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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DLocal Ltd | NASDAQ:DLO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.22 | -2.64% | 8.11 | 8.08 | 9.83 | 8.425 | 8.085 | 8.16 | 2,214,257 | 05:00:06 |
Our merchants recognize the value we add to their business, propelling our growth alongside theirs. During the quarter we experienced strong traction with our platform solution, in particular from marketplaces. Local-to-local volume also increased significantly, reflecting the success and robustness of this solution. Geographically, we witnessed strong growth in Brazil. This high growth in a large and competitive geography such as Brazil underscores the quality of our solution as we continue to gain market share. Brazil is our first market back in 2016 and still presents attractive growth opportunities. Africa and Asia also grew strongly, and we are excited to see certain smaller markets growing at triple-digit rates.
We are very proud of our half year results and we reaffirm our guidance for the year of revenue between US$620 and US$640 million and Adjusted EBITDA between US$200 and US$220 million. We are clearly trading towards the higher end of that guidance in terms of revenue, but prefer to take a conservative approach given the macro environment. Specific changes of circumstances such as the devaluation of the Nigerian Naira affect our revenue number, but not our gross profit. The annual guidance we have provided accounts for close to 50% year-on-year growth at best in class margins. This would be a great outcome for our 2023 results and testament to the resilience and well-diversified business we are building. We reiterate our mid-term guidance of 25%-35% gross profit CAGR and Adjusted EBITDA over gross profit >75%, which are best in class metrics.
In other news, we are delighted to welcome Pedro Arnt as co-CEO. dLocal has a huge opportunity ahead and I am excited about joining forces with Pedro to steer dLocal's next chapter together. The entire dLocal team, and me personally, remain dedicated to scaling the business further, fortifying our position as the emerging markets payments leader, and delivering lasting value for our merchants, consumers, partners and shareholders,” said Sebastian Kanovich, co-CEO of dLocal.
Second quarter 2023 Financial Highlights
The following table summarizes our key performance metrics:
Three months ended 30 of June | Six months ended 30 of June | |||||||||||
2023 | 2022 | % change | 2023 | 2022 | % change | |||||||
Key Performance metrics | (In millions of US$ except for %) | |||||||||||
TPV | 4,373 | 2,433 | 80% | 7,948 | 4,537 | 75% | ||||||
Revenue | 161.1 | 101.2 | 59% | 298.4 | 188.6 | 58% | ||||||
Gross Profit | 70.8 | 49.6 | 43% | 132.6 | 93.2 | 42% | ||||||
Gross Profit margin | 44 | % | 49 | % | -5p.p | 44 | % | 49 | % | -5p.p | ||
Adjusted EBITDA | 52.0 | 38.2 | 36% | 97.5 | 71.0 | 37% | ||||||
Adjusted EBITDA margin | 32 | % | 38 | % | -5p.p | 33 | % | 38 | % | -5p.p | ||
Adjusted EBITDA/Gross Profit | 74 | % | 77 | % | -3p.p | 74 | % | 76 | % | -3p.p | ||
Profit | 44.8 | 30.7 | 46% | 80.2 | 57.0 | 41% | ||||||
Profit margin | 28 | % | 30 | % | -3p.p | 27 | % | 30 | % | -3p.p |
Second quarter 2023 Business Highlights
The table below presents a breakdown of dLocal’s TPV by product and type of flow:
In millions of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
2023 | % share | 2022 | % share | 2023 | % share | 2022 | % share | |||||
Pay-ins | 3,190 | 73 | % | 1,881 | 77 | % | 5,693 | 72 | % | 3,525 | 78 | % |
Pay-outs | 1,184 | 27 | % | 552 | 23 | % | 2,255 | 28 | % | 1,012 | 22 | % |
Total TPV | 4,373 | 100 | % | 2,433 | 100 | % | 7,948 | 100 | % | 4,537 | 100 | % |
In millions of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
2023 | % share | 2022 | % share | 2023 | % share | 2022 | % share | |||||
Cross-border | 2,219 | 51 | % | 1,487 | 61 | % | 4,179 | 53 | % | 2,788 | 61 | % |
Local-to-local | 2,154 | 49 | % | 946 | 39 | % | 3,769 | 47 | % | 1,749 | 39 | % |
Total TPV | 4,373 | 100 | % | 2,433 | 100 | % | 7,948 | 100 | % | 4,537 | 100 | % |
The table below presents a breakdown of dLocal’s revenue by geography:
In thousands of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
2023 | % share | 2022 | % share | 2023 | % share | 2022 | % share | |||||
