Vasta Announces Third Quarter 2024 Results
Vasta Platform (NASDAQ: VSTA) reported Q3 2024 results with subscription revenue reaching R$206 million, up 5.7% YoY. The company's accumulated subscription revenue for the 2024 sales cycle totaled R$1,358 million, showing a 12.5% increase compared to 2023. Net revenue for the 2024 cycle grew 6.4% to R$1,529 million, while Adjusted EBITDA increased 9.2% to R$449 million with a margin of 29.4%. However, Q3 net revenue decreased 14.6% to R$220 million due to lower B2G segment revenue. The company maintained financial discipline with a net debt/LTM adjusted EBITDA ratio of 2.32x.
Vasta Platform (NASDAQ: VSTA) ha riportato i risultati del terzo trimestre 2024, con ricavi da abbonamento che hanno raggiunto R$206 milioni, in aumento del 5,7% su base annua. I ricavi da abbonamento accumulati dell'azienda per il ciclo di vendita 2024 hanno totalizzato R$1.358 milioni, evidenziando un incremento del 12,5% rispetto al 2023. I ricavi netti per il ciclo 2024 sono aumentati del 6,4% fino a R$1.529 milioni, mentre l'EBITDA rettificato è cresciuto del 9,2% raggiungendo R$449 milioni, con un margine del 29,4%. Tuttavia, i ricavi netti del terzo trimestre sono diminuiti del 14,6%, attestandosi a R$220 milioni, a causa della riduzione dei ricavi nel segmento B2G. L'azienda ha mantenuto una disciplina finanziaria con un rapporto di debito netto/EBITDA rettificato last twelve months di 2,32x.
Vasta Platform (NASDAQ: VSTA) reportó los resultados del tercer trimestre de 2024, con ingresos por suscripción que alcanzaron R$206 millones, un aumento del 5.7% interanual. Los ingresos acumulados por suscripción de la empresa para el ciclo de ventas de 2024 totalizaron R$1.358 millones, mostrando un incremento del 12.5% en comparación con 2023. Los ingresos netos para el ciclo de 2024 crecieron un 6.4% hasta R$1.529 millones, mientras que el EBITDA ajustado aumentó un 9.2% a R$449 millones, con un margen del 29.4%. Sin embargo, los ingresos netos del tercer trimestre disminuyeron un 14.6% hasta R$220 millones debido a menores ingresos en el segmento B2G. La empresa mantuvo una disciplina financiera con un ratio de deuda neta/EBITDA ajustado de 2.32x.
Vasta Platform (NASDAQ: VSTA)는 2024년 3분기 실적을 보고했으며, 구독 수익이 R$206백만에 달했고, 이는 전년 대비 5.7% 증가한 수치입니다. 회사의 2024년 판매 주기의 누적 구독 수익은 R$1,358백만으로, 2023년 대비 12.5% 증가했습니다. 2024 주기의 순수익은 6.4% 증가하여 R$1,529백만에 달하였고, 조정 EBITDA는 9.2% 증가하여 R$449백만, 마진은 29.4%에 도달했습니다. 그러나 3분기 순수익은 B2G 부문 수익 감소로 인해 14.6% 감소하여 R$220백만에 그쳤습니다. 회사는 2.32배의 순부채/조정 EBITDA 비율로 재정 규율을 유지했습니다.
Vasta Platform (NASDAQ: VSTA) a publié les résultats du troisième trimestre 2024, avec des revenus d'abonnement atteignant 206 millions R$, en hausse de 5,7 % par rapport à l'année précédente. Les revenus d'abonnement cumulés de l'entreprise pour le cycle de vente 2024 s'élevaient à 1,358 milliard R$, montrant une augmentation de 12,5 % par rapport à 2023. Les revenus nets pour le cycle 2024 ont augmenté de 6,4 % pour atteindre 1,529 milliard R$, tandis que l'EBITDA ajusté a augmenté de 9,2 % pour atteindre 449 millions R$, avec une marge de 29,4 %. Cependant, les revenus nets du troisième trimestre ont diminué de 14,6 % pour atteindre 220 millions R$, en raison de la baisse des revenus du segment B2G. L'entreprise a maintenu une discipline financière avec un ratio dette nette/EBITDA ajusté de 2,32x.
Vasta Platform (NASDAQ: VSTA) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, wobei die Abonnement-Einnahmen R$206 Millionen erreichten, was einem Anstieg von 5,7% im Vergleich zum Vorjahr entspricht. Die kumulierten Abonnement-Einnahmen des Unternehmens für den Verkaufszyklus 2024 beliefen sich auf R$1.358 Millionen und zeigen einen Anstieg von 12,5% im Vergleich zu 2023. Der Nettoumsatz für den Zyklus 2024 wuchs um 6,4% auf R$1.529 Millionen, während das bereinigte EBITDA um 9,2% auf R$449 Millionen anstieg, mit einer Marge von 29,4%. Im dritten Quartal jedoch sanken die Nettoumsätze um 14,6% auf R$220 Millionen aufgrund sinkender Einnahmen im B2G-Segment. Das Unternehmen hielt eine finanzielle Disziplin mit einem Verhältnis von Nettoverschuldung zu bereinigtem EBITDA von 2,32x ein.
- Subscription revenue grew 12.5% in 2024 sales cycle to R$1,358 million
- Adjusted EBITDA increased 9.2% to R$449 million with improved margin of 29.4%
- Adjusted Net Profit grew 71.4% to R$62 million in 2024 sales cycle
- Gross margin improved by 230 basis points to 64.2%
- Q3 net revenue decreased 14.6% to R$220 million
- Q3 Adjusted EBITDA declined 45.3% to R$21 million
- Q3 Adjusted Net Loss increased 58.9% to R$47 million
- B2G segment revenue declined 15% in 2024 sales cycle
Insights
Vasta Platform showed mixed financial performance in Q3 2024. While subscription revenue grew
- Net revenue up
6.4% toR$1.53 billion - Adjusted EBITDA grew
9.2% toR$449 million with improved margin of29.4% - Adjusted net profit increased
71.4% toR$62 million
The company's leverage remains manageable at 2.32x net debt/EBITDA. While Q3 was weak due to election cycle impacts, the overall business fundamentals appear solid with strong subscription growth and margin expansion from premium product mix. The B2G segment remains a key growth opportunity despite near-term headwinds.
