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 30 of SeptemberNine months ended 30 of September 2024% share2023% share2024% share2023% sharePay-ins4,63271%3,42974%12,56170%9,12273%Pay-outs1,88429%1,18926%5,30030%3,44427%Total TPV6,516100%4,618100%17,861100%12,566100% In millions of US$ except for %Three months ended 30 of SeptemberNine months ended 30 of September 2024% share2023% share2024% share2023% shareCross-border3,03547%2,25649%8,16346%6,43551%Local-to-local3,48053%2,36251%9,69954%6,13149%Total TPV6,516100%4,618100%17,861100%12,566100% The tables below present the breakdown of dLocal’s revenue by geography: In millions of US$ except for %Three months ended 30 of SeptemberNine months ended 30 of September 2024% share2023% share2024% share2023% shareLatin America145.278%136.083%409.376%361.278%Brazil32.918%44.727%118.322%108.824%Argentina26.014%23.915%60.311%64.614%Mexico38.921%30.218%108.820%81.318%Chile13.07%12.48%37.77%40.89%Other LatAm34.318%24.815%84.316%65.714% Africa & Asia40.622%27.917%132.224%101.222%Nigeria2.11%8.35%10.42%55.612%Egypt18.610%10.16%72.613%18.34%Other Africa & Asia19.911%9.46%49.29%27.36% Total Revenue185.8100%163.9100%541.5100%462.3100% The tables below present the breakdown of dLocal’s gross profit by geography: In millions of US$ except for %Three months ended 30 of SeptemberNine months ended 30 of September 2024% share2023% share2024% share2023% shareLatin America55.671%59.480%157.775%174.084%Brazil15.420%22.730%52.525%53.326%Argentina6.79%13.118%19.59%44.822%Mexico12.816%7.911%31.615%25.412%Chile8.210%6.99%23.911%24.912%Other LatAm12.516%8.912%30.214%25.612% Africa & Asia22.629%15.120%53.225%33.216%Nigeria1.72%1.72%4.22%4.32%Egypt12.316%9.613%32.415%16.68%Other Africa & Asia8.511%3.75%16.68%12.26% Total Gross Profit78.2100%74.5100%211.0100%207.1100% 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.
The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income: $ in thousandsThree months ended 30 of SeptemberNine months ended 30 of September 2024202320242023Profit for the period26,81140,36490,768120,605Income tax expense2,2868,89719,46021,952Depreciation and amortization4,4383,23712,2898,621Finance income and costs, net10,085(1,548)(18,259)(10,398)Share-based payment non-cash charges6,2043,32217,4417,072Other operating loss¹578-3,950-Impairment loss / (gain) on financial assets8(2,508)(93)(2,478)Inflation adjustment1,9543,8176,2636,497Other non-recurring costs---1,229Adjusted EBITDA52,36455,581131,819153,100 Note: ¹The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal.
This quarter-over-quarter increase was mostly driven by the performance in Argentina and Egypt, as well as the positive results in Other Latam and Other Africa and Asia.Gross profit was US$78.2 million in the third quarter of 2024, up 5% compared to US$74.5 million in the third quarter of 2023 and up 12% compared to US$69.8 million in the second quarter of 2024.
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