Arco Platform Limited

NasdaqGS:ARCE Lagerbericht

Marktkapitalisierung: US$929.0m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Arco Platform Balance Sheet Health

Finanzielle Gesundheit Kriterienprüfungen 2/6

Arco Platform hat ein Gesamteigenkapital von R$2.7B und eine Gesamtverschuldung von R$1.9B, wodurch sich der Verschuldungsgrad auf 69.1% beläuft. Die Gesamtaktiva und Gesamtpassiva betragen R$6.4B bzw. R$3.7B. Arco Platform Das EBIT des Unternehmens beträgt R$120.1M, so dass der Zinsdeckungsgrad 0.3 beträgt. Das Unternehmen verfügt über Barmittel und kurzfristige Anlagen in Höhe von R$517.5M.

Wichtige Informationen

69.13%

Verhältnis von Schulden zu Eigenkapital

R$1.89b

Verschuldung

Zinsdeckungsgrad0.3x
BargeldR$517.46m
EigenkapitalR$2.73b
GesamtverbindlichkeitenR$3.71b
GesamtvermögenR$6.44b

Jüngste Berichte zur Finanzlage

Analyseartikel • Aug 09

Does Arco Platform (NASDAQ:ARCE) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • Oct 07

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Extensively

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • Jun 12

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analyseartikel • Nov 13

Is Arco Platform (NASDAQ:ARCE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analyseartikel • Jul 29

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Recent updates

Analyseartikel • Aug 09

Does Arco Platform (NASDAQ:ARCE) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • May 04

Be Wary Of Arco Platform (NASDAQ:ARCE) And Its Returns On Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Analyseartikel • Oct 07