The operational metrics reveal important strategic shifts. Despite a
- Expansion of high-ticket brands like Anglo and PH
- Growth in bilingual education with 32 Start Anglo contracts
- Strong improvement in customer satisfaction (NPS up 30+ points)
- Proven academic results in B2G segment (Pará state case study)
The deliberate shift away from lower-margin segments and focus on premium offerings should drive sustainable long-term value, though near-term growth metrics may be impacted during this transition.
SÃO PAULO--(BUSINESS WIRE)-- Vasta Platform Limited (NASDAQ: VSTA) – “Vasta” or the “Company” announces today its financial and operating results for the third quarter of 2024 (3Q24) ended September 30, 2024. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).
HIGHLIGHTS
-
Vasta’s accumulated subscription revenue in the 2024 sales cycle totaled
R , a$1,358 million 12.5% increase compared to the same period of the 2023 sales cycle. In 3Q24, subscription revenue totaledR , a$206 million 5.7% increase compared to 3Q23. The Annual Contract Value (“ACV”) bookings delivered in the 2024 sales cycle was slightly higher than previously disclosed estimates. Compound Annual Growth Rate (“CAGR”) of the last 5 cycles was a positive18.4% , which demonstrates our resilience and capacity to keep our growth in higher double digits for several years. -
In the 2024 sales cycle (which commenced 4Q23 through 3Q24), net revenue increased
6.4% toR compared to the same period of the 2023 sales cycle, mostly due to higher conversion of ACV into revenue, being partially offset by lower revenue in the non-subscription segment. In 3Q24, net revenue totaled$1,529 million R , a$220 million 14.6% decrease compared to the previous year, due to lack of new revenues from our public-school sector (“B2G”) segment in this quarter, caused largely by prioritization of municipal elections by the public sector. -
Adjusted EBITDA in the 2024 sales cycle grew by
9.2% toR compared to$449 million R in previous sales cycle, and Adjusted EBITDA Margin grew to$411 million 29.4% , from28.6% in the same period of the last year, which represents an increase of 0.8p.p. compared to the 2023 sales cycle. This increase was mainly driven by gains in operating efficiency, cost savings and a better product mix that benefited from premium products expansion. In 3Q24, Adjusted EBITDA totaledR , a$21 million 45.3% decrease compared toR in 3Q23, mainly due to lower net revenues in the quarter.$39 million -
Vasta recorded an Adjusted Net Profit of
R in the 2024 sales cycle, a$62 million 71.4% increase compared toR in the previous sales cycle, and an adjusted net margin increased 1.6p.p. compared to previous sales cycle, from$36 million 2.5% in 2023 to4.1% in 2024. In 3Q24, Adjusted Net Loss totaledR , a$48 million 58.9% increase compared to Adjusted Net Loss ofR in 3Q23.$30 million -
Free cash flow (FCF) totaled
R in the 2024 sales cycle, slightly higher than$146 million R FCF in the 2023 sales cycle. In 3Q24 FCF totaled$145 million R , a$55 million 4.8% decrease fromR in 3Q23. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate decreased from$58 million 35.4% to32.5% due to higher investments in marketing for business expansion, and a higher volume of payments related to paper purchases. - The Start Anglo bilingual school kept its growth with 2 new contracts, totaling 32 contracts signed as of this date, and 2 operating units. This growth reaffirms our quest for a bilingual education alongside academic excellence, which reinforces our strategic expansion into new revenue streams. Additionally, last month we held the reinauguration of the Liceu Complex in São Paulo, preserving its entire historical architectural design, which launched our flagship operations in São Paulo, to begin operations in 2025.
MESSAGE FROM MANAGEMENT
In the third quarter of 2024, we concluded the 2024 sales cycle (4Q23 to 3Q24). Our net revenue during the 2024 cycle has reached
Vasta’s accumulated subscription revenue in the 2024 sales cycle totaled
Another highlight of the 2024 sales cycle has been that Adjusted EBITDA grew by
Free cashflow (FCF) in the 2024 sales cycle totaled
Moreover, the net debt/LTM adjusted EBITDA was 2.32x as of 3Q24, which represents a decrease of 0.11x from 2.43x, in the same quarter of 2023. In comparison to 2Q24 the net debt/LTM adjusted EBITDA increased slightly from 2.28x in 2Q24. The Company continues to focus on deleveraging and cash generation, which is highlighted by this indicator. In 2024, we implemented some liquidity management actions, which allowed us to extend the maturity profile of our indebtedness and reduce applicable interest rates.
In the B2G segment, one of our main growing avenues, Vasta generated
Given municipal elections in Brazilian cities in 2024, the signing of new contracts was hindered, but Vasta still has a strong pipeline and remains confident that this line of business will bear fruit in the coming quarters for the Company.
Start-Anglo bilingual school, which is part of our growth strategy, remains in continued expansion. In 3Q24, we entered 2 new contracts, totaling 32 contracts as of this date, and 2 operating units. Furthermore, we have over 260 prospects in negotiation. We believe that the broad geographic presence and strong pipeline underscore the robust potential for further growth and market penetration of Start-Anglo.
Our revenue growth is directly related to the delivery of high-quality solutions that meet the needs of students, parents, educators and partner schools. Great evidence of the evolution of our company and brands is demonstrated in the customer satisfaction assessment index (NPS), which in the last 12 months has grown by more than 30 points.
OPERATING PERFORMANCE
Student base – subscription models |
||||||||||
2024 |
|
2023 |
|
% Y/Y |
|
2022 |
|
% Y/Y |
||
Partner schools - Core content |
4,744 |
|
5,032 |
|
( |
|
5,274 |
|
( |
|
Partner schools – Complementary solutions |
1,722 |
|
1,383 |
|
|
|
1,304 |
|
|
|
Students - Core content |
1,432,289 |
|
1,539,024 |
|
( |
|
1,589,224 |
|
( |
|
Students - Complementary content |
483,132 |
|
453,552 |
|
|
|
372,559 |
|
|
|
Note: Students enrolled in partner schools |
In the 2024 sales cycle, Vasta served 1.4 million students with core content solutions and close to 500,000 students with complementary solutions. This is aligned with the company’s strategy to focus on improving its client base through a better mix of schools and growth in premium education systems (Anglo, PH, Amplia and Fibonacci), brands with higher average ticket, lower defaults, greater adoption of complementary solutions and longer-term relationships. On the other hand, the reduction of our client base was concentrated on the low-end segment, which has a higher number of students on average, and a lower margin.
