Portuguese or English. For those listening to the teleconference in English, the option of muting the original audio in Portuguese is present. Just have to click "Mute Original Audio." We would like to inform that this teleconference is recorded, and it will be made available on the website of the company, www.ri.com.br, where you have the full material of our results. You can download the presentation on the chat icon, also in English. During the presentation, all participants will have their phones' microphones off, and then we'll start the Q&A session. In order to make questions, click the icon "Q&A" on the lower side of your screen and write your question in order to put it in line. What else is requested? The request to activate your microphone will appear on screen, and then you must activate your microphone to make your question. We would like to tell you to make your questions all at once. Before moving on, we would like to clarify that eventual declaration that may be done throughout this teleconference related to the business perspective of Cogna's operational and financial goals are based on the premises of the company, as well as information that is currently available about Cogna. Future considerations are not a guarantee of performance and involve hazards, uncertainties, and premises because they are related to future events, and therefore, independent of the circumstances, they may or may not occur. Investors and analysts must understand that general conditions, sector conditions, among other operational factors, may affect the outcomes of Cogna and may guide to outcomes that differ materially from those expressed in future projections. Now, I would like to give the floor to Mr. Roberto Valério, CEO from Cogna, who will start our presentation. Please, Mr. Roberto, the floor is yours. [Foreign language] Thank you. Good morning, everybody, and thank you all for participating in our teleconference to discuss the outcomes of the four quadrimestres of 2024. As we always do, we have in this call Frederico Villa, our Financial Vice President, and Guilherme Mélega, Director President of Vasta. This call must endure for more or less one hour, with 40 minutes of presentation, followed by 20 minutes for the Q&A session. I would like to start this conference with slide number three, stating that clearly the fourth quadrimestre of 2024 was amazing, and 2024 as a year was excellent regarding results. Undoubtedly, the highlight is the guidance delivery that we were always convinced that we were always certain that it would be in the deadline. That raises some doubts. We all know because we live in Brazil, and we know how things are. The main highlight, the main satisfaction, both on the management side as well as of the team and the council, is that we have not just reached the guidance, but we have reached goals of EBITDA. We have grown more than three times our EBITDA, which is an average of 33% a year for the past three years in our EBITDA. In GCO, we were even better. We have grown four times with a 45% a year. Here, obviously, regards the year, but it is important to highlight that everything has been done with the same assets that we started in 2020, with an expressive growth throughout this journey. Here, over this journey and the preparation for this presentation, we've wondered how many companies in Brazil, faced with a macroeconomy as the one we have, the competition, which is quite strong in the sectors where we act on, how many companies in Brazil were able to grow that much in four years with such a turnaround strategy, followed by a growth of such magnitude. I would like to reiterate that the outcomes and results are fruit of a simple strategy. Throughout these four years, we say there is no rocket science. It's a simple strategy, quite clear. The management, the way I see it, is very competent, and it's such a team that is very talented and resilient, most of all, to overcome all the challenges and to implement all the projects and make the changes that we had to do over these two turnaround steps for growth. I am sure that even the skeptical ones must acknowledge our capability for delivering that keeps our down-to-earth perspective. It has consistency, and it shows our consistency green and resilient to outcomes. Now, going to slide number four, the management message focusing on the fourth quadrimestre. The revenue, 13.2%, and 3 and almost 9%, 8.9% in 2024. We say that the fourth quadrimestre ever since the first trimester we started. We said that the fourth trimestre would be very strong, and indeed it was, especially regarding EBITDA and revenue generation. 47% is a strong expansion of image to 7% of points. I would like to reinforce that it reflects the consistency that we pursue. This is the 15th consecutive trimester of the increase in our EBITDA, of our margins. The three BUs have been growing quite strong in EBITDA. Cogna was growing 55%, Vasta 28%, Saber 77%. It shows the quality of our assets, the quality of our BUs, and how we are able to deliver. I would like to highlight Saber has overcome the guidance that we've given. We all know that Saber and PNLD are something very difficult to project. We started this guidance practice, and we have a guidance of BRL 200 million EBITDA for Saber and BRL 200, BRL 230 actually. We were able to reach BRL 257 million, which shows the quality of our product, especially the strategy of offering complementary solutions, government solutions, especially municipalities, but also a few states of reinforcing learning. Great outcome here. Now, back to the fourth trimester, the operational generation of revenue, both assets has reached BRL 37 million, a growth of 40%. We mentioned, we've said before how the fourth trimester will be strong. That's natural. Both Saber, they are able to, they have a lot of income cash in the fourth trimester. We worked throughout the whole year by means of PNLD, we delivered in the fourth trimester, received the government's cash. This is why we had the fourth trimester, very strong. We always say that it would be strong. In 2024, our net revenue grew almost BRL 880 million as a net revenue. This is how our company will be able to assume distributing dividends, and this is the proposal that must be approved in the meeting. Now, regarding the leveraging, there were some questions throughout these four years. We were able to reach 1.35 times the EBITDA. I'd like to highlight that it is a tremendous leveraging since the fourth trimester of 2018. Of course, we have a growth scenario of interest growth, but our consistency in growing with the results and, above all, with the reduction of net, that of almost BRL 400 million, we have a great credit quality for sure. Many look after that, and they want to talk with us. We are very glad with all this generation of revenue. Aiming at the future, we believe we'll keep on growing like this. The priorities on cash use are all oriented towards debts, and we are repurchasing our stocks. Even given the payments of dividends, we will keep reducing net debts and repurchasing stocks because it will keep on growing for 2025. Now moving on to slide number six to talk about Cogna. On the operational side, I would like to start talking about the collection, the spend. There is little to no impact in our outcomes, the outcomes