Yduqs Participações S.A. (YDUQ3) Earnings Call Transcript & Summary

[Interpreted] Good morning, everyone. I am the CEO of Yduqs, Eduardo Parente. I would like to welcome you who are here at Campus Espaco near the stadium of Maracana, we are close to the neighborhood of Tijuca. There are many of you watching on YouTube. Thank you for your attention and your trust. We are here today to talk about our future. Our last Investor Day was in November 2019 at Campus [indiscernible]. We talked about the future and the future that didn't add because we were at 2019, and we were concerned about the decline of FIES, but we have then COVID, the second wave of COVID. We had this interest rate increased that is persistent and this never-ending economic crisis. In 2019, we told you what we were going to do ahead. And it was a very different world. And we had very good results. As the world evolved, we talked a lot about that in 2019. And every time that we met one of you, we talked about M&A. We talked about Medicine and Distance Learning. That was our mantra. Everybody knew what we were going to talk about. And we have very good M&As. We had 4 acquisitions ever since we have been together, we had a talent -- and then we transformed ourselves into Yduqs that was very good because we were able to leave that old world incorporating new elements to this new world. And we brought a talent that was a very important step to us, and they brought widen, and we grew a lot due to that. And that enhanced our perspective. We were able to bring new openings. We brought Ibmec and it was the first operation working in exclusive -- with exclusive education. So Ibmec out us at a different level. And we brought Athenas, we entered Midwest with that we've been growing in Distance Learning. A lot in the Midwest, only after Sao Paulo, and we brought the hard work and I keep the [indiscernible] courses, two startups that were generating a lot of cash at the time, and they were steadily growing and we operated independently, and they brought a lot of technology, and we work differently because we have these companies with us. And we lost some of that big ones, small ones. And we believe that we were responsible at that time, taking good care of your capital, and we were responsible last year as well because we were able to get 20% of our revenues from that. And in Medicine, we are now getting more and more students. And what did this we see in Medicine. We had this room for working this premium segment. We were able to analyze, and we saw that we had a lot of room for ticket there, demanding other language, different brands, and we also grew a lot and [indiscernible] is going to show that to you because we decided to enter mice magical's. A Brazilian program new doctors and so on. And the result is here in medicine. And when we observe Distance Learning, we also decided to expand different hubs all around Brazil. And we got to 2,500 hubs and when you see this combination of Distance Learning and Medicine that was close to 0 in 2017 and 2018, it's now 72% of our EBITDA from business that didn't exist before. So it was a beautiful journey. We delivered a lot -- we have this very strong movement of increasing investments during the pandemics. We went from 7% to 12% of CapEx, and we had a much greater technology. We are now a reference in technology even outside the educational field. People come and ask about what we are doing today. And our future journey is going to be different from the last 45 years. So what happened that was different in the last 5 years? We had a journey until 2020, that we had to compensate a lot of the percentage that was dropping, so we had to increase Business Learning, Medicine and sometimes we grew 20%, 30%, and we are compensating the face-to-face that was dropping. In 2023, that was very different. We have the strength of the portfolio. When people speak about the portfolio, they think about defend. This is a good portfolio to defense from the crisis. It's good because we could have regulation problems at some point. And this is true because we were very strong during the pandemic when we had concerns about regulation. But this portfolio is very important when we are coming back as we saw in 2023. We have this moment to breathe. We were optimistic with Brazil, and we had fantastic results. So what do we have ahead of us? We have different growth rates. We're evolving together with this high single digit with fantastic years such as 2023 when the economy was bouncing back. And the new normal is [ double ] digit growth. What does it mean when we observe the business that has a high impact in net income and cash generation. When we observe the net income, it's close to the net income that we had before the interest rate increase. We had 2% interest rates. We didn't have much debt. We had different depreciation because we invested a lot, and we look ahead, and we see many of you making projections in your spreadsheets. You're going to see similar numbers in different spreadsheets, but we are not talking about that. 2 to 3 weeks ago, we talked to one of you, in fact regardless of the EBITDA rate, you're going to have very good rates from the future. And that's what we are going to show to you today. What are we going to do with the money. This is very important. When you're not generating a lot of cash, it's less important to discuss what is the process for allocating capital. When we have the cash generation that we foresee, the capital allocation is very, very important. So we are going to have 3 phases during this day. First part is that we are going to have these 3 gentlemen here and people who we listen to when we are thinking about the business, about the institution and bringing 3 people who are going to give you a different outlook, and we are bringing students as well to talk to you. Until yesterday, we had the General Attorney who is going to talk to us. He was responsible for this [indiscernible] program. But due to the tragedy in [indiscernible] the state of [indiscernible] he couldn't come. But we brought a video with him. And why are we bringing these people? Because we believe that most of you, and I'm also part of this Group, had an exclusive education experience. We were in elite undergraduate courses. So it's very hard to understand the share of our business. When we think about our experience and, we try to circulate it into our reality. So we want to spend this morning talking about a world that is different from your reality, bringing you closer to that, showing you the value and importance that it has to society and different people. In the afternoon, we are going to talk to you directly, showing to you why we are so good in what we do. Why we have our conditions to bring the sustainable business to everyone in the long-term. And of course, when you are generating a lot of value to society and individuals, you're going -- we are going to generate a lot of value to you. So we should understand what is waiting for us ahead. So to start the day, there is going to a lot to come. I called her many times she's been in [indiscernible] for much longer than most of us and sit back to the Board now. And my team is always asking to talk to her. She knows a lot about education, he has great ethical values and she's always pressuring us to talk about the future. So with you, Thamila, the Vice President of our Board.

Good morning, everyone. It's a great pleasure to be here. It's an important day. Eduardo, when he invited me, I immediately accepted because it's a very important moment for all of us at Yduqs. And I'd like to say that Yduqs is a great market player. It's different from the other players very clearly. Our strategy is very different. In the last years, we've been making strategic decisions that foster this pathway ahead. And the first thing is having this diversified portfolio. We have a very robust portfolio. And by the way, education is key because we have this growing positioning and a very robust one. And the second point that I'd like to bring here is about this movement of operating efficiency. We have investments in technology with consistent investments, and we are understanding the market better than anyone. We have several managers with us today, and they know about the operations. They have a very important positive outlook. So when you see that we are best-in-class in many numbers that's because we understand about the operations. And another point that was very important that we were able to evolve over the years was this concept that I call it becoming premium. And I'm very comfortable to talk about this movement at Yduqs because becoming premium is a movement of delivering the best value proposition for that audience. So if I'm observing this classy audience, what is the best value proposition that I could deliver in terms of experience, academic results, employability, efficiency and cost -- cost efficiency. So providing the most relevant delivery in that segment. And we've been very positive in that. And we've -- we've grown our share in all of the markets we entered. Allow me to say that these points are showing that there is no best structure than this company's structure in terms of organic growth, creating new products, quality in the delivery for students, managing the process as a whole. And we talk about M&A. This company is prepared to this growing positioning because the higher education is at different levels. We are a consolidated segment now. And who is the company that is becoming relevant. The one that is ready to navigate in this seat. And the Board, we have this process to monitor closely. We have Board members from different segments, including education. And we have this follow-up to understand if we're going to have new tracks in the future, if you're going to have personalized education in the future, and we are doing our homework every day. I should speak briefly, and I wanted to highlight two things now. I wanted to talk about this vision and Eduardo has a team of giants, working with him at management level, at C level, regional directors, business towards unit managers, they know about their business deeply. They know the strategy, the purpose, the delivery, the audience profile. So this is the type of company that we expect in the future, and we have the best management in the market, that's for sure. And we are going to talk about the future and the present. And the future is closer than we imagine. An educational company must have this clear quality. With this clear purpose. Being very assertive. And when we observe the higher education elements to bring us to the future, we have ready responses for this future that is happening now. When I monitor the student journey, I have this entire team that is able to talk about the quality of the educational journey of each one of the students. When we think about the MPS, we know that and indeed. When we talk about employability, we can talk about being assertive in this conduct with the student and from Ibmec to Yduqs to [indiscernible] widen the journey for the student, the best journey is that one that is fit for that moment. There's not a single recipe. We must serve the purpose of the student, and we are very well prepared for the -- for this future. I'm very proud to be close to Eduardo, this great CEO that is able to lead this team and more as the Board member, I'm very proud to be part of this team. Thank you so much.

So based on what she said, we have here a few Board members that you don't know and there'll be present during lunch time and coffee break. So I'd like you to actually talk to these people, look at the name tags. And so if you -- if there's anybody you don't recognize, basically, it's one of our directors or Board members. And during lunch, if you want a tour the building. We will have some people taking around to get know our institutions. So thank you Thamila. Thank you for your words. You're always very kind. So now I'd like to call on stage somebody who -- everybody knows, which is Juliana. I always give her a call and you probably all know that our life change once you're right. So -- you have the floor, Juliana.

Good morning, everyone. Welcome to our Investor Day. So on screen, you will see the agenda of the morning and here you also have a chart [indiscernible], which we can give you access to our Q&A session. At the end of the day, we're going to have the Q&A session. So please send your questions, and if you're accessing the session via the transmission, you can also access the secure code and we'll be answering your questions in the afternoon. Without further ado, I'd like to start our meeting. Let's focus on the social and behavior analysis of a lower income segment of our society. We believe that a large part of the growth of higher education will come from the segment of society. And that's why -- that's why I'm calling Ben [indiscernible] the Director of Research and Innovation at this consultancy, so that he can tell us about the concerns, expectations of these people and what education means to this target market? So [indiscernible] you have the floor.

Good morning. So let me introduce myself. Can you hear me? I am [indiscernible], I am a sociologist, political scientists and directors and partner of [indiscernible]. [indiscernible] is a research company. It's a consultancy focused on the base of the pyramid. That's why we call ourselves [indiscernible]. We don't work only with this target market, but they are our focus, but we've been in the operating the market for 15 years and we work with large companies related communication and marketing companies that do diagnosis sector. And we've also been working also in the third sector, the public sector -- and then in 15 years, we ended up specializing in the specific in certain topics [indiscernible] half of what we do is related to education, public education, higher education and transition to the workplace. And besides education, a second important topic for us is financial inclusivity that use of financial instruments and credit. This is another important topic that we deal with. So because we are specialists, we're specialists in working with this target market, we're kind of like the translators of Brazil. The Class C of this target market represents around 55% of Brazilian market. And so we ask ourself how can decision-makers and CEOs and Directors who never have never lived in for a neighborhood or a who don't understand the target market. And how do these people who have never studied [indiscernible] so were the base improvement studies. And people who have never participated in the common education sector, how will these people make decisions and adapt their program or their institutions to this public, to this target market. So this is what we try to do. We try to provide some answers. So to start off, when I am giving talks, I also say that the base of the pyramid in Brazil is basically Class C. So the 30% coursed people in Brazil, and the 20 most richest people in Brazil who access to elite courses. Amongst these, we have around 100 million people or 50% of the population that lives in a kind of Sweden of Brazil. So the Class C in Brazil is a very egalitarian part of our country. So the family income is of about BRL 2,000 and the total can go up to BRL 7,500. So we've got a lot of people in this income amount that's very similar. And what does this mean? Here we have the same amount of data. But instead of totally family income, we have the per capita. So we end up multiplying this number by 4. So this is the real middle class. So people in this middle class. People in this middle class live with around for this amount of money and it reaches around BRL 2,000 of family income per capita. So this is our main target market. This is we have where more or less 5% of population is excluding, of course, those people who live in misery and excluding also those of a different social stardom. So I always like to put attention to the Class A Plus, which those who have around BRL 4,500 family income per capita. Those people are amongst the 5% or 5% of the population if your family household is between BRL 16,000 and BRL 18,000 per month. So this gives us an idea of what partially is. So we are -- we think that when we're at the top, we understand what the middle class is. So this middle part here, this is what really moves Brazil. This is what really consumes and kind of works in Brazil. But income, besides being a very similar in the target market, it's also very variable. Why is that? Well, families have multiple sources of income. It's very common for the family to have a fixed source of income, some formal sense of income. And lots of different sources of variable income. So maybe I work with safety, but then during the weekend, I do some other things, get extra income, perhaps my wife works for Avon. And then during the weekend she works at her hairdresser's saloon. So people do really know how much they make. And they're fixed -- the regular work usually doesn't require upskill, so it has high turnover. What's a consequence of that? Well, we do studies of the market, and we say, "Oh, I want to speak to Class C1, C2 or B1." Today, people in Class D, tomorrow will be in a different class. So there's a lot of variation of where you are in the social stardom on. And a consequence of that is that Brazil is a country of the prepayments. So for example, Netflix has a prepayment program where you pay before you consume their services, telephone services as well. Uber also has prepaid solutions, and that's because people have a hard time having all these fixed expenses, they're very scared of fixed expenses because they know that their income varies a lot. Now this variation in income doesn't mean that people -- that things haven't changed. Since the '90s when our currency stabilized, we've had some consumption booms. So first of all, we said that consumption improved in the household, including access to new types of foods such as access to yogurt, and then in the 2000s, you started having people being able to buy household appliances. But then life also starting to improve outside the home because people start having access to other kinds of services. After 2005 and up to 2010, we started to have a boom in the consumption of services. So you're not talking about buying a new category or having your first household appliance. This was a reality in early 2000s. But now it was a matter of maybe having access to higher education or having a bank account or going to a restaurant or being able to travel, but is being able to access services that improve our lives outside the home. And with this improvement, we do a lot of research, qualitative research related to quality of life. We use quantitative surveys, and we do a lot of different studies. In those studies, we always have this question. What's your biggest objective? What's your biggest dream? The biggest dream of your family. And this always includes this idea of a consumption -- a boom of the consumption, improving people's lives. And the ranging changes a lot. But having your own home and giving your children education is a dream of all of these people. Your home is an asset that you buy because you believe that that will give you social mobility. It will bring improvements to the quality of life of your family. And the same applies to education, you're investing in something that's perennial that you can't really go back. You may have any kind of economic crisis, but you still have diploma. So you still have somebody with a college diploma. So this is a promise of transformation in the long-term. These are 2 assets that people really dream about. But as I've said, these are recent booms. So a lot of times, you're talking about a first generation of families that are consuming these new assets. The first generation is a degeneration that has an active bank account. And this -- a lot of this is a result of the pandemic. It was the pandemic that universalized the bank access. This is also the first generation accessing private health services and technological services. So these are people that are learning for the first time how to do with this. We did an ethnographic study related to financial inclusivity where there was a young person that had a lot of debt in the bank because of an insurance program associated with the credit card. And that person did not know now how that works. That person had a credit card only for emergencies. And the person didn't know that one thing when they didn't use the credit cards, they would still be charged for that insurance. So that person never really paid for their credit card and ended up accumulating expenses and the person became indebted. Sure, we can criticize the bank manager who gave that person a credit card. But basically, this person really didn't understand anything about it. That person didn't have any references -- and this is something that you and I, we all learn from our parents, from our brothers, from our cousins, and we end up understanding that we have to pay attention to these issues when we end up opening a bank accounts or perhaps moving out and buy an apartment. There will be some hidden costs related to notary services. And these are things that you end up finding out when you don't have references and you're doing this for the first time. So when your parents didn't have an education, when you didn't have a proper education makes it so that you need a greater support. It means that he needs better services. A lot of times, we associate premium services to higher incomes. But what we really need to have is providing careful service to the target market that's accessing these services for a different time. And this is even more true when you have a target markets, that believes they are not well treated in the different areas of society. In our studies, it's very common for people to complain about banks. They say that they're discriminative banks. This may be true or not. We don't know, we're not there to verify that, but that's the feeling that these people have. They think that they're always being persecuted by their skin color, the clothes they use, the way they talk. So these people believe that they don't get good services because of that. So providing better service or paying attention to the service we provide is important for capturing those target markets. When there was a store that was opened in Sao Paulo and the store was at the entrance of a slum and basically nobody was going into the store. It was a really nice store. It had a really nice facade, and we did some research and we found out that people thought that they couldn't go in there because it was probably expensive, they thought that that place wasn't appropriate for them, but then people understand that there was a place for them. So people really need to understand that they deserve these spaces. Another important point related to the base of the pyramid is where these people live? We talk a lot about that when we talk about education. That is the time it takes people to get to their destinations. So the average time is about 2 hours. So we have some people that take -- some people take about 30 minutes to get to their destinations, some people take around 3 hours. So the averages are on 2 hours. And this ends up impacting our decisions -- consumption decisions. At [indiscernible] OCD, a lot of times, we take people to the households of our clients. And sometimes, we see that the homes of these people without furnishings or rather without a decent exterior, and then you go in and these houses are really nice. They have all the furnished -- finishings. So a client that's not well trained in this, sometimes they discriminate. They're thinking, "Oh, these people are spending so much money buying TVs and -- on Netflix subscriptions, maybe they should be spending their money in another way. And sometimes these people spend a lot on transportation, for example, when they go to the movies. So investing in leisure at home and not wasting time getting to your destination, not spending money to go to the movie. It makes less sense then, let's say, paying for subscription service. So subscribing to Netflix for these people is a more rational decision. It involves to bring leisure inside their homes. And this sometimes also applies technology into this in education. And it's even worse when a person has to stop in different places during the day. So that will affect their processes. If they should go on studying and so on. And I'm going to talk about that in the future. But now I'd like to give you an overview of this Class C, D zooming in on education. The first point is it's almost a buzz word -- to say that we are leaving the first generation of higher education in Brazil. This is a reality in part, but we are also having the first generation of high school in Brazil, and this is very important. It's not universal, yes, 35% of the young adults do not -- and the high school. And more important to our ends is this mid -- the centers in the middle. Most of the parents of the city class has studied less than the student. So if you have a high school, you most probably were ahead of your parents. And this is very important in terms of reference when you consider the credit card, their own homes, we've all talked to our parents ever since we were 12 and most certainly, we talked to our children not only scolding them, but we discuss with them, talking to them about what we do, what they should do in the future. So the Class C parents, they are referenced of hard workers. So I admire my parents, but I don't want to work with what they work. We have a study for the Coca-Cola Institute in this employability project. And the young adults said, I'd love to work sitting in front of the computer because I don't want to have this manual work that my father had, or my mother had. The fact that the parents didn't go on with their studies, this is very cruel because we are not able to advance the years of study of an 18-year-old young adult compared to the mother education is a great predictor. It's the main variable that allows us to foresee if they're going to study or not. So if -- the mother has more than 12 years of education, they can end up with 11.5. And the last education their mothers had the greatest the chances of them not finishing the primary education. So we must increase the post of mothers with higher education so that the next generation is going to study more with more references. And another important point that we discussed a lot in the third sector is about the technical education as an alternative to higher education. But this is not the reality of the Class C. They see the technical education as part of the pathway. 2 to 3 children in public schools, they want to have this technical education to access higher education. Differently from us, who are the traditional middle class, we spent 20 years studying and then we go to the market. But the Class C they are studying in order to work as they study. So the education in the base of the pyramid is not linear. Almost all of us had the basic education, primary education, secondary education then higher education and then everything was solved. And the base of the pyramid, they are going to stop because they are out of money because they got married or they had children or they divorced or they've -- they got a job, and that was very important at that moment because if you don't have a good reference from your parents, you believe that, that's a good choice for your future to leave this -- the university to go -- to this job. So the dropout is multifactor. And we must understand what's generating these doubts for the young adults to keep studies. And sometimes they're not so young because they enter higher education when they're 25 -- and it's not only about money. Sometimes it's a different reference of future. They don't understand that a job that they found in a restaurant is not worthwhile leaving university. However, we see this vision problem as something very hard, generating an impact to higher education. And for these young adults, it's not enough to finish high school. So we're talking about references. We are talking about dreams. And it's very common to see young people from high schools and public education, that they don't trust. They are going to access higher education. They don't believe that this dream is going to come true. And I'm not able to show the impact. But here, we have the average income of high-school education students and those with complete higher education from 18 to 27 years old. So this young adult -- he's doesn't trust the ability of accessing the higher education. But when they look ahead, when they see his cousin who is 23 and graduated in high school, and didn't go to higher education, the other who didn't even finish high school, the income is very similar. One is earning BRL 1,300 per month, the other BRL 1,700. So sometimes they say, I won't finish high school because I will have the same income and they dropout. So it's important to show them that they can access this purple line, so that they can dream. And this is important when they believe that they can access higher education that this is a possibility they won't dropout, because they know that they are going to earn much more. There's a great leap. So if I get a education, I will be able to get a good job and then we will access this purple line. They see that this can become a reality. This is core for this high school student not to abundant school and move on accessing higher education. My last 3 slides, I normally give bad news, but I'd like to talk about the good opportunities for the future about increasing access. Concerning all of the issues that I -- we've talked about here. The first opportunity is the -- this full-time high school increase. We have 7 to 9 hours in different states, and they spend all this time in schools. And these schools are a revolution. They are relatively changing the rates in [indiscernible] fee is now the third capital in terms of education, 80% of the students in [indiscernible]. And this is growing in all the states, and this is a government policy ever since we had [indiscernible] administration. And these schools are improving the rates not only in education, but we have violence rates dropping. And even homicides dropping. Because the students spend their whole day in schools. They have more classes in Portuguese, and Math, they now trust that they are going to have a better grade at the SATs. And what's more important is that they have specific classes concerning project of life, mentoring with teachers, they spend their whole day sometimes talking to teachers who have higher education. So they have different preferences. They are going to talk about the field with them. We are going to try and solve this bottleneck. Sometimes they don't have a reference at home. They don't know what they want to do and now they have more options they can trust in this possibility of accessing that purple line in terms of income. And another opportunity, a great change in public policies that is going to bring a lot of effect in the mid-run is the new high school. It was very polemical, but it's being implemented. And this new high school is very interesting. Because it's dialoguing with the higher education because it has different tracks of studies. So you have this mandatory education, and you also have optional disciplines. And in these options, the states are promoting. And also the Minister of Education is promoting that they implement this technical professionalizing track. So they are increasing the technical offer. This is not competing with the higher education, but it's improving the access to higher education. So we have less dropout rates, and we have more students entering higher education. And we have this track into the future from the state of [indiscernible] when in the morning, in high school, they have the traditional education of high school. And in the afternoon, they go to semi [indiscernible] to a private partnership from the systems to have a very robust diploma concerning technical studies. So they will be able to dream again about the purple line, their main dream that they might have. Last but not least, [indiscernible] public policy, which is this [indiscernible] program, which is a scholarship for high school students. So these students are receiving this allowance to keep studying a great amount at the end if they are able to finished high school, I know if I'm not mistaken, it's BRL 2,000. So this program has a great potential of diminishing those 35% who are not able to finish high school and more importantly, they get some money to consider more viable this investment in higher education. So they do not leave high school to be lost. And they start considering this possibility of accessing higher education. They're able to dream and consider about that. So we have demographic changes that are possible with great opportunities addressing these problems that I've mentioned throughout the presentation. That's it. I'd like to give floor to the next speaker.

Thank you, Brenno. To introduce our next speaker, I'm going to tell you that every Monday at our [indiscernible], we are able to read his column, and he speaks deeply about education. And he's able to get that not only because he has this journalist content, but he's also a writer. Antonio [indiscernible] has written 3 books, and I'd like to invite him to talk about the perspectives on Distance Learning and the contributions for higher education. Thank you, Antonio. The floor is yours.

