Telefonica Brasil SA (VIV) 2024 Q1 法說會逐字稿

Good morning ladies and gentleman. Welcome to Vivo's First Quarter 2024 Earnings Call. This conference is being recorded and the replay will be available at the company's website at ri.telefonica.com.br. The presentation will also be available for download. (Operator Instructions) (foreign language) (Operator Instructions)

早安，女士們先生們。歡迎參加 Vivo 2024 年第一季財報電話會議。本次會議正在錄製中，重播將在公司網站 ri.telefonica.com.br 上提供。該簡報也可供下載。 （操作說明）（外語）（操作說明）

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals are the beliefs and assumptions of Vivo's executive board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should be aware of events related to macroeconomic scenario, the industry and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements.

在繼續之前，我們想澄清一下，本次電話會議期間可能發表的有關公司業務前景、營運和財務預測及目標的任何聲明都是 Vivo 執行董事會的信念和假設以及公司目前掌握的資訊。這些陳述可能涉及風險和不確定性，因為它們與未來事件有關，因此取決於可能發生或可能不會發生的情況。投資者應注意與宏觀經濟狀況、行業和其他因素相關的事件，這些因素可能導致結果與各自前瞻性陳述中表達的結果有重大差異。

Present at this conference, we have Mr. Christian Gebara, CEO of the company, Mr. David Melcon, CFO and Investor Relations Officer, and Mr. Joao Pedro Soares Carneiro, IR director.

出席本次會議的有公司執行長 Christian Gebara 先生、財務長兼投資者關係長 David Melcon 先生以及投資者關係總監 Joao Pedro Soares Carneiro 先生。

Now I'll turn the conference over to Mr. Joao Pedro Soares Carneiro, Investor Relations Director of Vivo. Mr. Carneiro, you may begin your conference.

現在我將會議交給 Vivo 投資者關係總監 Joao Pedro Soares Carneiro 先生主持。卡內羅先生，您可以開始會議了。

Good morning everyone, and welcome to Vivo's first quarter 2024 earnings call. Today, our CEO, Christian Gebara will walk us through Vivo's performance and connectivity and digital services for both B2C and B2C as well as present our ESG advances. Then our CFO, David Melcon, will give more color on cost and CapEx management, free cash flow generation, followed by an update on shareholder remuneration for 2024.

大家早安，歡迎參加 Vivo 2024 年第一季財報電話會議。今天，我們的執行長 Christian Gebara 將向我們介紹 Vivo 的 B2C 和 B2C 性能、連接性和數位服務，並介紹我們在 ESG 方面的進展。然後，我們的財務長 David Melcon 將詳細介紹成本和資本支出管理、自由現金流生成，然後介紹 2024 年股東薪酬的最新情況。

With that, I'll turn the call over to Christian.

這樣，我就把電話轉給克里斯蒂安。

Thank you Joao, and Good morning, everyone. And thank you all for joining us today. Before starting I would like to express our solidarity with the population, our employees, customers, partners and everyone affected by the tragedy in the state of Rio Grande do Sul.

謝謝若奧，大家早安。感謝大家今天加入我們。在開始之前，我想向南裡奧格蘭德州的民眾、員工、客戶、合作夥伴以及所有受悲劇影響的人表示聲援。

We are directing all efforts to restore our services in the affected areas as quickly as possible acting on several fronts in this time of crisis. We've joined forces with all operators and enabled roaming, so that the customers of other telcos can connect to our network. In addition of your offering data bonus of 10 gigabytes to our prepaid and hybrid customers in the region, and considering the difficulty of accessing some of the most impacted communities we are providing the civil defense of Rio Grande do Sul with 60 satellite phones, aimed at using in extreme situations.

在此危機時刻，我們正在全力以赴，盡快恢復受影響地區的服務。我們與所有營運商聯手並啟用漫遊，以便其他電信公司的客戶可以連接到我們的網路。除了向我們在該地區的預付費和混合客戶提供10 GB 的數據獎勵之外，並考慮到訪問一些受影響最嚴重的社區的困難，我們還為南里奧格蘭德州的民防提供60 部衛星電話，旨在極端情況下使用。

Moreover, Fundacao Telefonica Vivo we launched the national match funding campaign open to the entire population to help with items of greatest needs such as food, hygiene, and cleaning products. Regarding the operation, we are evaluating the impact on infrastructure stores and the provision of service as a whole as we also face difficulties in accessing some locations to the roadblocks as well a lack of electricity and damage provoked to our network.

此外，Fundacao Telefonica Vivo 發起了向全體民眾開放的全國配套資助活動，以幫助獲得最需要的物品，例如食品、衛生用品和清潔產品。關於運營，我們正在評估對基礎設施商店和整體服務提供的影響，因為我們還面臨進入某些地點的路障的困難，以及電力不足和網路損壞的問題。

Now moving to the results. We kick off 2024 reporting another robust quarterly results with revenue, EBITDA and net income growing above inflation. Our customer base expanded in our main products postpaid access were up 6.6%, while homes connected to FTTH grew double digit by 12.3%. Total revenues increased by 6.5%, mainly driven by an outstanding performance of mobile service revenues that were up 9.3%.

現在轉向結果。我們在 2024 年伊始報告了又一個強勁的季度業績，收入、息稅折舊攤銷前利潤 (EBITDA) 和淨利潤的增長均高於通膨。我們的主要產品後付費接入的客戶群成長了 6.6%，而連接 FTTH 的家庭成長了兩位數，成長了 12.3%。總收入成長6.5%，主要得益於行動服務收入成長9.3%的優異表現。

Our profitability figures were also highlighted, EBITDA grew 6.8% year-over-year, and net income expanded by 7.3% on an annual comparison. As a result of this strong operating momentum coupled with stable CapEx intensity, operating cash flow summed up BRL 3.4 billion while free cash flow generation reached BRL 2.4 billion in the first quarter of the year. The strong start to 2024 reaffirms Vivo's solid position to continue delivering sustainable growth and returns.

