It is a pleasure to see so many investors, analysts, and stakeholders at our meeting. Let us wait another half minute. We have a list. We'll wait until we have the numbers stabilized, please. We can see hands being raised. Thank you, everyone, for honoring our conference call of our earnings results. It's always very good to talk to all of you. We'll wait another minute to have more people joining. We see lots of hands raised, so we can see all of you on the question list. Marcelo? Our founder and CEO has the floor to start this call. Good morning, everyone, and good morning, everyone. It's a pleasure to be here next to Marina, Botafogo, Átila and Guilherme, all this wonderful team, enabling our earnings call. It's a sunny Friday in São Paulo here. I'd like to thank you once again.
I'd like to thank, first of all, Ricardo Cançado, the whole team, considering, had a serious problem and that has been overcome. Everybody that has supported me in the for implementing this relentless plan of reducing net debt and hard work. I'd like to thank everyone that have been laid off from Ânima at a difficult time, not only for Ânima Brazil as a whole and the hard line to families that trusted us, that renegotiated their contracts, the people that have had to leave our ecosystem. My word is of gratitude to all of you, our investors, stakeholders, analysts that have trusted Ânima, that have gone through this moment that has been so difficult to mankind, but particularly this moment that the company has gone through.
I believe it is important for us to have clarity that until last night, this dawn, myself and CEO could say, considering questioning is a covenant and our solvency capability. Massimo, I can say that since we founded the company, we never delayed rent, payments or salary bags. It wouldn't be now that we, we would not accomplish what we do today. We can say this is part of the past, the covenant of 3.5. There should be a change as a limit at the end of the year is 3.44 now. So with this, I'd like to thank all this wonderful team that has managed to carry out this work and move on in our presentation, but reinstating our gratitude to each and every one of you, considering everything I've said.
Well, moving into the presentation, it is important to start with a message that we actually are increasingly more disciplined, implementing a discipline that is unrelenting of reducing net debt and leverage. We see the results here, BRL 234 million in net debt. I clearly said many times that we would reduce net debt, so leverage at 3.4x, well below the last report and, below our covenant for this year. Important in terms of the, the improvement of the EBITDA margin and the old-fashioned adjusted EBITDA, 236 + 24.6%, 2.2 percentage points of gains, of expansion, and it's very important for our cash generation. Very important, or BRL 321 million times, compared to 127 Q3 2022. Leads us to a solid student base with ticket expansion.
It's important to talk about this because there's a lot of speculation, opposition, and inequality. It is most important for the company. We'll always seek this positioning because we genuinely believe in it. Quality is again, a gain to all of us, and we believe in this way, and you all are very aware of it. So for ticket to growth and student base, find an optimum point between the growth of student base and ticket. That is revenue. With this, I turn it over to our partner, our CFO, Átila, so that he can move on with the presentation. Great. But we have a chart. Turn over to Walter, because B otafogo loves presenting this chart because this is his child. And then you turn the floor back to me.
As Marcelo said, and actually I was saying, it is with great smooth, with serenity, that is very humbly, we know there is a lot to be done. We want to deliver much better results over the next years, the forthcoming years and periods. At the same time, it is with great satisfaction and great pride that we present these results. We have seven consecutive quarters of the EBITDA margin ex IFRS, the old-fashioned way, after being read. Last twelve months, when you get a result of one quarter of semester, you have a lot of intrinsic volatility. When you take a longer series of last twelve months, and you do the rolling basis, and you see how the business is behaving, and there are seven consecutive quarters of improvement in profitability.
We have five quarters beating or reaching a record quarter-over-quarter of the greatest EBITDA ex IFRS adjusted in the past five years. Consequently, it's the period that Marcelo here as CEO implementing this very strong discipline of purpose for quality and education, and generating attractive return to shareholders. We live this huge balance of delivering quality education that will actually transform people's lives through employability, income generation, and tangible social mobility and transformation, as well as providing returns to shareholders. We communicate these results with great joy. Thank you, Botaf ogo. Thank you for your introduction. This chart is consistent with—Sorry. So I wanted to turn back the floor to you. Well, that's it. It's, you know, this is a table, not a chart. These results, as Marcelo said, is the result of the work of thousands of educators at Ânima.
