Arco Platform Limited (ARCE) 首席执行官 ArideSáCavalcanteNeto 于 2019年 第二季度业绩 - 收益电话成绩单

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Arco Platform Limited (NASDAQ:ARCE) Q2 2019 Earnings Conference Call August 27, 2019 4:30 PM ET

Arco Platform Limited(纳斯达克股票代码:[ARCE])2019年第二季度收益电话会议2019年8月27日美国东部时间下午4:30

公司参与者

Vitor Hiraiwa - Investor Relations Director
Ari de Sá Cavalcante Neto - Chief Executive Officer
David Peixoto dos Santos - Chief Financial Officer

  • Vitor Hiraiwa - 投资者关系总监
  • ArideSáCavalcanteNeto - 首席执行官
  • David Peixoto dos Santos - 首席财务官

电话会议参与者

Vitor Tomita - Itau
Mariana Hernandes - Credit Suisse
Diego Aragao - Goldman Sachs
Javier Martinez de Olcoz Cerdan - Morgan Stanley
Maria Azevedo - UBS
Guilherme Palhares - BTG

  • Vitor Tomita - Itau
  • Mariana Hernandes - 瑞士信贷
  • Diego Aragao - 高盛
  • Javier Martinez de Olcoz Cerdan - 摩根士丹利
  • 玛丽亚阿泽维多 - 瑞银集团
  • Guilherme Palhares - BTG

会议主持员

Good day, ladies and gentlemen, and welcome to the Arco Platform Q2 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following management’s prepared remarks, we will host a question answer session and our instructions will be given at that time. [Operator Instructions] As a reminder, this call may be recorded.
It is now my pleasure to hand the conference over to Vitor, Sir, you may begin.

美好的一天,女士们,先生们,欢迎参加Arco平台Q2 2019年收益电话会议。 此时,所有参与者都处于只听模式。 在管理层准备好的评论之后,我们将主持一个问答环节,我们将在那时给出指示。 [操作员说明]提醒一下,可能会记录此呼叫。

现在我很高兴将会议交给Vitor,先生,你可以开始了。

Vitor Hiraiwa

Vitor Hiraiwa

Thank you, Brian. I am pleased to welcome you to Arco’s second quarter 2019 conference call. With me on the call today, we have Arco’s CEO, Ari de Sá Cavalcante Neto; CFO, David Peixoto dos Santos and our new SPMA and IR Director, Roberto Otero [Ph]. Roberto, I will turn the call to you for the Safe Harbor remarks.

谢谢你,Brian。 我很高兴欢迎您参加Arco 2019年第二季度的电话会议。 今天在我的电话会议上,我们有Arco的首席执行官,ArideSáCavalcanteNeto; 首席财务官David Peixoto dos Santos和我们的新SPMA和IR总监Roberto Otero [Ph]。 罗伯托,我会打电话给你,以获得安全港的评论。

Unidentified Company Representative

下午好,感谢您加入我们Celestica 2019年第二季度收益电话会议。今天的电话会议是总裁兼首席执行官Rob Mionis;和首席财务官Mandeep Chawla。

提醒一下,在本次电话会议中,我们将根据1995年美国私人证券诉讼改革法案和适用的加拿大证券法,作出前瞻性陈述。这些前瞻性陈述基于管理层当前的预期,预测和假设,这些预期,预测和假设受风险不确定性和可能导致实际结果和结果与此类陈述中表达的结论,预测或预测产生重大差异的其他因素的影响。

有关此类因素和假设的识别和讨论以及有关财务指导的进一步信息,请参阅今天的新闻稿,包括其中有关前瞻性陈述的警示性说明,我们的20-F表格年度报告和其他公开文件,可在sec.gov和SEDAR.com访问。除非适用法律要求,否则我们不承担更新任何前瞻性陈述的义务。此外,在本次电话会议期间,我们将参考各种非IFRS指标,包括营业收入,营业利润率,调整后毛利率,调整后的投资资本回报率或调整后的ROIC,自由现金流量,总债务为非IFRS,为期12个月,调整后的EBITDA杠杆比率,调整后的净收益,调整后的每股收益,调整后的SG&A费用和调整后的有效税率。

应提醒听众,在本次电话会议中提及上述任何措施均表示非IFRS措施是否具体定义为此类措施。这些非IFRS指标没有IFRS规定的任何标准化含义,可能与使用IFRS的其他上市公司或根据美国GAAP报告并使用非GAAP指标描述类似操作指标的类似指标不具有可比性。

我们将向您介绍今天的新闻稿和2019年第二季度的盈利报告,这些报告可在celestica.com的“投资者关系”选项卡下获取,以获取有关这些和某些其他非IFRS措施的更多信息,包括对历史非IFRS措施的调节从我们的财务报表中直接比较IFRS措施。除非另有说明,否则本次电话中所有对美元的提及均为美元。

现在让我把电话转到Rob身上。

Thanks, Vitor and thanks everyone for joining the call. During today’s presentation, our executives will make forward-looking statements. Forward-looking statements generally relate to future events or future financial or operating performance and involve known and unknown risk, uncertainties and other factors that may cause our actual results to differ materially from those contemplated by these forward-looking statements.
Forward looking statements in this presentation includes, but are not limited to statements related to our business and financial performance, expectations and guidance for future periods our expectations regarding our strategic product initiatives, and the related benefits and our expectations regarding the markets. These risks include those set-forth in the press release that we issued earlier today, as well as those more fully described in our filings with the Securities and Exchange Commission. The forward-looking statements in this presentation are based on the information available to us as of the date hereof. You should not rely on them as predictions of future events and we disclaim any obligation to update any forward-looking statements except as required by law.
In addition, management may reference non-IFRS financial measures on this call. The non-IFRS financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with IFRS. We have provided a reconciliation of these non-IFRS financial measures to the most directly comparable IFRS financial measures in our press release.
Let me now turn the call over to Ari de Sá Cavalcante Neto, Arco’s CEO.