我們的獲利數據也很突出，EBITDA 年成長 6.8%，淨利潤年增 7.3%。由於強勁的營運動能加上穩定的資本支出強度，今年第一季營運現金流總計達 34 億雷亞爾，而自由現金流產生達到 24 億雷亞爾。 2024 年的強勁開局再次證明了 Vivo 繼續實現可持續成長和回報的穩固地位。

On Slide 4, we show the breakdown of our top line expansion. Mobile Service revenues are represented 64% of total revenue in the quarter grew at a fast pace, fueled by double digit increase of postpaid revenues. Fixed revenues posed a positive evolution as FTTH expanded at the mid-teen rate compensated the seasonal volatility of B2B digital revenues, and the decline of other legacy service suggests fixed voice and copper broadband. The solid performance derives from our best-in-class value proposition for both B2C and B2B customers, combining connectivity with the broadest portfolio of services beyond the core. In first quarter 2024, B2B digital service summed up with B2C new businesses represented 9.5% of Vivo's total revenue, up 0.9 percentage points year-over-year that confirms the trend seen so far of the escalating significance.

在投影片 4 上，我們展示了營收擴張的細目。在後付費營收兩位數成長的推動下，本季行動服務收入佔總營收的 64%，成長迅速。固定收入呈現出積極的變化，FTTH 以中位數的速度擴張，補償了 B2B 數位收入的季節性波動，而其他傳統服務的下降表明固定語音和銅質寬頻。穩健的業績源自於我們為 B2C 和 B2B 客戶提供的一流價值主張，將連結性與核心之外最廣泛的服務組合相結合。 2024年第一季度，B2B數位服務和B2C新業務合計佔vivo總營收的9.5%，年增0.9個百分點，印證了迄今所見的重要性不斷上升的趨勢。

Turning to Slide 5, we highlight the main levers of our ongoing growth in mobile postpaid access continued to gain share in our customer base mix, while we see in the postpaid segments the up-selling for hybrid to pure postpaid increased by 75.7% year-over-year. As Vivo is in a unique position to meet customer's ever growing needs for connectivity, we see them staying longer and spending more with us. Postpaid churn remain at its lowest historical level, 0.97% per month while increased ARPU by 7.7% year-over-year, considerably above inflation.

轉向幻燈片5，我們強調了行動後付費接入持續成長的主要槓桿，繼續在我們的客戶群組合中獲得份額，同時我們看到在後付費細分市場中，混合到純後付費的追加銷售年比增長了75.7%。由於 Vivo 處於獨特的地位，可以滿足客戶不斷增長的連接需求，我們看到他們在我們這裡停留的時間更長，花費更多。後付費客戶流失率維持在歷史最低水平，每月 0.97%，而 ARPU 較去年同期成長 7.7%，遠高於通貨膨脹率。

Now moving to fiber. Vivo's FTTH footprint is available to 26.8 million homes and businesses throughout Brazil. Getting close to our target of 29 million home passed by the end of this year. We continue to outpace the market in additions with more than 170,000 new access during the quarter, totaling 6.3 million homes connected. As we offer a more premium portfolio in terms of speeds and digital services, FTTH ARPU reached BRL 91.4, its highest value in the last few years.

現在轉向光纖。 Vivo 的 FTTH 覆蓋範圍涵蓋巴西各地 2,680 萬個家庭和企業。到今年年底，我們已經接近實現 2,900 萬套房屋的目標。我們在本季新增接取數量超過 17 萬個，總計 630 萬戶家庭，繼續領先市場。隨著我們在速度和數位服務方面提供更優質的產品組合，FTTH ARPU 達到了 91.4 雷亞爾，這是過去幾年的最高值。

Average FTTH speed sold is accelerating going from around 260 megabits to over 310 megabits. Vivo Total is an important driver of our outstanding performance in fiber and postpaid. Our convergent offered total 1.5 million customers, more than doubling versus the previous year, while presenting churn that is 1 percentage point lower than the standalone fiber. Vivo's in a privileged position to further increase its FTTH take up ratios, leveraging its distinctive capability of offering a combined fiber and mobile plan to a nationwide basis. As we commented at our Vivo Day, we want to start giving you more color on our results split by customer segment, underscoring how new businesses are contributing to the top line expansion.

銷售的平均 FTTH 速度正在從大約 260 兆位元加速到超過 310 兆位元。 Vivo Total 是我們在光纖和後付費領域取得出色表現的重要動力。我們的融合服務總共提供了 150 萬客戶，比前一年增加了一倍多，同時客戶流失率比獨立光纖低 1 個百分點。 Vivo 處於有利地位，可以利用其在全國範圍內提供光纖和行動組合套餐的獨特能力，進一步提高其 FTTH 佔有率。正如我們在 Vivo Day 上評論的那樣，我們希望開始為您提供按客戶群劃分的結果的更多信息，強調新業務如何為營收擴張做出貢獻。

On Slide 7, we show the evolution of our B2C revenues in the last 12 months. They're represented around 76% of Vivo's top line. B2C revenue grew almost double the inflation in the period because of our second to none connectivity that's been complemented by the advance of our new business portfolio. Revenues coming from these services summed up BRL 1.4 billion in the last 12 months, up 34% year-over-year representing 2.6% of our total results.

在投影片 7 上，我們展示了過去 12 個月內 B2C 收入的演變。他們約佔 Vivo 營收的 76%。在此期間，B2C 收入的成長幾乎是通貨膨脹率的兩倍，這得益於我們首屈一指的連接性，以及新業務組合的進步。過去 12 個月，來自這些服務的收入總計 14 億雷亞爾，年增 34%，占我們總業績的 2.6%。

The distribution of 2.7 million subscriptions of video and music OTTs generated BRL 597 million in revenues, whereas financial services contributed with BRL 425 million in the last 12 months. One of the highlights was Vivo Money that ended the quarter of a portfolio of BRL 420 million in personal loans. Our credit portfolio will further accelerate with the advent of new products such as financing of big transactions, paid in multiple installments.

270 萬個影片和音樂 OTT 訂閱的分發產生了 5.97 億雷亞爾的收入，而金融服務在過去 12 個月中貢獻了 4.25 億雷亞爾。其中一個亮點是 Vivo Money，該季度結束了 4.2 億雷亞爾個人貸款投資組合。隨著大額交易融資、分期付款等新產品的出現，我們的信貸投資組合將進一步加速。

On Slide 8, will show the increasing relevance of digital service over total B2B revenues. During the last 12 months B2B digital service reached BRL 3.5 billion in revenues, up 20% year-over-year representing 34% of our B2B business and almost 7% of Vivo's top line. In the first quarter of the year, we bring forth our absolute leadership in B2B by developing customized private network solutions for some of the most relevant companies in Brazil. We are confident about the opportunity to further increase the relationship we have with our 1.6 million B2B customers, as we combine the best connectivity the market with an unrivaled ecosystem composed of top notch partners to support the digital transformation of Brazilian companies.

