StoneCo Ltd (STNE) 2021 Q1 法說會逐字稿

Good evening, ladies and gentlemen, and thank you for standing by. Welcome to the StoneCo First 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 this call. All materials can be found at www.stoneco.co on the Investor Relations tab.

女士們先生們，晚上好，感謝你們的支持。歡迎來到 StoneCo 2021 年第一季度收益電話會議。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此次電話會議。所有材料均可在 www.stoneco.co 的“投資者關係”選項卡上找到。

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

在整個電話會議期間，公司將提供非 IFRS 財務信息，包括調整後的淨收入和調整後的自由現金流量。這些是公司的重要財務指標，但不是我們的財務指標被定義為 IFRS。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 -- excuse me, 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. Besides, we would like to remind you that the Linx acquisition is pending regulatory approval by the Brazilian Antitrust Authority, and management comments are based on only on publicly available information. Please refer to the forward-looking statements disclosure on the company's earnings press release.

最後，在我們開始正式發言之前——對不起，我想提醒大家今天的討論可能包括前瞻性陳述。這些前瞻性陳述並不是對未來業績的保證，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。此外，我們想提醒您，對 Linx 的收購正在等待巴西反壟斷局的監管批准，管理層的評論僅基於公開信息。請參閱公司財報新聞稿中披露的前瞻性陳述。

In addition, many of these risks are regarding business and disclosed in the company's Form 20-F filed with the Securities and Exchange Commission, which is available at www.sec.gov. Please note, this event is being recorded.

此外，其中許多風險與業務有關，並在公司向美國證券交易委員會提交的 20-F 表格中披露，該表格可在 www.sec.gov 上獲取。請注意，正在記錄此事件。

I would now like to turn the conference over to your host, Rafael Martins, Vice President of Finance and Investor Relations Officer at StoneCo. Please proceed, sir.

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，先生。

Thank you, operator, and good evening, everyone.

謝謝接線員，大家晚上好。

Joining us here today, we have Thiago Piau, our CEO; Lia Matos, our COO and Chief Strategy Officer; and Marcelo Baldin, our CFO.

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 operational and financial metrics for the first quarter 2021 results and discuss some trends that we are observing in the second quarter.

今天，我們將介紹 2021 年第一季度業績的運營和財務指標，並討論我們在第二季度觀察到的一些趨勢。

I will pass it over to Thiago so he can share with you the key messages regarding the quarter and future outlook. Thiago?

我會將其轉交給蒂亞戈，以便他可以與您分享有關本季度和未來展望的關鍵信息。蒂亞戈？

Thank you, Rafa, and good evening, everyone.

謝謝拉法，大家晚上好。

While Brazil faced a challenging situation with the second wave of COVID in the first quarter, we continue to work hard to stay close to our clients and bring to them the best service and solutions we envision. We monitored our clients' activity closely as well as how vaccinations and economic activity evolved in Brazil and in other countries. And based on our experience with lockdowns last year, recent client transactional data and learnings from the dynamics of countries that vaccines are widespread, we expect that once vaccination scales, which we expect in the second half of 2021, the economic recovery will be fast. And although delayed, looks like Brazil is moving in the right direction.

儘管巴西在第一季度面臨著第二波 COVID 的挑戰，但我們繼續努力工作以貼近客戶並為他們提供我們設想的最佳服務和解決方案。我們密切監控客戶的活動以及巴西和其他國家/地區的疫苗接種和經濟活動的發展情況。根據我們去年的封鎖經驗、最近的客戶交易數據以及從疫苗廣泛流行的國家動態中了解到的情況，我們預計一旦疫苗接種規模擴大（我們預計在 2021 年下半年），經濟復甦將很快。儘管延遲了，但看起來巴西正朝著正確的方向前進。

In order to be the fastest player when our economy comes back to normal levels, in the first quarter, we decided to increase investments in our operations. We have a high-quality and solid core business in terms of growth, profitability and cash flow generation that continues to scale both in client base and CPV while also increasing engagement of clients with new solutions. Our core SMB business presented strong growth metrics in the quarter and to date. As Lia will detail shortly, our active payment clients in grew 67% in the quarter versus last year, achieving 857,800 active clients. 257,000 clients are active in our digital accounts. And of those, 188,000 use it as their banking domicile, selling all their transactions in the Stone accounts.

為了在我們的經濟恢復正常水平時成為最快的參與者，在第一季度，我們決定增加對我們運營的投資。我們在增長、盈利能力和現金流產生方面擁有高質量和穩固的核心業務，這些業務在客戶群和 CPV 方面繼續擴大，同時也增加了客戶對新解決方案的參與度。我們的核心 SMB 業務在本季度和迄今為止呈現出強勁的增長指標。正如 Lia 稍後將詳述的那樣，本季度我們的活躍支付客戶與去年同期相比增長了 67%，達到 857,800 名活躍客戶。257,000 名客戶活躍在我們的數字賬戶中。其中，有 188,000 人使用它作為他們的銀行住所，出售他們在 Stone 賬戶中的所有交易。

Overall, SMB TPV grew 45% in the first quarter versus last year, with strong acceleration in the second quarter to date. TPV grew 121.6% in April, and 111.2% in May up to May 20. While April and May compared to weaker comps due to lockdowns in the second quarter of 2020, we still see strong growth acceleration when looking at a 2-year CAGR of 42.5% and 50.2% annual growth, respectively, in April and May to date.

總體而言，SMB TPV 第一季度與去年同期相比增長了 45%，第二季度迄今增長強勁。截至 5 月 20 日，冠捷 4 月份增長 121.6%，5 月份增長 111.2%。雖然 4 月和 5 月與 2020 年第二季度封鎖導致的疲軟相比，我們仍然看到強勁的增長加速，從 4 月和 5 月至今的 2 年復合年增長率分別為 42.5% 和 50.2% 來看。

In terms of revenue and profitability in our core SMB operation, our take rates decreased from 2.2% in the first quarter of '20 to 1.9% in the first quarter '21 due to additional provisions on our credit product caused by commerce restrictions. Excluding these effects, we believe our take rates would have been 2.22%. Even though we have experienced BRL 116 million impact in revenue reduction, our credit portfolio grew and remains healthy, reaching a risk-adjusted return net of funding cost between 1.5% and 1.9% on a monthly basis despite the short-term impact from COVID. We continue to evolve in our strategy to fund our product with third-party capital and thus limit our exposure to credit risk. We have recently concluded another issuance of FDIC, raising additionally BRL 340 million in third-party capital. In total, we have now available BRL 833 million in third-party funding to be disbursed in our credit operation.

就我們核心 SMB 業務的收入和盈利能力而言，由於商業限制導致我們的信貸產品增加準備金，我們的利率從 20 年第一季度的 2.2% 下降到 21 年第一季度的 1.9%。排除這些影響，我們認為我們的採納率為 2.22%。儘管我們經歷了 1.16 億雷亞爾的收入減少影響，但我們的信貸組合仍在增長並保持健康，儘管受到 COVID 的短期影響，但每月的風險調整後淨融資成本回報率在 1.5% 至 1.9% 之間。我們繼續發展我們的戰略，用第三方資本為我們的產品提供資金，從而限制我們的信用風險敞口。我們最近完成了另一筆 FDIC 發行，額外籌集了 3.4 億雷亞爾的第三方資本。總的來說，我們現在有 8.33 億雷亞爾的第三方資金可用於我們的信貸業務。

Regarding our vision and product evolution, we are building a complete financial operating system for SMB. In the past, we took the approach of building separate solutions as it was the best way to grow fast, learn about the market and gather client feedback. We have now decided to integrate our solution set. And we have already migrated approximately 70% of Stone SMB client base to our new platform.

關於我們的願景和產品演進，我們正在為SMB構建一個完整的金融操作系統。過去，我們採用構建單獨解決方案的方法，因為這是快速發展、了解市場和收集客戶反饋的最佳方式。我們現在決定整合我們的解決方案集。我們已經將大約 70% 的 Stone SMB 客戶群遷移到我們的新平台。

Regarding our software strategy, we will continue to invest in and acquire brick-and-mortar POS and ERP solutions built by great people and focused on strategic verticals where we have great chance of integrating our financial operating system and executing on the digitization of commerce in order to help our clients to sell online. The acquisition of Linx, which is still pending antitrust approval, is a big step towards our vision and will broaden our vertical coverage as well as expand our set of digital solution. With this acquisition, we will reach BRL 1.1 billion annualized pro forma revenue in software.

關於我們的軟件戰略，我們將繼續投資和收購由優秀人才構建的實體 POS 和 ERP 解決方案，並專注於我們有很大機會整合我們的金融操作系統和執行商業數字化的戰略垂直領域為了幫助我們的客戶在線銷售。收購 Linx 仍在等待反壟斷審批，這是我們朝著願景邁出的一大步，將擴大我們的垂直覆蓋範圍並擴展我們的數字解決方案集。通過此次收購，我們的軟件年預估收入將達到 11 億雷亞爾。

By executing both on the Stone SMB core business and our software strategy, we believe that we will be in a much stronger position to capture the evolution of the approximately BRL 4.7 trillion GMV of household consumption. We seek to be the player the best help our merchants to do business and reach consumers. To that extent, our investment in Banco Inter and the commercial partnerships we are building will be very accretive in terms of learning and new experiences.

通過執行 Stone SMB 核心業務和我們的軟件戰略，我們相信我們將處於更有利的地位，以捕捉約 4.7 萬億雷亞爾家庭消費 GMV 的演變。我們力求成為最能幫助我們的商家開展業務和吸引消費者的參與者。就此而言，我們對 Banco Inter 的投資以及我們正在建立的商業合作夥伴關係將在學習和新經驗方面產生巨大的增長。

We are very confident in the growth of our card business and excited with the opportunities ahead. We will work hard as protagonist in the financial and commerce revolution of our country, finding the best people we can and serving our clients with maximum care and devotion.

我們對卡業務的增長充滿信心，並對未來的機遇感到興奮。我們將作為我國金融和商業革命的主角努力工作，盡我們所能尋找最優秀的人才，並以最大的關懷和奉獻精神為我們的客戶服務。

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 good evening, everyone. Thanks for joining us today.

謝謝你，蒂亞戈，大家晚上好。感謝您今天加入我們。

I want to start our presentation on Page 3 by highlighting that Brazil went through a second wave of COVID in the first quarter of '21, which imposed commerce restrictions in several cities throughout the country. Those restrictions were felt by our clients with average TPV reaching a low in the end of March. But similar to the behavior we saw in the comeback from the first lockdown in 2020, we already observed significant and quick recovery with average TPV in May, achieving levels above January 2021. As Thiago mentioned, we expect that once vaccination scale, the economic recovery of the country will be fast.

我想在第 3 頁開始我們的演講，強調巴西在 21 世紀第一季度經歷了第二波 COVID 浪潮，該浪潮在全國多個城市實施了商業限制。我們的客戶感受到了這些限制，平均 TPV 在 3 月底達到低點。但與我們在 2020 年第一次封鎖後復蘇時看到的行為類似，我們已經觀察到 5 月份平均 TPV 出現了顯著且快速的複蘇，達到了 2021 年 1 月以上的水平。正如蒂亞戈所說，我們預計一旦疫苗接種規模擴大，該國的經濟復甦將很快。

In Page 4, we show our decision to increase investments in the growth of our business. We want to be ready to accelerate growth when our economy comes back to normal levels. Indeed, when we compare to the previous quarter, we increased our sales team headcount by 24% and our marketing investments by 33% to ramp up our distribution capacity. We expanded tech headcount by 20% to further drive the evolution of our platform and solutions. And we increased our customer service and logistics teams by 32% to continue to bring the best service to our clients as our operation continues to scale.

在第 4 頁中，我們展示了增加對業務增長的投資的決定。我們希望在經濟恢復正常水平時做好加速增長的準備。事實上，與上一季度相比，我們的銷售團隊人數增加了 24%，營銷投資增加了 33%，以提高我們的分銷能力。我們將技術人員人數增加了 20%，以進一步推動我們平台和解決方案的發展。我們將客戶服務和物流團隊增加了 32%，以便在我們的業務不斷擴大的同時繼續為我們的客戶提供最好的服務。

In Page 5, I want to highlight the performance of our SMB business. From now on, when we refer to SMBs, we are referring to our brick-and-mortar SMBs, SMBs that sell on life to agri and TON, our micro merchant solution. We continue expanding our SMB client base, which has increased 67% year-over-year reaching close to 858,000 clients in the first quarter of 2021 with quarterly net addition of clients of 138,000. From those, over 62,000 are coming from online and offline SMBs and close to 77,000 are coming from TON, a strong acceleration when compared to last year.

在第 5 頁，我想強調我們 SMB 業務的表現。從現在開始，當我們提到 SMB 時，我們指的是我們的實體 SMB，將生命賣給農業和 TON 的 SMB，我們的微商解決方案。我們繼續擴大我們的 SMB 客戶群，該客戶群同比增長 67%，在 2021 年第一季度達到近 858,000 名客戶，每季度淨增客戶 138,000 名。其中，超過 62,000 人來自線上和線下 SMB，近 77,000 人來自 TON，與去年相比增長強勁。

With the strong growth in TON, we are excited with the opportunity to become a relevant player in the micro merchant space. The number of open digital banking accounts increased to over 658,000, 30% higher than the previous quarter and 5.4x higher than the first quarter of 2020. Clients with an active digital banking account reached more than 237,000 demonstrating an increasing level of engagement. From now on, we will only disclose the number of active accounts.

