Vasta Platform Ltd (VSTA) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Novi and I will be your conference operator today. At this time, I would like to welcome everyone to the vest of platform third quarter, 2024 financial results conference call. (Operator Instruction)

謝謝你的支持。我叫諾維，今天我將擔任你們的會議操作員。在此，我歡迎大家參加馬甲平台2024年第三季財務業績電話會議。（操作員說明）

Before we begin, I would like to read a forward-looking statement during today's presentation, our executives will make forward-looking statements, forward-looking statements generally relate to future events or future financial or operating performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those content by these forward-looking statements.

在我們開始之前，我想在今天的演示中閱讀一份前瞻性聲明，我們的高管將做出前瞻性聲明，前瞻性聲明通常與未來事件或未來財務或經營業績有關，並涉及已知和未知的風險、不確定性以及其他可能導致我們的實際結果與這些前瞻性陳述的內容有重大差異的因素。

Forward-looking statements in this presentation include but are not limited to statements related to our business and financial performance expectations for future periods. Our expectations regarding our strategic product initiatives and their related benefits and our expectations regarding the market forward-looking statements are based on our management's beliefs and assumptions and our information currently available to our management.

本簡報中的前瞻性陳述包括但不限於與我們未來期間的業務和財務績效預期相關的陳述。我們對我們的策略產品計劃及其相關利益的期望以及我們對市場前瞻性陳述的期望基於我們管理層的信念和假設以及我們目前向管理層提供的資訊。

These risks include those set forth in the press release that we are issuing today as well as 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 today. You should not rely on them as predictions of the future events, and we disclaim any obligation to update any forward-looking statements except as required by law.

這些風險包括我們今天發布的新聞稿中列出的風險以及我們向證券交易委員會提交的文件中更全面描述的風險。本簡報中的前瞻性陳述是基於我們今天掌握的資訊。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. The non IFRS financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with IFRS. I would now like to turn the call over to Cesar Silva, CFO.

此外，管理階層可能會在此次電話會議上引用非國際財務報告準則的財務指標。非國際財務報告準則財務指標不應被單獨考慮或取代根據國際財務報告準則編製的結果。我現在想將電話轉給財務長 Cesar Silva。

Good evening, everyone and thank you for joining us in this conference call to discuss Vasta Platform's third quarter of 2024 results. I'm Cesar Silva Vasta CFO. And today we have the presence of Guilherme Melega Vasta's CEO who will be joining me on the call. Let me now hand over the floor to Guil Male, our CEO to make his opening statements.

大家晚上好，感謝您參加本次電話會議，討論 Vasta 平台 2024 年第三季的業績。我是塞薩爾·席爾瓦·瓦斯塔 (Cesar Silva Vasta) 財務長。今天，Guilherme Melega Vasta 的執行長也將與我一起參加電話會議。現在請我們的執行長 Guil Male 致開幕詞。

Thank you, sir. Thank you all for participating in our earnings release call. I would like to cover slide number 3 with some highlights of our 2024 sales cycle as we approach the end of the current cycle. We are pleased to report that in 2024 sale cycle, our subscription net revenue has achieved a growth of 12.5% Reaching BRL 1.358 billion.

謝謝您，先生。感謝大家參加我們的收益發布電話會議。隨著當前週期接近尾聲，我想在第 3 張投影片中介紹 2024 年銷售週期的一些亮點。我們很高興地報告，在 2024 年銷售週期，我們的訂閱淨收入成長了 12.5%，達到 13.58 億雷亞爾。

We concluded the 2024 sale cycle with a 6% net revenue growth over the last sale cycle. Mostly due to the conversion of ACV into revenue. Complementary solutions continue to present the highest growth rate among our B2B segment with a 21% expansion in the cycle compared to the same period last year. Moving to the company's profitability in 2024 cycle, our adjusted EBITDA experienced a growth of 9% reaching BRL 449 million while increasing an adjusted EBITDA margin to 29.4%.

我們以比上一個銷售週期 6% 的淨收入成長結束了 2024 年銷售週期。主要是由於ACV轉化為收入。補充解決方案繼續在我們的 B2B 細分市場中呈現最高成長率，與去年同期相比，週期成長了 21%。轉向 2024 年公司獲利週期，我們的調整後 EBITDA 成長了 9%，達到 4.49 億雷亞爾，同時調整後 EBITDA 利潤率提高至 29.4%。

This increase was mainly driven by improvement, gross margin benefit from premium products, expansion gains in operating efficiency and cost savings. Finally, we have seen some stability in our cash flow for the sale cycle in 2024 cycle free cash flow totalled BRL146 million. A slight increase from 2023 which achieved BRL145 million.

