Excluding bonus compensations, Fixed and variable expenses increased 15% year-over-year due to inflationary pressures on fixed costs, the return of traveling expenses to pre-pandemic levels, and the investments currently being made in our venture retirement services vertical, which we expect to contribute to revenues early in 2023.

Nov 9, 2022 / CFO / receipt, needs a key / Sergio Passos, CFO | earnings call 2022-11-09 | transcript 2d88600e-35b4-4156-b7ca-1eb8da68564e | chars 14325-14658 | segment 14

As we discussed in our first quarter's conference call, The first quarter of 2020 was positively impacted by lower-than-usual third-party expenses, which resulted in a distortion when we compared it to this year's first quarter, reason why we had such a step-up in expenses on a year-over-year basis. This quarter, we have a much more comparable quarter to last year, and this is important because you can clearly see the platform's operating leverage potential. expenses are increasing in a slower pace when you compare them to revenue growth, which results in a higher profitability profile, very evident in the second quarter, with FIE and DE margins reaching higher levels.

Aug 18, 2021 / CFO / receipt, needs a key / Sergio Passos, CFO | earnings call 2021-08-18 | transcript 99ab9f8d-5654-4f88-ba5a-d18061107ed4 | chars 16491-17168 | segment 17