第 8 張投影片將顯示數位服務與 B2B 總收入的相關性日益增強。過去 12 個月，B2B 數位服務收入達到 35 億雷亞爾，年增 20%，占我們 B2B 業務的 34%，佔 Vivo 營收的近 7%。今年第一季度，我們透過為巴西一些最相關的公司開發客製化的專用網路解決方案，在 B2B 領域發揮了絕對的領導地位。我們對進一步加強與 160 萬 B2B 客戶的關係的機會充滿信心，因為我們將市場上最好的連接性與由一流合作夥伴組成的無與倫比的生態系統相結合，以支持巴西公司的數位轉型。

Turning to Slide 9, I highlight some advanced of our ESG agenda. CDP that has already constituted Vivo's part of A List on climate change also recognized us the only Brazilian telco leading in supplier engagement. Additionally, we rose 3 positions year-over-year in Merco's Corporate Reputation Business Monitor that placed us in the top 20 companies with the best reputation in the country.

轉向幻燈片 9，我重點介紹了我們 ESG 議程的一些先進內容。 CDP 已成為 Vivo 氣候變遷 A 名單的一部分，也認可我們是唯一一家在供應商參與方面領先的巴西電信公司。此外，我們在 Merco 企業聲譽業務監測中的排名比去年同期上升了 3 位，躋身國內聲譽最佳的 20 家公司之列。

On the social front, Vivo continues to invest in black talents, for our youth apprentice and internship programs, half of the positions were reserved for black students, and the latter ended up having 60% of all positions filled by black candidates. I'm also glad to share that Vivo was awarded by the United Nations for this initiative regarding the movements of 2030 Ambition, Race is Priority and Mind in Focus. Due to these and many other ESG accomplishments that we achieved during the years we were considered the most sustainable company in Brazil among all sectors in the listed ISE B3 ranking.

在社會方面，vivo持續對黑人人才進行投資，在我們的青年學徒和實習計畫中，有一半的職位是留給黑人學生的，而後者最終佔據了所有職位的60%由黑人候選人擔任。我還很高興與大家分享，Vivo 因這項關於「2030 年雄心」、「種族優先」和「心靈聚焦」運動的倡議而獲得了聯合國的嘉獎。由於我們多年來取得的這些以及許多其他 ESG 成就，我們被認為是 ISE B3 排名中所有行業中巴西最可持續發展的公司。

Now David will comment on our financial performance.

現在大衛將評論我們的財務表現。

Thank you, Christian and good morning, everyone. On Slide 10, we show the cost evolution in the first quarter of the year. We were able to increase OpEx below revenues even with an enhanced business performance. The increase of cost of services and goods sold were driven by greater revenues from digital services and sale of consumer electronics. The evolution of cost of operations was mainly related to higher commercial activity and customer base expansion, that was partially compensated by the advances of our digital channels such as the launch of Vivo new app in March this year.

謝謝克里斯蒂安，大家早安。在投影片 10 上，我們展示了今年第一季的成本演變。即使業務績效提高，我們也能夠將營運支出提高到低於收入的水平。數位服務和消費性電子產品銷售收入的增加推動了服務和銷售商品成本的增加。營運成本的變化主要與商業活動的增加和客戶群的擴大有關，而我們數位管道的進步（例如今年 3 月推出的 Vivo 新應用程式）部分補償了這一點。

We also point out that we register a lower level of the other revenues in the quarter, due to the reduced tax recoveries and sale of unused equipments versus last year. Going forward, we are confident in our ability to further improve our cost efficiency, while supporting the growth of new businesses.

我們還指出，由於與去年相比，退稅和未使用設備的銷售減少，我們本季的其他收入水平較低。展望未來，我們對進一步提高成本效率、同時支持新業務成長的能力充滿信心。

Moving to Slide 11, CapEx totaled BRL 1.9 billion in the quarter, representing a CapEx to sale ratio of 13.8% in line with the trend of lower CapEx intensity expected for the next years. Target deployment continued to be one of our investment priorities, with Vivo being the only telco that covered all Brazilian cities with more than 200,000 inhabitants using this technology. This combination of robust operational performance with controlled CapEx translated into a strong operating cash flow generation amounting to BRL 3.4 billion in the first 3 months of 2024, leading to an operating cash flow margin of 23.6% for the last 12 months.

轉向投影片 11，本季資本支出總額為 19 億雷亞爾，資本支出與銷售額之比為 13.8%，符合未來幾年預期資本支出強度較低的趨勢。目標部署仍然是我們的投資重​​點之一，Vivo 是唯一一家使用該技術覆蓋巴西所有居民超過 20 萬城市的電信公司。強勁的營運表現與受控的資本支出相結合，在 2024 年前 3 個月產生了高達 34 億雷亞爾的強勁營運現金流，導致過去 12 個月的營運現金流利潤率為 23.6%。

Moving to Slide 12, net income expanded 7.3% year-over-year, reaching close to BRL 900 million in the quarter. Vivo's cash position at the end of March this year surpassed financial debt by BRL 1.9 billion. In April this year, we used part of our cash position to pay BRL 2.2 billion in interest on capital. Even considering IFRS 16 leases, leverage remained under control at 0.5x EBITDA.

轉向投影片 12，本季淨利潤年增 7.3%，達到接近 9 億雷亞爾。截至今年 3 月底，Vivo 的現金部位超過金融債務 19 億雷亞爾。今年 4 月，我們使用部分現金部位支付了 22 億雷亞爾的資本利息。即使考慮 IFRS 16 租賃，槓桿率仍控制在 0.5 倍 EBITDA。

Free cash flow generation reached BRL 2.4 billion in the first quarter of the year. The year-over-year comparison is negatively impacted by the compensation of tax credits amounting to almost BRL 500 million last year. Overall, Vivo's strong financial position provides flexibility to combine an attractive return to shareholders while investing across our main revenue drivers.