FINANCIAL PERFORMANCE
Net revenue |
||||||||||||
Values in R$ ‘000 |
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Subscription |
205,874 |
|
194,841 |
|
|
|
1,357,880 |
|
1,207,155 |
|
|
|
Core content |
|
199,262 |
|
190,607 |
|
|
|
1,167,082 |
|
1,049,358 |
|
|
Complementary solutions |
|
6,612 |
|
4,234 |
|
|
|
190,798 |
|
157,797 |
|
|
B2G |
- |
|
40,747 |
|
( |
|
69,031 |
|
81,199 |
|
( |
|
Non-subscription |
|
14,319 |
|
22,346 |
|
( |
|
102,458 |
|
148,829 |
|
( |
Total net revenue |
220,193 |
|
257,933 |
|
( |
|
1,529,369 |
|
1,437,183 |
|
|
|
% ACV |
|
|
|
|
|
(0.6p.p.) |
|
|
|
|
|
2.5p.p. |
% Subscription |
|
|
|
|
|
18.0p.p. |
|
|
|
|
|
4.8p.p. |
Note: n.m.: not meaningful |
In 3Q24, Vasta’s net revenue totaled
In the 2024 sales cycle (4Q23 to 3Q24), Vasta’s net revenue totaled
EBITDA |
||||||||||||
Values in R$ ‘000 |
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Net revenue |
|
220,193 |
|
257,933 |
|
( |
|
1,529,369 |
|
1,437,183 |
|
|
Cost of goods sold and services |
|
(81,184) |
|
(101,161) |
|
( |
|
(547,477) |
|
(547,541) |
|
( |
General and administrative expenses |
|
(120,689) |
|
(124,500) |
|
( |
|
(479,151) |
|
(489,760) |
|
( |
Commercial expenses |
|
(63,652) |
|
(63,044) |
|
|
|
(277,618) |
|
(229,173) |
|
|
Other operating (expenses) income |
|
263 |
|
7,534 |
|
( |
|
2,331 |
|
(16,874) |
|
( |
Share of loss equity-accounted investees |
|
(2,691) |
|
(2,878) |
|
( |
|
(22,842) |
|
(7,894) |
|
|
Impairment losses on trade receivables |
|
(7,845) |
|
(15,369) |
|
( |
|
(60,193) |
|
(55,550) |
|
|
Profit before financial income and taxes |
|
(55,605) |
|
(41,485) |
|
|
|
144,420 |
|
90,391 |
|
|
(+) Depreciation and amortization |
|
72,443 |
|
70,587 |
|
|
|
276,833 |
|
275,791 |
|
|
EBITDA |
|
16,838 |
|
29,102 |
|
( |
|
421,253 |
|
366,182 |
|
|
EBITDA Margin |
|
|
|
|
|
(3.6p.p.) |
|
|
|
|
|
2.1p.p. |
(+) Layoff related to internal restructuring |
|
1,165 |
|
115 |
|
|
|
4,775 |
|
1,297 |
|
|
(+) Share-based compensation plan |
|
3,305 |
|
9,755 |
|
( |
|
9,302 |
|
20,369 |
|
( |
(+) M&A adjusting expenses |
|
- |
|
- |
|
|
|
13,776 |
|
23,562 |
|
( |
Adjusted EBITDA |
21,308 |
|
38,972 |
|
( |
|
449,106 |
|
411,411 |
|
|
|
Adjusted EBITDA Margin |
|
|
|
|
(5.4p.p.) |
|
|
|
|
|
0.8p.p. |
|
Note: n.m.: not meaningful |
In the 2024 sales cycle, Adjusted EBITDA grew
(%) Net Revenue |
3Q24 |
|
3Q23 |
|
Y/Y (p.p.) |
|
2024 cycle |
|
2023 cycle |
|
Y/Y (p.p.) |
|
Gross margin |
|
|
|
|
|
2.4p.p. |
|
|
|
|
|
2.3p.p. |
Adjusted cash G&A expenses (1) |
|
( |
|
( |
|
(5.7p.p.) |
|
( |
|
( |
|
0.8p.p. |
Commercial expenses |
|
( |
|
( |
|
(4.5p.p.) |
|
( |
|
( |
|
(2.3p.p.) |
Impairment on trade receivables |
|
( |
|
( |
|
2.3p.p. |
|
( |
|
( |
|
0.0p.p. |
Adjusted EBITDA margin |
|
|
|
|
|
(5.4p.p.) |
|
|
|
|
|
0.8p.p. |
(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses. |
In proportion to net revenue, gross margin increased 230 bps in the 2024 sales cycle (from
Finance Results |
||||||||||||
Values in R$ ‘000 |
|
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
Finance income |
16,836 |
|
19,511 |
|
( |
|
63,241 |
|
85,831 |
|
( |
|
Finance costs |
(71,483) |
|
(74,966) |
|
( |
|
(276,659) |
|
(307,569) |
|
( |
|
Total |
|
(54,647) |
|
(55,455) |
|
( |
|
(213,418) |
|
(221,738) |
|
( |
In 3Q24, finance income totaled
Finance costs in 3Q24 decreased
Net profit (loss) |
||||||||||||
Values in R$ ‘000 |
|
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
Net (loss) profit |
(77,140) |
|
(62,111) |
|
|
|
(61,401) |
|
(67,053) |
|
( |
|
(+) Layoffs related to internal restructuring |
1,165 |
|
115 |
|
n.m. |
|
4,775 |
|
1,297 |
|
|
|
(+) Share-based compensation plan |
|
3,305 |
|
9,755 |
|
( |
|
9,302 |
|
20,369 |
|
( |
(+) Amortization of intangible assets (1) |
40,424 |
|
38,940 |
|
|
|
159,326 |
|
156,313 |
|
|
|
(-) Income tax contingencies reversal |
|
- |
|
- |
|
n.m. |
|
- |
|
(29,715) |
|
n.m. |
(+) M&A adjusting expenses |
|
- |
|
- |
|
n.m. |
|
13,776 |
|
23,562 |
|
( |
(-) Tax shield (2) |
(15,264) |
|
(16,595) |
|
( |
|
(63,641) |
|
(68,524) |
|
( |
|
Adjusted net (loss) profit |
(47,510) |
|
(29,896) |
|
|
|
62,137 |
|
36,249 |
|
|
|
Adjusted net margin |
( |
|
( |
|
(10.0p.p.) |
|
|
|
|
|
1.6p.p. |
|
Note: n.m.: not meaningful; (1) From business combinations. (2) Tax shield ( |
In 3Q24, adjusted net loss totaled
The 2023 sales cycle was positively impacted by a gain related to the reversal of tax contingencies recorded in 4Q22, which impacted corporate tax and finance results, but negatively impacted by M&A expenses in the amount of
Accounts receivable and PDA |
||||||||||
Values in R$ ‘000 |
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2Q24 |
|
% Q/Q |
|
Gross accounts receivable |
567,339 |
|
545,972 |
|
|
|
755,133 |
|
( |
|
Provision for doubtful accounts (PDA) |
(90,214) |
|
(73,390) |
|
|
|
(93,543) |
|
( |
|
Coverage index |
|
|
|
|
|
2.5p.p. |
|
|
|
3.5p.p. |
Net accounts receivable |
|
477,125 |
|
472,582 |
|
|
|
661,590 |
|
( |
Average days of accounts receivable (1) |
112 |
|
118 |
|
(6) |
|
152 |
|
(40) |
|
(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360. |
The average payment term of Vasta’s accounts receivable portfolio was 112 days in the 3Q24, a reduction of 6 days in comparison to 3Q23 (118 days), and a reduction of 40 days in comparison to 2Q24 (152 days).
