DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a
technology - first payments platform today announced its financial
results for the first quarter ended March 31, 2023.
”Our Q1 2023 results demonstrate, once again,
our capacity to consistently deliver strong dollar growth across
key metrics. Our TPV grew 70% year over year and 8%
quarter-over-quarter reaching record US$3.6 billion. Our revenue
grew 57% year over year and 16% quarter over quarter to record
US$137.3 million. In addition, we added US$6.7 million gross profit
and US$5.1 million Adjusted EBITDA in the first quarter of
2023.
Our strong performance is underpinned by the
value our solution delivers to our global merchants, who quarter
after quarter decide to continue growing their businesses with us;
as well as positive tailwinds across the markets that we serve. In
addition, our business has shown sustained and resilient growth
supported by the diversity of our merchants across industry
verticals, geographies, and products.
We continue to make disciplined investments in
our infrastructure and our team to support our long term ambition.
During Q1 2O23, we increased our headcount by 36% year-over-year to
763 employees. We have consistently maintained an Adjusted EBITDA
over gross profit above 70% in the past nine quarters. However, we
are still a young company in growth mode and we believe that over
the long-term, there are opportunities to deliver operating
leverage.
Our excellent results in the first quarter,
combined with our strong cash generation, give us even more
confidence in our winning strategy in emerging markets. We are very
excited about the massive opportunity ahead of us and we remain
focused on executing our long-term strategy.” said Sebastian
Kanovich.
First quarter 2023 Financial Highlights
- Total Payment Volume (“TPV”)
reached a record US$3.6 billion in the first quarter, up 70%
year-over-year compared to US$2.1 billion in the first quarter of
2022 and up 8% compared to US$3.3 billion in the fourth quarter of
2022.
- Revenues amounted to US$137.3
million, up 57% year-over-year compared to US$87.5 million in the
first quarter of 2022 and up 16% compared to US$118.4 million in
the fourth quarter of 2022.
- Gross profit was US$61.8 million in
the first quarter of 2023, up 42% year-over-year compared to
US$43.6 million in the first quarter of 2022 and up 12% compared to
US$55.1 million in the fourth quarter of 2022.
- Gross profit over TPV remained
stable compared to the fourth quarter of 2022 at 1.7% and decreased
from 2.1% in the first quarter of 2022 mainly due to business
mix.
- Gross profit margin was 45% in this
quarter, compared to 50% in the first quarter of 2022 and 47% in
the fourth quarter of 2022. Gross profit margin was mainly impacted
by a strong increase in volumes from global merchants in Nigeria,
which brought positive gross profit dollars, but with a lower than
average gross profit margin. Excluding Nigeria, gross profit margin
reached 54% in the first quarter of 2023.
- Adjusted EBITDA was US$45.5 million
in the first quarter of 2023, up 38% year-over-year compared to
US$32.9 million in the first quarter of 2022 and up 13% compared to
US$40.4 million in the fourth quarter of 2022.
- As a result, Adjusted EBITDA margin
was 33% in the first quarter of 2023, compared to 38% in the first
quarter of 2022 and 34% in the fourth quarter of 2022. EBITDA
margin varied in line with gross profit margin.
- During the quarter we recorded a
positive net financial result of US$1.4 million, which compares to
a net loss of US$3.1 million in the fourth quarter of 2022 and a
net loss of US$1.3 million in the first quarter of 2022. The profit
generated in the first quarter of 2023 was mainly driven by a
reduction of the financial cost of hedges due to lower exposure and
higher interest income as we continue increasing our cash and cash
equivalents position.
- Adjusted EBITDA over gross profit
was 74% in the first quarter of 2023, compared to 73% in the fourth
quarter of 2022 and compared to 75% a year ago.
- Profit for the first quarter of
2023 was US$35.5 million, or US$0.11 per diluted share, up 35%
compared to a profit of US$26.3 million, or US$0.08 per diluted
share, for the first quarter of 2022 and up 83% compared to a
profit of US$19.4 million, or US$0.06 per diluted share for the
fourth quarter of 2022.