今年第一季自由現金流量達到 24 億雷亞爾。年比比較受到去年近 5 億雷亞爾的稅收抵免補償的負面影響。總體而言，Vivo 強勁的財務狀況提供了靈活性，可以在投資於我們的主要收入驅動因素的同時，為股東帶來有吸引力的回報。

Slide 13 shows the main component to meet our guidance of paying out at least 100% of net income in 2024, '25 and '26. In March this year, we announced our new share buyback program, planning to invest up to BRL 1 billion until March 2025. As of today, we already bought back BRL 53 million in our own shares. The first tranche of the capital reduction in the value of BRL 1.5 billion will be paid out on July 10 this year.

投影片 13 顯示了滿足我們在 2024 年、25 年和 26 年支付至少 100% 淨利潤的指導的主要組成部分。今年3月，我們宣布了新的股票回購計劃，計劃在2025年3月之前投資最多10億雷亞爾。第一筆15億雷亞爾的減資將於今年7月10日支付。

On April 23, this year, we paid out BRL 2.2 billion of interest on capital, declared during the previous year. While the interest on capital declared in the first 4 months of 2024 amounted to BRL 680 million. These initiatives demonstrate that Vivo is on track to meet its shareholder guidance, reaffirming its unique position as one of the top Brazilian companies regarding growth, profitability and shareholder remuneration.

今年 4 月 23 日，我們支付了前一年申報的 22 億雷亞爾資本利息。 2024 年前 4 個月申報的資本利息達 6.8 億雷亞爾。這些舉措表明，Vivo 有望滿足其股東指引，重申其作為成長、獲利能力和股東薪酬方面巴西頂尖公司之一的獨特地位。

Thank you, and now we can move to the Q&A.

謝謝，現在我們可以進入問答環節了。

(Operator Instructions) Our first question comes from Luca (inaudible) with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Luca（聽不清楚）。

I have 2 here. The first one is on the net adds dynamics. You have had a very solid mobile service revenue growth for the past few quarters, which was also boosted by the net adds. How can we think about net adds going forward? Is there room to continue having positive net adds, not only on postpaid, but in the absolute numbers? Why are we seeing still a growing base of users in the market as a whole? Is that something that you think could be sustainable and for how long?

我這裡有2個。第一個是在網路上增加動態。過去幾個季度，行動服務收入成長非常強勁，淨成長也推動了這一成長。我們如何看待未來的淨增加？是否有繼續實現正淨增加的空間，不僅在後付費方面，而且在絕對數字方面？為什麼我們看到整個市場的用戶群仍在成長？您認為這是可持續的嗎？

And second, on prepaid, we have seen a lot of price movements and some price -- some offers being restructured, but we haven't seen hikes in terms of the minimum you have to pay to be connected for a month. So I wanted to know if there is space for price hikes in prepaid still in the short term or not, and how are you seeing the dynamics for the prepaid competitive market.

其次，在預付費方面，我們看到了很多價格變動和一些價格變動——有些報價正在重組，但我們還沒有看到每月連線所需支付的最低費用上漲。所以我想知道預付費在短期內是否還有漲價的空間，以及您如何看待預付費競爭市場的動態。

Okay. Lucas, that's Christian. I will start with the one. In the net adds, what we see is like we are gaining customers, so we see a positive trend. But more than just talking about the absolute number, we see a very healthy and very positive migration across the segments that are relevant to us.

好的。盧卡斯，那是克里斯蒂安。我將從一個開始。在淨增加中，我們看到我們正在贏得客戶，因此我們看到了積極的趨勢。但不僅僅是談論絕對數量，我們還看到與我們相關的細分市場出現了非常健康和非常積極的遷移。

In prepaid, what we try to envision here is much more migration to hybrid, and we've been doing that in a very positive way. That's why you also see a very good evolution of the overall mobile ARPU, 7.7%. But more importantly, we're also migrating within the hybrid. So that's why we just launched --now, I think some few months ago, the new hybrids that have like entertainment, health or education embedded in the value position. But more importantly, we are migrating hybrid to postpaid, and that's a movement that if you follow like for the last years, that was not so usual and it became very relevant in our strategy.

在預付費方面，我們試圖設想更多地遷移到混合模式，並且我們一直在以非常積極的方式做到這一點。這就是為什麼您還會看到整體行動 ARPU 大幅成長，達到 7.7%。但更重要的是，我們也在混合體中進行遷移。這就是為什麼我們剛剛推出——現在，我想是幾個月前，新的混合動力產品嵌入了娛樂、健康或教育等價值定位。但更重要的是，我們正在將混合模式遷移到後付費模式，如果您像過去幾年一樣關注這一趨勢，您會發現這種情況並不常見，而且與我們的策略非常相關。

So if you see the number that we had this number of migrating -- this quarter of migration of hybrid to pure postpaid was more like 75% higher than what we had in the first quarter of the previous year. Not to talk about the penetration of digital service, the new business that we described or the Vivo Total that is the conversion.

因此，如果你看到我們的遷移數量，本季混合到純後付費的遷移比去年第一季高出 75%。更不用說數位服務的滲透，我們描述的新業務或Vivo Total就是轉換。

So we are very positive about movements in the mobile. We're keeping a very, very, very low churn below 1%. And our ability is now not only attract new customers that we are doing, but also being able to migrate and up-sell to the customer base that we have. So these 2 movements are going in a very strong direction in the right direction. So we are confident about our ability to be able to continue to monetize and keep customers even more loyal, having more products to the same customer base.

因此，我們對行動裝置的發展非常樂觀。我們將客戶流失率控制在非常非常低的水平，低於 1%。現在，我們的能力不僅是吸引我們正在做的新客戶，而且還能夠向我們現有的客戶群遷移和追加銷售。因此，這兩個運動正朝著非常強勁的正確方向發展。因此，我們對自己能夠繼續獲利並保持客戶更加忠誠的能力充滿信心，為同一客戶群提供更多產品。

Regarding prepaid, we had like several like different movements in the pricing. So I don't know if I got your question, but we have now entry level of 17 in the biweekly offer used to be in November last year at 15. We also increased the face value of our top up, it's most of channels outside Vivo is BRL 20. And so, we are moving up. And also we continue to migrate customers from prepaid to hybrid, that's driving ARPU up, otherwise, we wouldn't see 7.7% of ARPU evolution in the period.

