Virgilio Gibbon : Mauricio, I will get from the first — your second question about the delinquency on medical, it’s much lower than other programs. Our PDA levels is around 1%, 1.5% for a pure player, a pure campus that’s just running a medicine program here. And about the size of this retention, of course, that — we do not think that this is fair, considering that all this retention is over the delinquency calculated over the students that is getting into the amortization phase. These students, they are non-medical students, because if the program, that the new FG-FIES started back in 2018, we are just considering students ex medicine or other products than medicine, that they graduated entering the amortization phase and their delinquency is much higher than any other medical problems that we have in Afya.
So considering that when they are using this as a proxy to calculate which would be the retention rate over the entire institution, over the entire entity, they are applying this for overall revenues. That’s why the entire sector do not agree and is trying to convince everyone that this is not fair, and we’re trying — we are seeing like — and did propose an amendment that’s being discussed under the Congress to limit this retention rate in the future. Otherwise, yes, we would lose the traction and FG-FIES is an important flag for the current government. We should see some changes in the future semesters. So this is about the FG-FIES. And your third question about the Pillar 1. The second and third quarters have very low seasonality on our revenues here.
Otherwise, we are combining not only the residence prep course coming from Medcel but all other continued medical education programs that prepare physician for titles and so forth. So the operation coming from Além da Medicina, also CardioPapers, they are getting — increasing a lot the number of students. So we expect for the second half, starting the revenues on the fourth quarter, better so the turnover when we compare to the last year. So we are now combining all the products into a big portfolio, not only Medcel residence prep course, but all in terms of title prep and also soft skill programs combining into the Pillar 1, that’s our digital continued education offerings, okay?
Renata Couto : Yes. Just for me to add some color on the FG-FIES. So today, we have a retention rate of something around 27% that which should be 13% and what the sector’s filing is to limit to 25%. So that could be a change that we can see in the pharma in the next months. And other point that’s important to mention here is that we haven’t seen any change on a pure player of medicine in the retention rate. So if it was 13.5%, it is still 13.5%, okay?
Luis André Blanco: Yes, just to put a color on that. What’s happened that these calculations is done by entity, okay? So if the at entity just have medicine courses as none of the medical students has graduated during the six years because they were going to graduate in the seventh year, the retention rates didn’t change. What hasn’t changed is the entity that has medicine and other causes that as Virgilio mentioned, the delinquency was calculated just for non-medical and was applied to the whole program. That’s why we have some entities that had a higher retentions because they calculated the delinquency of non-medical and apply for the whole entity itself. And with this cap of 25% that’s being discussed on Congress that would reduce the impact of this increase in retentions for us.
Virgilio Gibbon : Just to finalize, Mauricio, the most reasonable thing is to consider that the retention rate instead of applying for the entire entity should be applied program-by-program. So it would consider the delinquency over each program, not for overall institution based off some sample of this unit that does not represent the total revenue of that entity. So that is the — I think the pledge of the entire sector with the new segmentation.
Renata Couto : So I think that we do not have any more questions. If you have any other doubts that you couldn’t ask here, I will be available in our e-mail of the IR department. It was a pleasure to have you all today. Thank you for the participation. Have a nice evening.
