Good morning, everyone. Welcome to the Ânima webinar. We're just waiting for everybody to join. Good morning, everyone. It's a pleasure to have you all with us. Thank you very much for taking part. We have been so diligent in the analysis of our results. Today, we have Marcelo Bueno, CEO of Ânima. Guilherme Soarez, Inspirali CEO. André Tavares, Ânima CFO. And we from the IR, Esther Matos, myself. We are here available to you to talk a bit about the results of Q3 and talk about the future outlook and what we expect ahead of us. Thank you very much for your time. We're going to give one more minute to wait for everyone to join, and then we'll start. Thank you. It is important to explain how the interpretation is going to work. Sure.
Okay, thank you. As Botafogo mentioned, it's an honor, a privilege to be with all of you here to talk about the results of Q3. I'd like to ask our CEO, Marcelo Bueno, to make an introduction with the main highlights of our third quarter. Good morning, Marcelo.
Good morning, André, Botafogo. It's a pleasure to be here with you using technology once again in this hybrid conference. Since we've made the choice some years ago to have hybrid education, we are walking the talk with a video conference. Botafogo and André Tavares in New York, taking part in a conference that is starting tomorrow. Guilherme Soarez in Indaiatuba, myself in São Paulo. Esther Matos here in São Paulo. Good morning, everyone. It is a great pleasure to be here. I'd like to start by saying that this is the earnings result of Q3.
I've remembered my learnings in management. Something that really struck me. I had a professor, Professor Luiz Carlos de Queiroz Cabrera, who supports us, one of the greatest experts in corporate governance. He always said that one of responsibilities of CEO is not to generate surprises to the board of directors and consequently to the market. This is a quarter in which we've generated no surprises. We're here with strong results. Two-digit revenue growth, two-digit ticket growth. This is quite important, especially 10.7% growth in the Core growth and 12.5% in the growth of Inspirali. If you look back to last year, Q3, we talked about the quarters had some results that were atypical. Things that regard our operations, especially regarding M&A and the operation we were going through with Laureate, that we still are.
At the time, there were some special issues in that quarter. If you remove BRL 62 million from the reversion, we're having BRL 14 million in terms of lease of Potiguar that have not been renewed. A normalization of our bad debt in the past. A positive bad debt rather than negative. To this, we see strong growth in the margin, in the EBITDA margin. I would suggest that you all look particularly as we always do, this is one of the main indicators. But look with a magnifying glass at this operating cash generation of quite strong with 25%. I think these are the main messages of this quarter. We're going to work on it. The environment places several difficulties, instabilities, and we are here focused, working to generate value and to add more education to the country.
With this, I turn over to Botafogo so that he can continue the presentation, and we'll be back later.
Thank you, Marcelo, and everyone present. When we look at the results, it's always important to remember that since last quarter, we've been publishing our results with the goal of showing our investors and showing the market and analysts how the company actually runs its business. The company has a vision that is very clear, very well-established governance and very clear management process. We have drivers that are quite different. Our main business that represents 63% of the revenue of the company is Ânima Core, and it's in-person and medical schools. With all these dozens and dozens of campuses throughout Brazil, over 90 campuses, over 100 addresses that we have in Brazil, we have a very relevant presence, very important one for its nature.
It's very exposed to the macro environment that we have been going through, of an inflation that finally demonstrates signs of being reducing. Inflation that was quite high, very positive action of the central bank with a high interest rate or Selic. Large part of families that are not safe, and this removes their purchasing power and uncertainties regarding future. We had elections this year. We didn't know what was going to happen, what Brazil was going to be like next year. All these uncertainties reduce the trust of consumers and the confidence of consumers, our students that decide to register and continue their courses and their families that many times contribute to the payment of the tuition fee. The Ânima Core has been facing this sort of counter event of the microenvironment, as Marcelo mentioned. We've had very satisfactory results regarding this challenging environment.
We have two other businesses that, considering their own features, they have moments that are different and a growth momentum that is quite different. We have distance learning, which is quite small, 6% of our revenues. It has shown great growth. We know tickets are low, but we've had a major increase in the number of students. This is important for our ecosystem and for us to take the ecosystem despite the restrictions, it's important to take education to more people. We have Inspirali that has been increasingly more important and relevant, as you know, accounting for 31% of our revenue. Quite sound results, as Guilherme Soarez, the Inspirali CEO, will mention later. We have over, well, rounding it up almost 400,000 students, an important number.
