|
The Cayman Islands
(State or other jurisdiction of incorporation or organization) |
| |
8200
(Primary Standard Industrial Classification Code Number) |
| |
N/A
(I.R.S. Employer Identification Number) |
|
| | | |
Copies to:
|
| | | |
|
Manuel Garciadiaz
Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 (212) 450-4000 |
| | | | |
John P. Guzman
Jessica Y. Chen White & Case LLP 1221 Avenue of the Americas New York, New York 10020 (212) 819-8200 |
|
|
CALCULATION OF REGISTRATION FEE
|
| ||||||||||||||
|
Title of Each Class of
Securities to be Registered |
| | |
Proposed Maximum Aggregate
Offering Price(1)(2) |
| | |
Amount of
Registration Fee(3) |
| ||||||
|
Common shares, par value US$0.00001 per share
|
| | | | US$ | 100,000,000 | | | | | | US$ | 12,980 | | |
| | |
Page
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| | | | 230 | | | |
| | | | 232 | | | |
| | | | 233 | | | |
| | | | F-1 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions, except per share information)
|
| |||||||||||||||||||||||||||||||||
Statement of Profit or Loss Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 46.9 | | | | | | 256.7 | | | | | | 234.5 | | | | | | 84.2 | | | | | | 461.1 | | | | | | 383.4 | | |
Revenue from distance-learning undergraduate courses
|
| | | | 37.2 | | | | | | 203.7 | | | | | | 170.8 | | | | | | 61.4 | | | | | | 336.3 | | | | | | 259.6 | | |
Revenue from continuing education courses
|
| | | | 3.9 | | | | | | 21.3 | | | | | | 23.0 | | | | | | 8.6 | | | | | | 47.1 | | | | | | 33.0 | | |
Revenue from on-campus undergraduate courses
|
| | | | 5.8 | | | | | | 31.6 | | | | | | 40.7 | | | | | | 14.2 | | | | | | 77.6 | | | | | | 90.8 | | |
Cost of services rendered
|
| | | | (19.4) | | | | | | (106.0) | | | | | | (105.2) | | | | | | (38.6) | | | | | | (211.5) | | | | | | (184.2) | | |
Gross profit
|
| | | | 27.5 | | | | | | 150.6 | | | | | | 129.3 | | | | | | 45.6 | | | | | | 249.5 | | | | | | 199.3 | | |
Selling expenses
|
| | | | (9.1) | | | | | | (50.0) | | | | | | (47.8) | | | | | | (18.4) | | | | | | (100.9) | | | | | | (70.6) | | |
General and administrative expenses
|
| | | | (4.4) | | | | | | (24.4) | | | | | | (61.3) | | | | | | (22.9) | | | | | | (125.3) | | | | | | (90.7) | | |
Net impairment losses on financial assets
|
| | | | (6.4) | | | | | | (34.9) | | | | | | (25.3) | | | | | | (10.6) | | | | | | (58.2) | | | | | | (44.6) | | |
Other income (expenses), net
|
| | | | 0.3 | | | | | | 1.7 | | | | | | (0.4) | | | | | | (0.2) | | | | | | (0.9) | | | | | | (1.0) | | |
Operating expenses
|
| | | | (19.7) | | | | | | (107.6) | | | | | | (134.7) | | | | | | (52.1) | | | | | | (285.4) | | | | | | (206.9) | | |
Operating profit (loss)
|
| | | | 7.9 | | | | | | 43.0 | | | | | | (5.4) | | | | | | (6.6) | | | | | | (35.9) | | | | | | (7.6) | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions, except per share information)
|
| |||||||||||||||||||||||||||||||||
Financial income
|
| | | | 1.7 | | | | | | 9.5 | | | | | | 9.4 | | | | | | 3.5 | | | | | | 19.2 | | | | | | 22.0 | | |
Financial expenses
|
| | | | (3.8) | | | | | | (20.8) | | | | | | (29.9) | | | | | | (11.0) | | | | | | (60.4) | | | | | | (64.6) | | |
Financial results
|
| | | | (2.1) | | | | | | (11.2) | | | | | | (20.5) | | | | | | (7.5) | | | | | | (41.2) | | | | | | (42.6) | | |
Profit (loss) before taxes
|
| | | | 5.8 | | | | | | 31.7 | | | | | | (25.9) | | | | | | (14.1) | | | | | | (77.1) | | | | | | (50.2) | | |
Current income taxes
|
| | | | (3.6) | | | | | | (19.6) | | | | | | (8.6) | | | | | | (2.7) | | | | | | (14.8) | | | | | | (10.6) | | |
Deferred income taxes
|
| | | | 7.4 | | | | | | 40.3 | | | | | | 9.4 | | | | | | 4.7 | | | | | | 25.7 | | | | | | 15.7 | | |
Income tax
|
| | | | 3.8 | | | | | | 20.6 | | | | | | 0.8 | | | | | | 2.0 | | | | | | 10.9 | | | | | | 5.0 | | |
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
Earnings (loss) per common share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings (loss) per common
share – R$ |
| | | | 0.02 | | | | | | 0.10 | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.13) | | | | | | (0.09) | | |
| | |
As of June 30,
|
| |
As of
December 31, |
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Statement of Financial Position Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | | 72.5 | | | | | | 397.2 | | | | | | 39.2 | | | | | | 214.9 | | | | | | 252.5 | | |
Total non-current assets
|
| | | | 169.4 | | | | | | 927.5 | | | | | | 159.6 | | | | | | 873.8 | | | | | | 926.5 | | |
Total assets
|
| | | | 241.9 | | | | | | 1,324.7 | | | | | | 198.8 | | | | | | 1,088.7 | | | | | | 1,179.0 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities
|
| | | | 46.9 | | | | | | 257.0 | | | | | | 40.4 | | | | | | 221.4 | | | | | | 175.1 | | |
Total non-current liabilities
|
| | | | 103.0 | | | | | | 564.0 | | | | | | 76.0 | | | | | | 416.0 | | | | | | 484.5 | | |
Total liabilities
|
| | | | 149.9 | | | | | | 821.0 | | | | | | 116.4 | | | | | | 637.4 | | | | | | 659.6 | | |
Total equity
|
| | | | 92.0 | | | | | | 503.7 | | | | | | 82.4 | | | | | | 451.3 | | | | | | 519.4 | | |
Total liabilities and equity
|
| | | | 241.9 | | | | | | 1,324.7 | | | | | | 198.8 | | | | | | 1,088.7 | | | | | | 1,179.0 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Net revenue
|
| | | | 46.9 | | | | | | 256.7 | | | | | | 234.5 | | | | | | 84.2 | | | | | | 461.1 | | | | | | 383.4 | | |
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
Adjusted EBITDA(2)
|
| | | | 13.7 | | | | | | 75.2 | | | | | | 66.1 | | | | | | 21.5 | | | | | | 117.6 | | | | | | 107.8 | | |
Adjusted Net Income(3)
|
| | | | 10.4 | | | | | | 57.1 | | | | | | 35.1 | | | | | | 10.5 | | | | | | 57.7 | | | | | | 55.4 | | |
Cash flow from operations
|
| | | | 12.3 | | | | | | 67.2 | | | | | | 50.0 | | | | | | 0.2 | | | | | | 98.0 | | | | | | 88.0 | | |
Adjusted Cash Flow Conversion from Operations(4)
|
| | | | 80% | | | | | | 80% | | | | | | 68% | | | | | | 75% | | | | | | 75% | | | | | | 79% | | |
| | |
As of and
for the Six Months Ended June 30 |
| |
As of and for the
Year Ended December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Number enrolled students
|
| | | | 287,798 | | | | | | 244,188 | | | | | | 240,946 | | | | | | 189,295 | | | | | | 140,363 | | | | | | 115,325 | | |
Number of distance learning undergraduate students
|
| | | | 236,838 | | | | | | 193,068 | | | | | | 195,613 | | | | | | 148,711 | | | | | | 106,576 | | | | | | 81,406 | | |
Number of distance learning graduate
students |
| | | | 42,033 | | | | | | 40,673 | | | | | | 35,952 | | | | | | 30,227 | | | | | | 22,910 | | | | | | 21,108 | | |
Number of hubs
|
| | | | 608 | | | | | | 436 | | | | | | 545 | | | | | | 370 | | | | | | 221 | | | | | | 72 | | |
| | |
As of June 30, 2020
|
| |||||||||||||||||||||
| | |
Vitru Brasil, actual
|
| |
Vitru, as adjusted
for the contribution(2) |
| |
Vitru, as further
adjusted for the contribution and the offering(3) |
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| ||||||
Non-current accounts payable from acquisition of subsidiaries(4)
|
| | | | 46.7 | | | | | | 256.0 | | | |
|
| |
|
| |
|
| |
|
|
Non-current lease liabilities(5)
|
| | | | 19.1 | | | | | | 104.8 | | | | | | | | | | | | | | |
Non-current loans and financing
|
| | | | 27.4 | | | | | | 150.0 | | | | | | | | | | | | | | |
Long-term debt(6)
|
| | | | 93.2 | | | | | | 510.8 | | | | | | | | | | | | | | |
Total equity(7)
|
| | | | 92.0 | | | | | | 503.7 | | | | | | | | | | | | | | |
Total capitalization(7)(8)
|
| | | | 185.2 | | | | | | 1,014.5 | | | | | | | | | | | | | | |
|
Net tangible book value per share as of June 30, 2020
|
| | | US$ | | | |
|
Increase in net tangible book value per share attributable to new investors
|
| | | US$ | | | |
|
Pro forma net tangible book value per share after the offering
|
| | | US$ | | | |
|
Dilution per common share to new investors
|
| | | US$ | | | |
|
Percentage of dilution in net tangible book value per common share for new investors
|
| | | | % | | |
Year
|
| |
Period-end
|
| |
Average(1)
|
| |
Low(2)
|
| |
High(3)
|
| ||||||||||||
2015
|
| | | | 3.9048 | | | | | | 3.3387 | | | | | | 2.5754 | | | | | | 4.1949 | | |
2016
|
| | | | 3.2585 | | | | | | 3.4833 | | | | | | 3.1193 | | | | | | 4.1558 | | |
2017
|
| | | | 3.3074 | | | | | | 3.1925 | | | | | | 3.0510 | | | | | | 3.3807 | | |
2018
|
| | | | 3.8742 | | | | | | 3.6558 | | | | | | 3.1391 | | | | | | 4.1879 | | |
2019
|
| | | | 4.0307 | | | | | | 3.9461 | | | | | | 3.6519 | | | | | | 4.2602 | | |
Month
|
| |
Period-end
|
| |
Average(1)
|
| |
Low(2)
|
| |
High(3)
|
| ||||||||||||
January 2020
|
| | | | 4.2695 | | | | | | 4.1495 | | | | | | 4.0213 | | | | | | 4.2695 | | |
February 2020
|
| | | | 4.4987 | | | | | | 4.3410 | | | | | | 4.2381 | | | | | | 4.4987 | | |
March 2020
|
| | | | 5.1987 | | | | | | 4.8839 | | | | | | 4.4883 | | | | | | 5.1987 | | |
April 2020
|
| | | | 5.4270 | | | | | | 5.3256 | | | | | | 5.0779 | | | | | | 5.6510 | | |
May 2020
|
| | | | 5.3405 | | | | | | 5.6434 | | | | | | 5.2992 | | | | | | 5.9372 | | |
June 2020
|
| | | | 5.4760 | | | | | | 5.1966 | | | | | | 4.8894 | | | | | | 5.4760 | | |
July 2020
|
| | | | 5.2033 | | | | | | 5.2802 | | | | | | 5.1111 | | | | | | 5.4288 | | |
August 2020 (through August 21, 2020)
|
| | | | 5.6510 | | | | | | 5.4130 | | | | | | 5.2760 | | | | | | 5.6510 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions, except per share information)
|
| |||||||||||||||||||||||||||||||||
Statement of Profit or Loss Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 46.9 | | | | | | 256.7 | | | | | | 234.5 | | | | | | 84.2 | | | | | | 461.1 | | | | | | 383.4 | | |
Revenue from distance-learning undergraduate courses
|
| | | | 37.2 | | | | | | 203.7 | | | | | | 170.8 | | | | | | 61.4 | | | | | | 336.3 | | | | | | 259.6 | | |
Revenue from continuing education
courses |
| | | | 3.9 | | | | | | 21.3 | | | | | | 23.0 | | | | | | 8.6 | | | | | | 47.1 | | | | | | 33.0 | | |
Revenue from on-campus undergraduate courses
|
| | | | 5.8 | | | | | | 31.6 | | | | | | 40.7 | | | | | | 14.2 | | | | | | 77.6 | | | | | | 90.8 | | |
Cost of services rendered
|
| | | | (19.4) | | | | | | (106.0) | | | | | | (105.2) | | | | | | (38.6) | | | | | | (211.5) | | | | | | (184.2) | | |
Gross profit
|
| | | | 27.5 | | | | | | 150.6 | | | | | | 129.3 | | | | | | 45.6 | | | | | | 249.5 | | | | | | 199.3 | | |
Selling expenses
|
| | | | (9.1) | | | | | | (50.0) | | | | | | (47.8) | | | | | | (18.4) | | | | | | (100.9) | | | | | | (70.6) | | |
General and administrative expenses
|
| | | | (4.4) | | | | | | (24.4) | | | | | | (61.3) | | | | | | (22.9) | | | | | | (125.3) | | | | | | (90.7) | | |
Net impairment losses on financial assets
|
| | | | (6.4) | | | | | | (34.9) | | | | | | (25.3) | | | | | | (10.6) | | | | | | (58.2) | | | | | | (44.6) | | |
Other income (expenses), net
|
| | | | 0.3 | | | | | | 1.7 | | | | | | (0.4) | | | | | | (0.2) | | | | | | (0.9) | | | | | | (1.0) | | |
Operating expenses
|
| | | | (19.7) | | | | | | (107.6) | | | | | | (134.7) | | | | | | (52.1) | | | | | | (285.4) | | | | | | (206.9) | | |
Operating profit (loss)
|
| | | | 7.9 | | | | | | 43.0 | | | | | | (5.4) | | | | | | (6.6) | | | | | | (35.9) | | | | | | (7.6) | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Years Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions, except per share information)
|
| |||||||||||||||||||||||||||||||||
Financial income
|
| | | | 1.7 | | | | | | 9.5 | | | | | | 9.4 | | | | | | 3.5 | | | | | | 19.2 | | | | | | 22.0 | | |
Financial expenses
|
| | | | (3.8) | | | | | | (20.8) | | | | | | (29.9) | | | | | | (11.0) | | | | | | (60.4) | | | | | | (64.6) | | |
Financial results
|
| | | | (2.1) | | | | | | (11.2) | | | | | | (20.5) | | | | | | (7.5) | | | | | | (41.2) | | | | | | (42.6) | | |
Profit (loss) before taxes
|
| | | | 5.8 | | | | | | 31.7 | | | | | | (25.9) | | | | | | (14.1) | | | | | | (77.1) | | | | | | (50.2) | | |
Current income taxes
|
| | | | (3.6) | | | | | | (19.6) | | | | | | (8.6) | | | | | | (2.7) | | | | | | (14.8) | | | | | | (10.6) | | |
Deferred income taxes
|
| | | | 7.4 | | | | | | 40.3 | | | | | | 9.4 | | | | | | 4.7 | | | | | | 25.7 | | | | | | 15.7 | | |
Income tax
|
| | | | 3.8 | | | | | | 20.6 | | | | | | 0.8 | | | | | | 2.0 | | | | | | 10.9 | | | | | | 5.0 | | |
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
Earnings (loss) per common share | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings (loss) per common
share – R$ |
| | | | 0.02 | | | | | | 0.10 | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.13) | | | | | | (0.09) | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Statement of Financial Position Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 28.7 | | | | | | 157.2 | | | | | | 0.5 | | | | | | 2.5 | | | | | | 2.4 | | |
Short-term investments
|
| | | | 14.6 | | | | | | 80.0 | | | | | | 13.2 | | | | | | 72.3 | | | | | | 164.8 | | |
Trade receivables
|
| | | | 20.1 | | | | | | 110.3 | | | | | | 16.1 | | | | | | 88.1 | | | | | | 71.4 | | |
Income taxes recoverable
|
| | | | — | | | | | | — | | | | | | 0.9 | | | | | | 4.7 | | | | | | 5.5 | | |
Prepaid expenses
|
| | | | 2.5 | | | | | | 13.6 | | | | | | 1.6 | | | | | | 8.9 | | | | | | 7.2 | | |
Other current assets
|
| | | | 0.2 | | | | | | 1.1 | | | | | | 0.3 | | | | | | 1.9 | | | | | | 1.2 | | |
| | | | | 66.1 | | | | | | 362.1 | | | | | | 32.6 | | | | | | 178.4 | | | | | | 252.5 | | |
Assets classified as held for sale(2)
|
| | | | 6.4 | | | | | | 35.1 | | | | | | 6.7 | | | | | | 36.5 | | | | | | — | | |
Total current assets
|
| | | | 72.5 | | | | | | 397.2 | | | | | | 39.2 | | | | | | 214.9 | | | | | | 252.5 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | 0.6 | | | | | | 3.3 | | | | | | 0.7 | | | | | | 3.8 | | | | | | 5.4 | | |
Indemnification assets
|
| | | | 2.4 | | | | | | 12.9 | | | | | | 2.7 | | | | | | 14.8 | | | | | | 16.5 | | |
Deferred tax assets
|
| | | | 10.1 | | | | | | 55.3 | | | | | | 6.8 | | | | | | 37.1 | | | | | | 29.9 | | |
Other non-current assets
|
| | | | 0.3 | | | | | | 1.4 | | | | | | 0.3 | | | | | | 1.4 | | | | | | 1.2 | | |
Right-of-use assets
|
| | | | 19.9 | | | | | | 109.0 | | | | | | 16.2 | | | | | | 88.5 | | | | | | 74.8 | | |
Property and equipment
|
| | | | 15.5 | | | | | | 85.1 | | | | | | 12.8 | | | | | | 70.0 | | | | | | 63.4 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Intangible assets
|
| | | | 120.6 | | | | | | 660.5 | | | | | | 120.2 | | | | | | 658.2 | | | | | | 735.3 | | |
Total non-current assets
|
| | | | 169.4 | | | | | | 927.5 | | | | | | 159.6 | | | | | | 873.8 | | | | | | 926.5 | | |
Total assets
|
| | | | 241.9 | | | | | | 1,324.7 | | | | | | 198.8 | | | | | | 1,088.7 | | | | | | 1,179.0 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 5.2 | | | | | | 28.2 | | | | | | 5.5 | | | | | | 30.0 | | | | | | 17.1 | | |
Loans and financing
|
| | | | 0.4 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 3.7 | | | | | | 20.3 | | | | | | 3.2 | | | | | | 17.3 | | | | | | 15.4 | | |
Labor and social obligations
|
| | | | 6.6 | | | | | | 36.3 | | | | | | 3.1 | | | | | | 16.8 | | | | | | 16.1 | | |
Income tax payable
|
| | | | 1.0 | | | | | | 5.2 | | | | | | — | | | | | | — | | | | | | — | | |
Taxes payable
|
| | | | 0.5 | | | | | | 3.0 | | | | | | 0.3 | | | | | | 1.7 | | | | | | 1.7 | | |
Prepayments from customers
|
| | | | 0.9 | | | | | | 4.7 | | | | | | 0.6 | | | | | | 3.2 | | | | | | 1.2 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 24.1 | | | | | | 131.8 | | | | | | 23.5 | | | | | | 128.9 | | | | | | 123.3 | | |
Other current liabilities
|
| | | | 0.2 | | | | | | 0.8 | | | | | | 0.1 | | | | | | 0.3 | | | | | | 0.3 | | |
