Afya Ltd (AFYA) 2023 Q1 法說會逐字稿

Good night, everyone. Thank you for joining us for Afya's First Quarter 2023 Conference Call. I'm here today with Afya CEO, Virgilio Gibbon; and Luis Andre Blanco, our CFO. During today's presentation, our executives will make forward-looking statements. Forward-looking statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties and other factors that may cause Afya's actual results to differ materially from those contemplated by these forward-looking statements.

各位晚安。感謝您參加 Afya 2023 年第一季度電話會議。今天我和 Afya 首席執行官 Virgilio Gibbon 一起來到這裡。和我們的首席財務官路易斯·安德烈·布蘭科。在今天的演講中，我們的高管將做出前瞻性聲明。前瞻性陳述可能與未來事件、未來財務或經營業績、已知和未知風險、不確定性以及其他可能導致 Afya 的實際結果與這些前瞻性陳述預期的結果存在重大差異的因素有關。

Forward-looking statements in this presentation include, but are not limited to, the statements related to the business and financial performance, expectations and other future periods or expectations regarding the company's strategic product initiatives; its related benefits and our expectations regarding the market as well as any remaining impact from COVID-19. These risks include those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of the date hereof. You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward-looking statements, except as required by law.

本演示文稿中的前瞻性陳述包括但不限於與業務和財務業績、預期以及其他未來時期或有關公司戰略產品計劃的預期相關的陳述；其相關優勢和我們對市場的預期以及 COVID-19 的任何剩餘影響。這些風險包括我們向美國證券交易委員會提交的文件中更詳細描述的風險。本演示文稿中的前瞻性陳述基於截至本新聞稿發布之日我們所掌握的信息。您不應依賴它們作為對未來事件的預測，並且我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

In addition, management may reference non-IFRS financial measures on this call. These measures are not intended to be considered in isolation or a substitute of the results prepared in accordance with IFRS. This presentation has reconsidered these non-IFRS measures to the most directly comparable IFRS financial measures.

此外，管理層可能會在此次電話會議上參考非國際財務報告準則的財務指標。這些措施不應被孤立地考慮或替代根據國際財務報告準則編制的結果。本演示文稿將這些非國際財務報告準則衡量標準重新考慮為最直接可比的國際財務報告準則財務衡量標準。

Now let me turn the call over to Virgilio Gibbon, CEO, starting with Slide #3.

現在讓我將電話轉給首席執行官 Virgilio Gibbon，從幻燈片 #3 開始。

Thank you, Renata, and thanks, everyone, for joining us today on our first conference call related to 2023 results. We proudly present our first quarter of 2023 showing another great start for the year ahead. Since our IPO, Afya's top line has grown more than 3x, improving the resilience and differentials of our business. In this quarter, once again, our net revenue has jumped 25% over last year. During this presentation, I will first run through some main strategic topics, such as our performance highlights, the successful business execution within our 3 segments, this year guidance, some recent awards recognition and at the end, Luis Blanco will explore our financial and operational overview.

謝謝雷娜塔，也謝謝大家今天加入我們第一次與 2023 年業績相關的電話會議。我們自豪地公佈 2023 年第一季度的業績，為未來的一年帶來另一個良好的開端。自 IPO 以來，Afya 的營收增長了 3 倍以上，提高了我們業務的彈性和差異化。本季度，我們的淨收入再次比去年增長 25%。在本次演講中，我將首先介紹一些主要戰略主題，例如我們的業績亮點、我們三個細分市場內的成功業務執行、今年的指導、最近的一些獎項認可，最後，路易斯·布蘭科將探討我們的財務和運營概述。

So moving now to Page #4. Let's start with our performance and highlights. First, adjusted net revenue increased 25%, reaching BRL 709.4 million followed by an adjusted EBITDA growth of almost 22% year-over-year, reaching BRL 330.2 million with a margin of 46.5%.

現在轉到第 4 頁。讓我們從我們的表現和亮點開始吧。首先，調整後淨收入增長 25%，達到 7.094 億雷亞爾，隨後調整後 EBITDA 同比增長近 22%，達到 3.302 億雷亞爾，利潤率為 46.5%。

We also reported a strong cash flow generation again of BRL 349.4 million, an increase of 19% year-over-year boosted by the solid operational results of the company with a cash conversion of 112% and a solid cash position of BRL 723 million at the end of the quarter. Adjusted net income was BRL 166.4 million, in line with the same period last year, mainly due to the higher financial expense related to the new debenture issued in December 2022 and a higher interest rate in the market.

我們還報告稱，由於公司穩健的運營業績（現金轉換率為 112%）以及穩定的現金狀況（7.23 億雷亞爾），現金流再次強勁生成 3.494 億雷亞爾，同比增長 19%。季度末。調整後淨利潤為1.664億雷亞爾，與去年同期持平，主要是由於2022年12月發行的新債券相關財務費用較高以及市場利率較高。

Moving to operational updates of the quarter. We have reached 3,113 operating seats, an increase of over 25.5% over first quarter of 2022, with the beginning of 4 Mais Médicos campuses, along with new seats in Ji-Paraná in Itabuna, also the acquisition of UNIT Alagoas and FITS. In addition, our number of undergrad medical student has reached almost 21,000, representing 18.8% growth compared to the first quarter of the previous year.

