Very well. I think we can start. Once again, welcome everyone. We're here to present the results of 2022. I'm Marina Oehling Gelman, our director. We have Eduardo Parente, everybody knows. Our manager, Marcos Peixoto, better known as Botafogo, Chief Financial Officer of Inspirali. Marcelo Battistella Bueno, our Chief Financial Officer also. Sorry, our Chief Executive Officer. André Tavares, our Chief Financial Officer . Now, this is the real one. I was afraid. Well, if Marcelo had been turned into Chief Financial Officer , what would be my title? I would have been stepped down. Yeah, we can keep you as Chief Financial Officer for this earnings results call. For questions and answers, we're going to do as we did in the last call. Please raise your hands as we have seen some. At the end of the presentation, we're going to open up the audio so that people can ask their questions live.
We'll have our team, a member of our team answering. With all of this, we can now start the presentation. Marcelo, please. Thank you, Marina. Good morning, everyone. It's a great honor to be here. I'd like to greet all the educators of the Ânima system, everyone present in this room, this hybrid experience that we have. We are physically present using technology. I'd like to greet all our board members, partners. I'm going to break the protocol here. I'm going to greet my wife, and it's her birthday, and I'd like to greet all of you on her behalf as well. It's a very important moment, special one. I'd like to share some important messages that we have on the first slide of our presentation. With very adverse scenario. Well, we had a pandemic. The pandemic is over. We're much better controlled.
We have a war, a change in the interest rates of Selic that moves from two to 14 in few months. At Ânima, we are showing the results that show our discipline. The 13th quarter with evolution of EBITDA margin that shows our determination. Regardless of the adverse scenario, we are here to generate results, and this means sustainable economy that will last years. The first message I'd like to share is this one. Also, the real growth of our ticket. We have been insisting that we should have our brands increasingly better positioned where they deserved to be. Quality positioning with the scale. Ânima has proven that it is possible to deliver quality scale education. 399,000 students getting the best. Well, 394,000 students and average ticket being placed where it should be.
Real growth of net, real ticket of Ânima Core and Inspirali, totally in line with our strategy, showing the soundness of our value proposition. This is extremely important. In addition, which is also very important, is that despite the challenging scenario, we managed to increase our ticket, positioning our brands where they deserve to and keep our staff. Our students have the experience, and they are able to stay. We have managed to reduce dropout, and we have a clear agenda. Well, we had our Selic, our interest rates from 2% - 14%, and I hope as of July, it should be reduced because this is not unsustainable. We have the obligation of facing it, having clear agenda of de-leveraging the company. We have a clear agenda of de-leveraging the company so that we can indeed increasingly add value to our tickets.
With this, I turn over to André Tavares, our Chief Financial Officer , so that we can proceed with our presentation. Thank you, Marcelo. Good morning, everyone. Once again, it is a reason for pride to be part of our quarterly earnings results presentation and talk a bit about our results that we've collectively managed to generate to all our stakeholders. It's a great summary of our consolidated results. This quarter, we have struck a year of integration of the acquisition that I would say that was most transformational in the history of our company, which was the acquisition of the units of the institutions that were part of Laureate Brazil since May 2021. They make up our ecosystem, the Ânima ecosystem of learning. The results show everything for themselves. The numbers are superlative because this year's numbers, they carry fully the numbers of the institutions coming from Laureate.
Even when we look at the relative evolutions, we see that there has been an advance that was quite significant. We've reached net revenue of BRL 1.8 billion in the first semester. We have two-thirds coming from Ânima Core and the Inspirali part accounting for 30% digital learning gaining relevance as an important segment. Almost 400,000 students on our total base of students. As Marcelo mentioned, we highlight practically stability in terms of dropout, considering the scenario we're going through, the situation and the evolution of the ticket we've had. We are very confident and very proud that this number represents perhaps the most eloquent message our student gives us in terms of satisfaction and how much they see value in quality education that they have been experiencing with us. Relative numbers are as you're seeing. Gross profit almost 5 percentage points.
This flows to operating results and also reflecting the adjusted EBITDA. We've reached over BRL 600 million EBITDA this semester with a margin of almost 34% vis-à-vis 30.4% the first half of the previous year. As the completion of one year of the acquisition of the Laureate units, you must have noticed that we have changed slightly the way we've presented our results. In the breakdown of our results, we historically show the base block vis-à-vis the acquisition block. Once the year is completed, we understand it makes much more sense now and actually 100% aligned with the way we generate or we manage the organization of our breaking down the results in three major blocks. The one that we call Ânima Core, the other one Ânima Learning and the Inspirali block.
