Q1 2021 PagSeguro Digital Ltd Earnings Call
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Hello, everyone and thank you for a weighted welcome to practice a group of banks first quarter of 2021 results Conference call. This event, we recorded and all participants will be listen on mode. During the Companys presentation.
At <unk>, we're finding banks the remarks, there will be a question and answer session at that time further instructions will be given should any participant need assistance. During this call. Please press star zero to reach the operator.
The events also being broadcast live via webcast and maybe accessed through parts of the group of banks website at Investor Starbucks The Dot Com, where the presentation is also available participants may view. This alliance of any order. They wish the replay will be available shortly after the renters concluded those.
Following the presentation of your webcast may post their questions on function of banks website.
Before proceeding let me mention that any forward statements included in the presentation of our nation on this conference call are based on currently available information and <unk> current assumptions expectations and projections about future events, while Axa group on <unk> believes that their assumptions ex.
Patients and projections on a reasonable in view of currently available information you are cautioned not to place undue reliance on these forward looking statements actual results may differ materially from those included impacts of <unk> presentation or discussed on this conference call for a variety of reasons, including those disk.
The forward looking statements and risk factors section of boxing World of Powertrains registration statement on form 20-F.
And other filings with the Securities and Exchange Commission, which are available on the signal of <unk> Investor Relations website. Finally, I would like to remind you. The during this conference call of the company May discuss some non-GAAP measures for a more details with foregoing non-GAAP measures and a reconciliation of.
Of those non-GAAP financial measures to the most directly comparable GAAP measures are presented in the last page of this webcast presentation now I will turn the conference over to Mr who kind of Dutra CEO. Mr. Dutra, you may begin your presentation.
Good evening first of all everyone and.
Thanks for joining our first quarter results conference call.
Tonight I have here with me are to choke, our chief financial Officer, and Eric 1 of you.
Our head of Investor Relations.
First of all we hope you and your families are well and safe.
Before we move on just a quick update about the outbreak of COVID-19 in Brazil.
It seems the worst is over.
However.
On the economical recovery may take a while due to the speed of Brexit initial rollouts on Brazil.
Although we are enthusiastic about the availability of effective of since the.
The rate at which vaccinations are taking place in Brazil. It is too low when compared to other countries like the U S.
Consequently.
Motions and consumers have changed the behavior to keep working in the scenario with more digitalization less.
<unk> cash and the adoption of alternative payment methods.
Meanwhile, our dedicated employees have been doing an extraordinary job to keep certain of our clients with excellence. Thank.
Thank you very much proxy group on the bank team.
Despite the pandemic.
The resilience of our business model on our focus execution allowed us to achieve great results in a records in several kpis of this quarter.
I'm pleased to report the banks to grow achieving a record consolidated GBC.
Growing a 102% year over year and kept adding 300000 emotions and more than 1 million per bank users per quarter.
While total revenues were above 2 billion reais in the quarter.
In fact, we are the company of the highest growth in terms of volumes net ads and have been increasing our acquiring market share in the past quarters.
Reaching approximately 9% in Q1, 'twenty, 1 versus 5.9% in Q1.19.
Over the last quarters performance, who have reinforces the belief that both businesses.
Sorry, and banking will deliver a robust growth in years to come.
Talking about banking, we continue to see unprecedented changes in the highly concentrated making industry in Brazil.
Although we have experimented the entry of new players in the last few years.
Bank of the a precursor of this movement in December 2020, more than 70% of the Brazilian credit portfolio was concentrated among the top 5 banks.
We see that as a huge business opportunity and the reason to bring more competition to an economic segment. There has been basically the same for decades.
The percentage of change peoples lives 3 visits to many of the runs and tax professional of things.
We consider ourselves exceptionally well positioned to continue to disrupt banking in Brazil because of 3 main reasons.
<unk>.
Our tech DNA.
Approximately 6 point.
5000 engineers in a group.
With the best in class professionals working for Opex.
Second.
Our unique expertise and knowledge on the Brazilian internet.
Since the early beginning back in 1996, which today the most visible aspect is the uol audience.
With a reach around 90% of move Brazilian Internet eyeballs.
Right after a Facebook with 9.2% and Google with 9.6% rich.
And third the fact that we are the first movers.
Creating a new market unserved by the competition before us and finally, but non list a strong culture and excellent execution.
I would resume this begs a way of doing it.
We operate in an evolving industry, who the answers to some questions on another 100% clear.
The other reason we permanently promotes of <unk>.
But having said that we can affirm.
Our investment thesis of relies on the following 6 pillars.
First.
Payments is the best entering door for digital banking.
Bags has the largest Brazilian merchant base that generates a recurring revenues through a digital account that naturally provides cross selling opportunities for additional banking products.
Payments industry has consistent growth to this is in the last 2 decades, driven by motions accept a new electronic payments.
New payment methods, such as NFC PTP among others continue to replace cash transactions for example in the first quarter NFC volumes, increasing almost 8 times in comparison of the same period of last year.
We consolidate our leadership and look to a market and we see limited competition as incumbents have given up serving these clients now.
Now we will prove our thesis of that is much easier to go up in the pyramid than to go down in it with our hub strategy.
Or a hubs are extremely successful and we are gaining market share with the profitable SMB clients very rapidly second on your score of all.
The <unk> payments go on a score for us and our focus has delivered a growth of a 140% in Q1 'twenty 1.
Beck's is enhancing the omni channel solutions for a merchant and increasing cross border transactions in the first quarter Cross border volumes. It was a 3 times compared to the same period of last year.
Third.
Cards and lending our core.
Because banking industry is highly concentrated Brazilian in banking the populations of 2 huge and the spreads are very high.
This is an opportunity for a 17 times larger than payments in terms of revenue pool.
<unk> has been a work with cards and Lewis as the last 3 years, mainly focus on the micro merchant.
On a unit database and credit model to manage the returns on risks clearly a strong entry barrier for new players.
Fourth new financial products on a quarter.
<unk> movement to go up in the pyramid to cookware market share in the SMB market can and will be a reputation with all the financial services.
Fifth techs.
Technology customer experience and product development Corp.
Technology innovative and client centric culture combined with a leaner structure from what the disruption awareness and engagement in.
In the first quarter begs region, 40, 80 million App downloads and professor of 81 billion Reais.