that the revenue already shows. I need to comment that about the collection of the fourth quarter of 2024, 14% under the same period in 2023, but this is not something concerning for us due to some simple reasons that I will explain. First of all, the smaller collection of students via Prouni, the number was smaller. Why is that? We had gone to Coop. There There was no need to make available more students, so this base of collection has dropped. Of course, it impacts the overall collection, and also it made a few adjustments, and we reduced the intensity of the actions we were undertaking to recover the win-back students in order to try and recover those students. We are always making account. Of course, bringing in evaded students demands a lot of effort, and we understand that this is a minor quality revenue. Our efforts are all towards growing in order to, and the reduction of win-back has been impacting our collection. Of course, it's a complex semester from the perspective of collecting and distance learning. People that are studying 100% online, it's a very volatile market, but I think now what we must do is look ahead. Of course, we cannot give guidance. There is still some time missing in the collection cycle, but 2025 is positive in our revenue and very positive too. Looking ahead, we believe in the continuity of revenue growth. Now, talking about evasion, and I think it's important to know that even though we had a mix based in EAD distance learning, there was a drop in 0.4%. Even with mixed distance learning, that has a lot more evasion, actually. Now looking on the evasion rate of distance learning, we can see that it had dropped in a year. This is also very important in our outcomes. Now, specifically talking about the base of students, it's grown strong rates, 2.5% and growing. Of course, distance learning grows at a bigger rate. We would like to highlight the on-site learning. This is the first year we grow based in the on-site learning. That's something special regarding these four years. Now, moving on to slide number seven, talking about revenue. The revenue in the semester has grown almost 16%, which is very strong. This growth has raised the volume in the last collection cycles and good harvesting that we've done impacts the total revenue of the company. Re-subscription, re-registration has improved. The year after has been better and better. This is how we were able to share the extra. Specifically here in the fourth trimester, I will explore further ahead, but we also have an alteration on the registration of discounts that also contribute to the acceleration of the revenue in the trimester. In the In the accumulation of the year, we've grown at almost 15%. Even though it's a somewhat timid growth, the revenue is resumed to growth. It's been strong, 13.8%, EAD 17%, but on-site, that four years have dropped. Now it's resuming its growth, and now we see a positive collection cycle on-site learning. We have good prospects in this business line. Now moving to slide eight, talking about the net revenue. I think the raise of 20% of the profit, of course, the greater participation, total mix of EAD students helps a lot in that. EAD costs are fixed, so greater participation of students and the mix generates a revenue. I would like to highlight that we have all been able to have on-site students class. There are more students being registered to have more robust classrooms, and that has an impact on the initial profit margin of all businesses, growing their net revenue, 10%, 20%, 30%, very healthy in the year accumulation, especially proper media and EAD learning. The final highlight of 2% all points for this trimester. Now, slide number nine, talking about expenses. I think I would like to highlight that the total expenses has grown 3%. Our revenue has grown a lot more intense. Our revenue has grown 16% and 12%. Of course, it has hit our margin. Just a quick highlight on corporate expenses. We have won 1.2 percentage points. Effectiveness, a change in process, a change in systems, automation, the use of AI has enabled us to gain efficiency. The reduction in corporate expenses too of the same items, but also has accelerated due to the revision of contingency in BRL 35 million tax processes in the fourth trimester. We're actually in 2022, but in the fourth trimester, obviously, BRL 35 million, it is a huge number, but not that relevant given our base. I would like to go a little further on the PCLD. There is a change that it's important to clarify to you all. First, we already expected that PCLD would come a little bit strong in the fourth tri, given the seasonality of EAD in the first trimester. We renegotiated the first trimester with students. We renegotiated the second and the re-registration period. They paid their debts for a throughout months. Naturally, in their trimesters and the even trimesters, this is what happened. In the second item, we've had a change in the accounting registers of evaded students. Such a change is aligned to market practices. I think now we are equal to all the other players in the way they do such a registration. Above all, most importantly for us, such a change will enable our collection teams to be more effective in their negotiations, bringing more cash to our company. Very important. Such change has no impact in our EBITDA. It's totally neutral. It's just a change of years. Here I would like to reinforce that the best way to look at things, given the seasonality of the trimesters, is looking at the PDD of the overall semester. It's given a lot of highlights in the outcomes. Now moving to slide number 10, year expenses of the year. The expenses of the year have grown 13%, and one revenue has grown 11%. Obviously, it hits our margins. Here in the same line, we see gained efficiency in corporate expenses, a half a percentage point, 5.4 percentage points in operational expenses. Here I would like to highlight that marketing expenses remain stable and to be conservative in the practice. We even want to 0.2 percentage points in marketing expense over net revenue, what reinforces what we stated in the first semester, repeating the second, third, and now we are showing it in the fourth. That has just changed the strategy of marketing expenses, focusing a lot more on markets in the odd trimesters, and the year would be stable. I'd like to highlight also, I think this is a construction of credibility that's important, not just because through the last four years we've been delivering consistency, but at the end of the process, the point on what we've said, we have a tendency of being rather conservative, and we are here carrying out what we said we would do. We've won 1.3 percentage points due to what I have already mentioned, and operational expenses, part of the cost of tickets. The baseline growth generates a market. On On the PCLD, specifically speaking about that, as being the change of the registration on the accounting, I would like to highlight that PNLD is stable for the fourth year. In fact, we have no problems in the PCLD. It was just a change in the registration. Now moving towards slide 11. Of course, this is the outcome of everything I've said in the previous slides, but EBITDA has grown 55% in the trimester. We've won 7.4 percentage points in our margin, and the year accumulation has grown 