這一增長主要是由於優質產品的毛利率改善、營運效率的擴大和成本節約的推動。最後，我們看到銷售週期的現金流有些穩定，2024 年周期自由現金流總計 1.46 億雷亞爾。較 2023 年略有增加，達 1.45 億雷亞爾。

In Q3. We have above average payment related to paper and printing which will be reduced to Q4. Moving to line number four, the annual contract value ACV bookings for 2024 sale cycle achieved BRL 1.358 billion a growth of 12.5%. Comparing to the 2023 sales cycle. This amount represented the conversion of our expected sales based on contracts into revenue during the sale cycle and was slightly higher than previous disclosure. Our top performers continue to be premium brands and our complementary products.

在第三季。我們與紙張和印刷相關的付款高於平均水平，將減少到第四季度。轉向第四行，2024 年銷售週期的 ACV 年度預訂合約價值達到 13.58 億雷亞爾，成長 12.5%。與2023年銷售週期相比。該金額代表我們基於合約的預期銷售額在銷售週期內轉化為收入，略高於先前揭露的金額。我們表現最好的仍然是優質品牌和我們的互補產品。

It's worth mentioning that our CAGR for the last five cycles was 18.5% of growth showing our resilience and capacity to keep growing in a higher double digit for several years. I will now turn back to Cesar who talk about the financial results of the quarter.

值得一提的是，我們過去五個週期的複合年增長率為 18.5%，顯示出我們多年來保持高兩位數成長的韌性和能力。我現在回到塞薩爾，談論本季的財務表現。

Thank you, Melega. In this slide, we present the composition of Vasta's net revenue on the left side. You can observe the organic year on year growth in total net revenue for the third quarter which decreased by 14.6%. Reaching BRL 220 million highs vest subscription revenue achieving the third quarter of 2024 BRL 260 million highs a 6% increase compared to the third quarter of 2023 in line with the expectation for the sales cycle.

謝謝你，梅萊加。在這張投影片中，我們在左邊展示了 Vasta 淨收入的組成。您可以觀察到第三季總淨收入的有機年增長，下降了 14.6%。達到 2.2 億雷亞爾的高點 2024 年第三季歸屬認購收入達到 2.6 億雷亞爾的高點，與 2023 年第三季相比成長 6%，符合銷售週期的預期。

Remembering the 2nd and 3rd quarter of the year is always the lowest involving in the year during the year non subscription, which now represents only 6% of the total revenue dropped 36% to BRL 40 million and in the government segment. In this quarter, we did not generate new revenue. And as you can see in the slide, it represented BRL 41 million in the third quarter of the last year.

請記住，今年第二和第三季度始終是全年非訂閱收入最低的季度，目前僅佔總收入的 6%，政府部門收入下降了 36%，至 4,000 萬雷亞爾。本季度，我們沒有產生新的收入。正如您在幻燈片中看到的，去年第三季的收入為 4,100 萬雷亞爾。

However, in the sales cycle, considering the net the revenue performed in the first quarter of the year, we achieved a BRL69 million of revenues which means a decrease of 15% comparing to 2023. Moving to the right side of this line, we analyse the net rival for the 2024 sale cycle. We achieved an organic net revenue growth of 6% in the sales cycle amounting to BRL1.529 billion

然而，在銷售週期中，考慮到今年第一季的淨收入，我們實現了 6,900 萬雷亞爾的收入，這意味著與 2023 年相比下降了 15%。移動到這條線的右側，我們分析了 2024 年銷售週期的淨競爭對手。我們在銷售週期中實現了 6% 的有機淨收入成長，達 15.29 億雷亞爾

The main factors to this exceptional performance were firstly, the subscription revenue has increased at 12.5% reaching BRL1.358 billion highs and continues to be the major contributor to our total revenue. Representing 89% of the total revenue share. No subscription revenue is expected to drop the 31% to BRL102 million. And the net revenue of B2G achieved BRL 690 million represents 5% of our overall revenue in this sale cycle.

