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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PagSeguro Digital Ltd | NYSE:PAGS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.08 | -0.64% | 12.51 | 12.965 | 12.80 | 12.90 | 1,849,585 | 01:00:00 |
Unaudited condensed consolidated interim financial statements
|
|||||
Note | March 31, 2021 | December 31, 2020 | |||||||||||||||
Assets | |||||||||||||||||
Current assets | |||||||||||||||||
Cash and cash equivalents | 5 | 1,260,278 | 1,640,065 | ||||||||||||||
Financial investments | 6 | 965,112 | 979,837 | ||||||||||||||
Accounts receivable | 7 | 15,824,050 | 16,042,970 | ||||||||||||||
Inventories | 53,046 | 30,429 | |||||||||||||||
Taxes recoverable | 8 | 383,231 | 388,975 | ||||||||||||||
Other receivables | 157,546 | 164,805 | |||||||||||||||
Total current assets | 18,643,263 | 19,247,081 | |||||||||||||||
Non-current assets | |||||||||||||||||
Accounts receivable | 7 | 44,451 | 33,570 | ||||||||||||||
Judicial deposits | 37,699 | 7,449 | |||||||||||||||
Deferred income tax and social contribution | 18 | 77,226 | 83,296 | ||||||||||||||
Prepaid expenses
|
9,326 | 10,293 | |||||||||||||||
Investment | 16,400 | 16,400 | |||||||||||||||
Property and equipment | 11 | 1,944,095 | 1,802,613 | ||||||||||||||
Intangible assets | 12 | 1,204,039 | 1,123,620 | ||||||||||||||
Total non-current assets | 3,333,236 | 3,077,241 | |||||||||||||||
Total assets | 21,976,499 | 22,324,322 |
Note | March 31, 2021 | December 31, 2020 | |||||||||||||||
Liabilities and equity | |||||||||||||||||
Current Liabilities | |||||||||||||||||
Payables to third parties | 13 | 8,747,571 | 10,101,510 | ||||||||||||||
Trade payables | 305,707 | 335,539 | |||||||||||||||
Payables to related parties | 9 | 79,653 | 58,336 | ||||||||||||||
Deposits | 14 | 1,157,905 | 571,996 | ||||||||||||||
Salaries and social security charges | 15 | 152,870 | 175,198 | ||||||||||||||
Taxes and contributions | 16 | 30,450 | 26,042 | ||||||||||||||
Provision for contingencies | 17 | 19,782 | 17,063 | ||||||||||||||
Deferred revenue | 193,770 | 186,219 | |||||||||||||||
Other liabilities | 26,430 | 102,572 | |||||||||||||||
Total current liabilities | 10,714,138 | 11,574,475 | |||||||||||||||
Non-current liabilities | |||||||||||||||||
Deferred income tax and social contribution | 18 | 1,183,838 | 1,132,595 | ||||||||||||||
Deposits | 14 | 288,876 | 194,090 | ||||||||||||||
Provision for contingencies | 17 | 12,633 | 11,741 | ||||||||||||||
Deferred revenue | 25,485 | 27,336 | |||||||||||||||
Other liabilities | 71,233 | 56,626 | |||||||||||||||
Total non-current liabilities | 1,582,065 | 1,422,388 | |||||||||||||||
Total liabilities | 12,296,203 | 12,996,863 | |||||||||||||||
Equity | |||||||||||||||||
Share capital | 19 | 26 | 26 | ||||||||||||||
Treasury shares | 19 | (886) | (13,609) | ||||||||||||||
Capital reserve | 19 | 5,852,840 | 5,784,288 | ||||||||||||||
Retained earnings | 19 | 3,837,789 | 3,566,522 | ||||||||||||||
Equity valuation adjustments | 19 | (22,372) | (22,372) | ||||||||||||||
Other comprehensive income | 19 | 726 | 491 | ||||||||||||||
9,668,123 | 9,315,346 | ||||||||||||||||
Non-controlling interests | 12,173 | 12,113 | |||||||||||||||
Total equity | 9,680,296 | 9,327,459 | |||||||||||||||
Total liabilities and equity | 21,976,499 | 22,324,322 |
Note | March 31, 2021 | March 31, 2020 | |||||||||||||||
Revenue from transaction activities and other services | 21 | 1,384,970 | 966,804 | ||||||||||||||
Financial income | 21 | 656,983 | 562,268 | ||||||||||||||
Other financial income | 21 | 25,248 | 58,223 | ||||||||||||||
Total revenue and income | 2,067,201 | 1,587,295 | |||||||||||||||
Cost of services | 22 | (1,146,085) | (768,636) | ||||||||||||||
Selling expenses | 22 | (368,112) | (189,022) | ||||||||||||||
Administrative expenses | 22 | (189,070) | (85,785) | ||||||||||||||
Financial expenses | 22 | (44,388) | (45,562) | ||||||||||||||
Other income (expenses), net | 22 | 40,806 | (2,136) | ||||||||||||||
Profit before income taxes | 360,352 | 496,154 | |||||||||||||||
Current income tax and social contribution | 18 | (19,966) | (3,801) | ||||||||||||||
Deferred income tax and social contribution | 18 | (69,059) | (135,439) | ||||||||||||||
|
|||||||||||||||||
Income tax and social contribution | (89,025) | (139,240) | |||||||||||||||
Net income for the period | 271,327 | 356,914 | |||||||||||||||
Attributable to: | |||||||||||||||||
Equity holders of the parent
|
271,267 | 356,671 | |||||||||||||||
Non-controlling interests
|
60 | 243 | |||||||||||||||
Basic earnings per common share - R$ | 20 | 0.8221 | 1.0841 | ||||||||||||||
Diluted earnings per common share - R$ | 20 | 0.8213 | 1.0806 |
March 31, 2021 | March 31, 2020 | |||||||||||||
Net income for the period | 271,327 | 356,914 | ||||||||||||
Other comprehensive income that may be reclassified to the
statement of income in subsequent periods |
||||||||||||||
Currency translation adjustment | 78 | 455 | ||||||||||||
Loss on investments designated at fair value through OCI | 238 | 94 | ||||||||||||
Income tax and social contribution | (81) | (32) | ||||||||||||
Other comprehensive income for the period | 271,562 | 357,431 | ||||||||||||
Attributable to | ||||||||||||||
Equity holders of the parent | 271,502 | 357,188 | ||||||||||||
Non-controlling interests | 60 | 243 | ||||||||||||
Net income for the period | 271,562 | 357,431 |
Capital reserve
|
Profit reserve | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note | Share capital | Treasury shares | Capital reserve | Share-based long-term incentive plan (LTIP) |
Retained earnings
|
Equity valuation adjustments | Other comprehensive income | Total | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
On December 31, 2019
|
26 | (41,267) | 5,686,255 | 95,248 | 2,274,864 | (22,372) | (190) | 7,992,564 | 22,384 | 8,014,948 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | 356,671 | — | — | 356,671 | 243 | 356,914 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment
|
— | — | — | — | — | — | 455 | 455 | — | 455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on financial assets through OCI | — | — | — | — | — | — | 62 | 62 | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling acquisition | — | — | — | — | — | — | — | — | (339) | (339) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | 3,628 | (3,628) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based long term incentive plan (LTIP) | — | — | — | 26,381 | — | — | — | 26,381 | — | 26,381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury shares | — | (44,775) | — | — | — | — | — | (44,775) | — | (44,775) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
