dLocal Reports 2024 Second Quarter Financial Results
dLocal (NASDAQ:DLO) reported its Q2 2024 financial results, showcasing several key metrics. The company achieved a Total Processed Volume (TPV) of $6.0 billion, marking a 38% increase year-over-year and a 14% rise from the previous quarter. Revenue rose 6% year-over-year to $171 million but declined 7% quarter-over-quarter. Gross profit was $70 million, down 1% year-over-year but up 11% from Q1 2024.
Adjusted EBITDA stood at $43 million, an 18% drop year-over-year but a 16% increase quarter-over-quarter. Net income for Q2 2024 was $46.2 million, or $0.15 per diluted share, showing a 3% year-over-year rise and a 161% jump from Q1 2024. The company also announced a share buyback program, acquiring $81.8 million in its own shares in Q2 2024.
Geographical Performance: Latin America contributed 81% of revenue, up 9% year-over-year. Africa & Asia saw a 5% year-over-year revenue decline, impacted by currency devaluations. Despite challenges, dLocal remains optimistic, projecting strong TPV and gross profit growth for the full year.
dLocal (NASDAQ:DLO) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando diversi indicatori chiave. L'azienda ha raggiunto un Volume Totale Elaborato (TPV) di 6,0 miliardi di dollari, registrando un aumento del 38% rispetto all'anno precedente e un incremento del 14% rispetto al trimestre precedente. I ricavi sono aumentati del 6% rispetto all'anno precedente, raggiungendo 171 milioni di dollari, ma sono diminuiti del 7% rispetto al trimestre precedente. Il profitto lordo è stato di 70 milioni di dollari, in calo dell'1% su base annua ma in aumento dell'11% rispetto al Q1 2024.
EBITDA rettificato si è attestato a 43 milioni di dollari, con una diminuzione del 18% rispetto all'anno scorso, ma un aumento del 16% rispetto al trimestre precedente. Il reddito netto per il Q2 2024 è stato di 46,2 milioni di dollari, ovvero 0,15 dollari per azione diluita, mostrando un aumento del 3% su base annua e un'impennata del 161% rispetto al Q1 2024. L'azienda ha anche annunciato un programma di riacquisto di azioni, acquisendo azioni proprie per un valore di 81,8 milioni di dollari nel Q2 2024.
Performance Geografica: L'America Latina ha contribuito all'81% dei ricavi, con un aumento del 9% rispetto all'anno precedente. Africa e Asia hanno registrato un calo dei ricavi del 5% rispetto all'anno scorso, influenzato dalle svalutazioni valutarie. Nonostante le sfide, dLocal rimane ottimista, prevedendo una forte crescita del TPV e del profitto lordo per l'intero anno.
dLocal (NASDAQ:DLO) reportó sus resultados financieros del segundo trimestre de 2024, destacando varios indicadores clave. La compañía alcanzó un Volumen Total Procesado (TPV) de 6.0 mil millones de dólares, lo que marca un incremento del 38% en comparación con el año anterior y un aumento del 14% respecto al trimestre anterior. Los ingresos crecieron un 6% en comparación con el año anterior, alcanzando los 171 millones de dólares, pero disminuyeron un 7% con respecto al trimestre anterior. La ganancia bruta fue de 70 millones de dólares, un descenso del 1% interanual pero un aumento del 11% desde el Q1 2024.
EBITDA Ajustado fue de 43 millones de dólares, una caída del 18% interanual, pero un aumento del 16% respecto al trimestre anterior. La utilidad neta para el segundo trimestre de 2024 fue de 46.2 millones de dólares, o 0.15 dólares por acción diluida, mostrando un aumento del 3% interanual y un salto del 161% desde el Q1 2024. La compañía también anunció un programa de recompra de acciones, adquiriendo 81.8 millones de dólares en sus propias acciones en el Q2 2024.
Desempeño Geográfico: América Latina contribuyó con el 81% de los ingresos, un aumento del 9% interanual. África y Asia vieron una disminución del 5% en los ingresos interanuales, impactados por devaluaciones monetarias. A pesar de los desafíos, dLocal sigue siendo optimista, proyectando un fuerte crecimiento del TPV y la ganancia bruta para todo el año.
dLocal (NASDAQ:DLO)는 2024년 2분기 재무 결과를 발표하며 여러 주요 지표를 보여주었습니다. 이 회사는 총 처리량 (TPV)가 60억 달러에 달해 전년 대비 38% 증가했고, 전 분기 대비 14% 상승했습니다. 매출은 전년 대비 6% 증가하여 1억 7,100만 달러에 달했으나, 전 분기 대비 7% 감소하였습니다. 총 이익은 7천만 달러로, 전년 대비 1% 감소했으나 Q1 2024 대비 11% 증가했습니다.
조정 EBITDA는 4천 3백만 달러로, 전년 대비 18% 감소했지만 분기 대비 16% 증가했습니다. 2024년 2분기 순이익은 4천 6백 20만 달러, 즉 희석주당 0.15달러로, 전년 대비 3% 증가했고 Q1 2024 대비 161% 증가했습니다. 이 회사는 또한 자사주 매입 프로그램을 발표하여 2024년 2분기에 자사 주식 8천 1백 80만 달러를 매입했습니다.
