SÃO PAULO--(BUSINESS WIRE)--Vasta Platform Limited (NASDAQ: VSTA) – "Vasta" or the "Company" announces today its financial and operating results for the fourth quarter of 2023 (4Q23) ended December 31, 2023. Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).
HIGHLIGHTS
- In the 2023 fiscal year, net revenue increased 18% to R$1,486 million, mostly due to the conversion of ACV into revenue and to the performance of the B2G business unit. In 4Q23, net revenue totaled R$554 million, a 10% increase compared to the previous year.
- Vasta's accumulated subscription revenue during the 2023 fiscal year totaled R$1,278 million, a 14% increase compared to the 2022 fiscal year. Subscription revenue, excluding hybrid subscription textbook products ("PAR"), increased 16%. In 4Q23, subscription revenue grew 16% compared to 4Q22, representing 36.8% of the 2024 ACV, compared to 36.8% of the 2023 ACV in 4Q22.
- In the 2023 fiscal year, Adjusted EBITDA grew by 20% to R$451 million and Adjusted EBITDA Margin increased by 0.6 p.p. to 30.3%. In 4Q23, Adjusted EBITDA totaled R$240 million, a 20% increase compared to R$200 million in 4Q22. This increase was mainly driven by gains in operating efficiency, cost savings and a sales mix that benefited from the growth of subscription products.
- Vasta recorded an Adjusted Net Profit of R$60 million in 2023, compared to an Adjusted Net Profit of R$39 million in 2022. In 4Q23, Adjusted Net Profit totaled R$96 million, a 32% increase compared to R$73 million in 4Q22.
- Free cash flow (FCF) totaled R$189 million in 2023, a R$100 million increase from FCF of R$89 million in 2022. In 4Q23 FCF totaled negative R$0.1 million, a 99% increase from negative R$43 million in 4Q22. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 23.8% to 41.8% as a result of Vasta's growth and implementation of sustained efficiency measures.
- Starting in 2023, Vasta started to offer its products and services to the Brazilian public sector (B2G). Our broad portfolio of core content solutions, digital platform, and complementary products together with customized learning solutions, tested over decades by the private sector, are now available to the K-12 public schools. With the B2G sector, we generated R$81.2 million in revenues in the 2023 fiscal year.
- Our guidance for the Annual Contract Value ("ACV") for the 2024 sales cycle totaled R$1,400 million, which represents an organic growth of 16% over the subscription revenue for the 2023 sales cycle (from 4Q22 to 3Q23). Nearly 100% of our new sales have come from traditional learning systems and complementary solutions, with a higher growth observed in our premium brands and complementary solutions.
- On September 14, 2023, we announced the company's second share repurchase program (the "Second Repurchase Program"), approved by our board of directors pursuant to Vasta's commercial interest in entering into the Second Repurchase Program. Under the Second Repurchase Program, we were entitled to repurchase up to US$12.5 million in our Class A common shares in the open market, based on prevailing market prices, or in privately negotiated transactions, over a period that began on September 18, 2023, continuing until the earlier of the completion of the repurchase or September 30, 2024, depending upon market conditions. As of the date of this press release, we have completed the Second Repurchase Program, pursuant to which we have purchased in the open market US$12.4 million, equivalent to 2,965,791 of our Class A common shares, which are currently held in treasury.
- The launch of the Start Anglo franchise in 2023, boasting bilingual education alongside academic excellence, signifies a strategic expansion in our quest for new revenue streams. With 15 contracts signed and 2 units operational in 2024, it marks the onset of an exhilarating journey.
- Vasta has reported updates on its ESG standards, including a panel of key ESG indicators aligned with the topics identified during materiality review process. The highlights include: (i) the Afro Internship Program, which created exclusive internship positions for people of color in the organization; (ii) the launch of the first Greenhouse Gas (GHG) Emissions Compensation Program for its operations and the increased use of renewable energy sources in our day-to-day activities; (iii) diversity-driven performance targets for our leadership and board of directors; (iv) Somos Futuro from Instituto SOMOS, distributed more than 200 scholarships for students from public schools to attend the three years of high school in partner schools of the network, for the 2024 cycle. Moreover, Vasta signed the ten principles of the UN Global Compact on human rights, labor, environment and anti-corruption. The movement reinforces the Company's commitment to sustainable development and the best ESG practices. Furthermore, Vasta was ranked 6th globally by S&P Global's Corporate Sustainability Assessment in Consumer Services category, being a pioneer among peers.
