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CI&T Reports 3Q23 Results

CI&T (NYSE: CINT, “Company”), a global digital specialist and fast-growing technology company, today announces its results for the third quarter of 2023 (3Q23) and the nine months ended on September 30, 2023 (9M23) in accordance with International Financial Reporting Standards (IFRS). For comparison purposes, we refer to the results for the third quarter of 2022 (3Q22) and nine months ended on September 30, 2022 (9M22).

Third Quarter of 2023 (3Q23) Operating and Financial Highlights

  • Net Revenue was R$529.1 million compared to R$559.0 million in 3Q22.
  • Net Profit was R$36.2 million compared to R$40.6 million in 3Q22.
  • Adjusted EBITDA was R$97.7 million compared to R$105.2 million in 3Q22. The Adjusted EBITDA margin was 18.5%.
  • Adjusted Net Profit was R$45.5 million versus R$67.4 million in 3Q22.
  • The number of clients with annual revenue above R$1 million in the last twelve months rose to 187 from 147 in 3Q22.
  • CI&T Board of Directors approved a new share repurchase program.

Nine months ended September 30, 2023 (9M23) Operating and Financial Highlights

  • Net Revenue was R$1,710.9 million, an increase of 8.6% compared to 9M22 or a 9.9% growth at constant currency.
  • Net Profit increased by 42.3% to R$136.4 million from R$95.8 million in 9M22.
  • Adjusted EBITDA rose to R$328.5 million from R$290.1 million in 9M22, 13.2% higher. The Adjusted EBITDA margin was 19.2%.
  • Adjusted Net Profit increased 10.5% to R$175.9 million from R$159.2 million in 9M22. The Adjusted Net Profit margin was 10.3%.
  • Cash generated from operating activities rose to R$254.5 million in 9M23 from R$28.6 million in 9M22.
  • CI&T ended 3Q23 with 6,114 CI&Ters.

Cesar Gon, founder and CEO of CI&T, commented, "In 2023, we navigated with a cautious approach, achieving sustainable profitability and robust cash generation. Looking ahead, we are at the forefront of an exciting new technological revolution driven by AI. This new chapter in digital disruption signifies an imminent redesign of competitive dynamics across all sectors and aspects of modern life. In paving the way for this future, we have effectively partnered with our clients, prepared our teams, and enhanced our AI capabilities to realize the vision of 'CI&T Powered by AI.' Building on this momentum, we aim to resume more aggressive growth in 2024 and beyond."

Comments on the 3Q23 financial performance

The net revenue was R$529.1 million in 3Q23, a decline of 5.4% compared to 3Q22, or a reduction of 1.7% at constant currency. In the third quarter of 2023, 44% of the revenue came from Latam, 42% from North America, 10% from Europe and 4% from Asia Pacific.

The cost of services provided in 3Q23 was R$356.8 million, 1.9% lower than in 3Q22, and the gross profit was R$172.3 million. The Adjusted Gross Profit in 3Q23 was R$184.4 million, with an Adjusted Gross Profit margin of 34.8%.

In 3Q23, selling, general and administrative (SG&A), and other operating expenses were R$101.8 million, 22.3% lower than in 3Q22. ​​This reduction can be primarily attributed to the non-recurring M&A expenses incurred in 2022 and our efforts to optimize operational expenses in 2023.

Depreciation and amortization expenses totaled R$22.9 million in 3Q23, a decrease of 2.9% compared to 3Q22, explained by the reduction of real estate property leases. Amortization of intangible assets from acquired companies was R$10.7 million in 3Q23, a 4.6% increase compared to 3Q22.

In 3Q23, the Adjusted EBITDA was R$97.8 million, a reduction of 7.1% compared to 3Q22, mainly due to the decline in the gross profit margin, partially offset by the improvement in SG&A expenses. Adjusted EBITDA margin was 18.5% in the quarter.

In 3Q23, net financial expenses were R$20.3 million, R$12.8 million higher than in 3Q22, mainly driven by lower foreign exchange (FX) gains in the comparable period and a derivative gain from an interest rate swap that benefited our results in 3Q22.

