Grupo Casas Bahia S.A. (BHIA3) Earnings Call Transcript & Summary

Good afternoon, and I hope you are all doing well. We are digital. We are a powerful ecosystem that's open to innovation, we're a marketplace, and we have customers at the center of our business. Just recently, we had the transition from the transactional retail model to a relationship-based platform model, where we focus on the customer base, increase the lifetime value of the customer and the ongoing improvement of the customers' experience. The initial results of this transformation are already apparent, and we're going to present these with you today. The slides through this presentation are available for download on the IR investment site. This presentation is being broadcasted by our YouTube channel and it has simultaneous translation into English. We will have a quick presentation on the earnings and results. And then after, of course, we'll open up for Q&A. Now I would like to invite Roberto, our CEO to begin the presentation of Via's results for the first quarter of 2021. Roberto, it's all yours.

Thank you, Danny. Thank you, everyone, for joining us during this earnings call. I hope you're all doing well and happy and healthy. We're happy to bring another quarter of consistent and sustainable results to you. In the first quarter, maybe you could maybe just highlight the first quarter. Our GMV had a total peak of 27% going to BRL 10.3 million and online sales were very much accelerated compared to the fourth quarter even. Our 1P is growing 123% to BRL 4 billion and 3P moved on to 124% moving up to BRL 1 billion. Our 3P already represents 10% of our total GMV in the first quarter of 2020, this number was something around 5%. Our digital sales represent 56% of our GMV versus 33% that we had back in 2020 in the comparable period. An important measure of our digital performance is the online seller. He is responsible for BRL 1.2 billion representing 21% of the GMV. The online sales person has a system. The vendors that are online have the same GMV. The online sales rep has the same performance as the fourth quarter so exactly BRL 1.2 billion. And in the fourth quarter we had Christmas and Black Friday. The latter presents significant evolution in this channel that is still important to us. The good news is that we are still keeping up with the strong growth pace in April and also in May now with accelerated growth. On the next slide, so we have online performance. We can see on this graph with the graph below is from Compre & Confie. So for the sixth quarter consecutively, we grew above market level, but growth is completely in line with the strategy we have designed and the performance that we are working on. So it's important to highlight here that it's the sixth quarter with this kind of performance. So we just had a little technical issue here with a problem with the slides. We had a little technical issue. We'll be back in a second. [Technical Difficulty] Sorry again. We had a little problem here, but now it seems like it's working. So let's move on. As I had mentioned before, I think back here, we had an initial quarter with a 27% peak. We evolved to BRL 10.3 billion of GMV. Our online sales really accelerated in regards to the fourth quarter and our 1P has grown 123% to BRL 4 billion. Our 3P has grown 124% to BRL 1 billion, and it already represents 10% of our GMV. It's important to mention as well that in the same comparable period, it was representing 5% of our GMV. So our digital sales already represent 56% of our total GMV versus 33% in the comparable period, an important leverage in our digital performance is the online seller. That made BRL 1.2 billion, representing 21% of our GMV. It's important to highlight also that online sales program also performed the same GMV of the fourth quarter of last year, the quarter where we have Christmas and Black Friday. Good news is that we continue to be very strong at this growth with them. April was strong and May also with significant growth. The next slide, please. As you can notice here on this graph, for the sixth quarter consecutively, we grew above market levels. This graph is based on information from Compre & Confie. It's public data, and it's important to highlight the consistency of the growth that Via is undergoing. And what's most important is that from the third quarter of last year, there is already significant competition. So I think the concern a lot of investors had in the market about competition that would take place in the online market in Brazil and the potential winners of this competition, we've been in this competition ever since the third quarter last year. And you can notice that up ahead here that beyond growth above market levels, we continue to be a profitable company. So we are more than prepared to really face this intense competition that's already present ever since the third quarter last year. Just take a look at what's going on with the margins, among other players in Brazil. Important data here is that this growth above market level that we've been working on gave us share gains. We gained over 8 percentage points in share compared to the period where we took over the company in the third quarter of 2019. So one thing that's really important to look at is a strong paced growth above market level that leads to an important achievement in the market share. We had a lot of questions coming in ever since we performed the Investor Day event where we had a lot of questions about our ambitions and prospects for the future of having 20% market share by 2025. We had a lot of people asking us how? Well, the 9-point gain in less than 2 years demonstrates that we have what it takes to deliver our consistent deliveries and our strategy to reach this level. So we're really confident that we have an important pathway up ahead. But it's already pretty much set based on everything we're able to deliver up until now. So in 2 years, we already gained 9 points of share. In 5 years, if we'll be making the rest of the share that's missing, which is not an impossible challenge. So we think it's possible to overcome this challenge. Moving on to the next slide here, you can see some of our main pillars that we consider to be fundamental for us to reach this ambition. We have a strong omnichannel approach with financial solutions, and omnichannel logistics and innovation and customers really at the center of our strategy. So I'm going to try to go over each of these pillars a bit as we talk about the results and what's up ahead. So that we can provide more tangibility on where we're headed. Next, please, Danny. Well, I'm going to start talking about the marketplace. We are aware that one of the most important components to be able to increase LTV or GMV is recurrence. And in order to do this, we are focused on making this year, the year of the marketplace. We're going to be offering more assortment, greater categories and generate more frequent consumption. No doubt, to do this, we must have a strong marketplace. In our strategy here for this year, we have been strongly evolving with the amount of sellers. We ended the first quarter with already 26,000 sellers, and we're on track with 70,000 to 90,000 sellers through this year. So the new sellers entering is in line with our ambition of having 70,000 to 90,000 sellers this year. When we think about the SKUs, we've already taken on an important leap. We have 24 million already. Our GMV per marketplace is already about BRL 1 billion, and we still do not consider the strong growth that we had in sellers and GMV. And this was mostly due to what happened in March, and it's not considered in our GMV load. No doubt, it's not only about adding sellers. It's not about the more sellers you add, the better it is. It's about really making the sellers generate GMV on our platform. So we are convinced that we're continuing to add sellers and more categories. And we have a very well-designed plan to make resellers interact with us more and also with our consumer platform, generating a significant increase in GMV. On the next slide, just to talk about how we're going to be doing this. We -- in this year, we have important evolution taking place in our marketplace platform. So we have a lot of improvements coming up for the sellers so that we can make their lives easier as they create and manage ads, messages, recommendations and a lot of improvement in the platform, and I'm going to talk about some of these. We're going to have the Via ads. So that's where we're going to have an advertising solution for our online channel. This is going to be [ determinating ] ourselves even more. So it's going to be in the hands of our sellers to hire all of the ads through our platforms. We will also be setting up a price club or an award club. So we already have this in 1P. The industry can buy this coin that we call Vivas, an internal currency or coin. And then you can manage incentive plans with are over 20,000 sales professionals to really promote the sale of these items, and then we're going to be extending this throughout this year also to the sellers. So sellers are going to be able to hire special campaigns directly with our 20,000 thousand sales professionals and really accelerate this so that they can sell these items. And this is going to be done through this process of -- and in just a bit, the sellers themselves will be able to create their own campaign. Another item that's really important is our Advantage Club, where it's basically like a loyalty program. So the more GMV and the more services the sellers have with us, the more advantages they'll have in the Via ecosystem. The banking credit also is going to be something new also that's really important for us. So besides the anticipation of receivables, we're also going to be launching some