StoneCo Ltd (STNE) 2021 Q2 法說會逐字稿

Good evening, ladies and gentlemen. Thank you for standing by. Welcome to the StoneCo Second Quarter 2021 Earnings Conference Call. By now, everyone should have access to our earnings release. The company also posted a presentation to go along with the call. All materials can be found at www.stone.co in the Investor Relations section.

先生們女士們晚上好。謝謝你的支持。歡迎來到 StoneCo 2021 年第二季度收益電話會議。到現在為止，每個人都應該可以訪問我們的收益發布。該公司還發布了一份演示文稿以配合電話會議。所有材料均可在 www.stone.co 的投資者關係部分找到。

Throughout this conference, the company will be presenting non-IFRS financial information, including adjusted net income and cash flow. These are important financial measures for the company but are not financial measures as defined by IFRS. Reconciliations of the company's non-IFRS financial information to the IFRS financial information appear in today's press release.

在整個會議期間，公司將提供非 IFRS 財務信息，包括調整後的淨收入和現金流量。這些是公司的重要財務指標，但不是 IFRS 定義的財務指標。公司非 IFRS 財務信息與 IFRS 財務信息的調節出現在今天的新聞稿中。

Finally, before we begin our formal remarks, I would like to remind everyone that today's discussion might 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 expectations. Please refer to the forward-looking statements disclosure in the company's earnings press release.

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。這些前瞻性陳述並非對未來業績的保證，因此您不應過分依賴它們。這些陳述受眾多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與公司的預期存在重大差異。請參閱公司財報新聞稿中披露的前瞻性陳述。

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.

此外，公司向美國證券交易委員會提交的 20-F 表格中披露了許多與該業務有關的風險，該表格可在 www.sec.gov 上獲取。

Please note, this event is being recorded.

請注意，正在記錄此事件。

I would now like to turn the conference over to your host, Rafael Martins, VP of Finance and Investor Relations Officer at StoneCo. Please go ahead.

我現在想把會議轉交給你的主持人，StoneCo 的財務副總裁兼投資者關係官 Rafael Martins。請繼續。

Thank you, operator, and good evening, everyone. Joining us here today, we have Thiago Piau, our CEO; Lia Matos, our COO and Chief Strategy Officer; and Marcelo Baldin, our CFO.

謝謝接線員，大家晚上好。今天加入我們的是我們的首席執行官 Thiago Piau； Lia Matos，我們的首席運營官兼首席戰略官；和我們的首席財務官 Marcelo Baldin。

Today, we will present our second quarter 2021 operational and financial results as well as discuss the recent trends that we are observing.

今天，我們將介紹 2021 年第二季度的運營和財務業績，並討論我們觀察到的近期趨勢。

I will pass it over to Thiago, so he can share the main highlights of our performance. Thiago?

我會把它轉交給蒂亞戈，這樣他就可以分享我們表現的主要亮點。蒂亞戈？

Thank you, Rafa, and good evening, everyone.

謝謝拉法，大家晚上好。

Thank you for participating in our second quarter earnings call. The second quarter of 2021 was marked by an acceleration of our core SMB business, an evolution in our strategic road map balanced by a challenging short-term scenario in our credit products. Our SMB fundamentals are very strong with accelerating TPV growth and record net addition of clients. The high growth in our SMB segment led us to be the fastest-growing player in the payments industry this quarter, largely driven by over 1 million SMB clients and over 100% SMB TPV growth.

感謝您參加我們的第二季度財報電話會議。 2021 年第二季度的標誌是我們核心 SMB 業務的加速發展，我們戰略路線圖的演變與我們信貸產品中具有挑戰性的短期情景相平衡。我們的 SMB 基本面非常強勁，冠捷加速增長，客戶淨增創紀錄。我們的 SMB 細分市場的高速增長使我們成為本季度支付行業增長最快的參與者，這主要得益於超過 100 萬的 SMB 客戶和超過 100% 的 SMB TPV 增長。

This accelerating growth was achieved with healthy unit economics, with TPV per client and revenue per client, excluding credit, both increasing quarter-over-quarter. We have been looking more at revenue per client and take rates because we believe this is a metric that better demonstrates our ability to monetize the relationship with our clients. Nevertheless, take rate in SMB's ex credit was stable quarter-over-quarter at 1.79% compared to 1.8% in the first quarter '21.

這種加速增長是通過健康的單位經濟實現的，冠捷每位客戶和每位客戶的收入（不包括信貸）均環比增長。我們一直在更多地關注每個客戶的收入和費率，因為我們相信這是一個更好地證明我們通過與客戶的關係獲利的能力的指標。儘管如此，與 21 年第一季度的 1.8% 相比，SMB 的除信貸利率環比穩定在 1.79%。

Our TON product has moved from being an experiment and optionality to becoming a proven and high-growth solution that added over 140,000 new clients, 83% more than the previous quarter and over 60% of net addition of clients of the leading player in the micro merchant space. Our Pagar.me SMB product, which enables clients to accept payments online, is proving the strength of the online opportunity in Brazil with 93% year-over-year TPV growth in second quarter '21 and a 63% 2-year CAGR, while represent take rates above 3%.

我們的 TON 產品已經從一個實驗性和可選性轉變為一個經過驗證的高增長解決方案，增加了超過 140,000 個新客戶，比上一季度增加了 83%，佔微型領先企業客戶淨增的 60% 以上商家空間。我們的 Pagar.me SMB 產品使客戶能夠在線接受付款，證明了巴西在線機會的實力，TPV 在 2021 年第二季度同比增長 93%，2 年復合年增長率為 63%，而代表接受率高於 3%。

Also, the engagement of our SMB clients with our financial platform showed a significant improvement in the quarter, with prepaid card TPV, banking money-in and money-out volumes and total banking accounts balance all grow between 4 and 5.5x. Besides the number of Stone SMB clients settling in our digital account increased 45% quarter-over-quarter to 273,000 clients.

此外，我們的 SMB 客戶與我們的金融平台的互動在本季度顯示出顯著改善，預付卡 TPV、銀行入金和出金量以及銀行賬戶總餘額均增長了 4 至 5.5 倍。此外，在我們的數字賬戶中結算的 Stone SMB 客戶數量環比增長 45%，達到 273,000 名客戶。

The traction we are seeing in our banking transactional volumes, together with the strong growth in a number of active accounts, give us confidence to make sizable investments in our digital account infrastructure as we believe this will be key to improve engagement and the level of satisfaction of our clients.

我們在銀行交易量中看到的牽引力，以及一些活躍賬戶的強勁增長，使我們有信心對我們的數字賬戶基礎設施進行大量投資，因為我們相信這將是提高參與度和滿意度的關鍵我們的客戶。

Our total revenue excluding credit grew by 68% year-over-year, and the acceleration of our SMB business was the main driver behind such growth. Encouraged by this growth, we have continued to invest in our business to drive further growth in areas such as technology, distribution and customer service operations.

我們不包括信貸的總收入同比增長 68%，而我們 SMB 業務的加速發展是這種增長背後的主要推動力。受這種增長的鼓舞，我們繼續投資於我們的業務，以推動技術、分銷和客戶服務運營等領域的進一步增長。

Our consolidated results were significantly impacted by short-term challenges in credit products with higher level of NPLs and decreasing expectation of recovery of nonperforming clients than we previously expected. Although we recognize that our underwriting risk capabilities and collection process still have to evolve, given the early stage of our credit solution, we are facing an expected deterioration of credit collaterals given the problems associated with the registry of receivable systems. For further details about these short-term challenges, you can refer to our recently released teach-in on August 25.

我們的綜合業績受到不良貸款水平較高的信貸產品的短期挑戰以及不良客戶恢復預期低於我們先前預期的嚴重影響。儘管我們認識到我們的承保風險能力和收款流程仍需改進，但考慮到我們的信貸解決方案處於早期階段，鑑於與應收賬款系統登記相關的問題，我們正面臨信貸抵押品的預期惡化。有關這些短期挑戰的更多詳細信息，您可以參考我們最近於 8 月 25 日發布的宣講會。

As a result of a more uncertain scenario regarding the enforcement of guarantees, we decided to take a cautious approach and stopped disbursement while our team rebuilds our product, given the new environment and we follow the register of receivables evolution. We have also increased coverage for potential losses. And as a result, our credit project contributed negatively to our reported revenues by BRL 397 million in the quarter.

由於執行擔保的情況更加不確定，我們決定採取謹慎的態度，並在我們的團隊重建我們的產品時停止支付，鑑於新的環境，我們遵循應收賬款登記冊的演變。我們還增加了對潛在損失的承保範圍。因此，我們的信貸項目對本季度報告的收入產生了 3.97 億雷亞爾的負面貢獻。

Despite the short-term challenges, I want to highlight that our opportunity regarding credit are huge. In the short term, we will continue to serve the working capital needs of our clients through prepayments, which is running smoothly while we focus on a turnaround of our credit operation as Lia will double-click shortly.

儘管存在短期挑戰，但我想強調的是，我們在信貸方面的機會是巨大的。在短期內，我們將繼續通過預付款來滿足客戶的營運資金需求，預付款運行順利，同時我們專注於信貸業務的轉變，因為 Lia 將很快雙擊。

In software, our business continues to show great organic traction. As the deal with Linx closed on July 1 and we started managing the company, we reinforced our beliefs about how valuable the asset is despite investments needed to enhance the business in the future. Linx is a scarce asset built over decades in which clients are sticky and switching costs are high. The company has an unparalleled level of data for retailers in a very granular way for each one of the verticals, which will enable a more assertive and differentiated offering of financial products in the future.

在軟件方面，我們的業務繼續顯示出巨大的有機吸引力。隨著與 Linx 的交易於 7 月 1 日結束，我們開始管理公司，儘管未來需要投資來增強業務，但我們更加堅信資產的價值。 Linx 是幾十年來建立的稀缺資產，客戶粘性高，轉換成本高。該公司以非常精細的方式為每個垂直行業的零售商提供無與倫比的數據水平，這將在未來提供更加自信和差異化的金融產品。

We are pleased to welcome aboard the Linx team this quarter that has an incredible knowledge about retail, and we are excited to work together on this journey onwards. As a reminder, Linx will start being consolidated into our financial results in the third quarter '21.

我們很高興在本季度歡迎 Linx 團隊加入，他們對零售有著不可思議的了解，我們很高興能在這一旅程中共同努力。提醒一下，Linx 將在 21 年第三季度開始合併到我們的財務業績中。

Before I pass it over to Lia, I would like to close with some thoughts regarding how the quarter has helped us to reinforce our long-term vision.

在我將它傳遞給 Lia 之前，我想以一些關於本季度如何幫助我們加強我們的長期願景的想法作為結束。

We recognize that we made mistakes in our execution in credit, especially not foreseeing how the malfunctioning of the registery system could harm our business. However, this situation has also brought an impressive amount of learnings that we will use as fuel to boost the construction of what we envision as being a much better credit solution aimed at serving good merchants better. We are building our capabilities for the long term, and therefore, we will continue to expand in enhancing our core SMB operation, opening new hubs and improving our execution.

我們認識到我們在執行信貸時犯了錯誤，尤其是沒有預見到註冊系統的故障會如何損害我們的業務。然而，這種情況也帶來了令人印象深刻的大量學習，我們將使用這些知識作為燃料來推動構建我們設想的更好的信貸解決方案，旨在更好地為優秀商家服務。我們正在建設我們的長期能力，因此，我們將繼續擴大以加強我們的核心 SMB 運營、開設新的中心和提高我們的執行力。

We will make significant investments behind our financial platform, which is a huge opportunity, and keep working hard to provide more financial solutions and workflow tools to our clients. We expect to further advancing our partnership with Inter with the ambition of creating more and better buying experience between Inter consumers and Stone sellers. Lastly, and more important, we keep our devotion to make our clients happy and to the evolution of our team.

我們將在我們的金融平台背後進行大量投資，這是一個巨大的機會，並繼續努力為我們的客戶提供更多的金融解決方案和工作流程工具。我們期望進一步推進與 Inter 的合作夥伴關係，以期在 Inter 消費者和 Stone 賣家之間創造更多更好的購買體驗。最後，更重要的是，我們始終致力於讓我們的客戶滿意並促進我們團隊的發展。

We believe that incredible learnings from this quarter will take us to a new phase of our business, and we are even more convinced of the opportunities ahead. When we look backwards, it is incredible to see the evolution of our team and our business, and it makes us confident and eager for the years ahead. We are in the early stages of our journey to become the partner of choice of SMBs in Brazil, and we will continue to work hard to make sure they can rely on us for their most important financial and technology needs.

我們相信，本季度令人難以置信的學習將把我們帶到業務的新階段，我們更加相信未來的機遇。當我們回顧過去時，我們團隊和業務的發展令人難以置信，這讓我們對未來充滿信心和渴望。我們正處於成為巴西中小企業首選合作夥伴的旅程的早期階段，我們將繼續努力，確保他們可以依靠我們來滿足他們最重要的金融和技術需求。

With that said, I will pass it over to Lia. Lia?

話雖如此，我會把它交給利亞。利亞？

Thank you, Thiago, and thank you, everyone, for joining us today.

謝謝蒂亞戈，也謝謝大家今天加入我們。

I want to start by talking about the evolution of our core SMB business, which includes the Stone product for brick-and-mortar SMBs, our Pagar.me product that enables SMB clients to sell online and our TON product focused on micro merchants.

