Telefonica Brasil SA (VIV) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Vivo's second-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. (Operator Instructions)

早安，女士們先生們。歡迎參加 Vivo 2024 年第二季財報電話會議。本次會議正在錄製中，重播將在公司網站 ri.telefonica.com.br 上提供。（操作員說明）

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 the 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，這些事件可能導致結果與相應前瞻性聲明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. João Pedro Soares Carneiro, IR Director.

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

Now, I'll turn the conference over to Mr. João 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 João 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 second-quarter 2024 earnings call. Today, our CEO, Christian Gebara, will walk us through Vivo's performance in connectivity and digital services by business segment, B2C and B2B, 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 年第二季財報電話會議。今天，我們的執行長 Christian Gebara 將向我們介紹 Vivo 在 B2C 和 B2B 業務領域在連接和數位服務方面的表現，並介紹我們的 ESG 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, let me turn the call over to Christian.

現在，讓我把電話轉給克里斯蒂安。

Thank you, João. Good morning, everyone. And thank you all for joining us today. We had another solid performance in the second quarter of 2024 with our main indicators such as total revenue and EBITDA growing higher than last quarter and is still well above inflation. Our customer base expanded in our main products. Postpaid access were up 7.2% and homes connected with FTTH grew double digit once again by 12.7%. In addition, our total mobile access broke the 100 million mark, reinforcing Vivo's commitment with our purpose of digitalize to bring closer.

謝謝你，喬奧。大家早安。感謝大家今天加入我們。2024 年第二季度，我們的業績再次穩健，總營收和 EBITDA 等主要指標均高於上季，且仍遠高於通膨水準。我們的客戶群在我們的主要產品中不斷擴大。後付費接入成長了 7.2%，與 FTTH 連接的家庭再次成長了兩位數，成長了 12.7%。此外，我們的行動訪問總量突破了1億大關，印證了vivo對數位化目標的承諾。

Total revenues increased by 7.4%, mainly driven by mobile service revenues that were up 8.8% this quarter. Our robust top line performance flowed down to EBITDA, which expanded 7.3% year-over-year in the quarter. By combining a strong EBITDA with CapEx intensive reduction, operating cash flow totaled BRL6.5 billion up to June, with margins reaching the mid-20s level, while free cash flow generation reached BRL5.5 billion, representing more than 20% of the total revenues. Moreover, our net income expanded 8.2% year-over-year in the period, enhancing our profitability. These strong results reaffirm Vivo's solid position to continue to deliver sustainable growth and returns while committing to maintain a high shareholder remuneration.

總營收成長 7.4%，主要受到本季行動服務營收成長 8.8% 的推動。我們強勁的營收業績體現在 EBITDA 上，該季度年增 7.3%。透過將強勁的EBITDA 與資本支出密集削減相結合，截至6 月份，營運現金流總計達65 億雷亞爾，利潤率達到20 多歲的水平，而自由現金流生成達到55 億雷亞爾，佔總額的20% 以上收入。此外，期內我們的淨利潤年增8.2%，增強了我們的獲利能力。這些強勁的業績再次證明了 Vivo 在持續實現永續成長和回報、同時致力於維持高股東薪酬方面的穩固地位。

On slide 4, we can see more detail our consistent revenue expansion. Mobile service revenues that represented 65% of total revenue in the quarter grew at a fast pace due to solid commercial operating performance. The 3.9% fixed revenue growth was the highest since 2015, driven by a sequential improvement in FTTH performance with a 17.1% expansion and by an enhanced performance of the B2B segment.

在投影片 4 上，我們可以更詳細地看到我們持續的收入擴張。由於商業營運表現穩健，佔本季總營收 65% 的行動服務收入快速成長。3.9% 的固定收入成長是自 2015 年以來的最高水平，這得益於 FTTH 表現連續改善（成長 17.1%）以及 B2B 領域績效增強。

In combination with our broad offering of digital services, our leadership in fiber connection for homes and businesses makes it clear that we are on the right path for providing our top-notch services. This 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 Q2 2024, B2B digital services summed with B2C new businesses represented 9.9% of Vivo's total revenues, up 1.2 percentage points year-over-year, confirming the trend seen so far of the escalating significance.

結合我們廣泛提供的數位服務，我們在家庭和企業光纖連接方面的領先地位清楚地表明，我們正走在提供一流服務的正確道路上。這種堅實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年第二季度，B2B數位服務加上B2C新業務合計佔vivo總營收的9.9%，年增1.2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, which basically consists of an outstanding combination of lower churn and higher ARPU. We now have 100.9 million mobile access, and the postpaid share in our customer mix continues to grow as this base expanded by an impressive 7.2% rate year-over-year, leading the segment to represent 63.4% of our total access by the end of June 2024.

轉到投影片 5。我們重點介紹了行動業務持續成長的主要槓桿，基本上包括較低的客戶流失率和較高的 ARPU 的出色組合。我們現在擁有1.009 億行動接取用戶，且後付費用戶群在我們的客戶群中所佔的份額持續成長，該基數同比增長了7.2%，令人印象深刻，到2017 年底，該細分市場佔我們總接取用戶的63.4%。

As Vivo is in a unique position to meet customers' ever-growing needs for connectivity, we see them staying longer and spending more with us, resulting, for example, in increased upselling activity both for prepaid to hybrid and from hybrid to pure postpaid. As such, our churn in postpaid remains under 1% mark, while we increased mobile ARPU by 6.3% year-over-year, reaching its highest level since 2019.

由於Vivo 在滿足客戶不斷增長的連接需求方面處於獨特的地位，我們看到他們在我們這裡停留的時間更長，花費更多，從而導致預付費到混合以及從混合到純後付費的追加銷售活動增加。因此，我們的後付費客戶流失率仍低於 1%，而行動 ARPU 年比成長 6.3%，達到 2019 年以來的最高水準。

Regarding our fiber operation, in June, we reached 27.3 million homes passed with Vivo's FTTH, up 10.7% year-over-year, getting closer to our target of covering 29 million premises by year-end. Even though our footprint expansion remains accelerated, we have been able to increase our homes connected at a faster clip, up 12.7% to 6.5 million users after adding 199,000 new access during second quarter 2024, making it our best quarter since 2022.

光纖營運方面，6月份，Vivo FTTH接入戶數達到2,730萬戶，較去年同期成長10.7%，距離年底覆蓋2,900萬戶的目標更加接近。儘管我們的足跡擴張仍在加速，但我們已經能夠以更快的速度增加連接的家庭，在2024 年第二季度新增199,000 個接入後，用戶數量增長了12.7%，達到650 萬，這是我們自2022 年以來最好的季度。

Besides expanding up our customer base growth, we are also accelerating our ARPU expansion. FTTH ARPU reached BRL90.9, growing 4% from last year's second quarter. In addition, Vivo Total, our convergent offer the combines Fiber Mobile in a single plan, maintains its excellent performance. In June, we reached a total of 1.8 million fiber customers on Vivo Total, more than doubling the number of users year-over-year as 85% of our new fiber sales at our stores are being done through this plan.

除了擴大我們的客戶群成長外，我們還在加速 ARPU 擴張。FTTH ARPU 達到 90.9 雷亞爾，比去年第二季成長 4%。此外，我們的融合產品 Vivo Total 將光纖行動整合到一個計劃中，保持了其卓越的性能。6 月份，我們在 Vivo Total 上的光纖客戶總數達到了 180 萬，用戶數量同比增加了一倍多，因為我們商店新光纖銷售的 85% 是透過該計劃完成的。

Vivo Total brings benefits both to our fiber business as the FTTA churn is 1 percentage point lower than what we have on stand-alone fiber, and to our mobile business, as we have seen migrations of hybrid customers to Vivo Total offers soar 90% on an early basis. Thus, we are in a privileged position to reap the benefits of convergence as the only player that can offer a combined fiber and mobile plan on a national-wide basis.

Vivo Total 既為我們的光纖業務帶來了好處，因為FTTA 流失率比我們的獨立光纖低1 個百分點，也為我們的行動業務帶來了好處，因為我們看到混合客戶遷移到Vivo Total 的服務猛增了90%早期基礎。因此，作為唯一一家能夠在全國範圍內提供光纖和行動組合套餐的參與者，我們處於獲得融合優勢的有利地位。

On slide 7, we can see the steady evolution of our B2C revenues in the last 12 months that represented around 74% of Vivo's top line. B2C revenue grew almost double the inflation in the period because of our second-to-none connectivity that is being complemented by the advance of our new business portfolio. Revenues coming from these services summed up BRL1.5 billion in the last 12 months, up 35% year-over-year and representing 2.8% of our total result.

