SÃO PAULO–(BUSINESS WIRE)–Vasta Platform Limited (NASDAQ: VSTA) – “Vasta” or the “Company” announces today its financial and operating results for the second quarter of 2024 (2Q24) ended 30 Giugno 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 to date totaled R$1,152 million, a 13.8% increase compared to the same period of the 2023 sales cycle. In 2Q24, subscription revenue totaled R$280 million, a 32.5% increase compared to 2Q23 due to the previously disclosed shift in product deliveries, which were deferred to the third quarter of our sales cycle, or 2Q24.
- Our subscription revenue reached 85.3% of Annual Contract Value (“ACV”) bookings for the 2024 sales cycle, a 1.4 p.p. increase compared to the 2023 sales cycle to date (83.9%). This indicator allows us to reaffirm our expectation that by the end of the period we will have achieved 12% organic growth compared to the previous sales cycle to date.
- In the 2024 sales cycle to date (which commenced 4Q23 through 2Q24), net revenue increased 11% to R$1,309 million compared to the same period of the 2023 sales cycle, mostly due to the conversion of ACV into revenue and to the performance of the B2G unit. In the second quarter, net revenue totaled R$294 million, an 8% increase compared to the previous year.
- In the 2024 sales cycle to date, Adjusted EBITDA grew by 15% to R$428 million compared to R$372 million in previous year, and Adjusted EBITDA Margin grew by 32.7%, which represents an increase of 1.1 p.p. compared to 2023. This increase was mainly driven by gains in operating efficiency, cost savings and a sales mix that benefited from the growth of subscription products. In 2Q24, Adjusted EBITDA totaled R$26 million, a 36% decrease compared to R$41 million in 2Q23, mainly due to higher Commercial expenses and non-recurring positive effects in 2Q23 of a reversion of a provision for doubtful account (PDA) related to a large retail customer.
- Vasta recorded an Adjusted Net Profit of R$110 million in the 2024 sales cycle to date, a 65.8% increase compared to an Adjusted Net Profit of R$66 million in previous year. In 2Q24, Adjusted Net Loss totaled R$37 million, a 14.4% increase compared to Adjusted Net Loss of R$32 million in 2Q23.
- Free cash flow (FCF) totaled R$90 million in the 2024 sales cycle to date, a 4% increase compared to R$87 million in 2023. In 2Q24 FCF totaled R$38 million, a 59.2% decrease from R$94 million in 2Q23. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 26% to 32% as a result of Vasta’s growth and implementation of sustained efficiency measures.
- On 21 Giugno 2024, the Company issued an aggregate amount of R$500 million simple debentures not convertible into shares, comprised of two series, accruing interest at a rate equal to 100% of CDI, which is an average of interbank overnight rates in Brazil, plus a spread of 1.35% per annum for the first series, and 1.60% per annum for the second series. The debentures aim to strengthen the Company’s capital structure through the pre-payment of certain existing indebtedness and extension of the Company’s debt maturity profile. The debentures final payment date is currently set at 59 months from the issuance date. This strategic liability management action highlights the Company’s commitment to improving its financial stability. By extending the debt maturity and reducing the average interest rate by 50 basis points, the Company not only enhances its liquidity position but also achieves significant cost savings, thereby optimizing its capital structure for future growth.
- Starting in 2023, Vasta started to offer its products and services to the Brazilian public sector (B2G). Our broad portfolio of core content solutions, digital platform, and complementary products together with customized learning solutions, tested over decades by the private sector, are now available to the K-12 public schools. With the B2G sector, we generated R$69 million in revenues in the 2024 sales cycle to date (R$40 million in previous sales cycle).
- The Start Anglo bilingual school keeps growing with 30 contracts signed as of this date, and 2 operating units boasting bilingual education alongside academic excellence, which reinforces our strategic expansion into new revenue streams and marks the onset of an exhilarating journey. Additionally, Start Anglo made important progress in expanding the offering of our products into a new region of Brazil to reach 11 Brazilian states through a franchise business model. This progress strengthens our brand and generates positive prospects for the business. In addition, we launched the Revitalization project of the Liceu Complex in São Paulo, which will preserve the entire historical architectural design. We expect to commence our flagship operations in São Paulo in 2025.
