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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Includes a waterfall-style bridge for EBITDA growth and highlights explaining the drivers of margin expansion.",
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      "text": "Adjusted EBITDA grew 75%, from R$595 million to R$1,043 million. The growth was driven by (1) increases in the top line, mainly coming from Retail; (2) better COGS as a percentage of Net Revenues, and consequently higher gross margins and (3) operating leverage in SG&A.",
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      "text": "Despite investments in technology, product development, and new hires -- headcount increased by 64% during the last 12 months - the margin expansion was attributable to our highly scalable business model.",
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