關於預付費，我們的定價有一些不同的變化。所以我不知道我是否收到你的問題，但是我們現在雙週優惠的入門級別是17，去年11月的時候是15。價格為20 巴西雷亞爾。而且我們繼續將客戶從預付費遷移到混合，這推動了 ARPU 的上升，否則，我們不會看到 ARPU 在此期間成長 7.7%。

Next question comes from Marcelo Santos with JPMorgan.

下一個問題來自摩根大通的馬塞洛·桑托斯。

I have 2. The first to Christian, I wonder if you could comment a bit on the fiber ARPU dynamics. It was up 2% year-over-year. In the fourth quarter, it was up 3%. Maybe you could discuss a bit the adjustment schedules, what provide some color on how this line should go forward without any guidance of course.

2. 首先請 Christian 發言，我想知道您是否可以對光纖 ARPU 動態發表一些評論。較去年同期成長 2%。第四季成長了3%。也許你可以討論一下調整時間表，這為這條生產線在沒有任何指導的情況下應該如何前進提供了一些色彩。

And the second question is on the CapEx outlook for David probably. David could you provide us some view on how CapEx should behave this year? Should we expect a similar number to the previous year or are there any variables that should change that in this year?

第二個問題可能是關於大衛的資本支出前景。 David 您能否提供我們一些關於今年資本支出應如何表現的看法？我們是否應該期望今年的數字與前一年相似，或者是否有任何變數會改變這個數字？

So Marcelo, yes, you are right, there are many, many factors in the ARPU evolution. First, we've been able to be the winner of net adds of the market in the last quarters. So this last -- in the first quarter of 2024, it was the same. So we are the one capturing more customers, and we are capturing customers in a very rational way. So this rational way combines, having the right pricing for the quality of the service that we are offering. And also the ability to up-sell through higher speed -- so the average speed that we sold last year was close to 250 megabits, and we are now above 300 megabits.

馬塞洛，是的，你是對的，ARPU 的演變有很多很多因素。首先，我們能夠成為過去幾季市場淨增量的贏家。最後 - 2024 年第一季也是如此。所以我們是吸引更多客戶的人，而且我們正在以一種非常理性的方式來吸引客戶。因此，這種合理的方式結合在一起，為我們提供的服務品質提供正確的定價。還有更高的速度進行追加銷售的能力 - 所以我們去年銷售的平均速度接近 250 兆位，現在超過 300 兆位。

Secondly, we are being able to put more digital services together with fiber. So when we talk about the 2.7 million subscriptions that we have in the video and music OTTs, there is a lot that is connected to the fiber sale. And then there is Vivo Total, that is the last one that I also mentioned during my introduction, that we reached more than 1.5 million customers already in this plan. That is also important because it is improving ARPU in general, the client ARPU, because here is together blending mobile and fiber, but also keeping customers more loyal to us. As also we described here, there is 1 percentage point lower churn when a customer is with fiber in the Vivo Total versus the standalone one.

其次，我們能夠將更多的數位服務與光纖結合在一起。因此，當我們談論影片和音樂 OTT 中的 270 萬訂閱量時，其中有許多與光纖銷售有關。然後是 Vivo Total，這是我在介紹中也提到的最後一個，我們已經在該計劃中接觸到了超過 150 萬客戶。這也很重要，因為它總體上提高了 ARPU，即客戶端 ARPU，因為這裡將行動和光纖融合在一起，同時也讓客戶對我們更加忠誠。如我們在此所述，與獨立光纖相比，使用 Vivo Total 光纖的客戶流失率降低了 1 個百分點。

Going forward, what we believe is that we are going to be able to continue to drive more, speed up, and also more services to the fiber customer, going beyond just the connectivity. We are very keen on what we call smart homes. So we are selling more services that are driven by Wi-Fi connections in different rooms, also services that are connected to installing smart devices. So we are very positive about ARPU evolution.

展望未來，我們相信我們將能夠繼續為光纖客戶提供更多、更快的服務，而不僅僅是連接性。我們非常熱衷於所謂的智慧家庭。因此，我們正在銷售更多由不同房間的 Wi-Fi 連線驅動的服務，以及與安裝智慧型裝置相關的服務。所以我們對 ARPU 的演變非常樂觀。

Regarding price increase, we had one in -- for part of our customer base in January. We're going to have another part of our customer base in June. So that's more or less the 2 rounds that we have of price increase. January and June, and we're going to keep with them because we have inflation in the period. But more than just the inflation, I think the ability of offering more services to our customer base is going to be what's going to be driving our ARPU up and the evolution of our revenues in general.

關於價格上漲，我們一月份的部分客戶群中有一個。我們將在六月擁有另一部分客戶群。這或多或少是我們的兩輪漲價。一月和六月，我們將繼續關注它們，因為這段時期存在通貨膨脹。但不僅僅是通貨膨脹，我認為向我們的客戶群提供更多服務的能力將推動我們的 ARPU 上升和整體收入的發展。

I (inaudible) for CapEx, if you have any more questions here, Marcelo?

我（聽不清楚）負責資本支出，馬塞洛，如果您還有其他問題嗎？

Just on this, I mean, what about last year? Did you also increase in January and June, was the same pattern of increase or just want to understand the seasonality here?

就這一點，我的意思是，去年怎麼樣？您在一月和六月是否也有所增加，是相同的增加模式還是只是想了解這裡的季節性？

Yes, more or less exactly the same amount, more customer base now that we have that's going to be impacted by the increase because our customer base increased.

是的，或多或少完全相同的數量，現在我們擁有更多的客戶群，這將受到增加的影響，因為我們的客戶群增加了。

So regarding the second question, as we say on our Vivo Day, the plan for 2024 is to reduce the intensity of CapEx. So last year, we closed the year with a CapEx intensity of 17.2%. The plan for this year is to reduce it versus last year. So in the first quarter, you see that we are showing intensity of 13.8%. And the comparison with the previous year is that we are anticipating accelerating investment to maximize the return of this CapEx between the year, not for the next 9 months. So bear in mind that the revenues coming from new businesses, they are not consuming CapEx. So at the end of the day, this is one of the key levers that we will use to make sure that this intensity continue reducing.

