{"id":57468,"date":"2023-05-25T01:03:08","date_gmt":"2023-05-24T23:03:08","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-first-quarter-2023-financial-results\/"},"modified":"2023-05-25T01:03:08","modified_gmt":"2023-05-24T23:03:08","slug":"afya-limited-announces-first-quarter-2023-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-first-quarter-2023-financial-results\/","title":{"rendered":"Afya Limited Announces First-Quarter 2023 Financial Results"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<b>High and Predictable Growth<\/b><\/p>\n<p class=\"bwalignc\">\n<b>Full Year 2023 Guidance Reaffirmed<\/b><\/p>\n<p>NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;<b>Afya Limited (Nasdaq: AFYA)<\/b> (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2023 (first quarter 2023). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20230524005915\/en\/1802826\/5\/AFY-logo-rosa.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230524005915\/en\/1802826\/21\/AFY-logo-rosa.jpg\"><\/a><\/p>\n<p>\n<b>First Quarter 2023 Highlights<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\n1Q23 Adjusted Net Revenue increased 25.0% YoY to R$709.4 million. Adjusted Net Revenue excluding acquisitions grew 13.5%, reaching R$644.3 million.<\/li>\n<li>\n1Q23 Adjusted EBITDA increased 21.9% YoY reaching R$330.2 million, with an Adjusted EBITDA Margin of 46.5%. Adjusted EBITDA excluding acquisitions grew 12.3%, reaching R$304.2 million, with an Adjusted EBITDA Margin of 47.2%.<\/li>\n<li>\nCash conversion of 111.9%, with a solid cash position of R$ 722.7 million.<\/li>\n<li>\n~295 thousand monthly active physicians and medical students using Afya\u2019s Digital Services.<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><b><i>Table 1: Financial Highlights<\/i><\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" colspan=\"1\" rowspan=\"1\"><i>(in thousand of R$)<\/i><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2023 Ex Acquisitions*<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">(a) Net Revenue<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n709,961<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n644,849<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n566,324<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">(b) Adjusted Net Revenue (1)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n709,383<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n644,271<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n567,716<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">(c) Adjusted EBITDA (2)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n330,211<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n304,231<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n270,801<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">(d) = (c)\/(b) Adjusted EBITDA Margin<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">-120 bps<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">-50 bps<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"6\" rowspan=\"2\"><i>*For the three months period ended March 31, 2023, &#8220;2023 Ex Acquisitions&#8221; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes (all from January to March, 2023).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(1) Includes mandatory discounts in tuition fees granted by state decrees and individual\/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 07).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Message from Management<\/b><\/p>\n<p>\n<i>For us in Afya, these results indicate another great start for the year ahead. We are proud to present, once again, strong results, reaffirming the success and resilience of Afya, along with high and predictable growth, and a solid cash generation.<\/i><\/p>\n<p>\n<i>This quarter was marked by significant increases in net revenue within our three segments and we are delighted to see that the most significant growth came from our Continue Education segment with a robust intake process, six new campuses, and course maturation.<\/i><\/p>\n<p>\n<i>Our second most significant growth came from our core business, as we saw higher tickets in Medicine courses, maturation of medical seats, the beginning of 4 Mais M\u00e9dicos campuses, consolidation of UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes acquisition, and the consolidation of 92 new medical seats, 28 in the UniSL Ji-Paran\u00e1 campus, located in Rond\u00f4nia, and 64 in Faculdade Santo Agostinho, in the city of Itabuna, situated in the state of Bahia.<\/i><\/p>\n<p>\n<i>And, once again, Afya reported great results on the Digital Health Services revenue, which ended the quarter with an increase of 20% when compared to last year. This result reinforces the opportunity ahead in Digital Services, and it is explained by the ramp-up in B2B engagements, with new contracts with the pharmaceutical industry companies, and the continuous ramp-up in B2P contracts, as we will discuss further on.<\/i><\/p>\n<p>\n<i>High and predictable growth, strong guidance for the year, and segments ramp-up: this proves how we are evolving and empowering our vision to transform health together with those who have medicine as a vocation. We are proud of our business and also excited for what comes next during this year.<\/i><\/p>\n<p>\n<b>1. Key Events in the Quarter:<\/b><\/p>\n<ul class=\"bwlistsquare\">\n<li>\nAfya announced on January 2<sup>nd<\/sup>, 2023, the closing of its acquisition of 100% of the total share capital of Sociedade Educacional e Cultural Sergipe DelRey Ltda. (\u201cDelRey\u201d), that encompasses the operations of Centro Universit\u00e1rio Tiradentes Alagoas (\u201cUNIT Alagoas\u201d) and Faculdade Tiradentes Jaboat\u00e3o dos Guararapes (\u201cFITS Jaboat\u00e3o dos Guararapes\u201d), on the terms previously disclosed.<\/li>\n<li>\nAfya announced on January 31<sup>st<\/sup>, 2023, that it is one of 484 companies across 45 countries and regions to join the 2023 Bloomberg Gender-Equality Index (GEI), a modified market capitalization-weighted index that aims to track the performance of public companies committed to transparency in gender-data reporting. This reference index measures gender equality across five pillars: leadership &amp; talent pipeline, equal pay &amp; gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand. For the second time in a row, Afya was included on the index for scoring above a global threshold established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics and policies, being 1 of 16 Brazilian companies included in the index this year.<\/li>\n<\/ul>\n<ul class=\"bwlistsquare\">\n<li>\nFourth share repurchase program, on March 2023 &#8211; the Board of Directors approved a new share repurchase program. Under this share repurchase program, Afya may repurchase up to 2,000,000 of its outstanding Class A common shares which represents approximately 5.8% of its free float in accordance with the conditions established by the Board of Directors on March 24, 2023. Accordingly, in connection with repurchases under the new program, Afya also announced that entered into a written trading plan with BofA Securities, Inc., as the independent broker-dealer, which is intended to comply with the requirements of Rule 10b5-1 and Rule 10b-18 each under the Securities and Exchange Act of 1934, as amended.