MESSAGE FROM MANAGEMENT
2023 was another year of resilient financial performance and delivery in line with our guidance. We have delivered strong financial results in our Core segment and showcased unwavering dedication to educational excellence, resulting in significant improvements in academic achievements. Moreover, our complementary solutions have seen important growth, with an accelerated increase in both student base and market penetration. We have also ventured into the new revenue streams through the successful launch of the Start Anglo franchise in 2023. With 15 contracts already secured and 2 units operational by 2024, we believe the franchise model will help us in the successful execution of our business strategy.
Furthermore, our successful entry into the public-school sector in Brazil underscores our commitment to making a positive impact on education. Starting in 2023, Vasta began extending our products and services to the Brazilian public sector (B2G). This means that our extensive portfolio of core content solutions, digital platform, and additional offerings, along with the custom learning solutions developed over decades in the private sector, are now accessible to K-12 public schools. And the results speak for themselves – we generated R$81 million in revenue from the B2G sector during the 2023 fiscal year. This expansion into the public sector marks a momentous opportunity for Vasta, allowing us to contribute to advance education in Brazil while creating new revenue streams. We are excited about the possibilities this development presents and are committed to delivering high-quality educational solutions that meet the unique needs of the public sector.
Vasta's accumulated subscription revenue during the 2023 fiscal year totaled R$1,278 million, a 14% increase compared to the 2022 fiscal year. Subscription revenue, excluding hybrid subscription textbook products (PAR) increased 16% and total net revenue increased 17.6%.
The fourth quarter of 2023 represents the first quarter of the 2024 sales cycle. In 4Q23, subscription revenue grew 16% compared to 4Q22, representing 36.8% of the 2024 ACV, compared to 36.8% of the 2023 ACV in 4Q22. This growth in subscription revenue was mainly driven by (i) the growth in our complementary solutions portfolio (with more participating schools, and more solutions per school), (ii) increased participation of premium labels in the ACV mix and (iii) migration from PAR to subscription revenue. We intend to continue to seek ACV and revenue growth based on these factors.
The continued growth of the company's profitability was another highlight of the year. In the 2023 fiscal year, Adjusted EBITDA grew by 20% to R$451 million and Adjusted EBITDA Margin increased by 0.6 p.p. to 30.3%. In 4Q23, Adjusted EBITDA totaled R$240 million, a 20% increase compared to R$200 million in 4Q22. This increase was mainly driven by gains in operating efficiency, cost savings and a sales mix that benefited from the growth of subscription products. In proportion to net revenue, gross margin dropped 1.0 p.p., mainly due to higher inventory cost caused by rising inflation on paper and production costs, while Adjusted cash G&A expenses decreased by 2.9 p.p., mainly driven by workforce optimization and budgetary discipline. Commercial expenses increased by 1.2 p.p. driven by higher expenses related to business expansion and marketing investments.
The company's cash flow generation was one of the main highlights of the year. Free cash flow (FCF) totaled R$189 million in 2023, a R$100 million increase from a FCF of R$89 million in 2022. In 4Q23 FCF totaled negative R$0.1 million, a 99% increase from negative R$43 million in 4Q22. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 23.8% to 41.8% as a result of Vasta's growth and implementation of sustained efficiency measures. Moreover, we continue to make progress on deleveraging the company. The net debt/LTM adjusted EBITDA of 2.36x as of 4Q23, continues a downward trend, 0.07x lower than 3Q23 and 0.41x lower than 4Q22.
In relation to the bottom line, in 4Q23, adjusted net profit totaled R$96 million, a 32% increase compared to R$73 million in 4Q22. In the 2023 fiscal year, adjusted net profit totaled R$60 million, a 55% increase from an adjusted net profit of R$39 million in 2022. We remain focused on optimizing our operations and pursuing strategic opportunities to enhance our financial performance. Our commitment to delivering value to our customers and shareholders remains unwavering.
