Arco delivered 2020 ACV in line with contracted
value, confirms margin guidance for 2020 FY and expects solid
growth between 20% and 25% for 2021 ACV
Arco Platform Limited, or Arco (Nasdaq: ARCE), today
reported financial and operating results for the third quarter of
2020 ended September 30th, 2020.
Letter from Ari de Sá Cavalcante Neto, Arco’s founder and
CEO
The year of 2020 has been a testament to the resilience of our
business, and we have planted seeds that will help us grow our
company for years to come. As technology took a leading role in
education overnight, we were able to quickly evolve to better serve
existing clients and attract prospects, as well as deliver strong
financial and operational results. As student, parent and educator
habits changed drastically, we are excited at the opportunity to
continue to disrupt our sector and shape the future of
education.
While mostly working remotely from the safety of their homes,
our team has delivered strong results during the first nine months
of 2020. Arco has recorded 117% YoY revenue growth for the period,
148% increase in adjusted EBITDA and confirms its adjusted EBITDA
guidance of 35.5-37.5% for the 2020 fiscal year. We have achieved
these results while continuing to invest in our team, our solutions
and our brand equity, the ingredients of our virtuous cycle focused
on long-term growth. During this period, there have been no layoffs
or pay-cuts; on the contrary, we have continued to grow our team by
recruiting talented professionals in technology, pedagogical,
frontline and management roles.
The accelerated evolution of our solutions and go-to-market
strategy during the period has been a source of pride for us.
Within days of the COVID-19 outbreak, we offered our partner
schools a portfolio of technology tools, digital content and remote
pedagogical support that helped them to continue providing
high-quality education to students and perceived value to parents.
As a result, we are experiencing high levels of user engagement and
customer retention and satisfaction. In our business, trust and
reputation are determinant to long term success, and we believe
these results will drive growth for years to come.
Additionally, the change in our go-to-market strategy from
in-person to digital-first has delivered a record number of leads
at a lower cost per lead than past commercial cycles. Since
September, when schools started to reopen and our sales team
resumed travel, we have seen a strong rebound in new school intake.
We expect to deliver solid annual contract value (ACV) growth of 20
to 25% for the 2021 school year.
The evolution in the way we operate and serve our clients has
further reinforced our brand reputation, quality and distribution.
While some companies perished and other benefited only in the short
term, Arco emerges stronger with brighter long-term perspectives.
With a 4% share in a R$25 billion fragmented market in urgent need
of high-quality education, today continues to be day 1 for us. We
thank our partner investors for their support and guidance during
this period and Arco’s team for their relentless pursuit of
excellence and value to our partner schools.
Key Messages
Resilient business leading to strong financial results
- Delivered 2020 ACV in line with contracted value: 4% gap to
contracted value as temporary schools closure due to COVID-19
resulted in minor student dropout
- 3Q20 net revenues of R$208.7 million, 196% above 3Q19; 9M20 net
revenues of R$ 705.2 million, 117% above 9M19
- 9M20 adjusted EBITDA grew 148% versus 2019, resulting in a
margin of 36.2%
- On track to deliver FY adjusted EBITDA guidance of
35.5-37.5%
Solid growth expected for 2021 cycle
- Guidance for 2021 ACV growth between 20% and 25%, with a 2021
ACV guidance of R$1,150 to R$1,200 million
- Broader guidance range due to additional growth potential from
delayed sales cycle
- Conservative assumptions for student dropout recovery
Bright long-term perspectives from stronger winning factors
- Accelerated product evolution delivered 3x user engagement and
leading NPS levels
- Outstanding retention rates and healthy price increases
- Revamped go-to-market strategy led to record pipeline of
leads
- As salesforce returned to the field, new school intake sharply
rebounded
Exciting organic and M&A opportunities ahead to continue
capturing large total addressable market
- Still scratching the surface of a large and fragmented
market
- Robust M&A pipeline in all target verticals
- Positivo acceleration demonstrates our repeatable model of
acquiring & improving
- Closing of Escola da Inteligência1 unlocks new vertical for
Arco, the high-growth social-emotional learning
Conference Call Information
Arco will discuss its third quarter 2020 results today, November
30th, 2020, via a conference call at 4:30 p.m. Eastern Time. To
access the call, please dial: +1 (412) 717-9627, +1 (844) 204-8942
or +55 (11) 3181 8565. An audio replay of the call will be
available through December 7th, 2020 by dialing +55 (11) 3193 1012
and entering access code 1608874#. A webcast of the call will be
available on the Investor Relations section of the Company’s
website at https://investor.arcoplatform.com/.