지역별 성과: 라틴 아메리카는 매출의 81%를 차지하며 전년 대비 9% 증가했습니다. 아프리카 및 아시아는 환율 하락의 영향으로 전년 대비 5% 매출이 감소했습니다. 도전에도 불구하고, dLocal은 2024년 전체에 걸쳐 강력한 TPV 및 총 이익 증가를 예상하고 있습니다.
dLocal (NASDAQ:DLO) a annoncé ses résultats financiers pour le deuxième trimestre 2024, mettant en avant plusieurs indicateurs clés. La société a atteint un Volume Total Traité (TPV) de 6,0 milliards de dollars, enregistrant une augmentation de 38% par rapport à l'année précédente et une hausse de 14% par rapport au trimestre précédent. Le chiffre d'affaires a augmenté de 6% d'une année sur l'autre, atteignant 171 millions de dollars, mais a diminué de 7% par rapport au trimestre précédent. Le bénéfice brut s'élevait à 70 millions de dollars, en baisse de 1% d'une année sur l'autre mais en hausse de 11% par rapport au Q1 2024.
EBITDA ajusté s'est établi à 43 millions de dollars, un déclin de 18% d'une année sur l'autre, mais une augmentation de 16% d'un trimestre sur l'autre. Le revenu net pour le Q2 2024 était de 46,2 millions de dollars, soit 0,15 dollar par action diluée, montrant une hausse de 3% par rapport à l'année précédente et un bond de 161% par rapport au Q1 2024. L'entreprise a également annoncé un programme de rachats d'actions, acquérant pour 81,8 millions de dollars de ses propres actions au Q2 2024.
Performance Géographique: L'Amérique Latine a contribué à 81% des revenus, en hausse de 9% par rapport à l'année précédente. L'Afrique et l'Asie ont connu une baisse de 5% des revenus d'une année sur l'autre, impactée par les dévaluations monétaires. Malgré les défis, dLocal reste optimiste, projetant une forte croissance du TPV et du bénéfice brut pour toute l'année.
dLocal (NASDAQ:DLO) hat seine Finanzzahlen für das zweite Quartal 2024 veröffentlicht, wobei mehrere wichtige Kennzahlen hervorgehoben wurden. Das Unternehmen erreichte ein Gesamtverarbeitetes Volumen (TPV) von 6,0 Milliarden US-Dollar, was einem Anstieg von 38% im Jahresvergleich und einem Anstieg von 14% im Vergleich zum vorherigen Quartal entspricht. Der Umsatz stieg um 6% im Jahresvergleich auf 171 Millionen US-Dollar, fiel jedoch um 7% im Quartalsvergleich. Der Bruttogewinn betrug 70 Millionen US-Dollar, was einem Rückgang von 1% im Jahresvergleich, aber einem Anstieg von 11% gegenüber Q1 2024 entspricht.
Bereinigtes EBITDA lag bei 43 Millionen US-Dollar, was einem Rückgang von 18% im Jahresvergleich, aber einem Anstieg von 16% im Vergleich zum vorherigen Quartal entspricht. Der Nettogewinn für das zweite Quartal 2024 betrug 46,2 Millionen US-Dollar oder 0,15 US-Dollar pro verwässerter Aktie, was einem Anstieg von 3% im Jahresvergleich und einem sprunghaften Anstieg von 161% gegenüber Q1 2024 entspricht. Das Unternehmen kündigte auch ein Aktienrückkauf-Programm an, bei dem es im zweiten Quartal 2024 Aktien im Wert von 81,8 Millionen US-Dollar zurückkaufte.
Geografische Leistung: Lateinamerika trug 81% zum Umsatz bei, was einem Anstieg von 9% im Jahresvergleich entspricht. Afrika und Asien verzeichneten einen Rückgang von 5% bei den Umsätzen im Jahresvergleich, bedingt durch Währungsabwertungen. Trotz schwieriger Bedingungen bleibt dLocal optimistisch und erwartet für das gesamte Jahr ein starkes Wachstum von TPV und Bruttogewinn.
- Total Processed Volume (TPV) increased 38% year-over-year and 14% quarter-over-quarter to $6.0 billion.
- Revenue rose 6% year-over-year to $171 million.
- Gross profit increased 11% quarter-over-quarter to $70 million.
- Net income for Q2 2024 was $46.2 million, up 3% year-over-year and 161% quarter-over-quarter.
- Adjusted EBITDA rose 16% quarter-over-quarter to $43 million.
- Share buyback program: $81.8 million worth of shares repurchased in Q2 2024.
- Revenue declined 7% quarter-over-quarter due to currency devaluations in Nigeria and Egypt.
- Gross profit decreased 1% year-over-year.
- Adjusted EBITDA fell 18% year-over-year to $43 million.
- Operating income dropped 37% year-over-year to $30.2 million.
- LatAm gross profit decreased 13% year-over-year, mainly due to the Argentine FX devaluation.