We believe the value relies on active and a current clients and we are happy to announce that we surpassed the mark of 10 million active clients in fact, the bank second in the grocery.
And 6 of.
A growth of our environment helps.
The growth of a chain such as peaks marketplace of receivables and open bank create a positive environment for a new players like us.
With these initiatives and achievements, we are truly committed to keep promoting the financial inclusion in Brazil, making investments that are accretive and will bring higher returns in the future.
Finally, the pandemic is not over in Brazil.
This year will be another challenge of 1, but if you prepare to face it and ready to explore the economic a rebound in the coming years.
That said our tool and I represent some of the lives and we will have a Q&A session of the year.
On slide 3 we highlight the achievements of the first quarter.
We breakdown in 3 sections first operating and financial results second taxi group or a foreign business and a third bag a bank or a banking business.
Starting with the operating and financial highlights.
Consolidated the PV of 81 billion Reais up a 102% a year over year.
Total revenue and income of 2 point of 1 billion Reais.
30% year over year with consolidated net take rate of 241%.
Adjusted EBITDA of 573 million Reais.
Up 12% year over year, despite bag of banking hubs investments.
Non-GAAP net income of 327 million reais, the 11% year over year.
Excluding 1 time events during the quarter adjusted EBITDA of 617 million Reais up 20% year over year, a non-GAAP net income of $271 million up.
The 1% year over year.
Moving to <unk>.
Our current EBITDA of 50 billion realized in Q1 up 58% year over year.
<unk>, new Lockdowns and the end of March 2021.
Alrighty PV grew a 140% year over a year, while hopes the BG group for 110% year over year diversifying out of exposure to new segments.
At the promotions of 7.3 million with a net addition of 201000, the emergence or 1.8 medium of emotions in comparison to the same period of 2020.
Total a quite a revenues of $1.9 billion Reais with adjusted EBITDA of 725 million Reais margin of 38%.
During this quarter, we launched a bag of phone the first worldwide, 1 stop shop, the OS which combines acquiring banking and software.
We also launched the modern year profit is modest.
With integrated printer and all of the tech App or a reconciliation of software.
Moving to Peg a bank.
Thank you base, the PV of 31 billion Reais up 261% of year over year boosted by a wire transfer and bill payments.
Take a bank app downloads of $48 million with almost $70 million of the quarter.
Doug a bank active clients of $9.1 million up 144%.
With net addition of $1.3 meter on the quarter.
Segment of consumer clients of $3.5 million.
5 times larger than first quarter 2020.
In the first quarter 2021 consumers represented 38% of Peg a bank active clients credit portfolio of 773 million Reais.
Deposits of 5 billion Reais and peg. It makes it is surpassing $1.4 billion of rising March 2 and if anyone.
During this quarter. We also on also on the cashback offering for payroll portability and launched a new third party investment funds and the personal accident insurance.
Moving to slide 4.3 years ago, we launched the piggy bank aiming to explore and capture the existing opportunities in Brazil.
At the time, we had a few products in our portfolio provided the base destock on the features only to our merchants in slide 5 we can see all of the achievements throughout the last few years, becoming a complete ecosystem now serving both merchants and consumers as we were able to combine acquiring banking partnership.
Softer marketplace insurance investment loans and cards moving.
On to slide 6 we show hope or force, our ecosystem and how it is boosting our growth trends.
First I'll talk about client acquisition of nowhere.
We reach at $7.3 million active merchants up.
33% year over year, a $9.1 million impact being clients in the first quarter of 2021, which represents a growth of a 146% year over year moving down we can see we reach at 48 million downloads in peg a bank as of March 2021 talking about.
The engagement the observed the acceleration of volume growth.
Consolidated <unk> increased a 102 percentage of year over year, while net consolidated TPG grew 215% when compared with Q1.2020.
Our market share in the Brazilian payments industry reached 9% more than 3 percentage points in comparison to the first quarter of 2019 or a product per user ratio increased from 2.5 to 2 points of.
Which also indicates higher engagement of our of plants.
Last but not a less important in the third quarter bags of monetization revenue and EBITDA growth shows we were able to monetize of our businesses into balance growth with profitability total revenue increased 30% year over year in.
Our adjusted EBITDA increase of 12% moving to slide 7 we.
We will start present of operating figures for the acquiring business.
Our TPG growth remains a strong with a 58% increase over a year boosted by a TPP promotion growth, which grew 18% when compared with first quarter of 2020, a net merchant adds debt reached 300000 between January and March this year.
Ended the quarter with $7.3 million active merchants.
The strong growth despite a new lockdowns in Brazil was driven mainly by a first cash conversion into electronic payments and success in our new verticals and client segments, such as online and the hubs.
The volume growth for April and May were very strong.
Respectively, a hunt.
8% and 91% increase year over year. Despite the lockdown, we had in Brazil in 2021 moving to slide 8.
Operating revenues were $1.9 billion reais up 29% year over year accelerating the growth and compares to 2020.
Finally, adjusted EBITDA up 28% year over year with EBITDA.
The margin of 38%.
The PV mix improvement in comparison to the fourth quarter, which drove up acquiring net take rate and payments profitability.
Excluding piggy bank revenue and transaction cost of acquiring take rate increase of 17 basis points in compressed to the previous quarter, reaching 2 point, 23%.
Moving to slide 9.
Here, we present, some new of our initiatives we have been exploring.
First a royalty PV, which has been growing much faster than previous year.
In the first quarter 2021, or online volumes grew on a 40% versus 13% in 2020.
The acquisition of <unk>.
The digitalization process boosted by a pandemic and our several initiatives to incentivize the line payments and Omni channel solutions were the main drivers also we're happy to announce Cardinal present transactions. During this quarter, an increase of 116% year over year moving to our SMB hub strategy over 2012.
1 of the volume trends indicate will be in the top of the range of our current guidance, which was 11% of a quality of PV or forecast is to have a 250 to 300 of hubs of running several cities and regions and to the end of 2021, reaching 83% of Brazilian GDP.
<unk> coverage.
Any sort of subscribers, reaching 621008.
8.5% of bags active merchants, we plan to provide additional disclosure of a hub the strategy in the coming quarters.
Now moving to slide 10, we share some type of main figures starting with the strong growth of take advantage of PV. Once again, a triple digit growth totaling 31 billion reais accelerating the growth in comparison to 2020 on the top right we.
