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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.11 | -0.95% | 11.52 | 11.45 | 11.50 | 11.59 | 11.39 | 11.58 | 405,501 | 00:39:50 |
From Dec 2023 to Dec 2024
“We started the year with strong TPV growth, achieving a record quarterly TPV of US$5.3 billion, increasing nearly 50% YoY. TPV growth was solid across many verticals, with ecommerce nearly tripling, remittances practically doubling, and ride-hailing, SaaS, each growing north of 50% YoY. All this is a testament to the value our solution offers to our merchants across diverse verticals, and our increasingly strong competitive position and sustained share of wallet gains.
In addition, in 1Q24, we saw cross-border (“XB”) processing hit a new record of $2.4B in TPV with volumes increasing by 9% QoQ. Cross-border remains the core of our value proposition, and witnessing a return to sequential growth is a great indicator. Local-to-local, despite being flat QoQ driven by seasonal effects, delivered TPV growth at nearly 80% YoY. The ongoing success of our local processing confirms that our world-class orchestration offering - which includes our AI powered smart routing to optimize traffic routes to deliver higher conversion rates, robust fallback and redundancy offering, efficient fraud prevention engines, best in class KYC/compliance layer, and merchant specific features - provides to global merchants a superior offer to what they can receive through direct integrations to local acquirers and alternative payment methods.
Our payouts business grew 17% QoQ and over 50% YoY. The quarterly pick up is particularly interesting, and driven by a strong Q1 ramp-up in remittance corridors for our partners. This growing number of corridors not only represents an interesting vertical in itself, but it also fosters opportunities for cross border growth in pay-ins as it improves the liquidity and pricing we can offer our merchants.
We believe nothing sets us up better for long term success than this kind of sustained TPV growth compounding over multiple years.
As we move down our P&L, the quarter is less of a clear cut success than our TPV growth indicates. We delivered solid revenue growth, north of 30% YoY, while gross profit growth was relatively flat, at 2% YoY. Revenue and gross profit decreased 2% and 10% QoQ. Mixed results during the first quarter are explained by a few relevant drivers: i) one of our largest merchants achieved a new level in our tiered pricing scheme, and also re-negotiated fees, as their contract came up for renewal. Given our still relatively high concentration on Top 10 merchants, such a higher volume price tiering alongside the renegotiation directly impacted our revenue growth; ii) our product mix shifted towards lower monetizing pay-out volumes, with core pay-in verticals such as e-commerce and advertising are seasonally weaker in Q1; iii) delays from our merchants in a few important new launches that were scheduled for Q1 slowing down anticipated volume ramp-ups; iv) tighter FX spreads in Argentina and lower cross-border mix compared to a year ago.
From a geographic standpoint, we saw very strong performance in our key markets, Brazil and Mexico, with revenues increasing 89% and 50% YoY respectively, and gross profit growing, 63% and 44% YoY, respectively. The weaker QoQ performance was driven by seasonality in the commerce vertical, in addition to the higher volume price tiering alongside the renegotiation of this top merchant. In Mexico, although revenues dropped, gross profit grew driven by improvements in our cost structure as we gained scale and negotiating power vis-à-vis processors. In Africa and Asia, we saw strong revenue and gross profit growth, increasing by 51% and 60% YoY, respectively.
We decided to sustain our planned investment increases as we continue building dLocal for the long-term, despite the gross profit presented in this quarter. The main areas of expense increases QoQ were: tech-related expenses, including engineers, software licenses and infrastructure expenses; and salaries and wages across our operations, compliance and finance teams. We net added 50 FTEs during the quarter, growing our global team to 951 people, with most of the hires in tech, sales and operations in Uruguay, Argentina, Brazil and Spain. As a result, the higher OPEX alongside the weaker gross profit, led to Adjusted EBITDA of $37M declining 19% YoY and 25% QoQ.
Although we acknowledge the quarterly gross profit results are disappointing, we do not see a structural issue. Trend-wise, performance improved as the quarter progressed, with a weak first two months of the year, totalling $37M, while March gross profit came in at $25M, above the monthly average for Q4. We are confident our gross profit will rebound, and we view these OPEX investments in capability building, internal mechanisms, and technology, as strategic for our long term success.