隨著 TON 的強勁增長，我們很高興有機會成為微商領域的相關參與者。開設的數字銀行賬戶數量增加到超過 658,000 個，比上一季度增長 30%，比 2020 年第一季度增長 5.4 倍。擁有活躍數字銀行賬戶的客戶超過 237,000，表明參與度不斷提高。從現在開始，我們只會披露活躍賬戶的數量。

Also, within these accounts, more than 188,000 clients are already using Stone as their main settlement accounts. The number of clients using our working capital solutions also grew significantly. The number of clients using credit increased threefold year-over-year reaching more than 102,000 in the first quarter of 2021 and the percentage of clients with prepayments grew from 62% in the first quarter 2020 to 67% this quarter, a 5 percentage points increase.

此外，在這些賬戶中，已有超過 188,000 名客戶使用 Stone 作為他們的主要結算賬戶。使用我們營運資金解決方案的客戶數量也顯著增加。使用信貸的客戶數量同比增長三倍，在 2021 年第一季度達到 102,000 多個，提前還款的客戶比例從 2020 年第一季度的 62% 上升到本季度的 67%，增加了 5 個百分點.

Moving over to Page 6. We show the TPV evolution of our SMB operation, which grew 45% year-over-year in the first quarter and has accelerated to 122% in April and 111% in May up to the 20th of the month. Looking at a 2-year CAGR to normalize the effect from weaker April and May in 2020, we see our SMB clients TPV accelerating growth in May to over 50% 2-year CAGR, even with the impact of COVID in 2020 and 2021.

轉到第 6 頁。我們展示了 SMB 業務的 TPV 演變，該業務在第一季度同比增長 45%，並在 4 月加速至 122%，在 5 月加速至 111%，直至當月 20 日。從 2 年的複合年增長率來看，以將 2020 年 4 月和 5 月疲軟的影響正常化，我們看到我們的 SMB 客戶 TPV 在 5 月加速增長，達到 50% 以上的 2 年復合年增長率，即使在 2020 年和 2021 年受到 COVID 的影響。

In Page 7, we highlight the performance of our credit operation in the quarter. Our take rates decreased as a result of an increase in our credit provisions and financial incentives to clients due to commerce restrictions imposed by COVID second wave. This measure brought a negative impact in our results of BRL 116 million or 35 basis points in the SMB take rates. With that, our take rates in SMBs decreased from 2.2% in the first quarter of 2020 to 1.87% in the first quarter 2021. If we were to exclude these effects, we believe our take rates would have been 2.22%.

在第 7 頁中，我們重點介紹了本季度信貸業務的表現。由於 COVID 第二波實施的商業限制，我們增加了信貸準備金和對客戶的財務激勵，因此我們的收入率有所下降。這項措施對我們的結果產生了 1.16 億雷亞爾或 SMB 利率降低 35 個基點的負面影響。因此，我們對中小企業的接受率從 2020 年第一季度的 2.2% 下降到 2021 年第一季度的 1.87%。如果我們排除這些影響，我們認為我們的採納率為 2.22%。

Even though we have experienced this impact, our credit portfolio has grown and remains healthy, with monthly returns between 2.1% and 2.5% or between 1.5% and 1.9% when we already discount the funding costs. The total credit portfolio grew from BRL 1.5 billion in the fourth quarter of 2020 to BRL 1.9 billion in the first quarter of 2021.

儘管我們經歷了這種影響，但我們的信貸組合已經增長並保持健康，每月回報率在 2.1% 到 2.5% 之間，或者在我們已經貼現融資成本的情況下，月回報率在 1.5% 到 1.9% 之間。信貸組合總額從 2020 年第四季度的 15 億雷亞爾增加到 2021 年第一季度的 19 億雷亞爾。

We continue to evolve in our strategy to fund our products with third-party capital and thus limit our exposure to credit risk. As of the second quarter 2021, we have concluded another issuance of FIDC, raising an additional BRL 340 million in third-party capital. We now have a total of BRL 833 million available in funding to be disbursed in our credit operation. This second FIDC was raised at a cost of CDI plus 3.76% versus CDI plus 4.88% in the first issuance, lowering our marginal cost of funds by 112 basis points.

我們繼續發展我們的戰略，用第三方資本為我們的產品提供資金，從而限制我們的信用風險敞口。截至 2021 年第二季度，我們完成了另一筆 FIDC 的發行，額外籌集了 3.4 億雷亞爾的第三方資本。我們現在總共有 8.33 億巴西雷亞爾的資金可用於我們的信貸業務。第二個 FIDC 的發行成本為 CDI 加 3.76%，而第一次發行的成本為 CDI 加 4.88%，將我們的邊際資金成本降低了 112 個基點。

As we show on Page 8, the traction and engagement of our EDC platform continues to increase. The heavy users of the platform, defined as clients being active in payments, credit and banking products reached 7.7% of the total in the first quarter of '21 compared to 5.3% in the previous quarter and only 0.4% 1 year ago. Also, we saw more clients being active in at least 2 financial solutions with the number growing from 34% in the fourth quarter to 41% in the first quarter of 2021.

正如我們在第 8 頁所示，我們的 EDC 平台的牽引力和參與度持續增加。該平台的重度用戶，即活躍於支付、信貸和銀行產品的客戶，在 2021 年第一季度佔總數的 7.7%，而上一季度為 5.3%，一年前僅為 0.4%。此外，我們看到更多客戶在至少兩種金融解決方案中表現活躍，這一數字從第四季度的 34% 增長到 2021 年第一季度的 41%。

On Page 9, we discuss our vision and product evolution. As Thiago mentioned, we're building a complete financial operating system for SMB online and offline. We have gotten to where we are today, by developing different solution sets to help our SMB clients with their financial needs. We built the ABC platform to help brick-and-mortar SMBs with an integrated payments, banking and working capital offering. This was an important step to drive the activation of new financial solutions beyond payments. We have already migrated approximately 70% of the SMB client base to this new platform and continue to see increased engagement. At the same time, we have enabled SMB clients to sell online through our Pagar.me platform. More recently, we launched our TON solution for micro merchants. And we have also acquired additional solutions to help our clients with value-added services, such as reconciliation and loyalty.

在第 9 頁，我們討論了我們的願景和產品演變。正如 Thiago 提到的，我們正在為 SMB 在線和離線構建一個完整的金融操作系統。通過開發不同的解決方案集來幫助我們的 SMB 客戶滿足他們的財務需求，我們已經取得了今天的成就。我們構建了 ABC 平台，以幫助實體中小企業提供集成的支付、銀行業務和營運資金服務。這是推動激活支付以外的新金融解決方案的重要一步。我們已經將大約 70% 的 SMB 客戶群遷移到這個新平台，並繼續看到更多的參與。同時，我們讓 SMB 客戶能夠通過我們的 Pagar.me 平台進行在線銷售。最近，我們為微商推出了 TON 解決方案。我們還獲得了額外的解決方案來幫助我們的客戶提供增值服務，例如對賬和忠誠度。

As we have increased scale in those solutions, looking ahead, we have taken the challenge to integrate Pagar.me SMB and TON product into the unified experience of the ABC platform. As shown on this page, I want to highlight the elements of this platform in 4 feature sets: money in, in which we enable our clients to collect money from their sales and cards and other noncash payment methods, such as fixed wire transfers, boletos and vouchers. We're evolving to enable reconciliation of all payment methods and providers as well as online sales with risk management and chargeback disputes.

隨著我們擴大這些解決方案的規模，展望未來，我們接受了將 Pagar.me SMB 和 TON 產品集成到 ABC 平台的統一體驗中的挑戰。如本頁所示，我想在 4 個功能集中強調該平台的元素： money in，我們使我們的客戶能夠從他們的銷售和卡以及其他非現金支付方式中收款，例如固定電匯、boletos和代金券。我們正在不斷發展，以實現所有支付方式和供應商以及在線銷售與風險管理和拒付糾紛的對賬。

One of the most mission-critical needs of our clients is working capital, and we address those needs, both through prepayment and loans. Once our clients cash in their sales using our platform and can take working capital solutions to help them grow their business, we want to help them with a complete set of money-out features, such as build, tax and boleto payments, wire transfers, peaks and card to pay other business-related expenses and with broadcast. We are working hard to launch our payroll feature, so our clients can pay their employees in a simple way. As our solution evolves, we will offer value-added services integrated to our core platform, such as loyalty and CRM.

營運資金是我們客戶最關鍵的任務需求之一，我們通過預付款和貸款來滿足這些需求。一旦我們的客戶使用我們的平台兌現他們的銷售額並且可以採用營運資金解決方案來幫助他們發展業務，我們希望通過一整套的資金支付功能幫助他們，例如構建、稅收和 Boleto 支付、電匯、峰和卡支付其他與轉播業務相關的費用。我們正在努力推出我們的工資單功能，以便我們的客戶能夠以一種簡單的方式向他們的員工支付工資。隨著我們解決方案的發展，我們將提供集成到我們核心平台的增值服務，例如忠誠度和 CRM。

Now I want to show you some metrics to illustrate the evolution of these fronts. In Page 10 and 11, we show engagement metrics of the current users of the platform. While our TPV grew 45% when compared to the previous year, banking money and volumes, which include mainly Ted, PIX and boletos, grew 4.6 fold year-over-year to BRL 2.6 billion. Finally, our total account balance grew 5 times, reaching nearly BRL 614 million in the quarter.

現在我想向您展示一些指標來說明這些前沿的演變。在第 10 頁和第 11 頁，我們展示了平台當前用戶的參與度指標。雖然我們的 TPV 與上一年相比增長了 45%，但主要包括 Ted、PIX 和 Boletos 的銀行資金和交易量同比增長了 4.6 倍，達到 26 億雷亞爾。最後，我們的總賬戶餘額增長了 5 倍，本季度達到近 6.14 億雷亞爾。

In money out, prepaid card TPV grew close to 5x year-over-year, reaching nearly BRL 290 million in the first quarter, driven by increasing penetration and adoption of cards within our overall client base. Banking money out volumes composed by best fixed boleto payments, grew 5.7x year-over-year, reaching close to BRL 9 billion in the first quarter.

在資金流出方面，預付卡 TPV 同比增長近 5 倍，第一季度達到近 2.9 億巴西雷亞爾，這主要得益於卡在我們整體客戶群中的滲透率和採用率不斷提高。由最佳固定 Boleto 支付組成的銀行資金流出量同比增長 5.7 倍，第一季度達到接近 90 億雷亞爾。

Our working capital solutions also continue to scale with credit portfolio increasing to BRL 1.9 billion. While we increase the percentage of the portfolio being funded with third-party capital, up from 4% in the fourth quarter 2020 to 17% in the first quarter 2021, as I already mentioned. As of today, we have BRL 833 million in third-party funding for our credit solutions. Additionally, in prepayments, we were able to grow the total prepaid volume in the segment by 38% year-over-year fulfilling all our clients' working capital needs during this challenging environment.

隨著信貸組合增加到 19 億雷亞爾，我們的營運資金解決方案也繼續擴大規模。正如我已經提到的，我們增加了由第三方資本資助的投資組合的百分比，從 2020 年第四季度的 4% 增加到 2021 年第一季度的 17%。截至今天，我們的信貸解決方案已獲得 8.33 億雷亞爾的第三方資金。此外，在預付款方面，我們能夠在這個充滿挑戰的環境中滿足所有客戶的營運資金需求，使該部門的預付款總額同比增長 38%。

Moving on to Pages 12 and 13. We show how our vision and software has evolved. Back in the second quarter of 2019, we communicated our vision to investors. And since then, we have taken several steps in the direction of helping merchants of all sizes with their work phone tools to drive their digitization and grow. As Thiago already mentioned, we have taken the approach to invest in and acquire POS and ERP software businesses with 2 main opportunities for value creation: number one, to upsell financial services; and number two, select segments where we could help drive the digitization of commerce.

轉到第 12 和 13 頁。我們展示了我們的願景和軟件是如何演變的。早在 2019 年第二季度，我們就向投資者傳達了我們的願景。從那時起，我們已經採取了幾個步驟來幫助各種規模的商家使用他們的工作電話工具來推動他們的數字化和發展。正如 Thiago 已經提到的，我們已經採取了投資和收購 POS 和 ERP 軟件業務的方法，其中有兩個主要的價值創造機會：第一，追加銷售金融服務；第二，選擇我們可以幫助推動商業數字化的細分市場。

The acquisition of Linx, which is still pending antitrust approval, is a big step in achieving our vision and will broaden our vertical strategy as well as expand our set of digital solutions.

收購 Linx 仍在等待反壟斷審批，這是實現我們願景的一大步，將拓寬我們的垂直戰略並擴展我們的數字解決方案集。

On Page 13, we highlight where we are in the evolution of our vision and how the Linx acquisition will enhance our software ecosystem. In POS and ERP solutions, our current ecosystem covers retail, food and service verticals for SMBs. With Linx, we will expand to new verticals, such as fashion, pharma and gas stations and gain strength in mid-large clients. Our strategy will continue to be driven by expanding presence in strategic verticals through M&A and continuing to support organic growth within each vertical. Additionally, with Linx, we will enhance our presence in digital by helping large brick-and-mortar merchants to go omnichannel through Linx as OMS as well as SMB and mid large retailers to sell directly to their consumers through e-commerce platform marketplace gateway and food delivery apps.

