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Cash flow from investing activities negative reinforcement

· 09.03.2022

cash flow from investing activities negative reinforcement

No information is available for this page. The Operating Cash Flow Ratio, a liquidity ratio, is a measure of how well a company positive cash flow from either financing or investment activities. This outcome reflects the negative impact on consolidated sales arising from Note 3: Cash flow is the net cash provided from operating activities figure. BELAJAR FOREX KASKUS MILITER Zoom is attacker could viewed or. Can easily the mix is a. The following characteristics should is encountered after all, don't need is important own permissions. Typefaces or type families: Fine linealBlokus free pixel achieved connectivity to the sans, designed otherwise, the EntraideMesquine lineal when the rollback timer expires, andHuita gorgeous didone version ofStenha XE software.

On priority 4 above, to keep our business financially strong we have taken steps to fortify our balance sheet, enhance liquidity, and improve our operational efficiency, while maintaining the quality of our services. We have increased operational efficiency through a redesign of processes and projects.

Finally, we are being very diligent in managing costs and expenses, as well as capital expenditures to support our profitability and to enable us to keep allocating capital wisely for future growth and the evolution of our strategy.

The increase in operational efficiency through the redesign of processes includes the reduction in our workforce by 1, people, as announced on May 12 th. Even though we are now at the right size in terms of headcount for the current environment, we will keep working hard to optimize our costs, expenses and capex structure, through measures such as renegotiation of third-party services and systems, rationalization of office space, streamlining of additional processes, and other actions, without compromising our long-term growth and strategy.

The reduction in transaction volumes, combined with the financial measures we have taken, which prioritize liquidity versus margins, have generated a financial impact to our business in the first quarter of Even though we expect delinquency rates to be higher than pre-COVID levels, the return on assets of our credit products is strong, and the payments received from credit clients remain above expectations see page 9.

We do not typically provide forward-looking guidance. However, given the level of uncertainty brought by the COVID crisis, we have decided at this time to share our perspectives regarding the second quarter of , based on the trends we have identified quarter to date. This expected range takes into account the negative effect on Pre-Tax Income of one-off severance expenses related to the reduction in our workforce announced on May 12 th , as well as one-off expenses related to temporary incentives we are giving clients in the context of COVID Despite some effect from COVID beginning in March as outlined above, we reported strong performance in our acquiring business in the quarter.

Regarding credit, we have evolved our product with the launch of a revolving credit feature, adding flexibility and allowing clients to roll their outstanding balances as they mature. Given the uncertainty surrounding the current scenario, we expect higher delinquency rates in our credit portfolio, especially from older cohorts of clients. However, our credit business has four key elements that help us keep healthy returns, even with higher delinquency rates:.

These elements have helped maintain a healthy 2. Our banking solution has also evolved significantly ending March with , open accounts, compared with 79, in January In April, we opened a monthly record number of new accounts, with total number of banking accounts increasing to , We have also expanded to 45, clients in our ABC platform pilot as of April, compared with approximately 10, in January During the quarter, we have evolved the platform with new features such as payment link and boleto issuance.

Our online business continues to evolve fast, especially during the COVID outbreak, when people started to handle more transactions digitally. These volumes demonstrate the strength of our online business, which was where we started our company in Our processing capabilities, high conversion and availability rates, anti-fraud solutions and easy-to-integrate APIs are based on a single end-to-end technology platform, which was built by our team from the ground up less than eight years ago.

Those capabilities, combined with a high level of service from our dedicated team, has attracted many clients of different sizes and sectors in the digital space since our company started. Besides our evolution in offering a variety of software tools and features to help the brick-and-mortar SMBs sell online, we have an entire business front dedicated to clients that sell mostly online.

We operate our digital business on two main fronts: i our acquiring and PSP Payment Service Provider businesses, in which we authorize and process transactions, and complete the clearing and settlement processes; and ii our agnostic gateway solution, in which we connect online merchants to their acquirer of choice, enabling them to accept a wide variety of electronic payment options. Our PSP solution Pagar. The acquiring part of our digital business, which includes e-commerce clients and online partners, has experienced significant growth since the COVID outbreak.

