And remember here that, as I mentioned before, SMBs are gaining share in TPV in acquiring. They have more volumes than compared to long-tail, but they have lower take rates. So, it makes sense in absolute terms to keep working with these clients, and we will keep investing on that. We launched the payroll platform and so on. But if you look as a percentage of the revenues, it’s a kind of the headwind. So €“ and just to finish here, we €“ margin is not something that we are looking for as a main priority because we know that we are increasing our SMB’s mix. And also, we are the most profitable company in our industry. So, if you compare us on a basis that you divide net income by TPV, you see that we are 3x to 5x more larger than our competitors.
So, we have the highest profitability of the industry. We are growing. We are having records of profitability, as you could see in the presentation, the record in Q4, the record of the year, 29% higher than what we had in 2021 on a GAAP basis. So, we are happy with the profitability that we have at this point because we’re balancing our growth with profitability. So €“ but going back to your question, if interest rate goes down, it should be a tailwind for us. How big is going to be this tailwind, it’s hard to say.
James Friedman: And my follow-up, I think Alex shared some commentary about the investment in the HUBs. And I know that you had disclosed the HUBs as a percentage of the volume or revenue. Where are we in the HUBs investment journey? Is it now closer to the middle or the beginning or the end?
Ricardo Dutra: James, I’d say that we are more closer to the end because we invest in some HUBs, and we are €“ the HUBs that we might open in 2023 is going to be more related to small places or specific places that we see that you need to have an additional HUB, but we will not grow massively our HUBs the way that we grew in 2021 and 2022. So, we are working to increase productivity of our HUBs salespeople and try to get more clients in the HUBs, of course, but we are not planning to grow massively the number of HUBs, the same movement that we had in 2021 and the part of 2022.
Eric Oliveira: James, this is Eric. There is no silver bullet, okay. I think the superior value proposition that we have is based on sales channels, logistics, PagBank fully integrated to the payment service. So, HUBs is just a sales channel that we are still exploring and increasing productivity, but at this time, I think most of the investments in HUBs are concluded.
James Friedman: Got it. Thank you both.
Operator: Our next question comes from Alex Markgraff, KeyBanc.
Alex Markgraff: Can you provide just a bit more context on the upsell and cross-sell opportunity within the merchant base that you’ve been speaking around? Just kind of €“ just more or less what that looks like and if there’s any way to quantify the opportunity there, that would be helpful? And then I have one follow-up as well.
