Afya Ltd (AFYA) 2023 Q3 法說會逐字稿

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

感謝您參加 Afya 2023 年第三季電話會議。今天，我和 Afya 的執行長 Virgilio Gibbon 一起來到這裡；和我們的財務長路易斯·安德烈·布蘭科。在本次演示中，我們的高階主管將做出前瞻性陳述。前瞻性陳述可能與未來事件、未來財務經營績效、已知和未知風險、不確定性以及其他可能導致實際結果與這些前瞻性陳述預期結果有重大差異的因素有關。

Forward-looking statements in this presentation include, but are not limited to, statements related to the business and financial performance, expectations and guidance for future periods or expectations regarding the company's strategic product initiatives, its related benefits and our expectations regarding the market. 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 the date hereof. You should not rely on that as predictions of future events, and we disclaim any obligation to update any forward-looking statements, except as required by law.

本簡報中的前瞻性陳述包括但不限於與業務和財務績效、未來時期的預期和指導或有關公司策略產品計劃、相關利益的預期以及我們對市場的預期相關的陳述。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。本簡報中的前瞻性聲明是基於截至本新聞稿發布之日我們可獲得的資訊。您不應依賴其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 measures on this call. These measures are not intended to be considered in insolation or as a substitute of the results prepared in accordance with IFRS. This presentation has reconciled these non-IFRS financial measures to the most directly comparable IFRS financial measures. Let me now turn the call over to Virgilio Gibbon, Afya's CEO.

此外，管理階層可能會在這次電話會議上參考非國際財務報告準則的措施。這些措施不應單獨考慮或取代根據國際財務報告準則編製的結果。本簡報已將這些非國際財務報告準則財務指標與最直接可比較的國際財務報告準則財務指標進行了調整。現在讓我將電話轉給 Afya 執行長 Virgilio Gibbon。

Thank you, Renata, and thanks, everyone, for joining us today. As we approach to the end of the year, we can see Afya maintaining the strong pace. So moving on to Page #3. Let's start with our quarter highlights.

謝謝雷娜塔，也謝謝大家今天加入我們。隨著年底的臨近，我們可以看到 Afya 保持著強勁的步伐。那麼請轉到第 3 頁。讓我們從季度亮點開始。

Adjusted net revenue grew almost 25% year-over-year, reaching BRL 723 million, followed by an adjusted EBITDA growth of nearly 22% year-over-year, reaching BRL 278 million with a margin of 39%. We also reported a record cash flow from operating activities generated, ending the 9 months period with BRL 934 million, 26% higher than last year, with a cash conversion of 109%, and we were able to reduce our net debt to BRL 418 million when compared to December 2022, even with UNIT and FITS acquisition in January, as we will see on the Slide 14.

調整後淨收入年增近 25%，達到 7.23 億雷亞爾，調整後 EBITDA 年成長近 22%，達到 2.78 億雷亞爾，利潤率為 39%。我們也公佈了創紀錄的經營活動產生的現金流，在9 個月期間達到9.34 億雷亞爾，比去年增長26%，現金轉換率為109%，我們能夠將淨債務減少到4.18 億雷亞爾與 2022 年 12 月相比，即使在 1 月收購了 UNIT 和 FITS，正如我們將在幻燈片 14 中看到的那樣。

Adjusted net income followed the same positive trend of last quarter and reached BRL 128 million, a growth of 7% year-over-year with an adjusted EPS of BRL 1.38, 7% higher than last year, even considering a higher net debt level and a higher interest rate. This result reflects Afya's great capital allocation discipline on buybacks, M&A and an efficient capital structure.

調整後淨利延續上季度同樣的正面趨勢，達到1.28 億雷亞爾，年增7%，調整後每股收益為1.38 雷亞爾，比去年高7%，即使考慮到較高的淨債務水平和更高的利率。這一結果反映了 Afya 在回購、併購和高效資本結構方面嚴格的資本配置紀律。

In this quarter, we have reached 3,113 operating seats with the acquisition of UNIT and FITS, the beginning of Mais Medicos operations, along with (inaudible), representing an increase of 15% year-over-year. Our number of undergrad medical students has reached more than 21,000, representing a 20% growth compared to the same period last year.

本季度，隨著收購 UNIT 和 FITS、Mais Medicos 業務的開始以及（聽不清楚），我們的營運席位已達到 3,113 個，年成長 15%。醫學本科生人數已達21,000餘人，較去年同期成長20%。

In the Continuing Education segment, we continue to see great results, presenting a net revenue growth of 35% year-over-year. Once again, after reporting great results on the Digital Health Services revenue, which ended the quarter with an increase of more than 19% year-over-year, reaching more than BRL 53 million in the 3 months period. This result reinforces the great opportunity ahead in the Digital Services and is explained by the strong ramp-up on B2B engagements with new contracts with pharmaceutical industries companies and the continuous ramp-up on B2B contracts.

在繼續教育領域，我們持續取得出色成果，淨收入年增 35%。數位健康服務收入再次取得優異成績，本季末年增超過 19%，三個月內達到超過 5,300 萬雷亞爾。這一結果強化了數位服務領域未來的巨大機遇，並且可以透過與製藥業公司簽訂新合約的 B2B 業務的強勁成長以及 B2B 合約的持續成長來解釋。

Last but not least, our ecosystem reached 280,005 active users, what represents around 34% of the Brazilian physicians and medical students market. Moving now to Slide #4. We will talk about our solid business execution within our three business units, starting with the Undergrad segment.

