Financial Data and Key Metrics Changes - In Q1 2025, net revenue increased by 11% to reach BRL1.19 billion, driven by the successful conversion of annual contract value into revenue [8][12] - Adjusted EBITDA for the 2025 cycle to date was BRL420 million with a margin of 37.2%, a 5% increase from BRL402 million in the last cycle [9][13] - Free cash flow totaled BRL144 million in the 2025 sales cycle, representing a 176% increase compared to the same period in 2024 [9][16] Business Line Data and Key Metrics Changes - Complementary solutions showed the highest growth rate among business segments with a 24% expansion compared to the same period last year [8] - Subscription revenue increased by 17% to BRL1.019 billion, representing 90% of total revenue, while non-subscription revenue dropped by 6% [12] - Adjusted net profit for Q1 2025 totaled BRL26 million, a 49% increase compared to the same quarter of 2024 [15] Market Data and Key Metrics Changes - In the government segment, revenues generated were BRL5 million from five new contracts, a decrease from BRL69 million in Q1 2024 [12] - The net revenue of B2G reached BRL41 million, a decrease of 40% compared to the 2024 sales cycle [12] Company Strategy and Development Direction - The company is focusing on operational efficiency and cost-saving measures, which have positively impacted profitability [9] - Continuous development of the technological platform, Lural, aims to enhance service delivery and educational inclusivity [10] Management's Comments on Operating Environment and Future Outlook - Management expects stable margins for 2025, with a forecast of similar margins to 2024 despite lower margins in Q1 and Q2 due to marketing spending [24] - There is a positive outlook for B2G contracts, with expectations for growth and a healthy pipeline of new contracts [30] Other Important Information - The last twelve months free cash flow to adjusted EBITDA conversion rate improved from 42.5% to 50.8% [17] - The net debt position decreased by BRL77 million since last year, driven by free cash flow generation [20] Q&A Session Summary Question: How do you see margins for 2025 comparing to 2024? - Management expects stable margins for 2025, likely above 30%, with Q1 and Q2 having lower margins due to marketing spending [24] Question: What is the strategy in terms of mix and expectations for the B2G business? - The strategy includes a concentration in B2G with new contracts expected in Q2, and complementary products are anticipated to grow above 20% [26] Question: Do you expect a lower B2G revenue this year or should there be seasonality? - Management indicated a more normal seasonality for B2G, with expectations for growth in 2025 and a heated pipeline of new contracts [30]