XP Inc (XP) 2024 Q1 法說會逐字稿

Good evening, everyone. I'm Andre Parize, Head of Investor Relations at XP Inc. It's a pleasure to be here with you today. On behalf of the company, I would like to thank you all for the interest and welcoming to our '24 First Quarter Earnings Call. This quarter's results will be presented by our CEO, Thiago Maffra and our CFO, Bruno Constantino, who will both be available for the Q&A session right after the presentation. (Operator Instructions).

各位晚上好。我是 XP Inc. 投資者關係主管 Andre Parize。我謹代表公司感謝大家對我們的「24 年第一季財報電話會議」的關注與歡迎。本季的業績將由我們的執行長蒂亞戈·馬夫拉 (Thiago Maffra) 和財務長布魯諾·康斯坦丁 (Bruno Constantino) 介紹，他們都將在介紹結束後參加問答環節。 （操作員說明）。

And before we begin our presentation, please refer to our legal disclaimers on Page 2 on which we clarify forward-looking statements, additional information on forward-looking statements can also be found on the SEC filings section in our IR website.

在我們開始簡報之前，請參閱第 2 頁的法律免責聲明，其中我們澄清了前瞻性聲明，有關前瞻性聲明的更多資訊也可以在我們的 IR 網站的 SEC 備案部分找到。

So now I'll turn it over to Thiago Maffra. Go evening, Maffra.

現在我將把它交給蒂亞戈·馬夫拉。晚上去吧，馬夫拉。

Good evening, everyone. Thank you for joining us today on our 2024 first quarter earnings call. It's a pleasure to be here tonight. Before we review our financial results, it's important to acknowledge the devastating floods that have impacted (inaudible), resulting in tragic loss of lives and homes. It's particularly heartbreaking as XP began its journey in a small 200 square foot of (inaudible). During this difficult time, we are committed to supporting the affected communities. Our hearts go out to all those affected.

各位晚上好。感謝您今天參加我們的 2024 年第一季財報電話會議。今晚很高興來到這裡。在我們審查我們的財務表現之前，重要的是要承認毀滅性洪水的影響（聽不清楚），造成了生命和家園的悲慘損失。當 XP 在一個 200 平方英尺的小空間（聽不清楚）中開始它的旅程時，這尤其令人心碎。在這個困難時期，我們致力於支持受影響的社區。我們的心與所有受影響的人同在。

Now let us discuss our quarterly performance and the steps we are taking to ensure our continued growth and commitment to all our stakeholders as we continue our conversation today, I want to reiterate our commitment to serving our clients by delivering innovative and high-quality service. I am proud to announce that during this quarter, we have implemented a sophisticated and scalable financial planning tool. This technology provides us with a clear view of our clients' financial cycles enhancing our service offerings. Additionally, it integrates seamlessly with our recently launched open investments initiative which broadens our ability to present diverse investment alternatives at better rates and lower price. I will revisit this topic shortly to provide more details on how it functions.

現在讓我們討論我們的季度業績以及我們為確保持續成長和對所有利益相關者的承諾而採取的步驟，在我們今天繼續對話時，我想重申我們透過提供創新和高品質服務來服務客戶的承諾。我很自豪地宣布，在本季度，我們實施了複雜且可擴展的財務規劃工具。這項技術使我們能夠清楚地了解客戶的金融週期，從而增強我們的服務。此外，它與我們最近推出的開放投資計劃無縫集成，從而擴大了我們以更優惠的利率和更低的價格提供多樣化投資選擇的能力。我將很快重新討論這個主題，以提供有關其功能的更多詳細資訊。

Before we delve into our financial performance, it's crucial to address the macroeconomic environment, which remains challenging. The first quarter of 2024 began with terminal interest rates expectations nearing 9% per year, controlled inflation and appreciating real and a managed fiscal situation. However, as the quarter progressed, we saw interest rates adjust to 10%, a slightly depreciation of the real and an ongoing fiscal challenges. In terms of market activity, the appetite for equities has continued the trend from previous quarters with slightly lower turnover, why our attention remains focused on fixed income.

在我們深入研究我們的財務表現之前，解決仍然充滿挑戰的宏觀經濟環境至關重要。 2024 年第一季開始，最終利率預期接近每年 9%，通膨受到控制，實際和受管理的財政狀況有所改善。然而，隨著本季的進展，我們看到利率調整至 10%、雷亞爾略有貶值以及持續的財政挑戰。從市場活躍度來看，股票需求延續了前幾季的趨勢，成交量略有下降，因此我們的注意力仍然集中在固定收益上。

Despite competing with Tax-Exempt Credit notes, our competitive portfolio continues to grow benefiting from our complete ecosystem. For instance, during the quarter, our corporate credit book saw gains from narrowing credit spreads and our debt capital markets flow remain strong for a first quarter. On the flip side, we can say that we prepared ourselves to another tough year both in terms of expenses and also in what we would expect in terms of revenues. So recent worsening in market conditions didn't change much our overall expectations for the year.

儘管與免稅信用票據競爭，我們的競爭性產品組合仍受益於我們完整的生態系統而不斷成長。例如，在本季度，我們的企業信用帳簿因信用利差縮小而獲益，而我們的債務資本市場流動在第一季仍然強勁。另一方面，我們可以說，我們已經為另一個艱難的一年做好了準備，無論是在支出方面還是在我們預期的收入方面。因此，最近市場狀況的惡化並沒有改變我們對今年的整體預期。

Turning now to our financial performance. Despite the challenging macroeconomic scenario, we achieved a 28% year-over-year growth in top line and a 29% growth in bottom line. Our EBITDA margin expanded by approximately 81 basis points. This quarter was also marked by a strong focus on efficiency and cost discipline across all operations as presented by an efficiency ratio of 36.5%, which is 384 basis points lower year-over-year. Our diluted earnings per share increased by 25% year-over-year, reaching BRL 1.85 per share.

現在轉向我們的財務表現。儘管宏觀經濟情勢充滿挑戰，我們的營收年增 28%，淨利成長 29%。我們的 EBITDA 利潤率擴大了約 81 個基點。本季的另一個特點是所有營運部門都高度重視效率和成本紀律，效率率為 36.5%，較去年同期下降 384 個基點。我們的稀釋每股盈餘年增 25%，達到每股 1.85 雷亞爾。

Lastly, I would like to highlight our return on tangible equity, which we consider a more accurate measure for running our business. It stood at 25.4% marked an increase of 491 basis points year-over-year. Moving on to the next slide. Let me provide an update on our strategy tracker for 2024 following up on our discussions on Investor Day last December. Firstly, regarding our leadership in retained investments, we are pleased to announce the appointment of (inaudible) as the new CEO of our Private Banking division. This division has seen relevant enhancements in process product offerings and service levels.

最後，我想強調我們的有形股本回報率，我們認為這是衡量我們業務的更準確的衡量標準。為25.4%，較去年成長491個基點。轉到下一張投影片。繼去年 12 月投資者日的討論之後，我將提供 2024 年策略追蹤的最新情況。首先，關於我們在保留投資方面的領導地位，我們很高興地宣布任命（聽不清楚）為我們私人銀行部門的新執行長。該部門在流程產品供應和服務水準方面取得了相關增強。

With (inaudible), we are confident in our path toward establishing ourselves as one of the top private banks in Brazil. Also, we have once again been recognized by Follett Sao Paulo as the best adviser platform in the country, a testament to our commitment, to excellence in client service. Our vision is clear. We aim to dominate the investment industry in Brazil, a big but achievable goal. I will dive deeper into the specifics of this strategic pillar in the next slides.

憑藉（聽不清楚），我們對成為巴西頂級私人銀行之一的道路充滿信心。此外，我們再次被 Follett Sao Paulo 評為全國最佳顧問平台，證明了我們對卓越客戶服務的承諾。我們的願景很明確。我們的目標是主導巴西的投資產業，這是一個宏偉但可實現的目標。我將在下一張投影片中更深入地探討這項戰略支柱的具體細節。

Last quarter, we introduced our financial planning tool for advisers, marking an important milestone in how we serve our clients. These 2 represents the third wave of differentiation for XP, following our open architecture platform for third-party products and our extensive distribution network. Moving on to our retail cross-sell strategy, particularly in banking, we are proud to be ranked second, in the (inaudible) ranking of the best banking service for 2024. Our digital account, though relatively new has a red game recognition. This rapid recognition is incredible ratifying.