在投影片 7 中，我們可以看到過去 12 個月 B2C 收入的穩定發展，約佔 Vivo 營收的 74%。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結性，而新業務組合的進步也補充了這一點。過去 12 個月，來自這些服務的收入總計 15 億雷亞爾，年增 35%，占我們總業績的 2.8%。

This quarter, we are including information on health and wellness vertical, represented by Vale Saude Sempre and Atma, our meditation and mindfulness app. Over the last 12 months, health and wellness revenues amounted to BRL37 million backed by a solid performance of Vale Saude, which currently has 321,000 subscriptions with growing usage rates. We also continued to develop the existing vertical and as such we just launched two new financial services products, Pix Parselado, which allows our customers to make payments, installments using Pix, and a secured credit product linked to the funds users can withdraw from their FGTS on an annual basis called Saque Aniversario.

本季度，我們提供了以 Vale Saude Semper 和 Atma（我們的冥想和正念應用程式）為代表的健康和保健垂直領域的資訊。過去 12 個月，Vale Saude 的穩健業績為健康和保健收入提供了 3,700 萬雷亞爾的支撐，該公司目前擁有 321,000 名訂閱用戶，且使用率不斷增長。我們也繼續開發現有的垂直領域，因此我們剛剛推出了兩種新的金融服務產品：Pix Parselado，它允許我們的客戶使用Pix 進行付款、分期付款，以及與用戶可以從FGTS 中提取的資金相關聯的擔保信貸產品每年一次，稱為 Saque Aniversario。

Moving to slide 8. We detail the B2B performance, with revenues up 7% year-over-year. The result was driven by the complete portfolio of digital services we offer to our clients that generated BRL3.6 billion in revenues over the last 12 months, up 19% year-over-year to already represent 32% of our B2B business and almost 7% of Vivo's top line.

轉到投影片 8。我們詳細介紹了 B2B 業績，營收年增 7%。這一結果得益於我們為客戶提供的完整數位服務組合，這些服務在過去12 個月內創造了36 億雷亞爾的收入，同比增長19%，已占我們B2B 業務的32% 和近7 %。

In the second quarter of the year, we reinforced our leadership in B2B by constantly bringing innovations such as customized private network solutions for some of the most relevant companies of Brazil, as well as being a strong provider of agribusiness solutions. To boost our portfolio and reinforce our team and operations in digital services, we acquired IPNET, a company that specializes in leading companies' cloud transformation by implementing solutions from Google, having generated BRL280 million in revenues last year, up 35% year-over-year.

今年第二季度，我們透過持續帶來創新，例如為巴西一些最相關的公司客製化專用網路解決方案，以及成為農業企業解決方案的強大供應商，鞏固了我們在 B2B 領域的領導地位。為了豐富我們的產品組合併加強我們在數位服務方面的團隊和運營，我們收購了IPNET，這是一家專門透過實施Google 解決方案來幫助領先企業進行雲端轉型的公司，去年收入為2.8 億雷亞爾，年增35%。

Regarding the ESG agenda, we have some important messages to share with you with the purpose to develop and increase a more sustainable operation. And we anticipate by five years our net zero target. The company intends to reach zero net emissions by 2035, a challenge, considered unprecedented for large companies in the sector.

關於 ESG 議程，我們有一些重要資訊要與您分享，目的是發展和增強更永續的營運。我們預計五年內實現淨零目標。該公司計劃在 2035 年實現零淨排放，這對該行業的大公司來說是前所未有的挑戰。

As a contribution to the circular economy, Vivo plans to considerably increase the volume of accumulated electronic waste collected from consumers going forward, collecting an additional 225 tons by the end of 2035. To reinforce our diversity pillar, our target for 2035 is to have women occupying 40% of senior leadership roles and 45% in overall leadership. The company also intends to reach 40% black people in leadership positions and 45% black people in the general workforce.

作為對循環經濟的貢獻，Vivo 計畫未來大幅增加收集消費者累積的電子垃圾數量，到 2035 年底額外收集 225 噸。為了加強我們的多元化支柱，我們的目標是到 2035 年讓女性在高階領導職位中佔 40%，在整體領導職位中佔 45%。該公司還打算讓擔任領導職位的黑人佔 40%，並在普通員工隊伍中佔 45% 的黑人。

In social, we had the 25th anniversary of Telefonica Vivo Foundation, always keeping its purpose of educate to transform, digitalize to bring closer. We have our latest Volunteer Day, mobilizing more than 10,000 employees and their families, benefiting over 40,000 people. During the quarter, Telefonica Brasil received several recognitions related to ESG, of which we highlight the Best in Telecommunications Technologies and Media, a category in the 2024 ESG Awards by Exame Magazine.

在社交方面，我們迎來了 Telefonica Vivo 基金會成立 25 週年，始終保持教育變革、數位化拉近距離的宗旨。我們最近舉辦了“志工日”，動員了 10,000 多名員工及其家屬，使 40,000 多人受益。本季度，Telefonica Brasil 獲得了多項與 ESG 相關的認可，其中我們特別強調了最佳電信技術和媒體獎，這是 Exame 雜誌 2024 年 ESG 獎的一個類別。

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. First, on slide 10, we can see our cost evolution. Our OpEx growth was driven mainly by our strong commercial performance, but also by some expected volatility in the other revenues and expenses cost line. The increase in cost of services and goods sold was driven by greater revenues from digital services and sales of consumer electronics, which has lower EBITDA margin but demand no CapEx, and helped us to reduce churn and extend our customers' lifetime value.

謝謝你，克里斯蒂安。大家早安。首先，在投影片 10 上，我們可以看到我們的成本演變。我們的營運支出成長主要是由我們強勁的商業業績推動的，但也受到其他收入和費用成本線的一些預期波動的推動。服務和銷售商品成本的增加是由數位服務和消費性電子產品銷售收入增加所推動的，其 EBITDA 利潤率較低，但不需要資本支出，並幫助我們減少客戶流失並延長客戶的終身價值。

The evolution of cost of operations was mainly related to the higher commercial activity seen in the period. But I would also like to highlight that during this year, we have had reduced sales of real estate and network assets as well as lower tax recoveries in comparison to the previous year. As a result, other revenues and expenses line shifted temporarily to the negative territory this year, impacting the year-over-year comparison. If we exclude this line from our OpEx, our EBITDA grows 10.6% year-over-year, leading to a margin of 40.8%.

營運成本的變化主要與該時期商業活動的增加有關。但我還想強調的是，與前一年相比，今年我們的房地產和網路資產銷售減少了，退稅也減少了。因此，今年其他收入和支出項目暫時轉為負數，影響了年比情況。如果我們將這條線從我們的營運支出中排除，我們的 EBITDA 年成長 10.6%，利潤率為 40.8%。

It's also important to highlight that during the second quarter, Vivo reached an agreement with Anatel and other parties to propose a migration to our Sao Paulo fixed voice concession to an authorization regime. This agreement, if approved by all stakeholders involved, will enable us to dedicate investment to enhance the digitalization of Brazil through the most up-to-date technologies, while also bringing more efficiency to our operations.

同樣重要的是要強調的是，在第二季度，Vivo 與 Anatel 和其他各方達成協議，提議將我們的聖保羅固定語音特許權遷移到授權制度。如果該協議得到所有相關利益相關者的批准，將使我們能夠專門投資透過最新技術增強巴西的數位化，同時提高我們的營運效率。

Turning to slide 11. CapEx totaled BRL4.2 billion in the first semester, resulting in a reduced capital intensity year-over-year. We continue to direct most of our CapEx to grow technologies, reinforcing our 4.5G coverage leadership while accelerating investment in 5G that already covers 50% of the population.

轉到投影片 11。第一季資本支出總額為 42 億雷亞爾，導致資本密集度較去年同期下降。我們繼續將大部分資本支出用於發展技術，鞏固我們在 4.5G 覆蓋範圍方面的領先地位，同時加快對已覆蓋 50% 人口的 5G 的投資。

By combining our strong operational performance with an efficient CapEx allocation, we recorded a robust operating cash flow of BRL6.5 billion in the first half of the year, growing 9% year-over-year, contributing to reach an all-time high operating cash flow margin of 24% in the last 12 months. When adding lease expenses, the performance is even better as we expanded 10.2% to reach BRL4 billion in the first semester of the year.

