Good morning, ladies and gentlemen. Welcome to YDUQS video conference to discuss the results for the fourth quarter of 2024. This video conference is being recorded, and the replay will be available at the company's website at www.yduqs.com.br. The presentation will also be available for download. We would like to inform that all attendees will only be watching the video conference during the presentation, and then we will start the question-and-answer section when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections, and goals, are the beliefs and assumptions of YDUQS Executive Board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.
Investors, analysts, and journalists should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in the respective forward-looking statements. It's important to note that for better viewing of the presentation, it's recommended to enable full-screen mode. Present at this video conference, we have Mr. Eduardo Parente, CEO of YDUQS, and Mr. Rossano Marques Leandro, CFO and Investor Relations Officer. I would like to hand the floor over to Mr. Eduardo Parente, who will begin the presentation. Please, Mr. Eduardo, you may proceed.
Good morning, everyone. Welcome to YDUQS' results presentation for the year 2024 and the fourth quarter of 2024. 2024 is a year we are incredibly proud of, and I believe there are three key points we will highlight throughout this presentation to explain why we take such pride in this year. First, we continue to deliver on the robust portfolio we have built, which allows us to weather challenging times while also leveraging and growing significantly during favorable periods. Operationally, we have consistently unlocked the potential of this portfolio, resulting in highly relevant financial outcomes, both in terms of net income and cash generation. Additionally, we have made excellent use of the capital generated during this period. Looking at the figures here, we achieved a 6% growth in adjusted EBITDA for the year, alongside margin expansion.
This reflects both our disciplined approach, for which we are well-known, and the quality of our portfolio. Within our portfolio, the service lines that are growing the most are also the most profitable. This creates a natural upward pressure on our overall performance. When we examine these operational themes, we see significant progress in the fourth quarter. We generated more than BRL 1 billion in the year, with BRL 1.3 billion in operational cash flow. More importantly, our operation delivering in the second part of the discussion here strong financial results. These results represent an evolution, though they remain modest compared to our long-term aspirations and what we have communicated to you as YDUQS' goals. However, they mark a highly relevant improvement compared to recent years, especially versus last year. When we look at our earnings per share, we went from 1.18 last year to 1.73 this year.
We had provided guidance between 1.6 and 2, and we exceeded that guidance significantly. Even considering the number of shares we had at the time of the guidance, this figure still stands at 1.65. This represents an increase in net income from BRL 342 million to BRL 480 million, a 40% growth compared to last year. Equally, if not more importantly, we saw a significant improvement in cash flow to shareholders, increasing from BRL 67 million last year to BRL 362 million this year, an increase of almost BRL 300 million. In terms of what this means, the 1.7 per share represents approximately 17% of our current share price of what was generated in net income. On the cash flow side, we are talking about roughly 12% to 13% of our current market capitalization in cash flow returned to shareholders. What have we done with this capital?
What have we started to do with it? First, we continue our trajectory toward deleveraging, a topic we have discussed extensively. Our goal is to reach a net debt-to-EBITDA ratio of one time in the near future. In the short term, what have we accomplished? First, we identified a highly relevant share buyback opportunity. Over a five-month period, we executed a buyback program worth BRL 300 million, repurchasing a little over 30 million shares. We canceled 15 million shares in March after having already canceled 20 million in November, meaning we canceled even more than the buyback program covered. We are also proposing to the general meeting a dividend payment of BRL 150 million, ensuring a significant cash flow return to shareholders. In this high-interest rate environment, we believe this is particularly important. On the other hand, we have completed two acquisitions.
Newton Paiva, Rossano will elaborate on this later, was a well-executed and carefully selected acquisition, as was Edufor. These two additions, while relatively small, are highly strategic for our portfolio. Lastly, our expansion in the medical field. We have added 474 new seats, effectively increasing our available capacity by one-third, almost without any additional investment. This represents a major step forward for us in medical education. We played a significant role in the Mais Médicos 1 and Mais Médicos 2 programs, fulfilling our commitments not only to the government but also to municipalities and students. As a result, we now have, by far, the highest success rate for additional seats. Of these 474 seats, approximately 360 came from the expansion of existing operations, requiring minimal CapEx to achieve this growth. The remaining seats resulted from the acquisition of Edufor.