- As of March 31, 2023, dLocal had
US$517.9 million in cash and cash equivalents, including US$232.8
million of own funds and US$285.1 million of merchants’ funds. The
consolidated cash position increased by US$107.8 million from
US$410.1 million as of March 31, 2022. When compared to the
US$468.1 million cash position as of December 31, 2022, it
increased by US$49.8 million. During the first quarter of 2023, we
invested US$36.9 million in our share buy-back program.
- We continue to make progress in
releasing cash that we had previously retained for certain
merchants and partners. During the first quarter of 2023, we
collected US$9.9 million of the US$12.9 million in advances we gave
to some of our merchants in the fourth quarter of 2022. In
addition, we recovered US$3.9 million of the restricted cash we
held as guarantee for standby letters of credit. As a result, we
released in aggregate US$13.8 million funds from restricted cash to
our own cash, and, in turn, decreased the amount of Other Assets
from US$56.8 million to US$43.0 million.
The following table summarizes our key performance metrics:
|
Three months ended 31 of March |
|
2023 |
2022 |
% change |
Key Performance metrics |
(In millions of US$ except for %) |
TPV |
3,574 |
2,104 |
70% |
Revenue |
137.3 |
87.5 |
57% |
Gross Profit |
61.8 |
43.6 |
42% |
Gross Profit margin |
45% |
50% |
-5p.p |
Adjusted EBITDA |
45.5 |
32.9 |
38% |
Adjusted EBITDA margin |
33% |
38% |
-4p.p |
Adjusted EBITDA/Gross
Profit |
74% |
75% |
-2p.p |
Profit |
35.5 |
26.3 |
35% |
Profit margin |
26% |
30% |
-4p.p |
First quarter 2023 Business Highlights
- In terms of products, during first
quarter 2023, pay-ins TPV increased by 52% year-over-year and 7%
quarter-over-quarter to US$2.5 billion, accounting for 70% of the
TPV.
- Pay-outs TPV increased by 133%
year-over-year and 11% quarter-over-quarter to US$1.1 billion,
accounting for the remaining 30% of the TPV.
- Cross-border volume accounted for
55% of the TPV in the first quarter of 2023, compared to 62% in the
first quarter of 2022 and 53% in the fourth quarter of 2022.
Local-to-local volume accounted for 45% of the TPV in the first
quarter of 2023, compared to 38% in the first quarter of 2022 and
47% in the fourth quarter of 2022.
- Revenue increased across all
regions during the quarter. LatAm grew 27% compared to the first
quarter of 2022 and 6% quarter-over-quarter to US$98.2 million,
accounting for 72% of total revenue. In the first quarter of 2023,
Argentina grew by 41% quarter-over-quarter albeit still at slightly
lower levels than a year ago.
- Africa and Asia revenue grew by
297% year-over-year and 53% quarter-over-quarter to US$39.0
million, accounting for the remaining 28% (compared to 11% of total
revenue in the first quarter of 2022).
- We look at a 12-month view to see a
normalized view in order to assess the development of a region. In
the last twelve months to Q1 2023, each of the main countries
individually showed significant revenue growth greater than 20%
year-over-year and 61% growth on the aggregate.
- During the quarter, dLocal
continued delivering strong revenue growth both from existing and
from new customers. Revenue from Existing Merchants increased from
US$87.4 million in the first quarter of 2022 to US$128.3 million.
The net revenue retention rate, or NRR, in the first quarter of
2023 reached 147%.
- Revenue from New Merchants was
US$8.9 million in the first quarter of 2023.