這一出色表現的主要因素是，首先，訂閱收入成長了 12.5%，達到 13.58 億雷亞爾的高位，並繼續成為我們總收入的主要貢獻者。佔總收入份額的89%。無訂閱收入預計將下降 31%，至 1.02 億雷亞爾。B2G 淨收入達到 6.9 億雷亞爾，佔本銷售週期總收入的 5%。

Moving to item number six in this quarter, our just day amounted to BRL 21 million. A decrease of 45% from the BRL 39 million. The third quarter of 2023 mainly due to lower revenue in this quarter. Related to the B2G segment. On the right side, we see that adjusted day in 2024 sale cycle increased by 9% and reached BRL 449 million with a margin of 29.4% or 0.8% points above the 2023 sale cycle.

轉向本季的第六項，我們僅一天就達到了 2,100 萬雷亞爾。比 3900 萬雷亞爾減少了 45%。2023年第三季主要是由於本季收入較低。與 B2G 領域相關。在右側，我們看到 2024 年銷售週期調整後的每日銷售額成長了 9%，達到 4.49 億雷亞爾，利潤率比 2023 年銷售週期高出 29.4%，即 0.8 個百分點。

Let's now move on to the next line. Explain the breakdown of the adjusted with the margin. So, in slide number seven, we observed that the day margin achieved 29.4% in 2002, 24 sale cycle. And there has been an increase of 0.8% points from 28.6%. In in the 2023. Our gross margin has increased at 2.3 point percentage points benefiting from better premium product expansion, synergy gains and cost-efficient initiatives.

現在讓我們繼續下一行。解釋調整後的保證金細目。因此，在第七張投影片中，我們觀察到 2002 年 24 銷售週期的每日利潤率達到 29.4%。比28.6%增加了0.8個百分點。2023 年。由於更好的優質產品擴張、協同收益和成本效益舉措，我們的毛利率增加了 2.3 個百分點。

Provision for doubt for the account was stable between the year despite having a difficult credit landscape in this sale cycle as a percentage of net revenue, our commercial expenses increased by 2.3% points driven by higher expense related to business extension to the commercial cycle of 2025 and adjust adjusted G&A expense improved by 0.8% points, mainly driven by workforce optimization budgetary discipline measures.

儘管本銷售週期中的信貸環境困難，但該帳戶的可疑準備金佔淨收入的百分比在這一年中保持穩定，由於與業務延伸至2025 年商業週期相關的費用增加，我們的商業費用增加了2.3 個百分點調整後的一般管理費用提高了 0.8 個百分點，主要是由於勞動力優化預算紀律措施的推動。

Moving to slide number 8, we show that Justin Netcraft that's total in the third quarter of 2024. BRL 48 million, a 59% decrease comparing to adjusted net losses of BRL 30 million in the same quarter of 2023. On the right side of the slide in the 2024 sale cycle adjusted net profit reached [ BRL16 million. BRL62 million]. Yes, there has been an increase of 71% from an adjustment net profit of BRL 36 million in 2023 sale cycle.

轉向第 8 號投影片，我們顯示 Justin Netcraft 在 2024 年第三季的總數。4,800 萬雷亞爾，與 2023 年同季調整後淨虧損 3,000 萬雷亞爾相比下降 59%。右側投影片2024年銷售週期調整後淨利達到[ 1600 萬雷亞爾。 6200 萬雷亞爾]。是的，2023年銷售週期的調整淨利為3,600萬雷亞爾，成長了71%。

Moving to slide 9, we show the free cash flow evolution that in the third quarter of 2024 the free cash flow totalled BRL 65 million highs representing a decrease of 5% comparing to BRL 58 million in 2023. On the right side of the light in the 2024 sales cycle, our free cash flow reached BRL146 million. An increase of $1 million from the BRL 145 million in 2023 showing stability in the performance of the year.

轉向幻燈片 9，我們展示了自由現金流的演變，2024 年第三季自由現金流總計達到 6500 萬雷亞爾的高位，與 2023 年的 5800 萬雷亞爾相比下降了 5%。在 2024 年銷售週期的右側，我們的自由現金流達到 1.46 億雷亞爾。比 2023 年的 1.45 億雷亞爾增加了 100 萬美元，顯示了當年業績的穩定性。

The cash flow was negatively impacted by a higher seasonal form of payments related to purchase of paper and printing in the 2nd and 3rd quarters. That compared to the previous circle to the previous cycle where part of these payments occur in the last quarter of the year.