Once again, we have a highly robust operation backed by a strong and high-quality portfolio with solid and growing profitability. This has translated into strong results in both net income and cash flow for shareholders, alongside outstanding operational performance. The growth we achieved last year aligns with the commitments we made during YDUQS Day , and we have executed excellent capital allocation strategies. Let's begin by diving into operations, starting with IDOMED. When discussing IDOMED, you may recall that we previously referred to Premium, but many people expressed interest in having clearer visibility into IDOMED and IBMEC separately. As a result, we decided to disclose them individually. Those who followed the combined Premium segment can still find that information in the earnings release, but for this presentation, we opted to separate the two. Regarding IDOMED, once again, we have seen consistently strong growth.
We have achieved double-digit increases across key metrics, including net revenue, EBITDA, and total student base. Net revenue grew by 16%, while EBITDA for the year increased by 23%. However, the most significant highlight on the EBITDA side is the recovery of the margin, reaching 50% back to pre-2023 levels, which we expect to maintain moving forward. The student base continues to expand. It is important to remember that our medical education segment is still relatively young. As I just mentioned, one-third of our available seats were added to the group this year. Since these students are freshmen, they will progress to their second and third years, while new cohorts continue to enroll. This creates a built-in organic expansion trajectory for the business. This applies not only to the 474 new seats but also to many of the seats we previously had.
As a result, we achieved 14% growth, bringing our undergraduate student base to 9,600 students. This is the main driver of growth in our medical education segment, supported by a tuition rate that exceeds inflation. Additionally, our renewal rates, both here and at IBMEC, remain strong, fluctuating between 95%, 96%, and 97%, with slight variations from period to period. The key highlight remains what I previously mentioned. These 474 new seats were acquired at a very low cost, providing us with a built-in growth trajectory moving forward. In the coming weeks, we expect updates on the Mais Médicos 3 program. We are very optimistic about the process. The qualification phase has progressed as planned, and we are excited to return with more updates on future developments. Overall, IDOMED continues to mature, expand its capacity, and benefit from a key acquisition.
This secures high-margin contracted growth, making it the driving force behind our expansion at this stage. Let's take a look at IBMEC. Once again, IBMEC was previously grouped under the Premium segment, and many people, even internally, are surprised when they see its true scale. Last year alone, IBMEC generated BRL 126 million in EBITDA. We have seen significant growth, though there is some apples and oranges comparison in Q4 due to changes we implemented last year. The key takeaway, when looking at the full picture, is the 40% margin we are seeing here. This EBITDA of BRL 126 million reflects the real performance of IBMEC. Growth has been strong, with a 9% increase in undergraduate programs and 40% overall. This expansion has been driven by key developments at IBMEC Faria Lima and IBMEC Brasilia, with IBMEC Rio also showing solid progress.
As always, tuition rates continue to grow slightly above inflation, and renewal rates, similar to IDOMED, remain at 95%, 96%, or 97%, with minor fluctuations over time. This is a highly important operation for us. It is not just a standalone business but one that significantly strengthens our entire portfolio. The knowledge, research, and academic excellence generated within IDOMED are shared across our entire system through education. Thus, IBMEC holds a key role within our portfolio, not only due to its profitability, as you can see here, but also because it aligns perfectly with the academic excellence we cultivate across the group. Now, let's talk about the digital segment. It was a challenging year, very similar to 2022, where we observed low price elasticity. In such cases, we prefer to increase prices to build a stronger foundation for the following year, which is exactly what we did in 2022.
2023 came, a year when elasticity returned, allowing us to work with lower prices and achieve strong enrollment numbers. As a result, 2024 is experiencing a dual effect: the positive impact of a strong 2023, which in turn leads to a higher bad debt and greater level of transfer to hubs, particularly in the first half of the year. We have included a table to illustrate this dynamic. We said, "Yeah, don't worry, in the second half we will regain the profitability we had," and that's exactly what happened. It was also a year of low price elasticity, where we opted to work with higher prices. Therefore, the impact in 2024, just as in 2023 where everything went well, was marked by strong enrollments and the higher prices from 2022, lower levels of bad debt and transfer to hubs. In 2024, the opposite occurred.
We inherited lower average prices from 2023, higher bad debt, and greater transfers to hubs, but things began to return to normal by the second half of the year. When we look at a year in which we saw flat revenue, we observed a larger EBITDA loss concentrated in the first three quarters. However, in Q4, a recovery started to take place. The student base remained steady, with a slight loss in price, which we had been forecasting as a result of the lower prices implemented in 2023. Renewals again. For even-numbered quarters, this is the level. Obviously, it's a positive evolution to have 2.4 percentage points more, but this largely depends on stronger or better intakes moving forward. Intake has decreased compared to 2023, but it's important to remember that we're implementing the higher prices we had been using previously, higher M7s, and increased midterm pricing for students.