| | | | | 42.6 | | | | | | 232.5 | | | | | | 36.2 | | | | | | 198.1 | | | | | | 175.1 | | |
Liabilities directly associated with assets classified as
held for sale(1) |
| | | | 4.4 | | | | | | 24.5 | | | | | | 4.3 | | | | | | 23.3 | | | | | | — | | |
Total current liabilities
|
| | | | 47.0 | | | | | | 257.0 | | | | | | 40.4 | | | | | | 221.4 | | | | | | 175.1 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 27.4 | | | | | | 150.0 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 19.1 | | | | | | 104.8 | | | | | | 15.7 | | | | | | 85.9 | | | | | | 73.3 | | |
Share-based compensation
|
| | | | 6.3 | | | | | | 34.4 | | | | | | 6.4 | | | | | | 35.0 | | | | | | 7.0 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 46.7 | | | | | | 256.0 | | | | | | 45.8 | | | | | | 250.7 | | | | | | 335.2 | | |
Provisions for contingencies
|
| | | | 3.3 | | | | | | 17.8 | | | | | | 3.4 | | | | | | 18.4 | | | | | | 18.0 | | |
Deferred tax liabilities
|
| | | | — | | | | | | — | | | | | | 4.6 | | | | | | 25.0 | | | | | | 43.4 | | |
Other non-current liabilities
|
| | | | 0.2 | | | | | | 0.9 | | | | | | 0.2 | | | | | | 1.1 | | | | | | 7.5 | | |
Total non-current liabilities
|
| | | | 103.0 | | | | | | 564.0 | | | | | | 76.0 | | | | | | 416.0 | | | | | | 484.5 | | |
Total liabilities
|
| | | | 150.0 | | | | | | 821.0 | | | | | | 116.4 | | | | | | 637.4 | | | | | | 659.6 | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 100.1 | | | | | | 548.4 | | | | | | 100.1 | | | | | | 548.4 | | | | | | 546.5 | | |
Capital reserves
|
| | | | (0.2) | | | | | | (1.2) | | | | | | (0.2) | | | | | | (1.3) | | | | | | 2.5 | | |
Revenue reserves
|
| | | | 0.1 | | | | | | 0.4 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.4 | | |
Retained earnings (accumulated losses)
|
| | | | (8.0) | | | | | | (43.8) | | | | | | (17.6) | | | | | | (96.2) | | | | | | (30.1) | | |
Total equity
|
| | | | 92.0 | | | | | | 503.7 | | | | | | 82.4 | | | | | | 451.3 | | | | | | 519.4 | | |
Total liabilities and equity
|
| | | | 242.0 | | | | | | 1,324.7 | | | | | | 198.8 | | | | | | 1,088.7 | | | | | | 1,179.0 | | |
|
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Net revenue
|
| | | | 46.9 | | | | | | 256.7 | | | | | | 234.5 | | | | | | 84.2 | | | | | | 461.1 | | | | | | 383.4 | | |
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
Adjusted EBITDA(2)
|
| | | | 13.7 | | | | | | 75.2 | | | | | | 66.1 | | | | | | 21.5 | | | | | | 117.6 | | | | | | 107.8 | | |
Adjusted Net Income(3)
|
| | | | 10.4 | | | | | | 57.1 | | | | | | 35.1 | | | | | | 10.5 | | | | | | 57.7 | | | | | | 55.4 | | |
Cash flow from operations
|
| | | | 12.3 | | | | | | 67.2 | | | | | | 50.0 | | | | | | 0.2 | | | | | | 98.0 | | | | | | 88.0 | | |
Adjusted Cash Flow Conversion from
Operations(4) |
| | | | 80% | | | | | | 80% | | | | | | 68% | | | | | | 75% | | | | | | 75% | | | | | | 79% | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
(+) Deferred and current income tax
|
| | | | (3.8) | | | | | | (20.6) | | | | | | (0.8) | | | | | | (2.0) | | | | | | (10.9) | | | | | | (5.0) | | |
(+) Financial results
|
| | | | 2.1 | | | | | | 11.2 | | | | | | 20.5 | | | | | | 7.5 | | | | | | 41.2 | | | | | | 42.6 | | |
(+) Depreciation and amortization
|
| | | | 4.4 | | | | | | 24.3 | | | | | | 30.4 | | | | | | 11.4 | | | | | | 62.4 | | | | | | 56.3 | | |
(+) Interest on tuition fees paid in arrears
|
| | | | 1.3 | | | | | | 7.2 | | | | | | 3.9 | | | | | | 1.5 | | | | | | 8.3 | | | | | | 8.9 | | |
(+) Impairment of non-current assets
|
| | | | — | | | | | | — | | | | | | 31.4 | | | | | | 9.3 | | | | | | 51.0 | | | | | | 33.5 | | |
(+) Share-based compensation plan
|
| | | | (0.1) | | | | | | (0.6) | | | | | | 3.1 | | | | | | 4.8 | | | | | | 26.4 | | | | | | 7.5 | | |
(+) Other income (expenses), net
|
| | | | (0.3) | | | | | | (1.7) | | | | | | 0.4 | | | | | | 0.2 | | | | | | 0.9 | | | | | | 1.0 | | |
(+) M&A, pre-offering expenses and restructuring expenses
|
| | | | 0.5 | | | | | | 2.9 | | | | | | 2.1 | | | | | | 0.8 | | | | | | 4.5 | | | | | | 8.2 | | |
Adjusted EBITDA(2)
|
| | | | 13.7 | | | | | | 75.2 | | | | | | 66.1 | | | | | | 21.5 | | | | | | 117.6 | | | | | | 107.8 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Net income (loss) for the period
|
| | | | 9.6 | | | | | | 52.4 | | | | | | (25.1) | | | | | | (12.1) | | | | | | (66.2) | | | | | | (45.2) | | |
(+) M&A, pre-offering expenses and restructuring expenses
|
| | | | 0.5 | | | | | | 2.9 | | | | | | 2.1 | | | | | | 0.8 | | | | | | 4.5 | | | | | | 8.2 | | |
(+) Impairment of non-current assets
|
| | | | — | | | | | | — | | | | | | 31.4 | | | | | | 9.3 | | | | | | 51.0 | | | | | | 33.5 | | |
(+) Share-based compensation plan
|
| | | | (0.1) | | | | | | (0.6) | | | | | | 3.1 | | | | | | 4.8 | | | | | | 26.4 | | | | | | 7.5 | | |
(+) Amortization of intangible assets from business combinations
|
| | | | 1.6 | | | | | | 8.9 | | | | | | 18.6 | | | | | | 6.8 | | | | | | 37.3 | | | | | | 37.3 | | |
(+) Interest accrued on accounts payable from the acquisition of subsidiaries
|
| | | | 1.6 | | | | | | 8.9 | | | | | | 11.5 | | | | | | 4.3 | | | | | | 23.4 | | | | | | 27.1 | | |
(+) Corresponding tax effects on adjustments
|
| | | | (1.1) | | | | | | (6.0) | | | | | | (6.5) | | | | | | (3.4) | | | | | | (18.7) | | | | | | (13.0) | | |
Adjusted Net Income(2)
|
| | | | 12.1 | | | | | | 66.5 | | | | | | 35.2 | | | | | | 10.5 | | | | | | 57.7 | | | | | | 55.4 | | |
|
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Cash flow from operations
|
| | | | 12.3 | | | | | | 67.2 | | | | | | 50.0 | | | | | | 4.4 | | | | | | 98.0 | | | | | | 88.0 | | |
(+) Income tax paid
|
| | | | (1.8) | | | | | | (9.7) | | | | | | (6.8) | | | | | | (0.6) | | | | | | (12.7) | | | | | | (9.4) | | |
Adjusted Cash Flow from Operations
|
| | | | 10.5 | | | | | | 57.5 | | | | | | 43.2 | | | | | | 3.9 | | | | | | 85.3 | | | | | | 78.6 | | |
Adjusted EBITDA(2)
|
| | | | 13.7 | | | | | | 75.2 | | | | | | 66.1 | | | | | | 5.3 | | | | | | 117.6 | | | | | | 107.8 | | |
(-) M&A, pre-offering expenses and restructuring expenses
|
| | | | (0.5) | | | | | | (2.9) | | | | | | (2.1) | | | | | | (0.2) | | | | | | (4.5) | | | | | | (8.2) | | |
Adjusted EBITDA excluding M&A, pre-offering expenses and restructuring expenses
|
| | | | 13.2 | | | | | | 72.3 | | | | | | 64.0 | | | | | | 5.1 | | | | | | 113.1 | | | | | | 99.6 | | |
Adjusted Cash Flow Conversion from Operations(3)(2)
|
| | | | 80% | | | | | | 80% | | | | | | 68% | | | | | | 75% | | | | | | 75% | | | | | | 79% | | |
| | |
As of and for the
Six Months Ended June 30 |
| |
As of and for the Year Ended
December 31, |
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Number enrolled students
|
| | | | 287,798 | | | | | | 244,188 | | | | | | 240,946 | | | | | | 189,295 | | | | | | 140,363 | | | | | | 115,325 | | |
Number of distance learning undergraduate students
|
| | | | 236,838 | | | | | | 193,068 | | | | | | 195,613 | | | | | | 148,711 | | | | | | 106,576 | | | | | | 81,406 | | |
Number of distance learning graduate
students |
| | | | 42,033 | | | | | | 40,673 | | | | | | 35,952 | | | | | | 30,227 | | | | | | 22,910 | | | | | | 21,108 | | |
Number of hubs
|
| | | | 608 | | | | | | 436 | | | | | | 545 | | | | | | 370 | | | | | | 221 | | | | | | 72 | | |
| | |
As of June 30,
|
| |
As of December 31
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||||||||
Number of Hubs
|
| | | | 608 | | | | | | 436 | | | | | | 545 | | | | | | 370 | | | | | | 221 | | | | | | 72 | | |
| | |
As of December 31
|
| |||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| ||||||||||||
Number of Hubs | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Cohort
|
| | | | 72 | | | | | | 72 | | | | | | 72 | | | | | | 72 | | |
2017 Cohort
|
| | | | 149 | | | | | | 149 | | | | | | 149 | | | | | | — | | |
2018 Cohort
|
| | | | 149 | | | | | | 149 | | | | | | — | | | | | | — | | |
2019 Cohort
|
| | | | 175 | | | | | | — | | | | | | — | | | | | | — | | |
Students per Hub | | | | | | | | | | | | | | | | | | | | | | | | | |
Base Cohort
|
| | | | 1,331 | | | | | | 1,402 | | | | | | 1,351 | | | | | | 1,131 | | |
2017 Cohort
|
| | | | 353 | | | | | | 221 | | | | | | 63 | | | | | | — | | |
2018 Cohort
|
| | | | 269 | | | | | | 99 | | | | | | — | | | | | | — | | |
2019 Cohort
|
| | | | 41 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
As of and for the Six
Months Ended June 30 |
| |
As of and for the Year
Ended December 31, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||
| | |
(in R$millions)
|
| |||||||||||||||||||||
Tuition
|
| | | | 402.0 | | | | | | 336.8 | | | | | | 680.1 | | | | | | 572.9 | | |
| | |
Three Months Ended
|
| |
Year
Ended |
| |
Three Months Ended
|
| |
Year
Ended |
| |
Three Months
Ended |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Mar 31,
2018 |
| |
Jun 30,
2018 |
| |
Sep 30,
2018 |
| |
Dec 31,
2018 |
| |
Dec 31,
2018 |
| |
Mar 31,
2019 |
| |
Jun 30,
2019 |
| |
Sep 30,
2019 |
| |
Dec 31,
2019 |
| |
Dec 31,
2019 |
| |
Mar 31,
2020 |
| |
Jun 30,
2020 |
| ||||||||||||||||||||||||||||||||||||
| | |
(Unaudited) (in R$ millions, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue
|
| | | | 89.8 | | | | | | 102.4 | | | | | | 88.6 | | | | | | 102.6 | | | | | | 383.4 | | | | | | 106.9 | | | | | | 127.6 | | | | | | 109.4 | | | | | | 117.2 | | | | | | 461.1 | | | | | | 128.6 | | | | | | 128.1 | | |
Seasonality
(percentage of total revenue) |
| | | | 23.4% | | | | | | 26.7% | | | | | | 23.1% | | | | | | 26.8% | | | | | | — | | | | | | 23.2% | | | | | | 27.7% | | | | | | 23.7% | | | | | | 25.4% | | | | | | — | | | | | | n/a | | | | | | n/a | | |
| | |
As of and
for the Six Months Ended June 30, |
| |
As of and for the Year Ended December 31,
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||
Real growth in gross domestic product
|
| | | | N/A | | | | | | 1.1% | | | | | | 1.3% | | | | | | 1.3% | | |
Inflation (deflation) (IGP-M)(1)
|
| | | | 4.4% | | | | | | 7.3% | | | | | | 7.5% | | | | | | (0.5)% | | |
Inflation (IPCA)(2)
|
| | | | 0.10% | | | | | | 4.3% | | | | | | 3.7% | | | | | | 2.9% | | |
CDI interest rate(3)
|
| | | | 2.15% | | | | | | 6.0% | | | | | | 6.5% | | | | | | 10.1% | | |
SELIC(4) | | | | | 2.25% | | | | | | 4.5% | | | | | | 6.5% | | | | | | 7.0% | | |
Period-end exchange rate – reais per US$1.00(5)
|
| | | R$ | 5.476 | | | | | R$ | 4.031 | | | | | R$ | 3.875 | | | | | R$ | 3.308 | | |
Average exchange rate – reais per US$1.00(6)
|
| | | R$ | 5.197 | | | | | R$ | 3.946 | | | | | R$ | 3.656 | | | | | R$ | 3.203 | | |
Depreciation of the real vs. US$ in the period(7)
|
| | | | (35.8)% | | | | | | (4.0)% | | | | | | (17.1)% | | | | | | (1.5)% | | |
Unemployment rate(8)
|
| | | | 12.4% | | | | | | 11.9% | | | | | | 12.3% | | | | | | 12.7% | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
Variation (%)
|
| |||||||||
| | |
(in R$ millions, except percentages)
|
| |||||||||||||||
Statement of Profit or Loss Data: | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 256.7 | | | | | | 234.5 | | | | | | 9.5% | | |
Revenue from distance-learning undergraduate courses
|
| | | | 203.7 | | | | | | 170.8 | | | | | | 19.3% | | |
Revenue from continuing education courses
|
| | | | 21.3 | | | | | | 23.0 | | | | | | (7.3)% | | |
Revenue from on-campus undergraduate courses
|
| | | | 31.6 | | | | | | 40.7 | | | | | | (22.2)% | | |
Cost of services rendered
|
| | | | (106.0) | | | | | | (105.2) | | | | | | 0.8% | | |
Gross profit
|
| | | | 150.6 | | | | | | 129.3 | | | | | | 16.5% | | |
Selling expenses
|
| | | | (50.0) | | | | | | (47.8) | | | | | | 4.8% | | |
General and administrative expenses
|
| | | | (24.4) | | | | | | (61.3) | | | | | | (60.2)% | | |
Net impairment losses on financial assets
|
| | | | (34.9) | | | | | | (25.3) | | | | | | 38.1% | | |
Net impairment losses on financial assets from distance-learning undergraduate courses
|
| | | | (29.5) | | | | | | (20.5) | | | | | | 43.5% | | |
Net impairment losses on financial assets from continuing education courses
|
| | | | (1.6) | | | | | | (1.3) | | | | | | 21.0% | | |
Net impairment losses on financial assets from on-campus undergraduate courses
|
| | | | (3.8) | | | | | | (3.4) | | | | | | 12.2% | | |
Other income (expenses), net
|
| | | | 1.7 | | | | | | (0.4) | | | | | | n.m. | | |
Operating expenses
|
| | | | (107.6) | | | | | | (134.7) | | | | | | (20.1)% | | |
Operating profit (loss)
|
| | | | 43.0 | | | | | | (5.4) | | | | | | n.m. | | |
Financial income
|
| | | | 9.5 | | | | | | 9.4 | | | | | | 1.1% | | |
Financial expenses
|
| | | | (20.8) | | | | | | (29.9) | | | | | | (30.5)% | | |
Financial results
|
| | | | (11.2) | | | | | | (20.5) | | | | | | (45.1)% | | |
Profit (loss) before taxes taxes
|
| | | | 31.7 | | | | | | (25.9) | | | | | | n.m. | | |
Current income taxes
|
| | | | (19.6) | | | | | | (8.6) | | | | | | 128.3% | | |
Deferred income taxes
|
| | | | 40.3 | | | | | | 9.4 | | | | | | 328.4% | | |
Income taxes
|
| | | | 20.6 | | | | | | 0.8 | | | | | | 2,464.0% | | |
Net income (loss) for the period
|
| | | | 52.4 | | | | | | (25.1) | | | | | | n.m. | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018(1)
|
| |
Variation (%)
|
| |||||||||
| | |
(in R$ millions, except percentages)
|
| |||||||||||||||
Statement of Profit or Loss Data: | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 461.1 | | | | | | 383.4 | | | | | | 20.3% | | |
Revenue from distance-learning undergraduate courses
|
| | | | 336.3 | | | | | | 259.6 | | | | | | 29.5% | | |
Revenue from continuing education courses
|
| | | | 47.1 | | | | | | 33.0 | | | | | | 42.7% | | |
Revenue from on-campus undergraduate courses
|
| | | | 77.6 | | | | | | 90.8 | | | | | | (14.5)% | | |
Cost of services rendered
|
| | | | (211.5) | | | | | | (184.2) | | | | | | 14.8% | | |
Gross profit
|
| | | | 249.5 | | | | | | 199.3 | | | | | | 25.2% | | |
Selling expenses
|
| | | | (100.9) | | | | | | (70.6) | | | | | | 42.9% | | |
General and administrative expenses
|
| | | | (125.3) | | | | | | (90.7) | | | | | | 38.1% | | |
Net impairment losses on financial assets
|
| | | | (58.2) | | | | | | (44.6) | | | | | | 30.5% | | |
Net impairment losses on financial assets from distance-learning undergraduate courses
|
| | | | (43.7) | | | | | | (31.9) | | | | | | 37.0% | | |
Net impairment losses on financial assets from continuing education courses
|
| | | | (4.0) | | | | | | (3.7) | | | | | | 8.1% | | |
Net impairment losses on financial assets from on-campus undergraduate courses
|
| | | | (10.5) | | | | | | (9.0) | | | | | | 16.7% | | |
Other income (expenses), net
|
| | | | (0.9) | | | | | | (1.0) | | | | | | (10.0)% | | |
Operating expenses
|
| | | | (285.4) | | | | | | (206.9) | | | | | | 37.9% | | |
Operating profit (loss)
|
| | | | (35.9) | | | | | | (7.6) | | | | | | 372.4% | | |
Financial income
|
| | | | 19.2 | | | | | | 22.0 | | | | | | (12.7)% | | |
Financial expenses
|
| | | | (60.4) | | | | | | (64.6) | | | | | | (6.5)% | | |
Financial results
|
| | | | (41.2) | | | | | | (42.6) | | | | | | (3.3)% | | |
Loss before taxes
|
| | | | (77.1) | | | | | | (50.2) | | | | | | 53.6% | | |
Current income taxes
|
| | | | (14.8) | | | | | | (10.6) | | | | | | 39.6% | | |
Deferred income taxes
|
| | | | 25.7 | | | | | | 15.7 | | | | | | 63.7% | | |
Income taxes
|
| | | | 10.9 | | | | | | 5.0 | | | | | | 118.0% | | |
Loss for the year
|
| | | | (66.2) | | | | | | (45.2) | | | | | | 46.5% | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2018 |
| |
June 30,
2018 |
| |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| ||||||||||||||||||||||||||||||
| | |
(in R$ millions, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement Data
