Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 192

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 192
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 is mainly attributable to an increase in account receivables (US$78 million) related to performance fee inflows incurred in December 2024. This amount was partially offset by the following items: (i) consideration payable adjustments (US$32 million) mainly related to VBI, (ii) shared based incentive plan (US$17.6 million), and (iii) other assets and liabilities (US$ 32.1 million) mainly related to TRIA energy trading contracts to be settled and to business combination with GPMS and Nexus (US$ 5.6 million).

Our net cash flows from operating activities increased by US$75.7 million, from US$81.1 million for the year ended December 31, 2022 to US$156.7 million for the year ended December 31, 2023, which is mainly attributable to net income growth (US$26.7 million), carried interest allocation (US$ 18.4 million) and personnel and related taxes (US$15.3 million).

Investing Activities

Our net cash flows used in investing activities decreased by US$36.9 million, from US$62.2 million used in the year ended December 31, 2023 to US$25.3 million cash provided by investing activities for the year ended December 31, 2024, primarily due to proceeds from redemptions from the SPAC's trust account (US$76.1 million) offset by acquisition of subsidiaries (net of cash acquired) which totalized US$105.5 million.

Regarding previous year, our net cash flows used in investing activities increased by US$251.8 million, from US$189.3 million used in the year ended December 31, 2022 to US$62.5 million cash provided by investing activities for the year ended December 31, 2023, primarily due to the previous year investment of the proceeds from the SPAC's initial public offering into its trust account. Excluding this non-recurring event, the remaining increase in cash flow from investing activities are a result of less cash used in acquisition-related activity in 2023 compared to 2022. In addition, there were redemptions from the SPAC trust account by its shareholders. This movement was partially offset by a lower liquidation rate of our short term investments during 2023 compared to 2022.

Financing Activities

Our net cash flows from financing activities increased US$77.9 million, from net cash