轉向本季度的運營更新。隨著 4 個 Mais Médicos 園區的啟用、伊塔布納 Ji-Paraná 的新席位以及對 UNIT Alagoas 和 FITS 的收購，我們的運營席位已達到 3,113 個，比 2022 年第一季度增長了 25.5% 以上。此外，我校醫學本科生人數已接近21,000人，較去年第一季度增長18.8%。

We also saw great results in net revenues. For our continued education business the segment grew more than 46.6% year-over-year, representing a net revenue of BRL 34.9 million in the first quarter. Digital Health Services reported great results as well with revenue increase of almost 20% in the comparison of first quarter 2022 and in the quarter's net revenue of BRL 56.8 million. The result reinforce the opportunity ahead in the digital services, and it explained by the ramp-up on B2B engagements with new contracts with the pharmaceutical industry companies and the continuous ramp-up in B2B contracts as we will discuss further on.

我們還看到了淨收入的巨大成果。對於我們的繼續教育業務，該部門同比增長超過 46.6%，第一季度淨收入為 3,490 萬雷亞爾。數字健康服務也報告了出色的業績，與 2022 年第一季度相比，收入增長了近 20%，該季度的淨收入為 5,680 萬雷亞爾。這一結果強化了數字服務領域未來的機遇，這可以通過與製藥行業公司簽訂新合同的 B2B 業務的增加以及 B2B 合同的持續增加來解釋，我們將進一步討論。

Lastly, our ecosystem has 295,000 active users, representing a great penetration among physicians and medical students in Brazil. In the next slide, we will talk about our solid business execution within our 3 business units, starting with the undergrad segment. We saw important movements throughout the quarter such as higher tickets and medicine course with more than 8% increase of meds in tuition. The maturation of medical seats, the beginning of 4 new Mais Médicos campuses in 2022, the consolidation of UNIT and FITS acquisitions and the consolidation of 92 new medical seats; 28 in UniSaoLucas, Ji-Paraná located in Rondonia and 64 additional seats in Faculdade Santo Agostinho in the city of Itabuna.

最後，我們的生態系統擁有 295,000 名活躍用戶，在巴西醫生和醫學生中具有很高的滲透率。在下一張幻燈片中，我們將討論我們在 3 個業務部門內可靠的業務執行力，從本科生部門開始。我們在整個季度看到了重要的變化，例如更高的門票和醫學課程，其中藥物學費增加了 8% 以上。醫療席位的成熟、2022 年 4 個新的 Mais Médicos 校區的開始、UNIT 和 FITS 收購的整合以及 92 個新醫療席位的整合；位於朗多尼亞州 Ji-Paraná 的 UniSaoLucas 擁有 28 個席位，伊塔布納市 Faculdade Santo Agostinho 擁有 64 個額外席位。

This movement is part of our strategy to add 600 new medical seats on our current operation by 2028. We are delighted to see that the most significant growth of the quarter in terms of revenue came from our continued education segment with a robust intake process, 6 new campuses and course maturation.

這一舉措是我們到 2028 年在當前運營中增加 600 個新醫療席位戰略的一部分。我們很高興看到本季度收入最顯著的增長來自我們的繼續教育部門，該部門擁有強大的招生流程，6新校區和課程成熟。

On our Digital Services segment, we ended the quarter with a revenue increase of 20% when compared to last year. This result reinforces the opportunity ahead in digital service, and it is explained by the ramp-up in the B2B engagements with new contracts with pharmaceutical industries companies and the continued ramp-up in B2B contracts.

在我們的數字服務部門，本季度結束時，我們的收入比去年增長了 20%。這一結果強化了數字服務領域的未來機遇，這可以通過與製藥行業公司簽訂新合同的 B2B 業務增加以及 B2B 合同的持續增加來解釋。

And now I will turn the call over to Luis Blanco, Afya CFO, to give more color on the financial and operational metrics. Thank you.

現在，我將把電話轉給 Afya 首席財務官路易斯·布蘭科 (Luis Blanco)，以提供有關財務和運營指標的更多信息。謝謝。

Thank you, Virgilio, and good evening, everyone. Starting with Slide #7 to discuss the financial highlights of the first quarter. With much satisfaction, I presented another strong quarter results for Afya. Adjusted net revenue for the first quarter of 2023 was BRL 709 million, an increase of 25% over the same period of the prior year, mainly due to higher tickets in medicine courses by more than 8.3%; maturations of medical seats; the beginning of 4 Mais Médicos campuses; the big business combinations with UNIT Alagoas and FITS Jaboatão; a strong continuing educational segment performance; and the great results of the digital service.