Free cash flow |
||||||||||||
Values in R$ ‘000 |
|
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
Cash from operating activities (1) |
87,881 |
|
81,030 |
|
|
|
316,463 |
|
309,487 |
|
|
|
(-) Income tax and social contribution paid |
- |
|
(279) |
|
n.m. |
|
(672) |
|
(5,361) |
|
( |
|
(-) Payment of provision for tax, civil and labor losses |
|
(1,067) |
|
(508) |
|
|
|
(1,507) |
|
(1,302) |
|
|
(-) Interest lease liabilities paid |
|
(3,690) |
|
(3,050) |
|
|
|
(9,799) |
|
(14,264) |
|
( |
(-) Acquisition of property, plant, and equipment |
(2,416) |
|
(8,899) |
|
( |
|
(16,599) |
|
(28,788) |
|
( |
|
(-) Additions of intangible assets |
(19,219) |
|
(1,411) |
|
n.m. |
|
(119,942) |
|
(85,194) |
|
|
|
(-) Lease liabilities paid |
(6,006) |
|
(8,623) |
|
( |
|
(22,023) |
|
(29,135) |
|
( |
|
Free cash flow (FCF) |
|
55,483 |
|
58,260 |
|
( |
|
145,921 |
|
145,444 |
|
|
FCF/Adjusted EBITDA |
|
|
|
|
110.9p.p. |
|
|
|
|
|
(2.9p.p.) |
|
LTM FCF/Adjusted EBITDA |
|
|
|
|
|
(2.9p.p.) |
|
|
|
|
|
(2.9p.p.) |
(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful |
Free cash flow (FCF) totaled
Financial leverage
Values in R$ ‘000 |
|
3Q24 |
|
2Q24 |
|
1Q24 |
|
4Q23 |
|
3Q23 |
Financial debt |
|
764,693 |
|
768,459 |
|
762,985 |
|
791,763 |
|
765,350 |
Accounts payable from business combinations |
|
630,267 |
|
618,830 |
|
616,247 |
|
614,120 |
|
601,171 |
Total debt |
|
1,394,960 |
|
1,387,289 |
|
1,379,232 |
|
1,405,883 |
|
1,366,521 |
Cash and cash equivalents |
|
96,162 |
|
50,868 |
|
67,214 |
|
95,864 |
|
106,757 |
Marketable securities |
|
258,945 |
|
272,991 |
|
242,799 |
|
245,942 |
|
261,264 |
Net debt |
|
1,039,853 |
|
1,063,430 |
|
1,069,219 |
|
1,064,076 |
|
998,500 |
Net debt/LTM adjusted EBITDA |
|
2.32 |
|
2.28 |
|
2.22 |
|
2.36 |
|
2.43 |
As of the end of 3Q24, Vasta had a net debt position of
ESG
Sustainability Report
Last August we disclosed Vasta´s third sustainability report regarding the year of 2023 and it was prepared in accordance with international standards and the implementation of our corporate strategy, challenges, and achievements, while also reaffirming our commitment to transparency and sustainability. These include the publication of its second Greenhouse Gas Inventory, the company's adherence to the UN Global Compact, the dedication of 1,991 thousand hours to the Corporate Volunteer Program, the SOMOS Afro program, an affirmative internship program, and the fact that
The report complies with the Global Reporting Initiative (GRI) 2021 version and considers other standards recognized in
The document is available at: https://ir.vastaplatform.com/esg/. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.
In line with the topics identified in the materiality process, every quarter we present Vasta's most material indicators:
Key Indicators
ENVIRONMENT |
||||||||
Water withdrawal¹ |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% Y/Y |
2Q2024 |
% Q/Q |
3, 11, 12 |
303-3 |
Total water withdrawal |
m³ |
3,205 |
5,290 |
( |
3,039 |
|
Municipal water supply1 |
% |
|
|
0 p.p. |
|
0 p.p. |
||
Groundwater |
% |
|
|
0 p.p. |
|
0 p.p. |
||
Energy consumption within the organization2 |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% Y/Y |
2Q2024 |
% Q/Q |
12, 13 |
302-1 |
Total energy consumption |
GJ |
3,699 |
1,845 |
|
3,856 |
( |
Energy from renewable sources2 |
% |
|
|
(13 p.p.) |
|
(6 p.p.) |
In the 3Q24, we observed a lower water consumption compared to the same period in 2023 due to the reduced demand for operations at the São José dos Campos Distribution Center and remained stable compared to 2Q24. There was also an increase in energy consumption compared to the same period in 2023, due to greater use of air conditioning resulting from the temperature increase that affected much of the country.