那麼關於第二個問題，正如我們在 Vivo Day 上所說，2024 年的計畫是降低資本支出的強度。去年，我們的資本支出強度為 17.2%。今年的計劃是比去年減少。所以在第一季度，你會看到我們的強度為 13.8%。與前一年相比，我們預計會加速投資，以在年內而不是未來 9 個月內最大化資本支出回報。因此請記住，來自新業務的收入並不消耗資本支出。因此，歸根結底，這是我們將用來確保這種強度繼續降低的關鍵槓桿之一。

Next question from Marco Nardini with XP Investimentos.

下一個問題來自 XP Investimentos 的 Marco Nardini。

So the first one is a quick follow-up regarding fixed and broadband from the last question. FTTH ARPU is growing consistently over the last few quarters, can you comment here on churn, please? And regarding EBITDA margin, can you comment on the flattish performance year-over-year? And what can you expect from EBITDA margin performance for the next quarters, please?

因此，第一個問題是對上一個問題的固定和寬頻的快速跟進。過去幾個季度，FTTH ARPU 持續成長，您能對客戶流失率發表評論嗎？關於 EBITDA 利潤率，您能否對同比表現持平有何評論？請問您對未來幾季的 EBITDA 利潤率表現有何期望？

Marco, regarding the churn, we don't give the number of the churn. What we are giving you now is like -- and then I think it's a good data -- now that it's -- we have 6.3 million FTTH customers, 1.5 are in Vivo Total and it's increasing quarter-over-quarter. If you look at what we had in the first quarter of last year was 0.7%. So we have double of Vivo Total. And Vivo Total, the fiber churn is 1 percentage point lower of the standalone fiber.

Marco，關於流失率，我們沒有給出流失率的數字。我們現在給您的數據是這樣的——我認為這是一個很好的數據——現在我們有 630 萬 FTTH 客戶，其中 1.5 個屬於 Vivo Total，而且這個數字正在逐季度增長。如果你看看我們去年第一季的成長率是 0.7%。所以我們有雙倍的 Vivo Total。而 Vivo Total 的光纖流失率比獨立光纖低 1 個百分點。

So we have 25% more or less of our customer base already in Vivo Total and more than 80% of the sales of Vivo fiber in our stores come with Vivo Total. So we have a very strong positive trend of churn going down. So that's basically what I can share. And additionally to everything that I told Marcelo before, if you have any specific question about what I told him, of course, I can contribute. I think it's important to see about the ARPU again.

因此，我們有 25% 左右的客戶群已經在 Vivo Total 中，我們商店中超過 80% 的 Vivo 光纖銷售額來自 Vivo Total。因此，我們有一個非常強烈的正面趨勢，即客戶流失率下降。這基本上就是我可以分享的內容。除了我之前告訴馬塞洛的所有內容之外，如果您對我告訴他的內容有任何具體問題，我當然可以做出貢獻。我認為再次了解 ARPU 很重要。

ARPU is driven by the speed. ARPU is driven by the servers that we are packaging together, and we started with OTTs, but we are adding now the smart home services. It's not only selling devices. We're going to start also offering other type of service, like smart devices installation, and that's going to also contribute to a high ARPU. I don't know if I answered your question, Marco, regarding --

ARPU 由速度驅動。 ARPU 是由我們打包在一起的伺服器驅動的，我們從 OTT 開始，但現在我們正在添加智慧家庭服務。它不僅僅是銷售設備。我們也將開始提供其他類型的服務，例如智慧型裝置安裝，這也將有助於提高 ARPU。我不知道我是否回答了你的問題，Marco，關於——

Yes, that's perfect.

是的，那就完美了。

And EBITDA David will talk about it, but it's important also -- now we have more than 9% of our revenues coming from new businesses, as David said before. New business are driving many things up, now it's driving revenue up, it's driving loyalty up, and that's our strategy that we just defended, like a long time ago that would do that in B2B, and now we are doing that in B2C. And also our ability to have a more complete and broader offering to our customer base. Now when you have 113 million access in your customer base, your key objective is try to monetize as much as we can offer more services and advantage and benefits to these customers, going beyond our core of just offering connectivity. So that's our strategy. These services that represent more than 9%, they don't have CapEx. Most of them are CapEx-light or CapEx-0.

EBITDA 大衛會談論它，但這也很重要——現在我們超過 9% 的收入來自新業務，正如大衛之前所說。新業務正在推動許多事情的發展，現在它正在推動收入的成長，它正在推動忠誠度的提高，這就是我們剛剛捍衛的策略，就像很久以前在B2B 中這樣做一樣，現在我們在B2C 中也這樣做。我們也有能力為客戶群提供更完整、更廣泛的產品。現在，當您的客戶群擁有 1.13 億存取權限時，您的主要目標是嘗試透過為這些客戶提供更多服務、優勢和利益來實現盡可能多的貨幣化，而不僅僅是提供連接的核心。這就是我們的策略。這些服務佔 9% 以上，他們沒有資本支出。其中大多數是 CapEx-light 或 CapEx-0。

Our acquisition cost to sell these services. In some cases, it's almost 0 when I use my app, but they have a different EBITDA margin. So let's discuss absolute evolution that is beyond inflation, as we've been presenting in the last quarters. And of course, when you look to the margin, operating cash flow margin or the free cash flow margin, that's going to be the key indicators driving our strategy going forward.

我們銷售這些服務的購置成本。在某些情況下，當我使用我的應用程式時，它幾乎為 0，但它們的 EBITDA 利潤率不同。因此，讓我們討論超越通貨膨脹的絕對演變，正如我們在過去幾季中所介紹的那樣。當然，當你專注於利潤率、營運現金流利潤率或自由現金流利潤率時，這將是推動我們策略前進的關鍵指標。

Yes, Marco, just to complement. As Christian mentioned, we are keeping focus on activities to reduce our OpEx on digitalization and simplification. But regarding the margin, we look at fitting cash flow margin. As you can see on Slide 11 in our presentation, we have the highest operating capital margin, which is 23.6%. You can see the trend, which is the highest over the last couple of years. And here we are including PDA, but also CapEx. So we look at operating cash flow margin and you can see the positive evolution that we expect this to continue.