谢谢,Vitor,感谢所有人加入电话会议。在今天的演讲中,我们的高管将做出前瞻性的陈述。前瞻性陈述通常涉及未来事件或未来财务或经营业绩,涉及已知和未知的风险,不确定性和其他可能导致我们的实际结果与这些前瞻性陈述所预期的结果大不相同的因素。

本演示文稿中的前瞻性陈述包括但不限于与我们的业务和财务业绩相关的陈述,未来期望的预期和指导,我们对战略产品计划的期望,相关利益以及我们对市场的期望。这些风险包括我们今天早些时候发布的新闻稿中提出的风险,以及我们向美国证券交易委员会提交的文件中更全面描述的风险。本演示文稿中的前瞻性陈述基于截至本文发布之日我们可获得的信息。您不应该依赖它们作为对未来事件的预测,并且我们不承担更新任何前瞻性陈述的义务,除非法律要求。

此外,管理层可能会参考此次电话会议的非IFRS财务指标。非国际财务报告准则的财务衡量指标不应单独考虑,也不得替代根据国际财务报告准则编制的业绩。我们已将这些非IFRS财务指标与我们新闻稿中最直接可比的IFRS财务指标进行了对账。

现在让我把这个电话转给Arco首席执行官ArideSáCavalcanteNeto。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thanks, Roberto, and thanks everyone for joining Arco’s second quarter 2019 conference call. As we approach the month of September and the first anniversary of our IPO, we find it appropriate to recap our commitments from year ago and be accountable with investors who have been supportive of our trajectory ever since.
For those who have been following our story since the beginning, you might remember that we mentioned during the IPO some important goals we wanted to accomplish. The first and most important goal directly related to our mission was to continue to deliver a high quality education at scale and be recognized as the leader in terms of quality in education in Brazil.
The second commitment was to continue to grow our organic business by investing in our products and strengthening our relationship with our partner schools. And lastly to continue to pursue new opportunities, launch new products and deliver successful acquisitions.
In terms of quality, our solutions have proven once again to have superior outcomes. For another year, schools using our solutions are listed among the best in the country and similar to last year, we have three partner schools rank in the top 10 in Brazil National Entrance ENEM.
The number of schools classified as the top 3 in their cities has increased since the IPO which currently stands at 216 partner schools. Those academic results combine with our focus in our clients continue to show us that we are on the right path to enhance the academic performance of our partner schools and as a consequence, transform their students’ lives.
As we mentioned many times before, quality and brand equity in this business are crucial to succeed and this is not build overnight. It takes time to build a strong brand given the long sales and academic cycles of the K-12 industry.
If you move to Slide 5, we like to remind what we consider to be the gear of our success. Our focus on the long-term and our investments in our products. We think this chart shows the reasons for our outgrowth over the years as we invest in content, quality and technology, enable our partner schools and students to achieve superior academic results.
Those results combine with the work of our farmers, lead to higher brand equity, high retention rates and high net promoter scores. This has been fundamental for us to grow and gain market share, which translates into scale gates to reinvest in our products. This is our mantra. Our long-term focus is what drives us every day.
Moving to M&A, let me give you a quick recap of our strategy that is on Slide 6 of our presentation. It is divided into three objectives.
First, expand our network of schools. Increasing our network of partner schools gives us scale to continue to invest in our products is a key to succeeding this industry and positive – it was a unique opportunity for us to acquire an iconic brand that will add nearly 700,000 students to our platform. The higher to scale, higher capability to invest in content, technology and deliver better solutions to our customers.

谢谢,Roberto,并感谢所有人加入Arco 2019年第二季度电话会议。当我们接近9月和我们首次公开募股一周年时,我们发现从一年前开始重新承诺我们是合适的,并对那些一直支持我们的发展轨迹的投资者负责。

对于那些从一开始就关注我们的故事的人,您可能还记得我们在IPO期间提到了一些我们想要实现的重要目标。与我们的使命直接相关的第一个也是最重要的目标是继续提供大规模的高质量教育,并被公认为巴西教育质量的领导者。

第二个承诺是通过投资我们的产品和加强与合作学校的关系来继续发展我们的有机业务。最后,继续寻求新的机会,推出新产品并成功进行收购。

在质量方面,我们的解决方案再次证明了其卓越的成果。再过一年,使用我们解决方案的学校被列为全国最好的学校,与去年类似,我们有三所合作学校在巴西国家入口ENEM中排名前十。

自上市以来,被列为城市前三名的学校数量有所增加,目前有216所合作学校。这些学术成果与我们对客户的关注相结合,继续向我们展示我们正在走上正确的道路,以提高我们合作学校的学术表现,从而改变学生的生活。

正如我们之前多次提到的,这项业务的质量和品牌资产对于成功至关重要,而且这不是一夜之间建立的。考虑到K-12行业的长期销售和学术周期,建立一个强大的品牌需要时间。

如果你转到幻灯片5,我们想提醒我们认为是我们成功的装备。我们专注于长期和我们对产品的投资。我们认为这张图表显示了我们多年来产生的原因,因为我们投资于内容,质量和技术,使我们的合作学校和学生能够取得卓越的学术成果。

这些结果与我们农民的工作相结合,导致更高的品牌资产,高保留率和高净推荐分数。这对于我们增长和获得市场份额至关重要,这可以转化为重新投资我们产品的规模门。这是我们的口头禅。我们的长期关注点是每天带动我们的动力。

转到M&A,让我快速回顾一下我们的演示文稿幻灯片6中的策略。它分为三个目标。

首先,扩大我们的学校网络。增加我们的合作学校网络使我们继续投资我们的产品的规模是继续这个行业和积极的关键 - 这是我们获得一个标志性品牌的独特机会,该品牌将为我们的平台增加近70万学生。规模越大,投资内容,技术的能力越强,为客户提供更好的解决方案。...