Our guidance for the 2024 ACV totaled R$1,400 million, representing an organic growth of 16% over the subscription revenue for the 2023 cycle, which comprised a more varied mix in sources of revenue as we had higher growth in our premium brands such as Anglo, pH, Fibonacci and Amplia. We continue to believe that quality and reputation remain decisive in our business. Consistently with our strategy, we continue to invest in the migration from paper-based products ("PAR") to digital subscription products (Textbook as a Service platform) offered on a fee-per-student basis.
OPERATING PERFORMANCE
Student base – subscription models
2024 | 2023 | % Y/Y | 2022 | % Y/Y | ||||||
Partner schools - Core content | 4,744 | 5,032 | (5.7%) | 5,274 | (4.6%) | |||||
Partner schools – Complementary solutions | 1,722 | 1,383 | 24.5% | 1,304 | 6.1% | |||||
Students - Core content | 1,468,792 | 1,539,024 | (4.6%) | 1,589,224 | (3.2%) | |||||
Students - Complementary content | 515,253 | 453,552 | 13.6% | 372,559 | 21.7% | |||||
Note: Students enrolled in partner schools |
The fourth quarter of 2023 marks the beginning of the 2024 business cycle for Vasta. It is in this quarter that the first deliveries of content to students and partner schools regarding the 2024 ACV are made.
In the 2024 sales cycle, Vasta expects to provide approximately 1.5 million students with core content solutions and over 500,000 students with complementary solutions. This is aligned with the company's strategy to focus on improving its client base in 2024 through a better mix of schools and growth in premium education systems (Anglo, PH, Amplia and Fibonacci), brands with higher average ticket, lower defaults, greater adoption of complementary solutions and longer-term relationships. On the other hand, the reduction of our client base was concentrated on the low-end segment and PAR (paper-based), which have higher number of students on average, and a lower margin.
The partners-school base that uses our complementary solutions increased by 339 new schools, totaling an aggregate of 1,722 schools. This increase underscores a 14% growth against the previous cycle in the number of students served by our solutions. The growth of our complementary solutions are concentrated in three main solutions: (i) Mind Makers, an educational publisher that develops innovative content for Basic Education, such as computational thinking and creative entrepreneurship that can be integrated into the school's curriculum; (ii) Lider em Mim, a program focused on developing students' socio-emotional competencies and providing support for both the educational institution and the students to create a conducive environment for the development of core emotional competencies; and (iii) Eduall, resulting from an exclusive partnership between Vasta and Macmillan Education, Eduall is a unique English teaching solution with a bilingual approach, providing flexibility and consistency in the transition from school to bilingual education.
FINANCIAL PERFORMANCE
Net revenue
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 2023 | 2022 | % Y/Y | ||||||
Subscription | 514,860 | 443,950 | 16.0% | 1,278,065 | 1,121,158 | 14.0% | ||||||
Subscription ex-PAR | 436,943 | 377,376 | 15.8% | 1,154,708 | 994,479 | 16.1% | ||||||
Traditional learning systems | 305,795 | 284,465 | 7.5% | 958,674 | 848,531 | 13.0% | ||||||
Complementary solutions | 131,148 | 92,911 | 41.2% | 196,034 | 145,948 | 34.3% | ||||||
PAR | 77,917 | 66,574 | 17.0% | 123,357 | 126,679 | (2.6%) | ||||||
B2G | - | - | 0.0% | 81,199 | - | 0.0% | ||||||
Non-subscription | 39,248 | 61,069 | (35.7%) | 127,008 | 143,121 | (11.3%) | ||||||
Total net revenue | 554,108 | 505,019 | 9.7% | 1,486,273 | 1,264,280 | 17.6% | ||||||
% ACV | 36.8% | 36.8% | (0.0 p.p.) | |||||||||
% Subscription | 92.9% | 87.9% | 5.0 p.p. | 86.0% | 88.7% | (2.7 p.p.) | ||||||
Note: n.m.: not meaningful |
Vasta's accumulated subscription revenue during the 2023 fiscal year totaled R$1,278 million, a 14% increase compared to the 2022 fiscal year. Subscription revenue, excluding hybrid subscription textbook products (PAR) increased 16% and total net revenue increased 17.6% mostly due to the conversion of 2023 ACV into revenue and due to the performance of the non-subscription products and B2G. In the fourth quarter of 2023, net revenue increased 9.7% year-on-year, to R$554 million. Subscription revenue grew 16%, driven by the recognition of 36.8% of 2024 ACV in 4Q23, mainly driven by the increase in traditional learning systems, complementary solutions, and textbook subscription products ("PAR").