Many of them are attending this call, and I congratulate them, and I thank for having taken this journey with us. That is, in fact, challenging, but it presents results. We are committed when we disclose the result of quarter two, to an action plan, better efficiency, faculty, austerity in the management of expenses, and the maintenance of the initiatives of administrative personnel reduction. Three months later, we see that our statement shows that it confirms our commitment. This earnings results call has this symbol or sign. We are here. We recognize the result that was below what we understand the company deserves to have. We're committed to an action plan. Three months later, we are back here showing that it has actually been achieved. This is very important.
These items and numbers, we don't want to go into details, and you know that you all have much more detailed information in our release. They are clear evidence of the quality of our results. In addition to having improved almost 25% on EBITDA year-over-year, we have gained 400 base points in the EBITDA. Old-fashioned way, it's very good, great quality. There is nothing of gains in provisions. It's an EBITDA that actually goes to the cash of the company. This, to us, is extremely important, and I'd like to connect this importance to the next chart, which is, evolution of our debt. In addition to those commitments, we've committed ourselves to care and pay attention and great diligence in the use of working capital, especially in accounts receivable.
The evolution that we see today in terms of relevant reduction of the debt is also resulting, also, in addition to what we've seen in the previous chart, consistent improvement of results, plus an improvement that is significant in the use of accounts receivable of the company. We had great discipline in working capital. We had great discipline in CapEx, and we highlight to you what have been portfolios that we have transformed into cash, that they had been generated in the previous quarter, so that everybody had the exact dimension of the impact of the past and the current working capital management. The result of it all is that we managed to reduce BRL 234 million for in our net debt. It's to us a reason for great accomplishment.
We know the difficulty it is to reduce net debt with the interest rates at the way they are. We know how difficult it is. So as we reduce that, we understand that this is great merit of all Ânima educators who have accomplished it. And we are excited, Marcelo, because we see from now on, lower interest rates, consistently reducing. We see that in our results, our financial results, but that's just the beginning of what we understand, the new cycle of drop in interest rates that will improve along with the improvement of results of the company and the care of making the revenue to be received. This care, along with management, of debt and improvement of results, we believe in a very sound way, with great consistency, that we are beginning a reduction and trajectory of reduction of leverage of the company.
We've reduced from 3.9- 3.4. Next quarter, we will further reduce it, and then further and further, and we are very confident that the work that we show here takes us towards this direction. And a conversation of partners, if you do the math, our ROE, you see a structural trend of growing ROE and cost of debt that is actually reducing. Very important to be observed, Marcelo, as we have a lower debt with a trend of flexibility. Unlocking value is something that is very much boosted. You know, it's a new boost in value generation. In these releases, we actually wanted to clarify, and we privileged several things. Well, we have showed very lots of things in our presentations. The summary, as we conclude this results call, we are delivering what we have promised consistently.
We are paying attention to what was the core point of concern of everybody looking at Ânima, which was leverage. We are diligent, very much so, in the front of expenses and as diligent in the caring for the education and of our accounts receivable, so that revenue can be a revenue to be receivable, so that EBITDA can be cash. These are the main messages. Our units keep on being robust. We have Guilherme, who can answer on Inspirali. Marina also following us and honoring us to answer questions on regular topics, academic, the future of education. We have Fernando and Esther, whom I publicly thank for the long nights and for us to have these results presented at a lower timing.
In addition to that, we have this, that, that in the release, we actually made it 3 days earlier regarding what we have always published. We continue in the trajectory of reducing this timeline. We closed an important step, Marcelo. I have reported to you, I report to everyone, the integration of Oracle, a first step that will build the final turn and the second of January automation, the process of accounts receivable closed, automatic, everything right, with no mismatch at the first minute of November. That will help us reduce even more these timelines, so that we can increasingly have information that is reliable, fast, showing good numbers to all of you. I think it's important. Before we go to the Q&A, I think it's important—I should say this about Botafogo. At every tenth conversations, well, 9.5 is leverage.
