VTRU - Earnings call transcript Q2 2022

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Operator

Good evening, ladies and gentlemen, and welcome to Vitru's Second Quarter 2022 Earnings Conference Call. All participants are in a listen-only mode now. Later on, we will conduct a question-and-answer session and instructions will follow at that time.

As a reminder, this call is being recorded and will be available on Vitru's IR website.

Now let me introduce your host for today's conference call, Mr. CFO. Vitru's Freitas, Carlos begin. may you Please,

Carlos Freitas

quarter Thank you, us here Thanks joining our afternoon, you and It's a good second of again. release be for everyone. numbers. real all for the operator XXXX pleasure with to

our part and is Relations Here Co-CEO; website Matos, presentation team. IR of IR A Maria Pedro also available [indiscernible] be Head our Department the slide William and with of Gonçalves, from investors.vitru.com.br. have which me our I at today's Graça webcast, Carolina our at will Investor

So you you in as is the trust make I'd all I of in have harbor that front and like effect this for of detailed note begin, X safe presentation in this Slide before call. we presentation, to

X main in going we the to So May. space. now business I the for invite highlights with largest most you which linked of all clearly, XXth this Page important have and which education the player of with this the closing player we to the the quarter the the the in and to Brazilian go were of We quarter, the market highlights presentation leading digital on [ph] combination this, created to closed

growing two already and the were organically institutions with for lot higher the education digital both So one player now combined, and now are Brazil we a number in education space.

family, our our We macro of that directors, one of board of years. at and with including for also people managed members XX governance the the with new the created two from appointment market

structure to a new team now later. Chairman new the our of for the Vice the the celeb officers and So definition going bit Wilson show Matos Board the that I'm you is professor with

kick to of debentures issuance this it the been off in process a we in as integration we and year is XX have of presented last preparing have past. the part had as move already ensuring finance August capture R$X.XX deal that the of possible since of for course to of for signing to And, a process also the we We the May transaction. aiming the the the all in X as months of and as you months to last synergies substantial in year

of in and summary X, for basis. have the Page on we here quarter indicator, both this on terms indicators So consolidated the financial organic

throughout here the So XX the release as only Vitru you and before and with going the whole, to view material presentation between combination basis we're consolidated in and of May information a June market well, the a consolidated standalone as provide XX.

possible have the as much market, So information as to can as make you so appropriate transparent you as today, can far that close your as so analysis. that

is revenue as basis. of this compared net Uniasselvi here revenue net in this XX for increased and quarter and up Uniassel to organic XX% of consolidated XX% for -- growth was Education XX% market. the this Digital on last and quarter quarter the around organic The overall XX% year revenue whole net undergraduate So second days a was the with for

the margin, this So before while increased This margin a is this Vitru XXX% basis with growth of which EBITDA a XXX% EBITDA growth federal. than strong XX% -- line. quarter XX% and top in organic on XX% margin in quarter

net this us cash quarter XX.X%, higher XXX% And as operations, reaching almost strong income, adjusted in Uniasselvi XX% cash well, was flow well. with conversion of a terms for as it R$XX terms million. In a increase sorry, of with adjusted nice of

be because Uniassel, whenever flow in before have Unicesumar you and the came market. Vitru the from this executive have without and both On the Page So we team, start can, with numbers C-level organic and the who but which and show to Unicesumar between don't overall and mixed you we're our going to X, things here combination. we income, former cash the net to numbers going includes organic

to, it two benefit leading with all So were bringing signing together quite to us teams. the the it's move and that to here two That's big to other. The at former going two for cover that Digital from clear one companies this as of process, we we to deal, decided have culture a similar company, -- example, the winning would is was over and Matos, integration since the of combine CEO the co-leading winning cultures, why, co-CEOs we the I of Digital before, Education mentioned William head was which not have Unicesumar. have of former idea

We have entities. to blend put winning truth this together and

the integration, and aiming that, faster for we for a with our value at and creating have students So stronger stakeholders.