Latin America | 126.9 | 79 | % | 87.6 | 87 | % | 225.1 | 75 | % | 165.2 | 88 | % |
Brazil | 41.2 | 26 | % | 20.7 | 20 | % | 64.0 | 21 | % | 38.8 | 21 | % |
Argentina | 20.7 | 13 | % | 23.2 | 23 | % | 40.7 | 14 | % | 44.2 | 23 | % |
Mexico | 28.3 | 18 | % | 16.0 | 16 | % | 51.0 | 17 | % | 28.9 | 15 | % |
Chile | 14.2 | 9 | % | 12.7 | 13 | % | 28.4 | 10 | % | 24.8 | 13 | % |
Other LatAm | 22.5 | 14 | % | 15.0 | 15 | % | 41.0 | 14 | % | 28.4 | 15 | % |
Africa & Asia | 34.3 | 21 | % | 13.6 | 13 | % | 73.3 | 25 | % | 23.5 | 12 | % |
Nigeria | 20.4 | 13 | % | 4.5 | 4 | % | 47.3 | 16 | % | 6.1 | 3 | % |
Other Africa & Asia | 13.9 | 9 | % | 9.1 | 9 | % | 26.0 | 9 | % | 17.3 | 9 | % |
Total Revenue | 161.1 | 100 | % | 101.2 | 100 | % | 298.4 | 100 | % | 188.6 | 100 | % |
Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin
dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources.
Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the changes in fair value of financial assets and derivative instruments carried at fair value through profit or loss, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues.
Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA and Adjusted EBITDA Margin metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA and Adjusted EBITDA Margin metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities
The table below presents a reconciliation of dLocal’s Adjusted EBITDA and Adjusted EBITDA Margin to net income:
In thousands of US$ | Three months ended 30 of June | Six months ended 30 of June | ||||||
2023 | 2022 | 2023 | 2022 | |||||
Profit for the period | 44,791 | 30,722 | 80,241 | 56,995 | ||||
Income tax expense | 8,774 | 4,151 | 13,055 | 5,364 | ||||
Depreciation and amortization | 2,869 | 1,857 | 5,384 | 3,580 | ||||
Finance income and costs, net | (7,459 | ) | (253 | ) | (8,850 | ) | 1,040 | |
Share-based payment non-cash charges | 1,421 | 1,241 | 3,750 | 3,275 | ||||
Secondary offering expenses¹ | - | - | - | 89 | ||||
Impairment loss / (gain) on financial assets | (21 | ) | (7 | ) | 30 | (82 | ) | |
Inflation adjustment | 1,661 | 472 | 2,680 | 778 | ||||
Other non-recurring costs² | - | - | 1,229 | - | ||||
Adjusted EBITDA | 52,036 | 38,183 | 97,519 | 71,039 |
Note: Although Adjusted EBITDA and Adjusted EBITDA Margin may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, Adjusted EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the changes in fair value of financial assets and derivative instruments carried at fair value through profit or loss, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, transaction expenses and inflation adjustment.1 Corresponds to expenses assumed by dLocal in relation to secondary offerings of its shares which occurred in 2021. 2 It includes non-recurring costs related to an internal review of the allegations made by a short-seller report, including fees from independent counsel, independent global expert services and forensic accounting advisory firm.
Earnings per share
We calculate basic earnings per share by dividing the profit attributable to owners of the group by the weighted average number of common shares issued and outstanding during the three-months and six-month periods ended June 30, 2023 and 2022.
Our diluted earnings per share is calculated by dividing the profit attributable to owners of the group of dLocal by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all dilutive potential common shares into common shares.
The following table presents the information used as a basis for the calculation of our earnings per share:
Three months ended 30 of June | Six months ended 30 of June | |||
2023 | 2022 | 2023 | 2022 | |
Profit attributable to common shareholders (in thousands of US$) | 44,697 | 30,572 | 80,141 | 56,864 |
Weighted average number of common shares | 291,700,873 | 295,393,168 | 293,403,907 | 295,219,928 |
Adjustments for calculation of diluted earnings per share | 16,160,368 | 17,599,775 | 16,358,508 | 17,619,241 |
Weighted average number of common shares for calculating diluted earnings per share | 307,861,241 | 312,992,943 | 309,762,415 | 312,839,169 |
Basic earnings per share | 0.15 | 0.10 | 0.27 | 0.19 |
Diluted earnings per share | 0.15 | 0.10 | 0.26 | 0.18 |
This press release does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The quarterly financial information in this press release has not been audited.