___________________ 1 Escola da Inteligência transaction is
subject to customary closing conditions, including antitrust and
other regulatory approvals.
Information related to COVID-19 pandemic
As of September 30th, 2020, there was a total impact of R$10,915
on the Company's condensed consolidated financial statements
related to the COVID-19 pandemic mainly related to: (i) revision of
the Company’s estimated credit losses from its trade receivables
based on expected increases in financial default and in
unemployment rates in Brazil for the next months, which resulted in
an increase of R$4,943 thousand, (ii) the Company incurred
additional expenses of R$5,685 related to IT, network
infrastructure and an integrated teaching platform, as well as
expenses to maintain protective measures.
The future impact of the COVID-19 pandemic on an ongoing basis
is still uncertain, and the Company’s management team will continue
to closely monitor and assess the potential impacts it may have on
the Company’s business, its financial performance and position.
For full disclosure regarding the COVID-19 discussion, please
refer to the September 30th, 2020 condensed consolidated financial
statements submitted to the Securities and Exchange Commission on
Form 6-K.
About Arco Platform Limited (Nasdaq: ARCE)
Arco has empowered hundreds of thousands of students to rewrite
their futures through education. Our data-driven learning,
interactive proprietary content, and scalable curriculum allows
students to personalize their learning experience with high-quality
solutions while enabling schools to provide a broader approach to
education.
Forward-Looking Statements
This press release contains forward-looking statements as
pertains to Arco Platform Limited (the “Company”) within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, the Company’s expectations or
predictions of future financial or business performance conditions.
The achievement or success of the matters covered by statements
herein involves substantial known and unknown risks, uncertainties,
and assumptions, including with respect to the COVID-19 pandemic.
If any such risks or uncertainties materialize or if any of the
assumptions prove incorrect, the Company’s results could differ
materially from the results expressed or implied by the statements
we make. You should not rely upon forward-looking statements as
predictions of future events. Forward looking statements are made
based on the Company’s current expectations and projections
relating to its financial conditions, result of operations, plans,
objectives, future performance and business, and these statements
are not guarantees of future performance.
Statements which herein address activities, events, conditions
or developments that the Company expects, believes or anticipates
will or may occur in the future are forward-looking statements. You
can generally identify forward-looking statements by the use of
forward-looking terminology such as “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “evaluate,” “expect,” “explore,”
“forecast,” “guidance,” “intend,” “likely,” “may,” “might,”
“outlook,” “plan,” “potential,” “predict,” “probable,” “project,”
“seek,” “should,” “view,” or “will,” or the negative thereof or
other variations thereon or comparable terminology. All statements
other than statements of historical fact could be deemed forward
looking, including risks and uncertainties related to statements
about our competition; our ability to attract, upsell and retain
customers; our ability to increase the price of our solutions; our
ability to expand our sales and marketing capabilities; general
market, political, economic, and business conditions in Brazil or
abroad; and our financial targets which include revenue, share
count and other IFRS measures, as well as non-IFRS financial
measures including Adjusted EBITDA, Adjusted EBITDA Margin,
Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and
Adjusted Free Cash Flow.
Forward-looking statements represent the Company management’s
beliefs and assumptions only as of the date such statements are
made, and the Company undertakes no obligation to update any
forward-looking statements made in this presentation to reflect
events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events,
except as required by law.
Further information on these and other factors that could affect
the Company’s financial results is included in filings the Company
makes with the Securities and Exchange Commission from time to
time, including the section titled “Risk Factors” in the Company’s
most recent Forms 20-F and 6-K. These documents are available on
the SEC Filings section of the Investor Relations section of the
Company’s website at: https://investor.arcoplatform.com/
Key Business Metrics
ACV Bookings: we define ACV Bookings as the revenue we would
contractually expect to recognize from a partner school in each
school year pursuant to the terms of our contract with such partner
school, assuming no further additions or reductions in the number
of enrolled students that will access our content at such partner
school in such school year (we define “school year” for purposes of
calculation of ACV Bookings as the twelve-month period starting in
October of the previous year to September of the mentioned current
year). We calculate ACV Bookings by multiplying the number of
enrolled students at each partner school with the average ticket
per student per year; the related number of enrolled students and
average ticket per student per year are each calculated in
accordance with the terms of each contract with the related partner
school.