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 89.8 | | | | | | 102.4 | | | | | | 88.6 | | | | | | 102.6 | | | | | | 106.9 | | | | | | 127.6 | | | | | | 109.4 | | | | | | 117.2 | | | | | | 128.6 | | | | | | 128.1 | | |
Cost of services rendered
|
| | | | (41.8) | | | | | | (51.6) | | | | | | (45.9) | | | | | | (44.8) | | | | | | (49.5) | | | | | | (55.7) | | | | | | (56.3) | | | | | | (50.1) | | | | | | (57.1) | | | | | | (48.9) | | |
Gross profit
|
| | | | 48.0 | | | | | | 50.8 | | | | | | 42.7 | | | | | | 57.8 | | | | | | 57.4 | | | | | | 71.9 | | | | | | 53.1 | | | | | | 67.1 | | | | | | 71.5 | | | | | | 79.2 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | (10.9) | | | | | | (10.3) | | | | | | (18.7) | | | | | | (50.8) | | | | | | (14.2) | | | | | | (15.6) | | | | | | (16.3) | | | | | | (79.2) | | | | | | (15.0) | | | | | | (9.4) | | |
Selling expenses
|
| | | | (21.9) | | | | | | (17.5) | | | | | | (14.8) | | | | | | (16.4) | | | | | | (30.1) | | | | | | (17.7) | | | | | | (19.5) | | | | | | (33.7) | | | | | | (32.6) | | | | | | (17.4) | | |
Net impairment losses on
financial and contract assets |
| | | | (15.3) | | | | | | (10.2) | | | | | | (1.3) | | | | | | (17.8) | | | | | | (13.4) | | | | | | (11.9) | | | | | | (6.5) | | | | | | (26.4) | | | | | | (16.6) | | | | | | (18.3) | | |
Other income (expenses),
net |
| | | | 0.3 | | | | | | — | | | | | | (0.7) | | | | | | (0.6) | | | | | | (0.4) | | | | | | — | | | | | | (0.7) | | | | | | 0.3 | | | | | | 3.6 | | | | | | (1.9) | | |
Operating profit
|
| | | | 0.2 | | | | | | 12.8 | | | | | | 7.2 | | | | | | (27.8) | | | | | | (0.7) | | | | | | 26.7 | | | | | | 10.1 | | | | | | (71.9) | | | | | | 10.7 | | | | | | 32.3 | | |
Financial income (expenses)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial income
|
| | | | 5.7 | | | | | | 4.3 | | | | | | 6.9 | | | | | | 5.1 | | | | | | 5.1 | | | | | | 4.3 | | | | | | 5.8 | | | | | | 3.9 | | | | | | 4.1 | | | | | | 5.4 | | |
Financial expenses
|
| | | | (15.7) | | | | | | (20.0) | | | | | | (14.7) | | | | | | (14.2) | | | | | | (15.7) | | | | | | (14.2) | | | | | | (12.6) | | | | | | (17.8) | | | | | | (12.5) | | | | | | (8.3) | | |
Financial income, net
|
| | | | (10.0) | | | | | | (15.7) | | | | | | (7.8) | | | | | | (9.1) | | | | | | (10.6) | | | | | | (9.9) | | | | | | (6.8) | | | | | | (13.9) | | | | | | (8.4) | | | | | | (2.9) | | |
Profit (losses before taxes)
|
| | | | (9.8) | | | | | | (2.9) | | | | | | (0.6) | | | | | | (36.9) | | | | | | (11.3) | | | | | | 16.8 | | | | | | 3.3 | | | | | | (85.8) | | | | | | 2.4 | | | | | | 29.3 | | |
Current income taxes
|
| | | | (2.5) | | | | | | (2.4) | | | | | | (3.2) | | | | | | (2.5) | | | | | | (0.1) | | | | | | (8.5) | | | | | | (2.2) | | | | | | (4.0) | | | | | | (9.7) | | | | | | (9.9) | | |
Deferred income taxes
|
| | | | 3.6 | | | | | | 3.5 | | | | | | 2.7 | | | | | | 5.8 | | | | | | 5.0 | | | | | | 4.4 | | | | | | 2.9 | | | | | | 13.4 | | | | | | 12.0 | | | | | | 28.3 | | |
Net income (loss) for the period
|
| | | | (8.7) | | | | | | (1.8) | | | | | | (1.1) | | | | | | (33.6) | | | | | | (6.4) | | | | | | 12.7 | | | | | | 4.0 | | | | | | (76.4) | | | | | | 4.7 | | | | | | 47.7 | | |
| | |
For the Three Months Ended
|
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2018 |
| |
June 30,
2018 |
| |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tuition (actual)
|
| | | | 114.9 | | | | | | 137.0 | | | | | | 118.7 | | | | | | 202.3 | | | | | | 156.1 | | | | | | 180.7 | | | | | | 164.9 | | | | | | 178.4 | | | | | | 203.1 | | | | | | 198.9 | | | | | | 681.6 | | | | | | 573.1 | | |
| | |
For the Three Months Ended
|
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2018 |
| |
June 30,
2018 |
| |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) for the period
|
| | | | (8.7) | | | | | | (1.8) | | | | | | (1.1) | | | | | | (33.6) | | | | | | (6.5) | | | | | | 12.7 | | | | | | 4.0 | | | | | | (76.4) | | | | | | 4.7 | | | | | | 47.7 | | | | | | (66.2) | | | | | | (45.2) | | |
(+) Deferred and current income tax
|
| | | | (1.1) | | | | | | (1.1) | | | | | | 0.5 | | | | | | (3.4) | | | | | | (4.9) | | | | | | 4.1 | | | | | | (0.7) | | | | | | (9.4) | | | | | | (2.3) | | | | | | (18.4) | | | | | | (10.9) | | | | | | (5.0) | | |
(+) Financial result
|
| | | | 10.0 | | | | | | 15.7 | | | | | | 7.8 | | | | | | 9.1 | | | | | | 10.6 | | | | | | 9.9 | | | | | | 6.8 | | | | | | 13.9 | | | | | | 8.3 | | | | | | 2.9 | | | | | | 41.2 | | | | | | 42.6 | | |
(+) Depreciation and amortization
|
| | | | 13.3 | | | | | | 13.7 | | | | | | 14.0 | | | | | | 15.4 | | | | | | 15.1 | | | | | | 15.4 | | | | | | 15.6 | | | | | | 16.4 | | | | | | 13.8 | | | | | | 10.5 | | | | | | 62.4 | | | | | | 56.3 | | |
(+) Interest on tuition fees paid in arrears
|
| | | | 3.6 | | | | | | 1.8 | | | | | | 2.7 | | | | | | 0.9 | | | | | | 2.6 | | | | | | 1.3 | | | | | | 2.7 | | | | | | 1.7 | | | | | | 3.9 | | | | | | 3.3 | | | | | | 8.3 | | | | | | 8.9 | | |
(+) Impairment of non-current
assets |
| | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 33.5 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 51.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 51.0 | | | | | | 33.5 | | |
(+) Share-based compensation plan
|
| | | | 0.3 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 5.6 | | | | | | 1.5 | | | | | | 1.6 | | | | | | 0.7 | | | | | | 22.6 | | | | | | 1.4 | | | | | | (2.0) | | | | | | 26.4 | | | | | | 7.5 | | |
(+) Other income (expenses), net
|
| | | | (0.3) | | | | | | 0.0 | | | | | | 0.7 | | | | | | 0.6 | | | | | | 0.4 | | | | | | — | | | | | | 0.7 | | | | | | (0.2) | | | | | | (3.6) | | | | | | 1.9 | | | | | | 0.9 | | | | | | 1.0 | | |
(+) M&A, pre-offering expenses and restructuring expenses
|
| | | | 1.4 | | | | | | 0.1 | | | | | | 0.7 | | | | | | 6.0 | | | | | | 1.9 | | | | | | 0.2 | | | | | | 2.1 | | | | | | 0.2 | | | | | | 2.6 | | | | | | 0.3 | | | | | | 4.5 | | | | | | 8.2 | | |
Adjusted EBITDA(1)
|
| | | | 18.5 | | | | | | 29.2 | | | | | | 26.0 | | | | | | 34.1 | | | | | | 20.7 | | | | | | 45.2 | | | | | | 31.9 | | | | | | 19.8 | | | | | | 28.8 | | | | | | 46.2 | | | | | | 117.6 | | | | | | 107.8 | | |
| | |
For the Three Months Ended
|
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2018 |
| |
June 30,
2018 |
| |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted Net Income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) for the period
|
| | | | (8.7) | | | | | | (1.8) | | | | | | (1.1) | | | | | | (33.6) | | | | | | (6.5) | | | | | | 12.7 | | | | | | 4.0 | | | | | | (76.4) | | | | | | 4.7 | | | | | | 47.7 | | | | | | (66.2) | | | | | | (45.2) | | |
(+) M&A, pre-offering expenses and restructuring expenses
|
| | | | 1.4 | | | | | | 0.1 | | | | | | 0.7 | | | | | | 6.0 | | | | | | 1.9 | | | | | | 0.2 | | | | | | 2.1 | | | | | | 0.2 | | | | | | 2.6 | | | | | | 0.3 | | | | | | 4.5 | | | | | | 8.2 | | |
(+) Impairment of non-current
assets |
| | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 33.5 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 51.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 51.0 | | | | | | 33.5 | | |
(+) Share-based compensation plan
|
| | | | 0.3 | | | | | | 0.8 | | | | | | 0.7 | | | | | | 5.6 | | | | | | 1.5 | | | | | | 1.6 | | | | | | 0.7 | | | | | | 22.6 | | | | | | 1.4 | | | | | | (2.0) | | | | | | 26.4 | | | | | | 7.5 | | |
(+) Amortization of intangible
assets from business combinations |
| | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 9.3 | | | | | | 6.1 | | | | | | 2.8 | | | | | | 37.3 | | | | | | 37.3 | | |
(+) Interest accrued on
accounts payable from the acquisition of subsidiaries |
| | | | 7.0 | | | | | | 7.1 | | | | | | 7.2 | | | | | | 5.9 | | | | | | 5.7 | | | | | | 5.8 | | | | | | 5.9 | | | | | | 6.0 | | | | | | 4.4 | | | | | | 4.5 | | | | | | 23.4 | | | | | | 27.1 | | |
(-) Corresponding tax effects
on adjustments |
| | | | (3.2) | | | | | | (3.2) | | | | | | (3.2) | | | | | | (3.4) | | | | | | (3.3) | | | | | | (3.2) | | | | | | (3.3) | | | | | | (8.9) | | | | | | (4.2) | | | | | | (1.8) | | | | | | (18.7) | | | | | | (13.0) | | |
Adjusted Net Income(1)
|
| | | | 4.5 | | | | | | 12.2 | | | | | | 13.7 | | | | | | 25.1 | | | | | | 8.7 | | | | | | 26.4 | | | | | | 18.8 | | | | | | 3.8 | | | | | | 25.6 | | | | | | 43.8 | | | | | | 57.7 | | | | | | 55.4 | | |
| | |
For the Three Months Ended
|
| |
For the Year
Ended December 31, |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2018 |
| |
June 30,
2018 |
| |
September 30,
2018 |
| |
December 31,
2018 |
| |
March 31,
2019 |
| |
June 30,
2019 |
| |
September 30,
2019 |
| |
December 31,
2019 |
| |
March 31,
2020 |
| |
June 30,
2020 |
| |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Adjusted Cash Conversion from Operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash from Operations
|
| | | | 17.8 | | | | | | 23.3 | | | | | | 25.1 | | | | | | 21.9 | | | | | | 20.5 | | | | | | 29.6 | | | | | | 33.3 | | | | | | 14.6 | | | | | | 27.6 | | | | | | 39.6 | | | | | | 98.0 | | | | | | 88.0 | | |
(+) Income tax paid
|
| | | | (2.2) | | | | | | (2.1) | | | | | | (2.8) | | | | | | (2.4) | | | | | | (4.0) | | | | | | (2.8) | | | | | | (2.8) | | | | | | (3.1) | | | | | | (2.3) | | | | | | (7.4) | | | | | | (12.7) | | | | | | (9.4) | | |
Adjusted Cash from Operations
|
| | | | 15.6 | | | | | | 21.2 | | | | | | 22.3 | | | | | | 19.5 | | | | | | 16.5 | | | | | | 26.8 | | | | | | 30.5 | | | | | | 11.5 | | | | | | 25.3 | | | | | | 32.2 | | | | | | 85.3 | | | | | | 78.6 | | |
Adjusted EBITDA(1)
|
| | | | 18.5 | | | | | | 29.2 | | | | | | 26.0 | | | | | | 34.1 | | | | | | 20.7 | | | | | | 45.4 | | | | | | 32.0 | | | | | | 19.5 | | | | | | 28.8 | | | | | | 46.2 | | | | | | 117.6 | | | | | | 107.8 | | |
(-) M&A, pre-offering expenses and restructuring expenses
|
| | | | (1.4) | | | | | | (0.1) | | | | | | (0.7) | | | | | | (6.0) | | | | | | (1.9) | | | | | | (0.2) | | | | | | (2.2) | | | | | | (0.2) | | | | | | (2.6) | | | | | | (0.3) | | | | | | (4.5) | | | | | | (8.2) | | |
Adjusted EBITDA excluding M&A, pre-offering expenses and restructuring expenses
|
| | | | 17.1 | | | | | | 29.1 | | | | | | 25.3 | | | | | | 28.1 | | | | | | 18.8 | | | | | | 45.2 | | | | | | 29.8 | | | | | | 19.3 | | | | | | 26.2 | | | | | | 45.9 | | | | | | 113.1 | | | | | | 99.6 | | |
Adjusted Cash Flow Conversion from Operations(2)
|
| | | | 91% | | | | | | 73% | | | | | | 88% | | | | | | 69% | | | | | | 88% | | | | | | 59% | | | | | | 102% | | | | | | 60% | | | | | | 97% | | | | | | 70% | | | | | | 75% | | | | | | 79% | | |
| | |
For the Six Months Ended
June 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
(in R$ millions)
|
| |||||||||
Cash Flow Data | | | | | | | | | | | | | |
Cash flows provided by operating activities
|
| | | | 49.6 | | | | | | 36.5 | | |
Cash flows used in investing activities
|
| | | | (41.9) | | | | | | (35.1) | | |
Cash flows provided by (used in) financing activities
|
| | | | 147.0 | | | | | | (2.9) | | |
| | |
For the Year Ended
December 31, |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(in R$ millions)
|
| |||||||||
Cash Flow Data | | | | | | | | | | | | | |
Cash flows provided by operating activities
|
| | | | 56.0 | | | | | | 50.2 | | |
Cash flows used in investing activities
|
| | | | (49.5) | | | | | | (158.8) | | |
Cash flows provided by (used in) financing activities
|
| | | | (6.5) | | | | | | 108.7 | | |
| | |
Payments Due By Period as of December 31, 2019
|
| |||||||||||||||||||||||||||
| | |
Less than
1 year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
| | |
(in thousands of reais)
|
| |||||||||||||||||||||||||||
Trade payables
|
| | | | 29,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,978 | | |
Lease liabilities
|
| | | | 21,999 | | | | | | 39,218 | | | | | | 38,430 | | | | | | 93,373 | | | | | | 193,020 | | |
Other leases(1)
|
| | | | 2,804 | | | | | | 1,402 | | | | | | 1,038 | | | | | | 402 | | | | | | 5,646 | | |
Prepayments from customers
|
| | | | 3,186 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,186 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 135,233 | | | | | | 281,022 | | | | | | — | | | | | | — | | | | | | 416,255 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 78,455 | | | | | | 78,455 | | |
Total | | | | | 193,200 | | | | | | 321,642 | | | | | | 39,468 | | | | | | 172,230 | | | | | | 726,540 | | |
| | | | | | | | | | | |
Increase/decrease in interest rate
|
| ||||||||||||||||||
| | |
Balance as of
December 31, 2019 |
| |
Index — %
per year |
| |
Probable
scenario |
| |
Risk
|
| |
Possible
scenario 25% |
| |
Remote
scenario 75% |
| ||||||||||||
| | |
(in thousands of reais, unless otherwise indicated)
|
| |||||||||||||||||||||||||||
Short-term investments
|
| | | | 72,321 | | | |
99.10% CDI + 5.81%
|
| | | | 4,202 | | | | | | Decrease | | | |
3,151
|
| | | | 1,050 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 379,540 | | | |
IPCA + 4.31%
|
| | | | 16,358 | | | | | | Increase | | | |
20,448
|
| | | | 28,627 | | |
| | | | | | | | |
Monthly
tuition |
| |||
Average ticket freshman
|
| | | | 1stsemester | | | | | R$ | 250 | | |
| | | | | 2ndsemester | | | | | R$ | 250 | | |
Annual adjustments (Inflation(1) + 2%)
|
| | | | 3rdsemester | | | | | R$ | 263 | | |
New subjects (5% increase)
|
| | | | 4thsemester | | | | | R$ | 276 | | |
Annual adjustments (Inflation(1) + 2%) + New subjects (5% increase)
|
| | | | 5thsemester | | | | | R$ | 303 | | |
| | | | | 6thsemester | | | | | R$ | 303 | | |
Annual adjustments (Inflation(1) + 2%) + New subjects (5% increase)
|
| | | | 7thsemester | | | | | R$ | 334 | | |
| | | | | 8thsemester | | | | | R$ | 334 | | |
Function
|
| |
Number of
Employees |
| |
% of Total
|
| ||||||
Management
|
| | | | 7 | | | | | | 0.1% | | |
Technology and Content Development
|
| | | | 237 | | | | | | 3.7% | | |
Sales and Marketing
|
| | | | 151 | | | | | | 2.5% | | |
Student Support and Academic Staff
|
| | | | 1,893 | | | | | | 29.9% | | |
Local tutors
|
| | | | 3,599 | | | | | | 56.9% | | |
General and Administrative
|
| | | | 437 | | | | | | 6.9% | | |
Total | | | | | 6,324 | | | | | | 100.0% | | |
Name
|
| |
Age
|
| |
Position
|
|
Bruno Augusto Sacchi Zaremba | | |
45
|
| |
Chairman
|
|
Edson Gustavo Georgette Peli | | |
38
|
| |
Director(1)
|
|
Fernando Cezar Dantas Porfírio Borges | | |
50
|
| |
Director
|
|
Lywal Salles Filho | | |
73
|
| |
Director
|
|
Rivadávia Correa Drummond de Alvarenga Neto | | |
51
|
| |
Independent Director(1)
|
|
Claudia Jordão Ribeiro Pagnano | | |
53
|
| |
Independent Director(1)
|
|
Name
|
| |
Age
|
| |
Position
|
|
Pedro Jorge Guterres Quintans Graça | | |
53
|
| |
Chief Executive Officer
|
|
Carlos Henrique Boquimpani de Freitas | | |
44
|
| |
Chief Financial Officer
|
|
Ana Paula Rodrigues | | |
46
|
| |
People and Management and Services Officer
|
|
Luiz Gonzaga Victor Foureaux Neto | | |
42
|
| |
Marketing and Innovation Officer
|
|
| | |
Shares
Beneficially Owned Prior to Offering |
| |
% of
Total Voting Power Before Offering(1) |
| |
Shares
to be Sold in Offering |
| |
Shares
Beneficially Owned After Offering Without Exercise of Underwriters’ Option |
| |
% of Total
Voting Power After Offering Without Exercise of Underwriters’ |
| |
Shares
Beneficially Owned After Offering With Full Exercise of Underwriters’ Option |
| |
% of Total
Voting Power After Offering With Full Exercise of Underwriters’ Option(1) |
| |||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Option(1)
|
| |
Shares
|
| |
%
|
| |||||||||
5% Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Mundi Holdings I, L.L.C.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Mundi Holdings II, L.L.C.