Conference call and webcast
dLocal’s management team will host a conference call and audio webcast on August 16th, 2023 at 8:00 a.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.
The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.
About dLocal
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across APAC, the Middle East, Latin America, and Africa. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.Definition of selected operational metrics
“API” means application programming interface, which is a general term for programming techniques that are available for software developers when they integrate with a particular service or application. In the payments industry, APIs are usually provided by any party participating in the money flow (such as payment gateways, processors, and service providers) to facilitate the money transfer process.
“Cross-border” means a payment transaction whereby dLocal is collecting in one currency and settling into a different currency and/or in a different geography.
“Local payment methods” refers to any payment method that is processed in the country where the end user of the merchant sending or receiving payments is located, which include credit and debit cards, cash payments, bank transfers, mobile money, and digital wallets.
“Local-to-local” means a payment transaction whereby dLocal is collecting and settling in the same currency.
“Net Revenue Retention Rate” or “NRR” is a U.S. dollar-based measure of retention and growth of dLocal’s merchants. NRR is calculated for a period or year by dividing the Current Period/Year Revenue by the Prior Period/Year Revenue. The Prior Period/Year Revenue is the revenue billed by us to all our customers in the prior period. The Current Period/Year Revenue is the revenue billed by us in the current period to the same customers included in the Prior Period/Year Revenue. Current Period/Year Revenue includes revenues from any upselling and cross-selling across products, geographies, and payment methods to such merchant customers, and is net of any contractions or attrition, in respect of such merchant customers, and excludes revenue from new customers on-boarded in the preceding twelve months. As most of dLocal revenues come from existing merchants, the NRR rate is a key metric used by management, and we believe it is useful for investors in order to assess our retention of existing customers and growth in revenues from our existing customer base.
“Pay-in” means a payment transaction whereby dLocal’s merchant customers receive payment from their customers.
“Pay-out” means a payment transaction whereby dLocal disburses money in local currency to the business partners or customers of dLocal’s merchant customers.
“Revenue from New Merchants” means the revenue billed by us to merchant customers that we did not bill revenues in the same quarter (or period) of the prior year.
“Revenue from Existing Merchants” means the revenue billed by us in the last twelve months to the merchant customers that we billed revenue in the same quarter (or period) of the prior year.
“TPV” dLocal presents total payment volume, or TPV, which is an operating metric of the aggregate value of all payments successfully processed through dLocal’s payments platform. Because revenue depends significantly on the total value of transactions processed through the dLocal platform, management believes that TPV is an indicator of the success of dLocal’s global merchants, the satisfaction of their end users, and the scale and growth of dLocal’s business.
Forward-looking statements
This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events. Forward-looking statements regarding dLocal involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.dLocal LimitedCertain financial informationConsolidated Condensed Statements of Comprehensive Income for the for the three-month and six-month period ended June 30, 2023 and 2022(In thousands of U.S. dollars, except per share amounts, unaudited)
Three months ended 30 of June | Six months ended 30 of June | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenues | 161,138 | 101,180 | 298,425 | 188,633 | ||||
Cost of services | (90,378 | ) | (51,541 | ) | (165,828 | ) | (95,440 | ) |
Gross profit | 70,760 | 49,639 | 132,597 | 93,193 | ||||