SOCIAL |
||||||||
Diversity in workforce by employee category |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
5 |
405-1 |
C-level – Women |
% |
|
|
(7 p.p.) |
|
(7 p.p.) |
C-level – Men |
% |
|
|
7 p.p. |
|
7 p.p. |
||
C-level- total4 |
no. |
9 |
7 |
|
7 |
|
||
Leadership (≥ managers) – Women |
% |
|
|
(1 p.p.) |
|
1 p.p. |
||
Total - Leadership (≥ managers) – Men |
% |
|
|
1 p.p. |
|
(1 p.p.) |
||
Leadership (≥ managers) 5 – total |
no. |
120 |
144 |
( |
124 |
( |
||
Academic staff – Women |
% |
|
|
(1 p.p.) |
|
2 p.p. |
||
Academic staff – Men |
% |
|
|
0 p.p. |
|
(2 p.p.) |
||
Academic staff 6 - total |
no. |
78 |
80 |
( |
75 |
|
||
Administrative/Operational – Women |
% |
|
|
(2 p.p.) |
|
(1 p.p.) |
||
Administrative/Operational – Male |
% |
|
|
2 p.p. |
|
1 p.p. |
||
Administrative/Operational 7 - total |
no. |
1,226 |
1,564 |
( |
1,229 |
( |
||
Employees – Women |
% |
|
|
(3 p.p.) |
|
(1 p.p.) |
||
Employees – Men |
% |
|
|
3 p.p. |
|
1 p.p. |
||
Employees - total |
no. |
1,433 |
1,795 |
( |
1,435 |
( |
Continuing our Diversity and Inclusion actions, in July we held a dialogue with our LGBTQIAPN+ people to discuss their experiences in the job market and in the company. In addition, we published communications encouraging self-declaration of sexual orientation and gender identity, so that more people may feel encouraged to self-identify. This month, we also promoted and encouraged our professionals to take the Ethnic-Racial Diversity course at the Corporate University.
In September 2024, we celebrated the Month of People with Disabilities with a live event involving our professionals with disabilities. This initiative also promoted the UniCo course on Inclusion of People with Disabilities and reinforced the self-declaration campaign.
Another important highlight of September 2024 is that we became signatories of the Movement for Racial Equity (MOVER), a non-profit association made up of more than 50 companies that together employ more than 1.3 million workers. The movement works collaboratively to ensure that Black people have access to more opportunities in the job market.
Social impact* 8 |
||||||
SDGs |
GRI |
Disclosure |
Unit |
2S2024 |
2S2023 |
1S2024 |
4, 10 |
- |
Scholars of the Somos Futuro Program |
no. |
213 |
232 |
195 |
* Indicators presented progressively, referring to the total accumulated since the beginning of the year, which is why we are not presenting the variations compared to previous semesters.
We continue to maintain the Somos Futuro Program via Instituto SOMOS. The initiative enables public school students to attend high school at one of Vasta's partner schools. In this quarter, 213 young people were studying through the program receiving didactic and paradidactic material, online school tutoring, mentoring and access to the entire support network of the program, which includes psychological monitoring, in addition to the scholarship offered by the school.
Health and Safety |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
3 |
403-5, 403-9 |
Units covered by the Risk Management Program (PGR) |
% |
|
|
0 p.p. |
|
0 p.p. |
Trained employees |
no. |
214 |
781 |
( |
221 |
( |
||
Average hours of training per employee 9 |
no. |
2.07 |
1.25 |
|
3.00 |
( |
||
Injury frequency 10 |
rate |
1.16 |
4.58 |
( |
1.09 |
|
||
High-consequence injuries |
no. |
- |
- |
|
- |
|
||
Recordable work-related injuries 11 |
rate |
- |
- |
|
- |
|
||
Fatalities resulted from work-related injuries |
no. |
- |
- |
|
- |
|
||
Fatalities 12 |
rate |
- |
- |
|
- |
|
The difference in employees trained between 3Q24 and 3Q23 is due to the fact that in May 2023 we implemented an automatic process to send reminders to employees who had not taken the mandatory courses on occupational health and safety available at our corporate university.
During the period, the main accidents involving employees occurred in internal circulation areas, resulting in falls on staircases, as well as accidents in administrative areas and laboratories involving furniture. Workplace inspections were carried out to identify risk situations and implement preventive plans.
In 3Q24, we promoted health actions, events, and lives, including the "Momento Espaço Saúde" in the offices and blood donation campaigns. We sent out a notice advising employees and students on how to act in emergency situations. We also publicized the procedure for the Mental Health Day and made Mental Health training available at the Corporate University for all employees. Additionally, we held SIPAT (Internal Week for the Prevention of Accidents at Work) at the Distribution Center in São José dos Campos.
GOVERNANCE |
||||||||
Diversity in the Board of Directors (gender) |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
5 |
405-1 |
Members |
no. |
7 |
7 |
|
7 |
|
Women |
% |
|
|
0 p.p. |
|
0 p.p. |
Ethical conduct |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
16 |
2-25 |
Cases recorded in our Confidential Ethics Hotline 13 |
no. |
5 |
20 |
( |
21 |
( |
10 |
406-1 |
Grievances regarding discrimination received through our Confidential Ethics Hotline 13 |
no. |
- |
1 |
( |
2 |
( |
Confirmed incidents of discrimination 13 |
no. |
- |
- |
|
- |
|
||
5 |
405-1 |
Employees who have received training on anti-corruption policies and procedures |
% |
|
|
0.0 p.p. |
|
0 p.p. |
Operations assessed for risks related to corruption |
% |
|
|
0.0 p.p. |
|
0 p.p. |
||
Confirmed incidents of corruption |
no. |
- |
- |
|
- |
|
NA: Not available: quarterly disclosure began in the second quarter of 2023. It used to be reported annually in Sustainability Reports.
This quarter, the number of cases recorded in our Confidential Channel was lower than in 3Q23 and 2Q24, due to the vacation period for our students. In addition, we continue to work hard to increase awareness around the Cogna Confidential Channel, encouraging the reporting of any situation related to discrimination, harassment, and deviations from the Code of Conduct.