Thank you, Juliana. It's a great pleasure to talk to you, you will notice that my presentation has some similarities with Brenno's presentation, and one of the slides by Brenno said that the past influence the future. And the past also influenced the present and for us to understand the future, we must understand the past. And this book talks about that. We go back to the Imperial Times and I'm going to summarize now. And I'd like to start by saying that the first thing that I'd like to dialogue with you is that in order to understand the education of path of Brazil, we must remember that we usually say that in the past, public education was better in Brazil. And I sometimes have hard debates when I try to debate this myth. I'm not challenging your individual memories from your mother, your father, yours. If you were able to study in a quality public school in the past, that's great for you. But I'm talking about the educational system. And the Brazilian educational system in the [indiscernible] supposedly golden age in education in Brazil was like that. Out of 1,000 children that got into the first grade of our old primary school system, out of every 1,000 children only 404 ended up going from the first grade to the second grade. So we had a loss of more than 50% of students. And that's -- we're talking about only people who had access to school. We're not even talking about people [indiscernible] children. Those who got to higher education were basically 1% of the population. Those who finish third grade of high school were only 20 out of 1,000 students. So that was the educational scenario we had in the Golden age of Brazil. Now in the '60s, very few things changed. We ended up still losing half of the children. So what happened to the students that went to first grade. They got held back, got held back, got held back. And finally, they would give up. They would abandon their studies. And up unto today, we say, "Oh, but wasn't the good teacher is the one that would flunk students? Isn't that what we expected from educational system and a rigorous teacher, flunk students that didn't learn?" There is -- In my book, I talk a little bit about this, but if you compare the perspectives in the past and the culture of high-performing education institutions in the past in the world, what was the logic of the educational system, for example, in the United States. Lets use that example. The logic was that for society and for the American Society for American society and economy, it was more than for you to have the largest number of students completing education. That was broad economic value to society. The logic in Brazil was very different. And it needs to [Indiscernible] lot studies related to that. They said that the logic of education of Brazil was very selective because the idea was you will only -- you won't flunk only if you deserved to not be flunked. So that was the logic of high-performing educational institutions at the time. So what did this system produce? Well, they produced a large machine of segregation -- the abuse of this idea of flunking students and this didn't result in higher quality. And that's very important because if you flunk more students, you have more better quality, but you don't have that. And the evidence shows that the more you flunk people, the more evasion you have, and you don't have a gain in quality. Now if I presented you in this graph, without presenting you the previous graphs, and again, this shows the trajectory of our education system today. If I showed you this data without showing you the -- giving you the background, then we would have to recognize a series of problems. Breno has already talked about these problems. Look at the number of students who don't complete high school, who don't even get to the third grade of high school. And look, I'm not trying to sugarcoat anything. We still have a problem. But in terms of historical perspectives, we have to recognize the evolution that we've seen. And I talked about this in my book. This is something that we see. This is a debate that we see in relation to higher education and middle school and all of the educational steps of education. As we began expanding the system, there was always a lot of tension between those who are pressuring the system so that it would democratize itself more, so that would open up more positions and spots. And there were those who would wanted to pressure the system because they wanted to put a break on things because they thought there would be a decrease in quality. When in the '60s, they try to expand some of these programs, there were a lot of debates about this controversy. They wanted to accelerate the [ democratization ]. There were people who wanted to increase quality by reducing the speed of transformation. So this debate isn't only happening today. And this is something that we see in all of the different stages of the developments in Brazilian education. So here, we have a historic series that starts in 1965 that goes all the way to 2022. And here, we have the number of students enrolled in higher education. And you can see that there's the first phase of the expansion of the system in the first 10 years of the military dictatorship. And you can see here that there's an expansion of higher education in Brazil. So this period was the first time where we breached the barrier of 1 million students. Considering historical perspective, there are a lot of things that we should consider here. So on the one hand, there was a significant education and expansion of higher education. But on the other hand, unlike what other countries did such as Asian countries and South Korea, which is considered a role model when it comes to expanding education in the past century, unlike what happened in those other counties. The expansion of higher education in these countries happen in detriment of investment in basic education. And this is a price that we pay until today. Now in the first 10 years of the military dictatorship in Brazil, there was a significant expansion. Between '65 and '95, that is in the last 10 years of the military dictatorship -- in the first 10 years of the [indiscernible] in Brazil, we have stability. Even -- and when we consider the growth, the population growth, we actually have negative growth. So we had about 20 years of stagnation between 1965 and 1995. In '95, there was an important milestone, and this was a milestone in terms of public policy. In the Fernando Henrique government, under Paulo Renato Souza, there was a decision -- policy decision, which was the following: So the government would facilitate the expansion of higher education provided by private institutions. In the past, it was very difficult for you to create new positions through higher education with private institutions. But they would try to control this expansion, trying to resolve that issue of democratization and quality. So they would create an evaluation system. So this was created in the Fernando Henrique government. And we can talk about whether this evaluation system needs improvement or not, but the model remains until today. So you have a system that grows because of increasing private education. But again, you have an evaluation system. So then we went through the Lula government, the [Dilma] government, the Temer government, and Bolsonaro government and the situation didn't change. Sure. In every period, you have a little bit of a driver of growth. And here, we have a graph of the education census. And below we have the private sector, in red we have the public sector. And this just confirms the data that I shared with you that the expansion of higher education has occurred with the opening of new private programs, new private institutions. And this has been happening since the mid-'90s. And today, I believe that this trend -- I believe that the main driver of expansion of higher education in Brazil -- actually, the only driver of the expansion of higher education in Brazil has been distant education, distant learning. So in red, you have the enrollments in business learning. And in blue, you have the enrollments in personal learning programs. So it's possible that these curves have already met across each other. So if this trend continues, we'll have more people enrolled in distant education programs than in-person education programs. Now if we look at Brazil -- and if we could look at just Brazil and ignore the rest of the world, then we will be able to celebrate because the expansion that we had in higher education in Brazil in the last 20 years, in terms of -- we can look at the person who have completed university. We go all the way to -- from around 10% to 23%. So we should be celebrating these statistics. But then when we compare our numbers to the rest of the world, each one of these lines here represents a country. And this data in black is basically the average of the OECD countries. So despite the efforts in Brazil, which were significant, they were important, we just recognize them. But despite these efforts, when we compare ourselves to other countries, we can see that in 2021, all of the efforts that we invested to reach 23% of people with a college degree that's insufficient first to reach the numbers of the OECD numbers the last century. Sure, we overcame Argentina, our numbers are higher than that country. But we're not even close to Mexico. Colombia is growing even more. Same applies to Chile. So these are just some examples of countries that have a similar economic reality to Brazil. And I'm going to be repeating this today. The trajectory of the educational indices in Brazil is -- involves progress, but it's insufficient progress. So we make advances, but we're not advancing fast enough. And that's why we need to grow even more. I want to go back to talking about higher education. But here, I want to focus on the last 2 stages. What this table shows us is the net enrollment at these age groups. But I want to get your attention to the age range of between 15 and 17 years of age. In 1985, only 14% of youth in this age range were enrolled in high school. In 2023, we had 75% of this age group enrolled. Now if we also consider the youth that are back in basic education, then the number would grow -- the number of schooling would reach 92%. But here we go from 14% to 75% in this period of [Indiscernible] of the country. So here, we're talking about a percentage of people between 15, 17 years of age who are enrolled in high school. Now when it comes to higher education, we go from 4% in 1991 to 26% today. A lot of time, you've probably heard or maybe you've already thought about -- what does this do for us? Because we still have people who are functionally illiterate. We still have a lot of people who are unemployed, PISA ratings are still amongst the lowest in the world. So we have a lot of arguments, and we have a lot of reflections relating to the expansion of higher education access and these numbers. Okay, let's look at the numbers. So if -- when we look at this in perspective, this graph shows us great numbers. This is a percentage of children who complete the fifth grade of basic education with good grades in Portuguese and math. And if we look at the evolution of this, we have to recognize that there was a lot of progress. Now if you look at only the 2019 numbers, then these are insufficient numbers. But in order to better understand the scenario and create better proposes, we need to understand what we did right and we have to understand the limitations of what we did. The ninth year of basic education, the trends also involved improvement with worse indicators. And in the third year of high school, that's where we have the most worrying numbers. So there was an improvement in Portuguese and languages, but you can see a stagnation in learning of math in high school. And here, it's important to emphasize that those who complete high school today -- we have a higher number of people completing high school. These are youth who are coming from low-income families and who are being able to complete high school, and this is something that wasn't possible before. Now again, I'm not trying to sugarcoat anything. We still have a very low number of people with mass education. But when we consider all this in perspective, this is a youth that came from a family that before didn't have access to this kind of education. We're talking about families that didn't even complete high school. So we have to consider this to understand the profile of the students that we are able to provide service today through public policies. And you probably heard argument saying, "Oh, what's the use of that, if we're still in the last position PISA." Look, PISA is an international evaluation that compares developed countries to some developing countries. And Brazil is one of these countries. And we had the administration of Paulo Renato in the Ministry of Education. And then we decided to compare ourselves using PISA. And we decided to compare ourselves with wealthier countries. But we talk about reading and mathematics, it's almost a stable result. But we are talking about many more people now. What would be expected since the socioeconomic level is the main factor influencing the performance of the student, when we have this standardized test with this average of students -- this standardized test. Most part that we are capturing is the parent schooling. It's not the effort of the student, the effort of the teachers, it's much more the data from the past and the data from the present. It makes a difference to have good teachers, good schools. There's no doubt about that. But the main factor to determine the student performance in this standardized test such as PISA is the socioeconomic level of the parents. So notice that reading and science, we are stable. The OECD countries had a drop even before the pandemic, some others said that that's because of cell phones and social media, there's a great discussion that it must be following up experience. Then in math, when we observed PISA data, this evolution that Brazil had from 2012 to 2020, it was very meaningful. Very few countries were able to maintain the evolution. All of this effort that we were able to accomplish this. We imagine that in 2012, that Brazil would keep improving, but that didn't happen. Again, this is a serious problem, but we must ponder that. Today, it's a system that is catering to more people. But Brazil was forming functionally literate people. Well, when they say that, I ask, what is the source? Is the -- WhatsApp group? Is it a friend, an uncle who talked about that, let's observe data. What is the best data for us to analyze that? The only research that is evaluating the literacy in science, math and Portuguese among adults is a survey called INAF, functional illiteracy indicator. It's the best survey we have, the last edition was in 2018, and we are going to have a new edition this year and they apply this test for adults. INAF doesn't have historic series, it starts in 2001, but it compares different generations. This is not just data. If the educational system is improving, the older the population, the higher the literacy rates. So this is the table that I believe that is more interesting, even when we filter only for those who at least got to [Indiscernible] high school, the percentage of functional illiterate people among the population from 50 to 64 years old is greater than the younger generation. So there's a lot of prejudice, but if you're not based on data, this common sense that now we are forming illiterate functionally -- illiterate people according to WHO. If you observe data, that's not what data is showing. If you observe the generation from 15 to 24 years old, the fact that only 57% have a level of proficiency that is accepted that is so low, this is a very serious data. But in a historical perspective, we must recognize that we advance. I'm going to be quicker now. This is another way to show the same data that Breno presented. This is this unemployment rate in terms of schooling. So they can't find jobs. What is the point of educating, but this is not the case. This is data from the fourth quarter in 2023. So it's according to Breno's data. Those who didn't finish high school, they have this terrible performance, but each step they go ahead. It makes a lot of difference in terms of employability. So in a historical perspective, it makes a lot of difference in terms of salary returns. And this is data from this annual report from OECD, which says that in Brazil, the average income of those with higher education is more than 100% when compared to the average income of those who finished high school only. So having a higher education diploma is more than doubling your salary. It's enough to observe the countries to the right and those to the left to interpret that this is an indicator that in the countries where the educational system and the higher education didn't expand much, this return is greater for obvious reasons. It doesn't mean that our higher education is better than Norway. But we have this room to expand, and that's why the salary increase of those were able to finish higher education is very meaningful when you compare to the rest of the world. So what's the point of expanding public education in Brazil. I talked about economic data, learning data, but my book talks about that as well. And this investment in education was able to reduce was able to reduce the birth rates. In the beginning of this century -- the important newspaper used to say that Brazil had this population of explosion that the poor layer was having a lot of children and those who study demography, they say the demographic transition started with the richest women, but it's coming to the poorest women due to schooling. Who was able to analyze the data and was able to hear the experts, we knew that we would have this demographic bonus and then we are going to have this problem with our social security. So we have the early pregnancy diminishing, we had homicide rates dropping, we had an increase of female income and schooling and so on and so forth. And that's why we must advance even more. We must recognize that we have many issues, but it was not in vain, it worked a lot, and we must advance even more. We must even pass more and more, more and better in reality. That's it. I'm sorry that I went over time, and you may call me -- you may contact me if you want to go on dialoguing about this subject.

Thank you, Antonio. Okay. Let's talk about technology now. Here at Yduqs, we have this very clear proposition on how technology is important to enhance access and improve educational quality. And in this developing Process Box 1824 contributed a lot. They are part of Group CI&T, a great partner in our technological advancements. They have their proper approach and also evaluating patients, impacts and transformations that were provoked by digital technology. I'm going to call the expert to explain this process to us, Gabriel Milanez, who is a sociologist, researcher in qualities fields and also he is the Vice President of Strategy at Box 1824.

Good morning, everyone. I'd like to thank you for the invitation. It's a great pleasure to talk to you and team of Yduqs. I'd like to show you fragments of the study that we developed last year that was aiming at identifying territories for the future of higher education in Brazil. Designing strategic opportunities of innovation for Yduqs, we were able to compare what was happening in the world. We had interviews with experts in Brazil, the world. We had 16 discussion groups with all social classes in Brazil, with different profiles to understand what were the expectations of Brazilian concerning higher education. Let's talk about what we are going to see today. At Box 1824, we are a strategic consultancy with analysis technologies to foresee the future. The base of that is works, analysis, studies concerning behavior and culture. And why do I highlight behavior? Because we understand that a very efficient way to design innovation for the future with relevant innovation, realization that we have a great chance of profit in the future is understanding what people want. When we're able to identify problems, issues, when we are able to identify responses, and we are able to identify dreams and aspirations. And then we get fertile ground for relevant innovation, not only to attract investors to enter this brand ecosystem, but also to establish long-term relationships. So when we analyze what the Brazilian students are asking us, the most important is to say that the value propositions that they see in higher education, we're not born today. So people talked about history. So it's important to observe the history to see that this value proposition and models, they exist for a long time. So the students talk about two value propositions mostly. Here, I want give you the background of higher education in Brazil again. But it's important to understand that higher education has a long history in Brazil. When we observed the first higher education institutions, they were not universities because it were -- we were talking about imperial times. We had medicine, engineering -- and you may observe that when we analyze the politicians, artists, intellectuals, scholars they studied 1 of these 3 courses, either law, medicine or engineering. So it was a place of status that was accessible for very few people, people from the elite. So this plays -- shows how it was born. So in the beginning of the 20th century, what do we see? We see the first universities. These higher education schools they got together and they formed the universities. We have the first federal universities. And then in the '30s, we start having the state universities such as the Sao Paulo University. And then we had confessional ones, philanthropic ones, such as the Catholic University. So we start to have many different courses, economy, pharmacy and so on. And what would I like to highlight here? This value proposition, this exclusive places for higher education, they exist up until now. So we are talking about this model of a university where you have restricted access with high-income students, with high prestige in terms of social aspects. And you have a lot of cultural capital, you have different references of growth, the networks and contacts that you develop within the university. So we coined this term, exclusive education to refer to this model of education that also contemplates the children of the elite. When you observe the work by Antonio, at that point, we had very few people entering higher universities. But these institutions, they exist until today. And Eduardo talked about that. Most of us here in this room is probably studied in this place. We are talking about the great public universities, the Federal universities, the confessional philanthropic universities. We are talking about the excellence centers, private excellence centers such as [indiscernible], this is the universe of the exclusive education field. What's going to happen in the in the ['60s?] In the '60s we start to see an increase in higher education in Brazil. And what ends up happening, we start to have more industrialization, more urbanization, cities end up growing. And we start needing more people, more professionals to work in the urban -- new urban life. So higher education begins to stratify itself. So we still have these excellence centers and these exclusive education centers. When new institutions start to have training for the workplace in order to meet the demands -- the increasing demand of the economy. So especially private institutions, they start providing options to people with a focus to technical training for the marketplace. In the last few decades, this process accelerated. So in the '90s, there was this change in higher education in Brazil. You started seeing private institutions growing more than the public sector. There was a multiplication of the number of courses, not just new courses, but also the astronomy courses and courses related to video games, games development and business learning, public policy, started to attract more people to higher education, such as [indiscernible] for private education, you started to have quota in public education, and a lot of workers and especially older people went back to studying. So the director of higher education is a [indiscernible] is that have people from minority group, [Indiscernible] people, people from lower income, parts of society. And what did we see in terms of this expansion of spots. Well, it's what we're labeling or calling inclusive education because it includes populations that have been excluded historically from this kind of education. So there's less competition. There's a lot of preparation for the workplace. We have night shift education. And so we're talking about urban workers, people from lower classes of the economy and these people have a place in this kind of education. And that's where you start to have an qualitive increase of higher education in Brazil. So this had a very important role in the country this growth of education. So why did I tell you all of this, [Indiscernible] today, they look at higher education and they see different value propositions and each one geared towards a target market. So there are different paths that can lead people to employability. When we look at exclusive education, we're not talking about only the direct paths. I was trained in a certain profession, and I'm going to work on that professional for employability. Now there are actually different indirect paths to employability. What do I mean by that? A diploma that's well valued is seen in a different way by the workplace. People from these diplomas have broad knowledge that allows them to have employability and it allows them to create new relationships in these spaces. So we're talking about having access also contacts with colleagues and teachers that give them access to these job positions. So we're talking about, for example, somebody at [indiscernible] has an education that's important to their training. But inclusive education, you know how it started. And the demand is very strong. People who access inclusive education, they have a lot of expectation, which is having immediate employability. So these 2 value propositions, their presence in higher education, and both of them are important. But because we need to add a new layer to all of this, we need to consider the impact of the revolution of IT in education. I don't need to explain too much here. We know that all of us here are hyperconnected. We're hyperconnected to people to institutions and with people around the world. So we changed the way we live. We changed the way we move, the way we buy, the way we access health, information technology today gives us a lot of opportunities. And so obviously, this has an impact in the way people learn. And in terms of expectations, people have [Indiscernible] education. So what have we been observing? Well, this revolution comes from network learning. So we're talking about ed-tech. We're talking about [ed-creators] we talk about a world where people can access this learning, micro certifications and different elements of learning. They can create very specific tracks of learning with training that's very specific related to what they're interested in. So people become lifelong learners. They're always learning. So this learning that's done on the web, it's more flexible and more scalable. This ends up showing up or being a part of people's learning experiences. Of course, this doesn't substitute higher education, but it complements it to some extent, and it complements the way people learn. And that also changes the expectations that people have. So we created the system called expansive learning because it expands people's learning. Anyone with an Internet connection can access lots of different opportunities to learn on the web. So they can have access more modular programs, which are scalable and which can be accessed in parallel to the formal training of higher education. Now what's important for me say here, all of this coexists today. So we have explicit education, which has a lot of prestige. We have excellent centers that have direct and indirect routes to liability. Then we have the options of inclusive education which have a focus on technical training for the workplace. And at the same time, we have a lot of our learning that comes from networks, modular scalable networks. And one option does not substitute the other options. They can all be complementary. And when they're integrated, they can bring different innovative value propositions for the future. And you are going to understand what I'm talking about. We can't deny that expansive education brings a lot of possibilities to people. And this raises people's expectations in relation to formal education. On the other hand, it doesn't substitute higher education. So when people are living in these two worlds, then we identified some issues that end up showing up. At the beginning, I talked about how we identified the tensions that exist in people's lives. And how the -- how we develop solutions that respond to these tensions. With this, people end up seeing a very value position for their lives. So here, I'd like to share with you 4 of these tensions, which are 4 innovation paths, which are very powerful. For us to work with innovation in higher education, Brazil. So the first one, I'm calling increasing the repertoire versus barriers to add to entry. So what happens to the network on the Internet. Well, in your lives, you can see the references that you have from various areas of life. This is much broader. And this is happening in all the different classes in society because people have different references because they're connected to the world. So in the centers of excellence of education in Brazil in the world, in these places, people know what's happening, people have access to all of this and they're increasing their repertoire and their knowledge about what happens in the world. Does everybody know everything? No, not really, but they have a larger repertoire. And besides that, there's a strong phenomenon which comes from these educational creators. So these are people that don't live in large urban centers. Sometimes they're further away from cities or maybe these people come from minority groups. Maybe these are people from the peripheries from lower income groups. And these are people to end up gaining access to these higher education groups because we have affirmative actions in universities. We have inclusive -- inclusion activities in our excellence centers. And within these places, these people end up telling their networks about what's happening in these places. And we -- they are mapping of all the people who are doing that. So what's happening? Basically, information is being circulated. People know that Ibmec is an incredible center of training that it gives access -- trains large important things in Brazil. And people know that Ibmec gives people employability. People know that exist. Well, what happens on the other side? Well, the network gives me access to this, but we still have various entry. They may be geographic because perhaps I live in a far away place. Perhaps it's a financial barrier to access. It might be technological, maybe the fact that I don't know another language. So when people have the repertoire, but they can't access that place that generate frustration. So to solve this tension we need to scale the delivery of products and technology is key to that. We have to give access to things that are present only in these large exclusive centers. So we have to think about how technology can give people access to these to the centers. So here, we have a large opportunity for innovation in order to meet the demands of this large number of students who are buying the value proposition of inclusive education. The second point is what I call fragmented networks versus known tracks. So when people start to do tracks in expansive education around the Internet, they start taking lots of courses. So maybe you can take a programming course, if I work in technology or maybe I can take a management course or marketing course or maybe I can do a little bit of logistics course. I can do something related to the economy, I can do anything. I can do lots of micro certifications. And then I get all of that and start creating a [Indiscernible] my interest. I put that on LinkedIn, everything that I have completed, all of my micro certificates. What ends up happening? Well, I don't necessarily -- I'm not able to necessarily create a convincing story out of that from the marketplace because the marketplace still -- they still require a formal diploma and they adhere to regulations. So you have a lot of students from looking to the Internet, and they're trying to build very specific paths or tracks, but then they're not able to implement that and get jobs as a result of that. So here, the opportunity is to create hyper individualized training. So when we talk about individualize, we're talking about curating material. Curating what's most interesting on the network, on the Internet, things that are increasing access to people, and we need to integrate that from education because being a higher education program that's licensed and that's recognized, by Ministry of Education and what's recognized by the marketplace, all of that makes a difference. And it's only institutions that have the credibility that are able to do this curatorship. And they are the only ones who can bring all of that interesting material to people so that they can create these hyper-customized tracts that consider, which they're interested in. So the third tension is new forms of learning versus old ways of teaching. So the issue is that when people learn on the web -- basically, the format of teaching is very interesting because the creators are mentors and the material is provided in a streaming fashion. Things -- it's almost like a game. And unfortunately, that's the way people learn. But then when people go to formal education, they don't have the same type of experience. So here, we have an opportunity to innovate the way we teach. If we teach in a contemporary way and in a more attractive way. And if we're able to create more engagement and attract more people, and again that doesn't mean not providing in-depth material. It doesn't mean not respecting the scientific premises. We can do all of this in a very serious way that's faithful to the academic program. But again, we can do all of this contemplating technology. So that's the way people learn can be more interesting. So again, using technology to scale the experiences of expansive education to formal education is important. So we need to bring the experience that people are having in different fields to formal higher education institutions because this increases the value of these institutions to people. And finally, we have the issue of many connections on the network versus little conversion power into workplace spots. On the web people get to know a lot of people, they can take lots of courses, they can do a lot of training, but that doesn't really necessarily convert into employability. So how can we expand the connections of these people in higher education? How can we connect them to actual employers and employability? So the opportunity here is to scale employability opportunities to people with access to this type of expansion education. So how can we use technology to scale all of this to these people. So considering these 4 tensions, I want to leave you with 2 takeaway messages. So I know I went very fast for this. I talked about value propositions really fast. And answering these tensions -- answering to these tensions are important tracks for renovation. But the first take away is the following. Those were able to provide a higher education with a greater focus on employability are more relevant because employability is the expectation of those who access higher education. So this employability can be direct or indirect. But again, there's this opportunity, which is basically looking at all of these options of inclusive education. We have to consider things that increase people's chance of employability. We have to consider how we can use innovation to scale all of this to people who are in inclusive education. So employability in a massive way. in an enhanced way. This is a great opportunity for higher education. And the second takeaway is those who are offering this hyper individual higher education will be ahead. So people can assemble their own tracks, their pathways. So they are going to access regulated Institute recognized by the Ministry of Education which absorbed all this expertise to help people form their individual pathways. And the person who is ahead is investing in that in data science, generative artificial intelligence, those who are working with that for education is ahead in this individualized higher education. So these were the messages that I want to convey to you. Thank you so much.