As you've seen now, I'm going to talk about the indicators following this rationale, this method of presenting our results. For Ânima Core, we celebrate especially the evolution of the ticket in academic education, reminding you that Ânima Core, all medical schools are in Inspirali and the digital learning is in the digital learning. You can see on our release exactly all the units considered and covered by Ânima Core. This evolution of the ticket of academic education has been the result of this important move that we made, especially in the integrating units. When we look at Ânima Core, we had an evolution of the ticket of 14.5%. As we've been saying for some time, this has two different configurations.
At the integrated units, where we have our revenue management model implemented for a long time, we had the growth of ticket to 3.7%, but we've also had the behavior in terms of volume of students that was much more consistent, I would say. For the units being integrated, where we had the concentration of most of that drop in the student base that you see in the chart on the left, this group had a drop of 251,000-256,000 students. This drop was part of the units being integrated. We understand that it's not only the effect of the difficult economic scenario we're going through, but also a side effect that was expected by us of repositioning of the ticket, as Marcelo mentioned, and repositioning our ticket was of great magnitude.
We've managed to reposition the ticket in 29%, but notice that we still have some room so that in the next years, we manage to align even more the units that are integrated to the units being integrated, since we have space in the numbers that we see here. We intend to follow this path. We knowing that the main trigger of the volume of students, the number of students registering is the macro. We are super confident that when the macroeconomic scenario is better, we'll have good positioning, and the effect on the revenue will be much greater if we hadn't done this work of repositioning our ticket now. With that, our net revenue of this block closed in BRL 1.15 billion.
Gross profit moved to over 60%, almost BRL 700 million, and operating result moved forward despite, with all these numbers, we had 4.6 percentage points in a better operating result, above 40%, showing how much Ânima Core is a healthy segment and a good profitability. We also celebrated the dropout rate, practically stable. We've implemented at the units we integrated great part of the methodology of loyalty of our students. These numbers, especially in the context we are going through, they fill us with confidence for the results of the forthcoming quarters. On the next slide, we see the numbers of digital learning or distance learning. It has actually gone over or exceeded BRL 100 million in net revenue, a growth of over 40%.
We know how much distance learning has become an important pathway for growth and a powerful leverage so that we expand access to quality education with a number even greater of students. We reached an operating result of 21% for distance learning. It is still modest, I would say. Everybody knows how much distance learning is a business that grows and margin more vastly as you have a growth in the base of students and revenue base. At this pace of growth of 40%, we also believe that in the forthcoming quarters, operating margin will follow a trend of growth that will be quite strong. An important topic for us to bring up is that in 2022, all the distance students have registered with their curricular academic projects within the E2A academic model, bringing more integration to all our segments.
I'd like to now invite our colleague, Marcos Peixoto, Chief Financial Officer of Inspirali, to talk a bit about Inspirali. Then while I have some water, please talk about the two next slides. Pleasure. It is an honor to be here with you. Thank you for your presence. Over 180 people attending our webinar or call. It's a great honor to be here. Thank you very much. Inspirali is something that many of you know. It's easy to understand when we put Ânima in these three blocks. You have Ânima Core in-person with operating margin with 40%, recomposition of pricing of the acquired units, a clear history there. Then you have distance learning, a more modest 20%, a growth of 40%. Here it's almost the opposite. This is a growth that is relatively modest.
The student base, we see the maturing of our schools, a growth from 10,000 - 11,000 - 10.4% growth, but a margin, operating margin of almost 60%. This is quite profitable with great resilience. Our board members comment. Daniel Castello comments, "We don't want to increase margin here. We want to deliver the best academic experience to our students who are going to get a degree with the best doctors in all the schools that we have in Brazil." The great challenge here is not to increase profitability. When we grow ticket, for example, as 15% or with grown average ticket above inflation, it is because we want to be sure that we'll have the ability to invest, be it in OPEX, CapEx, to have the best academic experience for those future doctors.
