Allpark Empreendimentos, Participações e Serviços S.A. (ALPK3) Earnings Call Transcript & Summary

[Audio Gap] [Operator Instructions] I would like to emphasize that the information contained in this presentation and any other statements that may be made during the video conference concerning Estapar's business prospects, projections and operating financial goals are based on the beliefs and assumptions currently available to the company's management. Forward-looking statements are not a guarantee of performance. They involve risks and uncertainties because they relate to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that overall economic conditions, market conditions and other operating factors may affect ESTAPAR's future performance and lead to results that may differ substantially from those expressed in such forward-looking statements. We have Mr. Emilio Sanches, CEO; Brunetta; Beto Costa, On-Street Director; Pedro Schaan, CEO Zletric; and Daniel Soraggi, CFO and Investor Relations Head at Estapar. I'd like to turn it over to Mr. Emilio to start his presentation. Please, Mr. Sanches, you can come up to the stage.

Thank you. Can you hear me okay? First of all, I'd like to thank you all for joining us today. Those of you who are here with us in the audience and those of you who are watching the video, we are recording the conference. We have Estapar Day today. We have our executives to talk to you about the future about Estapar's business and figures, what we've been doing, what we're aiming to do. This is a very special time for us. And during the Q&A session, we can -- we will be available to talk to you in further detail about anything you wish to. As I said, we have all of our executives here. Mr. Brunetta will be talking about technology. I'll be talking about what we've been doing, the company's track record, the platform we are building, so we can get to where we're trying to get to. Then Beto is going to talk about on street, Zona Azul in Sao Paulo and other cities. Murillo Cerqueira is going to talk about our sales and operations, some very robust growth, very successful on-street and off-street, our core business. And Pedro Schaan, who is going to talk about Zletric's strategy and its future. And then Daniel is going to talk about the company's figures, some highlights and how the company has recovered after the pandemic and this very special time we've been going through. So about Estapar and where we are right now. We have over 6,000 employees who are responsible for this very aspirational company. We have over 730 operations. Based on our September -- end of September figures, we have over 9.5 million users using our digital platform. So we have Zul+, the Zona Azul Sao Paulo app. So a lot of people are using it, and we've been enriching the platform, and it's been improving our information flow for our customers. And Brunetta is going to talk about our strategy in further detail. Over 5.5 -- 490,000 parking spaces, we've been building a huge portfolio and close to 20% of our revenue is coming through our digital platforms. Paying for car parks, reserving parking spaces, paying for Zona Azul in Sao Paulo and many other cities. Car debits, insurance, consortiums, many other verticals that we are aiming for, for the future of the company. So what are Estapar's strengths? You've all known Estapar as a car park company for over 40 years. But now we have many other services, which is being recognized by employees and users. We won Estadão Urban Mobility Award this year, which recognizes us by our customers. This is a voting award, our app, and Zona Azul Sao Paulo is highly recognized with very high scores at Apple and Android stores. So the investments we've been making in technology is being acknowledged by our customers. Recently, we also won the GPTW award for the third consecutive year, recognized by our more than 6,000 employees. I'm very happy to share that with you today. Every single employee takes part in this survey. So it's a fantastic recognition for the company. We also won parking Top of Mind this year, a highly valued award in Sao Paulo City and the Folha de São Paulo newspaper also recognized us. And our technology was internationally recognized for the Sao Paulo City Zona Azul with the IPMI award for our technology and for implementing this kind of system in a city like Sao Paulo. So technology, people and our platform have been recognized not only in Brazil, but internationally as well. What is our purpose? What are we doing and what we want to do? Parking is our core business, either on street for which you can pay using Zona Azul or traditional parking. We want to have an increasingly frictionless journey. Whenever our customer goes into a car park, they can go in without any friction. It's safe. There's no friction. We want to make it easier for them to find parking spaces and to use all the other services we provide, making it easy to pay, to reserve a parking space, to use other services that are available through our app, whether it be to pay for a car debit, a fine, taxes, licensing, insurance or a consortium. There are many other services available to our drivers. So we want to make life easier and better connected for the life of a society in motion. This platform is key to us. This is where we see our future. What about our vision? We can see the company in 2 different ways through our core business, which is based on parking, huge potential for growth. We conducted a study a while back, and it is -- this market is estimated to be worth BRL 16 billion, actually much higher than that, BRL 1.5 billion, BRL 1.6 billion worth of revenue in the last 12 months. So we have a huge opportunity to grow across Brazil. We can increase our revenue. We can increase the number of operations, but we want to go beyond that. We want to go beyond parking. We currently have roughly 10 million users using Estapar parking on street or off street, but we also want to provide the millions of drivers who are using some of our services today, many other services. So in places where people don't use our car parks, whether because we haven't got any available there or because they're using a different car park, we want to provide them with different services. And we're going to hear about them. We can offer new services, they will be new revenue sources. We want to diversify our revenue and increase the company's margin. So we want to make the most of all of these new services. And what are our guidelines for 2025 and 2026 and what we've been doing in the last few years to strengthen those? Our growth strategy, our core business will continue to be key to our growth, both on street and off street. We've been opening lots of operations, Murillo is going to talk about. We want to go into new Zona Azul concessions or accreditation. That is key for us. It's been increasing over the last few years. It shows that the company has been growing in operations in number of car parking spaces, and we can continue to do that in the future. So we are looking at opportunities that make sense, financial. We don't want to be a nice little business. We do want to make money. We want to increase our margin, our EBITDA. We want to generate profit. We've been decreasing our leverage, reducing our debt, increasing EBITDA, increasing margin. And in the bottom line, we can see profit and value for our shareholders. We only go into business to make money, whether it be for us or for clients. We are a B2B business. Clients hire us and users can use our car parks. Customer-centric, B2B and B2C. Customers who hire our services deserve the best services, the best accountability, the best technology so they can be happy and carry on working with us. We have long-standing partnerships with many of our clients and innovation. We want seamless technology, and we wanted to become better and better. Innovation and strategy. If you've known Estapar for a long time, you know that our app and our services really stand apart. Nobody else provides those services. Obviously, we've made financial investments, but we have highly skilled professionals working for Estapar and providing those services to them. And our strategy, which is to continue to move forward in AutoTech. Often, people ask us, do you want to be a technology company? Well, yes and no, we want to use car parks embedded technology. We want to be present in different ecosystems. That's what we're focusing on. So since somebody goes into a car park, recognizing license plate, frictionless process, paying for Zona Azul without friction, paying for other services using our e-wallet, to pay for everything related to vehicles. That's what we're focusing on. People, we're going to be talking a lot about that. We have 6,000 employees. We have the GPTW seal of approval. So it's very important to take care of those people, over 10 million people. We want to provide capacity building to increase their qualifications and to reduce churn. Churn is always a concern for a company this size. So we're focusing on that. And our ESG agenda, we will be talking about that. We're also focusing on that. One of our main pillars is to continue to pay attention to ESG in the future. We've selected 8 business lines to tackle ESG with since last year. So employee health and safety, that is key to us. To take care of our employees, we have to be close to them. Talent, appreciation and development to reduce churn. To be closer to our clients, we need to continue to provide capacity building across the Estapar network. Diversity and equity. There are close to 400 people working in our management in Brazil and 5,400 employees working in our operations. So we are providing more empowerment, more diversity, more women in leadership positions. Right now, it's close to 50-50. And we have more and more women in leadership positions. We have operations that are completely run by women. Satisfaction and customer well-being, so B2B and B2C, we have to make sure our operations are safe and comfortable and highly qualified. Innovation and digitization. I've talked a lot about that. So we're focusing increasingly on that. Reducing the use of paper, improving technology, focusing on digitization. Ethics, integrity and transparency. We're a public company. So we have audits on our figures and operations to make sure we're increasingly more transparent. Environmental responsibility and climate change impact management. That's our next step. We want to become carbon zero. So we're looking at that for the midterm. One of our main concerns, and we've been talking to employees about that is part of our ESG pillar. We have identified a pain point. So how can we manage 6,000 employees across over 90 cities across Brazil. How can we make sure that what we're talking about at our offices can reach employees who are millions of kilometers away from our headquarters. So we have looked at a benchmark with other successful companies, and we have developed Estapar+VC. Estapar and You. We launched the app this year. Hundreds of employees have access to this app, and it helps us communicate with our users, our employees. So the information that comes from HR or any other department can be accessed by our employees through the Estapar+VC, Estapar and You app. Even in a faraway town, everybody has access to the same information. HR information, payroll, medical services, employees can do everything through this app. It's been working very well. It's seamless. It makes it easier for HR to communicate this information. And we hope that this will help us reduce churn and help employees to feel like they belong to our ecosystem. And now we're going to talk about the Estapar Academia. We've been making courses available to employees over 500, so customer care, financial maths, Excel, compliance. All these courses are offered to our employees. There's a training journey. This year, we've reached close to 90% of our employees. They've gone through this development track and this journey. And our goal is to reach 95% of employees over the next 2 years and to have a minimum of 85%. So that's what I wanted to share with you. I wanted to tell you about our platform, what Estapar is all about today. And now we're going to hear about our business, our growth and our future. Thank you so much, and I'll be back for the Q&A. So I'll turn it over to Brunetta after the video. Thank you. As you know, Estapar is a benchmark for car parks in Brazil. But what if I tell you that Estapar is much more than just a car park. And this is the secret at my fingertips, Zul+ is our new app, and you can pay for parking, you can reserve spaces at airports, events. You can get the Zul+ tag to go through tolls without having to join a queue. You can pay for taxes, licensing and fines in up to 10 installments, and you can also hire insurance. But there's a lot more if you use our app. Don't forget, it's Zul+. Fantastic. Drivers, make sure you download the Zul+ app and make your life a lot more practical. Everything for your car in one single place. Zul+ and Estapar app.