MESSAGE FROM MANAGEMENT
As we finished our third quarter of the current sales cycle, our net revenue during the 2024 cycle to date has reached R$1,309 million, representing a 11% increase compared to the same period in the previous year, mostly due to the conversion of ACV into revenue and to the performance of the B2G business unit. Additionally, our complementary solutions have seen an important growth of 20% compared to sales cycle 2023, with an accelerated increase in both student base and market penetration.
Vasta’s accumulated subscription revenue in the 2024 sales cycle to date totaled R$1,152 million, a 14% increase compared to the same period in the previous sales cycle. Subscription revenue for the 2024 sales cycle to date reached 85.3% of Annual Contract Value (“ACV”) bookings for the 2024 sales cycle, a 1.4 p.p. increase compared to the same period in the 2023 sales cycle (83.9%). This growth is aligned with our previously announced 12% growth projection for our 2024 ACV.
Another highlight of the 2024 sales cycle to date has been that Adjusted EBITDA grew by 15%, to R$428 million compared to R$372 million in previous sales cycle, and Adjusted EBITDA Margin increased by 1.1 p.p. to 32.7%. In proportion to net revenue, gross margin increased 230 bps in the sales cycle to date (from 62.1% to 64.4%) mainly due to better product mix and reduced impact of paper and production costs, Adjusted G&A expenses reduced by 170 bps driven by workforce optimization and budgetary discipline and Commercial expenses increased by 230 bps driven by higher expenses related to business expansion and marketing investments.
Free cashflow (FCF) in the 2024 sales cycle totaled R$90 million, a 3.7% increase from R$87 million for the same period in the 2023 sales cycle. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved for the sixth consecutive quarter, from 26.4% to 31.9%, due to Vasta’s growth and implementation of sustained efficiency measures. Moreover, the net debt/LTM adjusted EBITDA was 2.28x as of 2Q24, having increased slightly from 2.22x in 1Q24, and decreasing from 2.57x in 2Q23.
Start-Anglo bilingual school, a cornerstone of our growth strategy, is experiencing continued expansion. In 2Q24, we entered into 10 new contracts, totaling 30 contracts. Another positive notice concerns the entry into a new region of the country, which creates new possibilities and reaffirms the expansion of our business. With this movement, the Start Anglo is distributed in 11 states in Brazil, with 2 operating units in 2024 and over 300 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.
OPERATING PERFORMANCE
Student base – subscription models
|
2024 |
|
2023 |
|
% Y/Y |
|
2022 |
|
% Y/Y |
||
|
Partner schools – Core content |
4,744 |
|
5,032 |
|
(5.7%) |
|
5,274 |
|
(4.6%) |
|
|
Partner schools – Complementary solutions |
1,722 |
|
1,383 |
|
24.5% |
|
1,304 |
|
6.1% |
|
|
Students – Core content |
1,432,289 |
|
1,539,024 |
|
(6.9%) |
|
1,589,224 |
|
(3.2%) |
|
|
Students – Complementary content |
483,132 |
|
453,552 |
|
6.5% |
|
372,559 |
|
21.7% |
Note: Students enrolled in partner schools
In the 2024 sales cycle, Vasta served nearly 1.4 million students with core content solutions and near 500,000 students with complementary solutions. This is aligned with the company’s strategy to focus on improving its client base in 2024 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 have higher number of students on average, and a lower margin.
