Vitru Ltd (VTRU) 2024 Q1 法說會逐字稿

Good morning, everyone, and thank you for standing by. Welcome to the Vitru Brazil's Q1 2024 earnings conference call. I'd like to highlight that for those who need simultaneous translation we have this to available on the platform to access it simply click on the interpretation button by the globe icon at the bottom of the screen choose your preferred language, either Portuguese or English.

大家早安，謝謝大家的支持。歡迎參加 Vitru Brazil 2024 年第一季財報電話會議。我想強調的是，對於那些需要同聲翻譯的人，我們可以在平台上使用此功能，只需單擊屏幕底部地球圖標旁的翻譯按鈕，選擇您的首選語言（葡萄牙語或英語）即可。

For those listening to the video conference in English, there is an option to mute original audio in Portuguese by clicking on the mute original audio. We would like to inform you that this conference is being recorded and will be made available on the company's IR website, investors.vitru.com.ir, but a complete material of our results disclosure is available also possible to download the presentation through the chat icon, including the English version.

對於收聽英語視訊會議的用戶，可以選擇透過點擊將原始音訊靜音來將葡萄牙語的原始音訊靜音。我們謹通知您，本次會議正在錄製中，並將在公司的投資者關係網站 Investors.vitru.com.ir 上提供，但我們也可以透過聊天下載簡報的完整結果披露資料圖標，包括英文版本。

During the company's presentation, (Event Instructions) Emphasize that information contained in this presentation and any statements that may be made during this teleconference regarding business outlook, projections and operational and financial goals of the Vitru Brazil constitute beliefs and assumptions of the company's management as well as information currently available.

在公司演示期間，（活動說明）強調本演示中包含的資訊以及本次電話會議期間可能做出的有關Vitru Brazil 的業務前景、預測以及營運和財務目標的任何聲明也構成公司管理層的信念和假設作為目前可獲得的資訊。

Future considerations are not guarantees of performance. They involve risks, uncertainties and assumptions as they relate to future events and therefore, they depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions and other operational factors may affect the future performance of Vitru Brazil and lead to results that materially differ from those expressed in such future considerations.

未來的考慮並不是性能的保證。它們涉及與未來事件相關的風險、不確定性和假設，因此，它們取決於可能發生或可能不會發生的情況。投資者應了解，總體經濟狀況、市場狀況和其他營運因素可能會影響 Vitru Brazil 的未來業績，並導致結果與此類未來考慮因素中表達的結果存在重大差異。

Today who have the presence of the company's executives, William Matos CEO; and Maria Carolina, Head of Investors Relations and her team. I'll now give the floor to Mr. William Matos.

今天出席的有公司高階主管、執行長 William Matos；以及投資者關係主管 Maria Carolina 及其團隊。現在請威廉·馬托斯先生發言。

Good morning, everyone. Welcome. I hope everyone, it's a pleasure to be here together to present Vitru's first quarter results for 2024. I am William Matos CEO, Vitru temporarily I'm also serving as CFO. I'm joined by Maria Carolina our Head of Investor Relation; and

大家，早安。歡迎。我希望大家很高興能在這裡一起展示 Vitru 2024 年第一季的表現。我是 William Matos 的 CEO，Vitru 我暫時兼任 CFO。我們的投資人關係主管 Maria Carolina 也加入了我的行列；和

(Inaudible) our higher analysts, and we also have here (Inaudible), the results presentations that you're also going to see here are available on our IR website along with this quarterly results release.

（聽不清楚）我們的高級分析師，我們也在這裡（聽不清楚），您也將在這裡看到的結果簡報與本季度業績發布一起在我們的 IR 網站上提供。

So we're going to begin on slide 4 with the highlights of this quarter. It was a very important quarter. We delivered solid results and proudly like to begin by highlighting that that recently Vitru was recognized by two of the most important outlets in the US because one of the top five ad tax in TIME Magazine membership with status, it's leader, beta markets positions the disclose the rankings considering all the top added tax in the world and feature costs.

因此，我們將從第四張投影片開始介紹本季的亮點。這是一個非常重要的季度。我們取得了堅實的成果，並自豪地首先強調，最近Vitru 獲得了美國兩家最重要媒體的認可，因為它是《時代》雜誌會員中廣告稅前五名之一，具有地位、領導者、測試市場地位該排名考慮了世界上所有最高的附加稅和特徵成本。

We're the fifth place in this nation build-out reinforces our focus on delivering quality digital education and other important to highlight that we finished our first quarter with almost 940,000 students, a record for our company, which shows the strength of our brands and justifies our expectation for a very good year.

我們在全國建設中排名第五，這強化了我們對提供優質數位教育的關注，其他重要的一點是，我們第一季度完成了近940,000 名學生，這是我們公司的記錄，這表明了我們品牌的實力和證明了我們對美好一年的期望。

This number was brought by this strong growth of our continuing education area, great movement in invading to build loyalty in our students and I have to highlight and emphasize that this growth was not only greater than that beacuse Vitru integration and the best practice between UNESCO main unit sales has unified some criteria, 40 student activation, and I'm going to talk a little pulp, there should be.

這個數字是由我們繼續教育領域的強勁增長、為建立學生忠誠度而開展的偉大運動帶來的，我必須強調並強調，這一增長不僅是因為維特魯一體化以及教科文組織主要機構之間的最佳實踐。

Another highlighted during important here, the advance in this listing process from Nasdaq to be three on April 19th. Shareholders approved in the general meeting the merger of features, limited Vitru Brazil, then initiated the period where shareholders restaurant choice receive shares 3% temporary ADRs that we through Brazil through the election form. And we'll have to remind you that the period for submitting that form ends on May 21st.