In 3Q23, income tax expense was R$13.2 million, 20.4% lower than in 3Q22, mainly due to the amortization of goodwill for tax purposes from the Ntersol acquisition. The income tax paid (cash effect) was R$6.8 million, equivalent to a cash tax rate of 13.8%.

The net profit was R$36.2 million in 3Q23, 11% lower than 3Q22. Adjusted Net Profit was R$45.5 million, a decrease of 32.4% compared to 3Q22, mainly due to higher net financial expenses, as aforementioned. Consequently, the Adjusted Net Profit margin was 8.6%.

Business Outlook

We expect our net revenue in the fourth quarter of 2023 to be in the range of R$519 million to R$ 540 million on a reported basis (average FX rate of 4.95 BRL/USD in 4Q23).

For the full year of 2023, we expect our net revenue growth to be in the range of 4.0% to 5.0% year-over-year, assuming a constant currency outlook (average FX rate of 5.17 BRL/USD in 2022). In addition, we estimate our Adjusted EBITDA margin to be at least 19% for the full year of 2023.

These expectations are forward-looking statements, and actual results may differ materially. See "Cautionary Statement on Forward-Looking Statements" below.

Share Repurchase Program

On November 16, 2023, the Board of Directors approved a new share repurchase program, pursuant to which CI&T may repurchase up to 2.5 million of its outstanding class A common shares until December 31, 2024.

Conference Call Information

Cesar Gon, Bruno Guicardi, Stanley Rodrigues, and Eduardo Galvão will host a video conference call to discuss the 3Q23 financial and operating results on November 17, at 8:00 a.m. Eastern Time / 10:00 a.m. BRT. The earnings call can be accessed at the Company’s Investor Relations website at https://investors.ciandt.com or at the following link: https://www.youtube.com/watch?v=yEW4TBCbR1Q.

About CI&T

CI&T (NYSE:CINT) is a global hyper digital specialist, a partner in AI-powered digital transformation and efficiency for 100+ large enterprises and fast growth clients. As digital natives, CI&T brings a 28-year track record of accelerating business impact through complete and scalable digital solutions. With a global presence in nine countries with a nearshore delivery model, CI&T provides strategy, data science, design, and engineering, unlocking top-line growth, improving customer experience and driving operational efficiency. Recognized by Forrester as a Leader in Modern Application Development Services, CI&T is the Employer of Choice for more than 6,100 professionals.

Basis of accounting and functional currency

CI&T maintains its books and records in Brazilian reais, the presentation currency for its unaudited condensed consolidated interim financial statements, and the functional currency of our operations in Brazil. CI&T prepares its unaudited condensed consolidated interim financial statements in accordance with IFRS, as issued by the IASB, and International Financial Reporting Standard No 34—Interim Financial Reporting (“IAS 34”).

Non-IFRS Financial Measures

We regularly monitor certain financial and operating metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. These non-IFRS financial measures include Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit, Adjusted Net Profit Margin, Net Revenue at Constant Currency, and Net Revenue Growth at Constant Currency, and should be considered in addition to results prepared in accordance with IFRS, but not as substitutes for IFRS results. In addition, our calculation of these non-IFRS financial measures may differ from those used by other companies, and therefore, comparability may be limited. These non-IFRS financial measures are provided as additional information to enhance investors’ overall understanding of our operations’ historical and current financial performance.

CI&T is not providing a quantitative reconciliation of forward-looking Non-IFRS Net Revenue Growth at Constant Currency and Adjusted EBITDA to the most directly comparable IFRS measure because it is unable to reasonably predict the ultimate outcome of certain significant items without unreasonable efforts. These items include but are not limited to, stock-based compensation expenses, acquisition-related expenses, the tax effect of non-IFRS adjustments, foreign currency exchange gains/losses, and other items. These items are uncertain, depend on various factors, and could have a material impact on IFRS-reported results for the guidance period.

We calculate Net Revenue at Constant Currency and Net Revenue Growth at Constant Currency by translating Net Revenue from entities reporting in foreign currencies into Brazilian reais using the comparable foreign currency exchange average rates from the prior period to show changes in our revenue without giving effect to period-to-period currency fluctuations.

