Good morning, everyone. It is a pleasure to have the presence of so many investors and so many participants in our earnings results webinar. It's a pleasure to present the results of our second quarter, 2023. We have Marcelo Bueno, one of founders, CEO, and Guilherme Soares, CEO of Inspirali, great medical subsidiary, and Atila Simões , our CFO, and myself, Marcus Vinicius Botafogo , IR Officer, are available to you. We're going to start by turning over to Marcelo. Good morning. Good morning, everyone. I'd like to start by saying that, well, we should keep that in mind, we are an educational company. We start our semester.
All the schools in the Brazilian ecosystem are starting classes to greet our teachers, professors, our educators, who is now starting such a magical semester, which is a time that we have our students resuming the semester and actually thinking about education. Very good morning. It's a great honor to be here with this wonderful team. We've completed this year, 20 years of-- Well, we were on getting to Beneficência Israelita on the second of May, 2003, where we have a beautiful history. This semester, and in this quarter, I'd like to share some messages with you. It has been a semester of discipline. We can see the discipline we've had on the avenue of renegotiating our physical spaces. The numbers already show the major advance in optimizing physical spaces. It's an agenda of simplifying our corporate structure, of our operating structure.
This is something we can see a trend that is already reflected in July and now, in this semester that starts today, the third avenue of our optimizing of our faculty. That will be noticed from now on. These are the main messages of the three avenues of this quarter. Well, the even-numbered quarters are usually weaker. It's important for us to show this discipline. On the other hand, I think it's important-- Well, the main messages here that we share, we're bringing an EBITDA, the old-fashioned EBITDAX, IFRS 16, an EBITDA that again shows a gain of 1.4 percent points. It is important to bring it up as a first message and also the reduction of dropout rate. This is a very important number. Well, dropout rate reduction shows an important scenario in terms of the soundness of our operations.
Cash generation or recurring cash generation, it is important message here of $136 million in terms of cash generation. As I mentioned, those two important points, a new lease level, $72 million, and in July, if you see, an agenda of simplify the SG&A and personnel, almost 10% of reduction in those costs. We're going to see those trends from now onwards. With that, I turn over to my dear Botafogo to proceed with the presentation. Perfect. Thank you, Marcelo, and everyone present. Of course, at all times, we have specific challenges. We have victories and many things that have been attained. We should actually look back and take into perspective the past few months, and not the last few quarters.
We have this chart that many of you know quite well, which are the past 5 years, and these past 5 years of management, that it has been very disciplined, focused on shareholders, profitability. We've been having or reaping the benefits of the discipline. We had a record of profitability, a fourth record again, first quarter again. Second quarter is the fourth consecutive quarter in which the EBITDA margin, the LTM, to move away from the seasonality quarter of a quarter in the past 12 months, is a record. The EBITDA, in the old-fashioned way, after paying loads, which is essential in our business, you see EBITDA, actually, cash. After paying rent, we reached 21.4% in the past 12 months. We know this is still below what we want to deliver, what we expect to deliver in the forthcoming periods.
It is already an important result, and we're very happy about it, especially in such a challenging macro scenario. We see a bit of the results of each one of the three businesses. It's just like as if Ânima managed a portfolio with three very different portfolios, with value creation drivers that are quite different, and times that, according to the macro scenario, they're going to perform differently. We know particularly that some of those businesses have a growth momentum that is quite strong in the case of distance learning and Inspirali, and our core on campus that feels the impact of this wind against is part of this macro scenario. We had a performance in terms of intake that has been recognized.
Our core has grown 11% in the semester in terms of intake, distance learning, 21%, and Inspirali grew 10. Although it's a sound number, it's no surprise, right? It's like a Swiss clock. These numbers grow as there is a maturation that causes. They are sound numbers, but very much expected. Dropout rate, it's important to show, especially in the core, 'cause dropout in Inspirali is always very low. Well, it goes a bit up, a bit down. In distance learning, there is a lot of turnaround because of the business. 60% of our revenue in our core, the dropout should be in line. In the quarter, it dropped 1 percent point, in the semester, 2 percent points.