that So here coming from we be [ph] position head including to the of more and head from management. Vitru former or basically C-level in people less and to the people thing, team are us the with field,

over have the So, we integration, to have person forcing culture and of cost throughout of the in outside to a in-depth year. for was captured already exactly be HR the wanted from the it and HR closing. of of part idea And to to The department Part company. opportunities or this synergies analysis will the outside somebody expensive and to an other. had that have lead closing, we here we captured terms before one are lead not using message from this between finding

the set action each specifics as regular products, deliverables, several follow a several of commercial well, and brand an with up. list of them with was a that plan with mapped of owner and a each have respecting productization We are initiatives given

are we pursuing. the at This reminder for just shown was main as that the levers in of That's is a Page when our On we May are you on integration. mode to there one X; on the closed here priority synergies integration really number Vitru. So mindset with we folks everybody the transaction.

payroll OpEx, terms scale in costs, example, have of a gain for So, contract. in of as optimization of whole we

a useful the was that let's for we we two When regarding Unicesumar well collection Uniasselvi, be it clear better have job. to for say sorry and Uniasselvi experience opportunities exchange and we and for clear practice for say is For collection practice. practice best that let's us, furthermore about retention of have has going example even within improved talk as and customer retention process, crystal identified very

has Uniassel better Sorry, a job.

Sorry, better job. has a Unicesumar

computer crazy. is The going guys. Sorry, here

as and I going and a talk pricing, we be when guess Uniasselvi last you’ve experienced saying, ticket So, going forward. about is which collection when Uniasselvi Unicesumar talk for job every very have the regarding pricing is for as the say throughout am quite that for useful and done process to Uniasselvi, nice whole years, I you let's benchmark a about

of up new new have also hubs, being opening going cross-knowledge within this on cross-selling company opened and we the of type So and Unicesumar courses and throughout within the course Uniasselvi.

is us. So opportunity a major this for

last X, Now two what just reminder delivered in years. we of on Page the a quick

we now, complete IPO going two So month. after years September are our in to next

open within on XX% hubs, the Page Uniassel in most So current of potential of This growth. now you we maturation Uniassel the organic inorganic of plan and terms of up Unicesumar. this hubs, index only and on into go both current have we driver years, our the important of maturation for each ramp going From maturation both of the two I we curve, pages. of, the to new average The in the this have of of a see for that is new of the guess for growth. of Unicesumar. quarter hubs, I'm X, the details up delivered course next and offered levers hubs

over have Uniassel So different older which Uniasselvi is profile because the the say you In say in dark end XX for opened stable are are very Uniasselvi, more blue they of full a curve see in of I'd time, here, maturing. that Unicesumar, they They hubs, still are we here, have 'XX. the or stable the at less the and the capacity, of in case case Unicesumar. area are but were they Uniassel, because hubs

why limited That's they here the yet driver are time. hubs have for that of growing Unicesumar. which with undergraduate potential and over the But execution with not major the Page expert XX, digital region is message number So risk. hubs, major, growth of important they growth are expansion On fully with an we of deal per the education, the students, mature. the is

some you the when see Brazil, hubs hubs, one the X,XXX one you in hubs XXX% year throughout XXX or So from growing more ago to XXX% throughout went hear including we in of we see less for and the example a in number than the them Southeast, country, more of Southeast. regions, now third

to So new a open next not there growth, that as Uniasselvi both brands. to in On courses, going hubs of Page have don't you Southeast new the of is in we lot is the have we you. Unicesumar been always there XX, which partners and are with frontier are cities, this the saying for

expand by, players as on customers best on and we we apps right this in grades, ranked to in very now and year and brands Store numbers operation and latest of this complimentary We have will Unicesumar, have numbers On Play is the the in one be Page Brazil. to already geographic our nursing our starting but the and in north Apple apps with both psychology as slide, future the now also tickets going XX for are year grades two on the sustain for education law and important Uniasselvi, best say slide the show for on to ranked is footprint, that Page our said, overall that have and In and Uniasselvi given we both different XX, to I best Store business the the our and the country. customer perspective. by the our last as part part, the public usual provided in indicator market information geographic bring experience it's very within the always that public and showing digital which technology I'd average,

more presence. have than one only We now cities brand with XXX

we cities, now some are opening of already other in these hubs with brands. some So the

