AFYA - Earnings call transcript Q4 2023

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Renata Couto

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 Andre Blanco, our CFO.

During this presentation, are executives will make forward-looking statements.

Forward-looking statements can be related to future events, future financial or operating performance, no one know unknown risks, uncertainties, and other factors that may cause Afya's actual results to differ materially from those contemplated by those forward-looking statements.

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. our the and benefits related expectations market. regarding Its fully our Commission. filings risks include the in more those Exchange These with described Securities and The of presentation available forward-looking this on statements information the are to date the based as hereof. us in

as You of and to any future obligation as except predictions forward-looking should any on statements, disclaim required events, rely update not them we by law.

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

to me Gibbon, our turn CEO. call Let now over Virgilio the

Virgilio Deloy Gibbon

Renata, Final you, Thank welcome XXXX. to and our of Conference Call

of year I exceptional we of successful the another topics, present our highlights, operational XXXX. Once And financial implementation and will guidance provide the and for model. for our goals key to presentation, excited operational demonstrated of our In are have our the new at business, for performance again, reliability business resilience Luis XXXX, performance. Afya. the our Blanco of the strategy, and our We segments, look across acquisition strategic an finally, will X cover financial business and successful including in-depth performance this

Page Now #X. to turning

a with than consistent previous R$X.XXX reflecting achievements. to bps remarkable XX.X%. programs, reached Buy net Let's activities, year. R$X.XX our flow growth year-over-year, which to year-over-year rate our of the to on the structure. an a by record efficient acquisition operating our Furthermore, a begin the XX% a year, R$X.XX, EBITDA the year previous January the by adjusted cryptolocation and XX% growth increase the adjusted over de increase million increase better This we seats, Transition highlighting R$X.XXX of our for income XX% Back with conversion billion, billion, accompanied on UNIMA Initially, a XX%, marking updates pleased EPS an M&A, XXXX, R$XXX XX%, over cash by by with XXX performance XX%, compared net a of throughout JaboatÃ£o reached CiÃªncias reaching underscores momentum the XX% witnessing in in we With capital margin expanded operational X,XXX are MÃ©dicas report cash an Faculdade of XXXX. revenue is have to operating a increased facilitated compared of year-over-year year. billion, of concluding of to adjusted previous our over year, in year, of disciplined from with generation

our has growth XX,XXX In undergrad of students addition, number medical reached XXXX. XX% to than represent more compared a

we million. growth more are by net R$XXX to continued a than education revenue net We reaching revenue delighted in significant of segment. XX% report expanded organically, our year-on-year for Additionally,

in BXP compared another marked R$XXX revenue increase of the XX% Services outcome Health and with result the contracts. continuous Digital XXXX Our with This opportunity million. industry new contracts best period a digital engagements, by pharmaceutical great services, to organically, in reaching expansion securing driven companies, BXB in ramp-up the a revenue net underscores

growth of core students Lastly, our across users, business In business our and physicians active significant next Beginning ecosystem X the observed substantial has segments. we robust performance discuss medical segment, in XXX,XXX with among our penetration commitment of the will exemplifying proving slide, extract our growth undergrad less net we Brazil. business, after than our Faculdade medicine, in The in last and integration process average de acquisition, CiÃªncias the X.X% of X UNIMA its within the to MÃ©dicas completeness synergies over sites year. operation. November, year JaboatÃ£o represented a

organic Transition adjusted allocation mid EBITDA Concurrently, and their growth the we our in see capital XXXX, our almost the EPS pharmaceutical financial R$X.XXX from billion, has throughout #X, guidance more our and Dividends in billion, higher expansion and physicians, segment intake Slide drug and billion year-over-year this medical margin to our will new delivering our growth revenues. we from business our Underscore players, significant service ecosystem of students, once year decision to the beyond with process, strategy, came XXXX. our growth by the substantial XXXX EBITDA was of pride followed assistant digital to engagements XX% our most and we are On our our hospitals, returns was surpassing X for with combine source our Xx our and developer our extending a year employees, segment, growth facilitate model. of adjusted our achieved the can course-maturation, ecosystem. R$X.XXX X take results than since Moreover, an that We our Furthermore, are constant benefit we expanding company's XXXX. reach. labs, including streams. with journey. pleased explore a discipline, also and to education R$X.XXX net the partners campuses, predictability to surpassed BXB of mid fortifying we revenue how revenue is XX.X% XXXX, IPO, more robust continuing strange our market in of reaffirm of our capacity presence inorganic note After revenue for adjusted BXB guidance thereby new shares. doubled EBITDA. streams resilience in seen of reaching interactions than Consequently,