The second pillar is to deploy acquisitions that expand our product offering. As we mentioned in last call, we believe that the school is the cornerstone in the children’s education and should become the center of the learning experience offering both core and supplemental solutions to improve the students’ outcomes.
On the supplemental segment, most of the schools don’t have the content nor the methodologies to build a pedagogical curriculum. For that reason, Arco is seizing opportunities to offer new programs as we have been doing successfully with international schools.
In order to further enhance our portfolio, we invested in Nave à Vela, a competence-based supplemental solution. I will share some color on this soon. The third M&A pillar is to deliver value-added technology features to our partner schools. This strategy complements our efforts to develop in-house solutions and tech-enabled products to our clients.
We are constantly monitoring the market to identify trends and great products that fit our platform and enhance the student learning experience with technology. It’s calling augment to fulfill this need and we are excited about the opportunity ahead.
Now I will talk about the new acquisitions in more detail. On Slide 7, we show that Nave à Vela fits precisely into our supplemental offering. Let me share more content on our strategy and the associated opportunities. To start, students in Brazil stay in school on average five hours per day, usually during the morning, compared to 9.5 hours in China, 8.5 in France and 7.5 hours in the U.S.
So, schools in Brazil are usually idle in the afternoon. This time could be used to offer other activities for students and turn the school into the center of the learning experience as a one stop shop concept for education. Also according to INEP, a research agency linked to Brazil’s Ministry of Education, there was an increase of 45% in the number of full-time students in Brazil from 2010 to 2017.
There is a demand for schools to offer new activities for their students and we believe that scheme 21st century skills and language could fill the gap that Brazilian schools have.
Among the supplemental solutions, we believe that teaching of new skills such as critical thinking, problem solving, creativity and innovation and communication are not only important from a pedagogical standpoint, but also essential to succeed in the 21st century society.
This is part of a growing international trend focusing more on the development of competence first learning, than the traditional content knowledge-based. With the stable scenario, we decided to invest in Nave à Vela. It is one of the best competence-based learning solution with a preparatory high quality content and methodology, fully integrated with K-12 curriculum.
It is adopted by top rated schools in Brazil growing significantly over the last years with zero churn. Nave à Vela has the same B2B2C model with presence in more than 50 schools and 15,000 students and represents not only a promising business unit on a standalone basis, but also a cross-sell opportunity once floats into our network of our schools.

第二个支柱是部署收购,扩大我们的产品范围。正如我们在上次电话会议中所提到的,我们认为学校是儿童教育的基石,应该成为学习经历的中心,提供核心和补充解决方案,以改善学生的成果。

在补充部分,大多数学校没有内容或方法来建立教学课程。出于这个原因,Arco正抓住机会提供新课程,因为我们已经成功地与国际学校合作。

为了进一步增强我们的产品组合,我们投资了NaveàVela,这是一种基于能力的补充解决方案。我很快就会分享一些颜色。第三个并购支柱是为我们的合作学校提供增值技术功能。该战略补充了我们为客户开发内部解决方案和技术产品的努力。

我们不断监控市场,以确定适合我们平台的趋势和优质产品,并通过技术提升学生的学习体验。它正在呼吁增加以满足这一需求,我们对未来的机会感到兴奋。

现在我将更详细地讨论新的收购。在幻灯片7中,我们展示了NaveàVela恰好适合我们的补充产品。让我分享关于我们的战略和相关机会的更多内容。首先,巴西的学生平均每天上学五小时,通常是上午,相比之下,中国为9.5小时,法国为8.5小时,美国为7.5小时。

因此,巴西的学校通常在下午闲置。这一次可以用来为学生提供其他活动,并将学校变成学习体验的中心,作为一站式的教育理念。此外,根据与巴西教育部相关的研究机构INEP,2010年至2017年巴西全日制学生人数增加了45%。

学校需要为学生提供新的活动,我们相信21世纪的技能和语言方案可以填补巴西学校的空白。

在补充解决方案中,我们认为从批判性思维,解决问题,创造力,创新和沟通等新技能的教学不仅从教学的角度来看很重要,而且对于在21世纪社会中取得成功也是必不可少的。

这是一个日益增长的国际趋势的一部分,更多地侧重于能力优先学习的发展,而不是传统的基于知识的内容。在稳定的情况下,我们决定投资NaveàVela。它是最好的基于能力的学习解决方案之一,具有预备的高质量内容和方法,与K-12课程完全整合。

巴西最受好评的学校在过去几年中采用了零流失率,这一流程显着增长。 NaveàVela拥有相同的B2B2C模式,在50多所学校和15,000名学生中占有一席之地,不仅代表了独立的有前途的业务部门,而且还是一个交叉销售机会,一旦进入我们的学校网络。

Moving now to our Escola em Movimento acquisition on Slide 8. EEM is a powerful App with more than 500,000 active students enrolled at more than 800 schools operating under a B2B2C model. It connects all the stakeholders in the school environment allowing them to communicate and interact through a digital platform.
EEM has enormous value to parents by allowing them to easily follow and learn to school activities and be more present on the education life of their children.
With EEM, the school can offer an App that enhance the communication with parents providing chat-based interaction, location-based identifications, NPS tool to assess parents’ satisfaction and a pilot project on payments.
This acquisition brings Arco new capabilities that further increases our value proposition to partner schools, parents and students and also allows us to access EEM’s network of schools.
We are very excited about the future prospects of Nave à Vela and Escola em Movimento. Despite the fact that we’ve been working on these initiatives already, more important to the contributions to the short-term results is our belief that both companies fit well on our efforts to build a sustainable differentiated business for the long-term.
With that, I will turn the call to David, who will discuss the financials. David, please go ahead.

现在转到我们在幻灯片8上的Escola em Movimento收购.EME是一个功能强大的应用程序,有超过500,000名在线学生注册在B2B2C模式下的800多所学校。它连接学校环境中的所有利益相关者,允许他们通过数字平台进行交流和互动。

EEM通过让父母轻松地跟随和学习学校活动并更多地关注他们孩子的教育生活,对父母具有巨大的价值。

通过EEM,学校可以提供一个应用程序,增强与父母的沟通,提供基于聊天的交互,基于位置的识别,NPS工具,以评估父母的满意度和一个支付试点项目。

此次收购带来了Arco的新功能,进一步提升了我们对合作学校,家长和学生的价值主张,并使我们能够访问EEM的学校网络。

我们对NaveàVela和Escola em Movimento的未来前景感到非常兴奋。尽管我们已经在努力实施这些举措,但对短期业绩的贡献更为重要的是我们相信两家公司都能很好地合作,努力建立长期可持续的差异化业务。

有了这个,我会把电话转给大卫,大卫将讨论财务问题。大卫,请继续。...

David Peixoto dos Santos

David Peixoto dos Santos...