On March 31, 2020 | 26 | (86,042) | 5,689,883 | 118,001 | 2,631,535 | (22,372) | 327 | 8,331,358 | 22,288 | 8,353,646 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the period | — | — | — | — | 934,987 | — | — | 934,987 | 399 | 935,386 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment
|
— | — | — | — | — | — | 504 | 504 | — | 504 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on financial assets through OCI | — | — | — | — | — | — | (340) | (340) | — | (340) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling quotas | — | — | — | — | — | — | — | — | (10,574) | (10,574) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | — | — | 206 | (206) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based long term incentive plan (LTIP) | — | — | — | 48,837 | — | — | — | 48,837 | — | 48,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of LTIP with treasury shares | — | 72,433 | — | (72,433) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
On December 31, 2020 | 26 | (13,609) | 5,690,089 | 94,199 | 3,566,522 | (22,372) | 491 | 9,315,346 | 12,113 | 9,327,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for the period | 19 | — | — | — | — | 271,267 | — | — | 271,267 | 60 | 271,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment
|
19 | — | — | — | — | — | — | 78 | 78 | — | 78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on financial assets through OCI | 19 | — | — | — | — | — | — | 157 | 157 | — | 157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share based long term incentive plan (LTIP) | 19 | — | — | — | 81,275 | — | — | — | 81,275 | — | 81,275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of LTIP with treasury shares | 19 | — | 12,723 | — | (12,723) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
On March 31, 2021 | 26 | (886) | 5,690,089 | 162,751 | 3,837,789 | (22,372) | 726 | 9,668,123 | 12,173 | 9,680,296 |
March 31, 2021 | March 31, 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Profit before income taxes | 360,352 | 496,154 | |||||||||
Expenses (revenues) not affecting cash:
|
|||||||||||
Depreciation and amortization
|
158,302 | 59,593 | |||||||||
Chargebacks
|
173,133 | 70,171 | |||||||||
Accrual of provision for contingencies
|
5,357 | 4,384 | |||||||||
Share based long term incentive plan (LTIP)
|
79,671 | 11,953 | |||||||||
Reversal of taxes and contributions
|
(29,114) | — | |||||||||
Loss on disposal of property, equipment and intangible assets
|
4,645 | — | |||||||||
Other (income) cost, net
|
8,841 | (3,108) | |||||||||
Changes in operating assets and liabilities
|
|||||||||||
Accounts receivable
|
(78,300) | 1,047,383 | |||||||||
Financial investments (mandatory guarantee)
|
(20,592) | (120,787) | |||||||||
Inventories
|
(22,617) | (8,275) | |||||||||
Taxes recoverable
|
25,277 | (18,137) | |||||||||
Other receivables
|
(21,985) | 11,680 | |||||||||
Deferred revenue
|
5,699 | 34,091 | |||||||||
Other liabilities
|
(58,358) | 7,902 | |||||||||
Payables to third parties
|
(1,363,442) | (643,837) | |||||||||
Trade payables
|
(29,835) | 21,602 | |||||||||
Receivables from (payables to) related parties
|
21,318 | 13,580 | |||||||||
Deposits
|
672,919 | — | |||||||||
Salaries and social charges
|
(20,725) | (21,149) | |||||||||
Taxes and contributions
|
25,803 | (4,764) | |||||||||
Provision for contingencies
|
(1,907) | (1,655) | |||||||||
(105,559) | 956,782 | ||||||||||
Income tax and social contribution paid
|
(25,418) | (2,190) | |||||||||
Interest income received
|
113,206 | 97,267 | |||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (17,771) | 1,051,859 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Purchases of property and equipment
|
(249,847) | (231,938) | |||||||||
Purchases and development of intangible assets
|
(148,987) | (118,993) | |||||||||
Redemption of financial investments
|
40,144 | 983,160 | |||||||||
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (358,690) | 632,229 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Acquisition of treasury shares
|
— | (44,775) | |||||||||
Payment of leases
|
(3,386) | — | |||||||||
Capital increase by non-controlling shareholders
|
60 | (115) | |||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (3,326) | (44,890) | |||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (379,786) | 1,639,198 | |||||||||
Cash and cash equivalents at the beginning of the period
|
1,640,065 | 1,403,955 | |||||||||
Cash and cash equivalents at the end of the period
|
1,260,278 | 3,043,153 |
1. General information
|
2. Presentation and preparation of the unaudited condensed consolidated interim financial statements and significant accounting policies
|
3. Consolidation of subsidiaries
|
On March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Company | Assets | Liabilities | Equity | Net income (loss) for the period | Ownership - % | Level | ||||||||||||||||||||||||||||||||
Pagseguro Brazil | 20,367,254 | 11,680,810 | 8,686,444 | 258,445 | 99.99 | Direct | ||||||||||||||||||||||||||||||||
BS Holding | 471,531 | — | 471,531 | 16,670 | 99.99 | Direct | ||||||||||||||||||||||||||||||||
Pagseg Participações | 22,668 | — | 22,668 | — | 99.99 | Direct | ||||||||||||||||||||||||||||||||
Pagbank Participações | 17,250 | — | 17,250 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Net+Phone | 348,105 | 16,369 | 331,735 | 24,006 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Boa Compra | 307,431 | 136,243 | 171,188 | 8,295 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BCPS | 2,338 | 160 | 2,178 | 167 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
R2TECH | 15,755 | 1,311 | 14,444 | 3,572 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BIVA | 570,823 | 569,090 | 1,733 | 1,361 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BIVACO | 20,657 | 4,429 | 16,228 | 1,074 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
FIDC | 4,179,667 | 506,836 | 3,672,831 | 577,695 | 100.00 | Indirect | ||||||||||||||||||||||||||||||||
TILIX | 8,274 | 1,088 | 7,186 | (196) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BancoSeguro | 5,385,182 | 4,929,063 | 456,119 | 16,678 | 100.00 | Indirect | ||||||||||||||||||||||||||||||||
Yamí | 1,270 | 521 | 749 | (215) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Registra Seguro | 5,000 | — | 5,000 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
CDS | 8,002 | 6,166 | 1,837 | (794) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Zygo | 2,689 | 4,498 | (1,809) | (2,041) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Moip | 712,523 | 527,999 | 184,524 | 3,371 | 100.00 | Indirect |
On December 31, 2020 (except for net income, that is presented to three months period ended March 31, 2020)
|
||||||||||||||||||||||||||||||||||||||
Company | Assets | Liabilities | Equity | Net income (loss) for the period | Ownership - % | Level | ||||||||||||||||||||||||||||||||
