways and improve our capital allocation. So, the strategy remains pretty much the same.

我認為我們想要採取的方式實際上是採用更輕資產的策略，利用商業合約以某種方式實際修改我們的資產負債表並改善我們的資本配置。因此，策略幾乎保持不變。

And in terms of the tax rate question, I think we've mentioned in the past that we see the range for our tax rate has been between 20% to 25%. And of course, this is a big range, right? I think what the change that we have now with the bond buyback does is basically take us to the lower end of that range. But I think in terms of expectations going ahead, that remains quite the same. Of course, you may remember that we also have some seasonality on the tax rate.

至於稅率問題，我想我們過去曾提到過，我們的稅率範圍在 20% 到 25% 之間。當然，這是一個很大的範圍，對吧？我認為債券回購帶來的變化基本上將我們帶到了該範圍的下限。但我認為就未來的期望而言，情況仍然相同。當然，您可能還記得，我們​​的稅率也有一些季節性。

So, 4Q tends to be lower than the remainder of the year. But as a benchmark, I think the 20% to 25% range remains in place, but we should be on the lower end of that.

因此，第四季往往低於今年剩餘時間。但作為基準，我認為 20% 到 25% 的範圍仍然存在，但我們應該處於該範圍的下限。

That's good. Thank you.

那挺好的。謝謝。

If I might -- yeah. Sorry. And if I might come back, just to reinforce, I think the core message that I wanted to convey is on our belief that we have a unique software asset, right? But while we are confident in our ability to execute the strategy without necessarily owning the asset, we really believe that the transaction would add shareholder value.

如果可以的話——是的。對不起。如果我可以回來，只是為了強調，我認為我想傳達的核心訊息是我們相信我們擁有獨特的軟體資產，對嗎？但是，儘管我們對執行該策略的能力充滿信心，而不必擁有該資產，但我們確實相信該交易將增加股東價值。

Thank you. That's good.

謝謝。那挺好的。

Kaio Da Prato, UBS.

Kaio Da Prato，瑞銀。

Hello, everyone. Good evening. Thanks for the Q&A. I have two on my side, please. The first one, I want to touch base again on your Card TPV growth and especially for the MSMBs. I understand the shift from cards to PIX, but if we look at the quarter-on-quarter, your growth was slightly below the cards industry that was out a few days ago.

大家好。晚安.感謝您的問答。我這邊有兩個，請。第一個，我想再談談卡 TPV 的成長，尤其是中小型企業的成長。我了解從卡到 PIX 的轉變，但如果我們看一下季度環比，您的成長略低於幾天前發布的卡片產業。

So, just would like to understand in your view why we saw this implied market share loss if it was related to some specific segment or no. And what's your expectation going forward thinking about market share especially as you probably have one of the largest sales force in the MSMB industry nowadays? And the second one, just following up from Grespan's question on capital allocation.

因此，我想了解您認為為什麼我們會看到這種隱含的市場份額損失（如果它與某些特定細分市場相關或不相關）。您對未來市場份額的期望是什麼，尤其是因為您可能擁有當今 MSMB 行業最大的銷售團隊之一？第二個問題是格雷斯潘關於資本配置問題的後續。

And the last one, given your evaluation about the potential option for the software business, engagement with advisors, and so on. Is it fair to assume that if you decide for a sale of the main option to maximize shareholder value today would be exactly distributing this capital? Or if you are looking for any specific allocation in a specific product or project, please. Thank you.

最後一個，考慮到您對軟體業務的潛在選擇、與顧問的接觸等的評估。如果您今天決定出售主要選擇權以最大化股東價值，那麼假設這正是分配這筆資本是否公平？或者，如果您正在尋找特定產品或項目的任何特定分配，請。謝謝。

Hi, Kaio. Lia here. Let me talk a little bit about TPV dynamics and your question regarding our growth versus industry. So, when we think about market share, we prefer to look at our market share dynamics in a longer time horizon than only on a quarter-over-quarter basis.

嗨，凱奧。利亞在這裡。讓我談談冠捷動態以及您關於我們的成長與產業的問題。因此，當我們考慮市場份額時，我們更願意在更長的時間範圍內查看我們的市場份額動態，而不是僅按季度查看。

So, our long-term target does imply continued market share gains over the long run, albeit at a slower pace than we had in the past naturally just because of the scale of the business, right? Given that we phase marketing and sales investments differently throughout the year, this may mean that we slightly lose share one quarter but gain on the other to compensate for that.