我想首先談談我們核心 SMB 業務的發展，其中包括面向實體 SMB 的 Stone 產品、使 SMB 客戶能夠在線銷售的 Pagar.me 產品以及我們專注於微型商戶的 TON 產品。

As shown on Page 4, while Stone and Pagar.me had their volumes growing almost twofold, reaching close to BRL 38 billion in TPV, TON volumes in the quarter jumped to BRL 1.5 billion, threefold when compared to the previous quarter and 27x higher than the previous year. This solid growth in the SMB segment led our company to post the highest TPV growth in the industry this quarter. Since we had a weaker comp in the second quarter of '20 because of lockdowns, we're also showing our SMB 2-year CAGR TPV growth, which accelerated from 42% in the first quarter of '21 to 48% in the second quarter of '21 and 58% in July.

如第 4 頁所示，雖然 Stone 和 Pagar.me 的 TPV 銷量增長了近兩倍，接近 380 億巴西雷亞爾，但本季度的 TON 銷量躍升至 15 億巴西雷亞爾，是上一季度的三倍，是上一季度的 27 倍前一年。 SMB 細分市場的穩健增長使我們公司在本季度實現了業內最高的 TPV 增長。由於我們在 20 世紀第二季度因封鎖而表現較弱，我們還展示了我們的 SMB 2 年 CAGR TPV 增長，從 21 年第一季度的 42% 加速到第二季度的 48% 7 月份的 21 和 58%。

Moving to Page 5. We highlight that we have not only grown our SMB client base fast, but we also did so with quality. We have added 188,000 new active clients in the quarter with net adds in our Stone and Pagar.me products, reaching 47,000, and our micro merchant solution, TON, adding 140,000. The balance of net adds between Stone and TON are a result of our decision to maximize unit economics of clients based on their profile and size while offering solutions that are best suited for each client segment, as we move the lower TPV clients demand from Stone to TON product, while the hub operations targeted larger SMBs.

轉到第 5 頁。我們強調，我們不僅快速擴大了 SMB 客戶群，而且質量也很高。我們在本季度增加了 188,000 個新的活躍客戶，我們的 Stone 和 Pagar.me 產品淨增加了 47,000 個，我們的微商解決方案 TON 增加了 140,000 個。 Stone 和 TON 之間淨增加的平衡是我們決定根據客戶的概況和規模最大化客戶的單位經濟效益，同時提供最適合每個客戶群的解決方案的結果，因為我們將較低的 TPV 客戶需求從 Stone 轉移到TON 產品，而中心運營則針對較大的 SMB。

As Thiago said, on top of having our historical record net addition of clients, we've also seen increasing average TPV per client in all products within our SMB segment. The average TPV of SMBs ex micro has grown 29% year-over-year and 8% quarter-over-quarter whereas average CPV of our micro merchant client base has grown 126% year-over-year and 60% quarter-over-quarter.

正如 Thiago 所說，除了我們的客戶淨增創歷史記錄之外，我們還看到我們 SMB 細分市場中所有產品的每個客戶的平均 TPV 都在增加。除微型外的中小企業的平均 TPV 同比增長 29%，環比增長 8%，而我們微商客戶群的平均 CPV 同比增長 126%，環比增長 60% .

Moving to Page 6. We have seen continued penetration and engagement with our financial solutions, especially banking transactional services. The number of active banking clients has increased over 5x when compared to last year and 43% compared to last quarter, reaching 340,000 clients with a number of SMB clients in Stone that are settling transactions in Stone accounts increasing to 273,000. With that, the percentage of Stone clients using at least one financial solution increased from 20% last year to 48% in the second quarter of '21.

轉到第 6 頁。我們看到我們的金融解決方案不斷滲透和參與，尤其是銀行交易服務。與去年相比，活躍的銀行客戶數量增加了 5 倍以上，與上一季度相比增加了 43%，達到 340,000 名客戶，其中在 Stone 賬戶中結算交易的 SMB 客戶數量增加到 273,000 名。因此，使用至少一種金融解決方案的 Stone 客戶比例從去年的 20% 增加到 21 世紀第二季度的 48%。

Banking money-in and money-out volumes in SMBs have surged, increasing 4.4x to BRL 4.9 billion and 5.5x to BRL 14.6 billion, respectively, while total prepaid card TPV grew 4.4x to BRL 294 million, and total banking accounts balance grew 3.8x to BRL 862 million.

中小企業的銀行入金和出金量激增，分別增長 4.4 倍至 49 億巴西雷亞爾和 5.5 倍至 146 億巴西雷亞爾，而預付卡 TPV 總額增長 4.4 倍至 2.94 億巴西雷亞爾，銀行賬戶總餘額增長3.8 倍至 8.62 億雷亞爾。

Now moving on to Slide 7. I want to talk about the short-term challenges we're facing with our credit product. As we have said in the teach-in release last week, the registry receivable system that was implemented in early June is not yet fully functioning. And since then, we better understood how relevant the problem of collateral leakage is. As a result of this, we see more uncertainty in the short term in our ability to enforce guarantees of nonperforming contracts. This scenario has led us to take a cautious approach and stopped disbursement already in June. As you can see in the chart, in July, the disbursements were nearly 0, with only a few exceptions to test the registry system.

現在轉到幻燈片 7。我想談談我們在信貸產品方面面臨的短期挑戰。正如我們在上週的教學發布中所說，6 月初實施的註冊收款系統尚未完全發揮作用。從那時起，我們更好地理解了側漏問題的相關性。因此，我們在短期內看到我們執行不良合同擔保的能力存在更多不確定性。這種情況導致我們採取謹慎的態度，並在 6 月份就停止了支付。正如您在圖表中看到的那樣，7 月份的支出幾乎為 0，只有少數例外用於測試註冊系統。

We also made an effort to adapt our credit metrics to more common market standards, as we are presenting here. In the top right of the page, we show that our group's outstanding balance in this new methodology remain flat due to the combination of lower disbursements and loans repayments from clients. Even though we have the perspective of lower NPLs and improving recovery rates after the beginning of the new regulatory framework, before the transition, we already had provisions for over 100% of the outstanding balance of clients that were not paying us for 60 days or more. However, because of a potential deterioration in the quality of guarantees, given the challenges being faced with the registries, we decided to constitute an even higher reserve to cover not only for the portfolio in which we see no payments for 60 days or more, but all clients that are not being able to reduce principal for 60 days or more, even though they're still paying interest.

正如我們在此處介紹的那樣，我們還努力使我們的信用指標適應更通用的市場標準。在頁面的右上角，我們顯示我們集團在這種新方法中的未償餘額由於較低的支出和客戶的貸款償還而保持不變。儘管我們認為在新監管框架開始後不良貸款率會降低並且回收率會提高，但在過渡之前，我們已經為 60 天或更長時間未向我們付款的客戶的 100% 以上的未償餘額撥備.然而，由於擔保質量可能惡化，鑑於註冊管理機構面臨的挑戰，我們決定建立更高的儲備金，不僅用於我們看到 60 天或更長時間沒有付款的投資組合，而且所有在 60 天或更長時間內無法減少本金的客戶，即使他們仍在支付利息。

So looking at the portfolio, we have an outstanding balance of roughly BRL 2 billion for which we have constituted bad debt reserves of BRL 781 million. These reserves represent a coverage of 209% for clients with more than 60 days without payments and 112% for clients not amortizing principal for 60 days or more. The overall scenario in credit has led us to make an adjustment in the fair value of our portfolio, which negatively impacted our revenues by BRL 397 million this quarter. Despite the worse-than-expected performance, we have received over 100% of the disbursed amount from the fourth quarter of '19 and first half of '20 cohorts, as shown in the presentation. From now on, we will treat this legacy portfolio separately from new disbursements, so we can properly track the performance of each of them.

因此，從投資組合來看，我們有大約 20 億巴西雷亞爾的未償餘額，我們為此建立了 7.81 億巴西雷亞爾的壞賬準備金。這些準備金為超過 60 天未付款的客戶提供 209% 的覆蓋率，為 60 天或更長時間未攤還本金的客戶提供 112% 的覆蓋率。信貸的整體情況導致我們調整了我們投資組合的公允價值，這對我們本季度的收入產生了 3.97 億雷亞爾的負面影響。儘管表現不及預期，但如演示文稿所示，我們已經收到了 19 年第四季度和 20 年上半年的已支付金額的 100% 以上。從現在開始，我們將把這個遺留投資組合與新的支出分開處理，這樣我們就可以正確地跟踪每一個的表現。

Moving to Slide 8. As Thiago already mentioned, I want to do a quick recap of our vision, comment about recent learnings and what we're doing differently in order to have a more robust credit product. As we previously indicated, our vision for what we call internally as Stone Capital is to build an asset-light model in which funding and underwriting risk for credit stays with multiple partners. Our product has to be easy to sign up to completely embedded in our core financial platform and SMB operation. Rates must be attractive and simple to understand and reconcile. Repayment should be aligned with our clients' cash flows. And for better clients, we should present better conditions. Although we recognize that we have to work around the risk associated with our credit products, many of the features mentioned above we already built, and we understand that the opportunity to offer working capital solutions to SMBs is huge.

轉到幻燈片 8。正如 Thiago 已經提到的，我想快速回顧一下我們的願景，評論最近的學習以及我們為了擁有更強大的信貸產品而採取的不同做法。正如我們之前指出的，我們內部稱之為 Stone Capital 的願景是建立一個輕資產模型，在該模型中，信貸的融資和承保風險由多個合作夥伴承擔。我們的產品必須易於註冊才能完全嵌入我們的核心金融平台和 SMB 運營中。費率必須具有吸引力，並且易於理解和調節。還款應與我們客戶的現金流量保持一致。對於更好的客戶，我們應該提供更好的條件。儘管我們認識到我們必須解決與我們的信貸產品相關的風險，但我們已經構建了上面提到的許多功能，並且我們明白為 SMB 提供營運資金解決方案的機會是巨大的。

The new receivables registry system will be transformational for Brazil. And when it is fully operational, it will create the basis for a much bigger market for collateralized credit. In this process, we believe that merchants' data will be key, and our software business gives us an edge for the future. Even though our credit solution was developed during a period with significant negative external factors, such as the lockdowns brought by the pandemic and the short-term problems with the transition to the new regulatory framework, we also had many learnings in this process.

新的應收賬款登記系統將為巴西帶來變革。當它全面運作時，它將為更大的抵押信貸市場奠定基礎。在這個過程中，我們相信商家的數據將是關鍵，而我們的軟件業務是我們未來的優勢。儘管我們的信貸解決方案是在具有重大負面外部因素的時期開發的，例如大流行帶來的封鎖和向新監管框架過渡的短期問題，但我們在這個過程中也學到了很多東西。

First, we developed the product with the assumption of a functioning registry system, which is yet to occur. Second, our previous assumption regarding recovery of nonperforming contracts was higher than observed in the second quarter of '21, influenced by how relevant the problem of collateral leakage is. Finally, we also made in 2019, the decision to use the fair value methodology when accounting for credit results, which, although is an IFRS standard, brings a lot of volatility and creates more management complexity.

首先，我們在假設註冊系統正常運行的情況下開發了該產品，這尚未發生。其次，我們之前關於不良合同回收的假設高於 2021 年第二季度的觀察值，這受到抵押品洩漏問題的相關性影響。最後，我們還在 2019 年做出了在核算信貸結果時使用公允價值方法的決定，儘管這是一項 IFRS 標準，但會帶來很大的波動性並增加管理的複雜性。

We are working very hard to address all these points and have already taken some important steps. We brought in 2021 a more experienced team to improve our credit scoring model, risk management and funding capabilities. We're also enhancing policies and processes to improve underwriting risk through a broader set of collaterals, access guarantees that were contractually given to us and enhance our recovery, recovery process and renegotiation capabilities. Starting in the third quarter of '21, new credit contracts will be accounted for on an accrual basis. We are also exploring new partnerships to enable the asset-light model we envision.

我們正在非常努力地解決所有這些問題，並且已經採取了一些重要步驟。我們在 2021 年引進了一支更有經驗的團隊來改進我們的信用評分模型、風險管理和融資能力。我們還在加強政策和流程，以通過更廣泛的抵押品、合同中提供給我們的准入保證來改善承保風險，並增強我們的恢復、恢復過程和重新談判能力。從 21 年第三季度開始，新的信貸合同將按權責發生製計算。我們還在探索新的合作夥伴關係，以實現我們設想的輕資產模式。

Now moving on to Page 9. We highlight the performance and strategic road map of our software business. We're happy with the advancements we've made in the quarter and really excited for what lies ahead, not only because our solutions continue to grow at a strong pace, but especially due to the conclusion of the Linx acquisition, which will be consolidated into our results from the third quarter '21 onwards.

現在轉到第 9 頁。我們重點介紹了我們軟件業務的績效和戰略路線圖。我們對本季度取得的進步感到滿意，並對未來的發展感到非常興奮，這不僅是因為我們的解決方案繼續以強勁的速度增長，而且尤其是由於 Linx 收購的完成，該收購將被整合從 21 年第三季度開始進入我們的業績。

Pro forma software revenue increased threefold to BRL 62.4 million in the quarter, which organically represents a 52.5% growth. With Linx, pro forma revenue would have grown 31% to BRL 305 million, reaching over BRL 1.2 billion annualized software revenues. The number of subscribed clients in our software portfolio in the second quarter '21 grew fourfold to 143,000, while Linx reached 72,000 software clients, a 13% growth.