Good morning. We're very happy to have [ Felipe ] talk about our digital journey, which is all about the future, but it also addresses current pain points to do with efficiency, customer experience, and that's what we're going to be talking about today. If we're going to talk about digital transformation, it's very important to say that Estapar knows what it's talking about. It's been making considerable investments over the past 2 years. And when we talk about our vision of the future, this is what we're doing to get there. This is our north to make sure that what we're doing can lead to initiatives that will create value for the company, for our B2B clients as well as perceived value creation for our B2C clients. In terms of our operations at car parks, we have over 700 car park operations and customer experiences will be much more fluid as they go in and out of our car parks. But not only that, users will have a lot more points of contact with the company. So even before they become our digital client, we can automatically identify license plates. That's our end goal. And the idea is to make sure that drivers can go in and out of our car parks seamlessly and have a smooth experience. Frictionless payment is a mantra for us, not only in the physical world, but also in the digital world. We have multiple payment methods that are integrated across our platforms. They can pay for all of our services using Pix, credit card, debit cards, different digital platforms such as Apple Pay, Google Pay. And the same thing we're doing in terms of frictionless payment, we're going to be doing across our car parks. So we're going to reduce the use of paper and allow users to pay using whatever method they prefer seamlessly. And as we increase digitization across our platforms and across our operations, we'll have access to a lot more data, which creates value for the company and our clients. We'll have more predictability about how our operations are used. We have more revenue predictability. So we'll have more predictability, and we will ensure more revenue because as we identify any issues, we can rectify them quickly because we'll have more visibility. Again, as I said, this is our mantra. Single user identification, as I said, we can identify license plates. And then we can welcome our clients not only through their license plates, but also across our platforms. So our clients' point of contacts, both digitally and physically will create a history of those clients. And as we get to know them, we'll be able to know the value they drive for us and provide them with different kinds of bonus as they use our services. So clients who used to be drivers, just drivers parking their cars on or off street as they become 100% digital and come into contact with our platform, we will create new revenue avenues based on that. We'll be able to provide new services, which are complementary to anybody who drives not only at car parks, but as Felipe said, we also have car debt services, toll tags, fines, taxes, consortium, insurance, many, many services. So our clients will be able to pay for those in one single place using their preferred payment method. So our thesis is we want to be able to have higher revenue per square meter. So when they park at our car parks, we can capture more value going beyond the physical parking space. And those revenue avenues also allow us to expand our base because our platform will be capturing the interest of clients who won't have to park their cars with us because they will also be able to pay for insurance or start a consortium. So through these digital revenues, the company will become stronger. We'll be able to expand its operations and go into areas that previously were limited to parking only. And as these new clients start using our services, we need to be careful about scalability. Whenever these clients have a pain point or a question, we need to provide them with good customer care. So speaking of the future, but we're already tackling this. We're launching an AI assistant. We will work closely with our clients. If they have an issue, for instance, out of working hours, they'll be able to get the service. And we're launching that together with our new website. And this new identity will translate a new era for the company, which is very promising and will start as we move into 2025. So we're bringing a distant future to the present. Now I'll turn it over to Beto Costa, our On-Street Director, who will be talking -- actually, I've got one last very important slide about our year-on-year growth. In terms of financial volumes through our apps, we've had close to 130% growth year-on-year, close to BRL 0.5 million worth of transactions on our platforms. In terms of assets, we also had a significant increase, more than 83%. So Estapar -- close to 20% of Estapar's revenue is digital only, and that will definitely increase based on investments we've been making. So now I'll turn it over to Beto Costa, our Executive Director of On-Street, to talk about Zona Azul.

