- 20% Growth in the MSMB total payment volume (TPV), double the industry average, according to ABECS
- Adjusted EBT of R$638 million, a 131.6% increase compared to 4T22
- The MSMB customer base grew by 37.4% year-over-year, reaching nearly 3.5 million active customers
SÃO PAULO, March 18, 2024 /PRNewswire/ -- StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) reported growth year-over-year of 20.1% in total revenue, reaching R$3.2 billions in 4Q23, with adjusted EBT of R$638 millions, 17.2% higher than 4Q22, with adjusted EBT margin increasing 2,3 p.p sequentially, to 19.6%. The result is mainly attributed to the growth of consolidated revenue, with lower financial expenses
The financial services revenue reached R$ R$ 2.87 billion in 4Q23, 24.4% higher year over year. The growth was driven by MSMB (micro, small, and medium-sized businesses) clients, whose TPV increased by 20.2% year over year (or 25%, considering the processed volume of PIX P2M). The segment also showed a 22 bps increase in take rate year over year.
In 4Q23, the deposits in the banking platform reached R$6.1 billion, up 52.1% compared to 4Q22. The company continues to advance on its credit solution, with a portfolio of R$309 millions, highlighting the effectiveness of risk management practices.
The company has disclosed a new metric to assess the volume of payments within the customer base already using integrated solutions in the priority softwares verticals - Retail, Gas Station, Food and Pharmacies -, with a 19% increase compared to 3Q23, nearly twice the quarterly evolution of MSMB's TPV. Adjusted Software EBITDA reached R$58.7 million in 4Q23, with a margin of 16.2%, compared to R$59.6 million and a margin of 15.8% in 4Q22. The reduction was mainly due to restructuring costs incurred in this vertical, which are expected to yield benefits in 2024.
"Last year brought strategic achievements and advancements in line with our goals to 2027. Our strategy is clear: integrate software business across four main sectors, build a huge technological platform, harness the potential of payment matching, banking, credit and software", says Pedro Zinner, CEO of Stone.
The company's profitability also translated into cash generation, and the year ended with an adjusted net cash position of over R$5 billion, even after significant investments in the credit portfolio and share buybacks.
StoneCo also announced that its founder, André Street, has decided to end his term on the Board of Directors, not seeking reelection. The Vice-Chairman of the Board, Conrado Engel, and Board Member, Patrícia Verderesi, are also concluding their terms after two years with the company. Mauricio Luchetti and Gilberto Caldart will be nominated, respectively, for the positions of Chairman and Vice-Chairman of the Board of Directors, subject to the terms of the Company's Bylaws and approval by the majority of shareholders. José Alexandre Scheinkman will be nominated as a new member. André remains a key shareholder with additional rights outlined in the Shareholders' Agreement and the Company's Bylaws.
SOURCE Stone