If we look at the next slide, we look at the student intake, and we see clearly what we've been talking about in terms of the macro environment. This slight drop for Inspirali is not relevant. Four hundred students to 307. This is an adjustment of intake that is marginal of Q3. When we look at the two businesses, Ânima Core and Distance Learning, we see Ânima Core has had an intake Q3 last year, almost 42,000 students. This Q was almost, well, 39,000, 38,000 students. This is an intake that considering the current scenario, we were quite happy. In terms of distance learning, it's quite an impressive number. We're a small player, so we have great room for growth in the marketplaces where we are present and where we are relevant.
We've seen this growth in digital or distance learning of almost 80%. On this next slide, we see a few more details in our main business of Ânima Core. Once again, this is a business where we have the greatest impact in terms of the macro context, and we notice some important things here. In the ticket breakdown, many of you have followed that we had a great challenge of repricing the units that have been integrated, that were integrated in June last year. This effort of repricing started last year, but especially this year in a very intense way in the first quarter this year. The tickets we priced today compared to the tickets of the third quarter have grown 20%. In the second, Q2, they grew 29%. We compared to year-over-year before we implemented more important repricing.
Starting in Q3 last year, the difference today is a bit smaller. We still see 20% growth year-over-year. Precisely because of this repricing strategy, we have made a modest increase, and we have stable growth in the integrated units that are stable in terms of growth. We have a healthy ticket growth. It's relevant because we managed to reduce fee to keep the tickets at the integrated units and make a major effort for the units in integration. André , who's here, well, he talks about intake. When the macro environment improves, the volumes arrive at any level where you are in terms of price. If it's low, volumes will grow at the low level and less profitable.
If we have been able to reprice, as we've done when the volumes, when they increase, when the macro scenario will improve, they will grow from a more appropriate basis. This perhaps is the most important information in this queue. Dropout has been a bit ahead. Well, 11.3%, 1.4 percentage points year-over-year. So from 9.3% to 11.3%. We had a small variation, very much under control considering the macro environment. The last aspect important for us to see here is how the volumes have behaved for the units in integration. These volumes in the first half as a whole compared to first half last year, had dropped 14% of quite reasonable volume considering important repricing and, semester over semester. We had a single-digit drop of only 5%.
Now in Q3, we're seeing something quite comparable. In the second quarter this year-over-year, volumes had dropped 14.6%. In Q3, we had less of a drop, 10.9%. Quarter-over-quarter to see sequential evolution over time. In Q3 this year, vis-à-vis second quarter, only 5.1%. We trust that repricing has been well accepted by students and families. This shows, although it's very difficult to prove. We are confident that this shows very clearly that actually the brands have a strong meaning for the students and their families. This has been very good news at Ânima Core. On the next slide, we see the results for Distance Learning. We have an important disclaimer.
Still a small business to us, 6% of our consolidated revenue, but it's been growing in a very healthy format with small tickets. We're aware of it. It had been BRL 183, a bit below what we had been practicing considering our mix. When we speed up growth in some marketplaces, in some places where we have brands that are less known, we are price takers and not price makers. We have to have a ticket that is competitive in that location. The final ticket is a consequence of the mix where we have good pricing and the places where we are less known. With low ticket, but no doubt major growth in terms of revenue of almost 19% year-over-year.
Student base growing from 84 to 133 students, 47% growth, and increasing even more in the undergraduate from 57 to 94.4. We are happy in the student front where we have a student base growth. For the next slide, I'd like to invite Guilherme Soarez to talk about our Inspirali.
Thank you, Botafogo, and good morning, everyone. Well, 2022 has been a year of strong structuring for Inspirali. From the closing with the arrival of DNA Capital as a shareholder of Inspirali at the end of the first quarter, moving over the consolidation, governance structure, the makeup of the leadership team of Inspirali. We are actually very confident and happy with this year of preparation and structuring of Inspirali. We've also had a very strong focus on the implementation of the integrated curriculum, the Inspirali curriculum in the schools and integration.
Now all the 14 schools of Inspirali have their curriculum updated, especially for the freshmen that started early this year. We've also devoted a strong energy in the design of the lifelong learning strategy from the IBCMED arrival that has joined the Inspirali project at the end of 2021. Our results, as you can see, are quite sound, and we can show that in the past quarters, they are a good proxy for the level of results that Inspirali will seek from this structuring and this new configuration as a carve out of Ânima. It's worth stressing that the, what has been mentioned by Marcelo and Botafogo, well, we've had some adjustments that happened specifically on the baseline of 2021 that have slightly hindered the comparison of profitability of the operating results semester over semester.
