Q2 2024 Vamos Locacao de Caminhoes, Maquinas e Equipamentos SA Earnings Call (English, Portuguese) Transcript
Key Points
- Vamos Locacao De Caminhoes Maquinas E Equipamentos SA (BSP:VAMO3) reported a 31.6% increase in adjusted EBITDA, reaching BRL875 million in Q2 2024 compared to the same quarter in 2023.
- The company's adjusted net profit surged by 92.8% to BRL205.5 million, driven by the rental segment.
- Net revenue increased by 28.2% quarter-on-quarter to BRL1.883 billion, with a half-year total exceeding BRL3.6 billion.
- The Sempre Novo product, offering rental of used assets, is expected to generate new contracts with an IRR of approximately 21%.
- The company has a strong liquidity position with BRL3.7 billion in available funds, covering debt maturities up to 2026.
- The company faced BRL19 million in losses due to floods in Porto Alegre, impacting inventories and vehicles.
- An impairment of BRL78.6 million was recorded due to the worsening agribusiness scenario in the Brazilian Cerrado.
- The dealership segment, particularly in agribusiness, showed a 70% reduction in adjusted EBITDA compared to Q2 2023.
- Return on invested capital decreased to 14.7% due to weaker performance in agricultural dealerships.
- The company experienced a higher volume of asset returns, particularly from the agribusiness sector, impacting revenue recognition.
Good morning, ladies and gentlemen. Welcome to Vamos video conference call to discuss the results regarding the second quarter of 2024. Today with us, we have Mr. Gustavo Couto, Chief Executive Officer of Vamos; and Jose Cezario, Chief Financial and Investor Relations Officer.
This video conference is being recorded. And the replay will be available on the company's website at ri.groupovamos.com.br. The presentation is already available for download in Portuguese and English. We would like to inform you that all participants will only be watching the video conference during the presentation. Then, we'll start the Q&A session when further instructions will be provided.
Before moving on, we would like to let you know that any statements made during this video conference call regarding the company's business prospects, projections, and operating and financial targets are based on the beliefs and assumptions of Vamos' management as well on information currently available to the company. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and
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