Thank you, Ari. We are excited about our recent acquisitions of Positivo, Nave à Vela and Escola em Movimento. All of which increased our network of schools, supplemental solutions and features offered to our partner schools.
Before we dig into the numbers, I would like to introduce for those who are new to our story, our recommendations to NOI article on a annual basis. Since our revenues are 100% subscription-based, we operate under the annual contract value or ACV metric. ACV is calculated by multiplying the number of enrolled students at each partnered school by the average ticket per student per year.
As a result, we have high predictability of our revenue on a yearly basis, but revenue can vary between quarters. The amount of revenue recognized is proportional to the amount of content made available, which is not linearly distributed among the quarters and also depends on our customer decisions of when to receive the content.
Also please note that except for revenues, gross margin, selling expenses, G&A and cash flow from operations all financial measures I discuss here are non-IFRS and growth rates are compared to the prior year comparable period, unless otherwise stated.
Now I will go over our financial highlights, then give more details about our margins and free cash flow and finally provide a guidance for the ACV recognition for the third quarter of 2019 and EBITDA margin for 2019 fiscal year.
First, review our numbers. Net revenue for the second quarter of 2019 was BRL 137.6 million, which represented 31% of the 2019 ACV versus 25% in the same quarter of the last year. The revenue recognition may vary among quarters, with no impact in the total ACV and that happens due to the product needs, logistics, and our customer decision on when to receive the content.
Despite the higher revenue recognition, we’ve maintained our 2019 ACV guidance of BRL 441 million unchanged.
Net revenue for the first half of 2019 was BRL 254.6 million versus BRL 195.1 million in the same period last year. Combining the last three quarters revenue, we have recognized 85% of the 2019 ACV compared to 82% of 2018 ACV.
Gross margin was 81.2% for the second quarter versus 79.3% for the same period in 2018, and it’s in line with our historical trends of increasing gross margins but also reflects the higher revenue recognition in this quarter. In the first semester, our gross margin was 81.3%, up 300 BPS year-over-year.
Selling expenses for the second quarter of 2019 was BRL 39.3 million, up 63% compared to BRL 24.1 million for the second quarter of 2018. The higher selling expenses reflects our investments in our sales team including hunters and farmers as an effort to offer continued support to our partner schools and expand our network of clients.
G&A expenses was BRL 44.9 million compared to BRL 17 million for the second quarter of 2018 and included BRL 20.8 million of share-based compensations and BRL 4.4 million of M&A-related expenses, which we consider to be non-recurring. Adjusting for these two items, G&A would be BRL 19.7 million showing significant scale gains year-over-year.

谢谢,阿里。我们对最近收购的Positivo,NaveàVela和Escola em Movimento感到非常兴奋。所有这些都增加了我们的合作学校提供的学校网络,补充解决方案和功能。

在我们深入研究这些数字之前,我想介绍一下我们故事的新手,我们每年向NOI文章提出的建议。由于我们的收入是100%基于订阅,我们按年度合同价值或ACV指标运营。 ACV的计算方法是将每个合作学校的登记学生人数乘以每名学生每年的平均罚单数。

因此,我们每年对收入的可预测性很高,但收入可能因季度而异。确认的收入金额与可用内容的数量成正比,这些内容在各个季度之间不是线性分布的,也取决于我们的客户决定何时接收内容。

另请注意,除收入,毛利,销售费用,G&A和经营现金流外,我在此讨论的所有财务指标均为非IFRS,增长率与去年同期相比,除非另有说明。

现在我将介绍我们的财务要点,然后提供有关我们的利润和自由现金流的更多详细信息,最后为2019年第三季度的ACV认可和2019财年的EBITDA利润率提供指导。

首先,查看我们的数字。 2019年第二季度的净收入为1.376亿巴西雷亚尔,占2019年ACV的31%,而去年同期为25%。收入确认可能因季度而异,对总体ACV没有影响,这是由于产品需求,物流以及我们的客户决定何时接收内容而发生的。

尽管收入确认较高,但我们仍保持2019年ACV指引4.41亿巴西雷亚尔不变。

2019年上半年的净收入为2.546亿巴西雷亚尔,而去年同期为1.951亿巴西雷亚尔。结合过去三个季度的收入,我们已经认可了2019年ACV的85%,而2018年的ACV为82%。

第二季度毛利率为81.2%,而2018年同期为79.3%,这与我们毛利率增长的历史趋势一致,但也反映了本季度收入增幅较高。在第一学期,我们的毛利率为81.3%,同比增长300 BPS。

2019年第二季度的销售费用为3930万巴西雷亚尔,比2018年第二季度的2410万巴西雷亚尔增长63%。销售费用的增加反映了我们对包括猎人和农民在内的销售团队的投资,以期提供持续支持到我们的合作学校,扩大我们的客户网络。

G&A费用为4490万巴西雷亚尔,而2018年第二季度则为1700万巴西雷亚尔,其中包括2080万巴西雷亚尔的股票补偿和440万巴西雷亚尔相关费用,我们认为这些费用是非经常性的。针对这两个项目进行调整,G&A将为1,970万巴西雷亚尔,显示出同比大幅增长。

Adjusted EBITDA was BRL 61.4 million for the second quarter of 2019, up 128% year-over-year. We are on track to achieve adjusted EBITDA margin of 35.5%, achieve 37.5% in 2019.
Free cash flow for the second quarter of 2019 was BRL 49.5 million increasing 28%, compared to the second quarter of 2018 and reflects a 81% adjusted EBITDA conversion. In the first semester, we generated BRL 81.7 million in free cash flow or 74% of our EBITDA.
Moving now to the guidance. For the third quarter 2019, we expect to recognize around 15% of the ACV 2019 or BRL 65 million of revenues. Also, we expect our adjusted EBITDA margins full year 2019 to be in the range between 35.5% to 37.5%.
And before turning the call back to Ari for the closing remarks, I would like to provide an update on Positivo’s acquisition approval process. On August 16, we got the great news that the Superintendent of the Brazilian Antitrust Agency, CADE published on their official gazette the approval of the acquisition with no restriction.
Now we are waiting for the nomination of the CADE’s new Board members for the process to move on. Once this Board is duly composed, our 15 day period starts to count and if there is no objection, the transaction is formally approved. It’s important also to highlight that since the signing of the transaction, we have a dedicated team working together with consultant firms to prepare for the integration.
We remain confident with the success of this operation and we will keep the market update of any new developments on this matter.
And with that, I would like to turn the call back to Ari, for the closing remarks. Ari?