The table below presents a breakdown of dLocal’s TPV by product
and type of flow:
In millions of US$ except for % |
Three months ended 31 of March |
|
2023 |
% share |
2022 |
% share |
Pay-ins |
2,503 |
70% |
1,644 |
78% |
Pay-outs |
1,072 |
30% |
460 |
22% |
Total
TPV |
3,574 |
100% |
2,104 |
100% |
In millions of US$ except for % |
Three months ended 31 of March |
|
2023 |
% share |
2022 |
% share |
Cross-border |
1,960 |
55% |
1,302 |
62% |
Local-to-local |
1,615 |
45% |
802 |
38% |
Total
TPV |
3,574 |
100% |
2,104 |
100% |
The table below presents a breakdown of dLocal’s revenue by
geography:
In millions of US$ except for % |
Three months ended 31 of March |
|
2023 |
% share |
2022 |
% share |
Latin
America |
98.2 |
72% |
77.6 |
89% |
Brazil |
22.8 |
17% |
18.1 |
21% |
Argentina |
20.0 |
15% |
21.1 |
24% |
Mexico |
22.7 |
17% |
12.9 |
15% |
Chile |
14.2 |
10% |
12.1 |
14% |
Other LatAm |
18.5 |
13% |
13.4 |
15% |
|
|
|
|
|
Africa &
Asia |
39.0 |
28% |
9.8 |
11% |
Nigeria |
26.9 |
20% |
1.6 |
2% |
Other Africa & Asia |
12.1 |
9% |
8.2 |
9% |
|
|
|
|
|
Total
Revenue |
137.3 |
100% |
87.5 |
100% |
Special note regarding Adjusted EBITDA and Adjusted
EBITDA Margin
dLocal has only one operating segment. dLocal
measures its operating segment’s performance by Revenues, Adjusted
EBITDA and Adjusted EBITDA Margin, and uses these metrics to make
decisions about allocating resources.
Adjusted EBITDA as used by dLocal is defined as
the profit from operations before financing and taxation for the
year or period, as applicable, before depreciation of property,
plant and equipment, amortization of right-of-use assets and
intangible assets, and further excluding the changes in fair value
of financial assets and derivative instruments carried at fair
value through profit or loss, impairment gains/(losses) on
financial assets, transaction costs, share-based payment non-cash
charges, secondary offering expenses, and inflation adjustment.
dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA
divided by consolidated revenues.
Although Adjusted EBITDA and Adjusted EBITDA
Margin may be commonly viewed as non-IFRS measures in other
contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted
EBITDA and Adjusted EBITDA Margin are treated by dLocal as IFRS
measures based on the manner in which dLocal utilizes these
measures. Nevertheless, dLocal’s Adjusted EBITDA and Adjusted
EBITDA Margin metrics should not be viewed in isolation or as a
substitute for net income for the periods presented under IFRS.
dLocal also believes that its Adjusted EBITDA and Adjusted EBITDA
Margin metrics are useful metrics used by analysts and investors,
although these measures are not explicitly defined under IFRS.
Additionally, the way dLocal calculates operating segment’s
performance measures may be different from the calculations used by
other entities, including competitors, and therefore, dLocal’s
performance measures may not be comparable to those of other
entities
The table below presents a reconciliation of
dLocal’s Adjusted EBITDA to net income:
|
Three months ended March 31 |
In thousands of US$ |
2023 |
2022 |
Profit for the period |
35,450 |
26,273 |
Income tax expense |
4,281 |
1,213 |
Depreciation and
amortization |
2,515 |
1,723 |
Finance income and costs,
net |
(1,391) |
1,293 |
Share-based payment non-cash
charges |
2,329 |
2,034 |
Secondary offering
expenses¹ |
- |
89 |
Impairment loss / (gain) on
financial assets |
51 |
(75) |
Inflation adjustment |
1,019 |
306 |
Other non-recurring
costs2 |
1,229 |
- |
Adjusted
EBITDA |
45,483 |
32,856 |
|
|
|
Note: 1Corresponds to expenses assumed by dLocal in relation to
secondary offerings of its shares which occurred in 2021. 2It
includes non-recurring costs related to an internal review of the
allegations made by a short-seller report, including fees from
independent counsel, independent global expert services and
forensic accounting advisory firm.
Earnings per share
We calculate basic earnings per share by
dividing the profit attributable to owners of the group by the
weighted average number of common shares issued and outstanding
during the three-months period ended March 31, 2023 and 2022.
Our diluted earnings per share is calculated by
dividing the profit attributable to owners of the group of dLocal
by the weighted average number of common shares outstanding during
the period plus the weighted average number of common shares that
would be issued on conversion of all dilutive potential common
shares into common shares.
