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    Lucas Nagano • Morgan Stanley

    Lucas Nagano's questions to Vasta Platform Ltd (VSTA) leadership

    Lucas Nagano's questions to Vasta Platform Ltd (VSTA) leadership • Q2 2025

    Question

    Lucas Dai Nagano from Morgan Stanley inquired about the Start Anglo school expansion, asking if all 50 signed contracts are expected to begin operations in 2026. He also requested more detail on the drivers behind the strong growth in non-subscription revenue.

    Answer

    CEO Guilherme Alves Mélega clarified the Start Anglo rollout, explaining that of the 50 signed contracts, eight new units are expected to open in 2026, with the majority of the remainder opening in 2027 and 2028. Regarding non-subscription revenue, he attributed the growth primarily to tuition from the company's two flagship schools and increased enrollment in its prep courses, which were not present in the prior year's results.

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    Lucas Nagano's questions to Vasta Platform Ltd (VSTA) leadership • Q1 2025

    Question

    Lucas Nagano of Morgan Stanley asked for clarification on the B2G segment's revenue recognition, specifically regarding the seasonality of the Pará contract, to better assess the segment's growth potential for the year.

    Answer

    CEO Guilherme Melega explained that the seasonality for the Pará contract is normalizing, with revenue recognition now more aligned with the B2B distribution process. He noted that while specific guidance would not be provided, Vasta has a 'very heated pipeline' with several new contracts expected to be signed, leading the company to work towards 'sound growth' in the B2G segment for 2025.

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    Lucas Nagano's questions to Vasta Platform Ltd (VSTA) leadership • Q4 2024

    Question

    Lucas Nagano of Morgan Stanley inquired about the B2G business, including the value of the renewed Pará contract and the sales pipeline, and also asked for the expected 2025 revenue from the Start Anglo franchise.

    Answer

    Guilherme Melega (Executive) confirmed the Pará B2G contract renewal at approximately BRL 80 million and noted a strong pipeline ahead of the SAEB assessment year. He projected Start Anglo would generate around BRL 25 million in revenue in 2025, with significant growth expected from new school openings.

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    Lucas Nagano's questions to Afya Ltd (AFYA) leadership

    Lucas Nagano's questions to Afya Ltd (AFYA) leadership • Q4 2024

    Question

    Lucas Nagano asked about the competitiveness of the student intake process and for management's perspective on recent regulatory discussions, including potential price monitoring for medical schools and a proposed proficiency exam for physicians.

    Answer

    CEO Virgilio Deloy Gibbon described the 2025 intake as highly successful, with strong candidate-to-seat ratios driven by the growing Afya brand. On regulation, he stated that Afya supports measures that raise quality, such as a proficiency exam. Regarding price controls, he noted that higher education pricing is governed by a stable federal law from 1999 and it is too early to assess the impact of recent political commentary.

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    Lucas Nagano's questions to Afya Ltd (AFYA) leadership • Q3 2024

    Question

    Lucas Nagano asked about the variance in tuition increases and candidate-per-seat ratios across Afya's portfolio. He also followed up on capital allocation, specifically how a potential redemption of the SoftBank debt would impact M&A versus debt paydown priorities.

    Answer

    CEO Virgilio Deloy Gibbon confirmed that tuition increases vary by institution but average 5.1% for 2025, with overall candidate demand tracking significantly better than the prior year. CFO Luis Andre Blanco stated that the SoftBank debt redemption option is not until May 2026 and that the company could easily refinance or repay it with operating cash flow, indicating it would not derail their capital allocation strategy.

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    Lucas Nagano's questions to Laureate Education Inc (LAUR) leadership

    Lucas Nagano's questions to Laureate Education Inc (LAUR) leadership • Q4 2024

    Question

    Lucas Nagano asked if the substantially lower tax rate seen in 2024 should be considered the new run rate. He also questioned whether the positive enrollment performance from the second half of last year in Peru could be maintained during the current primary intake cycle.

    Answer

    Rick Buskirk, CFO, clarified that after adjusting for non-cash FX gains and a discrete tax item, the run-rate effective tax rate is approximately 40%. Eilif Serck-Hanssen, President and CEO, addressed the Peru intake, stating that while the market is improving, they are seeing some lingering effects from the recent recession, particularly in the price-sensitive value segment.

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    Lucas Nagano's questions to Laureate Education Inc (LAUR) leadership • Q3 2024

    Question

    Lucas Nagano inquired about the specific drivers of the operational upside in the updated guidance and asked for details on capital allocation priorities for free cash flow beyond the newly announced share buyback program.

    Answer

    CFO Rick Buskirk stated the guidance increase was primarily due to flowing through the Q3 revenue outperformance for the remainder of the year, along with a timing shift of approximately $10 million in expenses from Q3 to Q4. CEO Eilif Serck-Hanssen reiterated the company's focus on returning capital to shareholders, highlighting the completion of one $100 million buyback program and the recent board approval for another, which will bring total capital returned since 2019 to nearly $3 billion.

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