2019年第二季度的调整后EBITDA为6140万巴西雷亚尔,同比增长128%。我们有望实现调整后的EBITDA利润率35.5%,2019年达到37.5%。

与2018年第二季度相比,2019年第二季度的自由现金流为4950万巴西雷亚尔,增长了28%,反映了81%的调整后EBITDA转换率。在第一个学期,我们产生了8170万巴西雷亚尔的自由现金流或74%的EBITDA。

现在转到指导。对于2019年第三季度,我们预计将承认ACV 2019年约15%或6500万巴西雷亚尔的收入。此外,我们预计2019年全年的调整后EBITDA利润率在35.5%至37.5%之间。

在将回电话转回Ari之前,我想提供有关Positivo收购审批流程的最新信息。 8月16日,我们得到了一个好消息,即巴西反垄断机构总监CADE在其官方公报上公布了收购的批准,没有任何限制。

现在我们正在等待CADE新董事会成员的提名,以便继续前进。一旦该董事会正式成立,我们的15天期限开始计算,如果没有异议,该交易将正式批准。同样重要的是要强调,自交易签署以来,我们有一个专门的团队与顾问公司合作,为整合做准备。

我们对此项业务的成功仍然充满信心,我们将就此事项保持市场最新动态。

有了这个,我想把这个电话转回阿里,作为结束语。阿里?

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thank you, David. I would just like to quickly point out a key factor of our success throughout all this years, our strong culture. We have six important pillars which we show on Slide 13 that we believe as essential to run our business. Today I want to talk about one specifically which is the value we attribute to our people.
Without our great team, we wouldn’t be here right now. A company that is able to deliver high quality education at scale and impact the learning experience of thousands of students. In order to keep improving and growing further, we need to constantly find new talents that will promote our cultured partners.
This year, we achieved a remarkable accomplishment and became one of the largest training programs in Brazil. We are very proud of that. Our program had over 46,000 applicants and we manage to find 14 new talents to be part of our team.
Being recognized as a great place to work and having those thousands of young talents willing to join our team means a lot to us and is a proof that we are on the right path to continue to deliver our mission.
With that, we conclude our presentation. Thank you for your time and we can now open for questions.

谢谢你,大卫。我想快速指出我们这些年来成功的关键因素,我们强大的文化。我们在幻灯片13中展示了六个重要支柱,我们认为这对我们的业务至关重要。今天我想谈谈一个具体的问题,即我们赋予人民的价值。

没有我们伟大的团队,我们现在就不会在这里。一家能够提供大规模高质量教育并影响成千上万学生学习体验的公司。为了不断进步和发展,我们需要不断寻找能够促进我们培养合作伙伴的新人才。

今年,我们取得了令人瞩目的成就,成为巴西最大的培训项目之一。我们为此感到自豪。我们的计划有超过46,000名申请人,我们设法找到14名新人才加入我们的团队。

被认为是一个工作的好地方,让数千名愿意加入我们团队的年轻人才对我们意义重大,并证明我们正在走上正确的道路继续完成我们的使命。

有了这个,我们结束了我们的演讲。感谢您的时间,我们现在可以提问。

问答环节

[Operator Instructions]
Our first question will come from the line of Vitor Tomita with Itau. Your line is now open.

[操作说明]

我们的第一个问题将来自Vitor Tomita和Itau。 你的生产线现已开放。

Vitor Tomita

Vitor Tomita

Hi, good morning and congratulations. Good afternoon. Congratulations on the results. On our side, our question would be, if you could elaborate more on the price base for any acquisitions and the structure of the transactions? And also on whether this company’s management will remain with Arco? Thank you.

嗨,早上好,祝贺你。 下午好。 祝贺结果。 在我们这方面,我们的问题是,如果你能详细说明任何收购的价格基础和交易结构? 此外,该公司的管理层是否会继续留在Arco? 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Hi, Vitor. Thank you for your question. So, regarding the acquisition, so, the first one, Nave à Vela, it was the acquisition in four installments and we start with the first step when we acquired 13% of the company for BRL 4.2 million and the remaining 87% will be acquired in three installments according to the company’s performance and as we stated in the financial statements.
The other acquisition is Escola em Movimento, EEM, this one was already fully acquired for BRL 18 million where BRL 16 million paid upfront and BRL 2 million remains to be paid in two installments. Both of the companies we keep the management. They are working with us to extract the synergies and with the business and I believe that I answered both of your questions, right?

嗨,Vitor。 谢谢你的问题。 因此,关于收购,第一个是NaveàVela,这是四次收购,我们从第一步开始,当时我们以420万巴西雷亚尔收购了公司13%的股份,其余的87%将被收购 根据公司的业绩分三批,正如我们在财务报表中所述。

另一项收购是Escola em Movimento,EEM,该公司已经完全收购了1800万巴西雷亚尔,其中1600万巴西雷亚尔预付款,200万巴西雷亚尔仍有待分两期支付。 我们两家公司都保持着管理。 他们正在与我们合作,以提取协同效应和业务,我相信我回答了你的两个问题,对吧?

Vitor Tomita

Vitor Tomita

Yes. Perfect. Thank you.

是。 完善。 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thank you.

谢谢。

会议主持员

Thank you. And our next question will come from the line of Mariana Hernandes with Credit Suisse. Your line is now open.

谢谢。 我们的下一个问题将来自瑞士信贷的Mariana Hernandes。 你的生产线现已开放。

Mariana Hernandes

玛丽安娜·埃尔南德斯...

Hi, good afternoon, Ari, David. Thanks for taking my question. My questions are also about the recent acquisitions, but in the sense that I would like to get more color about how the business models work. So for instance, first, Escola em Movimento, how are you going to charge for it or going to provide as a free tool for partner school to have access to or how is it going to work?
And in regards to Nave à Vela, I mean, how much payments we need to pay for this addition to tuitions and do you have any estimates about the potential addressable market size of this business or any other details that you worry about your share about this acquisition in terms of how the operations work, it would be very useful. Thanks.

嗨,大家下午好,阿里,大卫。 谢谢你提出我的问题。 我的问题也是关于最近的收购,但从某种意义上说,我想更多地了解商业模式的运作方式。 例如,首先,Escola em Movimento,您将如何收取费用或作为合作学校的免费工具提供访问权限或如何运作?

关于NaveàVela,我的意思是,我们需要支付多少款项来支付这笔费用,你是否对这项业务的潜在可寻址市场规模有任何估计,或者你担心你的分享对此有任何其他细节 根据运营的运作方式进行收购,这将非常有用。 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Hi, Mariana, thank you for your question. So, the two companies that we have acquired they operate in the same business model as our current business do. So, we sell that to the schools and the schools resell that to the students both the App from Escola em Movimento, as well as Nave à Vela.
We intend to keep them as independent operations, so they have their sales force team, they go to the schools and negotiate long-term contracts with the schools, so that the schools can use the solutions. But we also plan to extract synergies, especially in the back office area and we do see cross opportunities both in the case of Nave à Vela and Escola em Movimento.

