| | |
Per common
share |
| |
Total
|
| ||||||
Initial public offering price
|
| | | US$ | 16.00 | | | | | US$ | 96,000,000 | | |
Underwriting discounts and commissions
|
| | | US$ | 0.89 | | | | | US$ | 5,328,000 | | |
Proceeds, before expenses, to us(1)
|
| | | US$ | 15.11 | | | | | US$ | 90,672,000 | | |
| | |
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| | | | 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$(2) |
| | | | 0.02 | | | | | | 0.10 | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.13) | | | | | | (0.09) | | |
Pro forma Basic earnings (loss) per common
share – R$(3) |
| | | | 0.57 | | | | | | 3.11 | | | | | | (1.49) | | | | | | (0.72) | | | | | | (3.93) | | | | | | (2.78) | | |
Pro forma Diluted earnings (loss) per common share – R$(3)
|
| | | | 0.54 | | | | | | 2.98 | | | | | | (1.49) | | | | | | (0.72) | | | | | | (3.93) | | | | | | (2.78) | | |
| | |
As of June 30,
|
| |
As of
December 31, |
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(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 | | | | | | 46.7 | | | | | | 256.0 | | | | | | 46.7 | | | | | | 256.0 | | |
Non-current lease liabilities(5)
|
| | | | 19.1 | | | | | | 104.8 | | | | | | 19.1 | | | | | | 104.8 | | | | | | 19.1 | | | | | | 104.8 | | |
Non-current loans and financing
|
| | | | 27.4 | | | | | | 150.0 | | | | | | 27.4 | | | | | | 150.0 | | | | | | 27.4 | | | | | | 150.0 | | |
Long-term debt(6)
|
| | | | 93.2 | | | | | | 510.8 | | | | | | 93.2 | | | | | | 510.8 | | | | | | 93.3 | | | | | | 510.8 | | |
Total equity
|
| | | | 92.0 | | | | | | 503.7 | | | | | | 92.0 | | | | | | 503.7 | | | | | | 178.5 | | | | | | 977.3 | | |
Total capitalization(7)
|
| | | | 185.2 | | | | | | 1,014.5 | | | | | | 185.2 | | | | | | 1,014.5 | | | | | | 271.8 | | | | | | 1,488.1 | | |
|
Net tangible book value per share as of June 30, 2020
|
| | | US$ | (2.27) | | |
|
Increase in net tangible book value per share attributable to new investors
|
| | | US$ | 4.34 | | |
|
Pro forma as adjusted net tangible book value per share after the offering
|
| | | US$ | 2.07 | | |
|
Dilution per common share to new investors
|
| | | US$ | 13.93 | | |
|
Percentage of dilution in net tangible book value per common share for new investors
|
| | | | 87.1% | | |
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
|
| | | | 5.4713 | | | | | | 5.4612 | | | | | | 5.2760 | | | | | | 5.6510 | | |
September 2020 (through September 16, 2020)
|
| | | | 5.2532 | | | | | | 5.3105 | | | | | | 5.2532 | | | | | | 5.3741 | | |
| | |
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$(2) |
| | | | 0.02 | | | | | | 0.10 | | | | | | (0.05) | | | | | | (0.02) | | | | | | (0.13) | | | | | | (0.09) | | |
Pro forma Basic earnings (loss) per common
share – R$(3) |
| | | | 0.57 | | | | | | 3.11 | | | | | | (1.49) | | | | | | (0.72) | | | | | | (3.93) | | | | | | (2.78) | | |
Pro forma Diluted earnings (loss) per common share – R$(3)
|
| | | | 0.54 | | | | | | 2.98 | | | | | | (1.49) | | | | | | (0.72) | | | | | | (3.93) | | | | | | (2.78) | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(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 | | |
|
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
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 | | |
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(2)
|
| | | | 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 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
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 | | |
| | |
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)
|
| |||||||||||||||||||||||||||||||||
(+) 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 |
| |
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’ Option |
| |
Shares
Beneficially Owned After Offering With Full Exercise of Underwriters’ Option |
| |
% of Total