Our liquidity position remains robust, ending 1Q24 with US$320 million of funds, including US$212 million of available cash for general corporate purposes and US$108 million of short-term investments. Considering the robust cash position, the Board has authorised a new share repurchase program to purchase Class A common shares of up to $200 million dollars. The plan will expire on the earliest of May 2025 or upon reaching the $200 million dollar repurchase limit. The share repurchases may be made from time to time through open market transactions, block trades, privately negotiated transactions or otherwise, and are subject to market and business conditions, levels of available liquidity, cash requirements for other purposes, regulatory considerations, and other relevant factors. This share repurchase program underpins our confidence in the prospects of our business and our ability to continue to generate sufficient future cash to carry out our ambitious strategic plan.
Our actual performance versus guidance will hinge mainly on our own execution, but will be affected by a few exogenous variables: macroeconomic conditions, merchant go-live timing on signed contracts, and regulatory changes, and FX rates, to name a few. We manage and de-risk these variables as much as possible, but they still hold a level of unpredictability that is characteristic of emerging markets. That is simply the reality of our business. As we continue to gain scale and improve our diversification in terms of revenues and geographies, we believe these variables will impact to a lesser extent our results.
With that context in mind, we are working on delivering on our 2024 guidance. At this point, and to the best of our current data and expectations, we believe we are tracking towards those objectives, although with greater likelihood of coming in towards the lower end of the issued ranges.
I want to close by thanking our global team, our valued customers, and our investors for their continued support. The year just started and we see plenty of opportunities and growth, but most importantly, we continue to have a high conviction in our massive opportunity in the long run. The share buyback is a testament of this conviction. We steer our business for decades, not quarters. We remain fully committed to realizing our long-term ambition: unlocking the potential of emerging markets.” said Pedro Arnt, CEO of dLocal
First quarter 2024 Financial Highlights
The following table summarizes our key performance metrics:
| Three months ended 31 of March | ||||||
| 2024 | 2023 | % change | ||||
| Key Performance metrics | (In millions of US$ except for %) | |||||
| TPV | 5,310 | 3,574 | 49% | |||
| Revenue | 184.4 | 137.3 | 34% | |||
| Gross Profit | 63.0 | 61.8 | 2% | |||
| Gross Profit margin | 34 | % | 45 | % | -11p.p | |
| Adjusted EBITDA | 36.8 | 45.5 | -19% | |||
| Adjusted EBITDA margin | 20 | % | 33 | % | -13p.p | |
| Adjusted EBITDA/Gross Profit | 58 | % | 74 | % | -15p.p | |
| Profit | 17.7 | 35.5 | -50% | |||
| Profit margin | 10 | % | 26 | % | -16p.p | |
First quarter 2024 Business Highlights
The tables below present a breakdown of dLocal’s TPV by product and type of flow:
| In millions of US$ except for % | Three months ended 31 of March | |||||
| 2024 | % share | 2023 | % share | |||
| Pay-ins | 3,657 | 69% | 2,503 | 70% | ||
| Pay-outs | 1,653 | 31% | 1,072 | 30% | ||
| Total TPV | 5,310 | 100% | 3,574 | 100% | ||
| In millions of US$ except for % | Three months ended 31 of March | |||||
| 2024 | % share | 2023 | % share | |||
| Cross-border | 2,426 | 46% | 1,960 | 55% | ||
| Local-to-local | 2,884 | 54% | 1,615 | 45% | ||
| Total TPV | 5,310 | 100% | 3,574 | 100% | ||
The tables below present a breakdown of dLocal’s revenue by geography:
| In millions of US$ except for % | Three months ended 31 of March | |||||
| 2024 | % share | 2023 | % share | |||
| Latin America | 125.4 | 68% | 98.2 | 72% | ||
| Brazil | 43.1 | 23% | 22.8 | 17% | ||
| Argentina | 13.8 | 7% | 20.0 | 15% | ||
| Mexico | 34.0 | 18% | 22.7 | 17% | ||
| Chile | 12.4 | 7% | 14.2 | 10% | ||
