Afya Limited Third Quarter and Nine Months 2024 Financial Results
Afya reported strong financial results for Q3 2024, with net revenue increasing 16.3% YoY to R$841.2 million. The company's Adjusted EBITDA grew 25.0% YoY to R$347.9 million, with margin expansion of 290 bps to 41.4%. Net Income rose 26.4% YoY to R$124.1 million. For the nine-month period, net revenue increased 14.4% to R$2,455.3 million, while Adjusted EBITDA grew 24.3% to R$1,089.6 million. The company completed the acquisition of Unidom, adding 300 medical seats, and received authorization for 80 additional seats at UNIMA and 10 seats at Unigranrio, bringing total approved seats to 3,593.
Afya ha riportato risultati finanziari solidi per il Q3 2024, con ricavi netti in aumento del 16,3% rispetto all'anno precedente, raggiungendo R$841,2 milioni. L'EBITDA rettificato della società è cresciuto del 25,0% su base annua, raggiungendo R$347,9 milioni, con un'espansione del margine di 290 punti base al 41,4%. L'utile netto è aumentato del 26,4% su base annua, toccando R$124,1 milioni. Nel periodo di nove mesi, i ricavi netti sono aumentati del 14,4% a R$2.455,3 milioni, mentre l'EBITDA rettificato è cresciuto del 24,3% a R$1.089,6 milioni. L'azienda ha completato l'acquisizione di Unidom, aggiungendo 300 posti medici, e ha ricevuto autorizzazione per 80 posti aggiuntivi presso UNIMA e 10 posti presso Unigranrio, portando il totale dei posti approvati a 3.593.
Afya reportó resultados financieros sólidos para el Q3 2024, con ingresos netos aumentando un 16,3% interanual hasta R$841,2 millones. El EBITDA Ajustado de la compañía creció un 25,0% interanual, alcanzando R$347,9 millones, con una expansión del margen de 290 puntos básicos al 41,4%. El ingreso neto subió un 26,4% interanual, llegando a R$124,1 millones. Durante el período de nueve meses, los ingresos netos aumentaron un 14,4% a R$2.455,3 millones, mientras que el EBITDA Ajustado creció un 24,3% a R$1.089,6 millones. La compañía completó la adquisición de Unidom, añadiendo 300 asientos médicos, y recibió autorización para 80 asientos adicionales en UNIMA y 10 asientos en Unigranrio, llevando el total de asientos aprobados a 3.593.
Afya는 2024년 3분기 강력한 재무 실적을 보고했으며, 순수익이 16.3% 증가하여 R$841.2백만에 도달했습니다. 회사의 조정 EBITDA는 전년 대비 25.0% 증가하여 R$347.9백만에 달했으며, 마진은 290 베이시스 포인트 확대되어 41.4%에 이르렀습니다. 순이익은 26.4% 증가하여 R$124.1백만이 되었습니다. 9개월 동안의 기간에는 순수익이 14.4% 증가하여 R$2,455.3백만에 달했고, 조정 EBITDA는 24.3% 증가하여 R$1,089.6백만으로 성장했습니다. 회사는 Unidom 인수를 완료하며 300개의 의료 좌석을 추가했으며, UNIMA에서 80개의 추가 좌석과 Unigranrio에서 10개의 좌석에 대한 승인을 받았습니다. 총 승인 좌석 수는 3,593개에 달했습니다.
Afya a rapporté des résultats financiers solides pour le T3 2024, avec un chiffre d'affaires net augmentant de 16,3 % d'une année sur l'autre, atteignant R$841,2 millions. L'EBITDA ajusté de l'entreprise a crû de 25,0 % d'une année sur l'autre pour atteindre R$347,9 millions, avec une expansion de la marge de 290 points de base à 41,4 %. Le bénéfice net a augmenté de 26,4 % d'une année sur l'autre pour atteindre R$124,1 millions. Pour la période de neuf mois, le chiffre d'affaires net a augmenté de 14,4 % pour atteindre R$2.455,3 millions, tandis que l'EBITDA ajusté a crû de 24,3 % pour s'établir à R$1.089,6 millions. L'entreprise a finalisé l'acquisition de Unidom, ajoutant 300 places médicales, et a obtenu l'autorisation de 80 places supplémentaires à UNIMA et 10 places à Unigranrio, portant le total des places approuvées à 3.593.
Afya berichtete über starke finanzielle Ergebnisse für das 3. Quartal 2024, wobei die Nettoumsätze um 16,3% im Vergleich zum Vorjahr auf R$841,2 Millionen stiegen. Das bereinigte EBITDA des Unternehmens wuchs um 25,0% im Vergleich zum Vorjahr auf R$347,9 Millionen, mit einer Margenausweitung von 290 Basispunkten auf 41,4%. Der Nettoertrag stieg um 26,4% im Vergleich zum Vorjahr auf R$124,1 Millionen. Im Zeitraum von neun Monaten erhöhten sich die Nettoumsätze um 14,4% auf R$2.455,3 Millionen, während das bereinigte EBITDA um 24,3% auf R$1.089,6 Millionen anstieg. Das Unternehmen schloss die Übernahme von Unidom ab und fügte 300 medizinische Plätze hinzu, während es die Genehmigung für 80 zusätzliche Plätze bei UNIMA und 10 Plätze bei Unigranrio erhielt, was die Gesamtzahl der genehmigten Plätze auf 3.593 erhöhte.
- Net revenue increased 16.3% YoY to R$841.2 million in Q3 2024
- Adjusted EBITDA grew 25.0% YoY with margin expansion of 290 bps to 41.4%
- Net Income increased 26.4% YoY to R$124.1 million
- Operating Cash Conversion ratio of 109.7%
- Acquisition of Unidom adding 300 medical seats
- Authorization for 80 additional medical seats at UNIMA
- None.