FINANCIAL PERFORMANCE
Net revenue
|
Values in R$ ‘000 |
2Q24 |
|
2Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
|
Subscription |
279,760 |
211,154 |
32.5% |
1,152,007 |
1,012,315 |
13.8% |
||||||
|
Core content |
|
275,817 |
|
206,675 |
|
33.5% |
|
967,821 |
|
858,751 |
|
12.7% |
|
Complementary solutions |
|
3,943 |
|
4,479 |
|
(12.0%) |
|
184,186 |
|
153,563 |
|
19.9% |
|
B2G |
– |
40,453 |
(100.0%) |
69,031 |
40,453 |
70.6% |
||||||
|
Non-subscription |
|
14,592 |
|
19,790 |
|
(26.3%) |
|
88,139 |
|
126,483 |
|
(30.3%) |
|
Total net revenue |
294,352 |
271,396 |
8.5% |
1,309,177 |
1,179,250 |
11.0% |
||||||
|
% ACV |
|
20.7% |
|
17.5% |
|
3.2p.p. |
|
85.3% |
|
83.9% |
|
1.4p.p. |
|
% Subscription |
|
95.0% |
|
77.8% |
|
17.2p.p. |
|
88.0% |
|
85.8% |
|
2.2p.p. |
Note: n.m.: not meaningful
In 2Q24, Vasta’s net revenue totaled R$294 million, a 8.5% increase compared to 2Q23. Subscription revenue totaled R$ 280 million, a 32.5% increase compared to 2Q23, due to the previously disclosed shift in product deliveries, which were deferred to the third quarter of our sales cycle, or 2Q24. This result brings us back on track to accomplish the ACV revised guidance of 12% in this Sales Cycle.
In the 2024 sales cycle to date (4Q23 to 2Q24), Vasta’s net revenue totaled R$1,309 million, a 11.0% increase compared to the same period in the prior year. Subscription revenue grew 13.8% in the 2024 sales cycle to date. The subscription revenue reached 85.3% of expected Annual Contract Value (“ACV”) bookings for the 2024 sales cycle, a 1.4 p.p. increase compared to the same period in the 2023 sales cycle (83.9% in the same period of the 2023 sales cycle).
EBITDA
|
Values in R$ ‘000 |
2Q24 |
|
2Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
|
Net revenue |
|
294,352 |
|
271,396 |
|
8.5% |
|
1,309,176 |
|
1,179,250 |
|
11.0% |
|
Cost of goods sold and services |
|
(130,767) |
|
(119,177) |
|
9.7% |
|
(466,293) |
|
(446,380) |
|
4.5% |
|
General and administrative expenses |
|
(122,909) |
|
(118,091) |
|
4.1% |
|
(358,462) |
|
(365,260) |
|
(1.9%) |
|
Commercial expenses |
|
(73,578) |
|
(64,863) |
|
13.4% |
|
(213,966) |
|
(166,129) |
|
28.8% |
|
Other operating (expenses) income |
|
(284) |
|
(23,481) |
|
(98.8%) |
|
2,068 |
|
(24,408) |
|
(108.5%) |
|
Share of loss equity-accounted investees |
|
(3,968) |
|
(2,126) |
|
86.6% |
|
(20,151) |
|
(5,016) |
|
301.7% |
|
Impairment losses on trade receivables |
|
(10,149) |
|
(1,028) |
|
887.3% |
|
(52,348) |
|
(40,181) |
|
30.3% |
|
Profit before financial income and taxes |
|
(47,303) |
|
(57,370) |
|
(17.5%) |
|
200,025 |
|
131,876 |
|
51.7% |
|
(+) Depreciation and amortization |
|
67,827 |
|
66,532 |
|
1.9% |
|
204,390 |
|
205,204 |
|
(0.4%) |
|
EBITDA |
|
20,524 |
|
9,162 |
|
123.9% |
|
404,415 |
|
337,080 |
|
20.0% |
|
EBITDA Margin |
|
7.0% |
|
3.4% |
|
3.6p.p. |
|
30.9% |
|
28.6% |
|
2.3p.p. |
|
(+) Layoff related to internal restructuring |
|
2,630 |
|
87 |
|
n.m. |
|
3,610 |
|
1,182 |
|
205.4% |
|
(+) Share-based compensation plan |
|
2,768 |
|
7,841 |
|
(64.7%) |
|
5,997 |
|
10,614 |
|
(43.5%) |
|
(+) M&A adjusting expenses |
|
– |
|
23,562 |
|
(100.0%) |
|
13,776 |
|
23,562 |
|
(41.5%) |
|
Adjusted EBITDA |
25,922 |
|
40,653 |
|
(36.3%) |
|
427,798 |
|
372,439 |
|
14.9% |
|
|