24%, 3.8 half percentage margin points. I remember that we got some questions in the first trimester of the year, stating, "Well, have you done everything? The whole restructuring at Kroton? You've expanded your portfolio. Is it possible to grow more at Kroton?" We said yes, and we may be able to grow one, one and a half points, delivering three and a half, but shows that some of the same assets that shows that there was a lot of the team is able to look at the processes of the systems and being able to do it more efficiently. Proceeding with our growth, not focusing on growing without efficiency. There is a lot of growth too. That being said, I wrap up the Cogna session. I would like to give the floor to Guilherme Mélega, President of Vasta, so he can make his comments. Thank you, Roberto. We'll move on to slide 13, talking about the net revenue of Vasta, starting by the chart on the left, talking about the trimester. I would like to highlight the acknowledgment of BRL 619 million in our ACV, the growth of 20% that involved the trimester. I would like also to highlight the acknowledgment of BRL 35 million in our new business line, B2G. B2G, we've grown BRL 35 million, and the general revenue has grown 35%. The year revenue has grown 12.6%. We have a highlight for acknowledgment on ACV, which is at about BRL 1,462 million, a 14.4% growth, which is aligned to what we imagine we will be able to maintain for the ACV in the next few years. With regard to B2G, in year- over- year, we are growing 29%, reaching BRL 105 million. [Foreign language] Slide 14. Now I will make brief comments on the trimester's expenses, and I will go deeper on the annual expenses. In the trimester, we had a growth in productivity of absolutely all ESG and A expenses, and direct costs, we've had a raise of 4.9, basically a mix of products and seasonality. This is no effective enhancement in the company's costs. Now, slide 15, we have a better portrait of the expenses and costs of the year, already normalized throughout all the year's trimesters. We see all corporate expenses that are aligned, the operational and PCLD expenses with the gain productivities, specifically in our SG&A, with 8 percentage points of production. Here we see our direct costs, such as the percentage of the revenue, something that is totally flat, a level of 31%, 38.1%. The human expenses have grown 9.2%. Since our revenue has grown 12.6%, expected the EBITDA gain within the margin that you can see in slide 16. Slide 16, when I will start by reading the trimester on the left, we were able to reach BRL 300 million of EBITDA in the fourth trimester, a growth of 28.1%. Here you can see the margin of the fourth trimester coming from 41.2%, 42.2%, 43%. Now, the accumulated year EBITDA, we reached BRL 500 million, which is a milestone at Vasta. In our IPO, we were able to reach BRL 500 million EBITDA, a 20% growth with regard to 2023. The company growing, diluting its costs with a better mix of premium and complementary solutions, we are able to obtain a total margin gain of EBITDA coming from 28% to 29.9% year of EBITDA margin in our business. We are very glad with the year we just delivered a robust growth for business and solutions, complementary solutions. What is not reflected in our numbers is how much we have walked already through Anglo School, 40 contracts signed, two flagships in operations, seven units that are already operational in 2025. Forty contracts for sure will represent some dozen schools opening for the next few years. A growth trend that is very important for us that together with B2G, which is already a reality, will add up to our company's organic growth. That growth, the organic growth, we are about two digits in core and complementary. That being said, Mr. Villa can move on with this presentation, the floor is yours. Thank you, Guilherme. Good morning, everybody. I would like to start my presentation talking about Saber. Slide 18, talking about Saber's net revenue here in this slide. Our net revenue, I would like to highlight the reduction of the trimesters, reduction of that had two effects. The main effect is the reduction of the revenue due to PNLD, because this is a commercial calendar that does not contemplate purchase. An effect on the selling of superior learning teaching materials. If I didn't have the accumulation, if I didn't have the selling of SETs im pact, my revenue would have a growth of 2.5%, 2.5% instead of having a growth. What's important is that the past semester, now moving to the left side, the trimester we had, despite growing the revenue, we've had a net revenue of medium languages of 75% among other services that are basically here represented by the broader score of governments, Acerta Brasil, which had an extraordinary growth of 92%. Moving on to the next slide, you will see the outcome and the results. Slide number 19 from Saber, talking about recurring EBITDA and EBITDA margin. It's important to highlight that given the difficulties for projecting projection difficulties by the analysts on how the revenue will be the EBITDA, we see here we have a guidance set about BRL 200 million-BRL 230 million accumulated a year. In the year, we were able to reach BRL 257 million. So we've hit the superior end of the guidance, BRL 27 million. Now, looking at the trimester, as I've mentioned before, the expansion, specifically of Acerta Brasil's products, which have a better margin than that of PNLD products, they elevated our margin of our business. Really talking about recurring margin, 50% of the fourth trimester and expansion of approximately 23 percentage points. It has been a fantastic year for Saber, the fourth trimester, which was our expectation. This is why we passed the guidance, but in some ways, it has overcome our expectations and such a number of EBITDA also is part of our cash. We have the collection of those products within the year 2024 as our expectation. Now, moving to the end of my presentation, I would like to slide number 21 to talk about Cogna. Talking about Cogna's trimester, the fourth trimester of Cogna had a growth of 13.2% with EBITDA revenue of BRL 260 million. Remembering that we've grown together in our businesses and trimester with our revenue at Saber grown. Both in the trimester and all year, and Vasta and Kroton that represent approximately 90% of our business. Indeed, it was a year where our business has delivered excellent outcomes. Now, moving to slide number 22, talk about EBITDA. Here, the recurring EBITDA in the trimester, we have an EBITDA of BRL 812 million, a growth of 47%. In the year, 25.2% reaching BRL 2 billion and 174. Remembering that back in 2024, we had a crisp guidance, and the guidance would be BRL 2 million. We've had a guidance in 2020. We didn't know our revenues, but here, gladly, we see that we want to share to our stakeholders that our guidance has reached the EBITDA of BRL 2.2 million. Now, moving to slide number 23 to talk about net revenue. The best way to see our net revenue is not the trimester, but the trimester. What we need to know is the accumulated net revenue. We've had a loss of BRL 492 million. Just reminding everyone that last year, we had a drop in the IRS that has impacted our loss. Now, this year, we've had a revenue for distributing dividends of BRL 870 million. That profit comes from