謝謝你，Virgilio，大家晚上好。從幻燈片#7 開始討論第一季度的財務亮點。我非常滿意地展示了 Afya 另一個強勁的季度業績。 2023年第一季度調整後淨收入為7.09億雷亞爾，較上年同期增長25%，主要是由於醫學課程門票上漲超過8.3%；醫療座椅的成熟； 4 個 Mais Médicos 校區的開始；與 UNIT Alagoas 和 FITS Jaboatão 的大型業務合併；繼續教育業務表現強勁；以及數字服務的巨大成果。

First quarter 2023 adjusted EBITDA increased 21.9% to BRL 330 million, with an adjusted EBITDA margin of 46.5%, a decrease of 120 basis points when compared to the first quarter 2022. The adjusted EBITDA margin reduction in this quarter is mainly due to the following: Consolidations of 4 Mais new management medical campuses, operations started on the third quarter 2022; UNIT and FITS, which are performing better than expected, but still present lower margins when compared to the integrated companies; and digital segments primarily due to net sale performance.

2023年第一季度調整後EBITDA增長21.9%，達到3.3億雷亞爾，調整後EBITDA利潤率為46.5%，較2022年第一季度下降120個基點。本季度調整後EBITDA利潤率下降主要是由於以下原因：合併 4 個梅斯新管理醫學園區，於 2022 年第三季度開始運營； UNIT 和 FITS 的表現好於預期，但與綜合公司相比，利潤率仍然較低；數字業務主要歸因於淨銷售業績。

Moving to the next slide. Adjusted cash flow generations over the year was almost 20% higher quarter-over-quarter, totaling BRL 349 million, boosted by the solid operational results. Operating cash flow ratio was 112% for the first quarter 2023 compared to 113% in the first quarter 2022.

轉到下一張幻燈片。得益於穩健的運營業績，全年調整後現金流量環比增長近 20%，總計 3.49 億雷亞爾。 2023 年第一季度運營現金流率為 112%，而 2022 年第一季度為 113%。

Adjusted net income for the first quarter of 2023 was BRL 167 million, in line with the same period from the previous year, mainly due to the higher financial expenses related to UNIT and FITS acquisitions and higher interest rates. Our adjusted EPS for the quarter reached BRL 1.77, the same when compared to the first quarter 2022. Our EPS performance reflected the decrease in our net income that was compensated by capital allocation discipline executing buyback programs.

2023年第一季度調整後淨利潤為1.67億雷亞爾，與上年同期持平，主要是由於與UNIT和FITS收購相關的財務費用增加以及利率上升。我們本季度調整後的每股收益達到 1.77 巴西雷亞爾，與 2022 年第一季度相同。我們的每股收益表現反映了淨利潤的下降，但淨利潤的下降是通過執行回購計劃的資本分配紀律得到補償的。

Moving to Slide #9 for discussions of key operational metrics by business unit. Our number of medical students grew 19% over first quarter 2023, reaching 20,800 students with operating medical seats increasing 25% due to the [income base] of 632 medical seats related to 4 Mais Médicos and Ji-Paraná, Itabuna seats increase; UNIT Alagoas and FITS Jaboatão acquisition, as previously said. Therefore, we have reached 3,163 approved seats and expect to achieve almost 23,000 undergrad medical students at maturity.

轉到幻燈片 #9，討論業務部門的關鍵運營指標。我們的醫學生人數比 2023 年第一季度增長了 19%，達到 20,800 名學生，由於與 4 Mais Médicos 和 Ji-Paraná、Itabuna 席位相關的 632 個醫療席位的[收入基礎]增加，運營醫療席位增加了 25%；如前所述，收購 UNIT Alagoas 和 FITS Jaboatão。因此，我們已獲得 3,163 個批准席位，預計成熟後將有近 23,000 名本科醫學生。

Our net average ticket, excluding acquisitions, increased by 8.3% over the same period last year, reaching BRL 8,570 in the first quarter 2023 compared to BRL 7,861 in first quarter 2022. The left graph shows a 24% growth in combined tuition fees reaching BRL 806 million, up from BRL 649 million, from the first quarter 2022, 78% of which are related to medicine courses. All these efforts means one thing, our medical educational business remains and will continue to be the cornerstone of our business in the short and the middle terms, delivering high predictable growth, combined with solid profitability and cash generation.

我們的淨平均票價（不包括收購）比去年同期增長了 8.3%，在 2023 年第一季度達到 8,570 雷亞爾，而 2022 年第一季度為 7,861 雷亞爾。左圖顯示，達到雷亞爾的綜合學費增長了 24%自 2022 年第一季度起，這一數字為 8.06 億雷亞爾，高於 6.49 億雷亞爾，其中 78% 與醫學課程相關。所有這些努力都意味著一件事，我們的醫學教育業務仍然並將繼續成為我們中短期業務的基石，實現高可預測的增長，並結合穩健的盈利能力和現金生成。

On the next page, I will present our continued educational metrics. As I said before, we saw another year of great recovery in our continued educational segments with an increase of more than 37% in the number of students compared to the same quarter last year, reaching 4,774 students. In additions, for the quarter, net revenues grew 47% when compared to the first quarter 2022. This recovery is mainly due to the robust intake process and course maturation.