Good morning. So let's speak a little about the on-street business of the company. On-street, for those of you who don't know, means street parking. It's a pioneer operation at Star, an operation which is growing and where we are adding a lot of applied technology. I'll speak about that. We have more than 25 years of experience in this operation. We started in the past with park meters. And for a while, we've developed a technology behind surveillance, inspection as well as maintenance and application of signage, street painting, the placement of street signs. It's part of the on-street business. And later on, I'll speak about Zul+ and how it has added services. We can simply use a smartphone to have street parking. We operate in 21 cities, more than 148,000 parking spaces, close to 38 million transactions and 80% digitalization, which is very interesting to see how technology can be applied to on-street parking. So we had 50% digitization a year ago. Now it's up to 80%, showing that this experience, recurrence of use and ease of use for the users is brought about by digitalization. Here, speaking a little about the business model. The most important, the bulk of the operation is linked to concessions. And it is an accreditation model. We accredit the app competing with other players in the sector, just like what we do in Curitiba. With this Estapar technology that we developed, a technology that our CEO, Emilio showed you, we were awarded a world price 2 years ago, competing with all cities and municipalities in Brazil and in the world. And we won that award because we have a unique technology, which is the surveillance vehicles that you see driving around the city of Sao Paulo. We have more than 100 of those vehicles. And that adds technology. It brings more revenue to the municipality. The surveillance operation is incremented in the concession model. And we have the return on the invested capital because it is the shareholders that put the funds to invest in the business and they get a return. It also adds to the time-limited parking. The easier it is to pay for 1 hour of parking, well, the more we have a turnover and the more we have this turnover, the more we deliver results to local urban commerce and services. Now speaking a little about technology. Why is this good for users? Because it makes things simpler. With the Zul+, we have more convenience, safety. Instead of going to a park meter on a rainy day to put a coin there and get a ticket, you simply look for an available parking space because we also have a heat map in our app, and it makes things easier for the users and for public authorities. It's -- they have maximum observability, predictability and respectability. On the photo, we see our operational control room located on [indiscernible] Avenue. Speaking about the pillars of technology, this is actually the pillar that gave us that world award. We have about 120 vehicles supporting surveillance and inspection. And this is what brought us greater understanding and volume of data. It allows us to monitor the KPIs of the on-street business. So the Sao Paulo business case of the 150,000 parking spaces, we have 54,000 managed parking spaces. And so we have a lot of knowledge. We monitor the KPIs. If the car stopped for more than 10 minutes, we know why it stopped. If there is a specific region in the city of Sao Paulo or any city that operates with Estapar. If there is a loss in respectability, we can act and increase surveillance and inspection in the region with a direct impact on revenue. This is why we have been growing with higher margins and getting more data with Zul, so that we can offer more products. So I spoke a little about the 100 vehicles. We have 2 apps, the app for the Sao Paulo concession, the Zul+ with all of the products and services. The Sao Paulo case is one where we invested a lot of capital in the beginning of the operation to have a 15-year exclusive concession. There are other models in other cities like accreditation, but we have the case of Curitiba, for example. And we have our control room. I'll explain what this technology is and how it can bring more results to the company. Every year, we attend world shows, trade shows to look for innovation and new things we can apply and offer in terms of services. And the world behind the scan cars and behind cameras brings a lot of data, statistics, behavior analysis. And it is these behaviors and these technologies used in the on-street operation that can that are perfectly aligned with the concept of smart cities. The services, for example, reading through the cameras and using AI to understand whether the trees in the city of Sao Paulo are in good shape. If they are at risk of falling and also regarding public lighting, traffic lights, a number of services. This technology is already used and it got a world price. This can translate into new revenues, new opportunities, not just for the public concession market, but also for the private market. And here, I mean insurance companies, the federation of banks, for example, that can use this information to control vehicles that are in debt in their loans, in their auto loans. So a number of services that we have been adding and developing at the company. I will now turn the floor to my colleague, Murillo. Murillo, you have the floor.