the use of our revenue, especially of our Kroton and Vasta's businesses. A strong growth of our revenue in all our business, the EBITDA growth and the effects and reversions on the contingencies that represented. That is written, it is described and presented in our release. The contingency had the effect on our net revenue, on net profit of BRL 800 million. Thereby, the company has resumed its generation of profit. We are proposing payment of dividends for May 2025. That is being proposed of BRL 120 million that will be approved in our general ordinary meeting. Now, slide number 24, second guidance, the generation of operational cash. Here, we do not have a guidance in our free cash, but I would like to highlight both the operational as a free generation of cash flow. We have a guidance for the year of delivering an operational cash of BRL 1 billion. We have delivered BRL 1 billion and 45 million in year X year of 70%. The growth of trimester x trimester is 40%. As I have mentioned, such a growth in our cash that comes from Kroton's and Vasta's revenue and the better conversion of cash and given the incoming of PNLD and Saber products. Here, I would like to mention in our three cash generations we've reached in here, the generation of operational cash, post-CapEx and post-payment of interest of our debt, we were able to generate BRL 395 million. This is the message that I would like you to keep in mind so we can move to the next slide on the debt leveraging. The company had a debt in 2023 of 1.83 times. Remembering that our leveraging of net debt over the past years, we were able to reach the fourth trimester 1.35 times. It is noteworthy the amount of BRL 400 million of debt. That is why I wanted you to keep in mind because it has a match with our generation of free cash. That was the 395 that's represented in our cash and our debt. We had this reduction of our net debt reaching BRL 2.280 billion. This is another message I wanted to share with you. The average cost of our, considering the CDI, but in the fourth quarter of 2023, we had an average cost of CDI plus 116. We were able to reach the fourth quarter of 2024, the CDI of 1.75. Now I'd like just to remind you that the company in the year 2024 has renegotiated the liability of 100% of the debt. That represents, it is represented in the financial results. A message that is in our numbers, that is in our figures I want to share with you of the company. According to the accounting practices, we mark on financial instruments and we have debts that are IPCA plus and we've changed CDI. We have registered these debts embarking the capital and the market. Considering the expectation of CDI on the long-term curve, our CDI is approximately close to 7%. Our outcomes would be approximately BRL 100 million. This is in our figures. If we did not need to market our leveraging, we would reduce a little bit. Now, moving to the end of my presentation on the position of cash and leveraging, the message I would like to share with you is that the company has a net debt of BRL 4.2 billion and availability of BRL 1.3 million. The net debt, as I've mentioned before, BRL 2 billion 280 million. Now looking ahead, our timetables, even our renegotiations of the debts in 2020, we will start at BRL 160 million, BRL 26 million, BRL 24 million. Starting from 2027, we will have a tower near to BRL 1 billion. It is noteworthy that for the next two years, we do not have a robust drop problem. I am not talking about 2025, but I'd like just to remind you all, remind all of 2024, but the operational cash generation of BRL 1 billion, a net cash generation of BRL 275 million. This does not look like a problem. Finally, the ending, I'd like just to remind you all that the company in January 2025, we announced the closure of the repurchase program of BRL 44 million. We started a new program of approximately BRL 144 million. In December 2024, we've repurchased approximately BRL 30 million. Our capital allocation, this is the best allocation of capital that we could do. Repurchasing stocks means debt payment. If we haven't done such an investment, our net debt would reduce a lot more. It would be BRL 2 million 850, but in our end, from the board, this is the best we could do. We've carried it out. That being said, I would like to wrap up the part of the presentation of Cogna and the financial results. I would like to call, give the floor to Roberto Valério. Very well, Fred, thank you very much. Slide 27, to wrap up the year. 2024, as we've always said, a simple strategy, six pillars. Because they're very diligent in keeping up with all of them and improving all of them regarding our growth. Kroton and Vasta have grown. Fred has explained the seasonality of Saber. Most importantly, you must know that we keep on growing in the best indication of re-registration at Kroton, with subscription at Vasta both before and complementary solutions. New product lines that we did not have before, complementary solutions, selling both to Vasta and Saber, selling to governments. Several lines are growing. We have perspectives of having even more things ahead of us. Our experience, I think that we have been quite well in all checklists, not just in the students' experience, but also clients' experience. The experience and the processes with the government. Kroton this year has been awarded all over the market and referenced prize awards in the market that reinforced our commitment in providing the best experience possible to our students. Obviously, this means an acknowledgment of the trust and the confidence that both our clients and students have. Kroton, ever since the journey, Kroton has grown 22 percentage points in the NPS of the students, of higher education. Vasta has improved 22 percentage points in the satisfaction, and it is being recommended by partnering schools. These are incredible terms that suggest that we have been working hard, improving our processes, focusing on clients. Effectiveness is in our DNA. We gain efficiency in all business units. We are very diligent in the operational side and the processes, using new technologies. That certainly has helped us reach this four-year guidance. Without such a perspective, we would not be able to go this far. Efficiency is something that is not a privilege from one or another area. All products have their efficiency in hand. Culture is very important in our teamwork spirit, the vision of growth, shared growth, and thinking about the new, not being stuck to what we already know. Looking ahead and the survey of engagement with our employees shows very positive improvements in these four years. ANPS employee, which is the goal that we apply, has improved 70% of points. That shows that we have a team that likes the company, likes to work here. They are all quite engaged. They believe in our strategy. This is one of our main strengths. The innovation is also part of our strategy. We've been investing a lot in several frontlines, not just in the hype, AI, the hyped ones, like AI. Obviously, building alliances with startups and the Open English concept, bringing improvements to everything we can do. I'm very glad with the award from Valor on innovation. We're amongst the 30 biggest companies, most focused in education. We are the 27th, and for sure, in education, we are the first. ESG, several