Adjusted EBITDA Margin |
8.8% |
|
15.0% |
|
(6.2p.p.) |
|
32.7% |
|
31.6% |
|
1.1p.p. |
Note: n.m.: not meaningful
In the 2024 sales cycle to date, Adjusted EBITDA grew 14.9% to R$428 million with a margin of 32.7%, representing an increase of 1.1 p.p. in comparison to prior year. In 2Q24, Adjusted EBITDA totaled R$26 million, a 36.3% decrease compared to R$41 million in 2Q23, mostly due to higher commercial expenses in 2024 and a non-recurrent reversion of a provision for doubtful accounts (PDA) related to a large retail customer that occurred in 2Q23. In the 2024 Sales cycle to date, the increase in Adjusted EBITDA and Adjusted EBITDA Margin was mainly driven by gains in operating efficiency, cost savings and a sales mix that benefited from the growth of subscription products, partially offset by higher commercial expenses due to anticipation of marketing events and campaigns for the next cycle. Share of loss equity-accounted investees relates to a 43.1% minority stake in Educbank Gestão de Pagamentos Educacionais S.A. (“Educbank”), which registered a loss in equity-accounted investees in the amount of R$20 million in the 2024 sales cycle to date that was mainly due to write-off costs relating to a potential M&A target of Educbank, which ultimately did not materialize.
|
(%) Net Revenue |
2Q24 |
|
2Q23 |
|
Y/Y (p.p.) |
|
2024 cycle |
|
2023 cycle |
|
Y/Y (p.p.) |
|
|
Gross margin |
|
55.6% |
|
56.1% |
|
(0.5p.p.) |
|
64.4% |
|
62.1% |
|
2.3p.p. |
|
Adjusted cash G&A expenses(1) |
|
(18.3%) |
|
(16.8%) |
|
(1.5p.p.) |
|
(11.4%) |
|
(13.1%) |
|
1.7p.p. |
|
Commercial expenses |
|
(25.0%) |
|
(23.9%) |
|
(1.1p.p.) |
|
(16.3%) |
|
(14.1%) |
|
(2.2p.p.) |
|
Impairment on trade receivables |
|
(3.4%) |
|
(0.4%) |
|
(3.0 p.p.) |
|
(4.0%) |
|
(3.4%) |
|
(0.6p.p.) |
|
Adjusted EBITDA margin |
|
8.8% |
|
15.0% |
|
(6.2p.p.) |
|
32.7% |
|
31.6% |
|
1.1p.p. |
(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses.
In proportion to net revenue, gross margin increased 230 bps in the sales cycle to date (from 62% to 64%) mainly due to better product mix and reduced impact of paper and production costs. Adjusted cash G&A expenses reduced by 170 bps driven by workforce optimization and budgetary discipline and Commercial expenses increased by 220 bps. driven by higher expenses related to business expansion and marketing investments while impairment on trade receivable (PDA) had a slight increase of 60 bps, due to a more restrictive credit landscape.
Finance Results
|
Values in R$ ‘000 |
|
2Q24 |
|
2Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Finance income |
16,187 |
|
17,470 |
|
(7.3%) |
|
46,405 |
|
66,320 |
|
(30.0%) |
|
|
Finance costs |
(63,974) |
|
(82,754) |
|
(22.7%) |
|
(205,176) |
|
(232,603) |
|
(11.8%) |
|
|
Total |
|
(47,787) |
|
(65,284) |
|
(26.8%) |
|
(158,771) |
|
(166,283) |
|
(4.5%) |
In the second quarter of 2024, finance income totaled R$16.2 million, from R$17.5 million in 2Q23, due to the impact of lower interest rates on financial investments and marketable securities. In the 2024 sales cycle to date, finance income decreased 30% to R$46.4 million from R$ 66,3 million in prior sales cycle, when finance income was impacted with a gain of R$10 million recorded in 4Q22, resulting from the reversal of interest on tax contingencies.