Thank you, Gabriel. As Eduardo mentioned in the beginning of this morning, we use technology and innovation in everything we do. It's the essence of our business and also in terms of results that we generate as higher education institution, but also for society. And we have state-of-the-art technology applied at every stage in the process. And we have a clear strategy and proposal on this topic. And to talk about that, I'm going to call Ricardo Tiecher, our Director of Digital Products and Innovations at Yduqs.

Good morning. Is it working? We had a technical problem, but now it's working. Good morning. It's a great pleasure to be here face-to-face. And also we have our online audience with us. It's an honor to be the first from inside Yduqs, bringing more content and delving deeper to know more about this subject. My name is Ricardo Tiecher, I'm the Director of Digital Products and Innovations at Yduqs. It's not by chance that I'm talking after [indiscernible] and [ Brenno ], [ Antonio Gois], Box1824 because our team at Yduqs, technology is not a mandate in itself. It's just a vehicle for us to get to our destination, which is scaling up the exclusive experiences into the inclusive education. So we are trying to bring Sweden to Brazil as a whole, bringing quality education to all and we are using the personalization of the student experience and enhancing their careers, work careers, considering their individualities. So if it seems to be a great challenge for higher education institution to our team, this is an opportunity, something that we've been building up over our history. It's a consistent work we've been doing. It's in our DNA. We've been doing that as Estacio, which was the first higher education institution offering distance education, 100% synchronous through the Internet with a hub that enabled students to access our digital materials. And during the pandemic in less than 5 days, we have hundreds of thousands of students studying online. So we have this track record of using technology to transform our business. And that's what we have been doing. In the last years, especially the last 5 ones, we've been moving ahead to transform technology and innovation into the core of our business. And I wanted to bring this organized way to show you our content with the main pillars to show our differences in this business today. We are in a privileged position to explore the potential of these new technologies. I'd like to start with the first point, which is the great differential to us is our technological scaling. We are increasing our infrastructure with all this micro structure, in terms of services, bringing sustainability and evolution, and we have optimized costs. We have speed in evolving our ecosystem and it is all cloud-based with the main players in the market, Microsoft, Google, Amazon, Oracle, and we have this multi-cloud approach. Our infrastructure is connected to several players. So we don't rely so much on third parties and we can balance the offer of the services. And we have this factor for success, which is needed. We have this single integrated repository, and we have safety following domain market precepts. We have the governance of access that is very solid with the main benchmark of the market, and we are ahead of competition. We are organizing our information to export what the new technologies are offering. And we have our Command center, a great difference as well where we have 24/7 monitoring of all of our structure. So we don't have stabilities. We prevent system outages. We are able to manage all of the artificial intelligence models that we are using in our apps today. So we are using GPT, Gemini and Claude and we're using this process to monitor cost optimization, performance response time, bringing flexibility and autonomy where we are applying the artificial intelligence engines. So these are the 3 main points associated to our infrastructure and the numbers are showing that. We have 70 million people circulating in our website, more than 7 million people studying in our learning platforms, using its resources 12 million -- 120 million sessions and 700 million questions solved. So in our structure, we spend less than 0.1% with lack of stability or lack of access. So that shows the size of our operation. But it's not enough to have the best infrastructure if you don't have the right team, the right culture and the correct values who know how to use that to generate results. And this is what we've been doing with our team. We've been attracting more digital talents. We have a team that is able to balance the long-term ambition with the short-term deliveries, with incremental improvements with this start-up mindset, scarce time always experimenting. And when we talk about innovation and when we talk with market analysts and investors, we have this very pragmatic approach on innovation. We use innovation as a scientific method. It's innovation and technology to approach the right way this moment of uncertainty. So we use innovation to raise ideas to transform ideas into hypothesis, testing hypotheses proving them and following up with the implementation so that we can generate results. So we channel our discipline, we channel our energy. This is a great differential at Yduqs and hypothesis that are approved and can generate value. And the others, we are going to leave behind because we have this culture of fast experimentation to generate value fast. And if it's not generating value, we will move on to the next opportunity. So this is the culture of our team. And this is creating relevant cases in terms of innovation. And this is disseminating the innovational culture in the team. And we are attracting digital talents, and we are now an attractive brand so that this new ecosystem of talents can work with us. And we have this great transformation in our teams, and we are increasing and incorporating this mindset. 5 years ago, 20% of the people working with us in innovation and technology, were in-house. We have 80% of our team now is in-house, we incorporated this DNA of innovation and technology, and we value partnerships as well to complement our capabilities so that we can accelerate this technology adoption. We have 150 partnerships in the last years and more than 600 experiences, 2 per day with real live students with real data, generating decisions that will generate value when we implement them. So it's very cool. I talked about the infrastructure, innovation team. That was our first pillar. But what about results? What is it generating in terms of impact and value to the business? I'm going to show you how I can make tangible this relevance. So this is the second differential. We have this complete ecosystem that encompasses all the students journey. When they think about entering this undergraduate course with all the study phase, exercises, mentorship, renovations, internship. We go from the beginning to the end of the journey with our digital ecosystem, but better than telling you about that is showing you this experience that the students are experiencing when they enter Yduqs. [Presentation]

So this is bringing accessibility, scaling up exclusive experiences for this inclusive students -- this inclusive education students. So it's a multi-brand system. All the institutions the group, they have access so that optimizes our development. All of our students have access to this ecosystem, face-to-face students, distance learning students, and we are bringing different attributes. And what's most important, we have autonomies and we are able to dictate the pace and development route so that we can bring this well experience in every step of the students journey so that brings more satisfaction. The students are studying more, they progress in their learning. So what is it for? Why so much progression? Because of this, because we know and our results show that the students that are studying more, accessing more the platform, spending more time in the ecosystem is that one who is paying all time renewing their steps in education. And those who are not able to do the exercise and access the platform, they probably will be in that and will drop out. So if we improve on this, then we have the student that will complete the program that will pay his fees and that will get the diploma and will go on to a career. So this has been a very positive consistent results. 90% of our student base is active on our app. So we've had an increase in access of 60%. The number of people who access our app is similar to the number of people who access Netflix and other apps. So this shows people how we've been able to create a digital platform that is able to compete with larger platforms. And we're able to capture the attention of our students. We're fighting against these giants to make sure these students will be in our platform to study in advance. So that's why our app is one of the best ranked apps of our sector because we're really able to engage people, and there's -- and people are really satisfied with the ecosystem. And we are able to continue to keep a reduction in cost. We're able to reduce our costing 40% in the maintenance of our platform since we began the process of internalization. But the main player of this ecosystem is our [ pedagogical ] model, the quality of education. So as a third pillar, we have our content, which is dynamic, which is adaptable to any device and which has created a specialized hub that has a team of curators that builds these content that's connected to business later pedagogical models, we have a studio where we're able to create this artificial content. And this is a digital content that evolves with time. And this connects to what we talked about at the beginning of our strategy. This evolves in the sense that it's connecting our students with their -- with the workplace and the kind of challenges that they'll have in their everyday activities. So -- and we have technology incorporating into this to accelerate with this. So we have digital labs that allows us to have flexible education to health. We have gamified tracks. We have simulators of real environments. We have social, emotional skills that we're training people on that are valued by the workplace. So we're really trying to complement students' learning using our content and our teaching model involving technology. But I don't want to talk about only the front end content, I want to talk about the back end as well because behind all of this, there's very well structure that we've been involved in the last few years. And this allows our content to be managed in a modular fashion. So content is like building block so we have the video, we have the paragraph. Each one of those objects are built so that we can have a better optimization of the management of the content. It allows us to update content quicker. So if legislation changes, there's a new process and technology, a curator can access the content, update the module, then press play and all of a sudden, hundreds of thousands or millions of students are able to have access to that new content. This gives us speed to renew our portfolio and increase the amount of courses that we have because we're able to update our content and this also allows us to know the habits and the behavior of our students in their learning because we talked about the complete ecosystem, right? So we're able here to monitor each activity, each action of our students in our digital platform. And we're also able to see everything that the student does with that content? Did they watch the whole video, did they watch the video halfway through, how many pages did they study? So we have all of this information that's available to us on a digital platform, and it's also available in our content. And again, this brings results. So innovation technology are not ends. There are vehicles to generate value, to generate results and to impact our business and people. So we have a large increase in our capacity to build content. We had a decrease in cost with this new model. And we're also able to include AI. We are experimenting and we're incorporating AI in the conception of our products and the optimization of videos, even the production of videos. So this is already a part of our everyday activities. This is -- we're already doing this in the creation of the content. Now we talked about data and intelligence, and we talk about navigating platforms and consuming content, but then we also have -- we try to monitor the learning. We try to measure the learning because we want to see also what we can improve with. So then we have a layer with 3 different pillars. So first of all, we have a question database that's very rich with more than 2 million questions that we are incorporating. And we're using AI with that database so that we can have better updating on this data bank database. We also have a digital correction of tests. And this allows teachers to actually focus on teaching instead of correcting tests. And we have with photographs, we are able to check the results of tests. Sometimes it will take 5 days for a teacher to correct tests, but now students have access to their development more quickly. And there's also the response item theory. Some of you probably already know about that from SAT or TOEFL. This allows us to really understand the actual performance of students. This allows us to understand how students are learning because it's not just a matter of what they get wrong or right in random questions. We need to really understand the difficulty of a question. There's a question, for example, able to differentiate a student that learned from one that didn't. What was the probability of a student getting that question right, just out of from guessing. This allows us to improve our academic model, our content. This allows us to ensure the students are learning. This allows us to evaluate our teachers better. We can understand what criteria teachers are using to increase learning and deliver to students. What needs to be improved so that the students may reach their learning objectives. So again, I'm always going to talk about results, impact, technology and innovation, reduction of costs. I'm also going to talk about the time between when the student takes a test and when they get their grades. But all of these AI solutions, they're not restricted to an environment of learning in teaching. We're focused on teaching and learning because that's the focus of what we do, but we already have that scaled in our business. We talk also about getting new students, we're talking about campaigns, and Marcel will show you how we use technology, cutting-edge technology in our program to acquire new students and how we use that to create new content for teachers. We'll also talk about how we can use that in our units to improve the performance of our partners and the program to consider evasion, school evasion. So we have a lot of partners that help us to accelerate all of this, and AI technology really permeates our business, and this generates results. We're able to reduce [ CAG ], we are able to reduce the time to external transfers. We're able to improve performance. So again, the adoption of technology and folks incorporating technology that generates results that's proven. So these are the 5 very important pillars that really do make a difference. But it's not enough to have the best infrastructure and the best team and generate results and materialize technology and business if you don't have a winning strategy. And if you don't know with clarity, where you want to go and how you're going to get there. Because then you're just going to be using all of this knowledge to execute the wrong plan. And we know where we want to go. We know what we want to do and what we need to get there. This brings us safety into our team that we're on the right path and that this new moat that technology is bringing us will be very positive for us. So the first step towards that is involves building this 360 vision of the students, this unique profile of the student. In our talk, I talked about data and how we're able to follow and monitor our students through a digital system and how we're able to understand the content that the student is studying that is what engages the student and what stimulates them to continue study. We're able to evaluate the real learning, we're able to measure the proficiency of the students. And all of that brings us a lot of richness and allows us to understand the individuality of that student. It allows us to bring them solutions that will accelerate their learning so that they may reach where they want that they may get that job that they dream about. So all of this permeates everything we do. We're able to make inferences and we're able to extract a lot of things from all this information in our environment. And technology allows us to read and translate all of this information. And we are able to complement all of this because we see that the market is requiring socio-emotional skills. And here we're able to have new context with the ecosystem to give new information to the students so that experience that they had in the real world or so that they may understand the business that they created. All of this is a strong point of those students that may help to get a job. So we see this being valued by our students. At the beginning of the year, we did a socio-emotional mapping that we did, and that helped students to meet their goals. We already have 200,000 students who did this mapping and that provided feedback, which was very positive. And we understand the students really want this. They want this repertoire. They want us to help them to not only get these technical conferences, but rather they want new skills and then that will make them successful. And this allows us to bring more personalized solutions in individualized study plans and customized content, things that will allowed our students to complete those steps and reach the end of the course. We have to ask ourselves how we can have more surgical academic content. We have to really think about how we can allow that student to get to where they want to get to. So we're able to really personalize things, we're able to touch students and we're able to engage them and promote them to get to the end of that stage. And then we have the main player of all of this, which is where we're taking technology, which is employability. And this is really associated to the fact that our students, they don't study to work, they work to study. So careers are at the center of what we do, and this is what makes a difference in student's life. And we want to understand what students want in terms of employability. We want to help them develop the right skills to get there and we want to connect our students to opportunities and vacancies and with the entrepreneurship that will allow the students to reach these results because our students have a hard time having visibility and connecting their skills to the marketplace. And they even have a hard time finding jobs spot. So our work is to leverage all of this and providing these tracks to students. So what have we been building to get to the stage and how will we get to this. [Presentation]

With artificial intelligence, obviously just included some of the screens of our system. Those are the only real things in the video, but that's really what we want. We want to deliver to each one of our students the opportunity to work at a place that's compatible with their strengths and with their career plan so that we can really drive their careers. So this matchmaking between students and work spots and between employer and employee based on all of this information that we have about the students. This is what sets us apart. And we want to continue having that by incorporating experiences and socio-emotional skills. This is our competitive difference. And this will allow us to scale this driving of the employability of students. And this is what really transforms our business. Before we talk about how higher education institutions have been transformed [indiscernible] new movement and to make use of these technologies. And this is how we transform our business. We're not only an educator and the creator of professionals. We're actually connecting students to their careers. And we end up permeating student journey, not just when they're in the program, but also afterwards when they're in the workplace. This is where we create value. This is our lifelong learning. This only makes sense for building something together with our students because students will be in their careers for their whole lives. So we're not just considering training our students and educating our students, but we really want to understand their career journey. We want to keep recommending spots, vacancies at employers because these students will end up reconnecting to our brands, and they will continue their journey with us. So this creates permanence. This creates brand awareness that goes beyond the time when the student is with us. So we generate value to our students. This creates impact, and this really will transform our business. And this means, obviously, increasing our ecosystem. It's an ecosystem, not just of learning but of careers and the creation of new professionals. This will be able to impact millions of people with the technology that we're building and developing. Okay. So to conclude, I'd like to leave you with 2 messages. First of all, we'll have a coffee-break that will start very soon. We will talk to Claudia before that. But in our coffee-break, there are some places that you can go to try out what our students experience. So make sure you make use of the opportunity, we'll be happy to test this experience with you. And those who are online can also go to our portal and try out what our students go through. I would like to conclude with basically a summary of what we've been talking about. That is what are the main messages that I would like you to leave with here today? Well, my analogy is innovation and technology are vehicles to generate value. When we think about our team at Yduqs and the people behind our business, now these people have a Ferrari, they're piloting a Ferrari. They have great infrastructure that's prepared, that's well structured, that's scalable. We have an ecosystem that includes the whole student journey. We have a lot of data. So it's a Ferrari that's many kilometers ahead of everyone else. That's because we've already been testing things. We've been experimenting and generating results. We've been bringing value to the company. And this is a Ferrari that's many kilometers ahead of everyone else, and that's on the right path that will reach the finish line that will generate results because we have a winning strategy that is well built, and that's aligned to the market. We have specialists, we have consultants. And so this comes from the pain points that we see in our students. This is really a part of our DNA. We really believe in all of this. But behind all of this is the people who build this. The people who build this are people. It's people who are building these technologies who are developing all of this, making decisions about how innovation can be used in the right way and in a way that may impact more people. And guys, I think if I can give you one advice, I advise you to really trust in these people because my team -- these people here are really -- they love this company, they love this culture. And they really like this culture, which is to transform the lives of millions of people in generating prosperity and wealth to communities, to families and to many different people and consequently generate prosperity and wealth for investors. And for all of those who decide to be a part of our journey. Our team is really enthusiastic. Right now, we have great opportunities. Everyone in our team really wants the company to be prepared so that we can really make a reality everybody's dream. So you should really bet on our team.

Thank you, Ricardo. What an important presentation. So we are getting to the end of this morning and to present the last part of this morning. I'd like to invite our VP of regulating Claudia Romano.

Good morning, everyone. Thank you for being here. I'd like to highlight the fact that we had our new Board member, Bernardo Lobao with us. Thank you and I would like to highlight that we have our new Board member, [indiscernible], representing women and the Board once more. I'm Claudia Romano, I'm the VP of the company. I work here. I've been working for 25 years in this company. Every day, I choose this company to work and I believe that this company chooses me as well because I believe that what we are doing here incredible. It's different. And every day, we wake up to bring the best opportunities to our students. It's worth mentioning that I have a great team. And I'd like to talk about their work quickly. We work at government relations, institutional relations with employability. This work that Ricardo has talked about a lot concerning technology. We accompany our students in their journey, in their classroom. So that can also find opportunities in the market, being interns and working, having this happy career, and that's what we also develop in our team. We also are responsible for [ Instituto ] Yduqs. It's a great power for our educational institutions, and we have the ESG agenda, the communication within the company for the faculty for the collaborators, all the PR, Marcelo, congratulations for this event, for all this work with your team. We are very proud of our communications team. And I don't know if I mentioned that, but it's very important to mention that we are regulated. We are a regulated sector. We have relationship with the Ministry of Education and the regulation bodies every day. This is part of my team as well. So we are going to have this different moment at Yduqs days. It's the first time for us. Every day, we think about them. They are our reason to exist in our meeting rooms, in our corridors, at the classrooms, we are in love with them. And we want to give them this world of vision, bringing all the skills, competencies and opportunities. So I would like you to listen from these incredible people who are coming up to the stage. Our students from some of our educational institutions. How are you. Are you comfortable. Well, would you like to introduce yourselves let's start with Julia.

Hello, everyone. Good morning. My name is Julia. I am an undergraduate student at Ibmec, I'm almost finishing the course, I have this background on innovation and entrepreneurship, and I came from different institutions. It's not my first undergraduate course and it was a great pleasure to be at Ibmec. I chose the right university. It's been able to give me the spaces, this networking. And I'm finally here to share with you about my experience.

Good morning, everyone. It's a great pleasure to be here as well, representing some of the students in our institution. I'm [ Clara ], I study medicine at [indiscernible]. I believe that in the institution, I went to other university before studying medicine, but at [indiscernible] I'm having unique opportunities. And I'd like to share that with you, bringing the vision of those who are leaving that and I identified with a lot of what was mentioned here, I'm going -- I have the opportunity to have this 1-year internship at Harvard. So I'd like to thank so much the university for all the support that I'm receiving. So we have a lot to share, build together and provide value.

Good morning, everyone. My name is Larissa, I also study medicine, but I'm from a different campus. I'm from [indiscernible] neighborhood, I'm in the ninth term. I'm in this internship which is this mandatory internship in a hospital. And I'd like to thank you so much for the invitation, because I'd like to talk about my experience. I was Prouni student, and identified myself when we talked about inclusive and exclusive education. I'm part of this journey about this difference that we see in the undergraduate courses, especially when we talk about medicine. So people like me have opportunities. And I was able to have many more opportunities after entering the university. It's an excellent center, I'm now in the hospital practice, and I'm able to see that every day we need theoretical teaching, but we also need humanity, especially when we deal with health, and I hope to convey that to you.

Larissa commented that she is a Prouni student, and it's worth mentioning that the students feel very proud when they have free union students in their classrooms with because the study hard and it's a reason for pride. I'm sure that Marina and Julio are very happy with that.

Good morning. I'm [ Ugu ]. I'm a student at UniToledo Wyden from Aracatuba in the countryside of Sao Paulo. It's a great pleasure to have this opportunity to be here. I come from other institutions as well. I studied different courses in different statutes, and I was able to finish. And I identified with UniToledo. I'm in the third term, but the structure, both physical and pedagogical is very cool, very innovative. And in my case, I also work. I have different routines. So technology -- and everything that is provided by the institution. Everything is very helpful. So we'll finally be able to finish my other graduate course. I felt very much supported by the team. We have different programs there within the university. And we are able to interact with the students and I'm able to participate in everything. So I'm learning a lot personally speaking. And I have my career path being designed.

Good morning. My name is [ Ginan ]. I am gastronomy student at Campus Maracana Estacio and I'm very grateful to be here today. I'd like to share my experience, my Estacio. And Estacio offers many things besides classroom. We have a lot of support from the team. We have a lot of infrastructure. We study with different techniques. And it's a great opportunity because we learn how the labor market works. And thanks to the connections that I was able to get in the university. I'm now working in a restaurant at [indiscernible] and I learned a lot from the university. And more, I've been learning, and that's it.

Good morning, everyone. I'm [indiscernible]. I live in the countryside and -- I'm sorry, in [indiscernible]. I am a distance learning student studying the last year of the history undergraduate course. And Estacio was the only university where I could enter because I come from a low-income family, and it was my dream because my mother always told me that she wanted me to be a teacher. And Estacio is giving me this opportunity. During my undergraduate course, I was able to have this teaching training course. I had this adaptive learning course. I studied with hybrid in education, and I'm working now due to the context that I was able to establish in Estacio. I'm the second at university in my family, and it's a great honor to be here. And education is my life today. And the connection that I was able to get from this university is that making this distance learning student coming to the university many times in the month with no need because I like to be in this environment. I was here ever since this building was inaugurated. I was talking to [indiscernible], my coordinator always knowing people, participating in the courses and in the events and the university because it's a great -- I'm very proud to be part of that. And Estacio the first university that came to my mind when I was able to separate this part of my income to study so that I could pay for that. I was able to get a very good discount. And with that, I was able to buy my books. Now I have more than 500 books on history and education, especially concerning Brazilian history. And I'd like to thank you so much for this opportunity. So I think it's an iconic moment for us because we have more than 1 million students in our face-to-face and distance learning classes and they are representing these students. And it's a great privilege for them as well.