EBITDA
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 2023 | 2022 | % Y/Y | ||||||
Net revenue | 554,108 | 505,019 | 9.7% | 1,486,273 | 1,264,280 | 17.6% | ||||||
Cost of goods sold and services | (195,443) | (172,077) | 13.6% | (570,907) | (473,135) | 20.7% | ||||||
General and administrative expenses | (95,651) | (119,888) | (20.2%) | (465,523) | (471,626) | (1.3%) | ||||||
Commercial expenses | (67,128) | (50,205) | 33.7% | (246,096) | (194,043) | 26.8% | ||||||
Other operating (expenses) income | 567 | (1,921) | (129.5%) | (14,385) | 1,020 | (1510.3%) | ||||||
Share of loss equity-accounted investees | (13,123) | (2,362) | 455.6% | (18,655) | (4,512) | 313.4% | ||||||
Impairment losses on trade receivables | (28,994) | (28,773) | 0.8% | (55,771) | (45,904) | 21.5% | ||||||
Profit before financial income and taxes | 154,337 | 129,793 | 18.9% | 114,936 | 76,080 | 51.1% | ||||||
(+) Depreciation and amortization | 71,030 | 69,868 | 1.7% | 276,953 | 268,702 | 3.1% | ||||||
EBITDA | 225,367 | 199,661 | 12.9% | 391,889 | 344,781 | 13.7% | ||||||
EBITDA Margin | 40.7% | 39.5% | 1.1 p.p. | 26.4% | 27.3% | (0.9 p.p.) | ||||||
(+) Layoff related to internal restructuring | 479 | 608 | (21.2%) | 1,168 | 3,323 | (64.9%) | ||||||
(+) Share-based compensation plan | (105) | 107 | (198.1%) | 20,157 | 27,364 | (26.3%) | ||||||
(+) M&A adjusting expenses | 13,776 | - | 0.0% | 37,338 | - | 0.0% | ||||||
Adjusted EBITDA | 239,517 | 200,376 | 19.5% | 450,553 | 375,468 | 20.0% | ||||||
Adjusted EBITDA Margin | 43.2% | 39.7% | 3.5 p.p. | 30.3% | 29.7% | 0.6 p.p. | ||||||
Note: n.m.: not meaningful |
In the 2023 fiscal year, Adjusted EBITDA grew by 20% to R$451 million and Adjusted EBITDA Margin increased by 0.6 p.p. to 30.3%. In 4Q23, Adjusted EBITDA totaled R$240 million, a 20% increase compared to R$200 million in 4Q22. This increase was mainly driven by gains in operating efficiency, cost savings and a sales mix that benefited from the growth of subscription products. Share of loss equity-accounted investees relates to a 45% minority stake in Educbank Gestão de Pagamentos Educacionais S.A. ("Educbank"), which registered a loss in equity-accounted investees in the amount of R$18.6 million in the 2023 fiscal year mainly due to costs associated with the write-off of a potential M&A target of Educbank, which ultimately did not materialize. The M&A adjusting expenses in 2023 were also impacted by the one-off effect of a price adjustment calculation based on earn-outs and net debt.
(%) Net Revenue | 4Q23 | 4Q22 | Y/Y (p.p.) | 2023 | 2022 | Y/Y (p.p.) | ||||||
Gross margin | 64.7% | 65.9% | (1.2 p.p.) | 61.6% | 62.6% | (1.0 p.p.) | ||||||
Adjusted cash G&A expenses(1) | (4.2%) | (10.6%) | 6.5 p.p. | (11.0%) | (13.9%) | 2.9 p.p. | ||||||
Commercial expenses | (12.1%) | (9.9%) | (2.2 p.p.) | (16.6%) | (15.3%) | (1.2 p.p.) | ||||||
Impairment on trade receivables | (5.2%) | (5.7%) | 0.5 p.p. | (3.8%) | (3.6%) | (0.1 p.p.) | ||||||
Adjusted EBITDA margin | 43.2% | 39.7% | 3.5 p.p. | 30.3% | 29.7% | 0.6 p.p. | ||||||
(1) Sum of general and administrative expenses, other operating income and profit (loss) of equity-accounted investees, less: depreciation and amortization, layoffs related to internal restructuring, share-based compensation plan and M&A one-off adjusting expenses. | ||||||||||||
In proportion to net revenue, gross margin dropped from 62.6% in 2022 to 61.6% in 2023, a 1.0 p.p. decrease mainly due to higher inventory cost caused by rising inflation on paper and production costs while Adjusted cash G&A expenses reduced by 2.9 p.p. driven by workforce optimization and budgetary discipline and Commercial expenses increased by 1.2 p.p. driven by higher expenses related to business expansion and marketing investments.