嗨,玛丽安娜,谢谢你的提问。 因此,我们收购的两家公司的业务模式与我们目前的业务相同。 因此,我们将其出售给学校,学校向学生转发Escola em Movimento的应用程序以及NaveàVela。

我们打算将他们作为独立的业务,因此他们有自己的销售团队,他们去学校和学校谈判长期合同,以便学校可以使用解决方案。 但我们也计划提取协同效应,特别是在后勤办公区域,我们确实看到了NaveàVela和Escola em Movimento的交叉机会。...

Mariana Hernandes

玛丽安娜·埃尔南德斯...

Perfect. And just a quick follow-up. Are you able to share any details about how much is it cost for schools or in the end for parents to acquire these optionalities?

完善。 只需快速跟进。 您是否能够分享有关学校费用多少或父母最终获得这些可选项的详细信息?...

David Peixoto dos Santos

David Peixoto dos Santos...

So, since the Nave à Vela business we are not yet consolidating we expect to disclose this information when we perform the second term in payment and when we acquire the formal – of the company and then we can share the financial numbers with you.

因此,由于NaveàVela业务我们还没有合并,我们希望在我们执行第二个付款期限时以及当我们收购公司的正式时间时披露这些信息,然后我们可以与您分享财务数据。

Mariana Hernandes

玛丽安娜·埃尔南德斯...

Perfect. Thanks a lot.

完善。 非常感谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thank you.

谢谢。

David Peixoto dos Santos

David Peixoto dos Santos...

Thank you.

谢谢。

会议主持员

Thank you. And our next question will come from the line of San Diego Aragao with Goldman Sachs. Your line is now open.

谢谢。 我们的下一个问题将来自San Diego Aragao与Goldman Sachs的合作。 你的生产线现已开放。

Diego Aragao

Diego Aragao

So, my name is now San Diego and that’s great. So, good afternoon everybody and thank you for taking my question and for the update on Positivo. I guess, my question is a follow-up on the two smaller deals you mentioned. So first, how should we think about their organic growth in 2020?
And second, how is the revenue recognition for these companies? I understand that you also want to keep them independent, but how far do you see them gaining some penetration within your customer base? Thank you.

所以,我的名字现在是圣地亚哥,这很棒。 所以,大家下午好,感谢您接受我的问题和Positivo的最新消息。 我想,我的问题是你提到的两个小交易的后续行动。 首先,我们应该如何看待2020年的有机增长?

第二,这些公司的收入如何获得认可? 我知道你也希望让他们保持独立,但你认为他们在你的客户群中获得了多少渗透? 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thank you, Diego for your question. These companies have a very strong track record in organic growth throughout the last years. It’s still soon to predict how they will perform for the following year. But since the quality of the products and that we have seen, we are very optimistic in how they will grow organically.
Of course, we expect to do cross-sell between among all our business units and these new solutions. But I think it’s still early to predict any kind of revenue or numbers in terms of these two companies. You – can you please repeat the last part of your question please?

感谢Diego,你的问题。 这些公司在过去几年中在有机增长方面有着非常强劲的记录。 现在还很快就会预测它们将在接下来的一年中发挥作用。 但是,由于产品的质量和我们所看到的,我们对它们如何有机增长非常乐观。

当然,我们希望在所有业务部门和这些新解决方案之间进行交叉销售。 但我认为,根据这两家公司预测任何类型的收入或数字还为时尚早。 你 - 请你再说一遍你的问题吗?...

会议主持员

Diego’s line has left the queue. Our next question will come from the line of Javier Martinez with Morgan Stanley. Your line is now open.

迭戈的队伍已经离队了。 我们的下一个问题将来自Javier Martinez与摩根士丹利的合作。 你的生产线现已开放。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

Hi, thank you. Thank you, Ari. The reason why I delighted is I was – with the same idea that San Diego was asking to try to understand in the penetration, I understand it’s – maybe a little bit early. Your commercial team, so you will have it independent, I understand that. I understand why. But I guess that your commercial team will be already ready to sell that as part of your platform in the next commercial year, no.
I guess, no, this year is too early, you know, that is a good assumption. And second, when will be this second installment? So when – from where – from when will you be able to consolidate the control of the company and have the extra control of the company – of the Nave à Vela? Sorry.

嗨,谢谢你。 谢谢,阿里。 我之所以高兴的原因是 - 我有同样的想法,圣地亚哥要求尝试理解渗透,我理解它 - 可能有点早。 你的商业团队,所以你会让它独立,我理解。 我理解为什么。 但我猜你的商业团队已经准备好在下一个商业年度将其作为你平台的一部分出售,没有。

我想,不,今年太早了,你知道,这是一个很好的假设。 第二,什么时候第二部分? 因此,当你从何时 - 何时 - 你能够巩固公司的控制权并对公司的额外控制权 - 来自NaveàVela? 抱歉。

David Peixoto dos Santos

David Peixoto dos Santos...

So, just answering the last part of your question and sorry, thank you, Javier for your comment. So, jumping to the end of the question, we expect to consolidate for the Nave à Vela company for the ACV 2020 and the Escola em Movimento, as I said we already acquired 100%. So, from the next quarter it would be already consolidated in our financial statements.

所以,回答问题的最后部分并对不起,谢谢你,Javier的评论。 因此,跳到问题的最后,我们期望为NVàVela公司合并ACV 2020和Escola em Movimento,正如我所说,我们已经获得了100%。 因此,从下个季度开始,它将在我们的财务报表中合并。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Javier, answering your question regarding how we are selling this products. Yes, we intend to keep the sales force separate. But of course, we are studying possibilities to bundle the solutions in order to offer a more comprehensive product to the schools. Sometimes it makes sense to a school to buy the learning system together with a tech App or the 21st social emotional skills product.
So, yes, we see an opportunity to enter new schools with these products, Escola em Movimento and Nave à Vela. But also we are planning to develop a specific solutions bundling each of these solutions together with our current products.