第二季和第三季與購買紙張和印刷相關的季節性付款增加對現金流產生了負面影響。與上一周期相比，上一周期的部分付款發生在今年最後一個季度。

It's worth mentioning that we foresee a lower volume of production related payments in the following quarters And consequently, we expect to achieve a double [GC] to go growth in the net in the free cash flow for the year end of 2024. Comparing to last year.

值得一提的是，我們預計接下來幾季與生產相關的付款量將會減少，因此，我們預計到 2024 年底自由現金流淨額將實現雙倍 [GC] 成長。與去年相比。

The provision for them to accounts represent that 3.9% of the net rival for both cycles. PG eight. Despite showing stability in the number was built in a very challenging to require to landscape for nonpremium brands business.

他們的帳戶準備金佔兩個週期淨競爭對手的 3.9%。PG 八號。儘管數量穩定，但非高端品牌業務的景觀設計仍面臨巨大挑戰。

Moving to the next slide, we observed that the average payment terms of fastest account receivable portfolio was 112 days in the third quarter of 2024 which is six days lower than the comparable quarter. And in line with the seasonality of our business model.

轉到下一張投影片，我們觀察到 2024 年第三季最快應收帳款組合的平均付款期限為 112 天，比可比季度減少了 6 天。並且符合我們業務模式的季節性。

Moving to slide number 12, let's take a closer look on the net debt movement. As of the third quarter of 2024 Vasta had a net debt position of BRL1 billion for BRL 40 million. A BRL 23 million IRES from the previous quarter, free cash flow was higher. Then financial interest costs. And this made possible the reduction in the top net debt in this quarter in comparison to third quarter of 2023.

轉到第 12 張投影片，讓我們仔細看看淨債務變動。截至 2024 年第三季度，Vasta 的淨負債部位為 10 億雷亞爾，淨負債為 4,000 萬雷亞爾。較上一季增加 2,300 萬雷亞爾，自由現金流更高。然後是財務利息成本。這使得本季最高淨債務較 2023 年第三季有所減少。

The beginning of this cycle, the net deposition increases at BRL 42 million from BRL 998 million. Yes, this increase was driven also by the financial interest costs at the second purchase program which were partially set by the positive free cash flow of BRL 146 million in the period.

本週期開始時，淨沉積量從 9.98 億雷亞爾增加至 4,200 萬雷亞爾。是的，這一增長也是由第二次購買計劃的財務利息成本推動的，該成本部分是由該期間 1.46 億雷亞爾的正自由現金流決定的。

I will conclude my part of this presentation with this slide 13, explain some more detail about our net debt composition which represents BRL 1.40 billion at the end of this quarter. This amount is composed by the ventures issued to the parent company in the amount of BRL 765 million and account payables for business combinations which total BRL 630 million by our cash availability, which represents BRL 355 million highs in the lower left.

我將用這張投影片 13 來結束本次簡報的部分內容，詳細解釋我們的淨債務組成，截至本季末，淨債務構成為 14 億雷亞爾。該金額由向母公司發行的 7.65 億雷亞爾的合資企業以及我們可用現金總計 6.3 億雷亞爾的業務合併應付賬款組成，這代表了左下角 3.55 億雷亞爾的最高點。

Part of this light, we can see that in third in the third quarter of 2024 the net that to last 12 months a just a bit. The ratio has increased at just 0.04 times from the last quarter, showing stability now stands at 2.2 times and compared to the quarter of 2000, the third quarter of 2023 the cat has improved it from 2.43 times. A decrease of 0.11 times. With that being said, I pass the word to our Chief Executive Officer Guilherme Melega.

從這個角度來看，我們可以看到，2024 年第三季的淨收入將持續 12 個月。該比率較上季度僅增加了 0.04 倍，目前穩定在 2.2 倍，與 2000 年季度相比，2023 年第三季的貓已從 2.43 倍有所提高。減少0.11倍。話雖如此，我向我們的執行長 Guilherme Melega 傳達了這一訊息。

Thank you, sir. I'll give some updates about our growth avenues in our platform plural. Starting with Start Anglum. Our initiative to launch this new model of franchise, combining bilingualism with academic excellence continues to ramp up and signifies a strategic expansion in our new revenue streams.