of our actions, especially those focused on education, our core. I'm glad to be able to keep on performing as much to deserve the education award. We are glad to support this initiative, aside from several other forums on education, ESG. That being said, the presentation side is finished. We start the Q&A session. Thank you all very much. Now it starts the Q&A session, reminding everyone that in order to make your question, you must click in the Q&A icon on the lower side of the screen and write down your question to enter in line. As you are announced, as an announcement to turn on your microphone that appears on screen, you must activate your microphone to state your question. We would like to request questions to be done all at once. Let's go to our first question. Raphael, sales side analyst of XP. Raphael, move on. Good morning, Roberto Valério and all the other participants. Thank you for giving room for questions. We have three questions in our hand. Regarding Kroton, how should we see the behavior related to greater representation? The impact of the ticket. I am trying to understand whether there was some effect that I think is worth mentioning. The second question, essentially, regarding the vision that was reverted in the previous trimester regarding Kroton, I think we have a more comfortable model. The third is more related to 2025. There was a brief talk on how you see the cycle of collection. I would like you to give a little bit more details on competitiveness, on competition, or perhaps market insight and how to separate it regarding the different segments. Thank you all. Thank you, Raphael. I will take some questions. Fred, feel free to contribute regarding the net margin of Kroton and Meta. Actually, we can't give guidance, but I'd like to tell you that the participation, the great participation of distance learning, should be neutral on the margin stand. We indeed have more students growing the base of ex-med students in the total. We also have a maturation of several new courses. This year, along with approved 110 positions on medicine, Santa Luis, and contemporaneous that will impact our margin. Kroton- Meta, besides that, we have the maturations of courses of more [Foreign language]. In general, I could say that it's neutral to the margin. I think your question regarding the PCLD, right? When you've mentioned reversion PCLD, I guess, and I think Raphael and Fred, please feel free to make your comments. It's not reversion, but rather the effect that I've mentioned in the third trimester. In fact, we have a minor PCLD due to the renegotiation. In the fourth trimester, it returns stronger because the student base is not that much debt, but it ends up more with debts than the fourth trimester. That's natural because in the end, we will end up making accountable reversion. Indeed, it's the natural seasonality. I have less PCLD in the third trimester than in the second. The way we described this slide maybe has brought such a conclusion, not a reversion, but rather a seasonality. Would you like to add something? Exactly that. Seasonality, reminding that in depth, the odd trimesters, the ones students renegotiate, if they have debts, they have a percentage. When they renegotiate, it's been renegotiated. There is a payment of a tax, and this cash payment is, I try to revert the PDD naturally. If such a student is in debt over the even trimesters, the PDD will return. That is normal. It is totally natural. I made this comment on the results call on the first trimester. Again, PDD on the first trimester, it is structural. The net revenue on PDD on the first trimester is approximately 7%. And that naturally is about 10%-11%, which is what happened. There is no accountable effect. This is something natural in our business, and it happens. Odd trimesters, I have a PDD, a reversion of the PDD, so it is smaller. Even trimesters, bigger. How is the best way to analyze that? Trimester year, and within trimester year, you will see that there is no problem. Now, the third question of Raphael was about the cycle of collection. Now, being careful not to give any guidance, talking in a quality scope, both in volume and revenue, it is better in the revenue because we have been able to grow more onsite and hybrid courses, courses that demand attendance in the distance learning segments. It is very positive in the cycle. It is a very important cycle that brings a lot of registrations. That keeps us in a positive with a vision of future by Kroton. Quite clear. Thanks. [Foreign language]. Next question comes from Lucca Marquezini, senior analyst at Itaú. Lucca, please. [Foreign language]. Good morning, everybody. Thank you for your question. We have two questions from our end. Regarding dividends, we have seen the announcement of dividends after a few years. Thinking about 2025, with the mindset of improving cash, I would like to make a performance whether we will have a similar level. If we keep on seeing the distribution of dividends, would it be a similar level as it is being presented? We were talking about the rationale of dividends. The second point would be regarding marketing at Kroton. We've seen a drop in the past trimesters. Could you explain a little bit to us regarding the marketing strategy? Would there be a drop in the next trimester? That would be helpful to us, please. I'll go to Lucca, Fred here. First question on the dividends. We've had a profit that had an effect on the contingencies. We've paid dividends when our proposal for dividends, as I've mentioned, BRL 120 million. The company here now, there is a strong generation of cash, and we are opening up a new stage on paying dividends. I cannot give you a guidance on how much will it be. On how much our EBITDA will be on our net profit. Here, we have a new normal in our company. It inaugurates the cycle of return to stakeholders' capital by means of dividends. Okay, great. I would like to read for. As I said, we are very glad of being able to distribute dividends to our stakeholders. We knew from the beginning that improving things, aligning things, growing our margin, cash generation, that would hit our profit at some point. We have returned, and we have forced the point that this is the way to return. One of the ways, actually, of returning capital to stakeholders, and we keep on working in this frontline. Lucca, regarding your second question on marketing at Kroton, we think there is efficiency to gain in marketing, but you can assume some efficiency over the year was more stable on the% of net profit, net revenue. This is our vision. Okay, crystal clear, guys. Thanks. Our next question comes from Samuel Campos, sell- side BTG analyst. Samuel, please. [Foreign language]. Good morning, Valério, Fred, Mélega. Good morning, everybody. Two questions from our end. First question is about the effects of reaching the guidance, of course taking the cue to congratulate the company by delivering the guidance. I would like to ask whether there is a point or PNR on the achievement of the goal. And if for happenstance, that would have some position. This is the first question. And the second. [Foreign language]. Of course, there are different cycles at the PNLD, but I imagine that there is room for growing sub-2025. It's my head that in the fourth phase cycle, we imagine that the revenue