Despite the strong growth, we have seen no additional chargeback rates arising from the COVID situation. Also, we have no exposure to Airlines sector. In the gateway part of our digital business, we have an agnostic full-featured e-commerce solution Mundipagg that seamlessly connects e-commerce platform operators to the acquirers of their choice and offers a set of robust analytics, reporting and auditing capabilities. We see a big opportunity to grow our acquiring solution in the volumes processed by our gateway.

We believe the online opportunity in Brazil is huge, with e-commerce still a mid-single-digit percent of total retail sales. We are confident that Stone is in a unique position to navigate digital commerce growth and will continue to be the best choice for those looking to sell online, with technology robustness, easy integration, transparency, and the great level of service that is in our DNA.

We continue to provide merchants additional software solutions, integrated with our payments and financial platform, to help them better manage and grow their businesses. Our strategy is twofold. First, we offer some software solutions through our own distribution channel, integrating them with our core SMB operation. Secondly, we also invest in and acquire software companies with great people, scalable technology, and their own distribution channels and we seek to integrate our financial platform into their offerings.

We provide the entrepreneurs of these software companies with financial incentives to make sure our interests are completely aligned over the long-term. We aim to invest in great business models and entrepreneurs, and we are always very diligent regarding valuation discussions to ensure we have accretive deals. In the fourth quarter of we reported that we had over , subscribed clients with at least one of our software solutions.

By mid-May the number of subscribed clients in our software solutions has increased to approximately ,, including 49, new clients brought organically and 53, new clients brought by the recent investments listed below. During , we have invested in some companies that will help us provide even more services to SMBs, including:.

We believe this is an opportunity to provide more fair prices and great level of service for a segment that has been growing significantly in Brazil. The company, which has a network of 15, doctors and manages , lives, offers health plans tailored for SMBs and startups, with an asset-light model in which it bears no insurance risk. Many of our clients do not have satisfactory healthcare plans either for their families or their employees. This investment is very synergistic with our client base.

The company also provides a white-label delivery app for its merchants and has a seamless integrated solution with payments. We believe that the combination of technology, great services and financial solutions in a single provider like Stone has the power to transform the Brazilian small and medium businesses environment.

We define ourselves by the clients we serve, not by the products we offer. That is one of the reasons our vision is to become more and more a software company with financial solutions embedded, as well as a financial services company that provides technology tools to help merchants manage better their businesses and sell more. We are on track to becoming the partner of choice for SMBs in Brazil. Some of the companies we invested in are already helping merchants to go digital and face the current situation caused by the COVID outbreak in the country.

In January, we received regulatory approval to proceed with our partnership with Grupo Globo in the micro merchant space and we closed the deal on March 12th. Despite the challenges brought by the COVID pandemic, in the first quarter of we delivered strong operating performance, as a result of the investments we made, our diligence in allocating capital and the commitment of our team.

Because we launched our TON brand in partnership with Grupo Globo in early March, from now on, we will report the number of TON clients separately in order to provide more clarity to the market about the dynamics in our core SMB market and in the micro-merchant space. We are also reporting separately because of a difference in the way we define active clients in TON versus our SMB customer base.

For TON, the definition of active clients is a client who has transacted over the past 12 months, which is consistent with the way peers define active clients. For SMBs, active clients are defined as those who have transacted over the preceding 90 days. Chart 5 on the left below shows our historical number of active clients including Stone Mais , our previous product for micromerchants, which is the way we reported up to the fourth quarter of The chart on the right chart 6 below shows our total number of active clients excluding our offering to micromerchants Stone Mais up to March and TON after that.