Reported provisions for doubtful accounts (PDA) remained stable and had has no significant variation between the years 2023 and 2022. The PDA is influenced by the credit landscape, primarily among schools outside the premium brands segment. This has demanded a conservative approach to risk management and credit allocation, aligning our financial strategy with the prevailing market conditions and potential credit challenges. All factors considered, the participation of PDA in relation to Vasta's Net Revenue increased to 3.8% in the 2023 fiscal year compared to 3.6% in the 2022 fiscal year, when PDA was impacted by R$15 million provision for a large corporate client which has declared judicial recovery.
Finance Results
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 2023 | 2022 | % Y/Y | ||||||
Finance income | 16,675 | 32,218 | (48.2%) | 70,287 | 88,557 | (20.6%) | ||||||
Finance costs | (71,392) | (74,033) | (3.6%) | (304,928) | (270,324) | 12.8% | ||||||
Total | (54,717) | (41,814) | 30.9% | (234,641) | (181,766) | 29.1% |
In the fourth quarter of 2024, finance income totaled R$17 million, from R$32 million in 4Q22 when finance income was impacted with a gain of R$10 million recorded in 4Q22, resulting from the reversal of interest on tax contingencies. In the 2023 fiscal year, finance income decreased 21% to R$70 million.
Finance costs in 4Q23 decrease 3.6% (quarter-on-quarter), to R$71 million, driven by the reduction on the Finance Debt position between the comparison quarters. In the 2023 fiscal year, finance costs increased 12.8% to R$305 million driven by higher interest rates applicable to bonds and financings, accounts payable on business combination and provision for tax, civil and labor losses combined with higher finance cost related to reverse factoring.
Net profit (loss)
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 2023 | 2022 | % Y/Y | ||||||
Net (loss) profit | 59,968 | 75,893 | (21.0%) | (82,978) | (54,573) | 52.0% | ||||||
(+) Layoffs related to internal restructuring | 479 | 608 | (21.2%) | 1,168 | 3,323 | (64.9%) | ||||||
(+) Share-based compensation plan | (105) | 107 | (198.1%) | 20,157 | 27,364 | (26.3%) | ||||||
(+) Amortization of intangible assets(1) | 40,294 | 39,232 | 2.7% | 157,375 | 155,481 | 1.2% | ||||||
(-) Income tax contingencies reversal | - | (29,715) | (100.0%) | - | (29,715) | (100.0%) | ||||||
(+) M&A adjusting expenses | 13,776 | - | 0.0% | 37,338 | - | 0.0% | ||||||
(-) Tax shield(2) | (18,511) | (13,582) | 36.3% | (73,453) | (63,297) | 16.0% | ||||||
Adjusted net (loss) profit | 95,901 | 72,543 | 32.2% | 59,608 | 38,582 | 54.5% | ||||||
Adjusted net margin | 17.3% | 14.4% | 2.9 p.p. | 4.0% | 3.1% | 1.0 p.p. | ||||||
Note: n.m.: not meaningful; (1) From business combinations. (2) Tax shield (34%) generated by the expenses that are being deducted as net (loss) profit adjustments. | ||||||||||||
In the fourth quarter of 2023, adjusted net profit totaled R$96 million, a 32% increase compared to R$73 million in 4Q22. In the 2023 fiscal year, adjusted net profit reached R$60 million, a 55% increase from an adjusted net profit of R$39 million in 2022.