We are of planning expansion. lot a

year, are next we open year, So to accelerating growth for usual this for throughout Brazil. than hubs next more the have going

was to semester, year Uniasselvi. intake being we a of in same the growth strong So XX% close last group organically much compared and once number intake being the both When segment profiles the now say in of different the XXX% growth in year, students the education of in June students first than brands. in period are this XX% the this number again, XXX,XXX XXX,XXX of Uniasselvi, reached quarter, Uniasselvi, on you in I'd undergrad see we here. around with while one Page led you at by which first this XX, the year, digital country, very had stronger every ticket, growth see total sorry, and player

other and to linked not mixed highlight the the terms XX% of of most Uniassel. but of effect in a increased hand increase it's apple-to-apple most was accounts point, ticket effect. itself strong the every mix that around ticket this of that two important a is is in in to this points of every In given tickets, On intake. in Uniasselvi is increase growth for in There Unicesumar very real XX increase very,

So ticket decline a That's of I in senior don’t know, usually end, the of average every than higher ticket was the ticket why of Unicesumar. average at a there newcomers. X% the is of

of for average see net shall ticket ticket medium this and the a in profit, Unicesumar year term, to We we of the Uniasselvi. of On forward, XX, company. in use to likely, in average tickets revenue of we still ticket for are the the going case that pricing the because and in of growth very Page time strong EBITDA and the expertise Unicesumar. see over So of a a growth over slight still the Unicesumar decrease gross going improve had intake Uniassel shall

in net growth EBITDA. X% growth at So profit XX% adjusted gross except XXX% in in growth and revenue

in we're this in So go details each now to going ratios. of

the XX on So boosted in it segment, sources or revenue education, XX undergrad by a both as digital growth net Page whole. where was of

Vitru that here is days accounted was R$XXX digital on whole from see in almost Vitru, contribution million example, marked in coming in there revenue increase can new XX for a of a of education also quarter-on-quarter. But R$XX mostly revenue a You this increase and as Unicesumar a Page million consolidation, for in of XX% education undergraduate. undergrad, for the XX, course,

more the Unicesumar a is here big when news XX so now breakdown see already that on revenue breakdown quarterly this revenue Most from basis. coming So on and Vitru the today, Unicesumar a on of within of we the was has a you which the the and basis, no digital education breakdown here. of for Page of or less on yearly provide semi-annual

coming from So other education Digital from or it's X% of health more coming XX% less coming around Education on-campus from to Most coming course. undergraduate it XX% courses. from and XX% medical

is or and So, whole. more comes business health of medical in revenue breakdown so XX, here detail other total around XX% as On of from Unicesumar days Page health the student being courses. three on-campus the of intake fours, of on the the a the

So and here first base part over of slide, intake the as time of in breakdown pies chart Uniasselvi, whole, two pie for the June. a the two as is of the of bottom the example,

we is the of So health for here a And steadily, weight messages. the year. are sale, intake couple that but slow digital XX% of for last first was of courses it example, one increasing educational

Now it's the XX%. base. It of is XX%

to So it's over only is time, Unicesumar increase. And XX%. going for the base

Unicesumar. we this health of in have We So half we courses second already new at within and the were courses available that launched in year, now of that already portfolio now some in some Unicesumar, the didn't July. launched Uniasselvi

health have the at growth also in but as here on not And important show So over shall to we weight slightly at only left, a the bigger Unicesumar. that Uniasselvi, time, whole. of courses, a also revenue overall

education, to organically and stream with Uniasselvi business, and than XX% demand high generate best now with to back students, cash is that It's been days colleges with medical Medical the ex-medical Unicesumar, XX, So two still seats education, for all the achieve our And we the slightly students, to Scale XXXX the XX in Page XX one On include resilient at on which overall technology, maturing XXX brands. on-campus with Education important provide a in is keep and the more overtime. numbers. but the to whole R$XX services in for in it's of of end a here shot to both other ticket flow, for that Vitru. shareholders and which the and accounted very medical scale on for value On medical medical XX have is than stakeholders. creating reinforces campus resilience of invest more bit as better million R$XX,XXX, students the revenue the and segment, the of business segments we Page highlight have which the days differentiation of scale this the Unicesumar, with average able important. a XX% course,