透過將強勁的營運業績與高效的資本支出配置相結合，我們上半年實現了 65 億雷亞爾的強勁營運現金流，同比增長 9%，為實現歷史最高營運現金流做出了貢獻。個月的現金流利潤率為24%。如果加上租賃費用，業績甚至更好，今年第一季我們成長了 10.2%，達到 40 億雷亞爾。

Moving to slide 12. Net income expanded 8.2% year-over-year in the first semester, reaching more than BRL2 billion. If we consider just the second quarter of the year, we grew 8.9%. Vivo's cash position at the end of June this year surpassed financial debt by BRL2.3 billion. Even considering leases, leverage remained low at 0.5 times EBITDA. Free cash flow generation reached BRL5.5 billion in the first half of the year, leading our free cash flow yield to reach double-digit levels over the last 12 months. Vivo's robust cash generation relative to its market value and its revenue give us important flexibility to dedicate resources to growth, maintaining attractive shareholder returns.

轉到投影片 12。第一季淨利年增8.2%，達到20億雷亞爾以上。如果我們只考慮今年第二季度，我們的成長率為 8.9%。截至今年 6 月底，Vivo 的現金狀況超過金融債務 23 億雷亞爾。即使考慮租賃，槓桿率仍然很低，為 EBITDA 的 0.5 倍。上半年自由現金流產生量達到 55 億雷亞爾，使我們的自由現金流收益率在過去 12 個月內達到兩位數水準。Vivo 相對於其市場價值和收入而言強勁的現金產生能力為我們提供了重要的靈活性，可以將資源用於成長，保持有吸引力的股東回報。

Now, moving to the last slide, where we update you on the path to comply with our shareholder remuneration guidance. So far during this year, we paid out over BRL4.1 billion to our shareholders, summing up the BRL2.2 billion of interest on capital declared in 2023. The first installment of the capital reduction, which amounts to BRL1.5 billion, and share buybacks that already surpass BRL400 million going towards the BRL1 billion amount we have in the current program. This puts us well on track to deliver a payout of at least 100% of the net income for the year.

現在，轉到最後一張投影片，我們將向您介紹遵守股東薪酬指導的最新資訊。今年到目前為止，我們已向股東支付了超過 41 億雷亞爾，總計 2023 年宣布的資本利息為 22 億雷亞爾。第一期減資金額為 15 億雷亞爾，股票回購已超過 4 億雷亞爾，目前計畫中的金額為 10 億雷亞爾。這使我們有望實現至少 100% 的年度淨收入支付。

In addition, during this year, we have already declared an extra BRL1.5 billion of interest on capital based on the profit recorded so far this year. These initiatives reaffirm Vivo's unique position as one of the top Brazilian companies regarding growth, profitability, and shareholder remuneration.

此外，今年我們已經根據今年迄今記錄的利潤額外宣布了15億雷亞爾的資本利息。這些舉措重申了 Vivo 作為成長、獲利能力和股東薪酬方面巴西頂級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) Daniel Federle, Bradesco.

（操作員說明）Daniel Federle，Bradesco。

Okay. Good morning, everyone. Thank you very much for taking my questions. My first question is regarding mobile plans. We have been seeing plan prices being quite healthy over the past few quarters. So my question is to understand what is your -- what's the main barriers for increasing prices even more significantly? It's more like the competitors' prices or any budget constraints from consumers? That's the first question.

好的。大家早安。非常感謝您回答我的問題。我的第一個問題是關於行動套餐。在過去的幾個季度中，我們看到計劃價格相當健康。所以我的問題是了解您的價格大幅上漲的主要障礙是什麼？更像是競爭對手的價格或消費者的預算限制？這是第一個問題。

And the second question regarding digital services, I would like to understand how confident is the company that Vivo could become like a relevant player in digital services. That could be a profitable business. Because it's clear the competitive advantages of Vivo in the traditional mobile, telephone, telecom business, but it's not so clear the competitive advantage in this digital services. So would like to know how profitable, how confident are you in the future? Thank you.

關於數位服務的第二個問題，我想了解該公司對 Vivo 成為數位服務相關參與者的信心有多大。這可能是一項有利可圖的業務。因為vivo在傳統的行動、電話、電信業務上的競爭優勢是很明顯的，但在數位業務上的競爭優勢就沒那麼明顯了。那麼想知道你的獲利能力如何，你對未來有多大信心？謝謝。

Okay, Daniel. That's Christian, okay. I'll try to answer both questions. The first one, I think we are beyond just a strategy that's based in price increase. We had some price increase driven by the inflation of the period. So we did that for part of our pure postpaid and hybrid in April. And the prepaid was last year when we increased -- in November when we increased the price of the 15 days promotion that we have from BRL15 to BRL17.

好吧，丹尼爾。那是基督教，好吧。我將嘗試回答這兩個問題。第一個，我認為我們不僅僅是基於價格上漲的策略。由於當時的通貨膨脹，我們的價格有所上漲。因此，我們在四月份的純後付費和混合業務中就這樣做了。去年 11 月，我們將 15 天促銷價格從 15 雷亞爾提高到 17 雷亞爾，預付費用是在去年。

What we've been showing the market, and I think we've been very successful, is the combination of services. So we are driving the market to convergence, convergence of fiber plus hybrid or pure postpaid. So if you look at the number of Vivo Total customer that we had one year ago was 0.9 million customers. Now, we have 1.8 million customers.

我們一直向市場展示的，而且我認為我們非常成功的，就是服務的組合。因此，我們正在推動市場走向融合、光纖加混合或純後付費的整合。因此，如果你看看一年前我們擁有的 Vivo 客戶總數為 90 萬。現在，我們有180萬客戶。

Look, that we drive not only the churn down of the postpaid that is below 1%, but also in the fiber, when you consider the customer that is in Vivo Total, the churn is 1 percentage point lower than it is when it's a stand-alone fiber. Moreover, when we talk about totalization -- now in this case, I'm talking about a plan that is fixed and mobile, but also being very successful adding video OTTs to our offering. So mobile and fiber. So we have 2.7 million subscriptions of video OTTs in music.

瞧，我們不僅將後付費的流失率降低到了 1% 以下，而且還在光纖方面，當您考慮 Vivo Total 中的客戶時，流失率比站立時低了 1 個百分點-單獨的纖維。此外，當我們談論整體化時——現在在這種情況下，我談論的是一個固定和移動的計劃，而且在我們的產品中添加視頻 OTT 也非常成功。所以移動和光纖。因此，我們有 270 萬音樂錄影帶 OTT 訂閱者。

Only to give you some examples of the way that we are driving here our customer base of around 60 million customers to try to increase their lifetime value with more services and reducing, of course, churn and using all our platform and channels that we have that drives our acquisition cost in a very low level. So here, it's that combination of things that we are doing that is being a successful story for Vivo, not just based on price increase.

只是為了給您一些例子，說明我們如何推動約6000 萬客戶的客戶群嘗試透過更多服務來增加他們的終身價值，當然也減少了客戶流失，並使用我們擁有的所有平台和管道來實現這一目標。因此，我們正在做的事情的結合才是 Vivo 的成功故事，而不僅僅是基於價格上漲。

Talking about the new business, I think -- and here, I don't know if you're focusing more in B2B and B2C, but I want to talk about both. If I add the digital service or B2B with the new business that we're calling B2C, we are talking about around 10% of our revenues coming from these businesses. So for me, it's already a success. It's a success stand-alone, but more importantly, it's the success keeping customers loyal to Vivo.

談到新業務，我想，在這裡，我不知道您是否更關注 B2B 和 B2C，但我想談談兩者。如果我將數位服務或 B2B 添加到我們稱之為 B2C 的新業務中，我們所說的大約 10% 的收入來自這些業務。所以對我來說，這已經是成功了。這本身就是一個成功，但更重要的是，它保持了客戶對 Vivo 的忠誠度。

And here, I think we have some advantage to start with. We have a customer base, talking about around 58 million customers in B2C, 1.7 million customers in B2B. Talking about the channel that we have, 1,800 stores in B2C, 5,000 sales reps in B2B. Vivo app, 23 million unique users, a brand building capability and many other interaction points that we have with customers through call centers, technicians, and you can name it. No, I don't think there is anyone so present nationally speaking with so many channels as Vivo. So the results are the ones that we are giving.

在這裡，我認為我們有一些優勢。我們有一個客戶群，大約有 5800 萬 B2C 客戶，170 萬 B2B 客戶。談到我們擁有的管道，B2C 中有 1,800 家商店，B2B 中有 5,000 名銷售代表。Vivo 應用程式、2,300 萬獨立用戶、品牌建立能力以及我們透過呼叫中心、技術人員與客戶建立的許多其他互動點。不，我認為在全國範圍內沒有任何一家公司能像 Vivo 一樣擁有如此多的管道。所以結果就是我們給的結果。

Now, in the B2C, new businesses grew 35%. So we are opening up some of them, Fintech. We opened up also the video music OTT that I mentioned to you before. We just started opening health and wellness. That is small, but it shows like the optimistic view that it can grow much more. So these are some examples of the service that we are seeing and already representing 2.8% of our revenues with no CapEx. So it's important because these revenues they bring not only loyalty, but they bring growth without consuming from CapEx.