另一個重要的事情是，納斯達克上市進程將於 4 月 19 日提前三週。股東在股東大會上批准了Vitru Brazil的合併特徵，然後啟動了股東餐廳選擇透過選舉形式獲得我們通過巴西的3%臨時ADR的期限。我們必須提醒您，提交該表格的期限將於 5 月 21 日結束。

So following slide, we can see that our differentiated strategy and positions positioning have led to an expansion of the average ticket of the this is learning graduation in this quarter in this time by 3.4% compared to the first quarter of '23.

那麼接下來的幻燈片，我們可以看到，我們的差異化策略和職位定位導致本季的畢業平均門票比 2023 年第一季擴大了 3.4%。

Percentage is very close to the inflation of variation in your head. And this number is for sure, the validation of our strategy. It is to have like always have competitive prices but keeping the ball at the superior quality of the products.

百分比非常接近您腦中變化的膨脹。這個數字是肯定的，驗證了我們的策略。始終保持有競爭力的價格，但保持產品的卓越品質。

Regarding the financial highlights, you mentioned a 13.5% increase in consolidated net revenue. This increase was based on the strong expansion of our continuing education and medicine and nearly a 10% increase in rep revenue for graduation in the quarter.

關於財務亮點，您提到合併淨收入成長了 13.5%。這一增長是基於我們繼續教育和醫學的強勁擴張以及本季畢業代表收入增長近 10%。

So it's important to notice that of this growth in Q1 '23 was purely organic and down below. You can see that adjusted EBITDA for this quarter that has a modest growth of 1% percent and a margin decreased to 33.9%, which is still higher than the average of the sector, as you'll see shortly this margin decrease part of the strategy.

因此，值得注意的是，23 年第一季的成長純粹是有機的，並且低於有機成長。您可以看到本季調整後的 EBITDA 略有成長 1%，利潤率下降至 33.9%，仍然高於行業平均水平，您很快就會看到利潤率下降是策略的一部分。

We advanced the enrollment a student for the year and the EBITDA margin for 2024 is expected to be slightly higher than the margin for the year 2023. To be important to highlight that we expected this number it doesn't worry us.

我們提前招收了今年的學生，預計 2024 年的 EBITDA 利潤率將略高於 2023 年的利潤率。需要強調的是，我們預期這個數字並不讓我們擔心。

It's a part of our strategy this year, and it's likely that it's going to decrease unlocks on purpose following quarters. And it's not going to repeat the same amount.

這是我們今年策略的一部分，並且很可能會在接下來的幾季有意減少解鎖量。而且不會重複相同的數量。

Finally, based on our model of asset light and our scale nor the quality of our operations, we've had a high cash conversion with a strong growth in cash flow this quarter. Those numbers are solid proof of the efficiency of our business model and the efficiency of our energy model.

最後，根據我們的輕資產模型以及我們的規模和營運質量，本季我們的現金轉換率很高，現金流量強勁成長。這些數字有力地證明了我們的商業模式和能源模式的效率。

Now moving on to slide 6, like to start by providing some more details about the harmonization of criteria for student activation this year, as we announced previously in our latest disclosure and as a part process of exchanging best practices between our two brands.

現在轉到幻燈片 6，首先提供有關今年學生激活標準統一的更多詳細信息，正如我們之前在最新披露中所宣布的那樣，也是我們兩個品牌之間交換最佳實踐的過程的一部分。

You've made some adjustments when you sell late in early 2024 to align the criteria for student acquisitions for the purposes of recognitions in the student base with the standards that we use at unit, set them up in the short term, as we observe, it means a lower nominal growth in 2024 compared to 2023, both in the student base and also the net revenue.

當你在2024 年初出售時，你做了一些調整，以使學生獲取的標準與我們在單位使用的標準相一致，以便在學生群體中獲得認可，並在短期內設置它們，正如我們觀察到的那樣，這意味著 2024 年學生人數和淨收入的名目成長率均低於 2023 年。

But you understand that this our monetization is paramount essential for us to have a strategic view of the business and from that on, we are going to be able to plan our growth in a sustainable way in a very precise way.

但你知道，我們的貨幣化對於我們對業務有戰略眼光至關重要，從那時起，我們將能夠以非常精確的方式以可持續的方式規劃我們的成長。

And this movement is also proof of the trust and the confidence that investors can have in our management. Therefore, as you can observe on the slide, the impacts of this acquisition are approximately 94,000 series students in March 31st, 2024, about 7% of the preservation of business, which is in approximately BRL18 billion-less in net revenue for the first quarter of '24, it totals about 3.5% size of that, it's important to highlight that this harmonization has no impact on our cash flow.

這一舉動也證明了投資者對我們管理層的信任和信心。因此，正如您在幻燈片中可以看到的那樣，此次收購對2024 年3 月31 日的約94,000 名系列學生產生影響，約佔業務保留的7%，第一季淨收入減少約180 億雷亞爾24 年的規模總計約為 3.5%，重要的是要強調這種協調對我們的現金流沒有影響。

Repeat that, just to be clear, it has no impact on our cash flow in it because this invoice is generated for non-engages students were not paid in later, they turn into allowance for doubtful accounts, EBITDA, which is [PCLD] for the 12 months following the voice assurance.

