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    Marcelo Santos • JPMorgan Chase & Co.

    Marcelo Santos's questions to Afya Ltd (AFYA) leadership

    Marcelo Santos's questions to Afya Ltd (AFYA) leadership • Q2 2025

    Question

    Marcelo Santos from JPMorgan Chase & Co. asked about the medical business, focusing on the competitive landscape for the second-half student intake and the reasons for medical ticket growth being slightly below inflation.

    Answer

    CEO Virgilio Gibbon acknowledged that competition was higher for the second-half intake, leading to a lower candidate-to-seat ratio, but confirmed Afya maintained 100% occupancy without offering additional discounts. He explained that net ticket growth was impacted by a higher mix of students using Fies government financing, which carries a discount, even though gross tuition fees were increased above inflation.

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    Marcelo Santos's questions to Afya Ltd (AFYA) leadership • Q1 2025

    Question

    Marcelo Santos asked for an update on the Continuing Education segment, noting its revenue trend was improving but still in the single digits, and inquired about the full-year expectation. He also asked about the performance and seasonality of the B2B business within Medical Practice Solutions.

    Answer

    CEO Virgilio Deloy Gibbon explained that Continuing Education saw strong intake in high-ticket graduate programs but faced tough competition in lower-ticket residency prep, resulting in growth near 10%, which is expected to persist for the year. CFO Luis Andre Blanco addressed the B2B question by noting seasonality in pharmaceutical contracts, with Q4 being stronger than Q1. He highlighted the 16% growth in Q1 2025 as a strong start, especially compared to a decrease in the prior-year period, and expressed confidence in the business.

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    Marcelo Santos's questions to Afya Ltd (AFYA) leadership • Q3 2024

    Question

    Marcelo Santos inquired about the current M&A environment, particularly how the increased supply of approved medical seats is affecting negotiations, and about the competitive landscape for student intake and tuition pricing.

    Answer

    CFO Luis Andre Blanco addressed M&A, stating that the larger pool of potential targets is creating an environment where future acquisitions may be secured at lower multiples than recent deals. CEO Virgilio Deloy Gibbon discussed the competitive environment, noting that Afya continues to increase tuition at least by inflation and is seeing significantly stronger candidate demand and enrollment rates for the 2025 intake compared to the prior year.

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    Marcelo Santos's questions to Vasta Platform Ltd (VSTA) leadership

    Marcelo Santos's questions to Vasta Platform Ltd (VSTA) leadership • Q2 2025

    Question

    Marcelo Peev Santos from JPMorgan Chase & Co. inquired about the current commercial cycle's competitive environment for both core and complementary solutions. He also asked for an outlook on B2G (business-to-government) contracts and whether the upcoming election year is typically favorable or unfavorable for securing such deals.

    Answer

    CEO Guilherme Alves Mélega responded, stating that the commercial cycle for 2026 has a positive outlook, with strong demand for complementary products like bilingual and social-emotional learning, which are growing over 20%. He noted that the B2G strategy is performing well, with 10 new municipal customers added. Regarding the election year, Mélega suggested that since their services are important, it likely wouldn't be a problem and could even create new opportunities with incoming officials.

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    Marcelo Santos's questions to Vasta Platform Ltd (VSTA) leadership • Q4 2024

    Question

    Marcelo Santos of JPMorgan Chase & Co. requested the 2025 outlook for Annual Contract Value (ACV) growth and adjusted EBITDA margins, following a flat margin performance in 2024.

    Answer

    Guilherme Melega (Executive) projected 2025 ACV growth to be similar to 2024's 14%, driven by price increases and strong complementary product sales. He also stated that the company targets a 30% adjusted EBITDA margin and anticipates slight improvements from scale and sales mix.

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    Marcelo Santos's questions to Vasta Platform Ltd (VSTA) leadership • Q3 2024

    Question

    Marcelo Santos asked about the competitive environment, specifically if any changes occurred after a main competitor went private. He also requested directional indicators on how the Annual Contract Value (ACV) is shaping up for the next sales cycle.

    Answer

    CEO Guilherme Melega responded that Vasta has not seen any significant change in the competitive environment. He emphasized the strength of Vasta's premium brand portfolio and the leverage from its new Plurall AI technology, which is being priced into the next ACV. Melega stated that for the 2025 cycle, the company 'definitely expect[s] a higher growth from the previous cycle,' forecasting 'higher double digit' growth on top of the 12.5% just reported.

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    Marcelo Santos's questions to Telefonica Brasil SA (VIV) leadership

    Marcelo Santos's questions to Telefonica Brasil SA (VIV) leadership • Q1 2025

    Question

    Marcelo Santos asked for more color on back-book price increases implemented during the year compared to prior years and questioned Vivo's current stance on M&A, specifically if deals in the broadband area were being considered.