The invitation from now on is that we can go back to talking about system integration, 2019-2026, integration of ERP, academic quality. As Átila said brilliantly, we've come this far. Me, as a CEO, I could say many times, I cannot count with drop of inflation, interest rates, but we should reinforce and restate that we have, well, drop in interest rates. Well, you know, with the meetings of Copom, this happens. As a Brazilian, I do hope to have a recovery of the economics, of employment, and then our positioning quality will be increasingly more prepared for this scenario. We should change our agenda from now on, and then we should talk about things that are very important that we've had to not talk and thank everyone. I think our board of directors have supported us. It's been renewed. We have new board members arriving now.
I'd like to thank publicly for the support they have given us to this project. Now, let's move on to our Q&A. Samuel, would you like to start the queue? Sure. Good morning, Botafogo, Marina, Átila, Marcelo, Guilherme. Good morning, everyone. I have two questions on my side. The first one is on FG-Fies. If you could perhaps quantify or give more qualitative color of the improvement in retention of FG-Fies for the third quarter. If you see more color of retention for the fourth quarter. The second question on CapEx, there's been a major decrease, 50% year-over-year, quarter-over-quarter, without going to guide us here. But can we expect a pattern of investment that is more conservative in this line from now on? That's it. Thank you, and congratulations on the improvements shown. Samuel.
No, I joked here that I would never answer questions on FGFES, but I keep on answering them even so. Well, this pattern of Q3 is consistent to what we've seen in the previous quarter. We fortunately had on the first, I think it was published on the third of November, the law with a new quota, cap, and we expect this produces effects as of the Q4. But that's what we're working on. And from CapEx, we understand that our CapEx is being looked at very much. Discipline, we're not doing anything that actually impacts the quality of teaching for students. I say this very proudly.
In the past two weeks, we had all our rounds of conversation with students, and the problems that we saw in the past, and we've been praised by the services we've been providing from the standpoint of enrollment and payments, tuition, invoices. Our CapEx is very educated and disciplined. Of course, in Q3, we'd we have a bit less in terms of works, et cetera. We were impacted early this year for the changes in terms of campus. This has weighed a bit. We felt that in our releases, and that was part of the past. We understand that actually, we are moving towards a new pattern of CapEx, more educated, more consistent. In the light of all CapEx we've invested in the past years, we are completing the integration of ERP that has consumed a lot of CapEx that will no longer take it.
That is an item that we understand that in the next quarters should be very well educated. On FGFES, Atila, well, since nobody asks me anything, let me say something. We should remember that on the first of November, the law was published, 14.719, that implemented, as of November, a ceiling of 27.5. It is not. We're not happy with that. We've been talking a lot about this, right, Marcelo? This is a conversation that is happening in Brasília, and I have the opportunity of acting on behalf of several associations. All this framework of rules that has been created to FGFES implies a lot of obligations to Caixa Econômica Federal and then fund managers, obligations that cannot be attained. We are confident enough to contribute to a fund whose delinquency level is real in our portfolio.
We know that we have an audience that within the industry, we have an advantage in this sense. We know the profile of our portfolio, but this is not happening because the government agencies are not doing their part. So this discussion continues because the efficiency in collection, care, all these instruments of, you know, payroll, discount, et cetera, and these should happen and should be effective according to our portfolio that we know what it is. Very good. Very well complimented, Marina. Thank you, Marina. Atila, good morning, everyone. Thank you, Samuel. Hello, Luca. Hello, Luca. Good morning, everyone. Congratulations on your presentation. Thank you for taking our questions. We have two on our side.
First, in terms of improving the receivables, the growing part, seven days, if you can comment from now on, how much you have to improve, if there are new initiatives in addition to these, if they will be continued, if you could give some color as to how you can improve working capital, the first part. Second part, in terms of average ticket, especially on digital, we see that some players saying that there have been some pressures, if they have been more aggressive. How... If you can comment in price and intake for distance learning, it will help a lot. Thank you. Right, Luca. The working capital part, well, it is together with a set of policies and processes that aim at making receivables faster.