本季度預估軟件收入增長了三倍，達到 6240 萬雷亞爾，有機增長 52.5%。有了 Linx，預估收入將增長 31%，達到 3.05 億巴西雷亞爾，年化軟件收入將超過 12 億巴西雷亞爾。 2021 年第二季度，我們軟件產品組合中的訂閱客戶數量增長了四倍，達到 143,000 個，而 Linx 達到了 72,000 個軟件客戶，增長了 13%。

In Page 10, we talk about our current focus and priorities in Linx. As Thiago mentioned, as the deal closed on July 1 and we started managing the company, we reinforced our belief about how valuable the asset is. First, a profound knowledge of how retail operates in Brazil and products that have deep integrations to retail workflows, giving stickiness and high switching cost to the business as well as very low churn ratios. Second, the unparallel level data from retailers in each vertical will give us an edge in the future in terms of more differentiated financial offerings. These strengths of Linx made the company increase net revenues by 13% year-on-year in the second quarter despite the noise related to the delay in the approval of the acquisition that took almost 1 year to occur.

在第 10 頁中，我們討論了 Linx 當前的重點和優先事項。正如 Thiago 提到的那樣，隨著交易於 7 月 1 日結束並且我們開始管理公司，我們更加堅信資產的價值。首先，對巴西零售業的運作方式以及與零售工作流程深度集成的產品有深刻的了解，從而為業務帶來粘性和高轉換成本以及極低的客戶流失率。其次，來自各個垂直領域零售商的無與倫比的水平數據將使我們在未來提供更多差異化金融產品方面具有優勢。 Linx 的這些優勢使該公司第二季度的淨收入同比增長 13%，儘管與延遲批准收購相關的噪音幾乎持續了 1 年。

Today, we have 5 main priorities regarding Linx: first, to migrate Linx Stone platform and create offers to further penetrate financial products to Linx' client base; second, invest in technology capabilities to enhance the existing platform, aiming to improve client satisfaction and achieve scale in the SMB market; third, to build infrastructure and tools to enable merchants to have a multichannel storefront, selling their products seamlessly across multiple channels online and offline; fourth, to build a data management architecture that enables us to create new financial and technology products; and lastly, capture synergies and cost efficiencies.

今天，關於 Linx，我們有 5 個主要優先事項：首先，遷移 Linx Stone 平台並創建報價以進一步將金融產品滲透到 Linx 的客戶群；第二，投資技術能力以增強現有平台，旨在提高客戶滿意度並在中小企業市場實現規模化；第三，構建基礎設施和工具，使商家能夠擁有多渠道店面，在線上和線下通過多個渠道無縫銷售他們的產品；第四，建立一個數據管理架構，使我們能夠創造新的金融和科技產品；最後，獲得協同效應和成本效率。

On Page 11, we give a quick update on our key accounts business. We saw 2 different growth dynamics within this client segment in the second quarter. First, we saw low growth in sub-acquirer volumes, which present more volatility and lower unit economics. On the other hand, our platform clients to whom we can offer value-added services that result in better unit economics grew its volumes by 62% in the quarter. These platform clients encompass a wide range of business models, including marketplaces, e-commerce platforms, software companies and omnichannel retailers and are the strategic focus in our key accounts business.

在第 11 頁，我們快速更新了我們的大客戶業務。第二季度，我們在該客戶群中看到了兩種不同的增長動力。首先，我們看到次級收購方交易量增長緩慢，波動性更大，單位經濟效益更低。另一方面，我們可以為其提供增值服務以提高單位經濟效益的平台客戶在本季度的銷量增長了 62%。這些平台客戶涵蓋廣泛的商業模式，包括市場、電子商務平台、軟件公司和全渠道零售商，是我們大客戶業務的戰略重點。

It is important to note that although we serve sub-acquirers because of their incremental contributions, these clients are less strategic. As an example, our top 2 sub-acquirers only represent approximately 3% of our consolidated revenue, net of funding costs, and we expect this number to decrease in the future.

值得注意的是，儘管我們為次級收購方提供服務是因為他們的增量貢獻，但這些客戶的戰略性較低。例如，我們的前 2 大子收購方僅占我們合併收入的約 3%（扣除融資成本），我們預計這一數字未來會下降。

On Page 12, we'll bring an update on our strategic investment and partnership with Inter. We're very excited to work closely with Inter's team to advance on 4 main value-creation drivers, which were mentioned in our first quarter '21 earnings call.

在第 12 頁，我們將更新我們與國際米蘭的戰略投資和合作夥伴關係。我們很高興能與 Inter 的團隊密切合作，推進 4 個主要的價值創造驅動因素，這些驅動因素在我們 21 年第一季度的財報電話會議上有所提及。

First, we have 3 main focuses to integrate Linx' platform to InterShop, enabling Linx clients inventory to be sold through InterShop digital channel, enabling an omnichannel purchase journey to Inter consumers; help InterShop to serve nonaccount clients, leveraging Stone Payments and risk management platforms; help to digitize Stone and Linx food service clients through InterShop. Second, we see an opportunity to create a data architecture that will enrich both consumer and seller ecosystems, and through targeted offerings and incentives, help drive more buying experiences between Inter consumers and StoneCo sellers. Third, we are jointly working to offer credit and working capital solutions to StoneCo and Inter client base as well as exploring cross-selling opportunities to strengthen both ecosystems. Lastly, we have finalized initial funding agreements and are further exploring opportunities to leverage Inter's retail distribution for Stone's funding capabilities.

首先，我們有 3 個主要重點將 Linx 的平台集成到 InterShop，使 Linx 客戶的庫存能夠通過 InterShop 數字渠道銷售，為 Inter 消費者提供全渠道購買之旅；利用 Stone Payments 和風險管理平台，幫助 InterShop 為非賬戶客戶提供服務；通過 InterShop 幫助將 Stone 和 Linx 食品服務客戶數字化。其次，我們看到了創建數據架構的機會，該架構將豐富消費者和賣家的生態系統，並通過有針對性的產品和激勵措施，幫助推動 Inter 消費者和 StoneCo 賣家之間的更多購買體驗。第三，我們正在共同努力為 StoneCo 和 Inter 客戶群提供信貸和營運資金解決方案，並探索交叉銷售機會以加强两個生態系統。最後，我們已經完成了初始融資協議，並正在進一步探索利用國際米蘭的零售分銷渠道為斯通融資的機會。

With that, I will pass it over to Rafael, who will discuss our financial results in more detail. Rafa?

有了這個，我將把它傳遞給拉斐爾，他將更詳細地討論我們的財務結果。拉法？

Thanks, Lia.

謝謝，利亞。

Despite the short-term headwinds with the credit products that we previously discussed, we remain focused on the long term, investing heavily for growth. As shown on Page 13, we increased our investments by approximately BRL 180 million when compared to the same period last year, with our marketing investments growing over 230%, sales force headcount almost doubling, technology headcount increasing over 90% and our customer service and logistics personnel growing 88%.

儘管我們之前討論過的信貸產品存在短期逆風，但我們仍然專注於長期，為增長進行大量投資。如第 13 頁所示，與去年同期相比，我們的投資增加了約 1.8 億雷亞爾，我們的營銷投資增長了 230% 以上，銷售人員人數幾乎翻了一番，技術人員人數增加了 90% 以上，我們的客戶服務和物流人才增長88%。

In Slide 14, we can see that our underlying business remains strong, with a 45% client base growth, excluding TON, reaching 766,000 clients, while TON increased its client base by 9.4x to 330,000 clients. The growth in client base was accompanied by an increase in average TPV in SMBs, which resulted in StoneCo presenting a 58.6% TPV growth to BRL 60.4 billion or BRL 58.6 billion when excluding Coronavoucher volumes.

在幻燈片 14 中，我們可以看到我們的基礎業務依然強勁，客戶群增長了 45%（不包括 TON），達到 766,000 個客戶，而 TON 的客戶群增加了 9.4 倍，達到 330,000 個客戶。客戶群的增長伴隨著中小企業平均 TPV 的增加，這導致 StoneCo 的 TPV 增長了 58.6%，達到 604 億巴西雷亞爾或不包括 Coronavoucher 銷量的 586 億巴西雷亞爾。

Our total revenue and income was BRL 613.4 million in the second quarter, representing an 8.1% decrease when compared to last year. The lower figure is primarily driven by a negative contribution of BRL 397 million from our credit product.

我們第二季度的總收入和收入為 6.134 億雷亞爾，與去年同期相比下降 8.1%。較低的數字主要是由於我們的信貸產品產生了 3.97 億雷亞爾的負貢獻。

Moving to Slide 15. We can see that our operating leverage was strongly impacted by the negative effect in revenue from credit and our decision to keep investing heavily in our business to support long-term growth. Also, financial expenses increased as a percentage of total revenue and income due to a higher CDI in Brazil.

轉到幻燈片 15。我們可以看到，我們的經營槓桿受到信貸收入的負面影響以及我們繼續大力投資業務以支持長期增長的決定的強烈影響。此外，由於巴西的 CDI 較高，財務費用佔總收入和收入的百分比有所增加。

Now going into more detail on each P&L line item on Page 16. Our revenue from transaction activities grew 57.9% driven largely by the strong TPV growth in SMEs. Revenue from subscription services and equipment rental also presented strong results, growing 90.1% when compared to last year, driven by both an increase in our software revenue and a significantly larger Stone SMB client base. Our financial income, which combines the revenue from prepayment and the credit products, was affected by the negative result of the credit product of minus BRL 397.2 million as a result of the increase in provisions for expected losses in credit and ended up decreasing 87.7% to BRL 40 million in the quarter. Excluding revenues from the credit product, our financial income would have grown by 67% year-over-year, demonstrating the strength of our prepayment operation.

現在在第 16 頁詳細介紹每個 P&L 項目。我們的交易活動收入增長了 57.9%，這主要是由於 TPV 在中小企業中的強勁增長。訂閱服務和設備租賃的收入也表現強勁，與去年相比增長了 90.1%，這得益於我們軟件收入的增長和 Stone SMB 客戶群的顯著擴大。我們的財務收入包括預付款和信貸產品的收入，由於信貸預期損失撥備增加，信貸產品的負面結果為負 3.972 億雷亞爾，最終下降 87.7% 至本季度為 4000 萬雷亞爾。剔除信貸產品收入，我們的財務收入同比增長67%，體現了我們預付業務的實力。

Our cost of services were BRL 302.4 million this quarter, 52.2% higher than previous year. This increase was mainly due to higher investments in our technology and customer support teams and higher investment in TAG as well as higher costs related to depreciation of POS. Administrative expenses were BRL 121.8 million, 35.5% higher than last year due to higher third-party services, mainly expenses with software services, higher depreciation and amortization expenses, especially due to amortization of fair value adjustment on intangibles related to acquisitions and higher travel expenses. Compared with the previous quarter, administrative expenses were 3.6% higher.

本季度我們的服務成本為 3.024 億雷亞爾，比去年同期增長 52.2%。這一增長主要是由於對我們的技術和客戶支持團隊的更高投資以及對 TAG 的更高投資以及與 POS 折舊相關的更高成本。管理費用為 1.218 億雷亞爾，比去年增長 35.5%，原因是第三方服務增加，主要是軟件服務費用，折舊和攤銷費用增加，尤其是與收購相關的無形資產公允價值調整攤銷和差旅費用增加.與上一季度相比，管理費用增加了 3.6%。

Selling expenses were BRL 223.2 million in the quarter, an increase of 94.6% year-over-year, mostly as a result of higher marketing investments, mainly in TON and investments in hiring of salespeople. Compared with the first quarter of 2021, selling expenses increased by 37.1%, to the same reasons that I just mentioned.

本季度的銷售費用為 2.232 億雷亞爾，同比增長 94.6%，這主要是由於營銷投資增加，主要是在 TON 和招聘銷售人員方面的投資。與2021年第一季度相比，銷售費用增長了37.1%，原因與我剛才提到的相同。

Financial expenses were BRL 157.6 million, 151.8% higher than the previous year, mainly due to the higher outstanding volumes of prepayment and credit and higher cost of funds, mostly due to the higher and increasing base rate in Brazil.

財務費用為 1.576 億雷亞爾，比上年增長 151.8%，這主要是由於預付款和信貸的未償付數量增加以及資金成本增加，這主要是由於巴西的基準利率較高且不斷增加。

Other income net was positive by BRL 777 million, mainly related to a mark-to-market gain of BRL 841.2 million related to our investment in Inter. Excluding this effect, other income was negative BRL 64.2 million, 60.2% higher year-over-year, mostly explained by share-based compensation expenses and issuance fees regarding the $500 million bond offering that was successfully concluded in June.

其他收入淨額為正值 7.77 億雷亞爾，主要與我們在國際米蘭的投資相關的 8.412 億雷亞爾市值收益有關。排除這一影響，其他收入為負 6420 萬雷亞爾，同比增長 60.2%，主要原因是 6 月份成功完成的 5 億美元債券發行的股權補償費用和發行費用。

Finally, moving to Slide 17. We show that our business, excluding the credit product, continues to grow at a strong pace. Total revenue and income grew by 68%, with take rates and adjusted earnings before taxes also increasing rapidly on a yearly basis.

最後，轉到幻燈片 17。我們表明，我們的業務（不包括信貸產品）繼續以強勁的速度增長。總收入和收入增長了 68%，稅率和調整後的稅前利潤也逐年快速增長。

Before we start the Q&A, I would like to revisit our outlook for the year. Given the short-term challenges in credit, we decided to suspend previous guidance on take rate and adjusted net margin for 2021. We are keeping our guidance of active client base between 1.4 million and 1.5 million clients, including TON, and approximately 950,000 clients, excluding TON. It is important to highlight that Linx will be fully consolidated from third quarter 2021 onwards.

在我們開始問答之前，我想回顧一下我們今年的展望。鑑於信貸的短期挑戰，我們決定暫停先前對 2021 年利率和調整後淨利潤率的指導。我們將活躍客戶群的指導保持在 140 萬至 150 萬客戶之間，包括 TON，以及大約 950,000 名客戶，不包括噸。需要強調的是，Linx 將從 2021 年第三季度開始全面整合。

With that said, operator, can you please open the call up to questions?