Insights
The Q3 2024 results show impressive financial performance with strong growth across key metrics. Net revenue increased 16.3% to
The company's core medical education business continues to strengthen, with approved medical seats increasing
The robust cash position of
Impressive Adjusted EBITDA Margin Expansion
Robust EPS Expansion
Expressive Cash Generation
NOVA
Third Quarter 2024 Highlights
-
3Q24 Net Revenue increased
16.3% YoY toR . Net Revenue excluding acquisitions grew$841.2 million 11.8% , reachingR .$808.8 million
-
3Q24 Adjusted EBITDA increased
25.0% YoY reachingR , with an Adjusted EBITDA Margin of$347.9 million 41.4% . Adjusted EBITDA Margin increased 290 bps YoY. Adjusted EBITDA excluding acquisitions grew18.2% , reachingR , with an Adjusted EBITDA Margin of$328.9 million 40.7% . -
3Q24 Net Income increased
26.4% YoY, reachingR , and Adjusted Net Income increased$124.1 million 28.8% YoY, reachingR . Adjusted EPS growth was$165.4 million 29.9% in the same period.
Nine Months 2024 Highlights
-
9M24 Net Revenue increased
14.4% YoY toR . Net Revenue excluding acquisitions grew$2,455.3 million 12.9% , reachingR .$2,422.9 million -
9M24 Adjusted EBITDA increased
24.3% YoY reachingR , with an Adjusted EBITDA Margin of$1,089.6 million 44.4% . Adjusted EBITDA Margin increased 350 bps YoY. Adjusted EBITDA excluding acquisitions grew22.1% , reachingR , with an Adjusted EBITDA Margin of$1,070.6 million 44.2% . -
9M24 Net Income increased
63.0% YoY, reachingR , and Adjusted Net Income increased$494.6 million 46.9% YoY, reachingR . Adjusted EPS growth was$626.7 million 48.7% in the same period. -
Operating Cash Conversion ratio of
109.7% , with a solid cash position ofR .$836.9 million - ~326 thousand users in Afya’s ecosystem.
Table 1: Financial Highlights |
|||||||||||
Three months period ended September 30, |
Nine months period ended September 30, |
||||||||||
| (in thousand of R$) | 2024 |
2024 Ex Acquisitions* | 2023 |
% Chg | % Chg Ex Acquisitions | 2024 |
2024 Ex Acquisitions* | 2023 |
% Chg | % Chg Ex Acquisitions | |
| (a) Net Revenue | 841,185 |
808,763 |
723,479 |
|
|
2,455,314 |
2,422,892 |
2,146,047 |
|
|
|
| (b) Adjusted EBITDA 2 | 347,949 |
328,924 |
278,393 |
|
|
1,089,628 |
1,070,603 |
876,766 |
|
|
|
| (c) = (b)/(a) Adjusted EBITDA Margin |
|
|
|
290 bps | 220 bps |
|
|
|
350 bps | 330 bps | |
| Net income | 124,142 |
- |
98,220 |
|
- |
494,641 |
- |
303,530 |
|
- |
|
| Adjusted Net income | 165,372 |
- |
128,393 |
|
- |
626,683 |
- |
426,675 |
|
- |
|
| *For the three months period ended September 30, 2024, "2024 Ex Acquisitions" excludes: UNIDOM (July to September, 2024; Closing of UNIDOM was in July 2024). | |||||||||||
| *For the nine months period ended September 30, 2024, "2024 Ex Acquisitions" excludes: UNIDOM (July to September, 2024; Closing of UNIDOM was in July 2024). | |||||||||||
| (2) See more information on "Non-GAAP Financial Measures" (Item 08). | |||||||||||
Message from Management
We are pleased to announce another quarter of solid results, marked by strong cash generation, consistent margin expansion, and progress in our strategic initiatives. This performance underscores the differentials of Afya’s business model centered on the entire physician career and the successful execution of our growth strategy, as we continue advancing our mission to integrate education and digital solutions for the medical journey, enhancing training, updating, assertiveness, productivity, and physicians' connections with the healthcare ecosystem.
Our EBITDA margin expansion was largely supported by the integration of UNIMA and FCM Jaboatão delivered in 4Q23, the ramp-up of the four Mais Médicos campuses launched in 3Q22, restructuring efforts within the Continuing Education and Medical Practice Solutions, and improved cost management in Selling, General, and Administrative expenses.
This quarter, we completed the acquisition of Unidom adding 300 medical seats, strengthening our presence in
Additionally, we received authorization from Brazil’s Ministry of Education (“MEC”), to increase 80 medical seats at UNIMA and the reconsideration of 10 medical seats at Unigranrio in
During our Afya Day event in October, we also announced a projected
For the nine-month period, Net Revenue increased across all three segments. For Medical Practice Solutions we have seen a robust
For our Undergrad segment, Net Revenue grew by
In our Continuing Education segment, we are also proud to see another year of organic growth. Net Revenue increased over
It is worth mentioning that our ecosystem has reached today 326 thousand active users, adopting at least one of Afya’s solutions. This achievement is complemented by a high level of satisfaction, reflecting the strong recognition and trust in Afya’s brand and its ecosystem
Our commitment to high-quality education and comprehensive support for healthcare professionals remains at the core of our mission. Afya’s focus on operational excellence, strategic expansions, and sustainable growth positions us for continued success. We remain steadfast in our vision to transform health together with those who have medicine as a vocation, leveraging our ecosystem to create long-lasting value for all stakeholders.
1. Key Events in the Quarter:
-
On July 1, 2024, Afya Participações announced the closing of its acquisition of
100% of the total share capital of Unidom Participações S.A. (“Unidom”) which encompasses Unidompedro and Faculdade Dom Luiz, both located in theState of Bahia with operations in the cities ofSalvador , Luis Eduardo Magalhães, Barreiras and Ribeira do Pombal.
The acquisition contributes 300 operational medical school seats to Afya inSalvador , one ofBrazil's largest cities. The authorization request for these 300 seats was made to MEC before the Mais Médicos´ Law was enacted and MEC concluded its analysis and issued Ordinance 630/2020 ("Ordinance") in 2020 to partially authorize the operation considering 125 medical seats. In 2021, as a result of a judicial order, MEC reviewed the Ordinance to authorize the 300 seats initially requested by Unidompedro. Said decision was confirmed by a judgment in 2023. Currently, Unidompedro has 300 seats authorized, of which 125 are final and 175 are subject to a final conclusion of the aforementioned court proceedings.