    Answer

    Executive Christian Gebara provided a detailed breakdown of recent price increases for postpaid (5.7%), hybrid (7.2%), and fiber (4.5%) plans, noting that some key adjustments occurred in April, after the close of Q1. On M&A, he confirmed Vivo is actively pursuing small digital service acquisitions and remains open to fiber consolidation, but has not yet found a target that meets its strict criteria regarding network quality, customer base overlap, and valuation.

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    Marcelo Santos's questions to Telefonica Brasil SA (VIV) leadership • Q4 2024

    Question

    Marcelo Santos from JPMorgan Chase & Co. asked about the potential margin profile for the 1.2 million copper customers after migration and what new tools the company has to accelerate this process.

    Answer

    Executive Christian Gebara explained that the key change is that Vivo now has a legal mandate to migrate customers, enabling a much faster process than the previous optional approach. Executive David Sanchez-Friera added that since many customers are already in the fiber footprint, their margins could become similar to a traditional telco customer once they are off the expensive, highly regulated copper network, which will immediately impact OpEx and CapEx positively.

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    Marcelo Santos's questions to Telefonica Brasil SA (VIV) leadership • Q2 2024

    Question

    Marcelo Santos questioned the drivers behind the accelerated pace of broadband net additions and the reasons for the recent pickup in FTTH ARPU, asking whether it was due to competitive dynamics or internal factors.

    Answer

    Executive Christian Gebara attributed the strong broadband performance to a well-executed strategy, resulting in the highest net additions in six quarters. He emphasized that this was driven by both higher gross adds and lower churn, with the Vivo Total convergent offer being a key factor. Gebara explained that the FTTH ARPU increase is a result of strong demand for higher speeds and bundled services, which Vivo's premium brand and superior customer experience enable it to provide effectively.

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    Marcelo Santos's questions to Millicom International Cellular SA (TIGO) leadership

    Marcelo Santos's questions to Millicom International Cellular SA (TIGO) leadership • Q1 2025

    Question

    Marcelo Santos inquired about the competitive landscape in the Central American fixed business, specifically regarding pressure from América Móvil, churn trends, and the approximate mix of fiber connections in the home customer base.

    Answer

    CEO Marcelo Benitez explained the company's node-by-node strategy, which focuses on quality and has led to consistent positive net adds. He stated that while competitors are investing, the company does not see an adverse impact on its market share and expects the fixed business to return to positive revenue growth soon.

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    Marcelo Santos's questions to Millicom International Cellular SA (TIGO) leadership • Q4 2024

    Question

    Marcelo Santos inquired about Millicom's key priority of accelerating growth in 2025, asking for specifics on which markets and segments would drive improvement and the potential impact on OpEx, CapEx, and margins.

    Answer

    CEO Marcelo Benitez explained that growth will be driven by the mobile business, particularly through postpaid migration and monetizing prepaid data traffic, alongside a recovery in the home segment and steady B2B performance. He stated that CapEx levels would be sustained through a granular, demand-based investment approach, preventing pressure on margins. Benitez identified Costa Rica and Bolivia as the most challenging markets for 2025.

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    Marcelo Santos's questions to Millicom International Cellular SA (TIGO) leadership • Q3 2024

    Question

    Marcelo Santos from JPMorgan Chase & Co. inquired about the 2025 CapEx outlook, asking for the key moving parts and whether it includes an acceleration in home business deployment. He also requested a deeper analysis of the challenges and opportunities within the Colombian fixed-line (home) business.

    Answer

    Executive Marcelo Benitez detailed the 2025 CapEx strategy, stating it prioritizes network capacity based on granular demand analysis and includes commercial CapEx to support net-add growth. For the Colombia home business, he explained that strong gross adds are driven by an expanded network footprint and a simplified commercial approach. He noted that revenue recovery is slower due to the lower ARPU of FMC bundles and a shift towards broadband-only customers, which have better margins but lack TV revenue.

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    Marcelo Santos's questions to MercadoLibre Inc (MELI) leadership

    Marcelo Santos's questions to MercadoLibre Inc (MELI) leadership • Q1 2025

    Question

    Marcelo Santos requested an update on MercadoLibre's logistics plan, with a particular focus on Brazil and any new developments regarding the deployment of distribution centers.

    Answer

    Ariel Szarfsztejn, EVP of Commerce, clarified that there were no significant changes to the previously announced logistics plan. He affirmed the company's commitment to expanding its fulfillment footprint to meet demand but noted no major new deployments were announced this quarter. Osvaldo Giménez, EVP of Fintech, added that logistics CapEx as a percentage of revenue remained consistent with the prior year.