This dropout rate is a focus, as Marcelo mentioned, of great attention of ours to keep the students here so that they continue their journey in education. Looking at each one of these segments, perhaps one of the main aspects, of course, is that we've been facing a contraction of volume because of the macro scenario, but this contraction has been smaller. We're actually almost close to a turning point to have a growth in volumes, despite the challenging macro scenario. We had a drop of 9.5% in terms of the student volume. Now we're dropping 1.7%, and the chart, it is very clear that the drop is smaller, quite close to a turning point. Within Ânima Core, when we look at the results, we still feel an impact of the faculty costs in the first semester.
That has been high, we are paying great attention and great granularity in terms of all the curricular offer to gain efficiency, to drive the cost, to contribute in the increase of profitability in the second half. We're very much focused in this faculty cost. As to commercial expenses, we have an increase in marketing and also sales. Well, well, we had a bad debt that has been reduced. We have been having these expenses in marketing to boost the intake. We had solid intake of students, and we have the focus on SG&A. General and administrative expenses, we are going to show that we can see already some improvement in this area as well. As to digital learning, we are have different drivers. We see the growth that is quite fast. Distance learning is growing a lot. The margin is still expanding slightly.
The margin is still expanding, and there is strong growth in terms of the business, and it will increasingly more account in our consolidated. It's about 7% with this significant growth, so we see a positive trend and also growing to, for the business. We're very happy about distance learning, and it's an increased focus for the company for the cus- this growth to be sustainable. I think Guilherme can talk better than anyone about Inspirali. Thank you, Balta. Good morning, everyone, Marcelo, Eduardo. Once again, we're here to talk about the results of Inspirali that have had constant evolution as a project, as a vertical, as an independent company, always looking at growth, at, yet at quality. Well, we are starting the semester today.
We are welcoming our professors and our students, over 11,000 students going back to class. They go back to environments that have undergone great investment on focusing on quality in terms of hands-on, our integrated health centers, new technologies, and also in training and the faculty evaluation, considering all our students with us. The results reflect that, our focus on quality and also in terms of growth, be it growth by maturing our seats and the expansion of new seats, and also in terms of lifelong learning, we start having quite solid or sound results of this journey.
That is a journey that started last year. I stress here the movement that we made, that we disclosed of the acquisition of 100% of IBCMED, showing our commitment with quality learning and our intent of putting Inspirali as a partner of a journey with doctors throughout their careers. It's very important to mention that this quarter. In the medical courses, we had an impact of FIES, a change that was expected in the criteria, we do not have all the necessary visibility as to how this withholding is happening. This should be discussed with regulating agencies that we can understand, so that we can have proactive approach to the improvement of those indices. It's important to mention that the journey of growth of Inspirali has organic opportunities and also inorganic opportunities. That is part of our mandate within our project.
Both, further, this is what I wanted to highlight. Thank you, and I'll be available for questions later on. Thank you. Looking at our consolidated, we see revenue and gross margin. Looking at the whole, we see different moments, different performances of each one of those components. Net revenue drops, slightly in our Core, but with a great improvement both on Inspirali and distance learning. In the case of margin, this slight contraction of margin that we see in Core, it's also partially offset by the distance learning margin improvement. In the case of gross margin of Inspirali, as Guilherme mentioned quite well, we had this greater withholding of FIES and the retention of the first quarter. Best way for us to look and understand what would be a recurring basis was to normalize this for the first semester as a whole.
In this case, our average ticket would increase about 4%, and we have a revenue that is more normalized as we are allowed to-- and it allows us to see revenue in the second half. It's not so strong as we see in the first quarter. You, analysts and investors, will see in other companies in this industry, this is an effect that actually happened in this industry as a whole. After this, I think it's important for us to think a bit about the future and think that the academic offer adjustment, this very granular management of the academic offer and faculty for the second semester, should have a visible impact in the second half.
Looking at the quarter as a whole, and the main positive impact, and also the negative ones, for us to think about the future, the next semester, and also think about 2024. In terms of faculty cost, we had an increase of BRL 246 million to BRL 268 million in the quarter. We're looking at the second half very attentively. It was not possible to reduce this level in the second half quarter, the level we had in the first quarter, because it was a curricular offer for the semester. We're working quite hard, so that way, the second half, we have a contribution that is more positive in terms of teaching cost or faculty cost.