Non-GAAP Financial Measures
To supplement the Company's condensed consolidated financial
statements, which are prepared and presented in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board—IASB, we use Adjusted
EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net
Income Margin, Free Cash Flow and Adjusted Free Cash Flow which are
non-GAAP financial measures.
We calculate Adjusted EBITDA as profit (loss) for the year (or
period) plus/minus income taxes, plus/minus finance result, plus
depreciation and amortization, plus share of loss of
equity-accounted investees, plus share-based compensation plan,
restricted stock units and provision for payroll taxes (restricted
stock units), plus M&A expenses, plus non-recurring expenses
and plus effects related to COVID-19 pandemic. We calculate
Adjusted EBITDA Margin as Adjusted EBITDA divided by Net
Revenue.
We calculate Adjusted Net Income as profit (loss) for the year
(or period) plus share-based compensation plan, restricted stock
units and provision for payroll taxes (restricted stock units),
plus amortization of intangible assets from business combinations
(which refers to the amortization of the following intangible
assets from business combinations: (i) rights on contracts, (ii)
customer relationships, (iii) educational system, (iv) trademarks,
(v) non-compete agreement and (vi) software resulting from
acquisitions), plus/minus changes in fair value of derivative
instruments (which refers to (i) changes in fair value of
derivative instruments—finance income, and plus (ii) changes in
fair value of derivative instruments—finance costs), plus/minus
changes in accounts payable to selling shareholders plus share of
loss of equity-accounted investees, plus/minus changes in current
and deferred tax recognized in statements of income applied to all
adjustments to net income, plus/minus foreign exchange gains/loss
on cash and cash equivalents, plus/minus interest expenses
(income), net, plus M&A expenses, plus non-recurring expenses
and plus effects related to COVID-19 pandemic. We calculate
Adjusted Net Income Margin as Adjusted Net Income divided by Net
Revenue.
We calculate Free Cash Flow as Net Cash Flows from Operating
activities less acquisition of property and equipment less
acquisition of intangible assets. We consider Free Cash Flow to be
a liquidity measure that provides useful information to management
and investors about the amount of cash generated by operating
activities and cash used for investments in property and equipment
required to maintain and grow our business. We calculate Adjusted
Free Cash Flow as free cash flow for the year (or period) plus (i)
interest change in financial investments, (ii) M&A expenses
and,(iii) non-recurring expenses.
We understand that, although Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash
Flow and Adjusted Free Cash Flow are used by investors and
securities analysts in their evaluation of companies, these
measures have limitations as analytical tools, and you should not
consider them in isolation or as substitutes for analysis of our
results of operations as reported under IFRS. Additionally, our
calculations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted
Net Income, Adjusted Net Income Margin Free Cash Flow and Adjusted
Free Cash Flow may be different from the calculation used by other
companies, including our competitors in the education services
industry, and therefore, our measures may not be comparable to
those of other companies.