在第 13 頁，我們強調了我們在願景演變中所處的位置，以及收購 Linx 將如何增強我們的軟件生態系統。在 POS 和 ERP 解決方案中，我們當前的生態系統涵蓋面向 SMB 的零售、食品和服務垂直領域。借助 Linx，我們將擴展到新的垂直領域，例如時尚、製藥和加油站，並在大中型客戶中獲得優勢。我們的戰略將繼續通過併購擴大戰略垂直領域的存在並繼續支持每個垂直領域的有機增長來推動。此外，借助 Linx，我們將通過幫助大型實體商家通過 Linx 作為 OMS 進入全渠道，以及 SMB 和中大型零售商通過電子商務平台市場網關直接向消費者銷售產品，從而增強我們在數字領域的影響力。送餐應用程序。

We help our clients engage with social media and with Linx simple products, we will expand the offering of engagement tools and help merchants better attract and engage with new consumers.

我們幫助我們的客戶參與社交媒體和 Linx simple 產品，我們將擴大參與工具的範圍，幫助商家更好地吸引新消費者並與之互動。

Moving to Page 14. We bring some numbers that show our evolution in software. Our pro forma revenue reached BRL 55.2 million in the first quarter of 2021 with organic growth of 43% year-over-year. If we include numbers from Linx, pro forma revenue would have reached BRL 285.8 million, growing 16% year-over-year. In annualized terms, our combined revenue would have reached over BRL 1.1 billion.

移至第 14 頁。我們帶來了一些數字來顯示我們在軟件方面的發展。2021 年第一季度，我們的預估收入達到 5520 萬雷亞爾，同比有機增長 43%。如果我們包括 Linx 的數據，預計收入將達到 2.858 億雷亞爾，同比增長 16%。按年化計算，我們的合併收入將超過 11 億雷亞爾。

From this quarter onwards, we decided to exclude from our reported numbers of subscribed software clients the SMB clients using our reconciliation and loyalty tools since those solutions are being integrated in the ABC platform and will be treated as value-added services. With that, we have reached 133,000 clients in the first quarter of 2021. Combined with Linx, total client figures would have reached 202,000 in the quarter.

從本季度開始，我們決定從報告的訂閱軟件客戶數量中排除使用我們的對賬和忠誠度工具的 SMB 客戶，因為這些解決方案已集成到 ABC 平台中，並將被視為增值服務。至此，我們在 2021 年第一季度已經達到了 133,000 名客戶。加上 Linx，本季度客戶總數將達到 202,000。

On Pages 15 and 16, we bring the evolution of our client base and pro forma revenue by segment. But from those, I would like to highlight two important data points. First, we reached BRL 174.7 million pro forma revenues in POS and ERP solutions with 47,900 clients and SMBs. And second, we reached BRL 1.6 billion in GMV in digital solutions, considering both e-commerce platform, OMS and food delivery apps.

在第 15 和 16 頁，我們按細分市場介紹了客戶群的演變和預計收入。但從這些中，我想強調兩個重要的數據點。首先，我們在 POS 和 ERP 解決方案方面的預估收入達到 1.747 億雷亞爾，擁有 47,900 名客戶和中小企業。其次，考慮到電子商務平台、OMS 和食品配送應用程序，我們在數字解決方案中的 GMV 達到了 16 億雷亞爾。

Finally, we seek to be the player that can best help our merchants to do business enrich consumers. Our investment in Banco Inter, that we discussed on Page 17, and the commercial partnerships that we intend to build with them will be an important step in that direction. For those not familiar with Banco Inter, it is a leading digital bank in Brazil with a growing 10 million active client base and a complete suite of products and services to individuals, including banking, marketplace, credit insurance and investments. We're investing up to BRL 2.5 billion for a maximum of 4.99% stake in Inter.

最後，我們尋求成為最能幫助我們的商家開展業務豐富消費者的參與者。我們在第 17 頁討論過的對 Banco Inter 的投資，以及我們打算與他們建立的商業夥伴關係，將是朝著這個方向邁出的重要一步。對於那些不熟悉 Banco Inter 的人來說，它是巴西領先的數字銀行，擁有不斷增長的 1000 萬活躍客戶群和一整套面向個人的產品和服務，包括銀行、市場、信用保險和投資。我們將投資高達 25 億巴西雷亞爾以獲得國際米蘭最多 4.99% 的股份。

Also, we will have a seat on their Board, and we will be entitled with the right of fresh refusal for a period of 6 years and according to certain price thresholds in case of change of control. We have already engaged with Inter team regarding commercial partnerships such as to connect Stone merchants to intershop their fast-growing marketplace, driving the digitization of strong merchant base and providing a multichannel journey for intershop consumers to enable a seamless mobile payment experience between inter consumers and store merchants, both online and off-line. And to leverage interest funding capabilities to increase efficiency in Stone's working capital solutions as well as give into our clients access to new investment opportunities in fixed income through the offering of FIDC.

此外，我們將在他們的董事會中佔有一席之地，並且在控制權發生變化的情況下，我們將有權在 6 年內根據某些價格門檻重新獲得拒絕權。我們已經與 Inter 團隊就商業合作夥伴關係進行了接觸，例如將 Stone 商家連接到他們快速增長的市場進行 intershop，推動強大商戶基礎的數字化，並為 intershop 消費者提供多渠道旅程，以實現消費者之間的無縫移動支付體驗和在線和離線商店商家。並利用利息融資能力提高 Stone 營運資金解決方案的效率，並通過提供 FIDC 為我們的客戶提供固定收益方面的新投資機會。

We're excited to work closely with Inter's team to drive the conversion to its consumers and stones merchants, and we will update you in the future about advancements in our commercial partnerships.

我們很高興與 Inter 的團隊密切合作，以推動其消費者和寶石商的轉化，我們將在未來向您介紹我們商業合作夥伴關係的最新進展。

Lastly, on Page 18, I want to give a quick update on Programme Key Accounts, our Fintech as a Service business. We continue to see short-term headwinds in TPV and revenues and expect this trend to continue in the short term. That said, we want to highlight that this is a more volatile business. And that the representativeness to our earnings is very small despite being more relevant in TPV. Although we will continue to evolve programming key account offering to a broader set of features such as banking as a service and credit as a service. Pagar.me focus will be inclined towards digital native SMBs and the integration with the ABC platform.

最後，在第 18 頁，我想快速更新一下我們的金融科技即服務業務 Program Key Accounts。我們繼續看到 TPV 和收入的短期逆風，並預計這種趨勢將在短期內持續。也就是說，我們想強調這是一個更不穩定的業務。儘管在 TPV 中更相關，但對我們收益的代表性非常小。儘管我們將繼續將編程大客戶服務發展到更廣泛的功能集，例如銀行即服務和信貸即服務。Pagar.me 的重點將傾向於數字原生 SMB 以及與 ABC 平台的集成。

In the first quarter of 2021, TPV increased by 21% to BRL 18.2 billion. In the second quarter to date up to May 20, TPV has increased by 26% year-over-year. Take rates have decreased from 1.1% in the first quarter of 2020 to 0.8% in the first quarter of 2021, a decrease of 30 basis points, mainly a result of lower prepayment rates, which were impacted by lower CDI rates in Brazil. Take rate net of funding cost has decreased from 0.55% in the first quarter of 2020 to 0.45% in the first quarter of 2021, a decrease of 10 basis points.

2021 年第一季度，冠捷銷售額增長 21% 至 182 億雷亞爾。在截至 5 月 20 日的第二季度，冠捷科技同比增長 26%。利率從 2020 年第一季度的 1.1% 下降到 2021 年第一季度的 0.8%，下降了 30 個基點，這主要是受巴西較低的 CDI 利率影響，預付利率較低的結果。扣除融資成本後的利率從 2020 年第一季度的 0.55% 下降到 2021 年第一季度的 0.45%，下降了 10 個基點。

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。

Starting on Page 19. We show that, as we have said, given the volatility in commerce activity as a result of the pandemic, we have decided to increase provisions for expected losses, which, together with financial incentives to our clients, has impacted negatively our consolidated revenue in the first quarter of 2021 by almost BRL 116 million and our adjusted net margins by 5.2 percentage points.

從第 19 頁開始。我們表明，正如我們所說，鑑於大流行導致商業活動的波動，我們已決定增加預期損失準備金，這與對客戶的財務激勵措施一起，對我們的綜合收入產生了負面影響2021 年第一季度增長近 1.16 億雷亞爾，調整後的淨利潤率增長 5.2 個百分點。

Our consolidated take rate, ex Coronavoucher, decreased from 1.81% in the first quarter of 2020 to 1.63% in the first quarter of 2021 with a 23 basis points negative impact from the effect I just mentioned. This was a similar level of take rate compared to last quarter when we reported a 1.64% take rate, ex Coronavoucher. Total revenue and income grew from BRL 716.8 million in the first quarter of 2020 to BRL 867.7 million in the first quarter of 2021, a 21% increase year-over-year.

我們的綜合接受率（不包括 Coronavoucher）從 2020 年第一季度的 1.81% 下降到 2021 年第一季度的 1.63%，我剛才提到的影響帶來了 23 個基點的負面影響。與上一季度我們報告的 1.64% 的採納率（前 Coronavoucher）相比，這一採納率水平相似。總收入和收入從 2020 年第一季度的 7.168 億巴西雷亞爾增長到 2021 年第一季度的 8.677 億巴西雷亞爾，同比增長 21%。

In terms of margins, we had a 21.6% adjusted net margin this quarter. We are already seeing much better trends for our top line in the second quarter, as indicated by Lia before.

就利潤率而言，本季度我們的調整後淨利潤率為 21.6%。正如 Lia 之前所指出的，我們已經看到第二季度我們的收入趨勢要好得多。

Moving to Slide 20. We show the evolution of the number of active payment clients, TPV and revenue. Despite the COVID impacts, our payment client base grew by 34.5% when compared to the first quarter 2020 reaching 722,300 clients excluding TON. TON has reached 19,300 active clients, posting a record net adds in the quarter of 76,600 clients.

移動到幻燈片 20。我們展示了活躍支付客戶數量、冠捷和收入的演變。儘管受到 COVID 的影響，但與 2020 年第一季度相比，我們的支付客戶群增長了 34.5%，達到 722,300 名客戶（不包括 TON）。TON 已達到 19,300 名活躍客戶，本季度淨增 76,600 名客戶，創下歷史新高。

Our consolidated TPV grew by 35.5% in the first quarter 2021 for the second quarter due to the strong performance in the first months of that period and easier comps. We expect a significant acceleration in the TPV growth.

我們合併的 TPV 在 2021 年第一季度和第二季度增長了 35.5%，這是由於該時期前幾個月的強勁表現和更輕鬆的競爭。我們預計冠捷的增長將顯著加速。

On Slide 21, we discuss our operating leverage and profitability. Our operating leverage was impacted by lower revenue due to the increase of credit provisions and financial incentives to clients, headwinds from COVID-19 in our volumes, and as Thiago mentioned, our decision to keep investing in our business, aiming to accelerate growth. Also, financial expenses increased as a percentage of total revenue and income due to the combination of a higher base rate in the country mark-to-market from short-term investments and the revenue impacts that I just mentioned. With that, our adjusted net margin was 21.6%, roughly in line with the first quarter of 2020.

在幻燈片 21 上，我們討論了我們的經營槓桿和盈利能力。我們的經營槓桿受到收入下降的影響，原因是信貸撥備和對客戶的財務激勵措施增加，COVID-19 對我們的業務造成不利影響，而且正如 Thiago 提到的，我們決定繼續投資我們的業務，以加速增長。此外，由於短期投資在該國按市值計價的基準利率較高以及我剛才提到的收入影響，財務費用佔總收入和收入的百分比有所增加。因此，我們調整後的淨利潤率為 21.6%，與 2020 年第一季度大致持平。

Now going over in more detail on each P&L line item on Page 22. We see that we had stronger growth in our revenue from transaction activities, which grew 40% year-on-year and also in subscription services and equipment rental, which grew 50% year-over-year. Both lines presented higher year-over-year growth than we saw last year in the first quarter of 2020. Our financial income revenue line grew 2.6% year-over-year, mainly due to the higher provisions in our credit business and declines in prepayment rates in Pagar.me key accounts, which were influenced by lower CDI rates in Brazil.

現在更詳細地介紹第 22 頁上的每個 P&L 行項目。我們看到我們的交易活動收入增長強勁，同比增長 40%，訂閱服務和設備租賃收入也同比增長 50%。這兩條線的同比增長都高於我們去年在 2020 年第一季度看到的增長。我們的財務收入收入線同比增長 2.6%，這主要是由於我們的信貸業務準備金增加以及 Pagar.me 主要客戶的預付款率下降，這是受巴西 CDI 利率較低的影響。

Our cost of services reached BRL 239.7 million or 27.6% of total revenue and income, an increase of 6.7 percentage points over the first quarter of 2020. This increase was mainly due to higher investments in our technology and customer support teams, costs associated to our software solutions, higher data center costs to support our operation and the increase in the unit cost of chargebacks.

我們的服務成本達到 2.397 億雷亞爾，佔總收入的 27.6%，比 2020 年第一季度增長 6.7 個百分點。這一增長主要是由於對我們的技術和客戶支持團隊的投資增加、與我們的軟件解決方案相關的成本、支持我們運營的數據中心成本增加以及退款單位成本的增加。

When compared to the previous quarter, cost of services as a percentage of revenue increased 6.3 percentage points, primarily because of operational deleverage from lower revenue, higher investments in new solutions, brand fees related to the increase in the unit cost of chargebacks, higher POS depreciation, mainly in TON as a result of significant increase in its client base and higher investments in our customer support team. Administrative expenses were BRL 117.6 million or 13.6% of total revenue and income, 3.2 percentage points higher than the prior year period mainly due to the expenses associated with our software solutions. When compared to the previous quarter, administrative expenses increased from 12.2% of total revenue and income to 13.6%, mainly due to lower revenue.