we this to slide, So a of the Unicesumarthis a of course, a decline XXX% normal aligned increased segment for courses. given a is reduction this organic the more length over let's courses education graduate and business throughout continuation stable and over less number, in condition the in Uniasselvi, vision decline which this say, as number health is time, But before, organic on strong was is our that by year, on in was the previous by of that to expect increase Unicesumar said average was This time. Unicesumar. or the I of base quarterly with on the quarter, with the slight -- that last a expected

going forward. in shift reference over, six of this of the to year, of the the grow months this courses. But, we the expect in first, I'd so say is had size, in most we shift length So the

a months that this this grow much business So in the of six did year. not is first

you XX, see when XX, Page on and Page about So, just so a quick on XX snapshot. EBITDA as Page

X.X today. points We and Vitru of margin, on gain a full gain during have for margin, results XXX% basis. points including organic a XX% an increase gain Unicesumar X.X basis, organic Unicesumar on We in for of

already number told Unicesumar margin a we than that margin for former So past Vitru. EBITDA you higher the a reasons, has of the in

EBITDA around for had example, year Vitru has of XX%. last while margin year, XX% margin a an last around So of Unicesumar had

of number difference points of reasons. XX for it's a So

hubs meetings, for and a average margin percentage in on-campus low sorry, combination it's for Unicesumar, of of service margin both or relevance a cost closers lower points, now, both points -- higher and had basically first; a semester. segment of bit at XX we with even before basis, XX the had in cost Unicesumar. our entities, at fact Unicesumar of in revenue more weight classes, resumption the stable the the the quarter points XX, of net of higher because despite XX canteen organic On with So, Page less we gross and Vitru on

margin. segment growth a has lower the So on-campus

So lower. is consolidated the overall number slightly

So net percentage as bit little cost of with a of increase Unicesumar. service a revenue

net we more around G&A, of For time, are X% revenue. stable over

deal lowest the industry. with numbers So, maintaining around more of one this month, we the or are less XX% quite revenue, our structure of and at net link is low in which

a expenses lower have Page PDA, expenses Sorry, you cash, lower well. on XX, as PDA

had a for Vitru basically this So at increase tax had XX% because but the on organic of and intake number. slight part the lower Uniasselvi we than slides around left a higher we

lower the marketing lower are around expensive of Unicesumar the cost give process intake this a in much the the first are and share And revenue year. to have than the customer the hubs have. X.X% at year, we more of case Unicesumar, they Uniasselvi of percentage much for selling and the sale percentage So that's because the Uniasselvi Unicesumar whole compared that higher in of last a of the was of intake the first active revenue because as of for

of XX% So of average case in Unicesumar this segment. Education case around around Undergrad XX%, of on is the revenue of In the is the number Digital the today match XX%. Uniasselvi,

the case current market a higher and of slightly processes PTA owner, because responsible the a So methodology superior case the the Unicesumar which reduction, intake part of whole. a partner And they have on share. and conditions the here nation process. the other a case hand, as PDA has we have the in nice for Uniasselvi a small part and achievement more And the lower Unicesumar as the slide, is of revenue guess than I on higher capacity, on hub collection Uniasselvi in the procedure and in quite of retentions for, the of organic a right

given percentage low at data net when So, end taken net went PDA they this this Unicesumar. a down consolidated last Uniasselvi from to revenue and on basis, XX.X% but XX.X% Unicesumar and XX Cash flow XX%. the the XX.X% adjustment of And operations full growth to it's adjusted revenue quite income the flow Page Unicesumar. quarter quarter, days combination, a business nice have and organic from a cash contribution solid XXX% have on year this around of last sorry, quarter, cash we this this and of our in of of in growth account expenses very on from following PDA quarter of operations adjustment generation only least, and XX a income, including not

this and strong So the less the quarter increase with semester there in half of was than quarter.