Technology and development expenses | (2,640 | ) | (1,643 | ) | (4,930 | ) | (3,049 | ) |
Sales and marketing expenses | (3,106 | ) | (3,128 | ) | (7,963 | ) | (5,972 | ) |
General and administrative expenses | (17,268 | ) | (9,095 | ) | (32,548 | ) | (19,389 | ) |
Impairment (loss)/gain on financial assets | 21 | 7 | (30 | ) | 82 | |||
Other operating (loss)/gain | - | (688 | ) | - | (688 | ) | ||
Operating profit | 47,767 | 35,092 | 87,126 | 64,177 | ||||
Finance income | 18,878 | 5,530 | 25,866 | 5,536 | ||||
Finance costs | (11,419 | ) | (5,277 | ) | (17,016 | ) | (6,576 | ) |
Inflation adjustment | (1,661 | ) | (472 | ) | (2,680 | ) | (778 | ) |
Other results | 5,798 | (219 | ) | 6,170 | (1,818 | ) | ||
Profit before income tax | 53,565 | 34,873 | 93,296 | 62,359 | ||||
Income tax expense | (8,774 | ) | (4,151 | ) | (13,055 | ) | (5,364 | ) |
Profit for the period | 44,791 | 30,722 | 80,241 | 56,995 | ||||
Profit attributable to: | ||||||||
Owners of the Group | 44,697 | 30,572 | 80,141 | 56,864 | ||||
Non-controlling interest | 94 | 150 | 100 | 131 | ||||
Profit for the period | 44,791 | 30,722 | 80,241 | 56,995 | ||||
Earnings per share (in USD) | ||||||||
Basic Earnings per share | 0.15 | 0.10 | 0.27 | 0.19 | ||||
Diluted Earnings per share | 0.15 | 0.10 | 0.26 | 0.18 | ||||
Other comprehensive income | ||||||||
Items that may be reclassified to profit or loss: | ||||||||
Exchange difference on translation on foreign operations | 1,675 | (1,245 | ) | 3,163 | (83 | ) | ||
Other comprehensive income for the period | 1,675 | (1,245 | ) | 3,163 | (83 | ) | ||
Total comprehensive income for the period | 46,466 | 29,477 | 83,404 | 56,912 | ||||
Total comprehensive income for the period | ||||||||
Owners of the Group | 46,371 | 29,327 | 83,305 | 56,781 | ||||
Non-controlling interest | 95 | 150 | 99 | 131 | ||||
Total comprehensive income for the period | 46,466 | 29,477 | 83,404 | 56,912 | ||||
dLocal LimitedCertain interim financial informationConsolidated Condensed Statements of Financial Position as of June 30, 2023 and December 31, 2022(In thousands of U.S. dollars, except per share amounts, unaudited)
30 of June, 2023 | 31 of December, 2022 | |||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | 549,386 | 468,092 | ||
Financial assets at fair value through profit or loss | 51,565 | 1,295 | ||
Trade and other receivables | 299,802 | 240,446 | ||
Derivative financial instruments | 1,200 | 1,206 | ||
Other assets | 44,632 | 56,789 | ||
Total Current Assets | 946,585 | 767,828 | ||
Non-Current Assets | ||||
Deferred tax assets | 809 | 362 | ||
Property, plant and equipment | 2,780 | 2,734 | ||
Right-of-use assets | 3,694 | 3,934 | ||
Intangible assets | 54,920 | 51,443 | ||
Total Non-Current Assets | 62,203 | 58,473 | ||
TOTAL ASSETS | 1,008,788 | 826,301 | ||
LIABILITIES | ||||
Current Liabilities | ||||
Trade and other payables | 598,013 | 407,874 | ||
Lease liabilities | 675 | 686 | ||
Tax liabilities | 12,856 | 11,695 | ||
Derivative financial instruments | 838 | 544 | ||
Provisions | 916 | 1,473 | ||
Total Current Liabilities | 613,298 | 422,272 | ||
Non-Current Liabilities | ||||
Deferred tax liabilities | 3,200 | 1,016 | ||
Lease liabilities | 3,292 | 3,393 | ||
Total Non-Current Liabilities | 6,492 | 4,409 | ||
TOTAL LIABILITIES | 619,790 | 426,681 | ||
EQUITY | ||||
Share Capital | 578 | 592 | ||
Share Premium | 68,550 | 164,307 | ||
Capital Reserve | 17,930 | 16,185 | ||
Other Reserves | (6 | ) | (1,448 | ) |
Retained earnings | 301,856 | 219,993 | ||
Total Equity Attributable to owners of the Group | 388,908 | 399,629 | ||
Non-controlling interest | 90 | (9 | ) | |
TOTAL EQUITY | 388,998 | 399,620 | ||
dLocal LimitedCertain interim financial informationConsolidated Condensed Statements of Cash flows for three-month and six-month period ended June 30, 2023 and 2022(In thousands of U.S. dollars, except per share amounts, unaudited)
Three months ended 30 of June | Six months ended 30 of June | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Cash flows from operating activities | ||||||||
Profit before income tax | 53,565 | 34,873 | 93,296 | 62,359 | ||||
Adjustments: | ||||||||
Interest income from financial instruments | (15,313 | ) | (5,530 | ) | (22,212 | ) | (5,536 | ) |
