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$1,358 million, a 12.5% increase compared to the same period of the 2023 sales cycle. In 3Q24, subscription revenue totaled R$206 million, a 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 positive 18.4%, 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% to R$1,529 million 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 R$220 million, a 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% to R$449 million compared to R$411 million in previous sales cycle, and Adjusted EBITDA Margin grew to 29.4%, from 28.6% 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 totaled R$21 million, a 45.3% decrease compared to R$39 million in 3Q23, mainly due to lower net revenues in the quarter.
- Vasta recorded an Adjusted Net Profit of R$62 million in the 2024 sales cycle, a 71.4% increase compared to R$36 million in the previous sales cycle, and an adjusted net margin increased 1.6p.p. compared to previous sales cycle, from 2.5% in 2023 to 4.1% in 2024. In 3Q24, Adjusted Net Loss totaled R$48 million, a 58.9% increase compared to Adjusted Net Loss of R$30 million in 3Q23.
- Free cash flow (FCF) totaled R$146 million in the 2024 sales cycle, slightly higher than R$145 million FCF in the 2023 sales cycle. In 3Q24 FCF totaled R$55 million, a 4.8% decrease from R$58 million in 3Q23. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate decreased from 35.4% to 32.5% 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 R$1,529 million, representing a 6.4% increase compared to the previous sales cycle, mostly due to the conversion of ACV into revenue. Additionally, our complementary solutions have seen an important growth of 20.9% compared to the 2023 sales cycle, with an accelerated increase in both student base and market penetration.
Vasta’s accumulated subscription revenue in the 2024 sales cycle totaled R$1,358 million, a 12.5% increase compared to the previous sales cycle. The Annual Contract Value (“ACV”) bookings expected for the 2024 sales cycle were delivered as expect and slightly higher than previous disclosed. Additionally, this line of revenue represents 88.8% of the total net revenue, a 4.8p.p. increase compared to the 2023 sales cycle, 84.0%. Subscription revenue continues to gain importance in the total revenue of the Company, in line with our strategy. CAGR for the last 5 cycles was a positive 18.4%, showing our resilience and the power of our brands and products.
Another highlight of the 2024 sales cycle has been that Adjusted EBITDA grew by 9.2%, to R$449 million compared to R$411 million in the previous sales cycle, and Adjusted EBITDA Margin increased by 0.8 p.p. to 29.4%. In proportion to net revenue, gross margin increased 230 bps in the 2024 sales cycle (from 61.9% to 64.2%) mainly due to synergy gains, cost efficiency and a better product mix that benefited from premium products expansion. Adjusted G&A expenses were reduced by 80 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$146 million, a 0.3% increase from R$145 million for the same period in 2023. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate decreased from 35.4% to 32.5%, due to higher investments in marketing for business expansion, and increased expenses relating to the 2023 production owing to a seasonal effect of paper and printing costs. However, we foresee a lower volume of production-related expenses in the following quarters and expect to maintain the improvement in FCF for the year-end.
Moreover, the net debt/LTM adjusted EBITDA was 2.32x as of 3Q24, which represents a decrease of 0.11x from 2.43x, in the same quarter of 2023. In comparison to 2Q24 the net debt/LTM adjusted EBITDA increased slightly from 2.28x in 2Q24. The Company continues to focus on deleveraging and cash generation, which is highlighted by this indicator. In 2024, we implemented some liquidity management actions, which allowed us to extend the maturity profile of our indebtedness and reduce applicable interest rates.
In the B2G segment, one of our main growing avenues, Vasta generated R$ 69 million in revenues in this sales cycle, compared to R$81 million in the previous sales cycle. This is the second year since Vasta started offering its products and services to the public sector, and we remain confident in our strategy. We have renewed the contract signed in the previous year in the State of Pará and the SAEB scores were released showing a significant improvement in the students’ results in that state, moving from the second-to-last place in the National Ranking for High School to sixth place, with more than a 40% improvement in high school students’ scores. This is a remarkable result for us, the State of Pará and mainly for the students who benefited from the best products for recompositing learning and core-skill developments.
