dLocal Reports 2024 Fourth Quarter Financial Results
dLocal (NASDAQ:DLO) reported strong Q4 and full-year 2024 financial results. Total Payment Volume (TPV) reached a record $7.7B in Q4, up 51% YoY and 18% QoQ. Full-year TPV hit $25.6B, growing 45% YoY.
Q4 revenue reached $204M, up 9% YoY and 10% QoQ, while full-year revenue was $746M, up 15% YoY. Q4 gross profit increased 20% YoY to $84M, with full-year gross profit at $295M, up 6% YoY. Q4 Adjusted EBITDA grew 16% YoY to $57M, though full-year EBITDA declined 7% YoY to $189M.
For 2025 guidance, dLocal expects TPV growth of 35-45% YoY, revenue growth of 25-35% YoY, gross profit growth of 20-25% YoY, and Adjusted EBITDA growth of 20-30% YoY. The company has discontinued its mid-term guidance due to emerging market volatility.
dLocal (NASDAQ:DLO) ha riportato risultati finanziari solidi per il Q4 e per l'intero anno 2024. Il Volume Totale dei Pagamenti (TPV) ha raggiunto un record di 7,7 miliardi di dollari nel Q4, in aumento del 51% rispetto all'anno precedente e del 18% rispetto al trimestre precedente. Il TPV dell'intero anno ha raggiunto 25,6 miliardi di dollari, con una crescita del 45% rispetto all'anno precedente.
Le entrate del Q4 hanno raggiunto 204 milioni di dollari, in aumento del 9% rispetto all'anno precedente e del 10% rispetto al trimestre precedente, mentre le entrate per l'intero anno sono state di 746 milioni di dollari, in crescita del 15% rispetto all'anno precedente. Il profitto lordo del Q4 è aumentato del 20% rispetto all'anno precedente, raggiungendo 84 milioni di dollari, con un profitto lordo per l'intero anno di 295 milioni di dollari, in aumento del 6% rispetto all'anno precedente. L'EBITDA rettificato del Q4 è cresciuto del 16% rispetto all'anno precedente, raggiungendo 57 milioni di dollari, mentre l'EBITDA per l'intero anno è diminuito del 7% rispetto all'anno precedente, attestandosi a 189 milioni di dollari.
Per le previsioni del 2025, dLocal prevede una crescita del TPV del 35-45% rispetto all'anno precedente, una crescita delle entrate del 25-35% rispetto all'anno precedente, una crescita del profitto lordo del 20-25% rispetto all'anno precedente e una crescita dell'EBITDA rettificato del 20-30% rispetto all'anno precedente. L'azienda ha interrotto le sue previsioni a medio termine a causa della volatilità dei mercati emergenti.
dLocal (NASDAQ:DLO) reportó resultados financieros sólidos para el Q4 y para todo el año 2024. El Volumen Total de Pagos (TPV) alcanzó un récord de 7.7 mil millones de dólares en el Q4, un aumento del 51% interanual y del 18% trimestral. El TPV del año completo alcanzó 25.6 mil millones de dólares, creciendo un 45% interanual.
Los ingresos del Q4 alcanzaron 204 millones de dólares, un aumento del 9% interanual y del 10% trimestral, mientras que los ingresos del año completo fueron de 746 millones de dólares, un aumento del 15% interanual. El beneficio bruto del Q4 aumentó un 20% interanual a 84 millones de dólares, con un beneficio bruto para el año completo de 295 millones de dólares, un crecimiento del 6% interanual. El EBITDA ajustado del Q4 creció un 16% interanual a 57 millones de dólares, aunque el EBITDA del año completo disminuyó un 7% interanual a 189 millones de dólares.
Para las proyecciones de 2025, dLocal espera un crecimiento del TPV del 35-45% interanual, un crecimiento de los ingresos del 25-35% interanual, un crecimiento del beneficio bruto del 20-25% interanual y un crecimiento del EBITDA ajustado del 20-30% interanual. La compañía ha suspendido su guía a medio plazo debido a la volatilidad del mercado emergente.
dLocal (NASDAQ:DLO)은 2024년 4분기 및 연간 재무 결과가 강력하다고 보고했습니다. 총 결제 금액 (TPV)은 4분기에 77억 달러로 기록을 세웠으며, 이는 전년 대비 51% 증가하고 전 분기 대비 18% 증가한 수치입니다. 연간 TPV는 256억 달러에 달하며, 이는 전년 대비 45% 성장한 것입니다.
4분기 수익은 2억 4천만 달러에 달하며, 이는 전년 대비 9% 증가하고 전 분기 대비 10% 증가한 것입니다. 연간 수익은 7억 4천6백만 달러로, 전년 대비 15% 증가했습니다. 4분기 총 이익은 전년 대비 20% 증가하여 8천4백만 달러에 달했고, 연간 총 이익은 2억 9천5백만 달러로, 전년 대비 6% 증가했습니다. 4분기 조정 EBITDA는 전년 대비 16% 증가하여 5천7백만 달러에 달했지만, 연간 EBITDA는 전년 대비 7% 감소하여 1억 8천9백만 달러로 나타났습니다.
2025년 가이던스에 따르면, dLocal은 TPV가 전년 대비 35-45% 성장하고, 수익이 전년 대비 25-35% 증가하며, 총 이익이 전년 대비 20-25% 증가하고, 조정 EBITDA가 전년 대비 20-30% 증가할 것으로 예상하고 있습니다. 이 회사는 신흥 시장의 변동성으로 인해 중기 가이던스를 중단했습니다.
dLocal (NASDAQ:DLO) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année entière 2024. Le Volume Total des Paiements (TPV) a atteint un record de 7,7 milliards de dollars au quatrième trimestre, en hausse de 51 % par rapport à l'année précédente et de 18 % par rapport au trimestre précédent. Le TPV pour l'année entière a atteint 25,6 milliards de dollars, avec une croissance de 45 % par rapport à l'année précédente.