在下一頁上，我將介紹我們的持續教育指標。正如我之前所說，我們的繼續教育領域又迎來了巨大復蘇，學生人數比去年同期增長了 37% 以上，達到 4,774 名學生。此外，與 2022 年第一季度相比，該季度的淨收入增長了 47%。這種複蘇主要歸功於強勁的入學流程和課程成熟。

Moving to Slide #11. I will discuss the digital service operational metrics. On the first graph, you can see our total active payers, which are the ones that generate revenues in business to physicians, B2P. With a continuous growth trend we reached 218,000 paying users, a 24% growth compared to the same period last year.

轉到幻燈片 #11。我將討論數字服務運營指標。在第一個圖表中，您可以看到我們的活躍付款人總數，這些付款人為醫生 B2P 業務產生收入。隨著持續增長的趨勢，我們的付費用戶達到了 218,000 名，比去年同期增長了 24%。

As you can see in the second graph, our ecosystem grew 13.6% compared to the previous year, achieving 295,000 monthly active users, representing almost 40% of all medical students and physicians in Brazil. Finally, on our last graph, we can see our digital service net revenues, which increased more than 19% when compared to the same quarter of the last year, reaching BRL 56.8 million with the breakdown of our digital service net revenue within B2P and B2B segments which accounted for more than BRL 46 million coming from B2P and more than BRL 10 million coming from B2B since B2B strategy is still pumping up, representing a growth of 62% compared to the prior year.

正如您在第二張圖中看到的那樣，我們的生態系統與上一年相比增長了 13.6%，每月活躍用戶達到 295,000 名，幾乎佔巴西所有醫學生和醫生的 40%。最後，在最後一張圖表中，我們可以看到我們的數字服務淨收入，與去年同期相比增長了 19% 以上，達到 5,680 萬雷亞爾，其中 B2P 和 B2B 的數字服務淨收入細分其中，B2P 收入超過 4600 萬雷亞爾，B2B 收入超過 1000 萬雷亞爾，由於 B2B 戰略仍在蓬勃發展，較上年增長 62%。

And now moving to my 3 last slides, I will discuss our cash and net debt positions, also giving more color on our cost of debt. Cash and cash equivalents at the end of the first quarter were BRL 723 million, a decrease of 8% over March 2022 and 34% when compared to the fourth quarter of 2022, mainly to the new debentures issues during the fourth quarter that was used to fund the down payment of UNIT Alagoas and FITS Jaboatão acquisitions in January.

現在轉到我的最後三張幻燈片，我將討論我們的現金和淨債務狀況，並對我們的債務成本進行更多說明。第一季度末現金和現金等價物為 7.23 億雷亞爾，比 2022 年 3 月下降 8%，比 2022 年第四季度下降 34%，主要是由於第四季度發行新債券，用於為 1 月份收購 UNIT Alagoas 和 FITS Jaboatão 的定金提供資金。

On the next page, we can look closely to the net debt variation. In the first quarter 2023, net adds totally BRL 2.29 billion, an increase of BRL 648 million when compared to the fourth quarter 2022, mainly to the 825 million UNIT Alagoas and FITS Jaboatão acquisitions, which was partially offset by BRL 177 million of free cash flow generation in the first quarter of 2023.

在下一頁，我們可以仔細觀察淨債務變化。 2023 年第一季度，淨增加總額為 22.9 億雷亞爾，與 2022 年第四季度相比增加了 6.48 億雷亞爾，主要是收購了 8.25 億雷亞爾的 UNIT Alagoas 和 FITS Jaboatão，部分被 1.77 億雷亞爾的自由現金抵消2023 年第一季度產生流量。

On the next slide, you can see a table with the breakdown of our gross debt and the total cost of our debt, considering our main source of debt, the SoftBank transactions, debentures, account payables to selling shareholders and other financial obligations.

在下一張幻燈片中，您可以看到一張表格，其中列出了我們的總債務和債務總成本的細目，考慮到我們的主要債務來源、軟銀交易、債券、應付出售股東的應付賬款和其他財務義務。

This ends our prepared remarks. Strong performance, consistent growth and success in all segments. We are committed to provide an ecosystem that integrates educational and digital solutions for the entire medical journey, enhancing the development, updating effectiveness and productivity of health professionals. We are very proud of our business and what we have achieved so far and excited about what we plan for the future.

我們準備好的發言到此結束。強勁的業績、持續的增長和所有領域的成功。我們致力於為整個醫療旅程提供一個集成教育和數字解決方案的生態系統，增強健康專業人員的發展、更新效率和生產力。我們對我們的業務和迄今為止所取得的成就感到非常自豪，並對我們的未來計劃感到興奮。

I will now open the conference for a Q&A session. Thank you.

我現在將開始問答環節。謝謝。

(Operator Instructions) The first question comes from Lucca Marquezini from Itaú BBA.

（操作員說明） 第一個問題來自 Itaú BBA 的 Lucca Marquezini。

Regarding Medcel, we've seen a decrease in the number of active payers for the past quarters. So can you please provide more color on the competitive landscape and comment if you have seen any sign of recovery here, especially considering the initiatives implemented at the end of last year? So that would be helpful, please.