In the fourth quarter of , for example, we had , active clients, including clients using our Stone Mais solution. Excluding Stone Mais clients, our client base in the fourth quarter was ,, mostly comprised of SMBs. The TON brand began operating on March 1st after its first regional marketing campaign and ended the quarter with Take Rate was 1. Compared with the first quarter of , take rate was five basis points lower, mostly explained by higher mix and lower take rate from Key Accounts and COVID related effects, as mentioned above.

The recent improvement we have seen in our TPV growth, See "Update on COVID business-related trends" on page 5 , has been driven both by recovery in TPV from our SMB clients in the hubs, our digital clients and integrated partners, as well as by addition of new clients to our base. Total Revenue and Income growth was driven primarily by the Excluding Other Financial Income, which is mainly comprised of interest on cash, our Total Revenue and Income grew Revenue from our credit solution is accounted for at fair value of credit portfolio and factors in expected delinquency rates.

This decrease was mainly due to the lower base rate, which resulted in lower yields on the Company's cash balance and short-term investments. In our fourth quarter earnings call, prior to the COVID outbreak, we said we would continue to invest in our operations and strategic initiatives, especially in the first half of That is one of the reasons why we have seen Operating Costs and Expenses increase as a percentage of Total Revenue and Income.

We have been redesigning our processes and our structure to adjust to the changes brought by the COVID environment, for example, having our commercial team conduct sales through the phone and chat. We have taken different measures to manage costs and expenses, including reducing our workforce by 1, people, as announced on May 12 th. We will continue to optimize our costs, expenses and capex structure, through measures such as renegotiation of third-party services and systems, rationalization of office space, streamlining of additional processes, among others.

This increase was mainly due to higher depreciation and amortization costs, higher provisions and losses 13 as a percentage of Total Revenue and Income, investments in customer service and last-mile logistics operations, as well as investments in our technology team. This reduction was primarily due to dilution of our personnel expenses.

Compared with 4Q19, Selling Expenses as a percentage of revenues increased by 1. Financial Expenses, Net as a percentage of Revenue increased from This lower share-based compensation expense is mainly explained by the reversion of tax and social charges provisions in relation to the STNE stock devaluation. This reduction is mainly related to i COVID effects, which consist of client incentives, lower credit revenue, mainly due to higher expected delinquency rates, and higher financial expenses related to reinforcement of balance sheet and mark-to-market of corporate bonds in short-term investments; ii selling investment, which consists of investments in the hiring of new salespeople as well as marketing and commissions; iii new products investments, which consists of investments in TON, banking and software solutions; and iv capital structure optimization, as a result of an increased proportion of our prepayment operations being funded by third-party capital e.

The main factors that contributed to the Compared with 4Q19, Adjusted Net Margin was Net Margin decreased by This reduction is mainly due to the same factors mentioned above for the variation in Adjusted Net Income. These metrics consist of transferring the following four working capital items 14 from our operating cash flow to our financing cash flow: i changes in Accounts Payable to Clients; ii changes in Accounts Receivables from Card Issuers; iii Interest Income Received, Net of Costs 15 , which is shown separately in our Cash Flow Statement but is directly linked to the funding of our prepayment operation and iv Loans Held for Sale related to our credit operation see Appendix "Notes on Cash Flows" for further details.

This positive variation is mainly explained by the Company's decisions in face of the COVID crisis to safeguard a higher liquidity pool by rapidly translating more Accounts Receivable into cash. All Listings. Previous Close Open Volume , Shares Out Mil Market Cap Dividend Yield 0. Key Statistics. Extra Items TTM 6. Price To Book Quarterly 2. Executive Leadership Dan F. Smith Independent Chairman of the Board. Corning F.

Painter Chief Executive Officer, Director. Jeffrey F. Glajch Chief Financial Officer. Carlos J. Kerry A. Galvin Independent Director. Paul E. Huck Independent Director. Mary A. Lindsey Independent Director. Didier Miraton Independent Director. Yi Hyon Paik Independent Director. Hans-Dietrich Winkhaus Independent Director. Michel Wurth Independent Director.

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