Some policies that encourage higher rates for longer financing terms so that students only use them if they need, up to operational aspects. We have collection robots that once the tuition fee is mature, they can get in touch with the student, they can make an agreement via WhatsApp with no human interaction. So this is a broad set of measures that make us improve the conversion of revenue into cash. Having said that, we understand that Q3, the odd-numbered quarters are better for accounts receivable. That's when we have the renegotiations. So we understand that we've been able to give a good level of education to our accounts receivable. From now onwards, our expectation is that we maintain this level of education. It may change slightly to be improved in the odd numbered quarters and a bit worse for even numbered quarters.
It should grow consistently as we grow our revenue and a bit below, slightly, as these actions are more consistent over time. So I understand that we did a lot of work. From now on, is to continue maintaining it so that it can actually bring progressive evolutions, but not as relevant as we, those that we're seeing now. And as to distance learning, well, there are several factors from the growth in marketplaces where we have consolidated brands that we've grown with corresponding tickets to the value of our brands, up to the certain moves that aim at balancing what we call tripod: volume, ticket, and working capital. Volume, ticket, and takes to have revenue turned into cash. All of this together is our challenge to balance.
We should not only look at volume, not only to ticket, and not only to—and not fail to look when the revenue goes into the cash of the company. I believe this movement of ticket in distance learning is healthy, offset, in part, for smaller volume. But it's important, Luca, to understand that the intake of distance learning happens continuously. Not necessarily, do we have great impacts in a quarter that are structural. It is better for us to look over this semester. So based on a semester, we're confident in volume growth, we're still confident in ticket growth, and even more so of making this being turned into cash quickly. Super clear, Atila. Thank you. Thank you, Luca. Nagano? Nagano. You have the floor. Good morning, folks. Thank you for taking my question. Two questions. First is on marketing.
We have an increase of about 2 points in these lead providers. The question is, if this is going to continue in the next quarter? Second question, sorry, it's a bit longer. It's not. Well, it's actually the reduction of faculty and business sustainability. You've been doing very efficient work and various fronts, and in this quarter, there's an improvement in the payroll of faculty. At the same time, there is some kind of attrition in the retention and intake. How can you do that, minimizing impact per student, not only thinking about the short-term action plan, deleverage, and covenants, thinking about intake for the next cycle and sustainability? Thank you. Thank you, Nagano. I'm going to start with the second. I think it's important I mentioned in the previous call, first call, we moved from 21- 22, with 19 systems to 6.
On the 31 of December, we had 19 systems in the company. We woke up with 6. So we made the implementation, the large machines at Laureate and Anhembi Morumbi and Una. And in addition to all of that, there was the return of in-person or on-campus. So that generated a lot of stress and a solution. One of the solution was to, well, let's increase the hours to more activities, give more freedom so that we can soothe the situation. I said that, and we resumed the previous pattern in the turn of the last semester that is reflecting this quarter. It's not a matter of moving professors that are going to generate problems to quality. We're not talking about this. We're simply, again, putting the student hours that should at the levels that should be. Oh, this is very clear.
It's been mentioned before, and we're just delivering what we had promised. Well, Marcelo, as well, Nagano, starting with the last, that to me is the most important. I've been here for 20 years, and I intend to continue in the next 20, and we cannot ever compromise our future with what we do in the present. We, much on the contrary, we had to strengthen the future with what we do in the present. What we've done in this quarter reflects this. We needed to give more efficiency to the company, and we mobilized the company in this direction. So, well, we're going to care for it ahead. 80% of my time is in our units. Well, be it in our Paulista campus, in the campus of Belo Horizonte, UniBH. I go in the elevator with students.
I have my coffee with students in the canteen. Marcelo has his nephew studying at São Judas. I shortly will have my children studying here, but Thiago, our CFO, Vince Birardi, is just enroll his daughter to study physio therapy at Anhembi Morumbi. So we trust our schools and our children study in them. So we consume what we produce. This to us is absolutely relevant to answer your second question. To answer your first question, Nagano, I think there has been increasing leads in price of leads this quarter. I think we should close the year very consistently in terms of the closing Q2 last year, with a slight adjustment with inflation.