big generator cash this pillar strategy is Unicesumar flow and So is leverage well financing in a generation cash our over our in as time. important process overall flow

So I'd to now, now that's open And it. questions. for like

Operator

comes question first our in And line from Vitor of Goldman instructions] [Operator Sachs. Tomita

Vitor Tomita

Good questions. for afternoon, you our taking everyone. And thank

two We have from side. our questions

plan if The that, us in length seems long seeing the our Thank side, and first one second is further if competition be to And you initial be the if continuing from call sort trends would intake you pricing a in term, the question for a you. that are given on the far. education in so cycle programs see some could of any room current give you global how education. of we reduction over may,

Pedro Graça

question. Thanks for your

courses. continued in of location most education continued today case, business part, formed by the is the our graduate For

length expect end, on say say I'd courses, At we a regulated perspective the reduction for length happen there courses the on lot say it's likely we a further graduate offer. a in not, we are for graduate reduction courses working of as pedagogical will will course, is, further I'd don't the be already in in and as that. that it courses, that So whole. overall graduate What of

we a yet the job as are technical Let's outstanding in and other not say first for, to to free there courses the call is some, nothing courses be, growing shown, preparation some for but courses we it. growth, as say in be stead

in for So, continued let's business, that. more, that this we're going is show this education, we to part say from and numbers of scale also once have

a blend with for going other forward of will a as continued graduate kind So, whole, a market. courses courses location be of the

So courses. much more far, real length this of I in graduate in we the as you average now. it And is told core reduction facility don't for concentrated the expect life, in

seeing saw So is very what cycle in question this half first in this intake what the of first about month we competition different the year. are from nothing of the we first

are So more last in case than the it year of are seeing is a and been has been a the we XX% than as growing growing of same the more a we competitive the we've bit in Uniassel. only Uniasselvi intake bit than levels growing that sales We, market. in intake a that more

we this what saw On the of first X% saw X%, growth year, are of this or this last the less in first than, more of they semester Unicesumar as we other tickets of hand, because year. X%, than found lower strong the we the semester as year

in is is of big Most over this in is, terms is terms in in the to first year, now and been, tickets. chunk either has we differentiate life. are the So that and being on last is case the semesters, but the other XX, major still or real a be we on the changes this actually is the don't of the market, in we we we same including overtime, case expect market. growth, Uniasselvi intake to and or ourselves in only faster the of we seeing so these been this going semester seeing from shall to saw of in I nothing we year the semester trends have Uniasselvi competitive of is, enabled so said, positioning to different have tickets this of half growth in year the of see in saw say pricing and intake hand, accomplished have it and of work what of always we it first It in overtime, more as on are as a a of slash, most second of

Operator

Thank you.

Mendes next from line Fred Our of of the from America. Bank comes question

question, Your please.

Fred Mendes

for have Good Hello. call. everyone. evening, questions here. And thanks I two the

XX, one increase strong first XX.X about very inflation, year-over-year. is The above the average ticket

you impact will give costs be premium one. it's first of And the price idea then us -- the increase impact the potential what If actual can versus just is medicine the what second the one, about sales for is This news business. more an possible if here? of of the

wondering Just makes Thank does you. caller anyways, you that would or and great. give makes It here, sense. sense be this any not, this can

Carlos Freitas

now that Thank you, cash Fred, we generate and for questions. have, The, the the slash venture the second I a and a question in to with campus we in, regard for the actively are the potential debt, flow but say medicine can deal have options. sale of accelerate leverage Uniasselvi have the we on alternatives to issued serve working We three business. we

to First today, to have a but today. an few not follow a is one to an months, one market option go option not maybe an, in

the we, have must open. marked So we

of that to, been been of, private growth can have in a by And part whole have segment, a to a me of namely on the here, sale approached over nothing or here, we number the firm a approached again, and but, number we of have And check our the the substantial interested inject campus as time find of wanted players increase. medicine in players business and nothing Vitru. we that, part but business. to money be participate in to by is to, capital of one Second third one a