重複一遍，需要明確的是，它對我們的現金流沒有影響，因為這張發票是為非參與學生生成的，後來沒有支付，它們變成了可疑帳戶津貼，EBITDA，這是[PCLD]語音保證後的12 個月。

So it's going to have positive effect for Vitru with will be the reduction of this provision for doubtful accounts throughout '24 and '25 as well as better retention rates for students. And of course, this is something that chooses up in another aspect of this harmonization to that last bullet point is that we're going to have a positive tax effect, a slight reduction in the payment of ISS that tax on services or does invoices for nonengagement students which were not paid.

因此，這將對 Vitru 產生積極影響，減少 24 年和 25 年期間可疑帳戶的規定，並提高學生的保留率。當然，與最後一個要點的協調的另一個方面是，我們將產生積極的稅收效應，即對服務稅或開具發票的國際太空站付款略有減少。

So moving on to slide 7, we show that our enrollment in long distance graduations grew by 10% this quarter. It's important to highlight that because we had already grown very strongly in the years of 2020 and 2022. Additionally, you can also see that the growth, the consolidated enrollment in long distance graduation of features over the last three years was 21% per year.

轉到投影片 7，我們顯示本季遠距畢業的入學人數增加了 10%。強調這一點很重要，因為我們在 2020 年和 2022 年已經實現了非常強勁的成長。此外，您還可以看到，過去三年中遠距畢業功能的合併註冊人數每年增長 21%。

Those numbers reflect our competence of leadership in long distance graduation in the graph on the right, we also show the breaking helping broadband this quarter between engaged students who are recognizing enrollment and in this phase and non-engaged were no longer starting this quarter recognized. So you can see that approximately 25% of the enrollment this quarter was from non-engaged.

這些數字反映了我們在右圖中的遠距畢業的領導能力，我們也顯示了本季認可入學的參與學生和本季開始不再認可的非參與學生之間的突破性幫助寬頻。因此您可以看到，本季約 25% 的註冊人數來自非參與狀態。

Moving on to the next slide, we show the continuous growth of the Vitru student base. As you can observe in this quarter, it increased by 6% in total. When we look only to long-distance graduation, the growth was 5.6%, remembering that we are the largest distance learning company in the country.

轉到下一張投影片，我們展示了 Vitru 學生群體的持續成長。正如您在本季度觀察到的那樣，總計增長了 6%。當我們只考慮遠距畢業時，成長率為 5.6%，記住我們是全國最大的遠距學習公司。

And therefore, we have a very high comparison base and our strong historical growth. This growth is now supported by much more engaged students, and we are confident on the advantages of the way we have talked in the past, we have credit.

因此，我們擁有非常高的比較基礎和強勁的歷史成長。這種增長現在得到了更多積極參與的學生的支持，我們對我們過去談論的方式的優勢充滿信心，我們有信譽。

So from the first quarter of '24 for the non-engage students at union survey, meaning those students who we signed a contract with [Mediaset], but did not take any exams and did not paid any monthly payment. They are no longer included in the student base.

因此，從 24 年第一季度開始，我們對非參與工會的學生進行了調查，這意味著我們與 [Mediaset] 簽訂了合同，但沒有參加任何考試，也沒有支付任何月費的學生。他們不再包含在學生群體中。

As you could see it clearly has an effect on the total size, but the base now reflects much more engagement. But again, for you to have a good perspective on the solid results in our previous criteria, we would have to have 94,000 more students, which would mean a growth of approximately 17% in the snapshot of the long business, graduation student base in March 2024 compared to '23.

正如您所看到的，它顯然對總規模有影響，但基礎現在反映了更多的參與。但同樣，為了讓您對我們先前標準中的堅實成果有一個良好的認識，我們必須增加 94,000 名學生，這意味著 3 月份長期商業畢業學生人數增長約 17% 2024 年與 23 年相比。

In other words, it would be like 11 points more to explain that a little bit better. I can tell you that I am very, very excited about that. And I've been using a metaphor just like racing private at Formula One, the best part in the latest years, it is a head has been investing a lot in the best annex, but it feels that the car is not delivering the best performance.

換句話說，多加11分才能更好地解釋這一點。我可以告訴你，我對此感到非常非常興奮。我一直用一個比喻，就像一級方程式賽車的私人賽車一樣，這是近年來最好的部分，它是一個頭在最好的附件上投入了大量資金，但感覺賽車沒有提供最好的性能。

Now we could see that the right way and not had a different calculation. It was simple to solve to fix, and it's brought a great result. So as Vitru has been investing a lot and we've been putting all the effort on the quality of our products and sources.

現在我們可以看到正確的方法並且沒有不同的計算。解決起來很簡單，並且帶來了很好的結果。因此，Vitru 一直在進行大量投資，我們一直致力於提高產品和來源的品質。

And that's engagement was not making sense and the ADA was not making sense. But with all those adjustments in observing the freeze of some numbers, it doesn't take us from the first place out of the first place, and we are very excited with the results that we had foreseen ahead.

這樣的參與沒有意義，ADA 也沒有意義。但是，儘管在觀察某些數位凍結方面進行了所有這些調整，但這並沒有使我們從第一名脫離第一名，而且我們對未來預見的結果感到非常興奮。

So now to move on, I'd like to give the floor to Carolina, role of our Head of Investor Relations is going to important following information.

