- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good evening, ladies and gentlemen, and welcome to Vitru’s Third Quarter 2022 Earnings Conference Call. All participants are in a listen-only mode now. Later on, we will conduct the 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, I would like to introduce the host for today’s conference call, Mr. CFO. Vitru’s Freitas, Carlos

begin. may You

Carlos Freitas

quarter you, operator. us here thanks joining our everyone, you Good It’s a evening, third of again. release be for and numbers. real all for the Thank XXXX pleasure with to

also will and webcast, team. Here two on Matos, as A available Head Investor slide co-CEOs; Pedro from which [indiscernible] know, the our Relations; Gonçalves, presentation, William and website with be Carolina our IR have today’s at me, of I is part Graca of Maria Investor our you Relations investors.vitru.com.br.

call. have trust you to presentation I detailed you. effect the So, of that harbor the And note I all in like the I’d safe in of X in presentation, begin, front Page as before is make for

to all Page I’d you presentation. this now go of to So, X like to invite

of show we important Here, some last months. the highlights

announced as Today for primary increase, agreement amount of Vitru R$XXX a million, we closed First to fully for Crescera of $XX around was capital way, total one closed million Crescera remember, today. the an million, capital an R$XXX of roughly is, into the Capital the by closing which was of investment primary increase you consideration with was which, today.

a So as today, shareholder Crescera of already of Vitru. is

our So, another reference in capital shareholder table.

announced price Vitru for a – so – price in few October subscribe allowing at were Rights We XX, USD launched to we also few shares Crescera launch a new ago weeks paid weeks current the – Offering to the indeed going that ago $XX.XX. a that we common our by same shareholders

the closing in XX. following the accept next shareholders XX, transaction will this ongoing. on still is new The of this So, for deadline week week, to and is for shares be the subscribe process

million. So, I capital and do an between R$XXX increase additional million R$XXX expect

debt, we for new used aligned million going of going to basically the So, fully or fully to that business November, now capital financed combination when plan around be R$XXX we of UniCesumar. million repayment in the receive to is our are R$XXX to with

around the cycle second we around had and year. and of On combined intake We the also around XXXX.X, for very the part students. was XX% – I’m you bit Uniasselvi It Rede XX% of which solid Uniasselvi another right that had between later. going XX.X% slide, UniCesumar. semester and a of grew this for XX% focused acquisition for details the this is UniCesumar, on give also, in more platform, to secondary leading And education September, a on educational quarter we Enem,

Enem So our niche the exam. clients, for especially preparing those on

a the also comparisons, business on consolidation on to Unicesumar and contribution the to for generate nice, as a here channel say, the financial I our a – May your have main the numbers basis, X, mean, I to of – with it’s I’d I leads Unicesumar – with of well to Unicesumar. and of organic us future distribution half without four quarter. this On Both of the results combination mean, XX the for months the since So and be clients. indicators meaning consolidated closer closing Page

this make provide transparent as in to presentation going possible, and an are release information that as we whole, material to so throughout basis appropriate be and So, basis the you a consolidated a organic analysis. can on on as your

which Unicesumar. revenue of quarter than up this which medicine know, Digital the Undergraduate year, while segment in on the the segment, our net It’s of growth net XXX%. was especially Page XXX% strong consolidated up last of compared revenue higher net quarter the because first even you revenue increase the, within in business, Education was we as Undergraduate is Digital highlighted the third to Education here So in X, core business

by our grew EBITDA XXX% this quarter. also We adjusted

we which not third quarter growth, strong basis the now XXX% in But with in by and XX.X% grew our of So, we very year. is EBITDA we a at adjusted reached on margin XX%. this only grew Unicesumar, organic an

around a was year for XX% Unicesumar pro EBITDA as had last reminder, margin. of Just Unicesumar. on a ex- XX.X% around forma look for you Vitru when It and we numbers, basis, XX% at