credit offers to sellers and also our payment booklet that's going to be available. So besides this, we have a lot of other initiatives that are listed. Everything that's listed here is for this year. So besides this, you have full commerce. So we are going to be working on this, this year still, and we're going to be delivering the full solution to sellers that need this kind of solution. And then we also have that marketplace out. These are 2 points that are not included here, but we are very much convinced that we'll be able to deliver throughout this year. So well, everything we've proposed to deliver and do up until now, we delivered. And we demonstrated this. The numbers are showing you this. And so now our main concern is really to deliver this very bold plan in the marketplace. We are going to work on this. We are going to deliver it, and we want to be the relevant player by the end of this year. And then on the next slide here, Danny. When it comes to financial solutions, another very important pillar is for this Via ecosystem, right? So you have a lot of new features. But before this, I want to talk about how you organize these services and financial solutions at this moment right now. So I wanted to -- we needed to provide more information on this. And now we are providing this information. By the end of the presentation, you will understand how powerful this service really is with our payment booklet system to really ensure recurrence. So I want to highlight the winning strategy we started in the payment book and how much we've collected in results in just 1 year. So we really started working on this strongly. And on the left side, you can observe our preapproved customer base. And it already went over 14 million. So this came together with the significant growth of estimated limits. And there is a limit of BRL 42.5 billion to be able to perform purchases with installments. And we would be able to deliver a limit that's a little higher in the capacity to payment. And this increases greater conversion and recurrence. And in about a year, we started customizing all of the different actions we work on with the payment booklet, and this brought in a conversion rate that was very accelerated and also recurring that was a lot greater than what we already had. And all of this evolution really brought in a more youthful target audience. If you can see the average age range, you can see that we've also reached customers that have a low -- greater income potential. And so these are customers -- we also have customers that are entering higher income levels. So sometimes, they even have a credit card and they change this option. So they're going to do this through our payment booklet to [ not occupy ] their limit. And besides all of this, our essence is still preserved. 46% of the base are customers that don't have income statements or records. So providing credit to these 46% that are autonomous individuals who have no income proof is very complex, and we know how to do this. So our numbers demonstrate this. If we could move on to the next slide, please. So this brought in a lot of relevant growth in the share of this payment method in our GMV. We went from 17% share in May 2020 to 33% share in our physical stores. So the payment booklet gained -- basically doubled its relevance in the last year. But maybe the most important news here is the recurrence of this payment method providing to this ecosystem. And here on the right side of the graph, you can see that in just 24 months, basically half of the customers went back to performing purchases that are financed with us. So if we consider our average term of payment booklet being 14 months, we could state that the customers when they stop paying, you already start another one. And sometimes when they're lacking 1 installment, they already start paying another one. So there's a lot of recurrence, and they're basically protected in our ecosystem. It's their credit method to be able to access consumption, and they are recurrent and taking advantage of this credit possibility that we provide them as well as the relationship they built throughout so many years with our brand. On the next slide, please. I want to show you some great news here. If that payment booklet we just saw in the physical store really has that power, imagine it now in digital. So our solution for the payment booklet is already open ocean, right? We already have 25 million customers that we already know about in depth, and they are ready and prepared to perform these credit purchases digitally. So engagement has also grown quarter-by-quarter. And another very important differential is that with digital, we really rupture, once again, our physical borders. We've already granted credit to over 500 municipalities where we have no physical presence. We've never had stores in these municipalities. Let me give you some examples here. We provided credit to customers in Fortuna and [ POE ]. We never had a store there [ and Caracas ] wasn't set up [ in Mar Parkey and ] Mato Grosso do Sul and [ Baba Sulanga and Tokanchene ]. We granted credit in these cities where we've never had any physical presence. And once again, you can see digital really rupturing and overcoming borders and boundaries adding on more customers to our ecosystem. Some other good news is that all of this evolution is in line with a very precise customer journey, simple and frictionless, 44% of our customers say that this is the only accepted method for credit. So you can see the level of importance in this tool. And now with digital, there's no borders. Next, Danny, please. Well, all of this, as I've just mentioned, is really important when they asked us how we would get there with our ambitions during the Investors Day. It's important to mention how we got where we're at now. This didn't come as a miracle. It came through an evolution of our financial service platform, a very committed team here at Via for the accelerated implementation, increasing sales a lot. So it's like stop, implement and sell more. It's really the simultaneous, real-time execution as well as with a strong alignment with our long-term strategy. So this is very much in line with our strategic vision and its quick execution of the team. The team at Via is really capable of growing and transforming things simultaneously and quickly, and we're not stopping here. We have a strong delivery agenda in the next quarter with a special highlight to the payment booklet on our marketplace, our credit platform for credit as a service. And here, you can see our payment booklet adding up other players to our ecosystem. So this is our ecosystem being expanded through the payment book. And you can see a lot of deliveries this year. And here are some of them. And a lot more will come this year as well. So next one, please, Danny. Great. So you are used to hearing me talk about the payment booklets and banking. But our platform, financial solutions, also considers co-branded cards. So we have over 2.5 million customers active that generated in the past -- or in the first quarter, about BRL 4.1 billion in TPV. So all of the co-branded cards generated BRL 4.1 billion TPV. And so our base also grew. We added about over 200,000 consumers using our cards. We're growing our customer base and our payment booklet also here in our customer base. Next, please? Well, this is the payment booklet. Just a minute. BanQi is also growing at a very accelerated process. So all of the indicators are very positive. Up until May, we reached about 4 million downloads. So just to remind you that in November, we had disclosed that we had about 2 million downloads. In regards to account openings, we reached 2.2 million customers with accounts opened. And also here in May and then in November also, we were considering 1 million accounts. So in just 5 months, basically, we were able to add up 1.2 million new customers with banQi account. So when it comes to TPV, we've already overcome BRL 500 million. And we've already started a request for a license, together with BACEN, the Central Bank, one of the limitations with having TPV above BRL 500 million. We already reached this with -- and we started this request. The total transactions reached BRL 900 million. And in this indicator, you also consider the deposits in accounts, which is greater than TPV. So we are in a very precise journey with banQi. All of the numbers are extremely positive. And we have also been following an important journey for acceleration and transformation of banQi. So now the next journey for evolution of our digital account is accelerated, and we have a very good defined strategy and we're focused on delivering these items. We'd like to highlight the expansion of banQi Shop. So this is our marketplace here with the super app banQi. We will intensify the -- what it offers, and we'll have a very robust marketplace in the super app. And then, of course, the credit card that will also be coming around this year. And we'll also have an account and credit for legal entities. So for all of the small businesses and legal entities, but also of those that will be in our marketplace as sellers. So it's an additional service that we're going to offer them. And also to all of the over 300,000 delivery guys that will also -- that our crowd shipping has, which is ASAPLog. Now we also have a process to approve an operation at [ Caji ] with our fintech Celer to add payment methods and acquire solutions. So we're going to have another vertical to really fill in our platform, an ecosystem for financial solutions. Next, please, Danny. Well, as we move on to logistics. Just as the other pillars are very important, logistics is also essential. So considering this robust platform that you can see at the base of this image here, we can really see that we are