Yahoo Finance Nu Holdings Ltd. (NYSE:NU) Q4 2023 Earnings Call Transcript
Nu Holdings Ltd. (NYSE:NU) Q4 2023 Earnings Call Transcript February 22, 2024
NU isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, ladies and gentlemen. Welcome to Nu Holdings Conference Call to discuss the results for the Fourth Quarter 2023. A slide presentation accompanies today's webcast, which is available Nu's Investor Relations website, www.investors.nu in English and www.investidores.nu in Portuguese. This conference is being recorded and the replay can also be accessed on the company's IR website. This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese room. After that select mute original audio. [Foreign Language] Please be advised that all participants will be in listen-only mode. You may submit online questions at any time today using the Q&A box on the webcast. I would now like to turn the call over to Mr. Jorg Friedemann, Investor Relations Officer at Nu Holdings. Mr. Friedemann, you may proceed.
Jorg Friedemann: Thank you very much, operator, and thank you all for joining our earnings call today. If you have not seen our earnings release, a copy is posted in the results center section of our Investor Relations website. With me on today's call are David Velez, our Founder, Chief Executive Officer, and Chairman; Youssef Lahrech, our President and Chief Operating Officer; Guilherme Lago, our Chief Financial Officer; and Jag Duggal, our Chief Product Officer. Throughout this conference call we will be presenting non-IFRS financial information, including adjusted net income. These are important financial measures for NU, but are not financial measures as defined by IFRS and may not be comparable to similar measures from other companies.
Reconciliations of the our non-IFRS financial information to the IFRS financial information are available in our earnings press release. Unless noted otherwise, all growth rates are on a year-over-year FX-neutral basis. I would also like to remind everyone that today's discussion might include forward-looking statements, which are not guarantees of future performance, and therefore you should not put undue reliance on them. These statements are subject to numerous risks and uncertainties and could cause actual results to differ materially from our expectations. Please refer to the forward-looking statements disclosure in our earnings release. Today, our Founder, Chairman, and CEO, David Velez will discuss the main highlights of our fourth quarter 2023 results and provide an overview of our company priorities for 2024.
Subsequently, Guilherme Lago, our CFO; and Youssef Lahrech our President and COO, will take you through our financial and operating performance for the quarter, after which time we will be happy to take your questions. Now, I'd like to turn the call over to David. David, please go ahead.
David Velez: Thank you, Jorg. Good evening, everyone, and thank you again for being with us today. Q4 2023 marks our second year as a publicly-listed company and 10th years since our foundation. Our mission dedicated to fighting complexity and empowering people, continues to gain strong momentum, now serving nearly 100 million people in Brazil, Mexico, and Colombia. Meanwhile, our business model anchored in three fundamental principles, fast customer expansion, expanding revenue per customer, and efficient operating costs is delivering onto the substantial earnings power rendition. Where customer-base growth has consistently outpaced our expectations, reaching approximately 94 million customers at the end of the quarter, compared to 54 million just three years ago.
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