This quarter, there was greater effort, greater investment, and effort, considering the intake cycle, but I don't believe this is something that will continue in this intensity, much on the contrary. Thank you. Very clear. Thank you. Professor Marcelo Santos, you have the floor. Good morning, everyone. Thanks for the opportunity of asking questions. I also have two. The first is, well, if you could make some remarks on competitive environment, I know you like to talk about overcoming. You have your eyes, you have on the-- you are on the front line, and your vision is very useful to us. Second question is to Marina. Well, Marina, there is a question for you, indeed, if you could make some consideration on the regulatory environment for distance learning.
Marcelo, for the competitive environment, it's very difficult to talk about competitive environment because there are many, there are various environments, and they are multiple. Sometimes you have a marketplace that is doing very well, another one that is doing very poorly. I'd rather talk about the industry as a whole. I was very excited, Marcelo, with the census that was published recently, where we see the change in trend, the curve of new entrants in on-campus students. The curve was very much in line with what we believe. So the balance between digital, on-campus, hybrid is extremely important, and on-campus shows, again, its value also in these numbers of this census to us. It is a very important factor that we wanted to highlight, and it reinforces our trust in our project. We are pioneers in introducing hybrid learning.
We believe in the purpose of quality education, so we're very happy with that turn in the curve. That is the most important point, right, Atila? So quality, distance learning, growing, it has to have quality. This is the demand. Well, regional brand power, so, you know, that's unbeatable. So quality will be important, increasingly more important. That is our positioning, and Ânima is prepared to make a difference at all modalities, increasingly more. Let me say something, that when we talk about quality, and we hear from you, analysts and investors, sometimes that is the best, less tangible when we talk about quality proposal. But actually, it's not.
It's the academic quality that will bring employability, income, social mobility, so transforming lives, quality and education, all of this is connected with the side, in the side of purpose and business in a very direct way. Because the image resilience that we have, the ability of appropriately pricing our tuition fees, depends on the quality perception to students, and quality perception cannot be built in 1-3 years, something you build over decades. A young student that is in middle school, that see a doctor, graduated Anhembi Morumbi, and wishes to study at that school, the student that sees the lawyer from São Judas, that has a successful career, they want to study in that college. That is built over many years, and the quality that outlines all of this is reflected in the business of profitability, as we have seen.
On distance learning, Marcelo, thank you for the question, and Marcelo Bueno almost answered it. We realize or we notice a great concern, the Ministry of Education with quality, something we should actually celebrate coming from Ânima. Most of you followed in 2017, all the discussions we had at the moment of flexibilization. At the time, we had the opportunity of sitting at the table, discussing, bringing their ideas. At the time, not everything could be implemented the way we felt at the time should be with criteria that would be better in terms of quality and control. And then, some years later, in this management, the Ministry of Education faces a volume that scares it, especially knowing the low level control and surveillance that the ministry has on distance learning. All of this is something we should celebrate.
This care and looking at quality should be celebrated. The care we have to take, always, evidently, is turning that into something radical, because when things are turned radical, they do not help, they hinder. They do not take us where we want to get to. We have been interacting with the Ministry of Education in this sense, be it Ânima and our presence in some associations, we've been acting towards moderating so that we're not radical. Distance learning is very important. There are several municipalities in Brazil that are only served through distance learning.... Many people can be in the big cities, but it is a mother that has a baby, an athlete, high performers that need business learning to have their education and training. We must help the ministry to understand that the quality, quality agenda is essential.
There are many instruments to care for that without turning it into a radical thing and turning this into a huge, ban or witch hunt, that actually weaken the main part of the discourse, which is quality. So we are following this closely. We will be able to share with all of you. We have public consultation that everybody has the opportunity, voicing their opinions, and we believe there is a path of quality, viewpoint that is positive, and a way of acting that deserves, say, some trimming to attain to the major goal, which is quality improvement. Very clear. Thank you for your answers. Thank you, Marcella. Mirela? Mirela. Good morning, everyone. Thank you for the space to ask questions. There are two follow-ups regarding leverage. We know that Q3 is more challenging in terms of cash generation.