Arco Platform Limited
Interim Condensed Consolidated
Statements of Financial Position
September 30,
December 31,
(In thousands of Brazilian
reais)
2020
2019
Assets
(unaudited)
Current assets
Cash and cash equivalents
526,844
48,900
Financial investments
906,671
574,804
Trade receivables
260,576
329,428
Inventories
52,714
40,106
Recoverable taxes
27,688
15,612
Financial instruments from acquisition of
interest
-
3,794
Related parties
-
1,298
Other assets
20,089
14,630
Total current assets
1,794,582
1,028,572
Non-current assets
Financial instruments from acquisition of
interest
27,887
32,152
Deferred income tax
223,784
156,748
Recoverable taxes
9,528
6,613
Financial investments
4,820
4,690
Related parties
15,186
14,813
Other assets
17,164
14,399
Investments and interests in other
entities
70,252
48,574
Property and equipment
21,988
21,328
Right-of-use assets
19,351
21,631
Intangible assets
1,830,999
1,811,903
Total non-current assets
2,240,959
2,132,851
Total assets
4,035,541
3,161,423
September 30,
December 31,
(In thousands of Brazilian
reais)
2020
2019
Liabilities
(unaudited)
Current liabilities
Trade payables
30,799
34,521
Labor and social obligations
115,146
68,511
Taxes and contributions payable
17,513
7,508
Income taxes payable
38,162
52,038
Advances from customers
5,481
25,626
Lease liabilities
8,501
6,845
Loans and financing
2,186
98,561
Accounts payable to selling
shareholders
376,310
117,959
Other liabilities
847
607
Total current liabilities
594,945
412,176
Non-current liabilities
Labor and social obligations
296
2,801
Lease liabilities
15,922
19,012
Loans and financing
300,618
-
Financial instruments from acquisition of
interest
25,234
33,940
Provision for legal proceedings
774
251
Accounts payable to selling
shareholders
919,712
1,098,273
Other liabilities
825
160
Total non-current liabilities
1,263,381
1,154,437
Equity
Share capital
11
11
Capital reserve
2,201,316
1,607,622
Share-based compensation reserve
80,680
84,546
Accumulated losses
(104,792
)
(97,369
)
Total equity
2,177,215
1,594,810
Total liabilities and equity
4,035,541
3,161,423
Arco Platform Limited
Interim Condensed Consolidated
Statements of Income
Three months period ended
September 30,
Nine months period ended
September 30,
(In thousands of Brazilian reais,
except earnings per share)
2020
2019
2020
2019
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net revenue
208,730
70,572
705,173
325,193
Cost of sales
(44,485
)
(14,188
)
(154,825
)
(61,884
)
Gross profit
164,245
56,384
550,348
263,309
Operating expenses:
Selling expenses
(98,612
)
(47,639
)
(274,582
)
(123,089
)
General and administrative expenses
(72,108
)
(69,515
)
(199,030
)
(135,273
)
Other income (expense), net
3,234
(471
)
3,993
2,451
Operating profit (loss)
(3,241
)
(61,241
)
80,729
7,398
Finance income
13,418
16,187
35,597
47,104
Finance costs
(44,812
)
(104,968
)
(113,903
)
(133,823
)
Finance result
(31,394
)
(88,781
)
(78,306
)
(86,719
)
Share of loss of equity-accounted
investees
(4,042
)
(794
)
(8,041
)
(1,953
)
Loss before income taxes
(38,677
)
(150,816
)
(5,618
)
(81,274
)
Income taxes - income (expense)
Current
(14,218
)
(3,103
)
(68,841
)
(32,254
)
Deferred
25,407
45,433
67,036
61,582
Total income taxes – income (expense)
11,189
42,330
(1,805
)
29,328
Net loss for the period
(27,488
)
(108,486
)
(7,423
)
(51,946
)
Basic loss per share – in Brazilian
reais
Class A
(0.49
)
(2.11
)
(0.13
)
(1.02
)
Class B
(0.49
)
(2.11
)
(0.13
)
(1.02
)
Diluted loss per share – in Brazilian
reais
Class A
(0.49
)
(2.11
)
(0.13
)
(1.02
)
Class B
(0.49
)
(2.11
)
(0.13
)
(1.02
)
Weighted-average shares used to compute
net loss per share:
Basic
55,545
50,709
55,144
50,505
Diluted
55,737
51,276
55,336
51,072
Arco Platform Limited
Interim Condensed Consolidated
Statements of Cash Flows
Three months period ended
September 30,
Nine months period ended
September 30,
(In thousands of Brazilian
reais)
2020
2019
2020
2019
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Operating activities
Loss before income taxes
(38,677
)
(150,816
)
(5,618
)
(81,274
)
Adjustments to reconcile loss before
income taxes
Depreciation and amortization
29,715
8,106
89,763