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 |
|
(5.7%) |
|
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 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 |
|
5.7% |
|
1,357,880 |
|
1,207,155 |
|
12.5% |
|
|
Core content |
|
199,262 |
|
190,607 |
|
4.5% |
|
1,167,082 |
|
1,049,358 |
|
11.2% |
|
Complementary solutions |
|
6,612 |
|
4,234 |
|
56.2% |
|
190,798 |
|
157,797 |
|
20.9% |
|
B2G |
– |
|
40,747 |
|
(100.0%) |
|
69,031 |
|
81,199 |
|
(15.0%) |
|
|
Non-subscription |
|
14,319 |
|
22,346 |
|
(35.9%) |
|
102,458 |
|
148,829 |
|
(31.2%) |
|
Total net revenue |
220,193 |
|
257,933 |
|
(14.6%) |
|
1,529,369 |
|
1,437,183 |
|
6.4% |
|
|
% ACV |
|
15.2% |
|
15.8% |
|
(0.6p.p.) |
|
100.6% |
|
98.1% |
|
2.5p.p. |
|
% Subscription |
|
93.5% |
|
75.5% |
|
18.0p.p. |
|
88.8% |
|
84.0% |
|
4.8p.p. |
|
Note: n.m.: not meaningful |
||||||||||||
In 3Q24, Vasta’s net revenue totaled R$220 million, a 14.6% decrease compared to 3Q23, mainly due to the lack of new revenues in the B2G segment in this quarter. Subscription revenue totaled R$ 206 million, a 5.7% increase compared to 3Q23, due to the higher conversion of ACV into revenue.
In the 2024 sales cycle (4Q23 to 3Q24), Vasta’s net revenue totaled R$1,529 million, a 6.4% increase compared to the same period in the prior sales cycle. Subscription revenue grew 12.5% in the 2024 sales cycle. The subscription revenue reached 100.6% of Annual Contract Value (“ACV”) bookings for the 2024 sales cycle.
|
EBITDA |
||||||||||||
|
Values in R$ ‘000 |
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
|
Net revenue |
|
220,193 |
|
257,933 |
|
(14.6%) |
|
1,529,369 |
|
1,437,183 |
|
6.4% |
|
Cost of goods sold and services |
|
(81,184) |
|
(101,161) |
|
(19.7%) |
|
(547,477) |
|
(547,541) |
|
(0.0%) |
|
General and administrative expenses |
|
(120,689) |
|
(124,500) |
|
(3.1%) |
|
(479,151) |
|
(489,760) |
|
(2.2%) |
|
Commercial expenses |
|
(63,652) |
|
(63,044) |
|
1.0% |
|
(277,618) |
|
(229,173) |
|
21.1% |
|
Other operating (expenses) income |
|
263 |
|
7,534 |
|
(96.5%) |
|
2,331 |
|
(16,874) |
|
(113.8%) |
|
Share of loss equity-accounted investees |
|
(2,691) |
|
(2,878) |
|
(6.5%) |
|
(22,842) |
|
(7,894) |
|
189.3% |
|
Impairment losses on trade receivables |
|
(7,845) |
|
(15,369) |
|
(49.0%) |
|
(60,193) |
|
(55,550) |
|
8.4% |
|
Profit before financial income and taxes |
|
(55,605) |
|
(41,485) |
|
34.0% |
|
144,420 |
|
90,391 |
|
59.8% |
|
(+) Depreciation and amortization |
|
72,443 |
|
70,587 |
|
2.6% |
|
276,833 |
|
275,791 |
|
0.4% |
|
EBITDA |
|
16,838 |
|
29,102 |
|
(42.1%) |
|
421,253 |
|
366,182 |
|
15.0% |
|
EBITDA Margin |
|
7.6% |
|
11.3% |
|
(3.6p.p.) |
|
27.5% |
|
25.5% |
|
2.1p.p. |
|
(+) Layoff related to internal restructuring |
|
1,165 |
|
115 |
|
913.0% |
|
4,775 |
|
1,297 |
|
268.2% |
|
(+) Share-based compensation plan |
|
3,305 |
|
9,755 |
|
(66.1%) |
|
9,302 |
|
20,369 |
|
(54.3%) |
|