Les revenus du quatrième trimestre ont atteint 204 millions de dollars, en hausse de 9 % par rapport à l'année précédente et de 10 % par rapport au trimestre précédent, tandis que les revenus de l'année entière ont été de 746 millions de dollars, en hausse de 15 % par rapport à l'année précédente. Le bénéfice brut du quatrième trimestre a augmenté de 20 % par rapport à l'année précédente pour atteindre 84 millions de dollars, avec un bénéfice brut pour l'année entière de 295 millions de dollars, en hausse de 6 % par rapport à l'année précédente. L'EBITDA ajusté du quatrième trimestre a crû de 16 % par rapport à l'année précédente pour atteindre 57 millions de dollars, bien que l'EBITDA pour l'année entière ait diminué de 7 % par rapport à l'année précédente pour s'établir à 189 millions de dollars.
Pour les prévisions 2025, dLocal s'attend à une croissance du TPV de 35 à 45 % par rapport à l'année précédente, une croissance des revenus de 25 à 35 % par rapport à l'année précédente, une croissance du bénéfice brut de 20 à 25 % par rapport à l'année précédente et une croissance de l'EBITDA ajusté de 20 à 30 % par rapport à l'année précédente. La société a suspendu ses prévisions à moyen terme en raison de la volatilité des marchés émergents.
dLocal (NASDAQ:DLO) hat starke finanzielle Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet. Das Gesamtzahlungsvolumen (TPV) erreichte im 4. Quartal mit 7,7 Milliarden US-Dollar einen Rekord, was einem Anstieg von 51% im Jahresvergleich und 18% im Quartalsvergleich entspricht. Das TPV für das gesamte Jahr belief sich auf 25,6 Milliarden US-Dollar, was einem Wachstum von 45% im Jahresvergleich entspricht.
Die Einnahmen im 4. Quartal betrugen 204 Millionen US-Dollar, was einem Anstieg von 9% im Jahresvergleich und 10% im Quartalsvergleich entspricht, während die Einnahmen für das gesamte Jahr 746 Millionen US-Dollar betrugen, was einem Anstieg von 15% im Jahresvergleich entspricht. Der Bruttogewinn im 4. Quartal stieg im Jahresvergleich um 20% auf 84 Millionen US-Dollar, während der Bruttogewinn für das gesamte Jahr 295 Millionen US-Dollar betrug, was einem Anstieg von 6% im Jahresvergleich entspricht. Das bereinigte EBITDA im 4. Quartal wuchs im Jahresvergleich um 16% auf 57 Millionen US-Dollar, während das EBITDA für das gesamte Jahr im Jahresvergleich um 7% auf 189 Millionen US-Dollar zurückging.
Für die Prognose 2025 erwartet dLocal ein TPV-Wachstum von 35-45% im Jahresvergleich, ein Umsatzwachstum von 25-35% im Jahresvergleich, ein Bruttogewinnwachstum von 20-25% im Jahresvergleich und ein bereinigtes EBITDA-Wachstum von 20-30% im Jahresvergleich. Das Unternehmen hat seine mittelfristigen Prognosen aufgrund der Volatilität der Schwellenmärkte eingestellt.
- Record Q4 TPV of $7.7B, up 51% YoY
- Q4 gross profit up 20% YoY to $84M
- Q4 Adjusted EBITDA increased 16% YoY to $57M
- Strong cross-border volume growth of 67% YoY
- Net Revenue Retention Rate of 106%
- Full-year Adjusted EBITDA declined 7% YoY
- Net take rate decreased to 1.1% from 1.4% YoY
- Operating expenses grew 44% YoY
- Discontinued mid-term guidance due to market volatility
- Cash position decreased by $111M YoY
Insights
dLocal's Q4 and full-year 2024 results reveal a company successfully scaling in emerging markets while navigating significant headwinds. The record $7.7 billion Q4 TPV (up 51% YoY) demonstrates impressive transaction growth, but the 9% revenue growth to $204 million highlights substantial take rate compression. This divergence is even more pronounced when examining constant currency figures, where TPV growth would have been 81% and revenue growth 42%, revealing the significant impact of emerging market currency devaluations on reported results.
The company's net take rate compressed to 1.1%, down from 1.4% a year ago, reflecting both the natural progression of larger merchants reaching lower pricing tiers and the increased share of payout transactions. This compression appears structural rather than competitive, as dLocal maintains strong merchant relationships evidenced by the 106% Net Revenue Retention Rate for Q4.
What's particularly noteworthy is dLocal's strategic shift toward frontier markets, with significant growth contributions from Egypt, Argentina, and other Africa/Asia markets. This geographic diversification helps offset challenges in more established regions like Brazil, where new payment orchestration options have reduced take rates despite recovering volumes.
The 44% year-over-year increase in operating expenses reflects substantial investments in product development and IT capabilities (up 70% YoY), explaining why full-year adjusted EBITDA declined 7% despite revenue growth. These investments appear disciplined, as Q4 adjusted EBITDA still grew 16% YoY to $57 million with margins improving to 68% of gross profit.
The $135.4 million quarter-over-quarter decrease in cash position warrants attention, as it stems from temporary settlement delays and changes in merchant payment timing rather than operational issues. However, this working capital volatility is characteristic of payment companies operating in emerging markets.