will grow, but we bring forth this question and consider there was an extension of the margin at sub-2024 to 11% of margin. We would like to understand whether this margin will be recurrent, because that's the key point in order to understand if the EBITDA can grow or not. This is it. Thank you. Hey, Samuel. Fred here, I'll take the first question. The company, our workers, they had in their internal goals reaching the guidance, both operational cash generation, generation of operational cash, both in the EBITDA, but the values are already positioned. There is no effect different from what we have registered in our prognostics. Zero effect. Those figures are open in our notifications because we are obliged to do that. You can check the value. Now, regarding the question of Saber, would you like to take that cue? Yes, I can add that up. Saber, Samuel, it's a year of purchasing things. We have plenty of market expenses, teaching materials, we have samples for our teachers, we will be traveling a lot, so it's a little bit more difficult growing our EBITDA. I could say that it's a more stable EBITDA. Let's experience the year and see how the winds blow. Can I just add something here, Samuel? Since we are repurchasing things, rebuying things, the revenue growth year after year, of course, the first investment, everything I have on marketing and the editorial, we have a cost that is launched, but despite the revenue growth, the EBITDA here that Roberto has mentioned reflects. I would like to reinforce what's being mentioned. It is up to us to find out our we all know the avenues where we will work, and we will work on what based on what happened to our guidance 2024. I got it. Thank you all. Good morning. [Foreign language]. Our next question from Caio Moscardini, analyst at Santander. Caio. [Foreign language]. Good morning. My question is related to Kroton. Apparently, the overall feedback is that there is a better dynamic in the distance learning, especially in the 100% online distance learning. I would like to ask about your vision on the dynamic and the long run, whether you think that will extend a little bit longer. Regarding Vasta, a question on the number of students at Vasta. We have very good figures. 2.2 for complementary. How is this growth? Is there a more premium or a baseline revenue? If you could give us something about that. Thank you very much. Mélega, would you like to start? Yes. Thank you, Caio, for your question. In fact, we had a very robust growth in our systems, both in learning systems as complementary solutions. Reminding everyone that this number of growth in the first trimester surfaces slight adjustment in the second trimester when we receive the contractual devolution. It is normal having a first trimester a little higher than the second. The volume, the figures are in that order. I would like to highlight that in other areas, we have been growing premium tickets. Angulo, PH, Amplia, and McKinsey have been the growth drivers with an average ticket, medium ticket, an average medium ticket of companies who have had a gain of solutions complementary for the next season in 2025 and complementary solutions that have a level of 20%, which is something that is BRL 200 million in our revenue. It also represents an important growth, and it is something complementary to the premium mix gain that was mentioned. Thank you, Mélega. Regarding your question on growth, it is quite noteworthy in the sectors that when students or families have more income available, they end up choosing more expensive courses, courses that they effectively want. When they have more income, these are the courses they can afford. It's very hard to pinpoint something for sure as an explanation, but I would say that due to the level of unemployment, which is lower, the income of families is slightly higher right now. I think this is what has influenced the growth in the collection, which is more positive in onsite learning and attendance. I don't know if that's something structural. Time will tell. Obviously, we are glad with those circumstances, but I think that's too early to pinpoint something as a new trend. Okay. Thank you very much. [Foreign language]. Next question, Jessica, sell- side analyst at JPMorgan. Jessica, please. [Foreign language]. Good morning, everybody. Thank you for choosing my question. My first question is about if you could talk a little bit more on the margin expectation for 2025 and how is it compared to 2024, having started the reversion of the fourth trimester. I would like to do a follow-up on the answer on the marketing line at Kroton. You've mentioned that it must be stable for 2025. I would like to confirm if that's how it will be stable and how much stable are we talking about? Jessica, I will take your question. Fred, feel free to add something if you would like to. Regarding the margin expectation, I think there are two answers. It depends on how you see our figures. If you're seeing printed figures, I could say that the margins are stable. We forecast stable margins to understand that the printed margin isn't structural. Each one has their own interpretation. I would say that there is a growth in margin. Now, regarding marketing Kroton, I think the guidance here has to do with the percentage on net revenue. It's not a guidance, but a reference. We don't get guidance, but a reference. Stable marketing with the percentage of the net revenue in line with what we've done in 2024. We understand that even in a competitive market as it is, we don't need to spend more proportionally to our revenue. Per fect. Thank you. [Foreign language]. Lucas Nagano, sell- side, Morgan Stanley, analyst. We'll open your audio so you can make your question. Can you all hear me? [Foreign language] giving room for my questions. I have two. First, on the new accountable criterion. I think it's quite clear that one impact EBITDA, but it may be something what we've seen looking in the last trimester of 2024, it's grown 25%, but it's not a comparative basis because on trimester of 2023, there was a drop in the revenue. I know you make a few comments on the fact, but I would like just to ask you more objectively on compared baseline in the growth of revenue of the second semester of 2024. The second question is about the regulation. I'd like to be more objective on the perspective and the altered DCNs. What is the demand for more time studying? I understand it's an apprenticeship, but theoretical classes onsite, how such a demand will change the operation and will change the structure of Kroton. Thank you very much. Hello, Lucas, Fred. I will take the first question about revenue and PCLD, which is an accountable criterion. This adjustment was done because it was counterintuitive. There was a discount and you reduced your revenue, and the effect should be just on the PDT. The answer that I'd like to give you is that in order not to demonstrate giving our principles of transparency, page number 10 of our release has the growth of revenue for the fourth trimester, which was 15.9%. Your question. What is the growth without such an adjustment of 70%? What was the year growth? 