The aggregate purchase price (enterprise value) wasR , and the estimated Net Debt was deducted from the down payment.$660.0 million
The price and payment conditions are:
-
R , deducted from the estimated Net Debt, was paid in cash at closing.$347.8 million -
R will be paid in up to 10 annual installments of$312.2 million R , adjusted by the CDI (Interbank Certificate of Deposit) rate.$31.2 million
Afya expects an EV/EBITDA of 4.2x at maturity and post-synergies (2027).
-
-
On July 12, 2024, the Secretary of Regulation and Supervision of Higher Education of MEC authorized the increase of 80 medical school seats of UNIMA, located in the city of Maceió,
State of Alagoas , which will result in an additional payment ofR per increased medical school seat, updated by IPCA since January 2, 2023 until the payment date to the selling shareholders of DelRey. With this authorization, Afya reaches 220 medical school seats on this campus.$1.25 million -
On August 30, 2024, has received the total disbursement of
R under the loan agreement with International Finance Corporation ("IFC") to finance its expansion program, through acquisitions. The financing is IFC’s first sustainability-linked loan based on social targets in the education sector. The pricing of IFC’s loan will be linked to Afya reaching performance target levels in selected social key performance indicators encompassing free medical consultations for the community and quality of education according to Brazil’s Ministry of Education criteria (“Sustainability KPIs”). According to the financing terms, the loan shall be repaid in seven equal semi-annual installments starting in April 2027. The interest rate is the Brazilian CDI rate plus$500.0 million 1.2% , and it may be reduced by 15 bps if the Sustainability KPIs are achieved. -
On September 6, 2024, Afya Participações announced that following the conclusion of an administrative procedure, MEC has granted the request for reconsideration submitted by Unigranrio. Per the e-MEC portal, Unigranrio reestablished 10 medical seats in the city of
Rio de Janeiro , reaching 318 medical seats across both Unigranrio campuses, contributing to Afya´s 3,593 total approved medical seats.
2. 2024 Guidance
Afya reaffirms the Guidance FY2024, which was updated upward at the end of 2Q24 to encompass the acquisition of Unidom, the authorization of 80 seats in UNIMA, and the performance of the first semester.
| Guidance for 2024 | ||
| Net Revenue 1 | ||
| Adjusted EBITDA | ||
| CAPEX 2 | ||
| (1) Excludes any acquisition that may be concluded after the issuance of the guidance, notably, the Unidom acquisition was included in the guidance provided | ||
| (2) The 2024 Capex guidance does not encompass the earn-out payment in the amount of |
||
3. 3Q24 Overview
Segment Information
The Company has three reportable segments as follows:
Undergrad, which provides educational services through undergraduate courses related to medical school, undergraduate health science and other ex-health undergraduate programs;
Continuing education, which provides medical education (including residency preparation programs, specialization test preparation and other medical capabilities), specialization and graduate courses in medicine, delivered through digital and in-person content; and
Medical Practice solutions, which provides clinical decision, clinical management and doctor-patient relationships for physicians and provide access, demand and efficiency for the healthcare players.
Key Revenue Drivers – Undergraduate Programs
| Table 2: Key Revenue Drivers | Nine months period ended September 30 | ||
2024 |
2023 |
% Chg | |
| Undergrad Programs | |||
| MEDICAL SCHOOL | |||
| Approved Seats | 3,593 |
3,163 |
|
| Operating Seats 1 | 3,543 |
3,113 |
|
| Total Students (end of period) | 24,234 |
21,556 |
|
| Average Total Students | 23,168 |
21,056 |
|
| Average Total Students (ex-Acquisitions)* | 22,782 |
21,056 |
|
| Net Revenue (Total - R$ '000) | 1,852,742 |
1,607,217 |
|
| Net Revenue (ex- Acquisitions* - R$ '000) | 1,822,157 |
1,607,217 |
|
| Medical School Net Avg. Ticket (ex- Acquisitions* - R$/month) | 8,887 |
8,481 |
|
| UNDERGRADUATE HEALTH SCIENCE | |||
| Total Students (end of period) | 25,950 |
21,564 |
|
| Average Total Students | 25,028 |
21,447 |
|
| Average Total Students (ex-Acquisitions)* | 24,810 |
21,447 |
|
| Net Revenue (Total - R$ '000) | 170,520 |
151,833 |
|
| Net Revenue (ex- Acquisitions* - R$ '000) | 169,733 |
151,833 |
|
| OTHER EX- HEALTH UNDERGRADUATE | |||
| Total Students (end of period) | 27,855 |
24,286 |
|
| Average Total Students | 27,745 |
24,625 |
|
| Average Total Students (ex-Acquisitions)* | 27,302 |
24,625 |
|
| Net Revenue (Total - R$ '000) | 132,633 |
124,038 |
|
| Net Revenue (ex- Acquisitions* - R$ '000) | 131,583 |
124,038 |
|
| Total Net Revenue | |||
| Net Revenue (Total - R$ '000) | 2,155,895 |
1,883,089 |
|
| Net Revenue (ex- Acquisitions* - R$ '000) | 2,123,473 |
1,883,089 |
|
| *For the nine months period ended September 30, 2024, "2024 Ex Acquisitions" excludes: UNIDOM (July to September, 2024; Closing of UNIDOM was in July 2024). | |||
| (1) The difference between approved and operating seats is 'Cametá'. A campus for which we already have the license but haven't started operations. | |||
Key Revenue Drivers – Continuing Education
| Table 3: Key Revenue Drivers | Nine months period ended September 30 | ||
2024 |
2023 |
% Chg | |
| Continuing Education 1 | |||
| Total Studends (end of period) | |||
| Residency Journey - Business to Physicians B2P 2 | 15,678 |
10,325 |
|
| Graduate Journey - Business to Physicians B2P | 7,293 |
7,063 |
|
| Other Courses - B2P and Business to Business Offerings | 29,780 |
24,385 |
|
| Total Students (end of period) | 52,751 |
41,773 |
|
| Net Revenue (R$ '000) | |||
| Business to Physicians - B2P | 175,002 |
153,792 |
|
| Business to Business - B2B | 12,730 |
16,216 |
- |
| Total Net Revenue | 187,731 |
170,010 |
|
| (1) The figure above does not contemplate intercompany transactions | |||
| (2) 'Content & Technology for Medical Education' which had been reported in 'Digital Services' table, has been reclassified to 'Continuing Education' | |||
Key Revenue – Medical Practice Solutions
| Table 4: Key Revenue Drivers | Nine months period ended September 30 | ||
2024 |
2023 |
% Chg | |
| Medical Practice Solutions 1 | |||
| Active Payers (end of period) | |||
| Clinical Decision | 166,780 |
150,796 |
|
| Clinical Management | 33,503 |
29,281 |
|
| Total Active Payers (end of period) | 200,283 |
180,077 |
|
| Monthly Active Users (MaU) | |||
| Total Monthly Active Users (MaU) - Digital Services 2 | 248,775 |
259,259 |
- |
| Net Revenue (R$ '000) | |||
| Business to Physicians - B2P | 99,707 |
88,485 |
|
| Business to Business - B2B | 17,583 |
13,803 |
|
| Total Net Revenue | 117,290 |
102,289 |
|
| (1) The figure above does not contemplate intercompany transactions | |||
| (2) 'Content & Technology for Medical Education' is now being reported in Continuing Education table | |||
Key Operational Drivers – Users Positively Impacted by Afya
Users Positively Impacted by Afya represents the total number of medical students from the Undergrad segment, students from the Continuing Education and users from Medical Practice Solutions. For the third quarter of 2024, Afya’s ecosystem reached 325,760 users, in line with the same period of the prior year.