For 2025, the guidance of 35-45% TPV growth coupled with 25-35% revenue growth signals continued take rate pressure, though at a more moderate pace than 2024. The discontinuation of mid-term guidance reflects the inherent volatility of emerging markets rather than reduced confidence in the business model.
dLocal's Q4 results demonstrate the company's unique positioning in emerging market payments, with cross-border TPV surging 67% year-over-year to $3.7 billion despite significant currency devaluations across key markets. The constant currency revenue growth of 42% versus reported 9% reveals the massive headwind from emerging market FX volatility, particularly in Argentina where the peso lost over 50% of its value during 2024.
The company's strategic pivot toward frontier markets is yielding results, with Egypt emerging as a standout performer driving quarter-over-quarter revenue growth. This geographic diversification is important as it reduces dependency on Brazil and Argentina, which have historically dominated dLocal's revenue mix. The regulatory investments are paying dividends, with 9 new licenses obtained in 2024, including the UK FCA authorization that strengthens dLocal's competitive moat in cross-border payments.
The significant shift in transaction mix deserves attention - pay-outs growing 68% YoY versus pay-ins at 44% reflects increasing demand for disbursement services like remittances and marketplace payouts. While this diversifies revenue streams, it also contributes to take rate compression as payout transactions typically carry lower margins than payment acceptance.
Working capital volatility remains a concern, with the $135.4 million decrease in cash position quarter-over-quarter attributed to settlement timing. This pattern is common in emerging market payment processors but creates challenges in predicting cash conversion cycles, especially when operating across markets with varying settlement regulations.
The discontinuation of mid-term guidance signals recognition of the inherent unpredictability in emerging markets rather than lack of confidence. Argentina's economic policy shifts, Brazil's evolving payment regulations, and currency volatility across Africa and Asia make multi-year projections increasingly speculative.
Competition is intensifying as global payment giants like Adyen and Stripe expand their emerging market capabilities, while local champions like Mercado Pago in Latin America gain scale. dLocal's advantage remains its specialized focus on difficult-to-serve markets and deep local integration, but maintaining this edge requires continued investment in technology and regulatory compliance.
For 2025, the projected gap between TPV growth (35-45%) and revenue growth (25-35%) indicates ongoing take rate pressure, though at a more moderate pace than 2024. This suggests dLocal is finding equilibrium between volume growth and pricing power as it scales across more diversified geographies.
Full Year 2024 results
US
Revenue of US
Gross Profit of US
Adjusted EBITDA of US
Fourth Quarter 2024
US
Revenue of US
Gross Profit of US
Adjusted EBITDA of US
- Record TPV of
$26 billion , a strong growth to45% YoY with mix continuing to move to newer more attractive markets, while core markets rebounded from Q3 softness;
- Revenue and gross profits hitting record highs of
$746 million and$295 million , respectively;
- Adjusted EBITDA to GP margins closing out the year at
64% , but improving consistently as the year progressed.
dLocal reports in US dollars and in accordance with IFRS as issued by the IASB
MONTEVIDEO, Uruguay, Feb. 27, 2025 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology - first payments platform today announced its financial results for the fourth quarter ended December 31, 2024..
As we walk through a review of our performance over the past quarter and year, and as we have repeatedly mentioned, we think of five pillars underpinning dLocal's investment thesis:
- A massive addressable market, given the untapped potential of emerging and frontier markets as they digitize payments and merchants go to market throughout the Global South.
85% of the world's population resides in emerging markets1, and two thirds of global growth by 2035 will come from there2. - Consistent high top line growth, driven by a proven track record of delivering value to the world’s most sophisticated global digital merchants that has allowed us to capture a market leading share of this expanding TAM.
- Attractive margin business with potential to deliver operational leverage once we have laid the foundational blocks and further scale benefits kick in.
- Strong cash generating financial model as Net Income converts well into FCF.
- Investment in product development capabilities to drive growth through new categories, products, feature innovations, and potential M&A activity.
Our FY 2024 results affirm the investment thesis, highlighted by a record TPV of
These strong 2024 results should be seen in the context of a weak first quarter followed by progressively stronger quarter-over-quarter performance, and the continuation of an investment cycle aimed at achieving greater scalability for our business.
Building on last quarter's positive trend, our TPV grew over
Revenues surpassed the milestone of over
Our growth continues to reinforce our position as a trusted partner for global companies seeking to do business across emerging markets, with performance coming from a well diversified list of countries, with notable contributions from Argentina, Egypt, Other LatAm and Other Africa and Asia markets. As a result of our expansion into more frontier markets, we also continue to see solid growth in our cross-border volumes.
In terms of profitability, we reached a record gross profit of
Despite the ongoing step up in investments in our engineering team, operational capabilities, and license portfolio to support our long-term growth ambitions, our Adjusted EBITDA hit a record
Cash generation was also solid, as we continue to increase free cash available to deploy behind our capital allocation strategy. This sustained cash generation increases our flexibility when thinking through M&A, buybacks or re-investing in a disciplined manner back into the business.
In 2024, we added 9 licenses and registrations, including the UK FCA's Authorised Payment Institution license, which enhances our competitive edge and demonstrates our commitment to compliant practices and regulatory oversight.
To sum up, Q4 marked the successful end to 2024 in terms of consistent TPV growth, controlled take rate decline, and balance of investment for future growth with a healthy margin and free cash profile.
Looking ahead to our 2025 guidance5, we expect a strong TPV growth of
Considering those assumptions, we should expect a net take rate compression while delivering high TPV growth even at our scale. Over the midterm, we will work to maintain strong TPV while recognizing that given the extremely strong levels of TPV retention we deliver, our larger merchants will continue to attain lower pricing tiers. We will strive to offset this effect through growth in higher take rate new verticals, natural mix shift towards higher take rate frontier markets, and new revenue streams through product launches.
This guidance highlights that our combination of revenue growth, margin structure and free cash generation is not that common. There are not that many companies today who are as profitable as we are, growing revenues at the pace we are growing, and consistently generating free cash.