The gain related to the reversal of tax contingencies recorded in 4Q22, which impacted corporate tax and finance results. On the other hand, the M&A adjusting expenses occurred in 2Q23 were adjusted as they related to a one-off effect of a price adjustment calculation based on earn-outs and net debt and those occurred in 4Q23 were adjusted as they related to one-off costs associated with the write-off of a potential M&A target of Educbank, which ultimately did not materialize and impacted our Share of Loss of Equity-Accounted Investees in the amount of R$13.8 million.
Accounts receivable and PDA
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 3Q23 | % Q/Q | |||||
Gross accounts receivable | 789,529 | 718,616 | 9.9% | 545,972 | 44.6% | |||||
Provision for doubtful accounts (PDA) | (92,017) | (69,481) | 32.4% | (73,390) | 25.4% | |||||
Coverage index | 11.65% | 9.7% | 2.0 p.p. | 13.44% | (1.79 p.p.) | |||||
Net accounts receivable | 697,512 | 649,135 | 7.5% | 472,582 | 47.6% | |||||
Average days of accounts receivable(1) | 169 | 185 | (16) | 118 | 51 | |||||
(1) Balance of net accounts receivable divided by the last-twelve-month net revenue, multiplied by 360. | ||||||||||
The average payment term of Vasta's accounts receivable portfolio was 169 days in the 4Q23 which represents 16 lower than the same quarter of the previous year.
Free cash flow
Values in R$ '000 | 4Q23 | 4Q22 | % Y/Y | 2023 | 2022 | % Y/Y | ||||||
Cash from operating activities(1) | 57,369 | 6,264 | 815.8% | 360,592 | 291,400 | 23.7% | ||||||
(-) Income tax and social contribution paid | (672) | (4,417) | (84.8%) | (1,616) | (7,153) | (77.4%) | ||||||
(-) Payment of provision for tax, civil and labor losses | (242) | (55) | 340% | (1,489) | (1,363) | 9.244% | ||||||
(-) Interest lease liabilities paid | (1,501) | (4,128) | (63.6%) | (11,637) | (14,941) | (22.1%) | ||||||
(-) Acquisition of property, plant, and equipment | (3,290) | (10,541) | (68.8%) | (21,537) | (61,143) | (64.8%) | ||||||
(-) Additions of intangible assets | (43,867) | (23,769) | 84.6% | (105,292) | (90,588) | 16.2% | ||||||
(-) Lease liabilities paid | (7,930) | (6,594) | 20.3% | (30,471) | (27,003) | 12.8% | ||||||
Free cash flow (FCF) | (133) | (43,239) | (99.7%) | 188,550 | 89,209 | 111.4% | ||||||
FCF/Adjusted EBITDA | (0.1%) | (21.6%) | 21.5 p.p. | 41.8% | 23.8% | 18.1 p.p. | ||||||
LTM FCF/Adjusted EBITDA | 41.8% | 23.8% | 18.1 p.p. | 41.8% | 23.8% | 18.1 p.p. | ||||||
(1) Net (loss) profit less non-cash items less and changes in working capital. Note: n.m.: not meaningful | ||||||||||||
Free cash flow (FCF) totaled R$189 million in 2023, a R$100 million increase from a FCF of R$89 million in 2022. In 4Q23 FCF totaled negative R$0.1 million, a 99% increase from negative R$43 million in 4Q22. The last twelve-month (LTM) FCF/Adjusted EBITDA conversion rate improved from 23.8% to 41.8% as a result of Vasta's growth and implementation of sustained efficiency measures.
Financial leverage
Values in R$ '000 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | 4Q22 | |||||
Financial debt | 791,763 | 765,350 | 846,443 | 815,927 | 842,996 | |||||
Accounts payable from business combinations | 614,120 | 601,171 | 591,620 | 599,713 | 625,277 | |||||
Total debt | 1,405,883 | 1,366,521 | 1,438,063 | 1,415,640 | 1,468,273 | |||||
Cash and cash equivalents | 95,864 | 106,757 | 38,268 | 42,680 | 45,765 | |||||
Marketable securities | 245,942 | 261,264 | 385,002 | 331,110 | 380,516 | |||||
Net debt | 1,064,076 | 998,500 | 1,014,793 | 1,041,850 | 1,041,992 | |||||
Net debt/LTM adjusted EBITDA | 2.36 | 2.43 | 2.57 | 2.85 | 2.78 |
Contacts
Investor Relations
ir@vastaplatform.com
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