There is a growth front that is very important, which is the doctors that have a degree in our schools and all the medical schools in Brazil and the other countries surrounding us, which is lifelong learning of doctors. We joke that in the financial market environment, everybody studies a lot. They do MBA, CFA, they study a lot. We feel a bit like nerds. The real nerds actually are the doctors. They study much more than we do, and they study all their lives, which is a great responsibility on our shoulders as an educational company to provide growth pathways, for technical training avenues. That's also a business opportunity that is very important and relevant.
What we can tell about this building of lifelong learning led by our Chief Financial Officer , Guilherme Soares, our chief medical officer, Professor Suzana Lutfi, and all the C-level team, especially Guilherme Dias, our chief growth officer, is the building of this system of lifelong learning, where we show Ibcmed. Ibcmed is a very interesting company that we've acquired. We've acquired the control. It's plugged into our medical schools at Inspirali and sped up its growth with very interesting products for these doctors that have a degree. It's a lower ticket of medicine, but we have an average ticket of BRL 1,000, over BRL 2,400 students, especially with these fronts of this mosaic of lifelong learning of doctors that we expect to have an interesting growth at Inspirali.
On the next slide, please. Within all this work that has been conducted from the integration of the units that were acquired in June last year, we have we showed a guidance to the market that it may reach to 315 million in deflated value-running rate of improvement EBITDA in five years. We have captured over 176 million of those synergies. We follow with disciplined, firm steps. We're very solid towards capturing all the potential synergies of these large assets that have been acquired. This is even clearer in the next slide. Here we have plotted the past four years, since the second quarter of 2018, when the EBITDA margin on IFRS 16 was 22.4%. Plotting this EBITDA margin each quarter.
The first quarter that has a year-to-year comparison, second quarter of 2019 has shown a growth. That has been the case at all quarters in the past 13 quarters. This chart is interesting for me to comment it because there's no merit to it. They started it much before I did. This is work that was conducted for many years, a great focus on the return of the company, cost management, expense management for each and every unit being acquired in this journey, in which M&A has been very important to Ânima. They brought units that could have better academic performance to the students and better return to the shareholders. This chart shows it very clearly with the recent speeding up in the past four quarters in average, the EBITDAs of last 12 months.
The four past quarters had an average increase of 500 percentage points on average. That was important and relevant acquisition. What it shows in the rebased, consolidated base is very important. We can see how much better it is, how much synergy we have, as we mentioned in the brief slides. This perhaps is the best snapshot of this consistency in management, the senior management of Ânima. You guys must have seen at the beginning of our call, it was very appropriate tone of sobriety as Marcelo, as our Chief Financial Officer , making it very clear that we're living at a macroeconomic situation that is difficult. The interest rate has increased a lot. Inflation steals the money from the pockets of families. Even so, we've repositioned ourselves and the dropout rate has been small. We had great focus on what we can do indoors.
The macroeconomic scenario increase in Selic rates or the interest rates is adverse. This shows very clearly what we can do indoors or inside our walls with excellent results. Well, thank you, Marcus, for the Inspirali numbers and also showing the consolidated numbers. Moving on to the end, we see the behavior of our CapEx, how much we have seen clearly the gains of scale that we have presented here in all segments of CapEx. If we look at CapEx in the first half, it accounted for 8.3% of net revenue, and now accounts for 5.5% in a clear scale gain. CapEx increasingly is prioritizing the area of digital transformation, how much we've been gaining in terms of synergy, efficiency.
The number we've mentioned in terms of dropout has a great contribution of the improvement of our services. What we've been doing is ensuring sustainable growth of long-term of our company being increasingly more criterious, especially at a time in which our leverage requires from us cash management that has to be extremely responsible. This is what we're going to see on the next slide. We had a cash generation of BRL 360 million, quite strong, accounting for almost 60% of adjusted EBITDA. We've ended the first half with a cash positioning of BRL 1,214 million. Once again, giving us great confidence that we move into the second half of the year with sufficient financial soundness to keep on growing and presenting even better results.
To close, talking about our cash and debt or indebtedness, we have a significant positioning of our cash of BRL 1.214 billion, excluding as our covenant and all our documents of debt envisioned there. We exclude the effect of the IFRS 16. We have net debt adjusted net debt of BRL 2.64 billion, and we have a leverage of 3.4x. As Marcus mentioned, even with this scenario that is quite adverse in terms of increase in interest rates. Just for us all to have an idea, we managed in the first quarter from first quarter, second quarter.