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Extensively

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha • Sep 08

Arco Platform: Still A Pricey 'EdTech' Play

Summary Arco Platform is a Brazilian edtech play riding some attractive secular tailwinds in the region. Headline margins clouded its Q2 numbers, but adjusted for one-offs, the underlying business looks very strong coming out of the pandemic. The fundamentals look great, but the stock is at a wide relative valuation premium, and investors might be better off waiting for a better entry point. Brazilian edtech company, Arco Platform (ARCE), posted another quarter of solid operating results, featuring strong revenue growth and resilient EBITDA margins (excluding one-offs), as well as a positive sales cycle update for next year. While the inflationary environment in Brazil could weigh on future results, Arco will likely be one of the more resilient LatAm edtech players, given its pricing power and focus on operating efficiency. That said, I have concerns about its leveraged balance sheet, which could result in P&L headwinds in a prolonged high-interest rate backdrop. So even with the recent improvement in FCF generation, Arco could end up spending most of its cash flow on financial expenses in the coming years. On a YTD basis, Arco stock has sold off more than premium higher education peer Afya (AFYA), as well as peers in the mass category like Yduqs (YDUQY), but with the stock still at a lofty relative premium, I would hold off on valuation grounds for now. ARCE PE Ratio (Forward) data by YCharts Stronger ACV Recognition Drives Revenue Outperformance Coming off two pandemic-impacted years of weaker growth in 2020 and 2021, Arco's recent results signal the start of a new growth cycle. In Q2 2022, net revenues came in well ahead of expectations at R$412mn (+61% YoY and +47% organic YoY). In turn, these numbers equate to an impressive ~26% of full-year annual contract value ((ACV)), well above the prior 20%-22% guidance range. The core solutions business was the key driver at R$367mn (+83% YoY), and while supplemental sales were down 20% YoY at R$45m, this was largely down to timing as most of the segment revenue is booked for Q4 2022. On a cycle-to-date basis, the strong revenue numbers mean Arco has now recognized >80% of its full-year ACV. This implies the remainder of its revenues will be recognized over the next quarter or so, given the annual profile of Arco's business (i.e., the school year from Q4 2021 to Q3 2022). In other words, Q3 will likely see lower expected revenues on a QoQ basis at ~R$260m or so, assuming full-cycle revenue approximates ACV (per guidance). Arco Platform One-Offs Skew Headline Margins but Underlying Expansion Intact Despite the solid organic growth in Q2, Arco's headline operating margins were well below expectations on a larger-than-usual volume of late orders from schools with late enrollments. This forced Arco to incur smaller and higher-cost printing lots as well as less efficient transportation shipping modes - hence, gross margin came down by ~230bps YoY. Elsewhere, selling expenses were also up ~54% YoY on more in-person events, offsetting any benefits from a net reversal of bad-debt provisions this quarter. G&A was a positive highlight, though, moving down ~410bps YoY to ~16% of revenue on increased back-office integration. While the headline numbers were far from impressive, adjusting for the impact of negative one-offs (~R$8m in M&A expenses and ~R$4m in share-based compensation, along with the transitory impact of late orders this quarter) yields a different picture. On an adjusted basis, Arco's EBITDA margin would have been a resilient 31.4% (+320bps YoY expansion) - a notable divergence from the R$100m accounting EBITDA and 24.4% margin for the quarter. Arco Platform Operating cash flow numbers should give investors comfort as well - even after accounting for capex, cash flow would have been up on a YoY and QoQ basis. This wasn't a light quarter for capex either - Arco's organic capex reached ~R$43m in Q2 (up 10% YoY), although, at 10.5% of net revenues (vs. 15.4% last year), capex intensity is noticeably lower YoY. With the 2022 guidance calling for capex at 10-12% of net revenues as well, expect a consistent run-rate through year-end. This bodes well for the free cash flow outlook, which has more than doubled YoY and QoQ after accounting for organic capex. That said, movements on the financing cash flow side will be worth watching, in particular, M&A disbursements and interest payments, both of which drove net debt (including leasing and M&A payables) up to R$2.43bn this quarter. Unless Arco de-levers quickly, upcoming rate hikes could result in higher interest payments, weighing on the P&L. That said, Arco is making good progress in extracting synergies from recent acquisitions (~R$30m in G&A in H1 2022), with an incremental ~ R$10m in G&A synergies slated for H2 2022 as management further streamlines expenses related to third parties, corporate personnel, and software. On balance, the reiterated full-year guidance for an adj EBITDA margin of 36.5%-38.5% and capex of 10-12% of revenue looks very achievable (if not a tad conservative) as the post-pandemic growth engine picks up steam. Arco Platform 2023 Sales Cycle Gaining Traction Building on the recent strength, the outlook for next year's ACV cycle looks good as well. Per management, YTD renewals and core sales growth (from new schools and upselling) are largely within expectations (i.e., in line with 2022), but supplemental sales have shown signs of outperformance. Cross-selling contracts originated by referrals within Arco's sales teams are another area to look out for, having risen +40% YoY. Of note, management cited on the call (replay here) that about half of renewals have been completed at higher prices as well, indicating the underlying pricing power of the Arco model. Thus, it came as no surprise that management reaffirmed the guidance of fully delivering ACV bookings for the school year, with this cycle's (Q4 2021-Q3 2022) revenue set to converge to ACV of R$1.56bn.
Analyseartikel • Aug 30

Investors Could Be Concerned With Arco Platform's (NASDAQ:ARCE) Returns On Capital

There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...
Seeking Alpha • Aug 26

Arco plunges after Credit Suisse lowers rating

Education sector technology company Arco Platform (NASDAQ:ARCE) is trading 11% lower after brokerage credit Suisse downgraded rating to neutral from outperform. Last week, the company stock were down after reporting Q2 results, impacted by late orders from schools. "The typical high level of late orders placed by partner schools in the beginning of the year led to part of such content being delivered in early April, therefore explaining the strong revenue recognition in the quarter," CFO Roberto Otero said last Friday. (ARCE) has been down ~40% YTD and is currently trading close to its 52-week low of $12.84. The stock fell 11% to $12.95.
Analyseartikel • Jun 12

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analyseartikel • May 07

Arco Platform (NASDAQ:ARCE) Could Be Struggling To Allocate Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...
Analyseartikel • Apr 02

Are Investors Undervaluing Arco Platform Limited (NASDAQ:ARCE) By 28%?

Today we will run through one way of estimating the intrinsic value of Arco Platform Limited ( NASDAQ:ARCE ) by...
Analyseartikel • Nov 13

Is Arco Platform (NASDAQ:ARCE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analyseartikel • Sep 04

Arco Platform (NASDAQ:ARCE) Could Be Struggling To Allocate Capital

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analyseartikel • Jul 29

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analyseartikel • May 10

Investors Could Be Concerned With Arco Platform's (NASDAQ:ARCE) Returns On Capital

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to...
Analyseartikel • Apr 13

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analyseartikel • Mar 18

Reflecting on Arco Platform's (NASDAQ:ARCE) Share Price Returns Over The Last Year

It's easy to match the overall market return by buying an index fund. But if you buy individual stocks, you can do both...
Analyseartikel • Feb 20

Does The Market Have A Low Tolerance For Arco Platform Limited's (NASDAQ:ARCE) Mixed Fundamentals?

