Q2 2021 Cielo SA Earnings Call (English Simultaneous Translation) Transcript
Welcome to Cielo earnings release presentation for the second quarter of 2021.
Moving to Slide #4, we start with the quarter highlights. Payment volume increased by 29% year-over-year and 3% quarter-over-quarter. SMB and long tail volume grew by 49% year-over-year and 7% quarter-over-quarter, now representing 39% of total TPV. The company also made significant advances in its operational efficiency agenda with a new reduction in normalized expenses, which decreased normalized expenses by 5% year-over-year and 2% quarter-over-quarter.
The company delivered a net income of BRL 180 million in the second quarter of 2021, which represents a growth of 33% on a recurring basis comparison with the first quarter of 2021.
The company also made advances in its customer centricity agenda with improvements in logistics and the quality of customer service, which will provide an enhanced experience to our customers during the next quarters.
Now jumping to Slide #5. Social distancing measures still had an impact in second quarter of this year. In April 2021, we had 91.8% of
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