We are medical acceptance considers in students, schools. occupancy guidance XXXX, our of introduce the of of our which pleased to all new medical for successful XXX% ensuring new

expected concluded R$X.XX billion again, delivering resilience the and is EBITDA to a may these we high of factors, guidance. solid adjusted predictability. are R$X.XXX be and round is another the as while billion, to keep issuance with between ahead, Given be Once any for R$X.X between anticipated revenue guiding R$X.X XXXX strong billion, acquisitions excluding results and guidance after billion Net follows: range this that to Afya's ability improving is

to in first addition are in #X. It's CapEx CapEx for the Shown note guidance compacts XXXX between and our to The the important XXXX expects guidance. million PadrÃ£o amount million additional we R$XXX chart, XX-seat CapEx that and earlier, Integradas related in provided we #X, the and disregards Faculdades ESG our goodwill. does R$XX.X to guidance to Furthermore, to move license to payments R$XXX in the be the check any Now share of the (FIPGuanambi) initiatives. CapEx increase we earn-out Slide let's at million. excited Slide not presented will our

showcasing Our our by company's renewable contribute to megawatts to remarkable sustainability achievements. units energy. capacity, Annually, environmental significant investment exemplified hour photovoltaic care dedication in is generation our of our power plants X,XXX and

with These creating greener, workforce commitment inclusion represents this integration sustainable source free highlighting diversity core, of our boundaries. accomplishments plants, our its Notably, XX our to consumption. opportunities a and impacts sustainable to gas commitment Additionally, highlight that completely stakeholders emissions our has operate to beyond corporate more employees, enabled and XXX% X,XXX have education promoting communities. energy future at photovoltaic greenhouse institutions our and minority of now installed operations electricity associated from reflecting quality commitment With our investors. education for

of Afya of our transparency, team our the viewpoints held year. XX% workplace. in In XX% last our process. by accountability, our over more consists the XX% and fair environment by commitment in of by to over our company women. oversight. diversity roles is than independent prioritize XX% occupied structure, our by we equality This and gender a in diverse women, composed XXXX, of and Directors decision-making leadership are of dedication of governance has Additionally, Board Members by our of are reflecting growth women, XX% Also, reflecting reinforced employees, percentage public our Board leadership X to workforce points female have ensuring

dedication provide over within consultations, healthcare we Since reflecting in XXXX, for services health to have over comprehensive these healthcare practices. striving extending access XX,XXX to management. enhance X million investors, achievements beyond Our physicians to with sensibility everyone. the for XX and profoundly points our decision-making XXXX, our approach By our responsible help to clinical stakeholders Furthermore, conclusion, our medical far serve. have business communities. In programs reaching in medical our we resonate platform offered million to our reaches we organization, graduated communities

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

Luis Andre Blanco

reached for Furthermore, saw million, reflecting evening, the now the year. Afya. present fourth trajectory medical another Adjusted a an million, With FCM marking financial margin fourth of strong over primarily Virgilio, the XXXX JaboatÃ£o, XX% increase, discussions to net I the R$X,XXX acquisitions an prior a pleasure, and quarterly EBITDA course, R$XXX revenue higher same increase revenue medical reached XXXX. to million, compared of growth tickets results the for fourth adjusted quarter Adjusted for highlights attributed net the R$XXX you, the will the the everyone. quarter XX.X%. of quarter. in XXXX through period XXXX, can service seats, good #X Slide and of us digital adjusted and continued great maturations guide performance. in growth of of be segment with reaching This EBITDA UNIMA of XX% educational of XX% surge Thank

in of of the are to to XXXX factors be adjusted representing Mais with attributed with launch third of XXXX. of net can R$X,XXX mix to compared continued reductions XX.X%, of of of segment quarter educational still higher participation EBITDA in a MÃ©dicos such, EBITDA revenue year, stage campus XX and full X an maturation. the These points adjusted amounted that reflecting early For increase million, basis XX% a margin decrease marginal

full for highlight at a from However, for the XXXX. to semester to ratio year-over-year of operational the XX% flow flow fixed The to revenues It XXXX will Adjusted amounted million our offsetting fourth a adjusted above cost XXXX. our generation XX% next the of quarter XXX operational increase income until cash witnessed million, activities. of XXXX, net operation. of in totaling important cash R$X,XXX differentiations XX% one cash Transitioning for conversion each maturation increase, stood over slide, increase R$XXX the impact the marking XXXX. is is bps that

reflecting For net R$XXX adjusted year-over-year reached million, full-year, increase. the XX% income