上季度，我們為顧問推出了財務規劃工具，這標誌著我們為客戶提供服務的方式上的一個重要里程碑。這兩個代表了 XP 的第三次差異化浪潮，繼我們針對第三方產品的開放式架構平台和廣泛的分銷網絡之後。延續我們的零售交叉銷售策略，特別是在銀行業，我們很自豪在2024 年最佳銀行服務（聽不清）排名中名列第二。度。這種快速的認可令人難以置信。

Beyond investments, our new virtual segments have grown to represent a larger share of our total gross revenue, almost 13% in the first quarter of 2024, enhancing the resilience of our business model. In the corporate and SMB our unique position in wholesale banking continues to strengthen. This quarter, our role in structuring and distributing corporate credit has been once again prominent, underscoring our competitive advantage proved sophisticated retail investor clients and a large distribution channel. Our corporate and SME revenue was 5% of total revenue.

除了投資之外，我們新的虛擬細分市場在我們總收入中所佔的份額也越來越大，到 2024 年第一季幾乎達到 13%，從而增強了我們業務模式的彈性。在企業和中小企業中，我們在批發銀行業務中的獨特地位不斷加強。本季度，我們在建立和分配企業信貸方面的作用再次凸顯，凸顯了我們成熟的散戶投資者客戶和龐大的分銷管道的競爭優勢。我們的企業和中小企業收入佔總收入的5%。

Lastly, on the top of quality and strategic execution, we have launched a financial planning tool for all our advisers and with rapid adoption with over 2,500 active advisers in the platform within only 2 weeks of the launch. We have also centralized the Chief Investment Officer role with Artur Wichmann to provide consistent allocation costs across all client and risk profiles, which have been recently reviewed. This launch coincides with open investment initiatives, which we see as a good opportunity for us. As I have previously mentioned, the next phase of XP's growth will be driven by our ability to provide higher quality experience for our clients throughout their financial journeys.

最後，除了品質和策略​​執行之外，我們還為所有顧問推出了財務規劃工具，並在推出後短短 2 週內就被平台上超過 2,500 名活躍顧問迅速採用。我們也將首席投資長的角色集中在 Artur Wichmann 身上，以便為所有客戶和風險狀況提供一致的分配成本，這些成本最近已經過審查。此次推出恰逢開放投資計劃，我們認為這對我們來說是一個很好的機會。正如我之前提到的，XP 下一階段的成長將取決於我們為客戶的整個金融旅程提供更高品質體驗的能力。

Our ongoing enhancements to the solutions we offer are designed to empower our advisers to deliver its market and more precise investment advice by optimizing clients' portfolios to align closely with individual goals we are raising the bar for what it means to engage in high-quality financial planning. We are committed to democratizing access to premium service broadening our perspective to proactively meet clients' objectives and offer a complete and curated set of investment alternatives. These efforts are designed to not only meet but exceed client expectations.

我們不斷改進我們提供的解決方案，旨在透過優化客戶的投資組合以與個人目標緊密結合，使我們的顧問能夠提供市場和更準確的投資建議，我們正在提高參與高品質金融活動的門檻規劃。我們致力於實現優質服務的民主化，拓寬我們的視野，主動滿足客戶的目標，並提供一套完整且精心策劃的投資選擇。這些努力不僅是為了滿足而且超越客戶的期望。

This new approach to allocation resource presents great opportunities for revenue generation and increasing lifetime value. It's simplifying how our emphasis on quality translates into tangible benefits for both our clients and our business. This strategy distinguishes us further from incumbent banks and strengthens our position for continued leadership in the coming years. This quarter, we have introduced new features that integrate our financial planning platform with open investments regulations, creating a positive feedback loop.

這種新的資源分配方法為創造收入和增加終身價值提供了巨大的機會。它簡化了我們對品質的重視如何轉化為我們的客戶和我們的業務的實際利益。這項策略使我們進一步區別於現有銀行，並鞏固了我們在未來幾年繼續保持領先地位的地位。本季度，我們推出了新功能，將我們的財務規劃平台與開放投資法規結合，形成一個積極的回饋循環。

With our financial planning tools and servicing incentives, clients are encouraged to share their data, enabling us to provide even better service. With client permission, we gain visibility into their entire financial portfolio across XP and other platforms. We have already begun training our advisers on these new capabilities and we expect to complete training across our entire adviser base in the coming quarters.

透過我們的財務規劃工具和服務激勵措施，鼓勵客戶分享他們的數據，使我們能夠提供更好的服務。經客戶許可，我們可以跨 XP 和其他平台了解他們的整個財務投資組合。我們已經開始對顧問進行這些新功能的培訓，並預計在未來幾季完成整個顧問庫的培訓。

Granting XP access to their full financial portfolio is a straightforward process for clients. allowing us to present an integrated and comprehensive view of their investment options by leveraging our modern financial planning platform, already a differentiator in the market we provide advisers with tools to offer holistic advice and compare investment opportunities, both within XP and across competitors. I want to highlight this as an important differentiator that sets us apart in the market. Currently, we are not aware of any other player implementing a strategy similar to ours on the same scale. This initiative represents a big step forward for XP marking what we like to call the third wave of differentiation.

對於客戶來說，向 XP 授予對其完整金融投資組合的存取權是一個簡單的過程。使我們能夠透過利用我們的現代財務規劃平台（已經成為市場的差異化因素）對他們的投資選擇提供全面全面的看法，我們為顧問提供工具，以提供整體建議並比較XP 內部和競爭對手之間的投資機會。我想強調這是讓我們在市場上脫穎而出的重要差異化因素。目前，我們不知道有任何其他玩家在相同規模上實施與我們類似的策略。這項舉措代表著 XP 向前邁出了一大步，標誌著我們稱之為第三次差異化浪潮。

This follows our development of the open architecture product platform and the establishment of a more sophisticated and complete distribution channel to our network of IFAs. These innovations underscore our commitment to be staying ahead in the industry and continuously improving the value we offer to our clients.

在此之前，我們開發了開放式架構產品平台，並為我們的 IFA 網路建立了更複雜、更完整的通路。這些創新強調了我們在行業中保持領先地位並不斷提高為客戶提供的價值的承諾。

Now I will hand it over to Bruno so he can discuss this quarter's financials. Thank you.

現在我將把它交給布魯諾，以便他可以討論本季的財務狀況。謝謝。

Thanks, Maffra. Good evening, everyone. It's a pleasure to be here with you again. Moving on to next slide. Starting with our core operating KPIs, all 3 main KPIs for investments or core hit record numbers as of first quarter '24, signaling, we are on the right path towards our goal to be dominant in investments. One, total client assets at BRL 1.141 trillion, a 20% growth year-over-year. Two, total active clients at 4,587,000, a 16% growth year-over-year; and three, total advisers at 17,700, a 16% growth year-over-year. Total advisers number on the right includes our IFAs or B2B, as we call it, already disclosed in our previously quarters, added by internal advisers, our B2Cs and RIAs, registered investment advisers, which includes consultants and wealth managers, among others.

謝謝，馬夫拉。各位晚上好。很高興能再次和大家在一起。轉到下一張投影片。從我們的核心營運 KPI 開始，截至 2024 年第一季度，投資或核心的所有 3 個主要 KPI 均創下歷史新高，這表明我們正朝著在投資領域佔據主導地位的目標邁進。一、客戶總資產達1.141兆雷亞爾，年增20%。二、活躍客戶總數為458.7萬戶，較去年成長16%；第三，顧問總數為 17,700 名，年增 16%。右側的顧問總數包括我們在前幾個季度已揭露的 IFA 或 B2B，以及內部顧問、我們的 B2C 和 RIA、註冊投資顧問（包括顧問和財富經理等）。

We decided to disclose these numbers starting in 2024 because of the growth of other channels beyond IFAs. We believe this number better represents our total distribution capability. As you know, the investment advisory profession in Brazil has evolved with XP leading this movement and different channels to serve the client have appeared and presented relevant growth in recent years. From now on, we are going to present the total number of advisers, including all channels.

由於 IFA 以外的其他管道的成長，我們決定從 2024 年開始揭露這些數字。我們相信這個數字更好地代表了我們的總分銷能力。如您所知，巴西的投資顧問產業隨著 XP 的引領而不斷發展，近年來出現了不同的客戶服務管道並呈現相關的成長。從現在開始，我們將展示顧問的總數，包括所有管道。

On the left, we can see that total net new money, another important KPI stood at BRL 15 billion in first quarter '24, with retail net new money is slightly better quarter-over-quarter, moving from plus BRL 12 billion in fourth quarter '23 to plus BRL 13 billion in first quarter '24, while lower than its potential, especially considering the actual size of our ecosystem, we believe retail net new money will improve down the road as we keep growing our total advisers, improve the client experience with a powerful financial planning tool, as Maffra already mentioned, invest in our private banking segment also already mentioned and expect less tax-exempt credit notes from the incumbent banks due to change in regulation.