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    Marcelo Santos's questions to MercadoLibre Inc (MELI) leadership • Q4 2024

    Question

    Marcelo Santos followed up on the balance between growth and profitability, asking for further discussion on how MercadoLibre views this trade-off going forward.

    Answer

    Martin de Los Santos (CFO) reiterated the company's long-term strategy, emphasizing the vast opportunities in Commerce and FinTech. He stated that MercadoLibre will continue to make strategic investments, such as in logistics and credit cards, which may cause short-term margin pressure. He stressed that the business is not managed for quarterly margin targets but for long-term value, expecting margins to improve over time with scale.

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    Marcelo Santos's questions to MercadoLibre Inc (MELI) leadership • Q3 2024

    Question

    Marcelo Santos requested a comparison of the credit card business experience in Brazil versus Mexico, asking about differences in NIMAL, NPLs, and customer frequency.

    Answer

    Executive Osvaldo Giménez detailed key differences, noting that the Mexico launch benefited from lessons learned in Brazil, leading to a faster ramp-up. He highlighted that Brazil has higher credit card penetration, while Mexico has less public credit scoring data, requiring more reliance on internal models. He also pointed out structural differences in working capital requirements, with Mexico's next-day settlement demanding more capital than Brazil's 30-day cycle.

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    Marcelo Santos's questions to Tim SA (TIMB) leadership

    Marcelo Santos's questions to Tim SA (TIMB) leadership • Q1 2025

    Question

    Marcelo Santos requested clarification on mobile service revenue growth, asking for details on the impact of advancing the postpaid price increase into Q1 and specifics about its implementation, such as timing and the portion of the customer base affected.

    Answer

    CEO Alberto Griselli explained that strong postpaid growth resulted from three factors: back-book price adjustments, prepaid-to-control migration, and control-to-postpaid migration. He confirmed that an earlier price hike seasonality contributed to Q1's strength but clarified that it was applied to a subset of the customer base, not the entirety, and that growth will likely moderate in subsequent quarters as is typical.

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    Marcelo Santos's questions to Tim SA (TIMB) leadership • Q4 2024

    Question

    Marcelo Santos inquired about the key macroeconomic assumptions, particularly for inflation and foreign exchange, embedded in the new 2025-2027 guidance, and asked for the outlook and strategic initiatives for the prepaid segment.

    Answer

    CEO Alberto Griselli explained that the guidance was updated to reflect current, volatile inflation trends. Regarding the prepaid segment, he noted that performance is affected by strategic migrations to postpaid plans and a shrinking overall recharge market. Griselli highlighted a tough Q4 comparative base due to a prior year price increase and confirmed that the company is actively revamping its prepaid offer, communication, and channel strategy to improve future performance.

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    Marcelo Santos's questions to Tim SA (TIMB) leadership • Q2 2024

    Question

    Marcelo Santos of JPMorgan Chase & Co. questioned the decision to maintain the service revenue growth guidance despite two consecutive quarters of outperformance and inquired about the future outlook for lease payments and tower renegotiations.

    Answer

    CEO Alberto Griselli explained that the guidance is maintained due to expectations of a tougher comparison base in the second half, the less intense effect of postpaid price increases compared to last year, and evolving prepaid dynamics. CFO Andrea Viegas added that lease payments are expected to increase slightly in the second half due to inflation adjustments, though some benefits from decommissioning and ongoing tower renegotiations persist.

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    Marcelo Santos's questions to VTEX (VTEX) leadership

    Marcelo Santos's questions to VTEX (VTEX) leadership • Q1 2025

    Question

    Marcelo Santos inquired about the sustainability of the recent subscription gross margin improvement, which approached the company's target, and asked about the primary areas of headcount reduction.

    Answer

    Chief Financial Officer Ricardo Sodre explained that the gross margin gains are sustainable, driven by AI-powered optimizations in customer support and a strategic shift of implementation services to partners. Co-Founder and Co-CEO Mariano Gomide de Faria added that headcount has been stable, with the only minor change occurring in the support area, which does not represent a broader trend.

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    Marcelo Santos's questions to VTEX (VTEX) leadership • Q4 2024

    Question

    Marcelo Santos inquired about the key drivers behind the 2025 subscription revenue guidance, particularly the regional breakdown, and the long-term P&L impact of VTEX's transition to a multi-product commerce suite.

    Answer

    CFO Ricardo Sodre explained that the 2025 guidance balances consumption headwinds in Brazil with operational strength, including a recovery in Argentina and the go-live of new enterprise customers. Regarding the product suite, Sodre and Co-CEO Mariano Gomide de Faria stated that the transition's primary long-term P&L benefit is increased customer stickiness and lifetime value, rather than a significant short-term margin shift, as investments are already underway.