<\/li>\n<\/ul>\n<p>\n<b>2. 2023 Guidance<\/b><\/p>\n<p>\nThe Company is reaffirming its previously issued guidance for 2023 which considers the successfully concluded acceptances of new students, ensuring 100% occupancy in all of its medical schools.<\/p>\n<p>\nConsidering the above factors, the guidance for 2023 is defined in the following table:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth75\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth49\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwwidth49 bwpadl1\" colspan=\"1\" rowspan=\"1\"><b>Guidance for 2023<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor1 bwwidth49 bwpadl1\" colspan=\"1\" rowspan=\"1\">Adjusted Net Revenue*<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor1 bwwidth49 bwpadl1\" colspan=\"1\" rowspan=\"1\">R$ 2,750 mn \u2264 \u2206 \u2264 R$ 2,850 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor1 bwwidth49 bwpadl1\" colspan=\"1\" rowspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor1 bwwidth49 bwpadl1\" colspan=\"1\" rowspan=\"1\">R$ 1,100 mn \u2264 \u2206 \u2264 R$ 1,200 mn<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>Includes UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes&#8217; acquisitions;<br \/>Includes the increase of 64 medical seats of Faculdade Santo Agostinho, in the city of Itabuna;<br \/>Excludes any acquisition that may be concluded after the issuance of the guidance.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>3. 1Q23 Overview<\/b><\/p>\n<p>\n<b>Operational Review<\/b><\/p>\n<p>\nAfya is the only Company offering educational and technological solutions to support physicians across every stage of their medical career, from undergraduate students in their medical school years through medical residency preparatory courses, medical specialization programs, and continuing medical education. The Company also offers solutions to empower physicians in their daily routine, including supporting clinic decisions through mobile app subscription, delivering practice management tools through a Software as a Service (SaaS) model, and assisting physicians in their relationship with their patients.<\/p>\n<p>\nThe Company reports results for three distinct business units &#8211; the first, Undergrad \u2013 medical schools, other healthcare programs, and ex-health degrees. Revenue is generated from the monthly tuition fees the Company charges students enrolled in the undergraduate programs &#8211; the second, Continuing Education \u2013 specialization programs and graduate courses for physicians. Revenue is also generated from the monthly tuition fees the Company charges students enrolled in the specialization and graduate courses. The third is Digital Services \u2013 digital services offered by the Company at every stage of the medical career. This business unit is divided into Business to Physician (which encompasses Content &amp; Technology for Medical Education, Clinical Decision Software, Practice Management Tools &amp; Electronic Medical Records, Physician-Patient Relationship, Telemedicine, and Digital Prescription) and Business to Business (which provides access and demand for the healthcare players). Revenue is generated from printed books and e-books and is recognized at the point in time when control is transferred to the customer, and subscription fees, which are recognized as the services, are transferred over time.<\/p>\n<p>\n<b>Key Revenue Drivers \u2013 Undergraduate Courses<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b><i>Table 2: Key Revenue Drivers<\/i><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><b>% Chg<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Undergrad Programs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>MEDICAL SCHOOL<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Approved Seats<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,163<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,759<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>14.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Operating Seats<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,113<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,481<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>25.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,822<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>18.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,822<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>18.8%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,819<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>7.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>630,960<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>501,523<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>25.8%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>573,747<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>501,523<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>14.4%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical School Gross Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>10,163<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>9,540<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>6.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical School Net Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>8,517<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>7,861<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>8.3%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,660<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,902<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>3.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,660<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,902<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>3.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,788<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,902<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-5.3%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>97,968<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>78,310<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>25.1%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>90,296<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>78,310<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>15.3%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>OTHER UNDERGRADUATE<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25,043<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,209<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>3.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25,043<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,209<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>3.4%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,882<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,209<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-9.