Good morning. Well, thank you for attending and for the opportunity to be here to speak a little about the off-street business. But before I speak about the segment itself, I'd like to speak a little about myself. I'm this little guy on the street -- on the screen. I officially started in 1996 at Estapar. That's when my father -- when I got into college, my father said, congratulations on Monday, you begin. That was in 1996. My father and uncle were the founders of Estapar. And as a son of separate parents, I spent the weekends with my dad. And my favorite activity with him was to work at a parking lot. So this routine of painting the parking lots, the walls of the parking lot, this was in my DNA, just like charging for parking. I was an excellent checkout operator. Well, 43 years since our establishment, I can speak a little about what Estapar has become. I think that we have the sense of ownership that is present in my culture and the culture of all of the officers that have been with Estapar so long is what makes this company different. It's what sets us apart. We have this sense of ownership. We have our tummies in the checkout, and we have governance, and a focus on the capital market. It is a combination that is a winning one. It makes us a differentiated company. But I'd like to mention some points to explain our business model. I'll speak a little about our reach, how we manage our parking lots, how we start a new business from prospecting to conversion. I'll speak about technology that has been mentioned over and over here, but I'll speak about the operational side of it. I'll speak about partnerships that were very important for us for our growth, and how we are positioned as a mobility hub. Very well, the off-street segment accounts for 80% of Estapar's revenue. As Emilio said, it is the core business. We are present in 710 off-street operations, more than 340,000 off-street parking spaces. And here I should highlight our presence in several segments. I can say that we're present in all segments: airports, sports arenas, office buildings, shopping malls, hospitals, and even cemeteries, believe it or not. So this kind of diversity, because we operate in several segments, is seen as a very opportunistic way because we can get the best of every sector, and this allows us to mitigate risks. When I speak about having this sense of ownership, today, we manage more than 90 cities through 7 regional offices. These 7 offices have a highly skilled management team, people who have been with us for a long time and people who have decision-making power. And they are in the front line. We have this belief, this habit of serving the customer fast and quickly, safely in a transparent way. This is what sets apart our operation. My colleagues and I normally say that we treat parking lots as children. We know that we have problematic children, beautiful children, not so beautiful children, but they are all children, and we have to take care of them, bring them up, educate them so that they will do well. Speaking a little about governance and management. We have a number of indicators. When we talk about operating indicators, we now assess in detail the volume of each operation, average ticket and this relationship between volume and average ticket of a ratio that is applied for every sector when we speak about hospitals, we analyze time limited parking per bed. When we speak about shopping malls, it's very important to consider GLA, the gross leasable area. And we have to consider the percent of digitization, claims ratio and turnover. Since we adopted Zul+, our percentage of payment in cash is about 7%. In the city of Sao Paulo, this number is below 4%. This means that we have less cash in the operation. So it makes operations safer, more comfortable for the users. And it makes our operation be focused on service and not on collecting money. Regarding financial discipline, this is a mantra at the company. We analyze every result, every operation. We have a sequence of meetings first with the managers, managers with the directors, with the managers, managers with the superintendents and such. And we analyze the result of every operation. In addition, we are very disciplined regarding capital allocated in the operations. For every business gained, for every capital invested, we have PIR, post-investment review. And we analyze whether we delivered what we promised in terms of return. That's the kind of financial discipline we have. It works really well, and it makes us keep an eye on the ball. When we speak about quality KPIs and how we manage the whole infrastructure that we have in the parking lots, we have an important structure of operating audit. It analyzes the details of every process, and we have ESTR POWER. ESTR POWER is our quality program that gives us all the best practices, processes defined so that we can assess how the frontline people are executing all of the processes. And here, I'm going to tell you about how we implement new businesses. Well, oftentimes, it starts with prospecting. Our market intelligence department prospects the market, and they are responsible for mapping all of the assets available in the large cities. This kind of mapping is not only of the existing assets, but also of those being developed, built and that helps us prospecting better the opportunities. And then we have a technical consulting for these enterprises because it is very common for an entrepreneur to say, I'm building -- I'm erecting a building in Vila Olímpia neighborhood with 200 parking spaces. And how much will this cost? And my answer is always, it depends. It depends on the amount of access in many buildings. The address is Faria Lima Avenue, but the entrance to the parking lot is on another street. It depends on the floors of the parking area, if we have free parking spaces or not, the occupancy profile and if we have traffic-generating hubs around that parking lot. So it is a number of variables that will help us price a parking lot operation. So we have a very active technical consulting group. And our whole proposition is tailor-made because it is directed for that asset, for that moment and for that specific need of our clients. And that's where we have financial engineering coming to play. We have an opportunity now to offer a number of different contracting types with less capital allocation, with more capital allocation and always through these models that I will explain. We have a segment called Leased and Managed. These are the conventional contracts, large number of clients and companies have that kind of contract. They normally last 5 years. The rent as a percentage of the revenue, sometimes fixed and variable. And this is in the service agreements. In addition, we have long-term contracts and concessions. Here, we require more capital allocation, even greater discipline regarding investments. And in this case, we prepay the revenue of the parking lots to the contracting party so that they can invest in their core business. In addition to generating a higher margin to Estapar, the duration of the contract is much longer. We also invest in property, real estate. We have some assets that we own, and that's when we acquired that real estate, at the moment of development. In other words, we offer a wide array of contract modalities to our clients. And speaking a little about technology and talking about the parking itself, car parks. This has always been in Estapar's DNA. Remember, when we implemented the first automation work in the parking lots, we installed the first automatic payment [indiscernible]. It looked like a fridge. It was really robust and big, all the way to implementing credit card payment. So we were always in the card. We were always pro innovation and that drove growth. And we're now live in the moment of digitization of all of our processes when we speak about time limited parking for monthly users and the accredited users. Those physicians at hospitals or people leasing offices in commercial buildings, but we want to drive a digital journey and what is the advantage of that? Well, the whole transaction part is done outside the parking lot. So that our whole operation has one single goal in mind: driving maximizing services, providing the best services to users without the need to have somebody behind the counter, without having somebody to do all the accountability. All of the processes are being digitized and automated at the company. In addition to a lot of back-office savings when we have these 100% digital transactions. And here, I'm going to give you an example of one product that we have. And here, this journey is 100% digital. This is Estapar Reserva, Estapar reservation. That's a system where the customer books parking space beforehand to go to an airport, a sports arena, some kind of event. When they go to the event venue, the access is done in a frictionless way by identifying the license plate. So it is a journey, which is 100% digital. This tool was deployed in 2017 at the company. What are the opportunities that they brought? Well, for the user, it brings predictability. Customers will know how much they will pay to go to the airport, how much it will cost them to go to a football match or a concert. Well, it brings a lot of comfort for the user. I'd like to say that when you're going to go to a football match or to a concert, if you use an app or taxi, you know how much it will cost you to get there. You never know how much it will cost you to bring you home. So we had a recent campaign about the parking space reservation. And the campaign was stay until the last song until the very end of the match because you have your own kind, you have comfort and you know that when the event is over, when the match is over and, normally, the last song in the concert is the best, you can be comfortable, get your car and drive home. Unlike the feeling of having to rely on a taxi or on an Uber driver and you have to rush out to get that car as fast as possible. When we speak about the functionality of the system from the operating standpoint, there are a number of advantages. Again, predictability is the key. We know how the occupancy of the parking lot will be like so that we can correctly size our labor. In addition, the fact that if this is not charged at the parking lot entrance, it creates a lot less friction. Can you imagine a football match when everyone is leaving the stadium, if you have to charge parking. Can you imagine if your team loses and you're upset, so these details of the operation make the journey much faster and simpler. And for the client and for the customer, the fact that this is an 100% digital journey. And I'm talking about high ticket here. We have greater control of the revenue. This is a great gain for those who hire us and adopt this tool. And also has to do with optimization of traffic flows. I'll tell you about 3 cases. I think that the first one would be Butantã shopping mall. This is an operation that we started on October 1, 2024. And on October 3 or 4, we were going to have Bruno Mars tour at Morumbi Stadium. In record time, we were able to deploy this operation, deploy the parking space reservation system. We spoke about it to our client base of more than 9 million active users of our app and in a nutshell. We even had to turn off the product because we sold so much, and we didn't really have the operational experience to know what the sales limit would be. In addition, Butantã shopping mall serves the shopping users and not the concert, the Bruno Mars concert goers. With the reservation system, we made this flow in a much more fluid way because we didn't have the charging of parking at the entrance of the parking place. This works in a very harmonious way with the clients of the mall. Another very nice case I'd like to mention is the MRV arena. It is an arena that was born with 100% digital parking or digital journey. This was our commitment to them and to the authorities because we could have this kind of sports arena with more than 2,000 parking spaces, how can we have the flow in and out flowing well. And today, we have this system implemented. We sell 100% of the car park beforehand and both drive-in and drive-out happens very, very fast. And lastly, let's speak about the product in airports. And this is the Congonhas Domestic Airport. This is a reference case because Estapar makes reservations and offers to users of many products. For departures and arrivals, for just 2-hour parking, they can make a reservation. And we have Estapar Premium for those users that have a luxury cars that would not like to share space with other vehicles, we offer a premium area with larger parking spaces, almost double the size so that they can drive their cars there and have an uneventful experience. With this product, we can offer dynamic pricing ensuring the hiring party that we have the best management over the yard. Dynamic pricing works just like an airline so that a customer that buys the product beforehand can find better prices. This is a very consolidated product. It works 100% license plate based. It's 100% digital. It is a product that makes us very proud and that is growing a lot. Talking about partnerships, how do we use our whole ecosystem, the customer base and all the premium assets that we manage. How can we create more opportunities for revenue and services alike for our customers and clients and hiring parties. I normally say that differential, what sets us apart is the way in which we approach our partnerships. I'll mention Porto Seguro as an example. Porto Seguro is an insurance company. It's a partnership that we've had for more than 30 years. And actually, we started like "dating" even before that. Porto Seguro and Estapar were then very small companies. And then an officer of Porto Seguro went to the union of parking companies to offer the opportunity of bringing Porto Seguro clients to the parking lots and all of the operators at the time said, but Porto Seguro, you are such a small insurance company. Why do you think that this is going to make a difference for us? And he said, we are small, but I'm going to be the largest insurance company. And so people were suspicious and they didn't join the partnership. And Estapar -- my father, my father said, "I'm in it." And Porto Seguro looked at us and said, "Who are you?" And my father said, "I'm in it" and Porto Seguro said, "Who are you? You're such a small company. You have just 2 parking lots." And my father said, "Of course, but I'm going to be big one day." The partnership was not born then but it was born later. And now this partnership is a marketing reference case because we have the experience of the user, we have the controls in place, the way in which we publicize this partnership. And that's very much rooted both at Estapar and Porto Seguro. And here, we have a number of other cases. We like to highlight our partnership with GOL Airline. Any customer that buys an air ticket, they are impacting. They have a cross-selling according to the point of departure. If there is Estapar parking place, they offer a discount, if they reserve a parking place. And Adyen, our most recent partner through our transaction volume, we were able to have acquiring rates at very competitive prices. And this is another differential of Estapar for our contracting partners. And lastly, let's speak a little about our Mobility Hub and how we are part of this context. We have here mobility trends. And I think that they operate based on 4 pillars, 4 drivers. We got last mile solutions. In other words, how we use our real estate, our infrastructure, all the brick-and-mortar operations we manage. How can we offer even more services. For instance, all the Audi customers, when they go to the Congonhas Airport, they can do maintenance of their cars. We also have a partnership with Ambev. We have like a dark store at our car parks with Zé Delivery. So there's an area we use to store and operate Zé Delivery. Car wash as well as other services, which we are including in our operations. So in terms of diversified mobility, we've got mobility as a service, car as a service. How can we make the most of the mobility ecosystem. And to that end, we've got some very interesting and successful initiatives. In our operations, it's already possible to rent a car. And I'm not talking about storing cars. I'm talking about renting and storing cars, and we work with the major operators in the industry. We also have a partnership with Turbi for sharing a ride services in terms of connectivity. We have a great operations with them next to Santos Dumont Airport. All app pickups and drop-offs are done in one of our car parks, so we're constantly looking into opportunities. As for connectivity, cars are becoming smarter, more integrated. So we've been investing in technologies to make sure that our app can be embedded in different cars through CarPlays and Android. We have a partnership with Volkswagen through which new cars like Nivus come with our app on board already. So these are market trends that we are keeping up with. And Electromobility, in addition to electric, which is an Estapar invested company, and Pedro is going to be talking more about that to you. In terms of car parking services, how can we provide opportunity charges to our users and how to monetize, on that space so as to capture even more revenue streams like our 99 hub. So all 99 electric vehicles can be charged at our car parks and our partnership with Mercado Livre. That's a great partnership. So their vehicles that are doing deliveries during the day can go to our car parks. And let's not forget that our car parks can be empty at nighttime. So we can offer those spaces to them and they can charge their vehicles at our car parks. So those are our off-street opportunities and what we've been doing. And now we're going to listen to Pedro, Zletric founder. Thank you.