| Table 5: Key Revenue Drivers | Nine months period ended September 30 | ||
2024 |
2023 |
% Chg | |
| Users Positively Impacted by Afya 1 | |||
| Undergrad (Total Medical School Students - End of Period) | 24,234 |
21,556 |
|
| Continuing Education (Total Students - End of Period) | 52,751 |
41,773 |
|
| Medical Practice Solutions (Monthly Active Users) | 248,775 |
259,259 |
- |
| Ecosystem Outreach | 325,760 |
322,588 |
|
| (1) Ecosystem outreach does not contemplate intercompany figures. Note that there may be overlap in student numbers within the data. | |||
Seasonality of Operations
Undergrad tuition revenues are related to the intake process, and monthly tuition fees charged to students and do not significantly fluctuate during each semester.
Continuing education revenues are mostly related to: (i) monthly intakes and tuition fees on medical education, which do not have a considerable concentration in any period; (ii) Residence journey product revenues, derived from e-books transferred at a point of time, which are concentrated at in the first and last quarter of the year due to the enrollments.
Medical Practice Solutions are comprised mainly of Afya Whitebook and Afya iClinic revenues, which do not significantly fluctuate regarding seasonality.
Net Revenue
Net Revenue for the third quarter of 2024 was
The revenue increase was mainly due to higher tickets in Medicine courses, the maturation of medical seats, the 40-seat expansion in the Guanambi campus, the Continuing Education intake performance, and the execution of Medical Practice Solutions. Specifically, in the third quarter, we also had the impact of 80 new seats at UNIMA and the reconsideration of 10 seats at Unigranrio (
| Table 6: Revenue & Revenue Mix | ||||||||||||
| (in thousands of R$) | Three months period ended September 30, | Nine months period ended September 30, | ||||||||||
2024 |
2024 Ex Acquisitions* | 2023 |
% Chg | % Chg Ex Acquisitions | 2024 |
2024 Ex Acquisitions* | 2023 |
% Chg | % Chg Ex Acquisitions | |||
| Net Revenue Mix | ||||||||||||
| Undergrad | 741,729 |
709,307 |
636,849 |
|
|
2,155,895 |
2,123,473 |
1,883,089 |
|
|
||
| Continuing Education | 60,225 |
60,225 |
56,335 |
|
|
187,731 |
187,731 |
170,010 |
|
|
||
| Medical Practice Solutions | 40,436 |
40,436 |
34,450 |
|
|
117,290 |
117,290 |
102,289 |
|
|
||
| Inter-segment transactions | - 1,205 |
- 1,205 |
- 4,155 |
- |
- |
-5,602 |
-5,602 |
-9,341 |
- |
- |
||
| Total Reported Net Revenue | 841,185 |
808,763 |
723,479 |
|
|
2,455,314 |
2,422,892 |
2,146,047 |
|
|
||
| *For the three months period ended September 30, 2024, "2024 Ex Acquisitions" excludes: UNIDOM (July to September, 2024; Closing of UNIDOM was in July 2024). | ||||||||||||
| *For the nine months period ended September 30, 2024, "2024 Ex Acquisitions" excludes: UNIDOM (July to September, 2024; Closing of UNIDOM was in July 2024). | ||||||||||||
Adjusted EBITDA
Adjusted EBITDA for the three-month period ended September 30, 2024, increased by
The Adjusted EBITDA Margin expansion is primarily attributable to: (a) gross margin expansion in the Undergrad Segment; (b) completion of UNIMA and FCM Jaboatão integration process in November 2023; (c) the ramp-up of the four Mais Médicos campuses that started operation in 3Q22; (d) operational restructuring efforts in Continuing Education and Medical Practice Solutions segments; and (e) More efficiency in Selling, General and Administrative expenses.