話雖如此，接線員，你能打開電話提問嗎？

(Operator Instructions) Our first question today comes from Tito Labarta with Goldman Sachs.

（操作員說明）我們今天的第一個問題來自高盛的 Tito Labarta。

A couple of questions. I guess, first, just to understand a little bit more on the issues with the credit portfolio. Why do you think it was such a big write-off, given that the receivables market really only started early in June, so it was like you were already 2/3 through the quarter? And a lot of the loans you had done were pre the receivables market. So just to understand why it became such a big issue for you and why other players haven't really experienced it. I think you were kind of expecting the receivables market to be a big growth factor, but just to understand, compared to other players, why you had such a much bigger impact.

幾個問題。我想，首先，只是為了更多地了解信貸組合的問題。為什麼你認為這是一個如此大的註銷，因為應收賬款市場實際上只是在 6 月初才開始，所以你好像已經過了這個季度的 2/3？你做的很多貸款都是在應收賬款市場之前。所以只是為了理解為什麼它對你來說成為一個大問題，以及為什麼其他玩家還沒有真正體驗過它。我認為你有點期待應收賬款市場成為一個重要的增長因素，但只是為了理解，與其他參與者相比，為什麼你有如此大的影響。

And then following up on that, in terms of -- I know you've mentioned 3 to 6 months to start lending again or till the issues potentially get resolved. Have you started lending again? How much confidence you have in that the issues do get resolved? I know you said it's still a big opportunity for you, but does that happen already in the second half of this year? Or do you think you'll have to wait for next year before seeing that opportunity? And then I'll ask another question after that.

然後就此採取後續行動——我知道你提到過 3 到 6 個月的時間來重新開始放貸，或者直到問題可能得到解決。你又開始貸款了嗎？您對問題確實得到解決有多大信心？我知道你說這對你來說仍然是一個很大的機會，但這是否已經在今年下半年發生了？還是您認為您必須等到明年才能看到這個機會？然後我會問另一個問題。

Tito, Rafael here. Thank you for the question. So starting on the first point of your question, I think there's 2 factors there that happened this quarter. So the first is we saw NPLs increasing, right? As we have mentioned in this release, the clients that are not paying us for 60 days or more are 19%. This number was around 12% last quarter.

蒂托，這裡是拉斐爾。感謝你的提問。因此，從您問題的第一點開始，我認為本季度發生了兩個因素。所以首先是我們看到不良貸款增加，對嗎？正如我們在本新聞稿中提到的，60 天或更長時間未向我們付款的客戶佔 19%。上個季度這個數字約為 12%。

And I think the second factor that is very important to explain is that we -- our expectation of recovery of nonperforming clients, we reduced that expectation a lot, especially given the problems in the registry. And for everyone to remember, our credit product was designed to be fully collateralized.

我認為第二個需要解釋的非常重要的因素是我們 - 我們對不良客戶恢復的期望，我們大大降低了這種期望，特別是考慮到註冊表中的問題。每個人都應該記住，我們的信貸產品是為完全抵押而設計的。

So when we saw that the new registry system was not working properly, we saw that we could not enforce those collaterals. So given the methodology that we have been using, the fair value methodology, and we saw this happening, what we did is we decreased our expectation of recovery of nonperforming loans. So it was pretty much a double effect, NPLs increased and our expectation of recovery of those NPLs also decreased. So that's why you see the size of the impact that you see there.

因此，當我們看到新的註冊系統無法正常工作時，我們發現我們無法強制執行這些抵押品。因此，鑑於我們一直使用的方法，即公允價值方法，並且我們看到了這種情況，我們所做的是降低了對不良貸款回收的預期。所以這幾乎是雙重效應，不良貸款增加，我們對這些不良貸款回收的預期也降低了。所以這就是為什麼你看到你在那裡看到的影響的大小。

One thing that is important to mention is we had already before over 100% coverage for those clients not paying us for 60 days or more. And when we saw the situation with the collaterals, what we did is we decided to increase the coverage significantly, so we could have over 100% coverage for clients not only not paying us for 60 days, but even for those clients that were paying us in the last 60 days, but they were not being able to amortize principal. So that's our decision in terms of being more conservative in terms of recovery. And I think that the registry had a big role in that decision.

值得一提的是，我們之前已經為那些 60 天或更長時間未向我們付款的客戶提供了超過 100% 的覆蓋率。當我們看到抵押品的情況時，我們所做的是我們決定顯著提高覆蓋率，這樣我們就可以為客戶提供超過 100% 的覆蓋率，不僅是 60 天未付款的客戶，甚至是那些已經付款的客戶在過去 60 天內，但他們無法攤銷本金。所以這是我們在恢復方面更加保守的決定。我認為註冊管理機構在該決定中發揮了重要作用。

Regarding the second part of your question, as we mentioned in the teach-in and here as well, the technical issues in the registry, they are complex, right? So that's why we mentioned 3 to 6 months. The product that we have today is a collateralized product. Of course, that we are developing and improving our products, it will depend on the risk-appropriate opportunities that we have, so we can resume disbursements. We haven't yet resumed the disbursements. As we have mentioned in our materials, we have disbursed pretty much BRL 0.8 million in July, and we have not yet resumed.

關於你問題的第二部分，正如我們在教學中和這裡提到的，註冊表中的技術問題，它們很複雜，對吧？所以這就是我們提到 3 到 6 個月的原因。我們今天擁有的產品是抵押產品。當然，我們正在開發和改進我們的產品，這將取決於我們擁有的風險適當的機會，因此我們可以恢復支出。我們還沒有恢復支付。正如我們在材料中提到的那樣，我們在 7 月份支付了將近 80 萬雷亞爾，但我們尚未恢復。

So we are taking a cautious approach assessing the risk, not only, of course, in terms of improving product but also the externalities and how the environment is in terms of technical capability to start working. So that's the latest that we have for this.

因此，我們正在採取謹慎的方法來評估風險，當然，不僅在改進產品方面，而且在外部性方面，以及在開始工作的技術能力方面的環境如何。這就是我們對此的最新消息。

Rafa, if I may just add to your point, Tito, just to talk a little bit about what we expect going forward in terms of the operation, right? I think, as Rafa mentioned, there are a lot of things that we're doing right now to turn around our credit operations given all the learnings that we've had. So I think number one is we're making an assessment of our collaterals, talking to players and regulators to see if some regulatory or legal action would be needed in order for us to access guarantees given to us.

拉法，如果我可以補充你的觀點，蒂托，只是談談我們對未來行動的期望，對吧？我認為，正如 Rafa 提到的那樣，鑑於我們所獲得的所有經驗，我們現在正在做很多事情來扭轉我們的信貸業務。所以我認為第一是我們正在評估我們的抵押品，與參與者和監管機構交談，看看是否需要採取一些監管或法律行動，以便我們獲得給予我們的擔保。

But of course, in the operational side as well, we have hired a lot of new experienced people that are working on processes and policies to evolve our products with the goal of really improving our underwriting capabilities, our recovery in credit scoring processes. And we're adjusting our products so that we can have a broader set of collateral from clients and working in these strategic partnerships, as we mentioned, to really look for this asset-light model that we talked about just now. So we're following closely what's going on, but I just wanted to highlight that there's already many things that we're doing in the operations to turn around the product.

但是，當然，在運營方面，我們也聘請了許多新的有經驗的人，他們正在研究流程和政策來改進我們的產品，目的是真正提高我們的承保能力，我們在信用評分流程中的恢復。正如我們提到的，我們正在調整我們的產品，以便我們可以從客戶那裡獲得更廣泛的抵押品，並在這些戰略合作夥伴關係中工作，以真正尋找我們剛才談到的這種輕資產模式。所以我們正在密切關注正在發生的事情，但我只想強調，我們已經在運營中做了很多事情來扭轉產品。

Great. And Lia, that's helpful. Maybe a follow-up then on that, if I may. I guess, is it because it's a collateralized product and because of those issues, could you say that you're maybe even over provisioning more than you may need to because you're not sure about that collateral and you may still be able to recover some of these loans? You're just -- because if you're provisioning based on collateral life product and you're not sure where it's going, maybe in the short term, you have to provision a lot more. Or is that the correct way to think about it, and maybe you can get some of this back feature?

偉大的。 Lia，這很有幫助。如果可以的話，也許會對此進行後續跟進。我想，是不是因為它是一種抵押品，並且由於這些問題，您是否可以說您甚至可能超出了您可能需要的供應量，因為您不確定該抵押品並且您仍然可以恢復其中一些貸款？你只是 - 因為如果你根據抵押生活產品進行配置並且你不確定它的去向，也許在短期內，你必須提供更多。或者這是正確的思考方式，也許你可以獲得一些這種背部功能？

Yes, that's a great question. So of course, we will pursue those amounts and try to have part of it back, but we have to have our best estimate as of now. And what we are seeing now is that given the technical challenges, the system is not yet working, so many challenges there. When we look, for example, at the priorities of the credit contracts within the registries, they are not yet correct. And there's still something that has to be solved.

是的，這是一個很好的問題。因此，當然，我們會追求這些金額並嘗試收回其中的一部分，但我們必須有我們現在的最佳估計。我們現在看到的是，鑑於技術挑戰，該系統尚未發揮作用，因此存在許多挑戰。例如，當我們查看登記處信貸合同的優先級時，它們還不正確。還有一些事情必須解決。

So I think it's possible that we have part of that flow back. What we have seen in the last few weeks is when we see players that were not settling in our bank account and some of the smaller players started to settle, we do see the flows coming back. So I think this is positive but still very small given the total size of our nonperforming loans. So we decided to work with the information we have and take a cautious approach and do the increase in provisions to have coverage that we think is adequate given the profile of the portfolio, the maturity of the portfolio. So we are very comfortable with the level of provisions we have now. And that's, I think, the latest we have.

所以我認為我們有可能有一部分回流。我們在過去幾週看到的是，當我們看到沒有在我們的銀行賬戶中結算的玩家和一些較小的玩家開始結算時，我們確實看到資金流回來了。所以我認為這是積極的，但考慮到我們不良貸款的總規模，這仍然很小。因此，我們決定使用我們擁有的信息並採取謹慎的態度，並增加撥備以覆蓋我們認為足夠的覆蓋面，考慮到投資組合的概況，投資組合的成熟度。因此，我們對現在的規定水平感到非常滿意。我認為，這是我們擁有的最新版本。

Just one follow-up. I think you're right, this product, the collateralized products, so in the end of the day, we have to see cash flows of our clients coming to our bank accounts as we had a lack of receivables to create expectations for future collections.

只是一個跟進。我認為你是對的，這個產品，抵押產品，所以最終，我們必須看到客戶的現金流進入我們的銀行賬戶，因為我們缺乏應收賬款來為未來的收款創造預期。

So what we are doing now, we are talking to players to understand the problems and the problems in the registry and the reasons why some players are not settling transactions right and discuss things with regulators, how can we solve this. So I think that if the flows comes to our bank accounts, as we were expecting, given that we had priority in the previous rule, I think that we can make a new assessment about our ability to recover the money that we have lended to our clients. But with the information we have, we decided to take a cautious approach and make the provision as we did.

所以我們現在正在做的，我們正在與玩家交談，以了解註冊表中的問題和問題，以及一些玩家沒有正確結算交易的原因，並與監管機構討論，我們如何解決這個問題。所以我認為，如果資金流入我們的銀行賬戶，正如我們預期的那樣，鑑於我們在之前的規則中享有優先權，我認為我們可以對我們收回借給我們的錢的能力進行新的評估客戶。但是根據我們掌握的信息，我們決定採取謹慎的態度並像我們所做的那樣提供。

And in terms of your question about the future, it's difficult to talk about the future now in terms of projection. But in the end of the day, opportunities are huge, and we are 100% focused on the execution, as Lia said. The demand hasn't changed. And our client base grows a lot, both in terms of clients and TPV that in the end of the day, we want to see as potential collaterals, but the registry system has to mature in order for us to be comfortable with the collateral.

就你關於未來的問題而言，現在很難從預測的角度談論未來。但歸根結底，機會是巨大的，正如 Lia 所說，我們 100% 專注於執行。需求沒有改變。我們的客戶群增長了很多，無論是在客戶還是 TPV 方面，最終我們都希望將其視為潛在的抵押品，但註冊系統必須成熟才能讓我們對抵押品感到滿意。

And while we are observing the evolution of the industry, we are turning around our product and execution. So it can take anywhere from 3 to 6 months, as we've said, but the opportunity for the future are huge. And it didn't decrease what we expect as the product that we want to offer to our clients and the opportunities that we see to our business.

在我們觀察行業發展的同時，我們正在扭轉我們的產品和執行方式。因此，正如我們所說，這可能需要 3 到 6 個月的時間，但未來的機會是巨大的。它並沒有降低我們對我們想要提供給客戶的產品的期望，也沒有降低我們在業務中看到的機會。

Okay. Great. That's very helpful. And just one other question, if I may. I guess, on Pagar.me, you mentioned you're focusing on more profitable accounts. Do you think that's going to continue to be a headwind for volumes as you maybe lose some of the sub acquired business and focus more on higher revenue-generating opportunities. Is that the right way to think about it?

好的。偉大的。這很有幫助。還有一個問題，如果可以的話。我想，在 Pagar.me 上，您提到您正在專注於更有利可圖的帳戶。您是否認為這將繼續成為銷量的不利因素，因為您可能會失去一些子收購業務並更多地關注更高的創收機會。這是正確的思考方式嗎？

Tito, just -- yes, to talk about Pagar.me, specifically the key accounts business, like we said, right, I think that we can separate that business in 2 groups. The first is the sub-acquirers, which, yes, the answer is we expect this low growth to continue, but the unit economics of that is really not relevant at all. So we mentioned that the top 2 sub-acquirers, which are a large part of the volume in the sub-acquirer segment, they represent only 3% of our revenues net of funding costs. And we don't expect this number to increase, quite to the contrary.

