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VASTA PLATFORM São Paulo , November 11 , 2021 - Vasta Platform Limited ( NASDAQ : VSTA ) - " Vasta " or the " Company , " announces today its financial and operating results for the third quarter of 2021 ( 3Q21 ) ended September 30 , 2021. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards ( IFRS ) . HIGHLIGHTS Vasta concluded the 2021 cycle with a 7 % subscription revenue growth over the same period of last year , or 11 % excluding PAR ( our hybrid subscription product based on textbooks ) . Total net revenue fell 12 % , however , as the non - subscription revenue was severely impacted by the deterioration in the textbook business , on the back of Covid - 19 ( higher reuse of textbooks ) . In the third quarter , net revenue contracted 10 % year on year , owing to the different seasonality of the ACV recognition observed in 2021 , with the concentration of deliveries in some brands in the second quarter . Adjusted EBITDA totaled R $ 168 million in the 2021 cycle , a drop of 35 % versus the 2020 cycle , driven by the reduction in net revenue , coupled with higher provision for doubtful accounts ( PDA ) and the enhancement in our corporate structure following the IPO in July 2020. Additionally , it was recorded in the 3Q21 a write - off of editorial costs amounting to R $ 20 million , referring to a rationalization of our portfolio considering the changes in the textbook business and our editorial strategy . Excluding this effect , adjusted EBITDA totaled R $ 188 million , 27 % lower versus the 2020 cycle , yielding a margin of 21 % . In the 3Q21 , adjusted EBITDA was negative in R $ 29 million , or R $ 9 million excluding the write - off . The higher PDA reflects the company's care with provisioning standards , amidst a difficult period for some of our partner schools and the textbook distribution channel . 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 profit of R $ 28 million in the 2021 cycle , 57 % down year - on - year . On October 26 , Vasta announced a distribution agreement with Instituto Presbiteriano Mackenzie , pursuant to which Vasta will be the sole and exclusive distributor of the Mackenzie Learning System across all of the basic education segments in Brazil . On October 29 , Vasta concluded the acquisition of Eleva platform , its biggest acquisition since the IPO . This transaction adds not only a sizeable and complementary portfolio of schools to Vasta's portfolio , but also a long term contract through which Vasta will be the exclusive provider of learning systems to almost all K - 12 schools held by Eleva . The B2B2C platform debuted in October , with Plurall MyTeacher ( private classes platform ) and Plurall Adapta ( adaptive learning platform ) recording their first sales . On October 31 , and with two months to go in the commercial campaign , the 2022 preliminary ACV totaled R $ 888 million , an organic growth of 20 % versus the subscription revenue collected in the 2021 cycle , or 29 % excluding paper - based PAR . With Eleva , the 2022 preliminary ACV was R $ 974 million , 32 % higher year - on year . Nearly 100 % of our new sales have come from tradition learning systems , complementary solutions , or the newly launched digital textbook platform ( which is offered on a fee - per - student basis ) . 1