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>77,174<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>69,182<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>11.6%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>66,889<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>69,182<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>-3.3%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>TOTAL TUITION FEES<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>806,101<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>649,015<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>24.2%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>730,932<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>649,015<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>12.6%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>*For the three months period ended March 31, 2023, &#8220;2023 Ex Acquisitions&#8221; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes (all from January to March, 2023).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Revenue Drivers \u2013 Continuing Education and Digital Services<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b><i>Table 3: Key Revenue Drivers<\/i><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Continuing Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical Specialization &amp; Others<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,774<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,479<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>37.2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,774<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,479<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>37.2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,774<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,479<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>37.2%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>34,960<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>23,851<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>46.6%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (ex- Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>34,960<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>23,851<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b><i>46.6%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Digital Services<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Content &amp; Technology for Medical Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Medcel Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,147<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,673<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-47.3%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,988<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,574<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>30.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Al\u00e9m da Medicina Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,222<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,345<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-1.9%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Cardiopapers Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,083<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>&#8211;<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Medical Harbour Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,686<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>&#8211;<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Decision Software<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Whitebook Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n143,832<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n131,193<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>9.6%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Management Tools\u00b2<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">iClinic Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,740<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,622<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>21.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl2 bwwidth64\" colspan=\"1\" rowspan=\"1\">Shosp Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,881<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,278<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>26.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Digital Services Total Active Payers (end of period)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>217,579<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>175,685<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>23.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from Services (Total &#8211; R$ &#8216;000)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>56,792<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>47,477<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>19.6%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46,603<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41,197<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,187<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,280<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n62.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl4 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue From Services (ex-Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>49,834<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>47,477<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>5.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>*For the three months period ended March 31, 2023, &#8220;2023 Ex Acquisitions&#8221; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes (all from January to March, 2023).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(2) Clinical management tools includes Telemedicine and Digital Prescription features.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Operational Drivers \u2013 Digital Services<\/b><\/p>\n<p>\nMonthly Active Users (MaU) represents the number of unique individuals that consumed Digital Services content in each one of our products in the last 30 days of a specific period. Total monthly active users reached almost 295 thousand, 13.6% higher than the same period of last year.<\/p>\n<p>\nMonthly Unique Active Users (MuaU) represents the number of unique individuals, without overlap of users among products, in the last 30 days of a specific period.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><b><i>Table 4: Key Operational Drivers for Digital Services &#8211; Monthly Active Users (MaU)<\/i><\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q23<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q22<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg YoY<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>4Q22<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Content &amp; Technology for Medical Education<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n31,549<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,464<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.0%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,539<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Decision Software<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n237,003<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n218,313<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.6%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n221,762<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Management Tools\u00b9<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,568<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,762<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.3%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,936<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Physician-Patiet Relationship<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,773<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,473<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Active Users (MaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>294,893<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>259,539<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>13.