Insights
dLocal's Q2 2024 results present a mixed picture. On the positive side, Total Payment Volume (TPV) reached a record
Gross profit declined slightly by
The company's performance was impacted by currency devaluations in key markets like Nigeria and Egypt, as well as repricing by a major merchant. Despite these challenges, dLocal maintains a strong cash position of
dLocal's Q2 results reflect the complexities of operating in emerging markets. The company's ability to grow TPV by
The geographic breakdown reveals interesting trends. While LatAm revenue grew
dLocal's focus on reputable, low-risk verticals like commerce, on-demand delivery and SaaS is a strategic move that could provide more stable long-term growth. The company's
Overall, while facing short-term headwinds, dLocal's market position in emerging economies and its diverse customer base across multiple verticals position it well for future growth opportunities.
dLocal's technology-first approach is evident in its Q2 2024 results. The company's ability to process a record
The company's investment in product development and IT capabilities, despite overall cost control measures, is important for maintaining its competitive edge. This focus on technology enhancement could help dLocal improve its take rates and operational efficiency in the long run.
However, the increase in operating expenses, particularly in product development and IT, has impacted short-term profitability. The challenge for dLocal will be balancing these necessary investments with maintaining attractive margins. The company's ability to renegotiate processing costs in Brazil shows its leverage with partners and potential for future cost optimizations.
As dLocal continues to expand its merchant base and payment capabilities, its technology investments should position it well to capitalize on the growing digital payment trends in emerging markets.
Second Quarter 2024
US
Revenue of US
Gross Profit of US
Adjusted EBITDA of US
dLocal reports in US dollars and in accordance with IFRS as issued by the IASB.
MONTEVIDEO, Uruguay, Aug. 14, 2024 (GLOBE NEWSWIRE) -- DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology - first payments platform today announced its financial results for the second quarter ended June 30, 2024.
We continue to see strong growth in our business, achieving another quarterly record of
The TPV performance was good across multiple verticals, including continued strong growth in the commerce, on-demand delivery, and remittance verticals; accelerating growth from SaaS and ride-hailing. This kind of sustained and well diversified TPV growth, with a focused commitment to low-risk high-reputation verticals, sets us up well for long-term success. We believe that our year-over-year growth showcases a unique in class combination of growth while focusing on reputable verticals, which sets us apart from relevant comps base, who either grow less, over index high-risk verticals, or do both.
Net take rates have held up sequentially, despite unfavorable events, like repricing by our largest merchant at the beginning of the year, material currency devaluations in Nigeria and Egypt, and continued weakening across most emerging markets currencies. The stable sequential net take rate and growing TPV during the quarter translated to
Our OPEX, excluding non-cash share-based compensation, grew by only
These highlights also come with certain challenges that we are focused on rapidly addressing. Year-over-year gross profit performance was flat, primarily due to a
Taking a step back from a short-term quarterly prism, dLocal remains an incredibly strong company, with a fantastic total addressable market, attractive business model and extremely promising future, that at some point will be reflected in capital market performance. To keep things in perspective:
- We maintain strong product market validation as witnessed by almost
40% year-over-year and14% quarter-over-quarter TPV growth; - Still run a high margin financial model with Adjusted EBITDA to Gross Profit at
60% + and ability to scale from there to previous levels; - Cash conversion is strong and growing as EBITDA increased sequentially, with a cash conversion close to
100% for the last twelve months.
When we analyze the potential of all this compounded over time, it is hard to not be optimistic about our future, despite the inherent challenges and volatility existent in emerging markets. The long term future is bright, and our own ability to execute is the most important factor.
Our optimism in the future is also reflected in our capital allocation strategy. Our business has an attractive cash generation profile, and we see upside in our stock as we grow and scale; and as a consequence of this we have bought back stock during the quarter at a rapid pace.
As known, emerging markets are inherently volatile, which can, and often do, impact our short-term results. However, our long-term view remains optimistic as stated earlier. The quarterly bottom-up review of our pipeline and existing contracts, where we project out probable market growth, and new commercial opportunities on a merchant-by-merchant basis, gets us to the following revised outlook for 2024:
- TPV of
$24.5 -26.5 billion; due to slower volume ramp-ups, pipeline volume even more skewed towards Tier 0 merchants, and weakening currencies in emerging markets - Gross profit of
$280 -300 million; in addition to the reasons outlined above, driven by increased local-to-local flows, and - Adjusted EBITDA of
$180 -200 million, supporting crucial long-term investments that enhance our value proposition and internal controls
We continue to thrive across emerging markets, embracing their complexities and delivering simple, effective solutions to our merchants. Our focus remains on execution and long-term growth. Our commitment to our merchants and our expertise in these regions enable us to consistently win business from these global merchants. As we scale, this growth will help mitigate short-term volatility and dilute market fluctuations. Therefore, it is crucial to continue focusing on TPV growth, increasing our share of wallet, and adding new clients - all of which we have consistently delivered since the company's inception, while driving operational leverage in the business once we get through the current disciplined investment cycle we are in.
We are thankful for the continued support and confidence in our vision. We are committed to executing our strategy and driving long-term value for our shareholders. We look forward to updating you on our progress in the coming quarters.