現在，B2C 領域的新業務成長了 35%。所以我們正在開放其中一些金融科技。我們還開放了我之前向您提到的視訊音樂 OTT。我們剛開始開放健康和保健。雖然這個數字很小，但它顯示出樂觀的觀點，即它可以成長更多。這些是我們所看到的服務的一些範例，在沒有資本支出的情況下，這些服務已經占我們收入的 2.8%。所以這很重要，因為這些收入不僅帶來忠誠度，而且帶來成長，而無需消耗資本支出。

In the B2B, I think it's already a very clear proven story of success. That's why we bought Vita some time ago. Now, we bought IPNET. IPNET is bringing more than 200 million revenues and a growth with 35% in the last year. It's bringing 280 people that will complement our team, very specialized in the sales of cloud, and in this case, also expanding our portfolio more to Google rather than just Amazon and Microsoft. And then I can give also other examples in all the other lines of our digital service or B2B. So it's a growth of 19%.

在 B2B 領域，我認為這已經是一個非常明確且經過驗證的成功故事。這就是我們不久前購買 Vita 的原因。現在，我們購買了IPNET。IPNET去年帶來了超過2億的收入，並且成長了35%。它帶來了 280 名員工，將補充我們的團隊，他們非常專注於雲端銷售，在這種情況下，我們的產品組合也將更多地擴展到谷歌，而不僅僅是亞馬遜和微軟。然後我還可以舉出我們數位服務或 B2B 的所有其他產品線中的其他範例。所以成長了 19%。

We've been presenting double-digit growth for the last quarters. And I think that's also a very positive also sign of a successful strategy, and again, protecting our customer base that is very well segmented. We're talking about the SMEs. Then we have what we call inside sales in [one top] and corporate. Some of them are also divided by vertical. So that's a long story. So just to summarize, I understand that that's the right path to follow, and that's what we're going to keep doing at Vivo.

過去幾季我們一直呈現兩位數的成長。我認為這也是成功策略的一個非常積極的跡象，並且再次保護我們細分的客戶群。我們談論的是中小企業。然後我們有所謂的[one top]和公司內部銷售。有的還按垂直方向劃分。這是一個很長的故事。總而言之，我明白這是應該遵循的正確道路，也是我們在 Vivo 將繼續做的事情。

Very clear. Thank you. Congratulations.

非常清楚。謝謝。恭喜。

Thank you, Daniel.

謝謝你，丹尼爾。

Leonardo Olmos, UBS.

萊昂納多·奧爾莫斯，瑞銀集團。

Thanks for taking my question. Congratulations. I've got one question centered on the net income. As you mentioned before, the net income is still the main reference for dividends. Could we discuss alternative nonoperating drivers of net income? For example, number one, an eventual profit from the sale of reversible assets. Could you discuss that? Could you quantify how many assets, what's the amount of value of that?

感謝您提出我的問題。恭喜。我有一個關於淨利潤的問題。正如您之前提到的，淨利潤仍然是股息的主要參考。我們可以討論淨利的其他非經營性驅動因素嗎？例如，第一，出售可逆資產的最終利潤。能討論一下嗎？您能否量化一下有多少資產，其價值為何？

Number two, a potential reversal in the concession liability. So you have liabilities related to the concession with Anatel. If you leave the concession, could that turn into a profit, something that could allow you to pay more dividend maybe next year and not just when you got the actual BRL1.5 billion?

第二，特許權責任的潛在逆轉。因此，您負有與 Anatel 特許權相關的責任。如果您放棄特許權，這是否會轉化為利潤，也許可以讓您在明年支付更多股息，而不僅僅是在您實際獲得 15 億雷亞爾時支付？

And number three, if you could discuss a little bit the tax recoverable because this quarter, we have a little bit less. And I know you have many quarters with a very strong number. But could you discuss how do you expect this figure to behave in the second half of '24? That's it. Thank you.

第三，如果您可以討論可退稅，因為本季我們的退稅有點少。我知道你們有很多季度的數據都非常強勁。但您能否討論一下您預計這個數字在 24 年下半年的表現如何？就是這樣。謝謝。

Okay, Neil. Thank you. Thank you for the question. So first of all, regarding the migration from concession to authorization, unfortunately, we still cannot disclose any impact. It need to be finalized. So we hope that we can discuss some numbers perhaps in the fourth quarter once it's approved. But moving forward, I think the opportunity that we might have in the future is as we have already explained that we will have other businesses coming in on top of the traditional telco that we have no CapEx consumption. And of course, in terms of absolute numbers, the EBITDA we are expecting to continue growing. That will be obviously an upside.

好吧，尼爾。謝謝。謝謝你的提問。所以首先，關於從特許權到授權的轉變，不幸的是，我們仍然無法透露任何影響。它需要最終確定。因此，我們希望一旦獲得批准，我們可以在第四季度討論一些數字。但展望未來，我認為我們未來可能擁有的機會是，正如我們已經解釋的那樣，我們將在沒有資本支出消耗的傳統電信公司之上引入其他業務。當然，就絕對數字而言，我們預計 EBITDA 將繼續成長。這顯然是一個好處。

Also, in terms of interest rates, as you know, we hope that could be a reduction in the future. That could also -- could bring some benefit on the top line, particularly if we are talking about particularly the leases, which is our main debt that we have.

此外，就利率而言，如您所知，我們希望未來能夠降低利率。這也可能會為營收帶來一些好處，特別是如果我們談論的是租賃，這是我們的主要債務。

And also regarding income tax, as you can see, the income tax rate that we had in the first and the second quarter, even though it's consistent in both quarters, it's around 27%. It's still high than in previous quarters, particularly previous years. So there is some seasonality that we hope that I don't know, it could be in the second half of the year. But looking forward, we see that the income tax rate should have a reduction, particularly will also depend on interest on capital that we that we will declare. So this is on the net income.

還有關於所得稅，正如你所看到的，我們第一季和第二季的所得稅稅率，儘管兩個季度是一致的，但都在 27% 左右。它仍然高於前幾個季度，尤其是前幾年。所以有一些季節性我們希望我不知道，可能是在下半年。但展望未來，我們認為所得稅稅率應該會降低，特別是取決於我們將申報的資本利息。所以這是淨利。

And regarding the tax assets, so we have here two things. One is the first one that has a positive impact on the working capital. These are consistent with previous quarters. As you can see, we have positive working capital mainly coming from the postponement of the payment of FISTEL, but also some recovery of the assets, particularly in tax assets. But talking about the line of other costs and other revenues, they have to do with recovery of asset taxes that are not yet being recognized in our balance sheet. This is always an ongoing process that we monitor very closely. And we hope that in the following quarter, we will continue with the trends we have in the past.

關於稅務資產，我們有兩件事。第一個是對營運資金產生正面影響的。這些與前幾季一致。正如您所看到的，我們擁有積極的營運資金，主要來自 FISTEL 付款的推遲，但也有一些資產的回收，特別是稅收資產。但談到其他成本和其他收入，它們與資產稅的回收有關，而這些資產稅尚未在我們的資產負債表中得到確認。這始終是我們密切監控的持續過程。我們希望在下一個季度，我們將繼續保持過去的趨勢。

Now, we cannot confirm what will happen in the third quarter or fourth quarter. But looking forward, we see a consistent evolution of those lines.

現在，我們無法確定第三季或第四季會發生什麼。但展望未來，我們將看到這些產品線的持續演變。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

Hi. Good morning. Thanks for taking my questions. I wanted to focus on broadband. So the first question would be, you've had an increased pace of broadband adds, if you could deep dive a bit on that and maybe discuss is it like more gross adds? Are you capturing more, or is it like lower churn? So just trying to understand a bit better this evolution, which was interesting.

你好。早安.感謝您回答我的問題。我想專注於寬頻。因此，第一個問題是，寬頻增加的速度有所加快，如果您可以深入研究一下，也許可以討論一下這是否像是更多的總增加？您擷取的資料更多，還是流失率更低？所以只是想更好地理解這種演變，這很有趣。

And the second question also related to broadband is you had a pickup in the FTTH ARPU. So if you could discuss a bit the trends, is this a better-behaved competitive environment? Or is it like more internal, like your users upgrading more? So just wanted to get a bit more information on the ARPU as well. Thank you.