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>260,710<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"5\" rowspan=\"1\"><i>1) Clinical management tools includes Telemedicine and Digital Prescription features<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"5\" rowspan=\"1\"><i>Includes Shosp, Medicinae and Al\u00e9m da Medicina starting in 1Q22 and Cardiopapers and Glic starting in 2Q22<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"4\" rowspan=\"1\"><b><i>Table 5: Key Operational Drivers for Digital Services &#8211; Monthly Unique Active Users (MuaU)<\/i><\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q23<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q22<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg QoQ<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>4Q22<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth9\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Unique Active Users (MuaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>262,137<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>242,374<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>8.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>241,949<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"5\" rowspan=\"2\"><i>1) Total Monthly Unique Active Users excludes non-integrated companies: Medical Harbour, Medicinae, Shosp, Al\u00e9m da Medicina, Cardiopapers and Glic<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Seasonality<\/b><\/p>\n<p>\nUndergrad\u2019s tuition revenues are related to the intake process and monthly tuition fees charged to students over the period; thus does not have significant fluctuations during the semester. Continuing Education revenues are related to monthly intakes and tuition fees and do not have a considerable concentration in any period. Digital Services is comprised mainly of Medcel, Pebmed, and iClinic revenues. While Pebmed and iClinic do not have significant fluctuation regarding seasonality, Medcel\u2019s revenue is concentrated in the first and last quarter of the year due to the enrollments of Medcel\u2019s clients period. In addition, the majority of Medcel\u2019s revenues are derived from printed books and e-books, which are recognized at the point in time when control is transferred to the customer. Consequently, the Digital Services segment generally has higher revenues and results of operations in the first and last quarters of the year than in the second and third quarters.<\/p>\n<p>\n<b>Revenue<\/b><\/p>\n<p>\nAdjusted Net Revenue for the first quarter of 2023 was R$709.4 million, an increase of 25.0% over the same period of the prior year, mainly due to higher tickets in Medicine courses in 8.3%, maturation of medical seats, the beginning of 4 Mais M\u00e9dicos campuses, consolidation of UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes acquisition, the Continuing Education high performance and Digital Services execution.<\/p>\n<p>\nThe Digital Services segment increased 19.6% year over year, a combination of (a) B2B engagements, and (b) expansion of the active payers in the B2P, mainly in Whitebook, iClinic, and Shosp, partially offset by the lower performance of Medcel, due to a higher competition scenario in the Residency Preparatory market; and (c) consolidation of Alem da Medicina, Glic, and Cardiopapers.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><b><i>Table 6: Revenue &amp; Revenue Mix<\/i><\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2023 Ex Acquisitions*<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" colspan=\"1\" rowspan=\"1\">Net Revenue Mix<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwwidth39 bwpadl2\" colspan=\"1\" rowspan=\"1\">Undergrad<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n620,976<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n562,822<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n495,395<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.3%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwwidth39 bwpadl2\" colspan=\"1\" rowspan=\"1\">Adjusted Undergrad\u00b9<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n620,398<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n562,244<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n496,787<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwwidth39 bwpadl2\" colspan=\"1\" rowspan=\"1\">Continuing Education<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,960<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n34,960<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,851<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwwidth39 bwpadl2\" colspan=\"1\" rowspan=\"1\">Digital Services<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n56,792<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n49,834<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,477<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwwidth39 bwpadl2\" colspan=\"1\" rowspan=\"1\">Inter-segment transactions<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 2,767<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 2,767<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 399<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">n.a<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n593.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" colspan=\"1\" rowspan=\"1\"><b>Total Reported Net Revenue<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>709,961<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>644,849<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>566,324<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" colspan=\"1\" rowspan=\"1\"><b>Total Adjusted Net Revenue \u00b9<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>709,383<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>644,271<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>567,716<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.5%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\">*For the three months period ended March 31, 2023, &#8220;2023 Ex Acquisitions&#8221; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes (all from January to March, 2023).<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>(1) Includes mandatory discounts in tuition fees granted by state decrees and individual\/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 07).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Adjusted EBITDA<\/b><\/p>\n<p>\nAdjusted EBITDA for the three-month period ended March 31, 2023, increased 21.9% to R$330.2 million, up from R$270.8 million in the same period of the prior year, and the Adjusted EBITDA Margin decreased 120 basis points to 46.5%. The Adjusted EBITDA Margin reduction is mainly due to the following: (a) Digital segment, primarily due to Medcel\u2019s performance; and (b) consolidation of 4 new Mais M\u00e9dicos campuses (operation started on 3Q22) and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes which are performing better than expected but still present lower margins when compared to the integrated companies.