StoneCo Ltd (STNE) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to StoneCo's first-quarter 2025 earnings conference call. By now, everyone should have access to our earnings release. The company also posted a presentation to go along with its call. All material can be found online at investors.stone.co.

感謝您的支持。歡迎參加 StoneCo 2025 年第一季財報電話會議。現在，每個人都應該可以看到我們的收益報告了。該公司也發布了一份配合此次電話會議的簡報。所有資料均可在 investors.stone.co 線上找到。

Throughout this conference call, the company will present certain non-IFRS financial information, including adjusted net income, adjusted gross profit, adjusted net cash, adjusted basic EPS and ROE. These are important financial measures for the company but are not financial measures as defined by IFRS. Reconciliations of the company 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.

在整個電話會議期間，公司將提供某些非國際財務報告準則的財務信息，包括調整後的淨收入、調整後的毛利潤、調整後的淨現金、調整後的基本每股收益和股本回報率。這些是公司的重要財務指標，但不是國際財務報告準則定義的財務指標。今天的新聞稿中公佈了公司非國際財務報告準則 (IFRS) 財務資訊與國際財務報告準則 (IFRS) 財務資訊的對帳表。最後，在我們開始正式發言之前，我想提醒大家，今天的討論可能包括前瞻性陳述。

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 expectations. 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. In hindsight, I would like to highlight that the company is restricting the number of questions to two per analyst.

這些前瞻性陳述並非對未來績效的保證，因此，您不應過度依賴它們。這些聲明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。請參閱公司收益新聞稿中的前瞻性陳述揭露。此外，本公司向美國證券交易委員會提交的20-F表格中揭露了與業務相關的許多風險，該表格可在www.sec.gov上查閱。事後看來，我想強調的是，公司將每位分析師的提問數量限制在兩個。

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. Please proceed.

今天參加電話會議的有 Stone 執行長 Pedro Zinner、財務長兼投資者關係長 Mateus Scherer、策略和行銷長 Lia Matos 以及投資者關係主管 Roberta Noronha。現在我想將會議交給主持人佩德羅·津納 (Pedro Zinner)。請繼續。

Thank you, operator, and good evening, everyone. I'd like to begin by reaffirming our annual goals and expressing how pleased I am with our first-quarter performance. It was another successful chapter in our journey, marked by disciplined execution and continued progress toward our long-term objectives.

謝謝接線員，大家晚上好。首先，我想重申我們的年度目標，並表達我對第一季業績的滿意。這是我們旅程中的又一個成功篇章，以嚴謹的執行和持續朝著長期目標前進為標誌。

This quarter, we focused on profitability, executing a new cycle of price adjustments across our client base in response to the yield curve increase observed in the second half of last year. At the same time, we continue to develop solutions and features that truly make a difference in our clients' lives. I believe our results reflect the strength of our client-centric approach, disciplined execution, and a rational competitive environment.

本季度，我們專注於獲利能力，針對去年下半年殖利率曲線的上升，對客戶群實施了新一輪的價格調整。同時，我們持續開發真正能改變客戶生活的解決方案和功能。我相信我們的業績體現了以客戶為中心的理念、嚴格的執行和合理的競爭環境的優勢。

When we take a step back and look at our performance in the context of our 2025 guidance, it becomes clear that we are on the right path. In the first quarter of 2025, we grew gross profits by 19% year over year, driven by effective repricing execution and a reduction in our average funding spreads. This result outpaces the 14% annual gross profit growth outlined in our guidance.

當我們退一步思考，並結合 2025 年的指導方針來審視我們的表現時，我們清楚地認識到我們正走在正確的道路上。2025 年第一季度，由於有效的重新定價執行和平均融資利差的降低，我們的毛利年增了 19%。這一結果超過了我們預期的 14% 的年毛利成長率。

On the EPS front, we accelerated year-over-year growth to 36%, significantly above the 18% growth implied in our full year outlook. This acceleration was primarily driven by strong adjusted gross profit growth, improved efficiency in administrative expenses, and a more balanced distribution of marketing spends throughout the year. In addition, we repurchased BRL843 million or 15.1 million shares during the quarter, including 5.7 million shares repurchased in March, which were not included in the share count used in our guidance.

在每股盈餘方面，我們將年成長率提高至 36%，遠高於我們全年預期的 18% 的成長率。這項加速主要得益於調整後毛利的強勁成長、管理費用效率的提高以及全年行銷支出的更均衡分配。此外，我們在本季回購了 8.43 億巴西雷亞爾或 1,510 萬股，其中包括 3 月回購的 570 萬股，這些股票未計入我們指導中使用的股票數量。

Over the past 12 months, our distribution yield reached 12%, underscoring our strong conviction in our strategy, our business, and our ability to execute. As a reminder, in our last earnings call, we laid out a disciplined capital allocation strategy based on three restrictive pillars, above which we would return excess capital to shareholders. With the close of 2024, we reached BRL3 billion in excess capital. Of that, approximately BRL1 billion has already been returned through share repurchases year-to-date.

在過去的 12 個月中，我們的分銷收益率達到了 12%，這凸顯了我們對我們的策略、業務和執行能力的堅定信念。提醒一下，在我們上次的收益電話會議上，我們制定了基於三大限制性支柱的嚴謹的資本配置策略，超過該策略我們將向股東返還多餘的資本。截至 2024 年末，我們的過剩資本已達 30 億巴西雷亞爾。其中，今年迄今已透過股票回購返還約 10 億巴西雷亞爾。

Today, we are announcing a new share repurchase program of up to BRL2 billion, replacing the previous program. This move reaffirms our commitment to the framework and distribution policy we shared with you just a few months ago. With that, I believe we are well-positioned to continue executing our strategy, achieving our goals and generating long-term value for our shareholders.

今天，我們宣布一項高達 20 億巴西雷亞爾的新股票回購計劃，以取代先前的計劃。此舉重申了我們對幾個月前與您分享的框架和分銷政策的承諾。有了這些，我相信我們有能力繼續執行我們的策略，實現我們的目標，並為我們的股東創造長期價值。

Now, I'll turn it over to Lia, who will take you through our first-quarter results in more detail. Lia?

現在，我將把時間交給 Lia，她將向您更詳細地介紹我們的第一季業績。莉亞？

Thank you, Pedro, and good evening, everyone. Diving into our first-quarter '25 results, we're very excited with the milestones we have achieved. Such results reflect our execution in a less-favorable macroeconomic environment with interest rates trending higher and we believe we have been successfully navigating this challenging scenario.

謝謝你，佩德羅，大家晚上好。深入了解我們 25 年第一季的業績，我們對所取得的里程碑感到非常興奮。這樣的結果反映了我們在利率呈上升趨勢且宏觀經濟環境不太有利的情況下的表現，我們相信我們已經成功應對了這一充滿挑戰的情況。

On slide 4, we highlight our main financial metrics on a consolidated basis. As you can see, we have shown good traction in revenues, gross profit, and bottom line. Our revenues grew 19% year-over-year and 2% quarter-over-quarter, despite seasonality in 4Q, resulting in revenues usually reducing sequentially in first quarters. This trend shows that we are on the right path. Our repricing initiatives have started to yield positive results despite the fact that it impacted in the quarter only partially.

在投影片 4 中，我們重點介紹了合併後的主要財務指標。如您所見，我們的收入、毛利和底線都表現出良好的成長勢頭。儘管第四季受到季節性影響，導致第一季的營收通常會較上季下降，但我們的營收年增了 19%，季增了 2%。這一趨勢表明我們正走在正確的道路上。儘管我們的重新定價舉措僅對本季產生了部分影響，但它已開始產生積極成果。

Adjusted gross profit also grew 19% year over year and decreased 3% on a sequential basis, mostly on lower quarter-over-quarter TPV, timing mismatch between the increase in prices and cost of funding, and on higher cost of services. Finally, our adjusted net income grew 23% year over year and decreased 17% quarter over quarter. This sequential reduction was mainly a result of our lower adjusted gross profit combined with higher investments in our distribution channels and higher effective tax rates.

調整後的毛利也比去年同期成長了 19%，比上一季下降了 3%，主要是因為 TPV 比上一季下降、價格上漲與融資成本之間的時間錯配以及服務成本上升。最後，我們的調整後淨收入年增23%，季減17%。這一環比下降主要是由於我們調整後的毛利較低，加上我們在分銷管道上的投資增加以及有效稅率較高。

Looking on a per-share basis, adjusted basic EPS was BRL1.97 per share, 36% higher year over year and 13% lower sequentially. The better per share performance compared to nominal net income is a result of our commitment to returning excess capital to our shareholders with BRL2.4 billion returned in share buybacks over the last 12 months and BRL843 million in this quarter.

從每股基礎來看，調整後基本每股盈餘為 1.97 巴西雷亞爾，年增 36%，季減 13%。與名目淨收入相比，每股盈餘表現更佳，這得益於我們致力於向股東返還超額資本，過去 12 個月我們透過股票回購返還了 24 億巴西雷亞爾，本季我們返還了 8.43 億巴西雷亞爾。

On slide 5, we dive deeper into our Financial Services segment performance. Starting with our payments business for MSMBs. Our MSMB payments active client base increased 17% year over year and 4% quarter over quarter to 4.3 million clients. We also continue to see increased engagement of this client base with our different financial services solutions with our heavy user metric reaching 38% in the first quarter compared to 37% in the previous quarter. This trend is a natural result of our execution with regards to bundling financial services solutions and offering new features that address our clients' specific needs. MSMB TPV grew 17% year over year, even with the repricing efforts throughout the quarter.

