Pagseguro Digital Ltd. · NYSE:PAGS
Pagseguro Digital — Q1 2021 Earnings Presentation
16 slides from Pagseguro Digital's earnings presentation, Jun 2, 2021
Slide 1: PagSeguro First Quarter Results
PagSeguro First Quarter Results
Slide 2: Total revenues and income in the first quarter of 2021
Total revenues and income reached R$ 2,067.2 million in the first quarter of 2021, an improvement of 30.2% from R$ 1,587.3 million reported in the first quarter of 2020. The growth was mainly due to an increase in our Acquiring TPV and will be detailed in each revenue and income lines described belo
Slide 3: Revenue from transaction activities and other services
Revenues from transaction activities and other services in the 1Q21 amounted to R$ 1,385.0 million, an improvement of R$ 418.2 million, or 43.3% , from R$ 966.8 million presented in the 1Q20, because of the factors described below: Gross revenues from transaction activities and other services in the
Slide 4: Financial income
The quarterly Financial income, which represents the discount fees we withhold from credit card transactions in installments for the early payment of accounts receivable, attained R$ 657.0 million, an increase of R$ 94.7 million, or 16.8 %, from R$ 562.3 million presented in the 1Q20. The financial
Slide 5: Other financial income
Other financial income reached R$ 25.2 million in the 1Q21, a decrease of R$ 33.0 million, or 56.7 %, from R$ 58.2 million in the 1Q20. This reduction was explained mainly by the decrease in the level of cash and cash equivalents plus financial investment and the effects of the lower Brazilian basic
Slide 6: Total expenses and non-GAAP total expenses reconciliation
(-) LTIP expenses [1] 79.7 15.3 420.5% Non-GAAP Total Expenses (1,622.3) (1,075.8) 50.8% Total expenses amounted to R$ 1,706.8 million in the 1Q21, R$ 615.7 million higher, or 56.4% , in comparison to the R$ 1,091.1 million presented in the 1Q20. As a percentage of our Total revenues and income, qua
Slide 7: Cost of services
Cost of services reached R$ 1,146.1 million in the 1Q21, an increase of R$ 377.5 million, or 49.1% , from R$ 768.6 million reported in the 1Q20. As a percentage of the total of our Revenues from transaction activities and other services, our Cost of services increased 3.3 percentage points, to 82.8%
Slide 8: Selling expenses
Quarterly selling expenses amounted to R$ 368.1 million in the 1Q21, an increase of R$ 179.1 million, or 94.8% , from R$ 189.0 million presented in 1Q20. As a percentage of our Total revenues and income, Selling expenses increased by 5.9 percentage points, to 17.8 %, in the 1Q21, from 11.9% in 1Q20.
Slide 9: Administrative expenses
Administrative expenses reached R$ 189.1 million in the quarter, R$ 103.3 million higher, or 120.4% , when compared to the R$ 85.8 million reported in the 1Q20. As a percentage of our Total revenues and income, the Administrative expenses rose by 3.7 percentage points, to 9.1% in the quarter from 5.
Slide 10: Financial expenses
Quarterly Financial expenses summed R$ 44.4 million, in the 1Q21, a decrease of R$ 1.2 million, or 2.6 %, from expenses of R$ 45.6 million presented in the 1Q20. Expressed as a percentage of our Financial income, Financial expenses represented 6.8 % in the 1Q21 and 8.1 % in the 1Q20. This decrease i
Slide 11: Other income (expenses), net
Other income (expenses), net recorded revenues of R$ 40.8 million in the 1Q21, an increase of R$ 42.9 million, or 2,010.4 %, from expenses of R$ 2.1 million reported in 1Q20. This increase in Other income (expenses) was mainly driven by the reversal of R$ 29.1 million in the Value-added Tax on Sales
Slide 12: Profit before income taxes
Profit before income taxes amounted to R$ 360.4 million in the first quarter of 2021, a decrease of R$ 135.8 million, or 27.4%, from R$496.2 million reported in the same period of 2020. The non-GAAP Profit before income taxes amounted to R$444.9 million in the 1Q21, a reduction of R$66.6 million, or
Slide 13: Income tax and social contribution
Income tax and social contribution amounted to an expense of R$ 89.0 million in the 1Q21, a decrease of R$ 50.2 million, or 36.1 %, from an expense of R$ 139.2 million presented in the 1Q20. This item consists of current income tax and social contribution and deferred income tax and social contribut
Slide 14: Net income and non-GAAP net income reconciliation
Net Income LTIP expenses [1] 79.7 15.3 420.5% Income tax on non-GAAP adjustments [3] (28.7) (5.2) 451.9 % Non-GAAP Net Income 327.1 367.0 (10.9)% Net income for the period ended March 31, 2021, amounted to R$ 271.3 million, a decrease of R$ 85.7 million, or 24.0 %, from R$ 356.9 million in the first
Slide 15: Adjusted EBITDA reconciliation
(+) Income tax and social contribution 89.0 139.2 (36.1)% (-) Other Financial income (25.2) (58.2) (56.6)% Adjusted EBITDA 573.1 512.8 11.8% Adjusted EBITDA is a non-GAAP measure. Our Adjusted EBITDA in the 1Q21 amounted to R $573.1 million, an increase of R$ 60.3 million, or 11.8% , from R$512.8 mi
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