Voting Power After Offering With Full Exercise of Underwriters’ Option |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||||||||
5% Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carlyle(1)
|
| | | | 6,246,471 | | | | | | 36.6% | | | | | | 36.62% | | | | | | — | | | | | | 6,246,471 | | | | | | 27.09% | | | | | | 27.09% | | | | | | 6,246,471 | | | | | | 26.07% | | | | | | 26.07% | | |
Vinci Partners(2)
|
| | | | 6,246,471 | | | | | | 36.6% | | | | | | 36.62% | | | | | | — | | | | | | 6,246,471 | | | | | | 27.09% | | | | | | 27.09% | | | | | | 6,246,471 | | | | | | 26.07% | | | | | | 26.07% | | |
NB Funds(3)
|
| | | | 4,355,932 | | | | | | 25.5% | | | | | | 25.54% | | | | | | — | | | | | | 4,355,932 | | | | | | 18.89% | | | | | | 18.89% | | | | | | 4,355,932 | | | | | | 18.18% | | | | | | 18.18% | | |
Other Shareholders
|
| | | | 85,640 | | | | | | *% | | | | | | *% | | | | | | — | | | | | | 85,640 | | | | | | *% | | | | | | *% | | | | | | 85,640 | | | | | | *% | | | | | | *% | | |
Executive Officers and Directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bruno Augusto Sacchi Zaremba
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Edson Gustavo Georgette Peli
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fernando Cezar Dantas Porfírio Borges
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lywal Salles Filho
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rivadávia Correa Drummond de Alvarenga Neto
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Claudia Jordão Ribeiro Pagnano
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pedro Jorge Guterres Quintans Graça
|
| | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | *% | | | | | | *% | | |
Carlos Henrique Boquimpani de Freitas
|
| | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | *% | | | | | | *% | | |
Ana Paula Rodrigues
|
| | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | *% | | | | | | *% | | |
Luiz Gonzaga Victor Foureaux Neto
|
| | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | — | | | | | | *% | | | | | | *% | | | | | | — | | | | | | *% | | | | | | *% | | |
All directors and executive officers as a group (ten persons)
|
| | | | 123,539 | | | | | | *% | | | | | | *% | | | | | | — | | | | | | 123,539 | | | | | | *% | | | | | | *% | | | | | | 123,539 | | | | | | *% | | | | | | *% | | |
| | |
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)
|
| | | | 1,665,882 | | |
BofA Securities, Inc.(2)
|
| | | | 1,588,235 | | |
Morgan Stanley & Co LLC(3)
|
| | | | 1,129,412 | | |
Itau BBA USA Securities, Inc.(4)
|
| | | | 844,706 | | |
Santander Investment Securities Inc.(5)
|
| | | | 235,293 | | |
Banco Bradesco BBI S.A.(5)
|
| | | | 134,118 | | |
Banco BTG Pactual S.A. – Cayman Branch(6)
|
| | | | 134,118 | | |
Credit Suisse Securities (USA) LLC(7)
|
| | | | 134,118 | | |
XP Investments US, LLC(9)
|
| | | | 134,118 | | |
Total
|
| | |
|
6,000,000
|
| |
| | |
Total
|
| |||||||||||||||
| | |
Per Share
|
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
| | |
(US$)
|
| |||||||||||||||
Offering Price
|
| | | | 16.00 | | | | | | 96,000,000 | | | | | | 110,400,000 | | |
Underwriting discounts and commissions to be paid by us
|
| | | | 0.89 | | | | | | 5,328,000 | | | | | | 6,172,200 | | |
Proceeds, before expenses, to us
|
| | | | 15.11 | | | | | | 90,672,000 | | | | | | 104,272,800 | | |
Expenses
|
| |
Amount
|
|
U.S. Securities and Exchange Commission registration fee
|
| |
US$42,834
|
|
Nasdaq listing fee
|
| |
170,000
|
|
FINRA filing fee
|
| |
47,550
|
|
Printing and engraving expenses
|
| |
150,000
|
|
Legal fees and expenses
|
| |
2,000,000
|
|
Transfer agent and registrar fees
|
| |
25,000
|
|
Accounting fees and expenses
|
| |
1,200,000
|
|
Miscellaneous costs
|
| |
550,000
|
|
Total
|
| |
US$4,185,384
|
|
| | |
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) | | |