Artur Schunck: Domingos, thank you for those questions. I will answer the first one related to the non-GAAP adjustments that we have this quarter. So, first of all, it’s important to say that we have accounting reclassification from non-GAAP to GAAP in terms of capitalization of long-term incentive plan for R&D, specifically for R&D. It’s a noncash impact. So, it’s important to mention that it’s a noncash impact. So, we have classified some expenses related to amortization that was booked in the wrong place, that was affected in the non-GAAP previously. And now in Q4, we adjusted that reclassifying from non-GAAP to GAAP. On top of that, we concluded the year, missing some goals that we had in the long-term incentive plan. And so, we reverted the provision that we booked before.
On top of that, the share price reduced from Q3 2022 to Q4 2022 from $13.22 to $8.74. Based on that, we also had a reversion of the provisions that we booked until Q3 2022. Related to 2023, we are expecting to to the same level that we had in Q3 2022, around BRL30 million, BRL35 million or in the year BRL150 million.
Ricardo Dutra: So Domingos, regarding the growth of the industry in 2023, the best data that we have is the data growing from 14% to 18%. So, we had a good January, February. We didn’t have in 2022. Now, we had in 2023, so it’s not comparable. We know that part of the government that they have is trying to increase consumption or will try to increase consumption. So, the best data that they have is to €“ the data to grow between 14% to 18%. The industry as a whole will grow that. So, that’s why we are basing our assumptions, that’s where we are working at this point. And if something changes, we can come back to you. But the assumptions that we have are those grow between 14% to 18%, the industry as a whole.
Domingos Falavina : Super clear. Thank you guys.
Operator: Our next question comes from Neha Agarwala, HSBC.
Neha Agarwala: Congratulations on the results. And I have two questions. First on PagBank. It seems like PagBank achieved good operational efficiency, plus benefited from provisions declining quarter-on-quarter. What other level do you have for 2023 to improve the profitability at PagBank because the revenues are going to be hit ? And related to PagBank, you €“ most of the growth that you’re talking about for the credit business is going to come from the secured loans portfolio, and you expect it to go to 60% of total loans, but what about the unsecured loans? Do you still think that the macro is not supporting to grow on the unsecured loan side and you want to be cautious or do you think that you can pick up growth maybe in the second half of the year?
Just any color on that part would be very helpful. My second question is more longer-term. So, we understand that in the short term, you are focusing on the more profitable merchants, and you’re happy to lose some of the merchants. But in the longer-term, the longtail segment is, say, about penetrated. Do you think the nano merchants would, at some point, become profitable, and it would make sense to service them or given your experience in the segment now, you believe that this is not a segment that would become profitable enough for you to service them? So, anything about that from a more medium to long-term perspective would be helpful.