在第 5 張投影片上，我們深入探討了金融服務部門的表現。從我們針對 MSMB 的支付業務開始。我們的 MSMB 支付活躍客戶群年增 17%，較上季成長 4%，達到 430 萬客戶。我們也看到該客戶群對我們不同金融服務解決方案的參與度不斷提高，第一季我們的重度用戶指標達到 38%，而上一季為 37%。這一趨勢是我們執行捆綁金融服務解決方案和提供滿足客戶特定需求的新功能的自然結果。儘管整個季度都進行了重新定價，但 MSMB TPV 仍同比增長 17%。

Going forward, we expect some deceleration in volume growth as a natural outcome of changes in our repricing policy, which should impact volumes throughout the remainder of the year as we prioritize profitability over pure volume growth in this scenario. Breaking down by types of transactions, MSMB card transaction volumes grew 10%, while MSMB PIX volumes grew 95% over the same period as PIX continues to cannibalize debit volumes. We believe this shift to be accretive to our results as we monetize PIX in line with debit, and we see increased flow generating higher deposits with the usage of PIX.

展望未來，我們預計銷售成長會有所放緩，這是我們重新定價政策變化的自然結果，這將影響今年剩餘時間的銷量，因為在這種情況下我們優先考慮盈利能力而不是純粹的銷售增長。按交易類型細分，MSMB 卡交易量增加了 10%，而 MSMB PIX 交易量同期成長了 95%，因為 PIX 繼續蠶食金融卡交易量。我們相信，隨著我們根據借記卡將 PIX 貨幣化，這種轉變將對我們的業績產生增值作用，並且我們看到使用 PIX 後流量的增加會產生更高的存款。

Moving on to slide 6. We dig deeper into our banking performance. On the left side of the slide, we show the retail deposits evolution and breakdown. Our total client deposits reached BRL8.3 billion, 38% higher year over year and 5% down sequentially due to seasonality. Deposits continued to outpace MSMB TPV growth, reaching 6.9% of MSMB TPV in the first quarter. As payments and banking bundles already have a high penetration within our base, the focus shifts increasingly towards driving further engagement with our solutions, where we expect to see steady evolution going forward.

繼續看投影片 6。我們深入挖掘銀行業績。在幻燈片的左側，我們展示了零售存款的演變和細目。我們的客戶存款總額達到 83 億巴西雷亞爾，年增 38%，但由於季節性原因，季減 5%。存款持續超過 MSMB TPV 的成長速度，第一季達到 MSMB TPV 的 6.9%。由於支付和銀行業務捆綁服務在我們的基礎內已經具有很高的滲透率，我們的重點越來越轉向推動對我們解決方案的進一步參與，我們預計未來將穩步發展。

I would also like to recall that in our last earnings report, we have highlighted the changes in the mix of our time deposits going forward, aligned with what we call our cash sweep strategy. As we noted, we expect to convert a significant portion of our retail deposits into on-platform time deposits by issuing certificate of deposits. This will allow us to utilize such amounts to fund our operations and thus reduce our funding costs in line with a reduction also in our floating revenues. Such strategy is accretive to our bottom line and also optimizes our capital structure.

我還想提醒大家，在我們上一份收益報告中，我們強調了未來定期存款組合的變化，這與我們所謂的現金清掃策略一致。正如我們所指出的，我們希望透過發行存款證將很大一部分零售存款轉換為平台定期存款。這將使我們能夠利用這些資金來資助我們的運營，從而降低我們的融資成本，同時減少我們的浮動收入。此策略不僅增加了我們的利潤，也優化了我們的資本結構。

In line with this strategy, we have already started to ramp up time deposits. And by the end of the first quarter, BRL6.3 billion of our total BRL8.3 billion in retail deposits were already accounted as time deposits. The majority of such time deposits are a result of the cash sweep strategy and the remaining is related to investment product offerings to our clients. We expect this movement to finalize in the coming months, contributing to the diversification of our funding sources.

根據這項策略，我們已經開始增加定期存款。截至第一季末，我們 83 億雷亞爾的零售存款總額中，已有 63 億雷亞爾被納入定期存款。大部分定期存款是現金清掃策略的結果，其餘的則與我們提供給客戶的投資產品有關。我們預計這項舉措將在未來幾個月內完成，有助於實現我們的資金來源多樣化。

Moving on to slide 7. We give some color on our credit product evolution. Our total credit portfolio keeps growing consistently, reaching BRL1.4 billion by the end of the quarter. Out of the total, BRL1.3 billion relates to our merchant solutions, mainly comprised of working capital offerings to our SMB clients, and BRL161 million amounts to credit card offerings with a special focus on micro-merchants.

移至幻燈片 7。我們對我們的信貸產品演變進行了一些闡述。我們的總信貸組合持續成長，到本季末已達到 14 億巴西雷亞爾。其中，13億巴西雷亞爾與我們的商家解決方案有關，主要包括為我們的中小企業客戶提供營運資金，1.61億巴西雷亞爾與信用卡產品有關，特別關注小商家。

This steady portfolio growth continues to be supported by the good quality of our cohorts with 15-days to 90-days NPLs at 2.61% and NPLs over 90 days of 4.57%, increasing as a natural outcome of our portfolio maturation process. In terms of provisions, we have stabilized at a 12% provision level relative to our portfolio as we outlined in our last earnings call. And as a result, we will now transition to a cost-of-risk view, which was 10% in the quarter. Finally, our coverage ratio was 256% in the period, converging to more meaningful levels versus the previous quarters.

投資組合的穩定成長持續受到我們優質貸款群體的支持，其中 15 天至 90 天的不良貸款率為 2.61%，90 天以上的不良貸款率為 4.57%，這是我們投資組合成熟過程的自然結果。在撥備方面，正如我們在上次收益電話會議上所概述的那樣，我們的撥備水準已穩定在相對於我們投資組合的 12%。因此，我們現在將轉向風險成本觀點，本季的風險成本為 10%。最後，我們的覆蓋率為本期間的 256%，與前幾季相比趨於更有意義的水平。

To wrap up, on slides 8 and 9, we bring our segmented view between Financial Services and Software. Our Financial Services segment revenues grew 20%, accelerating from 11% in the fourth quarter of '24 as a direct effect of our repricing initiatives throughout the quarter, which led to a sequential increase in revenues despite strong seasonal effects. Our adjusted EBT for the segment grew 21% year over year, reaching BRL637 million and a flat margin despite macro headwinds. The improved year-over-year results combined the repurchase of BRL2.4 billion in shares in the last 12 months, also led to an enhanced ROE of 27% for Financial Services in the first quarter of '25 compared with 23% in the same quarter of last year.

總而言之，在第 8 張和第 9 張投影片中，我們展示了金融服務和軟體之間的細分觀點。我們的金融服務部門營收成長了 20%，高於 24 年第四季的 11%，這直接得益於我們整個季度的重新定價舉措，儘管受到強烈的季節性影響，但仍導致收入連續增長。儘管面臨宏觀不利因素，該部門的調整後息稅前利潤年增 21%，達到 6.37 億巴西雷亞爾，利潤率持平。與去年同期相比，業績有所改善，加上過去 12 個月回購了 24 億巴西雷亞爾的股票，金融服務部門 25 年第一季的 ROE 也從去年同期的 23% 提高至 27%。

Lastly, on the Software segment, we saw revenues growing 11% Year-over-year, mainly driven by higher Software recurring revenues, led by an increase in our Software active client base, combined with a higher average ticket. Stronger revenues, combined with gains in costs and expenses led to Software adjusted EBITDA growing 12% year over year and posting a slight EBITDA margin expansion compared to the first quarter of '24. We're also starting to share our Software CapEx, which has shown improvement compared to Software adjusted EBITDA, having reduced from 71% of EBITDA in the first quarter of '24 to 51% this quarter, contributing to stronger cash conversion in our Software business.

最後，在軟體領域，我們的收入年增了 11％，這主要得益於軟體經常性收入的增加，這主要得益於我們軟體活躍客戶群的增加以及平均票價的提高。收入增加，加上成本和費用增加，導致軟體調整後的 EBITDA 年成長 12%，並且與 24 年第一季相比 EBITDA 利潤率略有擴大。我們也開始分享我們的軟體資本支出，與軟體調整後的 EBITDA 相比，該支出有所改善，從 2024 年第一季的 EBITDA 的 71% 下降到本季的 51%，這有助於提高我們軟體業務的現金轉換率。

To sum it up, this quarter's results present one more step towards achieving our short- and long-term targets. We believe we're on the right track to continue to help our clients by providing superior service and solutions and further generate value to our shareholders.

總而言之，本季的結果顯示我們朝著實現短期和長期目標又邁進了一步。我們相信，我們正走在正確的軌道上，繼續透過提供優質的服務和解決方案來幫助我們的客戶，並進一步為我們的股東創造價值。

Now I want to pass it over to Mateus to discuss in more detail our overall financial performance. Mateus?

現在我想讓馬特烏斯更詳細地討論我們的整體財務表現。馬特烏斯？

Thank you, Lia, and good evening, everyone. On slide 10, we detail the evolution of our consolidated P&L on an adjusted basis. As Lia mentioned, total revenue grew 19% year over year and 2% sequentially. This quarter, I'd like to reemphasize a notable shift within our revenue composition. Beginning in late 2024, we've optimized our bundled offerings, significantly shifting revenue from transactional revenues to financial income. Consequently, financial income has increased notably, while transactional revenue has decreased on both quarterly and yearly comparisons. As we've consistently highlighted, that's another reason why it's important to track gross profit rather than individual revenue lines for a comprehensive understanding of our business.