關於 Medcel，我們發現過去幾個季度的活躍付款人數量有所減少。那麼，如果您看到這裡有任何復甦的跡象，特別是考慮到去年年底實施的舉措，您能否提供更多有關競爭格局的信息並發表評論？所以這會很有幫助，拜託。

Hi, Lucca, this is Virgilio. I can start here, and then Blanco can give more details after. So just about the dynamic on Medcel. We are combining the Medcel offering on Pillar 1 together with Além da Medicina and CardioPapers. So we are seeing a very good intake enrollments coming on Além da Medicina and CardioPapers also shifting demand between these offerings in the Pillar 1. So Medcel, as we saw in the last quarter, like we see in the fourth quarter, we still have a lower volume coming this year.

嗨，盧卡，我是維吉里奧。我可以從這裡開始，然後布蘭科可以提供更多細節。關於 Medcel 的動態。我們將第一支柱上的 Medcel 產品與 Além da Medicina 和 CardioPapers 結合起來。因此，我們看到 Além da Medicina 和 CardioPapers 的入學人數非常多，這也改變了第一支柱中這些產品之間的需求。所以 Medcel，正如我們在上季度看到的，就像我們在第四季度看到的那樣，我們仍然有今年產量將會減少。

So we are ending the seasonality right now in the first quarter. So the next cycle, the big cycle start in September. So we still have, for this semester, a lower number coming from Medcel when we compare to last year. So the landscape, the competition, we still have the same. So we still have a lot of competitors on this. That's the reason why we change not only the product, but also change the offering, combining Além da Medicina and CardioPapers. We're offering much more related also for specialization, it's much more online continued medical education but only resident's spread course as it should -- it used to be Medcel in the past, back in 2019, 2018. Just to give more figures, I pass back to Blanco that can color a little bit about the numbers.

因此，我們現在將在第一季度結束季節性。所以下一個週期，大周期從九月開始。因此，與去年相比，本學期來自 Medcel 的人數仍然較低。所以景觀、競爭，我們還是一樣的。所以我們在這方面仍然有很多競爭對手。這就是為什麼我們不僅改變產品，而且改變產品組合，將 Além da Medicina 和 CardioPapers 結合起來。我們還提供更多與專業相關的課程，更多的是在線繼續醫學教育，但只有住院醫師的傳播課程，因為它應該是——它過去曾是 Medcel，早在 2019 年、2018 年。為了提供更多數據，我傳回布蘭科，可以對數字進行一些修改。

Thanks, Virgilio. Lucca, as Virgilio mentioned, we end at the first quarter the intake of the collection of 2023. So all the collection of 2022 is disconnected during this quarter and now the new intake will take place in the fourth quarter. Medcel, as we mentioned, is not the cornerstone for our business-to-business strategy. And we still feel comfortable that with this combined offer that we are doing with the presence of Medcel within CardioPapers and Além da Medicina content, we're going to stop this following of Medcel. And then we can have some kind of recovery during the next intake cycle for the 2024 collections that we are going to start on September.

謝謝，維吉里奧。盧卡，正如 Virgilio 提到的，我們在第一季度結束了 2023 年系列的收集。因此，2022 年的所有收集都在本季度中斷，現在新的收集將在第四季度進行。正如我們所提到的，Medcel 並不是我們企業對企業戰略的基石。我們仍然感到放心，通過我們在 CardioPapers 和 Além da Medicina 內容中出現 Medcel 的聯合優惠，我們將停止對 Medcel 的追隨。然後，我們可以在 9 月開始的 2024 年系列的下一個吸收週期中實現某種程度的恢復。

Virgilio, you want to complement?

Virgilio，你想補充一下嗎？

Yes, just to add a point here. So moving forward for the following quarters on the digital and as the next quarter will be consolidated, it's no more -- it will be fully organic when you compare to the previous year. So Pillar 1 should be moving around 10% to 15% above last year. And the other components of our digital services should be growing above 30%. So the combination of them will be around something 15% to 20% for the rest of the year. At least for the rest of the first half because we still have that intake that will be stronger on the second half, okay?

是的，只是在這裡補充一點。因此，展望接下來的幾個季度的數字化，隨著下個季度的整合，它不再是——當你與前一年相比時，它將是完全有機的。因此，第一支柱的增幅應該比去年高 10% 到 15% 左右。我們數字服務的其他組成部分應該增長 30% 以上。因此，今年剩餘時間裡，它們的總和將約為 15% 至 20%。至少在上半場剩下的時間裡，因為我們仍然有足夠的攝入量，下半場的攝入量會更強，好嗎？

So our next question comes from Mauricio Cepeda from Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Mauricio Cepeda。

So a little bit on margins. I understand that you are, in fact, reconfiguring the mix of business there. So we see that the margins are being a little bit lower, but for a very positive reason, right? You're ramping up a lot, continuous education. You're opening lots of medical seats. So my first question would be, how do you expect this to go on for this year in terms of this apparent margin pressures, which are, in fact, the success of the businesses? And thinking a little bit more further, if you see -- when you see basically a convergence to, let's say, a new margin level given that you are going -- you're integrating new operations on top of the mentioned effects.