Second quarter 2024 Financial Highlights
- Total Payment Volume (“TPV”) reached a record US
$6.0 billion in the second quarter, up38% year-over-year compared to US$4.4 billion in the second quarter of 2023 and up14% compared to US$5.3 billion in the first quarter of 2024. - Revenues amounted to US
$171.3 million , up6% year-over-year compared to US$161.1 million in the second quarter of 2023 and down7% compared to US$184.4 million in the first quarter of 2024. This quarter-over-quarter decline was mostly driven by the currency devaluation in Nigeria and Egypt, despite the healthy TPV growth. - Gross profit was US
$69.8 million in the second quarter of 2024, down1% compared to US$70.8 million in the second quarter of 2023 and up11% compared to US$63.0 million in the first quarter of 2024. The improvement in gross profit quarter-over-quarter was primarily due to (i) temporary FX dynamics in Nigeria; (ii) positive performance of Argentina, Other LatAm and Other Africa and Asia countries; and (iii) Brazil, with lower processing costs following renegotiation with processors, and change in payment mix, which partially offset the impact of key merchant repricing (full impact in second quarter of 2024 versus two months in first quarter of 2024). - As a result, gross profit margin was
41% in this quarter, compared to44% in the second quarter of 2023 and34% in the first quarter of 2024. - Gross profit over TPV was at
1.2% decreasing from1.6% in the second quarter of 2023 and flat compared to the first quarter of 2024, mainly due to FX dynamics in Nigeria and Egypt and renegotiation with processors in Brazil, which combined were sufficient to offset the incremental sequential impact of the above-mentioned top merchant repricing.. - Operating income was US
$30.2 million , down37% compared to US$47.8 million in the second quarter of 2023 and up12% compared to US$26.9 million in the first quarter of 2024, impacted by higher gross profit and disciplined OPEX investment. In this context, operating expenses grew by72% year-over-year and10% quarter-over-quarter, with a clear allocation tilt towards investments focused on Product Development & IT capabilities; coupled with investment to strengthen our back-office capabilities for future growth. In addition, in the second quarter of 2024, we recorded an extraordinary US$1.6 million operating loss as we wrote-off certain amounts related to merchants/processors off-boarded by dLocal. - As a result, Adjusted EBITDA was US
$42.7 million , down18% compared to US$52.0 million in the second quarter of 2023 and up16% compared to US$36.8 million in the first quarter of 2024. - Adjusted EBITDA margin was
25% , compared to the32% recorded in the second quarter of 2023 and20% in the first quarter of 2024. On the annual comparison, the decrease is explained by the gross profit dynamics and our decision to sustain many of the long-term investments, as previously mentioned. Following the same trend, Adjusted EBITDA over gross profit of61% decreased compared to74% in the second quarter of 2023 and increased compared to58% in the first quarter of 2024. - Net financial income was US
$28.0 million , compared to US$7.5 million in the second quarter of 2023 and US$0.3 million in the first quarter of 2024. - Effective income tax rate was
18% , compared to16% in the second quarter of 2023 and29% in the first quarter of 2024, closer to levels of previous quarters. - Net income for the second quarter of 2024 was US
$46.2 million , or US$0.15 per diluted share, up3% compared to a profit of US$44.8 million , or US$0.15 per diluted share, for the second quarter of 2023 and up161% compared to a profit of US$17.7 million , or US$0.06 per diluted share for the first quarter of 2024. During the second quarter of 2024, net income was mostly impacted by higher finance income, given the$23 million non-cash mark to market effect related to Argentine bonds investments used to hedge our local currency position in that market. - As of June 30, 2024, dLocal had US
$531.6 million in cash and cash equivalents, including US$186.2 million of own funds and US$345.4 million of merchants’ funds. The consolidated cash position decreased by US$17.8 million from US$549.4 million as of June 30, 2023. When compared to the US$572.4 million cash position as of March 31, 2024, it decreased by US$40.7 million , mainly explained by the US$81.8 million of own funds used to buy back the company’s own shares, in connection to the US$200 million Share Buyback Program announced in May 2024.
