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    Gustavo Farias • UBS

    Gustavo Farias's questions to Ci&T Inc (CINT) leadership

    Gustavo Farias's questions to Ci&T Inc (CINT) leadership • Q2 2025

    Question

    Gustavo Farias requested a breakdown of revenue growth drivers, specifically the split between new client engagements and the expansion within current clients. He also asked for an update on the IT budget landscape in Latin America, noting previous volatility.

    Answer

    CEO Cesar Gon explained that revenue growth is composed of 90% from expansion within the existing client base and 10% from newly acquired clients, consistent with their land-and-expand strategy. Regarding Latin America, which grew 26% YoY, he attributed the strong performance to surprisingly rapid AI adoption in Brazil, especially within the competitive financial services sector.

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    Gustavo Farias's questions to Ci&T Inc (CINT) leadership • Q1 2025

    Question

    Gustavo Farias asked for an assessment of potential upside to the full-year growth guidance, considering the Q1 beat and headcount growth. He also inquired about the company's capital allocation priorities, specifically regarding M&A versus R&D investments.

    Answer

    Founder & CEO Cesar Gon explained that the guidance range reflects both current commercial momentum and macro volatility. He detailed strong demand in legacy modernization and AI-first transformation programs. On capital allocation, he prioritized R&D for the CI&T FLOW platform and noted a 'very high bar' for M&A, focusing on U.S. expansion. CFO Stanley Rodrigues added that share buybacks and debt repayment are also key priorities.

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    Gustavo Farias's questions to Ci&T Inc (CINT) leadership • Q4 2024

    Question

    Gustavo Farias asked about the impact of new legislation in Brazil regarding the return of payroll taxes, questioning if CI&T can pass this on to clients and if it's embedded in the 2025 guidance. He also asked for more detail on the evolving mix of AI projects, between efficiency-focused and client-facing applications.

    Answer

    CFO Stanley Rodrigues stated that the gradual, four-year implementation of the payroll tax allowed CI&T to prepare proactively. He confirmed the impact is fully considered in the 2025 guidance of 18-20% adjusted EBITDA margin, as the company is minimizing the effect through productivity gains and cost savings. President Bruno Guicardi addressed the AI project mix, noting a massive backlog of client infrastructure (data, applications) that must be modernized before they can accelerate into GenAI, suggesting this foundational work will drive demand for the next couple of years.

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    Gustavo Farias's questions to VTEX (VTEX) leadership

    Gustavo Farias's questions to VTEX (VTEX) leadership • Q2 2025

    Question

    Gustavo Farias of UBS Group asked if the recent market volatility has caused any changes to VTEX's strategy or the pace of rolling out its key B2B and Retail Media initiatives.

    Answer

    Co-CEO Geraldo do Carmo Thomaz stated that the strategy for B2B and Retail Media remains unchanged, as these initiatives are driven by long-term structural trends rather than short-term market economics. He argued that current macroeconomic conditions actually reinforce the value proposition of these solutions, as retailers increasingly need to monetize data and serve professional buyers through efficient digital channels.

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    Gustavo Farias's questions to Millicom International Cellular SA (TIGO) leadership

    Gustavo Farias's questions to Millicom International Cellular SA (TIGO) leadership • Q2 2025

    Question

    Gustavo Farias asked about the competitive landscape in Colombia following aggressive offers from WOM, the regulatory timeline for the Coltel acquisition, and the potential impact of 5G rollouts on future CapEx.

    Answer

    CEO Marcelo Benitez characterized WOM's offer as a short-term tactic unlikely to be sustainable without strong network and distribution support. CFO Bart Vanhaeren detailed the regulatory processes for the Coltel acquisition, targeting a Q1 2026 closing. Benitez explained that 5G investment will follow device penetration in urban areas and is not expected to significantly alter the overall CapEx envelope.

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    Gustavo Farias's questions to Millicom International Cellular SA (TIGO) leadership • Q1 2025

    Question

    Gustavo Farias of UBS asked for the full-year outlook on working capital and its potential impact on equity free cash flow. He also requested details on B2B growth drivers in key markets, including contract size and duration, to assess revenue sustainability.