11.4%. The growth without this adjustment was 9.1%. This effect is the contrary in the PCLD. You can see that on page number 10 in our release. If you have any other questions, me, Letícia, we are at your disposal to show some frame we can arrange it. Now, second question, regulation. Thank you for your question. [Foreign language]. We all know how to operate all our polls. They have classrooms, they have labs. Even in the smaller polls, they have such an infrastructure. That would be no barrier to our pedagogics professorship. I think the main challenge of professorship isn't in the onsite attendance, but rather in the apprenticeship. Even the previous DCN, the apprenticeship was something more to the end of the course. You imagine that you let me give you a hypothetical example. A hundred students in one town, and when you are going to send them to the apprenticeship, you send 40 or 50 because they are more towards the second half, and there is a natural evasion. The new regulation, the apprenticeship takes place more in the beginning, what means that you have more students who need to be assigned in schools so they can perform their apprenticeships. Given the amount of students, I think this is our main challenge. Finding apprenticeship field that demands coordination with city halls, state governments. This is the point we are working more strongly. Okay. Thank you, Valério and Fred. Understood. Our next question comes from Gustavo Miele, sell- side, analyst at Goldman Sachs. Gustavo, please state your question. Good morning, Valério, Fred, Guilherme. Thank you for your presentation. I have two questions. The first, taking a cue on the Capital, is this deleveraging of the company brings a reduction of costs and debts that's very important, which has been a flag that you've been using for the market. I'd like just to understand in order to be more in tune with what you have with perspective for debts in 2025. That would be the first question. The second question on Kroton, I'd like you to help us to try to understand this growth in ticket both onsite and distance learning, and what was the readjustment and what is the mixed effect so we can understand how close from the inflation the adjustments of veterans remain in these two categories. That's it. Thank you. Thank you, Gustavo. Fred, would like to answer the first one. Gustavo, thank you. Fred here. The allocation of capital, I'd like to reinforce our commitment of the capital towards stakeholders, always preserving what would be our net debt and the reduction of net debt. That is, as I said previously, the allocation of capital. We believe that our best capital allocation here is to rebuy our stocks and for the payment of debts, let's see different investments. On that cost, we are in an optimal level. I think it's hard to reduce the net debt. The reduction of our leveraging comes from the generation of operational cash in our business. As I said before, the company without the guidance, and we are not talking about 2025, this is a company that's generating operational cash, more than BRL 1 billion in 2024. In 2025, it must not be that much difference. It remains natural, but our commitment here is to allocate capital and generate the best return to stakeholders. Thank you, Fred. Gustavo, regarding your question on the median average ticket, it's important to explain two things. The entrance average tickets, and we have some power of influencing the price. Of course, we work for the our prices are based in the course. We try to optimize some reais here and there so we can be competitive every course, but without losing average ticket, minimizing the impact and the potential competitiveness of the entrance ticket. On the other hand, we have been able to share by several different tools, the reduction of the ticket cost, the average ticket of students throughout the journey, etc., which in an average means that we are able to give to repass the price by means of the strategies that I've mentioned. It has a lot less to do with the mix, especially with the mix of the last cycles because it's been more concentrated in distance learning, dollar ticket, but rather effective as our operation in price reviews for each of the students according to the clusters that we look at. I think it's about operational efficiency. Okay, crystal clear. Thank you, Valério, Fred. Good day. Our next question from Renan Prata, sell- side, Citi analyst. Renan. [Foreign language]. Good morning, everybody. Thank you all. Two quick questions. On cash generation, one, can you help us from a qualitative perspective to consolidate the fourth trimester cash and the PNLD, now, just to understand what were the drivers? The second question, thinking about generation of cash for 2025, if we should conceive a seasonality similar to 2024, or especially regarding the fourth trimester, I do not know if you have insight on some seasonality for 2025. Let's see. Thank you very much. Okay, Renan, Fred talking here, talking about the operational cash generation. We've been talking about that. There was a strong cash generation for the fourth trimester given the seasonality of our business. We all know that our business, PNLD, the incoming comes from Saber, PNLD, as the past few years have been. The way I see it, and we must reconsider the numbers, but we have a generation of operational cash that's been positive in all our businesses, in all our three businesses. Effectively, it was not just the generation of operational cash. There is something positive in Kroton, Vasta, and Saber too. You can give us a call. We'll help you out regarding that. Now looking at 2025, I see that I don't see how much a difference it will be. Just reminding everyone that we have here approximately, using a rule of three, we had a slightly stronger fourth trimester, but those trimesters, we had something about BRL 250 million. Many times we have said BRL 200 million, so slightly bigger in the fourth trimester, but it isn't simply explained given the seasonality of Saber because our businesses are generating operational cash. I'd like to reiterate our ticket here in the company is in the operational cash innovation. This is gone. The free cash and the reduction of net debt, that shows that the generation of free cash is on the direct method, BRL 395 million, and that converses with the net debt, the reduction of BRL 100 million that should have reduced even more with the better allocation of our capital. Answering, I think we are quite comfortable that the seasonality should be similar to 2024 and all our businesses generated operational cash in the fourth trimester of 2024. No, no, regarding the seasonality, I would like to highlight, aside from what Fred had said, I think it's important that everyone looks at the seasonality of it's not much different from our parents. I'd like to remind everyone that less than 65% of our revenue comes from higher education and the other 35% comes from Vasta and Saber. Vasta and Saber do have a seasonality that's different. I think that when the market somehow was doubtful regarding our capability of generating cash in the fourth trimester, I think it's more about not taking into account in the modeling the seasonality of Saber and Vasta and their structural seasonalities. This is why Fred is stating that from the perspective of generation of cash and distribution, it should be a lot more similar to 2024 because this is the structure of the company. This is how we are. [Foreign language]. Super