Afya Ltd (AFYA) 2023 Q4 法說會逐字稿

Good night, everyone, and thank you for joining us for Afya's fourth-quarter and full-year 2023 conference call. Today, I'm here with Afya's CEO, Virgilio Gibbon and Luis Blanco, our CFO.

大家晚安，感謝您參加 Afya 2023 年第四季和全年電話會議。今天，我和 Afya 的執行長 Virgilio Gibbon 以及我們的財務長 Luis Blanco 一起來到這裡。

During the presentation, our executives will make forward-looking statements. Forward-looking statements can be related to future events, future financial or operating performance, known or unknown risks, uncertainties and other factors that may cause actual results to differ materially from those contemplated by those forward-looking statements.

在演示過程中，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、未來財務或經營績效、已知或未知風險、不確定性以及其他可能導致實際結果與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. This risks include those more fully described in our filings with the Securities and Exchange Commission.

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。

The forward-looking statements in this presentation are based on information available to us as of the date hereof. And 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.

本簡報中的前瞻性陳述是基於截至本報告發布之日我們掌握的資訊。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 as a substitute of the results prepared in accordance with IFRS. This presentation has reconciled as non-IFRS financial measures to the most directly comparable IFRS financial measures.

此外，管理階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考慮或取代根據國際財務報告準則編制的結果。本簡報已將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。

Let me now turn the call over to Virgilio Gibbon, Afya's CEO.

現在讓我將電話轉給 Afya 執行長 Virgilio Gibbon。

Thank you, [Hannah], and welcome to our final conference call of 2023. We are excited to present another year of exceptional operational and financial performance for Afya. Once again, we have demonstrated the resilience of our business the successful implementation of our strategy and the reliability of our business model.

謝謝你，[漢娜]，歡迎參加我們 2023 年最後一次電話會議。我們很高興為 Afya 帶來另一年的卓越營運和財務業績。我們再次證明了我們業務的彈性、策略的成功實施以及業務模式的可靠性。

In this presentation, I will cover key strategic topics, including our performance highlights, the successful business execution across our three segments, guidance for 2023 and the new goals for 2024. And finally, Luis Blanco will provide an in-depth look our financial and operational performance.

在本次演講中，我將介紹關鍵的策略主題，包括我們的業績亮點、三個部門的成功業務執行、2023 年的指導以及 2024 年的新目標。最後，路易斯·布蘭科 (Luis Blanco) 將深入介紹我們的財務和營運績效。

Now turning to page number 3, let's begin by highlighting our performance achievements. Initially our adjusted net revenue increased by 24%, reaching BRL2,874 million, accompanied by a growth in adjusted EBITDA of over 21% yearly, which BRL1,166 million with a margin of 40.6%. Furthermore, we are pleased to report a record on cash flow generation from operating activities.

現在翻到第 3 頁，讓我們先強調一下我們的績效成就。最初，我們調整後的淨收入成長了 24%，達到 28.74 億雷亞爾，調整後的 EBITDA 每年成長超過 21%，達到 11.66 億雷亞爾，利潤率為 40.6%。此外，我們很高興地報告經營活動產生的現金流量的記錄。

Concluded the year with BRL1,089 million, reflecting a 24% increase compared to the previous year, with a cash conversion rate of 97%, which is 270 bps better than the previous year. With consistent momentum throughout the year, our adjusted net income reaches BRL591 million in 2023, margins over 10% growth year-over-year with an EPS of BRL6.37 a remarkable 12% increase compared to the previous year.

全年營收 10.89 億雷亞爾，較上年成長 24%，現金兌換率為 97%，較前一年提高 270 個基點。憑藉全年持續的勢頭，我們的調整後淨利潤將在 2023 年達到 5.91 億雷亞爾，利潤率同比增長超過 10%，每股收益為 6.37 雷亞爾，較上年增長 12%。

This underscores our disciplined capital allocation on buyback programs, M&A and an efficient capital structure. Transition to our operational update for the year, we have expanded to 3,113 operating seats witnessing at year-over-year increase of over 12% facilitated by the acquisition of UNIMA in FCM Jaboatão measures of lockdown in January of 2022.

這凸顯了我們在回購計畫、併購和高效資本結構方面嚴格的資本配置。從今年的營運更新來看，由於 2022 年 1 月 FCM Jaboatão 封鎖措施中收購了 UNIMA，我們的營運席位已擴大至 3,113 個，同比增長超過 12%。

In addition, our number of undergrad medical students has reached more than 21,000, we presented a [19%] growth compared to 2022. Additionally, and we are delighted to report significant growth in net revenue for our continuing education segment, we expanded by more than 35% year-on-year. Organically, reaching a net revenue of BRL147 million.

此外，我們的本科醫學生人數已超過 21,000 人，與 2022 年相比增長了 [19%]。此外，我們很高興地報告繼續教育部門的淨收入顯著成長，年增超過 35%。有機淨收入達到 1.47 億雷亞爾。

Our additional health services revenue marked another great result with a 21% increase compared to 2022 pure organic, reaching a net revenue of BRL229 million. This outcome on this score, the vast opportunities in digital services driven by the ramp up in B2B engagements, securing new contracts with pharmaceutical companies and the continuous expansion in B2B contracts.

我們的額外健康服務收入取得了另一個重大成果，與 2022 年純有機收入相比成長了 21%，淨收入達到 2.29 億雷亞爾。在這一點上，B2B 業務的增加、與製藥公司簽訂新合約以及 B2B 合約的不斷擴展推動了數位服務領域的巨大機會。

Lastly, our ecosystem has 268,000 active users, exemplifying substantial penetration among physicians and medical students in Brazil.

最後，我們的生態系統擁有 268,000 名活躍用戶，這說明了巴西醫生和醫學生的廣泛滲透率。

In the next slide, we will discuss our robust business performance across our three business segments. Beginning with our core business, the Undergrad segment, you observe significant growth, the net average sequence of messaging represented that grow 8.2% over last year. The completeness of UNIMA and FCM Jaboatão disease as measured somewhat from integration process in November, less than one year after this acquisition, proving our commitment to extract synergies with the leverage.