Compliance* |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
16 |
307-1, 419-1 |
Fines for social and economic noncompliance |
R$ thousand |
0 |
0 |
|
0 |
|
Non-financial sanctions for social and economic non-compliance |
no. |
0 |
0 |
|
0 |
|
||
Fines for environmental noncompliance |
R$ thousand |
0 |
0 |
|
0 |
|
||
Non-financial sanctions for environmental non-compliance |
no. |
0 |
0 |
|
0 |
|
* Only cases deemed material, i.e., cases that harm Vasta's image, which lead to a halt in operations, or where the amounts involved are over
Customer data privacy |
||||||||
SDGs |
GRI |
Disclosure |
Unit |
3Q2024 |
3Q2023 |
% HA |
2Q2024 |
% HA |
16 |
418-1 |
External complaints substantiated by the organization |
no. |
4 |
4 |
|
3 |
|
Complaints received from regulatory agencies or similar official bodies |
no. |
- |
- |
( |
- |
|
||
Cases identified of leakage, theft, or loss of customer data |
no. |
- |
- |
|
- |
|
We have added the reclassification of requests opened by the data subject internally on the Privacy Portal. In this way, it is possible, after analyzing the case, to identify and classify whether the request does in fact refer to the rights of data subjects under the LGPD.
FOOTNOTES: |
|
SDG |
Sustainable Development Goal. Indicates goal to which the actions monitored contribute. |
GRI |
Global Reporting Initiative. Lists the GRI standard indicators related to the data monitored. |
ND |
Indicator discontinued or not measured in the quarter. |
NM |
Not meaningful |
1 |
Based on invoices from sanitation concessionaires. |
2 |
Acquired from the free energy market. |
3 |
n.a. |
4 |
Takes into the account the positions of CEO, vice presidents and director reporting directly to the CEO |
5 |
Management, senior management and leadership positions not reporting directly to the CEO |
6 |
Course coordinators, teachers, and tutors. |
7 |
Corporate coordination, specialists, adjuncts, assistants and analysts. |
8 |
Indicators reported on semi-annual basis (2Q and 4Q). |
9 |
Total hours of training/employees trained. |
10 |
Total accidents (with and without leave)/ Total man/hours worked (MHW) x 1,000,000 |
11 |
Work-related injury (excluding fatalities) from which the worker cannot recover fully to pre-injury health status within 6 months. Formula: Number of injuries/MHW x 1.000.000. |
12 |
Fatalities/ MHW x 1,000,000. |
13 |
Indicators measured from the first quarter of 2023. It used to be reported annually in Sustainability Reports |
CONFERENCE CALL INFORMATION
Vasta will discuss its third quarter 2024 results on November 7, 2024, via a conference call at 5:00 p.m. Eastern Time. To access the call (ID: 3871721), please dial: +1 (888) 660-6819 or +1 (929) 203-1989. A live and archived webcast of the call will be available on the Investor Relations section of the Company’s website at https://ir.vastaplatform.com. Information contained in, or accessible through, our website is not incorporated by reference in, and does not constitute a part of, this press release.
ABOUT VASTA
Vasta is a leading, high-growth education company in
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including (i) general economic, financial, political, demographic and business conditions in
NON-GAAP FINANCIAL MEASURES
This press release presents our EBITDA, Adjusted EBITDA and Adjusted net (loss) profit and Free cash flow (FCF), which is information provided for the convenience of investors. EBITDA and Adjusted EBITDA are among the key performance indicators used by us to measure financial operating performance. Our management believes that these Non-GAAP financial measures provide useful information to investors and shareholders. We also use these measures internally to establish budgets and operational goals to manage and monitor our business, evaluate our underlying historical performance and business strategies and to report our results to the board of directors.
We calculate EBITDA as net (loss) profit for the period/year plus income taxes and social contribution plus/minus net finance result plus depreciation and amortization. The EBITDA measure provides useful information to assess our operational performance.
We calculate Adjusted EBITDA as EBITDA plus/minus: (a) income tax and social contribution; (b) net finance result; (c) depreciation and amortization; (d) share-based compensation expenses, mainly due to the grant of additional shares to Somos’ employees in connection with the change of control of Somos to Cogna (for further information refer to note 23 to the audited consolidated financial statements) ; (e) provision for risks of tax, civil and labor losses regarding penalties, related to income tax positions taken by the Predecessor Somos – Anglo and Vasta in connection with a corporate reorganization carried out by the Predecessor Somos – Anglo; (f) Bonus IPO, which refers to bonus paid to certain executives and employees based on restricted share units; and (g) expenses with contractual termination of employees due to organizational restructuring. We understand that such adjustments are relevant and should be considered when calculating our Adjusted EBITDA, which is a practical measure to assess our operational performance that allows us to compare it with other companies that operates in the same segment.
We calculate Adjusted net (loss) profit as the (loss) profit for the period/year as presented in Statement of Profit or Loss and Other Comprehensive Income adjusted by the same Adjusted EBITDA items, however, added by (a) Amortization of intangible assets from Business Combination and (b) Tax shield of
We calculate Free cash flow (FCF) as the cash from operating activities as presented in the Statement of Cash Flows less (a) income tax and social contribution paid; (b) tax, civil and labor proceedings paid; (c) interest lease liabilities paid; (d) acquisition of property, plant and equipment; (e) additions to intangible assets; and (f) lease liabilities paid.
We understand that, although Adjusted net (loss) profit, EBITDA, Adjusted EBITDA, and Free cash flow (FCF) are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of Adjusted net (loss) profit, Adjusted EBITDA, and Free cash flow (FCF) may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.
REVENUE RECOGNITION AND SEASONALITY
Our main deliveries of printed and digital materials to our customers occur in the last quarter of each year (typically in November and December), and in the first quarter of each subsequent year (typically in February and March), and revenue is recognized when the customers obtain control over the materials. In addition, the printed and digital materials we provide in the fourth quarter are used by our customers in the following school year and, therefore, our fourth quarter results reflect the growth in the number of our students from one school year to the next, leading to higher revenue in general in our fourth quarter compared with the preceding quarters in each year. Consequently, in aggregate, the seasonality of our revenues generally produces higher revenues in the first and fourth quarters of our fiscal year. Thus, the numbers for the second quarter and third quarter are usually less relevant. In addition, we generally bill our customers during the first half of each school year (which starts in January), which generally results in a higher cash position in the first half of each year compared to the second half.