Again, this drop is smaller than what we saw in previous quarters. Looking ahead, we are excited about the future of digital learning. I believe this curve we are currently observing is not unique to us; it's a broader market trend. Perhaps we've been slightly more rigid on pricing compared to the rest of the market, but the entire market is feeling this, and we view it as a temporary situation. This does not worry us, especially given the more than 30 million Brazilians who have completed their high school education but have not yet pursued higher education and who could greatly benefit from this offering. They are typical customers of digital learning. I do not see this as a concern for the future; it's simply a moment we are navigating, much like others we have faced in the past, and we are optimistic about what lies ahead.
Let's talk about on-campus operations. Once again, we saw an increase in the student base. The key highlight here is the base growth compared to the previous year. For several years, we've been showing a decline in student base numbers, but this year marks the first time we've seen an increase. An important development here is that we are expanding our semi-on-campus offerings to the digital learning centers. This is something we had never done before, and it significantly increases the reach of this offering, which has been very beneficial for us. Our semi-on-campus programs were previously limited to our campuses, but now we are seeing strong expansion outside of our physical locations. Overall, we are managing to maintain stability, both in terms of revenue and EBITDA. The fourth quarter performance is not a cause for concern.
There were extraordinary factors in both fourth quarter 2023 that helped us, as well as in fourth quarter 2024 that hindered us, so this is not a fair comparison in this context. This margin has remained stable, around 22-21%, with prices, as we've explained earlier. However, I think it's important to bring this graph back into the discussion. We have pre-pandemic prices that are higher than the pandemic prices. The dark green portion at the bottom of the graph is decreasing, and as it decreases, there's downward price pressure. As these students graduate, we face the pandemic-era pricing for those who are finishing their studies. Meanwhile, the tuition for the students entering post-pandemic is higher than for those who enrolled during the pandemic. It's a matter of time.
We are managing to withstand the downward pressure from the students graduating at pandemic-era prices, while we also face upward pressure from the post-pandemic students who have higher tuition. Renewals again are very similar: 81%, 82%, 83%. This number has been fluctuating, but there is no significant change here either. I'll now pass the floor to Rossano to discuss the financial aspects of our results, and I'll be back shortly.
Thank you, Eduardo. Let's move on to the net revenue slide. We saw a 4% year-over-year growth in the business, with highlights, of course, for our Premium segments, such as IBMEC and IDOMED, as Eduardo mentioned. I'd like to point out the increase in their share of the total revenue, 3 percentage points higher this year compared to last year.
This represents a significant growth in our two highest-margin businesses, and you'll see that when looking at the proportion of EBITDA, this becomes even more relevant. Costs and expenses, as you know, we placed a major focus on this in the second semester of the year, working on various cost lines. Additionally, there were lines where we anticipated a reduction due to the trends we saw in revenue during the previous semesters. As Eduardo mentioned, we entered the semester with a high expense related to revenue sharing to centers, which appears in the cost line as a result of the strong intake performance in 2023. As you already know, we have a delayed effect from the revenue sharing impact, as the centers are compensated based on the intake results from the previous semester.
We entered the first semester of 2024 with a very high revenue share, and we had indicated that this would be corrected in the second semester of 2024, returning to normal levels. As we mentioned, we concluded the period with a significant reduction in costs, a substantial part of which was attributed to the lower revenue share to centers. Regarding marketing and sales, we had been discussing that we would return to the strategy we implemented last year, with a revenue percentage similar to what we had been doing. We are delivering on this, and as we will see in a specific slide, all the cost structure indications we provided have been occurring throughout the quarters. It was the same in the third quarter, and it is happening again now in the fourth quarter.
Bad debt is also declining as a percentage of net revenue due to all the initiatives we have implemented. These include improved recovery processes, improving collection processes, and improving debt negotiations with our students. Additionally, the lower intake we experienced throughout 2024 has reduced the share of debts, which represents our longer-term revenue, further improving the bad debt profile as a result. Leasing expenses, which have long been an area of efficiency for our business, are also decreasing as a proportion of net revenue within the quarter. This is another example of our ongoing efficiency efforts, alongside reductions in general and administrative and other expenses. Here we see the result for EBITDA growing 15% in the quarter.