In terms of bad debt, or it says here on the chart, PDA, we have certain things where there are aspects of great quality, of less quality and as well. Well, this bad debt varies quarter by quarter. We should remember that it's a comparison to last year's base. That was very high, where we had several effects, all the bonds in arrears, in an approach that was more conservative of the same tax ID. It increased last year, the management, It improves a lot because the basis is very high. It's not that this is wrong. We've had a great focus on taking care of this bad debt, all the internal processes to have, to anticipate proactively the management of the debt, and we believe that we should keep this level, even though bad debt is something that varies quarter by quarter.
We have certain aspects in which we are focusing a lot in terms of improved marketing, publicity and advertising, which would have continuous effort for the second half to improve it. In the first half, we made efforts towards intake, and also we wanted to improve intake in winter that we have in mid-year. We're trying to adjust this over the second half. As to G&A and personnel, very difficult for analysts and investors to calculate and look into the future. On this chart, on the right, we have a very clear reading. This is personnel expenses we have, adding core and distance learning.
We notice the reduction of headcount of over 400 people that we had, especially in May and June, cannot yet be noticed in the results of the second quarter as a whole, because it happened along or during the quarter. If we take June and compare to the monthly average of the first quarter, for example, there's a reduction of 9%. This reduction, obviously, is transferred to the third and fourth quarters. Obviously, expenses, again, it's like, you know, mowing the lawn. You have to mow it again. You have to be very disciplined. We are very much focused to keep this level and even improve it in terms of the margin and contribution of such expenses. Very much focused on that. Rent payments. We should praise Marcelo Bueno and all the team related to the assets. We had this improvement.
The first quarter is kept in the second half, the second quarter. This is great quality. This should last for the forthcoming quarters. Actually, I can add to this. Sure, Botafogo, this is it. I thank all the explanations, and well, sparing me. Well, good morning, everyone. It's a pleasure to be back here, and I'm very constructive regarding, you know, all these aspects. To all these elements you've mentioned, there's a lot being done with a lot of discipline. Since the faculty cost, we're making deep analysis of the office, the number of students per class, shift. We're revising other things that have evolved a lot, changes in the policies. There is a lot of work that we're looking into, I'm very positive regarding what's to come. Regarding bad debt, well, we have several facts. You've mentioned them quite well.
Last year, we had this car effect, train car effect. That is a jargon that we use. Things are being done quite well today. We can, with AI, we can have a negotiation of payment in arrears, well, via an app or WhatsApp. Everything done via WhatsApp, so there are lots of improvements coming up in the part of collection, and great part of these results start being shown. We should think that it is an element that quarter by quarter may undergo changes. I may tell you that there is a lot being done, and our level of provisioning Botafogo is very robust. It is quite consistent to its historical levels. We're very confident regarding our management of this element. As to marketing, we have invested more in the first semester, trying to drive intake.
I don't believe this level of investment will be repeated. What Marcelo said, the discipline and DNA, it is key. We have been working on this quite hard. You can see that reflected in the numbers, and from now on, this will be more visible in our statements. I'd like to say that discipline will increasingly bring green numbers in these charts. This is also reflected in the trust the market has in our numbers. This discipline, this care, this work, is recognized in the trust of our financial agents. We had heavy investments made over the semester. We reduced the average spread, so our financing has been growing increasingly or every time. This is reflected in the numbers. Unfortunately, we still have great high weight of leverage. Our financial expenses are impacted in or impact our results.
We're not comfortable with that. We're not here to pay to, to work and pay interest. We're working hard on this, and we believe that if the work that we have been carrying out will gradually reduce this number, and it shows in the chart what I'm talking about. Another important thing to highlight is that in this quarter, well, actually, the semester, we had an important mobilization. We closed units, we reduced physical spaces, and this has driven our CapEx. Adapting the spaces well, that we had, where we had students, so we had to do some renewal work. We, we had a reduction in the CapEx in a non-recurring way. In terms of systems and technology, we continue investing a lot in these systems and technology.
We believe it's the future. On the other hand, we've been reaping benefits of investments in the past, ERP. This tends to reduce from now onwards, so we're very positive in terms of these numbers. This number is an important one for the growth of the company. Well, considering all of it, we made a point about clarifying to you in terms of cash and net debt. Position, we're quite robust in terms of liquidity. Cash generation in the quarter is something that is highlighted. Marcelo mentioned in the beginning, this to us is very important amongst all our disciplines that are part of our day-to-day. I think a discipline that is being increasingly a focus of us is working capital. We can see quite significant numbers regarding what we had seen before. This is reflected in the cash generation.