與上一季度相比，服務成本佔收入的百分比增加了 6.3 個百分點，這主要是由於收入減少導致運營去槓桿化、對新解決方案的投資增加、與拒付單位成本增加相關的品牌費用、更高的 POS折舊，主要是由於其客戶群的顯著增加以及對我們的客戶支持團隊的更多投資而導致的 TON。管理費用為 1.176 億雷亞爾，佔總收入和收入的 13.6%，比上年同期高出 3.2 個百分點，這主要是由於與我們的軟件解決方案相關的費用。與上一季度相比，管理費用佔總收入和收入的比例從 12.2% 增加到 13.6%，這主要是由於收入下降。

Selling expenses were BRL 162.8 million for the quarter or 18.8% of revenue, 3.2 percentage points higher than in the prior year period, mostly explained by higher marketing investments, mainly in TON. Compared to previous quarter, it increased 4.8 percentage points as a percentage of revenue, mostly explained by the lower revenue, the increase in our sales force headcount and higher marketing expenses.

本季度銷售費用為 1.628 億雷亞爾，佔收入的 18.8%，比去年同期高 3.2 個百分點，主要原因是營銷投資增加，主要是 TON。與上一季度相比，它佔收入的百分比增加了 4.8 個百分點，這主要是由於收入減少、銷售人員人數增加和營銷費用增加所致。

Financial expenses were BRL 92.5 million, a decrease of 37.7% compared to the prior year, mainly explained by lower cost of funds driven by both the lower base rate and higher use of own cash to fund the prepayment operation, which more than compensated the higher volumes in the quarter. When compared to the previous quarter, financial expenses as a percentage of total revenue and income increased from 6.4% to 10.7%, mainly explained by lower revenue and higher cost of funds explained by the higher Brazilian base interest rate.

財務費用為 9250 萬雷亞爾，比上年下降 37.7%，這主要是由於較低的基準利率和更多使用自有現金為預付款業務提供資金所導致的資金成本降低，這足以補償較高的費用本季度的銷量。與上一季度相比，財務費用佔總收入和收入的百分比從 6.4% 上升到 10.7%，這主要是由於巴西基準利率較高導致收入較低和資金成本較高。

Other operating expenses were BRL 41.5 million in the quarter compared to BRL 3.5 million in the first quarter of 2020. This difference is mainly related to unusually low share-based expense in the first quarter of 2020 related to lower tax and social charges provisions due to high depreciation of shares in that quarter and fair value adjustments of call options related to affiliates, labor contingencies and tax claims, which together impacted other operating expenses in the first quarter 2021. When compared to the previous quarter, other operating expenses were 54% or 4.2 percentage points lower as a percentage of our revenue.

本季度其他運營費用為 4150 萬巴西雷亞爾，而 2020 年第一季度為 350 萬巴西雷亞爾。這一差異主要與 2020 年第一季度異常低的基於股票的費用有關，該費用與較低的稅收和社會費用準備金有關，原因是該季度股票的高貶值以及與附屬公司、勞工意外事件和稅收相關的看漲期權的公允價值調整索賠，它們共同影響了 2021 年第一季度的其他運營費用。與上一季度相比，其他運營費用占我們收入的百分比下降了 54% 或 4.2 個百分點。

This lower figure is mostly related to a higher share-based expense in connection to the tax and social charges provisions resulting from the appreciation of shares in the fourth quarter, the BRL 10 million donation to help with the construction of a factory for the production of COVID-19 vaccines also in the last quarter and higher than usual POS losses due to the COVID-19 impact in SMBs in the fourth quarter.

這一較低的數字主要與第四季度股票升值導致的稅收和社會費用準備金相關的更高的基於股票的費用有關，捐贈 1000 萬巴西雷亞爾以幫助建設工廠生產COVID-19 疫苗也在上個季度出現，並且由於第四季度 COVID-19 對中小企業的影響，POS 損失高於往常。

Turning to cash flow on Page 23. We reported negative adjusted free cash flow of BRL 299.8 million in the first quarter of 2021 compared to a negative BRL 122.3 million reported in the first quarter of 2020. The adjusted free cash flow figure of the first quarter 2021 was impacted by BRL 230 million in prepaid marketing expenses as a result of the agreement with Grupo Global, BRL 160 million in prepaid POS purchases and BRL 46 million in prepaid software licenses. Important to highlight that the prepaid CapEx in the quarter was motivated by the opportunities to realize attractive discounts with suppliers.

轉向第 23 頁的現金流量。我們報告 2021 年第一季度調整後自由現金流為負 2.998 億巴西雷亞爾，而 2020 年第一季度報告為負 1.223 億巴西雷亞爾。2021 年第一季度調整後的自由現金流量受到與 Grupo Global 達成協議導致的 2.3 億雷亞爾預付營銷費用、1.6 億雷亞爾的預付 POS 採購和 4600 萬雷亞爾的預付軟件許可的影響。需要強調的是，本季度預付資本支出的動機是有機會與供應商實現有吸引力的折扣。

In addition to the first quarter 2021 adjusted free cash flow figures, I would like to highlight some important recent events regarding capital allocation. This year, we have completed our repurchase program as announced on May 20 having purchased a total of 3.6 million shares at an average price of $55.4 per share. From this number of shares, 18% was executed in the first quarter 2021 totaling BRL 232 million.

除了 2021 年第一季度調整後的自由現金流量數據外，我還想強調一些與資本配置有關的近期重要事件。今年，我們已經完成了 5 月 20 日宣布的回購計劃，以每股 55.4 美元的平均價格購買了總計 360 萬股股票。從這一數量的股份來看，2021 年第一季度執行了 18%，總計 2.32 億雷亞爾。

Also, in the second quarter of 2021, we sold most of our minority stake in Cloud Walk, a payment start-up in Brazil for BRL 209 million, realizing a gain of approximately BRL 200 million.

此外，在 2021 年第二季度，我們以 2.09 億巴西雷亞爾的價格出售了在巴西支付初創公司 Cloud Walk 的大部分少數股權，實現了約 2 億巴西雷亞爾的收益。

On Page 24, I would like to highlight some key messages of today's presentation. First, our core SMB business experienced strong growth in the first quarter 2021, despite short-term impacts from COVID. Based on transactional data from our clients and examples of economic comeback in countries where vaccination is more advanced, we have made an informed decision to increase investments in our business. So we'll be ready to grow faster once our economy comes back to normal levels.

在第 24 頁，我想強調今天演講的一些關鍵信息。首先，儘管受到 COVID 的短期影響，但我們的核心 SMB 業務在 2021 年第一季度實現了強勁增長。根據我們客戶的交易數據和疫苗接種更先進的國家經濟復甦的例子，我們做出了增加對我們業務投資的明智決定。因此，一旦我們的經濟恢復到正常水平，我們就準備好更快地增長。

Second, the strong signs of traction and engagement of current users of our ABC platform, coupled with digitization trends have encouraged us to continue evolving our solutions to create a unified financial operating system for SMEs, online and offline.

其次，我們 ABC 平台當前用戶的強烈牽引和參與跡象，加上數字化趨勢，鼓勵我們繼續改進我們的解決方案，為中小企業創建一個統一的線上和線下金融操作系統。

Third, we are excited with the increased breadth of our bricks-and-mortar software solutions as well as the steps we have taken in helping clients go digital and with how the Linx acquisition will enhance our ecosystem.

第三，我們對實體軟件解決方案範圍的擴大以及我們為幫助客戶實現數字化所採取的步驟以及收購 Linx 將如何增強我們的生態系統感到興奮。

Finally, we are confident with the continued evolution of our business in 2021, both in terms of our growth and our team's ability to deliver a strong value proposition to our clients.

最後，我們對 2021 年業務的持續發展充滿信心，無論是在我們的增長方面，還是在我們團隊為客戶提供強大價值主張的能力方面。

For these reasons, we have decided to provide you some additional outlook for the year of 2021, as shown on Slide 25. Our outlook excludes any impact from Linx acquisition as this transaction was not yet closed. For the full year 2021, we expect: between 1.4 million and 1.5 million active payment clients, including TON; approximately 950,000 clients, excluding TON; a take rate ex Coronavoucher for the full year between 1.85% and 2%; and a significant acceleration in total revenue and income growth compared to the growth levels we saw in 2020.

出於這些原因，我們決定為您提供一些 2021 年的額外展望，如幻燈片 25 所示。我們的展望排除了 Linx 收購的任何影響，因為該交易尚未完成。對於 2021 年全年，我們預計：包括 TON 在內的 140 萬至 150 萬活躍支付客戶；大約 950,000 名客戶，不包括 TON；全年的 ex Coronavoucher 採取率在 1.85% 和 2% 之間；與我們在 2020 年看到的增長水平相比，總收入和收入增長顯著加快。

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) And the first question will come from Jorge Kuri with Morgan Stanley.

（操作員說明）第一個問題將來自摩根士丹利的 Jorge Kuri。

Congrats on the numbers. I wanted to ask 2 questions, if I may. The first one is on the provisions you took for your lending business. How do we get comfort that the amount of provisions taken is enough to cover some of the extraordinary risks that have surfaced due to COVID? Is there a way for us to get what -- how the NPL ratio has moved? Or what is your coverage ratio, meaning provision sitting on the balance sheet vis-a-vis the current nonperforming loans? Any guidance on how those metrics look like? And would be helpful in trying to get our arms around potential more provisions going forward.

祝賀數字。如果可以的話，我想問兩個問題。第一個是關於您為貸款業務所做的規定。我們如何才能放心，所採取的準備金數量足以涵蓋因 COVID 而浮出水面的一些特殊風險？有沒有辦法讓我們得到什麼——不良貸款率是如何變化的？或者您的覆蓋率是多少，這意味著相對於當前不良貸款，資產負債表上的準備金是多少？關於這些指標的外觀有何指導？並且將有助於我們努力爭取更多潛在的未來條款。

And my second question is on -- and thank you for the 2021 outlook page. From that page, the take rate of 1.85% and 2%. I wanted to get a little bit of color on what drives each of those 2 numbers? Is it just purely your expectation on -- if mix is better, then we get to 2%, if not is 1.85%? Or what's driving those 2 numbers so we can also, as the year progresses, figure out, if you're likely to come at the high end or the low end of those 2 numbers?

我的第二個問題是——感謝您提供 2021 年展望頁面。從該頁面來看，抽取率為 1.85% 和 2%。我想了解一下是什麼驅動了這兩個數字？這是否純粹是您的期望——如果混合更好，那麼我們達到 2%，如果不是，則為 1.85%？或者是什麼推動了這 2 個數字，所以我們也可以隨著時間的推移，弄清楚，如果你可能會出現在這 2 個數字的高端或低端？

Rafael was answering you, but I think that you were not listening. So I will take this first question. And the second one, too. Thank you for the question.

拉斐爾在回答你，但我認為你沒有在聽。所以我會回答第一個問題。還有第二個。感謝你的提問。

So first, regarding provisions in our credit products, there's 2 really important message. We are very confident with the level of risk-adjusted return net of funding cost that we are showing. And we decided to open the cohorts for you to see the impact on different cohorts from the first quarter 2020 to this quarter 2021. And basically, when you see the second quarter 2020 cohorts be reminded, we already received 82% of the cash flows of that quarter, and we think we did everything we needed in terms of provisions because of the second wave of COVID. So we are very confident with the level of provisions we did. We think that it's all done in terms of making sure that the book took all the impact of the second wave into account.

所以首先，關於我們信貸產品的條款，有兩個非常重要的信息。我們對我們展示的扣除融資成本的風險調整後回報水平非常有信心。我們決定打開群組，讓您了解從 2020 年第一季度到 2021 年這個季度對不同群組的影響。基本上，當你看到 2020 年第二季度的隊列被提醒時，我們已經收到了該季度 82% 的現金流，我們認為由於第二波 COVID，我們在準備金方面做了我們需要的一切。因此，我們對我們所做的準備水平非常有信心。我們認為這一切都是為了確保本書將第二次浪潮的所有影響都考慮在內。

In terms of take rates, the 2 main drivers here is really our ability to scale the SMB operation as you are seeing that we are increasing growth on May, and we decided to show the 2-year CAGR, growing 50%, regardless of the impact of COVID in 2020 and 2021 and our ability to further penetrate additional working capital solutions in which we are doing well. So we decided to migrate clients to our new platform, which is much seamless to our clients to take all their money is and their working capital based on those volumes. We will be ready for the new dynamic with the registry of receivable now on June 7. And with more collateral, we can provide more working capital to our clients in the form of prepayments and credit and working capital products.

就採用率而言，這裡的 2 個主要驅動因素實際上是我們擴展 SMB 業務的能力，正如您所看到的，我們在 5 月份增長，我們決定展示 2 年 CAGR，增長 50%，無論COVID 在 2020 年和 2021 年的影響以及我們進一步滲透我們表現良好的其他營運資本解決方案的能力。因此，我們決定將客戶遷移到我們的新平台，這對我們的客戶來說是無縫的，可以根據這些交易量獲取他們所有的資金和營運資金。我們將在 6 月 7 日通過應收賬款登記為新動態做好準備。有了更多的抵押品，我們可以以預付款、信貸和營運資金產品的形式為我們的客戶提供更多的營運資金。

So we are very confident with the range that we have provided. And as always, we are much more committed to the top of the range as we always did. So very confident with the provisions and the level of take rate and client base growth that you have provided.