在下一張投影片中，我們將討論我們三個業務部門強勁的業務績效。從我們的核心業務本科生部分開始，您會看到顯著的成長，訊息傳遞的淨平均序列比去年成長了 8.2%。UNIMA 和 FCM Jaboatão 疾病的完整性是從 11 月（本次收購後不到一年）的整合過程中衡量的，證明了我們利用槓桿作用獲取協同效應的承諾。

We are pleased to note that the most substantial revenue growth of the year came from our continuing education segment. With a robust intake process, three new campuses in cross moderation. We can see once more our students, employees and partners benefit from concept development ecosystem. Our digital service segment, we take pride in our two assistance position throughout their medical journey.

我們很高興地註意到，今年最大幅度的收入成長來自我們的繼續教育部門。透過嚴格的招生流程，三個新校區處於交叉管理狀態。我們可以再次看到我們的學生、員工和合作夥伴從概念開發生態系統中受益。在我們的數位服務部門，我們對在整個醫療旅程中的兩個協助職位感到自豪。

Concurrently, we are expanding our ecosystem to facilitate interactions and revenue streams beyond physicians, include engagements pharmaceutical players, hospitals, labs and drugstore streams. Dividends of this expansion is seen in the growth of our B2B thread, fortify our market presence and extending our reach. Consequently, we achieved a 64% year-over-year growth in our B2B revenues.

同時，我們正在擴展我們的生態系統，以促進醫生以外的互動和收入流，包括製藥公司、醫院、實驗室和藥局流。這種擴張的紅利體現在我們 B2B 業務的成長、鞏固我們的市場地位並擴大我們的影響力。因此，我們的 B2B 營收年增了 64%。

Transition to slide number 5, we will explore how the company's financial results reaffirm the resilience and predictability of our business model. After 2023, adjusted net revenue was almost four times higher than in 2018. The year of our IPO reaching BRL2,874 million, surpassing our mid guidance for 2023. Furthermore, 2023 adjusted EBITDA was BRL1,166 million, followed by an adjusted EBITDA margin of 40.6%, also surpassed our mid guidance of BRL1,150 million for EBITDA.

轉到第 5 張投影片，我們將探討公司的財務表現如何重申我們業務模式的彈性和可預測性。2023 年後，調整後淨收入幾乎是 2018 年的四倍。今年我們的 IPO 規模達到 28.74 億雷亞爾，超過了 2023 年中期指引。此外，2023 年調整後 EBITDA 為 11.66 億雷亞爾，調整後 EBITDA 利潤率為 40.6%，也超過了我們 11.5 億雷亞爾的 EBITDA 中期指引。

Moreover, our EPS has more than doubled since 2019, underscoring our capacity to combine organic and inorganic growth with stringent capital allocation discipline, thereby delivering significant returns to our shipments. We are pleased to introduce our new guidance for 2024, which consider the successful acceptance of new medical students ensuring 100% occupancy in all of our medical schools.

此外，自2019 年以來，我們的每股盈餘成長了一倍多，這突顯了我們將有機和無機成長與嚴格的資本配置紀律相結合的能力，從而為我們的出貨量帶來了可觀的回報。我們很高興地介紹 2024 年的新指南，其中考慮了成功接收新醫學生，確保我們所有醫學院的 100% 入住率。

Given these factors the guidance for 2024 is as follows. Net revenue is expected to range between BRL3,150 million and BRL3,250 million, while adjusted EBITDA is anticipated to be between BRL1.3 billion and BRL1.4 billion, excluding an acquisition that may be concluded after the issuance of this guidance. Once again, we are guiding to another strong round ahead, improving Afya's resiliency and ability to keep delivering solid results with a high predictability.

考慮到這些因素，2024 年的指導如下。淨收入預計在 31.5 億雷亞爾至 32.5 億雷亞爾之間，調整後的 EBITDA 預計在 13 億雷亞爾至 14 億雷亞爾之間，不包括本指引發布後可能完成的收購。我們將再次引領另一輪強勁的一輪比賽，提高 Afya 的彈性和能力，以高可預測性繼續交付堅實的成果。

Now let's move to slide number 6. Furthermore, in addition to the guidance we provide earlier, we are excited to share our first CapEx guidance shown in the chart, our CapEx for 2024 expect to be between BRL220 million and BRL260 million. It's important to note that 2024 CapEx guidance does not in complex the earn-out payments in the amount of BRL49.6 million related to the 5 seats increase Faculdades Integradas Padrão city Guanambi. And the CapEx presented this regard in additional licenses and goodwill.

現在讓我們轉到第 6 張投影片。此外，除了我們先前提供的指導之外，我們很高興分享圖表中顯示的第一個資本支出指導，我們 2024 年的資本支出預計在 2.2 億雷亞爾到 2.6 億雷亞爾之間。值得注意的是，2024 年資本支出指引並不包括與瓜納比市 Faculdades Integradas Padrão 市增加 5 個席位相關的 4,960 萬雷亞爾的獲利支付。資本支出在額外的許可和商譽中反映了這一點。

The slide number 7, we will check our ESG initiatives. Our company's dedication to sustainability and environmental care is exemplified by our remarkable achievement. Annually, our [photovoltaic] plants contribute to 6,341 megawatt hour units of power generation capacity, showcasing our significant investment in renewables energy.

第 7 張投影片，我們將檢視我們的 ESG 舉措。我們的卓越成就體現了我們公司對永續發展和環境保護的奉獻精神。我們的[光伏]工廠每年貢獻 6,341 兆瓦時單位的發電能力，展示了我們在再生能源方面的重大投資。

Additional 60 education institutions now have installed photovoltaic plants, reflecting our commitment beyond corporate balance. Not only this integration of sustainable energy source has enabled 100% of our education operations to operate completely free from greenhouse gas emissions associated with electricity consumption.

目前已有 60 家教育機構安裝了光電站，這反映了我們超越企業平衡的承諾。這種永續能源的整合不僅使我們 100% 的教育運作完全沒有與電力消耗相關的溫室氣體排放。

These accomplishments highlight our commitment to creating a greener, more sustainable future that impact our stake holders (inaudible). With 9,680 employees, our workforce represents diversity and inclusion at it's score, highlighting our commitment to promoting quality and opportunity for minority communities. Addition, 58% of our workforce consist female employees, reflecting our dedication to gender diversity and empowerment in the workplace.