第二個問題也與寬頻相關，即 FTTH ARPU 有所上升。那麼，如果您能討論一下趨勢，這是一個表現更好的競爭環境嗎？還是更內部化，例如您的用戶升級更多？所以我也想獲得更多有關 ARPU 的資訊。謝謝。

Thanks, Marcelo. This is Christian. Yes, I think what you see here is a result of a very well established and executed strategy. So there are many reasons to show why we are performing well in FTTH. We reported revenues of BRL1.8 billion in the quarter. So in the FTTH homes pass, we grew 10.7%. So we now -- we ended the quarter with 27.3 million home passed, and we grew more the connectivity of these customers using this network. So we went from 5.8% to 6.5%. So like the penetration is now 24%, that's 0.4 percentage points year-over-year.

謝謝，馬塞洛。這是基督教的。是的，我認為您在這裡看到的是一個非常完善和執行的策略的結果。因此，有很多理由可以說明為什麼我們在 FTTH 方面表現良好。我們報告本季營收為 18 億雷亞爾。因此，在 FTTH 家庭通行證中，我們成長了 10.7%。因此，在本季度結束時，我們有 2730 萬個家庭通過，我們使用該網路增加了這些客戶的連接性。所以我們從 5.8% 上升到 6.5%。現在的滲透率為 24%，較去年同期成長 0.4 個百分點。

Again, I think Vivo stands out as having the best quality, best channel, best customer experience, and also the possibility, as I told before, of combining more services to the same customer. So if you look at the sales of FTTH that we have in our stores, own stores, 85% coming Vivo Total. So Vivo Total from 0.9% to 1.8%. And the market in the last quarters, even if net adds of the market was not that high, ours is the highest among the last six quarters. If I look to second quarter 2023, our net adds was 158,000. First quarter '24 is 173,000, second quarter is 199,000. And here is the combination of adds, as you mentioned, and also reduced churn, churn for these customers, the 1.8%. The one that has Vivo Total is 1 percentage point lower than the churn of the stand-alone customers.

再次強調，我認為 Vivo 之所以脫穎而出，是因為它擁有最好的品質、最好的管道、最好的客戶體驗，正如我之前所說，它還可以為同一客戶提供更多服務。因此，如果你看看我們在我們的商店、自有商店中的 FTTH 銷售額，85% 來自 Vivo Total。因此，Vivo Total 從 0.9% 降至 1.8%。還有最近幾季的市場，即使市場的淨增沒有那麼高，我們的也是最近六個季度中最高的。如果我看看 2023 年第二季度，我們的淨新增人數為 158,000 人。24 年第一季為 173,000，第二季為 199,000。正如您所提到的，這是增加的組合，並且還減少了這些客戶的流失，即 1.8%。擁有 Vivo Total 的客戶流失率比獨立客戶低 1 個百分點。

So I think we have here many, many assets that differentiate our offer from others. And that's why we are also able to have the ARPU increase because people are willing to have higher speeds, people are willing to have more services combined into their fiber. So I think that's a combination of many factors that drive our preference and drive also our ability to have more of the wallet of the customer, more share of wallet because we offer more, and in some places, we offer things that others cannot offer.

因此，我認為我們擁有很多很多資產，使我們的產品與其他產品區分開來。這就是為什麼我們的 ARPU 也能夠增加，因為人們願意擁有更高的速度，人們願意將更多的服務結合到他們的光纖中。因此，我認為這是許多因素的結合，這些因素推動了我們的偏好，也推動了我們擁有更多客戶錢包的能力，更多錢包份額，因為我們提供更多，在某些地方，我們提供其他人無法提供的東西。

I don't remember the second question, was related to -- the ARPU. I think the ARPU I just replied is that I think is a result of a better customer experience. I think there is a search for excellence of better quality and Vivo presents it. We have a better service, installation, and maintenance. And also, of course, there is a requirement for more speed, for more Wi-Fi in the rooms and in the different rooms in the same home and also there is the ability to add to fiber, OTTs, and other services.

我不記得第二個問題，與 ARPU 有關。我認為我剛才回答的ARPU是我認為更好的客戶體驗的結果。我認為人們正在追求更高品質的卓越，而 Vivo 則呈現了這一點。我們有更好的服務、安裝和維護。當然，還需要更高的速度，需要在房間內和同一家庭的不同房間內提供更多 Wi-Fi，並且還需要能夠添加光纖、OTT 和其他服務。

Thank you very much, Christian. Very clear.

非常感謝你，克里斯蒂安。非常清楚。

Thank you, Marcelo.

謝謝你，馬塞洛。

Bernardo Guttmann, XP.

貝爾納多·古特曼，XP。

Hi. Good morning, everyone. Thanks for taking my question. Actually, I have two on my side. The first question is related to competition in the mobile segment. We have been monitoring the launch of new offerings from some regional players. Have you noticed any signs of irrationality in these offers, anything that could be a concern for the current favorable dynamics?

你好。大家早安。感謝您提出我的問題。事實上，我身邊有兩個人。第一個問題與行動領域的競爭有關。我們一直在關註一些區域參與者推出的新產品。您是否注意到這些報價中有任何不合理的跡象，是否有任何可能對當前有利動態產生擔憂的跡象？

And my second question is regarding the migration process from concession to authorization. What are the economic benefits that we can expect in terms of the company's OpEx and CapEx run rate? And what's the expected time frame for regulatory approvals? If you can give us any color here, it would be great. Thanks.

我的第二個問題是關於從特許權到授權的遷移過程。就公司的營運支出和資本支出運作率而言，我們可以預期獲得哪些經濟效益？監理機關核准的預計時間是多少？如果您能給我們任何顏色，那就太好了。謝謝。

Bernardo, we have a very competitive mobile market. We have -- like as you know, we have competition in every place, not only like for the main operator, but also some local or MVNOs that you know that we already have in the Brazilian market. So what we're trying to convey here that our strategy is based more in a customer focus and ability to drive more servers to the same customer.

貝納多，我們的行動市場競爭非常激烈。如您所知，我們在每個地方都有競爭，不僅是主要營運商，還有一些本地或行動虛擬營運商，您知道我們已經在巴西市場擁有了這些競爭。因此，我們在這裡試圖傳達的是，我們的策略更多地基於以客戶為中心，以及為同一客戶提供更多伺服器的能力。

We have an average 1.4 service per customer that -- this service can be -- fiber and mobile would be two services, fiber and OTT or video would be two services. So what we're trying to convey is that our focus is in maximizing the relationship that we have with our customers, offering a value proposition that in this moment, I believe nationally speaking, is unique. And that what's been driving our results in net adds, it's driving our results also in gross and in churn, it's driving our results in better NPS, it's driving our results in increase in revenues in every single line as we presented this quarter that we grew in fixed, in mobile postpaid, prepaid, B2B, B2C, consumer electronics, with smartphone, without smartphones, and all new business both from B2B and B2C. That I think is unique. And that's the combination of the assets that we have, not specifically discussing an offer of a mobile operator in a specific region.

我們平均為每位客戶提供 1.4 項服務——該服務可以是——光纖和行動將是兩種服務，光纖和 OTT 或視訊將是兩種服務。因此，我們想要傳達的是，我們的重點是最大化我們與客戶的關係，提供一個價值主張，我相信就全國而言，目前這一價值主張是獨一無二的。是什麼推動了我們的淨增加業績，也推動了我們的總業績和客戶流失率業績，推動了我們更好的淨推薦值(NPS) 業績，推動了我們每條產品線收入增長的業績，正如我們在本季度介紹的那樣，我們的成長固定業務、行動後付費業務、預付費業務、B2B、B2C、消費性電子產品、有智慧型手機、無智慧型手機以及來自 B2B 和 B2C 的所有新業務。我認為這是獨一無二的。這就是我們擁有的資產的組合，而不是專門討論特定地區行動營運商的報價。

And driving -- and going to the second one, we have some milestones to get the migration approved. We are now waiting for the public prosecutor's office on this issue that we will present the inform and go to the reputed minister. We will have then 30 days plus 30 days to present to the plenary. And once it's approved there, we do need, I think, it's still the approval of AGU, and then we are done.

接下來，進入第二個階段，我們有一些里程碑可以讓遷移獲得批准。我們現在正在等待檢察官辦公室就這個問題向我們提交通知並轉交給著名的部長。然後我們將有 30 天的時間，再加上 30 天的時間向全體會議提交報告。一旦獲得批准，我認為我們確實需要 AGU 的批准，然後我們就完成了。

So I don't have a specific date. If all the timing are in the maximum and are completed with no other intervenience, we could get to an agreement in October. After that, there are many things related, the concession that we're going to also opening up once we have it approved, then we could share with you in the next quarters more related to people work and the concession, investment that we have to do in legacy technology that we don't have to do any more, real estate that we could be able maybe to not use any more and sell once we don't use it for the service that we need to provide.

