Q2 2024 PagSeguro Digital Ltd Earnings Call Transcript
Key Points
- Total revenue grew 19% year-over-year, reaching BRL 4.6 billion, an all-time high.
- Net income reached an all-time high of BRL 542 million, a 31% year-over-year growth.
- PagSeguro Digital Ltd (PAGS) achieved a AAA rating from both Moody's and S&P.
- The company added more than 2 million clients in the last 12 months, reaching 31.6 million clients.
- Deposits reached an all-time high of BRL 34.2 billion, an 87% increase year-over-year.
- Operating expenses remained high at 26% of total revenue, driven by marketing and personnel expenses.
- Interest rates in Brazil are higher than expected, impacting financial expenses.
- The take rate for larger merchants (LMEC) is lower, affecting overall profitability.
- The company is facing competitive pressures, requiring significant investments in marketing and sales.
- The credit portfolio growth is still in early stages, with a loan-to-deposit ratio of only 8%.
Good evening. My name is Audir, and I will be your conference operator for today's call. Welcome to PagSeguro Digital Earnings Call for the Second Quarter of 2024.
The slide presentation for today's webcast is available on PagSeguro Digital's Investor Relations website at investors.pagbank.com. (Operator Instructions)
Today's conference is being recorded and will be available on the company's IR website after the event is concluded. I would now like to turn the call over to your host, Ãric Oliveira, Head of IR. Please go ahead, sir.
Hello, everyone. Thanks for joining our second quarter 2024 earnings call. After the speakers' remarks, there will be a question-and-answer session. Before proceeding, let me mention that any forward-looking statements included in the presentation or mentioned on this conference call are based on currently available information and PagSeguro Digital's current assumptions, expectations and projections. While PagSeguro Digital
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