Javier回答了关于我们如何销售这些产品的问题。 是的,我们打算将销售人员分开。 但当然,我们正在研究捆绑解决方案的可能性,以便为学校提供更全面的产品。 有时,学校与科技应用程序或第21社交情感技能产品一起购买学习系统是有意义的。

所以,是的,我们看到有机会进入这些产品的新学校,Escola em Movimento和NaveàVela。 但我们也计划开发一个特定的解决方案,将这些解决方案与我们当前的产品捆绑在一起。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

Ari, so, as far as I am aware, these are similar products that used to be in the market that of course the leader in NIM, but I am not aware of any other product, no, so, with the understanding it’s a market with really low level of competition. So there is no – so it’s a potentially big market without many competitors use maybe one or maybe somebody else. So, if you could give us an idea for how many players do we have on the table to try to understand how this is going to look like will be very helpful.

Ari,所以,据我所知,这些是类似的产品,曾经是市场当然是NIM的领导者,但我不知道任何其他产品,不,所以,理解它是一个市场 真的是低水平的竞争。 所以没有 - 所以它是一个潜在的大市场,没有许多竞争对手可能使用一个或者其他人。 所以,如果你能给我们一个关于我们在桌面上有多少玩家的想法,试图了解这将是什么样子将是非常有帮助的。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Yes. I think you were correct. There are few players in the competition of this market. I think we can benefit from the scale in order to develop a very high quality solution and deliver that into the platform of schools that we already have the relationships with. They operate in the same supplemental segment as international school.
And also, you can see a very strong trend in the education area to start to teach the kids not only the traditional core curriculum, but also these kind of skills. So, we see a good trend on that opportunity on that market.

是。 我认为你是对的。 这个市场的竞争很少。 我认为我们可以从规模中受益,以便开发出一种非常高质量的解决方案,并将其传递到我们已经与之建立关系的学校的平台中。 他们在与国际学校相同的补充部分开展业务。

而且,你可以看到教育领域的一个非常强烈的趋势,开始教孩子们不仅传统的核心课程,而且这些技能。 因此,我们看到该市场上这个机会的良好趋势。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

And this – finally – this is a product, correct me if I am wrong, more for the secondary students or this is separate for all the areas. I am not 100% sure about that. Just to try to understand from your virtual market, which portion of the students, partner school relying these? It’s more for the secondary students, right?

而这 - 最后 - 这是一个产品,纠正我,如果我错了,更多的是中学生或这是所有领域的独立。 我不是百分百肯定的。 只是想从你的虚拟市场中了解哪一部分学生,合作学校依赖这些? 这对中学生来说更合适吧?

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

So, it’s for all the segments, actually. This is a product that works with the skills of culture of innovation, entrepreneurship, creativity. So you have specific products for all the segments of the K-12 private school.

实际上,它适用于所有细分市场。 这是一种与创新,创业和创造力文化相结合的产品。 因此,您可以为K-12私立学校的所有部门提供特定产品。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

And the product works? Just like a pretty exciting proposition for parents. I want my kids to go to that school. But there is – you know what I mean that sometimes, so to visualize how it is very innovative. So, works well?

产品有效吗? 对于父母来说就像一个非常令人兴奋的主张。 我希望我的孩子去那所学校。 但有 - 你知道我的意思有时,所以想象它是如何创新的。 那么,效果很好吗?

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Yes. The product works very well. Two things that we can mention about the company is that, there are two very talented founders who came from – and developed that curriculum there. And the second one is that they are already in the top rated schools in Brazil.

是。 该产品运作良好。 我们可以提到的关于公司的两件事是,有两位非常有才华的创始人来自 - 并在那里开发了那些课程。 第二个是他们已经在巴西的顶级学校。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

Okay. Okay, it sounds very exciting. Thank you very much.

好的。 好的,听起来非常令人兴奋。 非常感谢你。...

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

To add one more comment, which I think it’s important. In the last four years, the company had zero turn which is a very important metric to access the quality.

再添加一条评论,我认为这很重要。 在过去四年中,该公司零转,这是获得质量的一个非常重要的指标。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

That’s – this is a pricing figure, because in a product like this, it’s like a – it sounds like amazing, no. It’s like – this is the kind of thing that you try as a parent, you say, okay, let’s try with my kids. But then, they like it and you send them to soccer.
But so, not having – having been successful with all the schools is quite surprising no. So, it sounds like you have a very interesting thing in your hands, no? It will be good if you can give us more information to try to quantify the potential of this whole market, et cetera, et cetera?

那是 - 这是一个定价数字,因为在这样的产品中,它就像一个 - 听起来很神奇,没有。 就像 - 这是你作为父母尝试的那种东西,你说,好吧,让我们试试我的孩子吧。 但是,他们喜欢它,然后你把它们送到足球场。

但是,没有 - 在所有学校取得成功是非常令人惊讶的。 所以,听起来你手中有一个非常有趣的东西,不是吗? 如果您可以提供更多信息来尝试量化整个市场的潜力,等等,这将是一件好事吗?

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Sure, sure. We can do that. We believe so. Thank you.

好的好的。 我们能做到这一点。 我们相信。 谢谢。

Javier Martinez de Olcoz Cerdan

Javier Martinez de Olcoz Cerdan

Thank you.

谢谢。

会议主持员

Thank you. And our next question will come from the line of Maria Azevedo with UBS. Your line is now open.

谢谢。 我们的下一个问题将来自玛丽亚·阿泽维多与瑞银集团的合作。 你的生产线现已开放。

Maria Azevedo

Maria Azevedo

Hi guys. Thank you for the call. You are on track to reach your targets. Do you see any upsize risks for your EBITDA guidance for the year? And if you can comment on marginal terms about 2020 commercial outlook, commercial and competitive and now that you have reached stronger sales force. If we should expect some accelerated growth in that line? Thank you.

嗨,大家好。 谢谢你的来电。 您有望实现目标。 您是否看到今年EBITDA指导的风险增加? 如果你能评论关于2020商业前景,商业和竞争的边际条款,那么现在你已经达到了更强的销售力量。 如果我们预计该线会有一些加速增长? 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Hello, Maria. Thank you for your question. Talking about of the sales cycle, we believe it’s too early in the year. But we are optimistic with the sales of this season and I think David can answer your question regarding the margins and EBITDA.

你好,玛丽亚。 谢谢你的问题。 谈到销售周期,我们认为今年还为时过早。 但我们对本赛季的销售情况持乐观态度,我认为大卫可以回答有关利润率和EBITDA的问题。...

David Peixoto dos Santos

David Peixoto dos Santos...

So, the margins are actually in line with our expectations. So, we – so, every quarter, we will discuss this as we like to update these numbers and look for changing any projection. But so far we are still in line with first projections that we discussed with you.