Thank you. Hello, everyone. My name is Pedro. I'm the founder of the Zletric, and it's an honor to be a part of this ecosystem. Zletric is the Estapar recharging arm. So we're very happy to be a part of Estapar's ecosystem. When I founded the company 5 years ago, I was sure that it was going to be adopted in Brazil. As we can see in more mature markets such as adoption in China, adoption in the U.S., we're sure something like that is going to happen in Brazil as well. So that's why we founded a recharging service company in Brazil. There are a few initiatives in Brazil, Volvo pioneering this initiative with a few charging stations and driving electromobility. The Stellantis Group also announced a BRL 6 billion investment. They own Fiat, Chrysler, Jeep, and they are making heavy investments into electromobility. BYD, we can all see their cars driving around. There's a GWM plant in Brazil. They are already going to be launching cars made in Brazil in the next few months. So electromobility will be happening in Brazil faster than we expected. That means these are ABV figures, the Brazilian Electric Vehicle Association. We can see the electric vehicle trend in Brazil and battery-operated cars in Brazil. Over 70% of electric vehicles in Brazil are either 100% electric or electric plus plug-in. So this is already happening in Brazil, and it can be seen across our cities. We've reached 1,000 charging stations, which is amazing, and I'd like to play a video now. [Presentation]

That's great, right? Such a coincidence that our 1,000th station was installed in this very same building here in Sao Paulo. So it's all happening. Our work is going very well. We have 1,000 station in Sao Paulo and at Zletric. So to talk about our figures, we operate in 70 cities in 14 states. You can see them on the map. And highly concentrated in Sao Paulo. At Estarpar car parks alone, we have 350 stations. So as part of the electromobility drivers journey, they will have an increasing number of charging stations. The Electric's operation can be divided into three major groups. We can help customers at home, so Zletric home, which is a great market opportunity, but it's also the biggest challenge. We have a very solid home charging avenue. We also have the Zletric network. This is our clients' everyday journey. So they leave home, they go to the gym, they go to a shopping mall. They use it at where they work, and we want to be present across our users' journey in their daily routine. And Zletric Fast, we have 21 fast chargers in motorways and more recently in recharging hubs in the city to meet the needs of drivers who need to charge their cars quickly. There are many partners in this Zletric ecosystem such as OEM, insurance companies, dealers and many others are coming. We have some great news to come over the next 2 weeks. More partners will be joining us to helping us build electromobility in Brazil. Now I'll turn it over to Daniel to talk about our financial and operating highlights. Thank you for your attention.