Again, the highlight is, as I mentioned, both IBMEC and IDOMED, but the digital segment, as Eduardo clearly presented in our slide, is recovering the margin it had lost in the first half of the year, mainly due to the factors I mentioned in the previous slide. The on-campus segment in this quarter reflects a difference in expenses between the third quarter and fourth quarter, both in 2023 and 2024. Our strongest reference is the on-campus margin for the quarter, showing a slight decrease from 22% to 21%, and we expect this margin to stabilize starting from this quarter. Moving on to the net income slide, this was certainly the number that received the most focus throughout the year. We mentioned during YDUQS Day that this would become the company's priority. This is where we would focus the most, both on net income and cash flow.
We're very pleased to conclude the year by delivering the guidance that we communicated to the market back in the second quarter of 2024, achieving earnings per share of 1.73. This is considering the actual shares we are finalizing, excluding treasury shares, at the end of the year. Even if we made the adjustment based on the number of shares from the time of YDUQS Day , the figure would be 1.65, which still remains within the guidance provided to the market. The significant net income growth of BRL 138 million from one year to the next was largely driven by the operational leverage of the business, as we had previously mentioned. The EBITDA growth directly translates into net income growth.
We can see here in the breakdown of the fourth quarter how the increase of BRL 50 million in EBITDA flows through to net income, resulting in a 433% growth in net income for the quarter, and this was also benefited by improved financial results and a symbolic turnaround. Additionally, depreciation and amortization start to have a positive effect for the first time. We had mentioned that our CapEx curve had already shifted. We had been reducing our CapEx not only as a percentage of revenue but also nominally. This reduction took some time to reflect in depreciation, but now it is showing up in depreciation. This is how we project it moving forward. These are the three main levers driving the composition of net income. Once again, we delivered the guidance we promised during YDUQS Day .
Now, we arrive at another key slide in our presentation, our master number. We discussed net income, but the ultimate focus of the organization is always cash generation. This is a business with the potential to be a significant future cash generator. We are structuring the organization for that purpose, and we reached a number of BRL 362 million in free cash flow to equity after CapEx and financial results. A very strong number, which we see with an even more positive outlook for next year. This was reinforced in the fourth quarter results, with a positive result of BRL 51 million, above market expectations overall, strongly supported by the positive variation in working capital, with CapEx in line with what we had been mentioning, lower, primarily as a percentage of revenue and an improvement in financial results throughout the year.
There is a time lag between third quarter and fourth quarter, which made them somewhat more comparable, but for the year, there was a significant gain in financial results, contributing to this very strong figure of BRL 362 million. Just taking a moment to focus on working capital, the two main lines. Receivables have benefited from our continuous improvements in the recovery process, which have delivered an overall improvement in the accounts receivable profile. The second point concerns account payable, which was temporarily negative in both fourth quarter 2023 and first quarter 2024 due to a higher concentration of payments. We renegotiated contracts, seeking to extend payment terms throughout the year, and this has reflected positively here. We believe this is a structural change, so, in fact, we enter 2025 with a comparison profile against first semester 2024 that is very positive, almost across all lines.
We are very confident that the first semester 2025, like the entire year, will be a very strong semester for cash generation, especially when compared to the previous year. Quickly moving through the right-hand side, the CapEx, as we had previously mentioned, was very much in line with expectations. We had provided guidance of BRL 470 million, and we came in slightly below that, reducing it as a percentage of revenue, moving toward our medium-term guidance of bringing total CapEx below 8% of revenue. As you can see, the days sales outstanding remains stable, even with an increase in the penetration of DIS in our new student intake. Especially with this reversal of the trend throughout the year, where DIS is becoming less prominent starting in 2025, we see even better prospects for the days sales outstanding and, consequently, for working capital.
One more slide on free cash flow to equity. We wanted to present a view of the variation in net debt, which is a very traditional measure that sell-side analysts frequently use to show what has been done with the resources generated. The BRL 362 million of free cash flow to equity generated against the net debt of 2023 would bring the balance to BRL 2.4 billion. What did we do with this resource from there? Exactly what we said we would do at YDUQS Day by implementing a buyback program, which was an opportunistic program launched due to market conditions. A program that was completed in March, as Eduardo already mentioned, amounting to BRL 300 million, a highly aggressive program. When compared to the sector, it is a very relevant share buyback program. We believe this program will generate significant value for shareholders in the long term.