A significant part of our expenses is also seasonal. Due to the nature of our business cycle, we need significant working capital, typically in September or October of each year, to cover costs related to production and inventory accumulation, selling and marketing expenses, and delivery of our teaching materials at the end of each year in preparation for the beginning of each school year. As a result, these operating expenses are generally incurred between September and December of each year.
Purchases through our Livro Fácil e-commerce platform are also very intense during the back-to-school period, between November, when school enrollment takes place and families plan to anticipate the purchase of products and services, and February of the following year, when classes are about to start. Thus, e-commerce revenue is mainly concentrated in the first and fourth quarters of the year.
KEY BUSINESS METRICS
Annual Contract Value, or ACV, is a non-accounting managerial metric and represents our partner schools’ commitment to pay for our solutions offerings. We believe it is a meaningful indicator of demand for our solutions. We consider ACV is a helpful metric because it is designed to show amounts that we expect to be recognized as revenue from subscription services for the 12-month period between October 1 of one fiscal year through September 30 of the following fiscal year. We define ACV as the revenue we would expect to recognize from a partner school in each school year, based on the number of students who have contracted our services, or “enrolled students,” that will access our content at such partner school in such school year. We calculate ACV by multiplying the number of enrolled students at each school with the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with the related school. Although our contracts with our schools are typically for 4-year terms, we record one year of revenue under such contracts as ACV. ACV is calculated based on the sum of actual contracts signed during the sales period and assumes the historical rates of returned goods from customers for the preceding 24-month period. Since the actual rates of returned goods from sales during the period may be different from the historical average rates and the actual volume of merchandise ordered by our customers may be different from the contracted amount, the actual revenue recognized during each period of a sales cycle may be different from the ACV for the respective sales cycle. Our reported ACV is subject to risks associated with, among other things, economic conditions and the markets in which we operate, including risks that our contracts may be canceled or adjusted (including as a result of the COVID-19 pandemic).
FINANCIAL STATEMENTS Consolidated Statements of Financial Position |
|||
Assets |
September 30, 2024 |
|
December 31, 2023 |
Current assets |
|
|
|
Cash and cash equivalents |
96,162 |
95,864 |
|
Marketable securities |
258,945 |
245,942 |
|
Trade receivables |
477,125 |
697,512 |
|
Inventories |
334,815 |
300,509 |
|
Taxes recoverable |
20,122 |
19,041 |
|
Income tax and social contribution recoverable |
13,477 |
16,841 |
|
Prepayments |
84,801 |
71,870 |
|
Other receivables |
1,528 |
2,085 |
|
Related parties – other receivables |
10,520 |
7,157 |
|
Total current assets |
1,297,495 |
1,456,821 |
|
|
|
|
|
Non-current assets |
|
|
|
Judicial deposits |
224,210 |
|
207,188 |
Deferred income tax and social contribution |
253,834 |
|
205,453 |
Equity accounted investees |
54,765 |
|
64,484 |
Other investments and interests in entities |
9,879 |
|
9,879 |
Property, plant and equipment |
155,406 |
|
151,492 |
Intangible assets and goodwill |
5,205,092 |
|
5,307,563 |
Total non-current assets |
5,903,186 |
|
5,946,059 |
|
|
|
|
Total Assets |
7,200,681 |
|
7,402,880 |
Consolidated Statements of Financial Position (continued) |
|||
Liabilities |
September 30, 2024 |
|
December 31, 2023 |
Current liabilities |
|
|
|
Bonds |
267,471 |
541,763 |
|
Suppliers |
141,840 |
221,291 |
|
Reverse factoring |
274,239 |
|
263,948 |
Lease liabilities |
19,145 |
17,078 |
|
Income tax and social contribution payable |
1,005 |
- |
|
Salaries and social contributions |
93,006 |
104,406 |
|
Taxes payable |
5,778 |
|
7,821 |
Contractual obligations and deferred income |
9,666 |
|
32,815 |
Accounts payable for business combination and acquisition of associates |
209,934 |
|
216,728 |
Other liabilities |
26,296 |
26,382 |
|
Other liabilities - related parties |
24,174 |
15,060 |
|
Total current liabilities |
1,072,554 |
1,447,292 |
|
|
|
|
|
Non-current liabilities |
|||
Bonds |
497,222 |
250,000 |
|
Lease liabilities |
92,809 |
79,579 |
|
Accounts payable for business combination and acquisition of associates |
420,333 |
|
397,392 |
Provision for tax, civil and labor losses |
731,637 |
697,990 |
|
Other liabilities |
2,313 |
9,836 |
|
Total non-current liabilities |
1,744,314 |
1,434,797 |
|
|
|
|
|
Total current and non-current liabilities |
2,816,868 |
2,882,089 |
|
|
|
|
|
Shareholder's Equity |
|||
Share capital |
4,820,815 |
4,820,815 |
|
Capital reserve |
90,079 |
89,627 |
|
Treasury shares |
(75,457) |
(59,525) |
|
Accumulated losses |
(452,551) |
(331,559) |
|
Total Shareholder's Equity |
4,382,886 |
4,519,358 |
|
|
|
|
|
Interest of non-controlling shareholders |
927 |
|
1,433 |
|
|
|
|
Total Shareholder's Equity |
4,383,813 |
4,520,791 |
|
|
|
|
|
Total Liabilities and Shareholder's Equity |
7,200,681 |
7,402,880 |
Consolidated Income Statement |
||||||||
|
|
July 01 to September 30, 2024 |
|
July 01 to September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
Net revenue from sales and services |
|
220,193 |