As known, our business thrives in fast-growing, dynamic markets with massive opportunities in digital payments across emerging markets, driven by strong demand and long-term growth trends. However, these markets also bring volatility from macroeconomic shifts, regulatory changes, and currency fluctuations. While we are confident in our long-term high-growth potential, providing mid-term guidance may not accurately reflect the predictability over a multi-year timeframe. For this reason, we have made the decision to discontinue mid-term guidance. We will continue to focus on delivering strong operational execution so as to hit the annual targets we disclose.
Looking ahead to 2025, we are confident in our ability to sustain momentum. Our investments in technology, product innovation, and market expansion position us well for growth. Despite the volatility of emerging markets, our disciplined scaling, local expertise, and commitment to delivering value to merchants will differentiate us. Our strategy focuses on capturing the potential of digital payments in high-growth regions, driving operational efficiencies, and reinforcing market leadership. We are excited about the opportunities ahead and committed to executing with the same rigor and discipline that have defined our success.
1 Source: Euromonitor International: Reaching the emerging middle class beyond BRIC; 2 Source: S&P Global Market Intelligence. 3 Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation; 4 Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation; 5 please see Full year 2025 outlook on slide 23 of Q4 2024 Earnings Presentation.
Fourth quarter 2024 financial highlights
- Total Payment Volume (“TPV”) reached a record US
$7.7 billion in the fourth quarter, up51% year-over-year compared to US$5.1 billion in the fourth quarter of 2023 and up18% compared to US$6.5 billion in the third quarter of 2024. In constant currencies1, TPV growth for the period would have been81% year-over-year.
- Revenues amounted to US
$204.5 million , up9% year-over-year compared to US$188.0 million in the fourth quarter of 2023 and up10% compared to US$185.8 million in the third quarter of 2024. This quarter-over-quarter increase was mostly driven by volume increase in Egypt, as well as positive results in Other LatAm and Other Africa and Asia, with notable performance in South Africa, Turkey, Colombia and Ecuador. In constant currencies1, revenue growth for the period would have been42% year-over-year.
- Gross profit was US
$83.7 million in the fourth quarter of 2024, up20% compared to US$69.7 million in the fourth quarter of 2023 and up7% compared to US$78.2 million in the third quarter of 2024. The improvement in gross profit quarter-over-quarter was primarily due to volume growth in Argentina, Egypt, Nigeria and Turkey. These positive factors were partially offset by (i) Mexico, given the higher growth of Tier 0 merchants coupled with a shift in the payment mix; (ii) Brazil, given the lower take rates from the new Payment Orchestration option launched in the third quarter of 2024 (which positively allowed for volume recovery versus the prior quarter) and shift in the payment mix; and (iii) Other LatAm markets, that despite delivering positive volume performance, on a quarter-over-quarter comparison was impacted by the strong growth in Q3 from wider FX spreads in certain smaller markets, as disclosed in the previous quarterly results.
- As a result, gross profit margin was
41% in this quarter, compared to37% in the fourth quarter of 2023 and42% in the third quarter of 2024.
- Gross profit over TPV was at
1.1% decreasing from1.4% in the fourth quarter of 2023 and from1.2% compared to the third quarter of 2024.
- Operating income was US
$42.3 million , up3% compared to US$41.0 million in the fourth quarter of 2023 and up3% compared to US$41.1 million in the third quarter of 2024, as we resumed the pace of certain investments in building out our capabilities. In this context, operating expenses grew by44% year-over-year, with most of the growth allocated to Product Development & IT capabilities, with these expenses increasing by70% year-over-year while combined Sales and Marketing (S&M) and G&A expenses grew by29% . On the sequential comparison, operating expenses increased12% quarter-over-quarter, a reflection of (i) growth in combined S&M and G&A expenses, driven by continued investment in operating capabilities and marketing investments; and (ii) slightly down tech and development expenses as increases in headcount were offset by reductions in other IT expenditures.
- As a result, Adjusted EBITDA was US
$56.9 million , up16% compared to US$49.2 million in the fourth quarter of 2023 and up9% compared to US$52.4 million in the third quarter of 2024.
- Adjusted EBITDA margin was
28% , compared to the26% recorded in the fourth quarter of 2023 and28% in the third quarter of 2024. On the annual comparison, the increase is explained by investments in core areas to drive efficiency and ensure future growth while maintaining our lean and disciplined structure. Adjusted EBITDA over gross profit of68% decreased compared to71% in the fourth quarter of 2023 and increased compared to67% in the third quarter of 2024.
- Net financial cost was US
$1.1 million , compared to a finance income of US$1.0 million in the fourth quarter of 2023 and a cost of US$10.1 million in the third quarter of 2024, as explained in the Net Income section.
- Our effective income tax rate increased to
27% from8% last quarter, and stands at20% on a year-to-date basis. In the fourth quarter of 2024, effective income tax rate was impacted by an income tax settlement related to previous periods. Excluding this tax settlement, our effective income tax rate stood at16% for the fourth quarter and17% for the year compared to16% in 2023, as a result of slightly higher local-to-local share of pre-tax income.
- Net income for the fourth quarter of 2024 was US
$29.7 million , or US$0.10 per diluted share, up4% compared to a profit of US$28.5 million , or US$0.10 per diluted share, for the fourth quarter of 2023 and up11% compared to a profit of US$26.8 million , or US$0.09 per diluted share for the third quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments, lower finance costs partially offset by higher taxes. Adjusted net income for the fourth quarter of 2024 was US$45.8 million , up13% compared to US$40.6 million for the fourth quarter of 2023 and up6% compared to US$43.4 million for the third quarter of 2024.