It consumed BRL 146 million of cash in the second semester in the fourth quarter of 2024, and we finalized it only in the first quarter of 2025, as already communicated in a material fact, reaching the total of BRL 300 million. The second thing we did was the payment of dividends, BRL 80 million, still close to the minimum, as was our policy mentioned at YDUQS Day, to pay the regulatory minimum until we reach our goal of achieving a leverage ratio of one-time net debt-to-EBITDA ratio. We are continuing with this strategy. Additionally, we had an M&A program where we were going to be very opportunistic, making acquisitions that would be accretive. Eduardo has also mentioned the two acquisitions, both Newton Paiva and Edufor, and we believe they are generating substantial value for the business at a very reasonable price.
This is how we arrived at the net debt for 2024. It is important for you to understand this bridge and how the resources were utilized. As I mentioned, very aligned with our capital usage strategy. Let's now look at our debt profile. The curve of the debt spread is steadily decreasing, which helps us and will continue to help offset, at least partially, the rise in the Selic rate, which has been happening and will be negative in 2025. An important figure to note is the leverage, which we managed to reduce even with the buyback program. Had we excluded the buyback program, the reduction would have been even greater, but we remain highly disciplined in achieving our target. Again, the goal is a ratio of one-time net debt to EBITDA down from 1.61 time, achieving this strategic reduction. We have this target in sight.
The cash position is very comfortable, totaling BRL 1 billion, and the debt for 2025 is completely structured. There are no more maturities throughout the year, always working with a long-term vision, ensuring that we are entering the year in a calm position to continue taking advantage of opportunities in the credit market. The next maturity will only occur in 2026, with amounts well aligned with our current cash. Now, I will pass it over to Eduardo, who will continue the presentation with you.
Thank you very much, Rossano. The following chart is something we really like to present to those who are beginning to take a closer look at us, but it also provides a perspective of where we stand.
This chart shows a compounder, a net revenue that grows 9% per year, always with margins above 30%, even during the toughest crisis, 2020-2021, paying dividends every year since 2007, particularly in 2024 and 2025, with very relevant returns for shareholders. If we add up last year's dividends with the buyback program, it amounts to over BRL 220 million. What we are proposing for the General Assembly this year, plus what we have already done in buybacks, the program has been completed. We are talking about over BRL 300 million being returned to shareholders. The next part also gives an interesting perspective on the business. We made a change here, separating IBMEC, partially to highlight the growth trajectory of IBMEC. These top lines represent the adjusted LTM EBITDA of our businesses.
Notice that since 2020, the on-campus segment, which used to dominate our results, experienced a significant decline, reaching a low of BRL 400 million. However, it rebounded last year and is now stable around BRL 450 million, while the other businesses show significant growth. The digital segment, which is the second line, started with BRL 443 million and is now stable above BRL 650 million. Medicine, which started at BRL 268 million, more than doubled to BRL 581 million. IBMEC, which began at BRL 43 million, has nearly tripled this year. These are different businesses, each providing strong performance. It's a portfolio that is very resilient during crises and exceptional in times of growth, during economic recovery, or a breather such as the year 2023. We are confident that more opportunities will come soon. Below and to the left, the net income side is also very interesting.
We had an increase in interest rates and a growth in our indebtedness, which significantly impacted 2022. Looking at the last 12 months of 2022, it was BRL 150 million and BRL 139 million, with an interest peak where we paid more than BRL 600 million. As Rossano explained very well, we have been managing our debt structure, generating cash to reduce our indebtedness, which allowed us to reach BRL 480 million in net income this year, in a trajectory that, looking ahead, we still see continuing to grow, as we mentioned in the YDUQS Day guidance. On the right, the operating cash flow, we reached BRL 1.26 billion this year, a significant growth compared to the second quarter of last year, with a very strong fourth quarter as well. This is a medium-term outlook for the business. Looking ahead, what do we have here? Our commitment to ESG.
Some people say that ESG is no longer in fashion, but for us, that's not the case. We were born 54 years ago with a very strong social side in our core. We started calling it ESG recently, but the essence has always been here as part of what we believe in and who we are. Here is a picture of Claudia receiving the award for Best Company to Work for at Exame, the Exame Gestão de Pessoas Award, or Exame's People Management Award. There are other important highlights. We were renewed as AA in the MSCI, one of the few education companies worldwide with this ESG rating in MSCI, the first education company to be included in the ESG Integrity Yearbook. We have prime status in the ISS rating, and we entered three new indexes: Teva Women in Leadership, S&P B3 , and IGCX.
