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Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Income before income taxes R$ 186,937 R$ 98,722 R$ 50,979
Adjustments to reconcile income before income taxes      
Depreciation and amortization 73,152 9,078 4,023
Disposals of property and equipment 78
Allowance for doubtful accounts 15,040 7,714 2,914
Share-based compensation expense 18,114 2,161
Net foreign exchange differences (13,321) 2,697
Net loss (gain) on derivatives 1,780 (1,219)
Accrued interest 24,002 1,856 20
Accrued lease interest 31,469
Share of income of associate (2,362)
Provision for legal proceedings (2,568) (344)
Others (11) (638)
Changes in assets and liabilities      
Trade receivables (35,556) (28,198) (9,789)
Inventories (236) (593) (140)
Recoverable taxes (3,940) (63) (679)
Other assets (7,403) (3,304) (314)
Trade payables 3,029 (1,528) (2,377)
Taxes payables 4,940 (3,797) (2,314)
Advances from customers 19,324 2,073 (1,594)
Labor and social obligations 6,124 (3,019) 5,872
Other liabilities (10,881) 1,990 (3,323)
Total adjustments to reconcile income with net cash from operations 307,722 84,215 42,640
Income taxes paid (8,506) (3,897) (2,723)
Net cash flows from operating activities 299,216 80,318 39,917
Investing activities      
Acquisition of property and equipment (56,964) (18,634) (16,778)
Acquisition of intangibles assets (64,745) (3,053) (4,288)
Acquisition of subsidiaries, net of cash acquired (241,568) (221,298)
Related parties 1,598 (594) (1,004)
Restricted cash 7,530 (18,810)
Net cash flows used in investing activities (354,149) (262,389) (22,070)
Financing activities      
Payments of loans and financing (75,093) (6,492) (1,135)
Proceeds from loans and financing 7,383 74,980
Payments of lease liabilities (39,779)
Related parties loans (106) (484)
Capital increase 167,628 156,304
Dividends paid (51,812) (5,845) (2,506)
Proceeds from initial public offering 992,778
Share issuance costs (79,670)
Net cash flows from (used in) financing activities 921,435 218,841 (4,125)
Net foreign exchange differences 14,447
Net increase in cash and cash equivalents 880,949 36,770 13,722
Cash and cash equivalents at the beginning of the year 62,260 25,490 11,768
Cash and cash equivalents at the end of the year R$ 943,209 R$ 62,260 R$ 25,490