Jefferson is a great example. Efficiency and quality can walk hand in hand. And we know how to do that very well. Jefferson, I'd like to start with you because you told me the other day, we were talking, and you told me about your library. You're in love with books. So he is studying history and he now has some opportunities to study abroad. So it's very important to talk about this importance in terms of average ticket that gives access to university. It's worth mentioning that the face-to-face diploma and the distance learning diploma are not different at all. It's not written that it's a distance learning modality, what it's worth is the graduation diploma. And you commented with me that you replaced your snacks with books, you save the money that you -- with snacks to buy more books. So tell me about your daily life in the classroom with the students, with the teachers and having this university close to your neighborhood.

In the previous speech, I remembered all of that because when I entered the university, I started to wonder. How could I study teaching virtually. So we had web classes. The site was completely different today. The website is complete, intuitive. But at that point, we had the transformation being developed. And I didn't know how it would work. When I entered classroom for the first time, I saw the discipline and the different videos. The explorer which is the part where we have the different articles with texts for us to study more about the class topic. And we had bibliography as well. The professor was always talking about the authors and so on. And I have this accessible library I thought to myself, but I need books. I was -- I learned how to read at home because I live -- I used to live in the rural area. So I needed a strategy, so if the discount that [indiscernible] gave to me, this difference in amount, I started to save in order to buy books, and then I didn't -- I stopped eating snacks, I stopped consuming beverages because I thought I have to buy books. I have the tuition that I have to pay this tuition fee. This is something sacred to me. I have to pay it every month. So I started to save in snacks. I only left -- I only went out to hang out with my daughter. I had this virtual credit card to buy books, and that's how I started with my library. I started creating my library with my little books because of the discount that I got at [indiscernible].

Can we leave anybody behind. No, we can't. Everybody deserves an opportunity here. We don't -- really don't give up on that so here we have an important example and he is an example of millions of our students with Distance Learning. With technology, we're able to scale education, and we can reach each corner of Brazil. We are present in cities that have less than 20,000 people, and that's very impactful. And it requires a lot of effort. It requires also discipline because when you're studying, what do you tell your family?

Well, that's sacred to me. Look, today, I'm a father and what I tell people is, look, without discipline, you won't be successful because we need to substitute the physical with the virtual. So at home, I have my studying time from 2:00 p.m. to 6:30 p.m. So during that time, my cell phone is on silent mode. And my dogs, they don't bark. It seems like they know that I'm studying that I'm busy. My TV is not on during that time. And when I have visitors, my visitors know that I have my study time. So they're quick. And if there's an emergency, if I need to go to the doctor, I will adapt my routine. The people I know and my family and my work, all of that is adapted to my study program. And this is what I tell my colleagues, I tell them look you need a dedicated study time. That time is very important for you. You have time to read, to watch the videos. You also have to consult the bibliography constantly. And this complement of video and text and bibliography and research on the Internet, all of that is the complement of your lessons. So it's a complete lesson from beginning to end. Then the next day, you start all of that again. And then I also have days off, holidays and the weekend. And all of that is part of my schedule, so that when I get to the test time, all I'll be doing is revising my work.

And people like him, they don't study, they don't do business learning all the time because this program requires students to perform lots of in-person activities, which are extension activities. So he's always leaving the virtual classroom and doing lots of interpersonal activities that involve labs and even the internships are in person. But the most important thing, when we talk about an inclusive world, the most important thing is to understand the strength of -- the importance of the strength of the classroom and hard skills, but we also want to call attention to the soft skills because that's very important to people. When we hire a student in the workplace, we hired between 70% and 80% of our students, a lot of these people are our employees because we believe what we do in the classroom. So when we do this, we improved the self-esteem of our students because sometimes they don't know how much they know and how much experience and how much resilience they have. And all of this is very valuable when the student is working at our companies. This discipline is really important and we have this experience because we're there working with them. So thank you very much, Jefferson. Now I'd like to go to Ibmec [indiscernible] has her own business. She understands a lot. She studied business administration. She studied finance. So tell us a little bit about your experience. And I'd also like to understand from you one thing specifically because we talked about technology. So what's your relation with technologies, especially as an entrepreneur. And perhaps you can also tell people here about your relation with other people of your students in the classroom that is exchanges and your networking with students and coordinators how is that experience in the classroom and also in practice at Ibmec. What Ibmec like with you there?

Okay. So in terms of accompanying technology. Before anything else, we need to be humble to understand that we'll never be -- we will understand all of the technologies 100%. So we need to see what's happening around us. We need to burst the bubble and we need to see what we can use from each area so that we can grow. So we need to have active listening and that's something that Ibmec promotes because we don't want people to be only focused in under-graduation. We don't want people to have a narrow view on like maybe finances. We want students to understand how they can bring other subjects and other bodies of knowledge to their lives so that they can perhaps manage their businesses better. We want students to create partnerships with other students. And I think that's one of the benefits of Ibmec. We're able to open up our minds to these ideas and the institution allows us to be -- to make recommendations at the university that is we don't just go there and take the lessons. We live through all of that, and we propose things through our teachers and through our coordinators. So for example, if you're somebody who asks for help, then your teachers will give you their hands, they'll open their doors for you. And based on what I talked about the other people here, this is something that we see in the Yduqs network. And I think that's one of the advantages of being a part of Yduqs and not be in other institutions from the competitors.

I think it's really cool because everybody -- everything they're telling us, I know that you all know this, but it's important to emphasize that everything they're saying here is really authentic. They go through all of this in their everyday lives. And that's why it's great to be here talking to them. And Julie is an example of that. Now in talking about technology, [indiscernible] I think it's nice to talk about technology at IDOMED. So at IDOMED at your classrooms, you're dealing with people, talk about humanizing things. So what's technology like for you there? How do you see technology? Is it a strength for all of you? Tell us a little bit about your everyday activities at IDOMED, you and then Larisa.

Well, I'm really happy with that question. First of all, because about I really talk about -- I like to talk about medical education. At IDOMED, we're stimulated to think about our education, even with the integrated similar -- we're stimulated to talk about education. We're stimulated to question things and I think that's really nice. And I'm in the eighth semester, which is a semester where basically we conclude things between our residency. And right now, I'm studying emergencies. As you can imagine, that's very intense. It's -- there's a lot of adrenaline involved. And it's important for the doctor when they're dealing with life or death situation. It's important for doctor to be relaxed and know how to deal with all of that and be able to deal with the information that's provided. Now one of the things that I like the most in my training, my education was the fact that I had the opportunity to learn through simulations. So in our subject, for example, we have access to Apollo, which is a robot, which is able to simulate with us what things would be like with the patients because this robot has a pulse. And it's really great because once you learn to deal with that robot, you really learn a lot, and you start considering that robot as a person. During the simulation, I'm working with my colleagues and we look at surgeries being done at the Miguel Couto Hospital. And again, we were able to do that because of the instructors at our course or surgery doctor is also a receptor of the surgery area. So we really do feel more prepared to deal with patients when we see all of that because, first of all, in the classroom, we're already doing all of that together, and we have that simulation. And when we make a mistake, which is normal in our training, we have exceptional teachers that show us what we could have done differently. So it's a learning experience that really prepares me really well. And I see this when I go to Miguel Couto Hospital with my colleagues, when we see a patient, we see very complex cases. So for example, on Friday, we were there, and there was somebody who got runover and they had brain injuries, cranial injury, and we were able to keep students calm, we were able to device a strategy. And that was a reflection of the experience that we had in the classroom. Then I will let Julia talk about the human relations. But I really wanted to give my testimonial because these human relations are really important for us. And you really do feel privileged to be at an institution that's always questioning this. I know that, for example, they took they brought us an ambulance so that we could see how things worked in an ambulance, and this was a really great experience. So it's really very gratifying to see that every time on a different day, there are new things. So one day, I got there and there was telemedicine. So this is great because it prepares us for a workplace that's always changing, that's very dynamic, and we really have to accompany these changes.

That's really cool. Whenever I go there, I'm always enchanted because there's a table where we start seeing the different organisms of the body and I playing with the material, so it really is something nice. And our medical program is great. It's impeccable, our teaching staff is incredible. The research that we do is as well. There's a relationship that we have with our surroundings with hospitals and with the single health system, so students are really experience all of that in practice, the different calamities, emergencies, all of the work that we do involve students, and we have done incredible teaching staff helping them. So we really invest in technology and we really stop talking [indiscernible] present his party who have nothing to say. So now Larisa tell us about your experience.

Well, I could list several different examples, just like my colleague here because I work with medical management. That's what I study, and I'll be there until the end of the program next year. And I'm really anxious for this day to come and it's really incredible. I've always said great things about the way how a private institution like IDOMED is able to create partnerships with the public health system. Cláudia was talking about the relationship with [indiscernible] Unified Health System. And I'm working at the Miguel Souza Aguiar Hospital and I chose to do my residency there, and this is an opportunity that [indiscernible] gave me. Sure, there are other options, and there are other great other hospitals, but this is what I chose. The learning experience that we have there, it's something that I cannot explain. We have the everyday activities. We're dealing with patients. We're also dealing with complex situations. We have different socioeconomic situations that we're dealing with. And for me, it's -- this is like the end of a cycle because I was a student at [indiscernible] Technical School and so I come from a public school background. That was also the first person in my family to get a higher education degree, I am the daughter of a pharmacist and somebody who takes care of elderly people. And so being able to graduate an institution of excellence like this one, getting a 100% scholarship, so something credible to me. It was great for me to have this opportunity, not just this opportunity, but many other ones that I've had because of Yduqs and IDOMED. Last year, I went to Israel to Tel Aviv University and all of this was financed by all of you. So it was an incredible experience. And this is a country that has a lot of diversity and the University of Tel Aviv has incredible technology. They develop a lot of different health apps, and they have different research activities going on there. I also watch talks, listen to talks from researchers that developed the COVID vaccine. I heard from researchers that are developing vaccines for HIV. I was hearing from a lot of international experts. And I was there representing Brazil and the medical program of IDOMED. All of this was financed by all of you. So this was really important for my career, from our academic trajectory. But besides my story being a story of overcoming challenges, it's also a story of inspiration. When we tell our stories, I think other people are able to see that they too can get to where we are. And maybe they can achieve even more. And at our hospital, we realize how important it is to share this experience of patients that are going through a difficult situation. All of this empowers patients, and it makes them more comfortable because these are people that are using the public health services. So they really identify with what we talk and our experiences. So I'd like to, again, once again, congratulate the teaching staff. They're excellent doctors, they have excellent doctors that really go beyond talking about the academic matters. They teach us how to talk to people and so they can really create great professionals for the workplace. And we also have all the technological part. We have this emergency training with Apollo and we call it [indiscernible] Campus because he was our friend. And when I came to the red room, at Souza Aguiar Hospital that was incredible to me because I had all the experience from this emergency simulations. And I was able to save a patient because I saved the robot 6 months ago. So we are able to save lives based on what we learned at Campus. So it's priceless.

And Larisa is representing all the IDOMED students with fluent English, and we see that we have the exclusive world of Ibmec, with our CEO, Marina, we have IDOMED's World CEO, [indiscernible] inclusive world, we have CEO [indiscernible]. Of course, we cannot talk about meritocracy because we don't start from the same place. Some people have more opportunities at the start with this safe haven, which is the family and so on. But here at Yduqs Group, we give them a tool that is able to transform them because education frees us, the more knowledge we have, the more empowered we are, that's what we talk to our students that our institution was born in the periphery because our students, they worked a lot. And sometimes they dreamt of a new university. But what about time? What about price? And we -- we're restless with that. We looked at them and we said, we cannot leave anyone behind. We must bring everyone to this incredible knowledge experience. So before asking about their most dear dream, I wanted to listen from [indiscernible] has this wonderful story. He came from a small town. Tell me about that.

I'm from the countryside of Rio de Janeiro, Paracambi and I faced some difficulties. I felt in this identification when you talked previously about the different barriers and also low income. I am a small entrepreneur as well when I started to have this enterprise in this confectionery, I started to study at [indiscernible]. So after work, I came to [indiscernible] and it took me 2 hours to get here. And now I live nearby and it was something very good for me to have this opportunity because I was able to diminish my commute time. And something very interesting that I observed is that Jefferson comes from Paracambi as well. He lived close to me. I'm also a monitor to other students. And I talk to the students about the connections that we are able to establish here because we have many students here. We can establish partnerships, we can find future partners, and we can foster connections, and that's what I believe in. And my dream is to have a restaurant in the future. Adding entrepreneurship and under graduation because knowledge is never enough.

[ Dylan ], there's something cool you should mention because his example is reflected in our Distance Learning students. [ Dylan ] was a security guard. When he started to study astronomy, he had a cool opportunity to work in this undergraduate topic. And now he was able to find a job at Village Mall a very fancy shopping mall in Rio de Janeiro. He's working now in a restaurant. He was able to get an achievement in his career and his -- and when we have a career, we wake up very happy. We have a mission and we have a salary, we can pay our bills. And [indiscernible] is in this process and he is representing thousands of students of ours. He is in this process of entering his career. And this networking that he has talked about is very interesting because we have that all the time in our face-to-face classrooms, in our virtual classrooms. [ Julia ] wouldn't you like to comment on that.

Yes. Yesterday, we were getting to know each other to be here today, so at night, I stopped to wonder about the speech. And I started to notice that in my company, from 5 workers, 3 came from Yduqs' educational system. And I work with hotels, and we are doing a great job and this moment of connection that we are experiencing here is this will be always something adding to our experience because we can -- we must consider each other as partners and not competitors. So Ibmec, thank you for providing that to me. I see that our dean is here. Thank you so much. I'm very proud to be here with you, representing Ibmec.

Well, we are a group that is able to cater to every profile of students. They are representing over 1 million students. Do we have challenges? We have. Do we have fragilities? Yes, we do, but we have an active listening. What we are doing right now, we do all the time with Marcel, Aroldo, Marina all the time. And we have a CEO who is obsessed with students. He wants to listen from students. He wants to know more. He wants to contribute. And we have this Board member team that is always concerned about the business concerning efficiency, quality in the long term because we want to leave this legacy to the next generations. I want to leave my post, I hope to leave my post to another professional who is a woman. And I want to leave this legacy of passion of missions seeing this company forming people in the future, people as amazing as they are. So I'd like to wrap up with this big dream that you have.

Well, nowadays I dream of finishing the under-graduate course becoming a doctor. This is the dream for my family as well. I'm the first, and I'd like to be an obstetrician and gynecologist because I'm a woman, and I'd like to empower the other women as well showing them that health can be a different access to them. They can get anywhere they want to be, empowering more and more women.

I was reflecting upon that last night. What is my dream? And I like the sentence that says if you can dream big, so dream big, so my dream is to inspire and contribute so that other people can also come serving as an inspiration. I gave a lecture to the medicine students, and I was able to tell them about my experience, how I was able to get my internship and how I was able to be in the U.S. for one year and I know that we have tools, we have opportunities. So seeing other people achieving that would be my dream because I feel that all of us are capable of that.

My great dream is that by acquiring all this knowledge and establishing all these connections, I can empower other people so that other people can grow, share my knowledge so that I can show them new pathways, our workers, our collaborators can be better people than I am.

Ever since I started my undergraduate course, my professor who is now the academic team should told me you're going to enter here with a dream, but you're going to get more dreams after you start. And I'm thinking of becoming a personal training, helping people to take care of their bodies, increasing their self-esteem, but this is a dream. But in the classroom, I also had another dream that is also teaching. So I intend to be a personal trainer in the gyms, but I also intend to go on study to become a teacher, so that I can be a professor or a teacher teaching children and adolescents so that they can develop passion for sports and increasing their mental health. So importing this knowledge to people, this is my biggest dream today.

Ever since I started this course, I had some doubts because over time, in reality, over time, we clear out our doubts, and we understand what we can expect from the future. And one of the doubts was, how can I move on and [indiscernible] promotes entrepreneurship. We have this entrepreneur room here. So you are in this place where people are empowering you and are pushing you to go ahead. And I'd like to help people to access sustainable gastronomy and also healthy diets because people have to learn more about that. This is very important. I feel that I have this entrepreneur instinct, and I'd like to use that in this instinct. That's it.

I have several dreams. In August 2020, the historian profession was regulated. So when we start studying history either to become a teacher or a researcher, you don't have any separation anymore. You may become either a historian or a teacher or a professor. So what should I choose? What would I like to do? These dreams can be united. But in order to be a good teacher, I should be trained. So I studied for over 400 hours with these complementary activities. All of the courses concerning different activities I was able to study because I wanted to be a good teacher, I wanted to perform a good role contributing to education. And what about becoming a historian. For that, I needed books. That's why I invested in books. That's why I didn't consume any more snacks because I wanted my books. And this year, I want to organize myself. I don't know how this is going to work, but I need that. I wish to study this under -- this graduate course in Brazilian history. I studied French last year at this program called Language and Culture to have contact with the French language because my greatest dream as a historian is to have my master course in France, studying French historiography. And I was able to learn about different schools. So today, we teach history, and we learn history based on this France call. So they transformed the concept of historian. We have Mark Block and other patrons in our contemporary history. So I thank [indiscernible] for giving me this opportunity of telling about my history because -- about my story because 4 years ago, a person who was from a different field, a colleague of mine, I told him that I was going to study history. And he told me, you are going to starve and if you enter a school, people will think that you're going to clean the school. Why don't you enter a different field. And from that day on, I started to study at every course. I started to have separate time to study. I started to read books. And I started to do everything I could to become a better person, not to answer this person, but to give an answer to society because many times people look at us and they believe that we can't get there. And I dreamt of it, and I'm going to achieve that.

We should tell your thing, your friend one thing. When you get to our higher education institutions, we give you your hand and we never leave you behind because today, you are a student, but tomorrow, you would do specialization programs, you would do other courses, perhaps even a PhD. and the network of support that we have in our institutions. This is something that you will have with you forever that will be in your CV. You will always have the safe harbor with our team of collaborators and our teaching staff, and Rossano, our CFO, because he really does have his attention geared towards students and I'm absolutely sure that all of you will make all of your dreams come true. What about you guys? Do you have any doubts about it? Of course, not. Thank you.

Thank you, Cláudia, and students. So with this inspiring handle, we conclude the morning session. Now we'll have a break in our transmissions. We have a one -- a 90-minute break. We'll come back here at 1:30. And outside this room, we have some programs, some activations for you to get to know more about our products and activities of [indiscernible] and we can also do it over our institution, if we'd like. Thank you. [Break]

So we had some people here this morning to talk to you, people we admire and people that help us to think about our business and our institution and that applies to the 3 people that were giving speeches here today and the 3 students and the students that we had here. And for me, what was the message that we wanted to transmit to all of you. Well, I'm the son of teachers from the exclusive teaching institutions. And it took me some time to understand the importance and the reality of inclusive education and it took me some time to understand because of the distance between the reality that I grew up in and the reality that we saw here today. I think I only understood this when I started giving lessons when I was in the classroom and when I started interacting regularly with people because I wanted people to be educated and transformed by our work. And so this moves me and moves all of us. I saw 2 people wiping tears of their eyes, but they told me -- they asked me not to tell you who they are. But anyway, so we changed a lot since the last time we were here together in 2019. Back then, we were an inclusive educational institution that was an analogic institution. We had a little bit of digital and a little bit of exclusivity, but I think we changed a lot. We created Ibmec. We created IDOMED. We brought a lot of different technological institutions -- technological advances to our institution. And basically -- and we started working on our Distance Learning platform. And this -- and we took our ED experience to another level. We became a reference in terms of exclusive education. We're also a reference for the use of technology within and outside education. And we had a lot of evolution in relation to technologies. So the morning message -- well, basically, everyone has their own interpretation in relation to what you heard, but besides the reality that I mentioned beforehand, I want you to understand the importance of the service that we provide. That is the importance of what we do, the importance of that to individuals and to society. So that was the moment that we wanted to create in the morning. Now this afternoon, some of my colleagues are going to come up here, the people that work with me on a daily basis. And they will be telling you why they think that we have the qualities to provide a different kind of service to make a difference in the lives of people and society. Because with all of this, we can generate a lot of value to all of you, our stakeholders or shareholders. So we can do good for society. We can do good for you and generate value for society and shareholders. And so today, during the Investors Day, [indiscernible] almost comes at the end of our talk, but we want to talk about that, and we want to share a strong message with you. And it's a message that Cláudia will share with you better than me. And it's a core part of our business. So to talk better about this than me, I want to call the best -- the biggest authority of ESG in Brazil, our Vice President, Cláudia Romano.