現在，我想請卡羅萊納發言，我們投資人關係主管的角色將是以下重要訊息。

And moving on to slide 9, we show the growth of the lung tissue as graduation rates every region of Brazil, considering the new criteria didn't exhibition, looking at the map of resuming the up sentenced by region on the right side of the slide, continuous progress in the southeast region of the country is very active.

轉到投影片 9，考慮到新標準沒有顯示，我們將肺組織的生長情況顯示為巴西每個地區的畢業率，請查看幻燈片右側按地區恢復判刑的地圖，不斷進步，全國東南地區十分活躍。

So we are already present in all states on time. But more recently, we have accelerated the penetration of our brands in the state of some the size of that. It's important to remember that the Southeast region has a massive population concentration and many opportunities for expansion of both brands report. The number of centers in this region is going to continue to gain relevance.

所以我們已經準時到達所有州。但最近，我們加速了品牌的滲透，達到了一定規模。重要的是要記住，東南地區人口集中，兩個品牌都有很多擴張的機會。該地區的中心數量將繼續增加。

We talk about on slide number 10, we see the national presence in the table on the left. It's visible how the brands then chartered with directly. Vitru has nearly taken thousand 500 centers distributed across more than 1,400 municipalities in line with our synergy plan.

我們在第 10 號投影片上討論，我們在左側的表格中看到了國家的存在。顯而易見，品牌隨後是如何直接簽約的。根據我們的協同計劃，Vitru 已在 1,400 多個城市建立了近 500 個中心。

What we call cross expansion. We reached the milestone of 77 cities operate. Both brands is almost seven 70 cities more than giving me. On slide 11, we demonstrate some of the quality metrics from our students, respect our focus on delivering quality and integrity, and it's evidenced by the ratings that users gave to our apps.

我們稱之為交叉擴張。我們達到了77個城市營運的里程碑。這兩個品牌幾乎比給我多了7個70個城市。在投影片 11 中，我們展示了學生的一些品質指標，尊重我們對提供品質和完整性的關注，使用者對我們應用程式的評分證明了這一點。

We have the highest rated apps to monitor this, but it's worth remembering that our apps are appropriate proprietary in US constitute an important part of our learning journey. We are committed to delivering an excellent experience.

我們擁有評價最高的應用程式來監控這一點，但值得記住的是，我們的應用程式在美國是適當的專有的，構成了我們學習旅程的重要組成部分。我們致力於提供卓越的體驗。

On the right side, we also highlight the evaluations from the Brazilian website when you can strive to resolve all the issues reported by our students in the best possible way. Therefore, our expectation is above the average for the other listed players.

在右側，我們也突出顯示了巴西網站的評價，您可以努力以最佳方式解決我們學生報告的所有問題。因此，我們的預期高於其他上市公司的平均值。

So now I give the floor back to my colleague William to move on the presentation.

現在我把發言權交還給我的同事威廉，讓他繼續進行演示。

So moving on slide 12, we move on the average ticket data, you can see that there was [3.4%] even a growth and average growth in house at 4%. The last three is already considering it as a whole that you tell us units as of March before the variation very close to inflation, both terms how different our products are in our positioning as a quality player in digital.

因此，請轉到投影片 12，我們查看平均門票數據，您可以看到甚至有 [3.4%] 的成長，內部平均成長為 4%。最後三個已經考慮到它作為一個整體，你告訴我們截至三月份的單位，在變化非常接近通貨膨脹之前，這兩個方面我們的產品在我們作為數字領域優質參與者的定位上有多麼不同。

It is important to note that the average ticket increased even with a slight change in total enrollments this quarter, the decrease the decrease in representation of premium courses that are like health care courses and engineering courses, which, as you know, have a higher ticket price and we had an increase in the weight of the technology courses, which have a lower ticket price as we demonstrate on the right side.

值得注意的是，即使本季總入學人數略有變化，平均票價仍有所增加，高級課程（如醫療保健課程和工程課程）的代表性下降，如您所知，這些課程的票價較高價格，我們增加了技術課程的權重，其票價較低，如右側所示。

We're going to move to slide number 13. We follow with the main financial indicators for the quarter. Highlight, as you can see as we saw earlier, we had an expansion of approximately 14% in net revenue and 1% in adjusted EBITDA.

我們將轉到第 13 張投影片。我們關注本季的主要財務指標。值得注意的是，正如我們之前所看到的，我們的淨收入成長了約 14%，調整後 EBITDA 成長了 1%。

It's important to highlight the increase of 2.8-percentage-points in this quarter for the gross margin, reflecting the benefits of integration and it is savings in scale.

值得一提的是，本季毛利率增加了 2.8 個百分點，反映了整合帶來的好處，即規模節省。

We have a company on the following slide. It's interesting to see that this quarter, the main paths for growth, new revenue were net sales and continuing education business of continuing education increased its net revenue by 46%, which was quite impressive and demonstrates the great potential for light.

下一張投影片上有一家公司。有趣的是，本季成長的主要途徑，新增收入是淨銷售額，而繼續教育業務的淨收入成長了46%，相當可觀，彰顯了光的巨大潛力。

That is a lifelong learning in Brazil. We believed it was a very assertive movement that we have made this year based on the bridges of growth that we could observe, especially with the assumption of the like Vanguard in the rig market.

在巴西，這是終身學習。我們相信，這是我們今年做出的一項非常自信的舉措，基於我們可以觀察到的成長橋樑，特別是在鑽機市場出現像先鋒集團這樣的假設的情況下。

And we can look into our methane operations, which we could see a 30% increase in revenue for the Q1, Q4 due to a combination of maturation of new vacancies and an increase in the average ticket. The revenue of those segments be discussed in more detail shortly.