Interest charges for lease liabilities | 52 | 15 | 95 | 178 | ||||
Other finance expense | 765 | 967 | 1,202 | 937 | ||||
Finance expense related to derivative financial instruments | 4,634 | 3,607 | 9,869 | 4,773 | ||||
Net exchange differences | 3,551 | (5,836 | ) | 4,082 | (4,346 | ) | ||
Fair value loss on financial assets at fair value through profit or loss | (3,565 | ) | - | (3,654 | ) | - | ||
Amortization of Intangible assets | 2,492 | 1,594 | 4,668 | 3,016 | ||||
Depreciation of Property, plant and equipment | 212 | 153 | 407 | 341 | ||||
Amortization of Right-of-use asset | 165 | 110 | 309 | 223 | ||||
Revenue reduction related to prepaid assets | - | 53 | - | 211 | ||||
Share-based payment expense, net of forfeitures | 1,421 | 1,241 | 3,750 | 3,275 | ||||
Other operating loss/(gain) | - | (18 | ) | - | (18 | ) | ||
Net Impairment loss/(gain) on financial assets | (21 | ) | (7 | ) | 30 | (82 | ) | |
47,958 | 31,222 | 91,842 | 65,331 | |||||
Changes in working capital | ||||||||
Increase in Trade and other receivables | (50,312 | ) | 21,458 | (59,386 | ) | (4,742 | ) | |
Decrease/(increase) in Other assets | (1,597 | ) | (552 | ) | 12,157 | (693 | ) | |
Increase in Trade and other payables | 148,761 | (11,200 | ) | 190,139 | 58,416 | |||
Decrease in Tax Liabilities | (2,279 | ) | (4,521 | ) | (3,341 | ) | (4,721 | ) |
(Decrease) / Increase in Provisions | (252 | ) | (186 | ) | (557 | ) | (137 | ) |
Cash from operating activities | 142,279 | 36,221 | 230,854 | 113,454 | ||||
Income tax paid | (2,774 | ) | (2,605 | ) | (6,816 | ) | (3,928 | ) |
Net cash from operating activities | 139,505 | 33,616 | 224,038 | 109,526 | ||||
Cash flows from investing activities | ||||||||
Acquisition of Property, plant and equipment | (608 | ) | (494 | ) | (657 | ) | (574 | ) |
Additions of Intangible assets | (4,339 | ) | (2,217 | ) | (8,145 | ) | (4,726 | ) |
Acquisitions of financial asset at FVTPL | (48,139 | ) | - | (48,139 | ) | - | ||
Net collections of/investments in financial assets at FVTPL | 478 | (900 | ) | 1,523 | (282 | ) | ||
Interest collected from financial instruments | 15,155 | 5,530 | 21,975 | 5,536 | ||||
Net cash provided by / (used in) investing activities | (37,453 | ) | 1,919 | (33,443 | ) | (46 | ) | |
Cash flows from financing activities | ||||||||
Repurchase of shares | (61,011 | ) | - | (97,929 | ) | - | ||
Share-options exercise | 84 | 548 | 153 | 906 | ||||
Proceeds from borrowings | - | 14,656 | - | 14,656 | ||||
Repayment of borrowings | - | (5,364 | ) | - | (5,364 | ) | ||
Interest payments on lease liability | (52 | ) | (15 | ) | (95 | ) | (178 | ) |
Principal payments on lease liability | (146 | ) | (55 | ) | (276 | ) | (147 | ) |
Finance expense paid related to derivative financial instruments | (9,184 | ) | - | (11,337 | ) | - | ||
Other finance expense paid | (768 | ) | (1,142 | ) | (1,205 | ) | (1,179 | ) |
Net cash (used in) / provided by financing activities | (71,077 | ) | 8,628 | (110,689 | ) | 8,694 | ||
Net increase in cash flow | 30,975 | 44,163 | 79,906 | 118,174 | ||||
Cash and cash equivalents at the beginning of the period | 517,892 | 410,064 | 468,092 | 336,197 | ||||
Net increase in cash flow | 30,975 | 44,163 | 79,906 | 118,174 | ||||
Effects of exchange rate changes on cash and cash equivalents | 519 | (242 | ) | 1,388 | (386 | ) | ||
Cash and cash equivalents at the end of the period | 549,386 | 453,985 | 549,386 | 453,985 |
dLocal was incorporated on February 10, 2021, as a Cayman Islands exempted company with limited liability, duly registered with the Cayman Islands Registrar of Companies. The contribution of dLocal Group Limited (a limited liability company incorporated in Malta, the former holding entity or “dLocal Malta”) shares to dLocal was finalized as of April 14, 2021. Until the contribution of dLocal Malta shares to it, dLocal had not commenced operations, consequently the historical information previous to that date presented herein corresponds to dLocal Malta, our predecessor. This reorganization was done, among other reasons, to facilitate the initial public offering of the Group. dLocal had no prior assets, holdings or operations.
Investor Relations Contact:investor@dlocal.com
Media Contact:marketing@dlocal.com
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