leveraged when it comes to the service level and speed of delivery, transforming this robust logistical structure we already had. As you can notice on the top, our delivery in 24 hours was 7% when we arrived, and it's already reached 42%. And the same-day deliveries are already at 15%. If we consider the logistics differential of heavy items that we have, well, one thing is to have light items in the big centers. Another thing is to perform logistics for light items in all over Brazil and all of the municipalities. Just to give you an idea, this year, we just didn't deliver in about 50 municipalities, all the rest we've delivered. So just as we have our payment booklet penetrating in different municipalities, here with logistics, that's the same thing. When it comes to light items, we have coverage nationally. And when it comes to heavy items, we also have national coverage with a precision index of about 98%. So here, since our logistics are going to be more at the service of the marketplace, then maybe we'll have new categories in the marketplace that haven't ever been seen in any other ecosystems because no one can do what we do with these heavy items in the marketplace. So we may have possibilities for new categories that can leverage this even more through the logistics. On the next one here, Danny. Just as we have demonstrated in the other pillars, this also didn't come from -- as a miracle. There was a big transformation, a lot of accelerating in our technological platform. And the good news is that we have so many other deliveries and things we're going to be offering in 2021 still. So what is already pretty much accelerated is going to be accelerated even more. So we have this open ocean fulfillment. And by the beginning of the fourth quarter this year, we will also be performing the fulfillment to sellers in any marketplace. So we want to be the logistical solution as well, wherever they perform the sale. And along with this, there are so many other initiatives in our logistics. Next one, please? Well, when it comes to innovation and new business, this is really at the center of our ecosystem at Via. So we have 2 agendas here. One is the short-term agenda, and the other one is long term. So this goes through our huge tech team that was considered a Via Hub, which is the team that's really transforming everything that we've seen here and was demonstrated so far and has been doing this at really accelerated rhythm. And so the team is being -- is able to do more and quicker. When it comes to M&A, also, there are other strategies as well. So just as we worked on with ASAPLog, where we anticipated 12 or 15 months of hours with banQi and the seller network, we're going to be working on, now we really understand that there are other possibilities. And we are looking at this in an ongoing manner with M&A that can really accelerate this process very quickly as well as our long term innovation. So our open innovation here is looking at the long term. One of the pathways here is through the CVC that we launched on our Investor Day. And then here, we're really focused on fintech, retail tech, log tech and martech. So marketing, logistics and retail as it is and then different possibilities as well for evolution in different fintechs that we can add on here through banking. On the next slide, we highlighted the beginning of a new strategic cycle for growth, where the entire Via ecosystem is operating with a single vision really customer-focused and customer-centric vision. We implemented this transition model moving on to this relation-based platform that focuses on the increase of the customer base and the LTV and continuous improvement of the experience for our customer. So this transition model is already done. Now we've reached a point where we have our ecosystem at a mature level. So we can perform this transition. And now our main focus is really in the lifetime value of the customer and the customer experience here in our ecosystem. I'll give a little more tangibility with numbers on how some of these examples of initiatives that are already reaching effect in our increase in the LTV. So we have the significant evolution of our monthly active users in our apps went from 8 million to 16 million users if we compare quarter-by-quarter, which generated an important increase in share from our apps in the total GMV. So peer app already represents 48% of the total GMV, which is really important because this helps us a lot with our customer relationship. It helps this relationship be even more accessible and less expensive. And if we were to look at the total for mobile, and we also have another relevant share in the M-site that really takes us to the mobile first. That's already been consolidated here and more and more, we are going to continue to increase penetration from the mobile and the peer app and the relationship with customers. So on the next slide here, Danny, other advances that contribute to this are the increased indicators on the spending in all of the different channels with a special highlight towards the multi-channel customer that really highlights the omnichannel strategy. So from last year, we saw a relevant increase. And the peer off customers grew 23% and peer on grew 45%. So we're very convinced that we are on the right path, and these numbers are better and better. And then when we think about the average revenue per user, the evolution is also significant, and it translates that our growth is sustainable. So we are not going through such growth just to grow. We want to increase in all levels, but together with the ARPU growth. So we're at a sustainable journey and we understand there's really no point in just growing for no reason because there is an abandonment rate. So we're increasing the MAU rate with the ARPU rate. And another important highlight here is that greater penetration in the digital is also bringing an important increase among young customers. So we have more youthful customers. We saw this happen with the payment booklet system, the [ kayjiodu ]. And we're also noticing how this is happening with our full customer role, regardless of if they're in the payment booklet system or not. Next slide. Now another very important example here about how we are searching for greater customer loyalty is through the CB Play. So CB Play is very successful. It is a very precise experience. And in just 30 days, it increased 50% of the amount of downloads through our app. And the best news is that it really improved the app conversion by 42% compared to the previous month. So it's super powerful. And here, there's a lot of news coming. So we can't tell you about this yet, but this is a real pathway for relationship and loyalty that we will continue to follow. And there's no stopping us now with our growth. So another important piece of information here is that on the social network, we're also at another level. On the graph, you can notice the evolution of engagement and the timeline where we overcome other players in the market, positioning our brands as the brands with the greatest sector engagement. On the right side, you can see a little photograph on the month of April. On the left side, you have the history ever since 2020. And then on the right side, you see just the month of April from the main social networks in Brazil. And then you can see the brand -- our brand is really leading among those 3 places. Then we have the first and second place in Facebook, on Instagram and on Twitter, we're on the first and second place as well. So an important message here that there's no point with just having a huge amount of followers. What's most important is really the engagement that makes this ecosystem really move along. So we need to generate greater engagement. And if we were to look at the next slide now, Danny, please, you can see our scores here that are already close to the maximum number, which is 5. So we see relevant improvements in the ratings and scores on our apps that demonstrate that our users are happy with the customer experience. Since we have clients at the center, we are focused on a constant improvement of the experience. And in the second quarter, we're going to be implementing 500 better improvements. And so just in this quarter, a lot of them are already valid. And then during the entire second semester, we'll have 500 new improvements that really improve usability and certainly will help a lot with our conversion rates as we also improve our final results. So even though our notes are close to the limit, which are 5, we are at an accelerated process to improve our apps as well. And then on the next slide here, we are completely committed to the ongoing and continuous improvement of this customer experience. So the advancement of our NPS, that went from 62 to 74 and also in the physical stores, that went from 65 to 75 (sic) [ 61 to 76 ]. And here in Reclame Aqui, we have significantly advanced. And we are in this pathway and our journey -- will be explaining that in just a bit, will have this as well. And what's not least important, when we look at Procon, this is also valid when we think about customer focus. So our resolution rate at Procon, we already have the best rates in the market. If we consider the accumulated amount in the year, we already have this best rating. And if we look at the other 60 days, we also have a 2-point gain, which demonstrates that we are moving along. Even though we are already at very good levels, we are still improving our operations with customers at the center of our ecosystem. So this really demonstrates how we are extremely focused on being the relationship and consumer platform for Brazilians. And this is where we are headed. Now Padilha will take over the presentation, and then I'll get back into Q&A. Thank you so much for now.