In calculating Adjusted Gross Profit, we exclude cost components unrelated to the direct management of our services. For the periods herein, the adjustments applied were: (i) depreciation and amortization related to costs of services provided; and (ii) stock-based compensation expenses.

In calculating Adjusted EBITDA, we exclude components unrelated to the direct management of our services. For the periods herein, the adjustments were: (i) stock-based compensation expenses; (ii) government grants related to tax reimbursement in the Chinese subsidiary; and (iii) acquisition-related expenses, including present value and fair value adjustment on accounts payable for business acquired , consulting expenses, and retention packages.

In calculating Adjusted Net Profit, we exclude components unrelated to the direct management of our services. For the periods herein, the adjustments applied were acquisition-related expenses, including amortization of intangible assets from acquired companies, present value and fair value adjustment on accounts payable for business acquired , consulting expenses, and retention packages.

Cautionary Statement on Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, which include but are not limited to: the statements under "Business outlook," including expectations relating to revenues and other financial or business metrics; statements regarding relationships with clients; and any other statements of expectation or belief. The words “believe,” “will,” “may,” “may have,” “would,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” "scheduled,” “forecasts” and similar words are intended to identify estimates and forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the current and future impact of the COVID-19 pandemic, the ongoing war in Ukraine and economic sanctions imposed by Western economies over Russia on our business and industry; the effects of competition on our business; uncertainty regarding the demand for and market utilization of our services; the ability to maintain or acquire new client relationships; general business and economic conditions; our ability to successfully integrate the recent-acquired companies; and our ability to successfully execute our growth strategy and strategic plans. Additional information concerning these and other risks and uncertainties are contained in the "Risk Factors" section of CI&T's annual report on Form 20-F. Additional information will be made available in our annual reports on Form 20-F, and other filings and reports that CI&T may file from time to time with the SEC. Except as required by law, CI&T assumes no obligation and does not intend to update these forward-looking statements or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

 
 
 

Unaudited condensed consolidated statement of profit or loss

(In thousands of Brazilian Reais) 

 

 

Quarter ended

September 30,

 

Nine months ended

September 30,

 

2023

 

2022

 

2023

 

2022

 

 

 

 

 

 

 

 

Net Revenue

529,083

 

 

559,018

 

 

1,710,907

 

 

1,575,905

 

Costs of services provided

(356,779

)

 

(363,617

)

 

(1,138,836

)

 

(1,034,111

)

Gross Profit

172,304

 

 

195,401

 

 

572,071

 

 

541,794

 

 

 

 

 

 

 

 

 

Selling expenses

(40,405

)

 

(43,337

)

 

(132,243

)

 

(118,428

)

General and administrative expenses

(64,807

)

 

(84,804

)

 

(207,968

)

 

(228,115

)

Impairment loss on trade receivables and contract assets

(836

)

 

325

 

 

(2,573

)

 

(385

)

Other income (expenses) net

3,363

 

 

(3,008

)

 

2,025

 

 

(7,492

)

Operating expenses net

(102,685

)

 

(130,824

)

 

(340,759

)

 

(354,420

)

 

 

 

 

 

 

 

 

Operating profit before financial income and tax

69,619

 

 

64,577

 

 

231,312

 

 

187,374

 

 

 

 

 

 

 

 

 

Finance income

13,506

 

 

32,750

 

 

62,387

 

 

155,638

 

Finance cost

(33,799

)

 

(40,182

)

 

(121,130

)

 

(197,315

)

Net finance costs

(20,293

)

 

(7,432

)

 

(58,743

)

 

(41,677

)

 

 

 

 

 

 

 

 

Profit before Income tax

49,326

 

 

57,145

 

 

172,569

 

 

145,697

 

 

 

 

 

 

 

 

 

Current

(14,285

)

 

(22,273

)

 

(32,953

)

 

(44,796

)

Deferred

1,120

 

 

5,736

 

 

(3,233

)

 

(5,071

)

Total Income tax expense

(13,165

)

 

(16,537

)

 

(36,186

)

 

(49,867

)