是的，Marco，只是為了補充。正如 Christian 所提到的，我們一直專注於減少數位化和簡化營運支出的活動。但關於利潤率，我們著眼於擬合現金流量利潤率。正如您在我們的簡報中的幻燈片 11 中看到的，我們的營運資本利潤率最高，為 23.6%。您可以看到這一趨勢，這是過去幾年中最高的。這裡我們不僅包括 PDA，還包括資本支出。因此，我們專注於經營現金流量利潤率，您可以看到我們預計這種情況將持續的正面演變。

Yes, -- and when I look at the operating cash flow margin also, that's why also I'm like -- I find it interesting because our operating cash flow margin was in the first quarter 23, 21%. Now we presented one that is 23.6%, and operating cash flow that is positive in BRL 3.4 billion. When you look to the free cash flow, our free cash flow yields 8.8%. -- free cash flow over sales, 14%, and it's positive in BRL 2.4 billion also. So we discussed like revenue and EBITDA, but it's also very good to pay attention in the cash flow generated by Vivo and the evolution over sales in the last quarters.

是的，當我查看營運現金流利潤率時，這就是為什麼我也覺得這很有趣，因為我們的營運現金流利潤率在第一季為 23%、21%。現在我們提出了一個 23.6% 的現金流，營運現金流為 34 億雷亞爾。當你查看自由現金流時，我們的自由現金流收益率為 8.8%。 -- 自由現金流佔銷售額的 14%，也是 24 億雷亞爾。因此，我們討論了營收和 EBITDA，但專注於 Vivo 產生的現金流以及最近幾季的銷售額變化也非常好。

Our next question comes from Vitor Tomita with Goldman Sachs.

我們的下一個問題來自高盛的 Vitor Tomita。

Two questions from my side, the first one is if you could give us an update on how you are seeing the competition, price competition in the fiber business -- and the second question from our side as a follow-up to the discussion on up-selling and prepaid to hybrid migration. Do you -- now that you seem to be focusing, increasingly more on migrating within postpaid. Do you believe that you are already close to reaching a ceiling in terms of how many prepaid customers can be migrated to hybrid or postpaid? Considering customers' profile and suitability to hybrid plans, since they imply some credit risk, and I have to believe that a large portion of the remaining prepaid customers, just will never be suitable for postpaid.

我這邊有兩個問題，第一個問題是您是否可以向我們介紹一下您如何看待光纖業務中的競爭和價格競爭，第二個問題是我們這邊討論的後續問題- 銷售並預付混合遷移。現在您似乎越來越關注後付費內的遷移。您是否認為在可以將多少預付費客戶遷移到混合或後付費方面已經接近達到上限？考慮到客戶的概況和對混合計劃的適合性，因為它們意味著一些信用風險，而且我必須相信，剩餘的預付費客戶中的很大一部分永遠不會適合後付費。

No, I don't think so, Vitor. I think on the contrary, I think our ability to migrate prepaid to hybrid is still there. But what I just highlighted is the same ability is also there for hybrid to pure postpaid and is also there for hybrid with new businesses embedded and packaged together.

不，我不這麼認為，維托。我認為恰恰相反，我認為我們將預付費遷移到混合的能力仍然存在。但我剛才強調的是，同樣的能力也適用於混合到純後付費的情況，也適用於嵌入和打包在一起的新業務的混合情況。

What we see here is that we have like a sales machine that is very difficult to replicate in any sector. We are talking about 1,800 stores. We are talking about 23 million unique users going up in the app. We are talking about our WhatsApp that's using artificial intelligence. We're talking about our call center that are now driving much more sales than we used to do before. So our ability to sell more to our customers and up-sell within prepaid to hybrid, hybrid to pure postpaid, pure postpaid to Vivo Total. And then adding to these the additional services is still there and it's growing.

我們在這裡看到的是，我們就像一台銷售機器，在任何行業都很難複製。我們談論的是 1,800 家商店。我們正在討論該應用程式中的獨立用戶數量將增加 2300 萬。我們正在談論使用人工智慧的 WhatsApp。我們正在談論我們的呼叫中心，它現在比以前帶動了更多的銷售。因此，我們有能力向客戶銷售更多產品，並在預付費到混合、混合到純後付費、純後付費到 Vivo Total 的範圍內進行追加銷售。然後添加到這些附加服務仍然存在並且還在增長。

So I'm totally -- have a different view on that. I think the ability to do so is going to be up. And then in the discussion, if it's more hybrid to pure postpaid or more prepaid. I think what we need to do here is to offer the best value proposition to a specific customer. And that's why you also have a big data that is very powerful and allow us to be very well segmented and to offer the right offering to the right customer, but here is the ability to sell more. And that's what is driving us lifetime value that we're increasing, and with acquisition cost that is very, very, very low.

所以我對此完全有不同的看法。我認為這樣做的能力將會提高。然後在討論中，它是更混合於純後付費還是更多預付費。我認為我們需要做的是為特定客戶提供最佳價值主張。這就是為什麼你還擁有非常強大的大數據，使我們能夠很好地細分並向正確的客戶提供正確的產品，但這是銷售更多產品的能力。這就是推動我們不斷增加終身價值的原因，購置成本非常非常低。

Regarding price of the FTTH and the competition, we are rational in our pricing here. It's difficult to talk about competition here. We are the #1 in network, the #1 in the size of home passed, we are reaching 29% by the end of the year. We are #1 in the number of customers, 6.3 million customers. We are #1 in the share of net adds, and we are the one increasing the speed. We are the one increase in ARPU, and we are the one reducing churn. So we know how to compete, and we know that we have a different value proposition, that in my opinion, very, very, very difficult to replicate.

關於FTTH的價格和競爭，我們在這裡的定價是理性的。這裡很難談論競爭。我們在網路方面排名第一，在住宅面積方面排名第一，到年底我們將達到 29%。我們的客戶數量排名第一，有 630 萬客戶。我們在淨增加份額方面排名第一，我們是提高速度的人。我們是 ARPU 增加的一員，也是減少客戶流失的一員。所以我們知道如何競爭，我們知道我們有不同的價值主張，在我看來，這是非常非常難以複製的。

Next question from Carlos de Legarreta with Itau BBA.

下一個問題來自 Itau BBA 的 Carlos de Legarreta。

I have 2 on my side, I guess probably for David. So first of all, during the quarter, the effective tax rate was typically high, if I'm not mistaken. So I was wondering what's the nature of that? And secondly, on the size of the leases, I know they have been increasing for by double digits year-over-year for the past couple of quarters. But at the same time, I know you're also in the commissioning side from all the acquisitions. So I am just wondering how to reconcile those 2 and how to think about the motion of leases going forward. Thank you.