Arco Platform (NASDAQ:ARCE) has had a rough three months with its share price down 14%. It is possible that the markets...
Analyseartikel • Dec 30

Arco Platform (NASDAQ:ARCE) Seems To Use Debt Quite Sensibly

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analyseartikel • Dec 04

Earnings Miss: Arco Platform Limited Missed EPS And Analysts Are Revising Their Forecasts

It's been a sad week for Arco Platform Limited ( NASDAQ:ARCE ), who've watched their investment drop 10% to US$37.46 in...
Analyseartikel • Dec 02

If You Had Bought Arco Platform's (NASDAQ:ARCE) Shares A Year Ago You Would Be Down 13%

Arco Platform Limited ( NASDAQ:ARCE ) shareholders should be happy to see the share price up 11% in the last month. But...

Analyse der Finanzlage

Kurzfristige Verbindlichkeiten: ARCEDie kurzfristigen Aktiva des Unternehmens (R$1.8B) übersteigen seine kurzfristigen Passiva (R$1.5B).

Langfristige Verbindlichkeiten: ARCEDie kurzfristigen Vermögenswerte des Unternehmens (R$1.8B) decken seine langfristigen Verbindlichkeiten (R$2.2B) nicht.

Geschichte und Analyse des Verhältnisses von Schulden zu Eigenkapital

Verschuldungsgrad: ARCEDie Nettoverschuldung im Verhältnis zum Eigenkapital (50.2%) wird als hoch angesehen.

Schulden abbauen: ARCEDas Verhältnis von Schulden zu Eigenkapital ist in den letzten 5 Jahren von 0% auf 69.1% gestiegen.

Bilanz

Liquiditätsreserve-Analyse

Bei Unternehmen, die in der Vergangenheit im Durchschnitt Verluste gemacht haben, wird geprüft, ob sie über einen Liquiditätsvorlauf von mindestens einem Jahr verfügen.

Stabile Start- und Landebahn für Bargeld: ARCE auf der Grundlage seines derzeitigen freier Cashflows über eine ausreichende Liquiditätsreserve für mehr als ein Jahr verfügt.

Vorhersage Cash Runway: Unzureichende Daten, um festzustellen, ob ARCE über genügend Cash Runway verfügt, wenn sein freier Cashflow auf der Grundlage historischer Raten weiter wächst oder schrumpft.

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Unternehmensanalyse und Finanzdaten Status

DatenZuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse2023/12/11 16:27
Aktienkurs zum Tagesende2023/12/06 00:00
Gewinne2023/06/30
Jährliche Einnahmen2022/12/31

Datenquellen

Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.

PaketDatenZeitrahmenBeispiel US-Quelle *
Finanzdaten des Unternehmens10 Jahre
  • Gewinn- und Verlustrechnung
  • Kapitalflussrechnung
  • Bilanz
Konsensschätzungen der Analysten+3 Jahre
  • Finanzielle Vorausschau
  • Kursziele der Analysten
Marktpreise30 Jahre
  • Aktienkurse
  • Dividenden, Splits und Aktionen
Eigentümerschaft10 Jahre
  • Top-Aktionäre
  • Insiderhandel
Verwaltung10 Jahre
  • Das Führungsteam
  • Direktorium
Wichtige Entwicklungen10 Jahre
  • Ankündigungen des Unternehmens

* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.

Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.

Analysemodell und Schneeflocke

Einzelheiten zu dem Analysemodell, mit dem dieser Bericht erstellt wurde, finden Sie auf unserer Github-Seite. Außerdem bieten wir Leitfäden zur Verwendung unserer Berichte und Tutorials auf YouTube an.

Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.

Metriken für Industrie und Sektor

Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.

Analysten-Quellen

Arco Platform Limited wird von 7 Analysten beobachtet. 2 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.

AnalystEinrichtung
Frederico MendesBofA Global Research
Frederico MendesBradesco S.A. Corretora de Títulos e Valores Mobiliários
Samuel Campos AlvesBTG Pactual