Also cash generation, this is very clear on the chart. Most important is the liquidity and health of the company. We have sufficient cash for maturities till next year or end of next year. This makes us feel comfortable to follow in the trajectory of reducing spreads, in a trajectory that leads company to have fewer financial expenses. The chart also shows we tried to break down what has been a recurring element of our net debt, so what is not recurring. We start with a cash generation that is quite significant. When we see recurring cash generation minus debt, so it's quite significant regarding previous quarters, and CapEx as well is impacted. Now you can see that we have all its weight in the quarter as new CapEx that are non-recurring will disappear from this number.
We'll have better results, ultimately, considering the improvement of our EBITDA, we were able to reduce from 3.9 to 3.8 the leverage. Considering specific effect of this quarter, especially dividends, we have great impact on the dividends of previous years. We get to a level of debt of 3.9 times leverage of BRL 3 billion net. We are working on that. We are diligently working on that. Our total focus is reducing leverage, be it in a way that we can pay less interest in our financial statements. This chart clarifies to everyone what has been the debt movement in this quarter. We move on to our final remarks that makes us feel very optimistic regarding what's to come.
As Eduardo mentioned, the dropout rate drop shows the importance of our working on our shop floor, which are the classrooms, the students being pleased, and we see a clear trend in our student base development, discipline, and restructuring the payroll start showing results. The very close viewpoint of our office makes us feel confident that we have a lot to offer in second half. Digital learning is quite consistent, and that is quite robust. Inspira, as Guilherme mentioned, sound trajectory of growth. I'd like to highlight, Guilherme, the whole trajectory of lifelong learning of Inspira. We have numbers that are not so significant as a whole.
It shows the assertiveness of the work Inspira has been carrying out, and I believe all of this together makes us feel very confident that the second half is a semester, that work and discipline will become very visible, Marcelo, and I believe that the numbers that we present now give some idea of what is about to come. Well, I thank you all very much for your time. I turn over to Marcelo. Thank you very much for allowing me to be back here with you. Thank you, Atila. I should welcome you, Atila. Atila was until the 6th of May, 2003. He was there at the Pampulha Airport. Following this trajectory, he's been to all areas of the ecosystem. He's back here with us. He is here very actively. André Tavares , I'd like to thank him, who's been with us for 5 years.
He's switched off on my request. I'd like to thank him. Guilherme Soares, well, so many years with Ânima, four years in Inspira, four years old. They are important date and on Saturday, we had 51 years on the campus. I would like to greet all the institutions of the Ânima ecosystem. I'd like to conclude restating the welcome of the over 400,000 students that today are starting their classes in second half of the year, the reason why we all work. I'd like to welcome all of you, all the professors and educators, teachers that are enabling our mission of transforming the country through education. With that, I thank you all for your time, I'd like to open up for the Q&A session. We're going to start our Q&A session.
If you, the investors and analysts that wish to ask a question, just push the button, raise hand. The first question is from Marcelo Santos, JP Morgan. Marcelo, your mic is open. Good morning, everyone. Thank you for the opportunity of asking questions. I have two questions. The first is from the final slide. You talk about an intake with volume recovery in the second half of the year. If you can give a bit more color to that, what do you see in terms of the competitive environment, in terms of intake? Well, yeah, breaking down into on-campus, distance, and medical. What in terms of course, what is this part of semi on-campus? What is the relevant of that, if you think, you already have the fair share of the semi on-campus in the core?
What are the news that we can see in this subsegment? Marcelo, thank you very much. I'll start here. Excellent questions. I think it's important, well, it's quite early, but we're working. We have to be in line with our expectations. I think it's important for us to have clarity of hybrid education. Our ecosystem is the greatest of quality education that is hybrid. In-house, we have a renowned consulting firm doing work on digital to us, so that we have a totally hybrid offer. We can start there in a 100% using technology that is asynchronous for those that actually need to have access, and then it goes all the way to the medical school. This is part of the concept, and, you know, the core is on this, is based on this assumption.