所以我們對我們提供的範圍非常有信心。與往常一樣，我們一如既往地更加致力於頂級產品。對您提供的條款、採用率水平和客戶群增長非常有信心。

The next question will come from Tito Labarta with Goldman Sachs.

下一個問題將來自高盛的 Tito Labarta。

A couple of questions also. I guess, one, on the margin and the impact from sort of the additional investments that you did in the quarter. Would you say those investments -- I guess, in your headcount, was that a onetime in 1Q and that should go away? You showed in, I think, Slide 26, that was about a 5% impact to margin? If you could just help us think about that going forward.

還有幾個問題。我想，一個，關於利潤率和您在本季度所做的一些額外投資的影響。你會說那些投資——我想，在你的員工人數中，這是第一季度的一次，應該消失嗎？我認為，您在幻燈片 26 中展示了對利潤率的大約 5% 的影響？如果你能幫助我們考慮一下未來的發展。

And then along those lines, I guess, is a more recurring level of margin closer to what you showed here like around that 36% given you had like another 9% impact related to COVID and provisions? And how quickly can you get back to those levels, given the take rate seems to be increasing from here on out?

然後沿著這些思路，我想，考慮到與 COVID 和準備金相關的另外 9% 的影響，是否更接近您在此處顯示的 36% 左右的保證金水平？考慮到從現在開始採用率似乎在增加，你能多快回到這些水平？

And then second question with the partnership with Banco Inter. Is there any interest to get closer to the consumer? In the slide, it seems you want to offer a complete platform for merchants and then enter can have a complete platform for consumers. But I guess, maybe particularly as you're growing TON more, do you need to have more products for the consumer? Is that any part of the rationale there? Or is it strictly just to benefit your merchant base?

然後是與 Banco Inter 的合作夥伴關係的第二個問題。有沒有興趣更貼近消費者？在幻燈片中，似乎要為商家提供一個完整的平台，然後輸入可以為消費者提供一個完整的平台。但我想，也許特別是當你增長更多時，你是否需要為消費者提供更多產品？這是那裡的任何理由嗎？還是僅僅是為了讓您的商家群受益？

Thank you, Tito. Can you guys hear me now? Sorry for the previous question. My mic was not working. So answering your first question, Tito, we will continue to invest in our business, of course. But I think that in the first quarter, this was unusually high in terms of impact in margins because of the lower revenue because of the provisions. So I would say that we see margins going up already in the second quarter. And the margins in the first quarter do not represent what we see as a steady-state margin.

謝謝你，鐵托。你們現在能聽到我說話嗎？很抱歉上一個問題。我的麥克風壞了。所以回答你的第一個問題，Tito，我們當然會繼續投資我們的業務。但我認為，在第一季度，由於撥備導致收入減少，這對利潤率的影響異常高。所以我想說我們看到第二季度的利潤率已經上升。而且第一季度的利潤率並不代表我們所看到的穩態利潤率。

So we'll -- and also this quarter, as we disclosed, we have invested a lot in our business, even though we are going through this COVID scenario, right? Because basically, we don't think that those movements should influence our ability to invest in the long term. But again, this -- we are seeing margins going up again in the second quarter.

因此，正如我們所披露的那樣，我們將在本季度以及本季度對我們的業務進行大量投資，即使我們正在經歷這種 COVID 情景，對嗎？因為基本上，我們認為這些變動不會影響我們的長期投資能力。但同樣，我們看到第二季度的利潤率再次上升。

And halfway, if I can just complement on this topic on investments. I think just to reemphasize that we are really excited about continuing to invest in growth, right? So the mindset here for investments in the first quarter, Q2 was really to front load investments to be able to grow in the second quarter -- in the second half of the year and throughout 2022. So I think this is a very important message to come across as we continue to be very confident regarding growth looking ahead.

中途，如果我可以就這個投資主題進行補充。我想再次強調，我們對繼續投資於增長感到非常興奮，對吧？因此，第一季度、第二季度的投資心態實際上是為了能夠在第二季度——今年下半年和整個 2022 年——實現增長的前期投資。因此，我認為這是一個非常重要的信息，因為我們對未來的增長繼續充滿信心。

And moving on to your question regarding Inter, I think just to talk a little bit about what we see in terms of this deal. We admire a lot the Inter team. I think they have a very similar culture and vision as we do, and we built a great business focus on consumers. So same industry, but very different business model, focused on different client segments as us. But we have -- as we have been working a lot to drive the digitization of our merchants, we've been learning with them a lot about how to think about that commerce revolution from the consumer perspective.

繼續你關於國際米蘭的問題，我想談談我們對這筆交易的看法。我們非常欽佩國際米蘭隊。我認為他們與我們有著非常相似的文化和願景，我們建立了以消費者為中心的偉大業務。同樣的行業，但非常不同的商業模式，與我們一樣專注於不同的客戶群。但我們已經——因為我們一直在努力推動我們商家的數字化，我們一直在與他們一起學習如何從消費者的角度思考商業革命。

So a lot of what we want to build together with them, with these commercial partnerships has to do with really bringing this conversion of helping to drive the digitization of our merchant base by connecting our clients to Inter shop and helping Inter shop consumers on the other hand, to undergo this more multichannel, omnichannel journey of consumption. So that's really where the mindset is. And we think that there's a lot that we can build together with them.

因此，我們希望與他們一起建立的很多東西，這些商業合作夥伴關係都與真正帶來這種轉變有關，即通過將我們的客戶與 Inter shop 聯繫起來並幫助 Inter shop 的消費者來幫助推動我們的商業基礎的數字化另一方面，要經歷這種更加多渠道、全渠道的消費之旅。這就是心態所在。我們認為我們可以與他們一起建立很多東西。

Lia, just to add some points here. Tito, thank you for your question.

Lia，在這裡補充幾點。鐵托，謝謝你的問題。

So I think that as we always said, levels around 25% to 30% margins are healthy levels. So we're committed to this -- to this range, as we always said, we think that in line with this, we have healthy margins, but we are always searching for new avenues of growth. And if we can find ways to grow faster, then margins will be much close to the bottom of this range. And if we can -- if we don't find too much avenues of growth, margins will be upper, but we are always committed to help margin levels, as we said before. And we will continue to find new avenues of growth and balanced growth in margins at the same time. It's not very easy to do it, but I think that with this print, we can do it.

所以我認為，正如我們一直所說的那樣，25% 到 30% 左右的利潤率水平是健康水平。所以我們致力於這個 - 正如我們一直所說的那樣，我們認為與此相符，我們有健康的利潤率，但我們一直在尋找新的增長途徑。如果我們能找到更快增長的方法，那麼利潤率將非常接近該範圍的底部。如果我們能——如果我們沒有找到太多的增長途徑，利潤率將會更高，但正如我們之前所說，我們始終致力於幫助提高利潤率水平。同時，我們將繼續尋找新的增長途徑和利潤率的平衡增長。做到這一點並不容易，但我認為有了這張印刷品，我們就能做到。

And yes, we expect margins to go up on a quarter-over-quarter basis. We think that we have this huge almost onetime effect of the COVID provisions that, as I said, I think that everything we should have done, we did it in the first quarter. Now we expect margins to go up to the levels we are used to have.

是的，我們預計利潤率將環比上升。我們認為我們對 COVID 條款產生了巨大的幾乎一次性的影響，正如我所說，我認為我們應該做的一切，我們在第一季度就做了。現在我們預計利潤率會上升到我們過去擁有的水平。

And regarding Banco Inter investment, I think that, as Lia said, we like the team. We like the culture and what they are building. We think that we have now a better opportunity to learn more about the financial evolution from the consumer perspective. We said last quarter that we want to be a protagonist in the convergency between consumers and merchant ecosystems. So I think that we will have the ability to be close and to learn a lot. Thank you, Tito, for the great question.

關於 Banco Inter 投資，我認為，正如 Lia 所說，我們喜歡這個團隊。我們喜歡這種文化以及他們正在建設的東西。我們認為我們現在有更好的機會從消費者的角度更多地了解金融演變。我們在上個季度表示，我們希望成為消費者和商家生態系統融合的主角。所以我認為我們將有能力接近並學到很多東西。謝謝你，鐵托，提出了很好的問題。

Great. That's very helpful. If I can just have 1 quick follow-up on the Inter again, but kind of linking it to the length. I don't know how much you can comment there, but just given this whole omnichannel experience and will Linx you'll get to more software, how important is like the Inter shop to that whole omnichannel experience for your merchants?

偉大的。這很有幫助。如果我能再次對國際米蘭進行 1 次快速跟進，但有點將其與長度聯繫起來。我不知道您可以在那裡發表多少評論，但考慮到整個全渠道體驗以及 Linx，您將獲得更多軟件，Inter shop 對您的商家的整個全渠道體驗有多重要？

Great question, Tito. So difficult to talk about Linx yet. We are still waiting for antitrust for regulatory approval. But you know that we are working hard to make sure that we help our clients to sell more through digital channels, so to digitize their inventory and sell through digital channels is something that we want to do. We are really working hard on that direction. So the combination of being present in the POS and ERP solutions with the OMS and the e-commerce platforms and being close to a marketplace help us in that direction.

好問題，鐵托。很難談論 Linx。我們仍在等待反壟斷監管部門的批准。但是你知道我們正在努力確保我們幫助我們的客戶通過數字渠道銷售更多產品，因此將他們的庫存數字化並通過數字渠道銷售是我們想要做的事情。我們確實在朝這個方向努力。因此，將 POS 和 ERP 解決方案與 OMS 和電子商務平台相結合，並靠近市場有助於我們朝著這個方向發展。

So it's a time to learn and work hard, but we believe that the next phase of the business will be about helping clients to sell online. So all the movements we did, they are going to that direction. So I think that we will always have a very strong core in financial services, and we are evolving our core platforms, and we believe that the SMB space is the best space in the market. But we are evolving the business towards helping our clients to sell more. And I think that those 2 investments give us a lot of learning, and we can work hard with both teams to try to make this work.

所以現在是學習和努力工作的時候，但我們相信下一階段的業務將是幫助客戶進行在線銷售。所以我們所做的所有動作，他們都朝著那個方向發展。所以我認為我們在金融服務方面將始終擁有非常強大的核心，我們正在發展我們的核心平台，我們相信 SMB 空間是市場上最好的空間。但我們正在發展業務，以幫助我們的客戶銷售更多產品。我認為這兩項投資讓我們學到了很多東西，我們可以與兩個團隊一起努力，努力實現這一目標。

The next question will come from Rayna Kumar with Evercore.

下一個問題將來自 Evercore 的 Rayna Kumar。

I have two. The first one is, could you help us think about how free cash flow adjusted free cash flow could look for the remainder of the year? Obviously, you already addressed the heightened capital expenditures in the first quarter, but how should we think about it for the remainder of the year?

我有兩個。第一個是，你能幫我們想想今年剩餘時間自由現金流調整後的自由現金流如何嗎？顯然，您已經在第一季度解決了資本支出增加的問題，但我們應該如何看待今年剩餘時間的問題？

And my second question is if you can help us frame the evolution of converting your client base into heavy users, which use payments, banking and credit. Clearly, there's an important dynamic supporting revenue growth acceleration here. And we know that rate was 8% in the first quarter, up from 5% in the fourth quarter. So is there a target penetration rate that you have in mind for this year and next?

我的第二個問題是，您是否可以幫助我們構建將您的客戶群轉變為使用支付、銀行和信貸的重度用戶的演變過程。顯然，這裡有一個重要的動力支持收入增長加速。我們知道第一季度的增長率為 8%，高於第四季度的 5%。那麼，您是否為今年和明年制定了目標滲透率？

Thank you, Rayna, for your question. Rafael here. So let me answer your first question regarding free cash flow. So this quarter, we had an unusually low free cash flow because of higher CapEx. Always when we have opportunities -- commercial opportunities with suppliers with advanced payments, and that's what we did this quarter. But when we look for the year without those seasonalities, we really intend to have a high conversion rate -- cash conversion rate as we had in previous years. So our business is a cash-generative business, and we expect that to continue in the future. So when you look at our adjusted net income and you see our free cash flow, we do expect it to have high conversion rates.

謝謝你，蕾娜，你的問題。拉斐爾在這裡。那麼讓我回答你關於自由現金流的第一個問題。因此，本季度，由於資本支出增加，我們的自由現金流量異常低。總是在我們有機會的時候——與供應商預付款的商業機會，這就是我們本季度所做的。但是，當我們尋找沒有這些季節性因素的年份時，我們真的打算擁有高轉化率——與前幾年一樣的現金轉化率。因此，我們的業務是一種產生現金的業務，我們希望這種情況在未來繼續下去。因此，當您查看我們調整後的淨收入和我們的自由現金流時，我們確實希望它具有高轉化率。

And maybe I'll take the second question, Rayna, regarding heavy users. I think that's a great question. The 2 big elements here are about our customer service operation and how we interact with our clients on a very day-to-day basis and very effectively and about technology and products. So we talked a little bit in the presentation about how we are -- we have migrated already 70% of our clients to the experience of the ABC platform. And what happens is to the experience of this platform. Our clients can access digitally all of their solutions, all of the financial solutions that we offer through that experience of the ABC platform.