Our XX% combination. reaching of adjusted increase disciplined year-over-year. Transactions capital This unit. net the the EPS key and undergrad operational a with with discussions in for show Slide expansion #XX underscores Beginning by witnessed an products. for growth reflecting XX% through the quarter, business growth income our for year, the business allocation performance R$X.XX metrics robust

the will by educational XXX a illustrates delivering a Faculdades average the compared today. solid XX%, medical are cash City Education of to PadrÃ£o growth approved Our reaching XXX the beginning witnessed Integradas tuition the medical to R$X,XXX of the additional that medicine. year-over-year, on combined in from ticket driven campuses Bahia. up the of year-over-year the million XX and of the business. The Therefore, in approved in our increasing of XX% our medical with graph our seats UNIMA seats combined reaching reaches which by middle these acquisitions in XX% related medical as maturations million, in X% authorizations of seats R$X,XXX business students medical of generation. seats Afya of With by R$X,XXX located continue XX% cornerstone be of net increasing Guanambi the last XXXX. Ministry and X,XXX reaching primarily R$X,XXX to seats year, In state and than number XXXX. fees from of growth, profitability in prior XX,XXX This terms, the demonstrates growth, students short and of and considering predictable high with remains over more

metrics. On the continuing educational our present will I following page,

students reaching As compared of year, XX% growth in segment. previously year than mentioned, With our increase of more we continued significant educational students. the in to X,XXX last witnessed number another

grew Additionally, number to of compared growth the by students. revenues the XX% the in net boosted XXXX, for year, by

Moving the discuss digital operational metrics. to to #XX Slide service

continuous paying generate XXX,XXX trends in which that illustrates ones graph growth growth the position. our compared active users, the first a business With last revenues marking year. XX% an reaching The payers, are to

second users Brazil. monthly users, physicians medical graph XXX,XXX of The around and reaching XX% students all our showcase active representing in

insights the and With revenue prior net R$XX year. X also casing XX% over and transition The more flow operating And down more the discuss R$XXX Since to of year-over-year witnessed million growth beginning from now our providing revenue reaching tax. compared BXP of from I was XXXX. increase, debt our presented service XX% BXB, to our net and for the activities cost slides digital started we cash and from positions final my cash debt net reconciliation BXP additional digital R$XXX acquisitions the allocated financial tax to Buy program XXXX, almost to million for of for debt our net image. our CapEx service a break activities lease payments, BXB Back of the within Finally, XX% to million. income share segments. the alongside generated and than showing service of into

debentures, able were On our XX-month we you combination period. in and my of of generate obligations, tax, gross shareholders. financial debts. cash showing Softbank the of main business debt and The slide, payables last considering the Excluding reduces total debt breakdown our selling free a to to and our R$XXX UNIMA, can table other the observe million transactions, the as cost net accountable

low rates. and pillars solutions CDI of our to cost growth, evolutions that This segments, performance, the provide of strong prepared public our remarks, integrates concluded below entire debt our These are medical maintain and that educational ecosystem a continue We all and the in an recognitions. journey. remains missions to success the digital for consistent

open Thank of We are we thus you. shall achievements proud our the future I conference excited Q&A and are plans. our session. now far, about the for

Renata Couto

[Operator Instructions].

question will [indiscernible] first come America. from Our Bank of from

Unknown Analyst

I have here. X questions

And if have bit could competitive that be per what on of now seat are established for you'll any the on comment change may the submit the a to on have big any seen environment Mais region? candidate players expectation XXXX, you able proposals the after you the on results, timing the auction cap postponement? on recent proposals. for less guys given MÃ©dicos if in also you change And terms First, any if expectations second, the final change the for significant that a