謝謝你，莉亞，大家晚上好。在第 10 張投影片中，我們詳細介紹了調整後的合併損益表的演變。正如 Lia 所提到的，總收入年增 19%，季增 2%。本季度，我想再次強調我們收入組成的顯著變化。從 2024 年底開始，我們優化了捆綁產品，將收入從交易收入大幅轉向財務收入。因此，財務收入顯著增加，而交易收入無論是按季度還是按年度計算都有所下降。正如我們一直強調的那樣，這就是為什麼追蹤毛利而不是單一收入線對於全面了解我們的業務很重要的另一個原因。

Now moving to our costs and expenses lines. Cost of services increased 15% year-over-year, translating to a decrease of 90 basis points as a percentage of revenues. This was driven primarily by lower provision for loan losses, reflecting reduced provisioning requirements as we aligned working capital provisions more closely with our expected credit loss models and efficiency gains in customer service.

現在轉到我們的成本和費用項目。服務成本年增 15%，佔營收的百分比下降了 90 個基點。這主要是由於貸款損失準備金減少，反映出隨著我們將營運資本準備金與預期信用損失模型和客戶服務效率提高更加緊密地結合起來，準備金要求也減少了。

Administrative expenses increased 5% year over year, resulting in a reduction of 90 basis points as a percentage of revenues as a result of continued cost discipline within G&A expenses. Selling expenses increased 12% year over year and down 100 basis points as a percentage of revenues. This decrease was primarily due to a more balanced distribution of marketing spend throughout the year. Financial expenses increased 23% year over year, representing a 90-basis-point rise as a percentage of revenues. This increase was primarily driven by the higher-average CDI during the periods.

由於持續控制一般及行政費用的成本，管理費用年增 5%，佔收入的百分比減少了 90 個基點。銷售費用年增 12%，佔營收的百分比下降 100 個基點。這一下降主要是由於全年行銷支出分配更加均衡。財務費用較去年同期成長23%，佔營收的比例上升了90個基點。這一增長主要是由於該時期 CDI 平均水平較高所致。

On the other hand, our cash sweep strategy allowed us to begin using client deposits as an additional funding source, which helped partially offset this impact by contributing positively to our funding costs. Our other expenses line increased by 109% year over year or 140 basis points, primarily driven by a positive nonrecurring share-based expense reversal recorded in the first quarter of '24. Our effective tax rate was 19.7% in the quarter, down from 20.6% in first quarter '24 and in line with the level provided in our guidance. The year-over-year decrease was driven primarily by higher benefits from Lei do Bem combined with unutilized tax loss carry-forwards generated in the sale of PinPag in first quarter '24, which did not happen again this quarter.

另一方面，我們的現金清掃策略使我們能夠開始使用客戶存款作為額外的資金來源，這透過對我們的融資成本產生積極影響而部分抵消了這種影響。我們的其他支出項目年增 109%，即 140 個基點，主要原因是 24 年第一季記錄的非經常性股權支出逆轉。本季我們的有效稅率為 19.7%，低於 24 年第一季的 20.6%，與我們預期的水平一致。年比下降的主要原因是 Lei do Bem 帶來的收益增加，加上 2024 年第一季出售 PinPag 時產生的未使用的稅收虧損結轉，但本季度沒有再次出現這種情況。

Turning now to slide 11. Our adjusted net cash position was BRL3.8 billion at the quarter end, representing a sequential decrease of BRL0.9 billion. This decrease mainly reflects ongoing share repurchase totaling BRL843 million in the quarter in addition to investments to grow our credit book.

現在翻到第 11 張投影片。本季末，我們調整後的淨現金狀況為 38 億巴西雷亞爾，季減 9 億巴西雷亞爾。這一下降主要反映了本季持續進行的股票回購，總額達 8.43 億巴西雷亞爾，以及為增加信貸帳簿而進行的投資。

Before we move on to questions, I'd like to thank everyone for your continued support. We remain fully committed to executing our strategy and creating sustainable long-term value for our clients, team and shareholders.

在我們開始提問之前，我想感謝大家一直以來的支持。我們將繼續全力致力於執行我們的策略，為我們的客戶、團隊和股東創造可持續的長期價值。

With that said, we're now ready to open the call up to questions.

話雖如此，我們現在準備開始回答問題。

(Operator Instructions)

（操作員指示）

Tito Labarta, Goldman Sachs.

高盛的 Tito Labarta。

Hi, good evening, Pedro, Lia, Mateus. Thank you for the call and taking my question. A couple of questions.

嗨，晚上好，佩德羅、利亞、馬特烏斯。感謝您的來電並回答我的問題。有幾個問題。

One, just on the outlook for TPV growth, right, because you're seeing the card TPV growth growing high single-digits, low double-digits, if you strip out the key accounts. How do you think about that growth? And then also the PIX TPV growth, right? Still strong year over year, kind of stable-ish quarter over quarter. I know you have the seasonality. But just to see how you think about the outlook for TPV growth, both within the MSMB and key accounts and within without PIX?

首先，僅就 TPV 成長前景而言，因為如果您剔除關鍵帳戶，您會看到信用卡 TPV 成長率為高個位數，低兩位數。您如何看待這種成長？然後還有 PIX TPV 的成長，對嗎？與去年同期相比仍然強勁，與上一季相比則比較穩定。我知道你有季節性。但只是想看看您如何看待 TPV 成長前景，包括 MSMB 和大客戶以及不包括 PIX 的情況？

And then my second question, we saw the announcement from Totvs that now you guys are in negotiation for Linx. Just any color you can provide about that in terms of timing. I'm sure you can't discuss valuation at this point. But yes, just any color you can provide there? And if you were to sell Linx, what would you potentially do with the proceeds of that? Thank you.

然後我的第二個問題是，我們看到 Totvs 宣布你們正在就 Linx 進行談判。您可以提供任何與時間有關的資訊。我確信你現在無法討論估值。但是是的，您可以提供任何顏色嗎？如果您要出售 Linx，您會如何處理所得收益？謝謝。

Hi, Tito, Lia here. Thank you for your questions. I'm going to take the TPV question and then pass it over to Pedro.

你好，我是 Tito，我是 Lia。感謝您的提問。我將回答 TPV 問題，然後將其交給 Pedro。

So regarding TPV trends, talking first about MSMB TPV, there are three key points to highlight. First, is that our long-term guidance already implies some deceleration on TPV growth. So the guidance that we provided for 2027 on TPV last quarter implies a 14% CAGR. So this growth performance that we see is in line with this trend that we have already talked about.

因此，關於 TPV 趨勢，首先談論 MSMB TPV，有三個關鍵點需要強調。首先，我們的長期指導已經暗示 TPV 成長將放緩。因此，我們上個季度為 TPV 提供的 2027 年指引意味著 14% 的複合年增長率。因此，我們看到的這種成長表現符合我們已經討論過的趨勢。

The second fact is that naturally, in response to higher interest rates, as Mateus mentioned, we have implemented a broader repricing this quarter across our client base. These repricing efforts, they have performed very well, better than we expected, but some level of churn is always inevitable. So this will modestly impact TPV growth in the short-term.

第二個事實是，正如馬特烏斯所提到的，為了應對更高的利率，我們本季對整個客戶群實施了更廣泛的重新定價。這些重新定價的努力表現得非常好，比我們預期的要好，但一定程度的客戶流失總是不可避免的。因此，這將在短期內對 TPV 成長產生輕微影響。

Third, obviously, macroeconomic environment does remain challenging. So it's still a little bit early to say the full extent of its impact in the year. So the message regarding the year is that TPV growth will decelerate somewhat. But overall, general trend regarding TPV is very much in line with our long-term guidance.

第三，宏觀經濟環境顯然依然嚴峻。因此，現在判斷其在今年產生的影響程度還為時過早。因此，關於今年的資訊是 TPV 成長將有所放緩。但總體而言，TPV 的整體趨勢與我們的長期指導非常一致。

Regarding PIX, we continue to see PIX strongly cannibalizing on debit volumes. This is also what we see on the industry. So when we look at ABEX industry data, for example, it does point out to very different behavior in terms of growth when we talk about credit card volumes versus debit volumes. And that is consistent also with what we observe in our base, right? So PIX TPV cannibalizing on debit volumes, which is why we see the stronger pace of growth for PIX TPV versus Card TPV.

關於 PIX，我們繼續看到 PIX 強烈蠶食借記量。這也是我們在業界看到的情況。因此，當我們查看 ABEX 行業數據時，它確實指出了信用卡交易量與借記卡交易量在增長方面存在非常不同的行為。這也與我們在基地觀察到的情況一致，對嗎？因此，PIX TPV 正在蠶食借記卡業務量，這就是為什麼我們看到 PIX TPV 的成長速度比 Card TPV 更快。

Regarding key accounts, I think nothing really different to say about key account TPV trends other than what we've already said. It's not the focus of our strategy. So the majority of our investments, both in product roadmap and in go-to-markets are focused on MSMB clients. That said, our platform does address needs of some large enterprise clients, and we do serve those clients on an opportunistic basis. But those are not the focus of our strategy. And because normally, these clients can shift very large volumes very quickly, that tends to be a more volatile TPV behavior. So you can see kind of strong shifts quarter-on-quarter. Those shifts have little impact on gross profit, but they do impact overall TPV.

關於大客戶，我認為除了我們已經說過的以外，關於大客戶 TPV 趨勢，沒有什麼不同的說法。這不是我們策略的重點。因此，我們在產品路線圖和市場進入方面的大部分投資都集中在 MSMB 客戶身上。也就是說，我們的平台確實滿足了一些大型企業客戶的需求，而我們確實以機會主義的方式為這些客戶提供服務。但這些不是我們戰略的重點。而且由於這些客戶通常能夠非常快速地轉移大量資金，因此 TPV 行為往往更加不穩定。因此你可以看到季度環比出現強勁變化。這些變化對毛利影響不大，但確實影響整體 TPV。

So I think those are the general trends in TPV that we can highlight. And I'll pass it over to Pedro to talk about transaction.