Pagseguro Brazil | 20,089,735 | 11,716,120 | 8,373,615 | 350,983 | 99.99 | Direct | ||||||||||||||||||||||||||||||||
BS Holding | 488,173 | — | 488,173 | 3,586 | 99.99 | Direct | ||||||||||||||||||||||||||||||||
Pagseg Participações | 2 | — | 2 | — | 99.99 | Direct | ||||||||||||||||||||||||||||||||
Pagbank Participações | 15,001 | 15,000 | 1 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Net+Phone | 340,829 | 33,100 | 307,729 | (45,787) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Boa Compra | 431,624 | 268,731 | 162,893 | 3,619 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BCPS | 2,410 | 476 | 1,934 | 79 | 99.50 | Indirect | ||||||||||||||||||||||||||||||||
R2TECH | 12,511 | 1,639 | 10,872 | 1,774 | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BSEC | 488,988 | 488,616 | 372 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BIVA | 38,320 | 2,575 | 35,745 | (472) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
FIDC | 3,422,207 | 327,070 | 3,095,137 | 466,300 | 100.00 | Indirect | ||||||||||||||||||||||||||||||||
TILIX | 8,361 | 979 | 7,382 | (971) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
BancoSeguro | 5,364,406 | 4,891,653 | 472,753 | 4,441 | 100.00 | Indirect | ||||||||||||||||||||||||||||||||
Yamí | 1,453 | 489 | 964 | (113) | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Registra Seguro | 5,000 | — | 5,000 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
CDS | 4,724 | 1,073 | 3,651 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Zygo | 2,310 | 2,078 | 232 | — | 99.99 | Indirect | ||||||||||||||||||||||||||||||||
Moip | 741,689 | 560,536 | 181,153 | — | 100.00 | Indirect |
4. Segment reporting
|
5. Cash and cash equivalents
|
March 31, 2021 | December 31, 2020 | |||||||||||||
Short-term bank deposits | 143,995 | 415,388 | ||||||||||||
Short-term investment | 1,116,283 | 1,224,678 | ||||||||||||
1,260,278 | 1,640,065 |
6. Financial investments
|
7. Accounts receivable
|
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Visa | Master | Hipercard | Elo | Total | Visa | Master | Hipercard | Elo | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal obligors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Itaú | 662,015 | 2,230,073 | 644,788 | — | 3,536,876 | 774,445 | 2,100,129 | 627,463 | — | 3,502,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bradesco | 1,557,561 | 284,813 | — | 434,020 | 2,276,394 | 1,759,911 | 294,631 | — | 409,384 | 2,463,926 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Santander | 427,744 | 1,758,752 | — | — | 2,186,496 | 448,592 | 2,043,676 | — | — | 2,492,268 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nubank | — | 1,679,738 | — | — | 1,679,738 | — | 1,421,074 | — | — | 1,421,074 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco do Brasil | 823,175 | 215,821 | — | 260,151 | 1,299,147 | 988,772 | 251,808 | — | 250,849 | 1,491,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Banco Carrefour | 98,597 | 617,544 | — | — | 716,140 | 107,927 | 543,513 | — | — | 651,440 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CEF | 131,583 | 191,536 | — | 188,914 | 512,033 | 158,879 | 238,196 | — | 223,354 | 620,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Porto Seguro | 403,310 | 97,435 | — | — | 500,745 | 407,688 | 87,882 | — | — | 495,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (iv) | 667,945 | 1,338,000 | — | 114,160 | 2,120,106 | 702,021 | 1,213,335 | — | 98,074 | 2,013,430 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total card issuers(i) | 4,771,930 | 8,413,712 | 644,788 | 997,245 | 14,827,675 | 5,348,235 | 8,194,244 | 627,463 | 981,661 | 15,151,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cielo – Elo | 205,155 | — | — | — | — | 209,318 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Getnet | 104,390 | — | — | — | — | 56,799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other acquirers | 27,345 | — | — | — | — | 29,031 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total acquirers (ii) | — | — | — | — | 336,890 | — | — | — | — | 295,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current | 659,485 | 596,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-current | 44,451 | 33,570 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other (iii) | — | — | — | — | 703,936 | — | — | — | — | 629,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total accounts receivable | 4,771,930 | 8,413,712 | 644,788 | 997,245 | 15,868,501 | 5,348,235 | 8,194,244 | 627,463 | 981,661 | 16,076,540 |
(i) |
Card issuers: receivables derived from transactions where PagSeguro Brazil acts as the financial intermediary in operations with the issuing banks, related to the intermediation agreements between PagSeguro Brazil and Visa, Mastercard, Hipercard or Elo. However, PagSeguro Brazil’s contractual accounts receivable are with the financial institutions, which are the legal obligors on the accounts receivable payment. Additionally, amounts due within 27 days of the original transaction, including those that fall due with the first installment of installment receivables, are guaranteed by Visa, Mastercard, Elo or Hipercard, as applicable, if the legal obligors do not make the payment. The accounts receivable from installment transactions are recorded net to the estimated present value of future cash flows based on the contractual terms of the transaction, in the amount of R$77,096 on March 31, 2021 (R$50,805 on December 31, 2020).
|
||||
(ii) |
Acquirers: refers to card processing transactions to be received from the acquirers, which are a third parties acting as financial intermediaries between the issuing bank and PagSeguro Brazil.
|
||||
(iii) | Other accounts receivable: Mainly related to loans and credit card receivables with our customers. This amount is presented net of the expected credit losses. | ||||
(iv) |
Refers to other pulverized receivables from legal obligors.
|
March 31, 2021 | December 31, 2020 | |||||||||||||
Due within 30 days | 5,351,978 | 6,951,316 | ||||||||||||
Due within 31 to 120 days | 6,801,004 | 6,129,039 | ||||||||||||
Due within 121 to 180 days | 1,829,026 | 1,509,449 | ||||||||||||
Due within 181 to 360 days | 1,842,042 | 1,453,167 | ||||||||||||
Due after 360 days | 44,451 | 33,570 | ||||||||||||
15,868,501 | 16,076,540 |
8. Taxes Recoverable
|
March 31, 2021 | December 31, 2020 | |||||||||||||
Income tax and Social contribution (i) | 189,554 | 223,057 | ||||||||||||
Social integration program (ii) | 173,012 | 151,165 | ||||||||||||
Value-added tax on sales and services (iii) | 19,257 | 14,646 | ||||||||||||
Other | 1,408 | 107 | ||||||||||||
383,231 | 388,975 |
(i) |
Refers to the income tax and social contribution, mainly related to withholding taxes from FIDC quotas redeemed.