Thank you, Roberto. Can everyone hear me? Yes. So let's start off with the highlights, the financial highlights and results. This first slide here is the P&L. And here, you can see those BRL 10.3 billion GMV are transformed into BRL 8.8 billion in gross revenue with a growth of 18%, BRL 1.4 billion more than the first quarter last year. A net revenue of BRL 7.5 billion, growth of BRL 1.2 billion, 19.1% better than last year. And I'm going to talk about this a lot in the next slide about the gross margins, we have great news here. Via is a real important strength of our business, with our profitability and the possibility to generate gross margin. So the EBITDA is also very robust BRL 584 million, 7.7%. Just last year, we had 9.8%. And then we had some important nonrecurring effect last year and it was 9.8% that are more comparable with the 8.10%. So this small reduction is very much connected to the factor of some stores being -- physical stores being closed in March due to the second wave of COVID. So that's why we reached a net income of BRL 180 million, considering BRL 13 million last year, over 13x greater. In this quarter, also a very important factor was that the company recognized a tax incentive that was directly impacting the income tax and social contributions. And then we performed this reconciliation of all the benefits that were recognized of about BRL 150 million, BRL 117 million referred to previous period before the first quarter of 2021. So the net income comparable to last year, BRL 63 million, about 5x better than last year. Moving on here to the gross income, we -- in the gross profit, we can have a improvement of 1.1% in gains in commercial margins, 110 bps, and this is due to a positive effect of default, the elimination of payments of ICMS and sales from e-commerce. So this really leverages our e-commerce in a very competitive way and makes us, therefore, a lot more competitive. I'd say that 1 point of this total amount is recurrent from the moment when we reopened the stores in the second quarter. And then certainly, this leverages and brings even more competitiveness to our e-commerce. So we had 2 important negative impacts on the gross profit, which is basically due to generation of revenue last year in payment booklets and cards and services. This is basically related to the physical stores being closed during basically all of the month of March. And significant gains from 0.10% in logistics, leveraged by the online GMV. So we went from 30.7% to 31.4%. This is a number that's very robust, even though there were significant changes in the profile of the sales mix from physical stores to online. So on the next slide, we are going to demonstrate the bridge of the expenses with sales and administrative expenses, we left from 21.9% to 24.5%, an increase of 2.6% in expenses. This is explained by the following. The comparable base with the first quarter of 2020 needs to be adjusted due to an exceptional effect that took place in the first quarter, with the important recovery of some legal expenses. So the comparable basis is 23.6% compared to 24.5%, and then we have a 1.2% growth in the expenses due to the non-dilution of expenses due to the stores being closed. This is a second effect. It is, of course, recoverable from the moment that the stores reopened. So then for the 2 next effects, with the dilution of the effects of the entire online sales process and the reduction of administrative expenses are here to stay. And they are related to this increase in volume of GMV and gross sales, gross revenue for the company. So the third important event for the year '20 is basically related to banQi. Last year, we didn't have banQi in our structure for results. And it is still in an initial phase. So we have more expenses than revenue. We have 0.20% impact, approximately BRL 15 million. And within the quarter, what is very much recurring in the quarter, we have another increase with 0.10% in labor claims. We're working on the elimination of this expense, which explains this kind of expense. So if you think of this from a recurring perspective, our level would be leaving those 23.6% to 22.10%. This is the recurring level because of the first quarter, which demonstrates an important benefit and positive gain of 0.50%. On the next slide, we bring in the explanation about the evolution comparing 2021 in the first quarter of the total profit of the P&L. Considering net profit and income and I've already explained the effects in the gross income and SG&A. And then, of course, we mentioned the first gain in depreciation that was leveraged by the increase in revenue, generating more productivity for our fixed assets. And then the second gain, it was very important. Financial expenses was also leveraged by the better cash position of the company after the follow-on. So we stopped spending money with discounts on receivables from credit cards. And this already brings in an important effect of almost BRL 100 million per quarter. There's also an interesting effect here that we call the RNO, the nonoperational results. This is not a gain. Actually, last year, there was negative impact. And we have assets and liabilities that are nonoperational in the company. So we have an agenda for solutions. And last year, we started this process of cleaning out these different matters from our legacy. But certainly in this quarter, compared to the previous quarter, there was a reduction of BRL 60 million, actually only BRL 10 million in this quarter. And our commitment is to adjust this to eliminate this expense compared to the previous quarter, and you have 0.80% improvement. So that's why we reached the comparable profit of BRL 63 million, 0.80% against 0.20%, an improvement of 5x. And also BRL 117 million from subventions of previous periods with the -- which represents an improvement of about 13.8x compared to the same comparable quarter last year. So cash position and cash flow. As you can notice here in the highlight, we have the cash generation highlight and consumption, where you can see that it's very normal to see this kind of consumption in the first quarter, it's really seasonal. But despite all of the GMV sales gains, the cash consumption was below last year. And it would be way lower if it wasn't due to a company strategy, to work on this as inventories that were higher during the entire pandemic period where they have greater scarcity for products. This is good cash utilization because supply chain is resuming operations to normal levels, and the company has the conditions to recover this in a very quick manner. And so we have a very robust position and nondiscounted cards, and we have a very good application for our cash to anticipate these payments to suppliers recomposing this cash with this fund, BRL 651 million, and this is what we consider the portal, the BRL 7.2 billion cash position that is extremely robust and comfortable, which demonstrates in regards to the debt level that the company is very much solid. Moving on to the next slide, just heading on to the last slide, and then we'll move on to Q&A. So the company was also very successful here with this month, actually last week. So the liquidation on this Monday of our first debenture, connected to sustainability indicators. And connected to this, we were just able to have a rating from S&P with AA position that is extremely important for the company. That really strengthens our debt profile as low-risk debt profile. This debenture was placed basically to the market, 96% in 23 investment funds basically reopened the market for Brazilian debt, as we did in the past and our follow-on where we also reopened the market. And basically, 96%. So 4% still from bank portfolios that should be also be entering the secondary market, and our expectation is that then we'll have 100% market based structure. So we had 2 thresholds, 1 for 3 years and 1 for 5 years; 77% in the 3-year one and 23% in the longest term. And when it comes to costs, the company sets a new level of cost of debt, cost of debt. And we had the first debenture that was at the market with a cost of CDI plus 4.05%. Our average cost before the debenture was CDI plus 3.50%. And so if we were to consider this cost of CDI plus 1.95% and the weighted value of the debenture, we're talking about a reduction of 1.55 to 2.10 percentage points in our debt cost, which really highlights the solidity and safety and trust of our investors when it comes to debt levels. That's what we had to share with you. Thank you so much. I would like to thank you so much for your time as investors participating and analysts and -- participating in our call. And then let's move on to Danny so we can start Q&A.