在左邊，我們可以看到，另一個重要的 KPI 淨新資金總額在 2024 年第一季度為 150 億雷亞爾，零售淨新資金環比略好，從第四季度的 120 億雷亞爾增加' 23 第一季將增加130 億雷亞爾'24，雖然低於其潛力，特別是考慮到我們生態系統的實際規模，但我們相信，隨著我們不斷增加顧問總數、改善客戶，零售淨新資金將在未來有所改善正如Maffra 已經提到的那樣，我們擁有強大的財務規劃工具的經驗，投資於我們也已經提到的私人銀行部門，並預計由於監管的變化，現有銀行的免稅信用票據會減少。

Of course, there is a macro component which impacts net new money and resilient inflation, coupled with still high interest rates, don't help. But we see a positive trend going forward considering we are moving towards a better cycle for investments, even acknowledging the pace is probably going to be slower than initially thought.

當然，宏觀因素會影響淨新資金和彈性通膨，再加上仍處於高利率，這無濟於事。但考慮到我們正在走向更好的投資週期，我們看到了積極的趨勢，即使承認步伐可能會比最初想像的要慢。

Moving on to the next slide, we are going to take a closer look at our gross revenue. Total gross revenue grew 28% year-over-year, helped by the diversification of our ecosystem, a strong DCM activity and easy comp with first quarter '23 when we had a dysfunctional market due to corporate credit problems in Brazil. On the right-hand side of the slide, where we can see our gross revenue breakdown. The main highlight is the continued relevance of corporate and issuer services at 12% of total revenue. and retail is still representing the majority of our total revenue at 73%. A strong performance from capital markets is reflected in both retail, especially in fixed income and corporate and Issuer Services.

轉到下一張投影片，我們將仔細看看我們的總收入。總收入年增 28%，這得益於我們生態系統的多元化、強勁的 DCM 活動以及與 23 年第一季的輕鬆比較，當時我們因巴西企業信貸問題而導致市場功能失調。在幻燈片的右側，我們可以看到我們的總收入細分。主要亮點是企業和發行人服務的持續相關性，佔總收入的 12%。零售仍占我們總收入的大部分，佔 73%。資本市場的強勁表現體現在零售業，特別是固定收益業以及企業和發行人服務業。

Let's move to the next slide, which focus on retail new verticals. New verticals continued to deliver strong growth year-over-year. In first quarter '24, new verticals revenue stood at BRL 493 million, a 35% growth year-over-year. On a quarter-over-quarter basis, new verticals revenue remained almost flat, mainly due to the seasonality of cards in Q4, the main contributor to new verticals revenue. It is worth remembering this number only includes retirement plans, cards, insurance and credit to be consistent with our previous disclosure. If we add digital accounts, international platform and FX, all of them included in other retail revenue, we would have approximately an additional BRL 100 million in revenue in the first quarter. The main highlight here is that the evolution of new verticals underscores our efforts to make the company less cyclical and more importantly, enhance the investor experience at XP.

讓我們轉到下一張投影片，專注於零售新垂直領域。新垂直產業持續實現年比強勁成長。 2024 年第一季度，新垂直產業營收為 4.93 億雷亞爾，年增 35%。從環比來看，新垂直業務收入幾乎持平，這主要是由於第四季度卡牌的季節性，而卡牌是新垂直業務收入的主要貢獻者。值得記住的是，這個數字僅包括退休計劃、銀行卡、保險和信貸，以與我們先前的揭露保持一致。如果我們加上數位帳戶、國際平台和外匯，所有這些都計入其他零售收入，我們第一季的收入將增加約 1 億雷亞爾。這裡的主要亮點是，新垂直產業的發展強調了我們為降低公司週期性所做的努力，更重要的是，增強 XP 的投資者體驗。

Moving on to the next slide, we will talk about our Institutional incorporate and Issuer Services revenue. Starting with institutional revenue displayed on the left-hand side of the slide, we have a BRL 354 million revenue in first quarter '24, a 7% growth year-over-year and 14% decrease quarter-over-quarter, mainly impacted by lower market activity by institutional clients in Brazil sequentially.

轉到下一張投影片，我們將討論我們的機構合併和發行人服務收入。從幻燈片左側顯示的機構收入開始，我們在 2024 年第一季的營收為 3.54 億雷亞爾，年增 7%，環比下降 14%，主要受到以下因素的影響：巴西機構客戶的市場活動連續下降。

Now turning to the right-hand side of the slide, Corporate and Issuer Services revenue reached BRL 509 million in the first quarter '24, a strong growth of 91% year-over-year and flat quarter-over-quarter. In the last 3 quarters, sequentially, Corporate and Issuer Services presented revenue north of BRL 500 million, reinforcing our strategy to diversify our revenue stream through our wholesale bank and also demonstrating XP is well positioned to continue benefiting from DCM activity in Brazil.

現在轉向幻燈片右側，2024 年第一季企業和發行人服務收入達到 5.09 億雷亞爾，年比強勁增長 91%，環比持平。在過去三個季度中，企業和發行人服務的收入連續超過5 億雷亞爾，強化了我們透過批發銀行實現收入來源多元化的策略，也表明XP 處於有利位置，可以繼續從巴西的DCM 活動中受益。

Now let's move on to the next slide where we will explore our SG&A and efficiency ratios. As stated in previous quarters, cost discipline is a priority at XP. SG&A ex incentives reached BRL 1.416 billion in first quarter '24, a growth of 36% year-over-year and a decrease of 9% quarter-over-quarter. The growth year-over-year is mainly explained by 2 facts: one, tough comp with first quarter '23 when we had very low share-based compensation due to the layoffs implemented in that period; and two, we didn't have Modal SG&A in first quarter '23. The decrease quarter-over-quarter can be explained by: one, our continuous focus in efficiency; and two, seasonality of some expenses like marketing and expert event, for example.

現在讓我們轉到下一張投影片，我們將探討我們的 SG&A 和效率比率。如前幾季所述，成本控制是 XP 的首要任務。 2024 年第一季度，SG&A 稅前誘因達到 14.16 億雷亞爾，年增 36%，季減 9%。年成長主要由兩個事實來解釋：一是與 23 年第一季相比，由於同期實施的裁員，我們的股票薪酬非常低；第二，我們在 23 年第一季沒有莫代爾 SG&A。環比下降的原因有：一是我們持續關注效率；第二，一些費用的季節性，例如行銷和專家活動。

The bottom line, as you can see on the graph in the right, is that our efficiency ratios continue to be close to its lowest levels since IPO with comp ratio at 25.2% and efficiency ratio at 36.5%. This stability in our expenses ratios underscores the positive operating leverage of our business. which should benefit our EBT in the next years to come.

如右圖所示，底線是我們的效率比率繼續接近 IPO 以來的最低水平，補償比率為 25.2%，效率比率為 36.5%。我們費用比率的穩定凸顯了我們業務的積極營運槓桿。這應該有利於我們未來幾年的 EBT。

Moving on to EBT. Thanks to the operating leverage and efficiency ratios we have achieved a record EBT number for our first quarter at BRL 1.088 billion, a 33% improvement year-over-year and a 9% improvement quarter-over-quarter. This brings our pretax profit margin to 26.9%, 81 bps growth year-over-year and 226 bps growth quarter-over-quarter. Looking ahead, as per our midterm public guidance, we aim to reach a pretax profit margin between 30% and 34% by the end of 2026. This goal underscores our commitment to progressively moving towards these levels. While we may see some volatility on a quarterly basis as we saw in fourth quarter '23, for example, it's important to focus on our annual performance or on a last 12-month basis, which we believe better incorporates the seasonality aspects of our business. To get there, we expect to see better results at our core in the years to come, benefiting from its operating leverage. And until then, we will keep doing our homework to keep costs under control and enhance the experience and quality of service to our clients.