這些成就凸顯了我們致力於創造一個更綠色、更永續的未來，影響我們的利害關係人（聽不清楚）。我們擁有 9,680 名員工，代表多元化和包容性，凸顯了我們致力於提高少數族裔社區的品質和機會。此外，我們的員工隊伍中有 58% 是女性員工，這反映了我們致力於工作場所的性別多樣性和賦權。

Also, 45% of leadership roles in our company are held by women, reflecting our growth of over 4 percentage-points over the last year. This is reinforced by our public commitment to have by 2030, 50% of our leadership team occupied by women. In our governance structure, we prioritize transparency, accountability and equality in the decision-making process.

此外，我們公司 45% 的領導職位由女性擔任，反映出我們比去年成長了 4 個百分點以上。我們公開承諾到 2030 年，領導團隊中女性比例將達到 50%，這進一步強化了這一點。在我們的治理結構中，我們在決策過程中優先考慮透明度、問責制和平等。

As I had 36% of our Board of Directors composed by women more than 36% of our board members are independent, ensuring diverse viewpoints and fair oversight. Our dedication to health reaches far beyond our organization, extending to the communities we serve, since 2019 we have over 2 million free clinical consultations, striving to enhance health care accessibility for everyone.

由於我們的董事會中有 36% 由女性組成，因此超過 36% 的董事會成員是獨立的，確保了多元化的觀點和公平的監督。我們對健康的奉獻遠遠超出了我們的組織範圍，延伸到了我們所服務的社區，自 2019 年以來，我們提供了超過 200 萬次免費臨床諮詢，努力提高每個人的醫療保健可及性。

By 2023, our progress we have graduated over 20,000 physicians, enriching health care services within our communities. Furthermore, our platform provide over 32 million medical access points to help with decision making for medical managing. In conclusion, these achievements resonates profoundly with our stakeholders and investors reflect our comprehensive approach to responsible business practice.

到 2023 年，我們已經培養了 20,000 多名醫生，豐富了我們社區內的醫療保健服務。此外，我們的平台提供超過3,200萬個醫療存取點，協助醫療管理決策。總之，這些成就與我們的利害關係人和投資者產生了深刻的共鳴，反映了我們對負責任的商業實踐的全面態度。

Now I'll turn the call over to Luis Blanco, Afya's CFO, to give more color into our financial operational metrics. Thank you.

現在，我將把電話轉給 Afya 財務長路易斯·布蘭科 (Luis Blanco)，為我們的財務營運指標提供更多資訊。謝謝。

Thank you, Virgilio. And good evening, everyone.

謝謝你，維吉里奧。大家晚上好。

Slide number 9, will now guide us through the discussions of the financial highlights of the fourth-quarter. With great pleasure, I present another strong quarterly results for Afya. Adjusted net revenue for the fourth- quarter of 2023 reaches BRL730 million marking and 23% increase compared to the same period of the prior year. Furthermore, in 2023, adjusted net revenue reached at BRL2,874 million, reflecting a 24% search over 2022.

第 9 號投影片現在將引導我們討論第四季的財務亮點。我非常高興地向您展示 Afya 的另一個強勁季度業績。2023年第四季調整後淨收入達7.3億雷亞爾，較上年同期成長23%。此外，2023 年調整後淨收入達到 28.74 億雷亞爾，反映出 2022 年搜尋量成長了 24%。

This growth trajectory can be attributed primarily to higher tickets in Medicine courses, maturation of medical seats. The acquisitions of UNIMA and FCM Jaboatão continue education of segment growth and digital centers' performance. Adjusted EBITDA for the fourth-quarter of 2023 saw a 19% increase, reaching BRL289 million with an adjusted EBITDA margin, our 39.6%.

這種成長軌跡主要歸因於醫學課程門票的增加以及醫學席位的成熟。對 UNIMA 和 FCM Jaboatão 的收購繼續教育細分市場成長和數位中心的績效。2023 年第四季調整後 EBITDA 成長 19%，達到 2.89 億雷亞爾，調整後 EBITDA 利潤率為 39.6%。

For the full year, adjusted EBITDA amounted to BRL1,166 million, reflecting 21% increase with an adjusted EBITDA margin of 40.6%, representing a marginal decrease of 90 basis points compare to 2022. These reductions can be attributed to factors such, mix of net revenue with higher participations of consumer educational segments and launch of formalized medical campus in the third-quarter of 2022 that are still in early stage of maturation.

全年調整後 EBITDA 為 11.66 億雷亞爾，成長 21%，調整後 EBITDA 率為 40.6%，較 2022 年小幅下降 90 個基點。這些減少可歸因於淨收入與消費者教育領域更高參與度的結合，以及 2022 年第三季推出仍處於成熟早期階段的正規醫學園區等因素。

However, in each semester, (inaudible) maturation revenues will increase offsetting the impact of the fixed cost of the operation.

然而，在每個學期，（聽不清楚）成熟收入都會增加，抵銷營運固定成本的影響。

Transitioning to the next slide, adjusted cash flow generation witnessed a 24% year-over-year, increase totally a BRL1,089 million for 2023. The operational cash conversion ratio stood at 97% for 2023, 270 bps above 2022. It is important to highlight that one of our differentiators is our cash flow for operational activities.

轉到下一張投影片，調整後的現金流量年增 24%，2023 年總計增加 10.89 億雷亞爾。2023 年營運現金轉換率為 97%，比 2022 年高 270 個基點。需要強調的是，我們的優勢之一是我們的營運活動現金流。

Adjusted net income for the fourth-quarter of 2023 amounted to BRL164 million, marking a 28% increase over 2022. For the full-year, adjusted net income reached at BRL591 million, reflecting 11% year-over-year increase. Our adjusted EPS witnessed a robust expansion with 28% growth for the quarter, reaching BRL6.37 for the year, reflecting a 11% increase year-over-year. This performance underscores the growth in our net income and disciplined capital allocation through business combination.

2023年第四季調整後淨利達1.64億雷亞爾，較2022年成長28%。全年調整後淨利達5.91億雷亞爾，年增11%。我們的調整後每股盈餘強勁擴張，本季成長 28%，全年達到 6.37 雷亞爾，較去年同期成長 11%。這項業績凸顯了我們淨利潤的成長以及透過業務合併進行的嚴格資本配置。

Transitioning to slide number 11, for a discussion of key operational metrics by business unit. Beginning with the undergrad products, our number of medical students witnessed at 19% year-over-year growth, reaching more than 21,000 students with appropriate medical seats increasing by 12%, primarily driven by that positions and maturations of 340 seats in UNIMA in the beginning of 2023.