我們可以研究我們的甲烷業務，由於新職缺的成熟和平均門票的增加，我們可以看到第一季和第四季的收入增加了 30%。稍後將更詳細地討論這些部門的收入。

In this regard, on slide 15, we see that the proportion of cruise two businesses within Vitru's overall portfolio decrease in the first quarter of '24 compared to the first quarter of 2023. In other words, you can observe that the continuing education business has increased its representation from 5% to 6% of its risk total, while our operations in medicine have risen from between the 15% to 16%.

在這方面，在投影片 15 上，我們看到，與 2023 年第一季相比，24 年第一季 Vitru 整體投資組合中郵輪兩項業務的比例有所下降。換句話說，你可以觀察到繼續教育業務佔其風險總額的比例從 5% 增加到 6%，而我們的醫學業務則從 15% 增加到 16%。

On the other hand, the share of long distance graduation decreased from 72%, 70% of total revenue, especially as we are already considering. It's important to say that the new criteria for student activation, as I explained before.

另一方面，遠距畢業的份額從佔總收入的 72% 下降到 70%，尤其是我們已經在考慮的這一點。重要的是要說學生激活的新標準，正如我之前解釋的那樣。

Moving on to slide 16, we see that the 10% growth in net revenue, a long-distance graduation DE. Additionally, in the graphs on the right side of this slide, we can see the historical growth of this DE market in long distance education in Brazil and the continuous expansion of our market share within this market, according to the Brazilian Institute, we strongly believe that a business graduation sector in Brazil as a long period of growth, a lot of room for growth in the coming years in quality DE is the solution for the penetration gap in higher education in Brazil, college education in Brazil.

轉到投影片 16，我們看到淨收入成長 10%，這是一個遠端畢業 DE。此外，在這張投影片右側的圖表中，我們可以看到巴西遠距教育遠距教育市場的歷史成長，以及我們在該市場中的市場份額的不斷擴大，根據巴西研究所的說法，我們堅信巴西的商業畢業產業有一個長期的成長期，未來幾年在品質方面有很大的成長空間。

So moving on to the slide number 17, we demonstrate the evolution of net revenues from the medicine course in Q1 '23, '24 compared to Q1 '20 showing a 30% increase. Important to remember that this intermittent increase is a combination of the maturation of medicine vacancies and the evolution of the average ticket products.

因此，轉到第 17 張投影片，我們展示了 23 年、24 年第一季醫學課程淨收入的演變，與 20 年第一季相比成長了 30%。重要的是要記住，這種間歇性增長是醫藥職缺成熟和平均票價產品演變的結合。

And it is worth noting that our maintain colleges, the largest in the south southern region of the country located in a city that often ranks among the best cities to live in Brazil and in business, like combined with the high quality of our institution and the service provided to our students of the 50 divestments, in course, among private institutions in Brazil.

值得注意的是，我們擁有巴西南部地區最大的大學，位於巴西最適合居住和經商的城市之一，再加上我們機構的高品質和當然，我們為巴西私立機構的50 所撤資學生提供了服務。

That's how you can we can explain our average ticket price that is above the national average in size that in recent months, the institution (Inaudible) has improved. The selling of those vacant spots is it attributed to the great results for this great performance of the segment.

這就是我們如何解釋我們的平均票價高於全國平均票價的原因，而近幾個月來，該機構（聽不清楚）有所改善。這些空置位置的出售歸因於該部門的出色表現。

So moving on to slide 18, the graph on the left, you see shows a slight recovery in the presidential commission face-to-face segment, which was explained by the at the start into the context of the end of the pandemic.

因此，繼續看第 18 張幻燈片，左圖顯示總統委員會面對面部分略有復甦，這一點在一開始就被解釋為大流行結束的背景。

But this shows a consistent evolution of loan business compared to the face-to-face segment. And we believe that this is the reality of the education sector. And of course, in the digital economy, students will seek quality long distance education, more accessible.

但這顯示與面對面貸款業務相比，貸款業務的持續發展。我們相信這就是教育產業的現實。當然，在數位經濟中，學生將尋求更便利的優質遠距教育。

Next to reality, I might be for financial cultural or logistic reasons, but the slight recovery of the face-to-face segment, that's not it makes us believe that it's going to be strong in the future. And on the right side, we demonstrate a strong expansion of revenue from the continuing education segment, as I mentioned before, grew by 46%.

事實上，我可能是出於金融文化或後勤方面的原因，但面對面部分的輕微復甦，並不能讓我們相信它在未來會很強勁。在右側，我們展示了繼續教育領域收入的強勁擴張，正如我之前提到的，成長了 46%。

Script performance is directly associated with our strategy of diversification in the complementary throughout the journey of our students.

劇本表現與我們的多元化策略直接相關，在學生的整個旅程中互補。

Moving on to the next slide, number 19, we'll show you some more data regarding this potential room for growth that B2B leads so much.

轉到下一張投影片（第 19 號），我們將向您展示一些有關 B2B 領先的潛在成長空間的更多數據。

As you can see, there is a very interesting opportunity. This segment. It is still not so well explored by high school players and this is the continuing education segments, and we consider technical courses, vocational courses in his post-graduate programs.