謝謝您，先生。我將在我們的平台複數中提供有關我們成長途徑的一些最新資訊。從啟動 Anglum 開始。我們推出這種新的特許經營模式的舉措，將雙語與學術卓越相結合，不斷加強，這標誌著我們新收入來源的策略擴張。

We keep the pace of signing new contracts every month and we have already signed 34 contracts as of this date and we have over 200 prospects. The strong pipeline underscores the robust potential for further growth and market penetration of start angle.

我們保持每月簽訂新合約的速度，截至目前，我們已經簽訂了 34 份合同，並擁有 200 多名潛在客戶。強大的產品線凸顯了start angle進一步成長和市場滲透的強大潛力。

Last quarter, we launched the revitalization project of the LIS Complex, and this project besides create an operating unit with 1,000 student capacity, we will preserve the entire historical architectural design, and we expect to commence our flagship operation in Sao Paulo in 2025.

上季度，我們啟動了LIS綜合大樓的振興項目，該項目除了創建一個可容納1,000名學生的營運單位外，我們還將保留整個歷史建築設計，並預計於2025年在聖保羅開始我們的旗艦業務。

In 2025 we're going to have five new units in operation the Paste Complex, our flagship in Sao Paulo, Jimo, Arae Juliette Prasa and Luis Eduardo Magala, all franchised units and together with San Jose to hire and ALFA, we will achieve the total of seven units running and provide a high-quality education service for our students.

到2025 年，我們將有五個新單位投入運營，即我們在聖保羅、即墨、Arae Juliette Prasa 和Luis Eduardo Magala 的旗艦店Paste Complex，所有單位均為特許經營單位，並與聖何塞一起僱用和ALFA，我們將實現共有七個單位在運作並為我們的學生提供高品質的教育服務。

After launching this important avenue of growth of vas in 2023 we already can see expressive results and look forward to see the next year. Moving to slide 16, I'll talk about the exceptionals [IB] result in PARA. Firstly, I would like to explain what IB is and in a simple way, I can say that it is a large-scale assessment system for basic education in Brazil.

在 2023 年推出這項重要的 vas 成長途徑後，我們已經可以看到富有成效的成果，並期待明年的發展。轉到投影片 16，我將討論 PARA 中的例外 [IB] 結果。首先我想解釋一下什麼是IB，簡單地說，它是巴西基礎教育的大規模評估體系。

So that the last five result showed them exceptional improvement of the state of PARA in the national ranking. Moving from the 26th position in the two 2021 exam to the sixth place in the 2023 exam for high for high school students, the scores of these students increased by 43% comparing to the last exam and besides students from elementary years, got excellent results as well.

因此，最後五場比賽的結果表明他們在全國排名中 PARA 的狀態取得了非凡的進步。從2021年兩次考試的第26名，到2023年高中生考試的第6名，這些學生的成績比上次考試提高了43%，除了小學生外，還取得了優異的成績：出色地。

To remember at the beginning of 2023 we were contracted by the state of PARA to implement a customized solution, aiming to learn recompositing core skills and preparation for [cye]. We use our plural technology as the platform and throughout the use of large-scale tests and teaching training, we managed to help over 340,000 students to achieve these impressive results.

請記住，2023 年初，我們與 PARA 州簽訂了實施客製化解決方案的合同，旨在學習重組核心技能並為未來做好準備[哎呀]。我們以多元技術為平台，透過大規模的測驗和教學培訓，幫助超過34萬名學生取得如此驕人的成績。

Performance was highlighted in the most important media. And with this significant achievement, we were able to validate our value proposition. Moving on to slide 17. Finally, I would like to remember that starting in all 2025 our schools will have at their disposal. The intelligent assistant to our artificial intelligence integrated in our platform.

最重要的媒體都強調了績效。憑藉這一重大成就，我們能夠驗證我們的價值主張。繼續看投影片 17。最後，我想記住，從 2025 年開始，我們的學校將可以使用。整合在我們平台中的人工智慧的智慧助理。

We launched this innovation at Bucca at the beginning of the year with great success and high receptivity. In the recent in the recent months, we have trained employees, school managers and teachers and conducted several demonstrations, validating and presenting the implemented tools. In summary, we gathered all our excellent content from our basic education systems and plural AI itself divides, classifies and prepares the content creating several knowledge bases separated by brand and material which each interaction through our AI understands your request, searches all related knowledge and decides its best response.