24,449
Inventory reserves
(305
)
643
3,339
4,203
Allowance for doubtful accounts
15,679
7,286
28,233
9,489
Loss on sale/disposal of property and
equipment and intangible assets disposed
72
462
1,524
593
Fair value change in financial instruments
from acquisition interests
421
8,483
(438
)
10,349
Changes in accounts payable to selling
shareholders
12,978
81,781
19,872
81,781
Share of loss of equity-accounted
investees
4,042
795
8,041
1,953
Share-based compensation plan
(2,339
)
17,997
15,309
32,431
Accrued interest on loans and
financing
9,077
-
16,052
-
Interest accretion on acquisition
liability
13,013
10,270
49,990
24,710
Income non-cash equivalents
(4,200
)
-
(9,856
)
-
Interest on lease liabilities
641
449
2,060
1,231
Provision for legal proceedings
-
(111
)
594
100
Provision for payroll taxes (restricted
stock units)
(10,212
)
16,881
(1,166
)
23,399
Foreign exchange income
(551
)
(532
)
(371
)
(16
)
Changes in fair value of step
acquisitions
(3,248
)
-
(3,248
)
-
Gain on sale of investment
-
34
-
(3,252
)
Other financial income, net
(811
)
(279
)
(1,849
)
(1,481
)
25,295
1,449
212,231
128,665
Changes in assets and liabilities
Trade receivables
22,354
48,195
40,821
39,786
Inventories
(489
)
(8,937
)
(8,052
)
(10,968
)
Recoverable taxes
(514
)
(2,177
)
(4,818
)
(7,550
)
Other assets
11,582
1,167
(7,319
)
(6,659
)
Trade payables
(76
)
7,833
(3,791
)
8,492
Labor and social obligations
29,210
6,986
44,832
18,340
Taxes and contributions payable
12,576
507
9,797
(540
)
Advances from customers
(31,099
)
(17,335
)
(20,273
)
(2,337
)
Other liabilities
95
(26
)
(887
)
(380
)
Cash generated from operations
68,934
37,662
262,541
166,849
Income taxes paid
(26,392
)
(5,430
)
(90,412
)
(28,640
)
Interest paid on lease liabilities
(476
)
(177
)
(1,186
)
(397
)
Interest paid on investment
acquisition
(47
)
-
(47
)
-
Interest paid on loans and financing
(9,867
)
-
(9,867
)
-
Net cash flows from operating
activities
32,152
32,055
161,029
137,812
Investing activities
Acquisition of property and equipment
(1,621
)
(1,780
)
(5,663
)
(7,609
)
Payment of investments and interests in
other entities
(19,953
)
(1,218
)
(32,628
)
(5,418
)
Acquisition of subsidiaries, net of cash
acquired
(22,002
)
-
(22,002
)
(16,137
)
Acquisition of intangible assets
(23,589
)
(7,982
)
(63,069
)
(26,361
)
Net purchases of financial investments
(199,739
)
(25,903
)
(322,141
)
(88,432
)
Loans to related parties
-
-
-
(14,000
)
Net cash flows used in investing
activities
(266,904
)
(36,883
)
(445,503
)
(157,957
)
Financing activities
Capital increase
-
-
-
13,829
Capital increase proceeds from public
offering
591,898
-
591,898
-
Share issuance costs
(17,531
)
-
(17,531
)
(673
)
Payment of lease liabilities
(1,949
)
(1,629
)
(5,728
)
(2,709
)
Payment of loans and financing
(300,314
)
(38
)
(300,314
)
(52
)
Payment to selling shareholders
47
-
(954
)
-
Loans and financing
300,000
-
498,372
-
Dividends paid by subsidiaries
-
-
(3,696
)
-
Net cash flows from (used in) financing
activities
572,151
(1,667
)
762,047
10,395
Foreign exchange effects on cash and cash
equivalents
551
533
371
17
Increase (decrease) in cash and cash
equivalents
337,950
(5,962
)
477,944
(9,733
)
Cash and cash equivalents at the beginning
of the period
188,894
-
48,900
12,301
Cash and cash equivalents at the end of
the period
526,844
(5,962
)
526,844
2,568
Increase (decrease) in cash and cash
equivalents
337,950
(5,962
)
477,944
(9,733
)
Arco Platform Limited
Reconciliation of Non-GAAP
Measures
Three months period ended
September 30,
Nine months period ended
September 30,
(In thousands of Brazilian
reais)
2020
2019
2020
2019
Adjusted EBITDA Reconciliation
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Loss for the period
(27,488
)
(108,486
)
(7,423
)
(51,946
)
(+/-) Income taxes
(11,189
)
(42,330
)
1,805
(29,328
)
(+/-) Finance result
31,394
88,781
78,306
86,719
(+) Depreciation and amortization
29,715
8,106
89,763
24,449
(+/-) Share of loss of equity-accounted
investees
4,042
794
8,041
1,953
EBITDA
26,474
(53,135
)
170,492
31,847
(+) Share-based compensation plan,
restricted stock units and provision for payroll taxes (restricted
stock units).