最後但並非最不重要的一點是，我們的生態系統擁有 28 萬名活躍用戶，約佔巴西醫生和醫學生市場的 34%。現在轉到投影片 #4。我們將討論我們三個業務部門中可靠的業務執行力，從本科生部門開始。

We saw important movements throughout the quarter, such as higher tickets in medicine courses with 9% increase in medicine tuition for the 9-month period and the maturation of medical seats. We are delighted to present that the most significant growth in terms of revenue came from the Continuing Education segment with 35% growth year-over-year due to a robust intake process, new campuses and course maturation.

我們在整個季度看到了重要的變化，例如醫學課程的門票價格上漲，9 個月期間醫學學費增加了 9%，以及醫學席位的成熟。我們很高興地宣布，由於強勁的招生流程、新校區和課程成熟，收入成長最顯著的是繼續教育部門，年增 35%。

On our Digital Services segment, we ended the quarter with a revenue increase of 19% compared to last year. This result reinforces the opportunity ahead in Digital Services and is explained by the ramp-up in B2B engagements that boosted net revenues and grew more than 75% with new contracts with the pharma industry and the continuous ramp-up on B2B contracts.

在我們的數位服務部門，本季結束時，我們的營收比去年增加了 19%。這一結果強化了數位服務領域未來的機遇，並且可以透過B2B 業務的增加來解釋，該業務增加了與製藥行業的新合約以及B2B 合約的持續增加，從而提高了淨收入並增長了75% 以上。

In the next slide, we are reaffirming our guidance for 2023, which considers the successful concluded acceptance of new medical students, ensuring 100% of occupancy in all its medical schools. Considering the above factors, the guidance for 2023 is defined as shown in the charts.

在下一張投影片中，我們重申了 2023 年的指導方針，其中考慮了成功接收新醫學生，確保所有醫學院 100% 的入住率。考慮到上述因素，2023 年的指導方針定義如下圖所示。

Adjusted net revenue is expected to be between BRL 2.750 billion and BRL 2.850 billion, and the adjusted EBITDA is expected to be between BRL 1.1 billion and BRL 1.2 billion, excluding any acquisitions that may be concluded after the issuance of this guidance. And also, considering the increase of (inaudible) contribution rate.

調整後的淨收入預計在27.5億雷亞爾至28.50億雷亞爾之間，調整後的EBITDA預計在11億雷亞爾至12億雷亞爾之間，不包括本指引發布後可能完成的任何收購。而且，考慮到（聽不清楚）貢獻率的增加。

In other words, after 2023, net revenues and adjusted EBITDA will be almost 4x higher than 2019, the year of our IPO. Furthermore, the cash conversion rate will continue to perform above 90%, which shows our capacity to deliver strong growth, expanding our profitability and cash generation. Once again, we are guiding another strong (inaudible) the top of the year guidance, improving Afya's resiliencies and abilities to keep delivering solid results with a high predictability.

換句話說，2023 年後，淨收入和調整後 EBITDA 將比 2019 年（我們 IPO 當年）高出近 4 倍。此外，現金轉換率將繼續保持在90%以上，這表明我們有能力實現強勁成長，擴大我們的獲利能力和現金生成能力。我們再次指導另一個強有力的（聽不清楚）年度頂部指導，提高 Afya 的彈性和能力，以保持高可預測性交付堅實的成果。

And now moving to Slide #6. On October 4, The Ministry of Education announced the rules for the Mais Medicos 3, which defined the criteria for medical seats expansion throughout Brazil, aiming to achieve OECD average of 3.3 physicians per 1,000 inhabitants in 10 years. The new program will allow the opening of nearly 10,000 new undergrad seats, of which 5,700 seats will be distributed through 25 health regions across 95 cities, considering 66 per entity.

現在轉到投影片 #6。 10月4日，教育部公佈了Mais Medicos 3規則，定義了巴西全國醫療席位擴展的標準，目標是在10年內實現經合組織平均每1000名居民擁有3.3名醫生。新計劃將允許開設近 10,000 個新的本科生席位，其中 5,700 個席位將分佈在 95 個城市的 25 個衛生區域，每個實體 66 個席位。

In addition, approximately 2,000 will be allocated to existing private institutions and another 2,000 allocated to the public system. As separating the notice from Mais Medicos 3, each organization is eligible to compete for two health regions. Afya has 18 entities with 17 of them offering high-quality medical courses. Mais Medicos 3 presents a significant opportunity to expand Afya's medical courses in Brazil and address the pressing need for more health care professionals in underserved areas. Afya is committed to engage in the program with high-quality proposals and enhancing the standards of medicine courses throughout the country. Now I'll turn the call over to Luis Blanco, Afya's CFO, to give more color on the financial and operational metrics. Thank you.

此外，大約2,000個將分配給現有的私人機構，另外2,000個分配給公共系統。由於將通知與 Mais Medicos 3 分開，每個組織都有資格競爭兩個健康區域。 Afya 擁有 18 個實體，其中 17 個提供高品質的醫學課程。 Mais Medicos 3 提供了一個重要的機會，可以擴展 Afya 在巴西的醫學課程，並滿足服務不足地區對更多醫療保健專業人員的迫切需求。 Afya 致力於以高品質的提案參與該計劃，並提高全國醫學課程的標準。現在，我將把電話轉給 Afya 財務長路易斯·布蘭科 (Luis Blanco)，以提供有關財務和營運指標的更多資訊。謝謝。

Thank you, Virgilio, and good evening, everyone. Starting with Slide #8 to discuss the financial highlights of the third quarter. It is with much satisfaction that I present another strong quarter results for Afya.

謝謝你，Virgilio，大家晚上好。從投影片 #8 開始討論第三季的財務亮點。我非常滿意地展示 Afya 的又一個強勁季度業績。

Adjusted net revenue for the quarter was up almost 25% year-over-year to BRL 723 million. For the 9-month period, adjusted net revenue was BRL 2.145 million, an increase of 24% over the same period of the last year, reflecting the maturation of medical seats, higher tickets in medicine courses and the ramp-up of Continuing Education, boosted by the growth in the number of students. Once again, the Digital Services segment has also contributed to the revenue growth this quarter with the increase of the B2B engagements and active payers expansions in B2P.