Thank you, Pedro. Can you hear me okay? Good morning. My name is Daniel. First of all, I'd like to thank my colleagues because they've made my job a lot easier. They've talked about Estapar. They've talked about our quality, our history, our ability to deliver, to innovate and to invest in an increasingly more productive and profitable future, where we'll be able to provide increasingly more value to all of our stakeholders. I'd like to thank our audience for joining us today, buy side, sell side, investors. Thanks for joining us on our second Investor Day. We had the first one last year. And this year, we have our second one. 2024 has been a very special year. Our financial results have become even better than we had hoped for, better than our strategy and better than our goal. This is our obsession. According to our CEO, Emilio Sanchez, good companies are profitable companies. In the second and third Qs of 2024, we've had fantastic profits. A significant structural change has taken place in Estarpar's balance sheet and what we're going to do with Estarpar today and tomorrow. Estapar has a track record of losses, especially during the pandemic. But in the last few years, we have implemented strategic changes and we've made a great recovery. In 2023, as you can see, our losses have reduced considerably. And in 2024, second and third Qs, we have seen a profit. And that's what we can expect from Estarpar. We're growing sustainably and profitably. Good companies are profitable companies. I started with the what. Now I'm going to tell you how we got here. We became profitable because of our colleagues have said, we've increased our customer base, our core growth, our revenues, also because of our cost discipline and capital allocation and business execution. And lastly, our liability of management work, which has borne excellent results. So let me give you some more details about the how, how we've become profitable and how we're going to remain profitable and increase our value offer, economic and financial results. For the ninth consecutive Q, we've had a net revenue in the third Q. So even with seasonality and climate events like we saw in the South for 9 quarters, we have a net revenue. One, because we've increased the number of our operations. Historically speaking, Estarpar was growing at a pace of 40 to 50 gross operations a year in '23 and '24. And looking forward, we've doubled our revenue growth. We've increased our operational base, and we're going to be hearing more about that in a minute. The country's economy has grown and so has our operation. The number of vehicles, occupation, a good pricing strategy that has led to an increase in revenue. And obviously, we have new business revenues coming in. We heard from Andre, we've heard from Pedro and also the company's digitization process, which allows the company to provide the right products and services as well as new products and services. They've made an increasing contribution to our revenue. In the first half of '23, half of our business was digital, and that will increase the more we invest in digitization at Estarpar. You can see our growth strategy on the slide, which explains how our company has gone through three cycles: heavy investments, the pandemic and as of 2022, the company became profitable. As I've said, our new business generation has been increasing. We're bringing in new operations. So at the end of the third Q 2023, we had 731 operations in our portfolio, and we will continue to grow. Our obsession is to get to 1,000 fast. Right, Murillo. So how have we been growing? We've had very healthy growth. And through capital allocation, we have been focusing on capital-intensive operations, more EBITDA margin and higher amortization expenses. So to make the most of that capital, we leveraged the company. Over the last few years, we've been changing that strategy. We've been focusing on rental and -- rented and managed operations, so providing services or we can have better operating leverage. So rental, which is our main inflow accounts for a variable part of that business revenue. So has the company abandoned capital allocation? No, not at all. We continue to invest in long-term contracts and concessions. As we've heard, the Butanta shopping mall, the arena, that was all capital allocation. It's not just about the property. We also have long-term operations, but we have more discipline and focusing on pursuing profits, which is Estapar's obsession. So our portfolio now has more rental and managed operations. We need to find the sweet spot to make sure we have a healthy mix in Estarpar's balance sheet. That's what we talk about every day. That's what is in our short-term and strategic plan. Financial discipline is part of our DNA. Now still on the how, increasing revenue, increasing the number of operations. That would be easy if we have had a lot of fixed costs, administrative expenses and investments. But in '24, we can see that we have been increasing our EBITDA by 18% year-on-year compared to 2023. And more important than nominal EBITDA growth is margin growth. We went from 15% to 20% margin. That's key because it goes to show how our investment decisions and our execution discipline and expense costs and SG&A will make sure the company continues to grow over the next few quarters. An indicator we tend not to talk about that much, but it is the best example of how this company has become profitable is our EBIT, which is before financial results and taxes, including amortization. So we can see more significant growth, 40% compared to 20%, which is what we see in revenue and EBITDA. As our operations grow without increasing our capital expenses, we've been seeing significant results going from negative margins to 10% margin. So that's a key factor to understand what we've been doing. And we'll continue with long-term investments, concessions, but with capital discipline and pursuing profit. So having talked about revenue, new businesses, operating and administrative costs, in terms of investments, we have our debt service, which is part of Estarpar's legacy. In order to become the largest car park company in Brazil, it did use third-party capital. Estarpar has always managed its leverage. Using third-party capital to grow is natural, but you need to do it properly. You need to manage it, and it has to be well balanced. And that's what we've been doing in the last 2 years. Our strategy has allowed the company to continue to grow, increase EBITDA, increase revenue and to deleverage and remain profitable. So we needed to keep our net debt minus cash stable. So 4Q '22, 4Q '23 September, our net debt is practically stable at about BRL 750 million, BRL 790 million. So that's what we've been doing, and that is what we'll continue to do to keep our net debt stable, allowing for operating growth and operating result versus debt will continue to be healthy, and we'll continue to deleverage the company. So the company will keep its indebtedness but carefully. So how can you have a well-managed debt? It's got to have the lowest cost possible and well-balanced maturities. And this is what we've been doing in terms of liability management. Yes, we do have a debt to manage, but how can we make it cheaper? That's what we've been doing. We've been reducing our CDI spread from CDI plus 3.5% to CDI plus 2.5%. I was asked once by an investor, why Estarpar? Doesn't just do one single liability management. Well, it's part of our strategy not to do that. We do it in phases because we know our business, and we know we can improve our credit analysis and our balance sheet. So we knew that our balance sheet would be better in '24 than it was in '23. So we took on debt. We took on these operations, CRI and BRL 200 million CDI plus BRL 2 million in May. And we continue to do the same thing. Liability management is done by renewing debt, paying for expensive debt with cheaper debt. These are September figures, but our investors can expect that we'll reduce our CDI spread, and we'll have some excellent news soon. And we have to have well-balanced maturities because that will allow the company to grow. Our operating cash has to be available to pay for debt, but also to allow the company to grow and invest in new businesses, new concessions, technology, digitization, Zletric charging stations and other initiatives, M&As, whatever, we need to be able to grow. So that's what we've been doing in terms of liability management. We've been successful and it hasn't stopped. It will continue. You can expect even more improvements so that the company can continue to be profitable to have a better return on invested capital and continue to generate value to all of our stakeholders. To conclude my presentation, I'd like to invite all investors and analysts who are here today to attend our 4Q '24 earnings release call on the 13th of March, where we'll explain how we've reached these results. Once again, thank you to our audience. Thank you to my colleagues. And now we'll start the Q&A session. Thank you.

[Operator Instructions] [Break]

Alright. We're back. [Operator Instructions] We'll now have a Q&A session with Estarpar's Executive and Ms. Sousa, Chairwoman of APIMEC. [Operator Instructions] First question is from Daniel. Daniel, your namesake. So the question is for you. Daniel is asking you to comment on Estarpar's capital allocation strategy for the next few years now that interest rates are high than what had been projected and your growth strategy? And also, is there an update on your liability management potential fundraising? What you're going to do with older debts which can become more challenging now that interest rates are higher and are projected to remain high for '24 and '25? Can you hear me okay?

Thank you, Rafael. Thank you, Daniel, for the question. So the question was about capital allocation strategy and liability management, right? Well, about capital allocation, as I said, Estarpar has been making the best use possible of our money. So we should keep the same pace in terms of volume and capital allocation that we've been doing in the last two quarters and years. It's well disciplined. And we're also allocating in more capital-intensive business, so long term and concessions. That's what we did in '24. And that will also be our strategic plan for '25. We'll keep the same volume and mix in terms of capital allocation. And obviously, we'll continue to invest in technology. About liability management, as I just said in my presentation, and I can say it again, our liability management work has been the same year-on-year. It's becoming easier as time goes by because the company has been improving its credit scoring through issuing unilateral or bilateral processes. We issued another one in May. We'll issue more in the future. We can't disclose that for the time being, but you can expect continuous improvement in our CDI spread so that the company can be allowed to continue to make investments.