Last day of the first quarter, we made that very important move of liability management of prepayment of the first tranche of the third debenture of Ânima that had a CDI cost + 475, and we issued the debenture of Inspirali at CDI + 260. In all consider base, in this movement, we captured 215 over BRL 2 billion. Annualized, we're talking about over BRL 40 million in terms of savings and financial expenses. When we look at the CDI, from second quarter to first quarter annualized, the evolution was 205 basis points.
We are following extremely focused and extremely committed to the agenda that is priority to all of us in the company in the deleveraging process, be it via cash generation, operating cash generation, growing and via through strategic movements that lead to deleveraging, and also through the liability management strategy, which is one of our main activities here at the treasury of the company. This is a priority agenda Marcelo is insistent on our executive committee board meetings, and I'm sure we'll follow this track this semester as we have the stability even despite the worsening of the interest rate. I am confident that we're going to follow clearly in this process of decreasing these numbers through deleveraging. With this, we close the numbers. I turn back to Marcelo so that he can close the conference, and Marina can brilliantly conduct our Q&A, as she always does.
Thank you, André. Thank you, Marcus. Thank you very much to all of you. Actually, I just wanted to emphasize some important points for us to conclude. First one is the evolution, the demand of many shareholders of breaking down into three major blocks: Ânima Core, Inspirali, and Digital. I think this is important 'cause emphasizing transparency and our governance. This is the first. Second, I'd like to congratulate everyone in our ecosystem in the return to school. We had a brave return. We left, André went through this and Marcus focused here. We moved from 19 systems to six in our turnaround. We saw integrations in Laureate of two institutions in the same town with different academic systems. We made this integration that requires bravery. That is painful. We faced problems, but we've done it. We've implemented E2A actually on distance learning.
This half return to schools was much more smooth and we had more use of technology for IT management, engineering, and we have a pilot in law for the students who wish to use more technology or less technology according to their own personal convenience. I think this is also important to end. To conclude, I think CapEx also. We are investing in digital transformation, and being able to maintain levels of investment in digital transformation will make Ânima to be differentiated in an increasing manner. My final conclusion is that markets have made movements of sell-off, but I think this quarter, both abroad and here in Brazil, has proven that companies are overcoming their results, showing that the companies are greater.
Ânima is a case of great pride aligned with this perspective, focus, discipline, and results, regardless of the adversities that we are facing. Thank you very much for your time. We open up for Q&A session. Thank you, Marcelo. Botto, André. Okay. Let's follow the order. If you can have Vinicius Figueiredo from Itaú BBA. I think your audio is open. Good morning. Can you hear me? Perfectly. Good morning, Vinicius. Great. I have a first question that you have explored quite well during the presentation regarding tuitions. The integrated units are presenting fast catch-up regarding the price of integrated units, so units being integrated actually. The first question is, you comment that the gap can be bridged, but I'd like to understand the main challenges for the bridging of this gap.
Obviously, there is the macro environment, but apart from that, what would be the main challenges, and what is the expectation regarding timing of it? The second question would be regarding private funding. This increase that you've shown is being motivated by your being able to install the integrated units, and it had an impact when we look at the accounts receivable. Is this a one-off effect considering this main scaling up, or should we imagine that this should gain participation or stake as time goes by? I try to understand that in the working capital. Vinicius, I'm going to start talking about the ticket. We have the guided synergy first, then we visited the 350. You remember that we talked about five. Avenue 350 were three, and one of the five was revenue management technology.
This is a first cultural change. Invest in quality and the brands merit to be in the appropriate position in quality. For this, education is priceless. Laureate had this agenda. We can talk about that. It had an agenda. Company that was being sold that prioritized for some semesters volume to the detriment of ticket. This did not scratch the brands or tarnish the brands spirit, thank goodness, because they're very strong. It's worth actually making a comparison of Anhembi Morumbi, São Judas, São Paulo after the application of our methodology on Anhembi Morumbi that we've inherited. They are fantastic brands as Unifacs, as Porchat Heater. In other words, they are brands that have fantastic position at IBMR in Rio de Janeiro. Greetings to all those brands in Rio.
With methodology, technology, cultural change, we reposition them where they merit to be. I don't have a silver bullet. It's just, one single thing to be done. Yes, there are several initiatives that with discipline, we get to where we're showing now. What we started doing now. Marina would like to add. I'd like to remind you of a bit of the history. Just to resume, Vinícius, at the time, post-crisis, the FIES crisis, 2015, 2016, there was a movement in the market and until then worked a lot in the data construction, because at the FIES time, there was a demand. It was a great offer of funding. It did not depend so much on the effort of the institution.