前往第 11 號投影片，按業務部門討論關鍵營運指標。從本科產品開始，我們的醫學生人數同比增長 19%，擁有適當醫學席位的學生人數超過 21,000 名，增長了 12%，這主要是由於 UNIMA 中 340 個席位的職位和成熟所推動。

Therefore, considering the authorizations by diminish verifications of 40 additional medical seats of Faculdades Integradas Padrão, in the city of Guanambi, located in the State of Bahia. Afya reaches 100 medical seats on this campus, and 3,203 approved seats as of today. We have our net average ticket increasing 8% year-over-year, reaching BRL8,548 compared to BRL7,808 in 2022.

因此，考慮透過減少驗證來授權 Faculdades Integradas Padrão 位於巴伊亞州瓜納比市的 40 個額外醫療席位。Afya 在該園區擁有 100 個醫療席位，截至目前已批准席位 3,203 個。我們的淨平均票價年增 8%，達到 8,548 雷亞爾，而 2022 年為 7,808 雷亞爾。

The last graph illustrate a 24% growth in combined attrition, reaching BRL3,267 million, up from BRL2,635 million from the prior year, 79% of which are related to medicine. This demonstrates that our Medical educational business remains and will continue to be the cornerstone of our business. In the short and the middle delivering high predictable growth, combine it with solid profitability and cash generation.

最後一張圖表顯示，綜合人員流失率增加了 24%，從上一年的 26.35 億雷亞爾增至 32.67 億雷亞爾，其中 79% 與醫藥有關。這表明我們的醫學教育業務仍然並將繼續成為我們業務的基石。在短期和中期，實現高可預測的成長，並將其與穩健的獲利能力和現金產生相結合。

On the following page, I will present our continuing educational metrics. As previous measuring we witnessed a broader year of seeing continues growth in our medical educational segment. With more than 60% increase in the number of students compared to last year, reaching 4,976 students. Additionally, for the year, net revenues grew by 35% compared to 2022, boosted by the growth in the number of students.

在下一頁中，我將介紹我們的繼續教育指標。如同先前的衡量，我們見證了醫學教育領域持續成長的更廣闊的一年。學生人數較去年增加超過60%，達4,976名學生。此外，在學生人數成長的推動下，今年的淨收入較 2022 年成長了 35%。

Moving to slide number 13 to discuss the digital service operational metrics. First graph illustrates our active peers, which are the ones that generate revenues is business to position. With a continuous growth trends reaching 226,000 paying users, marking a 11% growth compared to the last year. The second graph showcased our monthly active users, reaching 268,000 users, representing around 34% of all medical students and physicians in Brazil.

前往第 13 號投影片，討論數位服務營運指標。第一張圖展示了我們的活躍同行，這些同行是根據業務定位產生收入的。付費用戶數量持續成長，達到 226,000 名，較去年成長 11%。第二張圖顯示了我們的每月活躍用戶數，達到 268,000 名用戶，約佔巴西所有醫學生和醫生的 34%。

Finally, our digital service net revenue weakness, it was 20% year-over-year increase, reaching BRL229 million. Since the beginning of 2022 we also started to break down our digital service net revenue within B2B and B2B segments. With over BRL191 million generated from B2B and more than BRL39 million from B2B, showing pace, up 64% growth compared to the prior year.

最後，我們的數位服務淨收入疲弱，年增20%，達到2.29億雷亞爾。自 2022 年初以來，我們也開始細分 B2B 和 B2B 細分市場內的數位服務淨收入。B2B 收入超過 1.91 億雷亞爾，B2B 收入超過 3,900 萬雷亞爾，與前一年相比增長了 64%。

And now transition to my final two slides to discuss our cash and net debt position and providing more insight into our call of debts. I presented the net debt reconciliation for 2023, the cash flow from operating activities was allocated to income tax and lease payments, CapEx activities for the service of the financial balance, for our share buyback program alongside additional acquisitions of 15% of units, excluding the business combinations of UNIMA, we were able to generate BRL391 million as free cash and reducing our net debt in the 12 month period.

現在轉向我的最後兩張幻燈片，討論我們的現金和淨債務狀況，並為我們的債務呼籲提供更多見解。我提出了 2023 年的淨債務對賬，經營活動產生的現金流分配給所得稅和租賃付款、為財務平衡服務的資本支出活動、我們的股票回購計劃以及 15% 單位的額外收購，不包括通過UNIMA 的業務合併，我們能夠在12 個月內產生3.91 億雷亞爾的自由現金並減少我們的淨債務。

On my last slide, you can observe a table showing the breakdown of our gross debt and total cost of debt. Considering our main debts. SoftBank transactions, the bankers or the financial obligations and accounts, both payables to selling shareholders. We continue to maintain a low cost of debt that remains below the CDI rates.

在我的最後一張投影片上，您可以看到一張表格，其中顯示了我們的總債務和總債務成本的細目。考慮到我們的主要債務。軟銀交易中，銀行家或財務義務和帳戶，均應付給出售股東。我們繼續保持較低的債務成本，仍低於 CDI 利率。

This concluded our prepared remarks, strong performance, consistent growth success in all segments in public recognition. These are the pillars of our evolution and our ambitions to provide an ecosystem that integrates educational and digital solutions for the entire Medical journey. We are proud of our achievements this far, and we are excited about our future plans.

我們準備好的演講、強勁的業績、在所有領域持續成長的成功都得到了公眾的認可。這些是我們發展的支柱，也是我們為整個醫療旅程提供整合教育和數位解決方案的生態系統的雄心。我們對迄今為止所取得的成就感到自豪，並對未來的計劃感到興奮。

I shall now open the conference for the Q&A session.

我現在宣布會議開始問答環節。

[Frederico Mendes], Bank of America.

[弗雷德里科·門德斯]，美國銀行。

Good evening, guys. Thank you for your time. I have two questions here. First, if you guys could comment a bit on the competitive environment for 2024, if you have seen any significant change on the candidate per seat on any region?

晚上好，夥計們。感謝您的時間。我在這裡有兩個問題。首先，你們能否對 2024 年的競爭環境發表一些評論？

And second, what are the expectations on the mismatch because auction in terms of timing after the postponements? And also if the recent change that established a cap for proposals for the big players change. Any expectation you may have on the final results, given that now you'll be able to submit less proposal? Thank you.