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b><i>Table 7: Adjusted EBITDA<\/i><\/b><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth50\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2023 Ex Acquisitions*<\/i><\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n330,211<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n304,231<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n270,801<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\">% Margin<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">-120 bps<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">-50 bps<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"6\" rowspan=\"2\"><i>*For the three months period ended March 31, 2023, &#8220;2023 Ex Acquisitions&#8221; excludes: Alem da Medicina (January &amp; February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes (all from January to March, 2023).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Adjusted Net Income<\/b><\/p>\n<p>\nNet Income for the first quarter of 2023 was R$117.8 million, a decrease of 12.7% over the same period of the prior year. Adjusted Net Income for the first quarter of 2023 was R$166.4 million, in line with the same period from the previous year, mainly due to better operational performance, which was offset by higher financial expenses, mainly related to the increase in leverage due to UNIT Alagoas and FITS Jaboatao business combination and higher interest rates, when compared to the same period of the prior year.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b><i>Table 8: Adjusted Net Income<\/i><\/b><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignt bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>117,772<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>134,942<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-12.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Amortization of customer relationships and trademark (1)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,203<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,283<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Share-based compensation<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,495<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,929<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n121.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Non-recurring expenses:<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>17,907<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>11,027<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>62.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Integration of new companies (2)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,900<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,171<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; M&amp;A advisory and due diligence (3)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,039<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,212<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n810.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Expansion projects (4)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n151<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n602<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-74.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Restructuring expenses (5)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,395<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,650<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-61.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Mandatory Discounts in Tuition Fees (6)<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 578<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,392<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">n.a.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Adjusted Net Income<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>166,377<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>167,181<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-0.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Basic earnings per share &#8211; in R$ (7)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1.25<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1.42<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-12.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Adjusted earnings per share &#8211; in R$ (8)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1.77<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1.77<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>0.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(1) Consists of amortization of customer relationships and trademark recorded under business combinations.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>(2) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with due diligence services for our M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(4) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(5) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of our acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"6\" rowspan=\"1\"><i>(6) Consists of mandatory discounts in tuition fees granted by state decrees, individual\/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>(7) Basic earnings per share: Net Income\/Weighted average number of outstanding shares.<\/i><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"6\" rowspan=\"2\"><i>(8) Adjusted earnings per share: Adjusted Net Income attributable to equity holders of the Parent\/Weighted average number of outstanding shares.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Cash and Debt Position<\/b><\/p>\n<p>\nOn March 31, 2023, Cash and Cash Equivalents were R$722.7 million, a decrease of 33.9% over December 31, 2022, due to UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes business combination.<\/p>\n<p>\nFor the three-month period ended March 31, 2023, Afya reported Adjusted Cash Flow from Operations of R$349.4 million, up from R$293.6 million in the same period of the previous year, an increase of 19.0% YoY, boosted by the solid operational results. Operating Cash Conversion Ratio was 111.9% for the three-month period that ended on March 31, 2023.<\/p>\n<p>\nOn March 31, 2023, Net Debt, excluding the effect of IFRS 16, totaled R$2,029 million. When compared to December 31, 2022 Net Debt added to R$825 million related to UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes business combination closed on January 2, 2023, the Net Debt reduced R$ 177 million due to the strong cash flow generation in the quarter.<\/p>\n<p>\nThe following table shows more information regarding the cost of debt of 1Q23, considering loans and financing, capital market, and accounts payable to selling shareholders. Afya\u2019s capital structure remains solid with a conservative leveraging position and a low cost of debt.