Even so, does it make sense for us to think about reducing leverage toward the end of the year? Another follow-up of the previous question on distance learning regulation. Looking at the public consultations, ministry has been indicated for a new regulation for teaching or academic training. Do you have any specific questions regarding them? Thank you. Mirela, thank you for your question. I'm going to answer the first, and I turn to Marina. Marina, you thought there wouldn't be questions. Mirela, what we see in the results we present now is that we have growing trajectory of efficiency. Q3 is better than Q3 last year, and I have no doubt that Q4 will be better than Q4 last year. The initiatives we've taken are consistent, sound. They deliver both improvements in the denominator and the number of this batch.
We start in this quarter, consistent trajectory of reducing leverage. Q4 consumes working capital, but even having this quarter ahead, we are confident that the trajectory of reducing leverage is present. Regarding academic training, Mirela, this is a vicious circle that is very complicated. In the labor market, we know basic education, public education, people are being very poorly paid. This does not attract the interest of many people with this kind of course, and then you have a lack of demand for the courses, and all of that generates a very bad cycle that must be interrupted, but it requires a lot of public policy to be interrupted.
We've said it many times, you must have heard Daniel Castanho saying that, "In our view, the academic training should be a course similar to the care that we have to medicine, to medical schools, which would have sort of full-time need for practical experience." We're training teachers for the country, so this viewpoint of the Ministry of Education, specifically to those courses, comes in the same line that we talked a while ago on the final goal of raising the bar of education in the country. Something we celebrate and that we've been talking a lot with the Ministry of Education, providing solutions. We have the Ânima Institute. We have an intense program of basic education teacher training. We set up a partnership about, I think it was four or five years ago, with Finland, with Stanford, with the Lemann Hub and Stanford.
So we have two programs at the Ânima Institute of Training, teacher training. They are teachers that are already teachers, but we have been able to contribute a lot to that through the institute, because at the end of the day, that's what we need. To improve quality of basic education, we should train teachers. The country requires serious policies to reduce dropouts. Middle school, with that's our raw material. We can make the transformation when students can get there. So we are very optimistic regarding this concern, this bright light now that the ministry creates on academic training, and we're encouraged and excited to be able to do and to be here, perhaps a gateway for the entrance of better teachers in the country. Perfect. Thank you, everyone. Thank you, Mirela. Renan Prata from Citi. Hi, good morning, everyone. Thanks for taking our question here.
Congratulations on your results. I think it is just the question. Well, I think the colleagues have covered a lot, and the presentation is quite clear. So well, to understand the Inspirali dividend payout, if it's a recurring policy, just to understand the recurrence or not of this, dividend payout. Thank you... Okay, Ânima will talk about that, and then we can talk about Inspirali. Well, actually, what happens today? We haven't had all the M&As that could have happened there, and this company is, as Guilherme will say, is very profitable, generating a lot of, cash, and it was down there. It could go to partners, to Ânima, goes to the parent company. It's good that actually encourages the cash of the parent company to minority partners. We are very proud to have as partner DNA Capital. They get the dividend.
That's the entitlement of the partners' money. That is not ours, it's the partners. It doesn't change anything in terms of content in our leverage and the credit risk to creditors. It's just a framing more than content, because within the consolidation of 100%, as we pay dividends, you have a leakage of the system of 100% integration in the consolidation of terms for the leverage calculation. Apart from that, there's no impact. We made a point, very proactively, to put in our release. Although it's a subsequent event to Q3, we have the payout of dividends, reduces cash slightly for the cash reduction for being conservative. Excess care, we if we were to calculate how much the net debt is, even so, if you include the leakage in the net debt, our leverage would be 3.47.
We make it very clear in the release. So this is something that happened this year because we did not have the faster inorganic growth. In addition to everything that has been broadly published, this is the effect that we have in our statements on Ânima. Well, let's let Guilherme talk a bit about Inspirali. That's what matters here. Thank you, Rena. Good morning, everyone. Actually, Botafogo touched this point. I believe that the result of the quarter of Inspirali reinforces some points that are very relevant. First of them, consistency and soundness of Inspirali's results. The ability of medical schools of Inspirali to recompose their student base. We know there is a sort of transition of the Inspirali curriculum. Moving into the Inspirali curriculum, maturing the curriculum, moving from semester curriculum of the legacy before integrations.