Finance costs in 2Q24 decreased 22.7% to R$64,0 million, from R$82,8 in 2Q23, due to the impact of lower interest rates on financial liabilities (mainly bonds, accounts payable on acquisition and contingencies), as noted above. In the 2024 sales cycle to date finance cost decreased 4.5% driven by the reduction on the Finance Debt position between the comparison quarters and lower interest rate.
Net profit (loss)
|
Values in R$ ‘000 |
|
2Q24 |
|
2Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Net (loss) profit |
(66,171) |
|
(78,611) |
|
(15.8%) |
|
15,739 |
|
(4,942) |
|
(418.5%) |
|
|
(+) Layoffs related to internal restructuring |
2,630 |
|
87 |
|
n.m. |
|
3,610 |
|
1,182 |
|
205.4% |
|
|
(+) Share-based compensation plan |
|
2,768 |
|
7,841 |
|
(64.7%) |
|
5,997 |
|
10,614 |
|
(43.5%) |
|
(+) Amortization of intangible assets(1) |
39,304 |
|
39,072 |
|
0.6% |
|
118,902 |
|
117,373 |
|
1.3% |
|
|
(-) Income tax contingencies reversal |
|
– |
|
– |
|
0.0% |
|
– |
|
(29,715) |
|
(100.0%) |
|
(+) M&A adjusting expenses |
|
– |
|
23,562 |
|
(100.0%) |
|
13,776 |
|
23,562 |
|
(41.5%) |
|
(-) Tax shield(2) |
(15,199) |
|
(23,991) |
|
(36.6%) |
|
(48,377) |
|
(51,929) |
|
(6.8%) |
|
|
Adjusted net (loss) profit |
(36,668) |
|
(32,040) |
|
14.4% |
|
109,647 |
|
66,145 |
|
65.8% |
|
|
Adjusted net margin |
(12.5%) |
|
(11.8%) |
|
(0.7p.p.) |
|
8.4% |
|
5.6% |
|
2.8p.p. |
Note: n.m.: not meaningful; (1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments.
In the second quarter of 2024, adjusted net loss totaled R$37 million, a 14.4% increase compared to a net loss of R$32 million in 2Q23. It is worth highlighting that 2Q and 3Q of every year represents about 30% of the total revenue of the year due to seasonality of product deliveries to our customers. In the 2024 sales cycle to date, adjusted net profit reached R$110 million, a 65.8% increase from an adjusted net profit of R$66 million for the same period in 2023.
The 2023 sales cycle was positively impacted by a gain related to the reversal of tax contingencies recorded in 4Q22, which impacted corporate tax and finance results, but negatively impacted by M&A expenses in the amount of R$ 24 million. The 2024 sales cycle to date was impacted by the M&A adjusting expenses occurred in 4Q23 as they related to one-off costs associated with the write-off of a potential M&A target of Educbank, which ultimately did not materialize, negatively impacting our Share of Loss of Equity-Accounted Investees in the amount of R$13.8 million.
Accounts receivable and PDA
|
Values in R$ ‘000 |
2Q24 |
|
2Q23 |
|
% Y/Y |
|
1Q24 |
|
% Q/Q |
|
|
Gross accounts receivable |
755,133 |
|
632,151 |
|
19.5% |
|
864,511 |
|
(12.7%) |
|
|
Provision for doubtful accounts (PDA) |
(93,543) |
|
(64,870) |
|
44.2% |
|
(93,489) |
|
0.1% |
|
|
Coverage index |
|
12.4% |
|
10.3% |
|
2.1p.p. |
|
10.8% |
|
1.57p.p. |
|
Net accounts receivable |
|
661,590 |
|
567,281 |
|
16.6% |
|
771,022 |
|
(14.2%) |
|
Average days of accounts receivable(1) |
152 |
|
149 |
|
3 |
|
180 |
|
(28) |
(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 152 days in the 2Q24 remained stable than the same quarter of the previous year (149 days).