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Vinci Capital Partners II J Beta Fundo de Investimento Em Participações Multiestratégia
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Agresti Investments LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Botticelli Investments LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Caravaggio Investments LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Raffaello Investments LLC
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
NB Verrocchio LP
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Edson Gustavo Georgette Peli
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Fernando Cezar Dantas Porfírio Borges
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Bruno Augusto Sacchi Zaremba
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Lywal Salles Filho
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Rivadávia Correa Drummond de Alvarenga Neto
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Pedro Jorge Guterres Quintans Graça
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Carlos Henrique Boquimpani de Freitas
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Claudia Jordão Ribeiro Pagnano
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Ana Paula Rodrigues
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Luiz Gonzaga Victor Foureaux Neto
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
All directors and executive officers as a group (ten persons)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
As of and for
the six months ended June 30, 2020 |
| |
As of and for
the year ended December 31, |
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2020
|
| |
2019(1)
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$
|
| |
R$
|
| |
US$
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
FI Vinci Renda Fixa Crédito Privado | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term investments (balance)
|
| | | | 7.1 | | | | | | 39.0 | | | | | | 7.0 | | | | | | 38.5 | | | | | | 36.6 | | |
Financial income
|
| | | | 0.1 | | | | | | 0.6 | | | | | | 0.4 | | | | | | 2.1 | | | | | | 2.1 | | |
Austral Seguradora S.A. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid expenses (balance)
|
| | | | 0.1 | | | | | | 0.6 | | | | | | 0.1 | | | | | | 0.8 | | | | | | — | | |
General and administrative expenses
|
| | | | — | | | | | | (0.2) | | | | | | — | | | | | | (0.2) | | | | | | — | | |
Kloch Advocacia | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | — | | | | | | (0.1) | | | | | | — | | | | | | (0.2) | | | | | | (0.2) | | |
Underwriters
|
| |
Number of
Common Shares |
|
Goldman Sachs & Co. LLC(1)
|
| |
|
|
BofA Securities, Inc.(2)
|
| | | |
Itau BBA USA Securities, Inc.(3)
|
| | | |
Morgan Stanley & Co LLC(4)
|
| | | |
Banco Bradesco BBI S.A.(5)
|
| | | |
Banco BTG Pactual S.A.—Cayman Branch(6)
|
| | | |
Credit Suisse Securities (USA) LLC(7)
|
| | | |
Santander Investment Securities Inc.(8)
|
| | | |
XP Investments US, LLC(9)
|
| | | |
Total
|
| | | |
| | |
Total
|
| ||||||
| | |
Per Share
|
| |
No Exercise
|
| |
Full Exercise
|
|
| | |
(US$)
|
| ||||||
Offering Price
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by us
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by the selling shareholders
|
| | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | |
Proceeds, before expenses, to the selling shareholders
|
| | | | | | | | | |
Expenses
|
| |
Amount
|
| |||
U.S. Securities and Exchange Commission registration fee
|
| |
US$
|
| |||
Nasdaq listing fee
|
| | | | | | |
FINRA filing fee
|
| | | | | | |
Printing and engraving expenses
|
| | | | | | |
Legal fees and expenses
|
| | | | | | |
Accounting fees and expenses
|
| | | | | | |
Miscellaneous costs
|
| | | | | | |
Total
|
| |
US$
|
|
| | |
Page
|
| |||
Unaudited Interim Condensed Consolidated Financial Statements — Treviso Empreendimentos, Participações e Comércio S.A.
|
| | | | | | |
| | | | F-2 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Audited Consolidated Financial Statements — Treviso Empreendimentos, Participações e Comércio S.A.
|
| | | | | | |
| | | | F-28 | | | |
| | | | F-29 | | | |
| | | | F-31 | | | |
| | | | F-32 | | | |
| | | | F-33 | | | |
| | | | F-34 | | |
| | |
Note
|
| |
June, 30
2020 |
| |
December 31,
2019 |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 5 | | | | | | 157,158 | | | | | | 2,457 | | |
Short-term investments
|
| | | | | | | | | | 79,970 | | | | | | 72,321 | | |
Trade receivables
|
| | | | 6 | | | | | | 110,274 | | | | | | 88,130 | | |
Income taxes recoverable
|
| | | | 7 | | | | | | — | | | | | | 4,711 | | |
Prepaid expenses
|
| | | | | | | | | | 13,558 | | | | | | 8,938 | | |
Other current assets
|
| | | | | | | | | | 1,124 | | | | | | 1,858 | | |
| | | | | | | | | | | 362,084 | | | | | | 178,415 | | |
Assets classified as held for sale
|
| | | | 8 | | | | | | 35,083 | | | | | | 36,433 | | |
TOTAL CURRENT ASSETS
|
| | | | | | | | | | 397,167 | | | | | | 214,848 | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | | | | 3,326 | | | | | | 3,786 | | |
Indemnification assets
|
| | | | | | | | | | 12,932 | | | | | | 14,801 | | |
Deferred tax assets
|
| | | | 7 | | | | | | 55,305 | | | | | | 37,146 | | |
Other non-current assets
|
| | | | | | | | | | 1,379 | | | | | | 1,359 | | |
Right-of-use assets
|
| | | | 9 | | | | | | 108,972 | | | | | | 88,534 | | |
Property and equipment
|
| | | | 10 | | | | | | 85,087 | | | | | | 70,033 | | |
Intangible assets
|
| | | | 10 | | | | | | 660,487 | | | | | | 658,170 | | |
TOTAL NON-CURRENT ASSETS
|
| | | | | | | | | | 927,488 | | | | | | 873,829 | | |
TOTAL ASSETS
|
| | | | | | | | | | 1,324,655 | | | | | | 1,088,677 | | |
| | |
Note
|
| |
June, 30
2020 |
| |
December 31,
2019 |
| |||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | | | | 28,217 | | | | | | 29,978 | | |
Loans and financing
|
| | | | 11 | | | | | | 2,007 | | | | | | — | | |
Lease liabilities
|
| | | | 9 | | | | | | 20,310 | | | | | | 17,265 | | |
Labor and social obligations
|
| | | | 12 | | | | | | 36,331 | | | | | | 16,784 | | |
Income taxes payable
|
| | | | 7 | | | | | | 5,238 | | | | | | — | | |
Taxes payable
|
| | | | | | | | | | 2,970 | | | | | | 1,657 | | |
Prepayments from customers
|
| | | | | | | | | | 4,746 | | | | | | 3,186 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 13 | | | | | | 131,801 | | | | | | 128,888 | | |
Other current liabilities
|
| | | | | | | | | | 831 | | | | | | 349 | | |
| | | | | | | | | | | 232,451 | | | | | | 198,107 | | |
Liabilities directly associated with assets classified as held for sale
|
| | | | 8 | | | | | | 24,534 | | | | | | 23,284 | | |
TOTAL CURRENT LIABILITIES
|
| | | | | | | | | | 256,985 | | | | | | 221,391 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 11 | | | | | | 150,000 | | | | | | — | | |
Lease liabilities
|
| | | | 9 | | | | | | 104,848 | | | | | | 85,923 | | |
Share-based compensation
|
| | | | 4 | | | | | | 34,384 | | | | | | 34,950 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 13 | | | | | | 255,964 | | | | | | 250,652 | | |
Provisions for contingencies
|
| | | | | | | | | | 17,823 | | | | | | 18,403 | | |
Deferred tax liabilities
|
| | | | 7 | | | | | | — | | | | | | 24,958 | | |
Other non-current liabilities
|
| | | | | | | | | | 933 | | | | | | 1,067 | | |
TOTAL NON-CURRENT LIABILITIES
|
| | | | | | | | | | 563,952 | | | | | | 415,953 | | |
TOTAL LIABILITIES
|
| | | | | | | | | | 820,937 | | | | | | 637,344 | | |
EQUITY
|
| | | | 14 | | | | | | | | | | | | | | |
Share capital
|
| | | | | | | | | | 548,380 | | | | | | 548,380 | | |
Capital reserves
|
| | | | | | | | | | (1,248) | | | | | | (1,248) | | |
Revenue reserves
|
| | | | | | | | | | 429 | | | | | | 429 | | |
Accumulated losses
|
| | | | | | | | | | (43,843) | | | | | | (96,228) | | |
TOTAL EQUITY
|
| | | | | | | | | | 503,718 | | | | | | 451,333 | | |
TOTAL LIABILITIES AND EQUITY
|
| | | | | | | | | | 1,324,655 | | | | | | 1,088,677 | | |
| | |
Note
|
| |
2020
|
| |
2019
|
| |||||||||
NET REVENUE
|
| | | | 17 | | | | |
|
256,650
|
| | | |
|
234,460
|
| |
Cost of services rendered
|
| | | | 18 | | | | | | (106,036) | | | | | | (105,152) | | |
GROSS PROFIT
|
| | | | | | | | | | 150,614 | | | | | | 129,308 | | |
General and administrative expenses
|
| | | | 18 | | | | | | (24,355) | | | | | | (61,251) | | |
Selling expenses
|
| | | | 18 | | | | | | (50,047) | | | | | | (47,758) | | |
Net impairment losses on financial assets
|
| | | | 6 | | | | | | (34,896) | | | | | | (25,273) | | |
Other income (expenses), net
|
| | | | 19 | | | | | | 1,673 | | | | | | (444) | | |
Operating expenses
|
| | | | | | | | | | (107,625) | | | | | | (134,726) | | |
OPERATING PROFIT (LOSS)
|
| | | | | | | | | | 42,989 | | | | | | (5,418) | | |
Financial income
|
| | | | 20 | | | | | | 9,535 | | | | | | 9,428 | | |
Financial expenses
|
| | | | 20 | | | | | | (20,779) | | | | | | (29,909) | | |
Financial results
|
| | | | | | | | | | (11,244) | | | | | | (20,481) | | |
PROFIT (LOSS) BEFORE TAXES
|
| | | | | | | | | | 31,745 | | | | | | (25,899) | | |
Current income taxes
|
| | | | 7 | | | | | | (19,618) | | | | | | (8,592) | | |
Deferred income taxes
|
| | | | 7 | | | | | | 40,258 | | | | | | 9,397 | | |
Income taxes
|
| | | | | | | | | | 20,640 | | | | | | 805 | | |
NET INCOME (LOSS) FOR THE PERIOD
|
| | | | | | | | | | 52,385 | | | | | | (25,094) | | |
Other comprehensive income
|
| | | | | | | | |
|
—
|
| | | | | — | | |
TOTAL COMPREHENSIVE INCOME (LOSS)
|
| | | | | | | | | | 52,385 | | | | | | (25,094) | | |
Basic earnings (loss) per share (R$)
|
| | | | 15 | | | | |
|
0.10
|
| | | |
|
(0.05)
|
| |
Diluted earnings (loss) per share (R$)
|
| | |
|
15
|
| | | | | 0.10 | | | | | | (0.05) | | |
| | | | | | | | |
Capital reserves
|
| | | | | | | | | | | | | | | | | | | |||||||||
| | |
Share
capital |
| |
Treasury
Shares |
| |
Share-based
compensation |
| |
Revenue
reserves |
| |
Accumulated
losses |
| |
Total
|
| ||||||||||||||||||
DECEMBER 31, 2018
|
| | | | 546,509 | | | | | | — | | | | | | 2,523 | | | | | | 429 | | | | | | (30,068) | | | | | | 519,393 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,094) | | | | |
|
(25,094)
|
| |
Employee share program
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value of employee services
|
| | | | — | | | | | | — | | | | | | 2,671 | | | | | | — | | | | | | — | | | | |
|
2,671
|
| |
JUNE 30, 2019
|
| | | | 546,509 | | | | | | — | | | | | | 5,194 | | | | | | 429 | | | | | | (55,162) | | | | | | 496,970 | | |
DECEMBER 31, 2019
|
| | | | 548,380 | | | | | | (2,238) | | | | | | 990 | | | | | | 429 | | | | | | (96,228) | | | | | | 451,333 | | |
Net income for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 52,385 | | | | |
|
52,385
|
| |
JUNE 30, 2020
|
| | | | 548,380 | | | | | | (2,238) | | | | | | 990 | | | | | | 429 | | | | | | (43,843) | | | | | | 503,718 | | |
| | |
Note
|
| |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Income (loss) before taxes
|
| | | | | | | 31,745 | | | | | | (25,899) | | |
Adjustments to reconcile income before taxes to cash provided on operating activities
|
| | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
9 / 10
|
| | | | 24,269 | | | | | | 30,448 | | |
Impairment of non-current assets
|
| | | | | | | — | | | | | | 31,431 | | |
Net impairment losses on financial assets
|
| |
6
|
| | | | 34,896 | | | | | | 25,273 | | |
Provision for revenue cancellation
|
| |
6
|
| | | | 3,581 | | | | | | 5,353 | | |
Provision for contingencies
|
| | | | | | | 1,675 | | | | | | 2,172 | | |
Accrued interests
|
| | | | | | | 8,670 | | | | | | 19,574 | | |
Share-based compensation
|
| | | | | | | (566) | | | | | | 3,112 | | |
Lease contracts modification and rent concession
|
| |
9
|
| | | | (1,525) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (54,388) | | | | | | (60,327) | | |
Prepayments
|
| | | | | | | (4,504) | | | | | | 987 | | |
Other assets
|
| | | | | | | 726 | | | | | | (2,449) | | |
Trade payables
|
| | | | | | | (1,887) | | | | | | 5,564 | | |
Labor and social obligations
|
| | | | | | | 21,069 | | | | | | 14,824 | | |
Other taxes payable
|
| | | | | | | 1,346 | | | | | | 49 | | |
Prepayments from customers
|
| | | | | | | 1,789 | | | | | | (156) | | |
Other payables
|
| | | | | | | 348 | | | | | | 86 | | |
Cash from operations
|
| | | | | | | 67,244 | | | | | | 50,042 | | |
Income tax paid
|
| | | | | | | (9,669) | | | | | | (6,766) | | |
Interest paid
|
| |
9
|
| | | | (7,566) | | | | | | (6,065) | | |
Contingencies paid
|
| | | | | | | (386) | | | | | | (706) | | |
Net cash provided by operating activities
|
| | | | | | | 49,623 | | | | | | 36,505 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Purchase of property and equipment
|
| |
10
|
| | | | (19,541) | | | | | | (16,388) | | |
Purchase and capitalization of intangible assets
|
| |
10
|
| | | | (16,522) | | | | | | (5,908) | | |
Acquisition of short-term investments, net
|
| | | | | | | (5,813) | | | | | | (12,799) | | |
Net cash used in investing activities
|
| | | | | | | (41,876) | | | | | | (35,095) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Payments of lease liabilities
|
| |
9
|
| | | | (3,046) | | | | | | (2,862) | | |
Proceeds from loans and financing
|
| |
11
|
| | | | 150,000 | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | | | | 146,954 | | | | | | (2,862) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | | | | 154,701 | | | | | | (1,452) | | |
Cash and cash equivalents at the beginning of the period
|
| | | | | | | 2,457 | | | | | | 2,375 | | |
Cash and cash equivalents at the end of the period
|
| | | | | | | 157,158 | | | | | | 923 | | |
| | | | | | | | 154,701 | | | | | | (1,452) | | |
Six months period ended June 30,
|
| |
Distance
learning undergraduate courses |
| |
Continuing
education courses |
| |
On-campus
undergraduate courses |
| |
Total
allocated |
| ||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 203,727 | | | | | | 21,280 | | | | | | 31,643 | | | | | | 256,650 | | |
Adjusted EBITDA
|
| | | | 70,669 | | | | | | 16,133 | | | | | | 9,951 | | | | | | 96,753 | | |
% Adjusted EBITDA margin
|
| | | | 34.69% | | | | | | 75.81% | | | | | | 31.45% | | | | | | 37.70% | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 170,825 | | | | | | 22,956 | | | | | | 40,679 | | | | | | 234,460 | | |
Adjusted EBITDA
|
| | | | 59,596 | | | | | | 16,961 | | | | | | 12,957 | | | | | | 89,514 | | |
% Adjusted EBITDA margin
|
| | | | 34.89% | | | | | | 73.88% | | | | | | 31.85% | | | | | | 38.18% | | |
| | |
Six months period ended June 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Income before taxes
|
| | | | 31,745 | | | | | | (25,899) | | |
(+) Financial result
|
| | | | 11,244 | | | | | | 20,481 | | |
(+) Depreciation and amortization
|
| | | | 24,269 | | | | | | 30,448 | | |
(+) Interest on tuition fees paid in arrears
|
| | | | 7,238 | | | | | | 3,920 | | |
(+) Impairment of non-current assets
|
| | | | — | | | | | | 31,431 | | |
(+) Share-based compensation plan
|
| | | | (566) | | | | | | 3,112 | | |
(+) Other income (expenses), net
|
| | | | (1,673) | | | | | | 444 | | |
(+) Restructuring expenses
|
| | | | 2,894 | | | | | | 2,141 | | |
(+) Other operational expenses unallocated
|
| | | | 21,602 | | | | | | 23,436 | | |
Adjusted EBITDA allocated to segments
|
| | | | 96,753 | | | | | | 89,514 | | |
Six months period ended June 30,
|
| |
Distance
learning undergraduate courses |
| |
Continuing
education courses |
| |
On-campus
undergraduate courses |
| |
Unallocated
|
| |
Total
|
| |||||||||||||||
2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net impairment losses on financial assets
|
| | | | 29,461 | | | | | | 1,615 | | | | | | 3,819 | | | | | | — | | | | | | 34,895 | | |
Depreciation and amortization
|
| | | | 15,944 | | | | | | 983 | | | | | | 4,644 | | | | | | 2,698 | | | | | | 24,269 | | |
Interest on tuition fees paid in arrears
|
| | | | 5,410 | | | | | | 236 | | | | | | 1,592 | | | | | | — | | | | | | 7,238 | | |
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net impairment losses on financial assets
|
| | | | 20,535 | | | | | | 1,335 | | | | | | 3,403 | | | | | | — | | | | | | 25,273 | | |
Depreciation and amortization
|
| | | | 18,437 | | | | | | 1,812 | | | | | | 7,490 | | | | | | 2,764 | | | | | | 30,503 | | |
Impairment of non-current assets
|
| | | | — | | | | | | — | | | | | | 31,431 | | | | | | — | | | | | | 31,431 | | |
Interest on tuition fees paid in arrears
|
| | | | 3,350 | | | | | | 9 | | | | | | 562 | | | | | | — | | | | | | 3,921 | | |
| | |
Share-based
compensation |
| |||
Opening balance at December 31, 2019
|
| | | | 34,950 | | |
Gain recognized – general and administrative
|
| | | | (566) | | |
Balance at June 30, 2020
|
| | | | 34,384 | | |
Unobservable inputs
|
| |
Weighted
average inputs |
| |
Relationship with of unobservable inputs to fair value
|
| |||
Net operating revenue growth rate(i)
|
| | | | 19.3% | | | |
Increased growth rate (+200 basis points (bps)) and lower discount rate (-100 bps) would increase FV by R$553; lower growth rate (-200 bps) and higher discount rate (+100 bps) would decrease FV by R$548.
|
|
Pre-tax discount rate(ii)
|
| | | | 13.7% | | | |
Increasing/decreasing the growth rate and the discount rate by +/- 50bps and 100 bps respectively would change the FV by +R$153 / -R$305.