    Answer

    CFO Bart Vanhaeren addressed working capital, stating an effort is underway to stabilize quarterly cash flow and that he expects full-year working capital to be slightly negative but relatively stable. On B2B, he explained growth comes from organic sources like digital solutions and from less predictable government projects, affirming a target to sustain the recent 4% CAGR. Executive Michel Morin added that over 95% of B2B revenues are recurring.

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    Gustavo Farias's questions to Millicom International Cellular SA (TIGO) leadership • Q4 2024

    Question

    Gustavo Farias asked about the primary assumptions, including upside and downside risks, embedded in the 2025 guidance and requested commentary on the competitive environment in Colombia, particularly after the Quam acquisition.

    Answer

    CFO Bart Vanhaeren stated the $750 million EFCF guidance is a solid outlook, representing a 3% increase year-over-year, which already embeds potential legal and FX costs. He noted the accounting change in Bolivia will negatively impact the reported top line. CEO Marcelo Benitez described Colombia as a persistently competitive market but highlighted Millicom's strong performance in mobile postpaid growth and the ongoing recovery in its home business segment.

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    Gustavo Farias's questions to Tim SA (TIMB) leadership

    Gustavo Farias's questions to Tim SA (TIMB) leadership • Q2 2025

    Question

    Gustavo Farias from UBS Group AG asked for more details on CapEx efficiency measures, the outlook for sales and marketing expenses, and the performance and strategy for the prepaid mobile segment.

    Answer

    CEO Alberto Griselli explained that CapEx efficiency from network modernization is materializing as planned, improving TCO. Regarding marketing costs, he noted that while structural efficiencies are being gained from AI and a shift to e-commerce, the second half of the year has more seasonal campaigns which will increase spending. For the prepaid segment, he highlighted that pre-to-post migration remains a key, accretive strategy to drive revenue performance.

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    Gustavo Farias's questions to Tim SA (TIMB) leadership • Q1 2025

    Question

    Gustavo Farias inquired about the levers available to control leasing payments, given that most contracts are indexed to inflation. He also asked about expectations for a sustainable level of working capital contribution to cash generation.

    Answer

    CFO Andrea Viegas stated that while the full impact of inflation on leases will hit in Q2, the company aims to keep the full-year lease cost increase below revenue growth. CEO Alberto Griselli added that control levers include negotiations on new and expiring tower contracts, continued decommissioning, and infrastructure sharing partnerships. Regarding working capital, Viegas noted the strong Q1 improvement but reiterated the typical seasonality of a negative first half and positive second half.

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    Gustavo Farias's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Gustavo Farias of UBS Group AG inquired about the revenue outlook for the prepaid segment, the company's strategy for its fiber operations amid market consolidation, and whether an increased postpaid mix could lead to higher bad debt.

    Answer

    CEO Alberto Griselli explained that prepaid revenue is affected by migrations to postpaid and varied demand elasticity, which TIM is addressing with a more segmented go-to-market strategy. On fiber, he confirmed a selective approach focused on profitability while monitoring consolidation for the right strategic move. CFO Andrea Viegas later confirmed that bad debt remains under control and is not increasing despite the growth in the postpaid customer base.

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    Gustavo Farias's questions to Telefonica Brasil SA (VIV) leadership

    Gustavo Farias's questions to Telefonica Brasil SA (VIV) leadership • Q2 2025

    Question

    Gustavo Farias of UBS Group questioned the drivers behind the lower-than-expected net income, focusing on financial expenses, and also asked about the above-inflation growth in G&A and personnel OpEx.

    Answer

    CFO David Melcon Sanchez-Friera explained that Q2 financial expenses were impacted by the absence of a large one-off tax amnesty benefit seen in the prior year. He noted net income is still growing 10% YoY and expects depreciation to normalize in Q3. CEO Christian Gebara addressed OpEx, attributing the 8.8% rise in personnel costs to annual wage adjustments and strategic hiring in digital and IT. He stated that G&A costs were temporarily higher due to the recent stock split operation.

