Afya Limited Announces Fourth Quarter and Full-Year 2023 Financial Results

About this update from Afya Limited

[{"type":"text","content":"\nAnother Year of Strong Performance\nRobust EPS Expansion\nGuidance Achievement\n\n\n NOVA LIMA, Brazil--(BUSINESS WIRE)--\nAfya Limited (Nasdaq: AFYA; B3: A2FY34) (“Afya” or the “Company”), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the fourth quarter and full-year period ended December 31, 2023. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).\n\n\nFourth Quarter 2023 Highlights\n\n\n\n4Q23 Adjusted Net Revenue increased 22.6% YoY to R$729.5 million. Adjusted Net Revenue excluding acquisitions grew 12.5% to R$669.7 million.\n\n\n\n4Q23 Adjusted EBITDA increased 19.3% YoY, reaching R$288.9 million, with an Adjusted EBITDA Margin of 39.6%. Adjusted EBITDA excluding acquisitions grew 6.4% to R$257.7 million with an Adjusted EBITDA Margin of 38.5%.\n\n\n\n4Q23 Adjusted Net Income increased 27.7% YoY, reaching R$164.4 million, with an adjusted EPS growth of 29.6% in the same period.\n\n\n\nFull-Year 2023 Highlights\n\n\n\nFY23 Adjusted Net Revenue increased 23.9% YoY to R$2,874.1 million. Adjusted Net Revenue excluding acquisitions grew 13.3% to R$2.626.9 million.\n\n\n\nFY23 Adjusted EBITDA increased 21.2% YoY reaching R$1,165.7 million, with an Adjusted EBITDA Margin of 40.6%. Adjusted EBITDA excluding acquisitions grew 9.5% to R$1,052.8 million with an Adjusted EBITDA Margin of 40.1%.\n\n\n\nFY23 Adjusted Net Income increased 10.5% YoY, reaching R$591.1 million, with an adjusted EPS growth of 11.5% in the same period.\n\n\n\nCash conversion of 97.1% generating R$1,088.8 million of cash flow from operating activities that resulted in a cash position of R$553.0 million.\n\n\n\nAround 268 thousand monthly active physicians and medical students using Afya’s Digital Service, an increase of 2.8% over the same period last year.\n\n\n\n\nTable 1: Financial Highlights\n\n\n\n\nFor the three months period ended December 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\nFor the twelve months period ended December 31,\n\n\n\n\n\n\n\n(in thousand of R$)\n\n2023\n\n\n\n\n\n\n2023 Ex Acquisitions*\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n% Chg \n\n\n\n\n\n\n% Chg Ex Acquisitions\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2023 Ex Acquisitions*\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n% Chg \n\n\n\n...

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