正如你所看到的，這是一個非常有趣的機會。這一段。高中球員還沒有很好地探索這一點，這是繼續教育部分，我們在他的研究生課程中考慮技術課程、職業課程。

And as you can see on the left, according to the latest census data in Brazil, 1.2 million students graduate per year protection target for post-graduate courses, in addition to, of course, the stock-up professionals that were already graduated.

如左圖所示，根據巴西最新的人口普查數據，每年有 120 萬名學生畢業，達到研究生課程的保護目標，當然還有已經畢業的儲備專業人士。

If you are looking for new training. And when we look at high school, the numbers are also significant with 7.7 million students per year young students over 16 years old, considering the social economic characteristics of our country.

如果您正在尋找新的培訓。再看看高中，考慮到我國的社會經濟特徵，這個數字也很可觀，每年有 770 萬名 16 歲以上的青少年學生。

These young individuals are bound to enter the job market and finding technical and vocational courses. A gateway do their first job besides that, in addition, the new regulation of technical education institutions apply to have new vacancies authorized by the federal government few listed players, meaning those with national presence and a few players looked into this market and meet a true through the brands. Unisom [yourselves] obtained almost 43% of the regulator vacancy.

這些年輕人必然會進入就業市場並尋找技術和職業課程。除此之外，網關做他們的首要工作，此外，技術教育機構的新規定適用於聯邦政府授權的新職位空缺，少數上市參與者，這意味著那些在全國範圍內存在的人和少數參與者正在研究這個市場並滿足真正的需求。Unisom [你們自己]獲得了近 43% 的監管機構空缺。

On slide number 20, we show the evolution of EBITDA between periods and from slide 21 onwards will begin explaining the costs and expenses. So as you can see here on slide 21, left chart illustrates the 2.2 point reduction in service costs proportionately to a percentage of net revenue.

在第 20 投影片中，我們展示了不同時期 EBITDA 的演變，從投影片 21 開始將開始解釋成本和費用。正如您在投影片 21 中看到的那樣，左圖顯示服務成本與淨收入的百分比成比例地減少了 2.2 個百分點。

As you know, this gain in gross margin reflects both gains in scale and the recent impacts of integrating (Inaudible) into Vitru however, I'd like to tell you in advance that throughout 2024, we will see an increase a slight increase in visitors direct cost.

如您所知，毛利率的成長既反映了規模的成長，也反映了近期整合（聽不清楚）到Vitru 的影響，但是，我想提前告訴您，在整個2024 年，我們將看到訪客人數略有增加直接成本。

That is a natural consequence of implementing many health care courses over the past few years in this process of maturation of books courses elevate some certain costs, such as like a greater need for receptors and internship fields for hospitals.

這是過去幾年實施許多醫療保健課程的自然結果，在書籍​​課程成熟的過程中，提高了某些成本，例如對醫院的受體和實習場地的更大需求。

In relation to general and administrative expenses, it has been has maintained a very lean structure with G&A representing only 6.4% of net revenue. This quarter in public tender in the sector.

就一般和行政費用而言，它一直保持著非常精簡的結構，一般和行政費用僅佔淨收入的 6.4%。本季該行業進行公開招標。

Moving to slide number 22, on the left, you see the expenses in marketing and sales that increase approximately 5-percentage-points on net revenue this quarter. This increase was due to the company's strategy of anticipating enrollment with a healthy average ticket, along with the positioning strategy in areas with greater demand complexity in we had a competition.

轉到左側的第 22 號投影片，您會看到本季的行銷和銷售費用增加了約 5 個百分點的淨收入。這一增長是由於該公司以健康的平均票價預測入學的策略，以及在競爭中需求複雜性更大的領域的定位策略。

As we said, this quarter is state of Sao Paulo in which we are focusing our efforts. Now it's important to say that for the year, we anticipate that marketing and sales expenses as a percentage of net revenue will remain very close or maybe slightly higher than the expenses that were reported in '23.

正如我們所說，本季度是我們重點關注的聖保羅州。現在重要的是，我們預計今年行銷和銷售費用佔淨收入的百分比將非常接近或可能略高於 23 年報告的費用。

And on the right side, the right chart, we can show that [PCLD AD] in English is slightly higher in Q1 24, reflecting this strong enrollment of 2023. However, it's worth note noting that there is downward trend expected throughout 2024 and '25 due to the harmonization of student activation criteria. As we explained at the beginning of this presentation.

在右側的圖表中，我們可以顯示英語的 [PCLD AD] 在 24 年第一季略高，反映了 2023 年的強勁入學率。然而，值得注意的是，由於學生激活標準的統一，預計 2024 年和 25 年將出現下降趨勢。正如我們在本演示開始時所解釋的那樣。

So let me add some water here, please. On slide 23, we have two main important messages to highlight the first one in this strong cash generation. So the cash conversion reached 104.6% this quarter compared to first, which at the exchange of best practice and implementation of the credit evaluation system in third quarter of (Inaudible) message is spreading the graphic on the right that in addition to the evolution of results within a split of.

所以請讓我在這裡加點水。在投影片 23 中，我們有兩個重要資訊來強調這強勁現金產生過程中的第一個訊息。因此，與第一季相比，本季現金轉換達到104.6%，在第三季信用評估系統最佳實踐和實施交流（聽不清楚）的訊息中，右側的圖形除了結果的演變外還傳播著這訊息分裂之內。

Net profit, it an update of the cost expectation of the debenture is in line with it, and it's with an effect of approximately three BRL25 million in financial expenses, primarily this quarter. And it's worth mentioning that we expect financial expenses to start freezing from the third quarter if the economic scenario remains stable and it is also reflects a lower recognition of deferred tax in this period.