Thank you very much, Roberto. Daniela here, we have our first question from Joseph Giordano. He had his birthday this year. So Joe, you can ask your question, please.

Okay. My question -- well, basically I have 2 questions. The first one is a little bit related to the e-commerce strategy and the onboarding of sellers. How do you look at the competitive advantage or competitiveness in the market. So we've seen some players investing in subsidies to the marketplace. They're a little more aggressive. But even so the company is still growing. So how have you guys really differentiated yourself? And then I'll get into my second question, which is related to tax issues. So temporary credit recognition to when this benefit will be valid. I think it's 5 years from the first CDI operation. And then the second question is about default in e-commerce. So you guys mentioned an explanatory observation about judicial deposits, about BRL 105 million in the legal accounts. So is this attributed due to default? And if in this case, we would consider this as a reinvestment still?

Congratulations on that birthday, wishing you lots of health. And I'll start off here and then Padilha will complement. So in regards to our evolution, in the marketplace, we are on track, and we committed to 70,000 and 90,000 sellers at the end of the year, we're in line with this plan. Onboard is still positive. And we're already starting off to see some signs of this accelerated onboard and transformation with the increase of GMV. And so we are very much in line with our plan. So in regards to competition, I think it's really important to consider, and the market needs to understand this because whenever this kind of competition grows, the market thinks this is going to make our life more difficult. But it's important to say, look, it's already a blood bath ever since the third quarter of last year. We've seen this reflected in the results in all of the companies that operate in the marketplace structure in Brazil. So this blood bath is not starting now. It already -- maybe it's growing a bit for some players, right? But our reaction in regard to everything that's going on is what you've seen here. We kept on gaining market share in a consistent and strong manner, and we didn't lose margins because of this. So the ecosystem that we had ever since I arrived, I've been saying, look, this company has an ecosystem that no else has in the market. And more and more, this is being consolidated. More and more this is becoming evident because it's not natural to have this blood bath that's going on in the market and still continue to gain market share and grow a lot more than our competitors. So this is only happening because we have this powerful ecosystem. The pillars we have in-house, no one else has. So we are convinced if we look at what's going on in April and May, we continue to grow above market levels. We are seeing share gains daily with all of these indicators and continue with the growth rhythm and pace that is very accelerated. Everyone's kind of ripping money, then I'm being able to get it right, and I'm still winning share and I'm still making money, then I think that should be a positive point for us, right? So we are really focused on that, and we want to as much as possible more and more gain more share and preserve profitability. That's our goal. The good news for us is that if at any moment, we need to be more aggressive, then we have the necessary conditions to do so because our margins are preserved entirely. So with the second quarter a little more challenging, we had stores closed in April, so we have a little more challenge in regards to profitability, but nothing that we haven't undergone in the past, and we know how to handle this. The tools we have and we really respect competition, and we think that competition is good. It makes everyone evolve quicker. However, we are not afraid of competition and what's going on in the market. We have been aware, we're consistent and we're confident about the ecosystem we have here and the differentials we have to also win the game in the marketplace scenario. Padilha, I want to pass it on to you maybe to talk about the tax issue.