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    Marcelo Santos's questions to VTEX (VTEX) leadership • Q3 2024

    Question

    Marcelo Santos from JPMorgan Chase & Co. inquired about the drivers of subscription revenue growth by region, particularly the impact from Argentina, and asked about the sustainability of current margin levels.

    Answer

    Ricardo Sodre, Chief Financial Officer, explained that Q3 subscription revenue grew 22% on an FX-neutral basis, even with a multi-percentage point headwind from Argentina's pre-devaluation consumption behavior in the prior year. He noted this headwind should ease by December. Sodre affirmed that current margin levels are sustainable, highlighting progress towards their target models for both subscription gross margin (78.5% vs. 80% target) and operating margin (14% vs. 20% target), with future gains expected from scale and revenue leverage.

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    Marcelo Santos's questions to America Movil SAB de CV (AMX) leadership

    Marcelo Santos's questions to America Movil SAB de CV (AMX) leadership • Q1 2025

    Question

    Marcelo Santos questioned the drivers of weakness in Mexican prepaid, specifically the competitive angle from MVNOs, and inquired about América Móvil's appetite for M&A in the region. He also asked for clarification on the new CapEx guidance.

    Answer

    CEO Daniel Hajj Aboumrad attributed the prepaid weakness to both the economic slowdown and aggressive promotions from MVNOs with much lower ARPUs (MXN 38 vs. Telcel's MXN 177). He announced a reduced CapEx guidance of MXN 6.7 billion for the year, citing the economic environment and the completion of major investment cycles. Regarding M&A, he confirmed the company is open to opportunities that fit its strategy, acknowledging Telefónica's potential asset sales.

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    Marcelo Santos's questions to America Movil SAB de CV (AMX) leadership • Q4 2024

    Question

    Marcelo Santos asked about the pricing environment for Mexican broadband and whether price increases are planned for the year. He also inquired about the company's appetite for potential M&A opportunities in Argentina.

    Answer

    Executive Oscar Von Hauske Solís stated there are no immediate plans to increase broadband prices in Mexico; instead, the focus is on adding value through new service bundles. CEO Daniel Hajj Aboumrad addressed the Argentina M&A rumors, confirming he had only read about them in the news and that while the company is always open to synergistic opportunities, no discussions have taken place.

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    Marcelo Santos's questions to America Movil SAB de CV (AMX) leadership • Q3 2024

    Question

    Marcelo Santos of JPMorgan Chase & Co. questioned the broadband dynamics in Mexico, specifically the reason for lower net additions compared to Q2, and asked for an update on the competitive landscape in Brazilian broadband.

    Answer

    Executive Carlos Jose Garcia Moreno Elizondo attributed higher churn in Mexico to economic factors. Executive Daniel Hajj Aboumrad provided context with quarterly net adds, showing a peak of 325,000 in Q1 '24 followed by 148,000 in Q2 and 116,000 in Q3. For Brazil, Elizondo stated they are the market leader in high-speed internet, have upgraded their network to support 1-gigabit speeds, and are focused on convergence bundles and a new entertainment hub product to maintain their position against ISPs.

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    Marcelo Santos's questions to TIMS3 leadership

    Marcelo Santos's questions to TIMS3 leadership • Q4 2024

    Question

    Marcelo Santos asked about the key macroeconomic assumptions, particularly for inflation, embedded in the new guidance and the outlook for the prepaid business, including any initiatives to improve its performance.

    Answer

    CEO Alberto Griselli explained that the guidance was updated to reflect current inflation trends. Regarding prepaid, he noted that performance is affected by strategic migrations to postpaid and a shrinking overall recharge market. He mentioned a tougher Q4 comparative base due to a price update in the prior year and confirmed the company is working on a revamp of its prepaid offer, communication, and channel strategy.

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    Marcelo Santos's questions to TIMS3.SA leadership

    Marcelo Santos's questions to TIMS3.SA leadership • Q2 2024

    Question

    Marcelo Santos from JPMorgan Chase & Co. asked why TIM is not increasing its service revenue growth guidance despite two consecutive quarters of outperformance, and requested an update on the status of tower renegotiations and the outlook for the lease payment line.

    Answer

    CEO Alberto Griselli explained that the guidance remains unchanged due to expectations of a tougher comparison base in the second half, less intense postpaid price increases compared to last year, and evolving prepaid dynamics. CFO Andrea Viegas stated that while decommissioning benefits are fading, inflation adjustments will cause lease payments to increase slightly in the second half of the year.

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