其次，對於延後後的拍賣時間安排上的不匹配有何期望？另外，最近為大公司設立提案上限的變化是否也發生了變化。鑑於現在您可以提交更少的提案，您對最終結果有何期望？謝謝。

Okay. Medella, thanks for your question. Regards your first question about the competition landscape. We just completed our intake process for first half of 2024. Our ratio candidates proceed with around almost six candidates proceeds, which was a very strong intake. So we have also not only the intake, but our renewal also completed.

好的。梅德拉，謝謝你的提問。關於你關於競爭格局的第一個問題。我們剛完成 2024 年上半年的招生流程。我們的候選人獲得了大約六名候選人的收益，這是一個非常強勁的收入。所以我們不僅已經吸收了，而且我們的更新也完成了。

So we are running as expected, a very good demand for all of our campuses around the country. So no changing when we compare to last year, actually the ratio that we see, it's even higher than before the pandemics. So that was how we see the competition on the intake process for undergrad med undergrad process.

所以我們正在按預期運行，這對我們全國各地的所有校園來說都是一個非常好的需求。因此，與去年相比，實際上我們看到的比率沒有變化，甚至比疫情大流行之前還要高。這就是我們如何看待本科醫學本科招生過程中的競爭。

Besides that, we are also seeing a very strong intake coming from health problems on our campuses I think that this can be related to the new brand that now it's all the campuses working under the umbrella of Afya. So a very good campaign and a strong intake coming from all other health problems, both on-campus and online problems.

除此之外，我們還看到校園內因健康問題而產生的大量攝取量，我認為這可能與新品牌有關，現在所有校園都在 Afya 的保護下工作。這是一個非常好的活動，並且大量吸收了所有其他健康問題，包括校園內和網路上的問題。

So the second question about the mathematical street schedule. So we're expecting to deliver the proposal now by the current schedule by July of this year. And answer will be only the beginning of 2024 with the new change that 2025 I'm sorry. And by the new changing we have the change was from the previous one we got 36 opportunities to be in order to participate on the public debate and now with the change that each institution can only offer for one state, that's reduced from 36 to 23 campuses that we will be allowed to bid for them, medical. So that's a, although the update on this front. Okay.

第二個問題是關於數學街道時間表的。因此，我們預計將按照目前的時間表在今年 7 月之前提交該提案。答案將是 2024 年初，2025 年會有新的變化，我很抱歉。透過新的變化，我們與先前的變化相比，我們有 36 個機會參與公開辯論，現在每個機構只能為一個州提供機會，校園數量從 36 個減少到 23 個我們將被允許競標它們，醫療。這就是這方面的更新。好的。

But if I may add two points here, Medella. The first one regarding the medical, yes, we can be beat for on campus, but other competitive players also commit for the last campus or so in the end of the day will be less competitive if not before.

但梅德拉，我可以在這裡補充兩點嗎？第一個關於醫療，是的，我們可以在校園裡被擊敗，但其他有競爭力的球員也承諾在最後一個校園左右，如果不是之前的話，最終的競爭力將會降低。

And regarding the first question, I would also like to add that we established the prices around four -- to increase around 4.9% when we started our intake process but now we can see that is on average, we should see price increases over then 5.8% considering on the maturation of new tickets and also the ticket increase across all campuses. That's it.

關於第一個問題，我還想補充一點，當我們開始接收過程時，我們將價格確定為大約4%，即上漲4.9% 左右，但現在我們可以看到，這是平均水平，我們應該會看到價格上漲超過5.8%。就是這樣。

Thank you, guys.

感謝你們。

Jessica Mehler, JPMorgan.

傑西卡·梅勒，摩根大通。

Hello. Good evening. Thank you for taking my questions. I have two as well. So first, what is the outlook for digital education margins in 2024? And also should we continue to see continued education expanding in 2024. What is the outlook for this segment? Thank you.

你好。晚安.感謝您回答我的問題。我也有兩個。首先，2024 年數位教育利潤率的前景如何？到 2024 年，我們是否應該繼續看到繼續教育的擴張。該細分市場的前景如何？謝謝。

Hi, Jessica. Blanco speaking here. As a whole, we see in our three segments margin expansions during 2024, starting with the continued educational, what we see that. So we're going to expand margins because we are having leveraging operational leverage our operations. We established new campuses, this campus being full fields with students so we can get more efficients on this campus regarding our graduate course.

嗨，潔西卡。布蘭科在這裡講話。總體而言，我們看到 2024 年我們的三個細分市場的利潤率都會擴大，首先是我們所看到的持續教育。因此，我們將擴大利潤率，因為我們正在利用我們的營運槓桿。我們建立了新校區，這個校區充滿了學生，因此我們可以在這個校區上提高研究生課程的效率。

Regarding our digital service, what we see that with the expansions of our service especially in our B2B users and new B2B contracts. We are going to see increasing margins year-over-year as well. As you know, other grants we have the fact that we finalize the integrations of with (inaudible) last November. So it will be the first year that will be 100% of it have the UNIMA/ FCM Jaboatão being 100% integrated.

關於我們的數位服務，我們看到隨著我們服務的擴展，特別是在我們的 B2B 用戶和新的 B2B 合約方面。我們也將看到利潤率逐年增加。如你所知，我們還有其他資助，去年 11 月我們完成了與（聽不清楚）的整合。因此，這將是 UNIMA/FCM Jaboatão 100% 100% 整合的第一年。

So we're going to have expansions on these three segments. And on top of that, on holding level, we establish a last year, the our zero patients a project, and we are going to run our zero budget, during 2024 so we with these scenarios we are comfortable to give this guidance of 2024 where it is in clients' expansions in terms of EBITDA margins for 2024, if you compare to 2023.

因此，我們將在這三個部分中進行擴展。最重要的是，在持有水準上，我們去年建立了一個零患者項目，我們將在 2024 年期間運行我們的零預算，因此，根據這些情況，我們很樂意給出 2024 年的指導，其中如果與2023 年進行比較，那就是客戶2024 年EBITDA 利潤率的擴張。

That's just adding here. So based on our guidance here, that's our top line is moving close to 12%, around 12%. And the bottom line growing 16% year-over-year. That is a combination of around 10% growth coming from undergrad year-over-year, pure organic, 50% coming from volume, 50% come from the attrition on continuing medical education, around 20% organic growth and digital services, around 30% growth expected to 2024. In all the three segments, we are seeing margin expansion as expected, but also in our guidence.