sorry. we're So,

a that, approached So future, that we and, and can in and, the is execute serious possibility this been and, nothing we right now. in, have

is nothing than right now. this So more rumor

about first increase the, tickets. the the, Your was question in

increase ons So semester. of a we so increase almost ticket X% XX%, in this like

effect is courses. not of of most this to, said, due premium I to As the mixed effect

in increase we the this XXX of have a breakdown example a in the So, a. average health year, more there courses, bit half a, than of the has presentation, half overall for first an in at only ticket was intake which year, five as first of last of

more a XXX, for and Freeman around than health a less ticket an So in a we have around XXX, courses. average bit XXX the of more, known

change the XX.X%. So this, mix in, and when goes when XX% isolate example, XX% to see, down this course, you health for the of we number effect around in

important is on SKU not strategies a the So most basis apple-to-apple SKU comparison. it was real by here on The driver. pricing driver

tickets for increased the first seniors also than intake So we what price we year our year. in of we was newcomers. of increased higher in the in close ticket this first a the to of semester average for year, beginning semester last the, of, for XX% They had this intake in

So, on our and a are, a profitability customers. of I say mean, to lever I'd we so compared we, provide. nice hybrid in for to are these say a, to, our function our strategy maximize and advantage of model only Uniasselvi which our numbers

Fred Mendes

much. super you very Carlos, Perfect. And clear. thank

Operator

you. Thank

Our next [ph] line to question comes the Ian a from BTG.

Your question please.

UnidentifiedAnalyst

on Pedro, Good evening; questions our are William, Carlos. Good There two evening, everyone. side.

We like M&A more we call prices Uniasselvi and Unicesumar related on one intakes to restructuring we mostly do see the operation, strong more hiring costs new in regarding pricing better or forward? And close give is what it? is could to related Are going the and us you. improving one at non-recurring see million in CADXX looking something features expenses? infrastructure, see Uniasselvi these we pricing numbers. more growth you dynamics. M&A should is Unicesumar's standalone if see this but Unicesumar's Thank with fees? second first That's slightly aggressive or should The strategy to you

Carlos Freitas

it related this restructuring around of of M&A. the cost. million for quarter, million, a was Most M&A is different quarter R$XX to R$XX it So costs this

So pay in fee advisor that we the mainly to the acquisition. our

in itself represents, the -- or more the is about let's the this say itself So, is two difference less thirds integration of And number. the integration R$XX million quarter. this integration

month we quarter So of second around that this this R$X spent million year. per in

the the going expect quarter and Unicesumar. forward, this current trend intake we short meaning For current term, Unicesumar this same shall the in semester, of for

a than the lower sell stronger was before the, this the place is at only combination. a tickets so growth and So that trend the, put in already

cost cleaning We not discussed We reminder, that expensive cost very we discuss in expensive not strategies for synergies, our could our discussed for the, approach we pricing, for, transaction, pricing, cetera. of a as closing. for, et and opportunities opportunities before could for transaction. in the the we before code, flipped etcetera. but for and discuss very We strategies flipped synergies, closing we issues cleaning strategic not were were So, for, discuss the shall for, but

for already the the intake in the was basically. So semester strategy second given

case what the and going shop is So, second more the or semester basically. in is to are next strong strong, find year expect lower Starting we forward. the we tickets less, of growth first going strong, for work semester slightly Uniasselvi what at

So, going second what more we less, what to case the something to Starting going we year strong slightly forward. lower to Unicesumar of semester for for next is and tickets fourth of improve work Unicesumar within, trying at the but Uniasselvi itself. shop a or case is whole semester in growth what tickets equal have in we to not closer, as are have the the

not say good learning to to try Unicesumar closer we a the We is years, approach constantly of of very and higher closely growth a product intake quite Unicesumar from growing of But it's Unicesumar ticket, quite easy be is This the in different going lower in lower, over have between or little the up sometimes has tickets The, bit is is two unique. each quite slightly a the more product. push each been market. of last every inflation. over are a to and going inflation, work Uniasselvi period time, quality XX% XX% to intake competitive less with let's usually the because time

So we're lever going to that. on

Operator

from Cepeda comes Credit question of the next Mauricio Our with Suisse. instructions] [Operator line

question, Your please.