| Table 7: Reconciliation between Adjusted EBITDA and Net Income | ||||||||
| (in thousands of R$) | Three months period ended September 30, | Nine months period ended September 30, | ||||||
2024 |
2023 |
% Chg |
2024 |
2023 |
% Chg |
|||
| Net income | 124,142 |
98,220 |
|
494,641 |
303,530 |
|
||
| Net financial result | 99,844 |
80,535 |
|
242,761 |
267,313 |
- |
||
| Income taxes expense | 12,432 |
12,146 |
|
26,388 |
33,296 |
- |
||
| Depreciation and amortization | 85,828 |
73,908 |
|
249,135 |
212,172 |
|
||
| Interest received 1 | 13,945 |
10,619 |
|
34,979 |
25,760 |
|
||
| Income share associate | (2,526) |
(615) |
|
(9,726) |
(7,671) |
|
||
| Share-based compensation | 5,871 |
6,684 |
- |
26,299 |
20,082 |
|
||
| Non-recurring expenses: | 8,413 |
(3,104) |
n.a. |
25,151 |
22,284 |
|
||
| - Integration of new companies 2 | 6,444 |
7,769 |
- |
17,722 |
19,951 |
- |
||
| - M&A advisory and due diligence 3 | 1,220 |
703 |
|
2,803 |
12,377 |
- |
||
| - Expansion projects 4 | 198 |
2,007 |
- |
2,568 |
2,536 |
|
||
| - Restructuring expenses 5 | 551 |
3,722 |
- |
2,058 |
5,673 |
- |
||
| - Mandatory Discounts in Tuition Fees 6 | - |
(493) |
n.a. |
- |
(1,441) |
n.a. |
||
| - Gain on tax amnesty 7 | - |
(16,812) |
n.a. |
- |
(16,812) |
n.a. |
||
| Adjusted EBITDA | 347,949 |
278,393 |
|
1,089,628 |
876,766 |
|
||
| Adjusted EBITDA Margin |
|
|
290 bps |
|
|
350 bps |
||
| (1) Represents the interest received on late payments of monthly tuition fees. | ||||||||
| (2) Consists of expenses related to the integration of newly acquired companies. | ||||||||
| (3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions. | ||||||||
| (4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses. | ||||||||
| (5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies. | ||||||||
| (6) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision. | ||||||||
| (7) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of |
||||||||
Adjusted Net Income
Net Income for the three-month period ended September 30, 2024 was
Adjusted EPS reached
| Table 8: Adjusted Net Income | |||||||||
| (in thousands of R$) | Three months period ended September 30, | Nine months period ended September 30, | |||||||
2024 |
2023 |
|
% Chg |
|
2024 |
2023 |
|
% Chg |
|
| Net income | 124,142 |
98,220 |
|
|
494,641 |
303,530 |
|
|
|
| Amortization of customer relationships and trademark 1 | 26,946 |
26,593 |
|
|
80,592 |
80,779 |
|
- |
|
| Share-based compensation | 5,871 |
6,684 |
|
- |
26,299 |
20,082 |
|
|
|
| Non-recurring expenses: | 8,413 |
(3,104 |
) |
n.a. | 25,151 |
22,284 |
|
|
|
| - Integration of new companies 2 | 6,444 |
7,769 |
|
- |
17,722 |
19,951 |
|
- |
|
| - M&A advisory and due diligence 3 | 1,220 |
703 |
|
|
2,803 |
12,377 |
|
- |
|
| - Expansion projects 4 | 198 |
2,007 |
|
- |
2,568 |
2,536 |
|
|
|
| - Restructuring expenses 5 | 551 |
3,722 |
|
- |
2,058 |
5,673 |
|
- |
|
| - Mandatory Discounts in Tuition Fees 6 | - |
(493 |
) |
n.a. | - |
(1,441 |
) |
n.a. | |
| - Gain on tax amnesty 7 | - |
(16,812 |
) |
n.a. | - |
(16,812 |
) |
n.a. | |
| Adjusted Net Income | 165,372 |
128,393 |
|
|
626,683 |
426,675 |
|
|
|
| Basic earnings per share - in R$ 8 | 1.33 |
1.04 |
|
|
5.35 |
3.21 |
|
|
|
| Adjusted earnings per share - in R$ 9 | 1.79 |
1.38 |
|
|
6.81 |
4.58 |
|
|
|
| (1) Consists of amortization of customer relationships and trademark recorded under business combinations. | |||||||||
| (2) Consists of expenses related to the integration of newly acquired companies. | |||||||||
| (3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&A transactions. | |||||||||
| (4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses. | |||||||||
| (5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies. | |||||||||
| (6) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision. | |||||||||
| (7) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of |
|||||||||
| (8) Basic earnings per share: Net Income/Weighted average number of outstanding shares. | |||||||||
| (9) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent/Weighted average number of outstanding shares. | |||||||||
Cash and Debt Position
As of September 30, 2024, Afya's Cash and Cash Equivalents stood at
For the nine-month period ended September 30, 2024, Afya reported Cash Flow from Operating Activities of
| Table 9: Operating Cash Conversion Ratio Reconciliation | Nine months period ended September 30, | ||
| (in thousands of R$) | Considering the adoption of IFRS 16 | ||
2024 |
2023 |
% Chg | |
| (a) Net cash flows from operating activities | 1,148,175 |
896,202 |
|
| (b) Income taxes paid | 19,290 |
37,599 |
- |
| (c) = (a) + (b) Cash flow from operating activities | 1,167,465 |
933,801 |
|
| (d) Adjusted EBITDA | 1,089,628 |
876,766 |
|
| (e) Non-recurring expenses: | 25,151 |
22,284 |
|
| - Integration of new companies 1 | 17,722 |
19,951 |
- |
| - M&A advisory and due diligence 2 | 2,803 |
12,377 |
- |
| - Expansion projects 3 | 2,568 |
2,536 |
|
| - Restructuring Expenses 4 | 2,058 |
5,673 |
- |
| - Mandatory Discounts in Tuition Fees 5 | 0 |
-1,441 |
n.a. |
| - Gain on tax amnesty 6 | - |
-16,812 |
n.a. |
| (f) = (d) - (e) Adjusted EBITDA ex- non-recurring expenses | 1,064,477 |
854,482 |
|
| (g) = (c) / (f) Operating cash conversion ratio |
|
|
40 bps |
| (1) Consists of expenses related to the integration of newly acquired companies. | |||
| (2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&A transactions. | |||
| (3) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses. | |||
| (4) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies. | |||
| (5) Consists of mandatory discounts in tuition fees granted by state decrees, individual/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision. | |||
| (6) On August 10, 2023, Unigranrio entered into a tax amnesty program on interest and penalties to settle a tax proceeding in respect to ISS (city tax on services) with the municipality of |
|||
The following table shows more information regarding the cost of debt for 9M24, considering loans and financing and accounts payable to selling shareholders. Afya’s capital structure remains solid, with a conservative leveraging position and a low cost of debt. Considering the updated mid guidance, Afya’s Net Debt (excluding the effect of IFRS16) divided by the Adjusted EBITDA is 1.33x.