所以我沒有具體的日期。如果所有的時間安排都在最大限度內並且在沒有其他幹擾的情況下完成，我們可以在十月達成協議。之後，還有很多相關的事情，一旦獲得批准，我們也將開放特許權，然後我們可以在接下來的幾個季度與您分享更多與人員工作以及我們必須的特許權、投資相關的內容我們不必再做的遺留技術，我們可能不再使用的房地產，一旦我們不再使用它來提供我們需要提供的服務，我們就可以出售它。

There are many -- some of hidden costs and investment that we're going to have more clarity once it's approved to share with you. And of course, we have the investment that is part of the agreement in five and 10 years related to the possibility to migrate.

有許多隱性成本和投資，一旦獲得批准與您分享，我們將更清楚地了解這些成本和投資。當然，我們有五年和十年內與遷移可能性相關的投資協議的一部分。

Very clear. Thank you, Christian.

非常清楚。謝謝你，克里斯蒂安。

Thank you, Bernardo.

謝謝你，貝爾納多。

Vitor Tomita, Goldman Sachs.

維托·富田，高盛。

Hello. Good morning, all. And thanks for taking our questions. First question from our side would be on prepaid. If you could give us an update on how you are seeing trends for ARPU and for recharges in prepaid specifically?

你好。大家早安。感謝您回答我們的問題。我們這邊的第一個問題是預付費的。您能否向我們介紹一下您對 ARPU 和預付費儲值趨勢的最新看法？

And second question from our side, if you could give us an updated view on how you are thinking about M&A generally, both on the broadband side and on the B2B side? And if -- and on the B2B side, in particular, if you see room for further acquisitions similar to Vita IT and IPNET or more B2B companies? We've had different profile from those two. Thank you.

我們的第二個問題是，您能否向我們介紹一下您對寬頻方面和 B2B 方面併購的整體看法？如果—特別是在 B2B 方面，您是否認為有進一步收購類似 Vita IT 和 IPNET 或更多 B2B 公司的空間？我們和那兩個人有不同的形象。謝謝。

So Vitor, prepaid, I think the market is performing in a very good way. As I said, we increased our offering -- of our offer, bi-weekly, offer to BRL70. We are trying to bring more innovation to our prepaid segment. So we are bringing like incentives of higher top-ups with also some loyalty program related to that. That is one of our investments in CRMBonus or the value bonus.

Vitor，預付費，我認為市場表現非常好。正如我所說，我們增加了我們的報價——每兩週一次的報價達到 70 巴西雷亞爾。我們正在努力為我們的預付費領域帶來更多創新。因此，我們帶來了更高的儲值獎勵以及一些與之相關的忠誠度計劃。這是我們對 CRMBonus 或價值紅利的投資之一。

So what we saw in the last quarter was an increase in our revenues of 4.9. So it's very good growth, above inflation. And also the churn is very low. And what we've been doing in prepaid also is our ability to continue to migrate prepaid to hybrid. That we're doing in a very successful way. And now we're also doing in a very successful way the migration from hybrid to pure postpaid, hybrid to Vivo Total. So we keep with the movement of the market, being very attentive, and also trying to bring more value to the hybrid and bringing customers from prepaid to hybrid, not only the stand-alone hybrid, but hybrid plus content. So hybrid plus Netflix, hybrid plus Vale Saude, hybrid plus Vivo Play, hybrid plus the Vivo education platform that we have. So that's the way, again, working on the customer, trying to bring more value out of our relationship.

所以我們在上個季度看到的營收成長了 4.9%。所以這是一個非常好的成長，高於通貨膨脹。而且客戶流失率也非常低。我們在預付費領域所做的也是我們繼續將預付費遷移到混合的能力。我們正在以一種非常成功的方式做這件事。現在，我們也以非常成功的方式進行了從混合到純後付費、混合到 Vivo Total 的遷移。因此，我們緊跟市場的動向，非常專注，並努力為混合動力帶來更多價值，讓客戶從預付費轉向混合動力，不僅是獨立的混合動力，而是混合加內容。因此，混合加上 Netflix，混合加上 Vale Saude，混合加上 Vivo Play，混合加上我們擁有的 Vivo 教育平台。這就是再次為客戶服務、努力從我們的關係中帶來更多價值的方式。

Related to M&A, we are always looking at opportunities in the broadband. So far, nothing to share rather than what was already shared. Again, we need to find the right pricing, the right footprint, the right technical quality presented in the network and in the CPE, and of course, the price that's convenient. You can understand that we already have 27 million home passed. We're going to get to 29 million at the end of the year. We have the ability to use neutral networks by Brazil and others available in the market. So there is always different alternatives, organically, neutral network or if you find one asset that comply with all our requirements. We always have the opportunity and the flexibility because of our balance sheet to be active in this field.

在併購方面，我們一直在尋找寬頻領域的機會。到目前為止，除了已經分享的內容之外，沒有什麼可分享的。同樣，我們需要找到合適的定價、合適的覆蓋範圍、網路和 CPE 中呈現的合適的技術質量，當然還有方便的價格。你可以理解，我們已經有 2700 萬人回家了。到今年年底我們的數字將達到 2900 萬。我們有能力使用巴西和市場上其他國家的中立網絡。因此，總是有不同的替代方案，有機的、中立的網絡，或者如果您找到符合我們所有要求的資產。由於我們的資產負債表活躍在這一領域，我們始終擁有機會和靈活性。

In the other M&As, IPNET is a great asset, very happy to successfully acquire this company. It's a company with more than BRL200 million in revenues. But more importantly, it's a successful company that has 260 specialized employees, 140 Google solutions experts that gives us also more room to expand Google penetration in Google, not only the cloud, but the workspace as well as a competition to Office, and also give us more portfolio to offer not only to large corporation but also to SMEs that today are investing in cloud solutions as well. We are always looking at opportunities in the different areas of B2B, other cloud company, some IoT, cybersecurity, it will depend. It can be a full acquisition as we did in IPNET and Vita, could be an investment through Vivo Ventures, or could be a partnership in a more exclusive way.

在其他併購中，IPNET是一筆巨大的資產，很高興能夠成功收購這家公司。這是一家收入超過 2 億雷亞爾的公司。但更重要的是，這是一家成功的公司，擁有260 名專業員工、140 名Google 解決方案專家，這為我們提供了更多的空間來擴大Google 在Google 的滲透率，不僅是雲，還有工作空間以及Office 的競爭，也為我們提供了更大的空間。我們一直在 B2B、其他雲端公司、一些物聯網、網路安全等不同領域尋找機會，這取決於情況。它可以像我們對 IPNET 和 Vita 一樣進行全面收購，也可以透過 Vivo Ventures 進行投資，也可以以更排他的方式進行合作。

So we are very optimistic about the ability that we have to grow, bring into the table. Our customer base, again, 1.7 million customers in B2B, 5,000 sales reps and all the power assets that Vivo put on the table. Just to give another example that is not an acquisition, but it's a JV in energy that we just launched with Auren. They're called Good Energy. That is a company that already started with successful results, that in the future they will be able to share more. But it's also taking advantage of the market. And also, again, Auren brings the energy, and we bring the channel and the relationship with our customers.

因此，我們對我們必須成長和發揮的能力非常樂觀。我們的客戶群，同樣是 170 萬 B2B 客戶、5,000 名銷售代表以及 Vivo 提供的所有電力資產。再舉一個例子，這不是收購，而是我們剛與 Auren 成立的能源合資企業。他們被稱為“好能量”。這是一家已經開始取得成功成果的公司，未來他們將能夠分享更多。但它也在利用市場。而且，奧倫再次帶來了能量，我們帶來了管道以及與客戶的關係。

Very clear, Christian. Thank you very much.

非常清楚，基督徒。非常感謝。

Thank you, Vitor.

謝謝你，維托爾。

Lucca Brendim, Bank of America.

盧卡·布倫丁，美國銀行。

Hi. Good morning, everyone. I have two questions here from my side. The first one regarding net adds on mobile. Vivo has maintained a very solid pace for the past few quarters. But also when we look at the consolidated market, the market itself has been growing a lot for the past few quarters. So how can we think about that going forward? What have been the main drivers for -- what have been the main drivers for that, and if that should continue or not?

你好。大家早安。我這邊有兩個問題。第一個關於行動裝置上的網路新增。Vivo 在過去幾季保持了非常穩健的步伐。但當我們審視綜合市場時，市場本身在過去幾季中一直在大幅成長。那我們該如何看待未來呢？主要驅動因素是什麼－主要驅動因素是什麼？

And the second one on margins, EBITDA margins. How can we think about them going forward as well? Is there still room for expansion? Should we continue to see margins growing for as long as we have this solid top line growth? And how do you guys think about the margins in the long run? How high can it reach? So those would be my questions. Thank you.