Tito，只是 - 是的，談論 Pagar.me，特別是關鍵客戶業務，就像我們說的那樣，對，我認為我們可以將該業務分成兩組。首先是次級收購者，是的，答案是我們預計這種低增長將持續下去，但其單位經濟效益實際上根本不相關。因此，我們提到前 2 名次級收購方佔次級收購方細分市場的很大一部分，它們僅占我們扣除融資成本後收入的 3%。而且我們不希望這個數字增加，恰恰相反。

On the other hand, we do see this positive evolution and growth in the platform business, right? And I think that's very aligned with everything that's going on in terms of, number one, more platforms growing in the markets, not only marketplaces, but all different types of seller services platforms, many software providers that want to embed payments in their offerings to their clients, many retailers wanting to go omnichannel. So we do see a lot of opportunities there, but that's where we're going to focus on, right? We're going to focus on those platform services that we think are much better opportunities in terms of unit economics and growth.

另一方面，我們確實看到了平台業務的這種積極演變和增長，對吧？而且我認為這與正在發生的一切非常一致，第一，市場上越來越多的平台，不僅是市場，還有所有不同類型的賣家服務平台，許多軟件提供商希望在他們的產品中嵌入支付他們的客戶，許多零售商希望進入全渠道。所以我們確實在那裡看到了很多機會，但這就是我們要關注的地方，對吧？我們將專注於那些我們認為在單位經濟和增長方面機會更好的平台服務。

Our next question comes from David Togut with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

You've been very clear that the next 3 to 6 months will be difficult for the credit business. But in terms of framing what financial income might be, should we think about the 88% year over decline in the second quarter to BRL 40 million representing the approximate trough earnings for this business?

您已經非常清楚，未來 3 到 6 個月對信貸業務來說將很困難。但就財務收入的框架而言，我們是否應該考慮第二季度同比下降 88% 至 4000 萬巴西雷亞爾，代表該業務的近似谷底收益？

David, Rafael here. Thank you for the question. So we have broken down that financial income line decrease. So if you look to the growth of our prepayment business, which is also embedded in that line, we have over 60% growth year-over-year, I think that when you have the credit product normalizing, you should see a growing very fast. And what we are seeing is the prepayment business is indeed growing very fast and varies mostly, as Thiago mentioned.

大衛，這裡是拉斐爾。感謝你的提問。所以我們已經打破了財務收入線的下降。所以如果你看看我們的預付款業務的增長，它也包含在這一行中，我們的同比增長超過 60%，我認為當你的信貸產品正常化時，你應該會看到增長非常快.正如 Thiago 提到的，我們看到的是預付款業務確實增長非常快，而且變化很大。

So the BRL 397 million of negative effect that we have mentioned, this is all concentrated in the financial income line. So I think if you strip out that, you can take a look at what the normalized ex credit financial income would be.

所以我們提到的3.97億巴西雷亞爾的負面影響，這都集中在財政收入線。所以我認為如果你去掉它，你可以看看正常化的信貸前財務收入是多少。

Understood. And then -- sorry.

明白了。然後——抱歉。

David, Thiago here. Just to follow up on that. If you remember, previous to this situation with the collaterals and in the early beginnings of the credit during last year, we were expecting something around 1.5% to 2% risk-adjusted return for the product. So that's basically the rates that we are charging for clients less the provisions we have, less cost of funds we had.

大衛，這裡是蒂亞戈。只是為了跟進。如果您還記得，在出現這種抵押品情況之前和去年信貸初期，我們預計該產品的風險調整後回報率約為 1.5% 至 2%。所以這基本上就是我們向客戶收取的費率減去我們擁有的規定，減去我們擁有的資金成本。

So I see this business as being a very profitable one. I think we had the problem in terms of collateral leakage. We are changing the way we account for this product. And in the third quarter onwards for the new credit disbursements, we use the accrual methodology that, basically, we will book the provisions upfront, and we will accrue the revenue over time. So there will be a margin to be accrued over time as we started to distribute the product back again, and we will help investors to reconcile both ways of booking because in the end of the day, cash flow doesn't change, but the way that you book your revenues, it changed.

所以我認為這項業務非常有利可圖。我認為我們在側漏方面存在問題。我們正在改變我們對該產品的核算方式。從第三季度開始，對於新的信貸支付，我們使用權責發生製方法，基本上，我們將提前記入準備金，然後隨著時間的推移累積收入。因此，隨著我們開始再次分發產品，隨著時間的推移會產生一定的利潤，我們將幫助投資者協調兩種預訂方式，因為最終，現金流不會改變，但方式你預訂你的收入，它改變了。

So I see this business as being a very profitable one. Our clients, they need credit to evolve, to buy more inventory and to grow. So we need to serve them, but we have to do with the proper risk. We learned that the collateral we were seeing, it didn't give us the protection that we were expecting, so we are turning around the operation. But it's a very profitable business. When we think about the expectation of profitability, I think that we were not too far from what we expect. But in the end of the day, we have to make sure that we have the risk assessment of collaterals and the clients right to get the project back on track.

所以我認為這項業務非常有利可圖。我們的客戶需要信貸來發展、購買更多存貨和增長。所以我們需要為他們服務，但我們必須承擔適當的風險。我們了解到，我們看到的抵押品並沒有給我們預期的保護，所以我們正在扭轉業務。但這是一項非常有利可圖的業務。當我們考慮盈利預期時，我認為我們與我們的預期相差不遠。但歸根結底，我們必須確保我們對抵押品和客戶進行了風險評估，以使項目重回正軌。

Understood. And just as a follow-up, how much visibility do you have that you'll be through this difficult period with the registry of receivables by the end of 6 months?

明白了。作為後續行動，您對在 6 個月末之前通過應收賬款登記度過這一困難時期的知名度有多大？

Great question, David. So we have weekly meetings with the players, with the 3 registry of receivables, with associations of the card players in the market, with Central Bank. So everyone is following closely the technical implementation that is being made by the 3 registries now. And we think that once that is done, the market will be very protected from collateral leakage.

好問題，大衛。因此，我們每週與玩家、3 應收賬款登記處、市場上的持卡人協會、中央銀行舉行會議。所以現在每個人都在密切關注 3 個註冊管理機構正在進行的技術實施。我們認為，一旦做到這一點，市場將受到很好的保護，免受抵押品洩漏的影響。

So I think that there are confidence that we will get fastest is these 2 factors. On one hand, following closely the industry evolution and the other hand, rebuilding the product and working around our execution. So this is something that we are, as you know, the size of the opportunity and the size of the impact we are following very, very closely.

所以我認為有信心我們會變得最快的是這兩個因素。一方面，密切關注行業發展，另一方面，重建產品並圍繞我們的執行工作。因此，正如您所知，我們正在非常非常密切地關注機會的大小和影響的大小。

Our next question comes from Mariana Taddeo with UBS.

我們的下一個問題來自瑞銀的 Mariana Taddeo。

If I could make some follow-up related to the credit business. As you pass through the issue with the registering of receivables, how do you plan to scale the portfolio? If you could give us a base maybe related to your past levels of origination, something -- that was something around BRL 800 million per quarter. Should we you keep this level or assume a more conservative approach going forward?

如果我能做一些與信貸業務相關的後續工作。當您解決應收賬款登記問題時，您打算如何擴展投資組合？如果你能給我們一個可能與你過去的起源水平相關的基礎，那就是每季度大約 8 億雷亞爾。我們應該保持這個水平還是採取更保守的方法？

And the second follow-up is when you said in the presentation that you are exploring new partnerships to enable asset-light model. Is this related to funding, something similar that you are doing with Banco Inter? Or should we expect a similar model that you had in the beginning with a partner that was assuming the credit risk?

第二個跟進是當你在演講中說你正在探索新的合作夥伴關係以實現輕資產模型時。這是否與資金有關，類似於您在 Banco Inter 所做的事情？或者我們是否應該期待與您在開始時與承擔信用風險的合作夥伴建立的類似模型？

Mariana, Thiago here. So regarding expectation of new disbursements, I think that our ability to scale the credit solution has to do with how we built the product. The product is 100% embedded to our financial core solution. So once we are comfortable with collaterals and with the behavior of clients, it's easy to show the value proposition for them, and the onboarding process that we build for our clients are pretty easy. So I think that the demand for the product is high, the usability of the product and user experience is very good, and our ability to make all the process works seamless is very good. This helps us in terms of selling the product.

馬里亞納，這裡是蒂亞戈。因此，關於對新支出的預期，我認為我們擴展信貸解決方案的能力與我們構建產品的方式有關。該產品 100% 嵌入到我們的金融核心解決方案中。因此，一旦我們對抵押品和客戶的行為感到滿意，就很容易向他們展示價值主張，並且我們為客戶建立的入職流程也非常簡單。所以我認為對產品的需求很高，產品的可用性和用戶體驗非常好，我們使所有過程無縫工作的能力非常好。這有助於我們銷售產品。

But in the other hand, we have to be comfortable with the risk. So that's why we are paying so much attention to the collateral. In the end of the day, what we were doing was we were like advancing 1 month or 1.5 months of cash flows to clients. And we were selecting a very small percentage of that cash flow that we were taking back on a daily basis. So it was a product to be paid back in 8 months. So the risk should not be so big. We were not expecting to have provisions in the amounts that we have today.

但另一方面，我們必須對風險感到滿意。所以這就是為什麼我們如此關注抵押品。歸根結底，我們所做的就像是向客戶預付 1 個月或 1.5 個月的現金流。我們選擇了每天收回的現金流量的很小一部分。所以這是一個8個月還本付息的產品。所以風險應該不會這麼大。我們沒想到會有今天這樣的準備金。

So the first thing we have to do here is to make sure that the collaterals of the industry will be back that once we give credit to our clients, we can access those collaterals. And if not, we have to access other type of collaterals in order for us to be comfortable to scale the product back again. And we are making this so we are confident that once this solution has passed, we will be back on track in terms of growth of our products.

因此，我們在這裡要做的第一件事是確保行業的抵押品能夠恢復，一旦我們向客戶提供信貸，我們就可以使用這些抵押品。如果沒有，我們必須訪問其他類型的抵押品，以便我們能夠輕鬆地再次縮減產品規模。我們正在這樣做，所以我們相信一旦這個解決方案通過，我們將在產品增長方面重回正軌。

And when we think about partnership, we will do 2 things. When we have very good risk opportunities and clients that we really understand and we can make a very good assessment of them and the quality of the credit, the amounts that we are disbursing are small and very comfortable, we can use the same methodology we had where we disperse the product and then we sell the outstanding balance to the market. That was our intention from the beginning.

當我們考慮合作時，我們會做兩件事。當我們擁有非常好的風險機會和我們真正了解的客戶，並且我們可以對它們和信貸質量進行非常好的評估時，我們支付的金額很小而且非常舒適，我們可以使用與之前相同的方法我們在那里分散產品，然後將未結餘額出售給市場。這就是我們從一開始的意圖。

For the other type of clients, we want to use like a marketplace in where we provide access to players that want to give credit to our clients, but we have to keep the level of service that we have always offered. So we will balance those 2 methods and the partnerships that we are working is to use third-party balance to provide credit to our clients, and we'll be the player in the middle, helping both the partners to make the assessment of data and our clients still have a very good experience. So we want to have both models working.

對於其他類型的客戶，我們希望像一個市場一樣使用，在其中我們為想要為我們的客戶提供信用的玩家提供訪問權限，但我們必須保持我們一直提供的服務水平。因此，我們將平衡這兩種方法，我們正在開展的合作夥伴關係是使用第三方平衡為我們的客戶提供信貸，我們將成為中間人，幫助雙方合作夥伴評估數據和我們的客戶仍然有很好的體驗。所以我們想讓這兩種模型都起作用。

Our next question comes from Jeff Cantwell with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Jeff Cantwell。

On the credit product, this is going to sound similar to some of the earlier questions, but I wanted to ask on credit in a very specific way. My question is, can you walk us through the next 3 to 6 months from 2 areas, first, from a regulatory perspective; and second, from Stone's operational perspective, as you were thinking about those 2 areas right now?

關於信貸產品，這聽起來與之前的一些問題類似，但我想以一種非常具體的方式詢問信貸產品。我的問題是，您能否從兩個方面引導我們度過接下來的 3 到 6 個月，首先，從監管的角度；其次，從 Stone 的運營角度來看，您現在正在考慮這兩個領域嗎？

Because the question I have after reading the teach-in paper and hearing the comments today is what exactly is going to happen over the next 3 to 6 months from a regulatory level. And then there's also what should be happening concurrently by you, by Stone, as you move forward with the learnings you've had from this? I just want to put some markers down today for investors' sake, so they have an approximate understanding of what to expect. So if you can you talk to us a little more about those 2 things, would be much appreciated.

因為在閱讀了教學文件並聽取了今天的評論之後，我的問題是未來 3 到 6 個月內監管層面究竟會發生什麼。然後，當你繼續從中學到的知識時，你，斯通，應該同時發生什麼？為了投資者的緣故，我今天只想放下一些標記，以便他們對預期的結果有一個大概的了解。因此，如果您能與我們多談談這兩件事，我們將不勝感激。

Jeff, yes, of course. Thank you for the question. Thiago here speaking. I think that from a regulatory perspective, the Central Bank is doing an incredible work of helping the market to get to a solution. And the solution is not about the regulation itself, it's about the technical implementation by the players. It was a big change in the way that you see and use collaterals, in the way that you register the assets and the technology that was made was not paid in the right place.