Great. So 2 questions that are really important. Let's start off with default. So this is directed to the collection of taxes by the state without the existence of a complementary of previous law. So there was a decision. Just to remind you, those states would collect taxes also when entering those states, when there was an interstate sale online and the company adopted a strategy that was proven to be a winning strategy. The decision took place on February 14 in the Supreme Court plenary. And then at that vote, it was clear that whoever had judicial deposits and any lawsuits that had already begun, already had the right to recognize the asset and revenue and also has priority to receive those resources since it did not appear in the cash -- in the account of the state. So they're in judicial deposits and the lawsuit and decision is very quick in this case, and then you can actually access those resources quicker. It's available in a judicial deposit account. So it's a quicker process. So this increase was really due to default. Of course, we recognize the revenue. And this, of course, accelerates our -- it makes us more competitive. I think, generally speaking, with 3 types of beneficiaries with this kind of decision. So whoever has a lawsuit, whoever has judicial deposits and whoever does not have. Whoever does not have needs to wait for the law. Who has these lawsuits open already needs to request the money back from the states. And in our case, we are going to happen quicker because it's in a judicial account and not in the state's accounts. So part of this commercial strategy really is important from a legal framework. And we have 15 states -- sorry, 22 states involved. And our forecast is that the resources will return to the company in the second semester of this year already. So this is the default issue, all right? Now in regards to subvention, it's a little different. It happens because the company has fiscal incentives, tax incentives in over 22 states, sorry, defaults in 15 states and subvention is present, fiscal incentives of all types within the states. So these are ICMS tax credits, reduction in the calculation base. And this represents a percentage in 2020 of about 3% of the revenue for Via goods. And now in the first quarter, about 2% of our revenue and goods. So the incentivized part is very low in the total revenue, but it is important because it generates significant values. In the quarter, we had BRL 150 million recognized, certain amount from previous periods and [ BRL 33 million ] from the actual year, and this already generates the recovery of taxes in the next quarters already. So I have a big bag or wallet of fiscal credits from all types, income taxes and social contributions. And then this is going to be setting up the amount of reductions in payments that we're going to have throughout the year. So if you would allow me, Joseph, to mention that this is a very important topic for Via and all of you as investors to understand. We consolidated some charts within our ITR and in the release as well that demonstrate that we have BRL 5.5 billion in credit -- fiscal credits related to sales and BRL 1.9 billion of fiscal credits related to profits. So we have BRL 7.4 billion in tax credits. We also have, on Slide 39 and 22 of our ITR, the monetization curve and expectations for monetization in these resources. So I think this is really important if we needed this capital. In 2021, we're expecting BRL 1.2 billion monetized. And in '22, BRL 1.7 billion and BRL 1.8 billion and in '24 BRL 1 billion and '25 and '26, about BRL 500 million each. So we're expecting that for the next 5 years, BRL 6.4 billion, 86% of that base going back to the company's cash.

Our next question comes from Joao from Citibank.

There's 2 points here I wanted to cover with you guys. I think the first one, you guys mentioned a lot about recurrence in regards to the banQi and fintechs, the payment booklet. I think it's a normal trend that people would start performing greater purchases of the paper, the installments. But I want to hear about out of this context, what are the efforts to increase recurrence, maybe when you think about the assortment. And then asking a bit about the conversation in the Investor Day with the different categories of potential M&A that you may work on to really accelerate the user recurrence. And I understand that food retail was not considered your priority. But once again, the different categories and increasing the assortment to accelerate recurrence. And the second point, as we consider the inventory, I think it was very clear, Padilha, you mentioned, there should be a recovery based on the supply chain as supply chain has normalized, right, at the inventory level. But can you already have some visibility about this recovery? And if maybe in the second quarter, there would already be a reduction in the stock levels? And then if we take advantage of this point, what's the mindset on the cash generation for this year?

Excellent, Joao, thank you for that question. So now in regards to recurrence, I believe that the good news is in our ecosystem is it does not depend only on products. So we've demonstrated that the payment book is also a strong motor or ladder for recurrence. So customers that really plan to have 14 months of funding will also has 14 months of contact with us. And 50% of these customers, I convert to new sales for them. So within this period where they are connected to this kind of payment booklet with us, so it's a very powerful instrument for recurrence. And it is regardless of the product deployment. When we look at the other side, all of the initiatives we're working on like CB Play, for example, is an item that generates engagement for us and recurrence because customers are more present with us as we include them and supply entertainment for free, for example. We also have announced in the Investor Day that there is an important relationship plan with customers throughout this semester. That's going to be a very powerful tool to intensify this relationship even more and that generates a lot of recurrence with customers. So no doubt, we know that to search for this, we need to have a marketplace that is really structured and has a good assortment, and this is what we're building this year. So we've already set up those 10,000 sellers, and we will mention these items that are strong recurrence items. This is what the whole market has and this is what we're going to have here as well. So we're not contrary to food items. What we're saying is, look, if there's a priority, the #1 priority is not this, but it maybe could be priority #2. Once onboard is accelerated, and we have this pretty much in mind, then obviously, we will look at any segment that it can ensure the recurrence. So this is our mindset when it comes to M&A and also organic growth that we're going to be providing to the business. I hope to have answered your question.

No, I think that's really clear.

And then in regards to inventory, I'm going to start off here and then Padilha will end as well. So we are understanding that there is some visibility about the improvement of the index of supply in the industry for the third quarter. So we are already starting this quarter to deaccelerate the stock and inventory levels. But this is a tactical and strategic matter for us at the same time. We're measuring this daily. So all of the indicators we're looking at till now lead us to believe that this is possible, we'll have more of a flat supply structure in the third quarter. If we understand something is different, we'll take a step back. But everything is pretty much headed towards recovery of this level of inventory in this quarter.

Great. I think that's pretty much clear. I think the inventory set up an adjustment or increase of the inventory is strategic, and this is reflected a lot in our profitability, commercially speaking. And I'd say that the regularization or adjustment could bring in BRL 501 billion of cash -- BRL 500 million and BRL 1 billion of cash back to our operations, although we consider inventory to be operation. But as I mentioned, the monetization is about more than BRL 1 million. And our EBITDA is very important for operational cash generation. So if you consider EBITDA and our forecast on sales and you add on these 2 elements, basically, that's our operational generation forecast. So we have an expectation for strong operational cash generation this year.

All right. We will move on to the next question now. I think it's also a video question here. And if we could maybe head on to the next question. We have the next question now. Mr. Richard, I think we have Richard from Bradesco. Mr. Richard, can you hear us? Well, meanwhile, I'll talk about -- let's move on with Guilherme from Safra. Okay. And then for the next question.

My question here. I want to go back to 2 points. Just very quickly. I think we're already discussing this or you guys already mentioned this. And I have a question about this. But it's important for us, I think, to understand the dynamics that are taking place there. So one is the market share gain that you guys have. We've noticed a very aggressive environment, right? Roberto, you were mentioning this. And yes, I agree with you. We've already seen this ever since the beginning of last year, but this year, especially for example, we had competitors shifting in their commercial strategies to accelerate growth. So we've noticed that growth is coming around, but it's coming at the cost of margins. So my question is the following. Have you maintained growth? Are you being able to continue to have this growth and really capture sales with the stores closed with the successful migration with the online and rollout of marketplace? But we've noticed that the margins are still positive. So there are some impacts maybe that are nonrecurrent with tax, default. But looking up ahead, I want to understand that -- should we expect you to maintain this gross margin at this level? Or should we expect that you guys are going to try to defend yourself or maybe this market share gains would kind of give up a bit of margin? How are you looking at this, right, considering the performance now? And in the relationship with the sellers and customers in regards to margins. So that's a question. And then also the second one is how you are looking at Mother's Day and after Mother's Day, right? I think another concern is that the comparison basis is maybe going to be a little more difficult now. So you guys demonstrated actually in the release some of the market share gains and results in April. So you've noticed that these sales are reducing because of the comp, but do you think you can keep this kind of rhythm of growth?