該季度調整後淨收入年增近 25%，達到 7.23 億雷亞爾。 9個月期間，調整後淨收入為214.5萬雷亞爾，較去年同期增長24%，反映出醫療席位的成熟、醫學課程票價的上漲以及繼續教育的增加，受學生人數增長的推動。隨著 B2B 參與度的增加和 B2P 活躍付款人的擴張，數位服務部門也為本季的營收成長做出了貢獻。

Adjusted EBITDA for this quarter increased almost 22% to BRL 278 million, while the adjusted EBITDA margin decreased 90 basis points to 38.5%. For the 9-month period, adjusted EBITDA was BRL 877 million, an increase of around 22% over the same period of the prior year with adjusted EBITDA margin decrease of 80 basis points in the same period. The adjusted EBITDA margin reduction is mainly due to mix of net revenues with higher participations of the Continuing Education segment and the consolidation of 4 Mais Medicos campuses that started operation on the third quarter 2022 and UNIT Alagoas and FITS Jaboatao, which are performing better than expected, but still present lower margins when compared to the integrated companies.

本季調整後 EBITDA 成長近 22%，達到 2.78 億雷亞爾，而調整後 EBITDA 利潤率下降 90 個基點，至 38.5%。在前 9 個月期間，調整後 EBITDA 為 8.77 億雷亞爾，較上年同期成長約 22%，調整後 EBITDA 利潤率同期下降 80 個基點。調整後的EBITDA 利潤率下降主要是由於淨收入與繼續教育部門的參與度較高以及合併於2022 年第三季度開始運營的4 個Mais Medicos 校區以及UNIT Alagoas 和FITS Jaboatao 的合併，這些校區的表現優於預期，但與綜合公司相比，利潤率仍較低。

Moving to the next slide. Cash flow from operating activities for the 9-month period was 26% higher year-over-year, totaling BRL 934 million, resulting in a strong cash conversion ratio of over 109%. Adjusted net income for the third quarter of 2023 was BRL 128 million, an increase of 7% over the same period of the prior year, mainly due to the increase in operational results, which was partially offset by higher financial expenses.

轉到下一張投影片。前 9 個月經營活動現金流量年增 26%，總計 9.34 億雷亞爾，現金轉換率高達 109% 以上。 2023年第三季調整後淨利為1.28億雷亞爾，較上年同期成長7%，主要是由於營運績效的成長，但部分被較高的財務費用所抵銷。

Adjusted net income for the 9 months of 2023 was BRL 427 million, an increase of 5% year-over-year. Even with higher interest rates year-over-year and an increase in debt with acquisitions of UNIT Alagoas and FITS Jaboatao, our adjusted EPS keep increasing due to operational leverage reaching BRL 1.38 and BRL 4.58 per share in the third quarter and 9-month periods, respectively.

2023年前9個月調整後淨利為4.27億雷亞爾，年增5%。儘管利率逐年上升，且收購UNIT Alagoas 和FITS Jaboatao 後債務增加，但由於第三季和9 個月期間營運槓桿分別達到每股1.38 雷亞爾和4.58 雷亞爾，我們的調整後每股收益仍持續增長， 分別為。

Moving to Slide #10 for a discussion of key operational metrics by business unit. Starting with the Undergrad progress. Our number of medical students grew 20% year-over-year, reaching more than 21,000 students with operating medical seats increasing 15% year-over-year. With our net average ticket for the 9 months of medical school increasing 9% year-over-year, we've reached BRL 2,446 million in combined tuition fees, up from BRL 1,978 million from the prior year, an increase of 24%. Regarding the revenue mix, 79% was derivative from medical school students and 91% from health-related courses.

前往投影片#10，討論按業務部門劃分的關鍵營運指標。從本科生進度開始。我們的醫學生人數年增 20%，達到 21,000 多名學生，營運醫療席位年增 15%。隨著醫學院 9 個月的平均淨學費年增 9%，我們的綜合學費達到了 24.46 億雷亞爾，高於去年的 19.78 億雷亞爾，成長了 24%。就收入結構而言，79%來自醫學院學生，91%來自健康相關課程。

On the next page, I will present our Continuing Education metrics. As said before, we saw another quarter with great recovery in our Continuing Education segment, with an increase of nearly 23% in the number of students compared to the last year, reaching 4,954 students. In this quarter, net revenues for the segment grew 35% compared to the same period of the prior year. And for the 9-month period, we saw an increase of 43%, reaching a net revenue of BRL 108 million.

在下一頁上，我將介紹我們的繼續教育指標。正如之前所說，我們的繼續教育領域又一個季度出現了大幅復甦，學生人數比去年增加了近 23%，達到 4,954 名學生。本季度，該部門的淨收入與去年同期相比成長了35%。在 9 個月期間，我們的淨收入成長了 43%，達到 1.08 億雷亞爾。

Moving to Slide #12, I will discuss the Digital Services operational metrics. On the first graph, you can see our total active payers, which are those ones that generate revenues in B2B. With a continuous growth trend in this quarter, we've reached 217,000 paying users, a 12% growth compared to the last year. As you can see in the second graph, our ecosystem reached 285,000 monthly active users, representing around 34% of all medical students and physicians in Brazil, as Virgilio said before.