| Other LatAm | 22.1 | 12% | 18.5 | 13% | ||
| Africa & Asia | 59.0 | 32% | 39.0 | 28% | ||
| Nigeria | 7.2 | 4% | 26.9 | 20% | ||
| Egypt | 39.0 | 21% | 3.5 | 3% | ||
| Other Africa & Asia | 12.8 | 7% | 8.7 | 6% | ||
| Total Revenue | 184.4 | 100% | 137.3 | 100% | ||
The tables below present a breakdown of dLocal’s gross profit by geography:
| In millions of US$ except for % | Three months ended 31 of March | |||||
| 2024 | % share | 2023 | % share | |||
| Latin America | 48.6 | 77% | 52.8 | 85% | ||
| Brazil | 17.9 | 28% | 11.0 | 18% | ||
| Argentina | 5.2 | 8% | 17.8 | 29% | ||
| Mexico | 9.9 | 16% | 6.9 | 11% | ||
| Chile | 7.5 | 12% | 9.1 | 15% | ||
| Other LatAm | 8.1 | 13% | 8.0 | 13% | ||
| Africa & Asia | 14.4 | 23% | 9.0 | 15% | ||
| Nigeria | 0.5 | 1% | 2.4 | 4% | ||
| Egypt | 10.3 | 16% | 2.7 | 4% | ||
| Other Africa & Asia | 3.6 | 6% | 3.9 | 6% | ||
| Total Gross Profit | 63.0 | 100% | 61.8 | 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 | Three months ended 31 of March | |
| 2024 | 2023 | |
| Profit for the period | 17,718 | 35,450 |
| Income tax expense | 7,114 | 4,281 |
| Depreciation and amortization | 3,762 | 2,515 |
| Finance income and costs, net | (299) | (1,391) |
| Share-based payment non-cash charges | 4,461 | 2,329 |
| Other operating loss¹ | 1,819 | - |
| Impairment loss / (gain) on financial assets | (177) | 51 |
| Inflation adjustment | 2,368 | 1,019 |
| Other non-recurring costs² | - | 1,229 |
| Adjusted EBITDA | 36,766 | 45,483 |
Note: ¹In Q1 2024, the company wrote-off certain amounts related to merchants off-boarded by dLocal. ²It 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.
Special note regarding Adjusted Net Income
Adjusted Net Income is a non-IFRS financial measure. As used by dLocal Adjusted net income is defined as the profit for the period (net income) excluding impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges, secondary offering expenses, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA in page 9). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds and the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds. In addition, it excludes the inflation adjustment based on IFRS rules for hyperinflationary economies. We believe Adjusted Net Income is a useful measure for understanding our results for operations while excluding for certain non-cash effects such as currency devaluation and inflation. Our calculation for Adjusted Net Income may differ from similarly-titled measures presented by other companies and should not be considered in isolation or as a replacement for our measure of profit for the period as presented in accordance with IFRS.
The table below presents a reconciliation of dLocal’s Adjusted net income:
| $ in thousands | Three months ended 31 of March | |||
| 2024 | 2023 | |||
| Net income as reported | 17,718 | 35,450 | ||
| Inflation adjustment | 2,368 | 1,019 | ||
| Loan - exchange difference | 6,729 | - | ||
| Fair value (loss) / gains of financial assets at FVTPL (bonds) | (10,815 | ) | (89 | ) |
| Impairment loss / (gain) on financial assets | (177 | ) | 51 | |
| Share-based payment non-cash charges | 4,461 | 2,329 | ||
| Other operating (gain)/loss | 1,819 | - | ||
| Other non-recurring costs | - | 1,229 | ||
| Tax on adjustments | (1,361 | ) | (31 | ) |
| Adjusted net income | 20,742 | 39,958 | ||
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 period ended March 31, 2024.
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.
| Three months ended 31 of March | ||
| 2024 | 2023 | |
| Profit attributable to common shareholders (thousands USD) | 17,708 | 35,444 |
| Weighted average number of common shares | 296,093,840 | 295,125,862 |
| Adjustments for calculation of diluted earnings per share | 14,028,247 | 16,441,184 |
| Weighted average number of common shares for calculating diluted earnings per share | 310,122,087 | 311,567,046 |
| Basic earnings per share | 0.06 | 0.12 |
| Diluted earnings per share | 0.06 | 0.11 |
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, whereas the annual results for the year ended December 31, 2023 are audited.