| Table 10: Gross Debt and Average Cost of Debt | ||||||||
| (in millions of R$) | For the closing of the nine months period ended in September 30, | |||||||
| Cost of Debt | ||||||||
| Gross Debt | Duration (Years) | Per year | %CDI² | |||||
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
|
| Loans and financing: Softbank | 828 |
826 |
1.6 |
2.6 |
|
|
|
|
| Loans and financing: Debentures | 511 |
512 |
2.8 |
3.9 |
|
|
|
|
| Loans and financing: Others | 309 |
570 |
1.0 |
1.4 |
|
|
|
|
| Loans and financing: IFC | 497 |
- |
4.1 |
- |
|
- |
|
- |
| Accounts payable to selling shareholders | 586 |
702 |
3.3 |
0.9 |
|
|
|
|
| Total¹| Average | 2,731 |
2,610 |
2.6 |
2.2 |
|
|
|
|
| (1) Total ammount refers only to the "Gross Debt" columns | ||||||||
| (2) Based on the annualized Interbank Certificates of Deposit ("CDI") rate for the period as a reference: 9M24: ~ |
||||||||
| Table 11: Cash and Debt Position | |||||
| (in thousands of R$) | |||||
3Q24 |
FY2023 |
% Chg |
3Q23 |
% Chg |
|
| (+) Cash and Cash Equivalents | 836,876 |
553,030 |
|
822,008 |
|
| Cash and Bank Deposits | 5,594 |
11,746 |
- |
11,107 |
- |
| Cash Equivalents | 831,282 |
541,284 |
|
810,901 |
|
| (-) Loans and Financing | 2,145,270 |
1,800,775 |
|
1,908,299 |
|
| Current | 30,051 |
179,252 |
- |
186,903 |
- |
| Non-Current | 2,115,219 |
1,621,523 |
|
1,721,396 |
|
| (-) Accounts Payable to Selling Shareholders | 586,042 |
566,867 |
|
651,068 |
- |
| Current | 247,192 |
353,998 |
- |
382,500 |
- |
| Non-Current | 338,850 |
212,869 |
|
268,568 |
|
| (-) Other Short and Long Term Obligations | n.a. | 50,469 |
- |
||
| (=) Net Debt (Cash) excluding IFRS 16 | 1,894,436 |
1,814,612 |
|
1,787,828 |
|
| (-) Lease Liabilities | 974,780 |
874,569 |
|
869,729 |
|
| Current | 45,133 |
36,898 |
|
36,705 |
|
| Non-Current | 929,647 |
837,671 |
|
833,024 |
|
| Net Debt (Cash) with IFRS 16 | 2,869,216 |
2,689,181 |
|
2,657,557 |
|
CAPEX
Capital expenditures consist of the purchase of property and equipment and intangible assets, including expenditures mainly related to the expansion and maintenance of Afya’s campuses and headquarters, leasehold improvements, and the development of new solutions in the Medical Practice Solutions segment.
For the nine-month period ending September 30, 2024, CAPEX was
| Table 12: CAPEX | |||
| (in thousands of R$) | For the nine months period ended September 30, | ||
2024 |
2023 |
% Chg |
|
| CAPEX | 316,766 |
155,127 |
|
| Property and equipment | 93,367 |
88,014 |
|
| Intanglibe assets | 223,399 |
67,113 |
|
| - Licenses | 157,227 |
0 |
n.a. |
| - Others | 66,172 |
67,113 |
- |
ESG Metrics
ESG commitment is an important part of Afya’s strategy and permeates the Company’s core values. Afya has been advancing year after year on its core pillars and, since 2021, ESG metrics have been disclosed in the Company’s quarterly financial results in three key metrics, Governance and Employee Management, Environmental and Social.
The 2023 Sustainability Report can be found at: https://ir.afya.com.br/annual-report/
| Table 13: ESG Metrics 1, 2 & 3 | 3Q24 |
3Q23 |
2023 |
||
| # | GRI | Governance and Employee Management | |||
1 |
405-1 |
Number of employees | 10,155 |
9,868 |
9,680 |
2 |
405-1 |
Percentage of female employees |
|
|
|
3 |
405-1 |
Percentage of female employees in the board of directors |
|
|
|
4 |
102-24 |
Percentage of independent member in the board of directors |
|
|
|
|
|
Environmental | |||
5 |
|
Total renewable energy generated by own photovoltaic plants (MWh) | 1,471,476 |
1,151,649 |
4,510,637 |
6 |
302-1 |
Total energy consumed (MWh) | 5,644,403 |
6,078,952 |
24,036,608 |
7 |
302-1 |
% of renewable energy consumed from own generation |
|
|
|
8 |
302-1 |
% of energy consumed from the power grid |
|
|
|
9 |
302-1 |
% of energy consumed from the free market |
|
|
|
|
|
Social | |||
10 |
413-1 |
Number of free clinical consultations offered by Afya | 221,230 |
146,294 |
586,611 |
11 |
|
Number of physicians graduated in Afya's campuses | 21,266 |
18,965 |
20,197 |
12 |
201-4 |
Number of students with financing and scholarship programs (FIES and PROUNI) | 11,636 |
10,628 |
10,584 |
13 |
|
% students with scholarships over total undergraduate students |
|
|
|
14 |
413-1 |
Hospital, clinics and city halls partnerships | 567 |
664 |
649 |
| (1) Some factors can influence in the adequate proportionality analysis of data over the years, such as: climate changes, COVID-19 pandemic effects, seasonalities, number of employees, number of students, number of active units, among others. | |||||
| (2) Starting in 2Q22, previously disclosed social data were updated to consider: (a) the number of graduated physicians considering all units after its closing, and (b) partnerships related only to medical schools. | |||||
| (3) The number of students with financing and scholarship programs (FIES and PROUNI) in 2023 excludes students from the Unima and FCM Jaboatão acquisition, and for 3Q24, also excludes those from the UNIDOM acquisition. | |||||
4. Conference Call and Webcast Information
When: |
November 13, 2024 at 5:00 p.m. EST.
|
|
Who: |
Mr. Virgilio Gibbon, Chief Executive Officer Mr. Luis André Blanco, Chief Financial Officer Ms. Renata Costa Couto, IR Director
|
|
Webcast: |
OR
Dial-in:
Webinar ID: 948 8746 2478
Other Numbers: https://afya.zoom.us/u/aAPTjXWSq
5. About Afya Limited (Nasdaq: AFYA; B3: A2FY34)
Afya is a leading medical education group in
6. Forward – Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. All statements other than statements of historical fact could be deemed forward looking, and include risks and uncertainties related to statements about our competition; our ability to attract, upsell and retain students; our ability to increase tuition prices and prep course fees; our ability to anticipate and meet the evolving needs of students and professors; our ability to source and successfully integrate acquisitions; general market, political, economic, and business conditions; and our financial targets such as revenue, share count and IFRS and non-IFRS financial measures including gross margin, operating margin, net income (loss) per diluted share, and free cash flow. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the potential impacts of the COVID-19 pandemic on our business operations, financial results and financial position and the Brazilian economy.
