Jeff Cantwell: Okay, okay. Great, appreciate all the color. And then just moving further down the slide deck to your net take rate, when we look at that, it’s up 48 bps over the past few years. It looks like about 15 basis points over the past quarter. So I was hoping, could you walk us through, there’s so many puts and takes to that number these days. And I was just trying to get a little more color. We’re not trying to think about 2023 obviously beyond. So how should we think about the net take rate given what you’re clearly expanding in PagBank, other value-added services such big piece of the puzzle of these days. And clearly, we’re also looking at financial income and so forth. So I was hoping you can kind of walk us through any type of high-level thoughts on the trajectory of that take rate from here? Thanks very much.
Ricardo Dutra: Hi, Jeff, you’re right. We’ve been increasing our net take rate because of the repricing, of course, part of that to offset the increase in financial expenses — the way we look here, looking in the short-term and with all the uncertainties that we have at this point. But in short-term, it’s going to be flattish or a little bit low. And not because we are decreasing prices or because we are going to decrease prices in the near future, but just because of a mix of clients, because as we get a little bit larger clients than we have — we used to have in the past with the SMB is growing in the mix, genetic rates a little bit low, but of course, they have 5 times to 6 times more TPV than long tail. So this is the moving part here that may affect net take rate, increasing mix for SMBs and a little bit larger clients than long tail.
But going back to your question, is straight to the point is going to be flattish or a little bit lower. And of course, we will try to work to offset that through OpEx leverage, as Eric mentioned, and other lines that you can control in the financial expenses or and other costs that we may control here.
Eric Oliveira: And in the financial expenses, Jeff, this is Eric. Let me remind you that as we replace factory receivables against the card issuers, which impacts upfrontly our financial expenses to deposit growth. Naturally, we can manage better these spreads moving forward. So necessarily, this is what we expect, not only relying on lower interest rates to get operating leverage in 2023, but also work much more in the spreads, balancing deposits and factoring receivables against the bank items.
Jeff Cantwell: Okay, thank you very much. Appreciate all the color and congrats on the results.
Eric Oliveira: Thank you, Jeff.
Operator: Next question comes from Josh Siegler with Cantor Fitzgerald. Please go ahead.
Josh Siegler: Yes. Hi, thanks for taking my question this evening. I was wondering if you could provide a little more color on the market forces at play that allow you to have the best-in-class take rate gains, right? Like how were you able to achieve the highest repricing in the industry? Thank you.
Ricardo Dutra: Hi, Josh, thank you for the question. So I will not say there is one silver bullet here to answer that. But I would say you that one advantage that we have that is very, very powerful, it is the fact that you have a combination between acquiring and banking, and that’s something that clients really use, they give value, they understand the value proposition. And by the fact that you have this acquiring plus banking also allow us to make this automatically or instant settlement right after the transaction. So when you have a sale in a Sunday morning, you have access to this money, two minutes after the transaction. It doesn’t matter if it’s a week and holiday and so on. So that’s a very powerful combination that we leverage.