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b><i>Table 9: Operating Cash Conversion Ratio Reconciliation<\/i><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\"><b>Considering the adoption of IFRS 16<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2023<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">(a) Cash flow from operations<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n331,554<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n278,715<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">(b) Income taxes paid<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,819<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,850<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>(c) = (a) + (b) Adjusted cash flow from operations<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>349,373<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>293,565<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>19.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">(d) Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n330,211<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n270,801<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">(e) Non-recurring expenses:<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,907<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,027<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n62.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Integration of new companies (1)<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,900<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,171<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; M&amp;A advisory and due diligence (2)<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11,039<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,212<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n810.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Expansion projects (3)<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n151<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n602<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-74.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Restructuring Expenses (4)<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,395<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,650<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-61.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">&#8211; Mandatory Discounts in Tuition Fees (5)<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-578<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,392<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12 bwalignr\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nn.a.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>(f) = (d) &#8211; (e) Adjusted EBITDA ex- non-recurring expenses<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>312,304<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>259,774<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>20.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>(g) = (c) \/ (f) Operating cash conversion ratio<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>111.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>113.0%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12 bwalignr\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-110 bps<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) Consists of expenses related to the integration of newly acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(2) Consists of expenses related to professional and consultant fees in connection with due diligence services for M&amp;A transactions.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(3) Consists of expenses related to professional and consultant fees in connection with the opening of new campuses.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(4) Consists of expenses related to the employee redundancies in connection with the organizational restructuring of acquired companies.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"3\"><i>(5) Consists of mandatory discounts in tuition fees granted by state decrees, individual\/collective legal proceedings and public civil proceedings due to COVID 19 on site classes restriction and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision.<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" colspan=\"4\" rowspan=\"1\"><b><i>Table 10: Gross Debt and Average Cost of Debt<\/i><\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><i>(in millions of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><b>For the three months period ended March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><b>Cost of Debt<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwsinglebottom bwwidth60\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>Gross Debt<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>Duration (Years)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>per year<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>%CDI*<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\">Loans and financing: Softbank<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n825<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3.1<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6.5%<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n48%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\">Capital Market<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n519<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4.4<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.7%<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n114%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\">Loans and financing: Others<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n580<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.9<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.7%<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n114%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth60\" colspan=\"1\" rowspan=\"1\">Accounts payable to selling shareholders<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n828<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.2<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.3%<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n97%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><b>Average<\/b><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2,751<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>12.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>89%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"5\" rowspan=\"1\"><i>**Based on the annualized Interbank Certificates of Deposit (&#8220;CDI&#8221;) rate for the period as a reference:<br \/>1Q23: ~13.65% p.y.<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b><i>Table 11: Cash and Debt Position<\/i><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth45\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q23<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>FY2022<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>1Q22<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>(+) Cash and Cash Equivalents<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>722,691<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,093,082<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-33.