Have a bag of bank active client figures, which was $9.1 million being 38% compounded by consumers net ads were $1.3 million with consumers represented 58% of first quarter net additions. This figures show a strained to serve both merchants and consumers with our 2 sided ecosystem.
Bought a left we share a product preservation in the first quarter 2021, or a products per user reached $2.7.
Zero 2 higher than same period of 2020, reinforcing clients a stickiness to our ecosystem bag of bank revenues reached 149 million Reais.
48% year over year and accelerated in April 2021, trouble, 80% when compared to April 2020.
Although April 2020 was the worst pandemic molten, Brazil impacted by Lockdowns, which drove down with the raws and cards of spending. Additionally for those clients is higher engagement such as merchants activate peg a bank and consumers with payroll portability, we offer some free ATM withdrawals per months exchanging short term.
Revenues for a higher engagement in future monetization. The first quarter 2021 bag of bank. Adjusted EBITDA was a loss of 78 million Reais driven by a head count increase marketing expenses and transaction costs also in first quarter. We had a 1 time event related to destock of losses.
Not related to low provisions of a credit risk management amounting 73 million Reais the massive data lake in Brazil, which happened in January 2021 did not affect any of our assistance data or infrastructure.
However, it provided information to foster activities in all lines of transactions and bill payments as we indentified the transactions, we immediately brought them.
Again this is a onetime event.
Moving to slide 11 with.
We present, some additional data about tag a bank in fact invest.
The number of active cards increased of 3 times in comparison to the first quarter of 2019.
In May we launched a new home marketing campaign in partnership with visa to Foster a card payments in this campaign.
The <unk> clients will receive cash price and all of them, we get a house.
The day to day banking the number of bank a bank App logins was $549 million in the first quarter of the year, while bill payments transactions has been gaining a lot of traction is a very good sign since usually clients select their main banks centralized new payments finally tagging of S assets on their courses.
The reach at $4.2 billion Reais up a 127% a year over year with peg a bank cities almost doubling the size quarter over quarter worth to say all of this AUC is based in peg a bank cities and a free investment of funds, we plan to have a equities and treasury bonds in the following a weeks, which we expect.
To help increase assets under custody recently, we allowed our vessels plus the Frost received orders 20 hours a day 7 days a week and we also launched a new third party investment of funds managed by a well known investment of firms in Brazil, such as Western asset Alaska has should ex benefit by EBA journey.
In ASIC Quest now I would like to turn the conference over to a <unk>, our CFO, who will talk about our credit portfolio and our financial results for the quarter.
Please go ahead. Thanks.
Thanks for the cargo and good evening, everyone in the slide 12, we show our credit portfolio, where the performance is improving every day.
Visit on credit models result.
We ended the month of March with a total credit portfolio of 773 million on Harris.
53% of working capital loans, 42% credit cards, and 3% of all of their credit products.
As we have been tracking very close the npls by cohorts for working capital loans and for credit cards terms are getting better since August 2012, showing very healthy numbers.
Our confidence has been increasing and encouraging us to reach the highest level of credit disbursements in may.
We expect to increase credit originations going forward, mainly in the second half of this year.
Our cash position remains a very strong with a positive balance of $8.1 beat on the ice.
The enforcement by the issuance of pocketing cities to fund the credit disbursements.
Loans to the positive ratio.
<unk>, 52% guaranteeing stamina to grow our credit portfolio in a healthy and sustainable way.
Moving to slide 13, we present a required the financial results.
In the top left of our consolidated net debt, great Richard 241%, representing an increase of 11 basis points in comparison to Q4 trend and 6 basis points versus Q3 trend driven by better TPG mix.
With more credit and lower debit transactions and a longer duration for a credit card receivables in installments.
In the top the right graphic we share our non-GAAP total costs and expenses, which totaled $1.6 beat on the rise in the first quarter of 2021.
The 51% year over year.
Cost of sales and services represented 70% of total cost and expense as a reminder, at the same level of Q1, 'twenty, an increase of 49% year over year the.
The main drivers were higher interchange and card scheme fees.
Following the TPG growth higher depreciation and amortization related to our solid active merchants additions during the past quarters and expenses to a new products and services develop it took part of the bank selling expenses of represented 23% of total costs and expenses and increases in.
A 94% year over year due to headcount expansion for our hubs and the onetime digital account losses of 73 million has previously explained the tidewater if we exclude the digital account losses. These line of increase of 56% versus the same period of last year.
In the bottom left chart, our adjusted EBITDA was 573 million Harris, excluding the negative effect of 73 million of Hey is related to a onetime digital account losses not related to loan provisions our credit risk management and the positive effect of 29 million.
On a is related to tax provision and reversal of the recruitment adjusted EBITDA was 618 million of Harris with a margin of 30% finally in the bottom right we share of our capital allocation strategy. During the first quarter of the year, we invested almost 3.
Hundred $93 million, the ice being 62% and acquisitions and 38% and the other initiatives mainly related to product and software development.
As a percentage of revenues capex, the crews of 4 percentage points, reaching 19% versus 23% in the first quarter of <unk>. Thank you all to join US Tonight now I pass the word back to due to a to conclude the presentation.
Thank you our true move.
Moving to slide 14, we present megaphone.
During the last quarters, we were working very hard to launch the first device in the award, which combines acquiring banking and smartphone.
Everything in 1 single device created a real 1 stop shop, a solution for all motions reinforcing our leadership in long tail market and continues to be a company driven by innovation.
Finally on slide 15 are a less slides represents more than a year profit. This is the smallest of Pos with integrated printed in the market initiatives like this help us to offer a better customer experience and to allocate capital more efficiently consequently, improving our LTV per click ratios.
With that we end our presentation and a gain of started 20 session.
You.
Operator please.
Thank you we will now begin the question and answer session.
I'd like to ask a question. Please press star 1 on your phone. If your question was answered and you want to leave the polls you can press star 2.
Our first question comes from Josh <unk> with Morgan Stanley. Please Mr. <unk> go ahead.
Hi.
Good evening, everyone on congrats on the numbers of.
2 questions. Please the.
First 1 is on your TPB guidance of 40% I think that a chart on the active on.
On page 7 and is quite telling I think youre running a significantly above that.