Isolating them, Inspirali, as it's been described in our release, has a gain of 2.4 percentage points, showing this trajectory that is quite solid of the Inspirali project. We're still very confident in the Inspirali project. Very confident with the transformation and impact power that we have both in healthcare and education. We inspire the passion for life. Lastly, I'd like to invite you all to take part of the Ânima Day on the 23rd of November. Inspirali will have its own room to discuss in more depth these and other topics. We'll also have several experiences to demonstrate how we use our technologies towards the learning of our students. André, I turn over to you.
Thank you, Guilherme. Thank you for giving us a hand on the Ânima Day. We'll be there. No doubt, Inspirali will be a point of highlight and shine on our Ânima Day. Moving towards the end so that we can move on to our Q&A, the most important part of our call. Considering everything that has been said by Marcelo, Botafogo, and Guilherme, we have here, obviously, based on specific effects that were localized from last year that turn our base a bit more difficult to be compared, we would have a slight drop in EBITDA. When we remove these effects, focusing on normalization of PDD and bad debt, we've had an improvement of EBITDA margin of 3.6 percentage points in Q3, and almost 4 percentage points in the first nine months accumulated of this year.
We mentioned it previously, this would be an approximate growth of 25% of our EBITDA, and a nice double check of that is the growth in operating cash that grew 25% as well. Looking at the next slide, we'll talk about, well, CapEx, quite important in our cash generation process. We have been, especially after the acquisition of the Laureate units, we've been reducing our CapEx, moving from 7.2% of revenue in the past, in the nine months of last year, to 5.8% in the past nine months this year. With a strength and a stake that is very much active of the CapEx in our digital transformation, our systems and technology that we expect necessarily that the investment should have their benefits.
We're reaping the benefits, be it in the area of the student experience in the classroom, a better experience in services and outside the classroom, and also in the efficiency and agility of processes, especially in terms of back office, bringing more efficiency and greater synergies to us. In the core of our business, which is the physical infrastructure. We are hybrid, but our physical infrastructure is very important. The virtual laboratories, all the experience in the classroom and learning experience that is extremely important to our students and where CapEx plays a role that is very important here in this CapEx line as well. Safeguarding these major initiatives that are fundamental to generate additional margins in the future of the company, even so, we're very firm that we're making all the investments needed for the company.
Even so, considering the scale gains we are managing to get dilution and CapEx has been representing less in our revenue. On the next slide, we stress that the cash generation, as we mentioned, operating cash generation has grown 25%. In line with what we already expected in terms of evolution of our results. We have a cash conversion, cash and EBITDA strong, practically equal, slightly higher than the EBITDA of the period. That once again reinforces the resilience and financial soundness of our company. To wrap up, we talk about cash and debt or indebtedness. Considering the reduction in reported EBITDA, we had a slight increase, although our net debt did not increase at all. It was BRL 260 million, now it's BRL 268 million.
The leverage has increased a bit to 3.8, precisely because of the effect that we mentioned of reducing EBITDA in the past 12 months. It's important to stress that these effects that have had a reduction on EBITDA do not have effect on the cash. We continue quite focused on this priority agenda of deleveraging. We understand that we must end the year in a number that is much closer than we were in the second quarter. We are very much focused and very attentive. Everyone converging to this agenda of deleverage from operating cash generation that is growing. Along with that, we also focus in the strategies and activities of liability management.
As you followed, we made an important move in the first quarter with a transfer of the debt of BRL 2 billion of the Ânima debentures to Inspirali. That has increased, improved a lot our financial costs, moving from a CDI or more 475 to 260. As we all know, not a novelty or news to anyone, we suffered an impact, especially in financial expenses, in the increase of the basic interest rate. Last year, Selic was about 5.5%, average Selic of third quarter last year. This year it's almost 14%, our interest rates. This certainly has a major impact on our financial expenses. This does not only annoys us, it moves us to actually get the deleverage with cash generation as quickly as possible. I think we complete our presentation now, and I'd like to start our Q&A.
Opening up for the questions that you may have. Okay, we're going to start our Q&A session. If you want to ask a question, please press on the button, raise your hand. Our first question is from Luca Marchesini, Itaú BBA analyst. Luca, you may ask your question.