淨利潤，這是對債券成本預期的更新，與此一致，並且主要對本季度的財務費用產生了約 3 億雷亞爾 2500 萬雷亞爾的影響。值得一提的是，如果經濟狀況保持穩定，我們預期財務費用將從第三季開始凍結，這也反映出本期遞延稅項的確認較低。

You state that our CapEx is relatively low and reached only 4.3% of revenue. This quarter, it results 0.2-percentage-points versus what we spent in Q1 '23.

您說我們的資本支出相對較低，僅達到收入的 4.3%。本季的結果比我們 23 年第一季的支出高了 0.2 個百分點。

On slide 24 program, we have perspective our debt and leverage. This quarter. We had a strong operating generation. The net debt was slightly stable, actually stable. And I just explained the update of expectation of the effective cost of the ventures, as I mentioned, on a slide and an evolution to the carbon of that back over adjusted EBITDA and evolution to the top end of that. But over adjusted EBITDA, our leverage is way below the cover. And during this year we are going to over this leverage.

在幻燈片 24 的節目中，我們透視了我們的債務和槓桿。本季。我們擁有強大的營運世代。淨債務略有穩定，實際上是穩定。正如我在幻燈片中提到的，我剛剛解釋了企業有效成本預期的更新，以及調整後 EBITDA 的碳排放演變和最高值的演變。但經過調整後的 EBITDA，我們的槓桿率遠低於實際水準。今年我們將超越這槓桿。

And now I give the floor back to William.

現在我把發言權交還給威廉。

Thank you, Caroline. Finally, on slide 25, like to tell the market, our guidance for net revenue and adjusted March for 2024, we estimate net revenue between BRL2.15 billion and BRL2.25 billion. It will lead us to a growth between 10% and 15% regarding 2023.

謝謝你，卡洛琳。最後，在投影片 25 上，我們想告訴市場，我們對淨收入的指導以及 2024 年 3 月的調整，我們估計淨收入在 21.5 億雷亞爾至 22.5 億雷亞爾之間。這將使我們在 2023 年實現 10% 至 15% 的成長。

Besides that, our EBITDA margin in 2024 shall be between 36.5% and 37.5%. At this moment, it's important to highlight that this result considers our great growth that has been fantastic in the last three years. So our strategy moves on with focus on this unit in on the quality of our services, but keeping the financial discipline that's very important.

除此之外，我們2024年的EBITDA利潤率將在36.5%至37.5%之間。此時此刻，需要強調的是，這一結果考慮到了我們在過去三年中取得的巨大成長。因此，我們的策略繼續關注該部門的服務質量，但保持財務紀律非常重要。

In other words, this guidance reflects what we have already expected that in percentage terms, our results will grow in some more than reasonable rates since we achieved that size relevant size.

換句話說，這項指導反映了我們已經預期的情況，即從百分比來看，自從我們達到了相關規模以來，我們的業績將以超過合理的速度成長。

So with that, we've finished our presentation now before I give the floor back to the host, I'd like to thank you all for all the trust and confidence. And we have been putting all the effort to deliver the best results. And we are very confident that we're going to have a great year for fed through and that all the adjustments are for making this company better.

那麼，在我把發言權交給主持人之前，我們的演講就已經結束了，我要感謝大家的信任和信心。我們一直在盡一切努力以取得最好的結果。我們非常有信心，我們將度過美好的一年，所有的調整都是為了讓這家公司變得更好。

And all the strategies are based on this premise of like surpassing our own records and improving our own quality.

而所有的策略都是建立在超越自己的記錄、提升自己的素質這個前提之上的。

Now I give the floor back to the host for us to open the Q&A session. Thank you very much.

現在我請主持人開始問答環節。非常感謝。

Now we begin the Q&A session. (Operator Instructions)

現在我們開始問答環節。（操作員說明）

Lucas, Morgan Stanley. Please go ahead.

盧卡斯，摩根士丹利。請繼續。

Good morning, William, thanks for different entities. We have two questions. The first is regarding the margin on the first quarter so that the year has gone up better and you said that there's probably a cost pressure. My question is about drivers that you're seeing companies say that two things that caught my attention is that increasing marketing is like is an advancement in the cost base, a new a new level or when [PDD] is going to be flagged on that? There's new harmonization practice.

早安，威廉，感謝不同的實體。我們有兩個問題。第一個是關於第一季的利潤率，因此今年的情況有所好轉，您說可能存在成本壓力。我的問題是關於司機的，你看到公司說有兩件事引起了我的注意，那就是增加行銷就像是成本基礎的進步，一個新的新水平，或者當[PDD]將被標記時？有新的協調實踐。

Second question is about regulation, do you have any update on the changes, the rules in some courses that have some different discussions as nursing, for instance? Thank you.

第二個問題是關於監管的，您是否有關於某些課程中的變化和規則的最新情況，例如護理方面有一些不同的討論？謝謝。

Thank you, Lucas, for your question. So regarding the first question. Yeah, in reality, we are very, very awesome as we seek to thrive to talk about our expectations for the full year. And despite we have mentioned the slight reduction in gross margin, some costs as health care courses, as I said.