轉向投影片 #12，我將討論數位服務營運指標。在第一個圖表中，您可以看到我們的活躍付款人總數，即在 B2B 中產生收入的付款人。隨著本季持續成長趨勢，我們的付費用戶已達到 21.7 萬，較去年成長 12%。正如您在第二張圖中看到的那樣，我們的生態系統每月活躍用戶達到 285,000 名，約佔巴西所有醫學生和醫生的 34%，正如 Virgilio 之前所說。

Finally, our last graph shows our digital service net revenues for the quarter, which increased more than 19% year-over-year and regarding the 9-month period increased by almost 22% year-over-year. The organic growth is the combination of the start of the B2B engagements with pharmaceutical companies and the expansion of active payers in the B2P.

最後，我們的最後一張圖表顯示了我們本季的數位服務淨收入，年成長超過 19%，在 9 個月期間年增近 22%。有機成長是與製藥公司 B2B 合作的開始和 B2P 中活躍付款人的擴張的結合。

In addition, since 2022, we started to break down our Digital Services net revenue within B2P and B2B segments. So from the BRL 164 million of Digital Services net revenues during the 9-month period, more than BRL 134 million came from the B2P and almost BRL 30 million came from B2B. B2B strategy holds a huge potential (inaudible).

此外，自 2022 年以來，我們開始細分 B2P 和 B2B 領域的數位服務淨收入。因此，在這 9 個月期間 1.64 億雷亞爾的數位服務淨收入中，超過 1.34 億雷亞爾來自 B2P，近 3,000 萬雷亞爾來自 B2B。 B2B 策略擁有巨大的潛力（聽不清楚）。

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 quarter were BRL 822 million, an increase of 15% over the third quarter 2022, and an increase of 11% over the second quarter 2023. Net debt, excluding IFRS 16, totaled BRL 1.788 billion compared to the net debt of BRL 1.348 billion in the same period of 2022. The increases when compared to the third quarter of 2022 is mainly due to the BRL 825 million of UNIT Alagoas and FITS Jaboatao acquisitions, closed on January 2, 2023, which was partially offset by the free cash flow generation in the first 9-month period of 2023, as we can look closely on the next page.

現在轉到我的最後三張投影片，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。截至季末的現金和現金等價物為 8.22 億雷亞爾，比 2022 年第三季成長 15%，比 2023 年第二季成長 11%。淨負債（不包括 IFRS 16）總計 17.88 億雷亞爾。 2022 年同期淨負債為13.48 億雷亞爾。與2022 年第三季相比增加的主要原因是於2023 年1 月2 日完成的UNIT Alagoas 和FITS Jaboatao 的8.25 億雷亞爾收購，部分被2023年前9 個月的自由現金流產生所抵消，我們可以在下一頁仔細觀察。

In this slide, I presented the net debt reconciliations for 2023. The cash flow from operating activities was allocated to income tax and lease payments. CapEx activities for the service of the financial debt and our churn buyback program. We were able to generate BRL 418 million as free cash and reduced our net debt in the 9-month period.

在這張投影片中，我介紹了 2023 年的淨債務調節表。經營活動產生的現金流量分配給所得稅和租賃付款。用於金融債務服務和我們的客戶流失回購計畫的資本支出活動。我們能夠在 9 個月內產生 4.18 億雷亞爾的自由現金並減少淨債務。

On the next slide, you can see a table with the breakdown of our gross debt and our total cost of debt, considering our main debt, the Softbank transaction, other loans and finance, account payables to selling shareholders plus other financial obligations. Our capital structure remains solid with a conservative leverage position and the low cost of debt.

在下一張投影片上，您可以看到一張表格，其中列出了我們的總債務和總債務成本的細目，其中考慮了我們的主要債務、軟銀交易、其他貸款和融資、出售股東的應付賬款以及其他財務義務。我們的資本結構保持穩健，槓桿狀況保守，債務成本較低。

This ends our prepared remarks. As we approach the end of the year, even considering the challenging economic and political scenario, we can gladly see Afya delivering strong results. With a quarter marked by significant increases in net revenues in our 3 segments, positive EBITDA, cash generations and EPS growth and the consistent business expansion. I will now open the conference for the Q&A session. Thank you.

我們準備好的演講到此結束。隨著年底的臨近，即使考慮到充滿挑戰的經濟和政治形勢，我們也很高興看到 Afya 取得了強勁的業績。本季我們的 3 個部門的淨收入顯著成長，EBITDA 為正，現金產生和每股盈餘成長，業務持續擴張。我現在宣布會議開始問答環節。謝謝。

(Operator Instructions) We are going to start our Q&A with Lucas Nagano from Morgan Stanley.

（操作員說明）我們將開始與摩根士丹利的 Lucas Nagano 進行問答。

We have two questions. First one is related to Mais Medicos 3. Is it possible to provide us some color on your plans for the program in terms of how many proposals you plan to submit, how many seats does it represent, and which regions you're targeting?

我們有兩個問題。第一個與 Mais Medicos 3 有關。能否向我們介紹您的計劃，包括您計劃提交多少提案、代表多少席位以及您的目標地區？

And the second question is related to tuition readjustment for the next year. So how much you're increasing prices for 2024? And if it -- there is between schools, so -- if you could give us some color on the range of tuition readjustment in all of Afya's schools?

第二個問題是關於明年學費調整的問題。那麼 2024 年你們將漲價多少呢？如果是──學校之間存在，那麼──你能否給我們一些有關阿菲亞所有學校的學費調整範圍的資訊？

Hi Lucas, Virgilio, thanks for your question. So regarding the Mais Medicos 3, we have 18 institutions that all of them is going to propose for additional two medical schools. So we will be allowed to send the proposal for 36 new additional schools. So the number of medical seats will be 36x60 per school. So this is the number that we are going to participate on this entire process. So regarding the tuition adjustment, I'll pass to Blanco here to give you more color.