今年年初，我們在 Bucca 推出了這項創新，取得了巨大成功並獲得了很高的迴響。最近幾個月，我們對員工、學校管理人員和教師進行了培訓，並進行了多次演示，以驗證和展示了已實施的工具。總之，我們從基礎教育系統中收集了所有優秀的內容，而多元人工智慧本身對內容進行了劃分、分類和準備，創建了按品牌和材料分隔的多個知識庫，透過我們的人工智慧的每次互動都了解您的請求，搜尋所有相關知識並做出決定這是最好的回應。

Building on this preparation. Generative AI enables teachers to create supplementary lesson plans, generate images, scripts for presentation, question lists and help students develop study guide guides. This innovation aims to empower teachers in the teaching process and enhance students' learning.

在此基礎上進行準備工作。生成式人工智慧使教師能夠創建補充課程計劃、生成圖像、演示腳本、問題列表，並幫助學生開發學習指南。這項創新旨在增強教師在教學過程中的能力並增強學生的學習。

This groundbreaking truth is reshaping how educators and learners engage, offering a more dynamic and efficient education experience. Having said that I finish our presentation and invite you all to the Q&A session.

這一突破性的事實正在重塑教育工作者和學習者的互動方式，提供更動態和更有效率的教育體驗。話雖如此，我已經完成了我們的演示並邀請大家參加問答環節。

(Operator Instruction)

（操作員說明）

Your first question comes from the line of Lucca Marquezini with Itaú BBA.

你的第一個問題來自 Lucca Marquezini 和 Itañ BBA 的血統。

Hey, Good Evening everyone and thank you for taking our questions. We have actually two questions from our side. Our side. First one would be regarding the B2G unit, so we saw another quarter of no revenue coming from this business unit. So, if you could just provide more color on the schedule for the upcoming quarters to help us try to project this line going forward that this will be very helpful.

嘿，大家晚上好，感謝您回答我們的問題。我們其實有兩個問題。我們這邊。第一個是關於 B2G 部門，因此我們看到該業務部門又一個季度沒有收入。因此，如果您可以在接下來幾個季度的時間表上提供更多信息，以幫助我們嘗試預測這條線的未來，這將非常有幫助。

And also regarding the expenses for cash and commercial, commercial expenses, we saw an increase in the quarter. So, if you could help us better understand the reason behind this increase and also what would be the normalized level going forward? This would be very helpful. Thank you.

關於現金和商業支出，我們看到本季有所增加。那麼，您能否幫助我們更了解這一成長背後的原因以及未來的正常化程度是多少？這會很有幫助。謝謝。

Thank you very much, Luca, let me start with the B2G. Yes, B2G we did not secure new contracts yet. Given municipal elections in Brazil in October, the contracts was postponed but we have a very heated pipeline, and we expect to rec to recognize revenues in B2G Q4 for classroom 2025. As we mentioned earlier, B two is a very important avenue growth.

非常感謝你，Luca，讓我從 B2G 開始。是的，B2G，我們還沒有獲得新合約。鑑於巴西 10 月舉行市政選舉，合約被推遲，但我們的管道非常緊張，我們預計將在 2025 年教室的 B2G 第四季度確認收入。正如我們前面提到的，B二是一個非常重要的成長途徑。

The contracts are very sized but since we did not sign anyone yet, I will postpone to any guidance by now, but I can guarantee that we have a very heated line on that. Regarding your second question about commercial expenses, we increased the commercial expenses because we are increasing growth. We have also a very sound 2025 sale cycle boosted by premium learning systems and complementary products. And since we are growing Fastly.

合約規模很大，但由於我們還沒有簽署任何人，我現在將推遲任何指導，但我可以保證我們對此有非常激烈的態度。關於你關於商業費用的第二個問題，我們增加了商業費用，因為我們正在增加成長。在優質學習系統和補充產品的推動下，我們也擁有非常健全的 2025 年銷售週期。因為我們正在快速成長。

We are investing more on commercial expenses, but we believe we are reaching a very good, a very good level of commercial expenses to secure a double-digit growth for the next coming years. We have, been expanding around 12% 18% of our revenues on commercial expenses and this probably will be our level going forward.