the XX.X% a year. pro full last year So of forma was average for

XX.X%. this Now quarter, had we

So, we of are integration. effects synergies first our already of our seeing the in function

for we As had few we a arising from announced months synergies ago, some integration. the levers

margins first adjusted now important already XXX% in from this quarter. cash Adjusted with net is flow flow of quarter was personnel income cash it part is the our increase one one most – costs, – coming XXX%, these part even operations the third The synergies. and of a up conversion more, of from the increased in and XXX%

accretive the delivering transaction to X, quickly So I On the before it are going quite to combination the always IPO. what had slides, a on I’m and with Page but like here highlight we Unicesumar. business clear, is what we always go

avenues, hubs, delivering four the themes current growth four of are and So increase – opening the we the growth hubs, cost know, of the avenues. four growth, in for ramp-up as we and you new growth offering, had inorganic

have Unicesumar. including So, XXX,XXX students, now we around the from ones

presence XXX start organic X,XXX XXX on Unicesumar, by than and more than the now X,XXX students a less hubs nursing being around Southeast the to second an in offer and more as strong to we XXX,XXX between of third year, within We have hubs the last quarter the with grew Southeast. you X,XXX or Uniasselvi. So, in went know. hubs, now XXXX quarter and in in we basis, from Uniasselvi more We

the with On Page us some in finally Unicesumar, education We Uniasselvi now psychology are in are digital give Brazil about once Unicesumar. growth avenues. details of and number two offering just X, some the approved. player it with brands, one start to going to more these we is in And short-term

have in most It we already is that maturation This growth driver the of curve itself the place. maturation the Here, in we is the for our in of show hubs growth in important hubs. revenues. the

differentiation to the curve we within brand same here, other showed with one of year each in we that hubs old years So for the each the from in comparison have.

our here, to today. index, XX% same base So could X.X a reach have we student the in grow XXX% that we hub with have times we maturation meaning

it On the the growth Page important limited education throughout breakdown, digital country. risk. X, undergraduate the students of distribution So, is execution with our

all in as regions, growth in important I said, So, especially, the Southeast.

now XXX% have region country the Southeast a important XXX,XXX year-on-year. That is second already with most students. in the growth

Southeast here important the X, XXX% important On the the hubs, the of seats ago. number had hubs increase Uniasselvi recently, slide, presence geographic we year most of the part offering. to the the the one being again, increased with with, in meaning right allowed the XXX that what of nursing. from now we one show Page On in course of growth It’s within breakdown also

law, here as the clients. slide, we Unicesumar Uniasselvi, the we to is we’ll and measure in Page able care. this an even a to on that the now dental short-term and we – in this our way So and us. the increased and of say, is is intake show able as offer possibility growth to are future, soon, to in and within seats this that past. to more have KPIs And of offer what important psychology hopefully, I’d indicators even monitor for this a a But be On show avenue number satisfaction XX,

terms for them. satisfaction support focus, with technology, in In of terms of our

part Uniasselvi, for Unicesumar Aqui the education example, app top grades slide. within and of So we Brazil or see, we in left right digital for on Reclame have the of on the when the we the grades our slide, the brands two for – part the

of as just technology, a to Why again, So this within is whole. why are the to better to are complementarity the the this of operations the our The is, a on underlying huge focus Vitru on finish our XX, On – our focus competition? attention reasons our the throughout clients, why hubs we show performance? geographic we in part, – for detail our intrinsic, that Page having Brazil. growing

one As present. know, the today Unicesumar. and is penetration important fit Uniasselvi which nice in is which only synergy an in lever, brand you penetration the hubs the we And of – cities faster between have

cities, So in then the we local reality, market. already knows a that understands the have the partner local

today of have one So to around cities, only brands. two had small we which our XXX medium

that digital we So in XX% students have the Uniasselvi. within our XX, undergrad in here was financials of reached education XXX% student increase base we an show on year-on-year around Page organically, it

we intake have XXX,XXX I as education students now in year, this XX% undergrad for So in Uniasselvi, segment. And growth digital a for strong Unicesumar. XX% said,