Conference call and webcast dLocal’s management team will host a conference call and audio webcast on May 14th, 2024 at 5:00 p.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 40 countries across Africa, Asia, and Latin America. 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, including in respect of guidance provided previously regarding our total payment volume, gross profit, Adjusted EBITDA, gross profit CAGR and Adjusted EBITDA over gross profit margin. Forward-looking statements regarding dLocal and our ability to achieve our guidance ranges are based on current management expectations and 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 Limited Certain financial information Consolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. dollars, except per share amounts)
| Three months ended 31 of March | ||||
| 2024 | 2023 | |||
| Continuing operations | ||||
| Revenues | 184,430 | 137,287 | ||
| Cost of services | (121,459 | ) | (75,450 | ) |
| Gross profit | 62,971 | 61,837 | ||
| Technology and development expenses | (5,465 | ) | (2,290 | ) |
| Sales and marketing expenses | (4,631 | ) | (4,857 | ) |
| General and administrative expenses | (24,332 | ) | (15,280 | ) |
| Impairment (loss)/gain on financial assets | 177 | (51 | ) | |
| Other operating (loss)/gain | (1,819 | ) | - | |
| Operating profit | 26,901 | 39,359 | ||
| Finance income | 18,257 | 6,988 | ||
| Finance costs | (17,958 | ) | (5,597 | ) |
| Inflation adjustment | (2,368 | ) | (1,019 | ) |
| Other results | (2,069 | ) | 372 | |
| Profit before income tax | 24,832 | 39,731 | ||
| Income tax expense | (7,114 | ) | (4,281 | ) |
| Profit for the period | 17,718 | 35,450 | ||
| Profit attributable to: | ||||
| Owners of the Group | 17,708 | 35,444 | ||
| Non-controlling interest | 10 | 6 | ||
| Profit for the period | 17,718 | 35,450 | ||
| Earnings per share (in USD) | ||||
| Basic Earnings per share | 0.06 | 0.12 | ||
| Diluted Earnings per share | 0.06 | 0.11 | ||
| Other comprehensive income | ||||
| Items that may be reclassified to profit or loss: | ||||
| Exchange difference on translation on foreign operations | (669 | ) | 1,488 | |
| Other comprehensive income for the period, net of tax | (669 | ) | 1,488 | |
| Total comprehensive income for the period, net of tax | 17,049 | 36,938 | ||
| Total comprehensive income for the period | ||||
| Owners of the Group | 17,036 | 36,934 | ||
| Non-controlling interest | 13 | 4 | ||
| Total comprehensive income for the period | 17,049 | 36,938 | ||
dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Financial Position as of March 31, 2024 and December 31, 2023 (In thousands of U.S. dollars)
| 31 of March, 2024 | 31 of December, 2023 | |||
| ASSETS | ||||
| Current Assets | ||||
| Cash and cash equivalents | 572,357 | 536,160 | ||
| Financial assets at fair value through profit or loss | 107,777 | 102,677 | ||
| Trade and other receivables | 396,387 | 363,374 | ||
| Derivative financial instruments | 2,256 | 2,040 | ||
| Other assets | 8,563 | 11,782 | ||
| Total Current Assets | 1,087,340 | 1,016,033 | ||
| Non-Current Assets | ||||
| Financial assets at fair value through profit or loss | - | 1,710 | ||
| Deferred tax assets | 2,183 | 2,217 | ||
| Property, plant and equipment | 3,454 | 2,917 | ||
| Right-of-use assets | 3,538 | 3,689 | ||
| Intangible assets | 59,485 | 57,887 | ||
| Total Non-Current Assets | 68,660 | 68,420 | ||
| TOTAL ASSETS | 1,156,000 | 1,084,453 | ||
| LIABILITIES | ||||
| Current Liabilities | ||||
| Trade and other payables | 650,184 | 602,493 | ||
| Lease liabilities | 699 | 626 | ||
| Tax liabilities | 21,503 | 20,800 | ||
| Derivative financial instruments | 891 | 948 | ||
| Provisions | 366 | 362 | ||