所以我認為這些是我們可以強調的 TPV 的整體趨勢。我將把這個主題交給佩德羅來討論交易事宜。

Sure. Thank you, Lia. Thank you, Tito. Well, I think, as you all know -- as you noted, we have entered with -- into an exclusivity agreement with Totvs to negotiate the sale of the asset. I think at this stage, I think it's really hard to provide any additional details regarding the valuation, as you already highlighted, or the duration of the exclusivity period.

當然。謝謝你，莉亞。謝謝你，蒂托。嗯，我想，正如你們所知 - 正如你們所說，我們已經與 Totvs 達成了獨家協議，以協商資產的出售。我認為在現階段，很難提供關於估值的任何其他細節，正如您已經強調的那樣，或者關於獨佔期的持續時間。

I think what we can say is that negotiations are progressing positively. However, given the complexity involved in the transaction of such a magnitude, I think there are a lot of factors that still need to be negotiated and agreed upon. And therefore, I think it's still challenging to specify an exact time line for reaching a final agreement. But be certain that we'll keep the market informed as the discussions moves ahead.

我認為我們可以說談判正在取得積極進展。然而，考慮到如此規模的交易的複雜性，我認為還有很多因素需要協商和達成一致。因此，我認為確定達成最終協議的具體時間表仍然具有挑戰性。但請放心，隨著討論的進展，我們會隨時向市場通報最新情況。

On the allocation side, I think it's hard to talk about the future given the uncertainty in terms of the closing of the transaction. What I can say is if we were to make the decision today, I think we would do exactly what we're doing in terms of share buybacks. Because when we assess the long-term implied returns of repurchasing shares at current levels, we believe that buybacks represent a very attractive use of capital and seem to be value accretive in terms of decisions for shareholders. So that's the position as of today. Okay. Thank you.

在分配方面，我認為鑑於交易完成的不確定性，很難談論未來。我可以說的是，如果我們今天做出決定，我認為我們會採取與股票回購完全相同的措施。因為當我們評估當前水準回購股票的長期隱含回報時，我們認為回購代表著一種非常有吸引力的資本用途，並且似乎在股東決策方面具有增值作用。這就是截至今天的情況。好的。謝謝。

Okay. Perfect, Pedro. That's a helpful color on that. Maybe if I can, just one quick follow-up on the TPV with Lia.

好的。完美，佩德羅。這是一種很有幫助的顏色。如果可以的話，我只想和 Lia 快速跟進 TPV。

Just on the cannibalization of debit, do you see a lot more room for cannibalization there? Any way to quantify that? And have you seen any cannibalization of credit, particularly with the PIX financing at all? So has it impacted credit at all?

僅就簽帳卡的蠶食而言，您是否認為那裡還有很大的蠶食空間？有什麼方法可以量化嗎？您是否看到任何信貸蠶食現象，尤其是 PIX 融資？那麼它對信貸有影響嗎？

So I think the answer to the first part of your question is, yes, I think we can continue to expect debit volumes to be cannibalized by PIX. When you look at ABEX industry data versus Central Bank data, it also points to that direction because debit card TPV in the industry is sort of flattish, right? It was flattish throughout last year, and it had actually a slight decrease in the first quarter. And when you look at PIX growth data, it's a very different trend. It's a strong growth. So I do believe that this trend will continue.

所以我認為你問題第一部分的答案是，是的，我認為我們可以繼續預期借記卡交易量會被 PIX 蠶食。當您將 ABEX 行業數據與中央銀行數據進行比較時，它也指向這個方向，因為該行業的借記卡 TPV 有點持平，對嗎？去年全年都比較平穩，第一季其實還略有下降。而當你查看 PIX 成長數據時，你會發現這是一個非常不同的趨勢。這是一個強勁的成長。所以我確實相信這種趨勢將會持續下去。

But also, let's not forget that PIX cannibalizes on debit volume, but it also cannibalizes on cash. So in general, it's accretive for us because PIX volumes become more deposits in the banking ecosystem, and we continue to monetize on PIX. So I think that's the first part of the answer.

但是，我們也不要忘記，PIX 不僅蠶食借記量，還蠶食現金量。因此，總的來說，這對我們來說是增值的，因為 PIX 的數量在銀行生態系統中變成了更多的存款，而且我們繼續在 PIX 上賺錢。所以我認為這是答案的第一部分。

The second part is, no, we do not see any cannibalization on credit volumes and neither the industry trends are suggestive of that either, right? When you look at ABEX data for credit card TPV growth, it's 13.5% in the first quarter, which is a healthy growth level. And it's not suggestive in our view of PIX cannibalization of credit volumes in the industry either.

第二部分是，不，我們沒有看到信貸量有任何蠶食，產業趨勢也沒有暗示這一點，對嗎？當您查看 ABEX 信用卡 TPV 成長數據時，您會發現第一季的成長率為 13.5%，這是一個健康的成長水平。我們認為，這也不代表 PIX 會蠶食該產業的信貸量。

Okay, that's clear. Thank you, Lia.

好的，很清楚。謝謝你，莉亞。

Thanks, Tito.

謝謝，蒂托。

Mario Pierry, Bank of America.

美國銀行的馬裡奧·皮埃里 (Mario Pierry)。

Hi, guys. Good afternoon. Congratulations on the quarter.

嗨，大家好。午安.恭喜本季。

I wanted to explore a little bit more about your price increases. As you mentioned, right, like you started repricing in the beginning of this year because of the yield curve had widened last year. Now we're seeing the opposite trend, right? We're seeing the yield curve tighten. What does it mean for your outlook for prices? Would you consider passing on some of the benefits to your clients maybe later in the year? I ask this because as you mentioned, right, Lia, you seem like you're losing some market share. It seems like you're growing slightly below the industry. You said that churn has increased.

我想進一步了解你們的價格上漲情況。正如您所說，由於去年殖利率曲線擴大，您在今年年初就開始重新定價。現在我們看到了相反的趨勢，對嗎？我們看到殖利率曲線收緊。這對你的物價前景意味著什麼？您是否會考慮在今年稍後將部分好處轉嫁給您的客戶？我之所以問這個問題，是因為正如你所提到的，莉亞，你似乎正在失去一些市場份額。看起來你的成長速度略低於業界水準。您說客戶流失率增加了。

So trying to understand from your perspective, if you're seeing -- if you eventually see lower funding costs because of the lower rates in Brazil, if you consider repricing your clients? And if we can explore a little bit more also like what percentage of your clients have been repriced already? Like you said, you started fairly late repricing beginning of this year. What percentage of your client base has already been repriced? Thank you.

因此，試著從您的角度來理解，如果您看到——如果您最終看到由於巴西利率較低而導致的融資成本降低，您是否會考慮重新為您的客戶定價？我們是否可以進一步探究一下，例如有多少比例的客戶已經重新定價了？正如您所說，您今年年初開始重新定價的時間相當晚。您的客戶群中有多少比例已經重新定價？謝謝。

Mario, Mateus here. Thanks for the question. So the first part of the question regarding whether we plan to pass through or change the pricing policy given the recent movements in terms of the yield curve. I think the short answer here is no. So just to give a step back and a little bit of a recap, we decided to do a really extensive repricing wave in the first Q. But in terms of magnitude of the adjustments, when we did the repricing wave, we basically targeted the yield curve of the half of the year, which back then was around 15%.

馬裡奧，我是馬特烏斯。謝謝你的提問。因此，問題的第一部分是關於，鑑於殖利率曲線的近期變動，我們是否計劃延續或改變定價政策。我認為答案是否定的。因此，讓我們回顧一下，我們決定在第一季進行一次非常廣泛的重新定價。但就調整幅度而言，當我們進行重新定價時，我們基本上以半年的殖利率曲線為目標，當時殖利率曲線約為 15%。

If we were to look at the yield curves nowadays, again, it's really close to that. It's 14.7%, 14.8%. So the impacts of the yield curve tightening now are not big in the short run. I think it's the curve of the second half that really tightens. But that was not built into the repricing waves that we did back then. So it really doesn't move the needle.

如果我們再看一下現在的殖利率曲線，就會發現它確實非常接近這個水平。分別是14.7%、14.8%。因此現在殖利率曲線收緊在短期內的影響並不大。我認為下半場的曲線確實會收緊。但這並沒有被納入我們當時進行的重新定價浪潮中。所以它實際上並沒有起到什麼作用。

The only thing that I would say, disagree with your question is that in terms of market share. We're not actually losing market share when we look at the target segment, which is MSMBs. So market share was about flattish in the quarter. If you were to look at a longer-term window for the past 12 months, we actually gained like 0.1% or 0.08% market share. And again, like Lia said, in terms of our plan, that's pretty much what was embedded in the plan. The plan embeds a 14% CAGR until 2027. So the expectation was always to keep a healthier pricing policy, focus on profitability, and not on growth at any cost.

我唯一想說的是，就市場佔有率而言，我不同意你的問題。當我們看目標市場即 MSMB 時，我們實際上並沒有失去市場份額。因此本季的市佔率基本持平。如果回顧過去 12 個月的長期數據，我們的市佔率實際上增加了 0.1% 或 0.08%。再說一次，就像莉亞所說的那樣，就我們的計劃而言，這基本上就是計劃中所包含的內容。該計劃預計到 2027 年將實現 14% 的複合年增長率。因此，我們的期望始終是維持更健康的定價政策，專注於獲利能力，而不是不惜一切代價追求成長。

And I think the final piece of the question in regards to the extent of the base that was already repriced, the vast majority of the base was already repriced. Last earnings call, I think the message that we provided was that in our Stone brands, pretty much all the repricing wave was done. In the second Q, we did the repricing in our Ton brand as well. Results were also really good when we look at the churn levels versus the price increases that we did. There are still a few waves to be done in the second Q, but they are really small. I think the vast majority of the base was already repriced.