It's important for you to look at this array of experiences in our ecosystem with more or less use of technology and appropriate pricing and quality appropriate to this proposal of experience. Would you like to add to this? I think it's -- this is perfect. We still have this intake the way. We have the first aspect that we are confident, but we prefer to have a vision that is ours to you in a few more weeks. As to on-campus or semi-on-campus, it's a leverage strategy that is very important for Ânima from the aspect of p-purpose and business. Assume a student, a girl or boy, that lives close to São Paulo, does not commute to São Paulo every day to have quality on-campus learning at São Judas Tadeu in Morumbi, but could be in São Paulo twice a week.
The semi on-campus shows technology working effectively on a hybrid approach. We have an offering that is more complete, that allows us to have greater outreach of more students that we would have, rather than we would have differently. If we want to change lives through quality education, this is wonderful. Within the business, it's excellent. I'm getting to the students, the average ticket is lower. It brings down the average ticket. It is not bad news, much on the contrary. It's good news because we're growing with a student base that we wouldn't have an outreach. This will be increasingly relevant. What we need to do here, Marcelo, to address your question, as of the next quarter, we should have a breakdown showing the appropriate volumes and offer that is relatively recent to us.
Semi-on-campus and part online, as derives from distance learning, it's asynchronous, recorded classes and on campus, that is greater quality. Because it's asynchronous, so you have online access, the class, the lesson is happening right now with your class and professors. We're trying, we'll try to break down a bit more in the future. What's important is that it's part of the growth with great hybrid offer. We have broader offer to have an outreach of more students. It's very important for our purpose and our business. Thank you. Thank you for your answers. Thank you, Marcelo. Next question from Lucas Nagano from Morgan Stanley. Lucas, go ahead.
Thank you. Good morning. I have two questions. First question is regarding the ticket of Inspirali. There was an impact of BRL 16 million because of the transfers. How much of it is recurring, should continue in the next quarters, and if the Inspirali margin impact has been fully impact of this pass? The second point that I have, second question, you list some efficiency leverages as rent, G&A, and faculty cost. G&A and rent are well addressed. I'd like you to give color to this reorganization of faculty offer. How is this being perceived by students? Thank you.
Thank you, Lucas, for your question. Starting to address FIES. The whole industry has been impacted by that. There is intense discussion undergoing to improve the efficiency. Institutions are being penalized due to delinquency in the portfolios with no action. They don't even know which students are delinquent. This is a process that needs to move forward, and through the class agencies, we have been in contact with federal government to improve. We believe this is a process that has started now, but still has some room to be advanced as to governance. From the standpoint of recurrence, the number of the second quarter has been impacted, specifically because it was retroactively reflecting the first quarter, so it's not recurring.
What we can think is that it is something closer to what happened in the semester, is what we should expect if we maintain the current levels, and we believe that there should be changes from now onwards, and that there should be changes in the governance of such process. As to efficiency, with regards to growth, rent, things have been done, and G&A, there's a lot that should be done.
Well, a lot has been done. We still have a lot to be done. We still operate with 2 ERPs, so the process is still evolving. We still have a lot to reap from now on, onwards. As to academic offer, we don't believe this impacts students, because we're basically looking into opportunities of having classes being readjusted, and also shift that we had that were not so well-balanced. We have improved in terms of the balance of the classes. Well, I don't believe in this hypothesis, because the numbers that we have been following is re-enrollments are quite consistent with what we had, and there is no risk in that. I do believe that with such changes, we have important space to improve in terms of those numbers.
We're very confident-- I'm very confident regarding the space we have to, to move on in this area. Very clear. Thank you, Atila. Our next question is from Samuel Alves from BTG. Go ahead, Samuel. Hi, good morning, Marcelo, Atila, Guilherme, Botafogo. Good morning, everyone. 2 questions on my side. First one is just more for clarification, to validate our understanding. What you put on your release, it's an update, regarding synergies with Laureate, increasing the EBITDA of deflated EBITDA to 5. You say that you've captured 327. You've captured over 90% of the target. Do you believe the operating margin of the company is open to the normalized pattern? More to validate this understanding. The second is more detail on CapEx. You were actually mentioning during the presentation.