嗨盧卡斯，維吉里奧，謝謝你的問題。因此，關於 Mais Medicos 3，我們有 18 個機構，它們都將提議增設兩所醫學院。因此，我們將被允許發送關於另外 36 所新學校的提案。因此每所學校的醫療席位數量將為 36x60。這就是我們將參與整個過程的人數。那麼關於學費的調整，我就請Blanco在這裡來補充一下。

It's Blanco speaking. Regarding the second question about readjustments. We have defined the increase in tuition fees for the next year. Specifically from the medicine courses, we are increasing most part of the courses in 4.95% for freshmen and existing students. Most part of our institutions, we're going to have this kind of readjustments.

是布蘭科說話。關於第二個問題，關於調整。我們已經確定了明年學費的上漲幅度。具體來說，從醫學課程來看，我們為新生和在校學生增加了大部分課程，增幅為4.95%。我們的大部分機構都將進行此類調整。

The next question comes from Marcelo Santos from JPMorgan.

下一個問題來自摩根大通的馬塞洛·桑托斯。

I have two questions. The first is, considering we are already in the middle of the fourth quarter, would you please provide an update on the outlook of the prep business, probably already had a lot of the intake. So it would be interesting to see how do you see this next cycle?

我有兩個問題。首先，考慮到我們已經進入第四季度中期，請您提供有關準備業務前景的最新信息，可能已經有很多攝入量。因此，看看您如何看待下一個週期會很有趣？

The second question is, if you could comment a bit on digital business. We saw a slight sequential decline in revenues, so isn't this a business where we should be hoping for a little bit higher growth? Could you please comment this change from the second to the third quarter, what are the moving parts here? And how do you see this moving forward?

第二個問題是，您是否可以對數位業務發表一些評論。我們看到收入環比略有下降，所以我們不應該希望這項業務有更高的成長嗎？您能否評論一下第二季到第三季的變化，其中有哪些變化？您如何看待這項進展？

I will get the question about the prep course here. So this is basically regarding the Medcel operations. So the 9 months, we are operating below the trend when you compare to last year, the same period last year. Remember that the seasonality -- we have the new offer for 2024 cohort starting in end of September, October.

我會在這裡得到關於預科課程的問題。這基本上是關於 Medcel 的運作。因此，與去年同期相比，這 9 個月我們的營運低於趨勢。請記住，季節性——我們從 9 月底、10 月開始為 2024 屆學生提供新優惠。

So what we are seeing from October and November that the volume intake that we are seeing, it's ahead last year. So it's the first month when you compare to the last 12 months that we are seeing a stronger intake from when you compare to the last year same period intake. So we expect to reduce the gap between last year and for 2024, resumed growth also on prep course offerings. So regarding the Digital, Blanco will give more color for that.

從 10 月和 11 月的情況來看，我們看到的攝取量超過了去年。因此，與過去 12 個月相比，這是第一個月，我們發現與去年同期的攝取量相比，攝取量有所增加。因此，我們預計將縮小去年與 2024 年之間的差距，預科課程也將恢復成長。所以對於 Digital 來說，Blanco 會為此賦予更多色彩。

Medcel (inaudible) to have a pushback on the Digital results as a whole, so it's not our most important business in the Digital. We -- it's lagging with white book, it's lagging with our white book. But as you noticed in our release, the number of students of Medcel decreased more than 50% year-over-year. Now we can have this new intake that started here in the fourth quarter that we can recover and stop this fall from the last year.

Medcel（聽不清楚）對整個數位化結果提出了反對，因此這不是我們在數位化方面最重要的業務。我們——它落後於白皮書，它落後於我們的白皮書。但正如您在我們的新聞稿中註意到的那樣，Medcel 的學生人數比去年同期減少了 50% 以上。現在我們可以從第四季度開始獲得新的錄取，我們可以從去年秋天恢復並停止。

So the Digital as a whole, to achieve this BRL 1.2 billion net revenue that we have guided for 2028 has to grow around 35%. And you are right, we delivered 19% in this quarter. But this drop on the net revenues come mostly from Medcel. If you take the main important part of the (inaudible) business, we are growing around 30%, okay? The numbers of the active base users are growing 16% and the number of the B2B business is growing 75%. So we have this specific pushback because of Medcel. We took all the actions on that and for the first numbers of the fourth quarter, as Virgilio mentioned, we saw a recovery year-over-year.

因此，數位產業作為一個整體，要實現我們為 2028 年制定的 12 億雷亞爾淨收入目標，必須成長 35% 左右。你是對的，我們本季交付了 19%。但淨收入的下降主要來自 Medcel。如果你佔據（聽不清楚）業務的主要重要部分，我們的成長率約為 30%，好嗎？活躍基礎用戶數量增加了 16%，B2B 業務數量增加了 75%。因此，由於 Medcel，我們遇到了這種特定的阻力。我們對此採取了所有行動，正如 Virgilio 所提到的，在第四季的第一個數據中，我們看到了同比復甦。

Just summarizing that, Marcelo, the way that I like to see that is that separating on Digital, the Pillar 1 that is basically medical education, medical education, most of that comes from Medcel operations. And even combining Medcel operations, there is a business to physician type of business with other programs that we have on Pillar 2 and also Pillar 3. We are growing on B2B more than 14%, even considering the downturn coming from Medcel. But if you see the B2B business that we started ramping up last year, we are moving above 75%, at least where we put our efforts here to leverage our Digital operations. So this is basically (inaudible). So on Digital, (inaudible) is growing faster than expected. But when we have the Pillar 1 that's more regarded to medical education impacted by Medcel operations, it is just expanding 14% year-over-year.