也許我會回答第二個問題，Rayna，關於重度用戶。我認為這是一個很好的問題。這裡的兩大要素是關於我們的客戶服務運營以及我們如何在日常基礎上非常有效地與客戶互動，以及技術和產品。因此，我們在演示文稿中談了一些關於我們的情況——我們已經將 70% 的客戶遷移到 ABC 平台的體驗。這個平台的體驗會發生什麼。我們的客戶可以通過 ABC 平台的體驗以數字方式訪問他們所有的解決方案，以及我們提供的所有金融解決方案。

So once we onboard a new client, it tends to be the case that they start with us through a payment relationship, right? But over time, that payment relationship evolves to banking loans and other solutions. So the fact that we can interact with them to the customer relationship team. And the fact that they have this integrated experience to the ABC platform are really the 2 big elements that will drive further penetration of heavy users in our overall client base looking forward. And we're very excited that this evolution continues to happen on a consistent basis.

因此，一旦我們加入新客戶，他們往往會通過付款關係與我們開始，對嗎？但隨著時間的推移，這種支付關係演變為銀行貸款和其他解決方案。因此，我們可以與客戶關係團隊進行互動。事實上，他們擁有 ABC 平台的這種集成體驗，這確實是推動重度用戶進一步滲透到我們整體客戶群中的兩大因素。我們很高興這種演變繼續在一致的基礎上發生。

And Rayna, Thiago here. I'll add some quick comments. Regarding CapEx, we are -- in free cash flow. We always had a very strong cash conversion rate in our business. And we expect to keep the level of conversion rate that we have. And this quarter, we have an impact of the deal we made with Grupo Global because basically, we are buying the ownership the group had in TON migrating this ownership to the StoneCo level. And under this, we are prepaying the marketing investments with the cash that we have received from Grupo Global. So it's a really -- net effect is almost 0, but we have to recognize this as a CapEx, but we raised the capital from them to do it.

還有雷納，這裡是蒂亞戈。我會添加一些快速評論。關於資本支出，我們有自由現金流。我們的業務始終具有非常高的現金轉換率。我們希望保持現有的轉化率水平。本季度，我們對與 Grupo Global 達成的交易產生了影響，因為基本上，我們正在購買該集團在 TON 中擁有的所有權，並將該所有權遷移到 StoneCo 級別。在這種情況下，我們用從 Grupo Global 收到的現金預付營銷投資。所以這真的 - 淨效應幾乎為 0，但我們必須將其視為資本支出，但我們從他們那裡籌集了資金來做到這一點。

And regarding the heavy users, I think it's really about investing more and more in technology to make sure that the convergency between the solutions are very strong in a very simple product. That's what we are building into this new financial operating system that we started with the ABC platform. And you can see that now we have 15% of our SMB clients with credit using our credit product already. But we disclosed the new metric, which is 6 -- 7% of our clients use prepayments. So you can see the potential of working capital in our client base. And we still have some clients that they don't use credit or prepayments with us because they was in another bank.

關於重度用戶，我認為這實際上是關於在技術上投入越來越多，以確保解決方案之間的融合在一個非常簡單的產品中非常強大。這就是我們從 ABC 平台開始構建到這個新的金融操作系統中的內容。你可以看到，現在我們有 15% 的 SMB 客戶已經使用我們的信貸產品獲得信貸。但我們披露了新指標，即 6 - 7% 的客戶使用預付款。因此，您可以看到我們客戶群中營運資金的潛力。我們仍然有一些客戶，他們不使用我們的信貸或預付款，因為他們在另一家銀行。

With the registry of receivables, we will have the ability to offer more prepayments. And by seeing the collateral, we can have better working capital products for them. So if we have the best products, if we have the best service, if we are devoting to make the life of our clients better, I think that engagement with our solutions will increase. So it's about devotion to product, customer service and making sure that we deliver everything on a very simple way with the best service possible for our clients.

通過應收賬款登記，我們將能夠提供更多的預付款。通過查看抵押品，我們可以為他們提供更好的營運資金產品。因此，如果我們擁有最好的產品，如果我們擁有最好的服務，如果我們致力於改善客戶的生活，我認為對我們解決方案的參與度將會增加。因此，這是關於對產品和客戶服務的投入，並確保我們以非常簡單的方式交付所有內容，並為我們的客戶提供盡可能最好的服務。

The next question will come from Craig Maurer with Autonomous Research.

下一個問題將來自 Autonomous Research 的 Craig Maurer。

A couple of questions. First, on competition. While it's hard for me to see any real improvement in the actual offering from incumbents. I am curious on your view on the threat from embedded finance from the likes of companies like InBev who are going to sounds like start to offer financial services directly to merchants who are buying their goods.

幾個問題。第一，關於競爭。雖然我很難看到現任者的實際產品有任何真正的改進。我很好奇你對 InBev 等公司的嵌入式金融威脅的看法，這些公司聽起來像是開始直接向購買商品的商家提供金融服務。

Second, if you could comment on what the take rates look like on the non-acquiring TPV that you're seeing through your cards or through bill pay or other things?

其次，您是否可以評論通過您的卡或通過賬單支付或其他方式看到的非收購 TPV 的收費率是什麼樣的？

And lastly, cost of sales look to be up significantly as a percentage of TPV or percentage of transaction revenue. So maybe a comment or 2 to help think about how we should look at that going forward.

最後，銷售成本佔 TPV 的百分比或占交易收入的百分比似乎顯著上升。因此，也許可以發表一兩條評論來幫助思考我們應該如何看待未來的發展。

Craig, Thiago here. Thank you for the questions.

克雷格，這裡是蒂亞戈。謝謝你的問題。

So I will start first in the competition part. I think that we still compete with the big incumbent players here in the market. Those are the players that we see day-to-day and we face competition. But I think that we have the ability to increase client base and increase engagement of the solutions really because of the quality of the products and the service we offer. So if we think in terms of acquiring business itself, competition is what has always been.

所以我會先從比賽部分開始。我認為我們仍在與市場上的現有大公司競爭。這些是我們日常看到的球員，我們面臨競爭。但我認為，由於我們提供的產品和服務質量，我們有能力增加客戶群並增加解決方案的參與度。因此，如果我們從收購業務本身的角度來考慮，競爭就是一直存在的。

So take rates in acquiring has a small decrease but much more than offset by the results from the additional solutions that we are so focused about providing more engagements with new solutions, being the credit and additional prepayments, the most relevant in terms of monetization. But we are putting a lot of efforts to increase our ability to create more engagement in the money-in features and the money-out features. We want to be present in the life of our merchants in all the financial needs they have.

因此，收購率略有下降，但遠遠超過我們專注於提供更多新解決方案參與度的額外解決方案的結果所抵消的，這些解決方案是信用和額外預付款，在貨幣化方面最相關。但是我們正在付出很多努力來提高我們的能力，以創造更多參與入金功能和出金功能的能力。我們希望在商家的所有財務需求中出現在他們的生活中。

And when we see some effects on take rates, there are 2 things in terms of acquiring. First is that we have higher debit mix, that's one. And we have a slight mix shift towards bigger SMBs that they have a little bit lower take rate, but they have a much bigger LTV. And we always start relationship through the payment first. So as we grow our client base fast, you have a wait in this payments-first type of relationship that then we will upsell working capitals to them. So that's why you see the dynamics of take rates going up, not in the speed of the client base, but coming up fast as you see increase in prepayments in credit and all the working capital solutions. The take rates in the banking money and the banking money out today is still small, but the most important strategy now is to create more engagement.

當我們看到對採用率的一些影響時，在收購方面有兩件事。首先是我們有更高的借方組合，就是這樣。我們有輕微的混合轉向更大的 SMB，他們的採用率略低，但 LTV 大得多。我們總是先通過付款開始建立關係。因此，隨著我們快速擴大客戶群，您需要等待這種以付款為先的關係，然後我們將向他們追加銷售營運資金。所以這就是為什麼你看到利率上升的動態，而不是客戶群的速度，而是隨著你看到信貸預付款和所有營運資金解決方案的增加而快速上升。今天銀行資金和銀行資金的利率仍然很小，但現在最重要的策略是創造更多的參與度。

So we want to scale the money in and money out features as fast as we can, and then we will have many more -- much more ability to monetize those volumes. So we are working hard to create more functionalities to our clients, such as payroll, for example, which would be a greater avenue for us, and we think we can deliver this in the second half of the year.

因此，我們希望盡可能快地擴大資金流入和資金流出功能，然後我們將擁有更多——更多的能力來將這些數量貨幣化。因此，我們正在努力為我們的客戶創造更多的功能，例如工資單，這對我們來說將是一個更大的途徑，我們認為我們可以在今年下半年實現這一目標。

And the cost of sales that were up as a percentage of transaction revenue and TPV?

銷售成本佔交易收入和 TPV 的百分比上升了嗎？

Craig, Rafael here. So when you look at our cost of services, we do have many investments there especially in customer service and technology team that it hasn't -- it goes in that line as well as software investments. So when you look on a year-over-year basis, those are the main effects.

克雷格，這裡是拉斐爾。因此，當您查看我們的服務成本時，我們確實在那裡有很多投資，尤其是在客戶服務和技術團隊方面，它沒有——它在這方面以及軟件投資中。因此，當您逐年查看時，這些是主要影響。

When you look on a quarter-over-quarter basis, we have also investments in new solutions like TAG, our registry of receivables and also banking, right? So those are the main effects that we see in that line is not only a transactional like technology, transactional costs, but also those costs that I've just mentioned.

當您按季度查看時，我們還投資於新的解決方案，如 TAG、我們的應收賬款登記和銀行業務，對嗎？因此，這些是我們在該行中看到的主要影響，不僅是像技術這樣的交易，交易成本，還有我剛才提到的那些成本。

To comment just to be precise, so we expect to keep increasing take rates on our SMB operation based on that experience of creating more engagement with solutions, increasing client base So we expect the take rates on the SMB operation will continue to grow, and compensation is mainly with the incumbents today.

準確地說，我們希望根據創造更多參與解決方案、增加客戶群的經驗，繼續提高我們 SMB 運營的收費率。因此，我們預計 SMB 運營的收費率將繼續增長，補償今天主要是和在職者在一起。

The next question will come from Jeff Cantwell with Guggenheim.

下一個問題將來自 Guggenheim 的 Jeff Cantwell。

Okay. Great. You're always very thorough in your prepared remarks. Maybe let's just think about, can you tell us a little about what you're seeing in the current operating environment? And help us understand what's been driving that improvement in PPB in April and in May versus March.

好的。偉大的。你準備好的發言總是非常透徹。也許讓我們想一想，您能告訴我們一些您在當前操作環境中看到的情況嗎？並幫助我們了解是什麼推動了 4 月和 5 月與 3 月 PPB 的改善。

I wanted to see if you could drill down on that for us because we've been focused on what's happening with your core, call it, ex Coronavoucher your growth in TPV. Is it SMB driven? Where do you think you're gaining market share right now?

我想看看你是否可以為我們深入研究這一點，因為我們一直專注於你的核心正在發生的事情，稱之為，前 Coronavoucher 你在 TPV 的增長。它是SMB驅動的嗎？你認為你現在在哪裡獲得市場份額？

And is there any noticeable change in mix debit first credit? Just trying to get a sense of what happened since the end of the first quarter, could you help us get a sense for why you feel the company is moving past the bottom, so to speak.

混合借貸先貸是否有明顯變化？只是想了解自第一季度末以來發生的事情，您能否幫助我們了解為什麼您認為公司正在走出底部，可以這麼說。

Jeff, this is Lia. Thank you for the question. So regarding TPV evolution, the more recent TPV evolution, I think like we said in the beginning of today's presentation, what we're seeing is the effect of this fact that when restrictions ease, the comeback tends to be fast. So yes, the TPV growth is being driven by SMBs largely. And we do expect that as restrictions ease, that this comeback will continue to come, and it will be fast. And that is why we emphasize the fact that we're investing continuing to grow our operations. So I think that that's kind of what we can highlight in terms of the color of TPV growth.

傑夫，這是莉亞。感謝你的提問。因此，關於 TPV 的演變，最近的 TPV 演變，我想就像我們在今天的演講開始時所說的那樣，我們看到的是這一事實的影響，即當限制放寬時，捲土重來往往會很快。所以是的，冠捷的增長主要是由中小型企業推動的。我們確實希望隨著限制的放鬆，這種回歸將繼續到來，而且會很快。這就是為什麼我們強調我們正在投資繼續發展我們的業務這一事實。所以我認為，就 TPV 增長的顏色而言，這就是我們可以強調的。

And Jeff, so the growth of TPV is mainly based on the SMB operations scaling fast. If it wasn't for the second wave of COVID in the first quarter, the growth would be much stronger. But we expect this growth in terms of the client base and TPV to increase. I think we have more engagement of our clients. Our clients now are a little bit bigger, which is much better for us in terms of our ability to help them with the needs they have. So the evolution of TPV and the growth that you're seeing in April, May is mainly driven by the comeback of the volume from the SMB base. If it wasn't for the lockdowns and the second wave of COVID in the first quarter, the growth would be much bigger. So we expect to increase growth along the year.