第二個是利潤率，即 EBITDA 利潤率。我們如何看待他們的未來？還有擴充空間嗎？只要我們的收入保持穩定成長，我們是否就應該繼續看到利潤率成長？從長遠來看，你們如何看待利潤率？能達到多高？這些都是我的問題。謝謝。

Lucca, Christian here. I can answer from Vivo. So I think the market is also being, I think, more seeing the opportunity of migration prepaid to postpaid in a more positive way. In our case, for you to have an idea, if I look at the number of access, we went from 97.8% to 100.9% of total mobile axis. Prepaid went from 38.1% to 37%. It's a 2.9% production in the prepaid access. On the other hand, in the postpaid, we came from 59.7% to 64%. It's a 7.2% growth. That is our ability to migrate customers from prepaid to postpaid and, of course, to attract customers from others.

盧卡，基督徒在這裡。我可以透過vivo來回答。因此，我認為市場也更以更積極的方式看到預付費向後付費遷移的機會。在我們的例子中，為了讓您有一個想法，如果我看一下訪問數量，我們從總移動軸的 97.8% 上升到 100.9%。預付費從 38.1% 上升到 37%。這是預付費訪問的 2.9%。另一方面，在後付費方面，我們從 59.7% 上升到 64%。增長了 7.2%。這就是我們將客戶從預付費遷移到後付費的能力，當然還有吸引其他客戶的能力。

But as you asked about the market as a whole, my answer would be the ability of migrate prepaid to postpaid that is driving net adds up for the market. If that was the question, I will hand it over to David for the EBITDA one.

但當您詢問整個市場時，我的答案是預付費遷移到後付費的能力，這正在推動市場的淨增值。如果這是個問題，我會將其交給 David 來解答 EBITDA 問題。

Lucca, thank you for the question. So regarding the margin of the EBITDA, I mean, as you know, there are two elements. One is the line of other costs and revenues that this quarter was slightly worse than the one we had previously because there is some volatility. So if we consider -- if we exclude this line, you will see an improvement on EBITDA margin. That will go to 40.8%. So there will be almost 1 point improvement, even though the new revenues are coming with a lower EBITDA margin, but with no CapEx.

盧卡，謝謝你的提問。因此，關於 EBITDA 利潤率，我的意思是，如您所知，有兩個要素。一是其他成本和收入線，本季比我們之前的情況稍差，因為存在一些波動。因此，如果我們考慮排除這一行，您將看到 EBITDA 利潤率有所改善。這將達到 40.8%。因此，儘管新收入的 EBITDA 利潤率較低，但沒有資本支出，但仍將提高近 1 個百分點。

But we prefer to look at the margins at operating cash flow level because, as I said, those new businesses are coming with no CapEx. And here, you can see that we are in a very good momentum now. We have an operating cash flow margin just in the quarter of almost 23% margin. And if you look to the last six months, we are almost on 24%. And this quarter, we have also started to show operating cash flow after leases, also the margin, as you can see that we have on the highest levels over the last couple of years.

但我們更願意專注於營運現金流水準的利潤率，因為正如我所說，這些新業務沒有資本支出。在這裡，你可以看到我們現在的勢頭非常好。本季我們的營運現金流利潤率接近 23%。如果你看看過去六個月，我們幾乎達到了 24%。本季度，我們也開始顯示租賃後的營運現金流以及利潤率，正如您所看到的，我們處於過去幾年的最高水平。

So in summary, we still have levers to pull to continue improving some of the margins and prefer to look to operating cash flow margin and operating cash flow after leases. So this is our view, and we are not giving guidance, but we are positive about the opportunities to keep improving the trends.

總而言之，我們仍然有槓桿可以繼續提高一些利潤率，並且更願意專注於經營現金流利潤率和租賃後經營現金流。這是我們的觀點，我們不會提供指導，但我們對不斷改進趨勢的機會持正面態度。

Okay. Very clear. Thank you for the answers.

好的。非常清楚。謝謝您的回答。

Thank you.

謝謝。

Phani Kumar, HSBC.

帕尼庫馬爾，匯豐銀行。

Hello. Thanks for taking my questions. My first question is regarding your migration from concession to authorization. So once the migration is completed, do you see a need or an opportunity to invest more in the concession area, to invest more fiber in these areas? And how would that impact the CapEx?

你好。感謝您回答我的問題。我的第一個問題是關於從特許權到授權的轉變。因此，一旦遷移完成，您是否認為有必要或有機會在特許區域進行更多投資，在這些區域投資更多光纖？這將如何影響資本支出？

My second question is that how robust is your guidance in terms of shareholder remuneration considering that you have several -- you're looking at further M&A and probably the concession to authorization migration. Thank you.

我的第二個問題是，考慮到您有幾個股東薪酬方面的指導，您正在考慮進一步的併購，並可能對授權遷移做出讓步，您的指導有多穩健。謝謝。

I don't know if I got the second question. What is the second question?

不知道第二個問題有沒有答對。第二個問題是什麼？

Okay. The second question is how robust is your guidance? And does it consider the concession to authorization migration already? Or like if the concession to authorization migration goes ahead, does it pose a risk to the guidance for dividends?

好的。第二個問題是你的指導有多強？它是否已經考慮對授權遷移做出讓步？或者，如果對授權遷移的讓步繼續下去，是否會對股利指引構成風險？

The guidance we have, it doesn't change with the migration. It's 100% or more of our net income. That remains the same.

我們擁有的指導不會隨著遷移而改變。這是我們淨收入的 100% 或更多。這仍然是一樣的。

Regarding the first question, if I understand it well, once we migrate, we're going to need to keep some cities in the state that we need to keep the fixed telephony service. It's a small amount of cities that we need to keep. It's more locations than cities that we need to keep until 2028 because these cities or these locations, they don't have any other voice alternative that we could fulfill with a mobile solution, or we need to keep the fixed telephony solution that we have today.

關於第一個問題，如果我理解得好的話，一旦我們遷移，我們將需要保持一些城市需要保持固定電話服務的狀態。我們需要保留的只是一小部分城市。我們需要保留到 2028 年的地點比城市還要多，因為這些城市或這些地點沒有我們可以透過行動解決方案實現的任何其他語音替代方案，或者我們需要保留現有的固定電話解決方案。

Apart from that, all the rest, that is the vast majority of the state who have our freedom to do whatever we want. And of course, our fiber strategy is based in other elements, not only just the migration, and we would try to capture as much as we can with fiber migration as we've been doing along the years regardless of the concession. So if you look our network today, it's 27 million home passed. The important part of this network is in the state of Sao Paulo, and that is our replacement of copper by fiber. We're going to continue to do that or we're going to do use of any other network that we have there, but it doesn't change anything with the migration. The migration only obliges us to keep few locations where we need to keep until 2028. I don't know if that was the question, but that's the way we're going to pursue.

除此之外，其餘的，也就是國家的絕大多數人，都有我們為所欲為的自由。當然，我們的光纖策略基於其他要素，而不僅僅是遷移，我們將盡力透過光纖遷移捕獲盡可能多的信息，就像我們多年來一直在做的那樣，無論是否有讓步。因此，如果您今天查看我們的網絡，您會發現有 2700 萬用戶通過家庭。這個網路的重要部分在聖保羅州，那就是我們用光纖取代銅線。我們將繼續這樣做，或者我們將使用我們在那裡擁有的任何其他網絡，但這不會因遷移而改變任何內容。此次遷移僅要求我們保留少數需要保留到 2028 年的地點。我不知道這是否是問題所在，但這就是我們要追求的方式。

Sure. I think that was pretty clear. Thank you.

當然。我認為這已經很清楚了。謝謝。

Carlos de Legarreta, Itau BBA.

卡洛斯·德·萊加雷塔 (Carlos de Legarreta)，伊塔烏 BBA。

Good morning. And thanks for taking the questions. Just two brief ones on my side. The first one is, can you remind us of the exposure to FX depreciation? I assume most comes from the handset costs, but I'd like to have some color on that, please.

早安.感謝您提出問題。我這邊只有兩個簡短的。第一個是，您能提醒我們外匯貶值的風險嗎？我認為大部分來自手機成本，但我想對此進行一些說明。

And the second one, more than a question, I'd like to hear more color about the financial services that you provide. I know in the Investor Day; you talked about requesting a license. So I'm just wondering what other services can you offer, what's the opportunity there that you're identifying? Thank you.

第二個問題，不只是一個問題，我想聽到更多關於你們提供的金融服務的資訊。我知道在投資者日；你談到了申請許可證。所以我只是想知道你們還可以提供哪些其他服務，你們發現了哪些機會？謝謝。

Hi, Carlos. I will take the first question. So regarding the exposure that we have to FX, there are mainly two parts. One has to do with the handsets. And obviously, we have some protections in terms of our global contracts that are being part of Telefonica Group. But in the case that there should be an increase in prices as a consequence of the FX, we will pass it -- the prices -- to a consumer as we believe that is normal practice.