這裡只是添加一下。因此，根據我們的指導，我們的營收成長接近 12%，約 12%。淨利潤年增 16%。其中約 10% 的增長來自本科生同比增長，純有機增長，50% 來自數量，50% 來自繼續醫學教育的人員流失，約 20% 的有機增長和數位服務約 30%預計到2024 年將實現增長。在所有三個細分市場中，我們都看到了預期的利潤率擴張，但也在我們的指導中。

Very clear. Thank you very much.

非常清楚。非常感謝。

Lucas Nagano, Morgan Stanley.

盧卡斯·長野，摩根士丹利。

Good evening. Thanks for taking our questions. We have two questions. The first one is related to digital services growth. It should be seems to be growing at a consistent rate, but it seems there was acceleration in B2B sales growth in Q4 compared to the rest of the year. Can you give us some color on the initiatives on B2B challenges to help us better understand the growth rates from there?

晚安.感謝您回答我們的問題。我們有兩個問題。第一個與數位服務的成長有關。它似乎應該以一致的速度增長，但與今年剩餘時間相比，第四季度 B2B 銷售成長似乎有所加速。您能否為我們介紹一下 B2B 挑戰舉措，以幫助我們更了解成長率？

And the second question is related to M&A. If you could comment about a potential return in M&A like how active is the pipeline if discussions are somewhat returning as rates fall and if you see upside in the current multiples? Thanks.

第二個問題與併購有關。您是否可以對併購的潛在回報發表評論，例如，隨著利率下降，討論是否有所回升，以及您是否認為當前市盈率有上升空間，管道的活躍程度如何？謝謝。

And Lucas, Virgilio here. So first on B2B business to physician contracts, I think that the content growth is much more related to cross-selling and upselling our solutions as we have a very large penetration under the or at least our base penetration. Solution-based white book from [Batman] has almost 80% of physician between one to five years after graduation that are using the solution.

還有盧卡斯、維吉里奧。因此，首先在B2B 業務與醫生合約方面，我認為內容增長與交叉銷售和追加銷售我們的解決方案更為相關，因為我們在基礎滲透率下或至少在我們的基礎滲透率下擁有非常大的滲透率。[Batman] 基於解決方案的白皮書幾乎 80% 的醫生在畢業後一到五年內都在使用該解決方案。

So the opportunity here is more upselling of other solutions and also cross-selling continue medical education for these clients, participation. On B2B, we are collecting the hanging fruit from the landing expanding its strategy. So as we said in the past that we are just experiencing our relationship with big pharma companies. Now we have multiple contracts with very large companies and we also with a higher value from each company. So the B2B quarters this year grew more than 60% pure organic.

因此，這裡的機會是更多地追加銷售其他解決方案，以及為這些客戶交叉銷售繼續醫學教育和參與。在B2B方面，我們正在收集落地擴展策略中懸而未決的成果。正如我們過去所說，我們剛剛經歷與大型製藥公司的關係。現在我們與非常大的公司簽訂了多份合同，並且我們也從每家公司獲得了更高的價值。因此，今年 B2B 季度純有機成長超過 60%。

So it's a huge opportunity. And the sales got other than the opportunity that we see on our pipeline for 2024 is even higher in the year. So it keeping a very good trend and the growth will be boosted for sure, by B2B contracts along 2024.

所以這是一個巨大的機會。除了我們在 2024 年管道中看到的機會之外，這一年的銷售額甚至更高。因此，它保持著非常好的趨勢，並且到 2024 年 B2B 合約肯定會推動成長。

So yes. And if I may add with some questions as we receive it to the shaft here about the B2B growth on the digital segments year-over-year, what is driving the B2B growth on that?

所以是的。當我們收到有關數位細分市場 B2B 逐年成長的問題時，我可以補充一些問題嗎？

If I may add (inaudible) we're going -- what we saw during 2003, the increases in terms of contracts within the pharmaceutical industry comes from products that we call campaign products. So we are higher by the pharmaceutical companies that have been the international ones and the national ones they are hired to do campaigns certain campaigns about certain drugs that they have under their portfolios to do these marketing campaigns for them.

如果我可以補充一點（聽不清楚），我們將——正如我們在 2003 年所看到的那樣，製藥業內合約條款的增加來自我們稱之為活動產品的產品。因此，我們對國際製藥公司和國內製藥公司的評價較高，他們被聘請來進行針對其投資組合下的某些藥物的某些活動，為他們進行這些行銷活動。

Using our apps in our sites as the channel to reach the right physicians at the right time. So these kind of products drive our growth during 2023, and for the next year for 2024. On top of that, we launched it at the end of 2023, some recurrent products as to the pharma as surgical companies as well to provide insights in their sales on (inaudible).

使用我們網站中的應用程式作為在正確的時間聯繫正確的醫生的管道。因此，此類產品將推動我們在 2023 年以及明年 2024 年的成長。最重要的是，我們在 2023 年底推出了一些針對製藥公司和外科手術公司的經常性產品，並提供了有關其銷售的見解（聽不清楚）。

This product didn't get a traction during 2023, but we are excited for the perspective of these offers for the pharmaceutical companies. And I think we have this additional growth in 2024 with these new product that we launched that we call our insights.

該產品在 2023 年並未受到關注，但我們對這些產品為製藥公司帶來的前景感到興奮。我認為，透過我們推出的這些我們稱之為「洞察」的新產品，我們將在 2024 年實現額外成長。

And just to finish your question about M&A we are seeing at -- do you want to go?

為了完成你關於併購的問題，我們正在討論──你想去嗎？

Yeah. Sorry, I forgot the question about M&A, that we're talking about M&A does not stop we always talk and with the targets as we have a very specific niche of targets, just remember that our target is just the institutions that have all the maturations more than 60% of their revenues coming from the medicine business.

是的。抱歉，我忘記了關於併購的問題，我們談論併購並沒有停止，我們總是談論目標，因為我們有一個非常具體的目標利基，只需記住我們的目標只是擁有所有成熟度的機構他們60 %以上的收入來自醫藥業務。

Always we have come and goes with targets and we still comfortable with the target that we've put in a market to grow 200 seats per year. About multiples of that we don't like these 80 per seats multiple we prefer always to see a targets within a deep repeated and evaluate seats to IRR from these acquisitions to have more than 20% unleveraged IRR on each transactions.