And you know hopefully with past.
The worst of this year.
Is it possible of the number is just the.
The significantly above that.
It wouldn't be surprising given the current trends of the you end up at 55% to 60% of growth on what what stops you from updating the guidance or or word of things could potentially go wrong and we the wind up in 40% of which would be a big deceleration from the first 5 months of.
This year.
On my second question is on Npls on them.
Not sure. If this is related to the digital loss losses, non not sure. The I understood properly what that is but but anyway. My question is on on Npls going through your slide number 12.
Where you have the.
Pre pandemic cohorts on the past August 2020, a cohort.
Can you maybe explain how.
The losses are trending over the last.
A few months.
Particularly given the difficulties of the.
The first quarter.
And then just if you can explain what those digital losses are on if indeed those are part of the npls. Thank you.
Hi, Jorge for the <unk>.
Which of hero. Thank you.
The for the question of thank you for the compliment as well as Ricardo a.
I will start with CP V and then a.
Beginning answer your you're on question number 2 and then artwork and complement but talking about TPB.
Youre right, we are running above the 40% guidance.
We are confident with this guidance.
And the reason that we do note of data because we are a steel in the meat of the pandemic in Brazil, I mean, we have similar certainty of looking forward.
We have tougher comps in the second half of 1000 plenty because the government had a 300 billion reais on Corona vouchers in the last year and second half so we have tougher comps.
And we need to wait and see how it's going to be the economic view of recovery in Brazil. So that's why we don't update at this point.
As time passes by we will be more than a happy to update that so that's why we are confident with this 40%.
At this time.
Talking about the digital losses, just to be clear here there is no relation with credits.
No relation with loans.
<unk>.
That happened because we were I would say a more aggressive of the world should in terms of authorizing some of your payments transactions.
And then what he had his people coming here a paint deals some of them as credit cards, and then we had charge backs off the awards. So we had this.
We are seeing here in Q1, but actually was in February and March we already adjusted debt. We didn't have any impact in April and May. So it is really a 1 off it is really a thing that happening in February and March and that's it.
There is nothing that is what happened in Q2 regarding today and again there is no relationship with npls or things like that.
Just to be clear here I want to reinforce that we didn't have any problems with our infrastructure with our data or data leak.
What he had was a massive data leak in Brazil in January of 2021, it was in the news.
And probably we were aggressive in also rising some bill payments transactions to credit cards. So that's it we're at the adjusted that.
And it's not happening in Q2.
And talking about the Npls in the slide 12 O S car to a tool to help us here and again I. Thank you very much for the questions.
Hey, Jorge charter speaking and thank you so much for a question on it's a pleasure to talk to you.
I think the idea of the these graphs is show you debt when we start to offer credit again in August planet.
Our npls on a much better than we have before because we learned of a lot during the pandemic period, and so youll know debt in March 20, we stop our originations.
And we learned a lot of adjusted our models hire new people more experienced sets of debt and so now we are we on.
Having met better results than we had before and the idea of yours, just give you more color about it because we don't know we don't give the numbers. So it's important to you to understand that we have a better performance of right now.
The band than before and that's it and so we're very happy with the numbers and encouraging us to accelerate the originations going forward.
Alright, Thanks, a piccolo another for that thanks again.
Thank you.
Our next question comes from out of you and I thought there with UBS. Please Mr. <unk> go ahead.
Hi, Hello, everyone. Thanks, pardon me out of a potential.
A sort of diving a that's in a segment you mentioned that should represent 7% to 11% of your total the dividends a year.
But can you share how much it represents today also.
Also if you could give us some color on where are the margins in the segment coming from extra on the incumbent from the stone or any other player I don't know if the equal share that.
And also a in the presentation of mention the penetration of off of the software within the debt semi clients I want to understand the show are offering the banking credit products to them and the Hollywood is a penetration. Thank you.
Primarily on it this is ricardo thank you for the question.
So we are not disclosing the exactly number of a hubs the busy in the total PV at this point of Mariana, We as I said at the the presentation. We plan to give more color as time passes by it just we don't want to a.
Given the information at this point for the strategic and competitive reasons.
Regarding the players and we are getting in the segment.
It's a virus, but usually it follows the market share in the Smbs.
So the majority of them, we are getting from incumbents.
And then we have some months some others coming from 4 new players, but it follows the a little bit the market share of the settlement.
We are the let's say.
The commerce here, we are the company that is a.
Let's say competing with the other ones DMD the aggressive here. So that's why we are getting all of these new emotions and GPC grew for a 100, 410% year over year.
Regarding the software the 8.5%.
We actually use the information we had from software.
To put the neuro models in our credit models, because we have more information from the once we as a software versus the other debt.
Debt don't use it.
Don't have here on the top of my mind, how is the penetration of credits for these 4 disclaims business here, but it is 1 variable of the mall does not the the main 1 but it would help us to improve on a modest.
I don't know if I, if I answer the question.
Yeah, a on this a second part of the question in terms of a banking and the credit just want from their side of the each of our offering if they have a a credit a product or I don't know a credit card or something like that.
Oh, yes, yes, we are offering credit for Smbs as well.
We are a growing our credit portfolio.
160 million Reais in this quarter the.
The almost a 100% of these 160, we focus on the motions very small part of that is focused on consumers for a small pilots here and there but the majority of that is for the motions and yes, we are offering credit for smbs as well.
Yeah.
Thank you.
Our next question comes from Bryan Keane with Deutsche Bank. Please Mr. Kane go ahead.
Hi, guys congratulations on the results, especially given the tough economic environment.
2 questions I guess a be.
Be interested in and some more color on the increase and the.
T P V per merchant I think it was up 18% year over year versus 3%.
Looking at last year's increase and so just trying to understand how much of that is stimulus vs.
You know, what's driving what's been the driving factor there.
And then my second question on the margins.
Obviously, you guys are making a lot of investments and the margins.
You know were impacted by those investments just was hoping you guys could give us some color on on what the net income margin might look like going forward for the rest of the year and how much to expect for the investments on the hubs and piggyback et cetera. Thanks.
Hi, Bryan. Thank you for the question and thank you for the compliment.
Talking about the average TPP promotion.
There are some drivers here are.
If were looking Brazil, we are seeing the penetration of cards in PC is increasing.
