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    Lucca Marquezini • Itaú BBA

    Lucca Marquezini's questions to Afya Ltd (AFYA) leadership

    Lucca Marquezini's questions to Afya Ltd (AFYA) leadership • Q1 2025

    Question

    Lucca Marquezini questioned the 4% year-over-year growth in the undergrad medical school average ticket, asking if competitive pressures were limiting price hikes. He also asked for the reason behind the decrease in monthly active users in the Medical Practice Solutions segment and the outlook for the year.

    Answer

    CEO Virgilio Deloy Gibbon explained that the 4% average ticket growth was slightly muted by an increased percentage of students in the FIES financing program, which has a retention component, but that actual price increases were higher. CFO Luis Andre Blanco and CEO Gibbon clarified that the drop in monthly active users was an expected result of a strategic shift from the PEBMED portal to the Afya portal, which now requires user sign-ins to gather more detailed data for B2B partnerships, while noting that the number of paying users continues to grow.

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    Lucca Marquezini's questions to Afya Ltd (AFYA) leadership • Q4 2024

    Question

    Lucca Marquezini asked if Afya plans to pursue M&A in the Medical Practice Solutions vertical and if there is a specific type of solution the company is targeting.

    Answer

    CEO Virgilio Deloy Gibbon confirmed that Afya consistently evaluates M&A opportunities across all three business segments, including Medical Practice Solutions, based on strict capital allocation and return criteria. He clarified that they do not target a specific functionality but look for great entrepreneurs and solutions to add to the ecosystem. He also noted that the 2025 guidance does not include any potential acquisitions.

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    Lucca Marquezini's questions to Afya Ltd (AFYA) leadership • Q3 2024

    Question

    Lucca Marquezini asked about the reasons for the revenue growth deceleration in the Continuing Education segment and its outlook for 2025. He also inquired about the company's target for financial leverage and the possibility of a higher dividend payout.

    Answer

    CEO Virgilio Deloy Gibbon explained the Continuing Education slowdown was due to seasonality and a large graduating cohort, with performance expected to improve in 2025. CFO Luis Andre Blanco addressed financial leverage, highlighting the company's strategy of using strong cash flow to deleverage after acquisitions. He noted that while internal discussions about dividends are ongoing, there is currently no change to the policy.

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    Lucca Marquezini's questions to Vasta Platform Ltd (VSTA) leadership

    Lucca Marquezini's questions to Vasta Platform Ltd (VSTA) leadership • Q4 2024

    Question

    Lucca Marquezini inquired about the drivers behind the Q4 decrease in Provision for Doubtful Accounts (PDA) expenses and its sustainability going forward.

    Answer

    Cesar Silva (Executive) explained that while PDA improved to 3.2% of revenue, the company anticipates future credit challenges and expects this figure to rise. Guilherme Melega (Executive) added that historical PDA levels are a more realistic benchmark for future quarters.

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    Lucca Marquezini's questions to Vasta Platform Ltd (VSTA) leadership • Q3 2024

    Question

    Lucca Marquezini inquired about the B2G business unit, which reported no revenue, asking for color on the schedule for upcoming quarters. He also asked for the reasons behind the increase in commercial expenses and what a normalized level might be going forward.

    Answer

    CEO Guilherme Melega explained that B2G contracts were postponed due to municipal elections in Brazil but a 'heated pipeline' exists with revenues expected in Q4 for the 2025 school year. Regarding expenses, he stated that the increase in commercial spending is a direct investment to fuel growth, driven by premium learning systems and complementary products. Melega indicated that the current level, around 12% to 18% of revenues, will likely be the norm to sustain double-digit growth.

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