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  "docSlug": "b0d4509b946d",
  "documentTitle": "dLocal (DLO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-16 00:00:00",
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  "pageNumber": 5,
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  "slideType": "expose_contradiction",
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  "density": "dense",
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  "notes": "The slide uses a 'fraud-exposure' or 'expose_contradiction' framework to undermine the credibility of the company's financial disclosures.",
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  "components": [
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      "bbox": null,
      "kind": "callout",
      "text": "The problem is that in different filings, DLO has reported radically different numbers for the same cohorts.",
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      "toolName": "Visual emphasis",
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      "text": "Exposing inconsistent financial reporting to suggest lack of transparency or potential manipulation.",
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      "text": "TPV: 741%",
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      "kind": "paragraph",
      "text": "At one point in 2021, DLO claimed that its 2019 cohort of New Merchants generated TPV in 2019 of $471 million. Approximately one year later, that same disclosure had dropped by 88.1% to $56 million.",
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      "kind": "paragraph",
      "text": "The 2020 cohort also experienced a large revision without mention. In March 2021, DLO claimed that the 2020 New Merchant cohort generated 2020 TPV of $343 million. Yet a little over one year later, that number dropped 24.2% to $260 million.",
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      "kind": "paragraph",
      "text": "DLO discloses TPV attributable to merchants added in each of the 2018, 2019, 2020, and 2021 cohorts. The problem is that in different filings, DLO has reported radically different numbers for the same cohorts.",
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      "text": "2019 Cohort: 471 vs 56 (741% var); 2020 Cohort: 343 vs 260 (32% var)",
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      "kind": "title",
      "text": "Variation in New Merchant TPVs Reported, Cohort Years 2019 & 2020",
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