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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income for the year $ 54,015 $ 51,596 $ 30,463
Adjustments to reconcile net income for the year to net cash flows from operating activities:      
Share-based compensation expense 15,357 10,551 12,865
Current income tax (note 8.1) 19,327 23,324 14,053
Deferred income tax (note 8.1) (4,310) (7,456) (5,972)
Depreciation of property and equipment (note 14) 14,542 11,230 9,053
Depreciation of right-of-use assets (note 27) 14,584 0 0
Amortization of intangible assets (note 15) 9,713 9,313 7,075
Impairment of intangible assets (note 4.6 and 4.10) 720 306 4,708
Net impairment losses on financial assets (note 4.4) [1] 228 3,469 1,581
Impairment of investments in associates (note 11.2) 0 800 0
Allowance for claims and lawsuits (note 21) 0 2,070 527
Loss (gain) on remeasurement of contingent consideration (note 28.9.1) 85 (6,700) (6,735)
Gain on transactions with bonds (note 3.18) (1,569) 0 0
Net gain on remeasurement of valuation of call and put option over non-controlling interest and on derecognition of the call option (note 28.9.2) 0 (1,156) (1,726)
Accrued interest 4,151 270 404
Interest received 734 401 0
Net gain arising on financial assets measured at FVPL (1,285) (2,763) (303)
Net gain arising on financial assets measured at FVOCI (58) (258) (240)
Net gain arising on financial assets measured at amortised cost (note 7) (99) 0 0
Exchange differences 8,291 6,989 2,645
Share of results of investment in associates 224 0 0
Net increase in trade receivables (38,945) (36,356) (25,599)
Net (increase) decrease in other receivables (8,432) (10,559) 1,240
Net increase in other assets (9,967) 0 0
Net increase in trade payables 7,235 2,479 4,341
Net increase in payroll and social security taxes payable 8,766 21,885 7,576
Net increase (decrease) in tax liabilities 2,079 939 (700)
Utilization of provision for contingencies (note 21) (194) (222) (1,320)
Cash provided by operating activities 95,192 80,152 53,936
Income tax paid (17,055) (12,955) (11,383)
Proceeds received from reimbursement of income tax 1,572 0 436
Net cash provided by operating activities 79,709 67,197 42,989
Cash flows from (used in) investing activities [abstract]      
Acquisition of property and equipment [2] (20,375) (19,171) (19,605)
Proceeds from disposals of property and equipment and intangibles 102 149 468
Acquisition of intangible assets [3] (11,617) (9,711) (8,447)
Acquisition of investment in sovereign bonds (note 3.18) (6,000) 0 0
Proceeds of investment in sovereign bonds (note 3.18) 7,569 0 0
(Payments) proceeds related to forward and future contracts (651) 2,382 (579)
Acquisition of investments measured at FVTPL (143,763) (99,482) (137,788)
Proceeds from investments measured at FVTPL 129,910 103,083 140,144
Acquisition of investments measured at FVOCI (11,684) (39,435) (13,824)
Proceeds from investments measured at FVOCI 15,618 35,340 13,176
Acquisition of investments measured at amortised cost 0 (527) 0
Guarantee payments (1,038) (345) 0
Payments to acquire investments in associates 0 (3,250) (469)
Acquisition of investment in convertible notes (note 3.12.9.2 to 3.12.9.4) (3,350) 0 0
Acquisition of business, net of cash (note 25) [4] (97,298) (4,137) (19,149)
Payments of earn-outs related to acquisition of business (8,981) (11,013) (11,461)
Net cash used in investing activities (151,558) (46,117) (57,534)
Cash flows from financing activities      
Proceeds from the issuance of shares under the share-based compensation plan (note 29.1) 15,822 7,040 5,296
Proceeds from subscription agreements (note 29.1) 7,770 3,217 5,695
Proceeds from borrowings (note 19) 90,523 0 22,000
Repayment of borrowings (note 19) (40,806) (6,004) (16,198)
Payments of principal portion of lease liabilities (note 27) (15,358) 0 0
Convertible notes (note 3.12.9.1) 0 0 (100)
Cash provided by financing activities 57,951 4,253 16,693
Payments of lease liabilities interest (note 27) (475) 0 0
Interest paid (note 19) (764) (159) (95)
Net cash provided by financing activities 56,712 4,094 16,598
Effect of exchange rate changes on cash and cash equivalents 252 (93) (60)
(Decrease) increase in cash and cash equivalents (14,885) 25,081 1,993
Cash and cash equivalents at beginning of the year 77,606 52,525 50,532
Cash and cash equivalents at end of the year 62,721 77,606 52,525
Supplemental information      
Cash paid 103,978 4,328 21,300
Less: cash and cash equivalents acquired (6,678) (191) (2,151)
Total consideration paid net of cash and cash equivalents acquired $ 97,300 $ 4,137 $ 19,149
[1] Includes a loss of 275 and 3,421 and a gain of 5 on impairment of trade receivables for 2019, 2018 and 2017, respectively (see note 12). Includes a recovery of impairment of tax credits of 47 for 2019, an impairment loss of tax credits of 48 and 1,586 for 2018 and 2017, respectively (see note 4.4).
[2] In 2019, 2018 and 2017, there were 2,179, 4,316 and 1,264 of acquisition of property and equipment financed with trade payables, respectively. In 2019, 2018 and 2017, the Company paid 4,316, 1,264 and 478 related to property and equipment acquired in 2018, 2017 and 2016, respectively. In 2019, 2018 and 2017 there were 1,862, 3,301 and 2,861 of advances paid. Finally, 2019 excludes 30,661 of advances reclassified from other receivables which was a non-cash transaction.
[3] In 2018 and 2017 there were 217 and 344 of acquisition of intangibles financed with trade payables, respectively. In 2019, 2018 and 2017, the Company paid 217, 344 and 7 related to intangibles acquired in 2018, 2017 and 2016, respectively.
[4] Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries (note 25):Supplemental information Cash paid 103,978 4,328 21,300Less: cash and cash equivalents acquired (6,678) (191) (2,151)Total consideration paid net of cash and cash equivalents acquired 97,300 4,137 19,149