Good morning, everyone. Thanks for taking our questions. We have two questions on our side. First, in terms of intake, you see that Ânima Core had a drop in intake considering the strategy with the ticket position. If you could comment on the trend, expectation and trend of growth in this segment, how much of this impact should we see this in the next quarters, please? Second question is regarding tickets, especially in the digital learning. You've mentioned that there was a drop in ticket because of the expansion to new marketplaces. If you could comment on it, give more details on this ticket and the performance in the marketplaces where the company already has operations, this would help a lot, please.
Thank you, Luca. Thank you for your question. I'm going to talk about intake, and then I'll ask Botafogo to talk a bit about the ticket dynamics in digital learning. Luca, no doubt we currently, what we have been viewing as we've said, that we believe that the great trigger of volume in student intake are the macroeconomic aspects. Our effort currently is therefore much more directed to repositioning the ticket, especially in the units in integration from Laureate. As you've been following, in the past three years, we've been growing a lot our ticket at the integrated units, those that came from Ânima.
We've been using our revenue management model to grow a bit less in tickets in the integrated units, offsetting by the volume. You're seeing that integrated units have grown a bit in terms of intake volume in this quarter in the report that we are disclosing now. I'd say that from the standpoint of intake in the units in integration, I'd say the worst is behind us. We should see now a stability that is greater, a slight reduction in the units in integration as this ticket dynamic is continued, and most of it has happened. In the non-integrated units, something similar to what we see now, some stability in Ânima Core. The Inspirali intake is still strong, still growing, and the distance learning is still growing at very strong rates. I would say that currently with the visibility that we have, this is the scenario.
Of course, that as the macro-scenario improves, we believe that we are ready to have these numbers with significant improvements, and we'll have the prices correctly positioned to have this optimum positioning in terms of optimum or positive impact to our revenue.
Let's talk about the growth dynamic in distance learning. There are two dynamics that are very important. One is of the inertia growth of volume. This very strong growth that you see is owed to two things, opening of new centers and maturing of the centers that we have been opening recently that are not super mature. The distance learning centers take about five cycles of half-year or mid-year intake. They are maturing and they bring growth this year, plus the centers that we are opening.
What happens considering this growth and strategic reasons, we look at the map and close to our schools where we have strong brand, where we would like to go into a marketplace that is big and relevant, we can imagine four quadrants. Let's split a page into four pieces. The large relevant marketplaces, small ones, places where we have a lot of brand, and places where we have little brand. The best combination is where we have a brand that is very strong. Our brands are known and an average-sized market. We want to grow always there. There are place, other places where we want to grow because they're interesting markets, but our brands are not yet known. We are price taker, not price maker. Let's not stick to numbers. Let's assume that we could charge at a given curriculum.
We could charge on in-person or on-campus 750 in terms of tuition fee. Where a place where we have a brand, you could have distance learning 30%, 40% of this amount. You could go BRL 240 to distance learning. In a place that we're a little known, you should have very competitive price, BRL 160 around that. As you grow, the mix varies a lot as a result of these various marketplaces and the various prices you have in different locations. This is a result of that. What is important for us to view here, that the revenue has been growing in a very healthy way. Number of students has been growing in a very relevant way, but it is small business to us. 6% of our revenue.
We look at it as very dearly, but we have to put the due size to it, okay? Thank you very much, Luca and the investors and everyone from Itaú BBA.
Thank you, André and Botafogo. Thank you for your answers.
Our next question is from Lucas Nagano from Morgan Stanley. Lucas, you may speak.
Good morning, everyone. Thank you for taking my question. Actually, we just have one question in terms of moving parts regarding the expansion of distance learning is being quite accelerated. Would be more interesting if you could give us more flavor as how the growth has been. First point is, early this year you had some pilot in distance learning and integrated brands for the second semester. How much of the intake came from organic brands and how much from Laureate schools?
Second point is regarding precisely this geographic or regional distribution. You focus in the market where you operate in bigger places or smaller towns. What is your perception in a potential cannibalization of where you already operate with your on-campus operations?
Well, Lucas, thank you. I'll ask Marcelo Bueno to answer the question.
I think it's always good for us to remember that our main point in terms of management is for us to continue this initiative of going digital with Laureate, which was a successful one, learn from it and actually understand whether the thesis that there is another market, that Ânima would not be serving that other market in misalignment with our purpose in transforming the country through education. Maybe there would be some people not having access to that. We decided to keep on with this business and increasing it.