 

 

 

 

 

 

 

 

Net profit for the period

36,161

 

 

40,608

 

 

136,383

 

 

95,830

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Earnings per share – basic (in R$)

0.27

 

 

0.30

 

 

1.02

 

 

0.72

 

Earnings per share – diluted (in R$)

0.26

 

 

0.30

 

 

0.99

 

 

0.72

 

 

 

 

 

 

 

 

 

Weighted average number of basic shares

132,943,114

 

 

133,332,778

 

 

133,515,441

 

 

133,006,973

 

Weighted average number of diluted shares

137,184,056

 

 

133,332,778

 

 

137,756,383

 

 

133,006,973

 

 
 
 
 

Unaudited condensed consolidated statement of financial position

(In thousands of Brazilian Reais) 

 

Assets

September 30,

2023

 

December 31,

2022

 

Liabilities and equity

September 30,

2023

 

December 31,

2022

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

194,295

 

185,727

 

Suppliers and other payables

16,958

 

 

33,376

 

Financial Investments

39,192

 

96,299

 

Loans and borrowings

224,579

 

 

231,296

 

Trade receivables

422,218

 

501,671

 

Lease liabilities

18,921

 

 

21,539

 

Contract assets

239,796

 

217,250

 

Salaries and welfare charges

216,606

 

 

260,156

 

Recoverable taxes

19,739

 

7,619

 

Accounts payable for business acquired

41,301

 

 

71,650

 

Tax assets

6,319

 

2,959

 

Non-derivatives - hedge accounting

34,721

 

 

35,169

 

Non-derivatives - hedge accounting

26,525

 

19,637

 

Derivatives

-

 

 

4,109

 

Derivatives

11,017

 

11,194

 

Tax liabilities

6,796

 

 

3,890

 

Other assets

38,259

 

38,269

 

Other taxes payable

14,880

 

 

14,382

 

Total current assets

997,360

 

1,080,625

 

Contract liability

12,954

 

 

32,136

 

 

 

 

 

 

Other liabilities

34,551

 

 

47,501

 

Recoverable taxes

3,703

 

3,624

 

Total current liabilities

622,267

 

 

755,204

 

Deferred tax assets

29,633

 

35,138

 

 

 

 

 

Judicial deposits

9,995

 

9,819

 

Loans and borrowings

620,589

 

 

742,935

 

Restricted cash - Escrow account and indemnity asset

31,013

 

31,552

 

Lease liabilities

29,834

 

 

41,269

 

Other assets

2,202

 

3,654

 

Provisions

12,061

 

 

12,347

 

Property, plant and equipment

41,674

 

55,266

 

Accounts payable for business acquired

124,168

 

 

133,299

 

Intangible assets and goodwill

1,690,801

 

1,750,898

 

Other liabilities

8,595

 

 

3,530

 

Right-of-use assets

43,236

 

56,187

 

Total non-current liabilities

795,247

 

 

933,380

 

Total non-current assets

1,852,257

 

1,946,138

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Share capital

37

 

 

37

 

 

 

 

 

 

Share premium

946,173

 

 

946,173

 

 

 

 

 

 

Treasury share reserve

(37,827

)

 

-

 

 

 

 

 

 

Capital reserves

225,436

 

 

203,218

 

 

 

 

 

 

Profit reserves

388,256

 

 

251,873

 

 

 

 

 

 

Other comprehensive income

(89,972

)

 

(63,122

)

 

 

 

 

 

Total equity

1,432,103

 

 

1,338,179

 

 

 

 

 

 

 

 

 

 

Total assets

2,849,617

 

3,026,763

 

Total equity and liabilities

2,849,617

 

 

3,026,763

 

 
 
 
 

Unaudited condensed consolidated statement of cash flows

(In thousands of Brazilian Reais) 

 

September 30, 2023

 

September 30, 2022

 

 

 

 

Cash flows from operating activities

 

 

 

Net profit for the period

136,383

 

 

95,830

 

Adjustments for:

 

 

 

Depreciation and amortization

70,980

 

 

67,154

 

Loss on the sale of property, plant and equipment, intangible assets and leases

875

 