The following table presents the information
used as a basis for the calculation of our earnings per share:
|
Three months ended March 31 |
|
2023 |
|
2022 |
Profit attributable to common
shareholders (U.S. Dollars) |
35,443,588 |
|
26,291,715 |
Weighted average number of
common shares |
295,125,862 |
|
295,044,763 |
Adjustments for calculation of
diluted earnings per share |
16,441,184 |
|
18,144,357 |
Weighted average number of
common shares for calculating diluted earnings per share |
311,567,046 |
|
313,189,120 |
Basic earnings per share |
0.12 |
|
0.09 |
Diluted earnings per
share |
0.11 |
|
0.08 |
This press release does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standards 34, “Interim Financial
Reporting” nor a financial statement as defined by International
Accounting Standards 1 “Presentation of Financial Statements”. The
quarterly financial information in this press release has not been
audited.
Conference call and
webcastdLocal’s management team will host a conference
call and audio webcast on May 18th, 2023 at 8:00 a.m. Eastern Time.
Please click here to pre-register for the conference call and
obtain your dial in number and passcode.
The live conference call can be accessed via
audio webcast at the investor relations section of dLocal’s
website, at https://investor.dlocal.com/. An archive of the webcast
will be available for a year following the conclusion of the
conference call. The investor presentation will also be filed on
EDGAR at www.sec.gov.
About dLocal
dLocal powers local payments in emerging
markets, connecting global enterprise merchants with billions of
emerging market consumers in 40 countries across APAC, the Middle
East, Latin America, and Africa. Through the “One dLocal” platform
(one direct API, one platform, and one contract), global companies
can accept payments, send pay-outs and settle funds globally
without the need to manage separate pay-in and pay-out processors,
set up numerous local entities, and integrate multiple acquirers
and payment methods in each market.Definition of selected
operational metrics
“API” means application
programming interface, which is a general term for programming
techniques that are available for software developers when they
integrate with a particular service or application. In the payments
industry, APIs are usually provided by any party participating in
the money flow (such as payment gateways, processors, and service
providers) to facilitate the money transfer process.
“Cross-border” means a payment
transaction whereby dLocal is collecting in one currency and
settling into a different currency and/or in a different
geography.
“Local payment methods” refers
to any payment method that is processed in the country where the
end user of the merchant sending or receiving payments is located,
which include credit and debit cards, cash payments, bank
transfers, mobile money, and digital wallets.
“Local-to-local” means a
payment transaction whereby dLocal is collecting and settling in
the same currency.
“Net Revenue Retention Rate” or
“NRR” is a U.S. dollar-based measure of retention
and growth of dLocal’s merchants. NRR is calculated for a period or
year by dividing the Current Period/Year Revenue by the Prior
Period/Year Revenue. The Prior Period/Year Revenue is the revenue
billed by us to all our customers in the prior period. The Current
Period/Year Revenue is the revenue billed by us in the current
period to the same customers included in the Prior Period/Year
Revenue. Current Period/Year Revenue includes revenues from any
upselling and cross-selling across products, geographies, and
payment methods to such merchant customers, and is net of any
contractions or attrition, in respect of such merchant customers,
and excludes revenue from new customers on-boarded in the preceding
twelve months. As most of dLocal revenues come from existing
merchants, the NRR rate is a key metric used by management, and we
believe it is useful for investors in order to assess our retention
of existing customers and growth in revenues from our existing
customer base.
“Pay-in” means a payment
transaction whereby dLocal’s merchant customers receive payment
from their customers.
“Pay-out” means a payment
transaction whereby dLocal disburses money in local currency to the
business partners or customers of dLocal’s merchant customers.
“Revenue from New Merchants”
means the revenue billed by us to merchant customers that we did
not bill revenues in the same quarter (or period) of the prior
year.
“Revenue from Existing
Merchants” means the revenue billed by us in the last
twelve months to the merchant customers that we billed revenue in
the same quarter (or period) of the prior year.
“TPV” dLocal presents total
payment volume, or TPV, which is an operating metric of the
aggregate value of all payments successfully processed through
dLocal’s payments platform. Because revenue depends significantly
on the total value of transactions processed through the dLocal
platform, management believes that TPV is an indicator of the
success of dLocal’s global merchants, the satisfaction of their end
users, and the scale and growth of dLocal’s business.
Forward-looking statements
This press release contains certain
forward-looking statements. These forward-looking statements convey
dLocal’s current expectations or forecasts of future events.
