Business
Afya Limited Announces Fourth Quarter and Full Year 2019 Financial Results
Growth Across All Financial Metrics Driven by Both Organic Growth and Successful M&A strategy; Strong Execution Delivers 2H19 Guidance NOVA LIMA, Brazil,
About this update from Afya Limited
[{"type":"text","content":"Growth Across All Financial Metrics Driven by Both Organic Growth and Successful M&A strategy; Strong Execution Delivers 2H19 Guidance\nNOVA LIMA, Brazil, March 26, 2020 (GLOBE NEWSWIRE) -- Afya Limited (Nasdaq: AFYA) (“Afya” or the “Company”), the leading medical education group in Brazil, today reported financial and operating results for the three- and twelve-month periods ended December 31, 2019. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards.\n Fourth quarter 2019 Net Revenue grew by 107.9% year over year (YoY) reaching R$220.8 million, reflecting Afya’s organic growth and Medcel, IPEMED, FASA and IPEC acquisitions in 2019.Adjusted EBITDA of R$87.4 million, up 127.0% YoY, with Adjusted EBITDA margin expanding 330 basis points (bps) to 39.6% from 36.3% in 4Q18.Adjusted Net Income of R$71.8 million, up 151.7% YoY Full year 2019 Acquisitions from 2019 increased Afya’s total 2020 medical school seats to 1,866.Net Revenue grew by 124.8% YoY reaching R$750.6 million, reflecting Afya’s organic growth and acquisitions. Pro forma Net Revenue¹ of R$829.7 million in 2019.Adjusted EBITDA of R$293.7 million up 145.0% YoY, with Adjusted EBITDA margin expanding 320 bps to 39.1%, up from 35.9% in 2018. Pro forma Adjusted EBITDA¹ of R$ 321.8 million in 2019.Adjusted Net Income of R$237.0 million, up 137.4% YoY.Cash conversion of 96.5% with a solid cash position of R$943.2 million at year-end 2019. Financial HighlightsFourth Quarter Full Year(in thousand of R$)20192018% Chg 20192018% Chg(a) Net Revenue220,846106,240107.9% 750,630333,935124.8%(b) Pro forma Net Revenue¹220,747-- 829,731--(c) Adjusted EBITDA²87,41438,515127.0% 293,657119,876145.0%(d) = (c )/(a) Adjusted EBITDA Margin²39.6%36.3%9.2% 39.1%35.9%9.0%(e) Adjusted EBITDA comparable to Guidance³85,53438,515122.1% 319,720--(f) Adjusted EBITDA Margin comparable to Guidance³39.2%36.3%- 38.6%--(g) Pro forma Adjusted EBITDA¹ ²87,414-- 321,843--(h) = (e)/(b) Pro forma Adjusted EBITDA¹ ² Margin39.6%-- 38.8%--(i) Adjusted Net Income71,85028,541151.7% 236,97399,840137.4%1. Includes the pro-forma results of Medcel, IPEMED and FASA, as if the acquisition had been consummated on January 1, 2019. 2. See more information on \"Non-GAAP Financial Measures\" (Item 10).3. Guidance excludes any acquisition consummated i...