我們正在增加對商業支出的投資，但我們相信我們的商業支出正在達到非常非常好的水平，以確保未來幾年實現兩位數的成長。我們已經將收入的 12% 至 18% 左右擴大到了商業支出上，這可能是我們未來的水平。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Your next question comes from the line of Marcelo Santos with JP Morgan.

你的下一個問題來自摩根大通的馬塞洛·桑托斯。

Hi, Good Evening. Thanks for taking my questions. The first question I wanted to ask about the competitive environment. Like was there any significant change in the environment? Since one of your main competitors went private, did that change or did any other thing change that you would be worth highlighting? And if you could give us a color of how the GMV --sorry GMV no, the ACV is shaping up for, for the next cycle. I know you're not going to report that now, but maybe some directional indicator.

嗨，晚上好。感謝您回答我的問題。我想問的第一個問題是關於競爭環境。例如環境有什麼重大變化嗎？自從您的主要競爭對手之一私有化以來，這種情況是否發生了變化，或者是否有其他值得您強調的變化？如果你能給我們一個關於 GMV 的顏色——抱歉 GMV 不，ACV 正在為下一個週期做好準備。我知道你現在不會報告這一點，但也許有一些方向指標。

Hi, Marcelo. Thanks very much for, for your questions. We, we, we didn't see any change in the competitive environment. It's a definitely a competitive industry. But we are having, and I will comment on our second question as well on the ACV. We have a very strong portfolio with premium brands and this year we are leveraging on our technology since we launched the plural AI and we are launching it for the entire platform, all the brands and we are pricing it for the next ACV.

嗨，馬塞洛。非常感謝您的提問。我們，我們，我們沒有看到競爭環境有任何變化。這絕對是一個競爭激烈的行業。但我們正在討論，我也會就 ACV 的第二個問題發表評論。我們擁有非常強大的優質品牌產品組合，今年我們正在利用我們的技術，因為我們推出了多元人工智慧，我們正在為整個平台、所有品牌推出它，我們正在為下一個 ACV 定價。

So, we have a very robust pricing for 2025 plus a very good learning, premium learning system, commercial cycle together with the complementary products that keep the high double-digit growth. So, putting all together, we definitely expect a higher growth from the previous cycle. We just require the 12.5 growth from our last cycle. We are definitely forecasting a higher double, double digit for the next cycle. I think for now, that's the best color I can give you.

因此，我們為 2025 年制定了非常穩健的定價，加上非常好的學習、優質學習系統、商業週期以及保持兩位數高成長的互補產品。因此，總的來說，我們肯定預計比上一個週期會有更高的成長。我們只需要上一個週期的 12.5 倍成長。我們肯定會預測下一個週期將出現更高的兩位數。我想目前來說，這是我能給你的最好的顏色。

Okay, higher double digit. Thank. Thank you very much.

好的，更高的兩位數。感謝。非常感謝。

(Operator Instruction) I will now turn the call back over to Guilherme Melega CEO for closing remarks.

（接線員指示）我現在將把電話轉回給 Guilherme Melega 首席執行官，讓其致閉幕詞。

Thank you all very much for participating on Vasta Q3 earnings call. We are and we are very pleased to share with you the good momentum that we are living in the company. Our business units performing strong B2B is about to deliver a very significant growth for 2025.

非常感謝大家參加 Vasta 第三季財報電話會議。我們非常高興與您分享我們公司的良好勢頭。我們的 B2B 業務部門表現強勁，預計將在 2025 年實現非常顯著的成長。

And B2G also delivered great results on the academic side from the para contract and that definitely is helping us a lot on our prospects, and we have a very heated pipeline, and we are close to secure new contracts, and we do expect revenues for Q4 start reaching 34 contracts signed two operating units in 2024 moving to seven operating units in 2025.

B2G 在副合約的學術方面也取得了出色的成果，這無疑對我們的前景有很大幫助，我們有一個非常熱門的管道，我們即將獲得新合同，我們確實預計第四季度的收入2024 年，簽署兩個營運單位的合約開始達到34 份，到2025 年，將增加到七個營運單位。

So, we are up to a very good momentum and creating a very robust platform for 2025. Looking forward to talk to you on our next earnings call. Thank you very much in participating.

因此，我們正處於良好的勢頭，並為 2025 年創建一個非常強大的平台。期待在我們的下一次財報電話會議上與您交談。非常感謝您的參與。

Ladies and gentlemen, that concludes today's call. Thank you all for joining you. May now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。現在可以斷開連線。