Soomit Datta: Hi, guys. A couple of questions, please, if that’s okay. Firstly, on the HUBs contribution, which is 31% of TPV, I think up from about 28% in the last quarter. So one of the dynamics we’re thinking about is with as we’re looking forward with the take rate is the mix of TPV mix between micro and SMB. I just wondered where do you think we are in terms of that HUBs contribution? Are we close to it leveling out? Or do we just think it will continue to expand as a percentage of total. And I guess, as a result, that will have a dilutive effect on take rates going forward. Be interested in your perspectives on that one? And then a quick follow-up, please. Just on the credit product, we’ve seen a nice lift in the loan book this quarter, increase coming through from secured lending.
Just trying to get a sense as to the underlying yield on that credit book. Obviously, it must be declining as the secured lending becomes a higher component. Just sort of curious how that underlying credit revenue is evolving loan book is going up, yield is coming down in the near-term. Is the underlying credit revenue expanding a little sort of help there would be really appreciated.
Ricardo Dutra: Hi, Soomit. Starting with the HUBs question, we are not opening new HUBs as used to in the past. Maybe there could be a new HUB here and there to serve part of the city or a neighbor of the city, the high concentration of merchants and so on, but the majority — or the largest amount of investments in HUBs is already done. So as Alexandre said in their presentation, we are covering with our HUBs 90% of our GDP. We are growing productivity of salespeople on the street is very well. I guess, we reached a very good point of productivity from our people — for our salespeople. How big HUBs can be? Well, I don’t have to hear the final answer, but if you look at the past quarters, it’s been growing like 3%, 5% quarter-after-quarter in the mix.
Last quarter was 28%, now it’s 31%. I don’t see that decelerate in the short-term. So how is going to be the percentage of the HUBs, I guess, we need to wait a little bit. But we see that growing in Q4, and you see that growing in Q1 and Q2 next year. So that’s — you’re right when you say that in terms of net take rate, it could be a headwind. But if we consider that they have five to six more volumes than long tail in nominal margins, it makes total sense. And with all the products that we’ve been launching for SMBs in our PagBank accounts, such as debit cards that we launched recently. We also see the opportunity that we can not only bring these SMBs for our acquiring but also expand the penetration of the PagBank in the SMB space. So that’s the dynamics for the HUBs. Regarding the lending, what happens here is that in the secured products, we have the duration much longer than what we had in the working capital is to give a sense to you is like 3 times to 4 times longer than the working capital in terms of duration.