If you could share with CapEx of the budget for 2023, just to give us an idea of what would be this quarterly normalized pattern. Thank you. Well, Samuel, regarding synergies, great part of what we expected to have in synergies would've deriving from maturing of seats in the medical courses. This has been happening. I've been following that. There's another part that we had priced in the past of administrative and rent efficiencies that is also happening, and this has been a number of 2 years. I don't know how long ago. From then on, a lot of has changed, and we see opportunities in other fronts. It's not because that number is already close to being exhausted. It doesn't mean that we have no other opportunities. Much on the contrary, well, we have in the area of faculty, the administrative.
I'm very confident that the chart that Botafogo presented in the beginning, showing quarter-over-quarter in terms of margin evolution, it will continue in the same trend. With regards to CapEx, well, as you know quite well, we don't talk very much about future. We talk about what's happened. We're very diligent regarding a good use of our CapEx. Our CapEx pattern is under control. It shows very well behaved. We're very confident and constructive regarding it, because a lot that we've had this year will not be repeated. We're very confident in our CapEx pattern. Perhaps, Samuel, to help all of you on the call, on page 12 of the slide deck, we clearly pointed to a part that is non-recurring, which was readjustment of some campuses to receive students from other units.
There you have a 1st possibility of viewing greater recurrence, more on the level of 55 rather than 65. In addition, we are in this process of integrating Oracle's ERP that leads us to spend much more on IT this year. Once this process is completed, late this year, early next year, we should also have a level that will be more modest in terms of investment in technology. There you have some important or major levers to think about numbers from now onwards. Thank you, everyone. Have a good day. Thank you, Samuel. Next question is from Vinicius Figueiredo, from Itaú. Vinicius, your mic is open. Good morning, everyone. Thanks for taking my question. Just a follow-up of the 1st question regarding Ânima Core.
You comment that the average ticket suffered a bit of a pressure because of the semi on-campus gaining some more room. If you ha- take ro- like for, with the like, so semi on-campus or semi on-campus, or camp- on-campus and within campus, how has this average ticket being behaved? Still thinking about average ticket, looking at the scenario as a whole, the industry as a whole, when we look at the competition, we've seen some players distancing from this growth, perhaps better groups of students. I'd like to ask you about the competitive scenario, if the industry has been able to transfer a bit more inflation to the tickets, and how do you expect within Ânima, this to behave within Ânima over the next quarter or semester? As to hybrid education, as Botafogo said, it has been growing.
It has been showing traction, a product that has been very much praised. We've been developing, every quarter is being improved, and we believe very much in the potential of this number. As Botafogo said, we'd rather give you more color to the share and understand how it behaves. The level of disclosure will come up, but we're very confident that be it on the on-campus ticket, maintaining, maintaining the student base that we've been working on in terms of sustaining the ticket on the on-campus and the very hybrid or semi on-campus. We understand that once the product improves, we feel more possibilities of bringing the ticket up. These are levels that we believe we have to use from now onwards. As to the competitive scenario, we feel that there are no relevant changes regarding what we've seen in the first half.
We are confident regarding the industry, that, as the whole macro scenario evolves, the industry will evolve faster, so we are very confident regarding this recovery. It is important, Vinicius, that of course, if you do not transfer inflation, you're, you know, losing value, the plane is dropping. When there's price war, everybody loses. We're going to keep paying attention to quality and trying to actually carry over minimum inflation rates as possible. Thank you very much. Have a good day. Have a good day. Next question is from Fred Mendes, from Bank of America. Go ahead, Fred. Good morning, everyone. Thank you for the call. I have 2 questions here as well. The first one, that is more strategic regarding private funding. You see there is a bit more space for that.
I'd like to understand from you if this kind of product will gain relevance over time, and how this possibly could communicate or relate to bad debt? First question. The second is perhaps more clarification. The process of Anhembi, Morumbi, E2A, what is to be expected on that? That was published on the ninth of August. Challenges. Is there a concern or not? Just an update for us to understand it here. Thank you very much. Fred, thank you for your questions. With regards to the intake levels, Facilita, Proa, they are used, specifically, they've been used with great granularity. Pravaler, we use a name score as a credit scoring evaluation. We're very careful regarding that. Much so that our provisioning level, well, we understand it as very appropriate. We have ended the quarter with the same provisioning that we opened.