因此，我們的長期目標確實意味著從長遠來看，市場份額將持續成長，儘管由於業務規模的原因，速度比過去慢，對嗎？鑑於我們全年的營銷和銷售投資階段不同，這可能意味著我們在一個季度略微失去份額，但在另一個季度獲得份額以彌補這一損失。

What's important for us is to maintain a consistent pace of growth and market share gains in the long run. That is also implied in our overall guidance for TPV, right, that we pointed out in the Investor Day. We do need to consider when we talk about TPV guidance for 2025 and even longer term, the dynamics of PIX because that's played out differently than we had anticipated last year, but nothing changes in terms of our perspective and our ability to continue to win clients and gain market share overall.

對我們來說重要的是長期保持穩定的成長速度和市場份額的成長。我們在投資者日指出的對冠捷的總體指導也暗示了這一點，對吧。當我們談論 TPV 2025 年甚至更長期的指導時，我們確實需要考慮 PIX 的動態，因為這與我們去年的預期不同，但就我們的觀點和繼續贏得客戶的能力而言，沒有任何變化並獲得整體市場占有率.

Regarding shorter term, right, the recent TPV growth dynamics, nothing structurally different happened this quarter other than what we have already said. So, PIX growth ahead of expected with visible cannibalization from debit volumes. Our decision, as Mateus mentioned, to prioritize on the side of profitability versus growth, which may have an impact in short-term Card TPV. And there's also some negative seasonality in the quarter since we had a September with less Saturdays than usual.

就短期而言，即最近冠捷的成長動態，除了我們已經說過的情況外，本季沒有發生任何結構性不同。因此，PIX 的成長超出了預期，借記金額明顯被蠶食。正如馬特烏斯所提到的，我們決定優先考慮獲利能力而不是成長，這可能會對短期卡 TPV 產生影響。由於九月的周六比平時少，因此本季也存在一些負面的季節性因素。

So, I mean, these three were the main effects shorter term, but that -- it doesn't change our perspective on the longer-term dynamics. And we see our third quarter growth levels at 20% year over year, considering PIX as very healthy and driving the overall monetization possibilities through banking and through credit in the future, throughout the lifecycle of our clients. So, that's our take on overall dynamics of TPV.

所以，我的意思是，這三個是短期的主要影響，但這並沒有改變我們對長期動態的看法。我們認為第三季的年成長水準為 20%，因為 PIX 非常健康，並且未來透過銀行和信貸在客戶的整個生命週期中推動整體貨幣化的可能性。這就是我們對冠捷整體動態的看法。

And on the second question around the software business and a potential use of proceeds, I think like Pedro mentioned, first of all, we have not even made a decision yet on whether a transaction will take place or not. We are evaluating options. So, to that end, I think it's premature to discuss potential use of proceeds. But in general, like I mentioned in my answer regarding capital allocation, we feel good.

關於圍繞軟體業務和收益的潛在用途的第二個問題，我認為就像佩德羅所提到的那樣，首先，我們甚至還沒有就是否進行交易做出決定。我們正在評估各種選擇。因此，為此，我認為現在討論收益的潛在用途還為時過早。但總的來說，正如我在關於資本配置的回答中提到的，我們感覺很好。

We feel comfortable in terms of our capital structure nowadays. So, of course, if we have excess cash from a potential transaction either buying back or distributing that excess cash would be a plausible option that we're going to evaluate.

我們對目前的資本結構感到滿意。因此，當然，如果我們從潛在交易中獲得了多餘的現金，那麼回購或分配多餘的現金將是我們要評估的可行的選擇。

OK. Thank you very much, Lia and Mateus.

好的。非常感謝利亞和馬特烏斯。

Thanks, Kaio.

謝謝，凱奧。

William Barranjard, Itau BBA.

William Barranjard，Itau BBA。

Thank you, everyone. Thank you for your time. My question here is quite fast frankly. So, regarding your software slide regarding the possible sales of the asset, I just wanted to ask a little bit into which players you could be looking at to sell it. So, as you mentioned that you are looking into a commercial partnership if the sales really happen. So, can I exclude as potential buyers every player that has acquiring capabilities or has already partners on the acquiring space?

謝謝大家。感謝您抽出時間。坦白說，我的問題很快。因此，關於您關於資產可能出售的軟體幻燈片，我只是想問您可能會考慮哪些玩家來出售它。因此，正如您所提到的，如果銷售真的發生，您正在尋求商業合作夥伴關係。那麼，我是否可以將所有具有收購能力或已經在收購領域擁有合作夥伴的參與者排除為潛在買家？

Thanks for the question, William. So, take the first part regarding the commercial agreements. So, I think the idea here is that when we look at our operational days, we currently collaborate with various software companies through our partner program. And we have some of those partnerships under exclusivity agreements as well.

謝謝你的提問，威廉。因此，請看有關商業協議的第一部分。因此，我認為這裡的想法是，當我們審視我們的營運情況時，我們目前透過我們的合作夥伴計劃與各種軟體公司合作。我們也根據排他性協議建立了一些合作夥伴關係。

So, if we decide to proceed with any transaction, indeed, maintaining those agreements would be a very important condition. And of course, we're going to factor that into the decision-making process. I think the second question, if you could repeat.