嗨，卡洛斯。我將回答第一個問題。因此，關於我們對外匯的敞口，主要有兩個部分。其中之一與手機有關。顯然，我們在屬於西班牙電信集團的全球合約方面享有一些保護。但如果匯率導致價格上漲，我們會將其（價格）傳遞給消費者，因為我們認為這是正常做法。

Regarding the rest of our operations, in summary, I will say that around 20% of our CapEx is somehow linked to FX. But as I say, we have some protections. So it doesn't mean that we have an impact immediately. So it will have an impact in the mid-term. So it's a limited, as small as possible.

關於我們的其餘業務，總而言之，我會說我們大約 20% 的資本支出在某種程度上與外匯相關。但正如我所說，我們有一些保護措施。所以這並不意味著我們會立即產生影響。所以中期會有影響。所以它是有限的，盡可能小。

So Carlos, going to the second question in financial services, now what we just presented is that in the last 12 months, everything related to financial services -- B2C, basically -- like the growing revenues, BRL450 million revenues in the last 12 months. It is a growth if we compare to the last 12 months to second quarter 2023 of 27%.

卡洛斯，關於金融服務的第二個問題，我們剛才提出的是，在過去12 個月裡，與金融服務相關的一切——基本上是B2C——比如不斷增長的收入，過去12 個月的營收為4.5 億雷亞爾。與截至 2023 年第二季的過去 12 個月 27% 的成長率相比，這是一個成長。

We have different products. We will mention some of them. The main one is what we call personal loan or that was previously called Vivo Money, that's Vivo Pay personal loan. That's our personal loan that is available to Vivo customers. Now, that allow the customers to hire a credit that ranges from BRL500 to BRL50,000. It's 100% digitally. They go for the app, and they can ask for that. And of course, here, our ability to understand the customers' profile because they are customers that we know, it's what makes us able to have a very contextualized offer, minimizing risks and being increasingly assertive when offering the right product to the right customers.

我們有不同的產品。我們會提到其中的一些。主要的就是我們所說的個人貸款，或是以前叫Vivo Money，也就是Vivo Pay個人貸款。這是我們向 Vivo 客戶提供的個人貸款。現在，客戶可以租用 500 雷亞爾到 50,000 雷亞爾的信用額度。它是 100% 數位化的。他們會選擇該應用程序，並且可以提出要求。當然，在這裡，我們了解客戶資料的能力，因為他們是我們認識的客戶，這使我們能夠提供非常切合實際的報價，最大限度地降低風險，並在向合適的客戶提供合適的產品時變得更加自信。

In this platform, we reached in the second quarter BRL446 million like that we lend to our customer base. We're talking about 60,000 customers that already accessed our loan platform. That is an increase in the volume. If I compare this BRL446 million and one year before, it's 62% year-over-year.

在這個平台上，我們在第二季向我們的客戶群提供了 4.46 億雷亞爾的貸款。我們談論的是已經訪問我們貸款平台的 60,000 名客戶。那就是體積的增加。如果我將這 4.46 億雷亞爾與一年前進行比較，則年增 62%。

We still have a lot to grow. That's why we are launching new services. One of them is very -- specifically from Brazil called FTTS Birthday Eve Draw. That is a security credit product that's allowing for customers now to anticipate their birthday eve draw of our FTTS, now that it's the pension fund here in Brazil. And also, we launched the Pix payable on installments that you buy now, but you pay later. That is also a new service that's available that we are offering also embedded in our app.

我們還有很多需要成長的地方。這就是我們推出新服務的原因。其中之一是來自巴西的 FTTS 生日前夕抽獎活動。這是一種安全信貸產品，讓客戶現在可以預測我們 FTTS 的生日前夕提款，因為它是巴西的退休基金。此外，我們還推出了 Pix 分期付款服務，您現在購買，但稍後付款。這也是我們提供的一項新服務，也嵌入在我們的應用程式中。

We also have insurance. We started basically with smartphones. We have around 450,000 customers that have insurance, smartphone insured by Vivo in partnership with Zurich. More than 28% of the smartphone that we sell in our stores, they go out insurance. But we also see room to improve and increase even more and also launch other type of insurance, life consumers, bike insurance, pet insurance. We are organizing our portfolio and talking to partners to have a very broad offering and use our app -- that is acquisition costs very low or zero depending on the case -- to reach these customers. Now, as I said before, we have 23 million, 24 million unique users in our app.

我們還有保險。我們基本上是從智慧型手機開始的。我們有大約 45 萬名客戶擁有 Vivo 與蘇黎世合作投保的智慧型手機保險。我們商店銷售的智慧型手機中有超過 28% 都有保險。但我們也看到了進一步改進和增加的空間，也推出了其他類型的保險，例如人壽保險、自行車保險、寵物保險。我們正在組織我們的產品組合，並與合作夥伴交談，以提供非常廣泛的產品，並使用我們的應用程式（根據情況，購置成本非常低或為零）來接觸這些客戶。現在，正如我之前所說，我們的應用程式中有 2300 萬、2400 萬唯一用戶。

So these are basically the key services in the Vivo Pay umbrella, that is our fintech. And we -- yes, we asked for an SCD license from Central Bank that allow us to do basically what we are doing, maybe more services in a more efficient way as we are scaling our portfolio. We believe that we can do that, not renting capabilities or license from others in a more efficient way.

因此，這些基本上是 Vivo Pay 保護傘中的關鍵服務，也就是我們的金融科技。我們——是的，我們向中央銀行申請了 SCD 許可證，這使我們能夠基本上做我們正在做的事情，也許在我們擴大投資組合時以更有效的方式提供更多服務。我們相信我們可以做到這一點，而不是以更有效的方式從他人那裡租用能力或許可證。

Thank you for the color. Appreciate it.

謝謝你的顏色。欣賞它。

Thank you, Carlos.

謝謝你，卡洛斯。

Gabriel Vaz de Lima, Morgan Stanley.

加布里埃爾·瓦茲·德利馬，摩根士丹利。

Hi, guys. Thank you very much for taking my question. Just one on my side. Anything relevant that we should keep our eyes on third quarter? Any relevant trends that we should be looking at in PIX and mobile? And anything you can share would be very helpful. Thank you.

嗨，大家好。非常感謝您回答我的問題。我這邊只有一個。有什麼值得我們關注第三季的相關內容嗎？我們應該關注 PIX 和行動領域的任何相關趨勢嗎？您可以分享的任何內容都會非常有幫助。謝謝。

Gabriel, we've been showing that quarter-over-quarter a positive trend in every line and that respond to the strategy that we've been like communicating to you in the last years. So we're going to keep driving the company in the same way, driving connectivity, mobile and fixed, driving totalization of our customer base through a variety of products and services, expanding our new business and digital portfolio, being more efficient the way we relate to customers and bringing down OpEx through digitalization, being rational in CapEx in a way that CapEx over revenues continue to be in a decreasing trend and also keeping the remuneration, as we said before, if 100% or more of our net income. That's what we could expect and that what we are doing successfully over the last quarters.

加布里埃爾，我們在每條產品線中都呈現出季度環比的積極趨勢，這響應了我們過去幾年一直與您溝通的策略。因此，我們將繼續以同樣的方式推動公司發展，推動行動和固定連接，透過各種產品和服務推動客戶群的整體化，擴大我們的新業務和數位產品組合，提高我們的效率。並透過數位化降低營運支出，在資本支出方面保持理性，使資本支出相對於收入繼續呈下降趨勢，並保持薪酬，如我們之前所說，如果佔淨利潤的100% 或更多。這是我們所期望的，也是我們在過去幾季中成功做到的。

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 once again, thank you all for participating for the great questions. We are all team here, again, available for any further questions that you may have. It's a very, very positive and strong quarter that we are very satisfied that we could bring you the results that we're expecting, giving like all colors in all the detail of our strategy going forward. And again, looking forward to meeting you soon and, of course, waiting for the next quarter meeting in the next months.

再次感謝大家參與提出這些好問題。我們都是團隊成員，再次歡迎您解答任何其他問題。這是一個非常非常積極和強勁的季度，我們非常滿意能夠為您帶來我們所期望的結果，並在我們未來策略的所有細節中提供所有顏色。再次，期待很快與您見面，當然，也等待接下來幾個月的下一個季度會議。

But before that, again, the whole team here is available for any specific questions that you may have. Thank you again for participating.

但在此之前，這裡的整個團隊都可以解答您可能遇到的任何具體問題。再次感謝您的參與。

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。