It used to be I guess, 40% and all of US close to 44, so we see more adoption of a platonic payments a.
And we are also increasing our.
The participation of a line in hubs in our total the PV. So as we go up a little bit on the pyramid. The average to give you a promotion.
ROE as well so I guess those are the 2 main drivers here people using more cards a alaska.
A less cash and also we are having a more TPB coming from online and 4 hubs.
Yeah on Brian's Arthur speaking tanker. So much ran a question it's a pleasure talking to you again.
And so regarding to the margins as a sad we invested a lot during the the last months and also in this quarter, we invested a lot.
The impact of bank to hire more head counts and thought of developing them.
To develop products like a boggy vast insurance credit and also we are investing the hubs with sales force facilities rentals and also marketing to promote our new products and services.
And also right now.
We are.
In terms of nominal we are slightly better no bottom line in 2021, even though our focus is to reach the bass the balance between growth and profitability.
Looking for a bigger company in the future gain scale to leverage expense and so we are much more focused right now in the growth of the company to leverage expenses in the future and improve margin as a rowing in 2022 of 2023.
On the more mid to long term.
Got it and any guidance on where we should set our models in terms of the.
The net income margin going forward for this year, just given those investments you talked about.
Yeah, Brian we gave the guidance for for TPB for Capex.
What we can say share debt in absolute terms over our net income this year will be better than last year a.
We don't have the exactly number here, but as Arturo said, we are looking for let's say more growth to share then profitability, but in absolute terms of going to see a bed or a net.
Net income this year versus 2020, even with the challenge that we are seeing in first quarter with Lockdowns and so on a more diabetes transaction and so on so that's let's say a better guidance I can give you a at this point.
Got it great. Thanks, so much.
Thank you.
Okay.
Our next question comes from Craig Maurer has on autonomous research. Please Mr. Mora go ahead.
Yes, hi, Thanks again for taking the time appreciate it.
Was wondering just some housekeeping items you provided TPB growth for the acquiring channel through April and May could you provide what the total on a consolidated TPB growth was for April and May.
Second.
I wanted to return to the non credit digital account losses, just some additional clarification I mean, it sounds like you were authorizing bill pay on credit cards, but the something went awry in the wound up with a lot of charge backs, where these fraudulent bill payments for these.
I'm trying to understand what went wrong in that.
I know, it's 1 time, but what went wrong and that authorization process that might be a learning experience.
For you and lastly.
In the SMB hub business.
Are you seeing a strong degree of software uptake and to what degree are you seeing perhaps in omni channel opportunity in the SMB software.
In the SMB business and can you bring more to address some of that thanks.
Hi, Craig This is Ricardo thank you for the question.
We must discuss here internally, how it's going to be if a 1 of them. If you can give the PPV for a bag of banks, we didn't given the skull, we just need to see what is the best way to give this disclosure of course is growing a lot. We just closed in may but I mean, we can discuss with you can make it public before next call.
I'll have to answer to you at this point.
Talking about the Destocking of losses that you ask it.
We were aggressive in authorizing some transactions.
On the models for a bill payments, let's say.
<unk> is in more transactions than it should so it's not credit related is not npls related to loans or things like that.
It's just that people came here to pay bills to credit card debt. The majority of the the charge backs and we authorize at some of the transactions debt. After we review we should not have a rise I mean, we were aggressive in doing that so.
That's what happened.
There is no data leak there is nothing like that just people came here.
Decided to pay a bill and Dan we had discharged back that's a simple as debt.
Regarding the SMB and hubs yeah. They are using our software is although we know that are of softer a.
At some point they are a very complete but to some type of motions.
They require sensing more sophisticated but at the end of the day of what we are looking here. We are bringing the motions that are 4 to 5 times larger than lung data. So there is to a small they are not very sophisticated part of them could be omni channel, but we know that part of them will not be omni channel because of their business.
Just let's say the guy from the restaurant, sometimes he's going to find a new by the form of too to make delivery and beg a bank will not provide that for him. Although we have a multi at the firm just to give an example here.
The Guy that has a auto parts, probably will not sell will not let's say fix cars and rich discussed the mers, who all lines. So we see some opportunity from the channels for those who we think that it's feasible. We can offer solutions a link of payments and things of that but I'd say on the majority of them still today. They are not only channel deal.
More physical stores.
Because of our going let's say in the bottom of the pyramid of Smbs. So day, another well sophisticated for software as a.
And part of the and are not ready for omni channel and that's fine day.
At the end of the day, what a 1 is to bring them for acquiring and make the introduce piggy bank get the data at some point.
Increase the relationship of strained the relationship with then we could may we could offer a credit and credit cards and so on so that's the the OID is much more to have the financial services embedded with our solution than other.
Other solutions at this point.
Thanks, So on and you're seeing any change in behavior around picks any.
Peter M transactions or is it still mainly a P to P channel.
Well, Craig we don't see peaks.
Hurting our acquiring business or are people using peaks to make payments what do you see a is speaks replace the wire transfers.
So, let's say if you had a view that you use it to pay to our transfer. So people did not used cars now the areas and peaks because peak of 3 and the result is instantaneous and so on but we don't see peaks, a let's say cannibalizing our acquiring business as a good senior a rose 58% year over year or so.
That's the diseases that he had the hypotheses that you have from the beginning since when we started talking about peaks in the beginning of last year.
This is much more to replace our transfers at some point to replace cash and helped utilization of some people in Brazil, and then we can take advantage by offering peg a banking you could see that a we are growing more than 1 million bank a bank clients per photo.
Yes.
Thank you. Thank you.
Yes.
Our next question comes from Mario <unk> with Bank of America. Please Mr. P. A go ahead.
A good afternoon, everybody congratulations on the results.
Let me ask you 2 questions as well primarily related to revenue generation, a how should we think about the direction of take rate on the acquiring business.
Taking consideration the expansion the hub expansion.
And also taking consideration the the comment the economy is opening up so we should see a better mix of credit versus debit.
And also a when we think about the take rate on a piggy bank.
I think it's fair to say the Piggy bank is growing much faster than we anticipated.
So I was wondering if you think debt you can achieve a.
Your target or a soft target of 30% of revenues coming from by the bank.
3 years from now if maybe we could anticipate that.
Thank you.
Okay.