So we have a challenge this year, especially next year, re-making the base and the results shown, show the power of the brands and the academic proposal of quality to attract students and re-attain this mark. It shows clearly the acceleration of continuous medical education or lifelong education. It's a pillar of Inspirali, of serving as partners to medical career throughout their life, and that's a consolidation of medical education, along Epimed, along with Inspirali. And with all those elements, Inspirali demonstrates its ability to have cash generation. Inspirali has a situation of leverage that is very healthy. With this, shareholders have the distribution of these funds, especially to irrigate and feed the whole system, and not leave that capital stuck at Inspirali, knowing that the power of growth at Inspirali is very sound.
In the past, 18 months of building Inspirali, we've been acting in a very clear way in consolidating governance, our boards, committees, executive management, the strategy delivery, necessary investments to maintain our operations and our offers compatible with the quality positioning of Inspirali. The inherited from the Ânima DNA, reinstated our DNA Capital partner, following us and our board members of Inspirali. Thank you, Rena, for the question, and to allow me to participate a little bit. Cool. Thank you, everyone. Thanks. Dear Moscardini. Oi, pessoal. Bom dia. Obrigado- Dear Moscardini. Hi, everyone. Good morning. Thank you for the time. I take the opportunity of having Marina present and her presence in Brasília, and ask her about FIES. If you hear any news on this topic or if not, if things are kind of stopped, nobody talks about this anymore.
Another question, more geared to leverage, which was the other opportunity that you had every further reducing leverage, which is the sale-leaseback. What is this process like? Is it something you are studying, considering that leverage is being reduced the way expected and this is no longer part of strategy for now? Thank you. Thank you, Caio, for your question. No, we don't see this topic in the agenda. Since July, August, people have been asking me about that. It's interesting to notice, as we don't see people talking about FIES. Currently. At the exact moment, the topic is ENEM. Well, the ministry has another fire to put out. My impression is that this topic has cooled up. A lot, within the ministry, and I think this year, I think it's very unlikely to have any news, any changes in this front.
Moscardini, on the sale-leaseback, we are always following the deleveraging alternatives we have in light of the cost they bring, and the marginal cost or marginal gain that you have as you hold a bit more the alternative we have at hand. We are at a picture that is gradually drawn in terms of reduction in interest rate, and the marginal benefit has been reducing every moment, but it's still large. We understand that we're getting close to the moment of making a long-term transaction with property in more competitive rates that make sense to it. This is quite a heated topic, agenda. As we understand, as shown in this quarter, that using alternatives of greater value generation to shareholders and that. It doesn't mean that we have left that on the side.
Much on the contrary, this is present, diligently being taken care of, but we understand that we may have another slight movement in the long-term rates towards making sense so that such relevant contracts, such long-term contracts, can be made in conditions that are more attractive than the other alternatives that we have today present on the table. Very good. Thank you. Super, thanks! Hi, Victoria. Up to you. You're on mute. She lowered her hand. Okay. We have a question from our investor, from Yuri. Let me find his question. It's over there.
He asked us to elaborate on two points, on the improvement of leverage, the inorganic part that could have in Q4, part of property that is not Pravaler, and the other one on release of working capital, and this advanced, receivables, if this was an important leverage to reduce net debt, if we could elaborate on the movement from now onwards. Let me first comment that everything that happened in Q3, everything was organic. There are recurring things, the day-to-day things, and other things are atypical. Everything was organic. That we did not sell any property. There was nothing inorganic. This inorganic that has. Let's have the debt bridge on the screen. It will show clearly what was, actually paid on in the quarter. If you got the revenue because students paid, or if you issued invoices, students prefer to have installment paid on the account.
Everything happened in the quarter. That's cash generation. Anyhow, it's on the left. That's what pulls that 3.9 of leverage down to 3.46, 3.6. And then you have in this operating cash generation. On the right-hand side, we shown what's atypical, even though organic. Credit card, anticipation, early payment, the things that were before, things that were hanging of receivables of clients, as we said, of revenues that were past revenues, but already performed. Of tuition fees of the first quarter this year, last quarter, last year, so these are the BRL 33 million rounding up of credit card.
