Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 191

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 191
---
, respectively. We have included US$54.1 million, US$187.4 million and US$240.3 million as of December 31, 2024, 2023 and 2022 respectively related to short-term investments held in a trust account that is restricted to be used for purposes of completing an initial business combination or redemption of public shares of the SPAC in our cash, cash equivalents and short-term investments as of December 31, 2024. During the year ended December 31, 2024, there were redemptions by the SPAC shareholders from the trust account of US$141 million. We believe that our current available cash, cash equivalents, financial investments and cash flows from our operating activities will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next 12 months, which mainly consists of:

• paying operating costs, including compensation and bonuses; and

• paying dividends to our shareholders.

  Patria Investments Limited      127  

  Table of Contents  

Our current liabilities exceeded our current assets as of December 31, 2024. This position results from the recognition of payables from business combinations concluded for the year ended December 31, 2024. In order to meet our cash requirements to sustain our inorganic growth strategy for the next 12 months we may be required to use a mix of available cash, cash equivalents, financial investments, equity and/or credit lines.

The following table shows the generation and use of cash for the year ended December 31, 2024, 2023 and 2022:

                                                           For the Years Ended                            
                                                                   December 31                            
                                                                          2024         2023         2022  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                             (in US$ millions)                            
  Cash flows provided by operating activities                            145.9        156.7         81.1  
  Cash flows provided by/used in investing activities                     25.3         62.2      (189.3)  
  Cash flows provided by/used in financing activities                  (151.7)      (229.6)        118.5  

Operating Activities

Our net cash flows from operating activities decreased by US$10.8 million, from US$156.7 million for the year ended December 31, 2023 to US$145.9 million for the year ended December 31, 2024, which