The following table summarizes our key performance metrics:
| Three months ended 30 of June | Six months ended 30 of June | |||||
| 2024 | 2023 | % change | 2024 | 2023 | % change | |
| Key Performance metrics | (In millions of US$ except for %) | |||||
| TPV | 6,035 | 4,373 | 38% | 11,346 | 7,948 | 43% |
| Revenue | 171.3 | 161.1 | 6% | 355.7 | 298.4 | 19% |
| Gross Profit | 69.8 | 70.8 | - | 132.8 | 132.6 | 0% |
| Gross Profit margin | 41% | 44% | -3p.p | 37% | 44% | -7p.p |
| Adjusted EBITDA | 42.7 | 52.0 | - | 79.5 | 97.5 | - |
| Adjusted EBITDA margin | 25% | 32% | -7p.p | 22% | 33% | -10p.p |
| Adjusted EBITDA/Gross Profit | 61% | 74% | -12p.p | 60% | 74% | -14p.p |
| Profit | 46.2 | 44.8 | 3% | 64.0 | 80.2 | - |
| Profit margin | 27% | 28% | -1p.p | 18% | 27% | -9p.p |
First quarter 2024 Business Highlights
- During the second quarter of 2024, pay-ins TPV increased
34% year-over-year and17% quarter-over-quarter to US$4.3 billion , accounting for71% of the TPV. - Pay-outs TPV increased by
49% year-over-year and7% quarter-over-quarter to US$1.8 billion , accounting for the remaining29% of the TPV. - Cross-border TPV increased by
22% year-over-year and11% quarter-over-quarter to US$2.7 billion . Cross-border volume accounted for45% of the TPV in the second quarter of 2024. - Local-to-local TPV increased by
55% year-over-year and16% quarter-over-quarter to US$3.3 billion . Local-to- local volume accounted for55% of the TPV in the second quarter of 2024. - LatAm revenue increased
9% year-over-year to US$138.7 million , accounting for81% of total revenue. On the annual comparison, the growth was primarily driven by commerce and streaming in Mexico, and strong performance of Other LatAm, across different verticals. Sequentially, LatAm revenue grew by11% mainly driven by recovery in Argentina revenues due to strong performance across commerce and on-demand delivery verticals. - In the Africa and Asia region, revenue decreased by
5% year-over-year, primarily driven by lower revenues in Nigeria due to Naira devaluation in February 2024, despite strong growth performance in Egypt across advertising and streaming verticals; and in Other Africa and Asia. The currency devaluation is also the main driver of the sequential decrease. - LatAm gross profit decreased by
13% year-over-year and increased by10% quarter-over-quarter to US$53.5 million , accounting for77% of total gross profit. Most of the year-over-year decline is explained by Argentina, due to lower FX spreads following the currency devaluation in December 2023. In the region, gross profit was also impacted by Mexico, due to merchant repricing and local-to-local increase; and by Chile, given lower cross-border volumes. Other LatAm markets showed a10% year-over-year increase in gross profit, driven by Tier 0 merchants’ growth. Sequentially, the growth was mainly driven by the (i) growth in Argentina, and other LatAm markets, primarily Colombia and Costa Rica; and (ii) Brazil, with lower processing costs following renegotiation with processors, coupled with change in payment mix. Those two factors partially offset the impact of a key merchant repricing, with full impact in the second quarter of 2024 compared to 2 months in previous one. - Africa and Asia gross profit increased by
79% year-over-year to US$16.3 million , accounting for the remaining23% of total gross profit. This annual comparison is explained by our overall growth in Egypt; ramp-up of our merchants in South Africa, primarily in the commerce vertical; and temporary FX dynamics in Nigeria. Sequentially, gross profit increased by13% , attributable to temporary FX dynamics in Nigeria and growth in Other Africa and Asia. - During the quarter, Revenue from Existing Merchants reached US
$161.7 million compared to US$ 177.1 million in the first quarter of 2024. The quarter-over-quarter comparison was negatively affected by the currency devaluation, as previously discussed, despite healthy volume growth. On the annual comparison, Revenue from Existing Merchants increased by8% and the net revenue retention rate, or NRR, reached100% , which was impacted by Nigeria currency devaluation. - Revenue from New Merchants accounted for US
$9.6 million in the second quarter of 2024 compared to US$ 11.2 million in the same quarter of the prior year.
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 30 of June | Six months ended 30 of June | ||||||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |||||
| Pay-ins | 4,273 | 71 | % | 3,190 | 73 | % | 7,930 | 70 | % | 5,693 | 72 | % |
| Pay-outs | 1,763 | 29 | % | 1,184 | 27 | % | 3,416 | 30 | % | 2,255 | 28 | % |