Virgilio Deloy Gibbon

for Okay, our competition question. question XXXX. your about half landscape. ], for the We thanks completed your just [ first intake Mirela first of process Regard

per seat. strong Our around ratio almost seat X was per candidates a very candidates It intake. was

renewal also have not also So the but completed. intake, our we only

expected as demand the campuses good running around all very we for a are our with of So country.

to we are than last higher no Actually, changing compare it's seeing, the pandemic. when ratio year. we So the that even before

our process the undergrad that, So process. that medical was on coming are also intake seeing on intake competition programs very Besides how we are health from strong seeing the a for campuses. we

the it's the I the all now related new Afya. can think working campuses to be of that brand under umbrella that

on coming So online a other from very both campus programs, programs. good campaign health and a strong intake and

So second for MÃ©dicos [indiscernible] question the about Mais the schedule.

July only new we're new proposal -- by by now And changing, XXXX, and the So I'm to of deliver beginning expecting be with XXXX, by change this schedule for previous one, of will from was XX will each that XX to the we the the bid from the answer bid. be year, change institution beat for that the participate public state campuses XX got in with one order under to the sorry. the to reduced current to only the opportunities mismatch. now can allowed the And the change offer that to

on updates the tranche, okay? all that's So this

Renata Couto

[ If point I ]. to had here, Mirela

first the bid all campus, for The less competitive we the campus. regarding bid also one but Mais can less yes, can for players MÃ©dicos,

I X.X%, we increase of considering new the That's when to tickets campus. we of the over competitive see to intake prices And than also our ticket thought average, end the in day, started around So that can across we the process. the And on question, like we it. the first all should X.X% be add than and will regarding we before. also established that would increases increase we on now price see maturation less

course. Of

question Mehler next the from JPMorgan. from come will Jessica So

Jessica Mehler

I as have X well.

outlook So the this digital continued expanding XXXX? in continue what is And segment? first, What education also, in should XXXX? for is to the for see margins outlook we education

Luis Andre Blanco

here. Hi, Jessica. speaking Blanco Luis

this that expansions margin costs. new during being XXXX. can we students our our regarding get the the a leverage more we so operations. on graduate segments this fulfilled whole, going continued operational because established campuses, X with campus expand see efficiency are we margins our We we're in campus having to with educational, what As see to Starting we

that see new users in integration expansions BXP last Regarding our we service, undergrad, and effect expansions contracts, see the with service And our our November. of as going we to have year-over-year finalized the we well. are that margins BXB of we the an digital in in what increase UNIT

FITS will XXX% XXX% having be year it be So the that of JaboatÃ£o being first UNIMA/FCM will integrated.

to to on going zero of are holding we X these projects, our segments going on our budget established we run and zero expansions we're during on XXXX. last So budget top that, and have year level,

guidance comfortable implied expansions XXXX. with give for scenarios, this XXXX, to these margins where of we XXXX, EBITDA of So are to terms if you is in compare

Virgilio Deloy Gibbon

adding Jessica, just here.

from that our line is XX%, XX% bottom a on the year-over-year organic our expected the guidance and from close continuing XX% based comes we moving around growing to are XXXX. here In and So education, it's year-over-year. in volume, top-line XX% also around digital around XX% That organic around is our of XX%, margin as XX% medical coming coming services from segments, growth guidance. pure all combination On XX% tuition. expected expansion X seeing growth growth undergrad to

Renata Couto

you. Thank Nagano will question come from from [Operator next Instructions]. Morgan Lucas The Stanley.

Lucas Nagano

We have questions. X

Can seems acceleration related a growth growth. be to in year. on BXP understand The give us to growing first there? the better related to one in BXB, growth the you to is help And the on but services rates initiatives sales us rate, the consistent question digital at of the is challenges color some rest the was to M&A. there QX from compared BXB second