馬塞洛，我總結一下，我希望看到的方式是數位化的分離，第一支柱基本上是醫學教育，醫學教育，其中大部分來自 Medcel 業務。即使將Medcel 業務結合起來，也有一種企業對醫生類型的業務以及我們在第2 支柱和第3 支柱上的其他計劃。即使考慮到Medcel 帶來的低迷，我們在B2B 上的增長也超過14% 。但如果你看到我們去年開始大力發展的 B2B 業務，你會發現我們的成長率已超過 75%，至少在我們努力利用數位業務方面是如此。所以這基本上是（聽不清楚）。因此，在數位領域，（聽不清楚）的成長速度比預期的要快。但當我們的第一支柱更注重受 Medcel 業務影響的醫學教育時，它的年增長率僅為 14%。

If I may complement, Marcelo, other thing that's important to remember is that when we look for the future of the company, especially in the Digital, what comes mostly of the money comes from the B2B part of the Digital Services, right? And to accomplish that, we don't need the Pillar 1. Let me -- I don't want to make you guys think that that's not important or that. But to complement a strategy here, we need to have the contact with the physicians, right? And the products that most matter here is the products that are Pillars 2, 3, 4, 5 and 6. So Medcel, it's really important (inaudible) we want to keep up with the physicians, but what we are seeing with Medcel, it doesn't make us believe that we cannot achieve the BRL 1.2 billion or anything like that, okay? Our B2B segment is going great.

馬塞洛，如果我可以補充一下，另一個需要記住的重要事情是，當我們尋找公司的未來時，尤其是在數位領域，大部分資金來自數位服務的 B2B 部分，對嗎？為了實現這一目標，我們不需要第一支柱。讓我——我不想讓你們認為這不重要或那樣。但為了補充這裡的策略，我們需要與醫生聯繫，對吧？這裡最重要的產品是支柱 2、3、4、5 和 6 的產品。所以 Medcel，我們希望跟上醫生的步伐，這一點非常重要（聽不清楚），但我們在 Medcel 上看到的，它這並不會讓我們相信我們無法實現12 億雷亞爾或類似的目標，好嗎？我們的 B2B 業務進展順利。

So the next question comes from (inaudible).

所以下一個問題來自（聽不清楚）。

I have two questions as well. If I can just go back to Mais Medicos program, just trying to get your understanding, do you think that eventually, as it looks like the restrictions of the request per institution, they are more restricted than previous programs. Do you think that eventually this could bring an opportunity for you in terms of M&A as I don't know, maybe smaller companies gaining some of these seats and eventually, they don't have the CapEx to do the investment and then you could eventually buy in the Mais Medicos more seats than you can request? That will be my first question. And then the second one, more like a perspective. If you have any idea or any view when the Supreme Court would eventually restart or resume the case of (inaudible)?

我也有兩個問題。如果我可以回到 Mais Medicos 計劃，只是想得到您的理解，您是否認為最終，由於看起來每個機構的請求限制，它們比以前的計劃受到更多限制。你認為這最終會給你帶來併購機會嗎？我不知道，也許小公司獲得了其中一些席位，最終他們沒有資本支出來進行投資，然後你最終可以在Mais Medicos 購買的座位數量超出了您的要求？這是我的第一個問題。然後是第二個，更像是視角。如果您對最高法院最終何時重新啟動或恢復案件（聽不清楚）有何想法或看法？

This is Virgilio. So about the first question, there is a restriction about 2 proposals for each institution. They are also allowing small players to (inaudible) and also in 2 different cities.

這是維吉里奧。所以關於第一個問題，每個機構有2個提案的限制。他們還允許小玩家（聽不清楚）並且在兩個不同的城市。

So thinking about the M&A opportunities here, for sure, we may have some small players that they can come to the table with new opportunities for M&A, but being very sincere, it's not something that we are thinking right now. We still have a hot pipeline for more traditional schools. And seeing the size of our pipeline coming from the Mais Medicos 3, more than 30 new possible institutions, I think this is much more important than thinking about acquiring additional institutions that will be implemented using Mais Medicos 3, so this is what we are thinking right now.

因此，考慮這裡的併購機會，當然，我們可能會有一些小參與者，他們可以帶著新的併購機會來到談判桌上，但非常真誠的是，這不是我們現在正在考慮的事情。我們仍然有更多傳統學校的熱門管道。看到我們來自 Mais Medicos 3 的管道規模，超過 30 個新的可能機構，我認為這比考慮收購將使用 Mais Medicos 3 實施的其他機構要重要得多，所以這就是我們正在考慮的現在。

Secondly, about the Supreme Court, we are seeing that the other judge, the other federal judge is moving and having a lot of question coming to the sector. I think they are preparing to release additional votes. Maybe we'll have some additional votes that is still pending by the end of this year. So maybe in November, we can have one or 2 additional judges voting, but for being very sincere, we don't know if they will complete this session by the end of this year or start in 2024. So we still -- a lot of speculation about that. We don't have anything that would be more tangible for you guys right now, okay?

其次，關於最高法院，我們看到另一位法官，另一位聯邦法官正在移動，對該部門提出了許多問題。我認為他們正準備釋放更多選票。也許到今年年底我們還會有一些尚未進行的額外投票。因此，也許在11 月份，我們可以再安排一到兩名法官進行投票，但出於誠意，我們不知道他們是否會在今年年底之前完成本次會議，或者在2024 年開始。所以我們仍然——很多對此的猜測。我們現在沒有任何東西對你們來說更切實，好嗎？

And Blanco speaking, just to give more color on the first topic regarding M&A in Mais Medicos, you need to remember that we always keep our capital discipline allocation, okay? So the first restrictions regarding this possible new targets with Mais Medicos, first, we needed to buy the entity as a whole. And as you know, we have this threshold of having 60% of the revenues coming from medicine business. So if an institution that doesn't have medicine, just want this Mais Medicos 3 license, we need to see how important these licenses will be under the future operations of this company.