Hi, Mario this is Ricardo Thank you for the question a.
We are already on a quite in take rates as you could see we grew 17 basis points in Q1 versus Q4.
Even with a more TPG coming from Smbs, which.
Have a which has a a lower net take rate because they are a little bit larger motions. So looking forward what do we expect from the aquatic range to be stable as what might be some bar of issue here on there but to be stable because theyre going to have more clients coming from the hubs a.
I would put some pressure in the acquired in the net take rates coming down on the order of hand, we have the tailwind that is the the mix of payments more credit. So what he can looking forward here. This year, we expect to be stable or improve a little bit, but let's see how it's going to be you know in Brazil.
We have a lot of ups and downs of Lockdowns suddenly a.
Unfortunately, the the rate of vaccination of is not a.
Going pretty fast as we've seen other countries some people talking about third of wave.
Some cities, making lock down some others opening so it's still a lot of uncertainty, but to give a let's say a soft guidance here medical center and a stable even with the pressure coming from the hubs, which in our opinion, it's a it's a very goods a performance.
The other question about the 30% Doug a bank.
It's hard to say, if we're going to be able to make it a.
Earlier than debt, while we prefer to keep your 2024, let's fall on the following quarters and then we can update a what.
What you saw in April is a good level of revenues in April a much better than Q1.
Let's wait a little bit on then we can let's say up to date, but its feasible to have beforehand of just don't want a firm debt at this point.
Yes, Hi, Meyer Meyer, it's Eric I'd, just the light or secured debt.
We will reach 30% non of the quarters. In 2024. This is not on easy task right, because we have been seeing payments growth.
Gary first consolidate right and even though our new verticals such as hubs and the online so its a hard task share, but we continue to be committed to just 30% in.
In 1 of the quarters in 2024, thank you.
Okay, Let me follow up them here on package of bank, even if we add back. This you know this.
Losses that you booked of 73 million Reais.
Calculating revenue per client of about 24 re is is that about right and a.
You know when we look in the fourth quarter, we have a around 27 and and a 1 year ago at around 27.
Any reason why revenue per client are coming down with <unk> bank.
Well Mario.
We should make the Matthew just to be flat same numbers that you have but a.
Usually the dynamics for a bag of bank of monetization we're of the following.
We bring the client they stay here for a while.
The study using engage with the solution and then we see monetization of towards.
So there is some lag between bringing the client and having the revenue. So that's why at some point, we see the number of clients coming to $9.1, but the revenue has not come at the same pace because it takes a while.
And that's even more true if we think about consumers because the consumers don't have the automatic cash outs that you have from the acquiring clients. So.
Even if the decline loves our app and it's easy to use a very good <unk> and so on if he doesn't have any money there he cannot do anything so.
That's why we we see some lag between bringing declines and then the revenue. So that's the main explanation of debt.
We also said in the presentation for some of the clients we decided to give.
Free ATM withdrawals of which should.
Uh huh.
<unk> revenue is a little bit dull.
It is not material, but of course of it doesn't help so those are let's say the main reasons here, but the main reason the main driver is the the lag between bringing in the client and the having the revenue from these clients.
Perfect very clear and just a final follow up then on part of your bank here a I think in the past you had talked about maybe breaking even a package of bank in the second half of next year is that still your your view.
That's all of your.
That's all of you. Thank you. Thank you.
Okay.
Okay.
Our next question comes from Jeff Cantwell with Guggenheim. Please Mr. Cantwell go ahead.
Hi, Thanks for taking my question can you hear me.
Yes.
Great great.
I wanted to ask you 1 quick question on Pac Bank.
Gardner Parker on price and I for $1 billion over the course of the 2 years, which is impressive.
Do you think that the active card base has increased by a return times logging or you're also layering on new products.
They're seeing uptake of more and more adoption.
And I think that all suggest that you Robert cartridge revenue per user should continue to increase.
Perhaps more materials things continue on a normalized U.
Do you agree with that idea and the reason I ask is because we see a.
Of the back some of them some in Brazil with fairly high average revenue per user numbers.
I think it's still early days for you guys. So I'm just curious if you agree with you on if you can give us some updated thoughts on what your ARPA of impact that might go to over time any color or thoughts there would be appreciated thanks very much.
Hi, Jeff. Thank you for the question.
I was trying to let's say to the explained that as well for a Mario but.
Yes in the medium to long term, we expect the revenue strong bag of bank users to go up debt.
That's 1 of the drivers for us to reach the 30% of the revenues of the company coming from <unk> Bank by 2024.
What we have here is that there is a let's say a.
Longer time between.
Opening the account and the starting generating revenues.
And this is even more true when you have the consumers because the consumers don't have the the Kashi so need to open the account and then a wage to receive the cards and then theyre going to receive somewhere next year. Some wire transfer for all of their banks of peaks or the payroll or so on.
But he is youre right. We are bringing this clients. That's the first let's say we have the spring work too.
The bring the client engage and then monetize I would say we are between the first and second a step today, we're still having lots of accounts millions of accounts every quarter, so bringing new clients. The engagement is increasing monetization is happening, but it doesn't help at the same pace theres just lag between bringing the client and then you start to monetize.
But looking immediate term debt the idea I said before we are running some pilots in E with consumers, making some additional projects sedan testing with them, we're going to have a.
In a few weeks, we're gonna have a equities here so people could buy stocks here, we're gonna of Treasury bonds. We just launched it 2 options of insurance personal insurance and home insurance. So the idea is to make this cross sell and increase the jabiru ever revenue per user and part of me. That's the the idea of desk the dynamics that we expect to happen.
Yeah.
Great I appreciate that and then a quick follow up on the.
<unk> phone.
I was hoping you could give us some of your thoughts.
Thoughts on why now and your interest you have a piece the essence of the strategy and maybe just kind of consolidate our thinking on the on acquiring Saudi in a while you're building a 1 stop shop for micro merchants and how that might sort of be a driver for you guys. Maybe in terms of net adds on volumes et cetera.
Yeah, So you're right that's exactly for the micro <unk> or the long tail.
We we don't think that's let's say a device for someone who has a lot of transactions every day, because it's a P O S.
It's better for these type of volumes. The when you have a lot of transactions than when you have a few transactions per day. So its focus on the micro motions.
The 1 has a a.