There was this move of revisiting ticket, and again, without a well-structured data department, we partially moved into this movement. Once we had a structured and ready data structure in 2018, we started with what Marcelo is talking about, and we moved towards that. We lived exactly the scenario in our brands. When we look at the brands of the units that we've integrated last year, there is no reason why they shouldn't live the same history. It requires discipline, as Marcelo said, and courage. Why? Because there is an immediate reaction in terms of volume that André has shown. We're not afraid of that because we know that our positioning is a positioning of value, as Marcelo said, and that is what remains. Value positioning is what remains for long-term sustainability of education. We believe a lot is here to stay.
There's no reason why it shouldn't happen here, as we are observing it is already happening to what happened to our brands. Discipline, courage, resilience, to know that we can get there with our values and our principles at what we are aiming. Just to add here, there is a very positive point of this move. Now, we knew that intuitively, but the reality check is sovereign, and we've had the first reality check now, and this is very clear as to how much the brands that came in the acquisition made in the mid last year have remained very strong in the drop in the student base that we've seen is much more resulting in our analysis from a difficulty of the macroeconomic scenario more than from this move itself. I've answered your question directly.
What is the main impact, the main obstacle that we see to move us towards this movement? Is precisely the income or revenue recovery, the economic recovery of our students, especially in the regions where those institutions are. Considering a high inflation scenario, this is something that worries all of us. From the positive standpoint, we have the resilience and the power of the brands, and we have our intent of moving with this trend, and we are very attentive to the payment ability and the income evolution of our students in this market. This is the main obstacle that we have to pay attention to that may be removed. As resilience, we expect it to be removed, but we have to pay attention to it. This revenue management model of our seeking the optimal ratio between volume and ticket is increasingly fundamental.
Your second question, you ask, the growth. If you look at the financing base, this total has remained stable. When we add public funding FIES, plus the Pravaler or the real one, it's about 10% of the new students, the entrance student. We mentioned, I don't know if you remember, that we were going to see the Pravaler, the integrated at Laureate. They do not have the Pravaler. But what was expected, and is more professional, that is our main partner in this area, that somehow, also offsets, smaller or lower performance of the public funding. But we do not see in the mid-long term, I would even say, unfortunately, because Brazil needs to have an appropriate solution for of affordability of funding for the increase in the number of students.
We do not see, neither in the short or mid-term, the increase in this percentage of students. I'd say that we're very much in what's going to be the recurring. Obviously, the Pravaler gaining some space, considering the integrated that we have not seen. It's very much what we've seen in the first half of the year. Excellent. Your answers have been very clear. Thank you very much. Have a great day. The next person here is Samuel Alves from BTG. Samuel, your audio is open. Good morning, Marina, Marcelo, Daniel, Eduardo, Marcos. Good morning, everyone. I have two questions here on our side. The first one is on the personnel cost line. We've seen another important dilution in this cost line. To better understand where all the collective bargainings have already happened, or you have a sort of delayed one in the second half.
The second question is about Inspirali. Another question that we have here on the margin. You've shown a margin at Inspirali growing at about 140 basis points year-over-year. I don't know if there has been some kind of reclassification, but you show an operating margin of over 55% in this quarter. Previous quarter was about 64%. I don't know if there has been some kind of reclassification or there's an important seasonality. The student base is even greater quarter-over-quarter. It's just to understand what leads to the change in the level of the operating margin at Inspirali. That's it. Thank you very much. Well, Samuel, thank you for your question.
As for cost with staff or specific gains on this line, it's been happening in the past year, comes from the efficiency gains bringing through the implementation maturation of our academic model of E2A, the Ânima Learning Ecosystem, and the implementation of the academic model in the acquired units more recently. Regarding collective bargaining, we have basically two collective bargaining movements that have not yet happened of professors and teachers. São Paulo and Minas Gerais, in our case, are actually the most impactful ones. We don't see in our analysis and what's happening in the negotiations, we don't see a scenario in which these collective bargaining results will be above of what we have provisioned.