This is what has been done. You can look from this angle, part of our mandate, and now we are proving that actually there is another market. This market, we have an opportunity at hand, and we are running pilot tests precisely regarding non-cannibalization, the older public, you know, price being a price maker, as Botafogo mentioned, all of that. We're going to give you more visibility. As Botafogo has mentioned, this is a project that we're still adding energy to it, but we're still verifying all these theses. We're going to use our brands test market by market to see actually whether this will generate a great opportunity to us to further move in our mission and also to generate value.
Okay, guys. Thank you, Marcelo.
Thank you, Lucas. Lucas and Javier, greetings to all of you.
Our next question is from Leandro Bastos, analyst from Citi. You go ahead.
Hi, guys. How are you? On my side, I have two questions. First on bad debt. We've seen a lower rate in the quarter, close to 3%. The guidance as to how you see that in terms of recurrence ahead. It's been kind of erratic coming from a reversion and the period compared to last year. This is the first point. The second question is on this investment agenda you've been talking about, deleverage through cash generation and operating improvement of the business, but making a parallel here, if you could give us an update on the divestiture agenda, how you see the market for some kind of short-term operation. That's it. Thank you.
Hi, Leandro. Thank you. I'm going to answer the second question, and I'll turn over to Botafogo for the second. With regards to bad debt, Leandro. Bad debt compared to last year actually was a bit erratic, but I'd say that this is a result, as I've been mentioning to you, this is the result of the harmonization that we have been carrying out of the methodologies of Ânima and the methodology that we've learned. This, no doubt, has been an area that the Laureate units were more evolved, and we learned a lot from them. In Q3, in the fourth quarter last year. Well, part of what we see regarding that quarter and this quarter has been reverted. In 2022, we've evolved in the methodology of calculating bad debt, or PDD, being more conservative as we used to be at Ânima, more strict.
On the other hand, we dropped all the default model that we had from Laureate, so we have a receivables management that is much more effective. In our view, what we are reporting now in Q3 is very much closer to what would be the normalized, what would be recurrent from now onwards. I just remind you that we've always had, we continue having in higher education seasonality between odd-numbered and even-numbered quarters. In the odd-numbered, the bad debt is reasonably smaller. At the time we renegotiate students that were in arrears, they pay their debts, and in the even-numbered quarters, it's higher. We should see in Q4 a slightly higher bad debt compared to what we've seen in Q3 because of seasonality.
We'd say that we are very close to what is normal in terms of the methodology that is already stabilized, totally harmonized among all the institutions and with the model of receivables management that is totally proven. On yearly basis, we should see a bad debt that is a bit higher than what we've seen in the Q3, but not higher. I would even say that the bad debt is a bit smaller than what we saw last year, for example. Okay?
This investment or divestitures, the theme of deleverage and the expected deleveraging over time is a total priority to us. What is on the side, the negative side that we need to address is the leverage that is 3.8x EBITDA, not considering IFRS 16. What is the positive side? The positive side is in the short term.
Despite leverage being a core topic to us, very important to our investors and to all of us in the company's management. If we look at the net financial results in Q3 last year, it was BRL 44 million. As André mentioned, with an average Selic or interest rate of about 5%, the net results was BRL 170 million, 18% above, quote-unquote, with great modesty, only 18% above, although the interest rate moved from 5% to 13.5% on average for the Q3 this year. This quite reasonable growth, quite modest considering such significant growth in interest rate. Our Selic rate was owed to reduction in cost and expense, with better profitability, cash generation that amortizes the growth of our net debt.
Specific topics such as the interest of our DNA partner that actually has invested major capital to Inspirali with a great debt negotiation liability management done from a debt that was BRL 2 billion, that was Selic + 475, and Selic was 260 basis points. We think it's expensive, but it's well below what it was. All of this amortizes the increase in the interest rates. What could we do to increase the cash generation of the company for a value generation for equity holders rather than paying debt to our bondholders? What can we do? Of course, we could deleverage by selling an asset, so we'd need from somebody outside, not only us. We are asset-light. We have no properties.
We have two properties came with the acquisition of Laureate, and we haven't had a sales bid on Pessoa Guararapes. We could try to sell those assets once. We have almost 14% of the Selic. The buyers are getting huge cash flow. It's not easy to buy. These things are interconnected, even for those not in the financial market. What happens? We would like to make some speeding up of deleverage via inorganically. It doesn't depend only on us. It's difficult to run. What depends on us, 100% on us? Three fronts. First, rentals. In our over 100 addresses, we have very important strategies of reducing cost, be it with sub-renting part of the campus, reorganizing as we've done in 4 times this year for those BRL 15 million of non-recurring of the first semester. Now we've had more of the amount.