 

2,137

 

Interest, monetary variation and exchange rate changes

65,796

 

 

30,437

 

Unrealized gain on financial instruments

(13,257

)

 

(5,709

)

Income tax expenses

36,186

 

 

49,867

 

Impairment losses on trade receivables and contract assets

2,573

 

 

385

 

(Reversal of) provision for labor risks

(286

)

 

386

 

Stock-based plan

21,740

 

 

1,894

 

Present/fair value/price adjustment - accounts payable for business combination

2,783

 

 

7,240

 

Others

(559

)

 

(1,824

)

Variation in operating assets and liabilities

 

 

 

Trade receivables

61,268

 

 

(107,311

)

Contract assets

(26,934

)

 

(85,091

)

Recoverable taxes

(23,279

)

 

(2,297

)

Tax assets

935

 

 

930

 

Suppliers and other payables

(16,185

)

 

(34,281

)

Salaries and welfare charges

(42,070

)

 

7,448

 

Tax liabilities

-

 

 

1,568

 

Other taxes payable

1,274

 

 

4,509

 

Contract liabilities

(18,484

)

 

(4,893

)

Other receivables and payables, net

(5,235

)

 

217

 

Cash generated from operating activities

254,505

 

 

28,596

 

Income tax paid

(25,516

)

 

(33,467

)

Interest paid on loans and borrowings

(52,356

)

 

(51,152

)

Interest paid on lease

(3,070

)

 

(4,796

)

Income tax refund

4,198

 

 

-

 

Net cash from (used in) operating activities

177,761

 

 

(60,819

)

Cash flows from investment activities:

 

 

 

Acquisition of property, plant and equipment and intangible assets

(14,738

)

 

(20,163

)

Acquisition of subsidiary net of cash acquired (Somo, Box and Transpire)

-

 

 

(321,799

)

Escrow deposit (acquisition of Somo)

-

 

 

(23,061

)

Cash outflow on hedge accounting settlement

-

 

 

20,981

 

Redemption of financial investments

54,214

 

 

582,367

 

Net cash from (used in) investment activities

39,476

 

 

238,325

 

Cash flows from financing activities:

 

 

 

Exercised stock options

578

 

 

10,447

 

Payment of lease liabilities

(18,465

)

 

(19,828

)

Proceeds from loans and borrowings

47,950

 

 

186,239

 

Settlement of derivatives

9,325

 

 

390

 

Payment of loans and borrowings

(163,457

)

 

(279,940

)

Payment of investment obligations

(47,461

)

 

(62,338

)

Repurchase of treasury shares

(37,827

)

 

-

 

Net cash used in financing activities

(209,357

)

 

(165,030

)

Net increase in cash and cash equivalents

7,880

 

 

12,476

 

Cash and cash equivalents as of January 1st

185,727

 

 

135,727

 

Exchange variation effect on cash and cash equivalents

688

 

 

3,647

 

Cash and cash equivalents as of September 30

194,295

 

 

151,850

 

 
 
 
 

Reconciliation of Non-IFRS financial measures to comparable IFRS financial measures 

 

Reconciliation of revenue growth as reported on an IFRS basis to revenue growth on a constant currency basis: 

 

Net Revenue

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

Net Revenue

529,083

559,018

-5.4

%

1,710,907

1,575,905

8.6

%

Net Revenue at Constant Currency

548,946

558,525

-1.7

%

1,739,972

1,583,792

9.9

%

 

Net Revenue by industry

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

Financial Services

158,592

161,185

-1.6

%

492,406

479,172

2.8

%

Consumer goods

105,562

127,097

-16.9

%

343,712

351,116

-2.1

%

Technology and telecommunications

84,147

78,146

7.7

%

313,334

216,097

45.0

%

Retail and industrial goods

64,438

79,226

-18.7

%

208,351

227,615

-8.5

%

Life sciences

57,372

72,063

-20.4

%

185,040

202,791

-8.8

%

Others

58,972

41,301

42.8

%

168,064

99,114

69.6

%

Total

529,083

559,018

-5.4

%

1,710,907

1,575,905

8.6

%

 