我這邊有兩個，我想可能是大衛的。首先，如果我沒記錯的話，本季的有效稅率通常很高。所以我想知道它的本質是什麼？其次，就租賃規模而言，我知道在過去幾個季度中，租賃規模比去年同期增長了兩位數。但同時，我知道您也參與了所有收購的委託工作。所以我只是想知道如何協調這兩者以及如何考慮未來的租賃動議。謝謝。

Thank you, Carlos, for the question. So regarding the first one, I have to do with the effective tax rates. Tax rate is impacted by the value of the interest on capital that we distribute every year. So if you look over the last -- in Q1 last year, we declared BRL 396 million this year, we declared BRL 300 million. So this -- that means that BRL 96 million less, which has an impact -- direct impact in the line of expenses. For Q2, we are seeing that so far we have already declared BRL 380 million compared to the BRL 320 million from the previous year. That means that in the second quarter, we will have an opposite effect, or will be a positive effect when comparing year-over-year.

謝謝你，卡洛斯，提出問題。因此，關於第一個，我與有效稅率有關。稅率受到我們每年分配的資本利息價值的影響。因此，如果你回顧過去的情況——去年第一季度，我們宣布了 3.96 億雷亞爾，今年我們宣布了 3 億雷亞爾。因此，這意味著減少了 9,600 萬雷亞爾，這對支出產生了直接影響。對於第二季度，我們看到到目前為止我們已經申報了 3.8 億雷亞爾，而前一年為 3.2 億雷亞爾。這意味著在第二季度，我們將產生相反的效果，或與去年同期相比將產生正面的效果。

Regarding the leases, as you mentioned last year, we accelerated the negotiation with the towers company from the contract we acquired from Oi. So we decommissioned around 2/3 of those. So at the moment, this is something that if you look to the liabilities we have in our balance sheet now in -- at the end of March, you can see that they're almost in line with the same number that we've had from previous year. So we have BRL 13.4 billion at the end of March, and we have BRL 13.6 million at the end of December. So this is going down.

關於租賃，正如你去年提到的，我們從大井獲得的合約中加快了與塔樓公司的談判。所以我們退休了大約 2/3。因此，目前，如果你查看我們三月底資產負債表中的負債，你會發現它們幾乎與我們的負債數字一致。因此，截至 3 月底，我們有 134 億雷亞爾，到 12 月底，我們有 1,360 萬雷亞爾。所以這正在下降。

So how to reconcile with the payments, again, if you look to the evolution, we are being just applying some efficiency initiatives -- and the number that you see in the first quarter, we are paying BRL 651 million. And if you look to the average of the amount paid over the last 12 months, so the quarterly, and the average, we paid BRL 689 million. So that means that we have a reduction of almost BRL 40 million.

那麼，如何與付款保持一致，如果你專注於演變，我們只是在應用一些效率舉措——從第一季你看到的數字來看，我們支付了 6.51 億雷亞爾。如果您查看過去 12 個月（即季度）支付金額的平均值，我們支付的平均值為 6.89 億雷亞爾。這意味著我們減少了近 4000 萬雷亞爾。

Going forward, we would also have the benefit or we expect the reduction on the interest rates, and this is something that will bring also some benefit in the future now. Also, I don't know if you will look into the cost, Carlos, and I want to comment on financial expenses. I think it's important, when you analyze the year-over-year evolution is that in the previous year, we have a positive effect of around BRL 100 million. Coming from the monetary update of some of the tax credit that we have on the PIS/Cofins last year. So if you compare year-over-year, we need to reduce -- increase BRL 100 million last year, so we are seeing a reduction.

展望未來，我們也會受益，或者我們預期利率會降低，這在未來也會帶來一些好處。另外，我不知道你是否會調查成本，卡洛斯，我想評論一下財務費用。我認為這一點很重要，當你分析同比變化時，我們會發現去年我們產生了約 1 億雷亞爾的正面影響。去年我們對 PIS/Cofins 的一些稅收抵免的貨幣更新。因此，如果與去年同期相比，我們去年需要減少或增加 1 億雷亞爾，所以我們看到了減少。

Going forward, so far, what we are seeing in the month of April, we are seeing some upside. So thinking of next quarter, we will see some positive evolution of some of these particular items on the financial expenses. And also in terms of bad debt, just to cover here, this quarter we have been quite low bad debt, and reduced historic numbers over the last few years. And this quarter represent 2.1% over gross revenues. If you compare to the previous year, 12 months, it was around 2%. So slightly upside increase, but what we are seeing so far in the month of April and the first week, we are seeing some positive trends on the back of lower churn and also effective collection process now. So just to give you a view of the cost key numbers.

展望未來，到目前為止，我們在 4 月看到的情況是有一些好處的。因此，考慮到下個季度，我們將看到財務費用中的一些特定項目出現一些積極的變化。就壞帳而言，本季我們的壞帳相當低，並且在過去幾年中減少了歷史數字。本季佔總收入的 2.1%。如果與去年 12 個月相比，則約為 2%。略有上升，但到目前為止，我們在 4 月和第一周所看到的情況是，在客戶流失率較低和現在有效的收集流程的支持下，我們看到了一些積極的趨勢。只是為了讓您了解成本關鍵數字。

The question-and-answer section is over. We would like to hand the floor back to Mr. Christian Gebara for the company's final remarks.

問答環節結束。我們希望將發言權交還給 Christian Gebara 先生，讓公司發表最後的演講。

So thank you, everyone, for participating. I know we have like a very strong and solid quarter aligned with the strategy that we've been communicating over the last years. So if you have any additional question about numbers and any other topic, please feel free to contact us. So thank you again for participating in our call.

謝謝大家的參與。我知道我們有一個非常強勁和堅實的季度，與我們過去幾年一直在溝通的策略一致。因此，如果您對數字和任何其他主題有任何其他疑問，請隨時與我們聯繫。再次感謝您參與我們的電話會議。

Vivo's conference is now closed. We thank you for your participation and wish you a nice day.

Vivo 的發表會現已結束。我們感謝您的參與並祝您有個愉快的一天。