| Total TPV | 6,035 | 100 | % | 4,373 | 100 | % | 11,346 | 100 | % | 7,948 | 100 | % |
| In millions of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |||||
| Cross-border | 2,701 | 45 | % | 2,219 | 51 | % | 5,127 | 45 | % | 4,179 | 53 | % |
| Local-to-local | 3,334 | 55 | % | 2,154 | 49 | % | 6,219 | 55 | % | 3,769 | 47 | % |
| Total TPV | 6,035 | 100 | % | 4,373 | 100 | % | 11,346 | 100 | % | 7,948 | 100 | % |
The tables below present a breakdown of dLocal’s revenue by geography:
| In millions of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |||||
| Latin America | 138.7 | 81 | % | 126.9 | 79 | % | 264.1 | 74 | % | 225.1 | 75 | % |
| Brazil | 42.3 | 25 | % | 41.2 | 26 | % | 85.3 | 24 | % | 64.0 | 21 | % |
| Argentina | 20.5 | 12 | % | 20.7 | 13 | % | 34.3 | 10 | % | 40.7 | 14 | % |
| Mexico | 35.8 | 21 | % | 28.3 | 18 | % | 69.9 | 20 | % | 51.0 | 17 | % |
| Chile | 12.3 | 7 | % | 14.2 | 9 | % | 24.7 | 7 | % | 28.4 | 10 | % |
| Other LatAm | 27.8 | 16 | % | 22.5 | 14 | % | 49.9 | 14 | % | 41.0 | 14 | % |
| Africa & Asia | 32.6 | 19 | % | 34.3 | 21 | % | 91.6 | 26 | % | 73.3 | 25 | % |
| Nigeria | 1.1 | 1 | % | 20.4 | 13 | % | 8.3 | 2 | % | 47.3 | 16 | % |
| Egypt | 15.0 | 9 | % | 4.7 | 3 | % | 54.0 | 15 | % | 8.1 | 3 | % |
| Other Africa & Asia | 16.5 | 10 | % | 9.2 | 6 | % | 29.2 | 8 | % | 17.9 | 6 | % |
| Total Revenue | 171.3 | 100 | % | 161.1 | 100 | % | 355.7 | 100 | % | 298.4 | 100 | % |
The tables below present a breakdown of dLocal’s gross profit by geography:
| In millions of US$ except for % | Three months ended 30 of June | Six months ended 30 of June | ||||||||||
| 2024 | % share | 2023 | % share | 2024 | % share | 2023 | % share | |||||
| Latin America | 53.5 | 77 | % | 61.7 | 87 | % | 102.1 | 77 | % | 114.5 | 86 | % |
| Brazil | 19.2 | 28 | % | 19.6 | 28 | % | 37.1 | 28 | % | 30.6 | 23 | % |
| Argentina | 7.6 | 11 | % | 13.8 | 19 | % | 12.8 | 10 | % | 31.6 | 24 | % |
| Mexico | 8.8 | 13 | % | 10.6 | 15 | % | 18.7 | 14 | % | 17.5 | 13 | % |
| Chile | 8.3 | 12 | % | 8.9 | 13 | % | 15.7 | 12 | % | 18.0 | 14 | % |
| Other LatAm | 9.6 | 14 | % | 8.7 | 12 | % | 17.7 | 13 | % | 16.8 | 13 | % |
| Africa & Asia | 16.3 | 23 | % | 9.1 | 13 | % | 30.7 | 23 | % | 18.1 | 14 | % |
| Nigeria | 2.0 | 3 | % | 0.2 | 0 | % | 2.5 | 2 | % | 2.6 | 2 | % |
| Egypt | 9.8 | 14 | % | 4.2 | 6 | % | 20.1 | 15 | % | 6.9 | 5 | % |
| Other Africa & Asia | 4.5 | 7 | % | 4.7 | 7 | % | 8.1 | 6 | % | 8.5 | 6 | % |
| Total Gross Profit | 69.8 | 100 | % | 70.8 | 100 | % | 132.8 | 100 | % | 132.6 | 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. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA and Adjusted EBITDA over gross profit, which are forward-looking non-IFRS measures, 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 and Adjusted EBITDA Margin to net income:
| $ in thousands | Three months ended 30 of June | Six months ended 30 of June | ||
| 2024 | 2023 | 2024 | 2023 | |
| Profit for the period | 46,239 | 44,791 | 63,957 | 80,241 |
| Income tax expense | 10,060 | 8,774 | 17,174 | 13,055 |
| Depreciation and amortization | 4,089 | 2,869 | 7,851 | 5,384 |
| Finance income and costs, net1 | (28,045) | (7,459) | (28,344) | (8,850) |
| Share-based payment non-cash charges | 6,776 | 1,421 | 11,237 | 3,750 |
| Other operating loss2 | 1,553 | - | 3,372 | - |
| Impairment loss / (gain) on financial assets | 76 | (21) | (101) | 30 |
| Inflation adjustment | 1,941 | 1,661 | 4,309 | 2,680 |
| Other non-recurring costs | - | - | - | 1,229 |
| Adjusted EBITDA | 42,689 | 52,036 | 79,455 | 97,519 |
Note: 1In Q2 2024, the Finance income and costs, net line was impacted by the non-cash mark to market effect related to Argentine bonds investments in the amount of US
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 13). 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 30 of June | Six months ended 30 of June | ||
| 2024 | 2023 | 2024 | 2023 | |
| Net income as reported | 46,239 | 44,791 | 63,957 | 80,241 |
| Inflation adjustment | 1,941 | 1,661 | 4,309 | 2,680 |
| Loan - exchange difference | 5,831 | 1,815 | 12,560 | 1,815 |
| Fair value (loss) / gains of financial assets at FVTPL (bonds) | (22,774) | (3,565) | (33,589) | (3,654) |
| Impairment loss / (gain) on financial assets | 76 | (21) | (101) | 30 |
| Share-based payment non-cash charges | 6,776 | 1,421 | 11,237 | 3,750 |
| Other operating (gain)/loss | 1,553 | - | 3,372 | - |
| Other non-recurring costs | - | - | - | 1,229 |
| Tax on adjustments | 5,998 | (613) | 4,638 | (644) |
| Adjusted net income | 45,640 | 45,490 | 66,383 | 85,447 |
Note: 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 13). 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.
Unaudited quarterly results.