所以有點邊緣化。據我所知，您實際上正在重新配置那裡的業務組合。所以我們看到利潤率有點低，但這是出於非常積極的原因，對吧？你正在加強很多持續教育。你正在打開很多醫療座位。所以我的第一個問題是，就這種明顯的利潤壓力而言，您預計今年這種情況會如何發展，而這實際上是企業的成功？再進一步思考一下，如果你看到——當你看到基本上趨於一致時，比方說，考慮到你將要達到的新的利潤水平——你正在除了提到的效果之外整合新的業務。

Cepeda, it's Blanco speaking. Regarding the expectations in the year, we are fully committed for what we have guided for the market in the first -- with the disclosure of the results of 2022. The margins embedded in our guidance is between 40% to 42%, from the bottom to the top line of the guidance. We are committed with that. Remember that the first quarter is the best quarter that we always have due to the seasonality of our business. We have this, a little bit pressure in these margins caused by Medcel performance, the 4 new Mais Médicos and for the beginning of UNIT that is coming with margins that were initially better than expected in the regional business plan, but still behind the margins of the integrated companies.

塞佩達，我是布蘭科。關於今年的預期，我們完全致力於我們最初對市場的指導——披露 2022 年的業績。我們指導中的利潤率從底部開始在 40% 到 42% 之間到指南的頂行。我們致力於此。請記住，由於我們業務的季節性，第一季度是我們一直以來最好的季度。我們的利潤率受到了一點壓力，這是由 Medcel 的業績、4 個新的 Mais Médicos 以及 UNIT 的開始帶來的，該利潤率最初好於區域業務計劃中的預期，但仍落後於綜合性公司。

If we exclude these acquisitions for 2023, the decreasing margins is just 50 bps, 5-0 bps. So we are pretty committed to deliver the margins of this 40% to 42%. And as you mentioned, as continued education will grow and the digital segment will grow with higher rates than the undergrad segment, we're going to have some kind of shifts for margins. But for this year, the guidance is between 40% to 42%.

如果我們排除 2023 年的這些收購，下降幅度僅為 50 個基點、5-0 個基點。因此，我們非常致力於實現 40% 至 42% 的利潤率。正如您所提到的，隨著繼續教育的增長，數字領域的增長速度將高於本科生領域，我們的利潤率將會發生某種變化。但今年的指導值為 40% 至 42% 之間。

Yes, but we unfortunately do not give guidance for longer term. But there is no reason for margins in all the segments to increase in the following years. Virgilio, do you want to complement?

是的，但不幸的是，我們不會提供長期指導。但沒有理由在接下來的幾年裡所有細分市場的利潤率都會增加。 Virgilio，你想補充一下嗎？

Yes. I think just as we are growing very fast in continuing education in the med, we launched 6 new campuses. We are preparing to launch another 2 or 3 campus still this year. So as any other on-ground operation for education, we will ramp up the number of students per campuses. So gross margin will increase and also the EBITDA margin will increase along the year.

是的。我認為，正當我們在醫學繼續教育方面發展非常迅速時，我們推出了 6 個新校區。我們準備今年再開設 2 到 3 個校區。因此，與任何其他實地教育運營一樣，我們將增加每個校園的學生人數。因此，全年毛利率將會增加，EBITDA 利潤率也會增加。

So we expect to have better contribution margin coming from continued medication for the following semester not only for the legacy operation, but also for -- mainly for the new campus that we launched last year and also this year, okay?

因此，我們預計下學期的持續用藥將帶來更好的貢獻邊際，不僅是為了遺留業務，而且也是為了——主要是我們去年和今年推出的新校區，好嗎？

(Operator Instructions) The next question will come from Lucas Nagano from Morgan Stanley.

（操作員說明）下一個問題將由摩根士丹利的 Lucas Nagano 提出。

I have two, the first one is related to your med schools. The situation seems still very comfortable. You increased by 8%, filled 100% of seats. But have you noticed any underlying change in the demand, for example, how it evolved in the Southeast versus the medical schools in terms of candidates proceed or pricing, for example? And the second question is related to B2B. It seems to be performing well. Can you tell us a little, in which part of the product development process and the commercialization process you are in? And also, if you could comment a little -- if you're developing solutions for companies that are not in the pharma industry.

我有兩個，第一個與你們醫學院有關。情況看上去還是很舒服的。你增加了8%，佔滿了100%的席位。但是您是否注意到需求發生了任何根本變化，例如，東南部與醫學院在候選人錄取或定價方面的變化？第二個問題與B2B有關。看來表現不錯。您能告訴我們一下，您處於產品開發過程和商業化過程的哪一部分嗎？另外，如果您正在為非製藥行業的公司開發解決方案，您可以評論一下嗎？

Yes. Lucas, I can take the first one here, Blanco help me on the second one. So about the tuition adjustment that was the average across the board. About intake level, this year was when you compare to the last 4 years, was the candidate per seat ratio higher -- the highest candidate ratio, candidate per seat that we had for the last 4 years, we are reaching around 8 candidates per seat.