繼續進行 EBT。由於營運槓桿和效率比率，我們第一季的息稅前利潤 (EBT) 達到創紀錄的 10.88 億雷亞爾，同比增長 33%，環比增長 9%。這使我們的稅前利潤率達到 26.9%，較去年同期成長 81 個基點，較上季成長 226 個基點。展望未來，根據我們的中期公開指導，我們的目標是到 2026 年底實現稅前利潤率在 30% 至 34% 之間。雖然我們可能會看到像 23 年第四季度那樣的季度波動，但重要的是要關注我們的年度業績或過去 12 個月的業績，我們相信這更好地結合了我們業務的季節性方面。為了實現這一目標，我們希望受益於其營運槓桿，在未來幾年我們的核心業務將取得更好的表現。在那之前，我們將繼續做好功課，控製成本，提高客戶的服務體驗和品質。

Moving on to our net income. We see similar improvement to what we have discussed with EBT Net income reached BRL 1.30 billion in first quarter 24, also a historical record for first quarter numbers. representing a 29% growth year-over-year and almost flat quarter-over-quarter. And net margin stayed at healthy levels in first quarter '24 at 25.4%. Finally, our return on tangible equity. We kept our annualized return on tangible equity in similar levels of the fourth quarter '23 at 25.4%. This consistency underscores the returns we are able to generate on our tangible equity independently of the macro environment, demonstrating the evolution of our ecosystem and business model.

繼續我們的淨利潤。我們看到與我們討論的 EBT 類似的改善，24 日第一季淨利潤達到 13 億雷亞爾，這也是第一季數字的歷史記錄。年增 29%，環比幾乎持平。 2024 年第一季淨利潤率維持在 25.4% 的健康水準。最後是我們的有形股本回報率。我們將有形股本年化報酬率維持在 2023 年第四季的類似水平，即 25.4%。這種一致性強調了我們能夠獨立於宏觀環境而透過有形股權產生的回報，展示了我們生態系統和商業模式的演變。

We continue to be diligent about how to allocate capital. Every year, we analyze our capital needs, liquidated, decide how much of our excess capital we are going to return to shareholders. This is usually done in the second semester of the year when we also have our budget for the next year. As a company that is profitable, generates cash, is under leveraged and has excess capital it is reasonable to assume a distribution of capital to shareholders at some point in the second semester of this year.

我們繼續努力研究如何配置資本。每年，我們都會分析我們的資本需求，進行清算，決定將多少多餘資本回饋給股東。這通常是在一年的第二學期完成，那時我們也有下一年的預算。作為一家盈利、產生現金、槓桿率較低且資本過剩的公司，假設在今年下半年的某個時候向股東分配資本是合理的。

And before I hand the call back to Maffra for his final remarks, I want to touch on our CFO transition as well as the important change that we have implemented from a corporate governance perspective. First, this will be my last earnings call as CFO as I transition to a Board member role. I'm excited that Victor Mansur will become CFO effective August 1. He's a long-term partner of XP, has joined the firm at the same year I did 2012. He's already a member of our Executive Committee and has worked together with me in the finance team since 2022 as Deputy CFO. He's the natural successor with his strong capabilities and experience to lead the finance organization. I have no doubt in my mind that I'm leaving the role in great hands. On behalf of the Board, I'm also pleased with the recently announced changes we have made to our corporate governance structure.

在我將電話轉回 Maffra 進行最後發言之前，我想談談我們的財務長的過渡以及我們從公司治理角度實施的重要變革。首先，這將是我作為財務長過渡到董事會成員角色後的最後一次財報電話會議。我很高興 Victor Mansur 將於 8 月 1 日就任財務長。副首席財務官。憑藉其領導財務組織的強大能力和經驗，他是自然的繼任者。我毫不懷疑我會把這個角色交給偉大的人。我還代表董事會對我們最近宣布的公司治理結構變更感到高興。

Following the upcoming annual meeting, we will have a majority independent Board of Directors, in line with best-in-class corporate governance practice. We are thrilled to add 4 new independent directors that bring critical skill sets to the Board, especially in risk management, banking and credit as we continue to diversify and grow our business in a dynamic financial landscape. We have also formed 2 new committees, one, risk credit and ESG committee and two, Strategy and Performance Committee that we will strengthen board oversight in areas that are important to the next chapter of growth for XP.

在即將召開的年度會議之後，我們將根據一流的公司治理實務建立一個佔多數的獨立董事會。我們很高興增加 4 位新的獨立董事，他們為董事會帶來了關鍵的技能，特別是在風險管理、銀行和信貸方面，因為我們不斷在動態的金融環境中實現業務多元化和發展。我們還成立了兩個新委員會，一個是風險信貸和 ESG 委員會，兩個是策略和績效委員會，我們將在對 XP 下一階段成長至關重要的領域加強董事會監督。

With that said, I will now turn it over to Maffra for his final remarks. Thank you very much.

話雖如此，我現在將把它交給馬夫拉，讓他做最後的演講。非常感謝。

Before I go to my final remarks, I want to take a moment to thank Bruno for his outstanding service as a CFO. We are profoundly grateful for his dedication and contributions. Bruno, we look forward to your continued contributions on the Board of Directors and wish you all the best in this new role. So to wrap things up, we have had a strong quarter, especially considering seasonality. We have kept our expense under control and we are confident in our ability to manage the company effectively throughout the year.

在我進行最後發言之前，我想花點時間感謝布魯諾作為財務長所提供的出色服務。我們對他的奉獻和貢獻深表感謝。布魯諾，我們期待您繼續為董事會做出貢獻，並祝您在這個新職位上一切順利。總而言之，我們度過了一個強勁的季度，特別是考慮到季節性因素。我們控制了開支，並對全年有效管理公司的能力充滿信心。

This disciplined approach positions us well to capitalize on any improvements in the market conditions whenever they arise. Additionally, the integration of open investments as a catalyst in our financial planning tool is something we are particularly optimistic about creating an opportunity to make our clients' financial lives better, enhancing overall service quality, the third wave of differentiation for XP.

這種嚴格的方法使我們能夠在市場狀況出現任何改善時充分利用它們。此外，開放式投資的整合作為我們財務規劃工具的催化劑，是我們特別樂觀的一點，它創造了一個機會，讓我們客戶的財務生活變得更好，提高整體服務質量，這是XP 的第三次差異化浪潮。

Now let's proceed to the Q&A session.

現在我們進入問答環節。

And the first one is from Thiago Batista, UBS. Now you can make your question.

第一個來自瑞銀集團的蒂亞戈·巴蒂斯塔。現在你可以提出你的問題了。

My first question, Maffra, you mentioned several times about this tough (inaudible) scenario that we have right now. What are, in your view, the main alternatives that XP has to post a higher EPS in the case of no improvement in the (inaudible) scenario that seems more likely now than a couple of months ago. And also, second 1 about the that new money, The total net new money of BRL 14 billion, BRL 15 billion in this quarter or BRL 13 million for the retail only, it's probably one of the lowest ever or at least lowest in the last years. Bruno's speech was a bit more positive with the outlook of the net new money. So can you give to us an idea of the evolution of the net new money in the last couple of months, not necessarily with the numbers, but only for the trends, wanted to see this sense of possible improvement in this net new money. And finally, Bruce, thanks a lot for the partnership in the last couple of years.

我的第一個問題，馬夫拉，你多次提到我們現在面臨的這種艱難（聽不清楚）的情況。在您看來，在（聽不清楚）情況沒有改善的情況下，XP 必須發布更高每股收益的主要替代方案是什麼，這種情況現在似乎比幾個月前更有可能。另外，第二個關於新資金的情況，淨新資金總額為140 億雷亞爾，本季為150 億雷亞爾，或僅零售業為1300 萬雷亞爾，這可能是有史以來最低的之一，或至少是上一季最低的。布魯諾的演講對淨新資金的前景更加積極。那麼您能否為我們介紹一下過去幾個月淨新資金的演變情況，不一定是數字，而只是趨勢，希望看到淨新資金可能改善的感覺。最後，布魯斯，非常感謝過去幾年的合作。

Thank you, Thiago. And Bruno will continue with us forever here. So (inaudible). So about your first question, EPS. As we have been talking about our strategy and how we think about the company for the future, the growth I'd like to think on the 3 pillars that we have been talking, investments, cross-sell and wholesale banking, okay? So these are the 3 pillars. And of course, investments, it's -- we have been growing but at a very slow pace compared to the past because of the macro environment, and we have been growing more on cross-sell and the wholesale part, okay?

謝謝你，蒂亞戈。布魯諾將永遠和我們在一起。所以（聽不清楚）。關於你的第一個問題，EPS。正如我們一直在談論我們的策略以及我們如何看待公司的未來一樣，我想考慮我們一直在談論的三大支柱：投資、交叉銷售和批發銀行業務，好嗎？這是三大支柱。當然，在投資方面，由於宏觀環境的原因，我們一直在成長，但與過去相比，速度非常緩慢，而且我們在交叉銷售和批發部分方面的成長更多，好嗎？

So that's how we have been managing to keep growing, of course, at the lower levels that we have been growing 2020, 2021, but we have been growing despite the macro environment. It's because we have been investing in these new verticals on the wholesale part and diversifying the business. And besides that, we have been controlling costs. So what we have planned for 2024, internally, of course, not the market math or expectations is despite any macro improvement, okay? So we have prepared the company for 2024, expecting another very tough year as we had in the past 2 years, okay? So -- but at some point, for sure, we will have a better market. We will have operational leverage. But for sure, on the first pillar, investments will grow at a slower pace if the macro doesn't change, okay?