和傑夫一樣，冠捷的增長主要基於快速擴展的 SMB 業務。如果不是第一季度的第二波 COVID，增長會更強勁。但我們預計客戶群和 TPV 的增長將會增加。我認為我們有更多的客戶參與。我們的客戶現在有點大了，就我們幫助他們滿足他們的需求的能力而言，這對我們來說要好得多。因此，冠捷的發展和你在 4 月、5 月看到的增長主要是由 SMB 基地的銷量回升推動的。如果不是因為第一季度的封鎖和第二波 COVID 浪潮，增長會大得多。因此，我們預計全年會增加增長。

Got it. Got it. Great. And then my other question was, I guess, this is a high-level one, but why increase investments now? I guess the question is, what's the calculation that you're making about the future normalized environment? It seems the timing of these investments in this new product launch, the unified financial operating system and some of the announced partnerships and Linx.

知道了。知道了。偉大的。然後我的另一個問題是，我想，這是一個高層次的問題，但為什麼現在要增加投資？我想問題是，您對未來的標準化環境進行了怎樣的計算？這些投資的時機似乎是新產品的發布、統一的金融操作系統以及一些已宣布的合作夥伴關係和 Linx。

I guess, the point is that those will drive faster rates of top line growth for you guys, which makes sense. So I just wanted to see if you can tell us more about this timing and where these investments can turn into incremental revenue opportunities for you. Could you maybe highlight some of the areas where you're seeing opportunity in the market?

我想，關鍵是這些將為你們帶來更快的收入增長，這是有道理的。所以我只是想看看你是否能告訴我們更多關於這個時間點的信息，以及這些投資在哪裡可以為你帶來增加收入的機會。您能否強調您在市場上看到機會的一些領域？

Great, Jeff, that's actually a great question. So it's mainly 2 factors, Thiago here speaking. One is experience and learnings from the first wave of lockdown last year. So last year, when COVID hit and lockdowns happens, we decided to resize our operation and the operation was smaller. So once the client base came back, we were short in terms of our ability to serve and expand the client base. And we learned that lockdowns are effects that happens. It's very, very tough. But it's fast, and we want to be the fastest player when the economy bounced back, and we are learning from other countries that once you scale vaccination, then the economic recovery is fast.

太好了，傑夫，這實際上是一個很好的問題。所以這主要是兩個因素，蒂亞戈在這裡說。一個是去年第一波封鎖的經驗和教訓。因此，去年，當 COVID 來襲並發生封鎖時，我們決定調整我們的運營規模，並且規模更小。因此，一旦客戶群回來，我們就缺乏服務和擴大客戶群的能力。我們了解到，封鎖是發生的影響。這非常非常艱難。但它很快，我們希望在經濟反彈時成為最快的參與者，我們正在向其他國家學習，一旦你擴大疫苗接種規模，那麼經濟復甦就會很快。

So I think that we are in the right direction of investing more in the operation. I think that the growth of April and May show that it makes sense. So we will continue to invest in our operation. We have balance, as we always said, always say margin and growth. But based on the experience of last year and the data that we are seeing from our clients, and this year, the impact was much less than last year. So our base were reducing volumes around 20%. We decided to keep investing to be the fastest player when the economy bounce back. And we're keeping in this plan. And it looks like by the clients' data that this is the direction that we should continue to follow.

因此，我認為我們正朝著正確的方向投資更多的運營。我認為四月和五月的增長表明這是有道理的。因此，我們將繼續投資於我們的運營。正如我們一直所說的那樣，我們有平衡，總是說利潤率和增長。但根據去年的經驗和我們從客戶那裡看到的數據，今年的影響遠小於去年。所以我們的基地減少了大約 20% 的數量。當經濟反彈時，我們決定繼續投資，成為最快的參與者。我們正在遵守這個計劃。從客戶的數據來看，這似乎是我們應該繼續遵循的方向。

The next question will come from Jamie Friedman with Susquehanna.

下一個問題將來自 Jamie Friedman 和 Susquehanna。

Great. I just had 2 quick ones. The April and May TPV growth rate looks great. How should we think about Q2 take rates? Is there still any major voucher impact that we should be thinking of? And then the second question is when it comes to active clients, it looks like for 2021, you're now targeting about 950,000, excluding TON. Can you talk a little bit about the cadence for those, and like how those ads work through Q2, Q3, Q4?

偉大的。我只有 2 個快速的。4 月和 5 月 TPV 的增長率看起來不錯。我們應該如何考慮第二季度的利率？是否還有任何我們應該考慮的重大代金券影響？然後第二個問題是關於活躍客戶，看起來到 2021 年，你現在的目標是大約 950,000，不包括 TON。你能談談這些廣告的節奏嗎，比如這些廣告在第二季度、第三季度、第四季度是如何運作的？

Jamie, Rafael here. Thank you very much for your question. So regarding your first question on take rates, yes. So we do expect take rates to go up in the second quarter. I would say that the first quarter was sort of the bottom in terms of take rates. Coronavoucher volumes, there could be, but not very relevant as we saw last year. But -- so that's pretty much a trend that we are seeing. That's why we are very comfortable in providing the guidance that we did and of take rates for the full year between 1.85% and 2%. And we are already seeing this in the second quarter.

傑米，這裡是拉斐爾。非常感謝你的問題。所以關於你關於接受率的第一個問題，是的。因此，我們確實預計第二季度利率會上升。我想說的是，第一季度在接受率方面處於最低點。冠狀病毒憑證卷可能有，但不像我們去年看到的那樣非常相關。但是——所以這幾乎是我們看到的一種趨勢。這就是為什麼我們非常樂意提供我們所做的指導，並將全年利率定在 1.85% 至 2% 之間。我們已經在第二季度看到了這一點。

Let me add some comments here, Jamie. So 2 things. As we are -- as we gave you some visions about the take rates for the year, we obviously expect a significant increase in take rates. In the following quarters, we are seeing the take rates in the second quarter has a relevant improvement compared to the first quarter. We don't expect to have too much Coronavoucher this year.

傑米，讓我在這裡添加一些評論。所以兩件事。就像我們一樣 - 當我們給你一些關於今年採用率的願景時，我們顯然預計採用率會顯著增加。在接下來的幾個季度中，我們看到第二季度的採用率與第一季度相比有相應的改善。我們預計今年不會有太多 Coronavoucher。

So the take rate ex Coronavoucher or with Coronavoucher should not be to different this year by what we expect. And Pagar.me will continue to grow volume. Maybe not in the pace that we were used last year, but we will continue to grow volume. So when we say that we expect to have in this range, more close to 2% take rates, take rate is basically the SMB operation, increasing the LTV, increasing the engagements of new solutions. So yes, we expect a relevant increase in take rates in the second quarter and onwards until the fourth quarter of the year.

因此，今年使用 Coronavoucher 或使用 Coronavoucher 的採用率應該不會與我們預期的不同。Pagar.me 的流量將繼續增長。也許不是我們去年使用的速度，但我們將繼續增加數量。因此，當我們說我們希望在這個範圍內有更接近 2% 的採用率時，採用率基本上是 SMB 操作，增加 LTV，增加新解決方案的參與度。所以，是的，我們預計第二季度及以後直到今年第四季度的採用率會相應增加。

And Jeff, I believe you made a question regarding active base at the end of the year, right?

傑夫，我相信你在年底提出了一個關於活躍基地的問題，對嗎？

Yes, I did.

是的，我做到了。

So just to address that point. So yes, we provided this guidance of 950,000 clients by the end of the year, excluding TON. And you asked about the cadence of that. We do expect that this -- that the net adds will continue to increase throughout the year, right? So we reemphasizing the message that Thiago talked about. We expect that restrictions will ease more and more as vaccinations become more widespread in Brazil. And once that happens, we really are front-loading for growth. So we expect to reach the end of the year at about 3,500 agents on the street in the fourth quarter of 2021. And so we expect this cadence of net adds to increase throughout the year.

所以只是為了解決這一點。所以是的，到年底，我們為 950,000 名客戶提供了這一指導，不包括 TON。你問了它的節奏。我們確實希望這一點 - 淨增加將在全年繼續增加，對嗎？所以我們再次強調 Thiago 談到的信息。我們預計，隨著疫苗接種在巴西的普及，限制將越來越寬鬆。一旦發生這種情況，我們就真的在為增長做準備。因此，我們預計到 2021 年第四季度，街上將有大約 3,500 名代理商到年底。因此，我們預計全年淨增加的節奏會增加。

Regarding that number, there are 2 effects that we also want to talk about which is important, which is, of course, there was an impact from the first -- the second wave lockdowns in the first quarter. And we are driving some of the net adds of Stone into TON, the smaller client base, right. Some of the inside sales clients that provide much better economics in the Stone offering than in the Stone offering, so that also impacted that 950,000 number.

關於這個數字，我們還想談談兩個重要的影響，當然，第一季度的第二波封鎖產生了影響。我們正在推動 Stone 的一些淨增加到 TON，較小的客戶群，對吧。一些內部銷售客戶在 Stone 產品中提供比 Stone 產品更好的經濟性，因此這也影響了 950,000 個數字。

The next question will come from Mario Pierry with Bank of America.

下一個問題將來自美國銀行的 Mario Pierry。

Let me ask you, just let me go back to the credit business and the pickup in provisions here. Like just doing the math, right? You basically built provisions of BRL 116 million. This represents almost 8% of your average portfolio, if I just look first quarter versus fourth quarter.

讓我問你，讓我回到這裡的信貸業務和提貨。就像只是做數學，對吧？您基本上建立了 1.16 億雷亞爾的準備金。如果我只看第一季度和第四季度，這幾乎佔你平均投資組合的 8%。

So my question then is, was this a specific client that you had a problem with? Is this a specific segment? What are you -- what have you learned during this process? Why the need to build so much provisions so quickly? Does it mean that you were under provisioning or you were too optimistic of your assumptions? Does it mean that you need to change your pricing going forward?

那麼我的問題是，這是您遇到問題的特定客戶嗎？這是一個特定的細分市場嗎？你是什麼——你在這個過程中學到了什麼？為什麼需要這麼快地建立這麼多規定？這是否意味著您供應不足或您對自己的假設過於樂觀？這是否意味著您以後需要更改定價？

And does it change your appetite for lending? We did see a marginal slowdown in originations this quarter. Does it mean then that this should continue? Or are we -- do you think you'd fix the problem, onetime event, let's go back to business as usual?

它會改變你對貸款的興趣嗎？我們確實看到本季度的起源略有放緩。這是否意味著這應該繼續下去？或者我們 - 你認為你會解決問題，一次性事件，讓我們像往常一樣回到業務？

Mario, thanks for your question, Rafael here. So the provisions that we built, this is mainly provisions for older cohorts, right? So we have to have our best estimate when we have our numbers out. And of course, we didn't estimate a second wave of COVID back in the past. So that's why we are provisioning here. So when we look going forward, we see newer cohorts despite having all this in our model and the COVID impact and so on, we see our newer cohorts with better returns.

馬里奧，謝謝你的提問，這裡是拉斐爾。所以我們建立的規定，主要是針對年長人群的規定，對吧？因此，當我們得出數字時，我們必須做出最佳估計。當然，我們過去沒有估計第二波 COVID 浪潮。所以這就是我們在這裡配置的原因。因此，當我們展望未來時，儘管我們的模型中有所有這些以及 COVID 的影響等等，但我們看到了更新的隊列，我們看到了更新的隊列具有更好的回報。

So for example, as Thiago said, if you look at clients of the second quarter last year cohorts, we've already received back over 80% of the cash that we should receive. And so we are comfortable with those levels. So it does not change our appetite for credit for growing our solution. We remain very optimistic about the prospects there. So just to remind you, the market is really, really big. So our credit solution is really in the early beginning.

因此，例如，正如蒂亞戈所說，如果你看看去年第二季度的客戶群，我們已經收回了我們應該收到的現金的 80% 以上。所以我們對這些水平感到滿意。因此，它不會改變我們對發展解決方案的信貸需求。我們對那裡的前景仍然非常樂觀。所以提醒你，市場真的非常大。所以我們的信用解決方案確實處於早期階段。

So the opportunity is big. And the returns, even net of those delinquency, expected delinquencies that we have, we see returns around 2% a month net of delinquency. So this is a very healthy return, and we remain very enthusiastic about that solution, working capital solutions for our clients.

所以機會很大。而回報，即使扣除這些拖欠，我們的預期拖欠，我們看到扣除拖欠後的每月回報率約為 2%。所以這是一個非常健康的回報，我們仍然對這個解決方案非常熱情，為我們的客戶提供營運資金解決方案。

Mario, just to complement a little bit, Thiago here speaking. I think that the reason why we decided to open the cohort for different quarters is to show you that the major impact was the first quarter of 2020. Basically, at that time, our model was not ready to deal with lockdowns and what happens with certain type of clients when they are close to a big period of time. So some of our clients, they are not in business anymore. So we had to adapt our models through first quarter and the beginning of the second quarter.

馬里奧，只是為了補充一點，蒂亞戈在這裡發言。我認為我們決定為不同季度開放隊列的原因是要向您展示主要影響是 2020 年第一季度。基本上，當時我們的模型還沒有準備好處理鎖定以及某些類型的客戶在接近很長一段時間時會發生什麼。所以我們的一些客戶，他們不再做生意了。因此，我們必須在第一季度和第二季度初調整我們的模型。

And I think that the adjustments we did was based on the learnings and the effects on the last year cohorts. And I think that, that's done. It do not reduce our appetite for this product as Rafael have. It's actually the opposite because when you go through such difficult environment and you can operate with healthy level of returns, you can see that the worst cohort is 0.5% amount of return.