我認為問題的最後一個部分是關於已經重新定價的基礎範圍，絕大多數基礎已經重新定價。上次財報電話會議上，我認為我們傳達的訊息是，在我們的 Stone 品牌中，幾乎所有的重新定價浪潮都已完成。在第二季度，我們也對 Ton 品牌進行了重新定價。當我們將客戶流失率與價格上漲進行比較時，結果也非常好。第二季還有幾波工作要做，但它們真的很小。我認為絕大多數基礎已經重新定價了。

That's clear. Mateus, let me ask you then on the market share. As you mentioned, like your market share has been stable then. You used to be a story of gaining market share, right? How do you see your ability to grow your market share in the next couple of years?

這很清楚。馬特烏斯，那麼讓我問一下你關於市場佔有率的問題。正如您所說，您的市場佔有率一直很穩定。你們曾經是一個贏得市場份額的故事，對嗎？您認為未來幾年貴公司擴大市佔率的能力如何？

Mario, just to complement on Mateus' point regarding market share trends. The 14% implied CAGR in our long-term TPV guidance does mean that we believe we will continue to grow above the industry and gain share, albeit at a slower pace than in the past. That's natural as we have achieved a significant level of scale and our presence in the MSMB segment. So I think that's the first message that we want to really convey. So the net positive market share gains on a yearly basis, albeit at a lower level than historically to us is in line with our plan.

馬裡奧，只是想補充馬特烏斯關於市場佔有率趨勢的觀點。我們長期 TPV 指引中隱含的 14% 複合年增長率確實意味著我們相信我們將繼續保持高於行業的成長並獲得份額，儘管速度比過去要慢。這是很自然的，因為我們在 MSMB 領域已經達到了相當的規模和地位。所以我認為這是我們真正想要傳達的第一個訊息。因此，儘管我們的年度淨正市場份額增長水平低於歷史水平，但這符合我們的計劃。

Now to your question on what are the drivers, right? I think the drivers are really the continuation of the execution of our plan of bringing more solutions to our clients. So more and more, we believe that we have new levers to pull regarding how we address the pain points of our clients and how we actually price those solutions from a bundling and offering strategy perspective. So that's the first -- and I would say most important element is the element of how we believe we will continue to differentiate ourselves in the way that we serve our clients from a product, from an offering, and from a service perspective.

現在回答你的問題：驅動因素是什麼？對嗎？我認為真正的驅動力是我們繼續執行為客戶提供更多解決方案的計劃。因此，我們越來越相信，在如何解決客戶的痛點以及如何從捆綁和提供策略的角度對這些解決方案進行實際定價方面，我們有新的槓桿可以利用。所以這是第一個——我想說最重要的因素是，我們相信我們將如何繼續從產品、產品和服務的角度在為客戶提供服務的方式上脫穎而出。

I think the second important element, let's not forget that Stone is also about a big differentiator around our distribution capabilities, where more and more, we're driving the organizations towards a unified growth and distribution approach, really leveraging data and technology. So we want to be I would say, more and more assertive over time in terms of addressing the pockets of growth opportunities that we still see in the market, like the more scale we achieve, the more sophisticated we need to be, right?

我認為第二個重要因素是，我們不要忘記 Stone 在我們的分銷能力方面也有一個很大的區別，我們越來越多地推動組織走向統一的成長和分銷方式，真正利用數據和技術。因此，我想說，隨著時間的推移，我們希望在抓住市場上仍然存在的成長機會方面變得越來越自信，例如，我們的規模越大，我們就越需要成熟，對嗎？

So we need to have very clear visibility on granular market data and where the growth opportunities are. And by implementing a more unified go-to-market approach, really leveraging market data and technology, we believe that we still have opportunities to grow. So distribution is also an important part of the equation as it has always been in our business model.

因此，我們需要非常清楚地了解詳細的市場數據以及成長機會所在。透過實施更統一的市場進入方式，真正利用市場數據和技術，我們相信我們仍然有成長機會。因此，分銷也是我們商業模式中的重要組成部分，它一直存在於我們的商業模式中。

Okay. Now that's very clear. Thank you very much.

好的。現在一切都很清楚了。非常感謝。

Thank you, Mario.

謝謝你，馬裡奧。

Neha Agarwala, HSBC.

Neha Agarwala，匯豐銀行。

Hi. Can you hear me?

你好。你聽得到我嗎？

Yes, Neha. We can hear you.

是的，Neha。我們能聽到你的聲音。

Perfect, hi. Congratulations on the numbers. Just a quick follow-up on the previous questions, and sorry to harp on that. What I cannot piece together is expectation of further slowdown, deceleration in TPV growth. And I'll tell you why because you have already done the depricing in the 1Q already. So if there was a churn, you would see that more in 1Q. And acknowledging that all the players in the market have been quite aggressive in terms of repricing. Everybody's pushing the pricing up. So why should volume decelerate in the MSMB segment in the coming quarters? That is something that I'm still not very clear about.

完美，嗨。恭喜你取得這些數字。只是對之前的問題做一個快速的跟進，很抱歉一直重複這個問題。我無法拼湊出對 TPV 成長進一步放緩、減速的預期。我會告訴你原因，因為你已經在第一季完成了降價。因此，如果出現客戶流失，您會在第一季看到更多這樣的情況。並承認市場上的所有參與者在重新定價方面都相當積極。每個人都在抬高價格。那麼為什麼未來幾季 MSMB 領域的交易量會下降呢？這是我至今還不太清楚的事。

Second question is on competition. Do you see with players like Mercado Pago being more aggressive, growing very strongly in Brazil acquiring -- also adding some salespeople on the ground, adding some software moving upmarket? Do you see that having any impact on your core MSMB segment?

第二個問題是關於競爭的。您是否認為像 Mercado Pago 這樣的公司會更加積極，在巴西發展得非常強勁，同時還會在當地增加一些銷售人員，並添加一些軟體以進入高端市場？您認為這會對您的核心 MSMB 部門產生影響嗎？

And also, we saw that Fiserv is entering Brazil. They did us a transaction recently. And do you think that could be competition with their offering of Clover? Could that be a competition on the software side of the business that you've been trying to build out with the key verticals? So any thoughts on that would be very helpful.

而且，我們還看到 Fiserv 正在進入巴西。他們最近與我們進行了一筆交易。您認為這會與他們提供的 Clover 形成競爭嗎？這會不會是你們一直試圖在關鍵垂直領域建立起來的軟體業務方面的競爭？因此，對此的任何想法都會非常有幫助。

Neha, Mateus here. I'll take the first part of how you piece together TPV growth deceleration over the short-term versus the repricing has been done in the first Q and then pass it over to Lia to talk about the other part of the question. So on the first piece, two things here. So the first one is that when you think about the impacts of repricing, it's right that we did the majority of the repricing waves in the first Q. But they were done throughout the quarter. So in terms of the impact of churn, even though it's small, you have the full impact on the following quarters, right? There is some lag.

Neha，我是 Mateus。我將首先討論如何將短期內 TPV 成長減速與第一季的重新定價結合起來，然後將其交給 Lia 討論問題的另一部分。關於第一點，這裡有兩件事。因此，第一季度是，當你考慮重新定價的影響時，我們確實在第一季進行了大部分重新定價調整。但是這些調整是在整個季度進行的。因此，就客戶流失的影響而言，儘管影響很小，但它會對接下來的幾季產生全面的影響，對嗎？存在一些滯後。

And the second thing is that when you talk about the growth generally decelerating over the medium to long-term, it's not only about the repricing waves. I think the repricing waves are important in the short term, but not material when we look at the longer term. I think there is also a matter of the overall size of the business here, which again was already embedded in the plan. So given the size of the company, it's natural that, on a percentage basis, the growth rates over the long term will be somewhat smaller, right?

第二件事是，當你談到中長期成長普遍減速時，這不僅與重新定價浪潮有關。我認為重新定價浪潮在短期內很重要，但長期來看並不重要。我認為這裡也涉及到業務的整體規模問題，這一點也已經融入計劃中。因此，考慮到公司的規模，從百分比來看，長期成長率自然會略小一些，對嗎？

Perfect. Maybe just to elaborate on competitive dynamics, Neha, on the question regarding global players entering the market. We haven't really seen, to be honest, any relevance of such global players becoming like important on the competitive dynamics. That said, we do monitor competitive dynamics very, very closely and very, very granularly because of the data capabilities that we have through our operational platform. We can really understand what the local competitive dynamics is.

完美的。Neha，也許只是為了詳細闡述競爭動態，關於全球參與者進入市場的問題。說實話，我們還沒有真正看到這些全球參與者在競爭動態中變得如此重要。也就是說，由於我們透過營運平台擁有數據能力，我們確實非常密切、非常細緻地監控競爭動態。我們可以真正了解當地的競爭動態。

So on to the second part of your question regarding local players deploying a similar distribution strategy as ours. I mean, we do see that in some specific regions, in some specific areas. But it's again, not very significant when we think about the SMB focus that we have, which is, let's not forget that we're continuously moving our distribution approach upwards towards a specialist distribution that can really address the larger SMBs with a very differentiated service level and offering.

那麼，關於您問題的第二部分，關於本地參與者部署與我們類似的分銷策略。我的意思是，我們確實在某些特定地區、某些特定區域看到了這種情況。但是，當我們考慮到我們的中小型企業重點時，這一點就不那麼重要了，也就是說，我們不要忘記，我們正在不斷地將我們的分銷方式向上轉移到專業分銷，以便能夠真正滿足大型中小型企業的需求，提供差異化的服務水平和產品。

So I think the message here is, yes, players are replicating our model. We are continuously running to stay ahead. And staying ahead is about how we evolve the model, how we use technology and how we use data to be really precise on addressing where the pockets of growth are.