Net Revenue by geography

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

North America

222,860

232,697

-4.2

%

762,204

655,941

16.2

%

Europe

54,045

57,061

-5.3

%

167,645

142,810

17.4

%

LATAM (Latin America)

229,804

247,200

-7.0

%

698,478

724,480

-3.6

%

APJ (Asia, Pacific and Japan)

22,374

22,060

1.4

%

82,580

52,674

56.8

%

Total

529,083

559,018

-5.4

%

1,710,907

1,575,905

8.6

%

     
     

Reconciliation of various income statement amounts from IFRS to non-IFRS measures for the three months ended September 30, 2023 and 2022 and nine months ended September 30, 2023 and 2022:

     
Gross Profit

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

Net Revenue

529,083

 

559,018

 

-5.4

%

1,710,907

 

1,575,905

 

8.6

%

Cost of Services

(356,779

)

(363,617

)

-1.9

%

(1,138,836

)

(1,034,111

)

10.1

%

Gross Profit

172,304

 

195,401

 

-11.8

%

572,071

 

541,794

 

5.6

%

Adjustments

 

 

 

 

 

 

 

 

Depreciation and amortization (cost of services provided)

9,116

 

10,688

 

-14.7

%

27,248

 

30,302

 

-10.1

%

Stock-based compensation

2,949

 

369

 

n.m

 

10,361

 

1,190

 

770.7

%

Adjusted Gross Profit

184,369

 

206,458

 

-10.7

%

609,680

 

573,286

 

6.3

%

Adjusted Gross Profit Margin

34.8

%

36.9

%

-2.1p.p

 

35.6

%

36.4

%

-0.7p.p

 
     

Adjusted EBITDA

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

Net profit for the period

36,161

 

40,608

 

-11.0

%

136,383

 

95,830

 

42.3

%

Adjustments

 

 

 

 

 

 

 

 

Net financial cost

20,293

 

7,432

 

173.0

%

58,743

 

41,677

 

40.9

%

Income tax expense

13,165

 

16,537

 

-20.4

%

36,186

 

49,867

 

-27.4

%

Depreciation and amortization

22,871

 

23,558

 

-2.9

%

70,980

 

67,154

 

5.7

%

Stock-based compensation

6,627

 

761

 

771.3

%

21,740

 

1,894

 

1047.6

%

Government grants

(29

)

(204

)

-85.6

%

(306

)

(378

)

-18.9

%

Acquisition-related expenses (1)

(1,341

)

16,497

 

-108.1

%

4,748

 

34,051

 

-86.1

%

Adjusted EBITDA

97,747

 

105,188

 

-7.1

%

328,474

 

290,095

 

13.2

%

Adjusted EBITDA Margin

18.5

%

18.8

%

-0.3p.p

 

19.2

%

18.4

%

0.8p.p

 

(1)

Includes present value and fair value adjustment on accounts payable for business acquired, consulting expenses, and retention packages.

 

Net Profit

(in BRL thousand)

3Q23

3Q22

Var.

3Q23 x 3Q22

9M23

9M22

Var.

9M23 x 9M22

Net profit for the period

36,161

 

40,608

 

-11.0

%

136,383

 

95,830

 

42.3

%

Adjustments

 

 

 

 

 

 

 

 

Acquisition-related expenses (1)

9,376

 

26,743

 

-64.9

%

39,486

 

63,321

 

-37.6

%

Adjusted Net Profit (2)

45,537

 

67,351

 

-32.4

%

175,869

 

159,151

 

10.5

%

Adjusted Net Profit Margin (2)

8.6

%

12.0

%

-3.4p.p

 

10.3

%

10.1

%

0.2p.p

 

(1)

Includes amortization of intangible assets from acquired companies, present value and fair value adjustment on accounts payable for business acquired, consulting expenses and retention packages.

(2)

Adjustments' amounts are gross of tax. Tax effects on non-IFRS adjustments totaled R$856 thousand in 3Q23, (R$1,877) thousand in 3Q22, R$23 thousand in 9M23 and (R$2,605) thousand in 9M22. 

 
 

 

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