There was BRL 14 million in terms of rental reduction in the Q3. We're making great efforts, and we have dozens of initiatives, and this is as important that Marcelo Bueno is the leader in this task force to reduce rental costs that generates 10% of our revenue. Second effort that is inorganic is actually reducing corporate revenue or expenses. We tend to reduce that, as many of you know, because we've been talking about this. It depends on an integration of the systems that we're making in our ERP to get much more process automation to turn the structure more efficient. When we look over time and along the next quarters, we see a trend of gradual reduction of corporate expenses. Third, liability management.
We see a tranche of debt of BRL 500 million, Selic + 355 basis points at Ânima, and then with Inspirali. Ânima +6 basis points. Considering the credit of Inspirali, we have all the possibility of having it reduced in the mid-term. In other words, paying less interest with a funding cost that is smaller, with less expenses of rental and corporate expense, we expect to deleverage organically. This is what depends on us. If the macro scenario improves, and this is an uncertainty, this is also part of the problem. It doesn't depend on what companies can do regarding it. If towards the next twelve months, mid next year, second half next year, if we've done our homework, reducing rent, corporate, done revenue management, and the macro scenario improves, our intake improves, possibly with a pricing that is good.
Perhaps Selic or the interest rates will show a reduction in the restriction of the monetary policy. We're going to have an excellent scenario, and the deleverage process will be accelerated very much. This, of course, depends on the scenario that we'll be following, and we hope to be confirmed. If this happens, it will be wonderful, but this will be for us to verify over time.
I'd just like to briefly add that there is great convergence internally between management, the board, that we should take the opportunities of deleverage that speed up deleveraging. Obviously, as it is our responsibility, all of us are also shareholders of the company as well as you are, that these movements generate value. Just as it's been, for example, the movement of having DNA Capital joining Inspirali.
We are very much focused on that, but clearly the moment in the market and the multiples that we've seen are hindering more inorganic processes of deleveraging that generate value. Sure, deleveraging is a priority. We're very annoyed by it, but we know that we're going to deleverage our company with cash generation, operating cash generation, and we should seek other opportunities of speeding up our deleveraging in an inorganic way. Always considering the carved-in-stone principle of generating value to our shareholders. It's a part of our agenda as a CEO of the company and supported by the board of directors, right, studying sales of assets and alternatives, as we've done in carve-out of non-medical schools, to have this deleveraging as quickly as possible. That's it.
Okay, thank you. Very clear. Thank you very much. Have a good day.
Thank you. Leandro.
Our next question is from Mirela Oliveira from Bank of America.
Good morning, everyone. Thank you for the time, for the questions. I have two very brief questions. Actually, we've seen in Q3 growing number of students depending on financing. We understand there is an impact of the pandemic. If you could comment on the strategy regarding this from now onwards, what would be a more normalized intake percent depending on this kind of financing or student loan? If you could talk about cash generated deriving from DNA. Should we expect something regarding the use of this money? Should we expect something from now onwards?
I'm going to answer the first question, and Guilherme, I'll turn the second one to you. Okay. Well, Mirela, I'd say the following.
When you look at the increase in student loans, it's being deliberate and planned because the units that came from Laureate did not work with student loans in Pravaler. It's a partner that is a strong one of ours, as you well know. When we look at actually what happened, we had from 8%-10% of intake coming from private student loans, Pravaler. When we had the integrated units with the acquisition of Laureate, the number dropped to half, was about 4% or 6%. What we see now is a return to normality of what used to be Ânima in the past. We've implemented the processes at Pravaler in the integrating unit, and we should go back to this level, around 10% of intake coming from students with private student loans, especially via Pravaler.
I just remind you that we follow the rationale that mostly the students that have loans, about 10% of our base here, mostly funded with the risk of Pravaler of our partner of about 20%-25% of these 10%, 2%-2.5% of our base in that product that is called Management Gestão , that we, Ânima, take on the risk. We do that for students that have better academic accomplishments to privilege academic performance. The others are in the Pravaler risk impact somehow our financial expenses. There are students that we know that contribute positively to our operating margin evolution. Guilherme.
Thank you, Mirela, for your question. We at Inspirali, we work well following the experience and the tradition that Ânima views to assets that may be incorporated and to participate in the ecosystem in a very diligent way.