這就是我們一直在設法保持成長的方式，當然，我們在 2020 年、2021 年的成長水準較低，但儘管宏觀環境不好，我們仍然在成長。這是因為我們一直在批發部分投資這些新的垂直領域並使業務多元化。除此之外，我們一直在控製成本。因此，我們對 2024 年的計劃，當然是內部計劃，而不是市場數學或預期，是儘管宏觀經濟有所改善，好嗎？因此，我們已經為公司在 2024 年做好了準備，預計又會像過去兩年一樣經歷非常艱難的一年，好嗎？所以——但在某個時候，我們肯定會擁有一個更好的市場。我們將擁有營運槓桿。但可以肯定的是，在第一個支柱上，如果宏觀政策不發生變化，投資將以較慢的速度成長，好嗎？

But we have been investing in new verticals, and we believe we can deliver a good growth, not a spectacular growth despite the macro environment improving or not, okay? So that's my view.

但我們一直在投資新的垂直領域，我們相信無論宏觀環境是否改善，我們都能實現良好的成長，而不是驚人的成長，好嗎？這就是我的觀點。

And about net new money. Yes, I believe that the worst is behind us. But as you mentioned, we are about like what Bruno said, we are more optimistic today than we were like a year ago or 2 years ago, I believe the worst is behind, but it will take some time to recover to levels that we have been seeing again in 2020, 2021.

關於淨新資金。是的，我相信最糟糕的時期已經過去了。但正如你所提到的，我們就像布魯諾所說的那樣，我們今天比一年前或兩年前更加樂觀，我相信最糟糕的時期已經過去，但需要一些時間才能恢復到我們現有的水平2020年、2021年又見面了。

I mentioned a lot about what we have been doing here, diversifying channels, what the wealth managers, the internal advisors and so on to keep growing. We have been investing a lot on financial planning on delivering another level of services to our clients. So we have been investing a lot in what we call the third wave of differentiation because we believe that will pay off, okay? So -- and that's the way we believe we will recover net new money, okay? And we already see that in some of our numbers. And again, we also see some improvement from the change on the tax exempt notes, okay? So that's our view.

我提到了很多關於我們在這裡所做的事情，管道多元化，財富管理機構，內部顧問等等如何保持成長。我們在財務規劃上投入了大量資金，以便為客戶提供更高水準的服務。因此，我們一直在所謂的第三波差異化浪潮上投入大量資金，因為我們相信這會帶來回報，好嗎？所以——這就是我們相信我們將收回淨新資金的方式，好嗎？我們已經在一些數據中看到了這一點。再說一次，我們也看到免稅票據的變化帶來了一些改善，好嗎？這就是我們的觀點。

Next question is from Jorge Kuri, Morgan Stanley.

下一個問題來自摩根士丹利的豪爾赫·庫裡。

I wanted to ask something -- I wanted to ask about the tax rate. Given the change in the macro landscape that you described before and how that maybe changes the type of business and profit centers that you're going to be booking versus the environment that we thought was going to play out earlier this year. How does -- can you help us understand how does that affect your effective tax rate or not. If more of the business is going to come from the excess capital rather than the capital deployment locally because it's a slower business environment, does that benefit your tax rate? Anything that you can help us get our arms around how does that look over the next 2 years if indeed, we have sort of like a sluggish equities environment with Selic rates at -- stock at 10% for the next 18 months, which seems to be the consensus view to date.

我想問一些事情——我想問一下稅率。考慮到您之前描述的宏觀環境的變化，以及這可能如何改變您將預訂的業務和利潤中心的類型，以及我們認為今年早些時候將出現的環境。您能否幫助我們了解這對您的有效稅率有何影響？如果更多的業務將來自過剩資本，而不是本地資本部署，因為商業環境較慢，這是否有利於您的稅率？您可以幫助我們解決的任何問題，如果我們確實面臨著低迷的股票環境，未來 18 個月的 Selic 利率為 10%，那麼未來 2 年的情況會如何？

Yes, sure. Yes. Regarding the tax rate, we saw a higher tax rate -- effective tax rate if we come back with the tax withholdings that we have in funds. It was 18% this quarter, for example, compared to 11% in fourth quarter '23 and 17% in first quarter last year. So if there is more -- and it depends a lot on the mix of the revenue, right? So it's hard to forecast the tax rate because we do not know what the mix is going to be. It depends part on the macro, capital market activity and so forth. But I would say in the next 2 years, if we continue with an environment like the one we are living right now, the first quarter '24 is a good guess. So that's -- but it's a hard forecast, honestly.

是的，當然。是的。關於稅率，我們看到了更高的稅率——如果我們用基金中的預扣稅來計算有效稅率。例如，本季為 18%，而 2023 年第四季為 11%，去年第一季為 17%。因此，如果有更多——這在很大程度上取決於收入的組合，對吧？因此很難預測稅率，因為我們不知道稅率會是怎麼樣。這部分取決於宏觀經濟、資本市場活動等。但我想說，在接下來的兩年裡，如果我們繼續維持現在所居住的環境，那麼 24 年第一季是一個不錯的猜測。所以，老實說，這是一個很難預測的結果。

Your next question is from Renato Meloni, Autonomous Research.

您的下一個問題來自自治研究中心的雷納托·梅洛尼 (Renato Meloni)。

So mine is on the equity take rate. I wonder if you can give us some more clarity here on the decline this quarter. Was this a mix shift? Or maybe the competitive environment is a bit tougher and you're seeing some declines here in fees? And then some expectation on the trends in the equity take rate if the scenario continues the same.

所以我的觀點是股權收購率。我想知道您能否更清楚地說明本季的下降。這是混合轉變嗎？或者也許競爭環境更加激烈，您看到費用下降？如果這種情況持續下去，那麼對股權收購率趨勢的一些預期。

The take rate, the take rate is -- it was a marginal decrease, right, a few basis points, and that's normal because Again, it's a function of total client assets in the denominator and revenues in the numerator. So there is a little bit of mix, but it's been in the range that we believe is normal in the past years or quarters, if you look at it.

接受率，接受率是－這是一個邊際下降，對吧，幾個基點，這是正常的，因為它是分母中的客戶總資產和分子中的收入的函數。因此，存在一些混合情況，但如果你仔細觀察的話，它一直處於我們認為過去幾年或幾個季度的正常範圍內。

I've just got the answer here. There was no change in price, okay? So because you mentioned if we had any price pressure, there was no change in any price okay.

我剛剛在這裡得到了答案。價格沒有變化好嗎？因為你提到我們是否有任何價格壓力，所以任何價格都沒有變化。

Okay. So you expect stable equity take rates for the rest of the year in this scenario?

好的。那麼，在這種情況下，您預計今年剩餘時間的股權收購率將保持穩定？

Yes. Equity take rates. Remember that in the equity bucket, in retail. We have not only brokerage futures, but we also have, for example, listed funds. So depending on if we have a quarter with a lot of the listed funds doing follow-ons or even IPOs, then the take rate could go up. If we don't, it can be less favorable compared to quarters where we have that kind of activity. There is also structured notes and structured finance there in that bucket as well.

是的。股權收取率。請記住，在股票領域，在零售領域。我們不只券商期貨，還有上市基金等。因此，取決於我們是否有一個季度有大量上市基金進行後續甚至首次公開募股，那麼接受率可能會上升。如果我們不這樣做，與我們開展此類活動的季度相比，情況可能會不太有利。此類別中還有結構性票據和結構性融資。

So again, it's more about the mix than in turnover, mix and the turnover of the equities. You saw that, the debt year-over-year has decreased. So the activity in capital markets in the velocity turnover, whenever it's weak, then it's a negative impact. Everything else equal, a negative impact in the equity take rate. If turnover picks up, it's a positive impact in take rate.

再說一次，這更多的是關於股票的組合，而不是營業額、組合和營業額。您看到了，債務逐年減少。所以資本市場的活動在周轉速度上，只要它疲軟，那麼它就是負面影響。其他條件相同，會對股本率產生負面影響。如果營業額上升，將對成交率產生正面影響。

Next question is from Antonio Huet, Bank of America.