a year. Unicesumar hubs used usually a this As more-or-less differently again, beginning a to hubs that lot is open huge expansion XX% a hubs, And that given for opening reasons? again, per been and from has XXXX. number installments of year. One XXXX, opened that grow number on number first in XXX average a in hubs. new Unicesumar Why of in in the round now of of grew XXXX, steps, was of another which reminder, of half of of Uniasselvi, Unicesumar of

intake a in year. this So, we intake they huge had in And again, this in XX% performance the with of have, year. first increase now this half increase

part, is slide, we undergraduation. right this bottom the right digital have segment the On of education business, average the core which our for ticket for

increasing are For X%. Uniasselvi, by we

academic So model is the differentiation semester, trend the years the – have hybrid that the in seen same here, a the last we in unique the of have we rest aspect model.

slightly tickets aligned but to able sometimes So over lower line higher, inflation. time, to we a more-or-less with been increase inflation, have in but more-or-less slightly

For of X% intake Unicesumar, decrease was and there this basically that the because was huge of year-on-year, year. a

in X%. for remember, you the year, the of was Unicesumar this first half decrease As

a Now of second it of first huge and this is year. second the X% the of semester increase, this because now semester

is mix. basically matter a this of So

the fourth why of students increase average that? has all through one we a has just ticket a above new ticket the than course, person the lower is is Because senior average we joined in graduation, And tickets the of company. higher than – know, you the As of that example, the inflation. year for ticket

now, the of Unicesumar a now, Uniasselvi courses. eighth or one than the ticket just higher joined person our a as has So who semester had in of

So to that a matter implement in forward, best both this already And we is of practice are going a started we brands. have of mix. number

For important forward. is pricing a whole, management going Uniasselvi, it is which be as Unicesumar for the to going

EBITDA. net expect forma in adjusted pro the say, as middle Unicesumar. gross I’d over a profit have, nice we to here XX, term, So and On Page revenue, well

a in adjusted gross XXX% in XXX% in XXX% again, increase EBITDA. net profit and revenue, increase So increase

XX.X%. basis, this So to XX%. last year margin organic XX% went an XX% from to our from now went On

organic been margin the to of jump through gains XX.X% with now already maturation the we So huge growth in of Unicesumar, And there within the have an cetera. past Uniasselvi scale, et through hub, was as now. saying in

slides. I’m of here XX contribution have numbers the going out the So, – XX breakdown not to we details Unicesumar. the the the now going XX, to I’m and on through and show Page segment. contribution to jump in go Page to each of

of Unicesumar, undergraduate here, see so education, from XX% X% this coming is revenues or digital you and digital it’s that mostly see as can education can So in you here digital. being than in the our well, XX% XX% more half breakdown more-or-less Unicesumar, net education, continuing within quarter, and

digital on-campus in So (ex-medical). and XX% XX% XX% XX% and being medical in on-campus,

the the And of those So the for the our breakdown XX, base. we student some our business. about here of Unicesumar. core revenues of On or breakdown are numbers the have more big current details Page on the right, breakdown

we XX%. important today, what only health have courses Uniasselvi, which have more it’s to here, So XX% of higher or already within Unicesumar, is less within we that than highlight

overall to the Page So weight to courses, – so higher ticket. the just within average gain quarter. sustain growing Unicesumar, there going as in some health to Unicesumar within courses business now the we have ticket within well XX, are portfolio that, that offered million weight in premium expect forward, of reaching And with which a the starting R$XX medical now be of third Unicesumar. are

XX, in There than So education. XX% a some of continuing still that net of both the segments, in other the company per the in it’s average revenue premium ticket are and Maringá still (ex-medical) and seats, Page overall are of On on-campus two course maturation. with with maturing. Corumbá R$XX,XXX around more and month

decline increase vision increase going huge in Unicesumar, from of slight (ex-medical) the in aligned the market relevancy This of continued a the with the education Uniasselvi to on-campus trend within X.X%. the for but size of is So our this to the is given forward, the weight consolidation digital that X.X% business and Unicesumar, country. with

latest the released what knew lot week seen census last all basically education You was that the were confirmed that all have we growing numbers digital last that a year.