是的。盧卡斯，我可以在這裡拿第一個，布蘭科幫我拿第二個。關於學費調整，這是全面的平均水平。關於招生水平，今年與過去 4 年相比，每個席位的候選人比例是否更高 - 過去 4 年我們每個席位的候選人比例最高，我們達到每個席位 8 名候選人左右。

Of course, this is a national average. But as we have like a very integrated process, we can manage to have 100% of occupancy in all of our units. And of course, that we have different ratio between our campuses, when we analyze our campuses in large cities like when you get here, in Rio de Janeiro, we have more than 20, 25 candidates per seat. And for some institutions have around 4 and 5 candidates per seat. But it's pretty feasible and easy to keep enrolling 100% of the seats every semester. So even consider that we are passing tuition a little bit above inflation semester, I think we are strengthening our commercial process, our enrollment process and our capacity to convert students to all of our campuses.

當然，這是全國平均水平。但由於我們有一個非常集成的流程，我們可以設法實現所有單元的 100% 入住率。當然，我們各個校區之間的比例是不同的，當我們分析大城市的校區時，就像你到達這裡時，在里約熱內盧，我們每個席位有超過 20 到 25 名候選人。對於某些機構來說，每個席位大約有 4 到 5 名候選人。但保持每學期100%的入學率是相當可行和容易的。因此，即使考慮到我們的學費略高於通貨膨脹學期，我認為我們正在加強我們的商業流程、我們的招生流程以及我們將學生轉化為我們所有校園的能力。

If I may point here, I just want to mention that we do have different prices in different regions, and that's mainly because of the region. But that does not mean that we have different margins in different regions. Because all the costs and expenses related to different regions are also different. So what I'm trying to say here at the end of the day, that ticket from a medical school comparing to, I don't know, unit, is different. But in the end of the day, we can see similar margins. What changed the margin level is mostly how much concentrated the school was from medicine. That's what changed the game. Blanco, may you take the second question?

如果我可以在這裡指出的話，我只想提一下，我們在不同地區確實有不同的價格，這主要是因為地區的原因。但這並不意味著我們在不同地區有不同的利潤。因為不同地區相關的所有成本和費用也不同。所以我最後想說的是，醫學院的罰單與我不知道的單位相比，是不同的。但最終，我們可以看到類似的利潤率。改變利潤水平的主要因素是學校對醫學的集中程度。這就是改變比賽的原因。布蘭科，你可以回答第二個問題嗎？

Yes. Lucas, thank you for your question. Just to give you more color on the B2B. I'll just give a step back to give more color in our strategy. So our digital strategy is focused on penetrating within the physicians, with the best solutions to increase their productivity, to increase their assertiveness and to increase their updating from topics.

是的。盧卡斯，謝謝你的問題。只為給您B2B更多的色彩。我將退後一步，為我們的策略提供更多色彩。因此，我們的數字化戰略側重於滲透到醫生內部，提供最佳解決方案來提高他們的生產力、增強他們的自信並增加他們的主題更新。

And we've been -- these channels to connect these physicians to the health care players. So we divided the digital in these 2 parts, okay? So regarding the chain, the companies that we provide service for the physicians, we are increasing a lot the users, the monthly active users and we're increasing the payers as well.

我們一直在通過這些渠道將這些醫生與醫療保健參與者聯繫起來。所以我們將數字分為這兩部分，好嗎？因此，對於連鎖店，我們為醫生提供服務的公司，我們正在增加大量用戶，每月活躍用戶，我們也在增加付款人。

Regarding the B2B, what we had in place until right now, is the connections that we've made in parts with other educational companies to provide solutions such as our prep course Medcel and our medicine image solutions that is Medical Harbour. And most part of the digital revenues are coming from the pharmaceutical industry. We have more than 100 contracts established to now with more 40 industry pharmaceutical industry players right now, multinationals and national players on that.

關於 B2B，到目前為止，我們已經與其他教育公司建立了部分聯繫，以提供解決方案，例如我們的預科課程 Medcel 和我們的醫學圖像解決方案 Medical Harbour。而大部分數字收入都來自製藥行業。迄今為止，我們已與 40 多家製藥行業參與者、跨國公司和國內參與者簽訂了 100 多份合同。

So all the B2B revenues are coming for these 2 parts. What we have launched right now, we started the connections for the second pillar of the industry that is relevant for our B2B strategy. That is the providers. So we just are getting up a team to do this connections and starting to offer our connections with the physicians to the providers.

因此，所有 B2B 收入都來自這兩部分。我們現在推出的是與我們的 B2B 戰略相關的第二個行業支柱的連接。那就是提供者。因此，我們正在組建一個團隊來進行這種聯繫，並開始向提供者提供我們與醫生的聯繫。

In the pharmaceutical industry, what we are providing right now is what the industry calls e-detailing that its marketing and commercial efforts to connect the physicians with the industry players to get their latest drugs, the latest treatments for the physicians. And for providers, we are going to offer recruitment offers and offer the best leads that can come from the -- our ecosystem, leads for them to get their treatments, buying some medicines and doing their treatments or doing the access. So that's the strategy, Lucas.