傑夫，是的，當然。感謝你的提問。蒂亞戈在這裡發言。我認為，從監管的角度來看，中央銀行正在做一項令人難以置信的工作，幫助市場找到解決方案。而解決方案不在於規則本身，而在於玩家的技術執行。您查看和使用抵押品的方式發生了巨大變化，您註冊資產的方式和所製造的技術沒有在正確的地方支付。

So I think that as we disclosed in our teach-in, there are many technical evolutions that the 3 registry of receivable has to implement, and that's what we'll be following in the next 3 to 6 months. It's about the technology of the registry of receivables and the interoperability between them to make sure that once we give credit to our clients and we contractually receive the guarantees of all the transactions from 1 specific card brand, we can access that collateral in all of the payment players regardless of the registry of receivables that we are using without having collateral leakage. So the interoperability in the system has to evolve. I think we have talked a lot about this in the teach-in to be easier to understand, and we will be following that implementation very closely.

所以我認為，正如我們在教學中所披露的那樣，3 應收款登記處必須實施許多技術發展，這就是我們將在未來 3 到 6 個月內進行的工作。這是關於應收賬款登記技術以及它們之間的互操作性，以確保一旦我們向客戶提供信貸並且我們根據合同從一個特定的卡品牌獲得所有交易的擔保，我們就可以在所有支付參與者，無論我們使用的應收賬款登記情況如何，都不會出現抵押品洩漏。因此，系統中的互操作性必鬚髮展。我認為我們在教學中已經就此進行了很多討論，以便更容易理解，我們將密切關注該實施。

In terms of the Stone perspective and what we are doing, as Lia said, we are improving our underwriting risk-assessment capability to make sure that we really understand the client and the behavior of the clients, because 2 things happen here. One is the industry has this collateral leakage type of problem, but in the end of the day, our clients, they decided to move from our payment solution to another acquirer payment solution. And then we were not seeing that cash flow anymore because of the collateral leakage. So what we want to evolve is why are our clients move to another acquiring player.

就 Stone 的觀點和我們正在做的事情而言，正如 Lia 所說，我們正在提高我們的承保風險評估能力，以確保我們真正了解客戶和客戶的行為，因為這裡發生了兩件事。一個是該行業存在這種抵押品洩漏類型的問題，但最終，我們的客戶決定從我們的支付解決方案轉向另一個收單方支付解決方案。然後由於抵押品洩漏，我們再也看不到現金流了。所以我們想要發展的是為什麼我們的客戶轉向另一個收購方。

At the end of the day, we understand that because of the pandemic, many of the clients, they are trying to protect cash flows and renegotiate the contracts later and decided to move, not to pay the credit in the beginning. So we want to evolve our risk assessment of our clients to make sure that we protect the business for this type of behavior in the future. Although it's important that the collateral is working pretty well.

歸根結底，我們了解到，由於大流行，許多客戶試圖保護現金流並在以後重新談判合同，並決定搬家，而不是一開始就付款。因此，我們希望改進我們對客戶的風險評估，以確保我們在未來保護業務免受此類行為的影響。儘管抵押品運作良好很重要。

The other thing is that we have to evolve in terms of our recovery process, our renegotiation with clients because if a client has a problem, we have to renegotiate with them to give them the ability to repay us back in the way they suit best for them and for our risk and return assessment. So we are evolving a lot in terms of the recovery process and the renegotiation with clients. The other thing is improving the credit scoring process in order for us to see other collaterals, more than the TPV and the card transactions that the clients have.

另一件事是，我們必須在恢復過程和與客戶的重新談判方面進行改進，因為如果客戶有問題，我們必須與他們重新談判，讓他們能夠以最適合的方式回報我們他們以及我們的風險和回報評估。因此，我們在恢復過程和與客戶的重新談判方面取得了很大進展。另一件事是改進信用評分流程，以便我們看到其他抵押品，而不是 TPV 和客戶擁有的卡交易。

Many clients, for example, They are the owner of the store, and we are not seeing the store, the actual store, the real estate as collateral for -- as a collateral for the credit project, for example. So we're improving our ability to have more collaterals for the same clients.

許多客戶，例如，他們是商店的所有者，我們沒有看到商店、實際商店、房地產作為抵押品——例如作為信貸項目的抵押品。因此，我們正在提高為同一客戶提供更多抵押品的能力。

And in the end of the day, Jeff, as I just said, there are some profile of clients that maybe we will not be the one increasing credit risk to create the product, but we can provide for them the same level of experience with third-party partners providing the credit and being -- and having us as the originational partner with a fee in that relationship. So we are working on those fronts in terms of the turnaround that we are doing in our operation in order to get the product back on track.

最後，Jeff，正如我剛才所說，有一些客戶可能認為我們不會成為創造產品的增加信用風險的人，但我們可以為他們提供與第三方相同水平的體驗- 提供信用和存在的合作夥伴 - 並讓我們作為原始合作夥伴在這種關係中收取費用。因此，我們正在就我們在運營中所做的周轉方面開展這些方面的工作，以使產品重回正軌。

So it's a 2-way execution here following the evolution of the industry and rebuilding our product. But in the end of the day, what we have to keep in mind is the project has to be simple. Rates has to be simple and the client has to reconcile easily. We have to be paid back, aligned with the cash flows of our clients. And we have to provide a better deal for the better clients. We have to work on a way to make our clients sell more by buying more products and evolving. That is the fundamental of the product. So that's what we are focused here in terms of our execution.

因此，隨著行業的發展和重建我們的產品，這是一種雙向執行。但歸根結底，我們必須牢記的是項目必須簡單。費率必須簡單，客戶必須輕鬆對賬。我們必須得到回報，與客戶的現金流保持一致。我們必須為更好的客戶提供更好的交易。我們必須努力尋找一種方法，通過購買更多產品和不斷發展，讓我們的客戶賣出更多產品。這就是產品的根本。所以這就是我們在執行方面的重點。

Okay. Great. Appreciate all of that detail. Also, I wanted to shift gears and ask you about Linx because there has been significant focus over the past several months about that. And now it looks like that will begin being integrated into the numbers going forward.

好的。偉大的。欣賞所有這些細節。另外，我想換檔問你關於 Linx 的問題，因為在過去幾個月里人們對此非常關注。現在看來，這將開始被整合到未來的數字中。

So you've had a significant amount of time to focus on this integration. Can you talk about the integration? How is it going so far? Are you feeling optimistic about the potential for new synergies, revenue synergies and cost synergies? How are those looking for you right now? Can you help us size the opportunity for the combined company? Because there's a lot of interest in this combination. So I was hoping to get an update, any color you might be able to provide under pro forma outlook would be appreciated.

因此，您有大量時間專注於此集成。你能談談整合嗎？到目前為止進展如何？您對新的協同效應、收入協同效應和成本協同效應的潛力感到樂觀嗎？現在找你的人怎麼樣？你能幫助我們評估合併後公司的機會嗎？因為人們對這種組合很感興趣。所以我希望得到更新，如果您能提供任何顏色，我們將不勝感激。

Yes, Jeff, of course, Thiago here again. So about Linx, main message here is that it's incredible to see how resilient the business is. If you remember, even though the business faces the pandemic situation and with many of the clients closing their stores, the business proved to be very resilient. And it has the noise of the acquisition. It was delayed. It was more than 1 year. And even though you passed all of that, it delivered 13% net revenue growth. So it's impressive how resilient the business is.

是的，傑夫，當然，蒂亞戈又來了。所以關於 Linx，這裡的主要信息是看到業務的彈性令人難以置信。如果您還記得的話，儘管企業面臨著大流行的情況並且許多客戶關閉了他們的商店，但事實證明該企業非常有彈性。它有收購的噪音。它被延遲了。已經超過1年了。即使您通過了所有這些，它也實現了 13% 的淨收入增長。因此，業務的彈性令人印象深刻。

We are very impressed of how sticky and deeply integrated the products are to the retail workflow. So when we talk to clients, it's incredible to see how deeply integrated the solution is. I don't think that the clients are willing to change Linx systems. So it provides us a big opportunity to integrate with our financial solutions and to help our clients to move their inventory online because they really know how to use this Linx system. And I don't think that they are willing to change the POS and ERP that Linx has. So we can see by the client retention, which is very, very high.

我們對產品與零售工作流程的粘性和深度集成印象深刻。因此，當我們與客戶交談時，看到該解決方案的集成度之高令人難以置信。我不認為客戶願意更改 Linx 系統。因此，它為我們提供了一個很好的機會來整合我們的財務解決方案，並幫助我們的客戶在線移動他們的庫存，因為他們真的知道如何使用這個 Linx 系統。而且我不認為他們願意改變 Linx 擁有的 POS 和 ERP。所以我們可以看到客戶保留率非常非常高。

We are still making an assessment of the Linx numbers, but what I can say is that there are great opportunities in terms of cost and expense synergies on top of the top line synergies that we have talked in the past. So we are currently focused on mapping all of them, and we already initiated some of that execution.

我們仍在評估 Linx 的數字，但我能說的是，除了我們過去談到的頂線協同效應之外，在成本和費用協同效應方面還有很大的機會。所以我們目前專注於映射所有這些，我們已經啟動了一些執行。

It will be easier to talk about Linx numbers in the third quarter after we consolidate them and use the same accounting standards and procedures that we use. So we decided to provide some preliminary numbers that we have received from the company, and we will continue to be 100% focused on the execution. And once we consolidate in the third quarter, it will be much easier to talk about the synergies potential that we are seeing and putting some numbers in terms of OpEx.

在我們合併它們並使用我們使用的相同會計標準和程序之後，在第三季度談論 Linx 數字會更容易。所以我們決定提供一些我們從公司收到的初步數字，我們將繼續 100% 專注於執行。一旦我們在第三季度進行整合，就可以更容易地討論我們所看到的協同效應潛力，並根據 OpEx 給出一些數字。

So we just started to manage the company 1st of July. So we had a plan, but now we are executing for almost 2 months. In the third quarter, it would be much easier to give color for you and follow the investors about synergies and numbers.

所以我們從 7 月 1 日開始管理公司。所以我們有一個計劃，但現在我們執行了將近 2 個月。第三季度，給你出彩，跟著投資人講協同效應和數字，就容易多了。

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

我們的下一個問題來自美國銀行的 Mario Pierry。

Two questions. Let me change the focus a little bit. You're maintaining your target of achieving 950,000 clients, excluding TON, by the end of the year. It means that you have to add almost 190,000 clients in the next 2 quarters, when you're adding close to 45,000 to 50,000. So it seems like you're expecting a significant acceleration in client adds in the third and fourth quarter. Can you give us explanation why you're positive about that?

兩個問題。讓我稍微改變一下焦點。您正在維持到年底實現 950,000 個客戶（不包括 TON）的目標。這意味著您必須在接下來的兩個季度中增加近 190,000 個客戶，而此時您要增加近 45,000 到 50,000 個。因此，您似乎預計第三和第四季度客戶的增加將顯著加速。你能給我們解釋一下為什麼你對此持肯定態度嗎？

And second question is related to this mark-to-market of the Inter stake, right? You know that it was a significant gain of almost $850 million. Is this something that should continue to create volatility to your results going forward?

第二個問題與國際米蘭股份的市值計價有關，對嗎？你知道這是近 8.5 億美元的重大收益。這是應該繼續為您的結果帶來波動的東西嗎？

Mario, Rafael here. Thank you for the question. So regarding your first question, we are -- as we said in the presentation, we are investing heavily in the growth of the operations. So we should see an acceleration in the net adds, excluding TON. And I think you'll see that in that second half. Of course, we will always balance the unit economics of clients, right? We cannot take the irrational economic decisions. If we have a client that is best suited for TON product, for example, we direct that client to that solution. But I think that we should see acceleration given the strong investments we have been doing.

這裡是馬里奧，拉斐爾。感謝你的提問。因此，關於您的第一個問題，正如我們在演示文稿中所說，我們正在大力投資於業務增長。所以我們應該看到淨增加的加速，不包括 TON。我想你會在下半場看到這一點。當然，我們總是會平衡客戶的單位經濟效益，對吧？我們不能做出非理性的經濟決定。例如，如果我們有最適合 TON 產品的客戶，我們會將該客戶引導至該解決方案。但我認為，鑑於我們一直在進行的大量投資，我們應該會看到加速增長。

So as Thiago said, not all the investments that we do, you see the result in the same quarter, right? We have to upload investments upfront. Sometimes, then you'll see the results in the following quarters. So that's why we maintain that same guidance of active client base at the end of the year.

所以正如 Thiago 所說，並非我們所做的所有投資都能在同一季度看到結果，對嗎？我們必須預先上傳投資。有時，您會在接下來的幾個季度看到結果。因此，這就是為什麼我們在年底保持對活躍客戶群的相同指導。

Regarding your second question in the Inter, that's right. So you should see the volatility in the other income expenses line. We are adjusting that in our adjusted net income. But given that we don't have a significant influence in the company, that's how we should account for it. So that's why you see that mark-to-market in that line item. I think that if people look, of course, it's a public traded company, you can follow the stock price and people can, I think, calculate that effect and try to estimate the impact that we'll have, and we'll keep adjusting this in our adjusted net income metric.

關於國米的第二個問題，沒錯。所以你應該看到其他收入支出線的波動。我們正在調整我們調整後的淨收入。但鑑於我們對公司沒有重大影響，這就是我們應該如何解釋的。這就是為什麼您會在該訂單項中看到按市值計價的原因。我認為，如果人們看，當然，這是一家上市公司，你可以關注股價，我認為人們可以計算這種影響，並嘗試估計我們將產生的影響，我們將不斷調整這在我們調整後的淨收入指標中。

Thiago here. Just to give an additional comment here, although we are balancing better, both products, TON and Stone, mainly focus on getting the best NPS from our clients and the best cost of acquisition and lifetime value ratio in the products we have, we see that our hubs are doing very, very well in terms of productivity. We are opening new hubs, so our expansion for our core product and the core channels we use are doing pretty well. So that's why we are confident that we can get to the numbers that we have just talked.