on-campus high very from slightly while grew year than segment was it last the So, XXXX, a lost steam. more base, already XX% which coming

customers So, trend Brazil. whole is is digitalization we of It and preferences of this do believe that digitalization trend of will secular of going economy the It the continue. forward, a intrinsic. throughout

the part On right continuing education. the slide, of

been the the continuing Our impacted This a business has important quarters. quarter’s shift average us market to in it’s impacted is and highlight But by I the of players. past, education is that as other which duration the all the trend, negatively last some of reduction explained most over. in anyway, in

numbers this So are when net year. organic had revenues higher last the quarter than Uniasselvi, for in last third the see you already of what quarter we

So, show to on to Page just XX, numbers. here

the organic from Unicesumar. with now XX.X% went XX.X% Vitru XX% – margin this of As quarter margin I said, to and

gains gross on margin margin and more the organic on and basis, Regarding cost bit scale there Page nine-month gain business a of The and Uniasselvi. of was clearly, weight on-campus in costs by is expenses and little the reduction basis, down – because as a G&A on compensated given the by of service expenses. in quarter a of margin here in This of the XX went PDA months, an quarter Unicesumar. well, the nine of than sale

X.X% the on year right, revenue of net nine months that from of see down we only X.X went to the here G&A months this of the quarter, X.X% to can X.X% from in in X.X% So Unicesumar. with you and

a X% that going within So I expenses, XX, structure This Uniasselvi. let’s of On down show to this year, G&A agile On have is is are to the CAC in quite lean Page a less as already. to to with from XX.X% say, down maintain as lean to Unicesumar an also be lower mentality. structure. – sale organic the XX.X% our basis, have this said, and well there quarter slightly more year part we a this or very,

to to is So, for also support of PDA. contribution an expenses. measure important the It margins this sale time. is value over our Unicesumar same The

third the see right, we this Uniasselvi a Unicesumar from PDA, slightly slightly the the is this when on of of year. On this quarter this lower year, nine XX% when quarter. consolidated see of down in the to you XX.X% is organic But basis in numbers contribution, months higher

way some So, and that going this collection from a down of lot exchanged. the Uniasselvi going But to as time for Uniasselvi also Unicesumar, be because from price Unicesumar is there and to said, let’s debt the bad is manages debt. bad of of – the are best and dropout over benefit expertise practices is Unicesumar benefit to and and, Uniasselvi management management going say, Unicesumar. I

Page income Finally, cash flow from on net XX, and operations.

So, income. an adjusted net important growth in

So, so already XX%, adjusted from show that the overall, debt that to is is in the business it X% quarter combination, up going net the and raised we with just margin this accretive to transaction. the for even

You see can the numbers these quarter. in

of of of the it of huge third revenue cash quarter in business cash huge, forward, cash the last important XX.X% net flow with increase amounted course. CapEx the CapEx, the going But And operations, And of million right in from operations XXX%, net And growth in when flow a from to on quarters whole. of part important you flow finally, the so quarter look also X.X% the in for is of we a expect which operations. quarter down slide, quarter the at is R$XXX from CapEx, an one earnings highlight only to Vitru this as cost in from adjusted our before year. following

important here when there even CapEx Unicesumar. cash with gain is into flow, scale the of account an So in

side. So, that my was it from

like I’d to for open Now questions.