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    Gustavo Farias's questions to Telefonica Brasil SA (VIV) leadership • Q1 2025

    Question

    Gustavo Farias questioned if the ongoing concession migration would create short-term pressure on margins or CapEx and asked for more detail on the dynamics of leases and working capital observed in Q1.

    Answer

    Executive Christian Gebara stated that the concession migration poses no financial pressure and is expected to have a positive impact from the sale of copper and real estate assets. Executive David Sanchez-Friera addressed cash flow, explaining that Q1 working capital was affected by the timing of regulatory tax payments, which should normalize. He added that while lease payments have some volatility, the trend is improving due to ongoing negotiations and cost-reduction initiatives.

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    Gustavo Farias's questions to America Movil SAB de CV (AMX) leadership

    Gustavo Farias's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Gustavo Farias asked for an outlook on Mexico, focusing on economic activity trends and the competitive environment for both mobile and broadband. He also questioned if the full-year capital expenditure target of around $7 billion remains intact.

    Answer

    CEO Daniel Hajj Aboumrad confirmed the CapEx target is on track, likely landing between $6.7 and $6.8 billion for the year, and expects a similar CapEx-to-sales ratio for the next one to two years. For Mexico, he stated that while the competitive landscape is unchanged, a recovering economy is helping to drive a rebound in revenues, particularly in prepaid. He also highlighted strong fixed-line growth, with over 200,000 broadband net additions for Telmex in the quarter.

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    Gustavo Farias's questions to America Movil SAB de CV (AMX) leadership • Q2 2025

    Question

    Gustavo Farias inquired about the outlook for Mexico, including economic activity trends and the competitive environment for mobile and broadband. He also asked if the full-year CapEx target of around $7 billion remains in place.

    Answer

    CEO Daniel Hajj Aboumrad confirmed the CapEx target is on track, likely landing between $6.7 and $6.8 billion, and expects a similar CapEx-to-sales ratio for the next one to two years. In Mexico, he stated the competitive landscape is stable, but a rebound in the economy is helping revenue growth, particularly in prepaid. He also highlighted strong fixed-line broadband growth for Telmex, with over 200,000 net additions in the quarter.

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    Gustavo Farias's questions to America Movil SAB de CV (AMX) leadership • Q4 2024

    Question

    Gustavo Farias asked for commentary on mobile competition in Brazil, noting a competitor's decision not to raise prices, and inquired about the company's long-term target for the currency composition of its debt.

    Answer

    CEO Daniel Hajj Aboumrad emphasized that their strategy across Latin America is to compete on quality, coverage, and service, not just price. Executive Oscar Von Hauske Solís detailed the debt profile, explaining that while funding is increasingly in local currencies, net economic exposure is managed with derivatives, resulting in about 60% exposure to local currencies.

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    Gustavo Farias's questions to America Movil SAB de CV (AMX) leadership • Q3 2024

    Question

    Gustavo Farias of UBS asked about the outlook for mobile net additions in Brazil, particularly the negative prepaid trend, and inquired about the company's debt strategy in light of recent foreign exchange impacts.

    Answer

    Executive Daniel Hajj Aboumrad explained that negative prepaid net adds in Brazil are a result of two strategic moves: successfully migrating prepaid users to higher-value postpaid plans and aggressively cleaning the inactive user base. On debt strategy, executive Carlos Jose Garcia Moreno Elizondo stated they are not planning to take on more debt and will focus on refinancing existing obligations, increasingly using local currency bonds to mitigate FX risk.

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    Gustavo Farias's questions to TIMS3.SA leadership

    Gustavo Farias's questions to TIMS3.SA leadership • Q2 2024

    Question

    Gustavo Farias from UBS asked for the revenue outlook for the prepaid operation and the company's strategy for its fiber business, given limited growth and market consolidation. He later asked a follow-up about the risk of rising bad debt.

    Answer

    CEO Alberto Griselli explained prepaid revenue is shaped by prepaid-to-postpaid migration and price elasticity, which they are addressing with finer segmentation. For fiber, he reiterated a selective, profit-focused approach and noted they are observing consolidation without being in a hurry to act. CFO Andrea Viegas added that bad debt remains under control with stable collection metrics, despite growth in the postpaid base.

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