As Martin on some of the guys use it to have the smartphone and the bear through Bluetooth with our mpls with many of the year. So the idea here is to have everything is 1 device. The already received the device with a bag of bank account because they create these accounts when they buy the device equates the let's say the login and password. So they have the app there.
They can order a car and so on so the idea is to have on additional option for the long day afford a micro motion.
The average ticket is much higher than the other P. O S. So, although we are selling better than what the expected.
We don't have the same volumes that you have for is more of a P. O S. In munising, a sheep and things of that because of the price, but I mean, it is doing well the idea as you said is true for the the long tail, 1 stop shop and.
People can use it as a P O S acquiring.
The store count and as a smartphone is a very good smartphone by the way with cameras and so on so that's the idea.
Okay, Great I appreciate all color, thanks, again, and congrats on the results and can adjust.
Our next question comes from hanging a Kumar with Evercore. Please Ms Kumar go ahead.
Good evening, Thanks for taking my question.
Really good to see the frankly PV coming out of a Peggy backing of a car scared of Eric wiring them on.
Just curious to understand if COVID-19 had.
Had any a material.
A material impact on the prepaid card interchange drafting a may.
They make on impact, but the Peggy.
Peggy Bank.
Hi Arena.
Thank you for the question the.
The reason that our revenues and <unk> bank.
We're not even higher than what they were.
Is because we did have some impact that people not using a prepaid cards, because the caching and even the let's say the coronavirus ships on the government didn't happen in Q1 and also people using less cash we also make some.
Some revenues from people taking a.
Number 1 in prepaid cards in the country a buy.
By far and we are sure that once the economy rebounds, we are going to have the rebound as well and a part of the our investments I didn't mentioned before but part of the investments that we've been doing since 2020 in 2021 is because we know the COVID-19, although with a little bit longer in Brazil, when compared to all the countries continues.
Something temporary and the economy rebounds, and when the economy rebounded just 1 of your attitude to take advantage. That's what we did in 2020, that's what it did in 2021, that's why we were the company with the highest growth in terms of CTV.
In our market taking share from Rogers, creating this new market in bringing these new customers. So a.
But going back to a question, yes, there was a little bit impact in the prepaid card because of a.
On a little less a lower spending in the prepaid cards in Q1, but it's something temporary is not a big issue.
Okay.
Got it that's very helpful. And then on your hub strategy you gave us on.
Some questions on your on your potential volume a contribution from Hudson 'twenty 'twenty, 1 could you better help us better understand what the potential of revenue and earnings.
Contribution could be debt the air.
Well right now we we can give you more color about how the strategy. When you think it is appropriate.
Of course, we're having this operation here.
Im trying to beat audio companies that are already there on the street. So we are hitting the challenges. So we just don't want to give too much information about our performance at this point.
We gave the guidance about the PV.
Once we think it's feasible to give more color on debt. We can give you a lot because I don't want its just because of let's say competitive reasons. We just don't want to give too much information about it and let's say, let's have these op ratio up and running and then we can when it is more mature we can give more color even with more confidence about the numbers in the oil per.
A foremost, but so far we're doing very well we are beating our estimates that's why we said that we expect to be in the top of the range of the PV, which was 11% does the guidance. So we are doing well.
Understood. Thank you.
Thank you.
Our next question comes from Chippewa, Bob <unk> with Goldman Sachs. Please Mr. Lambert <unk> go ahead.
Hi, good evening, Thanks for the call on taking my question and also maybe just 1 quick follow up on pack bank in terms of the.
The client additions at Pac banking on it remains pretty healthy I mean, do you think you kind of alluded to it but a about a million clients per quarter.
Sustainable for a like for how long that is sustainable or maybe another way to get to the 30% of revenues. How many clients do you think you would need to have I mean at the pace of the on you can easily be over 20 million clients. A few years is that a reasonable assumption and maybe in terms of the products that they use I mean it is.
What are the main cash.
The prepaid cards or like what which product do you think that is generating the most interest amongst the penguin clients.
Thank you for the question.
Yes, we do think its feasible to have 1 million new clients per quarter.
Hard to say a win is going to be over.
I remember just make a quick start emphasis here, but we've got discretion about a.
Acquiring and motions in the past 3 years, how it could be sustainable if it could be sustainable for us to add 1 million on merchants for a year or 250000 per quarter and we are doing the since 2018 since we became pubs. So every year we.
At some point, we think is going to be a challenge of 1 but we always beat our estimates because of the SKU playing a huge market.
So in the in terms of motions.
We expect to have 30 million people on in Brazil that work by themselves or the they may need a Pos so theres a still according to our estimates here once the penetration at this point in terms of Peg a bank. Some of estimates say debt, we have 25% to 30% of people without the bank accounts.
Even after COVID-19 with all of digitalization, maybe it's a little bit lower than debt, but it's a 2 huge and that's why we are a part of 1 meet a more than a million per quarter and.
And we also said in the presentation here, we close it.
8 of March with $9.1.
And in May we already surpassed the $10 million so you're already at the 900000.
In Q2 and previous Q2 on is to have a part of May and a full June. So we think its feasible to have this 1 million for a while to be sincere I don't have in the top of my mind the number of clients in tag of banks to give a number but you can imagine we already have more than 10 million.
I don't think it's impossible to have just training meet on the dimension.
And about the why people come to US I guess there are many reasons here.
A first is because of our brands just true.
And the for a brand people know how to work people know it's a net.
Let's say you're a company that you can have the confidence you can put your money here.
We have the distribution through uol that covers more than 90% of <unk>.
Eyeballs in Brazil, right after the Google and Facebook.
The investing market marketing, we have been enhancing the account you do on a research how people use it the win where they are having some difficult stride to make it better easy to use it's very simple just download the app and in up to 3 minutes to open a cult you send the Europe picture and it's done a.
And as a full free account people just come to us because they know it's a free account they can have interest in their balances.
And although we make it free for the consumers are for the user we are receiving money from the company. We are let's say receiving the bills and so on so those are the main reason speak of people come to us because it's free the strength of the brand distribution.
Efficient distribution that it has an investment as well.
Great. Thank you very much.
Yes.
Our next question comes from a project Tango nearly all of this.
<unk> BPI please Mr. Tang of <unk> go ahead.
Hi, Thanks for taking my question I wanted to ask on Park bank as well.