Forward-looking statements regarding dLocal involve known and
unknown risks, uncertainties and other factors that may cause
dLocal’s actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. Certain of these risks and uncertainties are described
in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary
Statement Regarding Forward-Looking Statements” sections of
dLocal’s filings with the U.S. Securities and Exchange Commission.
Unless required by law, dLocal undertakes no obligation to publicly
update or revise any forward-looking statements to reflect
circumstances or events after the date hereof.dLocal
Limited
Certain interim financial
informationConsolidated Condensed Statements of
Comprehensive Income for the three-month period ended March 31,
2023 and 2022(In thousands of U.S. dollars, except
per share amounts, unaudited)
|
Three months ended 31 of March |
|
2023 |
2022 |
Continuing
operations |
|
|
Revenues |
137,287 |
87,453 |
Cost of
services |
(75,450) |
(43,899) |
Gross
profit |
61,837 |
43,554 |
|
|
|
Technology and development
expenses |
(2,290) |
(1,406) |
Sales and marketing
expenses |
(4,857) |
(2,844) |
General and administrative
expenses |
(15,280) |
(10,294) |
Impairment (loss)/gain on
financial assets |
(51) |
75 |
Operating
profit |
39,359 |
29,085 |
Finance income |
6,988 |
6 |
Finance costs |
(5,597) |
(1,299) |
Inflation adjustment |
(1,019) |
(306) |
Other results |
372 |
(1,599) |
Profit before income
tax |
39,731 |
27,486 |
Income
tax expense |
(4,281) |
(1,213) |
Profit for the
period |
35,450 |
26,273 |
|
|
|
Profit attributable
to: |
|
|
Owners of the Group |
35,444 |
26,292 |
Non-controlling interest |
6 |
(19) |
Profit for the
period |
35,450 |
26,273 |
|
|
|
Earnings per share (in
USD) |
|
|
Basic Earnings per share |
0.12 |
0.09 |
Diluted Earnings per
share |
0.11 |
0.08 |
|
|
|
Other comprehensive
income |
|
|
Items that may be reclassified
to profit or loss: |
|
|
Exchange difference on
translation on foreign operations |
1,488 |
1,162 |
Other comprehensive income for the period, net of
tax |
1,488 |
1,162 |
Total comprehensive
income for the period, net of tax |
36,938 |
27,435 |
|
|
|
Total comprehensive
income for the period |
|
|
Owners of the Group |
36,934 |
27,454 |
Non-controlling interest |
4 |
(19) |
Total comprehensive
income for the period |
36,938 |
27,435 |
dLocal Limited
Certain interim financial
informationConsolidated Condensed Statements of
Financial Position as of March 31, 2023 and December 31,
2022(In thousands of U.S. dollars, except per
share amounts, unaudited)
|
31 of March, 2023 |
31 of December, 2022 |
ASSETS |
|
|
Current
Assets |
|
|
Cash and cash equivalents |
517,892 |
468,092 |
Financial assets at fair value
through profit or loss |
339 |
1,295 |
Trade and other
receivables |
249,272 |
240,446 |
Derivative financial
instruments |
32 |
1,206 |
Other assets |
43,035 |
56,789 |
Total Current
Assets |
810,570 |
767,828 |
|
|
|
Non-Current
Assets |
|
|
Deferred tax assets |
548 |
362 |
Property, plant and
equipment |
2,346 |
2,734 |
Right-of-use assets |
3,794 |
3,934 |
Intangible assets |
53,073 |
51,443 |
Total Non-Current
Assets |
59,761 |
58,473 |
TOTAL
ASSETS |
870,331 |
826,301 |
|
|
|
LIABILITIES |
|
|
Current
Liabilities |
|
|
Trade and other payables |
449,252 |
407,874 |
Lease liabilities |
679 |
686 |
Tax liabilities |
10,222 |
11,695 |
Derivative financial
instruments |
1,803 |
544 |
Provisions |
1,168 |
1,473 |
Total Current
Liabilities |
463,124 |
422,272 |
|
|
|
Non-Current
Liabilities |
|
|
Deferred tax liabilities |
1,852 |
1,016 |
Lease liabilities |
3,317 |
3,393 |
Total Non-Current
Liabilities |
5,169 |
4,409 |
TOTAL
LIABILITIES |
468,293 |
426,681 |
|
|
|
EQUITY |
|
|
Share Capital |
587 |
592 |
Share Premium |
128,694 |
164,307 |
Capital Reserve |
17,283 |