We had an increase in several ratings. We have the Women on Board seal, and our institute impacted more than 2 million people last year, showing significant progress compared to 2023. The Rede de Valor program, which was initiated by our employees and embraced by both the institute and the company, provides scholarships to help ProUni students stay in the medical field at YDUQS. Last year, it graduated 49 physicians and currently supports more than 270 scholarship recipients. This has never been about a trend or market pressure. It is who we are. It is what we will continue to be, and it is what we believe in. I want to talk a little bit with you. It is somewhat about the past, but I think it is important.
In the second quarter and in the third quarter, we talked to you about what would happen moving forward, and I want to quickly show that what we predicted did, in fact, happen. We said that the transfers to DL centers would decrease in the fourth quarter to a number even lower than the previous year, and here we are showing what actually occurred, the same with the bad debt. We said that marketing and sales would return to the patterns of last year, and that's exactly what happened, the same with G&A. The financial result showed significant improvement compared to last year, and again, that's exactly what happened. As we mentioned to you, we would exceed $1.60 in earnings per share, and we reached $1.73 with the number of shares we closed last year, which is even higher than what we have today.
With the number on the guidance day, we also surpassed the figure provided there. We conducted a buyback program with over 30 million shares, and we've already canceled 35 million shares, which is more than the amount repurchased. Therefore, today, we have a final balance of 262 million shares outstanding. To wrap up the key takeaways, EBITDA growth of around 10% compared to 2023, fantastic growth in fourth quarter versus last year. Margins are improving, and this margin improvement is driven not only by our discipline but also by what is contracted within our portfolio. We've seen a very important evolution in net income compared to 2023, and we've achieved the guidance. The cost of debt, a fantastic job by the finance team this year.
As Rossano mentioned, we not only reduced our spread by 1 percentage point, but we also have no maturities before 2026, delivering a strong cash flow to shareholders with significant growth compared to last year. This growth is also very strong compared to the sector, representing a high percentage of our net income and a very high percentage of our market cap. Additionally, we've seen growth both in the number of new medical school seats, again a very cost-effective growth for us, and in two acquisitions we are very proud of, which are already starting to deliver significant results for us. In addition to all the pride we feel for having delivered the guidance as we planned, very much in line with what we anticipated, some things turned out worse than expected, while others turned out better, but I think this summarizes well what the year was like for us.
People look at us and say, "Oh, but the net debt ended up being similar to the end of last year. What did we do with this strong cash generation?" Apart from the medical side I mentioned, which is an extremely efficient capital allocation, we returned value to shareholders with BRL 146 million in share buybacks last year, plus BRL 80 million in dividends paid and two excellent acquisitions. We have demonstrated great consistency, maintaining our leverage and even reducing it a bit, moving toward the one-time target we mentioned, managing not only to return value to shareholders but also to create significant growth opportunities for the coming years. What do we see in 2025?
Significant growth in the semi-on-campus segment, important growth in medicine, and significant growth in IBMEC while maintaining our lean cost structure, with a cash conversion rate even higher than we had this year, all within a very solid capital allocation strategy, as we shared with you at YDUQS Day. We've added another chart here regarding our intake progress. We've tried various approaches, and I think the easiest way to discuss it with you is to show where we are today. It's not literally today, but we gathered this data from the end of last week, specifically from March 13. On March 13 of last year, 83% of the intake had been completed. In last year's intake, we achieved 67% from the digital segment, 10% from the semi-on-campus segment, and 23% from the on-campus segment. We did really well by offering the semi-on-campus to the digital learning centers.
In the center, people who initially sought digital learning occasionally, as you can see by the numbers here, end up choosing the semi-on-campus model, which has a significantly higher ticket than digital learning. By March 13, the total was up 2% compared to last year, with a 6% decline in the on-campus segment, a 10% decline in the digital segment, but the semi-on-campus segment nearly doubling. You'll remember when I mentioned earlier the important evolution of the semi-on-campus segment last year within our base. This trend is moving even further in this intake cycle. When you look at this mix, what do we have? The semi-on-campus segment occupies a bit of the space of the on-campus segment, but mostly taking up space from the digital segment with much higher tickets than the digital segment. We are excited about the intake we are seeing.
Again, this final 17% still represents a reasonable amount of time ahead. There is still a final stretch to go, but we are optimistic about what's coming in 2025. We are also encouraged by what we are seeing here, as Rossano mentioned, in terms of net income, the evolution of net income and cash generation, both operational cash flow and free cash flow to equity. I believe this is a strong start to the year for us. Thank you very much. Thank you for your patience. Thank you for your trust. Thank you for investing in us. Thank you for your time.