Vitru Educação Cash Flow Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	369.89	288.75	122.67	93.32	70.65
Depreciation & Amortization	178.99	175.77	177.24	102.25	35.43
Other Amortization	45.61	40.44	35.39	25.09	19.05
Loss (Gain) From Sale of Assets	3.87	55.94	9.44	11.37	0.01
Loss (Gain) From Sale of Investments	-	-	-	-	32.6
Stock-Based Compensation	1.36	4.18	-9.39	-6.46	14.73
Provision & Write-off of Bad Debts	225.42	232.11	263.54	187.53	78.09
Other Operating Activities	-270.14	-301.71	-120.26	-111.16	-82.83
Change in Accounts Receivable	-200.45	-233.31	-278.64	-235.54	-117.1
Change in Accounts Payable	-5.15	24.64	12.85	53.61	9.47
Change in Unearned Revenue	14.28	-12.97	1.73	15.53	0.66
Change in Other Net Operating Assets	11.29	-17.96	29.57	-14.08	4.28
Operating Cash Flow	374.97	255.86	244.14	121.46	65.04
Operating Cash Flow Growth	46.55%	4.80%	101.00%	86.77%	-14.33%
Capital Expenditures	-48.23	-58.22	-51.3	-40.32	-26
Sale of Property, Plant & Equipment	-	1.08	-	-	-
Cash Acquisitions	-3.45	4.21	-487.33	-2,292	-127.8
Sale (Purchase) of Intangibles	-80.13	-76.8	-71.29	-56.72	-32.32
Investment in Securities	-162.05	-166.94	-197	226.65	286.14
Investing Cash Flow	-293.86	-296.68	-806.91	-2,162	100.02
Long-Term Debt Issued	-	1,833	683.38	1,906	-
Long-Term Debt Repaid	-30.59	-1,763	-121.61	-314.64	-161.17
Net Debt Issued (Repaid)	-30.59	70.93	561.77	1,591	-161.17
Issuance of Common Stock	-	-	-	428.38	9.72
Common Dividends Paid	-2.56	-6.29	-21.16	-	-
Other Financing Activities	-	-15.25	-	-7.38	-23.95
Financing Cash Flow	-33.15	49.4	540.61	2,012	-175.4
Net Cash Flow	47.96	8.58	-22.16	-28.4	-10.34
Free Cash Flow	326.74	197.64	192.84	81.15	39.04
Free Cash Flow Growth	65.32%	2.49%	137.64%	107.86%	-22.49%
Free Cash Flow Margin	14.46%	9.23%	9.83%	6.16%	6.19%
Free Cash Flow Per Share	2.25	1.41	1.44	2.81	1.60
Cash Interest Paid	395.79	370.26	371.87	236.39	64.1
Cash Income Tax Paid	74.45	53.48	48.92	17.27	18.49
Levered Free Cash Flow	216.63	72.08	194.43	-126.74	-11.57
Unlevered Free Cash Flow	465.63	351.14	405.97	19.63	29.09
Change in Working Capital	-180.03	-239.6	-234.49	-180.48	-102.69

Source: S&P Global Market Intelligence. Standard template. Financial Sources.