布蘭科（Blanco）發言，只是為了給有關 Mais Medicos 併購的第一個主題提供更多色彩，您需要記住，我們始終保持資本紀律分配，好嗎？因此，關於 Mais Medicos 可能的新目標的第一個限制是，首先，我們需要購買整個實體。如您所知，我們有 60% 的收入來自醫藥業務的門檻。所以如果一個沒有藥品的機構，只是想要這個Mais Medicos 3許可證，我們需要看看這些許可證對於這家公司未來的營運有多麼重要。

Why I'm saying that because it's important to remember that's not the Mais Medicos program, you cannot carve out the license from (inaudible) if you don't have the course recognized. So it's not possible to carve out just the medicine course and buy this medicine course coming from Mais Medicos if the course is not recognized by the Ministry of Education. So I think this will take some time to get to the table. But that's for sure, with or without these kind of targets, we'll keep have in our capital discipline allocation, okay?

為什麼我這麼說是因為重要的是要記住這不是 Mais Medicos 計劃，如果您的課程沒有得到認可，您就無法從中獲得許可證（聽不清楚）。因此，如果該課程未經教育部認可，則不可能只開設醫學課程並從 Mais Medicos 購買該醫學課程。所以我認為這需要一些時間才能解決。但可以肯定的是，無論有沒有這些目標，我們都會保留資本紀律配置，好嗎？

Okay. So next question comes from Lucca Marquezini from Itau.

好的。下一個問題來自 Itau 的 Lucca Marquezini。

As regarding the Digital Services segment, so the release mentioned that the company had a strong increase in B2B engagements. Can you please provide some color on this performance and also comment what should be the next steps within this vertical if you have new initiatives and you expect still strong growth in the coming quarters? That would be very helpful.

至於數位服務部門，新聞稿提到該公司的 B2B 業務量強勁成長。您能否對這一業績提供一些說明，並評論一下如果您有新的舉措並且預計未來幾個季度仍將強勁增長，那麼該垂直領域的下一步應該是什麼？這將非常有幫助。

So just to remember, we started offering the B2B offerings to the market beginning on first quarter of 2022. Today, we almost have around 200 contracts signed, most of them with pharma companies to give them all kinds of access to our physician ecosystem, the spreading content, new protocols, education and learning objects to the physicians and also typical ads using our social network here.

請記住，我們從2022 年第一季開始向市場提供B2B 產品。如今，我們幾乎簽署了約200 份合同，其中大多數是與製藥公司簽訂的，以便他們能夠以各種方式訪問我們的醫生生態系統，向醫生傳播內容、新協議、教育和學習對象，以及使用我們的社交網路的典型廣告。

So this type of offering is getting even more used for the pharma companies, the kind of exchanging the traditional way that they have the sales representative reaching physicians to do the marketing to sell their medicine, their drugs. So they are using even the more the digital channel and with a strong of -- not only reputation, but we are, I think, the right pattern to them to have the right way to reach physicians and the best time using their time in the best way.

因此，這種類型的產品越來越多地被製藥公司使用，這種方式改變了他們讓銷售代表聯繫醫生進行行銷以銷售他們的藥品的傳統方式。因此，他們更多地使用數位管道，並且不僅擁有強大的聲譽，而且我認為，我們對他們來說是正確的模式，可以透過正確的方式聯繫醫生，並在其中充分利用他們的時間。最好的辦法。

So what we think is that, well, our strategy here to reach the pharma industry as on the B2B contracts, it's more basically on landing-and-expanding strategy. So today, we have like for the fifth, the five big companies, we have more than 10 contracts with them. So it's been more recurring relationship with them and ramping out B2B contracts. So that's the type of offer that we are offering to B2B and to pharma companies and also start using this type of product also to providers in the same way that we are doing to pharma companies. By the end of the day, providers, they also want to reach physicians to generate more demand and also to drive more volume for their operations for their hospitals.

所以我們認為，我們的策略是像 B2B 合約一樣進入製藥業，它更基本上是落地和擴張策略。所以今天，我們有第五家、五家大公司，我們與他們有超過 10 份合約。因此，我們與他們建立了更頻繁的關係，並逐漸簽訂了 B2B 合約。這就是我們向 B2B 和製藥公司提供的產品類型，我們也開始向供應商使用此類產品，就像我們向製藥公司所做的那樣。歸根結底，醫療服務提供者也希望接觸醫生，以產生更多需求，並為醫院帶來更多業務量。

So this is the type of solutions and opportunities that we are offering using our ecosystem.

這就是我們利用我們的生態系統提供的解決方案和機會的類型。

And if I may add, Lucca, one point here, is that until the first semester of this year, most of our contracts basically were campaign-based, okay? So the pharmaceutical companies hire us for specific campaigns for specific drugs for a specific type of physicians.

如果我可以補充一點，盧卡，這裡有一點是，直到今年第一學期，我們的大部分合約基本上都是基於競選的，好嗎？因此，製藥公司聘請我們為特定類型的醫生提供特定藥物的特定活動。

From the third quarter, we started new products. We launched it as a matter of fact, our first product that is generate recurring kind of revenues and recurring type of relationship that is -- it is Rx Insights that provides insights for prescribed drugs under our ecosystem. So we are moving from campaigns to these kind of recurring revenues, that's very, very important for us in the ramp-up of the business.

從第三季開始，我們開始推出新產品。事實上，我們推出了它，這是我們的第一個產品，它能產生經常性收入和經常性關係，即 Rx Insights，為我們的生態系統中的處方藥提供見解。因此，我們正在從行銷活動轉向此類經常性收入，這對我們業務的發展非常非常重要。

(Operator Instructions) While we wait for next question, I'm going to read a question that we received from the Q&A. It is regarding the Mais Medicos 3, how does the CapEx in terms of cost per seat compare to usual M&A per seat cost of roughly BRL 2 million per seat? You want to take this?