因此，如果我們決定進行任何交易，事實上，維持這些協議將是一個非常重要的條件。當然，我們會將其納入決策過程。我想請您重複第二個問題。

I think it's just one question, really, regarding like potential buyers and if like automatically -- if you exclude automatically players that already have like payments capabilities and so on. But I guess it's clear.

我認為這只是一個問題，真的，關於潛在買家以及是否自動喜歡——是否自動排除已經具有類似支付功能的玩家等等。但我想這已經很清楚了。

Yeah. I think at this stage, we really cannot share the specific details. However, what we can confirm is there has been a strong interest in the asset from a diverse group of more than 20 players and that includes both financial investors and strategic companies. So, at this point, it's really, it's an open discussion.

是的。我認為現階段我們確實無法分享具體細節。然而，我們可以確認的是，20 多個參與者組成的多元化群體對該資產表現出了濃厚的興趣，其中包括財務投資者和策略公司。所以，在這一點上，這確實是一個公開的討論。

Yeah. Perfect. Thank you.

是的。完美的。謝謝。

John Coffey, Barclays.

約翰‧科菲，巴克萊銀行。

Thank you very much. This is John. I guess one of the questions I had for you is on the impact of the SELIC rate in pricing. I think we look back a number of years ago and SELIC started climbing to like I think it was [13.75].

非常感謝。這是約翰。我想我向您提出的問題之一是 SELIC 費率對定價的影響。我想我們回顧幾年前，SELIC 開始攀升，就像我認為的那樣[13.75]。

There were some pricing changes that you made in some of your competitors as well. And I think there was some concern later that when the rates started to decline that you would actually have to maybe reduce price. So, now that we seem to be in a bit of a rising interest rate environment in Brazil, what are your thoughts on changing prices, raising prices, maybe what you've done already in Q3, if you have done any and going forward maybe particularly as we get into 2025?

您也對一些競爭對手進行了一些定價更改。我認為後來有人擔心，當利率開始下降時，你實際上可能不得不降低價格。那麼，現在我們似乎處於巴西利率上升的環境中，您對改變價格、提高價格有何想法，也許您在第三季度已經做了什麼，如果您已經做了任何事情並且未來可能會這樣做特別是當我們進入2025 年？

Thanks for the question, John. So, I think I touched upon this on the other question, but I think the emphasis here is that pricing is really becoming a dynamic process within the company nowadays. So, we literally evaluate the unit economics of the whole client base every single month. And we take a lot of factors into that calculation, both product usage and of course, the macroeconomic conditions.

謝謝你的提問，約翰。所以，我想我在另一個問題上談到了這一點，但我認為這裡的重點是定價現在確實成為公司內部的動態過程。因此，我們每個月都會評估整個客戶群的單位經濟效益。我們在計算中考慮了很多因素，包括產品使用情況，當然還有宏觀經濟條件。

And then we make a judgment on whether we're going to adjust prices or not. Of course, now that we're seeing interest rates rising implied in the curve, that goes into the calculation, and what ends up happening is that we're going to have most likely a higher level of repricing and adjustments going forward. And so, to answer your question, I think the idea is indeed to pass through some of the increase that we're going to see. This is a process that usually has some lag and takes a while.

然後我們再判斷是否要調整價格。當然，現在我們看到曲線中隱含的利率上升，這進入了計算，最終發生的事情是我們很可能會進行更高水準的重新定價和調整。因此，為了回答你的問題，我認為這個想法確實是要透過我們將看到的一些成長。這個過程通常會有一些延遲並且需要一段時間。

So, if you look at the numbers from 3Q and also 4Q, we shouldn't see a big impact from repricing waves. But as time goes by, I think, the expectation is indeed to pass through some of those increases.

因此，如果您查看第三季和第四季的數據，我們應該不會看到重新定價浪潮產生重大影響。但我認為，隨著時間的推移，人們的期望確實是要透過其中一些成長。

All right. Thank you very much.

好的。非常感謝。

There are no questions at this time. This concludes the question-and-answer session. The questions that have not been answered in this conference call will be addressed later by the StoneCo team. I will now turn over to Pedro Zinner, CEO at StoneCo, for final considerations.

目前沒有問題。問答環節到此結束。本次電話會議中未回答的問題將由 StoneCo 團隊稍後解決。我現在將請 StoneCo 執行長 Pedro Zinner 進行最終考慮。

Well, thank you very much for everyone for participating in the call, and hope to see you in the next quarter. Thank you.

好的，非常感謝大家參與這次電話會議，希望在下個季度見到你們。謝謝。

This does conclude today's presentation. You may now disconnect.

今天的演講到此結束。您現在可以斷開連線。