|
||||
(ii) |
Refers to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) recoverable on transaction activities and other services and purchase of POS devices.
|
||||
(iii) |
Refers to the Value-added Tax on Sales and Services (ICMS) due to purchases of POS devices.
|
9. Related-party balances and transactions
|
March 31, 2021 | December 31, 2020 | ||||||||||
Payables | Payables | ||||||||||
Immediate parent | |||||||||||
UOL - sales of services (a)
|
17,806 | 15,720 | |||||||||
UOL - shared service costs (b)
|
13,804 | 12,539 | |||||||||
UOL - deposits (c)
|
29,049 | 11,391 | |||||||||
Affiliated companies | |||||||||||
UOL Diveo - sales of services (d)
|
102 | 10,218 | |||||||||
Transfolha Transportadora e Distribuição Ltda,
|
1,931 | 1,933 | |||||||||
Compasso Informática S.A.(d)
|
7,692 | — | |||||||||
Others
|
9,269 | 6,535 | |||||||||
79,653 | 58,336 |
(a) |
Sales of services refers mainly to the purchase of advertising services from UOL.
|
||||
(b) |
Shared services costs mainly related to payroll costs that are incurred by the parent company UOL and are charged to PagSeguro Group.
|
||||
(c) |
Certificate of deposits (CD) acquired by UOL from BancoSeguro.
|
||||
(d) |
This payable refers mainly to colocation and cloud services, in 2020 these services were provided by UOL Diveo and in 2021 these services are provided by the affiliated company Compasso.
|
March 31, 2021 | March 31, 2020 | ||||||||||||||||||||||
Revenue | Expense | Revenue | Expense | ||||||||||||||||||||
Immediate parent | |||||||||||||||||||||||
UOL - shared service costs (a)
|
— | 34,810 | — | 31,209 | |||||||||||||||||||
UOL - sales of services (b)
|
775 | 5,205 | 631 | 12,231 | |||||||||||||||||||
UOL - deposits (c)
|
— | 106 | — | — | |||||||||||||||||||
Affiliated companies | |||||||||||||||||||||||
UOL Diveo - sales of services (d)
|
— | 1,017 | — | 12,479 | |||||||||||||||||||
Compasso Informática S.A. (d)
|
— | 20,306 | — | — | |||||||||||||||||||
Transfolha Transportadora e Distribuição Ltda.
|
— | 5,573 | — | 4,221 | |||||||||||||||||||
Others
|
249 | 169 | — | 2,553 | |||||||||||||||||||
1,024 | 67,186 | 631 | 62,693 |
(a) |
Shared services costs mainly related to payroll costs that are incurred by the parent company UOL and are charged to PagSeguro. Such costs are included in administrative expenses.
|
||||
(b) |
Sale of services expenses is related to advertising services from UOL and revenue is related to intermediation fees.
|
||||
(c) |
Expenses are related to UOL purchase of BancoSeguro’s Certificate of Deposits (CD).
|
||||
(d) |
Expenses related to colocation and cloud services. In 2020, these services were provided by UOL Diveo and in 2021 the same services are provided by the affiliated company Compasso.
|
10. Business combinations
|
11. Property and equipment
|
March 31, 2021 | |||||||||||||||||
Cost | Accumulated depreciation | Net | |||||||||||||||
Data processing equipment | 78,774 | (39,513) | 39,261 | ||||||||||||||
Machinery and equipment (i) | 2,125,051 | (300,656) | 1,824,395 | ||||||||||||||
Buildings Leasing | 79,032 | (15,114) | 63,918 | ||||||||||||||
Other | 22,399 | (5,878) | 16,521 | ||||||||||||||
2,305,256 | (361,161) | 1,944,095 | |||||||||||||||
December 31, 2020 | |||||||||||||||||
Cost | Accumulated depreciation | Net | |||||||||||||||
Data processing equipment | 77,413 | (35,572) | 41,841 | ||||||||||||||
Machinery and equipment (i) | 1,881,556 | (204,154) | 1,677,402 | ||||||||||||||
Buildings Leasing | 79,889 | (12,623) | 67,266 | ||||||||||||||
Other | 22,116 | (6,012) | 16,104 | ||||||||||||||
2,060,974 | (258,361) | 1,802,613 |
Data processing equipment | Machinery and equipment (i) | Buildings Leasing | Other | Total | |||||||||||||||||||||||||
On December 31, 2020 | |||||||||||||||||||||||||||||
Opening balance
|
46,538 | 343,229 | — | 10,223 | 399,990 | ||||||||||||||||||||||||
Cost | 12,297 | 1,509,815 | 79,889 | 9,609 | 1,611,610 | ||||||||||||||||||||||||
Purchases | 10,820 | 1,519,280 | 79,715 | 3,789 | 1,613,604 | ||||||||||||||||||||||||
Disposals | (1,509) | (9,838) | (684) | (74) | (12,105) | ||||||||||||||||||||||||
Acquisition of subsidiary | 2,986 | 374 | 857 | 5,894 | 10,111 | ||||||||||||||||||||||||
Depreciation | (16,994) | (175,641) | (12,623) | (3,729) | (208,987) | ||||||||||||||||||||||||
Depreciation | (15,596) | (175,805) | (12,227) | (1,000) | (204,628) | ||||||||||||||||||||||||
Disposals | 21 | 264 | — | 17 | 302 | ||||||||||||||||||||||||
Acquisition of subsidiary | (1,419) | (100) | (396) | (2,746) | (4,662) | ||||||||||||||||||||||||
Net book value | 41,841 | 1,677,403 | 67,266 | 16,103 | 1,802,613 | ||||||||||||||||||||||||
On December 31, 2020 | |||||||||||||||||||||||||||||
Cost | 77,413 | 1,881,556 | 79,889 | 22,116 | 2,060,974 | ||||||||||||||||||||||||
Accumulated depreciation | (35,572) | (204,153) | (12,623) | (6,013) | (258,361) | ||||||||||||||||||||||||
Net book value | 41,841 | 1,677,403 | 67,266 | 16,103 | 1,802,613 | ||||||||||||||||||||||||
On March 31, 2021 | |||||||||||||||||||||||||||||
Opening balance | 41,841 | 1,677,403 | 67,266 | 16,103 | 1,802,613 | ||||||||||||||||||||||||
Cost | 1,361 | 243,495 | (857) | 283 | 244,282 | ||||||||||||||||||||||||
Purchases
|
1,604 | 246,274 | — | 1,969 | 249,847 | ||||||||||||||||||||||||
Disposals
|
(243) | (2,779) | (857) | (1,686) | (5,565) | ||||||||||||||||||||||||
Depreciation | (3,941) | (96,502) | (2,491) | 134 | (102,800) | ||||||||||||||||||||||||
Depreciation
|
(4,072) | (96,868) | (2,985) | (807) | (104,732) | ||||||||||||||||||||||||
Disposals
|
131 | 366 | 494 | 941 | 1,932 | ||||||||||||||||||||||||
Net book value | 39,261 | 1,824,396 | 63,918 | 16,520 | 1,944,095 | ||||||||||||||||||||||||
On March 31, 2021 | |||||||||||||||||||||||||||||
Cost | 78,774 | 2,125,051 | 79,032 | 22,399 | 2,305,256 | ||||||||||||||||||||||||
Accumulated depreciation | (39,513) | (300,655) | (15,114) | (5,879) | (361,161) | ||||||||||||||||||||||||
Net book value | 39,261 | 1,824,396 | 63,918 | 16,520 | 1,944,095 |
(i) |
Net book value of machinery and equipment are R$1,783,858 of POS devices (R$1,635,782, as of December 31, 2020), which are depreciated over 5 years. The depreciation of POS in the three-month period ended March 31, 2021, amounted to R$95,696 (R$19,834 in the three-month period ended March 31, 2020). On March 31, 2021, PagSeguro have contractual obligations to acquire POS Devices in the amount of R$1,850,766 (1,386,324 on December 31, 2020).