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

Virgilio Deloy Gibbon

here. Lucas. Hi, Virgilio

So to first contracts. physician on BXB business

is On physicians. is BXB, collecting XX% the this is I continued or very upselling here the for a fruits cross-selling, X that much more our of these education X also Whitebook penetration hanging cross-selling, are more strategy. of from large PEBMED between we lending from solution.So and solutions medical physician expanding other almost these solutions think the graduation opportunity years biggest we after clients, using for that are least our the there here under constant penetration growth at as related, as have upselling solution, to

in just that big with relationship said companies. the pharma we as we past experiencing So are our

from we company. Now and very with large value have companies contracts also higher with multiple a each

more XX% BXB grew pure contracts year organic. So than this the

So it's is a the opportunity XXXX higher got that on pipeline -- here. huge even opportunity we have and our the for seen sales

will the So it's keeping BXB and boosted a growth be XXXX. sure very trend good for along by contracts

Luis Andre Blanco

XXXX add the in I terms growth on the the the And I that we Yes. segments add, call received is shaft from about some the within What if digital come the we that that, pharmaceutical if Virgilio, products. driving may campaign may we here saw growth BXB products questions during with increases BXB industry to of contracts year-over-year. to on

So by portfolio international are ones right They marketing companies campaigns we to campaigns, do our are that hired been the the the that highest their pharmaceutical apps to these do sites campaigns them the the at physicians reach have and the channel they under have our ones. for to about right certain national drugs and as time. certain using

On XXXX. So XXXX. for launched, offers in with this XXXX year perspective and well companies the we for that, we tractions the this pharmaceutical next XXXX their in that X for call products product have to our that growth for of of of get these insights on at didn't this launched top I product sales XXXX, But recurring excited that. we some provide as drive we our the the end growth we are surgical during products companies. insights. This think during to additional new And the

Renata Couto

M&A. about your finish then to question Just

seeing go? We want you to are do --

Luis Andre Blanco

Yes.

with as we talking forgot targets. The question the have very M&A. We're specific always targets I the a again, Sorry, niche stop. does of M&A talking about about not

market more this from year. come from the medicine would would revenues multiple EBITDA we Just that have XX% we to always last But transactions. the that have But allocate we we're target JaboatÃ£o. than a more are the maturations just look UNIMA/FCM on through still the goals that in multiples is with our have Always, the remember I to deal it's that see on XX% than was transaction. that, leveraged within always put on capital. per grow opportunities and have business. coming and we it have always next IRR these on with new this acquisition that each of prefer was next below we've comfortable per to that About like the acquisitions, [indiscernible] evaluate have their expectations that say I targets our best and and to XXX talking the multiple, don't the seats target target think we in multiple IRR the per institutions to to our

Renata Couto

Thank Itau. you, comes Nagano. The question from Lucca Marquezini next from

Lucca Marquezini

X Just questions from our side.

you this could the company injunctions, if authorization operates. could in competitive this regions segments most midpoint for comment the the question, view updated if implies new just for how the first guidance you the The of be impact an second of landscape you provide EBITDA of margin this adjusted an where expansion year. the responsible XXXX, and please please? the seats, And consider potential should Can for expansion, then the on then the the one, which on the

Virgilio Deloy Gibbon

Hi, what we of seats independently, the Supreme what new still Lucca. response final the seats. day, have will here Court Education to a manner Supreme the the additional Court approve in final of the be But and that authorization this all here. we fulfill like to the Minister end the will on have I injunctions don't so by result About the expect from from is

what policy final believe expansion countryside the be the the sector. medical that a more public have MÃ©dicos alternative I is is Minister legal through we combined between the be what side, that to total expand street if for can of from combination combined the can aiming expecting that that solution Mais way be the Education will as seats with the So any to for are

XX,XXX seats. from they seats to the be from XX,XXX they the something time So from long was additional Mais years. X the That's it seats we come injunction to around the by additional If to added close to X from answer. term, the get MÃ©dicos final have in streets, I other that, well, total think that would in in are seeing you alternatives the estimate what past released X,XXX

build the authorization, visit the final have normative authorization, receive the or start holding You take campus to the to get we and have process. and to then have

that end it country. think, programs additional impact the entire So around additional to of is or that of day, seats aiming an increase all Mais is, X,XXX the for have as in XX,XXX by the of I seats largest the MÃ©dicos the cities to the supply will be

Luis Andre Blanco

about Taking for speaking. expansions question margin your XXXX. the Blanco Okay.

