Vasta platform limited VSTA – “Vasta” or the “Company” today reports its financial and operating results for the third quarter 2022 ended September 30, 2022 (Q3-22). Financial results are expressed in Brazilian reais and presented in accordance with International Financial Reporting Standards (IFRS).
HIGHLIGHTS
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Vasta’s cumulative subscription revenue during the 2022 sales cycle (Q4’21 – Q3’22) totaled R$1,024 million, an increase of 38% compared to the previous sales cycle (Q4’20 – Q3’22). Q3 21) and exceeded our 2022 ACV guidance by 2.4%. Subscription revenue excluding our hybrid subscription textbook (PAR) products increased 47% and total net revenue increased 30%.
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In the third quarter, subscription revenue grew 76%, primarily led by traditional learning systems and supplemental solutions. ACV revenue in 2022 consisted of higher quality sources as Vasta managed to increase the growth of its premium brands and continued the migration from PAR to digital subscription products (Textbook as a Service Platform) in line with corporate strategy.
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In the third quarter, Adjusted EBITDA totaled BRL 23 million, a relevant increase compared to Q3 21 when Adjusted EBITDA was negative BRL 29 million. This improvement was primarily due to operational leverage gains, cost savings and an improved revenue mix with growth in subscription products, in addition to the contribution from Eleva. In the 2022 cycle, Adjusted EBITDA increased by 99.6% to BRL 336 million, with a…