所以我認為這裡的訊息是，是的，玩家正在複製我們的模型。我們不斷奔跑，保持領先。保持領先地位取決於我們如何改進模型、如何利用技術以及如何利用數據來真正精確地找到成長點。

Regarding your point about product, we talked about this extensively in Investor Day. We are evolving our Stone solution to address workflow needs of our clients. That's going to be -- there's a pillar of software in this strategy, right, where we connect financial workflows with business workflows of our clients. We don't talk about this so much as being software, but Stone is evolving more and more towards being a software and a management solution for our clients as well. And I think we have the advantage that we're very close to those clients already, our distribution covers 99% of GDP. And we already have a pretty clear picture on where the market opportunities are throughout Brazil.

關於您提到的產品，我們在投資者日對此進行了廣泛的討論。我們正在改進我們的 Stone 解決方案以滿足客戶的工作流程需求。那將是——該策略中的軟體支柱，我們將財務工作流程與客戶的業務工作流程連結起來。我們並沒有過多地談論它作為軟體，但 Stone 正在逐漸發展成為一種軟體，也是為客戶提供管理解決方案的解決方案。我認為我們的優勢在於我們已經非常接近這些客戶，我們的分銷覆蓋了 GDP 的 99%。我們已經非常清楚了解巴西的市場機會。

Very clear, Lia. If I can just follow-up on that. So I do understand that the reason why Stone gained a lot of market share in the SME segment is because of the reach that you just mentioned and the good quality service that you provided. But what Mercado Pago was saying that they're seeing very strong volumes, and that is because of the more comprehensive suite of products that they are providing. And one of that product is credit, right?

非常清楚，莉亞。如果我可以跟進的話。所以我確實明白 Stone 之所以在中小企業領域獲得大量市場份額是因為你剛才提到的影響力以及你提供的優質服務。但 Mercado Pago 表示，他們的交易量非常強勁，這是因為他們提供的產品套件更加全面。其中一種產品就是信用，對嗎？

They are being quite active in terms of giving credit to the merchants that are working with them. Do you feel that there is probably going to be more pressure given competition to be more active in credit? And do you see any risk in that sense? Or do you see any pricing pressure coming from more intense competition in the SMB space?

他們非常積極地向與他們合作的商家提供信貸。您是否覺得，鑑於競爭加劇，信貸業務可能面臨更大的壓力？您認為這方面有什麼風險嗎？或者您認為中小企業領域更激烈的競爭會帶來定價壓力？

Neha, I'll take the first part of the question, and then Lia may jump in to complement. So for the pricing piece of the question, the short answer is also no. So when you look at the pricing environment, it's pretty much stable. And I think the repricing waves are a good indication of that. In the end of the day, I think there was a big worry with market participants on whether the market was going to be rational with these interest rate increases. And I think what we saw pretty much for the industry as a whole was everyone repricing and being pretty much rational in terms of pricing.

Neha，我來回答問題的第一部分，然後 Lia 可以插話補充。因此，對於定價問題，簡短的回答也是否定的。因此，當你觀察定價環境時，它相當穩定。我認為重新定價浪潮很好地證明了這一點。最終，我認為市場參與者非常擔心市場在利率上調的情況下是否會保持理性。我認為，我們看到整個行業的情況是每個人都在重新定價，並且在定價方面相當理性。

In terms of credit, I'll begin and then Lia may add. It's true that credit is a very important piece of the equation. I think when you mentioned a few competitors that we're seeing I think we're talking about different client profiles here. So in terms of our core SMB clients with the average sizes that we operate, I don't think there are too many other players focused on our target niche.

就信用而言，我先開始，然後 Lia 可能會補充。確實，信用是這個等式中非常重要的一部分。我認為當您提到我們看到的一些競爭對手時，我認為我們在這裡談論的是不同的客戶資料。因此，就我們營運的核心 SMB 客戶的平均規模而言，我認為沒有太多其他參與者關注我們的目標市場。

But again, I think the general concept that you provided, which is credit being a very important part of the offering is undeniable. And on that front, when you look at the progress on our credit book, again, there is a big challenge in terms of our long-term plan. But I think if you look at the performance since the Investor Day, we're pretty much online or even slightly better than what we anticipated on that front. So that's progressing well.

但我再次認為，您提供的整體概念，即信貸是產品中非常重要的一部分，是不可否認的。在這方面，當你查看我們的信用帳簿的進展時，你會發現我們的長期計劃面臨著巨大的挑戰。但我認為，如果你看看投資人日以來的表現，我們的表現基本上與預期一致，甚至略好於我們預期。一切進展順利。

Yes. I would have nothing to add, Neha. I think Mateus said it all.

是的。我沒有什麼可補充的，Neha。我認為馬特烏斯已經說完了一切。

That's great. They're very clear. Thank you so much for your comments.

那太棒了。他們非常清楚。非常感謝您的評論。

Thank you, Neha.

謝謝你，Neha。

Guilherme Grespan, JPMorgan.

摩根大通的 Guilherme Grespan。

Thank you so much, team, for the presentation and the questions. The first question -- two questions on our side.

非常感謝團隊的演講和提問。第一個問題──我們有兩個問題。

The first one is related to net cash. There was a pretty decent decline in net cash, almost BRL1 billion. I understand almost BRL900 million is going to be buyback. But all the rest, basically, all the net income you generated in the quarter, you didn't convert into cash. And you explained the presentation, right, you put several balance sheet items that kind of dragged the cash conversion.

第一個與淨現金有關。淨現金大幅下降，幾乎減少了 10 億巴西雷亞爾。據我所知，將有近 9 億巴西雷亞爾被回購。但其餘部分，基本上，您在本季產生的所有淨收入，都沒有轉換成現金。您解釋了演示文稿，對吧，您列出了幾個拖累現金轉換的資產負債表項目。

But my question is more looking forward. I just want to understand if those items were one-off of the quarter. And next quarter, if you print again, I don't know, BRL0.5 billion in earnings, we're going to see BRL1 billion in cash generation is going to revert this cash conversion or if it's something that is going to last and you basically did not convert and it's not going to (technical difficulty).

但我的問題更多的是期待。我只是想了解這些項目是否是本季的一次性項目。下個季度，如果你再次列印，我不知道，5億巴西雷亞爾的收益，我們將看到10億巴西雷亞爾的現金產生將恢復這種現金轉換，或者如果它是持續的事情，你基本上沒有轉換，它不會（技術難度）。

Second question is related to take rates. I just want to have your sense on how should we think about take rates net of funding cost into the second quarter? I think you have the benefit of repricing not having impacted the full quarter, right? So probably the gross financial income is going to move up. But at the same time, the financial costs are going to continue to move up, a slick move higher. So just want to understand how you think about this net take rate already net of funding cost, if we should see it going up or down.

第二個問題與接受率有關。我只是想知道您認為我們應該如何考慮將扣除融資成本後的利率納入第二季？我認為重新定價不會影響整個季度，對嗎？因此，財政總收入可能會上升。但同時，財務成本將持續上升，這是一個明顯的上升趨勢。所以只是想了解一下，您如何看待扣除融資成本後的淨利率，我們應該看到它是上升還是下降。

And by the way, congratulations on the repricing. If it's worth anything, we appreciate more the profitability than market share. Thank you.

順便說一句，恭喜您重新定價。如果有價值的話，我們更重視獲利能力而不是市場佔有率。謝謝。

Thanks, Grespan. Thanks for the question as well. So I'll take both. The first one was around net cash. So I think you pretty much touched upon the answer here. So when you look at the quarter, there were both seasonal effects and also some one-offs. In terms of the one-offs, we had some prepaid expenses related to our contract with Grupo Globo. So as you may well know, this year, we were also subject to the contract agreements and we're doing Big Brother Brasil and a few other shows. And most of the disbursement around this contract happened in the first Q.

謝謝，Grespan。也感謝您的提問。所以我會兩者皆選。第一個是關於淨現金。所以我認為你基本上已經觸及了答案。因此，當你看這個季度時，既有季節性的影響，也有一些一次性的影響。就一次性支出而言，我們與 Grupo Globo 簽訂了合同，並預付了一些費用。所以你們可能知道，今年我們也遵守了合約協議，我們正在做《巴西老大哥》和其他一些節目。該合約的大部分支出都發生在第一季。

And also, when you look at the other balance sheet lines, especially the higher labor and Social Security liabilities affect, that's really much related to the payment of variable compensation, which happens in the first Q. And again, when you look at the following quarters, we don't have both effects. So I think the dynamics is similar to what you described, which is cash generation should be higher than net income, of course, excluding the effect of credit and buybacks, right?

此外，當您查看其他資產負債表時，尤其是較高的勞動力和社會安全負債的影響，這實際上與第一季發生的浮動薪酬支付有很大關係。同樣，當您查看接下來的幾個季度時，我們不會同時看到這兩種影響。所以我認為動態與您描述的類似，即現金產生應該高於淨收入，當然不包括信貸和回購的影響，對嗎？

The second question around take rates. So to be really honest, I think we're looking less and less into take rates internally because it's becoming harder given the shifting lines that we have. You saw in the earnings release that we did a big movement in terms of advancing with our cash sweeping strategy, which shifts lines between financial income and financial expenses net. So the metric that we're looking more now is, of course, adjusted gross profit.