下一個問題來自美國銀行的 Antonio Huet。

So I would like to follow up on Thiago's question on clients. So if you could explore a little bit more on how to serve this client because my question comes from the decline in NPS. So we continue to see on top of inflows, we see weak client additions and declining NPS. So what does it reflect in your opinion? And also, would you say that going forward, your revenue expansion tends to come from outside or inside? Do you still have market share gains? Or should it come much more from the monetization of your own clients and how have you seen outflows in this scenario, okay? So this is my first question. And also, if you could explore a little bit the performance of the IFA commissions in this quarter.

所以我想跟進一下蒂亞戈關於客戶的問題。因此，如果您可以更多地探討如何為該客戶提供服務，因為我的問題來自 NPS 的下降。因此，我們繼續看到，除了資金流入之外，我們還看到客戶增加疲軟和 NPS 下降。那麼您認為這反映了什麼？另外，您認為未來您的營收成長傾向於來自外部還是內部？您的市佔率還有成長嗎？或者它應該更多地來自您自己客戶的貨幣化，以及您如何看待這種情況下的資金外流，好嗎？這是我的第一個問題。另外，您是否可以了解 IFA 委員會在本季的表現。

Okay. I will take the first question about the NPS. The decline was 1 point. So it's probably not even like a strategical relevant, okay. But yes, at a very high level. So we don't see any relevant decline on NPS. And so I don't see any problem here. And we should as we have been investing a lot on quality, increasing the level of service to our customers, the tools, financial planning and so on. We expect to see in the medium term an increase on NPS, okay?

好的。我將回答關於 NPS 的第一個問題。跌幅為1個百分點。所以它可能根本不具有戰略意義，好吧。但是，是的，處於非常高的水平。因此，我們沒有看到 NPS 出現任何相關下降。所以我認為這裡沒有任何問題。我們應該這樣做，因為我們一直在品質、提高客戶服務水準、工具、財務規劃等方面進行了大量投資。我們預計中期內 NPS 會增加，好嗎？

So about how we expect to make money if it's internally or externally, it's both of them. When we talk about the first pillar, it's investments, it's, again, about gaining market share, but also if we have a market recover here, we will increase revenues. So there are like 2 main catalysts here. We kept growing market share in the past years despite the macro environment, and we'll keep growing, okay? And also, as Bruno mentioned, if we have a recovery, we will see people moving from low fees products to more risk on products. So we should see an increase on take rate, okay? So that's how we're growing investments.

因此，關於我們希望如何賺錢，無論是內部還是外部，都是兩者兼而有之。當我們談論第一個支柱時，它是投資，同樣是關於獲得市場份額，但如果我們在這裡的市場復甦，我們將增加收入。所以這裡有兩個主要催化劑。儘管宏觀環境不好，過去幾年我們的市佔率一直在成長，我們也會繼續成長，好嗎？而且，正如布魯諾所提到的，如果我們復甦，我們將看到人們從低費用產品轉向更高風險的產品。所以我們應該會看到採用率的增加，好嗎？這就是我們增加投資的方式。

And then we have the cross-sell part. That's basically how we cross-sell products, okay? Now we have dozens of products here that we can sell to our investor clients, okay? So basically, what we have been reporting on the new verticals of course, we have some other products that are not included on the new verticals, but we have been talking about them explicitly. And so we should increase the ARPU in the next quarters, okay? So both internally and externally, market share plus cross-sell.

然後我們有交叉銷售部分。這基本上就是我們交叉銷售產品的方式，好嗎？現在我們這裡有幾十種產品可以賣給我們的投資人客戶，好嗎？所以基本上，我們一直在報告新的垂直領域，當然，我們還有一些其他產品未包含在新的垂直領域中，但我們一直在明確討論它們。所以我們應該在接下來的幾季提高 ARPU，好嗎？因此，無論是內部還是外部，市場佔有率加上交叉銷售。

Regarding your second question about the commission costs, it's in a expected, I would say number considering a percentage of net revenue, for example. So we have oscillations among quarters, but it's nothing relevant. If you take the first quarter '23, for example, our total commission costs represented 23% of net revenue. If you look at last quarter, fourth quarter '23, it represented 20% of net revenue in this quarter, 21%. So it's inside a natural band. And what explains that fluctuation is one thing, mix. So it depends on the mix. we can have higher percentage of net revenue or lower percentage of net revenue.

關於你關於佣金成本的第二個問題，我想說的是，考慮到淨收入的百分比，這是一個預期的數字。因此，我們在季度之間存在波動，但這無關緊要。以 23 年第一季為例，我們的總佣金成本佔淨收入的 23%。如果你看看上個季度，23 年第四季度，它佔本季淨收入的 20%，21%。所以它位於自然帶內。解釋波動是一回事，混合。所以這取決於混合。我們可以有更高的淨收入百分比或更低的淨收入百分比。

Next question is from Neha Agarwala from HSBC.

下一個問題來自匯豐銀行的 Neha Agarwala。

Just quickly on the open finance initiative that you mentioned with the open investments, you seem to be trying to persuade that with your client base how much traction you have received in that? And you mentioned that you don't see most of the competitors making utilizing that. But once they do, do you see that as a hindrance for your platform, so just discussing a bit more the dynamics from open investments?

很快，關於您在開放投資中提到的開放金融計劃，您似乎試圖說服您的客戶群，您在這方面獲得了多大的吸引力？您提到您沒有看到大多數競爭對手都在利用這一點。但一旦他們這樣做了，你是否認為這對你的平台構成了障礙，所以只是多討論一下開放投資的動態？

And second question is on costs. Like you continue to maintain cost discipline, but are there any more levers for pulling down the cost-to-income ratio? Or are we kind of done here, and this is the level that we should continue, we should expect going forward?

第二個問題是關於成本。就像你繼續維持成本紀律一樣，但還有更多的槓桿來降低成本收入比嗎？或者說我們已經完成了，這是我們應該繼續的水平，我們應該期待未來的發展？

You broke up, sorry, Neha. So the first question is about the financial planning.

你分手了，對不起，妮哈。所以第一個問題是關於財務規劃的。

Open investments. Yes, In fact of that and how the competition is behaving. And the second 1 is on the costs. Do you have any other cost lever? Or should we expect this kind of cost to revenue ratio kind of continue going forward?

開放投資。是的，事實上，以及競爭的表現。第二個 1 是關於成本。您還有其他成本槓桿嗎？或者我們應該期望這種成本收入比繼續下去？

Yes about open investment, we just released the 2 RIFs internal advisers and clients. So it's at a very early stage. But the beauty for us is what we have been doing when we talk about financial planning is we have replicated the level of service that only high and ultra-high clients usually have at private banking to all our clients, okay? So we have created -- and we have been developing this system for the past year. We just released financial planning system and open investments together.

是的，關於開放式投資，我們剛剛發布了 2 個 RIF 內部顧問和客戶。所以現在還處於非常早期的階段。但對我們來說，美妙之處在於，當我們談論財務規劃時，我們一直在做的事情是，我們將私人銀行通常只有高級和超高客戶才能享受到的服務水平複製給我們的所有客戶，好嗎？所以我們創建了這個系統，並且在過去的一年裡我們一直在開發這個系統。我們剛剛發布了財務規劃系統並一起開放投資。

So the beauty here is you have a completely different conversation with your clients because it's not -- you're trying to sell a product or only trying to sell a product or a portfolio, but you are selling a service, okay? So you really understand their needs, their goals, their lifetime, their objectives and so on, and then you help them to get there, okay? So it's a much broader conversation and where open investments get here because once they give, they allow us to go to the banks and get all the information we see all the portfolio, okay?

所以這裡的美妙之處在於，你與客戶進行了完全不同的對話，因為它不是——你試圖銷售一種產品，或者只是試圖銷售一種產品或一個產品組合，但你銷售的是一項服務，好嗎？所以你真正了解他們的需求、他們的目標、他們的一生、他們的目標等等，然後你幫助他們實現目標，好嗎？因此，這是一個更廣泛的對話，開放式投資在這裡出現，因為一旦它們提供，它們就允許我們去銀行並獲取我們看到的所有投資組合的所有信息，好嗎？

So we have been doing that for, I would say, 2 to 3 weeks now. And the results they are quite impressive, okay, the level of conversation and engagement with the clients. But it's too soon to give a number or any stream achieve about the (inaudible) or something. But we are very optimistic about the tools and especially with the new services that we are providing to our clients.

我想說，我們已經這樣做了兩到三週了。他們的結果令人印象深刻，好吧，與客戶的對話和互動水平。但現在給出有關（聽不清楚）或其他內容的數字或任何串流實現還為時過早。但我們對這些工具非常樂觀，尤其是我們為客戶提供的新服務。

And this service, if I can follow up, this service is on digital, and there's no extra expenditure that you have to make to provide this better quality service. And do you still think that your service is much superior than the incumbents or have the incumbents kind of closed the gap in terms of service level that you provide?