(+) M&A adjusting expenses |
|
– |
|
– |
|
0.0% |
|
13,776 |
|
23,562 |
|
(41.5%) |
|
Adjusted EBITDA |
21,308 |
|
38,972 |
|
(45.3%) |
|
449,106 |
|
411,411 |
|
9.2% |
|
|
Adjusted EBITDA Margin |
9.7% |
|
15.1% |
|
(5.4p.p.) |
|
29.4% |
|
28.6% |
|
0.8p.p. |
|
|
Note: n.m.: not meaningful |
In the 2024 sales cycle, Adjusted EBITDA grew 9.2% to R$449 million with a margin of 29.4%, representing an increase of 0.8 p.p. in comparison to the prior sales cycle. In 3Q24, Adjusted EBITDA totaled R$21 million, a 45.3% decrease compared to R$39 million in 3Q23, mainly due to a lower net revenue in this quarter. In the 2024 sales cycle, 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 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$20 million in the 2024 sales cycle that was mainly due to write-off costs relating to a potential M&A target of Educbank, which ultimately did not materialize.
|
(%) Net Revenue |
3Q24 |
|
3Q23 |
|
Y/Y (p.p.) |
|
2024 cycle |
|
2023 cycle |
|
Y/Y (p.p.) |
|
|
Gross margin |
|
63.1% |
|
60.8% |
|
2.4p.p. |
|
64.2% |
|
61.9% |
|
2.3p.p. |
|
Adjusted cash G&A expenses (1) |
|
(21.0%) |
|
(15.3%) |
|
(5.7p.p.) |
|
(12.7%) |
|
(13.5%) |
|
0.8p.p. |
|
Commercial expenses |
|
(28.9%) |
|
(24.4%) |
|
(4.5p.p.) |
|
(18.2%) |
|
(15.9%) |
|
(2.3p.p.) |
|
Impairment on trade receivables |
|
(3.6%) |
|
(6.0%) |
|
2.3p.p. |
|
(3.9%) |
|
(3.9%) |
|
0.0p.p. |
|
Adjusted EBITDA margin |
|
9.7% |
|
15.1% |
|
(5.4p.p.) |
|
29.4% |
|
28.6% |
|
0.8p.p. |
|
(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses. |
||||||||||||
In proportion to net revenue, gross margin increased 230 bps in the 2024 sales cycle (from 62% to 64%) mainly due to synergy gains, costs efficiency and a better product mix that benefited from premium products expansion. Adjusted cash G&A expenses reduced by 80 bps driven by workforce optimization and budgetary discipline, and Commercial expenses increased by 230 bps driven by higher expenses related to business expansion and marketing investments while impairment on trade receivable (PDA) remained stable, even considering a more restrictive credit landscape.
|
Finance Results |
||||||||||||
|
Values in R$ ‘000 |
|
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Finance income |
16,836 |
|
19,511 |
|
(13.7%) |
|
63,241 |
|
85,831 |
|
(26.3%) |
|
|
Finance costs |
(71,483) |
|
(74,966) |
|
(4.6%) |
|
(276,659) |
|
(307,569) |
|
(10.0%) |
|
|
Total |
|
(54,647) |
|
(55,455) |
|
(1.5%) |
|
(213,418) |
|
(221,738) |
|
(3.8%) |
In 3Q24, finance income totaled R$16.8 million, from R$19.5 million in 3Q23, due to the impact of lower interest rates on financial investments and marketable securities. In the 2024 sales cycle, finance income decreased 26.3% to R$63.2 million from R$ 85.8 million in the prior sales cycle, due to the same reason as noted above and a non-recurring gain of R$10 million resulting from the reversal of interest on tax contingencies.