在製藥行業，我們現在提供的是行業所謂的電子詳細信息，即其營銷和商業努力，將醫生與行業參與者聯繫起來，以獲得他們最新的藥物，為醫生提供最新的治療方法。對於提供商來說，我們將提供招聘機會，並提供來自我們的生態系統的最佳線索，讓他們獲得治療、購買一些藥物並進行治療或進行訪問。這就是策略，盧卡斯。

(Operator Instructions) The next question comes from Jessica from JPMorgan.

（操作員說明）下一個問題來自摩根大通的傑西卡。

I have two. So first, how are medicine ticket expected to behave going forward? I mean do you expect to increase prices above inflation? And do you have any updates -- this is the second question. Do you have any updates regarding the new Mais Médicos program?

我有兩個。首先，藥票未來的表現如何？我的意思是你預計物價會上漲到高於通脹水平嗎？你有什麼最新消息嗎——這是第二個問題。您有關於新的 Mais Médicos 計劃的任何更新嗎？

Jessica, it's Blanco speaking. I will take the first one and Virgilio is going to take the second one. The first -- regarding the first one, what we have already discussed in the last call, is the pricing for this first semester. We have disclosed that we've made readjustments for the medicine students that were 7.5% for these years. And within the ticket maturations, we're going to get something around 1% above that.

傑西卡，我是布蘭科。我將選擇第一個，Virgilio 將選擇第二個。第一個——關於第一個，我們在上次電話會議中已經討論過，是第一學期的定價。我們透露，我們對醫學生的比例做了調整，這些年是7.5%。在門票到期期間，我們將獲得比該價格高出 1% 左右的價格。

So what we delivered for the first quarter is 8.3% increase in terms of net tickets, excluding acquisitions. And just remember about our ticket dynamic, we established ticket, our price increase annually. We usually do that in the month of September, in the beginning of October. And we established the price for the inflation that we expect for the year.

因此，我們第一季度的淨門票增長了 8.3%（不包括收購）。只要記住我們的門票動態，我們建立了門票，我們的價格每年都會上漲。我們通常在九月十月初這樣做。我們確定了今年預期的通貨膨脹價格。

When we take the year from -- when we did that in 2021 or 2022, we did the same 7.5%. We were behind after the inflation of 2021 because inflation speed up at the end of the year. And this year of 2022, the opposite has happened. We established the same 7.5%, but the inflation started to decrease at the end of the year.

當我們從 2021 年或 2022 年開始做這件事時，我們也做了同樣的 7.5%。 2021年通脹之後我們就落後了，因為年底通脹加速。而今年 2022 年，情況卻恰恰相反。我們設定了同樣的 7.5%，但通脹在年底開始下降。

So that's how we do that. So in next September, we're going to see this inflation perspective for the year, we established a new pricing for 2024. And above this price readjustments, we have these tickets maturation effect that will come this around -- this 1%.

我們就是這樣做的。因此，在明年 9 月，我們將看到今年的通脹前景，我們為 2024 年制定了新的定價。除了價格調整之外，我們還有這些門票的成熟效應，即 1%。

Yes. So just to add a point view on this question about ticket. You take a look on our table, too, we also have a very high incremental tuition when we consider also other health programs. Even excluding acquisition, the tuition fees is jumping more than 15%. So that's an effect not only about price adjustment, but an effect of mix, much more concentrated in high-value programs than we had in the past.

是的。所以只是想補充一下關於票這個問題的觀點。您也看看我們的表格，當我們考慮其他健康計劃時，我們的學費增量也非常高。即使不包括收購費用，學費也上漲了 15% 以上。因此，這不僅是價格調整的影響，也是混合的影響，比過去更加集中在高價值項目上。

So it's a good dynamic also for the year on other programs besides the medical programs for 2022. So about the Mais Médicos, so we are just following after the normative rule that they said that we should have to take along 120 days to release what will be the new rules for the Mais Médicos or the new wave of capacity. So it's just 60 days after they released that information. So we're expecting to have something by the end of July, beginning of August.

因此，除了 2022 年的醫療計劃外，今年的其他計劃也是一個良好的動態。關於 Mais Médicos，我們只是遵循規範規則，他們說我們應該花 120 天的時間來發布將要發布的內容。是 Mais Médicos 的新規則或新的容量浪潮。現在距他們發布該信息僅 60 天。所以我們預計在七月底八月初會有一些成果。

They are working. They have like their commission, getting together, asking the sector, many professionals, many areas participating, how should be in addressing the new conditions for the new wave capacity. But it's still early in the process to have any information, okay?

他們在工作。他們像他們的委員會一樣，聚集在一起，詢問行業、許多專業人士、許多參與領域，應該如何應對新浪潮能力的新條件。但現在獲取任何信息還處於早期階段，好嗎？

So we do not have other questions. Thank you so much for participating with us today. If you have any follow-up questions or if you want to schedule a call with us, just contact me, and I will be pleased to help you guys. Have a good night and a great end of week. Thank you.

所以我們沒有其他問題。非常感謝您今天參加我們的活動。如果您有任何後續問題或者想要安排與我們通話，請與我聯繫，我將很樂意為您提供幫助。祝您度過一個美好的夜晚和美好的周末。謝謝。

Thank you all. Bye-bye.

謝謝你們。再見。