謝謝盧卡斯的提問。那麼關於第一個問題。是的，事實上，我們非常非常出色，因為我們力求蓬勃發展，並談論我們對全年的期望。儘管我們提到毛利率略有下降，但正如我所說，醫療保健課程的一些費用。

But the marketing investment, as I said, is wasn't a cost in advance that we have predicted for our strategy. So some costs are going to be reduced on the year throughout the year to guarantee. This will deliver on the margin guidance.

但正如我所說，行銷投資並不是我們為策略所預測的預先成本。所以全年都會減少一些成本來保證。這將實現保證金指導。

And this new model of harmonization has we said five or some increase in DE for 2024. It's going to help our margin to be aligned with the guidance that we.

我們說，這種新的協調模式到 2024 年 DE 會增加 5 種或一些。這將有助於我們的利潤率與我們的指導保持一致。

In regarding the regulation on our new regulations for indication, Vitru is very, very on due to some hybrid models that we have in our courses as a nature. Of course, we have been paying attention to all those movements.

在關於我們的新指示法規的規定方面，Vitru 非常非常好，因為我們課程中本質上有一些混合模型。當然，我們一直在關注所有這些動向。

And as we have said before, everything that is related to quality, we understand that it's something that's going to be positive. It's going to have a positive impact on the segment and regarding new courses and changes in this year and four, you do areas we have not seen any issues in the National Education Council, but we are very close to them.

正如我們之前所說，與品質相關的一切，我們知道這都是正面的。這將對這一領域產生積極影響，關於今年和四年的新課程和變化，我們在國家教育委員會中沒有看到任何問題，但我們非常接近他們。

And we are also looking to looking for understanding now the necessary movements. But it's important to remember that every and any change in DE and regulations, the institutions have two years to implement the changes proposed.

我們現在也在尋求了解必要的行動。但重要的是要記住，DE 和法規的每項變更，機構都有兩年的時間來實施擬議的變更。

So we are going to study them very carefully to understand. But as I said, we have a hybrid model as a nature at Seatle in unison. And we are very relaxed about this as the regulations because they are exclusive for the teaching courses, associate reports and we have it a good percentage of face-to-face segment in our methodologies. But we're going to study this market too. We adjust for the future changes.

因此，我們將非常仔細地研究它們以了解它們。但正如我所說，西雅圖的本質是一種混合模式。作為規定，我們對此非常放鬆，因為它們是教學課程、助理報告的專有內容，而且我們的方法論中面對面部分的比例很高。但我們也會研究這個市場。我們針對未來的變化進行調整。

Thank you, William, it was very, very clear. Thank you.

謝謝你，威廉，說得非常非常清楚。謝謝。

Our next question comes from [Pedro Oliveira, buy-side analysts]. Please go ahead.

我們的下一個問題來自[佩德羅·奧利維拉，買方分析師]。請繼續。

We'd like to have an update regarding the listing process and how it's going to impact the liquidity of the company? Do you have any initiative to increase the liquidity of the share?

我們想了解有關上市流程的最新資訊以及它將如何影響公司的流動性？您有什麼舉措增加股票的流動性嗎？

Thanks for your question, Pedro. About the delisting process itself through the latest 19 reversing operations. That justifies is a chain chairs feasible. It could be three. So the survival at peak being is predicted to happen in that if the week of June passed sorry, Bill documents that we released, we explain how the elections are index investors would choose if they're going to receive the shares or ADRs.

謝謝你的提問，佩德羅。關於退市過程本身通過最新的19次反向操作。這證明鏈椅是可行的。可能是三個。因此，如果六月的那一周過去了，抱歉，我們發布的法案文件中，我們解釋了指數投資者如果要接收股票或美國存託憑證，將如何選擇選舉，因此預計會出現峰值。

So we have brokers. So this process is going to end on June were arrive at the three is going to make us enter the radar of larger, a large number of investors like pension funds and individuals that not necessarily invest abroad, but a big liquidity movement and has to be brought in a signature now talking high management and then if the investors have open, analyse the market timing then would move or 0.0 liquidity level. But my schedule has as a relation head of the company is like busy with local investors. So we really believe in this migration.

所以我們有經紀人。因此，這個過程將於6 月結束，到達這三個目標將使我們進入更大的、大量的投資者（例如退休基金和個人）的雷達，這些投資者不一定投資於海外，但必須進行大規模的流動性流動現在引入了一個簽名，談論高級管理層，然後如果投資者持倉，分析市場時機，然後將移動或0.0流動性水平。但身為公司關係主管，我的日程安排就像忙於與當地投資者打交道。所以我們真的相信這次遷移。

Thank you a lot.

萬分感謝。

(Event Instructions)

（活動須知）

So without further questions, we'd like to thank the presence of everyone, and I have to emphasize that our starting point of each decision is excellence in our biggest target is on being the leader at this market, any impact positively life of students.

因此，沒有進一步的問題，我們要感謝大家的光臨，我必須強調，我們每個決定的出發點都是卓越，我們最大的目標是成為這個市場的領導者，對學生的生活產生正面的影響。

So again, thank you for your trust and we can see that we are on the right path and wish you great day to everybody.

再次感謝您的信任，我們看到我們走在正確的道路上，祝大家有美好的一天。

The Q&A session of Vitru Brazil's Q1 2024 for earnings call is now concluded. The Investor Relations department is available to address any further doubts or any queries. Thank you very much to all participants and have a good day.

Vitru Brazil 2024 年第一季財報電話會議的問答環節現已結束。投資者關係部門可以解答任何進一步的疑慮或問題。非常感謝所有參與者並祝您有美好的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。