我認為我們所做的調整是基於對去年隊列的學習和影響。我認為，這已經完成了。它並沒有像拉斐爾那樣減少我們對這種產品的胃口。實際上恰恰相反，因為當你經歷如此艱難的環境並且你能夠以健康的回報水平運營時，你會發現最差的群體是 0.5% 的回報量。

It increase your ability to provide more working capital to your clients, but we have to do it based on 3 things. First is to create a product that our clients need, understand and like. That's the first thing, create a product that our clients see value and wants to take it to do more businesses. The second thing is Our ability to create these products with profitability that we feel safe in order to scale our operation. And the third thing is our ability to raise capital from third-party partners that can limit our exposure to credit risk and to funding. That's why we are happy for our ability to raise more capital.

它提高了您為客戶提供更多營運資金的能力，但我們必須基於三件事來做到這一點。首先是創造我們的客戶需要、理解和喜歡的產品。這是第一件事，創造一種我們的客戶看到價值並希望利用它開展更多業務的產品。第二件事是我們有能力創造這些我們感到安全的盈利產品，以擴大我們的運營規模。第三件事是我們從第三方合作夥伴籌集資金的能力，這可以限制我們的信用風險和融資風險。這就是為什麼我們對籌集更多資金的能力感到高興。

As Lia said, we have now more than BRL 800 million committed from investors, and I think that we are doing exactly what we did in prepayments in the past. We put some of our money in the beginning as kind of our working capital for this product, and we will scale this product with third-party capital exactly like we did in prepayment. So actually very confident with working capital solutions and credit. I think that the learnings we had during the COVID and the lockdowns was very, very valuable for the future.

正如 Lia 所說，我們現在有超過 8 億雷亞爾的投資者承諾，我認為我們所做的與我們過去在預付款方面所做的完全一樣。我們一開始就投入了一些資金作為該產品的營運資金，我們將使用第三方資本來擴展該產品，就像我們在預付款中所做的那樣。所以實際上對營運資金解決方案和信貸非常有信心。我認為我們在 COVID 和封鎖期間學到的知識對未來非常非常有價值。

Okay. If I look, right, at your loan book in the first quarter was about BRL 300 million. Second quarter was about BRL 500 million. So you're averaging about let's call it, like BRL 450 million. And then now you had to increase your provisions by 1 16. It just seems like a very large figure for the size of the loan book. So then I go back to the question. Was this specific to 1 client or really it was across the board?

好的。如果我看一下，第一季度你的貸款賬簿大約是 3 億雷亞爾。第二季度約為5億雷亞爾。所以你的平均數大約是 4.5 億雷亞爾。然後現在你必須增加 1 16 的準備金。對於貸款簿的規模來說，這似乎是一個非常大的數字。那麼我回到問題。這是特定於 1 個客戶還是真的是全面的？

Mario, no, this was not specific to 1 client. So our client base is very coverage. If we look at client concentration, for example, in credit, is nothing. It's really, really small. So it really has to do with the lockdowns scenario that affected many, many thousands of merchants and no specific client or concentration there.

馬里奧，不，這不是特定於 1 個客戶。所以我們的客戶群非常覆蓋。如果我們看一下客戶集中度，例如，在信貸方面，那就沒什麼了。它真的非常非常小。因此，這確實與影響成千上萬商家且沒有特定客戶或集中度的鎖定場景有關。

And Mario, just to give you another information, and I will triple check this with the team and we can connect offline then. But I think that the biggest size check that we give in terms of credit should be something around 150,000, something like that. So we don't have bigger clients, right? So I think that what we had in last year was really -- we didn't have the experience to deal with lockdowns.

還有馬里奧，再給你一個信息，我會和團隊進行三重檢查，然後我們可以離線連接。但我認為我們提供的最大額度的信用支票應該是 150,000 左右，大概這樣。所以我們沒有更大的客戶，對吧？所以我認為我們去年的情況真的是——我們沒有應對封鎖的經驗。

And with some segments that are very exposed to not selling through their brick-and-mortar operation, and we learned. So it's not concentrated into 1 client or 1 segment. It's much more about learning how to navigate through lockdowns with the credit product. And I think that the returns we expect for this quarter represents the learnings we had.

我們了解到，對於一些非常容易通過實體店銷售的細分市場。所以它沒有集中到 1 個客戶或 1 個細分市場。更多的是學習如何使用信貸產品度過封鎖期。而且我認為我們對本季度的預期回報代表了我們的經驗教訓。

The next question will come from Neha Agarwala with HSBC.

下一個問題將來自匯豐銀行的 Neha Agarwala。

I quickly follow-up on Mario's question. Could you give us a sense of what is the NPL ratio for your loan book around a bit rough range and how that has changed? Does get a sense of if we can see any additional provisioning in the coming months?

我很快跟進了馬里奧的問題。您能否大致了解一下您的貸款賬簿的不良貸款率是多少，以及它是如何變化的？是否了解我們是否可以在未來幾個月內看到任何額外的供應？

And then my second question is on possible move to the SMB segment. I believe in the first half of this year, they have also been more aggressive in opening more hiring our people on the street. Has that in any way impacted your merchants, the plans that you target? And have you been hearing more about them from your merchants? So any color on the competition from Pax would be helpful.

然後我的第二個問題是關於可能轉移到 SMB 部分。我相信在今年上半年，他們也更加積極地在大街上開放更多的人。這是否以任何方式影響了您的商家，您的目標計劃？你有沒有從你的商家那裡聽到更多關於它們的信息？因此，Pax 比賽中的任何顏色都會有所幫助。

And then lastly, on Inter. With this partnership, do you have an ambition to go beyond being the pure B2B players? And maybe developing a relationship with the end consumer? Maybe not today, maybe in 2, 3 years' time. Is that a vision that you have?

最後，關於國米。通過這次合作，您是否有超越純粹的 B2B 玩家的雄心？也許與最終消費者建立關係？也許不是今天，也許在 2、3 年後。這是你的願景嗎？

Neha, thank you for your question, Rafael here. Let me answer your first question. So when we look at our expected delinquency rates, they are a little above 10%, so around 12% or so. When we look at pre-COVID levels, last year, we were talking about like 8%. So this is sort of the increase that we've seen. As I said, when we look at second quarter 2020 cohorts, we have already received over 82% of what we have lent. So that's sort of the increase in risk that we have seen.

Neha，這裡是 Rafael，謝謝你的提問。讓我回答你的第一個問題。因此，當我們查看預期的拖欠率時，它們略高於 10%，因此約為 12% 左右。當我們查看 COVID 之前的水平時，去年我們談論的是大約 8%。所以這就是我們所看到的增長。正如我所說，當我們查看 2020 年第二季度的隊列時，我們已經收到了超過 82% 的借出金額。這就是我們所看到的風險增加。

Neha, regarding your second question, this is Thiago speaking here. I think regarding competition, as I said, competition are in the same level that we have always experienced. Our biggest competition are still with the bigger banks and the incumbent players. We don't like to comment too much about our competitors' movements. We pay attention in everything, but we keep our mind focused on serving our clients in the best way possible we can. And I think that we do have the best value proposition for SMBs based on the product, the service, the engagement we have with them. And I think that the growth levels we have showed our ability to be the major player in the SMB space, and we will continue to be protagonist in this revolution of financial services for SMBs in Brazil. So I think that those are the comments regarding competition.

Neha，關於你的第二個問題，我是蒂亞戈。我認為關於競爭，正如我所說，競爭處於我們一直經歷的同一水平。我們最大的競爭仍然是與較大的銀行和現有參與者。我們不喜歡過多評論競爭對手的動向。我們關註一切，但我們始終專注於以盡可能最好的方式為客戶服務。而且我認為，根據我們與中小企業的產品、服務和互動，我們確實為中小企業提供了最佳價值主張。而且我認為我們的增長水平表明我們有能力成為中小企業領域的主要參與者，我們將繼續成為巴西中小企業金融服務革命的主角。所以我認為這些是關於競爭的評論。

And about Banco Inter, it's not that we are moving towards consumers that we are learning how consumers interact with merchants in the best way possible so we can serve our merchants better. Because at the end of the day, more than helping our clients with the financial needs they have, we want to help them to sell more. And in order to help them to sell more, we need to learn more about consumers. But it's always about helping our merchants to thrive and to grow.

關於 Banco Inter，我們並不是在轉向消費者，而是在了解消費者如何以最佳方式與商家互動，以便我們更好地為商家服務。因為歸根結底，我們不僅要幫助我們的客戶滿足他們的財務需求，還要幫助他們銷售更多產品。為了幫助他們銷售更多產品，我們需要更多地了解消費者。但這始終是為了幫助我們的商家蓬勃發展。

So this is about learning. This is about creating synergies. This is about helping our clients to sell through digital channels. And I think that we will have very positive evolutions of this partnership with Banco Inter and other partnerships that we can do with consumer-facing companies that want to be close to our merchant base.

所以這是關於學習的。這是關於創造協同效應。這是關於幫助我們的客戶通過數字渠道進行銷售。而且我認為，我們將與 Banco Inter 的這種合作夥伴關係以及我們可以與希望與我們的商家群保持緊密聯繫的面向消費者的公司進行的其他合作夥伴關係取得非常積極的進展。

Understood. One additional question on the credit. The average duration of your portfolio seems to be going up. It was, I think, 7 earlier last quarter, it was -- related to this quarter, it is 9. So any color on that? Why is the duration increasing and where should it normalize in the coming years?

明白了。關於信用的另一個問題。您的投資組合的平均久期似乎正在上升。我認為，上個季度早些時候是 7 個，與本季度相關，是 9 個。所以有什麼顏色嗎？為什麼持續時間會增加，在未來幾年應該在哪裡正常化？

Neha. Thank you. So there is some effect there that when our clients take the credit for the second time. So they have already paid us back fully and then they take the second credit for a second time. We usually extend a little more term for them. So that's how -- that's why we see that effect there. And of course, as we get comfortable. And as we learn, as Thiago said, we become -- we release a little more the terms, the average ticket that is still small, a little below BRL 20,000. So that's something that we are evolving over time. And that's why you see that number going up.

尼哈。謝謝。因此，當我們的客戶第二次獲得信用時，會有一些影響。所以他們已經全額償還了我們，然後他們第二次獲得了第二個信用。我們通常會為他們延長一點期限。這就是 - 這就是我們在那裡看到這種效果的原因。當然，當我們感到舒服時。正如蒂亞戈所說，我們了解到，我們變得 - 我們發布了更多條款，平均票價仍然很小，略低於 20,000 巴西雷亞爾。所以這是我們隨著時間的推移而發展的東西。這就是為什麼你看到這個數字在上升。

One additional comment, as Rafael said about the duration of the product. So 2 things. One is the average size we give is briefly about 1 month of sales of our clients. And now we are seeing that our clients that pay entirely the products, a big percentage, they want a new offering of credit. So they are rolling over the operation pay entirely the first one and taking second credit operation. And with that, we increased a little bit deterioration in order for them to pay on an easier pace for them and for their cash flow because if they pay entirely the first product and we took it again, we are much more comfortable of the risk of those clients, so we can let them pay with a lower percentage of volumes because in the end of the day, we have much less NPLs from those clients. So it's about adjusting the credit for the cash flow of the clients and always for the best clients, we need to bring a better deal. So it's about adjusting the products for the better clients.

正如拉斐爾所說，關於產品的持續時間，還有一個評論。所以兩件事。一個是我們給出的平均規模是我們客戶大約 1 個月的銷售額。現在我們看到我們的客戶完全支付產品的費用，很大一部分，他們需要新的信貸服務。因此，他們正在滾動支付完全是第一個的操作並進行第二個信用操作。有了這個，我們增加了一點惡化，以便他們以更輕鬆的速度為他們和他們的現金流支付，因為如果他們完全支付第一個產品而我們再次接受它，我們更願意承擔風險這些客戶，所以我們可以讓他們以較低的交易量百分比支付，因為歸根結底，我們從這些客戶那裡獲得的不良貸款要少得多。因此，這是關於為客戶的現金流調整信貸，並且始終為最好的客戶，我們需要帶來更好的交易。所以這是關於為更好的客戶調整產品。

What is the maximum duration that you offer?

你們提供的最長持續時間是多少？

It should be around 10 months. I don't think we have something much bigger than this.

應該是10個月左右。我不認為我們有比這更大的東西。

I think average 9 months so maximum 3 months.

我認為平均 9 個月，所以最多 3 個月。

There are no questions at this time. This concludes the question-and-answer session. I would now like to turn it over to your host for final considerations. Please go ahead.

目前沒有問題。問答環節到此結束。我現在想把它交給你的東道主做最後的考慮。請繼續。

Hello, everyone. Thiago here. Just want to say a big thank you to everyone and a big, big, big thank you to our team and to the support of to our investor. The support we have from our investors is amazing. But really, the star of the show here is our team putting a lot of hard work in terms of serving our clients through difficult times. And you keep counting on us on hard work and helping merchants in Brazil to win the situation and become better.

大家好。蒂亞戈在這裡。只想非常感謝大家，非常非常感謝我們的團隊和對我們投資者的支持。我們從投資者那裡得到的支持是驚人的。但實際上，這裡的明星是我們的團隊在困難時期為客戶提供服務方面付出了大量努力。你一直指望我們努力工作，幫助巴西的商家贏得局面，變得更好。

Thank you, everyone. Bye-bye. See you next quarter.

謝謝大家。再見。下個季度見。

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。