|
257,933 |
|
975,261 |
932,164 |
|
Sales |
|
200,832 |
|
242,242 |
|
915,810 |
896,135 |
|
Services |
|
19,361 |
|
15,691 |
|
59,451 |
36,029 |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold and services |
|
(81,184) |
|
(101,161) |
|
(352,034) |
(375,464) |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
139,009 |
|
156,772 |
|
623,227 |
556,700 |
|
|
|
|
|
|
|
|
|
|
Operating income (expenses) |
|
(191,923) |
|
(195,379) |
|
(623,425) |
(590,570) |
|
General and administrative expenses |
|
(120,689) |
|
(124,500) |
|
(383,500) |
(369,872) |
|
Commercial expenses |
|
(63,652) |
|
(63,044) |
|
(210,490) |
(178,968) |
|
Impairment losses on trade receivables |
|
(7,845) |
|
(15,369) |
|
(31,199) |
(26,777) |
|
Other operating income |
|
379 |
|
7,534 |
|
2,381 |
18,015 |
|
Other operating expenses |
|
(116) |
|
- |
|
(617) |
(32,968) |
|
|
|
|
|
|
|
|
|
|
Share of loss equity-accounted investees |
|
(2,691) |
|
(2,878) |
|
(9,719) |
|
(5,532) |
|
|
|
|
|
|
|
|
|
Loss before finance result and taxes |
|
(55,605) |
|
(41,485) |
|
(9,917) |
(39,402) |
|
|
|
|
|
|
|
|
|
|
Finance result |
|
|
|
|
|
|||
Finance income |
|
16,836 |
|
19,511 |
|
46,566 |
53,612 |
|
Finance costs |
|
(71,483) |
|
(74,966) |
|
(205,267) |
(233,536) |
|
|
|
|
|
|
|
|
|
|
Loss before income tax and social contribution |
|
(110,252) |
|
(96,940) |
|
(168,618) |
(219,326) |
|
|
|
|
|
|
|
|
|
|
Income tax and social contribution |
|
|
|
|
|
|
|
|
Current |
|
415 |
|
(4,762) |
|
(1,375) |
(2,299) |
|
Deferred |
|
32,697 |
|
39,591 |
|
48,624 |
78,679 |
|
|
|
33,112 |
|
34,829 |
|
47,249 |
|
76,380 |
|
|
|
|
|
|
|
|
|
Loss for the period |
|
(77,140) |
|
(62,111) |
|
(121,369) |
(142,946) |
|
|
|
|
|
|
|
|
|
|
Allocated to: |
|
|
|
|
|
|
|
|
Controlling shareholders |
|
(77,142) |
|
(62,389) |
|
(120,992) |
(143,896) |
|
Non-controlling shareholders |
|
2 |
|
278 |
|
(377) |
950 |
Consolidated Statement of Cash Flows |
||||
|
|
September 30, |
||
|
|
2024 |
|
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Loss before income tax and social contribution |
|
(168,618) |
(219,326) |
|
Adjustments for: |
|
|||
Depreciation and amortization |
|
217,857 |
205,948 |
|
Share of loss profit of equity-accounted investees |
|
9,719 |
5,532 |
|
Impairment losses on trade receivables |
|
31,199 |
26,777 |
|
Provision (reversal) for tax, civil and labor losses, net |
|
222 |
(10,190) |
|
Provision on accounts payable for business combination |
|
- |
23,562 |
|
Interest on provision for tax, civil and labor losses |
|
34,607 |
41,313 |
|
Interest on bonds |
|
72,781 |
91,361 |
|
Contractual obligations and right to returned goods |
|
(18,480) |
(38,080) |
|
Interest on accounts payable for business combination and acquisition of associates |
|
46,442 |
52,100 |
|
Interest on suppliers |
|
32,331 |
26,196 |
|
Share-based payment expense |
|
7,051 |
14,335 |
|
Interest on lease liabilities |
|
8,467 |
10,144 |
|
Interest from financial investments and marketable securities |
|
(19,924) |
|
(31,065) |
Cancellations of right-of-use contracts |
|
(1,951) |
|
(2,480) |
Residual value of disposals of property and equipment and intangible assets |
|
1,256 |
|
639 |
|
|
252,959 |
196,766 |
|
Changes in |
|
|||
Trade receivables |
189,188 |
150,983 |
||
Inventories |
(34,306) |
(59,186) |
||
Prepayments |
(12,931) |
(27,551) |
||
Taxes recoverable |
1,151 |
(4,505) |
||
Judicial deposits and escrow accounts |
(16,938) |
(7,025) |
||
Other receivables |
557 |
(1,072) |
||
Related parties – other receivables |
(3,363) |
1,759 |
||
Suppliers |
(101,491) |
78,271 |
||
Salaries and social charges |
(11,400) |
8,556 |
||
Tax payable |
(1,039) |
969 |
||
Contractual obligations and deferred income |
(4,669) |
(14,236) |
||
Other liabilities |
(7,739) |
(20,452) |
||
Other liabilities - related parties |
9,115 |
(54) |
||
Cash from operating activities |
|
259,094 |
303,223 |
|
Payment of interest on leases |
(8,298) |
(10,136) |
||
Payment of interest on bonds |
(95,478) |
(118,901) |
||
Payment of interest on business combinations |
(3,145) |
(8,096) |
||
Income tax and social contribution paid |
- |
(944) |
||
Payment of provision for tax, civil and labor losses |
(1,265) |
(1,247) |
||
Net cash from operating activities |
|
150,908 |
163,899 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|||
Acquisition of property and equipment |
|
(13,309) |
(18,247) |
|
Additions of intangible assets |
|
(76,075) |
(61,425) |
|
Acquisition of subsidiaries net of cash acquired |
|
- |
(3,212) |
|
Proceeds from investment in marketable securities |
|
(729,560) |
(937,409) |
|
Purchase of investment in marketable securities |
|
736,481 |
1,087,724 |
|
Net cash used in investing activities |
|
(82,463) |
67,431 |
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Repurchase shares on treasury |
(22,531) |
(5,783) |
||
Payments of loans from related parties |
|
- |
|
(50,885) |
Lease liabilities paid |
|
(14,093) |
|
(22,541) |
Payments of bonds |
|
(500,000) |
|
- |
Issuance of securities with related parties |
|
495,627 |
|
- |
Payments of accounts payable for business combination |
|
(27,150) |
|
(91,129) |
Net cash used in financing activities |
(68,147) |
(170,338) |
||
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
298 |
60,992 |
|
Cash and cash equivalents at beginning of period |
|
95,864 |
45,765 |
|
Cash and cash equivalents at end of period |
|
96,162 |
106,757 |
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
298 |
60,992 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107130407/en/
Investor Relations
ir@vastaplatform.com
Source: Vasta Platform Limited
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