Finance costs in 3Q24 decreased 4.6% to R$71,5 million, from R$75,0 million in 3Q23, due to the impact of lower interest rates on financial liabilities (mainly bonds, accounts payable on acquisition and contingencies), as noted above. In the 2024 sales cycle finance cost decreased 10% driven mainly by lower interest rates.
|
Net profit (loss) |
||||||||||||
|
Values in R$ ‘000 |
|
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2024 cycle |
|
2023 cycle |
|
% Y/Y |
|
Net (loss) profit |
(77,140) |
|
(62,111) |
|
24.2% |
|
(61,401) |
|
(67,053) |
|
(8.4%) |
|
|
(+) Layoffs related to internal restructuring |
1,165 |
|
115 |
|
n.m. |
|
4,775 |
|
1,297 |
|
268.2% |
|
|
(+) Share-based compensation plan |
|
3,305 |
|
9,755 |
|
(66.1%) |
|
9,302 |
|
20,369 |
|
(54.3%) |
|
(+) Amortization of intangible assets (1) |
40,424 |
|
38,940 |
|
3.8% |
|
159,326 |
|
156,313 |
|
1.9% |
|
|
(-) Income tax contingencies reversal |
|
– |
|
– |
|
n.m. |
|
– |
|
(29,715) |
|
n.m. |
|
(+) M&A adjusting expenses |
|
– |
|
– |
|
n.m. |
|
13,776 |
|
23,562 |
|
(41.5%) |
|
(-) Tax shield (2) |
(15,264) |
|
(16,595) |
|
(8.0%) |
|
(63,641) |
|
(68,524) |
|
(7.1%) |
|
|
Adjusted net (loss) profit |
(47,510) |
|
(29,896) |
|
58.9% |
|
62,137 |
|
36,249 |
|
71.4% |
|
|
Adjusted net margin |
(21.6%) |
|
(11.6%) |
|
(10.0p.p.) |
|
4.1% |
|
2.5% |
|
1.6p.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 3Q24, adjusted net loss totaled R$47 million, a 58.9% increase compared to a net loss of R$30 million in 3Q23. 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, adjusted net profit reached R$62 million, a 71.4% increase from an adjusted net profit of R$36 million for the 2023 sales cycle.
The 2023 sales cycle was positively impacted by a gain related to the reversal of tax contingencies recorded in 4Q22, which impacted corporate tax and finance results, but negatively impacted by M&A expenses in the amount of R$ 24 million. The 2024 sales cycle 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 |
3Q24 |
|
3Q23 |
|
% Y/Y |
|
2Q24 |
|
% Q/Q |
|
|
Gross accounts receivable |
567,339 |
|
545,972 |
|
3.9% |
|
755,133 |
|
(24.9%) |
|
|
Provision for doubtful accounts (PDA) |
(90,214) |
|
(73,390) |
|
22.9% |
|
(93,543) |
|
(3.6%) |
|
|
Coverage index |
|
15.9% |
|
13.4% |
|
2.5p.p. |
|
12.4% |
|
3.5p.p. |
|
Net accounts receivable |
|
477,125 |
|
472,582 |
|
1.0% |
|
661,590 |
|
(27.9%) |
|
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 |
|
8.5% |
|
316,463 |
|
309,487 |
|
2.3% |
|
|
(-) Income tax and social contribution paid |
– |
|
(279) |
|
n.m. |
|
(672) |
|
(5,361) |
|
(87.5%) |
|
|
(-) Payment of provision for tax, civil and labor losses |
|
(1,067) |
|
(508) |
|
110% |
|
(1,507) |
|
(1,302) |
|
15.7% |
|
(-) Interest lease liabilities paid |
|
(3,690) |
|
(3,050) |
|
21.0% |
|
(9,799) |
|
(14,264) |
|
(31.3%) |
|
(-) Acquisition of property, plant, and equipment |
(2,416) |
|
(8,899) |
|
(72.9%) |
|
(16,599) |
|
(28,788) |
|
(42.3%) |
|
|
(-) Additions of intangible assets |
(19,219) |
|
(1,411) |
|
n.m. |
|
(119,942) |
|
(85,194) |
|
40.8% |
|
|
(-) Lease liabilities paid |
(6,006) |
|
(8,623) |
|
(30.3%) |
|
(22,023) |