Yes. So we were together here this morning. It was a privilege to be with all of you and my students. That's always a joy for me. And this afternoon, I would like to remind all of you that we are basically in a greenery of research and extension education. So through our rector [indiscernible], I'd like to greet all of our rectors, and we have quite a few of them in our many institutions in Brazil and like to also greet our teachers and people are watching us on YouTube. And there are some people with visual impairment. So what I want to say is the following. Okay, guys. My name is Cláudia, I'm wearing white. I've got long hair, I am 1.67 meters tall. And I'm really happy to be here talking about this special agenda with all of you. So as you all saw, we are a group that caters to all students, all types of students from all classes of society. This is something we saw this morning. But our essence, our DNA is inclusive. We were born 53 years ago, with this inclusive perspective, we're always thinking about our students or a student that comes from the periphery, for example. So we started with units close to where our students live or where they work with night -- education at night. That's because we know a lot of Brazilians were dreaming about higher education, but they didn't have access to it. So we've been pioneers in this kind of education for 53 years. And we believe that efficiency and quality can be together, walk together. So I only have 10 minutes, so I'm just going to give you a summary of some statistics. And here we have some very important numbers. 600,000 people graduated with us from our institutions in the last 5 years. 7 out of 10 of our students are working with what they studied and you saw some examples of that. 54% of our students are Black. 74% have a public educational background. And in our first year of education, we really do try to give a reinforcement in terms of Portuguese and math lessons to the students. And Aroldo will talk more about this in his presentation. So in terms of our journey, our ESG journey, well, we have 24 ESG goals. And as Eduardo mentioned, we really focus on the ESG agenda because we deliver our biggest asset, which is time. Eduardo's time, the CEO of the company's time, my time and the time of my colleagues, the other Vice President. And so we have a horizontal ESG agenda for the whole company. So we have 24 goals and we substituted financial goals with ESG goals that's how relevant it is, because we really believe that ESG is an investment. And ESG is not related to branding. It's related to best practices. This is related to our governance. We want our institution to be sustainable for many years to come. So ESG for us is basically best practices. This is our investment. So out of these 24 goals, I think we should mention that we have an incredible team. We trained many technicians in our ESG body and my team left with all of you the picture of our ESG team. These are the people who take care of our indicators and our management system, which is an innovative management system. So you have there with you a very comprehensive ESG report that gives you an idea of the management work that's done because we know that G that stands for governance, that's what makes ESG be something sustainable. What also calls our attention here are important numbers in terms of teachers. 35 of our teachers are black, 56% of the people in leadership position are women. So we've got 2 women members of the Board. This is me and Marina, who are Vice Presidents. And we have a lot of women directors. So this company really is a company that has a lot of women in positions of leadership and they really do make a difference. And they have a lot of personality. We have 33 trainees. What does that mean? Well, we were very concerned and we were very brave to do something different because we already had a trainee program, but we decided to do have trainee programs that catered exclusively to Black people. And this was an important bet because in our classrooms, we have a lot of diversity. So we are right now going through the third group, third class of trainees. So we've already selected our trainees. We've already actually hired them, and there is reason for us to be proud. And so we have now our third group of trainees. And for sure, we're going to be hiring a lot of these. So this is a continuous program of ours. And that's because we're unstoppable. We're really never going to stop accelerating the careers of people who really do make a difference. And we know that these people deliver results to our company. I'd also like to call your attention to Instituto Yduqs because that's our social potent -- the power. This is the umbrella group that involves all of the different or expansion activities. And we also do a lot of work in our surroundings that means that we are effective all of Brazil because we are everywhere in the country. And we almost do like public sector work because we teach people in our institutions, and we take people all of the classroom so that they can actually experience things in practice with their teachers and supervisors and it's really beautiful work that we do. Besides all of that, we have important pillars. The sports pillar is really interesting because we really do believe in sports as an important tool of transformation. After all, we've got examples of courses such as things such as resilience and teamwork which are things that we want to emphasize for our students. So we've already trained 1,500 student athletes. And right now, in our classrooms, we have 1,000 athletes. We have a lot of Olympics athletes that were in the Olympics in 2016 and 10% of the athletes in Japan are our students, and they will be going out to Paris. And we work with a career transitioning with these athletes together with the Brazil Olympic community, the Paralympic Community and the different federations. We are advisers and ambassadors of the best management and governance practices such as Sega [indiscernible] Treaty for Sports and other organizations that really focus on transparency and best practices. The program -- a program called literacy is beautiful, and it's very exciting. It's called the youth and the adult literacy program. This brings opportunities to our students who never had the opportunity to become literate in their lives. So we're talking about 70 or 80-year-old students whose lives have transformed. We have our own method. We invested in our method, and this method allows students to finish our program being able to read and write programs. They are able to do this after 100 days. And then we also have our volunteers, the volunteers from our teaching programs and we have people from our classrooms working on this program. So this is something that we do beyond our everyday work that we do at [indiscernible] and IDOMED. And in our other educational institutions. [indiscernible] value network is another priority program of ours. And this is for our Prouni students in partnership with IDOMED, the student from Prouni, they come from poor educational -- from poor financial background and these students they can't work. They must spend their whole day studying but sometimes they don't even have money to take public transportation or to feed themselves. So we were able to create this program, called [indiscernible] which already happening in Rio de Janeiro. It's a very successful program, and we were able to scale this to the northeast of the country. And this program involves -- is fully based on donations. So we started by calling the attention to this program of our employees. So every employee that makes a donation, for every employee that makes a donation, Yduqs doubles that donation amount. Now it's such a successful program, and it's so transformative in the lives of our Prouni students that this program was externally recognized. And then we had Santander, Zurich Instituto Phi who recognized this program. And so these are organizations that are very special to us because they are really paying attention to these programs that really do have a gigantic impact on the lives of our students. But I'll give more details about this later on because there's a lot first to talk about and we get very emotional about this. [indiscernible] is also an interesting program because we know that IDOMED is a medical program, and it's very old. It's a problem that's -- this is a program that's very concerned about diversity, and we'll be launching this program tonight. And [indiscernible] will certainly tell you more about this program later on. So we have -- this institute has impacted more than 1.5 million people. And the evidence for this is in your little booklet that you have in your table. And all of this work that we have on the environmental side, is very much recognized. It's important because we like to give the example and we inspire more companies for this agenda that is so important to the world, the ESG agenda. So these are our titles that we were able to acquire. And I would like to mention the global pact. We are according to all ESGs, we are part of Educa 2030. We are the exclusive ambassadors in higher education institutions, we have Hedge Global. We've been to the UN in Geneva. We went to New York, we were awarded many times, and that is bringing value to everything that we do. And we are in this movement called the Women [ Ellis Libero ] the women's lead, and we are in the selective group of companies that recognized with the rating, i.e., especially in higher education. We are the only ones in Latin America. So it's a great reason for pride. And when I talk about the key to success in this morning, we talked to the students, and it was so nice to tell you about our routine with them, and we really hire our students. We have 80% of our collaborators coming from our institutions. We believe what we do in our classrooms with the teaching, the research expansion, the best team of collaborators and best team of teachers. It's an incredible work. And now they are our collaborators, and they are in the corridors working with us. And in terms of engagement, the last survey that we had, 87% of the people work with us, they are happy. They believe in what they do. They are together in this purpose with this mission. It's the sense of belonging within this network of Yduqs, being careful with the students. So it's people teaching people. So it's very nice to hire to be able to hire our students and knowing that everyone is working very happy, willing to make a difference. And this is a picture of Wagner, a student of -- one of our students who is representing of 1 million students. He studied law. He study his graduate course with us. He's studying the doctoral course with us. He is our professor at the law school in Cabo Frio in the city, a city near Rio Janeiro, and we want to provide him a vision of the world. We want to give him the best and competencies and the network that we have so that he is able to fulfill all of his dream. And we believe in that. That's why we bet on these students. They are incredible, and we know that we are making the difference in their lives. So I wanted to ask you, is that a business? Or is it ESG? There's no difference, right? Here, we have impact and results mixed. So I wanted to tell you about how much ESG is an investment for our Yduqs Educational Group. Thank you so much. Marcel, please come to the stage.

Good afternoon, everyone. Thank you so much. It's a great privilege to talk to you. I'd like to thank you for your presence. I know that you made an effort to be here to watch these important presentations. My mission is to tell you how the sales and marketing approach happens at the Yduqs Group. And the mission that I have is to tell you about our differences when compared to the competitors. And why we believe that what we do here is bringing a competitive edge so that we can have a different positioning at the market adding value to all of our brands. Before we start talking about our differences, we have to talk about portfolio. Just to remind you, we have a brand portfolio that is the most privileged in the sector, on the top when we talk about undergraduate course. We have Estácio the greatest brand of higher education in Brazil, Wyden that is consolidating 11 brands below it in different locations with local strength, Ibmec that we have mentioned before, with exclusive rating, [indiscernible] as well with solutions for the future being protagonists in terms of education and [indiscernible] which is a new brand but has a lot of history. We have 25 years in the Estácio Group, and we have been improving the teaching of medicine in Brazil. And we also have a group of brands. These are new businesses. I don't want to be a spoiler but we have QConcursos and also Damásio, [ artwork Misima ] and in different segments. And I believe that this composition is bringing -- we've been experiencing in Yduq's catering every class, the top of our country to the bottom of our country everywhere. And the portfolio is not only a brand, it's also what we deliver. This is a quick snapshot in terms of products and deliveries and we're talking about more than 840 courses prices that range from BRL 39 to BRL 15,000 per month when we talk about medicine courses. So this is a very expensive range. And we are very resilient in terms of portfolio. And I wanted to highlight this point. Even with Estácio, which would be our accessible bread, we have products that go up to BRL 2,000 and talking about a different class that we will add to this portfolio, and we are talking about flexibility, resilience and range that we have within this 840 courses delivered in many modalities. So what's the difference? We've talked over and over about technology, and I won't be different. I think that we have 3 points in our sales and marketing approach that must be highlighted. First, using state-of-the-art technology, attracting and retaining students. This is very important. Everything that I talk about within this umbrella of marketing and sales, we are talking about the students from the beginning to the end. We are talking about capturing the students, maintaining them. So this is part of our work. And the second point is to have the integrated planning for campaigns to capture students and to maintain them. And we do that by using technology. And the third point that narrative that we have that brings a lot of differences when we go to the market. I'm going to talk about technology now and we cannot talk about technology innately without talking about data organization. And our Director, Tiecher about that in the morning. And here, we had a huge work to organize market positioning, pricing, how do we position the offers so that we can have the campaigns. Today, we have this price positioning that is very variable. We have historical prices, we have income data, we have zip code information, and then we go to the market, and we test, and we monitor several of different prices every week. This is something automated. We trigger that, and then we monitor. And a recent change that we had was the implementation of the sales force. Today, we are able to have this change of price table in less than 1 day. So it's a market timing, which is completely different in terms of reaction. And we are able to get different outcomes with that. And I'm going to comment on that later on. Ricardo said in the morning that we have several data -- several types of data being captured during the student journey from application data, academic data, financial data, movement of payment engagement in the system. And everything comes to this pool of variables, which we analyze, and we have predictive models. We have 18 of them. And the most iconic one is journey prediction. And we're able to have a good predictability to execute our campaigns. The prediction of behaviors and the ability to improve the supply is improving us in terms of ticket, supply, and we are fulfilling this mission of having engage students and in their courses. And these models are being enhanced to also encompass marketing allocation. So we are putting a little bit of science and things that were difficult to be measured before. We always had that doubt. I'm going to put this money in this one. What should I do? In this stressful moment, naturally, we would go to the research side to see where we could find outcomes. And today, we were able to improve. We are able to analyze the synchronicity of the models. And now we have models that suggest investments with allocations that are totally different. We have now this top funnel, and we are more exposed to the brand. And that has helped us to have savings in terms of marketing, especially in terms of purchase costs and also beating the competition, almost all of the players. This is a new tool. This is a firsthand presentation. And we've been creating different tools regardless of media allocations. On the left-hand side, we have the [ Optimus ] model, the pricing model that we have and also lead generation tools. We have in action more than 5,000 students sitting for free on this platform, we are able to capture data on interest, application and enrollment interest and this tool generated 200,000 leads last year with very low cost and brought enrollments for several brands, especially -- and even the premium brands, which we use in our relationship with high school. And we have [indiscernible] [ Brilho ]. This is a different program that we incorporated in the portal, and the portal itself that I'm going to comment about to you. And it's worthwhile to know the other tools so that you are able to see the improvement and how we are present from the beginning to the end of the students' journey. So they have to commit with us for 6 more months, they have something digital quick, very transparent and we have this wish this as well. The student wanted to know what they should stud. They wanted to put together their schedule beforehand and they were very much interested in innovation. And that tool was launched 1.5 years ago. It has over 125,000 participants and we have data on -- and PIS we a huge increase, and we are also increasing the renovations for the users. So it's improving renovation and tickets. Again, we have here 2 examples of on how we work with customer experience, improving variables and given them more options. Now speaking about the portal, which is another relevant point in our journey of digitalization. We had a challenge after we purchased Adtalem, that was the multi-brand management. And the portal was one of the doubts that we had because are we going to have 3 portals? Should we integrate them? What should we do? And we decided to have a single portal with the benefits of optimization for all of the brands at the same time and face this complexity of not missing on the specificities of each one of them. Ibmec side shouldn't be equal to Wyden's side or Estácio side. So we ended the portal last year with this white name label, and we are able to have these construction blocks. We have land pages for different campaigns. And more importantly, we able to do a portal only in 7 days. So we're talking about more than 45 million users and that shows the scalability and it shows how we're able to work with volumes. We're also able to capture leads. We have more than 1 million, that's much greater than the volume we had last year. And we had a reduction in lead time today, you are able to finalize enrollment in less than 12 minutes. And we never -- and digitalization was involved in terms of interaction but also providing service. We have people in sales that also work together with operations. There's -- we were able to make a lot of improvements in last year. We were able to digitalize 50% of these services. And all of this brought a reduction in costs and this is ongoing work. We've been using bots and AI tools that are very well known in order to improve our interaction, not just with our students, but also in our activities, operational activities. Now in terms of strategic campaign planning, I could start talking about capturing clients, but I want to talk about renewals. We also have a campaign cycle, which is important for students to remain with us. And here, we had 2 challenges: first of all, contacting students; and secondly, what would motivates to renew their tuition or their enrollment with us. So here, we have 2 points which are very important. These were very important in the last few months. So the first one was the use of AI to perform contact in a more efficient way. Today, we have a system that tells us what's the best way to talk to students and how to reach them, and we also have continued learning based on the students that are -- that enrolled. We also have personalized campaigns. We have a story, a renewal of profile for students. We also have different matrics so that we can try to maximize LTV. So we had a reduction of 20% in the median average discount for students. We also have an increase in the context rates or tax. Now, going on to client acquisition. Well, the model is from the outside to within the company. We're able to capture the different prices, we bundle the prices in many different municipalities. We have to stage that involves planning campaigns and tests based on SKUs. And then we have a lot of simultaneous tests that see opportunity to involve the user rates or prices. This is something that we measure with time. Then after this, we do the measurement and the monitoring of results versus the variable that we created. Now, It's important to say that we are able to do all of this with updates that are done in less than 1 day. And this is a different reality from the past. In the past, it used to take a lot of time. So today, we're able to perform tests best and we're able to react more quickly to the market. This allows to change, not just pricing but also media allocation. So let me show you how these 2 things get mixed up. So here, we have an example 2 advertising pieces where we changed the messaging. So one talks about price, the other one talks about scholarships. And you can see that you have changes in the click-through rate. So we launched the campaigns when we're injecting certain amount of money. When we realize that we have a lower CTR, we end up investing more. Besides that, we are migrating to the automatic creation of material, promotional material. Today, we're also working on videos. And then last [ Big Brother ] session, we were able to have lots of personalization based on signs that we were able to get from the client based on physical presence or the course that we're looking for. This is public that was -- in the funnel that had 10% better conversion. This is a very important tool for us. It will be able to scale. It will allow us to have personalization and it will be able to change our metrics. Now in relation to narratives, in the past, before 2019, everything was very similar. We didn't really have a lot of conversations related to value and they were our first change in terms of communication involved having a spokesperson, relaunching our digital platform. This is very important to us in 2019, 2018. We started to change the way we talked about our offers. In 2021 and 2022, in the post-Pandemic period, we changed our tone related to awareness by using 2 very well-known spokespersons. And now we're talking about is creating value and bring the -- this past experience to people but this logic can be applied to all of our other brands. So here, we have a language that's more geared towards Generation Z. And this has been generating results for us. I think that we win when we do this in an integrated fashion. So here, we have an example of our Big Brother initiative. This had large rate during an important time of the year. This was before the results of the international college entrance exams. So we had a dedicated test and we were sharing with people the experience of studying at Estácio. And this ácio was during peak hours of TV watching, and we were amongst the #1 trending topics of the show during some time and people -- the numbers of people looking for a brand really went up. We also went on all of the different social media and we have offered different topics in the search algorithm, and we were incentivizing conversations about us. And we had large reach. We also had the implementation of a game on TikTok. And we have 10 different live channels that were happening in parallel, and they allowed us to have 23 million people enrolling from social media. And the results of Big brother Brasil made basically the national entrance exams very jealous of the results that we're able to achieve. So this is the construction of our brand in the long term. So the interest share of Estácio's in isolated brand. This -- through this, you can see that we are the biggest brand in Brazil. We have a distance of 44% to the second brand. On the bottom, we have a brand tracking where we track recognition by region. We have numbers over 80% in all of these areas and we still have the opportunity to work in the South of the country. And here, you can see that we're able to have large penetration in the market. This is something that we're able to do with our spokespersons. And we do this as being very cognizant of the price and very cognizant of efficiencies. When we look at our indicators and our advertising indicators and compare that to the number of clients that we were able to get, we can say that our indicators are very good even when we compare ourselves to players that are more digital. Because remember here, we have IDOMED, we have IBMEC, we have Estácio, we have everything in our world and we look at the percentages and we look at the numbers of the industry. We can see that we have some impacts in the [indiscernible] of the sector. So that's the message that I wanted to leave you with. So in terms of, say, on marketing, we really have a focus on technology, and we can already see the results of that. There's also a focus on the integration of campaigns. And we have this capacity to perform tests and to take technology to the mass market with a very specific narrative that is able to take higher education to more and more people. So I hope I helped you with my explanation. Now I would like to call Eduardo Parente back on stage. Thank you.

So before I start talking about what I was going to talk about, let me go back to our institute. Brenno told me that I am talking to quite an exclusive audience here. So let me give you an example because Mariissa was telling us how she went to Tel Aviv. And when her students went to Tel Aviv, when her students were going to Tel Aviv, one of our directors said, look, you have to have a pro on you student there. So we ended up paying Marissa's trip with resources from our institute. And we get donations from [indiscernible] persons. And with this money, all of this money goes to one student. So the money of the institute is not to pay for a tuition or anything like that. It's for the students. And the ProUni student is a student that was chosen by the government. It's a student that has really high grades, but which has low income and this is something that was checked by the government. So basically, it's the government that's paying for these scholarships. So I got a message one time from one of our colleagues that said that a student stopped working as an Uber driver in order to study with us. Today, at the end of this presentation, after the Q&A session, there will be a QR code up here and you can access that to make a donation to our institute. And we only let you leave here you actually make a donation. Now, but I'm just kidding. Anyway, before we move on to the next section, I want to go back to this here because we talked about the strength of our portfolio. So what do these numbers mean? Well this is our legacy here. In 2019, this represented a large part of the total. We did a calculation. And in 2017, more than -- more than 100% of our EBITDA was coming from the public sector. This is something that we knew would end. So that's why we created a completely different portfolio with 2 businesses that grow, they keep growing that have larger margins than that business that grows the least. So we had a great 2023 because the business that grows the least and that was shrinking stopped shrinking. And the other 2 businesses that we have had a great year. This is important in our portfolio. And when we do this analysis every quarter, we have a lot of different breakdowns of our numbers. So that's why we do our analysis more easily and when our competitors launched their numbers, we're able to get our numbers and compare our numbers to our competitors. So we do our calculations and we have somebody that works with us. He's a really smart person and he spends all night working on these numbers. And basically, there's not one single business where we don't have the best metrics of the market. And that's a result of efficiency and Aroldo will talk to you about that. And it's also related to price. So I'm sure you see this a lot, but I really like this graph here because this really reflects the moment that we're in. When we have somebody who's thinking about the long term, and these are usually foreigners. These are people that go to Brazil and invest in Brazil because they think about the long term. Here, if we look at 2019, when you look at the graph and you see that we are growing everywhere, and we get to this number, 5.3, we can see that our numbers are improving, and we've been paying dividends every year since 2017. And a lot of things have happened since then. And 2017, this number was around 500 something. And this is a conversation that I was having with you in the morning. We're going back to a moment of generation of cash flow. And what are we going to do with this money? Well, we're known for allocating capital well. We've made great acquisitions in the past, important acquisitions. And sure, there were losses in terms of some acquisitions that we didn't make but Rossano is going to talk more about this. Let's start by calling our other directors here. Let's start with Marina, CEO of Ibmec, who is responsible for growth. Thank you.

Good afternoon, everyone. It's a great pleasure to be here. today in this very special day when we are presenting our Yduqs. I'm Marina Fontoura. I'm the VP of Business and Growth at Yduqs, a head of digital products, innovations, new businesses and M&A and I'm also the CEO of Ibmec. I'm going to talk about 2 of our business Vida Toda which is the expensive education that Gabriel talked about, all the new ways to learn and teach that are according to the recent movements of the market. And then I'm going to talk about Ibmec, one of our exclusive education systems. So let's talk about the Vida Toda. I'm going to talk about 3 main points over this presentation. The first one is that when we talk about Vida Toda, It's a very diverse segment. We have several different opportunities. This is a very big market, and it's easy to get lost. It's important to have a clear strategy or not how to work in this market. And we have this clear strategy. And we've been reaching this history of growth. Also, we are gaining share and relevance at Yduqs, and we are very excited to the advancement of the different initiatives that we have. And this is world of Vida Toda, we have the well-known world of undergraduate courses, MBAs, master courses, doctoral courses, and we have undergraduate brands that are well known in this regulated environment. So if you're strong and the -- in education, you're able to see that at Vida Toda, we have prep courses with short-term courses, and we have courses preparing to the medical careers. We have the prep and -- that are at service to unblocking digital services with this ability to obtain a digital offer. So these clients are intermediates in this market. And We have this expensive education where every content creator can become a professor or a teacher. So this is a market where you see many players and several of them with different niches with specific outlook and a giant -- it's a giant market of tens of millions, variable rise and of course, contemplating many opportunities but you can also get lost because it's a market that is quite complex as well. So it's very important to us to observe what is the right strategy to serve this wave without getting lost. And basically, after mistakes and successes, we defined 2 great focus to work with Vida Toda. One is connected to a regulated teaching, the post-graduate courses. We have 2 brands that are huge; Estácio as a nonpremium brand, we have use its strength, and Ibmec with a premium brand with a lot of success. So how do we couple that? so these are initiatives that we are advancing at Yduqs. The second is how should I work in the nonregulated universe. And we saw that it was very hard to work with that within Yduqs in a couple of ways because this is a different universe. We have undergraduate courses. It's very easy to get lost, not to have an individualized focus on each one of the students. So we decided to have smart acquisitions of approved players with cash? And how should I give them strength to grow. So I'm with them, promoting them, driving them to obtain spent and space and room. And here, we have 2 acquisitions that we had in the last 2 to 3 years. We had [indiscernible] and Damasio. We also try to bring it to Yduqs through integrating processes. And being honest, the performance was not great. We weren't able to deliver what they were capable of delivery because [indiscernible] have different niches, it's a small business when you compare it to the whole. So we decided to focus on what was working. So they were able to go on with life being dynamics. So we integrated Damasio, and we have different dynamics now. So this is very clear that we the nonregulated, we should let them have an independent action, and we should help them improve their performance. But they are a solid business, we won't invest in 100 start-ups with no proved results. So this is our strategy. The first point that I wanted to convey to you. This is the pathway that we've been trying to work on. Here, we see some of the results generated, and I'm talking about Vida Toda, removing everything that is happening. I'm talking about the digital world and what happened. We've been growing from '21 to '23. We grew 18% per year with this relevant margin of 55%, providing synergy to the portfolio with different profiles in terms of results and cash generation. And we've gained share. It was 4% in 2021 and now it's 5% of Yduqs. We have a lot to do, of course, but we believe in was in our own brands. We have a lot to do, how to more value from there and they invested one. They have a successful trajectory, any potentials that could compose the portfolio so that we can have a more active participation in the nonregulated role. So I'm going to tell you about this exciting as I had. Speaking about the digital courses at Estacio. This is a classic example of non-premium market, how we are able to extract value, complementing a strategy that we have, which is very strong in the undergraduate courses complementing and working in synergic way. Marcel was talking about the share of interesting, and this is translated into the graduate courses. So this is a national survey that we had last year and the index of consideration to study in a graduate course and 31% considered Estacio. The second player is only 14%. So what does this tell us? Marcel commented about Big Brother Brazil with the speed of applications. So what was that we sold the most graduate courses in this cycle? You see how this is generating a positive spillover and this is very profitable because it's taken advantage in this strength of Estacio itself. And with the low CAC using synergy with different contents with technology, so we are able to adapt in a simple way, and we are able to generate cash. And in this last year, we had a growth of 14%. And it's the greatest graduation in the nonpremium segment in Brazil. So we have strength. But clearly, we have very nice operations operation, and we have in our hands, the greatest brand for the nonpremium graduation courses. The second case is Ibmec Online, which is a very relevant brand. We're talking about post premium. This is a very interesting segment because in the graduate courses, the segment is even greater than in undergrads because the graduate course, you seek opportunities to improve your CV. So it's very common that you have undergraduate students from non-premium graduate courses going to this kind of premium graduate course. So we should improve even online because we've been working with partnership, we had XP and Exame, that was the main line. We were not the owner -- the owners of the journey. They were responsible for capturing the students, and we have this lower share, 30% to 40% of the revenues. And we were responsible for the academic part. And this post premium is a different way to capture. You have content marketing and we were not used to that, to do that in-house. That's why we looked for partnerships with our profile. Since then, we decided to make everything in-house. So we are now working in-house with Ibmec Online without the partnership. Our marketing team has a different understanding now of how it works. We are much better prepared and we understand that being the owner of the students journey 100% that makes a lot of difference to -- and we know-how that we acquired with the partnerships. We understand that we have a huge potential to grow with this brand. It's not easy to imagine that we could make it level or grow even more because we have a damage that must be aided then that's what we are doing that. So that was the first strategy, how can I generate incremental activities to our activities. Now we are talking about the companies we invested in. I would like Caio Moretti to talk about the QGroup. Caio Is a great partner. He is the Q CEO, but much more than that. He is a super partner in terms of digital and technology and new initiatives, AI task is improving do with his team. So I wanted him to tell about his journey with Yduqs.