蒂亞戈在這裡。只是在這裡給出一個額外的評論，雖然我們正在更好地平衡，但 TON 和 Stone 這兩種產品主要專注於從我們的客戶那裡獲得最好的 NPS 以及我們擁有的產品的最佳購置成本和生命週期價值比率，我們看到我們的樞紐在生產力方面做得非常非常好。我們正在開設新的中心，因此我們對核心產品和我們使用的核心渠道的擴展做得很好。所以這就是為什麼我們有信心能夠達到我們剛剛談到的數字。

I'm very impressed about by the growth of the business. I think that the team understood how to manage revenue per client in a different way. And I think that now the product is much more robust. So I'm very positively impressed by the new balance that the team achieved and very confident with the growth of the core.

業務的增長給我留下了深刻的印象。我認為團隊了解如何以不同的方式管理每個客戶的收入。而且我認為現在的產品更加強大。因此，團隊實現的新平衡給我留下了非常積極的印象，並且對核心的增長非常有信心。

Okay. Now that's helpful. Can you discuss then like to get to this level of clients, right, and again, I do realize you're making the investments and adding hubs and people, but the economy, can you tell us a little bit about how you've seen the economic scenario in Brazil? Because, again, there was a lot of optimism maybe 2 months ago, but given the high level of inflation, the right interest rate environment, people are getting less optimistic of the economy. So also, how does that tie into your guidance of 950,000 clients?

好的。現在這很有幫助。你能不能討論一下想要達到這個級別的客戶，對，再一次，我確實意識到你正在進行投資並增加中心和人員，但是經濟，你能告訴我們一些你是如何看待的嗎巴西的經濟狀況？因為，也許 2 個月前有很多樂觀情緒，但鑑於高通脹水平、合適的利率環境，人們對經濟的樂觀程度越來越低。那麼，這與您對 950,000 名客戶的指導有何關係？

Mario, I think that in the end of the day -- I'm not a specialist in terms of macro, so I don't have much to say about it. But I think that in the end of the day, our market share is still very small. And the coverage that we have give us the ability to increase a lot the size of our operation because we still have a lot of regions that we have to cover. So despite of the macro environment -- and we have learned how to manage this. Keep in mind that we are growing the company between 2015 and now, so it was not an easy macro scenario. But in the end of the day, our business has a lot to offer for retailers in Brazil. And the market is very big, and we have a very small market share yet. So I think that macro changes do not impact too much our ability to grow in terms of clients.

馬里奧，我認為歸根結底——我不是宏觀方面的專家，所以我沒有太多要說的。但我認為歸根結底，我們的市場份額仍然很小。我們的覆蓋範圍使我們能夠大大增加我們的運營規模，因為我們仍然有很多區域需要覆蓋。因此，儘管存在宏觀環境——我們已經學會瞭如何管理它。請記住，從 2015 年到現在，我們正在發展公司，因此這不是一個容易的宏觀場景。但歸根結底，我們的業務可以為巴西的零售商提供很多服務。而且市場很大，我們的市場份額還很小。所以我認為宏觀變化不會對我們在客戶方面的增長能力產生太大影響。

We have always to pay attention to interest rates curve because in the end of the day, it can impact our cost of capital. As you know that we have a big outstanding balance of prepayments, so we have to adjust pricing over time to make sure that we are following the cost of capital of the company. And that's a situation that we follow very closely in our treasury team and our pricing team. But that's the main KPI in terms of macro that we look. It's the yield curves of Brazil and how we adjust cost of funding and pricing of the products. In terms of number of clients, I think that's basically market share is still too small. The opportunities ahead are very, very big, that's why we can increase our operation without being too much impacted by that.

我們必須始終關注利率曲線，因為歸根結底，它會影響我們的資金成本。如您所知，我們有大量未償還的預付款餘額，因此我們必須隨著時間的推移調整定價，以確保我們遵循公司的資本成本。這是我們在財務團隊和定價團隊中密切關注的情況。但這是我們所看到的宏觀方面的主要 KPI。這是巴西的收益率曲線，以及我們如何調整融資成本和產品定價。就客戶數量而言，我認為基本上市場份額仍然太小。未來的機會非常非常大，這就是為什麼我們可以在不受到太大影響的情況下增加我們的業務。

Okay. And just a final question related to the same topic, if you can discuss a little bit about the competitive environment, right? One of your peers is making a big push into the SMB segment. We know that another one wants to IPO later this year. So can you just talk -- give us a little sense of the competitive environment?

好的。還有一個與同一主題相關的最後一個問題，如果你能稍微討論一下競爭環境，對嗎？您的一位同行正在大舉進軍 SMB 領域。我們知道另一家公司希望在今年晚些時候進行 IPO。那麼你能不能談談——讓我們了解一下競爭環境？

And my question is, I thought your net adds this quarter was a little bit weaker than what you were forecasting. So I don't know if that was a reflection of more competition or like -- if you can just then give us an overview of the competitive environment, that would be helpful.

我的問題是，我認為你本季度的淨增加比你的預測要弱一些。所以我不知道這是否反映了更多的競爭或類似的情況——如果你能給我們一個競爭環境的概述，那會很有幫助。

Yes, Mario. Although we are happy for our growth, we don't want to let you down. So we will make sure that we keep the growth increasing in the speed we expect. I'm very happy with the level of growth we have now, but I think that we have much more things to do to increase our growth over time. For us, it's clear that competition has intensified a little bit. But on the other hand, we are much stronger than we were 1 year ago. So some comments here.

是的，馬里奧。雖然我們為自己的成長感到高興，但我們不想讓您失望。因此，我們將確保以預期的速度保持增長。我對我們現在的增長水平感到非常滿意，但我認為我們還有很多事情要做，以隨著時間的推移增加我們的增長。對我們來說，很明顯競爭有所加劇。但另一方面，我們比一年前要強大得多。所以這裡有一些評論。

One, we have a much more robust product. So engagement of clients are increasing. Our distribution is much more robust, and the service capabilities that we have invested are providing a better experience to our clients. I think the level of experience that we offer, you don't have a parallel to that in the market.

第一，我們有更強大的產品。因此，客戶的參與度正在增加。我們的分銷更加穩健，我們投入的服務能力正在為我們的客戶提供更好的體驗。我認為我們提供的體驗水平，您無法與市場上的體驗水平相提並論。

We have learned this better balance between investment and return that I just said. So it gave us the opportunity to access new markets that we were not present. In the micro merchant segment, it's a very positive news that we had. We learned how to operate in that segment, so we expect good growth from that segment. We think that the numbers show the strength of the team, the strength of the business model.

我們已經了解了我剛才所說的投資和回報之間更好的平衡。因此，它讓我們有機會進入我們不存在的新市場。在微商領域，這是一個非常積極的消息。我們學會瞭如何在該細分市場運營，因此我們預計該細分市場將實現良好增長。我們認為數字顯示了團隊的實力，商業模式的實力。

So we are very confident that we can keep winning in the SMB space. So I think that the dynamics of competition is pretty much what we have experienced. Our ability to manage through different products, new markets and balance investments, I think that is what makes our numbers be in the place they are. I'm very happy with the growth that we have presented and with the discipline of the team.

因此，我們非常有信心能夠在 SMB 領域繼續獲勝。所以我認為競爭的動態與我們所經歷的差不多。我們通過不同產品、新市場和平衡投資進行管理的能力，我認為這就是使我們的數字保持在原位的原因。我對我們所呈現的成長以及團隊的紀律感到非常滿意。

Our next question comes from Domingos Falavina with JPMorgan.

我們的下一個問題來自摩根大通的 Domingos Falavina。

First one is, I guess, on the operational side. So you mentioned basically 35% of your clients are not reducing principal. That's what's written in the presentation. And then I think you mentioned in the call may be paying interest or not, and 19% [or generally flattish, assuming here] -- and 19% are not paying either.

我想，第一個是在運營方面。所以你提到基本上有 35% 的客戶沒有減少本金。這就是演示文稿中所寫的內容。然後我認為你在電話中提到的可能支付利息或不支付利息，19% [或一般持平，假設這裡] - 19% 也沒有支付。

My question is, in between those 2 numbers, there are 16% of your clients who are being able to collect something. What's happening on those guys' case? So if the guy is swiping -- or they could, I guess, all be on relief. That's one option. So it's -- they're not paying because they're not charging. Or they're swiping such a small volume that you're only being able to -- a part of that?

我的問題是，在這兩個數字之間，有 16% 的客戶能夠收集一些東西。那些人的案子是怎麼回事？因此，如果這個人在刷卡——或者我想，他們可以鬆一口氣。這是一種選擇。所以它 - 他們不付款，因為他們不收費。或者他們正在滑動如此小的音量，您只能滑動其中的一部分？

And if you could really elaborate with some examples, like we usually only go up to 10% of the sale volume or 20%, and then it's what we're paying and that's what's not allowing us to get the principal. I just want to have a bit more visibility on that, and then I'll ask a second one.

如果你真的可以用一些例子來詳細說明，比如我們通常只增加銷售額的 10% 或 20%，那麼這就是我們要支付的，這就是不允許我們獲得本金的原因。我只是想對此有更多的了解，然後我會再問一個。

Domingos, Rafael here. Thank you for the question. That's right. So you have 19% of the outstanding balance not paying for 60 days or more and 35% not paying interest. So I think there's 2 things that can happen there. So one is clients that were -- their cash flows were impacted, so their sales reduced significantly. So they are being able to pay us back, but they are not being able to reduce amortized principle. And the other effect -- and those 2 effects might be correlated sometimes, which is they are shifting volumes away to what the acquirers try to sort of bypass the collateral.

多明戈斯，這裡是拉斐爾。感謝你的提問。這是正確的。因此，您有 19% 的未償餘額未支付 60 天或更長時間，35% 未支付利息。所以我認為那裡可能會發生兩件事。所以一個是客戶 - 他們的現金流量受到影響，因此他們的銷售額顯著下降。所以他們能夠償還我們，但他們無法減少攤銷本金。另一個影響——這兩種影響有時可能是相關的，那就是它們正在將交易量轉移到收購方試圖繞過抵押品的地方。

So you have a small percentage of their total sales being moved to us. And in that case, they also don't have the ability to amortize principal. And it's interesting because we cannot, of course, take all of their flows and all their sales to pay us back. Otherwise, this harms merchants and it's not healthy. So I think that's why you have that gap in between those 2 numbers.

因此，您將他們總銷售額的一小部分轉移給了我們。在那種情況下，他們也沒有能力攤銷本金。這很有趣，因為我們當然不能用他們所有的流量和銷售額來回報我們。否則，這對商家是不利的，也是不健康的。所以我認為這就是為什麼這兩個數字之間存在差距。

And I think it's an important point that we mentioned about the registry system. And the new system when it's working properly, it will be much better by the exact reason that when merchants will transact with all the acquirers, it should -- we should see those flows as well, and we should have the ability to withhold the amount that those clients owe us. And in that case, we would have a different scenario. But that's sort of the situation between those 35% and 19% outstanding balances.

我認為這是我們提到的有關註冊系統的重要一點。新系統在正常工作時會好得多，原因是當商家與所有收單機構進行交易時，它應該——我們也應該看到這些流量，我們應該有能力扣留金額那些客戶欠我們的。在那種情況下，我們會有不同的情況。但這就是 35% 和 19% 的未償餘額之間的情況。

Got you. And my second question is, let's assume it doesn't work, the collateral. Does your 0 -- or virtually 0 origination in August means Stone won't be doing unsecuritized lending? Or should you adjust lending rates, maybe further adjust the addressable market within your client base and start migrating to these other business product? Because I would assume you have long enough relationship with select clients where you will be comfortable to land even in an uncollateralized way, and if we should read that uncollateralized is something that's just not possible to do and something -- or that Stone won't do.

明白了我的第二個問題是，假設抵押品不起作用。您在 8 月份的 0 或幾乎 0 起源是否意味著 Stone 不會進行無證券化貸款？還是應該調整貸款利率，進一步調整客戶群中的目標市場並開始遷移到這些其他業務產品？因為我會假設你與選定的客戶有足夠長的關係，即使以無抵押的方式你也會很舒服地著陸，如果我們應該讀到無抵押是不可能做的事情，或者 Stone 不會做。

Domingos, Thiago here. Thank you for the question. So 2 things. One is, I believe that the industry will stabilize shortly. So as we said, we are following very close the discussion. I think that that's a functionality of the industry, which is very good for everyone. It decreases the risk for lenders and it decreases the price of the credit to clients. So by the focus that the industry is putting on this, I think that it will be resolved shortly.

多明戈斯，這裡是蒂亞戈。感謝你的提問。所以兩件事。一是，我相信這個行業很快就會穩定下來。正如我們所說，我們正在密切關注討論。我認為這是行業的一個功能，對每個人都非常有利。它降低了貸方的風險，並降低了對客戶的信貸價格。因此，根據業界對此的關注，我認為它很快就會得到解決。

But to your question, we don't intend to have clean credit risk from our clients. So what we are doing is we are seeking for other collaterals and guarantees of the owner of the merchant. Personally, for example, if the owner has assets, we are seeking for guarantees that the real estate and other type of guarantees. We don't want to incur a clean credit risk. But in the end of the day, if the clients need a clean credit risk, we want to be the one accessing partnerships that can provide this to our clients without having this type of risk in our balance sheet.