|
|
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Short-term deposits
|
| | | | 157,158 | | | | | | 2,457 | | |
| | | | | 157,158 | | | | | | 2,457 | | |
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Tuition fees
|
| | | | 190,363 | | | | | | 161,049 | | |
FIES and UNIEDU Guaranteed Credits
|
| | | | 10,180 | | | | | | 7,196 | | |
PEP – Special Installment Payment(i)
|
| | | | 7,569 | | | | | | 8,542 | | |
Provision for revenue cancellation
|
| | | | (7,079) | | | | | | (5,212) | | |
Allowance for expected credit losses of trade receivables
|
| | | | (87,433) | | | | | | (79,659) | | |
Total trade receivables
|
| | | | 113,600 | | | | | | 91,916 | | |
Current
|
| | | | 110,274 | | | | | | 88,130 | | |
Non-current
|
| | | | 3,326 | | | | | | 3,786 | | |
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Receivables falling due
|
| | | | 48,380 | | | | | | 72,647 | | |
Receivables past due | | | | | | | | | | | | | |
From 1 to 30 days
|
| | | | 26,849 | | | | | | 22,322 | | |
From 31 to 60 days
|
| | | | 20,615 | | | | | | 15,135 | | |
From 61 to 90 days
|
| | | | 32,036 | | | | | | 13,473 | | |
From 91 to 180 days
|
| | | | 30,556 | | | | | | 27,968 | | |
From 181 to 365 days
|
| | | | 49,676 | | | | | | 25,242 | | |
Provision for revenue cancellation
|
| | | | (7,079) | | | | | | (5,212) | | |
Allowance for estimated credit losses
|
| | | | (87,433) | | | | | | (79,659) | | |
| | | | | 113,600 | | | | | | 91,916 | | |
| | |
June 30,
2020 |
| |
June 30,
2019 |
| ||||||
At the beginning of the year
|
| | | | (5,212) | | | | | | (5,655) | | |
Additions
|
| | | | (3,581) | | | | | | (5,353) | | |
Write-off
|
| | | | 1,714 | | | | | | 6,773 | | |
At the end of the period
|
| | | | (7,079) | | | | | | (4,235) | | |
|
| | |
June 30,
2020 |
| |
June 30,
2019 |
| ||||||
At the beginning of the year
|
| | | | (79,659) | | | | | | (66,199) | | |
Write-off of uncollectible receivables
|
| | | | 27,083 | | | | | | 16,371 | | |
Reversal
|
| | | | 12,818 | | | | | | 1,866 | | |
Allowance for expected credit losses
|
| | | | (47,675) | | | | | | (27,139) | | |
At the end of the period
|
| | | | (87,433) | | | | | | (75,101) | | |
| | |
Six months period ended June 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Profit (loss) before taxes
|
| | | | 31,745 | | | | | | (25,899) | | |
Statutory combined income tax rate – %
|
| | | | 34% | | | | | | 34% | | |
Income tax at statutory rates
|
| | | | (10,793) | | | | | | 8,806 | | |
Income exempt from taxation – ProUni benefit(i)
|
| | | | 12,671 | | | | | | 10,175 | | |
Previously unrecognized tax losses used to reduce deferred tax(ii)
|
| | | | 10,632 | | | | | | — | | |
Previously unrecognized temporary differences(ii)
|
| | | | 11,816 | | | | | | — | | |
Unrecognized deferred tax asset on tax losses and temporary differences(ii)
|
| | | | — | | | | | | (3,265) | | |
Impairment of goodwill
|
| | | | — | | | | | | (10,687) | | |
Interest on accounts payable from acquisition of subsidiaries
|
| | | | (3,021) | | | | | | (3,921) | | |
Other non-deductible expenses
|
| | | | (352) | | | | | | (228) | | |
Other
|
| | | | (313) | | | | | | (75) | | |
Total income tax and social contribution
|
| | | | 20,640 | | | | | | 805 | | |
Effective tax rate – %
|
| | | | -65% | | | | | | 3% | | |
Current income tax expense
|
| | | | (19,618) | | | | | | (8,592) | | |
Deferred income tax income
|
| | | | 40,258 | | | | | | 9,397 | | |
| | |
Balance sheet
|
| |
Profit or loss
|
| ||||||||||||||||||
| | |
June 30,
2020 |
| |
December 31,
2019 |
| |
June 30,
2020 |
| |
June 30,
2019 |
| ||||||||||||
Tax loss carryforwards
|
| | | | 7,505 | | | | | | — | | | | | | 7,505 | | | | |
|
—
|
| |
Intangible assets on business combinations
|
| | | | (22,354) | | | | | | (24,958) | | | | | | 2,604 | | | | | | 6,334 | | |
Allowance for expected credit losses
|
| | | | 44,723 | | | | | | 27,362 | | | | | | 17,361 | | | | | | 6,881 | | |
Share-based compensation
|
| | | | 11,691 | | | | | | — | | | | | | 11,691 | | | | | | — | | |
Lease contracts
|
| | | | 6,460 | | | | | | 8,902 | | | | | | (2,442) | | | | | | (648) | | |
Provision for revenue cancellation
|
| | | | 2,401 | | | | | | 1,772 | | | | | | 629 | | | | | | 1,712 | | |
Provision for contingencies
|
| | | | 1,699 | | | | | | 1,225 | | | | | | 474 | | | | | | (308) | | |
Other provisions
|
| | | | 3,180 | | | | | | 744 | | | | | | 2,436 | | | | | | (4,574) | | |
Total | | | | | 55,305 | | | | | | 15,047 | | | | | | 40,258 | | | | | | 9,397 | | |
Deferred tax assets
|
| | | | 55,305 | | | | | | 37,146 | | | | | | | | | | | | | | |
Deferred tax liabilities
|
| | | | — | | | | | | (24,958) | | | | | | | | | | | | | | |
| | |
June 30,
2020 |
| |
December 31,
2019 |
| ||||||
Assets classified as held for sale | | | | | | | | | | | | | |
Trade receivables
|
| | | | 6,453 | | | | | | 7,935 | | |
Income taxes recoverable
|
| | | | 349 | | | | | | 207 | | |
Prepaid expenses
|
| | | | 56 | | | | | | 172 | | |
Other taxes recoverable
|
| | | | 91 | | | | | | 195 | | |
Other assets
|
| | | | 214 | | | | | | 122 | | |
Right-of-use assets
|
| | | | 16,090 | | | | | | 16,090 | | |
Property and equipment
|
| | | | 11,822 | | | | | | 11,704 | | |
Intangible assets
|
| | | | 8 | | | | | | 8 | | |
Total of assets disposal group held for sale
|
| | | | 35,083 | | | | | | 36,433 | | |
Liabilities directly associated with assets classified as held for sale | | | | | | | | | | | | | |
Trade payables
|
| | | | 853 | | | | | | 979 | | |
Lease liabilities
|
| | | | 18,802 | | | | | | 19,210 | | |
Taxes payable
|
| | | | 214 | | | | | | 181 | | |
Labor and social obligations
|
| | | | 4,217 | | | | | | 2,695 | | |
Prepayments from customers
|
| | | | 341 | | | | | | 112 | | |
Provisions for contingencies
|
| | | | 107 | | | | | | 107 | | |
Total liabilities of disposal group held for sale
|
| | | | 24,534 | | | | | | 23,284 | | |
| | |
Right-of-use
assets |
| |
Lease
Liabilities |
| ||||||
As of December 31, 2019
|
| | | | 88,534 | | | | | | 103,188 | | |
New contracts
|
| | | | 32,308 | | | | | | 32,308 | | |
Re-measurement by index(i)
|
| | | | 3,109 | | | | | | 3,109 | | |
Lease modification(ii)
|
| | | | (9,284) | | | | | | (10,148) | | |
Depreciation expense
|
| | | | (5,695) | | | | | | — | | |
Accrued interest
|
| | | | — | | | | | | 7,566 | | |
Payment of principal
|
| | | | — | | | | | | (2,638) | | |
Rent concession(iii)
|
| | | | — | | | | | | (661) | | |
Payment of interest
|
| | | | — | | | | | | (7,566) | | |
As of June 30, 2020
|
| | | | 108,972 | | | | | | 125,158 | | |
Current
|
| | | | — | | | | | | 20,310 | | |
Non-current
|
| | | | 108,972 | | | | | | 104,848 | | |
| | | | | | | | | | | | | | | | | | | | |
June 30, 2020
|
| |||||||||||||||
| | |
Carrying
amount at December 31, 2019 |
| |
Purchase
and capitalization |
| |
Depreciation
and amortization |
| |
Carrying
amount |
| |
Cost
|
| |
Accumulated
depreciation, amortization and impairment |
| ||||||||||||||||||
Leasehold improvements
|
| | | | 34,389 | | | | | | 13,225 | | | | | | (857) | | | | |
|
46,757
|
| | | | | 57,332 | | | | | | (10,575) | | |
Furniture, equipment and facilities
|
| | | | 20,173 | | | | | | 4,842 | | | | | | (1,413) | | | | |
|
23,602
|
| | | | | 42,363 | | | | | | (18,761) | | |
Other property and equipment
|
| | | | 15,471 | | | | | | 1,356 | | | | | | (2,099) | | | | |
|
14,728
|
| | | | | 39,747 | | | | | | (25,019) | | |
Property and equipment
|
| | | | 70,033 | | | | | | 19,423 | | | | | | (4,369) | | | | | | 85,087 | | | | | | 139,442 | | | | | | (54,355) | | |
Software
|
| | | | 20,044 | | | | | | 12,429 | | | | | | (4,628) | | | | |
|
27,845
|
| | | | | 58,552 | | | | | | (30,707) | | |
Internal project development
|
| | | | 19,667 | | | | | | 4,093 | | | | | | (3,017) | | | | |
|
20,743
|
| | | | | 26,333 | | | | | | (5,590) | | |
Goodwill
|
| | | | 304,815 | | | | | | — | | | | | | — | | | | |
|
304,815
|
| | | | | 372,268 | | | | | | (67,453) | | |
Operation licenses for distance learning
|
| | | | 245,721 | | | | | | — | | | | | | — | | | | |
|
245,721
|
| | | | | 245,721 | | | | | | — | | |
Trademarks
|
| | | | 61,102 | | | | | | — | | | | | | (1,779) | | | | |
|
59,323
|
| | | | | 85,163 | | | | | | (25,840) | | |
Customer relationship
|
| | | | 3,251 | | | | | | — | | | | | | (3,251) | | | | |
|
—
|
| | | | | 100,695 | | | | | | (100,695) | | |
Other intangible assets
|
| | | | 3,570 | | | | | | — | | | | | | (1,530) | | | | |
|
2,040
|
| | | | | 18,170 | | | | | | (16,130) | | |
Intangible assets
|
| | | | 658,170 | | | | | | 16,522 | | | | | | (14,205) | | | | | | 660,487 | | | | | | 906,902 | | | | | | (246,415) | | |
Type
|
| |
Interest rate
|
| |
Maturity
|
| |
June 30,
2020 |
| |
December 31,
2019 |
| |||||||||
Standby Letter of Credit
|
| |
CDI + 3.6% p.a.
|
| | | | 2021 | | | | | | 152,007 | | | | | | — | | |
Current
|
| | | | | | | | | | | | | 2,007 | | | | | | — | | |
Non-current
|
| | | | | | | | | | | | | 150,000 | | | | | | — | | |
| | |
Loans and
financing |
| |||
As of December 31, 2019
|
| | | | — | | |
Proceeds from loans and financing(i)
|
| | | | 150,000 | | |
Accrued interest
|
| | | | 2,007 | | |
As of June 30, 2020
|
| | | | 152,007 | | |
| | |
June 30, 2020
|
| |
December 31,
2019 |
| ||||||
Salaries payable
|
| | | | 8,924 | | | | | | 4,235 | | |
Social charges payable(i)
|
| | | | 14,342 | | | | | | 5,906 | | |
Accrued vacation
|
| | | | 13,065 | | | | | | 1,972 | | |
Accrual for bonus
|
| | | | — | | | | | | 4,668 | | |
Other
|
| | | | — | | | | | | 3 | | |
Total | | | | | 36,331 | | | | | | 16,784 | | |
| | |
June 30, 2020
|
| |||||||||
| | |
Number of
shares |
| |
%
|
| ||||||
Fundo Brasil de Internacionalização de empresas Fundos de Investimento em
Participações II |
| | | | 64,546,881 | | | | | | 12.36 | | |
Miquerinos Fundo de Investimento em Participações
|
| | | | 129,093,761 | | | | | | 24.72 | | |
Vinci Capital Partners II Fundo de Investimento em Participações
|
| | | | 193,640,642 | | | | | | 37.07 | | |
NB Pitman Brazil Fundo de Investimentos e Participações Multiestratégia
|
| | | | 135,033,912 | | | | | | 25.85 | | |
| | | | | 522,315,196 | | | | | | 100.00 | | |
Treasury shares
|
| | | | 1,834,105 | | | | | | | | |
Total | | | | | 524,149,301 | | | | | | | | |
| | |
Six months period ended in June 30,
|
| |||||||||
Basic earnings (loss) per share
|
| |
2020
|
| |
2019
|
| ||||||
Net income (loss) attributable to the shareholders of the Company
|
| | | | 52,385 | | | | | | (25,094) | | |
Weighted average number of outstanding common shares (thousands)
|
| | | | 522,315 | | | | | | 522,315 | | |
Basic earnings (loss) per common share (R$)
|
| | | | 0.10 | | | | | | (0.05) | | |
| | |
Six months period ended
in June 30, |
| |||||||||
Diluted earnings (loss) per share
|
| |
2020
|
| |
2019
|
| ||||||
Net income (loss) attributable to the shareholders of the Company
|
| | | | 52,385 | | | | | | (25,094) | | |
Weighted average number of outstanding common shares (thousands)
|
| | | | 545,042 | | | | | | 522,315 | | |
Diluted earnings (loss) per common share (R$)
|
| | | | 0.10 | | | | | | (0.05) | | |
| | |
Balance sheet
|
| |
Profit or loss
|
| ||||||||||||||||||
| | | | | | | | | | | | | | |
Six months period
ended June 30, |
| |||||||||
| | |
June 30,
2020 |
| |
December 31,
2019 |
| |
2020
|
| |
2019
|
| ||||||||||||
FI Vinci Renda Fixa Credito Privado | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term investments
|
| | | | 39,033 | | | | | | 37,607 | | | | | | | | | | | | | | |
Financial income
|
| | | | | | | | | | | | | | | | 635 | | | | | | 1,104 | | |
Austral Seguradora S/A | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 607 | | | | | | 8 | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | | | | | | | | | | | | | (151) | | | | | | (1) | | |
Kloch Advocacia | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | | | | | | | | | | | | | (108) | | | | | | (106) | | |
| | |
Six months period ended June 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Gross revenue
|
| | | | 328,556 | | | | | | 297,015 | | |
(-) Cancellation
|
| | | | (3,581) | | | | | | (5,353) | | |
(-) Discounts
|
| | | | (11,184) | | | | | | (9,160) | | |
(-) ProUni scholarships(i)
|
| | | | (48,515) | | | | | | (40,547) | | |
(-) Taxes and contributions on revenue
|
| | | | (8,626) | | | | | | (7,495) | | |
Net revenue
|
| | | | 256,650 | | | | | | 234,460 | | |
Timing of revenue recognition | | | | | | | | | | | | | |
Transferred over time
|
| | | | 256,398 | | | | | | 233,051 | | |
Transferred at a point in time(ii)
|
| | | | 252 | | | | | | 1,409 | | |
Net revenue
|
| | | | 256,650 | | | | | | 234,460 | | |
| | |
Six months period ended June 30,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Payroll(i) | | | | | 91,386 | | | | | | 94,343 | | |
Sales and marketing
|
| | | | 39,134 | | | | | | 28,730 | | |
Depreciation and amortization(ii)
|
| | | | 24,058 | | | | | | 30,503 | | |
Material
|
| | | | 6,515 | | | | | | 10,054 | | |
Impairment losses(iii)
|
| | | | — | | | | | | 31,431 | | |
Consulting and advisory services
|
| | | | 5,724 | | | | | | 5,413 | | |
Maintenance
|
| | | | 4,175 | | | | | | 2,958 | | |
Utilities, cleaning and security
|
| | | | 2,850 | | | | | | 3,546 | | |
Contingencies
|
| | | | 2,070 | | | | | | 2,210 | | |
Leases
|
| | | | 1,802 | | | | | | 2,006 | | |
Taxes
|
| | | | 1,013 | | | | | | 763 | | |
Other expenses
|
| | | | 1,711 | | | | | | 2,204 | | |
Total | | | | | 180,438 | | | | | | 214,161 | | |
Costs of services
|
| | | | 106,036 | | | | | | 105,152 | | |
General and administrative expenses
|
| | | | 24,355 | | | | | | 61,251 | | |
Selling expenses
|
| | | | 50,047 | | | | | | 47,758 | | |
Total | | | | | 180,438 | | | | | | 214,161 | | |
| | |
Six months period
ended June 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deductible donations
|
| | | | (150) | | | | | | (150) | | |
Contractual indemnities
|
| | | | — | | | | | | (373) | | |
Lease contracts modification and rent concession
|
| | | | 1,525 | | | | | | — | | |
Other revenues
|
| | | | 320 | | | | | | 187 | | |
Other expenses
|
| | | | (22) | | | | | | (108) | | |
Total | | | | | 1,673 | | | | | | (444) | | |
| | |
Six months period
ended June 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Financial income | | | | | | | | | | | | | |
Interest on tuition fees paid in arrears
|
| | | | 7,238 | | | | | | 3,921 | | |
Financial investment yield
|
| | | | 1,836 | | | | | | 5,449 | | |
Other
|
| | | | 461 | | | | | | 58 | | |
Total | | | | | 9,535 | | | | | | 9,428 | | |
Financial expenses | | | | | | | | | | | | | |
Interest on accounts payable from acquisition of subsidiaries(i)
|
| | | | (8,225) | | | | | | (22,878) | | |
Interest on lease
|
| | | | (7,566) | | | | | | (6,066) | | |
Interest on loans and financing
|
| | | | (2,007) | | | | | | — | | |
Other
|
| | | | (2,981) | | | | | | (965) | | |
Total | | | | | (20,779) | | | | | | (29,909) | | |
Financial results
|
| | | | (11,244) | | | | | | (20,481) | | |
| | |
Note
|
| |
December, 31
2019 |
| |
December, 31
2018 |
| |
January, 1
2018 |
| |||||||||
| | | | | | | | | | | |
(Restated
Note 2.6) |
| |
(Restated
Note 2.6) |
| ||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | 2,457 | | | | | | 2,375 | | | | | | 2,311 | | |
Short-term investments
|
| |
8
|
| | | | 72,321 | | | | | | 164,822 | | | | | | 145,592 | | |
Trade receivables
|
| |
9
|
| | | | 88,130 | | | | | | 71,318 | | | | | | 61,927 | | |
Income taxes recoverable
|
| |
10
|
| | | | 4,711 | | | | | | 5,474 | | | | | | 1,445 | | |
Prepaid expenses
|
| |
11
|
| | | | 8,938 | | | | | | 7,171 | | | | | | 5,947 | | |
Other current assets
|
| | | | | | | 1,858 | | | | | | 1,234 | | | | | | 1,528 | | |
| | | | | | | | 178,415 | | | | | | 252,394 | | | | | | 218,750 | | |
Assets classified as held for sale
|
| |
12
|
| | | | 36,433 | | | | | | — | | | | | | — | | |
TOTAL CURRENT ASSETS
|
| | | | | | | 214,848 | | | | | | 252,394 | | | | | | 218,750 | | |
NON-CURRENT ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| |
9
|
| | | | 3,786 | | | | | | 5,432 | | | | | | 2,909 | | |
Indemnification assets
|
| |
18
|
| | | | 14,801 | | | | | | 16,480 | | | | | | 19,628 | | |
Deferred tax assets
|
| |
10
|
| | | | 37,146 | | | | | | 29,924 | | | | | | 26,678 | | |
Other non-current assets
|
| | | | | | | 1,359 | | | | | | 1,230 | | | | | | 896 | | |
Right-of-use assets
|
| |
13
|
| | | | 88,534 | | | | | | 74,822 | | | | | | 51,534 | | |
Property and equipment
|
| |
14
|
| | | | 70,033 | | | | | | 63,428 | | | | | | 50,330 | | |
Intangible assets
|
| |
15
|
| | | | 658,170 | | | | | | 735,260 | | | | | | 796,944 | | |
TOTAL NON-CURRENT ASSETS
|
| | | | | | | 873,829 | | | | | | 926,576 | | | | | | 948,919 | | |
TOTAL ASSETS
|
| | | | | | | 1,088,677 | | | | | | 1,178,970 | | | | | | 1,167,669 | | |
| | |
Note
|
| |
December, 31
2019 |
| |
December, 31
2018 |
| |
January, 1
2018 |
| |||||||||
| | | | | | | | | | | |
(Restated
Note 2.6) |
| |
(Restated
Note 2.6) |
| ||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 29,978 | | | | | | 17,051 | | | | | | 16,125 | | |