|
12. Intangible assets |
March 31, 2021 | |||||||||||||||||
Cost | Accumulated amortization | Net | |||||||||||||||
Expenditures related to software and technology (i) | 1,460,782 | (558,470) | 902,312 | ||||||||||||||
Software licenses | 109,417 | (34,463) | 74,954 | ||||||||||||||
Goodwill (ii) | 169,667 | — | 169,667 | ||||||||||||||
Other | 62,785 | (5,679) | 57,106 | ||||||||||||||
1,802,651 | (598,612) | 1,204,039 | |||||||||||||||
December 31, 2020 | |||||||||||||||||
Cost | Accumulated amortization | Net | |||||||||||||||
Expenditures related to software and technology (i) | 1,319,061 | (501,319) | 817,742 | ||||||||||||||
Software licenses | 103,256 | (29,060) | 74,196 | ||||||||||||||
Goodwill (ii) | 169,667 | — | 169,667 | ||||||||||||||
Other | 62,786 | (771) | 62,015 | ||||||||||||||
1,654,770 | (531,150) | 1,123,620 |
(i) | The PagSeguro Group capitalizes expenses incurred with the development of platforms, which are amortized over their useful lives of approximately five years. | ||||
(ii) | The balances comprise the goodwill arising from the acquisition of the companies R2Tech, Biva, BancoSeguro, Yamí Zygo and MOIP. |
Expenditures with software and technology | Software licenses | Goodwill | Other | Total | |||||||||||||||||||||||||
On December 31, 2020
Opening balance
|
485,939 | 44,755 | 54,858 | 4,001 | 589,553 | ||||||||||||||||||||||||
Cost | 531,092 | 45,010 | 114,809 | 58,199 | 749,110 | ||||||||||||||||||||||||
Additions (i) | 485,608 | 42,138 | 134,274 | 58,633 | 720,653 | ||||||||||||||||||||||||
Disposals (ii) | (6,308) | — | (19,465) | (447) | (26,220) | ||||||||||||||||||||||||
Acquisition of subsidiary (iii) | 51,791 | 2,871 | — | 13 | 54,675 | ||||||||||||||||||||||||
Amortization | (199,289) | (15,569) | — | (185) | (215,043) | ||||||||||||||||||||||||
Amortization | (164,319) | (15,153) | — | (180) | (179,652) | ||||||||||||||||||||||||
Disposals | 2,667 | — | — | — | 2,667 | ||||||||||||||||||||||||
Acquisition of subsidiary (iii) | (37,636) | (416) | — | (5) | (38,057) | ||||||||||||||||||||||||
Net book value | 817,742 | 74,196 | 169,667 | 62,015 | 1,123,620 | ||||||||||||||||||||||||
On December 31, 2020 | |||||||||||||||||||||||||||||
Cost | 1,319,061 | 103,256 | 169,667 | 62,786 | 1,654,770 | ||||||||||||||||||||||||
Accumulated amortization | (501,319) | (29,060) | — | (771) | (531,150) | ||||||||||||||||||||||||
Net book value | 817,742 | 74,196 | 169,667 | 62,015 | 1,123,620 | ||||||||||||||||||||||||
On March 31, 2021 | |||||||||||||||||||||||||||||
Opening balance | 817,742 | 74,196 | 169,667 | 62,015 | 1,123,620 | ||||||||||||||||||||||||
Cost | 141,721 | 6,160 | — | — | 147,881 | ||||||||||||||||||||||||
Additions (iv)
|
142,819 | 6,168 | — | — | 148,987 | ||||||||||||||||||||||||
Disposals
|
(1,098) | (8) | — | — | (1,106) | ||||||||||||||||||||||||
Amortization | (57,150) | (5,403) | — | (4,909) | (67,462) | ||||||||||||||||||||||||
Amortization
|
(57,241) | (5,406) | — | (4,909) | (67,556) | ||||||||||||||||||||||||
Disposals
|
91 | 3 | — | — | 94 | ||||||||||||||||||||||||
Net book value | 902,312 | 74,954 | 169,667 | 57,106 | 1,204,039 | ||||||||||||||||||||||||
On March 31, 2021 | |||||||||||||||||||||||||||||
Cost | 1,460,782 | 109,417 | 169,667 | 62,785 | 1,802,651 | ||||||||||||||||||||||||
Accumulated amortization | (558,470) | (34,463) | — | (5,679) | (598,612) | ||||||||||||||||||||||||
Net book value | 902,312 | 74,954 | 169,667 | 57,106 | 1,204,039 |
(i) | Refers to pulverized expenditures with software and technology, mainly related to customer experience, such as, digital payment and digital banking account. Goodwill recorded in business combinations acquisitions, mainly related to MOIP and other is related to purchase price allocation of MOIP (customer portfolio). | ||||
(ii) | Goodwill disposals refers to goodwill recorded in prior years related to business combinations acquisitions. | ||||
(ii) | Relates to intangible assets from MOIP, ZYGO and CDS, which were acquired in 2020. | ||||
(iv) | Refers to pulverized expenditures with software and technology, mainly related to customer experience functionalities, such as, digital payment and digital banking account. |
13. Payables to third parties |
14. Deposits |
Interest rate (p.a.) | March 31, 2021 | December 31, 2020 | |||||||||||||||
Certificate of Deposit (i) | 150% of CDI | 1,191,057 | 604,916 | ||||||||||||||
Corporate securities (ii) | 140% of CDI | 255,724 | 161,170 | ||||||||||||||
1,446,781 | 766,086 | ||||||||||||||||
Current | 1,157,905 | 571,996 | |||||||||||||||
Non - Current | 288,876 | 194,090 |
(i) |
The average return is 150% of CDI (164% of CDI in December 2020). The increase is related to higher offer of CDBs products to our clients, this service began in 2020.