Within our analysis our salary increase that have been provisioned in the first half, we don't believe there should be any significant gain and there shouldn't be any impact or pressure on our costs because of these collective bargaining for salary increases. Regarding the Inspirali, I'd ask Marcelo Bueno to say something. Samuel, we have two effects at Inspirali quarter-to-quarter. One of them is that at Inspirali, we are in the process of constructing Inspirali. Its margin is still stabilizing, especially the part as from thirty-first of March, when we formalize it and it becomes an independent company with an external partner. It is more clear from the thirty-first of March what is the going forward. We have a bit lighter in the presence of Ânima Core.
The first quarter is much more profitable for several reasons. We have new students registering, new teachers being admitted at Inspirali, where we have other students that take or preceptors that we take a bit longer. Some costs come a bit after the revenue of first quarter. First quarter is actually much more profitable. You can consider the second quarter as with a more appropriate proxy of what we're going to see from now onwards. Perfect. Thank you very much. Thank you, Samuel. The next enrolled person is Renata from Citi. Renata, your mic is open. Hi, everyone. Thank you for taking my question. It's very quickly in the line of your what we call the PDD, since it's relatively low as you include BRL 25 million of runoff. So the provision for doubtful accounts.
If we look at the first quarter of 2022, it's a PDG or PDA, relatively low. We'd like to understand what we should imagine for this line looking forward. I know there are several initiatives, both from Laureate and Ânima on their way. Just to understand at what level we should view this line looking forward. Thank you. Thank you for your question, Renata. If you make perspective of the provision for doubtful accounts, PDA, vis-à-vis what we had before the Laureate acquisition, it's a PDA that is higher, more pressured than what we used to have in the previous years at Ânima, especially in the pre-pandemic period.
From the pandemic, beginning with the support that we had and the flexibilization we had, our PDD from 2020, 2021, 2022 stabilized at a level that was much higher than it used to be in 2018, 2019. This was a trend that was quite clear, that did not change. Since last year, we've been implementing a PDD methodology that is even more conservative, as we've been saying in the past releases. We've completed now. We made the last move that is the wagon effect, where we had a systemic change at the integrated units. Our PDD was based on the age of the title, and we adapted to what we had, the units being integrated, having PDD based on the oldest title.
With that tax ID, and we actually take all the debt of the students. We completed that. We have the PDD methodology all integrated, which was actually one of our goals for this year with our auditing and risk committee. We've completed that. Now, as we had anticipated, first, we had a negative impact of this methodology that was more conservative. We started living the positive impact of the receivables management model of delinquency that we've learned a lot with the integrated units. We should not neglect the fact that we have a macro environment that is very challenging. Several indicators showing that in various industries, we have levels of PDD and delinquency levels that are at the highest in their history.
I'd say that to us, we consider it is above what we would like to have into considering the quality and resilience of our brands, considering the importance of our students. The students give to quality of education. We still wait or expect to see additional effect of this model of implementation or this model be implemented of delinquency management. I'd say this, delinquency level that we have now, considering the economic conditions that we have. Generally, it seems that it is a level that is much closer of what would be for recurrent and what we should expect from now onwards. Okay, Renata? Okay, good. Thank you. Thank you. Good day. Thank you, Renata. Great day. Next person in road, Vinícius Esteves from Genial Investimentos. Vinícius, your mic is on. Can you hear me? Great. Thank you.
Thank you for taking my question. It's just a quick catch up. Just, talking about the deleverage process of the company. We know that Ânima has a very extensive portfolio of brands. But just for us to map the situation here, is there any process of any specific brand that you think or may have some kind of divestiture, or the divestiture will be through other pathways that is not, a specific brand? Thank you, Vinícius. It's an agenda that actually analyzes some possible divestiture in a specific brand, but it's a broader agenda. I could look at it and say results are good, we are happy, but that's not this mindset.
I have encouraged the team for us to have an agenda that is even greater of simplifying and agility to increase our returns and also an agenda for the physical spaces of the company. That's a priority. We have analysis of possible negative points, operating points, and possibly some brand. We are looking diligently at various fronts so that we can indeed put it into effect and put the company at a better positioning and more comfortable one. This is our priority, André Tavares and my team that is multidisciplinary, and this is a great priority to us. Would you like to add, André? We are extremely committed and attentive.