| Total Current Liabilities | 673,643 | 625,229 | ||
| Non-Current Liabilities | ||||
| Deferred tax liabilities | 2,452 | 753 | ||
| Lease liabilities | 3,163 | 3,331 | ||
| Total Non-Current Liabilities | 5,615 | 4,084 | ||
| TOTAL LIABILITIES | 679,258 | 629,313 | ||
| EQUITY | ||||
| Share Capital | 591 | 591 | ||
| Share Premium | 73,157 | 73,065 | ||
| Capital Reserve | 26,036 | 21,575 | ||
| Other Reserves | (10,208 | ) | (9,808 | ) |
| Retained earnings | 387,044 | 369,608 | ||
| Total Equity Attributable to owners of the Group | 476,620 | 455,031 | ||
| Non-controlling interest | 122 | 109 | ||
| TOTAL EQUITY | 476,742 | 455,140 | ||
dLocal Limited Certain interim financial information Consolidated Condensed Interim Statements of Cash flows for the three-month period ended March 31, 2024 and 2023 (In thousands of U.S. dollars)
| Three months ended 31 of March | ||||
| 2024 | 2023 | |||
| Cash flows from operating activities | ||||
| Profit before income tax | 24,832 | 39,731 | ||
| Adjustments: | ||||
| Interest income from financial instruments | (7,442 | ) | (6,899 | ) |
| Interest charges for lease liabilities | 43 | 43 | ||
| Other finance expense | 127 | 437 | ||
| Finance expense related to derivative financial instruments | 9,878 | 5,235 | ||
| Net exchange differences | 7,637 | 531 | ||
| Fair value gain on financial assets at fair value through profit or loss | (10,815 | ) | (89 | ) |
| Amortization of Intangible assets | 3,424 | 2,176 | ||
| Depreciation of Property, plant and equipment and right-of-use | 338 | 339 | ||
| Disposals of property, plant and equipment, intangible assets and right-of-use asset | 62 | - | ||
| Share-based payment expense, net of forfeitures | 4,461 | 2,329 | ||
| Other operating loss/(gain) | 1,819 | - | ||
| Net Impairment loss/(gain) on financial assets | (177 | ) | 51 | |
| Inflation adjustment | (5,892 | ) | - | |
| 28,295 | 43,884 | |||
| Changes in working capital | ||||
| Increase in Trade and other receivables | (32,836 | ) | (9,074 | ) |
| Decrease/(increase) in Other assets | 3,219 | 13,754 | ||
| Increase in Trade and other payables | 45,964 | 41,378 | ||
| Decrease in Tax Liabilities | (1,120 | ) | (1,062 | ) |
| Decrease/(increase) in Provisions | 4 | (305 | ) | |
| Cash from operating activities | 43,526 | 88,575 | ||
| Income tax paid | (3,558 | ) | (4,042 | ) |
| Net cash from operating activities | 39,968 | 84,533 | ||
| Cash flows from investing activities | ||||
| Acquisitions of Property, plant and equipment | (786 | ) | (49 | ) |
| Additions of Intangible assets | (5,022 | ) | (3,806 | ) |
| Net collections/acquisitions of financial assets at FVPL | (243 | ) | 1,045 | |
| Interest collected from financial instruments | 7,442 | 6,820 | ||
| Net cash used in investing activities | 1,391 | 4,010 | ||
| Cash flows from financing activities | ||||
| Repurchase of shares | - | (36,918 | ) | |
| Share-options exercise | - | 69 | ||
| Interest payments on lease liability | (43 | ) | (43 | ) |
| Principal payments on lease liability | (95 | ) | (130 | ) |
| Finance expense paid related to derivative financial instruments | (10,151 | ) | (2,153 | ) |
| Other finance expense paid | (127 | ) | (437 | ) |
| Net cash (used in) / provided by financing activities | (10,416 | ) | (39,612 | ) |
| Net increase in cash flow | 30,943 | 48,931 | ||
| Cash and cash equivalents at the beginning of the period | 536,160 | 468,092 | ||
| Net increase in cash flow | 30,943 | 48,931 | ||
| Effects of exchange rate changes on cash and cash equivalents | 5,254 | 869 | ||
| Cash and cash equivalents at the end of the period | 572,357 | 517,892 | ||
Investor Relations Contact: investor@dlocal.com Media Contact: media@dlocal.com
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