Thank you, Marina, for the invitation. It's a great honor to represent the GrupoQ, the Q Group. And you're part of our daily lives, you're part our story. I'm Caio Moretti, the CEO of GrupoQ. We are an ad tech emphasizing in SAT preparations. We are an educational company with this strong technological basis. We are more of a technological company than an educational company. So when we talk about Yduqs, we say that we are a great technology company. We have 3 big brands representing us in the GrupoQ. First is Qconcursos that originated us and then Damasio and Prisma. And when we talk about the differences of the Q Group, they come from Qconcursos that was born in 2010 and that is bringing the great differences in terms of business. And we are digital natives. We are a company that was founded by developers. I used to work as the Director of Technology before I took over the operations and then the CEO role. But we are really digital natives. Technology, it's something that we do efficiently. And with a lot of agility. So we have 3,000 to 4,000 questions answered per minute. We are in very competitive markets. At every minute that we speak here, there are 3,000 questions being answered within Qconcursos and 15% of our students, they have contact with content that was created by AI. So we deal with that very naturally. And this business of dealing with tech makes us try and find low-cost technology. Our products seek to have ways to diminish CAC. Qconcursos is one of the biggest sites in Brazil today. We have a base with 33 million leads that we're able to acquire in the last few years. These are people who access our site monthly. Last year, we had 10 million unique visitors in our site, and this generates organic traffic. And this traffic isn't just traffic. We end up converting this traffic into communities, communities of content where people can exchange knowledge. And that's another competitive advantage of ours. And it's what it's what Eduardo talks about, which is our communities and our engagement. Our students are stimulated to have exchanges. We have a lot of content that's created by students that's shared on our platforms. And this ends up generating operational efficiency because it's content that's being circulated. It's content that's creating [indiscernible] and creating traffic that we didn't have to spend money on. So maybe you are in a classroom and maybe we have a question but instead of asking the professor question, you ask the question of your classmate. And the fact that the students that we feel that is alone is basically one of our biggest reasons of retention. And then we also have financial stability. So we have a low cost of technological operation. We have a low cost of client acquisition and we have a community that generates retention. This makes us sustainable. We're a company that never received an investment. We became shareholders without injecting cash. And since 2010, we've been bootstrapping our operations, and we've been generating cash flow since the very first year. These cash flows have been reinvested in new solutions. This has allowed us to develop ourselves. And so this took us to 2021, that's when we begin to question ourselves. We think about what can we do with our competitive advantages. When we look at [indiscernible], we don't see content related to public entrance exams. We actually see content related to employability. This creates synergy with all group here. And so we will like synergies. And one of the first things that we signed in the synergy was high school education. And that's how [indiscernible] program related to college entrance exams. And in the first quarter of this year, 164,000 students studied through content from [indiscernible]. Last year, we did a partnership with [indiscernible] to leverage our content. And again, this is something that involves zero cost of acquisition and it involves organic growth. We also have [indiscernible] which was recently incorporated into our group. We have this challenge to bring the [indiscernible] to a more digital world because it's in the situation that's almost 50 years old. It's interesting because the movement of the [indiscernible] which has in partnership involved, partnership work. When we did the M&A, we were expecting the [indiscernible] because we're having great conversations basically. Things continue to work well. It looks for the spot, you're going to be independent. We're going to be here, you're going to have all of our structure -- infrastructure, but you will be an independent company. After the 1st of July 2021, we began operating individually and we were able to maintain our strategy and our culture and our model of work. This remained independent, and this is very enriching. Now we look at the market today, we look at competitors, and we look at the difference in quality of operations. Not just because of the advise has been given by the Boards but also because of the synergies and because of the possibility of using let's say, operations from [indiscernible] Brazil to do, let's say, a mock exam of public entrance exams in the whole country. This is only possible because we have this giant education behind us. So we have the freedom of being started, but behind this, we have this large company that's supporting us so that we may grow. Now in terms of results and growth next pages, we can say that [indiscernible] continues generating growth. wE had 23% growth in ROI in 2023. So this is a company that continues to grow even despite the fact that it was founded in 2010 and we have 2 avenues of growth. [indiscernible] born as an accessible solution for those who want to study to public entrance exam, so this allows to get to all of these numbers that we generated with 4 million people using our platform [indiscernible]. We have 15,000 subscribers. And we wanted to increase the products that we sell that we can sell more expensive products. So now again, we're dealing -- now we're working for more expensive product. We have a different teams of professors, and we don't want to only increase ticket prices, we want to add value to more expensive products. And this is a strategy that started in 2023 and already brought some results but there's still room for growth this year and for next year. [indiscernible] which brings all these competitive advantages. So the digitalization we have within [indiscernible] has been taking to the [indiscernible] but as soon as I talk about our partnership with [indiscernible]. So we've been discussing everything related to specialization programs, and everything that we can do differently. And we've been using our platform, technology to accelerate all of these businesses that [indiscernible] was talking about. Now if I could summarize something that I'd like to think about when I think about is that we are building the technology for the future of education. So they were building solutions for students and [indiscernible] and perhaps in the future, we'll also be building this platform for other companies. So I'd like to thank Marina to be here and to tell us about what we've been doing. Now I'd like to give the floor to her.

Thank you [indiscernible]. So just to conclude this part related to [indiscernible]. when we say that we're excited, let's -- all of these different initiatives that we have, so we have the whole world of premium products, specialization program that we want to pursue and when we talk about the different initiatives, we can see that all that we've been done has been contributing to portfolio products and with this, we can increase ticket prices. We can also increase the amount of products that are being offered, and that's where we come along. And when we look at the world of expensive education, there's a lot of things happening. There's professionalizing world, there's a certification world. When Kai talks about that he is a partner [indiscernible] that's true because we have an education system that's very well consolidated in terms technology for bachelor degree programs and now the new platform is giving a lot of flexibility, and we are able to make use of the strength of our brands in all these different parallel universities. And finally, as I've said, acquisition in this case is an inherent part of our strategy, and this is always aligned with our strategies of relocating capital. But we know that to be a specific segment, the best way is to have partnerships with consolidated companies that have a track record of strong results. So to conclude, these are the important messages that I want to share with you. This is a very interesting market that will become even more dynamic and become even bigger. We know how we want to work. We've been seeing -- we've been successful and make our company grow. And there are different opportunities. So this is a process of construction for the next few years, but we're very excited and we think all of this will bring more relevance to the books. Now I'd like to change my role and start talking about exclusive education. So I'd like to say a little bit more about our trajectory at [indiscernible]. So here we talk about a world of thousands and not hundreds of thousands of students. But that doesn't mean that we don't have to have a big impact. We're very committed in the training students who will create an impact in the future. We saw the case of [indiscernible], our student who is already an entrepreneur, already has people working with her. She's already building things. So through a small group of people, we want to be able to amplify the impact of what we do to society. So this is what we're always aiming. So what did I want to share with you about [indiscernible]. Well, premium market which is a niche market. And although it's a niche market, it's very attractive and relevant. There are some characteristics that make it very intent, especially in relation to the average educational program in Brazil and we're doing very well in this market, and I'll tell you about our different value proposition. Since the acquisition, which happens to 2020, we've been delivering consistent results. This is allowing us to gain share every -- in all of our markets. And when you look at [indiscernible] portfolio, which includes business courses, law and engineering, and advertising, because we have this multi-market strategy, we are national leader and we're very excited about what we have ahead of us in terms of our building this brand. Okay. So here we have a pyramid of how we classify our different higher education institutions in Brazil. So we have Tier 3, which is the basis pyramid. We have Tier 2, which is those local brands which is stronger than we have Tier 1, which is basically the premium segment. And there's even the Tier 1 minus, which is below Tier 1. So Tier 1 is basically is those institutions that have a ticket of at least BRL 4,000 per month. So this is a niche market, but we're still talking about BRL 6 billion in terms of market size when you sum these 2 here. And there are 2 characteristics that make this very attractive. First of all, there's high resilience because there was the pandemic, there's the economic crisis. When you look at the trends of the historical data, it's impressive how volatility is almost zero. So you always had students enrolling in the segment. So the second is more immune to all of the hiccups that we go through. So it's very resilient. Number two, we have the renewal, the rates of enrollment renewal that makes this business more attractive. And finally, this is a business that has real gain -- real annual gains. This happens in the market is very competitive. I mean we have a lot of higher education institutions with the same course of what we offer. But few of these courses, we are really able to have a competitive advantage where they can charge higher prices. Because brand and reputation, this is something that you build with time and has been building this for the last 50 years and even though it's not very well regulated, it's very competitive. So now we have the small open environment, and we're able to play in this environment and there are very few private institutions playing in this market. Now what's interesting in our 50 years of history is that we've been evolving and building and adding pillars for value proposition. And what are we proud of? Well, we're very proud of having 2 important [indiscernible] tradition and innovation. We are not that very square institution that are very rigorous that are very standard. We do have academic excellence. We do have excellent features and great indicators, so we have rigor, but on the other hand, we have this layer of innovation, entrepreneurship and individual holistically. There's this side where we connect students to the labor market, which involves working on CVs and having flexible curricular because we want students to work, put things into practice from the very beginning. So having this entrepreneurial environment, and again, Julia was an example of this, this is very important to us. We have today more than 50 startups that are within the [indiscernible]. And a lot of these start-ups were created by studies from [indiscernible]. A lot of students are part of the different leagues. So all of this makes our environment very vibrant and an environmental exchange. And so we believe that we've been able to generate a lot of value and we've been able to connect our students to different people. And we are constantly evolving. We are seeking for more and more, and we are very proud of our deliveries. And we have a huge return. It's a premium audience, very critical. They know how to criticize, they know what's good, what's not and we see that the NPS levels that we were able to reach, we've been obtaining 60 points in MPS. It's a [indiscernible] compared to the best institutions in the world. I don't know if you seen Harvard's MPS, which is 56. So we are very proud of this positive feedback. So it's a cycle, and we have feedback. So having motivated, engaged students who are proud to be here, it's very important to us when we are talking about exclusive education. So we are very proud of that. And we believe that this difference this focus on student, making students find themselves, graduate, being happy, receiving relevant education for their careers. This is the most important. And this combination is making us obtain great results. This is the result when we think about student-based growth. We have been growing in '21, '22, '23 and now we have 6,300 students. So it's like a clock when we think about the evolution. The average ticket is growing 3% per year more than inflation. And then we have this evolution, 17% of annual growth over the last years with this large margin. We have 50% of margin. And of course, the average ticket is helping us and the results speak for themselves. When you have around delivery when it makes sense to the audience, it's translated into results. And although we are proud to be a national player, this is a local game. We have to be well positioned in each one of the markets. So these are the 3 main locations where we are. We are also present in Brazil. So I can't bring previous data from Brazil because this is new. But this is the incoming features from the -- incoming students from the Tier 1. So basically, we're gaining share over the last 2 years in all the locations, Sao Paulo from 4% to 7%. We didn't have [indiscernible], and Rio has a lot of room as well. And Rio Janeiro have a stronger position more consolidated. It's our main location. We've been working with the turnaround, especially in Barra da Tijuca. We have a very strong presence in the city center. We have some location issues, but we've been improving that. In the [indiscernible] we are the market leader, and we are gaining more and more share. We are now with 45% of the incoming students. So basically, this is a national level, and we have this multi-location strategy, and that brings to stress to our national region. We are the first half of the Tier 1 and #2 in terms of being the player A. So we've been increasing this year in the entire market. And that takes us to the third point. So why are we excited with the future? We have different movements here. This great share that we have, today, we have more students graduating them entering. So we have a higher rule in the mature units, and we are going to have new units. We have to come by in their second year of life. We have a lot of room for them to grow. And lastly, all the movements that we had with the tech segment, clearly, when we observe our student even in business, which is our flagship, they are focusing in strengthening our core. And when we think about the future about Brazil, forming leaders is our challenge. And we started with the tax segment, especially in Rio and it's representing 15% to 20% of new students in this segment. So we are very excited with that. Lastly, I'd like to talk about Sao Paulo. It's a different situation. We went back to Sao Paulo in 2018 with the [ Campus and Power Easter, ] it's a mature campus, Totally full. We opened the second operation at Faria Lima, which is a huge success with that. They adding 5 to 7 years, we would have the complete operations. But nowadays, we are growing even faster. And we believe that in 2026, we are going to have a full campus. And when we observe the size of Sao Paulo market, it's very superior. We have 30,000 possible students, those who are leaving their high school and are able to enter [ IBEMAC ] because they have enough income for that. Some are going to go to the public schools. Some are going to go to the Tier 2, but clearly, we have this migration. When there is a different offer, people are willing to invest more. So there's a lot of room in Sao Paulo. So Tier 1 could grow with Tier 1 minus and also Tier 2. So that makes us very optimistic. And the way we've been working in Sao Paulo is the right way from the perspective of expansion. We should really have more operations in Sao Paulo as an immediate impact for growth. And the average ticket of 40% higher than the rest of the [ IBEMAC ] and 40% of the roll, we are only in the second year of operations. So we are very optimistic with that. So the future of [ IBEMAC ], we are reinforcing our value proposition and the rest is a consequence. The students that we attract, the average ticket. This is a consequence of this student center strategy. And all the maturation in terms of comp, adjacent segments as well, such as stack and new operations in Sao Paulo. These are the main drivers ahead. And just to finalize, this is the last message. We are in the niche segment, but we've been able to deliver excellent results with strong results being the leader in our portfolio with a lot to come. That is bringing this privileged positioning to grow with quality and gross margins. So that's it, I'd like to thank you. And I'd like to call to the stage Aroldo CEO of Estácio e Wyden.

Thank you, Marina. Good afternoon, everyone. My name is Aroldo. I've been with you before. I've been coming to these events ever since we started in 2010. So we've been talking for a good while. So today, I am the CEO of Estácio e Wyden. You're going to see that I'm going on with the topic that we showed in the last year. Today, we are going to talk about those we cater for and it's very important to come after [indiscernible], speaking about technology after Ricardo. We have a lot of value. And we should talk about efficiency. We've been talking about that. [indiscernible] has talked about that as well. And we use efficiency and quality together because efficiency to many is easy. Quality for few is easy, but consolidating both is what makes the difference for us. And we have some growth leverages and we are going to talk about the ones that we tested. Very briefly, I'd like to bring to you some of our figures. But before that, I wanted to show you some pictures. These are real pictures of our students in different campus. With each student who are able to pay BRL 129 per month and students who pay BRL 2,000 per month. So this is very different. An example is this campus, we have 2,000 students of distance learning, paying from BRL 129. And as we have in Barra da Tijuca, we have a cinema course, gastronomy course and that shows our diversity. And we are giving access to different fields of knowledge with 40 face-to-face courses. It's a very comprehensive portfolio in different campus. And we have at least one-half of this learner in almost 5,600 municipalities. So this is Estácio. This is Wyden. Some figures concerning the students. I'd like to summarize this part because we talked about that before, but almost half of our students have a family income between 1 million and 4 million salaries, 72% have this individual income of up to BRL 2,000, some other numbers. Almost half of our students have up to 29 years old. They are up to 29 years old, almost half of them lack at the right lower side, this is also very important. Our students work to study and not the opposite. These are the figures of the current basis. Almost 3/4 of our students are working today, either in Estácio or Wyden and this is big, so how can we conciliate the study routine adding value for these spaces. And we don't exclude anything. And we've been working with 100% of the basis. So the corner, we have the market number, an average salary is more than double when you have a complete undergraduate course and we have numbers from Estácio e Wyden, and we have service from our students who complete the courses and almost 2/3 have some progression in terms of income. Sorry, career progression in this first period after graduating. The other number that is quite important is the first job, reminding you that we only 28% in average of students that do not work. It doesn't mean that they never had a job, but they are not working today. So we have a very small basis of those who never worked. And most of them are able to work after -- a few months after graduating. So this is a very important point. We have this different audience. We have this income access audience but we have a smaller audience not working while studying. So let's talk about the deliveries. This is very important. To teach such a diverse group, we must be diverse in our products as well. So here, we are explaining how we have different modalities. When we talk about more face-to-face, we are talking about our company about what we believe in. What we see is that people who are able to have this option, who are able to pay, who have time for that. And in reality, have an accessible institution closer to them, they opt for study, and they tell us in our service that this is very important to them. So we already see this reflected in our base of students and in our results. That is this persistence. This is something that we research, and we really have the data to show the value of all of this. So here, we're leaders in efficiency, and this reflects in the results that we have with better margins. On the right-hand side, we have less presence that has a lower ticket as a diverse people and their technology has an even more important role, although technology hasn't put a role in all of our products. But in that case, everything that Hisao talked about is extremely important. We're leaders in technology and our story. The first courses with the secret content were created by us. So this is part of our DNA or strategy. So we're also leaders of income generation when we talk about the product on the right-hand side. And these products are complementary. Marina talked about the importance of understanding brands. And this complementary of our portfolio is important. So we here have the courses. This is something that you can see on the right side. We have 5 products. So the first part we have are the in person courses. And so here, you have professors allocated to courses. So most of these courses are in person. And on the right-hand side, you have the synchronous courses. And here, we don't choose how the student will learn. It's a student who learns how they will learn. And that depends on the moment that the student is going through in his life. So we're not arrogant to tell students how they will learn. So I think it really depends on the students, the moments he is going through. So here, we talk about the separate platforms that we have. Nobody is completely on and nobody is completely off today. This thing is very basic, but we have classrooms that are both virtual and physical, same thing applies to labs. And the virtual environment are not necessarily ours or they don't necessarily belong to third parties. We basically just deliver what's the best in the market. So if we see something that's better being done by third parties, then we'll go and we will hire that. That's very important in how we define and what we deliver. We have our own virtual classroom now. You kind of talk a lot about this. [indiscernible] is our questions platform. This is [indiscernible], this was internalized by us because we thought we could do something better. This is not just a way to evaluate students. Students learn by answering questions. So we thought that it was important to have this as part of our teaching materials. So this is -- these are our deliverable products. And almost all of this here is in all of our products, whether they are in-person products or virtual products. So these photos give you an idea of how everything looks like. We already talked about exclusive learning, but here we are on the other side. But be on the other side, doesn't mean that we can deliver something beautiful. Now I studied at public university, I studied abroad, and there are some things here that are a little bit different. So for example, in our secretariat, we have more social service and our libraries, they're becoming study spaces instead of just spaces for books. So students can use digital things and they can meet with their colleagues and study. So all libraires already like this? No, but they will all be like this. So these liars are more efficient in terms of space. These are more inviting spaces and their spaces that engage the students more. And these spaces don't offer anything less. When we ask students, they're actually very pleased with this. And the rest is very similar to everything that you already know. So it's basically just the secretariat and the library that has changed the most. And this is part of our project that how we want to deliver. Now where are we? I'm sure you've already seen this but I just want to highlight some issues. So [indiscernible] presence in person and [indiscernible]. We also have this learning in every single state. Wyden also has remote learning units in our units. It has less representation than [indiscernible]. Wyden is actually an umbrella of local brands that have important local representations. So Wyden is an umbrella that allows us to have tools which can be scaled because we're using the strength of these local brands. So this umbrella has a single portal that has a single app and this allows us to have our own tools, which we launched last year. We don't lose the strength of these local brands. And with this, we're able to launch a second long distance learning brand. This is easy. So what we see here today that this umbrella, this Wyden umbrella allows us to capture the strength of the local brand and we don't lose the local reference of that brand. But again, with this umbrella we are able to digitally expand these local brands. We were able to extend digital reach of all of these local brands that are part of this Wyden umbrella. So we try to create different types of positioning in these 2 brands, but with Wyden, again, we have this umbrella that allows us to be more efficient with our local brands. Now I didn't talk a lot about the value that we have to generate because I think in the morning, this was talked about. But here I want to talk about the base of students here in green. This is in-person students and right we have the digital students. We see these numbers growing with the stability between 21 and 22. And then [indiscernible] numbers reach a stable number of between 22 and 23. And we're going to see growth in this number. I'm going to talk more about this when we talk about efficiency and why we believe this is important. The revenue shows up first. We are able to see the ticket showing us. The strength of our portfolio allows us -- allows the in-person courses to see real growth in ticket prices. And this is what we're seeing, and we believe this will continue. So we can see that the base is stable in this period, and it will start to see growth. And we can see a return of revenue through an increase in price and an increase in our results. And this happens as a result of the operational efficiency that we've been seeing in the last few years. So this is a little bit of the summary of everything that we've been talking about. So we have an increasing number of students. This is learning. We have revenues that are increasing, especially on digital but in-person classes are -- those numbers are increasing and the ticket prices are starting to have a reflection on our results. So considering that, we go to the second chapter to talk about efficiency and quality. So let's -- when we talk about efficiency. We have products that have more presence and less presence. With the digital, we chose a centralized model, which is an asynchronous model, which also [indiscernible] efficiency, not just our efficiency, but the efficiency of our products, and this allows us to be more spread out through the country. So efficiency is a part of our DNA. So with that in products and processes and operations that would allow us to have the greatest amount of revenue. So we start talking about in-person products. So on top of -- top side of the screen, we have some important numbers. Because of the decrease in in-person classes, we designed semi programs in such a way that students are within classrooms together with digital students. Now what's the importance of that? All these are the perception of quality but this is also important for efficiency because what we see, especially last year 3 years is the stability, even though we had a smaller number of in-person students. So we're able to allocate students within in-person classrooms and this allowed us to dilute the costs. And this allows us to have growth and we have operational leverage with the growth of this modality. So this may be an important leverage of ours, and it involves a lot of technology. And this is what allows us to achieve the results in the in-person business units. And this allows us to have a reference costs when we talk about inclusive teaching but it would be easy to talk about this if we didn't consider quality. When you talk about quality, now so people are asking me, well, what's the impact of this? Are you -- are you firing teachers or you decreasing the quality of education. Well, when we talk about reducing the cost of teaching, it's not an indication of the reduction of quality. I'm talking about here about quality that's perceived by students. We're very granular in our delivery of presence. If students think that presence is an indicator of quality, and they can just have in-person classes. We know when we need to deliver presence for each type of student. Now a practical example of this is that all freshman have 4 in-person classes because that's when they need to be there. And through time, we reduced this according to the course and according to the student's perception through time. And as [indiscernible], so that student is able to make changes in relation to what we propose. But they were very assertive based on track records and based on data. We know on the best time is to deliver this. The fact is that we're able to have a limit -- regulatory limit. And we're able to give a good perception of presence to the student. And what's the perception of the teaching staff because of this reduction of teachers that we have throughout time. What we see in this year, we see 89% engagement of teachers. So we have 89% engagement. And this is a lot. So we've been doing important restructuring which allowed us to get to where we are today. This is something that we had to do, but we did this gradually with a lot of science, with a lot of data, talking to students and this allowed us to provide continuity to what we've been doing. So we've got 89% of engagement from our teachers through time. And we have 80% more time that or teachers are spending with us. So this is what's important. So that's why those 2 numbers are important. And at the bottom, we have the numbers related to students. So the learning journey. We talked to teachers and we talked to students to understand their perception, and we had an improvement in metrics related to the student journey. So they had a perception of improvement in quality. And in terms of the courses chosen, we meet 78% of students' needs. And this is a large number. So we use all of our operational research tools, and we are able to get a lot of precision and get things right using our prediction tools. So that's it. When we talk about the faculty cost, we have efficiency and quality, which is perceived by the teacher and the student. Student support, this is also bringing engagement. We have the nucleus of student engagement. These are collaborators. We are able to help with the freshman, the distance learning, [indiscernible] And we had some -- both students helping them. They had good performance during the course, and we are going to help and support the new students. And [indiscernible] is providing support to the students and also to the collaborators. And we have the tragedy in the state of [indiscernible]. They've been in contact with them during all of the periods. And the quality perceived by the Ministry of Education, we're now -- we are now talking about the regulator perception of quality. And we are comparing only the comparable courses. So in 2018, we were 6th among the listed players when we have the same list of courses in 2022, we are now second. So we evolved a lot in this period. We always want to improve, but it's undeniable that we evolved. The Ministry of Education respects us a lot. And these are figures showing our quality. According to this evaluation that is sent to everyone, to us and our players. Now efficiency and quality when we talk about real estate efficiency. This is another relevant point that we must consider over time. In the last years, we have given back 124,000 square meters, almost 15% of our total area. We are more and more efficient now. We have reformulated all of the lab projects. The labs are the places where we have more idle time in the campus, and we want to improve the quality perception of students. We want more classes, and we want more occupied spaces. So a lot of what we see in our universities come from that. We want more room, more perception of use quality and our perception of use must be higher. And then we are going to inaugurate in the second term. The construction works are happening and our unit of [indiscernible]. We have 2,500 square meters. So we have a lot of efficiency to elaborate this unit in the city of Sao Paulo. Now we are going to talk about distance learning. These are some figures concerning our capillarity. We are present at least in one distance learning unit, in every city with over 100,000 inhabitance. We are present -- that doesn't mean that we are very happy that we are in 25% of the cities with 100,000 inhabitants. We could improve capillarity in fact, but the units are very profitable, and our model enabled us to do that very quickly. And the last [indiscernible], we were running after the competitors, and we were able to advance a lot. At that point, we were quite behind concerning distance learning. And how did we evolve, how do we manage them? How do we know that our units that are in the middle of the Amazon forest, it will have the same quality that is complying with the regulation that we are offering the same teaching that we are offering in our unit here at [indiscernible]. Our teaching is centralized, and we also use a lot of technology to manage the units. We also have a machine learning model that is classified the management maturity of our partners. So we have 2,400 hubs of distance learning, and we cannot say that this partner is good or bad without information. We have different markets. So we have a model classifying them, and this is very important because all of the visits, all of the talks are based on that. The hub from a partner that is a self-managed hub and we're going to talk about growth strategy, and we are going to give priority to them. And this other extreme in this compromised operation, they might be subject to be exchanged. So if they're not complying to the standards, if they're not obtaining the right results, they're not participating and what -- we want them to participate, we might change that. This is a model based in engaging variables that define and classify the different hubs, and we have been doing that for 2 years. So now we are wrapping up our quality on efficiency and quality. All the time, we speak about efficiency and quality at the same time. It is not only about being -- having quality or having efficiency. We are doing that at the same time, impacting each other and technology is helping us to do that at the same time over many years. And here, our deleverages, we are going to talk about products which are closer to the students. When we talked about being present, we see this growth coming at the middle of this spectrum. We had super efficient units at the digital world, in the synchronous world and also in the face-to-face modality. And in the middle, we have a catch-up that is very important to be made. We are seeking the best of both worlds. We had 360 meters at [indiscernible], the smallest hub and how can we get to the middle because we have some mid-ground companies who are working very well. So this is -- we have [indiscernible] being inaugurated in the middle of this year with 2,500 square meters. So we see the 3,700 square meters diminishing. So how can we bring semi or better speaking, hybrid courses to -- we have [indiscernible] our pictures, but there we have [indiscernible], we have hubs with 600 square meters, who are giving more proximity, bringing the students within the space a much smaller space, physical campus with autonomy for expansions. And at the same time, something that is profitable to our partners. So this is the model for expanding in face-to-face always. So we can expand using the partners. So we have been testing with [indiscernible] and we have a huge catch-up and it's a growth opportunity over the months and years. Some other figures. We have been hybrid -- we've been observing hybrid education. We have more than 50,000 students. We have a streaming and also widened distance learning. We asked ourselves if we could have a second distance learning brand, but the answer was yes. We are now seeing almost 20,000 students from the second distance learning brand with all the scale tools that we have in [indiscernible]. And some attention points that we face as perspectives in mid-cities, with up to 500,000 habitants concerning health knowledge, engineering, we have 6% and 9% in terms of market share. It's much less than we have in the rest of Brazil. So it's an opportunity for catch-up over the next months running after the competitors. So we are going to be successful. Lastly, a new product that was mentioned in the morning, technical schools. We tested that in the past. It's not in our radar. We talked about technical courses as simultaneous courses. We had a test with 3 schools and 8 courses. It was very satisfactory. So we are now scaling up. So this number of 24 is not a future promise, is now 49 schools bringing more students within 23 courses. We have face-to-face courses within the [indiscernible] taking advantage of the infrastructure, it's not as another course. It's -- we anticipate our relationship with the students. What we see is that most probably a great share of the students. We'll have an income during their studies, and that will enable us to move forward to undergraduate courses. So we tested, we skilled, and we are hoping to have future results. So these are the leverages. We also have others that we are testing. As we may see, here we have the future [indiscernible] widen in face-to-face, we have stability in supply and demand. After the old [indiscernible], we see things getting more stable and the prices are increasing again, we see the demand increasing as well. So we are becoming healthier and healthier. We don't count with [indiscernible]. That could be a benefit, but we see the growth regardless. We see the face-to-face helping us to have the operating leverage within the company, and we are now increasing the mid-cities, and in terms of health care and engineering, we could improve a lot. When we talk about the digital aspect, structurally, the demand is there. Nothing changed drastically. We have 30,000 students in the stock that could be studying there. The distance learning is going to capture that. People who didn't have access, maybe they will be able to access through distance learning with these 30,000 students, and we have more competition here and it's different from face-to-face. At Distance Learning, we have this average ticket growing less than inflation and in the next years because of technology and so on. And we have this homework. In the countryside, we have the capillarity. We don't have the productivity that we should have in many places and many courses. So there are possibilities and people ask me during the break time. What about the number of hubs, our expansion machine is working, but the math that we are doing is not about opening a new hub, a new unit. It's what's worthwhile a new city or maybe replacing a partner to increase productivity. So that's how we grow increasing the units, increasing productivity because we believe that we have a great leverage to capture when we talk about digital. So that's it. That's how we see the future. And why do we believe that [indiscernible] widen is the first option when we talk about inclusive education. First, because what we do has a lot of value. The morning was about that as well. We are very efficient. We have quality and one is guaranteeing the future and the other is guaranteeing our routine and free because we go on having growth leverages. We always talk about the leverages and everything that we talked in the last Investor Meeting is -- are being implemented, and we are testing more and more, bringing more leverages. I hope that in the next event, we will bring positive results about the new leverages that will enable this future growth. So this is the inclusive education at [indiscernible]. So let's bring [indiscernible], who is going to talk about exclusive education again with [indiscernible].