- As of December 31, 2024, dLocal had US
$425.2 million in cash and cash equivalents, including US$189.0 million of own funds and US$236.1 million of merchants’ funds. The consolidated cash position decreased by US$111.0 million from US$536.2 million as of December 31, 2023. When compared to the US$560.5 million cash position as of September 30, 2024, it decreased by US$135.4 million . The variation quarter-over-quarter is primarily explained by changes in merchant working capital, driven by: (i) increase in trade receivables due to temporary settlement delays before year-end; coupled with (ii) decrease in trade payables due to a shift in settlement periods with certain merchants and higher settlement of accumulated merchant balances.
1Please see Reconciliation of TPV and Revenue constant currency measures to reported results of Q4 2024 Earnings Presentation.
The following table summarizes our key performance metrics:
| Three months ended December 31 | Twelve months ended December 31 | |||||
| 2024 | 2023 | % change | 2024 | 2023 | % change | |
| Key Performance metrics | (In millions of US$ except for %) | |||||
| TPV | 7,714 | 5,111 | 51% | 25,575 | 17,677 | 45% |
| Revenue | 204.5 | 188.0 | 9% | 746.0 | 650.4 | 15% |
| Gross Profit | 83.7 | 69.7 | 20% | 294.7 | 276.9 | 6% |
| Gross Profit margin | 41% | 37% | 4p.p | 40% | 43% | -3p.p |
| Adjusted EBITDA | 56.9 | 49.2 | 16% | 188.7 | 202.3 | - |
| Adjusted EBITDA margin | 28% | 26% | 2p.p | 25% | 31% | -6p.p |
| Adjusted EBITDA/Gross Profit | 68% | 71% | -3p.p | 64% | 73% | -9p.p |
| Profit | 29.7 | 28.5 | 4% | 120.5 | 149.1 | - |
| Profit margin | 15% | 15% | -1p.p | 16% | 23% | -7p.p |
Fourth quarter 2024 business highlights
- During the fourth quarter of 2024, pay-ins TPV increased
44% year-over-year and15% quarter-over-quarter to US$5.3 billion , accounting for69% of the TPV.
- Pay-outs TPV increased by
68% year-over-year and26% quarter-over-quarter to US$2.4 billion , accounting for the remaining31% of the TPV.
- Cross-border TPV increased by
67% year-over-year and23% quarter-over-quarter to US$3.7 billion . Cross-border volume accounted for48% of the TPV in the fourth quarter of 2024.
- Local-to-local TPV increased by
38% year-over-year and14% quarter-over-quarter to US$4.0 billion . Local-to-local volume accounted for52% of the TPV in the fourth quarter of 2024.
- LatAm revenue increased
16% year-over-year to US$152.9 million , accounting for75% of total revenue. On the annual comparison, the growth was primarily driven by (i) volume growth in Argentina; and (ii) strong performance of Other LatAm, particularly in Colombia. This result was partially offset by Brazil due to (i) lower take rates from the new Payment Orchestration option launched in the third quarter of 2024; and (ii) shift in the payment mix. Sequentially, LatAm revenue grew by5% , mainly driven by the performance of Other LatAm, especially in Colombia and Ecuador. The positive result was offset by (i) Argentina, impacted by the lower FX spreads; (ii) Brazil, as previously explained; and (iii) Mexico, due to higher growth of Tier 0 merchants coupled with a shift in the payment mix.
- In the Africa and Asia region, revenue decreased by
9% year-over-year, primarily driven by Nigeria due to the Naira devaluation in February of 2024; partially offset by (i) the strong growth performance in Egypt; and (ii) in Other Africa and Asia, particularly the performance in South Africa in the commerce vertical. Those regions are also the main drivers of the sequential increase.
- LatAm gross profit increased by
3% year-over-year and1% quarter-over-quarter to US$56.4 million , accounting for67% of total gross profit. Most of the year-over-year increase is explained by the volume growth in Argentina, Mexico, and other LatAm markets, which were mostly offset by Brazil as just explained, and currency devaluations. Sequentially, the growth was mainly driven by Argentina's positive performance; offset by drivers in Mexico and Brazil, as explained previously. Other Latam markets, which continue to grow TPV, were negatively impacted quarter-over-quarter due to the strong Q3 growth from wider FX spreads in smaller markets, as previously disclosed.
- Africa and Asia gross profit increased by
82% year-over-year to US$27.3 million , accounting for the remaining33% of total gross profit. This annual comparison is explained by TPV growth in Egypt, ramp-up of commerce merchants in South Africa, and positive performance in Other Africa and Asia markets, including Turkey and Vietnam. Sequentially, gross profit increased by21% , attributable to the positive performance in Egypt, Nigeria and Turkey in categories such as remittances, financial services, ads and streaming.
- During the quarter, Revenue from Existing Merchants reached US
$198.3 million compared to US$ 179.9 million in the third quarter of 2024. On the annual comparison, Revenue from Existing Merchants increased by13% and the net revenue retention rate, or NRR, reached106% .
- Revenue from New Merchants accounted for US
$6.1 million in the fourth quarter of 2024 compared to US$11.8 million in the same quarter of the prior year.