Lease liabilities
|
| |
13
|
| | | | 17,265 | | | | | | 15,397 | | | | | | 10,875 | | |
Labor and social obligations
|
| |
16
|
| | | | 16,784 | | | | | | 16,052 | | | | | | 15,251 | | |
Taxes payable
|
| | | | | | | 1,657 | | | | | | 1,720 | | | | | | 819 | | |
Prepayments from customers
|
| | | | | | | 3,186 | | | | | | 1,194 | | | | | | 3,134 | | |
Accounts payable from acquisition of subsidiaries
|
| |
17
|
| | | | 128,888 | | | | | | 123,310 | | | | | | 118,390 | | |
Other current liabilities
|
| | | | | | | 349 | | | | | | 308 | | | | | | — | | |
| | | | | | | | 198,107 | | | | | | 175,032 | | | | | | 164,594 | | |
Liabilities directly associated with assets classified as held for sale
|
| |
12
|
| | | | 23,284 | | | | | | — | | | | | | — | | |
TOTAL CURRENT LIABILITIES
|
| | | | | | | 221,391 | | | | | | 175,032 | | | | | | 164,594 | | |
NON-CURRENT | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| |
13
|
| | | | 85,923 | | | | | | 73,342 | | | | | | 50,764 | | |
Share-based compensation
|
| |
21
|
| | | | 34,950 | | | | | | 7,045 | | | | | | 191 | | |
Accounts payable from acquisition of subsidiaries
|
| |
17
|
| | | | 250,652 | | | | | | 335,225 | | | | | | 416,524 | | |
Provisions for contingencies
|
| |
18
|
| | | | 18,403 | | | | | | 18,034 | | | | | | 22,997 | | |
Deferred tax liabilities
|
| |
10
|
| | | | 24,958 | | | | | | 43,441 | | | | | | 56,108 | | |
Other non-current liabilities
|
| | | | | | | 1,067 | | | | | | 7,458 | | | | | | 4,925 | | |
TOTAL NON-CURRENT LIABILITIES
|
| | | | | | | 415,953 | | | | | | 484,545 | | | | | | 551,509 | | |
TOTAL LIABILITIES
|
| | | | | | | 637,344 | | | | | | 659,577 | | | | | | 716,103 | | |
EQUITY
|
| |
19
|
| | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | | | | 548,380 | | | | | | 546,509 | | | | | | 434,000 | | |
Capital reserves
|
| | | | | | | (1,248) | | | | | | 2,523 | | | | | | 1,927 | | |
Revenue reserves
|
| | | | | | | 429 | | | | | | 429 | | | | | | — | | |
Retained earnings (Accumulated losses)
|
| | | | | | | (96,228) | | | | | | (30,068) | | | | | | 15,639 | | |
TOTAL EQUITY
|
| | | | | | | 451,333 | | | | | | 519,393 | | | | | | 451,566 | | |
TOTAL LIABILITIES AND EQUITY
|
| | | | | | | 1,088,677 | | | | | | 1,178,970 | | | | | | 1,167,669 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| ||||||
| | | | | | | | | | | |
(Restated
Note 2.6) |
| |||
NET REVENUE
|
| |
23
|
| | |
|
461,067
|
| | | |
|
383,449
|
| |
Cost of services rendered
|
| |
24
|
| | | | (211,547) | | | | | | (184,161) | | |
GROSS PROFIT
|
| | | | | | | 249,520 | | | | | | 199,288 | | |
General and administrative expenses
|
| |
24
|
| | | | (125,344) | | | | | | (90,667) | | |
Selling expenses
|
| |
24
|
| | | | (100,949) | | | | | | (70,646) | | |
Net impairment losses on financial assets
|
| |
9
|
| | | | (58,178) | | | | | | (44,578) | | |
Other income (expenses), net
|
| |
25
|
| | | | (905) | | | | | | (1,041) | | |
Operating expenses
|
| | | | | | | (285,376) | | | | | | (206,932) | | |
OPERATING PROFIT (LOSS)
|
| | | | | | | (35,856) | | | | | | (7,644) | | |
Financial income
|
| |
26
|
| | | | 19,194 | | | | | | 22,026 | | |
Financial expenses
|
| |
26
|
| | | | (60,390) | | | | | | (64,597) | | |
Financial results
|
| | | | | | | (41,196) | | | | | | (42,571) | | |
LOSS BEFORE TAXES
|
| | | | | | | (77,052) | | | | | | (50,215) | | |
Current income taxes
|
| |
10
|
| | | | (14,813) | | | | | | (10,640) | | |
Deferred income taxes
|
| |
10
|
| | | | 25,705 | | | | | | 15,651 | | |
Income taxes
|
| | | | | | | 10,892 | | | | | | 5,011 | | |
LOSS FOR THE YEAR
|
| | | | | | | (66,160) | | | | | | (45,204) | | |
Other comprehensive income
|
| | | | | |
|
—
|
| | | | | — | | |
TOTAL COMPREHENSIVE LOSS
|
| | | | | | | (66,160) | | | | | | (45,204) | | |
Basic and diluted loss per share (R$)
|
| |
20
|
| | | | (0.13) | | | | | | (0.09) | | |
| | | | | | | | |
Capital reserves
|
| | | | | | | |
Retained
earnings |
| | | | | | | ||||||||||||
| | |
Share
capital |
| |
Treasury
Shares |
| |
Share-based
compensation |
| |
Revenue
reserves |
| |
(Accumulated
losses) |
| |
Total
|
| ||||||||||||||||||
DECEMBER 31, 2017
|
| | | | 434,000 | | | | | | — | | | | | | 1,927 | | | | | | — | | | | | | 22,308 | | | | | | 458,235 | | |
Change in accounting policy (Note 2.6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,669) | | | | |
|
(6,669)
|
| |
JANUARY 1,2018
|
| | | | 434,000 | | | | | | — | | | | | | 1,927 | | | | | | — | | | | | | 15,639 | | | | | | 451,566 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,204) | | | | |
|
(45,204)
|
| |
Capital increase (Note 19.b)
|
| | | | 111,054 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
111,054
|
| |
Transfer to legal reserve
(Note 19.d) |
| | | | — | | | | | | — | | | | | | — | | | | | | 429 | | | | | | (429) | | | | |
|
—
|
| |
Dividends (Note 19.c)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (74) | | | | |
|
(74)
|
| |
Employee share program (Note 21) Value of employee services
|
| | | | — | | | | | | — | | | | | | 2,821 | | | | | | — | | | | | | — | | | | |
|
2,821
|
| |
Issue of shares to employees
|
| | | | 1,455 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
1,455
|
| |
Reclassification to cash-settled
|
| | | | — | | | | | | — | | | | | | (2,225) | | | | | | — | | | | | | — | | | | |
|
(2,225)
|
| |
DECEMBER 31, 2018
|
| | | | 546,509 | | | | | | — | | | | | | 2,523 | | | | | | 429 | | | | | | (30,068) | | | | | | 519,393 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (66,160) | | | | |
|
(66,160)
|
| |
Employee share program (Note 21)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Value of employee services
|
| | | | — | | | | | | — | | | | | | 5,372 | | | | | | — | | | | | | — | | | | |
|
5,372
|
| |
Issue of shares to employees
|
| | | | 1,871 | | | | | | — | | | | | | (1,844) | | | | | | — | | | | | | — | | | | |
|
27
|
| |
Share repurchase
|
| | | | — | | | | | | (2,238) | | | | | | 2,238 | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Reclassification to cash-settled
|
| | | | — | | | | | | — | | | | | | (7,299) | | | | | | — | | | | | | — | | | | |
|
(7,299)
|
| |
DECEMBER 31, 2019
|
| | | | 548,380 | | | | | | (2,238) | | | | | | 990 | | | | | | 429 | | | | | | (96,228) | | | | | | 451,333 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | |
Income before taxes
|
| | | | | | | (77,052) | | | | | | (50,215) | | |
Adjustments to reconcile income before taxes to cash provided on operating activities
|
| | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
13 / 14 / 15
|
| | | | 62,445 | | | | | | 56,284 | | |
Impairment of non-current assets
|
| |
15
|
| | | | 51,022 | | | | | | 33,537 | | |
Net impairment losses on financial assets
|
| |
9
|
| | | | 58,178 | | | | | | 44,578 | | |
Provision for revenue cancellation
|
| |
9
|
| | | | 20,890 | | | | | | 16,283 | | |
Provision for contingencies
|
| |
18
|
| | | | 3,781 | | | | | | 3,384 | | |
Accrued interests, net of financial investment yield
|
| |
26
|
| | | | 45,018 | | | | | | 49,577 | | |
Share-based compensation
|
| |
21
|
| | | | 26,372 | | | | | | 7,450 | | |
Loss on sale or disposal of non-current assets
|
| |
14
|
| | | | 2 | | | | | | 1,330 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (101,302) | | | | | | (70,880) | | |
Prepayments
|
| | | | | | | (1,939) | | | | | | (1,224) | | |
Other assets
|
| | | | | | | (875) | | | | | | (40) | | |
Trade payables
|
| | | | | | | 13,906 | | | | | | 926 | | |
Labor and social obligations
|
| | | | | | | 3,427 | | | | | | 801 | | |
Other taxes payable
|
| | | | | | | (1,636) | | | | | | (4,586) | | |
Prepayments from customers
|
| | | | | | | 2,104 | | | | | | (1,940) | | |
Other payables
|
| | | | | | | (6,350) | | | | | | 2,767 | | |
Cash from operations
|
| | | | | | | 97,991 | | | | | | 88,032 | | |
Income tax paid
|
| | | | | | | (12,697) | | | | | | (9,444) | | |
Interest paid
|
| |
13 / 17
|
| | | | (27,543) | | | | | | (23,201) | | |
Contingencies paid
|
| |
18
|
| | | | (1,702) | | | | | | (5,237) | | |
Net cash provided by operating activities
|
| | | | | | | 56,049 | | | | | | 50,150 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | |
Purchase of property and equipment
|
| |
14
|
| | | | (28,470) | | | | | | (23,191) | | |
Purchase and capitalization of intangible assets
|
| |
15
|
| | | | (16,266) | | | | | | (11,769) | | |
Payments for the acquisition of interests in subsidiaries
|
| |
17
|
| | | | (107,988) | | | | | | (117,247) | | |
Proceeds from (acquisition of) short-term investments, net
|
| | | | | | | 103,227 | | | | | | (6,595) | | |
Net cash used in investing activities
|
| | | | | | | (49,497) | | | | | | (158,802) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | |
Payments of lease liabilities
|
| |
13
|
| | | | (6,103) | | | | | | (3,793) | | |
Capital contributions
|
| |
19
|
| | | | 1,871 | | | | | | 112,509 | | |
Share repurchase
|
| |
19
|
| | | | (2,238) | | | | | | — | | |
Net cash (used in) provided by financing activities
|
| | | | | | | (6,470) | | | | | | 108,716 | | |
Net increase in cash and cash equivalents
|
| | | | | | | 82 | | | | | | 64 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | | | | 2,375 | | | | | | 2,311 | | |
Cash and cash equivalents at the end of the year
|
| | | | | | | 2,457 | | | | | | 2,375 | | |
| | | | | | | | 82 | | | | | | 64 | | |
| | | | | | | | |
Investment
type |
| |
Direct and indirect
interest |
| ||||||||||||
Name
|
| |
Main activities
|
| |
Location
|
| |
2019
|
| |
2018
|
| ||||||||||||
UNIASSELVI –
Sociedade Educacional Leonardo da Vinci S/S Ltda |
| |
Distance learning, on-campus undergraduate and continuing education courses
|
| |
Indaial – SC
|
| | | | Subsidiary | | | | | | 100% | | | | | | 100% | | |
FAMEG – Sociedade Educacional do Vale do Itapocu S/S
Ltda. |
| |
On-campus undergraduate and continuing education courses
|
| |
Guaramirim – SC
|
| | | | Subsidiary | | | | | | 100% | | | | | | 100% | | |
FAIR Educacional Ltda. | | |
On-campus undergraduate and continuing education courses
|
| |
Rondonópolis – MT
|
| | | | Subsidiary | | | | | | 100% | | | | | | 100% | | |
FAC Educacional
Ltda. |
| |
On-campus undergraduate and continuing education courses
|
| |
Cuiabá – MS
|
| | | | Subsidiary | | | | | | 100% | | | | | | 100% | | |
| | |
Annual average rate
|
|
Buildings
|
| |
4%
|
|
IT equipment
|
| |
20%
|
|
Furniture, fittings and facilities
|
| |
10%
|
|
Leasehold improvements
|
| |
4% - 10%
|
|
Library
|
| |
10%
|
|
Statement of financial position (extract)
|
| |
12.31.2019
(IAS 17) |
| |
IFRS 16
|
| |
12.31.2019
as presented |
| |
12.31.2018
as originally presented |
| |
IFRS 16
|
| |
12.31.2018
restated |
| ||||||||||||||||||
Assets classified as held for sale
|
| | | | 20,343 | | | | | | 16,090 | | | | | | 36,433 | | | | | | — | | | | | | — | | | | | | — | | |
Total Current Assets
|
| | | | 198,758 | | | | | | 16,090 | | | | | | 214,848 | | | | | | 252,394 | | | | | | — | | | | | | 252,394 | | |
Right-of-use assets
|
| | | | — | | | | | | 88,534 | | | | | | 88,534 | | | | | | — | | | | | | 74,822 | | | | | | 74,822 | | |
Deferred tax assets
|
| | | | 36,690 | | | | | | 456 | | | | | | 37,146 | | | | | | 25,192 | | | | | | 4,732 | | | | | | 29,924 | | |
Non-current assets
|
| | | | 784,839 | | | | | | 88,990 | | | | | | 873,829 | | | | | | 847,022 | | | | | | 79,554 | | | | | | 926,576 | | |
Total assets
|
| | | | 983,597 | | | | | | 105,080 | | | | | | 1,088,677 | | | | | | 1,099,416 | | | | | | 79,554 | | | | | | 1,178,970 | | |
Lease liabilities
|
| | | | — | | | | | | 17,265 | | | | | | 17,265 | | | | | | — | | | | | | 15,397 | | | | | | 15,397 | | |
Liabilities directly associated with assets classified as held for sale
|
| | | | 4,074 | | | | | | 19,210 | | | | | | 23,284 | | | | | | — | | | | | | — | | | | | | — | | |
Current liabilities
|
| | | | 184,916 | | | | | | 36,475 | | | | | | 221,391 | | | | | | 159,635 | | | | | | 15,397 | | | | | | 175,032 | | |
Lease liabilities
|
| | | | — | | | | | | 85,923 | | | | | | 85,923 | | | | | | — | | | | | | 73,342 | | | | | | 73,342 | | |
Non-current liabilities
|
| | | | 330,030 | | | | | | 85,923 | | | | | | 415,953 | | | | | | 411,203 | | | | | | 73,342 | | | | | | 484,545 | | |
Total liabilities
|
| | | | 514,946 | | | | | | 122,398 | | | | | | 637,344 | | | | | | 570,838 | | | | | | 88,739 | | | | | | 659,577 | | |
Accumulated losses
|
| | | | (78,910) | | | | | | (17,318) | | | | | | (96,228) | | | | | | (20,883) | | | | | | (9,185) | | | | | | (30,068) | | |
Total equity
|
| | | | 468,651 | | | | | | (17,318) | | | | | | 451,333 | | | | | | 528,578 | | | | | | (9,185) | | | | | | 519,393 | | |
Total liabilities and equity
|
| | | | 983,597 | | | | | | 105,080 | | | | | | 1,088,677 | | | | | | 1,099,416 | | | | | | 79,554 | | | | | | 1,178,970 | | |
|
Statement of financial position (extract)
|
| |
01.01.2018
as originally presented |
| |
IFRS 16
|
| |
01.01.2018
restated |
| |||||||||
Right-of-use assets
|
| | | | — | | | | | | 51,534 | | | | | | 51,534 | | |
Deferred tax assets
|
| | | | 23,242 | | | | | | 3,436 | | | | | | 26,678 | | |
Non-current assets
|
| | | | 893,949 | | | | | | 54,970 | | | | | | 948,919 | | |
Total assets
|
| | | | 1,112,699 | | | | | | 54,970 | | | | | | 1,167,669 | | |
Lease liabilities
|
| | | | — | | | | | | 10,875 | | | | | | 10,875 | | |
Current liabilities
|
| | | | 153,719 | | | | | | 10,875 | | | | | | 164,594 | | |
Lease liabilities
|
| | | | — | | | | | | 50,764 | | | | | | 50,764 | | |
Non-current liabilities
|
| | | | 500,745 | | | | | | 50,764 | | | | | | 551,509 | | |
Total liabilities
|
| | | | 654,464 | | | | | | 61,639 | | | | | | 716,103 | | |
Accumulated losses
|
| | | | 22,308 | | | | | | (6,669) | | | | | | 15,639 | | |
Total equity
|
| | | | 458,235 | | | | | | (6,669) | | | | | | 451,566 | | |
Total liabilities and equity
|
| | | | 1,112,699 | | | | | | 54,970 | | | | | | 1,167,669 | | |
Statement of profit and loss
(extract) |
| |
2019
(IAS 17) |
| |
IFRS 16
|
| |
2019
as presented |
| |
2018
as originally presented |
| |
IFRS 16
|
| |
2018
restated |
| ||||||||||||||||||
Cost of services rendered
|
| | | | (219,887) | | | | | | 8,340 | | | | | | (211,547) | | | | | | (191,127) | | | | | | 6,966 | | | | | | (184,161) | | |
Gross profit
|
| | | | 241,180 | | | | | | 8,340 | | | | | | 249,520 | | | | | | 192,322 | | | | | | 6,966 | | | | | | 199,288 | | |
General and administrative expenses
|
| | | | (125,541) | | | | | | 197 | | | | | | (125,344) | | | | | | (90,667) | | | | | | — | | | | | | (90,667) | | |
Operating expenses
|
| | | | (285,573) | | | | | | 197 | | | | | | (285,376) | | | | | | (206,932) | | | | | | — | | | | | | (206,932) | | |
Operating profit
|
| | | | (44,393) | | | | | | 8,537 | | | | | | (35,856) | | | | | | (14,610) | | | | | | 6,966 | | | | | | (7,644) | | |
Financial expenses
|
| | | | (47,996) | | | | | | (12,394) | | | | | | (60,390) | | | | | | (53,819) | | | | | | (10,778) | | | | | | (64,597) | | |
Financial results
|
| | | | (28,802) | | | | | | (12,394) | | | | | | (41,196) | | | | | | (31,793) | | | | | | (10,778) | | | | | | (42,571) | | |
Loss before taxes
|
| | | | (73,195) | | | | | | (3,857) | | | | | | (77,052) | | | | | | (46,403) | | | | | | (3,812) | | | | | | (50,215) | | |
Deferred income taxes
|
| | | | 24,394 | | | | | | 1,311 | | | | | | 25,705 | | | | | | 14,355 | | | | | | 1,296 | | | | | | 15,651 | | |
Income taxes
|
| | | | 9,581 | | | | | | 1,311 | | | | | | 10,892 | | | | | | 3,715 | | | | | | 1,296 | | | | | | 5,011 | | |
Loss for the year
|
| | | | (63,614) | | | | | | (2,546) | | | | | | (66,160) | | | | | | (42,688) | | | | | | (2,516) | | | | | | (45,204) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total comprehensive loss
|
| | | | (63,614) | | | | | | (2,546) | | | | | | (66,160) | | | | | | (42,688) | | | | | | (2,516) | | | | | | (45,204) | | |
| | |
2019
(IAS 17) |
| |
IFRS 16
|
| |
2019
as presented |
| |
2018
as originally presented |
| |
IFRS 16
|
| |
2018
restated |
| ||||||||||||||||||
Basic and diluted loss per share (R$)
|
| | | | (0.13) | | | | | | — | | | | | | (0.13) | | | | | | (0.09) | | | | | | — | | | | | | (0.09) | | |
Statement of cash flows
(extract) |
| |
2019
(IAS 17) |
| |
IFRS 16
|
| |
2019
as presented |
| |
2018
as originally presented |
| |
IFRS 16
|
| |
2018
restated |
| ||||||||||||||||||
Income before taxes
|
| | | | (73,195) | | | | | | (3,857) | | | | | | (77,052) | | | | | | (46,403) | | | | | | (3,812) | | | | | | (50,215) | | |
Depreciation and amortization
|
| | | | 52,485 | | | | | | 9,960 | | | | | | 62,445 | | | | | | 48,679 | | | | | | 7,605 | | | | | | 56,284 | | |
Accrued interest
|
| | | | 32,625 | | | | | | 12,393 | | | | | | 45,018 | | | | | | 38,799 | | | | | | 10,778 | | | | | | 49,577 | | |
Cash from operations
|
| | | | 79,495 | | | | | | 18,496 | | | | | | 97,991 | | | | | | 73,461 | | | | | | 14,571 | | | | | | 88,032 | | |
Interest paid
|