The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Readers should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent management’s beliefs and assumptions only as of the date such statements are made. Further information on these and other factors that could affect the Company’s financial results are included in the filings made with the United States Securities and Exchange Commission (SEC) from time to time, including the section titled “Risk Factors” in the most recent Rule 434(b) prospectus. These documents are available on the SEC Filings section of the investor relations section of our website at: https://ir.afya.com.br/.
7. Non-GAAP Financial Measures
To supplement the Company's consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board—IASB, Afya presents Adjusted EBITDA, Operating Cash Conversion Ratio, Adjusted Net Income and Adjusted EPS, which are non-GAAP financial measures, for the convenience of investors. A non-GAAP financial measure is generally defined as one that intends to measure financial performance but excludes or includes amounts that would not be equally adjusted in the most comparable GAAP measure.
Afya calculates Adjusted EBITDA as net income plus/minus net financial result, plus income taxes expense, plus depreciation and amortization, plus interest received on late payments of monthly tuition fees, plus share-based compensation, plus/minus income share associate, plus/minus non-recurring expenses/income. Operating Cash Conversion Ratio is calculated as the Cash flow from Operating Activities plus income taxes paid, minus/plus non-recurring expenses/income divided by Adjusted EBITDA. The calculation of Adjusted Net Income is the Net Income plus amortization of customer relationships and trademark, plus share-based compensation, plus/minus non-recurring expenses/income. The calculation of Adjusted EPS is the Adjusted Net Income minus the non-controlling interests divided by the Weighted average number of outstanding shares.
The non-GAAP supplemental financial measures are provided with the intend to help investors in assessing the overall performance of Afya’s business regarding its core operations, cash generation and profitability. The non-GAAP financial measures described in this prospectus are not substitutes for the IFRS measures. In addition, the calculations of Adjusted EBITDA, Operating Cash Conversion Ratio, Adjusted Net Income and Adjusted EPS are not standardized financial measures and may differ from the calculations used by other companies, including competitors in the education services industry, and therefore, Afya’s measures may not be comparable to those of other companies.
8. Investor Relations Contact
E-mail: ir@afya.com.br
9. Financial Tables
Unaudited interim condensed consolidated statements of income and comprehensive income For the three and nine-month periods ended September 30, 2024 and 2023 (In thousands of Brazilian reais, except earnings per share information) |
||||||
|
|
Three-month period ended |
|
Nine-month period ended |
||
|
|
September 30, 2024 |
September 30, 2023 |
|
September 30, 2024 |
September 30, 2023 |
|
|
(unaudited) |
(unaudited) |
|
(unaudited) |
(unaudited) |
|
|
|
|
|
|
|
Revenue |
|
841,185 |
723,479 |
|
2,455,314 |
2,146,047 |
Cost of services |
|
(324,083) |
(288,234) |
|
(908,429) |
(820,136) |
Gross profit |
|
517,102 |
435,245 |
|
1,546,885 |
1,325,911 |
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
(280,027) |
(257,002) |
|
(784,953) |
(739,808) |
Other income (expenses), net |
|
(3,183) |
12,043 |
|
(7,868) |
10,365 |
|
|
|
|
|
|
|
Operating income |
|
233,892 |
190,286 |
|
754,064 |
596,468 |
|
|
|
|
|
|
|
Finance income |
|
30,396 |
34,771 |
|
79,659 |
86,259 |
Finance expenses |
|
(130,240) |
(115,306) |
|
(322,420) |
(353,572) |
Net finance result |
|
(99,844) |
(80,535) |
|
(242,761) |
(267,313) |
|
|
|
|
|
|
|
Share of income of associate |
|
2,526 |
615 |
|
9,726 |
7,671 |
|
|
|
|
|
|
|
Income before income taxes |
|
136,574 |
110,366 |
|
521,029 |
336,826 |
|
|
|
|
|
|
|
Income taxes expenses |
|
(12,432) |
(12,146) |
|
(26,388) |
(33,296) |
|
|
|
|
|
|
|
Net income |
|
124,142 |
98,220 |
|
494,641 |
303,530 |
|
|
|
|
|
|
|
Other comprehensive income |
|
- |
- |
|
- |
- |
Total comprehensive income |
|
124,142 |
98,220 |
|
494,641 |
303,530 |
|
|
|
|
|
|
|
Income attributable to: |
|
|
|
|
|
|
Equity holders of the parent |
|
119,979 |
93,347 |
|
481,583 |
288,263 |
Non-controlling interests |
|
4,163 |
4,873 |
|
13,058 |
15,267 |
|
|
124,142 |
98,220 |
|
494,641 |
303,530 |
|
|
|
|
|
|
|
Basic earnings per common share |
|
1.33 |
1.04 |
|
5.35 |
3.21 |
Diluted earnings per common share |
|
1.31 |
1.03 |
|
5.28 |
3.18 |
Unaudited interim condensed consolidated statements of financial position As of September 30, 2024 and December 31, 2023 (In thousands of Brazilian reais) |
||||
|
September 30, 2024 |
December 31, 2023 |
||
|
(unaudited) |
|||
Assets |
|
|
|
|
Current assets |
|
|
||
Cash and cash equivalents |
|
836,876 |
553,030 |
|
Trade receivables |
|
552,381 |
546,438 |
|
Inventories |
|
235 |
1,382 |
|
Recoverable taxes |
|
41,424 |
43,751 |
|
Other assets |
|
45,304 |