We see a behavior of delinquency that is quite disciplined. I do not see any concern. We have a provisioning level that is relatively high, and which is what we reflect on our financial statements is very safe in terms of its accomplishment. We look at that very closely. You can look at, actually, the evolution of our accounts receivable. It's quite controlled. This is a very important element of our strategy. With regards to the processes that you talked about, we're very confident. We've received all the materials, now we've been to Brasília. We are quite comfortable that all the questions will be clarified. Thank you. Fred Pesqui. Fred, we should think that access is an important point for Brazil. We've been talking about funding from the very first day we founded Ânima. Student funding is part of it, private, public.
When we have Laureate helping as part of it, so it's important. We expect that the country realizes that it's increasingly important to have funding and good or best practices. We've been talking to Brasília, talking, trying to bring contributions. They bring a new FIES, so funding is always in our agenda because it's part of our DNA. Okay? Super clear. Perfect. Super clear. Thank you, Marcelo, Atila , Botafogo, Guilherme. Thank you. Next question from Rafael Barros from XP. Go ahead, Rafael. Good morning, everyone. Thank you for taking my question. I have two. First, on medical seats that you mentioned on the release, the result of some administrative processes. Just to understand what we should expect in terms of next steps, timing, for you to start having more intake on those or funding on those seats, how many seats in those processes?
I also have a question that is a bit more long-term, more strategic on the part of digital learning. It's a business that grows a lot. You have a lot of room to grow in this business. I'd like to understand, on your side, what you see in terms of how long it will take for the business to reach a more mature level, so to speak, and stabilize? Thank you, Rafael, for the question. Actually, Inspirali for some time, along with Ânima, has a competitive advantage because we have 14 medical schools, and Ânima has 80 campuses throughout Brazil. We carried out a study and identified in which campuses we could have. We have location in the healthcare area with the nursing schools, and we would also have the possibility of having medical school, considering the context of each one of those locations.
Recently, last week, Minister Gilmar Mendes actually published our measure, reinforcing the importance of my medicals for the opening of more schools. There is still a process that needs to be voted on the plenary, and those schools that are, were ahead of a given stage, they should continue with their courses. We have some in this situation, 9 to be precise, with 7 already having been visited with scores that were 4 and 5. In other words, very good scores by the regulatory agency, and those courses follow the course of all the procedures. It's hard to say what the timing will be, but we are confident that the regulating agency is doing its work in very efficiently and diligently, and we try to offer quality education in these units where we understand we have the opportunity.
It's worth highlighting that these processes have had investments, CapEx, that actually you see in our results. Inspirali is increasingly becoming this company that is more sound. Recently, we had the concession of category G by CVM for Inspirali, and now we have several commitments with our debenture and shareholders. Considering our earnings results, communication, of course, there are stages in the regulation level and to confirm the decision of Minister Gilmar Mendes. As to digital learning, Rafael, it's important to remember, as we started the process of the integration of Laureate and Ânima, our board asked us to follow the thesis of Laureate. Laureate has a thesis that is go digital, and their thesis is that there is a great market that Ânima was not tapping into.
That is a market that is mostly sensitive to access, but the local brands would make a difference and would not cannibalize the offers. That was Laureate's thesis, and we are mandated to follow this project, but ramping it up, and I put it directly to link to me as a CEO of the company. In parallel, we would have a discussion to see what would to have in terms of the best to offer, and then we could approve it or not to have the business integrated to our value proposal, generating value to all, to students in Brazil and to us shareholders. We are at the final stage of this decision-making process.
Shortly, we will present the line, things will be much clearer in terms of the situation, actually showing the value generation and the possibilities we have ahead of us. Perfect. Thank you for your answers. Thank you, Rafael. Next question from Caio Moscardini from Santander. Hi, good morning. Thank you for taking my questions. First is whether you could comment on receivables over those worsened 5 days, it's gotten to 6 days, quarter-over-quarter, very much to credit card receivables. I'd like to understand a bit what should be expected of receivables from now on. Now, the question is on the comment you made in the release, that you keep on seeking alternatives to strengthen the company's capital structure, of course, without losing sight of value generation for shareholders. I'd like to understand whether you have new alternatives for deleveraging.