我們總是帶著目標來來去去，而且我們仍然對我們為市場設定的每年增加 200 個席位的目標感到滿意。關於這個倍數，我們不喜歡每個席位 80 個倍數，我們更喜歡總是看到深度重複的目標，並評估這些收購的 IRR 席位，使每筆交易的無槓桿 IRR 超過 20%。

But I think the next deal would have a multiple that was below the last acquisition that we have that was UNIMA/ FCM Jaboatão. I'll say that's it's our expectations to have this kind of a multiple in the next transaction. But we are stocking and always look opportunities to best allocate our capital.

但我認為下一筆交易的倍數將低於我們上次收購的 UNIMA/ FCM Jaboatão。我想說的是，我們期望在下一次交易中獲得這種倍數。但我們正在備貨，並且總是尋找機會來最好地配置我們的資本。

Very clear. Thank you, Luis.

非常清楚。謝謝你，路易斯。

Lucca Marquezini, Itaú.

盧卡·馬爾克斯尼，義大利。

Hey, good evening, everyone, and thank you for taking our questions. Just two questions from our side. The first one, if you could just provide an updated view on the potential authorization of new seats, the intentions and then how this could impact the competitive landscape in the regions where the company operates?

嘿，大家晚上好，感謝您回答我們的問題。我們這邊只有兩個問題。第一個，您能否提供有關新席位潛在授權的最新觀點、意圖以及這將如何影響公司營運地區的競爭格局？

And then secondly, a second question. If you consider the midpoint of the guidance for 2024 does implies an adjusted EBITDA margin expansion for the year. Can you please comment on which of the segments should be the most responsible for this expansion? Please, thank you.

其次，第二個問題。如果您認為 2024 年指導的中點確實意味著該年調整後的 EBITDA 利潤率擴張。您能否評論一下哪些細分市場對此擴張負有最大責任？求求你了，謝謝你。

Hi, Lucca above the new seats authorization from the injections here. So we shouldn't have a like a final results from the Supreme Court this is the matter here. But what I expect by the end of the day independently, what is it. The final response from the Supreme Court will be the Minister of location that will have some feel and to approve all the additional seats.

你好，盧卡，上面是來自此處注射的新座位授權。所以我們不應該從最高法院得到最終結果，這就是問題所在。但最終我獨立期望什麼？最高法院的最終回應將是所在地部長將有一定的感覺並批准所有額外席位。

So what I believe is that the combination between the public policy that are aiming to expand more medical seats for countryside to the most magical three combined, any alternative way that can be from the legal side is that it will be the final solution can be combined what the Minister of Education is expecting to have a further extension for the sector.

所以我認為，旨在擴大農村醫療名額的公共政策之間的結合是最神奇的三者結合，任何可以從法律方面替代的方式都是可以結合的最終解決方案教育部長期望該部門進一步擴展。

So we are seeing that the total estimated by what they released in the past was around 9,000 to 10,000 additional seats. If they come from injection for additional seats from the other alternative zones, almost magical three. I think in the long term, I think you could be added something close to 10,000 seats in five to six years.

所以我們看到，根據他們過去發布的內容估計，總共會增加大約 9,000 到 10,000 個席位。如果它們來自其他替代區域注入的額外座位，則幾乎是神奇的三個。我認為從長遠來看，五到六年內可以增加近 10,000 個座位。

That's the time that well you have to get the final answer. You have to build the examples. I have to have received the final visit to get the authorization, the number two authorization and then you start all the intake process. So by the end of the day, that is I think it will be the largest impact around 9,000 to 10,000 seats in all of the seat that Minister of Education aiming to have additional program or additional seats as a increase of supply for the entire country.

那是你必須得到最終答案的時候了。您必須建立範例。我必須接受最後一次訪問才能獲得授權，第二次授權，然後您開始所有接收過程。因此，到今天結束時，我認為這將是教育部長計劃制定額外計劃或額外席位以增加整個國家供應的所有席位中約 9,000 至 10,000 個席位的最大影響。

Okay, Blanco speaking. Taking your other question about the at the margin expansions for 2024, as Virgilio mentioned before, in terms of top line, we can expect around 10% in the undergrad segment around 20% in the continued education of, around 30% in terms of a digital service expansion in the top line.

好的，布蘭科講話。關於2024 年邊際擴張的另一個問題，正如Virgilio 先前提到的，就營收而言，我們預期本科生佔比約為10%，繼續教育佔比約為20%，高等教育佔比約為30 %。

Coming to the expansions, in these three segments giving you more color on that. On the undergrads, we can expect a margin expansion because it will be the full year. The first of all, we are that we're going to have UNIMA/FCM Jaboatão, a full field, 100% of the year under our model. So we did the migrations of their operations to our short service, we implement our national curriculum in UNIMA IN this first semester of 2024.

來到擴展部分，在這三個部分給你更多的色彩。對於本科生來說，我們可以預期利潤率會擴大，因為這將是全年。首先，我們將擁有 UNIMA/FCM Jaboatão，一個完整的場地，全年 100% 都按照我們的模式進行。因此，我們將他們的業務遷移到了我們的短期服務中，並於 2024 年第一學期在 UNIMA 實施了我們的國家課程。

So we're going to pass one year, entire year with down, we've under our structure. So we can expect to net expansions of margins on the undergrads the costs because of that on a continual educational segments. What we are doing to achieve the operational leverage of the seven itself. We ended the 2023 with a growth of roughly 35% in the segment.

因此，我們將在我們的結構下度過一年，一整年。因此，我們可以預期，由於繼續教育領域的成本，本科生利潤率將出現淨增長。我們正在做的事情是為了實現七個本身的營運槓桿。2023 年結束時，該領域的成長率約為 35%。

We have new locations, a continuing education and we're fulfilling the these units with students. We have a good, a very good, strong demand for our graduate courses as a path for them to move to get the next specialization title, so offers very strong and the skeptic very attractions within the physicians and with this increase and this new would units be fulfilled.

我們有新的地點、繼續教育，我們正在與學生一起完成這些單元。我們對我們的研究生課程有很好的、非常好的、強烈的需求，作為他們獲得下一個專業頭銜的途徑，因此對醫生來說提供了非常強烈和懷疑的吸引力，隨著這種增加和這個新的單位得到滿足。

We're going to gain operational leverage and increased margins. And the itself, as we still growing both B2B and B2B, we can get these more efficient and get more margins as well. All of them being supported by these a zero budget project that we implemented for the budget of 2024, that we are very confident that we can gain some efficiencies on the holding levels in each one of the segments that will be support.