這項服務，如果我可以跟進的話，這項服務是數位化的，你不需要額外的支出來提供這種更優質的服務。您是否仍然認為您的服務比現有服務商優越得多，或者現有服務商在您提供的服務水平方面縮小了與您的差距？

I'd like to say that we have 3 waves of differentiation here at XP. The first one back in 2010, was product the first open platform. The second one that we still have a huge differentiation is distribution. We have a much bigger sales force dedicated to investments, better trained, 100% focused on investments, okay? So we still have a big differentiation here, but we are working on the third wave of differentiation that's not selling products, but selling a completely different service, okay? I would say that the banks there, the incumbent banks, they are trying to replicate the first 2 waves. Of course, they open the platform, okay? But they still sell 80%, 85% of their own products on the client's portfolio, okay? And they are trying to replicate the distribution, training people and creating specialized people on investments. But again, I believe we are already opening the gap again on the third wave of differentiation here. We have been training about the costs that you mentioned.

我想說的是 XP 存在 3 波差異化。第一個是 2010 年推出的第一個開放平台。我們仍然存在巨大差異的第二個因素是分佈。我們有一支更大的銷售隊伍，專門負責投資，訓練有素，100%專注於投資，好嗎？所以我們這裡仍然有很大的差異化，但我們正在致力於第三波差異化，這不是銷售產品，而是銷售完全不同的服務，好嗎？我想說的是，那裡的銀行，現有的銀行，他們正在試圖複製前兩波浪潮。當然，他們開放平台，好嗎？但他們仍然在客戶的產品組合中銷售 80%、85% 的自有產品，好嗎？他們正在嘗試複製這種分配方式，培訓人員並培養專門的投資人員。但我再次相信，我們已經在第三波分化中再次拉開了差距。我們一直在就您提到的費用進行培訓。

The cost here is we have to train or retrain all the IFA network, the internal advisers. We have invested a lot in technology because it's a scaled business here. So of course, it's very easy to do that. A very good job on financial planning when you're working with only high net worth individuals, but when you do that for 5 million clients, it's not so easy. So we have been training a lot of people. We have developed (inaudible) technology.

這裡的成本是我們必須培訓或再培訓所有 IFA 網路、內部顧問。我們在技術上投入了大量資金，因為這是一個規模化的業務。當然，這很容易做到。當你只與高淨值人士合作時，財務規劃是一項非常好的工作，但當你為 500 萬客戶做這件事時，事情就不那麼容易了。所以我們一直在訓練很多人。我們開發了（聽不清楚）技術。

And again, what we call financial planning, plus open investments, for example. We just centralized the CIO figure on our Artur Wichmann, recreate all the segments in the company and Artur is giving all the allocation calls to all the segments and these financial planning tools they give the correct allocation, they rebalance the portfolios and so on, okay? So it's a completely different services from what you can get on the incumbent banks.

再說一遍，例如我們所說的財務規劃，加上開放投資。我們只是將 CIO 人物集中在 Artur Wichmann 上，重新創建公司中的所有部門，Artur 正在向所有部門發出所有分配調用，這些財務規劃工具會給出正確的分配，重新平衡投資組合等等，好吧？因此，這是與現有銀行完全不同的服務。

Again, if you are a high net worth client, for sure, you have this service in any bank, okay? But if you have -- if you are affluent or if you have only a few thousand U.S. dollars you don't have this service, okay, in other place than XP.

再說一次，如果你是高淨值客戶，當然，任何銀行都提供這項服務，好嗎？但如果你有——如果你很富裕或你只有幾千美元，那麼你就沒有這項服務，好吧，在 XP 以外的其他地方。

Here Neha is to do what Maffra explained at scale. That's the main challenge. We just released in this quarter, our total number of advisers, more than 17,000 advisers talking about investments, which is a complex topic, especially if you are going into financial planning and make that at scale with the quality and service that we want to achieve, that's the challenge, but we believe we have all the tools to make it happen.

Neha 將按照 Maffra 的解釋大規模開展工作。這是主要的挑戰。我們剛剛在本季度發布了我們的顧問總數，超過 17,000 名顧問在談論投資，這是一個複雜的話題，特別是如果您要進行財務規劃並以我們希望實現的品質和服務進行大規模規劃，這就是挑戰，但我們相信我們擁有實現這一目標的所有工具。

And your second question, it was about the costs. Yes, we -- look, last year, we mentioned that for this year, you should look more at the second semester SG&A being the first semester, mainly because of Modal. We didn't have Modal the first semester. We had it in the second semester. Now everything is integrated. It's only XP now. And the level of SG&A that you saw in the first quarter, of course, there will be volatility among quarters. But when we look throughout the year, our expectation is to keep costs under control, as Maffra mentioned in his speech.

你的第二個問題是關於成本的。是的，我們——看，去年，我們提到今年，你應該更專注於第二學期的 SG&A 是第一學期，主要是因為莫代爾。第一學期我們沒有莫代爾。我們在第二學期就做到了。現在一切都已整合。現在只有XP了。當然，您在第一季看到的 SG&A 水平，各個季度之間會有波動。但當我們縱觀全年時，我們的期望是控製成本，正如馬夫拉在演講中提到的那樣。

In this slide during the presentation. I also mentioned just that we have some seasonality, which is how our company works. So for example, we will have expert events in the third quarter. We will have higher marketing expenses throughout the year compared to the first quarter because there is seasonality there. But overall, the efficiency ratio should be close to the lowest levels going forward as well.

在簡報期間的這張投影片中。我還提到我們有一些季節性，這就是我們公司的運作方式。例如，我們將在第三季舉辦專家活動。與第一季相比，我們全年的行銷費用將會更高，因為存在季節性。但整體而言，未來的效率比也應該接近最低水準。

Next question is from Glen (inaudible), JPMorgan.

下一個問題來自摩根大通的格倫（聽不清楚）。

Two questions on your side. The first one is related to net asset value. I think you guys departed from BRL 9.9 billion in the fourth quarter, you printed BRL 1 billion profit. So it was supposed to go up to BRL 10.9 million. But I see this number actually decline to BRL 9.4 billion in NAV this quarter. So it's a BRL 1.6 billion gap. We were taking a look here on the notes. I know that we spent something close to BRL 700 million in IFA, probably the brokerage of select IFAs, but still close to BRL 1 billion missing here in that NAV being burned. Just want to understand the breach. What has actually drove this declining NAV.

你這邊有兩個問題。第一個與資產淨值有關。我認為你們在第四季的利潤為 99 億雷亞爾，但印製了 10 億雷亞爾。所以應該達到 1,090 萬雷亞爾。但我認為這個數字本季的資產淨值實際上下降至 94 億雷亞爾。因此存在 16 億雷亞爾的缺口。我們正在看這裡的筆記。我知道我們在 IFA 上花費了近 7 億雷亞爾，可能是精選 IFA 的經紀費用，但在資產淨值被燒毀的情況下，仍有近 10 億雷亞爾缺失。只是想了解違規行為。到底是什麼推動了資產淨值下降。

And then the second question is related to energy. You published here an adjustment on the financial assets that is related to energy has been growing a lot quarter-over-quarter, BRL 3.6 billion to be precise. Just want to make sure I understand what exactly you mean by energy assets? If you can explain just what you you booked there and what the BRL 3.6 billion means in the context of the energy trading business.

第二個問題與能源有關。您在此發布了與能源相關的金融資產的調整，該調整與上一季相比大幅增長，準確地說是 36 億雷亞爾。只是想確保我明白您所說的能源資產到底是什麼意思？您能否解釋一下您在那裡預訂的內容以及 36 億雷亞爾在能源貿易業務中意味著什麼。

Yes, sure. I can take those 2 questions. So the NAV, it's basically -- first remember that there is part of this variation that is explained by seasonality, especially in the first quarter, third quarter as well, but most in the first quarter because of tax and bonuses payments. So tax and bonuses payments in the first quarter '24 net presented almost close to BRL 800 million deduction of the NAV, right? So that, coupled with the close to BRL 700 million that you highlighted in investments that we made that had a cash disbursement.

是的，當然。我可以回答這兩個問題。因此，資產淨值基本上是——首先記住，這種變化的一部分是由季節性造成的，特別是在第一季度和第三季度，但大部分是在第一季度，因為稅收和獎金支付。因此，24 年第一季的稅款和獎金支付淨額幾乎接近資產淨值的 8 億雷亞爾扣除額，對吧？因此，再加上您強調的我們進行的現金支付投資中的近 7 億雷亞爾。

The investments were made at the end of last year, but the cash disbursement happened in the first quarter this year. That's from the NAV as well because you change the lines, right? So it's not a financial asset anymore, it becomes an investment. So those 3 components altogether, (inaudible), the investments, tax and bonuses, they are close to BRL 1.5 billion in this quarter, so mainly explains the variation that you asked for.