Marcelo and the whole team, we have been prioritizing consistently all the initiatives that aim at our deleveraging. Of course, in our industry we deal with dreams of people and people that trust the quality training and quality education to our brands, our institutions, and our professors. We have to be very careful and very delicate when we talk about negotiating educational institutions, and we're going to do this indeed. We have some institutions that we believe can be object of a possible negotiation to have the more speed in our deleverage. We're going to do that based on our DNA with great care and choosing very well who would be the institutions or groups that could move on, give sequence to this process and giving the respect to our students that have entrusted us with their undergraduate or graduate studies. Okay, thank you, Marcelo and André.
Thank you, Vinicius. Next person in row is Mirela Oliveira from BofA. Thank you. Thank you for taking. Good morning. Thank you for taking our question. Well, with just resuming ticket, we're seeing the considering competitive scenario of the segment. We think the strong brand and the in-person has an effect in this distance learning ticket. Well, Mirela, we have learned a lot from Laureate, and one of the learnings that we've had is the two other synergy avenue. One advantage is revenue management and the other was digital. We have been learning a lot with digital. What we see here is that we're serving a market that we did not serve before Laureate, a new market. Those students may indeed, through digital, join the Ânima ecosystem and no longer stop their education with continuous or lifelong learning.
We see that the brands are not weak. Our brands are stronger and may be more aligned with our strategy, including in the distance learning. This is part of our strategy and part of the learning that we've had with the units being integrated, and it is cohesive to our ecosystem proposal for you to tap into the strength of local brands in the region so that to boost distance learning. I would say, Mirela, that we're moving to markets where the power of those brands is less present. Naturally, you've seen that in our distance learning, the ticket has remained flat. We believe that as we mature and grow, we also believe that the power of those brands is relevant indeed to the ticket in distance learning.
Of course, we have to understand that competitive learning and distance learning is stronger and, the students have, considering their economic futures, they give increasing weight to the, fees or tuition fees. The brand power in the units in hybrid education and in-person teaching. It's actually spread into also distance learning. Thank you very much. Thank you, Mirela. We have a last person enrolled, Caio Moscardini from Santander. Caio, welcome. Please feel free. Mic is open. Hi, everyone. Thank you for taking my question. I have a question here. You've mentioned on your release that G&A was pressured to support the teams of Inspirali in digital learning. Do you still have to hire more people or if this structuring of the teams is structured or from now onwards, we should expect a bit of dilution in the G&A?
If I could ask another question, going back to the receivables. On the FIES aside and lifelong learning, they had a great variation or change. Could you give some color to that and what to expect from now on? Thank you, Caio. As I said, we have a clear agenda specific of greater significance of our structure. I have let this intensify this move, and we really want to resume our organizational chart aligned by the journey of our students. We have simpler organization, and as a consequence, we have to improve our SG&A. This is the backbone that I have been setting to people with a clear agenda from now onwards. André, would you conclude with that with a few points just to enforce that? We have a clear agenda with that, SG&A.
I'd say this process of pressure coming especially from the structuring of Inspirali and distance learning, that has been done in most of it. Marginally, a few things for us to complement. I'd say the pressure is practically covered. We should see on the consolidated part, especially a dilution of G&A. We're working strongly towards that. Of course, this should have an impact, especially in the recurring of 2023. We're going to sow the seeds this year so that in 2023 we can see whether these things can be seen more significantly. Regarding receivables in lifelong learning, it is, as I said, in terms of PDD, it is already the implementation of this work of better management of delinquency of receivables as we see the number improving.
We have the mixed effect of lifelong learning in medical schools and also graduate studies that becomes more relevant, Caio, in terms of the results of lifelong learning. With that, we have a positive impact, and we have better PMR. With that, we have those effects improve in the delinquency management model and the mix with graduate studies being re-ranked for that group. For FIES or public funding, it varies a lot depending on the efficiency of the transfers of federal government. We've never had any problems, but never is a long time. Well, in the past few years we haven't had problems with that, but sometimes they, depending on the calendar they have in the red tape, we see they actually have some transfers earlier on, others, some are delayed. For FIESes ends up having some impact.
From the standpoint of recurring, we see no significant changes. Thank you. Perfect. Very clear. Thank you very much. Have a good week. Thank you, Caio. Thank you all very much. We're now closing very punctually. One minute early. Until I say goodbye, it will be punctual. We thank you all for your attendance, for your participation. Well, greetings and have an excellent week. Thank you all very much. Thank you all.