（操作員說明）當我們等待下一個問題時，我將閱讀我們從問答中收到的問題。對於 Mais Medicos 3，每個席位成本方面的資本支出與通常每個席位約 200 萬雷亞爾的併購成本相比如何？你想拿這個嗎？

Yes. I'm going to take this. We are seeing that these Mais Medicos 3 will be around BRL 25 million to invest and deploy the site. Just making a round calculation, if we consider BRL 30 million, just rounding with 60 seats, we would say about BRL 500,000 per seat that is much, much less than this BRL 2 million per seat that it's kind of number of multiple that you see in the market. So it's doing this, getting the license and deploying these greenfields is accretive for us.

是的。我要接受這個。我們看到這些 Mais Medicos 3 將花費約 2500 萬雷亞爾來投資和部署該網站。只是進行一輪計算，如果我們考慮3000 萬雷亞爾，僅以60 個席位進行四捨五入，我們會說每個席位約為500,000 雷亞爾，這比每個席位200 萬雷亞爾要少得多，這是您看到的倍數在市場上。因此，這樣做、獲得許可並部署這些綠地對我們來說是有好處的。

Yes. And BRL 25 million to BRL 30 million is our expectation as of today. So the next question comes from Lucas Nagano from Morgan Stanley.

是的。截至目前，我們的預期為 2,500 萬雷亞爾至 3,000 萬雷亞爾。那麼下一個問題來自摩根士丹利的盧卡斯長野。

I have a follow-up question on the regulation related to (inaudible). So now that the Ministry of Education revoked that measure that basically invalidated the (inaudible) that didn't comply with Mais Medicos 3, the current value decision is from (inaudible) to evaluate some of those requests. Do you think that more medical schools could be opened outside of Mais Medicos in the meantime, like while the (inaudible) trial doesn't resume? Like how do you perceive this risk?

我有一個關於（聽不清楚）相關法規的後續問題。因此，既然教育部撤銷了該措施，該措施基本上使不符合 Mais Medicos 3 的（聽不清楚）無效，當前的價值決定是（聽不清楚）評估其中一些請求。您是否認為與此同時，可以在 Mais Medicos 之外開設更多醫學院，就像（聽不清楚）試驗沒有恢復一樣？您如何看待這種風險？

Lucas, so that's a very good question. That's our opinion here. So in my opinion, I think the Ministry of Education, they will expect the final decision from the Supreme Court in order to evaluate and give the final word if that process that we analyzed and through the injunctions, we will follow or not. So what -- if you read this new ordinance, they expect that they will follow the process. They will visit these institutions. But by the end of the process, they still have a final world from Ministry of Education in order to approve or not that new medical institution. So I think with that measure, the Ministry of Education is waiting for the final word coming from the Supreme Court in order to analyze what they are going to do with all this process coming from injunction. So I think that's the main point. We are -- I think we are not going to see any approval before the decision coming from the Supreme Court.

盧卡斯，這是一個非常好的問題。這就是我們的意見。因此，在我看來，我認為教育部將期待最高法院的最終決定，以便評估並給出最終決定，我們是否會遵循我們分析的過程並通過禁令。那又怎樣——如果你讀到這個新法令，他們希望他們會遵循這個流程。他們將參觀這些機構。但到最後，他們仍然需要教育部的最終決定，以決定是否批准新的醫療機構。因此，我認為，透過這項措施，教育部正在等待最高法院的最終決定，以分析他們將如何處理來自禁令的所有程序。所以我認為這是重點。我認為在最高法院做出決定之前我們不會看到任何批准。

Maybe if I may add, Lucas, this (inaudible) Virgilio is saying, it's after what we are seeing since (inaudible) give his decision on beginning of August. And since then, while this normative was not released yet, we were not seeing (inaudible) of seats being released because of that because they were not in the municipalities as they mentioned. So we don't see a big risk here (inaudible).

也許我可以補充一下，盧卡斯，這位（聽不清楚）Virgilio 說的是，這是在（聽不清楚）八月初做出決定之後我們所看到的。從那時起，雖然該規範尚未發布，但我們沒有看到（聽不清楚）因此釋放席位，因為它們不在他們提到的城市中。所以我們在這裡沒有看到很大的風險（聽不清楚）。

Yes. By the end of the day, they still have to follow the Mais Medicos requirements that they have to have the hospital beds, they have to follow the social demand and how critical is for that region for that city to open new medical school and also to follow all the academic and also the necessity that they have to pay to the municipality and the health secretary in order to approve the new medical school. So that is -- when we analyze that and apply for all the regions that they are trying to open this new Mais Medicos, these new injunctions, I think the impact on overall demand will be much lower than the overall process that we are seeing being analyzed by the Ministry of Education.

是的。到一天結束時，他們仍然必須遵循 Mais Medicos 的要求，他們必須擁有醫院床位，他們必須遵循社會需求，以及該地區對該城市開設新醫學院和建立新醫學院的重要性。遵循所有學術費用以及他們必須向市政府和衛生部長支付的費用，以便批准新的醫學院。所以，當我們分析併申請他們試圖開設這個新的 Mais Medicos 的所有地區時，這些新禁令，我認為對總體需求的影響將遠低於我們所看到的總體流程。教育部分析。

Since we do not see any other questions here, I appreciate you all participating, and we, from Investor Relations, we are available if you still want any follow-up question. Thank you, and have a nice night.

由於我們在這裡沒有看到任何其他問題，因此我感謝大家的參與，如果您仍然需要任何後續問題，我們投資者關係部門可以隨時為您服務。謝謝你，祝你有個愉快的夜晚。