Thank you, Daniel. I have a question from Nuno from Leblon Asset. Emilio, I think this one is for you. Can you comment on the addressable market and the company's long-term view?

Well, great question. We continue to focus on off-street. So our core operations in on and off-street are the addressable market. So we continue to go -- continuing to go beyond Sao Paulo, Rio, the Southeast, we're going into Guyana, Brasilia. These are key operations for us. There's a lot of room for growth, whether it be through rented and managed operations, as Daniel said, as well as capital allocation. Yes, we are interested. And as Murillo said, we've gone into the MV arena recently. We've gone into a different arena that will open soon in the next few months. We can't wait to disclose that. So that will be through capital allocation. We are being very disciplined when it comes to capital allocation. We continue on the digitization process to provide more services, but we're keeping our eye on the ball, making sure we have well-balanced capital allocation. Given our level of leverage and the fact that interest rates are going up, we'll continue to be disciplined. We're not going to do anything crazy. We'll focus on discipline, growth and profitability. That's what makes us confident that we will continue to grow. We're very happy about our results. And we'll have an excellent earnings release call in March. As Daniel said, you're all -- we'll be able to deliver some good results. And over the next couple of years, '25, '26 based on our strategy will be very promising.

Carlos and Gabriel on our sell side. Emilio, to you. They're asking about the macroeconomic scenario. in 2025 and comparing that to 10 years ago, 2015, 2016, about ticket and operating impacts across the company segments, which ones should be the most impacted?

Murillo and I can take that one, and Daniel and I can take that one. Well, it's a challenging scenario with such high interest rates, considering our debt, we have to make the right investments. But we also want to grow. We'll be disciplined about it. And we have to do it carefully. We can't afford to make any mistakes. We will not stop growing. We won't stop looking into new businesses, but -- we have to have the right discipline. We may be impacted. It's not happening right now. Unemployment rates may slow down our -- the volumes in our operations, but that's not happening yet. So it's not only the high interest rates, but anything -- if anything changes in the economy, if it cools down, it could affect the volumes in our operation. But through discipline and digitization, we've had some good margin trade-offs. Margins have been growing. It hasn't been an easy year, even though we have grown, it wasn't an easy year for anyone, including us. Our revenue has increased, thanks to our renewals and organic growth and the right capital allocation. We've increased volumes, but we continue to be disciplined. Interest rates have been going up in the last couple of months, 2 or 3 months, but we have been keeping the edge. We have a robust and well-disciplined team, as Murillo said, focusing on results. We've all been highly disciplined. We've been looking at each of our operations, looking at what we need to do to improve with B2B and B2C customers because we have to have the right level of profit considering our cost of capital.

For Estarpar, 2025 has already started. We are looking at 2025, '26. We are looking at the micro and macro scenario. Regarding the interest rates, of course, this has an impact on all businesses. It's not different for Estarpar. We're in a real economy. Our activity is like a thermometer for the economy. But at Estarpar, we look at our business, what we can do in-house, okay, there's a macroeconomic scenario to be faced. How can we face it in the best way possible with the tools we have? How we can make best use of capital of our portfolio of the opportunities of growth that we have, and we'll make choices? Choices are always directed to the long term. Murillo said it, and I will repeat it. We have a sense of ownership, a long-term view. We make our business decisions based on the long run, on perpetuity, on the company's value in the future. We are not looking at tomorrow, short term. We make decisions always focusing on 2025, '26, '27. 2024 was a fantastic but a challenging year. 2025 will be another challenging year, but we are very excited with what we can deliver. And let's move forward. We'll keep going because we have the right team, we have a good company, and we're going to have a fantastic 2025. And I think that the volume of vehicles is only growing in the city. So we don't see a challenge. We see opportunities.

Thank you, Carlos and Gabriel from [ Condor ] would like to know about 3 points in finance regarding expectations. The question is, what's the expectation regarding financial deleverage? And there are two other questions. Perhaps you can start with this one, and then I'll ask the other two.

Thank you. And thank you to the Condor team. [indiscernible] has been showing a trend of brutal deleveraging in recent years. We spoke about capital allocation and discipline. What you can expect from [indiscernible] is a continuity of deleveraging. We've had 20, 30x leverage in 2022 with 7x leverage. And now probably at 2.5x, 2.7x in 2025. You can expect this equation of operating result growing with our investment and financial costs under control that this ratio will reduce. The leverage of the company will be reduced.

Second question regarding expectations. Is it possible to have a follow-on to equate the financial structure of the company?

Yes. A follow-on deal is a topic that can be part of our history. I'll go back to our IPO, 4 years ago when we had an IPO in the middle of a pandemic. And looking back, it was the right decision. We had a smaller IPO. We wanted to have a much bigger IPO, more than BRL 1 billion, and we went for a smaller IPO. And in our conversation with investors, we never hit that we want to pursue those funds because we have a potential to deleverage the company, and we have a market to grow. So if a macroeconomic window arises or market window of opportunity arises, yes, so we can accelerate the growth of Estarpar. It's something we can consider, of course, we are not discussing any of that right now. For a while, we've had no IPO deals in the market, very few follow-on deals, but it is an opportunity. This is an alternative to accelerate the growth of the company and increase the fundamentals of the company. Speaking about growth, Carlos and Gabriel asked about CapEx in 2024 and expectation for '25. Emilio mentioned that. We want to maintain the same pace in terms of volume and mix with discipline.

Looking Murillo and Beto regarding capital allocation. We have been very disciplined, but my provocation is good assets with good capital allocation will give us good results. That's what we are pursuing. This is our goal in the company. That's what we want to do, and there is a lot in our pipeline in the coming months. In the short term, we will be communicating to the market. We'll have our earnings results conference call, and I'm sure we're going to have good business.

Thank you, Emilio, Daniel, Murillo. There is a question here from an individual investor. He would like to know why is it that a contracting party would choose Estarpar and not a competitor?

Excellent question. And that's the question that I like to answer the most when I'm speaking with the clients. I think that I spoke about how we manage and operate our parking lots, which I think that our best advantage is the ability to generate results. Sometimes we're assessed by the percentage of pass-through to the hiring party. And I normally challenge all the hiring parties. And sometimes the 30% that I offer is much greater than the 40%, 50% of my competitor. You know why? Because we're disciplined in terms of results, in terms of how to generate more revenue for the operations, our cost discipline, how we define the best scale and the technology that plays in our favor. Coupled with that, we have partnerships in the mobility hub, which brings in more and more ancillary revenues. When we put all that together, I can tell you for sure, we are much more efficient than any other player in the market.

Thank you, Murillo. Now we have a question from another individual investor. How is technology influencing the day-to-day of Estarpar customers?

Perfect. Well, technology is never an end in and of itself. Technology is a means for us to deliver more and more an excellent experience to our users. Of course, there is an efficiency gain for the operations. We make our operation much more prepared for new features. And undoubtedly, Estarpar is getting skilled to capture value and better opportunities in a more agile fashion and to be more and more prepared for future challenges. I understand that technology comes to address efficiency, improve experience and to capture value, value which is not absolutely available that can be pursued, gained and won by a company the size of Estarpar.

