XML 40 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income for the period $ 94,104 $ 121,191 $ 61,840
Adjustments to net income for the year      
Depreciation expense 3,825 1,783 1,680
Amortization expense 17,379 6,973 6,007
Net financial investment income (2,345) (355) (366)
Unrealized (gains)/losses on long-term investments (5,322) (226) 91
Unrealized (gains)/losses on derivative financial instruments (2,990) 0 0
Contingent consideration adjustments (12,322) 0 0
Gross obligation under put - unwinding 3,533 0 0
Deferred consideration adjustments 729 0 0
Interest expense on lease liabilities 1,807 1,022 869
Transaction costs allocated – SPAC 315 0 0
IPO expenses accrual 0 270 0
Deferred income taxes expense 1,565 (1,311) 2,245
Current income taxes expense 6,784 1,692 891
Share of equity accounted earnings 2,351 0 0
Share based incentive plan 731 764 0
Other non-cash effects 124 365 (243)
Changes in operating assets and liabilities      
Accounts receivable (23,067) (62,745) (22,560)
Projects advances (2,896) (2,173) 4,537
Recoverable taxes (2,423) (2,570) (326)
Personnel and related taxes payable (12,877) 27,596 1,144
Carried interest allocation 868 11,582 0
Deferred consideration payable on acquisition 24,444 2,037 0
Taxes payable and deferred taxes (8,620) 1,182 185
Payment of income taxes (621) (221) (1,833)
Other assets and liabilities 1,238 1,905 (716)
Payment of placement agent fees (5,263) (1,200) (750)
Net cash provided by operating activities 81,051 107,561 52,695
Cash flows from investing activities      
Decrease (increase) in short term investments 108,855 (141,745) 9,511
Decrease (increase) in short-term investment – loan 0 0 13,031
Decrease (increase) in long-term investments (12,069) (17,873) 1,629
Investment into SPAC trust account (236,900) 0 0
Payment of business acquisition payable (16,437) 0 0
Acquisition of property and equipment (5,439) (1,551) (163)
Acquisition of software and computer programs (1,273) (292) (497)
Acquisition of investments in associates (7,789) 0 0
Acquisition of subsidiaries, net of cash acquired (18,295) (122,767) 0
Net cash provided by/used in investing activities (189,347) (284,228) 23,511
Cash flows from financing activities      
IPO proceeds 0 302,722 0
IPO transaction costs 0 (3,204) 0
IPO proceeds – SPAC * 230,000 0 0
IPO transaction costs – SPAC (4,665) 0 0
Dividends paid (103,329) (119,788) (64,481)
Lease payments (1,652) (832) (893)
Interest paid on lease liabilities (1,807) (1,007) (865)
Net cash provided by/used in financing activities 118,547 177,891 (66,239)
Foreign exchange variation on cash and cash equivalents in foreign currencies 1,004 (12) (35)
Increase in cash and cash equivalents 11,255 1,212 9,932
Cash and cash equivalents at the beginning of the year 15,264 14,052 4,120
Cash and cash equivalents at the end of the year 26,519 15,264 14,052
Non-cash operating and investing activity      
Non cash transfer of long term investment with a corresponding decrease in lease liability 0 300 0
Addition of right of use assets 5,009 8,783 137
Accrued placement agent liabilities with a corresponding increase in intangible 0 0 1,250
Dividends declared 0 0 23,259
IPO transaction costs decrease in assets with corresponding decrease in equity 0 624 0
IPO transaction costs accrual increase in liability with corresponding decrease in equity 0 427 0
Changes in interest of subsidiaries 0 385 0
Acquisition of subsidiaries through share issuance 0 184,789 0
Contingent consideration payable on acquisition 9,072 25,775 0
Consideration payable on acquisition 18,156 16,437 0
Gross obligation under put option 73,428 0  
VBI      
Non-cash operating and investing activity      
Gross obligation under put option 65,544 0 0
Igah      
Non-cash operating and investing activity      
Gross obligation under put option $ 7,666 $ 0 $ 0