| | | | (15,150) | | | | | | (12,393) | | | | | | (27,543) | | | | | | (12,423) | | | | | | (10,778) | | | | | | (23,201) | | |
Net cash provided by operating activities
|
| | | | 49,946 | | | | | | 6,103 | | | | | | 56,049 | | | | | | 46,357 | | | | | | 3,793 | | | | | | 50,150 | | |
Payments of lease liabilities
|
| | | | — | | | | | | (6,103) | | | | | | (6,103) | | | | | | — | | | | | | (3,793) | | | | | | (3,793) | | |
Net cash provided by (used in) financing activities
|
| | | | (367) | | | | | | (6,103) | | | | | | (6,470) | | | | | | 112,509 | | | | | | (3,793) | | | | | | 108,716 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 82 | | | | | | — | | | | | | 82 | | | | | | 64 | | | | | | — | | | | | | 64 | | |
|
| | |
Distance
learning undergraduate courses |
| |
Continuing
education courses |
| |
On-campus
undergraduate courses |
| |
Total allocated
|
| ||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 336,317 | | | | | | 47,103 | | | | | | 77,647 | | | | | | 461,067 | | |
Adjusted EBITDA
|
| | | | 112,919 | | | | | | 33,335 | | | | | | 20,871 | | | | | | 167,125 | | |
% Adjusted EBITDA margin
|
| | | | 33.58% | | | | | | 70.77% | | | | | | 26.88% | | | | | | 36.25% | | |
2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Net revenue
|
| | | | 259,591 | | | | | | 33,044 | | | | | | 90,814 | | | | | | 383,449 | | |
Adjusted EBITDA
|
| | | | 93,427 | | | | | | 21,175 | | | | | | 28,374 | | | | | | 142,976 | | |
% Adjusted EBITDA margin
|
| | | | 35.99% | | | | | | 64.08% | | | | | | 31.24% | | | | | | 37.29% | | |
| | |
2019
|
| |
2018
|
| ||||||
Loss before taxes
|
| | | | (77,052) | | | | | | (50,215) | | |
(+) Financial result
|
| | | | 41,196 | | | | | | 42,571 | | |
(+) Depreciation and amortization
|
| | | | 62,445 | | | | | | 56,284 | | |
(+) Interest on tuition fees paid in arrears
|
| | | | 8,265 | | | | | | 8,887 | | |
(+) Impairment of non-current assets
|
| | | | 51,022 | | | | | | 33,537 | | |
(+) Share-based compensation plan
|
| | | | 26,372 | | | | | | 7,450 | | |
(+) Other income (expenses), net
|
| | | | 905 | | | | | | 1,041 | | |
(+) M&A expenses and pre-offering costs
|
| | | | — | | | | | | 6,000 | | |
(+) Restructuring expenses
|
| | | | 4,484 | | | | | | 2,231 | | |
(+) Other operational expenses unallocated
|
| | | | 49,488 | | | | | | 35,190 | | |
Adjusted EBITDA allocated to segments
|
| | | | 167,125 | | | | | | 142,976 | | |
| | |
Distance
learning undergraduate courses |
| |
Continuing
education courses |
| |
On-campus
undergraduate courses |
| |
Unallocated
|
| |
Total
|
| |||||||||||||||
2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net impairment losses on financial
assets |
| | | | 43,701 | | | | | | 3,958 | | | | | | 10,519 | | | | | | — | | | | | | 58,178 | | |
Depreciation and amortization
|
| | | | 38,402 | | | | | | 4,085 | | | | | | 14,259 | | | | | | 5,699 | | | | | | 62,445 | | |
Impairment of non-current assets
|
| | | | — | | | | | | — | | | | | | 51,022 | | | | | | — | | | | | | 51,022 | | |
2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net impairment losses on financial
assets |
| | | | 31,934 | | | | | | 3,672 | | | | | | 8,972 | | | | | | — | | | | | | 44,578 | | |
Depreciation and amortization
|
| | | | 31,981 | | | | | | 3,927 | | | | | | 15,969 | | | | | | 4,407 | | | | | | 56,284 | | |
Impairment of non-current assets
|
| | | | — | | | | | | — | | | | | | 33,537 | | | | | | — | | | | | | 33,537 | | |
| | |
2019
|
| |
2018
|
| ||||||
At amortized cost | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 2,457 | | | | | | 2,375 | | |
Short-term investments
|
| | | | 72,321 | | | | | | 164,822 | | |
Trade receivables
|
| | | | 91,916 | | | | | | 76,750 | | |
Total | | | | | 166,694 | | | | | | 243,947 | | |
Current
|
| | | | 162,908 | | | | | | 238,515 | | |
Non-current
|
| | | | 3,786 | | | | | | 5,432 | | |
| | |
2019
|
| |
2018
|
| ||||||
At amortized cost | | | | | | | | | | | | | |
Trade payables
|
| | | | 29,978 | | | | | | 17,051 | | |
Lease liabilities
|
| | | | 103,188 | | | | | | 88,739 | | |
Prepayments from customers
|
| | | | 3,186 | | | | | | 1,194 | | |
Accounts payable from acquisition of subsidiaries
|
| | | | 379,540 | | | | | | 458,535 | | |
At FVPL | | | | | | | | | | | | | |
Share-based compensation
|
| | | | 34,950 | | | | | | 7,045 | | |
Total | | | | | 550,842 | | | | | | 572,564 | | |
Current
|
| | | | 179,317 | | | | | | 156,952 | | |
Non-current
|
| | | | 371,525 | | | | | | 415,612 | | |
| | | | | | | | | | | | | | | | | | | | |
Increase / decrease in
interest rate |
| |||||||||
| | |
Balance as
of 12/31/2019 |
| |
Index – % per year
|
| |
Probable
scenario |
| |
Risk
|
| |
Possible
scenario 25% |
| |
Remote
scenario 75% |
| ||||||||||||
Short-term investments
|
| | | | 72,321 | | | |
99,10% CDI – 5,81%
|
| | | | 4,202 | | | |
Decrease
|
| | | | 3,151 | | | | | | 1,050 | | |
Accounts payable from
acquisition of subsidiaries |
| | | | 379,540 | | | |
IPCA – 4,31%
|
| | | | 16,358 | | | |
Increase
|
| | | | 20,448 | | | | | | 28,627 | | |
As of December 31, 2019
|
| |
Less than
1 year |
| |
1 to 3 years
|
| |
3 to 5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
Trade payables
|
| | | | 29,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,978 | | |
Lease liabilities
|
| | | | 21,999 | | | | | | 39,218 | | | | | | 38,430 | | | | | | 93,373 | | | | | | 193,020 | | |
Other leases(i)
|
| | | | 2,804 | | | | | | 1,402 | | | | | | 1,038 | | | | | | 402 | | | | | | 5,646 | | |
Prepayments from customers
|
| | | | 3,186 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,186 | | |
Accounts payable from acquisition of
subsidiaries |
| | | | 135,233 | | | | | | 281,022 | | | | | | — | | | | | | — | | | | | | 416,255 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 78,455 | | | | | | 78,455 | | |
Total | | | | | 193,200 | | | | | | 321,642 | | | | | | 39,468 | | | | | | 172,230 | | | | | | 726,540 | | |
|
As of December 31, 2018
|
| |
Less than
1 year |
| |
1 to 3 years
|
| |
3 to 5 years
|
| |
More than
5 years |
| |
Total
|
| |||||||||||||||
Trade payables
|
| | | | 17,051 | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,051 | | |
Lease liabilities
|
| | | | 16,453 | | | | | | 31,726 | | | | | | 30,988 | | | | | | 84,716 | | | | | | 163,883 | | |
Other leases(i)
|
| | | | 3,796 | | | | | | 1,402 | | | | | | 1,304 | | | | | | 837 | | | | | | 7,339 | | |
Prepayments from customers
|
| | | | 1,194 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,194 | | |
Accounts payable from acquisition of
subsidiaries |
| | | | 129,653 | | | | | | 259,304 | | | | | | 129,653 | | | | | | — | | | | | | 518,610 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 34,644 | | | | | | 34,644 | | |
Total | | | | | 168,147 | | | | | | 292,432 | | | | | | 161,945 | | | | | | 120,197 | | | | | | 742,721 | | |
| | |
Share-based
compensation |
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Opening balance at January 1
|
| | | | 7,045 | | | | | | 191 | | |
Issue of shares to employees
|
| | | | 1,844 | | | | | | — | | |
Settlement in cash
|
| | | | (2,238) | | | | | | — | | |
Reclassification from equity
|
| | | | 7,299 | | | | | | 2,225 | | |
Expenses recognized – general and administrative
|
| | | | 21,000 | | | | | | 4,629 | | |
| | | | | 34,950 | | | | | | 7,045 | | |
| | |
Weighted average
inputs |
| |
Relationship with of unobservable
inputs to fair value |
| |||||||||
Unobservable inputs
|
| |
2019
|
| |
2018
|
| | ||||||||
Net operating revenue growth rate(i)
|
| | | | 20.3% | | | | | | 14.1% | | | |
Increased growth rate (+200 basis
points (bps)) and lower discount rate (-100 bps) would increase FV by R$291; lower growth rate (-200 bps) and higher discount rate (+100 bps) would decrease FV by R$874. |
|
Pre-tax discount rate(ii)
|
| | | | 13.5% | | | | | | 16.9% | | | |
2018: increasing/decreasing the growth rate and the discount rate by +/- 50bps and 100 bps respectively would change the FV by +R$59 / -R$76.
|
|
| | |
2019
|
| |
2018
|
| ||||||
Investment funds
|
| | | | 72,321 | | | | | | 164,822 | | |
| | | | | 72,321 | | | | | | 164,822 | | |
| | |
2019
|
| |
2018
|
| ||||||
Tuition fees
|
| | | | 161,049 | | | | | | 131,654 | | |
FIES and UNIEDU Guaranteed Credits
|
| | | | 7,196 | | | | | | 4,091 | | |
PEP – Special Installment Payment(i)
|
| | | | 8,542 | | | | | | 12,859 | | |
Provision for revenue cancellation
|
| | | | (5,212) | | | | | | (5,655) | | |
Allowance for expected credit losses of trade receivables
|
| | | | (79,659) | | | | | | (66,199) | | |
Total trade receivables
|
| | | | 91,916 | | | | | | 76,750 | | |
Current
|
| | | | 88,130 | | | | | | 71,318 | | |
Non-current
|
| | | | 3,786 | | | | | | 5,432 | | |
| | |
2019
|
| |
2018
|
| ||||||
Receivables falling due
|
| | | | 72,647 | | | | | | 68,261 | | |
Receivables past due | | | | | | | | | | | | | |
From 1 to 30 days
|
| | | | 22,322 | | | | | | 22,262 | | |
From 31 to 60 days
|
| | | | 15,135 | | | | | | 6,031 | | |
From 61 to 90 days
|
| | | | 13,473 | | | | | | 10,847 | | |
From 91 to 365 days
|
| | | | 53,210 | | | | | | 41,203 | | |
Provision for revenue cancellation
|
| | | | (5,212) | | | | | | (5,655) | | |
Allowance for estimated credit losses
|
| | | | (79,659) | | | | | | (66,199) | | |
| | | | | 91,916 | | | | | | 76,750 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
At the beginning of the year
|
| | | | (5,655) | | | | | | (5,421) | | |
Additions
|
| | | | (20,890) | | | | | | (16,283) | | |
Write-off
|
| | | | 21,333 | | | | | | 16,049 | | |
At the end of the year
|
| | | | (5,212) | | | | | | (5,655) | | |
| | |
2019
|
| |
2018
|
| ||||||
At the beginning of the year
|
| | | | (66,199) | | | | | | (55,649) | | |
Write-off of uncollectible receivables
|
| | | | 39,385 | | | | | | 34,028 | | |
Reversal
|
| | | | 20,739 | | | | | | 22,469 | | |
Reclassified as held for sale
|
| | | | 5,333 | | | | | | — | | |
Allowance for expected credit losses
|
| | | | (78,917) | | | | | | (67,047) | | |
At the end of the year | | | | | (79,659) | | | | | | (66,199) | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Loss before taxes
|
| | | | (77,052) | | | | | | (50,215) | | |
Statutory combined income tax rate – %
|
| | | | 34% | | | | | | 34% | | |
Income tax at statutory rates
|
| | | | 26,198 | | | | | | 17,073 | | |
Income exempt from taxation – ProUni benefit(i)
|
| | | | 19,106 | | | | | | 14,844 | | |
Unrecognized deferred tax asset on tax losses(ii)
|
| | | | (32,505) | | | | | | (26,873) | | |
Non-deductible expenses
|
| | | | (1,902) | | | | | | — | | |
Other
|
| | | | (5) | | | | | | (33) | | |
Total income tax and social contribution
|
| | | | 10,892 | | | | | | 5,011 | | |
Effective tax rate – %
|
| | | | 14% | | | | | | 10% | | |
Current income tax expense
|
| | | | (14,813) | | | | | | (10,640) | | |
Deferred income tax income
|
| | | | 25,705 | | | | | | 15,651 | | |
| | |
Balance Sheet
|
| |
Profit or loss
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
Intangible assets on business combinations
|
| | | | (24,958) | | | | | | (43,441) | | | | | | 18,483 | | | | | | 12,667 | | |
Allowance for expected credit losses
|
| | | | 27,362 | | | | | | 22,449 | | | | | | 5,138 | | | | | | 3,587 | | |
Changes in accounting policies and disclosures
|
| | | | 6,043 | | | | | | 4,732 | | | | | | 1,311 | | | | | | 1,296 | | |
Provision for revenue cancellation
|
| | | | 1,772 | | | | | | 1,923 | | | | | | (151) | | | | | | 79 | | |
Provision for contingencies
|
| | | | 1,225 | | | | | | 528 | | | | | | 697 | | | | | | (617) | | |
Other provisions
|
| | | | 744 | | | | | | 292 | | | | | | 452 | | | | | | (1,361) | | |
Total | | | | | 12,188 | | | | | | (13,517) | | | | | | 25,930 | | | | | | 15,651 | | |
Deferred tax assets
|
| | | | 37,146 | | | | | | 29,924 | | | | | | | | | | | | | | |
Deferred tax liabilities
|
| | | | (24,958) | | | | | | (43,441) | | | | | | | | | | | | | | |
| | |
2019
|
| |
2018
|
| ||||||
Prepayments to employees
|
| | | | 2,513 | | | | | | 2,555 | | |
Prepayments to suppliers
|
| | | | 4,219 | | | | | | 3,927 | | |
Prepayments to hub partners
|
| | | | 905 | | | | | | 28 | | |
Software licensing
|
| | | | 502 | | | | | | 589 | | |
Insurance
|
| | | | 239 | | | | | | 72 | | |
Others
|
| | | | 560 | | | | | | — | | |
Prepaid expenses
|
| | | | 8,938 | | | | | | 7,171 | | |
| Assets classified as held for sale | | | | | | | |
|
Trade receivables
|
| | | | 7,935 | | |
|
Income taxes recoverable
|
| | | | 207 | | |
|
Prepaid expenses
|
| | | | 172 | | |
|
Other taxes recoverable
|
| | | | 195 | | |
|
Other assets
|
| | | | 122 | | |
|
Right-of-use assets
|
| | | | 16,090 | | |
|
Property and equipment
|
| | | | 11,704 | | |
|
Intangible assets
|
| | | | 8 | | |
|
Total of assets disposal group held for sale
|
| | | | 36,433 | | |
| Liabilities directly associated with assets classified as held for sale | | | | | | | |
|
Trade payables
|
| | | | 979 | | |
|
Lease liabilities
|
| | | | 19,210 | | |
|
Taxes payable
|
| | | | 181 | | |
|
Labor and social obligations
|
| | | | 2,695 | | |
|
Prepayments from customers
|
| | | | 112 | | |
|
Provisions for contingencies
|
| | | | 107 | | |
|
Total liabilities of disposal group held for sale
|
| | | | 23,284 | | |
|
| | |
Right-of-use assets
|
| |
Lease Liabilities
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||
As of January 1,
|
| | | | 74,822 | | | | | | 51,534 | | | | | | 88,739 | | | | | | 61,639 | | |
New contracts
|
| | | | 36,021 | | | | | | 29,335 | | | | | | 36,021 | | | | | | 29,335 | | |
Re-measurement by index(i)
|
| | | | 3,741 | | | | | | 1,558 | | | | | | 3,741 | | | | | | 1,558 | | |
Depreciation expense
|
| | | | (9,960) | | | | | | (7,605) | | | | | | — | | | | | | — | | |
Accrued interest
|
| | | | — | | | | | | — | | | | | | 12,393 | | | | | | 10,778 | | |
Payment of principal
|
| | | | — | | | | | | — | | | | | | (6,103) | | | | | | (3,793) | | |
Payment of interest
|
| | | | — | | | | | | — | | | | | | (12,393) | | | | | | (10,778) | | |
Classified as held for sale
|
| | | | (16,090) | | | | | | | | | | | | (19,210) | | | | | | | | |
As of December 31,
|
| | | | 88,534 | | | | | | 74,822 | | | | | | 103,188 | | | | | | 88,739 | | |
Current
|
| | | | — | | | | | | — | | | | | | 17,265 | | | | | | 15,397 | | |
Non-current
|
| | | | 88,534 | | | | | | 74,822 | | | | | | 85,923 | | | | | | 73,342 | | |
| | |
IT
equipment |
| |
Furniture,
equipment and facilities |
| |
Library
books |
| |
Leasehold
improvements |
| |
Construction
in progress(i) |
| |
TOTAL
|
| ||||||||||||||||||
At December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 13,125 | | | | | | 29,896 | | | | | | 20,949 | | | | | | 28,376 | | | | | | 2,668 | | | | | | 95,014 | | |
Accumulated depreciation
|
| | | | (8,424) | | | | | | (17,580) | | | | | | (11,170) | | | | | | (7,510) | | | | | | — | | | | | | (44,684) | | |
Net book value
|
| | | | 4,701 | | | | | | 12,316 | | | | | | 9,779 | | | | | | 20,866 | | | | | | 2,668 | | | | | | 50,330 | | |
Purchases
|
| | | | 3,915 | | | | | | 8,750 | | | | | | 10 | | | | | | 2,216 | | | | | | 8,300 | | | | | | 23,191 | | |
Transfers
|
| | | | — | | | | | | 90 | | | | | | — | | | | | | 1,269 | | | | | | (1,359) | | | | | | — | | |
Disposals
|
| | | | (112) | | | | | | (1,217) | | | | | | — | | | | | | (1) | | | | | | — | | | | | | (1,330) | | |
Depreciation
|
| | | | (2,141) | | | | | | (2,790) | | | | | | (1,933) | | | | | | (1,899) | | | | | | — | | | | | | (8,763) | | |
At December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net book value
|
| | | | 6,363 | | | | | | 17,149 | | | | | | 7,856 | | | | | | 22,451 | | | | | | 9,609 | | | | | | 63,428 | | |
Cost
|
| | | | 15,357 | | | | | | 35,772 | | | | | | 20,959 | | | | | | 31,860 | | | | | | 9,609 | | | | | | 113,557 | | |
Accumulated depreciation
|
| | | | (8,994) | | | | | | (18,623) | | | | | | (13,103) | | | | | | (9,409) | | | | | | — | | | | | | (50,129) | | |
Purchases
|
| | | | 5,261 | | | | | | 9,520 | | | | | | 36 | | | | | | 4,636 | | | | | | 9,017 | | | | | | 28,470 | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,132 | | | | | | (17,132) | | | | | | — | | |
Disposals
|
| | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | |
Transfer to held for sale
|
| | | | (84) | | | | | | (3,249) | | | | | | (1,192) | | | | | | (7,111) | | | | | | (68) | | | | | | (11,704) | | |
Depreciation
|
| | | | (2,565) | | | | | | (3,245) | | | | | | (1,630) | | | | | | (2,719) | | | | | | — | | | | | | (10,159) | | |
At December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net book value
|
| | | | 8,975 | | | | | | 20,173 | | | | | | 5,070 | | | | | | 34,389 | | | | | | 1,426 | | | | | | 70,033 | | |
Cost
|
| | | | 19,174 | | | | | | 37,521 | | | | | | 17,789 | | | | | | 44,107 | | | | | | 1,426 | | | | | | 120,017 | | |
Accumulated depreciation
|
| | | | (10,199) | | | | | | (17,348) | | | | | | (12,719) | | | | | | (9,718) | | | | | | — | | | | | | (49,984) | | |
| | |
Software
|
| |
Internal
project development |
| |
Trademarks(i)
|
| |
Operation
licenses for distance learning |
| |
Non-compete
agreements |