這些投資是在去年底進行的，但現金支付是在今年第一季進行的。這也是來自資產淨值，因為你改變了線路，對嗎？所以它不再是一種金融資產，而是一種投資。因此，這 3 個組成部分（聽不清楚），即投資、稅收和獎金，本季度接近 15 億雷亞爾，因此主要解釋了您要求的變化。

Regarding the energy, it's basically energy prepayment. We have energy desk in XP. Most of the -- so it's a loan book that is not in the loan operations, right, because it's a merchant. It's not a -- it's not a financial asset, the way it's considered by accounting standards. But it's a loan book. It's basically prepayment against AAA corporate clients that we have and resell, yes. So that's basically it.

關於能源，基本上就是能源預付費。 XP 中我們有能量台。大部分——所以這是一本不屬於貸款業務的貸款簿，對吧，因為它是一個商人。按照會計準則的考慮，它不是一種金融資產。但這是藉書。是的，這基本上是針對我們擁有並轉售的 AAA 企業客戶的預付款。基本上就是這樣。

Our next question is from Daer Labarta, Goldman Sachs.

我們的下一個問題來自高盛的 Daer Labarta。

A couple of questions also. One, first on the midterm EBT margin of 30% to 34% how dependent was that on rates coming down in Brazil? Just kind of going back to when you gave that guidance, you're probably expecting lower rates. Does potentially these higher rates for longer impact that guidance in any way? Would it lead be closer to the lower end of the guidance? Just to think about what kind of macro you were thinking about when you gave us the guidance.

還有幾個問題。一，首先是 30% 至 34% 的中期息稅前利潤率對巴西利率下降的依賴程度如何？回到您給予指引時，您可能會期望較低的利率。這些長期較高的利率是否會以任何方式影響該指引？它會導致更接近指導的下限嗎？想想當您給我們指導時您在考慮什麼樣的宏觀。

And then second question, just on the cards revenues, down a little bit in the quarter. I know there's some seasonality there, but it is the first quarter where you see a slight decline, is that a sign that you're beginning to mature in that vertical and growth going forward could be a bit closer to the industry? Just to think how we should take that seasonality and then potential future growth in the required revenues?

第二個問題，卡牌收入本季略有下降。我知道那裡有一些季節性，但在第一季你會看到略有下降，這是否表明你在該垂直領域開始成熟，並且未來的增長可能會更接近該行業？想想我們應該如何應對季節性以及所需收入的未來潛在成長？

Yes. I can take the EBT margin here. Remember, in the Investor Day, we said we gave the guidance for 2026, and we said, it probably will not be a straight line. So it's more like an exponential, right? So our embedded assumptions to give that guidance is that, as Maffra mentioned at the beginning of this Q&A, we expected another tough year in 2024. Maybe it's going to be, I don't know, a little bit worse than our expectation, a little bit better. But so far, it's on track with our plan. It's too early to tell. There is part of that operating leverage kicking in that should help the EBITDA margin. That's for sure.

是的。我可以在這裡獲取 EBT 保證金。請記住，在投資者日，我們說過我們給了 2026 年的指導，我們說過，它可能不會是一條直線。所以它更像是指數，對吧？因此，我們提供這項指導的內在假設是，正如Maffra 在本次問答開始時提到的那樣，我們預計2024 年將是另一個艱難的一年。更糟糕，好一點了。但到目前為止，一切都按照我們的計劃進行。現在說還太早。部分營運槓桿的作用應該有助於提高 EBITDA 利潤率。這是肯定的。

So the 30% to 34% by 2026, if we continue until 2026 with the same macro environment we are as of today, it's going to be really tough to achieve. That's for sure. But we expect to have a different scenario, doesn't have to be a scenario where you have very low interest rates and the capital markets, equities booming, that's not embedded in our assumptions. It's just more normalized capital markets activity, having a little bit of IPOs, how many IPOs have we had last year? How many this year, 0, 0. So we are in an environment that we believe is not going to stay like that for the next a couple of years, right (inaudible). So there is an assumption of better macro environment, but nothing really aggressive.

因此，到 2026 年實現 30% 到 34% 的目標，如果我們在與今天相同的宏觀環境下持續到 2026 年，那麼實現這一目標將非常困難。這是肯定的。但我們預期會出現不同的情況，不一定是利率非常低、資本市場、股市繁榮的情況，這並不包含在我們的假設中。這只是資本市場活動更加正常化，有一些首次公開募股，去年我們有多少次首次公開募股？今年有多少，0，0。因此，有一個更好的宏觀環境的假設，但沒有什麼真正激進的。

Just to complement Bruno here. We are confident that we are going to deliver the year 1, 2024, okay? So we are going according to the plan so far. And of course, we have a good visibility for the rest of the year. So we are confident that we are going to deliver 2024, okay? And if you look at the numbers that we showed for -- on the Investor Day, especially when you look investments, the CAGR was 13%, okay? So it was already a very low number, okay? Imagine that the interest rate is 10%, 9%, okay, for this period, okay? It's (inaudible) 10 plus, if you look at the curve right now. So it means that we have to gain some market share, okay, because the AUC will grow the Selic rate on average and we have to gain some market share.

只是為了補充布魯諾。我們有信心在 2024 年 1 月實現這一目標，好嗎？所以到目前為止我們正在按照計劃進行。當然，今年剩餘時間我們的能見度很好。所以我們對 2024 年交貨充滿信心，好嗎？如果你看一下我們在投資者日展示的數字，特別是當你看投資時，複合年增長率是 13%，好嗎？所以這已經是一個非常低的數字了，好嗎？想像一下，利率是10%、9%，好吧，這段時期，好嗎？如果你現在看一下曲線，它是（聽不清楚）10 以上。所以這意味著我們必須獲得一些市場份額，好吧，因為 AUC 平均會提高 Selic 率，我們必須獲得一些市場份額。

So for me, the macro environment, if the -- of course, it's going to be harder than a good macro environment, but it doesn't change the plan. If you go to the other 2 pillars cross-sell and wholesale banking. Then we have BRL 30% to 30% percent, okay, 30% to 35%, 37% CAGR and we are delivering. So we are confident.

所以對我來說，宏觀環境，如果——當然，這會比良好的宏觀環境更困難，但它不會改變計劃。如果你轉向其他兩個支柱交叉銷售和批發銀行業務。然後我們的雷亞爾為 30% 到 30%，好吧，30% 到 35%，複合年增長率為 37%，我們正在交付。所以我們有信心。

Going to your point about cards, as you mentioned, you have a big seasonality on the first quarter every year, okay? And I would say that probably we are not growing at the same pace that we have been growing in the past years for sure. But if you look at the penetration that we have, we have million cards, okay? And we have 5 million customers, okay, rounding the number here. So we still have a lot of clients to penetrate, of course, different risk profiles. But when you compare to open season, to the market, we have very good 5 million clients. So at the right point, at the right time, we are going like to penetrate these clients, but -- so we still have a very good pool inside the house here like to penetrate card. So it's not the end of the growth, but we will grow at a lower pace than at the very beginning, okay?

說到你關於卡片的觀點，正如你所提到的，每年第一季都有很大的季節性，好嗎？我想說的是，我們的成長速度可能與過去幾年的成長速度不同。但如果你看看我們的滲透率，我們有數百萬張卡，好嗎？我們有 500 萬客戶，好吧，這裡的數字四捨五入。所以我們仍然有很多客戶需要滲透，當然，不同的風險狀況。但當你與開放季節和市場相比時，我們擁有非常好的 500 萬客戶。因此，在正確的時間、正確的時間，我們希望滲透到這些客戶，但是 - 所以我們內部仍然有一個非常好的池子，喜歡滲透卡。所以這不是成長的結束，但我們的成長速度會比開始時慢，好嗎？

Thank you, Maffra. Thank you, Bruno. Our Q&A session came to an end. If you have any further questions, there are teams available. Thank you so much for attending our earnings call this evening and we see all of you or we talk to you in the next one. Thank you.

謝謝你，馬夫拉。謝謝你，布魯諾。我們的問答環節就結束了。如果您還有任何疑問，可以聯絡我們的團隊。非常感謝您參加今晚的財報電話會議，我們會再見到你們所有人，或者我們將在下一次電話會議中與您交談。謝謝。