Pagseguro Digital Ltd. · NYSE:PAGS
Pagseguro Digital — Q4 2021 Earnings Presentation
15 slides from Pagseguro Digital's earnings presentation, Mar 22, 2022
Slide 1: 4Q21 Results Earnings Release
4Q21 Results Earnings Release March 22, 2022 (@) PagBank ‘@) PagSeguro
Slide 2: Revenue from transaction activities and other services
Revenue from transaction activities and other services *Excluding R$3.4 million related to PagPhone sales. Total revenue and income reached R$ 3,236.2 million in the fourth quarter of 2021, an expansion by 55.0% from R$ 2,088.5 million reported in the fourth quarter of 2020. The growth was mainly du
Slide 3: Revenue chart excluding PagPhone sales
*Excluding R$3.4 million related to PagPhone sales.
Slide 4: Quarterly Financial income
The quarterly Financial income, which represents the discount fees we withhold from credit card transactions in installments for the early payment of accounts receivable, reached R$ 1,133.1 million, an increase of R$ 522.0 million, or 85.4% , from R$ 611.1 million presented in the 4Q20. The Financia
Slide 5: Other financial income and expenses
Other financial income reached R$ 43.5 million in the 4Q21, an increase of R$ 39.6 million, or 1,019.2% , from R$ 3.9 million in the 4Q20. This increase was mainly due to the increase in interest on cash and cash equivalents plus financial investments as a result of the higher Brazilian basic intere
Slide 6: Total expenses
*Excluding R$142.0 million related to PagPhone inventory provisions and tax impairment. Total expenses amounted to R$ 2,867.8 million, R$ 1,293.3 million higher, or 82.1% , in comparison with the R$ 1,574.6 million presented in the 4Q20. As a percentage of our Total revenues and income, quarterly To
Slide 7: Cost of services
*Excluding R$117.5 million related to PagPhone inventory provisions. Cost of services reached R$ 1,832.8 million in the 4Q21, an increase of R$ 679.6 million, or 58.9% , from R$ 1,153.1 million reported in the 4Q20. As a percentage of the total of our Revenues from transaction activities and other s
Slide 8: Selling expenses
Quarterly selling expenses amounted to R$ 424.1 million in the 4Q21, an increase of R$ 258.5 million, or 156.1 %, from R$ 165.6 million presented in 4Q20. As a percentage of our Total revenues and income, Selling expenses increased by 5.2 percentage points, to 13.1 %, in the 4Q21, from 7.9 % in 4Q20
Slide 9: % of total revenue and income
% of total revenue and income 115.4 Non-GAAP 142.9
Slide 10: Financial expenses
Quarterly Financial expenses amounted to R$ 402.6 million, in the 4Q21, an increase of R$ 373.1 million, or 1,262.9 %, from expenses of R$ 29.5 million presented in the 4Q20. This increase was mainly due to the early collection of receivables, which amounted to R$ 228.5 million in the 4Q21 from R$ 1
Slide 11: Other income (expenses), net
*Excluding the effect of R$24.5 million related to Tax impairment. Other income (expenses), net recorded expenses of R$ 18.7 million in the 4Q21, a decrease of R$ 20.8 million, or 52.6 %, from expenses of R$ 39.5 million reported in 4Q20. This decrease is mainly driven by the accrual of contingencie
Slide 12: Profit before income taxes
*Excluding the effect of R$138.6 million related to adjustments pointed in the previous charts Profit before income taxes amounted to R$ 368.3 million in the fourth quarter of 2021, a decrease of R$ 145.6 million, or 28.3 %, from R$ 513.9 million reported in the same period of 2020. The non-GAAP Pro
Slide 13: Income tax and social contribution
(-) Income tax and social contribution on Non-GAAP adjustments [1] (17,0) (27,9) (39,0%) (-) Income tax and social contribution on Non-recurring adjustments (47,1) - (100%) *Excluding the effect of R$47.1 million related to 34% of income tax over adjustments pointed in the previous charts Income tax
Slide 14: Net income and non-GAAP net income
LTIP expenses [1] 44.3 74.2 (40.2)% Income tax on LTIP and M&A adjustments [4] (17.0) (28.0) (39.2)% Non-recurring adjustments [3] 138.6 - 100.0% Non-GAAP recurring Net Income 425.8 430.0 (1.0)% *Excluding the effect of R$91.5 million related to adjustments pointed in the previous charts Net income
Slide 15: Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measure. Our Adjusted EBITDA in the 4Q21 amounted to R$ 750.7 million, an increase of R$ 24.6 million, or 3.4 %, from R$ 726.2 million reported in the 4Q20, which is calculated using Net income and adding (i) income tax and social contribution, plus (ii) depreciation an