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VASTA PLATFORM São Paulo , August 13 , 2021 - Vasta Platform Limited ( NASDAQ : VSTA ) – " Vasta " or the " Company , " announces today its financial and operating results for the second quarter of 2021 ( 2Q21 ) ended June 30 , 2021. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards ( IFRS ) . HIGHLIGHTS In the second quarter , net revenue expanded 17 % versus the same quarter of 2020 , owing to the growth in 2021 annual contract value ( ACV ) and revenue from non - subscription products . Net revenue from subscription products increased 12 % in the quarter . In the 2021 commercial cycle to date ( 4Q20-2Q21 ) , subscription revenue ex - PAR increased 18 % , while PAR , which revenue is concentrated in the two first quarters of the cycle ( 4Q and 1Q ) , was down 15 % due to the higher re - use of textbooks . Within subscription revenue , we highlight the strength of complementary solutions , up 51 % in the cycle . Despite all the challenges brought by the Covid - 19 pandemic , we expect to record a low double - digit organic growth in the subscription revenue ex - PAR in the 2021 cycle ( from 4Q20 to 3Q21 ) . Adjusted EBITDA was negative in R $ 17 million in 2Q21 , mostly driven by the unfavorable revenue seasonality of the second quarter , also affected by higher provision for doubtful accounts ( PDA ) and by the enhancement in our corporate structure following the IPO in July 2020 . The higher PDA reflects our conservatism in provisioning standards , amidst a difficult period for some of our partner schools and the textbook distribution channel ( R $ 8.6 million is attributable to Covid - 19 effects in 2Q21 ) . Since the beginning of the pandemic , we have opted to support our partners by extending payment terms instead of granting discounts . Vasta recorded adjusted net loss of R $ 25 million in the quarter . In the cycle , Vasta posted adjusted net profit of R $ 124 million , 29 % up year - on - year . On July 29 , Vasta appointed Estela Maris Vieira de Souza to the board of directors as an independent member and as chairwoman of the audit committee . She will fill the vacancy in the board of directors and audit committee due to the passing of Francisco Henrique Passos Fernandes . We welcome Ms. Vieira and we believe that her vast experience in business and accounting matters will be a great fit to our board of directors . On August 6 , Vasta's subsidiary Somos Sistemas de Ensino S.A. issued R $ 500 million in simple debentures , not convertible into shares , subject to compensatory interest of 100 % of the DI Interbank Deposit rate ( CDI ) , plus a spread of 2.30 % per year . The debentures are aimed at reinforcing the company's capital structure and elongating the debt maturity profile , which average maturity now stands at 29 months . Today , we announce the acquisition of EMME Produções de Materiais em Multimidia ( EMME ) , which provides educational marketing solutions for schools , through a license of its " software as a service " platform . Founded in 2005 , EMME has provided services to over 1,500 schools . EMME expects to record net revenue of R $ 7.6 million in 2021 . - Vasta's board of directors approved its first share repurchase program through which it may repurchase up to 1,000,000 Class A common shares in the open market , based on prevailing market prices , or in privately negotiated transactions , over a period beginning on August 17 , 2021 , continuing until the earlier of the completion of the repurchase or February 17 , 2022 , depending upon market conditions . 1