Operator

for Itau Please floor BBA. ahead. from comes Instructions] is Lucca questions. first [Operator with Our now Thank go Marquezini question open you. The

Lucca Marquezini

of everyone, question. you for and We’ve average regarding couple got our taking evening, thank Good questions a tickets.

ticket average Uniasselvi’s first, on So undergraduate increased education segment. X% the digital

the detail we please in then we ticket average strategies Thank forward? increase the considering So in ‘s can provide Can Unicesumar implement please terms observed the the deterioration order company what comment the you will you. that going on you scenario? ticket in of secondly, decline expect forward, going the a and especially And on ticket quarter. competitive more landscape dynamics to should in the in macroeconomic

Carlos Freitas

your Lucca, thanks for questions.

market So than as competitive we’re is it competitive, is, more to not is and within consolidating of in market I’d was do It dynamics the was stronger still fewer are It and then The what a the we I’d competitive past. very, markets. that and some names, but fewer competitive what is is going resonant all know, the a market say, it. today today. players it There more competitive is others, names. about it say, than

out smaller is main. players concentrated being wiped six the or while trend the that five is being are within So growth

So, expect to as a trend is last have next well we have year. that today, had this we year, and

for So, when I’d to the a that of we dynamics say, differentiation big ticket. look reason in approach have is ticket Uniasselvi, the for ticket our, granular we very

have inputs tickets – local – We of in our partners as a and incentives we have manage here house appropriately. the to lot well systems from

this been for that, a that that few been able in Uniasselvi stuff we So, to with is time. have and we – we doing have tickets increase years over

to So in-house our in model which tickets that, true – today. it is able methods reaction have skills already is as and we model been because – knowledge are is that well for The but apply we reason the the we our past is to have first improve why going for over differentiated which and as time was of Unicesumar. also

for positive pricing cycle outcome we pricing now granularity are the that to few to the for price and a November, whole, change current the as incentives, started next a now the have already we changes Unicesumar and a for making year of have expect methodology, in that started Unicesumar. intake in We just has

Lucca Marquezini

Thank you. Carlos. very That’s clear,

Carlos Freitas

Thank you, Lucca.

Operator

of with comes go ahead. Please question Mirela Bank America. Oliveira next from Our

Mirela Oliveira

taking Hi Carlos, thank question. you for my

So, my there questions here are side. two from

So, here an trying trend should a new this guys both second we impact of on? has guys saw one, understand ratio is in and on regions the the this if going are entering, strategy tickets new a if And expect just quarter, we on if it if dropout regions these from now a should price could guys you Unicesumar effect seeing new is any I’m an for you you increase been start to entering that Uniasselvi, performance are or this of from comment little we bit forward? the different

Carlos Freitas

repeat the first hardly I you first on question. could hear Can your question, you Mirela. please

Mirela Oliveira

Sure. hear you Can now? Yes. me better

Carlos Freitas

Yes.

Mirela Oliveira

Okay.

the that the saw ratio. Uniasselvi, So, first increase. an is about We question and ratio dropout dropout for both Unicesumar had

I’m this So if understand effect start just seeing we new trying the if to is this trend of now here an a on? new Or regions? is should from

Carlos Freitas

Okay.

So, the Indeed, but reasons. first in for different brands, both starting question. with your increased dropout

Unicesumar, I clearly – for it first The matter a mean mix. is of

So as drop newcomers. out is within you most of know, concentrated the

increase intake in XX% So Unicesumar for first in we half a had of year. the the

with most the overall this higher Unicesumar. because translated is dropout of So is average for an dropout newcomers, ratio in

in middle quarter so, – renew they to is this enrollment the when Unicesumar. of in have year third for their now the Now, the

For just drop is slight out, a environment. big in basically to is it Uniasselvi, but there the not macroeconomic slight increase number, increase in due dropout, very a which a

is is our in we number it third the because why we say, have an – the of Uniasselvi. for quarter are in here that’s true dynamics in Uniasselvi regions. year. increase mean, in The – But I’d slightly – as third expand overall, the we saw slight expansions don’t full that it different for trend last is But dropout I year, what different quarter it regions ratio for are the for had there the a what is higher new we So than PDA price of this is slightly better. of now year,