Free cash flow
|
Values in R$ ‘000 |
|
2Q24 |
|
2Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Cash from operating activities(1) |
68,866 |
|
127,546 |
|
(46.0%) |
|
228,582 |
|
228,457 |
|
0.1% |
|
|
(-) Income tax and social contribution paid |
– |
|
(334) |
|
n.m. |
|
(672) |
|
(5,082) |
|
(86.8%) |
|
|
(-) Payment of provision for tax, civil and labor losses |
|
(64) |
|
(549) |
|
(88.0%) |
|
(440) |
|
(794) |
|
n.m. |
|
(-) Interest lease liabilities paid |
|
(2,579) |
|
(3,418) |
|
(24.5%) |
|
(6,109) |
|
(11,214) |
|
(45.5%) |
|
(-) Acquisition of property, plant, and equipment |
(1,910) |
|
(4,092) |
|
(53.3%) |
|
(14,183) |
|
(19,889) |
|
(28.7%) |
|
|
(-) Additions of intangible assets |
(22,080) |
|
(21,376) |
|
3.3% |
|
(100,723) |
|
(83,783) |
|
20.2% |
|
|
(-) Lease liabilities paid |
(3,787) |
|
(3,584) |
|
5.7% |
|
(16,017) |
|
(20,512) |
|
(21.9%) |
|
|
Free cash flow (FCF) |
|
38,446 |
|
94,193 |
|
(59.2%) |
|
90,438 |
|
87,184 |
|
3.7% |
|
FCF/Adjusted EBITDA |
148.3% |
|
231.7% |
|
(83.4p.p.) |
|
21.1% |
|
23.4% |
|
(2.3p.p.) |
|
|
LTM FCF/Adjusted EBITDA |
|
31.9% |
|
26.4% |
|
5.5p.p. |
|
31.9% |
|
26.4% |
|
5.5p.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 R$38 million 2Q24, a 59.2% decrease from a FCF of R$94 million in 2Q23. In the 2024 sales cycle to date, FCF totaled R$90 million, a R$3 million or 3.7% increase from R$87 million 2023. The second quarter was negatively impacted by two main effects: (1) the anticipation of marketing expenses and (2) increased payments related to the 2023 production costs owing to a seasonal effect of paper and printing purchases. Accordingly, we foresee a lower volume of production-related payments in the following quarters and expect to maintain improvement in FCF for the year-end.
The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 26.4% to 31.9% as a result of Vasta’s growth and implementation of sustained efficiency measures, for example: improve receivables management, enforcing credit policies and negotiate better payment terms.
Financial leverage
|
Values in R$ ‘000 |
|
2Q24 |
|
1Q24 |
|
4Q23 |
|
3Q23 |
|
2Q23 |
|
Financial debt |
|
768,459 |
|
762,985 |
|
791,763 |
|
765,350 |
|
846,443 |
|
Accounts payable from business combinations |
|
618,830 |
|
616,247 |
|
614,120 |
|
601,171 |
|
591,620 |
|
Total debt |
|
1,387,289 |
|
1,379,232 |
|
1,405,883 |
|
1,366,521 |
|
1,438,063 |
|
Cash and cash equivalents |
|
50,868 |
|
67,214 |
|
95,864 |
|
106,757 |
|
38,268 |
|
Marketable securities |
|
272,991 |
|
242,799 |
|
245,942 |
|
261,264 |
|
385,002 |
|
Net debt |
|
1,063,430 |
|
1,069,219 |
|
1,064,076 |
|
998,500 |
|
1,014,793 |
|
Net debt/LTM adjusted EBITDA |
|
2.28 |
|
2.22 |
|
2.36 |
|
2.43 |
|
2.57 |
As of the end of 2Q24, Vasta had a net debt position of R$1,063 million, a R$6 million decrease compared to 1Q24. The FCF generated in the period was offset by the impacts of financial interest cost and the Second Repurchase Program. The net debt/LTM adjusted EBITDA was 2.28x as of 2Q24, having increased slightly from 2.22x in 1Q24, and decreasing from 2.57x in 2Q23.