The tables below present the breakdown of dLocal’s TPV by product and type of flow:
| In millions of US$ except for % | Three months ended December 31 | Twelve months ended December 31 | ||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |
| Pay-ins | 5,340 | 69% | 3,701 | 72% | 17,902 | 70% | 12,823 | 73% |
| Pay-outs | 2,373 | 31% | 1,410 | 28% | 7,673 | 30% | 4,855 | 27% |
| Total TPV | 7,714 | 100% | 5,111 | 100% | 25,575 | 100% | 17,677 | 100% |
| In millions of US$ except for % | Three months ended December 31 | Twelve months ended December 31 | ||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |
| Cross-border | 3,740 | 48% | 2,235 | 44% | 11,902 | 47% | 8,670 | 49% |
| Local-to-local | 3,974 | 52% | 2,876 | 56% | 13,673 | 53% | 9,007 | 51% |
| Total TPV | 7,714 | 100% | 5,111 | 100% | 25,575 | 100% | 17,677 | 100% |
The tables below present the breakdown of dLocal’s revenue by geography:
| In millions of US$ except for % | Three months ended December 31 | Twelve months ended December 31 | ||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |
| Latin America | 152.9 | 75% | 131.5 | 70% | 562.2 | 75% | 492.7 | 76% |
| Brazil | 33.7 | 16% | 50.2 | 27% | 152.0 | 20% | 159.0 | 24% |
| Argentina | 25.1 | 12% | 10.5 | 6% | 85.5 | 11% | 75.1 | 12% |
| Mexico | 40.5 | 20% | 35.6 | 19% | 149.2 | 20% | 116.8 | 18% |
| Chile | 13.5 | 7% | 14.9 | 8% | 51.2 | 7% | 55.7 | 9% |
| Other LatAm | 40.1 | 20% | 20.3 | 11% | 124.4 | 17% | 86.1 | 13% |
| Africa & Asia | 51.6 | 25% | 56.5 | 30% | 183.8 | 25% | 157.7 | 24% |
| Nigeria | 2.9 | 1% | 28.4 | 15% | 13.3 | 2% | 84.0 | 13% |
| Egypt | 21.4 | 10% | 18.4 | 10% | 94.0 | 13% | 36.7 | 6% |
| Other Africa & Asia | 27.4 | 13% | 9.7 | 5% | 76.5 | 10% | 37.0 | 6% |
| Total Revenue | 204.5 | 100% | 188.0 | 100% | 746.0 | 100% | 650.4 | 100% |
The tables below present the breakdown of dLocal’s gross profit by geography:
| In millions of US$ except for % | Three months ended December 31 | Twelve months ended December 31 | ||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |
| Latin America | 56.4 | 67% | 54.7 | 79% | 214.2 | 73% | 228.7 | 83% |
| Brazil | 14.8 | 18% | 25.5 | 37% | 67.3 | 23% | 78.8 | 28% |
| Argentina | 9.2 | 11% | 4.0 | 6% | 28.7 | 10% | 48.7 | 18% |
| Mexico | 10.9 | 13% | 9.3 | 13% | 42.5 | 14% | 34.7 | 13% |
| Chile | 9.2 | 11% | 9.1 | 13% | 33.1 | 11% | 34.0 | 12% |
| Other LatAm | 12.4 | 15% | 7.0 | 10% | 42.6 | 14% | 32.6 | 12% |
| Africa & Asia | 27.3 | 33% | 15.0 | 21% | 80.5 | 27% | 48.1 | 17% |
| Nigeria | 2.4 | 3% | 1.5 | 2% | 6.6 | 2% | 5.8 | 2% |
| Egypt | 16.0 | 19% | 9.6 | 14% | 48.4 | 16% | 26.1 | 9% |
| Other Africa & Asia | 8.9 | 11% | 3.9 | 6% | 25.5 | 9% | 16.2 | 6% |
| Total Gross Profit | 83.7 | 100% | 69.7 | 100% | 294.7 | 100% | 276.9 | 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 finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, 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. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.
The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:
| $ in thousands | Three months ended December 31 | Twelve months ended December 31 | ||
| 2024 | 2023 | 2024 | 2023 | |
| Profit for the period | 29,701 | 28,481 | 120,469 | 149,086 |
| Income tax expense | 11,090 | 7,476 | 30,550 | 29,428 |
| Depreciation and amortization | 4,888 | 3,604 | 17,177 | 12,225 |
| Finance income and costs, net | 1,085 | (996) | (17,174) | (11,394) |
| Share-based payment non-cash charges | 6,339 | 4,850 | 23,780 | 11,922 |
| Other operating loss¹ | 1,307 | - | 5,257 | - |
| Impairment loss / (gain) on financial assets | 533 | (657) | 440 | (3,136) |
| Inflation adjustment | 392 | 6,040 | 6,655 | 12,537 |
| Other non-recurring costs² | 1,571 | 434 | 1,571 | 1,663 |
| Adjusted EBITDA | 56,906 | 49,232 | 188,725 | 202,332 |
Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. 2 Other non-recurring costs consist of costs not directly associated with our core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2023 and 2024.
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, and other operating (gain)/loss, in line with our Adjusted EBITDA calculation (see detailed methodology for Adjusted EBITDA on page 13). It further excludes the accounting non-cash charges related to the fair value gain from the Argentine dollar-linked bonds, the exchange difference loss from the intercompany loan denominated in USD that we granted to our Argentine subsidiary to purchase the bonds, and the hedging cost associated with the Argentina treasury notes. 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 of operations while excluding certain non-cash effects such as currency devaluation, inflation, and hedging costs. 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 December 31 | Twelve months ended December 31 | ||
| 2024 | 2023 | 2024 | 2023 | |
| Net income as reported | 29,701 | 28,481 | 120,469 | 149,086 |
| Inflation adjustment | 392 | 6,040 | 6,655 | 12,537 |
| Loan - exchange difference | 2,332 | 51,858 | 22,602 | 81,024 |
| Argentina Treasury Notes Hedging Costs | 5,536 | - | 9,808 | - |
| Fair value loss / (gain) of financial assets at FVTPL | (5,115) | (50,754) | (38,609) | (78,640) |
| Impairment loss / (gain) on financial assets | 533 | (657) | 440 | (3,135) |
| Share-based payment non-cash charges | 6,339 | 4,850 | 23,780 | 11,922 |
| Other operating loss¹ | 1,307 | - | 5,257 | - |
| Other non-recurring costs³ | 1,571 | 434 | 1,571 | 1,663 |
| Tax effect on adjustments | (1,310) | 386 | (899) | 834 |
| Adjusted net income | 45,828 | 40,638 | 155,616 | 175,291 |
Unaudited quarterly results.