into to a Southeast, new Uniasselvi first penalty it – city, is So outside enter even region. we for And to once step more a have region. lot we of while the pay we the region, always new a to lot but a pricing is this decrease then especially, pay Unicesumar the when new Southeast, have increasing your not price a in aggressive

we and over we when and in so after working have And to recommendations more in known our our favor, slightly word region the once in increase and or then are time. started prices two already three semesters, favor of we our working mouth

of We have this regions. done lot a in

in done for the have in We this, Gerais Minas past XXXX. in we example, when there entered

it’s Minas So, for normal now Gerais. price

game, to we And were average enter we the part that are region. the normally. regions, once new aggressive time, we part the more slightly is of region it new have game also for over price we this so regions the ending have – of – these in recognition it’s prices is pay because more and we than more that we the scale It mass, we price a that brand to in more and

Mirela Oliveira

you, Thank Carlos. Okay. Perfect.

Carlos Freitas

Mirela. you, Thank

Operator

Sachs. question from Vitor with next Our comes go Tomita Please ahead. Goldman

Vitor Tomita

and all, taking Two side. evening, Good for from questions. our questions thanks our

would programs a a more seeing? expansion a How FIES of bit is not targeting government change If but an strategy or driver any you. our And a macro the bit on-campus dropout on-campus first pricing, of so a trends, specifically at second any the questions, issue, how is The fourth if at the you announcement an is affects you it and on become all? of of been are assuming the for which it follow-up that actually different bit macroeconomic any Are are having pressure any for Thank just relevant all? of is is – you macroeconomic question current the main seeing previous there new trends quarter? an factor students on anything any longer-term seeing could these of segment, there in one. And in Or far education. some other metrics. effect related one has pressures a macroeconomic macroeconomic or to much scenario – of the that for be that rates

Carlos Freitas

in website ratio hours in about mean Thanks have for couple a coming I macro, example, we Mirela spreadsheet our – of included have to dropout here, the back questions. question ago. we of the a of ratios. dropout few our When saw and [indiscernible] Uniasselvi have Vitor. that the the Hi, your we for

Our the retention fourth and because first higher which and the of always of and rate in enrollment. second third quarter Uniasselvi, the in the the in much of in is the renewal lower quarter

So, is X.X% quarter of third rate quarter retention quarter to of XXXX comparing down XXXX. third the XXXX, the third in X.X%. of our the

think is rates, the retention because one we macro scenario, with that, apples much, situation, So, X.X comparable is not high apple inflation, the higher at this it less high of interest we look currently, to And or much what because in last of not have just rate the same cetera, I Uniasselvi Unicesumar the usual. down weight et went Uniasselvi performance of when compare to even had newcomers. But more has year, points. – which

of nicely. So important, to perform surf we these macro, and it to but course, able have been waves is

of we FIES, solutions much if than for is was when digital no be base is more, if I now I’d more this one we on-campus, cetera. course, about it second continues What be or improve, which students FIES. it’s brings location past is question that say, version the in going about the going was be economy much do the for the to believe for present digital macro the will whole me mean whole course, good and et there for a case education have Of clue to sector to created. for new FIES and of whether Vitru, to

that the education now they a will public we as are for students, the here believe for of source education, portals. enrolled digital of financing most whole sector company is because be do the whole So, it if a in it is there in new

Brazil So, education of digital penetration the way higher the in forward. to is education – going maximize

in this makes this changed wants And include increase in positive us, of what financing, we our digital. say, I’d as with was, the last project because and saw reduction we saw in the So, FIES, penetration we the on-campus saw prices see when whole. in whole we sense a years, FIES as an to government FIES, it the sector foster for if vision, example, to for consequences

you as So consequence. the is for prices be, slightly price case. pressure whole second for know, sector, whole, as I there Because new are if with on-campus in the FIES. and our FIES But there for there in for whole of sector sustainability lighter pressure without as for than there FIES a a a vision, different that version would a today, as for an sector the in a for whole, more is say, practice my overall the whole be price digital could, will a

Vitor Tomita

clear. Thank Very you very much.