claro. Okay, thank you. Our next question, Flavio Hiroshida, sales side, Bank of America. Flavio, move on. Please have a question. Hello, good morning. Got two questions from IM. The first one, look specifically to general administrative revenue. Even adjusting the reversion of contingencies, we see that the percentage of the revenue this way represents 13% of the net revenue. Compared to a history of 18%-20%, I'd like to understand if it was something specific for this smaller ground, was it something recurring? I'd like you to explore a little bit further on that. My other question has to do with PPD. PPD. When you look at PPD of 2024, compared to 2024 and the percent of the revenue, we see that it has increased a little bit. I'd like to understand what has waited in the PPD and what are you expecting for 2025. Thank you. Fred, I will take your questions. Regarding general administrative expenses, what happens is that in 2023, our general administrative expenses were worse. We had some effects in 2023. Such effects in our end, they were recurring effects, but it isn't up to me to judge whether it was recurring or not. We've done no comment about that, but now the figures are small. We see that something structural. Looking ahead, that should be the same percent on the PDD revenue, the efficiency that we were able to capture. I'd like to just reinforce the point that we like to talk a lot about being recurring or not, but the way I see it, I always see no recurring, they're always negative, so there is no problem. It isn't up to us to take. It's up to you to generate the figure and that's structuring, and you can project on the same percent. I'm talking about PDD. I'd like to reinforce on page number 10 of our release. Here, what do we talk about? Nothing different from what's been. If I didn't have the adjustment, our PDD would be 10.8% on the net revenue. Since we've done adjustment, our revenue became greater. Our PDD to our real revenue was 2.7% a year. The projection for next year, I have no evidence that it would be different from what's been happening in the past few years of the company. You can see in our chart, our PCLD in the criterion was close to 10% and the new criterion, next to 2%. Any criterion, I am always, I'm reaffirming again, I'm not reaffirming again, but what I'm saying is that this is structuring a part of the company, but based on the past few years' history, and we'll keep on the same way. What's something important that isn't priced for us is that such a change that we performed, the expectation is bringing more cash to the company. On the criterion that we used back in the past, there was a discount and there was a negative effect on the revenue. It is a counter. Now you just have an effect on the PDD, but we believe that it may have an effect on generation of operational cash. Thank you very much. Thank you, Fred. The next and last question comes from Eduardo Resende, sell- side analyst at UBS. Please, Eduardo. Bom dia, pessoal. Good morning, everybody. Two questions from my end. First, about the evasion. We have seen continuous improvements throughout the last trimester. I would like to know from you if you could give an overview on the strategies you have been approaching to reduce evasion and if you think there is room for keep improving. The second question is on B2G and Acerta Brasil and Saber. I'd like to know about the visibility you may have of the evolution of such lines from now on if you could share that with us. This is it. Thank you very much. Thank you, Eduardo. I will take the question on evasion and then we can talk about Vasta and we can add that on Saber. Evasion. Let me give you a few calls without giving spoilers. I think there's not much of secret. It's redoing the basics, improving the students' experience, both in the on-site experience, improving the processes within the campus, improving the infrastructure, everything that's digital experience, updating our experiences. We have a very ambitious program called the Cogna Transformation Program, which has an important systemic change. Almost EAD or distance learning students are entering on this new system, which has a state-of-art app, greater experience. From the financial perspective, we are making available recurring payments. We are trying to guarantee students not to be finding a hard time to pay their debts because otherwise it would be very difficult for them to pay. It's a set of actions that's very broad. There is no silver bullet. There's a lot being done right now that helps improving our evasion numbers. Distance learning, 100% online, it's more difficult. There are opportunities for improvement. There's always room for improvement. There's always systems to be improved, experiences to be improved. Onboarding to be better performed. I think for sure that improves besides the element of quality on capturing, on collection. We've been quite criterious on what we consider the amount of collection that we consider as a revenue. Students must have signed accounts, must have paid. They must have experience in the virtual learning environment. We consider students that we have more engaged students. I think there are special fronts, scholar fronts that go towards using the proceed towards using more data, more AI, so we can boost their custom-made experience or that planning. That's always been a dream for us in the sector, but now with even the new technologies being very possible. The way I see it, there's plenty of opportunity to keep on improving in the evasion levels. Fred, oh, Mélega, will talk about B2G and will give a few colors on the B2G market and our expectations. Eduardo, you've mentioned Saber's product, Acerta Brasil. That product addresses the same market that Somos prepared. It's a recomposition of learning product. We've seen great volume metrics for the past few years. This year, 2025, is the year where SAEB will be measured in October. Both Acerta and Prepara are preparations for this exam. In fact, we have a huge positive expectation for growing the first trimester to prepare students of the fifth year and the third years, aiming at October's exam. We see that in Saber's figures, this product is being. It is basically a B2G at Somos focusing the market. Additionally, Saber offers a gamut of products, teaching materials, bilingual materials that follow the growth of a good growth level. Perspectives are very favorable for B2G this year. I think just to add up the validity of the products, in fact, the quality of the products has been very good. Being able to help education offices, their numbers, and that is a market for us to catch new clients. Super claro, pessoal. Muito obrigado. claro, pessoal. Muito obrigado. claro, pessoal. Muito obrigado. Okay, crystal clear. Thank you. The Q&A session is over. Now, we would like to give the floor for the final words of the company. Thank you. Above all, I would like to thank our 24,000 collaborators for those that lived in the past four years, not just this year, the fourth trimester of 2024. I would like to state that we are very optimistic with what we can view. There is a lot ahead of us, a lot that can be done, and we'd like to reinforce the availability that we have to answer any questions. Thank you and good day for everyone. Teleconference on results related to the.