What the Earnings Call Left Out
nu/2023-12 already covered Nu's Q4 and full-year 2023 numbers - $8.03 billion in revenue, the first full year of IFRS profitability at $1.03 billion net income, and management's own framing that Mexico and Colombia generated "only 6% of consolidated revenue while absorbing roughly 21% of Nu's total headcount." That 6% figure came from CEO David Vélez's remarks on the earnings call, not from a filed table - the same post explicitly noted that "no segment-level P&L breakout is available in the interim disclosures." The FY2023 Form 20-F, filed April 19, 2024 (audited by KPMG Auditores Independentes Ltda.), fills that specific gap, plus two smaller items the quarterly package never touches.
Beyond the Usual
The 20-F's segment note gives an actual country-level revenue table - Brazil, Mexico, and Colombia broken out by dollar figure, for the first time in a filed document
Note 33 ("Segment information") states Nu still operates as a single reportable segment - the CODM (Vélez, as CEO) reviews performance on a consolidated basis, not by country - but IFRS 8 still requires the geographic revenue and non-current-asset breakout below, which exists nowhere in Nu's quarterly earnings materials:
| Country | Revenue 2023 | Revenue 2022 | Revenue 2021 | Non-current assets 2023 | Non-current assets 2022 |
|---|---|---|---|---|---|
| Brazil | $5,728.7M | $3,121.1M | $1,285.8M | $656.3M | $551.7M |
| Mexico | $354.9M | $201.2M | $29.5M | $47.9M | $17.6M |
| Colombia | $75.4M | $20.4M | $0.8M | $14.8M | $5.1M |
| United States | $1.0M | $2.4M | $2.8M | $6.1M | $7.5M |
| Cayman Islands | — | — | — | $38.0M | $44.0M |
| Total | $6,160.0M | $3,345.1M | $1,319.0M | $763.2M | $626.0M |
Two things worth flagging about this table rather than just repeating it. First, its "Revenue" figure ($6,160.0M for FY2023) is meaningfully smaller than the $8,029.0M headline revenue in nu/2023-12 - the note's own footnote defines this narrower figure as interest income (credit card, lending, other receivables) plus interchange fees, recharge fees, rewards revenue, late fees, and other fee/commission income, which isn't the same revenue-recognition scope as the income statement's total. Treat this table as a geographic mix indicator, not a restatement of the headline number. Second, on that basis Mexico and Colombia combined were 7.0% of this narrower FY2023 total ($430.3M of $6,160.0M) - close to, but not identical to, the "6% of consolidated revenue" Vélez cited on the call, since the two are measuring slightly different revenue bases. Either way, both confirm the same underlying picture nu/2023-12 already drew from management's own words: Mexico and Colombia are still a small single-digit share of revenue.
Brazil's non-current assets grew far slower than its revenue (+19.0% YoY vs. Brazil revenue's +83.5% YoY) - a maturing, asset-light core business. Mexico's non-current assets grew much faster (+172.0% YoY, outpacing even Mexico's own +76.4% revenue growth), consistent with continued infrastructure build-out in a market Nu has repeatedly flagged as still pre-profit. Colombia's asset base nearly tripled YoY off a small base ($5.1M to $14.8M), the earliest visible sign of physical/operational investment in what was still an 800,000-customer market at year-end.
KPMG's audit fees rose 62.5% year over year, and the filing discloses aggregate management compensation in dollar terms for the first time
| KPMG fee category | 2023 | 2022 | YoY |
|---|---|---|---|
| Audit fees | $1,749.8K | $1,076.7K | +62.5% |
| Audit-related fees | $58.5K | $24.7K | +136.8% |
| Tax fees | $15.5K | $12.7K | +22.0% |
| All other fees | $11.4K | $9.4K | +21.3% |
| Total | $1,835.2K | $1,123.5K | +63.4% |
This is a larger jump than the FY2022 audit-fee increase already covered in nu/2023-02 (+44.5% that year, on total fees that had actually declined). FY2023's increase hits every fee category, not just core audit work, and total fees paid to KPMG grew nearly as fast as the audit line itself - consistent with a business that added real complexity in 2023 (Mexico approaching its own banking license, a larger loan book, more subsidiaries) rather than a one-off item rolling off, the way 2021's elevated IPO-readiness costs did the year before.
Separately, the 20-F states aggregate compensation for Nu's directors and key management personnel, including amounts paid by controlled companies, was $60.1 million for the year ended December 31, 2023 - the first time this specific aggregate figure appears in a document reviewed for this coverage. Nu doesn't provide a prior-year comparable in this filing, so there's no YoY read available yet; it's noted here as a baseline for future annual filings to be compared against.
The Takeaway
None of this changes the read from nu/2023-12 - FY2023 was still Nu's first full profitable year, and Mexico/Colombia are still early, small-revenue growth bets funded by Brazil. What the 20-F adds is the kind of granularity the quarterly package structurally can't provide: an actual filed country-level revenue table (rather than a single verbal percentage from the call), a materially larger audit-fee increase than the prior year's, and a first-ever aggregate management-compensation figure. Individually minor; together, confirmation that the annual filing is still worth reading even for a fiscal year whose headline numbers are already well covered.
Nu Holdings Ltd.'s Annual Report on Form 20-F for the fiscal year ended December 31, 2023, audited by KPMG Auditores Independentes Ltda., filed April 19, 2024 (SEC accession 0001292814-24-001464) - specifically Note 33 (Segment Information) of the audited consolidated financial statements, Item 16C (Principal Accountant Fees and Services), and the Directors and Key Management Compensation section under Item 6. Financial results referenced from this filing that overlap with FY2023's headline numbers are the same figures already covered in nu/2023-12, sourced there from Nu's Q4 2023 earnings materials.