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>789,435<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-8.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Cash and Bank Deposits<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28,375<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n57,509<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-50.7%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42,648<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-33.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Cash Equivalents<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n694,316<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,035,573<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-33.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n746,787<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-7.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>(-) Loans and Financing<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,923,737<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,882,901<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,388,841<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>38.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Current<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n193,214<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n145,202<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>33.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n142,654<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>35.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,730,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,737,699<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-0.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,246,187<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>38.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>(-) Accounts Payable to Selling Shareholders<\/b><\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>769,274<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>528,678<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>45.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>698,413<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>10.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Current<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n417,398<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n261,711<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>59.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n264,520<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>57.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n351,876<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n266,967<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>31.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n433,893<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-18.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>(-) Other Short and Long Term Obligations<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>58,702<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>62,176<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-5.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>70,880<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>-17.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>(=) Net Debt (Cash) excluding IFRS 16<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2,029,022<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,380,673<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>47.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,368,699<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>48.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\">(-) Lease Liabilities<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n864,983<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n769,525<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>12.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n733,420<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>17.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Current<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,026<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,459<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>17.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,750<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>37.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth45\" colspan=\"1\" rowspan=\"1\">Non-Current<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n826,957<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n737,066<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>12.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n705,670<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>17.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth45\" colspan=\"1\" rowspan=\"1\"><b>Net Debt (Cash) with IFRS 16<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2,894,005<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2,150,198<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>34.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2,102,119<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth11\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>37.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nInvestor Relations Contact:<br \/>\n<br \/>Afya Limited<br \/>\n<br \/><a target=\"_blank\" href=\"&#x6d;&#97;i&#x6c;&#116;o&#x3a;&#105;r&#x40;&#97;f&#x79;&#97;&#46;&#x63;&#x6f;m&#x2e;&#x62;&#114;\" rel=\"nofollow noopener\" shape=\"rect\">&#105;&#x72;&#64;&#x61;&#102;&#x79;&#97;&#x2e;&#99;&#x6f;&#109;&#x2e;&#98;&#x72;<\/a><\/p>\n<p>Media Contact:<br \/>\n<br \/>C\u00edntia Moraes Marin<br \/>\n<br \/><a target=\"_blank\" href=\"mai&#108;&#116;&#111;&#x3a;&#x63;&#x69;&#x6e;&#x74;&#x69;a&#46;m&#97;&#114;&#105;&#110;&#x40;&#x61;&#x66;&#x79;&#x61;&#x2e;com&#46;&#98;&#114;\" rel=\"nofollow noopener\" shape=\"rect\">&#x63;&#x69;&#110;t&#x69;&#x61;&#46;ma&#x72;&#x69;&#110;&#64;&#x61;&#x66;&#121;&#97;&#46;&#x63;&#x6f;&#109;&#46;&#x62;&#x72;<\/a><\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20230524005915\/en\/Afya-Limited-Announces-First-Quarter-2023-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High and Predictable Growth Full Year 2023 Guidance Reaffirmed NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2023 (first quarter 2023). Financial results are expressed in Brazilian &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-first-quarter-2023-financial-results\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-57468","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Afya Limited Announces First-Quarter 2023 Financial Results - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-first-quarter-2023-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afya Limited Announces First-Quarter 2023 Financial Results - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"High and Predictable Growth Full Year 2023 Guidance Reaffirmed NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA) (\u201cAfya\u201d or the \u201cCompany\u201d), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2023 (first quarter 2023). 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Financial results are expressed in Brazilian ... 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