19,840
34,878
51,280
55,830
(+) M&A expenses
1,697
8,486
5,688
12,909
(+) Non-recurring expenses
6,694
2,467
16,752
2,467
(+) Effects related to COVID-19
pandemic
2,922
-
10,915
-
Adjusted EBITDA
57,627
(7,304
)
255,127
103,053
Net Revenue
208,730
70,572
705,173
325,193
EBITDA Margin
12.7
%
-75.3
%
24.2
%
9.8
%
Adjusted EBITDA Margin
27.6
%
-10.3
%
36.2
%
31.7
%
Three months period ended
September 30,
Nine months period ended
September 30,
(In thousands of Brazilian
reais)
2020
2019
2020
2019
Adjusted Net Income
Reconciliation
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Loss for the period
(27,488
)
(108,486
)
(7,423
)
(51,946
)
(+) Share-based compensation plan,
restricted stock units and provision for payroll taxes (restricted
stock units).
19,840
34,878
51,280
55,830
(+) Amortization of intangible assets from
business combinations
18,483
3,623
54,718
9,688
(+/-) Changes in fair value of derivative
instruments
421
8,483
(438
)
10,349
(+/-) Changes in accounts payable to
selling shareholders
12,978
81,781
19,872
81,781
(+/-) Share of loss of equity-accounted
investees
4,042
794
8,041
1,953
(+/-) Tax effects
(12,768
)
(40,733
)
(55,192
)
(54,457
)
(+/-) Foreign exchange on cash and cash
equivalents
(551
)
(532
)
(371
)
(16
)
(+/-) Interest expenses (income), net
12,513
10,008
49,009
23,889
(+) M&A expenses
1,697
8,486
5,688
12,909
(+) Non-recurring expenses
6,694
2,467
16,752
2,467
(+) Effects related to COVID-19
pandemic
2,922
-
10,915
-
Adjusted Net Income
38,783
769
152,851
92,447
Net Revenue
208,730
70,572
705,173
325,193
Adjusted Net Income Margin
18.6
%
1.1
%
21.7
%
28.4
%
Three months period ended
September 30,
Nine months period ended
September 30,
(In thousands of Brazilian
reais)
2020
2019
2020
2019
Free Cash Flow Reconciliation
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Cash generated from operations
68,934
37,662
262,541
166,849
(-) Income tax paid
(26,392
)
(5,430
)
(90,412
)
(28,640
)
(-) Interest paid on lease liabilities
(476
)
(177
)
(1,186
)
(397
)
(-) Interest paid on investment
acquisition
(47
)
-
(47
)
-
(-) Interest paid on loans and
financing
(9,867
)
-
(9,867
)
-
Cash Flow from Operating
Activities
32,152
32,055
161,029
137,812
(-) Acquisition of property and
equipment
(1,621
)
(1,780
)
(5,663
)
(7,609
)
(-) Acquisition of intangible assets
(23,589
)
(7,982
)
(63,069
)
(26,361
)
Free Cash Flow
6,942
22,293
92,297
103,842
(+) Interest change in financial
investments
4,200
-
9,856
-
(+) M&A expenses
1,697
-
5,688
-
(+) Others
(1,765)
-
12,643
-
(+) Labor and social obligations of
restricted stock units
(13,548
)
-
(13,548
)
-
Adjusted Free Cash Flow
(2,474)
22,293
106,936
103,842
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201130005922/en/
Investor Relations Contact: Arco Platform Limited Carina
Carreira IR@arcoeducacao.com.br
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