Thank you, [indiscernible]. Good afternoon to everyone. So now let's talk about our Institute of Medical Legislation, Medical School [indiscernible]. And for that, let me introduce myself, I'm [indiscernible]. I joined the company in 2007. So now it's April. I've been here for 17 years. And I'd like to say a little bit about the story of the best medical schools in the country. This conviction that we have the management of the best medical schools in the country, this is based on a few pillars that we'll be talking to you about in this presentation. But one of the most important things that we need to highlight is that at Yduqs, we see [indiscernible] as a single school that has offers in 17 different markets. This is a little bit different from the growth of other medical schools that happen organically. We see [indiscernible] as a single school. We've been talking to you for quite a while, and you know our results, but we will be detailing our results here in this presentation. We want to share with you our exceptional results. And we want to say that medicine is a very well-regulated area and because it's so well regulated, this is an area that needs to be aligned with public policies because this is where we have an expansion in the number of spots in medical schools. New spots need to be aligned to the public policies and what we've been observing and this is the third pillar. Basically, when we started, we were the [indiscernible] brands. That was the case 25 years ago. But realtime as we expanded, we realized that this family had already grown and needed a new brand, a brand that could allow us to express excellence in medical education. So we're going to tell you about the importance of the [indiscernible] brand to the strategy of our business. So when we talk about our results, they're exceptional. But we can't talk about results without talking about our history. So we started 25 years ago with a single course in the units where [indiscernible] was founded here in [indiscernible] neighborhood of [indiscernible], and we had 90 students. This was at the end of the 90s. We spent 15 years with only 2 medical courses. And in 2000, the founders authorized a medical course [indiscernible]. After that, we have a few ways of expansion, which were well thought out strategies [indiscernible] that we choose the correct market to expand our business. And this is important -- and this was important for all expansions. So we had 2 important waves of expansion. We had [indiscernible] in 2014 and 2018, that doubled the number of our units. In 2014, we were the best option in 4 markets, in 2018 in another 4 markets, and then in 2019 we had the strong expansion linked to some important acquisitions that we made. So in 2019, we went -- we changed our organic phase -- we changed our organic phase by making acquisitions. And then we ended up adding another 4 units [indiscernible] need any introduction. That course, [indiscernible] is a reference in the region. And that comes from our acquisition of [indiscernible]. And then afterwards, we made some other acquisitions. So this allowed us to -- after 2021, to operate under the [indiscernible] brand. And last year, this allowed us to reach 8,500 students. So we went from 90 students to more than 8,500 students in 25 years of existence. And this reflects -- has reflections in our financial results. But here, I'd like to highlight that considering the end of the first quarter of this year, we win -- we had more than 1,700 course -- spots in our courses. And it's -- we're talking about 6 years of study. And based on this, we're able to realize -- understand what our full potential is. So today, we have 1,726 openings. And this year, we created another 140 openings from the [indiscernible] program, and this allowed those 8500 students to reach our student base of 9,000 students. So this is a picture of the last 5 years. And you can see that we had a 16% growth. And now we're going to talk about these numbers that you've been seeing. So we -- considering our costs, we have more than BRL 407 million of EBITDA. So considering the end of the first quarter, we are operating with the largest margin in the market when we compare ourselves to the other players of the medical field. So we have a margin of 51%. And [indiscernible] is gaining more relevance within our company, so it represents more than 27% of our business. I think it's -- when we look at this market, it's important for us to understand that some consolidators in some brands have a very advanced maturity level when it comes to openings. We are today the educational group that has youngest openings. So those 1,700 openings, when they're multiplied by the student base, if we did the calculation, we'd have 12,000 students. So this 9 here represents 70% of maturation or maturity. So having said that, we still have 30% of growth, which is organic growth and which will manifest doing some homework. We need to ensure an improvement in our processes so that we can have better results every cycle. So by having [indiscernible] their enrollment and by growing, we were able to reduce these numbers. Today, we have more than 8,000 doctors that graduated from our programs. We have 17 units in the country, and they are distributed in all of the regions of our country and in 10 different states. So that's [indiscernible]. Now there are some brands that we're very proud of. Now I don't know if you all know, but within [indiscernible], we have the medical course of the largest segment in Brazil, which is [indiscernible]. There, we have a ticket price of BRL 15,000. So when we got numbers above this number, we don't see any courses in Brazil that have prices above this. So besides having the biggest ticket in Brazil, when we look at the markets where we are, we either have the biggest ticket or we're well above the local average. So that's a very important issue. And we're going to talk about how that helps us to ensure even greater growth. So following on, I think that we have to try and identify what these results -- where these results come from. All this comes from the choices of the markets that we decided to penetrate and the acquisitions that we made. We're going through a turbulent time when it comes to the regulation of medical courses. And all of this needs to be aligned to public policies because without an alignment with public policies, you can ensure the salaries. The students, which are very stringent, which because, for example, [indiscernible] that were up here today, they talked about the experience that they gained in the field. One talked about the hospital and so if we're not in each market, and we're not in the best hospitals in each market, then students, [indiscernible] I have access to this or that hospital. So this is something that caused a lot of transfer between units. So sometimes you have a student that goes to a cheaper program, but when they go to a cheaper program, they see the difference in experience that they get. And so they end up coming back to the initial program. So this is what we are seeing now. We're seeing new openings, reopenings. We have students that it's not their studies, but then they restart their studies because they realize the importance of the service that we offer to them. Now we talked about public policies. And these relations are very important to us. But instead of me trying to materialize all of this and instead of me trying to talk about this alignment, we instead decided to call some mayors and state secretaries, municipal secretaries to talk about the importance of medical schools when they're well inserted in the areas where they operate. So we've got here some mayors and some state or health municipal secretary to talk about the importance. [Presentation]

So this alignment with public policy is key. When we observe some of the locations, some of the markets that have a saturation in the practice considering that half of the medicine field is going beyond the University walls. So we have to be sure to insert this course so that the practice can embrace this project. So each one of these mayors demanded an intense work for them to understand how this partnership was important. So [indiscernible] had been fostering this relationship with the regulators, and now we are able to have managers, public managers, understanding the importance of having [indiscernible] there. So this is reflected in numbers and expansion. And why is that? You know that Mais Médicos, which is a government program to bring more doctors to different places is a process that is not that the -- they request doctors from this well-defined public policies. You foresee these doctors, and you may expand to up to 100 new openings and it is chief acquisition cost because we invested in the campus. So you to be part of the visits, you will have to prevent. So when you go from 50 to 150 openings, you're increasing the number of spots, EBITDA and so on. So Yduqs had 400 potential openings since we had 4 courses, 100 for H1. And then we had this potential of 400, and we were able to have new more 287 openings. When we remove [indiscernible] we observe the rest of the market, so that number is all of the players, Mais Médicos [indiscernible], you had a potential of 12,000 openings, we had 287 new ones. So the new -- the other players have 37% of efficiency in this process. And that is very much aligned with what we brought before. And this pillar, which is key, is to have this dedicated team and expert team in terms of the expansion of medical openings, and this is key for us to get there. Besides having this previous strategy, selecting the right market in a careful way. Mais Médicos 2 is not different [indiscernible] has a great potential considering the units that we won of 325 more openings. We started the year with good news, bringing [indiscernible] in its greatest potential. But [indiscernible] 40 -- I'm sorry, [indiscernible], shouldn't we have 100, we had a potential number of hospital beds, and we brought what was possible to bring the total amount. So we are able to get [indiscernible] with 100 openings close to [indiscernible] in the region of Para. With this huge field for operating medicine, we have a lot of potential where we've had visits, and we have now procedures to bring these openings [indiscernible] and then we have a 100 in [indiscernible] and 82 in [indiscernible] because this is the maximum capacity in terms of hospital system. And when we add the openings at Mais Médicos 1 and 2 from the 6,727, they are 55% of the openings. So [indiscernible] has most of the openings coming from Mais Médicos. So when we add those openings, they are 15% of the share among the players operating and exploring Mais Médicos 1 and 2. So we are the greatest player at Mais Médicos. And the day before yesterday, we had exceptional [indiscernible] we had the results when you and the Mais Médicos cycle, you have the semi cycle where in-app is going to evaluate the course to see if you delivered what you promised. And we received the maximum score at the Ministry of Education. The first unit of Mais Médicos receiving this visit, we were scored 5, and this is not [indiscernible] 55 of the courses have this concept 5. So it's possible to operate medicine with Mais Médicos in the country side of the country. And we are one of the fields with this Course 5. We see that many of the collaborators are watching live, so I'd like to congratulate [indiscernible] North and Northeast for this excellent score. And once we get this Course 5, this course has a possibility of getting more and more openings [indiscernible] we have 55 vacancy expanded to 165. And now with this Course 5, we have this new window to increase openings. Now we're going to talk about the importance of having a strong brand. As we expanded, we came to the conclusion that we have diversity in the medicine offerings, not only [indiscernible] but we also had [indiscernible] and we understood that it was important to get to this maturity. And over the years, we needed a brand to represent all this excellence. And we started to think about what we wanted to communicate with this brand. First, that we wanted to show that [indiscernible] was able to deliver everything that our doctor needs to be trained in a robust manner, being able to provide service to the population. And one of the first words that came to mind was down the space of the doctor, bringing this reference of home, of house and the importance of their impact to society. So we started to discuss this idea about medical identity being identifying with the medical career. So we started to hone this idea. This is the idea of the doctor. This is the home of the doctor. And of course, seeking technology as a key to enhance the training of these doctors. And with that, we revamped our curriculum, we are a single school. We visited some of the schools. We have the same spirit, same assets, the same methodology, teaching model and respecting the diversity and the peculiarities of each one of them. And we were able to rebuild that [indiscernible], which is the medicine icon, the medicine symbol, and we put that on that old showing this idea of continuity, which is very dear to us. So the idea here is that since we have now this brand that we understand as a protagonist, we see some opportunities of market growth. And these are the opportunities that we commonly talk about to you. We see this potential of growth in Mais Médicos 2. When we analyze the schools that have not experienced this growth, we would have 1,000 openings in this cluster. We had that third phase, and then we are going to have [indiscernible] strategies, but we are well prepared to face this new bid. And the openings in mature units, they have a potential as well. And I wanted to remind you that everything that I'm talking about is the ceiling. It doesn't mean that the market will be able to capture all of the openings because it depends on the visit performance of the local health system. So these are the ceilings. And Mais Médicos 3, we are going to have 95 courses and a prediction of 5,700 openings. But for that to materialize, we need many stages. So this is the maximum estimate. And we have the legal actions, the ordinances that came in the period that [indiscernible] and now we have the trial at the Supreme Court, and we are waiting to understand where this number will be. So considering the potential of hospital beds, most certainly, we are observing these numbers, but we believe that the number will be well below what we are presenting here. So when we emphasize that we are conflicted at whatever the growth avenue you're going to take, we are going to be the protagonist, that's because we are based in some important attributes. One of the issues that we have been observing that are making a difference in the last years is an operating management and academic management that is dedicated and specialized. [indiscernible] team is working from the Vice President [indiscernible]. So it's a vertical that is observing this business with focus. We've been investing in differentials. We know that many famous doctors, mainly business, business people, they bring their children to our schools. And many times, they ask us, what is the difference from a public school. And the sentence that comes to mind is research publications. So now we've been investing in research, and we are going to take [indiscernible] this international level of publication that may increase our price. We are able to scale up the education with flexibility in terms of curriculum. We have a lot of technology, technology, again, taking care of bringing quality to the educational process, the high-level practices. And [indiscernible] that is revolutionizing the way as we raise funds. So our students, they have a choice, and they are able to see themselves in the ranking of the 17 schools. So we are able to use the opening stocks, redirecting the stocks where we have a lower ratio between candidates and openings. So Marina talked about the importance of quality perception from the students. I'd also mention that we have been noticing an expressive evolution of NPS. All this movement of [indiscernible] brings this possibility of turning this vector, changing from minus 20 to plus 20 for 2024. Let's talk about medical residents. If there's an aspect that changed completely our performance when compared to the competitors, that's when we were more careful with our medical residents. So we decided to create this team focused on medical residence. So we have 148 vacancies that are way higher than the number of openings of our competitors. We have 11 fields of expertise and the Federal University in Rio de Janeiro, one of the best medical schools in the country, was founded in 1808, over 200 years of history. When we observed the number of residents opening, they only have 110 openings considering all of the institutes of the Federal University of Rio. And we are a private school, and we managed a very expressive amount of openings and that will help us being competitive for Mais Médicos 3. We bring a perception on how the brand is perceived not only by the students but also by the market. And then we see this possibility of associating our brand to other great brands. I'm establishing partnerships that are not only simple contracts. They are partners with whom we have partnerships and projects which are regular ongoing. And I'm going to give you this example on the student from the Sao Paulo University. They opened [indiscernible] celebrating partnerships to be part of the biggest hospital in Latin America. And after this complex process, we were accredited as a Harvard side to delve deeper in this clinical study, PPCR. We have teachers there who are becoming multipliers in terms of clinical research. So their students who are amazed by our unified health system, and we also end up sending students [indiscernible] study. I don't even need to talk about [indiscernible]. We had one student here talking about their experience there. And besides that, we're also [indiscernible], which is an American organization that defines the world protocols related to emergencies. Now I'm in my final 2 slides. And here, I just want to say that we always talk about special programs, but there's also the [indiscernible] program. Although this is a very spread-out program with a smaller ticket, I think that there are a lot of opportunities here. Now we have residency programs that have an important partnership with the Minister of Education, but there's another alternative, which is the case with those doctors that they get a degree and they don't want to do residency. In those cases, we have fellowships which are similar to residencies and we have partnerships with large groups [indiscernible] where we are responsible for the operation of fellowships in hospital. My learning is the biggest ophthalmology platform in Brazil, and we have a partnership with them with a subspecialty in cataracts, and we've been getting a lot of students there. We've got an organization that endorses our programs. So these are important partnerships for the growth of [indiscernible], which will also be a focus of Mais Medicos in the next few years. The most theoretical specialization such as masters and PhD programs, we have the highest ranked graduate program for medicine. And as I've said, we also have an MBA program, a specialization program that's geared that focuses on management, and it's for doctors. And these are reputable programs. So here, we have a lot of important institutions in partnership with [indiscernible] and we have opportunities in B2C and B2B with medical services and also in B2G, where we already operate courses and are to train employees of municipalities and states. I also have to talk about [indiscernible], which is our business hub. This is where we link the know-how of professors to market demands. So there, you can see 10 incubated help tabs. Some of them began as ideas. We already have some ongoing contracts. But I want to highlight [indiscernible], which is a start-up that the electronic register of students. And here, we have an adviser that can check the work that's been done by students. So I talked to you about the characteristics of [indiscernible] the potential for growth. And I'd like to tell you that there's a lot of opportunity for growth. So how growth happen. Well, it will happen organically because of the maturity of the companies that we already have, it will come from the additional openings that will come from Mais Medicos 2 and also Mais Medicos 3. This is a BDS that we are sure that we will win because we will have better results. Pricing is also an important driver for growth. We know that we have the best ticket -- the highest ticket in the market. And then we have [indiscernible] data program. We can make it bigger, but we have to keep an eye on it because there's a lot of money involved there. And this growth really happens -- comes from hard work. And that's something we believe in. I want to leave you with 3 messages. First of all, we have exceptional results. We are aligned with public policies. That's also one of the things that sets us apart, and we learned how to do that 25 years ago. And we have a brand of excellence that allows us to focus and increase our strength. So this is the medical instruction institution of Yduqs, and I'm available to answer your questions during the Q&A session. And now I'd like to conclude by giving the floor to Rossano Marques, our CFO.