Note: 1 The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. 2 In Q4 2024, income tax was impacted by an income tax settlement related to previous periods, as disclosed in the Note 12 - Income Tax. 3 Other non-recurring costs consist of costs not directly associated with our core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2023 and 2024.
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 outstanding during the three-month and twelve-month periods ended December 31, 2024 and 2023.
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 December 31 | Twelve months ended December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Profit attributable to common shareholders (USD) | 29,682,000 | 28,515,000 | 120,416,000 | 148,964,000 |
| Weighted average number of common shares | 280,443,489 | 290,657,015 | 290,014,019 | 291,982,305 |
| Adjustments for calculation of diluted earnings per share | 14,417,466 | 5,008,261 | 15,122,271 | 10,976,123 |
| Weighted average number of common shares for calculating diluted earnings per share | 294,860,956 | 295,665,276 | 305,136,290 | 302,958,428 |
| Basic earnings per share | 0.11 | 0.10 | 0.42 | 0.51 |
| Diluted earnings per share | 0.10 | 0.10 | 0.39 | 0.49 |
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, 2024 and 2023 are audited.
Conference call and webcast
dLocal’s management team will host a conference call and audio webcast on February 27, 2025 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 more than 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.
Rounding: We have made rounding adjustments to some of the figures included in this interim report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.
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 guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance 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. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Comprehensive Income for the three-month and twelve-month periods ended December 31, 2024 and 2023
(All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)
| Three months ended December 31 | Twelve months ended December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Continuing operations | ||||
| Revenues | 204,491 | 188,005 | 745,974 | 650,351 |
| Cost of services | (120,780) | (118,286) | (451,301) | (373,492) |
| Gross profit | 83,711 | 69,719 | 294,673 | 276,859 |
| Technology and development expenses | (6,822) | (4,024) | (25,625) | (12,650) |
| Sales and marketing expenses | (5,598) | (4,710) | (21,626) | (17,120) |
| General and administrative expenses | (27,183) | (20,641) | (101,225) | (70,568) |
| Impairment (loss)/gain on financial assets | (533) | 657 | (440) | 3,136 |
| Other operating (loss)/gain | (1,307) | - | (5,257) | - |
| Operating profit | 42,268 | 41,001 | 140,500 | 179,657 |
| Finance income | 12,036 | 57,913 | 66,875 | 128,228 |
| Finance costs | (13,121) | (56,917) | (49,701) | (116,834) |
| Inflation adjustment | (392) | (6,040) | (6,655) | (12,537) |
| Other results | (1,477) | (5,044) | 10,519 | (1,143) |
| Profit before income tax | 40,791 | 35,957 | 151,019 | 178,514 |
| Income tax expense | (11,090) | (7,476) | (30,550) | (29,428) |
| Profit for the period | 29,701 | 28,481 | 120,469 | 149,086 |
| Profit attributable to: | ||||
| Owners of the Group | 29,682 | 28,515 | 120,416 | 148,964 |
| Non-controlling interest | 19 | (34) | 53 | 122 |
| Profit for the period | 29,701 | 28,481 | 120,469 | 149,086 |
| Earnings per share (in USD) | ||||
| Basic Earnings per share | 0.11 | 0.10 | 0.42 | 0.51 |
| Diluted Earnings per share | 0.10 | 0.10 | 0.39 | 0.49 |
| Other comprehensive income | ||||
| Items that may be reclassified to profit or loss: | ||||
| Exchange difference on translation on foreign operations | (4,417) | (9,054) | (11,188) | (7,713) |
| Other comprehensive income for the period, net of tax | (4,417) | (9,054) | (11,188) | (7,713) |
| Total comprehensive income for the period, net of tax | 25,284 | 19,427 | 109,281 | 141,373 |
| Total comprehensive income for the period | ||||
| Owners of the Group | 25,311 | 19,463 | 109,290 | 141,255 |
| Non-controlling interest | (27) | (36) | (9) | 118 |
| Total comprehensive income for the period | 25,284 | 19,427 | 109,281 | 141,373 |
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Financial Position as of December 31, 2024 and December 31, 2023
(All amounts in thousands of U.S. dollars)
| December 31, 2024 | December 31, 2023 | ||
| ASSETS | |||
| Current Assets | |||
| Cash and cash equivalents | 425,172 | 536,160 | |
| Financial assets at fair value through profit or loss | 129,319 | 102,677 | |
| Trade and other receivables | 496,713 | 363,374 | |
| Derivative financial instruments | 2,874 | 2,040 | |
| Other assets | 18,805 | 11,782 | |
| Total Current Assets | 1,072,883 | 1,016,033 | |
| Non-Current Assets | |||
| Financial assets at fair value through profit or loss | - | 1,710 | |
| Trade and other receivables | 18,044 | - | |
| Deferred tax assets | 5,367 | 2,217 | |
| Property, plant and equipment | 3,377 | 2,917 | |
| Right-of-use assets | 3,645 | 3,689 | |
| Intangible assets | 63,318 | 57,887 | |
| Other assets | 4,695 | - | |