|
(29,135) |
|
(24.4%) |
|
|
Free cash flow (FCF) |
|
55,483 |
|
58,260 |
|
(4.8%) |
|
145,921 |
|
145,444 |
|
0.3% |
|
FCF/Adjusted EBITDA |
260.4% |
|
149.5% |
|
110.9p.p. |
|
32.5% |
|
35.4% |
|
(2.9p.p.) |
|
|
LTM FCF/Adjusted EBITDA |
|
32.5% |
|
35.4% |
|
(2.9p.p.) |
|
32.5% |
|
35.4% |
|
(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 R$55 million 3Q24, a 4.8% decrease from an FCF of R$58 million in 3Q23. In the 2024 sales cycle, FCF totaled R$146 million, a R$1 million increase from R$145 million in 2023 sales cycle. The FCF generated in the sales cycle was offset by the impacts of financial interest cost and Vasta’s second share repurchase program. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion decreased from 35.4% to 32.5%, mainly driven by negative impacts of anticipation of marketing expenses, and increased expenses related to the 2023 production owing to a seasonal effect of paper and printing costs. However, we foresee a lower volume of production-related expenses in the following quarters and expect to maintain improvement in FCF for the year-end.
Financial leverage
|
Values in R$ ‘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 R$1,040 million, a R$23 million decrease compared to 2Q24. The net debt/LTM adjusted EBITDA was 2.32x as of 3Q24, having increased slightly from 2.28x in 2Q24, and decreased from 2.43x in 3Q23.
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 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 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 |
3Q2024 |
3Q2023 |
% Y/Y |
2Q2024 |
% Q/Q |
|
3, 11, 12 |
303-3 |
Total water withdrawal |
m³ |
3,205 |
5,290 |
(39%) |
3,039 |
5% |
|
Municipal water supply1 |
% |
100% |
100% |
0 p.p. |
100% |
0 p.p. |
||
|
Groundwater |
% |
0% |
0% |
0 p.p. |
0% |
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 |
100% |
3,856 |
(4%) |
|
Energy from renewable sources2 |
% |
46% |
59% |
(13 p.p.) |
52% |
(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 |
% |
22% |
29% |
(7 p.p.) |
29% |
(7 p.p.) |
|
C-level – Men |
% |
78% |
71% |
7 p.p. |
71% |
7 p.p. |
||
|
C-level- total4 |
no. |
9 |
7 |
29% |
7 |
29% |
||
|
Leadership (≥ managers) – Women |
% |
44% |
45% |
(1 p.p.) |
43% |
1 p.p. |
||
|
Total – Leadership (≥ managers) – Men |
% |
56% |
55% |
1 p.p. |
57% |
(1 p.p.) |
||
|
Leadership (≥ managers) 5 – total |
no. |
120 |
144 |
(17%) |
124 |
(3%) |
||
|
Academic staff – Women |
% |
17% |
18% |
(1 p.p.) |
15% |
2 p.p. |
||
|
Academic staff – Men |
% |
83% |
83% |
0 p.p. |
85% |
(2 p.p.) |
||
|
Academic staff 6 – total |
no. |
78 |
80 |
(3%) |
75 |
4% |
||
|
Administrative/Operational – Women |
% |
53% |
55% |
(2 p.p.) |
54% |
(1 p.p.) |
||
|
Administrative/Operational – Male |
% |
47% |
45% |
2 p.p. |
46% |
1 p.p. |
||
|
Administrative/Operational 7 – total |
no. |
1,226 |
1,564 |
(22%) |
1,229 |
(0%) |
||
|
Employees – Women |
% |
50% |
53% |
(3 p.p.) |
51% |
(1 p.p.) |
||
|
Employees – Men |
% |
50% |
47% |
3 p.p. |
49% |
1 p.p. |
||
|
Employees – total |
no. |
1,433 |
1,795 |
(20%) |
1,435 |
(0%) |
||
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.
Contacts
Investor Relations
ir@vastaplatform.com
