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Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Income before income taxes R$ 676,391 R$ 429,582 R$ 428,433
Adjustments to reconcile income before income taxes      
Depreciation and amortization 333,341 289,511 206,220
Write-off of property and equipment 2,539 1,910 1,697
Write-off of intangible assets 244 413 25
Allowance for expected credit losses 60,894 74,552 42,708
Share-based compensation 32,424 31,535 31,274
Net foreign exchange differences 7,027 681 852
Accrued interest 254,386 285,447 200,081
Accrued interest on lease liabilities 111,966 100,849 88,571
Share of income of associate (11,737) (9,495) (12,184)
Provision (reversal) for legal proceedings 5,068 (56,825) (766)
Changes in assets and liabilities      
Trade receivables (97,449) (131,336) (129,165)
Recoverable taxes 18,107 (15,353) (2,230)
Other assets 11,220 88,427 (1,411)
Trade payables 18,126 24,500 9,975
Taxes payable (14,798) 3,278 (3,915)
Advances from customers 6,329 (17,892) 8,387
Labor and social obligations 8,414 31,525 21,247
Other liabilities 30,687 (42,542) (12,811)
 Net cash flows from operating activities before income taxes 1,453,179 1,088,767 876,988
Income taxes paid (20,520) (45,144) (33,089)
Net cash flows from operating activities 1,432,659 1,043,623 843,899
Investing activities      
Acquisition of property and equipment (136,924) (118,435) (168,132)
Acquisition of intangibles assets (255,691) (126,993) (128,892)
Dividends received 7,501 9,900 6,754
Acquisition of non-controlling interest (21,000)
Acquisition of subsidiaries, net of cash acquired (627,568) (815,005) (277,649)
Payments of interest from acquisition of subsidiaries and intangibles (78,931) (71,518) (23,550)
Net cash flows used in investing activities (1,091,613) (1,143,051) (591,469)
Financing activities      
Payments of principal of loans and financing (128,696) (112,630) (1,791)
Payments of interest of loans and financing (177,192) (175,889) (116,587)
Proceeds from loans and financing 491,593 5,288 496,885
Payments of principal of lease liabilities (41,221) (31,473) (28,511)
Payments of interest of lease liabilities (111,605) (103,911) (85,001)
Treasury shares (12,369) (152,317)
Proceeds from exercise of stock options 9,376 9,791
Dividends paid to non-controlling shareholders (18,289) (18,750) (19,736)
Net cash flows generated (used) in financing activities 23,966 (439,943) 92,942
Net foreign exchange differences (7,027) (681) (852)
Net increase (decrease) in cash and cash equivalents 357,985 (540,052) 344,520
Cash and cash equivalents at the beginning of the year 553,030 1,093,082 748,562
Cash and cash equivalents at the end of the year R$ 911,015 R$ 553,030 R$ 1,093,082