Good afternoon, everyone. Thank you for being here. I think I had the chance to speak to most of you. My name is Rossano, and I'm the CFO of Yduqs. So we just looked at the different business units. In the morning, we had the -- got an important idea about what we're doing. And basically, in the morning, we were talking about the importance of the different issues, and we had some great speakers, and I hope you had a deconstruction of our original understanding of higher education. So we were able to deconstruct our ideas, and we were able to show you what an inclusive experience is. And now in the second half of the day, I hope that you had the opportunity to see how Yduqs is well positioned to capitalize on this scenario, but just with return to shareholders, but also by providing return to society. that's what moves the 16,000 employees of Yduqs every day. You know people were talking about how everybody has so much energy, everybody here at Yduqs have already worked with mining, have already worked in banking. And basically, our mission is beautiful, and this is what drives us. And this is something that we do every day. It's a reason of our being -- and that's why it's important to invest at Yduqs. I think the numbers are just some details because that's what I work with. Let's go through them. So we're going to talk about the financial of Yduqs based in 3 pillars. So the first pillar is a profit of BRL 3 or BRL 4 per share, profit is an important part of the company. It's something we focus on. But our second part is also very important to us. It is converting results into cash flow. Cash is the most cited issue in our organization. We want to generate cash to shareholders. We have a projection of BRL 10 billion of cash in the next few years. And now we'll be sharing with you a very transparent framework for allocating capital within our company so that we can help ensure trust in our management. So you talked about net profit. So we have some premises of growth. We're talking about ROL and EBITDA in the mid- to high single digits. And this is in line with what people expect in terms of market growth. So we're not being aggressive nor conservative, so we're expecting the market to grow along these lines, and this is how we also expect to be growing. So these are not conservative nor aggressive forecast, but we ended up having growth of more than 250% during this period. So how will we do that? Well, we have organic growth. We have -- it also comes as a result of our efficiency activities, and it will come from an improved financial metrics, but also come from our portfolio. So we believe that the capacity that we have has already been created. So we'll reach BRL 3 or BRL 4 per share in 2027, '28 and '29, so everybody's focused there. Nobody is really concerned about 2024, but I'm going to talk about it anyway. Nobody's second concerned about the short term, but in 2024, we've got 1.6 to 1.9 of net profit per share. So we have confidence in this. So this is not a very strict or narrow margin. There's still some variability in the short term. We are more comfortable into the long term rather than the short term because there is some variability, but this is a number that we believe in -- the second pillar of our horizon is the generation of cash flow. We expect between BRL 8 billion to BRL 10 billion of operational cash in the next 5 years. So the next concern is then what will be your strategy for allocating this capital? This was a concern that came up in some of our conversations. So we'll base ourselves on 3 pillars. First of all, is the reduction of debt. So we'll be trying to reduce our net debt, and I'll talk more about this in the next few slides. And after that, we will become a large dividend payer. We already paid dividends. We've been paying dividends every single year, but when we achieve a certain targets that we'll mention to you, we will become a very strong payer of dividends to shareholders. The last point is that we are still paying attention to possible acquisitions. We are very conservative in this regard, but we will -- and we will maintain the strategy. So let's talk a little bit more about this. So the first point is about reducing debt. Our target, again, this is focusing on net debt EBITDA. We are working hard towards this target, and this is where we'll be allocating resources here. After that, we will become a strong player of dividends. We have large payouts after we reach this target, we will keep paying attention to possible acquisitions during this period, but this is all based on specific criteria, and it will be based on things that are very well evaluated based on our conservative point of view. I'd like to highlight 2 main issues here, but we will be looking at favorable deals. In general, with deals that in a short period of time that is in the first round of synergies may allow us to reach some lower multiples. This is important for us to do any kind of business. We also look at opportunities for lifelong learning. Caio, the CEO of the grupoQ, talked about this. And this is what we think about when we talk about lifelong learning and high technology. He said that -- Caio said that before we got there, they're already generating a lot of cash. So we invest in these high-growth companies, and we invest in these companies that generate results consistently. So before you ask me, we still believe in the generation of value. It's probably the message that you saw the most here. There's nothing new about this. We still believe that mergers between great players generates a lot of value in the market for several different reasons. This is still a very -- not well consolidated market, so there's a lot of value from acquisitions. The large players have a lot of value to be captured through synergies, especially when we consider technology, our investments in technology are very well leveraged. We can grow a lot through investments that have already been made. As Eduardo said, we were the only player during the pandemic that increased our investments believing that these investments in technology would be fundamental for building a definite future for the Yduqs Group. So I'd like to finalize by summarizing our commitment or first, good results is EPS of more than 250%, reaching between BRL 3 and BRL 4 per share. And -- we don't need super accelerated growth to achieve the results that we're mentioning here. We have a CapEx that reaches 7% or 8%. That has been more guidance for some time, and we'll be operating the industry in on. We have a generation of cash of BRL 10 billion in the next few years. So we use this to reduce debt and then to increase our capacity to pay dividends, and we will also be paying attention to acquisition opportunities. And we're still very well positioned, and we still believe in the value of any kinds of mergers within this market. So now I'd like to call Eduardo on stage to summarize our day for you. Thank you.

I saw you applauding him with more enthusiasm than your applause this morning when we talked about the social aspects of our company. Now we had to remove a lot of things from our program today. because we wanted to do something, we wouldn't have some interesting things. We didn't want to have too much material. And then during lunch, somebody said, "Well, do you have a session related to people? And yes, we did have such a session, and Claudia talked a little bit about that. But we moved some people because we did too much time. I had a pass to tell me. Don't tell me you fry joke. And I've been -- I was a consultant for some time. I've been CFO 15 years. And I don't think I've ever seen the team with so much talent, so much brilliance, not just the people that came here on stage, but the other people that you were able to interact with today. I told you that we were going to speak about the importance of our service to society to people that we would spend time talking about our confidence and the ability to deliver the service and then Rossano brought to us, our commitment and our vision -- in terms of where we are going organically speaking. It doesn't mean that we won't get additional opportunities, including within the framework presented by Rossano. Before I start the Q&A session, I'd like to show you 2 additional charts. First, a summary of what was said by the CEO. I think that in the universe of [ Sasan ] widen, we have a great opportunity of working with this inclusive universe, working with the share of the population that needs education the most, that is going to grow the most, that is going to receive the most benefits and where we find more people that are being catered for. So we are working with quality. We are getting closer to students. We are working with quality. Suvi from [indiscernible], I just received a message from my daughter saying that we were almost on time. But as Caio said, we had been growing 25%, 30%. Now we have a different growth, but we have a lot being hired. We didn't have the first class grade. And we have companies, we have other perspectives and the graduation program courses, they have their perspective. But when compared to undergrad, there's a wild factor coming from undergrad. I think that we had an incredible work coming from Sao Paulo Marina showed us that we have -- still have a lot to do. And we have this turnaround in Rio concerning the brand, and now we are growing ticket, and we are growing even more in [indiscernible], we referenced. And we have this national brand with EBCs we have with Ed. -- justice for hooks here. He teaches here as ethicist Ibex, and he's speaking to all of edema have this great leverage, and this is very much appreciated by the students and at Vida that we are huge. And we've been working with that in a peripheral way, but we are now focusing on that with Estacio and Ibmec, the traditional brands that are coming and others that will come ahead. And so we have a lot to do. So this is a great summary of the day, and we ended with Rossano bringing to us how we want to allocate this money. This is a comment from different shareholders. they see that it's very clear how this cash flow is being generated. So they're asking what is the plan? So we brought this journey to yield this route that is helpful in terms of reference. And then this is this table concerning the strategic horizon. If you had to tell people what you said -- what you saw today, if you're going to tell people why you're with us as a portfolio manager or a client. This is the summary. So -- and the basis, we have everything concerning technology, concerning the academic quality, which is very good close to reference groups, and we are growing and challenging ourselves to be even better. We have this ESG reference, which is huge. We have 3 to 4 investors who are ESG only investing with us. So people are observing us differently. Marcel talked about the brands, the national brands and the scale we have to work with the brands. So this is the basis, this is the -- our daily lives, what makes us strong and also people is in the middle square. And then when people observe what's been done in education, in terms of sustainability, who is working efficiently in a profitable way. We are always used as a reference in any kind of conversation like that. We are the leaders generating cash -- it's interesting because we see the different analysts reports when we observed NX3 with the projection of cash, it's very good. You know how to do that, but you don't talk about that, Right? And we should talk about that. I was joking the other day saying that we should drag to 2024 to the right. And we have to talk about that. The E is going to advance. The relationships will change with that as well. And we are going to have different triggers ahead. I'm going to show them to you. Market itself. We have a good 2023 in terms of people trusting us, people willing to study again in 2024 as well. But if we have this great stock of people who need and will benefit from being with us. So 1 or 2 more years for us to so that we can have 2 more years like 2023. And most certainly, we're going to have a different view. When we observe this government, we have a government that is very sensitive to the last privilege. So when we talk about FIES and when we talk about savings, when -- we have more people graduating. We have more people also coming back. So this government is very sensitive to this issue and FIES is a promising start. We don't have to have that huge leverage that unbalance the market in 2013, 2014, that it took us 10 years to rebalance the supply and demand here because of that. Brazil is cheap, educational sector is cheap within Brazil, and Yduqs is cheap within this educational market. So the foreign investors, they are observing Petrobras and sometimes they forget about us. And the educational market is very polarized. Observe health, observe retailed, not such a relevant market that is so polarized. So we have 4 triggers here that they are not mutually exclusive. They could happen over time. And it oxi the best positioned in each 1 of them. When we observe 32 million people, we're talking about Class C. We're talking about [ B2D ], who is working well with these classes. Thus, when we talk about government which is sensitive to the last privilege, we worked with the privileged. When we see the foreign investors who want to about liquidity, about our history, they are going to observe us in a different way. And in terms of consolidation, we have this degrees of freedom, and we also have our balance sheet showing that we are well positioned. And we talked about portfolio. I won't mention that again. We have the compounder chart with the growth history margin, capital allocation, this liquidity different from the competition. This is a transparent management, we are very disciplined about what we do. We talk a lot about the -- what we got right. And we don't talk about the low profile part. We cut our own financing before the competitors. We left high school. We abandon greenfield. Things we do -- we have we feel where we don't want to take it ahead. This is normal. So the degrees of freedom, we had 1,300 of EBITDA and 1,700 last year. All of the -- the leverage is growing. When we think about the impact of income, we have glass leverage, depreciation falling interest rates dropping as well. And that is diminishing. And so this growth in 10% in terms of EBITDA, when you don't have taxes, it's almost all net income. So we have the capital allocation that we mentioned before. So leaders, cash generation, and triggers ahead. We are very well positioned to get profits from that. Good reasons for you to be with us. Let's bring everyone together. Thank you.

We are going to start with the Q&A session. And over the day, we received many questions when we tried to group them to avoid repetition. And I'd like to invite to the stage, the company's VPs. I'm going to start with some questions, but feel free to add with more information. We had a recurring question in our conference that is related to Distance Learning. I'm going to direct that to Aroldo. What is the expectation of the company concerned Distance Learning regulation, how is the company preparing for this scenario?

This is a recurring question indeed. We don't have all of the answers because the scenario is not entirely designed. We have regulation changes in terms of teaching courses and health courses. Concerning teaching courses, we have a scenario being defined. We have a proposal to change the regulation we have set it out and the greatest issues were that with that making feasible the food that we have today. The answer is no. Does that change the profitability of the product -- the answer was no. So these were the main questions. And what we see today is this full distance learning course. The licensing does not allow that. The regulation does not allow that. We have some factors that must be present in all the teaching courses. The extension, 10% of the course hours and also the internships. So what we saw is that we must adapt the curriculum for this new proposition that is not concrete. But it's written. So we have to change. But this is something small. It won't have a great impact in terms of profits, not for us and not for the partners. So it comes as it is proposed, we want to have bigger changes. And ever since this document was issued, we have been working with that to understand it better. Concerning teaching courses, we don't have a defined scenario. We have a proposal coming from the government. And we've been discussing with the government and the government has listening -- and concerning health, this is another discussion. We had this work group -- and the government has heard society concerning that. Maybe teaching courses are a step ahead when we are talking about this future proposal for regulation and about health, we don't know much because health differently from teaching courses, they have different associations. The courses have different features. They are grouped into health they have different characteristics with less similarities when we talk about teaching courses as a whole. So that's it concerning teaching courses. We have a scenario proposed that was not defined, and we are able to operate with this profitable profit level in similar ways. Health. We don't know. We don't know. We don't have a proposal from the government. What we believe in is that the government will be open. They've been listening concerning the capillarity of supply. So they won't have this huge change. So we see this increase in capillarity. Caio has commented about that concerning medicine, and we don't believe that we'll have this opposite movement when we talk about nursing courses, biomedicine and other health courses. So it's not enough to increased capillarity in medicine and reduce in other courses. So -- we've been listening. We don't have a document proposal, and we believe that the government is sensitive to this possible reduction of capillarity in terms of supply. So that's a different stage. We have regulation is strictly to these 2 fields.

Next question is about the guidance for net profit. So the guidance that Rossano presented for 2024 in his presentation, considering what has been presented in terms of the results of the first quarter for 2024. This guidance foresees a strong expansion in the rest of the year. What are the main drivers for margin and for driving this acceleration? And what makes you so confident about the numbers?

On the release of the first quarter, we said that we saw a second quarter that would be similar to last year's and that there would be a strong acceleration in the second quarter. So this guidance shows a strong acceleration in terms of profit that we've seen in the second quarter. The main drivers, as we said, were that in the second quarter, in the first -- of last year and the first quarter of this year, we saw a peak because of the large amount of acquisition because of [indiscernible] so then there was the end of revenue to the different units, then the results end up going back to normal. Now in the first quarter, there are some numbers that continue the same until the end of the year. But we had some comparisons that end up zeroing out throughout the year. So that will improve some of the things that I already talked about, and it will also improve EBITDA and then we have operational leverage. So things like attrition and SNG, they will benefit from this growth and these costs will end up being diluted. And below EBITDA, you have relevant improvement. This doesn't show so much in the third quarter because of our restructuring. But in the second semester, this is very strong, and this is a result of the decrease in interest rates and also because of decrease of our debt. And the net profit or leverage because these small gains that looks small at the top, they generate solid profit. So this is why we're very confident about the increase in profit until the end of the year.

Okay. So next question is related to the medical program. We saw the results of the first quarter, an increase in the ticket of medical programs, but -- how this company, the competitive environment in this segment? And what should we expect in terms of medium-term ticket prices for medical courses?

Okay. In terms of ticket prices, I think it's very clear to us that the premium segment is very resilient. What will influence decision-making is how much this institution is becoming different. And how much they're ensuring that the target market is choosing this program. So if you look at the evolution of the ticket from '23 to '24, we had an increase in numbers. In the past, we've priced freshmen and there was a large transfer to the students, and we are preparing for decision-making so that we can have all markets above average. And once the student joins the problem they understand the value, and we are able to have a strategy. And so at the end of the day, we don't see this concern for ticket sure, some new or educational institutions show -- have some level of challenge in acquisitions, but it's not about ticket or the level of the ticket. It's rather initial of credibility of the institution and how long they've been teaching medicine for. And then a concrete example of that is [indiscernible] had a ticket of BRL 5,000 below what it is today, and then once we modified things and once we show the quality of the program, and once we show the different opportunities of the program. This allows us to elevate the ticket price to the level that it is -- now in talking to our colleagues, we do realize that if you don't -- didn't work on your trajectory very well, if you don't consolidate, then you need to work on a ticket price that's slightly lower so that you can acquire students. Now those schools that have a competitive advantage will always be everyone's first choice in all of the different regions, and they will be able to transferred the inflation of the ticket price with a certain amount of efficiency and they'll be able to do that in a healthy manner. Now we're not really concerned about the ticket price. I've already talked about the expansion in the number of openings, which we thought that would be [indiscernible] structured, that certainly will not happen. And this will allow this market to remain healthy, especially for those institutions that will always be top of mind, and that will become different with time. So there is a real concern in relation to ticket. And during lunch, well, is this for everyone, I think on average, yes, but institutions that have been working on becoming different and the to do these transfers above inflation. This is something that we see in the historical series. And with the pandemic, there's still a little bit but we all see this happening with a few points above inflation, and this will continue this year. Even with this 3.5 points above inflation, we are seeing the best renewals -- the largest number of renewals in our history. So we reached the ticket price that didn't lead to any more evasion. Rather, we have more people renewing their enrollments. And in terms of -- we see acquisition above inflation. Of course, it depends on the market. In some markets, we were a little bit lower. In others, we were a little bit higher. And in our process of acquiring students. I think we can say that we had adequate demand. So we're not really -- we have a real consumer relationship tickets for those institutions that were able to develop a competitive advantage over time.

Okay. So next question that was related to marketing expenses. The market has seen different players in the segments showing higher cost related to marketing in this first quarter of 2024. How -- what should these people expect to be the behavior of Yduqs during the year? And was it a change in the competitive behavior that gives rise to this change?

Well, in terms of our positioning, and in terms of our expenses with marketing, I've been -- since the closing of the last quarter last year, we reached the point of performance where we reached the floor and our expectation this year is that will be 1 percentage points above the closing of the last quarter of last year in terms of the ROL. And so this is our expectations since last quarter of last year. In the first quarter, we did things exactly according to the plan. We didn't have any change in behavior. And what we've seen in terms of competitive environment is that although we're more behaved in terms of pricing, everybody is working more with traditional media and also in digital media. So this is something we see very clearly when we look at the reports of the different companies. We have this challenge of maintaining commitment. And considering that throughout the year, we are still testing. We can't be sure about everything. So we continue testing elasticity in the media. And -- but so far, we've been following our plan, and we haven't seen any drastic changes according to -- in relation to what we plan for this year.

Okay. So let's now talk about Ibmec. What are the compliance for new units? And do we consider a premium brand for other locations outside of the Rio Sao Paulo Axis?

Well, I think in my presentation, I said that future plans, the short-term future plans include increased relevance in Sao Paulo. That's certainly the best premium market in Brazil. And although Ibmec has a better representation. We still have low penetration rate and low market rates in that market. That's a market that's 10 or 15 -- that's a market that's 10 or 15x the size -- we believe we have a lot of potential to grow there. Now we've already looked at and will continue to look at -- the idea of diversifying to different markets, but that's not our priority right now because we are really focusing on increasing our presence in Sao Paulo. And but if we do that, it's important for us to do that with Ibmec because building brands, building brands is very expensive. And there are a lot of synergies involved in having own brand and having business online. So we need to embrace this move, embracing new markets would not make a lot of sense for new premium product. It would make sense for Ibmec. So we want to strengthen the national brand, especially through online programs.

Okay. The next question is about the composition of the semi in-person classes and distance classes. So how does the company plan on increasing the share of semi in-person classes. Part of this has been defined. Part of that hasn't yet been defined. We've already tested some things and we've seen some positive results.

We started our test with 3 different units. We expanded -- we started expansion last year in this first quarter, we worked with 16 different units, and now we're studying an expansion to other areas. The criteria for us to test this future model involves ensuring academic quality, wherever we are, although things will not be centralized anymore. The second issue is the profitability of partner. And the third point is the velocity and our ability to scale this initiative. So we are happy right now. we need a model that's quicker to scale. So we're making some of that change to scale in the second quarter where they have 16 units working in this model, 3 of them are wholly owned. 3 units are parnter units. We are assuring profitability. We're making all adaptations in order to accelerate the speed, whether that's for small cities or medium -- or medium cities. The only thing we're sure of is that we will not have a single model. But this model that we're defining will have a higher expansion velocity. And it will be profitable for us and our partner, and we'll be able to ensure it's a clinically. So we already have 16 units. We have 3 wholly owned units and you can visit these, and we have 13 other ones that belong to our partners. And we'll be able to ensure that this business will be expanded. So that's what we mean when we talk about this. And the expansion will involve partner units -- that's one of the channels that will ensure our ability to expand this quickly at the national level. So part of this has already been done. Part of it is being tested, but this will happen -- in the way -- the same way that we're doing with the 16 units that where we're working on this student acquisition. We have 1 in [indiscernible] week. We have some [indiscernible] classes. We have streamlined our content with a lot of practical activities. And if you'd like to visit some of these units, you may -- we have some units that are already operational.

Okay. So we've got 1 last question here. So we talk a lot about of more than 30 million students that don't have access to higher education. And we know that historically, this number is large and continues growing. Taking this into consideration, what does the company believe we can do to turn the key and really attract this target market to higher education. And do you think this can have -- do you think this can affect ticket prices?

Well, it's a good question. It's great to end the session. Now when you ask for what's the ideal teaching program, the idea would be for the precise [indiscernible] ago and then have in-person education and create that network. That's the best for most people. Of course, everybody has their own experience, life story, but I think that we need to, as a society, think about how we can do this in a more structured way. So when people ask me, "Oh, I'm really concerned because business education for teaching. Look, I think it's a great solution for teaching because a lot of people are already -- they're already giving classes, and they have not experienced in that. It's just that they actually -- they went after their own opportunities. So this is learning is good for certain things. And I think when we want more education and when we want more people in person, then I think that we as a society need to reexamine this. We need to look at this with a little bit of sensitivity. We need to do something similar to what was done with FIES back in 2013 and 2014. And you have a lot of openings in teaching that are not being filled. So the question is, can people find work after that? Or can they access the material? I think we have to think of this as a whole. This involves us having a serious question of public financing. And I think that the other aspect is less sensitive. Aroldo has presented it very well. We see face-to-face bouncing back ever since 2021. A balance of supply and demand that was crooked since 2014. And when we observe distance learning. And when we have this strong growth, and we believe that -- and we're going to have tickets increasing according to the inflation, and we don't see that happening ahead. And in this moment of market saturation, maybe we are going to have a greater competition concerning students. But on the other hand, we are going to have more money, we are going to be able to invest more in education, either due to the income increase in the population of our society, raising awareness to invest more in education as a whole.

So that's it, we are going to wrap up the Q&A session now. My team and I are available to address any additional questions. And I will give the floor now to Eduardo to the final comments.

It's over everyone. Thank you so much. It was very cool to be here today. We had moving moments. We were talking about so many different things. We look at you and we see people here who have been with us for 5 and 6 years walking hand-in-hand through [indiscernible] to critical situations, but this is over. If we were able to go on with the structure that we had, we were able to face everything that we experienced now with a better structure with this deleveraging process. From now on, we have a lot of good things to come. When we discussed among ourselves how this agenda would be, it was interesting because we have the content -- it was within us. It was a matter of putting on slides and having some sessions that we try to align with each other. So we are not bringing something new. We are structuring something that we had within. We had in our institution, and we have been talking about that with you. Some of you are very generous in terms of feedback saying that, that wasn't good, not speaking about guidance in the first quarter was not good. So we see it and we reflect upon what you said. Sometimes we have -- new mistakes and sometimes we repeat some of the mistakes, but we are always in terms of institution, shareholder bases, students, service provided, and we wanted to show that to you that we had a very important part of our frustration when we talked about -- we talk to you was this data comprehension of the things that we do based on the individual biases. So we brought people to talk about that. We've been talking a lot about that. You may complain about several different things concerning us, but we always speak our minds. We always talk about what is good, what is bad. Remember that Aroldo just said that this is not good, but it was 5% to 6% and 500,000 in capital cities. So we are very transparent and the results are very good in terms of relationship, in terms of deliveries for society and in terms of operations, and we have external recognition, but it's also a matter of time. We have -- this issue of target as well to us the sector to the country, but this is going to happen. So thank you so much for trusting us for the feedbacks, for all the laughs that you give us for your time for listening to us and for all of your support. You've given been giving us support in several ways. Thank you so much. Within 4 years, we are going to have a different one or maybe next year. So next year, we're going to see each other again.