As before, of service Virgilio XX% can the segments, around that. mentioned in around top-line. terms expansion Coming XX% terms digital expect we around the the in color segment in education, in to on undergrad top-line, of in X just continued and to more XX% expansions in these give

we the will On year. the undergrad, expect because margin can it expansion be full

The that X under have years first to the JaboatÃ£o, year our of we're XXX% model. going UNIMA/FCM fulfilled

shared did their the our this we XXXX. our first of maturations We So national curriculum operations UNIMA in to of in service. semester implement

X-year so to with we year can So past that. the entire undergrads our them, expansion of structure, of we're margins expect with going an the under on because

ended leverage of We've educational the XX% operational On is growth doing we segment what in roughly XXXX with the are segments. itself. continued that the the of these segment, a

have We new locations and with we're continuing educational units fulfilling these students. of

for our forces a have very We good to get title. demands as strong specialization for a path graduate the them

more And offer fulfilled, leverage these increase more margins. growing get to BXP vary we BXB, as with this and we're both the being get within operational these increase still this efficient tractions strong our is and new we're for can getting margins itself, very So and as and in well. is units physicians going gain and

is established confident the of why we zero-budget for supported. of in by that efficiencies margin we midpoint XXXX budget them the we of of the as will holding these are And guidance the one you we project in can supported that's that that that implemented each segments being mentioned, this levels be that gain some the expansion. very guidance, on implied All

Virgilio Deloy Gibbon

dynamic Lucca, additional point just undergrad an on about here. the

the XX have you campuses from first these the the higher releasing maturation segment the quarter, together the from gross but that not then seats. we they XXXX, was come first only the MÃ©dicos during undergrad quarters, And most margin compare them the for coming the the gross Mais because of of in that to quarter reason were campuses the financial losing was from undergrad XXXX, gross as margins The And that was you were we was maturing we acquisition, launched segment. of also that remember, margin take they of a X X If look at spreadsheet margin in only when on very our quarter lower. coming on XXXX. loaded fourth have fourth are this you capital statement the the is if on

So will keep be will for segments, trend the that but that's other okay? trend very also a Blanco good XXXX, also that the in that Is same X pushed as mentioned.

Lucca Marquezini

That's very clear.

Renata Couto

Instructions]. [Operator

next from comes Leandro Bastos from question Our Citibank.

Leandro Bastos

side. Just one question on our

as Medcel, you be much you share? little acceptance could you mean the for how intake I cycle hear. from bit If helpful would latest for strategy to on it how red a student could a as comment the have courses, you saw competition, was new the

Virgilio Deloy Gibbon

for question Leandro, thank you your here.

compare residency a on we a intake product last not taking here that papers, So we first all for course but quarter also for that higher the there's product the by track residents you also look sales for we are was are that programs. it not only have a residents, fourth only when Medcel, here But title. The last on CardioPapers, the the focus but since volume another higher to the take, offering X track with brand but the and is quarter tracking the years title year. not for

all we margins are operation you combined the last papers compared XX% year-over-year, growing It's along to it's On on [indiscernible], boosting the leverage we XXXX. for this, also of our of one our will for the when can than more year, and other look hand, operation. digital and take reasons a why

Renata Couto

our from Lucas next Morgan And Stanley. comes from Nagano question

Lucas Nagano

little follow-up a to have The I on vote Court Supreme seems us. the for scenarios a by open debate. [indiscernible] question different

a counted taking against this MÃ©dicos commented you second, imply Does any Mais the on place program policy. the now? vote reviewing some current to injunctions. about First, And change things Mais that MÃ©dicos the

Virgilio Deloy Gibbon

against argument that the Lucas, we the vote injunctions. all coming seeing noise a strong not X, are but the from very [indiscernible] Mais is the MÃ©dicos as

vote So the wait vote will what if questions that the after another where stage the that. finish second process about some modulation have to to another still of we some is is we modulation that have the thing injunctions is the Ministry true. modulation one that allowed all is But to analyze against Education

is of of the of now, release creating and the changes for X market. schedule proposals programs fulfill XXXX the working campus to by they beginning final the this year start new to the their hope we I on and our launch noise. All July Mais new wait MÃ©dicos the released can in some

Renata Couto

have not other do We any questions.

want to IR have our question, follow-up team. you if please a just So contact

be happy Have to help a will good everyone. We you. night,

Afya Limited (AFYA) 14 Mar 242023 Q4 Earnings call transcript