Afya Limited Announces Second-Quarter and First-Half 2023 Financial Results

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[{"type":"text","content":"\nHigh and Predictable Growth\nStrong Cash Generation\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 three and six-month period ended June 30, 2023. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).\n\n\nSecond Quarter 2023 Highlights\n\n\n\n2Q23 Adjusted Net Revenue increased 23.6% YoY to R$712.2 million. Adjusted Net Revenue excluding acquisitions grew 13.5%, reaching R$654.0 million.\n\n\n\n2Q23 Adjusted EBITDA increased 21.8% YoY, reaching R$268.2 million, with an Adjusted EBITDA Margin of 37.7%. Adjusted EBITDA excluding acquisitions grew 9.9%, reaching R$241.9 million, with an Adjusted EBITDA Margin of 37.0%.\n\n\n\nFirst Half 2023 Highlights\n\n\n\n1H23 Adjusted Net Revenue increased 24.3% YoY to R$1,421.6 million. Adjusted Net Revenue excluding acquisitions grew 13.5%, reaching R$1,298.2 million.\n\n\n\n1H23 Adjusted EBITDA increased 21.9% YoY reaching R$598.4 million, with an Adjusted EBITDA Margin of 42.1%. Adjusted EBITDA excluding acquisitions grew 11.2%, reaching R$546.1 million, with an Adjusted EBITDA Margin of 42.1%.\n\n\n\nCash conversion of 98.9% generating R$566.5 million of cash flow from operating activities that resulted a solid cash position of R$741.2 million.\n\n\n\nAlmost 282 thousand monthly active physicians and medical students using Afya’s Digital Services.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nTable 1: Financial Highlights\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFor the three months period ended June 30,\n\nFor the six months period ended June 30,\n\n\n(in thousand of R$)\n\n2023\n\n\n\n\n\n2023 ExAcquisitions*\n\n2022\n\n\n\n\n\n% Chg\n% Chg ExAcquisitions\n\n\n2023\n\n\n\n\n\n2023 ExAcquisitions*\n\n2022\n\n\n\n\n\n% Chg\n% Chg ExAcquisitions\n\n\n(a) Net Revenue\n\n712,607\n\n\n\n\n\n\n654,325\n\n\n\n\n\n\n598,156\n\n\n\n\n\n\n19.1%\n\n\n\n\n\n\n9.4%\n\n\n\n\n\n\n\n1,422,568\n\n\n\n\n\n\n1,299,175\n\n\n\n\n\n\n1,164,480\n\n\n\n\n\n\n22.2%\n\n\n\n\n\n\n11.6%\n\n\n\n\n\n\n\n(b) Adjusted Net Revenue (1)\n\n712,237\n\n\n\n\n\n\n653,955\n\n\n\n\n\n\n576,079\n\n\n\n\n\n\n23.6%\n\n\n\n\n\n\n13.5%\n\n\n\n\n\n\n\n1,421,620\n\n\...

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