Obviously, the Inspirali project is one of growth, and we've had the privilege of the arrival of DNA Capital. In addition to the competence in the healthcare industry, they have been supporting us in gathering or uniting M&A pipelines along with what Ânima has. We know that the changes in context have had major changes in the past quarters and semester. This brings changes in expectation in players that have more experience. As Ânima, that is a public company, they can adjust to this context faster than private players. We continue with an active pipeline to the service of a strategy of participating and inviting brands that are relevant in marketplaces where we do not have operations or to the service of a strategy of lifelong learning.
Looking at the medical learning journey as a whole, understanding which elements we could gain speed and attract talents for the Inspirali ecosystem. Now we're going to make decisions in a very confident way, always bringing businesses that are added or can be added to Inspirali. Matos, back to you.
Thank you, folks. Thank you, Mirela. Our next question is from Pedro Lima from BTG. Pedro, you may ask your question.
Good morning, everyone. André, Botafogo, Marcelo, Guilherme. Two brief questions on our side. The first is regarding CapEx. You've closed nine months of 2022 with approximately BRL 158 million. We'd like to understand how much you expect at the end of the year and making a bridge, and how much you expect or you view for next year in terms of % of the revenue or nominally. The second question is regarding FIES. We have a more intense debate on this topic now. We'd like to understand on what fronts you see there would be a greater benefit to Ânima, and if this would require some kind of additional investment on your part, to the physical units, or if you work with idle capacity that could offset this increase in volume of students. Thank you.
Thank you, Pedro, for your participation and for your questions. I'm going to answer the first, and I'm going to turn over to Botafogo and Marcelo to see if they want to talk about FIES. On one side, the CapEx, there is a relative reduction in the part of real estate and construction works, considering our hybrid model. On the other hand, we see a growing investment in the digital transformation area.
Somehow, this in the consolidated results, this does not take from us the our scale gain and the reduction or relative CapEx reduction, even with all these investments being made to improve or to ensure the future of the company. I'd say that for this year, we see the closing somewhere very close to what we see in the past nine months, about 6% of net revenue. Next year, we believe that this process of dilution should continue. Next year, certainly, we should expect a CapEx level to be below the 6% that we see now in 2022, perhaps 50-70 basis points below what we should see in 2022. Okay. About FIES, I'm going to ask Botafogo to start, and then Marcelo, if he wants to give us some insight, feel free.
Thank you, Pedro. Thank you, Al. Greetings to all of you at BTG and all your diligence towards us. Throughout the time over the past years of electoral campaign, we've had these questions a lot, perhaps with being the most annoying, most boring, perhaps more feet on the ground players to discuss this topic. First of all, even after election, we have no idea of what's going to be in details in terms of a state policy regarding educational funding on loans. Even more so, what can we see? We can see that our work, basically, it means that we are hired by you, investors, by you, market, to generate value to shareholders with low inflation rates, high inflation rates, you know, the interest rates, like high and low with the FIES, without the FIES.
We'll simply analyze what is the macro scenario that is materialized and would work to generate value in the best way possible. Having said this, we look at 2023, no doubt, with a renewed viewpoint, a constructive viewpoint, and we know it's been an administration that we know it's been during the Workers' Party administration that ProUni was created. A great framework to social inclusion, great impact to society to take education to different social classes. We know it's an administration that always paid much more attention to the topic of education and educational funding. We know that a poorly designed FIES is worse than not having any. We know that getting to 733,000 contracts in 2014 and close them abruptly generates much more difficulty, destroys value to the industry, students and society, and the total absence of funding or loans.
We expect that we should have, once it is confirmed, as we start having an increase in FIES, that it should be gradual, should take into consideration the framework or a lot of fiscal discipline at a time of fiscal challenges in Brazil and globally, the monetary scarcity, the increase, the cost of money around the world. If this is done gradually, well-designed, prioritizing quality and employability of students that are going to receive quality education to move forward in their lives, to transform their lives, to actually obtain employability, and so they can pay back, not creating hazards to a generation with, you know, poor funding, and then they are not able to pay. If it's well-designed, okay, we're going to work on what depends on us to deleverage, reducing rentals, corporate expenses, and funding. If the scenario improves, we're going to have very positive impact.
If we have FIES, whenever FIES arrives, depending on how it arrives, we expect this to be very positive. This is something that we'll only be looking with all discipline and attention. We're not even close to it.