|
58,905 |
Total current assets |
|
1,476,220 |
|
1,203,506 |
|
|
|||
Non-current assets |
|
|
||
Trade receivables |
|
36,940 |
|
39,485 |
Other assets |
|
117,789 |
117,346 |
|
Investment in associate |
|
55,365 |
51,834 |
|
Property and equipment |
|
639,187 |
608,685 |
|
Right-of-use assets |
|
846,333 |
767,609 |
|
Intangible assets |
|
5,541,793 |
4,796,016 |
|
Total non-current assets |
|
7,237,407 |
6,380,975 |
|
|
|
|||
Total assets |
|
8,713,627 |
7,584,481 |
|
|
|
|||
Liabilities |
|
|
||
Current liabilities |
|
|
||
Trade payables |
|
129,920 |
108,222 |
|
Loans and financing |
|
30,051 |
179,252 |
|
Lease liabilities |
|
45,133 |
36,898 |
|
Accounts payable to selling shareholders |
|
247,192 |
353,998 |
|
Advances from customers |
|
154,759 |
153,485 |
|
Labor and social obligations |
|
269,381 |
192,294 |
|
Taxes payable |
|
32,470 |
27,765 |
|
Income taxes payable |
|
12,066 |
3,880 |
|
Other liabilities |
|
4,213 |
2,773 |
|
Total current liabilities |
|
925,185 |
1,058,567 |
|
|
|
|||
Non-current liabilities |
|
|
||
Loans and financing |
|
2,115,219 |
1,621,523 |
|
Lease liabilities |
|
929,647 |
837,671 |
|
Accounts payable to selling shareholders |
|
338,850 |
212,869 |
|
Taxes payable |
|
86,016 |
88,198 |
|
Provision for legal proceedings |
|
115,042 |
104,361 |
|
Other liabilities |
|
52,025 |
18,280 |
|
Total non-current liabilities |
|
3,636,799 |
2,882,902 |
|
Total liabilities |
|
4,561,984 |
3,941,469 |
|
|
|
|||
Equity |
|
|
||
Share capital |
|
17 |
17 |
|
Additional paid-in capital |
|
2,344,053 |
2,365,200 |
|
Treasury shares |
|
(276,944) |
|
(299,150) |
Share-based compensation reserve |
|
181,372 |
155,073 |
|
Retained earnings |
|
1,861,948 |
1,380,365 |
|
Equity attributable to equity holders of the parent |
|
4,110,446 |
3,601,505 |
|
Non-controlling interests |
|
41,197 |
41,507 |
|
Total equity |
|
4,151,643 |
3,643,012 |
|
|
|
|||
Total liabilities and equity |
|
8,713,627 |
7,584,481 |
|
Unaudited interim condensed consolidated statements of cash flows For the nine-month periods ended September 30, 2024 and 2023 (In thousands of Brazilian reais) |
||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
|
(unaudited) |
|
(unaudited) |
Operating activities |
|
|
|
|
Income before income taxes |
|
521,029 |
|
336,826 |
Adjustments to reconcile income before income taxes |
|
|
|
|
Depreciation and amortization |
|
249,135 |
|
212,172 |
Write-off of property and equipment |
|
2,108 |
|
1,209 |
Write-off of intangible assets |
|
243 |
|
288 |
Allowance for expected credit losses |
|
41,589 |
|
57,160 |
Share-based compensation |
|
26,299 |
|
20,082 |
Net foreign exchange differences |
|
7,462 |
|
448 |
Accrued interest |
|
166,343 |
|
224,349 |
Accrued interest on lease liabilities |
|
82,803 |
|
74,867 |
Share of income of associate |
|
(9,726) |
|
(7,671) |
Provision (reversal) for legal proceedings |
|
4,619 |
|
(27,119) |
|
|
|
|
|
Changes in assets and liabilities |
|
|
|
|
Trade receivables |
|
(35,619) |
|
(52,169) |
Inventories |
|
1,147 |
|
7,828 |
Recoverable taxes |
|
2,409 |
|
(34,921) |
Other assets |
|
20,107 |
|
35,960 |
Trade payables |
|
19,966 |
|
1,920 |
Taxes payable |
|
(6,625) |
|
25,321 |
Advances from customers |
|
40 |
|
(27,883) |
Labor and social obligations |
|
69,719 |
|
94,465 |
Other liabilities |
|
4,417 |
|
(9,331) |
|
|
1,167,465 |
|
933,801 |
Income taxes paid |
|
(19,290) |
|
(37,599) |
Net cash flows from operating activities |
|
1,148,175 |
|
896,202 |
|
|
|
|
|
Investing activities |
|
|
|
|
Acquisition of property and equipment |
|
(93,367) |
|
(88,014) |
Acquisition of intangibles assets |
|
(223,399) |
|
(67,113) |
Dividends received |
|
6,195 |
|
8,294 |
Acquisition of subsidiaries, net of cash acquired |
|
(579,074) |
|
(726,530) |
Payments of interest from acquisition of subsidiaries and intangibles |
|
(55,898) |
|
(36,674) |
Net cash flows used in investing activities |
|
(945,543) |
|
(910,037) |
|
|
|
|
|
Financing activities |
|
|
|
|
Payments of principal of loans and financing |
|
(126,666) |
|
(12,216) |
Payments of interest of loans and financing |
|
(156,897) |
|
(124,468) |
Proceeds from loans and financing |
|
492,351 |
|
5,288 |
Payments of principal of lease liabilities |
|
(30,218) |
|
(22,657) |
Payments of interest of lease liabilities |
|
(82,567) |
|
(78,001) |
Treasury shares |
|
- |
|
(12,369) |
Proceeds from exercise of stock options |
|
6,041 |
|
3,546 |
Dividends paid to non-controlling shareholders |
|
(13,368) |
|
(15,914) |
Net cash flows generated (used) in financing activities |
|
88,676 |
|
(256,791) |
Net foreign exchange differences |
|
(7,462) |
|
(448) |
Net increase (decrease) in cash and cash equivalents |
|
283,846 |
|
(271,074) |
Cash and cash equivalents at the beginning of the period |
|
553,030 |
|
1,093,082 |
Cash and cash equivalents at the end of the period |
|
836,876 |
|
822,008 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241113502172/en/
Source: Afya Limited
FAQ
What was Afya's (AFYA) net revenue growth in Q3 2024?
How many medical seats does Afya (AFYA) have after recent expansions in 2024?
What was Afya's (AFYA) Adjusted EBITDA margin in Q3 2024?