| |
Customer
relationship |
| |
Teaching/
learning material - TLM |
| |
Goodwill
|
| |
TOTAL
|
| |||||||||||||||||||||||||||
At December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 35,701 | | | | | | 4,905 | | | | | | 85,163 | | | | | | 245,721 | | | | | | 10,826 | | | | | | 100,695 | | | | | | 7,344 | | | | | | 372,268 | | | | | | 862,623 | | |
Accumulated amortization
|
| | | | (11,792) | | | | | | (1) | | | | | | (7,435) | | | | | | — | | | | | | (3,684) | | | | | | (40,074) | | | | | | (2,693) | | | | | | — | | | | | | (65,679) | | |
Net book value
|
| | | | 23,909 | | | | | | 4,904 | | | | | | 77,728 | | | | | | 245,721 | | | | | | 7,142 | | | | | | 60,621 | | | | | | 4,651 | | | | | | 372,268 | | | | | | 796,944 | | |
Purchase and capitalization
|
| | | | 1,561 | | | | | | 10,208 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,769 | | |
Transfers
|
| | | | 2,619 | | | | | | (2,619) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amortization
|
| | | | (6,882) | | | | | | (478) | | | | | | (4,055) | | | | | | — | | | | | | (2,165) | | | | | | (24,867) | | | | | | (1,469) | | | | | | — | | | | | | (39,916) | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (33,537) | | | | | | (33,537) | | |
At December 31, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net book value
|
| | | | 21,207 | | | | | | 12,015 | | | | | | 73,673 | | | | | | 245,721 | | | | | | 4,977 | | | | | | 35,754 | | | | | | 3,182 | | | | | | 338,731 | | | | | | 735,260 | | |
Cost
|
| | | | 39,881 | | | | | | 12,494 | | | | | | 85,163 | | | | | | 245,721 | | | | | | 10,826 | | | | | | 100,695 | | | | | | 7,344 | | | | | | 372,268 | | | | | | 874,392 | | |
Accumulated amortization and
impairment |
| | | | (18,674) | | | | | | (479) | | | | | | (11,490) | | | | | | — | | | | | | (5,849) | | | | | | (64,941) | | | | | | (4,162) | | | | | | (33,537) | | | | | | (139,132) | | |
Purchase and capitalization
|
| | | | 3,449 | | | | | | 12,817 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,266 | | |
Transfers
|
| | | | 3,071 | | | | | | (3,071) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Transfer to held for sale
|
| | | | (8) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8) | | |
Amortization
|
| | | | (7,675) | | | | | | (2,094) | | | | | | (4,056) | | | | | | — | | | | | | (2,165) | | | | | | (24,868) | | | | | | (1,468) | | | | | | — | | | | | | (42,326) | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | (8,515) | | | | | | — | | | | | | (769) | | | | | | (7,635) | | | | | | (187) | | | | | | (33,916) | | | | | | (51,022) | | |
At December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net book value
|
| | | | 20,044 | | | | | | 19,667 | | | | | | 61,102 | | | | | | 245,721 | | | | | | 2,043 | | | | | | 3,251 | | | | | | 1,527 | | | | | | 304,815 | | | | | | 658,170 | | |
Cost
|
| | | | 46,123 | | | | | | 22,240 | | | | | | 85,163 | | | | | | 245,721 | | | | | | 10,826 | | | | | | 100,695 | | | | | | 7,344 | | | | | | 372,268 | | | | | | 890,380 | | |
Accumulated amortization and
impairment |
| | | | (26,079) | | | | | | (2,573) | | | | | | (24,061) | | | | | | — | | | | | | (8,783) | | | | | | (97,444) | | | | | | (5,817) | | | | | | (67,453) | | | | | | (232,210) | | |
| | |
Distance learning
undergraduate courses |
| |
Continuing education
courses |
| |
On-campus undergraduate
courses |
| |||||||||||||||||||||||||||
Segment Level
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
Allocation of carrying amount:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | 285,826 | | | | | | 285,826 | | | | | | 18,989 | | | | | | 18,989 | | | | | | 33,916 | | | | | | 67,453 | | |
Intangible assets with indefinite useful life
|
| | | | 213,406 | | | | | | 213,406 | | | | | | 32,315 | | | | | | 32,315 | | | | |
|
—
|
| | | |
|
—
|
| |
Other intangible assets
|
| | | | 55,893 | | | | | | 82,178 | | | | | | 5,547 | | | | | | 8,910 | | | | | | 29,072 | | | | | | 36,680 | | |
Impairment test result: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impairment losses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 51,022 | | | | | | 33,537 | | |
Key assumptions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net operating revenue growth rate(i)
|
| | | | 20.3% | | | | | | 14.1% | | | | | | 22.3% | | | | | | 14.1% | | | | | | -6.5% | | | | | | 3.6% | | |
Pre-tax discount rate(ii)
|
| | | | 13.6% | | | | | | 16.9% | | | | | | 13.6% | | | | | | 16.9% | | | | | | 13.6% | | | | | | 16.9% | | |
Long-term growth
rate(iii) |
| | | | 3.5% | | | | | | 4.0% | | | | | | 3.5% | | | | | | 4.0% | | | | | | 3.5% | | | | | | 4.0% | | |
Gross margin(iv)
|
| | | | 69.8% | | | | | | 71.0% | | | | | | 86.8% | | | | | | 86.0% | | | | | | 60.2% | | | | | | 59.0% | | |
| | |
2019
|
| |
2018
|
| ||||||
Salaries payable
|
| | | | 4,235 | | | | | | 3,855 | | |
Social charges payable(i)
|
| | | | 5,906 | | | | | | 6,539 | | |
Accrued vacation
|
| | | | 1,972 | | | | | | 2,396 | | |
Accrual for bonus
|
| | | | 4,668 | | | | | | 3,166 | | |
Other
|
| | | | 3 | | | | | | 96 | | |
Total | | | | | 16,784 | | | | | | 16,052 | | |
| | |
2019
|
| |
2018
|
| ||||||
As at January 1,
|
| | | | 458,535 | | | | | | 534,914 | | |
Accrued Interest
|
| | | | 44,143 | | | | | | 53,291 | | |
Payment of principal
|
| | | | (107,988) | | | | | | (117,247) | | |
Payment of interests
|
| | | | (15,150) | | | | | | (12,423) | | |
As at December 31,
|
| | | | 379,540 | | | | | | 458,535 | | |
Current
|
| | | | 128,888 | | | | | | 123,310 | | |
Non-current
|
| | | | 250,652 | | | | | | 335,225 | | |
Liabilities
|
| |
Civil
|
| |
Labor
|
| |
Total
|
| |||||||||
At December 31, 2017
|
| | | | 2,356 | | | | | | 20,641 | | | | | | 22,997 | | |
Additions
|
| | | | 3,305 | | | | | | 4,750 | | | | | | 8,055 | | |
Accrued interest
|
| | | | 59 | | | | | | 581 | | | | | | 640 | | |
Payments
|
| | | | (390) | | | | | | (5,126) | | | | | | (5,516) | | |
Reversals
|
| | | | (3,477) | | | | | | (4,665) | | | | | | (8,142) | | |
At December 31, 2018
|
| | | | 1,853 | | | | | | 16,181 | | | | | | 18,034 | | |
Additions
|
| | | | 2,924 | | | | | | 6,770 | | | | | | 9,694 | | |
Accrued interest
|
| | | | 71 | | | | | | 481 | | | | | | 552 | | |
Payments
|
| | | | (834) | | | | | | (2,257) | | | | | | (3,091) | | |
Reversals
|
| | | | (42) | | | | | | (6,637) | | | | | | (6,679) | | |
Classified as held for sale
|
| | | | (32) | | | | | | (75) | | | | | | (107) | | |
At December 31, 2019
|
| | | | 3,940 | | | | | | 14,463 | | | | | | 18,403 | | |
Assets
|
| |
Civil
|
| |
Labor
|
| |
Total
|
| |||||||||
At December 31, 2017
|
| | | | 2,210 | | | | | | 17,418 | | | | |
|
19,628
|
| |
Additions
|
| | | | 2,840 | | | | | | 3,580 | | | | |
|
6,420
|
| |
Accrued interest
|
| | | | 56 | | | | | | 546 | | | | |
|
602
|
| |
Realized
|
| | | | (33) | | | | | | (246) | | | | |
|
(279)
|
| |
Reversals
|
| | | | (3,379) | | | | | | (6,512) | | | | |
|
(9,891)
|
| |
At December 31, 2018
|
| | | | 1,694 | | | | | | 14,786 | | | | | | 16,480 | | |
Additions
|
| | | | 131 | | | | | | 4,760 | | | | |
|
4,891
|
| |
Accrued interest
|
| | | | 55 | | | | | | 421 | | | | |
|
476
|
| |
Realized
|
| | | | (77) | | | | | | (1,312) | | | | |
|
(1,389)
|
| |
Reversals
|
| | | | (735) | | | | | | (4,922) | | | | |
|
(5,657)
|
| |
At December 31, 2019
|
| | | | 1,068 | | | | | | 13,733 | | | | | | 14,801 | | |
| | |
2019
|
| |
2018
|
| ||||||
Civil
|
| | | | 11,263 | | | | | | 6,880 | | |
Labor
|
| | | | 15,460 | | | | | | 11,690 | | |
Tax
|
| | | | 30,491 | | | | | | 29,094 | | |
Total | | | | | 57,214 | | | | | | 47,664 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
Number of
shares |
| |
%
|
| |
Number of
shares |
| |
%
|
| ||||||||||||
Fundo Brasil de Internacionalização de empresas Fundos de Investimento em Participações II
|
| | | | 64,546,881 | | | | | | 12.31 | | | | | | 64,546,881 | | | | | | 12.36 | | |
Miquerinos Fundo de Investimento em
Participações |
| | | | 129,093,761 | | | | | | 24.63 | | | | | | 129,093,761 | | | | | | 24.72 | | |
Vinci Capital Partners II Fundo de Investimento em Participações
|
| | | | 193,640,642 | | | | | | 36.94 | | | | | | 193,640,642 | | | | | | 37.07 | | |
NB Pitman Brazil Fundo de Investimentos e Participações Multiestratégia
|
| | | | 135,033,912 | | | | | | 25.76 | | | | | | 135,033,912 | | | | | | 25.85 | | |
Treasury shares
|
| | | | 1,834,105 | | | | | | 0.35 | | | | | | — | | | | | | 0.00 | | |
Total | | | | | 524,149,301 | | | | | | 100.00 | | | | | | 522,315,196 | | | | | | 100.00 | | |
| | |
Quantity
|
| |
Amount
|
| ||||||
At December 31, 2018
|
| | | | — | | | | | | — | | |
Share repurchase from share option plan
|
| | | | 1,834,105 | | | | | | (2,238) | | |
At December 31, 2019
|
| | | | 1,834,105 | | | | | | (2,238) | | |
Basic and diluted earnings per share
|
| |
2019
|
| |
2018
|
| ||||||
Loss attributable to the stockholders of the Company
|
| | | | (66,160) | | | | | | (45,204) | | |
Weighted average number of outstanding common shares (thousands)
|
| | | | 522,315 | | | | | | 504,889 | | |
Basic and diluted loss per common share
|
| | | | (0.13) | | | | | | (0.09) | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
Number of
options |
| |
WAEP
per option |
| |
Number of
options |
| |
WAEP
per option |
| ||||||||||||
As of January 1
|
| | | | 19,863,650 | | | | | | 1.16 | | | | | | 18,595,793 | | | | | | 0.97 | | |
Granted during the year
|
| | | | 5,207,147 | | | | | | 2.06 | | | | | | 5,481,207 | | | | | | 1.74 | | |
Exercised during the year
|
| | | | (1,834,105) | | | | | | 1.02 | | | | | | (1,487,665) | | | | | | 0.98 | | |
Forfeited during the year
|
| | | | (509,474) | | | | | | 1.02 | | | | | | (2,725,685) | | | | | | 1.00 | | |
As of December 31
|
| | | | 22,727,218 | | | | | | 1.49 | | | | | | 19,863,650 | | | | | | 1.16 | | |
Exercisable at December 31
|
| | | | 16,873,011 | | | | | | 1.34 | | | | | | 13,956,380 | | | | | | 1.07 | | |
Repurchased during the year(i)
|
| | | | (1,834,105) | | | | | | 1.22 | | | | | | | | | | | | | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
|
Weighted average remaining vesting period
|
| |
2.3 years
|
| |
2.3 years
|
|
Weighted average remaining expiring period
|
| |
2.9 years
|
| |
3.9 years
|
|
Purchase option exercise price range
|
| |
R$1.05 – R$3.13
|
| |
R$1.01 – R$1.79
|
|
Weighted average remaining selling period
|
| |
4.9 years
|
| |
5.9 years
|
|
Expected selling / repurchase price
|
| |
R$3.41
|
| |
R$1.58
|
|
| | |
December 31, 2019
|
| |
December 31, 2018
|
|
Grant date
|
| |
September 1, 2019
|
| |
August 1, 2018
|
|
Expiry date
|
| |
March 1, 2025
|
| |
May 1, 2024
|
|
Share price at grant date
|
| |
R$3.02
|
| |
R$3.02
|
|
Exercise price
|
| |
R$3.12
|
| |
R$1.74
|
|
Expected price volatility
|
| |
40.6%
|
| |
42.4%
|
|
Risk-free interest rate
|
| |
5.2%
|
| |
6.9%
|
|
Model used
|
| |
Black-Scholes
|
| |
Black-Scholes
|
|
Expense arising from share-based payment transactions
|
| |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
Equity-settled
|
| | | | 5,372 | | | | | | 2,821 | | |
Cash-settled
|
| | | | 21,000 | | | | | | 4,629 | | |
| | | | | 26,372 | | | | | | 7,450 | | |
| | |
2019
|
| |
2018
|
| ||||||
Salaries and related charges
|
| | | | 5,967 | | | | | | 5,834 | | |
Share-based compensation
|
| | | | 26,372 | | | | | | 7,450 | | |
Variable compensation(i)
|
| | | | 1,732 | | | | | | 2,665 | | |
Total | | | | | 34,071 | | | | | | 15,949 | | |
| | |
2019
|
| |
2018
|
| ||||||
FI Vinci Renda Fixa Crédito Privado | | | | | | | | | | | | | |
Short-term investments
|
| | | | 38,493 | | | | | | 36,566 | | |
Financial income
|
| | | | 2,136 | | | | | | 2,122 | | |
Austral Seguradora S/A | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 758 | | | | | | — | | |
General and administrative expenses
|
| | | | (151) | | | | | | — | | |
Kloch Advocacia | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | (214) | | | | | | (178) | | |
| | |
2019
|
| |
2018
|
| ||||||
Gross revenue
|
| | | | 598,344 | | | | | | 497,850 | | |
(-) Cancellation
|
| | | | (20,890) | | | | | | (16,283) | | |
(-) Discounts
|
| | | | (19,104) | | | | | | (16,997) | | |
(-) ProUni scholarships
|
| | | | (82,132) | | | | | | (68,008) | | |
(-) Taxes and contributions on revenue
|
| | | | (15,151) | | | | | | (13,113) | | |
Net revenue
|
| | | | 461,067 | | | | | | 383,449 | | |
Timing of revenue recognition | | | | | | | | | | | | | |
Transferred over time
|
| | | | 459,658 | | | | | | 382,589 | | |
Transferred at a point in time(i)
|
| | | | 1,409 | | | | | | 860 | | |
Net revenue
|
| | | | 461,067 | | | | | | 383,449 | | |
| | |
2019
|
| |
2018
|
| ||||||
Payroll(i) | | | | | 212,683 | | | | | | 159,428 | | |
Depreciation and amortization(ii)
|
| | | | 62,445 | | | | | | 56,284 | | |
Impairment losses(iii)
|
| | | | 51,022 | | | | | | 33,537 | | |
Sales and marketing
|
| | | | 54,212 | | | | | | 36,804 | | |
Material
|
| | | | 17,911 | | | | | | 16,911 | | |
Consulting and advisory services
|
| | | | 11,927 | | | | | | 16,843 | | |
Utilities, cleaning and security
|
| | | | 7,085 | | | | | | 7,013 | | |
Maintenance
|
| | | | 6,420 | | | | | | 5,644 | | |
Leases
|
| | | | 3,796 | | | | | | 6,170 | | |
Contingencies
|
| | | | 3,707 | | | | | | 317 | | |
Taxes
|
| | | | 1,705 | | | | | | 1,235 | | |
Other expenses
|
| | | | 4,927 | | | | | | 5,288 | | |
Total | | | | | 437,840 | | | | | | 345,474 | | |
Costs of services
|
| | | | 211,547 | | | | | | 184,161 | | |
General and administrative expenses
|
| | | | 125,344 | | | | | | 90,667 | | |
Selling expenses
|
| | | | 100,949 | | | | | | 70,646 | | |
Total | | | | | 437,840 | | | | | | 345,474 | | |
| | |
2019
|
| |
2018
|
| ||||||
Deductible donations
|
| | | | (300) | | | | | | (300) | | |
Contractual indemnities
|
| | | | (647) | | | | | | (712) | | |
Other revenues
|
| | | | 437 | | | | | | 332 | | |
Other expenses
|
| | | | (395) | | | | | | (361) | | |
Total | | | | | (905) | | | | | | (1,041) | | |
| | |
2019
|
| |
2018
|
| ||||||
Financial income | | | | | | | | | | | | | |
Interest on tuition fees paid in arrears
|
| | | | 8,265 | | | | | | 8,887 | | |
Financial investment yield
|
| | | | 10,726 | | | | | | 12,635 | | |
Other
|
| | | | 203 | | | | | | 504 | | |
Total | | | | | 19,194 | | | | | | 22,026 | | |
Financial expenses | | | | | | | | | | | | | |
Interest on accounts payable from acquisition of subsidiaries
|
| | | | (44,258) | | | | | | (51,739) | | |
Interest on lease
|
| | | | (12,393) | | | | | | (10,778) | | |
Other
|
| | | | (3,739) | | | | | | (2,080) | | |
Total | | | | | (60,390) | | | | | | (64,597) | | |
Financial results
|
| | | | (41,196) | | | | | | (42,571) | | |
|
Exhibit
No. |
| |
Exhibit
|
|
|
1.1
|
| | Form of Underwriting Agreement.* | |
|
3.1
|
| | Memorandum and Articles of Association of Vitru.* | |
|
5.1
|
| | Opinion of Maples and Calder, Cayman Islands counsel of Vitru, as to the validity of the common shares.* | |
|
10.2
|
| | Form of Indemnification Agreement.* | |
|
Exhibit
No. |
| |
Exhibit
|
|
|
10.3
|
| | Form of Registration Rights Agreement among Vitru Limited, funds and accounts advised by The Carlyle Group, funds and accounts advised by Vinci Partners and funds and accounts advised by Neuberger Berman.* | |
| | | English translation of the Code of Ethics of Vitru. | | |
| | | List of subsidiaries. | | |
| | | Consent of PricewaterhouseCoopers Auditores Independentes | | |
|
23.2
|
| | Consent of Maples and Calder, Cayman Islands counsel of Vitru (included in Exhibit 5.1).* | |
| | | Consent of Educa Estudos de Mercado S.A. | | |
| | | Powers of attorney (included on signature page to the registration statement). | |
| | | | VITRU LIMITED | |
| | | |
By:
/s/ Pedro Jorge Guterres Quintans Graça
Name: Pedro Jorge Guterres Quintans Graça
Title: Chief Executive Officer |
|
| | | |
By:
/s/ Carlos Henrique Boquimpani de Freitas
Name: Carlos Henrique Boquimpani de Freitas
Title: Chief Financial Officer |
|
|
Name
|
| |
Title
|
| |
Date
|
|
|
/s/ Pedro Jorge Guterres
Quintans Graça
Pedro Jorge Guterres Quintans Graça
|
| |
Chief Executive Officer
(principal executive officer) |
| |
August 24, 2020
|
|
|
/s/ Carlos Henrique Boquimpani de Freitas
Carlos Henrique Boquimpani de Freitas
|
| |
Chief Financial Officer
(principal financial officer and principal accounting officer) |
| |
August 24, 2020
|
|
|
/s/ Bruno Augusto Sacchi Zaremba
Bruno Augusto Sacchi Zaremba
|
| |
Director
|
| |
August 24, 2020
|
|
|
/s/ Edson Gustavo Georgette Peli
Edson Gustavo Georgette Peli
|
| |
Director
|
| |
August 24, 2020
|
|
|
/s/ Fernando Cezar Dantas Porfírio Borges
Fernando Cezar Dantas Porfírio Borges
|
| |
Director
|
| |
August 24, 2020
|
|
|
/s/ Lywal Salles Filho
Lywal Salles Filho
|
| |
Director
|
| |
August 24, 2020
|
|
|
Rivadávia Correa Drummond de Alvarenga Neto
|
| |
Director
|
| | | |
|
Claudia Pagnano
|
| |
Director
|
| | | |
|
/s/ Colleen A. De Vries
Name: Colleen A. De Vries
Title: Senior Vice President |
| |
Cogency Global Inc.
Authorized representative in the United States |
| |
August 24, 2020
|
|