Well, thank you for that question, and for your questions, right? But this environment that's more aggressive which I agree is clear -- it's pretty visible. Once again, we are -- we have about over 30 years ever since I've been in retail, online, physical, have already seen retail in so many different ways. But together with me, also people with a lot of retail experience. And to be honest, I don't see the market has this kind of aggressiveness that everyone's talking about. I've already been in markets that were a lot more aggressive, that actually led many players to go bankrupt. But the market now, I don't really think there's so much of an aggressive approach that everyone mentions. Okay, yes, it's a little more aggressive than it was maybe in the first semester, but come on, it's very far from some of the worst markets I've seen in my career in the past years. So once again, the ecosystem we have at Via, who in the market has the necessary capacity and the conditions to grant credit to people that don't have any kind of income proof and not lose money in this process. We have what it takes, and we've demonstrated this. We are growing in a very precise manner in the youthful customer categories with credit or access to the products even without credit. So we -- our logistics are already present in all of the municipalities. So our ecosystem is pretty much ready. But now what we're working on is to bring in more people into our ecosystem. And the more people we bring, the greater it will be, more diverse it will be and the more recurrent it will be as well as more precise. So I basically only see good news up ahead in our journey. And everything we have to deliver this year, there's no more doubt in regards to the capacity that this team has to deliver, right? Just look at everything we've delivered already. So this big team here at Via has what it takes and the consistency aligned with strategy. So when I gather all of this, you really leverage this business even more. And to be honest, we always look at this, weigh it very carefully, all the different trends that the other competitors present, but we've been able to overcome all of this maintaining growth. So let's look at May. Now all of my stores are reopened. I am still growing at a significant volume online as well. And I'm still gaining market share as well. So these actions that competitors have worked on already are already happening. So what am I doing if I'm continuing to gain market share? Well, it's a little difficult to have this kind of comprehension, right, without demonstrating it. But ever since the beginning, we've always said that we have the right assets. They were [ badly ] operated and have low technology levels, but we are going to operate this well. We're going to add these technology levels, and we're going to transform this into a big -- in the right path. So -- but we have advantages because there are things that no one else will have, no one has at the moment. Maybe they will have in the future. But we're going to have to spend a lot of millions to build the logistics and the history of relationship and credit that we have with these consumers. So to be honest, looking up ahead, I continue to see Via with accelerated growth, consistency and with levels of margins that are similar to what we're looking at now. This is how we are looking at Via up ahead. And when we think about the post Mother's Day period, we are still doing pretty well. We're still growing. We have still had excellent numbers and growth rates. And in the market share measurements, we are still growing above market levels. So we have even more share gains up until now. I'm not sure if you guys had any questions about that.

No, that's clear.

I think the next question is from Richard from Bradesco. [Technical Difficulty] So while we wait to solve this little technical issue, we have 2 questions that came in here from [ Hobarto Padilla ] from Morgan Stanley. And the question is from the online sales reps. Could we talk about how you structure the incentives for these guys? And do they sell 1P and 3P? And there's another question also about the long tail, how we've been evolving with this as well.

So maybe we can answer Andrew's questions first. So about the online sales reps, we are really accelerated. And as we had seen in that graph where we demonstrated, we had BRL 1.2 billion, and it's the same number in the fourth quarter, even with all the seasonality that the fourth quarter brings in, the incentives, they are the same incentives that they have in the physical stores. So there's no big differential that would leverage this or provide something that's not consistent. So it is extremely consistent, this level of incentives that we're working on with the sales reps. And the main difference is that in this evolution, more and more, we are adding intelligence to the online sales reps. And then you also have some news here that's quite interesting. In April, we started this possibility of adding [ de carnay ] also with the online sales rep. So from the April onwards, they can also have the customers' journey funded by the payment booklet system with all of their interactions with the consumers. So it's something we're adding a lot of intelligence to. We believe it's important to remember that the penetration of online sales in Brazil is still at about 10%. As this penetration of online is becoming greater, then it starts to consider consumers that we already relate to all over Brazil. These are consumers that already have the habit of using online. So the online sales reps tool is very important to include these customers on this new platform. So this hybrid model for online is a very important differential. And here, we are talking about levels that no one else is ever able to reach. And this is really due to technology that we added and also the greater capacity of our sales teams. We have a huge differential in our sales teams in the stores. When we look at average store with -- in regards to the market, we have more productivity and more sales per store. So this also added up to our online journey. And I think that's the question. And the second one was about the long tail. Well, long tail is really what I mentioned before and this process has been very accelerated. It's going to happen in the marketplace. In 1P, also we have been complementing this, but the strongest acceleration will be in the marketplace. And during this year, we will have an infinite shelf with the perspective of having 70,000 to 90,000 sellers into our assortment.

So I'll ask Richard to wait just for 1 minute, we're going to have Danny from XP.

My first one is going on to the long tail topic also. You mentioned market share gains and accelerated rhythm of growth. But if you could maybe talk about how this seller addition process and we noticed significant acceleration. So I want to understand how this has been happening so if you could already share about May, so I can understand if we're still in this rhythm, if there was some kind of a cool down on this. And then in line with the seller addition process, another point I want to highlight and understand is how the incentives you're providing for long tail because you have that cap on sales and how this is been influencing the margins and the major incentives for this with the onboarding process. And then the second point, something you're a little timid about is about the free transportation of freight and cash back. But we've noticed this spreading out a lot more, not only among market players, but you can also see -- I want to understand what would help you accelerate these initiatives more. So you started off having them within the loyalty program. But I wanted to understand what you guys would have to search for to be able to accelerate this? And then in line with this also on the food retail. And I think [ since you all ] mentioned this category, that's not a priority, as you mentioned. So what would make you maybe think that it is a category that needs this, right, bring in some recurrence to the marketplace. I know that in the payment booklet you have this a lot, but I want to understand your mindset from a strategic point of view.