The credit portfolio increased a little over 200 million.
I wanted to understand if npls are behaving well and the economy is expect that you're improving the.
In the current requires why why not accelerate the loan originations are a when should we see a high.
I would say more aggressiveness in terms of a of the loan book here. Thank you.
Natasha of a charter speaking a thing.
So much for your questions on a pleasure talking to you.
So we are showing that we have the a better <unk>.
Pls for credit, but we are a conservative company.
Have a lot of cautious about the uncertainty of the market as with a sad. Some some people are saying that we could have a third wave here on.
The other issues related to Covid, we don't know exactly when the economy will rebound.
But we have.
All of the conditions to accelerate we are starting to doing that in Q2, and so you will see in the coming quarters better volumes, we will increase our our portfolio.
In a in the right way. So we are understanding the more of those understanding of npls on inside of the performance.
And growing the portfolio, we understand that this is the best way to do that.
And so we have the conditions translated more but we are cautious related to the economy related to.
To the moment that we are living in the country.
And so.
You will see in the future of our portfolio growing.
This is ricardo Thank you for the question good talking to you as well.
We were ready to accelerate the last year, but of course, when they have the model and who have COVID-19 with a lot of up in a lockdown, there's a lot of noise in the data.
So that's why we did an accelerated before just want to have the right moment to do.
We are not in a hurry to do that we know it is important with just 1 of doing the right of way.
See some other players in the market doing some aggressive.
<unk>.
Growing the portfolio and the the Npls will come.
No debt and you know that so that the Npls will come if you don't give the right.
Credit for the right person and you don't have the collection processes and so on so we just want to be ready and be confident that the you can accelerate a little bit we are already we of the 700. So almost 800 meters of ice close to 1 billion. So we are growing but step by step not doing a let's say a crazy movements here and when you step by step so, but we will see.
The rate at some point that we think it's feasible in the we are confident to do so.
Okay.
That's great guys. Thank you.
Thank you.
Our next question comes from Nihon, while a with HSBC business Agarwal of <unk> go ahead.
Hi, Thank you for taking my question and congratulations on a net.
Got you got a well.
Most of my questions on on cause the way correct me and I know you can't give more information on the hubs, but it seems like the hubs are doing quite well.
And exceeding the expectations, what do you think either.
Box in the World, which is helping you to the game plan day this momentum into the other players.
It is a is the service quantities of the bad image, a you're doing something different on the distribution. So what are your strengths in the in that particular segment and the second question is a on the monetization of the software opportunity I mean, you already have a good take up.
5% of client base users south of software. So are you already monetizing it and can you give us some names of what percentage of revenue comes from software and what is the opportunity that you see here.
Thank you so much.
Thank you and you have 4 of them for the <unk>.
The question, we let's talk first about the hubs.
We always said that we and we made this the mentioned that during the presentation that our thesis is that it's it's easier to go up in the pyramid than to go down when the think about the size of the motions in terms of TPB.
So we.
We started with a long tail as you know we had all of this platform that is very scalable.
Easy to use self service. So we have all of this let's say on lining DNA here that we can serve the small clients here. When you go up in the Permian. It's just a matter of distribution. The platform is the same the solution is the same the easier the solution. The bad therefore, the motion it doesn't matter how is the <unk>.
Of the motion but.
Is it to use.
Every moshe we like it it doesn't matter, where a small 1 on a big 1.
So it's a matter of distributions here and as I said before we have a strong brand we see a lot of a unsatisfied.
Unsatisfied motions in the Smbs. So at some point they don't have the right service and that's why we've come there and we can bring these motions to US we have good devices you have a portfolio of 7 devices. The most of that also like all of our devices. So there is some components here that we can use of some eastern Missouri can use to bring these motions is not a.
A matter of price and try to just beating the price at some point the motion even want to pay you more if they have a good service. So that's the the dynamics behind going to SMB, but we are proving here of the thesis that is much easier to go up in the pyramid than to go down.
First and talking about software of the 8.5%.
A very small part of debt, we monetize we are not charging the majority of Dan we are giving the software for free with think of today is not.
It is not a lot of money out of immersion is not sophisticated to pay for a software. So we try to we are making here for free at some point if we see on opportunities that you can charter, we'll do it but from all the software is that he have the have some premium features from the the loyalty of software and also the premium features on the conciliation software.
The other softwares that you have debt at the point of sale that you can use the let's say put some products coffee cros and all the stuff and then you're just Ken.
Have a database of clients database of floods, we are giving this for free.
So today, we are not charging distributions soon is very small part of that is pain for a smartphone.
It could be on opportunities in the future, but I mean.
We don't have that in the short term plan.
Okay. Thank you so much of that.
Thank you once again.
Thank you again, thank you very much.
That concludes our Q&A session I would like to turn the floor over to Mr. <unk> for his final remarks, please Mr. Dutra.
Hi, everyone. Thank you very much for the time.
As you could see the company is doing well the all the kpis are growing a new.
Number of clients PPV, we of CLR fraction in Peg a bank. So it seems the worst is over the in terms of the pandemic, we are not a 100% a okay in.
Brazil still waiting for a day vaccinations, but it seems the worst is over what he had a in Q2 and Q3 last year. So the future is bright and thank you very much against you in next quarter. Thank you very much.
The effects of <unk> to Pac Bank's first quarter 2021 results conference call is now concluded. Thank you for your participation have a good night and thank you for using chorus call you may now disconnect.
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Jumping Piggy bank clients already used to do you can send and receive money within 10 seconds.
The big part of your bank clients already use the deal and you can pay your bills and for a label at anytime and delays of the week.
On the bank clients already use the deal to do all of this what's the pocket bank and download the Super App now CDB has always met the complicated this low bureaucratic put Europe on bank CTV the CEC.
The answer for credit card with no service fees and up to 100000 of Cree I kind of limit the fees.
The government savings accounts, that's right you have twice as much and Theres also debate, but a complete a free of charge a bank do everything through the app without the same without complications unlocked door investments and the best in the part of the Bank CVD.
Is the big news, except for a part of your bank customers because with you.
You can send and receive unlimited free wire transfer.
Jumping Piggy bank clients already use again, you can send and receive money within 10 seconds.
Some of the <unk> clients already use the deal and you can pay your bills and the labels at any time and range.