Pedro, I'd just like to add that we have this wish and expectation, not only executives in the industry, but as Brazilian citizens, that FIES meets the demands of three major guidelines. First is fiscal responsibility, as Botafogo mentioned. No doubt the country needs FIES. No country has grown in higher education without major support from the state. This is, of course, important, but it should actually meet three major pillars in terms of first, privileging equality. Institutions that actually add value. I'm certain that we're very well-positioned to that. The second is actually ensuring that those that actually need FIES will get it.
ProUni has been for years giving various examples as to how to create criteria to actually give loans to those that actually need it. Those that would not be able to attend higher education. Economic conditions, they have conditions in terms of effort and academic performance. The third would be ideal to prioritize courses and careers that the country really needs, and I would stress technology as well as healthcare. In other words, prioritizing these two areas seems to me that is more important for the development of our country. I believe that if you look from any of those viewpoints, Ânima will be very well-positioned in this possible return of the FIES. Guys, I think, you know, I just want to reinforce and invite all of you to our Ânima Day.
As you said, Ânima, we've always had student loans in our DNA. FIES. It's, you know, student loans. Whenever I can, I do that because it's my personal case. I can tell you my history. My parents paid for my education of high quality that was private, and then I was approved at the state university, and I actually studied for free. This is the kind of discussion that we should have now. Education going back to being a priority in Brazil. This management has shown that it sees education as a priority for Brazil. The importance of higher education, private for Brazil. I think this is another important discussion. Within this context, student loans.
We are prepared for that, not only to help in this discussion and offer our whole ecosystem to the service of a better Brazil.
Very good. Thank you very much. This is it, Pedro. We defend that the S of FIES be sustainable.
Very good.
André, we have no more questions, so if Marcelo wants to give a final.
Before Marcelo, before his final remarks, I'd like to once again thank the presence and the questions from all of you, and I'd just like to reinstate our invitation to our Ânima Day. On the 23rd of November, we're going to be together at the campus of Anhembi Morumbi at Mooca neighborhood in São Paulo. We'll be able to go into more details in the various topics we talked about there.
Inspirali will be there shining, right, Guilherme, with an exclusive room, with various demonstrations of how much Inspirali adds value to our medical students. It would be really nice if you could be there also experiencing this with us. Marcelo, I'm sure that the Ânima Day this year will be in a very warm atmosphere, unlike what is here in New York. Guilherme and I used to Ceará's climate. It's okay. Ceará, you know, it's 4 degrees. I feel sorry for Botafogo, and I'm very cold here. Well, thank you very much. I turn over to Marcelo to close our earnings release webinar.
Thank you, André. Thank you, everyone. Really, I think we put a sobriety to discipline and management. I think this is very important. We've been going 14 quarters gaining margin, gaining operating margin. We're considering the atypical situations in comparing year-over-year in terms of quarters. We have an increase in the margin. This makes us feel very proud for the whole team. More than that, we have great prospects ahead. We always have to prepare the company for a scenario that we have. Not expecting things to happen, but I think it is important, as André, Botafogo have put it quite well, and Guilherme as well, and I think it's important for us from now onwards for you to look very well at the concern on real estate. We're concerned that physical spaces will be used differently. With this, we have to optimize everything, generating more value to this optimization.
Our concern with a lighter and leaner structure, more efficient one, actually leading to smaller SG&A, in addition to the avenues that we had of synergies there with Laureate that we have. We've gone over many of them here. I think it's important to say that I'd like to share with you in my witness over these five years that I have been a CEO. We've only faced winds against us, the crisis, post-FIES, closing of FIES. We went through the pandemic, something that was unimaginable. I always remember that Friday, 13th of March 2020. We put 144,000 students to study at home. We've left it strengthened. After that, we had a global inflationary scenario and a brutal change of interest rates from 12% to 13.75%, something that has been not imagined.
Recently we had polarized elections. Always working with the company with winds against it. If we have our winds in favor or smooth winds, we have the message of a more optimistic scenario for 2023 years in which we complete our twentieth anniversary. Thank you, Daniel Castanho, Maurício Escobar, founders of Ânima, major shareholders. On the sixteenth of March, we were founding Ânima, and next year we complete our first 20 years. With this, I greet you all. I thank you for this wonderful team, and I greet our board of directors and each one and every one of you, shareholders, analysts, partners. Thank you very much. I wish you a great week and a good holiday for those of you in Brazil. Thank you very much. Greetings to all of you. Bye-bye.