In addition, we have the Pravaler portfolio, and we had, actually, a material fact that has been published on that, not because of the size of the fact, because it's very important for this sensitive topic of covenants, leverage, financial topic debt, certainly concerned investors and analysts. The Pravaler payment, that should be BRL 50 million-BRL 55 million, came in. We almost had BRL 44 million in the quarter. Why don't we get it all at once? We do it IES, by IES. We go to UniFacs, and the Pravaler, we have all the receivables of funding, so Pravaler management, in which we have a co-participation, a credit risk, and we took all the receivables of UniFacs. After pricing that, we go to UnP, that goes to UniSul, IBMR, MB, all of them, one by one.
So we have little by little, we have BRL 43 million in. We have a little to income, BRL 5 million-BRL 10 million, something like that, possibly in Q4, according to what we have commented. Most important here is to understand what is recurring of this modus operandi that has been enhanced here. We don't want to praise Átila too much. We actually praise him when he's not present, but Átila has set a very important pace in this management that is very disciplined of receivables and cash generation. The whole company today, it's an effort that is company-wide. So the company is very much focused on this, not only finance. Finance can release this discussion. It involves marketing, commercial, intake, attraction of students, where Ânima has always commented, you remember that over years, it doesn't matter the volume of intake, it's volume and price.
We have to look into revenues. It's no use having good revenue or intake with prices. So we have to have harmony with the frontline teams. This has been enhanced recently, was in the cash generation. In other words, it's not enough to have volume and ticket, but how does this ticket come in? Are we actually having installments paid? At what cost? What is the monthly cost of installments to make the duration to be shorter rather paying next times with, you know, cheap interest? Well, so we increase it to have it in fewer summits. All of that, the modus operandi, that is much more effective. That's what we see in this recurring generation, and that is something we can expect for the forthcoming quarters. Okay? Thank you, Botafogo. I think we have another question from Marcelo Bueno. Congratulations, Marcelo – thank you for your question.
Let me understand. Thank you, Marcelo Baus, expert. Thank you for your question. I posted yesterday on my LinkedIn. Well, so the whole team here, congratulate you on your work. Well, let's say to us, well, one learning is materialization of what we said in our curricular model. So it's the legal. As and then, of course, as we're starting learning that with our RP to generate new business opportunity and make it profitable. What, in our opinion, is the most difficult part to be done, to have a curriculum by skills, nano-certifications, and hybrid legal. These nano-certifications, we are packaging them in an operation to generate more value to that. This is not— Well, this is complementary to Vivae. Greetings to Marcio and the team.
They are complementary non-initiatives, as no one does not replace the other, much on the contrary, they complement each other. Okay? Next question from Wagner Silva. Can you talk about Mais Médicos program? Can you, Guilherme, can you talk about it? Thank you, Wagner, for the question. As you well know, we have a new RFP for our bidding process for what we call Mais Médicos III. This program came out recently at a scale that was even greater than the whole market expected. It introduces several innovations to the model. For example, in compared to the previous bidding processes, they are not cities that are being covered, but actually medical regions in healthcare, and every applicant can decide where to put it.
And we are very well prepared to participate in this process, looking very diligently and responsibly, but always respecting the positioning of quality and sustainability of such operations. So as Inspirali and Ânima, we are working, we have certain timelines to attain, and this process will last. It will run over the next few months, considering the current timeline until the eighth of January. But we know that based on previous tenders, there may be discussions and more flexible timelines. We have a team dedicated to that in a diligent way. We have the possibility to analyze the whole document with the sound presence of the Ânima ecosystem throughout the Brazilian territory. Regarding the second question on the provisional measures, you are following that. The Supreme Court has not completed its evaluation. We're still following very closely all the process.
Okay.
regarding certain injunctions that we have. Okay, well, we have reached our time. We thank you all for your time. Botafogo, Marcelo, for your final remarks. Well, thank you. I'd like to thank everyone and close. Thank you very much, and I wish you all a very good weekend. Let's keep on working, folks. Marina, thank you for answering many more questions than expected, and Guilherme for your participation. Bye, everyone. Greetings.