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-month and six-month periods ended June 30, 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.
| Three months ended 30 of June | Six months ended 30 of June | |||
| 2024 | 2023 | 2024 | 2023 | |
| Profit attributable to common shareholders (thousands USD) | 46,244 | 44,697 | 63,952 | 80,141 |
| Weighted average number of common shares | 293.430.253 | 291,700,873 | 294.781.316 | 293,403,907 |
| Adjustments for calculation of diluted earnings per share | 14.996.249 | 16,160,368 | 15.348.015 | 16,358,508 |
| Weighted average number of common shares for calculating diluted earnings per share | 308.426.502 | 307,861,241 | 310.129.331 | 309,762,415 |
| Basic earnings per share | 0.16 | 0.15 | 0.22 | 0.27 |
| Diluted earnings per share | 0.15 | 0.15 | 0.21 | 0.26 |
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 August 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 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, gross profit, Adjusted EBITDA, and Adjusted EBITDA over gross profit margin. 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 and Adjusted EBITDA over gross profit, which are forward-looking non-IFRS measures, 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 six-month periods ended June 30, 2024 and 2023
(In thousands of U.S. dollars, except per share amounts)
| Three months ended 30 of June | Six months ended 30 of June | |||
| 2024 | 2023 | 2024 | 2023 | |
| Continuing operations | ||||
| Revenues | 171,279 | 161,138 | 355,709 | 298,425 |
| Cost of services | (101,468) | (90,378) | (222,927) | (165,828) |
| Gross profit | 69,811 | 70,760 | 132,782 | 132,597 |
| Technology and development expenses | (6,408) | (2,640) | (11,873) | (4,930) |
| Sales and marketing expenses | (4,505) | (3,106) | (9,136) | (7,963) |
| General and administrative expenses | (27,074) | (17,268) | (51,406) | (32,548) |
| Impairment (loss)/gain on financial assets | (76) | 21 | 101 | (30) |
| Other operating (loss)/gain | (1,553) | - | (3,372) | - |
| Operating profit | 30,195 | 47,767 | 57,096 | 87,126 |
| Finance income | 29,247 | 18,878 | 47,504 | 25,866 |
| Finance costs | (1,202) | (11,419) | (19,160) | (17,016) |
| Inflation adjustment | (1,941) | (1,661) | (4,309) | (2,680) |
| Other results | 26,104 | 5,798 | 24,035 | 6,170 |
| Profit before income tax | 56,299 | 53,565 | 81,131 | 93,296 |
| Income tax expense | (10,060) | (8,774) | (17,174) | (13,055) |
| Profit for the period | 46,239 | 44,791 | 63,957 | 80,241 |
| Profit attributable to: | ||||
| Owners of the Group | 46,244 | 44,697 | 63,952 | 80,141 |
| Non-controlling interest | (5) | 94 | 5 | 100 |
| Profit for the period | 46,239 | 44,791 | 63,957 | 80,241 |
| Earnings per share (in USD) | ||||
| Basic Earnings per share | 0.16 | 0.15 | 0.22 | 0.27 |
| Diluted Earnings per share | 0.15 | 0.15 | 0.21 | 0.26 |
| Other comprehensive income | ||||
| Items that may be reclassified to profit or loss: | ||||
| Exchange difference on translation on foreign operations | (5,604) | 1,675 | (6,273) | 3,163 |
| Other comprehensive income for the period, net of tax | (5,604) | 1,675 | (6,273) | 3,163 |
| Total comprehensive income for the period, net of tax | 40,635 | 46,466 | 57,684 | 83,404 |
| Total comprehensive income for the period | ||||
| Owners of the Group | 40,642 | 46,371 | 57,678 | 83,305 |
| Non-controlling interest | (7) | 95 | 6 | 99 |
| Total comprehensive income for the period | 40,635 | 46,466 | 57,684 | 83,404 |
dLocal Limited
Certain financial information
Consolidated Condensed Interim Statements of Financial Position as of June 30, 2024 and December 31, 2023
(In thousands of U.S. dollars)
| 30 of June, 2024 | 31 of December, 2023 | |
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | 531,620 | 536,160 |
| Financial assets at fair value through profit or loss | 120,297 | 102,677 |
| Trade and other receivables | 455,503 | 363,374 |
| Derivative financial instruments | 622 | 2,040 |
| Other assets | 10,878 | 11,782 |
| Total Current Assets | 1,118,920 | 1,016,033 |
| Non-Current Assets | ||
| Financial assets at fair value through profit or loss | - | 1,710 |
| Trade and other receivables | 1,787 | - |
| Deferred tax assets | 1,913 | 2,217 |
| Property, plant and equipment | 3,576 | 2,917 |
| Right-of-use assets | 3,508 | 3,689 |
| Intangible assets | 60,637 | 57,887 |
| Other Assets | 5,343 | - |
| Total Non-Current Assets | 76,764 | 68,420 |
| TOTAL ASSETS | 1,195,684 | 1,084,453 |
| LIABILITIES | ||
| Current Liabilities | ||
| Trade and other payables | 719,097 | 602,493 |
| Lease liabilities | 782 | 626 |
| Tax liabilities | 26,907 | 20,800 |
| Derivative financial instruments | 815 | 948 |
| Provisions | 276 | 362 |
| Total Current Liabilities | 747,877 | 625,229 |
