Business
StoneCo Reports First Quarter 2023 Results
Revenue of R$2.7 billion, + 31% y/y (vs R$2.6+ billion guidance);Adjusted EBT (including share-based compensation expenses) of R$324.0 million, +371% y/y (vs
About this update from Stoneco Ltd.
[{"type":"text","content":" Revenue of R$2.7 billion, + 31% y/y (vs R$2.6+ billion guidance);Adjusted EBT (including share-based compensation expenses) of R$324.0 million, +371% y/y (vs R$265+ million guidance);MSMB TPV of R$78.9 billion, +25% y/y (vs R$77.0 - R$78.0 billion guidance and over 2x industry growth) GEORGE TOWN, Grand Cayman, May 17, 2023 (GLOBE NEWSWIRE) -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) (“Stone” or the “Company”) today reports its financial results for its first quarter ended March 31, 2023. Operating and Financial Highlights for 1Q23 Note about our non-IFRS Adjusted P&L metrics: as anticipated in our 4Q22 Earnings announcement, from 1Q23 onwards we will no longer adjust the expenses related to share-based compensation, which may affect the comparability of our current Adjusted results to our Adjusted numbers prior to 1Q23. To allow for better understanding of our business performance trends, the tables in this Earnings Release will make reference to our Adjusted P&L metrics including share-based compensation expenses (i.e. not adjusting those expenses out), both in 1Q23 and in prior periods for comparability purposes. MAIN CONSOLIDATED FINANCIAL METRICS Table 1: Main Consolidated Financial Metrics Main Consolidated Financial Metrics (R$mn)1Q234Q221Q22Δ y/y %Δ q/q %Total Revenue and Income2,711.72,706.12,070.331.0%0.2%Adjusted EBITDA1,251.41,231.1803.655.7%1.7%Adjusted EBT324.0275.668.8370.8%17.6%Adjusted Net Income236.6203.842.6455.9%16.1%Adjusted Net Cash3,988.83,489.62,537.857.2%14.3% Total Revenue and Income reached R$2,711.7 million in the quarter. This represents an increase of 31.0% from R$2,070.3 million in the prior-year period. The increase in revenues was mainly a result of (i) 35.7% growth in our financial services platform revenues, that reached R$2,335.9 million and (ii) 9.7% growth in our software platform revenues, that reached R$358.2 million. Non-Allocated represented the remaining R$17.5 million in revenue. Financial services revenue growth was mostly a result of our performance in the MSMB segment, with above-guidance TPV and higher take rates on a year over year basis. Our year over year software revenue growth was mainly driven by our software Core POS and ERP business performance.Adjusted EBITDA up 55.7% year over year. Adjusted EBITDA in 1Q23 was R$1,251.4 million, up from R$803.6 million in 1Q22 and 1.7% hi...