|
||||
(ii) |
The average return is 140% of CDI (158% of CDI in December 2020).
|
March 31, 2021 | December 31, 2020 | |||||||||||||
Due within 30 days | 124,634 | 5,231 | ||||||||||||
Due within 31 to 120 days | 149,890 | 77,812 | ||||||||||||
Due within 121 to 180 days | 53,645 | 53,000 | ||||||||||||
Due within 181 to 360 days | 829,736 | 435,952 | ||||||||||||
Due to 361 days or more days | 288,876 | 194,091 | ||||||||||||
1,446,781 | 766,086 |
On December 31,2020 | 766,086 | ||||
Additions | 807,763 | ||||
Withdraws | (136,175) | ||||
Interest | 9,107 | ||||
On March 31,2021 | 1,446,781 |
15. Salaries and social security charges |
March 31, 2021 | December 31, 2020 | ||||||||||
Profit sharing
|
16,151 | 75,192 | |||||||||
Social charges
|
23,559 | 24,776 | |||||||||
Payroll accruals
|
65,675 | 53,264 | |||||||||
Payroll taxes (LTIP) (i)
|
41,580 | 16,502 | |||||||||
Other
|
5,905 | 5,464 | |||||||||
152,870 | 175,198 |
(i) |
Refers to social charges and income tax over LTIP balances.
|
16. Taxes and contributions
|
March 31, 2021 | December 31, 2020 | ||||||||||
Taxes | |||||||||||
Services tax and other (i)
|
163,171 | 157,066 | |||||||||
Value-added tax on sales and services (ii)
|
350 | 29,678 | |||||||||
Social integration program (iii)
|
25,521 | 24,984 | |||||||||
Social contribution on revenues (iii)
|
156,863 | 153,626 | |||||||||
Income tax and social contribution (iv)
|
8,174 | 6,336 | |||||||||
Other taxes
|
7,277 | 8,841 | |||||||||
361,356 | 380,531 | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Judicial deposits (v) | |||||||||||
Services tax (i)
|
(152,388) | (150,121) | |||||||||
Value-added tax on sales and services (ii)
|
— | (29,114) | |||||||||
Social integration program (iii)
|
(24,954) | (24,498) | |||||||||
Social contribution on revenues (iii)
|
(153,564) | (150,756) | |||||||||
(330,906) | (354,489) | ||||||||||
30,450 | 26,042 |
(i) |
Refers to tax on revenues.
|
||||
(ii) |
In March 2021, there was a decision taken by Brazilian Supreme Court related to Value-added Tax on Sales and Services (ICMS), that beneficiated the Company. For this reason, the Company reversed the provision in the amount of R$29,114. Consequently, as the Company does not have this amount recorded in liability to make the offset with judicial deposits, the deposit is now being presented in the non-current assets as Judicial Deposits, until the withdrawal of these amounts.
|
||||
(iii) |
Refers mainly to Social Integration Program (PIS) and Social Contribution on Revenues (COFINS) charged on financial income.
|
||||
(iv) |
Refers to the income tax and social contribution payable.
|
||||
(v) |
The PagSeguro Group obtained court decisions to deposit the amount related to the payments in escrow for matters discussed in items “i”, “ii” and “iii” above.
|
17. Provision for contingencies |
March 31, 2021 | December 31, 2020 | ||||||||||
Civil | 25,589 | 23,238 | |||||||||
Labor | 6,826 | 5,566 | |||||||||
32,415 |
28,804
|
||||||||||
Current | 19,782 | 17,063 | |||||||||
Non-Current | 12,633 | 11,741 |
On December 31,2019 | 11,849 | ||||
Accrual | 6,409 | ||||
Acquisition of subsidiary | 11,446 | ||||
Settlement | (1,127) | ||||
Interest | 227 | ||||
On December 31,2020 | 28,804 | ||||
Accrual | 5,357 | ||||
Settlement | (1,907) | ||||
Interest | 161 | ||||
On March 31,2021 | 32,415 |
18. Income tax and social contribution |
Tax losses | Tax credit | Technological innovation (i) | Other temporary differences assets | Other temporary differences liabilities (ii) | Total | ||||||||||||||||||||||||||||||
Deferred tax | |||||||||||||||||||||||||||||||||||
On December 31, 2019 | 50,134 | 5,618 | (161,211) | 153,632 | (679,123) | (630,950) | |||||||||||||||||||||||||||||
Included in the statement of income | 36,165 | (180) | (24,527) | 20,989 | (167,885) | (135,438) | |||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||||
On March 31,2020 | 86,299 | 5,438 | (185,738) | 174,621 | (847,008) | (766,388) | |||||||||||||||||||||||||||||
Included in the statement of income | (17,460) | (541) | (92,233) | (14,020) | (180,875) | (305,129) | |||||||||||||||||||||||||||||
Other | — | — | — | 22,218 | — | 22,218 | |||||||||||||||||||||||||||||
On December 31, 2020 | 68,839 | 4,897 | (277,971) | 182,819 | (1,027,883) | (1,049,299) | |||||||||||||||||||||||||||||
Included in the statement of income | 125,527 | (190) | (32,039) | 29,144 | (191,502) | (69,060) | |||||||||||||||||||||||||||||
Other | 4,468 | — | 7,372 | (93) | — | 11,747 | |||||||||||||||||||||||||||||
On March 31, 2021 | 198,834 | 4,707 | (302,639) | 211,870 | (1,219,385) | (1,106,612) | |||||||||||||||||||||||||||||
Deferred tax asset | 77,226 | ||||||||||||||||||||||||||||||||||
Deferred tax liability | (1,183,838) |
(i) | Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the tax charges on the capitalized amount of intangible assets. | ||||
(ii) | The main other liability temporary difference refers to gain on the ownership of FIDC quotas, that will be realized only in the redemption of such quotas. |
March 31, 2021 | March 31, 2020 | ||||||||||
Profit before income taxes | 360,352 | 496,154 | |||||||||
Statutory rate | 34% | 34% | |||||||||
Expected income tax and social contribution | (122,520) | (168,692) | |||||||||
Income tax and social contribution effect on: | |||||||||||
Permanent additions (exclusions) | |||||||||||
Gifts and Donations
|
(401) | (97) | |||||||||
R&D and technological innovation benefit - Law 11.196/05 (i)
|
36,488 | 28,395 | |||||||||
Taxation of income abroad | (682) | 742 | |||||||||
Other additions | (1,910) | 414 | |||||||||
Income tax and social contribution expense | (89,025) | (139,240) | |||||||||
Effective rate | 25% | 28% | |||||||||
Income tax and social contribution - current | (19,966) | (3,801) | |||||||||
Income tax and social contribution - deferred | (69,059) | (135,439) |
(i) |
Refers to the benefit granted by the Technological Innovation Law (Lei do Bem), which reduces the income tax charges, based on the amount invested by the PagSeguro Group on specific intangible assets, see Note 12.