16,185 |
Other Reserves |
(590) |
(1,448) |
Retained earnings |
256,069 |
219,993 |
Total Equity
Attributable to owners of the Group |
402,043 |
399,629 |
Non-controlling interest |
(5) |
(9) |
TOTAL
EQUITY |
402,038 |
399,620 |
dLocal Limited
Certain interim financial
informationConsolidated Condensed Statements of
Cash flows for the three-month period ended March 31, 2023 and
2022(In thousands of U.S. dollars, except per
share amounts, unaudited)
|
Three months ended 31 of March |
|
2023 |
2022 |
Cash flows from
operating activities |
|
|
Profit before income tax |
39,731 |
27,486 |
Adjustments: |
|
|
Interest income from financial
instruments |
(6,899) |
(6) |
Interest charges for lease
liabilities |
43 |
163 |
Other finance expense |
437 |
(30) |
Finance expense related to
derivative financial instruments |
5,235 |
1,166 |
Net exchange differences |
531 |
1,490 |
Fair value loss on financial
assets at fair value through profit or loss |
(89) |
- |
Amortization of Intangible
assets |
2,176 |
1,422 |
Depreciation of Property,
plant and equipment |
195 |
188 |
Amortization of Right-of-use
asset |
144 |
113 |
Revenue reduction related to
prepaid assets |
- |
158 |
Share-based payment expense,
net of forfeitures |
2,329 |
2,034 |
Net
Impairment loss/(gain) on financial assets |
51 |
(75) |
|
43,884 |
34,109 |
Changes in working
capital |
|
|
Increase in Trade and other
receivables |
(9,074) |
(26,200) |
Decrease/(increase) in Other
assets |
13,754 |
(141) |
Increase in Trade and other
payables |
41,378 |
69,616 |
Decrease in Tax
Liabilities |
(1,062) |
(200) |
(Decrease) / increase in Provisions |
(305) |
49 |
Cash from operating
activities |
88,575 |
77,233 |
Income
tax paid |
(4,042) |
(1,323) |
Net cash from
operating activities |
84,533 |
75,910 |
|
|
|
Cash flows from
investing activities |
|
|
Acquisitions of Property,
plant and equipment |
(49) |
(80) |
Additions of Intangible
assets |
(3,806) |
(2,509) |
Net collections of financial
assets at FVPL |
1,045 |
618 |
Interest collected from financial instruments |
6,820 |
6 |
Net cash provided by /
(used in) investing activities |
4,010 |
(1,965) |
|
|
|
Cash flows from
financing activities |
|
|
Repurchase of shares |
(36,918) |
- |
Share-options exercise |
69 |
358 |
Interest payments on lease
liability |
(43) |
(163) |
Principal payments on lease
liability |
(126) |
(92) |
Lease cancellation |
(4) |
- |
Finance expense paid related
to derivative financial instruments |
(2,153) |
- |
Other
finance expense paid |
(437) |
(37) |
Net cash (used in) / provided by financing
activities |
(39,612) |
66 |
Net increase in cash
flow |
48,931 |
74,011 |
|
|
|
Cash and cash
equivalents at the beginning of the year |
468,092 |
336,197 |
Net increase in cash flow |
48,931 |
74,011 |
Effects of exchange rate
changes on cash and cash equivalents |
869 |
(144) |
Cash and cash
equivalents at the end of the year |
517,892 |
410,064 |
dLocal was incorporated on February 10, 2021, as a Cayman
Islands exempted company with limited liability, duly registered
with the Cayman Islands Registrar of Companies. The contribution of
dLocal Group Limited (a limited liability company incorporated in
Malta, the former holding entity or “dLocal Malta”) shares to
dLocal has been finalized as of April 14, 2021. Until the
contribution of dLocal Malta shares to it, dLocal had not commenced
operations, consequently the historical information previous to
that date presented in here corresponds to dLocal Malta, our
predecessor. This reorganization was done, among other things, to
facilitate the initial public offering of the Group. dLocal had no
prior assets, holdings or operations.
Investor Relations Contact:
investor@dlocal.com
Media Contact:
marketing@dlocal.com
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