The company bet all quarterly guidance lines; Adjusted net income of R$ 76 million was 48% higher vs. previous quarter on a comparable basis
SÃO PAULO, Aug. 18, 2022 /PRNewswire/ -- Today, August 18, StoneCo Ltd. (Nasdaq: STNE) reported its financial results for the second quarter of 2022. The highlights are net revenues of R$ 2.3 billion, 5% above the guidance, and pre-tax earnings of R$ 107 million, 19% above the guidance. Revenue growth was driven by a 101.5% year on year rise in revenues from the Financial Services segment, which reached R$ 1.9 billion, combined with a 23% increase in revenues from the Software segment, which reached R$ 351 million. The company expects to continue consistently growing revenue and expanding margins throughout 2022.
Consolidated adjusted EBT (earnings before taxes) was R$ 107 million, up 29.4% vs. the first quarter of the year, and 19% above the guidance of R$ 90 million. The EBT improvement is related to continuous efforts to adjust the company's pricing policy to the new interest rates reality, combined with efficiency gains in terms of costs and expenses. Adjusted net income was R$ 76.5 million, while net margin improved to 3.3% in 2Q22. This compares to 1Q22 adjusted net income of R$ 51.7 million. Stone focus remains on balancing growth and profitability, mainly in micro, small and medium-sized businesses (MSMB) operations.
Total payment volume (TPV) grew 50% year on year, reaching R$ 91 billion in 2Q22. For MSMBs, the TPV was R$ 69.9 billion, a 78% increase YoY. Performance was driven by continued growth of the active payment solution's customer base, which grew 94% year on year and surpassed the 2 million-customer milestone. The take rate for MSMBs continues to expand, reaching 2.09% in 2Q22, against 2.06% in 1Q22 and 1.71% in 4Q21, as the company continued to adjust prices following recent interest rate increases in Brazil.
At its banking platform, Stone grew the client base by 55% year on year and reached 526,100 active customers. "Our average monthly revenue per active client (ARPAC) has tripled in one year. We recorded R$ 2.3 billion in deposits, a 170% increase year on year. Our clients use our ecosystem to pay bills, make transactions, accept Pix, make card payments, purchase insurance, or look for other solutions for their businesses", says Stone's CEO, Thiago Piau.
Scenario for 3Q22
For the third quarter, Stone expects to continue expand revenue and profitability:
Total revenue should exceed R$ 2.4 billion, with a growth of over 63% year over year;
MSMB TPV should continue to grow and remain between R$ 73 and R$ 74 billion;
Adjusted EBT (earnings before taxes) is expected to exceed R$ 125 million, against R$ 107 million in the second quarter.
Stone is a technology company that provides financial and software solutions, whose purpose is to improve the life of Brazilian entrepreneurs, helping them to sell through multiple channels, better manage their businesses, and grow.
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