What are they, if there is a process of divestiture that is moving faster now? Thank you for your questions, Caio. The accounts receivable question is very important. We've been having an increasingly disciplined view on it. Several changes on policies so that we can have increasingly lower or shorter terms for receiving. This is what we've been working on, and we'll keep on doing in our management. We understand that management close to working capital is key for us to have good cash conversion of the revenue we generate, and we've been evolving towards that. You can expect that, and then you know, should know that this is focus of the company, not only revenue. When the revenue is turned into cash is a priority to us in the financial management of the company. This is the first point.
Second point is that the change of the conditions, especially of interest rates, has created opportunities that we hadn't not been able to tap into before. We are very attentive to such opportunities, as Botafogo mentioned, and quality portfolio has prevailed, as any interest rates gains importance. All the macroeconomic scenario has led us to have possibilities of such nature to be closer to adding value to shareholders, rather than they were showing a short time ago. What is important, Caio, because some agendas go up to the agenda of CEO of the company. I'm saying that Botafogo is talking about real estate. Now we have the team, and they simplifying the structure. I've been sitting down with the team every Friday, with Denise, Ricardo, Atila, to look at the working hours of the faculty and the inorganic agendas here. What can we do?
What we're going to do? It's important that, as Atila mentioned, with this outlook of interest rates going to situations that are minimally acceptable with the market, we'll go back to opening. We can make faster movements, always generating value to us, shareholders of the company. Thank you very much. Very good. Lucas from Morgan Stanley raised his hand again. He wants to have a follow-up. Yes, go ahead, Lucas. Yes, I had raised my hand, but it's been answered. Thank you. That was it. Cool. Marcio Zaccaro from Bradesco, go ahead. Good morning, everyone. Just a question regarding FIES. What is the level of delinquency that is implicit in the current deductions of the first half? How much a total of such deductions represent of the net revenue in medicine? Thank you. Marcio, thank you very much for your question.
Actually, the level of the fault is not visible to the company. We receive by institution and also split into medicine and other courses. What is the retention that the assuring fund does, but without having visibility in terms of the criteria used? As Atila mentioned, this is one of the topics, the debate with regulatory agencies, so that we can have more visibility and to see how we can act in the management of this portfolio in some way. This is a pre-requirement. We would need to have a... Well, the governance of the process needs to be addressed so that we can be aware of the default and the level it happens per student, and so that we can act upon it, but since it is us that are paying the bill. This is the date that is maturing.
We expect it to evolve over the next semester, perhaps something in hand for the next program that what the government is working on. The class agencies are working very much with the Ministry of Education so that we can move forward in that. The level, current level of deductions, how much is being impacted? Just taking FIES, the deduction, and the revenue, at what level are those numbers? Well, it varies, campus by campus and by institution. We are diving into the numbers to understand, and we're not opening it up. It's a process that has not stabilized. Zaccaro, if we talk about a number here and there, so next month it may be different. We're waiting for the numbers to mature a bit.
It is a process that is very new for the market and for the industry, and we believe it still requires a lot of clarifying. We are asking for transparency, because this should be part of the cost spreadsheet of our offers. We actually are faced with a situation that we cannot manage. We're having this task force to have transparency and access to the numbers and minimum granularity so that we can work on that. Just the last point, do you see any possibility of having the number increasing over the time, over time, in terms of %, for Fies, the reduction of Fies? Just considering the current inventory. Zaccaro, our viewpoint, well, it's very hard for you to talk about the future from the standpoint of present.
Yes, we are working to give more governance to the process, and certainly, when you give more governance to the process, it tends to improve from now onwards. It is with this scenario that we're working on. Our results, if you look with other benchmarks, for example, Pravaler, Ânima, students have another level, so that's different. You have to understand things in more detail. Thank you. Understood. We would just have a question on the chat. Wilbur from Lilia has asked question, but Yuri, well, they have been answered. Yuri, if you like, you can access our IR department for additional questions. To close, well, we have exceeded our time, so Cedric Janeiro Silva does not identify his company. He asked whether it is in the top line, the capital opening of Inspirali. Yeah, we're working on that.
We have to have the capital markets as a means to actually enable the company to be successful. If we have an agreement of our partner and the DNA, so this is always a means, not an end in itself. Thank you for your question. With that, I think we close our Q&A session. Would you like to make your final remarks? Well, thank you very much to all of you for your attendance, and I wish you all an excellent week, and welcome to the newcomers. Thank you very much.