因此,利润实际上符合我们的预期。 所以,我们 - 所以,每个季度,我们都会讨论这个问题,因为我们希望更新这些数字并寻找更改任何预测。 但到目前为止,我们仍然与我们与您讨论的第一个预测一致。...

Maria Azevedo

Maria Azevedo

Perfect. Thank you. And just as a follow-up question, David, did you consider accessing the equity markets in the future in the short-term to foster more acquisitions and also improve its stock liquidity? Is this a scenario you are considering?

完善。 谢谢。 作为一个后续问题,大卫,您是否考虑在短期内进入股市以促进更多收购并改善其股票流动性? 这是你正在考虑的情景吗?

David Peixoto dos Santos

David Peixoto dos Santos...

Yes. So, we are, I mean, we are always analyzing opportunities to a better capital structure. But considering the acquisitions that we already performed, we can finance with the cash generation from our operation without the need of new capital injections. And also, if we see new opportunities for M&A, and pin up your side, we already have a pre-approved financial line that can work - has agreed to finance new targets.

是。 所以,我们是,我的意思是,我们总是在分析更好的资本结构的机会。 但考虑到我们已经进行的收购,我们可以通过运营中的现金产生融资,而无需进行新的资本注入。 此外,如果我们看到并购的新机会,并确保您的支持,我们已经拥有可以运作的预先批准的财务线 - 同意为新目标提供资金。

Maria Azevedo

Maria Azevedo

Perfect. Thank you very much.

完善。 非常感谢你。

会议主持员

Thank you. [Operator Instructions] Our next question will come from Guilherme Palhares with BTG. Your line is now open.

谢谢。 [操作员说明]我们的下一个问题将来自Guilherme Palhares和BTG。 你的生产线现已开放。

Guilherme Palhares

Guilherme Palhares

Good afternoon everyone. Two questions here. One is, Nave à Vela just to be clear. This product is different from what – and it’s called intelligentsia because of its maker feature, right. So, just to get that clear.
And the second question is, on Escola em Movimento, we understand that, the company itself has other learnings within those clients and I want to understand what are the plans for their business units in terms of this relationship to the further learning systems and what is the company thinking about which steps after solution here? Thanks.

大家下午好。 这里有两个问题。 一个是,NaveàVela要清楚。 这个产品不同于什么 - 它被称为intelligentsia,因为它的制造商特色,对。 所以,只是为了弄清楚。

第二个问题是,在Escola em Movimento,我们了解到,公司本身在这些客户中还有其他的知识,我想了解他们的业务部门在与这些进一步学习系统的关系方面的计划是什么,以及什么是 公司在考虑解决方案之后的哪些步骤? 谢谢。

Ari de Sá Cavalcante Neto

ArideSáCavalcanteNeto...

Thank you, Guilherme for your question. So, the Nave à Vela product is quite unique in terms of the quality of the content and the approach. It’s not a feature. So it’s really a product that we are selling to the schools and the schools are putting into its class per week and they are reselling that to the parents.
So that’s pretty much how it works. But talking about Escola em Movimento, Escola em Movimento is more like a feature that you sell to the schools and the school sell that to the parents and that feature is a tech feature, is an APP that enables the interaction and communication among parents and the school, the academic performance and we believe we can add new capabilities to this App.
But it’s a feature that the school uses to communicate with the parents and we believe there is a lot of opportunities to add new features and enhance the school and the parents’ experience through that.

感谢Guilherme提出的问题。 因此,NaveàVela产品在内容质量和方法方面非常独特。 这不是一个功能。 所以它真的是我们向学校销售的产品,学校每周都会上课,他们正在向父母转售。

这就是它的工作原理。 但是谈到Escola em Movimento,Escola em Movimento更像是一个你卖给学校的功能,学校把它卖给了父母,这个功能是一个技术特色,是一个APP,可以实现父母之间的互动和沟通。 学校,学业成绩,我们相信我们可以为这个应用程序添加新的功能。

但这是学校用来与家长沟通的一个特点,我们相信有很多机会可以增加新功能,提升学校和家长的体验。

Guilherme Palhares

Guilherme Palhares

Thanks. That’s very clear.

谢谢。 这很清楚。

会议主持员

Thank you. And we have follow-up questions coming from the line of Diego Aragao with Goldman Sachs. Your line is now open.

谢谢。 我们还有来自Diego Aragao和Goldman Sachs的后续问题。 你的生产线现已开放。...

Diego Aragao

Diego Aragao

Yes. Thank you guys. Thank you for the follow-up. Unfortunately I got disconnected previously. So my apologies if I missed some of your comments. But just want to check, whether there are some earn outs related to these acquisitions? Thank you.

是。 感谢你们。 感谢您的后续跟进。 不幸的是我以前断开了。 如果我错过了你的一些评论,我很抱歉。 但是,只是想检查一下,这些收购是否有一些收益? 谢谢。

David Peixoto dos Santos

David Peixoto dos Santos...

So, Diego, thank you for the follow-up question. So, regarding Escola em Movimento, we don’t have and talking about Nave à Vela, yes. So, this other three installments, they are related with the company’s performance and they are valid on average in five time revenues last twelve months.
So, it’s an average, because it varies depending on the installments, but on average it’s six and then four and then three and on average it’s five times revenue last twelve months and we provide more details about this on our financial statement.

所以,迭戈,谢谢你的后续问题。 所以,关于Escola em Movimento,我们没有和NaveàVela谈论,是的。 因此,在其他三个分期中,它们与公司的业绩有关,并且在过去十二个月的五次收入中平均有效。

所以,这是一个平均值,因为它取决于分期付款,但平均而言是六个,然后是四个,然后是三个,平均而言,它是过去十二个月的五倍收入,我们在财务报表中提供了更多详细信息。

Diego Aragao

Diego Aragao

Okay. That’s helpful. Thank you.

好的。 这很有帮助。 谢谢。

David Peixoto dos Santos

David Peixoto dos Santos...

Thank you.

谢谢。...

会议主持员

Thank you. And I am showing no further questions in the queue. Ladies and gentlemen, thank you for your participation on today’s conference. This does conclude our program and we may all disconnect. Everybody have a wonderful day.

谢谢。 我在队列中没有显示任何进一步的问题。 女士们,先生们,感谢您参加今天的会议。 这确实结束了我们的计划,我们可能会断开连接。 每个人都有美好的一天。

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