|
19. Equity |
December 31, 2019 shares outstanding | 328,855,412 | |||||||
Treasury shares | (350,006) | |||||||
Long-Term Incentive Plan | 1,058,509 | |||||||
Repurchase of common shares | (547,543) | |||||||
December 31, 2020 shares outstanding | 329,016,372 | |||||||
Treasury shares | (157,653) | |||||||
Long-Term Incentive Plan | 157,653 | |||||||
March 31, 2021 shares outstanding | 329,016,372 |
Shares | Amount | Average price per share | ||||||||||||||||||
Repurchased shares | ||||||||||||||||||||
2018 | 503,642 | 39,532 | US$20.09 | |||||||||||||||||
2019 | 15,000 | 1,735 | US$28.14 | |||||||||||||||||
2020 | 547,543 | 44,775 | US$16.13 | |||||||||||||||||
Distributed shares to LTIP | ||||||||||||||||||||
2020 | (897,549) | (72,433) | — | |||||||||||||||||
2021 | (157,653) | (12,723) | — | |||||||||||||||||
Treasury Shares | 10,983 | 886 | — |
20. Earnings per share |
March 31,2021 | March 31,2020 | ||||||||||
Profit attributable to equity holders of the Company | 271,267 | 356,671 | |||||||||
Weighted average number of outstanding common shares (thousands) | 329,972,659 | 328,999,613 | |||||||||
Basic earnings per share - R$ | 0.8221 | 1.0841 |
March 31,2021 | March 31,2020 | ||||||||||
Profit attributable to equity holders of the Company | 271,267 | 356,671 | |||||||||
Weighted average number of outstanding common shares (thousands) | 329,972,659 | 328,999,613 | |||||||||
Weighted average number of shares that would have been issued at average market price | 302,916 | 1,057,274 | |||||||||
Weighted average number of common shares for diluted earnings per share (thousands) | 330,349,729 | 330,056,887 | |||||||||
Diluted earnings per share - R$ | 0.8213 | 1.0806 |
21. Total revenue and income |
March 31, 2021 | March 31, 2020 | ||||||||||
Gross revenue from transaction activities and other services (i)
|
1,555,410 | 1,085,796 | |||||||||
Gross financial income (ii)
|
662,415 | 567,234 | |||||||||
Other financial income (iii)
|
25,248 | 58,223 | |||||||||
Total gross revenue and income
|
2,243,073 | 1,711,253 | |||||||||
Deductions from gross revenue from transactions activities and other services (iv)
|
(170,440) | (118,992) | |||||||||
Deductions from gross financial income (v)
|
(5,432) | (4,966) | |||||||||
Total deductions from gross revenue and income
|
(175,872) | (123,958) | |||||||||
Total revenue and income
|
2,067,201 | 1,587,295 |
(i) | In the three-month period ended March 31, 2021, R$64,327 (R$15,130 in the three-month period ended March 31, 2020) corresponds to membership fee. | ||||
(ii) | Includes (a) interest income from early payment of notes payable to third parties and (b) interest on accounts receivable due in installments. Both are recorded net to the estimated present value of future cash flows, loss in the amount of R$23,899 in the three-month period ended March 31, 2021 (gain of R$21,737 in the three-month period ended March 31, 2020). | ||||
(iii) | Includes (a) interest of financial investments and (b) gain on exchange variation. | ||||
(iv) | Deductions consist of transactions taxes. Additionally, in the three-month period ended March 31, 2021, R$5,950 (R$1,482 in the three-month period ended March 31, 2020) corresponds to membership fee taxes. | ||||
(v) | Deductions consist of taxes on financial income. |
22. Expenses by nature |
March 31, 2021 | March 31, 2020 | ||||||||||
Transactions costs (i)
|
(845,892) | (556,434) | |||||||||
Marketing and advertising
|
(190,153) | (156,209) | |||||||||
Personnel expenses (ii)
|
(231,662) | (105,028) | |||||||||
Financial expenses (iii)
|
(44,388) | (45,562) | |||||||||
Chargebacks (iv)
|
(173,133) | (70,171) | |||||||||
Depreciation and amortization (vi)
|
(158,302) | (59,594) | |||||||||
Other (v)
|
(63,319) | (98,143) | |||||||||
(1,706,849) | (1,091,141) | ||||||||||
Classified as: | |||||||||||
Cost of services
|
(1,146,085) | (768,636) | |||||||||
Selling expenses
|
(368,112) | (189,022) | |||||||||
Administrative expenses
|
(189,070) | (85,785) | |||||||||
Financial expenses
|
(44,388) | (45,562) | |||||||||
Other income (expenses), net
|
40,806 | (2,136) | |||||||||
(1,706,849) | (1,091,141) |
(i) | In the three-month period ended March 31, 2021, the increase is mainly represented by costs related to freight, maintenance of POS and storage costs in the amount of R$67,200 (R$31,955 in the three-month period ended March 31, 2020). Additionally, costs in the amount of R$566,724 (R$341,317 in the three-month period ended March 31, 2020) are related to interchange fees of card issuers and card scheme fees in the amount of R$139,002 (R$91,352 in the three-month period ended March 31, 2020). | ||||
(ii) | Includes R$79,671 and R$15,295 of compensation expenses related to the LTIP and LTIP goals for the three-month period ended March 31, 2021 and 2020, respectively. The increase in personnel expenses is mainly related to the LTIP expenses and Hubs’ workforce expansion. | ||||
(iii) | Relates mainly to the early collection of receivables, which amounted to R$23,336 in the three-month period ended March 31, 2021 (R$32,822 in the three-month period ended March 31, 2020). | ||||
(iv) | Chargebacks refer to losses recognized during the period related to card processing operations (acquiring and issuing), losses on digital accounts and provision for delinquency rate of credit portfolio, as detailed in Note 24. In the three-month period ended March 31, 2021, the increase in the amount of R$73,356 is mainly represented by inappropriate performance of functionality implemented in the past, allowing inadequate transactions by digital accounts customers and unexpected chargebacks on digital account losses for specific group of customers for a new product. For all these facts, the corresponding root cause was identified and appropriately addressed by Pagseguro management. | ||||