Mauricio Cepeda

call. the, Thank in in the you. the, the Thank here everyone. space for Hi you

So some I ha I have questions.

was, first ticket. newcomers on bit performance the previously saw did good saw and UNK, But, the retention little than the is SVI understand well pretty was, operating I perform was as that good. retention from rate one also were I ticket a more had there saying. versus right? worse saw impact the but what an about not The was the a rate country tickets was retention you that is for The

a such create the in the what the, differences little you exactly higher than about see M&A options. stock particularly to performances. in, the little usual in were also BDA is happening some that So bit mentioned saw to, may stock but second about let's the to options a be say I The, I there see, would I levels. the to, the question that bit adjustments know, were, ask adjustments about

may would if be any or in my operating like may of margin would Uniasselvi margin anything on reflect X question the quarters has be if, you about So other from performance be was say, effects these that MNA better you. better actions or all is negatively that these synergies per, I million operating exclude any the before the the taken quarter, understood be have a as by the has kind that it it exclusively Thank been because to, that if time consolidation? to we this that understand per there but adjustments, per, to, and following from expenses or relation recurrent of but would adjustments

Carlos Freitas

some here that that days. going in with the But a do do first, second BD we years I'll margin most of see to a was year than defined with, third Let's positive are of in the part semester the there the ago, for will margin the of have say to, this think non-cash this be as question, plan have I it on cave Unicesumar set we plan. regarding is settlement higher options business adjustment some for question the has Unicesumar. of going example, stock report more S but second overall in the a, margin synergies forward. this we and in whole of of and two XX a growth We I mean, for guess start are for already, in adjustability surprises guess, the stock I quarter how the a a to we it But year several obtained our S going IPO,

release define going calculate the expenses mud, special basically way have of we from consolidation was justice the, increase BDA the the we to the the past why bigger be for because that's So now. this in we the increase, that quarter company this the was excluded

over for, have we and calculation show value value options, this value in the, this release when with black is adjusted just the increasing this numbers. time options we the And of the and cetera, the higher BDA L a difference, and for so and when say the do we recognized P

defined we this in are maintaining of here this we as the retention. that ago, but So, that those this are we, There case. the regarding type important adjustment two years say definition difference is an

the, And had website this we year, to as some right, Uniasselvi quarter. compared the are all we, so historical compare you and with what spread-sheet of the we numbers. you have example, included from information that a compared numbers even for last So in our Unicesumar that sources retention only understand increased to Unicesumar much can we for numbers as possible can the of

overall to is here case UNYA. nice. the courses, increasing not courses health retention which which the is it one health So the increased, was And the important very in case two of the driver health UNYA in is where

market. You have is a, a adjustable large

down learning is part ratio much of health higher, that year. the higher semester different in the the or especially have is You tickets, course first first in dropout

health So, our two example courses, for that difficult semester, first we to, this week, the meetings to and to model. have some they know in in have we course newcomers adapt per

space true most in dropout this why in this especially the That's all first the the special, of for health that's of and takes So case learning courses. true semester.

retention, the overall show tickets, and about so always say we this with, semester survey analyze see days. courses in overall of with three when when So I in that with tickets, is base you we overall your is this bigger perspective, the free first time and overall our days, student guess that increasing a have rights I health case dropout weight in over

days student growing our is over time. So

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Operator

for you. session to program This back hand conclude of remarks. I question-and-answer does Carlos Thank any the the Freitas further today's program.

Carlos Freitas

this are release thank questions. all the the very Unicesumar new further together and available first that is you very we're a Vitru, honoured with and you anyway, Thank company, good So -- for for proud of and evening. we

Operator

Thank you, today's in gentlemen conclude ladies the for participation conference. program. and does This your

may day. disconnect. Good now You

Vitru (VTRU) 26 Aug 222022 Q2 Earnings call transcript