Thank you, [ Bernida ]. Now, Beto, regarding on street, let's tap into urban mobility. An individual investor asks, how can the OMA technology eliminate barriers in urban mobility and improve drivers' experience?

Well, very well. I remember 4 years ago, how problematic was the stability of our platform. So if we live through that in 2019, we understand how important Zul app is and the chassis behind it. After adding value, almost 800 operations, now the company enjoys stability in user experience that are unprecedented. Undoubtedly, Zul came to be part of the history of the company to improve customer experience. Speaking about mobility means speaking about the experience when you click on the app, when you have solutions for your day-to-day activities. And that kind of stability was the chassis, the platform, the foundation for us to address other topics, other products linked to this architecture with more ease of use. We had bottlenecks of connecting via API with other service providers. And as Murillo mentioned, mobility as a service, how could we be mobility as a service, connecting with Uber, with micromobility with other players in the sector. Perhaps in the future, even with public transport, offering integrated solutions was not possible some years ago. But now we have this integration, this operation that we had, bringing beauty and modern technology behind our operations. This is what positions us in the best position in the Brazilian market to connect with other services. And speaking about other services, as Murillo mentioned, if we offer a wide array of services and products through the app, that's what is going to make our customer base more recurrent, the customer base of almost 10 million customers. It will be more recurring. The solutions will be in the hands of our users. And at the end of the day, this is what creates mobility, turnover and everything we get through Zul mais to Zul+.

Let's speak about electrification. Pedro, we got a question from an investor. How do you see the electrification market?

Well, thank you for the question. I think that throughout the presentation, we heard about discipline and the answer is exactly that. We have a growing demand and accelerating more, accelerating even more than we expected. Brazil is really embracing electromobility, and we're very disciplined. So the location of the charging stations involves a lot of study, and that's the dilemma of the market. What starts before the cost, asking for more investments or more investments that will bring more EVs. And we measure both things, try to balance both things. And we are on the right track. We're delivering the necessary infrastructure as the market is created.

Thank you, Pedro. I have another question about Zletric regarding expansion in the future. I think it could be you, Pedro and Emilio, Jerome from Citi. He asks how do we see the future of Zletric as an investee of Estarpar? Where we want to get with it in the future and considering more and more EVs, what about the potential competitors of Zletric? Emilio?

Well, thank you for the question. Zletric is our baby. I guess it's our baby. It's a big company, a company with a huge potential. We are very, very pleased with Pedro leading the business and other partners. We have a unique quality of service and equipment. So we have a long-term view for the Zletric. This is not a company that we are just investing in to make money, just that. And we are looking at it as part of mobility, which is part of our strategic planning. Parking, as Emilio said, is mobility-as-a-service. We have to offer services and the Zletric is part of our ecosystem, just like digital products, just like the products in our operation and all of the partnerships, partnerships with auto insurers, in partnership with a rental car company. So the Zletric is one investee of ours that we are taking care of, that we are sponsoring. And we're looking at it very carefully. We're very interested in Zletric working with us. It's part of an ecosystem. We have no interest in exiting it and making money with it. On the contrary, we're investing in it. We are betting on it, and this is the way to go. Electric vehicles are a reality in Brazil and abroad. In Brazil, they're growing more and more, and they are part of our ecosystem. We expect to make our Estarpar ecosystem grow even more with Zletric. Regarding the competition, this is a big market. We are positioning to be a relevant player with a relevant structure to get a good market share. But I'd like to remind you with the Estarpar, we have more than 700 operations that we haven't even started tapping into. We have 700 operations in Brazil to have Zletric. So yes, the competitors will come, but they'll find a very robust Zletric that has been operating in the market for much longer.

Thank you, Pedro. I'd like to thank Lucy. She is the Chairwoman of APIMEC, has a question for the officers, and then we will move to the closing of the event. Other questions can be sent to our Investor Relations team.

Well, before anything, I would like to greet my analysts, colleagues, investors and all of those joining us online. I'd like to greet the whole Estarpar team. I'd like to congratulate you on a beautiful presentation. My question is kind of sector related and also related to the strategy of the company. Is there seasonality in your business? Because we are now in the month of December, the city is [ bustling ]. But in January, the city will be more empty. You spoke about initiatives to other markets. And I think about the number of cars going to the coast of Sao Paulo, a lot of people. What products do you have to offer? And what about seasonality in your business?

Well, I guess I can speak a little about seasonality. When I mentioned that we act and operate on all segments, I think that this helps San mitigate this kind of seasonal behavior. On one hand, we see lower traffic in commercial and office buildings, for example, but we have an area like airports, which is overheated. And in January, we see a peak action -- peak activity there. And hospitals. Hospitals never stop. And we know that the months of January, summer months tend to have a lot of people going to the emergency room. So we have a high volume of time-limiting parking. This kind of seasonality works for us to better manage our headcount. We can size the labor per operation in the best way possible by knowing the behavior of every sector. This is how we face seasonality. And you asked about opportunities. Well, we are present now in several cities. And in summertime, we have an abundant volume of vehicles. So we are very much present in the cities of Salvador, Meceio, [indiscernible], Pessoa the couple of cities of the Northeast that receive a lot of tourists in this period. Is this the last question? Well, then -- okay. So I'll stand. This is a tradition. I would like to thank Estarpar for the partnership with the Association of analysts, one of the most long-lived associations in the capital markets. So we were established in 1970, and we remain firm and strong and with the self-regulation of securities and value analysts. And one of the oldest activities of [ APIMEC ] that makes us very proud is the partnerships in the Investor Days for which we created this seal. And I am giving you this APIMEC [indiscernible], Emilio, thank you very much and our partnership continue for a very long time.

Well, the microphone is off. Unfortunately we did not get the sound. Okay. Now the sound is back. Well, I'd like to thank Lucy, the whole APIMEC team and the Investor Relations team of the company and the Arena for the hospitality, for the partnership, and this has been excellent work. I'd like to thank my team, my peers for an excellent year, a very good year. 2024 was a year in which we achieved our targets. While 2025 goals are more aggressive. Of course, we are always raising the bar. It wouldn't be any different. We're very excited with everything we're doing. We've been doing a wonderful team at Estarpar, it's not a regular company. People with the shortest time of services like 14 years. Well, Murillo showed his photo as a boy working with his father. So this is the DNA of the company. People stay for the long run. We are a listed company, but a company managed by people who not only love the company, but who are dedicated to working and to making the company happen. The results that we posted are the results of financial investment and the investment of people's time. So to add to Murillo's answer, Estarpar differential vis-a-vis the competition. the more than 6,000 employees that we have. We're very differentiated people. No one can second that. And I wish you an excellent 2025 for everybody. We're in the middle of December. So I wish you a wonderful 2025 to your whole team, all of your employees. Thank you very much.