Business
Afya Limited Announces First-Quarter 2021 Financial Results
1Q21 Strong results and high-growth track record Reaffirming 1H21 guidance NOVA LIMA, Brazil, May 27, 2021 (GLOBE NEWSWIRE) -- Afya Limited (Nasdaq: AFYA)
About this update from Afya Limited
[{"type":"text","content":"1Q21 Strong results and high-growth track record Reaffirming 1H21 guidance NOVA LIMA, Brazil, May 27, 2021 (GLOBE NEWSWIRE) -- Afya Limited (Nasdaq: AFYA) (“Afya” or the “Company”), the leading medical education group and digital health service provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2021 (first quarter 2021). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS). First Quarter 2021 Highlights 1Q21 Adjusted Net Revenue increased 47.8% YoY to R$402.5 million. Adjusted Net Revenue excluding acquisitions grew 10.7%, reaching R$301.4 million.1Q21 Adjusted EBITDA increased 47.6% YoY reaching R$207.7 million, with an Adjusted EBITDA Margin of 51.6%. Adjusted EBITDA excluding acquisitions grew 11.8%, reaching R$157.2 million, with an Adjusted EBITDA Margin of 52.1%.1Q21 Adjusted Net Income of R$159.9 million, 21.7% higher than 1Q20.Cash conversion of 102.5%, with a solid cash position of R$ 965.5 million.2,143 medical seats, 14.8% increase YoY, and 12,852 medical students, which was up 61.5%. Table 1: Financial Highlights For the three months period ended March 31, (in thousand of R$)2021 2021 ExAcquisitions*2020 % Chg % Chg ExAcquisitions (a) Net Revenue394,351 294,880 272,304 44.8%8.3% (b) Adjusted Net Revenue (1)402,555 301,429 272,304 47.8%10.7% (c) Adjusted EBITDA (2)207,652 157,194 140,644 47.6%11.8% (d) = (c)/(b) Adjusted EBITDA Margin51.6%52.1%51.6%0 bps 50 bps (e) Adjusted Net Income159,989 129,163 131,480 21.7%-1.8% * Acquisitions include UniRedentor (January, 2021), UniSl, PEBMED, FCMPB, MedPhone, FESAR, iClinic and Medicinae. 1. Includes mandatory discounts in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due COVID 19 on site classes restriction and excludes recognized revenue that relates to discounts that were granted in 2H2020, but were invoiced in 1Q21, based on the Supreme Court decision that was released in December 28, 2020. 2. See more information on \"Non-GAAP Financial Measures\" (Item 10). 1. Message from Management Virgilio Gibbon, Afya’s CEO, stated: First-quarter results reaffirmed our resilience, predictable business growth boosted by medical student maturation, and started to show accelerated...