(v) | In the three-month period ended March 31, 2021, the decrease is mainly represented by reversal of R$29,114 in the tax payable as detailed in Note 16. | ||||
(vi) | Depreciation and amortization amounts incurred in the period are segregated between costs and expenses as presented below: |
March 31, 2021 | March 31, 2020 | |||||||||||||
Depreciation | ||||||||||||||
Cost of services (i) | (99,527) | (23,139) | ||||||||||||
Selling expenses | (11) | (6) | ||||||||||||
Administrative expenses | (5,194) | (1,549) | ||||||||||||
(104,732) | (24,694) | |||||||||||||
Amortization | ||||||||||||||
Cost of services | (60,773) | (36,260) | ||||||||||||
Administrative expenses | (6,783) | (636) | ||||||||||||
(67,556) | (36,896) | |||||||||||||
PIS and COFINS credits (ii) | 13,986 | 1,996 | ||||||||||||
Depreciation and amortization expense, net | (158,302) | (59,594) |
(i) | The depreciation of POS in the three-month period ended March 31, 2021, amounted to R$95,696 (R$19,834 in the three-month period ended March 31, 2020). | ||||
(ii) | PagSeguro Brazil has a tax benefit on PIS and COFINS that allows it to reduce the depreciation and amortization expenses when incurred. This tax benefit is recognized directly as a reduction of depreciation and amortization expense. |
23. Financial instruments by category |
March 31, 2021 | December 31, 2020 | ||||||||||
Financial assets | |||||||||||
Amortized cost: | |||||||||||
Cash and cash equivalents
|
1,260,278 | 1,640,065 | |||||||||
Accounts receivable
|
15,868,501 | 16,076,540 | |||||||||
Other receivables
|
157,546 | 164,805 | |||||||||
Judicial deposits
|
37,699 | 7,450 | |||||||||
Investment
|
16,400 | 16,400 | |||||||||
Fair value through other comprehensive income
|
|||||||||||
Financial investments
|
965,112 | 979,837 | |||||||||
18,305,536 | 18,885,097 | ||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Financial liabilities | |||||||||||
Amortized cost: | |||||||||||
Payables to third parties
|
8,747,571 | 10,101,510 | |||||||||
Trade payables
|
305,707 | 335,539 | |||||||||
Trade payables to related parties
|
79,653 | 58,336 | |||||||||
Other liabilities
|
97,663 | 159,198 | |||||||||
Deferred revenue
|
219,255 | 213,555 | |||||||||
Deposits
|
1,446,781 | 766,086 | |||||||||
10,896,630 |
11,634,224
|
24. Financial risk management |
Transaction | Interest rate risk | Book Value | Scenario with maintaining of CDI (2.75%) | Probable scenario with increase of 80% (to 5.0%) | ||||||||||||||||||||||
Financial investments | 100% of CDI | 965,112 | 26,541 | 48,256 | ||||||||||||||||||||||
Certificate of Deposit | 150% of CDI | 1,191,057 | (49,131) | (89,329) | ||||||||||||||||||||||
Corporate securities | 140% of CDI | 255,724 | (9,845) | (17,901) | ||||||||||||||||||||||
(32,435) | (58,974) |
Due within 30 days | Due within 31 to 120 days | Due within 121 to 180 days | Due within 181 to 360 days | Due to 361 days or more days | |||||||||||||||||||||||||
On March 31, 2021 | |||||||||||||||||||||||||||||
Payables to third parties
|
6,854,048 | 1,208,503 | 343,720 | 341,300 | — | ||||||||||||||||||||||||
Trade payables
|
187,276 | 118,431 | — | — | — | ||||||||||||||||||||||||
Trade payables to related parties
|
— | 55,697 | — | 23,956 | — | ||||||||||||||||||||||||
Deposits
|
124,634 | 149,890 | 53,645 | 829,736 | 288,876 | ||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||
On December 31, 2020 | |||||||||||||||||||||||||||||
Payables to third parties
|
8,348,127 | 1,146,136 | 300,058 | 299,645 | 7,544 | ||||||||||||||||||||||||
Trade payables
|
332,733 | 2,806 | — | — | — | ||||||||||||||||||||||||
Trade payables to related parties
|
— | 46,945 | 5,063 | 6,328 | — | ||||||||||||||||||||||||
Deposits
|
5,231 | 77,812 | 53,000 | 435,952 | 194,091 |
25. Capital management |
26. Non-cash Transactions |
March 31, 2021 | March 31, 2020 | ||||||||||
Non-cash operation activities | |||||||||||
Distribution of LTIP with treasury shares | 12,723 | — | |||||||||
Non-cash investing activities | |||||||||||
MTM of financial investments | 157 | 62 |
27. Fair value measurement |
March 31, 2021 | |||||||||||||||||
Quoted prices in active markets (Level 1) | Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents
|
345,111 | 915,167 | — | ||||||||||||||
Financial investments
|
965,112 | — | — | ||||||||||||||
Accounts receivable
|
— | 15,868,501 | — | ||||||||||||||
Other receivables
|
— | 157,546 | — | ||||||||||||||
Judicial deposits
|
— | 37,699 | — | ||||||||||||||
Investment
|
— | — | 16,400 | ||||||||||||||
Financial liabilities | |||||||||||||||||
Payables to third parties
|
— | 8,747,571 | — | ||||||||||||||
Trade payables
|
— | 305,707 | — | ||||||||||||||
Trade payables to related parties
|
— | 79,653 | — | ||||||||||||||
Deposits
|
— | 1,446,781 | — | ||||||||||||||
Deferred revenue
|
— | 219,255 | — | ||||||||||||||
Other liabilities
|
— | 97,663 | — |
December 31, 2020 | |||||||||||||||||
Quoted prices in active markets (Level 1) | Significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents
|
321,674 | 1,318,391 | — | ||||||||||||||
Financial investments
|
979,837 | — | — | ||||||||||||||
Accounts receivable
|
— | 16,076,540 | — | ||||||||||||||
Other receivables
|
— | 164,805 | — | ||||||||||||||
Judicial deposits
|
— | 7,449 | — | ||||||||||||||
Investment
|
— | — | 16,400 | ||||||||||||||
Financial liabilities | |||||||||||||||||
Payables to third parties
|
— | 10,101,510 | — | ||||||||||||||
Trade payables
|
— | 335,539 | — | ||||||||||||||
Trade payables to related parties
|
— | 58,336 | — | ||||||||||||||
Deposits
|
— | 766,086 | — | ||||||||||||||
Deferred revenue
|
— | 213,555 | — | ||||||||||||||
Other liabilities
|
— | 159,198 | — |
PagSeguro Digital Ltd.
|
||||||||
By: | /s/ Artur Schunck | |||||||
Name: | Artur Schunck | |||||||
Title: | Chief Financial and Investor Relations Officer, Chief Accounting Officer |
1 Year PagSeguro Digital Chart |
1 Month PagSeguro Digital Chart |
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