ESG
Sustainability Report
In 2023, Vasta released its sustainability report for the year 2022. This report, which is the company’s second, was prepared in accordance with international standards for reports of this category and showcases the implementation of our corporate strategy, challenges, and achievements, while also reaffirming our commitment to transparency and sustainability. These include the publication of its first Greenhouse Gas Inventory, the company’s adherence to the UN Global Compact, the dedication of 3,216 thousand hours to the Corporate Volunteer Program, the SOMOS Afro program, an affirmative internship program, and the fact that 29% of the seats on the Board of Directors are occupied by women.
The report complies with the Global Reporting Initiative (GRI) 2021 version and also considers other standards recognized in Brazil and abroad, such as the Sustainability Accounting Standards Board (SASB) guidelines for the education sector, the guidelines of the IBC Stakeholder Capitalism Metrics from the World Economic Forum, and the principles of the International Integrated Reporting Council (IIRC).
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 |
2Q2024 |
2Q2023 |
% Y/Y |
1Q2024 |
% Q/Q |
|
3, 11, 12 |
303-3 |
Total water withdrawal |
m³ |
3,039 |
4,654 |
(35%) |
5,088 |
(40%) |
|
Municipal water supply1 |
% |
100% |
100% |
0 p.p. |
0% |
100 p.p. |
||
|
Groundwater |
% |
0% |
0% |
0 p.p. |
100% |
(100 p.p.) |
||
|
Energy consumption within the organization2 |
||||||||
|
SDGs |
GRI |
Disclosure |
Unit |
2Q2024 |
2Q2023 |
% Y/Y |
1Q2024 |
% Q/Q |
|
12, 13 |
302-1 |
Total energy consumption |
GJ |
3,856 |
2,909 |
33% |
2,393 |
61% |
|
Energy from renewable sources2 |
% |
52% |
62% |
(9 p.p.) |
95% |
(43 p.p.) |
||
In the 2Q24, we observed a lower water consumption compared to the same period in 2023 and 1Q24 due to the reduced demand for operations at the São José dos Campos Distribution Center. 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 |
2Q2024 |
2Q2023 |
% HA |
1Q2024 |
% HA |
|
5 |
405-1 |
C-level – Women |
% |
29% |
40% |
(11 p.p.) |
29% |
(0 p.p.) |
|
C-level – Men |
% |
71% |
60% |
11 p.p. |
71% |
0 p.p. |
||
|
C-level- total4 |
no. |
7 |
5 |
40% |
7 |
0% |
||
|
Leadership (≥ managers) – Women |
% |
43% |
47% |
(4 p.p.) |
45% |
(2 p.p.) |
||
|
Total – Leadership (≥ managers) – Men |
% |
57% |
53% |
4 p.p. |
55% |
2 p.p. |
||
|
Leadership (≥ managers) 5 – total |
no. |
124 |
139 |
(11%) |
149 |
(17%) |
||
|
Academic staff – Women |
% |
15% |
18% |
(3 p.p.) |
18% |
(3 p.p.) |
||
|
Academic staff – Men |
% |
85% |
82% |
3 p.p. |
83% |
2 p.p. |
||
|
Academic staff 6 – total |
no. |
75 |
82 |
(9%) |
80 |
(6%) |
||
|
Administrative/Operational – Women |
% |
54% |
56% |
(2 p.p.) |
56% |
(2 p.p.) |
||
|
Administrative/Operational – Male |
% |
46% |
44% |
2 p.p. |
44% |
2 p.p. |
||
|
Administrative/Operational 7 – total |
no. |
1,229 |
1,524 |
(19%) |
1,595 |
(23%) |
||
|
Employees – Women |
% |
51% |
53% |
(2 p.p.) |
54% |
(3 p.p.) |
||
|
Employees – Men |
% |
49% |
47% |
2 p.p. |
46% |
3 p.p. |
||
|
Employees – total |
no. |
1,435 |
1,752 |
(18%) |
1,831 |
(22%) |
||
Contacts
Investor Relations
ir@vastaplatform.com
