Stocks PAX Financial statements
Financial statementsPatria Investments Ltd financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Patria Investments Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2023 | |
|---|---|---|---|---|---|---|---|
| Revenue | 106 | 123 | 115 | 236 | 259 | 328 | 374 |
| Gross profit | 64.4 | 80.3 | 81.8 | 149 | |||
| General and administrative | 17.9 | 15.7 | 14.6 | 14.3 | 31.2 | 39.2 | 46.7 |
| Operating income | 46.5 | 64.6 | 65.2 | 122 | |||
| Interest expense | 1.12 | 1.48 | 4.75 | 10.7 | 38.5 | ||
| Interest income | 0.93 | 1.19 | 12.9 | 8.99 | 17.9 | ||
| Pre-tax income | 46.5 | 64.5 | 65 | 122 | 102 | 118 | 86 |
| Income tax | 1.99 | 3.51 | 3.14 | 0.38 | 8.35 | -2.82 | 10.3 |
| Net income to minority interests | 0.8 | 2.4 | -0.37 | -1.29 | 1.15 | 2.42 | 3.81 |
| Net income | 43.7 | 58.5 | 62.2 | 122 | 93 | 118 | 71.9 |
| EPS, basic | 0.43 | 0.53 | 0.53 | 0.90 | 0.63 | 0.80 | 0.47 |
| EPS, diluted | 0.43 | 0.53 | 0.53 | 0.90 | 0.63 | 0.80 | 0.47 |
Balance sheet
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2023 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 2.35 | 4.12 | 14.1 | 15.3 | 26.5 | 16.1 | 33.4 |
| Short-term investments | 20 | 9.93 | 152 | 286 | 205 | 59 | |
| Receivables | 11 | 24 | 97.1 | 125 | 127 | 217 | |
| Total current assets | 56.8 | 53.7 | 352 | 480 | 402 | 373 | |
| Property, plant and equipment | 3.37 | 6.46 | 3.82 | 13.4 | 24.6 | 28.2 | 32.6 |
| Lease right-of-use assets | 5.13 | 4.18 | 8.16 | 15.3 | 14.5 | 21 | |
| Intangible assets | 31.6 | 25.5 | 22.4 | 359 | 412 | 487 | 701 |
| Total assets | 115 | 107 | 761 | 976 | 1,012 | 1,206 | |
| Total current liabilities | 19 | 44 | 156 | 338 | 397 | 397 | |
| Lease liabilities | 1.89 | 0.8 | 6.91 | 13.9 | 12.8 | 18.7 | |
| Total liabilities | 26.1 | 48.1 | 197 | 463 | 490 | 715 | |
| Paid-in capital | 1.56 | 1.56 | 485 | 485 | 501 | 576 | |
| Retained earnings | 85.5 | 62 | 87.9 | 77.6 | 50.8 | 0 | |
| Shareholders' equity | 81.2 | 57.3 | 564 | 553 | 542 | 481 | |
| Minority interests | 7.59 | 1.76 | 0 | -39.3 | -21.1 | 9.85 | |
| Total equity | 78.3 | 88.7 | 59.1 | 564 | 513 | 521 | 491 |
| Total liabilities and equity | 115 | 107 | 761 | 976 | 1,012 | 1,206 |
Cash flow statement
| FY2018 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2023 | |
|---|---|---|---|---|---|---|---|
| Net income | 44.5 | 60.9 | 61.8 | 121 | 94.1 | 121 | 75.7 |
| Cash from operations | 39.5 | 44.5 | 52.7 | 108 | 81.1 | 157 | 146 |
| Capital expenditures | -1.01 | -0.15 | -0.16 | -1.55 | -5.44 | -5.87 | -3.61 |
| Cash from investing | 7.81 | 11.3 | 23.5 | -284 | -189 | 62.2 | 25.3 |
| Dividends paid | -38 | -46.9 | -64.5 | -120 | -103 | ||
| Cash from financing | -48 | -53.8 | -66.2 | 178 | 119 | -230 | -152 |
| Exchange rate effect | -0.29 | -0.18 | -0.04 | -0.01 | 1 | 0.27 | -2.24 |
| Net change in cash | -0.98 | 1.77 | 9.93 | 1.21 | 11.3 | -10.5 | 17.4 |
| Free cash flow | 38.5 | 44.3 | 52.5 | 106 | 75.6 | 151 | 142 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 23.0% | Pre-tax income / revenue. |
| Net margin | 19.2% | Net income / revenue. |
| FCF margin | 38.0% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 39.0% | Cash from operations / revenue. |
| Effective tax rate | 12.0% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 14.0% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 6.5% | Net income / average total assets. |
| Capex / revenue | 1.0% | Capital expenditures / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 14.2% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 16.7% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 24.9% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -39.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -16.3% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 4.2% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -41.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -19.7% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -2.6% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -6.9% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 10.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 26.8% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -5.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 10.3% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 26.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -11.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | -5.2% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 42.8% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 19.2% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 16.6% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 60.0% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.94x | Current assets / current liabilities. |
| Quick ratio | 0.78x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.23x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 59.3% | Total liabilities / total assets. |
| Working capital | -$24.7M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 58.1% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$219.8M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.34x | Revenue / average total assets. |
| Fixed asset turnover | 12.3x | Revenue / average property, plant and equipment. |
| Receivables turnover | 2.17x | Revenue / average receivables. |
| Days sales outstanding | 168 days | 365 x average receivables / revenue. |
| FCF conversion | 198.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 2.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.47 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $0.47 | Net income per basic share, as reported (split-adjusted). |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.66B | Share price x shares outstanding. |
| Enterprise value | $1.57B | Market cap + total debt - cash - short-term investments. |
| P/E | 23.1x | Market cap / net income. Only when net income is positive. |
| P/S | 4.44x | Market cap / revenue. |
| P/B | 3.45x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 11.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.4x | Market cap / cash from operations, when positive. |
| EV/Sales | 4.19x | Enterprise value / revenue. |
| EV/FCF | 11.0x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.6% | Free cash flow / market cap. |
| Earnings yield | 4.3% | Net income / market cap (the inverse of P/E). |
What was Patria Investments Ltd's revenue in fiscal 2023?
Patria Investments Ltd reported revenue of $374.2M for fiscal 2023, 14.2% higher than the year before.
Was Patria Investments Ltd profitable in fiscal 2023?
Yes. Net income was $71.9M, a net margin of 19.2%.
How much free cash flow did Patria Investments Ltd generate in fiscal 2023?
Cash from operations of $145.9M minus capital expenditures of $3.6M left free cash flow of $142.3M.