第二個問題是關於利率。所以說實話，我認為我們越來越少關注內部利率，因為考慮到我們不斷變化的線路，這變得越來越困難。您在收益報告中可以看到，我們在推動現金清掃策略方面做出了重大舉措，改變了財務收入和財務支出淨額之間的界線。因此，我們現在更關注的指標當然是調整後的毛利。

When you look at the adjusted gross profit in relation to TPV, then we saw an increase from the first Q to the first Q already. It came from 1.18% to 1.23%, so a 5-bps increase. That was pretty much the effect of both the repricing and also some seasonality as in the 4Q, we have a higher mix of debit. When we look at the second Q, given that the repricings were done throughout the quarter, we should expect some level of increase. But again, we need to keep in mind that even though we have the full effect from the repricing waves, we also have a higher interest rates in the second Q as compared to the first Q, right? So that's why it's not such a big jump, but that's the general trend there.

當您查看與 TPV 相關的調整後毛利時，我們已經看到從第一季到第一季的毛利有所增長。從 1.18% 上升至 1.23%，即增加了 5 個基點。這很大程度上是重新定價和一些季節性的影響，因為在第四季度，我們的借記組合更高。當我們看第二季時，考慮到整個季度都進行了重新定價，我們應該預期會出現一定程度的成長。但是，我們需要再次記住，儘管我們受到了重新定價浪潮的全部影響，但與第一季相比，第二季的利率也會更高，對嗎？所以這就是為什麼它並不是一個巨大的飛躍，但這是那裡的總體趨勢。

That's clear. Thank you. Mateus.

這很清楚。謝謝。馬特烏斯。

Renato Meloni, Autonomous Research.

雷納托·梅洛尼，自主研究。

Hi, everyone. Congrats on the results here and thanks for taking my question. So just first on your deposit strategy, right? So there was this big shift compared to the last quarter on your time deposits. Do you think you have achieved the right mix here? Or do you still expect to grow time deposits? And are you still going to be reaping benefits from lower cost of funding based on deposits here or we're already seeing most of it, right?

大家好。恭喜您所取得的成果，感謝您回答我的問題。那麼先談談您的存款策略，對嗎？因此，與上一季相比，您的定期存款發生了巨大變化。您認為您在這裡實現了正確的組合嗎？還是您仍期望增加定期存款？您仍將從基於存款的較低融資成本中獲益，或者我們已經看到了大部分收益，對嗎？

And then just still on this, are you facing more competition from other peers, we've seen some higher yields being announced recently. So I wonder if that's affecting your strategy and if you're rethinking anything that. And then just a quick follow-up on financial income. I wonder if you can break down how much of the financial income growth came from repricing and how much was just from the reclassification from transactional revenues. Thank you.

那麼，就這一點而言，您是否面臨來自其他同行的更多競爭，我們看到最近宣布了一些更高的收益率。所以我想知道這是否影響了您的策略以及您是否正在重新考慮任何事情。然後快速跟進財務收入。我想知道您是否可以細分財務收入成長有多少來自重新定價，有多少僅來自交易收入的重新分類。謝謝。

Thanks, Renato. I'll take the first and the last piece of the question and then Lia may add on the competition side.

謝謝，雷納托。我將回答問題的第一部分和最後一部分，然後 Lia 可能會補充一些關於競爭方面的內容。

So first, on the cash sweeping effects, I think it's worthwhile to give a little bit of a step back here on the strategy around deposits as a whole. So as we anticipated in the last earnings call, this first Q is started to really roll out the cash sweeping strategy, which basically consists on migrating our retail deposits towards time deposits. Just as a reminder, whenever we do that, on one hand, we lose the financial income we have from the floating on our deposits, but that is more than offset by the gains that we have in financial expenses net because we don't need to use other funding sources, right?

首先，關於現金清掃效應，我認為有必要回顧整個存款策略。因此，正如我們在上次收益電話會議上所預期的那樣，第一個季度我們將開始真正推出現金清掃策略，該策略基本上包括將我們的零售存款轉向定期存款。提醒一下，每當我們這樣做時，一方面，我們會損失從存款浮動中獲得的財務收入，但這被我們在財務支出淨額中獲得的收益所抵消，因為我們不需要使用其他資金來源，對嗎？

In terms of the quarter, this BRL6.3 billion is a big step in terms of the migration of the cash sweeping, but it's not the end results. I think the remainder of the deposit base, the vast majority, should also be migrated over the coming months as well. But in terms of the P&L impact, given that we did this migration towards the end of the quarter, the impacts on our P&L in the quarter were minimal, so really immaterial. And we should see this effect on the P&L on the coming quarters.

就本季而言，這 63 億雷亞爾是現金轉移的一大步，但這並不是最終結果。我認為，剩餘的存款基礎（絕大多數）也應該在未來幾個月內轉移。但就損益表的影響而言，考慮到我們在本季末進行了此次遷移，因此對我們本季損益表的影響很小，因此實際上並不重要。我們應該會看到這種現象對未來幾季的損益表產生的影響。

Just as a reminder, we lose 100% of CDI on our revenue, we gain our cost of funding. So the net result should be around 75 basis points to 125 basis points per year that we gain on the amount of deposits that we migrate. And with that, I think you can make the math on the impact on the P&L going forward.

提醒一下，我們的收入損失了 100% 的 CDI，但我們獲得了融資成本。因此，我們轉移的存款金額的淨收益應該是每年約 75 個基點至 125 個基點。有了這些，我想你就可以計算出未來對損益表的影響。

The second question, I think, was on financial income, if we can break down the effects of the bundling. Again, I think the message here is pretty similar to the take rate question, which is it's really hard to break down because there are too many moving pieces now. We had the migration between transactional revenues towards financial income, but we also have other effects, right, the credit portfolio growing, the cash sweeping strategy. So I think the best way to understand is not on a line-by-line basis, but rather, looking towards the combined gross profit or the combined revenue streams.

我認為第二個問題是關於財務收入，我們是否可以分解捆綁的影響。再次，我認為這裡的資訊與接受率問題非常相似，即這個問題很難分解，因為現在有太多變動的部分。我們實現了交易收入向金融收入的轉變，但我們也有其他影響，例如信貸組合的成長、現金清掃策略。因此，我認為最好的理解方式不是逐行理解，而是查看合併後的毛利或合併後的收入流。

Perfect. So let me just complement on your question around competition. I think, almost every week, we see new offerings regarding investment products in the market. So it is a very dynamic space, I would say. But our take and we have tested ourselves different offerings as well and tested conversion and elasticity.

完美的。因此，請容許我補充一下您關於競爭的問題。我認為，幾乎每週我們都會在市場上看到有關投資產品的新產品。所以我想說這是一個非常有活力的空間。但我們認為，我們也測試了不同的產品，並測試了轉換率和彈性。

What we observed is that for our client profile, which is a merchant, the investment product is important, but very much from the perspective of saving for specific purposes, right? So normally, these promotions, they will tend to be more impactful when we talk about consumer banking and less on business banking. So I mean, nothing really new. We have ourselves tested different offerings. And from our perspective, the really important aspect of this offering is to give our clients the opportunity to save for different objectives within the Stone ecosystem. That's much more important than the actual spreads.

我們觀察到，對於我們的客戶群（即商人）來說，投資產品很重要，但更重要的是從特定目的的儲蓄角度來看，對嗎？因此，通常情況下，當我們談論消費者銀行業務而不是商業銀行業務時，這些促銷活動往往會更有影響力。所以我的意思是，沒什麼新鮮事。我們親自測試了不同的產品。從我們的角度來看，此項服務的真正重要方面是讓我們的客戶有機會在 Stone 生態系統中為不同的目標儲蓄。這比實際利差重要得多。

That's very clear. Thanks, everyone.

這非常清楚。謝謝大家。

Thank you, Renato.

謝謝你，雷納托。

Daniel Vaz, SAFRA.

丹尼爾·瓦茲 (Daniel Vaz)，SAFRA 成員。

Congrats on the results. Two on my end. I think about the repricing during the quarter, you did several adjustments, right? So you arrived in a higher take rate from that. But I want to ask if it's fair to assume that you should still increase take rates in the next quarter as we would see the full impact from the repricing, right? Probably you did part of -- on January, part on February. So wanted to take the full impact from the repricing on the next quarter if it is positive. And if also is there any further adjustments on any specific niche of customers that you would do?

恭喜取得成果。我這邊有兩個。我認為在本季度重新定價時，您做了幾次調整，對嗎？因此，您獲得了更高的收益率。但我想問一下，是否可以公平地假設您仍應在下個季度提高接受率，因為我們將看到重新定價的全部影響，對嗎？您可能在一月份做了一部分，在二月做了一部分。因此，如果重新定價是積極的，我們希望在下一季充分發揮其影響力。您是否還會針對特定客戶群做出進一步調整？

And a follow-up to Renato's question and Mateus' answer about the net positive effect, right? So you have potential lower floating revenues and lower funding costs. Can you give us a color about this conversion you already did in the first quarter, if has any positive effect already? Or should we expect that from the second quarter going forward? Thank you.

這是對雷納託的問題和馬特烏斯關於淨積極效應的回答的後續回答，對嗎？因此，您可能會獲得更低的浮動收入和更低的融資成本。您能否向我們詳細介紹您在第一季已經進行的轉換，看看是否已經產生了正面影響？或者我們應該從第二季開始期待這一點嗎？謝謝。

Daniel, thanks for the question. So the first one around the effects of repricing. You are right in the concept, which is we made the repricing waves throughout the first Q. So the full effect will be felt on the second Q. Also, a small reminder on that end is that we did the full repricing waves for the Stone product in the first Q. On the Ton product, they were done throughout the second Q. So there will also be some leftover for the third Q as well.