| Total Non-Current Assets | 98,446 | 68,420 | |
| TOTAL ASSETS | 1,171,329 | 1,084,453 | |
| LIABILITIES | |||
| Current Liabilities | |||
| Trade and other payables | 597,787 | 602,493 | |
| Lease liabilities | 1,137 | 626 | |
| Tax liabilities | 21,515 | 20,800 | |
| Derivative financial instruments | 6,227 | 948 | |
| Financial liabilities | 50,455 | - | |
| Provisions | 500 | 362 | |
| Total Current Liabilities | 677,621 | 625,229 | |
| Non-Current Liabilities | |||
| Deferred tax liabilities | 1,858 | 753 | |
| Lease liabilities | 2,863 | 3,331 | |
| Total Non-Current Liabilities | 4,721 | 4,084 | |
| TOTAL LIABILITIES | 682,342 | 629,313 | |
| EQUITY | |||
| Share Capital | 570 | 591 | |
| Share Premium | 186,769 | 173,001 | |
| Treasury Shares | (200,980) | (99,936) | |
| Capital Reserve | 33,438 | 21,575 | |
| Other Reserves | (20,934) | (9,808) | |
| Retained earnings | 490,024 | 369,608 | |
| Total Equity Attributable to owners of the Group | 488,887 | 455,031 | |
| Non-controlling interest | 100 | 109 | |
| TOTAL EQUITY | 488,987 | 455,140 | |
| TOTAL EQUITY AND LIABILITIES | 1,171,329 | 1,084,453 | |
dLocal Limited
Certain interim financial information
Consolidated Statements of Cash flows for the three-month and twelve-month periods ended December 31, 2024 and 2023
(All amounts in thousands of U.S. dollars)
| Three months ended December 31 | Twelve months ended December 31 | |||
| 2024 | 2023 | 2024 | 2023 | |
| Cash flows from operating activities | ||||
| Profit before income tax | 40,791 | 35,957 | 151,019 | 178,514 |
| Adjustments: | ||||
| Interest Income from financial instruments | (6,921) | (7,159) | (28,266) | (49,588) |
| Interest charges for lease liabilities | 370 | 110 | 501 | 578 |
| Other interests charges | 739 | 2,503 | 3,758 | 5,623 |
| Finance expense related to derivative financial instruments | (627) | 5,497 | 19,462 | 28,013 |
| Net exchange differences | 5,914 | 50,100 | 24,787 | 82,620 |
| Fair value loss/(gain) on financial assets at FVPL | (3,922) | (50,754) | (37,416) | (78,640) |
| Amortization of Intangible assets | 4,364 | 3,251 | 15,511 | 10,816 |
| Depreciation and disposals of PP&E and right-of-use | 652 | 353 | 1,884 | 1,409 |
| Share-based payment expense, net of forfeitures | 6,339 | 4,850 | 23,780 | 11,922 |
| Other operating gain | 786 | - | 4,736 | - |
| Net Impairment loss/(gain) on financial assets | 533 | 2,796 | 440 | 318 |
| Inflation adjustment and other financial results | (5,704) | 9,041 | (17,063) | 9,041 |
| 43,313 | 56,546 | 163,133 | 200,626 | |
| Changes in working capital | ||||
| Increase in Trade and other receivables | (109,487) | (51,154) | (162,645) | (123,246) |
| Decrease / (Increase) in Other assets | 4,128 | 13,258 | 5,427 | 45,007 |
| Increase / (Decrease) in Trade and Other payables | (70,700) | 52,654 | (6,957) | 194,619 |
| Increase / (Decrease) in Tax Liabilities | (3,835) | (6,591) | (3,184) | (10,967) |
| Increase / (Decrease) in Provisions | 222 | (275) | 138 | (1,111) |
| Cash (used) / generated from operating activities | (136,359) | 64,438 | (4,088) | 304,928 |
| Income tax paid | (4,773) | (2,996) | (28,696) | (11,475) |
| Net cash (used) / generated from operating activities | (141,132) | 61,442 | (32,784) | 293,453 |
| Cash flows from investing activities | ||||
| Acquisitions of Property, plant and equipment | (427) | 21 | (1,705) | (965) |
| Additions of Intangible assets | (5,699) | (4,758) | (20,942) | (17,260) |
| Acquisition of financial assets at FVPL | (14,852) | (15,847) | (121,468) | (117,517) |
| Collections of financial assets at FVPL | - | 3,721 | 108,097 | 1,487 |
| Interest collected from financial instruments | 6,921 | 7,159 | 28,266 | 49,588 |
| Payments for investments in other assets at FVPL | (10,000) | - | (10,000) | - |
| Net cash (used in) / generated investing activities | (24,057) | (9,704) | (17,752) | (84,667) |
| Cash flows from financing activities | ||||
| Repurchase of shares | - | - | (101,067) | (97,929) |
| Share-options exercise paid | 358 | - | 1,853 | 153 |
| Interest payments on lease liability | (370) | (110) | (501) | (578) |
| Principal payments on lease liability | (112) | (315) | (552) | (1,103) |
| Finance expense paid related to derivative financial instruments | (8) | (7,640) | (15,017) | (28,443) |
| Net proceeds from financial liabilities | 33,653 | - | 50,428 | - |
| Interest payments on financial liabilities | (1,633) | - | (2,281) | - |
| Other finance expense paid | (327) | (2,851) | (1,450) | (5,971) |
| Net cash used in by financing activities | 31,561 | (10,916) | (68,587) | (133,871) |
| Net increase in cash flow | (133,628) | 40,822 | (119,123) | 74,915 |
| Cash and cash equivalents at the beginning of the period | 560,533 | 498,165 | 536,160 | 468,092 |
| Net (decrease)/increase in cash flow | (133,628) | 40,822 | (119,123) | 74,915 |
| Effects of exchange rate changes on inflation and cash and cash equivalents | (1,732) | (2,827) | 8,135 | (6,847) |
| Cash and cash equivalents at the end of the period | 425,172 | 536,160 | 425,172 | 536,160 |
Investor Relations Contact:
investor@dlocal.com
Media Contact:
media@dlocal.com
FAQ
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