| Non-Current Liabilities | ||
| Deferred tax liabilities | 2,299 | 753 |
| Lease liabilities | 3,106 | 3,331 |
| Total Non-Current Liabilities | 5,405 | 4,084 |
| TOTAL LIABILITIES | 753,282 | 629,313 |
| EQUITY | ||
| Share Capital | 574 | 591 |
| Share Premium | 173,093 | 173,001 |
| Treasury Shares | (181,670) | (99,936) |
| Capital Reserve | 32,812 | 21,575 |
| Other Reserves | (14,829) | (9,808) |
| Retained earnings | 432,307 | 369,608 |
| Total Equity Attributable to owners of the Group | 442,287 | 455,031 |
| Non-controlling interest | 115 | 109 |
| TOTAL EQUITY | 442,402 | 455,140 |
dLocal Limited
Certain interim financial information
Consolidated Condensed Interim Statements of Cash flows for the three-month and six-month periods ended June 30, 2024 and 2023
(In thousands of U.S. dollars)
| Three months ended 30 of June | Six months ended 30 of June | |||
| 2024 | 2023 | 2024 | 2023 | |
| Cash flows from operating activities | ||||
| Profit before income tax | 56,299 | 53,565 | 81,131 | 93,296 |
| Adjustments: | ||||
| Interest income from financial instruments | (6,473) | (15,313) | (13,915) | (22,212) |
| Interest charges for lease liabilities | 44 | 52 | 87 | 95 |
| Other finance expense | 1,673 | 765 | 1,800 | 1,202 |
| Finance expense related to derivative financial instruments | 2,446 | 4,634 | 12,324 | 9,869 |
| Net exchange differences | (1,469) | 3,551 | 6,168 | 4,082 |
| Fair value gain on financial assets at fair value through profit or loss | (22,774) | (3,565) | (33,589) | (3,654) |
| Amortization of Intangible assets | 3,690 | 2,492 | 7,114 | 4,668 |
| Depreciation of Property, plant and equipment and right-of-use | 410 | 377 | 737 | 716 |
| Disposals of property, plant and equipment, intangible assets and right-of-use asset | (62) | - | 11 | - |
| Share-based payment expense, net of forfeitures | 6,776 | 1,421 | 11,237 | 3,750 |
| Other operating loss/(gain) | 1,553 | - | 3,372 | - |
| Net Impairment loss/(gain) on financial assets | 76 | (21) | (101) | 30 |
| Inflation adjustment | (5,982) | - | (11,874) | - |
| 36,207 | 47,957 | 64,502 | 91,842 | |
| Changes in working capital | ||||
| Increase in Trade and other receivables | (69,322) | (50,312) | (102,158) | (59,386) |
| Decrease/(increase) in Other assets | (716) | (1,597) | 2,503 | 12,157 |
| Increase in Trade and other payables | 67,268 | 148,761 | 113,232 | 190,139 |
| Decrease in Tax Liabilities | 8,870 | (2,279) | 7,750 | (3,341) |
| Decrease/(increase) in Provisions | (90) | (252) | (86) | (557) |
| Cash from operating activities | 42,218 | 142,278 | 85,743 | 230,854 |
| Income tax paid | (13,409) | (2,774) | (16,967) | (6,816) |
| Net cash from operating activities | 28,808 | 139,504 | 68,776 | 224,038 |
| Cash flows from investing activities | ||||
| Acquisitions of Property, plant and equipment | (440) | (608) | (1,226) | (657) |
| Additions of Intangible assets | (4,842) | (4,339) | (9,864) | (8,145) |
| Acquisitions of financial assets at FVTPL | (96,841) | (48,139) | (96,841) | (48,139) |
| Net collections/acquisitions of financial assets at FVPL | 98,544 | 478 | 98,301 | 1,523 |
| Interest collected from financial instruments | 6,473 | 15,155 | 13,915 | 21,975 |
| Net cash used in investing activities | 2,894 | (37,453) | 4,285 | (33,443) |
| Cash flows from financing activities | ||||
| Repurchase of shares | (81,751) | (61,011) | (81,751) | (97,929) |
| Share-options exercise | 92 | 84 | 92 | 153 |
| Interest payments on lease liability | (44) | (52) | (87) | (95) |
| Principal payments on lease liability | 26 | (146) | (69) | (276) |
| Finance expense paid related to derivative financial instruments | (888) | (9,184) | (11,039) | (11,337) |
| Other finance expense paid | (272) | (768) | (399) | (1,205) |
| Net cash (used in) / provided by financing activities | (82,837) | (71,077) | (93,253) | (110,689) |
| Net increase in cash flow | (51,135) | 30,975 | (20,192) | 79,906 |
| Cash and cash equivalents at the beginning of the period | 572,357 | 517,892 | 536,160 | 468,092 |
| Net increase in cash flow | (51,135) | 30,975 | (20,192) | 79,906 |
| Effects of exchange rate changes on cash and cash equivalents | 10,398 | 519 | 15,652 | 1,388 |
| Cash and cash equivalents at the end of the period | 531,620 | 549,386 | 531,620 | 549,386 |
Investor Relations Contact:
investor@dlocal.com
Media Contact:
media@dlocal.com
FAQ
What was dLocal's Total Processed Volume (TPV) in Q2 2024?
How did dLocal's revenue perform in Q2 2024?
What is dLocal's Adjusted EBITDA for Q2 2024?
What were dLocal's gross profit figures for Q2 2024?
What was the impact of currency devaluations on dLocal's Q2 2024 results?
Did dLocal announce any share buyback in Q2 2024?
What is dLocal's outlook for the remainder of 2024?