丹尼爾，謝謝你的提問。第一個問題是關於重新定價的影響。您說的沒錯，我們在第一季就完成了多次重新定價。因此，其全部影響將在第二季顯現。另外，需要提醒的是，我們在第一季就對 Stone 產品完成了全部重新定價。對於 Ton 產品，我們也在第二季完成了重新定價。因此，在第三季也會有一些剩餘的影響。

Again, in terms of the metric, we're not looking at take rates internally anymore. The metric that we're tracking is gross profit versus TPV. And on that front, the message is the one that you just said, which is given that the full effects will be felt in the second Q, there is still some room for improvement there. The second part of the question, just to make sure that I got, I think it's whether the effects of the cash sweeping were significant on the first Q or whether we should feel those effects on the second Q?

再次，就指標而言，我們不再關注內部接受率。我們追蹤的指標是毛利與 TPV。在這方面，正如您剛才所說，鑑於其全部影響將在第二季顯現，因此仍有一些改進的空間。問題的第二部分，只是為了確保我理解了，我認為現金清掃對第一個問題的影響是否顯著，或者我們是否應該在第二個問題上感受到這些影響？

Yes, that's it.

是的，就是這樣。

Yes. So on that front, even though we did the migration of a significant part of the deposits on the first Q, they were done really towards the end of the quarter. So from a P&L perspective, we had a minimal impact in the first Q. Most of the benefits will also be felt from the second Q onwards.

是的。因此，在這方面，儘管我們在第一季就遷移了相當一部分存款，但這些遷移實際上是在季度末完成的。因此，從損益表的角度來看，我們在第一季受到的影響很小。從第二季開始，我們也會感受到大部分好處。

Right. And I believe that you mentioned about BRL20 million for every BRL1 billion conversion in the last quarter. Is it right, like pre-tax benefits?

正確的。我相信您提到了上個季度每轉換 10 億雷亞爾，就會轉換 2000 萬雷亞爾。對嗎，就像稅前福利一樣？

Yes. It's from 75 basis points to 125 basis points over the volume that we migrate per year. So if you do the math, it's pretty much around those levels.

是的。我們每年遷移的數量將增加 75 個基點至 125 個基點。所以如果你算一下，你會發現它基本上處於這些水平。

Okay. Thanks again.

好的。再次感謝。

Marcelo Mizrahi, Bradesco BBI.

馬塞洛·米茲拉希 (Marcelo Mizrahi)，布拉德斯科 BBI。

Hi, guys. Congratulations for the results. My question is related to the volume. So in the conference calls of many companies like Visa and some malls, they were referring about the impact of Easter on their volumes of sales. So my question here is to understand the impact of Easter in the TPVs and volumes of Stone during the first quarter and the potential impact on the second quarter. So could you give us some color about the volumes year to date, putting April together with the first quarter, or some color about that? Thank you.

嗨，大家好。恭喜取得這樣的成果。我的問題與音量有關。因此，在 Visa 等許多公司和一些商場的電話會議中，他們都提到了復活節對其銷售量的影響。所以我的問題是了解復活節對第一季石材 TPV 和銷售的影響以及對第二季的潛在影響。那麼，您能否給我們提供一些有關今年迄今為止的交易量的詳細信息，將四月份與第一季度結合起來，或者提供一些詳細信息？謝謝。

Marcelo, thanks for the question. So no specific trends on our side. I think that possibly has to do with the profile of the client base. When we talk about our overall industry, there is a big proportion of volumes that come from large retail that we serve very minimally, right? So I think, no specific trends to highlight there.

馬塞洛，謝謝你的提問。所以我們這邊沒有具體的趨勢。我認為這可能與客戶群的概況有關。當我們談論整個行業時，很大一部分銷售來自大型零售業，而我們對此的服務卻很少，對嗎？所以我認為，沒有什麼具體的趨勢值得強調。

Okay. Thanks.

好的。謝謝。

Thiago Paura, BTG.

蒂亞戈·保拉，BTG。

Hi, everyone. Thanks for the opportunity here to ask a question. I have one on the credit front. Maybe a follow-up of other questions made previously.

大家好。感謝有機會在這裡提問。我在信用方面有一個。也許是之前提出的其他問題的後續問題。

We just saw another quarter of very strong growth in the credit portfolio. I mean, 20% on a sequential basis. So my question is really about better understanding the competitive advantage you believe Stone has in this segment, especially after the restructuring phase, the product went through. Mateus mentioned that the niche that Stone is targeting could be slightly different from other peers. But just try to understand how do you believe your approach or your underwriting model differs from other players who might be offering similar products to the similar client base. And what you considered to be your structural advantage on this front to support your 2027 guidance you are committed to on the credit portfolio? Thank you.

我們剛剛看到信貸組合又一個季度出現強勁增長。我的意思是，連續成長 20%。所以我的問題實際上是為了更好地了解您認為 Stone 在這一領域所擁有的競爭優勢，特別是在產品經歷重組階段之後。馬特烏斯提到，史東瞄準的市場可能與其他同行略有不同。但請嘗試去理解，您認為您的方法或核保模式與可能向類似客戶群提供類似產品的其他參與者有何不同。您認為您在這方面的結構性優勢是什麼，可以支持您對 2027 年信貸組合所承諾的指導嗎？謝謝。

Thank you, Thiago. Let me elaborate a little bit taking a step back and talking about overall credit strategy. I think I'm going to address some of your points in this answer.

謝謝你，蒂亞戈。讓我稍微詳細地談談整體信貸策略。我想我會在這個答案中解決你的一些觀點。

So first, I think there's two important pieces that are somewhat distinct within the credit strategy. First, regarding our longer-duration working capital loan, this is really the product that we have developed and perfected and continue to evolve over time to serve the needs of our small and medium clients, so the larger, more sophisticated SMBs. And while we continue to pursue growth there through a digital approach, we're incrementally investing in what we call our credit specialist distribution. So part of this specialist distribution is focused around credit. So this really has enabled us to make the right types of offer for those larger SMB clients.

首先，我認為信貸策略中有兩個重要部分略有不同。首先，關於我們的長期營運資金貸款，這實際上是我們已經開發和完善的產品，並且隨著時間的推移不斷發展，以滿足我們的中小型客戶以及規模更大、更複雜的中小企業的需求。在我們繼續透過數位化方式追求成長的同時，我們也逐步投資於所謂的信貸專家分銷。因此，這種專業分銷的部分重點是信貸。因此，這確實使我們能夠為那些較大的 SMB 客戶提供正確的報價。

Again, on the product experience, I think we've talked about this many times. It is very differentiated for an SMB because they repay really according to their sales. So this alignment that the product provides, I think, is a differentiated aspect that we have observed since the beginning of our credit offerings. So I think we continue to be optimistic on the growth trend there. And when we look at the portfolio growth, that is the big driver of growth, right, that we have observed.

再次，關於產品體驗，我想我們已經討論過很多次了。對於中小企業來說，這是非常有區別的，因為他們確實根據銷售額來償還貸款。因此，我認為，該產品提供的這種一致性是我們自開始提供信貸服務以來就觀察到的差異化面向。因此我認為我們繼續對那裡的成長趨勢持樂觀態度。當我們觀察投資組合成長時，我們發現，這就是成長的最大驅動力。

But there is a second part to the credit strategy that is less mature, more recent, but we're also seeing very positive results. And I think there's a lot of work to do, and it's really regarding addressing what we call shorter duration credit solutions. They address different types of needs of our clients.

但信貸策略的第二部分還不夠成熟，也比較新，但我們也看到了非常正面的成果。我認為還有很多工作要做，這實際上是關於解決我們所說的短期信貸解決方案。它們滿足了我們客戶不同類型的需求。

For example, when we talk about credit cards that we are scaling, although at still less mature levels than we compare with working capital loans, this product is much more suited for micro clients. They have more consumer-like needs. So I think there's a lot for us to do on the credit card side, and it will address more the base of the pyramid when we talk about the profile of clients.

例如，當我們談到正在擴展的信用卡時，儘管與營運資金貸款相比，其成熟度仍較低，但該產品更適合微型客戶。他們有更多類似消費者的需求。因此，我認為我們在信用卡方面有很多工作要做，當我們談論客戶概況時，它將更多地解決金字塔的底層問題。

But even when we go back to our SMB clients, we have seen also very positive response from our clients in terms of the offerings of products that we have developed shorter duration products that we have developed around PIX rails. For example, helping them pay suppliers, giving them more terms or some short-term loans to pay suppliers, or even overdraft solutions. So there's kind of a group of shorter-term duration products that we are developing for SMBs as well.

但即使當我們回到我們的 SMB 客戶時，我們也看到客戶對我們圍繞 PIX 導軌開發的短期產品的產品提供做出了非常積極的反應。例如幫助他們支付供應商，給他們更多的條款或一些短期貸款來支付供應商，甚至透支解決方案。因此，我們也正在為中小型企業開發一組短期產品。

So I think the message is there's a lot to do. We continue to be optimistic about our long-term guidance. And the differentiation really will be about the way that we offer the product, the product experience itself, and our distribution approach.

所以我認為要傳達的訊息是還有很多事情要做。我們對我們的長期指導繼續持樂觀態度。而差異化其實在於我們提供產品的方式、產品體驗本身以及我們的分銷方式。

Perfect. Thanks, Lia. Thanks very much.

完美的。謝謝，莉亞。非常感謝。

Thank you.

謝謝。

There are no questions at this time. This concludes the question-and-answer session. 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。現在，我將把發言權交給 StoneCo 執行長 Pedro Zinner，讓他發表最後的演講。

Well, thank you very much for you, all, for participating in our call. Hope to see you again in the next quarter. Thank you very much.

好吧，非常感謝大家參加我們的電話會議。希望下個季度能再次見到您。非常感謝。

This concludes today's presentation. You may disconnect and have a nice evening.

今天的演講到此結束。您可以斷開連接並享受愉快的夜晚。