Q3 2024 B3 SA Brasil Bolsa Balcao Earnings Call Transcript
Key Points
- B3 SA - Brasil Bolsa Balcao (BOLSY) reported a 6% increase in EBITDA, reaching 1.7 billion reais with a recurring EBITDA margin of 70%.
- Net income also grew by 6%, totaling 1.2 billion reais during the quarter.
- The company returned 516 million reais to shareholders through dividends and interest on capital, and executed share buybacks worth 736 million reais.
- B3 SA - Brasil Bolsa Balcao (BOLSY) launched new futures and options contracts on the small cap B3 index, expanding its product offerings.
- The company successfully issued 1.7 billion reais in debt, taking advantage of favorable market conditions to reinforce its cash position.
- Expenses increased by 14% compared to the third quarter of 2023, driven by seasonal impacts and project accelerations.
- There were extraordinary expenses related to consultancy projects for strategic initiatives.
- The company revised its leverage guidance from two times gross debt to EBITDA to 2.3 times, indicating increased financial leverage.
- Operational figures for listed derivatives in October were below the average seen in previous months, raising concerns about future performance.
- The competitive environment remains challenging, with potential new entrants aiming to launch by the end of 2025 or 2026.
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Portion of this transcript marked (technical difficulty) indicate an audio problem. The missing text will be supplied if a replay becomes available.
With set excluding this impact, expenses would have been 14% higher than in the third quarter of '23. The main reasons for that growth are the following. We do have seasonal impacts coming from personnel and, and, and charges with the adjustment of annual salary and benefits. As as as you know, during the second half of the year, we had a growth in data processing with the acceleration of projects during the period, expenses that are, that are directly related to revenue growth.
So I'm talking about here, expenses associated with incentives and programs for for instance, the Bitcoin future and the Treasury direct. So expenses that have grown but as a result of growth that we have seen in revenues and we also had some extraordinary expenses related to consultancy projects for some strategic projects that we have.
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