Carlos Freitas

Vitor. you, Thank

Operator

Our Nagano comes Morgan ahead. next Please question go with Stanley. Lucas from

Lucas Nagano

Good evening, I have side. two questions our on

related first The is one XX. Slide to

You I understand, cities start haven’t pricing Unicesumar able is could was how if one two current with intake. was question and to what The related one yet. reception is And the you and quarter brands. second levels, or my of industry hubs showed the the you were comment changed brand? of third number the deceleration only And – to little a There this from partners? the question strategy to quarter numbers you a cities opening in with only as bit behind the from

what metric? on could So could you impacted comment have this

Carlos Freitas

Lucas. Thanks,

that brand. And opening we the hubs in or already have of already Unicesumar So, Page is indeed, only of number with the preparing a we’ve cities one It for are we – that have level a cities XX, opening is now of opening Uniasselvi. occurring. on of shown hubs partner

the opening, of types new especially So the our faster faster this hubs of have synergies sorry, of cities. we part acceleration, in opening, –

this So already is happening.

second for brands present. we cities to But, are you’re now smaller have none expansion dynamics is the So the one but in have to in knowing also I the community. offer now the already the offer in call market different location, one brand we right, – store, the store, of different the if are local in but of partner, same of which hubs a which hub levers understanding today opening the only and hubs in brand the we local a is are may cities, that it opening a most important

right, pricing, is the intake now of changes in Unicesumar, starting we didn’t the – in November. this For the you’re

of semester was the that Unicesumar So starting that pricing already when for second was one view. the closed the same was followed we the

second business provisions, May, between in because of before at starting we combination, deal. closing cycle closed was of anti-gun-jumping commercial the Unicesumar So the discussing, intake I’d the were And Uniasselvi issues not we say, when already the summer. and

some the but year. in So we will in be going forward, see the what this pricing, now second semester there of not changes

important of we as hubs So huge the the the what Unicesumar, we driver the had intake had now Unicesumar in number of the increase compared one that said, in most to performance I ago. of year was,

Lucas Nagano

Thank Perfect. you.

Carlos Freitas

Lucas. you, Thank

Operator

Mauricio Credit next Our Suisse, from question comes via Instructions] Cepeda, [Operator webcast.

Mauricio Cepeda

stand-alone. for Thank in DE for rates and were disclosing tickets in year-over-year decline Unicesumar What undergrad there? retention you reasons main data the the

Carlos Freitas

Mauricio. that and decline retention I reason Hi, for intake. huge answered. The questions is the the rate, Those tickets were basically it just ones in

So, of average the seniors. is a and weight newcomers the of ticket matter

newcomers, of students and So, of base tickets within Unicesumar, in have dropout of now huge increase students. have the the we student newcomers lower than most the a seniors. concentrated weight new within And whole new is

for in rate. So, main that’s in the and reduction prices the retention the reason

Unicesumar retention, of the said, to forward, the as So, prices, and I we work is skills using Uniasselvi, on are the retention itself retention itself and methodology the Uniasselvi. starting than of for repricing, better for going the of

previous year’s numbers, look see the So, when can we that. for you

an So, important the of calculation. also be going mix for this overall average would students forward, weaker driver

Operator

proceed you. ahead, remarks. go Thank Freitas question-and-answer would I to to invite Mr. Carlos closing [Operator today’s his session. This sir. Instructions] with Please like concludes

Carlos Freitas

for all first to you you our interest for Day. all thank now Vitru Vitru. I’d again, your once And invite in So, like

details January for place our be in next first We evening. Day. our Vitru Day. good date the More in for Thanks a first the Vitru come, on are year and will Maringá lot, It in organizing January. take XX to so will save of It Maringá.

Operator

and very That conference evening. call. does Thank you have conclude participation, for your great much Vitru’s a

Vitru (VTRU) 13 Nov 222022 Q3 Earnings call transcript