我們將獲得營運槓桿和更高的利潤率。就其本身而言，由於我們仍在發展 B2B 和 B2B，因此我們可以提高效率並獲得更多利潤。所有這些都得到了我們為 2024 年預算實施的零預算項目的支持，我們非常有信心能夠在將支持的每個細分市場的持有水準上獲得一些效率。

And that's why we established this guidance that is implied in the midpoint of the guidance, as you mentioned, margin expansion.

這就是為什麼我們制定了這項指導方針，正如您所提到的，利潤率擴張隱含在指導方針的中點。

Look at just an additional point about the dynamic on undergrad here if you remember, during the three first- quarters, we were losing a gross margins on the undergrad segment. And the reason of that was not only because of their position, but most of them come from the maturation, the maturation of the six mice matched with campuses that was largely in 2022.

如果您還記得，在前三個季度中，我們本科生細分市場的毛利率正在下降，請再看一下有關本科生動態的附加點。而其中的原因不僅是因為它們的地位，更多的是來自於成熟，六隻老鼠的成熟與校園的成熟大致是在2022年。

Our [2021], they were materially as they have only 60 seats, the margin coming from these campuses was very low there that the gross margin coming from this council is lower. And then in the fourth-quarter, if you take a look on the spreadsheet that we are releasing also together for our financial statements is the first- quarter that we have a higher gross margin on the undergrad segment when you compare to the fourth-quarter 2022. So that's a very good trend that will dip the same trend on the 2024, but also pushing that will be push also for the other two segments as Blanco mentioned.

我們的[2021]，他們是物質性的，因為他們只有 60 個席位，來自這些校園的利潤非常低，來自該理事會的毛利率較低。然後在第四季度，如果你看一下我們同時發布的財務報表電子表格，你會發現，與第四季度相比，我們本科生部門的毛利率更高2022 年。因此，這是一個非常好的趨勢，將在 2024 年出現相同的趨勢，但正如布蘭科所提到的那樣，這也將推動其他兩個細分市場的發展。

Thank you, guys.

感謝你們。

Leandro Bastos, Citibank.

萊安德羅·巴斯托斯，花旗銀行。

Hello, guys. Good evening. Yeah, just one questions on our side? If you could comment a little bit on the latest intake cycle. We have appropriate cautious how you saw a competition, the new strategy from a sale of powers acceptances for from the students as much as you could share and it will be helpful to hear? Thank you.

大家好。晚安.是的，我們這邊只有一個問題？您可以對最新的攝取週期發表一些評論嗎？我們對您如何看待競爭、出售權力的新策略以及學生的接受程度有適當的謹慎，您可以分享盡可能多的信息，這對聽到會有所幫助嗎？謝謝。

Okay, Leandro, thank you for your question here. So let's, we are not tracking here only the flat cost intake, but not for residential, but also the prep for title. But we are offering with another brand here that is papers, the casual papers that's only for residents but also for title, but take a look product by product on the med sales, is there a focus on residency prep progress. The fourth-quarter was the first-quarter season, the last two years that will have a higher intake and higher sales volume when you compare to the last year.

好的，萊安德羅，謝謝你在這裡問問題。因此，我們在這裡不僅追蹤固定成本攝取量，也不追蹤住宅成本，還追蹤產權準備費用。但我們在這裡提供另一個品牌，那就是論文，休閒論文僅適用於住院醫師，也適用於頭銜，但請逐一查看藥品銷售中的產品，是否重點關注住院醫師準備進度。第四季是第一季，過去兩年與去年相比，攝取量和銷售量都會更高。

On the other hand, for title prep, we are boosting our operation in the UN compared to last year, growing more than 30% year-over-year. When you take a look for the papers and all of these combined on our digital operation, it is one of the reason why we also leverage margins along 2024.

另一方面，在頭銜準備方面，與去年相比，我們正在加強在聯合國的業務，年成長超過 30%。當您查看我們的數位營運中的論文和所有這些內容時，您會發現這就是我們在 2024 年利用利潤的原因之一。

Okay. That's clear. Thank you so much.

好的。很清楚。太感謝了。

Lucas Nagano, Morgan Stanley.

盧卡斯·長野，摩根士丹利。

Thank you. I have a follow-up question on the Supreme Court to beat the vote by interim in dose, a single little open to different scenarios for us. First is Canada vote against the injunctions and second covenants and things about reviewing the mismatch with policy, does it imply any change to the current mismatch programs taking place now?

謝謝。我有一個關於最高法院的後續問題，以臨時方式擊敗投票，對我們來說，這對不同的情況有一點開放。首先是加拿大投票反對禁令和第二契約以及有關審查與政策不匹配的事情，這是否意味著目前正在進行的不匹配計劃有任何改變？

Hello, Lucas we are see -- those are both have a very strong argument against not the mathematical three, but all the noise that it's coming from injections. So what we still have to wait is another vote if we have another vote against the modulation, that is the modulation. So the second modulation that where there may be some of the key issues that allow to analyze some injection process after some stage that will finish all the questions about that.

你好，盧卡斯，我們看到——他們都有一個非常有力的論據，不是反對數學上的三個，而是反對來自註射的所有噪音。所以我們還需要等待的是，如果我們再投票反對調製，那就是調製。因此，第二個調製可能存在一些關鍵問題，允許在某個階段之後分析某些注入過程，從而解決所有相關問題。

But one thing is sure all of the changes on mismatch, the three screens, some noisy I hope they fulfill their schedule now and we can release our proposals by July this year and wait for the financing beginning of 2025 to start work on the new campus of the new products release to the market.

但有一件事是肯定的，所有的變化都是不匹配的，三個螢幕，有些吵鬧，我希望他們現在能完成他們的計劃，我們可以在今年7月之前發布我們的建議，等待2025年開始的融資，在新校區開始工作的新產品推出市場。

Okay, really, thanks.

好的，真的，謝謝。

We do not have any other questions. So if you want to have a follow-up question, please. On just contact our IR team will be happy to help you. Have a good night, everyone.

我們沒有其他問題。因此，如果您想有後續問題，請。只需聯絡我們的 IR 團隊，他們將很樂意為您提供協助。祝大家晚安。