Great. Danny, thank you for the question. In regards to sellers, we started off with May with about 46,000 sellers. So we're at an accelerated pace with onboarding, and it's within plan. Another piece of information is about profitability. We have a take rate that's about 8.5%. And once again, this is not -- well, the take rate has very little influence on our total profitability. So here, we have the sky's the limit, and I can do whatever we want as a strategy here. So we do not rely on this business model. And if we need to do something differently, it will impact basically nothing in our total profitability. Now in regards to cash back, briefly, I'm going to ask you something else. Do you think that with the a level of share that we're at growing 3 digits, more than everyone else, you think I really need to be throwing away money for this? I don't need to. So what we're seeing here is that if I need to do this someday, we have -- nothing's prohibited. We have no counter indication, but what we're calling this is basically throwing away money, right? So we could call it cash back, free transportation, but all of this impacts the profitability in the company. So since we're able to have really strong growth, stronger than all of the other players, so far that have disclosed the results. And when we look at the Compre & Confie numbers, it's greater than the overall market. So why am I going to rip money if I'm already growing basically double than what the whole market is. And so if we need to, I know the market is really concerned with doing things that could break through our margins. But we think it is possible to grow and make money. And we are still insisting on this thesis, but we will grow. The message is we will grow and gain market share. If I need to be more aggressive with the margins, great. We have an advantage here. We didn't spend our fuel yet. Now we're growing at 3 digits, way higher than the market. If we add more fuel to the business, we'll grow even more. But then it's a but growth and not a sustainable growth. So cash back at the moment just becomes unsustainable. And when it becomes unsustainable, what do you have to do? You reduce that and you stop and then you have a drop in sales. So this is an adrenaline aspect that our loyalty program is going to be super complete. But there's going to be differences. We have some subscription programs in the market that have a bunch of other services embedded. But we're going to have strong loyalty programs that are not going to have a subscription cost. So instead of cash back, I will provide benefits to these customers so they can really be falling in love with us here. So we give them benefits so that they can have the interactivity with us. I'm going to give them entertainment among many other aspects. What we're going to be doing in our loyalty program, which, as we mentioned in our Investor Day, it's going to be between the third and fourth quarter. So we believe in this a lot more, we think it's more sustainable to work on the customer relationship than just give them some kind of a cash back thing, right? Who will guarantee the discussion is going to come back, right, to that. So we believe in another way, through relationship with consumers. And I think this is proving to be a winning strategy. So there's no -- if the strategy was not right, we wouldn't be winning the share and growth that we're winning, right? And in regards to food retail, we have no limitations in regards to this. We'll definitely defer to the market. When we are working on a more accelerated marketplace process, what is my competitors that are a little more ahead in the marketplace are capturing, I'm going to start capturing with the marketplace now. So we have strong capturing now for the recurrence, and we're really looking at all of the angles and everything that can lead to recurrence through M&A or also to be included in our ecosystem through partnership. So I also have a food retail in the middle of this process as well.

So you mentioned in the release that you will be expanding super quick deliveries, and that seems to be something more related to a backlog but not through the e-commerce. But could you really help me understand this? Is it within another business unit? Or would it go through the marketplace again?

And that block is already prepared to work on this. They've already launched this, and that block is an open platform. So it's valid for us and any other players that want to work on this. So for us, it's pretty much ready. If they want to perform food delivery, it's pretty much ready. So we're looking at many different players performing different acquisitions. So our solution with that block is leading us to this roadmap for development. And of course, I won't stop taking advantage of other things I have in-house, but I don't want to give you too many spoilers about what we're imagining for the future.

So now we will go our next question. That will be phone-based and it Bob from Bank of America.

Congratulations for those results, Roberto. How do you compare this issue with the collection of the online payment booklet compared to those that are generated in the physical store? And how should we consider your portfolio growth?

Thank you for that question. Well, excellent, we are -- it's very comparable. The default rate online and offline. So we launched this platform online in the second quarter last year. And we've been really warming up our credit engine for this business, which led us to be very precise now as we go to the open ocean. So we have about 20-some million consumers open to perform the online payments still with us. And these are consumers that we already know about. So as the months go along, we open up more and more customers, and we're very secure and confident about this. So the prospects that we have about this is that we can really see the success of the online payment booklet searching for -- we're going to be looking at the offline, but ultimately when it comes to penetration, we think it is feasible. But we also think that when it comes to results, it's super feasible to have results that are close to -- on the offline payment booklet. So banQi is also leveraging all of this. And in regards to the payment booklet versus the purchase of products, we will also be providing personal credit and loans through banQi using all of the credit engines that we already have structured here. And this segment for digital credit is something that we really hope to be growing it along. And then we'll have default rates here that are very comparable to what we have in the physical.

So that's for customers that are already known, it's a recurring customer?

No. As I mentioned in the presentation, we also have other customers that are known and others that are not known. So we entered cities where we didn't have any stores yet. And this is a new customer base that's entering our ecosystem, and we are very accelerated in building the space with all of the necessary concerns. So we're very careful with credit. So we're not going to be starting any kind of adventures here, but we have our feet on the ground when it comes to the payment booklet. We already proved in this model that we can ramp up this a lot to the new customers. Now we're going to bring in a lot of new customers to our ecosystem as well.

Yes, very similar exactly in regards to default. Great. And what are you looking at when you consider the [ Extra.com.br ], but no one's really maximizing its value, even though it is a big brand?

Well, Bobby, we are using it. So we launched the [ Extra.com.br ] app in the third quarter last year, and it's been growing. We've been adding some improvements. So we are providing the same kind of treatment as we handle the other brands and really leverage this business.

[Operator Instructions] All right. Having said that, we can end the session. Roberto, did you have any final remarks? Roberto?

Sorry, I was on mute. But once again, I want to thank you all for your interest in the company and the time dedicated to the company. I wanted to say that we continue to grow and our driver is growth. And our new initiatives that we've considered for the roadmap this year are already under development and will help to leverage Via even more heading towards the growth levels we're searching for and also in regards to market share and customer relationship. As I've been saying ever since I entered the company, we have the correct assets in the company, and now we are placing new levels and transforming this ecosystem with consumers at the center and with a huge team operating. So our capacity for strategic planning and for implementation of the strategy is being placed to the test ever since we entered, and we've been delivering this consistently. So I consider Via to be an ecosystem that is extremely prepared to handle this market that we have currently, and the market we'll have in the future. No doubt, this company will be one of the highlights in the business online in Brazil. Warm regards. Thank you so much for your time and attention.

Okay. And of course, the IR team is available for follow-up questions, if anyone had any issues with the connection. Thank you very much, everyone. [Statements in English on this transcript were spoken by an interpreter present on the live call.]