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Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Income before income taxes R$ 335,054 R$ 186,937 R$ 98,722
Adjustments to reconcile income before income taxes      
Depreciation and amortization 108,744 73,152 9,078
Disposals of property and equipment 78
Allowance for doubtful accounts 32,081 15,040 7,714
Share-based compensation expense 32,610 18,114 2,161
Net foreign exchange differences 4,613 (13,321) 2,697
Net loss (gain) on derivatives (20,739) 1,780 (1,219)
Accrued interest 25,543 24,002 1,856
Accrued lease interest 44,458 31,469
Share of income of associate (7,698) (2,362)
Provision for legal proceedings 5,354 (2,568) (344)
Others (11)
Changes in assets and liabilities      
Trade receivables (164,286) (35,556) (28,198)
Inventories (3,110) (236) (593)
Recoverable taxes (13,709) (3,940) (63)
Other assets (23,902) (7,403) (3,304)
Trade payables 4,475 3,029 (1,528)
Taxes payables (552) 4,940 (3,797)
Advances from customers (1,951) 19,324 2,073
Labor and social obligations 11,125 6,124 (3,019)
Other liabilities 22,771 (10,881) 1,990
Total adjustments to reconcile income with net cash from operations 390,881 307,722 84,215
Income taxes paid (19,374) (8,506) (3,897)
Net cash flows from operating activities 371,507 299,216 80,318
Investing activities      
Acquisition of property and equipment (89,832) (56,964) (18,634)
Acquisition of intangibles assets (47,753) (64,745) (3,053)
Restricted cash 14,788 7,530 (18,810)
Payments of notes payable (5,974)
Acquisition of subsidiaries, net of cash acquired (913,991) (241,568) (221,298)
Loans to related parties 1,598 (594)
Net cash flows used in investing activities (1,042,762) (354,149) (262,389)
Financing activities      
Issuance of loans and financing 605,041 7,383 74,980
Payments of loans and financing (155,090) (75,093) (6,492)
Payments of lease liabilities (55,455) (39,779)
Related parties loans (106)
Capital increase 5,444 167,628 156,304
Dividends paid to non-controlling interests (12,984) (51,812) (5,845)
Proceeds from initial public offering 389,170 992,778
Share issuance costs (19,704) (79,670)
Net cash flows from (used in) financing activities 756,422 921,435 218,841
Net foreign exchange differences 16,666 14,447
Net increase in cash and cash equivalents 101,833 880,949 36,770
Cash and cash equivalents at the beginning of the year 943,209 62,260 25,490
Cash and cash equivalents at the end of the year R$ 1,045,042 R$ 943,209 R$ 62,260