但對於你的問題，我們不打算讓我們的客戶承擔乾淨的信用風險。所以我們正在做的是我們正在尋求商家所有者的其他抵押品和擔保。就個人而言，例如，如果所有者有資產，我們正在尋求房地產和其他類型擔保的擔保。我們不想承擔乾淨的信用風險。但歸根結底，如果客戶需要乾淨的信用風險，我們希望成為能夠為我們的客戶提供這種服務的合作夥伴，而不會在我們的資產負債表中出現此類風險。

So our strategy is to have a collateralized product in which we can offer good rates to our clients in the -- aligned with their cash flow and have a very controlled execution. So that we were -- that's the reason why we're surprised by the collateral leakage. We don't intend to have 2 credit risk in our company as of today.

因此，我們的策略是擁有一個抵押產品，我們可以在其中為我們的客戶提供良好的利率——與他們的現金流保持一致，並有一個非常可控的執行。所以我們 - 這就是我們對抵押品洩漏感到驚訝的原因。從今天起，我們公司不打算有 2 個信用風險。

Our next question comes from Neha Agarwala with HSBC.

我們的下一個問題來自匯豐銀行的 Neha Agarwala。

Again, on the registry receivables, thank you for the teach-in. It's very helpful to have that understanding. But this problem that you're having with the registry of receivables, it could have happened previously as well, right? I mean, before like last year, when you accelerated giving credit, at that point, we did not have the receivables operating. So why didn't we have this problem last year or earlier this year? Why is it happening now? Maybe I'm missing something here. And then I'll ask my next question.

再次，關於註冊應收賬款，感謝您的教導。有這樣的理解是非常有幫助的。但是你在應收賬款登記方面遇到的這個問題，以前也可能發生過，對吧？我的意思是，就像去年一樣，當你加速提供信貸時，那時我們沒有應收賬款業務。那麼，為什麼我們去年或今年早些時候沒有遇到這個問題呢？為什麼現在發生了？也許我在這裡遺漏了一些東西。然後我會問我的下一個問題。

Neha, Thiago here. So I think 2 factors, as we have disclosed. NPLs are increasing. So NPLs are not in the level of NPLs that we had in the past during 2020. So in fact, when you see ability to collect cash flows, it decreased a lot by what we have observed until now. In the other hand, in June 7, the new registry system begin to operate and the new regulation begin to operate. So our expectation was -- since we had the collateral set contractually with our clients, and we have the priorities in place, we have the lock of receivable in the old regulation, we were expecting that all players would be selling transaction in the right way, and then we would have the priority on the cash flow of the clients in the accounts that we have set in the registry system.

內哈，這裡是蒂亞戈。所以我認為有兩個因素，正如我們所披露的那樣。不良貸款在增加。因此，不良貸款沒有達到我們過去在 2020 年的不良貸款水平。因此，實際上，當您看到收回現金流量的能力時，它比我們迄今為止觀察到的情況下降了很多。另一方面，6月7日，新註冊系統開始運行，新規開始運行。所以我們的期望是——因為我們與客戶簽訂了合同設定抵押品，並且我們有優先級，我們在舊規定中鎖定了應收賬款，我們期望所有參與者都以正確的方式出售交易，然後我們將優先考慮我們在註冊系統中設置的帳戶中的客戶現金流。

So we're expecting to have access to collateral that it was given to us in the past. But because of any issues on one of other players, we would be able to access that collateral. And it didn't happen until now. So that was the big frustration we have in terms of expectations to recover the flows, and that's what we are following closely to see where the situation will land. We expect to have the priorities once all the situation stabilize and a big part of that cash flow come back to us. So we make -- we made a research and the vast majority of clients that we give credit, they are operating.

因此，我們期望能夠獲得過去提供給我們的抵押品。但是由於其他參與者之一的任何問題，我們將能夠訪問該抵押品。直到現在才發生。因此，就恢復流量的期望而言，這是我們遇到的最大挫折，而這正是我們正在密切關注的情況，以了解情況將在何處著陸。一旦所有情況都穩定下來並且大部分現金流返回給我們，我們希望優先考慮。所以我們做了——我們做了一項研究，我們相信絕大多數客戶都在運營。

So we can see the account receivables that they have with other players. We can make visits to them. The vast majority is live, is transacting, but the flows is not coming to the bank accounts that we have set, so we don't have the ability to access the collateral. So we expect that once the situation evolves, maybe we can access the collateral that we were expecting.

所以我們可以看到他們與其他玩家的應收賬款。我們可以拜訪他們。絕大多數是活的，正在交易，但流量沒有進入我們設置的銀行賬戶，所以我們無法獲得抵押品。因此，我們希望一旦情況發生變化，也許我們可以獲得我們期望的抵押品。

And was this problem seen with any other acquirers as well? Because we haven't heard that from other participants. So was it that was Stone was targeted by some of the other acquirers who are being aggressive in taking away your merchants, and that resulted in losses for you on the credit side? Or did you see this problem occur with other acquirers as well and other players as well in a similar manner as yours?

其他收購方是否也存在這個問題？因為我們還沒有從其他參與者那裡聽說過。那麼，是不是 Stone 成為其他一些收購方的目標，他們正在積極搶走您的商家，從而導致您在信貸方面蒙受損失？或者您是否看到其他收購方和其他參與者也以與您類似的方式出現了這個問題？

I think banks were impacted in the credit product, but I don't see many other acquiring players offering credit in the way that we do in Brazil. Our prepayment product is running smoothly. We have disclosed the numbers of the prepayment product for everybody to understand that the prepayment was not impacted. The only impact we had was in the credit product.

我認為銀行在信貸產品方面受到了影響，但我沒有看到許多其他收購方以我們在巴西的方式提供信貸。我們的預付費產品運行順利。我們已經公開了預付款產品的數量，以便大家了解預付款沒有受到影響。我們唯一的影響是信貸產品。

So yes, I see that banks were impacted for this, too. But when you compare to acquirers, I think that the outstanding balance we had and the operation we build is different than what other players did. That's why we were more impacted than others.

所以是的，我看到銀行也因此受到影響。但是當你與收購方進行比較時，我認為我們擁有的未結餘額和我們建立的運營與其他參與者所做的不同。這就是為什麼我們比其他人受到的影響更大。

Okay. Okay. Perfect. On the change in methodology that you implemented this quarter, so if I do the numbers for the previous quarters, you made about BRL 150 million, say, in the third quarter and fourth quarter of 2020, roundabout, that was the revenue from the credit. What would these numbers look like if -- under the new methodology? What I'm trying to understand is that once you start accelerating credit again, what would be the impact in the revenue recognition because of the new methodology?

好的。好的。完美的。關於你們本季度實施的方法變化，如果我計算前幾個季度的數字，你們賺了大約 1.5 億雷亞爾，比如說，在 2020 年第三季度和第四季度，迴旋處，這是信貸收入.如果採用新方法，這些數字會是什麼樣子？我想了解的是，一旦您再次開始加速信貸，新方法會對收入確認產生什麼影響？

Neha, Rafael here. So we have changed the accounting methodology for the new disbursements, so the contracts that we have until now in the portfolio that we are calling the legacy portfolio, this will continue to be accounted for at fair value methodology. So the accrual basis will be only for the new disbursements. And I think that the fair value methodology brings complexity and the volatility that is higher than the actual volatility and complexity of the operation. So that' one of the reasons why we decided to change the methodology, but again, this is only valid for the new disbursements. The portfolio that we had until June 30, this will still be accounted for at fair value method.

內哈，這裡是拉斐爾。因此，我們已經改變了新支出的會計方法，因此我們到目前為止在我們稱為遺留投資組合的投資組合中擁有的合同，將繼續以公允價值方法計算。因此，權責發生製將僅適用於新的支出。而且我認為公允價值方法帶來的複雜性和波動性高於操作的實際波動性和復雜性。所以這是我們決定改變方法的原因之一，但同樣，這只對新的支出有效。我們截至 6 月 30 日的投資組合，仍將按公允價值法入賬。

Okay. But I understand why you changed it. What I'm trying to estimate is that, obviously, now that the -- supposed any -- if you originated BRL 500 million during a quarter previously and your revenues were much higher during that quarter, now the revenues for the similar amount of origination is going to be much lower because of the new methodology. So could you quantify that a bit? How much could revenues from credit per quarter or year look like once you start giving credit again?

好的。但我明白你為什麼要改變它。我想估計的是，很明顯，現在 - 假設任何 - 如果你在前一個季度發起了 5 億雷亞爾並且你在那個季度的收入要高得多，那麼現在類似數量的發起收入由於採用了新的方法，將會低得多。那麼你能量化一下嗎？一旦您再次開始提供信貸，每季度或每年的信貸收入會是多少？

Yes, Neha. So I think that the rationale to calculate, for example, revenue on an accrual method is the average outstanding balance and the rates that you actually charge the client. When you look at the past, we did -- the accounting is the way we were doing, so we don't have that number for you. I think we can chat off-line. If you want, we can try to reconcile the numbers, and -- but I think that the accrual method is actually much simpler than the fair value methodology, which embeds the estimates of cash flows from clients, so on and so forth. So I think we can try to chat off-line so I can help you to reconcile those numbers.

是的，尼哈。因此，我認為計算的基本原理，例如，應計方法的收入是平均未清餘額和您實際向客戶收取的費率。當你回顧過去時，我們做了——會計是我們做事的方式，所以我們沒有那個數字給你。我想我們可以離線聊天。如果你願意，我們可以嘗試協調這些數字，而且——但我認為應計方法實際上比公允價值方法簡單得多，公允價值方法嵌入了來自客戶的現金流量估計，等等。所以我認為我們可以嘗試離線聊天，這樣我就可以幫助您核對這些數字。

Okay. Sure. Perfect. And with this methodology, would you be recording provisions separately in the cost line, I believe, or not -- or be netted against the revenues?

好的。當然。完美的。使用這種方法，您是否會在成本線中單獨記錄準備金，我相信，或者不會——或者從收入中扣除？

Yes. That's right, Neha. the provision will be separate in the cost line instead of netted in the revenue as it is in the fair value method.

是的。沒錯，涅哈。準備金將在成本項目中單獨列出，而不是像採用公允價值法那樣計入收入中。

Okay, perfect. And lastly, on the credit side, you said that you could also add as a marketplace in giving credit for the clients where you're not comfortable. So just wanted to clarify, would it be more like a marketplace where you're just getting a fee that is a percentage of the loan amount? Or would you have more like a partner bank model where you can split the profit on the loan?

好的，完美。最後，在信貸方面，您說您還可以添加一個市場，為您不滿意的客戶提供信貸。所以只是想澄清一下，它會更像是一個市場，你只需要按貸款金額的百分比收取費用嗎？或者您是否有更像合作夥伴銀行的模式，您可以在其中分享貸款利潤？

Neha, Thiago here. I think that the mindset is exactly what you just said. We want to have multiple partners in which we can rely to have the balance sheet and to offer the credit to our clients, and we want to split results with them. So -- but we are just analyzing what the best alignment with our partners. So I don't have too much to disclose now. I think the next quarter, we have more color about the way that we will operate with third parties.

內哈，這裡是蒂亞戈。我認為心態正是你剛才所說的。我們希望擁有多個合作夥伴，我們可以依靠這些合作夥伴擁有資產負債表並向我們的客戶提供信貸，我們希望與他們分享結果。所以 - 但我們只是在分析與我們的合作夥伴的最佳結盟。所以我現在沒有太多要透露的。我認為下個季度，我們對與第三方合作的方式有更多的了解。

And in terms of the reconciliation that you just asked, so taking into account that it's fair value, you have both revenues and costs and all the provisioning upfront. When we change to accrual basis, as we just said, we will book the provisioning upfront, and it will be on the cost line and then you will have the revenue coming over time as we accrue that. But we will give information to investors to understand what is this revenue going forward in terms of size of disbursement, rates. So it will be very easy to reconcile once we start to disburse under the new methodology.

就您剛才要求的對賬而言，考慮到它的公允價值，您既有收入也有成本，並且所有預付款都已準備就緒。當我們改為權責發生製時，正如我們剛才所說，我們將提前預訂準備金，它將在成本線上，然後隨著時間的推移，您將獲得收入。但我們將向投資者提供信息，以了解在支出規模、利率方面未來的收入情況。因此，一旦我們開始根據新方法進行支付，就可以很容易地進行核對。

And we will always have the old legacy products with fair value and the new credit product, and the new disbursements will be based on an accrual basis, and we reconcile to be very simple to understand. We can bring this in the next quarter for you, and we can chat off-line after the call to help you better understand.

我們將始終擁有具有公允價值的舊遺留產品和新的信貸產品，新的支出將基於權責發生製，我們協調起來非常簡單易懂。我們可以在下個季度為您帶來這個，我們可以在通話後進行線下聊天，以幫助您更好地了解。

Perfect. And I hope you will keep giving us some of these additional disclosures that you provided this quarter. It was very helpful in understanding the profitability of the credit and the prepayment business separately.

完美的。我希望您能繼續向我們提供您本季度提供的一些額外披露。對分別理解授信業務和預付款業務的盈利能力很有幫助。

Thank you, Neha. We will continue. Count on us.

謝謝你，尼哈。我們將繼續。指望我們。

There are no further questions at this time, so this will conclude the question-and-answer session. I will now turn over to your host for final considerations.

目前沒有其他問題，所以問答環節到此結束。我現在將交給你的東道主做最後的考慮。

Thank you. I just would like to say thank you very much for participating on our second quarter earnings call, and see you next quarter. Thank you very much.

謝謝。我只想說，非常感謝您參加我們第二季度的財報電話會議，下個季度見。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。